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Fairfax County Public Schools | Second Quarter 2016

Quarterly Investment Review

I Executive Summary Page 1

II Total Plan Page 11

III U.S. Fixed Income Page 13

IV Target Date 3

V U.S. Equity Page 48

VI International Equity Page 65

VII Market Environment Page 70

VIII Fee Analysis Page 81

IX Appendix Page 83

X Disclaimers and Notes Page 90

Table of Contents

Executive Summary

Page 1

Making DC Plans Work for Participants

To clients of Aon Hewitt Investment Consulting:

Because of our professional backgrounds as investment consultants, it is common for friends and family to informally ask for investment

advice. Many colleagues at our firm have had this happen, and while our firm does not provide investment advice to retail customers, we get

first hand insights into the investment behaviors of the average American. Often the portfolios they ask us about are not well-diversified.

Sometimes they are naïvely diversified—say, by equally weighting every option in a defined contribution plan. Sometimes people simply chose

not to save and invest because they didn’t know how.

We have seen plenty of research about how typical DC plan participants have difficulty making investment decisions, but it feels different

seeing an individual experience it. Ultimately, confusion about investments can cause a significant decline in someone’s quality of life.

This is one reason why we are so passionate about using our knowledge of participant behavior to improve defined contribution plans. We

know that plan sponsors can help participants use their plans more effectively by streamlining options, simplifying decisions and using

automation to nudge participants toward sound investment and savings behaviors. Well-designed DC plans help our family, friends, and

colleagues achieve financial success and improve their quality of life. Over the past year, we’ve written a few white papers about how plan

sponsors can do this:

• Customize DC Investments for Participant Success

• What’s in a Name: White-Label Funds in DC Plans

• Real Deal

Reviewing your investment structure with these strategies in mind can improve the efficiency of your DC plan, especially if you have not done

a structure review in a while. Your Aon Hewitt investment team can assist you in determining the most appropriate path.

Aon Hewitt Investment Consulting

Aon Hewitt | Retirement and Investment

Proprietary and Confidential

Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company.

Page 2

https://retirementandinvestmentblog.aon.com/getattachment/3135583f-fa57-4123-ae9e-5f2f73952a58/(posted-07-20-15)Custom-dc-investments-for-participant-success-wp-july2015.pdf.aspx



http://www.aon.com/attachments/human-capital-consulting/2014_Whats-in-a-Name_White-Label-Funds-in-DC-Plans_WP.pdf



http://www.aon.com/human-capital-consulting/thought-leadership/retirement/the-real-deal-2015.jsp

AHIC Thought Leadership Highlights

White Papers

All Investors: The Small Cap Alpha Myth Revisited Link

All Investors: Brexit Link

All Investors ex-DC: Real Estate Beta: Understanding the Power of Core Link

All Investors ex-DC: Risk Parity – Looking at Risk Through a Different Lens Link

DB & DC: Hot Topics in Retirement and Financial Well-Being Link

DB & DC: Real Deal Study Link

Private DB: Pension Funding Strategy Link

DC: Stable Value in the Spotlight Link

DC: If You Offer It, Participants Will Use It (Roth Usage in DC Plans) Link

DC: Final Fiduciary Regulations – Overview for Plan Sponsors Link

Healthcare Industry: Redefining Retirement in the Health Care Industry (Part Five of Five Part Series) Link

Current Topics of Interest

Private DB: Bipartisan Budget Act of 2015 Link

Private DB: U.S. Corporate Pension Liability Hedging Views Link

DC: 2016 Universe Benchmarks – Research Highlights Link

DC: Mythbusters: The Case for Retirement Income in DC Plans Link

Aon Hewitt Retirement and Investment Blog

https://retirementandinvestmentblog.aon.com/

Events

Replay recent webinars, including the most recent session on “The Shifting Retirement Benefits Landscape.” Link

Aon Hewitt | Retirement and Investment

Proprietary and Confidential

Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company.

Page 3

http://respond.aonhewitt.com/small-cap-alpha-myth-revisited-downloads?s=lp

https://retirementandinvestmentblog.aon.com/BlogHome/Blog/June-2016/The-UK-decides-to-leave-the-EU.aspx

http://respond.aonhewitt.com/real-estate-beta-whitepaper?s=lp

http://respond.aonhewitt.com/risk-parity-whitepaper?s=lp

http://www.aon.com/human-capital-consulting/thought-leadership/retirement/2016-hot-topics-retirement.jsp?utm_source=2016htlp&utm_medium=relatedlink2016web&utm_campaign=optin

http://www.aon.com/human-capital-consulting/thought-leadership/retirement/the-real-deal-2015.jsp

http://respond.aonhewitt.com/pension-funding-strategy-download?utm_source=2016wplp&utm_medium=elq-lp&utm_campaign=2016-ret-wp-series

https://retirementandinvestmentblog.aon.com/BlogHome/Blog/June-2016/Stable-Value-in-the-Spotlight.aspx

https://retirementandinvestmentblog.aon.com/getattachment/20efc142-725a-44f8-8a45-892bd04a85a4/Roth_Usage_in_DC_Plans_FINAL-(1).pdf.aspx

http://respond.aonhewitt.com/fiduciary-regulations-download?utm_source=clientalert&utm_medium=email&utm_campaign=2016-ret-wp-series

http://respond.aonhewitt.com/redefining-retirement-part-5?utm_source=2015wplp&utm_medium=elq-lp&utm_campaign=2016-ret-wp-series

http://respond.aonhewitt.com/bipartisan-budget-act-whitepaper?s=lp

https://retirementandinvestmentblog.aon.com/getattachment/a1c892b3-946e-44a5-8f97-2cce5c5ca0b5/Corporate-Pension-Liability-Hedging-Views-05-31-2016-blog-version.pdf.aspx

https://khub.aon.net/_layouts/Aon.KH.Extensions/DownloadFileFormPath.ashx?FileRef=https://khub.aon.net/KHAonHewLib/2016_Universe_Benchmarks_Highlights.pdf

http://respond.aonhewitt.com/article-mythbusters-download?utm_source=ri-tl&utm_medium=ri-tl&utm_campaign=2016-ri

https://retirementandinvestmentblog.aon.com/

http://www.aon.com/human-capital-consulting/thought-leadership/retirement/2016-retirement-webinar-series.jsp?utm_source=2016weblp&utm_medium=ri-tl&utm_campaign=optin

Second Quarter

Year-to-

Date 1-Year 3-Year1 5-Year1 10-Year1

Equity

MSCI All Country World IMI 1.06% 1.36% -3.87% 6.13% 5.43% 4.48%

MSCI All Country World 0.99% 1.23% -3.73% 6.03% 5.38% 4.26%

Dow Jones U.S. Total Stock Market 2.61% 3.55% 2.04% 10.99% 11.54% 7.49%

Russell 3000 2.63% 3.62% 2.14% 11.13% 11.60% 7.40%

S&P 500 2.46% 3.84% 3.99% 11.66% 12.10% 7.42%

Russell 2000 3.79% 2.22% -6.73% 7.09% 8.35% 6.20%

MSCI All Country World ex-U.S. IMI -0.68% -0.91% -9.61% 1.65% 0.39% 2.16%

MSCI All Country World ex-U.S. -0.64% -1.02% -10.24% 1.16% 0.10% 1.87%

MSCI EAFE -1.46% -4.42% -10.17% 2.06% 1.68% 1.58%

MSCI EAFE (Local Currency) -0.74% -7.21% -10.19% 5.78% 6.21% 2.10%

MSCI Emerging Markets 0.66% 6.41% -12.06% -1.56% -3.78% 3.54%

Fixed Income

Barclays Global Aggregate 2.89% 8.96% 8.87% 2.80% 1.77% 4.40%

Barclays Aggregate 2.21% 5.31% 6.00% 4.06% 3.77% 5.14%

Barclays Long Gov't 6.37% 14.94% 18.98% 10.38% 10.17% 8.69%

Barclays Long Credit 6.65% 13.93% 13.76% 8.70% 8.45% 8.14%

Barclays Long Gov't/Credit 6.55% 14.33% 15.72% 9.32% 9.18% 8.42%

Barclays US TIPS 1.71% 6.24% 4.36% 2.32% 2.64% 4.75%

Barclays High Yield 5.52% 9.06% 1.62% 4.19% 5.85% 7.56%

Citi Group Non-U.S. WGBI 4.04% 13.50% 13.85% 2.36% 0.31% 3.97%

JP Morgan EMBI Global (Emerging Markets) 5.40% 10.90% 10.32% 6.44% 6.25% 7.91%

Commodities

Bloomberg Commodity Index 12.78% 13.25% -13.32% -10.55% -10.82% -5.59%

Goldman Sachs Commodity Index 12.67% 9.86% -26.08% -19.81% -14.03% -10.18%

Hedge Funds

HFRI Fund-Weighted Composite2 2.25% 1.63% -1.97% 3.05% 2.46% 3.62%

HFRI Fund of Funds2 0.75% -2.40% -5.23% 1.98% 1.67% 1.60%

Real Estate

NAREIT U.S. Equity REITS 6.96% 13.38% 24.04% 13.58% 12.60% 7.45%

NCREIF NFI - ODCE3 2.13% 4.36% 11.82% 13.00% 12.71% 6.17%

Private Equity

Burgiss Private iQ Global Private Equity4 1.26% 6.37% 6.37% 11.97% 11.22% 10.78%

Infrastructure

Macquarie Global Infrastructure - North America 8.45% 25.05% 16.26% 10.77% 11.02% 8.69%

MSCI Indices show net returns.

All other indices show total returns.1 Periods are annualized.2 Latest 5 months of HFR data are estimated by HFR and may change in the future.3 Second quarter results are preliminary.4 Source: Burgiss Private iQ. Benchmark is as of 12/31/2015.

Periods Ending 06/30/2016

Returns of the Major Capital Markets

Market Highlights

Page 4

Market Highlights

Page 5

Allocation

MarketValue($000)

%

Performance(%)

1Quarter

YearTo

Date

1Year

3Years

5Years

7Years

10Years

Total 457(b) Plan 173,855.93 100.00

U.S. Fixed Income 48,273.67 27.77

Great West Portfolio Fund 28,765.04 16.55 0.50 1.00 2.00 1.88 1.97 2.20 2.53

50% BC Int. Agg/50% 90 day T-Bill 0.75 1.93 2.23 1.65 1.51 1.99 2.83

90 Day U.S. Treasury Bill 0.06 0.12 0.13 0.07 0.07 0.09 1.01

PIMCO Total Return Adm 19,403.06 11.16 2.01 (80) 3.80 (94) 4.05 (88) 3.23 (84) 3.45 (78) 5.08 (51) 6.00 (4)

Barclays Aggregate Index 2.21 (63) 5.31 (39) 6.00 (16) 4.06 (33) 3.76 (48) 4.58 (66) 5.13 (48)

PIMCO Inflation Response MultiAsst Inst 105.56 0.06 4.74 (16) 10.24 (8) 2.21 (26) 1.32 (82) - - -

PIMCO IRMA Benchmark 8.38 (3) 16.99 (1) 7.29 (6) 1.84 (79) 0.12 (91) 4.07 (93) 2.98 (93)

Target Date 12,294.33 7.07

TRP Retirement 2005 401.62 0.23 2.28 (36) 4.75 (26) 2.55 (28) 5.34 (16) 5.27 (21) 8.13 (14) 5.42 (26)

TRP Retirement 2005 Index 1.81 (73) 3.87 (47) 2.45 (30) 5.42 (13) 5.37 (20) 7.59 (27) 5.01 (38)

TRP Retirement 2010 376.37 0.22 2.26 (18) 4.68 (12) 2.27 (22) 5.79 (6) 5.71 (17) 8.90 (1) 5.51 (-)

TRP Retirement 2010 Index 1.81 (83) 3.76 (36) 2.10 (24) 5.82 (5) 5.81 (13) 8.42 (13) 5.16 (-)

TRP Retirement 2015 1,605.36 0.92 2.08 (45) 4.09 (25) 1.46 (43) 6.40 (4) 6.32 (5) 9.81 (1) 5.79 (-)


TRP Retirement 2020 3,115.17 1.79 1.95 (58) 3.45 (51) 0.56 (55) 6.91 (3) 6.84 (4) 10.56 (1) 5.92 (1)


TRP Retirement 2025 2,346.32 1.35 1.72 (88) 2.88 (65) -0.28 (55) 7.33 (3) 7.24 (4) 11.14 (1) 6.02 (-)


TRP Retirement 2030 1,021.13 0.59 1.59 (88) 2.38 (63) -0.95 (52) 7.68 (4) 7.60 (4) 11.65 (1) 6.12 (1)


TRP Retirement 2035 1,762.66 1.01 1.39 (93) 1.84 (65) -1.69 (48) 7.86 (3) 7.77 (5) 11.93 (1) 6.15 (-)

