portfolio review 1q17 · 2020. 2. 10. · 4643 s ulster street | suite 1040 | denver, co 80237...

4643 S Ulster Street | Suite 1040 | Denver, CO 80237 303.694.1900 | innovestinc.com

1st Quarter 2017

PORTFOLIO REVIEW 1Q17

Boulder Fire & Police Money Purchase Pension Plan

Wendy Dominguez, MBA

Rick Rodgers, AIFA®

Jerry Huggins, MBA, CFP®, AIF®

Jared Martin, CFP®, AIF®

Prepared by: Abigail Thomas

© 2017 INNOVEST PORTFOLIO SOLUTIONS, LLC

INNOVEST AT A GLANCE

Our History

— Founded in 1996 by Richard Todd and Wendy Dominguez who lead the firm today

— Independent, privately held and employee-owned— SEC Registered Investment Advisor— Currently more than $16 billion in firm assets*

Our Professionals

— 45 employees— Long-term relationships with top tier managers, vendors, and

service providers— 95% employee retention rate— Demonstrated ability to hire and retain top quality talent

Alignment of Interest with Our Clients

— 98% client retention— Conflict-free, independent and objective advocate— A consistent investment philosophy since the firm’s inception— A client-centered, risk-focused, and performance-driven culture— Year-over-year revenue growth 19 of the last 20 years— 2016 Client Survey Results: Overall Client Satisfaction 4.7 (5-point

Scale)

Award-Winning Team

— Innovest named one of the Best Places to Work in the nation, 2016, 2014, Pensions & Investments

— Innovest ranked Forbes #3 Fastest Growing RIA Firms— Ranked #1 among 2015 Investment Managers in Colorado**— Recognized for 403(b) Plan Conversion Campaign, 2016, The Eddy

Awards— Finalist for the Colorado Top Company Award, 2015, ColoradoBiz— Top 100 Wealth Managers in the nation, 2015, Forbes— 2014 Retirement Plan Adviser Team of the Year, PLANSPONSOR— 19th Fastest Growing RIA in the nation, 2015, Financial Advisor

Fiduciary Expertise

— One of the first investment firms in the Rocky Mountain region rooted in prudent fiduciary principles

— Accreditations through Investment Management Consultants Association and Center for Fiduciary Studies

— Process-oriented approach with a focus on investment and spending policies

— Expert Witness in nearly 60 cases involving fiduciary investment responsibilities

— Numerous fiduciary certifications: AIF™, AIFA ™, CIMA®, CFA , QPFC, RF™, RPS

Money Management Experience

— 16 member Investment Committee with median experience of more than 20 years

— Principals have more than 25 years of experience managing large pension and foundation portfolios

— Disciplined and opportunistic approach to forward-looking portfolio design

— Experts in many investment strategies: active, passive, hedge funds, and other alternatives

— Emphasis on downside risk quantification in developing portfolio design

Client Access and Transparency

— Direct access to Innovest’s investment and operational heads at all times

— Routine access to closed products, waived investment minimums, lower product fees, and socially responsible mandates

— Customized asset allocation, benchmarking and reporting

Diverse Client Base

— 250+ clients in 21 states— Retirement Plans— Foundations & Endowments— Wealthy Families

*As of April 2017** According to the Denver Business Journal – assets under management as of 12/31/15

Privileged and Confidential

2

INNOVEST’S HISTORY WITH BOULDER FIRE & POLICE

2001 – 2003 • First quarterly performance report

• Replace the Putnam International Fund with the American Funds

Europacific Growth Fund

2004 – 2006 • Replace the One Group Mid Cap Growth Fund (OSGIX) with the Calamos

Growth Fund

• Presented on Alternative Investment Vehicles, Asset Classes & Strategies

• Added the PIMCO Commodity Real Return Strategy Fund

• Conducted asset allocation study and updated asset allocation


2007 – 2009 • Replace the Calamos Growth Fund with Allianz CCM Mid Cap Growth &

replace the Legg Mason Small Cap Value Fund with the ICM Small Cap

Value

• Replace 50% of the allocation to the Europacific Growth Fund (REREX) and

allocate it to the Dodge & Cox International Fund


• Coordinated the PIMCO share class change to reduce fees


• Add BlackRock High Yield Fund and Eaton Vance Floating Rate Fund

• Provided quarterly performance reports and research reports each quarter

and met with the Trustees

• Updated and reviewed the Investment Policy Statement

• Met with representatives from each investment strategy used in the plans

• Replaced Blackrock High Yield Fund (BHYSX) with JP Morgan High Yield

(OHYFX)

2010 – 2014• Replaced Managers Cadence MC Inst. (MCMYX) with Munder Mid

Cap Growth

• Coordinated the Eaton Vance share class change to reduce fees

• Provided quarterly performance reports and research reports each

quarter and met with the Administrative Committee

• Performed RFI for Administration and Record Keeping Services

and Audit Services.


• Conducted consultant fee review

• Presented core fixed income search

2015 - 2017• Replaced PIMCO Total Return with Metropolitan West Total Return

Bond Fund.

• Replaced PIMCO Commodity Real Return with Credit Suisse

Commodity Return.

• Created an automated, online, and permanent Fiduciary File

• Conducted asset allocation study

• Added MLP and Real Estate asset classes by adding Oppenheimer

SteelPath MLP and Principal U.S. Property Account, effective May

26, 2017

3

Plan Sponsor Responsibilities

Innovest Responsibilities

RETIREMENT PLAN TOPICS & TRENDSHighlighting retirement plan trends and current legislation and regulation

Fiduciary File Checklist: Create or Retain, and Always Maintain

• 408(b)(2) disclosures (ERISA) Required Retain

• Fidelity Bond Documentation (ERISA) Required Create

• Initial Selection Documents RFIs, RFPs

Required Retain

• Meeting Minutes Required Create

• Plan Audit (ERISA, depending on plan size) Required Retain

• Service Provider Contracts Required Retain

• Bylaws Note: Bylaws can become a legal trap if not properly maintained. The only thing

worse than not having Bylaws is not adhering to the Bylaws.

Best-Practice Create

• Code of Ethics Best-Practice Create

• Conflict of Interest Policy Best-Practice Create

• Fiduciary Insurance Binder As-Needed Create

4

• Investment Review Materials Investment Reports, Scorecards, Search Books

Required Retain

• Investment Policy Statement Note: An IPS can become a legal trap if not properly maintained. The only thing

worse than not having an IPS is not adhering to the IPS.

Best-Practice Create

RETIREMENT PLAN TOPICS & TRENDSHighlighting retirement plan trends and current legislation and regulation

• DOL Fee Disclosure Notice 404-a-5 (ERISA) Required Create

• Fiduciary Advice Arrangement Documents (Managed Accounts only) Required Create

• Form 5500 (ERISA) Required Create

• Non-Discrimination Testing (ERISA) Required Create

• Plan Document (+ Adoption Agreement) Required Create

• Plan Review Materials Benchmark Reports, Expense Documentation, Annual Plan Review Reports

Required Retain

• Summary of Material Modification (ERISA) Required Create

• Summary Plan Description (ERISA) Required Create

• Annual Plan Administration Calendar (ERISA) Best-Practice Create

• Annual Participant Education Plan + Materials As-Needed Retain

• Enrollment Information + Materials As-Needed Retain

Innovest Responsibilities

Record-Keeper Responsibilities

5

Performance Over Time

Risk and Return (Since Inception) Asset Allocation

Cumulative Performance over Time

Change in Account Value

LastQuarter

Year ToDate

1Year

3Years

5Years

7Years

SinceInception

InceptionDate

Boulder F & P Total Fund 4.17 4.17 12.97 4.87 7.59 8.14 9.15 01/01/1985Boulder F & P Custom Benchmark 4.28 4.28 12.64 5.03 7.98 8.28 9.59Difference -0.11 -0.11 0.33 -0.16 -0.39 -0.14 -0.44

Market ValueAs of

01/01/2017

Market ValueAs of

03/31/2017

Change$

Boulder F & P Total Fund 131,204,589 135,975,483 4,770,895

$0 $12,637,026 $25,274,052 $37,911,078 $50,548,104 $63,185,130

VT Retirement Income Advantage

JPMorgan High Yield Select

Met West Total Return

Crdt Suis Comm Rtn Strat

Vantage Trust Plus

ICM Small Company

Victory Munder Mid Cap Core Growth

Eaton Vance Floating Rate

Dodge & Cox Int'l

American Funds EuroPacific Gr

Boston Trust Fixed Income - Boulder F&P

Boston Trust Equity - Boulder F&P

$910,560

$2,524,212

$4,990,133

$6,051,342

$6,764,680

$8,005,199

$8,515,467

$8,767,084

$12,782,430

$12,798,867

$13,372,883

$50,492,627

8.5

9.0

9.5

10.0

10.5

11.0

11.5

Re

turn

(%)

9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 17.0Risk (Standard Deviation %)

S&P 500 Index

Boulder F & P Total Fund

Boulder F & P Total Fund Boulder F & P Custom Benchmark

-700 %

0%

700%

1,400%

2,100%

2,800%

3/85 9/86 3/88 9/89 3/91 9/92 3/94 9/95 3/97 9/98 3/00 9/01 3/03 9/04 3/06 9/07 3/09 9/10 3/12 9/13 3/15 3/17

Executive SummaryMarch 31, 2017

6

THE MARKETS

Investment Returns

First Quarter 2017

January February March

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

S&P 500 TR USD

Russell 2000 TR USD

MSCI EAFE NR USD

MSCI EM NR USD

BBgBarc US Agg Bond TR USD

1Q17

2.47%

0.82%

6.07%

7.25%

11.45%

7

GLOBAL ECONOMICS

• After a decade hovering near zero, the Fed Funds rate

has begun to creep upward.

• Fed Funds expectations for year-end 2017 are 1.25%

to 1.50% with approximately 0.50% to 0.75% increases

in 2018 and 2019.

• If inflation accelerates, the Fed would be pressured to

raise rates more quickly.

Optimism Hits a 16-Year High

• Despite sluggish GDP growth, consumers are

optimistic about higher income, job prospects, and

low inflation.

• Vehicle sales and housing starts are significantly

above their 2009 lows.

• Average U.S. home prices are at a high of $286k.

Effective Fed Funds Rate vs CPIThe Fed Takes a Hike

Source: Market Realist, data as of March 2017.

US Consumer Confidence in March

As of March 2017.

8

GLOBAL ECONOMICS, CONTINUED

Risk in Chinese Debt Levels

• Chinese non-financial corporate borrowing relative to

GDP is significantly higher than other emerging markets

countries.

• Chinese investment in the US tripled from 2015 to 2016.

• China's credit growth in 2016 was approximately 15%,

compared with nominal GDP growth of approximately

8%.

Populism: ‘European Spring’ Ahead?

• Many 2017 European elections feature nationalist

populist candidates.

• Notable are the French and German elections in

April/May and September/October, respectively.

• Election outcomes will shape the future of trade,

business, immigration, currency, and the survival of the

EU.

Source: Cagle Cartoons. Used with permission.

Source: BMI, via WSJ-DS.

9

ASSET CLASS FUNDAMENTALS

Bonds as a Ballast• In recent years, many investors have reduced fixed

income exposure in favor of equities, perhaps without

consideration of the impact on portfolio risk.

• High quality bonds’ loss of 2.9% in 1994 hardly

compares to the 38% loss of large cap US stocks in

2008.

• Even with modest future returns, high quality bonds

can help to mitigate portfolio risk.

The Case for Rebalancing • The current forward P/E ratio of 17.5x is up following

the end of 2016, indicating that equity valuations

continue to rise.

• When markets are performing well, investors tend to

overlook the risk of “portfolio drift” versus their their

target asset allocation.

• Disciplined portfolio rebalancing is an effective tool to

manage risk.

Source: WSJ via Daily Shot

Drawdowns for Stocks vs Bonds

S&P 500 Valuation Measures

Source: FactSet, FRB, IBES, Robert Shiller, Standard & Poor’s, J.P. Morgan Asset Management. As of

3/31/2017.

10

ASSET CLASS FUNDAMENTALS, CONTINUED

Emerging Markets Take Off

• Emerging markets stocks rallied 11.5% in the first

quarter of 2017, in part spurred by below-average

valuations.

• More than one-third of the gain came from a rebound

in emerging market’s currencies.

• Stocks in Mexico and South Korea gained between 16%

and 17% in the first quarter of 2017.

Alternatives and Rising Rates

• Hedge funds have tended to outperform fixed income

in rising rate environments.

• Real estate also tends to outperform fixed income in

rising rate and inflationary environments.

• Deregulation in the energy sector could spur MLPs’

growth, including the building of new pipelines.

*Data shows the last five periods when the 10-Year treasury yield increased by at least 10%. Sources:

Bloomberg and Neuberger Berman Investment Strategy and Asset Allocation, March 2017.

Sources: William Blair, BofA Merrill Lynch Global Research, MSCI, and FactSet. As of 12/2016.

11

US Market Indices Performance US Market Sector Performance

Source: Investment Metrics, LLC

Source: Investment Metrics, LLCSource: Investment Metrics, LLC

1 Quarter Performance

0.0

5.0

10.0

15.0

-5.0

Re

turn

(%)

S&

P 5 0

0

I nd

e x

Ru s

s ell

2

0 00

I n

de x

MS

CI

E

AF

E

I nd

e x

MS

CI

E

mer

gin

g M

a rket

s

I nd

e x

Bar

c lay s

Ca

pita

l

Ag g

r eg

a te

BC

Mu

nic

ipa l

B

on

dB

lmb

g. B

arc.

U.S

.

Co

r p:

H

igh

Y

i eld

BC

Glo

b al

A

gg r e

gat

e Ex

US

DS

&P

/LS

TA Le

vera

g ed

L

o an

I n

de x

MS

CI

U

.S.

