lane county · section 2 457 plan review. section 3 401(a) plan review . section 4 . investment...

LANE COUNTY 457 Deferred Compensation and

401(a) Defined Contribution Plans December 31, 2018 Performance Report

TABLE OF CONTENTS

Section 1 Market Overview

Section 2 457 Plan Review Section 3 401(a) Plan Review Section 4 Investment Performance Review Section 5 Cost and Revenue Analysis

Section 6 Fund Attributions

Section 1

Markets and Economic Update Fourth Quarter 2018

BACK TO NORMAL – “RETURN OF VOLATILITY” For most investors 2018 likely felt anything but normal. December was a particularly difficult month that saw the US equity market (S&P 500 Index) down 9%, the worst December since 1931. The equity markets were up or down more than 1% nine times in December alone, and 64 times in 2018. In contrast, we saw 1% moves only eight times in all of 2017. The year also saw the Dow Jones, an index representing the largest blue-chip stocks, post swings of 1,000 points five times. It’s only done so eight times in its entire 100+ year history. So what’s normal about this?

A closer look at volatility through a long-term historical lens shows a very different picture. The average daily VIX (a leading measure of volatility) in 2018 was 16.6, nearly identical to the median historical calendar year for the past 25 years. This compares to a VIX of 11.1 in 2017. This year-over-year change in the VIX is among the largest in history. Hence, our perception is likely skewed by a recent and extended period of historically low market volatility during an extended bull market.

The question then becomes what’s driven this return of volatility? In short, monetary policy has been a leading contributor to both historically low volatility during an extended period of accommodative (easing) policy and now higher volatility as the Federal Reserve (Fed) transitions to a restrictive (tightening) policy. In our last quarterly market commentary we cited a domestic yield curve that indicated a disconnect between the Fed and the broader financial markets with respect to projected future economic growth and inflation. The tension created by these diverging views came to a flash point in the final quarter of 2018. Despite a strong contractionary demand shock from China and subsequent declining global growth forecasts, the Fed held steadfastly to its previous policy guidance. Global equity markets responded with a sharp selloff that took US equities down 13.5% and foreign stocks down 11.5% in the fourth quarter.

Despite the equity market declines, nowhere have the diverging views of economic growth been reflected more clearly than the recent bond market. 10-year Treasury yields marched steadily higher over most of the year, rising from 2.40% at the beginning of the year to 3.15% at the end of October. Yield increases were supported by strong economic growth, low unemployment and signs of modest wage inflation. Market opinions on global growth changed sharply as the fourth quarter progressed. Slowing economic data out of China seemed to suddenly make the impacts of tough trade rhetoric a tangible reality. Slower expected growth in combination with aggressive Fed tightening resulted in a near freefall in bond yields. Yields dropped from 3.15% to 2.69% by year-end, a largely unprecedented pace.

In reaction to a combination of new economic data and increasing political pressure the Fed appears to have acquiesced from its rigid policy stance to start off the new year. Fed Chairman Jerome Powell made a public statement acknowledging an economic slowdown and assuring markets the Fed would be patient and flexible in policy decisions this year. At least for now, it would appear views are converging around slower growth expectations going forward. Expect volatility to normalize, but understand that after 10 years of a bull market, “normal” may look and feel very different.

1

GLOBAL ECONOMIC LANDSCAPE December’s headline employment number came in well above estimates as employers added 312,000 workers, versus expectations of 184,000. On a rolling three-month

basis, employers are adding 254,000 workers per month. Despite higher job creation the unemployment rate actually ticked up slightly to 3.9% due to an increase in the labor force participation rate. Average hourly earnings rose 0.4% for the month of December. This translates to annualized wage growth of 3.2%, the highest since 2009.

The Fed raised short-term borrowing rates four times in 2018 and is forecasting two rate hikes for 2019. Recent policy language appears to signal an end to the current tightening cycle in the face of slowing global economic growth.

Global central banks look poised to continue their path to normalized interest rates which may continue to be a headwind for global growth. The Bank of Canada raised interest rates three times and the Bank of England once during 2018. The European Central Bank and Bank of Japan have kept rates low and are expected to continue this policy through 2019.

Economic global divergence has emerged over the course of 2018. Major economies appear to be in very different stages of economic cycles. The US and UK look to be in the very late stages of an economic cycle followed closely by Canada and China. The Eurozone appears to be near the middle of an economic cycle while India and Brazil are on the verge of accelerating into a new economic cycle. While the increasing divergence brings more uncertainty, the International Monetary Fund is projecting a relatively strong 3.7% global growth rate in 2019.

The latest data shows China’s economy growing at 6.5% annualized, the slowest pace since 2016 despite continued stimulus efforts. Consumer spending, manufacturing, credit growth and housing are all showing signs of weakness. A slower growth China is likely to have a large impact on other nations, especially emerging markets whose economies are dependent on Chinese imports of raw materials.

GLOBAL FINANCIAL MARKETS Domestic credit spreads widened modestly throughout most of 2018, but suddenly gapped wider during the fourth quarter. Credit spreads on investment grade and high

yield bonds ended the year at levels not seen since 2016. Despite the wider end of year spreads, investment grade and high yield bonds ended the year with only minor losses.

Technology stocks (including the new communications services stocks) have grown to represent nearly 30% of the S&P 500 Index and increasingly provide market leadership. Technology stocks led the market sharply lower in the fourth quarter of the year despite largely strong earnings. Concerns over slowing growth rates coupled with relatively high valuations drove negative investment sentiment. It is worth noting that the technology sector has gained over 500% since the last bear market.

Is this the turning point for value stocks? The past 10 years have been the most difficult in modern history for value stocks relative to growth stocks. On a rolling 3-year basis, global value stocks have underperformed growth stocks for more than 130 months! Some in the value investing community are referring to this lagging decade as the “nuclear winter”.

The MSCI All Country World Index entered the year trading at 21 times trailing 1-year earnings. As of the end of the year the Index traded at 17 times trailing earnings, the result of higher earnings and declining stock prices in 2018. While global valuations are broadly lower, emerging markets have been hit the hardest. Emerging markets now trade at 13 times trailing earnings.

For nearly a decade, international and emerging equity markets have lagged domestic markets. In fact, the relative performance of US stocks vs. international stocks is at the highest level in nearly 14 years. However, the performance gap is not without credible support in the form of higher earnings growth rates.

This report is being provided for informational purposed only. The information and opinions presented in this report do not constitute investment advice and have been obtained from sources believed by Hyas Group to be reliable. Hyas Group makes no representation as to their accuracy or completeness. All opinions expressed herein are subject to change. ©Hyas Group, 2019

2

Recent 5-Yr High 5-Yr Low 5-Yr Avg. Date Recent 5-Yr High 5-Yr Low % Off Peak Date312,000 351,000 14,000 214,783 Dec-18 $2.33 $3.70 $1.79 -36.9% Dec-18

3.9% 6.7% 3.7% 4.9% Dec-18 $56.96 $105.79 $30.32 -46.2% Nov-18

8.9 18.4 6.6 11.2 Dec-18 213.6 213.6 166.0 28.7%* Oct-18

$27.48 $27.48 $24.22 $25.70 Dec-18 489.1 489.1 430.1 13.7%* Dec-18

Source: Federal Reserve Bank of St. Louis and Bureau of Labor Statistics *% Off Low

Jobs Added/Lost Monthly

Unemployment Rate

Median Unemployment Length (Weeks)

Average Hourly Earnings

Other Prices and Indexes (Monthly)CategoryGas: Price per Gallon

Spot Oil

Case-Shiller Home Price Index

Medical Care CPI

Labor Market Statistics (Monthly)Category

4Q2018 Economic Data

-2%

0%

2%

4%

6%

$15,000

$16,000

$17,000

$18,000

$19,000

1Q14 4Q14 3Q15 2Q16 1Q17 4Q17 3Q18

YoY % Change$ Billion Gross Domestic Product

-5-4-3-2-1012345

0

2

4

6

8

10

12

Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18

YoY Change (%)% Unemployment Rate

-60%

-40%

-20%

0%

20%

40%

60%

$1,000

$1,250

$1,500

$1,750

$2,000

1Q14 4Q14 3Q15 2Q16 1Q17 4Q17 3Q18

YoY % Change$ Billion Corporate Profits

-4%

-2%

0%

2%

4%

6%

8%

200

220

240

260

Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18

YoY % ChangeIndex Consumer Price Index

3

Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs.90-Day T-Bill 0.50% 1.69% 1.69% 0.88% 0.54% 0.32%Barclays US Aggregate 1.64% 0.01% 0.01% 2.06% 2.52% 3.48%Barclays Short US Treasury 0.60% 1.88% 1.88% 1.07% 0.68% 0.46%Barclays Int. US Treasury 2.24% 1.41% 1.41% 1.20% 1.47% 1.79%Barclays Long US Treasury 4.19% -1.84% -1.84% 2.58% 5.93% 4.09%Barclays US TIPS -0.42% -1.26% -1.26% 2.11% 1.69% 3.64%Barclays US Credit 0.01% -2.11% -2.11% 3.16% 3.22% 5.52%Barclays US Mortgage-Backed 2.08% 0.99% 0.99% 1.71% 2.53% 3.11%Barclays US Asset-Backed 1.25% 1.77% 1.77% 1.78% 1.70% 4.55%Barclays US 20-Yr Municipal 1.83% 1.08% 1.08% 2.96% 5.10% 6.32%Barclays US High Yield -4.53% -2.08% -2.08% 7.23% 3.83% 11.12%Barclays Global 1.20% -1.20% -1.20% 2.70% 1.08% 2.49%Barclays International 0.91% -2.15% -2.15% 3.15% -0.01% 1.74%Barclays Emerging Market -0.18% -2.46% -2.46% 5.05% 4.23% 8.47%

4Q2018 Bond Market Data

2.44% 2.45% 2.56% 2.63%2.48% 2.46% 2.51% 2.59% 2.69%

2.87%3.02%

1.28% 1.39%1.53%

1.76%1.89% 1.98%

2.20%2.33% 2.40%

2.58%2.74%

0.00%

1.00%

2.00%

3.00%

4.00%

1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr

US Treasury Yield Curve

12/31/2018 12/31/2017

0%

0%

0%

15%

12%

5%

68%

0% 30% 60% 90%

NR

B>

BB

BBB

A

AA

AAA

Barclays US Aggregate IndexCredit Quality

23%

16%

11%

10%

4%

4%

31%

2%

0% 20% 40%

1-3 yrs.

3-5 yrs.

5-7 yrs.

7-10 yrs.

10-15 yrs.

15-20 yrs.

20-30 yrs.

30+ yrs

Barclays US Aggregate IndexMaturity Breakdown

Duration 6.24 yrs.Average Credit Quality AA

Source: Morningstar Source: Morningstar Source: Morningstar Source: Federal Reserve / Bank of America

Source: Department of US Treasury

11.04

2.02

0.78

8.41

1.28

0.54

0.00 5.00 10.00 15.00

CCC

BBB

AAA

US Corporate Credit Spreads1 Yr. Ago Qtr End

2%

1%

0%

23%

26%

1%

47%

0% 50%

Other

CMBS

Non-Agency MBS

Agency MBS

Corporate

Municipal

US Government

Barclays US Aggregate IndexSector Breakdown

4

Wgt. Sector QTR YTD 1 Yr.3% Utilities 1.36% 4.11% 4.11% Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs.3% Real Estate -3.83% -2.22% -2.22% S&P 500 -13.52% -4.38% -4.38% 9.26% 8.49% 13.12%7% Consumer Staples -5.21% -8.38% -8.38% Russell 1000 Value -11.72% -8.27% -8.27% 6.95% 5.95% 11.18%16% Health Care -8.72% 6.47% 6.47% Russell 1000 Growth -15.89% -1.51% -1.51% 11.15% 10.40% 15.29%3% Materials -12.31% -14.70% -14.70% Russell Mid Cap -15.37% -9.06% -9.06% 7.04% 6.26% 14.03%13% Financials -13.11% -13.03% -13.03% Russell Mid Cap Value -14.95% -12.29% -12.29% 6.06% 5.44% 13.03%10% Communication Services -13.19% -12.53% -12.53% Russell Mid Cap Growth -15.99% -4.75% -4.75% 8.59% 7.42% 15.12%10% Consumer Discretionary -16.42% 0.83% 0.83% Russell 2000 -20.20% -11.01% -11.01% 7.36% 4.41% 11.97%9% Industrials -17.29% -13.29% -13.29% Russell 2000 Value -18.67% -12.86% -12.86% 7.37% 3.61% 10.40%

20% Information Technology -17.34% -0.29% -0.29% Russell 2000 Growth -21.65% -9.31% -9.31% 7.24% 5.13% 13.52%5% Energy -23.78% -18.10% -18.10% Russell 3000 -14.30% -5.24% -5.24% 8.97% 7.91% 13.18%

Wgt. Sector QTR YTD 1 Yr. DJ US Select REIT -6.61% -4.22% -4.22% 1.97% 7.89% 12.05%6% Utilities -0.72% 6.81% 6.81%3% Consumer Staples -8.01% -7.15% -7.15%3% Communication Services -9.97% 2.27% 2.27%10% Real Estate -10.56% -5.99% -5.99%16% Financials -15.77% -15.95% -15.95%15% Information Technology -16.85% -5.47% -5.47%12% Consumer Discretionary -18.16% -17.92% -17.92%15% Industrials -18.58% -14.89% -14.89%7% Materials -19.50% -20.37% -20.37%

10% Health Care -19.93% 6.51% 6.51%4% Energy -41.67% -29.42% -29.42%

Wgt. Sector QTR YTD 1 Yr.3% Utilities -5.64% -0.41% -0.41%7% Real Estate -11.16% -11.10% -11.10%19% Financials -14.19% -6.29% -6.29%4% Consumer Staples -14.34% -4.86% -4.86%14% Information Technology -17.67% -8.93% -8.93%14% Consumer Discretionary -19.53% -8.12% -8.12%2% Communication Services -21.06% 0.90% 0.90%11% Health Care -23.07% 9.93% 9.93%19% Industrials -23.32% -12.15% -12.15%4% Materials -26.46% -22.25% -22.25%3% Energy -45.80% -42.77% -42.77%

4Q2018 US Equity Market DataS&

P M

idca

p 40

0 In

dex

S&P

Small

cap

600

Inde

x

Sectors Weights/Returns (ranked by quarter performance) Index Performance Data

S&P

500

Inde

x

Annualized

-6.6

8%

-6.6

3%

-1.8

9%

-4.0

8%

-1.15

%

-6.6

3%

-7.18

%

9.35

%

-5.8

0%

-8.7

9%

-30%

-15%

0%

15%

30%

QTR 1 yr. 3 yrs. 5 yrs. 10 yrs. 2018 2017 2016 2015 2014

Small Cap (Russell 2000) - Large Cap (S&P 500)Performance Spread

-4.10

%

6.46

%

3.85

%

4.22

%

4.03

%

6.46

% 16.3

9%

-11.0

1%

9.22

%

-0.2

5%

-30%

-15%

0%

15%

30%

QTR 1 yr. 3 yrs. 5 yrs. 10 yrs. 2018 2017 2016 2015 2014

Growth (Russell 3000 Growth) - Value (Russell 3000 Value)Performance Spread

Small Beating Large

Large Beating Small

Growth Beating Value

Value Beating Growth

5

Index Performance Data (net) Top 10 Countries (MSCI AC World ex-USA)

Index (US$) QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs. Japan 16%MSCI ACWI ex-US -11.46% -14.20% -14.20% 4.48% 0.68% 6.57% UK 12%MSCI EAFE -12.54% -13.79% -13.79% 2.87% 0.53% 6.32% China 8%Europe -12.72% -14.86% -14.86% 2.10% -0.61% 6.15% France 7%

United Kingdom -11.78% -14.15% -14.15% 1.60% -1.71% 6.84% Canada 7%Germany -15.48% -22.17% -22.17% 0.70% -2.13% 5.55% Germany 6%France -15.05% -12.76% -12.76% 5.61% 1.17% 5.49% Switzerland 6%

Pacific -12.20% -12.02% -12.02% 4.54% 2.73% 6.76% Australia 5%Japan -14.23% -12.88% -12.88% 3.41% 3.06% 5.33% South Korea 4%Hong Kong -4.53% -7.83% -7.83% 8.68% 6.05% 12.22% Taiwan 3%Australia -10.01% -11.99% -11.99% 5.56% 0.46% 8.88%

Canada -15.30% -17.20% -17.20% 6.18% -1.62% 5.72%MSCI EM -7.47% -14.58% -14.58% 9.25% 1.65% 8.02%MSCI EM Latin America 0.36% -6.57% -6.57% 14.85% -1.73% 4.98%MSCI EM Asia -9.29% -15.45% -15.45% 8.63% 3.94% 9.81%MSCI EM Eur/Mid East -4.31% -8.07% -8.07% 9.18% -4.69% 4.09%MSCI ACWI Value ex-US -10.71% -13.97% -13.97% 4.75% -0.38% 5.95%MSCI ACWI Growth ex-US -12.20% -14.43% -14.43% 4.19% 1.69% 7.15%MSCI ACWI Sm Cap ex-US -14.43% -18.20% -18.20% 3.82% 1.96% 10.02%

Exchange Rates QTR 3Q18 2Q18 1Q18 4Q17 3Q17Japanese Yen 109.70 113.48 110.71 106.20 112.69 112.64Euro 0.87 0.86 0.86 0.81 0.83 0.85British Pound 0.78 0.77 0.76 0.71 0.74 0.75Swiss Franc 0.98 0.98 0.99 0.95 0.97 0.97Chinese Yuan 6.88 6.87 6.62 6.27 6.51 6.65

4Q2018 International Market Data

-12.54%

-13.79%

2.87%

0.53%

-12.20%

-10.99%

2.62%

3.81%

-20% 0% 20%

QTR

1 yr

3 yrs

5 yrs

MSCI EAFE Index Return

Local US$

-7.47%

-14.58%

9.25%

1.65%

-7.43%

-10.08%

8.79%

5.00%

-20% 0% 20%

QTR

1 yr

3 yrs

5 yrs

MSCI Emerging Index ReturnLocal US$

-3.0% -4.0%-0.7%

1.3% 3.5%

-20%

0%

20%

QTR 1 yr 3 yrs 5 yrs 10 yrs

MSCI ACWI Ex USLarge v. Small Cap

Performance Spread

-1.5% -0.5% -0.6%

2.1% 1.2%

-20%

0%

20%

QTR 1 yr 3 yrs 5 yrs 10 yrs

MSCI ACWI Ex USValue v. Growth

Performance Spread

-2%

-5%

2%

-4% -2

%

4% 3% 3%

-1%

-2%

-2%

-6% -5

%

-5%

-1%-1%

-1%

1%

-2%

1%0%

-5% -2

%

-2% 0%

-10%

0%

10%

QTR 1 Yr 3 Yr 5 Yr 10 Yr

Foreign Currency v. US$ ReturnsEuro Japanese Yen Pound Sterling Swiss Franc Chinese Yuan

Europe42%

Asia32%

Canada7%

Emerging19%

Regional ExposureMSCI ACWI ex-USA

Small Beating Large

Large Beating Small

Growth Beating Value

Value Beating Growth

6

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 4Q18Emerging Markets 25.55%

Emerging Markets 34.00%



US Bonds 5.24%


Small Cap 26.85%

Core Real Estate 14.96%


Small Cap 38.82%

Large Cap13.68%

Core Real Estate13.95%

Small Cap21.30%

Emerging Markets37.28%


US Bonds 1.64%

Intl 20.91%

Commod. 21.36%

Intl 26.65%

Intl 16.65%

Global Bonds 4.79%

High Yield 58.21%

Mid Cap 25.48%

TIPS 13.56%

Mid Cap 17.28%

Mid Cap 34.76%

Mid Cap13.21%

Large Cap1.38%

High Yield17.12%

Intl27.19%

Cash1.69%


Mid Cap 20.22%


Small Cap 18.37%

Commod. 16.23%

Cash 1.39%

Intl 41.45%


US Bonds 7.84%

Intl 16.83%

Large Cap 32.39%


US Bonds0.55%

Mid Cap13.79%

Large Cap21.83%

US Bonds0.01%

Global Bonds 1.20%

Small Cap 18.33%

Intl 16.62%

Large Cap 15.79%

Core Real Estate

14.84%

TIPS -2.35%

Mid Cap 40.48%

Commod. 16.83%

Global Bonds 5.64%

Small Cap 16.35%

Intl 15.29%

US Bonds5.97%

Cash0.03%

Large Cap11.95%

Mid Cap18.52%

Global Bonds-1.20%

Cash 0.50%

Global Balanced

12.18%

Mid Cap 12.65%


TIPS 11.64%

Core Real Estate

-10.70%

Small Cap 27.17%


High Yield 4.98%

Large Cap 16.00%

Global Balanced 14.46%

Small Cap4.89%

TIPS-1.43%

Commod.11.76

Global Balanced15.87%

TIPS-1.26%

TIPS -0.42%

Core Real Estate

12.00%

Large Cap 4.91%

Mid Cap 15.26%

Global Bonds 9.48%

Global Balanced -24.51%

Large Cap 26.46%

High Yield 15.12%

Large Cap 2.11%

High Yield 15.81%


TIPS3.64%

Global Balanced-1.45%

Emerging Markets11.18%

Small Cap14.65%

High Yield-2.08%

High Yield -4.53%

High Yield 11.13%

Small Cap 4.55%


Global Balanced

9.07%

High Yield -26.16%


Large Cap 15.06%

Cash 0.06%


High Yield 7.44%

Global Balanced

3.17%

Mid Cap-2.43%


High Yield7.50%

Large Cap-4.38%

Emerging Markets -7.47%

Large Cap 10.88%

Global Balanced

4.16%

High Yield 11.85%

US Bonds 6.97%

Small Cap -33.79%

Commod. 18.91%

Intl 11.15%



Cash 0.07%

High Yield2.45%

Global Bonds-3.15%

Global Balanced

5.38%

Global Bonds7.39%

Global Balanced-5.30%


Global Bonds 9.27%

Cash 3.25%

Global Bonds 6.64%

Mid Cap 5.60%

Commod.-35.65%

TIPS 11.41%

Global Balanced

9.40%

Mid Cap -1.55%

TIPS 6.98%

US Bonds -2.02%

Global Bonds0.59%

Small Cap-4.41%

TIPS4.68%


Mid Cap-9.06%

Commod. -9.41%

Commod. 9.15%

TIPS 2.84%

Cash 4.85%

Large Cap 5.49%

Large Cap -37.00%

Global Bonds 6.93%

US Bonds 6.54%

Small Cap -4.18%

Global Bonds 4.32%

Global Bonds

-2.60%

Cash0.04%

High Yield-4.46%

Intl4.50%

US Bonds3.54%

Small Cap-11.01%

Intl -11.46%

TIPS 8.46%

High Yield 2.74%

US Bonds 4.33%

Cash 4.44%

Mid Cap -41.46%

US Bonds 5.93%

TIPS 6.31%

Commod. -13.32%

US Bonds 4.21%


Emerging Markets-2.18%

Intl-5.66%

US Bonds2.65%

TIPS3.01%

Commod.-11.25%

Large Cap -13.52%

US Bonds 4.34%

US Bonds 2.43%

Commod. 2.07%

High Yield 1.87%

Intl -45.53%

Cash 0.16%

Global Bonds 5.54%

Intl -13.71%

Cash 0.08%

TIPS -8.61%

Intl-3.86%


Global Bonds2.09%

Commod.1.70%

Intl-14.20%

Mid Cap -15.37%

Cash 1.44%

Global Bonds

-4.49%

TIPS 0.41%

Small Cap -1.57%


Core Real Estate

-30.40%

Cash 0.15%


Commod. -1.06%

Commod. -9.52%

Commod.-17.00%

Commod.-24.60%

Cash0.25%

Cash0.71%


Small Cap -20.20%

Global Balanced is composed of 60% MSCI World Stock Index, 35% Barclays Global Aggregate Bond Index, and 5% US 90-Day T-Bills.

