oregon savings growth plan advisory committee 2nd …€¦ · 23/05/2019 · meet and greet 8:30...

OREGON SAVINGS GROWTH PLAN ADVISORY COMMITTEE

2nd QUARTER 2019

May 22, 2019 9:30 A.M.

Keizer Community Center 930 Chemawa Rd NE Keizer, Oregon 97303

OSGP ADVISORY COMMITTEE MEMBERS • Mark Carlton, Chair

• Thomas Poon • Celeste VanCleave • Richard Bailey • Brady Boothe • Mary Jo Evers • Mike Marostica

OSGP Advisory Committee

Meeting Agenda May 22, 2019

Keizer Community Center – Keizer, Oregon

Meet and Greet 8:30 a.m.

I. Introduction Mark Carlton 9:30 a.m.

II. Approval of Minutes Mark Carlton

A. Meeting minutes from February 20, 2019

Old Business Mark Carlton

III. Information Items 9:45 a.m. A. Q1 2019 Voya Service Review Carol Cann, Brian Merrick

B. Q1 2019 Performance Report Anne Heaphy, Ben Taylor

Jim Callahan

C. Treasury Update Wil Hiles, Treasury

D. Communications Jennifer Moran, Voya

E. Outreach Team Update Gladys Salguero, Voya

F. OSGP Update Roger Smith, OSGP

IV. New Business Mark Carlton 11:00 a.m.

V. Public Comment Mark Carlton 11:15 a.m.

VI. Adjournment Mark Carlton 11:30 a.m. Next Meeting: August 21, 2019

If you have a disability that requires any special material, services or assistance please call 1-888-320-7377 at least 48 hours before the meeting

ADVISORY COMMITTEE MEETING MINUTES February 20, 2019

Keizer Community Center KEIZER, OREGON

COMMITTEE MEMBERS PRESENT STAFF MEMBERS PRESENT Celeste Van Cleave, Committee Member Roger Smith, OSGP Program Manager Brady Boothe, Committee Member Kathy Gannon, OSGP Operations Mike Marostica, Committee Member Dee Monday, OSGP Program Analyst II Thomas Poon, Committee Member Jack Schafroth, OSGP Outreach Gladys Salquero, Voya Outreach Jennifer Moreno, Voya Communications COMMITTEE MEMBERS ABSENT Carol Cann, Voya Operations Mark Carlton, Chair Carol Cann, Voya Operations Mary Jo Evers, Committee Member Julie McDevitt, Voya Rep. Richard Bailey, Committee Member Wes Handley, Voya Rep. GUEST Colin Benson, DOJ Gene Bentley, Retiree I. INTRODUCTION: The meeting was called to order at 9:30 a.m. by Committee Member, Celeste Van Cleave. Van Cleave requested introductions from all those in attendance, including new Committee Member, Mike Marostica, who gave the committee an overview of his state service and his interest in OSGP. II. APPROVAL OF MINUTES: Meeting minutes approved for 11/27/2018. III. OLD BUSINESS: Meeting minutes approved for 8/21/2018. IV. ADMINITRATIVE REPORT:

A. Q4 2018 Service Review: Carol Cann provided the Committee with Voya’s executive summary: Cann reported that plan assets are down at $2.0 billion as of December 31, 2018. Net cash flow was a positive $800 thousand for the quarter, but down. Rollover in contributions were at $11 million. Roth contributions continue to grow with a total of 4,538 participants taking advantage of the Roth contribution. The quarterly total for Roth contributions was $2.5 million.

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Cann underscored that the LifePath options continue to be the most popular investment option, holding 32 percent of plan assets, no change from last quarter. The Large Company Growth Option is second with 11 percent of plan assets, with an average balance of $23,233.

B. Q4 2018 Performance Report: Uvan Tseng, Anne Heaphy, and Ben Taylor from Callan presented the Q4 OSGP performance review: Anne Heaphy provided a Capital Markets Update describing volatility spikes in first and fourth quarters of 2018. She described a 10 percent decline in February and December and an 8 percent drop in March. U.S. equity market suffered a 5 percent loss for the year. Heaphy stated the Fed raised rates four time in 2018, and signaled two more hikes in 2019. Ben Taylor provided an OSGP review, beginning with an overview of the OSGP investment structure, including the upcoming investment line-up changes to take place on March 22, 2019.

C. Treasury Update: Wil Hiles reminded the committee that on September 19, 2018, the Oregon Investment Council (OIC) approved staff’s recommendations surrounding changes to the Short Term Fixed Income Option, International Stock Option, and the Real Return Option. Staff is currently coordinating the changes outlined and is targeting an implementation date of March 22, 2019 for the stated investment option enhancements.

D. OSGP Update: Roger Smith provided the committee with the 2019 Expo date and asked

the members and all in attendance to spread the word. He also introduced Voya Communication Consultant, Jennifer Moran, giving her credit for all the advancement OSGP has made in participant communications. The committee was also shown a preview of the Expo Promo video.

E. Outreach Update: Gladys Salquero provided a quick overview of outreach stats, then

moved on to explain the teams’ 2019 workshop schedule review and intentions to improve outreach by broadening the team members’ coverage areas.

F. Communications Update: Jennifer Moran provided an explanation on the automated

email campaigns and provided stats, stating OSGP has had the best statistical outcomes of any other Voya plan.

V. NEW BUSINESS: No new business. VI. PUBLIC COMMENT: No public comments at this meeting.

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VII. ADJOURNMENT: There being no further business, the meeting was adjourned. The next meeting is scheduled for May 22, 2019. Respectfully submitted, Dee Monday Oregon Savings Growth Plan

Oregon Savings Growth PlanFirst Quarter 2019 Service Review

May 22, 2019 Keizer Civic Center Keizer, OR

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Do not put content on the brand signature area

For Plan Sponsor use only

Table of contents

1. Executive Summary2. Outreach Team Update3. Communications Update

Q1 2019 Report4.

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Executive Summary

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Executive Summary

Assets and Cash Flow– Total plan assets = $2.2 billion as of March 31, 2019– Net cash flow was a positive $8.4 million– Rollover in contributions were $18.2 million

Participants with Roth elections 4,724 Roth contributions were $2.6 million for the quarter

Investment Composition– The LifePath Options hold 31% of plan assets– The Stable Value Option is second with 12.75% of plan assets, average balance of $33,027– The Large Company Growth Stock Option is third with 11.89% of plan assets, average balance of

$22,259– The SCHWAB Brokerage account had 253 participants with a balance, average balance of $78,166

Participant Activity– Web visitors averaged 2,004 web-based transactions each month– PSR transactions averaged 502 per month– Mobile transactions averaged 118 per month

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Rollover SummaryQ1 2019

Institution # of Rollovers % of Total $ Rolled

PERS Purchase of Service 63 25% $384,052

Edward Jones 25 10% $3,165,674

Vanguard 14 5% $2,663,122

Fidelity 9 4% $1,005,915

Charles Schwab 9 4% $1,488,597

All Others 135 53% $13,006,123


IAP 168 62% $13,418,065

All Others 104 38% $4,785,560

OSGP Rollovers Out

OSGP Rollovers In


OSGP 168 12% $13,418,065

All Others 1,286 88% $80,227,562

IAP Rollovers Out

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Advice Activity – Q1 2019

Advice Rollout June 29, 2018

Total participants eligible for Advice 31,405

Advisor Service Activity

• # Participants with a balance that have used the VRA Services 2,702

• % Participants with a balance that have used the VRA Services 8.60%

• VRA Advisor calls 1,100

• Online Advice Adopters 845

• Professional Management Members 757

Monthly VRA Investment Advisor Activity

• Calls 53

• Received a Retirement Plan 17

• That processed a transaction 4

Monthly Online Activity

• New Adopters this month 48

• Received forecast 44

• Received Advice Online 43

Professional Management Activity

• Net PM activity for month 31

• Total Members 757

• Total Member Assets $62,395,602

• Average Member Balance $82,425

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For Plan Sponsor use only

Net Cash Flow and Earnings by Quarter

2Q 2018 3Q 2018 4Q 2018 1Q 2019 Last 12 months

Beginning Balance 2,141,926,337$ 2,193,773,585$ 2,290,601,252$ 2,060,653,254$ 2,141,926,337$

Net Cash Flow 3,770,451$ 14,678,035$ 839,373$ 8,426,531$ 27,714,391$

Investment Earnings 48,076,797$ 82,149,632$ (230,787,371)$ 197,289,913$ 96,728,971$

Ending Balance 2,193,773,585$ 2,290,601,252$ 2,060,653,254$ 2,266,369,699$ 2,266,369,699$

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Outreach Team Update

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Q1 Outreach Activities

Employer Contact Visits

Presentations Group Meetings

Group Meeting

Attendance

Benefits Fairs

54

Total communities served: 58

1-on-1s Presentation Attendance

Phone Meetings

102 933 20 44 2 312 163

Workshop # of presentations # of attendees

Introduction to OSGP 55 563

Retirement Strategies with OSGP

32 291

Basic Investment Concepts 15 88

Top Locations # of attendees

DHS 215

Corrections 73

Salem Archive Bldg open workshops

71

Tillamook open workshops 45

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Q1 Outreach Team Survey Results

Survey response rate 33%

Agree/Strongly agree to value of workshop 97%

Agree/Strongly agree to value of presenter 98%

Attendees who took action after workshop 49%

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Communications Update

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Workshop Promotional Poster and Survey Email

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Calculate Your Savings Goal Workshop

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Workshop Promotional Poster and Survey Email

Taking an action refers to making a contribution change

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Always On – Save More Journey

Participant Criteria for Inclusion:

• Signed up for eDelivery

• Plan allows for online contribution change

• Participant has a balance

• Participant Is currently contributing

• Participant has not made a contribution change in 6months

• Participant has not taken a hardship in 6 months

• Participant is has no term/death date

Campaign Success:

• Participant changes their contribution

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Save More Results - OSGP

Unique Participant Activity 4/5/2019

Participants reached (Delivered) 3,245

Participants interested (Opens) 1,705 (53%)

Participants engaged (Email clicks) 109 (6%)

Participants took action after opening 101 (6%)

• 6% of participants targeted took action after receiving theSave More Journey.

• Of the 101 participants that took action, those participantsare saving an average of $73 more per pay period.

• The below results are from when the campaign began inAugust 2018 through April 5, 2019.


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Always On – Stopped Savers

Mark is identified as newly eligiblefor this journey. Email #1 is sentwith a ‘restart saving’ reminder.

If Mark does not take an action, hewill receive another touch-pointreminding him of the importance ofsaving 14 days after Email #1.

He has 15 days to take action beforewe measure if he’s taken action as a

result of the email.

Initial Email and

Reminder Email

Second Reminder

and Final Email Participant Criteria for

Inclusion:

• Signed up for eDelivery

• Plan allows for online contributionchange

• Participant has a balance

• Participant is currently contributing$0 or 0%

• Participant does not have a termdate

• Participant stopped saving >60days

Campaign Success:

• Participant restarts contributions

1 2

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Restart Savings Results - OSGP

Unique Participant Activity 4/5/2019

Participants reached (Delivered) 27

Participants interested (Opens) 16 (59%)

Participants engaged (Email clicks) 2 (13%)

Participants took action after opening 1 (6%)

• 6% of participants targeted took action after receiving theRestart Savings journey.

• Results are after just 1 month.


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Participant Criteria for Inclusion:

• All participants with e-delivery

Campaign Success:

• Participant takes FW assessment

• Participant engages with educational material

Beth has signed up for e-delivery. She receives a quarterly email with education on topics to help with her overall financial wellness.

1 Financial Wellness Quarterly Email Begins in June 2019

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First Quarter 2019

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Participant Status Summary

As of March 31, 2019

59%

13%

0%5%

23%Active, Contributing

Active, NotContributing

Suspended

Terminated,ReceivingInstallments

Participant Status Number of Participants

Active, Contributing 18,695

Active, Not Contributing 4,124

Suspended 67

Terminated, Receiving Installments 1,433

Terminated with a Balance 7,129

Total: 31,448

As December 31, 2018

59%

15%

0%5%

21%Active, Contributing

Active, NotContributing

Suspended

Terminated,ReceivingInstallments

Participant Status Number of Participants

Active, Contributing 18,379

Active, Not Contributing 4,546

Suspended 63

Terminated, Receiving Installments 1,433

Terminated with a Balance 6,677

Total: 31,098

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Cash Flow SummaryPeriod Ending March 31, 2019

OREGON SAVINGS GROWTH PLAN

Cash In 24,176,889.98Employee Before-tax Contributions

Employee After-tax Contributions 0.00

2,671,990.12Roth 457 Contributions

Roth 457 Conversion 139,397.27

Roth Qual Plan Conversion 66,000.00

18,210,841.41Rollover Contributions

0.00Employer Contributions

Loan Repayments 1,346,587.28

Conversions In 6,505.47

Transfers In 123,969,743.33

2,442,993.59Other

Total Cash In $173,030,948.45

Cash Out 2,483,254.78Withdrawals

5,478,233.09Installment Payments

29,069,895.58Terminations

1,295,809.93Loans Issued

Conversions Out 1,299.76

90,205.49Fees

Transfers Out 123,517,625.10

2,442,993.59Other

($164,379,317.32)Total Cash Out

$8,651,631.13 Net Cash Flow

0M

20M

40M

60M

80M

100M

04/2

018

05/2

018

06/2

018

07/2

018

08/2

018

09/2

018

10/2

018

11/2

018

12/2

018

01/2

019

02/2

019

03/2

019

Cash In Cash Out Net Cash

$25,811,634.33 $25,535,776.40 $275,857.93Apr 2018

$25,391,460.29 $22,709,978.36 $2,681,481.93May 2018

$28,219,707.67 $27,367,243.43 $852,464.24Jun 2018

$37,584,259.70 $67,528,051.07 -$29,943,791.37Jul 2018

$45,252,251.48 $7,023,790.99 $38,228,460.49Aug 2018

$47,893,959.75 $41,548,225.18 $6,345,734.57Sep 2018

$54,597,135.62 $56,919,308.06 -$2,322,172.44Oct 2018

$37,814,132.59 $33,402,704.25 $4,411,428.34Nov 2018

$37,243,498.46 $38,256,025.92 -$1,012,527.46Dec 2018

$41,385,819.72 $39,570,083.56 $1,815,736.16Jan 2019

$40,371,097.04 $34,935,256.06 $5,435,840.98Feb 2019

$91,274,031.69 $89,873,977.70 $1,400,053.99Mar 2019

$512,838,988.34 $484,670,420.98 $28,168,567.36

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Investment Balances by QuarterPeriod Ending March 31, 2019