TRP Retirement 2035 Index 1.81 (61) 2.86 (48) -0.33 (24) 7.79 (3) 7.88 (4) 11.60 (1) 5.81 (-)

Fairfax County Public Schools

Asset Allocation & Performance

As of June 30, 2016

Page 6


Asset Allocation & Performance

As of June 30, 2016

Allocation

MarketValue($000)

%

Performance(%)

1Quarter

YearTo

Date

1Year

3Years

5Years

7Years

10Years

TRP Retirement 2040 641.00 0.37 1.24 (90) 1.37 (79) -2.30 (54) 7.92 (3) 7.88 (6) 12.04 (1) 6.22 (1)

TRP Retirement 2040 Index 1.78 (59) 2.70 (39) -0.75 (25) 7.87 (3) 8.02 (4) 11.71 (3) 5.89 (8)

TRP Retirement 2045 432.66 0.25 1.25 (87) 1.39 (79) -2.29 (49) 7.94 (3) 7.91 (7) 12.03 (1) 6.22 (-)

TRP Retirement 2045 Index 1.78 (51) 2.68 (38) -0.75 (20) 7.87 (3) 8.02 (5) 11.71 (1) 5.89 (-)

TRP Retirement 2050 313.87 0.18 1.25 (83) 1.33 (77) -2.26 (49) 7.92 (5) 7.90 (9) 12.03 (1) -

TRP Retirement 2050 Index 1.78 (56) 2.68 (41) -0.75 (22) 7.87 (6) 8.02 (4) 11.71 (1) -

TRP Retirement 2055 278.18 0.16 1.26 (80) 1.34 (77) -2.29 (47) 7.94 (5) 7.91 (8) 12.04 (-) -

TRP Retirement 2055 Index 1.78 (53) 2.68 (36) -0.75 (18) 7.87 (7) 8.02 (6) 11.71 (-) -

U.S. Equity 94,457.56 54.33

BlackRock S&P 500 Stock 22,686.92 13.05 2.44 (16) 3.80 (16) 3.92 (24) 11.58 (12) 12.00 (24) 14.81 (16) 7.33 (22)

S&P 500 Index 2.46 (10) 3.84 (7) 3.99 (3) 11.66 (1) 12.10 (1) 14.92 (1) 7.42 (3)

Dodge & Cox Stock 21,160.82 12.17 1.70 (60) 0.70 (77) -5.09 (94) 8.28 (82) 10.44 (58) 13.87 (44) 5.13 (93)

S&P 500 Index 2.46 (33) 3.84 (29) 3.99 (24) 11.66 (14) 12.10 (16) 14.92 (14) 7.42 (22)

Vanguard Mid Cap Index 26,373.47 15.17 2.32 (54) 3.53 (40) -0.89 (31) 10.78 (23) 10.57 (21) 16.49 (10) 7.83 (26)

Vanguard Spliced Mid Cap Index 2.34 (53) 3.52 (40) -0.87 (30) 10.82 (21) 10.61 (20) 16.53 (9) 7.84 (26)

Baron Growth Inst 24,236.35 13.94 3.38 (21) 3.70 (15) -3.96 (31) 7.72 (63) 9.22 (37) 14.36 (45) -

Baron Growth Rtl 3.31 (23) 3.57 (15) -4.19 (34) 7.44 (67) 8.94 (39) 14.06 (50) 7.00 (52)

Russell Midcap Growth Index 1.56 (67) 2.15 (26) -2.14 (20) 10.52 (28) 9.98 (27) 15.82 (17) 8.12 (32)

International Equity 17,323.11 9.96

Artisan International Inv 17,323.11 9.96 -1.30 (57) -4.88 (70) -11.87 (67) 2.27 (29) 4.39 (2) 8.42 (3) 3.58 (13)

MSCI EAFE Index (Net) -1.46 (60) -4.42 (65) -10.16 (42) 2.06 (36) 1.68 (34) 5.97 (44) 1.58 (57)

MSCI AC World ex USA Index (Net) -0.64 (43) -1.02 (25) -10.24 (43) 1.16 (54) 0.10 (86) 5.35 (58) 1.87 (42)

Page 7

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

U.S. Fixed Income

Great West Portfolio Fund 2.88 3.26 3.42 3.37 2.67 2.55 2.11 1.53 1.86 2.00

50% BC Int. Agg/50% 90 day T-Bill 4.67 5.97 3.50 3.28 3.11 2.99 1.80 -0.48 2.06 0.62

90 Day U.S. Treasury Bill 4.76 4.91 2.10 0.17 0.13 0.08 0.08 0.05 0.04 0.03

PIMCO Total Return Adm 3.74 (85) 8.82 (1) 4.56 (23) 13.53 (30) 8.57 (16) 3.91 (95) 10.10 (3) -2.16 (72) 4.43 (82) 0.47 (36)

Barclays Aggregate Index 4.34 (41) 6.97 (19) 5.24 (19) 5.93 (84) 6.54 (68) 7.84 (15) 4.21 (76) -2.02 (64) 5.97 (33) 0.55 (27)

IM U.S. Broad Market Core Fixed Income (MF) Median 4.24 6.16 0.61 10.77 7.08 6.98 6.06 -1.64 5.76 0.32

PIMCO Inflation Response MultiAsst Inst - - - - - - 9.56 (65) -9.29 (100) 1.57 (73) -6.77 (78)

PIMCO IRMA Benchmark 5.27 (98) 10.35 (30) -14.42 (14) 17.32 (89) 13.49 (42) 3.82 (14) 4.83 (92) -11.77 (100) -0.46 (82) -7.12 (79)

IM Flexible Portfolio (MF) Median 12.11 7.15 -28.81 25.12 12.56 -1.55 11.02 11.99 3.80 -3.39

Target Date

TRP Retirement 2005 11.50 (7) 6.67 (25) -22.24 (82) 24.55 (17) 11.51 (17) 1.43 (65) 11.35 (17) 9.74 (22) 4.72 (40) -0.75 (37)

TRP Retirement 2005 Index 11.29 (12) 6.79 (23) -19.10 (68) 16.91 (63) 10.22 (42) 2.38 (43) 9.52 (42) 9.86 (21) 5.48 (25) -0.10 (19)

IM Mixed-Asset Target Alloc Consv (MF) Median 8.02 5.65 -17.05 18.88 9.92 2.07 9.06 7.51 4.21 -1.13

TRP Retirement 2010 12.84 (10) 6.65 (48) -26.71 (80) 27.95 (4) 12.70 (4) 0.54 (55) 12.44 (6) 11.93 (8) 4.99 (23) -0.76 (59)


IM Mixed-Asset Target 2010 (MF) Median 12.02 6.42 -24.07 22.97 10.88 0.90 9.64 9.24 4.49 -0.67

TRP Retirement 2015 13.73 (-) 6.75 (-) -30.22 (86) 31.35 (1) 13.79 (4) -0.32 (81) 13.81 (1) 15.18 (2) 5.37 (31) -0.58 (33)

TRP Retirement 2015 Index 13.44 (-) 6.85 (-) -26.61 (33) 22.08 (65) 12.57 (27) 1.09 (42) 11.94 (25) 14.97 (3) 6.30 (16) -0.28 (17)

IM Mixed-Asset Target 2015 (MF) Median - - -27.68 25.09 11.75 0.93 11.02 11.50 4.87 -0.74

TRP Retirement 2020 14.66 (9) 6.73 (50) -33.48 (82) 34.19 (1) 14.74 (3) -1.20 (84) 15.01 (1) 18.05 (2) 5.63 (37) -0.31 (25)


IM Mixed-Asset Target 2020 (MF) Median 12.34 6.68 -28.49 24.76 12.79 0.19 11.78 12.98 5.13 -0.80

TRP Retirement 2025 15.44 (-) 6.81 (-) -35.90 (87) 36.29 (1) 15.37 (1) -2.06 (71) 16.00 (1) 20.78 (3) 5.84 (38) -0.17 (13)

TRP Retirement 2025 Index 15.21 (-) 6.84 (-) -32.24 (36) 26.15 (66) 14.12 (26) -0.22 (25) 14.00 (22) 20.01 (4) 7.06 (9) -0.56 (31)

IM Mixed-Asset Target 2025 (MF) Median - - -33.66 27.71 13.67 -1.05 13.27 16.08 5.52 -1.14

TRP Retirement 2030 16.14 (-) 6.83 (56) -37.79 (74) 37.99 (1) 16.01 (3) -2.70 (70) 16.82 (1) 23.09 (4) 6.05 (36) -0.02 (6)

TRP Retirement 2030 Index 16.12 (-) 6.80 (56) -34.16 (45) 27.43 (70) 14.72 (32) -0.79 (21) 14.85 (20) 22.13 (8) 7.29 (7) -0.73 (40)

IM Mixed-Asset Target 2030 (MF) Median - 7.46 -36.24 28.91 13.90 -2.19 14.02 18.20 5.66 -1.05

TRP Retirement 2035 16.18 (-) 6.81 (-) -38.88 (71) 39.04 (1) 16.34 (1) -3.26 (61) 17.35 (1) 24.86 (3) 6.07 (38) 0.13 (4)



TRP Retirement 2040 16.24 (-) 6.77 (63) -38.85 (72) 39.07 (1) 16.51 (9) -3.49 (43) 17.55 (1) 25.93 (8) 6.18 (38) 0.17 (3)

TRP Retirement 2040 Index 16.36 (-) 6.74 (64) -35.35 (14) 28.59 (84) 15.17 (38) -1.46 (9) 15.66 (40) 24.73 (20) 7.43 (7) -1.01 (40)

IM Mixed-Asset Target 2040 (MF) Median - 7.33 -37.62 30.66 14.70 -3.71 15.19 21.74 5.85 -1.23

TRP Retirement 2045 16.15 (-) 6.84 (-) -38.83 (53) 39.10 (1) 16.44 (10) -3.47 (31) 17.62 (1) 25.93 (5) 6.14 (35) 0.17 (3)




Calendar Year Performance

As of June 30, 2016

Returns for periods greater than one year are annualized.Returns are expressed as percentages.

Page 8


Calendar Year Performance

As of June 30, 2016

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

TRP Retirement 2050 - 6.82 (-) -38.80 (58) 38.92 (1) 16.41 (15) -3.36 (26) 17.55 (4) 25.90 (12) 6.19 (36) 0.19 (4)

TRP Retirement 2050 Index - 6.74 (-) -35.35 (6) 28.59 (85) 15.17 (39) -1.46 (5) 15.66 (40) 24.73 (28) 7.43 (8) -0.98 (40)


TRP Retirement 2055 - 6.82 (-) -38.89 (-) 38.97 (-) 16.41 (-) -3.35 (16) 17.60 (1) 25.86 (12) 6.18 (40) 0.18 (5)

TRP Retirement 2055 Index - 6.74 (-) -35.35 (-) 28.59 (-) 15.17 (-) -1.46 (1) 15.66 (60) 24.73 (29) 7.43 (10) -0.98 (47)

IM Mixed-Asset Target 2055+ (MF) Median - - - - - -4.33 15.73 23.18 5.72 -1.24

U.S. Equity

BlackRock S&P 500 Stock 15.60 (46) 5.36 (36) -37.01 (30) 26.49 (18) 14.92 (36) 1.98 (41) 15.84 (33) 32.21 (28) 13.61 (14) 1.35 (19)

S&P 500 Index 15.79 (1) 5.49 (11) -37.00 (29) 26.46 (23) 15.06 (1) 2.11 (8) 16.00 (3) 32.39 (3) 13.69 (1) 1.38 (9)

IM S&P 500 Index (MF) Median 15.56 5.28 -37.06 26.39 14.82 1.96 15.77 32.11 13.47 1.23

Dodge & Cox Stock 18.53 (5) 0.14 (93) -43.31 (91) 31.27 (26) 13.49 (54) -4.08 (89) 22.01 (3) 40.55 (1) 10.40 (71) -4.49 (94)

S&P 500 Index 15.79 (29) 5.49 (61) -37.00 (55) 26.46 (55) 15.06 (34) 2.11 (30) 16.00 (44) 32.39 (47) 13.69 (20) 1.38 (29)

IM U.S. Large Cap Core Equity (MF) Median 14.42 6.32 -36.60 27.05 13.83 1.00 15.50 32.26 11.86 -0.12

Vanguard Mid Cap Index 13.78 (40) 6.22 (60) -41.76 (68) 40.51 (33) 25.67 (33) -1.96 (40) 16.01 (43) 35.17 (49) 13.78 (11) -1.33 (38)

Vanguard Spliced Mid Cap Index 13.75 (40) 6.19 (60) -41.80 (68) 40.49 (33) 25.69 (33) -1.91 (39) 16.04 (42) 35.21 (49) 13.83 (10) -1.28 (38)

IM U.S. Mid Cap Equity (MF) Median 12.49 8.99 -39.51 35.02 23.83 -3.28 15.32 34.76 8.11 -2.43

Baron Growth Inst - - - - 24.32 (53) 1.51 (14) 16.74 (23) 38.69 (26) 4.66 (80) -4.06 (80)

Baron Growth Rtl 15.50 (19) 6.59 (84) -39.18 (28) 34.24 (65) 24.01 (54) 1.24 (15) 16.43 (27) 38.32 (27) 4.40 (82) -4.31 (81)

Russell Midcap Growth Index 10.66 (44) 11.43 (74) -44.32 (66) 46.29 (30) 26.38 (41) -1.65 (35) 15.81 (35) 35.74 (49) 11.90 (14) -0.20 (47)

IM U.S. Mid Cap Growth Equity (MF) Median 9.46 17.27 -41.54 41.03 24.38 -2.80 14.61 35.64 7.37 -0.52

International Equity

Artisan International Inv 25.56 (61) 19.73 (10) -46.96 (98) 39.77 (12) 5.91 (73) -7.26 (13) 25.39 (5) 25.18 (9) -0.97 (10) -3.85 (78)

MSCI EAFE Index (Net) 26.34 (42) 11.17 (69) -43.38 (63) 31.78 (53) 7.75 (57) -12.14 (47) 17.32 (66) 22.78 (17) -4.90 (36) -0.81 (39)

MSCI AC World ex USA Index (Net) 26.65 (41) 16.65 (19) -45.53 (83) 41.45 (7) 11.15 (23) -13.71 (76) 16.83 (71) 15.29 (83) -3.87 (24) -5.66 (86)

IM International Large Cap Equity (MF) Median 26.03 12.31 -42.37 32.08 8.69 -12.43 18.62 20.03 -5.37 -1.69

Returns for periods greater than one year are annualized.Returns are expressed as percentages.

