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2019-09-05 Town of Berlin-2Q19-QIRTown of Berlin Quarterly Investment Review - Second Quarter 2019 One Hundred Northfield Drive, Windsor, CT 06095 Toll Free:866.466.9412 www.fiallc.com the ded ction of transaction and/or c stodial charges the ded ction of an ImportantDisclosureInformation:Past performance may not be indicative of future results.Account information has been compiled solely by Fiduciary Investment Advisors,LLC,has not been independently verified, and does not reflect the impact of taxes on non-qualified accounts.In preparing this report,Fiduciary Investment Advisors,LLC has relied upon information provided by third party sources.A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.Historical performance results for investment indices and/or categories have been provided for general comparison purposes only,and generally do not reflect the deduction of transaction and/or custodial charges,the deduction of an investment managementfee, nor the impact of taxes,the incurrence of which would have the effect of decreasing historical performance results.It should not be assumed that your account holdings correspond directly to any comparative indices. 2 Fiduciary Governance CalendarSection 1 Second Quarter 2019 Executive SummarySection 2 Table of Contents Stable Value/Fixed Account ReviewSection 3 Investment Policy StatementSection 4 3 Fiduciary Governance Calendar 4 3rd Quarter: Participant Focus Investment Review Recordkeeper Services Update Plan Demographic Review Education & Advice Review¹ Plan Design Benchmarking 4th Quarter: Investment Focus Investment Review Investment Menu Review Asset Class Updates Trends and Best Practices QDIA Analysis 1st Quarter: Fee Focus Investment Review Administrative Fee Review Investment Expense Analysis Benchmarking and Trends Recordkeeper Negotiations 2nd Quarter: Practice & Policy Focus Investment Review Regulatory & Legislative Update Committee Best Practices Stable Value/Fixed Account Review Investment Policy Statement Review Fiduciary Governance Calendar ¹ Where applicable, FIA is recommending that plan fiduciaries prudently select and monitor participant advice providers. 5 SECURE Act¹ The SECURE Act was passed by the House in May and is now in the Senate. Should it pass, the bill will create the largest changes to the retirement plan industry since the Pension Protection Act (2006). Among other private sector changes, the Act looks to make the following changes for Defined Contribution Plans: MEP participating employers retain fiduciary responsibilities. ¹ The House Ways and Means Committee ² The National Law Review ³ The Department of Labor Student Loan Repayments² Last year one plan received approval from the IRS to use student loan repayments to satisfy matching contribution requirements in their 401(k). Formal guidance is expected to allow for these arrangements for all plans. Fiduciary Advice³ The DOL proposed a Fiduciary Advice Rule on the Spring 2019 agenda. The proposal is expected to mirror the new SEC Best Interest Rule. Simplify rules and raise the auto-increase cap from 10% to 15%Safe Harbor Plans Provide for a safe harbor for selection of annuities and allow for portability optionsIn-Plan Annuities Allow for open Multiple Employer Plans (MEP) and address the “one bad apple” ruleOpen MEPS Increase the age of Required Minimum Distributions from 70.5 to 72RMDs Regulatory & Legislative Update 6 What are claims alleging? •High investment and recordkeeping fees •Poor investment performance •Failure to monitor recordkeeper and solicit bids •Failure to follow plan documents and IPS •Definition of compensation not applied correctly •Imprudent proprietary funds in plan •Improperly filing as a church plan How can fiduciaries reduce risk? Confirm compliance with all plan documents Periodically evaluate service providers Monitor fees and performance Document your Fiduciary Trail® ¹ Benefits Pro ² PlanSponsor.com Non-Monetary Relief in Settlements Sponsor must hire an advisor Sponsor must conduct recordkeeper RFP and price plan per head Sponsor must separately disclose investment performance, fees, and IPS to all participants annually Sponsor must prohibit recordkeeper from marketing additional services to participants ERISA Lawsuits filed since 200983,000 ERISA Lawsuits filed in 20186,334 Of cases proceed to trial2% Sum of top 10 settlements in 2018$313M Update on Lawsuits1,2 7 Diversify the investment options to allow participants to manage risk FIA’s New Partnership Needs Assessment Analysis Act exclusively in the interest of plan participants and beneficiaries Act in accordance with the “prudent expert rule” Duty of Loyalty: Act exclusively in the interest of plan participants and beneficiaries Duty of Prudence: Act in accordance with the “prudent expert rule” Duty to Diversify Investments: Diversify the investment options to allow participants to manage risk Duty to Follow Plan Documents: Follow the plan documents and instruments governing the plan Duty to Avoid Prohibited Transactions: Ensure legal and appropriate transactions and be free from conflict “Five Key Duties” Anyone who exercises discretion or control with regard to the plan may be a Fiduciary, including: Plan sponsors Investment committees Investment consultants, if they render investment advice ERISA Fiduciary Responsibilities 8 Act prudently and always in the best interests of participants. ¹ Not intended as legal or compliance advice and may not be all inclusive. Plan fiduciaries should always consult with qualified ERISA counsel on legal and compliance matters. ² Not applicable to all plans Governance Related Periodically review all governance documents, including Investment Policy Statement, plan documents/amendments, and summary plan description. Schedule periodic meetings and establish a quorum. Consider periodic updates to committee or governing body. Review required plan bonding annually and consider other non- required coverages that may help protect plan fiduciaries (e.g. Fiduciary Liability Insurance). Contact counsel prior to disseminating information about your processes and procedures. Participant Related Periodically evaluate participant communications, education and advice services. Discuss automatic or other plan design features that may benefit participant retirement readiness. Consider periodic communications to participants concerning the process related to restricted/closed funds.² Periodically ensure that all eligible employees have the opportunity to elect deferrals, and deferrals are limited to 402(g) limits and deposited in a timely manner. Periodically review the plan’s procedures for locating lost participants. Plan Related Periodically review and document all plan related fees to ensure reasonableness. Periodically evaluate Plan Recordkeeper(s). Periodically ensure you are operating according to all plan documents. Ensure that all required plan related disclosures are sent to participants. Ensure the plan is acting in accordance with the plan’s protocol on proxy voting. Periodically review all service provider cybersecurity protocols. Fiduciary Best Practices Review1 9 Second Quarter 2019 Executive Summary 10 3.4‐5.96.53.61.4‐1.22.32.5AprilMayJuneQ2Q2 2019 Market Performance (%)MSCI ACWIBbgBarc US High Yield0%10%20%30%40%50%60%0246810121416182022242628303234363840Cumulative real GDP growthNumber of quartersLength & Strength of Previous U.S Expansions4Q492Q542Q581Q614Q701Q753Q804Q821Q914Q012Q09Market ReviewRisk assets were volatile during the second quarter, but ended higher.The current expansion is the longest on record (assuming a positive Q2), but growth has been lower compared to past cycles.Previous cycle trough:Uncertainty surrounding economic policy has risen, as the tone of central banks around the world has become dovish, and the continued tariff discussions play at the forefront of investors’ minds.BEA, NBER, FactSet, GDP growth data based on U.S. real GDP chained to 2000 prices. Data through March 31, 2019.Global manufacturing PMIs have moved below 50. The U.S. remains in “expansion” territory, while areas such as the eurozone and emerging markets are weighing down the global level.•The current U.S. expansion is now the longest on record, but its magnitude may shelter typical late cycle imbalances.•Dovish central bank postures and trade policy headway buoyed markets despite mounting economic uncertainty.•Markets ended the quarter higher, but it was not a linear path to the finish.Morningstar Direct11 Index ResultsU.S. EQUITYQUARTERYTD1 YEAR 3 YEAR 5 YEAR 10 YEARS&P 500 4.318.510.414.210.714.7Russell 10004.218.810.014.110.514.8Russell 1000 Value 3.816.28.510.27.513.2Russell 1000 Growth 4.621.511.618.113.416.3Russell Mid Cap 4.121.37.812.28.615.2Russell Mid Cap Value 3.218.03.78.96.714.6Russell Mid Cap Growth 5.426.113.916.511.116.0Russell 2000 2.117.0(3.3)12.37.113.4Russell 2000 Value 1.413.5(6.2)9.85.412.4Russell 2000 Growth2.720.4(0.5)14.78.614.4Russell 3000 4.118.79.014.010.214.7FTSE NAREIT Equity REITs Index1.217.811.24.27.915.5INTERNATIONAL EQUITYQUARTERYTD1 YEAR 3 YEAR 5 YEAR 10 YEARMSCI ACWI ex‐US 3.013.61.39.42.26.5MSCI EAFE 3.714.01.19.12.26.9MSCI EAFE Value1.59.6(2.1)8.50.15.5MSCI EAFE Growth5.718.54.29.74.48.2MSCI EAFE Small Cap1.712.5(6.3)9.14.49.7MSCI EM (Emerging Markets)0.610.61.210.72.55.8FIXED INCOMEQUARTERYTD1 YEAR 3 YEAR 5 YEAR 10 YEARBarclays U.S. Aggregate Bond3.16.17.92.32.93.9Barclays U.S. Gov/Credit Bond3.56.98.52.43.14.1Barclays Gov/Credit Long Bond6.613.513.83.85.77.6Barclays U.S. Corp High Yield2.59.97.57.54.79.2Barclays Municipal Bond2.15.16.72.63.64.7Barclays U.S. TIPS2.96.24.82.11.83.6BofA Merrill 3‐Month T‐Bill0.61.22.31.40.90.5NON‐TRADITIONALQUARTERYTD1 YEAR 3 YEAR 5 YEAR 10 YEARBloomberg Commodity Index(1.2)5.1(6.8)(2.2)(9.1)(3.7)HFRI Fund of Funds Index1.66.31.34.32.23.2NCREIF Property Index (3/31/2019)1.81.86.87.19.18.5CPI (3/31/2019)0.60.61.92.21.51.8Sources: Morningstar Direct, Standard & Poor’s, Russell, FTSE, MSCI, Barclays Capital, BofA Merrill Lynch, Bloomberg, HFRI, NCREIF. Data as of 06/30/2019 unless otherwise noted.12 Value Blend GrowthValue Blend Growth3.8 4.2 4.6Large8.5 10.0 11.63.2 4.1 5.4Mid3.7 7.8 13.91.4 2.1 2.7Small‐6.2 ‐3.3 ‐0.5Small Mid LargeSmall Mid Large1.7 3.0 3.9Dev‐6.3 ‐2.6 2.1‐1.0 1.3 0.5EM‐5.1 0.5 1.3Short Interm LongShort Interm Long1.5 2.3 6.0Gov't4.0 6.2 12.31.6 3.1 7.2Corp4.9 8.6 15.2QTR1‐YearQTR1‐YearU.S. Equity Size and Style ReturnsInternational Equity Size and Region Returns (USD)QTR1‐YearFixed Income Term and Quality Returns (USD)Equity & Fixed Income ReviewSources: Morningstar Direct, FactSet, Standard & Poor’s, Russell, MSCI, Barclays Capital, Citigroup, BofA Merrill Lynch, Credit Suisse, JPMorgan. Data as of June 30, 2019 unless otherwise noted.  The performance grids above are based on select Russell, MSCI and Barclays Capital indexes.5.33.7‐2.88.01.43.66.16.32.54.53.54.310.216.4‐13.26.313.010.414.33.216.813.719.010.4‐15.0‐10.0‐5.00.05.010.015.020.025.0Cons.Disc.Cons.StaplesEnergy Financials HealthCareIndustrials Info.Tech.Materials RealEstateTelecom. Utilities S&P 500S&P 500 Sector ReturnsQTR1‐year3.35.05.6‐1.75.512.80.1‐4.30.96.57.11.07.216.90.5‐4.0‐10.0‐5.00.05.010.015.020.0UnitedKingdomFrance Germany Japan Brazil Russia India ChinaMSCI Country Results 2Q 2019LocalUSD3.13.52.52.12.90.63.64.47.98.57.56.74.82.35.511.72.52.46.32.02.12.11.26.20.02.04.06.08.010.012.014.0BC Agg BC Gov/Crd BC US Cor HY BC Muni BC US TIPS ML 3M T‐Bill FTSE WGBI JPM EMBI+Fixed Income Returns and Yields (%)QTR1‐YearYieldU.S. equities moved higher during the quarter,as the Federal Reserve’s more dovish tone buoyedmarkets, and seemingly forward progress on trade negotiations with Chinaeased some of the tension.Large‐cap stocks generally outperformed small‐cap, and growth stocks outshined value. Energy wasthe lone sector posting a negative return during the quarter on the back of falling oil prices.The ECB also showed signs that it may soon reduce interest rates, helping foster positive returns amonginternational developed equities. Emerging market equities lagged developed markets,stemming fromweakness in China, which was negatively impacted by uncertainty surrounding trade policy as well asconcerns about a slowing economy.Interest rates moved lower during the period and thus sent bond prices higher, as the potential for aninterest rate cut by the Federal Reserve later in the year grew. Corporate bonds outpaced theirgovernment counterparts as the demand for yield persisted, while other spread sectors had mixedresults. Longer duration securities outperformed due to their greater interest rate sensitivity.13 Equity Market ReviewEarnings growth is expected to be slower in 2019, most notably for the U.S. and EM, while EAFE is expected to be modestly above 2018 levels.Growth stocks continue to trade at a premium relative to value stocks.Equities trade above their 15‐year average valuations, driven in part by strong price appreciation year‐to‐date and a reduced earnings outlook.14 Value vs. Growth‐8‐6‐4‐20246810Dec‐88Aug‐89Apr‐90Dec‐90Aug‐91Apr‐92Dec‐92Aug‐93Apr‐94Dec‐94Aug‐95Apr‐96Dec‐96Aug‐97Apr‐98Dec‐98Aug‐99Apr‐00Dec‐00Aug‐01Apr‐02Dec‐02Aug‐03Apr‐04Dec‐04Aug‐05Apr‐06Dec‐06Aug‐07Apr‐08Dec‐08Aug‐09Apr‐10Dec‐10Aug‐11Apr‐12Dec‐12Aug‐13Apr‐14Dec‐14Aug‐15Apr‐16Dec‐16Aug‐17Apr‐18Dec‐18Excess Annualized Return (%)10‐Year Rolling Excess ReturnsRussell 3000 Value vs. Russell 3000 GrowthMPI Stylus. Data from 1/1/1979 – 6/30/2019Value outperformsGrowth outperforms15 Fixed Market ReviewU.S. Treasury Curve   3m        2yr        5yr       10yr     30yr06/28/19    2.12      1.75      1.76      2.00      2.5203/29/19    2.40      2.27      2.23      2.41      2.8106/29/18    1.93      2.52      2.73      2.85      2.98IG corporate bond spreads were volatile during the quarter but ultimately landed 4 bps lower than where they began.The U.S. yield curve shifted lower during the quarter. The curve steepened between 2‐years and 30‐years, but short dated rates still remain higher than those in the belly of the curve.HY corporate bond spreads followed a similar pattern to IG, ending the quarter 14 bps tighter.0%0%2%14%40%44%3%17%37%34%10%0%0%5%10%15%20%25%30%35%40%45%50%100‐125 125‐150 150‐175 175‐200 200‐225 225‐250ProbabilityTarget Rate (bps)Probability of the Fed Rate Target for Dec 2019 MeetingAs of 4/4/19As of 7/10/19CME FedWatch Tool. The current Federal Funds rate target is 225‐250 as of July 10, 2019.Markets are pricing in higher probabilities of more than one rate cut by December ‐ a large shift from earlier in the year.Interest rates around the world moved lower during the quarter. Yields in the U.S. continue to look more attractive than those abroad.16 Market ViewpointsThese viewpoints represent FIA’s general assessment of the highlighted capital markets comparisons over the next 18 months. These opinions are subject to modification as conditions in the markets or forecasting periods change. Clients should utilize these rankings in conjunction with other considerations that may be relevant to their particular circumstances.RationaleAsset AllocationFixed IncomeNeutralEquityEquityDomesticNeutralInternationalFixed IncomeTreasuriesNeutralCreditInt’l DevelopedNeutralEmerging MktsDomestic ValueNeutralDomestic GrowthDomestic Large CapNeutralDomestic Small CapShort DurationNeutralLong DurationThe advanced age of the economic cycle and somewhat elevated risk asset valuations lend credibility to the notion of balanced asset allocation expressions, combined with the recognition that capital market returns may continue to garner additional support from central banks’ renewed commitment to stimulus.Valuation advantages overseas are largely extinguished by a more tepid economic backdrop and foreign equity markets’ more direct linkages to the somewhat constrained prospects for global trade.  Higher valuations in the U.S. offset the more resilient economic profile in place domestically.The relative valuation advantage and return shortfall associated with value investing persist, which continue to set the table, in our opinion, for a reversion back to style parity.  