Q2 2018 Q3 2018 Q4 2018 Q1 2019

CLOSED FUND 10 $50,217,898.41 $50,339,969.32 $54,500,385.37 $0.00

STABLE VALUE OPTION $213,648,261.04 $217,867,543.63 $226,204,120.11 $287,202,750.92

LIFEPATH RETIREMENT FUND $195,632,322.51 $195,818,560.71 $178,185,927.53 $185,693,332.77

LIFEPATH 2020 FUND $142,337,412.77 $143,419,033.52 $130,248,475.39 $137,894,390.65

LIFEPATH 2025 FUND $108,383,758.18 $111,118,493.53 $103,108,840.34 $114,568,504.75

LIFEPATH 2030 FUND $79,902,852.81 $82,128,647.51 $75,775,370.50 $84,958,762.59

LIFEPATH 2035 FUND $58,855,009.58 $60,990,605.96 $56,285,805.21 $64,027,930.53

LIFEPATH 2040 FUND $39,287,851.71 $41,627,629.71 $37,991,513.96 $44,275,624.17

LIFEPATH 2045 FUND $25,674,673.92 $27,200,096.00 $25,367,711.63 $29,705,861.47

LIFEPATH 2050 FUND $23,288,555.74 $24,040,145.07 $21,214,581.46 $24,471,187.42

LIFEPATH 2055 FUND $8,704,556.31 $9,137,490.03 $7,845,424.74 $8,853,133.11

LIFE PATH 2060 $5,086,817.00 $5,195,890.42 $4,822,920.85 $5,824,151.92

ACTIVE FIXED INCOME OPTION $110,966,980.34 $116,491,309.41 $125,815,304.68 $138,791,472.79

REAL RETURN OPTION $4,127,246.14 $4,399,927.76 $3,868,269.14 $3,999,860.62

SOCIALLY RESPONSIBLE INV OPT $12,097,952.97 $14,840,421.41 $13,422,541.98 $16,029,727.29

LARGE COMP VALUE STOCK OPTION $189,865,011.56 $202,357,426.96 $176,972,081.78 $195,564,509.65

STOCK INDEX OPTION $253,577,604.38 $271,068,736.72 $232,010,759.95 $261,754,425.54

LARGE COMP GROWTH STOCK OPTION $249,253,270.24 $277,329,127.66 $232,271,232.27 $268,000,757.73

INTERNATIONAL STK OPTION $117,134,733.35 $117,725,597.06 $106,379,553.34 $117,065,158.16

Investment Name

23

Q2 2018 Q3 2018 Q4 2018 Q1 2019

SMALL COMPANY STOCK OPTION $278,463,185.60 $288,827,598.87 $219,911,139.26 $244,741,074.80

SCHWAB PCRA $14,183,541.70 $15,426,840.50 $15,218,080.37 $19,776,124.41

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Asset Class by QuarterPeriod Ending March 31, 2019


Q2 2018 Q3 2018 Q4 2018 Q1 2019

International Equity $117,134,733.35 $117,725,597.06 $106,379,553.34 $117,065,158.16

Lifestyle/Balanced $687,153,810.53 $700,676,592.46 $640,846,571.61 $700,272,879.38

Stable Value/Money Market $263,866,159.45 $268,207,512.95 $280,704,505.48 $287,202,750.92

Stock Index $506,958,120.76 $552,797,792.14 $468,150,261.36 $533,755,043.89

US Fixed Income $110,966,980.34 $116,491,309.41 $125,815,304.68 $138,791,472.79

US Large Cap Equity $201,962,964.53 $217,197,848.37 $190,394,623.76 $211,594,236.94

US Small Cap Equity $278,463,185.60 $288,827,598.87 $219,911,139.26 $244,741,074.80

Asset Class

25

Contributions by FundPeriod Ending March 31, 2019


Q2 2018 Q3 2018 Q4 2018 Q1 2019

ACTIVE FIXED INCOME OPTION $1,275,082.15 $1,770,468.64 $2,178,421.51 $2,307,175.27

CLOSED FUND 10 $870,641.48 $1,042,662.67 $1,058,910.31 $0.00

INTERNATIONAL STK OPTION $1,953,632.84 $1,953,699.82 $1,891,637.65 $2,065,747.51

LARGE COMP GROWTH STOCK OPTION $3,292,928.06 $3,792,987.01 $4,051,084.89 $4,249,091.76

LARGE COMP VALUE STOCK OPTION $2,700,456.09 $3,598,202.48 $2,644,340.33 $2,692,126.53

LIFE PATH 2060 $363,163.87 $358,111.38 $473,200.87 $348,263.76

LIFEPATH 2020 FUND $3,011,604.20 $3,623,020.67 $2,488,258.17 $3,567,262.50

LIFEPATH 2025 FUND $2,999,083.30 $3,297,690.44 $3,432,792.31 $3,716,609.27

LIFEPATH 2030 FUND $2,249,037.67 $2,517,812.26 $2,304,588.98 $2,595,797.82

LIFEPATH 2035 FUND $1,993,363.25 $1,949,458.51 $2,366,262.98 $2,154,890.26

LIFEPATH 2040 FUND $1,630,494.68 $2,003,783.82 $1,726,834.46 $2,347,967.19

LIFEPATH 2045 FUND $1,271,381.97 $1,243,608.14 $1,510,753.05 $1,489,065.30

LIFEPATH 2050 FUND $902,692.03 $958,626.42 $923,442.94 $963,599.69

LIFEPATH 2055 FUND $405,397.68 $602,741.89 $428,631.91 $466,421.49

LIFEPATH RETIREMENT FUND $1,587,903.13 $2,004,216.33 $1,345,682.61 $2,729,527.23

REAL RETURN OPTION $107,223.59 $166,256.66 $107,266.80 $109,902.01

SMALL COMPANY STOCK OPTION $3,404,429.61 $3,437,358.78 $2,907,259.56 $3,113,148.43

SOCIALLY RESPONSIBLE INV OPT $392,408.29 $524,507.39 $503,215.02 $673,680.90

STABLE VALUE OPTION $2,340,816.62 $2,991,827.12 $1,819,547.01 $4,618,423.62

Investment Name

26

Q2 2018 Q3 2018 Q4 2018 Q1 2019

STOCK INDEX OPTION $3,326,677.56 $4,375,059.08 $3,280,130.33 $3,483,786.47

Total 36,078,418.07 42,212,099.51 37,442,261.69 43,692,487.01

27

Contributions by SourcePeriod Ending March 31, 2019


January 2019 February 2019 March 2019 Total

Employee Before-tax Contributions $7,899,982.84 $8,019,463.02 $57,878,777.17 $41,959,331.31

Rollover Contributions $5,300,515.84 $7,276,423.42 $18,942,315.30 $6,365,376.04

Roth 457 Contributions $862,908.97 $898,521.60 $254,075.46 $2,015,506.03

Roth 457 Conversion $26,542.00 $2,363.67 $33,474.19 $62,379.86

Roth Qual Plan Conversion $20,000.00 -$20,000.00 $66,000.00 $66,000.00

Total $14,150,362.02 $16,189,206.93 $76,468,445.53 $46,128,876.58

Source Name

Q2 2018 Q3 2018 Q4 2018 Q1 2019 Total

Employee Before-tax Contributions $22,846,871.75 $22,901,110.72 $23,667,662.46 $41,959,331.31 $27,456,313.62

Rollover Contributions $10,831,594.43 $16,845,274.09 $10,985,677.11 $6,365,376.04 $32,297,169.59

Roth 457 Contributions $2,290,029.26 $2,415,268.40 $2,566,526.50 $2,015,506.03 $9,287,330.19

Roth 457 Conversion $96,014.89 $49,984.75 $106,183.47 $62,379.86 $314,562.97

Roth Qual Plan Conversion $0.00 $0.00 $80,000.00 $66,000.00 $146,000.00

Total $36,078,418.07 $42,212,099.51 $37,442,261.69 $46,128,876.58 $69,603,902.69

Source Name

28

Before-Tax Contribution Amount Summary Period Ending March 31, 2019


0

2,000

4,000

6,000

8,000

10,000

12,000

< 1

0

10-1

9

20-2

9

30-3

9

40-4

9

50-5

9

60-6

9

70-7

9

80-8

9

90-9

9

100-

999

1000

-199

9

2000

-299

9

3000

-399

9

4000

-499

9

5000

-599

9

6000

-699

9

7000

-799

9

9000

-999

9

<=

100

00

1 10

1,29

8

151

86

1,72

1

78

544

53 18

11,8

01

1,92

0

764

107

28 21 8 4 5 5

Contribution Dollars

Nu

mb

er o

f P

arti

cip

ants

Total Number of Participants: 18,623

29

Roth Contribution Amount Summary As of March 31, 2019


0

400

800

1,200

1,600

2,000

2,400

2,800

10-1

9

20-2

9

30-3

9

40-4

9

50-5

9

60-6

9

70-7

9

80-8

9

90-9

9

100-

999

1000

-199

9

2000

-299

9

3000

-399

9

6000

-699

9

7

643

62 30

798

26

165

19 10

2,76

2

152

41 8 1

Contribution Amount

Nu

mb

er o

f P

arti

cip

ants

Total Number of Participants: 4,724

30

Average Contribution AmountPeriod Ending March 31, 2019


0

100

200

300

400

500

600

700

800

< 21 21-30 31-40 41-50 51-60 61 +

$150

.00

$168

.02 $2

71.3

6 $390

.08

$555

.65

$723

.83

Before-tax $

Age Group

Ave

rage

Am

ount

$150.00< 21$168.0221-30$271.3631-40$390.0841-50$555.6551-60$723.8361 +

$452.15Average

31

Participants with Balances by Number of InvestmentsPeriod Ending March 31, 2019


13.80%

10.82%10.69%10.12%

7.21%4.70%2.90%1.18%1.44%

37.14%

1 116792 43393 34024 33635 31836 22677 14798 9129 37110 or More 453

Total: 31448

Number ofInvestments

Number ofParticipants

Average Number of Funds: 3

32

Participants with a Balance in a Single InvestmentPeriod Ending March 31, 2019


0

200

400

600

800

1,000

1,200

1,400

1,600

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GE

CO

MP

VA

LUE

ST

OC

K O

PT

ION

ST

OC

K IN

DE

X O

PT

ION

LAR

GE

CO

MP

GR

OW

TH

ST

OC

K O

PT

ION

INT

ER

NA

TIO

NA

L S

TK

OP

TIO

N

SM

ALL

CO

MP

AN

Y S

TO

CK

OP

TIO

N

SC

HW

AB

PC

RA

1,028

838

687

1,001

1,194

1,3321,410 1,396

968

501

351

10011 60 64

290226

36

177

9

Num

ber

of P

artic

ipan

ts

33

Loan Summary


Period Ending March 31, 2019

Total Participants with Loans: 1,699

Total Number of Outstanding Loans: 1,699

Number of General Loans: 1,614

Number of Residential Loans: 85

Total Outstanding Loan Balance: $12,464,848.20

General Loan Balance: $11,183,251.01

Residential Loan Balance: $1,281,597.19

Number of Re-amortized Loans during the period: 1

Number of Loan Defaults during the period: 0

34

Balances by Investment


As of March 31, 2019

Average Participant

Percentage of Plan AssetsInvestment BalanceInvestment

Number of Participants

STABLE VALUE OPTION $287,202,750.92 $33,027.00 12.75%8,696LIFEPATH RETIREMENT FUND $185,693,332.77 $51,324.86 8.24%3,618LIFEPATH 2020 FUND $137,894,390.65 $44,611.58 6.12%3,091LIFEPATH 2025 FUND $114,568,504.75 $32,594.17 5.08%3,515LIFEPATH 2030 FUND $84,958,762.59 $23,878.24 3.77%3,558LIFEPATH 2035 FUND $64,027,930.53 $18,288.47 2.84%3,501LIFEPATH 2040 FUND $44,275,624.17 $13,556.53 1.97%3,266LIFEPATH 2045 FUND $29,705,861.47 $10,467.18 1.32%2,838LIFEPATH 2050 FUND $24,471,187.42 $11,028.02 1.09%2,219LIFEPATH 2055 FUND $8,853,133.11 $7,502.66 0.39%1,180LIFE PATH 2060 $5,824,151.92 $7,372.34 0.26%790ACTIVE FIXED INCOME OPTION $138,791,472.79 $19,784.96 6.16%7,015REAL RETURN OPTION $3,999,860.62 $5,873.51 0.18%681SOCIALLY RESPONSIBLE INV OPT $16,029,727.29 $9,558.57 0.71%1,677LARGE COMP VALUE STOCK OPTION $195,564,509.65 $18,505.35 8.68%10,568STOCK INDEX OPTION $261,754,425.54 $25,931.68 11.62%10,094LARGE COMP GROWTH STOCK OPTION $268,000,757.73 $22,259.20 11.89%12,040INTERNATIONAL STK OPTION $117,065,158.16 $11,849.90 5.20%9,879SMALL COMPANY STOCK OPTION $244,741,074.80 $21,679.61 10.86%11,289SCHWAB PCRA $19,776,124.41 $78,166.50 0.88%253

Total Investment Balance: $2,253,198,741.29

$12,612,386.59Total Loan Fund:

35

Balance by Participant StatusPeriod Ending March 31, 2019


Participant Status Participant Balance

50%7%0%0%9%

34%

Active Contributing

Active, Not Contributing

Eligible, Not Participating

Suspended

Terminated, ReceivingInstallmentsTerminated with aBalance

$1,138,064,599.20Active Contributing

Active, Not Contributing

Suspended

Terminated, Receiving Installments

Terminated with a Balance

$3,038,650.09

$201,924,144.43

$769,550,211.69

Total: $2,265,237,739.25

152,660,133.84

36

Asset Class SummaryPeriod Ending March 31, 2019


0M

100M

200M

300M

400M

500M

600M

700M

800M

StableValue/Money

Market

US FixedIncome

LifestyleBalanced

US Large CapEquity

US Small CapEquity

InternationalEquity

Stock Index

$287

,202

,751

$138

,791

,473

$700

,272

,880

$211

,594

,237

$244

,741

,075

$117

,065

,158

$533

,755

,044

To

tal B

alan

ce

37


Period Ending March 31, 2019

Asset Class Summary

Asset Class Balance Percentage of Total AssetsStable Value/Money Market $287,202,751 12.67%