R

EIT

I n

de x

Al e

r ian

M

L P In

f ra st

ruc

ture

DJ -U

BS

Co

mm

od it

y

I nd

e x

6.1

2.5

7.4

11.5

0.8 1.62.7 2.5

1.1 1.0

4.1

-2.3

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

Russell Midcap Index Russell Midcap Growth Index Russell Midcap Value Index

Russell 2000 Index Russell 2000 Growth Index Russell 2000 Value Index

0.0

15.0

30.0

45.0

-15.0

Re

turn

(%)

1

Quarter

1

Year

-0.1

29.4

5.3

23.0

2.5

26.2

3.8

19.8

6.9

14.1

5.1

17.0

3.3

18.7

8.5

15.4

6.1

17.2

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

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

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

S&P 500 Utilities

0.0

15.0

30.0

45.0

-15.0

-30.0

Re

turn

(%)

1

Quarter

1

Year

6.4 7.1

-4.0

1.75.9

19.2

12.6

24.9

4.6

18.4

8.411.6

2.5

32.6

-6.7

14.3

6.4 6.28.413.2

Quarterly Market Summary March 31, 2017

Copyright © 2017 Investment Metrics, LLC. All rights reserved.

12

Intl Equity Region PerformanceIntl Equity Indices Performance

Fixed Income Market Sector Performance

Source: Investment Metrics, LLC

Source: Investment Metrics, LLCSource: Investment Metrics, LLC

Blmbg. Barc. U.S. Aggregate Blmbg. Barc. U.S. Treasury Barclays U.S. Credit Index Barclays U.S. MBS

Blmbg. Barc. U.S. Corp: High Yield Blmbg. Barc. Global Aggregate S&P/LSTA Leveraged Loan Index

0.0

8.0

16.0

24.0

-8.0

Re

turn

(%)

1

Quarter

1

Year

1.1

9.7

1.8

-1.9

2.7

16.4

0.5 0.21.3

3.0

0.7

-1.4

0.8 0.4

MSCI EAFE Index MSCI EAFE Small Cap Index MSCI EAFE Growth Index

MSCI EAFE Value MSCI Emerging Markets

0.0

6.0

12.0

18.0

24.0

Re

turn

(%)

1

Quarter

1

Year

11.5

17.7

6.2

16.7

8.67.98.1

11.4

7.4

12.2

MSCI Japan MSCI Pacific ex Japan MSCI United Kingdom MSCI Europe ex U.K.

0.0

5.0

10.0

15.0

20.0

25.0

Re

turn

(%)

1

Quarter

1

Year

8.6

11.7

5.1

7.5

11.8

18.5

4.6

14.8

Quarterly Market Summary March 31, 2017

Copyright © 2017 Investment Metrics, LLC. All rights reserved.

13

Alternative Asset Class Returns March 31, 2017

Source: Christenson Investment Parnters Source: Christenson Investment Parnters

Source: Christenson Investment Parnters Source: FTSE EPRA/NAREIT Indices

‐17

‐12.2

‐8.3‐10.3

7.9

0.1

‐13.9

‐2.3

0.1

‐6.9

‐0.3

15.4

5.57.4

1.6 0.8

‐6.6‐8.9

13.9

8.2

‐20

‐15

‐10

‐5

0

5

10

15

20

Natural Gas

Gasoline

Crud

e Oil

Heatin

g Oil

Cotton

Coffe

e

Sugar

Bloo

mbe

rg Com

m Inde

x

Cattle

Hogs

Nickel

Alum

inum

Copp

er

Zinc

Corn

Whe

at

Soybeans

Soybean Oil

Silver

Gold

Commodity Sector Returns

‐11.4

‐4.8

‐1.4 ‐2.3

0.1

7.69.8

‐15

‐10

‐5

0

5

10

15

Energy Softs Grains BloombergComm Index

Livestock IndustrialMetals

PreciousMetals

Commodity Broad Sector Returns

2.7 3.5 2.10.2

2.2 2.3

‐4.7

2.9 2.2 2.1

‐1

‐10

‐5

0

5

10

15

20

Even

t Driv

en

Long/Sho

rt Equ

ity

HFRI FoF

Com

posite

Globa

l Macro

Distressed

Fixed Income Arbitrage

Dedicated Short B

ias

Multi‐Strategy

Convertib

le Arbitrage

Equity M

arket N

eutral

Managed

Futures

Hedge Fund Strategy Returns

2.9 2.9

16.2

0.21.6

17.4

4.8

14.8

‐1.9

4.3

‐5.0

0.0

5.0

10.0

15.0

20.0

United Kingdo

m

Europe

Hon

g Ko

ng U.S.

S&P De

velope

d RE

IT

Singap

ore

Australia

Emerging

Markets

Japa

n

Canada

Global REIT Country and Regional Returns

14

THIS PAGE LEFT INTENTIONALLY BLANK

15

Client Type: Money Purchase Pension PlanTime Horizon: Greater than Five YearsExpected Return: 3.50% to 4.50% over CPIRisk Tolerances: Expected downside of -19.50% to -22.50% per year based on a statistical confidence level of 95% (1)

Asset Allocation Performance Benchmarks

Strategic Asset Investment Primary Peer Group

Lower Limit Allocation Upper Limit Category Manager Index Universe

Domestic Equity Domestic Equity Large Cap Equity* 29.00% 35.00% 41.00% Large Cap Boston Tr Eqty S&P 500 Core Equity

Mid Cap Growth 3.50% 6.50% 9.50% Mid Cap Growth Victory Munder MC Core Gr Russell Mid Cap Index Mid Cap Growth Small Cap Value 3.50% 6.50% 9.50% Small Cap Value ICM Sm Cap Value Russell 2000 Index Small Cap Value

International Equity 16.00% 19.00% 22.00% International Equity Europacific R-4 MSCI EAFE International GrowthDodge & Cox Intl MSCI EAFE International Value

Domestic Fixed Income* 9.00% 15.00% 21.00% Domestic Fixed Income Boston Tr Fixed Inc BC Aggregate Core Bond1.00% 4.00% 7.00% MetWest Total Return BC Aggregate Core Bond

High Yield 0.00% 2.00% 5.00% High Yield JP Morgan HY BC:HY Credit High Yield

Floating Rate Corporate Loans 4.00% 7.00% 10.00% Floating Rate Corporate Loans Eaton Vance Floating CSFB Leveraged Loan Loan Participation

Commodities 2.00% 5.00% 8.00% Commodities Credit Suisse Commodity Bloomberg Commodity N/A100.00%

Total Portfolio Strategic Benchmark: 50.00% 70% S&P 500/30% BC Aggregate6.50% Russell Mid Cap Index 6.50% Russell 2000 Index

19.00% MSCI EAFE4.00% BC Aggregate2.00% BC:HY Credit 7.00% CSFB Leveraged Loan5.00% Bloomberg Commodity

100.00%

Total Portfolio Secondary Benchmark: CPI + 4.00%

*Balanced allocation to Boston Trust is 50% of the portfolio which is split 70% to large cap equity and 30% to domestic fixed income

BOULDER FIRE & POLICE INVESTMENT POLICY SUMMARY - Updated May 2017

Client Variables

(1) There is a 5% probability that the 1 year modeled loss of -19.50% to -22.50% will be exceeded. Risk tolerances are based on 2016 capital markets

assumptions. NOTE: The 1 year modeled loss will vary from year to year depending on future capital market assumptions.

16

Plan Benchmark*

123,024,832$ Similarly Sized

0.58% 1.11%

0.71% N/A

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

Expense ratio retained by fund manager Fund Managers 613,400$ 0.50% 613,400$ 0.50%

Revenue sharing sent to recordkeeper ICMA-RC 180,074$ 0.15% 180,074$ 0.15%

Gross Investment Management Fees -$ 0.00% 793,475$ 0.64% 793,475$ 0.64%

Revenue Sharing credited to admin. allowance account (75,503)$ -0.06% (75,503)$ -0.06%

Net Recordkeeping and Administrative Fees -$ 0.00% (75,503)$ -0.06% (75,503)$ -0.06%

Total Investment, Recordkeeping and Administrative Costs -$ 0.00% 717,972$ 0.58% 717,972$ 0.58%

Investment Consultant Innovest 76,489$ 0.06% 76,489$ 0.06%

Plan Administration & Fiduciary Support** 25,000$ 0.02% 25,000$ 0.02%

Trustee Education** 10,500$ 0.01% 10,500$ 0.01%

Insurance Fee** 9,000$ 0.01% 9,000$ 0.01%

Legal** 20,000$ 0.02% 20,000$ 0.02%

Audit** 9,000$ 0.01% 9,000$ 0.01%

Total Plan Expenses 73,500$ 0.06% 794,461$ 0.65% 867,961$ 0.71%

Employer Paid Employee Paid Total

Boulder Fire and Police 401(a) Annual Fee Review

Investment, Recordkeeping and Administrative Costs

Plan assets as of 6/30/2016

Estimated Total Plan Expenses

*The plan's estimated investment, recordkeeping and administrative costs of 0.58% as shown above, compare favorably to 401(k) Source data, a

universe of 49 similarly sized 401(k) plans with an average investment, recordkeeping and administrative cost of 1.11%.

**Budgeted expenses, not actual expenses.

This review illustrates estimated plan costs based on available data.

17

December 31, 2016

Allocation Differences

0.0% 5.0% 10.0%-5.0 %-10.0 %

Commodities

Floating Rate Corporate Loans

High Yield

Fixed Income

International Equity

Small Cap Equity

Mid Cap Equity

Large Cap Equity

0.0%

0.0%

0.0%

-5.0 %

-0.6 %

0.8%

0.0%

4.7%

March 31, 2017

Allocation Differences

0.0% 4.0% 8.0% 12.0%-4.0 %-8.0 %-12.0 %

Commodities


High Yield

Fixed Income


Small Cap Equity

Mid Cap Equity

Large Cap Equity

-0.3 %

-0.2 %

0.0%

-4.7 %

0.9%

-0.3 %

0.1%

4.4%

December 31, 2016

Market Value($)

Allocation(%)

Target(%)

Large Cap Equity 48,730,989 39.70 35.00Mid Cap Equity 8,001,145 6.52 6.50Small Cap Equity 9,014,133 7.34 6.50International Equity 22,639,674 18.44 19.00Fixed Income 17,240,328 14.04 19.00High Yield 2,422,566 1.97 2.00Floating Rate Corporate Loans 8,583,070 6.99 7.00Commodities 6,123,470 4.99 5.00Total Fund 122,755,374 100.00 100.00

March 31, 2017

Market Value($)

Allocation(%)

Target(%)

Large Cap Equity 50,492,627 39.36 35.00Mid Cap Equity 8,515,467 6.64 6.50Small Cap Equity 8,005,199 6.24 6.50International Equity 25,581,296 19.94 19.00Fixed Income 18,363,016 14.31 19.00High Yield 2,524,212 1.97 2.00Floating Rate Corporate Loans 8,767,084 6.83 7.00Commodities 6,051,342 4.72 5.00Total Fund 128,300,243 100.00 100.00

Asset Allocation vs. Target Allocation

18

Criteria

Organization PeoplePhilosophy& Process

StyleConsistency

Asset Base Performance Expenses Overall

Costs

Exp Ratio(%)

MedianExp Ratio

(%)

Ratio ofExp to

Median (%)

Boston Trust Balanced - Boulder F&P 0.64 1.15 55.00Victory:MC Core Gr;Y (MGOYX) 1.06 1.27 84.25ICM Small Company;Inst (ICSCX) 0.95 1.29 73.64Dodge & Cox Intl Stock (DODFX) 0.64 1.18 54.24American Funds EuPc;R-4 (REREX) 0.85 1.19 71.43Met West:Total Return;I (MWTIX) 0.44 0.76 57.89Eaton Vance Flt Rt;A (EVBLX) 1.03 1.12 91.96JPMorgan:High Yield;I (OHYFX) 0.80 1.07 74.77Crdt Suis Cmdty Rtn;Inst (CRSOX) 0.79 1.27 62.20Vantage Trust Plus 0.56 0.73 76.71VT Retirement Income Advantage 1.72 1.72 100.00

Legend For Overall Criteria

No/Minimum ConcernsMinor ConcernMajor ConcernUnder Review

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

Manager Score Factor Comments

Victory:MC Core Gr;Y (MGOYX) Asset Base Outflows relative to strategy AUM warrants increased monitoring and diligence. If performance continues to improve, flows shouldresolve quickly.

Manager Score Card

The Expense Ratio and Median Expense Ratio for Hedge Fund of Funds and Private Equity Fund of Funds excludes underlying fund expenses; the expenses shown are only at the Fund of Funds level.

