Town of Berlin-1Q22-QIRTown of Berlin
Quarterly Investment Review - First Quarter 2022
This report is intended for the exclusive use of clients or prospective clients of Fiducient Advisors. The information contained herein is intended for the recipient, is confidential and may not be
disseminated or distributed to any other person without prior approval. Any dissemination or distribution is strictly prohibited. Information has been obtained from a variety of sources believed to be
reliable though not independently verified. Any forecasts represent future expectations and actual returns; volatilities and correlations will differ from forecasts. This report does not represent a
specific investment recommendation. Please consult with your advisor, attorney and accountant, as appropriate, regarding specific advice.
Past performance does not indicate future performance and there is possibility of a loss.
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Retirement
Plans
Endowments &
Foundations
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Fiducient Advisors Update
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Research
Insights
•Monthly market recaps
•Monthly market updates
•Variations on a Theme –February
•Inflation, the Fed, Correction; Oh My! –January
•Webcast: The Russia Ukraine Conflict: Current Impact and Future Implications
•Fixed Income Complacency –The Practical Side of Fixed Income Today
•In Focus: Russian Invasion of Ukraine –Current Update, Implications & Outlook
•Webcast: 2022 Essential Economic Update
•2022 Outlook –Navigating Moderation
•Tim Black, Senior Consultant
•Teresa Dao, Consulting Analyst
•Ted Dawson, Consulting Analyst
•Kate Edler, Performance Analyst
•Gisella Ferrer, Client Service Associate
•Grant LaRussa, Performance Analyst
2022 New Associates –Welcome!
•Taylor Peters, Client Service Associate
•Sophie Pohlmann, Human Resources Coordinator
•John Poydence, Consulting Analyst
•Brandy Teague, Administrative Assistant
•Molly Thomas, Data Analyst
3
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Table of Contents
Section 1 Fiduciary Governance Calendar
Section 2 First Quarter 2022 Executive Summary
Appendix Domestic REIT Manager Search
4
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Fiduciary Governance Calendar
5
Fiduciary Governance Calendar
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•Investment Review
•Administrative Fee
Review
•Investment Expense Analysis
•Benchmarking and
Trends
•Recordkeeper
Negotiations
Fiduciary Trail®
•Investment Review
•Investment Menu Review
•Asset Class Updates
•Trends and Best
Practices
•Stable Value/Fixed Account Review
•QDIA Analysis
•Investment Review
•Regulatory and Legislative
Update
•Committee Best Practices
•Investment Policy Statement Review
•Investment Review
•Recordkeeper Services Update
•Plan Demographic Review
•Education and Advice
Review¹
•Plan Design
Benchmarking
Fiduciary Lockbox®
¹Plan Sponsors should prudently select and monitor participant advice and managed accounts providers.
Q1
Investment
Focus
Q2
Fee Focus
Q3Q4
Participant
Focus
Practice and
Policy Focus
6
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Plan Benchmarking
7
Plan Fees
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ERISA requires fiduciaries to carry out their responsibilities prudently and solely in the interest of the plan’s
participants and beneficiaries. Among other duties, fiduciaries have a responsibility to ensure that the
services provided to their plan are necessary and that the cost of those services is reasonable.1
•Quantify plan fees, both direct and indirect.
•Identify all revenue sharing agreements between the fund companies and the recordkeeper of the plan.
•Illustrate the plan pricing model.
•Identify the costs of the plan per participant.
•Benchmark plan fees to determine reasonableness.
•Negotiate with the plan service providers, if needed, to improve the costs of the plan.
•Distribute participant fee disclosure notices.²
•Investment Fees: Related to the management of investment options (investment management fees, 12b-1)
•Administration Fees: Day-to-day operation of the plan (recordkeeping, communication/education)
•Individual Service Fees: Related to optional “elected” services (loans, distributions)
•Other Fees: Miscellaneous fees (legal, audit, advisory/consulting)
Annual Fee Review
Composition of Plan Fees
¹ Source: EBSA Publications² Applies to ERISA covered plans only
8
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63
98
116
132
80
45 53
0
20
40
60
80
100
120
140
$1 -
$20M
$20 -
$50M
$50 -
$100M
$100 -
$250M
$250 -
$500M
$500M -
$1B
$1B +
Number of Plans
Nearly 100 data elements were gathered for each plan
Topics include plan fees, plan statistics, plan features, investment menu design
Results were compared with other industry studies to assess findings
Implemented quality
control measures to ensure accuracy of
information
543 Defined Contribution Plans
$150 billion in aggregate assets
1.22 million participants
21 recordkeepers
¹ Source: Institutional Consultant’s Plan Survey. Actual services and other fees may vary by client. Data is inclusive of ERISA/PERA accounts. As of 12/31/21.
Survey Demographics¹
Average Plan:
•$335 million in assets
•2,813 participants
Median Plan:
•$111 million in assets
•848 participants
587 Defined Contribution Plans
$196 billion in aggregate assets
1.65 million participants21 recordkeepers
Benchmarking Survey Overview
9
Fund Name
12/31/2021
Assets2 Fees (%) Fees ($)
Estimated Revenue
Sharing (%)
Estimated
Recordkeeping
Offset ($)
MissionSquare PLUS Fund $9,881,176 0.53% $52,370 0.00%$0
Metropolitan West Total Return Bd Plan $1,742,025 0.38% $6,620 0.00%$0
Vanguard Total Bond Market Index Adm $162,336 0.05% $81 0.00%$0
Vanguard Inflation-Protected Secs Adm $693,729 0.10% $694 0.00%$0
Templeton Global Bond R6 $122,672 0.56% $687 0.00%$0
MissionSquare Retirement IncomeAdvantage $1,792,481 1.68% $30,114 0.45%$8,066
MFS Value R6 $1,567,892 0.47% $7,369 0.00%$0
Vanguard 500 Index Adm $4,560,458 0.04% $1,824 0.00%$0
T. Rowe Price Instl Large Cap Growth $5,411,869 0.56% $30,306 0.00%$0
Victory Sycamore Established Value R6 $1,129,869 0.58% $6,553 0.00%$0
Harbor Mid Cap Growth Retirement $1,468,876 0.80% $11,751 0.00%$0
Vanguard Extended Market Index Adm $1,245,285 0.06% $747 0.00%$0
ClearBridge Small Cap Growth IS $309,621 0.78% $2,415 0.00%$0
Vanguard Total Intl Stock Index Adm $1,190,543 0.11% $1,310 0.00%$0
American Funds Europacific Growth R6 $745,830 0.46% $3,431 0.00%$0
Invesco Developing Markets R6 $107,771 0.82% $884 0.00%$0
Nuveen Real Estate Securities R6 $603,280 0.88% $5,309 0.00%$0
Vanguard Target Retirement Income $325,313 0.08% $260 0.00%$0
Vanguard Target Retirement 2015 $74,260 0.08% $59 0.00%$0
Vanguard Target Retirement 2020 $3,044,852 0.08% $2,436 0.00%$0
Vanguard Target Retirement 2025 $3,840,587 0.08% $3,072 0.00%$0
Vanguard Target Retirement 2030 $5,258,660 0.08% $4,207 0.00%$0
Vanguard Target Retirement 2035 $3,288,043 0.08% $2,630 0.00%$0
Vanguard Target Retirement 2040 $3,178,211 0.08% $2,543 0.00%$0
Vanguard Target Retirement 2045 $1,608,878 0.08% $1,287 0.00%$0
Vanguard Target Retirement 2050 $1,618,930 0.08% $1,295 0.00%$0
Vanguard Target Retirement 2055 $273,499 0.08% $219 0.00%$0
Vanguard Target Retirement 2060 $139,769 0.08% $112 0.00%$0
Total Assets $55,386,717 0.33% $180,585 0.01%$8,066
# of participants =384
Wrap Fee for Recordkeeping & Administrative Services 0.21% $116,312 0.21% $116,312
Estimated Plan Expense Account 0.08%$46,837
Weighted Average Plan Cost/Recordkeeping & Admin Rev Rec'd 0.54% $296,898 0.14% $77,541
Average Account Balance / Total Per Participant Costs $144,236 $773 $202
Estimated Fee Review1
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As of 12/31/21 –401(a) Plan
Plan fiduciaries should always review their Plan document and/or other documents associated with the Plan to ensure the use of revenue sharing to help offset Plan fees and expenses is permissible.Because Fiducient Advisors does not provide legal or tax advice, Plan Fiduciaries should consult with their legal counsel for additional information.
¹ Source: MissionSquare
2 Loan Balances not included
Per MissionSquare, the
current required revenue is
0.14%.
Effective February 12, 2022, the Vanguard Target
Retirement Funds reduced
the expense ratio to 0.08%
across all vintages.
10
Fund Name
12/31/2021
Assets2 Fees (%) Fees ($)
Estimated Revenue
Sharing (%)
Estimated
Recordkeeping
Offset ($)
MissionSquare PLUS Fund $1,853,179 0.53% $9,822 0.00%$0
Metropolitan West Total Return Bd Plan $568,892 0.38% $2,162 0.00%$0
Vanguard Total Bond Market Index Adm $21,156 0.05% $11 0.00%$0
Vanguard Inflation-Protected Secs Adm $222,761 0.10% $223 0.00%$0
Templeton Global Bond R6 $29,177 0.56% $163 0.00%$0
MissionSquare Retirement IncomeAdvantage $166,611 1.68% $2,799 0.45%$750
MFS Value R6 $190,776 0.47% $897 0.00%$0
Vanguard 500 Index Adm $853,872 0.04% $342 0.00%$0
T. Rowe Price Instl Large Cap Growth $1,343,119 0.56% $7,521 0.00%$0
Victory Sycamore Established Value R6 $195,107 0.58% $1,132 0.00%$0
Harbor Mid Cap Growth Retirement $319,288 0.80% $2,554 0.00%$0
Vanguard Extended Market Index Adm $619,200 0.06% $372 0.00%$0
ClearBridge Small Cap Growth IS $132,585 0.78% $1,034 0.00%$0
Vanguard Total Intl Stock Index Adm $197,117 0.11% $217 0.00%$0
American Funds Europacific Growth R6 $375,794 0.46% $1,729 0.00%$0
Invesco Developing Markets R6 $17,849 0.82% $146 0.00%$0
Nuveen Real Estate Securities R6 $151,917 0.88% $1,337 0.00%$0
Vanguard Target Retirement Income $96,382 0.08% $77 0.00%$0
Vanguard Target Retirement 2015 $12,836 0.08% $10 0.00%$0
Vanguard Target Retirement 2020 $409,433 0.08% $328 0.00%$0
Vanguard Target Retirement 2025 $1,009,633 0.08% $808 0.00%$0
Vanguard Target Retirement 2030 $1,449,894 0.08% $1,160 0.00%$0
Vanguard Target Retirement 2035 $1,506,762 0.08% $1,205 0.00%$0
Vanguard Target Retirement 2040 $962,010 0.08% $770 0.00%$0
Vanguard Target Retirement 2045 $199,017 0.08% $159 0.00%$0
Vanguard Target Retirement 2050 $196,951 0.08% $158 0.00%$0
Vanguard Target Retirement 2055 $37,751 0.08% $30 0.00%$0
Vanguard Target Retirement 2060 $25,218 0.08% $20 0.00%$0
Total Assets $13,164,287 0.28% $37,184 0.01%$750
# of participants =191
Wrap Fee for Recordkeeping & Administrative Services 0.21% $27,645 0.21%$27,645
Estimated Plan Expense Account 0.08%$9,965
Weighted Average Plan Cost/Recordkeeping & Admin Rev Rec'd 0.49% $64,829 0.14% $18,430
Average Account Balance / Total Per Participant Costs $68,923 $339 $96
Estimated Fee Review1
www.FiducientAdvisors.com
As of 12/31/21 –457 Plan
Plan fiduciaries should always review their Plan document and/or other documents associated with the Plan to ensure the use of revenue sharing to help offset Plan fees and expenses is permissible.Because Fiducient Advisors does not provide legal or tax advice, Plan Fiduciaries should consult with their legal counsel for additional information.
¹ Source: MissionSquare
2 Loan Balances not included
Per MissionSquare, the
current required revenue is
0.14%.
Effective February 12, 2022, the Vanguard Target
Retirement Funds reduced
the expense ratio to 0.08%
across all vintages.
11
Estimated Fee Review1
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As of 12/31/21 –Robert Wolf Plan
Plan fiduciaries should always review their Plan document and/or other documents associated with the Plan to ensure the use of revenue sharing to help offset Plan fees and expenses is permissible.Because Fiducient Advisors does not provide legal or tax advice, Plan Fiduciaries should consult with their legal counsel for additional information.
¹ Source: MissionSquare
2 Loan Balances not included
Fund Name
12/31/2021
Assets2 Fees (%) Fees ($)
Estimated Revenue
Sharing (%)
Estimated
Recordkeeping
Offset ($)
MissionSquare PLUS Fund $43,413 0.53% $230 0.00%$0
Metropolitan West Total Return Bd Plan $17,492 0.38% $66 0.00%$0
Vanguard Total Bond Market Index Adm $0 0.05% $0 0.00%$0
Vanguard Inflation-Protected Secs Adm $6,578 0.10% $7 0.00%$0
Templeton Global Bond R6 $995 0.56% $6 0.00%$0
MissionSquare Retirement IncomeAdvantage $1,266 1.68% $21 0.45%$6
MFS Value R6 $6,309 0.47% $30 0.00%$0
Vanguard 500 Index Adm $10,149 0.04% $4 0.00%$0
T. Rowe Price Instl Large Cap Growth $0 0.56% $0 0.00%$0
Victory Sycamore Established Value R6 $8,752 0.58% $51 0.00%$0
Harbor Mid Cap Growth Retirement $0 0.80% $0 0.00%$0
Vanguard Extended Market Index Adm $7,234 0.06% $4 0.00%$0
ClearBridge Small Cap Growth IS $191 0.78% $1 0.00%$0
Vanguard Total Intl Stock Index Adm $12,325 0.11% $14 0.00%$0
American Funds Europacific Growth R6 $4,339 0.46% $20 0.00%$0
Invesco Developing Markets R6 $1,767 0.82% $14 0.00%$0
Nuveen Real Estate Securities R6 $3,058 0.88% $27 0.00%$0
Vanguard Target Retirement Income $6,713 0.08% $5 0.00%$0
Vanguard Target Retirement 2015 $16,807 0.08% $13 0.00%$0
Vanguard Target Retirement 2020 $31,803 0.08% $25 0.00%$0
Vanguard Target Retirement 2025 $22,151 0.08% $18 0.00%$0
Vanguard Target Retirement 2030 $30,466 0.08% $24 0.00%$0
Vanguard Target Retirement 2035 $50,859 0.08% $41 0.00%$0
Vanguard Target Retirement 2040 $25,873 0.08% $21 0.00%$0
Vanguard Target Retirement 2045 $73,753 0.08% $59 0.00%$0
Vanguard Target Retirement 2050 $66,022 0.08% $53 0.00%$0
Vanguard Target Retirement 2055 $37,046 0.08% $30 0.00%$0
Vanguard Target Retirement 2060 $13,733 0.08% $11 0.00%$0
Total Assets $499,091 0.16% $795 0.00%$6
# of participants =101
Wrap Fee for Recordkeeping & Administrative Services 0.21% $1,048 0.21%$1,048
Estimated Plan Expense Account 0.08%$355
Weighted Average Plan Cost/Recordkeeping & Admin Rev Rec'd 0.37% $1,843 0.14%$699
Average Account Balance / Total Per Participant Costs $4,941 $18 $7
Per MissionSquare, the
current required revenue is
0.14%.
Effective February 12, 2022, the Vanguard Target
Retirement Funds reduced
the expense ratio to 0.08%
across all vintages.
12
Benchmarking Summary1
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Weighted Average
Plan Cost
Recordkeeping &
Admin Revenue Average Assets
Average
Participant Count
Average Account
Balance
401(a)0.54%0.14% $55,386,717 384 $144,236
457 0.49%0.14% $13,164,287 191 $68,923
Robert Wolf Plan 0.37%0.14%$499,091 101 $4,941
$1-$20 Million Average (Passive QDIA/Default)2 0.496%0.268% $10,548,757 155 $112,466
$1-$20 Million Average 0.573%0.268% $10,548,757 155 $112,466
$20-$50 Million Average (Passive QDIA/Default)2 0.389%0.180% $34,126,818 416 $143,006
$20-$50 Million Average 0.445%0.180% $34,126,818 416 $143,006
$50-$100 Million Average (Passive QDIA/Default)2 0.316%0.131% $72,196,540 679 $159,429
$50-$100 Million Average 0.406%0.131% $72,196,540 679 $159,429
Total Plans Average 0.388%0.150% $334,615,226 2,813 $163,880
Total Plans Median 0.371%0.130% $111,467,955 848 $134,150
Potential Pricing FactorsBenchmarking
It is important to consider certain plan services that may also have an impact on your plan’s fees relative to the benchmarks shown
above, i.e., additional education days, additional compliance testing, etc.
1 Source: Institutional Consultant’s Plan Survey. Actual services and other fees may vary by client. Data is inclusive of ERISA/PERA accounts.2 Weighted Average Plan Cost is the only statistic calculated using the Active or Passive version of the QDIA or Default fund.
13
Plan Benchmarking1
www.FiducientAdvisors.com ¹ Source: Institutional Consultant’s Plan Survey. Actual services and other fees may vary by client. Data is inclusive of ERISA/PERA accounts.
2 Due to sample size, $1B+ plans was combined with $500M.
0.09%0.24%0.09%0.14%0.13%0.12%0.11%0.09%
1.41%1.41%
0.75%0.72%
0.89%
0.69%0.65%
0.48%0.39%
0.57%
0.45%0.41%0.36%0.33%0.31%0.26%
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
1.60%
Total $1-$20M $20-$50M $50-$100M $100-$250M $250-$500M $500M - $1B $1B +
Total Plan Fee 1 - 25 Percentile =
26 - 50 Percentile =
51 - 75 Percentile =
76 - 100 Percentile =
Average =
0.02%0.05%0.07%0.03%0.03%0.03%0.02%
0.85%0.85%
0.39%
0.30%
0.20%
0.33%
0.16%0.15%
0.27%
0.18%0.13%0.09%0.08%0.07%
0.00%
0.10%
0.20%
0.30%
0.40%
0.50%
0.60%
0.70%
0.80%
0.90%
Total $1-$20M $20-$50M $50-$100M $100-$250M $250-$500M $500M+
Asset Based Recordkeeping Fee2
14
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Trends
15
Trends1
www.FiducientAdvisors.com ¹ Source: Institutional Consultant’s Plan Survey. Actual services and other fees may vary by client. Data is inclusive of ERISA/PERA accounts.
82%
61%59%54%
2%
6%2%1%
17%
34%39%45%
0%
20%
40%
60%
80%
100%
2015 2017 2019 2021
Pricing Model
Asset based Other Per Participant
22% Increase in
Fee Leveling
from 2019 (55% in 2019 to 67%
in 2021).
0.66%
0.58%0.57%
0.52%
0.46%
0.39%
0.35%
0.40%
0.45%
0.50%
0.55%
0.60%
0.65%
0.70%
2010 2012 2014 2016 2018 2020 2022
Total Plan Fees
67%
56%52%
60%67%
78%
89%92%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Total $1-$20M $20-$50M $50-$100M $100-$250M $250-$500M $500M-$1B $1B+
Fee Leveling
16
Pricing Considerations
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Proprietary Investment
Options
Lowest “Net” Cost Fee Benchmarking
Ways to Assess
Recordkeeping Fees
Plan sponsors should evaluate the different methods for
allocating plan fees and choose the approach that meets
the needs of their plan.
Per capita
Pro rata
Revenue sharing
Combination
Investment options should be evaluated on their
investment merit alone. It is important to understand that
the decision to include a proprietary investment
option/product in your plan may also have an impact on
certain plan fees.
Plan sponsors may also consider using the lowest “net” cost method for selecting share classes in their plan.
There may be a benefit to participants with this approach
rather than using the lowest cost share class. There are
several considerations when evaluating lowest net cost:
Participant communications
Recordkeeper capabilities
Participant perception of increased fees, or billed fees as
a result of a new pricing model
Changes to expense ratios and revenue sharing amounts
Impact to the Form 5500
Other fiduciary considerationsThe approach should always be reviewed with your plan’s
ERISA counsel.
Plan sponsors should consider benchmarking plan fees as a part of their overall fiduciary governance process. Plan
and investment fees should be compared against
reasonably similar benchmarks and include other
potentially unique features or services.
17
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First Quarter 2022 Executive Summary
18
-10
-5
0
5
10
15
20
-25 -15 -5 5 15 25Bloom. U.S. Agg TR (%)S&P 500 TR (%)
Market Themes
www.FiducientAdvisors.com See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
1.Capital market volatility increased notably in the quarterand asset class returns were almost uniformly negativeas the Russia/Ukraine conflict, the Fed’s rate hikecampaign, elevated inflation and rising interest ratesweighed on investor sentiment.
2.The crisis in Ukraine may temporarily impede globaleconomic growth and exacerbate existing inflationaryforces, but we think the probability of avoiding recessionis greater than the probability of entering one during theremainder of the year.
3.Absent recession, equity markets have historicallyproven resilient when confronted by the Fed raisinginterest rates. However, the current level of inflationcould prove to be particularly challenging for the Fedthis time around.
Slower But Still Positive Economic Growth Estimated for 2022
The conflict in Ukraine pushed expectations for global economic growth lower. A
strong U.S. consumer and pent-up demand provides support domestically, while
Europe will likely feel the impact more than other regions.
Equity & Fixed Income Quarterly Returns
Both equity and bond markets declined during the quarter, a rare event that has
occurred only 16 times since 1976.
The U.S. Yield Curve Flattens
The U.S. yield curve flattened during the quarter as the spread between the 2-year
Treasury and 10-year Treasury narrowed to 4 bps, the lowest since 2019. Historically,
markets have proved to be resilient following an inversion of the 2-10 spread.
Source: Morningstar Direct, Fiducient Advisors. Data from January 1, 1976 to March 31, 2022
Source: FactSet, Morningstar Direct, NBER, Fiducient Advisors. Inversion based on the 2-10
U.S. Treasury spread.
Inversion Date
Next 12 Month Return Months to Recession
S&P 500 Bloomberg US
Agg
Recession
Start Months
8/18/1978 8.9 6.7 February-80 18
9/12/1980 5.4 -3.6 August-81 11
12/13/1988 31.7 14.6 August-90 20
5/26/1998 17.3 5.4 April-01 35
12/27/2005 13.8 4.7 January-08 37
8/27/2019 23.2 6.8 March-20 7
Average 16.7 5.8 -21
Source: UNCTAD Trade and Development Report March 2022
Q1 2022
Avg 1-year return after a quarter when
both equities and fixed are negative:
S&P 500: 9.6%
Bbg Agg: 10.7%
3.6 3.0 3.3
2.1
5.7
2.32.6 2.4 1.6 1.3
4.8
-7.3-8
-6
-4
-2
0
2
4
6
World U.S.EU U.K.China RussiaEst. GDP Growth (%)Estimate from 2021 Estimate as of March '22
19
Economic Review
www.FiducientAdvisors.com See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
U.S. Breakeven Inflation Levels
Inflation in the U.S. remains elevated. However, there is a large gap between
near-term and long-term inflation expectations, with inflation expected to
moderate longer-term.
Russia’s Top 10 Exports
Russia’s exports are primarily commodity focused. As a result, the sanctions on
Russia have been a main driver of higher prices in the commodities market.
U.S. Labor Market –Number of Unemployed per Job Opening
The U.S. labor market remains tight as the number of job seekers per job opening
has fallen to less than 1, which may further support wage growth.
Leading Economic Indicators
Leading economic indicators fell from peak levels but remain in positive territory
supporting a positive outlook for economic growth in the near term.
Source: FactSet, Conference Board. As of February 28, 2022.
Source: FactSet. As of March 31, 2022.
0
1
2
3
4
5
6
7
00 01 02 03 04 05 06 07 08 09 10 11 11 12 13 14 15 16 17 18 19 20 21 22Unemployed per Job OpeningSource: FactSet, DOL, BLS. As of February 28, 2022.
Source: OEC. As of 2020. Percent of total Russian exports.
22.5%
14.5%
6.0%
5.7%
4.4%
3.2%
3.0%
1.5%
1.4%
1.4%
0.0%5.0%10.0%15.0%20.0%25.0%
Crude Petroleum
Refined Petroleum
Petroleum Gas
Gold
Coal Briquettes
Platinum
Wheat
Refined Copper
Semi-Finished Iron
Raw Aluminium
0
0.2
0.4
0.6
0.8
1
-25
-20
-15
-10
-5
0
5
10
15
92 97 02 07 12 17 22Year over Year Change (%)U.S. Recession
Composite Index of 10 Leading Indicator, 2016=100, Index -
United States
2
2.5
3
3.5
4
Mar-21 Jun-21 Sep-21 Dec-21 Mar-22Breakeven Inflation (%)5-Year Breakeven Inflation
10-Year Breakeven Inflation
20
Asset Class Returns
www.FiducientAdvisors.com See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Fixed Income (1Q)
-U.S. bonds posted the third worst quarter since 1976
as interest rates spiked amid rising inflation and ahead
of the Federal Reserve’s first interest rate increase
since 2018.
-Despite a flattening yield curve, long duration assets
suffered the most in the rising interest rate environment.
-In addition to rising yields around the world, a
strengthening U.S. dollar was a headwind for non-U.S.
debt.
Equity (1Q)
-Equity markets succumbed to investor uncertainty
driven by a multitude of factors this quarter such as the
conflict in Eastern Europe, high inflation, and tightening
central bank policy.
-U.S. large cap equities fared best, led by value stocks.
Growth stocks lagged value across market caps for the
quarter as higher P/E companies underperformed.
-Abroad, developed markets edged out emerging
markets as EM equities were driven lower by the
conflict in Ukraine and weakness in China, Taiwan and
South Korea.
Real Asset / Alternatives (1Q)
+Commodity markets were one of the few areas that
generated positive results. Strong performance was
driven by soaring energy and metals prices as the
conflict in Ukraine added to the supply/demand
imbalance.
-Equity REITs were not immune to the volatility in the
market and rising interest rates put additional pressure
on the sector.