US Fixed Income $138,791,473 6.12%

Lifestyle/Balanced $700,272,880 30.90%

US Large Cap Equity $211,594,237 9.34%

US Small Cap Equity $244,741,075 10.80%

International Equity $117,065,158 5.17%

Stock Index $533,755,044 23.55%

38

Transfer Activity by InvestmentPeriod Ending March 31, 2019


Investment Name Transfers In Transfers Out Net

CLOSED FUND 10 $4,163,080.43 -$58,790,818.80 -$54,627,738.37

STABLE VALUE OPTION $68,940,368.84 -$7,424,091.16 $61,516,277.68

LIFEPATH RETIREMENT FUND $2,995,255.87 -$3,847,713.68 -$852,457.81

LIFEPATH 2020 FUND $1,641,358.53 -$3,486,312.59 -$1,844,954.06

LIFEPATH 2025 FUND $2,088,239.21 -$1,980,521.03 $107,718.18

LIFEPATH 2030 FUND $1,479,395.84 -$1,807,989.94 -$328,594.10

LIFEPATH 2035 FUND $1,092,270.30 -$1,103,016.38 -$10,746.08

LIFEPATH 2040 FUND $773,605.11 -$1,008,151.33 -$234,546.22

LIFEPATH 2045 FUND $362,957.62 -$483,591.09 -$120,633.47

LIFEPATH 2050 FUND $280,449.86 -$432,644.35 -$152,194.49

LIFEPATH 2055 FUND $102,442.33 -$355,861.02 -$253,418.69

LIFE PATH 2060 $273,178.24 -$166,179.08 $106,999.16

ACTIVE FIXED INCOME OPTION $13,350,241.84 -$4,547,030.50 $8,803,211.34

REAL RETURN OPTION $290,780.03 -$405,698.07 -$114,918.04

SOCIALLY RESPONSIBLE INV OPT $910,680.71 -$721,451.82 $189,228.89

LARGE COMP VALUE STOCK OPTION $3,440,136.86 -$6,019,505.81 -$2,579,368.95

STOCK INDEX OPTION $4,246,583.36 -$7,181,755.40 -$2,935,172.04

LARGE COMP GROWTH STOCK OPTION $7,340,444.06 -$9,562,852.48 -$2,222,408.42

INTERNATIONAL STK OPTION $3,245,530.92 -$3,769,957.80 -$524,426.88

SMALL COMPANY STOCK OPTION $3,907,867.00 -$10,199,161.06 -$6,291,294.06

SCHWAB PCRA $3,044,876.37 -$223,321.71 $2,821,554.66

39

Participant Contact SummaryPeriod Ending March 31, 2019

OREGON SAVINGS

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Apr-2018 May-2018 Jun-2018 Jul-2018 Aug-2018 Sep-2018 Oct-2018 Nov-2018 Dec-2018 Jan-2019 Feb-2019 Mar-2019

1,60

4

1,37

0

1,38

1

1,78

8

1,74

9

1,62

0

1,71

5

1,51

6

1,38

4

1,96

2

1,48

6

1,66

03,22

9

2,95

2

3,08

7

3,65

2

3,65

2

3,42

2

3,58

5

3,22

9

3,15

4

4,08

9

3,27

5

3,40

9

24,8

02

26,0

02

25,9

30

30,2

04

31,5

62

29,5

17

30,7

64

25,9

37

25,8

24

33,2

52

31,4

34

25,0

12

5,11

1

5,01

5

5,20

0

6,22

5

5,49

4

5,20

5

6,00

1

5,16

2

5,19

0 7,01

7

5,65

1

4,82

1

Total PSR Calls Total IVR Calls Total Web Visits Unique Visitors

Num

ber

of C

onta

cts

40

Paperless Transaction SummaryPeriod Ending March 31, 2019

OREGON SAVINGS

0

400

800

1,200

1,600

2,000

2,400

2,800

4/30/18 5/31/18 6/30/18 7/31/18 8/31/18 9/30/18 10/31/18 11/30/18 12/31/18 1/31/19 2/28/19 3/31/19

344

320 38

6

532

453

382 47

5

435

401

580

449

479

12 7 5 10 16 9 4 4 6 8 5 2

82 90 108

111

110

74

131

85 99 116

120

120

1,41

0

1,32

2 1,47

7

1,95

1

2,21

0

1,79

9

2,29

1

1,85

1

1,84

3

2,44

8

1,92

2

1,64

4

PSR Transactions IVR Transactions MOB Transactions Web Transactions

Num

ber

of T

rans

actio

ns

41

IVR ActivityJanuary 01, 2019 to March 31, 2019

OREGON SAVINGS

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

0

10

20

30

40

50

Jan-2019 Feb-2019 Mar-2019

@IVR to PSR PercentIVR Calls Outside ofPSR Hours

IVR Calls During PSRHours

Num

ber

of IV

R C

alls

Percentage of C

alls Dropped to P

SR

Percent of IVR Calls Transferred to PSR

IVR Calls Transferred to PSR

IVR Calls Outside of PSR Hours

IVR Calls During PSR Hours

Total IVR CallsDate

Jan-2019 4,089 3,024 1,065 1,978 48.37%

Feb-2019 3,275 2,388 887 1,511 46.14%

Mar-2019 3,409 2,499 910 1,672 49.05%

42

PSR ActivityPeriod Ending March 31, 2019

OREGON SAVINGS

Reporting Period Average Speed of Answer (Seconds)PSR Call Volume Average Call Length (Minutes)

1,604Apr-2018 5.98 27

1,370May-2018 5.90 15

1,381Jun-2018 6.35 8

1,788Jul-2018 6.03 20

1,749Aug-2018 5.80 18

1,620Sep-2018 5.78 14

1,715Oct-2018 6.18 18

1,516Nov-2018 6.43 18

1,384Dec-2018 6.20 9

1,962Jan-2019 6.17 21

1,486Feb-2019 6.30 23

1,660Mar-2019 6.38 9

43

PSR Activity Period Ending March 31, 2019

OREGON SAVINGS

Percent of Abandoned Calls Reporting Period

Number of Abandoned Calls

PSR Call Volumes

Apr-2018 1,604 0.01% 26

May-2018 1,370 0.01% 15

Jun-2018 1,381 0.00% 2

Jul-2018 1,788 0.01% 30

Aug-2018 1,749 0.01% 24

Sep-2018 1,620 0.01% 20

Oct-2018 1,715 0.01% 19

Nov-2018 1,516 0.00% 14

Dec-2018 1,384 0.00% 8

Jan-2019 1,962 0.00% 12

Feb-2019 1,486 0.01% 19

Mar-2019 1,660 0.00% 7

44

Paperless Transactions by ChannelPeriod Ending March 31, 2019


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Add

ress

Cha

nge

Ban

king

Info

rmat

ion

Ben

efic

iary

Ele

ctio

n

Bon

us C

ontr

ibut

ion

Cat

ch-U

p C

ontr

ibut

ion

Con

trib

utio

n R

ate

Cha

nge

Con

trib

utio

n R

ate

Esc

alat

or

Div

iden

d E

lect

ion

Doc

umen

ts/P

acka

ge R

eque

st

Fun

d to

Fun

d T

rans

fer

In-S

ervi

ce W

ithdr

awal

Inve

stm

ent E

lect

ion

Cha

nge

Inve

stm

ent R

eallo

catio

n

Reb

alan

ce E

lect

ion

Sum

of L

oan

Rep

aym

ent A

CH

New

Loa

n Is

sued

Onl

ine

Loan

Pay

off v

ia A

CH

Ter

min

atio

n D

istr

ibut

ion

29

22 720 0

2920 0

316

216

163

1010 1 0

32

41 2230

00

0 0

0

0 0

9

0

0

1

0 0 0

5

0 0

0

00

0 0

214

0 0

0

102

0

40

0 0 0

0

0 0

26

152 796

0 0

2,180

0 0

0

1,337

21

913

0

97

0

91

0 0

WEB MOB IVR PSR

45

Paperless Transactions by Channel (IVR/PSR/WEB/MOB Combined)Period Ending March 31, 2019


Paperless Transaction Description Transaction Volume

55Address Change

Banking Information 174

Beneficiary Election 868

Bonus Contribution 0

Catch-up Contribution 0

Contribution Rate Change 2,686

Contribution Rate Escalator 0

Dividend Election 0

Document/Package Request 325

Fund to Fund Transfer 1,655

In-service Withdrawal 184

Investment Election Change 1,055

Investment Reallocation 0

Rebalance Election 98

Loan Repayment ACH Election 0

New Loans Issued 128

Online Loan Payoff via ACH 41

Termination Distribution 223

Enrollments for the Period: 401

46

Balances by Age and StatusPeriod Ending March 31, 2019


0

100,000,000

200,000,000

300,000,000

400,000,000

500,000,000

< 21 21-29 30-39 40-49 50-59 60-69 >= 70

Active Suspended Terminated

< 21 21-29 30-39 40-49 50-59 60-69 >= 70

Active $5,174 $4,702,952 $66,895,408 $260,385,487 $496,786,294 $412,256,795 $37,194,948

Suspended $0 $2,781 $11,574 $180,182 $733,412 $1,727,223 $268,768

Terminated $1,325 $336,193 $5,507,646 $25,308,398 $147,897,286 $494,162,929 $298,833,969

Status

47

Average Balances by Age and StatusPeriod Ending March 31, 2019


0K

20K

40K

60K

80K

100K

120K

140K

160K

< 21 21-29 30-39 40-49 50-59 60-69 >= 70


< 21 21-29 30-39 40-49 50-59 60-69 >= 70

Active $862 $4,003 $14,527 $40,845 $71,988 $105,114 $135,254

Suspended $0 $2,781 $1,052 $10,599 $43,142 $143,935 $134,384

Terminated $663 $3,362 $12,239 $36,310 $104,595 $151,584 $135,464

Status

48

Median Balance by Age and StatusPeriod Ending March 31, 2019


0K

20K

40K

60K

80K

100K

120K

140K

< 21 21-29 30-39 40-49 50-59 60-69 >= 70


< 21 21-29 30-39 40-49 50-59 60-69 >= 70

Active $638 $1,857 $5,711 $15,506 $28,512 $51,674 $52,302

Suspended $0 $2,781 $234 $4,498 $8,332 $34,423 $134,384

Terminated $663 $1,628 $5,525 $12,321 $52,371 $91,889 $80,670

Status

49

First Quarter 2019Performance Review

May 22, 2019

Anne HeaphyPlan Sponsor Consulting

Ben TaylorPlan Sponsor Consulting

Uvan Tseng, CFAPlan Sponsor Consulting

Capital Markets Update

Knowledge. Experience. Integrity.

Global Economic Update 1Q 2019

● Fed pauses the pace of rate hikes– Target rates unchanged at 2.25% – 2.50% – Fed fund futures now pricing in a 65% probability of a fed cut in 2019

● Corporate fundamentals solid, Unemployment remains low– Fourth quarter real GDP growth slowed to +2.2%– Unemployment rate remained low at 3.8% in February– Wage growth at +3.4% (y/y) in February, fastest in a decade

● Inflation remained benign – Headline CPI up 1.5% in February (y/y)– Less volatile Core CPI also rose by 2.1% as of February (y/y)

● Housing starts drop again, led by single family homes– Housing starts in the US fell 8.7 percent from a month earlier, the largest decline in housing starts since last June

● Overseas– Euro zone GDP rose just 0.2% in Q4, the slowest pace since 2Q14– ECB further lowered GDP growth forecast from +1.7% to +1.1%– U.K. GDP growth decelerated sharply to +0.2% in Q4 from +0.7% in Q3, as Brexit uncertainty weighed on business investment; delay to Brexit

beyond March 2019.

– Japan’s economy grew at +0.5% in Q4 (+1.9% annualized), supported by rebound in household consumption and an upward revision of business spending following a series of natural disasters

– The slowdown in China’s economy continued as GDP growth slowed to 6.6% in 2018, at 28-year low; China also lowers its growth target to 6.0% - 6.5%

– The profits of industrial companies fell 14% in the first two months of 2019 versus one year ago, worst since 2008

The Big Picture


U.S. Equity Performance

● Equity markets dramatically snapped back in the first quarter, driven by the Fed’s unexpected dovish comments in January, solid corporate fundamentals, and low unemployment.

● S&P 500 Index gained 13.6% in Q1– Rebounded strongly from prior quarter’s decline; 4Q18: -13.5%

– Volatility remains relatively low; only a few trading days seeing market movement greater than 2% in either direction.

● Growth outperformed Value– The sharp change in Fed rhetoric influenced the stronger

performance of growth stocks over value stocks during the quarter. Investors favored companies with stronger earnings prospects to counter a softer economic environment.

● Small caps modestly outperformed large caps– Influenced by excessive fourth quarter tax-loss selling, the market

experienced a strong “January effect”—where last year’s losers became January 2019’s winners.

Sources: FTSE Russell, Standard & Poor’s

Economic Sector Quarterly Performance (Russell 3000 Index)

Russell 3000Russell 1000

Russell 1000 GrowthRussell 1000 Value

S&P 500Russell Midcap


U.S. Equity: Quarterly Returns

14.0%14.0%

16.1%11.9%

13.6%16.5%

15.8%14.6%


Russell 1000 GrowthRussell 1000 Value

S&P 500Russell Midcap


U.S. Equity: Annual Returns

8.8%9.3%

12.7%5.7%

9.5%6.5%

4.5%2.0%

8.2% 8.9%11.4% 11.6% 11.6%

14.0% 14.7% 16.7% 16.7% 17.3%20.8%

Health Care Financials Utilities Materials ConsumerStaples

CommServices

ConsumerDiscr

Energy Industrials Real Estate InformationTech


Non-U.S. Equity Performance

● Global equity markets were positive in the first quarter following a sharp sell-off to end 2018. – Investors resumed a risk-on outlook as central banks telegraphed

more accommodative positioning.– EAFE sector performance was mixed. Information Technology

(+15.3%) and Materials (+13.2%) led economically sensitive sectors; Consumer Staples (+12.4%) led defensive sectors. Interest rate-sensitive Financials (+6.9%) and Utilities (+9.0%) trailed the broad index.

– U.K. (+11.9%) equities rallied, led by tech and select consumer goods companies ; Italy (+14.6%) rebounded strongly after a challenging Q4.

– Germany (+6.9%) up the least due to slowing manufacturing activities.

● Equities in the emerging markets rose 9.9% with mixed country returns.– China (+17.7%) was the top performing country in Q1, helped by the

U.S.’s decision to suspended tariff hikes on $200 billion of Chinese goods.

