2020 retirement date fund · 2020-01-28 · best 3 month return worst 3 month return 20.39% -23.05%...

Release Date: 09-30-2017

2020 Retirement Date Fund ..........................................................................................................................................................................................................................................................................................................................................Benchmark Morningstar CategoryBlended Benchmark Target-Date 2020

Investment InformationInvestment Strategy

The 2020 Retirement Date Fund currently invests in a combination of U.S. stocks, non-U.S. stocks, fixed-income securities, and commodities, and allocates its assets among these investments according to an asset allocation strategy that varies generally on a predetermined basis. On a regular basis, the 2020 Retirement Date Fund automatically will be rebalanced to a more conservative strategy until 2025, the year that is five years after the 2020 target retirement date. Over time, the equity allocations decrease and the fixedincome and real estate securities allocations increase. By the year 2025, the 2020 Retirement Date Fund is currently expected to invest and remain invested in its most conservative mix of fixed-income, equity and real estate securities and commodities, at or about which time those assets will be transferred to the Lifetime Income Retirement Date Fund and the 2020 Retirement Date Fund will be terminated.

Operations and Management

Fund Inception Date 08-02-06Trustee Mercer Trust CompanySubadvisor State Street Global Advisors

Volatility Analysis

Low Moderate High

Investment

Category

In the past, this investment has shown a relatively small rangeof price fluctuations relative to other investments. Based on thismeasure, currently more than two-thirds of all investmentshave shown higher levels of risk. Consequently, this investmentmay appeal to investors looking for a conservative investmentstrategy.

Best 3 Month Return Worst 3 Month Return

20.39% -23.05%(Mar '09 - May '09) (Sep '08 - Nov '08)

NotesThe composite benchmark for the Fund currently includes theBarclays Capital U.S. Long Government Bond Index, theBarclays Capital U.S. Aggregate Bond Index, the BarclaysCapital U.S. High Yield Very Liquid Index, the Barclays CapitalU.S. Treasury Inflation Protected Securities Index, the Barclays1-10 Year U.S. Government Inflation Linked Bond Index, the S&P500, the Morgan Stanley Capital International All Country Worldex-USASM IMI Index, the Russell Small-Cap CompletenessIndex, the FTSE EPRA/NAREIT Global Developed Liquid Indexand the Bloomberg Roll Select Commodity Index, which areweighted based on the Fund's target allocations to therespective asset classes to which such benchmarks relate.Inception to date performance for the Fund and Benchmarkbegins with first full month following stated inception date. ThisFund's asset allocation is approximately at 5 years untilretirement on the Allocation of Stocks and Bonds graph. Seethe Program Annual Disclosure Document (April 2017) for moreinformation, as well as the attached Disclosure page. MercerTrust Company became trustee of the Fund effectiveSeptember 4, 2015.

Allocation of Stocks and Bonds

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Years Until Retirement

% AllocationHigh Yield BondShort Term BondMedium/LongTermMaturity BondTIPSSmall/Mid Cap StocksLarge Cap StocksForeign EquityEmerging MarketsEquityReal Estate PropertyCommodities

Performance

5

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YTD YTD YTD YTD YTD YTD

Total Return%as of 09-30-17

InvestmentBenchmark

Average annual, if greaterthan 1 year.

YTD 1 Year 3 Year 5 Year 10 Year Since Inception9.10 8.58 4.79 6.39 4.79 5.62 Fund Return %9.54 9.14 5.42 7.09 5.40 6.25 Benchmark Return %9.26 8.92 5.22 6.40 4.12 . Category Average %

Performance Disclosure: The performance data quoted reflects past performance and does not guarantee futureresults. The investment return and principal value of an investment will fluctuate; thus, an investor's shares, whenredeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data shown herein. For more current information, including month-end performance, please call (800) 348-2272 or visit www.abaretirement.com. Please refer to the Performance section of the Disclosure page for more information.

Growth of $10,000 start date 12-31-06 09-30-17

Fund $17,205.......................................................................................................Benchmark $19,579

Fees and Expenses

Total Expense Ratio 0.66 %Sales Charge 0.00 %12b-1 Fee n/a

Portfolio Analysis

Composition as of 09-30-17 % Assets

U.S. Stocks 29.4Non-U.S. Stocks 19.6Bonds 43.7Cash 4.0Other 3.4

Morningstar Style Box™ as of 09-30-17(EQ) ; 09-30-17(F-I)

LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext

Top Holdings as of 09-30-17 % Assets

State St S&P 500® Indx NL Cl A 23.52State St US Bnd Indx NL Cl A 23.51State St Gbl All Cp Eq ex-US Idx NL Cl C 18.80State St 1-10 YrUS TIPS Indx NL Cl A 9.05State Street U.S. High Yield Bond Index 5.93.......................................................................................................State St Russell Sm/Mid Cp® Indx NL Cl A 5.16State St US Infl Protct Bnd Indx NL Cl A 4.41Tuckerman Global REIT NL Series Fund 3.70State St Bloomberg RSC IdxSM NL Cl A 3.49State St US Lg Gov Bnd Indx NL Cl A 2.44

.......................................................................................................Total Number of Holdings 10Annual Turnover Ratio % 13Total Fund Assets ($mil) 363.17

Morningstar Super Sectors as of 09-30-17 % Equities

h Cyclical 43.65j Sensitive 35.40k Defensive 20.96

Morningstar F-I Sectors as of 09-30-17 % Fund % Category

⁄ Government 52.19 36.49› Corporate 24.58 27.66€ Securitized 14.53 17.53‹ Municipal 0.26 0.41fi Cash 7.72 14.74

Other 0.73 3.17

©2017 Morningstar, Inc., Morningstar® Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/orits content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers areresponsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website atwww.morningstar.com.

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You should consider the investment objectives, risks,charges and expenses of the investment optionscarefully before investing. All units of the collectiveinvestment funds (each, a 'Fund' and collectively, the'Funds') offered under the Collective Trust that serve asinvestment options under the ABA Retirement FundsProgram ("the Program") are exempt from registrationunder the Securities Act of 1933. For a copy of theProgram Disclosure Document with more completeinformation, including charges and expenses associatedwith the Program, or to speak with a Plan Consultant,call 800.826.8901, visit www.abaretirement.com orwrite to: ABA Retirement Funds, P.O. Box 5142, Boston,MA 02206-5142. Please read the information carefullybefore investing. For email inquiries, [email protected].

PerformanceThe total return of a Fund reflects performance after adjustmentfor fees and expenses. Each Fund's performance is comparedwith the investment record of a comparable market index orother benchmark. The benchmark is a portfolio of specifiedsecurities and the benchmark does not reflect any initial orongoing fees or expenses. Securities held in a Fund's portfoliomay differ significantly from the securities that comprise thebenchmark.

The past performance of a Fund or benchmark is no guaranteeof future performance.

Best and Worst 3 Month ReturnMorningstar calculates best and worst 3-month performance(in percentage terms) of each Fund on a monthly basis.

Best 3-Month Return: The highest total return a Fund has postedin a consecutive three-month period over the trailing 15 years,or if a Fund has been in operation for less than 15 years, sincethe Fund's inception.

Worst 3-Month Return: The lowest total return a Fund hasposted in a consecutive three-month period over the trailing 15years, or if a Fund has been in operation for less than 15 years,since the Fund's inception.

The past performance of a Fund is no guarantee of futureperformance.

Growth of $10,000Growth of $10,000 shows a Fund's hypothetical performancebased on how an assumed $10,000 investment in the Fundwould have grown over time. The growth of $10,000 begins atthe date shown in the module. Also shown is the hypotheticalgrowth of $10,000 based on the investment record of the Fund'sBenchmark over the same period. The inclusion of theinformation on the Benchmark allows investors to compare theperformance of the Fund with the performance of theBenchmark. The past performance of a Fund or Benchmark isno guarantee of future performance.

Morningstar Style Box™The Morningstar Style Box™ reveals a fund's investment style.For equity funds the vertical axis shows the marketcapitalization of the long stocks owned and the horizontal axisshows investment style (value, blend, or growth).

For fixed-income funds, the vertical axis shows the credit qualityof the fixed income securities owned and the horizontal axisshows interest rate sensitivity as measured by a bond'seffective duration.

Morningstar seeks credit rating information from fundcompanies on a periodic basis (e.g., quarterly). In compilingcredit rating information Morningstar accepts credit ratingsreported by fund companies that have been issued by allNationally Recognized Statistical Rating Organizations(NRSROs). For a list of all NRSROs, please visit http://www.sec.gov/divisions/marketreg/ratingagency.htm.Additionally, Morningstar accepts foreign credit ratings fromwidely recognized or registered rating agencies. If two ratingorganizations/agencies have rated a security, fund companiesare to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to reportthe median rating, and in cases where there are more than twoorganization/agency ratings and a median rating does not exist,fund companies are to use the lower of the two middle ratings.PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor doesit issue a credit rating on the fund. An NRSRO or rating agencyratings can change from time-to-time.