This reversal has the potential to unfold in an accelerated manner should equity markets become unsettled.The valuation profile between developed and emerging markets remains in balance, and we expect the entirety of foreign equity markets, on balance, to react in a somewhat similar vein to the matters of global economic prospects, trade negotiations, and central bank policy developments.  As such, we remain inclined to our neutral stance.Spreads ended the quarter slightly tighter than where they began the period, and credit continues to garner support from investors’ bid for yield and durable corporate financial health.  Late cycle dynamics remain in play, however, and investors will likely be well served elevating selectivity in the credit arena.We expect rates to be largely range‐bound over our forecast period.  Central bankers’ efforts to transmit policy stances with elevated transparency mitigates rate surprises on the front‐end of the yield curve, and the murkier global economic picture (combined with the appetite that remains for what yield is available further out the curve) should keep longer rates in check.Return disparities across the capitalization spectrum are likely to continue to result from investors’ fluctuating appetite for risk and developments on the economic and trade fronts.  Late cycle, developments on these fronts are likely to be uneven and varied, which informs our neutral stance.Q4 ‘18Q1 ‘18Q3 ‘17Q3 ‘17Q2 ‘18Q2 ‘15Q3 ‘15Current StancePrevious Stance17 Jun-2019 Mar-2019 Dec-2018 Sep-2018 ($)%($)%($)%($)% VantageTrust PLUS Fund R10 9,912,209 21.8 10,327,687 23.3 10,137,278 24.9 9,754,927 21.9 Stable Value / Money Market Funds 9,912,209 21.8 10,327,687 23.3 10,137,278 24.9 9,754,927 21.9 Metropolitan West Total Return Bond Plan 519,272 1.1 405,280 0.9 438,533 1.1 427,003 1.0 Vanguard Total Bond Market Index Adm 343,027 0.8 452,353 1.0 391,769 1.0 369,218 0.8 Vanguard Inflation-Protected Secs Adm 161,348 0.4 191,356 0.4 182,428 0.4 169,270 0.4 Templeton Global Bond R6 132,592 0.3 122,440 0.3 125,895 0.3 111,444 0.3 Fixed Income Funds 1,156,239 2.5 1,171,430 2.6 1,138,626 2.8 1,076,934 2.4 VantageTrust Retirement Income Advantage R5 1,482,567 3.3 1,448,204 3.3 1,343,087 3.3 1,473,668 3.3 Balanced Funds 1,482,567 3.3 1,448,204 3.3 1,343,087 3.3 1,473,668 3.3 MFS Value Fund R6 1,616,476 3.6 1,528,872 3.4 1,361,763 3.3 1,604,809 3.6 Vanguard 500 Index Admiral 3,372,998 7.4 3,274,817 7.4 2,824,629 6.9 3,256,145 7.3 T. Rowe Price Instl Large Cap Growth 4,132,258 9.1 3,805,010 8.6 3,398,710 8.3 4,219,388 9.5 Victory Sycamore Established Value R6 446,374 1.0 438,478 1.0 389,298 1.0 404,259 0.9 Vanguard Extended Market Idx Adm 956,125 2.1 1,030,201 2.3 887,055 2.2 1,167,370 2.6 Harbor Mid Cap Growth Retirement 1,220,863 2.7 990,555 2.2 793,603 1.9 813,805 1.8 Carillon Eagle Small Cap Growth R6 331,721 0.7 322,394 0.7 273,833 0.7 320,937 0.7 Domestic Equity Funds 12,076,815 26.6 11,390,327 25.7 9,928,891 24.4 11,786,712 26.4 American Funds EuroPacific Growth R6 412,864 0.9 505,598 1.1 554,088 1.4 755,817 1.7 Vanguard Total Intl Stock Index Adm 870,165 1.9 780,894 1.8 612,981 1.5 582,326 1.3 Invesco Oppenheimer Developing Markets R6 22,937 0.1 14,215 0.0 11,467 0.0 23,701 0.1 International Equity Funds 1,578,812 3.5 1,541,158 3.5 1,402,004 3.4 1,688,895 3.8 Nuveen Real Estate Secs R6 377,559 0.8 364,405 0.8 313,032 0.8 328,100 0.7 Specialty Funds 377,559 0.8 364,405 0.8 313,032 0.8 328,100 0.7 Vanguard Target Retirement Income Inv 1,316,625 2.9 1,322,774 3.0 1,249,972 3.1 1,384,795 3.1 Vanguard Target Retirement 2015 Inv 463,121 1.0 443,834 1.0 412,480 1.0 835,932 1.9 Vanguard Target Retirement 2020 Inv 3,760,230 8.3 3,630,810 8.2 3,331,178 8.2 3,196,304 7.2 Vanguard Target Retirement 2025 Inv 3,147,199 6.9 3,042,352 6.9 2,921,272 7.2 3,169,519 7.1 Vanguard Target Retirement 2030 Inv 3,212,010 7.1 3,162,156 7.1 3,103,669 7.6 3,778,122 8.5 Vanguard Target Retirement 2035 Inv 1,976,346 4.4 1,875,326 4.2 1,691,391 4.1 1,839,095 4.1 Vanguard Target Retirement 2040 Inv 2,895,618 6.4 2,740,882 6.2 2,158,695 5.3 2,380,759 5.3 Vanguard Target Retirement 2045 Inv 989,130 2.2 932,140 2.1 810,398 2.0 947,588 2.1 Historical Balances by Investment Berlin, CT Town DC Plan 401a As of June 30, 2019 Source: ICMA 18 Historical Balances by Investment Berlin, CT Town DC Plan 401a As of June 30, 2019 Jun-2019 Mar-2019 Dec-2018 Sep-2018 ($)%($)%($)%($)% Vanguard Target Retirement 2050 Inv 975,326 2.1 904,214 2.0 774,739 1.9 905,767 2.0 Vanguard Target Retirement 2055 Inv 66,448 0.1 56,196 0.1 41,613 0.1 27,857 0.1 Vanguard Target Retirement 2060 Inv 4,270 0.0 2,921 0.0 1,296 0.0 345 0.0 Target Date Funds 18,806,324 41.4 18,113,605 40.8 16,496,703 40.5 18,466,083 41.4 Berlin, CT Town DC Plan 401a 45,390,526 100.0 44,356,815 100.0 40,759,622 100.0 44,575,319 100.0 Source: ICMA 19 Jun-2019 Mar-2019 Dec-2018 Sep-2018 ($)%($)% ($)%($)% VantageTrust PLUS Fund R10 1,696,253 15.9 1,633,152 15.7 1,612,774 17.1 1,625,688 15.6 Stable Value / Money Market Funds 1,696,253 15.9 1,633,152 15.7 1,612,774 17.1 1,625,688 15.6 Metropolitan West Total Return Bond Plan 172,676 1.6 143,677 1.4 136,805 1.5 146,327 1.4 Vanguard Total Bond Market Index Adm 64,984 0.6 63,776 0.6 50,798 0.5 72,022 0.7 Vanguard Inflation-Protected Secs Adm 33,638 0.3 30,980 0.3 27,315 0.3 32,774 0.3 Templeton Global Bond R6 27,215 0.3 42,561 0.4 48,024 0.5 30,021 0.3 Fixed Income Funds 298,512 2.8 280,993 2.7 262,942 2.8 281,143 2.7 VantageTrust Retirement Income Advantage R5 61,479 0.6 73,719 0.7 63,032 0.7 65,266 0.6 Balanced Funds 61,479 0.6 73,719 0.7 63,032 0.7 65,266 0.6 MFS Value Fund R6 220,877 2.1 205,159 2.0 180,131 1.9 204,020 2.0 Vanguard 500 Index Admiral 405,940 3.8 461,030 4.4 414,672 4.4 520,079 5.0 T. Rowe Price Instl Large Cap Growth 874,746 8.2 843,391 8.1 761,495 8.1 880,044 8.5 Victory Sycamore Established Value R6 30,200 0.3 30,947 0.3 28,090 0.3 33,327 0.3 Vanguard Extended Market Idx Adm 374,745 3.5 358,876 3.5 317,745 3.4 383,134 3.7 Harbor Mid Cap Growth Retirement 459,360 4.3 404,971 3.9 285,855 3.0 329,162 3.2 Carillon Eagle Small Cap Growth R6 90,841 0.9 95,983 0.9 80,158 0.9 115,226 1.1 Domestic Equity Funds 2,456,708 23.0 2,400,358 23.1 2,068,145 22.0 2,464,992 23.7 American Funds EuroPacific Growth R6 216,198 2.0 215,488 2.1 205,232 2.2 277,063 2.7 Vanguard Total Intl Stock Index Adm 209,001 2.0 190,324 1.8 156,100 1.7 162,666 1.6 Invesco Oppenheimer Developing Markets R6 22,937 0.2 14,215 0.1 11,467 0.1 23,701 0.2 International Equity Funds 448,135 4.2 420,027 4.0 372,799 4.0 463,430 4.5 Nuveen Real Estate Secs R6 62,818 0.6 63,054 0.6 52,916 0.6 78,624 0.8 Specialty Funds 62,818 0.6 63,054 0.6 52,916 0.6 78,624 0.8 Vanguard Target Retirement Income Inv 425,368 4.0 494,222 4.8 467,522 5.0 509,049 4.9 Vanguard Target Retirement 2015 Inv 192,063 1.8 172,210 1.7 161,733 1.7 188,604 1.8 Vanguard Target Retirement 2020 Inv 835,394 7.8 861,507 8.3 796,000 8.5 798,216 7.7 Vanguard Target Retirement 2025 Inv 1,084,756 10.2 1,034,265 10.0 932,978 9.9 1,051,154 10.1 Vanguard Target Retirement 2030 Inv 1,335,496 12.5 1,269,812 12.2 1,126,698 12.0 1,229,781 11.8 Vanguard Target Retirement 2035 Inv 1,003,911 9.4 959,572 9.2 845,005 9.0 927,855 8.9 Vanguard Target Retirement 2040 Inv 533,384 5.0 506,500 4.9 465,989 4.9 510,564 4.9 Vanguard Target Retirement 2045 Inv 134,179 1.3 124,121 1.2 104,892 1.1 122,191 1.2 Historical Balances by Investment Berlin, CT Town DC Plan 457 As of June 30, 2019 Source: ICMA 20 Historical Balances by Investment Berlin, CT Town DC Plan 457 As of June 30, 2019 Jun-2019 Mar-2019 Dec-2018 Sep-2018 ($)%($)% ($)%($)% Vanguard Target Retirement 2050 Inv 97,778 0.9 89,994 0.9 76,609 0.8 82,221 0.8 Vanguard Target Retirement 2055 Inv 2,724 0.0 1,675 0.0 785 0.0 166 0.0 Vanguard Target Retirement 2060 Inv 5,052 0.0 4,280 0.0 3,179 0.0 3,043 0.0 Target Date Funds 5,650,105 52.9 5,518,159 53.1 4,981,390 52.9 5,422,843 52.1 Berlin, CT Town DC Plan 457 10,674,011 100.0 10,389,462 100.0 9,413,996 100.0 10,401,988 100.0 Source: ICMA 21 Jun-2019 Mar-2019 Dec-2018 Sep-2018 ($)%($)%($)%($)% VantageTrust PLUS Fund R10 28,880 9.7 26,554 10.2 25,934 10.8 25,927 9.8 Stable Value / Money Market Funds 28,880 9.7 26,554 10.2 25,934 10.8 25,927 9.8 Metropolitan West Total Return Bond Plan 10,660 3.6 7,486 2.9 8,154 3.4 6,985 2.6 Vanguard Total Bond Market Index Adm 3,077 1.0 4,488 1.7 3,816 1.6 5,147 1.9 Vanguard Inflation-Protected Secs Adm 2,240 0.8 2,107 0.8 1,958 0.8 1,730 0.7 Templeton Global Bond R6 2,112 0.7 1,967 0.8 2,166 0.9 2,093 0.8 Fixed Income Funds 18,089 6.1 16,047 6.2 16,095 6.7 15,956 6.0 VantageTrust Retirement Income Advantage R5 254 0.1 0.00 0.0 0.00 0.0 0.00 0.0 Balanced Funds 254 0.1 0.00 0.0 0.00 0.0 0.00 0.0 MFS Value Fund R6 0.00 0.0 0.00 0.0 273 0.1 689 0.3 Vanguard 500 Index Admiral 16,196 5.5 14,567 5.6 11,868 4.9 13,156 5.0 T. Rowe Price Instl Large Cap Growth 136 0.0 0.00 0.0 504 0.2 531 0.2 Victory Sycamore Established Value R6 3,620 1.2 4,215 1.6 3,849 1.6 3,851 1.5 Vanguard Extended Market Idx Adm 8,755 3.0 7,283 2.8 6,515 2.7 8,800 3.3 Harbor Mid Cap Growth Retirement 560 0.2 642 0.2 472 0.2 0.00 0.0 Carillon Eagle Small Cap Growth R6 0.00 0.0 0.00 0.0 0.00 0.0 0.00 0.0 Domestic Equity Funds 29,267 9.9 26,708 10.3 23,481 9.7 27,028 10.2 American Funds EuroPacific Growth R6 2,447 0.8 3,230 1.2 4,745 2.0 7,419 2.8 Vanguard Total Intl Stock Index Adm 13,170 4.4 10,636 4.1 8,265 3.4 7,755 2.9 Invesco Oppenheimer Developing Markets R6 3,203 1.1 2,762 1.1 2,500 1.0 2,533 1.0 International Equity Funds 18,820 6.4 16,629 6.4 15,510 6.4 17,707 6.7 Nuveen Real Estate Secs R6 4,184 1.4 3,717 1.4 3,270 1.4 3,568 1.3 Specialty Funds 4,184 1.4 3,717 1.4 3,270 1.4 3,568 1.3 Vanguard Target Retirement Income Inv 4,604 1.6 3,480 1.3 3,300 1.4 3,940 1.5 Vanguard Target Retirement 2015 Inv 11,709 4.0 10,631 4.1 9,988 4.1 10,481 4.0 Vanguard Target Retirement 2020 Inv 17,019 5.7 15,159 5.8 13,819 5.7 14,485 5.5 Vanguard Target Retirement 2025 Inv 16,968 5.7 14,912 5.7 14,204 5.9 15,362 5.8 Vanguard Target Retirement 2030 Inv 23,609 8.0 21,771 8.4 19,599 8.1 21,046 8.0 Vanguard Target Retirement 2035 Inv 19,352 6.5 16,476 6.3 14,958 6.2 16,616 6.3 Vanguard Target Retirement 2040 Inv 15,780 5.3 14,093 5.4 12,541 5.2 14,508 5.5 Vanguard Target Retirement 2045 Inv 39,697 13.4 35,736 13.8 34,523 14.3 38,688 14.6 Historical Balances by Investment Town of Berlin As of June 30, 2019 Source: ICMA 22 Historical Balances by Investment Town of Berlin As of June 30, 2019 Jun-2019 Mar-2019 Dec-2018 Sep-2018 ($)%($)%($)%($)% Vanguard Target Retirement 2050 Inv 28,664 9.7 24,295 9.4 21,800 9.0 25,779 9.7 Vanguard Target Retirement 2055 Inv 16,214 5.5 12,255 4.7 10,997 4.6 12,469 4.7 Vanguard Target Retirement 2060 Inv 3,162 1.1 1,102 0.4 988 0.4 1,121 0.4 Target Date Funds 196,779 66.4 169,910 65.5 156,718 65.0 174,494 65.9 Robert Wolf Plan 296,272 100.0 259,565 100.0 241,009 100.0 264,679 100.0 Source: ICMA 23 Plan Balances by Investment –Police HRS¹ As of June 30, 2019 ¹Source: ICMA Fund Market Value ($)Plan Allocation (%) Vantagepoint High Yield S2 210 0.4 Fixed Income Sub Class Total 210 0.4 Vantagepoint Select Value S2 670 1.3 Domestic Equity Sub Class Total 670 1.3 Vantagepoint Milestone 2015 S2 1,942 3.8 Vantagepoint Milestone 2020 S2 4,179 8.1 Vantagepoint Milestone 2025 S2 4,052 7.9 Vantagepoint Milestone 2030 S2 12,969 25.2 Vantagepoint Milestone 2035 S2 7,877 15.3 Vantagepoint Milestone 2040 S2 3,603 7.0 Vantagepoint Milestone 2045 S2 3,946 7.7 Vantagepoint Milestone 2050 S2 4,009 7.8 Vantagepoint Milestone 2055 S2 7,988 15.5 Targer Date Sub Class Total 50,565 98.3 Plan Total:51,445 100.0 24 1-50 Percentile = 51-75 Percentile = 76-100 Percentile = QTR 1 Year 3 Years 5 Years 10 Years Expense Ratio %Manager Status VantageTrust PLUS Fund R10 0.6 2.4 2.2 2.1 2.5 0.57 MAINTAIN FTSE 3 Month T-Bill 0.6 2.3 1.4 0.8 0.5 - Metropolitan West Total Return Bond Plan*3.3 8.2 2.7 3.0 5.9 0.37 MAINTAIN Blmbg. Barc. U.S. Aggregate Index 3.1 7.9 2.3 2.9 3.9 - IM U.S. Broad Market Core+ Fixed Income (MF) Rank 36 29 69 47 13 0.69 Vanguard Total Bond Market Index Adm 3.1 7.9 2.2 2.9 3.8 0.05 MAINTAIN Blmbg. Barc. U.S. Aggregate Index 3.1 7.9 2.3 2.9 3.9 - IM U.S. Broad Market Core Fixed Income (MF) Rank 42 29 60 33 72 0.60 Vanguard Inflation-Protected Secs Adm 2.8 4.7 1.9 1.7 3.6 0.10 MAINTAIN Bloomberg Barclays U.S. TIPS Index 2.9 4.8 2.1 1.8 3.6 - IM U.S. TIPS (MF) Rank 14 19 45 15 13 0.60 Templeton Global Bond R6*0.8 5.7 4.7 1.6 4.9 0.56 MAINTAIN FTSE World Government Bond Index 3.6 5.5 1.0 0.8 2.2 - IM Global Fixed Income (MF) Rank 100 69 7 45 25 0.82 VantageTrust Retirement Income Advantage R5 3.0 5.4 6.9 4.4 - 1.71 NO STATUS VT Retirement IncomeAdvantage Custom Benchmark 3.5 7.3 8.4 6.0 -- MFS Value Fund R6 5.1 10.9 10.5 8.7 12.7 0.48 MAINTAIN Russell 1000 Value Index 3.8 8.5 10.2 7.5 13.2 - IM U.S. Large Cap Value Equity (MF) Rank 7 8 52 8 27 0.90 Performance Overview By Investment As of June 30, 2019 Total Annualized Return Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee returns for each fund in its respective Lipper peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members. Returns for periods less than one year are not annualized. Source: Lipper Analytical Services or investment manager for non-mutual fund holdings. ^More information on custom indexes, which may be used in this report, can be found on the Custom Index Description page in the back of your report.25 Performance Overview By Investment As of June 30, 2019 Total Annualized Return QTR 1 Year 3 Years 5 Years 10 Years Expense Ratio %Manager Status Vanguard 500 Index Admiral 4.3 10.4 14.2 10.7 14.7 0.04 MAINTAIN S&P 500 Index 4.3 10.4 14.2 10.7 14.7 - IM U.S. Large Cap Core Equity (MF) Rank 45 34 27 15 13 0.82 T. Rowe Price Instl Large Cap Growth 3.0 10.0 23.1 15.1 17.8 0.56 MAINTAIN Russell 1000 Growth Index 4.6 11.6 18.1 13.4 16.3 - IM U.S. Large Cap Growth Equity (MF) Rank 92 59 2 5 4 0.94 Victory Sycamore Established Value R6*4.7 5.8 11.2 9.6 14.8 0.57 MAINTAIN Russell Midcap Value Index 3.2 3.7 8.9 6.7 14.6 - IM U.S. Mid Cap Value Equity (MF) Rank 8 11 5 1 3 1.00 Vanguard Extended Market Idx Adm 3.0 2.0 13.2 7.8 14.7 0.08 MAINTAIN S&P Completion Index 3.0 1.9 13.0 7.7 14.6 - IM U.S. SMID Cap Core Equity (MF) Rank 36 15 11 15 7 1.08 Harbor Mid Cap Growth Retirement*6.1 15.6 21.1 12.0 16.0 0.81 MAINTAIN Russell Midcap Growth Index 5.4 13.9 16.5 11.1 16.0 - IM U.S. Mid Cap Growth Equity (MF) Rank 59 24 8 25 21 1.09 Carillon Eagle Small Cap Growth R6*2.6 1.1 13.6 9.0 14.9 0.65 MAINTAIN Russell 2000 Growth Index 2.7 -0.5 14.7 8.6 14.4 - IM U.S. Small Cap Growth Equity (MF) Rank 32 29 55 37 29 1.42 American Funds EuroPacific Growth R6 3.9 1.9 10.8 4.5 8.2 0.49 MAINTAIN MSCI AC World ex USA (Net)3.0 1.3 9.4 2.2 6.5 - IM International Large Cap Core Equity (MF) Rank 33 17 9 1 1 1.02 Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee returns for each fund in its respective Lipper peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members. Returns for periods less than one year are not annualized. Source: Lipper Analytical Services or investment manager for non-mutual fund holdings. ^More information on custom indexes, which may be used in this report, can be found on the Custom Index Description page in the back of your report.26 Performance Overview By Investment As of June 30, 2019 Total Annualized Return QTR 1 Year 3 Years 5 Years 10 Years Expense Ratio %Manager Status Vanguard Total Intl Stock Index Adm*2.7 0.6 8.9 2.3 6.6 0.11 MAINTAIN FTSE Global All Cap ex US Spliced Index 2.9 0.5 9.2 2.4 6.6 - IM International Large Cap Core Equity (MF) Rank 56 36 34 7 38 1.02 Invesco Oppenheimer Developing Markets R6*2.9 3.1 12.6 2.9 8.3 0.87 WATCH MSCI Emerging Markets (Net) Index 0.6 1.2 10.7 2.5 5.8 - IM Emerging Markets Equity (MF) Rank 25 32 9 28 5 1.25 Nuveen Real Estate Secs R6 1.6 11.4 4.3 7.8 15.4 0.87 MAINTAIN FTSE NAREIT Equity REIT Index 1.2 11.2 4.2 7.9 15.5 - IM Real Estate Sector (MF) Rank 65 41 44 32 24 1.05 *Historical performance of current share class may differ slightly due to share class exchanges and/or blended performance. Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee returns for each fund in its respective Lipper peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members. Returns for periods less than one year are not annualized. Source: Lipper Analytical Services or investment manager for non-mutual fund holdings. ^More information on custom indexes, which may be used in this report, can be found on the Custom Index Description page in the back of your report.27 1-50 Percentile = 51-75 Percentile = 76-100 Percentile = QTR 1 Year 3 Years 5 Years 10 Years Expense Ratio %Manager Status Vanguard Target Retirement Income Inv 3.0 6.5 5.2 4.2 6.4 0.12 MAINTAIN Vanguard Target Income Composite Index 3.0 6.7 5.4 4.4 6.5 - IM Mixed-Asset Target Today (MF) Rank 35 32 41 19 31 0.68 Vanguard Target Retirement 2015 Inv 3.0 6.5 6.7 4.9 8.3 0.13 MAINTAIN Vanguard Target 2015 Composite Index 3.1 6.6 6.9 5.1 8.5 - IM Mixed-Asset Target 2015 (MF) Rank 37 33 38 26 27 0.65 Vanguard Target Retirement 2020 Inv 3.2 6.5 7.8 5.6 9.2 0.13 MAINTAIN Vanguard Target 2020 Composite Index 3.3 6.7 8.0 5.8 9.4 - IM Mixed-Asset Target 2020 (MF) Rank 26 24 18 3 9 0.70 Vanguard Target Retirement 2025 Inv 3.3 6.6 8.7 5.9 9.8 0.13 MAINTAIN Vanguard Target 2025 Composite Index 3.4 6.8 8.9 6.2 10.0 - IM Mixed-Asset Target 2025 (MF) Rank 30 24 22 5 21 0.68 Vanguard Target Retirement 2030 Inv 3.4 6.4 9.4 6.2 10.3 0.14 MAINTAIN Vanguard Target 2030 Composite Index 3.5 6.6 9.7 6.4 10.6 - IM Mixed-Asset Target 2030 (MF) Rank 31 25 30 13 20 0.73 Vanguard Target Retirement 2035 Inv 3.5 6.3 10.1 6.5 10.9 0.14 MAINTAIN Vanguard Target 2035 Composite Index 3.5 6.4 10.4 6.7 11.1 - IM Mixed-Asset Target 2035 (MF) Rank 30 24 34 19 13 0.69 Vanguard Target Retirement 2040 Inv 3.5 6.0 10.8 6.7 11.2 0.14 MAINTAIN Vanguard Target 2040 Composite Index 3.6 6.2 11.1 7.0 11.4 - IM Mixed-Asset Target 2040 (MF) Rank 33 26 24 18 15 0.75 Performance Overview By Investment As of June 30, 2019 Total Annualized Return Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee returns for each fund in its respective Lipper peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members. Returns for periods less than one year are not annualized. Source: Lipper Analytical Services or investment manager for non-mutual fund holdings. 28 Performance Overview By Investment As of June 30, 2019 Total Annualized Return QTR 1 Year 3 Years 5 Years 10 Years Expense Ratio %Manager Status Vanguard Target Retirement 2045 Inv 3.5 5.9 11.0 6.9 11.2 0.15 MAINTAIN Vanguard Target 2045 Composite Index 3.6 6.1 11.3 7.1 11.5 - IM Mixed-Asset Target 2045 (MF) Rank 34 30 25 19 12 0.70 Vanguard Target Retirement 2050 Inv 3.5 5.9 11.0 6.9 11.2 0.15 MAINTAIN Vanguard Target 2050 Composite Index 3.6 6.1 11.3 7.1 11.5 - IM Mixed-Asset Target 2050 (MF) Rank 35 32 30 19 12 0.74 Vanguard Target Retirement 2055 Inv 3.5 5.9 11.0 6.8 -0.15 MAINTAIN Vanguard Target 2055 Composite Index 3.6 6.1 11.3 7.1 -- IM Mixed-Asset Target 2055 (MF) Rank 39 30 33 24 -0.71 Vanguard Target Retirement 2060 Inv 3.5 5.8 11.0 6.8 -0.15 MAINTAIN Vanguard Target 2060 Composite Index 3.6 6.1 11.3 7.1 -- IM Mixed-Asset Target 2060+ (MF) Rank 48 36 45 29 -0.72 Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee returns for each fund in its respective Lipper peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members. Returns for periods less than one year are not annualized. Source: Lipper Analytical Services or investment manager for non-mutual fund holdings. 29 Metropolitan West Total Return Bond Plan Vanguard Total Bond Market Index Adm Vanguard Inflation-Protected Secs Adm Templeton Global Bond R6 MFS Value Fund R6 Vanguard 500 Index Admiral T. Rowe Price Instl Large Cap Growth Victory Sycamore Established Value R6 Vanguard Extended Market Idx Adm Harbor Mid Cap Growth Retirement Carillon Eagle Small Cap Growth R6 American Funds EuroPacific Growth R6 Vanguard Total Intl Stock Index Adm Invesco Oppenheimer Developing Markets R6 Nuveen Real Estate Secs R6 S&P 500 Index 90 Day U.S. Treasury Bill -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Return (%)-9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 27.0 Risk (Standard Deviation %) Performance vs Risk 3 Years Ending June 30, 2019 The plan's investment menu should provide for investment options with materially different risk/reward characteristics that would allow participants to construct a broadly diversified portfolio. The chart below illustrates how the funds in the plan align on the "risk-return spectrum" when compared to the S&P 500 Index. Calculation based on monthly periodicity. 30 Style Map(07/01/16 - 06/30/19) MFS Value Fund R6 Vanguard 500 Index Admiral T. Rowe Price Instl Large Cap Growth Victory Sycamore Established Value R6 Vanguard Extended Market Idx Adm Harbor Mid Cap Growth Retirement Carillon Eagle Small Cap Growth R6Capitalization Manager Style Large Cap Value Small Cap Value Small Cap Growth Large Cap Growth Performance Statistics Average Style Exposure The chart below illustrates the Lipper Style Box exposure for the plan's funds that invest primarily in U.S. stocks. The purpose of the chart is to demonstrate the presence of coverage in all style boxes, from small cap to large cap and from growth to value. 31 Manager Manager Status Comments VantageTrust PLUS Fund R10 Maintain 2Q 2019 - Commentary not available at time of report production. VantageTrust Retirement Income Advantage R5 No Status FIA does not currently monitor this fund. Metropolitan West Total Return Bond Plan Maintain 2Q 2019 – The MetWest Total Return Bond Fund produced a positive return during the second quarter and performed in line with the Bloomberg Barclays U.S. Aggregate Bond Index. The Federal Reserve maintained its target rate level in June, but concerns of a slowing global economy have moved the market’s expectation for future rate cuts. The potential for rate cuts, as well as a subdued inflation outlook, put downward pressure on interest rates. Spread sectors performed reasonably well, with corporate bonds outpacing Treasuries. Duration positioning was modestly beneficial as the strategy began the quarter with a longer than benchmark duration posture. The team has moved to a neutral stance now given the move in interest rates. Sector allocation had a modestly negative impact due to the strategy’s defensive posture and underweight to corporate spread duration. Allocations to CMBS and non-agency MBS helped offset the corporate underweight. Issue selection had a positive impact due to strong results within financials and communications. The MetWest team continues to position the portfolio in a defensive posture, remaining underweight corporate spread duration and favoring up in quality securities. Vanguard Total Bond Market Index Adm Maintain In accordance with its objective, the Vanguard Total Bond Market Index Fund sufficiently tracked its index during the quarter. Vanguard Inflation-Protected Secs Adm Maintain 2Q 2019 – Commentary not available at time of report production. Templeton Global Bond R6 Maintain 2Q 2019 – The Templeton Global Bond Fund rose during the second quarter but underperformed its benchmark, the FTSE WGBI. Escalating trade tensions between the U.S. and China led to a broad resurgence in global risk aversion in the period causing sovereign bond yields around the world to notably decline. Amid this market environment, the fund’s negative duration exposure to U.S. Treasuries detracted from absolute performance as the yield on the 10-year note declined 40 basis points during the quarter to finish at its lowest level since November 2016. In addition, the portfolio’s net-negative position in the euro moderately detracted as the U.S. dollar depreciated against most foreign currencies. In contrast, the biggest contributor to absolute performance was the portfolio’s exposure to Brazilian duration as well as the Brazilian real. Looking forward, the team believes U.S. growth is likely to moderate from its 2018 pace but remain at or above potential in 2019, and they do not see economic conditions that indicate an imminent recession, or that justify rate cuts. Manager Commentary As of June 30, 2019 32 Manager Commentary As of June 30, 2019 Manager Manager Status Comments MFS Value Fund R6 Maintain 2Q 2019 - The MFS Value Fund outperformed the Russell 1000 Value Index in the second quarter. After posting strong returns in the first quarter of 2019, the US equity market continued to climb during the second quarter: the S&P 500 Index reached an all-time high in late June and ended the first half of the year up 19%. Sector allocations were the primary driver of the Fund's outperformance this quarter due to an overweight position in financials and an underweight position in energy. Financials was the best performing sector in the benchmark during the quarter while energy was the worst. The price of crude oil was volatile throughout the quarter as concerns about global growth and increased US stockpiles weighed on the commodity. An overweight position in industrials also helped as the sector's performance has rebounded this year after a challenging 2018. Stock selection also contributed to results during the quarter led by holdings in the healthcare and technology sectors. Conversely, holdings in the consumer staples sector weighed on returns. Vanguard 500 Index Admiral Maintain In accordance with its objective, the Vanguard 500 Index Fund sufficiently tracked its index during the quarter. T. Rowe Price Instl Large Cap Growth Maintain 2Q 2019 – The T. Rowe Price Institutional Large Cap Growth Fund produced a positive return during the second quarter but trailed the Russell 1000 Growth Index. Domestic equities ended a quarter of choppiness in positive territory, rallying in the concluding month on the back of a temporary halt to further tariff hikes, as well as indications of a more accommodative Fed in the back half of 2019. From a sector standpoint, technology continued to be a standout performer, while financials was also a top segment in the quarter. Growth continued its recent dominance over value, while high quality stocks, as rated by S&P, also outperformed. Regarding portfolio attribution, the Fund’s overweight to health care was a detriment, as the sector was among the weakest performing of the index. Political rhetoric around drug pricing and “Medicare for all” resurfaced ahead of the 2020 election, and weighed on the group, in particular the biotech and managed care segments. Unfavorable picks within communication services further hampered results, with an overweight to Google parent, Alphabet Inc., among the greatest detractors. Financials performance also faltered in the period, driven lower by overweights to Charles Schwab and TD Ameritrade. On the positive side, technology as a relative bright spot for the portfolio. Total System Services was a notable top contributor, rising sharply after the announced merger with Global Payments. Victory Sycamore Established Value R6 Maintain 2Q 2019 - The Victory Sycamore Established Value Fund outperformed the Russell Mid Cap Value Index in the second quarter. The US equity market ended the quarter higher, posting the best first half since 1997. Small capitalization stocks underperformed large caps during the quarter while growth outpaced value across all size segments as concerns over slowing economic growth rewarded the style. Stock selection was the primary driver of the Fund's outperformance this quarter while sector allocation also added modestly to return. Specifically, stock selection in the consumer discretionary, health care, materials and financials sectors contributed to relative performance. An underweight to real estate, which lagged the broader index, was also favorable. Conversely, stock selection in communication services and consumer staples detracted from returns for the quarter. Vanguard Extended Market Idx Adm Maintain In accordance with its objective, the Vanguard Extended Market Index Fund sufficiently tracked its index during the quarter. 33 Manager Commentary As of June 30, 2019 Manager Manager Status Comments Harbor Mid Cap Growth Retirement Maintain 2Q 2019 – The Harbor Mid Cap Growth Fund generated a positive absolute return during the second quarter and outpaced the Russell Mid Cap Growth Index. Strong security selection was the driver of this period’s outperformance, as sector weightings had a modestly negative impact in aggregate. Regarding security selection, health care and industrials were outsized areas of strength, while picks in consumer staples and communication services also added value. The top two contributors to relative performance, Exact Sciences and Haemonetics Corp., were both health care names. In consumer staples, an overweight position in Monster Beverage was also a noteworthy contributor. On the negative side, an underweight to financials, the index’s best performing sector, coupled with an overweight to health care, which was among the weakest performing groups, hindered results most. In addition, adverse stock picks in technology and consumer discretionary were also hindrances. Tech holdings, Pivotal Software and 2U Inc. were the greatest detractors in the quarter. Carillon Eagle Small Cap Growth R6 Maintain 2Q 2019 – The Carillon Eagle Small Cap Growth Fund produced a positive absolute return during the second quarter but trailed the Russell 2000 Growth Index. Domestic equities continued their ascent in the period, albeit a bumpier ride relative to the opening three months of the year. A dovish tone from the Fed, coupled with a June agreement to pause escalating tariffs, propelled U.S. equities to new highs. Growth stocks outperformed value in the period while large caps outperformed small caps. Against this backdrop, underperformance in the period was due to weakness in consumer discretionary, financials, health care and technology. Weakness in consumer discretionary was due to retail holdings, with an overweight to At Home Group having the greatest negative impact. At Home Group fell by 60% in the period after an earnings miss and downgrade during the quarter. Increased tariffs were cited as a source of margin compression as well as weaker sales on weather related issues. Tech names were also hit by tariffs, with electronic equipment names Cognex, Coherent and Littlefuse all negatively impacted. Coherent was a significant detractor during 2018 but has been a top contributor to the portfolio over the last five years and was particularly strong in 2017. Periods of weakness over the last 7 quarters has pushed the portfolio’s long-term trailing returns into the bottom half of the peer group across all major trailing time periods. The year-to-date performance has been negatively impacted by biotech results, largely due to takeouts in the space that the fund did not own (Array and Spark Therpetuics). Challenging selection in 2018, particularly in the mentioned areas of tech and consumer discretionary, weighed on results. 