– Asian Information Technology rebounded nicely with Chinese IT (+27.6%) leading the sector. An improving outlook on Chinese consumption positively influenced EM Consumer Discretionary (+20.8%), which was the top-performing sector.

– Russia (+12.5%), Brazil (+8.1%), and India (+7.2%) were up. – Turkey (-3.15%) posted negative returns as the government’s

unorthodox policy response to the country’s economic problems continued.

Source: MSCI

MSCI EAFEMSCI ACWI

MSCI ACWI ex USAMSCI EAFE Small Cap

MSCI ACWI ex US Small CapMSCI Europe ex UK

MSCI UKMSCI Pacific ex Japan

MSCI JapanMSCI Emerging Markets

MSCI ChinaMSCI Frontier Markets

Global Equity: Quarterly Returns

10.0%12.2%

10.3%10.7%

10.3%10.5%

11.9%12.2%

6.7%9.9%

17.7%6.9%

MSCI EAFEMSCI ACWI

MSCI ACWI ex USAMSCI EAFE Small Cap

MSCI ACWI ex US Small CapMSCI Europe ex UK

MSCI UKMSCI Pacific ex Japan

MSCI JapanMSCI Emerging Markets

MSCI ChinaMSCI Frontier Markets

Global Equity: Annual Returns

-3.7%2.6%

-4.2%-9.4%-9.5%

-5.1%-0.1%

4.6%-7.8%-7.4%

-6.2%-15.0%


U.S. Fixed Income Performance

● Risk markets sharply reversed from the fourth quarter sell-off supported by the Fed’s unexpected dovish comments, relatively solid U.S. economic growth data, and tempered concern over a slowing China.

● U.S. rates fell and portions of the yield curve inverted– 2-year U.S. Treasury Note declined 21 bps to close at 2.27% – 10-year Treasury Note finished at 2.41% after a 30 bps decrease– 30-year Treasury closed at 2.81%, down by 21 bps from Q4– Portions of the yield curve inverted but spread between the 2-year

and 10-year Treasury note remained positive at 14 bps as of March

● Bloomberg Barclays Aggregate rose 2.9% with investment grade corporates up the most.

● High yield corporates soared (+7.3%)– Given the risk-on environment, below-investment grade issuers were

the best performers, aided by strong asset inflows.

● TIPS outperformed nominal Treasuries as the Fed’s balanced stance and unexpected wage pressures stoked higher inflation expectation.

● Municipal bonds helped by a favorable supply/demand backdrop – Mutual funds absorbed roughly $24 billion in inflows, the best first

quarter since data collection began in 1992.

Sources: Bloomberg Barclays, Credit Suisse

Bloomberg Aggregate

Bloomberg Treasury

Bloomberg Muni

Bloomberg ABS

Bloomberg Mortgage

Bloomberg Corporate

Bloomberg Corp High Yield

Bloomberg US TIPS

U.S. Fixed Income: Quarterly Returns

2.9%

2.1%

2.9%

1.5%

2.2%

5.1%

7.3%

3.2%

Bloomberg Aggregate

Bloomberg Treasury

Bloomberg Muni

Bloomberg ABS

Bloomberg Mortgage

Bloomberg Corporate

Bloomberg Corp High Yield

Bloomberg US TIPS

U.S. Fixed Income: Annual Returns

4.5%

4.2%

5.4%

3.7%

4.4%

4.9%

5.9%

2.7%


Diversification Remains Key Risk ControlPeriodic Table of Investment Returns 2005 - 2019

Source: Callan LLC, Bloomberg Barclays, FTSE Russell, MSCI, Standard & Poor’s

● S&P 500 Index ● Russell 2000 Index ● MSCI World ex USA ● MSCI Emerging Markets ● Bloomberg Barclays US Aggregate Bond ● Bloomberg Barclays High Yield Bond Index ● Bloomberg Barclays Global Aggregate ex US Bond Index ● FTSE EPRA/NAREIT Developed REIT Index ● 3-month Treasury Bill

EquityLarge Cap

4.91%

EquityLarge Cap

15.79%

EquityLarge Cap

5.49%

EquityLarge Cap

-37.00%

EquityLarge Cap

26.47%

EquityLarge Cap

15.06%

EquityLarge Cap

2.11%

EquityLarge Cap

16.00%

EquityLarge Cap

32.39%

EquityLarge Cap

13.69%

EquityLarge Cap

1.38%

EquityLarge Cap

11.96%

EquityLarge Cap

21.83%

EquityLarge Cap

-4.38%

EquityLarge Cap

13.65%

EquitySmall Cap

4.55%

EquitySmall Cap

18.37%

EquitySmall Cap

-1.57%

EquitySmall Cap

-33.79%

EquitySmall Cap

27.17%

EquitySmall Cap

26.85%

EquitySmall Cap

-4.18%

EquitySmall Cap

16.35%

EquitySmall Cap

38.82%

EquitySmall Cap

4.89%

EquitySmall Cap

-4.41%

EquitySmall Cap

21.31%

EquitySmall Cap

14.65%

EquitySmall Cap

-11.01%

EquitySmall Cap

14.58%

EquityNon-U.S.

14.47%

EquityNon-U.S.

25.71%

EquityNon-U.S.

12.44%

EquityNon-U.S.

-43.56%

EquityNon-U.S.

33.67%

EquityNon-U.S.

8.95%

EquityNon-U.S.

-12.21%

EquityNon-U.S.

16.41%

EquityNon-U.S.

21.02%

EquityNon-U.S.

-4.32%

EquityNon-U.S.

-3.04%

EquityNon-U.S.

2.75%

EquityNon-U.S.

24.21%

EquityNon-U.S.

-14.09%

EquityNon-U.S.

10.45%

IncomeU.S. Fixed

2.43%

IncomeU.S. Fixed

4.33%

IncomeU.S. Fixed

6.97%

IncomeU.S. Fixed

5.24%

IncomeU.S. Fixed

5.93%

IncomeU.S. Fixed

6.54%

IncomeU.S. Fixed

7.84%

IncomeU.S. Fixed

4.21%

IncomeU.S. Fixed

-2.02%

IncomeU.S. Fixed

5.97%

IncomeU.S. Fixed

0.55%

IncomeU.S. Fixed

2.65%

IncomeU.S. Fixed

3.54%

IncomeU.S. Fixed

0.01%

IncomeU.S. Fixed

2.94%

Market EquityEmerging

34.00%


32.17%


39.38%


-53.33%


78.51%


18.88%


-18.42%


18.23%


-2.60%


-2.19%


-14.92%


11.19%


37.28%


-14.57%


9.93%

High Yield

2.74%

High Yield

11.85%High Yield

1.87%

High Yield

-26.16%

High Yield

58.21%

High Yield

15.12%

High Yield

4.98%

High Yield

15.81%

High Yield

7.44%High Yield

2.45%

High Yield

-4.47%

High Yield

17.13%

High Yield

7.50%

High Yield

-2.08%

High Yield

7.26%

Real Estate

15.35%

Real Estate

42.12%

Real Estate

-7.39%

Real Estate

-48.21%

Real Estate

37.13%

Real Estate

19.63%

Real Estate

-6.46%

Real Estate

27.73%

Real Estate

3.67%

Real Estate

15.02%

Real Estate

-0.79%Real Estate

4.06%Real Estate

10.36%

Real Estate

-5.63%

Real Estate

14.59%

Fixed IncomeNon-U.S.

-8.65%


8.16%


11.03%


4.39%


7.53%


4.95%


4.36%


4.09%


-3.08%


-3.09%


-6.02%


1.49%


10.51%


-2.15%


1.52%

EquivalentCash

3.07%

EquivalentCash

4.85%

EquivalentCash

5.00%

EquivalentCash

2.06%

EquivalentCash

0.21%

EquivalentCash

0.13%

EquivalentCash

0.10%

EquivalentCash

0.11%

EquivalentCash

0.07%

EquivalentCash

0.03%

EquivalentCash

0.05%

EquivalentCash

0.33%

EquivalentCash

0.86%

EquivalentCash

1.87%

EquivalentCash

0.60%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1 Qtr. 2019

OSGP Review

9Knowledge. Experience. Integrity.

OSGP Investment Structure

Risk Spectrum Tier I. Asset Allocation Options Tier II. Core Options Tier III. Specialty Options

Conservative Capital PreservationShort-Term Fixed Income Option

Stable Value Option

Target Date Funds Fixed Income

LifePath Portfolios Active Fixed Income Option

Broad U.S. Equity Specialty Equity

Stock Index Option - Russell 3000 Socially Responsible Investment Option

Large Cap U.S. Equity

Large Company Value Stock Option

Large Company Growth Stock Option

Small Cap U.S. EquitySmall Company Stock Option Inflation Sensitive

International Equity Real Return OptionAggressive International Stock Option

Brokerage WindowSchwab PCRA

OSGP Investment Structure


Asset Distribution

*DFA consists of 2 different strategies within the International Stock Option

March 31, 2019 December 31, 2018Market Value Weight Net New Inv. Inv. Return Market Value Weight

Tier I - Asset Allocation Options

Target Date Funds $699,797,852 31.06% $4,731,766 $54,094,771 $640,971,315 31.31%LifePath Index Retirement Fund L 185,627,534 8.24% (4,140,581) 11,430,164 178,337,951 8.71%LifePath Index 2020 Fund L 137,437,155 6.10% (1,450,892) 8,667,572 130,220,475 6.36%LifePath Index 2025 Fund L 114,498,729 5.08% 2,766,946 8,398,956 103,332,827 5.05%LifePath Index 2030 Fund L 85,022,458 3.77% 1,836,445 7,368,738 75,817,275 3.70%LifePath Index 2035 Fund L 64,090,674 2.84% 1,744,743 6,285,088 56,060,844 2.74%LifePath Index 2040 Fund L 44,263,123 1.96% 1,801,212 4,479,872 37,982,039 1.86%LifePath Index 2045 Fund L 29,729,344 1.32% 1,195,302 3,183,855 25,350,187 1.24%LifePath Index 2050 Fund L 24,446,004 1.08% 579,128 2,652,341 21,214,535 1.04%LifePath Index 2055 Fund L 8,887,368 0.39% 28,024 1,018,798 7,840,546 0.38%LifePath Index 2060 Fund L 5,795,462 0.26% 371,438 609,388 4,814,637 0.24%

Tier II - Core Inv estment Options

Short-Term Fixed Income Option State Street 10,827 0.00% (54,798,838) 365,852 54,443,813 2.66%

Stable Value Option Galliard 286,709,701 12.72% 59,702,428 573,372 226,433,902 11.06%

Activ e Fixed Income Option BlackRock / DoubleLine / Wellington 138,286,933 6.14% 9,068,838 3,078,775 126,139,319 6.16%

Stock Index Option BlackRock 262,142,082 11.63% (2,721,785) 33,120,019 231,743,848 11.32%

Large Company Value Stock Option BlackRock 195,937,393 8.70% (2,529,500) 21,411,580 177,055,313 8.65%

Large Company Growth Stock Option BlackRock 268,161,664 11.90% (1,637,140) 37,709,860 232,088,944 11.34%

Small Company Stock Option BlackRock / Callan / DFA 245,419,718 10.89% (6,435,083) 32,217,783 219,637,018 10.73%

International Stock Option AQR / Arrowstreet / DFA* / Lazard 117,058,900 5.19% (218,824) 10,920,548 106,357,176 5.19%

Tier III - Specialty Options

Socially Responsible Inv estment Option TIAA-CREF 16,001,933 0.71% 713,324 1,972,066 13,316,543 0.65%

Real Return Option State Street 4,010,306 0.18% (89,596) 230,834 3,869,068 0.19%

Brokerage Window 19,867,788 0.88% 2,821,555 1,754,487 15,291,746 0.75%

Total Fund $2,253,405,095 100.0% $8,607,144 $197,449,947 $2,047,348,004 100.0%


Summary ReturnsPeriods Ended March 31, 2019

Last Quarter Last Year Last 3 Years Last 5 Years YearsLast 10

DateInception

InceptionSince


LifePath Index Retirement Fund L 6.73 4.05 5.55 4.20 7.31 7/1/05 5.22LifePath Index Retirement Benchmark 6.68 4.07 5.52 4.18 7.33 10/1/93 6.11

LifePath Index 2020 Fund L 7.09 3.97 6.27 4.60 8.93 7/1/05 5.57LifePath Index 2020 Benchmark 7.03 3.98 6.23 4.56 8.93 10/1/93 6.84







LifePath Index 2055 Fund L 12.55 4.68 10.37 6.79 -- 4/1/10 9.56LifePath Index 2055 Benchmark 12.54 4.62 10.21 6.64 -- 7/1/10 10.43

LifePath Index 2060 Fund L 12.55 4.67 10.36 -- -- 10/1/14 6.55LifePath Index 2060 Benchmark 12.54 4.62 10.21 -- -- 1/1/15 6.84


Summary ReturnsPeriods Ended March 31, 2019

Last Quarter Last Year Last 3 Years Last 5 Years Last 10 Years Last 15 YearsTier II - Core Investment Options

Stable Value Option 0.61 2.34 2.03 1.85 1.85 2.723-month Treasury Bill 0.60 2.12 1.19 0.74 0.43 1.35

Active Fixed Income Option 2.88 4.47 2.88 3.23 5.15 4.39Bloomberg Aggregate Index 2.94 4.48 2.03 2.74 3.77 3.89

Stock Index Option 14.07 8.84 13.57 10.44 16.08 8.73Russell 3000 Index 14.04 8.77 13.48 10.36 16.00 8.68

Large Company Value Stock Option 11.98 5.86 10.54 7.60 14.73 7.79Russell 1000 Value Index 11.93 5.67 10.45 7.72 14.52 7.63

Large Company Growth Stock Option 16.14 12.72 16.52 13.19 17.30 9.30Russell 1000 Growth Index 16.10 12.75 16.53 13.50 17.52 9.71

Small Company Stock Option 14.31 1.47 12.12 6.84 15.51 8.80Russell 2000 Index 14.58 2.05 12.92 7.05 15.36 8.04

International Stock Option 10.34 (6.60) 7.10 2.69 9.16 5.36MSCI ACWI ex US Index 10.31 (4.21) 8.09 2.57 8.85 5.58


Socially Responsible Investment Option 13.92 7.83 13.07 -- -- --Russell 3000 Index 14.04 8.77 13.48 10.36 16.00 8.68

Real Return Option 5.82 0.21 4.30 -- -- --Consumer Price Index + 3% 1.93 4.77 5.19 4.28 4.81 5.05


Investment Options Fee Summary

*Fee data provided by OST.