For credit quality, Morningstar combines the credit ratinginformation provided by the fund companies with an averagedefault rate calculation to come up with a weighted-averagecredit quality. The weighted-average credit quality is currentlya letter that roughly corresponds to the scale used by a leadingNRSRO. Bond funds are assigned a style box placement of"low", "medium", or "high" based on their average credit quality.Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-";medium are those less than "AA-", but greater or equal to"BBB-"; and high are those with a weighted-average creditquality of "AA-" or higher. When classifying a bond portfolio,Morningstar first maps the NRSRO credit ratings of theunderlying holdings to their respective default rates (asdetermined by Morningstar's analysis of actual historical defaultrates). Morningstar then averages these default rates todetermine the average default rate for the entire bond fund.Finally, Morningstar maps this average default rate to itscorresponding credit rating along a convex curve.

For interest-rate sensitivity, Morningstar obtains from fundcompanies the average effective duration. Generally,Morningstar classifies a fixed-income fund's interest-ratesensitivity based on the effective duration of the MorningstarCore Bond Index (MCBI), which is currently three years. Theclassification of Limited will be assigned to those funds whoseaverage effective duration is between 25% to 75% of MCBI'saverage effective duration; funds whose average effectiveduration is between 75% to 125% of the MCBI will be classifiedas Moderate; and those that are at 125% or greater of theaverage effective duration of the MCBI will be classified asExtensive.

For municipal bond funds, Morningstar also obtains from fundcompanies the average effective duration. In these cases staticbreakpoints are utilized. These breakpoints are as follows: (i)Limited: 4.5 years or less; (ii) Moderate: more than 4.5 yearsbut less than 7 years; and (iii) Extensive: more than 7 years. Inaddition, for non-US taxable and non-US domiciled fixed incomefunds static duration breakpoints are used: (i) Limited: less thanor equal to 3.5 years; (ii) Moderate: greater than 3.5 and lessthan equal to 6 years; (iii) Extensive: greater than 6 years.

Fees and ExpensesReflects the expense ratio of the Fund based on the amountsincurred by the Fund for its last fiscal year, adjusted to reflectestimated reductions relating to a change in the Programexpense fee payable to Voya effective May 1, 2014 and theremoval of the units from registration under the Securities Actof 1933 and the related suspension of the Fund’s obligation tocomply with the informational requirements of the SecuritiesExchange Act of 1934, which occurred on December 20, 2013. An explanation of the manner in which certain deductions andfees are calculated and the portions of these deductions andfees paid to certain parties in connection with the Program canbe found in the Program Disclosure Document.

RisksAs with any investment, you could lose money on yourinvestment. The unit value of each Fund typically fluctuates dailybased on changes in the value of the securities held by the Fund.The investment strategies that the Funds' investment advisorsuse may not produce the intended results. For detailedinformation about these risks, please refer to the ProgramDisclosure Document.

Retirement Date Fund Risk: Generally speaking, RetirementDate Funds target a certain date range for retirement, or thedate the investor plans to start withdrawing money. Investorscan select the Fund that most closely corresponds to theiranticipated retirement date. These Funds are designed torebalance to a more conservative investment approach as thetarget date nears. An investment in a Retirement Date Fund isnot guaranteed from investment loss at any time, including onor after the target date.

The Funds offered under the Collective Trust are not mutualfunds and are not registered as investment companies underthe Investment Company Act of 1940 and, therefore, are notsubject to compliance with the requirements of such act or theprotections afforded thereunder. In addition, Units of theFunds are not deposits of or obligations of, or guaranteedor endorsed by, Mercer Trust Company or any otherbank, are not insured by the Federal Deposit InsuranceCorporation, the Board of Governors of the FederalReserve, or any other agency, and involve risks includingthe possible loss of principal. Please review the ProgramDisclosure Document for more information regarding the Fundsand the Program, including fees and expenses.

The Glossary of Terms set forth below contains definitions of,and additional information with respect to, the terms usedherein and is an integral part hereof.

GLOSSARY OF TERMSAnnual Turnover Ratio: Represents the frequency with whicha Fund bought and sold securities in which it invests during themost recently completed calendar year next preceding theissuance of the Program Disclosure Document. As the level ofportfolio turnover increases, transaction expenses incurred bythe Fund, such as brokerage commissions, increase, which mayadversely affect the Fund's performance.

Benchmark: An index or other standard against which a Fund'sperformance is measured. A large capitalization U.S. stockfund's returns, for instance, are often compared with theinvestment record of large-capitalization U.S. domiciled issuersof the S&P 500 index.Capital appreciation: An increase in the price of a security.

Disclosure


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This is one of the two primary sources of an investor's totalreturn. The other primary source is income.

Composition: The types of securities held in a Fund's portfolio.A portfolio's composition will tell you something about its risklevel. Funds that hold a large percentage of assets in cash orcash equivalents usually carry less risk because not all of theirholdings are as exposed to market movements. The PortfolioAnalysis pie chart can be used to determine how much of yourinvestment consists of stocks, bonds and cash, includingforeign stocks.

Coupon: A bond coupon refers to the periodic interestpayments that a bond holder is entitled to receive for holding abond.

Credit Analysis: For fixed-income Funds, credit analysisassesses the quality of the U.S. and non-U.S. bonds in a Fund'sportfolio. Credit quality can influence the returns of portfoliosthat invest heavily in bonds. The Credit Analysis graph showsthe respective percentage of Fund assets invested in securitiesrated in each of the major credit ratings categories, asdetermined by Standard & Poor's or Moody's (which are majorcredit rating agencies). The most highly rated bonds are ratedAAA. Bonds with a BBB rating are in the lowest category thatis still considered to be of investment grade. Bonds that arerated at or lower than BB (often called junk bonds or high-yieldbonds) are considered to be quite speculative and more riskythan higher-rated bonds. Any bonds that appear in the NR/NAcategory are either not rated by Standard & Poor's or Moody'sor did not have a rating available as of the release date of thiscommunication.

Duration: A measure of the sensitivity of the price (the valueof principal) of a fixed-income security to a change in interestrates. Duration is expressed as a number of years. Risinginterest rates generally lead to falling bond prices, whiledeclining interest rates result in rising bond prices. The longerthe duration, the greater the increase or decrease, asapplicable, in a bond's price in response to interest ratechanges.

Equity: Another term for stock, which is issued by a companyand generally trades on an exchange.

Growth: There are two common uses of the word growth inthe investment industry. In one sense, growth refers to anincrease in a company's profits or sales. In the other sense,growth refers to a style of investing in which investmentadvisors seek to invest in firms with rapidly increasing profitsor sales, often focusing less on the relative estimated enterpriseor asset values as compared to the prices they pay for suchstocks.

Income: Payment to an investor of a dividend on a stock or ofinterest on a bond. Income is one of the two primary sourcesof total return, the other being capital appreciation.

Index: As a noun, index refers to a benchmark, such as theS&P 500 index, that is used to assess a Fund's performance. Asa verb, index refers to the practice of buying and holding thesecurities that comprise an index, or securities that arerepresentative of those comprising an index.

Interest-rate risk: Interest-rate risk represents vulnerability of

a fixed-income security to changes to interest rates. Wheninterest rates rise, the prices of bonds and other income-oriented securities tend to fall and vice versa. The longer theduration for a bond or average effective duration for a Fund, thegreater its interest-rate risk.

Investment Strategy: Indicates a particular Fund's investmentgoals, as further described in the Program DisclosureDocument.

Market capitalization: The value of a company based on thecurrent selling price of its stock and the number of shares it hasissued. Market capitalization equals the number of sharesoutstanding multiplied by the share price.

Morningstar separates stock portfolio holdings into five market-capitalization groups: Giant, Large, Medium, Small and Micro.Of the 5,000 largest U.S. companies in Morningstar's equitiesdatabase, the top 1% are categorized as Giant, the next 4% areLarge, the next 15% are Medium, the next 30% are Small andthe remaining 50% are Micro. Companies below the largest5,000 are also classified as Micro.

For equity Funds, the average market capitalization ofcompanies in a Fund's portfolio is also used to determine thevertical axis of the Morningstar Equity Style Box.

Market risk: The risk associated with general movements inthe stock or bond market. Investments that are most sensitiveto movements in these markets (as measured by r-squared andbeta) are considered to have the greatest market risk, whileinvestments that are least sensitive to movements in thesemarkets are considered to have the least market risk.

Maturity: Maturity measures the average time period (inyears) from a given date to the date on which bonds in a Fund'sportfolio are due to be paid. A longer maturity indicates highersensitivity to interest rate fluctuations.

Net Asset Value (NAV): A Fund's price per unit. The per unitdollar value of a Fund is calculated by dividing the total assetsof all the holdings in its portfolio, less any liabilities, by thenumber of Fund units outstanding.

Principal: The face value of a bond that its owner is owed atmaturity. The term also refers to the amount invested in a fundor security, independent of any earnings or losses on theinvestment.

Real Estate Investment Trusts (REITs): Companies thatinvest in multiple real-estate properties. REITs generally tradeon major stock exchanges and are held by many mutual funds.The portfolios of certain Funds, including the Real Asset ReturnFund and select Retirement Date Funds and Target Risk Funds,contain REITs. Any REITs in a Fund's portfolio are included asU.S. stocks in the Portfolio Analysis module and are listed underCyclical in the Morningstar Super Sectors module.

Sector weightings: For U.S. equity Funds, Morningstardetermines the respective percentages of each Fund's assetsthat are allocated to each of the 11 major industrial sectors,and groups those sectors into three broader categories(Cyclical, Sensitive and Defensive). For Funds that invest in fixedincome securities, Morningstar determines the respectivepercentages of each Fund's assets that are allocated to eachof six categories (Government, Corporate, Securitized,

Municipal, Cash and Other). The allocation to Cash in thismodule is based on the total fixed income market value of theFund (as opposed to the Cash allocation in the Portfolio Analysismodule, which is based on the value of the cash as a percentageof the total Fund). The allocation to Other in this modulerepresents derivatives (as opposed to the Portfolio Analysismodule, which includes derivatives in the Stocks or Bondscategory, as appropriate).

