need to have a client cover made - littleton public schools

Prepared by: Julie Kennedy

Need to have a Client Cover Made

PORTFOLIO REVIEW4th Quarter 2015

Wendy Dominguez, MBAElizabeth Stemper, AIF®,QPFC

Peter Mustian, MBA

INNOVEST AT A GLANCE

—

———

——

——

———

—

——

—

—

——

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

————

*As of December 2015

Privileged and Confidential

INTEGRITY. BALANCE. OBJECTIVITY.

2

1.38%

-4.41%

-0.81%

-14.92%

0.55%

-20.00%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

S&P 500

Russell 2000

MSCI EAFE

MSCI EM

Barclays US Agg Bond

Year 4Q15

7.04%-0.57%

4.71%

3.59%

0.66%

THE MARKETS

Investment Returns2015

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter


3

GLOBAL ECONOMIC GROWTH: SLUGGISH• U.S. real GDP increased by an annual rate of 2.0% in the third

quarter. The long-run average is over 3%, and even higher after recessions.

• U.S. dollar strength has been a significant headwind for U.S. manufacturers and exporters.

• U.S. retail sales excluding gasoline were 3.9% higher in December versus a year ago.

• Of the expected $94 billion growth in all U.S. retail sales in 2015, Amazon took in $22 billion, according to Macquarie.

THE FEDERAL RESERVE: SLOWLY TIGHTENING• The real (after-inflation) Fed Funds rate is still negative,

suggesting that monetary policy remains accommodative.• In December the Federal Funds target was raised by 0.25% to

a range of 0.25%–0.50%, the first increase since 2006.• The Fed is expected to increase rates slowly, unless wages

increase more quickly than currently projected. • While the FOMC has forecasted four rate increases for 2016, at

year-end market participants expected two increases.

Fourth Quarter: GLOBAL ECONOMICS

The After-Inflation Fed Funds Rate

Shaded bands indicate recessions. Source: Capital Economics and Innovest. Reported 1/11/2016.

Economic Growth in the Developed Markets

Q1 2008 GDP = 100. Source: Capital Economics.

Real Rates Below 0% Usually Stimulate the Economy

Real Rates Above 2% Usually Restrict Economic Growth


4

GLOBAL ECONOMICS, continued

CHINA: GROWING MORE SLOWLY• Chinese exports fell 1.8% in 2015, while imports declined

13.2%. The People’s Bank of China once again intervened to devalue the yuan to spur exports.

• Volatility in China’s currency and stock markets continued to impact investors’ sentiment throughout the world.

• Increasing labor costs have put downward pressure on Chinese corporate profits; however, higher wages boost consumption.

• China’s nominal level of GDP is now five times the size of what it was 10 years ago.

ENERGY: PRICES KEEP FALLING• Domestic oil production remained high, despite active drilling

rigs having declined by about 70% in the last 18 months.• West Texas Intermediate (WTI) started 2015 at $53 a barrel,

was near $60 at mid-year, and then collapsed to the mid-$30s at year-end.

• Global oil production is unlikely to decline soon, as OPEC has promised high production and Iran plans to pump aggressively.

• Lower gasoline prices in 2015 saved the average American driver about $540, as compared to 2014.

China’s Share of the Global Economy

Less Oil Drilling, Stubbornly High Production

Source: Capital Economics.

Reported 1/4/2016. For commodities, average of consumption of steel, copper, aluminum, zinc, tin, lead, nickel, oil, gas, coal, nuclear, cement, pork and rice. Sources: EIU, BP, World Steel Association, OECD, USGS and J.P. Morgan.


5

STOCKS• In the six previous times that the Fed began to raise short-

term rates, subsequent one-year equity returns varied significantly.

• Developed international equity markets have tended to fare relatively well after the Fed’s previous initial rate hikes.

• The rising U.S. dollar in 2015 dragged down developed markets’ equity returns by 6.6%, and emerging markets equity returns by 9.3%.

• In the third quarter of 2015, S&P 500 earnings fell by 14.1% overall, but rose 3.5% excluding the energy sector.

BONDS• Bonds have provided mixed results subsequent to the six

previous times that the Fed began to raise short-term rates.• The year-end 2.59% yield on the Barclays Aggregate Index

provides little cushion if rates rise across the yield curve.• Taxable bonds in 2015 were challenged by the Fed liftoff,

falling energy prices, and a stronger dollar.• Energy issues pulled down returns on economically sensitive

high yield bonds and floating rate corporate loans.

Fourth Quarter: ASSET CLASS FUNDAMENTALS

Data are from the six rising Fed Funds rate cycles from 1983 to 2005. *The one-year municipal bond returns are based on the four most recent rising-rate periods; the one-year high-yield bond returns are based on the five most recent rising-rate periods; and the one-year floating rate corporate bond returns are based on the three most recent rising-rate periods. Past performance is no indication of future performance. Sources: Morningstar and Innovest.

Data are from the six rising Fed Funds rate cycles from 1983 to 2005. *The one-year emerging markets equity returns are based on the two most recent rising-rate periods. Past performance is no indication of future performance. Sources: Morningstar and Innovest.

Bonds: Average One-Year Returns After Initial Fed Rate Hikes

Stocks: Average One-Year Returns After Initial Fed Rate Hikes

5.4% 2.7%

20.8%22.2%

‐20.0%

‐10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

Large Cap U.S.Stocks

Small Cap U.S.Stocks

InternationalDevelopedStocks

EmergingMarkets Stocks*

3.0% 2.7% 3.5%

6.1%

‐4.0%‐2.0%

0.0%2.0%4.0%6.0%

8.0%10.0%12.0%

Core Fixed Income Municipal FixedIncome*

High Yield FixedIncome*

Floating RateCorporate Loans*


6

ASSET CLASS FUNDAMENTALS, continued

COMMODITIES• Most commodity prices finished 2015 near their 10-year

lows.• The prices of energy and industrial metals tumbled amid

concerns that China would not be able to absorb high and rising supply.

• China accounts for more than 30% of global consumption of many metals, cotton, rice, and soybean oil.

• McDonald’s reintroduced “The McRib” for a limited time, following a decline in pork prices.

MIDSTREAM ENERGY MLPs• According to Advisory Research, MLPs are currently priced

at a significant discount to their fair valuation.• Factors in the pullback in MLP prices included tax-loss

selling, oil and natural gas price weakness, concerns about MLPs’ growth prospects, and their access to capital markets.

• In the third quarter, 82 midstream companies announced third-quarter distributions that were, on average, 2.0% higher than the second quarter of 2015.

• At year-end, midstream MLPs yielded an average of 8.5%.

Commodity Prices: Near 10-Year Lows

A Z-score is a statistical measurement of a score’s relationship to the mean in a group of scores. Z-scores are calculated using daily prices over the past 10 years. Data are as of 12/31/15. Sources: FactSet and J.P. Morgan Asset Management.

Universe: all energy MLPs, excluding variable pay MLPs. Valuation inputs include yield, EV/Ebitda multiples, and the yield spread to the U.S. Corporate BB bond as of 12/31/2015. Sources: FactSet and Advisory Research.

MLPs: Significantly Undervalued


7

US Market Indices Performance US Market Sector Performance

Source: Investment Metrics, LLC

Source: Investment Metrics, LLCSource: Investment Metrics, LLC

S&P 500 Index Russell 2000 Index MSCI EAFE Index MSCI Emerging Markets Index

Barclays Capital Aggregate BC Municipal Bond Barclays U.S. Corp: High Yield S&P/LSTA Leveraged Loan Index

Alerian MLP Infrastructure DJ-UBS Commodity Index HFRI FoF Composite Index

0.0

15.0

-15.0

-30.0

-45.0

Re

turn

(%)

1

Quarter

1

Year

0.6

-0.4

-10.5

-24.7

-1.6

-31.7

-2.1-0.7

-2.1-4.5

1.53.3

-0.6

0.50.7

-14.6

4.7

-0.4

3.6

-4.4

7.0

1.4

S&P 500 S&P 500 Growth S&P 500 Value

Russell Midcap Index Russell Midcap Growth Index Russell Midcap Value Index

Russell 2000 Index Russell 2000 Growth Index Russell 2000 Value Index

0.0

6.0

12.0

-6.0

-12.0

Re

turn

(%)

1

Quarter

1

Year

2.9

-7.5

4.3

-1.4

3.6

-4.4

3.1

-4.8

4.1

-0.2

3.6

-2.4

6.1

-3.1

7.9

5.5

7.0

1.4

S&P 500 Consumer Discretionary S&P 500 Consumer Staples S&P 500 Energy

S&P 500 Financials S&P 500 Health Care S&P 500 Industrials

S&P 500 Information Technology S&P 500 Materials S&P 500 Telecom Services

S&P 500 Utilities

0.0

15.0

30.0

-15.0

-30.0

Re

turn

(%)

1

Quarter

1

Year

1.1

-4.8

7.63.4

9.7

-8.4

9.25.9

8.0

-2.5

9.26.96.0

-1.5

0.2

-21.1

7.6 6.65.8

10.1

Quarterly Market Summary December 31, 2015

Copyright © 2015 Investment Metrics, LLC. All rights reserved.


8

Intl Equity Region Performance Alternative Asset Class Performance

Fixed Income Market Sector Performance

Source: Investment Metrics, LLC

Source: Investment Metrics, LLCSource: Investment Metrics, LLC

Barclays U.S. Aggregate Barclays U.S. Treasury Barclays U.S. Credit Index Barclays U.S. Corp: High Yield

S&P/LSTA Leveraged Loan Barclays Global Aggregate JPM EMBI Global (USD)

0.0

3.0

-3.0

-6.0

Re

turn

(%)

1

Quarter

1

Year

1.51.2

-0.9

-3.2

-2.1

-0.7

-2.1

-4.5

-0.5-0.8-0.9

0.8

-0.6

0.5

HFRI Fund of Funds Composite Index S&P Developed Property

Bloomberg Commodity Index Total Return Alerian MLP Index

0.0

15.0

-15.0

-30.0

-45.0

Re

turn

(%)

1

Quarter

1

Year

-2.8

-32.6

-10.5

-24.7

4.70.90.6

-0.4

MSCI Japan MSCI Pacific ex Japan MSCI United Kingdom

MSCI Europe ex U.K. MSCI Emerging Markets

0.0

10.0

20.0

-10.0

-20.0

-30.0

Re

turn

(%)

1

Quarter

1

Year

0.7

-14.6

3.3

0.10.7

-7.5

8.3

-8.4

9.4 9.9

Quarterly Market Summary December 31, 2015

Copyright © 2015 Investment Metrics, LLC. All rights reserved.


9

Alternative Asset Class Returns December 31, 2015

Source: Christenson Investment Parnters Source: Christenson Investment Parnters

Source: Christenson Investment Parnters Source: Standard & Poors

‐31.1

‐24.8‐22.0

‐8.7

‐15.5

‐9.2‐5.8 ‐5.5

‐9.5 ‐9.0‐3.9

10.6

‐13.7

2.9

‐10.5

‐5.2 ‐5.0

1.54.5

18.4

‐40.0

‐30.0

‐20.0

‐10.0

0.0

10.0

20.0

30.0

Heatin

g Oil

Crud

e Oil

Natural Gas

Gasoline

Nickel

Copp

er

Zinc

Alum

inum Corn

Whe

at

Soybeans

Soybean Oil

Hogs

Cattle

Bloo

mbe

rg Com

m Inde

x

Silver

Gold

Coffe

e

Cotton

Sugar

Commodity Sector Returns

‐22.7

‐10.5‐8.2 ‐7.7

‐5.1‐3.5

11.2

‐25.0

‐20.0

‐15.0

‐10.0

‐5.0

0.0

5.0

10.0

15.0

Energy BloombergComm Index

IndustrialMetals

Grains PreciousMetals

Livestock Softs

Commodity Broad Sector Returns

‐4.3‐2.3 ‐1.8 ‐1.1 ‐0.6

0.0 0.0 0.5 0.6 0.7 1.6

‐10.0

‐5.0

0.0

5.0

10.0

15.0

20.0

Dedicated Short B

ias

Even

t Driv

en

Distressed

Managed

Futures

Convertib

le Arbitrage

Fixed Income Arbitrage

Equity M

arket N

eutral

Multi‐Strategy

Globa

l Macro

HFRI FoF

Com

posite

Long/Sho

rt Equ

ity

Hedge Fund Strategy Returns

‐6.1 ‐6.0‐4.7

‐1.8

2.34.4

5.57.0

9.5 9.8

‐8.0‐6.0‐4.0‐2.00.02.04.06.08.0

10.012.0

Emerging

Markets

Canada

United Kingdo

m

Europe

Singap

ore

Japa

n

S&P De

velope

d RE

IT

U.S.

Hon

g Ko

ng

Australia

Global REIT Country and Regional Returns


10

ASSET CLASS FUNDAMENTALS, continued

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

HighREITs 35.97 %

Commodities16.23 %

Fixed Income5.24 %

Int'l Stocks31.78 %

REITs 28.60 %

REITs 9.24 %

REITs 17.59 %

Smal l Cap Stocks38.82 %

REITs 31.78 %

REITs 4.23 %

REITs 7.31%

REITs 26.28%

High

Int'l Stocks26.34 %

Int'l Stocks11.17 %

Hedge Funds‐21.37 %

REITs 28.60 %


Fixed Income7.84 %

Int'l Stocks17.32 %

Large Cap Stocks32.38 %



Large Cap Stocks7.31%

Smal l Cap Stocks19.70%


Hedge Funds10.25 %

Divers i fed Portfol io‐24.23%


Commodi es16.83 %



Int'l Stocks22.78%

Fixed Income5.97 %

Fixed Income0.55 %

Smal l Cap Stocks6.80%

Int'l Stocks18.41%


Fixed Income6.97 %

Smal l Cap Stocks‐33.79 %



Divers i fied Portfol io‐0.50%


Divers i fied Portfol io14.79%


Hedge Funds‐0.36%


Commodities18.09%

Divers i fied Portfol io13.25 %

Divers i fied Portfol io6.64 %

Commodities‐35.65 %





Hedge Funds8.81 %


Int'l Stocks‐0.81%

Fixed Income4.52%

Large Cap Stocks15.00%

Hedge Funds10.39 %


Large Cap Stocks‐37.00 %

Commodi es18.91 %

Int'l Stocks7.75 %

Hedge Funds‐5.72 %

Hedge Funds5.28 %

REITs 1.86 %

Hedge Funds3.19%

Divers i fied Portfol io‐1.15%

Int'l Stocks3.03%


Fixed Income4.34 %


REITs ‐39.20 %

Hedge Funds11.47 %

Fixed Income6.54 %

Int'l Stocks‐12.14 %

Fixed Income4.21 %

Fixed Income‐2.02 %

Int'l Stocks‐4.90%

Smal l Cap Stocks‐4.41%

Hedge Funds 2.26%

Hedge Funds5.45%

LowCommodi es

2.07 %REITs

‐17.55 %Int'l Stocks‐43.38 %

Fixed Income5.93 %

Hedge Funds5.70 %



Commodi es‐9.53 %

Commodi es‐17.01 %

Commodi es‐24.66%

Commodities ‐6.43%

Fixed Income3.21%

Low

Divers i fied Portfol io: 25% Large Cap Stocks , 10% Smal l Cap Stocks , 12% International Stocks , 25% Fixed Income, 3% REITs , 20% Hedge Funds , and 5% Commodities .