19

Allocation

MarketValue

($)%

Performance(%)

LastQuarter

YearTo Date

1Year

3Years

5Years

10Years

SinceInnovestInception

SinceInception

InceptionDate

Large Cap Equity

Boston Trust Equity - Boulder F&P 50,492,627 37.13 4.90 (78) 4.90 (78) 14.86 (69) 9.55 (56) 11.67 (81) 8.25 (32) 7.26 (27) 10.57 (32) 07/01/1990S&P 500 Index 6.07 (45) 6.07 (45) 17.17 (43) 10.37 (38) 13.30 (46) 7.51 (65) 5.72 (88) 9.60 (83)IM U.S. Large Cap Core Equity (SA+CF) Median 5.96 5.96 16.29 9.82 13.24 7.76 6.51 10.00

Mid Cap Equity

Victory Munder Mid Cap Core Growth 8,515,467 6.26 6.77 (64) 6.77 (64) 13.40 (72) 5.88 (56) 10.48 (43) 7.25 (49) 8.41 (14) 12.39 (38) 01/01/2010Russell Midcap Growth Index 6.89 (59) 6.89 (59) 14.07 (64) 7.88 (22) 11.95 (25) 8.13 (26) 6.28 (48) 13.49 (20)IM U.S. Mid Cap Growth Equity (MF) Median 7.04 7.04 15.21 6.09 10.11 7.20 5.91 11.90

Small Cap Equity

ICM Small Company 8,005,199 5.89 0.57 (24) 0.57 (24) 28.02 (24) 9.00 (8) 12.98 (14) 7.73 (15) 10.47 (32) 8.54 (25) 01/01/2008Russell 2000 Value Index -0.13 (33) -0.13 (33) 29.37 (19) 7.62 (28) 12.54 (19) 6.09 (53) 9.35 (71) 7.96 (44)IM U.S. Small Cap Value Equity (MF) Median -0.99 -0.99 23.75 5.62 11.36 6.26 9.97 7.79


Dodge & Cox Int'l 12,782,430 9.40 9.32 (6) 9.32 (6) 22.97 (1) 0.72 (10) 7.32 (1) 2.52 (1) N/A 2.04 (1) 01/01/2008MSCI EAFE Value Index (Net) 6.05 (74) 6.05 (74) 15.98 (1) -0.61 (28) 5.56 (19) 0.05 (42) 4.04 (45) -0.23 (38)MSCI AC World ex USA Value (net) 6.68 (52) 6.68 (52) 16.68 (1) -0.51 (22) 3.81 (82) 0.68 (30) 4.95 (27) -0.19 (37)IM International Large Cap Value Equity (MF) Median 6.77 6.77 11.96 -1.01 4.76 -0.18 3.58 -0.87

American Funds EuroPacific Gr 12,798,867 9.41 9.27 (24) 9.27 (24) 12.70 (19) 1.82 (39) 6.27 (14) 3.23 (20) N/A 6.75 (22) 04/01/2004MSCI EAFE Growth Index (Net) 8.52 (47) 8.52 (47) 7.45 (73) 1.50 (50) 6.00 (22) 1.98 (78) 3.38 (80) 5.38 (78)MSCI AC World ex USA Growth (Net) 9.13 (27) 9.13 (27) 9.63 (53) 1.55 (46) 4.84 (65) 1.97 (78) 3.91 (67) 5.66 (69)IM International Large Cap Growth Equity (MF) Median 8.30 8.30 10.21 1.47 5.25 2.50 4.40 6.12

Fixed Income

Boston Trust Fixed Income - Boulder F&P 13,372,883 9.83 0.89 (59) 0.89 (59) 0.01 (88) 2.51 (42) 1.99 (73) 4.14 (45) 4.88 (28) 5.79 (86) 07/01/1990Bloomberg Barclays U.S. Aggregate Index 0.82 (67) 0.82 (67) 0.44 (71) 2.68 (28) 2.34 (51) 4.27 (38) 4.80 (38) 6.10 (36)IM U.S. Broad Market Core Fixed Income (MF) Median 0.93 0.93 1.19 2.42 2.36 4.06 4.57 6.03

Met West Total Return 4,990,133 3.67 0.90 (55) 0.90 (55) 0.93 (58) 2.57 (39) 3.70 (3) 5.80 (1) 6.03 (1) 1.62 (56) 01/01/2015Bloomberg Barclays U.S. Aggregate Index 0.82 (67) 0.82 (67) 0.44 (71) 2.68 (28) 2.34 (51) 4.27 (38) 4.80 (38) 1.78 (42)IM U.S. Broad Market Core Fixed Income (MF) Median 0.93 0.93 1.19 2.42 2.36 4.06 4.57 1.70

High Yield

JPMorgan High Yield Select 2,524,212 1.86 2.29 (53) 2.29 (53) 13.69 (47) 3.56 (38) 5.87 (41) 6.52 (24) 7.61 (17) 7.13 (47) 01/01/2010Bloomberg Barclays U.S. Corporate High Yield 2.70 (28) 2.70 (28) 16.39 (17) 4.56 (11) 6.82 (11) 7.46 (5) 8.21 (8) 8.20 (10)IM U.S. High Yield Bonds (MF) Median 2.32 2.32 13.43 3.21 5.65 5.89 6.87 7.06

Table of ReturnsMarch 31, 2017

Returns prior to 7/1990 provided by PMC

20

Table of ReturnsMarch 31, 2017

Allocation

MarketValue

($)%

Performance(%)

LastQuarter

YearTo Date

1Year

3Years

5Years

10Years

SinceInnovestInception

SinceInception

InceptionDate


Eaton Vance Floating Rate 8,767,084 6.45 1.28 (23) 1.28 (23) 10.30 (38) 3.25 (20) 3.87 (45) 3.54 (39) N/A 8.09 (30) 04/01/2009Credit Suisse Leveraged Loan Index 2.88 (1) 2.88 (1) 11.52 (15) 4.28 (1) 5.22 (1) 4.40 (1) 4.88 (1) 9.18 (9)Loan Participation Mutual Funds Median 0.95 0.95 9.46 2.75 3.78 3.38 3.88 7.38

Commodities

Crdt Suis Comm Rtn Strat 6,051,342 4.45 -1.78 (40) -1.78 (40) 9.69 (36) -13.41 (51) -9.62 (47) -6.12 (48) N/A -8.02 (58) 01/01/2015Bloomberg Commodity Index Total Return -2.33 (55) -2.33 (55) 8.69 (52) -13.92 (56) -9.54 (45) -6.22 (50) -0.42 (N/A) -8.33 (66)IM Commodities General (MF) Median -2.15 -2.15 8.72 -13.39 -9.78 -6.24 N/A -7.74

Balanced Account

Boston Trust Balanced - Boulder F&P 63,865,510 46.97 4.06 (45) 4.06 (45) 11.59 (41) 8.00 (6) 9.59 (21) 7.65 (11) 7.12 (29) 10.02 (13) 07/01/199070% S&P/30% BC Aggr 4.48 (22) 4.48 (22) 11.96 (37) 8.14 (5) 10.04 (14) 6.80 (39) 5.71 (67) 8.78 (55)IM U.S. Balanced (SA+CF) Median 3.96 3.96 10.61 5.70 8.41 6.17 6.38 8.90

VT Retirement Income Advantage 910,560 0.67 3.97 (50) 3.97 (50) 8.08 (85) 4.04 (79) 5.92 (82) N/A N/A 5.49 (82) 04/01/2013VT Retirement Income Advantage Custom Index 4.06 (45) 4.06 (45) 9.93 (67) 5.59 (53) 7.47 (68) N/A N/A 7.08 (59)IM U.S. Balanced (SA+CF) Median 3.96 3.96 10.61 5.70 8.41 6.17 6.38 7.80

Stable Value

Vantage Trust Plus (gross) 6,764,680 4.97 0.58 (3) 0.58 (3) 2.31 (1) 2.34 (1) 2.49 (1) 3.37 (4) 4.01 (11) 3.33 (4) 07/01/2007Vantage Trust Plus (net) 0.44 (3) 0.44 (3) 1.75 (1) 1.77 (1) 1.92 (1) 2.82 (4) N/A (11) 2.78 (4)Ryan 3 Yr GIC Master Index 0.37 (90) 0.37 (90) 1.43 (89) 1.23 (97) 1.21 (99) 2.51 (77) 3.29 (85) 2.46 (74)IM U.S. GIC/Stable Value (SA+CF) Median 0.44 0.44 1.82 1.77 1.83 2.70 3.54 2.64

Total Fund

Boulder Fire and Police 135,975,483 100.00 4.17 4.17 12.97 4.87 7.59 6.30 6.62 9.15 01/01/1985Boulder Fire & Police Custom Benchmark 4.28 4.28 12.64 5.03 7.98 5.37 5.79 9.59CPI + 4% 1.98 1.98 6.48 5.09 5.27 5.80 6.18 6.74

Returns prior to 7/1990 provided by PMC

21

Plan Sponsor TF Asset Allocation - Public Plan Sponsors (< $100 mm AUM)

Plan Sponsor Peer Group Analysis - Public Plan Sponsors (< $100 mm AUM)

-25.0

0.0

25.0

50.0

75.0A

llo

ca

tio

n (%

)

US Equity Intl. Equity US Fixed Income Intl. Fixed Income Alternative Inv. Real Estate Cash

Boulder Fire and Police 58.55 (3) 18.44 (13) 23.01 (81) 0.00 N/A 0.00 0.00�

5th Percentile 57.32 20.44 45.90 8.51 21.56 12.80 6.921st Quartile 50.58 15.25 37.03 5.11 8.95 9.95 2.32

Median 45.80 13.59 31.51 4.81 4.88 6.95 1.573rd Quartile 40.47 10.52 24.21 4.19 2.94 4.72 0.8395th Percentile 28.99 7.01 15.74 2.41 1.84 2.55 0.14

-4.00.04.08.0

12.016.0

Re

turn

-0.60.2

4.76.2

2.94.06.87.9 6.67.4

4.25.1

LastQuarter

1Year

3Years

5Years

7Years

10Years

Boulder Fire and Police 2.27 (7) 10.26 (3) 4.01 (76) 8.53 (46) 8.15 (37) 6.03 (20)¢£

Boulder Fire & Police Custom Benchmark 1.75 (13) 8.85 (13) 4.27 (65) 8.83 (34) 8.19 (33) 5.13 (74)pr

5th Percentile 2.43 9.75 6.02 9.91 8.99 6.401st Quartile 1.21 7.91 5.13 9.03 8.32 5.82Median 0.66 6.91 4.50 8.45 7.88 5.463rd Quartile 0.24 6.16 4.02 7.88 7.43 5.1195th Percentile -0.62 4.69 2.91 6.84 6.65 4.17

Population 398 385 370 362 347 301

Plan Sponsor Peer Group AnalysisAs of December 31,2016

22

Plan Sponsor TF Asset Allocation - Public Plan Sponors ($100mm - $1 Bln AUM)

Plan Sponsor Peer Group Analysis - All Public Plans ($100mm - $500mm AUM)

-25.0

0.0

25.0

50.0

75.0A

llo

ca

tio

n (%

)

US Equity Intl. Equity US Fixed Income Intl. Fixed Income Alternative Inv. Real Estate Cash

Boulder Fire and Police 58.55 (5) 18.44 (39) 23.01 (56) 0.00 N/A 0.00 0.00�

5th Percentile 58.46 26.95 37.44 16.11 28.75 13.44 5.351st Quartile 47.41 21.39 30.54 7.51 16.04 10.59 1.98

Median 40.81 15.81 24.10 5.14 10.77 8.52 1.003rd Quartile 33.40 13.10 18.08 4.05 4.35 5.98 0.4995th Percentile 22.35 7.71 10.37 1.37 1.09 2.80 0.04

-4.00.04.08.0

12.016.0

Re

turn

-0.20.5

5.47.0

2.84.16.98.1 6.77.6

4.45.1

LastQuarter

1Year

3Years

5Years

7Years

10Years

Boulder Fire and Police 2.27 (4) 10.26 (3) 4.01 (78) 8.53 (66) 8.15 (60) 6.03 (25)¢£

Boulder Fire & Police Custom Benchmark 1.75 (13) 8.85 (14) 4.27 (71) 8.83 (51) 8.19 (56) 5.13 (76)pr

5th Percentile 2.10 10.00 5.96 10.35 9.62 6.521st Quartile 1.43 8.41 5.17 9.49 8.74 6.02Median 0.94 7.78 4.85 8.89 8.27 5.583rd Quartile 0.50 6.97 4.11 8.11 7.55 5.1495th Percentile -0.17 5.44 2.80 6.91 6.71 4.35

Population 138 136 134 132 128 108

Plan Sponsor Peer Group AnalysisAs of December 31,2016

23

Cumulative Performance Over Time

Risk and Return

Boulder Fire and Police Boulder Fire & Police Custom Benchmark CPI + 4.75%

-600 %

0%

600%

1,200%

1,800%

2,400%

3/85 9/86 3/88 9/89 3/91 9/92 3/94 9/95 3/97 9/98 3/00 9/01 3/03 9/04 3/06 9/07 3/09 9/10 3/12 9/13 3/15 3/17

8

9

10

11

12

Re

turn

(%)

7 8 9 10 11 12 13 14 15 16 17 18 19Risk (Standard Deviation %)

Boulder Fire and Police

S&P 500 Index

Total Portfolio Performance AnalysisAs of March 31,2017

24


25

STRATEGY INFORMATION

ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS

PEER GROUP ANALYSIS - IM U.S. Balanced (SA+CF)

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

RISK VS. RETURN (5 YEARS*)

*If less than 5 years, data is since account inception.

Firm and Management:Domenic Colasacco is a portfoliomanager and president of the Adviser.Mr. Colasacco is also the president ofBoston Trust & InvestmentManagement Company and has servedas its Chief Investment Officer since1980. Mr. Colasacco managesportfolios for individual and institutionalclients and also manages the BostonTrust Equity Fund. Mr. Colasacco is aholder of the Chartered FinancialAnalyst (CFA) designation and amember of the Boston SecurityAnalysts Society.

Investment Strategy:The strategy strives to provide long-term growth of capital through adiversified portfolio of stocks, bondsand money market investments. Theallocation among these assets isactively managed based both on theirrelative values and the changingeconomic outlook. By forecastingfinancial market returns across a widerange of possible economic scenarios,they vary the allocation in a mannerthat is designed to provide protectionagainst falling markets in unfavorableeconomic environments, while alsoproviding opportunity to participate inrising markets. The strategy providesbroad diversification across stockmarket sectors; individual equityselections focus on companies withsuperior financial track records.