Sector weightings provide another means of assessing therelative riskiness of different investment strategies. If a Fund'ssector allocation is similar to the overall market (as measuredby a broad market index such as the S&P 500 index) then theFund likely follows a more conservative style. If the Fund heavilyoverweights or underweights individual sectors, then the Fund'sstrategy typically takes on more risk.

Security: This term can refer to any financial asset, includingstocks, bonds, and some derivative instruments, theperformance of which is derived from that of debt or equitysecurities.

Standard deviation: A statistical measure of the volatility ofa Fund's returns.

Top holdings: A Fund's top holdings show which securities(stocks or bonds) are held in the largest concentrations andthus can be expected to have the most influence on the Fund'sreturns. The percentage of assets of the portfolio each holdingrepresents provides an indication of the Fund's level of risk. Forexample, for an actively-managed equity Fund, a moreconservatively managed Fund will usually devote no more than3% to 4% of the Fund's assets to a particular security, while amore aggressively managed Fund may allocate 7%, 8%, or aneven greater percentage of assets to a particular security. Thetotal weighting of the top five holdings is also a measure of aFund's risk taking policy. Funds that restrict the total amount ofthe top five holdings to 15% of assets or less are generally moreconservative, while those that devote more than 25% to suchholdings may be considered more aggressive.

Total Expense Ratio: Reflects the annualized expense ratioof a Fund based on net assets of the Fund and the Programdetermined as described under "Fees and Expenses." All Fundperformance is reported net of fees and expenses. The asset-based fees charged against each Fund accrue daily and vary inamount to some degree depending on the asset levels of theFund and the Program. Please refer to the Program DisclosureDocument for a detailed breakdown of fees and expenses.

Total Return: The combined performance of a Fund, includingdistributed and undistributed capital appreciation or loss andinterest or other income.

Volatility Analysis: The Volatility Analysis graph indicateswhere a Fund's volatility ranks relative to the mutual funduniverse. Various events, factors and conditions couldmaterially affect performance and could materially change thevolatility, risk and investment return characteristics of a Fund.Please refer to the strategy, investment guidelines andrestrictions, and risk factors of a Fund as set forth in the ProgramDisclosure Document.

Low Volatility: A Fund with a low volatility measure has, in

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the past, shown a smaller range of price fluctuations relative tothe mutual funds within the category. Consequently, a Fund someasured may appeal to investors looking for a moreconservative investment strategy.

Moderate Volatility: A Fund with moderate volatility has, inthe past, shown a relatively moderate range of pricefluctuations relative to the mutual funds within the category.The Fund may experience larger or smaller price declines orprice increases depending on market conditions.

High Volatility: A Fund with high volatility has, in the past,shown a wider range of price fluctuations relative to the mutualfunds within the category. The Fund may experience significantprice increases in favorable markets or be prone to experiencelarger price declines in adverse markets.

The volatility measure of a Fund is not displayed for Funds withfewer than three years of performance history.

World Regions: The World Regions chart presents therespective percentages of assets of an international Fund thatare invested in various regions of the world. Regional exposureis an important variable in the relative returns of internationalFunds.

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The 2030 Retirement Date Fund currently invests in a combination of U.S. stocks, non-U.S. stocks, fixed-income securities and commodities, and allocates its assets among these investments according to an asset allocation strategy that varies generally on a predetermined basis. On a regular basis, the 2030 Retirement Date Fund automatically will be rebalanced to a more conservative strategy until 2035, the year that is five years after the 2030 target retirement date. Over time, the equity allocations decrease and the fixedincome and real estate securities allocations increase. By the year 2035, the 2030 Retirement Date Fund is currently expected to invest and remain invested in its most conservative mix of fixed-income, equity and real estate securities and commodities, at or about which time those assets will be transferred to the Lifetime Income Retirement Date Fund and the 2030 Retirement Date Fund will be terminated.



Volatility Analysis

Low Moderate High

Investment

Category



24.51% -27.38%(Mar '09 - May '09) (Sep '08 - Nov '08)

NotesThe composite benchmark for the Fund currently includes theBarclays Capital U.S. Long Government Bond Index, theBarclays Capital U.S. Aggregate Bond Index, the BarclaysCapital U.S. High Yield Very Liquid Index, the Barclays CapitalU.S. Treasury Inflation Protected Securities Index, the S&P 500,the Morgan Stanley Capital International All Country World ex-USASM IMI Index, the Russell Small-Cap Completeness Indexand the Bloomberg Roll Select Commodity Index, which areweighted based on the Fund's target allocations to therespective asset classes to which such benchmarks relate.Inception to date performance for the Fund and Benchmarkbegins with first full month following stated inception date. ThisFund's asset allocation is approximately at 15 years untilretirement on the Allocation of Stocks and Bonds graph. Seethe Program Annual Disclosure Document (April 2017) for moreinformation, as well as the attached Disclosure page. MercerTrust Company became trustee of the Fund effectiveSeptember 4, 2015.


050 40 30 20 10 -10 -20 -30

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Performance

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InvestmentBenchmark





Fund $17,847.......................................................................................................Benchmark $20,567

Fees and Expenses


Portfolio Analysis




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


State St S&P 500® Indx NL Cl A 32.37State St Gbl All Cp Eq ex-US Idx NL Cl C 28.52State St US Bnd Indx NL Cl A 11.89State St Russell Sm/Mid Cp® Indx NL Cl A 9.69State St US Lg Gov Bnd Indx NL Cl A 9.68.......................................................................................................State St Bloomberg RSC IdxSM NL Cl A 3.46State Street U.S. High Yield Bond Index 2.55State St US Infl Protct Bnd Indx NL Cl A 1.84






Other 1.79 4.03


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Volatility Analysis

Low Moderate High

Investment

Category

In the past, this investment has shown a relatively moderaterange of price fluctuations relative to other investments. Thisinvestment may experience larger or smaller price declines orprice increases depending on market conditions. Some of thisrisk may be offset by owning other investments with differentportfolio makeups or investment strategies.


26.86% -29.52%(Mar '09 - May '09) (Sep '08 - Nov '08)

NotesThe composite benchmark for the Fund currently includes theBarclays Capital U.S. Long Government Bond Index, theBarclays Capital U.S. Aggregate Bond Index, the S&P 500, theMorgan Stanley Capital International All Country World ex-USASM IMI Index, the Russell Small-Cap Completeness Indexand the Bloomberg Roll Select Commodity Index, which areweighted based on the Fund's target allocations to therespective asset classes to which such benchmarks relate.Inception to date performance for the Fund and Benchmarkbegins with first full month following stated inception date. ThisFund's asset allocation is approximately at 25 years untilretirement on the Allocation of Stocks and Bonds graph. Seethe Program Annual Disclosure Document (April 2017) as wellas the attached Disclosure page. Mercer Trust Companybecame trustee of the Fund effective September 4, 2015.


050 40 30 20 10 -10 -20 -30

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60

40

20

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Performance

10

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30

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InvestmentBenchmark





Fund $17,980.......................................................................................................Benchmark $20,932

Fees and Expenses


Portfolio Analysis




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


State St S&P 500® Indx NL Cl A 35.25State St Gbl All Cp Eq ex-US Idx NL Cl C 33.37State St Russell Sm/Mid Cp® Indx NL Cl A 13.96State St US Lg Gov Bnd Indx NL Cl A 9.63State St US Bnd Indx NL Cl A 4.34.......................................................................................................State St Bloomberg RSC IdxSM NL Cl A 3.44






Other 3.44 4.50


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Volatility Analysis

Low Moderate High

Investment

Category



9.32% -8.24%(Sep '13 - Nov '13) (Jul '15 - Sep '15)

NotesThe composite benchmark for the Fund currently includes theBarclays Capital U.S. Long Government Bond Index, the S&P500, the Morgan Stanley Capital International All Country Worldex-USASM IMI Index, the Russell Small-Cap CompletenessIndex and the Bloomberg Roll Select Commodity Index, whichare weighted based on the Fund's target allocations to therespective asset classes to which such benchmarks relate.Inception to date performance for the Fund and Benchmarkbegins with first full month following stated inception date. ThisFund's asset allocation is approximately at 35 years untilretirement on the Allocation of Stocks and Bonds graph. Seethe Program Annual Disclosure Document (April 2017) for moreinformation, as well as the attached Disclosure page. MercerTrust Company became trustee of the Fund effectiveSeptember 4, 2015.