Periodic Table of Returns 2006 ‐ 2015

Avg Annual Returns '06‐'15

Avg Annual Risk

'06‐'15

Indices : Large Cap Stocks (S&P 500), Smal l Cap Stock (Russel l 2000), Int'l Stocks (MSCI EAFE), Fixed Income (Barclays Aggregate), REITs (DJ‐Wilshire REIT), Hedge Funds (HFRI Fund of Funds Compos ite), and Commodities (Bloomberg Commodity).


11

Average Number Investment Options 19 Number Investment Options 19

Average Contribution Rate 5.2%/6.6% Average Contribution Rate NA

Average Account Balance $98,418 Average Account Balance $15,036

*Contribution rate for lower compensated/higher compensated employees as defined by ADP testsSource: PCSA's 56th Annual Survey of Profit Sharing and 401(k) Plans (2012)

Vanguard Target Retirement 2055

Self Directed Brokerage

Brokerage Window

Target Date Portfolios

Vanguard Target Retirement Income










Mid BlackRock Mid Cap

Value Opportunities Janus Enterprise

Cash Equivalents

Vanguard Mid Cap Index

Vanguard Small Cap Index

TIAA-CREF Social Choice Equity

Vanguard Prime Money Market

TIAA Traditional Retirement Choice

International Equity

Smal

l

DFA U.S. Small Cap Value

Voya Small Cap Opportunities

Value Core Growth

American Beacon International

Vanguard Total International Stock

Index

American Funds Europacific

Value Core Growth

Metropolitan West Total Return Bond

Vanguard Total Bond Market Index La

rge

Dodge & Cox Stock Vanguard S&P 500 Index

Harbor Capital Appreciation

401(a) Retirement Plan Statistics and Menu Coverage

Industry Averages* Plan Averages

Menu Coverage

Fixed Income Domestic Equity Specialty


12

Asset Allocation Asset Allocation

Sep-2015 Dec-2015

($) % ($) %

Large Cap Equity

Dodge & Cox Stock - - 76,885 3.50Vanguard S&P 500 - - 76,767 3.50Harbor Capital Appreciation Instl - - 124,848 5.69Total Large Cap Equity - - 278,500 12.69

Mid Cap Equity

BlackRock Mid Cap Value Opportunities - - - 0.00Vanguard Mid Cap Index - - - 0.00Janus Enterprise - - 35,861 1.63Total Mid Cap Equity - - 35,861 1.63

Small Cap Equity

DFA US Small Cap Value - - - 0.00Vanguard Small Cap Index - - 6,776 0.31Voya Small Cap Opportunities - - - 0.00Total Small Cap Equity - - 6,776 0.31


American Beacon Intl Equity Instl - - 3,834 0.17Vanguard Total Intl Stock Index - - 82,391 3.75American Funds EuroPacific Gr - - - 0.00Total International Equity - - 86,225 3.93

Fixed Income

Met West Total Return - - 62,773 2.86Vanguard Total Bond Market Idx - - 5,982 0.27TIAA Traditional Retirement Choice - - - 0.00Total Fixed Income - - 68,755 3.13

LPS 401(a) Total Fund - - 2,195,183 100.00

Sep-2015 Dec-2015

($) % ($) %

Specialty

CREF Social Choice - - - 0.00

Cash & Equivalents

Vanguard Prime Money Market - - - 0.00

Target Date Funds

Vanguard Target Retirement Income - - - 0.00Vanguard Target Retirement 2010 - - 161,352 7.35Vanguard Target Retirement 2015 - - 172,472 7.86Vanguard Target Retirement 2020 - - 202,060 9.20Vanguard Target Retirement 2025 - - 386,162 17.59Vanguard Target Retirement 2030 - - 164,175 7.48Vanguard Target Retirement 2035 - - 406,036 18.50Vanguard Target Retirement 2040 - - 187,314 8.53Vanguard Target Retirement 2045 - - 30,666 1.40Vanguard Target Retirement 2050 - - 7,291 0.33Vanguard Target Retirement 2055 - - 1,537 0.07Total Target Date Funds - - 1,719,066 78.31


Self Directed Account - - - 0.00

LPS 401(a) Total Fund - - 2,195,183 100.00

Asset Allocation - 401(a)

13

Average Number Investment Options 19 Number Investment Options 19

Average Contribution Rate 5.2%/6.6% Average Account Balance-403(b) $18,407

Average Account Balance $98,418 Average Account Balance-457 $32,903

*Contribution rate for lower compensated/higher compensated employees as defined by ADP testsSource: PCSA's 56th Annual Survey of Profit Sharing and 401(k) Plans (2012)






Target Date Portfolios

Vanguard Target Retirement Income






Vanguard Prime Money Market

Value Core GrowthBrokerage Window

American Beacon International

Vanguard Total International Stock

Index

American Funds Europacific

Smal

l

DFA U.S. Small Cap Value

Vanguard Small Cap Index

Voya Small Cap Opportunities

Cash Equivalents International Equity Self Directed Brokerage

TIAA-CREF Social Choice Equity

TIAA Traditional Retirement Social

Choice Plus

Mid BlackRock Mid Cap

Value OpportunitiesVanguard Mid Cap

Index Janus Enterprise

Value Core Growth

Metropolitan West Total Return Bond

Vanguard Total Bond Market Index La

rge

Dodge & Cox Stock Vanguard S&P 500 Index

Harbor Capital Appreciation

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

Industry Averages* Plan Averages

Menu Coverage

Fixed Income Domestic Equity Specialty


14


Sep-2015 Dec-2015

($) % ($) %

Large Cap Equity


Mid Cap Equity

BlackRock Mid Cap Value Opportunities - - - 0.00Vanguard Mid Cap Index - - 543 0.02Janus Enterprise - - 53,856 1.72Total Mid Cap Equity - - 54,399 1.74

Small Cap Equity

DFA US Small Cap Value - - 521 0.02Vanguard Small Cap Index - - 3,743 0.12Voya Small Cap Opportunities - - 237 0.01Total Small Cap Equity - - 4,500 0.14


American Beacon Intl Equity Instl - - 311 0.01Vanguard Total Intl Stock Index - - 132,316 4.23American Funds EuroPacific Gr - - 159 0.01Total International Equity - - 132,785 4.24

Fixed Income

Met West Total Return - - 97,252 3.11Vanguard Total Bond Market Idx - - 7,175 0.23TIAA Traditional Retirement Choice Plus - - 201,531 6.44Total Fixed Income - - 305,958 9.78

Littleton Public Schools 403(b) - - 3,129,134 100.00

Sep-2015 Dec-2015

($) % ($) %

Specialty

CREF Social Choice - - 2,228 0.07

Cash & Equivalents

Vanguard Prime Money Market - - - 0.00

Target Date Funds

Vanguard Target Retirement Income - - 135,554 4.33Vanguard Target Retirement 2010 - - 140,706 4.50Vanguard Target Retirement 2015 - - 92,545 2.96Vanguard Target Retirement 2020 - - 344,519 11.01Vanguard Target Retirement 2025 - - 584,545 18.68Vanguard Target Retirement 2030 - - 50,930 1.63Vanguard Target Retirement 2035 - - 388,844 12.43Vanguard Target Retirement 2040 - - 364,604 11.65Vanguard Target Retirement 2045 - - 12,098 0.39Vanguard Target Retirement 2050 - - 74,483 2.38Vanguard Target Retirement 2055 - - 501 0.02Total Target Date Funds - - 2,189,330 69.97


Self Directed Account - - - 0.00

LPS 403(b) Total Fund - - 3,129,134 100.00

Asset Allocation - 403(b)

15


Sep-2015 Dec-2015

($) % ($) %

Large Cap Equity


Mid Cap Equity

BlackRock Mid Cap Value Opportunities - - - 0.00Vanguard Mid Cap Index - - 766 0.05Janus Enterprise - - 31,323 1.94Total Mid Cap Equity - - 32,089 1.99

Small Cap Equity

DFA US Small Cap Value - - - 0.00Vanguard Small Cap Index - - 10,398 0.64Voya Small Cap Opportunities - - - 0.00Total Small Cap Equity - - 10,398 0.64


American Beacon Intl Equity Instl - - - 0.00Vanguard Total Intl Stock Index - - 81,840 5.08American Funds EuroPacific Gr - - - 0.00Total International Equity - - 81,840 5.08

Fixed Income

Met West Total Return - - 82,734 5.13Vanguard Total Bond Market Idx - - 1,497 0.09TIAA Traditional Retirement Choice Plus - - 4,927 0.31Total Fixed Income - - 89,158 5.53

LPS 457 Total Fund - - 1,612,241 100.00

Sep-2015 Dec-2015

($) % ($) %

Specialty

CREF Social Choice - - 50 0.00

Cash & Equivalents

Vanguard Prime Money Market - - 40 0.00

Target Date Funds

Vanguard Target Retirement Income - - - 0.00Vanguard Target Retirement 2010 - - 224,940 13.95Vanguard Target Retirement 2015 - - 231,170 14.34Vanguard Target Retirement 2020 - - 171,864 10.66Vanguard Target Retirement 2025 - - 29,627 1.84Vanguard Target Retirement 2030 - - 29,791 1.85Vanguard Target Retirement 2035 - - 8,972 0.56Vanguard Target Retirement 2040 - - 39,141 2.43Vanguard Target Retirement 2045 - - 41,112 2.55Vanguard Target Retirement 2050 - - 47,639 2.95Vanguard Target Retirement 2055 - - - 0.00Total Target Date Funds - - 824,256 51.12

LPS 457 Total Fund - - 1,612,241 100.00

Asset Allocation - 457

16

LastQuarter

20151

Year3

Years5

Years7

Years10

Years

Large Cap Equity

Dodge & Cox Stock 4.54 -4.49 -4.49 14.01 11.64 14.52 5.69S&P 500 Value 6.05 -3.13 -3.13 12.83 10.96 12.96 5.80

Vanguard S&P 500 7.04 1.36 1.36 15.09 12.53 14.81 7.30S&P 500 Index 7.04 1.38 1.38 15.13 12.57 14.81 7.31

Harbor Capital Appreciation Instl 8.09 10.99 10.99 18.87 14.35 17.52 8.38S&P 500 Growth 7.86 5.52 5.52 17.19 14.06 16.56 8.70

Mid Cap Equity

BlackRock Mid Cap Value 1.43 -6.69 -6.69 10.00 8.57 14.52 6.98Russell Midcap Value Index 3.12 -4.78 -4.78 13.40 11.25 16.16 7.61

Vanguard Mid Cap Index 3.44 -1.34 -1.34 14.90 11.52 17.23 7.90CRSP U.S. Mid Cap TR Index 3.46 -1.28 -1.28 14.98 11.74 17.04 8.01

Janus Enterprise 4.89 3.57 3.57 15.01 N/A N/A N/ARussell Midcap Growth Index 4.12 -0.20 -0.20 14.88 11.54 18.04 8.16

Small Cap Equity

DFA US Small Cap Value 1.89 -7.81 -7.81 10.75 8.86 15.08 6.25Russell 2000 Value Index 2.88 -7.47 -7.47 9.06 7.67 11.72 5.57

Vanguard Small Cap Index 3.11 -3.64 -3.64 12.60 10.43 16.22 7.95CRSP U.S. Small Cap TR Index 3.10 -3.68 -3.68 12.78 10.79 16.96 8.39

Voya Small Cap Opportunities 5.44 -1.09 -1.09 N/A N/A N/A N/ARussell 2000 Growth Index 4.32 -1.38 -1.38 14.28 10.67 16.33 7.95

Table of Returns

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


17

Table of ReturnsLast

Quarter2015

1Year

3Years

5Years

7Years

10Years


American Beacon Intl Equity Instl 2.63 -1.78 -1.78 4.40 4.11 7.83 3.39MSCI EAFE Value Index (Net) 2.68 -5.68 -5.68 3.14 2.55 6.67 1.96

Vanguard Total Intl Stock Index 2.74 -4.26 -4.26 1.84 1.31 N/A N/AFTSE Global ex USA All Cap Index 3.65 -4.03 -4.03 2.52 1.78 8.71 3.90

American Funds EuroPacific Gr 2.97 -0.48 -0.48 5.45 3.99 N/A N/AMSCI EAFE Growth Index (Net) 6.67 4.09 4.09 6.83 4.60 8.92 4.03

Fixed Income

Met West Total Return -0.40 0.29 0.29 2.22 4.69 7.39 6.38Barclays Aggregate Index -0.57 0.55 0.55 1.44 3.25 4.09 4.52

Vanguard Total Bond Market Idx -0.60 0.40 0.40 1.33 3.13 4.03 4.47Barclays Aggregate Index -0.57 0.55 0.55 1.44 3.25 4.09 4.52

TIAA Traditional Annuity RC-401(a) 1.09 4.20 4.20 4.05 4.00 4.12 4.29Ryan 3 Yr GIC Master Index 0.31 1.16 1.16 1.09 1.43 2.16 2.82

TIAA Traditional Annuity RCP-403(b) & 457 0.90 3.42 3.42 3.27 3.22 3.31 N/ARyan 3 Yr GIC Master Index 0.31 1.16 1.16 1.09 1.43 2.16 2.82

Specialty

TIAA-CREF:Soc Ch Eq;Inst 5.67 -2.39 -2.39 13.41 10.70 14.32 6.84CREF Social Choice Hybrid Index 3.15 0.20 0.20 7.58 7.17 9.67 5.88

Cash & Equivalents

Vanguard Prime Money Market 0.05 0.11 0.11 0.08 0.09 0.19 1.4490 Day U.S. Treasury Bill 0.00 0.03 0.03 0.04 0.06 0.08 1.22



18

Table of ReturnsLast

Quarter2015

1Year

3Years

5Years

7Years

10Years

Target Date Funds

Vanguard Target Retirement Income 1.16 -0.17 -0.17 3.71 4.91 6.83 4.99Vanguard Target Income Composite Index 1.39 0.14 0.14 3.94 5.09 6.98 5.05

Vanguard Target Retirement 2010 1.42 -0.20 -0.20 4.87 5.60 8.28 N/AVanguard Target 2010 Composite Index 1.63 0.03 0.03 5.09 5.72 8.38 N/A

Vanguard Target Retirement 2015 2.14 -0.46 -0.46 6.22 6.31 9.20 5.36Vanguard Target 2015 Composite Index 2.42 -0.23 -0.23 6.46 6.44 9.30 5.39

Vanguard Target Retirement 2020 2.71 -0.68 -0.68 7.22 6.85 9.93 N/AVanguard Target 2020 Composite Index 3.00 -0.40 -0.40 7.51 7.14 10.18 N/A







Vanguard Target Retirement 2055 4.28 -1.72 -1.72 9.41 8.15 N/A N/AVanguard Target 2055 Composite Index 4.70 -1.26 -1.26 9.86 8.45 N/A N/A

Vanguard Target Retirement 2060 4.31 -1.68 -1.68 9.42 N/A N/A N/AVanguard Target 2060 Composite Index 4.70 -1.26 -1.26 9.86 N/A N/A N/A



19

Sep-2015 Dec-2015

($) % ($) %

Large Cap Equity

CREF Equity Index - - 79,664 3.69CREF Growth - - 85,569 3.97Total Large Cap Equity - - 165,234 7.66

Global Equity

CREF Global Equities - - 194,227 9.00CREF Stock - - 587,854 27.25Total Global Equity - - 782,081 36.25

Fixed Income

CREF Bond Market - - 37,593 1.74CREF Inflation-Linked Bond - - 14,129 0.65Total Fixed Income - - 51,722 2.40