Asset Class and Strategy

Total Annual Operating

Expense Ratio*

Institutional Peer Group

Median

Asset Allocation Options LifePath Index Retirement, 2020 – 2060 Funds; L 0.090% 0.16% Capital Preservation Stable Value Option 0.347% 0.63% Fixed Income Active Fixed Income Option 0.170% 0.76% U.S. Large Cap Equity Stock Index Option 0.038% 0.05%Large Company Value Stock Option 0.029% 0.05% Large Company Growth Stock Option 0.029% 0.05% U.S. Small Cap Equity Small Company Stock Option 0.395% 1.15% International Equity International Stock Option 0.541% 1.10% Specialty Options Socially Responsible Investment Option 0.170% 0.90% Real Return Option 0.220% 0.65%

OSGP Investment Option Performance


BlackRock LifePath Index Target Date Funds Glide Path Analysis

% P

ure

Equ

ity

0%

25%

50%

75%

100%

40 30 20 10 0Retirement

-10 -20Years Until Retirement

Callan Glide Path Universe (ALL)

Callan Consensus ALL Glidepath LifePath Index Fund

0% 0%

25% 25%

50% 50%

75% 75%

100% 100%

Years Until Retirement40 30 20 10 0

Retirement-10 -20

% W

eigh

t

Real AssetsDomestic FixedReal EstateIntl EquityDomestic Broad Eq

Equity Rolldown Analysis

Macro-Level Asset Allocation Glide Path


LifePath Index Retirement FundPeriods Ended March 31, 2019

Performance vs Callan Target Date Retirement Income (Institutional Net)

Last Quarter Last Year Last 3 Years Last 5 Years Last 7 YearsYears

Last 10Years

Last 13 1/42

3

4

5

6

7

8

9

10th Percentile 7.26 4.65 6.10 4.50 5.40 8.14 5.2725th Percentile 6.50 4.19 5.40 4.18 4.96 7.51 5.05

Median 5.90 3.58 4.96 3.72 4.22 6.57 4.4575th Percentile 5.20 3.04 4.53 3.20 3.72 5.87 3.9090th Percentile 4.45 2.58 3.65 2.74 2.96 5.44 2.97

LifePath Index Retirement Fund L 6.73 4.05 5.55 4.20 4.83 7.31 5.27

LifePath Index Retirement Benchmark 6.68 4.07 5.52 4.18 4.80 7.33 5.19

(17)

(30)

(21)

(25)

(27)

(33)

(10)

(17)

(29)

(22)

(25)

(27)

(32)

(13)


LifePath Index Retirement FundTarget Asset Allocation

Macro-Level Asset Allocation

Micro-Level Asset Allocation

0%

10%

20%

30%

40%

50%

60%

70%

80%

LifePath Index Retirement Fund L - Target

25.1

10.7

0.5

60.0

3.7

Callan Tgt Dt Idx 2010

22.5

10.4

1.8

53.4

5.4 3.3 2.0 1.1

Domestic Broad Eq Intl Equity Real Estate Domestic Fixed Intl Fixed-Inc Stable Value/Cash Absolute Return/GTAA Real Assets

0%

10%

20%

30%

40%

50%

60%

70%


19.5

5.78.7

1.9 0.5

51.2

8.83.7


18.0

4.38.4

2.0 1.2 0.6

34.1

8.73.1 1.1 0.2

7.710.7

Large Cap Broad Eq Small/Mid Cap Broad Non-US Developed Emerging Markets Other-Real Estate Global REITS Core Bond TIPS Cash Equiv

Commodities Intl Equity Domestic Broad Eq Other Other-Dom Fixed


LifePath Index 2030 FundPeriods Ended March 31, 2019

Performance vs Callan Target Date 2030 (Institutional Net)

Last Quarter Last Year Last 3 Years Last 5 Years Last 7 Years Last 10 YearsYears

Last 13 1/40

2

4

6

8

10

12

14



LifePath Index 2030 Fund L 9.50 4.37 8.18 5.64 6.94 10.58 6.17

LifePath Index 2030 Benchmark 9.46 4.37 8.08 5.55 6.88 10.56 5.77

(50)

(21)

(65)

(62)

(77)

(74)

(39)

(53)

(21)

(69)

(67)

(79)

(75)

(55)


LifePath Index 2030 FundTarget Asset Allocation



0%

10%

20%

30%

40%

50%

60%

LifePath Index 2030 Fund L - Target

36.9

20.2

6.5

32.5

3.9


41.9

21.7

2.4

27.1

3.2 1.1 1.5 1.2


0%

10%

20%

30%

40%

50%


30.2

6.7

16.6

3.66.5

28.0

4.4 3.9


33.2

8.6

17.0

4.41.3 1.1

19.9

2.5 1.1 1.2 0.2 0.14.7 4.7




LifePath Index 2050 FundPeriods Ended March 31, 2019


Last Quarter Last Year Last 3 Years Last 5 Years Last 7 Years Last 10 Years Last 11 Years0.0

2.5

5.0

7.5

10.0

12.5

15.0



LifePath Index 2050 Fund L 12.52 4.68 10.38 6.79 8.62 12.83 6.36

LifePath Index 2050 Benchmark 12.49 4.61 10.20 6.65 8.49 12.77 6.28

(10)

(9)

(42)

(42)

(64)

(15)

(63)

(10)

(11)

(48)

(53)

(73)

(23)

(67)


LifePath Index 2050 FundTarget Asset Allocation



0%

10%

20%

30%

40%

50%

60%

70%

80%


48.8

30.7

14.4

1.8 4.3


54.6

30.7

2.98.1

1.0 0.5 0.9 1.3


0%

10%

20%

30%

40%

50%

60%


40.3

8.5

25.2

5.5

14.4

1.7 0.14.3


42.9

11.6

23.6

6.81.3 1.7

6.10.3 0.5 1.3 0.3 0.1 1.9 1.7




Stable Value OptionPeriods Ended March 31, 2019

Last Quarter Last Year Last 3 Years Last 5 Years Last 7 Years Last 10 Years0.0

0.5

1.0

1.5

2.0

2.5

3.0

10th Percentile 0.59 2.37 2.07 1.99 2.08 2.5425th Percentile 0.54 2.10 1.83 1.74 1.87 2.26

Median 0.48 1.90 1.65 1.48 1.49 1.7075th Percentile 0.45 1.73 1.49 1.31 1.30 1.4990th Percentile 0.41 1.56 1.25 1.04 1.09 1.35

Stable Value Option 0.61 2.34 2.03 1.85 1.80 1.85

3-month Treasury Bill 0.60 2.12 1.19 0.74 0.56 0.43

(4)

(11)

(12)(21) (27) (45)

(6)

(23)

(92)

(99)(99)

(100)

Performance vs Callan Stable Value CT (Institutional Net)


Active Fixed Income OptionPeriods Ended March 31, 2019

Performance vs Callan Core Plus Mutual Funds (Institutional Net)

Last Quarter Last Year Last 3 Years Last 5 Years Last 7 Years Last 10 Years1

2

3

4

5

6

7

8



Active Fixed Income Option 2.88 4.47 2.88 3.23 3.11 5.15

Bloomberg Aggregate Index 2.94 4.48 2.03 2.74 2.48 3.77

(87)

(38)

(53)(34) (56)

(51)

(86)

(38)

(95)

(71)(94)

(95)


Active Fixed Income OptionPortfolio Characteristics as of March 31, 2019

0 5 10 15 20 25 30 35 40 45

Agency RMBS

Corporate

US Treasuries

Non-Agency RMBS

Asset Backed

CMBS

Govt. Related

CMOs

Bank Loans

Tax-Exempt Muni

Other

Cash

March 31, 2019Sector Allocation

Active Fixed Income Option

Bloomberg Aggregate Index

Callan Core Plus Mutual Funds

32.7

18.4

17.4

14.4

5.0

4.8

2.7

1.3

0.6

0.3

0.0

1.9

27.8

24.7

39.1

0.0

0.5

2.0

6.0

0.0

0.0

0.0

0.0

0.0

19.6

28.9

15.1

1.6

5.3

3.8

5.2

0.0

0.0

0.0

0.0

3.6

AA+

AA

AA-

A+

A

A-10th Percentile AA25th Percentile AA

Median AA75th Percentile A90th Percentile A

Active Fixed Income Option AA-

Bloomberg Aggregate Index AA+

vs Callan Core Plus Mutual FundsQuality Ratings

(61)

(5)


Stock Index OptionPeriods Ended March 31, 2019

Last Quarter Last Year Last 3 Years Last 5 Years Last 7 Years Last 10 Years(5)

0

5

10

15

20


Median 13.30 5.00 11.03 8.11 10.91 14.4775th Percentile 11.97 2.07 9.23 6.35 9.75 13.3690th Percentile 10.47 (1.66) 7.42 4.20 7.69 11.61

Stock Index Option 14.07 8.84 13.57 10.44 12.70 16.08

Russell 3000 Index 14.04 8.77 13.48 10.36 12.63 16.00

(35)

(19)

(13)

(7)

(12)

(13)

(35)

(19)

(14)

(8)

(12)

(14)

Performance vs Callan All Cap Core Mutual Funds (Institutional Net)


Large Company Value Stock OptionPeriods Ended March 31, 2019

Performance vs Callan Large Cap Value Mutual Funds (Institutional Net)

Last Quarter Last Year Last 3 Years Last 5 Years Last 7 Years Last 10 Years(2.5)

0.0

2.5

5.0

7.5

10.0

12.5

15.0

17.5



Large Company Value Stock Option 11.98 5.86 10.54 7.60 11.53 14.73

Russell 1000 Value Index 11.93 5.67 10.45 7.72 11.14 14.52

(40)

(40)

(56)

(42)

(29)

(25)

(41)

(41)

(58)

(38)

(33)

(33)


Large Company Growth Stock OptionPeriods Ended March 31, 2019

Performance vs Callan Large Cap Growth Mutual Funds (Institutional Net)

Last Quarter Last Year Last 3 Years Last 5 Years Last 7 Years Last 10 Years6

8

10

12

14

16

18

20

22



Large Company Growth Stock Option 16.14 12.72 16.52 13.19 14.23 17.30

Russell 1000 Growth Index 16.10 12.75 16.53 13.50 14.34 17.52

(61)

(44)

(52)

(40)(31)

(27)

(62)

(44)

(52)

(33)(28)

(21)


Small Company Stock OptionPeriods Ended March 31, 2019

Performance vs Callan Small Cap Mutual Funds (Institutional Net)


(5)

0

5

10

15

20

25


Median 15.29 3.46 12.38 7.00 10.67 15.9375th Percentile 12.75 (2.01) 8.96 4.87 9.18 14.2890th Percentile 11.33 (4.79) 7.17 2.39 7.32 12.88

Small Company Stock Option 14.31 1.47 12.12 6.84 10.40 15.51

Russell 2000 Index 14.58 2.05 12.92 7.05 10.74 15.36

(58)

(57)

(53)

(53)

(57)

(57)(56)

(55)

(47)

(50)

(48)

(59)


Small Company Stock OptionPortfolio Characteristics as of March 31, 2019

0.0 2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5

Industrials

Financials

Info. Technology

Cons. Discretionary

Health Care

Materials

Energy

Communication Svcs

Cons. Staples

Real Estate

Utilities

March 31, 2019Sector Allocation

Small Company Stock Option

Russell 2000 Index

Callan Small Cap Mutual Funds

17.8

15.7

15.6

13.9

13.1

4.9

4.9

3.9

3.7

3.6

2.9

17.1

13.6

19.1

12.1

14.3

3.8

2.6

2.2

2.4

3.5

0.0

14.5

17.1

15.6

12.0

16.0

3.8

3.7

3.2

2.8

7.5

3.8

Value Core Growth Total

Large

Mid

Small

Micro

Total

--

--

0.3% (4)

--

0.5% (8)

--

0.8% (12)

--

2.3% (51)

1.5% (7)

4.7% (70)

3.8% (19)

9.5% (113)

7.8% (35)

16.5% (234)

13.1% (61)

16.9% (327)

19.4% (276)

27.7% (470)

29.7% (405)

23.6% (385)

27.0% (352)

68.2% (1182)

76.2% (1033)

5.1% (443)

3.7% (276)

5.3% (574)

4.3% (391)

4.1% (262)

2.7% (212)

14.4% (1279)

10.7% (879)

24.3% (821)

24.6% (559)

38.1% (1118)

37.9% (815)

37.6% (768)

37.5% (599)

100.0% (2707)

100.0% (1973)

Holdings as of March 31, 2019Style Exposure Matrix

-- Small Company Stock Option-- Russell 2000 Index


International Stock OptionPeriods Ended March 31, 2019

Performance vs Callan Non US Equity Mutual Funds (Institutional Net)


(10)

(5)

0

5

10

15

20

10th Percentile 13.17 0.01 9.36 5.10 7.59 11.6325th Percentile 11.64 (2.93) 8.32 3.68 6.23 10.41

Median 10.64 (5.75) 6.50 2.17 5.25 9.0675th Percentile 9.50 (9.17) 5.31 1.17 4.74 8.1890th Percentile 7.88 (10.92) 4.48 0.20 4.02 7.60

International Stock Option 10.34 (6.60) 7.10 2.69 5.44 9.16

MSCI ACWI ex US Index 10.31 (4.21) 8.09 2.57 4.73 8.85

(52)

(60)

(38)

(43)(45)

(47)(53)

(35)

(29)

(47)(75)

(58)


International Stock OptionPortfolio Characteristics as of March 31, 2019

0 5 10 15 20 25

Financials

Industrials

Cons. Discretionary

Info. Technology

Health Care

Cons. Staples

Energy

Materials

Communication Svcs

Utilities

Real Estate

Misc.

