littletonpublicschools.net · © 2020 innovest portfolio solutions, llc innovest firm update 2019...

© 2020 INNOVEST PORTFOLIO SOLUTIONS, LLC

Innovest Firm Update

2019 in Review– A great year for growth at Innovest– Won “Best Places to Work” by Pensions & Investments (5th time in 6

years)– 13 new hires

• Ended year with 52 employees– 2 new principals

• Sloan Smith, CAIA, MBA, CPWA®• Jared Martin, CFP®, AIF®

– 95% client retention rate

2019 Client Survey– Overall satisfaction with our services was 4.8/5

• Customer Service: 4.7/5– Likelihood our clients would recommend

us to a friend was 9.6/10

2020 Priorities– Continue to provide the highest quality investment

advice to our clients– Focus on serving our clients by being thoughtful

stewards– Grow our business through client referrals

2

Innovest’s History with Littleton Public Schools

2014-2017• Signed contract between LPS and Innovest Portfolio Solutions,

LLC in the 4th Quarter of 2014• Negotiated new contract with TIAA after RFI process• Assisted with conversion• Created new investment menu• Coordinated the education efforts of the rollout• Designed custom model portfolios as education tool for asset

allocation. • Replaced money market fund due to money market reforms.

2018• Replaced Blackrock Mid Cap Value fund with Vanguard

Selected Value fund.• Conducted Fiduciary Education and share class review.• Presented annual asset allocation study• Presented Share Class review in 1Q18• Presented Ann Schleck in 1Q18• Presented IPS in 2Q18• Added Vanguard 2060 Target Retirement• Reviewed the asset allocation studies for the education

models, no changes were made to the asset allocations 4Q18

2019• Performed annual share class review 1Q19• Effective August 12, 2019, share class change for

Metropolitan West total Return from MWTIX to MWTSX• Reviewed and executed the Investment Policy

Statement. • Conducted an RFI and agreed to retain TIAA. The fee

was reduced from 0.42% to 0.34%, saving participants $20,000 per year.

• Presented Fiduciary Education November 2019

2020• Presented asset allocation studies for the educational

models• C.A.R.E.S. Act Discussion

3

Topics and TrendsConsiderations During Recession: Plan Sponsor Tool Kit

Utilize your providers:– Good information stops bad decisions. Encourage participant questions.

– Recordkeeper Educational Resources: Web, Apps, Phone, Email, Mail

– Innovest Webinars and Commentary

Contribution Changes: Reducing, Suspending, or Discontinuing– Fixed vs. Discretionary Contributions

– Plan Amendment and Notification to Participants may affect timing

– Safe Harbor restrictions

– Non-regulatory considerations

– Employee Perception and Retention

– Collectively bargained and contractual guarantees

4

Topics and TrendsConsiderations During Recession: CARES Act and Regulatory Relief

Coronavirus Aid, Relief, and Economic Security (CARES) Act:– Plan Type May Affect Eligibility– Participant Self-Certification– Required Relief:

– Minimum Distributions (RMDs) Suspended for 2020– Optional Relief (implemented as a plan fiduciary decision, but not required):

– Up to One-Year Extension for Individual Participant Loan Repayment– Coronavirus-Related Distributions (CRDs)

– Up to $100,000 with age 59.5 early withdrawal penalty waived– Income taxes can be spread over three years– Repayment to plan allowed for three years

– Coronavirus-Related Loans– Temporary higher limits: up from $50k/50% of balance to $100k/100%– Only applicable to loans taken during the 180 days after CARES was passed

5

Topics and TrendsConsiderations During Recession: Additional Resources

Unforeseeable Emergency / Hardship Withdrawals – Available to those who do not meet the standard of qualifying for a CRD but have

other immediate financial need

– Plan-specific requirements apply

– No waiver of early-withdrawal penalty

Bank Lending– Historically-low interest rates for those that qualify

Tax-Management and Other Opportunities– Roth Conversions

6

Topics and TrendsConsiderations During Recession: Reminders for Your Plan Participants

Diversification– Investing for “all weather” includes the current storms. Well-diversified portfolios do

not need to change course under stress.

– Less correlation (investments with differing holdings) mitigates the impact of marketvolatility

Tune Out the Noise– Market uncertainty draws out lots of non-expert commentary

Rebalancing– Market disruption rewards those who trim strong-performing

assets to buy lower-performers when they are cheaper

Patience– Market value is not the same as market loss – selling during a

downturn is what incurs a loss

– As markets recover, so will retirement accounts that remaininvested

“The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.”

-SETH KLARMAN

7

Littleton Public Schools 401(a) Plan Summary Current Structure Considerations and Next Steps

Plan Provisions

• Littleton Public Schools Defined Contribution Retirement Plan• Vesting Schedule: Immediate• Eligibility Requirements: Employment• Roth: N/A• Safe Harbor: N/A• Normal Retirement Age: 65 years

Governance • Investment Policy Statement: Last Updated July 2019• Governance Documents: • Plan Documents: Established April 2, 1996, Amended and effective July 1, 2012• Fiduciary Education: Conducted 3Q 2019• Recordkeeper Contract: TIAA, May 13, 2006, amended 2015• Innovest Contract: December 2014

IPS review scheduled for 2Q review

Fiduciary Education scheduled for 3Q review

Contributions • Contribution Rate: Dependent on employee classification: Superintendent – Per annual employment contract; Superintendent staff: 2.5% + $7,496.64; Administrators: 2.5% + $1,300; Administrative Staff 2.5%; Technical support 2.0%

• Match Provision: N/A• Enrollment: Mandatory

Distributions • Loans: No• Hardships: No• Installments: Yes• In-Service Withdrawals: No

Costs • Plan Expenses Paid by:• Revenue Sharing: 0.34% rev. req. – excess revenue sent to revenue credit

account• Annual Fee Review: 1Q19• Competitive Pricing Analysis: April 2015• Other Fees: : Brokerage fees• Share Class Review: 1Q19

Fee Review update scheduled for 1Q review

Share Class Review update scheduled for 1Q review

Investments • Investment Direction: Participant• Number of Investment Options: 18• QDIA/DIA: Yes, age-appropriate target date fund• Re-enrollment: No• Managed Accounts: No• Self-Directed Brokerage Window: Yes• Guaranteed Minimum Withdrawal Benefit Options: TIAA Traditional

Asset Allocation Study scheduled for 4Q review

Education • Participant Education Plan: TIAA – 27 days of on-site education

Annual deliverables are listed in ORANGE.8

Littleton Public Schools 403(b) Plan Summary Current Structure Considerations and Next Steps

Plan Provisions

• Littleton Public Schools Tax-Deferred Annuity Plan• Vesting Schedule: Immediate• Eligibility Requirements: Immediately Eligible• Roth: Yes, effective July 1, 2017• Safe Harbor: No• Normal Retirement Age: 65 years

Governance • Investment Policy Statement: Last Updated July 2019• Governance Documents:• Plan Documents: Effective: July 1 1983; amended and restated January 1, 2015• Fiduciary Education: Conducted 3Q 2019• Recordkeeper Contract: TIAA, May 13, 2006, amended 2015• Innovest Contract: December 2014



Contributions • Contribution Rate: EE - voluntary up to $19,500; catch-up contribution up to $6,500• Match Provision: Yes, discretionary set by PERA• Enrollment: Participant Elected• Automatic Enrollment: No• Auto-Escalation: No

Distributions • Loans: Yes• Unforeseen Emergencies: Yes• Installments: Yes• In-Service Withdrawals: Yes at age 59.5• Force Out Distributions:


account• Annual Fee Review: 1Q18• Competitive Pricing Analysis: April 2015• Other Fees: : Brokerage Fees• Share Class Review: 1Q18






Annual deliverables are listed in ORANGE. 9

Littleton Public Schools 457(b) Plan SummaryCurrent Structure Considerations and Next Steps

Plan Provisions

• Littleton Public Schools 457(b) Deferred Compensation Plan• Vesting Schedule: Immediate• Eligibility Requirements: Immediately Eligible• Roth: Yes, effective July 1, 2017• Normal Retirement Age: Combination of age + years of service credit specified by

PERA

Governance • Investment Policy Statement: Last Updated July 2019• Governance Documents:• Plan Documents: Effective: July 1, 2002; restated July 1, 2005; restated July 1, 2008,

amended November 2015• Fiduciary Education: Conducted 3Q 2019• Recordkeeper Contract: TIAA, May 13, 2006, amended 2015• Innovest Contract: December 2014



Contributions • Contribution Rate: EE – voluntary up to $19,500; catch up contribution up to $6,500• Match Provision: • Enrollment: Participant Elected• Automatic Enrollment: No• Auto-Escalation: No

Distributions • Loans: No• Unforeseen Emergencies: No• Installments: Yes• In-Service Withdrawals: No• Force Out Distributions:


account• Annual Fee Review: 1Q19• Competitive Pricing Analysis: April 2015• Other Fees: : Brokerage Fees• Share Class Review: 1Q19






Annual deliverables are listed in ORANGE. 10

Plan Benchmark*

14,601,140$ Similarly Sized

0.54% 0.90%

0.74% N/A

Provider Fee (in $) Fee (in %) Fee (in $) Fee (in %) Fee (in $) Fee (in %)

Expense ratio retained by fund manager Fund Managers 30,254$ 0.21% 30,254$ 0.21%

Revenue sharing sent to recordkeeper 2,801$ 0.02% 2,801$ 0.02%

Gross Investment Management Fees -$ 0.00% 33,055$ 0.23% 33,055$ 0.23%

Recordkeeping/Administration Fee 45,994$ 0.32% 45,994$ 0.32%

Gross Recordkeeping and Administrative Fees -$ 0.00% 45,994$ 0.32% 45,994$ 0.32%

Total Investment, Recordkeeping and Administrative Costs -$ 0.00% 79,048$ 0.54% 79,048$ 0.54%

Professional Fees

Investment Consultant Innovest 29,692$ 0.20% 29,692$ 0.20%

Total Plan Expenses -$ 0.00% 108,740$ 0.74% 108,740$ 0.74%

Employer Paid Employee Paid Total

Littleton Public Schools Annual Fee Review

Investment, Recordkeeping and Administrative Costs

Plan assets as of 12/31/2019

Estimated Total Plan Expenses

*The plan's estimated investment, recordkeeping and administrative costs of 0.54% as shown above, compare favorably to 401(k) Source data, a universe

of 51 recordkeepers with similarly sized 401(k) plans, with an average investment, recordkeeping and administrative cost of 0.90%. Published since 1995,

the 401k Averages Book is one of the oldest and recognized resources for comparative 401(k) average cost information in the industry.

This review illustrates estimated plan costs based on available data.

11

Average Number Investment Options 20 Number Investment Options 18

Average Contribution Rate 6.0%/7.1%* Average Account Balance-403(b) $26,949

Average Account Balance $145,327 Average Account Balance-457 $35,804

*Contribution rate for low er compensated/higher compensated employees as defined by ADP tests Average Account Balance-401(a) $19,017Source: PSCA's 61st Annual Survey of Profit Sharing and 401(k) Plans (2017)

Uncommon Investment Holding

Metropolitan West Total Return Bond

Vanguard Total Bond Market Index

Specialty

TIAA-CREF Social Choice Equity

Industry Averages* Plan Averages

Menu Coverage

Growth

Conservative Moderate

Domestic Equity

Target Date Portfolios

Aggressive

Model Portfolios (Educational)

Vanguard Target Retirement 2060




Fixed Income

Vanguard Federal Money Market

Vanguard Small Cap Index

DFA U.S. Small Cap ValueSm

all

CoreValue

Cash Equivalents

International Equity

Stable ValueVoya Small Cap Opportunities

401(k), 403(b) & 457 Retirement Plan Statistics and Menu Coverage



Dodge & Cox Stock Vanguard 500 Index

TIAA Traditional

Vanguard Target Retirement Income



Value



Core

American Funds Europacific

Vanguard Total International Stock

Index

American Beacon International

Growth

Larg

eM

id Vanguard Selected Value

Vanguard Mid Cap Index

Janus Henderson Enterprise

Harbor Capital Appreciation

TIER

1TI

ER 2

12

Asset Allocation Asset AllocationDec-2019 Mar-2020

($) % ($) %Large Cap EquityDodge & Cox Stock 47,095 1.08 32,543 0.88Vanguard 500 Index 299,518 6.85 239,306 6.49Harbor Capital Appreciation 110,875 2.53 97,694 2.65Total Large Cap Equity 457,489 10.46 369,543 10.02

Mid Cap EquityVanguard Selected Value 7,728 0.18 4,812 0.13Vanguard Mid Cap Index 10,692 0.24 7,934 0.22Janus Henderson Enterprise 101,605 2.32 77,106 2.09Total Mid Cap Equity 120,025 2.74 89,852 2.44

Small Cap EquityDFA US Small Cap Value 13,117 0.30 7,989 0.22Vanguard Small Cap Index 52,228 1.19 36,485 0.99Voya Small Cap Opportunities - 0.00 - 0.00Total Small Cap Equity 65,345 1.49 44,474 1.21

SpecialtyTIAA-CREF Social Choice Equity 24,518 0.56 19,418 0.53

International EquityAmerican Beacon Intl Equity 30,504 0.70 20,543 0.56Vanguard Total Intl Stock Index 148,997 3.41 112,604 3.05American Funds EuroPacific Growth 58,145 1.33 44,104 1.20Total International Equity 237,645 5.43 177,251 4.80

Fixed IncomeMet West Total Return 62,778 1.44 64,123 1.74Vanguard Total Bond Market Index 38,639 0.88 42,196 1.14Total Fixed Income 101,417 2.32 106,319 2.88

LPS 401(a) Total Fund 4,374,165 100.00 3,689,300 100.00

Dec-2019 Mar-2020($) % ($) %

Stable ValueTIAA Traditional Annuity Retirement Choice Plus 171,970 3.93 173,620 4.71

Cash & EquivalentsVanguard Federal Money Market 2,182 0.05 2,188 0.06

Target Date FundsVanguard Target Retirement Income 95,805 2.19 89,951 2.44Vanguard Target Retirement 2015 180,750 4.13 167,082 4.53Vanguard Target Retirement 2020 366,311 8.37 326,596 8.85Vanguard Target Retirement 2025 461,572 10.55 401,399 10.88Vanguard Target Retirement 2030 535,476 12.24 456,004 12.36Vanguard Target Retirement 2035 716,228 16.37 597,338 16.19Vanguard Target Retirement 2040 511,801 11.70 407,616 11.05Vanguard Target Retirement 2045 239,632 5.48 191,805 5.20Vanguard Target Retirement 2050 73,493 1.68 58,835 1.59Vanguard Target Retirement 2055 10,955 0.25 8,768 0.24Vanguard Target Retirement 2060 1,551 0.04 1,242 0.03Total Target Date Funds 3,193,575 73.01 2,706,636 73.36

LPS 401(a) Total Fund 4,374,165 100.00 3,689,300 100.00

Asset Allocation - 401(a)

13


($) % ($) %Large Cap EquityDodge & Cox Stock 154,601 2.04 111,995 1.75Vanguard 500 Index 859,488 11.37 533,944 8.32Harbor Capital Appreciation 298,630 3.95 241,767 3.77Total Large Cap Equity 1,312,720 17.36 887,705 13.84


Small Cap EquityDFA US Small Cap Value 37,142 0.49 23,879 0.37Vanguard Small Cap Index 240,819 3.18 127,795 1.99Voya Small Cap Opportunities 3,769 0.05 2,772 0.04Total Small Cap Equity 281,731 3.73 154,445 2.41




Littleton Public Schools 403(b) 7,561,292 100.00 6,413,926 100.00

Dec-2019 Mar-2020($) % ($) %

Stable ValueTIAA Traditional Annuity Retirement Choice Plus 717,647 9.49 1,036,718 16.16