+Hedge funds generally outpaced both the broad
equity and fixed income markets despite negative
absolute returns..
Source: Morningstar Direct. As of March 31, 2022. *Hedge fund returns as of February 28, 2022.
-3.0
-5.1
-5.9 -6.5
-4.8
-11.0
-5.1
-6.5
-5.1
-7.5
-5.9 -7.0
-3.9
1.6
25.5
-3.3
-15
-12
-9
-6
-3
0
3
6
9
12
15
18
21
24
27
30
TIPS Municipals 5-Year U.S. CoreBond High YieldMunicipals High Yield U.S. LongDuration Foreign Bond EM Debt(Unhedged)U.S LargeCap U.S. SmallCap InternationalDeveloped EmergingMarkets U.S. EquityREITs Real Assets Commodities Hedge Funds*Total Returns (%)YTD
21
Fixed Income Market Update
www.FiducientAdvisors.com See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
U.S. Treasury Yield Curve
The U.S. yield curve flattened and the 2-10 spread narrowed to its lowest level
since 2019, as the Federal Reserve raised its target rate by 25 basis points.
The 10-year ended the quarter 80 basis points higher.
Corporate Market Spreads –Trailing 5 Years
Corporate credit was not immune to the risk off mentality in the markets during the quarter. Both investment grade and high yield corporate bond spreads moved higher in
the first half of the quarter before settling back in March. Heavy new issuance was met with strong demand as higher yields attracted both domestic and foreign buyers.
Index Performance Attribution (1Q 2021)
Non-government sectors generally underperformed Treasuries during the quarter,
as spreads widened in the risk-off environment. A strengthening U.S. dollar
further weighed on non-U.S. bond returns.
Source: FactSet. As of March 31, 2022.
2.32
1.52
1.74
0
0.5
1
1.5
2
2.5
3
Yield (%)3/31/2022
12/31/2021
3/31/2021
1yr 3yr 5yr 10yr 20yr 30yr
116
325
0
250
500
750
1000
1250
0
100
200
300
400
500
Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 HY Spread (basis points)IG Spread (basis points)Bloomberg US Corporate Investment Grade
Bloomberg US High Yield - Corporate 10-Yr Averages: IG = 127 bps, HY = 438 bps
Source: FactSet. As of March 31, 2022.
Source: FactSet. As of March 31, 2022.
-6.2%
-5.9%
-4.8%
-5.1%
-0.4%
-0.6%
-1.0%
-0.7%
-2.2%
-8.0%-6.0%-4.0%-2.0%0.0%
Foreign Bond (unhedged)
U.S. Core Bond
U.S. High Yield
U.S. MBS
Total Return Excess Return (Comp. Treasury)Currency Return
22
-5.3
-14.2
-6.6
-12.9
1.8
-1.9
-8.7 -10.0
4.6
-9.6
-20
-15
-10
-5
0
5
10
U.S.China Japan Germany U.K.India France Italy Canada KoreaTotal Return (%)YTD
-11.9
-1.5
39.0
-2.4
-4.6
-2.6
-9.0
4.8
-1.0
-2.4
-8.4
-6.2
-20.0 0.0 20.0 40.0
Comm Servs
Financials
Energy
Industrials
S&P 500
Health Care
Cons Disc
Utilities
Cons Staples
Materials
Info Tech
Real Estate
Total Return (%)S&P 500 SectorEquity Market Update
www.FiducientAdvisors.com See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
U.S. Equities –Return by Sector (1Q 2022)
The Energy sector was the clear standout for the quarter, driven by a rally in
commodity prices stemming from the conflict in Ukraine. Growth segments of the
market such as information technology and consumer discretionary lagged.
Source: Morningstar Direct. As of March 31, 2022.
Source: Morningstar Direct. As of March 31, 2022.
10
15
20
25
30
U.S.Int'l Developed Emerging MarketsTrailing P/ERange (+/- 1 Std Dev)
Median
12/31/2021
3/31/2022
Source: FactSet. As of March 31, 2022.
Country Total Returns (%) –Top 10 Largest Economies
Equities around the world were broadly negative, with select regions generating positive returns. Canada benefited from rising commodity prices. The conflict between
Ukraine and Russia tugged at investor optimism. Mainland Europe will likely feel the largest impact from the conflict which pushed countries such as Germany, France
and Italy lower. Chinese equities continued to struggle as COVID-19 lockdowns fueled the negative return.
Equity Valuations (Trailing PE –Last 15 Years)
Equity multiples compressed in the quarter as prices moved lower. Valuations
in the U.S. remain elevated while non-U.S. regions are at or below their 15-year
median level.
23
Real Assets Market Update
www.FiducientAdvisors.com See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
REIT Sector Performance
Higher valuation areas of the market, such as Data Centers, suffered the most
as interest rates rose in the period. Easing of covid restrictions and an uptick in
consumer travel benefitted Lodging/Resorts.
47.9
22.7
6.9
19.9
0
10
20
30
40
50
60
Energy Industrial
Metals
Precious
Metals
AgricultureTotal Return (%)YTD
5.2
6.9
2.8
-13.6
-3.3
0.2
-6.8
-5.4
-6.1
-2.0
-20 -10 0 10
Health Care
Lodging/Resorts
Office
Data Centers
Diversified
Specialty
Retail
Residential
Industrial
Self Storage
Total Return (%)
YTD
Source: Morningstar Direct. As of March 31, 2022.Source: Morningstar Direct. As of March 31, 2022.
Commodity Performance
Commodities surged in the first three months of the year. The conflict between
Ukraine and Russia and the continued global supply shortages pushed prices
higher. Oil prices broke through the $120/barrel mark in March before settling in
just above $100/barrel.
24
Marketable Alternatives Market Update
•The HFRI Asset Weighted Composite finished the first quarter in positive territory despite a volatile start to theyear headlined by Russia’s invasion of Ukraine, geopolitical tensions, climbing commodity prices, rising interestrates and inflation uncertainty.
•Despite a brief rally for equities in March, Equity Hedge strategies detracted on the quarter, led by high beta,long-biased, and growth-focused strategies that struggled to protect capital as risk assets sold off in Januaryand February.
•Event Driven strategies finished the quarter in negative territory, led by higher-beta Activist and SpecialSituations strategies. Meanwhile, Distressed managers generated modest positive performance.
•Macro strategies were strong performers during the quarter as managers were able to capitalize on risingcommodity prices, rising interest rates and global volatility.
•Relative Value strategies gained on the quarter and were again led by fixed income-based, interest rate-sensitive strategies as rates rose. Volatility Relative Value strategies also contributed.
www.FiducientAdvisors.com
-2.7%
3.0%
-4.2%
-2.2%
8.5%
1.6%1.3%
7.7%
0.8%
2.8%
13.7%
4.9%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
HFRI Fund of Funds
Composite
HFRI Asset Weighted
Composite*
HFRI Equity Hedge*HFRI Event Driven*HFRI Macro*HFRI Relative Value*
QTR 1 YearSource: HFR, as of March 31, 2022.
Benchmark Return Indices cannot be invested in directly. HFRI benchmarks are net of fees. Past performance does not indicate future performance
and there is a possibility of a loss. See disclosure page for list of indices.25
Private Equity Market Update
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Private Equity Performance (As of September 30, 2021)
U.S. Private Equity Deal Activity
U.S. Buyout Fundraising Activity
U.S. Private Equity deal activity continued at a robust pace
through the end of the year and into the first quarter as
deployment across funds remained elevated.
The fundraising market has become increasingly
competitive for both investors and fund managers. With a
number of funds in market and LPs closing in on targets,
urgency and selectivity are simultaneously increasing.
Private equity performance remained strong through the
third quarter. Trailing marks continued to move higher on a
quarter over quarter basis.
Source: Cambridge Associates. As of September 30, 2021. Returns presented as
horizon pooled return, net of fees.
Source: Pitchbook. As of December 31, 2021.
Benchmark 1-YR 3-YR 5-YR 10-Y 15-Y
US Private Equity Index 49.7%25.9%22.9%18.4%14.1%
US Buyout Index 43.3%22.6%20.8%17.6%13.3%
US Growth Equity Index 68.7%35.7%29.2%21.5%17.2%
US Venture Capital Index 83.7%38.4%27.6%20.1%15.2%
S&P 500 Index 30.0%16.0%16.9%16.6%10.4%
Source: Pitchbook. As of December 31, 2021.
www.FiducientAdvisors.com 26
The Case for Diversification
www.FiducientAdvisors.com See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Source: FactSet & Morningstar as of March 31, 2022. Periods greater than one year are annualized. All returns are in U.S. dollar terms. One month lag for Hedge Funds.
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD 10Yr (Ann)
Emerging Markets
18.2
U.S. Small Cap
38.8
U.S. Equity REITs
30.1
U.S. Equity REITs
3.2
U.S. Small Cap
21.3
Emerging Markets
37.3
High Yield Munis
4.8
U.S. Large Cap
31.5
U.S. Small Cap
20.0
U.S. Equity REITs
43.2
Commodities
25.5
U.S. Large Cap
14.5
High Yield Munis
18.1
U.S. Large Cap
32.4
High Yield Munis
13.8
Municipals 5-Year
2.4
High Yield
17.1
International Dev.
25.0
Municipals 5-Year
1.7
U.S. Equity REITs
26.0
U.S. Large Cap
18.4
Commodities
27.1
TIPS
-3.0
U.S. Small Cap
11.0
U.S. Equity REITs
18.1
International Dev.
22.8
U.S. Large Cap
13.7
High Yield Munis
1.8
U.S. Large Cap
12.0
U.S. Large Cap
21.8
Foreign Bond
0.5
U.S. Small Cap
25.5
Emerging Markets
18.3
US Large Cap
26.5
Hedge Funds
-3.3
U.S. Equity REITs
9.8
International Dev.
17.3
Balanced
12.2
Core Bond
6.0
U.S. Large Cap
1.4
Commodities
11.7
EM Debt
(unhedged)
15.2
Core Bond
0.0
International Dev.
22.5
TIPS
11.0
US Small Cap
14.8
U.S. Equity REITs
-3.9
International
Developed
6.3
EM Debt
(unhedged)
16.9
Hedge Funds
9.0
Balanced
5.1
Core Bond
0.6
Emerging Markets
11.2
U.S. Small Cap
14.6
TIPS
-1.3
Emerging Markets
18.4
Balanced
8.8
International Dev.
11.3
High Yield
-4.8
Balanced
6.1
U.S. Small Cap
16.3
High Yield
7.4
U.S. Small Cap
4.9
Hedge Funds
-0.3
EM Debt
(unhedged)
9.9
Balanced
13.6
High Yield
-2.1
Balanced
17.5
International Dev.
7.8
Balanced
9.8
Balanced
-4.8
High Yield
5.7
U.S. Large Cap
16.0
U.S. Equity REITs
2.5
TIPS
3.6
International Dev.
-0.8
U.S. Equity REITs
8.5
High Yield Munis
9.7
Hedge Funds
-4.0
High Yield
14.3
Core Bond
7.5
High Yield Munis
7.8
U.S. Large Cap
-5.1
High Yield Munis
5.4
High Yield
15.8
Municipals 5-Year
0.8
Hedge Funds
3.4
TIPS
-1.4
Balanced
7.6
Hedge Funds
7.8
U.S. Large Cap
-4.4
EM Debt
(unhedged)
13.5
Hedge Funds
7.1
TIPS
6.0
Municipals 5-Year
-5.1
Hedge Funds
3.9
Balanced
11.5
Foreign Bond
-1.0
Municipals 5-Year
3.2
Foreign Bond
-2.3
TIPS
4.7
High Yield
7.5
U.S. Equity REITs
-4.6
High Yield Munis
10.7
High Yield
7.1
Hedge Funds
5.7
Foreign Bond
-5.1
Emerging Markets
3.4
TIPS
7.0
Core Bond
-2.0
Foreign Bond
2.9
Balanced
-3.3
Foreign Bond
3.2
Foreign Bond
6.5
Balanced
-5.8
Core Bond
8.7
Foreign Bond
7.0
High Yield
5.3
International
Developed
-5.9
TIPS
2.7
Foreign Bond
5.3
Emerging Markets
-2.6
High Yield
2.5
U.S. Small Cap
-4.4
High Yield Munis
3.0
U.S. Equity REITs
5.2
EM Debt
(unhedged)
-6.2
TIPS
8.4
High Yield Munis
4.9
Municipals 5-Year
0.3
Core Bond
-5.9
Core Bond
2.2
Hedge Funds
4.8
High Yield Munis
-5.5
Emerging Markets
-2.2
High Yield
-4.5
Core Bond
2.6
Core Bond
3.5
U.S. Small Cap
-11.0
Hedge Funds
7.8
Municipals 5-Year
4.3
Core Bond
-1.5
High Yield Munis
-6.5
Municipals 5-Year
1.8
Core Bond
4.2
TIPS
-8.6
International Dev.
-4.9
Emerging Markets
-14.9
International Dev.
1.0
Municipals 5-Year
3.1
Commodities
-11.2
Commodities
7.7
EM Debt
(unhedged)
2.7
Emerging Markets
-2.5
EM Debt
(unhedged)
-6.5
Foreign Bond
1.6
Municipals 5-Year
3.0
EM Debt
(unhedged)
-9.0
EM Debt
(unhedged)
-5.7
EM Debt
(unhedged)
-14.9
Hedge Funds
0.5
TIPS
3.0
International Dev.
-13.8
Foreign Bond
6.3
Commodities
-3.1
Foreign Bond
-4.2
Emerging Markets
-7.0
Commodities
-0.7
Commodities
-1.1
Commodities
-9.5
Commodities
-17.0
Commodities
-24.7
Municipals 5-Year
-0.4
Commodities
1.7
Emerging Markets
-14.6
Municipals 5-Year
5.4
U.S. Equity REITs
-8.0
EM Debt
(unhedged)
-8.7
U.S. Small Cap
-7.5
EM Debt
(unhedged)
-0.7
27
Global Fixed Income Markets QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
Bloomberg 1-3-Month T-Bill 0.0%0.0%0.1%0.7%1.1%0.8%0.6%0.8%
Bloomberg U.S. TIPS -3.0%-3.0%4.3%6.2%4.4%3.6%2.7%4.3%
Bloomberg Municipal Bond (5 Year)-5.1%-5.1%-4.5%0.8%1.5%1.5%1.8%3.1%
Bloomberg High Yield Municipal Bond -6.5%-6.5%-1.3%4.0%5.2%4.9%5.4%4.6%
Bloomberg U.S. Aggregate -5.9%-5.9%-4.2%1.7%2.1%1.9%2.2%3.6%
Bloomberg U.S. Corporate High Yield -4.8%-4.8%-0.7%4.6%4.7%5.0%5.7%6.5%
Bloomberg Global Aggregate ex-U.S. Hedged -4.1%-4.1%-3.6%0.9%2.3%2.2%3.2%3.6%
Bloomberg Global Aggregate ex-U.S. Unhedged -6.1%-6.1%-7.9%-0.2%1.3%1.3%0.1%2.1%
Bloomberg U.S. Long Gov / Credit -11.0%-11.0%-3.1%4.2%4.6%3.5%4.7%6.1%
JPMorgan GBI-EM Global Diversified -6.5%-6.5%-8.5%-1.1%0.2%0.7%-0.7%2.8%
Global Equity Markets QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
S&P 500 -4.6%-4.6%15.6%18.9%16.0%14.0%14.6%10.3%
Dow Jones Industrial Average -4.1%-4.1%7.1%12.6%13.4%12.6%12.8%9.8%
NASDAQ Composite -8.9%-8.9%8.1%23.6%20.3%17.6%17.8%13.7%
Russell 3000 -5.3%-5.3%11.9%18.2%15.4%13.4%14.3%10.1%
Russell 1000 -5.1%-5.1%13.3%18.7%15.8%13.7%14.5%10.3%
Russell 1000 Growth -9.0%-9.0%15.0%23.6%20.9%17.3%17.0%12.9%
Russell 1000 Value -0.7%-0.7%11.7%13.0%10.3%9.7%11.7%7.4%
Russell Mid Cap -5.7%-5.7%6.9%14.9%12.6%10.7%12.9%9.5%
Russell Mid Cap Growth -12.6%-12.6%-0.9%14.8%15.1%11.9%13.5%10.4%
Russell Mid Cap Value -1.8%-1.8%11.5%13.7%10.0%9.3%12.0%8.3%
Russell 2000 -7.5%-7.5%-5.8%11.7%9.7%8.9%11.0%8.0%
Russell 2000 Growth -12.6%-12.6%-14.3%9.9%10.3%8.5%11.2%8.8%
Russell 2000 Value -2.4%-2.4%3.3%12.7%8.6%8.8%10.5%6.9%
MSCI ACWI -5.4%-5.4%7.3%13.7%11.6%9.7%10.0%6.5%
MSCI ACWI ex. U.S.-5.4%-5.4%-1.5%7.5%6.8%5.2%5.6%3.1%
MSCI EAFE -5.9%-5.9%1.2%7.8%6.7%5.1%6.3%2.9%
MSCI EAFE Growth -11.9%-11.9%-1.5%9.8%8.9%6.8%7.5%4.2%
MSCI EAFE Value 0.3%0.3%3.6%5.2%4.2%3.1%4.9%1.4%
MSCI EAFE Small Cap -8.5%-8.5%-3.6%8.5%7.4%7.3%8.3%4.5%
MSCI Emerging Markets -7.0%-7.0%-11.4%4.9%6.0%4.7%3.4%3.8%
Alternatives QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
Consumer Price Index*1.4%1.4%7.9%3.9%3.1%2.7%2.2%2.2%
FTSE NAREIT Equity REITs -3.9%-3.9%26.4%11.1%9.6%8.0%9.8%6.4%
S&P Real Assets 1.6%1.6%13.5%8.2%7.2%5.5%5.5%5.3%
FTSE EPRA NAREIT Developed -3.8%-3.8%15.3%6.4%7.5%5.8%7.8%3.7%
FTSE EPRA NAREIT Developed ex U.S.-3.2%-3.2%3.0%1.7%5.4%3.8%5.9%1.7%
Bloomberg Commodity Total Return 25.5%25.5%49.3%16.1%9.0%4.3%-0.7%-1.4%
HFRI Fund of Funds Composite*-3.3%-3.3%0.5%6.0%4.6%3.3%3.9%2.4%
HFRI Fund Weighted Composite*-2.2%-2.2%2.7%8.3%6.2%5.0%5.3%4.3%
Alerian MLP 18.8%18.8%36.6%2.7%-0.1%-1.9%1.3%4.7%
Source: Morningstar, FactSet. As of March 31, 2022. *Consumer Price Index and HFRI indexes as of February 28, 2022.
Total Return as of March 31, 2022
Periods greater than one year are annualized
All returns are in U.S. dollar terms
Financial Markets Performance
www.FiducientAdvisors.com Past performance does not indicate future performance and there is a possibility of a loss.28
Mar-2022 Dec-2021 Sep-2021 Jun-2021
($)%($)%($)%($)%
Vanguard Target Retirement Income 319,609 0.6 325,313 0.6 317,551 0.6 319,442 0.6
Vanguard Target Retirement 2015 69,046 0.1 74,260 0.1 71,954 0.1 71,300 0.1
Vanguard Target Retirement 2020 2,456,982 4.7 3,044,852 5.5 3,028,264 5.5 3,355,660 6.0
Vanguard Target Retirement 2025 3,633,770 6.9 3,840,587 6.9 3,780,473 6.9 3,776,849 6.8
Vanguard Target Retirement 2030 4,615,520 8.8 5,258,660 9.5 4,988,298 9.1 4,976,620 8.9
Vanguard Target Retirement 2035 3,143,424 6.0 3,288,043 5.9 3,086,675 5.6 3,062,223 5.5
Vanguard Target Retirement 2040 2,641,134 5.0 3,178,211 5.7 3,191,128 5.8 3,197,863 5.7
Vanguard Target Retirement 2045 1,410,476 2.7 1,608,878 2.9 1,353,885 2.5 1,806,073 3.2
Vanguard Target Retirement 2050 1,578,025 3.0 1,618,930 2.9 1,573,117 2.9 1,548,418 2.8
Vanguard Target Retirement 2055 278,881 0.5 273,499 0.5 240,345 0.4 227,179 0.4
Vanguard Target Retirement 2060 142,008 0.3 139,769 0.3 108,255 0.2 40,535 0.1
Target Date Funds 20,288,875 38.6 22,651,003 40.9 21,739,945 39.7 22,382,163 40.0
MissionSquare PLUS Fund R10 11,113,474 21.2 9,881,176 17.8 10,846,682 19.8 10,857,729 19.4
Stable Value / Money Market Funds 11,113,474 21.2 9,881,176 17.8 10,846,682 19.8 10,857,729 19.4
Metropolitan West Total Return Bond Plan 1,322,684 2.5 1,742,025 3.1 1,657,276 3.0 1,761,578 3.2
Vanguard Total Bond Market Index Adm 463,600 0.9 162,336 0.3 159,211 0.3 155,682 0.3
Vanguard Inflation-Protected Secs Adm 683,947 1.3 693,729 1.3 641,672 1.2 638,397 1.1
Templeton Global Bond R6*85,264 0.2 122,672 0.2 116,326 0.2 116,293 0.2
Fixed Income Funds 2,555,495 4.9 2,720,763 4.9 2,574,485 4.7 2,671,950 4.8
MissionSquare Retirement Income Advantage R5 1,718,167 3.3 1,792,481 3.2 1,800,099 3.3 1,748,147 3.1
Balanced Funds 1,718,167 3.3 1,792,481 3.2 1,800,099 3.3 1,748,147 3.1
MFS Value Fund R6 1,495,942 2.8 1,567,892 2.8 1,559,890 2.9 1,531,481 2.7
Vanguard 500 Index Admiral 4,494,141 8.6 4,560,458 8.2 4,165,041 7.6 4,283,771 7.7
T. Rowe Price Large Cap Growth I 4,658,145 8.9 5,411,869 9.8 5,154,855 9.4 5,219,627 9.3
Victory Sycamore Established Value R6 891,267 1.7 1,129,869 2.0 1,020,032 1.9 1,010,482 1.8
Vanguard Extended Market Idx Adm 1,086,756 2.1 1,245,285 2.2 1,140,256 2.1 1,161,619 2.1
Harbor Mid Cap Growth Retirement 1,219,287 2.3 1,468,876 2.7 1,711,963 3.1 1,956,044 3.5
ClearBridge Small Cap Growth IS 250,945 0.5 309,621 0.6 372,311 0.7 350,060 0.6
Domestic Equity Funds 14,096,483 26.9 15,693,870 28.3 15,124,348 27.6 15,513,084 27.7
American Funds EuroPacific Growth R6 656,832 1.3 745,830 1.3 780,933 1.4 941,967 1.7
Invesco Developing Markets R6 73,151 0.1 107,771 0.2 156,569 0.3 187,311 0.3
Vanguard Total Intl Stock Index Adm 1,416,413 2.7 1,190,543 2.1 1,190,199 2.2 1,132,069 2.0
International Equity Funds 2,146,396 4.1 2,044,145 3.7 2,127,702 3.9 2,261,347 4.0
Nuveen Real Estate Secs R6 577,856 1.1 603,280 1.1 495,362 0.9 484,400 0.9
Specialty Funds 577,856 1.1 603,280 1.1 495,362 0.9 484,400 0.9
Town of Berlin 401(a) Plan Total 52,496,746 100.0 55,386,717 100.0 54,708,622 100.0 55,918,820 100.0
Asset Allocation
Town of Berlin As of March 31, 2022
Source: MissionSquare* Templeton Global Bond will be mapped to QDIA Target Date Funds pending effective date.
29
Mar-2022 Dec-2021 Sep-2021 Jun-2021
($)%($)%($)%($)%
Vanguard Target Retirement Income 87,388 0.7 96,382 0.7 94,497 0.7 94,637 0.7
Vanguard Target Retirement 2015 12,706 0.1 12,836 0.1 12,164 0.1 11,923 0.1
Vanguard Target Retirement 2020 390,508 3.1 409,433 3.1 404,036 3.2 507,395 4.0
Vanguard Target Retirement 2025 1,039,020 8.2 1,009,633 7.7 945,576 7.5 997,576 7.8
Vanguard Target Retirement 2030 1,343,729 10.6 1,449,894 11.0 1,351,091 10.7 1,255,158 9.8
Vanguard Target Retirement 2035 1,433,251 11.3 1,506,762 11.4 1,427,727 11.3 1,425,961 11.1
Vanguard Target Retirement 2040 914,299 7.2 962,010 7.3 701,007 5.5 701,004 5.5
Vanguard Target Retirement 2045 194,910 1.5 199,017 1.5 177,131 1.4 170,000 1.3
Vanguard Target Retirement 2050 190,401 1.5 196,951 1.5 189,216 1.5 185,741 1.5
Vanguard Target Retirement 2055 38,500 0.3 37,751 0.3 32,945 0.3 31,227 0.2
Vanguard Target Retirement 2060 28,779 0.2 25,218 0.2 28,410 0.2 20,103 0.2
Target Date Funds 5,673,491 44.7 5,905,887 44.9 5,363,802 42.3 5,400,724 42.2
MissionSquare PLUS Fund R10 1,920,593 15.1 1,853,179 14.1 1,928,598 15.2 1,723,776 13.5
Stable Value / Money Market Funds 1,920,593 15.1 1,853,179 14.1 1,928,598 15.2 1,723,776 13.5
Metropolitan West Total Return Bond Plan 441,629 3.5 568,892 4.3 668,990 5.3 604,257 4.7
Vanguard Total Bond Market Index Adm 115,434 0.9 21,156 0.2 21,015 0.2 22,064 0.2
Vanguard Inflation-Protected Secs Adm 251,148 2.0 222,761 1.7 275,213 2.2 238,786 1.9
Templeton Global Bond R6*12,865 0.1 29,177 0.2 40,048 0.3 30,599 0.2
Fixed Income Funds 821,076 6.5 841,986 6.4 1,005,266 7.9 895,706 7.0
MissionSquare Retirement Income Advantage R5 137,986 1.1 166,611 1.3 153,068 1.2 176,473 1.4
Balanced Funds 137,986 1.1 166,611 1.3 153,068 1.2 176,473 1.4
MFS Value Fund R6 225,386 1.8 190,776 1.4 196,611 1.5 199,595 1.6
Vanguard 500 Index Admiral 875,445 6.9 853,872 6.5 754,249 5.9 897,051 7.0
T. Rowe Price Large Cap Growth I 1,221,026 9.6 1,343,119 10.2 1,271,906 10.0 1,274,706 10.0
Victory Sycamore Established Value R6 128,580 1.0 195,107 1.5 177,346 1.4 181,504 1.4
Vanguard Extended Market Idx Adm 564,501 4.4 619,200 4.7 590,452 4.7 616,710 4.8
Harbor Mid Cap Growth Retirement 278,384 2.2 319,288 2.4 380,473 3.0 413,818 3.2
ClearBridge Small Cap Growth IS 115,960 0.9 132,585 1.0 132,983 1.0 124,902 1.0
Domestic Equity Funds 3,409,281 26.9 3,653,947 27.8 3,504,020 27.6 3,708,287 29.0
American Funds EuroPacific Growth R6 313,860 2.5 375,794 2.9 390,432 3.1 436,360 3.4
Invesco Developing Markets R6 15,928 0.1 17,849 0.1 18,217 0.1 54,017 0.4
Vanguard Total Intl Stock Index Adm 258,525 2.0 197,117 1.5 179,993 1.4 283,912 2.2
International Equity Funds 588,313 4.6 590,760 4.5 588,642 4.6 774,289 6.1
Nuveen Real Estate Secs R6 138,062 1.1 151,917 1.2 142,416 1.1 110,388 0.9
Specialty Funds 138,062 1.1 151,917 1.2 142,416 1.1 110,388 0.9
Town of Berlin 457 Plan Total 12,688,802 100.0 13,164,287 100.0 12,685,812 100.0 12,789,643 100.0
Asset Allocation
Town of Berlin As of March 31, 2022
Source: MissionSquare* Templeton Global Bond will be mapped to QDIA Target Date Funds pending effective date.