Fixed Account

TIAA Traditional GRA - - 715,368 33.16

Real Estate

TIAA Real Estate - - 150,427 6.97

Specialty Equity


Cash

CREF Money Market - - 266,295 12.34

LPS 401(a) Legacy Total Fund - - 2,157,179 100.00

Asset Allocation - 401(a) Legacy

20

Sep-2015 Dec-2015

($) % ($) %

Large Cap Equity

CREF Equity Index - - 349,092 4.65CREF Growth - - 233,631 3.11Large Cap Equity - - 582,723 7.76

Global Equity

CREF Global Equities - - 328,447 4.37CREF Stock - - 1,830,235 24.37Global Equity - - 2,158,682 28.74

Fixed Income

CREF Bond Market - - 215,333 2.87CREF Inflation-Linked Bond - - 96,983 1.29Fixed Income - - 312,316 4.16

Fixed Account

TIAA Traditional GSRA - - 3,591,006 47.81

Real Estate


Specialty Equity


Cash & Equivalents

CREF Money Market - - 240,671 3.20Loan Default Fund - - 7,033 0.09Cash & Equivalents - - 247,703 3.30

LPS 403(b) Legacy - - 7,511,489 100.00

Asset Allocation - 403(b) Legacy

21

Sep-2015 Dec-2015

($) % ($) %

Large Cap Equity

CREF Equity Index - - 66,772 2.56CREF Growth - - 64,958 2.49Total Large Cap Equity - - 131,730 5.05

Global Equity

CREF Global Equities - - 29,905 1.15CREF Stock - - 425,284 16.31Total Global Equity - - 455,189 17.46

Fixed Income

CREF Bond Market - - 91,969 3.53CREF Inflation-Linked Bond - - 58,173 2.23Total Fixed Income - - 150,141 5.76

Fixed Account

TIAA Traditional GSRA - - 1,559,763 59.82

Real Estate


Specialty Equity


Cash

CREF Money Market - - 142,994 5.48

457(b) Legacy Total Fund - - 2,607,296 100.00

Asset Allocation - 457 Legacy

22

LastQuarter

20151

Year3

Years5

Years7

Years10

Years

Large Cap Equity

CREF Equity Index 6.18 0.17 0.17 14.28 11.74 14.59 6.94S&P 500 Index 7.04 1.38 1.38 15.13 12.57 14.81 7.31

CREF Growth 7.93 6.40 6.40 17.77 13.88 17.03 8.35S&P 500 Growth 7.86 5.52 5.52 17.19 14.06 16.56 8.70

Global Equity

CREF Global Equities 4.85 -0.40 -0.40 9.71 7.61 11.57 4.99MSCI World (net) 5.50 -0.87 -0.87 9.63 7.59 11.14 4.98

CREF Stock 4.96 -0.91 -0.91 10.46 8.48 12.61 5.77MSCI AC World IMI (Net) 4.91 -2.19 -2.19 7.86 6.11 11.17 4.99

Fixed Income

CREF Bond Market -0.58 0.43 0.43 1.27 3.18 4.22 4.09Barclays Aggregate Index -0.57 0.55 0.55 1.44 3.25 4.09 4.52

CREF Inflation-Linked Bond -0.94 -1.74 -1.74 -2.60 2.16 3.72 3.48Barclays U.S. Treasury: U.S. TIPS Index -0.64 -1.44 -1.44 -2.27 2.55 4.31 3.94

Fixed Account

TIAA Traditional GRA-401(a) 1.00 3.84 3.84 3.69 3.63 3.75 3.93Ryan 3 Yr GIC Master Index 0.31 1.16 1.16 1.09 1.43 2.16 2.82

TIAA Traditional GSRA-403(b) & 457 0.98 3.90 3.90 3.69 3.64 N/A N/ARyan 3 Yr GIC Master Index 0.31 1.16 1.16 1.09 1.43 2.16 2.82

Real Estate

TIAA Real Estate 1.63 8.16 8.16 11.97 11.80 5.26 4.78NCREIF ODCE 3.34 15.02 15.02 13.81 13.66 6.47 6.53

Specialty Equity

CREF Social Choice 2.97 -0.94 -0.94 7.28 6.89 9.70 5.3920%S&P500,20%S&P500V,60%BCAgg 2.44 0.83 0.83 6.83 7.06 8.56 6.03

Cash & Equivalents

CREF Money Market 0.02 0.02 0.02 0.01 0.03 0.11 1.3790 Day U.S. Treasury Bill 0.00 0.03 0.03 0.04 0.06 0.08 1.22

Table of Returns


23

THIS PAGE LEFT INTENTIONALLY BLANK


24

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 1.07 48.60Vanguard 500 Index;Adm (VFIAX) 0.05 1.10 4.55Harbor:Cap Apprec;Inst (HACAX) 0.64 1.13 56.64BlackRock:MC Val Opp;I (MARFX) 0.90 1.25 72.00Vanguard Md-Cp Idx;Adm (VIMAX) 0.09 1.19 7.56Janus Enterprise;N (JDMNX) 0.67 1.30 51.54DFA US Small Cap Val;I (DFSVX) 0.52 1.28 40.63Vanguard Sm-Cp Idx;Adm (VSMAX) 0.09 1.22 7.38Voya:SmCp Opptys;R6 (ISOZX) 1.02 1.43 71.33Am Beacon:Intl Eq;Inst (AAIEX) 0.70 1.11 63.06Vanguard Tot I Stk;Adm (VTIAX) 0.12 1.18 10.17American Funds EuPc;R-6 (RERGX) 0.49 1.20 40.83Met West:Total Return;I (MWTIX) 0.44 0.76 57.89Vanguard Tot Bd;Adm (VBTLX) 0.07 0.76 9.21TIAA-Traditional 0.00 0.00 0.00TIAA-CREF:Soc Ch Eq;Inst (TISCX) 0.18 1.19 15.13Vanguard Prime MM;Adm (VMRXX) 0.10 0.55 18.18Vanguard Target Date Funds 0.15 1.00 15.00

Legend For Overall CriteriaNo/Minimum ConcernsMinor ConcernMajor ConcernUnder Review

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

Manager Score Factor CommentsTIAA-Traditional People Lead PM David Brown, responsible for the portfolio strategy, asset allocation and risk-adjusted targets of the TIAA General

Account, recently retired. Lisa Black, Co-PM and head of Global Public Markets, is acting CIO until a replacement can be found.The General Account has two additional Co-PMs. Heather Davis is responsible for the Global Private Markets and ThomasGarbutt runs the Global Real Estate.

TIAA-Traditional Exp Ratio (BasisPoints)

Expenses cannot be determined as it is a spread product.

Manager Score Card


25

FUND INFORMATION

ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS

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

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

RISK VS. RETURN (5 YEARS*)

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

Firm and Management:The Stock Fund is managed by theInvestment Policy Committee. The ninemembers of this committee have anaverage tenure at Dodge & Cox of 26years. They have responsibility for thedevelopment and implementation of theinvestment strategy. The team issupported by a strong analyst team andvarious research assistants.

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.

-16.0

-10.0

-4.0

2.0

8.0

14.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Dodge & Cox Stock 4.54 (71) -4.49 (62) -4.49 (62) 14.01 (13) 11.64 (12) 14.52 (6) 5.69 (44)

S&P 500 Value 6.05 (16) -3.13 (33) -3.13 (33) 12.83 (33) 10.96 (25) 12.96 (29) 5.80 (41)

Median 5.11 -3.81 -3.81 12.23 9.86 12.24 5.51

0.0

3.0

6.0

9.0

12.0

15.0

Ret

urn

(%)

3.0 6.0 9.0 12.0 15.0 18.0Risk (Standard Deviation %)

Return StandardDeviation

Dodge & Cox Stock 11.64 13.37

S&P 500 Value 10.96 12.19

Median 9.86 12.52

2014 2013 2012 2011 2010 2009 2008Dodge & Cox Stock 10.40 (63) 40.55 (3) 22.01 (2) -4.08 (71) 13.49 (38) 31.27 (16) -43.31 (91)S&P 500 Value 12.36 (20) 31.99 (58) 17.68 (20) -0.48 (32) 15.10 (23) 21.18 (64) -39.22 (67)IM U.S. Large Cap Value Equity (MF) Median 10.88 32.67 15.32 -2.32 12.64 24.10 -36.83

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

3Years

EndingDec-2011

3Years

EndingDec-2010

3Years

EndingDec-2009

Dodge & Cox Stock 14.01 (13) 23.71 (1) 18.04 (4) 9.92 (21) 12.63 (27) -5.48 (75) -9.34 (80)S&P 500 Value 12.83 (33) 20.40 (34) 15.62 (32) 10.47 (13) 11.55 (41) -5.36 (72) -9.10 (76)IM U.S. Large Cap Value Equity (MF) Median 12.23 19.52 14.62 8.38 11.13 -4.17 -7.18

Dodge & Cox Stock 12/31/15


26

TOP 10 HOLDINGS

STYLE MAP (02/01/65 - 12/31/15)

SECTOR ALLOCATIONASSET ALLOCATION

PORTFOLIO CHARACTERISTICS

UP/DOWN CAPTURE (01/01/11 - 12/31/15)

Wells Fargo & Co ORD 4.16 %Capital One Financial Corp ORD 4.05 %HP Inc ORD 3.96 %Time Warner Cable Inc ORD 3.85 %Microsoft Corp ORD 3.66 %Bank of America Corp ORD 3.28 %Novartis AG DR 3.23 %Charles Schwab Corp ORD 3.11 %Time Warner Inc ORD 2.85 %Sanofi SA DR 2.81 %

Total Securities 69Avg. Market Cap $102,311 MillionP/E 20.57P/B 2.71Div. Yield 2.38%Annual EPS 7.095Yr EPS 11.343Yr EPS Growth 10.02

3 Years 5 Yearsvs. S&P 500 ValueBeta 1.06 1.07

Dodge & Cox Stock S&P 500 Value

0.0 6.0 12.0 18.0 24.0 30.0 36.0

UtilitiesTelecommunication Services

MaterialsInformation Technology

IndustrialsHealth Care

FinancialsEnergy

Consumer StaplesConsumer Discretionary

Other

0.0% 50.0% 100.0% 150.0%-50.0 %

Other

Fixed Income

Convertibles

Cash

Equities

-0.1 %

0.0%

0.0%

1.4%

98.6%

Style History Dec-2015

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

150.0U

p C

aptu

re

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Dodge & Cox Stock 12/31/15


27

FUND INFORMATION


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




Firm and Management:Michael Buek has been lead managerof this fund since the spring of 2005.Buek worked closely with previousmanager and current Vanguard chiefinvestment officer Gus Sauter on thisfund since 1991 and has been withVanguard since 1987.

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.

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard 500 Index 7.04 (23) 1.36 (27) 1.36 (27) 15.09 (17) 12.53 (16) 14.81 (22) 7.30 (23)

S&P 500 Index 7.04 (23) 1.38 (27) 1.38 (27) 15.13 (16) 12.57 (15) 14.81 (22) 7.31 (23)

Median 6.23 -0.48 -0.48 13.58 11.04 13.59 6.38

3.0

6.0

9.0

12.0

15.0

Ret

urn

(%)

6.0 9.0 12.0 15.0 18.0Risk (Standard Deviation %)


Vanguard 500 Index 12.53 11.59

S&P 500 Index 12.57 11.60

Median 11.04 12.07

2014 2013 2012 2011 2010 2009 2008Vanguard 500 Index 13.64 (17) 32.33 (42) 15.96 (41) 2.08 (24) 15.05 (26) 26.62 (50) -36.97 (48)S&P 500 Index 13.69 (17) 32.39 (40) 16.00 (39) 2.11 (24) 15.06 (25) 26.46 (51) -37.00 (48)IM U.S. Large Cap Core Equity (MF) Median 11.37 31.84 15.41 -0.40 13.18 26.47 -37.17

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

3Years

EndingDec-2011

3Years

EndingDec-2010

3Years

EndingDec-2009

Vanguard 500 Index 15.09 (17) 20.37 (28) 16.14 (27) 10.85 (18) 14.14 (26) -2.80 (41) -5.58 (53)S&P 500 Index 15.13 (16) 20.41 (27) 16.18 (27) 10.87 (18) 14.11 (26) -2.85 (42) -5.63 (53)IM U.S. Large Cap Core Equity (MF) Median 13.58 19.29 14.92 9.28 12.91 -3.27 -5.44

Vanguard 500 Index 12/31/15


28

TOP 10 HOLDINGS

STYLE MAP (12/01/00 - 12/31/15)



UP/DOWN CAPTURE (01/01/11 - 12/31/15)

Apple Inc ORD 3.70 %Microsoft Corp ORD 2.29 %Exxon Mobil Corp ORD 1.87 %General Electric Co ORD 1.59 %Johnson & Johnson ORD 1.52 %Wells Fargo & Co ORD 1.37 %Amazon.com Inc ORD 1.30 %JPMorgan Chase & Co ORD 1.29 %Berkshire Hathaway Inc ORD 1.29 %Facebook Inc ORD 1.25 %


3 Years 5 Yearsvs. S&P 500 IndexBeta 1.00 1.00

Vanguard 500 Index S&P 500 Index

0.0 5.0 10.0 15.0 20.0 25.0 30.0




FinancialsEnergy


Other

0.0% 25.0% 50.0% 75.0% 100.0% 125.0%

Convertibles

Cash

Fixed Income

Other

Equities

0.0%

0.0%

0.0%

0.4%

99.5%



Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Vanguard 500 Index

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 500 Index 12/31/15


29

FUND INFORMATION


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




Firm and Management:The fund is sub-advised by JennisonAssociates, which was co-founded bySig Segalas in 1969. Mr. Segalas co-manages the fund with KathleenMcCarragher, and they are supportedby three other portfolio managers, whohave an average tenure of 25 yearswith Jennison, and 11 growth equityanalysts, who have been with Jennisonfor an average of 11 years.

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.

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Harbor Cap Apprec 8.09 (40) 10.99 (6) 10.99 (6) 18.87 (11) 14.35 (13) 17.52 (19) 8.38 (26)

S&P 500 Growth 7.86 (45) 5.52 (50) 5.52 (50) 17.19 (30) 14.06 (18) 16.56 (37) 8.70 (19)

Median 7.69 5.47 5.47 16.17 12.29 15.84 7.48

3.0

6.0

9.0

12.0

15.0

18.0

Ret

urn

(%)



Harbor Cap Apprec 14.35 13.46

S&P 500 Growth 14.06 11.43

Median 12.29 13.05

2014 2013 2012 2011 2010 2009 2008Harbor Cap Apprec 9.93 (59) 37.66 (17) 15.69 (44) 0.61 (26) 11.61 (79) 41.88 (25) -37.13 (22)S&P 500 Growth 14.89 (6) 32.75 (65) 14.61 (56) 4.65 (4) 15.05 (51) 31.57 (73) -34.92 (7)IM U.S. Large Cap Growth Equity (MF) Median 10.54 34.12 14.95 -1.76 15.09 35.04 -39.82

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

3Years

EndingDec-2011

3Years

EndingDec-2010

3Years

EndingDec-2009

Harbor Cap Apprec 18.87 (11) 20.52 (35) 17.02 (18) 9.11 (50) 16.79 (30) -0.15 (22) 0.04 (19)S&P 500 Growth 17.19 (30) 20.46 (36) 16.77 (21) 11.33 (15) 16.57 (34) -0.50 (28) -2.24 (48)IM U.S. Large Cap Growth Equity (MF) Median 16.17 19.75 15.01 9.11 15.32 -2.15 -2.38

Harbor Cap Apprec 12/31/15


30

TOP 10 HOLDINGS

STYLE MAP (01/01/88 - 12/31/15)



UP/DOWN CAPTURE (01/01/11 - 12/31/15)

Apple Inc ORD 5.52 %Amazon.com Inc ORD 4.35 %Facebook Inc ORD 3.96 %MasterCard Inc ORD 3.39 %Nike Inc ORD 3.07 %Visa Inc ORD 3.05 %Alphabet Inc ORD 1 2.59 %Alphabet Inc ORD 2 2.58 %Netflix Inc ORD 2.56 %Starbucks Corp ORD 2.28 %


3 Years 5 Yearsvs. S&P 500 GrowthBeta 1.03 1.11

Harbor Cap Apprec S&P 500 Growth

0.0 8.0 16.0 24.0 32.0 40.0




FinancialsEnergy


Other

0.0% 25.0% 50.0% 75.0% 100.0% 125.0%

Other

Fixed Income

Convertibles

Cash

Equities

0.0%

0.0%

0.0%

3.0%

97.0%



Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Harbor Cap Apprec

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

Harbor Cap Apprec 12/31/15


31

FUND INFORMATION


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




Firm and Management:Murali Balaraman, CFA and JohnCoyle, CFA have been workingtogether for over 10 years. Both cameto BlackRock through the merger withMerrill Lynch Investment Managers in2005. The majority of their timemanaging together has been on a smallcap global equity strategy, however,they bring that global perspective to theU.S. market through their stockselection process.