34 Manager Commentary As of June 30, 2019 Manager Manager Status Comments American Funds EuroPacific Growth R6 Maintain 2Q 2019 – The American Funds EuroPacific Growth Fund advanced during the second quarter, outpacing its benchmark, the MSCI ACWI ex-US. Non-U.S. stocks closed a volatile quarter with solid gains, boosted by supportive comments from global central banks in June following heightened trade tensions the prior month. Stock selection drove the fund’s outperformance in the period with positive contributions coming from the communications services, consumer discretionary, and financials sectors led by positions in Nintendo, MercadoLibre, and AIA. Meanwhile, the portfolio’s exposures to energy and industrials hampered returns. A position in Reliance Industries was a top detractor as the energy sector was lower, tracking a decline in oil prices during the quarter. Within industrials, a number of European airlines were notable detractors as Brexit concerns weighed on investor sentiment. From a regional perspective, the fund’s emerging markets companies, particularly those based in China and Brazil, collectively boosted results with strength from a number of technology and consumer-related companies. Vanguard Total Intl Stock Index Adm Maintain In accordance with its investment objective, the Vanguard Total International Stock Index sufficiently tracked its index, the FTSE Global All Cap ex-US Index, during the quarter with some tracking error due to the impact of fair value pricing. Invesco Oppenheimer Developing Markets R6 Watch 4Q 2018 2Q 2019 - The Invesco Oppenheimer Developing Markets Fund outpaced its benchmark, the MSCI Emerging Markets Index, for the quarter. The gains global emerging markets experienced in the first quarter were tested by strained US/China trade negotiations and a dramatic slowing in Chinese economic data. Emerging markets were volatile over the second quarter, ending with a slight gain. At the fund level, stock selection in financials, energy and consumer discretionary and, on a country basis, in India and China drove outperformance. An overweight to Russia benefited relative performance while out of benchmark exposure to the UK as well as underweights to Thailand and South Africa detracted from relative results. On a position level, the top contributors were Novatek, Meituan Dianping and HDFC while the largest detractors were Alibaba, Glencore and Huazhu Group. Oppenheimer is on a firm-wide Watch status due to its acquisition by Invesco. Nuveen Real Estate Secs R6 Maintain 2Q 2019 – The Nuveen Real Estate Securities Fund produced a positive return during the second quarter and outpaced its index. Domestic REITs posted modest gains in the quarter, driven largely by a fall in interest rates. As a result, defensive and high dividend paying segments of the market outperformed, while malls, office and hotel segments were all laggards. Elsewhere, industrial REITs and data centers were also top performers, benefiting from resilient and secular demand drivers, such as the continued growth in e-commerce. Providing a boost to relative performance in the period was strong stock selection within the health care REIT sector, while an overweight stance to the group was also beneficial. In addition, an underweight to malls, the weakest performing segment of the index, proved additive, with five index constituents, that the fund does not own, declining by more than 20%. On the negative side, net lease results hampered the portfolio’s performance, primarily due to overweights to National Retail Properties and Agree Realty. 35 Manager Commentary As of June 30, 2019 Manager Manager Status Comments Vanguard Target Retirement Funds Maintain 2Q 2019 – The Vanguard Target Date portfolios produced positive absolute returns across all vintages during the second quarter, and performed in line with peers. Equity markets rose during the second quarter, but not without volatility. The Federal Reserve took a more dovish tone during the period, and trade tensions with China seemed to ease during the quarter. The domestic equities exposure via the Total Stock Market Index Fund gained the most on an absolute basis (+4%), though the international exposure produced nearly 3% returns for the period as well. Vanguard maintains a 60/40 domestic/non-U.S. split among equities, which was a small headwind on a relative basis versus peers that have a greater preference for domestic securities which outperformed. Within fixed income, the core bond holding, the Total Bond Market II Index Fund, produced a positive return in line with the benchmark for the quarter as interest rates moved lower. 36 Peer Group Analysis vs. IM U.S. Broad Market Core+ Fixed Income (MF) 3 Year Rolling Percentile Ranking vs. IM U.S. Broad Market Core+ Fixed Income 3 Year Rolling Under/Over Performance vs. Blmbg. Barc. U.S. Aggregate Index -10.0 -5.0 0.0 5.0 10.0 15.0 Return (%)QTR YTD 1 Year 3 Years 5 Years 2018 2017 2016 2015 Metropolitan West Total Return Bond Plan* 3.3 (36)6.5 (60)8.2 (29)2.7 (69)3.0 (47)0.3 (12)3.5 (78)2.6 (86)0.2 (26)¢ Blmbg. Barc. U.S. Aggregate Index 3.1 (50)6.1 (76)7.9 (45)2.3 (84)2.9 (48)0.0 (20)3.5 (77)2.6 (83)0.5 (13)˜ 5th Percentile 3.8 8.2 9.4 4.5 4.0 0.8 6.3 7.2 1.0 1st Quartile 3.4 7.5 8.3 3.6 3.3 -0.3 5.2 5.1 0.3 Median 3.1 6.8 7.8 3.1 2.9 -0.9 4.5 4.2 -0.3 3rd Quartile 2.9 6.1 7.2 2.6 2.5 -1.7 3.6 3.0 -0.9 95th Percentile 2.2 4.6 6.0 1.8 1.7 -2.8 2.7 1.9 -3.8 Over Performance Under Performance Sep-2014 Jun-2019 0.0 1.5 3.0 4.5 6.0 7.5 Manager (%)0.0 1.5 3.0 4.5 6.0 7.5 Benchmark (%) Over Performance Under Performance Metropolitan West Total Return Bond Plan* Blmbg. Barc. U.S. Aggregate Index 0 25 50 75 100Return Percentile Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Manager Evaluation Metropolitan West Total Return Bond Plan* As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 37 3 Year Risk and Return Style Map - 3 Years MPT Statistics vs. Blmbg. Barc. U.S. Aggregate Index 5 Year Risk and Return Metropolitan West Total Return Bond Plan* Blmbg. Barc. U.S. Aggregate Index 2.00 2.20 2.40 2.60 2.80 3.00 Return (%)0.00 0.60 1.20 1.80 2.40 3.00 3.60 4.20 Risk (Standard Deviation %) Metropolitan West Total Return Bond Plan* Blmbg. Barc. U.S. Aggregate Index 2.92 2.94 2.96 2.98 3.00 3.02 Return (%)0.00 0.58 1.16 1.74 2.32 2.90 3.48 4.06 Risk (Standard Deviation %) Style History Jun-2019 Average Style ExposureCapitalizationManager Style BC U.S. Government BC U.S. Long Gov/CreditBC 1-3yr Gov/Credit BC US Credit Index 3 Years 5 Years Return 2.7 3.0 Standard Deviation 2.9 2.7 vs. Blmbg. Barc. U.S. Aggregate Index Alpha 0.5 0.3 Beta 1.0 0.9 R-Squared 1.0 1.0 Consistency 58.3 51.7 Up Market Capture 100.1 92.7 Down Market Capture 85.3 83.0 vs. 90 Day U.S. Treasury Bill Sharpe Ratio 0.5 0.8 Manager Evaluation Metropolitan West Total Return Bond Plan* As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 38 Mutual Fund Information Fund Investment Policy Asset Allocation Top 10 Securities Maturity Distribution Quality Allocation Fixed Income Characteristics Fund Name : Metropolitan West Funds: Total Return Bond Fund; Plan Class Shares Portfolio Assets : $72,111 Million Fund Family : Metropolitan West Asset Management LLC Fund Assets : $20,652 Million Ticker :MWTSX Portfolio Manager : Team Managed Inception Date : 07/29/2011 PM Tenure : Portfolio Turnover : 291% The Fund seeks to outperform the broad bond market by applying specialized management expertise to and allocating capital among U.S. government, corporate, high yield, and mortgage-backed sectors. Other Convertibles Equities Cash Fixed Income 0.0% 0.0% 0.0% 1.8% 98.3% Avg. Coupon 3.32 % Nominal Maturity 7.52 Years Effective Maturity N/A Duration 6.05 Years SEC 30 Day Yield N/A Avg. Credit Quality AA GNMA and Other Mtg Backed 41.2 % Corporate Notes/Bonds 37.2 % Government Agency Securities 13.8 % Asset Backed Securities 6.0 % Other >30Yrs 10-20Yrs <1Yr 20-30Yrs 1-3Yrs 3-5Yrs 5-10Yrs 0.0% 0.0% 4.7% 7.3% 10.6% 13.6% 15.8% 48.1% Government/AAA BBB Rated A Rated AA Rated BB AND B Rated CCC, CC AND C rated D Rated Not Rated Equities/Other 55.7% 17.9% 14.8% 5.5% 2.9% 2.9% 0.4% 0.0% Manager Evaluation Metropolitan West Total Return Bond Plan* Report Date: June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 39 Peer Group Analysis vs. IM U.S. Broad Market Core Fixed Income (MF) 3 Year Rolling Percentile Ranking vs. IM U.S. Broad Market Core Fixed Income (MF) 3 Year Rolling Under/Over Performance vs. Blmbg. Barc. U.S. Aggregate Index -4.0 0.0 4.0 8.0 12.0 Return (%)QTR YTD 1 Year 3 Years 5 Years 2018 2017 2016 2015 Vanguard Total Bond Market Index Adm 3.1 (42)6.1 (64)7.9 (29)2.2 (60)2.9 (33)0.0 (20)3.6 (53)2.6 (63)0.4 (31)¢ Blmbg. Barc. U.S. Aggregate Index 3.1 (41)6.1 (64)7.9 (28)2.3 (54)2.9 (26)0.0 (18)3.5 (53)2.6 (61)0.5 (20)˜ 5th Percentile 3.6 7.7 8.6 3.4 3.4 0.6 5.0 4.8 1.1 1st Quartile 3.2 6.9 7.9 2.8 3.0 -0.2 4.1 3.7 0.5 Median 3.0 6.3 7.6 2.4 2.7 -0.6 3.6 2.9 0.1 3rd Quartile 2.9 5.9 7.1 2.0 2.3 -1.1 3.1 2.4 -0.6 95th Percentile 1.8 4.3 4.8 1.4 1.7 -2.1 2.1 1.5 -1.7 Under Performance Sep-2014 Jun-2019 0.0 1.0 2.0 3.0 4.0 5.0 Manager (%)0.0 1.0 2.0 3.0 4.0 5.0 Benchmark (%) Over Performance Under Performance Vanguard Total Bond Market Index Adm Blmbg. Barc. U.S. Aggregate Index 0 25 50 75 100Return Percentile Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Manager Evaluation Vanguard Total Bond Market Index Adm As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 40 3 Year Risk and Return Style Map - 3 Years MPT Statistics vs. Blmbg. Barc. U.S. Aggregate Index 5 Year Risk and Return Vanguard Total Bond Market Index Adm Blmbg. Barc. U.S. Aggregate Index 2.15 2.20 2.25 2.30 2.35 Return (%)0.00 0.61 1.22 1.83 2.44 3.05 3.66 4.27 Risk (Standard Deviation %) Vanguard Total Bond Market Index Adm Blmbg. Barc. U.S. Aggregate Index 2.85 2.88 2.91 2.94 2.97 3.00 Return (%)0.00 0.60 1.20 1.80 2.40 3.00 3.60 4.20 Risk (Standard Deviation %) Style History Jun-2019 Average Style ExposureCapitalizationManager Style BC U.S. Government BC U.S. Long Gov/CreditBC 1-3yr Gov/Credit BC US Credit Index 3 Years 5 Years Return 2.2 2.9 Standard Deviation 3.0 3.0 vs. Blmbg. Barc. U.S. Aggregate Index Alpha -0.1 -0.2 Beta 1.0 1.0 R-Squared 1.0 1.0 Consistency 38.9 46.7 Up Market Capture 98.8 101.2 Down Market Capture 101.1 104.7 vs. 90 Day U.S. Treasury Bill Sharpe Ratio 0.3 0.7 Manager Evaluation Vanguard Total Bond Market Index Adm As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 41 Mutual Fund Information Fund Investment Policy Asset Allocation Top 10 Securities Maturity Distribution Quality Allocation Fixed Income Characteristics Fund Name : Vanguard Bond Index Funds: Vanguard Total Bond Market Index Fund; Admiral Shares Portfolio Assets : $220,462 Million Fund Family : Vanguard Group Inc Fund Assets : $93,837 Million Ticker :VBTLX Portfolio Manager : Joshua C. Barrickman Inception Date : 11/12/2001 PM Tenure : 2013 Portfolio Turnover : 54% The Fund seeks to track the performance of a broad, market-weighted bond index. Other Convertibles Equities Cash Fixed Income -0.4 % 0.0% 0.0% 1.2% 99.2% Avg. Coupon 3.18 % Nominal Maturity N/A Effective Maturity 8.14 Years Duration 5.82 Years SEC 30 Day Yield 2.7 Avg. Credit Quality AA Treasury Notes/Bonds 41.7 % Corporate Notes/Bonds 29.4 % GNMA and Other Mtg Backed 24.4 % US$ Denominated Fgn. Gvt.1.6 % Government Agency Securities 1.5 % Asset Backed Securities 0.7 % Other >30Yrs <1Yr 10-20Yrs 20-30Yrs 3-5Yrs 1-3Yrs 5-10Yrs -0.4 % 0.6% 1.2% 3.8% 12.7% 20.0% 23.4% 38.7% Government/AAA BBB Rated A Rated AA Rated BB AND B Rated Equities/Other 71.4% 12.8% 11.6% 4.7% 0.0% Manager Evaluation Vanguard Total Bond Market Index Adm Report Date: June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 42 Peer Group Analysis vs. IM U.S. TIPS (MF) 3 Year Rolling Percentile Ranking vs. IM U.S. TIPS (MF) 3 Year Rolling Under/Over Performance vs. Bloomberg Barclays U.S. TIPS Index -10.0 -5.0 0.0 5.0 10.0 15.0 Return (%)QTR YTD 1 Year 3 Years 5 Years 2018 2017 2016 2015 Vanguard Inflation-Protected Secs Adm 2.8 (14)6.1 (37)4.7 (19)1.9 (45)1.7 (15)-1.4 (43)2.9 (35)4.6 (40)-1.7 (35)¢ Bloomberg Barclays U.S. TIPS Index 2.9 (11)6.2 (33)4.8 (13)2.1 (31)1.8 (12)-1.3 (35)3.0 (30)4.7 (37)-1.4 (27)˜ 5th Percentile 3.0 7.0 5.1 3.3 2.1 0.4 4.2 9.1 -0.2 1st Quartile 2.7 6.2 4.6 2.2 1.5 -1.0 3.1 5.0 -1.4 Median 2.5 5.8 4.1 1.8 1.1 -1.6 2.6 4.4 -2.1 3rd Quartile 2.1 4.8 3.4 1.5 0.7 -2.2 1.7 3.6 -2.9 95th Percentile 0.7 3.2 0.6 1.0 -0.2 -3.5 0.6 2.5 -6.1 Over Performance Under Performance Sep-2014 Jun-2019 -4.0 -2.0 0.0 2.0 4.0 Manager (%)-4.0 -2.0 0.0 2.0 4.0 Benchmark (%) Over Performance Under Performance Vanguard Inflation-Protected Secs Adm Bloomberg Barclays U.S. TIPS Index 0 25 50 75 100Return Percentile Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Manager Evaluation Vanguard Inflation-Protected Secs Adm As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 43 3 Year Risk and Return Style Map - 3 Years MPT Statistics vs. Bloomberg Barclays U.S. TIPS Index 5 Year Risk and Return Vanguard Inflation-Protected Secs Adm Bloomberg Barclays U.S. TIPS Index 1.92 2.00 2.08 2.16 Return (%)0.00 0.59 1.18 1.77 2.36 2.95 3.54 4.13 Risk (Standard Deviation %) Vanguard Inflation-Protected Secs Adm Bloomberg Barclays U.S. TIPS Index 1.64 1.68 1.72 1.76 1.80 Return (%)0.00 0.70 1.40 2.10 2.80 3.50 4.20 4.90 Risk (Standard Deviation %) Style History Jun-2019 Average Style ExposureCapitalizationManager Style BC U.S. Government BC U.S. Long Gov/CreditBC 1-3yr Gov/Credit BC US Credit Index 3 Years 5 Years Return 1.9 1.7 Standard Deviation 2.9 3.5 vs. Bloomberg Barclays U.S. TIPS Index Alpha -0.2 -0.1 Beta 1.0 1.0 R-Squared 1.0 1.0 Consistency 44.4 46.7 Up Market Capture 98.8 100.3 Down Market Capture 103.2 102.1 vs. 90 Day U.S. Treasury Bill Sharpe Ratio 0.2 0.3 Manager Evaluation Vanguard Inflation-Protected Secs Adm As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 44 Mutual Fund Information Fund Investment Policy Asset Allocation Top 10 Securities Maturity Distribution Quality Allocation Fixed Income Characteristics Fund Name : Vanguard Bond Index Funds: Vanguard Inflation-Protected Securities Fund; Admiral Shares Portfolio Assets : $27,402 Million Fund Family : Vanguard Group Inc Fund Assets : $13,873 Million Ticker :VAIPX Portfolio Manager : Gemma Wright-Casparius Inception Date : 06/10/2005 PM Tenure : 2011 Portfolio Turnover : 27% The Fund seeks to provide investors inflation protection and income, consistent with investment in inflation-indexed securities. The Fund invests at least 80% of its assets in inflation-indexed bonds issued by the U.S. government, its agencies and instrumentalities, and corporations. Convertibles Equities Cash Other Fixed Income 0.0% 0.0% 0.4% 1.0% 98.6% Avg. Coupon 0.80 % Nominal Maturity N/A Effective Maturity 8.09 Years Duration 7.21 Years SEC 30 Day Yield 0.6 Avg. Credit Quality AAA Treasury Notes/Bonds 98.6 % >30Yrs Other <1Yr 10-20Yrs 20-30Yrs 1-3Yrs 3-5Yrs 5-10Yrs 0.0% 1.0% 1.5% 4.1% 13.2% 16.8% 20.4% 43.0% Government/AAA Equities/Other 99.0% 1.0% Manager Evaluation Vanguard Inflation-Protected Secs Adm Report Date: June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 45 Peer Group Analysis vs. IM Global Fixed Income (MF) 3 Year Rolling Percentile Ranking vs. IM Global Fixed Income (MF) 3 Year Rolling Under/Over Performance vs. FTSE World Government Bond Index -12.0 -4.0 4.0 12.0 20.0 Return (%)QTR YTD 1 Year 3 Years 5 Years 2018 2017 2016 2015 Templeton Global Bond R6*0.8 (100)2.8 (99)5.7 (69)4.7 (7)1.6 (45)1.6 (7)2.8 (87)6.8 (9)-3.9 (52)¢ FTSE World Government Bond Index 3.6 (38)5.4 (82)5.5 (71)1.0 (95)0.8 (79)-0.8 (35)7.5 (35)1.6 (80)-3.6 (46)˜ 5th Percentile 4.4 9.1 9.2 4.9 3.7 1.8 12.3 8.0 0.4 1st Quartile 3.8 7.1 7.4 3.3 2.6 -0.4 7.9 4.9 -0.9 Median 3.4 6.5 6.4 2.6 1.5 -1.8 6.8 2.9 -3.8 3rd Quartile 2.9 5.8 5.3 1.9 0.9 -2.8 4.4 1.7 -4.9 95th Percentile 1.9 3.5 3.6 1.0 0.2 -5.0 2.2 -0.6 -7.0 Over Performance Under Performance Sep-2014 Jun-2019 -6.0 -3.0 0.0 3.0 6.0 9.0 Manager (%)-6.0 -3.0 0.0 3.0 6.0 9.0 Benchmark (%) Over Performance Under Performance Templeton Global Bond R6*FTSE World Government Bond Index 0 25 50 75 100Return Percentile Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Manager Evaluation Templeton Global Bond R6* As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 46 3 Year Risk and Return Style Map - 3 Years MPT Statistics vs. FTSE World Government Bond Index 5 Year Risk and Return Templeton Global Bond R6* FTSE World Government Bond Index -2.00 0.00 2.00 4.00 6.00 8.00 Return (%)0.00 2.00 4.00 6.00 8.00 10.00 Risk (Standard Deviation %) Templeton Global Bond R6* FTSE World Government Bond Index 0.40 0.80 1.20 1.60 2.00 Return (%)0.00 2.00 4.00 6.00 8.00 10.00 Risk (Standard Deviation %) Style History Jun-2019 Average Style ExposureCapitalizationManager Style BC U.S. Government BC U.S. Long Gov/CreditBC 1-3yr Gov/Credit BC US Credit Index 3 Years 5 Years Return 4.7 1.6 Standard Deviation 5.9 6.1 vs. FTSE World Government Bond Index Alpha 5.3 2.0 Beta -0.4 -0.2 R-Squared 0.1 0.0 Consistency 47.2 48.3 Up Market Capture 5.1 -13.2 Down Market Capture -67.1 -41.7 vs. 90 Day U.S. Treasury Bill Sharpe Ratio 0.6 0.2 Manager Evaluation Templeton Global Bond R6* As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 47 Mutual Fund Information Fund Investment Policy Asset Allocation Top 10 Securities Maturity Distribution Quality Allocation Fixed Income Characteristics Fund Name : Templeton Income Trust: Templeton Global Bond Fund; Class R6 Shares Portfolio Assets : $34,498 Million Fund Family : Franklin Templeton Investments Fund Assets : $4,500 Million Ticker :FBNRX Portfolio Manager : Hasenstab/Desai Inception Date : 05/01/2013 PM Tenure : 2013--2013 Portfolio Turnover : 20% The Fund seeks current income with capital appreciation and growth of income by investing at least 80% of its net assets in "bonds." In addition, the Fund's assets will be invested in issuers located in at least three countries including the U.S. Convertibles Equities Other Cash Fixed Income 0.0% 0.0% 0.3% 38.6% 61.1% Avg. Coupon 4.64 % Nominal Maturity 2.72 Years Effective Maturity N/A Duration -1.60 Years SEC 30 Day Yield N/A Avg. Credit Quality N/A Government Agency Securities 32.1 % Fgn. Currency Denominated Bonds 25.7 % Corporate Notes/Bonds 2.7 % Treasury Notes/Bonds 0.6 % >30Yrs Other 20-30Yrs 10-20Yrs 3-5Yrs 5-10Yrs 1-3Yrs <1Yr 0.0% 0.3% 1.0% 4.0% 12.3% 13.4% 23.3% 45.7% Latin America Other Asia US/Canada Europe 34.0% 27.0% 26.3% 12.1% 0.7% Manager Evaluation Templeton Global Bond R6* Report Date: June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 48 Peer Group Analysis vs. IM U.S. Large Cap Value Equity (MF) 3 Year Rolling Percentile Ranking vs. IM U.S. Large Cap Value Equity (MF) 3 Year Rolling Under/Over Performance vs. Russell 1000 Value Index -25.0 -10.0 5.0 20.0 35.0 Return (%)QTR YTD 1 Year 3 Years 5 Years 2018 2017 2016 2015 MFS Value Fund R6 5.1 (7)18.6 (7)10.9 (8)10.5 (52)8.7 (8)-9.8 (65)17.9 (29)14.3 (43)-0.4 (6)¢ Russell 1000 Value Index 3.8 (38)16.2 (34)8.5 (31)10.2 (61)7.5 (33)-8.3 (35)13.7 (76)17.3 (20)-3.8 (57)˜ 5th Percentile 5.3 18.8 12.2 13.0 9.0 -3.0 20.8 20.4 -0.4 1st Quartile 4.2 16.7 8.9 11.5 7.7 -7.3 18.3 16.4 -2.2 Median 3.5 15.2 6.4 10.5 6.9 -9.1 16.4 13.9 -3.6 3rd Quartile 2.6 13.8 4.3 9.5 6.0 -10.4 13.8 12.2 -5.1 95th Percentile 1.0 11.1 1.1 8.0 4.8 -13.2 10.5 9.4 -8.5 Over Performance Under Performance Sep-2014 Jun-2019 5.0 10.0 15.0 20.0 25.0 Manager (%)5.0 10.0 15.0 20.0 25.0 Benchmark (%) Over Performance Under Performance MFS Value Fund R6 Russell 1000 Value Index 0 25 50 75 100Return Percentile Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Manager Evaluation MFS Value Fund R6 As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 49 3 Year Risk and Return Style Map - 3 Years MPT Statistics vs. Russell 1000 Value Index 5 Year Risk and Return MFS Value Fund R6 Russell 1000 Value Index 10.00 10.20 10.40 10.60 Return (%)0.00 3.00 6.00 9.00 12.00 15.00 18.00 Risk (Standard Deviation %) MFS Value Fund R6 Russell 1000 Value Index 6.75 7.20 7.65 8.10 8.55 9.00 9.45 Return (%)0.00 3.00 6.00 9.00 12.00 15.00 18.00 Risk (Standard Deviation %) Style History Jun-2019 Average Style ExposureCapitalizationManager Style Large Cap Growth Small Cap GrowthSmall Cap Value Large Cap Value 3 Years 5 Years Return 10.5 8.7 Standard Deviation 12.1 11.9 vs. Russell 1000 Value Index Alpha 0.4 1.2 Beta 1.0 1.0 R-Squared 1.0 1.0 Consistency 58.3 60.0 Up Market Capture 98.6 101.4 Down Market Capture 94.4 92.9 vs. 90 Day U.S. Treasury Bill Sharpe Ratio 0.8 0.7 Manager Evaluation MFS Value Fund R6 As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 50 Mutual Fund Information Fund Investment Policy Asset Allocation Top 10 Securities Equity Characteristics Sector Allocation Fund Name : MFS Series Trust I: MFS Value Fund; Class R6 Shares Portfolio Assets : $46,559 Million Fund Family : MFS Investment Management Fund Assets : $13,825 Million Ticker :MEIKX Portfolio Manager : Chitkara/Gorham Inception Date : 05/01/2006 PM Tenure : 2006--2006 Portfolio Turnover : 11% The Fund seeks capital appreciation and reasonable income. The Fund invests, under normal market conditions, at least 65% of its net assets in equity securities of companies which the adviser believes are undervalued in the market relative to their long term potential. Cash Other Convertibles Fixed Income Equities -0.1 % 0.0% 0.0% 0.4% 99.6% JPMorgan Chase & Co ORD 4.4 % Johnson & Johnson ORD 3.7 % Accenture PLC ORD 3.0 % Wells Fargo & Co ORD 2.8 % Medtronic PLC ORD 2.7 % Comcast Corp ORD 2.6 % Philip Morris International Inc 2.5 % Pfizer Inc ORD 2.5 % US Bancorp ORD 2.2 % Aon PLC ORD 2.1 % Total Securities 89 Avg. Market Cap $113,558 Million P/E 20.6 P/B 4.6 Div. Yield 2.6% Annual EPS 25.7 5Yr EPS 7.3 3Yr EPS Growth 9.5 Financials Industrials Health Care Consumer Staples Consumer Discretionary Energy Utilities Information Technology Materials Non Classified Equity 29.3% 24.0% 13.3% 11.7% 5.0% 4.4% 4.0% 3.8% 2.2% 1.5% Manager Evaluation MFS Value Fund R6 Report Date: June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 51 Peer Group Analysis vs. IM U.S. Large Cap Core Equity (MF) 3 Year Rolling Percentile Ranking vs. IM U.S. Large Cap Core Equity (MF) 3 Year Rolling Under/Over Performance vs. S&P 500 Index -25.0 -10.0 5.0 20.0 35.0 Return (%)QTR YTD 1 Year 3 Years 5 Years 2018 2017 2016 2015 Vanguard 500 Index Admiral 4.3 (45)18.5 (38)10.4 (34)14.2 (27)10.7 (15)-4.4 (31)21.8 (39)11.9 (26)1.4 (32)¢ S&P 500 Index 4.3 (45)18.5 (38)10.4 (34)14.2 (26)10.7 (14)-4.4 (31)21.8 (38)12.0 (26)1.4 (32)˜ 5th Percentile 6.3 22.1 14.6 16.4 11.7 -1.3 26.2 15.4 4.8 1st Quartile 5.0 19.4 11.3 14.2 10.2 -3.7 22.8 12.0 2.1 Median 4.2 17.9 9.3 13.1 9.3 -5.6 21.2 10.1 0.1 3rd Quartile 3.3 15.8 6.7 11.7 8.2 -7.1 19.2 8.3 -1.7 95th Percentile 2.0 12.4 3.5 9.4 6.4 -11.8 15.4 3.9 -4.8 Under Performance Sep-2014 Jun-2019 5.0 10.0 15.0 20.0 25.0 Manager (%)5.0 10.0 15.0 20.0 25.0 Benchmark (%) Over Performance Under Performance Vanguard 500 Index Admiral S&P 500 Index 0 25 50 75 100Return Percentile Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Manager Evaluation Vanguard 500 Index Admiral As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 52 3 Year Risk and Return Style Map - 3 Years MPT Statistics vs. S&P 500 Index 5 Year Risk and Return Vanguard 500 Index Admiral S&P 500 Index 14.12 14.14 14.16 14.18 14.20 14.22 Return (%)0.00 3.00 6.00 9.00 12.00 15.00 18.00 Risk (Standard Deviation %) Vanguard 500 Index Admiral S&P 500 Index 10.66 10.68 10.70 10.72 10.74 Return (%)0.00 3.00 6.00 9.00 12.00 15.00 18.00 Risk (Standard Deviation %) Style History Jun-2019 Average Style ExposureCapitalizationManager Style Large Cap Growth Small Cap GrowthSmall Cap Value Large Cap Value 3 Years 5 Years Return 14.2 10.7 Standard Deviation 12.0 11.9 vs. S&P 500 Index Alpha 0.0 0.0 Beta 1.0 1.0 R-Squared 1.0 1.0 Consistency 13.9 16.7 Up Market Capture 99.9 99.9 Down Market Capture 100.1 100.1 vs. 90 Day U.S. Treasury Bill Sharpe Ratio 1.1 0.8 Manager Evaluation Vanguard 500 Index Admiral As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 53 Mutual Fund Information Fund Investment Policy Asset Allocation Top 10 Securities Equity Characteristics Sector Allocation Fund Name : Vanguard Index Funds: Vanguard 500 Index Fund; Admiral Shares Portfolio Assets : $474,599 Million Fund Family : Vanguard Group Inc Fund Assets : $256,873 Million Ticker :VFIAX Portfolio Manager : Butler/Louie Inception Date : 11/13/2000 PM Tenure : 2016--2017 Portfolio Turnover : 4% The Fund seeks to track the performance of its benchmark index, the S&P 500. The Fund employs an indexing investment approach. The Fund attempts to replicate the target index by investing all of its assets in the stocks that make up the Index with the same approximate weightings as the Index. Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 0.0% 0.5% 99.5% Microsoft Corp ORD 3.7 % Apple Inc ORD 3.3 % Amazon.com Inc ORD 2.9 % Facebook Inc ORD 1.7 % Berkshire Hathaway Inc ORD 1.6 % Johnson & Johnson ORD 1.6 % JPMorgan Chase & Co ORD 1.5 % Alphabet Inc ORD 1 1.5 % Alphabet Inc ORD 2 1.4 % Exxon Mobil Corp ORD 1.4 % Total Securities 515 Avg. Market Cap $203,371 Million P/E 25.3 P/B 6.8 Div. Yield 2.5% Annual EPS 31.6 5Yr EPS 15.7 3Yr EPS Growth 19.2 Information Technology Financials Consumer Discretionary Health Care Industrials Consumer Staples Energy Utilities Materials Telecommunication Services 20.9% 18.2% 13.7% 13.3% 12.5% 7.8% 5.4% 3.2% 2.2% 2.0% Manager Evaluation Vanguard 500 Index Admiral Report Date: June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 54 Peer Group Analysis vs. IM U.S. Large Cap Growth Equity (MF) 3 Year Rolling Percentile Ranking vs. IM U.S. Large Cap Growth Equity (MF) 3 Year Rolling Under/Over Performance vs. Russell 1000 Growth Index -25.0 -10.0 5.0 20.0 35.0 50.0 Return (%)QTR YTD 1 Year 3 Years 5 Years 2018 2017 2016 2015 T. Rowe Price Instl Large Cap Growth 3.0 (92)18.1 (92)10.0 (59)23.1 (2)15.1 (5)4.3 (6)37.8 (3)2.9 (42)10.1 (12)¢ Russell 1000 Growth Index 4.6 (56)21.5 (54)11.6 (36)18.1 (45)13.4 (30)-1.5 (58)30.2 (41)7.1 (8)5.7 (54)˜ 5th Percentile 7.3 26.6 17.8 21.9 15.0 4.5 36.6 7.6 11.4 1st Quartile 5.6 23.5 12.8 19.7 13.6 1.5 31.9 4.8 7.9 Median 4.8 21.8 10.6 17.7 12.5 -0.9 29.5 2.2 6.0 3rd Quartile 3.8 20.4 8.8 16.2 11.4 -3.1 26.7 -0.2 3.5 95th Percentile 2.7 17.3 4.8 14.0 9.1 -6.2 23.2 -5.6 0.0 Over Performance Under Performance Sep-2014 Jun-2019 5.0 10.0 15.0 20.0 25.0 30.0 Manager (%)5.0 10.0 15.0 20.0 25.0 30.0 Benchmark (%) Over Performance Under Performance T. Rowe Price Instl Large Cap Growth Russell 1000 Growth Index 0 25 50 75 100Return Percentile Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Manager Evaluation T. Rowe Price Instl Large Cap Growth As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 55 3 Year Risk and Return Style Map - 3 Years MPT Statistics vs. Russell 1000 Growth Index 5 Year Risk and Return T. Rowe Price Instl Large Cap Growth Russell 1000 Growth Index 15.00 18.00 21.00 24.00 27.00 Return (%)0.00 3.00 6.00 9.00 12.00 15.00 18.00 21.00 Risk (Standard Deviation %) T. Rowe Price Instl Large Cap Growth Russell 1000 Growth Index 12.15 12.96 13.77 14.58 15.39 16.20 Return (%)0.00 4.00 8.00 12.00 16.00 20.00 Risk (Standard Deviation %) Style History Jun-2019 Average Style ExposureCapitalizationManager Style Large Cap Growth Small Cap GrowthSmall Cap Value Large Cap Value 3 Years 5 Years Return 23.1 15.1 Standard Deviation 13.5 13.8 vs. Russell 1000 Growth Index Alpha 4.8 1.5 Beta 1.0 1.0 R-Squared 0.9 0.9 Consistency 61.1 60.0 Up Market Capture 109.3 105.8 Down Market Capture 84.7 98.3 vs. 90 Day U.S. Treasury Bill Sharpe Ratio 1.5 1.0 Manager Evaluation T. Rowe Price Instl Large Cap Growth As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 56 Mutual Fund Information Fund Investment Policy Asset Allocation Top 10 Securities Equity Characteristics Sector Allocation Fund Name : T Rowe Price Institutional Equity Funds, Inc: T Rowe Price Institutional Large-Cap Growth Fund Portfolio Assets : $18,814 Million Fund Family : T Rowe Price Associates Inc Fund Assets : $18,814 Million Ticker :TRLGX Portfolio Manager : Taymour R. Tamaddon Inception Date : 10/31/2001 PM Tenure : 2017 Portfolio Turnover : 33% The Fund seeks long-term capital appreciation through investments in the common stocks of large-capitalization growth companies. Convertibles Other Cash Fixed Income Equities 0.0% 0.3% 0.7% 1.5% 97.6% Amazon.com Inc ORD 8.3 % Microsoft Corp ORD 6.5 % Boeing Co ORD 5.1 % Alphabet Inc ORD 1 4.8 % Visa Inc ORD 4.7 % Facebook Inc ORD 3.8 % UnitedHealth Group Inc ORD 3.1 % Cigna Corp ORD 2.9 % Alphabet Inc ORD 2 2.4 % Tencent Holdings Ltd DR 2.3 % Total Securities 64 Avg. Market Cap $254,625 Million P/E 32.5 P/B 9.8 Div. Yield 1.6% Annual EPS 28.5 5Yr EPS 20.2 3Yr EPS Growth 22.7 Information Technology Consumer Discretionary Health Care Industrials Financials Consumer Staples Non Classified Equity Utilities 32.0% 18.1% 17.8% 11.5% 8.7% 4.6% 3.8% 1.1% Manager Evaluation T. Rowe Price Instl Large Cap Growth Report Date: June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 57 Peer Group Analysis vs. IM U.S. Mid Cap Value Equity (MF) 3 Year Rolling Percentile Ranking vs. IM U.S. Mid Cap Value Equity (MF) 3 Year Rolling Under/Over Performance vs. Russell Midcap Value Index -40.0 -20.0 0.0 20.0 40.0 Return (%)QTR YTD 1 Year 3 Years 5 Years 2018 2017 2016 2015 Victory Sycamore Established Value R6 4.7 (8)19.1 (13)5.8 (11)11.2 (5)9.6 (1)-9.9 (8)16.1 (25)21.1 (21)1.0 (3)¢ Russell Midcap Value Index 3.2 (37)18.0 (22)3.7 (21)8.9 (35)6.7 (15)-12.3 (25)13.3 (48)20.0 (31)-4.8 (54)˜ 5th Percentile 5.2 20.0 6.7 10.9 7.5 -8.4 18.2 25.8 -1.2 1st Quartile 3.6 17.8 1.3 9.4 6.1 -12.3 16.0 20.7 -3.2 Median 2.9 16.5 -1.0 8.3 4.9 -14.1 13.1 17.1 -4.4 3rd Quartile 1.1 14.2 -4.0 6.7 3.9 -17.6 10.8 14.9 -6.9 95th Percentile -2.6 11.8 -8.9 0.9 0.2 -21.3 6.7 10.1 -12.8 Over Performance Under Performance Sep-2014 Jun-2019 0.0 6.0 12.0 18.0 24.0 30.0 Manager (%)0.0 6.0 12.0 18.0 24.0 30.0 Benchmark (%) Over Performance Under Performance Victory Sycamore Established Value R6 Russell Midcap Value Index 0 25 50 75 100Return Percentile Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Manager Evaluation Victory Sycamore Established Value R6 As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 58 3 Year Risk and Return Style Map - 3 Years MPT Statistics vs. Russell Midcap Value Index 5 Year Risk and Return Victory Sycamore Established Value R6 Russell Midcap Value Index 7.84 8.82 9.80 10.78 11.76 12.74 Return (%)0.00 3.00 6.00 9.00 12.00 15.00 18.00 Risk (Standard Deviation %) Victory Sycamore Established Value R6 Russell Midcap Value Index 4.00 6.00 8.00 10.00 12.00 Return (%)0.00 3.00 6.00 9.00 12.00 15.00 18.00 Risk (Standard Deviation %) Style History Jun-2019 Average Style ExposureCapitalizationManager Style Large Cap Growth Small Cap GrowthSmall Cap Value Large Cap Value 3 Years 5 Years Return 11.2 9.6 Standard Deviation 12.8 12.7 vs. Russell Midcap Value Index Alpha 2.3 2.9 Beta 1.0 1.0 R-Squared 1.0 0.9 Consistency 55.6 61.7 Up Market Capture 101.7 104.8 Down Market Capture 86.1 86.4 vs. 90 Day U.S. Treasury Bill Sharpe Ratio 0.8 0.7 Manager Evaluation Victory Sycamore Established Value R6 As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 59 Mutual Fund Information Fund Investment Policy Asset Allocation Top 10 Securities Equity Characteristics Sector Allocation Fund Name : Victory Portfolios: Victory Sycamore Established Value Fund; Class R6 Shares Portfolio Assets : $10,859 Million Fund Family : Victory Capital Management Inc Fund Assets : $4,151 Million Ticker :VEVRX Portfolio Manager : Team Managed Inception Date : 03/04/2014 PM Tenure : Portfolio Turnover : 36% The Fund seeks long-term capital growth. The Fund pursues its investment objective by investing primarily in equity securities of companies with market capitalizations, at the time of purchase, within the range of companies comprising the Russell MidCap Value Index. Other Fixed Income Convertibles Cash Equities 0.0% 0.0% 0.0% 1.8% 98.2% Reliance Steel & Aluminum Co ORD 2.7 % Archer Daniels Midland Co ORD 2.2 % SunTrust Banks Inc ORD 2.1 % Alleghany Corp ORD 2.1 % Eastman Chemical Co ORD 2.0 % Hasbro Inc ORD 1.9 % Travelers Companies Inc ORD 1.9 % Parker-Hannifin Corp ORD 1.9 % Carter's Inc ORD 1.8 % Lamar Advertising Co ORD 1.8 % Total Securities 72 Avg. Market Cap $15,163 Million P/E 21.8 P/B 3.1 Div. Yield 2.3% Annual EPS 24.9 5Yr EPS 10.4 3Yr EPS Growth 12.3 Financials Industrials Consumer Discretionary Consumer Staples Information Technology Energy Materials Utilities Health Care Non Classified Equity 28.7% 22.0% 11.8% 11.4% 8.1% 4.8% 4.8% 4.1% 2.6% 