30
Mar-2022 Dec-2021 Sep-2021 Jun-2021
($)%($)%($)%($)%
Vanguard Target Retirement Income 6,391 1.3 6,713 1.3 6,582 1.4 6,591 1.4
Vanguard Target Retirement 2015 16,003 3.3 16,807 3.4 16,468 3.4 16,503 3.4
Vanguard Target Retirement 2020 30,913 6.5 31,803 6.4 30,017 6.3 29,422 6.1
Vanguard Target Retirement 2025 20,929 4.4 22,151 4.4 21,388 4.5 21,530 4.5
Vanguard Target Retirement 2030 29,286 6.1 30,466 6.1 28,767 6.0 29,002 6.1
Vanguard Target Retirement 2035 49,694 10.4 50,859 10.2 45,548 9.5 43,770 9.1
Vanguard Target Retirement 2040 24,636 5.1 25,873 5.2 24,397 5.1 24,407 5.1
Vanguard Target Retirement 2045 70,728 14.8 73,753 14.8 68,442 14.3 67,813 14.2
Vanguard Target Retirement 2050 62,264 13.0 66,022 13.2 62,501 13.0 63,214 13.2
Vanguard Target Retirement 2055 34,939 7.3 37,046 7.4 35,085 7.3 35,485 7.4
Vanguard Target Retirement 2060 12,952 2.7 13,733 2.8 13,004 2.7 13,152 2.7
Target Date Funds 358,733 75.0 375,225 75.2 352,199 73.5 350,889 73.3
MissionSquare PLUS Fund R10 -0.0 -0.0 -0.0 -0.0
Stable Value / Money Market Funds 42,854 9.0 43,413 8.7 43,726 9.1 43,236 9.0
Metropolitan West Total Return Bond Plan 10,497 2.2 17,492 3.5 18,627 3.9 18,471 3.9
Vanguard Total Bond Market Index Adm 6,279 1.3 -0.0 -0.0 -0.0
Vanguard Inflation-Protected Secs Adm 6,732 1.4 6,578 1.3 7,080 1.5 6,811 1.4
Templeton Global Bond R6*241 0.1 995 0.2 1,085 0.2 1,029 0.2
Fixed Income Funds 23,750 5.0 25,065 5.0 26,791 5.6 26,311 5.5
MissionSquare Retirement Income Advantage R5 1,195 0.2 1,266 0.3 1,210 0.3 1,215 0.3
Balanced Funds 1,195 0.2 1,266 0.3 1,210 0.3 1,215 0.3
MFS Value Fund R6 5,108 1.1 6,309 1.3 6,308 1.3 5,467 1.1
Vanguard 500 Index Admiral 11,870 2.5 10,149 2.0 10,411 2.2 11,647 2.4
T. Rowe Price Large Cap Growth I 937 0.2 -0.0 -0.0 -0.0
Victory Sycamore Established Value R6 4,470 0.9 8,752 1.8 8,465 1.8 8,491 1.8
Vanguard Extended Market Idx Adm 5,442 1.1 7,234 1.4 5,459 1.1 4,295 0.9
Harbor Mid Cap Growth Retirement 278,384 58.2 319,288 64.0 380,473 79.4 413,818 86.5
ClearBridge Small Cap Growth IS 347 0.1 191 0.0 1,631 0.3 1,219 0.3
Domestic Equity Funds 28,443 5.9 32,634 6.5 33,680 7.0 34,783 7.3
American Funds EuroPacific Growth R6 5,752 1.2 4,339 0.9 4,802 1.0 6,880 1.4
Invesco Developing Markets R6 686 0.1 1,767 0.4 2,042 0.4 1,735 0.4
Vanguard Total Intl Stock Index Adm 14,596 3.1 12,325 2.5 11,904 2.5 10,360 2.2
International Equity Funds 21,034 4.4 18,431 3.7 18,748 3.9 18,976 4.0
Nuveen Real Estate Secs R6 2,524 0.5 3,058 0.6 2,978 0.6 3,101 0.6
Specialty Funds 2,524 0.5 3,058 0.6 2,978 0.6 3,101 0.6
Robert Wolf Plan Total 478,533 100.0 499,091 100.0 479,332 100.0 478,511 100.0
Asset Allocation
Town of Berlin As of March 31, 2022
Source: MissionSquare* Templeton Global Bond will be mapped to QDIA Target Date Funds pending effective date.
31
Vanguard Target Retirement
Strategy Overview:
•Launched in 2003, research for the strategy falls to the Investment Strategy Group (ISG), but decisions to change the strategy falls to the firm’s
Board of Directors.
•The strategy is 100% passively managed with five underlying investment products that cover fixed income and equities globally.
•The strategy relies on strategic asset allocation and does not employ any tactical allocations.
•The strategy can be accessed through both mutual funds and collective trusts.
•The strategy is available in five-year increments (Income –2065).
Updates:
•In October 2021, Vanguard announced the addition of the Income and Growth strategy for the Trust version of their target dates.
•In January 2021, the rebalancing policies were changed to broaden the bands necessary required to rebalance.
•In August 2019, the International Stock Index component added China A-shares portfolios, in response to index changes announced by FTSE
Russell (FTSE).
•In February 2015, the portfolios increased their allocations to foreign securities across both debt and equity, but kept allocations across asset
classes the same.
www.FiducientAdvisors.com
Inflation Risk Asset Classes Implementation
TIPS Passive Short
Longevity Risk Asset Classes Implementation
All-Cap Equities Passive Core
Non-U.S. Equities Passive Core
Market Risk Asset Classes Implementation
Investment Grade Fixed Income Passive Core/Treasury
Non-U.S. Fixed Income Passive Hedged/Unhedged
32
Rank
= 1-50 percentile
= 51-75 percentile
= 76-100 percentile
Fund &
Cat Avg
Exp Ratio
Manager
Status
Performance(%)
QTD 1
Year
3
Years
5
Years
10
Years
Vanguard Target Retirement Income -4.8 0.2 5.8 5.4 5.0 0.08 Maintain
Vanguard Target Income Composite Index (Net)-4.6 0.5 6.1 5.6 5.2 -
IM Mixed-Asset Target Today (MF) Median -4.8 0.0 5.7 5.3 4.6 0.59
Vanguard Target Retirement Income Rank 46 46 47 48 35 -
Vanguard Target Retirement 2015 -4.7 0.4 6.3 6.0 6.2 0.08 Maintain
Vanguard Target 2015 Composite Index (Net)-4.6 0.7 6.6 6.3 6.5 -
IM Mixed-Asset Target 2015 (MF) Median -5.0 1.1 7.3 6.6 6.3 0.55
Vanguard Target Retirement 2015 Rank 40 73 82 78 58 -
Vanguard Target Retirement 2020 -5.1 1.4 7.9 7.3 7.3 0.08 Maintain
Vanguard Target 2020 Composite Index (Net)-4.9 1.8 8.3 7.6 7.6 -
IM Mixed-Asset Target 2020 (MF) Median -5.3 1.3 7.7 6.8 6.8 0.58
Vanguard Target Retirement 2020 Rank 45 41 43 27 21 -
Vanguard Target Retirement 2025 -5.5 2.0 9.0 8.2 8.1 0.08 Maintain
Vanguard Target 2025 Composite Index (Net)-5.2 2.4 9.5 8.6 8.4 -
IM Mixed-Asset Target 2025 (MF) Median -5.5 1.5 8.3 7.4 7.3 0.60
Vanguard Target Retirement 2025 Rank 51 33 31 24 18 -
Vanguard Target Retirement 2030 -5.7 2.6 9.9 8.9 8.7 0.08 Maintain
Vanguard Target 2030 Composite Index (Net)-5.3 3.1 10.4 9.3 9.0 -
IM Mixed-Asset Target 2030 (MF) Median -5.7 2.3 9.4 8.5 8.0 0.62
Vanguard Target Retirement 2030 Rank 42 35 34 31 23 -
Vanguard Target Retirement 2035 -5.6 3.5 10.8 9.6 9.3 0.08 Maintain
Vanguard Target 2035 Composite Index (Net)-5.3 3.9 11.4 10.0 9.7 -
IM Mixed-Asset Target 2035 (MF) Median -6.1 3.0 10.6 9.4 8.7 0.63
Vanguard Target Retirement 2035 Rank 24 37 42 39 26 -
Manager Performance
Town of Berlin As of March 31, 2022
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.
33
Manager Performance
Town of Berlin As of March 31, 2022
Fund &
Cat Avg
Exp Ratio
Manager
Status
Performance(%)
QTD 1
Year
3
Years
5
Years
10
Years
Vanguard Target Retirement 2040 -5.7 4.2 11.7 10.3 9.9 0.08 Maintain
Vanguard Target 2040 Composite Index (Net)-5.3 4.8 12.3 10.7 10.2 -
IM Mixed-Asset Target 2040 (MF) Median -6.2 3.8 11.5 10.0 9.3 0.65
Vanguard Target Retirement 2040 Rank 23 39 41 35 27 -
Vanguard Target Retirement 2045 -5.6 5.0 12.6 10.9 10.2 0.08 Maintain
Vanguard Target 2045 Composite Index (Net)-5.3 5.6 13.2 11.3 10.6 -
IM Mixed-Asset Target 2045 (MF) Median -6.3 4.4 12.1 10.5 9.4 0.65
Vanguard Target Retirement 2045 Rank 23 32 31 28 15 -
Vanguard Target Retirement 2050 -5.7 5.2 12.8 11.0 10.3 0.08 Maintain
Vanguard Target 2050 Composite Index (Net)-5.2 5.8 13.4 11.4 10.6 -
IM Mixed-Asset Target 2050 (MF) Median -6.3 4.4 12.3 10.6 9.6 0.65
Vanguard Target Retirement 2050 Rank 24 35 31 31 19 -
Vanguard Target Retirement 2055 -5.7 5.2 12.8 11.0 10.3 0.08 Maintain
Vanguard Target 2055 Composite Index (Net)-5.2 5.8 13.4 11.4 10.6 -
IM Mixed-Asset Target 2055 (MF) Median -6.3 4.4 12.4 10.6 9.8 0.65
Vanguard Target Retirement 2055 Rank 21 38 33 34 23 -
Vanguard Target Retirement 2060 -5.6 5.2 12.8 11.0 10.3 0.08 Maintain
Vanguard Target 2060 Composite Index (Net)-5.2 5.8 13.4 11.4 10.6 -
IM Mixed-Asset Target 2060+ (MF) Median -6.4 3.9 12.5 10.7 -0.65
Vanguard Target Retirement 2060 Rank 20 34 36 39 --
Target Date Funds -----0.08
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.
34
Rank
= 1-50 percentile
= 51-75 percentile
= 76-100 percentile
Fund &
Cat Avg
Exp Ratio
Manager
Status
Performance(%)
QTD 1
Year
3
Years
5
Years
10
Years
MissionSquare PLUS Fund R10 0.4 1.9 2.1 2.2 2.2 0.57 Maintain
FTSE 3 Month T-Bill 0.0 0.1 0.8 1.1 0.6 -
Stable Value / Money Market Funds -----0.57
Metropolitan West Total Return Bond Plan -6.2 -4.5 2.3 2.6 3.2 0.37 Maintain
Blmbg. U.S. Aggregate -5.9 -4.2 1.7 2.1 2.2 -
IM U.S. Broad Market Core+ Fixed Income (MF) Median -6.0 -3.9 2.3 2.5 2.7 0.61
Metropolitan West Total Return Bond Plan Rank 70 77 50 46 26 -
Vanguard Total Bond Market Index Adm -6.0 -4.1 1.7 2.1 2.2 0.05 Maintain
Blmbg. U.S. Aggregate -5.9 -4.2 1.7 2.1 2.2 -
IM U.S. Broad Market Core Fixed Income (MF) Median -6.0 -4.3 2.0 2.2 2.3 0.53
Vanguard Total Bond Market Index Adm Rank 51 37 65 57 62 -
Vanguard Inflation-Protected Secs Adm -2.7 4.2 6.1 4.3 2.6 0.10 Maintain
Blmbg. U.S. TIPS -3.0 4.3 6.2 4.4 2.7 -
IM U.S. TIPS (MF) Median -2.6 3.6 5.5 3.8 2.1 0.50
Vanguard Inflation-Protected Secs Adm Rank 59 25 24 26 16 -
Fixed Income Funds -----0.25
MissionSquare Retirement Income Advantage R5 -5.6 3.2 9.0 7.6 6.7 1.71 No Status
FTSE 3 Month T-Bill 0.0 0.1 0.8 1.1 0.6 -
Balanced Funds -----1.71
MFS Value Fund R6 -3.6 11.3 13.3 10.7 12.0 0.45 Maintain
Russell 1000 Value Index -0.7 11.7 13.0 10.3 11.7 -
IM U.S. Large Cap Value Equity (MF) Median -0.4 12.7 13.5 10.7 11.2 0.82
MFS Value Fund R6 Rank 90 71 56 49 21 -
Manager Performance
Town of Berlin As of March 31, 2022
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.
35
Manager Performance
Town of Berlin As of March 31, 2022
Fund &
Cat Avg
Exp Ratio
Manager
Status
Performance(%)
QTD 1
Year
3
Years
5
Years
10
Years
Vanguard 500 Index Admiral -4.6 15.6 18.9 16.0 14.6 0.04 Maintain
S&P 500 -4.6 15.6 18.9 16.0 14.6 -
IM U.S. Large Cap Core Equity (MF) Median -5.2 12.8 17.1 14.4 13.2 0.75
Vanguard 500 Index Admiral Rank 39 19 22 19 10 -
T. Rowe Price Large Cap Growth I -13.2 3.1 18.7 20.0 17.0 0.56 Maintain
Russell 1000 Growth Index -9.0 15.0 23.6 20.9 17.0 -
IM U.S. Large Cap Growth Equity (MF) Median -10.7 7.3 19.3 18.3 15.1 0.85
T. Rowe Price Large Cap Growth I Rank 82 73 59 18 5 -
Victory Sycamore Established Value R6 0.5 13.9 17.5 12.9 -0.57 Maintain
Russell Midcap Value Index -1.8 11.5 13.7 10.0 --
IM U.S. Mid Cap Value Equity (MF) Median -1.0 12.1 13.4 9.1 -0.90
Victory Sycamore Established Value R6 Rank 23 23 1 1 --
Vanguard Extended Market Idx Adm -9.3 -5.4 14.2 12.1 12.3 0.06 Maintain
S&P Completion Index -9.3 -5.5 14.1 12.0 12.2 -
IM U.S. SMID Cap Core Equity (MF) Median -5.1 4.3 13.4 10.3 11.0 0.90
Vanguard Extended Market Idx Adm Rank 98 98 24 13 9 -
Harbor Mid Cap Growth Retirement -16.3 -18.2 14.0 17.0 -0.50 Maintain
Russell Midcap Growth Index -12.6 -0.9 14.8 15.1 --
IM U.S. Mid Cap Growth Equity (MF) Median -13.2 -3.8 15.0 15.3 -1.02
Harbor Mid Cap Growth Retirement Rank 84 97 67 18 --
ClearBridge Small Cap Growth IS -14.3 -7.8 14.9 16.7 13.5 0.78 Maintain
Russell 2000 Growth Index -12.6 -14.3 9.9 10.3 11.2 -
IM U.S. Small Cap Growth Equity (MF) Median -12.9 -9.7 13.0 12.9 11.9 1.15
ClearBridge Small Cap Growth IS Rank 67 41 29 17 20 -
Domestic Equity Funds -----0.34
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.
36
Manager Performance
Town of Berlin As of March 31, 2022
Fund &
Cat Avg
Exp Ratio
Manager
Status
Performance(%)
QTD 1
Year
3
Years
5
Years
10
Years
American Funds EuroPacific Growth R6 -12.2 -9.4 8.4 8.0 7.3 0.46 Maintain
MSCI AC World ex USA (Net)-5.4 -1.5 7.5 6.8 5.6 -
IM International Large Cap Core Equity (MF) Median -7.3 -2.3 7.0 5.7 4.9 0.88
American Funds EuroPacific Growth R6 Rank 94 99 36 9 1 -
Vanguard Total Intl Stock Index Adm -6.1 -1.9 7.8 6.8 5.8 0.11 Maintain
FTSE Global All Cap ex US Spliced Index -5.3 -0.7 8.2 7.1 6.0 -
IM International Large Cap Core Equity (MF) Median -7.3 -2.3 7.0 5.7 4.9 0.88
Vanguard Total Intl Stock Index Adm Rank 25 48 42 21 24 -
Invesco Developing Markets R6 -15.7 -22.4 0.7 4.3 3.4 0.82 Maintain
MSCI Emerging Markets (Net)-7.0 -11.4 4.9 6.0 3.4 -
IM Emerging Markets Equity (MF) Median -9.8 -13.7 4.9 5.3 3.1 1.15
Invesco Developing Markets R6 Rank 87 88 90 68 43 -
International Equity Funds -----0.24
Nuveen Real Estate Secs R6 -3.8 27.1 11.4 9.9 9.8 0.82 Terminate
FTSE NAREIT Equity REIT Index -3.9 26.4 11.1 9.6 9.8 -
IM Real Estate Sector (MF) Median -5.3 23.9 11.8 9.8 9.3 1.00
Nuveen Real Estate Secs R6 Rank 23 17 60 49 27 -
Specialty Funds -----0.82
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.
37
Rank
= 1-50 percentile
= 51-75 percentile
= 76-100 percentile
Performance(%)
YTD 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Vanguard Target Retirement Income -4.8 5.3 10.2 13.2 -2.0 8.5 5.3 -0.1 5.5 5.9 8.2
Vanguard Target Income Composite Index (Net)-4.6 5.4 10.7 13.4 -2.0 8.7 5.4 0.1 5.8 6.0 8.4
IM Mixed-Asset Target Today (MF) Median -4.8 6.1 9.5 13.3 -3.6 8.8 5.1 -1.4 3.9 5.3 8.8
Vanguard Target Retirement Income Rank 46 67 27 53 10 58 42 9 10 37 64
Vanguard Target Retirement 2015 -4.7 5.8 10.4 14.9 -2.9 11.5 6.3 -0.5 6.6 13.0 11.4
Vanguard Target 2015 Composite Index (Net)-4.6 6.0 11.0 15.1 -2.9 11.6 6.4 -0.2 6.8 13.3 11.5
IM Mixed-Asset Target 2015 (MF) Median -5.0 8.1 11.4 15.3 -3.9 11.4 6.4 -1.3 4.5 10.4 10.8
Vanguard Target Retirement 2015 Rank 40 100 63 63 13 45 58 12 4 24 36
Vanguard Target Retirement 2020 -5.1 8.3 12.1 17.7 -4.2 14.1 7.0 -0.7 7.1 15.8 12.3
Vanguard Target 2020 Composite Index (Net)-4.9 8.4 12.8 17.9 -4.1 14.2 7.2 -0.4 7.4 16.2 12.5
IM Mixed-Asset Target 2020 (MF) Median -5.3 8.7 10.9 16.0 -4.5 12.7 6.4 -1.4 4.7 11.8 11.5
Vanguard Target Retirement 2020 Rank 45 63 36 23 42 14 28 24 1 19 37
Vanguard Target Retirement 2025 -5.5 10.0 13.3 19.7 -5.0 15.9 7.6 -0.9 7.2 18.1 13.3
Vanguard Target 2025 Composite Index (Net)-5.2 10.1 14.2 19.9 -5.0 16.1 7.7 -0.6 7.4 18.5 13.4
IM Mixed-Asset Target 2025 (MF) Median -5.5 9.7 12.1 18.2 -5.2 15.0 6.9 -1.4 5.2 15.8 13.0
Vanguard Target Retirement 2025 Rank 51 41 32 17 44 23 24 29 4 24 45
Vanguard Target Retirement 2030 -5.7 11.5 14.1 21.1 -5.8 17.6 8.0 -1.1 7.2 20.5 14.2
Vanguard Target 2030 Composite Index (Net)-5.3 11.7 15.0 21.3 -5.7 17.7 8.1 -0.8 7.5 20.9 14.3
IM Mixed-Asset Target 2030 (MF) Median -5.7 11.4 12.9 20.1 -6.3 16.9 7.3 -1.5 5.2 17.9 13.7
Vanguard Target Retirement 2030 Rank 42 48 36 30 38 32 29 36 6 28 40
Vanguard Target Retirement 2035 -5.6 13.1 14.8 22.6 -6.6 19.1 8.4 -1.3 7.2 22.8 15.2
Vanguard Target 2035 Composite Index (Net)-5.3 13.2 15.7 22.8 -6.5 19.2 8.6 -1.0 7.6 23.3 15.2
IM Mixed-Asset Target 2035 (MF) Median -6.1 13.8 14.1 22.3 -7.3 18.7 7.7 -1.5 5.4 20.8 14.7
Vanguard Target Retirement 2035 Rank 24 71 42 41 32 39 29 43 9 24 42
Calendar Year Performance
Town of Berlin As of March 31, 2022
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.
38
Calendar Year Performance
Town of Berlin As of March 31, 2022
Performance(%)
YTD 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Vanguard Target Retirement 2040 -5.7 14.7 15.4 23.9 -7.3 20.7 8.8 -1.6 7.1 24.4 15.6
Vanguard Target 2040 Composite Index (Net)-5.3 14.8 16.3 24.2 -7.2 20.9 9.0 -1.2 7.6 24.8 15.6
IM Mixed-Asset Target 2040 (MF) Median -6.3 15.7 14.7 23.6 -8.0 19.7 7.9 -1.7 5.4 21.6 14.9
Vanguard Target Retirement 2040 Rank 23 75 40 42 31 27 22 48 12 17 33
Vanguard Target Retirement 2045 -5.6 16.3 16.2 25.1 -7.9 21.5 8.9 -1.6 7.2 24.4 15.6
Vanguard Target 2045 Composite Index (Net)-5.3 16.4 17.0 25.4 -7.8 21.5 9.1 -1.3 7.6 24.8 15.6
IM Mixed-Asset Target 2045 (MF) Median -6.3 16.7 15.4 24.6 -8.2 20.6 8.1 -1.7 5.6 23.1 15.5
Vanguard Target Retirement 2045 Rank 23 61 39 34 39 24 28 49 13 27 45
Vanguard Target Retirement 2050 -5.7 16.6 16.3 25.1 -7.9 21.5 8.9 -1.6 7.2 24.3 15.6
Vanguard Target 2050 Composite Index (Net)-5.2 16.8 17.2 25.4 -7.8 21.5 9.1 -1.3 7.6 24.8 15.6
IM Mixed-Asset Target 2050 (MF) Median -6.3 17.0 15.5 24.7 -8.5 20.8 8.1 -1.6 5.6 23.1 15.5
Vanguard Target Retirement 2050 Rank 24 63 38 38 32 30 29 51 17 31 47
Vanguard Target Retirement 2055 -5.7 16.5 16.4 25.1 -7.8 21.5 8.9 -1.7 7.2 24.3 15.6
Vanguard Target 2055 Composite Index (Net)-5.2 16.8 17.2 25.4 -7.8 21.5 9.1 -1.3 7.6 24.8 15.6
IM Mixed-Asset Target 2055 (MF) Median -6.3 17.2 15.6 24.8 -8.5 21.1 8.2 -1.7 5.4 23.2 15.6
Vanguard Target Retirement 2055 Rank 21 69 39 42 32 38 28 52 18 38 52
Vanguard Target Retirement 2060 -5.6 16.6 16.4 25.1 -7.9 21.4 8.9 -1.7 7.2 24.3 -
Vanguard Target 2060 Composite Index (Net)-5.2 16.8 17.2 25.4 -7.8 21.5 9.1 -1.3 7.6 24.8 -
IM Mixed-Asset Target 2060+ (MF) Median -6.4 17.2 16.0 25.1 -8.7 21.3 7.9 -1.0 ---
Vanguard Target Retirement 2060 Rank 20 68 42 49 31 43 24 85 ---
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.
