4643 S Ulster Street | Suite 1040 | Denver, CO 80237 303.694.1900 | innovestinc.com
1st Quarter 2017
PORTFOLIO REVIEW 1Q17
Boulder Fire & Police Money Purchase Pension Plan
Wendy Dominguez, MBA
Rick Rodgers, AIFA®
Jerry Huggins, MBA, CFP®, AIF®
Jared Martin, CFP®, AIF®
Prepared by: Abigail Thomas
© 2017 INNOVEST PORTFOLIO SOLUTIONS, LLC
INNOVEST AT A GLANCE
Our History
— Founded in 1996 by Richard Todd and Wendy Dominguez who lead the firm today
— Independent, privately held and employee-owned— SEC Registered Investment Advisor— Currently more than $16 billion in firm assets*
Our Professionals
— 45 employees— Long-term relationships with top tier managers, vendors, and
service providers— 95% employee retention rate— Demonstrated ability to hire and retain top quality talent
Alignment of Interest with Our Clients
— 98% client retention— Conflict-free, independent and objective advocate— A consistent investment philosophy since the firm’s inception— A client-centered, risk-focused, and performance-driven culture— Year-over-year revenue growth 19 of the last 20 years— 2016 Client Survey Results: Overall Client Satisfaction 4.7 (5-point
Scale)
Award-Winning Team
— Innovest named one of the Best Places to Work in the nation, 2016, 2014, Pensions & Investments
— Innovest ranked Forbes #3 Fastest Growing RIA Firms— Ranked #1 among 2015 Investment Managers in Colorado**— Recognized for 403(b) Plan Conversion Campaign, 2016, The Eddy
Awards— Finalist for the Colorado Top Company Award, 2015, ColoradoBiz— Top 100 Wealth Managers in the nation, 2015, Forbes— 2014 Retirement Plan Adviser Team of the Year, PLANSPONSOR— 19th Fastest Growing RIA in the nation, 2015, Financial Advisor
Fiduciary Expertise
— One of the first investment firms in the Rocky Mountain region rooted in prudent fiduciary principles
— Accreditations through Investment Management Consultants Association and Center for Fiduciary Studies
— Process-oriented approach with a focus on investment and spending policies
— Expert Witness in nearly 60 cases involving fiduciary investment responsibilities
— Numerous fiduciary certifications: AIF™, AIFA ™, CIMA®, CFA , QPFC, RF™, RPS
Money Management Experience
— 16 member Investment Committee with median experience of more than 20 years
— Principals have more than 25 years of experience managing large pension and foundation portfolios
— Disciplined and opportunistic approach to forward-looking portfolio design
— Experts in many investment strategies: active, passive, hedge funds, and other alternatives
— Emphasis on downside risk quantification in developing portfolio design
Client Access and Transparency
— Direct access to Innovest’s investment and operational heads at all times
— Routine access to closed products, waived investment minimums, lower product fees, and socially responsible mandates
— Customized asset allocation, benchmarking and reporting
Diverse Client Base
— 250+ clients in 21 states— Retirement Plans— Foundations & Endowments— Wealthy Families
*As of April 2017** According to the Denver Business Journal – assets under management as of 12/31/15
Privileged and Confidential
2
INNOVEST’S HISTORY WITH BOULDER FIRE & POLICE
2001 – 2003 • First quarterly performance report
• Replace the Putnam International Fund with the American Funds
Europacific Growth Fund
2004 – 2006 • Replace the One Group Mid Cap Growth Fund (OSGIX) with the Calamos
Growth Fund
• Presented on Alternative Investment Vehicles, Asset Classes & Strategies
• Added the PIMCO Commodity Real Return Strategy Fund
• Conducted asset allocation study and updated asset allocation
• Conducted asset allocation study and updated asset allocation
2007 – 2009 • Replace the Calamos Growth Fund with Allianz CCM Mid Cap Growth &
replace the Legg Mason Small Cap Value Fund with the ICM Small Cap
Value
• Replace 50% of the allocation to the Europacific Growth Fund (REREX) and
allocate it to the Dodge & Cox International Fund
• Conducted asset allocation study and updated asset allocation
• Coordinated the PIMCO share class change to reduce fees
• Conducted asset allocation study and updated asset allocation
• Add BlackRock High Yield Fund and Eaton Vance Floating Rate Fund
• Provided quarterly performance reports and research reports each quarter
and met with the Trustees
• Updated and reviewed the Investment Policy Statement
• Met with representatives from each investment strategy used in the plans
• Replaced Blackrock High Yield Fund (BHYSX) with JP Morgan High Yield
(OHYFX)
2010 – 2014• Replaced Managers Cadence MC Inst. (MCMYX) with Munder Mid
Cap Growth
• Coordinated the Eaton Vance share class change to reduce fees
• Provided quarterly performance reports and research reports each
quarter and met with the Administrative Committee
• Performed RFI for Administration and Record Keeping Services
and Audit Services.
• Conducted asset allocation study and updated asset allocation
• Conducted consultant fee review
• Presented core fixed income search
2015 - 2017• Replaced PIMCO Total Return with Metropolitan West Total Return
Bond Fund.
• Replaced PIMCO Commodity Real Return with Credit Suisse
Commodity Return.
• Created an automated, online, and permanent Fiduciary File
• Conducted asset allocation study
• Added MLP and Real Estate asset classes by adding Oppenheimer
SteelPath MLP and Principal U.S. Property Account, effective May
26, 2017
3
Plan Sponsor Responsibilities
Innovest Responsibilities
RETIREMENT PLAN TOPICS & TRENDSHighlighting retirement plan trends and current legislation and regulation
Fiduciary File Checklist: Create or Retain, and Always Maintain
• 408(b)(2) disclosures (ERISA) Required Retain
• Fidelity Bond Documentation (ERISA) Required Create
• Initial Selection Documents RFIs, RFPs
Required Retain
• Meeting Minutes Required Create
• Plan Audit (ERISA, depending on plan size) Required Retain
• Service Provider Contracts Required Retain
• Bylaws Note: Bylaws can become a legal trap if not properly maintained. The only thing
worse than not having Bylaws is not adhering to the Bylaws.
Best-Practice Create
• Code of Ethics Best-Practice Create
• Conflict of Interest Policy Best-Practice Create
• Fiduciary Insurance Binder As-Needed Create
4
• Investment Review Materials Investment Reports, Scorecards, Search Books
Required Retain
• Investment Policy Statement Note: An IPS can become a legal trap if not properly maintained. The only thing
worse than not having an IPS is not adhering to the IPS.
Best-Practice Create
RETIREMENT PLAN TOPICS & TRENDSHighlighting retirement plan trends and current legislation and regulation
• DOL Fee Disclosure Notice 404-a-5 (ERISA) Required Create
• Fiduciary Advice Arrangement Documents (Managed Accounts only) Required Create
• Form 5500 (ERISA) Required Create
• Non-Discrimination Testing (ERISA) Required Create
• Plan Document (+ Adoption Agreement) Required Create
• Plan Review Materials Benchmark Reports, Expense Documentation, Annual Plan Review Reports
Required Retain
• Summary of Material Modification (ERISA) Required Create
• Summary Plan Description (ERISA) Required Create
• Annual Plan Administration Calendar (ERISA) Best-Practice Create
• Annual Participant Education Plan + Materials As-Needed Retain
• Enrollment Information + Materials As-Needed Retain
Innovest Responsibilities
Record-Keeper Responsibilities
5
Performance Over Time
Risk and Return (Since Inception) Asset Allocation
Cumulative Performance over Time
Change in Account Value
LastQuarter
Year ToDate
1Year
3Years
5Years
7Years
SinceInception
InceptionDate
Boulder F & P Total Fund 4.17 4.17 12.97 4.87 7.59 8.14 9.15 01/01/1985Boulder F & P Custom Benchmark 4.28 4.28 12.64 5.03 7.98 8.28 9.59Difference -0.11 -0.11 0.33 -0.16 -0.39 -0.14 -0.44
Market ValueAs of
01/01/2017
Market ValueAs of
03/31/2017
Change$
Boulder F & P Total Fund 131,204,589 135,975,483 4,770,895
$0 $12,637,026 $25,274,052 $37,911,078 $50,548,104 $63,185,130
VT Retirement Income Advantage
JPMorgan High Yield Select
Met West Total Return
Crdt Suis Comm Rtn Strat
Vantage Trust Plus
ICM Small Company
Victory Munder Mid Cap Core Growth
Eaton Vance Floating Rate
Dodge & Cox Int'l
American Funds EuroPacific Gr
Boston Trust Fixed Income - Boulder F&P
Boston Trust Equity - Boulder F&P
$910,560
$2,524,212
$4,990,133
$6,051,342
$6,764,680
$8,005,199
$8,515,467
$8,767,084
$12,782,430
$12,798,867
$13,372,883
$50,492,627
8.5
9.0
9.5
10.0
10.5
11.0
11.5
Re
turn
(%)
9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 17.0Risk (Standard Deviation %)
S&P 500 Index
Boulder F & P Total Fund
Boulder F & P Total Fund Boulder F & P Custom Benchmark
-700 %
0%
700%
1,400%
2,100%
2,800%
3/85 9/86 3/88 9/89 3/91 9/92 3/94 9/95 3/97 9/98 3/00 9/01 3/03 9/04 3/06 9/07 3/09 9/10 3/12 9/13 3/15 3/17
Executive SummaryMarch 31, 2017
6
THE MARKETS
Investment Returns
First Quarter 2017
January February March
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
S&P 500 TR USD
Russell 2000 TR USD
MSCI EAFE NR USD
MSCI EM NR USD
BBgBarc US Agg Bond TR USD
1Q17
2.47%
0.82%
6.07%
7.25%
11.45%
7
GLOBAL ECONOMICS
• After a decade hovering near zero, the Fed Funds rate
has begun to creep upward.
• Fed Funds expectations for year-end 2017 are 1.25%
to 1.50% with approximately 0.50% to 0.75% increases
in 2018 and 2019.
• If inflation accelerates, the Fed would be pressured to
raise rates more quickly.
Optimism Hits a 16-Year High
• Despite sluggish GDP growth, consumers are
optimistic about higher income, job prospects, and
low inflation.
• Vehicle sales and housing starts are significantly
above their 2009 lows.
• Average U.S. home prices are at a high of $286k.
Effective Fed Funds Rate vs CPIThe Fed Takes a Hike
Source: Market Realist, data as of March 2017.
US Consumer Confidence in March
As of March 2017.
8
GLOBAL ECONOMICS, CONTINUED
Risk in Chinese Debt Levels
• Chinese non-financial corporate borrowing relative to
GDP is significantly higher than other emerging markets
countries.
• Chinese investment in the US tripled from 2015 to 2016.
• China's credit growth in 2016 was approximately 15%,
compared with nominal GDP growth of approximately
8%.
Populism: ‘European Spring’ Ahead?
• Many 2017 European elections feature nationalist
populist candidates.
• Notable are the French and German elections in
April/May and September/October, respectively.
• Election outcomes will shape the future of trade,
business, immigration, currency, and the survival of the
EU.
Source: Cagle Cartoons. Used with permission.
Source: BMI, via WSJ-DS.
9
ASSET CLASS FUNDAMENTALS
Bonds as a Ballast• In recent years, many investors have reduced fixed
income exposure in favor of equities, perhaps without
consideration of the impact on portfolio risk.
• High quality bonds’ loss of 2.9% in 1994 hardly
compares to the 38% loss of large cap US stocks in
2008.
• Even with modest future returns, high quality bonds
can help to mitigate portfolio risk.
The Case for Rebalancing • The current forward P/E ratio of 17.5x is up following
the end of 2016, indicating that equity valuations
continue to rise.
• When markets are performing well, investors tend to
overlook the risk of “portfolio drift” versus their their
target asset allocation.
• Disciplined portfolio rebalancing is an effective tool to
manage risk.
Source: WSJ via Daily Shot
Drawdowns for Stocks vs Bonds
S&P 500 Valuation Measures
Source: FactSet, FRB, IBES, Robert Shiller, Standard & Poor’s, J.P. Morgan Asset Management. As of
3/31/2017.
10
ASSET CLASS FUNDAMENTALS, CONTINUED
Emerging Markets Take Off
• Emerging markets stocks rallied 11.5% in the first
quarter of 2017, in part spurred by below-average
valuations.
• More than one-third of the gain came from a rebound
in emerging market’s currencies.
• Stocks in Mexico and South Korea gained between 16%
and 17% in the first quarter of 2017.
Alternatives and Rising Rates
• Hedge funds have tended to outperform fixed income
in rising rate environments.
• Real estate also tends to outperform fixed income in
rising rate and inflationary environments.
• Deregulation in the energy sector could spur MLPs’
growth, including the building of new pipelines.
*Data shows the last five periods when the 10-Year treasury yield increased by at least 10%. Sources:
Bloomberg and Neuberger Berman Investment Strategy and Asset Allocation, March 2017.
Sources: William Blair, BofA Merrill Lynch Global Research, MSCI, and FactSet. As of 12/2016.
11
US Market Indices Performance US Market Sector Performance
Source: Investment Metrics, LLC
Source: Investment Metrics, LLCSource: Investment Metrics, LLC
1 Quarter Performance
0.0
5.0
10.0
15.0
-5.0
Re
turn
(%)
S&
P 5 0
0
I nd
e x
Ru s
s ell
2
0 00
I n
de x
MS
CI
E
AF
E
I nd
e x
MS
CI
E
mer
gin
g M
a rket
s
I nd
e x
Bar
c lay s
Ca
pita
l
Ag g
r eg
a te
BC
Mu
nic
ipa l
B
on
dB
lmb
g. B
arc.
U.S
.
Co
r p:
H
igh
Y
i eld
BC
Glo
b al
A
gg r e
gat
e Ex
US
DS
&P
/LS
TA Le
vera
g ed
L
o an
I n
de x
MS
CI
U
.S.
R
EIT
I n
de x
Al e
r ian
M
L P In
f ra st
ruc
ture
DJ -U
BS
Co
mm
od it
y
I nd
e x
6.1
2.5
7.4
11.5
0.8 1.62.7 2.5
1.1 1.0
4.1
-2.3
S&P 500 S&P 500 Growth S&P 500 Value
Russell Midcap Index Russell Midcap Growth Index Russell Midcap Value Index
Russell 2000 Index Russell 2000 Growth Index Russell 2000 Value Index
0.0
15.0
30.0
45.0
-15.0
Re
turn
(%)
1
Quarter
1
Year
-0.1
29.4
5.3
23.0
2.5
26.2
3.8
19.8
6.9
14.1
5.1
17.0
3.3
18.7
8.5
15.4
6.1
17.2
S&P 500 Consumer Discretionary S&P 500 Consumer Staples S&P 500 Energy
S&P 500 Financials S&P 500 Health Care S&P 500 Industrials
S&P 500 Information Technology S&P 500 Materials S&P 500 Telecom Services
S&P 500 Utilities
0.0
15.0
30.0
45.0
-15.0
-30.0
Re
turn
(%)
1
Quarter
1
Year
6.4 7.1
-4.0
1.75.9
19.2
12.6
24.9
4.6
18.4
8.411.6
2.5
32.6
-6.7
14.3
6.4 6.28.413.2
Quarterly Market Summary March 31, 2017
Copyright © 2017 Investment Metrics, LLC. All rights reserved.
12
Intl Equity Region PerformanceIntl Equity Indices Performance
Fixed Income Market Sector Performance
Source: Investment Metrics, LLC
Source: Investment Metrics, LLCSource: Investment Metrics, LLC
Blmbg. Barc. U.S. Aggregate Blmbg. Barc. U.S. Treasury Barclays U.S. Credit Index Barclays U.S. MBS
Blmbg. Barc. U.S. Corp: High Yield Blmbg. Barc. Global Aggregate S&P/LSTA Leveraged Loan Index
0.0
8.0
16.0
24.0
-8.0
Re
turn
(%)
1
Quarter
1
Year
1.1
9.7
1.8
-1.9
2.7
16.4
0.5 0.21.3
3.0
0.7
-1.4
0.8 0.4
MSCI EAFE Index MSCI EAFE Small Cap Index MSCI EAFE Growth Index
MSCI EAFE Value MSCI Emerging Markets
0.0
6.0
12.0
18.0
24.0
Re
turn
(%)
1
Quarter
1
Year
11.5
17.7
6.2
16.7
8.67.98.1
11.4
7.4
12.2
MSCI Japan MSCI Pacific ex Japan MSCI United Kingdom MSCI Europe ex U.K.
0.0
5.0
10.0
15.0
20.0
25.0
Re
turn
(%)
1
Quarter
1
Year
8.6
11.7
5.1
7.5
11.8
18.5
4.6
14.8
Quarterly Market Summary March 31, 2017
Copyright © 2017 Investment Metrics, LLC. All rights reserved.