-12.0

-4.0

4.0

12.0

20.0

28.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Boston Tr Bal - Boulder F&P 4.06 (48) 4.06 (48) 11.59 (42) 8.00 (4) 9.59 (20) 9.96 (13) 7.65 (9)¢£

70% S&P/30% BC Aggr 4.48 (23) 4.48 (23) 11.96 (37) 8.14 (3) 10.04 (13) 10.22 (3) 6.80 (39)��

Median 4.00 4.00 10.63 5.71 8.48 8.61 6.17

-4.0

0.0

4.0

8.0

12.0

16.0

Ret

urn

(%)

0.0 5.0 10.0 15.0Risk (Standard Deviation %)

ReturnStandardDeviation

Boston Tr Bal - Boulder F&P 9.59 5.99¢£

70% S&P/30% BC Aggr 10.04 5.45��

Median 8.48 6.24¾

2016 2015 2014 2013 2012 2011 2010

Boston Tr Bal - Boulder F&P 10.75 (30) -0.59 (37) 11.13 (11) 23.02 (21) 10.04 (74) 3.45 (23) 14.13 (30)IM U.S. Balanced (SA+CF) Median 8.56 -1.56 6.88 19.06 11.30 1.35 12.57

70% S&P/30% BC Aggr 9.23 (43) 1.34 (17) 11.39 (10) 21.12 (28) 12.49 (38) 4.08 (20) 12.92 (43)IM U.S. Balanced (SA+CF) Median 8.56 -1.56 6.88 19.06 11.30 1.35 12.57

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

3Years

EndingMar-2011

Boston Tr Bal - Boulder F&P 8.00 (4) 9.37 (7) 11.19 (35) 11.01 (27) 10.01 (24) 17.42 (39) 4.81 (36)IM U.S. Balanced (SA+CF) Median 5.71 5.55 10.25 9.42 9.18 16.56 4.19

70% S&P/30% BC Aggr 8.14 (3) 9.10 (7) 12.19 (25) 11.48 (18) 10.78 (13) 18.56 (31) 3.73 (56)IM U.S. Balanced (SA+CF) Median 5.71 5.55 10.25 9.42 9.18 16.56 4.19

Boston Tr Bal - Boulder F&P 03/31/17

26



PEER GROUP ANALYSIS - IM U.S. Large Cap Core Equity (SA+CF)





Investment Strategy:The portfolio consists of stocks from allmarket capitalizations; small, mediumand large. The portfolio is constructedwith a bottom up approach to securityselection, however, macro themes areconsidered in deciding which sectorslook most attractive. Each potentialholding is put through a number ofscreens which consider earningsgrowth and relative valuation.

-4.0

2.0

8.0

14.0

20.0

26.0

32.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Boston TrEq - Boulder F&P 4.90 (79) 4.90 (79) 14.86 (70) 9.55 (55) 11.67 (80) 11.80 (75) 8.25 (33)¢£

S&P 500 Index 6.07 (45) 6.07 (45) 17.17 (44) 10.37 (37) 13.30 (45) 12.94 (49) 7.51 (64)��

Median 5.97 5.97 16.32 9.80 13.22 12.92 7.74

0.0

4.0

8.0

12.0

16.0

20.0

Ret

urn

(%)



Boston TrEq - Boulder F&P 11.67 7.76¢£

S&P 500 Index 13.30 7.98��

Median 13.22 8.49¾

2016 2015 2014 2013 2012 2011 2010

Boston TrEq - Boulder F&P 13.23 (19) -0.95 (75) 13.00 (57) 30.44 (77) 12.03 (83) 1.56 (57) 16.91 (24)IM U.S. Large Cap Core Equity (SA+CF) Median 10.52 1.28 13.41 32.96 15.70 2.03 14.80

S&P 500 Index 11.96 (33) 1.38 (50) 13.69 (44) 32.39 (59) 16.00 (46) 2.11 (50) 15.06 (44)IM U.S. Large Cap Core Equity (SA+CF) Median 10.52 1.28 13.41 32.96 15.70 2.03 14.80

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

3Years

EndingMar-2011

Boston TrEq - Boulder F&P 9.55 (55) 11.33 (57) 13.52 (88) 12.85 (81) 11.26 (72) 22.74 (50) 4.38 (29)IM U.S. Large Cap Core Equity (SA+CF) Median 9.80 11.66 16.54 14.76 12.66 22.72 3.28

S&P 500 Index 10.37 (37) 11.82 (45) 16.11 (60) 14.66 (55) 12.67 (50) 23.42 (41) 2.35 (69)IM U.S. Large Cap Core Equity (SA+CF) Median 9.80 11.66 16.54 14.76 12.66 22.72 3.28

Boston TrEq - Boulder F&P 03/31/17

27

TOP TEN HOLDINGS PORTFOLIO CHARACTERISTICS

DISTRIBUTION OF MARKET CAP SECTOR DISTRIBUTION

PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Apple Inc 3.95 3.72 0.23 24.57Microsoft Corp 3.05 2.51 0.54 6.63Alphabet Inc 2.75 1.21 1.54 7.48Johnson & Johnson 2.60 1.67 0.93 8.813M Co 2.47 0.56 1.91 7.84Comcast Corp 2.32 0.88 1.44 8.88U.S. Bancorp 2.22 0.40 1.82 0.80Oracle Corp 2.22 0.66 1.56 16.47PNC Financial Services Inc. 2.19 0.29 1.90 3.28JPMorgan Chase & Co 2.15 1.55 0.60 2.36

% of Portfolio 25.92 13.45

Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($) 153,364,674,062 161,880,813,657Median Mkt. Cap ($) 64,088,629,625 20,024,306,000Price/Earnings ratio 21.83 21.32Price/Book ratio 3.49 3.275 Yr. EPS Growth Rate (%) 8.35 11.44Current Yield (%) 1.88 2.03Beta (5 Years, Monthly) 0.95 1.00Number of Stocks 66 505

Boston Trust Equity - Composite S&P 500 Index

0.0

15.0

30.0

45.0

60.0

>100 Bil 75 Bil - 100 Bil

25 Bil - 75 Bil

15 Bil - 25 Bil

2 Bil - 15 Bil

45.5

8.7

27.6

9.0 9.2

42.1

6.3

31.3

10.2 10.1

Boston Trust Equity - Composite

S&P 500 Index

0.0 5.0 10.0 15.0 20.0 25.0 30.0

Utilities

Telecommunication Services

Real Estate

Materials

Information Technology

Industrials

Health Care

Financials

Energy

Consumer Staples

Consumer Discretionary

2.1

0.8

0.0

3.5

20.8

12.3

15.2

18.5

4.9

10.5

11.4

3.2

2.4

2.9

2.8

22.1

10.1

13.9

14.4

6.6

9.3

12.3

Boston Trust Equity - Composite 03/31/17

28

PERFORMANCE - 1 Quarter TOTAL ATTRIBUTION - 1 Quarter

ACTIVE RETURN - 1 Quarter


S&P 500 Index

0.0 6.0 12.0 18.0-6.0-12.0

Utilities


Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples


8.8

-7.7

0.0

3.6

10.8

3.8

10.2

1.3

-6.2

5.9

2.4

6.4

-4.0

3.6

5.9

12.5

4.4

8.2

2.5

-6.6

6.3

8.4

0.0 0.3 0.6 0.9-0.3-0.6-0.9-1.2

Utilities


Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples


0.0

0.1

0.1

-0.1

-0.4

-0.1

0.3

-0.4

0.3

0.0

-0.7

Buy-and-Hold Portfolio 5.08Portfolio Trading -0.06Actual Return 5.01Benchmark Return 6.07Actual Active Return -1.05

Stock Selection -1.13Sector Selection 0.16Interaction 0.04Total Selection -0.94

Portfolio Trading -0.06Benchmark Trading 0.05Active Trading Impact -0.11

Buy & Hold Active Return -1.05


29

PERFORMANCE - 3 Years TOTAL ATTRIBUTION - 3 Years

ACTIVE RETURN - 3 Years


S&P 500 Index

0.0 6.0 12.0 18.0 24.0-6.0-12.0

Utilities


Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples


16.7

15.7

0.0

10.5

14.4

5.0

12.2

9.8

-2.8

5.8

9.9

11.4

7.6

-1.1

5.5

16.8

9.9

10.0

11.7

-5.1

11.2

12.4

0.0 0.3 0.6 0.9-0.3-0.6-0.9-1.2

Utilities


Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples


0.1

0.0

0.1

0.3

-0.6

-0.7

0.4

-0.1

0.3

-0.6

-0.2

Buy-and-Hold Portfolio 9.14Portfolio Trading 0.10Actual Return 9.24Benchmark Return 10.37Actual Active Return -1.13

Stock Selection -1.21Sector Selection 0.24Interaction -0.18Total Selection -1.15

Portfolio Trading 0.10Benchmark Trading 0.08Active Trading Impact 0.02

Buy & Hold Active Return -1.13


30


31



PEER GROUP ANALYSIS - IM U.S. Fixed Income (SA+CF)





Investment Strategy:Boston Trust's approach to fixedincome investing combines top downeconomic scenario forecasts withbottom up fundamental research. Usingmacroeconomic-based quantitativetools, the investment team forecastsinterest rate changes for a range ofpossible economic outcomes. Theseforecasts contribute to portfoliostrategies with respect to interest ratesand the yield curve. In selectingindividual securities, Boston Trustapplies long-held standards for superiorfinancial quality, appropriate risk, anddiversification.

-5.0

0.0

5.0

10.0

15.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Boston Tr FI - Boulder F&P 0.89 (65) 0.89 (65) 0.01 (94) 2.51 (67) 1.99 (78) 3.29 (71) 4.14 (69)¢£

Barclays Agg 0.82 (72) 0.82 (72) 0.44 (86) 2.68 (62) 2.34 (69) 3.48 (67) 4.27 (65)��

Median 1.14 1.14 1.95 3.05 3.22 4.22 4.73

-3.0

0.0

3.0

6.0

9.0

12.0

Ret

urn

(%)

-4.0 0.0 4.0 8.0 12.0 16.0Risk (Standard Deviation %)


Boston Tr FI - Boulder F&P 1.99 2.99¢£

Barclays Agg 2.34 3.08��

Median 3.22 3.10¾

2016 2015 2014 2013 2012 2011 2010

Boston Tr FI - Boulder F&P 2.19 (72) 1.68 (16) 3.71 (58) -2.15 (84) 4.08 (75) 7.76 (33) 6.55 (65)IM U.S. Fixed Income (SA+CF) Median 3.70 0.72 4.45 -0.21 6.88 6.41 7.60

Barclays Agg 2.65 (64) 0.55 (56) 5.97 (37) -2.02 (81) 4.21 (74) 7.84 (32) 6.54 (65)IM U.S. Fixed Income (SA+CF) Median 3.70 0.72 4.45 -0.21 6.88 6.41 7.60

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

3Years

EndingMar-2011

Boston Tr FI - Boulder F&P 2.51 (67) 2.05 (67) 2.43 (76) 3.25 (77) 5.67 (65) 6.06 (76) 4.85 (70)IM U.S. Fixed Income (SA+CF) Median 3.05 2.52 3.94 4.74 6.57 8.94 6.07

Barclays Agg 2.68 (62) 2.50 (52) 3.10 (66) 3.75 (68) 5.52 (67) 6.83 (70) 5.30 (64)IM U.S. Fixed Income (SA+CF) Median 3.05 2.52 3.94 4.74 6.57 8.94 6.07

Boston Tr FI - Boulder F&P 03/31/17

32

TOP TEN HOLDINGS

PORTFOLIO CHARACTERISTICS vs. Bloomberg Barclays U.S. AggregateIndex

CREDIT QUALITY DISTRIBUTION vs. Bloomberg Barclays U.S. AggregateIndex

SECTOR DISTRIBUTION vs. Bloomberg Barclays U.S. Aggregate Index

MATURITY DISTRIBUTION vs. Bloomberg Barclays U.S. Aggregate Index

Portfolio Benchmark

Effective Duration 5.21 5.84Avg. Maturity 6.06 7.69Avg. Quality AA Aa2Yield To Maturity (%) 2.16 2.56Holdings Count 27 6,618

Boston Trust Fixed Income - Boulder F&P Bloomberg Barclays U.S. Aggregate Index

0.0

15.0

30.0

45.0

60.0

75.0

US Tr e

asurie

s

A gencie

sM BS

A BS

CM BSC re

di t

High Yie ld

Non-US

37.6

2.0

27.1

0.5 1.8

25.4

5.5

0.2

6.9

61.4

1.9 0.0 0.0

29.8

0.0 0.0


Company %

FED HOME LN MTG CORP 2.375% 01/13/22 2.40FED HOME LN BKS 2.875% 06/14/24 2.00FED FARM CR BKS 3.500% 12/20/23 1.70FED NATL MTG ASSN 2.625% 09/06/24 1.60FED HOME LN BKS 2.375% 03/13/26 1.40TREASURY INFL IDX 0.625% 01/15/24 1.30FED HOME LN BKS 2.250% 03/11/22 0.80FED HOME LN BKS 2.750% 12/13/24 0.80HUBBELL INC 5.950% 06/01/18 0.70FED NATL MTG ASSN 2.125% 04/24/26 0.60


Bloomberg Barclays U.S. Aggregate Index

0.0

20.0

40.0

60.0

80.0

100.0

A AA AA AB BB BB NR

72.0

4.110.3

13.6

0.0 0.00.0

69.6

24.9

3.80.0 1.7

Boston Trust Fixed Income - Boulder F&P Bloomberg Barclays U.S. Aggregate Index

0.0

15.0

30.0

45.0

60.0

75.0

0 to

3 Y ea

rs

3 to

5 Y ea

rs

6 to

10 Y ea

rs

11 to

20 Y ea

rs

20+ Y ea

rs

20.8 22.5

41.6

3.5

11.7

17.320.6

60.2

0.1 1.8

Boston Trust Fixed Income - Boulder F&P 03/31/17

33

FUND INFORMATION


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



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

Investment Strategy:The Munder team seek companies thattrade cheaply relative to their growthprospects, using a broad range ofvaluation measures. They keep theFund's sector weightings within 3percentage points of the fund'sbenchmark, the S&P Midcap 400 Index.They'll typically hold 70-100 stocks andcap position sizes at 3%. They'rerelatively patient investors; portfolioturnover has averaged around 50%.