39
Rank
= 1-50 percentile
= 51-75 percentile
= 76-100 percentile
Performance(%)
YTD 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
MissionSquare PLUS Fund R10 0.4 1.9 2.2 2.5 2.3 2.1 2.0 2.0 2.1 2.3 2.7
FTSE 3 Month T-Bill 0.0 0.0 0.6 2.3 1.9 0.8 0.3 0.0 0.0 0.1 0.1
Metropolitan West Total Return Bond Plan -6.2 -1.1 9.2 9.2 0.3 3.5 2.6 0.2 6.2 0.4 11.6
Blmbg. U.S. Aggregate -5.9 -1.5 7.5 8.7 0.0 3.5 2.6 0.5 6.0 -2.0 4.2
IM U.S. Broad Market Core+ Fixed Income (MF) Median -6.0 -1.0 8.5 9.3 -0.9 4.5 4.2 -0.3 5.2 -1.1 8.2
Metropolitan West Total Return Bond Plan Rank 70 57 35 54 12 79 86 26 28 17 5
Vanguard Total Bond Market Index Adm -6.0 -1.7 7.7 8.7 0.0 3.6 2.6 0.4 5.9 -2.1 4.2
Blmbg. U.S. Aggregate -5.9 -1.5 7.5 8.7 0.0 3.5 2.6 0.5 6.0 -2.0 4.2
IM U.S. Broad Market Core Fixed Income (MF) Median -6.0 -1.3 8.2 8.8 -0.6 3.6 2.9 0.1 5.5 -2.0 6.0
Vanguard Total Bond Market Index Adm Rank 51 66 65 53 20 53 63 31 31 59 82
Vanguard Inflation-Protected Secs Adm -2.7 5.7 11.0 8.2 -1.4 2.9 4.6 -1.7 4.0 -8.9 6.9
Blmbg. U.S. TIPS -3.0 6.0 11.0 8.4 -1.3 3.0 4.7 -1.4 3.6 -8.6 7.0
IM U.S. TIPS (MF) Median -2.6 5.3 9.6 7.5 -1.6 2.6 4.4 -2.1 2.1 -8.7 6.3
Vanguard Inflation-Protected Secs Adm Rank 59 34 26 32 43 35 40 35 6 57 24
Templeton Global Bond R6 1.1 -4.6 -4.1 1.0 1.6 2.8 6.8 -3.9 2.0 2.4 15.8
FTSE World Government Bond Index -6.5 -7.0 10.1 5.9 -0.8 7.5 1.6 -3.6 -0.5 -4.0 1.6
IM Global Fixed Income (MF) Median -5.4 -2.7 8.1 8.1 -1.8 6.8 3.0 -3.8 1.9 -2.5 7.3
Templeton Global Bond R6 Rank 1 71 100 100 7 88 9 52 49 3 3
MissionSquare Retirement Income Advantage R5 -5.6 12.0 12.3 18.3 -5.7 13.1 5.1 -1.1 5.1 14.2 10.1
FTSE 3 Month T-Bill 0.0 0.0 0.6 2.3 1.9 0.8 0.3 0.0 0.0 0.1 0.1
MFS Value Fund R6 -3.6 25.6 4.0 30.2 -9.8 17.9 14.3 -0.4 10.7 36.0 16.6
Russell 1000 Value Index -0.7 25.2 2.8 26.5 -8.3 13.7 17.3 -3.8 13.5 32.5 17.5
IM U.S. Large Cap Value Equity (MF) Median -0.4 26.2 2.6 26.1 -9.1 16.3 13.8 -3.5 10.8 32.3 15.8
MFS Value Fund R6 Rank 90 59 35 12 66 29 42 6 55 11 39
Calendar Year Performance
Town of Berlin As of March 31, 2022
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.
40
Calendar Year Performance
Town of Berlin As of March 31, 2022
Performance(%)
YTD 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Vanguard 500 Index Admiral -4.6 28.7 18.4 31.5 -4.4 21.8 11.9 1.4 13.6 32.3 16.0
S&P 500 -4.6 28.7 18.4 31.5 -4.4 21.8 12.0 1.4 13.7 32.4 16.0
IM U.S. Large Cap Core Equity (MF) Median -5.2 26.7 16.0 29.7 -5.6 21.2 10.1 0.3 11.4 31.8 15.3
Vanguard 500 Index Admiral Rank 39 24 41 30 31 39 27 33 17 40 39
T. Rowe Price Large Cap Growth I -13.2 23.2 39.6 28.5 4.3 37.8 2.9 10.1 8.7 44.4 17.6
Russell 1000 Growth Index -9.0 27.6 38.5 36.4 -1.5 30.2 7.1 5.7 13.1 33.5 15.3
IM U.S. Large Cap Growth Equity (MF) Median -10.7 22.0 36.2 33.4 -0.9 29.5 2.2 6.0 10.5 33.9 14.8
T. Rowe Price Large Cap Growth I Rank 82 40 33 88 6 3 42 12 73 3 27
Victory Sycamore Established Value R6 0.5 31.9 8.2 28.8 -9.9 16.1 21.1 1.0 ---
Russell Midcap Value Index -1.8 28.3 5.0 27.1 -12.3 13.3 20.0 -4.8 ---
IM U.S. Mid Cap Value Equity (MF) Median -1.0 29.5 2.7 24.9 -14.0 13.2 17.0 -4.8 ---
Victory Sycamore Established Value R6 Rank 23 30 9 21 9 25 17 3 ---
Vanguard Extended Market Idx Adm -9.3 12.5 32.2 28.0 -9.4 18.1 16.1 -3.3 7.6 38.4 18.5
S&P Completion Index -9.3 12.4 32.2 27.9 -9.6 18.1 16.0 -3.4 7.5 38.2 18.4
IM U.S. SMID Cap Core Equity (MF) Median -5.1 24.4 12.8 25.7 -12.1 15.4 17.9 -3.9 7.5 35.4 17.1
Vanguard Extended Market Idx Adm Rank 98 97 4 21 21 17 72 36 48 20 17
Harbor Mid Cap Growth Retirement -16.3 -2.0 61.6 39.1 -1.6 32.3 -----
Russell Midcap Growth Index -12.6 12.7 35.6 35.5 -4.8 25.3 -----
IM U.S. Mid Cap Growth Equity (MF) Median -13.2 13.2 36.4 34.4 -5.0 24.8 -----
Harbor Mid Cap Growth Retirement Rank 84 95 11 13 20 7 -----
ClearBridge Small Cap Growth IS -14.3 12.3 44.0 25.8 4.6 25.5 6.2 -4.4 3.8 45.7 19.5
Russell 2000 Growth Index -12.6 2.8 34.6 28.5 -9.3 22.2 11.3 -1.4 5.6 43.3 14.6
IM U.S. Small Cap Growth Equity (MF) Median -12.9 8.9 37.2 27.8 -5.1 20.7 9.8 -2.4 2.8 42.9 13.4
ClearBridge Small Cap Growth IS Rank 67 38 30 60 5 24 80 73 39 30 5
American Funds EuroPacific Growth R6 -12.2 2.8 25.3 27.4 -14.9 31.2 1.0 -0.5 -2.3 20.6 19.6
MSCI AC World ex USA (Net)-5.4 7.8 10.7 21.5 -14.2 27.2 4.5 -5.7 -3.9 15.3 16.8
IM International Large Cap Core Equity (MF) Median -7.3 10.3 8.5 22.1 -15.7 24.4 1.3 -2.7 -5.9 20.3 18.6
American Funds EuroPacific Growth R6 Rank 94 99 8 11 44 9 52 11 24 46 35
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.
41
Calendar Year Performance
Town of Berlin As of March 31, 2022
Performance(%)
YTD 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Vanguard Total Intl Stock Index Adm -6.1 8.6 11.3 21.5 -14.4 27.6 4.7 -4.3 -4.2 15.1 18.2
FTSE Global All Cap ex US Spliced Index -5.3 8.8 11.2 21.8 -14.6 27.4 4.7 -4.3 -3.4 15.8 17.0
IM International Large Cap Core Equity (MF) Median -7.3 10.3 8.5 22.1 -15.7 24.4 1.3 -2.7 -5.9 20.3 18.6
Vanguard Total Intl Stock Index Adm Rank 25 71 26 59 36 14 5 69 27 70 52
Invesco Developing Markets R6 -15.7 -7.1 17.7 24.5 -11.8 35.3 7.4 -13.7 -4.4 8.9 21.4
MSCI Emerging Markets (Net)-7.0 -2.5 18.3 18.4 -14.6 37.3 11.2 -14.9 -2.2 -2.6 18.2
IM Emerging Markets Equity (MF) Median -9.8 -1.6 17.5 20.1 -16.4 35.4 8.4 -13.7 -2.9 -1.4 18.8
Invesco Developing Markets R6 Rank 87 82 49 26 11 51 55 51 69 15 20
Nuveen Real Estate Secs R6 -3.8 41.5 -5.9 25.7 -5.4 5.8 7.0 3.6 31.5 1.4 18.3
FTSE NAREIT Equity REIT Index -3.9 43.2 -8.0 26.0 -4.6 5.2 8.5 3.2 30.1 2.5 18.1
IM Real Estate Sector (MF) Median -5.3 41.2 -4.2 27.4 -5.7 5.2 6.3 2.9 29.4 1.6 16.9
Nuveen Real Estate Secs R6 Rank 23 46 67 64 44 41 35 31 13 56 25
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.
42
Return and Standard Deviation
Return StandardDeviation
Vanguard Target Retirement Income Inv 5.8 (48)7.3 (75)
Vanguard Target Income Composite Index (Net)6.1 7.2
IM Mixed-Asset Target Today (MF) Median 5.7 8.3
Vanguard Target Retirement 2015 Inv 6.2 (84)8.4 (100)
Vanguard Target 2015 Composite Index (Net)6.6 8.2
IM Mixed-Asset Target 2015 (MF) Median 7.3 10.3
Vanguard Target Retirement 2020 Inv 7.9 (44)11.0 (40)
Vanguard Target 2020 Composite Index (Net)8.3 10.8
IM Mixed-Asset Target 2020 (MF) Median 7.7 10.8
Vanguard Target Retirement 2025 Inv 8.9 (34)12.9 (38)
Vanguard Target 2025 Composite Index (Net)9.5 12.7
IM Mixed-Asset Target 2025 (MF) Median 8.3 12.4
Vanguard Target Retirement 2030 Inv 9.8 (37)14.4 (45)
Vanguard Target 2030 Composite Index (Net)10.4 14.1
IM Mixed-Asset Target 2030 (MF) Median 9.4 13.9
Vanguard Target Retirement 2035 Inv 10.8 (47)15.8 (60)
Vanguard Target 2035 Composite Index (Net)11.4 15.6
IM Mixed-Asset Target 2035 (MF) Median 10.6 16.5
Vanguard Target Retirement 2040 Inv 11.7 (44)17.3 (61)
Vanguard Target 2040 Composite Index (Net)12.3 17.0
IM Mixed-Asset Target 2040 (MF) Median 11.5 18.0
Vanguard Target Retirement 2045 Inv 12.6 (33)18.7 (57)
Vanguard Target 2045 Composite Index (Net)13.2 18.5
IM Mixed-Asset Target 2045 (MF) Median 12.1 19.0
Vanguard Target Retirement 2050 Inv 12.7 (33)18.7 (62)
Vanguard Target 2050 Composite Index (Net)13.4 18.5
IM Mixed-Asset Target 2050 (MF) Median 12.3 19.2
Vanguard Target Retirement 2055 Inv 12.7 (38)18.7 (71)
Vanguard Target 2055 Composite Index (Net)13.4 18.5
IM Mixed-Asset Target 2055 (MF) Median 12.4 19.3
Vanguard Target Retirement 2060 Inv 12.7 (41)18.7 (76)
Vanguard Target 2060 Composite Index (Net)13.4 18.5
IM Mixed-Asset Target 2060+ (MF) Median 12.5 19.7
Vanguard Target Retirement 2065 Inv 12.7 (44)18.7 (76)
Vanguard Target 2065 Composite Index (Net)13.4 18.5
IM Mixed-Asset Target 2060+ (MF) Median 12.5 19.7
Risk and Return vs. Dow Jones U.S. Moderate Index
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 Vanguard Target Retirement 2065 Inv
Dow Jones U.S. Moderate Index
4.0
6.0
8.0
10.0
12.0
14.0
16.0
Return (%)4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0
Risk (Standard Deviation %)
Target Date Summary - 3 Years
3 Years Ending March 31, 2022
This report shows all funds offered in this target date suite. Your plan may not offer all funds listed. Lowest fee share class available is shown for illustrative purposes.
43
Return and Standard Deviation
Return StandardDeviation
Vanguard Target Retirement Income Inv 5.3 (52)6.4 (82)
Vanguard Target Income Composite Index (Net)5.6 6.4
IM Mixed-Asset Target Today (MF) Median 5.3 7.7
Vanguard Target Retirement 2015 Inv 5.9 (80)7.5 (99)
Vanguard Target 2015 Composite Index (Net)6.3 7.4
IM Mixed-Asset Target 2015 (MF) Median 6.6 8.9
Vanguard Target Retirement 2020 Inv 7.3 (30)9.8 (36)
Vanguard Target 2020 Composite Index (Net)7.6 9.7
IM Mixed-Asset Target 2020 (MF) Median 6.8 9.2
Vanguard Target Retirement 2025 Inv 8.1 (26)11.5 (36)
Vanguard Target 2025 Composite Index (Net)8.6 11.3
IM Mixed-Asset Target 2025 (MF) Median 7.4 11.1
Vanguard Target Retirement 2030 Inv 8.9 (32)12.8 (43)
Vanguard Target 2030 Composite Index (Net)9.3 12.6
IM Mixed-Asset Target 2030 (MF) Median 8.5 12.5
Vanguard Target Retirement 2035 Inv 9.6 (41)14.1 (62)
Vanguard Target 2035 Composite Index (Net)10.0 13.9
IM Mixed-Asset Target 2035 (MF) Median 9.4 14.3
Vanguard Target Retirement 2040 Inv 10.3 (37)15.4 (60)
Vanguard Target 2040 Composite Index (Net)10.7 15.2
IM Mixed-Asset Target 2040 (MF) Median 10.0 15.8
Vanguard Target Retirement 2045 Inv 10.9 (29)16.6 (51)
Vanguard Target 2045 Composite Index (Net)11.3 16.4
IM Mixed-Asset Target 2045 (MF) Median 10.5 16.6
Vanguard Target Retirement 2050 Inv 11.0 (33)16.6 (64)
Vanguard Target 2050 Composite Index (Net)11.4 16.4
IM Mixed-Asset Target 2050 (MF) Median 10.6 16.9
Vanguard Target Retirement 2055 Inv 10.9 (38)16.6 (66)
Vanguard Target 2055 Composite Index (Net)11.4 16.4
IM Mixed-Asset Target 2055 (MF) Median 10.6 17.0
Vanguard Target Retirement 2060 Inv 10.9 (42)16.6 (66)
Vanguard Target 2060 Composite Index (Net)11.4 16.4
IM Mixed-Asset Target 2060+ (MF) Median 10.7 17.2
Vanguard Target Retirement 2065 Inv --
Vanguard Target 2065 Composite Index (Net)--
IM Mixed-Asset Target 2060+ (MF) Median --
Risk and Return vs. Dow Jones U.S. Moderate Index
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 Vanguard Target Retirement 2065 Inv
Dow Jones U.S. Moderate Index
2.0
4.0
6.0
8.0
10.0
12.0
14.0
Return (%)2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0
Risk (Standard Deviation %)
Target Date Summary - 5 Years
5 Years Ending March 31, 2022
This report shows all funds offered in this target date suite. Your plan may not offer all funds listed. Lowest fee share class available is shown for illustrative purposes.
44
Fund Information
Fund Family :Metropolitan West Asset Management Portfolio Manager :Landmann/Kane/Whlen
Fund Name :Metropolitan West Funds: MetWest Total Return Bond Fund; Plan Class Shares PM Tenure :2021--2021--2021
Inception Date :07/2011 Fund Style :IM U.S. Broad Market Core+ Fixed Income (MF)
Portfolio Turnover :470%Ticker :MWTSX
Fund Assets :$22,201 Million
Fund Investment Policy
The Fund seeks to maximize long-term total return. The Fund invests at least 80% of its net assets in investment grade fixed income securities or unrated securities that are determined by the Adviser to be of
similar quality. Up to 20% of the Funds net assets may be invested in securities rated below investment grade.
Fund Characteristics
Avg. Coupon 2.09 %
Nominal Maturity 8.27 Years
Effective Maturity -
Duration 6.32 Years
SEC 30 Day Yield -
Avg. Credit Quality AA
Top Ten Securities
GNMA and Other Mtg Backed 38.4 %
Government Agency Securities 37.3 %
Corporate Notes/Bonds 28.1 %
Asset Backed Securities 4.0 %
Asset Allocation
0.0%50.0%100.0%150.0%-50.0 %
Cash
Other
Convertibles
Equities
Fixed Income
-7.8 %
0.0%
0.0%
0.0%
107.8%
Maturity Distribution
0.0%15.0%30.0%45.0%60.0%-15.0 %-30.0 %
<1Yr
Other
>30Yrs
10-20Yrs
20-30Yrs
1-3Yrs
3-5Yrs
5-10Yrs
-5.6 %
0.0%
0.0%
5.4%
9.4%
24.8%
27.7%
38.4%
Sector/Quality Allocation
0.0%20.0%40.0%60.0%80.0%100.0%
Government/AAA
BBB Rated
A Rated
AA Rated
BB AND B Rated
CCC, CC AND C rated
D Rated
Equities/Other
Not Rated
64.2%
14.6%
10.5%
4.3%
3.4%
2.9%
0.3%
Manager Evaluation
Metropolitan West Total Return Bond Plan As of March 31, 2022
45
Peer Group Analysis vs. IM U.S. Broad Market Core+ Fixed Income (MF)
-20.0
-10.0
0.0
10.0
20.0
30.0
ReturnQTR 1
Year
3
Years
5
Years
10
Years 2021 2020 2019
Metropolitan West Total Return Bond Plan -6.2 (70)-4.5 (77)2.3 (50)2.6 (46)3.2 (26)-1.1 (57)9.2 (35)9.2 (54)
Blmbg. U.S. Aggregate -5.9 (48)-4.2 (62)1.7 (80)2.1 (74)2.2 (82)-1.5 (72)7.5 (73)8.7 (65)
5th Percentile -3.4 -0.6 5.3 4.4 3.8 1.2 17.2 12.0
1st Quartile -5.5 -3.4 2.9 2.9 3.2 -0.3 9.9 10.4
Median -6.0 -3.9 2.3 2.5 2.7 -1.0 8.5 9.3
3rd Quartile -6.3 -4.5 1.8 2.1 2.4 -1.6 7.4 8.3
95th Percentile -7.2 -5.5 1.1 1.5 1.6 -2.6 5.9 7.0
3 Years Rolling Percentile Ranking vs. IM U.S. Broad Market Core+ Fixed Income (MF)
Metropolitan West Total Return Bond Plan Blmbg. U.S. Aggregate
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22
3 Years Relative Performance to Blmbg. U.S. Aggregate
Rolling 3 Years Cumulative Anualized Geometric Average
Rolling 3 Years Over/Under Relative Performance
0.0
3.0
6.0
9.0
-3.0Return (%)3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 3/22
Manager Evaluation
Metropolitan West Total Return Bond Plan As of March 31, 2022
Mutual fund data sourced from Lipper Analytical Services.
46
3 Years Risk and Return
Metropolitan West Total Return Bond Plan Blmbg. U.S. Aggregate
90 Day U.S. Treasury Bill
0.0
0.8
1.6
2.4
3.2
Return (%)-0.8 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6
Risk (Standard Deviation %)
5 Years Risk and Return
Metropolitan West Total Return Bond Plan Blmbg. U.S. Aggregate
90 Day U.S. Treasury Bill
0.6
1.2
1.8
2.4
3.0
Return (%)-0.8 0.0 0.8 1.6 2.4 3.2 4.0 4.8
Risk (Standard Deviation %)
3 Years Style Map
Style History Mar-2022 Average Style ExposureCapitalizationManager Style
Government
MBSMunicipal
Corporate
MPT Statistics vs. Blmbg. U.S. Aggregate
3
Years
5
Years
Return 2.3 2.6
Standard Deviation 4.2 3.6
vs. Blmbg. U.S. Aggregate
Alpha 0.6 0.4
Beta 1.0 1.0
R-Squared 1.0 1.0
Consistency 63.9 58.3
Up Market Capture 109.2 104.8
Down Market Capture 98.3 95.5
vs. 90 Day U.S. Treasury Bill
Sharpe Ratio 0.4 0.4
Manager Evaluation
Metropolitan West Total Return Bond Plan As of March 31, 2022
47
Fund Information
Fund Family :Vanguard Portfolio Manager :Joshua C. Barrickman
Fund Name :Vanguard Bond Index Funds: Vanguard Total Bond Market Index Fund; Admiral
Shares
PM Tenure :2013
Inception Date :11/2001 Fund Style :IM U.S. Broad Market Core Fixed Income (MF)
Portfolio Turnover :69%Ticker :VBTLX
Fund Assets :$111,502 Million
Fund Investment Policy
The Fund seeks to track the performance of a broad, market-weighted bond index.
Fund Characteristics
Avg. Coupon 2.70 %
Nominal Maturity 8.70 Years
Effective Maturity -
Duration 6.80 Years
SEC 30 Day Yield 2.7
Avg. Credit Quality AA
Top Ten Securities
Corporate Notes/Bonds 28.5 %
GNMA and Other Mtg Backed 22.5 %
Government Agency Securities 22.1 %
Treasury Notes/Bonds 22.1 %
Fgn. Currency Denominated Bonds 3.7 %
Asset Backed Securities 0.4 %
Asset Allocation
0.0%50.0%100.0%150.0%
Convertibles
Equities
Cash
Other
Fixed Income
0.0%
0.0%
0.0%
0.8%
99.2%
Maturity Distribution
0.0%8.0%16.0%24.0%32.0%40.0%
<1Yr
Other
20-30Yrs
10-20Yrs
>30Yrs
1-3Yrs
3-5Yrs
5-10Yrs
0.0%
0.8%
5.7%
6.7%
9.3%
23.3%
23.8%
30.5%
Sector/Quality Allocation
0.0%20.0%40.0%60.0%80.0%100.0%
Government/AAA
BBB Rated
A Rated
Foreign Securities
AA Rated
Equities/Other
66.0%
14.9%
11.6%
3.7%
3.1%
0.8%
Manager Evaluation
Vanguard Total Bond Market Index Adm As of March 31, 2022
48
Peer Group Analysis vs. IM U.S. Broad Market Core Fixed Income (MF)
-12.0
-4.0
4.0
12.0
20.0
ReturnQTR 1
Year
3
Years
5
Years
10
Years 2021 2020 2019
Vanguard Total Bond Market Index Adm -6.0 (51)-4.1 (37)1.7 (65)2.1 (57)2.2 (62)-1.7 (66)7.7 (65)8.7 (53)
Blmbg. U.S. Aggregate -5.9 (46)-4.2 (40)1.7 (65)2.1 (55)2.2 (59)-1.5 (62)7.5 (72)8.7 (53)
5th Percentile -4.5 -3.1 3.1 3.0 3.1 0.3 10.9 10.6
1st Quartile -5.7 -3.8 2.4 2.5 2.7 -0.8 9.1 9.5
Median -6.0 -4.3 2.0 2.2 2.3 -1.3 8.2 8.8
3rd Quartile -6.3 -4.7 1.5 1.9 2.0 -1.8 7.4 8.1
95th Percentile -7.0 -5.7 0.9 1.3 1.5 -2.5 4.9 6.1
3 Years Rolling Percentile Ranking vs. IM U.S. Broad Market Core Fixed Income (MF)
Vanguard Total Bond Market Index Adm Blmbg. U.S. Aggregate
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22
3 Years Relative Performance to Blmbg. U.S. Aggregate
Rolling 3 Years Cumulative Anualized Geometric Average
Rolling 3 Years Over/Under Relative Performance
0.0
0.3
0.6
-0.3
-0.6
-0.9Return (%)3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 3/22
Manager Evaluation
Vanguard Total Bond Market Index Adm As of March 31, 2022
Mutual fund data sourced from Lipper Analytical Services.
49
3 Years Risk and Return
Vanguard Total Bond Market Index Adm Blmbg. U.S. Aggregate
90 Day U.S. Treasury Bill
0.4
0.8
1.2
1.6
2.0
Return (%)-0.8 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6
Risk (Standard Deviation %)
5 Years Risk and Return
Vanguard Total Bond Market Index Adm Blmbg. U.S. Aggregate
90 Day U.S. Treasury Bill
0.5
1.0
1.5
2.0
2.5
Return (%)-0.8 0.0 0.8 1.6 2.4 3.2 4.0 4.8
Risk (Standard Deviation %)
3 Years Style Map
Style History Mar-2022 Average Style ExposureCapitalizationManager Style
Government
MBSMunicipal
Corporate
MPT Statistics vs. Blmbg. U.S. Aggregate
3
Years
5
Years
Return 1.7 2.1
Standard Deviation 4.1 3.6
vs. Blmbg. U.S. Aggregate
Alpha -0.1 -0.1
Beta 1.0 1.0
R-Squared 1.0 1.0
Consistency 47.2 43.3
Up Market Capture 104.6 101.5
Down Market Capture 106.1 102.8
vs. 90 Day U.S. Treasury Bill
Sharpe Ratio 0.2 0.3
Manager Evaluation
Vanguard Total Bond Market Index Adm As of March 31, 2022
50
Fund Information
Fund Family :Vanguard Portfolio Manager :John Madziyire
Fund Name :Vanguard Bond Index Funds: Vanguard Inflation-Protected Securities Fund;
Admiral Shares
PM Tenure :2021
Inception Date :06/2005 Fund Style :IM U.S. TIPS (MF)
Portfolio Turnover :24%Ticker :VAIPX
Fund Assets :$22,511 Million
Fund Investment Policy
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.