13
Alternative Asset Class Returns March 31, 2017
Source: Christenson Investment Parnters Source: Christenson Investment Parnters
Source: Christenson Investment Parnters Source: FTSE EPRA/NAREIT Indices
‐17
‐12.2
‐8.3‐10.3
7.9
0.1
‐13.9
‐2.3
0.1
‐6.9
‐0.3
15.4
5.57.4
1.6 0.8
‐6.6‐8.9
13.9
8.2
‐20
‐15
‐10
‐5
0
5
10
15
20
Natural Gas
Gasoline
Crud
e Oil
Heatin
g Oil
Cotton
Coffe
e
Sugar
Bloo
mbe
rg Com
m Inde
x
Cattle
Hogs
Nickel
Alum
inum
Copp
er
Zinc
Corn
Whe
at
Soybeans
Soybean Oil
Silver
Gold
Commodity Sector Returns
‐11.4
‐4.8
‐1.4 ‐2.3
0.1
7.69.8
‐15
‐10
‐5
0
5
10
15
Energy Softs Grains BloombergComm Index
Livestock IndustrialMetals
PreciousMetals
Commodity Broad Sector Returns
2.7 3.5 2.10.2
2.2 2.3
‐4.7
2.9 2.2 2.1
‐1
‐10
‐5
0
5
10
15
20
Even
t Driv
en
Long/Sho
rt Equ
ity
HFRI FoF
Com
posite
Globa
l Macro
Distressed
Fixed Income Arbitrage
Dedicated Short B
ias
Multi‐Strategy
Convertib
le Arbitrage
Equity M
arket N
eutral
Managed
Futures
Hedge Fund Strategy Returns
2.9 2.9
16.2
0.21.6
17.4
4.8
14.8
‐1.9
4.3
‐5.0
0.0
5.0
10.0
15.0
20.0
United Kingdo
m
Europe
Hon
g Ko
ng U.S.
S&P De
velope
d RE
IT
Singap
ore
Australia
Emerging
Markets
Japa
n
Canada
Global REIT Country and Regional Returns
14
THIS PAGE LEFT INTENTIONALLY BLANK
15
Client Type: Money Purchase Pension PlanTime Horizon: Greater than Five YearsExpected Return: 3.50% to 4.50% over CPIRisk Tolerances: Expected downside of -19.50% to -22.50% per year based on a statistical confidence level of 95% (1)
Asset Allocation Performance Benchmarks
Strategic Asset Investment Primary Peer Group
Lower Limit Allocation Upper Limit Category Manager Index Universe
Domestic Equity Domestic Equity Large Cap Equity* 29.00% 35.00% 41.00% Large Cap Boston Tr Eqty S&P 500 Core Equity
Mid Cap Growth 3.50% 6.50% 9.50% Mid Cap Growth Victory Munder MC Core Gr Russell Mid Cap Index Mid Cap Growth Small Cap Value 3.50% 6.50% 9.50% Small Cap Value ICM Sm Cap Value Russell 2000 Index Small Cap Value
International Equity 16.00% 19.00% 22.00% International Equity Europacific R-4 MSCI EAFE International GrowthDodge & Cox Intl MSCI EAFE International Value
Domestic Fixed Income* 9.00% 15.00% 21.00% Domestic Fixed Income Boston Tr Fixed Inc BC Aggregate Core Bond1.00% 4.00% 7.00% MetWest Total Return BC Aggregate Core Bond
High Yield 0.00% 2.00% 5.00% High Yield JP Morgan HY BC:HY Credit High Yield
Floating Rate Corporate Loans 4.00% 7.00% 10.00% Floating Rate Corporate Loans Eaton Vance Floating CSFB Leveraged Loan Loan Participation
Commodities 2.00% 5.00% 8.00% Commodities Credit Suisse Commodity Bloomberg Commodity N/A100.00%
Total Portfolio Strategic Benchmark: 50.00% 70% S&P 500/30% BC Aggregate6.50% Russell Mid Cap Index 6.50% Russell 2000 Index
19.00% MSCI EAFE4.00% BC Aggregate2.00% BC:HY Credit 7.00% CSFB Leveraged Loan5.00% Bloomberg Commodity
100.00%
Total Portfolio Secondary Benchmark: CPI + 4.00%
*Balanced allocation to Boston Trust is 50% of the portfolio which is split 70% to large cap equity and 30% to domestic fixed income
BOULDER FIRE & POLICE INVESTMENT POLICY SUMMARY - Updated May 2017
Client Variables
(1) There is a 5% probability that the 1 year modeled loss of -19.50% to -22.50% will be exceeded. Risk tolerances are based on 2016 capital markets
assumptions. NOTE: The 1 year modeled loss will vary from year to year depending on future capital market assumptions.
16
Plan Benchmark*
123,024,832$ Similarly Sized
0.58% 1.11%
0.71% N/A
Provider Fee (in $) Fee (in %) Fee (in $) Fee (in %) Fee (in $) Fee (in %)
Expense ratio retained by fund manager Fund Managers 613,400$ 0.50% 613,400$ 0.50%
Revenue sharing sent to recordkeeper ICMA-RC 180,074$ 0.15% 180,074$ 0.15%
Gross Investment Management Fees -$ 0.00% 793,475$ 0.64% 793,475$ 0.64%
Revenue Sharing credited to admin. allowance account (75,503)$ -0.06% (75,503)$ -0.06%
Net Recordkeeping and Administrative Fees -$ 0.00% (75,503)$ -0.06% (75,503)$ -0.06%
Total Investment, Recordkeeping and Administrative Costs -$ 0.00% 717,972$ 0.58% 717,972$ 0.58%
Investment Consultant Innovest 76,489$ 0.06% 76,489$ 0.06%
Plan Administration & Fiduciary Support** 25,000$ 0.02% 25,000$ 0.02%
Trustee Education** 10,500$ 0.01% 10,500$ 0.01%
Insurance Fee** 9,000$ 0.01% 9,000$ 0.01%
Legal** 20,000$ 0.02% 20,000$ 0.02%
Audit** 9,000$ 0.01% 9,000$ 0.01%
Total Plan Expenses 73,500$ 0.06% 794,461$ 0.65% 867,961$ 0.71%
Employer Paid Employee Paid Total
Boulder Fire and Police 401(a) Annual Fee Review
Investment, Recordkeeping and Administrative Costs
Plan assets as of 6/30/2016
Estimated Total Plan Expenses
*The plan's estimated investment, recordkeeping and administrative costs of 0.58% as shown above, compare favorably to 401(k) Source data, a
universe of 49 similarly sized 401(k) plans with an average investment, recordkeeping and administrative cost of 1.11%.
**Budgeted expenses, not actual expenses.
This review illustrates estimated plan costs based on available data.
17
December 31, 2016
Allocation Differences
0.0% 5.0% 10.0%-5.0 %-10.0 %
Commodities
Floating Rate Corporate Loans
High Yield
Fixed Income
International Equity
Small Cap Equity
Mid Cap Equity
Large Cap Equity
0.0%
0.0%
0.0%
-5.0 %
-0.6 %
0.8%
0.0%
4.7%
March 31, 2017
Allocation Differences
0.0% 4.0% 8.0% 12.0%-4.0 %-8.0 %-12.0 %
Commodities
Floating Rate Corporate Loans
High Yield
Fixed Income
International Equity
Small Cap Equity
Mid Cap Equity
Large Cap Equity
-0.3 %
-0.2 %
0.0%
-4.7 %
0.9%
-0.3 %
0.1%
4.4%
December 31, 2016
Market Value($)
Allocation(%)
Target(%)
Large Cap Equity 48,730,989 39.70 35.00Mid Cap Equity 8,001,145 6.52 6.50Small Cap Equity 9,014,133 7.34 6.50International Equity 22,639,674 18.44 19.00Fixed Income 17,240,328 14.04 19.00High Yield 2,422,566 1.97 2.00Floating Rate Corporate Loans 8,583,070 6.99 7.00Commodities 6,123,470 4.99 5.00Total Fund 122,755,374 100.00 100.00
March 31, 2017
Market Value($)
Allocation(%)
Target(%)
Large Cap Equity 50,492,627 39.36 35.00Mid Cap Equity 8,515,467 6.64 6.50Small Cap Equity 8,005,199 6.24 6.50International Equity 25,581,296 19.94 19.00Fixed Income 18,363,016 14.31 19.00High Yield 2,524,212 1.97 2.00Floating Rate Corporate Loans 8,767,084 6.83 7.00Commodities 6,051,342 4.72 5.00Total Fund 128,300,243 100.00 100.00
Asset Allocation vs. Target Allocation
18
Criteria
Organization PeoplePhilosophy& Process
StyleConsistency
Asset Base Performance Expenses Overall
Costs
Exp Ratio(%)
MedianExp Ratio
(%)
Ratio ofExp to
Median (%)
Boston Trust Balanced - Boulder F&P 0.64 1.15 55.00Victory:MC Core Gr;Y (MGOYX) 1.06 1.27 84.25ICM Small Company;Inst (ICSCX) 0.95 1.29 73.64Dodge & Cox Intl Stock (DODFX) 0.64 1.18 54.24American Funds EuPc;R-4 (REREX) 0.85 1.19 71.43Met West:Total Return;I (MWTIX) 0.44 0.76 57.89Eaton Vance Flt Rt;A (EVBLX) 1.03 1.12 91.96JPMorgan:High Yield;I (OHYFX) 0.80 1.07 74.77Crdt Suis Cmdty Rtn;Inst (CRSOX) 0.79 1.27 62.20Vantage Trust Plus 0.56 0.73 76.71VT Retirement Income Advantage 1.72 1.72 100.00
Legend For Overall Criteria
No/Minimum ConcernsMinor ConcernMajor ConcernUnder Review
New No/Minimum ConcernsUpgrade to Minor ConcernDowngrade to Minor ConcernNew Major Concern
Manager Score Factor Comments
Victory:MC Core Gr;Y (MGOYX) Asset Base Outflows relative to strategy AUM warrants increased monitoring and diligence. If performance continues to improve, flows shouldresolve quickly.
Manager Score Card
The Expense Ratio and Median Expense Ratio for Hedge Fund of Funds and Private Equity Fund of Funds excludes underlying fund expenses; the expenses shown are only at the Fund of Funds level.
19
Allocation
MarketValue
($)%
Performance(%)
LastQuarter
YearTo Date
1Year
3Years
5Years
10Years
SinceInnovestInception
SinceInception
InceptionDate
Large Cap Equity
Boston Trust Equity - Boulder F&P 50,492,627 37.13 4.90 (78) 4.90 (78) 14.86 (69) 9.55 (56) 11.67 (81) 8.25 (32) 7.26 (27) 10.57 (32) 07/01/1990S&P 500 Index 6.07 (45) 6.07 (45) 17.17 (43) 10.37 (38) 13.30 (46) 7.51 (65) 5.72 (88) 9.60 (83)IM U.S. Large Cap Core Equity (SA+CF) Median 5.96 5.96 16.29 9.82 13.24 7.76 6.51 10.00
Mid Cap Equity
Victory Munder Mid Cap Core Growth 8,515,467 6.26 6.77 (64) 6.77 (64) 13.40 (72) 5.88 (56) 10.48 (43) 7.25 (49) 8.41 (14) 12.39 (38) 01/01/2010Russell Midcap Growth Index 6.89 (59) 6.89 (59) 14.07 (64) 7.88 (22) 11.95 (25) 8.13 (26) 6.28 (48) 13.49 (20)IM U.S. Mid Cap Growth Equity (MF) Median 7.04 7.04 15.21 6.09 10.11 7.20 5.91 11.90
Small Cap Equity
ICM Small Company 8,005,199 5.89 0.57 (24) 0.57 (24) 28.02 (24) 9.00 (8) 12.98 (14) 7.73 (15) 10.47 (32) 8.54 (25) 01/01/2008Russell 2000 Value Index -0.13 (33) -0.13 (33) 29.37 (19) 7.62 (28) 12.54 (19) 6.09 (53) 9.35 (71) 7.96 (44)IM U.S. Small Cap Value Equity (MF) Median -0.99 -0.99 23.75 5.62 11.36 6.26 9.97 7.79
International Equity
Dodge & Cox Int'l 12,782,430 9.40 9.32 (6) 9.32 (6) 22.97 (1) 0.72 (10) 7.32 (1) 2.52 (1) N/A 2.04 (1) 01/01/2008MSCI EAFE Value Index (Net) 6.05 (74) 6.05 (74) 15.98 (1) -0.61 (28) 5.56 (19) 0.05 (42) 4.04 (45) -0.23 (38)MSCI AC World ex USA Value (net) 6.68 (52) 6.68 (52) 16.68 (1) -0.51 (22) 3.81 (82) 0.68 (30) 4.95 (27) -0.19 (37)IM International Large Cap Value Equity (MF) Median 6.77 6.77 11.96 -1.01 4.76 -0.18 3.58 -0.87
American Funds EuroPacific Gr 12,798,867 9.41 9.27 (24) 9.27 (24) 12.70 (19) 1.82 (39) 6.27 (14) 3.23 (20) N/A 6.75 (22) 04/01/2004MSCI EAFE Growth Index (Net) 8.52 (47) 8.52 (47) 7.45 (73) 1.50 (50) 6.00 (22) 1.98 (78) 3.38 (80) 5.38 (78)MSCI AC World ex USA Growth (Net) 9.13 (27) 9.13 (27) 9.63 (53) 1.55 (46) 4.84 (65) 1.97 (78) 3.91 (67) 5.66 (69)IM International Large Cap Growth Equity (MF) Median 8.30 8.30 10.21 1.47 5.25 2.50 4.40 6.12
Fixed Income
Boston Trust Fixed Income - Boulder F&P 13,372,883 9.83 0.89 (59) 0.89 (59) 0.01 (88) 2.51 (42) 1.99 (73) 4.14 (45) 4.88 (28) 5.79 (86) 07/01/1990Bloomberg Barclays U.S. Aggregate Index 0.82 (67) 0.82 (67) 0.44 (71) 2.68 (28) 2.34 (51) 4.27 (38) 4.80 (38) 6.10 (36)IM U.S. Broad Market Core Fixed Income (MF) Median 0.93 0.93 1.19 2.42 2.36 4.06 4.57 6.03
Met West Total Return 4,990,133 3.67 0.90 (55) 0.90 (55) 0.93 (58) 2.57 (39) 3.70 (3) 5.80 (1) 6.03 (1) 1.62 (56) 01/01/2015Bloomberg Barclays U.S. Aggregate Index 0.82 (67) 0.82 (67) 0.44 (71) 2.68 (28) 2.34 (51) 4.27 (38) 4.80 (38) 1.78 (42)IM U.S. Broad Market Core Fixed Income (MF) Median 0.93 0.93 1.19 2.42 2.36 4.06 4.57 1.70
High Yield
JPMorgan High Yield Select 2,524,212 1.86 2.29 (53) 2.29 (53) 13.69 (47) 3.56 (38) 5.87 (41) 6.52 (24) 7.61 (17) 7.13 (47) 01/01/2010Bloomberg Barclays U.S. Corporate High Yield 2.70 (28) 2.70 (28) 16.39 (17) 4.56 (11) 6.82 (11) 7.46 (5) 8.21 (8) 8.20 (10)IM U.S. High Yield Bonds (MF) Median 2.32 2.32 13.43 3.21 5.65 5.89 6.87 7.06
Table of ReturnsMarch 31, 2017
Returns prior to 7/1990 provided by PMC
20
Table of ReturnsMarch 31, 2017
Allocation
MarketValue
($)%
Performance(%)
LastQuarter
YearTo Date
1Year
3Years
5Years
10Years
SinceInnovestInception
SinceInception
InceptionDate
Floating Rate Corporate Loans
Eaton Vance Floating Rate 8,767,084 6.45 1.28 (23) 1.28 (23) 10.30 (38) 3.25 (20) 3.87 (45) 3.54 (39) N/A 8.09 (30) 04/01/2009Credit Suisse Leveraged Loan Index 2.88 (1) 2.88 (1) 11.52 (15) 4.28 (1) 5.22 (1) 4.40 (1) 4.88 (1) 9.18 (9)Loan Participation Mutual Funds Median 0.95 0.95 9.46 2.75 3.78 3.38 3.88 7.38
Commodities
Crdt Suis Comm Rtn Strat 6,051,342 4.45 -1.78 (40) -1.78 (40) 9.69 (36) -13.41 (51) -9.62 (47) -6.12 (48) N/A -8.02 (58) 01/01/2015Bloomberg Commodity Index Total Return -2.33 (55) -2.33 (55) 8.69 (52) -13.92 (56) -9.54 (45) -6.22 (50) -0.42 (N/A) -8.33 (66)IM Commodities General (MF) Median -2.15 -2.15 8.72 -13.39 -9.78 -6.24 N/A -7.74
Balanced Account
Boston Trust Balanced - Boulder F&P 63,865,510 46.97 4.06 (45) 4.06 (45) 11.59 (41) 8.00 (6) 9.59 (21) 7.65 (11) 7.12 (29) 10.02 (13) 07/01/199070% S&P/30% BC Aggr 4.48 (22) 4.48 (22) 11.96 (37) 8.14 (5) 10.04 (14) 6.80 (39) 5.71 (67) 8.78 (55)IM U.S. Balanced (SA+CF) Median 3.96 3.96 10.61 5.70 8.41 6.17 6.38 8.90
VT Retirement Income Advantage 910,560 0.67 3.97 (50) 3.97 (50) 8.08 (85) 4.04 (79) 5.92 (82) N/A N/A 5.49 (82) 04/01/2013VT Retirement Income Advantage Custom Index 4.06 (45) 4.06 (45) 9.93 (67) 5.59 (53) 7.47 (68) N/A N/A 7.08 (59)IM U.S. Balanced (SA+CF) Median 3.96 3.96 10.61 5.70 8.41 6.17 6.38 7.80