Historical Market ReturnsRanked by Performance

7

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8

Section 2

LANE COUNTY PLAN ASSET ALLOCATION457 Deferred Compensation Plan Fourth Quarter 2018

Fixed Income Ticker Assets % Asset Allocation Ticker Assets %T. Rowe Price Stable Value Common Tr A - $22,235,324 22.4% Vanguard Target Retirement Income Inv VTINX $1,921,745 1.9%Western Asset Core Plus Bond I WACPX $3,208,208 3.2% Vanguard Target Retirement 2015 Inv VTXVX $600,536 0.6%Vanguard Total Bond Market Index Adm VBTLX $3,150,391 3.2% Vanguard Target Retirement 2020 Inv VTWNX $5,323,768 5.4%PIMCO Real Return Instl PRRIX $893,574 0.9% Vanguard Target Retirement 2025 Inv VTTVX $1,588,147 1.6%American Beacon SiM High Yield Opps Instl SHOIX $1,368,269 1.4% Vanguard Target Retirement 2030 Inv VTHRX $6,294,712 6.3%

Total $30,855,766 31.1% Vanguard Target Retirement 2035 Inv VTTHX $437,046 0.4%Vanguard Target Retirement 2040 Inv VFORX $6,597,861 6.6%

Large Cap Ticker Assets % Vanguard Target Retirement 2045 Inv VTIVX $800,931 0.8%American Beacon Large Cap Value Instl AADEX $2,613,476 2.6% Vanguard Target Retirement 2050 Inv VFIFX $2,807,717 2.8%Vanguard Institutional Index Instl VINIX $8,947,084 9.0% Vanguard Target Retirement 2055 Inv VFFVX $223,805 0.2%T. Rowe Price Instl Large Cap Growth TRLGX $9,369,652 9.4% Vanguard Target Retirement 2060 Inv VTTSX $14,645 0.0%

Total $20,930,212 21.1% Vanguard Target Retirement 2065 Inv VLXVX $0 0.0%Total $26,610,913 26.8%

Mid Cap Ticker Assets %Wells Fargo Special Mid Cap Value R6 WFPRX $1,327,585 1.3% Specialty Ticker Assets %Vanguard Mid Cap Index Adm VIMAX $2,398,327 2.4% Parnassus Core Equity Instl PRILX $1,325,555 1.3%Hartford MidCap R6 HFMVX $673,733 0.7% Total $1,325,555 1.3%

Total $4,399,645 4.4%

Miscellaneous Ticker Assets %Small Cap Ticker Assets % Self-Directed Brokerage Assets - $662,801 0.7%Westwood SmallCap Instl WHGSX $731,062 0.7% Participant Loans - $1,246,727 1.3%Vanguard Small Cap Index Adm VSMAX $3,011,994 3.0% Total $1,909,528 1.9%Artisan Small Cap Instl APHSX $1,076,707 1.1%

Total $4,819,764 4.9% TOTAL PLAN ASSETS $99,312,203

International Ticker Assets % Administrative Account Balance $17,764Dodge & Cox International Stock DODFX $1,710,256 1.7%Vanguard Total Intl Stock Index Adm VTIAX $2,057,931 2.1%American Funds EuroPacific Growth R6 RERGX $2,360,511 2.4%Oppenheimer Global Opportunities I OGIIX $2,332,122 2.3%

Total $8,460,820 8.5%

9


HISTORICAL PLAN ALLOCATIONAsset Class 4Q18 2017 2016 2015 2014 2013 2012 2011

Fixed Income 31.1% 28.9% 32.3% 32.3% 31.3% 34.6% 40.6% 42.2%Large Cap 21.1% 21.4% 19.9% 20.9% 20.5% 19.9% 19.0% 18.9%

Mid Cap 4.4% 5.1% 5.6% 5.2% 5.9% 5.7% 5.0% 5.1%Small Cap 4.9% 5.2% 4.9% 4.3% 4.1% 4.1% 3.6% 3.4%

International 8.5% 9.8% 7.6% 7.9% 7.3% 7.5% 7.1% 7.3%Asset Allocation 26.8% 26.3% 26.2% 25.4% 26.6% 24.4% 21.2% 20.1%

Specialty 1.3% 1.4% 1.6% 1.8% 2.3% 2.0% 1.9% 2.2%SDBA 0.7% 0.7% 0.5% 0.8% 0.7% 0.7% 0.7% 0.8%Loans 1.3% 1.2% 1.3% 1.3% 1.3% 1.1% 0.8% 0.0%

*Excludes Fixed Income, Asset Allocation, Brokerage, and Loan assets

**Excludes Asset Allocation, Brokerage, and Loan assets

Fixed Income31.1%

Equity40.2%

Asset Allocation

26.8%

SDBA 0.7%

Loans1.3%

50.3%48.3%

40.6%33.6%

27.4%28.2%

19.5%18.2%

33.8%32.9%

36.4%43.8%

47.3%48.1%

56.5%57.3%

16.0%18.8%

23.0%22.6%

25.4%23.8%23.9%24.5%

4 Q 1 8

2 0 1 7

2 0 1 6

2 0 1 5

2 0 1 4

2 0 1 3

2 0 1 2

2 0 1 1

E Q U I T Y S T Y L E *

Core Growth Value

78.8%77.3%80.7%80.3%81.9%81.0%80.5%80.2%

21.2%22.7%19.3%19.7%18.1%

19.0%19.5%19.8%

4 Q 1 8

2 0 1 7

2 0 1 6

2 0 1 5

2 0 1 4

2 0 1 3

2 0 1 2

2 0 1 1

B Y E Q U I T Y R E G I O N *

US Non-US

72.4%72.5%75.2%79.2%

86.9%87.2%89.8%91.6%

27.6%27.5%24.8%20.8%

13.1%12.8%10.2%8.4%

4 Q 1 8

2 0 1 7

2 0 1 6

2 0 1 5

2 0 1 4

2 0 1 3

2 0 1 2

2 0 1 1

A C T I V E V P A S S I V E * *

Active Passive

10


PLAN LEVEL CASH FLOWS HISTORICAL PLAN CASH FLOWS

Beginning Value Cash Flow

(+)Cash Flow

(-) TransferMarket

Gain/Loss Ending Value Beginning Value Net Cash Flow Market

Gain/Loss Ending Value

Fixed Income $29,880,375 $477,391 ($654,708) $1,012,036 $140,672 $30,855,766 4Q18 $107,668,079 $481 ($9,603,084) $98,065,476

Large Cap $24,815,878 $262,426 ($437,236) ($391,432) ($3,319,424) $20,930,212 YTD $102,941,529 ($670,032) ($4,206,021) $98,065,476

Mid Cap $5,297,445 $86,369 ($78,382) ($94,237) ($811,551) $4,399,645 2017 $93,044,537 ($4,427,384) $14,324,375 $102,941,529

Small Cap $6,010,020 $108,959 ($68,217) ($93,279) ($1,137,720) $4,819,764 2016 $87,342,577 $76,239 $5,625,722 $93,044,537

International $10,111,073 $209,677 ($107,307) ($96,895) ($1,655,728) $8,460,820 2015 $86,970,158 $207,299 $165,120 $87,342,577

Asset Allocation $29,321,217 $743,322 ($551,127) ($320,429) ($2,582,070) $26,610,913 2014 $83,172,605 ($411,595) $4,209,148 $86,970,158

Specialty $1,448,603 $16,703 ($7,389) $6,093 ($138,453) $1,325,555 2013 $70,550,659 $131,575 $12,490,371 $83,172,605

SDBA $783,469 $0 $0 ($21,858) ($98,810) $662,801 2012 $62,513,607 $1,741,465 $6,295,586 $70,550,659

Total $107,668,079 $1,904,847 ($1,904,366) $0 ($9,603,084) $98,065,476

Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 90 Day T-Bill, Barclays Global Aggregate Bond (rebalanced quarterly)

-8.9

2% -4.10

%

5.73

%

4.47

%

-4.9

2%

-3.0

9%

4.64

%

3.14

%

-7.8

4% -4.5

0%

5.77

%

4.18

%

-10.

73% -5.9

6%

6.85

%

5.17

%

Qtr 1 Year 3 Year 5 Year

Returns

457 Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed

$57,917

$0

($5,166)

$52,752

($35,000) $0 $35,000 $70,000

Beginning Avg. Balance

Avg. Net Cash Flow

Avg. Mkt. Gain/Loss

Ending Avg. Balance

Avg. Balance

11


12

Section 3

LANE COUNTY PLAN ASSET ALLOCATION401(a) Defined Contribution Plan Fourth Quarter 2018

Fixed Income Ticker Assets % International Ticker Assets %T. Rowe Price Stable Value Common Tr A - $156,942 5.2% Dodge & Cox International Stock DODFX $35,949 1.2%Western Asset Core Plus Bond I WACPX $50,196 1.7% Vanguard Total Intl Stock Index Adm VTIAX $65,616 2.2%Vanguard Total Bond Market Index Adm VBTLX $60,135 2.0% American Funds EuroPacific Growth R6 RERGX $136,314 4.5%PIMCO Real Return Instl PRRIX $15,029 0.5% Oppenheimer Global Opportunities I OGIIX $65,836 2.2%American Beacon SiM High Yield Opps Instl SHOIX $22,701 0.7% Total $303,715 10.0%

Total $305,002 10.0%

Asset Allocation Ticker Assets %Large Cap Ticker Assets % Vanguard Target Retirement Income Inv VTINX $840 0.0%American Beacon Large Cap Value Instl AADEX $33,409 1.1% Vanguard Target Retirement 2015 Inv VTXVX $22,989 0.8%Vanguard Institutional Index Instl VINIX $175,823 5.8% Vanguard Target Retirement 2020 Inv VTWNX $280,577 9.2%T. Rowe Price Instl Large Cap Growth TRLGX $10,955 0.4% Vanguard Target Retirement 2025 Inv VTTVX $343,799 11.3%

Total $220,187 7.2% Vanguard Target Retirement 2030 Inv VTHRX $327,000 10.8%Vanguard Target Retirement 2035 Inv VTTHX $276,654 9.1%

Mid Cap Ticker Assets % Vanguard Target Retirement 2040 Inv VFORX $487,067 16.0%Wells Fargo Special Mid Cap Value R6 WFPRX $25,695 0.8% Vanguard Target Retirement 2045 Inv VTIVX $190,405 6.3%Vanguard Mid Cap Index Adm VIMAX $32,966 1.1% Vanguard Target Retirement 2050 Inv VFIFX $63,302 2.1%Hartford MidCap R6 HFMVX $3,341 0.1% Vanguard Target Retirement 2055 Inv VFFVX $57,652 1.9%

Total $62,002 2.0% Vanguard Target Retirement 2060 Inv VTTSX $4,435 0.1%Vanguard Target Retirement 2065 Inv VLXVX $641 0.0%

Small Cap Ticker Assets % Total $2,055,361 67.6%Westwood SmallCap Instl WHGSX $6,127 0.2%Vanguard Small Cap Index Adm VSMAX $80,394 2.6% Specialty Ticker Assets %Artisan Small Cap Instl APHSX $2,173 0.1% Parnassus Core Equity Instl PRILX $5,272 0.2%

Total $88,693 2.9% Total $5,272 0.2%

TOTAL PLAN ASSETS $3,040,232

Administrative Account Balance $2,780

13


HISTORICAL PLAN ALLOCATIONAsset Class 4Q18 2017 2016 2015 2014 2013 2012 2011

Fixed Income 10.0% 7.1% 5.9% 4.6% N/A N/A N/A N/ALarge Cap 7.2% 8.2% 6.6% 5.5% N/A N/A N/A N/A

Mid Cap 2.0% 2.0% 2.0% 1.4% N/A N/A N/A N/ASmall Cap 2.9% 3.5% 2.7% 1.9% N/A N/A N/A N/A

International 10.0% 7.1% 4.6% 3.7% N/A N/A N/A N/AAsset Allocation 67.6% 71.9% 78.1% 82.8% N/A N/A N/A N/A

Specialty 0.2% 0.2% 0.1% 0.1% N/A N/A N/A N/A

*Excludes Fixed Income and Asset Allocation assets

**Excludes Asset Allocation assets

Fixed Income10.0% Equity

22.4%

Asset Allocation

67.6%

62.6%

61.3%

57.3%

49.9%

22.5%

15.8%

15.6%

19.6%

14.9%

22.9%

27.1%

30.5%

4 Q 1 8

2 0 1 7

2 0 1 6

2 0 1 5

E Q U I T Y S T Y L E *

Core Growth Value

55.3%

66.1%

71.3%

70.6%

44.7%

33.9%

28.7%

29.4%

4 Q 1 8

2 0 1 7

2 0 1 6

2 0 1 5

B Y E Q U I T Y R E G I O N *

US Non-US

57.9%

48.0%

48.7%

49.9%

42.1%

52.0%

51.3%

50.1%

4 Q 1 8

2 0 1 7

2 0 1 6

2 0 1 5

A C T I V E V P A S S I V E * *

Active Passive

14


PLAN LEVEL CASH FLOWS HISTORICAL PLAN CASH FLOWS

Beginning Value Cash Flow

(+)Cash Flow

(-) TransferMarket

Gain/Loss Ending Value Beginning Value Net Cash Flow Market

Gain/Loss Ending Value

Fixed Income $285,641 $14,713 ($5,467) $8,834 $1,281 $305,002 4Q18 $3,162,736 $199,040 ($321,544) $3,040,232

Large Cap $236,314 $17,013 ($923) $1,712 ($33,928) $220,187 YTD $2,291,281 $980,867 ($231,916) $3,040,232

Mid Cap $64,499 $7,915 ($594) $388 ($10,206) $62,002 2017 $1,243,007 $773,259 $275,015 $2,291,281

Small Cap $100,679 $6,850 ($293) $716 ($19,259) $88,693 2016 $433,243 $733,527 $76,236 $1,243,007

International $338,472 $18,001 ($983) $1,983 ($53,759) $303,715 2015 N/A N/A N/A $433,243

Asset Allocation $2,131,422 $174,495 ($31,810) ($13,633) ($205,113) $2,055,361 2014 N/A N/A N/A N/A

Specialty $5,709 $371 ($247) $0 ($561) $5,272 2013 N/A N/A N/A N/A

Total $3,162,736 $239,358 ($40,318) $0 ($321,544) $3,040,232 2012 N/A N/A N/A N/A

Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 90 Day T-Bill, Barclays Global Aggregate Bond (rebalanced quarterly)

-9.8

7%

-7.2

2%

6.31

%

-4.9

2%

-3.0

9%

4.64

%

-7.8

4% -4.5

0%

5.77

%

-10.

73% -5.9

6%

6.85

%

Qtr 1 Year 3 Year

Returns

401a Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed

$5,648

$355

($574)

$5,429

($2,500) $2,500 $7,500

Beginning Avg. Balance

Avg. Net Cash Flow

Avg. Mkt. Gain/Loss

Ending Avg. Balance

Avg. Balance

15


16

Section 4

LANE COUNTY INVESTMENT POLICY STATEMENT COMPLIANCE REPORT457 Deferred Compensation and 401(a) Defined Contribution Plans Fourth Quarter 2018

Key: ℗ Pass / ● Fail Performance

FactorsQualitative

FactorsOn-Watch

Date Initiated NotesT. Rowe Price Stable Value Common Tr A ℗ ℗ -

Western Asset Core Plus Bond I ℗ ℗ -Vanguard Total Bond Market Index Adm ℗ ℗ -

PIMCO Real Return Instl ℗ ℗ -American Beacon SiM High Yield Opps Instl ℗ ℗ -

American Beacon Large Cap Value Instl ● ℗ -Trails benchmark and policy index for the trailing five years. To be transferred to American Beacon Large Cap Value R6 (AALRX).