Investment Strategy:The BlackRock Mid Cap ValueOpportunities Fund is a bottom-up,fundamental research focused teamthat seeks to identify out-of-favornames with strong upside potential.The team focuses on companiestrading at the low end of their historicalvaluations and draws on BlackRock'srobust pool of equity and fixed incomeresearch analysts as well as their ownteam's global small cap knowledge toaid them in their decision-makingprocess.

Innovest's Assessment:The strategy should be expected tooutperform when globally focusedcompanies and lesser capitalizedcompanies are doing well. It shouldunderperform in markets where moreregional firms in fragmented regionalmarkets are experiencing outsizedgrowth or when domestically focusedfirms are leading.

-20.0

-12.0

-4.0

4.0

12.0

20.0

28.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

BlackRock:MC Val Opp 1.43 (73) -6.69 (69) -6.69 (69) 10.00 (83) 8.57 (70) 14.52 (72) 6.98 (40)

Russell Midcap Value Index 3.12 (40) -4.78 (55) -4.78 (55) 13.40 (36) 11.25 (22) 16.16 (33) 7.61 (20)

Median 2.73 -3.86 -3.86 12.69 9.97 15.68 6.61

4.0

6.0

8.0

10.0

12.0

14.0

Ret

urn

(%)



BlackRock:MC Val Opp 8.57 14.16

Russell Midcap Value Index 11.25 12.54

Median 9.97 13.41

2014 2013 2012 2011 2010 2009 2008BlackRock:MC Val Opp 6.68 (81) 33.72 (73) 13.62 (86) -0.26 (13) 26.07 (25) 35.86 (55) -35.72 (26)Russell Midcap Value Index 14.75 (12) 33.46 (76) 18.51 (24) -1.38 (28) 24.75 (35) 34.21 (59) -38.44 (55)IM U.S. Mid Cap Value Equity (MF) Median 10.06 35.97 16.17 -3.91 22.33 36.85 -38.05

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

3Years

EndingDec-2011

3Years

EndingDec-2010

3Years

EndingDec-2009

BlackRock:MC Val Opp 10.00 (83) 17.46 (89) 14.86 (57) 12.63 (25) 19.54 (22) 3.26 (25) -3.09 (20)Russell Midcap Value Index 13.40 (36) 21.98 (22) 15.97 (31) 13.39 (16) 18.19 (35) 1.01 (54) -6.62 (67)IM U.S. Mid Cap Value Equity (MF) Median 12.69 20.33 15.16 11.15 17.56 1.24 -5.44

BlackRock:MC Val Opp 12/31/15


32

TOP 10 HOLDINGS

STYLE MAP (03/01/95 - 12/31/15)



UP/DOWN CAPTURE (01/01/11 - 12/31/15)

Owens & Minor Inc ORD 2.01 %Teleflex Inc ORD 1.91 %BlackRock Liquidity TempFund;Institutional 1.75 %Tanger Factory Outlet Centers Inc 1.67 %Albemarle Corp ORD 1.55 %Energen Corp ORD 1.53 %New York Community Bancorp Inc ORD 1.52 %Expeditors International of Washington Inc ORD 1.51 %Orbital ATK Inc ORD 1.43 %Alexander & Baldwin Inc ORD 1.41 %


3 Years 5 Yearsvs. Russell Midcap Value IndexBeta 1.08 1.10

BlackRock:MC Val Opp Russell Midcap Value Index

0.0 8.0 16.0 24.0 32.0 40.0 48.0




FinancialsEnergy


Other

0.0% 25.0% 50.0% 75.0% 100.0% 125.0%

Fixed Income

Convertibles

Other

Cash

Equities

0.0%

0.0%

0.8%

2.0%

97.2%



Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

BlackRock:MC Val Opp

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

BlackRock:MC Val Opp 12/31/15


33

FUND INFORMATION


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




Firm and Management:Donald Butler is the manager here.Although he was only named leadmanager in April 2005, he has beenwith Vanguard since 1992 and hasworked on this fund since its May 1998inception. Butler also handles the day-to-day management of VanguardExtended Market Index VEXMX andVanguard Institutional Index VINIX.

Investment Strategy:The Fund tracks the CRSP US Mid CapIndex. The CRSP US Mid Cap Indextargets inclusion of the U.S. companiesthat fall between the top 70%-80% ofinvestable market capitalization. Theindex includes securities traded onNYSE, NYSE Market, NASDAQ orARCA. -20.0

-12.0

-4.0

4.0

12.0

20.0

28.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Midcap Index 3.45 (30) -1.46 (25) -1.46 (25) 14.76 (10) 11.37 (14) 17.07 (6) 7.76 (17)

CRSP U.S. Mid Cap TR Index 3.46 (30) -1.28 (22) -1.28 (22) 14.98 (7) 11.74 (7) 17.04 (6) 8.01 (13)

Median 2.90 -3.54 -3.54 11.95 9.18 14.33 6.38

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Ret

urn

(%)



Vanguard Midcap Index 11.37 13.12

CRSP U.S. Mid Cap TR Index 11.74 12.82

Median 9.18 13.65

2014 2013 2012 2011 2010 2009 2008Vanguard Midcap Index 13.60 (10) 35.00 (44) 15.80 (54) -2.11 (34) 25.46 (19) 40.22 (18) -41.82 (70)CRSP U.S. Mid Cap TR Index 13.83 (8) 35.27 (39) 16.70 (44) -1.79 (31) 26.16 (12) 36.90 (29) -41.83 (70)IM U.S. Mid Cap Core Equity (MF) Median 9.18 34.28 16.03 -3.41 22.91 32.94 -38.81

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

3Years

EndingDec-2011

3Years

EndingDec-2010

3Years

EndingDec-2009

Vanguard Midcap Index 14.76 (10) 21.10 (18) 15.24 (36) 12.46 (21) 19.86 (14) 0.77 (43) -4.72 (45)CRSP U.S. Mid Cap TR Index 14.98 (7) 21.57 (9) 15.73 (27) 13.08 (10) 19.26 (17) 0.15 (52) -5.19 (52)IM U.S. Mid Cap Core Equity (MF) Median 11.95 19.32 14.43 11.13 16.15 0.30 -4.98

Vanguard Midcap Index 12/31/15


34

TOP 10 HOLDINGS

STYLE MAP (06/01/98 - 12/31/15)



UP/DOWN CAPTURE (01/01/11 - 12/31/15)

AvalonBay Communities Inc ORD 0.76 %Fiserv Inc ORD 0.71 %Ross Stores Inc ORD 0.67 %Electronic Arts Inc ORD 0.63 %Roper Technologies Inc ORD 0.61 %Hartford Financial Services Group Inc ORD 0.59 %Incyte Corp ORD 0.58 %Cerner Corp ORD 0.58 %Chipotle Mexican Grill Inc ORD 0.57 %M&T Bank Corp ORD 0.57 %


3 Years 5 Yearsvs. CRSP U.S. Mid Cap TR IndexBeta 1.00 1.02

Vanguard Midcap Index CRSP U.S. Mid Cap TR Index

0.0 4.0 8.0 12.0 16.0 20.0 24.0




FinancialsEnergy


Other

0.0% 25.0% 50.0% 75.0% 100.0% 125.0%

Convertibles

Cash

Fixed Income

Other

Equities

0.0%

0.0%

0.0%

0.3%

99.7%



Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Vanguard Midcap Index

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 Midcap Index 12/31/15


35

FUND INFORMATION


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




Firm and Management:Lead manager Chris McHugh has runthe fund successfully since its 1996inception. He started as an analyst withTurner Investment Partners in 1990and has been a member of itstechnology sector team since then.Longtime analysts Tara Hedlund andJason Schrotberger came aboard ascomanagers in September 2006. Agroup of sector-focused analystscontribute ideas to this and otherTurner funds.

Investment Strategy:This fund hunts for stocks that exhibitaccelerating earnings growth andpositive price trends. Management willpay a premium for its high-momentumpicks. That leads it to high-P/E stockswith sometimes stratospheric growthrates. It's pretty finicky about staying inmid-cap territory, and it keeps its sectorweightings in line with the RussellMidcap Growth Index's.

Innovest's Assessment:The strategy should be expected tooutperform during high growth rallieswhen momentum is driving stock priceshigher and when technology stocks areleading. The strategy should beexpected to underperform during downmarkets and when investors are beingpunished for positions that haveextended valuations.

-20.0

-12.0

-4.0

4.0

12.0

20.0

28.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Janus Enterprise;I 4.86 (13) 3.49 (13) 3.49 (13) 14.90 (25) 11.94 (15) N/A N/A¢£

Russell Midcap Growth Index 4.12 (33) -0.20 (49) -0.20 (49) 14.88 (25) 11.54 (21) 18.04 (9) 8.16 (29)��

Median 2.87 -0.49 -0.49 13.14 9.78 15.40 7.35

-5.0

0.0

5.0

10.0

15.0

Ret

urn

(%)



Janus Enterprise;I 11.94 11.60¢£

Russell Midcap Growth Index 11.54 13.61��

Median 9.78 14.11¾

2014 2013 2012 2011 2010 2009 2008Janus Enterprise;I 12.01 (12) 30.86 (77) 17.83 (16) -1.65 (29) 26.06 (46) N/A N/ARussell Midcap Growth Index 11.90 (13) 35.74 (48) 15.81 (30) -1.65 (28) 26.38 (44) 46.29 (24) -44.32 (46)IM U.S. Mid Cap Growth Equity (MF) Median 7.40 35.50 14.18 -4.65 25.34 40.04 -45.01

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

3Years

EndingDec-2011

3Years

EndingDec-2010

3Years

EndingDec-2009

Janus Enterprise;I 14.90 (25) 19.98 (30) 14.89 (32) 13.47 (13) N/A N/A N/ARussell Midcap Growth Index 14.88 (25) 20.71 (19) 15.63 (22) 12.91 (20) 22.06 (16) 0.97 (37) -3.18 (53)IM U.S. Mid Cap Growth Equity (MF) Median 13.14 18.37 13.90 11.11 18.72 -0.79 -2.99

Janus Enterprise;I 12/31/15


36

TOP 10 HOLDINGS

STYLE MAP (08/01/09 - 12/31/15)



UP/DOWN CAPTURE (01/01/11 - 12/31/15)

Crown Castle International Corp 3.71 %Verisk Analytics Inc ORD 3.04 %Sensata Technologies Holding NV ORD 2.88 %Lamar Advertising Co ORD 2.37 %Boston Scientific Corp ORD 2.27 %Amdocs Ltd ORD 2.02 %Nice-Systems Ltd DR 1.96 %Jack Henry & Associates Inc ORD 1.94 %Cadence Design Systems Inc ORD 1.93 %Gildan Activewear Inc ORD 1.82 %


3 Years 5 Yearsvs. Russell Midcap Growth IndexBeta 0.84 0.83

Janus Enterprise;I Russell Midcap Growth Index

0.0 8.0 16.0 24.0 32.0 40.0 48.0




FinancialsEnergy


Other

0.0% 50.0% 100.0% 150.0%-50.0 %

Cash

Fixed Income

Convertibles

Other

Equities

-0.4 %

0.0%

0.0%

6.7%

93.8%



Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Janus Enterprise;I

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

Janus Enterprise;I 12/31/15


37

FUND INFORMATION


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




Firm and Management:DFA uses a team approach inmanaging clients' investments, whereno one individual is solely responsiblefor a strategy or account. StephenClark is Dimensional's Head of PortfolioManagement and Vice President and ischairman of the Investment Committee.He joined Dimensional in 2001 as ageneral portfolio manager in U.S.equities, became head of internationalequities trading in 2004 and assumedhis current position in 2006.

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.

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

DFA US Small Cap Val 1.89 (67) -7.81 (62) -7.81 (62) 10.75 (23) 8.86 (23) 15.08 (21) 6.25 (31)

Russell 2000 Value Index 2.88 (44) -7.47 (56) -7.47 (56) 9.06 (50) 7.67 (52) 11.72 (79) 5.57 (50)

Median 2.52 -7.07 -7.07 9.05 7.81 13.27 5.51

-2.5

0.0

2.5

5.0

7.5

10.0

12.5

Ret

urn

(%)



DFA US Small Cap Val 8.86 16.73

Russell 2000 Value Index 7.67 15.20

Median 7.81 15.27

2014 2013 2012 2011 2010 2009 2008DFA US Small Cap Val 3.48 (46) 42.38 (16) 21.72 (12) -7.55 (83) 30.90 (9) 33.62 (33) -36.79 (69)Russell 2000 Value Index 4.22 (34) 34.52 (56) 18.05 (33) -5.50 (64) 24.50 (60) 20.58 (80) -28.92 (25)IM U.S. Small Cap Value Equity (MF) Median 3.30 35.08 16.25 -3.78 24.99 28.27 -32.16

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

3Years

EndingDec-2011

3Years

EndingDec-2010

3Years

EndingDec-2009

DFA US Small Cap Val 10.75 (23) 21.50 (5) 17.02 (17) 13.78 (12) 17.38 (35) 3.41 (49) -8.99 (67)Russell 2000 Value Index 9.06 (50) 18.29 (43) 14.49 (55) 11.57 (49) 12.36 (95) 2.19 (65) -8.22 (55)IM U.S. Small Cap Value Equity (MF) Median 9.05 17.94 14.78 11.50 16.20 3.19 -7.52

DFA US Small Cap Val 12/31/15


38

TOP 10 HOLDINGS

STYLE MAP (04/01/93 - 12/31/15)



UP/DOWN CAPTURE (01/01/11 - 12/31/15)

LifePoint Health Inc ORD 1.20 %CNO Financial Group Inc ORD 1.18 %Amerco ORD 1.01 %SYNNEX Corp ORD 0.89 %Endurance Specialty Holdings Ltd ORD 0.87 %Webster Financial Corp ORD 0.85 %StanCorp Financial Group Inc ORD 0.84 %Hanover Insurance Group Inc ORD 0.83 %Skechers USA Inc ORD 0.82 %Convergys Corp ORD 0.81 %

Total Securities 1,162Avg. Market Cap $1,978 MillionP/E 22.55P/B 1.68Div. Yield 2.17%Annual EPS 15.005Yr EPS 11.783Yr EPS Growth 14.14

3 Years 5 Yearsvs. Russell 2000 Value IndexBeta 1.05 1.08

DFA US Small Cap Val Russell 2000 Value Index

0.0 10.0 20.0 30.0 40.0 50.0 60.0




FinancialsEnergy


Other

0.0% 50.0% 100.0% 150.0%-50.0 %

Other

Fixed Income

Convertibles

Cash

Equities

-0.1 %

0.0%

0.0%

0.5%

99.6%



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

150.0U

p C

aptu

re

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

DFA US Small Cap Val 12/31/15


39

FUND INFORMATION


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




Firm and Management:In 2005, Michael Buek became thisfund's listed manager, although Buekhas been with Vanguard since 1987and has helped manage this fund since1991. Buek also manages theVanguard 500.