Stable Value
Vantage Trust Plus (gross) 6,764,680 4.97 0.58 (3) 0.58 (3) 2.31 (1) 2.34 (1) 2.49 (1) 3.37 (4) 4.01 (11) 3.33 (4) 07/01/2007Vantage Trust Plus (net) 0.44 (3) 0.44 (3) 1.75 (1) 1.77 (1) 1.92 (1) 2.82 (4) N/A (11) 2.78 (4)Ryan 3 Yr GIC Master Index 0.37 (90) 0.37 (90) 1.43 (89) 1.23 (97) 1.21 (99) 2.51 (77) 3.29 (85) 2.46 (74)IM U.S. GIC/Stable Value (SA+CF) Median 0.44 0.44 1.82 1.77 1.83 2.70 3.54 2.64
Total Fund
Boulder Fire and Police 135,975,483 100.00 4.17 4.17 12.97 4.87 7.59 6.30 6.62 9.15 01/01/1985Boulder Fire & Police Custom Benchmark 4.28 4.28 12.64 5.03 7.98 5.37 5.79 9.59CPI + 4% 1.98 1.98 6.48 5.09 5.27 5.80 6.18 6.74
Returns prior to 7/1990 provided by PMC
21
Plan Sponsor TF Asset Allocation - Public Plan Sponsors (< $100 mm AUM)
Plan Sponsor Peer Group Analysis - Public Plan Sponsors (< $100 mm AUM)
-25.0
0.0
25.0
50.0
75.0A
llo
ca
tio
n (%
)
US Equity Intl. Equity US Fixed Income Intl. Fixed Income Alternative Inv. Real Estate Cash
Boulder Fire and Police 58.55 (3) 18.44 (13) 23.01 (81) 0.00 N/A 0.00 0.00�
5th Percentile 57.32 20.44 45.90 8.51 21.56 12.80 6.921st Quartile 50.58 15.25 37.03 5.11 8.95 9.95 2.32
Median 45.80 13.59 31.51 4.81 4.88 6.95 1.573rd Quartile 40.47 10.52 24.21 4.19 2.94 4.72 0.8395th Percentile 28.99 7.01 15.74 2.41 1.84 2.55 0.14
-4.00.04.08.0
12.016.0
Re
turn
-0.60.2
4.76.2
2.94.06.87.9 6.67.4
4.25.1
LastQuarter
1Year
3Years
5Years
7Years
10Years
Boulder Fire and Police 2.27 (7) 10.26 (3) 4.01 (76) 8.53 (46) 8.15 (37) 6.03 (20)¢£
Boulder Fire & Police Custom Benchmark 1.75 (13) 8.85 (13) 4.27 (65) 8.83 (34) 8.19 (33) 5.13 (74)pr
5th Percentile 2.43 9.75 6.02 9.91 8.99 6.401st Quartile 1.21 7.91 5.13 9.03 8.32 5.82Median 0.66 6.91 4.50 8.45 7.88 5.463rd Quartile 0.24 6.16 4.02 7.88 7.43 5.1195th Percentile -0.62 4.69 2.91 6.84 6.65 4.17
Population 398 385 370 362 347 301
Plan Sponsor Peer Group AnalysisAs of December 31,2016
22
Plan Sponsor TF Asset Allocation - Public Plan Sponors ($100mm - $1 Bln AUM)
Plan Sponsor Peer Group Analysis - All Public Plans ($100mm - $500mm AUM)
-25.0
0.0
25.0
50.0
75.0A
llo
ca
tio
n (%
)
US Equity Intl. Equity US Fixed Income Intl. Fixed Income Alternative Inv. Real Estate Cash
Boulder Fire and Police 58.55 (5) 18.44 (39) 23.01 (56) 0.00 N/A 0.00 0.00�
5th Percentile 58.46 26.95 37.44 16.11 28.75 13.44 5.351st Quartile 47.41 21.39 30.54 7.51 16.04 10.59 1.98
Median 40.81 15.81 24.10 5.14 10.77 8.52 1.003rd Quartile 33.40 13.10 18.08 4.05 4.35 5.98 0.4995th Percentile 22.35 7.71 10.37 1.37 1.09 2.80 0.04
-4.00.04.08.0
12.016.0
Re
turn
-0.20.5
5.47.0
2.84.16.98.1 6.77.6
4.45.1
LastQuarter
1Year
3Years
5Years
7Years
10Years
Boulder Fire and Police 2.27 (4) 10.26 (3) 4.01 (78) 8.53 (66) 8.15 (60) 6.03 (25)¢£
Boulder Fire & Police Custom Benchmark 1.75 (13) 8.85 (14) 4.27 (71) 8.83 (51) 8.19 (56) 5.13 (76)pr
5th Percentile 2.10 10.00 5.96 10.35 9.62 6.521st Quartile 1.43 8.41 5.17 9.49 8.74 6.02Median 0.94 7.78 4.85 8.89 8.27 5.583rd Quartile 0.50 6.97 4.11 8.11 7.55 5.1495th Percentile -0.17 5.44 2.80 6.91 6.71 4.35
Population 138 136 134 132 128 108
Plan Sponsor Peer Group AnalysisAs of December 31,2016
23
Cumulative Performance Over Time
Risk and Return
Boulder Fire and Police Boulder Fire & Police Custom Benchmark CPI + 4.75%
-600 %
0%
600%
1,200%
1,800%
2,400%
3/85 9/86 3/88 9/89 3/91 9/92 3/94 9/95 3/97 9/98 3/00 9/01 3/03 9/04 3/06 9/07 3/09 9/10 3/12 9/13 3/15 3/17
8
9
10
11
12
Re
turn
(%)
7 8 9 10 11 12 13 14 15 16 17 18 19Risk (Standard Deviation %)
Boulder Fire and Police
S&P 500 Index
Total Portfolio Performance AnalysisAs of March 31,2017
24
THIS PAGE LEFT INTENTIONALLY BLANK
25
STRATEGY INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM U.S. Balanced (SA+CF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since account inception.
Firm and Management:Domenic Colasacco is a portfoliomanager and president of the Adviser.Mr. Colasacco is also the president ofBoston Trust & InvestmentManagement Company and has servedas its Chief Investment Officer since1980. Mr. Colasacco managesportfolios for individual and institutionalclients and also manages the BostonTrust Equity Fund. Mr. Colasacco is aholder of the Chartered FinancialAnalyst (CFA) designation and amember of the Boston SecurityAnalysts Society.
Investment Strategy:The strategy strives to provide long-term growth of capital through adiversified portfolio of stocks, bondsand money market investments. Theallocation among these assets isactively managed based both on theirrelative values and the changingeconomic outlook. By forecastingfinancial market returns across a widerange of possible economic scenarios,they vary the allocation in a mannerthat is designed to provide protectionagainst falling markets in unfavorableeconomic environments, while alsoproviding opportunity to participate inrising markets. The strategy providesbroad diversification across stockmarket sectors; individual equityselections focus on companies withsuperior financial track records.
-12.0
-4.0
4.0
12.0
20.0
28.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
Boston Tr Bal - Boulder F&P 4.06 (48) 4.06 (48) 11.59 (42) 8.00 (4) 9.59 (20) 9.96 (13) 7.65 (9)¢£
70% S&P/30% BC Aggr 4.48 (23) 4.48 (23) 11.96 (37) 8.14 (3) 10.04 (13) 10.22 (3) 6.80 (39)��
Median 4.00 4.00 10.63 5.71 8.48 8.61 6.17
-4.0
0.0
4.0
8.0
12.0
16.0
Ret
urn
(%)
0.0 5.0 10.0 15.0Risk (Standard Deviation %)
ReturnStandardDeviation
Boston Tr Bal - Boulder F&P 9.59 5.99¢£
70% S&P/30% BC Aggr 10.04 5.45��
Median 8.48 6.24¾
2016 2015 2014 2013 2012 2011 2010
Boston Tr Bal - Boulder F&P 10.75 (30) -0.59 (37) 11.13 (11) 23.02 (21) 10.04 (74) 3.45 (23) 14.13 (30)IM U.S. Balanced (SA+CF) Median 8.56 -1.56 6.88 19.06 11.30 1.35 12.57
70% S&P/30% BC Aggr 9.23 (43) 1.34 (17) 11.39 (10) 21.12 (28) 12.49 (38) 4.08 (20) 12.92 (43)IM U.S. Balanced (SA+CF) Median 8.56 -1.56 6.88 19.06 11.30 1.35 12.57
3Years
EndingMar-2017
3Years
EndingMar-2016
3Years
EndingMar-2015
3Years
EndingMar-2014
3Years
EndingMar-2013
3Years
EndingMar-2012
3Years
EndingMar-2011
Boston Tr Bal - Boulder F&P 8.00 (4) 9.37 (7) 11.19 (35) 11.01 (27) 10.01 (24) 17.42 (39) 4.81 (36)IM U.S. Balanced (SA+CF) Median 5.71 5.55 10.25 9.42 9.18 16.56 4.19
70% S&P/30% BC Aggr 8.14 (3) 9.10 (7) 12.19 (25) 11.48 (18) 10.78 (13) 18.56 (31) 3.73 (56)IM U.S. Balanced (SA+CF) Median 5.71 5.55 10.25 9.42 9.18 16.56 4.19
Boston Tr Bal - Boulder F&P 03/31/17
26
STRATEGY INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM U.S. Large Cap Core Equity (SA+CF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since account inception.
Firm and Management:Domenic Colasacco is a portfoliomanager and president of the Adviser.Mr. Colasacco is also the president ofBoston Trust & InvestmentManagement Company and has servedas its Chief Investment Officer since1980. Mr. Colasacco managesportfolios for individual and institutionalclients and also manages the BostonTrust Equity Fund. Mr. Colasacco is aholder of the Chartered FinancialAnalyst (CFA) designation and amember of the Boston SecurityAnalysts Society.
Investment Strategy:The portfolio consists of stocks from allmarket capitalizations; small, mediumand large. The portfolio is constructedwith a bottom up approach to securityselection, however, macro themes areconsidered in deciding which sectorslook most attractive. Each potentialholding is put through a number ofscreens which consider earningsgrowth and relative valuation.
-4.0
2.0
8.0
14.0
20.0
26.0
32.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
Boston TrEq - Boulder F&P 4.90 (79) 4.90 (79) 14.86 (70) 9.55 (55) 11.67 (80) 11.80 (75) 8.25 (33)¢£
S&P 500 Index 6.07 (45) 6.07 (45) 17.17 (44) 10.37 (37) 13.30 (45) 12.94 (49) 7.51 (64)��
Median 5.97 5.97 16.32 9.80 13.22 12.92 7.74
0.0
4.0
8.0
12.0
16.0
20.0
Ret
urn
(%)
0.0 5.0 10.0 15.0Risk (Standard Deviation %)
ReturnStandardDeviation
Boston TrEq - Boulder F&P 11.67 7.76¢£
S&P 500 Index 13.30 7.98��
Median 13.22 8.49¾
2016 2015 2014 2013 2012 2011 2010
Boston TrEq - Boulder F&P 13.23 (19) -0.95 (75) 13.00 (57) 30.44 (77) 12.03 (83) 1.56 (57) 16.91 (24)IM U.S. Large Cap Core Equity (SA+CF) Median 10.52 1.28 13.41 32.96 15.70 2.03 14.80
S&P 500 Index 11.96 (33) 1.38 (50) 13.69 (44) 32.39 (59) 16.00 (46) 2.11 (50) 15.06 (44)IM U.S. Large Cap Core Equity (SA+CF) Median 10.52 1.28 13.41 32.96 15.70 2.03 14.80
3Years
EndingMar-2017
3Years
EndingMar-2016
3Years
EndingMar-2015
3Years
EndingMar-2014
3Years
EndingMar-2013
3Years
EndingMar-2012
3Years
EndingMar-2011
Boston TrEq - Boulder F&P 9.55 (55) 11.33 (57) 13.52 (88) 12.85 (81) 11.26 (72) 22.74 (50) 4.38 (29)IM U.S. Large Cap Core Equity (SA+CF) Median 9.80 11.66 16.54 14.76 12.66 22.72 3.28
S&P 500 Index 10.37 (37) 11.82 (45) 16.11 (60) 14.66 (55) 12.67 (50) 23.42 (41) 2.35 (69)IM U.S. Large Cap Core Equity (SA+CF) Median 9.80 11.66 16.54 14.76 12.66 22.72 3.28
Boston TrEq - Boulder F&P 03/31/17
27
TOP TEN HOLDINGS PORTFOLIO CHARACTERISTICS
DISTRIBUTION OF MARKET CAP SECTOR DISTRIBUTION
PortfolioWeight
(%)
BenchmarkWeight
(%)
ActiveWeight
(%)
QuarterlyReturn
(%)
Apple Inc 3.95 3.72 0.23 24.57Microsoft Corp 3.05 2.51 0.54 6.63Alphabet Inc 2.75 1.21 1.54 7.48Johnson & Johnson 2.60 1.67 0.93 8.813M Co 2.47 0.56 1.91 7.84Comcast Corp 2.32 0.88 1.44 8.88U.S. Bancorp 2.22 0.40 1.82 0.80Oracle Corp 2.22 0.66 1.56 16.47PNC Financial Services Inc. 2.19 0.29 1.90 3.28JPMorgan Chase & Co 2.15 1.55 0.60 2.36
% of Portfolio 25.92 13.45
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($) 153,364,674,062 161,880,813,657Median Mkt. Cap ($) 64,088,629,625 20,024,306,000Price/Earnings ratio 21.83 21.32Price/Book ratio 3.49 3.275 Yr. EPS Growth Rate (%) 8.35 11.44Current Yield (%) 1.88 2.03Beta (5 Years, Monthly) 0.95 1.00Number of Stocks 66 505
Boston Trust Equity - Composite S&P 500 Index
0.0
15.0
30.0
45.0
60.0
>100 Bil 75 Bil - 100 Bil
25 Bil - 75 Bil
15 Bil - 25 Bil
2 Bil - 15 Bil
45.5
8.7
27.6
9.0 9.2
42.1
6.3
31.3
10.2 10.1
Boston Trust Equity - Composite
S&P 500 Index
0.0 5.0 10.0 15.0 20.0 25.0 30.0
Utilities
Telecommunication Services
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
2.1
0.8
0.0
3.5
20.8
12.3
15.2
18.5
4.9
10.5
11.4
3.2
2.4
2.9
2.8
22.1
10.1
13.9
14.4
6.6
9.3
12.3
Boston Trust Equity - Composite 03/31/17
28
PERFORMANCE - 1 Quarter TOTAL ATTRIBUTION - 1 Quarter
ACTIVE RETURN - 1 Quarter
Boston Trust Equity - Composite
S&P 500 Index
0.0 6.0 12.0 18.0-6.0-12.0
Utilities
Telecommunication Services
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
8.8
-7.7
0.0
3.6
10.8
3.8
10.2
1.3
-6.2
5.9
2.4
6.4
-4.0
3.6
5.9
12.5
4.4
8.2
2.5
-6.6
6.3
8.4
0.0 0.3 0.6 0.9-0.3-0.6-0.9-1.2
Utilities
Telecommunication Services
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
0.0
0.1
0.1
-0.1
-0.4
-0.1
0.3
-0.4
0.3
0.0
-0.7
Buy-and-Hold Portfolio 5.08Portfolio Trading -0.06Actual Return 5.01Benchmark Return 6.07Actual Active Return -1.05
Stock Selection -1.13Sector Selection 0.16Interaction 0.04Total Selection -0.94
Portfolio Trading -0.06Benchmark Trading 0.05Active Trading Impact -0.11
Buy & Hold Active Return -1.05
Boston Trust Equity - Composite 03/31/17
29
PERFORMANCE - 3 Years TOTAL ATTRIBUTION - 3 Years
ACTIVE RETURN - 3 Years
Boston Trust Equity - Composite
S&P 500 Index
0.0 6.0 12.0 18.0 24.0-6.0-12.0
Utilities
Telecommunication Services
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
16.7
15.7
0.0
10.5
14.4
5.0
12.2
9.8
-2.8
5.8
9.9
11.4
7.6
-1.1
5.5
16.8
9.9
10.0
11.7
-5.1
11.2
12.4
0.0 0.3 0.6 0.9-0.3-0.6-0.9-1.2
Utilities
Telecommunication Services
Real Estate
Materials
Information Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer Discretionary
0.1
0.0
0.1
0.3
-0.6
-0.7
0.4
-0.1
0.3
-0.6
-0.2
Buy-and-Hold Portfolio 9.14Portfolio Trading 0.10Actual Return 9.24Benchmark Return 10.37Actual Active Return -1.13
Stock Selection -1.21Sector Selection 0.24Interaction -0.18Total Selection -1.15
Portfolio Trading 0.10Benchmark Trading 0.08Active Trading Impact 0.02
Buy & Hold Active Return -1.13
Boston Trust Equity - Composite 03/31/17
30
THIS PAGE LEFT INTENTIONALLY BLANK
31
STRATEGY INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM U.S. Fixed Income (SA+CF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since account inception.