Vanguard Institutional Index Instl ℗ ℗ -T. Rowe Price Instl Large Cap Growth ℗ ℗ -

Wells Fargo Special Mid Cap Value R6 ℗ ℗ -Vanguard Mid Cap Index Adm ℗ ℗ -

Hartford MidCap R6 ℗ ℗ -Westwood SmallCap Instl ℗ ℗ -

Vanguard Small Cap Index Adm ℗ ℗ -Artisan Small Cap Instl ℗ ℗ -

Dodge & Cox International Stock ℗ ℗ -Vanguard Total Intl Stock Index Adm ℗ ℗ -

American Funds EuroPacific Growth R6 ℗ ℗ -Oppenheimer Global Opportunities I ℗ ℗ -

Vanguard Target Retirement Income Inv ℗ ℗ -Vanguard Target Retirement 2015 Inv ℗ ℗ -

Vanguard Target Retirement 2020 Inv ℗ ℗ -Vanguard Target Retirement 2025 Inv ℗ ℗ -Vanguard Target Retirement 2030 Inv ℗ ℗ -Vanguard Target Retirement 2035 Inv ℗ ℗ -

Investment Policy Status

17

LANE COUNTY INVESTMENT POLICY STATEMENT COMPLIANCE REPORT457 Deferred Compensation and 401(a) Defined Contribution Plans Fourth Quarter 2018

Key: ℗ Pass / ● Fail Performance

FactorsQualitative

FactorsOn-Watch

Date Initiated Notes

Investment Policy Status

Vanguard Target Retirement 2040 Inv ℗ ℗ -Vanguard Target Retirement 2045 Inv ℗ ℗ -Vanguard Target Retirement 2050 Inv ℗ ℗ -Vanguard Target Retirement 2055 Inv ℗ ℗ -Vanguard Target Retirement 2060 Inv ℗ ℗ -Vanguard Target Retirement 2065 Inv ℗ ℗ -

Parnassus Core Equity Instl ℗ ℗ -

18

LANE COUNTY PERFORMANCE REVIEW457 Deferred Compensation and 401(a) Defined Contribution Plans Fourth Quarter 2018

AnnualizedQTR YTD 1Yr 3Yr 5Yr 10Yr 2017 2016 2015 2014 2013 2012

T. Rowe Price Stable Value Common Tr A 0.55 2.09 2.09 1.91 1.93 2.54 1.85 1.79 1.92 2.00 2.11 2.38US 90 Day T-Bill 0.57 1.94 1.94 1.06 0.65 0.38 0.93 0.32 0.05 0.03 0.06 0.08

5 Yr Constant Maturity US Treasury Yield 0.71 2.75 2.75 2.03 1.85 1.68 1.91 1.44 1.53 1.64 1.16 0.76+/- Index (0.02) 0.15 0.15 0.85 1.28 2.16 0.92 1.47 1.87 1.97 2.05 2.30

US Stable Value 33 29 29 26 19 15 22 21 17 10 10 19

QTR YTD 1Yr 3Yr 5Yr 10Yr 2017 2016 2015 2014 2013 2012Western Asset Core Plus Bond I 0.86 -1.49 -1.49 3.36 3.79 6.90 6.96 4.79 1.31 7.68 -1.07 8.44

BBgBarc Capital US Aggregate Bond Index 1.64 0.01 0.01 2.06 2.52 3.48 3.54 2.65 0.55 5.97 -2.02 4.21+/- Index (0.78) (1.50) (1.50) 1.30 1.27 3.42 3.41 2.14 0.76 1.72 0.96 4.22

US Fund Intermediate-Term Bond 60 85 85 6 3 3 1 13 7 3 31 28

QTR YTD 1Yr 3Yr 5Yr 10Yr 2017 2016 2015 2014 2013 2012Vanguard Total Bond Market Index Adm 1.61 -0.03 -0.03 2.03 2.46 3.42 3.57 2.60 0.40 5.89 -2.15 4.15

BBgBarc Capital US Aggregate Bond Index 1.64 0.01 0.01 2.06 2.52 3.48 3.54 2.65 0.55 5.97 -2.02 4.21+/- Index (0.03) (0.04) (0.04) (0.03) (0.06) (0.05) 0.02 (0.05) (0.15) (0.07) (0.12) (0.06)

US Fund Intermediate-Term Bond 19 31 31 54 39 77 55 63 28 30 67 83

QTR YTD 1Yr 3Yr 5Yr 10Yr 2017 2016 2015 2014 2013 2012PIMCO Real Return Instl -0.93 -1.97 -1.97 2.28 1.48 4.35 3.92 5.04 -2.75 3.42 -9.05 9.25

BBgBarc Capital US TIPS Index -0.42 -1.26 -1.26 2.11 1.69 3.64 3.01 4.68 -1.44 3.64 -8.61 6.98+/- Index (0.50) (0.71) (0.71) 0.17 (0.21) 0.70 0.91 0.36 (1.31) (0.22) (0.44) 2.27

US Fund Inflation-Protected Bond 63 68 68 16 28 4 11 25 75 12 61 6

QTR YTD 1Yr 3Yr 5Yr 10Yr 2017 2016 2015 2014 2013 2012American Beacon SiM High Yield Opps Instl -3.92 -1.14 -1.14 7.27 4.37 - 7.35 16.30 -3.74 4.25 7.74 20.64

BBgBarc Capital US Corp High Yield Index -4.53 -2.08 -2.08 7.23 3.83 11.12 7.50 17.13 -4.47 2.45 7.44 15.81+/- Index 0.62 0.95 0.95 0.04 0.54 - (0.16) (0.83) 0.73 1.79 0.29 4.82

US Fund High Yield Bond 31 21 21 8 4 - 31 13 49 3 27 7

19



American Beacon Large Cap Value Instl -15.99 -11.99 -11.99 6.12 4.42 11.02 17.07 15.98 -6.05 10.56 34.93 19.07Russell 1000 Value Index -11.72 -8.27 -8.27 6.95 5.95 11.18 13.66 17.34 -3.83 13.45 32.53 17.51

+/- Index (4.27) (3.72) (3.72) (0.83) (1.53) (0.15) 3.41 (1.36) (2.23) (2.89) 2.41 1.56US Fund Large Value 90 85 85 65 77 47 38 32 78 51 19 7

QTR YTD 1Yr 3Yr 5Yr 10Yr 2017 2016 2015 2014 2013 2012Vanguard Institutional Index Instl -13.53 -4.42 -4.42 9.22 8.46 13.11 21.79 11.93 1.37 13.65 32.35 15.98

S&P 500 Index -13.52 -4.38 -4.38 9.26 8.49 13.12 21.83 11.96 1.38 13.69 32.39 16.00+/- Index (0.01) (0.04) (0.04) (0.04) (0.03) (0.01) (0.04) (0.03) (0.01) (0.04) (0.04) (0.02)

US Fund Large Blend 43 27 27 15 10 19 29 27 20 18 42 35

QTR YTD 1Yr 3Yr 5Yr 10Yr 2017 2016 2015 2014 2013 2012T. Rowe Price Instl Large Cap Growth -12.85 4.32 4.32 13.93 12.09 18.12 37.82 2.85 10.08 8.72 44.44 17.55

Russell 1000 Growth Index -15.89 -1.51 -1.51 11.15 10.40 15.29 30.21 7.08 5.67 13.05 33.48 15.26+/- Index 3.04 5.83 5.83 2.78 1.69 2.83 7.61 (4.22) 4.41 (4.33) 10.95 2.30

US Fund Large Growth 13 7 7 3 4 4 3 52 7 66 3 25

QTR YTD 1Yr 3Yr 5Yr 10Yr 2017 2016 2015 2014 2013 2012Wells Fargo Special Mid Cap Value R6 -13.74 -13.02 -13.02 5.60 5.15 12.95 11.27 21.68 -2.65 12.12 39.13 18.91

Russell Mid Cap Value Index -14.95 -12.29 -12.29 6.06 5.44 13.03 13.34 20.00 -4.78 14.75 33.46 18.51+/- Index 1.21 (0.74) (0.74) (0.45) (0.29) (0.08) (2.07) 1.69 2.13 (2.63) 5.68 0.41

US Fund Mid-Cap Value 26 50 50 45 26 22 71 20 24 25 16 21

QTR YTD 1Yr 3Yr 5Yr 10Yr 2017 2016 2015 2014 2013 2012Vanguard Mid Cap Index Adm -15.46 -9.23 -9.23 6.38 6.21 13.87 19.25 11.22 -1.34 13.76 35.15 15.99

Vanguard US Mid Cap Index -15.46 -9.22 -9.22 6.40 6.24 13.91 19.30 11.25 -1.28 13.83 35.21 16.04+/- Index 0.00 (0.01) (0.01) (0.02) (0.04) (0.05) (0.04) (0.02) (0.06) (0.06) (0.06) (0.05)

US Fund Mid-Cap Blend 38 32 32 51 15 10 17 73 18 5 41 55

20



Hartford MidCap R6 -17.53 -7.29 -7.29 8.87 7.86 13.72 24.42 11.87 1.75 11.18 39.59 19.36Russell Mid Cap Growth Index -15.99 -4.75 -4.75 8.59 7.42 15.12 25.27 7.33 -0.20 11.90 35.74 15.81

+/- Index (1.53) (2.54) (2.54) 0.28 0.44 (1.40) (0.85) 4.54 1.95 (0.73) 3.85 3.56US Fund Mid-Cap Growth 52 61 61 29 17 36 48 12 24 18 15 9

QTR YTD 1Yr 3Yr 5Yr 10Yr 2017 2016 2015 2014 2013 2012Westwood SmallCap Instl -20.30 -14.16 -14.16 7.37 4.31 12.29 12.36 28.33 -5.94 6.05 49.39 18.13

Russell 2000 Value Index -18.67 -12.86 -12.86 7.37 3.61 10.40 7.84 31.74 -7.47 4.22 34.52 18.05+/- Index (1.63) (1.30) (1.30) (0.01) 0.70 1.89 4.52 (3.41) 1.53 1.83 14.86 0.08

US Fund Small Value 69 32 32 15 15 18 20 29 48 24 2 30

QTR YTD 1Yr 3Yr 5Yr 10Yr 2017 2016 2015 2014 2013 2012Vanguard Small Cap Index Adm -18.33 -9.31 -9.31 7.64 5.25 13.57 16.24 18.30 -3.64 7.50 37.81 18.24

Vanguard US Small Cap Index -18.33 -9.33 -9.33 7.62 5.24 13.53 16.24 18.26 -3.68 7.54 37.77 18.20+/- Index (0.01) 0.01 0.01 0.02 0.01 0.04 0.00 0.04 0.04 (0.04) 0.05 0.04

US Fund Small Blend 29 20 20 23 14 8 14 71 34 13 45 21

QTR YTD 1Yr 3Yr 5Yr 10Yr 2017 2016 2015 2014 2013 2012Artisan Small Cap Instl -19.78 2.45 2.45 11.25 6.61 15.75 27.09 5.76 0.58 -0.57 43.11 17.90

Russell 2000 Growth Index -21.65 -9.31 -9.31 7.24 5.13 13.52 22.17 11.32 -1.38 5.60 43.30 14.59+/- Index 1.87 11.76 11.76 4.01 1.47 2.23 4.93 (5.56) 1.96 (6.18) (0.20) 3.32

US Fund Small Growth 33 10 10 17 24 11 20 84 21 80 39 13

QTR YTD 1Yr 3Yr 5Yr 10Yr 2017 2016 2015 2014 2013 2012Dodge & Cox International Stock -12.39 -17.98 -17.98 3.24 -0.48 7.72 23.94 8.26 -11.35 0.08 26.31 21.03

MSCI ACWI Ex-USA Value (Net) Index -10.71 -13.97 -13.97 4.75 -0.38 5.95 22.66 8.92 -10.06 -5.10 15.04 16.97+/- Index (1.68) (4.01) (4.01) (1.50) (0.09) 1.76 1.28 (0.66) (1.29) 5.18 11.27 4.06

US Fund Foreign Large Value 43 81 81 40 43 9 37 11 95 4 8 16

21



Vanguard Total Intl Stock Index Adm -11.68 -14.43 -14.43 4.54 0.94 6.35 27.55 4.67 -4.26 -4.17 15.14 18.21Vanguard Total International Stock Index -11.79 -14.62 -14.62 4.44 1.05 6.64 27.41 4.72 -4.29 -3.39 15.76 17.04

+/- Index 0.11 0.18 0.18 0.10 (0.10) (0.28) 0.14 (0.05) 0.03 (0.79) (0.62) 1.17US Fund Foreign Large Blend 27 50 50 12 23 32 23 12 79 33 83 49

QTR YTD 1Yr 3Yr 5Yr 10Yr 2017 2016 2015 2014 2013 2012American Funds EuroPacific Growth R6 -12.59 -14.91 -14.91 4.08 1.86 7.69 31.17 1.01 -0.48 -2.29 20.58 19.64

MSCI AC World Ex-USA Growth (Net) Index -12.20 -14.43 -14.43 4.19 1.69 7.15 32.01 0.12 -1.25 -2.65 15.49 16.67+/- Index (0.39) (0.48) (0.48) (0.11) 0.17 0.54 (0.84) 0.89 0.77 0.36 5.09 2.97

US Fund Foreign Large Growth 33 58 58 33 36 42 44 20 66 27 36 34

QTR YTD 1Yr 3Yr 5Yr 10Yr 2017 2016 2015 2014 2013 2012Oppenheimer Global Opportunities I -25.09 -17.77 -17.77 11.88 9.21 15.89 53.18 11.16 14.44 -3.04 41.31 10.73

MSCI World (Net) Index -13.42 -8.71 -8.71 6.30 4.56 9.67 22.40 7.51 -0.87 4.94 26.68 15.83+/- Index (11.67) (9.06) (9.06) 5.57 4.66 6.22 30.78 3.65 15.31 (7.97) 14.64 (5.09)

US Fund World Small/Mid Stock 99 70 70 2 1 1 1 9 1 89 4 87

QTR YTD 1Yr 3Yr 5Yr 10Yr 2017 2016 2015 2014 2013 2012Vanguard Target Retirement Income Inv -3.20 -1.99 -1.99 3.82 3.35 5.92 8.47 5.25 -0.17 5.54 5.87 8.23

Vanguard Retirement Income Index -3.24 -1.98 -1.98 3.92 3.51 6.05 8.67 5.35 0.12 5.76 6.03 8.42+/- Index 0.04 (0.01) (0.01) (0.10) (0.16) (0.13) (0.19) (0.10) (0.30) (0.23) (0.15) (0.19)

US Fund Target-Date Retirement 28 21 21 32 18 49 62 41 7 19 56 67

QTR YTD 1Yr 3Yr 5Yr 10Yr 2017 2016 2015 2014 2013 2012Vanguard Target Retirement 2015 Inv -4.65 -2.97 -2.97 4.72 4.03 7.84 11.50 6.16 -0.46 6.56 13.00 11.37

Vanguard Retirement 2015 Index -4.66 -2.88 -2.88 4.87 4.21 7.95 11.61 6.40 -0.22 6.77 13.27 11.46+/- Index 0.01 (0.09) (0.09) (0.15) (0.18) (0.11) (0.11) (0.24) (0.24) (0.21) (0.27) (0.09)

US Fund Target-Date 2015 25 20 20 38 17 39 44 56 11 3 21 34

22



Vanguard Target Retirement 2020 Inv -6.50 -4.24 -4.24 5.32 4.44 8.53 14.08 6.95 -0.68 7.11 15.85 12.35Vanguard Retirement 2020 Index -6.47 -4.14 -4.14 5.47 4.64 8.75 14.22 7.17 -0.40 7.37 16.21 12.47

+/- Index (0.03) (0.10) (0.10) (0.15) (0.20) (0.22) (0.14) (0.22) (0.28) (0.26) (0.36) (0.12)US Fund Target-Date 2020 59 42 42 18 4 23 17 29 23 1 18 36


Vanguard Retirement 2025 Index -7.73 -5.01 -5.01 5.89 4.87 9.29 16.08 7.66 -0.58 7.45 18.52 13.39+/- Index (0.01) (0.14) (0.14) (0.15) (0.20) (0.24) (0.14) (0.18) (0.27) (0.28) (0.38) (0.10)











23



Vanguard Target Retirement 2045 Inv -11.78 -7.90 -7.90 6.78 5.13 10.26 21.42 8.87 -1.57 7.16 24.37 15.58Vanguard Retirement 2045 Index -11.73 -7.77 -7.77 6.95 5.39 10.54 21.54 9.13 -1.25 7.61 24.79 15.58

+/- Index (0.05) (0.13) (0.13) (0.17) (0.26) (0.27) (0.11) (0.26) (0.32) (0.45) (0.42) 0.00US Fund Target-Date 2045 50 43 43 21 12 23 26 28 42 12 27 43


Vanguard Retirement 2050 Index -11.73 -7.77 -7.77 6.95 5.39 10.54 21.54 9.13 -1.25 7.61 24.79 15.58+/- Index (0.06) (0.13) (0.13) (0.18) (0.26) (0.27) (0.14) (0.28) (0.32) (0.43) (0.45) 0.01


QTR YTD 1Yr 3Yr 5Yr 10Yr 2017 2016 2015 2014 2013 2012Vanguard Target Retirement 2055 Inv -11.76 -7.89 -7.89 6.77 5.10 - 21.38 8.88 -1.72 7.19 24.33 15.58

Vanguard Retirement 2055 Index -11.73 -7.77 -7.77 6.95 5.39 - 21.54 9.13 -1.25 7.61 24.79 15.58+/- Index (0.03) (0.12) (0.12) (0.18) (0.28) - (0.16) (0.25) (0.46) (0.42) (0.46) 0.01

US Fund Target-Date 2055 41 37 37 24 17 - 48 27 53 16 36 48

QTR YTD 1Yr 3Yr 5Yr 10Yr 2017 2016 2015 2014 2013 2012Vanguard Target Retirement 2060 Inv -11.77 -7.87 -7.87 6.76 5.10 - 21.36 8.84 -1.68 7.16 24.35 -

Vanguard Retirement 2060 Index -11.73 -7.77 -7.77 6.95 5.39 - 21.54 9.13 -1.25 7.61 24.79 15.58+/- Index (0.04) (0.10) (0.10) (0.18) (0.29) - (0.18) (0.28) (0.43) (0.45) (0.44) -

US Fund Target-Date 2060+ 34 34 34 32 1 - 53 21 46 8 1 -

QTR YTD 1Yr 3Yr 5Yr 10Yr 2017 2016 2015 2014 2013 2012Vanguard Target Retirement 2065 Inv -11.77 -7.95 -7.95 - - - - - - - - -

Vanguard Retirement 2060 Index -11.73 -7.77 -7.77 6.95 5.39 - 21.54 9.13 -1.25 7.61 24.79 15.58+/- Index (0.04) (0.18) (0.18) - - - - - - - - -

US Fund Target-Date 2060+ 36 39 39 - - - - - - - - -

24



Parnassus Core Equity Instl -9.54 0.05 0.05 8.93 8.12 12.80 16.81 10.60 -0.33 14.70 34.15 15.64S&P 500 Index -13.52 -4.38 -4.38 9.26 8.49 13.12 21.83 11.96 1.38 13.69 32.39 16.00

+/- Index 3.98 4.44 4.44 (0.32) (0.37) (0.32) (5.02) (1.36) (1.72) 1.01 1.76 (0.36)US Fund Large Blend 7 3 3 27 21 31 86 50 47 10 26 43

25


26

Section 5

LANE COUNTY PLAN FEE ANALYSIS457 Deferred Compensation Plan Fourth Quarter 2018

$110 $139 $152

$155 $168

$164 $175

$177

$172

$173

$158

$80 $6

5 $87

$87 $9

5

$101 $103

$106

$103

$103

$97

4Q11

4Q12

4Q13

4Q14

4Q15

4Q16

4Q17

1Q18

2Q18

3Q18

4Q18

$0

$25,000

$50,000

$75,000

Average Participant Balance and Cost ($)Avg. Investment Cost Avg. Admin Cost Avg. Part Balance

0.57

1%

0.53

8%

0.51

6%

0.49

5%

0.52

5%

0.50

0%

0.48

6%

0.48

1%

0.48

0%

0.48

3%

0.47

3%

0.63

0%

0.62

4%

0.59

7%

0.57

0%

0.55

9%

0.55

4%

0.53

1%

0.52

6%

0.52

5%

0.53

9%

0.53

5%

0.00%

0.25%

0.50%

0.75%

4Q11

4Q12

4Q13

4Q14

4Q15

4Q16

4Q17

1Q18

2Q18

3Q18

4Q18

Annualized Plan Cost (%)Weighted Total Expense Ratio Average Total Expense Ratio

0.24

1%

0.17

0%

0.19

0%

0.18

0%

0.19

0%

0.19

0%

0.18

0%

0.18

0%

0.18

0%

0.18

0%

0.18

0%

0.16

0%

0.16

0%

0.16

0%

0.16

0%

0.13

0%

0.13

0%

0.13

0%

0.13

0%

0.13

0%

0.13

0%

0.13

0%

0.00%

0.15%

0.30%

4Q11

4Q12

4Q13

4Q14

4Q15

4Q16

4Q17

1Q18

2Q18

3Q18

4Q18

Annualized Contracted Revenue v. Revenue Received (as a % of total assets)

Revenue Received Contracted Revenue

0.33

0%

0.36

8%

0.32

6%

0.31

5%

0.33

5%

0.31

0%

0.30

6%

0.30

1%

0.30

0%

0.30

3%

0.29

3%

0.24

1%

0.17

0%

0.19

0%

0.18

0%

0.19

0%

0.19

0%

0.18

0%

0.18

0%

0.18

0%

0.18

0%

0.18

0%

0.00%

0.30%

0.60%

4Q11

4Q12

4Q13

4Q14

4Q15

4Q16

4Q17

1Q18

2Q18

3Q18

4Q18

Annualized Investment Cost Summary(as a % of total assets)

Avg. Admin Cost per Participant Avg. Investment Cost per Participant

27


Fund TickerQuarter Average

AssetsNet Expense

Ratio Admin FeeEst. Total Invest.

CostEst. Total Admin.