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 investability screens.

-20.0

-12.0

-4.0

4.0

12.0

20.0

28.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Sm-Cp Idx 3.07 (56) -3.78 (34) -3.78 (34) 12.44 (33) 10.28 (26) 16.06 (13) 7.81 (10)

CRSP U.S. Small Cap TR Index 3.10 (56) -3.68 (33) -3.68 (33) 12.78 (25) 10.79 (16) 16.96 (8) 8.39 (4)

Median 3.35 -4.82 -4.82 11.55 9.15 13.70 5.95

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

Ret

urn

(%)



Vanguard Sm-Cp Idx 10.28 14.90

CRSP U.S. Small Cap TR Index 10.79 14.70

Median 9.15 15.81

2014 2013 2012 2011 2010 2009 2008Vanguard Sm-Cp Idx 7.37 (10) 37.62 (58) 18.04 (20) -2.80 (47) 27.72 (27) 36.12 (20) -36.07 (51)CRSP U.S. Small Cap TR Index 7.54 (9) 38.48 (48) 18.59 (17) -1.85 (33) 27.98 (25) 40.11 (15) -36.81 (56)IM U.S. Small Cap Core Equity (MF) Median 4.37 38.24 15.28 -3.18 25.65 26.93 -36.03

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

3Years

EndingDec-2011

3Years

EndingDec-2010

3Years

EndingDec-2009

Vanguard Sm-Cp Idx 12.44 (33) 20.37 (22) 16.45 (38) 13.58 (20) 19.11 (17) 3.58 (17) -4.16 (20)CRSP U.S. Small Cap TR Index 12.78 (25) 20.87 (18) 17.25 (28) 14.21 (14) 20.74 (11) 4.25 (12) -3.34 (16)IM U.S. Small Cap Core Equity (MF) Median 11.55 18.92 15.63 11.72 15.58 0.74 -7.25

Vanguard Sm-Cp Idx 12/31/15


40

TOP 10 HOLDINGS

STYLE MAP (02/01/68 - 12/31/15)



UP/DOWN CAPTURE (01/01/11 - 12/31/15)

Vanguard Market Liquidity Fund 0.40 %Global Payments Inc ORD 0.32 %Goodyear Tire & Rubber Co ORD 0.32 %JetBlue Airways Corp ORD 0.28 %AGL Resources Inc ORD 0.27 %Spirit AeroSystems Holdings Inc ORD 0.27 %Arthur J Gallagher & Co ORD 0.26 %Duke Realty Corp 0.26 %Signature Bank ORD 0.26 %Broadridge Financial Solutions Inc ORD 0.25 %

Total Securities 1,501Avg. Market Cap $3,530 MillionP/E 28.11P/B 4.30Div. Yield 2.77%Annual EPS 19.645Yr EPS 15.213Yr EPS Growth 16.25

3 Years 5 Yearsvs. CRSP U.S. Small Cap TR IndexBeta 0.99 1.01

Vanguard Sm-Cp Idx CRSP U.S. Small Cap TR Index

0.0 6.0 12.0 18.0 24.0 30.0 36.0




FinancialsEnergy


Other

0.0% 25.0% 50.0% 75.0% 100.0% 125.0%

Convertibles

Cash

Fixed Income

Other

Equities

0.0%

0.0%

0.0%

0.4%

99.6%



Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Vanguard Sm-Cp Idx

50.0

75.0

100.0

125.0

150.0U

p C

aptu

re

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Vanguard Sm-Cp Idx 12/31/15


41

FUND INFORMATION


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




Firm and Management:Voya's investment team includes twoportfolio managers - James Hasso andJoseph Basset - and four careeranalysts. The team is located in NewYork. Both of the portfolio managershave sector research responsibilitiesalong with all of the analysts. Thehighly experienced analysts have theability to significantly influence stockselection, but the portfolio managershave ultimate decision-making authorityand responsibility for the strategy.

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.

-20.0

-12.0

-4.0

4.0

12.0

20.0

28.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Voya:SmCp Opptys;I 5.38 (13) -1.23 (45) -1.23 (45) 12.75 (56) 10.71 (34) 16.62 (34) 9.07 (2)

Russell 2000 Growth Index 4.32 (28) -1.38 (47) -1.38 (47) 14.28 (31) 10.67 (34) 16.33 (38) 7.95 (14)

Median 2.51 -2.27 -2.27 13.22 9.84 15.62 6.54

0.0

3.0

6.0

9.0

12.0

15.0

Ret

urn

(%)



Voya:SmCp Opptys;I 10.71 15.27

Russell 2000 Growth Index 10.67 16.76

Median 9.84 17.32

2014 2013 2012 2011 2010 2009 2008Voya:SmCp Opptys;I 5.19 (17) 37.94 (78) 15.26 (25) 0.68 (10) 33.78 (11) 31.82 (59) -34.47 (4)Russell 2000 Growth Index 5.60 (15) 43.30 (49) 14.59 (26) -2.91 (32) 29.09 (30) 34.47 (43) -38.54 (15)IM U.S. Small Cap Growth Equity (MF) Median 1.81 43.22 12.12 -4.35 27.01 33.15 -42.69

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

3Years

EndingDec-2011

3Years

EndingDec-2010

3Years

EndingDec-2009

Voya:SmCp Opptys;I 12.75 (56) 18.70 (39) 16.98 (38) 15.79 (3) 21.09 (16) 4.94 (3) -1.76 (7)Russell 2000 Growth Index 14.28 (31) 20.14 (25) 16.82 (40) 12.82 (26) 19.00 (29) 2.18 (21) -4.00 (25)IM U.S. Small Cap Growth Equity (MF) Median 13.22 18.07 16.00 11.09 16.92 -1.22 -5.84

Voya:SmCp Opptys;I 12/31/15


42

TOP 10 HOLDINGS

STYLE MAP (05/01/99 - 12/31/15)



UP/DOWN CAPTURE (01/01/11 - 12/31/15)

BlackRock Liquidity TempFund;Institutional 1.96 %iShares Russell 2000 Growth ETF 1.52 %Vail Resorts Inc ORD 1.34 %TeamHealth Holdings Inc ORD 1.25 %STERIS Corp ORD 1.21 %J2 Global Inc ORD 1.18 %Dealertrack Technologies Inc ORD 1.16 %Qlik Technologies Inc ORD 1.16 %Tyler Technologies Inc ORD 1.16 %CLARCOR Inc ORD 1.15 %


3 Years 5 Yearsvs. Russell 2000 Growth IndexBeta 0.89 0.89

Voya:SmCp Opptys;I Russell 2000 Growth Index

0.0 6.0 12.0 18.0 24.0 30.0 36.0




FinancialsEnergy


Other

0.0% 25.0% 50.0% 75.0% 100.0% 125.0%

Other

Fixed Income

Convertibles

Cash

Equities

0.0%

0.0%

0.0%

1.4%

98.6%



Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Voya:SmCp Opptys;I

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

Voya:SmCp Opptys;I 12/31/15


43

FUND INFORMATION


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




Firm and Management:The Fund is managed by threesubadvisers; Causeway Capital Mgmt,Lazard Asset Mgmt, and TempletonInvestment Counsel. Causeway is aninternational and global equitymanagement firm that beganoperations in June 2001, based in LosAngeles, CA. Lazard is an SEC RIAproviding management services toclient discretionary accounts with AUMof $126.9 billion. Franklin TempletonInvestments provides global anddomestic investment managementservices with over 60 years ofinvestment experience and $643.7billion in AUM.

Investment Strategy:Assets are divided among three value-oriented subadvisors. Templeton'smanagement team seeks stocks thatare cheap relative to their assets orearnings. The Causeway Capital teamfocuses on dividend and earningsyields. A team from Lazard looks forattractive returns on equity and fetchingprices. American Beacon tightlyrestricts which emerging markets thefund's subadvisors can invest in, nowlimiting all buys in a developing nationto South Korea.

Innovest Assessment:Due to its strict value mandate, the fundgenerates its best return premium overa passive benchmark during slightlyrising, stable or declining markets. Thefund has a tendency to underperformversus its benchmark when emergingmarkets are in favor due to itsminimized emerging markets exposure.

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Am Beacon Intl 2.63 (48) -1.78 (29) -1.78 (29) 4.40 (25) 4.11 (1) 7.83 (10) 3.39 (21)

MSCI EAFE Value Idx 2.68 (46) -5.68 (92) -5.68 (92) 3.14 (44) 2.55 (39) 6.67 (25) 1.96 (64)

Median 2.61 -2.64 -2.64 2.97 2.07 6.22 2.48

-1.5

0.0

1.5

3.0

4.5

6.0

Ret

urn

(%)

12.0 14.0 16.0 18.0Risk (Standard Deviation %)


Am Beacon Intl 4.11 15.34

MSCI EAFE Value Idx 2.55 15.68

Median 2.07 14.97

2014 2013 2012 2011 2010 2009 2008Am Beacon Intl -7.00 (31) 24.56 (7) 21.50 (2) -11.54 (27) 6.83 (33) 29.75 (34) -40.57 (21)MSCI EAFE Value Index (Net) -5.39 (25) 22.95 (9) 17.69 (44) -12.17 (34) 3.25 (77) 34.23 (25) -44.09 (48)IM International Large Cap Value Equity (MF) Median -8.37 21.25 17.18 -13.48 5.39 27.94 -44.32

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

3Years

EndingDec-2011

3Years

EndingDec-2010

3Years

EndingDec-2009

Am Beacon Intl 4.40 (25) 12.07 (1) 10.22 (1) 4.72 (7) 7.03 (20) -6.26 (9) -5.42 (13)MSCI EAFE Value Index (Net) 3.14 (44) 11.04 (1) 8.32 (18) 2.19 (55) 6.77 (25) -8.15 (33) -7.35 (42)IM International Large Cap Value Equity (MF) Median 2.97 9.35 7.14 2.49 6.07 -9.13 -7.40

Am Beacon Intl 12/31/15


44

TOP 10 HOLDINGSPORTFOLIO CHARACTERISTICS

STYLE MAP (09/01/91 - 12/31/15)

SECTOR ALLOCATION

ASSET ALLOCATION

REGION ALLOCATION

TOP 5 COUNTRIES

UP/DOWN CAPTURE (01/01/11 - 12/31/15)

JPMorgan US Government Money Market Fund;Capital 4.63 %Novartis AG ORD 2.30 %British American Tobacco PLC ORD 1.88 %Bayer AG ORD 1.79 %Samsung Electronics Co Ltd ORD 1.46 %KDDI Corp ORD 1.46 %Lloyds Banking Group PLC ORD 1.45 %Total SA ORD 1.39 %Akzo Nobel NV ORD 1.32 %BNP Paribas SA ORD 1.31 %

Total Securities 169Avg. Market Cap $61,752 MillionP/E 21.15P/B 2.88Div. Yield 3.09%

0.0% 50.0% 100.0% 150.0%

Fixed Income

Convertibles

Cash

Other

Equities

0.0%

0.0%

5.0%

12.9%

82.1%

United Kingdom 17.98 %Unidentified 17.72 %Japan 11.95 %France 9.44 %Switzerland 8.08 %

3 Years 5 Yearsvs. MSCI EAFE Value Index (Net)Beta 0.88 0.95

Am Beacon Intl MSCI EAFE Value Index (Net)

0.0 8.0 16.0 24.0 32.0 40.0 48.0




FinancialsEnergy


Other

Am Beacon Intl MSCI EAFE Value Index (Net)

0.0 8.0 16.0 24.0 32.0 40.0 48.0 56.0

OtherMiddle East

United KingdomEurope ex UK

JapanPacific ex Japan

North AmericaEM Asia



Cap

italiz

atio

n

Manager Style

MSCI EAFE Growth Index

MSCI Emerging Markets IndexMSCI EAFE Small Cap

MSCI EAFE Value Index

Am Beacon Intl

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

Am Beacon Intl 12/31/15


45

FUND INFORMATION


PEER GROUP ANALYSIS - IM International Equity (MF)




Firm and Management:Until August 2008, this fund was madeup of three component Vanguard funds.Vanguard's indexing director GusSauter managed all three until 2005,when other Vanguard individualsstepped forward. In August 2008 thefund abandoned that structure and isgradually investing directly in stocksrather than funds. The current manageris long-time Vanguard employee,Michael Perre. However, Sauter, nowchief investment officer at Vanguard,still has oversight of the fund.

Investment Strategy:This fund aims to track the MSCI ACWIex USA IMI. Until August 2008, it was afund of funds made up of Vanguard'sthree regional index funds: VanguardEuropean Stock Index, VanguardPacific Stock Index and VanguardEmerging Markets Stock Index.However, it is gradually changing to amore typical format where it will investdirectly in stocks. It does not hedge itscurrency exposure.

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Tot Intl Stk 2.68 (61) -4.37 (56) -4.37 (56) 1.75 (62) 1.24 (64) 7.09 (65) 2.82 (59)

FTSE Global ex USA All Cap Index 3.65 (44) -4.03 (55) -4.03 (55) 2.52 (56) 1.78 (58) 8.71 (37) 3.90 (37)

Median 3.30 -2.78 -2.78 3.14 2.35 7.89 3.17

-24.0

-16.0

-8.0

0.0

8.0

16.0

Ret

urn

(%)

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


Vanguard Tot Intl Stk 1.24 14.80

FTSE Global ex USA All Cap Index 1.78 14.84

Median 2.35 15.00

2014 2013 2012 2011 2010 2009 2008Vanguard Tot Intl Stk -4.24 (47) 15.04 (57) 18.14 (56) -14.56 (48) 11.12 (61) 36.73 (50) -44.10 (38)FTSE Global ex USA All Cap Index -3.12 (36) 15.90 (54) 17.92 (58) -14.03 (43) 13.23 (49) 45.04 (36) -46.01 (51)IM International Equity (MF) Median -4.49 17.41 18.61 -14.93 12.88 36.38 -45.98

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

3Years

EndingDec-2011

3Years

EndingDec-2010

3Years

EndingDec-2009

Vanguard Tot Intl Stk 1.75 (62) 9.18 (55) 5.11 (61) 3.90 (57) 9.08 (57) -5.30 (48) -4.07 (42)FTSE Global ex USA All Cap Index 2.52 (56) 9.81 (48) 5.52 (58) 4.71 (45) 12.18 (39) -3.93 (37) -2.70 (32)IM International Equity (MF) Median 3.14 9.60 6.25 4.31 9.88 -5.58 -4.99

Vanguard Tot Intl Stk 12/31/15


46


STYLE MAP (05/01/96 - 12/31/15)

SECTOR ALLOCATION

ASSET ALLOCATION

REGION ALLOCATION

TOP 5 COUNTRIES

UP/DOWN CAPTURE (01/01/11 - 12/31/15)

Nestle SA ORD 1.20 %Novartis AG ORD 0.97 %Roche Holding AG Par 0.96 %Toyota Motor Corp ORD 0.82 %HSBC Holdings PLC ORD 0.77 %Samsung Electronics Co Ltd ORD 0.61 %Sanofi SA ORD 0.57 %British American Tobacco PLC ORD 0.56 %Bayer AG ORD 0.55 %BP PLC ORD 0.54 %

Total Securities 5,933Avg. Market Cap $47,377 MillionP/E 21.43P/B 3.26Div. Yield 3.10%

0.0% 50.0% 100.0% 150.0%

Convertibles

Cash

Fixed Income

Other

Equities

0.0%

0.0%

0.1%

1.5%

98.4%

Japan 17.37 %United Kingdom 13.16 %France 6.42 %Switzerland 6.42 %Germany 6.15 %

3 Years 5 Yearsvs. FTSE Global ex USA All Cap IndexBeta 0.98 0.99

Vanguard Tot Intl Stk FTSE Global ex USA All Cap Index

0.0 6.0 12.0 18.0 24.0 30.0 36.0

OtherUtilities

Telecommunication ServicesMaterials

Information TechnologyIndustrials

Health CareFinancials

EnergyConsumer Staples

Consumer Discretionary

Vanguard Tot Intl Stk FTSE Global ex USA All Cap Index

0.0 8.0 16.0 24.0 32.0 40.0 48.0

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




Vanguard Tot Intl Stk

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 Tot Intl Stk 12/31/15


47

FUND INFORMATION


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




Firm and Management:Like all American Funds, this fundboasts many experienced managers,most of whom have been with thecompany for more than a decade. Thismultimanager system eases personneltransitions, like the June 2014departure of long-time manager RobertLovelace, who moved to an affiliate.Each of the fund's nine managers runsa portion of the fund's assetsindependently. In addition, a portion ofthe portfolio (less than 25% of assets)is run by the firm's analyst staff.