Target Date FundsVanguard Target Retirement Income 117,474 1.55 110,426 1.72Vanguard Target Retirement 2015 85,200 1.13 69,498 1.08Vanguard Target Retirement 2020 500,185 6.62 436,464 6.80Vanguard Target Retirement 2025 896,396 11.86 799,884 12.47Vanguard Target Retirement 2030 389,967 5.16 335,359 5.23Vanguard Target Retirement 2035 841,034 11.12 767,291 11.96Vanguard Target Retirement 2040 815,312 10.78 683,249 10.65Vanguard Target Retirement 2045 154,813 2.05 132,256 2.06Vanguard Target Retirement 2050 101,714 1.35 88,425 1.38Vanguard Target Retirement 2055 8,093 0.11 25,083 0.39Vanguard Target Retirement 2060 4,592 0.06 4,287 0.07Total Target Date Funds 3,914,780 51.77 3,452,221 53.82

LPS 403(b) Total Fund 7,561,292 100.00 6,413,926 100.00

Asset Allocation - 403(b)

14


($) % ($) %Large Cap EquityDodge & Cox Stock 151,954 5.70 107,851 4.56Vanguard 500 Index 164,973 6.19 182,359 7.72Harbor Capital Appreciation 482,318 18.09 404,394 17.11Total Large Cap Equity 799,246 29.98 694,603 29.39


Small Cap EquityDFA US Small Cap Value 14,814 0.56 9,066 0.38Vanguard Small Cap Index 20,392 0.76 14,841 0.63Voya Small Cap Opportunities 1,173 0.04 863 0.04Total Small Cap Equity 36,379 1.36 24,771 1.05




LPS 457 Total Fund 2,665,684 100.00 2,363,067 100.00

Dec-2019 Mar-2020($) % ($) %

Stable ValueTIAA Traditional Annuity Retirement Choice Plus 147,439 5.53 148,647 6.29


Target Date FundsVanguard Target Retirement Income 164,578 6.17 154,708 6.55Vanguard Target Retirement 2015 173,581 6.51 160,515 6.79Vanguard Target Retirement 2020 162,944 6.11 129,434 5.48Vanguard Target Retirement 2025 101,076 3.79 88,594 3.75Vanguard Target Retirement 2030 43,030 1.61 36,835 1.56Vanguard Target Retirement 2035 25,864 0.97 21,842 0.92Vanguard Target Retirement 2040 153,237 5.75 128,875 5.45Vanguard Target Retirement 2045 159,178 5.97 132,630 5.61Vanguard Target Retirement 2050 53,477 2.01 43,475 1.84Vanguard Target Retirement 2055 - 0.00 - 0.00Vanguard Target Retirement 2060 - 0.00 - 0.00Total Target Date Funds 1,036,965 38.90 896,908 37.96

LPS 457 Total Fund 2,665,684 100.00 2,363,067 100.00

Asset Allocation - 457

15

INVESTMENT RETURNS AS OF MARCH 31, 20201Q20

-19.6%

-30.6%

-22.8%

-23.6%

3.2%

The Markets

Returns for US Large Cap Stocks based off the S&P 500 Index, US Small Cap Stocks based off the Russell 2000 Index, Developed International Stocks based off the MSCI EAFE Index, Emerging Markets Stocks based off the MSCI EM Index,

Core Fixed Income based off the BBgBarc US Aggregate Bond

-50.00%

-40.00%

-30.00%

-20.00%

-10.00%

0.00%

10.00%

US Large Cap Stocks US Small Cap Stocks Developed International Stocks

Emerging Markets Stock Core Fixed Income

1/1/2020 2/1/2020 3/1/2020

2019

8.7%

31.4%

22.0%

18.4%

25.5%

16

• The COVID-19 virus outbreak blindsided the global economy and markets.

• Shelter-in-place restrictions around the world brought economies to a near halt.

• Of the 152 million US workers, 22 million of them (14.5%) lost their jobs between mid-

March and mid-April.

• The equity markets sold off at unprecedented speed as uncertainty skyrocketed.

• The yields on Treasuries, the ultimate safe-haven, fell to their lowest levels on record.

• The Federal Reserve and the US government responded with unprecedented stimuli.

• Oil and gasoline prices plummeted on falling demand and higher supply, an eventual

tailwind for consumers.

• The banking system entered 2020 much stronger than in 2008.

• Portfolio managers continue to take advantage of opportunities in the market.

• We recommend keeping a long-term view and ongoing portfolio rebalancing.

“Some people say they want to wait for a clearer view of

the future. But when the future is again clear, the present bargains will have vanished.”

- Dean Witter, in May of 1932, only a few weeks before the end of theworst bear market in history

1Q 2020: Blindsided

17

2020: The Fastest 30% Drop in US Stocks From an All-Time High

• From its all-time high on February 19, 2020, the S&P 500 fell more than 30% over the following 30 days.

• Panicked investors fled stocks to the safety of cash and Treasuries.

• The 30%+ declines of 2000 and 2008 took a much longer 363 days and 540 days, respectively.

-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

0 30 60 90 120 150 180 210 240 270 300 330 360 390 420 450 480 510 540

# of Calendar Days From Peak to -30%

1929 (Great Depression)

1987 (Black Monday)

2000 (Tech Bust)

2007 (GFC)

2020 (Coronavirus)

Notable Stock Market Drops

Day 30

51

Source: Litman Gregory, Morningstar Direct as of 3/31/20

55363 540

18

US Economic Forecast : A Strong Second-Half After a Severe Downturn

• The impact of COVID-19 is

expected to severely curtail US

economic growth in the first

half of 2020.

• Forecasters currently expect

the worst quarter in US GDP

history (Q2 2020) to be

followed by its best quarter

(Q3 2020).

• As the financial markets are

forward-looking, changes to

economic growth estimates

are likely to be reflected

quickly in the prices of

financial assets.

-40%

-30%

-20%

-10%

0%

10%

20%

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

U.S. GDP by Quarter 2000 to 2019 and 2020 Estimates Goldman Sachs

Estimates

US

GD

P E

stim

ates

Q2

2020

Citibank: -12%

JP Morgan Chase: -14%

Vanguard: -17%

Bank of America: -25%

Goldman Sachs: -34%

Morgan Stanley: -30%

Real GDP shown for years 2000 through 2019. Source: Litman Gregory, U.S. Bureau of Economic Analysis as of 3/31/20. Goldman Sachs estimates shown for all quarters in 2020, Citibank, JPM Chase, Vanguard, BofA, and Morgan Stanley estimates for the 2nd quarter only.

19

Monetary Stimulus: The Federal Reserve’s Balance

Sheet to the Rescue

• The Fed reversed course and

increased its balance sheet by

almost $1 trillion in the last

eight months to provide

liquidity and economic

stimulus.

• In March the Fed began its

fourth round of Quantitative

Easing (QE) program by

buying bonds to help keep

interest rates and borrowing

costs low.

• The Fed may increase its

balance sheet substantially

more in the coming months if

needed.

0

500

1000

1500

2000

2500

3000

3500

$-

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Federal Reserve Balance Sheet: Total Assets, $ Trillions (Left Axis)

S&P 500 (Right Axis)

Quantitative Easing (QE) 1

response to 2008 GFC

QE 2

QE 3QE 4

Initial response

to COVID-19

Source: Litman Gregory, Board of Governors of the Federal Reserve, Yahoo Finance as of 3/31/20

20

Fiscal Stimulus: The U.S. $2.2 Trillion Coronavirus Relief Package

• On March 27, the US government

approved a $2.2 trillion spending

plan, representing about 10% of

annual GDP.

• The relief package aims to bridge

the income gaps to businesses

and individuals caused by the

economic crisis.

• Nearly one-half of the stimulus will

go to large business and local

government loans, small business

assistance, and “one-time” checks.

• Approximately one-quarter of the

package is in the form of

expanded unemployment benefits

and business tax cuts.

Education

Spending, $32

Personal Tax Cuts,

$10

Large Business and

Local Gov. Loans,

$504

Small

Business

Assistance,

$377

"One Time"

Checks, $290

Business Tax Cuts,

$280

Expanded

Unemployment

Benefits, $260

Health

Spending, $180

Aid to State and

Local Gov'ts, $175

Disaster Assistance, $45

Food Stamps and

Safety Net, $42

Other Spending,

$35

Dollar amounts are in billions. Source: Litman Gregory, BCA Research, Committee for a Reasonable Budget as of 3/27/20

21

Bull and Bear Markets in U.S. Stocks since 1950

• Neither bear markets nor bull markets last forever.

• Bull markets since 1950 have tended to last much longer than bear markets.

• The most successful investors maintain their focus on the long-term during market pullbacks and remain disciplined through

portfolio rebalancing and looking for opportunities.

-100%

0%

100%

200%

300%

400%

500%

600%

1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

Bull Market (return from bear market low) Bear Market (decline of 20% or more from previous high)

+198%

-21%

+86%

-28%

+80%

-22%

+48%

-36%

+74%

-48%

+126%

-27%

+229%

-34%

+528%

-49%

+101%

-57%

+401%

-34%

Source: Litman Gregory, Morningstar Direct as of 3/31/20

22

Widening Credit Spreads Provide Opportunities for Bond Managers

Source: Litman Gregory, Ice Data Indices, LLC as of 3/27/20

• Credit spreads indicate how

much more investment-grade

or high-yield bonds yield

compared to US Treasuries of

similar maturities.

• When the economy is expected

to weaken, investors require

higher spreads to compensate

for the greater risk of owning

corporate bonds.

• In the first quarter of 2020,

spreads widened, but not nearly

to the levels of 2008.

• Allocations to actively managed

floating rate corporate loans

and investment-grade bonds

continue to be prudent.

0

500

1000

1500

2000

2500

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

Investment-Grade Spread (OAS) High-Yield Spread (OAS)

23

Large Cap Equity returns based off return data for the S&P 500, S&P 500 Value, and S&P 500 Growth indices. Mid Cap Equity returns based off return data for the Russell Mid Cap, Russell Mid Cap Value, and Russell Mid Cap Growth

indices. Small Cap Equity returns based off return data for the Russell 2000, Russell 2000 Value, and Russell 2000 Growth indices. International and EM Equity returns based off return data for the MSCI EAFE, MSCI EAFE Value, MSCI EAFE

Growth, MSCI EM indices. Returns for time periods of 3 years or longer are annualized.

Equity Performance as of March 31, 20201st Quarter 2020 YTD as of March 31, 2020 1 Year

Domestic Equity Domestic Equity Domestic Equity

Value Core Growth Value Core Growth Value Core Growth

-25.3% -19.6% -14.5% -25.3% -19.6% -14.5% -12.2% -7.0% -2.5%Large

-31.7% -27.1% -20.0% -31.7% -27.1% -20.0% -24.1% -18.3% -9.4%Mid

-35.7% -30.6% -25.8% -35.7% -30.6% -25.8% -29.6% -24.0% -18.6%Small

Developed International Equity Developed International Equity Developed International Equity


-28.2% -22.8% -17.5% -28.2% -22.8% -17.5% -22.8% -14.4% -5.8%

Emerging Markets Emerging Markets Emerging Markets

-23.6% -23.6% -17.7%

3 Years Annualized 5 Years Annualized 10 Years Annualized

Domestic Equity Domestic Equity Domestic Equity


0.1% 5.1% 9.6% 3.4% 6.7% 9.5% 8.2% 10.5% 12.6%Large

-6.0% -0.8% 6.5% -0.8% 1.8% 5.6% 7.2% 8.8% 10.9%Mid

-9.5% -4.6% 0.1% -2.4% -0.2% 1.7% 4.8% 6.9% 8.9%Small

Developed International Equity Developed International Equity Developed International Equity


-6.6% -1.8% 3.0% -3.8% -0.6% 2.5% 0.6% 2.7% 4.7%

Emerging Markets Emerging Markets Emerging Markets

-1.6% -0.4% 0.7%

24

Domestic Equity Sector Performance as of March 31, 2020

-13.5%-17.0%

-19.2%-26.1%

-11.9%-27.0%

-12.7%-31.9%

-50.5%-12.7%

-19.3%

-60% -50% -40% -30% -20% -10% 0%

FIRST QUARTER 2020

Consumer Discretionary Consumer Staples Energy Financials

Health Care Industrials Info Technology Materials

Real Estate Telecom Services Utilities

-1.4%-3.3%

-11.3%-16.6%

10.4%-19.5%

-1.0%-17.1%

-52.4%-0.6%

-10.8%

-60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0%

ONE YEAR ENDING 3/31/2020

Consumer Discretionary Consumer Staples Energy Financials

Health Care Industrials Info Technology Materials

Real Estate Telecom Services Utilities

25

Investment Returns Over Time

Returns based off the following indices: Large Cap Value Stocks = S&P 500 Value TR, Large Cap Core Stocks = S&P 500 TR, Large Cap Growth Stocks = S&P 500 Growth TR, Mid Cap Value Stocks = Russell Mid Cap Value TR, Mid Cap Core Stocks =

Russell Mid Cap TR, Small Cap Value Stocks = Russell 2000 Value TR, Small Cap Core Stocks = Russell 2000 TR, Small Cap Growth Stocks = Russell 2000 Growth TR, Developed International Value Stocks = MSCI EAFE Value NR, Developed International

Core Stocks = MSCI EAFE NR, Developed International Growth Stocks = MSCI EAFE Growth NR, Emerging Markets Stocks = MSCI EM NR, Core Fixed Income = BBgBarc US Agg Bond TR, Defensive Fixed Income = BBgBarc 1-3 yr US Treasury TR,

Municipal Fixed Income = BBgBarc Municipal TR, Floating Rate Corporate Loans = Credit Suisse Leveraged Loan, High Yield Bonds = BBgBarc US Corporate High Yield TR, Low Correlated Hedge Funds = HFRI Fund of Funds Composite Index, Liquid Low

Correlated Hedge Funds = Wilshire Liquid Alternatives Multi-Strategy Index, Commodities = Bloomberg Commodity TR, Midstream Energy = Alerian Midstream Energy TR, Global REITS = S&P Developed Property TR, Direct Real Estate (Current Quarter,

YTD, and Annualized Returns are preliminary) = NCREIF ODCE, Reinsurance = Eurekahedge ILS Advisers NR LCL

Periods Ended March 31, 2020 Calendar Year Returns Annualized Periods Ended March 31, 2020

QTD YTD 2019 2018 2017 2016 2015 1 yr 3 yrs 5 yrs 7 yrs 10 yrs 20 yrsDomestic EquitiesLarge Cap Value -25.3 -25.3 31.9 -9.0 15.4 17.4 -3.1 -12.2 0.1 3.4 6.5 8.2 4.8

Large Cap Core -19.6 -19.6 31.5 -4.4 21.8 12.0 1.4 -7.0 5.1 6.7 9.6 10.5 4.8

Large Cap Growth -14.5 -14.5 31.1 0.0 27.4 6.9 5.5 -2.5 9.6 9.5 12.3 12.6 4.6

Mid Cap Value -31.7 -31.7 27.1 -12.3 13.3 20.0 -4.8 -24.1 -6.0 -0.8 4.1 7.2 7.8

Mid Cap Core -27.1 -27.1 30.5 -9.1 18.5 13.8 -2.4 -18.3 -0.8 1.8 6.4 8.8 6.8

Mid Cap Growth -20.0 -20.0 35.5 -4.8 25.3 7.3 -0.2 -9.4 6.5 5.6 9.5 10.9 4.4

Small Cap Value -35.7 -35.7 22.4 -12.9 7.8 31.7 -7.5 -29.6 -9.5 -2.4 1.8 4.8 6.8

Small Cap Core -30.6 -30.6 25.5 -11.0 14.6 21.3 -4.4 -24.0 -4.6 -0.2 4.2 6.9 5.3

Small Cap Growth -25.8 -25.8 28.5 -9.3 22.2 11.3 -1.4 -18.6 0.1 1.7 6.5 8.9 3.5

International EquitiesDeveloped International Value -28.2 -28.2 16.1 -14.8 21.4 5.0 -5.7 -22.8 -6.6 -3.8 -0.6 0.6 2.1

Developed International Core -22.8 -22.8 22.0 -13.8 25.0 1.0 -0.8 -14.4 -1.8 -0.6 1.8 2.7 2.0

Developed International Growth -17.5 -17.5 27.9 -12.8 28.9 -3.0 4.1 -5.8 3.0 2.5 4.0 4.7 1.7

Emerging Markets -23.6 -23.6 18.4 -14.6 37.3 11.2 -14.9 -17.7 -1.6 -0.4 -0.4 0.7 N/A