050 40 30 20 10 -10 -20 -30

10080

60

40

20

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Performance

10

20

30

40

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YTD YTD YTD YTD YTD


InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception14.61 15.25 7.07 9.38 . 9.65 Fund Return %15.07 15.88 7.70 10.09 . 10.38 Benchmark Return %14.92 16.18 7.63 9.81 . . Category Average %



Fund $16,857.......................................................................................................Benchmark $17,503

Fees and Expenses


Portfolio Analysis




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


State St S&P 500® Indx NL Cl A 35.78State St Gbl All Cp Eq ex-US Idx NL Cl C 35.12State St Russell Sm/Mid Cp® Indx NL Cl A 16.03State St US Lg Gov Bnd Indx NL Cl A 9.63State St Bloomberg RSC IdxSM NL Cl A 3.44






Other 4.70 5.99


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Aggressive Risk Fund ..........................................................................................................................................................................................................................................................................................................................................Benchmark Morningstar CategoryBlended Benchmark Allocation--70% to 85% Equity


The Aggressive Risk Fund invests in a combination of U.S. stocks, non-U.S. stocks, bonds, Treasury Inflation Protected Securities (or U.S. TIPS), futures contracts on physical commodities, natural resource securities, global listed infrastructure and global real estate investment trusts (or REITs), mortgage-backed securities, corporate and sovereign debt, the credit spreads of mortgage backed securities, developed and emerging market currencies, commodities and derivatives, and allocates its assets among these investments according to a fixed strategic asset allocation strategy. The Aggresstive Risk Fund is designed for investors who want to maximize growth and capital appreciation. This Fund is expected to have the highest volatility of returns among the Target Risk Funds.


Fund Inception Date 07-07-09Trustee Mercer Trust CompanySubAdvisors Small-Mid Cap Equity Fund

SubadvisorsReal Asset Return FundSubadvisorsAlternative Alpha FundSubadvisorsState Street Global Advisors

Volatility Analysis

Low Moderate High

Investment

Category



11.20% -13.78%(Jul '10 - Sep '10) (Jul '11 - Sep '11)

NotesThe Aggressive Risk Fund was restructured after September 4,2015, and allocates among passive index funds managed bySSgA, including its S&P 500 Index Non-Lending Series Fund,Global Equity ex U.S. Index Non-Lending Series Fund and U.S.Bond Index Non-Lending Series Fund, as well as among otherProgram Funds, including Small-Mid Cap Equity, Real AssetReturn and Alternative Alpha. Refer to the Fund Profiles forthese Funds for more information. The blended benchmark is acomposite of indexes corresponding to the asset classesrepresented in the underlying allocations, weighted based onthe Fund's target allocations to such asset classes. Inceptionto date performance for the Fund and Benchmark begins withfirst full month following stated inception date. See the ProgramAnnual Disclosure Document (April 2017) for more information,and the attached Disclosure page. Mercer Trust Companybecame trustee of the Fund on September 4, 2015.

Performance

5

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YTD YTD YTD YTD YTD


InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception13.53 14.17 6.09 8.07 . 9.24 Fund Return %13.86 14.66 6.79 8.76 . 10.01 Benchmark Return %11.23 12.84 6.01 8.87 . 10.62 Category Average %



Fund $20,572.......................................................................................................Benchmark $21,801

Fees and Expenses


Portfolio Analysis




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


State St S&P 500® Indx NL Cl A 36.84State St Gbl Eq ex US Indx NL Cl A 29.23Real Asset Return Fund 11.97State St US Bnd Indx NL Cl A 9.92Small-Mid Cap Equity Fund 7.07.......................................................................................................Alternative Alpha Fund 4.98






Other 6.97 9.48


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All Cap Index Equity Fund ..........................................................................................................................................................................................................................................................................................................................................Benchmark Morningstar CategoryRussell 3000 Large Blend


Invests primarily in common stocks included in the Russell 3000 Index with the objective of replicating, before expenses, the total rate of return of the Russell 3000 Index.



Volatility Analysis

Low Moderate High

Investment

Category



26.33% -31.41%(Mar '09 - May '09) (Sep '08 - Nov '08)

NotesThe Benchmark for this Fund is the Russell 3000 Index. Inceptionto date performance for the Fund begins with first full monthfollowing stated inception date. See the Program AnnualDisclosure Document (April 2017) for more information, as wellas the attached Disclosure page. Mercer Trust Companybecame trustee of the Fund effective September 4, 2015.

Performance

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InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception13.38 18.03 10.07 13.51 6.90 8.36 Fund Return %13.91 18.71 10.74 14.23 7.57 . Benchmark Return %13.19 17.65 9.03 12.91 6.58 7.60 Category Average %



Fund $21,130.......................................................................................................Benchmark $22,566

Fees and Expenses


Portfolio Analysis



Morningstar Equity Style Box™ as of 09-30-17 % Mkt Cap

LargeM

idSm

all

Value Blend Growth

Giant 42.21........................................................Large 29.92Medium 19.25Small 6.50........................................................Micro 2.11

Top 10 Holdings as of 09-30-17 % Assets

Apple Inc 3.04Microsoft Corp 2.12Facebook Inc A 1.51Amazon.com Inc 1.45Berkshire Hathaway Inc B 1.33.......................................................................................................Johnson & Johnson 1.33Exxon Mobil Corp 1.32JPMorgan Chase & Co 1.28S+p500 Emini Fut Dec17 Xcme 20171215 12-15-17 1.19Alphabet Inc A 1.10

.......................................................................................................Total Number of Stock Holdings 2640Total Number of Bond Holdings 1Annual Turnover Ratio % 5Total Fund Assets ($mil) 370.54

Morningstar Sectors as of 09-30-17 % Fund

h Cyclical 34.86...............................................................................................r Basic Materials 3.32t Consumer Cyclical 11.49y Financial Services 16.43u Real Estate 3.62

j Sensitive 40.53...............................................................................................i Communication Services 3.52o Energy 5.72p Industrials 11.37a Technology 19.92

k Defensive 24.62...............................................................................................s Consumer Defensive 7.52d Healthcare 13.99f Utilities 3.11


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Alternative Alpha Fund ..........................................................................................................................................................................................................................................................................................................................................Benchmark 1 Benchmark 2ML 3 Month T-Bill +4% Blended Benchmark


Invests in a broad set of liquid asset classes including U.S. TIPS, other fixed income securities, global developed and emerging market equities, global nominal and inflation linked-government bonds, emerging market bonds, mortgage-backed securities, corporate and sovereign debt, the credit spreads of mortgage backed securities, developed and emerging market currencies, commodities and derivatives. The Fund's objective is to achieve long-term total returns in excess of the yield on cash-equivalent investments. The Fund can be expected to have greater volatility than cash-equivalent investments.The Fund's investment strategies are nontraditional and include the use of derivatives, leverage, hedging and short selling.


Fund Inception Date 01-17-12Trustee Mercer Trust CompanySubAdvisors AQR Capital Management, LLC

Putnam Investments

Volatility Analysis

Low Moderate High

Investment



5.23% -8.22%(May '16 - Jul '16) (Jun '15 - Aug '15)

NotesThe primary benchmark for the Fund is the BofA Merrill Lynch3-Month Treasury Bill Index + 4% per annum, an unmanagedindex of U.S. Treasury securities maturing in 90 days thatassumes reinvestment of all income. For purposes of calculatingthe Benchmark, 4% annually (about 0.33% monthly) is addedto the Merrill Lynch 3-Month Treasury Bill Index's return toreflect the Fund's objective of providing return in excess of theyield on cash equivalent investments. The Blended Benchmarkconsists of the S&P 500 Index and the Barclays Capital U.S.Aggregate Bond Index in equal weighting. Inception to dateperformance for the Fund and Benchmarks begins with first fullmonth following stated inception date. The trustee limitscontributions to the Alternative Alpha Fund to 15% of aParticipant's investment elections and transfers to 15% of thetotal value of a Participant's Program investments. See theProgram Annual Disclosure Document (April 2017) for moreinformation and risks related to investing in this type of non-traditional, diversifying fund, and the attached Disclosure Page.Mercer Trust Company became trustee of the Fund onSeptember 4, 2015. Effective June 30, 2016, Wellington TrustCompany was terminated and replaced with PutnamInvestments.

Performance

5

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YTD YTD YTD YTD YTD


InvestmentBenchmark 1Benchmark 2


YTD 1 Year 3 Year 5 Year 10 Year Since Inception7.63 8.65 0.50 1.25 . 1.83 Fund Return %3.61 4.74 4.39 4.26 . 4.25 Benchmark 1 Return %8.61 9.15 6.94 8.20 . 8.56 Benchmark 2 Return %



Fund $11,084.......................................................................................................Benchmark 1 $12,657Benchmark 2 $15,925

Fees and Expenses


Portfolio AnalysisComposition as of 09-30-17 % Net


..........................................................................................-100 -50 0 50 100 Total 100.0


LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


Ubs Money Ser 12-31-49 7.48S&P500 Emini Fut Dec17 12-15-17 5.62Fed Natl Mort Assc 3.5% 11-15-46 3.21US Treasury Note 04-15-21 2.79US Treasury Note 04-15-20 2.45..........................................................................................Fannie Mae Single Family TBA 2.5% 2047-10-01 10-01-47

1.67

US Treasury Note 07-15-26 1.45Tsy 0 1/8 2024 I/L Gilt 1.44US Treasury Note 01-15-26 1.37Tsy 0 1/8 2026 I/L Gilt 1.13




Morningstar F-I Sectors as of 09-30-17 % Fund

⁄ Government 18.99› Corporate 9.73€ Securitized 21.00‹ Municipal 0.00fi Cash 34.37

Other 15.91


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Balanced Fund ..........................................................................................................................................................................................................................................................................................................................................Benchmark Morningstar CategoryBlended Benchmark Allocation--50% to 70% Equity


The Balanced Fund seeks to achieve, over an extended period of time, total returns comparable to or superior to an appropriate combination of broad measures of the domestic stock and bond markets. The Fund invests in publicly traded common stock, other equity-type securities, medium- to long-term debt securities with varying maturities (including bonds, notes, debentures, equipment trust certificates, asset-backed securities and mortgage-related securities) and money market instruments. The Balanced Fund normally maintains at least 40%, but not more than 70%, of its total assets in common stocks and other equity-type instruments, including convertible securities, and at least 30%, but not more than 60%, of its total assets in nonconvertible debt securities and money market instruments. Under normal circumstances, approximately 60% of the Balanced Fund’s assets are expected to be allocated to equity securities and approximately 40% are expected to be allocated to debt securities. The Balanced Fund may vary the portion of its assets invested in equity securities, debt securities and money market instruments in seeking to achieve its investment objective based upon economic conditions, the general level of common stock prices, interest rates and other relevant considerations, including the risk associated with each investment strategy.