Fund Characteristics
Avg. Coupon 0.70 %
Nominal Maturity 8.10 Years
Effective Maturity -
Duration 7.70 Years
SEC 30 Day Yield 0.6
Avg. Credit Quality AAA
Top Ten Securities
Government Agency Securities 48.9 %
Treasury Notes/Bonds 48.9 %
Asset Allocation
0.0%50.0%100.0%150.0%
Convertibles
Equities
Cash
Other
Fixed Income
0.0%
0.0%
0.0%
2.2%
97.8%
Maturity Distribution
0.0%8.0%16.0%24.0%32.0%40.0%48.0%
Other
<1Yr
10-20Yrs
>30Yrs
20-30Yrs
3-5Yrs
1-3Yrs
5-10Yrs
2.2%
2.5%
2.7%
6.6%
8.2%
22.1%
22.1%
33.6%
Sector/Quality Allocation
0.0%50.0%100.0%150.0%
Government/AAA
Equities/Other
97.8%
2.2%
Manager Evaluation
Vanguard Inflation-Protected Secs Adm As of March 31, 2022
51
Peer Group Analysis vs. IM U.S. TIPS (MF)
-12.0
-4.0
4.0
12.0
20.0
ReturnQTR 1
Year
3
Years
5
Years
10
Years 2021 2020 2019
Vanguard Inflation-Protected Secs Adm -2.7 (59)4.2 (25)6.1 (24)4.3 (26)2.6 (16)5.7 (34)11.0 (26)8.2 (32)
Blmbg. U.S. TIPS -3.0 (71)4.3 (22)6.2 (18)4.4 (15)2.7 (12)6.0 (26)11.0 (25)8.4 (19)
5th Percentile 0.0 5.7 6.7 4.7 2.8 9.5 14.8 9.9
1st Quartile -0.9 4.2 6.1 4.3 2.5 6.0 11.0 8.3
Median -2.6 3.6 5.5 3.8 2.1 5.3 9.6 7.5
3rd Quartile -3.1 3.1 4.9 3.3 1.7 4.7 6.4 6.1
95th Percentile -3.6 2.3 4.1 2.8 1.1 3.6 4.9 4.6
3 Years Rolling Percentile Ranking vs. IM U.S. TIPS (MF)
Vanguard Inflation-Protected Secs Adm Blmbg. U.S. TIPS
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22
3 Years Relative Performance to Blmbg. U.S. TIPS
Rolling 3 Years Cumulative Anualized Geometric Average
Rolling 3 Years Over/Under Relative Performance
0.0
0.3
0.6
-0.3
-0.6
-0.9Return (%)3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 3/22
Manager Evaluation
Vanguard Inflation-Protected Secs Adm As of March 31, 2022
Mutual fund data sourced from Lipper Analytical Services.
52
3 Years Risk and Return
Vanguard Inflation-Protected Secs Adm Blmbg. U.S. TIPS
90 Day U.S. Treasury Bill
-2.5
0.0
2.5
5.0
7.5
10.0
Return (%)-0.8 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6
Risk (Standard Deviation %)
5 Years Risk and Return
Vanguard Inflation-Protected Secs Adm Blmbg. U.S. TIPS
90 Day U.S. Treasury Bill
0.0
1.5
3.0
4.5
6.0
Return (%)-0.8 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6
Risk (Standard Deviation %)
3 Years Style Map
Style History Mar-2022 Average Style ExposureCapitalizationManager Style
Government
MBSMunicipal
Corporate
MPT Statistics vs. Blmbg. U.S. TIPS
3
Years
5
Years
Return 6.1 4.3
Standard Deviation 4.0 3.6
vs. Blmbg. U.S. TIPS
Alpha 0.4 0.1
Beta 0.9 0.9
R-Squared 1.0 1.0
Consistency 50.0 46.7
Up Market Capture 95.0 95.7
Down Market Capture 88.9 93.8
vs. 90 Day U.S. Treasury Bill
Sharpe Ratio 1.3 0.9
Manager Evaluation
Vanguard Inflation-Protected Secs Adm As of March 31, 2022
53
Fund Information
Fund Family :MFS Portfolio Manager :Chitkara/Cannan
Fund Name :MFS Series Trust I: MFS Value Fund; Class R6 Shares PM Tenure :2006--2019
Inception Date :05/2006 Fund Style :IM U.S. Large Cap Value Equity (MF)
Portfolio Turnover :8%Ticker :MEIKX
Fund Assets :$22,766 Million
Fund Investment Policy
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.
Fund Characteristics
Total Securities 76
Avg. Market Cap $134,844 Million
P/E 23.3
P/B 6.2
Div. Yield 1.9%
Annual EPS 45.1
5Yr EPS 13.8
3Yr EPS Growth 14.8
Asset Allocation
0.0%20.0%40.0%60.0%80.0%100.0%120.0%
Other
Fixed Income
Convertibles
Cash
Equities
0.0%
0.0%
0.0%
1.7%
98.3%
Top Ten Securities
JPMorgan Chase & Co ORD 3.9 %
Johnson & Johnson ORD 3.4 %
Aon PLC ORD 2.7 %
Comcast Corp ORD 2.6 %
Northrop Grumman Corp ORD 2.5 %
Accenture PLC ORD 2.3 %
Texas Instruments Inc ORD 2.3 %
Chubb Ltd ORD 2.3 %
Honeywell International Inc ORD 2.2 %
Cigna Corp ORD 2.1 %
Sector/Quality Allocation
0.0%6.0%12.0%18.0%24.0%30.0%36.0%42.0%
Financials
Industrials
Health Care
Consumer Discretionary
Consumer Staples
Utilities
Information Technology
Energy
Materials
Non Classified Equity
28.1%
24.6%
15.8%
7.1%
6.8%
6.5%
4.6%
2.8%
1.8%
0.3%
Manager Evaluation
MFS Value Fund R6 As of March 31, 2022
54
Peer Group Analysis vs. IM U.S. Large Cap Value Equity (MF)
-25.0
-10.0
5.0
20.0
35.0
50.0
ReturnQTR 1
Year
3
Years
5
Years
10
Years 2021 2020 2019
MFS Value Fund R6 -3.6 (90)11.3 (71)13.3 (56)10.7 (49)12.0 (21)25.6 (59)4.0 (35)30.2 (12)
Russell 1000 Value Index -0.7 (62)11.7 (66)13.0 (60)10.3 (62)11.7 (29)25.2 (62)2.8 (48)26.5 (45)
5th Percentile 4.4 17.5 17.9 13.9 13.1 31.6 12.3 31.7
1st Quartile 0.8 14.1 14.9 11.7 11.8 28.5 5.3 28.8
Median -0.4 12.7 13.5 10.7 11.2 26.2 2.6 26.1
3rd Quartile -1.6 10.9 12.3 9.7 10.4 24.2 0.9 23.5
95th Percentile -4.7 7.9 8.5 7.9 9.3 19.0 -6.0 19.5
3 Years Rolling Percentile Ranking vs. IM U.S. Large Cap Value Equity (MF)
MFS Value Fund R6 Russell 1000 Value Index
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22
3 Years Relative Performance to Russell 1000 Value Index
Rolling 3 Years Cumulative Anualized Geometric Average
Rolling 3 Years Over/Under Relative Performance
0.0
4.0
8.0
12.0
-4.0
-8.0Return (%)3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 3/22
Manager Evaluation
MFS Value Fund R6 As of March 31, 2022
Mutual fund data sourced from Lipper Analytical Services.
55
3 Years Risk and Return
MFS Value Fund R6 Russell 1000 Value Index 90 Day U.S. Treasury Bill
-5.0
0.0
5.0
10.0
15.0
20.0
Return (%)-10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0
Risk (Standard Deviation %)
5 Years Risk and Return
MFS Value Fund R6 Russell 1000 Value Index 90 Day U.S. Treasury Bill
-4.0
0.0
4.0
8.0
12.0
16.0
Return (%)-8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0
Risk (Standard Deviation %)
3 Years Style Map
Style History Mar-2022 Average Style ExposureCapitalizationManager Style
Large Growth
Small GrowthSmall Value
Large Value
MPT Statistics vs. Russell 1000 Value Index
3
Years
5
Years
Return 13.3 10.7
Standard Deviation 17.4 15.6
vs. Russell 1000 Value Index
Alpha 1.2 1.0
Beta 0.9 0.9
R-Squared 1.0 1.0
Consistency 55.6 58.3
Up Market Capture 97.8 98.4
Down Market Capture 96.5 95.7
vs. 90 Day U.S. Treasury Bill
Sharpe Ratio 0.8 0.7
Manager Evaluation
MFS Value Fund R6 As of March 31, 2022
56
Fund Information
Fund Family :Vanguard Portfolio Manager :Butler/Louie
Fund Name :Vanguard Index Funds: Vanguard 500 Index Fund; Admiral Shares PM Tenure :2016--2017
Inception Date :11/2000 Fund Style :IM S&P 500 Index (MF)
Portfolio Turnover :2%Ticker :VFIAX
Fund Assets :$416,470 Million
Fund Investment Policy
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.
Fund Characteristics
Total Securities 509
Avg. Market Cap $564,382 Million
P/E 29.1
P/B 9.5
Div. Yield 1.8%
Annual EPS 53.3
5Yr EPS 19.6
3Yr EPS Growth 20.1
Asset Allocation
0.0%20.0%40.0%60.0%80.0%100.0%120.0%
Fixed Income
Convertibles
Cash
Other
Equities
0.0%
0.0%
0.1%
0.4%
99.6%
Top Ten Securities
Apple Inc ORD 6.9 %
Microsoft Corp ORD 6.0 %
Amazon.com Inc ORD 3.6 %
Alphabet Inc Class A ORD 2.2 %
Alphabet Inc Class C ORD 2.0 %
Tesla Inc ORD 1.9 %
NVIDIA Corp ORD 1.6 %
Berkshire Hathaway Inc ORD 1.6 %
Meta Platforms Inc ORD 1.3 %
UnitedHealth Group Inc ORD 1.2 %
Sector/Quality Allocation
0.0%6.0%12.0%18.0%24.0%30.0%36.0%42.0%
Information Technology
Financials
Consumer Discretionary
Health Care
Industrials
Consumer Staples
Energy
Utilities
Materials
Telecommunication Services
29.9%
15.9%
12.9%
11.8%
10.7%
8.7%
3.8%
2.5%
1.9%
1.3%
Manager Evaluation
Vanguard 500 Index Admiral As of March 31, 2022
57
Peer Group Analysis vs. IM U.S. Large Cap Core Equity (MF)
-20.0
0.0
20.0
40.0
60.0
ReturnQTR 1
Year
3
Years
5
Years
10
Years 2021 2020 2019
Vanguard 500 Index Admiral -4.6 (39)15.6 (19)18.9 (22)16.0 (19)14.6 (10)28.7 (24)18.4 (41)31.5 (30)
S&P 500 -4.6 (39)15.6 (19)18.9 (21)16.0 (19)14.6 (10)28.7 (24)18.4 (40)31.5 (30)
5th Percentile -0.2 17.6 21.2 17.1 15.0 31.9 26.6 35.2
1st Quartile -3.3 14.9 18.6 15.7 14.1 28.5 20.8 31.8
Median -5.2 12.8 17.1 14.4 13.2 26.7 16.0 29.7
3rd Quartile -6.4 10.5 15.3 13.0 12.3 24.1 12.3 27.1
95th Percentile -9.9 3.2 11.2 11.1 10.8 14.0 4.5 21.5
3 Years Rolling Percentile Ranking vs. IM U.S. Large Cap Core Equity (MF)
Vanguard 500 Index Admiral S&P 500
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22
3 Years Relative Performance to S&P 500
Rolling 3 Years Cumulative Anualized Geometric Average
Rolling 3 Years Over/Under Relative Performance
0.0
0.1
-0.1
-0.2
-0.3Return (%)3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 3/22
Manager Evaluation
Vanguard 500 Index Admiral As of March 31, 2022
Mutual fund data sourced from Lipper Analytical Services.
58
3 Years Risk and Return
Vanguard 500 Index Admiral S&P 500
90 Day U.S. Treasury Bill
-8.0
0.0
8.0
16.0
24.0
Return (%)-8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0
Risk (Standard Deviation %)
5 Years Risk and Return
Vanguard 500 Index Admiral S&P 500
90 Day U.S. Treasury Bill
-6.0
0.0
6.0
12.0
18.0
24.0
Return (%)-8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0
Risk (Standard Deviation %)
3 Years Style Map
Style History Mar-2022 Average Style ExposureCapitalizationManager Style
Large Growth
Small GrowthSmall Value
Large Value
MPT Statistics vs. S&P 500
3
Years
5
Years
Return 18.89 15.95
Standard Deviation 17.52 15.65
vs. S&P 500
Alpha -0.03 -0.04
Beta 1.00 1.00
R-Squared 1.00 1.00
Consistency 19.44 16.67
Up Market Capture 99.95 99.93
Down Market Capture 100.08 100.08
vs. 90 Day U.S. Treasury Bill
Sharpe Ratio 1.03 0.95
Manager Evaluation
Vanguard 500 Index Admiral As of March 31, 2022
59
Fund Information
Fund Family :T. Rowe Price Portfolio Manager :Taymour R. Tamaddon
Fund Name :T Rowe Price Equity Funds, Inc: T Rowe Price Large-Cap Growth Fund; Class I
Shares
PM Tenure :2017
Inception Date :10/2001 Fund Style :IM U.S. Large Cap Growth Equity (MF)
Portfolio Turnover :18%Ticker :TRLGX
Fund Assets :$20,543 Million
Fund Investment Policy
The Fund seeks long-term capital appreciation through investments in the common stocks of large-capitalization growth companies.
Fund Characteristics
Total Securities 72
Avg. Market Cap $854,788 Million
P/E 41.8
P/B 13.9
Div. Yield 0.7%
Annual EPS 31.5
5Yr EPS 30.9
3Yr EPS Growth 28.5
Asset Allocation
0.0%20.0%40.0%60.0%80.0%100.0%120.0%
Fixed Income
Convertibles
Cash
Other
Equities
0.0%
0.0%
0.0%
2.6%
97.4%
Top Ten Securities
Microsoft Corp ORD 10.4 %
Amazon.com Inc ORD 7.8 %
Alphabet Inc Class A ORD 7.6 %
Apple Inc ORD 5.4 %
Meta Platforms Inc ORD 5.2 %
Intuit Inc ORD 3.5 %
Alphabet Inc Class C ORD 2.9 %
UnitedHealth Group Inc ORD 2.5 %
Salesforce.Com Inc ORD 2.0 %
Intuitive Surgical Inc ORD 1.9 %
Sector/Quality Allocation
0.0%10.0%20.0%30.0%40.0%50.0%60.0%
Information Technology
Consumer Discretionary
Health Care
Non Classified Equity
Industrials
Financials
Consumer Staples
49.3%
16.4%
12.6%
7.5%
5.9%
4.0%
1.8%
Manager Evaluation
T. Rowe Price Large Cap Growth I As of March 31, 2022
60
Peer Group Analysis vs. IM U.S. Large Cap Growth Equity (MF)
-50.0
0.0
50.0
100.0
ReturnQTR 1
Year
3
Years
5
Years
10
Years 2021 2020 2019
T. Rowe Price Large Cap Growth I -13.2 (82)3.1 (73)18.7 (59)20.0 (18)17.0 (5)23.2 (40)39.6 (33)28.5 (88)
Russell 1000 Growth Index -9.0 (20)15.0 (7)23.6 (6)20.9 (7)17.0 (5)27.6 (15)38.5 (37)36.4 (21)
5th Percentile -7.3 15.4 24.2 21.4 17.0 30.0 57.1 39.0
1st Quartile -9.2 11.5 21.0 19.7 15.9 25.5 42.2 36.1
Median -10.7 7.3 19.3 18.3 15.1 22.0 36.2 33.4
3rd Quartile -12.7 3.0 17.4 17.1 14.2 17.8 31.3 30.9
95th Percentile -17.6 -9.8 14.6 15.2 13.1 6.1 22.2 26.4
3 Years Rolling Percentile Ranking vs. IM U.S. Large Cap Growth Equity (MF)
T. Rowe Price Large Cap Growth I Russell 1000 Growth Index
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22
3 Years Relative Performance to Russell 1000 Growth Index
Rolling 3 Years Cumulative Anualized Geometric Average
Rolling 3 Years Over/Under Relative Performance
0.0
10.0
20.0
30.0
-10.0
-20.0Return (%)3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 3/22
Manager Evaluation
T. Rowe Price Large Cap Growth I As of March 31, 2022
Mutual fund data sourced from Lipper Analytical Services.
61
3 Years Risk and Return
T. Rowe Price Large Cap Growth I Russell 1000 Growth Index
90 Day U.S. Treasury Bill
-10.0
0.0
10.0
20.0
30.0
Return (%)-10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0
Risk (Standard Deviation %)
5 Years Risk and Return
T. Rowe Price Large Cap Growth I Russell 1000 Growth Index
90 Day U.S. Treasury Bill
-8.0
0.0
8.0
16.0
24.0
32.0
Return (%)-8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0
Risk (Standard Deviation %)
3 Years Style Map
Style History Mar-2022 Average Style ExposureCapitalizationManager Style
Large Growth
Small GrowthSmall Value
Large Value
MPT Statistics vs. Russell 1000 Growth Index
3
Years
5
Years
Return 18.7 20.0
Standard Deviation 19.0 17.3
vs. Russell 1000 Growth Index
Alpha -3.4 -0.1
Beta 1.0 1.0
R-Squared 1.0 0.9
Consistency 36.1 45.0
Up Market Capture 86.7 94.1
Down Market Capture 92.9 91.1
vs. 90 Day U.S. Treasury Bill
Sharpe Ratio 1.0 1.1
Manager Evaluation
T. Rowe Price Large Cap Growth I As of March 31, 2022
62
Fund Information
Fund Family :Victory Portfolio Manager :Team Managed
Fund Name :Victory Portfolios: Victory Sycamore Established Value Fund; Class R6 Shares PM Tenure :
Inception Date :03/2014 Fund Style :IM U.S. Mid Cap Core Equity (MF)
Portfolio Turnover :32%Ticker :VEVRX
Fund Assets :$8,157 Million
Fund Investment Policy
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.
Fund Characteristics
Total Securities 77
Avg. Market Cap $21,468 Million
P/E 25.5
P/B 4.4
Div. Yield 1.8%
Annual EPS 0.1
5Yr EPS 5.4
3Yr EPS Growth 3.1
Asset Allocation
0.0%20.0%40.0%60.0%80.0%100.0%120.0%
Fixed Income
Convertibles
Cash
Other
Equities
0.0%
0.0%
0.0%
1.8%
98.2%
Top Ten Securities
Textron Inc ORD 2.2 %
Tyson Foods Inc ORD 2.0 %
Alleghany Corp ORD 2.0 %
Borgwarner Inc ORD 1.9 %
Yum! Brands Inc ORD 1.9 %
Zions Bancorporation NA ORD 1.9 %
Archer-Daniels-Midland Co ORD 1.9 %
Hershey Co ORD 1.9 %
W R Berkley Corp ORD 1.8 %
American Financial Group Inc ORD 1.8 %
Sector/Quality Allocation
0.0%6.0%12.0%18.0%24.0%30.0%36.0%42.0%
Industrials
Financials
Consumer Staples
Materials
Consumer Discretionary
Energy
Information Technology
Health Care
Utilities
Non Classified Equity
28.6%
24.2%
12.3%
8.7%
8.5%
4.5%
4.4%
4.2%
2.8%
0.0%
Manager Evaluation
Victory Sycamore Established Value R6 As of March 31, 2022
63
Peer Group Analysis vs. IM U.S. Mid Cap Value Equity (MF)
-20.0
0.0
20.0
40.0
60.0
ReturnQTR 1
Year
3
Years
5
Years
10
Years 2021 2020 2019
Victory Sycamore Established Value R6 0.5 (23)13.9 (23)17.5 (1)12.9 (1)-31.9 (30)8.2 (9)28.8 (21)
Russell Midcap Value Index -1.8 (60)11.5 (61)13.7 (42)10.0 (32)12.0 (18)28.3 (67)5.0 (23)27.1 (30)
5th Percentile 4.5 16.7 16.8 11.5 12.5 36.4 9.3 31.6
1st Quartile 0.1 13.7 14.9 10.4 11.8 32.2 4.3 27.9
Median -1.0 12.1 13.4 9.1 10.5 29.5 2.7 24.9
3rd Quartile -2.7 9.5 11.6 7.4 9.7 27.7 0.6 22.7
95th Percentile -7.6 5.7 10.2 6.2 8.4 24.3 -5.1 17.2
3 Years Rolling Percentile Ranking vs. IM U.S. Mid Cap Value Equity (MF)
Victory Sycamore Established Value R6 Russell Midcap Value Index
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22
3 Years Relative Performance to Russell Midcap Value Index
No data found.
Manager Evaluation
Victory Sycamore Established Value R6 As of March 31, 2022
Mutual fund data sourced from Lipper Analytical Services.
64
3 Years Risk and Return
Victory Sycamore Established Value R6 Russell Midcap Value Index
90 Day U.S. Treasury Bill
-8.0
0.0
8.0
16.0
24.0
Return (%)-10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0
Risk (Standard Deviation %)
5 Years Risk and Return
Victory Sycamore Established Value R6 Russell Midcap Value Index
90 Day U.S. Treasury Bill
-5.0
0.0
5.0
10.0
15.0
20.0
Return (%)-10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0
Risk (Standard Deviation %)
3 Years Style Map
Style History Mar-2022 Average Style ExposureCapitalizationManager Style
Large Growth
Small GrowthSmall Value
Large Value
MPT Statistics vs. Russell Midcap Value Index
3
Years
5
Years
Return 17.5 12.9
Standard Deviation 20.9 18.2
vs. Russell Midcap Value Index
Alpha 3.9 3.0
Beta 1.0 1.0
R-Squared 1.0 1.0
Consistency 61.1 56.7
Up Market Capture 105.1 104.0
Down Market Capture 93.1 92.0
vs. 90 Day U.S. Treasury Bill
Sharpe Ratio 0.8 0.7
Manager Evaluation
Victory Sycamore Established Value R6 As of March 31, 2022
65
Fund Information
Fund Family :Vanguard Portfolio Manager :Butler/Coleman
Fund Name :Vanguard Index Funds: Vanguard Extended Market Index Fund; Admiral Shares PM Tenure :2000--2017
Inception Date :11/2000 Fund Style :IM U.S. SMID Cap Core Equity (MF)
Portfolio Turnover :19%Ticker :VEXAX
Fund Assets :$25,843 Million
Fund Investment Policy
The Fund seeks to track the performance of a benchmark index that measures the investment return of small- and mid-capitalization stocks.
Fund Characteristics
Total Securities 3,713
Avg. Market Cap $15,493 Million
P/E 27.9
P/B 6.6
Div. Yield 2.1%
Annual EPS 35.6
5Yr EPS 18.7
3Yr EPS Growth 21.6
Asset Allocation
0.0%20.0%40.0%60.0%80.0%100.0%120.0%
Fixed Income
Convertibles
Cash
Other
Equities
0.0%
0.0%
0.1%
2.7%
97.2%
Top Ten Securities
Vanguard Market Liquidity Fund 2.7 %
Blackstone Inc ORD 1.2 %
Block Inc ORD 0.8 %
Uber Technologies Inc ORD 0.8 %
Snowflake Inc. ORD 0.8 %
Palo Alto Networks Inc ORD 0.8 %
Marvell Technology Inc ORD 0.8 %
Airbnb Inc ORD 0.7 %
Workday Inc ORD 0.6 %
Snap Inc ORD 0.6 %
Sector/Quality Allocation
0.0%5.0%10.0%15.0%20.0%25.0%30.0%
Financials
Information Technology
Industrials
Consumer Discretionary
Health Care
Non Classified Equity
Consumer Staples
Energy
Materials
Utilities
22.7%
16.6%
14.9%
11.5%
10.2%
6.7%
6.1%
3.3%
3.1%
2.0%
Manager Evaluation
Vanguard Extended Market Idx Adm As of March 31, 2022
66
Peer Group Analysis vs. IM U.S. SMID Cap Core Equity (MF)
-20.0
0.0
20.0
40.0
60.0
ReturnQTR 1
Year
3
Years
5
Years
10
Years 2021 2020 2019
Vanguard Extended Market Idx Adm -9.3 (98)-5.4 (98)14.2 (24)12.1 (13)12.3 (9)12.5 (97)32.2 (4)28.0 (21)
S&P Completion Index -9.3 (98)-5.5 (99)14.1 (26)12.0 (15)12.2 (12)12.4 (98)32.2 (5)27.9 (22)
5th Percentile -1.1 11.1 17.2 14.5 12.4 35.4 32.1 30.6
1st Quartile -4.6 6.5 14.1 11.0 11.9 30.4 15.7 27.8
Median -5.1 4.3 13.4 10.3 11.0 24.4 12.8 25.7
3rd Quartile -6.5 1.2 12.3 8.7 9.9 20.2 6.5 22.8
95th Percentile -9.3 -5.2 9.5 7.1 7.6 12.5 -0.4 18.2
3 Years Rolling Percentile Ranking vs. IM U.S. SMID Cap Core Equity (MF)
Vanguard Extended Market Idx Adm S&P Completion Index
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22
3 Years Relative Performance to S&P Completion Index
Rolling 3 Years Cumulative Anualized Geometric Average
Rolling 3 Years Over/Under Relative Performance
0.0
0.2
0.4
0.6
-0.2Return (%)3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 3/22
Manager Evaluation
Vanguard Extended Market Idx Adm As of March 31, 2022
Mutual fund data sourced from Lipper Analytical Services.
67
3 Years Risk and Return
Vanguard Extended Market Idx Adm S&P Completion Index
90 Day U.S. Treasury Bill
-6.0
0.0
6.0
12.0
18.0
Return (%)-12.0 -6.0 0.0 6.0 12.0 18.0 24.0 30.0
Risk (Standard Deviation %)
5 Years Risk and Return
Vanguard Extended Market Idx Adm S&P Completion Index
90 Day U.S. Treasury Bill
-5.0
0.0
5.0
10.0
15.0
20.0
Return (%)-10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0
Risk (Standard Deviation %)
3 Years Style Map
Style History Mar-2022 Average Style ExposureCapitalizationManager Style
Large Growth
Small GrowthSmall Value
Large Value
MPT Statistics vs. S&P Completion Index
3
Years
5
Years
Return 14.17 12.06
Standard Deviation 23.68 20.79
vs. S&P Completion Index
Alpha 0.07 0.09
Beta 1.00 1.00
R-Squared 1.00 1.00
Consistency 72.22 73.33
Up Market Capture 100.17 100.19
Down Market Capture 99.97 99.88
vs. 90 Day U.S. Treasury Bill
Sharpe Ratio 0.65 0.60
Manager Evaluation
Vanguard Extended Market Idx Adm As of March 31, 2022
68
Fund Information
Fund Family :Harbor Funds Portfolio Manager :Lerner/Gleich
Fund Name :Harbor Funds: Harbor Disruptive Innovation Fund; Retirement Class Shares PM Tenure :2021--2021
Inception Date :03/2016 Fund Style :IM U.S. Mid Cap Growth Equity (MF)
Portfolio Turnover :182%Ticker :HNMGX
Fund Assets :$44 Million
Fund Investment Policy
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.