CostT. Rowe Price Stable Value Common Tr A - $21,848,058 0.30% 0.18% $65,544 $39,327Western Asset Core Plus Bond I* WACPX $3,005,980 0.30% 0.18% $9,018 $5,411Vanguard Total Bond Market Index Adm VBTLX $3,031,542 0.05% 0.18% $1,516 $5,457PIMCO Real Return Instl PRRIX $772,586 0.88% 0.18% $6,799 $1,391American Beacon SiM High Yield Opps Instl SHOIX $1,295,972 0.84% 0.18% $10,886 $2,333American Beacon Large Cap Value Instl AADEX $2,890,203 0.60% 0.18% $17,341 $5,202Vanguard Institutional Index Instl VINIX $9,617,916 0.04% 0.18% $3,366 $17,312T. Rowe Price Instl Large Cap Growth TRLGX $10,000,892 0.56% 0.18% $56,005 $18,002Wells Fargo Special Mid Cap Value R6 WFPRX $1,464,131 0.75% 0.18% $10,981 $2,635Vanguard Mid Cap Index Adm VIMAX $2,586,064 0.05% 0.18% $1,293 $4,655Hartford MidCap R6 HFMVX $249,176 0.76% 0.18% $1,894 $449Westwood SmallCap Instl* WHGSX $811,427 0.74% 0.18% $6,005 $1,461Vanguard Small Cap Index Adm VSMAX $3,326,639 0.05% 0.18% $1,663 $5,988Artisan Small Cap Instl APHSX $1,187,528 1.01% 0.18% $11,994 $2,138Dodge & Cox International Stock* DODFX $1,830,123 0.53% 0.18% $9,700 $3,294Vanguard Total Intl Stock Index Adm VTIAX $2,135,927 0.11% 0.18% $2,350 $3,845American Funds EuroPacific Growth R6 RERGX $2,460,783 0.49% 0.18% $12,058 $4,429Oppenheimer Global Opportunities I OGIIX $2,661,963 0.71% 0.18% $18,900 $4,792Vanguard Target Retirement Income Inv VTINX $2,203,698 0.13% 0.18% $2,865 $3,967Vanguard Target Retirement 2015 Inv VTXVX $608,089 0.13% 0.18% $791 $1,095Vanguard Target Retirement 2020 Inv VTWNX $5,466,373 0.13% 0.18% $7,106 $9,839Vanguard Target Retirement 2025 Inv VTTVX $1,603,877 0.14% 0.18% $2,245 $2,887Vanguard Target Retirement 2030 Inv VTHRX $6,490,729 0.14% 0.18% $9,087 $11,683Vanguard Target Retirement 2035 Inv VTTHX $436,302 0.14% 0.18% $611 $785Vanguard Target Retirement 2040 Inv VFORX $6,852,697 0.15% 0.18% $10,279 $12,335Vanguard Target Retirement 2045 Inv VTIVX $837,525 0.15% 0.18% $1,256 $1,508Vanguard Target Retirement 2050 Inv VFIFX $3,006,669 0.15% 0.18% $4,510 $5,412Vanguard Target Retirement 2055 Inv VFFVX $234,285 0.15% 0.18% $351 $422Vanguard Target Retirement 2060 Inv VTTSX $12,076 0.15% 0.18% $18 $22

Annualized

28



AssetsNet Expense



Cost

Annualized

Vanguard Target Retirement 2065 Inv VLXVX $0 0.15% 0.18% $0 $0Parnassus Core Equity Instl* PRILX $1,382,223 0.54% 0.18% $7,464 $2,488Self-Directed Brokerage Assets - $701,672 - 0.00% - $0

TOTAL $101,013,125 $293,896 $180,561

Plan Administration Cost Quarter AnnualizedPlan Generated Revenue (est): $45,140 $180,561

Contracted Revenue (est): $32,829 $131,317Net Excess/(Deficit) (est): $12,311 $49,244

*Revenue generated by investment options is credited back to the participants invested in those funds. This is reflected in the Net Expense Ratios.

29


30

LANE COUNTY PLAN FEE ANALYSIS401(a) Defined Contribution Plan Fourth Quarter 2018

$2 $4$8 $10 $10 $11 $11

$2

$5

$8$9 $9 $10 $10

$0

$5

$10

$15

$20

$25

$30

$35

4Q15

4Q16

4Q17

1Q18

2Q18

3Q18

4Q18

$0

$2,500

$5,000

$7,500

Average Participant Balance and Cost ($)Avg. Investment Cost Avg. Admin Cost Avg. Part Balance

0.36

7%

0.36

8%

0.36

8%

0.37

8%

0.38

1%

0.38

2%

0.37

8%

0.56

2%

0.55

4%

0.53

3%

0.52

4%

0.52

5%

0.53

9%

0.53

5%

0.00%

0.25%

0.50%

0.75%

4Q15

4Q16

4Q17

1Q18

2Q18

3Q18

4Q18

Annualized Plan Cost (%)Weighted Total Expense Ratio Average Total Expense Ratio

0.19

0%

0.19

0%

0.18

0%

0.18

0%

0.18

0%

0.18

0%

0.18

0%

0.13

0%

0.13

0%

0.13

0%

0.13

0%

0.13

0%

0.13

0%

0.13

0%

0.00%

0.10%

0.20%

0.30%

4Q15

4Q16

4Q17

1Q18

2Q18

3Q18

4Q18

Annualized Contracted Revenue v. Revenue Received (as a % of total assets)

Revenue Received Contracted Revenue

0.17

7%

0.17

8%

0.18

8%

0.19

8%

0.20

1%

0.20

2%

0.19

8%

0.19

0%

0.19

0%

0.18

0%

0.18

0%

0.18

0%

0.18

0%

0.18

0%

0.00%

0.15%

0.30%

0.45%

4Q15

4Q16

4Q17

1Q18

2Q18

3Q18

4Q18

Annualized Investment Cost Summary(as a % of total assets)

Avg. Admin Cost per Participant Avg. Investment Cost per Participant

31



AssetsNet Expense



CostT. Rowe Price Stable Value Common Tr A - $154,510 0.30% 0.18% $464 $278Western Asset Core Plus Bond I* WACPX $47,822 0.30% 0.18% $143 $86Vanguard Total Bond Market Index Adm VBTLX $57,788 0.05% 0.18% $29 $104PIMCO Real Return Instl PRRIX $14,410 0.88% 0.18% $127 $26American Beacon SiM High Yield Opps Instl SHOIX $22,304 0.84% 0.18% $187 $40American Beacon Large Cap Value Instl AADEX $35,279 0.60% 0.18% $212 $64Vanguard Institutional Index Instl VINIX $181,922 0.04% 0.18% $64 $327T. Rowe Price Instl Large Cap Growth TRLGX $10,808 0.56% 0.18% $61 $19Wells Fargo Special Mid Cap Value R6 WFPRX $27,062 0.75% 0.18% $203 $49Vanguard Mid Cap Index Adm VIMAX $33,746 0.05% 0.18% $17 $61Victory Munder Mid-Cap Core Growth R6 MGOSX $2,173 0.84% 0.18% $18 $4Hartford MidCap R6 HFMVX $1,202 0.76% 0.18% $9 $2Westwood SmallCap Instl* WHGSX $6,723 0.74% 0.18% $50 $12Vanguard Small Cap Index Adm VSMAX $84,705 0.05% 0.18% $42 $152Artisan Small Cap Instl APHSX $2,292 1.01% 0.18% $23 $4Dodge & Cox International Stock* DODFX $36,975 0.53% 0.18% $196 $67Vanguard Total Intl Stock Index Adm VTIAX $64,728 0.11% 0.18% $71 $117American Funds EuroPacific Growth R6 RERGX $139,356 0.49% 0.18% $683 $251Oppenheimer Global Opportunities I OGIIX $72,625 0.71% 0.18% $516 $131Vanguard Target Retirement Income Inv VTINX $846 0.13% 0.18% $1 $2Vanguard Target Retirement 2015 Inv VTXVX $27,934 0.13% 0.18% $36 $50Vanguard Target Retirement 2020 Inv VTWNX $281,893 0.13% 0.18% $366 $507Vanguard Target Retirement 2025 Inv VTTVX $341,575 0.14% 0.18% $478 $615Vanguard Target Retirement 2030 Inv VTHRX $325,973 0.14% 0.18% $456 $587Vanguard Target Retirement 2035 Inv VTTHX $277,023 0.14% 0.18% $388 $499Vanguard Target Retirement 2040 Inv VFORX $505,182 0.15% 0.18% $758 $909Vanguard Target Retirement 2045 Inv VTIVX $191,737 0.15% 0.18% $288 $345Vanguard Target Retirement 2050 Inv VFIFX $61,510 0.15% 0.18% $92 $111Vanguard Target Retirement 2055 Inv VFFVX $56,770 0.15% 0.18% $85 $102

Annualized

32



AssetsNet Expense



Cost

Annualized

Vanguard Target Retirement 2060 Inv VTTSX $3,892 0.15% 0.18% $6 $7Vanguard Target Retirement 2065 Inv VLXVX $368 0.15% 0.18% $1 $1Parnassus Core Equity Instl* PRILX $5,607 0.54% 0.18% $30 $10

TOTAL $3,076,744 $6,100 $5,538

Plan Administration Cost Quarter AnnualizedPlan Generated Revenue (est): $1,385 $5,538

Contracted Revenue (est): $1,000 $4,000Net Excess/(Deficit) (est): $385 $1,538

*Revenue generated by investment options is credited back to the participants invested in those funds. This is reflected in the Net Expense Ratios.

33


34

Section 6

Am

erican Beacon Large Cap Value Fund Institutional Class AADEX

Morningstar A

nalyst Rating´

NA

V $N

AV D

ay Change %Yield TTM

%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

25.45]

0.25 | 0.992.19

6Open

$250,000N

one0.60%

QQQ

Large Value1

Large Value

Grow

th of 10,000 01-30-2009 - 01-30-2019

8K

20K

31K

42K

20092010

20112012

20132014

20152016

20172018

2019

American Beacon Large Cap

Value Fund InstitutionalClass $33,657.60Large Value $31,276.01S&

P 500 TR USD $39,195.45

Investment Strategy

The investment seeks long-term

capital appreciation and current income. Under norm

al circumstances, at least 80%

of thefund's net assets (plus the am

ount of any borrowings for investm

ent purposes) are invested in equity securities of large market

capitalization U.S. companies. These com

panies have market capitalizations w

ithin the market capitalization range of the com

-panies in the Russell 1000®

Index at the time of investm

ent.

Performance 01-29-2019

YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,85310,923

8,92413,817

14,02333,327

Fund8.53

9.23-10.76

11.387.00

12.79+/- S&

P 500 TR USD3.11

2.90-5.11

-1.72-3.53

-1.67+/- Category

2.442.33

-2.540.56

-0.480.36

% Rank in Cat

910

8039

6639

# of Funds in Cat1,255

1,2541,227

1,085925

674* Currency is displayed in USD

Top Holdings 11-30-2018

Weight %

Last PriceDay Chg %

52 Week Range

YJPM

organ Chase & Co

2.73103.05 USD

-1.29 [91.11 - 119.33

Citigroup Inc2.68

63.76 USD-0.72 [

48.42 - 79.39W

ells Fargo & Co

2.4849.05 USD

-2.10 [43.02 - 66.10

YS+p500 Em

ini Fut Dec18 Xcme

201812212.32

——

—

YCom

cast Corp Class A2.25

36.37 USD2.65 ]

30.43 - 42.73

% Assets in Top 5 Holdings

12.46

TIncrease

YDecrease

RN

ew to Portfolio

Top Sectors 11-30-2018Fund

3 Yr High3 Yr Low

Cat Avg

yFinancial Services

26.4727.41

26.4721.25

oEnergy

13.3914.45

11.8710.06

dHealthcare

11.7812.34

11.7815.18

pIndustrials

11.0012.39

11.009.51

tConsum

er Cyclical10.82

11.218.65

8.47

FundCat Avg

010

2030

40

Dividend and Capital G

ains Distributions

DistributionDate

DistributionN

AVLong-Term

Capital GainShort-Term

Captial GainReturn of

CapitalDividend

Income

DistributionTotal

12-20-201823.00

1.76770.0963

0.00000.5488

2.412812-21-2017

29.272.0019

0.58220.0000

0.54513.1292

12-22-201627.90

0.21750.0000

0.00000.6010

0.818512-22-2015

24.432.3425

0.03590.0000

0.51902.8974

12-22-201429.33

2.01240.0000

0.00000.6694

2.6818

3 Year Average M

orningstar Risk Measures

Risk vs. Category+Avg

LowAvg

High

(1100)

Return vs. CategoryAvg

(1100)

Pillars

Process∞

PositivePerform

ance¶

Neutral

People∞

PositiveParent

∞Positive

Price∞

Positive

Rating´

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW

eighted Averageof holdings

75% of fund’s stock

holdings

Asset A

llocation

Asset Class%

Net

Cash2.54

US Stock88.47

Non US Stock

8.98Bond

0.00Other

0.00

Managem

entStart Date

James P. Barrow

07-17-1987George H. Davis

12-31-1988Patricia M

cKenna12-31-1995

Judd Peters12-31-2003

Scott McBride

12-31-2004Patrick S. Kaser

07-29-2010N

evin P. Chitkara11-22-2010

Steven R. Gorham11-22-2010

James J. Clarke

12-31-2011Gene L. N

eedles02-29-2012

Mark Giam

brone02-27-2015

Kirk L. Brown

02-28-2016Paul B. Cavazos

12-31-2016M

ark M. M

ichel03-16-2018

Release date 01-31-2019

©2019 M

orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem

ent, you may use this report only in the country in w

hich its original distributor is based. Data as originally reported. Theinform

ation contained herein is not represented or warranted to be accurate, correct, com

plete, or timely. This report is for inform

ation purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited w

ithout written perm

ission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.ß

®

Page 1 of 11Release date 01-31-2019

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Page 1 of 11

35

Am

erican Beacon SiM

High Yield O

pportunities Fund InstitutionalClass SHOIX

Morningstar A

nalyst Rating

‰

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

9.30]

0.01 | 0.136.44

1Open

$250,000N

one0.84%

QQQQQ

High Yield Bond0

Grow

th of 10,000 02-14-2011 - 01-30-2019

9K

12K

14K

17K

20112012

20132014

20152016

20172018

2019

American Beacon SiM

HighYield Opportunities FundInstitutional Class$16,524.55High Yield Bond $14,416.22BBgBarc US Agg Bond TRUSD $12,668.01

Investment Strategy

The investment seeks high current incom

e and, secondarily, capital appreciation. The fund normally invests at least 80%

of itsnet assets (plus the am

ount of any borrowing for investm

ent purposes) in non-investment grade securities and/or financial in-

struments that provide exposure to non-investm

ent grade securities. It may invest in securities of foreign issuers, including

those in emerging m

arkets. The fund has no limitations regarding the m

aturities of the debt securities it can buy, the market

capitalization of the issuers of those securities or whether the securities are rated.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,34710,344

10,14212,967

12,682—

Fund3.47

3.441.42

9.054.87

—+/- BBgBarc US Agg BondTR USD

2.802.53

-0.507.23

2.49—

+/- Category-0.17

-0.371.00

1.671.53

—%

Rank in Cat64

7126

115

—# of Funds in Cat

717714

692599

505327

* Currency is displayed in USD


Weight %

Maturity Date

Amount M

ilValue M

il

MEG Energy Corporation 7%

2.6103-31-2024

30.2828.35

California Resources Corporation 8%2.20

12-15-202231.22

23.92Hellenic Republic Bonds Regs 02/23 Var

1.9402-24-2023

18.6921.04

JBS USA LLC / JBS USA Finance INC 5.88%

1.8807-15-2024

20.8420.48

Denbury Resources Inc. 5.5%1.83

05-01-202226.05

19.93


10.46

TIncrease

YDecrease

RN

ew to Portfolio


BMark

Cat Avg

Corporate Bond96.58

—85.56

Convertible3.23

—1.19

Bank Loan1.08

—0.20

Preferred0.21

—0.21

Agency Mortgage-Backed

0.00—

0.43

FundCat Avg

030

6090

120


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-31-20189.03

0.00000.0000

0.00000.0509

0.050911-30-2018

9.260.0000

0.00000.0000

0.04800.0480

10-31-20189.44

0.00000.0000

0.00000.0496

0.049609-28-2018

9.550.0000

0.00000.0000

0.04750.0475

08-31-20189.52

0.00000.0000

0.00000.0487

0.0487

3 Year Average M


Risk vs. CategoryAvg

LowAvg

High

(604)

Return vs. CategoryHigh

(604)

Pillars

Process¶

Neutral

Performance

∞Positive

People¶

Neutral

Parent∞

PositivePrice

§N

egative

Rating‰

Style Map 03-31-2018

LtdM

odExt

HighMedLow

Bond Statistics

Value

Average Effective Duration—

Average Effective Maturity (Years)

—Average Credit Quality

Not Rated

Average Weighted Coupon

6.68Average W

eighted Price95.90

Asset A

llocation

%Net

%Short

%Long

Benchm

arkCatAvg

Cash-4.30

4.640.34

—4.96

US Stock0.61

0.000.61

—0.81

Non US Stock

0.380.00

0.38—

0.06Bond

99.870.00

99.87—

92.22Other

3.440.00

3.44—

1.95

Managem

entStart Date

Brian L. Placzek02-14-2011

Gary J. Pokrzywinski

02-14-2011Ryan Clare Larson

12-28-2018


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ithout written perm


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ithout written perm


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Page 1 of 11

36

Am

erican Funds EuroPacific Grow

th Fund® Class R-6 RERGX

Morningstar A

nalyst RatingŒ

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

48.39]

0.66 | 1.381.70

149Open

$250N

one0.49%

QQQ

Foreign LargeGrow

th7

Large Growth

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

15K

22K

28K

20092010

20112012

20132014

20152016

20172018

2019

American Funds EuroPacific

Growth Fund®

Class R-6$24,565.39Foreign Large Grow

th$23,842.31M

SCI ACWI Ex USA N

R USD$21,655.84

Investment Strategy


growth of capital. The fund invests prim

arily in comm

on stocks of issuers in Europe and the Pa-cific Basin that the investm

ent adviser believes have the potential for growth. Grow

th stocks are stocks that the investment ad-

viser believes have the potential for above-average capital appreciation. It normally w

ill invest at least 80% of its net assets in

securities of issuers in Europe and the Pacific Basin. The fund may invest a portion of its assets in com

mon stocks and other se-

curities of companies in em

erging markets.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,60910,659

8,44312,735

12,090—

Fund6.09

6.59-15.57

8.393.87

—+/- M

SCI ACWI Ex USA N

RUSD

0.000.06

-1.06-0.70

1.26—

+/- Category0.37

0.33-1.05

1.110.53

—%

Rank in Cat39

3956

3236


458456

436361

312224



Weight %

Last PriceDay Chg %

52 Week Range

YAIA Group Ltd

2.6870.50 USD

2.40 ]58.20 - 75.00

THDFC Bank Ltd

2.44—

USD2.22 ]

1,828.50 - 2,220.00

YReliance Industries Ltd

2.27—

USD2.63 ]

871.00 - 1,329.00

TAirbus SE

2.11100.24 USD

1.25 ]77.50 - 111.16

YSam

sung Electronics Co Ltd1.93

— USD

-0.54 [36,850.00 - 53,900.00


11.43

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

19.5519.55

18.9816.96

aTechnology

19.4922.50

17.3418.22

tConsum

er Cyclical12.74

12.7411.19

13.08

pIndustrials

10.5510.55

9.3913.77

dHealthcare

9.049.04

6.0011.60

FundCat Avg

05

1015

20


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-20-201844.51

0.62350.0000

0.00000.7495

1.373006-13-2018

55.611.6190

0.00000.0000

0.05221.6712

12-21-201755.70

1.16930.0000

0.00000.5026

1.671906-14-2017

51.950.9630

0.00000.0000

0.16541.1284

12-22-201644.95

0.00000.0000

0.00000.7373

0.7373

3 Year Average M


Risk vs. Category-Avg

LowAvg

High

(364)


(364)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash5.58

US Stock2.06

Non US Stock

90.49Bond

1.78Other

0.10

Managem

entStart Date

Mark E. Denning

12-31-1991Carl M

. Kawaja

06-01-2001N

icholas J. Grace06-01-2002

Sung Lee06-01-2002

Jesper Lyckeus06-01-2004

Jonathan Knowles

06-01-2006Andrew

B. Suzman

06-01-2007Christopher M

.Thom

sen06-01-2008

Lawrence Kym

isis06-01-2014


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37

Artisan Sm

all Cap Fund Institutional Shares APHSXM

orningstar Analyst Rating

„

NA

V $N

AV D


%Total A

ssets $ Bil

StatusM

in. Inv.Load

ExpensesM

orningstar Rating TM

CategoryInvestm

ent Style

30.01]

0.37 | 1.250.00

1.3Lim

ited$1 m

ilN

one1.01%

QQQQ

Small Grow

th8

Mid Grow

th

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

26K

42K

59K

20092010

20112012

20132014

20152016

20172018

2019

Artisan Small Cap Fund

Institutional Shares$52,725.54Sm

all Growth $39,209.62

S&P 500 TR USD $39,195.45

Investment Strategy

The investment seeks m

aximum

long-term capital grow

th. The fund invests no less than 80% of its net assets plus any borrow

-ings for investm

ent purposes at market value at the tim

e of purchase in the comm

on stocks of small com

panies. It defines asm

all company as one w

ith a market capitalization less than three tim

es the weighted average m

arket capitalization of com-

panies in the Russell 2000® Index.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

11,30711,485

10,96817,553

15,168—

Fund13.07

14.859.68

20.638.69

—+/- S&

P 500 TR USD6.00

6.8612.80

6.94-1.93

—+/- Category

2.923.45

10.094.79

1.11—

% Rank in Cat

65

610

31—

# of Funds in Cat686

686664

572506



Weight %

Last PriceDay Chg %

52 Week Range

YVeeva System

s Inc Class A4.70

109.22 USD0.76 ]

52.17 - 109.42

YTeledyne Technologies Inc

4.33221.98 USD

0.11 ]172.80 - 250.87

YQ2 Holdings Inc

3.5958.02 USD

0.56 ]39.50 - 67.10

YDexCom

Inc3.45

145.86 USD1.52 ]

52.92 - 152.69

YGuidew

ire Software Inc

3.3187.22 USD

1.93 ]72.51 - 107.79


19.38

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

aTechnology

54.2954.29

45.3425.28

dHealthcare

14.4114.41

8.1419.13

pIndustrials

11.5115.13

11.5116.22

tConsum

er Cyclical8.56

11.198.56

13.11

yFinancial Services

4.477.91

4.1210.08

FundCat Avg

015

3045

60


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

11-20-201827.82

5.36050.0678

0.00000.0000

5.428311-21-2017

31.104.9660

0.00000.0000

0.00004.9660

11-17-201629.46

0.32890.0000

0.00000.0000

0.328911-19-2015

27.442.7134

0.00000.0000

0.00002.7134

3 Year Average M



LowAvg

High

(583)

Return vs. Category+Avg

(583)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

¶N

eutral

Rating„

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash0.53

US Stock95.08

Non US Stock

4.39Bond

0.00Other

0.00

Managem

entStart Date

Craigh A. Cepukenas09-27-2004

James D. Ham

el10-01-2009

Matthew

H. Kamm

01-13-2010Jason L. W

hite01-28-2011


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38

Dodge &

Cox International Stock Fund DODFXM


Œ

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

40.02]

0.46 | 1.162.93

48Lim

ited$2,500

None

0.63%QQQQ

Foreign Large Value1

Large Value

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

16K

23K

31K

20092010

20112012

20132014

20152016

20172018

2019

Dodge & Cox International

Stock Fund $25,538.72Foreign Large Value$19,919.41M

SCI ACWI Ex USA N

R USD$21,655.84

Investment Strategy


growth of principal and incom

e. Under normal circum

stances, the fund will invest at least 80%

of its total assets in equity securities of non-U.S. companies, including com

mon stocks, depositary receipts evidencing ow

ner-ship of com

mon stocks, preferred stocks, securities convertible into com

mon stocks, and securities that carry the right to buy

comm

on stocks. The fund typically invests in medium

-to-large well-established com

panies based on standards of the applic-able m

arket.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,71810,730

8,10313,020

10,90525,245

Fund7.18

7.30-18.97

9.191.75

9.70+/- M

SCI ACWI Ex USA N

RUSD

1.090.76

-4.460.11

-0.861.71

+/- Category0.84

0.51-3.98

2.360.73

2.41%

Rank in Cat20

2792

1635

9# of Funds in Cat

336336

317275

228150



Weight %

Last PriceDay Chg %

52 Week Range

YSanofi SA

3.73—

——

YRoche Holding AG Dividend Right Cert.