Firm and Management:Domenic Colasacco is a portfoliomanager and president of the Adviser.Mr. Colasacco is also the president ofBoston Trust & InvestmentManagement Company and has servedas its Chief Investment Officer since1980. Mr. Colasacco managesportfolios for individual and institutionalclients and also manages the BostonTrust Equity Fund. Mr. Colasacco is aholder of the Chartered FinancialAnalyst (CFA) designation and amember of the Boston SecurityAnalysts Society.
Investment Strategy:Boston Trust's approach to fixedincome investing combines top downeconomic scenario forecasts withbottom up fundamental research. Usingmacroeconomic-based quantitativetools, the investment team forecastsinterest rate changes for a range ofpossible economic outcomes. Theseforecasts contribute to portfoliostrategies with respect to interest ratesand the yield curve. In selectingindividual securities, Boston Trustapplies long-held standards for superiorfinancial quality, appropriate risk, anddiversification.
-5.0
0.0
5.0
10.0
15.0
20.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
Boston Tr FI - Boulder F&P 0.89 (65) 0.89 (65) 0.01 (94) 2.51 (67) 1.99 (78) 3.29 (71) 4.14 (69)¢£
Barclays Agg 0.82 (72) 0.82 (72) 0.44 (86) 2.68 (62) 2.34 (69) 3.48 (67) 4.27 (65)��
Median 1.14 1.14 1.95 3.05 3.22 4.22 4.73
-3.0
0.0
3.0
6.0
9.0
12.0
Ret
urn
(%)
-4.0 0.0 4.0 8.0 12.0 16.0Risk (Standard Deviation %)
ReturnStandardDeviation
Boston Tr FI - Boulder F&P 1.99 2.99¢£
Barclays Agg 2.34 3.08��
Median 3.22 3.10¾
2016 2015 2014 2013 2012 2011 2010
Boston Tr FI - Boulder F&P 2.19 (72) 1.68 (16) 3.71 (58) -2.15 (84) 4.08 (75) 7.76 (33) 6.55 (65)IM U.S. Fixed Income (SA+CF) Median 3.70 0.72 4.45 -0.21 6.88 6.41 7.60
Barclays Agg 2.65 (64) 0.55 (56) 5.97 (37) -2.02 (81) 4.21 (74) 7.84 (32) 6.54 (65)IM U.S. Fixed Income (SA+CF) Median 3.70 0.72 4.45 -0.21 6.88 6.41 7.60
3Years
EndingMar-2017
3Years
EndingMar-2016
3Years
EndingMar-2015
3Years
EndingMar-2014
3Years
EndingMar-2013
3Years
EndingMar-2012
3Years
EndingMar-2011
Boston Tr FI - Boulder F&P 2.51 (67) 2.05 (67) 2.43 (76) 3.25 (77) 5.67 (65) 6.06 (76) 4.85 (70)IM U.S. Fixed Income (SA+CF) Median 3.05 2.52 3.94 4.74 6.57 8.94 6.07
Barclays Agg 2.68 (62) 2.50 (52) 3.10 (66) 3.75 (68) 5.52 (67) 6.83 (70) 5.30 (64)IM U.S. Fixed Income (SA+CF) Median 3.05 2.52 3.94 4.74 6.57 8.94 6.07
Boston Tr FI - Boulder F&P 03/31/17
32
TOP TEN HOLDINGS
PORTFOLIO CHARACTERISTICS vs. Bloomberg Barclays U.S. AggregateIndex
CREDIT QUALITY DISTRIBUTION vs. Bloomberg Barclays U.S. AggregateIndex
SECTOR DISTRIBUTION vs. Bloomberg Barclays U.S. Aggregate Index
MATURITY DISTRIBUTION vs. Bloomberg Barclays U.S. Aggregate Index
Portfolio Benchmark
Effective Duration 5.21 5.84Avg. Maturity 6.06 7.69Avg. Quality AA Aa2Yield To Maturity (%) 2.16 2.56Holdings Count 27 6,618
Boston Trust Fixed Income - Boulder F&P Bloomberg Barclays U.S. Aggregate Index
0.0
15.0
30.0
45.0
60.0
75.0
US Tr e
asurie
s
A gencie
sM BS
A BS
CM BSC re
di t
High Yie ld
Non-US
37.6
2.0
27.1
0.5 1.8
25.4
5.5
0.2
6.9
61.4
1.9 0.0 0.0
29.8
0.0 0.0
Boston Trust Fixed Income - Boulder F&P
Company %
FED HOME LN MTG CORP 2.375% 01/13/22 2.40FED HOME LN BKS 2.875% 06/14/24 2.00FED FARM CR BKS 3.500% 12/20/23 1.70FED NATL MTG ASSN 2.625% 09/06/24 1.60FED HOME LN BKS 2.375% 03/13/26 1.40TREASURY INFL IDX 0.625% 01/15/24 1.30FED HOME LN BKS 2.250% 03/11/22 0.80FED HOME LN BKS 2.750% 12/13/24 0.80HUBBELL INC 5.950% 06/01/18 0.70FED NATL MTG ASSN 2.125% 04/24/26 0.60
Boston Trust Fixed Income - Boulder F&P
Bloomberg Barclays U.S. Aggregate Index
0.0
20.0
40.0
60.0
80.0
100.0
A AA AA AB BB BB NR
72.0
4.110.3
13.6
0.0 0.00.0
69.6
24.9
3.80.0 1.7
Boston Trust Fixed Income - Boulder F&P Bloomberg Barclays U.S. Aggregate Index
0.0
15.0
30.0
45.0
60.0
75.0
0 to
3 Y ea
rs
3 to
5 Y ea
rs
6 to
10 Y ea
rs
11 to
20 Y ea
rs
20+ Y ea
rs
20.8 22.5
41.6
3.5
11.7
17.320.6
60.2
0.1 1.8
Boston Trust Fixed Income - Boulder F&P 03/31/17
33
FUND INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM U.S. Mid Cap Growth Equity (MF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since inception of fund share class.
Investment Strategy:The Munder team seek companies thattrade cheaply relative to their growthprospects, using a broad range ofvaluation measures. They keep theFund's sector weightings within 3percentage points of the fund'sbenchmark, the S&P Midcap 400 Index.They'll typically hold 70-100 stocks andcap position sizes at 3%. They'rerelatively patient investors; portfolioturnover has averaged around 50%.
Innovest's Assessment:Munder’s low beta bias is likely tooutperform during market drawdownsand when quality growth companies arein favor. Underperformance is expectedwhen low quality, high beta companiesoutpace high quality securities andduring speculative growth rallies.
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
Victory Munder MC Gr 6.77 (64) 6.77 (64) 13.40 (72) 5.88 (56) 10.48 (43) 11.78 (39) 7.25 (49)¢£
Russell Midcap Growth Index 6.89 (59) 6.89 (59) 14.07 (64) 7.88 (22) 11.95 (25) 12.81 (20) 8.13 (26)��
Median 7.04 7.04 15.21 6.09 10.11 11.22 7.20
0.0
3.0
6.0
9.0
12.0
15.0
18.0
Ret
urn
(%)
6.0 9.0 12.0 15.0 18.0Risk (Standard Deviation %)
ReturnStandardDeviation
Victory Munder MC Gr 10.48 11.58¢£
Russell Midcap Growth Index 11.95 11.46��
Median 10.11 12.05¾
FundFamily :
Victory CapitalManagement Inc
Fund Inception : 06/24/1998PortfolioManager :
Tony Y. Dong
TotalAssets :
$2,352 Million
Turnover : 40%
2016 2015 2014 2013 2012 2011 2010
Victory Munder MC Gr 7.37 (25) -4.36 (84) 10.17 (22) 33.71 (58) 16.01 (29) -0.77 (22) 25.48 (48)Russell MCG 7.33 (25) -0.20 (49) 11.90 (12) 35.74 (42) 15.81 (31) -1.65 (28) 26.38 (43)IM U.S. Mid Cap Growth Equity (MF) Median 4.71 -0.36 7.28 34.78 14.18 -4.68 25.18
3Years
EndingMar-2017
3Years
EndingMar-2016
3Years
EndingMar-2015
3Years
EndingMar-2014
3Years
EndingMar-2013
3Years
EndingMar-2012
3Years
EndingMar-2011
Victory Munder MC Gr 5.88 (56) 8.08 (60) 16.78 (28) 13.23 (24) 15.06 (12) 26.43 (42) 4.67 (72)Russell MCG 7.88 (22) 10.99 (20) 17.41 (19) 13.52 (20) 14.23 (21) 29.16 (10) 7.63 (42)IM U.S. Mid Cap Growth Equity (MF) Median 6.09 8.67 15.21 11.45 12.53 25.78 6.91
Victory Munder MC Gr 03/31/17
34
SECTOR ALLOCATION
STYLE MAP (07/01/98 - 03/31/17)
SECTOR PERFORMANCE
TOP 10 HOLDINGSPORTFOLIO CHARACTERISTICS
UP/DOWN CAPTURE (04/01/12 - 03/31/17)
TOTAL SECTOR ATTRIBUTION
PortfolioWeight
(%)
BenchmarkWeight
(%)
QuarterlyReturn
(%)
Broadcom Ltd 2.38 0.00 24.44Ross Stores Inc 2.31 0.90 0.65Reinsurance Group of Amer. 2.28 0.00 1.24SVB Financial Group 2.24 0.25 8.41SPDR MidCap 400 ETF Trust 2.19 0.00 3.81Fidelity Natioal Info Serv Inc. 2.03 0.51 5.63Microchip Technology Inc 1.84 0.54 15.59SLM Corp 1.80 0.00 9.80Bard (C.R.) Inc 1.80 0.63 10.75SBA Communications Corp 1.79 0.33 16.57
% of Portfolio 20.66 3.16
Portfolio Benchmark
Wtd. Avg. Mkt. Cap $M $15,871 $14,284Median Mkt. Cap $M $10,667 $7,326Price/Earnings ratio 23.33 26.57Price/Book ratio 3.13 5.135 Yr. EPS Growth Rate (%) 14.76 12.76Current Yield (%) 1.15 1.14Beta (5 Years, Monthly) 0.98 1.00% in Int'l Securities 4.42 3.61Active Share 83.82 N/ANumber of Stocks 80 470
Victory Munder MC Gr Russell MCG
0.0 8.0 16.0 24.0 32.0
UtilitiesTelecommunication Services
Real EstateOther
MaterialsInformation Technology
IndustrialsHealth Care
FinancialsEnergy
Consumer StaplesConsumer Discretionary
4.21.7
7.21.1
6.718.0
11.89.6
14.93.93.7
17.1
0.00.5
4.90.0
5.222.2
14.915.2
5.41.3
7.223.3
Victory Munder MC Gr
0.0 0.5 1.0 1.5 2.0-0.5-1.0
0.10.1
-0.40.0
-0.30.7
-0.3-0.2
-0.4-0.3
0.41.1
Victory Munder MC Gr Russell MCG
0.0 8.0 16.0 24.0-8.0-16.0
10.516.6
0.12.1
1.014.0
2.515.3
3.8-4.5
8.99.9
0.010.1
5.90.0
4.49.2
5.313.8
5.7-6.1
2.84.4
Style History Mar-2017 Average Style Exposure
Ca
pit
ali
za
tio
n
Manager Style
Large Cap Growth
Small Cap GrowthSmall Cap Value
Large Cap Value
Victory Munder MC Gr
50.0
75.0
100.0
125.0
150.0
Up
Ca
ptu
re
50.0 70.0 90.0 110.0 130.0 150.0Down Capture
Victory Munder MC Gr 03/31/17
35
FUND INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM U.S. Small Cap Value Equity (MF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since inception of fund share class.
Investment Strategy:The management team starts with auniverse of stocks with market capsaround $1 billion and narrows the listthrough screens and company analysis.The team favors well-managedcompanies with good growth prospectsthat are trading at attractive valuations.It employs a strict sell-discipline whenvaluations get too high or when acompany doesn't meet expectations.
Innovest's Assessment:The strategy should outperform in downand stable markets and when lessercapitalized companies are leading. Thefund should underperform duringmomentum environments wherefundamentals aren’t rewarded. Thefund should also underperform whenfinancials and utilities lead due tomanagement's perpetual aversion tothe sectors.
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
50.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
ICM Small Company 0.57 (24) 0.57 (24) 28.02 (24) 9.00 (8) 12.98 (14) 12.22 (20) 7.73 (15)¢£
Russell 2000 Value Index -0.13 (33) -0.13 (33) 29.37 (19) 7.62 (28) 12.54 (19) 11.59 (37) 6.09 (53)��
Median -0.99 -0.99 23.75 5.62 11.36 11.06 6.26
3.0
6.0
9.0
12.0
15.0
18.0
Ret
urn
(%)
8.0 12.0 16.0 20.0 24.0Risk (Standard Deviation %)
ReturnStandardDeviation
ICM Small Company 12.98 14.04¢£
Russell 2000 Value Index 12.54 13.92��
Median 11.36 13.99¾
FundFamily :
InvestmentCounselors ofMaryland
Fund Inception : 04/17/1989PortfolioManager :
Heaphy/Merwitz
TotalAssets :
$712 Million
Turnover : 32%
2016 2015 2014 2013 2012 2011 2010
ICM Small Company 31.36 (25) -3.20 (7) 2.87 (52) 36.16 (40) 16.93 (39) -4.85 (60) 22.73 (77)Russell 2000 Value 31.74 (22) -7.47 (49) 4.22 (33) 34.52 (53) 18.05 (32) -5.50 (62) 24.50 (62)IM U.S. Small Cap Value Equity (MF) Median 29.62 -7.61 3.10 34.82 15.46 -3.79 25.38
3Years
EndingMar-2017
3Years
EndingMar-2016
3Years
EndingMar-2015
3Years
EndingMar-2014
3Years
EndingMar-2013
3Years
EndingMar-2012
3Years
EndingMar-2011
ICM Small Company 9.00 (8) 7.89 (16) 13.85 (50) 13.33 (40) 11.72 (59) 29.39 (30) 7.06 (65)Russell 2000 Value 7.62 (28) 5.73 (59) 14.79 (34) 12.74 (51) 12.12 (53) 25.36 (77) 6.76 (73)IM U.S. Small Cap Value Equity (MF) Median 5.62 6.18 13.84 12.75 12.32 27.27 8.36
ICM Small Company 03/31/17
36
SECTOR ALLOCATION
STYLE MAP (05/01/89 - 03/31/17)
SECTOR PERFORMANCE
TOP 10 HOLDINGSPORTFOLIO CHARACTERISTICS
UP/DOWN CAPTURE (04/01/12 - 03/31/17)
TOTAL SECTOR ATTRIBUTION
PortfolioWeight
(%)
BenchmarkWeight
(%)
QuarterlyReturn
(%)
Rogers Corp. 1.49 0.10 11.80Sterling Bancorp 1.48 0.31 1.59Virtusa Corp 1.45 0.00 20.30McDermott International Inc. 1.37 0.17 -8.66Knowles Corp 1.34 0.17 13.41Verint Systems Inc 1.33 0.28 23.05Dycom Industries Inc. 1.32 0.00 15.77Ameris Bancorp 1.30 0.04 5.97Novanta Inc 1.30 0.06 26.43Bryn Mawr Bank Corp 1.29 0.07 -5.80
% of Portfolio 13.67 1.20
Portfolio Benchmark
Wtd. Avg. Mkt. Cap $M $1,777 $2,144Median Mkt. Cap $M $1,521 $701Price/Earnings ratio 23.85 19.91Price/Book ratio 1.97 1.775 Yr. EPS Growth Rate (%) 9.08 7.51Current Yield (%) 1.31 1.89Beta (5 Years, Monthly) 0.99 1.00% in Int'l Securities 2.30 2.83Active Share 90.04 N/ANumber of Stocks 111 1,352
ICM Small Company Russell 2000 Value
0.0 15.0 30.0 45.0
UtilitiesTelecommunication Services
Real EstateMaterials
Information TechnologyIndustrials
Health CareFinancials
EnergyConsumer Staples
Consumer DiscretionaryCash
3.30.0
7.97.2
15.623.9
3.125.3
3.20.8
8.41.2
6.10.7
10.14.8
10.412.8
4.532.5
5.72.8
9.70.0
ICM Small Company
0.0 0.4 0.8 1.2 1.6-0.4-0.8
-0.20.1
0.3-0.2
1.0-0.2
-0.30.4
0.00.1
-0.20.0
ICM Small Company Russell 2000 Value
0.0 10.0 20.0-10.0-20.0-30.0
4.40.0
2.1-1.2
10.9-0.4
2.1-1.4
-15.65.6
-3.30.0
5.1-9.2
-0.92.3
6.20.6
9.4-2.3
-9.8-2.8
-0.50.0
Style History Mar-2017 Average Style Exposure
Ca
pit
ali
za
tio
n
Manager Style
Large Cap Growth
Small Cap GrowthSmall Cap Value
Large Cap Value
ICM Small Company
50.0
75.0
100.0
125.0
150.0
Up
Ca
ptu
re
50.0 70.0 90.0 110.0 130.0 150.0Down Capture
ICM Small Company 03/31/17
37
FUND INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM International Large Cap Value Equity (MF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since inception of fund share class.