Fund Characteristics
Total Securities 98
Avg. Market Cap $352,228 Million
P/E 44.2
P/B 13.1
Div. Yield 1.0%
Annual EPS 23.0
5Yr EPS 29.7
3Yr EPS Growth 28.8
Asset Allocation
0.0%50.0%100.0%150.0%-50.0 %
Other
Fixed Income
Convertibles
Cash
Equities
0.0%
0.0%
0.0%
3.0%
97.0%
Top Ten Securities
Microsoft Corp ORD 4.6 %
Lam Research Corp ORD 3.6 %
Tesla Inc ORD 3.6 %
NVIDIA Corp ORD 3.1 %
Amazon.com Inc ORD 3.1 %
Ball Corp ORD 2.9 %
Salesforce.Com Inc ORD 2.7 %
Amphenol Corp ORD 2.4 %
ServiceNow Inc ORD 2.3 %
Microchip Technology Inc ORD 2.3 %
Sector/Quality Allocation
0.0%10.0%20.0%30.0%40.0%50.0%60.0%
Information Technology
Health Care
Industrials
Consumer Discretionary
Non Classified Equity
Consumer Staples
Financials
Telecommunication Services
Utilities
46.3%
15.0%
12.2%
9.1%
6.7%
3.6%
2.2%
1.7%
0.3%
Manager Evaluation
Harbor Mid Cap Growth Retirement As of March 31, 2022
69
Peer Group Analysis vs. IM U.S. Mid Cap Growth Equity (MF)
-50.0
0.0
50.0
100.0
ReturnQTR 1
Year
3
Years
5
Years
10
Years 2021 2020 2019
Harbor Mid Cap Growth Retirement -16.3 (84)-18.2 (97)14.0 (67)17.0 (18)--2.0 (95)61.6 (11)39.1 (13)
Russell Midcap Growth Index -12.6 (41)-0.9 (32)14.8 (54)15.1 (52)13.5 (36)12.7 (52)35.6 (53)35.5 (39)
5th Percentile -5.4 8.9 20.1 20.0 15.2 26.1 68.2 42.0
1st Quartile -10.9 0.8 16.9 16.5 13.8 16.7 48.5 37.3
Median -13.2 -3.8 15.0 15.3 13.1 13.2 36.4 34.4
3rd Quartile -15.7 -8.0 13.3 13.7 11.9 8.3 29.0 31.4
95th Percentile -18.8 -14.8 10.7 11.0 10.6 -3.0 15.4 26.8
3 Years Rolling Percentile Ranking vs. IM U.S. Mid Cap Growth Equity (MF)
Harbor Mid Cap Growth Retirement Russell Midcap Growth Index
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22
3 Years Relative Performance to Russell Midcap Growth Index
No data found.
Manager Evaluation
Harbor Mid Cap Growth Retirement As of March 31, 2022
Mutual fund data sourced from Lipper Analytical Services.
70
3 Years Risk and Return
Harbor Mid Cap Growth Retirement Russell Midcap Growth Index
90 Day U.S. Treasury Bill
-6.0
0.0
6.0
12.0
18.0
24.0
Return (%)-12.0 -6.0 0.0 6.0 12.0 18.0 24.0 30.0
Risk (Standard Deviation %)
5 Years Risk and Return
Harbor Mid Cap Growth Retirement Russell Midcap Growth Index
90 Day U.S. Treasury Bill
-6.0
0.0
6.0
12.0
18.0
24.0
Return (%)-10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0
Risk (Standard Deviation %)
3 Years Style Map
Style History Mar-2022 Average Style ExposureCapitalizationManager Style
Large Growth
Small GrowthSmall Value
Large Value
MPT Statistics vs. Russell Midcap Growth Index
3
Years
5
Years
Return 14.0 17.0
Standard Deviation 23.0 21.5
vs. Russell Midcap Growth Index
Alpha -0.9 0.8
Beta 1.0 1.1
R-Squared 0.9 0.9
Consistency 52.8 58.3
Up Market Capture 103.2 110.9
Down Market Capture 107.3 108.4
vs. 90 Day U.S. Treasury Bill
Sharpe Ratio 0.6 0.8
Manager Evaluation
Harbor Mid Cap Growth Retirement As of March 31, 2022
71
Fund Information
Fund Family :Franklin Templeton Portfolio Manager :Russell/Green
Fund Name :Legg Mason Partners Equity Trust: ClearBridge Small Cap Growth Fund; Class IS
Shares
PM Tenure :2008--2008
Inception Date :08/2008 Fund Style :IM U.S. SMID Cap Growth Equity (MF)
Portfolio Turnover :19%Ticker :LMOIX
Fund Assets :$2,682 Million
Fund Investment Policy
The Fund seeks to obtain long-term growth of capital by investing primarily in equity securities of companies with market capitalizations at the time of purchase similar to those companies included in the
Russell 2000 Index. The Index includes companies with market "caps" below the top 1000 stocks of the equity market.
Fund Characteristics
Total Securities 93
Avg. Market Cap $7,060 Million
P/E 43.3
P/B 10.2
Div. Yield 0.9%
Annual EPS 12.9
5Yr EPS 26.9
3Yr EPS Growth 24.8
Asset Allocation
0.0%50.0%100.0%150.0%-50.0 %
Other
Convertibles
Fixed Income
Cash
Equities
0.0%
0.0%
0.4%
0.5%
99.1%
Top Ten Securities
Trex Company Inc ORD 4.5 %
BJ's Wholesale Club Holdings Inc 3.4 %
Fox Factory Holding Corp ORD 3.2 %
Penumbra Inc ORD 2.8 %
Syneos Health Inc ORD 2.5 %
National Vision Holdings Inc ORD 2.2 %
Surgery Partners Inc ORD 2.2 %
Western Alliance Bancorp ORD 2.2 %
ICON PLC ORD 2.1 %
Trupanion Inc ORD 2.0 %
Sector/Quality Allocation
0.0%5.0%10.0%15.0%20.0%25.0%30.0%
Information Technology
Health Care
Industrials
Consumer Discretionary
Non Classified Equity
Financials
Consumer Staples
Energy
Materials
Telecommunication Services
24.3%
21.5%
17.0%
10.4%
9.5%
7.9%
4.7%
1.7%
1.2%
1.1%
Manager Evaluation
ClearBridge Small Cap Growth IS As of March 31, 2022
72
Peer Group Analysis vs. IM U.S. Small Cap Growth Equity (MF)
-50.0
0.0
50.0
100.0
ReturnQTR 1
Year
3
Years
5
Years
10
Years 2021 2020 2019
ClearBridge Small Cap Growth IS -14.3 (67)-7.8 (41)14.9 (29)16.7 (17)13.5 (20)12.3 (38)44.0 (30)25.8 (60)
Russell 2000 Growth Index -12.6 (44)-14.3 (79)9.9 (80)10.3 (79)11.2 (68)2.8 (80)34.6 (59)28.5 (47)
5th Percentile -8.0 1.1 21.8 19.8 14.6 24.7 66.3 38.0
1st Quartile -11.2 -6.2 15.2 16.0 13.3 14.9 48.0 34.4
Median -12.9 -9.7 13.0 12.9 11.9 8.9 37.2 27.8
3rd Quartile -15.7 -13.4 10.3 10.6 10.7 3.6 28.1 23.6
95th Percentile -18.7 -23.5 6.8 7.8 9.1 -5.8 17.7 16.7
3 Years Rolling Percentile Ranking vs. IM U.S. Small Cap Growth Equity (MF)
ClearBridge Small Cap Growth IS Russell 2000 Growth Index
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22
3 Years Relative Performance to Russell 2000 Growth Index
Rolling 3 Years Cumulative Anualized Geometric Average
Rolling 3 Years Over/Under Relative Performance
0.0
15.0
30.0
45.0
-15.0
-30.0Return (%)3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 3/22
Manager Evaluation
ClearBridge Small Cap Growth IS As of March 31, 2022
Mutual fund data sourced from Lipper Analytical Services.
73
3 Years Risk and Return
ClearBridge Small Cap Growth IS Russell 2000 Growth Index
90 Day U.S. Treasury Bill
-6.0
0.0
6.0
12.0
18.0
24.0
Return (%)-12.0 -6.0 0.0 6.0 12.0 18.0 24.0 30.0 36.0
Risk (Standard Deviation %)
5 Years Risk and Return
ClearBridge Small Cap Growth IS Russell 2000 Growth Index
90 Day U.S. Treasury Bill
-6.0
0.0
6.0
12.0
18.0
24.0
Return (%)-10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0
Risk (Standard Deviation %)
3 Years Style Map
Style History Mar-2022 Average Style ExposureCapitalizationManager Style
Large Growth
Small GrowthSmall Value
Large Value
MPT Statistics vs. Russell 2000 Growth Index
3
Years
5
Years
Return 14.9 16.7
Standard Deviation 24.0 21.5
vs. Russell 2000 Growth Index
Alpha 5.0 6.3
Beta 1.0 1.0
R-Squared 0.9 0.9
Consistency 55.6 58.3
Up Market Capture 109.2 108.9
Down Market Capture 95.3 87.2
vs. 90 Day U.S. Treasury Bill
Sharpe Ratio 0.7 0.8
Manager Evaluation
ClearBridge Small Cap Growth IS As of March 31, 2022
74
Fund Information
Fund Family :Capital Group/American Funds Portfolio Manager :Team Managed
Fund Name :EuroPacific Growth Fund; Class R6 Shares PM Tenure :
Inception Date :05/2009 Fund Style :IM International Large Cap Growth Equity (MF)
Portfolio Turnover :32%Ticker :RERGX
Fund Assets :$79,070 Million
Fund Investment Policy
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.
Fund Characteristics
Total Securities 400
Avg. Market Cap $115,121 Million
P/E 36.8
P/B 8.2
Div. Yield 1.7%
Annual EPS 14.3
5Yr EPS 15.6
3Yr EPS Growth 10.2
Asset Allocation
0.0%25.0%50.0%75.0%100.0%125.0%
Fixed Income
Convertibles
Other
Cash
Equities
0.0%
0.0%
0.1%
5.2%
94.7%
Top Ten Securities
Capital Group Central Cash Fund;5.2 %
ASML Holding NV ORD 4.0 %
Reliance Industries Ltd ORD 2.6 %
Taiwan Semiconductor Manufacturing 2.5 %
LVMH Moet Hennessy Louis Vuitton 2.3 %
Shopify Inc ORD 1.7 %
Keyence Corp ORD 1.6 %
Airbus SE ORD 1.6 %
Sika AG ORD 1.5 %
Mercadolibre Inc ORD 1.5 %Top 5 Countries
Japan 10.7 %
Netherlands 9.3 %
France 8.2 %
China 7.3 %
India 7.1 %
Sector/Quality Allocation
0.0%6.0%12.0%18.0%24.0%
IndustrialsInformation TechnologyFinancialsHealth CareConsumer StaplesConsumer DiscretionaryEnergyMaterialsNon Classified EquityUtilities
18.0%16.7%14.9%11.0%10.8%7.2%5.7%5.4%2.3%1.5%
Regional Allocation
0.0%15.0%30.0%45.0%60.0%
Emg. MidEast, Africa, Europe
Emerging Latin America
Other
North America
Pacific Basin
Emerging Asia
Europe
1.7%
5.2%
5.7%
6.8%
16.6%
18.7%
45.7%
Manager Evaluation
American Funds EuroPacific Growth R6 As of March 31, 2022
75
Peer Group Analysis vs. IM International Large Cap Core Equity (MF)
-40.0
-20.0
0.0
20.0
40.0
60.0
ReturnQTR 1
Year
3
Years
5
Years
10
Years 2021 2020 2019
American Funds EuroPacific Growth R6 -12.2 (94)-9.4 (99)8.4 (36)8.0 (9)7.3 (1)2.8 (99)25.3 (8)27.4 (11)
MSCI AC World ex USA (Net)-5.4 (21)-1.5 (45)7.5 (44)6.8 (22)5.6 (34)7.8 (75)10.7 (27)21.5 (59)
5th Percentile -0.6 4.3 12.2 11.4 6.4 14.8 31.2 31.9
1st Quartile -6.2 -0.1 8.8 6.6 5.8 12.6 12.2 25.0
Median -7.3 -2.3 7.0 5.7 4.9 10.3 8.5 22.1
3rd Quartile -9.4 -5.7 5.6 4.4 4.2 7.7 5.4 19.0
95th Percentile -14.4 -8.3 3.6 3.5 2.5 4.4 0.6 17.5
3 Years Rolling Percentile Ranking vs. IM International Large Cap Core Equity (MF)
American Funds EuroPacific Growth R6 MSCI AC World ex USA (Net)
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22
3 Years Relative Performance to MSCI AC World ex USA (Net)
Rolling 3 Years Cumulative Anualized Geometric Average
Rolling 3 Years Over/Under Relative Performance
0.0
8.0
16.0
24.0
-8.0Return (%)3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 3/22
Manager Evaluation
American Funds EuroPacific Growth R6 As of March 31, 2022
Mutual fund data sourced from Lipper Analytical Services.
76
3 Years Risk and Return
American Funds EuroPacific Growth R6 MSCI AC World ex USA (Net)
90 Day U.S. Treasury Bill
-3.0
0.0
3.0
6.0
9.0
12.0
Return (%)-8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0
Risk (Standard Deviation %)
5 Years Risk and Return
American Funds EuroPacific Growth R6 MSCI AC World ex USA (Net)
90 Day U.S. Treasury Bill
-5.0
0.0
5.0
10.0
Return (%)-8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0
Risk (Standard Deviation %)
3 Years Style Map
Style History Mar-2022 Average Style ExposureCapitalizationManager Style
Large Growth
Small GrowthSmall Value
Large Value
MPT Statistics vs. MSCI AC World ex USA (Net)
3
Years
5
Years
Return 8.4 8.0
Standard Deviation 18.1 16.1
vs. MSCI AC World ex USA (Net)
Alpha 0.6 1.0
Beta 1.1 1.1
R-Squared 0.9 0.9
Consistency 52.8 55.0
Up Market Capture 107.0 107.2
Down Market Capture 104.5 102.1
vs. 90 Day U.S. Treasury Bill
Sharpe Ratio 0.5 0.5
Manager Evaluation
American Funds EuroPacific Growth R6 As of March 31, 2022
77
Fund Information
Fund Family :Vanguard Portfolio Manager :Perre/Franquin
Fund Name :Vanguard STAR Funds: Vanguard Total International Stock Index Fund; Admiral
Shares
PM Tenure :2010--2017
Inception Date :11/2010 Fund Style :IM International Multi-Cap Core Equity (MF)
Portfolio Turnover :8%Ticker :VTIAX
Fund Assets :$74,996 Million
Fund Investment Policy
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.
Fund Characteristics
Total Securities 7,782
Avg. Market Cap $77,579 Million
P/E 22.2
P/B 3.9
Div. Yield 2.9%
Annual EPS 31.1
5Yr EPS 11.4
3Yr EPS Growth 7.8
Asset Allocation
0.0%25.0%50.0%75.0%100.0%125.0%
Fixed Income
Convertibles
Cash
Other
Equities
0.0%
0.0%
0.3%
3.3%
96.5%
Top Ten Securities
Vanguard Market Liquidity Fund 2.1 %
Taiwan Semiconductor Manufacturing 1.7 %
Nestle SA ORD 1.2 %
Tencent Holdings Ltd ORD 1.1 %
Samsung Electronics Co Ltd ORD 0.9 %
Roche Holding AG 0.9 %
ASML Holding NV ORD 0.9 %
Toyota Motor Corp ORD 0.7 %
Shell PLC ORD 0.7 %
AstraZeneca PLC ORD 0.6 %Top 5 Countries
Japan 15.1 %
United Kingdom 9.1 %
China 7.9 %
Canada 7.3 %
Switzerland 6.1 %
Sector/Quality Allocation
0.0%8.0%16.0%24.0%32.0%
FinancialsIndustrialsConsumer StaplesInformation TechnologyHealth CareMaterialsConsumer DiscretionaryEnergyUtilitiesTelecommunication Services
21.2%15.0%13.2%11.3%8.5%7.7%7.5%5.0%2.9%2.7%
Regional Allocation
0.0%15.0%30.0%45.0%60.0%
Emerging Latin America
Emg. MidEast, Africa, Europe
Other
North America
Emerging Asia
Pacific Basin
Europe
2.3%
2.8%
3.9%
7.6%
22.1%
23.1%
38.2%
Manager Evaluation
Vanguard Total Intl Stock Index Adm As of March 31, 2022
78
Peer Group Analysis vs. IM International Large Cap Core Equity (MF)
-40.0
-20.0
0.0
20.0
40.0
60.0
ReturnQTR 1
Year
3
Years
5
Years
10
Years 2021 2020 2019
Vanguard Total Intl Stock Index Adm -6.1 (25)-1.9 (48)7.8 (42)6.8 (21)5.8 (24)8.6 (71)11.3 (26)21.5 (59)
FTSE Global All Cap ex US Spliced Index -5.3 (15)-0.7 (35)8.2 (37)7.1 (13)6.0 (20)8.8 (69)11.2 (26)21.8 (55)
5th Percentile -0.6 4.3 12.2 11.4 6.4 14.8 31.2 31.9
1st Quartile -6.2 -0.1 8.8 6.6 5.8 12.6 12.2 25.0
Median -7.3 -2.3 7.0 5.7 4.9 10.3 8.5 22.1
3rd Quartile -9.4 -5.7 5.6 4.4 4.2 7.7 5.4 19.0
95th Percentile -14.4 -8.3 3.6 3.5 2.5 4.4 0.6 17.5
3 Years Rolling Percentile Ranking vs. IM International Large Cap Core Equity (MF)
Vanguard Total Intl Stock Index Adm FTSE Global All Cap ex US Spliced Index
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22
3 Years Relative Performance to FTSE Global All Cap ex US Spliced Index
Rolling 3 Years Cumulative Anualized Geometric Average
Rolling 3 Years Over/Under Relative Performance
0.0
0.8
1.6
-0.8
-1.6
-2.4Return (%)3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 3/22
Manager Evaluation
Vanguard Total Intl Stock Index Adm As of March 31, 2022
Mutual fund data sourced from Lipper Analytical Services.
79
3 Years Risk and Return
Vanguard Total Intl Stock Index Adm FTSE Global All Cap ex US Spliced Index
90 Day U.S. Treasury Bill
-3.0
0.0
3.0
6.0
9.0
12.0
Return (%)-8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0
Risk (Standard Deviation %)
5 Years Risk and Return
Vanguard Total Intl Stock Index Adm FTSE Global All Cap ex US Spliced Index
90 Day U.S. Treasury Bill
-2.5
0.0
2.5
5.0
7.5
10.0
Return (%)-8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0
Risk (Standard Deviation %)
3 Years Style Map
Style History Mar-2022 Average Style ExposureCapitalizationManager Style
Large Growth
Small GrowthSmall Value
Large Value
MPT Statistics vs. FTSE Global All Cap ex US Spliced Index
3
Years
5
Years
Return 7.76 6.78
Standard Deviation 17.02 15.07
vs. FTSE Global All Cap ex US Spliced Index
Alpha -0.39 -0.27
Beta 1.00 1.00
R-Squared 0.99 0.99
Consistency 47.22 48.33
Up Market Capture 99.11 99.06
Down Market Capture 100.83 100.26
vs. 90 Day U.S. Treasury Bill
Sharpe Ratio 0.48 0.44
Manager Evaluation
Vanguard Total Intl Stock Index Adm As of March 31, 2022
80
Fund Information
Fund Family :Invesco Portfolio Manager :Justin Leverenz
Fund Name :AIM Investment Funds (Invesco Investment Funds): Invesco Developing Markets
Fund; Class R6 Shares
PM Tenure :2011
Inception Date :12/2011 Fund Style :IM Emerging Markets Equity (MF)
Portfolio Turnover :38%Ticker :ODVIX
Fund Assets :$15,380 Million
Fund Investment Policy
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 net assets in
equity securities of companies with high growth potential in at least three developing markets.
Fund Characteristics
Total Securities 109
Avg. Market Cap $135,145 Million
P/E 25.9
P/B 4.5
Div. Yield 1.7%
Annual EPS 23.5
5Yr EPS 15.7
3Yr EPS Growth 12.6
Asset Allocation
0.0%25.0%50.0%75.0%100.0%125.0%
Convertibles
Other
Fixed Income
Cash
Equities
0.0%
1.5%
1.7%
2.1%
94.7%
Top Ten Securities
Taiwan Semiconductor Manufacturing 9.2 %
Housing Development Finance Corporation 5.5 %
AIA Group Ltd ORD 4.9 %
Kotak Mahindra Bank Ltd ORD 4.3 %
Yum China Holdings Inc ORD 4.0 %
Tencent Holdings Ltd ORD 4.0 %
Tata Consultancy Services Ltd ORD 3.7 %
Grupo Mexico SAB de CV ORD 3.7 %
Compagnie Financiere Richemont 3.5 %
NetEase Inc DR 3.1 %Top 5 Countries
China 23.8 %
India 18.1 %
Taiwan 10.6 %
Mexico 8.2 %
Korea 6.3 %
Sector/Quality Allocation
0.0%10.0%20.0%30.0%40.0%
Information TechnologyFinancialsConsumer DiscretionaryConsumer StaplesMaterialsHealth CareNon Classified EquityIndustrialsEnergyTelecommunication Services
27.5%20.7%15.7%9.2%7.7%5.4%4.2%2.8%0.8%0.7%
Regional Allocation
0.0%20.0%40.0%60.0%80.0%
North America
Emg. MidEast, Africa, Europe
Other
Pacific Basin
Europe
Emerging Latin America
Emerging Asia
2.3%
3.0%
4.2%
5.3%
11.3%
13.8%
62.2%
Manager Evaluation
Invesco Developing Markets R6 As of March 31, 2022
81
Peer Group Analysis vs. IM Emerging Markets Equity (MF)
-50.0
-25.0
0.0
25.0
50.0
75.0
ReturnQTR 1
Year
3
Years
5
Years
10
Years 2021 2020 2019
Invesco Developing Markets R6 -15.7 (87)-22.4 (88)0.7 (90)4.3 (68)3.4 (43)-7.1 (82)17.7 (49)24.5 (26)
MSCI Emerging Markets (Net)-7.0 (28)-11.4 (37)4.9 (50)6.0 (38)3.4 (44)-2.5 (59)18.3 (45)18.4 (62)
5th Percentile -1.9 3.1 12.6 10.5 6.7 15.3 40.6 30.6
1st Quartile -6.6 -8.3 6.9 6.8 4.5 3.9 24.9 24.5
Median -9.8 -13.7 4.9 5.3 3.1 -1.6 17.5 20.1
3rd Quartile -13.6 -18.8 2.9 3.8 2.0 -5.4 10.9 16.3
95th Percentile -19.4 -27.5 -1.0 1.0 0.2 -12.8 -1.8 8.1
3 Years Rolling Percentile Ranking vs. IM Emerging Markets Equity (MF)
Invesco Developing Markets R6 MSCI Emerging Markets (Net)
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22
3 Years Relative Performance to MSCI Emerging Markets (Net)
Rolling 3 Years Cumulative Anualized Geometric Average
Rolling 3 Years Over/Under Relative Performance
0.0
10.0
20.0
-10.0
-20.0Return (%)3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 3/22
Manager Evaluation
Invesco Developing Markets R6 As of March 31, 2022
Mutual fund data sourced from Lipper Analytical Services.
82
3 Years Risk and Return
Invesco Developing Markets R6 MSCI Emerging Markets (Net)
90 Day U.S. Treasury Bill
-2.0
0.0
2.0
4.0
6.0
8.0
Return (%)-8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0
Risk (Standard Deviation %)
5 Years Risk and Return
Invesco Developing Markets R6 MSCI Emerging Markets (Net)
90 Day U.S. Treasury Bill
-2.0
0.0
2.0
4.0
6.0
8.0
Return (%)-8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0
Risk (Standard Deviation %)
3 Years Style Map
Style History Mar-2022 Average Style ExposureCapitalizationManager Style
Large Growth
Small GrowthSmall Value
Large Value
MPT Statistics vs. MSCI Emerging Markets (Net)
3
Years
5
Years
Return 0.7 4.3
Standard Deviation 18.4 16.6
vs. MSCI Emerging Markets (Net)
Alpha -3.9 -1.3
Beta 1.0 1.0
R-Squared 0.9 0.9
Consistency 50.0 46.7
Up Market Capture 91.6 94.1
Down Market Capture 108.2 100.4
vs. 90 Day U.S. Treasury Bill
Sharpe Ratio 0.1 0.3
Manager Evaluation
Invesco Developing Markets R6 As of March 31, 2022
83
Fund Information
Fund Family :Nuveen Investor Services Portfolio Manager :Rosenberg/Sedlak/Wade
Fund Name :Nuveen Investment Funds, Inc: Nuveen Real Estate Securities Fund; Class R6
Shares
PM Tenure :2013--2013--2017
Inception Date :04/2013 Fund Style :IM Real Estate Sector (MF)
Portfolio Turnover :101%Ticker :FREGX
Fund Assets :$480 Million
Fund Investment Policy
The Fund seeks above average current income and long-term capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets and the amount of any borrowings for
investment purposes in income-producing common stocks of publicly traded companies engaged in the real estate industry.