Innovest's Assessment:Munder’s low beta bias is likely tooutperform during market drawdownsand when quality growth companies arein favor. Underperformance is expectedwhen low quality, high beta companiesoutpace high quality securities andduring speculative growth rallies.

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Victory Munder MC Gr 6.77 (64) 6.77 (64) 13.40 (72) 5.88 (56) 10.48 (43) 11.78 (39) 7.25 (49)¢£

Russell Midcap Growth Index 6.89 (59) 6.89 (59) 14.07 (64) 7.88 (22) 11.95 (25) 12.81 (20) 8.13 (26)��

Median 7.04 7.04 15.21 6.09 10.11 11.22 7.20

0.0

3.0

6.0

9.0

12.0

15.0

18.0

Ret

urn

(%)

6.0 9.0 12.0 15.0 18.0Risk (Standard Deviation %)


Victory Munder MC Gr 10.48 11.58¢£

Russell Midcap Growth Index 11.95 11.46��

Median 10.11 12.05¾

FundFamily :

Victory CapitalManagement Inc

Fund Inception : 06/24/1998PortfolioManager :

Tony Y. Dong

TotalAssets :

$2,352 Million

Turnover : 40%

2016 2015 2014 2013 2012 2011 2010

Victory Munder MC Gr 7.37 (25) -4.36 (84) 10.17 (22) 33.71 (58) 16.01 (29) -0.77 (22) 25.48 (48)Russell MCG 7.33 (25) -0.20 (49) 11.90 (12) 35.74 (42) 15.81 (31) -1.65 (28) 26.38 (43)IM U.S. Mid Cap Growth Equity (MF) Median 4.71 -0.36 7.28 34.78 14.18 -4.68 25.18

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

3Years

EndingMar-2011

Victory Munder MC Gr 5.88 (56) 8.08 (60) 16.78 (28) 13.23 (24) 15.06 (12) 26.43 (42) 4.67 (72)Russell MCG 7.88 (22) 10.99 (20) 17.41 (19) 13.52 (20) 14.23 (21) 29.16 (10) 7.63 (42)IM U.S. Mid Cap Growth Equity (MF) Median 6.09 8.67 15.21 11.45 12.53 25.78 6.91

Victory Munder MC Gr 03/31/17

34

SECTOR ALLOCATION

STYLE MAP (07/01/98 - 03/31/17)

SECTOR PERFORMANCE

TOP 10 HOLDINGSPORTFOLIO CHARACTERISTICS

UP/DOWN CAPTURE (04/01/12 - 03/31/17)

TOTAL SECTOR ATTRIBUTION

PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)

Broadcom Ltd 2.38 0.00 24.44Ross Stores Inc 2.31 0.90 0.65Reinsurance Group of Amer. 2.28 0.00 1.24SVB Financial Group 2.24 0.25 8.41SPDR MidCap 400 ETF Trust 2.19 0.00 3.81Fidelity Natioal Info Serv Inc. 2.03 0.51 5.63Microchip Technology Inc 1.84 0.54 15.59SLM Corp 1.80 0.00 9.80Bard (C.R.) Inc 1.80 0.63 10.75SBA Communications Corp 1.79 0.33 16.57


Portfolio Benchmark

Wtd. Avg. Mkt. Cap $M $15,871 $14,284Median Mkt. Cap $M $10,667 $7,326Price/Earnings ratio 23.33 26.57Price/Book ratio 3.13 5.135 Yr. EPS Growth Rate (%) 14.76 12.76Current Yield (%) 1.15 1.14Beta (5 Years, Monthly) 0.98 1.00% in Int'l Securities 4.42 3.61Active Share 83.82 N/ANumber of Stocks 80 470

Victory Munder MC Gr Russell MCG

0.0 8.0 16.0 24.0 32.0

UtilitiesTelecommunication Services

Real EstateOther

MaterialsInformation Technology

IndustrialsHealth Care

FinancialsEnergy

Consumer StaplesConsumer Discretionary

4.21.7

7.21.1

6.718.0

11.89.6

14.93.93.7

17.1

0.00.5

4.90.0

5.222.2

14.915.2

5.41.3

7.223.3

Victory Munder MC Gr

0.0 0.5 1.0 1.5 2.0-0.5-1.0

0.10.1

-0.40.0

-0.30.7

-0.3-0.2

-0.4-0.3

0.41.1

Victory Munder MC Gr Russell MCG

0.0 8.0 16.0 24.0-8.0-16.0

10.516.6

0.12.1

1.014.0

2.515.3

3.8-4.5

8.99.9

0.010.1

5.90.0

4.49.2

5.313.8

5.7-6.1

2.84.4

Style History Mar-2017 Average Style Exposure

Ca

pit

ali

za

tio

n

Manager Style

Large Cap Growth

Small Cap GrowthSmall Cap Value

Large Cap Value

Victory Munder MC Gr

50.0

75.0

100.0

125.0

150.0

Up

Ca

ptu

re

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Victory Munder MC Gr 03/31/17

35

FUND INFORMATION


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




Investment Strategy:The management team starts with auniverse of stocks with market capsaround $1 billion and narrows the listthrough screens and company analysis.The team favors well-managedcompanies with good growth prospectsthat are trading at attractive valuations.It employs a strict sell-discipline whenvaluations get too high or when acompany doesn't meet expectations.

Innovest's Assessment:The strategy should outperform in downand stable markets and when lessercapitalized companies are leading. Thefund should underperform duringmomentum environments wherefundamentals aren’t rewarded. Thefund should also underperform whenfinancials and utilities lead due tomanagement's perpetual aversion tothe sectors.

-20.0

-10.0

0.0

10.0

20.0

30.0

40.0

50.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

ICM Small Company 0.57 (24) 0.57 (24) 28.02 (24) 9.00 (8) 12.98 (14) 12.22 (20) 7.73 (15)¢£

Russell 2000 Value Index -0.13 (33) -0.13 (33) 29.37 (19) 7.62 (28) 12.54 (19) 11.59 (37) 6.09 (53)��

Median -0.99 -0.99 23.75 5.62 11.36 11.06 6.26

3.0

6.0

9.0

12.0

15.0

18.0

Ret

urn

(%)



ICM Small Company 12.98 14.04¢£

Russell 2000 Value Index 12.54 13.92��

Median 11.36 13.99¾

FundFamily :

InvestmentCounselors ofMaryland


Heaphy/Merwitz

TotalAssets :

$712 Million

Turnover : 32%

2016 2015 2014 2013 2012 2011 2010

ICM Small Company 31.36 (25) -3.20 (7) 2.87 (52) 36.16 (40) 16.93 (39) -4.85 (60) 22.73 (77)Russell 2000 Value 31.74 (22) -7.47 (49) 4.22 (33) 34.52 (53) 18.05 (32) -5.50 (62) 24.50 (62)IM U.S. Small Cap Value Equity (MF) Median 29.62 -7.61 3.10 34.82 15.46 -3.79 25.38

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

3Years

EndingMar-2011

ICM Small Company 9.00 (8) 7.89 (16) 13.85 (50) 13.33 (40) 11.72 (59) 29.39 (30) 7.06 (65)Russell 2000 Value 7.62 (28) 5.73 (59) 14.79 (34) 12.74 (51) 12.12 (53) 25.36 (77) 6.76 (73)IM U.S. Small Cap Value Equity (MF) Median 5.62 6.18 13.84 12.75 12.32 27.27 8.36

ICM Small Company 03/31/17

36

SECTOR ALLOCATION

STYLE MAP (05/01/89 - 03/31/17)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/12 - 03/31/17)

TOTAL SECTOR ATTRIBUTION

PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)

Rogers Corp. 1.49 0.10 11.80Sterling Bancorp 1.48 0.31 1.59Virtusa Corp 1.45 0.00 20.30McDermott International Inc. 1.37 0.17 -8.66Knowles Corp 1.34 0.17 13.41Verint Systems Inc 1.33 0.28 23.05Dycom Industries Inc. 1.32 0.00 15.77Ameris Bancorp 1.30 0.04 5.97Novanta Inc 1.30 0.06 26.43Bryn Mawr Bank Corp 1.29 0.07 -5.80


Portfolio Benchmark

Wtd. Avg. Mkt. Cap $M $1,777 $2,144Median Mkt. Cap $M $1,521 $701Price/Earnings ratio 23.85 19.91Price/Book ratio 1.97 1.775 Yr. EPS Growth Rate (%) 9.08 7.51Current Yield (%) 1.31 1.89Beta (5 Years, Monthly) 0.99 1.00% in Int'l Securities 2.30 2.83Active Share 90.04 N/ANumber of Stocks 111 1,352

ICM Small Company Russell 2000 Value

0.0 15.0 30.0 45.0


Real EstateMaterials

Information TechnologyIndustrials

Health CareFinancials

EnergyConsumer Staples

Consumer DiscretionaryCash

3.30.0

7.97.2

15.623.9

3.125.3

3.20.8

8.41.2

6.10.7

10.14.8

10.412.8

4.532.5

5.72.8

9.70.0

ICM Small Company

0.0 0.4 0.8 1.2 1.6-0.4-0.8

-0.20.1

0.3-0.2

1.0-0.2

-0.30.4

0.00.1

-0.20.0

ICM Small Company Russell 2000 Value

0.0 10.0 20.0-10.0-20.0-30.0

4.40.0

2.1-1.2

10.9-0.4

2.1-1.4

-15.65.6

-3.30.0

5.1-9.2

-0.92.3

6.20.6

9.4-2.3

-9.8-2.8

-0.50.0


Ca

pit

ali

za

tio

n

Manager Style

Large Cap Growth

Small Cap GrowthSmall Cap Value

Large Cap Value

ICM Small Company

50.0

75.0

100.0

125.0

150.0

Up

Ca

ptu

re

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

ICM Small Company 03/31/17

37

FUND INFORMATION


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




Investment StrategyThe Fund invests primarily in adiversified portfolio of equity securitiesissued by non-U.S. companies from atleast three different countries, includingemerging markets. The Fund focuseson countries whose economic andpolitical systems appear more stableand are believed to provide someprotection to foreign shareholders. TheFund invests primarily in medium-to-large well established companiesbased on standards of the applicablemarket. In selecting investments, theFund invests primarily in companiesthat, in Dodge & Cox’s opinion, appearto be temporarily undervalued by thestock market but have a favorableoutlook for long-term growth.

Innovest's AssessmentWe believe this collaborative researchapproach will continue generatingshareholder value over full marketcycles; however, performance maysuffer during periods driven by moremacroeconomic events or a disregardfor company specific fundamentals.The strategy’s notable allocation todeveloping countries also suggests thatrelative performance may be partiallydictated by the market’s preference foremerging market securities.

-12.0

-4.0

4.0

12.0

20.0

28.0

36.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Dodge & Cox Intl 9.32 (6) 9.32 (6) 22.97 (1) 0.72 (10) 7.32 (1) 5.75 (1) 2.52 (1)¢£

MSCI EAFE Value Idx 6.05 (74) 6.05 (74) 15.98 (1) -0.61 (28) 5.56 (19) 3.90 (41) 0.05 (42)��

Median 6.77 6.77 11.96 -1.01 4.76 3.67 -0.18

2.0

4.0

6.0

8.0

10.0

Ret

urn

(%)



Dodge & Cox Intl 7.32 14.68¢£

MSCI EAFE Value Idx 5.56 14.25��

Median 4.76 13.01¾

FundFamily :

Dodge & Cox


Team Managed

TotalAssets :

$57,071 Million

Turnover : 18%

2016 2015 2014 2013 2012 2011 2010

Dodge & Cox Intl 8.26 (2) -11.35 (99) 0.08 (1) 26.31 (1) 21.03 (10) -15.97 (87) 13.69 (1)MSCI EAFE Val Idx 5.02 (3) -5.68 (91) -5.39 (18) 22.95 (12) 17.69 (47) -12.17 (32) 3.25 (75)IM International Large Cap Value Equity (MF) Median 1.77 -2.82 -9.52 21.31 17.52 -13.48 5.40

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

3Years

EndingMar-2011

Dodge & Cox Intl 0.72 (10) 1.34 (35) 12.25 (1) 8.79 (12) 4.94 (11) 22.20 (3) 0.89 (1)MSCI EAFE Val Idx -0.61 (28) 0.59 (53) 9.03 (22) 7.16 (30) 3.45 (59) 16.50 (36) -3.57 (36)IM International Large Cap Value Equity (MF) Median -1.01 0.73 7.20 5.65 3.51 16.09 -4.58

Dodge & Cox Intl 03/31/17

38

REGION ALLOCATION

STYLE MAP (06/01/01 - 03/31/17)

REGION PERFORMANCE


TOTAL SECTOR ATTRIBUTION (01/01/17 - 03/31/17)

TOTAL REGION ATTRIBUTION

PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)

Sanofi 3.92 1.58 11.54Naspers Ltd 3.84 0.00 17.17BNP Paribas 2.75 1.06 4.51Icici Bank Ltd 2.69 0.00 13.61Samsung Electronics Co Ltd 2.66 0.00 23.13Itau Unibanco Holding SA 2.63 0.00 17.16Schneider Electric SA 2.50 0.62 5.23Standard Chartered PLC 2.43 0.47 16.33Barclays PLC 2.32 0.72 2.81Roche Holding AG 2.31 0.00 15.30


Portfolio Benchmark

Wtd. Avg. Mkt. Cap $M $60,469 $56,610Median Mkt. Cap $M $31,230 $9,471Price/Earnings ratio 19.18 15.16Price/Book ratio 2.06 1.575 Yr. EPS Growth Rate (%) -1.24 0.54Current Yield (%) 2.55 4.02Beta (5 Years, Monthly) 0.98 1.00% in Emerging Market 26.27 N/AActive Share 84.81 N/ANumber of Stocks 74 511

Dodge & Cox Intl MSCI EAFE Val Idx

0.0 15.0 30.0 45.0 60.0

United KingdomPacific ex Japan

OtherNorth America

Middle EastJapan

Europe ex UKEM Mid East+Africa

EM Latin AmericaEM Europe

EM Asia

6.51.8

0.08.0

0.012.5

44.45.5

7.40.9

12.9

19.612.0

0.40.40.6

24.642.4

0.00.00.00.0

Dodge & Cox Intl

0.0 0.6 1.2 1.8 2.4-0.6-1.2-1.8

1.0-0.4

0.0-0.7

0.10.9

0.20.4

0.6-0.1

1.4

Dodge & Cox Intl MSCI EAFE Val Idx

0.0 8.0 16.0 24.0 32.0-8.0-16.0

9.722.6

0.0-1.5

0.07.78.4

13.214.2

-0.617.0

2.412.1

10.720.2

-4.33.5

7.80.00.00.00.0


Ca

pit

ali

za

tio

n

Manager Style

MSCI EAFE Growth Index

MSCI Emerging Markets IndexMSCI EAFE Small Cap

MSCI EAFE Value Index

0.0 0.6 1.2 1.8 2.4-0.6-1.2







0.00.3

0.20.1

1.0-0.4

0.30.1

0.10.0

1.7

Dodge & Cox Intl 03/31/17

39

FUND INFORMATION


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




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

Innovest's Assessment:The fund’s propensity to focus intenselyon bottom-up, fundamental factors canlead to periods of underperformancewhen the market is less concernedabout company fundamentals and moredriven by thematic and macroeconomicfactors. Additionally, the fund is likely tolag when highly cyclical stocks andlower quality companies significantlyoutperform the overall market. Finally,the fund’s immense asset base is likelyto present some challenges in thefund’s ability to build meaningfulpositions in smaller companies and toopportunistically trade in less liquidmarkets.