Investment StrategyThe Fund invests primarily in adiversified portfolio of equity securitiesissued by non-U.S. companies from atleast three different countries, includingemerging markets. The Fund focuseson countries whose economic andpolitical systems appear more stableand are believed to provide someprotection to foreign shareholders. TheFund invests primarily in medium-to-large well established companiesbased on standards of the applicablemarket. In selecting investments, theFund invests primarily in companiesthat, in Dodge & Cox’s opinion, appearto be temporarily undervalued by thestock market but have a favorableoutlook for long-term growth.
Innovest's AssessmentWe believe this collaborative researchapproach will continue generatingshareholder value over full marketcycles; however, performance maysuffer during periods driven by moremacroeconomic events or a disregardfor company specific fundamentals.The strategy’s notable allocation todeveloping countries also suggests thatrelative performance may be partiallydictated by the market’s preference foremerging market securities.
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
Dodge & Cox Intl 9.32 (6) 9.32 (6) 22.97 (1) 0.72 (10) 7.32 (1) 5.75 (1) 2.52 (1)¢£
MSCI EAFE Value Idx 6.05 (74) 6.05 (74) 15.98 (1) -0.61 (28) 5.56 (19) 3.90 (41) 0.05 (42)��
Median 6.77 6.77 11.96 -1.01 4.76 3.67 -0.18
2.0
4.0
6.0
8.0
10.0
Ret
urn
(%)
10.0 12.0 14.0 16.0Risk (Standard Deviation %)
ReturnStandardDeviation
Dodge & Cox Intl 7.32 14.68¢£
MSCI EAFE Value Idx 5.56 14.25��
Median 4.76 13.01¾
FundFamily :
Dodge & Cox
Fund Inception : 05/01/2001PortfolioManager :
Team Managed
TotalAssets :
$57,071 Million
Turnover : 18%
2016 2015 2014 2013 2012 2011 2010
Dodge & Cox Intl 8.26 (2) -11.35 (99) 0.08 (1) 26.31 (1) 21.03 (10) -15.97 (87) 13.69 (1)MSCI EAFE Val Idx 5.02 (3) -5.68 (91) -5.39 (18) 22.95 (12) 17.69 (47) -12.17 (32) 3.25 (75)IM International Large Cap Value Equity (MF) Median 1.77 -2.82 -9.52 21.31 17.52 -13.48 5.40
3Years
EndingMar-2017
3Years
EndingMar-2016
3Years
EndingMar-2015
3Years
EndingMar-2014
3Years
EndingMar-2013
3Years
EndingMar-2012
3Years
EndingMar-2011
Dodge & Cox Intl 0.72 (10) 1.34 (35) 12.25 (1) 8.79 (12) 4.94 (11) 22.20 (3) 0.89 (1)MSCI EAFE Val Idx -0.61 (28) 0.59 (53) 9.03 (22) 7.16 (30) 3.45 (59) 16.50 (36) -3.57 (36)IM International Large Cap Value Equity (MF) Median -1.01 0.73 7.20 5.65 3.51 16.09 -4.58
Dodge & Cox Intl 03/31/17
38
REGION ALLOCATION
STYLE MAP (06/01/01 - 03/31/17)
REGION PERFORMANCE
TOP 10 HOLDINGSPORTFOLIO CHARACTERISTICS
TOTAL SECTOR ATTRIBUTION (01/01/17 - 03/31/17)
TOTAL REGION ATTRIBUTION
PortfolioWeight
(%)
BenchmarkWeight
(%)
QuarterlyReturn
(%)
Sanofi 3.92 1.58 11.54Naspers Ltd 3.84 0.00 17.17BNP Paribas 2.75 1.06 4.51Icici Bank Ltd 2.69 0.00 13.61Samsung Electronics Co Ltd 2.66 0.00 23.13Itau Unibanco Holding SA 2.63 0.00 17.16Schneider Electric SA 2.50 0.62 5.23Standard Chartered PLC 2.43 0.47 16.33Barclays PLC 2.32 0.72 2.81Roche Holding AG 2.31 0.00 15.30
% of Portfolio 28.05 4.45
Portfolio Benchmark
Wtd. Avg. Mkt. Cap $M $60,469 $56,610Median Mkt. Cap $M $31,230 $9,471Price/Earnings ratio 19.18 15.16Price/Book ratio 2.06 1.575 Yr. EPS Growth Rate (%) -1.24 0.54Current Yield (%) 2.55 4.02Beta (5 Years, Monthly) 0.98 1.00% in Emerging Market 26.27 N/AActive Share 84.81 N/ANumber of Stocks 74 511
Dodge & Cox Intl MSCI EAFE Val Idx
0.0 15.0 30.0 45.0 60.0
United KingdomPacific ex Japan
OtherNorth America
Middle EastJapan
Europe ex UKEM Mid East+Africa
EM Latin AmericaEM Europe
EM Asia
6.51.8
0.08.0
0.012.5
44.45.5
7.40.9
12.9
19.612.0
0.40.40.6
24.642.4
0.00.00.00.0
Dodge & Cox Intl
0.0 0.6 1.2 1.8 2.4-0.6-1.2-1.8
1.0-0.4
0.0-0.7
0.10.9
0.20.4
0.6-0.1
1.4
Dodge & Cox Intl MSCI EAFE Val Idx
0.0 8.0 16.0 24.0 32.0-8.0-16.0
9.722.6
0.0-1.5
0.07.78.4
13.214.2
-0.617.0
2.412.1
10.720.2
-4.33.5
7.80.00.00.00.0
Style History Mar-2017 Average Style Exposure
Ca
pit
ali
za
tio
n
Manager Style
MSCI EAFE Growth Index
MSCI Emerging Markets IndexMSCI EAFE Small Cap
MSCI EAFE Value Index
0.0 0.6 1.2 1.8 2.4-0.6-1.2
UtilitiesTelecommunication Services
Real EstateMaterials
Information TechnologyIndustrials
Health CareFinancials
EnergyConsumer Staples
Consumer Discretionary
0.00.3
0.20.1
1.0-0.4
0.30.1
0.10.0
1.7
Dodge & Cox Intl 03/31/17
39
FUND INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM International Large Cap Growth Equity (MF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since inception of fund share class.
Investment Strategy:This fund's managers are focused onlong term capital growth. They primarilyinvest in common stocks of Europeanand Pacific Basin issuers that haveprospects of above average capitalappreciation. The managers may usecash to moderate volatility, typicallyholding 5-10% of fund assets in cash.The Fund usually has a stake inemerging-markets companies and willsometimes hold preferred stock andconvertible debt.
Innovest's Assessment:The fund’s propensity to focus intenselyon bottom-up, fundamental factors canlead to periods of underperformancewhen the market is less concernedabout company fundamentals and moredriven by thematic and macroeconomicfactors. Additionally, the fund is likely tolag when highly cyclical stocks andlower quality companies significantlyoutperform the overall market. Finally,the fund’s immense asset base is likelyto present some challenges in thefund’s ability to build meaningfulpositions in smaller companies and toopportunistically trade in less liquidmarkets.
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
Amer Funds EuPc 9.37 (18) 9.37 (18) 13.10 (12) 2.17 (28) 6.64 (4) 5.58 (26) N/A¢£
MSCI EAFE Gr Idx 8.52 (47) 8.52 (47) 7.45 (73) 1.50 (50) 6.00 (22) 5.46 (33) 1.98 (78)��
Median 8.30 8.30 10.21 1.47 5.25 4.97 2.50
0.0
2.0
4.0
6.0
8.0
Ret
urn
(%)
9.9 10.8 11.7 12.6 13.5 14.4Risk (Standard Deviation %)
ReturnStandardDeviation
Amer Funds EuPc 6.64 11.59¢£
MSCI EAFE Gr Idx 6.00 12.43��
Median 5.25 12.02¾
FundFamily :
American Funds
Fund Inception : 05/01/2009PortfolioManager :
Team Managed
TotalAssets :
$51,044 Million
Turnover : 30%
2016 2015 2014 2013 2012 2011 2010
Amer Funds EuPc 1.01 (18) -0.48 (54) -2.29 (19) 20.58 (23) 19.64 (35) -13.31 (45) 9.76 (60)MSCI EAFE Gr Idx Net -3.04 (79) 4.09 (10) -4.43 (45) 22.55 (10) 16.86 (68) -12.11 (34) 12.25 (42)IM International Large Cap Growth Equity (MF) Median -0.38 -0.43 -4.75 19.13 18.97 -13.54 11.17
3Years
EndingMar-2017
3Years
EndingMar-2016
3Years
EndingMar-2015
3Years
EndingMar-2014
3Years
EndingMar-2013
3Years
EndingMar-2012
3Years
EndingMar-2011
Amer Funds EuPc 2.17 (28) 3.62 (16) 9.95 (5) 6.74 (39) 5.15 (45) N/A N/AMSCI EAFE Gr Idx Net 1.50 (50) 3.80 (14) 8.96 (26) 7.22 (33) 6.47 (31) 17.74 (43) -2.52 (60)IM International Large Cap Growth Equity (MF) Median 1.47 2.51 8.29 6.40 4.96 17.30 -1.80
Amer Funds EuPc 03/31/17
40
REGION ALLOCATION
STYLE MAP (06/01/09 - 03/31/17)
REGION PERFORMANCE
TOP 10 HOLDINGSPORTFOLIO CHARACTERISTICS
TOTAL SECTOR ATTRIBUTION (01/01/17 - 03/31/17)
TOTAL REGION ATTRIBUTION
PortfolioWeight
(%)
BenchmarkWeight
(%)
QuarterlyReturn
(%)
British American Tobacco 3.27 1.94 16.28Alibaba Group Holding Ltd 2.45 0.00 22.80Taiwan Semiconductor 2.44 0.00 10.88AIA Group Ltd 2.40 1.19 11.74Tencent Holdings LTD 2.16 0.00 17.18H D F C Bank Ltd 2.07 0.00 25.30Softbank Group Corp 2.01 0.91 6.25European Aeronautic 1.87 0.69 15.06Reliance Industries Ltd 1.83 0.00 27.85Sony Corp 1.76 0.67 20.67
% of Portfolio 22.26 5.40
Portfolio Benchmark
Wtd. Avg. Mkt. Cap $M $60,955 $54,798Median Mkt. Cap $M $18,867 $9,178Price/Earnings ratio 19.92 23.25Price/Book ratio 2.71 2.935 Yr. EPS Growth Rate (%) 10.31 7.49Current Yield (%) 1.76 2.28Beta (5 Years, Monthly) 0.90 1.00% in Emerging Market 24.50 N/AActive Share 81.46 N/ANumber of Stocks 245 540
Amer Funds EuPc MSCI EAFE Gr Idx Net
0.0 15.0 30.0 45.0 60.0
United KingdomPacific ex Japan
OtherNorth America
Middle EastJapan
Europe ex UKEM Mid East+Africa
EM Latin AmericaEM Europe
EM Asia
12.010.3
0.85.1
0.315.4
33.11.62.5
0.518.3
17.112.3
0.20.00.7
23.945.8
0.00.00.00.0
Amer Funds EuPc
0.0 0.6 1.2 1.8 2.4-0.6-1.2
0.00.3
0.1-0.5
-0.10.6
-0.40.00.0
0.01.5
Amer Funds EuPc MSCI EAFE Gr Idx Net
0.0 10.0 20.0 30.0-10.0-20.0
9.413.6
14.6-1.2
-10.67.88.6
11.09.4
3.017.0
8.711.0
2.80.0
15.05.8
9.30.00.00.00.0
Style History Mar-2017 Average Style Exposure
Ca
pit
ali
za
tio
n
Manager Style
MSCI EAFE Growth Index
MSCI Emerging Markets IndexMSCI EAFE Small Cap
MSCI EAFE Value Index
0.0 0.3 0.6 0.9 1.2-0.3-0.6-0.9
UtilitiesTelecommunication Services
Real EstateMaterials
Information TechnologyIndustrials
Health CareFinancials
EnergyConsumer Staples
Consumer Discretionary
0.00.0
0.20.4
0.50.2
-0.40.6
-0.4-0.2
0.5
Amer Funds EuPc 03/31/17
41
FUND INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM U.S. Broad Market Core Fixed Income (MF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since inception of fund share class.
Investment Strategy:The core tenant of MetWest’s fixedincome philosophy is a disciplinedimplementation of their value-basedprocess. The “value” concept is thatregardless of factor (duration, yieldcurve, sector selection, or issue) thestrategic decisions, and buy and selldecisions should be determined bywhether the factor or security is cheapor rich to fair value. Further, theirinvestment approach is designed totake advantage of the fact that fixedincome pricing is extremely volatile inthe short run, but over the long term thepricing risks tend to mean revert.Hence, they tend to only overweightinterest rates, yield curve, credit /spread risk when prices move out ofline with the long term fundamentals.
Innovest Assessment:The fund is expected to outperformwhen its sector allocation and securityselection in undervalued or undersponsored assets move towardmanagement’s view of intrinsic value.The strategy will underperform whenmarket psychology and investorsentiment cause temporary dislocationsleading to mispriced securities. Theseshort-term disruptions should lead tolong-term opportunities.
-2.0
0.0
2.0
4.0
6.0
8.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
Met West:Total Return 0.90 (55) 0.90 (55) 0.93 (58) 2.57 (39) 3.70 (3) 4.89 (3) 5.80 (1)¢£
BC Aggregate Idx 0.82 (67) 0.82 (67) 0.44 (71) 2.68 (28) 2.34 (51) 3.48 (52) 4.27 (38)��
Median 0.93 0.93 1.19 2.42 2.36 3.51 4.06
-1.5
0.0
1.5
3.0
4.5
6.0
Ret
urn
(%)
0.8 1.6 2.4 3.2 4.0Risk (Standard Deviation %)
ReturnStandardDeviation
Met West:Total Return 3.70 2.81¢£
BC Aggregate Idx 2.34 2.86��
Median 2.36 2.92¾
FundFamily :
Metropolitan WestAsset ManagementLLC
Fund Inception : 03/31/2000PortfolioManager :
Team Managed
TotalAssets :
$48,944 Million
Turnover : 303%
2016 2015 2014 2013 2012 2011 2010
Met West:Total Return 2.46 (69) 0.29 (34) 5.99 (25) 0.50 (2) 11.55 (1) 5.52 (81) 11.66 (2)Bloomberg Barclays U.S. Aggregate Index 2.65 (59) 0.55 (18) 5.97 (26) -2.02 (52) 4.21 (79) 7.84 (11) 6.54 (68)IM U.S. Broad Market Core Fixed Income (MF) Median 2.82 -0.03 5.54 -2.00 5.95 6.68 7.18
3Years
EndingMar-2017
3Years
EndingMar-2016
3Years
EndingMar-2015
3Years
EndingMar-2014
3Years
EndingMar-2013
3Years
EndingMar-2012
3Years
EndingMar-2011
Met West:Total Return 2.57 (39) 2.69 (7) 5.45 (2) 5.86 (2) 8.51 (1) 12.25 (10) 9.12 (1)Bloomberg Barclays U.S. Aggregate Index 2.68 (28) 2.50 (13) 3.10 (53) 3.75 (55) 5.52 (62) 6.83 (80) 5.30 (57)IM U.S. Broad Market Core Fixed Income (MF) Median 2.42 1.98 3.17 3.84 5.85 9.00 5.53
Met West:Total Return 03/31/17
42
TOP SECTOR ALLOCATIONSPORTFOLIO CHARACTERISTICS
STYLE MAP (04/01/00 - 03/31/17)
QUALITY ALLOCATION
ASSET ALLOCATION
MATURITY DISTRIBUTION
UP/DOWN CAPTURE (04/01/12 - 03/31/17)
GNMA and Other Mtg Backed 37.38 %Government Agency Securities 29.38 %Corporate Notes/Bonds 25.41 %Asset Backed Securities 6.04 %
Avg. Coupon 2.82 %Nominal Maturity 7.52 YearsEffective Maturity N/ADuration 5.56 YearsSEC 30 Day Yield 3.85Avg. Credit Quality AA
0.0% 50.0% 100.0% 150.0%
Convertibles
Equities
Other
Cash
Fixed Income
0.0%
0.0%
0.3%
1.5%
98.2%
0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
D Rated
Equities/Other
BB AND B Rated
CCC, CC AND C rated
AA Rated
BBB Rated
A Rated
Government/AAA
0.1%
0.3%
2.4%
2.6%
5.1%
9.4%
13.0%
67.1%
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%
>30Yrs
Other
10-20Yrs
<1Yr
20-30Yrs
1-3Yrs
3-5Yrs
5-10Yrs
0.0%
0.3%
6.3%
6.7%
9.0%
17.5%
18.0%
42.3%
Style History Mar-2017
Average Style Exposure
Ca
pit
ali
za
tio
n
Manager Style
Barclays Capital Long Term Govt Bond
Barclays Capital Long U.S. CreditBarclays Capital U.S. Credit 1-5 Year Index
Barclays Capital 1-5 Yr Gov
Met West:Total Return
50.0
75.0
100.0
125.0
150.0U
p C
ap
ture
50.0 70.0 90.0 110.0 130.0 150.0Down Capture
Met West:Total Return 03/31/17
43
FUND INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM U.S. High Yield Bonds (MF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since inception of fund share class.