Fund Inception Date 01-02-92Trustee Mercer Trust CompanySubAdvisors Large Cap Equity Fund Subadvisors

Bond Core Plus Fund Subadvisors

Volatility Analysis

Low Moderate High

Investment

Category



15.66% -20.46%(Mar '09 - May '09) (Sep '08 - Nov '08)

NotesThe Fund is closed to new investments. The Fund achieves itsobjective by investing in the Large Cap Equity and Bond CorePlus Funds. After September 4, 2015, changes to thesubadvisors for Large Cap Equity and Bond Core Plus weremade. See the Fund Profiles for these Funds for moreinformation. The Blended Benchmark consists of 60% Russell1000 Index and 40% Barclays Capital U.S. Aggregate BondIndex. Returns since inception for the Fund begin with first fullmonth after stated inception date. See the Program AnnualDisclosure Document (April 2017) for more information, and theattached Disclosure page. Mercer Trust Company becametrustee of the Fund on September 4, 2015.

Performance

5

10

15

20

0

-5

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-15



InvestmentBenchmark





Fund $18,607.......................................................................................................Benchmark $19,334

Fees and Expenses




..........................................................................................-100 -50 0 50 100 Total 100.0


LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


Large Cap Equity Fund 60.30Bond Core Plus Fund 39.70






Other 0.00 5.80


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Bond Core Plus Fund ..........................................................................................................................................................................................................................................................................................................................................Benchmark Morningstar CategoryBarclays Capital U.S. AggregateBond

Intermediate-Term Bond


Invests in a diversified portfolio of fixed-income securities of varying maturities with the objective of achieving a competitive total return from current income and capital appreciation.


Fund Inception Date 09-05-95Trustee Mercer Trust CompanySubAdvisors Prudential Fixed Income

Manulife Asset Management

Volatility Analysis

Low Moderate High

Investment

Category



7.89% -6.56%(Nov '08 - Jan '09) (Aug '08 - Oct '08)

NotesThe Benchmark for this Fund is the Barclays Capital U.S.Aggregate Bond Index. Inception to date performance for theFund begins with first full month following stated inception date.The Total Fund Assets reported includes the portion of theBalanced Fund invested in this Fund. See the Program AnnualDisclosure Document (April 2017) for more information, as wellas the attached Disclosure page. Mercer Trust Companybecame trustee of the Fund effective September 4, 2015.Effective September 4, 2015, Longfellow InvestmentManagement Co. LLC and Logan Circle Partners, L.P wereterminated as Investment Advisors to the Fund andsubsequently replaced by Prudential Fixed Income, Dodge & Coxand SSgA. Effective June 1, 2016, Dodge & Cox was terminatedand replaced by Manulife Asset Management.

Performance

5

10

15

20

0

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-10

-15



InvestmentBenchmark





Fund $15,929.......................................................................................................Benchmark $15,781

Fees and Expenses




..........................................................................................-100 -50 0 50 100 Total 100.0

Morningstar Fixed Income Style Box™ as of 09-30-17

HighM

edLow

Ltd Mod Ext

Avg Eff Duration 5.74Avg Eff Maturity 12.29Avg Wtd Coupon 2.71Avg Wtd Price 102.19


Us 2yr Note (Cbt) Dec17 Xcbt 20171229 12-29-17 13.62B8a3ewbg2 Irs Usd R V 03mlibor B8a3ewbg2_flo Ccpvanilla 12-31-22

7.41

Us 5yr Note (Cbt) Dec17 Xcbt 20171229 12-29-17 6.98B8a3tkg69 Irs Usd R V 12mlibor Irs Jpm 20171114 L Ois Fedl01 11-14-17

4.90

B8a3u8pu1 Irs Usd R V 01musois 20181118 Citi 11-18-18

3.71

..........................................................................................B8a3qvn94 Irs Usd R V 09musios 20171021 Citil Uss01 10-21-17

2.54

B8a3rynl0 Irs Usd R V 12mlibor Irs Jpm Ccp Lch 20171101 L 11-01-17

2.50

S8a4edws3 Irs Usd R F .00000 Ois Basis 0.00 Fixed Lch Ccp 07-17-22

2.48

B8a3u3h15 Irs Usd R V 01musois 20181117 Citi 11-17-18

2.45

B8a3ug8w8 Irs Usd R V 01musois 20171122 Citi 11-22-17

2.45




Other 0.00 4.34

Credit Analysis as of 09-30-17 % Bonds

-100 -50 0 50 100

AAA 52AA 3A 7BBB 25BB 8B 4Below B 0Not Rated 1


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Bond Index Fund ..........................................................................................................................................................................................................................................................................................................................................Benchmark Morningstar CategoryBarclays Capital U.S. AggregateBond

Intermediate-Term Bond


"Invests primarily in a variety of obligations of the U.S. government and its agencies and instrumentalities, as well as U.S. dollar-denominated corporate debt securities, mortgage backed securities, commercial mortgage-backed securities and asset-backed securities, with the objective of replicating, before expenses, the total rate of return of the Barclays Capital U.S. Aggregate Bond Index."



Volatility Analysis

Low Moderate High

Investment

Category



3.75% -3.35%(Jun '10 - Aug '10) (Sep '16 - Nov '16)

NotesThe Benchmark for this Fund is the Barclays Capital U.S.Aggregate Bond Index. Inception to date performance for theFund and Benchmark begins with first full month followingstated inception date. See the Program Annual DisclosureDocument (April 2017) for more information, as well as theattached Disclosure page. Mercer Trust Company becametrustee of the Fund effective September 4, 2015.

Performance

5

10

15

20

0

-5

-10

-15

YTD YTD YTD YTD YTD


InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception2.67 -0.54 2.09 1.39 . 3.41 Fund Return %3.14 0.07 2.72 2.07 . 4.18 Benchmark Return %3.40 0.83 2.51 2.12 . 5.02 Category Average %



Fund $13,331.......................................................................................................Benchmark $14,197

Fees and Expenses


Portfolio Analysis




HighM

edLow

Ltd Mod Ext

Avg Eff Duration 5.79Avg Eff Maturity 7.99Avg Wtd Coupon 3.06Avg Wtd Price 104.36


US Treasury Note 2.25% 12-31-23 0.95US Treasury Note 1.125% 02-28-19 0.79US Treasury Note 1.375% 09-15-20 0.76US Treasury Note 1.125% 08-31-21 0.57US Treasury Note 2.125% 03-31-24 0.57.......................................................................................................US Treasury Note 2.25% 01-31-24 0.54US Treasury Note 1.625% 08-31-22 0.53US Treasury Note 1.25% 03-31-19 0.50US Treasury Note 1.5% 08-15-26 0.46US Treasury Note 1.5% 02-28-23 0.44




Other 0.00 4.34

Credit Analysis as of 09-30-17 % Bonds

-100 -50 0 50 100

AAA 72AA 4A 10BBB 14BB 0B 0Below B 0Not Rated 0


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Conservative Risk Fund ..........................................................................................................................................................................................................................................................................................................................................Benchmark Morningstar CategoryBlended Benchmark Allocation--30% to 50% Equity


The Conservative Risk Fund invests in a combination of U.S. stocks, non-U.S. stocks, bonds, Treasury Inflation Protected Securities (or U.S. TIPS), futures contracts on physical commodities, natural resource securities, global listed infrastructure and global real estate investment trusts (or REITs), mortgage-backed securities, corporate and sovereign debt, the credit spreads of mortgage backed securities, developed and emerging market currencies, commodities and derivatives, and allocates its assets among these investments according to a fixed strategic asset allocation strategy. The Conservative Risk Fund is the most conservative strategy among the Target Risk Funds. The Conservative Risk Fund is designed for investors who prefer lower volatility of returns and higher expected income.




Volatility Analysis

Low Moderate High

Investment

Category



5.04% -2.67%(Jul '10 - Sep '10) (Jun '15 - Aug '15)

NotesThe Fund was restructured after September 4, 2015, andallocates among passive index funds managed by SSgA, (itsS&P 500 Index Non-Lending Series Fund, Global Equity ex U.S.Index Non-Lending Series Fund, U.S. Bond Index Non-LendingSeries Fund, U.S. Inflation Protected Bond Index Non-LendingSeries Fund) and among other Program Funds (Small-Mid CapEquity, Real Asset Return, Alternative Alpha). Refer to FundProfiles for these Funds for information. The blended benchmarkis a composite of indexes corresponding to asset classesrepresented in the underlying allocations, weighted based onthe Fund's target allocations to such asset classes. Returnssince inception for Fund and Benchmark begin with first fullmonth after stated inception date. See the Program AnnualDisclosure Document (April 2017) for more information, andattached Disclosure page. Mercer Trust Company becametrustee of the Fund September 4, 2015.