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

Innovest's Assessment:The fund’s propensity to focus intenselyon bottom-up, fundamental factors canlead to periods of underperformancewhen the market is less concernedabout company fundamentals and moredriven by thematic and macroeconomicfactors. Additionally, the fund is likely tolag when highly cyclical stocks andgenerally lower quality companiessignificantly outperform the overallmarket. Finally, the fund’s immenseasset base is likely to present somechallenges in the fund’s ability to buildmeaningful positions in smallercompanies and opportunistically tradein less liquid markets.

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

American Funds EuPc 2.87 (78) -0.82 (59) -0.82 (59) 5.08 (22) 3.63 (41) 8.92 (36) 4.60 (36)¢£

MSCI EAFE Growth Index (Net) 6.67 (4) 4.09 (8) 4.09 (8) 6.83 (4) 4.60 (18) 8.92 (37) 4.03 (58)��

Median 4.40 -0.57 -0.57 4.15 3.31 8.58 4.21

-1.5

0.0

1.5

3.0

4.5

6.0

7.5

Ret

urn

(%)



American Funds EuPc 3.63 13.70¢£

MSCI EAFE Growth Index (Net) 4.60 14.40��

Median 3.31 14.48¾

2014 2013 2012 2011 2010 2009 2008American Funds EuPc -2.64 (28) 20.15 (33) 19.21 (44) -13.58 (48) 9.40 (64) 39.10 (19) -40.53 (16)MSCI EAFE Growth Index (Net) -4.43 (43) 22.55 (13) 16.86 (70) -12.11 (31) 12.25 (37) 29.36 (71) -42.70 (45)IM International Large Cap Growth Equity (MF) Median -4.98 18.39 18.85 -13.61 11.10 33.27 -43.61

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

3Years

EndingDec-2011

3Years

EndingDec-2010

3Years

EndingDec-2009

American Funds EuPc 5.08 (22) 11.72 (20) 7.37 (45) 4.07 (58) 9.56 (41) -3.27 (12) -0.53 (5)MSCI EAFE Growth Index (Net) 6.83 (4) 11.03 (37) 7.97 (33) 4.85 (34) 8.47 (69) -5.94 (48) -4.78 (52)IM International Large Cap Growth Equity (MF) Median 4.15 10.65 7.32 4.32 9.31 -6.08 -4.75

American Funds EuPc 12/31/15


48


STYLE MAP (05/01/84 - 12/31/15)

SECTOR ALLOCATION

ASSET ALLOCATION

REGION ALLOCATION

TOP 5 COUNTRIES

UP/DOWN CAPTURE (01/01/11 - 12/31/15)

Novo Nordisk A/S ORD 4.65 %Novartis AG ORD 2.46 %Barclays PLC ORD 2.29 %SoftBank Group Corp ORD 2.10 %Associated British Foods PLC ORD 1.80 %Prudential PLC ORD 1.78 %Bayer AG ORD 1.71 %HDFC Bank Ltd ORD 1.69 %Nintendo Co Ltd ORD 1.69 %Baidu Inc DR 1.40 %


0.0% 50.0% 100.0% 150.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.2%

0.4%

11.1%

88.3%

Japan 13.67 %United Kingdom 12.80 %United States 9.73 %France 7.45 %India 7.04 %

3 Years 5 Yearsvs. MSCI EAFE Growth Index (Net)Beta 0.87 0.93

American Funds EuPc MSCI EAFE Growth Index (Net)

0.0 4.0 8.0 12.0 16.0 20.0 24.0




FinancialsEnergy


Other

American Funds EuPc MSCI EAFE Growth Index (Net)

0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0

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




American Funds EuPc

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

American Funds EuPc 12/31/15


49

FUND INFORMATION


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




Firm and Management:Three of the fund’s portfolio managershave worked together for more thantwo decades. Steve Kane, CFA, LairdLandmann, and Tad Rivelle managedportfolios together at Hotchkis & Wileyin the early 1990s (Landmann andRivelle co-directed the fixed-incomedepartment there) before leaving tofound MetWest in 1996. Before that,the trio worked together at PIMCO.Bryan Whalen, CFA, joined MetWest in2004 and is a Generalist PortflioManager in the U.S. Fixed IncomeGroup.

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.

-4.0

-1.0

2.0

5.0

8.0

11.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Met West:Total Return;I -0.40 (17) 0.29 (36) 0.29 (36) 2.22 (4) 4.69 (2) 7.39 (3) 6.38 (1)

BC Aggregate Idx -0.57 (37) 0.55 (20) 0.55 (20) 1.44 (26) 3.25 (44) 4.09 (80) 4.52 (33)

Median -0.64 0.01 0.01 1.10 3.14 5.12 4.26

-1.5

0.0

1.5

3.0

4.5

6.0

Ret

urn

(%)

0.6 1.2 1.8 2.4 3.0 3.6 4.2Risk (Standard Deviation %)


Met West:Total Return;I 4.69 2.69

BC Aggregate Idx 3.25 2.68

Median 3.14 2.76

2014 2013 2012 2011 2010 2009 2008Met West:Total Return;I 5.99 (26) 0.50 (3) 11.55 (1) 5.52 (81) 11.66 (2) 17.30 (17) -1.27 (40)Barclays Aggregate Index 5.97 (27) -2.02 (54) 4.21 (80) 7.84 (11) 6.54 (69) 5.93 (90) 5.24 (11)IM U.S. Broad Market Core Fixed Income (MF) Median 5.54 -1.96 6.00 6.68 7.22 12.12 -3.43

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

3Years

EndingDec-2011

3Years

EndingDec-2010

3Years

EndingDec-2009

Met West:Total Return;I 2.22 (4) 5.92 (1) 5.76 (1) 9.54 (1) 11.39 (11) 8.95 (1) 7.23 (3)Barclays Aggregate Index 1.44 (26) 2.66 (67) 3.26 (60) 6.19 (67) 6.77 (82) 5.90 (48) 6.04 (25)IM U.S. Broad Market Core Fixed Income (MF) Median 1.10 3.08 3.47 6.69 8.78 5.79 5.15

Met West:Total Return;I 12/31/15


50

TOP SECTOR ALLOCATIONSPORTFOLIO CHARACTERISTICS

STYLE MAP (04/01/00 - 12/31/15)

QUALITY ALLOCATION

ASSET ALLOCATION

MATURITY DISTRIBUTION

UP/DOWN CAPTURE (01/01/11 - 12/31/15)

GNMA and Other Mtg Backed 40.81 %Government Agency Securities 28.76 %Corporate Notes/Bonds 19.08 %Asset Backed Securities 8.21 %

Avg. Coupon 2.49 %Nominal Maturity 7.84 YearsEffective Maturity N/ADuration 4.81 YearsSEC 30 Day Yield 3.85Avg. Credit Quality AA

0.0% 50.0% 100.0% 150.0%

Convertibles

Equities

Other

Cash

Fixed Income

0.0%

0.0%

0.9%

2.2%

96.9%

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

Not RatedD Rated

Equities/OtherBB AND B Rated

CCC, CC AND C rated

AA RatedBBB Rated

A RatedGovernment/AAA

0.2%

0.2%

0.9%

2.5%

3.4%

3.9%

8.8%

10.6%

69.6%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0%

>30Yrs

Other

<1Yr

10-20Yrs

20-30Yrs

3-5Yrs

1-3Yrs

5-10Yrs

0.0%

0.9%

6.9%

7.9%

9.3%

16.1%

19.4%

39.5%



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;I

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;I 12/31/15


51

FUND INFORMATION


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




Firm and Management:Kenneth Volpert is a principal andportfolio manager of the VanguardGroup. Volpert has been working forthe Vanguard Group since 1992.Volpert joined the company as anassistant vice president and seniorportfolio manager. Volpert is currentlythe head of Vanguard's Bond IndexGroup. Volpert's previous employersinclude Mellon Bond Associates andInvestment & Capital ManagementCorporation. He has worked ininvestment management since 1981.

Investment Strategy:The investment seeks to track theperformance of a broad, market-weighted bond index. The fund investsby sampling the index. It invests atleast 80% of assets in bonds held in theindex. The fund maintains a dollar-weighted average maturity consistentwith that of the index, ranging between5 and 10 years.

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Tot Bd -0.63 (48) 0.30 (36) 0.30 (36) 1.21 (43) 3.02 (62) 3.91 (84) 4.36 (42)

BC Aggregate Idx -0.57 (37) 0.55 (20) 0.55 (20) 1.44 (26) 3.25 (44) 4.09 (80) 4.52 (33)

Median -0.64 0.01 0.01 1.10 3.14 5.12 4.26

-1.5

0.0

1.5

3.0

4.5

6.0

Ret

urn

(%)



Vanguard Tot Bd 3.02 2.78

BC Aggregate Idx 3.25 2.68

Median 3.14 2.76

2014 2013 2012 2011 2010 2009 2008Vanguard Tot Bd 5.76 (38) -2.26 (67) 4.05 (83) 7.56 (20) 6.42 (74) 5.93 (90) 5.05 (12)Barclays Aggregate Index 5.97 (27) -2.02 (54) 4.21 (80) 7.84 (11) 6.54 (69) 5.93 (90) 5.24 (11)IM U.S. Broad Market Core Fixed Income (MF) Median 5.54 -1.96 6.00 6.68 7.22 12.12 -3.43

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

3Years

EndingDec-2011

3Years

EndingDec-2010

3Years

EndingDec-2009

Vanguard Tot Bd 1.21 (43) 2.46 (76) 3.03 (71) 6.00 (72) 6.64 (84) 5.80 (50) 5.97 (27)Barclays Aggregate Index 1.44 (26) 2.66 (67) 3.26 (60) 6.19 (67) 6.77 (82) 5.90 (48) 6.04 (25)IM U.S. Broad Market Core Fixed Income (MF) Median 1.10 3.08 3.47 6.69 8.78 5.79 5.15

Vanguard Tot Bd 12/31/15


52

TOP SECTOR ALLOCATIONSPORTFOLIO CHARACTERISTICS

STYLE MAP (01/01/87 - 12/31/15)

QUALITY ALLOCATION

ASSET ALLOCATION

MATURITY DISTRIBUTION

UP/DOWN CAPTURE (01/01/11 - 12/31/15)

Treasury Notes/Bonds 38.54 %Corporate Notes/Bonds 28.59 %GNMA and Other Mtg Backed 21.88 %Government Agency Securities 2.84 %US$ Denominated Fgn. Gvt. 1.58 %Asset Backed Securities 0.73 %Fgn. Currency Denominated Bonds 0.02 %

Avg. Coupon 3.27 %Nominal Maturity N/AEffective Maturity 7.29 YearsDuration 5.18 YearsSEC 30 Day Yield 2.54Avg. Credit Quality AA

0.0% 50.0% 100.0% 150.0%

Convertibles

Equities

Other

Cash

Fixed Income

0.0%

0.0%

1.0%

4.9%

94.2%

0.0% 20.0% 40.0% 60.0% 80.0%

Foreign Securities

BB AND B Rated

Equities/Other

AA Rated

A Rated

BBB Rated

Government/AAA

0.0%

0.0%

1.0%

10.7%

11.9%

12.9%

63.4%

0.0% 8.0% 16.0% 24.0% 32.0% 40.0%

>30Yrs

Other

10-20Yrs

<1Yr

20-30Yrs

1-3Yrs

3-5Yrs

5-10Yrs

0.6%

1.0%

3.4%

5.8%

11.0%

23.4%

24.8%

30.1%



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 Tot Bd

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 Tot Bd 12/31/15


53

THIS PAGE LEFT INTENTIONALLY BLANK


54

Total Assets @9/30/14:

Total Liabilities: Net Capital

92.03%4.35%

High Yield 3 62%

Investment GradeMedium Grade

Corporate & Government Bonds and Structured Finance

Portfolio Quality:

TIAA Traditional Account

FitchFinancial Strength rating Standard & Poor'sMoody's A.M. Best Total Assets: $261.4 B

$227.6 B$33.8 B

AAA Aa1TIAA AA+ 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 Retirement 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 guarrantees 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 liquididty needed to support the guaranteed annuity products.

37.26%6.96%

6.44%

5.77%3.04%

0.04%Corporate

Structured Finance

Government Bonds

Cash/other

l

TIAA General Account DiversificationManagement:Lead Portfolio Manager David Brown, who had been with TIAA since 2005, recently retired and Lisa Black, head of Global Public Markets is acting CIO until a replacement is found. The lead PM s responsible for the portfolio strategy, asset allocation and risk‐adjusted targets. Lisa has been with TIAA for 27 years and is supported by a team of 30 senior professionals. Heather Davis,

High Yield 3.62%

Expenses Expenses cannot be determined as it is a spread product

31.53%

8.96%

Commercial Mortgages

Equity/other

Real Estate

Preferred Stock

PM for the Global Private Markets, has 29 years of industry experience with TIAA for 19 years and is supported by a team of 12 senior professionals. And Thomas Garbutt, PM for Global Real Estate, has 33 years of experience with TIAA and is supported by 12 senior professionals. In addition, there is a deep pool of analysts.

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

Retirement Choice

Retirement Choice Plus

RA‐GRA

GSRA

Crediting Rate History of Current Vintage


55

FUND INFORMATION


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




Firm and Management:TIAA (Teachers Insurance and AnnuityAssociation of America) began in 1918as a stock U.S. life insurance companyto help meet the financial needs of plansponsors and participants in theacademic, medical, governmental,research and cultural fields. In 1952, acompanion organization, the CollegeRetirement Equities Fund was createdto allow participants to invest in equitiesin order to diversify their retirementfunds. Today, TIAA-CREF is a financialservices organization and leadingprivate provider of retirement benefitsnationwide. Jim Campagna, CFA,oversees the fund along with PMresponsibilities on all equity indexstrategies. Lei Liao is a director andequity index portfolio manager for theTIAA-CREF organization. Mr. Liao hasportfolio co-managementresponsibilities for all equity index fundsand socially screened portfolios.