March 31, 2019Sector Allocations

International Stock Option

MSCI ACWI ex US Index

Callan Non US Equity Mutual Funds

18.5

13.2

10.1

8.6

8.9

8.7

8.3

9.2

6.7

4.2

3.5

0.2

18.5

15.1

11.5

9.2

10.9

10.6

4.9

6.5

6.0

1.2

1.4

0.0

21.6

11.7

11.0

8.4

8.4

10.0

7.5

7.7

6.9

3.3

3.5

0.0


Europe

N. America

Pacific

Emerging

Total

13.5% (672)

14.3% (143)

13.4% (654)

10.6% (123)

20.0% (572)

17.8% (180)

46.8% (1898)

42.7% (446)

1.2% (145)

1.6% (28)

2.9% (152)

3.4% (36)

2.0% (103)

1.8% (29)

6.1% (400)

6.8% (93)

7.2% (1240)

8.6% (149)

6.2% (937)

6.5% (141)

8.9% (849)

9.5% (181)

22.3% (3026)

24.7% (471)

7.7% (1833)

7.3% (379)

8.6% (1615)

8.0% (366)

8.5% (1325)

10.4% (364)

24.8% (4773)

25.7% (1109)

29.5% (3890)

31.9% (699)

31.1% (3358)

28.5% (666)

39.4% (2849)

39.6% (754)

100.0% (10097)

100.0% (2119)

Holdings as of March 31, 2019Regional Exposure Matrix

-- International Stock Option-- MSCI ACWI exUS Index


Socially Responsible Investment OptionPeriods Ended March 31, 2019



0

5

10

15

20



Socially Responsible Investment Option 13.92 7.83 13.07 -- -- --

Russell 3000 Index 14.04 8.77 13.48 10.36 12.63 16.00

(37)

(25)

(20)

(35)

(19)

(14)

(8)

(12)

(14)


Socially Responsible Investment OptionPortfolio Characteristics as of March 31, 2019

0 5 10 15 20 25

Info. Technology

Health Care

Financials

Cons. Discretionary

Industrials

Communication Svcs

Cons. Staples

Energy

Utilities

Real Estate

Materials

March 31, 2019Sector Allocations

Socially Responsible Investment Option

Russell 3000 Index

Callan All Cap Core Mutual Funds

21.9

14.0

14.7

9.2

10.3

7.7

6.3

5.1

3.4

4.1

3.2

18.5

13.5

14.1

11.0

11.1

7.4

5.6

4.3

1.4

1.8

3.3

21.1

14.3

13.2

10.4

10.1

9.1

6.5

5.1

3.2

4.0

3.0


Large

Mid

Small

Micro

Total

25.1% (57)

25.7% (105)

25.8% (60)

21.1% (97)

26.6% (44)

29.0% (91)

77.5% (161)

75.8% (293)

4.6% (66)

5.1% (175)

5.0% (71)

5.8% (204)

6.8% (78)

5.9% (209)

16.4% (215)

16.7% (588)

1.2% (95)

1.9% (336)

1.7% (106)

2.6% (461)

2.5% (95)

2.2% (378)

5.4% (296)

6.7% (1175)

0.2% (25)

0.3% (277)

0.3% (39)

0.3% (392)

0.2% (25)

0.2% (212)

0.7% (89)

0.8% (881)

31.1% (243)

32.9% (893)

32.8% (276)

29.8% (1154)

36.1% (242)

37.3% (890)

100.0% (761)

100.0% (2937)

Holdings as of March 31, 2019Style Exposure Matrix

-- Socially Responsible Investment Option-- Russell 3000 Index


Real Return OptionPeriods Ended March 31, 2019

0

2

4

6R

etur

ns

Last Quarter Last Year Last 3 Years

Real Return Option Consumer Price Index + 3%

5.82

0.21

4.30

1.93

4.77

5.19

• The Real Return Option was reconstituted during the first quarter of this year

• The performance history of the option no longer reflects what we can except going forward


Real Return OptionPeriods Ended March 31, 2019

Performance vs Callan Real Assets Database (Institutional Net)

(10%)

(5%)

0%

5%

10%

15%

Last Quarter Last Last 3 Years Last 5 Years Last 7 Years Last 9 YearsYear

A(41)B(41)

(96)

B(33)A(33)

(29)

B(31)A(31)(45)

B(49)A(51)

(5)

B(60)A(64)

(9)B(55)A(59)

(4)


Median 8.70 1.73 5.00 0.49 1.07 2.6975th Percentile 5.85 0.20 3.96 (0.91) (0.77) 0.7590th Percentile 3.44 (4.36) 1.31 (2.26) (1.52) (1.07)

State Street RealAsset Strategy A 9.00 3.87 6.04 0.45 0.57 2.02SSGA Custom

Blended Benchmark B 9.00 4.01 6.09 0.52 0.65 2.38

ConsumerPrice Index + 3% 1.93 4.77 5.19 4.28 4.30 4.67

Defined Contribution Trends


1Q 2019 DC Trends

Lesson from University Lawsuit – January 21, 2019

Duke University will pay nearly $11 million to settle the 2016 class action filed over management of its 403(b) plan.

Duke University has agreed to settle a lawsuit alleging the university violated the Employee Retirement Income Security Act by causing its defined contribution plan to pay excessive recordkeeping and investment fees. A second lawsuit filed in 2018 alleged that the plan sponsor used plan assets to pay for salaries and fringe benefits of Duke University employees who provided services to the plan. The Duke University lawsuit was one of almost a dozen lawsuits against universities filed by Schlichter, Bogard & Denton in 2016. This represents the 15th settlement out of more than 30 similar complaints filed by Schlichter.

The proposed settlement provides that Duke admits no wrongdoing. In addition to the financial terms of the settlement, Duke agreed to engage an independent consultant to conduct a search for recordkeeping services, make it easier for participants to transfer out of frozen annuity accounts, review the cost of different share classes of mutual funds considered for the plan, and avoid the use of plan assets to pay salaries of Duke employees who work on the plan.

Other defendants in similar university suits have prevailed. Claims against New York University were dismissed after an eight-day trial, although the plaintiffs have appealed. Similar, appeals are pending in claims against the University of Pennsylvania and Northwestern University.

The current litigation environment highlights risks and opportunities for plan sponsors. The cost of litigation is high, and pursuing a settlement may be a viable option for some plan sponsors. Plan sponsors should continue to carefully monitor investment options, confirm plan fees, and follow any written governance documentation, including the IPS. Additionally, plan fiduciaries should document the process and decisions made around vendor selection and fees to demonstrate their due diligence.


1Q 2019 DC Trends

Gimme Shelter – Another Legislative Proposal Targets an Annuity Safe Harbor – March 7, 2019

An annuity selection safe harbor has been the common theme among recently proposed retirement legislation, such as the Family Savings Act and the Retirement Enhancement and Savings Act. While proposals may come and go, this latest iteration illustrates the continued importance of an annuity selection safe harbor to any proposed retirement legislation.

In theory, the promise of guaranteed income in retirement seems like a great idea. The 2006 Pension Protection Act took steps to limit the fiduciary implications of including annuities in defined contribution (DC) plans by removing the “safest available annuity” requirement. However, according to Callan’s 2019 DC Trends Survey, few plans offer either annuities as a form of distribution payment (10.8%) or as an in-plan guarantee (4.1%). Discomfort around the fiduciary implications of such options consistently ranks as the top reason for the reluctance to add an annuity-type option.

Congress has long heard of this hesitation and once again resurrected legislation aimed at providing an annuity safe harbor. On February 28, Reps. Lisa Blunt Rochester (D-DE) and Tim Walberg (R-MI) proposed legislation in the House to ease the way for annuities within DC plans. The Increasing Access to a Secure Retirement Act (H.R. 1439) would provide a fiduciary safe harbor to the selection of an annuity provider. To qualify for the safe harbor, the fiduciary would need to meet several obligations in the consideration and selection of a provider, including that the cost is reasonable and the insurer is financially capable of satisfying the contract’s obligations. The full text of the proposal is still pending.

As DC plans have matured and participants have taken a greater role in building retirement savings, retirement income has become a key consideration. Plan sponsors should consider the plan objectives and how differing retirement income solutions could support participants.


1Q 2019 DC Trends

SEC: Investment Managers Must Repay Clients Millions in Settlements – March 14, 2019

The Securities and Exchange Commission (SEC) announced a settlement whereby roughly 80 investment managers will repay over $125 million to clients who utilized higher-cost mutual funds when cheaper funds were available.

The settlement, announced on March 11, focuses on funds with 12b-1 fees, which are embedded into the expense ratio and paid to brokers to distribute mutual funds. At issue is whether advisors adequately disclosed potential conflicts of interest in the sale of higher-cost mutual funds when lower-cost share classes were available.

According to the SEC: “The advisors placed their clients in mutual fund share classes that charged 12b-1 fees—which are recurring fees deducted from the fund’s assets—when lower-cost share classes of the same fund were available to their clients without adequately disclosing that the higher-cost share class would be selected.”

As part of the settlement, the firms avoided SEC penalties while agreeing to pay back the fees. This marks another instance of the SEC waiving penalties when firms cooperate in investigations. As an additional term of the settlement, the companies will determine which investors should be moved to share classes without 12b-1 fees and to correct any shortcomings in disclosures.

This settlement springs from the SEC’s Share Class Selection Disclosure Initiative. Launched in February 2018, this initiative aims to correct potential harm to investors due to share class selection. Although this settlement affects mainly retail investors, it shows that the SEC is focused squarely on abuses related to fees.

Legislating the Student Debt Tsunami – March 20, 2019

Proposed legislation aims to sanction student loan repayment programs, allowing employers to support employee efforts to pay off student loan debt—both their own and any debt taken on for their children—while recognizing that paying down debt may hinder employees’ ability to save for retirement.

One in four Americans has student loans, and the U.S. student debt burden grew to $1.5 trillion in 2018. This issue impacts new employees entering the workforce, career workers, and parents who have borrowed to finance their children’s education. As financial wellness becomes a common theme in employee benefits and as employers look to manage workforce retirement planning, managing student loan debt has become an increasingly significant concern for many employers. Congress has introduced a number of bills that seek to address the widespread student loan debt tsunami. Two key pieces of proposed legislation signal the track that Congress may take:


1Q 2019 DC Trends

Legislating the Student Debt Tsunami – March 20, 2019 (Continued)

Employer Participation in Repayment Act intends to expand the existing tuition assistance program. Currently, the Education Assistance Program only covers workers pursuing additional education, but does not cover employees who have already acquired student loan debt. The proposed expansion would allow employers to contribute up to $5,250 tax-free to employee student loans per year. However, employer repayment assistance may be considered an uneven employee benefit, providing additional monetary benefits for only those employees who hold student loan debt.

The Retirement Parity for Student Loans Act would allow employers to make matching contributions under 401(k) and 403(b) plans based on ongoing student loan repayments. This bill follows a private letter ruling (PLR) issued by the Internal Revenue Service in 2018. The PLR confirmed that employers can tie employer contributions under a 401(k) plan to the amount of student loan repayments made by the employee outside the plan. However, the PLR only applied to the specific plan requesting the ruling, and only addressed the specific issue and facts presented by the plan sponsor. The Student Loans Act would treat student loan repayments as if they were deferrals into the defined contribution plan, which could then be matched within the plan (rather than the special non-elective contributions described in the PLR). In addition, the Student Loan Act would clarify nondiscrimination testing requirements and safe harbor plans. This type of legislation promotes retirement readiness while recognizing that paying down debt may limit the ability for employees to save for retirement.

Market forces continue to drive innovation in this area. In addition to the legislation described above, some employers are exploring boosting student loan repayments with forfeited vacation time. This perk complements the reality that most Americans don’t use all of their paid time off.

Employers continue to consider how financial benefits support their employees, while looking to balance competing needs. Depending on the employee population and labor planning needs, a student loan repayment program may be a meaningful employee benefit. Plan sponsors should consider how these programs could be implemented, if needed, and how to continually manage them.


1Q 2019 DC Trends

Another Higher Ed Plan Faces Court Battle – March 25, 2019

Brown University has settled a lawsuit for breach of fiduciary duties under the Employment Retirement Income Security Act (ERISA) for $3.5 million as the plaintiff’s bar continues focusing attention on higher education plans.

The 2017 lawsuit was filed with a series of specific claims, including that the plans offered 199 investment choices in 2014 between Fidelity Investments and TIAA. The plans subsequently reduced the number of choices significantly, but still offered a total of 61 investment options, many of which were proprietary funds from the two recordkeepers. The plaintiffs also alleged that the choice of an older version of the TIAA Traditional Annuity was improper, as alternative versions with higher rates of return and greater liquidity were available.

The university did not admit wrongdoing, but in a statement indicated that it settled the lawsuit given the prospect of years of costly litigation.

Higher education plans continue to be the most recent preferred target of the plaintiff’s bar, and the large fund menus offered within the plans are one of the most consistent targets of new lawsuits.

March 31, 2019

Oregon Savings Growth Plan

Defined Contribution Plan

Investment Measurement Service

Quarterly Review

Information contained herein includes confidential, trade secret and proprietary information. Neither this Report nor any specific information contained herein is

to be used other than by the intended recipient for its intended purpose or disseminated to any other person without Callan’s permission. Certain information

herein has been compiled by Callan and is based on information provided by a variety of sources believed to be reliable for which Callan has not necessarily

verified the accuracy or completeness of or updated. This content may consist of statements of opinion, which are made as of the date they are expressed and

are not statements of fact. This content is for informational purposes only and should not be construed as legal or tax advice on any matter. Any decision you

make on the basis of this content is your sole responsibility. You should consult with legal and tax advisers before applying any of this information to your

particular situation. Past performance is no guarantee of future results. For further information, please see Appendix for Important Information and Disclosures.

Table of ContentsMarch 31, 2019

Capital Markets Review 1

Asset Allocation and Performance

Allocation Across Fund and Changes in Fund Values 11

Asset Distribution Across Investment Managers 12

Performance Across Investment Managers 13

Manager Performance Monitoring Summary 15

Manager Performance Monitoring Summary 17

Investment Option Fee Summary 18

Target Date Funds

LifePath Index Retirement Fund L 24

LifePath Index 2020 Fund L 26









Stable Value Option

Stable Value Option 44


Active Fixed Income Option 49

BlackRock US Debt Index Fund 53

DoubleLine Total Return Bond Fund 57

Wellington Trust Core Bond Plus Fund 61

Stock Index Option

Stock Index Option 66


Large Company Value Stock Option 73


Large Company Growth Stock Option 80

Table of ContentsMarch 31, 2019


Small Company Stock Option 87

BlackRock Russell 2000 Index Fund 93

Callan Small Equity Fund 99

DFA US Small Cap Portfolio 105


International Stock Option 112

Lazard International Equity Fund 119

DFA International Core Equity 127

DFA Emerging Markets Core Equity Fund 135

AQR ACWI ex-US Fund 143

Socially Responsible Option

Socially Responsible Option 152

TIAA-CREF Social Choice Equity Fund 155

Real Return Option

Real Return Option 162

State Street Real Asset Strategy 163

Definitions 166

Callan Research/Education 171

Disclosures

Performance Across Investment Managers 186

Ca

pita

l Ma

rke

ts R

evie

w

Capital Markets Review

Russell 3000

Russell 1000

Russell 1000 Growth

Russell 1000 Value

S&P 500

Russell Midcap

Russell 2500

Russell 2000

U.S. Equity: Quarterly Returns

14.0%

14.0%

16.1%

11.9%

13.6%

16.5%

15.8%

14.6%

Russell 3000

Russell 1000

Russell 1000 Growth

Russell 1000 Value

S&P 500

Russell Midcap

Russell 2500

Russell 2000

U.S. Equity: One-Year Returns

8.8%

9.3%

12.7%

5.7%

9.5%

6.5%

4.5%

2.0%

Source: Standard & Poor’s

U.S. EQUITY

Equity markets dramatically snapped back in the first quarter, driven by the Fed’s unexpected dovish comments in January, solid corporate fundamentals, and low unemployment.