Investment Strategy:The team utilizes a flexible approachthat seeks to generate excess return byutilizing the full range of opportunitiespresented by the high yield market,from investment grade credits trading athigh yield spreads to distressed anddefaulted securities and post-reorganization debt securities.
Innovest's Assessment:The JPMorgan High Yield Fund hashistorically had an overweight allocationto BB and B-rated credits; therefore it islikely to underperform in markets wherelower-rated high yield credits (CCC andlower) perform well. The strategy islikely to outperform when higher qualityhigh yield credits are in favor or wheninvestors generally favor less riskyassets. Additionally, the strategy shouldperform well in market environmentswhere bottom-up fundamental creditresearch is rewarded.
-4.0
0.0
4.0
8.0
12.0
16.0
20.0
24.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
JPMorgan High Yield 2.29 (53) 2.29 (53) 13.69 (47) 3.56 (38) 5.87 (41) 6.72 (47) 6.52 (24)¢£
BC US Corp: High Yield 2.70 (28) 2.70 (28) 16.39 (17) 4.56 (11) 6.82 (11) 7.81 (10) 7.46 (5)��
Median 2.32 2.32 13.43 3.21 5.65 6.62 5.89
0.0
2.0
4.0
6.0
8.0
10.0
Ret
urn
(%)
-3.0 0.0 3.0 6.0 9.0Risk (Standard Deviation %)
ReturnStandardDeviation
JPMorgan High Yield 5.87 5.02¢£
BC US Corp: High Yield 6.82 5.34��
Median 5.65 5.12¾
FundFamily :
JPMorgan Funds
Fund Inception : 11/13/1998PortfolioManager :
Morgan/Shanahan/Gibson
TotalAssets :
$5,669 Million
Turnover : 52%
2016 2015 2014 2013 2012 2011 2010
JPMorgan High Yield 13.75 (46) -4.54 (60) 2.67 (19) 6.94 (42) 14.81 (48) 2.65 (63) 14.67 (36)Bloomberg Barclays U.S. Corporate High Yield 17.13 (6) -4.47 (59) 2.45 (23) 7.44 (30) 15.81 (29) 4.98 (16) 15.12 (28)IM U.S. High Yield Bonds (MF) Median 13.39 -3.89 1.48 6.61 14.72 3.32 14.04
3Years
EndingMar-2017
3Years
EndingMar-2016
3Years
EndingMar-2015
3Years
EndingMar-2014
3Years
EndingMar-2013
3Years
EndingMar-2012
3Years
EndingMar-2011
JPMorgan High Yield 3.56 (38) 1.40 (48) 7.00 (28) 7.63 (56) 9.99 (53) 20.15 (59) 12.27 (12)Bloomberg Barclays U.S. Corporate High Yield 4.56 (11) 1.84 (33) 7.46 (17) 9.00 (12) 11.24 (12) 23.87 (14) 12.94 (8)IM U.S. High Yield Bonds (MF) Median 3.21 1.33 6.45 7.76 10.04 20.57 10.11
JPMorgan High Yield 03/31/17
44
TOP SECTOR ALLOCATIONSPORTFOLIO CHARACTERISTICS
STYLE MAP (12/01/98 - 03/31/17)
QUALITY ALLOCATION
ASSET ALLOCATION
MATURITY DISTRIBUTION
UP/DOWN CAPTURE (04/01/12 - 03/31/17)
Corporate Notes/Bonds 80.08 %US$ Denominated Fgn. Gvt. 14.72 %Common Stock 0.45 %Preferred Stock-Non Convertible 0.32 %Asset Backed Securities 0.22 %Convertible Securities 0.01 %
Avg. Coupon N/ANominal Maturity N/AEffective Maturity 6.13 YearsDuration 4.31 YearsSEC 30 Day Yield 7.26Avg. Credit Quality BB
0.0% 50.0% 100.0% 150.0%
Other
Convertibles
Equities
Cash
Fixed Income
0.0%
0.0%
0.5%
4.2%
95.3%
0.0% 25.0% 50.0% 75.0% 100.0%
A Rated
Equities/Other
Not Rated
BBB Rated
Government/AAA
CCC, CC AND C rated
BB AND B Rated
0.1%
0.8%
1.1%
2.2%
4.2%
12.7%
78.9%
0.0% 15.0% 30.0% 45.0% 60.0% 75.0%
20-30Yrs
10-20Yrs
1-3Yrs
Other
<1Yr
>30Yrs
3-5Yrs
5-10Yrs
0.0%
0.0%
0.0%
0.8%
5.0%
5.4%
35.7%
53.3%
Style History Mar-2017
Average Style Exposure
Ca
pit
ali
za
tio
n
Manager Style
Barclays Capital Long Term Govt Bond
Barclays Capital Long U.S. CreditBarclays Capital U.S. Credit 1-5 Year Index
Barclays Capital 1-5 Yr Gov
JPMorgan High Yield
50.0
75.0
100.0
125.0
150.0U
p C
ap
ture
50.0 70.0 90.0 110.0 130.0 150.0Down Capture
JPMorgan High Yield 03/31/17
45
FUND INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - Loan Participation Mutual Funds
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since inception of fund share class.
Investment Strategy:The Eaton Vance Floating Rate Fundinvests in senior, secured floating-ratebank loans, most of which are ratedbelow investment grade. It is a bottom-up strategy that focuses on capitalpreservation and giving shareholderslow volatility exposure to the floatingrate loan asset class. Due to the largesize of the strategy’s asset base, it isdifficult for incremental gains fromcredit selection to be significant enoughto generate meaningful alpha. Instead,the team focuses on only the largestissues of the highest rated creditsavailable and leaves the "diamond inthe rough" finds to smaller, morenimble strategies.
Innovest's Assessment:The strategy should be expected tooutperform slightly during more difficultcredit environments where higherquality, broad portfolio diversificationtactics will protect the portfolio fromwidespread credit deterioration. Thestrategy should underperform whenlower quality credits (B- and lower)lead, the largest issues selloff, and insituations when smaller issuesoutperform. Still, because of the fund’ssize, it will often track the benchmarkrelatively closely.
-4.0
-1.0
2.0
5.0
8.0
11.0
14.0
17.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
Eaton Vance Flt Rt 1.47 (11) 1.47 (11) 10.54 (32) 3.52 (11) 4.16 (27) 4.47 (30) 3.80 (16)¢£
CSFB Leveraged Loan Idx 2.88 (1) 2.88 (1) 11.52 (15) 4.28 (1) 5.22 (1) 5.26 (4) 4.40 (1)��
Median 0.95 0.95 9.46 2.75 3.78 4.11 3.38
0.0
1.5
3.0
4.5
6.0
Ret
urn
(%)
0.0 0.8 1.6 2.4 3.2 4.0 4.8Risk (Standard Deviation %)
ReturnStandardDeviation
Eaton Vance Flt Rt 4.16 2.65¢£
CSFB Leveraged Loan Idx 5.22 2.43��
Median 3.78 2.65¾
FundFamily :
Eaton VanceManagement
Fund Inception : 01/30/2001PortfolioManager :
Page/Russ
TotalAssets :
$5,697 Million
Turnover : 27%
2016 2015 2014 2013 2012 2011 2010
Eaton Vance Flt Rt 11.07 (29) -1.63 (53) 0.63 (29) 4.82 (51) 8.27 (67) 2.44 (9) 9.55 (43)Credit Suisse Leveraged Loan Index 9.84 (56) -0.39 (22) 2.06 (1) 6.15 (4) 9.42 (33) 1.80 (29) 9.97 (39)Loan Participation Mutual Funds Median 10.00 -1.53 0.25 4.86 8.89 1.43 9.17
3Years
EndingMar-2017
3Years
EndingMar-2016
3Years
EndingMar-2015
3Years
EndingMar-2014
3Years
EndingMar-2013
3Years
EndingMar-2012
3Years
EndingMar-2011
Eaton Vance Flt Rt 3.52 (11) 1.22 (35) 4.06 (46) 4.54 (51) 5.83 (50) 15.81 (24) 6.88 (27)Credit Suisse Leveraged Loan Index 4.28 (1) 2.22 (2) 5.35 (1) 5.28 (13) 6.32 (28) 16.12 (16) 7.32 (20)Loan Participation Mutual Funds Median 2.75 0.91 3.90 4.54 5.83 14.09 6.24
Eaton Vance Flt Rt 03/31/17
46
TOP SECTOR ALLOCATIONSPORTFOLIO CHARACTERISTICS
STYLE MAP (02/01/01 - 03/31/17)
QUALITY ALLOCATION
ASSET ALLOCATION
MATURITY DISTRIBUTION
UP/DOWN CAPTURE (04/01/12 - 03/31/17)
Corporate Notes/Bonds 89.77 %Avg. Coupon 4.69 %Nominal Maturity N/AEffective Maturity 4.62 YearsDuration 0.30 YearsSEC 30 Day Yield 3.84Avg. Credit Quality BB
0.0% 50.0% 100.0% 150.0%
Convertibles
Equities
Other
Cash
Fixed Income
0.0%
0.0%
1.5%
8.7%
89.8%
0.0% 25.0% 50.0% 75.0% 100.0%
D Rated
Equities/Other
CCC, CC AND C rated
Not Rated
BBB Rated
Government/AAA
BB AND B Rated
1.0%
1.5%
2.9%
3.2%
5.7%
8.7%
77.0%
0.0% 8.0% 16.0% 24.0% 32.0% 40.0% 48.0%
>30Yrs
20-30Yrs
10-20Yrs
Other
<1Yr
1-3Yrs
5-10Yrs
3-5Yrs
0.0%
0.0%
0.1%
1.5%
9.2%
17.5%
35.4%
36.3%
Style History Mar-2017
Average Style Exposure
Ca
pit
ali
za
tio
n
Manager Style
Barclays Capital Long Term Govt Bond
Barclays Capital Long U.S. CreditBarclays Capital U.S. Credit 1-5 Year Index
Barclays Capital 1-5 Yr Gov
Eaton Vance Flt Rt
50.0
75.0
100.0
125.0
150.0U
p C
ap
ture
50.0 70.0 90.0 110.0 130.0 150.0Down Capture
Eaton Vance Flt Rt 03/31/17
47
FUND INFORMATION
SECTOR ALLOCATIONS
PERFORMANCE OVER TIME
INVESTMENT STATISTICS (5 YEARS*)
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, since inception time period was used.
Investment Strategy:The fund uses a wholly-ownedsubsidiary to invest in derivatives thatprovide exposure to the BloombergCommodity Index. It primarily usesswaps but can also hold futures andstructured notes. The goal is to trackthe benchmark without much trackingerror. Management tries to modestlyoutpace the benchmark by executing atfavorable prices and employing low-riskcash management.
Innovest Assessment:The fund should outperform thebenchmark in periods wherefundamental supply and demandfactors are driving commodity marketreturns. In addition, due to the Team’sconservative cash managementstrategy, the Fund may outperform themarket during environments whereinterest rates are rising or creditspreads are widening. Periods of eventdriven risk can increase the volatility inthe spread between an underlyingcontract of one maturity versus thesame underlying instrument expiring ata different time. This environment oftenbe challenging and cause increased
tracking error.
Crdt Suis Comm Rtn Strat Bloomberg Commodity Index Total Return
0.0
8.0
16.0
-8.0
-16.0
-24.0
Ret
urn
(%)
LastQuarter
YTD 1Year
3Years
5Years
7Years
10Years
-2.3 -2.3
8.7
-13.9
-9.5
-5.9 -6.2
-1.8 -1.8
9.7
-13.4
-9.6
-5.9 -6.1
Crdt Suis Comm Rtn Strat
Bloomberg Commodity Index Total Return
-9.8
-9.7
-9.6
-9.5
Ret
urn
(%)
12.6 12.8 13.0 13.2 13.4Risk (Standard Deviation %)
LastQuarter
YearTo
Date
1Year
3Years
5Years
7Years
10Years
Crdt Suis Comm Rtn Strat -1.78 -1.78 9.69 -13.41 -9.62 -5.85 -6.12Bloomberg Commodity Index Total Return -2.33 -2.33 8.69 -13.92 -9.54 -5.94 -6.22
2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Crdt Suis Comm Rtn Strat 12.42 -24.96 -16.87 -9.96 -1.83 -12.29 16.93 20.12 -35.47 14.78Bloomberg Commodity Index Total Return 11.74 -24.66 -17.01 -9.52 -1.06 -13.32 16.83 18.91 -35.65 16.23
Alpha BetaActual
Correlation
UpMarket
Capture
DownMarket
Capture
InceptionDate
Crdt Suis Comm Rtn Strat -0.36 0.97 1.00 96.97 98.76 01/01/2006Bloomberg Commodity Index Total Return 0.00 1.00 1.00 100.00 100.00 01/01/2006
0.0
10.0
20.0
30.0
40.0
Engery
Precious
M eta ls
Industr ia
ls M et
a ls
L iv esto
ck
A gri cu
lture
29.1
16.518.5
6.3
29.6
Crdt Suis Comm Rtn Strat 03/31/17
48
FUND INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM U.S. GIC/Stable Value (SA+CF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since inception of fund share class.
Investment StrategyThe PLUS Fund's investment strategiesare based on a structured anddiversified multi-product, multi-managerapproach. The PLUS Fund investsprimarily in a diversified portfolio ofstable value investment contracts andfixed income securities that backcertain stable value investmentcontracts. Cash equivalents are held, inpart, to provide liquidity for payouts.The composition of the PLUS Fundportfolio and its allocations to variousstable value investments and fixedincome investment sectors isdetermined based on prevailingeconomic and capital marketconditions, relative value analysis, andother factors.
-0.8
0.0
0.8
1.6
2.4
3.2
4.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
Vantage Trust Plus 0.58 (3) 0.58 (3) 2.31 (1) 2.34 (1) 2.49 (1) 2.80 (1) 3.37 (5)¢£
Ryan 3 Yr GIC Mstr 0.37 (97) 0.37 (97) 1.43 (93) 1.23 (97) 1.21 (98) 1.64 (93) 2.51 (75)��
Median 0.45 0.45 1.90 1.90 1.88 2.26 2.76
0.5
1.0
1.5
2.0
2.5
3.0
Ret
urn
(%)
0.0 0.1 0.2Risk (Standard Deviation %)
ReturnStandardDeviation
Vantage Trust Plus 2.49 0.12¢£
Ryan 3 Yr GIC Mstr 1.21 0.09��
Median 1.88 0.11¾
No data found.
2016 2015 2014 2013 2012 2011 2010
Vantage Trust Plus 2.29 (1) 2.34 (1) 2.39 (3) 2.59 (1) 3.03 (8) 3.50 (20) 3.85 (30)Ryan 3 Yr GIC Mstr 1.39 (94) 1.16 (94) 1.03 (95) 1.06 (92) 1.48 (99) 2.44 (62) 3.53 (41)IM U.S. GIC/Stable Value (SA+CF) Median 1.85 1.82 1.70 1.73 2.39 2.91 3.39
3Years
EndingMar-2017
3Years
EndingMar-2016
3Years
EndingMar-2015
3Years
EndingMar-2014
3Years
EndingMar-2013
3Years
EndingMar-2012
3Years
EndingMar-2011
Vantage Trust Plus 2.34 (1) 2.40 (1) 2.60 (1) 2.94 (5) 3.36 (9) 3.73 (27) 4.25 (19)Ryan 3 Yr GIC Mstr 1.23 (97) 1.10 (96) 1.14 (100) 1.51 (97) 2.25 (89) 3.24 (43) 4.11 (25)IM U.S. GIC/Stable Value (SA+CF) Median 1.90 1.81 1.89 2.16 2.74 3.06 3.77
Vantage Trust Plus 03/31/17
49
Financial Strength:
AA‐A+AA‐AA‐
19.2%4.9%14.4%14.9%
A1A1A1A1
Pacific Life Ins. Co. Principal Life Ins. Co.