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.

-20.0

-12.0

-4.0

4.0

12.0

20.0

28.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

TIAA-CREF:Soc Ch Eq 5.67 (27) -2.39 (58) -2.39 (58) 13.41 (51) 10.70 (47) 14.32 (45) 6.84 (34)¢£

CREF Social Choice Hybrid Index 3.15 (79) 0.20 (30) 0.20 (30) 7.58 (94) 7.17 (90) 9.67 (97) 5.88 (63)��

Median 4.83 -1.52 -1.52 13.42 10.43 14.06 6.32

-5.0

0.0

5.0

10.0

15.0

20.0

Ret

urn

(%)



TIAA-CREF:Soc Ch Eq 10.70 12.06¢£

CREF Social Choice Hybrid Index 7.17 7.39��

Median 10.43 12.54¾

2014 2013 2012 2011 2010 2009 2008TIAA-CREF:Soc Ch Eq 11.25 34.32 14.05 -0.05 15.91 32.38 -36.15CREF Social Choice Hybrid Index 6.91 16.23 11.75 1.62 11.97 20.57 -23.49

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

3Years

EndingDec-2011

3Years

EndingDec-2010

3Years

EndingDec-2009

TIAA-CREF:Soc Ch Eq 13.41 19.45 15.26 9.73 15.32 -0.68 -4.19CREF Social Choice Hybrid Index 7.58 11.56 9.69 8.34 11.11 1.08 -0.31

TIAA-CREF:Soc Ch Eq 12/31/15


56


STYLE MAP (08/01/99 - 12/31/15)

SECTOR ALLOCATION

ASSET ALLOCATION

REGION ALLOCATION

TOP 5 COUNTRIES

UP/DOWN CAPTURE (01/01/11 - 12/31/15)

Johnson & Johnson ORD 1.73 %Berkshire Hathaway Inc ORD 1.59 %Procter & Gamble Co ORD 1.40 %Walt Disney Co ORD 1.34 %Verizon Communications Inc ORD 1.32 %Alphabet Inc ORD 1 1.19 %Intel Corp ORD 1.19 %Merck & Co Inc ORD 1.19 %Gilead Sciences Inc ORD 1.17 %Alphabet Inc ORD 2 1.17 %


0.0% 50.0% 100.0% 150.0%-50.0 %

Other

Convertibles

Cash

Fixed Income

Equities

-2.0 %

0.0%

0.0%

2.3%

99.7%

No data found.

3 Years 5 Yearsvs. CREF Social Choice Hybrid IndexBeta 1.56 1.56

TIAA-CREF:Soc Ch Eq CREF Social Choice Hybrid Index

0.0 5.0 10.0 15.0 20.0 25.0 30.0

OtherUtilities

Telecommunication ServicesMaterials

Information TechnologyIndustrials

Health CareFinancials

EnergyConsumer Staples

Consumer Discretionary

TIAA-CREF:Soc Ch Eq CREF Social Choice Hybrid Index

0.0 50.0 100.0 150.0-50.0

Other

United Kingdom

Europe ex UK

North America



Cap

italiz

atio

n

Manager Style




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 12/31/15


57

*Glidpath generated from Morningstar Target‐Date Fund Series Report

Funds of

Funds

Number of Funds/ Holdings

Open Architecture

(%)

Sub‐Advisors Used

% Active Managers

Max % Equity

% Equity at Target‐Date

Min % Equity

Age at Glide Path End

Y 7 0% N N/A 90% 50% 30% 70

Vanguard Median Asset ClassIncome 0.16% 0.91% Large Blend2015 0.16% 0.89% Foreign Large Blend2020 0.16% 0.94% Intermediate‐Term Bond2025 0.17% 0.91% World Bond2030 0.17% 0.98% Inflation‐Protected Bond2035 0.18% 0.94% Inflation‐Protected Bond2040 0.18% 1.00% Money Market ‐ taxable2045 0.18% 0.96%2050 0.18% 1.01%2055 0.18% 0.95%2060 0.18% 0.95%

Vanguard Target Date Funds

Vanguard Inflation‐Protected Secs InvVanguard Prime Money Inv

•• Vanguard Total Intl Stock Index Inv

Vanguard Total Intl Bd Idx InvestorVanguard Shrt‐Term Infl‐Prot Sec Idx Inv

••••

FundVanguard Total Stock Mkt Idx Inv

Vanguard Total Bond Mkt II Idx Inv

GLIDE PATHCOMPOSITION

ASSET CLASS SUMMARYU.S. Large Cap

Top Holdings


U.S. Fixed IncomeU.S. TIPS

REITsCommodities

•

• Emerging Markets Equity

High Yield Fixed Income Interna onal Fixed Income

Emerging Markets Debt

U.S. Mid CapU.S. Small Cap

EXPENSES•

Organization:Founded in 1975, Vanguard’s total AUM has eclipsed the $2 trillion mark across more than 240 mutual funds. The foundation of Vanguard’s investment methodology is based around low-cost indexed mutual funds. Vanguard made several changes to the management overseeing this target-date series in early 2013. Day-to-day activities are now overseen by veteran index-fund manager Michael Buek, who has worked in investment management since 1987, as well as William Coleman and Walter Nejman.

Glide Path Rationale: With approximately 50% equity exposure in the 2015 Target Retirement Fund, Vanguard’s target date suite is moderate in comparison to its peers (approximately ranges from 70% to 20% across the industry). Additionally, the allocation in this target date suite is managed until age 70, 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 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 4,000 fixed income securities.


58

PEER GROUP ANALYSIS - IM Mixed-Asset Target 2010 (MF)



ASSET ALLOCATION UP/DOWN CAPTURE (01/01/11 - 12/31/15)


-8.0

-4.0

0.0

4.0

8.0

12.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Target Ret 2010 1.42 (71) -0.20 (8) -0.20 (8) 4.87 (28) 5.60 (23) 8.28 (55) N/A¢£

Vanguard Target 2010 Composite Index 1.63 (51) 0.03 (4) 0.03 (4) 5.09 (22) 5.72 (17) 8.38 (51) N/A��

Median 1.66 -1.20 -1.20 4.29 4.87 8.39 3.82

0.0

2.0

4.0

6.0

8.0

Ret

urn

(%)


ReturnStandardDeviation

Vanguard Target Ret 2010 5.60 5.37¢£

Vanguard Target 2010 Composite Index 5.72 5.38��

Median 4.87 6.41¾

2014 2013 2012 2011 2010 2009 2008

Vanguard Target Ret 2010 5.93 (7) 9.10 (50) 10.12 (46) 3.37 (6) 11.43 (35) 19.32 (81) -20.67 (21)Vanguard Target 2010 Composite Index 6.13 (4) 9.32 (47) 10.19 (42) 3.28 (10) 11.53 (32) 19.28 (81) -20.93 (22)IM Mixed-Asset Target 2010 (MF) Median 4.11 8.67 9.78 0.75 10.78 23.34 -25.97

0.0% 20.0% 40.0% 60.0% 80.0%

Convertibles

Cash

Other

Equities

Fixed Income

0.0%

0.2%

2.6%

34.7%

62.6%

Vanguard Target Ret 2010

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 2010 12/31/15


59






-10.0

-5.0

0.0

5.0

10.0

15.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years


Vanguard Target 2020 Composite Index 3.00 (5) -0.40 (14) -0.40 (14) 7.51 (4) 7.14 (3) 10.18 (16) N/A��

Median 2.14 -1.46 -1.46 4.93 5.09 8.76 4.09

0.0

2.0

4.0

6.0

8.0

10.0

Ret

urn

(%)





Median 5.09 7.11¾

2014 2013 2012 2011 2010 2009 2008

Vanguard Target Ret 2020 7.12 (1) 15.85 (18) 12.35 (37) 0.60 (33) 13.12 (36) 23.10 (71) -27.04 (22)Vanguard Target 2020 Composite Index 7.37 (1) 16.21 (14) 12.47 (36) 0.99 (26) 13.27 (34) 23.28 (69) -27.41 (25)IM Mixed-Asset Target 2020 (MF) Median 4.71 12.03 11.53 -0.51 12.27 25.92 -31.95

0.0% 20.0% 40.0% 60.0% 80.0%

Convertibles

Cash

Other

Fixed Income

Equities

0.0%

0.2%

1.9%

38.9%

59.0%


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



60






-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years



Median 3.10 -1.62 -1.62 6.96 6.24 10.27 4.32

0.0

2.0

4.0

6.0

8.0

10.0

Ret

urn

(%)





Median 6.24 9.76¾

2014 2013 2012 2011 2010 2009 2008

Vanguard Target Ret 2030 7.17 (5) 20.49 (28) 14.24 (40) -1.27 (23) 14.43 (34) 26.72 (74) -32.91 (16)Vanguard Target 2030 Composite Index 7.51 (3) 20.88 (25) 14.31 (38) -0.89 (17) 14.58 (30) 27.02 (71) -33.27 (19)IM Mixed-Asset Target 2030 (MF) Median 5.16 18.02 13.66 -2.57 13.60 28.79 -36.49

0.0% 25.0% 50.0% 75.0% 100.0%

Convertibles

Cash

Other

Fixed Income

Equities

0.0%

0.1%

1.5%

24.3%

74.2%


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



61






-10.0

-4.0

2.0

8.0

14.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years



Median 3.83 -1.74 -1.74 7.92 6.72 11.17 4.57

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Ret

urn

(%)





Median 6.72 11.04¾

2014 2013 2012 2011 2010 2009 2008


0.0% 50.0% 100.0% 150.0%

Convertibles

Cash

Other

Fixed Income

Equities

0.0%

0.1%

1.0%

10.1%

88.8%


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



62






-16.0

-10.0

-4.0

2.0

8.0

14.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years



Median 4.05 -1.76 -1.76 8.32 7.06 11.38 4.73

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Ret

urn

(%)





Median 7.06 11.51¾

2014 2013 2012 2011 2010 2009 2008


0.0% 50.0% 100.0% 150.0%

Convertibles

Cash

Other

Fixed Income

Equities

0.0%

0.2%

1.0%

9.6%

89.2%


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



63

PEER GROUP ANALYSIS - IM Mixed-Asset Target 2055+ (MF)





-10.0

-5.0

0.0

5.0

10.0

15.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Target Ret 2060 4.31 (42) -1.68 (53) -1.68 (53) 9.42 (27) N/A N/A N/A¢£

Vanguard Target 2060 Composite Index 4.70 (21) -1.26 (39) -1.26 (39) 9.86 (14) N/A N/A N/A��

Median 4.24 -1.60 -1.60 8.58 7.48 N/A N/A

2.0

4.0

6.0

8.0

10.0

12.0

Ret

urn

(%)





Median 9.38 9.73¾

2014 2013 2012 2011 2010 2009 2008

Vanguard Target Ret 2060 7.16 (17) 24.35 (37) N/A N/A N/A N/A N/AVanguard Target 2060 Composite Index 7.61 (13) 24.79 (31) 15.58 (51) N/A N/A N/A N/AIM Mixed-Asset Target 2055+ (MF) Median 5.44 23.26 15.58 -4.66 14.78 30.80 -40.69

0.0% 50.0% 100.0% 150.0%-50.0 %

Cash

Convertibles

Other

Fixed Income

Equities

-0.9 %

0.0%

1.8%

10.2%

88.8%


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



64

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





-8.0

-4.0

0.0

4.0

8.0

12.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Target Ret Inc 1.16 (33) -0.17 (7) -0.17 (7) 3.71 (22) 4.91 (12) 6.83 (39) 4.99 (13)¢£

Vanguard Target Income Composite Index 1.39 (24) 0.14 (2) 0.14 (2) 3.94 (17) 5.09 (11) 6.98 (30) 5.05 (9)��

Median 0.86 -1.49 -1.49 2.48 3.62 6.58 3.87

0.0

1.5

3.0

4.5

6.0

7.5

Ret

urn

(%)

0.9 1.8 2.7 3.6 4.5 5.4 6.3 7.2Risk (Standard Deviation %)


Vanguard Target Ret Inc 4.91 4.07¢£

Vanguard Target Income Composite Index 5.09 4.06��

Median 3.62 4.76¾

2014 2013 2012 2011 2010 2009 2008

Vanguard Target Ret Inc 5.54 (10) 5.87 (37) 8.23 (65) 5.25 (8) 9.39 (52) 14.28 (82) -10.93 (14)Vanguard Target Income Composite Index 5.76 (8) 6.03 (36) 8.42 (61) 5.30 (8) 9.42 (51) 14.33 (82) -11.34 (16)IM Mixed-Asset Target Today (MF) Median 3.89 5.29 8.89 2.78 9.45 18.23 -15.68

0.0% 25.0% 50.0% 75.0% 100.0%

Convertibles

Cash

Other

Equities

Fixed Income

0.0%

0.2%

2.7%

29.7%

67.4%

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 12/31/15


65

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

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

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

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

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

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

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

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

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

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

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

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











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

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

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

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

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

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

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


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.











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

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

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

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

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

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

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



66

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

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

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

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

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

Fund Analysis Overview Key

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

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

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

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

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

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


67

Holdings Based Attribution Key

A. Buy and Hold Portfolio – Return for the portfolio assuming no securities were traded during the quarter B. Portfolio Trading = (C – A) or (Actual Return ‐ Buy and Hold Portfolio) C. Actual Return – return the client experienced D. Benchmark Return – return for benchmark E. Actual Active Return – (C – D) or ( Actual Return minus Benchmark Return ) F. Stock Selection – Is the contribution to return based upon the active stock selection by the manager with in a sector compared to the benchmark. G. Sector Selection – Is the contribution to return based upon the active overweight or underweight of a sector compared to the benchmark by the

manager. H. Interaction – Is the impact of contribution to return that are a combination of both Stock and Security selection also sometimes referred to as the

unexplained. I. Total Selection – Is the Sum of all the selection affects (F,G,H) J. Portfolio Trading – Same as B. K. Benchmark Trading – Benchmark B/H return – Actual Benchmark Return L. Total Trading – Portfolio Trading plus Benchmark Trading M. Buy & Hold Active Return – I + L


68

Disclaimer The preceding statistical analysis was prepared by Innovest Portfolio Solutions LLC with data provided by Investment Metrics (IM), Lipper and Morningstar, Inc. All Rights Reserved. The investment products discussed are not insured by the FDIC and involve investment risk including the possible loss of all principal. The information contained herein: (1) is proprieta ry to the v endors listed above and/or its content providers; (2) may not be c opied or distributed; and (3) is not w arranted to be accurate, complete or timely. None of the vendors nor its content providers are respons ible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Innovest compiles the information utilizing secondary data from statements provided by the plan trustee and/or custodian/ This report may also contain returns and valuations from outside sources as directed b y the client. Innovest assumes no respons ibility for the accuracy of these valuations or return methodologies. Reasonable care has been take n to assure the accuracy of the computer software and databases. Innovest disclaims responsibility, financial or ot herwise for t he accuracy and completeness of this report. Copyright 2015 by Innovest Portfolio Solutions LLC Inc. Note: Actual client mutual fund returns are reflected on the table of returns page. Fund pages subsequent to the table of returns reflect the representative mutual fund with the longest track record and may not be the actual share class held by the client. “Copyright 2015, Standard & Poor’s Financial Services LLC. Reproduction of S&P Index Services in any form is prohibited except with the prior written permission of S&P. S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for an y errors or omissions, regardless of the cause or for the r esults obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PAR TICULAR PURPOSE OR USE. In no event shall S&P be liable f or any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P Index Services (2015) Copyright MSCI 2015. Unpublished. All Rights R eserved. This information may only be used for your internal use, may not be reproduced or re-disseminated in any form and m ay not be used to create any financial instruments or products or an y indices. This information is provided on an “as is” basis and the user of this informa tion assumes the entire risk of any use it ma y make or permit t o be made of thi s information. Neither MSCI, an y or its affiliates o r any other person involved in or related to compiling, computing or creating this information makes any express or implied warranties or representations with respect to such information or the results to be ob tained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warr anties (including, without limitation, all warranties of o riginality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without lim iting any of the foregoing, in no ev ent shall MSCI, any of its affiliat es or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punit ive, consequential or an y other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages.