Fixed IncomeCore Fixed Income 3.1 3.1 8.7 0.0 3.5 2.6 0.5 8.9 4.8 3.4 3.2 3.9 5.1

Defensive Fixed Income 2.8 2.8 3.6 1.6 0.4 0.9 0.6 5.4 2.7 1.8 1.5 1.4 2.9

Municipal Fixed Income -0.6 -0.6 7.5 1.3 5.4 0.2 3.3 3.8 4.0 3.2 3.3 4.1 4.9

Floating Rate Corporate Loans -13.2 -13.2 8.2 1.1 4.2 9.9 -0.4 -9.5 -0.7 1.2 2.0 3.3 4.0

High Yield Bonds -12.7 -12.7 14.3 -2.1 7.5 17.1 -4.5 -6.9 0.8 2.8 3.3 5.6 6.5

Diversifying Asset Classes Low Correlated Hedge Funds -6.0 -6.0 8.4 -4.0 7.8 0.5 -0.3 -2.6 1.0 0.6 2.0 2.1 2.7

Liquid Low Correlated Hedge Funds -8.5 -8.5 6.7 -4.2 5.1 2.3 -3.4 -5.4 -1.1 -0.8 0.1 0.9 2.1

Commodities -23.3 -23.3 7.7 -11.2 1.7 11.8 -24.7 -22.3 -8.6 -7.8 -10.0 -6.7 -0.7

Midstream Energy -49.1 -49.1 24.1 -13.3 -2.4 33.8 -32.3 -48.3 -19.6 -13.0 N/A N/A N/A

Global REITs -27.2 -27.2 22.8 -6.1 13.2 5.4 0.9 -21.8 -2.6 -0.7 2.1 5.8 7.9

Direct Real Estate 1.0 1.0 5.3 8.3 7.6 8.8 15.0 4.9 6.8 8.5 9.9 11.4 N/A

Reinsurance -0.1 -0.1 0.9 -3.9 -5.6 5.2 4.2 0.4 -3.2 -0.1 1.6 2.4 N/A

26

Criteria

Organization People Philosophy& Process

StyleConsistency Asset Base Performance Expenses Overall

Costs

Exp Ratio(%)

MedianExp Ratio

(%)

Ratio ofExp to

Median (%)Dodge & Cox Stock (DODGX) 0.52 0.88 59.09Vanguard 500 Idx;Adm (VFIAX) 0.04 0.32 12.50Harbor:Cap Apprec;Inst (HACAX) 0.67 0.92 72.83Vanguard Sel Value;Inv (VASVX) 0.33 0.96 34.38Vanguard Md-Cp I;Adm (VIMAX) 0.05 1.02 4.90Jns Hndsn:Enterprise;N (JDMNX) 0.66 1.08 61.11DFA US Small Cap Val;I (DFSVX) 0.51 1.14 44.74Vanguard S-C Id;Adm (VSMAX) 0.05 1.08 4.63Voya:SmCp Opptys;R6 (ISOZX) 0.95 1.15 82.61TIAA-CREF:Soc Ch Eq;Inst (TISCX) 0.17 1.01 16.83Am Beacon:Intl Eq;R5 (AAIEX) 0.74 1.13 65.49Vanguard Tot I S;Adm (VTIAX) 0.11 0.95 11.58American Funds EuPc;R6 (RERGX) 0.49 1.04 47.12MetWest:Total Rtn;Plan (MWTSX) 0.37 0.60 61.67Vanguard Tot Bd;Adm (VBTLX) 0.05 0.60 8.33TIAA-Traditional 0.73 0.73 100.00Vanguard Fed MM;Inv (VMFXX) 0.11 0.42 26.19Vanguard Target Date (VTHRX) 0.14 0.80 17.50

Legend For Overall CriteriaNo/Minimum ConcernsMinor ConcernMajor ConcernUnder Review

New No/Minimum ConcernsUpgrade to Minor ConcernDowngrade to Minor ConcernNew Major Concern

Manager Score Factor CommentsVanguard Sel Value;Inv (VASVX) People Effective December 16th, 2019 Vanguard replaced Barrow, Hanley, Mewhinney & Strauss (BHMS) with Cooke & Bieler. The fund

remains multi managed by Pzena Investment Management, Donald Smith & Co., and now Cooke & Bieler. Previously, BHMSmanaged 52% of the portfolio. Cooke & Bieler has received a 40% allocation and the remaining 12% was dispersed amongst theother two managers. This change warrants a downgrade to a minor concern in the People category and Innovest Due Diligence willcontinue to monitor the fund and any additional changes.

DFA US Small Cap Val;I (DFSVX) Performance This fund has underperformed the benchmark and median in the 3 and 5 year periods. The fund has also lagged behind thebenchmark in the calendar year and rolling 3 year returns. Innovest will monitor closely going forward.

Voya:SmCp Opptys;R6 (ISOZX) People The Voya Small Cap Team has seen considerable turnover within their analyst ranks. Seven of their ten member analyst team hasturned over within the past five years as of December 2019. This fund is driven primarily by bottom-up, fundamental research, sostability of the underlying research team is important. Lead portfolio manager James Hasso remains at the helm, but the lack ofexperience currently on the analyst team warrants heightened diligence. We will continue to closely monitor the team changes.

Voya:SmCp Opptys;R6 (ISOZX) Asset Base Outflows relative to strategy AUM were greater than 50% over the past 12 months, which warrants increased monitoring anddiligence. We will continue to closely monitor fund outflows.

Voya:SmCp Opptys;R6 (ISOZX) Performance 2018 proved to be a very challenging year for the fund. Stock selection was a major detractor, especially in the biotech sector.Historically the fund has been underweight momentum as well which has been a major headwind for the fund.

Voya:SmCp Opptys;R6 (ISOZX) Overall The strategy currently warrants a minor concern based on analyst team turnover and continued performance concerns.

Manager Score Card

The Expense Ratio and Median Expense Ratio for Hedge Fund of Funds and Private Equity Fund of Funds excludes underlying fund expenses; the expenses shown are only at the Fund of Funds level.For additional disclosures related to any non-mutual fund alternative investments, please see the full disclaimer in the appendix.

27

Manager Score CardManager Score Factor CommentsAm Beacon:Intl Eq;R5 (AAIEX) People Effective January 16, 2020, American Beacon has made the decision to replace Templeton Investment Counsel with American

Century Investment Management on the International Equity strategy. American Century will be managing a 33% stake in the fund,in addition to Causeway Capital Management and Lazard Asset Management. Additionally, Templeton's emerging marketsmandate was restricted to South Korea, but with this change the fund will allow for emerging market exposure in other territories.

American Funds EuPc;R6 (RERGX) People Mark Denning, a senior comanager on the fund since 1991, abruptly left the firm in September. After an independent investigationtook place, there have been allegations that Denning was acquiring shares for his own benefit that were also owned in funds thathe managed at Capital Group. Denning denies any wrongdoing, but Capital Group took immediate action after the allegationsbecame public, citing their strong code of ethics. Denning independently managed a sleeve that was roughly 7% of the totalportfolio. Capital Group implements a team-based management approach. The fund added a tenured senior analyst, Lara Pellini, tobegin managing a portion of the fund. While the departure is worth noting, Capital Group has a team-based approach which allowsthe firm to be adequately prepared for departures. We will continue to closely monitor the fund through the transition.

TIAA-Traditional Expenses *General Accounts typically do not have an explicit, consistent expense ratio, as the fund manager instead derives revenue fromthe variable spread between the contractual rate of return and the actual underlying return of the portfolio. To reasonablyapproximate plan costs, the median expense ratio for the stable value universe (IM U.S. GIC/Stable Value Median) is applied here.

The Expense Ratio and Median Expense Ratio for Hedge Fund of Funds and Private Equity Fund of Funds excludes underlying fund expenses; the expenses shown are only at the Fund of Funds level.For additional disclosures related to any non-mutual fund alternative investments, please see the full disclaimer in the appendix.

28

LastQuarter

YearTo

Date

1Year

3Years

5Years

7Years

10Years

SinceInception

InceptionDate

Large Cap EquityDodge & Cox Stock -29.16 (75) -29.16 (75) -19.82 (74) -2.52 (59) 2.65 (22) 6.60 (12) 8.09 (18) 4.76 (22) 10/01/2015S&P 500 Value -25.34 (35) -25.34 (35) -12.20 (7) 0.05 (19) 3.45 (11) 6.54 (13) 8.18 (16) 5.79 (11)IM U.S. Large Cap Value Equity (MF) Median -26.58 -26.58 -17.13 -1.92 1.48 5.06 6.76 3.54

Vanguard 500 Index -19.61 (45) -19.61 (45) -7.01 (36) 5.07 (29) 6.69 (15) 9.58 (14) 10.49 (12) 9.00 (18) 10/01/2015S&P 500 Index -19.60 (44) -19.60 (44) -6.98 (36) 5.10 (29) 6.73 (14) 9.62 (14) 10.53 (12) 9.04 (17)IM U.S. Large Cap Core Equity (MF) Median -19.85 -19.85 -8.37 3.80 5.23 8.30 9.19 7.58

Harbor Capital Appreciation -11.83 (19) -11.83 (19) -0.03 (38) 12.81 (20) 10.57 (19) 13.78 (12) 12.80 (19) 12.50 (28) 10/01/2015S&P 500 Growth -14.50 (69) -14.50 (69) -2.47 (70) 9.59 (65) 9.48 (43) 12.27 (42) 12.58 (23) 11.73 (45)IM U.S. Large Cap Growth Equity (MF) Median -13.43 -13.43 -0.82 10.65 9.07 11.86 11.66 11.45

Mid Cap EquityVanguard Selected Value -37.65 (81) -37.65 (81) -28.55 (74) -9.86 (77) -3.06 (54) 2.19 (53) 5.37 (52) -17.52 (78) 01/01/2018Russell Midcap Value Index -31.71 (29) -31.71 (29) -24.13 (32) -5.97 (25) -0.76 (27) 4.06 (18) 7.22 (14) -11.43 (31)IM U.S. Mid Cap Value Equity (MF) Median -32.63 -32.63 -25.84 -7.62 -2.62 2.47 5.45 -12.81

Vanguard Mid Cap Index -25.72 (26) -25.72 (26) -16.65 (21) -0.26 (14) 2.08 (14) 6.70 (10) 8.86 (8) 4.37 (15) 10/01/2015CRSP U.S. Mid Cap TR Index -25.74 (27) -25.74 (27) -16.65 (21) -0.25 (13) 2.11 (13) 6.74 (9) 9.05 (6) 4.39 (14)IM U.S. Mid Cap Core Equity (MF) Median -28.30 -28.30 -19.67 -3.64 -0.37 3.86 6.32 1.69

Janus Henderson Enterprise -24.03 (88) -24.03 (88) -12.74 (74) 6.43 (40) 6.99 (17) 10.52 (15) N/A 9.76 (19) 10/01/2015Russell Midcap Growth Index -20.04 (60) -20.04 (60) -9.45 (55) 6.53 (38) 5.61 (38) 9.49 (30) 10.89 (28) 8.51 (34)IM U.S. Mid Cap Growth Equity (MF) Median -19.35 -19.35 -8.90 5.87 4.92 8.64 9.93 7.24

Small Cap EquityDFA US Small Cap Value -39.02 (70) -39.02 (70) -35.36 (76) -12.74 (68) -5.43 (71) 0.05 (61) 4.16 (48) -3.38 (66) 10/01/2015Russell 2000 Value Index -35.66 (38) -35.66 (38) -29.64 (30) -9.51 (26) -2.42 (19) 1.80 (23) 4.79 (22) 0.06 (20)IM U.S. Small Cap Value Equity (MF) Median -37.32 -37.32 -32.43 -11.13 -4.35 0.46 4.08 -2.25

Vanguard Small Cap Index -30.07 (21) -30.07 (21) -23.33 (25) -3.27 (11) 0.42 (15) 4.98 (10) 7.84 (8) 3.06 (12) 10/01/2015CRSP U.S. Small Cap TR Index -30.08 (21) -30.08 (21) -23.38 (25) -3.28 (11) 0.40 (16) 4.97 (10) 8.04 (5) 3.04 (12)IM U.S. Small Cap Core Equity (MF) Median -32.66 -32.66 -26.14 -6.85 -1.80 2.86 5.81 0.59

Voya Small Cap Opportunities -26.39 (68) -26.39 (68) -21.37 (76) -4.76 (91) -0.50 (84) N/A N/A 2.01 (86) 10/01/2015Russell 2000 Growth Index -25.76 (61) -25.76 (61) -18.58 (64) 0.10 (63) 1.70 (66) 6.47 (55) 8.89 (56) 4.65 (60)IM U.S. Small Cap Growth Equity (MF) Median -24.21 -24.21 -17.36 1.88 2.41 6.63 9.16 5.60

SpecialtyTIAA-CREF Social Choice Equity -20.49 (33) -20.49 (33) -8.25 (22) 4.36 (17) 5.60 (17) 8.30 (26) 9.48 (26) 8.31 (10) 10/01/2015S&P 500 Index -19.60 (24) -19.60 (24) -6.98 (15) 5.10 (11) 6.73 (3) 9.62 (6) 10.53 (4) 9.04 (5)IM U.S. Multi-Cap Core Equity (MF) Median -21.69 -21.69 -11.73 1.79 3.30 6.99 8.29 5.63

Table of Returns

TIAA Traditional Annuity Returns show current quarter's credit rate. Numbers in parentheses represent the percentile rank of a return as compared to a universe of funds using similar investment strategies

29

Table of ReturnsLast

Quarter

YearTo

Date

1Year

3Years

5Years

7Years

10Years

SinceInception

InceptionDate

International EquityAmerican Beacon Intl Equity -29.96 (71) -29.96 (71) -23.72 (70) -6.54 (50) -3.96 (48) -0.39 (15) 1.24 (11) -2.34 (46) 10/01/2015MSCI EAFE Value Index (Net) -28.20 (49) -28.20 (49) -22.76 (67) -6.65 (51) -3.83 (45) -0.58 (23) 0.62 (29) -1.59 (29)IM Intl Large Cap Value Equity (MF) -28.23 -28.23 -20.94 -6.55 -4.13 -1.30 0.16 -2.81

Vanguard Total International Stock Index -24.30 (60) -24.30 (60) -16.57 (56) -2.55 (42) -0.68 (30) 1.09 (53) N/A 1.72 (23) 10/01/2015FTSE Global ex USA All Cap Index -23.96 (54) -23.96 (54) -15.75 (44) -1.99 (25) -0.24 (18) 1.56 (33) 2.63 (32) 2.28 (11)IM Intl Multi-Cap Core Equity (MF) -23.60 -23.60 -16.16 -3.01 -1.37 1.13 2.20 0.59

American Funds EuroPacific Growth -22.43 (78) -22.43 (78) -12.70 (66) 0.28 (47) 0.91 (36) 3.46 (21) 3.97 (32) 3.10 (38) 10/01/2015MSCI EAFE Growth Index (Net) -17.51 (15) -17.51 (15) -5.84 (14) 2.98 (26) 2.47 (24) 3.96 (15) 4.71 (21) 4.63 (22)IM Intl Large Cap Growth Equity (MF) -20.57 -20.57 -10.29 0.15 0.06 2.21 3.08 2.50

Fixed IncomeMet West Total Return 2.26 (23) 2.26 (23) 8.29 (18) 4.71 (11) 3.29 (11) 3.33 (5) N/A 3.82 (15) 10/01/2015Blmbg. Barc. U.S. Aggregate Index 3.15 (16) 3.15 (16) 8.93 (11) 4.82 (7) 3.36 (7) 3.19 (11) 3.88 (30) 3.85 (13)IM U.S. Broad Mkt Core Fixed Income (MF) 0.56 0.56 6.16 3.76 2.74 2.70 3.69 3.28

Vanguard Total Bond Market Index 3.27 (14) 3.27 (14) 9.06 (8) 4.83 (6) 3.33 (9) 3.14 (15) 3.84 (35) 3.85 (13) 10/01/2015Blmbg. Barc. U.S. Aggregate Index 3.15 (16) 3.15 (16) 8.93 (11) 4.82 (7) 3.36 (7) 3.19 (11) 3.88 (30) 3.85 (13)IM U.S. Broad Mkt Core Fixed Income (MF) 0.56 0.56 6.16 3.76 2.74 2.70 3.69 3.28