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Amer Funds EuPc 9.37 (18) 9.37 (18) 13.10 (12) 2.17 (28) 6.64 (4) 5.58 (26) N/A¢£

MSCI EAFE Gr Idx 8.52 (47) 8.52 (47) 7.45 (73) 1.50 (50) 6.00 (22) 5.46 (33) 1.98 (78)��

Median 8.30 8.30 10.21 1.47 5.25 4.97 2.50

0.0

2.0

4.0

6.0

8.0

Ret

urn

(%)

9.9 10.8 11.7 12.6 13.5 14.4Risk (Standard Deviation %)


Amer Funds EuPc 6.64 11.59¢£

MSCI EAFE Gr Idx 6.00 12.43��

Median 5.25 12.02¾

FundFamily :

American Funds


Team Managed

TotalAssets :

$51,044 Million

Turnover : 30%

2016 2015 2014 2013 2012 2011 2010

Amer Funds EuPc 1.01 (18) -0.48 (54) -2.29 (19) 20.58 (23) 19.64 (35) -13.31 (45) 9.76 (60)MSCI EAFE Gr Idx Net -3.04 (79) 4.09 (10) -4.43 (45) 22.55 (10) 16.86 (68) -12.11 (34) 12.25 (42)IM International Large Cap Growth Equity (MF) Median -0.38 -0.43 -4.75 19.13 18.97 -13.54 11.17

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

3Years

EndingMar-2011

Amer Funds EuPc 2.17 (28) 3.62 (16) 9.95 (5) 6.74 (39) 5.15 (45) N/A N/AMSCI EAFE Gr Idx Net 1.50 (50) 3.80 (14) 8.96 (26) 7.22 (33) 6.47 (31) 17.74 (43) -2.52 (60)IM International Large Cap Growth Equity (MF) Median 1.47 2.51 8.29 6.40 4.96 17.30 -1.80

Amer Funds EuPc 03/31/17

40

REGION ALLOCATION

STYLE MAP (06/01/09 - 03/31/17)

REGION PERFORMANCE


TOTAL SECTOR ATTRIBUTION (01/01/17 - 03/31/17)

TOTAL REGION ATTRIBUTION

PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)

British American Tobacco 3.27 1.94 16.28Alibaba Group Holding Ltd 2.45 0.00 22.80Taiwan Semiconductor 2.44 0.00 10.88AIA Group Ltd 2.40 1.19 11.74Tencent Holdings LTD 2.16 0.00 17.18H D F C Bank Ltd 2.07 0.00 25.30Softbank Group Corp 2.01 0.91 6.25European Aeronautic 1.87 0.69 15.06Reliance Industries Ltd 1.83 0.00 27.85Sony Corp 1.76 0.67 20.67


Portfolio Benchmark

Wtd. Avg. Mkt. Cap $M $60,955 $54,798Median Mkt. Cap $M $18,867 $9,178Price/Earnings ratio 19.92 23.25Price/Book ratio 2.71 2.935 Yr. EPS Growth Rate (%) 10.31 7.49Current Yield (%) 1.76 2.28Beta (5 Years, Monthly) 0.90 1.00% in Emerging Market 24.50 N/AActive Share 81.46 N/ANumber of Stocks 245 540

Amer Funds EuPc MSCI EAFE Gr Idx Net

0.0 15.0 30.0 45.0 60.0

United KingdomPacific ex Japan

OtherNorth America

Middle EastJapan

Europe ex UKEM Mid East+Africa

EM Latin AmericaEM Europe

EM Asia

12.010.3

0.85.1

0.315.4

33.11.62.5

0.518.3

17.112.3

0.20.00.7

23.945.8

0.00.00.00.0

Amer Funds EuPc

0.0 0.6 1.2 1.8 2.4-0.6-1.2

0.00.3

0.1-0.5

-0.10.6

-0.40.00.0

0.01.5

Amer Funds EuPc MSCI EAFE Gr Idx Net

0.0 10.0 20.0 30.0-10.0-20.0

9.413.6

14.6-1.2

-10.67.88.6

11.09.4

3.017.0

8.711.0

2.80.0

15.05.8

9.30.00.00.00.0


Ca

pit

ali

za

tio

n

Manager Style

MSCI EAFE Growth Index

MSCI Emerging Markets IndexMSCI EAFE Small Cap

MSCI EAFE Value Index

0.0 0.3 0.6 0.9 1.2-0.3-0.6-0.9







0.00.0

0.20.4

0.50.2

-0.40.6

-0.4-0.2

0.5

Amer Funds EuPc 03/31/17

41

FUND INFORMATION


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




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

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

-2.0

0.0

2.0

4.0

6.0

8.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Met West:Total Return 0.90 (55) 0.90 (55) 0.93 (58) 2.57 (39) 3.70 (3) 4.89 (3) 5.80 (1)¢£

BC Aggregate Idx 0.82 (67) 0.82 (67) 0.44 (71) 2.68 (28) 2.34 (51) 3.48 (52) 4.27 (38)��

Median 0.93 0.93 1.19 2.42 2.36 3.51 4.06

-1.5

0.0

1.5

3.0

4.5

6.0

Ret

urn

(%)



Met West:Total Return 3.70 2.81¢£

BC Aggregate Idx 2.34 2.86��

Median 2.36 2.92¾

FundFamily :

Metropolitan WestAsset ManagementLLC


Team Managed

TotalAssets :

$48,944 Million

Turnover : 303%

2016 2015 2014 2013 2012 2011 2010

Met West:Total Return 2.46 (69) 0.29 (34) 5.99 (25) 0.50 (2) 11.55 (1) 5.52 (81) 11.66 (2)Bloomberg Barclays U.S. Aggregate Index 2.65 (59) 0.55 (18) 5.97 (26) -2.02 (52) 4.21 (79) 7.84 (11) 6.54 (68)IM U.S. Broad Market Core Fixed Income (MF) Median 2.82 -0.03 5.54 -2.00 5.95 6.68 7.18

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

3Years

EndingMar-2011

Met West:Total Return 2.57 (39) 2.69 (7) 5.45 (2) 5.86 (2) 8.51 (1) 12.25 (10) 9.12 (1)Bloomberg Barclays U.S. Aggregate Index 2.68 (28) 2.50 (13) 3.10 (53) 3.75 (55) 5.52 (62) 6.83 (80) 5.30 (57)IM U.S. Broad Market Core Fixed Income (MF) Median 2.42 1.98 3.17 3.84 5.85 9.00 5.53

Met West:Total Return 03/31/17

42

TOP SECTOR ALLOCATIONSPORTFOLIO CHARACTERISTICS

STYLE MAP (04/01/00 - 03/31/17)

QUALITY ALLOCATION

ASSET ALLOCATION

MATURITY DISTRIBUTION

UP/DOWN CAPTURE (04/01/12 - 03/31/17)

GNMA and Other Mtg Backed 37.38 %Government Agency Securities 29.38 %Corporate Notes/Bonds 25.41 %Asset Backed Securities 6.04 %

Avg. Coupon 2.82 %Nominal Maturity 7.52 YearsEffective Maturity N/ADuration 5.56 YearsSEC 30 Day Yield 3.85Avg. Credit Quality AA

0.0% 50.0% 100.0% 150.0%

Convertibles

Equities

Other

Cash

Fixed Income

0.0%

0.0%

0.3%

1.5%

98.2%

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

D Rated

Equities/Other

BB AND B Rated

CCC, CC AND C rated

AA Rated

BBB Rated

A Rated

Government/AAA

0.1%

0.3%

2.4%

2.6%

5.1%

9.4%

13.0%

67.1%

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

>30Yrs

Other

10-20Yrs

<1Yr

20-30Yrs

1-3Yrs

3-5Yrs

5-10Yrs

0.0%

0.3%

6.3%

6.7%

9.0%

17.5%

18.0%

42.3%

Style History Mar-2017

Average Style Exposure

Ca

pit

ali

za

tio

n

Manager Style

Barclays Capital Long Term Govt Bond

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

Barclays Capital 1-5 Yr Gov

Met West:Total Return

50.0

75.0

100.0

125.0

150.0U

p C

ap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Met West:Total Return 03/31/17

43

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. High Yield Bonds (MF)




Investment Strategy:The team utilizes a flexible approachthat seeks to generate excess return byutilizing the full range of opportunitiespresented by the high yield market,from investment grade credits trading athigh yield spreads to distressed anddefaulted securities and post-reorganization debt securities.

Innovest's Assessment:The JPMorgan High Yield Fund hashistorically had an overweight allocationto BB and B-rated credits; therefore it islikely to underperform in markets wherelower-rated high yield credits (CCC andlower) perform well. The strategy islikely to outperform when higher qualityhigh yield credits are in favor or wheninvestors generally favor less riskyassets. Additionally, the strategy shouldperform well in market environmentswhere bottom-up fundamental creditresearch is rewarded.

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

JPMorgan High Yield 2.29 (53) 2.29 (53) 13.69 (47) 3.56 (38) 5.87 (41) 6.72 (47) 6.52 (24)¢£

BC US Corp: High Yield 2.70 (28) 2.70 (28) 16.39 (17) 4.56 (11) 6.82 (11) 7.81 (10) 7.46 (5)��

Median 2.32 2.32 13.43 3.21 5.65 6.62 5.89

0.0

2.0

4.0

6.0

8.0

10.0

Ret

urn

(%)

-3.0 0.0 3.0 6.0 9.0Risk (Standard Deviation %)


JPMorgan High Yield 5.87 5.02¢£

BC US Corp: High Yield 6.82 5.34��

Median 5.65 5.12¾

FundFamily :

JPMorgan Funds


Morgan/Shanahan/Gibson

TotalAssets :

$5,669 Million

Turnover : 52%

2016 2015 2014 2013 2012 2011 2010

JPMorgan High Yield 13.75 (46) -4.54 (60) 2.67 (19) 6.94 (42) 14.81 (48) 2.65 (63) 14.67 (36)Bloomberg Barclays U.S. Corporate High Yield 17.13 (6) -4.47 (59) 2.45 (23) 7.44 (30) 15.81 (29) 4.98 (16) 15.12 (28)IM U.S. High Yield Bonds (MF) Median 13.39 -3.89 1.48 6.61 14.72 3.32 14.04

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

3Years

EndingMar-2011

JPMorgan High Yield 3.56 (38) 1.40 (48) 7.00 (28) 7.63 (56) 9.99 (53) 20.15 (59) 12.27 (12)Bloomberg Barclays U.S. Corporate High Yield 4.56 (11) 1.84 (33) 7.46 (17) 9.00 (12) 11.24 (12) 23.87 (14) 12.94 (8)IM U.S. High Yield Bonds (MF) Median 3.21 1.33 6.45 7.76 10.04 20.57 10.11

JPMorgan High Yield 03/31/17

44


STYLE MAP (12/01/98 - 03/31/17)

QUALITY ALLOCATION

ASSET ALLOCATION


UP/DOWN CAPTURE (04/01/12 - 03/31/17)

Corporate Notes/Bonds 80.08 %US$ Denominated Fgn. Gvt. 14.72 %Common Stock 0.45 %Preferred Stock-Non Convertible 0.32 %Asset Backed Securities 0.22 %Convertible Securities 0.01 %

Avg. Coupon N/ANominal Maturity N/AEffective Maturity 6.13 YearsDuration 4.31 YearsSEC 30 Day Yield 7.26Avg. Credit Quality BB

0.0% 50.0% 100.0% 150.0%

Other

Convertibles

Equities

Cash

Fixed Income

0.0%

0.0%

0.5%

4.2%

95.3%

0.0% 25.0% 50.0% 75.0% 100.0%

A Rated

Equities/Other

Not Rated

BBB Rated

Government/AAA

CCC, CC AND C rated

BB AND B Rated

0.1%

0.8%

1.1%

2.2%

4.2%

12.7%

78.9%

0.0% 15.0% 30.0% 45.0% 60.0% 75.0%

20-30Yrs

10-20Yrs

1-3Yrs

Other

<1Yr

>30Yrs

3-5Yrs

5-10Yrs

0.0%

0.0%

0.0%

0.8%

5.0%

5.4%

35.7%

53.3%



Ca

pit

ali

za

tio

n

Manager Style




JPMorgan High Yield

50.0

75.0

100.0

125.0

150.0U

p C

ap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

JPMorgan High Yield 03/31/17

45

FUND INFORMATION


PEER GROUP ANALYSIS - Loan Participation Mutual Funds




Investment Strategy:The Eaton Vance Floating Rate Fundinvests in senior, secured floating-ratebank loans, most of which are ratedbelow investment grade. It is a bottom-up strategy that focuses on capitalpreservation and giving shareholderslow volatility exposure to the floatingrate loan asset class. Due to the largesize of the strategy’s asset base, it isdifficult for incremental gains fromcredit selection to be significant enoughto generate meaningful alpha. Instead,the team focuses on only the largestissues of the highest rated creditsavailable and leaves the "diamond inthe rough" finds to smaller, morenimble strategies.