Large Cap U.S. Equity (S&P 500: +13.6%; Russell 1000: +14.0%)

– All sectors delivered double-digit gains with the exception of Financials (+8.6%) and Health Care (+6.6%).

– Consumers remain in good shape, with household debt service as a percentage of disposable income at the lowest level in decades.

– The risk-on market was highlighted by low quality (S&P ratings B or lower) outperforming high quality (B+ or higher) by 440 basis points.

– Surprisingly, Utilities and REITs produced double-digit returns; investors sought yield in the face of a flattening yield curve and the end to rate hikes in the first quarter.

Growth vs. Value (Russell 1000 Growth: +16.1%; Russell 1000 Value: +11.9%)

– The sharp change in Fed rhetoric influenced the stronger performance of growth stocks over value stocks during the quarter. Investors favored companies with stronger earnings prospects to counter a softer economic environment.

– Technology produced strong results, while the outlook for Financials weakened as the yield curve flattened.

Small Cap (Russell 2000: +14.6%; Russell 2000 Growth: +17.1%; Russell 2000 Value: +11.9%)

– Within the Russell 2000 Growth Index, the three largest sectors (Health Care, Consumer Discretionary, and Technology) surged 19%, 17%, and 23%, respectively. Software and biotechnology both posted 25% gains in the quarter; combined they are more than 23% of the benchmark weight.

– Influenced by excessive fourth quarter tax-loss selling, the market experienced a strong “January effect”—where last year’s losers became January 2019’s winners.

Capital Market Overview March 31, 2019

0%

5%

10%

15%

20%

25%

S&P Sector Returns, Quarter Ended March 31, 2019

14.0%15.7%

12.0%

16.4%

8.6%6.6%

19.9%

17.2%

10.3%

17.5%

10.8%

Communication Services

Consumer Discretionary

Consumer Staples

Energy

Financials

Health Care

Industrials

Information Technology

Materials

Real Estate

Utilities

Capital Market Overview (continued) March 31, 2019

MSCI EAFE

MSCI ACWI

MSCI World

MSCI ACWI ex USA

MSCI World ex USA

MSCI ACWI ex USA SC

MSCI World ex USA SC

MSCI Europe ex UK

MSCI United Kingdom

MSCI Pacific ex Japan

MSCI Japan

MSCI Emerging Markets

MSCI China

MSCI Frontier Markets

Global Equity: Quarterly Returns

10.0%

12.2%

12.5%

10.3%

10.4%

10.3%

10.9%

10.5%

11.9%

12.2%

6.7%

9.9%

17.7%

6.9%

MSCI EAFE

MSCI ACWI

MSCI World

MSCI ACWI ex USA

MSCI World ex USA

MSCI ACWI ex USA SC

MSCI World ex USA SC

MSCI Europe ex UK

MSCI United Kingdom

MSCI Pacific ex Japan

MSCI Japan

MSCI Emerging Markets

MSCI China

MSCI Frontier Markets

Global Equity: One-Year Returns

-3.7%

2.6%

4.0%

-4.2%

-3.1%

-9.5%

-8.7%

-5.1%

-0.1%

4.6%

-7.8%

-7.4%

-6.2%

-15.0%

Source: MSCI

NON-U.S./GLOBAL EQUITY

Global equity markets were positive in the first quarter following a sharp sell-off to end 2018. Investors resumed a risk-on outlook as central banks telegraphed more accommodative positioning. Delayed outcomes regarding U.S./China trade talks and Brexit negotiations allowed markets to stabilize, although uncertain outcomes remain a future risk.

Global/Non -U.S. Developed (MSCI EAFE: +10.0%; MSCI World ex USA: +10.4%; MSCI ACWI ex USA: +10.3%; MSCI Europe: +10.8%; MSCI Japan: +6.7%)

– Developed markets rallied as central banks around the world expressed more accommodative paths with interest rates and quantitative easing.

– Brexit negotiations continue and a “no-deal” Brexit remains a possibility, but with an extended deadline. The potential for investment paralysis drags on.

– European PMI continued to deteriorate, falling to 47.7 in March from 49.4.

– The currency effect was mixed as the U.S. dollar rose against the euro and yen, by 1.8% and 0.9%, but fell against the British pound by 2.3% as a delay in Brexit allowed for a temporary bounce.

– EAFE sector performance was mixed. Information Technology (+15.3%) and Materials (+13.2%) led economically sensitive sectors; Consumer Staples (+12.4%) led defensive sectors. Interest rate-sensitive Financials (+6.9%) and Utilities (+9.0%) trailed the broad index.

– Factor performance favored growth (historical and projected) while value factors were generally negative.

Emerging Markets (MSCI Emerging Markets Index: +9.9%)

– In a big reversal from the fourth quarter, China led emerging markets with MSCI China gaining 17.7% and MSCI China A up 30.9%.

– Trade talks continue but positive indications for a deal buoyed markets; uncertainty on the outcome remains.

– Asian Information Technology rebounded nicely with Chinese IT (+27.6%) leading the sector. An improving outlook on Chinese consumption positively influenced EM Consumer Discretionary (+20.8%), which was the top-performing sector.

– Growth led value with MSCI EM Growth gaining 12.0% and EM Value up 7.8%.

Non-U.S. Small Cap (MSCI World ex USA Small Cap: +10.9%; MSCI EM Small Cap: +7.8%; MSCI ACWI ex USA Small Cap: +10.3%)

– Within developed markets, small cap performed in line with large cap.

– EM Small Cap trailed EM as MSCI China Small Cap has less exposure to IT, which led the risk-on rally.

Blmberg Barclays Gov/Cr 1-3 Yr

Blmberg Barclays Interm Gov/Cr

Blmberg Barclays Aggregate

Blmberg Barclays Long Gov/Cr

Blmberg Barclays Universal

CS Leveraged Loans

Blmberg Barclays High Yield

Blmberg Barclays TIPS

U.S. Fixed Income: Quarterly Returns

2.9%

3.3%

1.2%

2.3%

6.5%

3.8%

7.3%

3.2%

Blmberg Barclays Gov/Cr 1-3 Yr

Blmberg Barclays Interm Gov/Cr

Blmberg Barclays Aggregate

Blmberg Barclays Long Gov/Cr

Blmberg Barclays Universal

CS Leveraged Loans

Blmberg Barclays High Yield

Blmberg Barclays TIPS

U.S. Fixed Income: One-Year Returns

4.5%

4.5%

3.0%

4.2%

5.2%

3.3%

5.9%

2.7%

0%

1%

2%

3%

4%

0 5 10 15 20 25 30

Maturity (Years)

March 31, 2019 December 31, 2018March 31, 2018

U.S. Treasury Yield Curves

U.S. FIXED INCOME

Risk markets sharply reversed from the fourth quarter sell-off supported by the Fed’s unexpected dovish comments, relatively solid U.S. economic growth data, and tempered concern over a slowing China. This quarter’s strong results recaptured most of the loss experienced in the prior quarter.

U.S. Fixed Income (Bloomberg Barclays US Aggregate: +2.9%)

– U.S. Treasuries rose 2.1% as the yield curve shifted lower across maturities as growth and inflation expectations declined.

– The shape of the yield curve did not materially change during the quarter. The yield differential between the 10-year and 2-year key rates remained positive and traded around a range of +12 to +20 bps. However, the front-end of the curve inverted, with the 5-year offering less yield than the 2-year.

– TIPS outperformed nominal Treasuries as the Fed’s balanced stance and unexpected wage pressures stoked higher inflation expectation.

Investment -Grade Corporates (Bloomberg Barclays Corporate: +5.1%)

– Credit spreads rallied on the back of a softer Fed stance, positive economic news, and better than expected corporate earnings.

– Net new corporate issuance during the first quarter of $117 billion was roughly on par with a year ago.

– Surprisingly, Aaa-rated corporates (+5.0%) outperformed Aa- (+3.7%) and single A-rated issuers (+4.7%). BBB-rated issuers were the best performers (+5.7%).

High Yield (Bloomberg Barclays Corporate High Yield: +7.3%)

– Given the risk-on environment, below-investment grade issuers were the best performers, aided by strong asset inflows.

– Ba/B sectors (+7.2%) marginally outpaced CCC by 6 bps; this was an unusual occurrence given that the dispersion between high-quality and low-quality is typically wide during these periods of absolute returns.

Leveraged Loans (Credit Suisse Leveraged Loans Index: +3.8%)

– Leveraged loans participated in the rally but lagged both longer duration investment grade and high yield corporates. The sector was negatively impacted by the Fed’s pause, retail outflows, and a slow-developing CLO pipeline.

– Bank loans have less sensitivity to interest rates but may have a similar spread duration profile to that of their high yield bond counterparts.


Sources: Bloomberg, Bloomberg Barclays, Credit Suisse

Blmberg Barclays Gl Aggregate

Blmberg Barclays Gl Agg (hdg)

Blmberg Barclays Gl High Yield

Blmberg Barclays Gl Agg ex US

JPM EMBI Global Diversified

JPM GBI-EM Global Diversified

JPM EMBI Gl Div/JPM GBI-EM Gl Div

JPM CEMBI

Global Fixed Income: Quarterly Returns

2.2%

3.0%

6.3%

1.5%

7.0%

2.9%

4.9%

5.5%

Blmberg Barclays Gl Aggregate

Blmberg Barclays Gl Agg (hdg)

Blmberg Barclays Gl High Yield

Blmberg Barclays Gl Agg ex US

JPM EMBI Global Diversified

JPM GBI-EM Global Diversified

JPM EMBI Gl Div/JPM GBI-EM Gl Div

JPM CEMBI

Global Fixed Income: One-Year Returns

-0.4%

4.9%

2.4%

-4.1%

4.2%

-7.6%

-1.8%

5.2%

-28 bps

-31 bps

-28 bps

-35 bps

-8 bps

-45 -40 -35 -30 -25 -20 -15 -10 -5 0

U.S. Treasury

Germany

U.K.

Canada

Japan

4Q18 to 1Q19

Change in 10 -Year Global Government Bond Yields

NON-U.S. FIXED INCOME

Global Fixed Income (Bloomberg Barclays Global Aggregate (unhedged): +2.2%)

– Developed market sovereign bonds rallied in tandem with Treasuries. The U.S. dollar appreciated modestly versus the euro and yen, but lost ground versus the British pound and Canadian dollar.

U.S. dollar -denominated emerging market debt (JPM EMBI Global Diversified: +7.0%), Local currency -denominated EMD (JPM GBI-EM Global Diversified: +2.9%)

– Country returns within the EMBI Global Diversified Index were all positive for the quarter.

– Turkey (-10.2%) and Argentina (-10.5%) were notable underperformers in the local currency index.

– Positive net inflows into the EM universe continued through quarter-end.


Sources: Bloomberg, Bloomberg Barclays, JP Morgan

Market OverviewActive Management vs Index Returns

Market OverviewThe charts below illustrate the range of returns across managers in Callan’s Mutual Fund database over the most recent onequarter and one year time periods. The database is broken down by asset class to illustrate the difference in returns acrossthose asset classes. An appropriate index is also shown for each asset class for comparison purposes. As an example, thefirst bar in the upper chart illustrates the range of returns for domestic equity managers over the last quarter. The trianglerepresents the S&P 500 return. The number next to the triangle represents the ranking of the S&P 500 in the Large CapEquity manager database.

Range of Mutual Fund Returns by Asset ClassOne Quarter Ended March 31, 2019

Retu

rns

0%

5%

10%

15%

20%

25%

Large Cap Small Cap Non-US Domestic GlobalEquity Equity Equity Fixed Income Fixed Income

vs vs vs vs vsS&P 500 Russell 2000 MSCI EAFE Blmbg Aggr Bd Citi World Govt

(51)(56)

(68)

(71)(86)

10th Percentile 17.56 21.99 13.17 3.77 4.6925th Percentile 16.29 19.20 11.64 3.63 3.48

Median 13.74 15.29 10.64 3.23 2.6675th Percentile 12.00 12.75 9.50 2.92 2.1190th Percentile 10.50 11.33 7.88 2.83 1.48

Index 13.65 14.58 9.98 2.94 1.74

Range of Mutual Fund Returns by Asset ClassOne Year Ended March 31, 2019

Re

turn

s

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

Large Cap Small Cap Non-US Domestic GlobalEquity Equity Equity Fixed Income Fixed Income

vs vs vs vs vsS&P 500 Russell 2000 MSCI EAFE Blmbg Aggr Bd Citi World Govt

(41)

(55)

(29)

(44)

(80)

10th Percentile 14.09 15.04 0.01 4.94 4.4325th Percentile 11.89 10.86 (2.93) 4.68 3.21

Median 8.42 3.46 (5.75) 4.38 0.2475th Percentile 5.40 (2.01) (9.17) 4.15 (1.29)90th Percentile 1.57 (4.79) (10.92) 3.97 (2.81)

Index 9.50 2.05 (3.71) 4.48 (1.57)

6Oregon Savings Growth Plan

Domestic EquityActive Management Overview

U.S. equity markets had no problem erasing the pain of the fourth quarter as the S&P 500 rose 13.7% with double-digit gainsacross cap and style spectrums. On a relative basis, Growth outperformed Value (R1000 Growth: +16.1% vs. R1000 Value:+11.9%), Small Cap outperformed Large Cap (R2000: +14.6% vs. R1000: +14.0%), and virtually all sectors delivereddouble-digit results with the exceptions being Financials (+8.6%) and Health Care (+6.6%). Volatility returned to morenormalized levels, with just a few trading days seeing market movement of more than 2% in either direction (versus nearly20% in the fourth quarter.)