Cash & EquivalentsVanguard Federal Money Market 0.34 (8) 0.34 (8) 1.90 (11) 1.65 (14) 1.08 (13) 0.77 (13) 0.55 (15) 1.26 (12) 01/01/201690 Day U.S. Treasury Bill 0.58 (1) 0.58 (1) 2.25 (1) 1.83 (3) 1.17 (9) 0.85 (8) 0.62 (8) 1.37 (8)IM U.S. Taxable Money Market (MF) Median 0.27 0.27 1.65 1.40 0.86 0.61 0.44 0.99

Stable ValueTIAA Traditional Annuity RCP-403(b) & 457 0.69 (7) 0.69 (7) 2.85 (7) 3.32 (3) 3.36 (1) 3.32 (1) 3.28 (1) 3.35 (1) 10/01/2015Ryan 3 Yr GIC Master Index 0.61 (25) 0.61 (25) 2.42 (54) 2.06 (88) 1.76 (89) 1.56 (96) 1.76 (96) 1.83 (93)IM U.S. GIC/Stable Value (SA+CF) Median 0.58 0.58 2.45 2.21 2.02 1.90 2.07 2.07

TIAA Traditional Annuity RC-401(a) 0.92 (5) 0.92 (5) 3.66 (4) 4.11 (1) 4.15 (1) 4.11 (1) 4.06 (1) 4.14 (1) 10/01/2015Ryan 3 Yr GIC Master Index 0.61 (25) 0.61 (25) 2.42 (54) 2.06 (88) 1.76 (89) 1.56 (96) 1.76 (96) 1.83 (93)IM U.S. GIC/Stable Value (SA+CF) Median 0.58 0.58 2.45 2.21 2.02 1.90 2.07 2.07


30


Quarter

YearTo

Date

1Year

3Years

5Years

7Years

10Years

SinceInception

InceptionDate

Target Date FundsVanguard Target Retirement Income -5.91 (14) -5.91 (14) 0.91 (12) 3.38 (1) 3.17 (49) 3.77 (63) 4.92 (66) 4.23 (63) 10/01/2015Vanguard Target Income Composite Index -5.56 (12) -5.56 (12) 1.43 (9) 3.67 (1) 3.41 (34) 4.01 (57) 5.10 (61) 4.50 (53)IM Retirement Income (MF) Median -9.96 -9.96 -2.40 2.41 3.16 4.65 5.68 4.54

Vanguard Target Retirement 2015 -7.44 (7) -7.44 (7) -0.22 (7) 3.61 (12) 3.55 (9) 4.90 (6) 6.03 (7) 5.02 (11) 10/01/2015Vanguard Target 2015 Composite Index -7.04 (4) -7.04 (4) 0.42 (3) 3.93 (5) 3.83 (1) 5.17 (3) 6.21 (3) 5.34 (2)IM Mixed-Asset Target 2015 (MF) Median -9.71 -9.71 -2.50 2.41 2.72 4.07 5.42 4.19

Vanguard Target Retirement 2020 -10.76 (57) -10.76 (57) -2.64 (33) 3.28 (14) 3.58 (8) 5.30 (5) 6.39 (7) 5.27 (7) 10/01/2015Vanguard Target 2020 Composite Index -10.27 (50) -10.27 (50) -1.97 (24) 3.65 (7) 3.88 (3) 5.58 (2) 6.67 (2) 5.61 (1)IM Mixed-Asset Target 2020 (MF) Median -10.35 -10.35 -3.30 2.43 2.74 4.08 5.48 4.34







Vanguard Target Retirement 2055 -19.89 (26) -19.89 (26) -10.21 (23) 1.78 (26) 3.19 (21) 5.79 (17) N/A 5.47 (20) 10/01/2015Vanguard Target 2055 Composite Index -19.47 (22) -19.47 (22) -9.51 (17) 2.19 (17) 3.57 (15) 6.15 (11) N/A 5.88 (12)IM Mixed-Asset Target 2055 (MF) Median -20.70 -20.70 -11.60 1.02 2.44 4.99 6.53 4.67

Vanguard Target Retirement 2060 -19.86 (21) -19.86 (21) -10.18 (22) 1.79 (31) 3.20 (46) 5.80 (N/A) N/A -3.53 (28) 01/01/2018Vanguard Target 2060 Composite Index -19.47 (18) -19.47 (18) -9.51 (17) 2.19 (22) 3.57 (34) 6.15 (N/A) N/A -3.12 (21)IM Mixed-Asset Target 2060+ (MF) Median -21.00 -21.00 -11.65 1.18 3.08 N/A N/A -4.52


31


Quarter

YearTo

Date

1Year

3Years

5Years

7Years

10Years

SinceInception

InceptionDate

Model Portfolios (Educational Only)Littleton Public School Conservative -9.58 -9.58 -2.21 3.20 3.47 4.83 5.83 5.83 04/01/2010

Littleton Public School Moderate -19.43 -19.43 -10.56 1.53 3.01 5.69 6.85 6.85 04/01/2010

Littleton Public School Aggressive -23.90 -23.90 -14.51 0.57 2.66 5.98 7.19 7.19 04/01/2010


32

Dec-2019 Mar-2020($) % ($) %

Large Cap EquityCREF Equity Index 105,421 4.51 81,729 3.96CREF Growth 110,827 4.74 95,526 4.63Total Large Cap Equity 216,248 9.25 177,255 8.59

Global EquityCREF Global Equities 238,299 10.20 183,327 8.88CREF Stock 721,428 30.87 552,107 26.74Total Global Equity 959,727 41.06 735,434 35.62

Fixed IncomeCREF Bond Market 33,288 1.42 34,812 1.69CREF Inflation-Linked Bond 11,092 0.47 13,811 0.67Total Fixed Income 44,380 1.90 48,624 2.36

Fixed AccountTIAA Traditional GRA 793,724 33.96 799,591 38.73

Real EstateTIAA Real Estate 159,434 6.82 147,115 7.13

Specialty EquityCREF Social Choice 54,107 2.31 46,609 2.26

CashCREF Money Market 109,648 4.69 109,936 5.32

LPS 401(a) Legacy Total Fund 2,337,267 100.00 2,064,564 100.00

Asset Allocation - 401(a) Legacy

33

Dec-2019 Mar-2020($) % ($) %

Large Cap EquityCREF Equity Index 523,069 6.78 400,260 5.86CREF Growth 349,964 4.54 267,415 3.91Large Cap Equity 873,032 11.32 667,676 9.77

Global EquityCREF Global Equities 468,631 6.08 350,200 5.12CREF Stock 2,020,373 26.20 1,545,357 22.62Global Equity 2,489,005 32.28 1,895,558 27.74

Fixed IncomeCREF Bond Market 102,076 1.32 91,287 1.34CREF Inflation-Linked Bond 76,449 0.99 75,579 1.11Fixed Income 178,525 2.32 166,865 2.44

Fixed AccountTIAA Traditional GSRA 3,430,763 44.49 3,453,148 50.53



Cash & EquivalentsCREF Money Market 70,734 0.92 79,385 1.16Loan Default Fund 5,671 0.07 5,731 0.08Cash & Equivalents 76,405 0.99 85,116 1.25

LPS 403(b) Legacy 7,711,115 100.00 6,833,218 100.00

Asset Allocation - 403(b) Legacy

34

Dec-2019 Mar-2020($) % ($) %

Large Cap EquityCREF Equity Index 117,410 4.50 92,855 3.77CREF Growth 104,773 4.01 90,326 3.67Total Large Cap Equity 222,183 8.51 183,181 7.44

Global EquityCREF Global Equities 53,540 2.05 41,887 1.70CREF Stock 416,840 15.97 323,244 13.13Total Global Equity 470,380 18.02 365,131 14.83

Fixed IncomeCREF Bond Market 81,757 3.13 81,860 3.33CREF Inflation-Linked Bond 43,844 1.68 44,049 1.79Total Fixed Income 125,600 4.81 125,909 5.11

Fixed AccountTIAA Traditional GSRA 1,581,417 60.59 1,608,476 65.34



CashCREF Money Market 8,021 0.31 8,043 0.33

457(b) Legacy Total Fund 2,609,984 100.00 2,461,848 100.00

Asset Allocation - 457 Legacy

35

LastQuarter

YearTo

Date

1Year

3Years

5Years

7Years

10Years

Large Cap EquityCREF Equity Index -20.88 -20.88 -9.26 3.77 5.49 8.63 9.79S&P 500 Index -19.60 -19.60 -6.98 5.10 6.73 9.62 10.53

CREF Growth -13.75 -13.75 -3.20 10.02 8.79 12.21 12.17S&P 500 Growth -14.50 -14.50 -2.47 9.59 9.48 12.27 12.58

Global EquityCREF Global Equities -21.73 -21.73 -11.57 0.96 2.19 5.08 6.09MSCI World (net) -21.05 -21.05 -10.39 1.92 3.25 5.77 6.57

CREF Stock -22.42 -22.42 -12.71 1.03 2.99 5.90 7.13MSCI AC World IMI (Net) -22.44 -22.44 -12.73 0.76 2.45 4.81 5.80

Fixed IncomeCREF Bond Market 0.17 0.17 5.74 3.90 2.96 2.86 3.67Blmbg. Barc. U.S. Aggregate Index 3.15 3.15 8.93 4.82 3.36 3.19 3.88

CREF Inflation-Linked Bond 0.51 0.51 4.36 2.34 1.78 0.67 2.85Bloomberg Barclays U.S. TIPS Index 1.69 1.69 6.85 3.46 2.67 1.37 3.48

Fixed AccountTIAA Traditional GRA-401(a) 0.86 0.86 3.42 3.85 3.88 3.81 3.75Ryan 3 Yr GIC Master Index 0.61 0.61 2.42 2.06 1.76 1.56 1.76

TIAA Traditional GSRA-403(b) & 457 0.92 0.92 3.79 3.62 3.76 3.72 3.70Ryan 3 Yr GIC Master Index 0.61 0.61 2.42 2.06 1.76 1.56 1.76

Real EstateTIAA Real Estate 0.11 0.11 3.84 4.53 5.00 6.83 8.8080% NCREIF ODCE / 20% Cash 0.89 0.89 4.34 5.80 6.97 8.05 9.22NCREIF ODCE 0.97 0.97 4.87 6.81 8.45 9.90 11.44

Specialty EquityCREF Social Choice -13.20 -13.20 -3.62 3.33 3.63 5.17 6.3540%Russell 3000, 20%MSCI EAFE+Canada, 40%BbgBarcAgg -12.20 -12.20 -2.88 3.54 3.87 5.47 6.47

Cash & EquivalentsCREF Money Market 0.34 0.34 1.87 1.60 1.04 0.75 0.5490 Day U.S. Treasury Bill 0.58 0.58 2.25 1.83 1.17 0.85 0.62

Table of Returns

TIAA Traditional Annuity Returns show current quarter's credit rate.

36

*GlidePath generated using Morningstar Target Date Series Report

Funds of

Funds

Number of Funds/

Holdings

Open Architecture

(%)

Sub-Advisors

Used

% Active Managers

Max % Equity% Equity at Target-Date

Min % EquityAge at Glide

Path End

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

Vanguard Median Asset ClassIncome 0.12% 0.85% Large Blend

2015 0.13% 0.70% Foreign Large Blend2020 0.13% 0.78% Intermediate-Term Bond2025 0.13% 0.76% World Bond2030 0.14% 0.80% Inflation-Protected Bond2035 0.14% 0.78%2040 0.14% 0.82%2045 0.15% 0.78%2050 0.15% 0.82%2055 0.15% 0.79%2060 0.15% 0.79%2065 0.15% 0.79%

International Equity

U.S. Fixed IncomeU.S. TIPS

REITsCommodities

•

•Emerging Markets Equity

High Yield Fixed IncomeInternational Fixed IncomeEmerging Markets Debt

GLIDE PATHCOMPOSITION

ASSET CLASS SUMMARYU.S. Equity

Top Holdings

Vanguard Total Intl Stock Index

Vanguard Total Intl Bd IdxVanguard ST Infl-Prot Sec Idx

••••

FundVanguard Total Stock Mkt Idx

Vanguard Total Bond Mkt II Idx

EXPENSES - INVESTOR SHARES

•

Vanguard Target Date FundsOrganization:Founded in 1975, Vanguard’s total AUM has eclipsed the $4 trillion mark across more than 240 mutual funds. The foundation of Vanguard’s investment methodology is based around low-cost indexed mutual funds. Day-to-day management of the target date series is overseen William Coleman and Walter Nejman.

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

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

37

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

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

RISK VS. RETURN (5 YEARS*)

ASSET ALLOCATION UP/DOWN CAPTURE (04/01/15 - 03/31/20)

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

-22.0

-16.0

-10.0

-4.0

2.0

8.0

14.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Target Ret Inc -5.91 (28) -5.91 (28) 0.91 (16) 3.38 (9) 3.17 (8) 3.77 (16) 4.92 (16)¢£

Vanguard Target Income Composite Index -5.56 (19) -5.56 (19) 1.43 (7) 3.67 (4) 3.41 (2) 4.01 (7) 5.10 (12)��

Median -7.59 -7.59 -1.87 2.12 2.12 2.82 4.02

-1.0

0.0

1.0

2.0

3.0

4.0

Ret

urn

(%)

2.0 3.0 4.0 5.0 6.0 7.0 8.0Risk (Standard Deviation %)

ReturnStandardDeviation

Vanguard Target Ret Inc 3.17 4.50¢£

Vanguard Target Income Composite Index 3.41 4.43��

Median 2.12 4.91¾

2019 2018 2017 2016 2015 2014 2013

Vanguard Target Ret Inc 13.16 (55) -1.99 (11) 8.47 (60) 5.25 (44) -0.17 (9) 5.54 (10) 5.87 (36)Vanguard Target Income Composite Index 13.41 (49) -1.97 (10) 8.68 (54) 5.35 (37) 0.13 (3) 5.76 (8) 6.03 (35)IM Mixed-Asset Target Today (MF) Median 13.31 -3.57 8.85 5.07 -1.42 3.87 5.29

0.0% 25.0% 50.0% 75.0% 100.0%

Convertibles

Other

Cash

Equities

Fixed Income

0.0%

0.1%

1.6%

29.9%

68.4%

Vanguard Target Ret Inc

50.0

75.0

100.0

125.0

150.0

Up

Ca

ptu

re

50.0 65.0 80.0 95.0 110.0 125.0 140.0 150.0Down Capture

Vanguard Target Ret Inc 03/31/20

38

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





-22.0

-16.0

-10.0

-4.0

2.0

8.0

14.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Target Ret 2020 -10.76 (57) -10.76 (57) -2.64 (33) 3.28 (14) 3.58 (8) 5.30 (5) 6.39 (7)¢£

Vanguard Target 2020 Composite Index -10.27 (50) -10.27 (50) -1.97 (24) 3.65 (7) 3.88 (3) 5.58 (2) 6.67 (2)��

Median -10.35 -10.35 -3.30 2.43 2.74 4.08 5.48

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

Ret

urn

(%)

2.0 4.0 6.0 8.0 10.0Risk (Standard Deviation %)


Vanguard Target Ret 2020 3.58 7.46¢£

Vanguard Target 2020 Composite Index 3.88 7.40��

Median 2.74 7.23¾

2019 2018 2017 2016 2015 2014 2013

Vanguard Target Ret 2020 17.63 (24) -4.24 (44) 14.08 (15) 6.95 (31) -0.68 (23) 7.12 (1) 15.85 (19)Vanguard Target 2020 Composite Index 17.87 (20) -4.13 (40) 14.22 (11) 7.17 (25) -0.40 (13) 7.37 (1) 16.21 (14)IM Mixed-Asset Target 2020 (MF) Median 15.97 -4.52 12.69 6.36 -1.44 4.72 11.84

0.0% 20.0% 40.0% 60.0% 80.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.2%