Fund Characteristics
Total Securities 87
Avg. Market Cap $36,621 Million
P/E 45.0
P/B 4.8
Div. Yield 2.6%
Annual EPS -2.1
5Yr EPS 6.8
3Yr EPS Growth 9.7
Asset Allocation
0.0%20.0%40.0%60.0%80.0%100.0%120.0%
Fixed Income
Convertibles
Other
Cash
Equities
0.0%
0.0%
0.6%
0.7%
98.7%
Top Ten Securities
Prologis Inc ORD 9.3 %
Public Storage ORD 5.7 %
Equinix Inc ORD 4.9 %
American Tower Corp ORD 3.8 %
Sun Communities Inc ORD 3.5 %
Avalonbay Communities Inc ORD 3.3 %
Simon Property Group Inc ORD 3.3 %
Welltower Inc ORD 3.0 %
Alexandria Real Estate Equities 2.5 %
Digital Realty Trust Inc ORD 2.4 %
Sector/Quality Allocation
0.0%20.0%40.0%60.0%80.0%100.0%120.0%
Financials
Non Classified Equity
Consumer Staples
96.2%
1.9%
0.5%
Manager Evaluation
Nuveen Real Estate Secs R6 As of March 31, 2022
84
Peer Group Analysis vs. IM Real Estate Sector (MF)
-25.0
0.0
25.0
50.0
75.0
ReturnQTR 1
Year
3
Years
5
Years
10
Years 2021 2020 2019
Nuveen Real Estate Secs R6 -3.8 (23)27.1 (17)11.4 (60)9.9 (49)9.8 (27)41.5 (46)-5.9 (67)25.7 (64)
FTSE NAREIT Equity REIT Index -3.9 (26)26.4 (26)11.1 (65)9.6 (56)9.8 (27)43.2 (26)-8.0 (82)26.0 (62)
5th Percentile -2.2 29.1 15.1 12.5 10.9 50.6 14.7 33.4
1st Quartile -3.9 26.5 13.3 10.9 9.9 43.4 -2.2 29.9
Median -5.3 23.9 11.8 9.8 9.3 41.2 -4.2 27.4
3rd Quartile -6.3 21.3 10.1 8.5 8.4 39.0 -6.9 24.4
95th Percentile -8.4 -0.1 3.9 3.6 6.4 14.2 -11.6 17.6
3 Years Rolling Percentile Ranking vs. IM Real Estate Sector (MF)
Nuveen Real Estate Secs R6 FTSE NAREIT Equity REIT Index
0.0
25.0
50.0
75.0
100.0Return Percentile Rank6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22
3 Years Relative Performance to FTSE NAREIT Equity REIT Index
Rolling 3 Years Cumulative Anualized Geometric Average
Rolling 3 Years Over/Under Relative Performance
0.0
3.0
6.0
9.0
-3.0
-6.0Return (%)3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 3/22
Manager Evaluation
Nuveen Real Estate Secs R6 As of March 31, 2022
Mutual fund data sourced from Lipper Analytical Services.
85
3 Years Risk and Return
Nuveen Real Estate Secs R6 FTSE NAREIT Equity REIT Index
90 Day U.S. Treasury Bill
-4.0
0.0
4.0
8.0
12.0
16.0
Return (%)-10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0
Risk (Standard Deviation %)
5 Years Risk and Return
Nuveen Real Estate Secs R6 FTSE NAREIT Equity REIT Index
90 Day U.S. Treasury Bill
-4.0
0.0
4.0
8.0
12.0
16.0
Return (%)-8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0
Risk (Standard Deviation %)
3 Years Style Map
Style History Mar-2022 Average Style ExposureCapitalizationManager Style
Large Growth
Small GrowthSmall Value
Large Value
MPT Statistics vs. FTSE NAREIT Equity REIT Index
3
Years
5
Years
Return 11.4 9.9
Standard Deviation 17.7 16.1
vs. FTSE NAREIT Equity REIT Index
Alpha 1.3 1.1
Beta 0.9 0.9
R-Squared 1.0 1.0
Consistency 47.2 51.7
Up Market Capture 94.4 94.6
Down Market Capture 91.7 91.4
vs. 90 Day U.S. Treasury Bill
Sharpe Ratio 0.7 0.6
Manager Evaluation
Nuveen Real Estate Secs R6 As of March 31, 2022
86
Definitions & Disclosures
Please note: Due to rounding methodologies of various data providers, certain returns in this report might differ slightly when compared to other sources
REGULATORY DISCLOSURES
OfferofADV Part2A:Rule 204-3undertheInvestment AdvisersAct of1940requiresthatwe makeanannual offer toclients tosend them,withoutcharge,a writtendisclosurestatementmeetingtherequirementsof suchrule.
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INDEX DEFINITIONS
Citigroup3MonthT-Billmeasuresmonthlyreturn equivalents of yield averagesthatarenotmarkedto market.TheThree-MonthTreasuryBillIndexes consistofthelastthreethree-monthTreasurybill issues.Ryan3 Yr.GICis anarithmeticmeanof marketrates of $1million Guaranteed InterestContractsheldforthree years.
BloombergBarclaysTreasuryU.S.T-Bills-1-3MonthIndexincludesagedU.S.Treasurybills,notesandbondswith aremainingmaturityfrom1 up to(butnotincluding)3 months.Itexcludeszerocoupon strips.
BloombergBarclays CapitalUSTreasuryInflationProtectedSecuritiesIndexconsistsof Inflation-ProtectionsecuritiesissuedbytheU.S.Treasury.BloombergBarclays MuniIndexisarules-based,market-value-weightedindexengineeredforthelong-termtax-exemptbondmarket.Bondsmustberatedinvestment-gradebyatleasttworatings agencies.
BloombergBarclaysMuni1Year Index isthe1-year(1-2)componentofthe MunicipalBond index.BloombergBarclaysMuni3Year Index isthe3-year(2-4)componentofthe MunicipalBond index.
BloombergBarclaysMuni5Year Index isthe5-year(4-6)componentofthe MunicipalBond index.
BloombergBarclaysMuni7Year Index isthe7-year(6-8)componentofthe MunicipalBond index.
BloombergBarclays IntermediateU.S.Gov’t/CreditistheIntermediatecomponentoftheU.S.Government/Creditindex,whichincludessecuritiesinthe GovernmentandCreditIndices.TheGovernmentIndexincludes treasuriesandagencies,whilethecreditindex includespubliclyissuedU.S.corporateand foreigndebenturesand securednotesthatmeetspecifiedmaturity,liquidity,and qualityrequirements.BloombergBarclays U.S.AggregateIndexcovers the U.S.investment gradefixedratebondmarket,withindexcomponentsforgovernmentandcorporatesecurities,mortgagepass-throughsecurities,andasset-backedsecurities.BloombergBarclays GlobalAggregateex.USDIndices representabroad-basedmeasureof theglobalinvestment-gradefixed incomemarkets.Thetwomajorcomponentsof thisindexarethePan-EuropeanAggregate andtheAsian-PacificAggregateIndices.TheindexalsoincludesEurodollarandEuro-YencorporatebondsandCanadiangovernment,agencyandcorporate securities.BloombergBarclays U.S.CorporateHighYield Indexcovers the universeoffixedrate,non-investment gradedebt.Eurobondsanddebtissuesfrom countriesdesignatedasemergingmarkets(sovereign ratingof Baa1/BBB+/BBB+andbelow usingthemiddleofMoody’s,S&P,and Fitch)are excluded,butCanadian andglobalbonds(SECregistered)of issuersinnon-EMGcountriesare included.JPMorganGovernmentBondIndex-EmergingMarket(GBI-EM)Indexis a comprehensive,globallocal emergingmarketsindex,andconsistsofregularlytraded,liquidfixed-rate,domesticcurrencygovernment bondstowhichinternationalinvestorscangainexposure.TheS&P500 isacapitalization-weightedindexof500stocksdesignedtomeasureperformanceof the broaddomesticeconomythroughchangesin theaggregatemarketvalueof500stocksrepresentingallmajor industries.
TheDow JonesIndustrialIndex isaprice-weightedaverageof30 blue-chipstocksthataregenerallythe leadersin their industry.
TheNASDAQis a broad-basedcapitalization-weightedindexofstocksinallthreeNASDAQ tiers:GlobalSelect,GlobalMarketandCapital Market.Russell3000isamarket-cap-weightedindexwhichconsists ofroughly3,000 of the largestcompaniesinthe U.S.asdeterminedby marketcapitalization.Itrepresentsnearly 98%of theinvestableU.S.equity market.
Russell1000consistsofthelargest 1000companiesintheRussell3000 Index.
Russell1000GrowthmeasurestheperformanceofthoseRussell1000 companieswithhigherP/Bratios andhigherforecasted growth values.Russell1000Valuemeasures the performanceofthoseRussell1000 companieswith lower P/B ratiosandlower forecastedgrowth values.
RussellMid Capmeasurestheperformanceofthe 800smallestcompanies intheRussell1000 Index.RussellMidCapGrowthmeasurestheperformance of thoseRussell MidCap companieswithhigherP/Bratiosandhigherforecastedgrowth values.
RussellMid CapValuemeasuresthe performanceof thoseRussellMid Capcompanies with lowerP/B ratiosandlowerforecasted growth values.
Russell2000consistsofthe 2,000smallest U.S.companiesintheRussell3000 index.Russell2000Growthmeasurestheperformance of the Russell 2000companieswithhigherP/Bratiosand higher forecastedgrowth values.
Russell2000Valuemeasures the performanceofthoseRussell2000 companieswith lower P/B ratiosandlower forecastedgrowth values.Russell2500consistsofthe 2,500smallest U.S.companiesintheRussell3000 index.
Russell2500Growthmeasurestheperformance of the Russell 2500companieswithhigherP/Bratiosand higher forecastedgrowth values.
Russell2500Valuemeasures the performanceofthoseRussell2500 companieswith lower P/B ratiosandlower forecastedgrowth values.MSCIWorld captureslargeand mid-caprepresentationacross23DevelopedMarketscountries.With1,645constituents,theindexcoversapproximately85%ofthefreefloat-adjustedmarketcapitalizationineach country.
MSCIACWI (AllCountryWorldIndex)ex.U.S.Indexcaptureslargeandmid-caprepresentationacross22of 23DevelopedMarketscountries(excludingtheUnitedStates)and23EmergingMarketscountries.With
1,859constituents,theindexcovers approximately 85%oftheglobalequityopportunitysetoutsidethe US.MSCIACWI (AllCountryWorldIndex)ex.U.S.SmallCapIndexcapturessmall caprepresentationacross22of23 DevelopedMarketscountries (excludingtheUS)and23EmergingMarketscountries.With4,368
constituents,theindexcoversapproximately14%oftheglobalequityopportunityset outsidethe US.MSCIEAFEis anequityindexwhichcaptureslargeandmid-caprepresentationacrossDevelopedMarketscountriesaroundthe world,excludingtheUSandCanada.With930constituents,theindexcoversapproximately
85%ofthefreefloat-adjustedmarketcapitalizationineach country.
87
MSCIEAFEValuecaptureslargeandmid-capsecuritiesexhibitingoverallvaluestylecharacteristicsacrossDevelopedMarketscountriesaroundthe world,excluding theUSandCanada.Thevalueinvestmentstyle
characteristicsforindexconstructionaredefinedusingthreevariables:book valueto price,12-monthforwardearningstoprice anddividendyield.With507constituents,theindextargets50%coverageofthe free
float-adjustedmarketcapitalizationoftheMSCI EAFEIndex.
MSCI EAFE Growth captures large and mid-cap securities exhibiting overall growth style characteristics across Developed Markets countries around the world, excluding the US and Canada. The growth investment style characteristicsforindexconstructionaredefinedusingfivevariables:long-termforwardEPSgrowth rate,short-termforwardEPS growthrate,current internalgrowth rateand long-termhistoricalEPSgrowthtrendand long-term historical salespersharegrowth trend.With542constituents,theindextargets50%coverage of thefreefloat-adjustedmarketcapitalizationof theMSCIEAFE Index.MSCI EmergingMarkets captureslargeand mid-caprepresentationacross23EmergingMarketscountries.With836 constituents,theindexcoversapproximately85%ofthefree-floatadjustedmarketcapitalizationin eachcountry.ConsumerPriceIndexis ameasure of pricespaid byconsumersforamarket basketofconsumergoods andservices.Theyearly(ormonthly)growth ratesrepresenttheinflation rate.
FTSENAREITEquityREITsIndex containsallEquityREITsnot designedas TimberREITs or Infrastructure REITs.
S&PDevelopedWorldPropertydefinesandmeasurestheinvestableuniverseofpubliclytradedpropertycompaniesdomiciledindeveloped markets.Thecompaniesintheindexare engagedinreal estaterelated
activities,suchaspropertyownership,management,development,rentaland investment.
S&PDevelopedWorldPropertyxU.S.defines andmeasurestheinvestableuniverseofpubliclytradedpropertycompaniesdomiciledindevelopedcountriesoutsideofthe U.S.Thecompaniesincludedareengagedinreal
estaterelatedactivities,suchaspropertyownership,management,development,rentaland investment.
Fund Specific Broad Real Asset Benchmarks:
•DWS Real Assets: 30%: Dow Jones Brookfield Infrastructure Index, 30%: FTSE EPRA/NAREIT Developed Index,15%: Bloomberg Commodity Index, 15%: S&P Global Natural Resources Index, 10%: Barclays
U.S. Treasury Inflation Notes Total Return Index
•PIMCO Inflation Response Multi Asset Fund: 45% Barclays U.S. TIPS, 20% Bloomberg Commodity Index, 15% JP Morgan Emerging Local Markets Plus, 10% Dow Jones Select REIT, 10% Bloomberg Gold
Subindex Total Return
•Principal Diversified Real Assets:35% BBgBarc U.S. Treasury TIPS Index, 20% S&P Global Infrastructure Index NTR, 20% S&P Global Natural Resources Index NTR, 15% Bloomberg Commodity Index, and 10% FTSE EPRA/NAREIT Developed Index NTR
•Wellington Diversified Inflation H:50% MSCI ACWI Commodity Producers Index, 25% Bloomberg Commodity Index, and 25% Bloomberg Barclays US TIPS 1 –10 Year Index
BloombergCommodityIndexis calculatedon anexcessreturnbasisandreflectscommodityfuturespricemovements.Theindexrebalancesannuallyweighted2/3bytradingvolumeand1/3by world productionand weight-capsareappliedatthecommodity,sectorandgrouplevelfor diversification.
HFRIFundWeightedCompositeIndex isaglobal,equal-weightedindexof over 2,000single-managerfunds thatreport to HFRDatabase.Constituentfundsreportmonthlynet of allfees performanceinUSDollarand haveaminimumof $50 Millionundermanagementoratwelve(12)monthtrackrecordof activeperformance.TheHFRI FundWeightedCompositeIndex doesnot includeFunds of HedgeFunds.TheAlerianMLPIndexistheleadinggaugeof energyMasterLimitedPartnerships(MLPs).Thefloatadjusted,capitalization-weightedindex,whose constituentsrepresentapproximately85%oftotalfloat-adjusted marketcapitalization,isdisseminatedreal-timeon a price-returnbasis(AMZ)andonatotal-return basis.TheAdjustedAlerianMLP Indexis commensuratewith65%ofthemonthlyreturnsof theAlerianMLPIndexto incorporatetheeffectofdeferredtax liabilities incurredbyMLP entities.CambridgeAssociatesU.S.PrivateEquity Indexis basedondatacompiledfrommorethan1,200institutional-qualitybuyout,growthequity,privateequityenergy,and mezzaninefundsformedbetween 1986and2015.
CambridgeAssociatesU.S.VentureCapitalIndex isbasedondatacompiledfromover1,600 institutional-qualityventurecapitalfundsformedbetween 1986and 2015.
VanguardSplicedBloombergBarclays US1-5YrGov/CrFlt AdjIndex:BloombergBarclaysU.S.1–5YearGovernment/CreditBondIndex throughDecember31,2009;BloombergBarclaysU.S.1–5 Year Government/CreditFloatAdjustedIndexthereafter.
VanguardSplicedBloombergBarclays US5-10YrGov/CrFlt AdjIndex:BloombergBarclaysU.S.5–10 YearGovernment/Credit BondIndexthroughDecember31,2009;Bloomberg BarclaysU.S.5–10Year Government/CreditFloatAdjustedIndexthereafter.
VanguardSplicedBloombergBarclays USAggFltAdj Index:BloombergBarclaysU.S.AggregateBond Index throughDecember31,2009;BloombergBarclaysU.S.AggregateFloatAdjustedIndex thereafter.
VanguardSplicedBloombergBarclays USLongGov/CrFltAdjIndex:Bloomberg Barclays U.S.LongGovernment/CreditBondIndex throughDecember31,2009;Bloomberg BarclaysU.S.Long Government/CreditFloat Adjusted Index thereafter.Vanguard BalancedCompositeIndex:Madeupoftwounmanagedbenchmarks,weighted60%Dow JonesU.S.TotalStockMarketIndex (formerlythe Dow JonesWilshire5000 Index)and 40%Bloomberg Barclays
U.S.AggregateBondIndex throughMay 31,2005;60%MSCIUS BroadMarketIndex and40%BloombergBarclays U.S.AggregateBond IndexthroughDecember31,2009;60%MSCI US Broad Market Indexand40% BloombergBarclaysU.S.AggregateFloatAdjustedIndexthroughJanuary14,2013;and60%CRSPUSTotalMarketIndexand40%BlombergBarclaysU.S.AggregateFloatAdjustedIndex thereafter.
VanguardSplicedIntermediate-TermTax-ExemptIndex:BloombergBarclays1–15YearMunicipalBond Index.
VanguardSpliced ExtendedMarketIndex:DowJonesWilshire4500Index throughJune17,2005;S&PTransitionalCompletionIndex throughSeptember16,2005;S&PCompletionIndex thereafter.
Vanguard SplicedValueIndex:S&P 500 ValueIndex (formerlythe S&P 500/Barra ValueIndex)throughMay 16,2003;MSCIUSPrimeMarketValueIndex throughApril 16,2013;CRSP US LargeCapValue Index thereafter.Vanguard SplicedLargeCap Index:Consists of MSCIUSPrime Market 750Index throughJanuary30,2013,andthe CRSP US LargeCap Index thereafter.
Vanguard Spliced GrowthIndex:S&P 500GrowthIndex (formerlythe S&P 500/BarraGrowthIndex)throughMay16,2003;MSCIUSPrime Market Growth IndexthroughApril 16,2013;CRSPUS Large Cap Growth Index thereafter.Vanguard SplicedMidCapValueIndex:MSCI US MidCapValue Index throughApril 16,2013;CRSP USMid CapValueIndex thereafter.
Vanguard SplicedMidCapIndex:S&PMidCap400 Index throughMay 16, 2003;theMSCIUS MidCap450 Index throughJanuary30,2013;andtheCRSPUS MidCapIndex thereafter.
Vanguard SplicedMidCapGrowthIndex:MSCI US MidCap Growth IndexthroughApril16,2013;CRSP USMid CapGrowthIndex thereafter.
Vanguard SplicedTotalStockMarket Index:Dow Jones U.S.Total StockMarketIndex (formerlyknown asthe Dow JonesWilshire5000 Index)throughApril22,2005;MSCIUS BroadMarket Index throughJune2,2013;
andCRSP US Total MarketIndex thereafter.Vanguard SplicedSmallCapValue Index:SmallCap 600ValueIndex(formerlytheS&P SmallCap600/BarraValue Index)throughMay16,2003;MSCI US SmallCap ValueIndex throughApril 16,2013;CRSP USSmallCap
ValueIndex thereafter.
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Vanguard SplicedSmallCapIndex:Russell2000Index throughMay 16,2003;theMSCIUS Small Cap 1750IndexthroughJanuary 30,2013;andthe CRSP US Small CapIndex thereafter.Vanguard SplicedSmallCapGrowth Index:S&PSmallCap600GrowthIndex(formerlytheS&PSmallCap600/BarraValueIndex)throughMay 16,2003;MSCI USSmallCapGrowthIndexthrough April16,2013;
CRSP US Small Cap GrowthIndex thereafter.Vanguard Spliced TotalInternationalStockIndex:Consistsof the Total InternationalCompositeIndexthroughAugust31,2006;theMSCIEAFE +EmergingMarketsIndex throughDecember15, 2010;theMSCI ACWI ex
USAIMI Index throughJune2,2013;and FTSEGlobal AllCap ex US Indexthereafter.Benchmarkreturns areadjustedfor withholding taxes.Vanguard SplicedDeveloped MarketsIndex:MSCIEAFE Indexthrough May28,2013;FTSE Developedex NorthAmericaIndexthroughDecember20,2015;FTSEDevelopedAll Cap ex US TransitionIndexthrough May31,
2016;FTSE DevelopedAllCapexUS Indexthereafter.Benchmarkreturnsareadjustedforwithholding taxes.
Vanguard Spliced EmergingMarketsIndex:SelectEmergingMarketsIndexthroughAugust23,2006;MSCIEmergingMarketsIndexthroughJanuary9,2013;FTSEEmergingTransitionIndexthroughJune27,2013;FTSE
EmergingIndexthroughNovember1,2015;andFTSEEmergingMarketsAllCapChinaATransitionIndexthereafter.Benchmarkreturnsareadjustedforwithholding taxes.
Vanguard REIT SplicedIndex:MSCI USREIT Index adjustedto includea 2%cashposition(LipperMoney Market Average)throughApril30,2009;MSCIUSREITIndexthroughJanuary 31,2018;MSCIUSInvestable
MarketRealEstate25/50TransitionIndexthroughJuly24,2018;MSCI USInvestableMarketReal Estate25/50Index thereafter.
Additional:
EquitysectorreturnsarecalculatedbyRussellandMSCIfordomesticandinternationalmarkets,respectively.MSCIsectordefinitionscorrespondto theMSCI GICS®classification(GlobalIndustryClassificationSystem); Russelluses its ownsectorandindustryclassifications.MSCI countryreturnsare calculatedbyMSCI andarefreefloat-adjustedmarketcapitalizationindicesthatare designedtomeasureequitymarketperformancein eachspecific country.
Currencyreturnsarecalculatedusing Bloomberg’shistoricalspotrate indicesand are calculatedusing the U.S.dollarasthebase currency.
The Index of Leading Economic Indicators,calculated byThe Conference Board,is used as a barometer of economicactivityover a rangeof three to six months.The indexis used to determinethe direction andstability
of the economy. The composite index of leading indicators, which is derived from 10 leading indicators, helps to signal turning points in the economy and forecast economic cycles. The leading indicators are the
following: average weekly hours, average weekly initial claims, manufacturers’ new orders, both consumer and non-defense capital goods, vendor performance, building permits, stock prices, money supply (M2), the
interestrate spread andtheindexofconsumer expectations.
S&PTargetDateIndexes areconstructedusing asurvey method of current targetdateinvestmentswith$100millionormoreinassetsundermanagement.Allocationsfor eachvintagearecomprisedofexchange-traded-funds thatrepresentrespectiveasset classesusedintargetdateportfolios.The indexesaredesignedtorepresentamarket consensusglide path.
DEFINITION OF KEY STATISTICS AND TERMS
Returns:Apercentagefigureusedwhenreportinghistoricalaveragecompoundedrateofinvestmentreturn.Allreturnsareannualizediftheperiod forwhichtheyare calculatedexceedsone year.
UniverseComparison:Theuniversecomparesthefund'sreturnstoa groupofotherinvestmentportfolioswithsimilarinvestmentstrategies.Thereturnsforthe fund,theindexandtheuniversepercentilesaredisplayed.A percentile rankingof1 isthe best,while apercentileranking of 100is theworst.For example,arankingof 50indicates thefundoutperformedhalfofthe universe.A rankingof 25indicates the fundwasin thetop 25%of the universe,outperforming75%.ReturnsInUp/DownMarkets:Thismeasures howthefund performed inbothup anddown markets.Themethodologyisto segregatetheperformanceforeachtimeperiodintothequartersin whichthemarket,asdefined
by theindex,waspositive andnegative.Quarterswith negativeindexreturns aretreatedasdown markets,andquarters withpositiveindexreturnsaretreatedas upmarkets.Thus,ina 3yearor12 quarterperiod,there
might be4 down quarters and 8 up quarters. A simple arithmetic average of returns is calculated for the fund and the index based on the up quarters. A simple arithmetic average of returns is calculated for the fund and the index based on the down quarters. The up market capture ratio is the ratio of the fund's return in up markets to the index. The down market capture ratio is the ratio of the fund's return in down markets to the index. Ideally, the fund would have a greater up market capture ratio than down market capture ratio.
Standard Deviation: Standard deviation is a statistical measure of the range of performance within which the total returns of a fund fall. When a fund has a high standard deviation, the range of performance is very
wide, meaningthereisa greatervolatility.Approximately68%ofthetime,the totalreturnofanygiven fundwilldifferfromtheaveragetotalreturnby nomore thanplus orminusthestandarddeviationfigure.Ninety-five
percent of the time, a fund’s total return will be within a range of plus or minus two times the standard deviation from the average total return. If the quarterly or monthly returns are all the same the standard
deviation will be zero. The more they vary from one another, the higher the standard deviation. Standard deviation can be misleading as a risk indicator for funds with high total returns because large positive deviations
willincreasethe standarddeviationwithouta correspondingincreaseinthe riskofthefund. Whilepositivevolatilityis welcome,negativeis not.
R-Squared:Thisreflectsthepercentageofafund’smovementsthatareexplainedbymovementsinits benchmarkindex.AnR-squaredof 100meansthatallmovementsofa fundare completelyexplainedbymovements in
the index. Conversely, a low R-squared indicates very few of the fund’s movements are explained by movements in the benchmark index. R-squared can also be used to ascertain the significance of a particular beta.
Generally,a higher R-squaredwill indicateamorereliable beta figure.If theR-squaredis lower,then thebetais lessrelevantto thefund’s performance.Ameasure of diversification,R-squaredindicatesthe extentto which
fluctuations in portfolio returns are explained by market. An R-squared = 0.70 implies that 70% of the fluctuation in a portfolio's return is explained by the fluctuation in the market. In this instance, overweighting or
underweighting of industrygroupsorindividualsecuritiesisresponsiblefor 30%of the fund's movement.
Beta: This is a measure of a fund’s market risk. The beta of the market is 1.00. Accordingly, a fund with a 1.10 beta is expected to perform 10% better than the market in up markets and 10% worse that the market in downmarkets.It isimportantto note,however,alowfundbetadoes notimplythe fundhasa low level of volatility;rather,a lowbetameansonlythatthefund’s market-relatedriskis low.Becausebetaanalyzesthe market risk ofafundby showinghow responsivethefundisto themarket,itsusefulnessdependson the degree to whichthe marketsdeterminethefund'stotalrisk(indicatedby R-squared).