Performance

5

10

15

20

0

-5

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-15

YTD YTD YTD YTD YTD


InvestmentBenchmark





Fund $15,360.......................................................................................................Benchmark $16,320

Fees and Expenses


Portfolio Analysis




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


State St US Bnd Indx NL Cl A 60.88State St S&P 500® Indx NL Cl A 11.35State St Gbl Eq ex US Indx NL Cl A 9.23State St US Infl Protct Bnd Indx NL Cl A 5.97Alternative Alpha Fund 5.01.......................................................................................................Real Asset Return Fund 5.01Small-Mid Cap Equity Fund 2.54






Other 1.34 4.47


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Global All Cap Equity Fund ..........................................................................................................................................................................................................................................................................................................................................Benchmark Morningstar CategoryMSCI ACWI ND World Large Stock


Invests a portion of its assets in the common stocks and other equity-type securities in U.S. companies with market capitalizations in excess of $100 million at the time of purchase. The Fund also invests in non-U.S. companies of any size located in a number of countries throughout the world. The Fund's objective is to achieve long-term growth of capital. Any income received is incidental to this objective.


Fund Inception Date 01-17-12Trustee Mercer Trust CompanySubAdvisors International All Cap Equity Fund

SubadvisorsLarge Cap Equity Fund SubadvisorsSmall-Mid Cap Equity FundSubadvisors

Volatility Analysis

Low Moderate High

Investment

Category



10.63% -8.92%(Sep '13 - Nov '13) (Jul '15 - Sep '15)

NotesThe Global All Cap Equity Fund achieves its investment objectiveby investing in U.S. equity securities through the Large CapEquity Fund and the Small-Mid Cap Equity Fund and in non-U.S.equity securities through the International All Cap Equity Fund.Subsequent to September 4, 2015, changes to the underlyingsubadvisors were enacted in the Large Cap Equity Fund, theSmall-Mid Cap Equity Fund and the International All Cap EquityFund. Please refer to the Fund Profiles for these Funds for moredetailed information. The Benchmark for this Fund is the MorganStanley Capital International All Country World Index. Inceptionto date performance for the Fund and Benchmark begins withfirst full month following stated inception date. See the ProgramAnnual Disclosure Document (April 2017) for more information,as well as the attached Disclosure page. Mercer Trust Companybecame trustee of the Fund effective September 4, 2015.

Performance

10

20

30

40

0

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-30

YTD YTD YTD YTD YTD


InvestmentBenchmark





Fund $17,299.......................................................................................................Benchmark $17,412

Fees and Expenses


Portfolio Analysis




LargeM

idSm

all

Value Blend Growth



Facebook Inc A 0.92Oracle Corp 0.75Nike Inc B 0.75Unilever PLC 0.74Pfizer Inc 0.72..........................................................................................Alphabet Inc C 0.71Visa Inc Class A 0.70Adobe Systems Inc 0.66Alibaba Group Holding Ltd ADR 0.66Johnson & Johnson 0.65


Morningstar World Regions as of 09-30-17 % Fund

Americas 59.22...............................................................................................North America 56.41Latin America 2.80

Greater Europe 23.11...............................................................................................United Kingdom 6.08Europe Developed 13.77Europe Emerging 0.99Africa/Middle East 2.28

Greater Asia 17.67...............................................................................................Japan 6.30Australasia 2.18Asia Developed 4.79Asia Emerging 4.41


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International All Cap Equity Fund ..........................................................................................................................................................................................................................................................................................................................................Benchmark Morningstar CategoryMSCI ACWI ex US ND Foreign Large Blend


The Fund invests primarily in common stocks of non-U.S. domiciled companies and in a variety of other equity-related securities of such companies, such as preferred stocks, warrants and convertible securities of such foreign companies, as well as foreign corporate and governmental debt securities (when considered consistent with its investment objective). The securities of non-U.S. companies may be held by the Fund directly or indirectly through American Depositary Receipts, Global Depositary Receipts or European Depositary Receipts.


Fund Inception Date 09-05-95Trustee Mercer Trust CompanySubAdvisors LSV Asset Management

American Century InvestmentManagement, Inc.First State InvestmentsInternational LimitedAcadian Asset Management LLCInvestec Asset ManagementNorth America, Inc.State Street Global Advisors

Volatility Analysis

Low Moderate High

Investment

Category



41.73% -38.68%(Mar '09 - May '09) (Sep '08 - Nov '08)

NotesThe Total Fund Assets reported includes the portion of theGlobal All Cap Equity Fund invested in this Fund. The Benchmarkfor this Fund is the Morgan Stanley Capital International AllCountry World Ex-U.S. Index. Inception to date performance forthe Fund begins with first full month following stated inceptiondate. See the Program Annual Disclosure Document (April2017) for more information, as well as the attached Disclosurepage. Mercer Trust Company became trustee of the Fundeffective September 4, 2015. Effective September 4, 2015,Altrinsic Global Advisors, LLC, Lee Munder Capital Group, LLCand William Blair & Company L.L.C. were terminated asInvestment Advisors to the fund and subsequently replaced byAcadian Asset Management LLC, Investec Asset Managementand SSgA.

Performance

10

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30

40

0

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-30



InvestmentBenchmark





Fund $12,259.......................................................................................................Benchmark $13,330

Fees and Expenses


Portfolio Analysis




LargeM

idSm

all

Value Blend Growth



Unilever PLC 1.43Roche Holding AG Dividend Right Cert. 1.17Uni-President Enterprises Corp 1.15Henkel AG & Co KGaA 1.11Infosys Ltd ADR 1.01..........................................................................................Total SA 0.82Grupo Financiero Santander Mexico SAB de CV ADR 0.78BNP Paribas 0.74Remgro Ltd 0.74Sanofi SA 0.74







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International Index Equity Fund ..........................................................................................................................................................................................................................................................................................................................................Benchmark Morningstar CategoryMSCI ACWI ex US ND Foreign Large Blend


Invests primarily in securities of non-U.S. companies included in the Morgan Stanley Capital International All-Country World Ex-U.S. Index, which we refer to as the MSCI ACWI ex-US Index, with the objective of replicating, before expenses, the total rate of return of the MSCI ACWI ex-US Index.



Volatility Analysis

Low Moderate High

Investment

Category



27.11% -20.78%(Apr '09 - Jun '09) (Jul '11 - Sep '11)

NotesThe Benchmark for this Fund is the Morgan Stanley CapitalInternational All Country World Ex-U.S. Index. Inception to dateperformance for the Fund and Benchmark begins with first fullmonth following stated inception date. See the Program AnnualDisclosure Document (April 2017) for more information, as wellas the attached Disclosure page. Mercer Trust Companybecame trustee of the Fund effective September 4, 2015.

Performance

10

20

30

40

0

-10

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-30

YTD YTD YTD YTD YTD


InvestmentBenchmark





Fund $22,164.......................................................................................................Benchmark $23,493

Fees and Expenses


Portfolio Analysis




LargeM

idSm

all

Value Blend Growth



Nestle SA 1.21Tencent Holdings Ltd 1.13Samsung Electronics Co Ltd 1.02HSBC Holdings PLC 0.92Alibaba Group Holding Ltd ADR 0.91.......................................................................................................Novartis AG 0.88Roche Holding AG Dividend Right Cert. 0.84Taiwan Semiconductor Manufacturing Co Ltd 0.81Topix Indx Futr Dec17 Xose 20171207 12-07-17 0.72Toyota Motor Corp 0.72







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Large Cap Equity Fund ..........................................................................................................................................................................................................................................................................................................................................Benchmark 1 Benchmark 2Russell 1000 Morningstar Large Cap Blend

Category Average


Invests primarily in equity securities of large capitalization U.S. companies with the objective of achieving long-term growth of capital. Any income received is incidental to this objective. For this purpose, large capitalization companies are considered those with a market capitalization within the range of securities represented in the Russell 1000 Index.


Fund Inception Date 07-02-09Trustee Mercer Trust CompanySubAdvisors Delaware Investment Advisers

Jennison Associates LLCLSV Asset ManagementPolen Capital Management, LLCState Street Global Advisors

Volatility Analysis

Low Moderate High

Investment



15.20% -14.29%(Sep '10 - Nov '10) (Jul '11 - Sep '11)

NotesThe Total Fund Assets reported includes the portion of theBalanced Fund and Global All Cap Equity Fund invested in thisFund. The Benchmark for this Fund is the Russell 1000 Index.Inception to date performance for the Fund and Benchmarkbegins with first full month following stated inception date. Seethe Program Annual Disclosure Document (April 2017) for moreinformation, as well as the attached Disclosure page. MercerTrust Company became trustee of the Fund effectiveSeptember 4, 2015. Effective September 4, 2015, ColumbusCircle Investors and Aristotle Capital Management, LLC wereterminated as Investment Advisors to the Fund andsubsequently replaced by AJO LP, and SSgA. EffectiveDecember 14, 2015, Polen Capital was added as subadvisor tothe Fund. The Total Expense Ratio was restated to reflect anincrease in the blended investment advisory fee rate paid bythe Fund as a result of the addition of Polen Capital assubadvisor. Effective July 10, 2017, LSV Asset Managementwas added as a subadvisor, replacing AJO LP. The TotalExpense Ratio was unchanged as a result of the addition of LSVAsset Management.