1.6%

47.7%

50.6%

Vanguard Target Ret 2020

50.0

75.0

100.0

125.0

150.0

Up

Ca

ptu

re

50.0 65.0 80.0 95.0 110.0 125.0 140.0 150.0Down Capture

Vanguard Target Ret 2020 03/31/20

39






-28.0

-20.0

-12.0

-4.0

4.0

12.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years



Median -14.81 -14.81 -6.53 2.11 2.87 4.83 6.07

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

Ret

urn

(%)





Median 2.87 9.62¾

2019 2018 2017 2016 2015 2014 2013


0.0% 25.0% 50.0% 75.0% 100.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.2%

1.6%

30.7%

67.5%


50.0

75.0

100.0

125.0

150.0

Up

Ca

ptu

re

50.0 65.0 80.0 95.0 110.0 125.0 140.0 150.0Down Capture


40






-30.0

-20.0

-10.0

0.0

10.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years



Median -19.12 -19.12 -10.06 1.34 2.54 4.93 6.25

0.0

1.0

2.0

3.0

4.0

5.0

Ret

urn

(%)

6.0 8.0 10.0 12.0 14.0 16.0Risk (Standard Deviation %)




Median 2.54 11.70¾

2019 2018 2017 2016 2015 2014 2013


0.0% 50.0% 100.0% 150.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.3%

1.5%

16.3%

82.0%


50.0

75.0

100.0

125.0

150.0

Up

Ca

ptu

re

50.0 65.0 80.0 95.0 110.0 125.0 140.0 150.0Down Capture


41






-30.0

-20.0

-10.0

0.0

10.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years



Median -20.55 -20.55 -11.35 0.91 2.36 4.93 6.33

0.0

1.0

2.0

3.0

4.0

5.0

Ret

urn

(%)





Median 2.36 12.41¾

2019 2018 2017 2016 2015 2014 2013


0.0% 50.0% 100.0% 150.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.3%

1.4%

9.9%

88.4%


50.0

75.0

100.0

125.0

150.0

Up

Ca

ptu

re

50.0 65.0 80.0 95.0 110.0 125.0 140.0 150.0Down Capture


42

PEER GROUP ANALYSIS - IM Mixed-Asset Target 2060+ (MF)





-30.0

-20.0

-10.0

0.0

10.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Target Ret 2060 -19.86 (21) -19.86 (21) -10.18 (22) 1.79 (31) 3.20 (46) 5.80 (N/A) N/A¢£

Vanguard Target 2060 Composite Index -19.47 (18) -19.47 (18) -9.51 (17) 2.19 (22) 3.57 (34) 6.15 (N/A) N/A��

Median -21.01 -21.01 -11.65 1.18 3.08 N/A N/A

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Ret

urn

(%)





Median 3.08 12.63¾

2019 2018 2017 2016 2015 2014 2013

Vanguard Target Ret 2060 24.96 (58) -7.89 (32) 21.39 (44) 8.84 (25) -1.68 (78) 7.16 (N/A) 24.35 (N/A)Vanguard Target 2060 Composite Index 25.37 (42) -7.77 (27) 21.55 (38) 9.13 (20) -1.25 (60) 7.61 (N/A) 24.79 (N/A)IM Mixed-Asset Target 2060+ (MF) Median 25.08 -8.66 21.30 7.86 -1.01 N/A N/A

0.0% 50.0% 100.0% 150.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.3%

1.5%

9.9%

88.3%


50.0

75.0

100.0

125.0

150.0

Up

Ca

ptu

re

50.0 65.0 80.0 95.0 110.0 125.0 140.0 150.0Down Capture


43

FUND INFORMATION

ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS

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




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

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

-50.0

-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Dodge & Cox Stock -29.16 (75) -29.16 (75) -19.82 (74) -2.52 (59) 2.65 (22) 6.60 (12) 8.09 (18)¢£

S&P 500 Value -25.34 (35) -25.34 (35) -12.20 (7) 0.05 (19) 3.45 (11) 6.54 (13) 8.18 (16)��

Median -26.58 -26.58 -17.13 -1.92 1.48 5.06 6.76

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

Ret

urn

(%)


Return StandardDeviation

Dodge & Cox Stock 2.65 16.80¢£

S&P 500 Value 3.45 14.71��

Median 1.48 14.90¾

FundFamily :

Dodge & Cox

Fund Inception : 01/04/1965PortfolioManager :

Team Managed

TotalAssets :

$73,049 Million

Turnover : 20%

2019 2018 2017 2016 2015 2014 2013Dodge & Cox Stock 24.83 (66) -7.07 (24) 18.33 (24) 21.28 (4) -4.49 (68) 10.40 (62) 40.55 (1)S&P 500 Value 31.93 (4) -8.95 (49) 15.36 (61) 17.40 (18) -3.13 (41) 12.36 (20) 31.99 (55)IM U.S. Large Cap Value Equity (MF) Median 26.07 -9.08 16.29 13.82 -3.54 10.81 32.30

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

Dodge & Cox Stock -2.52 (59) 14.10 (3) 10.88 (1) 9.44 (6) 9.51 (23) 18.20 (3) 16.72 (3)S&P 500 Value 0.05 (19) 10.62 (39) 8.40 (31) 8.88 (10) 9.45 (24) 15.34 (42) 13.96 (40)IM U.S. Large Cap Value Equity (MF) Median -1.92 10.24 7.64 7.41 8.48 15.08 13.40

Dodge & Cox Stock 03/31/20

44

SECTOR ALLOCATION

STYLE MAP (01/01/79 - 03/31/20)

SECTOR PERFORMANCE

TOP 10 HOLDINGSPORTFOLIO CHARACTERISTICS

UP/DOWN CAPTURE (04/01/15 - 03/31/20)

TOTAL SECTOR ATTRIBUTION

PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)Schwab (Charles) Corp 4.09 0.11 -29.04Alphabet Inc 3.85 0.00 -13.03FedEx Corp. 3.71 0.31 -19.40Microsoft Corp 3.57 0.00 0.28Bank of America Corp 3.46 1.84 -39.32HP Inc 3.20 0.28 -14.77Comcast Corp 3.19 0.73 -22.69Wells Fargo & Co 3.11 1.18 -46.09Cigna Corp 3.09 0.71 -13.34Charter Communications Inc 2.71 0.00 -10.05

% of Portfolio 33.98 5.16

Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $144,207 $115,411Median Mkt. Cap $M $21,044 $16,559Price/Earnings ratio 11.98 12.88Price/Book ratio 2.39 2.415 Yr. EPS Growth Rate (%) 9.19 9.17Current Yield (%) 3.69 3.52Beta (5 Years, Monthly) 1.10 1.00% in Int'l Securities 15.59 4.94Active Share 81.89 N/ANumber of Stocks 67 395

Dodge & Cox Stock S&P 500 Value

0.0 8.0 16.0 24.0 32.0

UtilitiesReal Estate

MaterialsInformation Technology

IndustrialsHealth Care

FinancialsEnergy

Consumer StaplesConsumer Discretionary

Communication Services

0.00.0

0.915.8

7.723.4

25.49.4

0.93.4

13.2

6.63.3

2.77.9

9.918.4

21.17.3

9.75.4

7.6

Dodge & Cox Stock (Total: -3.2)

0.0 1.0 2.0 3.0-1.0-2.0-3.0

-0.70.1

-0.1-0.1

0.21.4

-1.6-2.1

-1.30.2

0.8

Dodge & Cox Stock S&P 500 Value

-80.0 -60.0 -40.0 -20.0 0.0

0.00.0

-40.1-22.2

-28.5-9.6

-38.8-65.8

-26.8-38.2

-16.7

-14.2-27.9-28.2

-17.7-29.8

-13.1-34.3

-50.1-12.0

-36.8-21.5

Style History Mar-2020 Average Style Exposure

Cap

italiz

atio

n

Manager Style

Large Cap Growth

Small Cap GrowthSmall Cap Value

Large Cap Value

Dodge & Cox Stock

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Dodge & Cox Stock 03/31/20

45

FUND INFORMATION


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




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

-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard 500 Index -19.61 (45) -19.61 (45) -7.01 (36) 5.07 (29) 6.69 (15) 9.58 (14) 10.49 (12)¢£

S&P 500 Index -19.60 (44) -19.60 (44) -6.98 (36) 5.10 (29) 6.73 (14) 9.62 (14) 10.53 (12)��

Median -19.85 -19.85 -8.37 3.80 5.23 8.30 9.19

-3.0

0.0

3.0

6.0

9.0

Ret

urn

(%)



Vanguard 500 Index 6.69 13.54¢£

S&P 500 Index 6.73 13.54��

Median 5.23 13.66¾

FundFamily :

Vanguard Group Inc


Butler/Louie

TotalAssets :

$319,624 Million

Turnover : 4%

2019 2018 2017 2016 2015 2014 2013Vanguard 500 Index 31.46 (30) -4.43 (31) 21.79 (39) 11.93 (27) 1.36 (33) 13.64 (17) 32.33 (40)S&P 500 Index 31.49 (30) -4.38 (30) 21.83 (38) 11.96 (26) 1.38 (33) 13.69 (16) 32.39 (38)IM U.S. Large Cap Core Equity (MF) Median 29.67 -5.61 21.17 10.07 0.25 11.41 31.77

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

Vanguard 500 Index 5.07 (29) 13.47 (23) 10.75 (17) 10.34 (13) 11.78 (17) 16.07 (26) 14.62 (25)S&P 500 Index 5.10 (29) 13.51 (22) 10.78 (16) 10.37 (11) 11.82 (16) 16.11 (25) 14.66 (25)IM U.S. Large Cap Core Equity (MF) Median 3.80 12.37 9.50 8.77 10.31 14.94 13.48

Vanguard 500 Index 03/31/20

46

SECTOR ALLOCATION

STYLE MAP (12/01/00 - 03/31/20)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/15 - 03/31/20)


PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)Microsoft Corp 5.64 5.62 0.28Apple Inc 4.98 4.96 -13.19Amazon.com Inc 3.81 3.79 5.51Facebook Inc 1.88 1.87 -18.73Berkshire Hathaway Inc 1.63 1.67 -19.28Alphabet Inc 1.63 1.62 -13.03Alphabet Inc 1.63 1.63 -13.25Johnson & Johnson 1.62 1.61 -9.52Visa Inc 1.29 1.29 -14.13Procter & Gamble Co (The) 1.29 1.28 -11.40



Vanguard 500 Index S&P 500 Index

0.0 8.0 16.0 24.0 32.0




FinancialsEnergy



3.53.0

2.523.9

9.014.0

12.63.9

7.29.810.5

3.43.0

2.523.9

9.014.0

12.63.9

7.29.810.5

Vanguard 500 Index(Total: 0.0)

0.0 0.1-0.1-0.2

0.00.00.00.0

0.00.00.0

0.00.0

0.00.0

Vanguard 500 Index S&P 500 Index

-75.0 -60.0 -45.0 -30.0 -15.0 0.0

-13.5-19.2

-26.1-11.9

-27.0-12.6

-31.9-50.4

-12.7-19.3

-17.0

-13.5-19.3

-26.1-11.9

-27.0-12.6

-31.9-50.5

-12.7-19.3

-17.0


Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Vanguard 500 Index

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Vanguard 500 Index 03/31/20

47

FUND INFORMATION


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




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

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

-28.0

-20.0

-12.0

-4.0

4.0

12.0

20.0

28.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Harbor Cap Apprec -11.83 (19) -11.83 (19) -0.03 (38) 12.81 (20) 10.57 (19) 13.78 (12) 12.80 (19)¢£

S&P 500 Growth -14.50 (69) -14.50 (69) -2.47 (70) 9.59 (65) 9.48 (43) 12.27 (42) 12.58 (23)��

Median -13.43 -13.43 -0.82 10.65 9.07 11.86 11.66

0.0

5.0

10.0

15.0

Ret

urn

(%)



Harbor Cap Apprec 10.57 15.58¢£

S&P 500 Growth 9.48 13.38��

Median 9.07 14.26¾

FundFamily :

Harbor CapitalAdvisors Inc


Segalas/McCarragher/Kuhlkin

TotalAssets :

$22,498 Million

Turnover : 40%

2019 2018 2017 2016 2015 2014 2013Harbor Cap Apprec 33.28 (51) -1.03 (53) 36.59 (5) -1.07 (81) 10.99 (7) 9.93 (58) 37.66 (16)S&P 500 Growth 31.13 (74) -0.01 (41) 27.44 (70) 6.89 (10) 5.52 (56) 14.89 (6) 32.75 (63)IM U.S. Large Cap Growth Equity (MF) Median 33.38 -0.87 29.46 2.18 6.01 10.47 33.94

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

Harbor Cap Apprec 12.81 (20) 18.49 (17) 14.02 (10) 10.17 (32) 14.08 (15) 15.78 (36) 15.22 (13)S&P 500 Growth 9.59 (65) 15.91 (54) 12.66 (28) 11.53 (9) 13.96 (16) 16.85 (18) 15.39 (11)IM U.S. Large Cap Growth Equity (MF) Median 10.65 16.07 11.51 9.33 12.04 15.02 13.03

Harbor Cap Apprec 03/31/20

48

SECTOR ALLOCATION

STYLE MAP (01/01/88 - 03/31/20)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/15 - 03/31/20)


PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)Amazon.com Inc 7.63 6.72 5.51Microsoft Corp 6.97 9.96 0.28Apple Inc 5.02 8.79 -13.19Netflix Inc 4.51 1.36 16.05Mastercard Inc 3.94 1.78 -18.99salesforce.com Inc 3.92 1.06 -11.47Alibaba Group Holding Ltd 3.72 0.00 -8.31Adobe Inc 3.65 1.28 -3.51NVIDIA Corporation 3.58 1.34 12.10Visa Inc 3.58 2.28 -14.13



Harbor Cap Apprec S&P 500 Growth

0.0 15.0 30.0 45.0 60.0




FinancialsEnergy



0.00.30.0

42.14.8

10.92.1

0.03.9

22.313.5

0.82.72.4

37.68.2

10.25.3

1.15.1

13.613.0

Harbor Cap Apprec(Total: 2.5)

0.0 0.5 1.0 1.5-0.5-1.0-1.5

0.0-0.1

0.20.4

-0.70.30.3

0.50.0

1.00.5

Harbor Cap Apprec S&P 500 Growth

-75.0 -60.0 -45.0 -30.0 -15.0 0.0

0.0-5.3

0.0-10.1

-44.3-8.9

-21.70.0

-13.6-9.2

-11.1

-7.9-10.2

-24.1-10.8

-24.2-11.9

-23.6-52.8

-14.0-13.0

-14.6


Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Harbor Cap Apprec

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Harbor Cap Apprec 03/31/20

49

FUND INFORMATION


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




Investment Strategy:The Fund’s goal is to seek long termcapital appreciation and income byinvesting in midcap stocks through amultimanager structure. The fund is subadvised by Donald Smith & Co, PzenaInvestment Management, and Cooke &Bieler. Each manager usesfundamental analysis to constructportfolios of undervalued or out of favorstocks. The combination of the threedistinctive, yet complementary,methods to valuation, stock selection,and portfolio construction providesdiversification and minimizes risk, whilemaintaining its value integrity.