Innovest's Assessment:The strategy should be expected tooutperform slightly during more difficultcredit environments where higherquality, broad portfolio diversificationtactics will protect the portfolio fromwidespread credit deterioration. Thestrategy should underperform whenlower quality credits (B- and lower)lead, the largest issues selloff, and insituations when smaller issuesoutperform. Still, because of the fund’ssize, it will often track the benchmarkrelatively closely.

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Eaton Vance Flt Rt 1.47 (11) 1.47 (11) 10.54 (32) 3.52 (11) 4.16 (27) 4.47 (30) 3.80 (16)¢£

CSFB Leveraged Loan Idx 2.88 (1) 2.88 (1) 11.52 (15) 4.28 (1) 5.22 (1) 5.26 (4) 4.40 (1)��

Median 0.95 0.95 9.46 2.75 3.78 4.11 3.38

0.0

1.5

3.0

4.5

6.0

Ret

urn

(%)

0.0 0.8 1.6 2.4 3.2 4.0 4.8Risk (Standard Deviation %)


Eaton Vance Flt Rt 4.16 2.65¢£

CSFB Leveraged Loan Idx 5.22 2.43��

Median 3.78 2.65¾

FundFamily :

Eaton VanceManagement


Page/Russ

TotalAssets :

$5,697 Million

Turnover : 27%

2016 2015 2014 2013 2012 2011 2010

Eaton Vance Flt Rt 11.07 (29) -1.63 (53) 0.63 (29) 4.82 (51) 8.27 (67) 2.44 (9) 9.55 (43)Credit Suisse Leveraged Loan Index 9.84 (56) -0.39 (22) 2.06 (1) 6.15 (4) 9.42 (33) 1.80 (29) 9.97 (39)Loan Participation Mutual Funds Median 10.00 -1.53 0.25 4.86 8.89 1.43 9.17

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

3Years

EndingMar-2011

Eaton Vance Flt Rt 3.52 (11) 1.22 (35) 4.06 (46) 4.54 (51) 5.83 (50) 15.81 (24) 6.88 (27)Credit Suisse Leveraged Loan Index 4.28 (1) 2.22 (2) 5.35 (1) 5.28 (13) 6.32 (28) 16.12 (16) 7.32 (20)Loan Participation Mutual Funds Median 2.75 0.91 3.90 4.54 5.83 14.09 6.24

Eaton Vance Flt Rt 03/31/17

46


STYLE MAP (02/01/01 - 03/31/17)

QUALITY ALLOCATION

ASSET ALLOCATION


UP/DOWN CAPTURE (04/01/12 - 03/31/17)

Corporate Notes/Bonds 89.77 %Avg. Coupon 4.69 %Nominal Maturity N/AEffective Maturity 4.62 YearsDuration 0.30 YearsSEC 30 Day Yield 3.84Avg. Credit Quality BB

0.0% 50.0% 100.0% 150.0%

Convertibles

Equities

Other

Cash

Fixed Income

0.0%

0.0%

1.5%

8.7%

89.8%

0.0% 25.0% 50.0% 75.0% 100.0%

D Rated

Equities/Other

CCC, CC AND C rated

Not Rated

BBB Rated

Government/AAA

BB AND B Rated

1.0%

1.5%

2.9%

3.2%

5.7%

8.7%

77.0%

0.0% 8.0% 16.0% 24.0% 32.0% 40.0% 48.0%

>30Yrs

20-30Yrs

10-20Yrs

Other

<1Yr

1-3Yrs

5-10Yrs

3-5Yrs

0.0%

0.0%

0.1%

1.5%

9.2%

17.5%

35.4%

36.3%



Ca

pit

ali

za

tio

n

Manager Style




Eaton Vance Flt Rt

50.0

75.0

100.0

125.0

150.0U

p C

ap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Eaton Vance Flt Rt 03/31/17

47

FUND INFORMATION

SECTOR ALLOCATIONS

PERFORMANCE OVER TIME

INVESTMENT STATISTICS (5 YEARS*)


*If less than 5 years, since inception time period was used.

Investment Strategy:The fund uses a wholly-ownedsubsidiary to invest in derivatives thatprovide exposure to the BloombergCommodity Index. It primarily usesswaps but can also hold futures andstructured notes. The goal is to trackthe benchmark without much trackingerror. Management tries to modestlyoutpace the benchmark by executing atfavorable prices and employing low-riskcash management.

Innovest Assessment:The fund should outperform thebenchmark in periods wherefundamental supply and demandfactors are driving commodity marketreturns. In addition, due to the Team’sconservative cash managementstrategy, the Fund may outperform themarket during environments whereinterest rates are rising or creditspreads are widening. Periods of eventdriven risk can increase the volatility inthe spread between an underlyingcontract of one maturity versus thesame underlying instrument expiring ata different time. This environment oftenbe challenging and cause increased

tracking error.

Crdt Suis Comm Rtn Strat Bloomberg Commodity Index Total Return

0.0

8.0

16.0

-8.0

-16.0

-24.0

Ret

urn

(%)

LastQuarter

YTD 1Year

3Years

5Years

7Years

10Years

-2.3 -2.3

8.7

-13.9

-9.5

-5.9 -6.2

-1.8 -1.8

9.7

-13.4

-9.6

-5.9 -6.1

Crdt Suis Comm Rtn Strat

Bloomberg Commodity Index Total Return

-9.8

-9.7

-9.6

-9.5

Ret

urn

(%)


LastQuarter

YearTo

Date

1Year

3Years

5Years

7Years

10Years

Crdt Suis Comm Rtn Strat -1.78 -1.78 9.69 -13.41 -9.62 -5.85 -6.12Bloomberg Commodity Index Total Return -2.33 -2.33 8.69 -13.92 -9.54 -5.94 -6.22

2016 2015 2014 2013 2012 2011 2010 2009 2008 2007

Crdt Suis Comm Rtn Strat 12.42 -24.96 -16.87 -9.96 -1.83 -12.29 16.93 20.12 -35.47 14.78Bloomberg Commodity Index Total Return 11.74 -24.66 -17.01 -9.52 -1.06 -13.32 16.83 18.91 -35.65 16.23

Alpha BetaActual

Correlation

UpMarket

Capture

DownMarket

Capture

InceptionDate

Crdt Suis Comm Rtn Strat -0.36 0.97 1.00 96.97 98.76 01/01/2006Bloomberg Commodity Index Total Return 0.00 1.00 1.00 100.00 100.00 01/01/2006

0.0

10.0

20.0

30.0

40.0

Engery

Precious

M eta ls

Industr ia

ls M et

a ls

L iv esto

ck

A gri cu

lture

29.1

16.518.5

6.3

29.6

Crdt Suis Comm Rtn Strat 03/31/17

48

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. GIC/Stable Value (SA+CF)




Investment StrategyThe PLUS Fund's investment strategiesare based on a structured anddiversified multi-product, multi-managerapproach. The PLUS Fund investsprimarily in a diversified portfolio ofstable value investment contracts andfixed income securities that backcertain stable value investmentcontracts. Cash equivalents are held, inpart, to provide liquidity for payouts.The composition of the PLUS Fundportfolio and its allocations to variousstable value investments and fixedincome investment sectors isdetermined based on prevailingeconomic and capital marketconditions, relative value analysis, andother factors.

-0.8

0.0

0.8

1.6

2.4

3.2

4.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vantage Trust Plus 0.58 (3) 0.58 (3) 2.31 (1) 2.34 (1) 2.49 (1) 2.80 (1) 3.37 (5)¢£

Ryan 3 Yr GIC Mstr 0.37 (97) 0.37 (97) 1.43 (93) 1.23 (97) 1.21 (98) 1.64 (93) 2.51 (75)��

Median 0.45 0.45 1.90 1.90 1.88 2.26 2.76

0.5

1.0

1.5

2.0

2.5

3.0

Ret

urn

(%)

0.0 0.1 0.2Risk (Standard Deviation %)


Vantage Trust Plus 2.49 0.12¢£

Ryan 3 Yr GIC Mstr 1.21 0.09��

Median 1.88 0.11¾

No data found.

2016 2015 2014 2013 2012 2011 2010

Vantage Trust Plus 2.29 (1) 2.34 (1) 2.39 (3) 2.59 (1) 3.03 (8) 3.50 (20) 3.85 (30)Ryan 3 Yr GIC Mstr 1.39 (94) 1.16 (94) 1.03 (95) 1.06 (92) 1.48 (99) 2.44 (62) 3.53 (41)IM U.S. GIC/Stable Value (SA+CF) Median 1.85 1.82 1.70 1.73 2.39 2.91 3.39

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

3Years

EndingMar-2011

Vantage Trust Plus 2.34 (1) 2.40 (1) 2.60 (1) 2.94 (5) 3.36 (9) 3.73 (27) 4.25 (19)Ryan 3 Yr GIC Mstr 1.23 (97) 1.10 (96) 1.14 (100) 1.51 (97) 2.25 (89) 3.24 (43) 4.11 (25)IM U.S. GIC/Stable Value (SA+CF) Median 1.90 1.81 1.89 2.16 2.74 3.06 3.77

Vantage Trust Plus 03/31/17

49

Financial Strength:

AA‐A+AA‐AA‐

19.2%4.9%14.4%14.9%

A1A1A1A1

Pacific Life Ins. Co. Principal Life Ins. Co.

Prudential Ins. Co. of AmericaTransamerica Premier Life Ins. Co

Investment Contract Issuers

New York Life Ins. Co. Bank of Tokyo‐Mitsubishi

Vantage Trust PLUS

AA+

% of Wrapped Assets

8.7% Aaa

Moody's S&P 5.3% A1 A+

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016Market‐to‐Book 99.88% 95.18% 99.74% 101.37% 102.42% 103.22% 100.60% 101.45% 100.20% 100.29%

90%

95%

100%

105%

HISTORIC MARKET‐TO‐BOOK VALUES

Organization:Founded in 1972, ICMA‐RC's mission is to help building retirement security for public employees.

Description:The PLUS Fund's investment strategies are based on a structured and diversified multi‐product, multi‐manager approach. The PLUS Fund invests primarily in a diversified portfolio of stable value investment contracts and fixed income securities that back certain stable value investment contracts. Cash equivalents are held, in part, to provide liquidity for payouts. The compostion of the PLUS fund and its allocations to vaious stable value investments and fixed income invesment sectors is determined based on prevailing economic and capital market condtions, relative value analysis, and other factors. Current sub‐advisors include: BlackRock, Dodge & Cox, Loomis Sayles, NYL Investors, Facific Asset Management, Pacific Investment Management, Principal Global Investors, Prudential Investment Management, Wellington

Cash & Equivalents

10%

Traditional GICs23%

Agencies2%

Treasuries12%

Credits26%

Mortgage‐Backed22%

Municipals1% ABS

4%

PORTFOLIO ALLOCATION

50

Passive Portfolios Weight (%)

Jan-1985

Bloomberg Barclays U.S. Aggregate Index 35.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 15.00S&P 500 Index 35.00

Jul-1990


Apr-2001


Jan-2002

70% S&P/30% BC Aggr 50.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 10.00Bloomberg Barclays U.S. Aggregate Index 15.00Russell Midcap Index 10.00

Apr-2002

Bloomberg Barclays U.S. Aggregate Index 15.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 10.00Russell Midcap Index 10.0070% S&P/30% BC Aggr 50.00

Oct-2005

Bloomberg Barclays U.S. Aggregate Index 15.00MSCI EAFE (Net) Index 15.00Bloomberg Commodity Index Total Return 2.00Russell Midcap Index 7.00Russell 2000 Index 7.0070% S&P/30% BC Aggr 54.00

Passive Portfolios Weight (%)

Jan-2006

Bloomberg Barclays U.S. Aggregate Index 13.50MSCI EAFE (Net) Index 15.00Russell Midcap Index 7.00Russell 2000 Index 7.00Bloomberg Commodity Index Total Return 3.5070% S&P/30% BC Aggr 54.00

Apr-2006

Bloomberg Barclays U.S. Aggregate Index 12.00MSCI EAFE (Net) Index 15.00Bloomberg Commodity Index Total Return 5.00Russell Midcap Index 7.00Russell 2000 Index 7.0070% S&P/30% BC Aggr 54.00

Oct-2007

70% S&P/30% BC Aggr 54.00Russell Midcap Index 7.00Russell 2000 Index 7.00MSCI EAFE (Net) Index 15.00Bloomberg Barclays U.S. Aggregate Index 12.00Bloomberg Commodity Index Total Return 5.00

Apr-2010

70% S&P/30% BC Aggr 52.00Russell Midcap Index 7.00Russell 2000 Index 7.00MSCI EAFE (Net) Index 15.00Bloomberg Barclays U.S. Aggregate Index 4.00Bloomberg Barclays U.S. Corporate High Yield 3.00CSFB Leveraged Loan 7.00Bloomberg Commodity Index Total Return 5.00

Apr-2012


Custom Benchmark Allocations Over Time

51

Custom Benchmark Allocations Over TimePassive Portfolios Weight (%)

Sep-2014


52

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

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

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

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

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

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

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

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

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

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

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

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











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.