Page 9

Great West Portfolio Fund PIMCO Total Return Adm PIMCO Inflation Response MultiAsst Inst

TRP Retirement 2005 TRP Retirement 2010 TRP Retirement 2015



TRP Retirement 2050 TRP Retirement 2055 BlackRock S&P 500 Stock

Dodge & Cox Stock Vanguard Mid Cap Index Baron Growth Inst

Artisan International Inv

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

An

nu

aliz

ed

Re

turn

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0Annualized Standard Deviation


Risk Profile

3 Years Ending June 30, 2016

Page 10

Total Plan

Page 11

June 30, 2016 : $173,855,928 March 31, 2016 : $168,049,544

Market Value($M)

Allocation(%)

U.S. Fixed Income 48.3 27.8¢£

Target Date 12.3 7.1¢£

U.S. Equity 94.5 54.3¢£

International Equity 17.3 10.0¢£

Loan Fund 1.5 0.9¢£

Market Value($M)

Allocation(%)

U.S. Fixed Income 47.1 28.0¢£

Target Date 11.0 6.5¢£

U.S. Equity 91.0 54.2¢£

International Equity 17.4 10.4¢£

Loan Fund 1.5 0.9¢£

Fairfax County Public Schools Total Plan

Asset Allocation by Asset Class

As of June 30, 2016

Page 12

U.S. Fixed Income

Page 13

-1.6

-0.8

0.0

0.8

1.6

2.4

3.2

4.0

4.8

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

Great West Portfolio Fund 0.50 (31) 1.00 (25) 2.00 (23) 1.88 (42) 1.97 (51) 2.53 (94)¢

50% BC Int. Agg/50% 90 day T-Bill 0.75 (4) 1.93 (3) 2.23 (4) 1.65 (57) 1.51 (75) 2.83 (65)�

90 Day U.S. Treasury Bill 0.06 (100) 0.12 (100) 0.13 (100) 0.07 (100) 0.07 (100) 1.01 (100)p

5th Percentile 0.66 1.19 2.18 2.28 2.51 3.50

1st Quartile 0.50 0.99 1.98 2.01 2.28 3.33

Median 0.47 0.93 1.86 1.78 1.98 2.93

3rd Quartile 0.35 0.69 1.36 1.34 1.49 2.76

95th Percentile 0.35 0.66 1.26 1.19 1.41 2.46

Population 31 31 31 31 31 28

Great West Portfolio Fund

Peer Group Analysis

As of June 30, 2016

IM U.S. GIC/Stable Value (SA+CF)

Parentheses contain percentile rankings.

Page 14

Return Summary

Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years

Account Information

As of June 30, 2016

PIMCO Total Return Adm Performance Summary

PIMCO Total Return Adm

PIMCO Total Return Adm Barclays Aggregate Index

0.0

3.0

6.0

9.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

2.2

5.3

6.0

4.13.8

5.1

2.0

3.84.1

3.23.4

6.0

Product Name : PIMCO:Tot Rtn;Admn (PTRAX)

Fund Family : PIMCO

Ticker : PTRAX

Peer Group : IM U.S. Broad Market Core Fixed Income (MF)

Benchmark : Barclays Aggregate Index

Fund Inception : 09/08/1994

Portfolio Manager : Mather/Kiesel/Worah

Total Assets : $5,469.10 Million

Total Assets Date : 06/30/2016

Gross Expense : 0.71%

Net Expense : 0.71%

Turnover : 478%

Quarterly Out Performance Quarterly Under Performance

0.0%

4.0%

8.0%

-4.0 %

-8.0 %

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16

PIMCO Total Return Adm Benchmark

0.96

1.00

1.04

1.08

6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16

0.98

Page 15

As of June 30, 2016

Peer Group Analysis


IM U.S. Broad Market Core Fixed Income (MF)

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

PIMCO Total Return Adm 2.01 (80) 3.80 (94) 4.05 (88) 3.23 (84) 3.45 (78) 6.00 (4)¢

Barclays Aggregate Index 2.21 (63) 5.31 (39) 6.00 (16) 4.06 (33) 3.76 (48) 5.13 (48)�

5th Percentile 2.94 6.02 6.47 4.74 4.62 5.94

1st Quartile 2.58 5.49 5.86 4.18 4.12 5.48

Median 2.36 5.21 5.34 3.93 3.76 5.06

3rd Quartile 2.12 4.77 4.82 3.49 3.48 4.73

95th Percentile 1.53 3.44 2.65 2.49 2.53 3.27

Page 16

5 Years Historical Statistics

Rolling 5 Years Standard DeviationAnnualized Return vs. Annualized Standard Deviation

5 Years


PIMCO Total Return Adm Risk Profile


PIMCO Total Return Adm Barclays Aggregate Index

0.0

0.9

1.8

2.7

3.6

4.5

5.4

6.3

7.2

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16PIMCO Total Return Adm Barclays Aggregate Index

Citigroup 3 Month T-Bill

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Re

turn

(%)

0.0 0.7 1.4 2.1 2.8 3.5 4.2 4.9 5.6Risk (Standard Deviation %)

ActiveReturn

TrackingError

InformationRatio

R-SquaredSharpeRatio

Alpha Beta ReturnStandardDeviation

ActualCorrelation

PIMCO Total Return Adm -0.28 2.36 -0.12 0.58 0.93 -0.29 1.00 3.45 3.65 0.76

Barclays Aggregate Index 0.00 0.00 N/A 1.00 1.33 0.00 1.00 3.76 2.77 1.00

Citigroup 3 Month T-Bill -3.67 2.77 -1.33 0.01 N/A 0.06 0.00 0.06 0.02 0.10

Page 17

PIMCO Total Return Fund

Credit Quality Allocation As of 06/30/2016 Fixed Income Characteristics As of 06/30/2016

Average Coupon 3.17%

Effective Maturity 9.08 Years

Yield-to-Maturity 3.71%

Effective Duration 5.77 Years

Holdings Count 4,505

Average Credit Quality AA-

Maturity Distribution As of 06/30/2016 Sector Allocation As of 06/30/2016

Mutual Fund Attributes

As of June 30, 2016

15%

10%

30%

42%

17%

-14%

-25% -15% -5% 5% 15% 25% 35% 45% 55%

20+ Years

10-20 Years

5-10 Years

3-5 Years

1-3 Years

<1 Year

-20%

0%

6%

9%

19%

40%

48%

-35% -15% 5% 25% 45%

Net Cash Equivalents

Non-U.S. Developed

Other

Emerging Markets

Credit

U.S. Government-Related

Mortgage

10%

11%

9%

4%

66%

0% 20% 40% 60% 80%

<BBB

BBB

A

AA

AAA

Page 18

Return Summary

Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception

Account Information

As of June 30, 2016

PIMCO Inflation Response MultiAsst Inst Performance Summary

PIMCO Inflation Response MultiAsst Inst


PIMCO IRMA Benchmark

0.0

6.0

12.0

18.0

24.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

8.4

17.0

7.3

1.8

0.1

3.0

4.7

10.2

2.21.3

Product Name : PIMCO:Infl Rsp MA;Inst (PIRMX)

Fund Family : PIMCO

Ticker : PIRMX

Peer Group : IM Flexible Portfolio (MF)

Benchmark : PIMCO IRMA Benchmark


Portfolio Manager : Mihir Worah/Johnson

Total Assets : $959.40 Million



Net Expense : 0.77%

Turnover : 290%


0.0%

3.0%

6.0%

-3.0 %

-6.0 %

12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 PIMCO Inflation Response MultiAsst Inst

Benchmark

0.96

1.02

1.08

1.14

1.20

8/11 2/12 8/12 2/13 8/13 2/14 8/14 2/15 8/15 6/16

1.04

Page 19

As of June 30, 2016

Peer Group Analysis


IM Flexible Portfolio (MF)

-22.0

-16.0

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

32.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

PIMCO Inflation Response MultiAsst Inst 4.74 (16) 10.24 (8) 2.21 (26) 1.32 (82) N/A N/A¢

PIMCO IRMA Benchmark 8.38 (3) 16.99 (1) 7.29 (6) 1.84 (79) 0.12 (91) 2.98 (93)�

5th Percentile 6.12 10.47 7.36 8.08 8.28 7.25

1st Quartile 3.81 5.99 2.27 5.61 6.43 5.61

Median 2.35 3.43 -1.07 4.21 4.24 4.67

3rd Quartile 1.03 1.06 -4.16 2.18 2.66 3.84

95th Percentile -2.44 -3.77 -10.20 -2.95 -0.89 2.19

Page 20


Rolling 1 Year Standard DeviationAnnualized Return vs. Annualized Standard Deviation

3 Years


PIMCO Inflation Response MultiAsst Inst Risk Profile




0.0

3.0

6.0

9.0

12.0

15.0

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16PIMCO Inflation Response MultiAsst Inst



-1.2

-0.6

0.0

0.6

1.2

1.8

2.4

3.0

Re

turn

(%)

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0Risk (Standard Deviation %)

ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

PIMCO Inflation Response MultiAsst Inst -0.59 3.44 -0.17 0.84 0.21 -0.14 0.79 1.32 7.30 0.91

PIMCO IRMA Benchmark 0.00 0.00 N/A 1.00 0.25 0.00 1.00 1.84 8.43 1.00


Page 21

As of June 30, 2016



Asset Allocation As of 12/31/2015

0.0% 50.0% 100.0% 150.0% 200.0%-50.0 %-100.0 %

Cash

Convertibles

Equities

Other

Fixed Income

-25.6 %

0.0%

8.7%

14.4%

102.5%

Fund Characteristics As of 12/31/2015

Total Securities 489

Avg. Market Cap $28,955.62 Million

P/E 40.22

P/B 3.16

Div. Yield 5.64%

Annual EPS 21.32

5Yr EPS 16.37

3Yr EPS Growth 28.96

Top Ten Securities As of 12/31/2015

PIMCO Emerging Markets Currency Fund;Institutional 11.13 %

Vanguard REIT Index Fund;ETF 1.25 %

American Capital Agency Corp 1.00 %

Vanguard FTSE Emerging Markets Fund ETF 0.57 %

Simon Property Group Inc ORD 0.37 %

Public Storage ORD 0.34 %

Annaly Capital Management Inc ORD 0.33 %

Essex Property Trust Inc 0.30 %

Equity Residential ORD 0.30 %

AvalonBay Communities Inc ORD 0.27 %

Page 22

Target Date

Page 23

Asset Allocation for T. Rowe Price Retirement Funds

As of June 30, 2016

0%

20%

40%

60%

80%

100%

TargetBalanced

Target2005

Target2010

Target2015

Target2020

Target2025

Target2030

Target2035

Target2040

Target2045

Target2050

Target2055

Target2060

Fixed Income US Equity Non-US Equity Specialty Funds*

________________________________

* Specialty Funds include T. Rowe Price Real Assets Fund

Page 24

Asset Allocation: T. Rowe Price Retirement Funds

Balanced Fund

2005 Fund

2010 Fund

2015 Fund

2020 Fund

2025 Fund

2030 Fund

2035 Fund

2040 Fund

2045 Fund

2050 Fund

2055 Fund

2060 Fund

Fixed Income 60.2% 61.3% 55.4% 46.9% 37.3% 29.4% 22.3% 16.3% 11.2% 10.3% 10.3% 10.2% 10.3%