69

1

Professionally-Designed Custom

Model Portfolios:

Understand the Benefits

The concepts behind retirem

ent investing can be overw

helming for m

any American w

orkers, and retirem

ent itself may seem

so distant that workers

forego professional guidance until it is too late. It’s no secret that our nation is facing a retirem

ent savings crisis, and while

employers continually look for new

ways to offer investm

ent advice and increase participation w

ithin their retirement

plans, employees have generally rem

ained unresponsive.

Many Em

ployees Are Not Utilizing

Professionally-Managed Investm

ent Options

Offered Through Their Retirem

ent PlanResults of a 2012 study released by Charles Schw

ab:

• More than 54%

of employers reported that

participating employees do not take full advantage

of the investment options, features, and services

offered in connection with their retirem

ent plans.

• An astounding 73% of participants surveyed spend

less than eight hours per year managing their

retirement accounts.

• The vast majority of participants surveyed (83%

) say they are interested in receiving professional investm

ent managem

ent from their em

ployer. H

owever, a m

ere 10% of participants actually take

advantage of investment m

anagement advice w

hen it is offered.

Your employer has taken steps to help you sim

plify the investm

ent process. The Plan retains an independent

investment consultant, Innovest Portfolio Solutions, w

hich has created a series of m

odel portfolios that you can use as a guide for your investm

ents. The design of these m

odels and the suggested investm

ent funds are subject to ongoing

monitoring and evaluation by the Plan’s independent

investment professionals. By investing your retirem

ent assets in the sam

e manner as a m

odel portfolio, you will enjoy

benefits such as:

Asset AllocationAsset allocation is the process of dividing your savings across m

ajor asset classes (i.e. stocks, bonds, and cash). Each of these asset classes perform

s differently over time; therefore

appropriate asset allocation can help control volatility within

your retirement portfolio by insulating your assets from

extrem

e short-term m

arket swings. N

umerous studies have

shown that m

ore than 90% of your portfolio’s variability is

the direct result of asset allocation. Since a model portfolio

provides a specific suggested asset allocation for your account, the risk of having an im

proper allocation is imm

ediately reduced w

hen you invest your assets according to the model.

Diversification

Your retirement plan’s investm

ent menu not only offers

multiple asset classes (i.e. stocks, bonds, and cash), but also

different investment styles w

ithin the major asset classes.

Diversification looks to further sm

ooth out risk and volatility by spreading your savings across the different investm

ent styles. W

hile a novice or hands-off investor might understand

Continued on page 2

70

the need to spread their money across m

ultiple funds, without

a comprehensive understanding of the different styles they

may end up choosing a handful of investm

ents that are highly correlated. In other w

ords, your investments could have

similar objectives, causing all of them

to have similar reactions

to changing market conditions. Th

e model portfolios

provided for your plan have been designed using a wide array

of funds that have a low correlation to one another in order to

maxim

ize your potential for return and minim

ize volatility.

Best-in-Class FundsIt w

ould be impossible for an investm

ent firm (m

utual fund com

pany) to offer the best fund on the market for each

different asset class and strategy. In fact, it can be difficult

for an investment firm

to sustain peak performance w

ith one specific fund for an extended period of tim

e, let alone

an array of funds and strategies. Investment firm

s try to set them

selves apart from one another by taking vastly different

approaches to fund managem

ent, so while one fund m

ay have short-term

mom

entum, it w

ill likely fall out of favor w

ithin the next few years. U

nfortunately, it can be comm

on for investors to gravitate tow

ard individual funds with high

short-term perform

ance or fund families w

ith familiar nam

es that em

ploy extensive advertising campaigns. Furtherm

ore, it can be challenging for the average investor to access and understand qualitative details about an investm

ent firm’s

managem

ent style or structure that may give them

an edge in certain m

arket conditions. How

ever, the industry professionals w

ho oversee the model portfolios provided for

your retirement plan are dedicated to analyzing all of the

data, facts, and philosophies behind thousands of mutual

funds. As a result, each model is designed w

ith a best-in-class approach. Th

is means if you take advantage of a m

odel, your assets w

ill be diversified across numerous fund fam

ilies that are deem

ed to be some of the m

ost likely to succeed in the future. Furtherm

ore, the model portfolios are m

onitored on an ongoing basis, and the Plan’s investm

ent consultant (Innovest Portfolio Solutions) w

ill automatically replace a

fund in the model if it fails to m

eet their performance and/or

managem

ent standards.

Important N

ote About RebalancingO

ver the course of any given period (i.e. quarterly, annually, etc.) som

e of the investments in your portfolio w

ill grow

faster than others. In fact, some w

ill experience losses while

other investments produce gains. As a result, the w

eighting of each asset class w

ill change over the period and you will

end up with an allocation that m

ay be inappropriate for your tim

e horizon or tolerance for risk. Rebalancing is the process of realigning the w

eightings of the investments in

your portfolio. Since the more aggressive investm

ents in one’s portfolio generally produce greater returns over the long term

, your portfolio could becom

e considerably more aggressive

(risky) if rebalancing is not performed periodically. H

ands-off investors typically approach their retirem

ent accounts with

a “set it and forget it” mentality, and m

ay not restore their original allocations for m

any years, if at all, unnecessarily exposing their portfolio to m

arket risk. Make sure you sign up

for the automatic rebalancing feature if it is offered through

your plan. This feature w

ill restore your account’s allocation on a periodic basis and ensure your investm

ents remain

consistent with the m

odel portfolio’s allocations over time.

Continued on page 3

2


Model Portfolio: Understand the Benefits

Continued from cover

71

Published by Innovest Portfolio Solutions, LLC4643 S. Ulster Street, Suite 81040 | Denver, CO

80237 | 303.694.1900 | ww

w.innovestinc.com

Whom

do I call for help?

3

As you can see, a lot of time and thought needs to go into

establishing and maintaining suitable investm

ents within

your retirement account. Plan participants m

ust be honest w

ith themselves about their investm

ent knowledge and the

amount of tim

e they can dedicate to the managem

ent of their accounts. Fortunately, a lack of tim

e and knowledge are no

longer excuses for mism

anagement of your retirem

ent assets. Find the m

odel portfolio that you are most com

fortable with

(see the following pages); follow

the instructions below to

transfer your funds accordingly today; and then sit back and enjoy the benefits of professional portfolio design.

Instructions: Implem

enting the Model Portfolios

The m

odel portfolios presented in this newsletter are

intended to provide participants with a guideline for

creating an appropriate asset allocation. In order to invest your retirem

ent savings according to one of these custom

models, log into your account either through the m

icrosite at w

ww.tiaa-cref.org/lps or w

ww.tiaa-cref.org (public site).

Once logged in, select the M

anage My Portfolio tab at the

top of the page. Select the Change Investm

ents link. Select the retirem

ent plan. Select the effective date of the change. Enter the percentage, dollar am

ount or transfer all from

each fund. Enter the percentage per fund (destination fund). C

lick on the Preview change button to review

allocation requested. Finally, click on Subm

it.

For further assistance with this process, or if you need help

resetting the login information for your online account, you

may reach the T

IAA-CR

EF call center by calling 1(800) 842-2009 M

onday-Friday, 6:00am to 8:00pm

(MST

).


Model Portfolio: Understand the Benefits

Continued from page 2

Contact TIAA

-CREF for the follow

ing:> Balances> Investm

ent changes> Change personal info

800.842.2009w

ww

.tiaa-cref.org

The Plan’s Investment Consultant

Innovest Portfolio Solutions

4643 S. Ulster St., Suite 1040 D

enver, CO 80237

303.694.1900 | ww

w.innovestinc.com

72

The pie chart and accompanying data show

n for each portfolio illustrates the percentage allocated to each fund.

How

is the portfolio diversified?

Investment perform

ance results shown above represent past perform

ance and are not indicative of future results. Please read the

information contained in the applicable fund prospectuses carefully before investing m

oney.

Past P

erformance

Current A

ge:The age (today) of an average investor with tim

e horizon, risk level, and return expectations of the Conservative P

ortfolio.

Time H

orizon: Indicates the number of years (tim

e horizon) to the average retirement age of 65, w

hen the investor will begin spending the

money in their account, and the num

ber of years to assumed life expectancy of age 85.

Risk Level:The am

ount of expected risk in the Conservative P

ortfolio. Risk is m

easured by the potential loss over a 12-month period that

an investor might expect in the C

onservative Portfolio, and is calculated via a statistical process consistent w

ith 95% probability.

Low:-8%

to-14%

Expected R

eturn:The level of expected investment return from

the Conservative P

ortfolio. The range of returns shown below

indicatesthe potential gain that an investor m

ight expect each year, on average, over a 5-year period. This is also referred to as the "mean" return,

and is calculated using a statistical process to determine a range of probabilities.

Low:4%

to6%

Who typically uses this portfolio?

Understanding Y

our Professionally-M

anaged Portfolios

Portfolio A

llocation (%)


Current A

ge:over 60

Risk Level:

Low

Expected R

eturn:Low

Time H

orizon:

Years to A

ge 65:under 5

Years to A

ge 85:under 25

Expense R

atio (%) 0.28

Past P

erformance (%

)*

Decem

ber 31, 2015 : $100D

odge & C

ox Stock (D

OD

GX

)6.0

¢£

Vanguard 500 Index;A

dm (V

FIAX

)8.0

¢£

Harbor:C

ap Apprec;Inst (H

AC

AX

)6.0

¢£

Vanguard M

d-Cp Idx;A

dm (V

IMA

X)

4.0¢£

Vanguard S

m-C

p Idx;Adm

(VS

MA

X)

4.0¢£

Am

Beacon:Intl E

q;Inst (AA

IEX

)6.0

¢£

Am

erican Funds EuP

c;R-6 (R

ER

GX

)7.0

¢£

Met W

est:Total Return;I (M

WTIX

)20.0

¢£

Vanguard Tot B

d;Adm

(VB

TLX)

19.0¢£

TIAA

Traditional20.0

¢£

LastQ

uarterY

TD1

Year

3Y

ears5

Years

10Y

earsLittleton P

ublic School C

onservativeN

/AN

/AN

/AN

/AN

/AN

/A

Littleton Public S

chool Conservative

12/31/15

*Innovest relies on 3rd party data for these returns.

**Returns using TIA

A Traditional A

nnuity - GR

A contract

73



How


Investment perform




oney.

Past P

erformance

Current A

ge:: The age (today) of an average investor w

ith time horizon, risk level, and return expectation of the M

oderate Portfolio.

Time H






Risk Level:The am

ount of expected risk in the Moderate P

ortfolio. Risk is m

easured by the potential loss over a 12-month period that an

investor might expect in the M

oderate Portfolio, and is calculated via a statistical process consistent w


Moderate:-13%

to -19%

Expected R

eturn: The level of expected investment return from

the Moderate P


indicates thepotential gain that an investor m

ight expect each year, on average, over a 5-year period. This is also referred to as the "mean" return, and

is calculated using a statistical process to determine a range of probabilities.

Moderate:5%

to 7%


Understanding Y


anaged Portfolios

Portfolio A

llocation (%)


Current A

ge:40

- 60

Risk Level:

Moderate

Expected R

eturn:M

oderate

Time H

orizon:

Years to A

ge 65:5 - 25

Years to A

ge 85:25 - 45

Past P

erformance (%

)*

Expense R

atio (%) 0.34

Decem

ber 31, 2015 : $100D

odge & C

ox Stock (D

OD

GX

)12.0

¢£


dm (V

FIAX

)13.0

¢£

Harbor:C

ap Apprec;Inst (H

AC

AX

)12.0

¢£

Vanguard M

d-Cp Idx;A

dm (V

IMA

X)

8.0¢£

Vanguard S

m-C

p Idx;Adm

(VS

MA

X)

7.0¢£

Am

Beacon:Intl E

q;Inst (AA

IEX

)11.0

¢£

Am

erican Funds EuP

c;R-6 (R

ER

GX

)12.0

¢£

Met W


WTIX

)8.0

¢£

Vanguard Tot B

d;Adm

(VB

TLX)

9.0¢£

TIAA

Traditional8.0

¢£

LastQ

uarterY

TD1

Year

3Y

ears5

Years

10Y

earsLittleton P

ublic School M

oderateN

/AN

/AN

/AN

/AN

/AN

/A

Littleton Public S

chool Moderate

12/31/15

*Innovest relies on 3rd party data for these returns.

**Returns using TIA

A Traditional A

nnuity - GR

A contract

74



How


Investment perform




oney.

Past P

erformance

Current A

ge:: The age (today) of an average investor w

ith time horizon, risk level, and return expectation of the A

ggressive Portfolio.

Time H






Risk Level:The am

ount of expected risk in the Aggressive P

ortfolio. Risk is m

easured by the potential loss over a 12-month period that an

investor might expect in the A

ggressive Portfolio, and is calculated via a statistical process consistent w


High:-17%

to -23%

Expected R

eturn: The level of expected investment return from

the Aggressive P


indicates thepotential gain that an investor m

ight expect each year, on average, over a 5-year period. This is also referred to as the "mean" return, and

is calculated using a statistical process to determine a range of probabilities.

High:6%

to 8%


Understanding Y


anaged Portfolios

Portfolio A

llocation (%)


Current A

ge:30

- 50

Risk Level:

High

Expected R

eturn:H

igh

Time H

orizon:

Years to A

ge 65:15 - 35

Years to A

ge 85:35 - 55

Past P

erformance (%

)*

Expense R

atio (%) 0.38

Decem

ber 31, 2015 : $100D

odge & C

ox Stock (D

OD

GX

)15.0

¢£


dm (V

FIAX

)15.0

¢£

Harbor:C

ap Apprec;Inst (H

AC

AX

)15.0

¢£

Vanguard M

d-Cp Idx;A

dm (V

IMA

X)

9.0¢£

Vanguard S

m-C

p Idx;Adm

(VS

MA

X)

9.0¢£

Am

Beacon:Intl E

q;Inst (AA

IEX

)14.0

¢£

Am

erican Funds EuP

c;R-6 (R

ER

GX

)14.0

¢£

Met W


WTIX

)3.0

¢£

Vanguard Tot B

d;Adm

(VB

TLX)

3.0¢£

TIAA

Traditional3.0

¢£

LastQ

uarterY

TD1

Year

3Y

ears5

Years

10Y

earsLittleton P

ublic School A

ggressiveN

/AN

/AN

/AN

/AN

/AN

/A

Littleton Public S

chool Aggressive

12/31/15

*Innovest relies on 3rd party data for these returns.**R

eturns using TIAA

Traditional Annuity - G

RA

contract

75

need to have a client cover made - littleton public schools

Documents