Alpha:TheAlpha isthenonsystematicreturn,or thereturnthatcan’t beattributedto themarket.It canbe thoughtof ashow themanagerperformedif themarket’sreturnwaszero.A positivealpha impliesthe manager addedvalueto the returnof theportfolio over thatofthemarket.Anegativealphaimplies the managerdidnot contributeanyvalueovertheperformance of the market.SharpeRatio:The Sharperatioistheexcess return perunitoftotal riskas measuredbystandarddeviation.Higher numbers arebetter,indicatingmore returnforthelevelofriskexperienced.Theratioisa fund'sreturn
minus the risk-freerate of return(30-day T-Billrate)dividedbythe fund’sstandarddeviation.ThehighertheSharperatio,themore rewardyouare receivingper unitof totalrisk.Thismeasurecanbeusedto rankthe
performanceofmutualfundsorotherportfolios.
Treynor Ratio: The Treynor ratio measures returns earned in excess of that which could have been earned on a riskless investment per each unit of market risk. The ratio relates excess return over the risk-free rate
to the additionalrisktaken;however,systematic risk is used insteadof total risk.TheTreynorratiois similarto theSharpe ratio,except inthe fact that itusesthe beta to evaluatethe returnsratherthan thestandard
deviation of portfolioreturns.Highvaluesmeanbetterreturnforrisk taken.
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Tracking Error:Trackingerrormeasuresthevolatility of thedifferenceinannualreturnsbetweenthemanagerandtheindex.Thisvalueiscalculated by measuringthe standarddeviationof the differencebetweenthe
manager and index returns. For example, a tracking error of +/-5 would mean there is about a 68% chance (1 standard deviation event) that the manager's returns will fall within +/-5% of the benchmark's annual
return.
InformationRatio:The informationratioisa measureoftheconsistencyofexcessreturn.Thisvalue isdeterminedby takingtheannualizedexcess returnovera benchmark (stylebenchmarkbydefault)anddividingitby the standarddeviationofexcess return.Consistency:Consistencyshows thepercentofthe periodsthefundhasbeatenthe indexandthepercentofthe periodsthe indexhasbeatthefund.A highaverageforthefund(e.g.,over50)is desirable,indicatingthe fund has beaten theindex frequently.DownsideRisk:Downsiderisk isa measuresimilartostandarddeviationbutfocusesonlyon thenegativemovementsof the returnseries.It iscalculatedbytaking the standarddeviationof the negativequarterlyset of returns.Thehigherthefactor,the riskiertheproduct.M-Squared:M-squared,or theModiglianirisk-adjustedperformancemeasureisusedtocharacterizehowwellaportfolio’sreturnrewardsan investorfortheamountofrisktaken,relativetothatofsome
benchmark portfolioandtothe risk-freerate.
DEFINITION OF KEY PRIVATE EQUITY TERMS
PIC (Paidin Capital):Theamountofcommittedcapitalthathas beentransferredfrom the limitedpartnerto thegeneral partner.TVPI(TotalValuetoPaidin Capital):Money returnedtolimitedpartnersplusthe fund’sunrealizedinvestments,dividedbymoneypaid-intothe partnership.TheTVPIshouldequalRVPIplus DPI.
DPI (DistributiontoPaidInCapital):Moneyreturned(distributions)tolimitedpartnersdividedby moneypaid intothe partnership.Alsocalledcash-on-cash multiple.
RVPI(ResidualValuetoPaidIn Capital):Thevalueofafund’sunrealizedinvestmentsdividedbymoneypaid-intothe partnership.
Internalrateofreturn(IRR):Thisis themostappropriateperformancebenchmarkforprivateequityinvestments.Itis atime-weightedreturn expressed as apercentage.IRR usesthepresent sum ofcash drawdowns(moneyinvested),thepresentvalueofdistributions(moneyreturnedfrominvestments)andthe current valueofunrealizedinvestmentsandappliesa discount.Commitment:Everyinvestorina privateequityfundcommitsto investinga specifiedsum of moneyin thefundpartnershipovera specifiedperiodoftime.Thefundrecordsthisasthe limitedpartnership’s capitalcommitment.Thesumofcapitalcommitmentsis equalto the sizeofthe fund.Capital Distribution: These are the returns that an investor in a private equity fund receives. It is the income and capital realized from investments less expenses and liabilities. Once a limited partner has had their
cost of investmentreturned,furtherdistributionsareactualprofit.Thepartnershipagreementdeterminesthetimingofdistributionstothelimitedpartner.Itwillalso determinehowprofitsaredividedamong the limited
partners and generalpartner.CarriedInterest:Theshareof profitsthatthefundmanageris dueonce ithasreturnedthecost of investmentto investors.Carriedinterest isnormallyexpressedasa percentageof the totalprofitsofthe fund.
Co-Investment:Co-Investmentsareminorityinvestmentsmadealongsidea privateequityinvestorinanLBO,a recapitalization,oran expansioncapitaltransaction.Itisapassive,non-controllinginvestment,asthe privateequityfirm involvedwilltypicallyexercisecontrolandperformmonitoring functions.
GeneralPartner(GP):Thiscanrefertothe top-rankingpartnersataprivate equityfirm aswellasthe firmmanagingtheprivateequity fund.
GP Commitments:Itis normalpracticefor theGP managinga privateequity fundto alsomakea financialcommitmenttothe fundon thesamebasisastheLPs in the fund,and this isseenasanimportant factor
driving thealignmentofGPand LPinterests.Thehistoricbenchmark forGPcommitments hasbeen1%of the totalfundsize,but thisis by no means universal,andmany GPs commitsignificantlylargeramounts.
Furthermore,therehas beena markedtrend towardsGPs making largercommitmentsto theirfundsoverrecent years.
LeveragedBuy-Out(LBO):Theacquisitionof acompanyusing debtandequity finance.LimitedPartner(LP):Institutionsorhigh-net-worthindividuals/sophisticated investorsthatcontributecapitaltoaprivateequity fund.
PublicMarketEquivalent(PME):Performancemeasureusedtoevaluateperformancerelativetothe market.Itis calculatedastheratioofthediscountedvalueof the LP’s inflowsdivided bythediscountedvalue
ofoutflows,withthediscountingperformedusingrealizedmarket returns.
Primaries:An originalinvestmentvehiclethatinvestsdirectlyintoacompanyor asset.
VALUATION POLICY
Fiducient Advisors does not engage an independent third-party pricing service to value securities. Our reports are generated using the security prices provided by custodians used by our clients. Our custodial pricing hierarchy is available upon request. If a client holds a security not reported by the first custodian within the hierarchy, the valuation is generated from the next custodian within the hierarchy, and so forth. Each custodian uses pricing services from outside vendors, where the vendors may generate nominally different prices. Therefore, this report can reflect minor valuation differences from those contained in a custodian’s report. In rare instances where FA overrides a custodial price, prices are taken from Bloomberg.
REPORTING POLICY
This report is intended for the exclusive use of the client listed within the report. Content is privileged and confidential. Any dissemination or distribution is strictly prohibited. Information has been obtained from a variety of
sources believed to be reliable though not independently verified. Any forecast represents median expectations and actual returns, volatilities and correlations will differ from forecasts. Please note each client has customized
investment objectives and constraints and the investment strategy for each portfolio is based on a client-specific asset allocation model. Past performance does not indicate future performance and there is a possibility of a loss.
Performance calculated net of investment fees. Certain portfolios presented may be gross of Fiducient Advisors’ fees and actual performance would be reduced by investment advisory fees. This report does not represent a specific
investment recommendation. Please consult with your advisor, attorney, and accountant, as appropriate, regarding specific advice.
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Custodian reports are the reports that govern the account. There will be different account values between Fiducient Advisors’ reports and the custodian reports based on whether the report utilizes trade date or settlement date to calculate value. Additionally, difference between values contained on reports may be caused by different accrued income values. Any forecasts represent future expectations and actual returns, volatilities and correlations will differ from forecasts. This report does not represent a specific investment recommendation. Please consult with your advisor, attorney, and accountant, as appropriate, regarding specific advice. Past performance does not indicate future performance and there is a possibility of aloss.
Manager performance for mutual funds and ETFs is based on NAV and provided by Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the client’s custodian. Unless specified otherwise, all returns are net of individual manager fees, represent total returns and are annualized for periods greater than one year. The deduction of fees produces a compounding effect that reduces the total rate of return over time. As an example, the effect of investment management fees on the total value of a client’s portfolio assuming (a) quarterly fee assessment, (b) $1,000,000 investment, (c) portfolio return of 8% a year, and (d) 0.50% annual investment advisory fee would be $5,228 in the first year, and cumulative effects of $30,342 over five years and $73,826 over ten years. Additional information on advisory fees charged by Fiducient Advisors are described in Part 2 of the Form ADV.
OTHER
By regulation, closed-end funds utilizing debt for leverage must report their interest expense, as well as their income tax expense, as part of their total expense ratio. To make for a useful comparison between closed-end funds and both open-end funds and exchange-traded funds, adjusted expense ratios excluding interest and income tax expenses are utilized for closed-end funds within this report. See disclosure on closed-end fund fact sheets for information regarding the total expense ratio of each closed-end fund.
Please advise us of any changes in your objectives or circumstances.
CUSTODIAN STATEMENTS
Please remember to review the periodic statements you receive from you custodian. If you do not receive periodic statements from your custodian or notice issues with the activity reported in those statements, please
contact FA or your custodian immediately.
GENERAL DISCLOSURES
Barron’s Institutional Consulting Teams ranking is based on quantitative and qualitative factors including team’s assets, revenue, size and character of the team itself. Barron’s invites firms that, in their opinion, are competitive given size and sophistication. There is no fee associated with participating in the ranking. Fiducient Advisors’ ranking took into consideration the combined capabilities of the firm and its subsidiary, Fiduciary Investment Advisors, LLC.
P&I’s 2020 Best Places to Work in Money Management ranking is a proprietary survey produced by Pension & Investment in partnership with Best Companies Group. 94 companies were recognized in 2020 and results are
based on evaluating each nominated company’s workplace policies, practices, philosophy, systems, and demographics, as well as an employee survey to measure employee experience. Fiducient Advisors’ rankings are
representative of the firm and its subsidiary, Fiduciary Investment Advisors, LLC. There is no fee associated with participating in the ranking.
P&I’s Consultant Ranking is a proprietary survey produced by Pension & Investment. Results are based on 80 questionnaire responses sent to 213 consultants determined by P&I that self-reported institutional assets under
advisement as of June 30, 2020. Consultants with multiple subsidiaries are asked to provide information on a consolidated basis. There is no fee associated with participating in the ranking. The ranking is not indicative of
Fiducient Advisors’ future performance.
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www.FiducientAdvisors.com
Appendix
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Alpha
Batting Average
Beta
Information Ratio
R-Squared
Return
Sharpe Ratio
Volatility (or Standard Deviation)
Tracking Error
DEFINITION OF KEY METRICS
www.fiducientadvisors.com
The Alpha is the nonsystematic return, or the return that can’t be attributed to the market. It can be thought of as how the manager performed if the market’s return was
zero. A positive alpha implies the manager added value to the return of the portfolio over that of the market. A negative alpha implies the manager did not contribute any
value over the performance of the market.
Batting average is a measure of a manager’s consistency. It is calculated as the ratio between the number of periods that a manager outperforms a benchmark and the
total number of periods observed. For example, a batting average of 0.60 implies that a manager outperformed its benchmark 6 out of 10 time periods.
This is a measure of a fund’s market risk. The beta of the market is 1.00. Accordingly, a fund with a 1.10 beta is expected to perform 10% better than the market in up
markets and 10% worse than the market in down markets. It is important to note, however, that a low fund beta does not imply that the fund has a low level of volatility;
rather, a low beta means only that the fund’s market-related risk is low. Because beta analyzes the market risk of a fund by showing how responsive the fund is to the
market, its usefulness depends on the degree to which the markets determine the fund's total risk (indicated by R-squared).
The information ratio is a measure of the excess return per volatility of that excess return. This value is determined by taking the annualized excess return over a
benchmark and dividing it by the standard deviation of excess return.
This reflects the percentage of a fund’s movements that are explained by movements in its benchmark index. An R-squared of 100 means that all movements of a fund
are completely explained by movements in the index. Conversely, a low R-squared indicates that very few of the fund’s movements are explained by movements in the
benchmark index. R-squared can also be used to ascertain the significance of a particular beta. Generally, a higher R-squared will indicate a more reliable beta figure. If
the R-squared is lower, then the beta is less relevant to the fund’s performance. A measure of diversification, R-squared indicates the extent to which fluctuations in
portfolio returns are explained by the market. An R-squared = 0.70 implies that 70% of the fluctuation in a portfolio's return is explained by the fluctuation in the market. In
this instance, overweighting or underweighting of industry groups or individual securities is responsible for 30% of the fund's movement.
Time-weighted average annual returns for the time period indicated.
The Sharpe ratio is the excess return per unit of total risk as measured by standard deviation. Higher numbers are better, indicating more return for the level of risk
experienced. The ratio is a fund's return minus the risk-free rate of return (30-day T-Bill rate) divided by the fund’s standard deviation. The higher the Sharpe ratio, the
more reward you are receiving per unit of total risk.
Standard deviation is a statistical measure of the range of performance within which the total returns of a fund fall. When a fund has a high standard deviation, the range
of performance is very wide, meaning that there is a greater volatility. Approximately 68% of the time, the total return of any given fund will differ from the average total
return by no more than plus or minus the standard deviation figure. Ninety-five percent of the time, a fund’s total return will be within a range of plus or minus two times
the standard deviation from the average total return. If the quarterly or monthly returns are all the same the standard deviation will be zero. The more they vary from one
another, the higher the standard deviation. Standard deviation can be misleading as a risk indicator for funds with high total returns because large positive deviations will
increase the standard deviation without a corresponding increase in the risk of the fund. While positive volatility is welcome, negative is not.
Tracking error measures the volatility of the difference in annual returns between the manager and the index. This value is calculated by measuring the standard deviation
of the difference between the manager and index returns. For example, a tracking error of +/- 5 would mean there is about a 68% chance (1 standard deviation event)
that the manager's returns will fall within +/- 5% of the benchmark's annual return.
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Domestic REITsFund / Manager Nuveen Real Estate Securities I Cohen & Steers Instl Realty SharesPrincipal Real Estate Securities Fd R-6Cromwell CenterSquare Real Estate ZStatusTerminate Maintain Maintain MaintainManager (Tenure in Years)Team (16.9) Team (14.5) Team (21.3) Team (18.1)Net Assets ($ Millions)$1,913 $6,910 $7,399 $227Firm- Nuveen Asset Management is based in Chicago, IL, offering capabilities within public real assets, equities, taxable and tax-exempt fixed income and asset allocation. - The firm was acquired by TIAA in 2014.- Cohen & Steers was founded by Martin Cohen and Robert Steers in 1986 as one of the first leading U.S. investment advisors to focus on real estate securities. - The firm is recognized as a leader in listed real assets.- Principal Global Investors, LLC is a wholly-owned, indirect subsidiary of Principal Financial Group, Inc., which is a listed company on the Nasdaq Global Select Market. - The firm is comprised of a number of specialized investment teams.- CenterSquare Investment Management was founded in 1987 and is focused on real asset investing.- CenterSquare’s management team members are joint owners of the Firm, in partnership with a private fund sponsored by Lovell Minnick Partners.- Incumbent.Team- The portfolio is team managed, led by Jay Rosenberg. - Mr. Rosenberg and other portfolio manages are supported by a small team of analysts dedicated to REIT investing and organized by sector.- The lead portfolio manager for the strategy is Jason Yablon, Senior U.S. REIT portfolio manager. - Jason is supported by a team of dedicated analysts (broken out by sector), associates and traders, located in the New York office. - The real estate securities team is headed by Kelly Rush, who has been at the helm since 1998. - He is assisted by Keith Bokota and Tony Kenkel, who have been on the team since 2013 and 2008, respectively.- The CenterSquare U.S. REIT investment team is led by Todd Briddell, Chief Investment Officer; Dean Frankel, Global Head of Real Estate Securities; and Scott Crowe, Chief Investment Strategist.- These individuals are supported by two Portfolio Managers, two Assistant Portfolio Managers, and a team of analysts.- Incumbent.Philosophy/Process- The team takes a relative value approach and is mostly sector neutral across various property types, aiming to own the best companies in each type.- The team is searching for cash flow growth and geographic opportunities in underlying companies.- Each analyst develops a view on a new company through very granular models.- The result of this modeling process is to establish an enterprise value for each company.- From that point, security weightings will be driven by a relative value analysis of a company versus its peers and versus other property types and locations.- The team will also look to take advantage of secular themes as they present themselves.- Cohen & Steers employs a relative value process through the use of proprietary models that incorporate both net asset value (“NAV”) and dividend discount model (“DDM”) valuation methodologies. - The team will perform both qualitative and quantitative bottom-up work for input into the models while also incorporating broader top-down views into their assumptions. - The research process begins with developing uniform research assumptions, including GDP growth, job growth, inflation and interest rates. - Company specific research is conducted primarily by the analysts covering the various sectors. - Companies trading at the deepest discount to their mean value are selected for inclusion.- Principal believes that equity markets are fundamentally driven and reflect the market’s collective expectations of future business prospects. - The first phase of the security selection process involves analysts uncovering the most attractive investment opportunities. This is largely accomplished by conducting in-depth fundamental analysis on all names in their universe. - Rather than determining simply a NAV and comparing it to the publicly traded market cap, the firm will consider Net Entity Value, factoring in SG&A into their calculation. This will incorporate corporate level costs (as opposed to just property level costs) to help determine the efficiency of management. - Consideration will be given for the model rank in the proprietary quant output.- CenterSquare applies a value focused investment philosophy that incorporates both real estate and capital markets research to identify companies that are mispriced in the market.- The team believes that REITs are valued on a number of factors, beyond just the value of the underlying real estate, and incorporates those tenets into their research.- CenterSquare combines both top down and bottom up processes to ultimately arrive at their desired portfolio. Items that are considered are capacity for new construction, vacancy rates, and the availability of capital to specific types of properties or areas of the country.- The team will quantify the fundamentals and valuation of the companies using traditional real estate valuation tools such as implied cap rates, NAV and replacement costs.- Incumbent.Portfolio Construction- Portfolio holdings are generally between 80-130 securities, making it a more diversified approach relative to peers.- Position sizes are generally less than 5% at purchase.- The portfolio can have up to 15% in non-U.S. securities.The portfolio typically holds 35-60 securities, with a maximum position size of the greater of 7.5% or 1.5x the index weight. - The portfolio is constructed on a bottom-up basis based on the public market prices and the discount to DDM and NAV estimates. - The team considers their conviction around investment ideas as well as a stock's expected level of volatility. These two determinations are subjectively made by portfolio managers. - Based on the evaluation of these two factors, a stock's suggested active- weighting range is identified. - The portfolio typically holds 30-50 stocks, with a maximum weighting of 5% over the relative index weight in any one name.- The portfolio will typically hold between 45- 65 securities.- Companies are weighted based on their relative attractiveness to all other names in the universe.- Stock positions are maxed at 10% of the portfolio.- Incumbent.Expense Ratio0.97 0.75 0.80 0.87Redemption FeeN.A. N.A. N.A. N.A.94
Manager or Index1 Year 3 Year 5 Year 7 Year 10 Year2022 YTD2021 2020 2019 2018 2017 2016 1 Year 3 Year7 Year 10 YearFTSE Nareit All Equity REITs23.6 11.7 10.7 9.0 10.5(5.3)41.3(5.1)28.7(4.0)8.7 8.6 19.8 18.916.2 15.2Nuveen Real Estate Securities I27.0 11.2 9.7 7.8 9.6(3.8)41.3(6.1)25.6(5.5)5.6 6.8 18.7 18.015.9 15.0Cohen & Steers Instl Realty Shares 23.4 14.0 12.0 9.6 10.9(6.0)42.5(2.6)33.0(4.0)7.4 5.9 19.9 18.416.1 15.2Principal Real Estate Securities Fd R-6 23.8 12.8 11.6 9.1 10.9(5.2)39.7(3.1)31.2(4.2)9.1 5.7 18.6 18.315.9 15.1Cromwell CenterSquare Real Estate Z 24.1 11.6 9.9 8.0 9.8(4.6)39.8(2.3)23.2(5.3)5.6 6.8 19.6 17.916.0 15.2N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A∎/+Manager or Index1 Year 3 Year 5 Year 7 Year 10 Year2022 YTD2021 2020 2019 2018 2017 2016FTSE Nareit All Equity REITs 555433211747525642171714Nuveen Real Estate Securities I20 65 58 54 40 22 52 65 72 50 52 39Cohen & Steers Instl Realty Shares 58 10 9 10 5 59 35 23 8 17 31 53Principal Real Estate Securities Fd R-653371517 6 43682815221360Cromwell CenterSquare Real Estate Z 51 57 55 43 35 32 68 22 87 45 52 38N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AN/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/APeer Group Range1 Year 3 Year 5 Year 7 Year 10 Year2022 YTD2021 2020 2019 2018 2017 201610th Percentile 28.5 14.0 12.0 9.6 10.7(3.2)47.7(0.4)32.3(3.4)10.7 9.625th Percentile 26.6 13.4 11.1 8.8 10.2(4.0)43.8(2.8)30.3(4.3)7.9 7.850th Percentile 24.2 12.0 10.1 7.9 9.5(5.4)41.4(4.7)28.0(5.5)5.8 6.075th Percentile 21.7 10.4 8.8 6.9 8.7(6.3)39.1(7.2)25.2(7.3)4.4 5.090th Percentile 11.8 7.5 6.8 5.9 7.6(7.2)25.1(10.6)22.8(9.0)3.3 4.1Top/Bottom Quartile spread +4.9 +3.0 +2.4 +2.0 +1.5 +2.3 +4.7 +4.4 +5.1 +3.0 +3.5 +2.7Domestic REITs Return, Standard Deviation and Peer Group Comparisons3/31/2022Annual Returns (%) as of 3/31/2022Volatility (%) as of 3/31/2022Calendar Year Returns (%) ♦ Cromwell CenterSquare Real Estate ZPeer Group Spreads as of 3/31/2022Peer Group Rankings as of 3/31/2022Index (FTSE Nareit All Equity REITs)Calendar Year Peer Group Rank5-Year Return & Risk as of 3/31/2022^The Batting Average measures the frequency of rolling 3-year period outperformance from the lesser of 10 years or each fund's inception date.1) Principal (74%)Calendar Year Peer Group SpreadsDifferentiatorsAnnualized Returns as of 3/31/2022Nuveen Real Estate Securities I∎Cohen & Steers Instl Realty Shares▲ ● 2) Cohen (71%)3) Cromwell (24%)4) Nuveen (20%)1) Principal (95%)2) Nuveen (97%)3) Cohen (97%)4) Cromwell (98%)High Alpha (5 Yrs)1) Cohen (1.6)2) Principal (1.4)3) Cromwell (-0.4)4) Nuveen (-0.5)Low Vol (5 Yrs)1) Nuveen (16.3)2) Principal (16.3)3) Cromwell (16.3)4) Cohen (16.5)4) Cohen (0.97)Low-to-High Expense1) Cohen (0.75)2) Principal (0.80)3) Cromwell (0.87)4) Nuveen (0.97)Low-to-High Beta (5 Yrs)1) Nuveen (0.95)2) Principal (0.95)3) Cromwell (0.96)5 Year16.916.316.516.316.3Batting Average^Loss Protection (5 Yrs)Principal Real Estate Securities Fd R-602468101214163 Year
5 Year
10 Year46810121416189
11
13
15
17
19
21
ReturnStandard Deviation95
FTSE Nareit All Equity REITs1 / 1 1 0 0.65 0 / 0 100% 100% 1 / 1 1 0 0.57 0 / 0 100% 100%-13.3% -11.9%Nuveen Real Estate Securities I0.99 / 0.980.98(0.6)0.60 2 / -0.43 97% 101%0.99 / 0.980.95(0.5)0.532.5 / -0.3893% 97%-13.1% -11.8%Cohen & Steers Instl Realty Shares0.99 / 0.980.99 0.5 0.681.9 / 0.22103% 101%0.99 / 0.990.97 1.6 0.662.1 / 0.64103% 97%-12.6% -11.3%Principal Real Estate Securities Fd R-60.99 / 0.980.98 0.5 0.682.2 / 0.17101% 100%0.99 / 0.980.95 1.4 0.652.3 / 0.3999% 95%-12.2% -12.4%Cromwell CenterSquare Real Estate Z0.99 / 0.980.99(0.6)0.602.2 / -0.3399% 102%0.99 / 0.980.96(0.4)0.542.3 / -0.3694% 98%-12.5% -12.1%N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AN/A N/A——Nuveen Real Estate Securities I120 39% 109 26% 85 20% Mar-12—Cohen & Steers Instl Realty Shares 120 53% 109 66% 85 71% Mar-12—Principal Real Estate Securities Fd R-6 120 46% 109 69% 85 74% Mar-12Cromwell CenterSquare Real Estate Z 120 43% 109 50% 85 24% Mar-12N/A N/A N/A N/ABetaAlpha(%)Track. Error / Info. Ratio (%)UPCaptureDOWNCaptureAlpha(%)Correl / R2Monthly, 12-month and 36-month batting averages vs. FTSE Nareit All Equity REITs for 10 Years (or manager inception date)Sharpe Ratio (%)UPCaptureBetaTrack. Error / Info. Ratio (%)Graph LegendManagers vs. FTSE Nareit All Equity REITs12 Month periods% + 12-Months36 Month Periods% + 36 MonthsRolling 36-Month Outperformance Versus the FTSE Nareit All Equity REITsCromwell CenterSquare Real Estate ZPrincipal Real Estate Securities Fd R-6Domestic REITs MPT and Other Quantitative Risk and Return Metrics3/31/2022Return Start DateNuveen Real Estate Securities ICohen & Steers Instl Realty SharesManagers vs. FTSE Nareit All Equity REITs1 Month Periods% + MonthsMax Drawdowns (10 yrs)5/2013 - 8/20138/2016 - 11/2016DOWNCapturePast 5-Year Metrics as of 3/31/2022Sharpe Ratio (%)Correl / R2Past 10-Year Metrics as of 3/31/20222/2020 - 3/2020-24.4%-24.5%-23.7%-24.2%-21.9%N/A-4.0%-3.0%-2.0%-1.0%0.0%1.0%2.0%3.0%4.0%Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-2296