-55.0

-40.0

-25.0

-10.0

5.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Selected Value -37.65 (81) -37.65 (81) -28.55 (74) -9.86 (77) -3.06 (54) 2.19 (53) 5.37 (52)¢£

Russell Midcap Value Index -31.71 (29) -31.71 (29) -24.13 (32) -5.97 (25) -0.76 (27) 4.06 (18) 7.22 (14)��

Median -32.63 -32.63 -25.84 -7.62 -2.62 2.47 5.45

-12.0

-9.0

-6.0

-3.0

0.0

3.0

Ret

urn

(%)



Vanguard Selected Value -3.06 19.45¢£

Russell Midcap Value Index -0.76 16.78��

Median -2.62 17.67¾

FundFamily :

Vanguard Group Inc


Team Managed

TotalAssets :

$7,975 Million

Turnover : 31%

2019 2018 2017 2016 2015 2014 2013Vanguard Selected Value 29.54 (17) -19.73 (85) 19.51 (2) 16.34 (58) -3.80 (33) 6.36 (87) 42.04 (4)Russell MCV Index 27.06 (30) -12.29 (27) 13.34 (50) 20.00 (28) -4.78 (51) 14.75 (11) 33.46 (75)IM U.S. MCV Equity (MF) 24.92 -13.98 13.21 17.03 -4.76 10.68 35.67

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

Vanguard Selected Value -9.86 (77) 7.61 (62) 8.10 (16) 7.22 (54) 9.35 (35) 16.95 (58) 16.42 (7)Russell MCV Index -5.97 (25) 9.50 (17) 7.23 (29) 8.94 (14) 9.88 (20) 18.60 (22) 15.17 (27)IM U.S. MCV Equity (MF) -7.62 8.13 5.89 7.32 8.85 17.12 14.11

Vanguard Selected Value 03/31/20

50

SECTOR ALLOCATION

STYLE MAP (03/01/96 - 03/31/20)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/15 - 03/31/20)


PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)AerCap Holdings NV 2.46 0.00 -62.92Gold Fields Ltd 2.30 0.00 -27.13Arrow Electronics Inc 1.79 0.13 -38.79Air France - KLM 1.77 0.00 -49.78JetBlue Airways Corp 1.65 0.07 -52.19Micron Technology Inc. 1.62 0.00 -21.79IAMGold Corp 1.57 0.00 -38.87Cardinal Health Inc 1.49 0.43 -4.28Snap-On Inc 1.47 0.18 -35.33Globe Life Inc 1.45 0.23 -31.51



Vanguard Selected Value Russell MCV Index

0.0 8.0 16.0 24.0 32.0 40.0




FinancialsEnergy



2.11.5

7.910.7

25.76.3

26.14.8

0.910.9

3.0

11.714.3

6.67.5

11.87.1

18.35.24.7

8.93.9

Vanguard Selected Value(Total: -6.9)

0.0 2.0-2.0-4.0-6.0

-1.3-0.4

-0.2-0.5

-3.6-0.1

0.1-0.3

-0.6-0.3

0.2

Vanguard Selected Value

Russell MCV Index

-100.0 -80.0 -60.0 -40.0 -20.0 0.0

-20.9-53.5

-31.1-32.7

-45.4-17.5

-35.4-69.4

-27.4-44.6

-22.0

-17.6-31.1

-28.3-26.5

-31.3-17.9

-37.6-62.7

-18.7-43.9

-29.6


Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Vanguard Selected Value

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Vanguard Selected Value 03/31/20

51

FUND INFORMATION


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




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

-55.0

-40.0

-25.0

-10.0

5.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Mid-Cap Index -25.72 (26) -25.72 (26) -16.65 (21) -0.26 (14) 2.08 (14) 6.70 (10) 8.86 (8)¢£

CRSP U.S. Mid Cap Index -25.74 (27) -25.74 (27) -16.65 (21) -0.25 (13) 2.11 (13) 6.74 (9) 9.05 (6)��

Median -28.30 -28.30 -19.67 -3.64 -0.37 3.86 6.32

-12.0

-8.0

-4.0

0.0

4.0

8.0

Ret

urn

(%)

-10.0 0.0 10.0 20.0 30.0Risk (Standard Deviation %)


Vanguard Mid-Cap Index 2.08 15.55¢£

CRSP U.S. Mid Cap Index 2.11 15.56��

Median -0.37 16.13¾

FundFamily :

Vanguard Group Inc


Butler/Johnson

TotalAssets :

$47,640 Million

Turnover : 16%

2019 2018 2017 2016 2015 2014 2013Vanguard Mid-Cap Index 31.03 (20) -9.23 (23) 19.25 (19) 11.22 (75) -1.34 (24) 13.76 (11) 35.15 (49)CRSP U.S. Md Cp Idx 31.09 (19) -9.22 (23) 19.30 (19) 11.25 (73) -1.28 (23) 13.83 (10) 35.27 (47)IM U.S. Mid Cap Core Equity (MF) Median 28.08 -11.52 15.44 14.23 -3.40 8.91 35.08

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

Vanguard Mid-Cap Index -0.26 (14) 11.59 (23) 7.86 (33) 8.68 (19) 10.78 (13) 17.93 (22) 13.62 (32)CRSP U.S. Md Cp Idx -0.25 (13) 11.63 (22) 7.90 (32) 8.73 (16) 10.84 (11) 18.18 (16) 14.17 (24)IM U.S. Mid Cap Core Equity (MF) Median -3.64 9.33 6.41 6.96 8.70 16.18 12.76

Vanguard Mid-Cap Index 03/31/20

52

SECTOR ALLOCATION

STYLE MAP (12/01/01 - 03/31/20)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/15 - 03/31/20)


PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)Newmont Corporation 1.14 1.14 4.50Centene Corp 1.07 1.06 -5.50SBA Communications Corp 0.93 0.93 12.22Digital Realty Trust Inc 0.89 0.89 17.02WEC Energy Group Inc 0.85 0.85 -3.85Advanced Micro Devices Inc 0.78 0.77 -0.83Eversource Energy 0.78 0.77 -7.50DexCom Inc 0.76 0.75 23.10MSCI Inc 0.71 0.71 12.16IHS Markit Ltd 0.70 0.70 -20.20



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

0.0 6.0 12.0 18.0 24.0




FinancialsEnergy



6.98.6

6.317.0

13.111.4

12.64.1

3.411.4

5.3

6.88.5

6.317.0

13.111.4

12.74.1

3.511.3

5.3

Vanguard Mid-Cap Index(Total: 0.0)

0.0 0.1-0.1-0.2

0.00.00.0

0.00.00.00.0

0.00.0

0.00.0

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

-80.0 -60.0 -40.0 -20.0 0.0

-15.4-23.2

-24.5-17.1

-25.4-14.4

-32.5-64.4

-13.0-37.8

-27.6

-15.4-23.2

-24.5-17.2

-25.4-14.4

-32.5-64.4

-12.7-37.8

-27.6


Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Vanguard Mid-Cap Index

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Vanguard Mid-Cap Index 03/31/20

53

FUND INFORMATION


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




Investment Strategy:The Fund's management focuses onwhat it deems "smart growth"companies -i.e. those with sustainablegrowth and high returns on investedcapital. Businesses that reinvest cashflows to generate organic growth areespecially favored by the Fund'smanagement team. The Fund seeksout companies that have long-termgrowth stories causing the portfolio tohave a relatively low turnover and abroader opportunity set than funds thatdemand shorter-term results.

Innovest's Assessment:This strategy possesses the uniqueability to outperform in down markets,while remaining competitive in terms ofup-capture. Management tends to havea bias towards information technologyand health care, relative to thebenchmark, which results inoutperformance when these sectors arein favor. However, the Fund may beexpected to underperform during lower-quality rallies.

-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Janus Hend Enterprise -24.06 (89) -24.06 (89) -12.83 (76) 6.33 (41) 6.89 (18) 10.41 (16) 11.67 (13)¢£

Russell Midcap Growth Index -20.04 (60) -20.04 (60) -9.45 (55) 6.53 (38) 5.61 (38) 9.49 (30) 10.89 (28)��

Median -19.35 -19.35 -8.90 5.87 4.92 8.64 9.93

-8.0

-4.0

0.0

4.0

8.0

12.0

Ret

urn

(%)



Janus Hend Enterprise 6.89 15.11¢£

Russell Midcap Growth Index 5.61 15.34��

Median 4.92 15.86¾

FundFamily :

Janus CapitalManagement LLC


Demain/Wheaton

TotalAssets :

$8,041 Million

Turnover : 13%

2019 2018 2017 2016 2015 2014 2013Janus Hend Enterprise 35.27 (40) -0.90 (18) 26.53 (35) 12.08 (6) 3.49 (19) 12.01 (9) 30.86 (77)Russell MC Growth Idx 35.47 (39) -4.75 (47) 25.27 (44) 7.33 (25) -0.20 (56) 11.90 (10) 35.74 (47)IM U.S. Mid Cap Growth Equity (MF) Median 34.41 -5.01 24.81 4.80 0.53 7.28 35.43

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

Janus Hend Enterprise 6.33 (41) 17.24 (23) 12.88 (4) 10.89 (2) 12.51 (7) 17.39 (17) 13.31 (22)Russell MC Growth Idx 6.53 (38) 15.06 (46) 9.17 (43) 7.88 (27) 10.99 (21) 17.41 (17) 13.52 (18)IM U.S. Mid Cap Growth Equity (MF) Median 5.87 14.70 8.53 6.27 9.27 15.21 11.55

Janus Hend Enterprise 03/31/20

54

SECTOR ALLOCATION

STYLE MAP (08/01/09 - 03/31/20)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/15 - 03/31/20)


PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)Constellation Software Inc 2.85 0.00 -6.64NICE Ltd 2.80 0.00 -7.47Global Payments Inc. 2.52 1.70 -20.90Aon plc 2.48 0.00 -20.61Crown Castle International Corp 2.41 0.00 2.44Cooper Cos Inc (The) 2.38 0.07 -14.19Microchip Technology Inc 2.19 0.18 -35.04SS&C Tech. Holdings Inc 2.14 0.35 -28.47Boston Scientific Corp 2.13 0.00 -27.84PerkinElmer Inc. 2.10 0.07 -22.42



Janus Hend Enterprise Russell MC Growth Idx

0.0 10.0 20.0 30.0 40.0 50.0

Real EstateMaterials

Information TechnologyIndustrials

Health CareFinancials

EnergyConsumer Staples

Consumer DiscretionaryCommunication Services

3.6

1.1

34.9

19.1

17.7

13.0

1.8

0.0

7.4

1.3

2.8

2.7

34.4

17.0

15.2

4.4

1.1

3.2

14.4

4.8

Janus Hend Enterprise(Total: -6.0)

0.0 0.8-0.8-1.6-2.4-3.2

-0.2-0.2

-2.4-0.4

-1.2-0.7

0.0-0.3

-0.70.1

Janus Hend Enterprise Russell MC Growth Idx

-75.0 -60.0 -45.0 -30.0 -15.0 0.0

-19.7

-37.6

-23.7

-25.7

-20.0

-26.1

-41.0

0.0

-45.9

-35.9

-10.8

-19.4

-16.6

-23.9

-11.8

-22.9

-53.0

-9.5

-29.2

-27.2


Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Janus Hend Enterprise

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Janus Hend Enterprise 03/31/20

55

FUND INFORMATION


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




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

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

-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

DFA US Small Cap Val -39.02 (70) -39.02 (70) -35.36 (76) -12.74 (68) -5.43 (71) 0.05 (61) 4.16 (48)¢£

Russell 2000 Value Index -35.66 (38) -35.66 (38) -29.64 (30) -9.51 (26) -2.42 (19) 1.80 (23) 4.79 (22)��

Median -37.32 -37.32 -32.43 -11.13 -4.35 0.46 4.08

-16.0

-12.0

-8.0

-4.0

0.0

4.0

Ret

urn

(%)



DFA US Small Cap Val -5.43 21.65¢£

Russell 2000 Value Index -2.42 19.78��

Median -4.35 20.55¾

FundFamily :

Dimensional FundAdvisors LP


Fogdall/Schneider

TotalAssets :

$14,554 Million

Turnover : 27%

2019 2018 2017 2016 2015 2014 2013DFA US Small Cap Val 18.12 (84) -15.13 (44) 7.21 (66) 28.26 (39) -7.81 (59) 3.48 (49) 42.38 (15)Russell 2000 Val Idx 22.39 (36) -12.86 (24) 7.84 (57) 31.74 (15) -7.47 (55) 4.22 (37) 34.52 (68)IM U.S. Small Cap Value Equity (MF) Median 21.26 -16.08 8.32 26.61 -7.10 3.36 36.11

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

DFA US Small Cap Val -12.74 (68) 8.39 (45) 6.51 (53) 6.05 (55) 6.84 (38) 17.46 (10) 14.23 (27)Russell 2000 Val Idx -9.51 (26) 10.86 (15) 7.87 (29) 7.62 (27) 5.73 (61) 14.79 (45) 12.74 (59)IM U.S. Small Cap Value Equity (MF) Median -11.13 8.19 6.70 6.30 6.31 14.46 13.14

DFA US Small Cap Val 03/31/20

56

SECTOR ALLOCATION

STYLE MAP (04/01/93 - 03/31/20)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/15 - 03/31/20)


PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)Tech Data Corp 1.43 0.71 -8.88FTI Consulting Inc. 1.20 0.62 8.23Aircastle Ltd 1.11 0.00 1.00Darling Ingredients Inc 1.09 0.48 -31.73GATX Corp. 0.92 0.33 -23.99Kemper Corp 0.89 0.00 -3.68CACI International Inc 0.88 0.00 -15.54Washington Federal Inc. 0.82 0.31 -28.72Commercial Metals Co 0.76 0.28 -28.71Regal Beloit Corp 0.74 0.00 -26.12


Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $1,624 $1,643Median Mkt. Cap $M $381 $422Price/Earnings ratio 8.87 10.21Price/Book ratio 1.43 1.655 Yr. EPS Growth Rate (%) 9.01 9.35Current Yield (%) 2.64 3.19Beta (5 Years, Monthly) 1.09 1.00% in Int'l Securities 4.16 3.28Active Share 59.19 N/ANumber of Stocks 966 1,391

DFA US Small Cap Val Russell 2000 Val Idx

0.0 10.0 20.0 30.0 40.0




FinancialsEnergy



0.30.3

6.711.7

19.83.7

29.07.7

4.113.6

3.4

6.311.5

4.59.9

12.75.3

30.35.0

2.79.7

2.2

DFA US Small Cap Val(Total: -3.3)

0.0 0.4 0.8-0.4-0.8-1.2-1.6

-1.2-0.2

-0.20.1

0.0-0.4

0.0-1.1

0.0-0.4

0.0

DFA US Small Cap Val Russell 2000 Val Idx

0.0 25.0 50.0-25.0-50.0-75.0-100.0

3.8-57.9

-42.7-24.5

-35.5-32.4

-37.0-65.1

-23.9-47.5

-36.0

-13.8-34.4

-41.0-24.2

-35.5-25.0

-37.0-61.9

-18.1-48.6

-36.8


Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

DFA US Small Cap Val

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

DFA US Small Cap Val 03/31/20

57

FUND INFORMATION


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




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

-55.0

-40.0

-25.0

-10.0

5.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Sm Cp Idx -30.07 (21) -30.07 (21) -23.33 (25) -3.27 (11) 0.42 (15) 4.98 (10) 7.84 (8)¢£

CRSP U.S. Small Cap TR Index -30.08 (21) -30.08 (21) -23.38 (25) -3.28 (11) 0.40 (16) 4.97 (10) 8.04 (5)��

Median -32.66 -32.66 -26.14 -6.85 -1.80 2.86 5.81

-12.0

-9.0

-6.0

-3.0

0.0

3.0

6.0

Ret

urn

(%)



Vanguard Sm Cp Idx 0.42 17.93¢£

CRSP U.S. Small Cap TR Index 0.40 17.93��

Median -1.80 19.06¾

FundFamily :

Vanguard Group Inc


Coleman/O'Reilly

TotalAssets :

$42,386 Million

Turnover : 15%

2019 2018 2017 2016 2015 2014 2013Vanguard Sm Cp Idx 27.37 (16) -9.31 (18) 16.24 (13) 18.30 (78) -3.64 (41) 7.50 (13) 37.81 (43)CRSP U.S. Sm Cp Idx 27.35 (16) -9.33 (18) 16.24 (13) 18.26 (78) -3.68 (42) 7.54 (12) 38.48 (38)IM U.S. Small Cap Core Equity (MF) Median 23.87 -12.68 12.38 21.34 -4.34 4.65 36.88

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

Vanguard Sm Cp Idx -3.27 (11) 12.78 (15) 8.06 (41) 7.41 (43) 8.51 (28) 17.57 (16) 14.33 (24)CRSP U.S. Sm Cp Idx -3.28 (11) 12.77 (16) 8.03 (42) 7.39 (43) 8.51 (28) 17.78 (15) 14.75 (21)IM U.S. Small Cap Core Equity (MF) Median -6.85 9.90 7.68 7.07 7.28 15.30 12.47

Vanguard Sm Cp Idx 03/31/20

58

SECTOR ALLOCATION

STYLE MAP (12/01/00 - 03/31/20)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/15 - 03/31/20)


PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)DocuSign Inc. 0.49 0.49 24.68Leidos Holdings Inc 0.49 0.49 -6.02Steris Plc 0.45 0.45 -7.97Atmos Energy Corp 0.45 0.45 -10.86Tyler Technologies Inc. 0.44 0.44 -1.15West Pharmaceutical Services Inc. 0.43 0.42 1.38Teladoc Health Inc 0.42 0.42 85.15Teledyne Technologies 0.41 0.41 -14.22IDEX Corp 0.40 0.40 -19.47Insulet Corp 0.39 0.39 -3.22


Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $4,296 $4,298Median Mkt. Cap $M $1,661 $1,656Price/Earnings ratio 13.88 13.88Price/Book ratio 2.69 2.695 Yr. EPS Growth Rate (%) 13.90 13.90Current Yield (%) 2.32 2.32Beta (5 Years, Monthly) 1.00 1.00% in Int'l Securities 3.37 3.36Active Share 0.31 N/ANumber of Stocks 1,333 1,332

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

0.0 6.0 12.0 18.0 24.0




FinancialsEnergy



3.610.5

4.618.5

15.613.0

15.12.1

2.911.4

2.8

3.610.6

4.618.5

15.612.9

15.12.1

2.911.4

2.8

Vanguard Sm Cp Idx(Total: 0.0)

0.0 0.1-0.1-0.2

0.00.0

0.00.0

0.00.00.0

0.00.00.00.0

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

-100.0 -80.0 -60.0 -40.0 -20.0 0.0

-16.2-32.8

-34.3-21.5

-32.2-16.1

-36.2-67.8

-24.5-41.3

-28.4

-16.3-32.8

-34.3-21.5

-32.2-16.0

-36.2-67.8

-24.4-41.3

-28.3


Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Vanguard Sm Cp Idx

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Vanguard Sm Cp Idx 03/31/20

59

FUND INFORMATION


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




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

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

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Voya:SmCp Opptys -26.48 (69) -26.48 (69) -21.72 (78) -5.17 (94) -0.93 (86) 3.68 (90) 7.17 (86)¢£

Russell 2000 Growth Index -25.76 (61) -25.76 (61) -18.58 (64) 0.10 (63) 1.70 (66) 6.47 (55) 8.89 (56)��

Median -24.21 -24.21 -17.36 1.88 2.41 6.63 9.16

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

Ret

urn

(%)

12.0 16.0 20.0 24.0Risk (Standard Deviation %)


Voya:SmCp Opptys -0.93 19.11¢£

Russell 2000 Growth Index 1.70 18.98��

Median 2.41 18.78¾

FundFamily :

Voya InvestmentsLLC


Hasso/Basset

TotalAssets :

$135 Million

Turnover : 123%

2019 2018 2017 2016 2015 2014 2013Voya:SmCp Opptys 24.97 (67) -16.44 (99) 18.00 (72) 12.39 (32) -1.55 (39) 4.91 (28) 37.46 (79)Russell 2000 Growth Index 28.48 (47) -9.31 (79) 22.17 (41) 11.32 (41) -1.38 (37) 5.60 (21) 43.30 (47)IM U.S. Small Cap Growth Equity (MF) Median 27.70 -5.12 20.69 9.86 -2.35 2.79 42.88

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

Voya:SmCp Opptys -5.17 (94) 10.28 (92) 7.32 (63) 7.09 (23) 7.05 (44) 15.58 (48) 14.38 (25)Russell 2000 Growth Index 0.10 (63) 14.87 (61) 8.77 (40) 6.72 (29) 7.91 (28) 17.74 (18) 13.61 (36)IM U.S. Small Cap Growth Equity (MF) Median 1.88 16.33 8.07 5.11 6.54 15.39 12.81

Voya:SmCp Opptys 03/31/20

60

SECTOR ALLOCATION

STYLE MAP (07/01/95 - 03/31/20)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/15 - 03/31/20)


PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)Teladoc Health Inc 1.94 1.41 85.15Repligen Corp 1.86 0.63 4.37Amedisys Inc 1.84 0.72 9.96Generac Holdings Inc 1.78 0.72 -7.38Exponent Inc 1.71 0.47 4.50Quidel Corp 1.70 0.44 30.36Five9 Inc 1.68 0.57 16.59j2 Global Inc 1.48 0.44 -20.13Trex Co Inc 1.48 0.59 -10.84Helen of Troy Ltd 1.46 0.45 -19.89


Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $3,203 $2,380Median Mkt. Cap $M $2,176 $607Price/Earnings ratio 19.40 18.95Price/Book ratio 3.29 3.335 Yr. EPS Growth Rate (%) 15.90 15.12Current Yield (%) 0.82 1.00Beta (5 Years, Monthly) 1.00 1.00% in Int'l Securities 3.22 3.11Active Share 72.49 N/ANumber of Stocks 143 1,167

Voya:SmCp Opptys Russell 2000 Growth Index

0.0 10.0 20.0 30.0 40.0

OtherUtilities






0.00.0

2.43.0

20.021.7

28.43.9

0.93.7

13.32.4

0.01.5

4.72.9

17.618.9

30.35.8

0.53.2

12.02.4

Voya:SmCp Opptys(Total: -0.1)

0.0 0.3 0.6 0.9-0.3-0.6-0.9

0.0-0.3

-0.10.0

0.10.4

0.6-0.4

-0.20.0

0.1-0.1

Voya:SmCp Opptys

Russell 2000 Growth Index

0.0 50.0-50.0-100.0

0.00.0

-37.5-37.3

-21.2-28.3

-15.8-30.9

-65.5-25.1

-38.7-32.3

21.0-8.4

-29.7-36.4

-21.0-30.6

-18.2-22.5

-65.3-23.9

-41.0-26.2


Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Voya:SmCp Opptys

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Voya:SmCp Opptys 03/31/20

61

FUND INFORMATION


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




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

-50.0

-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

TIAA-CREF:Soc Ch Eq -20.49 (33) -20.49 (33) -8.25 (22) 4.36 (17) 5.60 (17) 8.30 (26) 9.48 (26)¢£

S&P 500 Index -19.60 (24) -19.60 (24) -6.98 (15) 5.10 (11) 6.73 (3) 9.62 (6) 10.53 (4)��

Median -21.69 -21.69 -11.73 1.79 3.30 6.99 8.29

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

Ret

urn

(%)



TIAA-CREF:Soc Ch Eq 5.60 13.90¢£

S&P 500 Index 6.73 13.54��

Median 3.30 14.43¾

FundFamily :

TIAA-CREF


Campagna/Liao

TotalAssets :

$3,651 Million

Turnover : 29%

2019 2018 2017 2016 2015 2014 2013TIAA-CREF:Soc Ch Eq 31.49 -5.53 20.93 13.50 -2.39 11.25 34.32S&P 500 Index 31.49 -4.38 21.83 11.96 1.38 13.69 32.39

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

TIAA-CREF:Soc Ch Eq 4.36 13.27 9.88 8.36 9.44 15.50 14.17S&P 500 Index 5.10 13.51 10.78 10.37 11.82 16.11 14.66

TIAA-CREF:Soc Ch Eq 03/31/20

62

SECTOR ALLOCATION

STYLE MAP (08/01/99 - 03/31/20)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/15 - 03/31/20)


PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)Microsoft Corp 5.31 5.62 0.28Apple Inc 4.88 4.96 -13.19Amazon.com Inc 3.47 3.79 5.51Alphabet Inc 1.65 1.62 -13.03Alphabet Inc 1.65 1.63 -13.25Procter & Gamble Co (The) 1.58 1.28 -11.40Intel Corp 1.45 1.10 -9.13Verizon Communications Inc 1.45 1.04 -11.58Merck & Co Inc. 1.29 0.91 -14.73Unitedhealth Group Inc 1.23 1.10 -14.83



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

0.0 8.0 16.0 24.0 32.0

OtherUtilities






0.13.54.0

2.822.0

10.213.814.4

3.86.2

10.98.4

0.03.43.0

2.523.9

9.014.0

12.63.9

7.29.810.5

TIAA-CREF:Soc Ch Eq(Total: -0.8)

0.0 0.1 0.2-0.1-0.2-0.3-0.4

0.0-0.1

0.00.0

-0.10.0

0.0-0.2

-0.1-0.2

-0.1-0.1

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

-75.0 -60.0 -45.0 -30.0 -15.0 0.0

-19.8-15.8

-18.5-24.2

-11.8-26.4

-12.3-32.1

-53.7-14.7

-20.0-17.4

0.0-13.5

-19.3-26.1

-11.9-27.0

-12.6-31.9

-50.5-12.7

-19.3-17.0


Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

TIAA-CREF:Soc Ch Eq

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

TIAA-CREF:Soc Ch Eq 03/31/20

63

FUND INFORMATION


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




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

Innovest Assessment:Due to its strict value mandate, the fundgenerates its best return premium overa passive benchmark during slightlyrising, stable or declining markets. Thestrategy will typically underperformwhen Japan stocks are rallying or U.K.stocks are lagging, due to theunderweightings and overweightings,respectively, compared to itsbenchmark.

-50.0

-40.0

-30.0

-20.0

-10.0

0.0

10.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Am Beacon Intl -29.96 (71) -29.96 (71) -23.72 (70) -6.54 (50) -3.96 (48) -0.39 (15) 1.24 (11)¢£

MSCI EAFE Value Idx -28.20 (49) -28.20 (49) -22.76 (67) -6.65 (51) -3.83 (45) -0.58 (23) 0.62 (29)��

Median -28.23 -28.23 -20.94 -6.55 -4.13 -1.30 0.16

-7.0

-6.0

-5.0

-4.0

-3.0

-2.0

Ret

urn

(%)

12.0 14.0 16.0 18.0Risk (Standard Deviation %)


Am Beacon Intl -3.96 15.55¢£

MSCI EAFE Value Idx -3.83 15.70��

Median -4.13 14.85¾

FundFamily :

American BeaconAdvisors Inc


Team Managed

TotalAssets :

$1,508 Million

Turnover : 29%

2019 2018 2017 2016 2015 2014 2013Am Beacon Intl 19.45 (31) -16.37 (27) 24.81 (15) 0.30 (66) -1.78 (41) -7.00 (23) 24.56 (1)MSCI EAFE Val Idx 16.09 (74) -14.78 (19) 21.44 (63) 5.02 (1) -5.68 (100) -5.39 (16) 22.95 (3)IM International Large Cap Value Equity (MF) Median 18.45 -17.83 22.09 1.18 -2.21 -9.55 21.34

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

Am Beacon Intl -6.54 (50) 5.83 (10) 4.65 (36) -0.76 (27) 2.48 (12) 9.80 (1) 8.41 (11)MSCI EAFE Val Idx -6.65 (51) 6.90 (1) 4.29 (48) -0.61 (23) 0.59 (57) 9.03 (20) 7.16 (21)IM International Large Cap Value Equity (MF) Median -6.55 4.26 4.28 -1.00 0.74 7.20 5.04

Am Beacon Intl 03/31/20

64

REGION ALLOCATION REGION PERFORMANCE


TOTAL REGION ATTRIBUTION

SECTOR ALLOCATION SECTOR PERFORMANCE TOTAL SECTOR ATTRIBUTION

PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)Samsung Electronics Co Ltd 3.51 0.00 -18.14Novartis AG 2.82 1.69 -9.48Takeda Pharmaceutical Co Ltd 2.33 0.87 -20.80Sanofi 2.33 1.88 -12.44SAP AG 2.20 0.00 -16.34VOLKSWAGEN AG 2.00 0.00 N/AABB Ltd 1.80 0.62 -23.34Vodafone Group PLC 1.70 0.36 -27.62Roche Holding AG 1.65 0.00 3.47BP PLC 1.63 1.65 -30.19


Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $60,484 $47,260Median Mkt. Cap $M $20,227 $7,591Price/Earnings ratio 12.25 9.92Price/Book ratio 1.95 1.625 Yr. EPS Growth Rate (%) 1.54 2.07Current Yield (%) 4.35 6.11Beta (5 Years, Monthly) 0.97 1.00% in Emerging Market 5.30 0.02Active Share 73.65 N/ANumber of Stocks 140 505

Am Beacon Intl MSCI EAFE Val Idx

0.0 15.0 30.0 45.0 60.0

OtherUnited KingdomPacific ex Japan

North AmericaMiddle East

JapanEurope ex UK

EM Latin AmericaEM Europe

EM Asia

0.9

18.5

4.9

6.1

0.4

16.6

47.5

0.0

0.0

5.1

0.5

17.7

11.6

0.1

0.6

25.0

44.4

0.0

0.0

0.0

Am Beacon Intl(Total: 1.1)

0.0 0.8 1.6 2.4 3.2-0.8-1.6-2.4

-0.10.0

0.5-0.9

0.0-0.4

1.90.0

0.00.2


-100.0 -80.0 -60.0 -40.0 -20.0 0.0

-51.9

-30.1

-24.5

-42.8

-23.2

-18.3

-26.2

0.0

0.0

-24.7

-41.5

-29.8

-31.2

-74.4

-21.7

-20.0

-30.3

-25.7

-40.3

0.0


0.0 10.0 20.0 30.0 40.0




FinancialsEnergy



3.82.7

8.27.7

17.411.7

16.99.4

7.35.1

9.8

7.04.3

8.51.6

12.07.3

29.58.3

3.610.4

7.4

Am Beacon Intl(Total: 1.1)

0.0 0.6 1.2 1.8-0.6-1.2-1.8

-0.60.1

0.70.4

-0.10.9

-0.2-1.2

0.50.7

0.0


-60.0 -45.0 -30.0 -15.0 0.0

-17.3-23.2-23.7

-22.2-27.8

-13.6-39.3

-46.1-15.7-15.9

-21.7

-12.6-28.0

-31.4-23.3

-27.1-17.4

-33.8-35.6

-16.3-29.0

-19.7

Am Beacon Intl 03/31/20

65

FUND INFORMATION


PEER GROUP ANALYSIS - IM International Multi-Cap Core Equity (MF)




Investment Strategy:The Fund seeks to track the FTSEGlobal All Cap ex US Index, whichmeasures the investment return ofstocks issued by companies located indeveloped and emerging markets,excluding the United States. The Fundoffers broad exposure to non-U.S.equity markets, while remaining fullyinvested and minimizing tracking error.