Prudential Ins. Co. of AmericaTransamerica Premier Life Ins. Co
Investment Contract Issuers
New York Life Ins. Co. Bank of Tokyo‐Mitsubishi
Vantage Trust PLUS
AA+
% of Wrapped Assets
8.7% Aaa
Moody's S&P 5.3% A1 A+
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016Market‐to‐Book 99.88% 95.18% 99.74% 101.37% 102.42% 103.22% 100.60% 101.45% 100.20% 100.29%
90%
95%
100%
105%
HISTORIC MARKET‐TO‐BOOK VALUES
Organization:Founded in 1972, ICMA‐RC's mission is to help building retirement security for public employees.
Description:The PLUS Fund's investment strategies are based on a structured and diversified multi‐product, multi‐manager approach. The PLUS Fund invests primarily in a diversified portfolio of stable value investment contracts and fixed income securities that back certain stable value investment contracts. Cash equivalents are held, in part, to provide liquidity for payouts. The compostion of the PLUS fund and its allocations to vaious stable value investments and fixed income invesment sectors is determined based on prevailing economic and capital market condtions, relative value analysis, and other factors. Current sub‐advisors include: BlackRock, Dodge & Cox, Loomis Sayles, NYL Investors, Facific Asset Management, Pacific Investment Management, Principal Global Investors, Prudential Investment Management, Wellington
Cash & Equivalents
10%
Traditional GICs23%
Agencies2%
Treasuries12%
Credits26%
Mortgage‐Backed22%
Municipals1% ABS
4%
PORTFOLIO ALLOCATION
50
Passive Portfolios Weight (%)
Jan-1985
Bloomberg Barclays U.S. Aggregate Index 35.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 15.00S&P 500 Index 35.00
Jul-1990
Bloomberg Barclays U.S. Aggregate Index 35.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 15.00S&P 500 Index 35.00
Apr-2001
Bloomberg Barclays U.S. Aggregate Index 24.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 20.00S&P 500 Index 41.00
Jan-2002
70% S&P/30% BC Aggr 50.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 10.00Bloomberg Barclays U.S. Aggregate Index 15.00Russell Midcap Index 10.00
Apr-2002
Bloomberg Barclays U.S. Aggregate Index 15.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 10.00Russell Midcap Index 10.0070% S&P/30% BC Aggr 50.00
Oct-2005
Bloomberg Barclays U.S. Aggregate Index 15.00MSCI EAFE (Net) Index 15.00Bloomberg Commodity Index Total Return 2.00Russell Midcap Index 7.00Russell 2000 Index 7.0070% S&P/30% BC Aggr 54.00
Passive Portfolios Weight (%)
Jan-2006
Bloomberg Barclays U.S. Aggregate Index 13.50MSCI EAFE (Net) Index 15.00Russell Midcap Index 7.00Russell 2000 Index 7.00Bloomberg Commodity Index Total Return 3.5070% S&P/30% BC Aggr 54.00
Apr-2006
Bloomberg Barclays U.S. Aggregate Index 12.00MSCI EAFE (Net) Index 15.00Bloomberg Commodity Index Total Return 5.00Russell Midcap Index 7.00Russell 2000 Index 7.0070% S&P/30% BC Aggr 54.00
Oct-2007
70% S&P/30% BC Aggr 54.00Russell Midcap Index 7.00Russell 2000 Index 7.00MSCI EAFE (Net) Index 15.00Bloomberg Barclays U.S. Aggregate Index 12.00Bloomberg Commodity Index Total Return 5.00
Apr-2010
70% S&P/30% BC Aggr 52.00Russell Midcap Index 7.00Russell 2000 Index 7.00MSCI EAFE (Net) Index 15.00Bloomberg Barclays U.S. Aggregate Index 4.00Bloomberg Barclays U.S. Corporate High Yield 3.00CSFB Leveraged Loan 7.00Bloomberg Commodity Index Total Return 5.00
Apr-2012
70% S&P/30% BC Aggr 52.00Russell Midcap Index 7.00Russell 2000 Index 7.00MSCI EAFE (Net) Index 15.00Bloomberg Barclays U.S. Aggregate Index 4.00Bloomberg Barclays U.S. Corporate High Yield 5.00CSFB Leveraged Loan 5.00Bloomberg Commodity Index Total Return 5.00
Custom Benchmark Allocations Over Time
51
Custom Benchmark Allocations Over TimePassive Portfolios Weight (%)
Sep-2014
70% S&P/30% BC Aggr 50.00Russell Midcap Index 6.50Russell 2000 Index 6.50MSCI EAFE (Net) Index 19.00Bloomberg Barclays U.S. Aggregate Index 4.00Bloomberg Barclays U.S. Corporate High Yield 2.00CSFB Leveraged Loan 7.00Bloomberg Commodity Index Total Return 5.00
52
GlossaryAlpha measures a portfolio’s return in excess of the market return adjusted for risk. It is a measure of the manager’s contribution to performance with reference to security selection. A positive alpha indicates that a portfolio was positively rewarded for the residual risk that was taken for that level of market exposure.
Beta measures the sensitivity of rates of portfolio return to movements in the market. A portfolio’s beta measures the expected change in return per 1% change in the return on the market. If the beta of a portfolio is 1.5, a 1 percent increase in the return of the market will result, on average, in a 1.5 percent increase in the return on the portfolio. The converse would also be true.
Dividend Yield - The total amount of dividends paid out for a stock over the preceding twelve months divided by the closing price of a share of the common stock.
Down Capture Ratio - The Down Capture Ratio is a measure of the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when the Benchmark was down. The smaller the value, the better.
Duration - A time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.
Forecasted Long-Term Earnings Growth - This growth rate is a measure of a company’s expected long-term success in generating future year-over-year earnings growth. This growth rate is a market value weighted average of the consensus (mean) analysts’ long-term earnings growth rate forecast for each company in the portfolio. The definition of long-term varies by analyst but is limited to a 3-8 year range. This value is expressed as the expected average annual growth of earnings in percent.
Information Ratio measures the excess return per unit of residual “non market” risk in a portfolio. The ratio is equal to the Alpha divided by the Residual Risk.
Market Capitalization - The market value of a company’s outstanding shares of common stock at a specific point in time, computed as the product of the number of outstanding shares times the stock’s closing price per share.
P/E ratio relates the price of the stock to the per-share earnings of the company. A high P/E generally indicates that the market will pay more to obtain the company because it has confidence in the company’s ability to increase its earnings. Conversely, a low P/E indicates that the market has less confidence that the company’s earnings will increase, and therefore will not pay as much for its stock. In most cases a fund with a high average P/E ratio has paid a premium for stocks that have a high potential for increased earnings. If the fund’s average P/E ratio is low, the manager may believe that the stocks have an overlooked or undervalued potential for appreciation.
P/B ratio of a company relates the per-share market price of the company’s stock to its per-share book value, the historical accounting value of the company’s tangible assets. A high P/B ratio indicates that the price of the stock exceeds the actual worth of the company’s assets. A low P/B ratio would indicate that the stock is a bargain, priced below what the company’s assets could be worth if liquidated.
P/CF ratio compares the total market value of the portfolio to the portfolio’s share of the underlying stocks’ earnings (or book value, cash flow, sales or dividends).
Alpha measures a portfolio’s return in excess of the market return adjusted for risk. It is a measure of the manager’s contribution to performance with reference to security selection. A positive alpha indicates that a portfolio was positively rewarded for the residual risk that was taken for that level of market exposure.
Beta measures the sensitivity of rates of portfolio return to movements in the market. A portfolio’s beta measures the expected change in return per 1% change in the return on the market. If the beta of a portfolio is 1.5, a 1 percent increase in the return of the market will result, on average, in a 1.5 percent increase in the return on the portfolio. The converse would also be true.
Dividend Yield - The total amount of dividends paid out for a stock over the preceding twelve months divided by the closing price of a share of the common stock.
Down Capture Ratio - The Down Capture Ratio is a measure of the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when the Benchmark was down. The smaller the value, the better.
Duration - A time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.
Forecasted Long-Term Earnings Growth - This growth rate is a measure of a company’s expected long-term success in generating future year-over-year earnings growth. This growth rate is a market value weighted average of the consensus (mean) analysts’ long-term earnings growth rate forecast for each company in the portfolio. The definition of long-term varies by analyst but is limited to a 3-8 year range. This value is expressed as the expected average annual growth of earnings in percent.
Information Ratio measures the excess return per unit of residual “non market” risk in a portfolio. The ratio is equal to the Alpha divided by the Residual Risk.
Market Capitalization - The market value of a company’s outstanding shares of common stock at a specific point in time, computed as the product of the number of outstanding shares times the stock’s closing price per share.
P/E ratio relates the price of the stock to the per-share earnings of the company. A high P/E generally indicates that the market will pay more to obtain the company because it has confidence in the company’s ability to increase its earnings. Conversely, a low P/E indicates that the market has less confidence that the company’s earnings will increase, and therefore will not pay as much for its stock. In most cases a fund with a high average P/E ratio has paid a premium for stocks that have a high potential for increased earnings. If the fund’s average P/E ratio is low, the manager may believe that the stocks have an overlooked or undervalued potential for appreciation.
P/B ratio of a company relates the per-share market price of the company’s stock to its per-share book value, the historical accounting value of the company’s tangible assets. A high P/B ratio indicates that the price of the stock exceeds the actual worth of the company’s assets. A low P/B ratio would indicate that the stock is a bargain, priced below what the company’s assets could be worth if liquidated.
P/CF ratio compares the total market value of the portfolio to the portfolio’s share of the underlying stocks’ earnings (or book value, cash flow, sales or dividends).
R-Squared indicates the extent to which the variability of the portfolio returns is explained by market action. It can also be thought of as measuring the diversification relative to the appropriate benchmark. An R-Squared value of .75 indicates that 75% of the fluctuation in a portfolio return is explained by market action. An R-Squared of 1.0 indicates that a portfolio’s returns are entirely related to the market and it is not influenced by other factors. An R-Squared of zero indicates that no relationship exists between the portfolio’s return and the market.
Residual Risk is the unsystematic risk of a fund, or the portion of the total risk unique to the manager and not related to the overall market. This reflects the “bets” which the manager places in that particular asset class. These bets reflect emphasis in particular sectors, maturities (for bonds), or other issue specific factors which the manager considers a good investment opportunity. Diversification of the portfolio will reduce the residual risk of that portfolio.
Sharpe Ratio is a measure of risk-adjusted return. It is calculated by subtracting the risk-free return (90 day T-Bills) from the portfolio return and dividing the resulting “excess return” by the portfolio’s total risk level (standard deviation). The result is a measure of returned gained per unit of total risk taken.
Standard Deviation is a statistical measure of portfolio risk. It reflects the average deviation of observations from their sample mean. Standard Deviation is used as an estimate of risk since it measures how wide the range of returns typically is. The wider the typical range of returns, the higher the standard deviation of returns, and the higher the portfolio risk. If returns are normally distributed (i.e. as a bell shaped curve distribution) then approximately 66% of 2/3 of the returns would occur within plus or minus one standard deviation of the sample mean.
Style Exposure Chart indicates a portfolio’s exposure to a particular capitalization (large, medium or small) and style (value or growth). Based on Sharpe’s return based style analysis, a style map will attempt to correlate a manager to a particular style of investing (i.e. Large Cap Growth).
Turnover Ratio - This is a measure of the fund’s trading activity which is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly net assets.
Up Capture Ratio - The Up Capture Ratio is a measure of the Investment’s compound return when the Benchmark was up divided by the Benchmark’s compound return when the Benchmark was up. The greater the value, the better.
Down Capture Ratio - The Down Capture Ratio is a measure of the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when the Benchmark was down. The smaller the value, the better.
Alpha measures a portfolio’s return in excess of the market return adjusted for risk. It is a measure of the manager’s contribution to performance with reference to security selection. A positive alpha indicates that a portfolio was positively rewarded for the residual risk that was taken for that level of market exposure.
Beta measures the sensitivity of rates of portfolio return to movements in the market. A portfolio’s beta measures the expected change in return per 1% change in the return on the market. If the beta of a portfolio is 1.5, a 1 percent increase in the return of the market will result, on average, in a 1.5 percent increase in the return on the portfolio. The converse would also be true.
Dividend Yield - The total amount of dividends paid out for a stock over the preceding twelve months divided by the closing price of a share of the common stock.
Down Capture Ratio - The Down Capture Ratio is a measure of the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when the Benchmark was down. The smaller the value, the better.
Duration - A time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.
Forecasted Long-Term Earnings Growth - This growth rate is a measure of a company’s expected long-term success in generating future year-over-year earnings growth. This growth rate is a market value weighted average of the consensus (mean) analysts’ long-term earnings growth rate forecast for each company in the portfolio. The definition of long-term varies by analyst but is limited to a 3-8 year range. This value is expressed as the expected average annual growth of earnings in percent.
Information Ratio measures the excess return per unit of residual “non market” risk in a portfolio. The ratio is equal to the Alpha divided by the Residual Risk.
Market Capitalization - The market value of a company’s outstanding shares of common stock at a specific point in time, computed as the product of the number of outstanding shares times the stock’s closing price per share.
P/E ratio relates the price of the stock to the per-share earnings of the company. A high P/E generally indicates that the market will pay more to obtain the company because it has confidence in the company’s ability to increase its earnings. Conversely, a low P/E indicates that the market has less confidence that the company’s earnings will increase, and therefore will not pay as much for its stock. In most cases a fund with a high average P/E ratio has paid a premium for stocks that have a high potential for increased earnings. If the fund’s average P/E ratio is low, the manager may believe that the stocks have an overlooked or undervalued potential for appreciation.
P/B ratio of a company relates the per-share market price of the company’s stock to its per-share book value, the historical accounting value of the company’s tangible assets. A high P/B ratio indicates that the price of the stock exceeds the actual worth of the company’s assets. A low P/B ratio would indicate that the stock is a bargain, priced below what the company’s assets could be worth if liquidated.
P/CF ratio compares the total market value of the portfolio to the portfolio’s share of the underlying stocks’ earnings (or book value, cash flow, sales or dividends).
R-Squared indicates the extent to which the variability of the portfolio returns is explained by market action. It can also be thought of as measuring the diversification relative to the appropriate benchmark. An R-Squared value of .75 indicates that 75% of the fluctuation in a portfolio return is explained by market action. An R-Squared of 1.0 indicates that a portfolio’s returns are entirely related to the market and it is not influenced by other factors. An R-Squared of zero indicates that no relationship exists between the portfolio’s return and the market.
Residual Risk is the unsystematic risk of a fund, or the portion of the total risk unique to the manager and not related to the overall market. This reflects the “bets” which the manager places in that particular asset class. These bets reflect emphasis in particular sectors, maturities (for bonds), or other issue specific factors which the manager considers a good investment opportunity. Diversification of the portfolio will reduce the residual risk of that portfolio.
Sharpe Ratio is a measure of risk-adjusted return. It is calculated by subtracting the risk-free return (90 day T-Bills) from the portfolio return and dividing the resulting “excess return” by the portfolio’s total risk level (standard deviation). The result is a measure of returned gained per unit of total risk taken.
Standard Deviation is a statistical measure of portfolio risk. It reflects the average deviation of observations from their sample mean. Standard Deviation is used as an estimate of risk since it measures how wide the range of returns typically is. The wider the typical range of returns, the higher the standard deviation of returns, and the higher the portfolio risk. If returns are normally distributed (i.e. as a bell shaped curve distribution) then approximately 66% of 2/3 of the returns would occur within plus or minus one standard deviation of the sample mean.
Style Exposure Chart indicates a portfolio’s exposure to a particular capitalization (large, medium or small) and style (value or growth). Based on Sharpe’s return based style analysis, a style map will attempt to correlate a manager to a particular style of investing (i.e. Large Cap Growth).
Turnover Ratio - This is a measure of the fund’s trading activity which is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly net assets.
Up Capture Ratio - The Up Capture Ratio is a measure of the Investment’s compound return when the Benchmark was up divided by the Benchmark’s compound return when the Benchmark was up. The greater the value, the better.
Down Capture Ratio - The Down Capture Ratio is a measure of the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when the Benchmark was down. The smaller the value, the better.