3.18262.60 USD

2.02 ]206.35 - 263.50

YICICI Bank Ltd

3.15364.45 USD

-0.40 [256.50 - 383.55

YItau Unibanco Holding SAParticipating Preferred

2.9838.83 USD

1.86 ]33.26 - 106.68

TN

aspers Ltd Class N2.96

— USD

0.54 ]236,266.00 -

361,394.00


15.99

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

30.2530.25

24.5224.11

dHealthcare

17.8117.81

13.889.15

aTechnology

15.9824.84

15.986.94

tConsum

er Cyclical8.04

8.046.29

11.28

oEnergy

7.168.56

7.169.48

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-19-201836.92

0.00000.0000

0.00001.0800

1.080012-19-2017

45.770.0000

0.00000.0000

0.89200.8920

12-20-201638.12

0.54340.0000

0.00000.8516

1.395012-21-2015

36.100.0000

0.00000.0000

0.84000.8400

12-19-201442.41

0.00000.0000

0.00000.9699

0.9699

3 Year Average M


Risk vs. CategoryHigh

LowAvg

High

(273)


(273)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

%Net

%Short

%Long

Benchm

arkCatAvg

Cash0.65

0.090.73

0.020.22

US Stock8.11

0.008.11

0.302.75

Non US Stock

90.500.03

90.5499.62

95.45Bond

0.000.00

0.000.00

1.45Other

0.750.00

0.750.06

0.13

Managem

entStart Date

C. Bryan Cameron

05-01-2001Diana S. Strandberg

05-01-2001M

ario C. DiPrisco01-01-2004

Roger G. Kuo05-01-2006

Keiko Horkan05-01-2007

Charles F. Pohl05-01-2007

Richard T. Callister03-30-2012

Englebert T.Bangayan

02-28-2015

Raymond J. M

ertens01-31-2018


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ithout written perm


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ithout written perm


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Page 1 of 11

39

The Hartford M

idCap Fund Class R6 HFMVX

Morningstar A

nalyst Rating´

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

32.89]

0.36 | 1.110.00

12Open

—N

one0.76%

QQQQ

Mid-Cap Grow

th8

Mid Grow

th

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

21K

34K

46K

20092010

20112012

20132014

20152016

20172018

2019

The Hartford MidCap Fund

Class R6 $41,163.50M

id-Cap Growth $37,499.07

S&P 500 TR USD $39,195.45

Investment Strategy


growth of capital. The fund invests at least 80%

of its assets in comm

on stocks of mid-capital-

ization companies. The sub-adviser defines m

id-capitalization companies as com

panies with m

arket capitalizations within the

collective range of the Russell Midcap and S&P M

idCap 400 Indices.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

11,03311,179

9,71315,479

——

Fund10.33

11.79-2.87

15.68—

—+/- S&

P 500 TR USD3.26

3.800.25

1.99—

—+/- Category

0.640.99

-0.011.79

——

% Rank in Cat

3529

5227

——


612595

531477



Weight %

Last PriceDay Chg %

52 Week Range

YGenpact Ltd

2.3929.74 USD

0.35 ]25.48 - 34.29

WEX Inc

2.14160.80 USD

0.78 ]131.35 - 203.49

YLennox International Inc

2.07225.77 USD

0.70 ]177.36 - 230.66

TM

arkel Corp2.01

— USD

0.33 ]954.39 - 1,228.32

YVeriSign Inc

1.97169.82 USD

0.93 ]105.40 - 176.76


10.57

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

aTechnology

22.3722.37

14.3625.54

pIndustrials

21.7029.79

21.7017.15

dHealthcare

18.0818.08

14.0416.08

yFinancial Services

15.5017.80

15.5010.35

tConsum

er Cyclical13.35

13.3511.74

16.33

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-17-201830.16

3.15540.2452

0.00000.0000

3.400612-15-2017

35.561.2234

0.19010.0000

0.00001.4135

12-16-201630.12

0.78020.0000

0.00000.0000

0.780212-11-2015

27.211.9313

0.00000.0000

0.00001.9313

12-12-201428.03

2.34360.3250

0.00000.0000

2.6685

3 Year Average M



LowAvg

High

(542)


(542)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

Rating´

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash0.12

US Stock95.72

Non US Stock

4.16Bond

0.00Other

0.00

Managem

entStart Date

Philip W. Ruedi

03-01-2010M

ark A. Whitaker

03-01-2010


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Page 1 of 11

40

Oppenheim

er Global O

pportunities Fund Class I OGIIXM


‰

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

58.56]

1.33 | 2.320.00

8Open

$1N

one0.71%

QQQQQ

World Sm

all/Mid

Stock8

Mid Grow

th

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

27K

45K

63K

20092010

20112012

20132014

20152016

20172018

2019

Oppenheimer Global

Opportunities Fund Class I$52,435.66W

orld Small/M

id Stock$32,722.48M

SCI ACWI Ex USA N

R USD$21,655.84

Investment Strategy

The investment seeks capital appreciation. The fund invests m

ainly in equity securities of issuers in the U.S. and foreign coun-tries. It currently em

phasizes investments in equities, but it m

ay also invest in debt securities and may invest up to 25%

of itsassets in "below

-investment-grade" securities, com

monly know

n as "junk bonds." The fund typically invests in a number of dif-

ferent countries and can invest in any country, including countries with developing or em

erging markets. It invests a substantial

portion of its assets in small- and m

id-sized companies.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

11,25311,358

8,42017,739

17,280—

Fund12.53

13.58-15.80

21.0511.56

—+/- M

SCI ACWI Ex USA N

RUSD

6.036.63

-2.3811.82

8.73—

+/- Category4.05

4.39-4.99

9.786.59

—%

Rank in Cat1

180

11


159159

149107

9157



Weight %

Last PriceDay Chg %

52 Week Range

TN

ektar Therapeutics Inc8.12

43.56 USD1.09 ]

29.22 - 111.36Advanced M

icro Devices Inc6.33

24.20 USD4.67 ]

9.04 - 34.14Aston M

artin Lagonda Global HoldingsPLC Ordinary Shares

2.34—

USD-0.12 [

1,121.60 - 1,915.00

Exact Sciences Corp2.25

89.24 USD1.56 ]

37.36 - 89.08PeptiDream

Inc1.67

— USD

2.89 ]3,290.00 - 5,780.00


20.71

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

aTechnology

37.9437.94

27.6925.38

dHealthcare

27.9930.14

26.0819.15

tConsum

er Cyclical14.31

23.5914.31

13.48

pIndustrials

12.1912.38

8.1816.08

sConsum

er Defensive3.40

4.391.68

5.14

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-07-201855.40

4.81080.7251

0.00000.0000

5.535812-07-2017

67.631.4556

0.13340.0000

0.00001.5891

12-09-201646.52

3.17370.3151

0.00000.3366

3.825412-11-2015

43.370.2496

0.00000.0000

0.23610.4857

12-08-201440.17

0.00000.0000

0.00000.2887

0.2887

3 Year Average M



LowAvg

High

(107)


(107)

Pillars

Process¶

Neutral

Performance

∞Positive

People¶

Neutral

Parent¶

Neutral

Price∞

Positive

Rating‰

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash1.41

US Stock46.57

Non US Stock

52.03Bond

0.00Other

0.00

Managem

entStart Date

Frank V. Jennings10-01-1995


©2019 M







ithout written perm


®


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ithout written perm


®

Page 1 of 11

41

Parnassus Core Equity Fund - Institutional Shares PRILXM


„

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

41.25]

0.48 | 1.181.29

16Open

$100,000N

one0.64%

QQQQ

Large Blend7

Large Growth

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

20K

31K

42K

20092010

20112012

20132014

20152016

20172018

2019

Parnassus Core Equity Fund -Institutional Shares$36,639.35Large Blend $33,559.12S&

P 500 TR USD $39,195.45

Investment Strategy

The investment seeks to achieve both capital appreciation and current incom

e. The fund's objective is to achieve both capitalappreciation and current incom

e by investing primarily in a diversified portfolio of equity securities. Equity securities include

comm

on and preferred stock. Under normal circum

stances, the fund will invest a m

inimum

of 80% of its net assets (plus bor-

rowings for investm

ent purposes) in equity securities. At least 75% of the fund's total assets w

ill normally be invested in equity

securities that pay interest or dividends.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,56310,651

10,03814,268

16,14637,219

Fund5.63

6.510.38

12.5810.06

14.05+/- S&

P 500 TR USD-1.44

-1.493.50

-1.11-0.56

-0.86+/- Category

-1.53-1.55

5.040.37

1.260.36

% Rank in Cat

8686

552

2847


1,4381,366

1,1751,045



Weight %

Last PriceDay Chg %

52 Week Range

Walt Disney Co

4.87110.75 USD

0.61 ]97.68 - 120.20

YLinde PLC

4.73161.02 USD

-1.18 [140.00 - 169.75

YCVS Health Corp

4.5766.11 USD

0.21 ]60.14 - 82.15

Y3M

Co4.03

199.14 USD-0.05 [

176.87 - 253.13

YClorox Co

3.80145.84 USD

0.15 ]113.57 - 167.70


21.99

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

aTechnology

21.0623.00

15.5020.96

pIndustrials

17.5421.94

15.1611.02

dHealthcare

13.3521.02

13.3515.02

yFinancial Services

12.7513.57

11.9716.73

tConsum

er Cyclical11.45

11.576.86

11.65

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-27-201838.74

0.00000.0000

0.00000.1148

0.114811-20-2018

40.953.3146

0.00000.0000

0.00003.3146

09-28-201846.80

0.00000.0000

0.00000.1377

0.137706-29-2018

43.500.0000

0.00000.0000

0.11460.1146

03-29-201842.46

0.00000.0000

0.00000.1799

0.1799

3 Year Average M


Risk vs. CategoryLow

LowAvg

High

(1208)


(1208)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

¶N

eutral

Rating„

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash1.48

US Stock93.80

Non US Stock

4.73Bond

0.00Other

0.00

Managem

entStart Date

Todd C. Ahlsten05-01-2001

Benjamin E. Allen

05-01-2012


©2019 M







ithout written perm


®


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ithout written perm


®

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42

PIMCO

Real Return Fund Institutional Class PRRIXM


„

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

10.68]

0.07 | 0.662.70

10Open

$1N

one0.88%

QQQQQ

Inflation-ProtectedBond

0

Grow

th of 10,000 01-30-2009 - 01-30-2019

10K

12K

14K

16K

20092010

20112012

20132014

20152016

20172018

2019

PIMCO Real Return Fund

Institutional Class$15,230.91Inflation-Protected Bond$13,503.35BBgBarc US Agg Bond TRUSD $14,286.37

Investment Strategy

The investment seeks m

aximum

real return, consistent with preservation of capital and prudent investm

ent managem

ent. Thefund norm

ally invests at least 80% of its net assets in inflation-indexed bonds of varying m

aturities issued by the U.S. and non-U.S. governm

ents, their agencies or instrumentalities, and corporations, w

hich may be represented by forw

ards or derivativessuch as options, futures contracts or sw

ap agreements.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,12110,122

10,02310,700

10,68715,229

Fund1.21

1.220.23

2.281.34

4.30+/- BBgBarc US Agg BondTR USD

0.550.31

-1.690.47

-1.040.66

+/- Category0.12

0.040.13

0.450.36

1.15%

Rank in Cat19

2253

2325

4# of Funds in Cat

232232

222194

159102



Weight %

Maturity Date

Amount M

ilValue M

il

TUnited States Treasury N

otes 0.12%9.49

04-15-2020986.10

973.45

YUnited States Treasury Bonds 3.62%

9.4704-15-2028

782.35971.97

RFederal N

ational Mortgage Association 3.5%

7.5811-13-2048

790.98777.58

TUnited States Treasury Bonds 2.38%

7.2701-15-2025

684.63746.06

RUS 10 Year Ultra Future Dec18

-6.4112-31-2018

521.90-657.59


27.40

TIncrease

YDecrease

RN

ew to Portfolio


BMark

Cat Avg

U.S. Treasury Inflation-Protected101.26

—89.59

Agency Mortgage-Backed

16.61—

2.00N

on U.S. Treasury6.60

—1.67

Asset-Backed4.55

—2.18

U.S. Treasury1.97

—0.13

FundCat Avg

030

6090

120


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-31-201810.56

0.00000.0000

0.00000.0207

0.020711-30-2018

10.550.0000

0.00000.0000

0.01210.0121

10-31-201810.52

0.00000.0000

0.00000.0081

0.008109-28-2018

10.700.0000

0.00000.0000

0.00720.0072

08-31-201810.80

0.00000.0000

0.00000.0208

0.0208

3 Year Average M



LowAvg

High

(203)


(203)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

§N

egative

Rating„


LtdM

odExt

HighMedLow

Bond Statistics

Value

Average Effective Duration7.28


7.03Average Credit Quality

Not Rated

Average Weighted Coupon

2.17Average W

eighted Price104.98

Asset A

llocation

%Net

%Short

%Long

Benchm

arkCatAvg

Cash-9.11

68.6959.59

—0.10

US Stock-0.10

0.100.00

—0.01

Non US Stock

0.030.00

0.03—

0.01Bond

108.6373.00

181.63—

99.48Other

0.560.00

0.56—

0.40

Managem

entStart Date

Mihir P. W

orah12-31-2007

Stephen A. Rodosky01-09-2019


©2019 M







ithout written perm


®


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ithout written perm


®

Page 1 of 11

43

T. Rowe Price Institutional Large Cap G

rowth Fund TRLGX

Morningstar A

nalyst Rating„

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

39.00]

1.02 | 2.690.26

18Open

$1N

one0.56%

QQQQQ

Large Growth

7Large Grow

th

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

26K

44K

61K

20092010

20112012

20132014

20152016

20172018

2019

T. Rowe Price Institutional

Large Cap Growth Fund

$58,504.50Large Grow

th $38,533.72S&

P 500 TR USD $39,195.45

Investment Strategy

The investment seeks to provide long-term

capital appreciation through investments in com

mon stocks of grow

th companies. In

taking a growth approach to stock selection, the fund w

ill normally invest at least 80%

of its net assets (including any borrow-

ings for investment purposes) in the com

mon stocks of large-cap com

panies. The advisor defines a large-cap company as one

whose m

arket capitalization is larger than the median m

arket capitalization of companies in the Russell 1000 Grow

th Index, aw

idely used benchmark of the largest U.S. grow

th stocks. The fund is non-diversified.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,63910,735

10,03517,454

19,23056,974

Fund6.39

7.350.35

20.4013.97

19.01+/- S&

P 500 TR USD0.97

1.025.99

7.303.45

4.55+/- Category

0.450.44

4.556.59

3.754.20

% Rank in Cat

3333

103

34


1,4241,384

1,2261,085



Weight %

Last PriceDay Chg %

52 Week Range

YAm

azon.com Inc

8.35—

USD1.87 ]

1,265.93 - 2,050.50

YM

icrosoft Corp6.53

104.06 USD-2.14 [

83.83 - 116.18

TBoeing Co

5.14384.04 USD

-0.95 [292.47 - 394.28

TAlphabet Inc A

4.88—

USD2.31 ]

977.66 - 1,291.44

YVisa Inc Class A

4.76134.83 USD

-1.97 [111.02 - 151.56


29.65

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

aTechnology

33.9633.96

26.3531.81

dHealthcare

21.3321.33

16.8715.88

tConsum

er Cyclical20.76

26.2420.76

17.40

yFinancial Services

10.4214.30

10.4213.07

pIndustrials

10.1010.75

8.509.77

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-18-201836.04

2.21000.5200

0.00000.1000

2.830012-19-2017

37.243.0500

0.28000.0000

0.09003.4200

12-19-201629.59

0.41000.0000

0.00000.0700

0.480012-17-2015

28.901.3500

0.00000.0000

0.01001.3600

12-17-201426.75

1.77000.3100

0.00000.0200

2.1000

3 Year Average M



LowAvg

High

(1247)


(1247)

Pillars

Process∞

PositivePerform

ance¶

Neutral

People∞

PositiveParent

∞Positive

Price∞

Positive

Rating„

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash2.21

US Stock91.91

Non US Stock

5.88Bond

0.00Other

0.00

Managem

entStart Date

Taymour R.

Tamaddon

01-01-2017


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ithout written perm


®


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ithout written perm


®

Page 1 of 11

44

Nim

bu

s9

FAC

TS

HE

ET

StableValue

Comm

onTrustFund

(ClassA)A

sofD

ecember

31,2018

BE

NE

FITSA

ND

RIS

KS

nO

fferspotentialstability

ofprincipalbypurchasing

high-qualityG

ICs,B

ICs,SIC

s,andSA

Cs,

however,there

isno

assurancethatthe

creditqualityofthe

issuersw

illremain

thesam

eoverthe

lifeofthe

investment.

nB

ecausesuch

investments

arenotactively

tradedin

theopen

marketand

generallym

ustbeheld

untilmaturity,there

isa

riskthat,like

anyinvestm

ent,oneorm

oreofthe

Trust'sholdings

couldfailto

make

scheduledinterestand

principalpayments

priortom

aturity,potentiallyreducing

theTrust's

income

levelandcausing

aloss

ofprincipal.n

TheTrustattem

ptsto

minim

izesuch

risksby

diversifyingits

investments

byissuer,quality,and

duration.

Dec-08

Dec-10

Dec-12

Dec-14

Dec-16

Dec-18

$0

$5,000

$10,000

$15,000

CU

MU

LATIV

ER

ETU

RN

SG

rowth

of$10,000

PE

RFO

RM

AN

CE

(NA

V,totalreturn)

Annualized

ThreeM

onthsO

neY

earThreeY

earsFive

Years

TenY

earsFifteenY

ears

StableValue

Com

mon

TrustFund(C

lassA

)0.55%

2.09%1.91%

1.93%2.54%

3.13%

FTSE3-M

onthTreasury

Bill

0.571.86

0.990.60

0.351.26

HuelerA

nalyticsP

ooledFund

Universe

0.592.23

1.991.88

2.243.02

LipperMoney

MarketFunds

Index0.51

1.630.80

0.480.27

1.18

Pastperform

anceis

notareliable

indicatoroffuture

performance.P

erformance

figuresreflectthe

deductionofthe

applicableannualtrustee

fee,which

isused

primarily

topay

normaloperating

expensesofthe

Trust,includingcustodial,accounting

andinvestm

entmanagem

entfees.Figuresinclude

anychanges

inprincipaland

reinvesteddividends.A

llreturnsare

historicalanddo

notrepresentfutureperform

ance.When

assessingperform

ance,investorsshould

considerboth

short-termand

long-termreturns.