0.0% Manager Evaluation Victory Sycamore Established Value R6 Report Date: June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 60 Peer Group Analysis vs. IM U.S. SMID Cap Core Equity (MF) 3 Year Rolling Percentile Ranking vs. IM U.S. SMID Cap Core Equity (MF) 3 Year Rolling Under/Over Performance vs. S&P Completion Index -40.0 -20.0 0.0 20.0 40.0 Return (%)QTR YTD 1 Year 3 Years 5 Years 2018 2017 2016 2015 Vanguard Extended Market Idx Adm 3.0 (36)19.5 (19)2.0 (15)13.2 (11)7.8 (15)-9.4 (18)18.1 (10)16.1 (83)-3.3 (38)¢ S&P Completion Index 3.0 (37)19.5 (19)1.9 (16)13.0 (12)7.7 (18)-9.6 (20)18.1 (10)16.0 (85)-3.4 (40)˜ 5th Percentile 5.9 22.2 5.4 13.9 8.9 -6.4 20.2 29.1 -0.3 1st Quartile 3.5 18.9 0.8 12.1 7.3 -10.6 15.3 23.5 -2.4 Median 2.6 16.9 -2.9 10.1 6.0 -12.5 13.4 20.4 -4.0 3rd Quartile 1.7 14.9 -5.2 8.3 4.6 -15.4 10.8 17.4 -6.0 95th Percentile -0.3 11.8 -9.2 6.0 2.2 -18.4 6.5 11.4 -10.8 Over Performance Sep-2014 Jun-2019 5.0 10.0 15.0 20.0 25.0 Manager (%)5.0 10.0 15.0 20.0 25.0 Benchmark (%) Over Performance Under Performance Vanguard Extended Market Idx Adm S&P Completion Index 0 25 50 75 100Return Percentile Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Manager Evaluation Vanguard Extended Market Idx Adm As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 61 3 Year Risk and Return Style Map - 3 Years MPT Statistics vs. S&P Completion Index 5 Year Risk and Return Vanguard Extended Market Idx Adm S&P Completion Index 12.96 13.02 13.08 13.14 13.20 13.26 Return (%)0.00 4.00 8.00 12.00 16.00 20.00 24.00 Risk (Standard Deviation %) Vanguard Extended Market Idx Adm S&P Completion Index 7.62 7.68 7.74 7.80 7.86 Return (%)0.00 4.00 8.00 12.00 16.00 20.00 Risk (Standard Deviation %) Style History Jun-2019 Average Style ExposureCapitalizationManager Style Large Cap Growth Small Cap GrowthSmall Cap Value Large Cap Value 3 Years 5 Years Return 13.2 7.8 Standard Deviation 15.0 14.7 vs. S&P Completion Index Alpha 0.1 0.1 Beta 1.0 1.0 R-Squared 1.0 1.0 Consistency 69.4 70.0 Up Market Capture 100.3 100.3 Down Market Capture 99.8 99.8 vs. 90 Day U.S. Treasury Bill Sharpe Ratio 0.8 0.5 Manager Evaluation Vanguard Extended Market Idx Adm As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 62 Mutual Fund Information Fund Investment Policy Asset Allocation Top 10 Securities Equity Characteristics Sector Allocation Fund Name : Vanguard Index Funds: Vanguard Extended Market Index Fund; Admiral Shares Portfolio Assets : $69,463 Million Fund Family : Vanguard Group Inc Fund Assets : $20,441 Million Ticker :VEXAX Portfolio Manager : Butler/Coleman Inception Date : 11/13/2000 PM Tenure : 2000--2017 Portfolio Turnover : 10% The Fund seeks to track the performance of a benchmark index that measures the investment return of small- and mid-capitalization stocks. Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 0.0% 3.0% 97.0% Tesla Inc ORD 0.9 % ServiceNow Inc ORD 0.9 % Workday Inc ORD 0.6 % Worldpay Inc ORD 0.6 % Square Inc ORD 0.5 % Palo Alto Networks Inc ORD 0.5 % Las Vegas Sands Corp ORD 0.5 % T-Mobile US Inc ORD 0.5 % Splunk Inc ORD 0.4 % CoStar Group Inc ORD 0.3 % Total Securities 3,265 Avg. Market Cap $7,543 Million P/E 29.1 P/B 5.5 Div. Yield 2.8% Annual EPS 21.0 5Yr EPS 13.2 3Yr EPS Growth 15.3 Financials Industrials Information Technology Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 24.5% 17.5% 14.3% 11.7% 11.1% 7.5% 3.5% 3.3% 2.2% 1.0% Manager Evaluation Vanguard Extended Market Idx Adm Report Date: June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 63 Peer Group Analysis vs. IM U.S. Mid Cap Growth Equity (MF) 3 Year Rolling Percentile Ranking vs. IM U.S. Mid Cap Growth Equity (MF) 3 Year Rolling Under/Over Performance vs. Russell Midcap Growth Index -40.0 -20.0 0.0 20.0 40.0 60.0 Return (%)QTR YTD 1 Year 3 Years 5 Years 2018 2017 2016 2015 Harbor Mid Cap Growth Retirement 6.1 (59)32.0 (8)15.6 (24)21.1 (8)12.0 (25)-1.6 (20)32.3 (7)0.8 (90)1.0 (45)¢ Russell Midcap Growth Index 5.4 (70)26.1 (63)13.9 (41)16.5 (40)11.1 (35)-4.8 (45)25.3 (44)7.3 (26)-0.2 (56)˜ 5th Percentile 9.9 33.5 19.7 23.2 14.0 3.6 32.8 12.4 6.0 1st Quartile 7.3 28.6 15.3 18.4 12.0 -2.3 27.6 7.5 2.7 Median 6.4 26.8 12.9 15.9 10.4 -5.2 24.7 4.8 0.5 3rd Quartile 5.1 24.6 9.0 14.6 9.1 -7.5 22.5 2.4 -2.1 95th Percentile 2.9 19.7 1.9 11.4 6.9 -13.4 18.6 0.1 -6.3 Over Performance Under Performance Sep-2014 Jun-2019 0.0 10.0 20.0 30.0 Manager (%)0.0 10.0 20.0 30.0 Benchmark (%) Over Performance Under Performance Harbor Mid Cap Growth Retirement Russell Midcap Growth Index 0 25 50 75 100Return Percentile Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Manager Evaluation Harbor Mid Cap Growth Retirement As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 64 3 Year Risk and Return Style Map - 3 Years MPT Statistics vs. Russell Midcap Growth Index 5 Year Risk and Return Harbor Mid Cap Growth Retirement Russell Midcap Growth Index 14.00 16.00 18.00 20.00 22.00 24.00 Return (%)0.00 4.00 8.00 12.00 16.00 20.00 24.00 Risk (Standard Deviation %) Harbor Mid Cap Growth Retirement Russell Midcap Growth Index 10.92 11.31 11.70 12.09 12.48 Return (%)0.00 4.00 8.00 12.00 16.00 20.00 24.00 Risk (Standard Deviation %) Style History Jun-2019 Average Style ExposureCapitalizationManager Style Large Cap Growth Small Cap GrowthSmall Cap Value Large Cap Value 3 Years 5 Years Return 21.1 12.0 Standard Deviation 16.8 16.6 vs. Russell Midcap Growth Index Alpha 2.1 -0.5 Beta 1.1 1.2 R-Squared 0.9 0.9 Consistency 63.9 61.7 Up Market Capture 115.8 110.8 Down Market Capture 100.3 110.9 vs. 90 Day U.S. Treasury Bill Sharpe Ratio 1.1 0.7 Manager Evaluation Harbor Mid Cap Growth Retirement As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 65 Mutual Fund Information Fund Investment Policy Asset Allocation Top 10 Securities Equity Characteristics Sector Allocation Fund Name : Harbor Funds: Harbor Mid Cap Growth Fund; Retirement Class Shares Portfolio Assets : $384 Million Fund Family : Harbor Capital Advisors Inc Fund Assets : $176 Million Ticker :HNMGX Portfolio Manager : Carmen/Abularach/Mortimer Inception Date : 03/01/2016 PM Tenure : 2016--2016--2016 Portfolio Turnover : 85% The Fund seeks long-term growth of capital by investing in midcap growth stocks demonstrating extraordinary earnings growth. Stays fully invested in stocks and does not try to time the market. Uses a bottom-up approach; employing fundamental and qualitative criteria in stock selection. Other Fixed Income Convertibles Cash Equities 0.0% 0.0% 0.0% 4.0% 96.0% Workday Inc ORD 4.5 % ServiceNow Inc ORD 3.6 % Align Technology Inc ORD 3.3 % Exact Sciences Corp ORD 3.3 % Guidewire Software Inc ORD 3.2 % CoStar Group Inc ORD 3.1 % Monster Beverage Corp ORD 3.0 % Haemonetics Corp ORD 2.8 % TD Ameritrade Holding Corp ORD 2.8 % DexCom Inc ORD 2.7 % Total Securities 64 Avg. Market Cap $13,787 Million P/E 39.9 P/B 9.7 Div. Yield 1.7% Annual EPS 33.2 5Yr EPS 26.6 3Yr EPS Growth 24.6 Information Technology Health Care Industrials Consumer Discretionary Consumer Staples Financials Energy 26.4% 22.2% 15.1% 15.0% 12.1% 3.9% 1.3% Manager Evaluation Harbor Mid Cap Growth Retirement Report Date: June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 66 Peer Group Analysis vs. IM U.S. Small Cap Growth Equity (MF) 3 Year Rolling Percentile Ranking vs. IM U.S. Small Cap Growth Equity (MF) 3 Year Rolling Under/Over Performance vs. Russell 2000 Growth Index -40.0 -20.0 0.0 20.0 40.0 60.0 Return (%)QTR YTD 1 Year 3 Years 5 Years 2018 2017 2016 2015 Carillon Eagle Small Cap Growth R6 2.6 (32)20.7 (24)1.1 (29)13.6 (55)9.0 (37)-10.1 (76)23.4 (19)10.4 (58)-0.4 (27)¢ Russell 2000 Growth Index 2.7 (32)20.4 (25)-0.5 (32)14.7 (51)8.6 (41)-9.3 (73)22.2 (30)11.3 (54)-1.4 (35)˜ 5th Percentile 8.5 28.1 9.5 24.9 12.9 8.5 35.6 23.3 5.5 1st Quartile 3.4 19.8 5.1 18.8 10.6 0.6 22.6 18.4 0.5 Median 1.1 16.0 -3.5 14.7 7.1 -6.9 17.3 11.4 -3.3 3rd Quartile -0.7 10.0 -10.6 10.3 5.5 -9.9 10.7 8.0 -9.2 95th Percentile -2.6 6.3 -14.2 8.8 2.3 -18.3 6.9 -5.2 -13.1 Over Performance Under Performance Sep-2014 Jun-2019 0.0 5.0 10.0 15.0 20.0 25.0 Manager (%)0.0 5.0 10.0 15.0 20.0 25.0 Benchmark (%) Over Performance Under Performance Carillon Eagle Small Cap Growth R6 Russell 2000 Growth Index 0 25 50 75 100Return Percentile Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Manager Evaluation Carillon Eagle Small Cap Growth R6 As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 67 3 Year Risk and Return Style Map - 3 Years MPT Statistics vs. Russell 2000 Growth Index 5 Year Risk and Return Carillon Eagle Small Cap Growth R6 Russell 2000 Growth Index 13.00 13.52 14.04 14.56 15.08 15.60 Return (%)0.00 4.00 8.00 12.00 16.00 20.00 24.00 Risk (Standard Deviation %) Carillon Eagle Small Cap Growth R6 Russell 2000 Growth Index 8.40 8.60 8.80 9.00 9.20 Return (%)0.00 4.00 8.00 12.00 16.00 20.00 24.00 Risk (Standard Deviation %) Style History Jun-2019 Average Style ExposureCapitalizationManager Style Large Cap Growth Small Cap GrowthSmall Cap Value Large Cap Value 3 Years 5 Years Return 13.6 9.0 Standard Deviation 17.4 16.9 vs. Russell 2000 Growth Index Alpha -0.7 0.7 Beta 1.0 1.0 R-Squared 0.9 1.0 Consistency 44.4 51.7 Up Market Capture 96.7 97.9 Down Market Capture 99.8 95.3 vs. 90 Day U.S. Treasury Bill Sharpe Ratio 0.7 0.5 Manager Evaluation Carillon Eagle Small Cap Growth R6 As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 68 Mutual Fund Information Fund Investment Policy Asset Allocation Top 10 Securities Equity Characteristics Sector Allocation Fund Name : Carillon Series Trust: Carillon Eagle Small Cap Growth Fund; Class R-6 Shares Portfolio Assets : $4,595 Million Fund Family : Carillon Tower Advisers Inc Fund Assets : $2,311 Million Ticker :HSRUX Portfolio Manager : Boksen/Mintz Inception Date : 08/15/2011 PM Tenure : 2011--2011 Portfolio Turnover : 35% The Fund seeks long-term capital appreciation by investing at least 65% of its total assets in equity securities of small capitalization companies that have a total market capitalization of less than $2 billion. Fixed Income Convertibles Cash Other Equities 0.0% 0.0% 1.0% 1.3% 97.6% Quaker Chemical Corp ORD 3.0 % Planet Fitness Inc ORD 2.6 % Chart Industries Inc ORD 2.0 % Cornerstone OnDemand Inc ORD 1.9 % Green Dot Corp ORD 1.9 % RealPage Inc ORD 1.9 % Trex Company Inc ORD 1.9 % Caseys General Stores Inc ORD 1.8 % Coherent Inc ORD 1.5 % Merit Medical Systems Inc ORD 1.5 % Total Securities 110 Avg. Market Cap $4,163 Million P/E 38.5 P/B 7.7 Div. Yield 1.3% Annual EPS 21.1 5Yr EPS 15.3 3Yr EPS Growth 23.6 Health Care Industrials Information Technology Consumer Discretionary Financials Consumer Staples Materials Energy Utilities 25.7% 20.8% 17.7% 14.7% 7.3% 4.9% 3.9% 2.3% 0.4% Manager Evaluation Carillon Eagle Small Cap Growth R6 Report Date: June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 69 Peer Group Analysis vs. IM International Large Cap Core Equity (MF) 3 Year Rolling Percentile Ranking vs. IM International Large Cap Core Equity (MF) 3 Year Rolling Under/Over Performance vs. MSCI AC World ex USA (Net) -40.0 -20.0 0.0 20.0 40.0 60.0 Return (%)QTR YTD 1 Year 3 Years 5 Years 2018 2017 2016 2015 American Funds EuroPacific Growth R6 3.9 (33)17.6 (11)1.9 (17)10.8 (9)4.5 (1)-14.9 (47)31.2 (10)1.0 (58)-0.5 (13)¢ MSCI AC World ex USA (Net)3.0 (52)13.6 (51)1.3 (27)9.4 (24)2.2 (12)-14.2 (35)27.2 (18)4.5 (5)-5.7 (88)˜ 5th Percentile 5.4 19.9 3.1 11.5 2.4 -11.6 33.0 4.4 1.0 1st Quartile 5.1 15.4 1.3 9.3 1.8 -13.7 26.8 2.6 -1.2 Median 3.0 13.7 -0.4 8.3 1.1 -15.3 24.7 1.5 -2.5 3rd Quartile 2.0 12.0 -3.4 6.5 0.6 -17.9 23.3 -0.1 -3.7 95th Percentile 1.3 10.5 -5.7 5.3 0.2 -21.7 21.3 -2.5 -7.2 Over Performance Under Performance Sep-2014 Jun-2019 -5.0 0.0 5.0 10.0 15.0 20.0 Manager (%)-5.0 0.0 5.0 10.0 15.0 20.0 Benchmark (%) Over Performance Under Performance American Funds EuroPacific Growth R6 MSCI AC World ex USA (Net) 0 25 50 75 100Return Percentile Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Manager Evaluation American Funds EuroPacific Growth R6 As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 70 Mutual Fund Information Fund Investment Policy Asset Allocation Top 10 Securities Region Allocation Sector Allocation Equity Characteristics Top 5 Countries Fund Name : EuroPacific Growth Fund; Class R6 Shares Portfolio Assets : $156,750 Million Fund Family : American Funds Fund Assets : $68,421 Million Ticker :RERGX Portfolio Manager : Team Managed Inception Date : 05/01/2009 PM Tenure : Portfolio Turnover : 29% The Fund seeks to provide long-term growth of capital by investing in companies based outside the United States. The Fund Invests in companies based chiefly in Europe and the Pacific Basin, ranging from small firms to large corporations. Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 0.3% 7.2% 92.5% Japan 12.5 % India 8.8 % United Kingdom 8.4 % China 7.5 % Hong Kong 6.3 % AIA Group Ltd ORD 2.7 % HDFC Bank Ltd ORD 2.4 % Reliance Industries Ltd ORD 2.3 % Airbus SE ORD 2.1 % Samsung Electronics Co Ltd ORD 1.9 % Nintendo Co Ltd ORD 1.9 % Alibaba Group Holding Ltd DR 1.7 % Tencent Holdings Ltd ORD 1.6 % Taiwan Semiconductor Manufacturing 1.5 % ASML Holding NV ORD 1.4 % Total Securities 425 Avg. Market Cap $67,891 Million P/E 22.2 P/B 4.3 Div. Yield 2.2% Annual EPS 33.7 5Yr EPS 16.8 3Yr EPS Growth 18.9 Other Emg. MidEast, Africa, Europe Emerging Latin America North America Pacific Basin Emerging Asia Europe 1.3% 1.8% 4.7% 10.5% 20.4% 24.6% 36.8% Financials Consumer Staples Industrials Consumer Discretionary Information Technology Health Care Materials Energy Utilities Telecommunication Services 19.4% 12.9% 12.4% 11.4% 10.5% 9.2% 6.1% 5.9% 2.5% 1.7% Manager Evaluation American Funds EuroPacific Growth R6 Report Date: June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 71 3 Year Risk and Return Style Map - 3 Years MPT Statistics vs. MSCI AC World ex USA (Net) 5 Year Risk and Return American Funds EuroPacific Growth R6 MSCI AC World ex USA (Net) 8.82 9.45 10.08 10.71 11.34 11.97 Return (%)0.00 3.00 6.00 9.00 12.00 15.00 18.00 Risk (Standard Deviation %) American Funds EuroPacific Growth R6 MSCI AC World ex USA (Net) 0.00 2.00 4.00 6.00 Return (%)0.00 3.00 6.00 9.00 12.00 15.00 18.00 Risk (Standard Deviation %) Style History Jun-2019 Average Style ExposureCapitalizationManager Style MSCI World ex USA Growth MSCI World ex US Small CapMSCI World ex US in LC MSCI World ex USA Value 3 Years 5 Years Return 10.8 4.5 Standard Deviation 12.2 12.1 vs. MSCI AC World ex USA (Net) Alpha 0.9 2.4 Beta 1.1 0.9 R-Squared 0.9 0.9 Consistency 55.6 56.7 Up Market Capture 107.1 99.0 Down Market Capture 100.5 85.0 vs. 90 Day U.S. Treasury Bill Sharpe Ratio 0.8 0.4 Manager Evaluation American Funds EuroPacific Growth R6 As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 72 Peer Group Analysis vs. IM International Large Cap Core Equity (MF) 3 Year Rolling Percentile Ranking vs. IM International Large Cap Core Equity (MF) 3 Year Rolling Under/Over Performance vs. FTSE Global All Cap ex US Spliced Index -40.0 -20.0 0.0 20.0 40.0 60.0 Return (%)QTR YTD 1 Year 3 Years 5 Years 2018 2017 2016 2015 Vanguard Total Intl Stock Index Adm*2.7 (56)13.3 (53)0.6 (36)8.9 (34)2.3 (7)-14.4 (39)27.6 (16)4.7 (5)-4.3 (77)¢ FTSE Global All Cap ex US Spliced Index 2.9 (53)13.4 (53)0.5 (36)9.2 (29)2.4 (6)-14.6 (40)27.4 (16)4.7 (5)-4.3 (77)˜ 5th Percentile 5.4 19.9 3.1 11.5 2.4 -11.6 33.0 4.4 1.0 1st Quartile 5.1 15.4 1.3 9.3 1.8 -13.7 26.8 2.6 -1.2 Median 3.0 13.7 -0.4 8.3 1.1 -15.3 24.7 1.5 -2.5 3rd Quartile 2.0 12.0 -3.4 6.5 0.6 -17.9 23.3 -0.1 -3.7 95th Percentile 1.3 10.5 -5.7 5.3 0.2 -21.7 21.3 -2.5 -7.2 Over Performance Under Performance Sep-2014 Jun-2019 -5.0 0.0 5.0 10.0 15.0 Manager (%)-5.0 0.0 5.0 10.0 15.0 Benchmark (%) Over Performance Under Performance Vanguard Total Intl Stock Index Adm* FTSE Global All Cap ex US Spliced Index 0 25 50 75 100Return Percentile Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Manager Evaluation Vanguard Total Intl Stock Index Adm* As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 73 3 Year