53
Organization Asset BasePct. Owned by Employees CurrentBoutique vs. Institutional Growth of AUMRecent Changes in Ownership Capacity ConstraintsManagement Investment in Firm’s Products Soft ClosedSpecialized vs. All in One Re-opening of Products
People PerformanceSize of Team Short Term vs. Benchmark and Style GroupStructure of Team Long Term vs. Benchmark and Style GroupExperience of Team Consistency – Relative/Absolute/Risk AdjustedTurnover of Key MembersGrowth of Team with Assets
Philosophy/Process ExpensesStyle Consistency (Growth/Value, Market Cap) Cost vs. CompetitorsDomestic/Int’l drift
Examples of things that would cause concern resulting in a YELLOW or RED box include but not limited to:
6) EXPENSES - A fund or product that is substantially above the median expense ratio or management fee would be a cause for concern.
Fund Analysis Overview Key
1) ORGANIZATION - A change in ownership whereby it is unclear what the structure of the new organization will be, how will key personnel be compensated, and what type of employment contracts are in place to keep key decision makers.
2) PEOPLE - A change in portfolio manager would be a cause for concern. We would assess the new talent taking over. Is the new portfolio manager a current member of the team or is it someone new from outside the group or organization.
3) PHILOSOPHY/PROCESS - A change in portfolio characteristics would be a cause for concern. For example, if a growth style manager suddenly starts investing in value names during a value rally or if a small cap portfolio was migrating into midcap names due to asset growth.
4) ASSET BASE - A small cap fund with more than $3 billion in assets would be a cause for concern or a fund that continues to add assets as it becomes clear the portfolio management team can not handle the inflows. A sign of this would be a large increase in the cash position of the portfolio.
5) PERFORMANCE - A product that fails to outperform either the index and/or the median manager on a consistent basis (at least 50% of the time) would be a cause for concern. Short term and long term performance is considered both on an absolute basis and relative basis in addition to risk-adjusted measures.
Each of the 6 criteria are evaluated on an individual basis and subjective based on Innovest’s assessment. Below are examples of the many factors under each category we consider when making an assessment.
54
Holdings Based Attribution Key
A. Buy and Hold Portfolio – Return for the portfolio assuming no securities were traded during the quarter B. Portfolio Trading = (C – A) or (Actual Return ‐ Buy and Hold Portfolio) C. Actual Return – return the client experienced D. Benchmark Return – return for benchmark E. Actual Active Return – (C – D) or ( Actual Return minus Benchmark Return ) F. Stock Selection – Is the contribution to return based upon the active stock selection by the manager with in a sector compared to the benchmark. G. Sector Selection – Is the contribution to return based upon the active overweight or underweight of a sector compared to the benchmark by the
manager. H. Interaction – Is the impact of contribution to return that are a combination of both Stock and Security selection also sometimes referred to as the
unexplained. I. Total Selection – Is the Sum of all the selection affects (F,G,H) J. Portfolio Trading – Same as B. K. Benchmark Trading – Benchmark B/H return – Actual Benchmark Return L. Total Trading – Portfolio Trading plus Benchmark Trading M. Buy & Hold Active Return – I + L
55
Disclaimer The preceding statistical analysis was prepared by Innovest Portfolio Solutions LLC with data provided by Investment Metrics (IM), Lipper and Morningstar, Inc. All Rights Reserved. The investment products discussed are not insured by the FDIC and involve investment risk including the possible loss of all principal. The information contained herein: (1) is proprieta ry to the v endors listed above and/or its content providers; (2) may not be c opied or distributed; and (3) is not w arranted to be accurate, complete or timely. None of the vendors nor its content providers are respons ible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Innovest compiles the information utilizing secondary data from statements provided by the plan trustee and/or custodian/ This report may also contain returns and valuations from outside sources as directed b y the client. Innovest assumes no respons ibility for the accuracy of these valuations or return methodologies. Reasonable care has been take n to assure the accuracy of the computer software and databases. Innovest disclaims responsibility, financial or ot herwise for t he accuracy and completeness of this report. Copyright 2017 by Innovest Portfolio Solutions LLC Inc. Note: Actual client mutual fund returns are reflected on the table of returns page. Fund pages subsequent to the table of returns reflect the representative mutual fund with the longest track record and may not be the actual share class held by the client. “Copyright 2017, Standard & Poor’s Financial Services LLC. Reproduction of S&P Index Services in any form is prohibited except with the prior written permission of S&P. S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for an y errors or omissions, regardless of the cause or for the r esults obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PAR TICULAR PURPOSE OR USE. In no event shall S&P be liable f or any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P Index Services (2017) Copyright MSCI 2017. Unpublished. All Rights R eserved. This information may only be used for your internal use, may not be reproduced or re-disseminated in any form and m ay not be used to create any financial instruments or products or an y indices. This information is provided on an “as is” basis and the user of this informa tion assumes the entire risk of any use it ma y make or permit t o be made of thi s information. Neither MSCI, an y or its affiliates o r any other person involved in or related to compiling, computing or creating this information makes any express or implied warranties or representations with respect to such information or the results to be ob tained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warr anties (including, without limitation, all warranties of o riginality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without lim iting any of the foregoing, in no ev ent shall MSCI, any of its affiliat es or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punit ive, consequential or an y other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages.
56
Back to the FutureW
hat will w
ork and life look like 30 years from
now?
Thirty years ago, the sci-fi comedy Back to the Future
sent its hero, Marty M
cFly, back in time to 1955 to m
eet his parents. W
e won’t spoil the plot, but a good part of
the movie’s adventures involve helping M
arty and his eccentric friend D
oc find their way back to 1985.
In this issue of Reinventing Retirement, w
e look ahead 30 years to im
agine how the future of w
ork and life might
differ from the past, and w
hat impact this m
ight have on your finances.
1. Yo
u’ll likely w
ork later in
life, bu
t fewer h
ou
rs.
One in five of all A
mericans are w
orking past age 65. That’s the m
ost older people with a job since the early
1960s. What’s driving this trend? Som
e do it because they need the m
oney, others because they like to stay active. 1 Sentim
ent also has been steadily shifting toward
a shorter workw
eek. 2 A grow
ing number of studies show
that cutting back w
ould actually improve productivity —
and our quality of life. 3
2. Yo
u’ll p
rob
ably en
joy g
reater wo
rk-life balan
ce.
The percentage of wom
en with young children w
ho work
is now 71.6%
, 4 up from 45%
in 1965. 5 With com
peting dem
ands on time, both w
omen and m
en are likely to gravitate to com
panies whose policies enable greater
work-life balance. Plus, m
any of us are caring for aging parents, putting pressure on organizations to reshape their w
ork structures.
3. Yo
u’ll b
e able to
explo
re mu
ltiple careers an
d
learnin
g o
pp
ortu
nities.
With m
ore free time, m
ore of us will have the
opportunity to switch careers, or create hybrid jobs
based on our interests. You can see this trend reflected in the 33%
increase in older students enrolling in distance learning courses betw
een 2012 and 2014. 6 C
areer mobility and leisure tim
e are also likely to increase as sm
arter machines continue to replace
workers in certain job areas.
4. Yo
u’ll h
ave op
po
rtun
ities for g
ap years an
d
sabb
aticals betw
een jo
bs.
According to M
onster.com, 20%
of employers now
encourage their em
ployees to take advantage of unpaid gap years and sabbaticals. 7 Progressive com
panies know
that encouraging you to travel and explore the world
can spark renewed creativity and energy.
As the w
orkplace becomes m
ore fluid, financial planning takes on new
importance. N
o matter how
the future looks, your savings likely w
ill need to support changing w
orkstyles, education expenses and gap-year experiences. W
hen going back to the future, the key is not to lim
it your thinking for what’s possible!
Sprin
g 2017
1
1 Bloomberg.com
http://ww
w.bloom
berg.com/new
s/articles/2016-05-13/-i-ll-never-retire-ameri-
cans-break-record-for-working-past-65
2 Dorothy Sue C
obble, “The Future of Work: Shorter H
ours, Higher Pay,” Pacific Standard, A
ugust 20, 2015. https://psm
ag.com/the-future-of-w
ork-shorter-hours-higher-pay-62643260b339#.gj10m
9eiq 3 Brookings Institution. “Tim
e for a shorter work w
eek?” https://ww
w.brookings.edu/opinions/tim
e-for-a-shorter-w
ork-week/
4 “Wom
en in the labor force: a databook,” BLS Reports (U
.S. Bureau of Labor Statistics Report
1059: Decem
ber 2015), p. 20. http://ww
w.bls.gov/opub/reports/w
omens-databook/archive/
wom
en-in-the-labor-force-a-databook-2015.pdf5 Suzanne Bianchi, V
anessa Wight and Sara R
aley, “Maternal Em
ployment and Fam
ily Caregiving:
Rethinking Tim
e with C
hildren in the ATU
S,” Paper prepared for the ATU
S Early Results
Conference, Bethesda, M
D, D
ecember 9, 2005.
6 Babson Survey Research G
roup, 2015 Survey of Online Learning. http://onlinelearningconsortium
.org/new
s_item/babson-study-distance-education-enrollm
ent-growth-continues-2/
7 Source: Monster.com
. https://ww
w.m
onster.com/career-advice/article/take-a-
sabbatical-without-derailing
8 “C
ycle of Investor Emotions,” Behavioural Finance, Barclays, 2006. https://w
ealth.barclays.com/
en_gb/home/research/research-centre/w
hite-papers/Behavioural-Finance/Cycle-of-investor-
emotions.htm
l9
Kahneman, D
aniel, and Am
os Tversky. “Prospect Theory: An A
nalysis of Decision under R
isk,”
Econometrica, XLV
II (1979), 263-291.
Wh
om
do
I call for h
elp?
2
Pu
blish
ed
by In
no
ve
st Po
rtfolio
So
lutio
ns
4643 S. U
lster Stre
et, Su
ite 1
040 |
De
nve
r, CO
80237 |
303.6
94.1
900 |
ww
w.in
no
ve
stinc
.co
m
As m
uch as we recog
nize the need to save, m
any sm
all obstacles tend
to get in the w
ay. It turns out the d
ecisions we m
ake about financial m
atters are deep
ly rooted
in emotion. For exam
ple, one often cited
study
shows that investor sentim
ent is most p
ositive leading
up to a p
eak of exuberance, then m
oves more neg
ative on the w
ay dow
n before the p
attern repeats. 8 O
dd
ly enoug
h, we feel the hap
piest w
hen we are at the p
oint of hig
hest risk in the market (w
hen markets ap
proach
or surpass p
revious highs) and
most anxious w
hen the up
side is g
reatest (at or near market low
s).
There’s no single rule that neatly connects m
arket volatility and
investor behavior. But m
ost psycholog
ists ag
ree that fear is stronger than g
reed. O
ne theory d
eveloped
by D
aniel Kahneman, a N
obel-w
inning p
rofessor at Princeton University, sug
gests that our
decision-m
aking p
rocesses rely on intuition and relative-value jud
gm
ent.
Professor Kahneman d
evised a series of exp
eriments
that illustrate that investor losses hurt more than g
ains feel g
ood —
the pain of losing
$100, for examp
le, was
shown to b
e twice as g
reat as the pleasure of w
inning the sam
e amount. 9 This m
ay help exp
lain why w
e have a tend
ency to sell winning
funds too early, and
avoid losses altog
ether — even if it m
eans choosing not to
particip
ate in potential g
ains.
That’s why it’s critical not only to have an investm
ent p
lan that matches asset allocation to your ob
jectives, tim
e horizon and risk tolerance, b
ut also to envision ahead
of time how
you mig
ht react to market up
s and d
owns. M
anaging
your emotions, and
knowing
how to
remain flexib
le and resilient w
hen times g
et tough, can
help you w
eather inevitable financial storm
s that arise.
Pu
tting
Min
d O
ver Matter
Do
investors rely o
n emo
tion w
hen investing? M
any behavio
ral econo
mists and
psycho
log
ists b
elieve they d
o.
Acco
un
t Info
rmatio
n>
Balances>
> C
hange personal info
Contact : IC
MA
-RC
800.669.7400 | ww
w.icm
arc.org
The P
lan’s In
vestmen
t Co
nsu
ltant
Innovest Portfolio Solutions
4643 S. Ulster St., Suite 1040D
enver, CO
80237
303.694.1900 | ww
w.innovestinc.com
The pie chart and accompanying data show
n for each portfolio illustrates the percentage allocated to each fund.H
ow is the portfolio diversified?
Investment perform
ance results shown above represent past perform
ance and are not indicative of future results. Please read the
information contained in the applicable fund prospectuses carefully before investing m
oney.
Past P
erformance
Ris
k L
ev
el:The am
ount of expected risk in the Portfolio. R
isk is measured by the potential loss over a 12-m
onth period that an investorm
ight expect in the Portfolio, and is calculated via a statistical process consistent w
ith 95% probability.
Mo
de
rate
:-1
7.0
% to
-19
.0%
Ex
pe
cte
d R
etu
rn: The level of expected investm
ent return from the P
ortfolio. The range of returns shown below
indicates the potentialgain that an investor m
ight expect each year, on average, over a 5-year period. This is also referred to as the "mean" return, and is
calculated using a statistical process to determine a range of probabilities.
Mo
de
rate
:6
.5%
to 8
.5%
Who typically uses this portfolio?
Un
de
rsta
nd
ing
Yo
ur P
rofe
ss
ion
ally
-Ma
na
ge
d P
ortfo
lios
Portfolio A
llocation (%)
Who typically uses this portfolio?
Th
e fu
nd
see
ks the
hig
he
st tota
l retu
rn o
ver
time
con
sisten
t with
an
em
ph
asis o
n b
oth
cap
ital a
pp
recia
tion
an
d in
com
e.
Th
e fu
nd
pu
rsue
s its ob
jective
by in
vestin
g in
a d
iversifie
d p
ortfo
lio. U
nd
er n
orm
al
con
ditio
ns, th
e p
ortfo
lio’s a
lloca
tion
to th
eb
roa
d a
sset cla
sses w
ill be
with
in th
efo
llow
ing
ran
ge
s: stocks (5
0-7
0%
); bo
nd
s (20
-40
%); a
nd
mo
ne
y ma
rkets (0
-20
%).
Do
me
stic stocks a
re d
raw
n fro
m th
e o
vera
llU
.S. m
arke
t. Inte
rna
tion
al sto
cks are
sele
cted
prim
arily fro
m la
rge
com
pa
nie
s ind
eve
lop
ed
ma
rkets b
ut m
ay a
lso in
clud
ein
vestm
en
ts in e
me
rgin
g m
arke
ts. Bo
nd
s,w
hich
can
inclu
de
fore
ign
issue
s, are
prim
arily in
vestm
en
t gra
de
(i.e., a
ssign
ed
on
e o
f the
fou
r hig
he
st cred
it ratin
gs) a
nd
are
cho
sen
acro
ss the
en
tire g
ove
rnm
en
t,co
rpo
rate
, an
d a
sset- a
nd
mo
rtga
ge
-ba
cked
bo
nd
ma
rkets. M
atu
rities re
flect th
em
an
ag
er’s o
utlo
ok fo
r inte
rest ra
tes.
Past P
erformance (%
)**
Exp
en
se R
atio
:0
.64
%*
Ma
rch
31
, 20
17
: $1
28
,30
0,2
43
Boston Trust E
quity - Boulder F&
P39.36
¢£
Victory M
under Mid C
ap Core G
rowth
6.64¢£
ICM
Sm
all Com
pany6.24
¢£
Dodge &
Cox Int'l
9.96¢£
Am
erican Funds EuroP
acific Gr
9.98¢£
Boston Trust Fixed Incom
e - Boulder F&
P10.42
¢£
Met W
est Total Return
3.89¢£
Eaton V
ance Floating Rate
6.83¢£
JPM
organ High Y
ield Select
1.97¢£
Crdt S
uis Com
m R
tn Strat
4.72¢££
La
st
Qu
arte
r
Ye
ar
To
Da
te
1Y
ea
r3
Ye
ars
5Y
ea
rs1
0Y
ea
rsS
inc
e In
ce
ptio
nJ
uly
-19
90
Boulder Fire and P
olice4.17
4.1712.97
4.877.59
6.308.38
Bo
uld
er F
ire a
nd
Po
lice
03
/31
/17
* The expense ratio provided is the weighted average of each underlying m
anager’s net expense ratio and market value at the end of the quarter.
** Perform
ance shown is calculated using the portfolio’s target allocations (not the portfolio's actual m
arket value allocations); and includes separateaccount perform
ance gross of fees, while the m
utual fund performance is net of fees. R
eturns shown are not m
eant to reflect actual past performance of
the portfolio, but are provided as a close approximation. A
ll investment returns are calculated by a 3rd party. P
eriods greater than one year areannualized.***This portfolio includes the P
rincipal U.S
. Property A
ccount, a real estate account that could instate redemption restrictions. In the event that these
restrictions are placed on the account, the Boulder FIre and P
olice Board of Trustees w
ill instruct ICM
A-R
C to fulfill redem
ptions from an alternate fund
within the portfolio.