TheH

uelerPooled

FundU

niverse("U

niverse")isprovided

byH

uelerAnalytics,a

Minnesota-based

consultingfirm

,which

hasdeveloped

theU

niverseforuse

asa

comparative

databaseto

evaluatecollective

trustfundsand

otherpooledvehicles

with

investments

inG

ICs

andotherstable

valueinstrum

ents.TheU

niverseis

comprised

ofpooledstable

valuefunds

with

comm

oninvestm

entobjectivesofstability

ofprincipal;thenum

berofparticipatingfunds

inthe

Universe

may

varyoverthe

differenthistoricperiods.Totalreturn

performance

iscalculated

bytaking

thestraightaverage

ofthem

onthlyreturns

ofthefunds

participatingin

theU

niverseduring

eachm

onthw

hichare

thenlinked

toderive

theindex

returnsforallothertim

eperiods.U

niverserates

ofreturnare

reportedgross

ofm

anagementfees.To

learnm

ore,contactyourT.Row

eP

ricerepresentative.

TheLipperM

oneyM

arketsFunds

Index(the

“LipperIndex”)isan

equallyw

eightedperform

anceindex

ofthelargestqualifying

fundsin

thisLippercategory.

Lipperindexgross

offeesperform

ancedata

isnotavailable.Source

forLipperdata:Lipper,Inc.TheLipperindex

appearsforillustrative

purposesonly.

INV

ES

TME

NT

OB

JEC

TIVE

AN

DS

TRA

TEG

YThe

Trustseeksto

providem

aximum

currentincome

while

maintaining

stabilityofprincipal.

nThe

Trustwillinvestprim

arilyin

Guaranteed

InvestmentC

ontracts(G

ICs),B

ankInvestm

entC

ontracts(B

ICs),Synthetic

InvestmentC

ontracts(SIC

s),andSeparate

AccountC

ontracts(SA

Cs).

nG

ICs,B

ICs,SIC

s,andSA

Cs

aretypes

ofinvestmentcontracts

thataredesigned

toprovide

principalstabilityand

acom

petitiveyield.

PortfolioM

anager:M

anagedStrategySince:

JoinedFirm

:

Bob

Madore

20012001

TonyLuna

20031996

TRU

ST

INFO

RM

ATIO

N

InceptionD

ateofTrust

September12,1988

1

Benchm

arkFTSE

3-Month

TreasuryB

ill2

TrusteeFee*

0.3%3

FiscalYearEndD

ecember31

4

TotalAnnualO

peratingExpenses

per$1,000$3.00

5

InvestmentStyle

StableValue

6

TrustHoldings

Turnover †27.9%

7

TotalTrustAssets

$15,962,145,8728

*Figureis

equivalenttothe

annualOperating

Expenseratio.The

Trustincursinvestm

ent-relatedexpenses

fortheSIC

sand

SAC

sthatitholds

(i.e.,feespaid

toissuers

ofSIC

sand

SAC

sand

custodyfees

onunderlying

assets).These

feesare

paidfrom

underlyingassets

oftheSIC

orSA

Cand

reducethe

respectivecontract’s

creditingrate,

therebyreducing

interestincome

earnedby

theTrust.

Based

onavailable

information

forthecurrentquarter,

thesefees

areestim

atedto

be0.177%

onan

annualizedbasis

(with

feesto

wrap

issuersofapproxim

ately0.177%

andcustody

feesofless

than0.00%

).TheTrust’s

averageannualreturns

shown

arenetofthese

fees.C

onsistentwith

theiraccountingas

areduction

ofincom

e,thesefees

arenotincluded

incom

putingthe

Trust’sannualoperating

expenseratio.

†TrustTurnoverrepresents1

yearperiodending

12/31/18.

StableValue

Com

mon

TrustFund(C

lassA

)$12,848

FTSE3-M

onthTreasury

Bill

$10,357

45

NotFD

IC-Insured.M

aylose

value.No

bankguarantee.

StableValue

Com

mon

TrustFund(C

lassA

)A

sofD

ecember31,2018

TOP

HO

LDIN

GS

%ofTrust

Reserves

8.5%

SyntheticInvestm

entContracts

(SICs)

91.5

TrustU

.S. Treas*16.9%

U.S. G

ovt Ag**

16.7%A

AA

13.6%A

A5.8%

A16.9%

BB

B20.7%

BB

0.0%Short- Term

1.0%R

eserves8.5%

CR

ED

ITQ

UA

LITYD

IVE

RS

IFICA

TION

*U.S.Treasury

securitiesare

issuedby

theU

.S.Treasuryand

arebacked

bythe

fullfaithand

creditoftheU

.S.government.The

ratingsofU

.S.Treasurysecurities

arederived

fromthe

ratingson

theU

.S.government.

**U.S.governm

entagencysecurities

areissued

orguaranteedby

aU

.S.governm

entagency,andm

ayinclude

conventionalpass-throughsecurities

andcollateralized

mortgage

obligations;unlikeTreasuries,governm

entagency

securitiesare

notissueddirectly

bythe

U.S.governm

entandare

generallyunrated

butmay

havecreditsupportfrom

theU

.S.Treasury(e.g.,

FHLM

Cand

FNM

Aissues)ora

directgovernmentguarantee

(e.g.,GN

MA

issues).Therefore,thiscategory

may

includerated

andunrated

securities.

MA

TUR

ITYD

IVE

RS

IFICA

TION

0-1Y

ears2-3

Years

3-4Y

ears

StableValue

Com

mon

TrustFund(C

lassA

)8.5%

27.8%63.7%

Trust

AS

SE

TD

IVE

RS

IFICA

TIONCorporate,Foreign,&

Gov't

Entities42.1%

U.S.Treasuries,A

gencies,&O

ther23.9%

Mortgage-B

ackedSecurities

14.4%

Asset-B

ackedSecurities

11.0%

Reserves

8.5%

AdditionalD

isclosures

SourceforLipperdata:LipperInc.

LipperData

(excludingP

erformance

andR

iskR

eturnexhibits)is

estimated

byT.R

owe

Price

basedon

information

providedby

Lipper,Inc.,andLionShares.T.

Row

eP

riceidentifies

thefunds

thatcompose

theLipperindex

andbuilds

anaggregate

portfolioforthe

indexbased

oneach

fund’sholdings

asprovided

byLionShares.P

leasenote

thattheportfolio

holdingsforeach

fundw

ithinthe

indexare

basedon

them

ostrecentpublicinform

ationthatis

available,andsince

thefunds

havedifferentreporting

periods,some

ofthisinform

ationm

aynotbe

current.The

T.Row

eP

riceStable

ValueC

omm

onTrustFund

(the"Trust")is

notam

utualfund.Itis

acom

mon

trustfundestablished

byT.R

owe

Price

TrustCom

panyunderM

arylandbanking

law,and

itsunits

areexem

ptfromregistration

undertheSecurities

Actof1933.

Investments

inthe

Trustarenotdeposits

orobligationsof,orguaranteed

by,theU

.S.governmentorits

agencies,orT.Row

eP

riceTrustC

ompany.

Youcould

losem

oneyby

investingin

theTrust.

Although

theTrust

seeksto

preservethe

valueofyourinvestm

entat$1.00perunit,itcannotguarantee

todo

so.T.R

owe

Price

usesa

customstructure

fordiversificationreporting

onthis

product.D

iversificationexhibits

may

notaddto

100%due

toexclusion

orinclusionofcash.

Sourcesforcreditquality:M

oody’sInvestors

Service;ifMoody’s

doesnotrate

asecurity,then

Standard&

Poor’s

(S&P

)isused

asa

secondarysource.W

henavailable,T.R

owe

Price

willuse

Fitchforsecurities

thatarenotrated

byM

oody’sorS&

P.T.R

owe

Price

doesnotevaluate

theseratings,butsim

plyassigns

themto

theappropriate

creditqualitycategory

asdeterm

inedby

therating

agency.T.Row

eP

riceuses

therating

oftheunderlying

investmentvehicle

forcreditdefaultsw

aps.Source

forMaturity

Diversification:T

Row

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interestratesensitive;therefore,direct

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orsellanysecurities

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©2019

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reserved.T.RO

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VESTW

ITHC

ON

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ighornSheep

designare,collectively

and/orapart,trademarks

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Price

Group,Inc.

2016-US-24133

46

Vanguard Institutional Index Fund Institutional Shares VINIX

Morningstar A

nalyst RatingŒ

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

243.64]

3.76 | 1.572.12

200Open

$5N

one0.04%

QQQQ

Large Blend4

Large Blend

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

20K

31K

42K

20092010

20112012

20132014

20152016

20172018

2019

Vanguard Institutional IndexFund Institutional Shares$39,143.67Large Blend $33,559.12S&

P 500 TR USD $39,195.45

Investment Strategy

The investment seeks to track the perform

ance of a benchmark index that m

easures the investment return of large-capitaliza-

tion stocks. The fund employs an indexing investm

ent approach designed to track the performance of the Standard & Poor's 500

Index, a widely recognized benchm

ark of U.S. stock market perform

ance that is dominated by the stocks of large U.S. com

pan-ies. The advisor attem

pts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make

up the index, holding each stock in approximately the sam

e proportion as its weighting in the index.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,70710,799

9,68414,679

16,54140,055

Fund7.07

7.99-3.16

13.6510.59

14.89+/- S&

P 500 TR USD0.00

0.00-0.04

-0.04-0.03

-0.02+/- Category

-0.09-0.07

1.501.44

1.791.20

% Rank in Cat

5454

3023

919


1,4381,366

1,1751,045



Weight %

Last PriceDay Chg %

52 Week Range

TM

icrosoft Corp3.72

104.05 USD-2.16 [

83.83 - 116.18

YApple Inc

3.37167.81 USD

1.56 ]142.00 - 233.47

TAm

azon.com Inc

2.92—

USD1.85 ]

1,265.93 - 2,050.50

TBerkshire Hathaw

ay Inc B1.85

206.11 USD0.09 ]

184.75 - 224.07

TJohnson &

Johnson1.64

132.45 USD0.64 ]

118.62 - 148.99


13.49

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

aTechnology

21.9421.94

18.5820.96

yFinancial Services

15.8716.80

15.8716.73

dHealthcare

15.5015.50

13.7515.02

tConsum

er Cyclical11.82

11.8210.97

11.65

pIndustrials

9.7511.03

9.7511.02

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-18-2018230.99

0.49570.2023

0.00001.3336

2.031609-21-2018

266.820.0000

0.00000.0000

1.36761.3676

06-15-2018253.25

0.00000.0000

0.00001.1362

1.136203-15-2018

250.220.0000

0.00000.0000

0.99960.9996

12-22-2017244.26

0.00000.0000

0.00001.2258

1.2258

3 Year Average M



LowAvg

High

(1208)


(1208)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash0.37

US Stock98.77

Non US Stock

0.84Bond

0.02Other

0.00

Managem

entStart Date

Donald M. Butler

12-31-2000M

ichelle Louie11-30-2017


©2019 M







ithout written perm


®


©2019 M







ithout written perm


®

Page 1 of 11

47

Vanguard Mid-Cap Index Fund A

dmiral Shares VIM

AXM


Œ

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

187.83]

2.34 | 1.261.82

87Open

$3,000N

one0.05%

QQQQ

Mid-Cap Blend

5M

id Blend

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

21K

33K

46K

20092010

20112012

20132014

20152016

20172018

2019

Vanguard Mid-Cap Index

Fund Admiral Shares

$42,118.91M

id-Cap Blend $34,551.26S&

P 500 TR USD $39,195.45

Investment Strategy



easures the investment return of m

id-capitalizationstocks. The fund em

ploys an indexing investment approach designed to track the perform

ance of the CRSP US Mid Cap Index, a

broadly diversified index of stocks of mid-size U.S. com

panies. The advisor attempts to replicate the target index by investing

all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approxim

ately the same propor-

tion as its weighting in the index.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,84510,943

9,35114,105

15,09741,594

Fund8.45

9.43-6.49

12.158.59

15.32+/- S&

P 500 TR USD3.03

3.11-0.84

-0.95-1.94

0.86+/- Category

0.370.42

1.791.52

2.221.99

% Rank in Cat

5856

3742

1414


465456

374327



Weight %

Last PriceDay Chg %

52 Week Range

TEdw

ards Lifesciences Corp0.88

170.99 USD1.31 ]

121.40 - 175.00

TRed Hat Inc

0.85177.31 USD

0.51 ]115.31 - 179.49

YFiserv Inc

0.8084.08 USD

-0.69 [62.76 - 85.65

TAutodesk Inc

0.77146.89 USD

0.60 ]101.55 - 159.94

TRoper Technologies Inc

0.76287.51 USD

0.08 ]245.59 - 312.65


4.06

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

aTechnology

18.5518.55

15.4916.58

tConsum

er Cyclical14.76

17.1614.76

14.44

pIndustrials

14.1814.25

13.7015.23

yFinancial Services

12.8115.04

12.8115.84

dHealthcare

10.1010.10

8.2210.24

FundCat Avg

05

1015

20


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-21-2018165.20

0.00000.0000

0.00000.8389

0.838909-27-2018

202.890.0000

0.00000.0000

0.93420.9342

06-21-2018198.43

0.00000.0000

0.00000.6951

0.695103-21-2018

195.710.0000

0.00000.0000

0.63760.6376

12-20-2017190.95

0.00000.0000

0.00000.8025

0.8025

3 Year Average M



LowAvg

High

(382)


(382)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash0.48

US Stock98.29

Non US Stock

1.24Bond

0.00Other

0.00

Managem

entStart Date

Donald M. Butler

05-21-1998M

ichael A. Johnson04-27-2016


©2019 M







ithout written perm


®


©2019 M







ithout written perm


®

Page 1 of 11

48

Vanguard Small-Cap Index Fund A

dmiral Shares VSM

AXM


Œ

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

70.21]

0.71 | 1.021.67

78Open

$3,000N

one0.05%

QQQQQ

Small Blend

5M

id Blend

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

22K

35K

48K

20092010

20112012

20132014

20152016

20172018

2019

Vanguard Small-Cap Index

Fund Admiral Shares

$43,167.54Sm

all Blend $35,085.50S&

P 500 TR USD $39,195.45

Investment Strategy



easures the investment return of sm

all-capitaliza-tion stocks. The fund em

ploys an indexing investment approach designed to track the perform

ance of the CRSP US Small Cap

Index, a broadly diversified index of stocks of small U.S. com

panies. The advisor attempts to replicate the target index by in-

vesting all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approxim

ately the same

proportion as its weighting in the index.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

11,10411,210

9,76214,995

14,56844,181

Fund11.04

12.10-2.38

14.467.81

16.02+/- S&

P 500 TR USD3.97

4.110.74

0.77-2.81

1.12+/- Category

0.911.09

4.232.37

1.992.13

% Rank in Cat

2218

819

159


765745

634525



Weight %

Last PriceDay Chg %

52 Week Range

TBurlington Stores Inc

0.36171.19 USD

0.55 ]109.62 - 180.27

YN

RG Energy Inc0.36

40.50 USD0.80 ]

23.75 - 43.08

TW

.P. Carey Inc0.34

74.42 USD0.35 ]

59.23 - 74.64

TAtm

os Energy Corp0.34

95.63 USD0.17 ]

76.46 - 100.76

TIDEX Corp

0.32138.34 USD

0.93 ]117.72 - 157.84


1.71

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

aTechnology

17.1117.11

14.8414.95

pIndustrials

15.4616.58

15.4617.12

yFinancial Services

14.1014.46

13.1918.14

tConsum

er Cyclical12.86

13.3812.86

13.87

uReal Estate

12.0712.58

11.267.46

FundCat Avg

05

1015

20


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-21-201860.73

0.00000.0000

0.00000.3431

0.343109-27-2018

77.540.0000

0.00000.0000

0.30960.3096

06-21-201876.16

0.00000.0000

0.00000.1830

0.183003-21-2018

72.180.0000

0.00000.0000

0.21800.2180

12-20-201770.60

0.00000.0000

0.00000.3718

0.3718

3 Year Average M



LowAvg

High

(644)


(644)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash2.27

US Stock96.72

Non US Stock

1.02Bond

0.00Other

0.00

Managem

entStart Date

William

A. Coleman

04-27-2016Gerard C. O’Reilly

04-27-2016


©2019 M







ithout written perm


®


©2019 M







ithout written perm


®

Page 1 of 11

49

Vanguard Target Retirement 2015 Fund Investor Shares VTXVX

Morningstar A

nalyst RatingŒ

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

14.32]

0.09 | 0.632.56

15Open

$1,000N

one0.13%

QQQQ

Target-Date 20154

Large Blend

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

14K

19K

24K

20092010

20112012

20132014

20152016

20172018

2019

Vanguard Target Retirement

2015 Fund Investor Shares$23,041.06Target-Date 2015 $21,170.91M

orningstar Mod Tgt Risk

TR USD $23,504.80


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,33210,369

9,85112,105

12,69823,323

Fund3.32

3.69-1.49

6.574.89

8.84+/- M

orningstar Mod Tgt

Risk TR USD-1.44

-1.561.35

-2.08-0.42

-0.22

+/- Category-0.30

-0.290.64

0.170.62

0.44%

Rank in Cat78

7330

4923

38# of Funds in Cat

125125

12096

7147



Weight %

Last PriceDay Chg %

52 Week Range

YVanguard Total Bond M

arket II Idx Inv33.60

10.46 USD0.19 ]

10.19 - 10.57

TVanguard Total Stock M

kt Idx Inv23.63

66.82 USD1.49 ]

58.17 - 73.61

TVanguard Total Intl Stock Index Inv

15.7016.27 USD

1.12 ]14.72 - 19.29

YVanguard Total Intl Bd Idx Investor

14.4510.94 USD

0.00 [10.77 - 11.05

YVanguard Shrt-Term

Infl-Prot Sec IdxInv

12.6024.13 USD

0.29 ]23.90 - 24.56


99.97

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

17.9018.56

17.9017.87

aTechnology

17.3417.34

14.4418.06

dHealthcare

12.4512.45

11.1013.24

tConsum

er Cyclical11.80

11.8011.40

11.74

pIndustrials

11.2911.88

11.2910.49

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

35.8334.40

24.86Agency M

ortgage-Backed7.62

10.217.08

Government-Related

3.660.58

2.03Covered Bond

0.750.00

0.19Com

mercial M

BS0.38

0.000.75

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-28-201813.81

0.63310.0059

0.00000.3717

1.010712-28-2017

15.340.5315

0.00000.0000

0.31840.8499

12-28-201614.49

0.30340.0032

0.00000.2890

0.595612-29-2015

14.330.6880

0.00900.0000

0.29900.9960

12-29-201415.38

0.14300.0250

0.00000.2840

0.4520

3 Year Average M



LowAvg

High

(118)


(118)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Investment Strategy

The investment seeks to provide capital appreciation and

current income consistent w

ith its current asset allocation.The fund invests in other Vanguard m

utual funds accordingto an asset allocation strategy designed for investors plan-ning to retire and leave the w

orkforce in or within a few

years of 2015 (the target year). The fund's asset allocationw

ill become m

ore conservative over time, m

eaning that thepercentage of assets allocated to stocks w

ill decrease while

the percentage of assets allocated to bonds and other fixedincom

e investments w

ill increase.

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

%Net

%Short

%Long

Benchm

arkCatAvg

Cash1.47

0.001.47

3.325.27

US Stock23.48

0.0023.48

28.3926.62

Non US Stock

15.080.00

15.0812.42

14.16Bond

59.780.11

59.8953.73

50.36Other

0.190.00

0.192.14

3.60

Managem

entStart Date

William

A. Coleman

02-22-2013W

alter Nejm

an02-22-2013


©2019 M







ithout written perm


®


©2019 M







ithout written perm


®

Page 1 of 11

50

Vanguard Target Retirement 2020 Fund Investor Shares VTW

NX

Morningstar A

nalyst RatingŒ

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

29.84]

0.23 | 0.782.54

30Open

$1,000N

one0.13%

QQQQ

Target-Date 20204

Large Blend

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

15K

20K

26K

20092010

20112012

20132014

20152016

20172018

2019




TR USD $23,504.80


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,42310,470

9,73912,509

13,11925,252

Fund4.23

4.70-2.61

7.755.58

9.71+/- M

orningstar Mod Tgt

Risk TR USD-0.53

-0.550.22

-0.910.27

0.65

+/- Category0.24

0.320.08

0.941.18

1.04%

Rank in Cat38

3846

224

20# of Funds in Cat

245245

238194

160107



ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-28-201828.50

0.65400.0147

0.00000.7449

1.413612-28-2017

31.420.2164

0.01250.0000

0.63120.8601

12-28-201628.21

0.20690.0064

0.00000.5620

0.775312-29-2015

27.400.4840

0.05100.0000

0.59101.1260

12-29-201428.67

0.00400.0370

0.00000.5410

0.5820

3 Year Average M



LowAvg

High

(206)


(206)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Managem

entStart Date

William

A. Coleman

02-22-2013W

alter Nejm

an02-22-2013


©2019 M







ithout written perm


®


©2019 M







ithout written perm


®

Page 1 of 11

51

Vanguard Target Retirement 2025 Fund Investor Shares VTTVX

Morningstar A

nalyst RatingŒ

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

17.84]

0.16 | 0.912.54

38Open

$1,000N

one0.14%

QQQQ

Target-Date 20254

Large Blend

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

15K

21K

27K

20092010

20112012

20132014

20152016

20172018

2019




TR USD $23,504.80


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,39410,443

9,50412,691

13,35126,204

Fund3.94

4.43-4.96

8.275.95

10.11+/- M

orningstar Mod Tgt

Risk TR USD-0.15

-0.16-0.85

-0.150.71

1.26

+/- Category0.10

0.14-0.07

0.681.01

0.62%

Rank in Cat42

4152

266

23# of Funds in Cat

233233

224187

14573



Weight %

Last PriceDay Chg %

52 Week Range


kt Idx Inv37.11

66.82 USD1.49 ]

58.17 - 73.61



10.46 USD0.19 ]

10.19 - 10.57


24.7316.27 USD

1.12 ]14.72 - 19.29


11.3810.94 USD

0.00 [10.77 - 11.05


99.90

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

17.9118.55

17.9117.20

aTechnology

17.3317.33

14.5718.03

dHealthcare

12.4412.44

11.1112.52

tConsum

er Cyclical11.80

11.8011.40

11.61

pIndustrials

11.2911.95

11.2910.68

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

18.6724.70

16.61Agency M

ortgage-Backed6.05

7.977.69

Government-Related

2.890.51

1.44Covered Bond

0.590.00

0.02Com

mercial M

BS0.30

0.000.60

FundCat Avg

05

1015

20


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-28-201816.93

0.06270.0376

0.00000.4343

0.534612-28-2017

18.530.0773

0.01040.0000

0.36930.4570

12-28-201616.32

0.10790.0029

0.00000.3270

0.437812-29-2015

15.790.3980

0.03800.0000

0.34200.7780

12-29-201416.67

0.00900.0210

0.00000.3220

0.3520

3 Year Average M



LowAvg

High

(189)


(189)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Investment Strategy







ill become m



ill decrease while


e investments w

ill increase.