Performance

10

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YTD YTD YTD YTD YTD








Fees and Expenses


Portfolio Analysis




LargeM

idSm

all

Value Blend Growth



Facebook Inc A 2.19Oracle Corp 1.79Pfizer Inc 1.72Alphabet Inc C 1.70Visa Inc Class A 1.67..........................................................................................Adobe Systems Inc 1.58Johnson & Johnson 1.55Cisco Systems Inc 1.55Chevron Corp 1.47Intel Corp 1.46







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Large Cap Index Equity Fund ..........................................................................................................................................................................................................................................................................................................................................Benchmark Morningstar CategoryS&P 500 Large Blend


Invests primarily in equity securities of U.S. companies included in the S&P 500 with the objective of replicating, before expenses, the total rate of return of the S&P 500.



Volatility Analysis

Low Moderate High

Investment

Category



25.88% -14.06%(Mar '09 - May '09) (Jul '11 - Sep '11)

NotesThe Benchmark for this Fund is the S&P 500 Index. Inception todate performance for the Fund and Benchmark begins with firstfull month following stated inception date. See the ProgramAnnual Disclosure Document (April 2017) for more information,as well as the attached Disclosure page. Mercer Trust Companybecame trustee of the Fund effective September 4, 2015.

Performance

10

20

30

40

0

-10

-20

-30

YTD YTD YTD YTD YTD


InvestmentBenchmark





Fund $38,694.......................................................................................................Benchmark $41,115

Fees and Expenses


Portfolio Analysis




LargeM

idSm

all

Value Blend Growth



Apple Inc 3.62Microsoft Corp 2.61Facebook Inc A 1.84Amazon.com Inc 1.74Berkshire Hathaway Inc B 1.60.......................................................................................................Johnson & Johnson 1.59Exxon Mobil Corp 1.58JPMorgan Chase & Co 1.53Alphabet Inc A 1.32Alphabet Inc C 1.32







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Lifetime Income Retirement Date Fund ..........................................................................................................................................................................................................................................................................................................................................Benchmark Morningstar CategoryBlended Benchmark Target-Date Retirement


The Lifetime Income Retirement Date Fund invests in a combination of fixed-income securities, U.S. stocks, non-U.S. stocks, global real estate securities and commodities, and allocates its assets among these investments according to a fixed strategic asset allocation strategy. The Lifetime Income Retirement Date Fund is the most conservative strategy among the Retirement Date Funds. The Lifetime Income Retirement Date Fund is designed for investors who are past their retirement date or otherwise have commenced withdrawals of their investments for retirement.



Volatility Analysis

Low Moderate High

Investment

Category



11.15% -13.88%(Mar '09 - May '09) (Sep '08 - Nov '08)

NotesThe composite benchmark for the Fund currently includes theBarclays Capital U.S. Aggregate Bond Index, the BarclaysCapital U.S. High Yield Very Liquid Index, the Barclays Capital1-3 Year Government/Credit Index, the Barclays 1-10 Year U.S.Government Inflation Linked Bond Index, the S&P 500, theMorgan Stanley Capital International All Country World ex-USASM IMI Index, the Russell Small-Cap Completeness Index,the FTSE EPRA/NAREIT Global Developed Liquid Index and theBloomberg Roll Select Commodity Index , which are weightedbased on the Fund's target allocations to the respective assetclasses to which such benchmarks relate. Inception to dateperformance for the Fund and Benchmark begins with first fullmonth following stated inception date. This Fund's assetallocation is at 5 years after retirement on the Allocation ofStocks and Bonds graph shown above. See the Program AnnualDisclosure Document (April 2017) for more information, as wellas the attached Disclosure page. Mercer Trust Companybecame trustee of the Fund effective September 4, 2015.


050 40 30 20 10 -10 -20 -30

10080

60

40

20

0



Performance

5

10

15

20

0

-5

-10

-15



InvestmentBenchmark





Fund $15,023.......................................................................................................Benchmark $17,013

Fees and Expenses


Portfolio Analysis




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


State St US Bnd Indx NL Cl A 19.78State Street US Short-Term Gov/Cred Bnd 19.66State St 1-10 YrUS TIPS Indx NL Cl A 17.78State St S&P 500® Indx NL Cl A 14.11State St Gbl All Cp Eq ex-US Idx NL Cl C 10.52.......................................................................................................State Street U.S. High Yield Bond Index 6.99Tuckerman Global REIT NL Series Fund 4.97State St Bloomberg RSC IdxSM NL Cl A 3.53State St Russell Sm/Mid Cp® Indx NL Cl A 2.67






Other 0.30 3.86


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Mid Cap Index Equity Fund ..........................................................................................................................................................................................................................................................................................................................................Benchmark Morningstar CategoryS&P Mid Cap 400 Mid-Cap Blend


Invests primarily in equity securities of U.S. companies included in the S&P MidCap 400 with the objective of replicating, before expenses, the total rate of return of the S&P MidCap 400.



Volatility Analysis

Low Moderate High

Investment

Category



29.61% -20.05%(Mar '09 - May '09) (Jul '11 - Sep '11)

NotesThe Benchmark for this Fund is the S&P 400 Index. Inception todate performance for the Fund and Benchmark begins with firstfull month following stated inception date. See the ProgramAnnual Disclosure Document (April 2017) for more information,as well as the attached Disclosure page. Mercer Trust Companybecame trustee of the Fund effective September 4, 2015.

Performance

10

20

30

40

0

-10

-20

-30

YTD YTD YTD YTD YTD


InvestmentBenchmark





Fund $43,003.......................................................................................................Benchmark $45,557

Fees and Expenses


Portfolio Analysis




LargeM

idSm

all

Value Blend Growth



S+p Mid 400 Emini Dec17 Xcme 20171215 12-15-17

1.74

Take-Two Interactive Software Inc 0.63Teleflex Inc 0.63MSCI Inc 0.61Huntington Ingalls Industries Inc 0.59.......................................................................................................NVR Inc 0.57SVB Financial Group 0.57Trimble Inc 0.57Cognex Corp 0.55Domino's Pizza Inc 0.55







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Moderate Risk Fund ..........................................................................................................................................................................................................................................................................................................................................Benchmark Morningstar CategoryBlended Benchmark Allocation--50% to 70% Equity


The Moderate Risk Fund invests in a combination of U.S. stocks, non-U.S. stocks, bonds, Treasury Inflation Protected Securities (or U.S. TIPS), futures contracts on physical commodities, natural resource securities, global listed infrastructure and global real estate investment trusts (or REITs), mortgage-backed securities, corporate and sovereign debt, the credit spreads of mortgage backed securities, developed and emerging market currencies, commodities and derivatives, and allocates its assets among these investments according to a fixed strategic asset allocation strategy. The Moderate Risk Fund is designed for investors who seek a combination of capital appreciation and income. The Fund is expected to have higher volatility of return than the Conservative Risk Fund but less than the Aggressive Risk Fund.




Volatility Analysis

Low Moderate High

Investment

Category



8.24% -8.57%(Jul '10 - Sep '10) (Jul '11 - Sep '11)

NotesThe Moderate Risk Fund was restructured after September 4,2015, and allocates among passive index funds managed bySSgA, including its S&P 500 Index Non-Lending Series Fund,Global Equity ex U.S. Index Non-Lending Series Fund and U.S.Bond Index Non-Lending Series Fund, and among other ProgramFunds, including Small-Mid Cap Equity, Real Asset Return andAlternative Alpha. Refer to the Fund Profiles for these Funds formore information. The blended benchmark is a composite ofindexes corresponding to the asset classes represented in theunderlying allocations, weighted based on the Fund's targetallocations to such asset classes. Inception to dateperformance for the Fund and Benchmark begins with first fullmonth following stated inception date. See the Program AnnualDisclosure Document (April 2017) for more information, and theattached Disclosure page. Mercer Trust Company becametrustee of the Fund on September 4, 2015.

Performance

5

10

15

20

0

-5

-10

-15

YTD YTD YTD YTD YTD


InvestmentBenchmark





Fund $17,991.......................................................................................................Benchmark $19,139

Fees and Expenses


Portfolio Analysis




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


State St US Bnd Indx NL Cl A 34.82State St S&P 500® Indx NL Cl A 26.36State St Gbl Eq ex US Indx NL Cl A 20.85Real Asset Return Fund 7.93Small-Mid Cap Equity Fund 5.06.......................................................................................................Alternative Alpha Fund 4.98






Other 2.89 5.80


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Real Asset Return Fund ..........................................................................................................................................................................................................................................................................................................................................Benchmark 1 Benchmark 2Hybrid Benchmark Blended Benchmark


Invests in a diversified portfolio of primarily Treasury Inflation Protected Securities, or so-called TIPS, commodity futures, natural resource securities, global listed infrastructure securities and real estate investment trusts with the objective of achieving a total return in excess of inflation as measured by the All Items Consumer Price Index (also known as CPI) +3%.