Risk and Return Style Map - 3 Years MPT Statistics vs. FTSE Global All Cap ex US Spliced Index 5 Year Risk and Return Vanguard Total Intl Stock Index Adm* FTSE Global All Cap ex US Spliced Index 8.80 9.00 9.20 9.40 Return (%)0.00 3.00 6.00 9.00 12.00 15.00 18.00 Risk (Standard Deviation %) Vanguard Total Intl Stock Index Adm* FTSE Global All Cap ex US Spliced Index 2.25 2.30 2.35 2.40 2.45 Return (%)0.00 3.00 6.00 9.00 12.00 15.00 18.00 Risk (Standard Deviation %) Style History Jun-2019 Average Style ExposureCapitalizationManager Style MSCI World ex USA Growth MSCI World ex US Small CapMSCI World ex US in LC MSCI World ex USA Value 3 Years 5 Years Return 8.9 2.3 Standard Deviation 11.3 12.1 vs. FTSE Global All Cap ex US Spliced Index Alpha -0.2 0.0 Beta 1.0 1.0 R-Squared 1.0 1.0 Consistency 52.8 50.0 Up Market Capture 99.2 97.4 Down Market Capture 100.4 97.6 vs. 90 Day U.S. Treasury Bill Sharpe Ratio 0.7 0.2 Manager Evaluation Vanguard Total Intl Stock Index Adm* As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 74 Mutual Fund Information Fund Investment Policy Asset Allocation Top 10 Securities Region Allocation Sector Allocation Equity Characteristics Top 5 Countries Fund Name : Vanguard STAR Funds: Vanguard Total International Stock Index Fund; Admiral Shares Portfolio Assets : $372,289 Million Fund Family : Vanguard Group Inc Fund Assets : $71,258 Million Ticker :VTIAX Portfolio Manager : Perre/Franquin Inception Date : 11/29/2010 PM Tenure : 2010--2017 Portfolio Turnover : 3% The Fund seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in developed and emerging markets, excluding the United States. The Fund employs an indexing investment approach designed to track the performance of the FTSE Global All Cap ex US Index. Convertibles Cash Other Fixed Income Equities 0.0% 0.0% 0.4% 2.7% 96.9% Japan 16.7 % United Kingdom 9.8 % Canada 6.8 % China 6.4 % France 5.9 % Vanguard Market Liquidity Fund 2.6 % Nestle SA ORD 1.1 % Tencent Holdings Ltd ORD 1.0 % Alibaba Group Holding Ltd DR 0.9 % Novartis AG ORD 0.8 % Roche Holding AG Par 0.8 % Samsung Electronics Co Ltd ORD 0.8 % Taiwan Semiconductor Manufacturing 0.8 % HSBC Holdings PLC ORD 0.7 % Toyota Motor Corp ORD 0.6 % Total Securities 6,306 Avg. Market Cap $59,117 Million P/E 19.9 P/B 3.2 Div. Yield 3.2% Annual EPS 22.2 5Yr EPS 11.8 3Yr EPS Growth 14.1 Other Emerging Latin America Emg. MidEast, Africa, Europe North America Emerging Asia Pacific Basin Europe 0.5% 3.0% 3.8% 8.9% 17.6% 25.8% 40.5% Financials Consumer Staples Industrials Consumer Discretionary Health Care Information Technology Materials Energy Telecommunication Services Utilities 24.2% 13.8% 13.8% 9.0% 8.0% 7.8% 6.8% 6.6% 3.3% 3.1% Manager Evaluation Vanguard Total Intl Stock Index Adm* Report Date: June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 75 Peer Group Analysis vs. IM Emerging Markets Equity (MF) 3 Year Rolling Percentile Ranking vs. IM Emerging Markets Equity (MF) 3 Year Rolling Under/Over Performance vs. MSCI Emerging Markets (Net) Index -50.0 -25.0 0.0 25.0 50.0 75.0 Return (%)QTR YTD 1 Year 3 Years 5 Years 2018 2017 2016 2015 Invesco Oppenheimer Developing Markets R6 2.9 (25)15.6 (20)3.1 (32)12.6 (9)2.9 (28)-11.8 (11)35.3 (51)7.4 (55)-13.7 (51)¢ MSCI Emerging Markets (Net) Index 0.6 (76)10.6 (69)1.2 (48)10.7 (31)2.5 (39)-14.6 (30)37.3 (42)11.2 (30)-14.9 (63)˜ 5th Percentile 5.4 19.7 9.3 13.8 4.8 -9.6 46.6 20.2 -5.8 1st Quartile 2.8 14.9 4.0 11.0 3.0 -14.0 40.4 11.8 -10.0 Median 1.6 12.2 0.9 9.2 2.1 -16.4 35.4 8.4 -13.7 3rd Quartile 0.6 9.8 -1.5 7.0 0.6 -19.0 29.4 4.0 -16.2 95th Percentile -0.9 6.5 -6.2 3.9 -2.1 -22.6 20.5 -2.7 -20.9 Over Performance Under Performance Sep-2014 Jun-2019 -12.0 -6.0 0.0 6.0 12.0 18.0 Manager (%)-12.0 -6.0 0.0 6.0 12.0 18.0 Benchmark (%) Over Performance Under Performance Invesco Oppenheimer Developing Markets R6 MSCI Emerging Markets (Net) Index 0 25 50 75 100Return Percentile Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Manager Evaluation Invesco Oppenheimer Developing Markets R6 As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 76 3 Year Risk and Return Style Map - 3 Years MPT Statistics vs. MSCI Emerging Markets (Net) Index 5 Year Risk and Return Invesco Oppenheimer Developing Markets R6 MSCI Emerging Markets (Net) Index 9.46 10.32 11.18 12.04 12.90 13.76 Return (%)0.00 4.00 8.00 12.00 16.00 20.00 Risk (Standard Deviation %) Invesco Oppenheimer Developing Markets R6 MSCI Emerging Markets (Net) Index 2.20 2.40 2.60 2.80 3.00 3.20 Return (%)0.00 4.00 8.00 12.00 16.00 20.00 24.00 Risk (Standard Deviation %) Style History Jun-2019 Average Style ExposureCapitalizationManager Style MSCI World ex USA Growth MSCI World ex US Small CapMSCI World ex US in LC MSCI World ex USA Value 3 Years 5 Years Return 12.6 2.9 Standard Deviation 13.2 14.7 vs. MSCI Emerging Markets (Net) Index Alpha 2.5 0.6 Beta 0.9 0.9 R-Squared 0.9 0.9 Consistency 44.4 46.7 Up Market Capture 99.4 90.7 Down Market Capture 86.8 87.6 vs. 90 Day U.S. Treasury Bill Sharpe Ratio 0.9 0.2 Manager Evaluation Invesco Oppenheimer Developing Markets R6 As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 77 Mutual Fund Information Fund Investment Policy Asset Allocation Top 10 Securities Region Allocation Sector Allocation Equity Characteristics Top 5 Countries Fund Name : Oppenheimer Developing Markets Fund; Class I Shares Portfolio Assets : $40,717 Million Fund Family : OppenheimerFunds Inc Fund Assets : $15,925 Million Ticker :ODVIX Portfolio Manager : Justin Leverenz Inception Date : 12/29/2011 PM Tenure : 2011 Portfolio Turnover : 36% The Fund seeks aggressive capital appreciation by investing in common stocks of issuers in emerging and developing markets throughout the world. The Fund will invest at least 80% of its total assets in equity securities of companies with high growth potential in at least three developing markets. Convertibles Fixed Income Cash Other Equities 0.0% 1.6% 1.8% 4.1% 92.5% China 20.4 % India 10.2 % Unidentified 7.0 % Hong Kong 6.5 % Mexico 6.2 % Alibaba Group Holding Ltd DR 6.8 % Taiwan Semiconductor Manufacturing 4.9 % Kering SA ORD 4.0 % Novatek PAO DR 3.9 % Glencore PLC ORD 3.6 % Tencent Holdings Ltd ORD 3.6 % Oppenheimer Institutional Govt 3.5 % Housing Development Finance Corporation 3.2 % AIA Group Ltd ORD 3.1 % Kotak Mahindra Bank Ltd ORD 2.8 % Total Securities 93 Avg. Market Cap $96,721 Million P/E 27.4 P/B 5.2 Div. Yield 1.9% Annual EPS 18.0 5Yr EPS 17.1 3Yr EPS Growth 22.6 North America Pacific Basin Other Emg. MidEast, Africa, Europe Europe Emerging Latin America Emerging Asia 1.6% 6.5% 8.6% 11.7% 12.4% 14.1% 45.2% Consumer Discretionary Financials Information Technology Consumer Staples Materials Industrials Energy Health Care Non Classified Equity 25.4% 24.2% 12.5% 7.1% 5.8% 5.4% 4.9% 4.3% 2.9% Manager Evaluation Invesco Oppenheimer Developing Markets R6 Report Date: June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 78 Peer Group Analysis vs. IM Real Estate Sector (MF) 3 Year Rolling Percentile Ranking vs. IM Real Estate Sector (MF) 3 Year Rolling Under/Over Performance vs. FTSE NAREIT Equity REIT Index -25.0 -10.0 5.0 20.0 35.0 Return (%)QTR YTD 1 Year 3 Years 5 Years 2018 2017 2016 2015 Nuveen Real Estate Secs R6 1.6 (65)18.4 (51)11.4 (40)4.3 (44)7.8 (32)-5.4 (44)5.8 (41)7.0 (35)3.6 (32)¢ FTSE NAREIT Equity REIT Index 1.2 (73)17.8 (67)11.2 (44)4.2 (45)7.9 (28)-4.6 (32)5.2 (49)8.5 (19)3.2 (43)˜ 5th Percentile 4.0 21.4 15.1 7.5 9.4 -1.9 12.1 13.6 5.3 1st Quartile 2.8 19.8 12.9 5.6 8.1 -4.4 7.5 8.0 4.0 Median 2.0 18.4 10.6 4.0 7.2 -5.7 5.1 6.2 2.9 3rd Quartile 1.2 17.0 9.2 2.9 6.2 -7.3 3.7 5.0 1.8 95th Percentile 0.0 11.6 3.2 1.7 4.5 -11.0 0.9 3.4 -4.3 Over Performance Under Performance Jun-2016 Jun-2019 0.0 5.0 10.0 15.0 20.0 Manager (%)0.0 5.0 10.0 15.0 20.0 Benchmark (%) Over Performance Under Performance Nuveen Real Estate Secs R6 FTSE NAREIT Equity REIT Index 0 25 50 75 100Return Percentile Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Manager Evaluation Nuveen Real Estate Secs R6 As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 79 3 Year Risk and Return Style Map - 3 Years MPT Statistics vs. FTSE NAREIT Equity REIT Index 5 Year Risk and Return Nuveen Real Estate Secs R6 FTSE NAREIT Equity REIT Index 4.15 4.20 4.25 4.30 4.35 4.40 Return (%)0.00 3.00 6.00 9.00 12.00 15.00 18.00 Risk (Standard Deviation %) Nuveen Real Estate Secs R6 FTSE NAREIT Equity REIT Index 7.75 7.80 7.85 7.90 7.95 8.00 Return (%)0.00 4.00 8.00 12.00 16.00 20.00 Risk (Standard Deviation %) Style History Jun-2019 Average Style ExposureCapitalizationManager Style Large Cap Growth Small Cap GrowthSmall Cap Value Large Cap Value 3 Years 5 Years Return 4.3 7.8 Standard Deviation 12.4 13.9 vs. FTSE NAREIT Equity REIT Index Alpha 0.3 0.1 Beta 0.9 1.0 R-Squared 1.0 1.0 Consistency 55.6 46.7 Up Market Capture 94.7 96.5 Down Market Capture 92.5 95.6 vs. 90 Day U.S. Treasury Bill Sharpe Ratio 0.3 0.5 Manager Evaluation Nuveen Real Estate Secs R6 As of June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 80 Mutual Fund Information Fund Investment Policy Asset Allocation Top 10 Securities Equity Characteristics Sector Allocation Fund Name : Nuveen Investment Funds, Inc: Nuveen Real Estate Securities Fund; Class R6 Shares Portfolio Assets : $3,444 Million Fund Family : Nuveen Fund Advisors LLC Fund Assets : $425 Million Ticker :FREGX Portfolio Manager : Rosenberg/Sedlak/Wade Inception Date : 04/30/2013 PM Tenure : 2013--2013--2017 Portfolio Turnover : 131% The Fund seeks to provide above average current income and long-term capital appreciation by investing a substantial portion of its assets in publicly-traded companies engaged in the real estate industry. Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 0.6% 11.4% 88.1% Simon Property Group Inc ORD 6.1 % Public Storage ORD 4.4 % Prologis Inc ORD 4.0 % Duke Realty Corp ORD 3.8 % AvalonBay Communities Inc ORD 3.7 % Equinix Inc ORD 3.4 % Ventas Inc ORD 3.1 % Camden Property Trust ORD 2.9 % Alexandria Real Estate Equities 2.9 % Boston Properties Inc ORD 2.7 % Total Securities 91 Avg. Market Cap $18,392 Million P/E 38.8 P/B 3.9 Div. Yield 3.8% Annual EPS 5.8 5Yr EPS 18.5 3Yr EPS Growth 17.3 Financials 88.1% Manager Evaluation Nuveen Real Estate Secs R6 Report Date: June 30, 2019 Mutual fund data sourced from Lipper Analytical Services. 81 3 Years Return 3 Years Standard Deviation Vanguard Target Retirement Income Inv 5.2 (41)3.7 (72) Vanguard Target Income Composite Index 5.4 3.8 IM Mixed-Asset Target Today (MF) Median 5.0 4.1 Vanguard Target Retirement 2015 Inv 6.7 (38)4.8 (80) Vanguard Target 2015 Composite Index 6.9 4.8 IM Mixed-Asset Target 2015 (MF) Median 6.3 5.5 Vanguard Target Retirement 2020 Inv 7.8 (18)6.1 (32) Vanguard Target 2020 Composite Index 8.0 6.1 IM Mixed-Asset Target 2020 (MF) Median 6.8 5.8 Vanguard Target Retirement 2025 Inv 8.7 (22)7.1 (27) Vanguard Target 2025 Composite Index 8.9 7.1 IM Mixed-Asset Target 2025 (MF) Median 7.8 6.9 Vanguard Target Retirement 2030 Inv 9.4 (30)8.0 (45) Vanguard Target 2030 Composite Index 9.7 7.9 IM Mixed-Asset Target 2030 (MF) Median 8.6 7.9 Vanguard Target Retirement 2035 Inv 10.1 (34)8.8 (64) Vanguard Target 2035 Composite Index 10.4 8.8 IM Mixed-Asset Target 2035 (MF) Median 9.6 9.0 Vanguard Target Retirement 2040 Inv 10.8 (24)9.6 (52) Vanguard Target 2040 Composite Index 11.1 9.6 IM Mixed-Asset Target 2040 (MF) Median 10.0 9.7 Vanguard Target Retirement 2045 Inv 11.0 (25)10.2 (48) Vanguard Target 2045 Composite Index 11.3 10.2 IM Mixed-Asset Target 2045 (MF) Median 10.4 10.2 Vanguard Target Retirement 2050 Inv 11.0 (30)10.2 (57) Vanguard Target 2050 Composite Index 11.3 10.2 IM Mixed-Asset Target 2050 (MF) Median 10.4 10.2 Vanguard Target Retirement 2055 Inv 11.0 (33)10.2 (62) Vanguard Target 2055 Composite Index 11.3 10.2 IM Mixed-Asset Target 2055 (MF) Median 10.6 10.3 Vanguard Target Retirement 2060 Inv 11.0 (45)10.2 (61) Vanguard Target 2060 Composite Index 11.3 10.2 IM Mixed-Asset Target 2060+ (MF) Median 10.9 10.3 3 Years Vanguard Target Retirement Income Inv Vanguard Target Retirement 2015 Inv Vanguard Target Retirement 2020 Inv Vanguard Target Retirement 2025 Inv Vanguard Target Retirement 2030 Inv Vanguard Target Retirement 2035 Inv Vanguard Target Retirement 2040 Inv Vanguard Target Retirement 2045 Inv Vanguard Target Retirement 2050 Inv Vanguard Target Retirement 2055 Inv Vanguard Target Retirement 2060 Inv Dow Jones U.S. Moderate Index 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Total Annualized Return %0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Total Annualized StdDev % Target Date Summary¹ - 3 Years As of June 30, 2019 ¹This report shows all funds offered in this target date suite. Your plan may not offer all funds listed. 82 5 Years Return 5 Years Standard Deviation Vanguard Target Retirement Income Inv 4.2 (19)3.8 (70) Vanguard Target Income Composite Index 4.4 3.9 IM Mixed-Asset Target Today (MF) Median 3.3 4.4 Vanguard Target Retirement 2015 Inv 4.9 (26)5.3 (82) Vanguard Target 2015 Composite Index 5.1 5.3 IM Mixed-Asset Target 2015 (MF) Median 4.4 6.0 Vanguard Target Retirement 2020 Inv 5.6 (3)6.5 (35) Vanguard Target 2020 Composite Index 5.8 6.6 IM Mixed-Asset Target 2020 (MF) Median 4.4 6.1 Vanguard Target Retirement 2025 Inv 5.9 (5)7.5 (34) Vanguard Target 2025 Composite Index 6.2 7.5 IM Mixed-Asset Target 2025 (MF) Median 4.9 7.2 Vanguard Target Retirement 2030 Inv 6.2 (13)8.3 (47) Vanguard Target 2030 Composite Index 6.4 8.4 IM Mixed-Asset Target 2030 (MF) Median 5.3 8.3 Vanguard Target Retirement 2035 Inv 6.5 (19)9.2 (60) Vanguard Target 2035 Composite Index 6.7 9.3 IM Mixed-Asset Target 2035 (MF) Median 5.8 9.4 Vanguard Target Retirement 2040 Inv 6.7 (18)10.1 (44) Vanguard Target 2040 Composite Index 7.0 10.1 IM Mixed-Asset Target 2040 (MF) Median 5.9 10.0 Vanguard Target Retirement 2045 Inv 6.9 (19)10.4 (52) Vanguard Target 2045 Composite Index 7.1 10.5 IM Mixed-Asset Target 2045 (MF) Median 6.2 10.4 Vanguard Target Retirement 2050 Inv 6.9 (19)10.4 (54) Vanguard Target 2050 Composite Index 7.1 10.5 IM Mixed-Asset Target 2050 (MF) Median 6.1 10.5 Vanguard Target Retirement 2055 Inv 6.8 (24)10.4 (62) Vanguard Target 2055 Composite Index 7.1 10.5 IM Mixed-Asset Target 2055 (MF) Median 6.3 10.7 Vanguard Target Retirement 2060 Inv 6.8 (29)10.4 (86) Vanguard Target 2060 Composite Index 7.1 10.5 IM Mixed-Asset Target 2060+ (MF) Median 6.6 10.5 5 Years Vanguard Target Retirement Income Inv Vanguard Target Retirement 2015 Inv Vanguard Target Retirement 2020 Inv Vanguard Target Retirement 2025 Inv Vanguard Target Retirement 2030 Inv Vanguard Target Retirement 2035 Inv Vanguard Target Retirement 2040 Inv Vanguard Target Retirement 2045 Inv Vanguard Target Retirement 2050 Inv Vanguard Target Retirement 2055 Inv Vanguard Target Retirement 2060 Inv Dow Jones U.S. Moderate Index 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 Total Annualized Return %0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Total Annualized StdDev % Target Date Summary¹ - 5 Years As of June 30, 2019 ¹This report shows all funds offered in this target date suite. Your plan may not offer all funds listed. 