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

%Net

%Short

%Long

Benchm

arkCatAvg

Cash1.48

0.001.48

1.734.27

US Stock36.87

0.0036.87

36.1635.64

Non US Stock

23.760.00

23.7618.01

16.83Bond

37.670.09

37.7641.80

38.68Other

0.230.00

0.232.31

4.59

Managem

entStart Date

William

A. Coleman

02-22-2013W

alter Nejm

an02-22-2013


©2019 M







ithout written perm


®


©2019 M







ithout written perm


®

Page 1 of 11

52

Vanguard Target Retirement 2030 Fund Investor Shares VTHRX

Morningstar A

nalyst RatingŒ

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

32.48]

0.31 | 0.962.48

33Open

$1,000N

one0.14%

QQQQ

Target-Date 20304

Large Blend

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

16K

22K

29K

20092010

20112012

20132014

20152016

20172018

2019




TR USD $23,504.80


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,53910,594

9,58813,066

13,59928,466

Fund5.39

5.94-4.12

9.326.34

11.03+/- M

orningstar Mod Tgt

Risk TR USD0.63

0.68-1.29

0.671.03

1.97

+/- Category0.03

0.080.19

0.620.95

0.94%

Rank in Cat53

5246

3015

19# of Funds in Cat

234234

227184

15097



Weight %

Last PriceDay Chg %

52 Week Range


kt Idx Inv41.71

66.82 USD1.49 ]

58.17 - 73.61


27.6916.27 USD

1.12 ]14.72 - 19.29



10.46 USD0.19 ]

10.19 - 10.57


9.1510.94 USD

0.00 [10.77 - 11.05


99.90

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

17.9018.55

17.9017.29

aTechnology

17.3417.34

14.5817.87

dHealthcare

12.4512.45

11.1212.44

tConsum

er Cyclical11.80

11.8011.40

11.69

pIndustrials

11.2911.95

11.2910.89

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

14.9718.19

10.81Agency M

ortgage-Backed4.84

6.115.69

Government-Related

2.320.42

1.03Covered Bond

0.480.00

0.02Com

mercial M

BS0.24

0.000.49

FundCat Avg

05

1015

20


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-28-201830.66

0.00630.0630

0.00000.7669

0.836212-28-2017

33.690.0033

0.01570.0000

0.66950.6885

12-28-201629.17

0.08110.0387

0.00000.5760

0.695812-29-2015

28.040.3840

0.05100.0000

0.59701.0320

12-29-201429.32

0.00200.0270

0.00000.5580

0.5870

3 Year Average M



LowAvg

High

(196)


(196)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Investment Strategy







ill become m



ill decrease while


e investments w

ill increase.

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

%Net

%Short

%Long

Benchm

arkCatAvg

Cash1.53

0.001.53

1.023.31

US Stock41.44

0.0041.44

42.1542.32

Non US Stock

26.610.00

26.6122.40

21.10Bond

30.190.07

30.2632.04

28.10Other

0.230.00

0.232.40

5.18

Managem

entStart Date

William

A. Coleman

02-22-2013W

alter Nejm

an02-22-2013


©2019 M







ithout written perm


®


©2019 M







ithout written perm


®

Page 1 of 11

53

Vanguard Target Retirement 2035 Fund Investor Shares VTTHX

Morningstar A

nalyst RatingŒ

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

19.93]

0.21 | 1.072.46

31Open

$1,000N

one0.14%

QQQQ

Target-Date 20354

Large Blend

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

16K

24K

31K

20092010

20112012

20132014

20152016

20172018

2019




TR USD $23,504.80


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,59010,652

9,51613,337

13,81130,003

Fund5.90

6.52-4.84

10.076.67

11.61+/- M

orningstar Mod Tgt

Risk TR USD1.14

1.27-2.01

1.421.36

2.56

+/- Category-0.13

-0.070.25

0.490.87

0.74%

Rank in Cat59

4944

3215

18# of Funds in Cat

216216

207170

13466



Weight %

Last PriceDay Chg %

52 Week Range


kt Idx Inv46.13

66.82 USD1.49 ]

58.17 - 73.61


30.6816.27 USD

1.12 ]14.72 - 19.29



10.46 USD0.19 ]

10.19 - 10.57


6.9010.94 USD

0.00 [10.77 - 11.05


99.90

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

17.9018.55

17.9016.88

aTechnology

17.3317.33

14.5817.61

dHealthcare

12.4512.45

11.1212.34

tConsum

er Cyclical11.80

11.8011.40

11.51

pIndustrials

11.2911.95

11.2910.50

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

11.3311.75

7.73Agency M

ortgage-Backed3.67

4.113.83

Government-Related

1.750.30

0.71Covered Bond

0.360.00

0.02Com

mercial M

BS0.18

0.000.36

FundCat Avg

05

1015

20


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-28-201818.71

0.00260.0398

0.00000.4635

0.505912-28-2017

20.730.0188

0.01400.0000

0.41030.4431

12-28-201617.72

0.13150.0037

0.00000.3560

0.491212-29-2015

17.060.3870

0.02800.0000

0.37100.7860

12-29-201418.03

0.00000.0050

0.00000.3680

0.3730

3 Year Average M



LowAvg

High

(184)


(184)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Investment Strategy







ill become m



ill decrease while


e investments w

ill increase.

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

%Net

%Short

%Long

Benchm

arkCatAvg

Cash1.59

0.001.59

0.493.58

US Stock45.84

0.0045.84

48.2248.46

Non US Stock

29.480.00

29.4827.27

24.80Bond

22.860.05

22.9221.53

18.94Other

0.240.00

0.242.49

4.22

Managem

entStart Date

William

A. Coleman

02-22-2013W

alter Nejm

an02-22-2013


©2019 M







ithout written perm


®


©2019 M







ithout written perm


®

Page 1 of 11

54

Vanguard Target Retirement 2040 Fund Investor Shares VFORX

Morningstar A

nalyst RatingŒ

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

34.38]

0.39 | 1.152.41

24Open

$1,000N

one0.15%

QQQQ

Target-Date 20404

Large Blend

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

17K

24K

32K

20092010

20112012

20132014

20152016

20172018

2019




TR USD $23,504.80


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,64110,707

9,43913,598

13,99430,731

Fund6.41

7.07-5.61

10.796.95

11.88+/- M

orningstar Mod Tgt

Risk TR USD1.65

1.81-2.77

2.131.64

2.82

+/- Category-0.08

-0.020.03

0.810.95

0.94%

Rank in Cat57

5550

2514

15# of Funds in Cat

234234

227184

15097



Weight %

Last PriceDay Chg %

52 Week Range


kt Idx Inv50.59

66.82 USD1.49 ]

58.17 - 73.61

YVanguard Total Intl Stock Index Inv

33.6816.27 USD

1.12 ]14.72 - 19.29



10.46 USD0.19 ]

10.19 - 10.57


4.6610.94 USD

0.00 [10.77 - 11.05


99.87

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

17.9118.55

17.9116.71

aTechnology

17.3317.33

14.5617.35

dHealthcare

12.4412.44

11.1111.86

tConsum

er Cyclical11.80

11.8011.40

11.32

pIndustrials

11.2911.95

11.2910.48

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

7.667.00

4.88Agency M

ortgage-Backed2.48

2.552.53

Government-Related

1.190.19

0.41Covered Bond

0.240.00

0.01Com

mercial M

BS0.12

0.000.21

FundCat Avg

02

46

8


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-28-201832.11

0.00080.0549

0.00000.7793

0.835012-28-2017

35.860.0007

0.01360.0000

0.68410.6984

12-28-201630.18

0.10630.0186

0.00000.5990

0.723912-29-2015

28.860.1900

0.04500.0000

0.61500.8500

12-29-201430.11

0.00100.0160

0.00000.5740

0.5910

3 Year Average M



LowAvg

High

(196)


(196)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Investment Strategy







ill become m



ill decrease while


e investments w

ill increase.

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

%Net

%Short

%Long

Benchm

arkCatAvg

Cash1.67

0.001.67

0.183.25

US Stock50.26

0.0050.26

52.4552.84

Non US Stock

32.360.00

32.3631.45

27.45Bond

15.470.04

15.5013.34

12.24Other

0.240.00

0.242.57

4.23

Managem

entStart Date

William

A. Coleman

02-22-2013W

alter Nejm

an02-22-2013


©2019 M







ithout written perm


®


©2019 M







ithout written perm


®

Page 1 of 11

55

Vanguard Target Retirement 2045 Fund Investor Shares VTIVX

Morningstar A

nalyst RatingŒ

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

21.58]

0.26 | 1.222.39

22Open

$1,000N

one0.15%

QQQQ

Target-Date 20454

Large Blend

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

17K

25K

32K

20092010

20112012

20132014

20152016

20172018

2019




TR USD $23,504.80


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,67810,747

9,39213,670

14,06130,883

Fund6.78

7.47-6.08

10.987.05

11.94+/- M

orningstar Mod Tgt

Risk TR USD2.02

2.21-3.25

2.331.74

2.88

+/- Category-0.09

-0.04-0.03

0.570.87

0.56%

Rank in Cat65

5951

3213

17# of Funds in Cat

216216

207170

13465



Weight %

Last PriceDay Chg %

52 Week Range


kt Idx Inv53.97

66.82 USD1.49 ]

58.17 - 73.61


35.9116.27 USD

1.12 ]14.72 - 19.29



10.46 USD0.19 ]

10.19 - 10.57


2.9910.94 USD

0.00 [10.77 - 11.05


99.86

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

17.9118.55

17.9116.61

aTechnology

17.3317.33

14.5617.75

dHealthcare

12.4512.45

11.1112.48

tConsum

er Cyclical11.80

11.8011.40

11.73

pIndustrials

11.2911.95

11.2910.31

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

4.904.57

3.44Agency M

ortgage-Backed1.59

1.731.36

Government-Related

0.760.14

0.22Covered Bond

0.160.00

0.02Com

mercial M

BS0.08

0.000.15

FundCat Avg

02

46

8


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-28-201820.08

0.00040.0259

0.00000.4833

0.509612-28-2017

22.560.0000

0.01010.0000

0.42810.4382

12-28-201618.88

0.08400.0079

0.00000.3750

0.466912-29-2015

18.040.1800

0.01900.0000

0.38600.5850

12-29-201418.87

0.00000.0030

0.00000.3830

0.3860

3 Year Average M



LowAvg

High

(184)


(184)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Investment Strategy







ill become m



ill decrease while


e investments w

ill increase.

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

%Net

%Short

%Long

Benchm

arkCatAvg

Cash1.72

0.001.72

0.053.57

US Stock53.62

0.0053.62

54.0255.45

Non US Stock

34.510.00

34.5134.22

29.46Bond

9.900.02

9.939.06

7.87Other

0.250.00

0.252.66

3.65

Managem

entStart Date

William

A. Coleman

02-22-2013W

alter Nejm

an02-22-2013


©2019 M







ithout written perm


®


©2019 M







ithout written perm


®

Page 1 of 11

56

Vanguard Target Retirement 2050 Fund Investor Shares VFIFX

Morningstar A

nalyst RatingŒ

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

34.73]

0.42 | 1.222.42

15Open

$1,000N

one0.15%

QQQQ

Target-Date 20504

Large Blend

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

17K

25K

32K

20092010

20112012

20132014

20152016

20172018

2019




TR USD $23,504.80


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,68010,749

9,39313,669

14,06030,869

Fund6.80

7.49-6.07

10.987.05

11.93+/- M

orningstar Mod Tgt

Risk TR USD2.04

2.23-3.24

2.331.74

2.87

+/- Category-0.17

-0.110.15

0.580.85

0.72%

Rank in Cat69

6749

3214

18# of Funds in Cat

234234

227184

14979



Weight %

Last PriceDay Chg %

52 Week Range


kt Idx Inv54.15

66.82 USD1.49 ]

58.17 - 73.61


35.8916.27 USD

1.12 ]14.72 - 19.29



10.46 USD0.19 ]

10.19 - 10.57


2.9910.94 USD

0.00 [10.77 - 11.05


99.91

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

17.9018.55

17.9016.67

aTechnology

17.3417.34

14.5417.48

dHealthcare

12.4512.45

11.1012.32

tConsum

er Cyclical11.80

11.8011.40

11.67

pIndustrials

11.2911.96

11.2910.38

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

5.614.03

3.17Corporate

2.282.42

2.19Securitized

1.851.38

1.61Cash &

Equivalents1.66

0.003.56

Municipal

0.050.00

0.03

FundCat Avg

02

46

8


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-28-201832.31

0.00100.0270

0.00000.7887

0.816712-28-2017

36.300.0005

0.00920.0000

0.68360.6933

12-28-201630.37

0.02660.0076

0.00000.5870

0.621212-29-2015

28.900.0420

0.04600.0000

0.58500.6730

12-29-201429.97

0.00000.0040

0.00000.5960

0.6000

3 Year Average M



LowAvg

High

(196)


(196)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Investment Strategy







ill become m



ill decrease while


e investments w

ill increase.

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

%Net

%Short

%Long

Benchm

arkCatAvg

Cash1.67

0.001.67

0.003.56

US Stock53.80

0.0053.80

53.6555.09

Non US Stock

34.490.00

34.4935.80

30.72Bond

9.800.02

9.827.81

6.89Other

0.250.00

0.252.74

3.75

Managem

entStart Date

William

A. Coleman

02-22-2013W

alter Nejm

an02-22-2013


©2019 M







ithout written perm


®


©2019 M







ithout written perm


®

Page 1 of 11

57

Vanguard Target Retirement 2055 Fund Investor Shares VFFVX

Morningstar A

nalyst RatingŒ

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

37.70]

0.46 | 1.242.35

7Open

$1,000N

one0.15%

QQQQ

Target-Date 20554

Large Blend

Grow

th of 10,000 08-18-2010 - 01-30-2019

10K

14K

19K

24K

20112012

20132014

20152016

20172018

2019




TR USD $18,191.30


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,68010,750

9,39413,670

14,039—

Fund6.80

7.50-6.06

10.987.02

—+/- M

orningstar Mod Tgt

Risk TR USD2.04

2.24-3.22

2.331.71

—

+/- Category-0.27

-0.220.26

0.400.66

—%

Rank in Cat70

6947

3715


216216

207168

1109



Weight %

Last PriceDay Chg %

52 Week Range


kt Idx Inv54.02

66.82 USD1.49 ]

58.17 - 73.61


35.7816.27 USD

1.12 ]14.72 - 19.29



10.46 USD0.19 ]

10.19 - 10.57


3.0410.94 USD

0.00 [10.77 - 11.05


99.83

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

17.9018.55

17.9017.03

aTechnology

17.3417.34

14.5417.30

dHealthcare

12.4512.45

11.1012.27

tConsum

er Cyclical11.80

11.8011.40

11.55

pIndustrials

11.2911.96

11.2910.22

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

4.943.82

3.31Agency M

ortgage-Backed1.59

1.040.91

Government-Related

0.770.12

0.27Covered Bond

0.160.00

0.04Com

mercial M

BS0.08

0.000.11

FundCat Avg

02

46

8


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-28-201835.07

0.00000.0000

0.00000.8297

0.829712-28-2017

39.330.0000

0.00000.0000

0.71790.7179

12-28-201632.88

0.00000.0020

0.00000.6540

0.656012-29-2015

31.280.0150

0.00100.0000

0.59300.6090

12-29-201432.35

0.00100.0050

0.00000.5540

0.5600

3 Year Average M



LowAvg

High

(182)


(182)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Investment Strategy







ill become m



ill decrease while


e investments w

ill increase.

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

%Net

%Short

%Long

Benchm

arkCatAvg

Cash1.75

0.001.75

0.003.40

US Stock53.66

0.0053.66

52.7655.29

Non US Stock

34.380.00

34.3837.05

30.98Bond

9.960.02

9.997.37

6.53Other

0.250.00

0.252.82

3.81

Managem

entStart Date

William

A. Coleman

02-22-2013W

alter Nejm

an02-22-2013


©2019 M







ithout written perm


®


©2019 M







ithout written perm


®

Page 1 of 11

58

Vanguard Target Retirement 2060 Fund Investor Shares VTTSX

Morningstar A

nalyst RatingŒ

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

33.29]

0.40 | 1.222.30

3Open

$1,000N

one0.15%

QQQQ

Target-Date 2060+4

Large Blend

Grow

th of 10,000 01-19-2012 - 01-30-2019

10K

13K

17K

20K

20122013

20142015

20162017

20182019


2060 Fund Investor Shares$18,839.47Target-Date 2060+$18,534.20M


TR USD $15,959.30


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,67710,749

9,38913,666

14,036—

Fund6.77

7.49-6.11

10.977.02

—+/- M

orningstar Mod Tgt

Risk TR USD2.01

2.24-3.27

2.321.71

—

+/- Category-0.39

-0.320.21

0.360.77

—%

Rank in Cat83

7649

421


198198

18482

100



Weight %

Last PriceDay Chg %

52 Week Range


kt Idx Inv53.98

66.82 USD1.49 ]

58.17 - 73.61


35.7716.27 USD

1.12 ]14.72 - 19.29



10.46 USD0.19 ]

10.19 - 10.57

TVanguard Total Intl Bd Idx Investor

3.1310.94 USD

0.00 [10.77 - 11.05


99.88

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

17.9018.42

17.9017.40

aTechnology

17.3417.34

14.5317.39

dHealthcare

12.4512.45

11.0912.30

tConsum

er Cyclical11.80

11.8011.50

11.64

pIndustrials

11.2911.96

11.2910.66

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

5.783.97

4.03Corporate

2.332.43

2.08Securitized

1.890.86

1.44Cash &

Equivalents1.69

0.002.98

Municipal

0.050.00

0.03

FundCat Avg

02

46

8


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-28-201830.97

0.00020.0031

0.00000.7171

0.720412-28-2017

34.730.0000

0.00000.0000

0.61330.6133

12-28-201629.01

0.00000.0018

0.00000.5740

0.575812-29-2015

27.600.0090

0.01100.0000

0.50300.5230

12-29-201428.53

0.00100.0060

0.00000.4640

0.4710

3 Year Average M



LowAvg

High

(99)


(99)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Investment Strategy







ill become m



ill decrease while


e investments w

ill increase.