53

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

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

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

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

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

Fund Analysis Overview Key

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

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

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

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

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

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

54

Holdings Based Attribution Key

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

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

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

55

Disclaimer The preceding statistical analysis was prepared by Innovest Portfolio Solutions LLC with data provided by Investment Metrics (IM), Lipper and Morningstar, Inc. All Rights Reserved. The investment products discussed are not insured by the FDIC and involve investment risk including the possible loss of all principal. The information contained herein: (1) is proprieta ry to the v endors listed above and/or its content providers; (2) may not be c opied or distributed; and (3) is not w arranted to be accurate, complete or timely. None of the vendors nor its content providers are respons ible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Innovest compiles the information utilizing secondary data from statements provided by the plan trustee and/or custodian/ This report may also contain returns and valuations from outside sources as directed b y the client. Innovest assumes no respons ibility for the accuracy of these valuations or return methodologies. Reasonable care has been take n to assure the accuracy of the computer software and databases. Innovest disclaims responsibility, financial or ot herwise for t he accuracy and completeness of this report. Copyright 2017 by Innovest Portfolio Solutions LLC Inc. Note: Actual client mutual fund returns are reflected on the table of returns page. Fund pages subsequent to the table of returns reflect the representative mutual fund with the longest track record and may not be the actual share class held by the client. “Copyright 2017, Standard & Poor’s Financial Services LLC. Reproduction of S&P Index Services in any form is prohibited except with the prior written permission of S&P. S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for an y errors or omissions, regardless of the cause or for the r esults obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PAR TICULAR PURPOSE OR USE. In no event shall S&P be liable f or any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P Index Services (2017) Copyright MSCI 2017. Unpublished. All Rights R eserved. This information may only be used for your internal use, may not be reproduced or re-disseminated in any form and m ay not be used to create any financial instruments or products or an y indices. This information is provided on an “as is” basis and the user of this informa tion assumes the entire risk of any use it ma y make or permit t o be made of thi s information. Neither MSCI, an y or its affiliates o r any other person involved in or related to compiling, computing or creating this information makes any express or implied warranties or representations with respect to such information or the results to be ob tained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warr anties (including, without limitation, all warranties of o riginality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without lim iting any of the foregoing, in no ev ent shall MSCI, any of its affiliat es or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punit ive, consequential or an y other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages.

56

Back to the FutureW

hat will w

ork and life look like 30 years from

now?

Thirty years ago, the sci-fi comedy Back to the Future

sent its hero, Marty M

cFly, back in time to 1955 to m

eet his parents. W

e won’t spoil the plot, but a good part of

the movie’s adventures involve helping M

arty and his eccentric friend D

oc find their way back to 1985.

In this issue of Reinventing Retirement, w

e look ahead 30 years to im

agine how the future of w

ork and life might

differ from the past, and w

hat impact this m

ight have on your finances.

1. Yo

u’ll likely w

ork later in

life, bu

t fewer h

ou

rs.

One in five of all A

mericans are w

orking past age 65. That’s the m

ost older people with a job since the early

1960s. What’s driving this trend? Som

e do it because they need the m

oney, others because they like to stay active. 1 Sentim

ent also has been steadily shifting toward

a shorter workw

eek. 2 A grow

ing number of studies show

that cutting back w

ould actually improve productivity —

and our quality of life. 3

2. Yo

u’ll p

rob

ably en

joy g

reater wo

rk-life balan

ce.

The percentage of wom

en with young children w

ho work

is now 71.6%

, 4 up from 45%

in 1965. 5 With com

peting dem

ands on time, both w

omen and m

en are likely to gravitate to com

panies whose policies enable greater

work-life balance. Plus, m

any of us are caring for aging parents, putting pressure on organizations to reshape their w

ork structures.

3. Yo

u’ll b

e able to

explo

re mu

ltiple careers an

d

learnin

g o

pp

ortu

nities.

With m

ore free time, m

ore of us will have the

opportunity to switch careers, or create hybrid jobs

based on our interests. You can see this trend reflected in the 33%

increase in older students enrolling in distance learning courses betw

een 2012 and 2014. 6 C

areer mobility and leisure tim

e are also likely to increase as sm

arter machines continue to replace

workers in certain job areas.

4. Yo

u’ll h

ave op

po

rtun

ities for g

ap years an

d

sabb

aticals betw

een jo

bs.

According to M

onster.com, 20%

of employers now

encourage their em

ployees to take advantage of unpaid gap years and sabbaticals. 7 Progressive com

panies know

that encouraging you to travel and explore the world

can spark renewed creativity and energy.

As the w

orkplace becomes m

ore fluid, financial planning takes on new

importance. N

o matter how

the future looks, your savings likely w

ill need to support changing w

orkstyles, education expenses and gap-year experiences. W

hen going back to the future, the key is not to lim

it your thinking for what’s possible!

Sprin

g 2017

1

1 Bloomberg.com

http://ww

w.bloom

berg.com/new

s/articles/2016-05-13/-i-ll-never-retire-ameri-

cans-break-record-for-working-past-65

2 Dorothy Sue C

obble, “The Future of Work: Shorter H

ours, Higher Pay,” Pacific Standard, A

ugust 20, 2015. https://psm

ag.com/the-future-of-w

ork-shorter-hours-higher-pay-62643260b339#.gj10m

9eiq 3 Brookings Institution. “Tim

e for a shorter work w

eek?” https://ww

w.brookings.edu/opinions/tim

e-for-a-shorter-w

ork-week/

4 “Wom

en in the labor force: a databook,” BLS Reports (U

.S. Bureau of Labor Statistics Report

1059: Decem

ber 2015), p. 20. http://ww

w.bls.gov/opub/reports/w

omens-databook/archive/

wom

en-in-the-labor-force-a-databook-2015.pdf5 Suzanne Bianchi, V

anessa Wight and Sara R

aley, “Maternal Em

ployment and Fam

ily Caregiving:

Rethinking Tim

e with C

hildren in the ATU

S,” Paper prepared for the ATU

S Early Results

Conference, Bethesda, M

D, D

ecember 9, 2005.

6 Babson Survey Research G

roup, 2015 Survey of Online Learning. http://onlinelearningconsortium

.org/new

s_item/babson-study-distance-education-enrollm

ent-growth-continues-2/

7 Source: Monster.com

. https://ww

w.m

onster.com/career-advice/article/take-a-

sabbatical-without-derailing

8 “C

ycle of Investor Emotions,” Behavioural Finance, Barclays, 2006. https://w

ealth.barclays.com/

en_gb/home/research/research-centre/w

hite-papers/Behavioural-Finance/Cycle-of-investor-

emotions.htm

l9

Kahneman, D

aniel, and Am

os Tversky. “Prospect Theory: An A

nalysis of Decision under R

isk,”

Econometrica, XLV

II (1979), 263-291.

Wh

om

do

I call for h

elp?

2

Pu

blish

ed

by In

no

ve

st Po

rtfolio

So

lutio

ns

4643 S. U

lster Stre

et, Su

ite 1

040 |

De

nve

r, CO

80237 |

303.6

94.1

900 |

ww

w.in

no

ve

stinc

.co

m

As m

uch as we recog

nize the need to save, m

any sm

all obstacles tend

to get in the w

ay. It turns out the d

ecisions we m

ake about financial m

atters are deep

ly rooted

in emotion. For exam

ple, one often cited

study

shows that investor sentim

ent is most p

ositive leading

up to a p

eak of exuberance, then m

oves more neg

ative on the w

ay dow

n before the p

attern repeats. 8 O

dd

ly enoug

h, we feel the hap

piest w

hen we are at the p

oint of hig

hest risk in the market (w

hen markets ap

proach

or surpass p

revious highs) and

most anxious w

hen the up

side is g

reatest (at or near market low

s).

There’s no single rule that neatly connects m

arket volatility and

investor behavior. But m

ost psycholog

ists ag

ree that fear is stronger than g

reed. O

ne theory d

eveloped

by D

aniel Kahneman, a N

obel-w

inning p

rofessor at Princeton University, sug

gests that our

decision-m

aking p

rocesses rely on intuition and relative-value jud

gm

ent.

Professor Kahneman d

evised a series of exp

eriments

that illustrate that investor losses hurt more than g

ains feel g

ood —

the pain of losing

$100, for examp

le, was

shown to b

e twice as g

reat as the pleasure of w

inning the sam

e amount. 9 This m

ay help exp

lain why w

e have a tend

ency to sell winning

funds too early, and

avoid losses altog

ether — even if it m

eans choosing not to

particip

ate in potential g

ains.

That’s why it’s critical not only to have an investm

ent p

lan that matches asset allocation to your ob

jectives, tim

e horizon and risk tolerance, b

ut also to envision ahead

of time how

you mig

ht react to market up

s and d

owns. M

anaging

your emotions, and

knowing

how to

remain flexib

le and resilient w

hen times g

et tough, can

help you w

eather inevitable financial storm

s that arise.

Pu

tting

Min

d O

ver Matter

Do

investors rely o

n emo

tion w

hen investing? M

any behavio

ral econo

mists and

psycho

log

ists b

elieve they d

o.

Acco

un

t Info

rmatio

n>

Balances>

> C

hange personal info

Contact : IC

MA

-RC

800.669.7400 | ww

w.icm

arc.org

The P

lan’s In

vestmen

t Co

nsu

ltant

Innovest Portfolio Solutions

4643 S. Ulster St., Suite 1040D

enver, CO

80237

303.694.1900 | ww

w.innovestinc.com

The pie chart and accompanying data show

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

ow is the portfolio diversified?

Investment perform

ance results shown above represent past perform

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

information contained in the applicable fund prospectuses carefully before investing m

oney.

Past P

erformance

Ris

k L

ev

el:The am

ount of expected risk in the Portfolio. R

isk is measured by the potential loss over a 12-m

onth period that an investorm

ight expect in the Portfolio, and is calculated via a statistical process consistent w

ith 95% probability.

Mo

de

rate

:-1

7.0

% to

-19

.0%

Ex

pe

cte

d R

etu

rn: The level of expected investm

ent return from the P

ortfolio. The range of returns shown below

indicates the potentialgain that an investor m

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

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

Mo

de

rate

:6

.5%

to 8

.5%

Who typically uses this portfolio?

Un

de

rsta

nd

ing

Yo

ur P

rofe

ss

ion

ally

-Ma

na

ge

d P

ortfo

lios

Portfolio A

llocation (%)

Who typically uses this portfolio?

Th

e fu

nd

see

ks the

hig

he

st tota

l retu

rn o

ver

time

con

sisten

t with

an

em

ph

asis o

n b

oth

cap

ital a

pp

recia

tion

an

d in

com

e.

Th

e fu

nd

pu

rsue

s its ob

jective

by in

vestin

g in

a d

iversifie

d p

ortfo

lio. U

nd

er n

orm

al

con

ditio

ns, th

e p

ortfo

lio’s a

lloca

tion

to th

eb

roa

d a

sset cla

sses w

ill be

with

in th

efo

llow

ing

ran

ge

s: stocks (5

0-7

0%

); bo

nd

s (20

-40

%); a

nd

mo

ne

y ma

rkets (0

-20

%).

Do

me

stic stocks a

re d

raw

n fro

m th

e o

vera

llU

.S. m

arke

t. Inte

rna

tion

al sto

cks are

sele

cted

prim

arily fro

m la

rge

com

pa

nie

s ind

eve

lop

ed

ma

rkets b

ut m

ay a

lso in

clud

ein

vestm

en

ts in e

me

rgin

g m

arke

ts. Bo

nd

s,w

hich

can

inclu

de

fore

ign

issue

s, are

prim

arily in

vestm

en

t gra

de

(i.e., a

ssign

ed

on

e o

f the

fou

r hig

he

st cred

it ratin

gs) a

nd

are

cho

sen

acro

ss the

en

tire g

ove

rnm

en

t,co

rpo

rate

, an

d a

sset- a

nd

mo

rtga

ge

-ba

cked

bo

nd

ma

rkets. M

atu

rities re

flect th

em

an

ag

er’s o

utlo

ok fo

r inte

rest ra

tes.

Past P

erformance (%

)**

Exp

en

se R

atio

:0

.64

%*

Ma

rch

31

, 20

17

: $1

28

,30

0,2

43

Boston Trust E

quity - Boulder F&

P39.36

¢£

Victory M

under Mid C

ap Core G

rowth

6.64¢£

ICM

Sm

all Com

pany6.24

¢£

Dodge &

Cox Int'l

9.96¢£

Am

erican Funds EuroP

acific Gr

9.98¢£

Boston Trust Fixed Incom

e - Boulder F&

P10.42

¢£

Met W

est Total Return

3.89¢£

Eaton V

ance Floating Rate

6.83¢£

JPM

organ High Y

ield Select

1.97¢£

Crdt S

uis Com

m R

tn Strat

4.72¢££

La

st

Qu

arte

r

Ye

ar

To

Da

te

1Y

ea

r3

Ye

ars

5Y

ea

rs1

0Y

ea

rsS

inc

e In

ce

ptio

nJ

uly

-19

90

Boulder Fire and P

olice4.17

4.1712.97

4.877.59

6.308.38

Bo

uld

er F

ire a

nd

Po

lice

03

/31

/17

* The expense ratio provided is the weighted average of each underlying m

anager’s net expense ratio and market value at the end of the quarter.

** Perform

ance shown is calculated using the portfolio’s target allocations (not the portfolio's actual m

arket value allocations); and includes separateaccount perform

ance gross of fees, while the m

utual fund performance is net of fees. R

eturns shown are not m

eant to reflect actual past performance of

the portfolio, but are provided as a close approximation. A

ll investment returns are calculated by a 3rd party. P

eriods greater than one year areannualized.***This portfolio includes the P

rincipal U.S

. Property A

ccount, a real estate account that could instate redemption restrictions. In the event that these

restrictions are placed on the account, the Boulder FIre and P

olice Board of Trustees w

ill instruct ICM

A-R

C to fulfill redem

ptions from an alternate fund

within the portfolio.