83 Glossary Alpha - A measure of return that cannot be attributed to the market. Thus, it can be thought of as how the portfolio would have performed if the market had experienced no gain or loss. Alpha is value added over the benchmark; the higher the alpha, the better. Batting Average - Ratio defining excess performance of a portfolio in comparison to its benchmark, measured, typically, over a series of calendar quarters. Beta - Indicates the level of risk relative to the market. A beta of more than one suggests more volatility than the market, while a beta of less than one indicates less volatility than the market. Beta is also referred to as systematic risk. Down Market Capture Ratio - A measure of a portfolio's performance in down markets. The lower a portfolio's down market capture ratio, the better the manager protected capital during a market decline. Ex: a value of 90 suggests that a manager's losses were only 90% of the market loss when the market was down. A negative down market capture ratio indicates that a manager's returns rose while the market declined. Information Ratio - Measures a portfolio's excess return per unit of risk. The ratio is used to measure the value added from the information a manager possesses, adjusted for the risk taken in making active investment decisions. The greater the information ratio, the better. Performance vs Peers - Trailing return and calendar year returns reveal how the portfolio has performed versus a peer group of portfolios of similar style. R-Squared - This number reflects the correlation between a portfolio's movements and the movements of its comparative benchmark. An R-squared of 100 indicates that there is perfect correlation between the movements of a portfolio and its benchmark, while an R-squared of 0 indicates that there is no correlation between the portfolio's movements and the benchmark's movements. Return vs Standard Deviation Scatterchart - This graph shows a risk/reward relationship of the portfolio and its relative benchmark. Risk, or volatility as measured by standard deviation, is plotted along the horizontal axis. Reward, as measured by total return, is plotted along the horizontal axis. A line drawn from T-bills and through the benchmark separates efficient managers from inefficient managers. Efficient managers will plot above this line and are considered to have risk/reward tradeoffs that are superior to the benchmark. Sharpe Ratio - Reward per unit of risk, calculated using standard deviation and excess return. The greater the Sharpe Ratio, the better. Standard Deviation - A gauge of risk that 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. Style Map - Using returns-based style analysis, the style map is an efficient tool to gauge the adherence of a portfolio to its style mandate. The trend of the style plots allows the viewer to identify style drift, or lack thereof. The smaller sized plots represent earlier time periods, while the larger plots represent the more recent observations. Tracking Error - The standard deviation of the portfolio's residual (i.e. excess) returns. The lower the tracking error, the closer the portfolio returns have been to its risk index. Aggressively managed portfolios would be expected to have higher tracking errors than portfolios with a more conservative investment style. Up Market Capture Ratio - A measure of a portfolio's performance in up markets. The higher a portfolio's up market capture ratio, the better the manager capitalized on a rising market. Ex: a value of 110 suggests the manager captured 110% of the market when the market was up. A negative up market ratio indicates that a manager's returns fell while the market rose. 84 Prospectus Links Fund Family Website American Funds www.americanfunds.com Eagle Asset Management www.eagleasset.com Franklin Templeton www.franklintempleton.com Harbor www.harborfunds.com Metropolitan West www.mwamllc.com MFS www.mfs.com Nuveen www.nuveen.com Oppenheimer www.oppenheimerfunds.com T. Rowe Price www.troweprice.com Vanguard www.vanguard.com Vantagepoint www.icmarc.org Victory www.vcm.com 85 Stable Value/Fixed Account Review 86 Stable value and fixed account products can provide the following unique characteristics: Investment objective is preservation of principal with steady growth through earned interest. Returns are similar to short to intermediate term bond funds with less volatility. Benefit-responsive -participants transact at contract value (principal plus accrued interest). Synthetic stable value products use a short term bond portfolio and insurance “wrap providers” to smooth returns. Insurance based stable value products typically involve a contract with a single insurer who provides a guarantee on principal and some level of interest. Contracts typically include plan sponsor and/or plan participant liquidity provisions. Stable Value Institute of America¹How America Saves 2018 –Vanguard² Stable Value/Fixed Account Overview1,2 87 FUND FACTS Inception Date...............................................October 11, 2013 Gross Expenses ............................................................0.56% Net Expenses ..............................................................0.56% Total Assets ........................................................$10.4 Billion Credit Quality (M/S&P/F) 1......................................Aa2/AA/AA Effective Duration 2 ..........................................................2.49 Market-to-Book Value Ratio ..........................................101.41% CUSIP ................................................................92208J709 1 Credit Quality is calculated by ICMA-RC and is only one factor that may be considered in assessing the risks of a fixed income portfolio, and it does not provide a complete picture of the credit risks or the dispersion of those risks within a portfolio. ICMA-RC calculates the average based on the Moody‘s, S&P, Fitch (M/S&P/F) or a combination of the three credit ratings of the underlying securities or wrap providers. Moody’s, S&P, and Fitch are Nationally Recognized Statistical Rating Organizations and are not affiliated with ICMA-RC. 2 Effective duration measures the interest rate sensitivity of the underlying portfolio. For the portion of the Fund invested in Traditional GICs, effective duration is not applicable and a duration of zero is assigned since their current values are not impacted by interest rate changes. If a duration based on weighted average maturity or cash flows is assigned to the Traditional GICs, the Fund‘s overall June 30, 2019 duration would be 3.02. INVESTMENT OBJECTIVE The PLUS Fund’s investment objective is to seek to offer a competitive level of income consistent with providing capital preservation and meeting liquidity needs. Key goals are to seek to preserve capital, by limiting the risk of loss of principal and delivering stable returns, and to meet the liquidity needs of those who invest in the PLUS Fund. PRINCIPAL INVESTMENT STRATEGIES Vantagepoint Investment Advisers, LLC employs a structured, multi-product, multi-manager approach in managing the Fund. The Fund invests primarily in a diversified and tiered portfolio of stable value investment contracts and in fixed income securities, fixed income mutual funds, and fixed income commingled trust funds (“fixed income assets”) that back certain stable value investment contracts. In addition, the Fund invests in money market mutual funds, as well as cash and cash equivalents. The Fund’s portfolio may include different types of investments with a variety of negotiated terms and maturities and is diversified across sectors and issuers. The composition of the Fund‘s portfolio and its allocations to various stable value investments and fixed income investment sectors, across the fund’s multiple tiers, is determined based on prevailing economic and capital market conditions, relative value analysis, liquidity needs, and other factors. The Fund invests in stable value investment contracts to seek to achieve, over the long run, returns higher than those of money market funds and short- term bank rates and relatively stable returns compared to short-to- intermediate term fixed income funds. The Fund generally will not track shorter-term interest rates as closely as money market mutual funds, because of its longer maturity, potential adverse market changes, and provisions in stable value contracts held by the Fund. In addition, while the Fund‘s returns are generally expected to follow interest rate trends over time, they typically will do so on a lagged basis. PERFORMANCE PERFORMANCE %CREDITING RATE % 3 1 YEAR 3 YEARS 5 YEARS 10 YEARS Vantagepoint PLUS Fund R10 2.49 2.39 2.21 2.13 2.52 ICE BofAMLUS 3 Month Treasury Bill Index — 2.31 1.38 0.87 0.49 Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For current performance, participants or plan sponsors in an ICMA-RC administered account can log in at www.icmarc.org, or institutions can go to www.vantagepointfunds.org. The Intercontinental Exchange Bank of America Merrill Lynch (“ICE BofAML”) US Treasury Bill 3 Month Index is comprised of a single U.S. Treasury Bill issue purchased at the beginning of each month and held for a full month, at which time that issue is sold and rolled into a newly selected issue. The issue selected each month is that having a maturity date closest to, but not beyond 90 days from the rebalance date. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2019 All rights reserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar and/or its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc. ICMA-RC and your employer may negotiate a different fund management or service fee for your Plan that would lower the total expense ratio. The performance and total expense ratio shown do not reflect any such alternative fee arrangements. Performance information for this class prior to its inception date is the performance of the Fund adjusted to reflect the estimated fees and expenses of this class. 3Annualized crediting rate for the last day of the month. STRUCTURE Tier 1 - Cash Buffer 8.3% Tier 2 - Shorter Duration Focus 9.0% Tier 3 - Laddered Maturity Focus 21.1% Tier 4 - Total Return Focus 61.7% CREDIT QUALITY ALLOCATION AAA/Aaa 56.0% AA/Aa 18.0% A15.8% BBB/Baa 9.1% Below Baa 1.1% SECTOR ALLOCATION Traditional GICs 21.1% Treasuries 10.5% Agencies 1.1% Other -0.1% Credits 25.4% Mortgage-Related 26.5% Asset-Backed 4.8% Cash and Cash Equivalents 11.6% Municipals 0.5% Wrap Providers -1.4% MATURITY ALLOCATION <= 30 Days 1.5% 31 - 90 Days 12.3% 91 - 180 Days 2.3% 180 Days - 1 Year 4.8% 1 - 2 Years 11.0% 2 - 3 Years 11.3% 3 - 5 Years 27.3% 5 - 7 Years 19.0% 7 - 10 Years 8.3% 10+ Years 2.3% ADDITIONAL INFORMATION ABOUT THE PLUS FUND VANTAGEPOINT PLUS FUND R10 FACT SHEET JUNE 30, 2019 FS7071-0450-0619 88 Goals:Key goals are to seek to preserve capital, by limiting the risk of loss of principal and delivering stable returns, and to meet the liquidity needs of those who invest in the PLUS Fund. Crediting Rate:The PLUS Fund crediting rate is calculated daily. The crediting rate shown is the annualized rate as of the last day of the reported period. The PLUS Fund crediting rate is calculated by taking into account current yields on the Fund‘s holdings and prior period performance of certain holdings in the Fund. The Fund‘s crediting rate is generally expected to follow interest rate trends over time, but will typically do so on a lagged basis and may not move in the same direction as prevailing interest rates over certain time periods. Fund Information:When Funds are marketed to institutional clients by our Defined Contribution Investment Only (DCIO) team, the Funds are offered by ICMA-RC Services, LLC (RC Services), an SEC registered broker- dealer and FINRA member firm. RC Services is a wholly-owned subsidiary of ICMA-RC and is an affiliate of VantageTrust Company, LLC and Vantagepoint Investment Advisers, LLC. The Fund is an investment option of VantageTrust, a group trust established and maintained by VantageTrust Company, LLC, a wholly owned subsidiary of ICMA-RC. VantageTrust provides for the commingling of assets of certain trusts and plans as described in its Declaration of Trust, and is only available for investment by such eligible trusts and plans. The Fund is not a mutual fund. Its units are not deposits of VantageTrust Company and are not insured by the Federal Deposit Insurance Corporation or any other agency. The Fund is a security that has not been registered under the Securities Act of 1933 and is exempt from investment company registration under the Investment Company Act of 1940. For additional information regarding the Fund, including a description of the principal risks, please consult the VantageTrust Funds Disclosure Memorandum, which is available when plan administration clients log in at www.icmarc.org, at www.vantagepointfunds.org for institutions, or upon request by calling 800-669-7400. Before investing in the Fund you should carefully consider your investment goals, tolerance for risk, investment time horizon, and personal circumstances. There is no guarantee that the Fund will meet its investment objective and you can lose money. Transfer Restrictions:Direct transfers from the PLUS Fund to competing funds are restricted. Competing funds include, but are not limited to, the following types of investment options: (1) cash management funds, money market mutual funds, bank collective short-term investment funds, bank accounts or certificates of deposit, stable value funds or substantially similar investment options that offer guarantees of principal or income, such as guaranteed annuity contracts or similar arrangements with financial institutions; (2) short-term bond funds that invest in fixed income securities and seek to maintain or have an average portfolio duration of less than three years; (3) any investment option that invests 80% or more of its assets in (i) fixed income securities or funds with a duration of less than three years, or (ii) instruments that seek to provide capital preservation such as stable value funds, bank certificates of deposit or bank accounts, and cash or cash equivalents; and (4) a self-directed brokerage account. To transfer money from the PLUS Fund to a competing fund, you must first transfer the amount to a non-competing fund for a period of at least 90 days. For example, if you want to transfer money from the PLUS Fund to a money market fund, you will first need to transfer the money to a non-competing fund and then, 90 days later or any time thereafter, transfer that amount of money to the money market fund. Additional Information About Restrictions on PLUS Fund Public Employer Withdrawals and Transfer Restrictions:In the event an Employer initiates withdrawal of all or part of its Plan’s assets from the PLUS Fund, the payout of such assets may be deferred for a period of up to twelve months. In the case of a total withdrawal, participant transfers of PLUS Fund assets to other investment options may be restricted and participants may not be able to make additional investments in the PLUS Fund during this twelve-month period. PORTFOLIO MANAGEMENT Investment Adviser:Vantagepoint Investment Advisers Adviser Portfolio Manager(s): Karen Chong-Wulff, CFA, CAIA, Managing Vice President, Managed Fund Since 2007 Xin Zhou, CFA, FRM, Director, Senior Fund Manager, Managed Fund Since 2017 Wayne Wicker, CFA, Senior Vice President and Chief Investment Officer, Managed Fund Since 2004 PRINCIPAL RISKS Stable Value Risk, Interest Rate Risk, Credit Risk, Issuer Risk, Liquidity Risk, Reinvestment Risk, Call Risk, Mortgage-Backed Securities Risk, Asset-Backed Securities Risk, Securities Lending Risk, Derivative Instruments Risk, Large Investor Risk. See the Funds’ Disclosure Memorandum for risk descriptions. 89 Investment Policy Statement 90 A Defined Contribution Plan Investment Policy Statement provides an important step in establishing the FIDUCIARY TRAIL™. •A well-written IPS is broad enough to allow flexibility but detailed enough to provide appropriate oversight. •The essential attributes of an effective IPS are outlined below: Clearly articulates the Plan’s objective to provide a diversified selection of investment options for participants Defines the duties and responsibilities of all parties involved Defines the investment vehicles that will be made available to plan participants Establishes policies and procedures for investment selection, performance monitoring, and evaluation Indicates the plan sponsor’s intent to comply with 404(c) for participant directed plans² Indicates the sponsor’s intent to comply with QDIA safe harbor regulations for participant directed plans² ¹ FIA is not a law firm and does not provide legal advice² Where applicable for plans subject to ERISA Investment Policy Statement Review1 91 92 93 94 95 96