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

%Net

%Short

%Long

Benchm

arkCatAvg

Cash1.70

0.001.70

0.002.98

US Stock53.63

0.0053.63

51.6854.79

Non US Stock

34.370.00

34.3738.16

32.20Bond

10.050.02

10.087.26

7.49Other

0.250.00

0.252.90

2.53

Managem

entStart Date

William

A. Coleman

02-22-2013W

alter Nejm

an02-22-2013


©2019 M







ithout written perm


®


©2019 M







ithout written perm


®

Page 1 of 11

59

Vanguard Target Retirement 2065 Fund Investor Shares VLXVX

Morningstar A

nalyst Rating—

NA

V $N

AV D


%Total A

ssets $ Mil

StatusM

in. Inv.Load

ExpensesM


CategoryInvestm

ent Style

20.94]

0.25 | 1.211.85

220.5Open

$1,000N

one0.15%

Target-Date 2060+4

Large Blend

Grow

th of 10,000 07-12-2017 - 01-30-2019

10K

11K

11K

12K

20172018

2019


2065 Fund Investor Shares$10,748.70Target-Date 2060+$10,778.69M


TR USD $10,706.69


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,67810,749

9,389—

——

Fund6.78

7.49-6.11

——

—+/- M

orningstar Mod Tgt

Risk TR USD2.03

2.24-3.28

——

—

+/- Category-0.38

-0.320.20

——

—%

Rank in Cat81

7451

——


198198

18482

100



Weight %

Last PriceDay Chg %

52 Week Range


kt Idx Inv53.92

66.82 USD1.49 ]

58.17 - 73.61


35.9816.27 USD

1.12 ]14.72 - 19.29



10.46 USD0.19 ]

10.19 - 10.57

TVanguard Total Intl Bd Idx Investor

3.0310.94 USD

0.00 [10.77 - 11.05


99.87

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

17.9118.48

17.9117.40

aTechnology

17.3317.33

16.8917.39

dHealthcare

12.4412.44

11.1712.30

tConsum

er Cyclical11.80

11.8011.39

11.64

pIndustrials

11.2911.71

11.2910.66

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

5.683.97

4.03Corporate

2.302.43

2.08Securitized

1.870.86

1.44Cash &

Equivalents1.70

0.002.98

Municipal

0.050.00

0.03

FundCat Avg

02

46

8


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-28-201819.48

0.00040.0000

0.00000.3631

0.3635

12-28-201721.76

0.00000.0000

0.00000.1700

0.1700

3 Year Average M


Risk vs. CategoryN

one

LowAvg

High

(99)

Return vs. CategoryN

one(99)

Pillars

Process—

—Perform

ance—

—People

——

Parent—

—Price

——

Rating.

Investment Strategy







ill become m



ill decrease while


e investments w

ill increase.

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

%Net

%Short

%Long

Benchm

arkCatAvg

Cash1.71

0.001.71

0.002.98

US Stock53.57

0.0053.57

51.6854.79

Non US Stock

34.570.00

34.5738.16

32.20Bond

9.910.02

9.937.26

7.49Other

0.250.00

0.252.90

2.53

Managem

entStart Date

William

A. Coleman

07-12-2017W

alter Nejm

an07-12-2017


©2019 M







ithout written perm


®


©2019 M







ithout written perm


®

Page 1 of 11

60

Vanguard Target Retirement Incom

e Fund Investor Shares VTINX

Morningstar A

nalyst RatingŒ

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

13.09]

0.07 | 0.542.65

16Open

$1,000N

one0.13%

QQQQ

Target-DateRetirem

ent4

Large Blend

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

14K

19K

24K

20092010

20112012

20132014

20152016

20172018

2019


Income Fund Investor Shares

$18,678.90Target-Date Retirem

ent$18,522.97M


TR USD $23,504.80


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,26710,299

9,96011,572

12,11318,760

Fund2.67

2.99-0.40

4.993.91

6.49+/- M

orningstar Mod Tgt

Risk TR USD-2.09

-2.272.43

-3.67-1.40

-2.56

+/- Category-0.26

-0.230.89

0.150.70

0.22%

Rank in Cat66

6423

4421

47# of Funds in Cat

178178

174151

12291



Weight %

Last PriceDay Chg %

52 Week Range



10.46 USD0.19 ]

10.19 - 10.57


kt Idx Inv18.07

66.82 USD1.49 ]

58.17 - 73.61

YVanguard Shrt-Term

Infl-Prot Sec IdxInv

16.6724.13 USD

0.29 ]23.90 - 24.56


16.1010.94 USD

0.00 [10.77 - 11.05


11.9516.27 USD

1.12 ]14.72 - 19.29


99.98

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

17.9018.56

17.9017.43

aTechnology

17.3517.35

14.4517.84

dHealthcare

12.4512.45

11.1112.44

tConsum

er Cyclical11.80

11.8011.40

11.71

pIndustrials

11.2811.88

11.2810.96

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

42.3842.33

28.93Agency M

ortgage-Backed8.44

11.3610.41

Government-Related

4.060.52

3.03Covered Bond

0.840.00

0.22Com

mercial M

BS0.42

0.000.77

FundCat Avg

015

3045

60


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-28-201812.71

0.18730.0044

0.00000.1441

0.335809-21-2018

13.540.0000

0.00000.0000

0.07800.0780

06-15-201813.48

0.00000.0000

0.00000.0780

0.078003-15-2018

13.520.0000

0.00000.0000

0.04300.0430

12-28-201713.56

0.04960.0059

0.00000.1280

0.1835

3 Year Average M



LowAvg

High

(164)


(164)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Investment Strategy

The investment seeks to provide current incom

e and some

capital appreciation. The fund invests in other Vanguard mu-

tual funds according to an asset allocation strategy de-signed for investors currently in retirem

ent. Its indirect bondholdings are a diversified m

ix of short-, intermediate-, and

long-term U.S. governm

ent, U.S. agency, and investment-

grade U.S. corporate bonds; inflation-protected public oblig-ations issued by the U.S. Treasury; m

ortgage-backed and as-set-backed securities; and governm

ent, agency, corporate,and securitized investm

ent-grade foreign bonds issued incurrencies other than the U.S. dollar.

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

%Net

%Short

%Long

Benchm

arkCatAvg

Cash1.47

0.001.47

5.335.75

US Stock17.96

0.0017.96

23.8020.09

Non US Stock

11.480.00

11.488.93

10.63Bond

68.930.12

69.0560.02

60.51Other

0.170.00

0.171.93

3.01

Managem

entStart Date

William

A. Coleman

02-22-2013W

alter Nejm

an02-22-2013


©2019 M







ithout written perm


®


©2019 M







ithout written perm


®

Page 1 of 11

61

Vanguard Total Bond M

arket Index Fund Adm

iral Shares VBTLXM


„

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

10.49]

0.01 | 0.102.78

204Open

$3,000N

one0.05%

QQQ

Intermediate-Term

Bond4

High/Mod

Grow

th of 10,000 01-30-2009 - 01-30-2019

10K

12K

14K

15K

20092010

20112012

20132014

20152016

20172018

2019

Vanguard Total Bond Market

Index Fund Admiral Shares

$14,191.24Interm

ediate-Term Bond

$15,371.08BBgBarc US Agg Bond TRUSD $14,286.37

Investment Strategy

The investment seeks the perform

ance of Bloomberg Barclays U.S. Aggregate Float Adjusted Index. Bloom

berg Barclays U.S.Aggregate Float Adjusted Index represents a w

ide spectrum of public, investm

ent-grade, taxable, fixed income securities in the

United States-including government, corporate, and international dollar-denom

inated bonds, as well as m

ortgage-backed andasset-backed securities-all w

ith maturities of m

ore than 1 year. All of its investments w

ill be selected through the sampling

process, and at least 80% of its assets w

ill be invested in bonds held in the index.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,06210,083

10,18010,536

11,20014,186

Fund0.62

0.831.80

1.752.29


-0.05-0.08

-0.12-0.06

-0.09-0.08

+/- Category-0.29

-0.270.44

-0.430.08

-0.87%

Rank in Cat75

7330

6645

76# of Funds in Cat

1,0261,026

969826

732537


Top Holdings

Weight %

Maturity Date

Amount M

ilValue M

il


0.00

TIncrease

YDecrease

RN

ew to Portfolio


BMark

Cat Avg

U.S. Treasury41.24

—18.51

Corporate Bond26.06

—29.47

Agency MBS Pass-Through

22.08—

23.65Other Governm

ent Related3.36

—10.48

U.S. Agency1.38

—0.94

FundCat Avg

015

3045

60


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-31-201810.45

0.00000.0000

0.00000.0258

0.025811-30-2018

10.290.0000

0.00000.0000

0.02490.0249

10-31-201810.26

0.00000.0000

0.00000.0251

0.025109-28-2018

10.360.0000

0.00000.0000

0.02430.0243

08-31-201810.44

0.00000.0000

0.00000.0246

0.0246

3 Year Average M



LowAvg

High

(876)

Return vs. Category-Avg

(876)

Pillars

Process∞

PositivePerform

ance¶

Neutral

People∞

PositiveParent

∞Positive

Price∞

Positive

Rating„


LtdM

odExt

HighMedLow

Bond Statistics

Value




AAAverage W

eighted Coupon3.22

Average Weighted Price

100.35

Asset A

llocation

%Net

%Short

%Long

Benchm

arkCatAvg

Cash1.19

0.001.19

—-0.70

US Stock0.00

0.000.00

—0.03

Non US Stock

0.000.00

0.00—

-0.01Bond

98.610.19

98.80—

104.45Other

0.200.00

0.20—

-3.76

Managem

entStart Date

Joshua C. Barrickman

02-22-2013


©2019 M







ithout written perm


®


©2019 M







ithout written perm


®

Page 1 of 11

62

Vanguard Total International Stock Index Fund Adm

iral Shares VTIAXM


Œ

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

27.22]

0.30 | 1.113.16

327Open

$3,000N

one0.11%

QQQQ

Foreign Large Blend4

Large Blend

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

14K

20K

26K

20092010

20112012

20132014

20152016

20172018

2019

Vanguard Total InternationalStock Index Fund Adm

iralShares $22,278.78Foreign Large Blend$20,944.93M

SCI ACWI Ex USA N

R USD$21,655.84

Investment Strategy



easures the investment return of stocks issued by

companies located in developed and em

erging markets, excluding the United States. The fund em

ploys an indexing investment

approach designed to track the performance of the FTSE Global All Cap ex US Index, a float-adjusted m

arket-capitalization-w

eighted index designed to measure equity m

arket performance of com

panies located in developed and emerging m

arkets, ex-cluding the United States. The index includes approxim

ately 5,800 stocks of companies located in over 45 countries.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,61110,657

8,52612,849

11,59822,033

Fund6.11

6.57-14.74

8.713.01

8.22+/- M

SCI ACWI Ex USA N

RUSD

0.020.04

-0.23-0.37

0.400.23

+/- Category0.19

0.21-0.21

1.990.96

0.61%

Rank in Cat42

4052

1118


777777

728626

496372



Weight %

Last PriceDay Chg %

52 Week Range

TN

estle SA1.12

86.46 USD-0.44 [

72.92 - 86.90

TTencent Holdings Ltd

1.05346.00 USD

0.52 ]251.40 - 475.60

TN

ovartis AG0.85

86.20 USD0.73 ]

71.84 - 92.80

TRoche Holding AG Dividend Right Cert.

0.79262.65 USD

2.04 ]206.35 - 263.50

TTaiw

an Semiconductor M

anufacturingCo Ltd

0.79221.00 USD

-0.67 [206.50 - 268.00


4.60

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

21.3521.42

21.1820.67

pIndustrials

11.9712.23

11.9712.92

tConsum

er Cyclical11.34

11.6211.34

11.38

aTechnology

11.2411.49

9.3610.82

sConsum

er Defensive9.62

9.689.54

11.04

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-21-201824.78

0.00000.0000

0.00000.2626

0.262609-25-2018

29.230.0000

0.00000.0000

0.14430.1443

06-21-201829.07

0.00000.0000

0.00000.3187

0.318703-23-2018

29.660.0000

0.00000.0000

0.07650.0765

12-20-201730.06

0.00000.0000

0.00000.2896

0.2896

3 Year Average M



LowAvg

High

(639)


(639)

Pillars

Process∞

PositivePerform

ance¶

Neutral

People∞

PositiveParent

∞Positive

Price∞

Positive

RatingŒ

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

%Net

%Short

%Long

Benchm

arkCatAvg

Cash2.18

0.002.18

0.012.13

US Stock0.92

0.000.92

0.803.58

Non US Stock

96.420.00

96.4299.15

93.21Bond

0.030.00

0.030.00

0.15Other

0.450.00

0.450.04

0.93

Managem

entStart Date

Michael Perre

08-05-2008Christine D. Franquin

11-30-2017


©2019 M







ithout written perm


®


©2019 M







ithout written perm


®

Page 1 of 11

63

Wells Fargo Special M

id Cap Value Fund - Class R6 WFPRX

Morningstar A

nalyst Rating—

NA

V $N

AV D


%Total A

ssets $ Bil

StatusM

in. Inv.Load

ExpensesM


CategoryInvestm

ent Style

35.54]

0.27 | 0.771.03

7.8Open

—N

one0.75%

QQQQ

Mid-Cap Value

2M

id Value

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

20K

31K

42K

20092010

20112012

20132014

20152016

20172018

2019

Wells Fargo Special M

id CapValue Fund - Class R6$38,616.75M

id-Cap Value $34,781.80S&

P 500 TR USD $39,195.45

Investment Strategy


capital appreciation. The fund normally invests at least 80%

of its net assets in equity securit-ies of m

edium-capitalization com

panies. It invests principally in equity securities of medium

-capitalization companies, w

hichthe m

anager defines as securities of companies w

ith market capitalizations w

ithin the range of the Russell Midcap®

Index atthe tim

e of purchase.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,94511,044

9,22613,558

14,41139,781

Fund9.45

10.44-7.74

10.687.58

14.81+/- S&

P 500 TR USD2.38

2.45-4.62

-3.01-3.04

-0.09+/- Category

-0.30-0.14

-0.21-0.35

1.100.91

% Rank in Cat

6259

5262

26—


412405

350297



Weight %

Last PriceDay Chg %

52 Week Range

Ameren Corp

2.9568.23 USD

0.46 ]51.89 - 70.95

Brown &

Brown Inc

2.7626.90 USD

0.52 ]24.34 - 31.55

American Electric Pow

er Co Inc2.61

77.73 USD0.73 ]

62.71 - 81.05M

olson Coors Brewing Co B

2.5765.82 USD

0.75 ]54.17 - 84.18

TKansas City Southern

2.54106.70 USD

-1.01 [90.55 - 120.34


13.42

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

18.2222.02

18.2220.10

pIndustrials

18.1618.16

16.3214.53

tConsum

er Cyclical11.91

13.799.07

14.08

dHealthcare

11.1611.16

5.767.82

fUtilities

9.619.61

6.806.42

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-14-201833.61

0.00000.0000

0.00000.3414

0.341412-10-2018

34.560.5849

0.00000.0000

0.00000.5849

12-15-201737.94

0.00000.0000

0.00000.3975

0.397512-13-2017

38.290.8426

0.48150.0000

0.00001.3242

12-14-201636.13

0.00000.0000

0.00000.3479

0.3479

3 Year Average M



LowAvg

High

(363)


(363)

Pillars

Process—

—Perform

ance—

—People

——

Parent—

—Price

——

Rating.

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash2.90

US Stock96.71

Non US Stock

0.00Bond

0.00Other

0.39

Managem

entStart Date

Bryant VanCronkhite01-22-2009

James M

. Tringas03-26-2009


©2019 M







ithout written perm


®


©2019 M







ithout written perm


®

Page 1 of 11

64

Western A

sset Core Plus Bond Fund Class I W

ACPXM


Œ

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

11.39]

0.03 | 0.273.52

24Open

$1N

one0.45%

QQQQQ

Intermediate-Term

Bond5

Med/M

od

Grow

th of 10,000 01-30-2009 - 01-30-2019

10K

13K

16K

20K

20092010

20112012

20132014

20152016

20172018

2019

Western Asset Core Plus

Bond Fund Class I$19,794.79Interm

ediate-Term Bond

$15,371.08BBgBarc US Agg Bond TRUSD $14,286.37

Investment Strategy

The investment seeks to m

aximize total return, consistent w

ith prudent investment m

anagement and liquidity needs. The fund

invests in a portfolio of fixed income securities of various m

aturities and, under normal m

arket conditions, will invest at least

80% of its net assets in debt and fixed incom

e securities. Although the fund may invest in securities of any m

aturity, it will nor-

mally m

aintain a dollar-weighted average effective duration w

ithin 30% of the average duration of the dom

estic bond market

as a whole as estim

ated by the fund's subadvisers. The fund may invest up to 20%

of its total assets in non-U.S. dollar denom-

inated securities.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,16210,193

10,07211,140

12,04519,741

Fund1.62

1.930.72

3.663.79


1.091.14

-0.921.89

1.463.42

+/- Category0.88

0.99-0.33

1.531.62

2.64%

Rank in Cat4

369

73

4# of Funds in Cat

1,0681,068

1,003858

751548



Weight %

Maturity Date

Amount M

ilValue M

il

RIr Sw

ap 1d-Fedl01 31 Bps11.03

03-20-20242,577.00

2,600.66

RIr Sw

ap 3m-Libor-Bba

-11.0103-20-2024

2,577.00-2,596.19

RFederal N

ational Mortgage Association 4.5%

2.99—

681.20705.38

United States Treasury Bonds 3%2.64

—622.54

623.50United States Treasury Bonds 2.88%

2.26—

539.93531.71


7.91

TIncrease

YDecrease

RN

ew to Portfolio


BMark

Cat Avg

Corporate Bond29.39

—29.47

Agency MBS Pass-Through

26.28—

23.65U.S. Treasury

17.77—

18.51N

on-U.S. Government

6.84—

1.63N

on-Agency Residential MBS

4.29—

0.92

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-31-201811.21

0.00000.0000

0.00000.0368

0.036811-30-2018

11.000.0000

0.00000.0000

0.03470.0347

10-31-201811.00

0.00000.0000

0.00000.0333

0.033309-28-2018

11.220.0000

0.00000.0000

0.03550.0355

08-31-201811.29

0.00000.0000

0.00000.0342

0.0342

3 Year Average M



LowAvg

High

(876)


(876)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ


LtdM

odExt

HighMedLow

Bond Statistics

Value




BBBAverage W

eighted Coupon3.81

Average Weighted Price

97.47

Asset A

llocation

%Net

%Short

%Long

Benchm

arkCatAvg

Cash-1.48

45.1643.68

—-0.70

US Stock0.00

0.000.00

—0.03

Non US Stock

0.000.00

0.00—

-0.01Bond

100.2914.18

114.47—

104.45Other

1.190.28

1.46—

-3.76

Managem

entStart Date

Carl L. Eichstaedt07-08-1998

Mark S. Lindbloom

12-31-2006S. Kenneth Leech

08-19-2013Julien A. Scholnick

05-01-2016John L. Bellow

s05-01-2018

Frederick R. Marki

05-01-2018


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ithout written perm


®


©2019 M







ithout written perm


®

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65

Westw

ood SmallCap Fund Institutional Class W

HGSXM


´

NA

V $N

AV D


%Total A

ssets $Status

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

15.32]

0.14 | 0.920.79

330Open

$5,000N

one0.99%

QQQ

Small Blend

6Sm

all Blend

Grow

th of 10,000 01-30-2009 - 01-30-2019

9K

21K

33K

45K

20092010

20112012

20132014

20152016

20172018

2019

Westw

ood SmallCap Fund

Institutional Class$38,400.69Sm

all Blend $35,085.50S&

P 500 TR USD $39,195.45

Investment Strategy


capital appreciation. The fund invests at least 80% of its net assets, plus any borrow

ings forinvestm

ent purposes, in equity securities of small-cap com

panies. The manager considers sm

all-cap companies to be those

companies w

ithin the market capitalization range of the Russell 2000 Index at the tim

e of initial purchase. The equity securitiesin w

hich the fund invests are primarily com

mon stocks, but m

ay also include shares of exchange-traded funds ("ETFs"), real es-tate investm

ent trusts, royalty trusts, and master lim

ited partnerships.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

11,07711,166

9,24615,048

14,31239,191

Fund10.77

11.66-7.54

14.597.43

14.64+/- S&

P 500 TR USD3.70

3.67-4.42

0.91-3.19

-0.27+/- Category

0.650.65

-0.932.50

1.610.75

% Rank in Cat

2929

6516

2134


765745

634525



Weight %

Last PriceDay Chg %

52 Week Range

RBloom

in Brands Inc2.31

18.78 USD-1.31 [

17.08 - 25.00

RViavi Solutions Inc

2.3111.05 USD

1.70 ]8.51 - 12.82

TInstalled Building Products Inc

2.2041.90 USD

3.23 ]29.50 - 75.75

TInterface Inc

2.1916.08 USD

0.75 ]13.45 - 26.25

YN

ovanta Inc2.18

67.79 USD-0.08 [

48.40 - 78.85


11.18

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

23.2124.35

22.1718.14

tConsum

er Cyclical17.81

17.8114.26

13.87

uReal Estate

12.7714.48

11.497.46

rBasic M

aterials11.05

14.508.90

5.67

aTechnology

10.1310.13

9.2214.95

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term



CapitalDividend

Income

DistributionTotal

12-28-201813.72

0.00000.0000

0.00000.1167

0.116712-20-2018

13.720.6038

0.27500.0000

0.00000.8788

12-28-201717.41

0.00000.0000

0.00000.0653

0.065312-20-2017

17.410.9455

0.24290.0000

0.00001.1884

12-29-201616.56

0.00000.0000

0.00000.0862

0.0862

3 Year Average M



LowAvg

High

(644)


(644)

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent¶

Neutral

Price∞

Positive

Rating´

Style Map

DeepVal

CoreVal

CoreCoreGrow

HighGrow

Micro

Small

Medium

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash0.26

US Stock98.72

Non US Stock

1.02Bond

0.00Other

0.00

Managem

entStart Date

William

E. Costello12-31-2010

Matthew

R. Lockridge12-31-2010

Frederic G. Rowsey

11-30-2013


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ithout written perm


®


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ithout written perm


®

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66

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