T. Rowe Price Inflation Focused Bond 30.1% 18.0% 15.5% 11.5% 6.6% 3.5% 1.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

T. Rowe Price New Income 21.0% 30.2% 27.8% 24.7% 21.5% 18.1% 14.5% 11.4% 7.9% 7.2% 7.2% 7.1% 7.2%

T. Rowe Price High Yield 3.0% 4.3% 4.0% 3.5% 3.1% 2.6% 2.1% 1.6% 1.1% 1.0% 1.0% 1.0% 1.0%

T. Rowe Price Intl Bond 3.1% 4.4% 4.0% 3.6% 3.1% 2.6% 2.1% 1.6% 1.1% 1.0% 1.0% 1.0% 1.0%

T. Rowe Price EM Bond 3.1% 4.4% 4.1% 3.6% 3.2% 2.7% 2.1% 1.7% 1.1% 1.0% 1.0% 1.0% 1.0%

U.S. Equity 25.6% 24.9% 28.7% 34.3% 40.4% 45.6% 50.0% 53.8% 57.1% 57.7% 57.7% 57.8% 57.7%

T. Rowe Price Value 0.0% 0.0% 0.0% 2.4% 6.6% 10.4% 13.5% 16.4% 18.7% 19.1% 19.1% 19.1% 19.1%

T. Rowe Price Equity Index 500 20.4% 19.9% 23.0% 22.0% 18.5% 15.1% 12.4% 9.6% 7.5% 7.3% 7.3% 7.3% 7.3%

T. Rowe Price Growth Stock 0.0% 0.0% 0.0% 3.0% 7.2% 10.9% 14.0% 17.0% 19.3% 19.7% 19.7% 19.6% 19.7%

T. Rowe Price Mid-Cap Value 1.5% 1.4% 1.6% 1.9% 2.3% 2.6% 2.8% 3.0% 3.2% 3.2% 3.2% 3.2% 3.3%

T. Rowe Price Mid-Cap Growth 1.3% 1.3% 1.4% 1.7% 2.0% 2.3% 2.5% 2.7% 2.9% 2.9% 2.9% 3.1% 2.9%

T. Rowe Price Small-Cap Value 0.8% 0.8% 0.9% 1.2% 1.4% 1.6% 1.7% 1.9% 2.0% 2.0% 2.0% 2.0% 2.0%

T. Rowe Price Small-Cap Stock 1.0% 0.9% 1.1% 1.2% 1.4% 1.6% 1.8% 1.9% 2.0% 2.0% 2.0% 2.0% 2.0%

T. Rowe Price New Horizons 0.6% 0.6% 0.7% 0.8% 1.0% 1.1% 1.2% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4%

Non-U.S. Equity 12.7% 12.4% 14.3% 16.9% 19.9% 22.5% 24.8% 26.8% 28.5% 28.7% 28.8% 28.8% 28.7%

T. Rowe Price Intl Growth & Income 3.6% 3.5% 4.1% 4.8% 5.7% 6.4% 7.0% 7.5% 8.0% 8.0% 8.0% 8.0% 8.0%

T. Rowe Price Overseas Stock 3.7% 3.6% 4.2% 4.9% 5.9% 6.6% 7.3% 7.9% 8.4% 8.5% 8.5% 8.5% 8.5%

T. Rowe Price International Stock 3.3% 3.2% 3.7% 4.4% 5.2% 5.8% 6.4% 6.9% 7.3% 7.4% 7.4% 7.4% 7.4%

T. Rowe Price Emerging Markets Stock 2.2% 2.1% 2.3% 2.8% 3.2% 3.6% 4.1% 4.5% 4.8% 4.9% 4.9% 4.9% 4.8%

Real Assets 1.5% 1.4% 1.6% 1.9% 2.3% 2.6% 2.8% 3.0% 3.2% 3.3% 3.3% 3.3% 3.3%

T. Rowe Price Real Assets 1.5% 1.4% 1.6% 1.9% 2.3% 2.6% 2.8% 3.0% 3.2% 3.3% 3.3% 3.3% 3.3%

MM/Short Term Investment 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Summit Cash Reserves 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

As of June 30, 2016

Page 25

Return Summary


Account Information

As of June 30, 2016

TRP Retirement 2005 Performance Summary

TRP Retirement 2005

TRP Retirement 2005 TRP Retirement 2005 Index

0.0

2.0

4.0

6.0

8.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

1.8

3.9

2.5

5.4 5.45.0

2.3

4.7

2.5

5.3 5.3 5.4

Product Name : T Rowe Price Ret:2005 (TRRFX)

Fund Family : T Rowe Price Associates Inc

Ticker : TRRFX

Peer Group : IM Mixed-Asset Target Alloc Consv (MF)

Benchmark : TRP Retirement 2005 Index


Portfolio Manager : Clark/Lee




Net Expense : 0.58%

Turnover : 14%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16

TRP Retirement 2005 Benchmark

0.96

0.98

1.00

1.02

6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16

1.00

Page 26

As of June 30, 2016


TRP Retirement 2005


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

Convertibles

Other

Cash

Equities

Fixed Income

0.0%

0.1%

2.1%

38.9%

58.9%


Total Securities 18


P/E 10.13

P/B 1.83

Div. Yield 1.06%

Annual EPS 3.01

5Yr EPS 3.47

3Yr EPS Growth 4.24


T Rowe Price New Income Fund 29.24 %

T Rowe Price Equity Index 500 Fund 20.37 %

T Rowe Price Limited Duration Inflation Foc Bd 17.61 %

T Rowe Price High Yield Fund 4.48 %

T Rowe Price Emerging Markets Bond Fund 4.48 %

T Rowe Price International Bond Fund 4.35 %

T Rowe Price Overseas Stock Fund 3.72 %

T Rowe Price International Growth & Income Fd 3.69 %

T Rowe Price International Stock Fund 3.28 %

T Rowe Price Emerging Markets Stock Fund 2.30 %

Sector/Quality Allocation As of 03/31/2016

0.0% 5.0% 10.0% 15.0% 20.0%

Utilities

Telecommunication Services

Materials

Energy

Consumer Staples

Health Care

Industrials

Information Technology

Consumer Discretionary

Financials

1.2%

1.3%

1.7%

2.2%

4.3%

4.5%

4.9%

5.0%

5.1%

8.4%

Page 27

Return Summary


Account Information

As of June 30, 2016


TRP Retirement 2010


0.0

3.0

6.0

9.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

1.8

3.8

2.1

5.8 5.8

5.2

2.3

4.7

2.3

5.8 5.7 5.5

Product Name : T Rowe Price Ret:2010 (TRRAX)


Ticker : TRRAX

Peer Group : IM Mixed-Asset Target 2010 (MF)







Net Expense : 0.58%

Turnover : 14%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16


0.96

0.98

1.00

1.02

6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16

1.00

Page 28

As of June 30, 2016


TRP Retirement 2010


0.0% 25.0% 50.0% 75.0%-25.0 %

Other

Convertibles

Cash

Equities

Fixed Income

-0.1 %

0.0%

2.3%

44.8%

53.0%


Total Securities 18


P/E 11.66

P/B 2.10

Div. Yield 1.23%

Annual EPS 3.45

5Yr EPS 3.99

3Yr EPS Growth 4.87













0.0% 5.0% 10.0% 15.0% 20.0%

Utilities


Materials

Energy

Consumer Staples

Health Care

Industrials



Financials

1.4%

1.5%

2.0%

2.5%

4.9%

5.1%

5.6%

5.8%

5.9%

9.6%

Page 29

Return Summary


Account Information

As of June 30, 2016


TRP Retirement 2015


0.0

3.0

6.0

9.0

12.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

1.8

3.6

1.6

6.4 6.4

5.4

2.1

4.1

1.5

6.4 6.35.8

Product Name : T Rowe Price Ret:2015 (TRRGX)


Ticker : TRRGX








Net Expense : 0.62%

Turnover : 14%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16


0.96

0.98

1.00

1.02

6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16

0.99

Page 30

As of June 30, 2016


TRP Retirement 2015


0.0% 25.0% 50.0% 75.0%-25.0 %

Other

Convertibles

Cash

Fixed Income

Equities

0.0%

0.0%

2.3%

44.5%

53.2%


Total Securities 20


P/E 14.04

P/B 2.49

Div. Yield 1.43%

Annual EPS 4.57

5Yr EPS 4.79

3Yr EPS Growth 5.98













0.0% 6.0% 12.0% 18.0% 24.0%


Utilities

Materials

Energy

Consumer Staples

Health Care

Industrials



Financials

1.6%

1.7%

2.4%

2.8%

5.7%

6.4%

6.6%

6.9%

7.2%

11.3%

Page 31

Return Summary


Account Information

As of June 30, 2016


TRP Retirement 2020


0.0

3.0

6.0

9.0

12.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

1.8

3.4

1.1

6.9 6.9

5.6

2.0

3.5

0.6

6.9 6.8

5.9

Product Name : T Rowe Price Ret:2020 (TRRBX)


Ticker : TRRBX








Net Expense : 0.66%

Turnover : 10%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16


0.96

0.98

1.00

1.02

6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16

1.00

Page 32

As of June 30, 2016


TRP Retirement 2020


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

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.2%

2.2%

35.3%

62.3%


Total Securities 20


P/E 16.67

P/B 2.91

Div. Yield 1.65%

Annual EPS 5.97

5Yr EPS 5.66

3Yr EPS Growth 7.25




T Rowe Price Growth Stock Fund 7.59 %

T Rowe Price Value Fund 6.98 %








0.0% 8.0% 16.0% 24.0% 32.0%


Utilities

Materials

Energy

Consumer Staples

Industrials

Health Care



Financials

1.8%

2.1%

2.8%

2.9%

6.6%

7.6%

8.0%

8.1%

8.7%

13.1%

Page 33

Return Summary


Account Information

As of June 30, 2016


TRP Retirement 2025


0.0

4.0

8.0

12.0

-4.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

1.8

3.2

0.6

7.3 7.4

5.7

1.7

2.9

-0.3

7.3 7.2

6.0

Product Name : T Rowe Price Ret:2025 (TRRHX)


Ticker : TRRHX








Net Expense : 0.69%

Turnover : 9%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16


0.96

0.98

1.00

1.02

1.04

6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16

0.99

Page 34

As of June 30, 2016


TRP Retirement 2025


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

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.5%

2.0%

27.7%

69.8%


Total Securities 20


P/E 18.85

P/B 3.25

Div. Yield 1.83%

Annual EPS 7.13

5Yr EPS 6.39

3Yr EPS Growth 8.31











T Rowe Price Real Assets Fund 2.99 %


0.0% 8.0% 16.0% 24.0% 32.0%


Utilities

Energy

Materials

Consumer Staples

Industrials


Health Care


Financials

1.9%

2.4%

3.0%

3.1%

7.3%

8.4%

9.2%

9.3%

10.0%

14.7%

Page 35

Return Summary


Account Information

As of June 30, 2016


TRP Retirement 2030


0.0

4.0

8.0

12.0

-4.0

-8.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

1.8

3.1

0.1

7.6 7.7

5.8

1.62.4

-0.9

7.7 7.6

6.1

Product Name : T Rowe Price Ret:2030 (TRRCX)


Ticker : TRRCX








Net Expense : 0.72%

Turnover : 9%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16


0.96

0.98

1.00

1.02

1.04

6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16

1.00

Page 36

As of June 30, 2016


TRP Retirement 2030


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

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.7%

1.9%

21.0%

76.4%


Total Securities 20


P/E 20.75

P/B 3.54

Div. Yield 1.99%

Annual EPS 8.13

5Yr EPS 7.01

3Yr EPS Growth 9.22











T Rowe Price Mid-Cap Value Fund 2.86 %


0.0% 8.0% 16.0% 24.0% 32.0%


Utilities

Energy

Materials

Consumer Staples

Industrials


Health Care


Financials

1.9%

2.7%

3.1%

3.4%

7.9%

9.2%

10.0%

10.5%

11.0%

16.0%

Page 37

Return Summary


Account Information

As of June 30, 2016


TRP Retirement 2035


0.0

5.0

10.0

15.0

-5.0

-10.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

1.82.9

-0.3

7.8 7.9

5.8

1.4 1.8

-1.7

7.9 7.8

6.1

Product Name : T Rowe Price Ret:2035 (TRRJX)