-36.0

-28.0

-20.0

-12.0

-4.0

4.0

12.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Total Int'l Stk Idx -24.30 (60) -24.30 (60) -16.57 (56) -2.55 (42) -0.68 (30) 1.09 (53) N/A¢£

FTSE Gbl ex USA All Cap Idx -23.96 (54) -23.96 (54) -15.75 (44) -1.99 (25) -0.24 (18) 1.56 (33) 2.63 (32)��

Median -23.60 -23.60 -16.16 -3.01 -1.37 1.13 2.20

-6.0

-4.0

-2.0

0.0

2.0

Ret

urn

(%)



Vanguard Total Int'l Stk Idx -0.68 14.31¢£

FTSE Gbl ex USA All Cap Idx -0.24 14.44��

Median -1.37 14.20¾

FundFamily :

Vanguard Group Inc


Perre/Franquin

TotalAssets :

$79,870 Million

Turnover : 3%

2019 2018 2017 2016 2015 2014 2013Vanguard Total Int'l Stk Idx 21.51 (44) -14.43 (44) 27.55 (19) 4.67 (15) -4.26 (83) -4.17 (35) 15.14 (82)FTSE Global ex USA All Cap Index 22.19 (26) -14.36 (42) 27.77 (16) 5.04 (11) -4.03 (81) -3.12 (23) 15.90 (77)IM International Multi-Cap Core Equity (MF) Median 21.24 -14.88 25.23 1.11 -0.90 -5.02 20.47

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

Vanguard Total Int'l Stk Idx -2.55 (42) 8.06 (14) 6.92 (18) 1.10 (38) 0.82 (78) 6.62 (77) 4.41 (78)FTSE Global ex USA All Cap Index -1.99 (25) 8.30 (9) 7.09 (15) 1.45 (27) 1.35 (69) 7.11 (72) 4.68 (75)IM International Multi-Cap Core Equity (MF) Median -3.01 6.64 5.68 0.63 2.09 8.23 6.26

Vanguard Total Int'l Stk Idx 03/31/20

66


STYLE MAP (05/01/10 - 03/31/20)

SECTOR ALLOCATION

ASSET ALLOCATION

REGION ALLOCATION

TOP 5 COUNTRIES

UP/DOWN CAPTURE (04/01/15 - 03/31/20)

Nestle SA ORD 1.19 %Alibaba Group Holding Ltd DR 1.15 %Taiwan Semiconductor Manufacturing 0.96 %Tencent Holdings Ltd ORD 0.96 %Roche Holding AG Par 0.85 %Samsung Electronics Co Ltd ORD 0.80 %Novartis AG ORD 0.79 %Toyota Motor Corp ORD 0.69 %HSBC Holdings PLC ORD 0.60 %SAP SE ORD 0.52 %

Total Securities 7,393Avg. Market Cap $63,461 MillionP/E 22.66P/B 3.48Div. Yield 3.18%Annual EPS 10.375Yr EPS 9.193Yr EPS Growth 12.80

0.0% 50.0% 100.0% 150.0%

Convertibles

Fixed Income

Other

Cash

Equities

0.0%

0.1%

0.8%

1.9%

97.2%

Japan 17.00 %United Kingdom 9.52 %China 7.16 %Canada 6.70 %France 6.18 %

3 Years 5 Yearsvs. FTSE Global ex USA All Cap IndexBeta 1.01 0.98

Vanguard Total Int'l Stk Idx FTSE Global ex USA All Cap Index

0.0 5.0 10.0 15.0 20.0 25.0 30.0

OtherUtilities






Vanguard Total Int'l Stk Idx FTSE Global ex USA All Cap Index

0.0 6.0 12.0 18.0 24.0 30.0 36.0 42.0

OtherFrontier Markets

Middle EastUnited Kingdom

Europe ex UKJapan

Pacific ex JapanEM Mid East+Africa

North AmericaEM Latin America

EM EuropeEM Asia


Cap

italiz

atio

n

Manager Style

MSCI EAFE Growth Index

MSCI Emerging Markets IndexMSCI EAFE Small Cap

MSCI EAFE Value Index

Vanguard Total Int'l Stk Idx

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Vanguard Total Int'l Stk Idx 03/31/20

67

FUND INFORMATION


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




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

Innovest's Assessment:The fund’s focus on bottom-up,fundamental factors can lead to periodsof underperformance when the marketis less concerned about companyfundamentals and more driven byextreme volatility (a flight to quality)associated with geopolitical shocks tothe financial system or in momentum-driven markets.. By allowing managersto operate autonomously, the fundbenefits from varied investmentapproaches and styles, giving it thecapability to outperform in differentmarket environments. Finally, the fund’simmense asset base is likely to presentsome challenges in the fund’s ability tobuild meaningful positions in smallercompanies and to opportunisticallytrade in less liquid markets.

-36.0

-28.0

-20.0

-12.0

-4.0

4.0

12.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Amer Funds EuPc -22.43 (78) -22.43 (78) -12.70 (66) 0.28 (47) 0.91 (36) 3.46 (21) 3.97 (32)¢£

MSCI EAFE Growth Index (Net) -17.51 (15) -17.51 (15) -5.84 (14) 2.98 (26) 2.47 (24) 3.96 (15) 4.71 (21)��

Median -20.57 -20.57 -10.29 0.15 0.06 2.21 3.08

-6.0

-3.0

0.0

3.0

6.0

9.0

Ret

urn

(%)



Amer Funds EuPc 0.91 14.10¢£

MSCI EAFE Growth Index (Net) 2.47 13.11��

Median 0.06 14.09¾

FundFamily :

American Funds


Team Managed

TotalAssets :

$77,770 Million

Turnover : 35%

2019 2018 2017 2016 2015 2014 2013Amer Funds EuPc 27.40 (41) -14.91 (48) 31.17 (24) 1.01 (25) -0.48 (56) -2.29 (19) 20.58 (23)MSCI EAFE Gr Idx Net 27.90 (30) -12.83 (35) 28.86 (53) -3.04 (66) 4.09 (12) -4.43 (41) 22.55 (8)IM International Large Cap Growth Equity (MF) Median 27.05 -14.98 29.50 -0.87 -0.02 -4.98 18.48

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

Amer Funds EuPc 0.28 (47) 9.33 (21) 7.93 (19) 2.17 (28) 3.62 (22) 9.95 (8) 6.74 (34)MSCI EAFE Gr Idx Net 2.98 (26) 7.61 (48) 6.73 (42) 1.50 (44) 3.80 (19) 8.96 (26) 7.22 (29)IM International Large Cap Growth Equity (MF) Median 0.15 7.33 6.37 1.12 2.47 7.92 6.25

Amer Funds EuPc 03/31/20

68

REGION ALLOCATION REGION PERFORMANCE


TOTAL REGION ATTRIBUTION

SECTOR ALLOCATION SECTOR PERFORMANCE TOTAL SECTOR ATTRIBUTION

PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)AIA Group Ltd 2.88 1.78 -13.82ASML Holding NV 2.64 1.85 -9.97Reliance Industries Ltd 2.36 0.00 -30.47Daiichi Sankyo Company Ltd 2.29 0.64 4.35Nintendo Co Ltd 1.96 0.70 -2.97H D F C Bank Ltd 1.88 0.00 -35.96Keyence Corp 1.73 0.96 -8.32MercadoLibre Inc 1.69 0.00 -14.57European Aeronautic 1.68 0.62 -55.47Louis Vuitton Moet Hennessy 1.67 1.68 -19.99


Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $79,484 $66,975Median Mkt. Cap $M $17,746 $8,850Price/Earnings ratio 17.58 20.20Price/Book ratio 2.93 3.295 Yr. EPS Growth Rate (%) 11.50 8.71Current Yield (%) 2.05 2.37Beta (5 Years, Monthly) 1.01 1.00% in Emerging Market 23.49 0.03Active Share 68.06 N/ANumber of Stocks 328 518

Amer Funds EuPc MSCI EAFE Gr Idx Net

0.0 15.0 30.0 45.0 60.0 75.0

OtherUnited KingdomPacific ex Japan

North AmericaMiddle East

JapanFrontier Markets

Europe ex UKEM Mid East+Africa

EM Latin AmericaEM Europe

EM Asia

1.07.8

11.44.0

0.616.1

0.131.9

0.56.6

0.819.3

0.29.4

11.70.00.6

24.20.0

53.70.00.10.00.0

Amer Funds EuPc(Total: -6.6)

0.0 1.0 2.0-1.0-2.0-3.0-4.0

-0.2-0.3

1.1-1.0

0.0-0.2

0.0-2.5

-0.1-1.3

-0.2-1.9


-75.0 -60.0 -45.0 -30.0 -15.0 0.0

-47.4-26.8

-14.2-41.4

-7.9-11.9

-36.4-24.2

-35.2-36.8

-41.5-26.9

-53.5-22.4

-23.70.0

-14.3-12.6

0.0-16.7

-50.1-25.7

-40.30.0


0.0 6.0 12.0 18.0 24.0




FinancialsEnergy



3.41.3

7.614.0

12.211.9

16.95.7

4.816.6

5.6

1.12.8

5.312.6

17.817.5

7.70.8

18.912.4

3.2

Amer Funds EuPc(Total: -6.6)

0.0 0.8 1.6-0.8-1.6-2.4-3.2

0.30.2

-0.9-0.1

-1.2-1.0

-2.0-1.4

-0.80.2

0.3


-60.0 -45.0 -30.0 -15.0 0.0

-7.5-19.5

-29.4-17.5

-39.4-7.7

-31.2-44.2

-16.7-21.7

-9.0

-14.7-26.4

-18.3-16.9

-25.4-4.4

-21.6-38.6

-12.6-24.6

-13.2

Amer Funds EuPc 03/31/20

69

FUND INFORMATION


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




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

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

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Met West:Total Return;Pl 2.26 (23) 2.26 (23) 8.29 (18) 4.71 (11) 3.29 (11) 3.33 (5) N/A¢£

BC Aggregate Idx 3.15 (16) 3.15 (16) 8.93 (11) 4.82 (7) 3.36 (7) 3.19 (11) 3.88 (30)��

Median 0.56 0.56 6.16 3.76 2.74 2.70 3.69

-1.0

0.0

1.0

2.0

3.0

4.0

Ret

urn

(%)



Met West:Total Return;Pl 3.29 2.96¢£

BC Aggregate Idx 3.36 3.07��

Median 2.74 3.23¾

FundFamily :

Metropolitan WestAsset ManagementLLC


Team Managed

TotalAssets :

$23,878 Million

Turnover : 255%

2019 2018 2017 2016 2015 2014 2013Met West:Total Return;Pl 9.23 (35) 0.29 (9) 3.49 (56) 2.56 (65) 0.25 (40) 6.16 (20) 0.45 (3)Blmbg. Barc. U.S. Aggregate Index 8.72 (53) 0.01 (18) 3.54 (54) 2.65 (61) 0.55 (20) 5.97 (26) -2.02 (53)IM U.S. Broad Market Core Fixed Income (MF) Median 8.78 -0.63 3.59 2.86 0.09 5.55 -1.98

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

Met West:Total Return;Pl 4.71 (11) 2.32 (39) 1.18 (42) 2.64 (35) 2.73 (9) 5.49 (2) N/ABlmbg. Barc. U.S. Aggregate Index 4.82 (7) 2.03 (57) 1.20 (41) 2.68 (29) 2.50 (15) 3.10 (54) 3.75 (56)IM U.S. Broad Market Core Fixed Income (MF) Median 3.76 2.13 1.11 2.44 2.00 3.19 3.85

Met West:Total Return;Pl 03/31/20

70

TOP SECTOR ALLOCATIONSPORTFOLIO CHARACTERISTICS

STYLE MAP (08/01/11 - 03/31/20)

QUALITY ALLOCATION

ASSET ALLOCATION

MATURITY DISTRIBUTION

UP/DOWN CAPTURE (04/01/15 - 03/31/20)

GNMA and Other Mtg Backed 43.60 %Government Agency Securities 30.97 %Corporate Notes/Bonds 26.87 %Asset Backed Securities 4.81 %

Avg. Coupon 3.00 %Nominal Maturity 7.69 YearsEffective Maturity N/ADuration 5.75 YearsSEC 30 Day Yield N/AAvg. Credit Quality AA

0.0% 100.0% 200.0%-100.0 %

Cash

Convertibles

Equities

Other

Fixed Income

-6.3 %

0.0%

0.0%

0.0%

106.3%

Current Yield 2.54

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

Government/AAABBB Rated

A RatedCCC, CC AND C rated

BB AND B RatedAA RatedD Rated

Equities/OtherNot Rated

66.5%

18.3%

7.8%

2.8%

2.4%

2.0%

0.3%

0.0%

0.0%

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

<1Yr

>30Yrs

Other

10-20Yrs

20-30Yrs

1-3Yrs

5-10Yrs

3-5Yrs

-3.8 %

0.0%

0.0%

4.4%

11.1%

19.3%

28.0%

41.0%

Style History Mar-2020

Average Style Exposure

Cap

italiz

atio

n

Manager Style

Barclays Capital Long Term Govt Bond

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

Barclays Capital 1-5 Yr Gov

Met West:Total Return;Pl

50.0

75.0

100.0

125.0

150.0U

p C

aptu

re

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Met West:Total Return;Pl 03/31/20

71

FUND INFORMATION


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




Investment Strategy:The Fund seeks to track theperformance of a broad, market-weighted bond index. The Fund willprovide diversified exposure toinvestment-grade U.S. bonds bysampling the index.

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Total Bond Mkt 3.27 (14) 3.27 (14) 9.06 (8) 4.83 (6) 3.33 (9) 3.14 (15) 3.84 (35)¢£

BC Aggregate Index 3.15 (16) 3.15 (16) 8.93 (11) 4.82 (7) 3.36 (7) 3.19 (11) 3.88 (30)��

Median 0.56 0.56 6.16 3.76 2.74 2.70 3.69

-1.0

0.0

1.0

2.0

3.0

4.0

Ret

urn

(%)



Vanguard Total Bond Mkt 3.33 3.18¢£

BC Aggregate Index 3.36 3.07��

Median 2.74 3.23¾

FundFamily :

Vanguard Group Inc


Joshua C.Barrickman

TotalAssets :

$107,098 Million

Turnover : 54%

2019 2018 2017 2016 2015 2014 2013Vanguard Total Bond Mkt 8.71 (53) -0.03 (20) 3.56 (53) 2.60 (63) 0.40 (31) 5.89 (31) -2.14 (58)Blmbg. Barc. U.S. Aggregate Index 8.72 (53) 0.01 (18) 3.54 (54) 2.65 (61) 0.55 (20) 5.97 (26) -2.02 (53)IM U.S. Broad Market Core Fixed Income (MF) Median 8.78 -0.63 3.59 2.86 0.09 5.55 -1.98

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

Vanguard Total Bond Mkt 4.83 (6) 1.98 (61) 1.12 (49) 2.60 (38) 2.38 (25) 3.04 (59) 3.71 (59)Blmbg. Barc. U.S. Aggregate Index 4.82 (7) 2.03 (57) 1.20 (41) 2.68 (29) 2.50 (15) 3.10 (54) 3.75 (56)IM U.S. Broad Market Core Fixed Income (MF) Median 3.76 2.13 1.11 2.44 2.00 3.19 3.85

Vanguard Total Bond Mkt 03/31/20

72

TOP SECTOR ALLOCATIONSPORTFOLIO CHARACTERISTICS

STYLE MAP (12/01/01 - 03/31/20)

QUALITY ALLOCATION

ASSET ALLOCATION

MATURITY DISTRIBUTION

UP/DOWN CAPTURE (04/01/15 - 03/31/20)

Treasury Notes/Bonds 41.95 %Corporate Notes/Bonds 29.65 %GNMA and Other Mtg Backed 23.84 %Government Agency Securities 2.00 %US$ Denominated Fgn. Gvt. 1.35 %Asset Backed Securities 0.48 %

Avg. Coupon 3.20 %Nominal Maturity N/AEffective Maturity 8.10 YearsDuration 5.96 YearsSEC 30 Day Yield 2.65Avg. Credit Quality AA

0.0% 50.0% 100.0% 150.0%-50.0 %

Other

Convertibles

Equities

Cash

Fixed Income

-1.5 %

0.0%

0.0%

2.2%

99.3%

Current Yield 2.56

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

Government/AAA

BBB Rated

A Rated

AA Rated

Equities/Other

72.3%

12.6%

12.5%

4.2%

0.0% 10.0% 20.0% 30.0% 40.0%-10.0 %

Other

>30Yrs

<1Yr

10-20Yrs

20-30Yrs

1-3Yrs

3-5Yrs

5-10Yrs

-1.5 %

0.5%

2.2%

4.3%

14.4%

24.4%

26.3%

29.4%

Style History Mar-2020

Average Style Exposure

Cap

italiz

atio

n

Manager Style

Barclays Capital Long Term Govt Bond

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

Barclays Capital 1-5 Yr Gov

Vanguard Total Bond Mkt

50.0

75.0

100.0

125.0

150.0U

p C

aptu

re

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Vanguard Total Bond Mkt 03/31/20

73

91.54%

4.45%

4.01%

Portfolio Quality:

Investment Grade

TIAA Traditional Account

Medium Grade

High Yield

Corporate & Government Bonds and

Structured Finance

Financial Strength Ratings

TIAA

Fitch

Moody's

Standard & Poor's

AAA

Aa1

AA+

A.M. Best A++

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

Product Description:

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

Public Fixed Income54%

Private Fixed Income17%

Natural Resources

3%

Real Estate4%

Commercial Mortgage Whole

Loan12%

Privitae equity funds & Co-Inv

3%Operating Subsidiaries

3%

Other Subsidiary Investments

2%

Other Investments2%

TIAA GENERAL ACCOUNT DIVERSIFICATION

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%

CREDIT ING RATE HISTORY

Retirement Choice Retirement Choice Plus RA-GRA GSRA

74

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

75

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

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

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

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

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

Fund Analysis Overview Key

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

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

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

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

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

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

76

Disclaimer

77