Fund Inception Date 07-07-09Trustee Mercer Trust CompanySubAdvisors State Street Global Advisors

Magellan Asset ManagementLimited

Volatility Analysis

Low Moderate High

Investment



8.82% -6.87%(Feb '10 - Apr '10) (May '13 - Jul '13)

NotesBenchmark 1 reflects for periods ended (i) before July 1, 2014,a blended benchmark of Dow Jones U.S. Select REIT Index;Dow Jones-UBS Commodity Index; Barclays Capital U.S.Treasury Inflation Protected Securities Index, (ii) from July 1,2014 - September 1, 2015, U.S. All Items Consumer Price Indexfor All Urban Consumers for the U.S. City Average (CPI U), +2% per annum and (iii) as of September 1, 2015, CPI, +3%. CPImeasures average change over time in prices for a basket ofgoods and services. To calculate the CPI, +3%, 3% annually(~ 0.25% monthly) is added to the return of the CPI to reflectthe Fund's objective to provide returns exceeding inflation.Benchmark 2 consists of Barclays Capital U.S. Treasury InflationProtected Securities Index; FTSE EPRA/NAREIT DevelopedLiquid Index; Bloomberg Roll Select Commodity IndexSM; S&PGlobal Large MidCap Commodity and Resources Index; S&PGlobal Infrastructure Index; weighted based on the Fund's targetallocations to the respective asset classes. Returns sinceinception for the Fund and Benchmarks begin with first fullmonth after stated inception date. The Fund, restructured afterSeptember 4, 2015, invests in a diversified portfolio of U.S. TIPS,futures on commodities, natural resource and global listedinfrastructure securities and global REITs. See the ProgramAnnual Disclosure Document (April 2017) for more information,and attached Disclosure page. Mercer Trust Company becametrustee of the Fund September 4, 2015.

Performance

5

10

15

20

0

-5

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-15

YTD YTD YTD YTD YTD








Fees and Expenses




..........................................................................................-100 -50 0 50 100 Total 100.0


LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


Frontier MFG Core Infrastructure Instl 28.06State St Gbl Real Estate Sec Idx NL Cl A 27.12State St US Infl Protct Bnd Indx NL Cl A 19.96State St S&P Gbl LgMdCp NR Idx NL Cl A 14.88State St Bloomberg RSC IdxSM NL Cl A 9.98




Morningstar F-I Sectors as of 09-30-17 % Fund

⁄ Government 63.65› Corporate 2.45€ Securitized 0.00‹ Municipal 0.00fi Cash 33.91

Other 0.00


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Small Cap Index Equity Fund ..........................................................................................................................................................................................................................................................................................................................................Benchmark Morningstar CategoryRussell 2000 Small Blend


Invests primarily in equity securities of U.S. companies included in the Russell 2000 Index with the objective of replicating, before expenses, the total rate of return of the Russell 2000 Index.



Volatility Analysis

Low Moderate High

Investment

Category

In the past, this investment has shown a wide range of pricefluctuations relative to other investments. This investment mayexperience significant price increases in favorable markets orundergo large price declines in adverse markets. Some of thisrisk may be offset by owning other investments that followdifferent investment strategies.


32.83% -22.06%(Mar '09 - May '09) (Jul '11 - Sep '11)

NotesThe Benchmark for this Fund is the Russell 2000 Index. Inceptionto date performance for the Fund and Benchmark begins withfirst full month following stated inception date. See the ProgramAnnual Disclosure Document (April 2017) for more information,as well as the attached Disclosure page. Mercer Trust Companybecame trustee of the Fund effective September 4, 2015.

Performance

10

20

30

40

0

-10

-20

-30

YTD YTD YTD YTD YTD


InvestmentBenchmark





Fund $41,654.......................................................................................................Benchmark $43,152

Fees and Expenses


Portfolio Analysis




LargeM

idSm

all

Value Blend Growth



Emin Russell 2000 Dec17 Xcme 20171215 12-15-17 1.57Kite Pharma Inc 0.43bluebird bio Inc 0.30Exact Sciences Corp 0.27Knight-Swift Transportation Holdings Inc A 0.25.......................................................................................................MKS Instruments Inc 0.25Catalent Inc 0.24Aspen Technology Inc 0.23Curtiss-Wright Corp 0.22Gramercy Property Trust 0.22







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Small-Mid Cap Equity Fund ..........................................................................................................................................................................................................................................................................................................................................Benchmark Morningstar CategoryRussell 2500 Mid-Cap Blend


"Invests primarily in equity securities of small and medium capitalization U.S. companies with the objective of achieving long-term growth of capital. Any income received is incidental to this objective. For this purpose, small and medium capitalization companies are considered those within the market capitalization range of securities represented in the Russell 2500 Index."


Fund Inception Date 07-02-09Trustee Mercer Trust CompanySubAdvisors LSV Asset Management

Westfield Capital ManagementGW&K Investment ManagementState Street Global Advisors

Volatility Analysis

Low Moderate High

Investment

Category



17.46% -20.72%(Sep '10 - Nov '10) (Jul '11 - Sep '11)

NotesThe Total Fund Assets reported includes the portion of theGlobal All Cap Equity Fund invested in this Fund. The Benchmarkfor this Fund is the Russell 2500 Index. Inception to dateperformance for the Fund and Benchmark begins with first fullmonth following stated inception date. See the Program AnnualDisclosure Document (April 2017) for more information, as wellas the attached Disclosure page. Mercer Trust Companybecame trustee of the Fund effective September 4, 2015.Effective September 4, 2015, Cardinal Capital Management,LLC, Cortina Asset Management, LLC, Denver InvestmentAdvisors LLC, Frontier Capital Management Co. LLC, RiverbridgePartners and Systematic Financial Management, L.P. wereterminated as Investment Advisors to the fund andsubsequently replaced by Westfield Capital Management,GW&K Investment Management and SSgA.

Performance

10

20

30

40

0

-10

-20

-30

YTD YTD YTD YTD YTD


InvestmentBenchmark





Fund $26,920.......................................................................................................Benchmark $31,277

Fees and Expenses


Portfolio Analysis




LargeM

idSm

all

Value Blend Growth



Gartner Inc A 1.25CoStar Group Inc 1.14STERIS PLC 1.09Sun Communities Inc 0.95Dana Inc 0.88..........................................................................................The Middleby Corp 0.87ON Semiconductor Corp 0.82MarketAxess Holdings Inc 0.76Cognex Corp 0.72RPM International Inc 0.69







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Stable Asset Return Fund ..........................................................................................................................................................................................................................................................................................................................................BenchmarkHybrid Benchmark


Invests primarily in high quality fixed-income instruments and investment contracts issued by insurance companies, banks or other financial institutions with the objective of providing current income consistent with preserving principal and maintaining liquidity.


Fund Inception Date 09-05-95Trustee Mercer Trust CompanyTotal Fund Assets ($mil) 771.33SubAdvisors Galliard Capital Management Inc.

Income Research & ManagementPayden & RygelTCW Asset ManagementCompanyState Street Global Advisors

What do Stable Value Funds invest in?Stable value funds generally invest a majority of their assets ina diversified portfolio of high quality fixed income securities, aswell as cash and money market instruments and guaranteedinvestment contracts issued by insurance companies (knownas traditional GICs). Stable value funds generally also enter into“wrap contracts” (known as synthetic GICs) with banks andinsurance companies, which are designed to insulate theportfolio from price volatility and permit book value valuation(principal plus accrued interest) for ordinary course planparticipant transactions even if the underlying investmentsdecline in value. Wrap contracts do not protect against lossesresulting from defaulted or impaired securities or nonqualifyingwithdrawals.

NotesEffective September 8, 2015, the primary Benchmark for theFund has been changed from the Three Year Constant MaturityTreasury Yield to the Citigroup 3-Month TBill + 100 bp PremiumIndex. The Benchmark is a hybrid benchmark and represents:(i) before January 1, 2011, the 70% Ryan Labs Three Year GICIndex / 30% iMoneyNet MFR Prime Institutional Money MarketFund Average, (ii) from January 1, 2011 - September 1, 2015,the Three Year Constant Maturity Treasury Yield and (iii) as ofSeptember 1, 2015, the Citigroup 3-Month TBill + 100 bpPremium Index. Inception to date performance for the Fundbegins with first full month following stated inception date. Seethe Program Annual Disclosure Document (April 2017) for moreinformation, as well as the attached Disclosure page. MercerTrust Company became trustee of the Fund effectiveSeptember 4, 2015. Effective July 14, 2017, PIMCO LLC andJennsison Associates LLC were terminated and replaced byIncome Research & Management, Payden & Rygel, and TCWAsset Management Company. The Total Expense Ratio wasunchanged as a result of the addition of ncome Research &Management, Payden & Rygel, and TCW Asset ManagementCompany.

Performance

5

10

15

20

0

-5

-10

-15



InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception0.88 1.20 1.05 1.00 1.53 3.24 Fund Return %1.31 1.65 1.30 1.04 1.72 . Benchmark Return %



Fund $12,018.......................................................................................................Benchmark $12,314

Fees and Expenses


Portfolio AnalysisComposition as of 09-30-17 % Assets

Synthetic GICs 93.2Traditional GICs 0.0Cash 6.8Other 0.0


HighM

edLow

Ltd Mod Ext


Not Available

.......................................................................................................Annual Turnover Ratio % .

Volatility Analysis

Low Moderate High

Investment



1.14% 0.00%(Jun '07 - Aug '07) (Feb '16 - Apr '16)


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2020 retirement date fund · 2020-01-28 · best 3 month return worst 3 month return 20.39% -23.05%...

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