Ticker : TRRJX








Net Expense : 0.74%

Turnover : 8%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16


0.96

0.98

1.00

1.02

1.04

6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16

0.99

Page 38

As of June 30, 2016


TRP Retirement 2035


0.0% 50.0% 100.0% 150.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.9%

1.8%

15.3%

82.1%


Total Securities 20


P/E 22.42

P/B 3.80

Div. Yield 2.13%

Annual EPS 9.03

5Yr EPS 7.56














0.0% 10.0% 20.0% 30.0% 40.0%


Utilities

Energy

Materials

Consumer Staples

Industrials


Health Care


Financials

2.0%

2.9%

3.2%

3.6%

8.4%

9.8%

10.8%

11.5%

12.0%

17.1%

Page 39

Return Summary


Account Information

As of June 30, 2016


TRP Retirement 2040


0.0

5.0

10.0

15.0

-5.0

-10.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

1.82.7

-0.8

7.9 8.0

5.9

1.2 1.4

-2.3

7.9 7.9

6.2

Product Name : T Rowe Price Ret:2040 (TRRDX)


Ticker : TRRDX








Net Expense : 0.75%

Turnover : 8%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16


0.96

0.98

1.00

1.02

1.04

6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16

0.99

Page 40

As of June 30, 2016


TRP Retirement 2040


0.0% 50.0% 100.0% 150.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

1.0%

1.7%

10.5%

86.8%


Total Securities 20


P/E 23.76

P/B 4.01

Div. Yield 2.24%

Annual EPS 9.74

5Yr EPS 7.99














0.0% 10.0% 20.0% 30.0% 40.0%


Utilities

Energy

Materials

Consumer Staples

Industrials


Health Care


Financials

2.1%

3.1%

3.3%

3.8%

8.9%

10.3%

11.4%

12.3%

12.8%

18.0%

Page 41

Return Summary


Account Information

As of June 30, 2016


TRP Retirement 2045


0.0

5.0

10.0

15.0

-5.0

-10.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

1.82.7

-0.7

7.9 8.0

5.9

1.3 1.4

-2.3

7.9 7.9

6.2

Product Name : T Rowe Price Ret:2045 (TRRKX)


Ticker : TRRKX








Net Expense : 0.75%

Turnover : 8%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16


0.96

0.98

1.00

1.02

1.04

6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16

0.99

Page 42

As of June 30, 2016


TRP Retirement 2045


0.0% 50.0% 100.0% 150.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

1.0%

1.7%

9.9%

87.4%


Total Securities 20


P/E 23.94

P/B 4.04

Div. Yield 2.26%

Annual EPS 9.82

5Yr EPS 8.05














0.0% 10.0% 20.0% 30.0% 40.0%


Utilities

Energy

Materials

Consumer Staples

Industrials


Health Care


Financials

2.1%

3.2%

3.3%

3.8%

8.9%

10.4%

11.5%

12.4%

12.9%

18.2%

Page 43

Return Summary


Account Information

As of June 30, 2016


TRP Retirement 2050


0.0

5.0

10.0

15.0

-5.0

-10.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

1.82.7

-0.7

7.9 8.0

1.3 1.3

-2.3

7.9 7.9

Product Name : T Rowe Price Ret:2050 (TRRMX)


Ticker : TRRMX








Net Expense : 0.75%

Turnover : 7%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16


0.96

0.98

1.00

1.02

1.04

6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16

0.99

Page 44

As of June 30, 2016


TRP Retirement 2050


0.0% 50.0% 100.0% 150.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

1.0%

1.7%

9.9%

87.4%


Total Securities 20


P/E 23.93

P/B 4.04

Div. Yield 2.26%

Annual EPS 9.82

5Yr EPS 8.05














0.0% 10.0% 20.0% 30.0% 40.0%


Utilities

Energy

Materials

Consumer Staples

Industrials


Health Care


Financials

2.1%

3.2%

3.3%

3.8%

8.9%

10.4%

11.5%

12.4%

12.9%

18.2%

Page 45

Return Summary


Account Information

As of June 30, 2016


TRP Retirement 2055


0.0

5.0

10.0

15.0

-5.0

-10.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

1.82.7

-0.7

7.9 8.0

1.3 1.3

-2.3

7.9 7.9

Product Name : T Rowe Price Ret:2055 (TRRNX)


Ticker : TRRNX

Peer Group : IM Mixed-Asset Target 2055+ (MF)







Net Expense : 0.75%

Turnover : 8%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16


0.96

0.98

1.00

1.02

1.04

6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16

0.99

Page 46

As of June 30, 2016


TRP Retirement 2055


0.0% 50.0% 100.0% 150.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

1.0%

1.7%

10.1%

87.3%


Total Securities 20


P/E 23.90

P/B 4.04

Div. Yield 2.25%

Annual EPS 9.81

5Yr EPS 8.04














0.0% 10.0% 20.0% 30.0% 40.0%


Utilities

Energy

Materials

Consumer Staples

Industrials


Health Care


Financials

2.1%

3.1%

3.3%

3.8%

8.9%

10.4%

11.5%

12.3%

12.9%

18.1%

Page 47

U.S. Equity

Page 48

Return Summary


Account Information

As of June 30, 2016

BlackRock S&P 500 Stock Performance Summary

BlackRock S&P 500 Stock

BlackRock S&P 500 Stock S&P 500 Index

0.0

5.0

10.0

15.0

20.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

2.5

3.8 4.0

11.7 12.1

7.4

2.4

3.8 3.9

11.6 12.0

7.3

Product Name : BlackRock:S&P500 Idx;K (WFSPX)

Fund Family : BlackRock Fund Advisors

Ticker : WFSPX

Peer Group : IM S&P 500 Index (MF)

Benchmark : S&P 500 Index


Portfolio Manager : Team Managed




Net Expense : 0.04%

Turnover : 2%


0.0%

0.1%

-0.1 %

-0.2 %

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16

BlackRock S&P 500 Stock Benchmark

0.99

1.00

1.01

6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16

1.00

Page 49

As of June 30, 2016

Peer Group Analysis


IM S&P 500 Index (MF)

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

BlackRock S&P 500 Stock 2.44 (16) 3.80 (16) 3.92 (24) 11.58 (12) 12.00 (24) 7.33 (22)¢

S&P 500 Index 2.46 (10) 3.84 (7) 3.99 (3) 11.66 (1) 12.10 (1) 7.42 (3)�

5th Percentile 2.47 3.85 3.99 11.62 12.07 7.40

1st Quartile 2.43 3.79 3.91 11.54 11.99 7.31

Median 2.40 3.73 3.83 11.44 11.90 7.23

3rd Quartile 2.37 3.67 3.68 11.31 11.77 7.13

95th Percentile 2.24 3.51 3.31 11.06 11.52 6.87

Page 50



5 Years


BlackRock S&P 500 Stock Risk Profile


BlackRock S&P 500 Stock S&P 500 Index

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16BlackRock S&P 500 Stock S&P 500 Index


-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

Re

turn

(%)

0.0 3.0 6.0 9.0 12.0 15.0 18.0Risk (Standard Deviation %)

ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

BlackRock S&P 500 Stock -0.09 0.03 -3.30 1.00 0.99 -0.10 1.00 12.00 12.11 1.00

S&P 500 Index 0.00 0.00 N/A 1.00 1.00 0.00 1.00 12.10 12.10 1.00


Page 51

As of June 30, 2016




0.0% 50.0% 100.0% 150.0%-50.0 %

Cash

Convertibles

Fixed Income

Other

Equities

-2.1 %

0.0%

2.1%

4.4%

95.7%




P/E 25.88

P/B 5.69

Div. Yield 2.56%

Annual EPS 8.65

5Yr EPS 8.90



BlackRock Cash Funds: Institutional;SL Agency 4.10 %

Apple Inc ORD 2.76 %

Microsoft Corp ORD 2.09 %

Exxon Mobil Corp ORD 1.95 %

Johnson & Johnson ORD 1.64 %

General Electric Co ORD 1.52 %

Berkshire Hathaway Inc ORD 1.45 %

Facebook Inc ORD 1.43 %

Amazon.com Inc ORD 1.35 %

AT&T Inc ORD 1.27 %


0.0% 10.0% 20.0% 30.0% 40.0%

Materials


Utilities

Energy

Consumer Staples

Industrials

Health Care



Financials

2.2%

2.6%

3.2%

7.0%

10.5%

11.0%

13.3%

13.5%

15.2%

16.8%

Page 52

Return Summary


Account Information

As of June 30, 2016

Dodge & Cox Stock Performance Summary

Dodge & Cox Stock

Dodge & Cox Stock S&P 500 Index

0.0

8.0

16.0

24.0

-8.0

-16.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

2.53.8 4.0

11.7 12.1

7.4

1.70.7

-5.1

8.310.4

5.1

Product Name : Dodge & Cox Stock (DODGX)

Fund Family : Dodge & Cox

Ticker : DODGX

Peer Group : IM U.S. Large Cap Core Equity (MF)

Benchmark : S&P 500 Index


Portfolio Manager : Team Managed




Net Expense : 0.52%

Turnover : 15%


0.0%

4.0%

8.0%

-4.0 %

-8.0 %

-12.0 %

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16

Dodge & Cox Stock Benchmark

0.90

0.96

1.02

1.08

1.14

6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16

0.93

Page 53

As of June 30, 2016

Peer Group Analysis

Dodge & Cox Stock

IM U.S. Large Cap Core Equity (MF)

-16.0

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

Dodge & Cox Stock 1.70 (60) 0.70 (77) -5.09 (94) 8.28 (82) 10.44 (58) 5.13 (93)¢

S&P 500 Index 2.46 (33) 3.84 (29) 3.99 (24) 11.66 (14) 12.10 (16) 7.42 (22)�

5th Percentile 4.00 7.06 8.27 12.49 12.69 8.65

1st Quartile 2.71 4.07 3.94 11.15 11.76 7.32

Median 2.04 2.48 1.36 9.96 10.72 6.64

3rd Quartile 1.20 0.80 -1.38 8.57 9.53 5.95

95th Percentile -0.17 -2.34 -5.76 6.68 7.60 4.99

Page 54



5 Years


Dodge & Cox Stock Risk Profile

Dodge & Cox Stock

Dodge & Cox Stock S&P 500 Index

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16Dodge & Cox Stock S&P 500 Index


-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

Re

turn

(%)


ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

Dodge & Cox Stock -1.24 3.84 -0.32 0.94 0.77 -2.73 1.12 10.44 14.06 0.97

S&P 500 Index 0.00 0.00 N/A 1.00 1.00 0.00 1.00 12.10 12.10 1.00


Page 55

As of June 30, 2016


Dodge & Cox Stock


0.0% 50.0% 100.0% 150.0%-50.0 %

Other

Convertibles

Fixed Income

Cash

Equities

0.0%

0.0%

0.1%

0.8%

99.2%


Total Securities 67


P/E 22.19

P/B 2.80

Div. Yield 2.35%

Annual EPS -3.75

5Yr EPS 6.21

3Yr EPS Growth 4.87


Time Warner Cable Inc ORD 4.15 %

Capital One Financial Corp ORD 3.84 %

Wells Fargo & Co ORD 3.66 %

Charles Schwab Corp ORD 3.22 %

Bank of America Corp ORD 3.21 %

Microsoft Corp ORD 3.20 %

Hewlett Packard Enterprise Co ORD 3.17 %

Time Warner Inc ORD 3.00 %

Comcast Corp ORD 2.91 %

EMC Corp ORD 2.80 %


0.0% 15.0% 30.0% 45.0% 60.0%


Materials

Consumer Staples

Non Classified Equity

Industrials

Energy

Health Care



Financials

0.7%

0.9%

1.3%

3.2%

6.9%

7.9%

16.0%

17.6%

19.3%

25.5%

Page 56

Return Summary


Account Information

As of June 30, 2016

Vanguard Mid Cap Index Performance Summary

Vanguard Mid Cap Index


Vanguard Spliced Mid Cap Index

0.0

6.0

12.0

18.0

-6.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

2.33.5

-0.9

10.8 10.6

7.8

2.33.5

-0.9

10.8 10.6

7.8

Product Name : Vanguard Md-Cp Idx;Inst (VMCIX)

Fund Family : Vanguard Group Inc

Ticker : VMCIX

Peer Group : IM U.S. Mid Cap Equity (MF)

Benchmark : Vanguard Spliced Mid Cap Index


Portfolio Manager : Donald M. Butler




Net Expense : 0.07%

Turnover : 15%


0.0%

0.1%

-0.1 %

-0.2 %

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16

Vanguard Mid Cap Index Benchmark

0.99

1.00

1.01

6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16

1.00

Page 57

As of June 30, 2016

Peer Group Analysis


IM U.S. Mid Cap Equity (MF)

-28.0

-22.0

-16.0

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

Vanguard Mid Cap Index 2.32 (54) 3.53 (40) -0.89 (31) 10.78 (23) 10.57 (21) 7.83 (26)¢

Vanguard Spliced Mid Cap Index 2.34 (53) 3.52 (40) -0.87 (30) 10.82 (21) 10.61 (20) 7.84 (26)�

5th Percentile 5.24 9.69 6.19 12.65 11.74 9.54

1st Quartile 3.46 5.48 -0.13 10.69 10.40 7.86

Median 2.44 2.35 -4.25 8.71 8.65 6.72

3rd Quartile 0.81 -0.35 -8.23 6.88 7.10 5.48

95th Percentile -1.53 -4.34 -14.20 3.32 3.62 4.06

Page 58



5 Years


Vanguard Mid Cap Index Risk Profile




0.0

6.0

12.0

18.0

24.0

30.0

36.0

42.0

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16Vanguard Mid Cap Index



-4.0

0.0

4.0

8.0

12.0

16.0

Re

turn

(%)


ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

Vanguard Mid Cap Index -0.04 0.07 -0.57 1.00 0.79 -0.04 1.00 10.57 13.94 1.00

Vanguard Spliced Mid Cap Index 0.00 0.00 N/A 1.00 0.79 0.00 1.00 10.61 13.94 1.00


Page 59

As of June 30, 2016




0.0% 50.0% 100.0% 150.0%

Convertibles

Cash

Other

Fixed Income

Equities

0.0%

0.0%

0.0%

0.0%

100.0%




P/E 27.97

P/B 4.79

Div. Yield 2.26%

Annual EPS 4.18

5Yr EPS 12.08



Ross Stores Inc ORD 0.74 %

Edwards Lifesciences Corp ORD 0.73 %

Fiserv Inc ORD 0.70 %

Equinix Inc ORD 0.66 %

Newell Brands Inc ORD 0.64 %

ConAgra Foods Inc ORD 0.62 %

Tyson Foods Inc ORD 0.62 %

Fidelity National Information Services Inc ORD 0.60 %

Newmont Mining Corp ORD 0.60 %

WEC Energy Group Inc ORD 0.59 %


0.0% 10.0% 20.0% 30.0% 40.0%


Materials

Utilities

Energy

Health Care



Consumer Staples

Industrials

Financials

1.2%

4.8%

5.1%

5.2%

8.7%

10.8%

13.8%

14.3%

16.8%

19.2%

Page 60

Return Summary

Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception

Account Information

As of June 30, 2016

Baron Growth Inst Performance Summary

Baron Growth Inst

Baron Growth Inst

Russell Midcap Growth Index

0.0

8.0

16.0

24.0

-8.0

-16.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

1.6 2.2

-2.1

10.5 10.08.1

3.4 3.7

-4.0

7.79.2

Product Name : Baron Growth;Inst (BGRIX)

Fund Family : Baron Funds

Ticker : BGRIX

Peer Group : IM U.S. Mid Cap Growth Equity (MF)

Benchmark : Russell Midcap Growth Index


Portfolio Manager : Ronald Baron




Net Expense : 1.04%

Turnover : 7%


0.0%

5.0%

10.0%

-5.0 %

-10.0 %

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16

Baron Growth Inst Benchmark

0.90

0.96

1.02

1.08

1.14

5/09 2/10 11/10 8/11 5/12 2/13 11/13 8/14 5/15 6/16

0.93

Page 61

-28.0

-20.0

-12.0

-4.0

4.0

12.0

20.0

28.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

Baron Growth Inst 3.38 (21) 3.70 (15) -3.96 (31) 7.72 (63) 9.22 (37) N/A¢

Baron Growth Rtl* 3.31 (23) 3.57 (15) -4.19 (34) 7.44 (67) 8.94 (39) 7.00 (52)�

Russell Midcap Growth Index 1.56 (67) 2.15 (26) -2.14 (20) 10.52 (28) 9.98 (27) 8.12 (32)p

5th Percentile 4.47 5.74 3.07 12.84 11.64 10.21

1st Quartile 3.25 2.20 -2.72 10.73 10.05 8.34

Median 2.33 0.44 -6.70 8.49 7.74 7.11

3rd Quartile 0.98 -1.47 -9.69 6.64 6.46 5.48

95th Percentile -0.71 -6.12 -16.66 3.09 3.11 4.11

Baron Growth Inst

Peer Group Analysis

As of June 30, 2016

IM U.S. Small Cap Growth Equity (MF)

*Alternate share class shown for a historical perspective.

Page 62



5 Years


Baron Growth Inst Risk Profile

Baron Growth Inst

Baron Growth Inst Russell Midcap Growth Index

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16

Baron Growth Inst

Russell Midcap Growth Index


-6.0

-3.0

0.0

3.0

6.0

9.0

12.0

15.0

Re

turn

(%)


ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

Baron Growth Inst -0.81 4.50 -0.18 0.90 0.72 0.31 0.89 9.22 13.51 0.95

Russell Midcap Growth Index 0.00 0.00 N/A 1.00 0.73 0.00 1.00 9.98 14.36 1.00


Page 63

As of June 30, 2016


Baron Growth Inst


0.0% 50.0% 100.0% 150.0%

Fixed Income

Convertibles

Other

Cash

Equities

0.0%

0.0%

1.6%

3.4%

95.0%


Total Securities 65


P/E 37.17

P/B 6.28

Div. Yield 2.10%

Annual EPS 8.01

5Yr EPS 12.95



Under Armour Inc ORD 4.91 %

Arch Capital Group Ltd ORD 4.62 %

Vail Resorts Inc ORD 4.54 %

Gartner Inc ORD 4.15 %

FactSet Research Systems Inc ORD 3.98 %

Middleby Corp ORD 3.90 %

SS&C Technologies Holdings Inc ORD 3.22 %

CoStar Group Inc ORD 3.09 %

ANSYS Inc ORD 2.72 %

Choice Hotels International Inc ORD 2.67 %


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

Non Classified Equity


Health Care

Consumer Staples


Industrials

Financials


0.2%

1.2%

6.1%

13.2%

13.3%

14.2%

19.0%

27.8%

Page 64

International Equity

Page 65

Return Summary


Account Information

As of June 30, 2016

Artisan International Inv Performance Summary



MSCI EAFE Index (Net)

MSCI AC World ex USA Index (Net)

0.0

8.0

16.0

-8.0

-16.0

-24.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

-0.6 -1.0

-10.2

1.2 0.11.9

-1.5-4.4

-10.2

2.1 1.7 1.6

-1.3

-4.9

-11.9

2.34.4 3.6

Product Name : Artisan:Internatl;Inv (ARTIX)

Fund Family : Artisan Partners LP

Ticker : ARTIX

Peer Group : IM International Large Cap Equity (MF)

Benchmark : MSCI EAFE Index (Net)


Portfolio Manager : Yockey/Euretig/Hamker




Net Expense : 1.17%

Turnover : 45%


0.0%

5.0%

10.0%

15.0%

-5.0 %

-10.0 %

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16

Artisan International Inv Benchmark

0.90

1.00

1.10

1.20

1.30

6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16

1.14

Page 66

As of June 30, 2016

Peer Group Analysis


IM International Large Cap Equity (MF)

-24.0

-20.0

-16.0

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0R

etu

rn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

Artisan International Inv -1.30 (57) -4.88 (70) -11.87 (67) 2.27 (29) 4.39 (2) 3.58 (13)¢

MSCI EAFE Index (Net) -1.46 (60) -4.42 (65) -10.16 (42) 2.06 (36) 1.68 (34) 1.58 (57)�

5th Percentile 2.94 3.68 -2.87 4.40 3.22 3.86

1st Quartile 0.40 -1.11 -8.97 2.31 1.97 2.54

Median -1.11 -3.57 -10.53 1.32 1.12 1.68

3rd Quartile -1.94 -5.11 -12.23 0.51 0.45 1.18

95th Percentile -3.20 -7.09 -16.01 -1.23 -1.52 -0.70

Page 67



5 Years


Artisan International Inv Risk Profile


Artisan International Inv MSCI EAFE Index (Net)

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 6/16Artisan International Inv MSCI EAFE Index (Net)


-2.0

0.0

2.0

4.0

6.0

Re

turn

(%)

0.0 4.0 8.0 12.0 16.0 20.0 24.0Risk (Standard Deviation %)

ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

Artisan International Inv 2.69 5.57 0.48 0.88 0.35 2.85 0.96 4.39 15.70 0.94

MSCI EAFE Index (Net) 0.00 0.00 N/A 1.00 0.18 0.00 1.00 1.68 15.37 1.00


Page 68

As of June 30, 2016




0.0% 50.0% 100.0% 150.0%

Other

Convertibles

Fixed Income

Cash

Equities

0.0%

0.0%

1.4%

4.4%

94.3%


Total Securities 76


P/E 25.94

P/B 4.58

Div. Yield 2.29%

Annual EPS 5.95

5Yr EPS 8.74



Medtronic PLC ORD 4.92 %

Bayer AG ORD 4.83 %

Nestle SA ORD 4.29 %

Japan Tobacco Inc ORD 3.71 %

AIA Group Ltd ORD 3.19 %

Liberty Global PLC ORD 2.88 %

Deutsche Boerse AG ORD 2.54 %

Cognizant Technology Solutions Corp ORD 2.52 %

Aon PLC ORD 2.51 %

Linde AG ORD 2.34 %

Regional Allocation As of 03/31/2016

0.0% 25.0% 50.0% 75.0% 100.0%

Emerging Asia

Other

North America

Pacific Basin

Europe

3.4%

5.5%

6.4%

13.8%

70.9%

Page 69

Market Environment

Page 70

Global Equity Markets

Global equities rebounded somewhat after a volatile first quarter. Despite falling on the news of “Brexit” (the decision

by the UK public to leave the EU), central banks responded to the market’s negative reaction to “Brexit” by reassuring

markets that they would maintain accommodative monetary policy helping markets recover quickly; however, much

uncertainty remains.

Global equity markets returned 1.06% in Q2 2016 with notable differences in regional returns. Canada continued to be

the best performer with a return of 4.72% in Q2 2016.

Page 71

USA53.3%

UK6.3%

Canada3.2%

Pacific ex-Japan4.0%

Japan8.1%

Europe ex-UK14.2%

Israel0.3%

Latin America1.3%

Asia7.6%

Eastern Europe, Middle East &

Africa1.6%

Emerging Markets

10.6%

MSCI ALL COUNTRY WORLD IMI INDEXGEOGRAPHIC ALLOCATION AS OF 06/30/2016

Source: MSCISource: MSCI

UK13.6%

Canada6.9%

Pacific ex-Japan8.6%

Japan17.3%

Europe ex-UK30.4%

Israel0.6%

Latin America2.9%

Asia16.3%

Eastern Europe, Middle East &

Africa3.5%

Emerging Markets

22.6%

MSCI ALL COUNTRY WORLD EX-U.S. IMI INDEXGEOGRAPHIC ALLOCATION AS OF 06/30/2016

Source: MSCI

Global Equity Markets

The two exhibits on this slide illustrate the percentage that each country/region represents of the global equity market

as measured by the MSCI All Country World IMI Index and the MSCI All Country World ex-U.S. IMI Index.

Page 72

2.63%

4.51%

0.24%

4.77%

1.56%

4.31%3.24%

2.14% 2.69%

5.24%

3.25%

-2.14% -2.58%

-10.75%

-20%

-10%

0%

10%

Russell 3000 32.1%Large Value

34.0%Large Growth

14.4%Medium Value

12.2%Medium Growth

3.7%Small Value

3.7%Small Growth

RUSSELL STYLE RETURNSAS OF 06/30/2016 Second Quarter 2016

One-Year

Source: Russell Indexes

2.63%

-2.06%

6.04%

-0.88%

4.94%

10.94%

4.70%

1.28%2.36%

7.34%

2.14% 2.44%

-5.23%

0.99%

18.31%

-8.17%

1.01%

4.35%

-1.30%

28.37%

-10%

0%

10%

20%

30%

40%

Russell3000

16.2%Technology

14.0% Healthcare

14.1%Cons. Disc

8.4%Cons.

Staples

6.8%Energy

10.7%Materials &Processing

19.5%ProducerDurables

6.3%FinancialServices

6.3%Utilities

RUSSELL RGS SECTOR RETURNSAS OF 06/30/2016

Second Quarter 2016

One-Year

Source: Russell Indexes

U.S. Equity Markets

The Russell 3000 Index returned 2.63% during the second quarter and returned 2.14% over the one-year period.

During the second quarter, the energy sector was the strongest performer, posting returns of 10.94%. The technology

and consumer discretionary sectors were the weakest performers, producing returns of -2.06% and -0.88%,

respectively.

Performance across the market capitalization spectrum was positive over the quarter. Medium cap stocks

outperformed both the larger and smaller segments in Value stocks. Small cap stocks outperformed the other

segments in Growth stocks. Value stocks outperformed Growth stocks across the capitalizations.

Page 73

2.21% 2.04%

3.57%

1.11% 1.17%

2.24%

6.00% 6.04%

7.94%

4.34%

2.72%

6.22%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Barclays Agg.Bond

44.3%Gov't

25.6%Corp.

27.8%MBS

0.5%ABS

1.7%CMBS

BARCLAYS AGGREGATE RETURNS BY SECTORAS OF 6/30/2016

Second Quarter

One-Year

Source: Barclays Live

0.68%1.20% 1.55%

2.72%

6.55%

1.60%

3.72%

4.97%

7.88%

15.70%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

1-3 Yr. 3-5 Yr. 5-7 Yr. 7-10 Yr. >10 Yr.

BARCLAYS AGGREGATE RETURNS BY MATURITYAS OF 6/30/2016

Second Quarter

One-Year


1.67%

2.61%3.11%

4.30%

5.52%5.35%

7.08%

8.61%

6.91%

1.62%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

Aaa Aa A Baa High Yield

BARCLAYS AGGREGATE RETURNS BY QUALITY AND HIGH YIELD RETURNSAS OF 6/30/2016

Second Quarter

One-Year


U.S. Fixed Income Markets

The Barclays Aggregate Bond Index returned 2.21% in

the second quarter. Corporate bonds were the strongest

performing index segment, returning the most at 3.57%.

High yield bonds outperformed all the other investment

grade corporate bonds in all different credit qualities.

Longer duration bonds outperformed shorter duration

bonds.

Page 74

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0 5 10 15 20 25 30

Maturity (Years)

U.S. TREASURY YIELD CURVE

12/31/2015

03/31/2016

06/30/2016

Source: U.S. Department of Treasury

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Jun 06 Jun 07 Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 Jun 16

U.S. 10-YEAR TREASURY AND TIPS YIELDS

10Y TIPS Yield

10Y Treasury Yield

Source: U.S. Department of Treasury

U.S. Fixed Income Markets

The Treasury yield curve shifted downwards over the second quarter with yields falling across most maturities. The

yield curve flattened over the quarter, driven by long maturity bonds falling.

The results of the “Brexit” referendum were the main drivers behind the collapse of yields over the quarter.

The 10-year U.S. Treasury yield ended the quarter at 1.49%, 29 basis points lower than its level at the beginning of the

quarter.

The 10-year TIPS yield fell by 7 basis points over the quarter and ended the period at 0.09%.

Page 75

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

EUROZONE PERIPHERAL BOND SPREADS(10-YEAR SPREADS OVER GERMAN BUNDS)

Spain Italy

Portugal Greece

Ireland

Source: DataStream

European Fixed Income Markets

In the Eurozone, bond spreads widened during the second quarter of 2016 with core bond yields falling and the

peripheral bond yields being mixed. German bund yields fell to negative territory towards the end of the quarter as

investors sought safe haven bonds amid growth concerns caused by Brexit.

Italian government bond yields rose sharply in the beginning of the quarter driven by the country’s troubled banking

sector due to a heavy load of non-performing loans on their balance sheets. Portuguese bond yields rose over

concerns of the country’s sovereign debt losing its last investment grade credit rating, which would result in the

country’s debt being disqualified from the European Central Bank’s asset-purchase program.

Page 76

Spread (bps) 03/31/2016 12/31/2015 03/31/2015 Quarterly Change (bps) 1-Year Change (bps)

U.S. Aggregate 56 56 46 0 10

Long Gov't 4 4 3 0 1

Long Credit 223 225 187 -2 36

Long Gov't/Credit 136 138 118 -2 18

MBS 22 24 20 -2 2

CMBS 109 121 95 -12 14

ABS 74 72 62 2 12

Corporate 163 165 129 -2 34

High Yield 656 660 466 -4 190

Global Emerging Markets 382 389 354 -7 28


Credit Spreads

During the second quarter, credit spreads fell across all the areas of the bond market with the exception of MBS

spreads.

High yield spreads (-62 basis points) fell by the most over the quarter, followed by Global Emerging Markets spreads

(-37 basis points) and ABS (-13 basis points).

Spread (bps) 06/30/2016 03/31/2016 06/30/2015 Quarterly Change (bps) 1-Year Change (bps)

U.S. Aggregate 55 56 51 -1 4

Long Gov't 3 4 4 -1 -1

Long Credit 215 223 202 -8 13

Long Gov't/Credit 130 136 128 -6 2

MBS 27 22 26 5 1

CMBS 98 109 101 -11 -3

ABS 61 74 62 -13 -1

Corporate 156 163 145 -7 11

High Yield 594 656 476 -62 118

Global Emerging Markets 345 382 328 -37 17

Page 77

Commodities

The Bloomberg Commodity Index rose during the second quarter returning 12.78%.

Over the quarter, the best performing segment was softs with a return 20.46%.

Livestock was the worst performing sector during the quarter with a return of -1.86%.

Page 78

90

95

100

105

110

115

120

125

130

TRADE WEIGHTED U.S. DOLLAR INDEX(1997 = 100)

Source: Federal ReserveSource: Federal Reserve

70

80

90

100

110

120

130

140

150

160

U.S. DOLLAR RELATIVE TO EUR, GBP AND JPYREBASED TO 100 AT 06/30/2011

EUR/USD

GBP/USD

JPY/USD

Source: DataStream

Stronger Dollar

Weaker Dollar

Currency

As measured through the broad trade weighted U.S. dollar index, the U.S. dollar strengthened during the quarter.

The US dollar appreciated sharply against the pound and the euro but depreciated against the yen. The pound

weakened on confirmation of Brexit and ensuing speculation over a cut by the Bank of England (BOE). The yen

appreciated sharply against the dollar as the Bank of Japan (BOJ) kept the monetary policy unchanged over the

quarter, contrary to expectations.

Page 79

U.S. Commercial Real Estate Markets

U.S. real estate is now in a fairly mature stage of its cycle, with sector returns expected to be roughly in line with long-term averages this year. That said, real estate fundamentals remain positive and are

expected to continue to support above average income growth across most property types. Pricing, meanwhile, is experiencing investor uncertainty due to current pricing levels and multiple global events.

Attractive relative net operating income growth is expected to be the leading driver of returns at this point in the U.S. cycle.

U.S. Core real estate returned 2.13%* this quarter, which is roughly in line with first quarter but down 126 bps on a year-over-year (YOY) basis. Year to date performance is now more closely aligned with

the sector’s long run average. The income return (1.12%) again outpaced appreciation (1.01%), illustrating our expectation that net income growth will be a larger driver of returns at this mature point in the

real estate cycle.

Non-Core investments with vintage years of 2009 or more recent are generally performing in line with initial projections. Return expectations for new capital deployed, meanwhile, continue to decline slightly

as the real estate cycle matures further.

The U.S. REIT sector gained 7.0% in second quarter (FTSE NAREIT Equity REIT Index); marking a 13.4% gain year-to-date (YTD). Operating fundamentals and asset values remained strong, with U.S.

REITs ending the quarter trading at premiums to NAVs. This represents an abrupt turnaround from 1Q, when REITs trading at discount to NAVs were signaling a disconnect with private market

fundamentals. The lower global yields following Brexit has made the U.S. property market a favorable place for stability and yield. Significant volatility is expected to remain in public market pricing.

U.S. pricing uncertainty remains elevated as evident by declining property transactions YTD. In second quarter U.S. sales vo lumes continued to post declines (data available through May), at similar levels

to first quarter. While still elevated volume wise, sales are down on average 35% YOY. Pricing, however, continues to hold fairly steady, with cap rates rising only slightly from Q1. The decline in volume

demonstrates differing price expectations between buyers and sellers, which is likely to eventually drive pricing lower. Capital remains plentiful, however, with numerous sources available for debt and

equity capital.

The long term impact of Brexit on U.S. real estate remains uncertain. To date, the fallout from Brexit for the U.S. has been minimal besides the declining risk of rising U.S. interest rates. Brexit could

potentially spur the growth of foreign investment in U.S. real estate, attracted to the market for its perceived stability and liquidity. The UK market, meanwhile, is struggling with uncertainty that has driven

several open-end real estate funds to suspend redemption requests.

At this point in the real estate cycle it is important to incorporate risk mitigation strategies into a portfolio structure. Preferred equity and debt structures are important considerations to help mitigate medium

term cyclical risks.

*Indicates preliminary NFI-ODCE data gross of fees

CRE TRANSACTION VOLUME - QUARTERLY

SOURCE:RCA, AON HEWITT 3/31/2016

Page 80

Fee Analysis

Page 81

Fairfax County Public Schools As of June 30, 2016

Peer Group $ Weighted $ Weighted

Median Median Average Average Difference2

U.S FIXED INCOME

Great West Portfolio Fund Stable Value 0.89%3

N/A N/A 0.62%4

N/A N/A

PIMCO Total Return Adm US Broad Market Core Fixed 0.71% 0.50% 0.43% 0.54% 0.41% 0.17%

PIMCO Inflation Response MultiAsst Inst Flexible Portfolio 0.77% 0.93% 0.60% 0.99% 0.87% -0.22%

TARGET DATE

T. Rowe Price Retirement 2005 Mixed Asset Target Today5

0.58% 0.56% 0.49% 0.55% 0.52% 0.03%

T. Rowe Price Retirement 2010 Mixed Asset Target 20105

0.58% 0.56% 0.58% 0.57% 0.57% 0.01%


0.62% 0.59% 0.62% 0.60% 0.60% 0.02%


0.66% 0.62% 0.66% 0.61% 0.63% 0.05%


0.69% 0.65% 0.60% 0.64% 0.66% 0.05%


0.72% 0.69% 0.72% 0.68% 0.69% 0.04%


0.74% 0.70% 0.74% 0.69% 0.70% 0.05%


0.75% 0.74% 0.64% 0.70% 0.70% 0.05%


0.75% 0.71% 0.75% 0.71% 0.70% 0.04%


0.75% 0.74% 0.75% 0.75% 0.70% 0.00%

T. Rowe Price Retirement 2055 Mixed Asset Target 2055+5

0.75% 0.70% 0.64% 0.71% 0.71% 0.04%

U.S. EQUITY

BlackRock S&P 500 Stock S&P 500 Index Funds (Passive) 0.04% 0.20% 0.05% 0.27% 0.08% -0.23%

Dodge & Cox Stock U.S. Large Cap Core Equity 0.52% 0.81% 0.57% 0.84% 0.57% -0.32%

Vanguard Mid Cap Index U.S. Mid Cap Equity 0.07% 0.97% 0.75% 0.99% 0.80% -0.92%

Baron Growth Inst U.S. Mid Cap Growth Equity 1.04% 0.99% 0.62% 0.99% 0.75% 0.05%

INTERNATIONAL EQUITY

Artisan International Inv International Equity All6

1.17% 0.99% 0.10% 0.99% 0.74% 0.18%

Fund NameFund's

Expense

Ratio

1 All information, unless noted otherwise, was created using Morningstar audited expense ratio data as of December 31, 2015. Since mutual fund expense ratios do not

change frequently, AHIC believes this study to be a relevant comparison for up to a year, at which time the data will be updated. For complete information on AHIC

methodologies and additional information on the expense ratio distributions, contact your AHIC consultant. Mutual fund expense peer groups were constructed by

Investment Metrics, and are consistent with the peer groups shown in other exhibits comparing performance, risk-metrics and a multitude of other characteristics.

3 In lieu of an expense ratio, Great West assumes a margin of 89 basis points on the Portfolio Fund. This reflects the gross investment yield of the assets minus the

crediting rate and cost of maintaining regulatory capital requirements.

6 Combines multiple Investment Metrics peer groups.

5 Mixed Asset peer groups utilize prospectus net expense ratio information due to the nature of the asset class

and common use of a Fund of Fund structure.

4 Stable value fund average calculated using Hueler Universe data for a mandate size of $1 million in assets.

Cost Analysis

Expense Ratio Peer Group Data1

2 Difference column represents the difference between the fund's expense ratio and the Peer Group's average expense ratio.

Page 82

Appendix

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Glossary of Investment Terms and Concepts

Active Returns Measures the average excess return of the portfolio relative to a benchmark. The excess return is annualized. The higher the active return, the better the portfolio’s performance versus the benchmark. Alpha Measures nonsystematic return, or the return that cannot be attributed to the market. Thus, it can be thought of as how the manager performed if the market had no gain or loss. A positive alpha implies that the manager has added value to the return of the portfolio over that of the market. Average Credit Quality An average of all the credit-quality positions for the fund or underlying fund’s bond holdings. The credit quality levels range from AAA (highest) to D (lowest). Average Maturity Average maturity is the weighted average of the dates on which the bonds held in the portfolio become due and are to be paid off. Average Weighted Coupon A weighted average of the coupons for all bond holdings in the fund or underlying fund’s portfolio. This figure is generated by weighing each bond’s rate of interest to its relative size in the portfolio. Barclays Capital Aggregate Bond Index This includes all publicly issued, non-convertible domestic debt of the US Government and all its agencies, all investment-grade corporate debt and all mortgage-backed securities. The minimum maturity is one year, but there is no maximum maturity. The bonds must have at least $250 million par amount outstanding. Barclays Capital Government/Credit Bond Index Is made up of the Barclays Capital Government and Barclays Capital Credit Indices. All issues are rated investment grade or higher, have at least one year to maturity, and have an outstanding par value of at least $250 million.

Barclays Capital Government/Credit Intermediate Index A measure of the movement of approximately 2,800 bonds from the Barclays Capital Government/Credit index with maturities between 1 and 9.99 years. The total return calculated for the index consists of price appreciation/depreciation and income as a percentage of the original investment. Barclays Capital Government/Credit Long Index A measure of the movement of bonds from the Barclays Capital Government/Credit index with maturities greater than 9.99 years. The total return calculated for the index consists of price appreciation/depreciation and income as a percentage of the original investment. Beta Measures the risk level of the manager. Beta measures the systematic risk, or the return that is attributable to market movements. A beta equal to one indicates a risk level equivalent to the market. Higher betas are associated with higher risk levels, while lower betas are associated with lower risk levels. Bottom-Up A methodical approach to investing in which investors search for outstanding performance of individual stocks before considering the impact of economic trends. Companies are identified from research reports, stock screens, personal knowledge of the products and services, and other resources. The bottom-up approach assumes that individual companies can do well, even in an industry or sector that is not performing well. Commingled Account The collective investment of the assets of several institutional clients, usually through an investment manager allowing for broader and more efficient investing.

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Consumer Price Index (CPI) A measure of the average change in prices over time of a fixed group of goods and services. The CPI is published by the Bureau of Labor Statistics in the Department of Labor and is released monthly. It is widely used as a cost-of-living benchmark. Correlation Statistical measure of the degree to which the movements of two variables are related, ranging from 1 to -1. For asset allocation purposes, mixing two assets with a correlation less than 1 results in a benefit of diversification because the two assets do not behave in exactly the same manner. Core Investment Style An investment approach that managers utilize by reviewing the entire universe of growth and value stocks within a market capitalization range, then choosing a combination of the most attractive of either type to create a blended portfolio with a style that is neither a pure value nor a pure growth. Core portfolio characteristics including P/E ratio, P/B ratio, and dividend yield that typically lie between growth and value portfolios. Coupon The interest on a debt security, e.g., a bond, the issuer promises to pay to the holder until maturity, expressed as an annual percentage of the security’s face value. For example, a bond with a 10% coupon will pay $10 per $100 of the face amount per year. Current Yield The annual interest on a bond divided by the market price. If a $1,000 bond was bought at $800 and the annual income from the bond was $100, the current yield is $100 divided by $800, or 12½%. Dow Jones Industrial Average Computed by summing the prices of the stocks of 30 companies and then dividing that total by a value which has been adjusted over the years so that the index is not affected by stock splits.

Downside Risk Estimate that a security will decline in value and the extent of the decline, taking into account the total range of factors affecting market price. Duration Measure of the price change of a bond to a change in its yield to maturity. It summarizes, in a single number, the characteristics that cause bond prices to change in response to a change in interest rates. The price of a bond with a duration of three years will rise by approximately 3% for each 1% decrease in its yield to maturity. That price will decrease 3% for each 1% increase in the bond’s yield. Price changes for two different bonds can be compared using duration. A bond with a duration of six years will exhibit twice the percentage price change of a bond with a three year duration. The actual calculation of a bond’s duration is somewhat complicated, but the idea behind the calculation is straightforward. The first step is to measure the time interval until receipt for each cash flow (coupon and principal payments) from a bond. The second step is to compute a weighted average of these time intervals. Each time interval is measured by the present value of that cash flow. This weighted average is the duration of the bond measured in years. Excess Risk A measure of the standard deviation of a portfolio’s performance relative to the risk free return, represented by 90-Day T-Bills. Expense Ratio A figure that represents the percentage of fund assets paid for operating expenses and management fees, including 12b-1 fees, administrative fees, and all other asset-based costs incurred by the fund, except for brokerage costs and sales charges.

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Fundamental Analysis A method of analyzing the balance sheet and income statement of a company in order to forecast its future stock price movements. Analysts consider the company’s past records of assets, earnings, sales, products, management, and markets in predicting future trends in these indicators of a company’s success or failure. Growth Stock Stock of a company which is growing earnings and/or revenue faster than its industry or the overall market and is expected to continue to show high levels of profit growth and P/E multiples. Such a company usually pays little or no dividends, preferring to use the income to finance further expansion. Generally, these stocks are contrasted with value stocks that trade at lower P/E multiples. Information Ratio The information ratio is a measure of the consistency of excess return. This value is determined by taking the annualized excess return over a benchmark (style benchmark by default) and dividing it by the standard deviation of excess return. Large Cap “Large cap” refers to stock with a large capitalization, which is calculated by multiplying the number of outstanding shares times the price of the shares. Large cap stocks typically have at least $5 billion in outstanding market value. Long-Term Earnings Growth The long-term perspective earnings growth rate is the asset-weighted average of the long-term perspective earning growth rates of all the domestic stocks in the fund’s portfolio as of the date of the portfolio. Each portfolio holding is weighted by the percentage of domestic equity assets it represents, so that largest positions have proportionately greater influence on the fund’s aggregate long-term earnings growth rate. Long-term prospective earnings growth rates for stocks are provided by a third party stock data vendor.

Market Capitalization The value of a corporation as determined by the market price of its issued and outstanding common stock, calculated by multiplying the number of outstanding shares by the current market price of a share. Market capitalization may also refer to the total current value of the holdings of a mutual fund. Maturity Refers to the date at which a debt instrument is due and payable. A bond due to mature on January 1, 2010 will return the bondholder’s principal and final interest payment when it reaches maturity on that date. Median Market Capitalization The median market capitalization of the companies in a fund’s portfolio. Half of the fund’s money is invested in the stocks of companies larger than the median market capitalization, and half is invested in smaller issuers. Mid Cap “Mid cap” refers to stock with a medium capitalization, which is calculated by multiplying the number of outstanding shares times the price of the shares. Mid cap stocks typically have between $1 and $10 billion in outstanding market value. MSCI - EAFE Europe, Australia and Far East Equity Index, calculated by the Morgan Stanley Capital International group. The index acts as a benchmark for managers of international stock portfolios. Mutual Fund A fund operated by an investment company that raises money from shareholders and invests it in stocks, bonds, options, futures, currencies, or money market securities. Mutual funds offer investors the advantages of diversification and professional management. Shares are redeemable on demand at net asset value by shareholders, who share equally in the gains and losses generated by the fund.

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Price/Book Ratio This is the weighted average of the price/book ratios of all stocks in a fund’s portfolio. The P/B ratio of a company is calculated by dividing the market price of its stock by the company’s per share book value (negative book values are excluded). Price/Earnings Ratio This is the weighted average of the price/earnings ratios of all stocks in a fund’s portfolio. The P/E ratio of a stock is obtained by dividing the current price of the stock by its trailing 12 months’ earnings per share. Quartile Universe Comparison These graphs depict the performance of the fund versus its peer group for the periods listed. Each floating bar represents the universe group’s performance over the selected time period. For each period, there is a high, low, median, and first and third quartile point. R-Squared Statistic A statistic that measures the reliability of alpha and beta in explaining the return of a manager as a linear function of the market. Higher R-squared values indicate more reliable alpha and beta statistics and are useful in assessing a manager’s investment style. ROE (Return on Equity) The amount, expressed as a percentage, earned on a company’s common stock investment for a given period. Return on equity tells commons stockholders how effectually their money is being employed. Risk Return Graph This graph is used to compare the performance and risk (standard deviation) of the fund against the performance and risk of an appropriate benchmark for a specific period of time.

Rolling Returns Bar Graph This graph shows the performance of a fund for a specific trailing period (quarterly), and for every three-month period going back for a set of previous periods. Russell 1000 Index A market index comprised of the highest-ranking 1,000 stocks in the Russell 3000 Index, representing about 90% of the Russell 3000 Index total market capitalization. Russell 1000 Growth Index This contains those Russell 1000 securities with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields, and higher forecasted growth values than the Value universe. Russell 1000 Value Index This contains those Russell 1000 securities with a lower-than-average growth orientation. Securities in this index tend to exhibit lower price-to-book and price-earnings ratios, higher dividend yields, and lower forecasted growth values than the Growth universe. Russell 2000 Index A market index comprised of the 2,000 smallest companies in the Russell 3000 Index, representing approximately 10% of the Russell 3000 Index total market capitalization. Russell 2000 Growth Index This contains those Russell 2000 securities with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields, and higher forecasted growth values than the Value universe. Russell 2000 Value Index This contains those Russell 2000 securities with a lower-than-average growth orientation. Securities in this index tend to exhibit lower price-to-book and price-earnings ratios, higher dividend yields, and lower forecasted growth values than the Growth universe.

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Russell Midcap Index This contains the 800 smallest companies in the Russell 1000 Index, representing approximately 25% of the Russell 1000 Index total market capitalization. Russell Midcap Growth Index This contains those Russell Midcap securities with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields, and higher forecasted growth values than the Value universe. Russell Midcap Value Index This contains those Russell Midcap securities with a lower-than-average growth orientation. Securities in this index tend to exhibit lower price-to-book and price-earnings ratios, higher dividend yields, and lower forecasted growth values than the Growth universe. Sector A particular group of stocks, usually found in one industry or a combination of industries, such as airline or railroad stocks. Separate Account An account established by an investment manager for investment of a specific client’s assets and maintained exclusively for such assets. Sharpe Ratio This is a risk-adjusted measure calculated by using standard deviation and excess return to determine reward per unit of risk. In general, the higher the Sharpe Ratio, the better the fund’s historical risk-adjusted performance. The Sharpe ratio is calculated by dividing the fund’s annual excess return by the fund’s annualized standard deviation. Small Cap “Small cap” refers to stock with a small capitalization, which is calculated by multiplying the number of outstanding shares times the price of the shares. Small cap stocks typically have up to $1 billion in outstanding market value.

Standard & Poor’s Index (S&P 500) Covers 400 industrial, 40 utility, 20 transportation, and 40 financial companies of the US markets (mostly NYSE issues). The index represents about 75% of NYSE market capitalization. It is a capitalization-weighted index calculated on a total return basis with dividends reinvested. Standard Deviation A statistical gauge of risk which measures the spread of the difference of returns from their average. The more a portfolio’s returns vary from its average, the higher the standard deviation. Top-Down A methodical approach to investing in which investors consider current trends in the overall economy, and next selects the industries and then companies that should benefit from such trends. For example, if inflation stays low consumers’ spending power will be enhanced; investors may be attracted to retailing companies with the best earnings prospects in the near-term. If rapid inflation is expected, investors might look at the mining industry and then try to determine which particular gold, copper or other mining company might benefit from a rising trend in prices. The opposite approach to top-down investing is a bottom-up method. Tracking Error The deviation of a dependent variable (i.e. an investment portfolio) with respect to a reference function (i.e. a benchmark index). Turnover Ratio This is a measure of the fund’s trading activity that is calculated by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly assets. The resulting percentage loosely represents the percentage of the portfolio’s holdings that have changed over the past year. Universe These are composites of managers that share a common investment style and provide a peer analysis of how the fund is performing relative to other investments in the same asset and style category

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Up/Down Capture The up and down capture is a measure of how well a manager was able to replicate or improve on phases of positive benchmark returns, and how badly the manager was affected by phases of negative benchmark returns. To calculate the up capture, we first form a new series from the manager and benchmark series by dropping all time periods where the benchmark return is zero or negative. The up capture is then the quotient of the annualized return of the resulting manager series, divided by the annualized return of the resulting benchmark series. The down capture is calculated analogously. Value Stock A stock that is considered to be a good investment at a desirable price, based on fundamental analysis, such as its P/B and its P/E, among other criteria. Generally, these stocks are contrasted with growth stocks that trade at higher P/E multiples.

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Disclaimers and Notes

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Disclaimers:

Please review this report and notify Aon Hewitt Investment Consulting (AHIC) with any issues or questions you may have with respect to investment performance or

any other matter set forth herein.

The client portfolio market value data presented in this report have been obtained from the recordkeeper. AHIC believes the information to be accurate but has not

conducted any type of additional audits to ensure the information’s accuracy and cannot warrant its accuracy or completeness.

The mutual fund information found in this report is provided by Lipper Inc. and AHIC cannot warrant its accuracy or timeliness.

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell

Investment Group.

Notes:

The rates of return contained in this report are shown on an after-fees basis unless otherwise noted. They are geometric and time weighted. Returns for periods longer

than one year are annualized.

Universe percentiles are based upon an ordering system in which 1 is the best ranking and 100 is the worst ranking.

Due to rounding throughout the report, percentage totals displayed may not sum up to 100.0%. Additionally, individual fund totals in dollar terms may not sum up to the

plan totals.

Disclaimers and Notes

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