Mutual Fund Style Group Median Returnsfor Quarter Ended March 31, 2019

0%

5%

10%

15%

20%

25%

30%

19.34

Small CapGrowth

12.71

Small CapValue

15.29

Small CapBroad

20.05

Mid CapGrowth

14.03

Mid CapValue

16.04

Mid CapBroad

16.51

Large CapGrowth

11.86

Large CapValue

13.13

Large CapCore

Re

turn

s

S&P 500: 13.65%

S&P 500 Growth: 14.95%

S&P 500 Value: 12.19%

S&P Mid Cap: 14.49%

S&P 600: 11.61%

S&P 600 Growth: 10.84%

S&P 600 Value: 12.45%

Mutual Fund Style Group Median Returnsfor One Year Ended March 31, 2019

(5%)

0%

5%

10%

15%

20%

10.71

Small CapGrowth

(0.80 )

Small CapValue

3.46

Small CapBroad

10.11

Mid CapGrowth

(0.83 )

Mid CapValue

5.78

Mid CapBroad

12.23

Large CapGrowth

4.31

Large CapValue

6.72

Large CapCore

Re

turn

s

S&P 500: 9.50%

S&P 500 Growth: 12.77%

S&P 500 Value: 5.93%

S&P Mid Cap: 2.59%

S&P 600: 1.57%

S&P 600 Growth: 3.83%

S&P 600 Value: (0.44%)


Domestic Fixed IncomeActive Management Overview

In the U.S., the Bloomberg Barclays US Aggregate Bond Index rose 2.9% for the quarter, with investment grade corporates(Bloomberg Barclays Corporate: +5.1%) up the most. Yields fell sharply in March as the market digested unexpectedlydovish comments from the Fed. The 10-year U.S. Treasury returned 2.8% and its yield closed the quarter at 2.41%, downnearly 30 bps from year-end and significantly from the multi-year high of 3.24% hit in early November. Portions of the yieldcurve inverted, but the widely watched spread between the 2- and 10-year Treasury note remained positive at 14 bps. Thehigh yield corporate bond market (Bloomberg Barclays High Yield: +7.3%) soared and the sector’s yield-to-worst ended thequarter at 6.4% after surging to nearly 8% in the fourth quarter. Similarly, leveraged loans were up 4.0% after falling 3.5%(S&P LSTA) in the fourth quarter. While the fundamental picture for corporations remains intact, these returns were drivenprimarily by a strong technical tailwind on the back of a very weak December. Municipal bonds (Bloomberg BarclaysMunicipal Bond: +2.9%) outperformed U.S. Treasuries and were also helped by a favorable supply/demand backdrop.Municipal mutual funds absorbed roughly $24 billion in inflow, the best first quarter since data collection began in 1992.


0%

2%

4%

6%

8%

10%

1.45

Defensive

2.49

Intermed

3.23

Core Bond

7.26

High Yield

3.58

Core Plus

Re

turn

s

Blmbg Universal: 3.32%

Blmbg Aggregate: 2.94%

Blmbg High Yield: 7.26%


0%

1%

2%

3%

4%

5%

6%

7%

3.07

Defensive

3.87

Intermed

4.38

Core Bond

5.10

High Yield

4.34

Core Plus

Re

turn

s

Blmbg Universal: 4.53%

Blmbg Aggregate: 4.48%

Blmbg High Yield: 5.93%


International EquityActive Management Overview

Non-U.S. developed (MSCI EAFE: 10.0%) and emerging market equities (MSCI Emg Mkts: +9.9%) also rebounded stronglyin the first quarter, but trailed their U.S. counterparts (and failed to make up for the pain felt in the fourth quarter). The U.K.(+11.9%), Canada (+15.4%), and Italy (+14.6%) were among the standout performers, while Japan (+6.7%) was a laggardbut positive nonetheless. Similarly, emerging market performance was robust across the board with all the BRIC countries upstrongly: China (+17.7%), India (+7.2%), Russia (+12.2%), and Brazil (+8.1%). Turkey’s GDP dropped 3% y-o-y in the fourthquarter amid economic and political woes and was the worst-performing country (-3.2%).


0%

5%

10%

15%

20%

11.21

Europe

10.78

Core Int’l

14.21

Pacific Basin

7.08

Japan Only

10.64

EmergingMarkets

Re

turn

s

MSCI AC World Index 12.33%

MSCI ACW ex US Free: 10.31%

MSCI EAFE: 9.98%

MSCI Europe: 10.84%

MSCI Pacific: 8.53%

MSCI Emerging Markets: 9.93%


(12%)

(10%)

(8%)

(6%)

(4%)

(2%)

0%

2%

(5.81 )

Europe

(5.91 )

Core Int’l

(6.38 )

Pacific Basin

(7.77 )

Japan Only

(9.20 )

EmergingMarkets

Re

turn

s

MSCI AC World Index 3.17%

MSCI ACW ex US Free: (4.21%)

MSCI EAFE: (3.71%)

MSCI Europe: (3.72%)

MSCI Pacific: (3.86%)

MSCI Emerging Markets: (7.40%)


Asse

t Allo

ca

tion

Asset Allocation

an

d P

erfo

rma

nce

and Performance

Changes in Investment Fund BalancesPeriod Ended March 31, 2019

Allocation Across Investment OptionsThe chart below illustrates the allocation of the aggregate fund assets across the various investment options as of March 31,2019.

Target Date Funds31%

Short-Term Fixed Income Option0%

Stable Value Option13%

Active Fixed Income Option6%

Stock Index Option Option12%

Large Co. Value Stock Option9%

Large Co. Growth Stock Option12%

Small Co. Stock Option11%

International Stock Option5%

Socially Resp. Option1%

Real Return Option0%

Brokerage Window1%

Changes in Fund ValuesThe chart below shows the net change in fund values across the various investment options for the quarter ended March 31,2019. The change in value for each fund is the result of a combination of 3 factors: 1) market movements; 2) contributions ordisbursements into or out of the funds by the participants (and any matching done by the company); and 3) transfersbetween funds by the participants.

(100,000) (50,000) 0 50,000 100,000

58,827Target Date Funds

(54,433)Short-Term Fixed Income Option

60,276Stable Value Option

12,148Active Fixed Income Option

30,398Stock Index Option Option

18,882Large Co. Value Stock Option

36,073Large Co. Growth Stock Option

25,783Small Co. Stock Option

10,702International Stock Option

2,685Socially Resp. Option

141Real Return Option

4,576Brokerage Window

Thousands$


Investment Manager Asset Allocation

The table below contrasts the distribution of assets across the Fund’s investment managers as of March 31, 2019, with thedistribution as of December 31, 2018. The change in asset distribution is broken down into the dollar change due to Net NewInvestment and the dollar change due to Investment Return.

Asset Distribution Across Investment Managers

March 31, 2019 December 31, 2018

Market Value Weight Net New Inv. Inv. Return Market Value WeightTier I - Asset Allocation Options

Target Date Funds $699,797,852 31.06% $4,731,766 $54,094,771 $640,971,315 31.31%LifePath Index Retirement Fund L 185,627,534 8.24% (4,140,581) 11,430,164 178,337,951 8.71%LifePath Index 2020 Fund L 137,437,155 6.10% (1,450,892) 8,667,572 130,220,475 6.36%LifePath Index 2025 Fund L 114,498,729 5.08% 2,766,946 8,398,956 103,332,827 5.05%LifePath Index 2030 Fund L 85,022,458 3.77% 1,836,445 7,368,738 75,817,275 3.70%LifePath Index 2035 Fund L 64,090,674 2.84% 1,744,743 6,285,088 56,060,844 2.74%LifePath Index 2040 Fund L 44,263,123 1.96% 1,801,212 4,479,872 37,982,039 1.86%LifePath Index 2045 Fund L 29,729,344 1.32% 1,195,302 3,183,855 25,350,187 1.24%LifePath Index 2050 Fund L 24,446,004 1.08% 579,128 2,652,341 21,214,535 1.04%LifePath Index 2055 Fund L 8,887,368 0.39% 28,024 1,018,798 7,840,546 0.38%LifePath Index 2060 Fund L 5,795,462 0.26% 371,438 609,388 4,814,637 0.24%

Tier II - Core Investment Options

Short-Term Fixed Income Option State Street 10,827 0.00% (54,798,838) 365,852 54,443,813 2.66%

Stable Value Option Galliard 286,709,701 12.72% 59,702,428 573,372 226,433,902 11.06%

Active Fixed Income Option BlackRock / DoubleLine / Wellington 138,286,933 6.14% 9,068,838 3,078,775 126,139,319 6.16%

Stock Index Option BlackRock 262,142,082 11.63% (2,721,785) 33,120,019 231,743,848 11.32%

Large Company Value Stock Option BlackRock 195,937,393 8.70% (2,529,500) 21,411,580 177,055,313 8.65%

Large Company Growth Stock Option BlackRock 268,161,664 11.90% (1,637,140) 37,709,860 232,088,944 11.34%

Small Company Stock Option BlackRock / Callan / DFA 245,419,718 10.89% (6,435,083) 32,217,783 219,637,018 10.73%

International Stock Option AQR / Arrowstreet / DFA* / Lazard 117,058,900 5.19% (218,824) 10,920,548 106,357,176 5.19%


Socially Responsible Investment Option TIAA-CREF 16,001,933 0.71% 713,324 1,972,066 13,316,543 0.65%

Real Return Option State Street 4,010,306 0.18% (89,596) 230,834 3,869,068 0.19%

Brokerage Window 19,867,788 0.88% 2,821,555 1,754,487 15,291,746 0.75%

Total Fund $2,253,405,095 100.0% $8,607,144 $197,449,947 $2,047,348,004 100.0%

* DFA exposure consists of two differing strategies


Investment Fund Returns

The table below details the rates of return for the plan’s investment managers over various cumulative time periods. Negativereturns are shown in red, positive returns in black. Returns for one year or greater are annualized.

Returns for Periods Ended March 31, 2019

Last Last LastLast Last 3 5 10

Quarter Year Years Years Years


LifePath Index Retirement Fund L 6.73% 4.05% 5.55% 4.20% 7.31% LifePath Index Retirement Benchmark 6.68% 4.07% 5.52% 4.18% 7.33%

LifePath Index 2020 Fund L 7.09% 3.97% 6.26% 4.60% 8.93% LifePath Index 2020 Benchmark 7.03% 3.98% 6.23% 4.56% 8.93%







LifePath Index 2055 Fund L 12.55% 4.68% 10.37% 6.79% - LifePath Index 2055 Benchmark 12.54% 4.62% 10.21% 6.64% -

LifePath Index 2060 Fund L 12.55% 4.67% 10.35% - - LifePath Index 2060 Benchmark 12.54% 4.62% 10.21% - -


Stable Value Option 0.61% 2.34% 2.03% 1.85% 1.85% 3-month Treasury Bill 0.60% 2.12% 1.19% 0.74% 0.43%

Active Fixed Income Option 2.88% 4.47% 2.88% 3.23% 5.15% Bloomberg Aggregate Index 2.94% 4.48% 2.03% 2.74% 3.77%

Stock Index Option 14.07% 8.84% 13.57% 10.44% 16.08% Russell 3000 Index 14.04% 8.77% 13.48% 10.36% 16.00%

Large Company Value Stock Option 11.98% 5.86% 10.54% 7.60% 14.73% Russell 1000 Value Index 11.93% 5.67% 10.45% 7.72% 14.52%

Large Company Growth Stock Option 16.14% 12.72% 16.52% 13.19% 17.30% Russell 1000 Growth Index 16.10% 12.75% 16.53% 13.50% 17.52%

Small Company Stock Option 14.31% 1.47% 12.12% 6.84% 15.51% Russell 2000 Index 14.58% 2.05% 12.92% 7.05% 15.36%

International Stock Option 10.34% (6.60%) 7.10% 2.69% 9.16% MSCI ACWI ex US Index 10.31% (4.21%) 8.09% 2.57% 8.85%


Socially Responsible Option 13.92% 7.83% 13.07% - - Russell 3000 Index 14.04% 8.77% 13.48% 10.36% 16.00%

Real Return Option 5.82% 0.21% 4.30% - - Real Return Option Blended Benchmark 9.00% 4.01% 6.09% 0.52% 6.43% Consumer Price Index 1.22% 1.77% 2.19% 1.27% 1.80%


Investment Fund Returns

The table below details the rates of return for the plan’s investment managers over various cumulative time periods. Negativereturns are shown in red, positive returns in black. Returns for one year or greater are annualized.

12/2018-3/2019 2018 2017 2016 2015


LifePath Index Retirement Fund L 6.73% (3.48%) 10.16% 6.07% (1.16%) LifePath Index Retirement Benchmark 6.68% (3.48%) 10.10% 6.01% (1.07%)

LifePath Index 2020 Fund L 7.09% (3.89%) 11.75% 6.61% (1.29%) LifePath Index 2020 Benchmark 7.03% (3.88%) 11.67% 6.51% (1.28%)










Stable Value Option 0.61% 2.24% 1.89% 1.77% 1.65% 3-month Treasury Bill 0.60% 1.87% 0.86% 0.33% 0.05%

Active Fixed Income Option 2.88% 0.50% 4.47% 3.48% 0.82% Bloomberg Aggregate Index 2.94% 0.01% 3.54% 2.65% 0.55%

Stock Index Option 14.07% (5.21%) 21.23% 12.83% 0.61% Russell 3000 Index 14.04% (5.24%) 21.13% 12.74% 0.48%

Large Company Value Stock Option 11.98% (8.13%) 13.81% 17.21% (3.77%) Russell 1000 Value Index 11.93% (8.27%) 13.66% 17.34% (3.83%)

Large Company Growth Stock Option 16.14% (1.65%) 30.21% 7.11% 5.25% Russell 1000 Growth Index 16.10% (1.51%) 30.21% 7.08% 5.67%

Small Company Stock Option 14.31% (11.77%) 14.74% 21.43% (4.17%) Russell 2000 Index 14.58% (11.01%) 14.65% 21.31% (4.41%)

International Stock Option 10.34% (15.57%) 27.70% 3.46% (2.59%) MSCI ACWI ex US Index 10.31% (14.20%) 27.19% 4.50% (5.66%)


Socially Responsible Option 13.92% (5.61%) 20.71% 13.39% - Russell 3000 Index 14.04% (5.24%) 21.13% 12.74% 0.48%

Real Return Option 5.82% (6.11%) 7.49% 5.34% - Real Return Option Blended Benchmark 9.00% (7.11%) 8.61% 14.28% (14.05%) Consumer Price Index 1.22% 1.77% 2.18% 1.99% 0.38%


Oregon Savings Growth PlanInvestment Manager Performance Monitoring Summary ReportMarch 31, 2019

Last Last 3 5 7 10Quarter Year Year Year Year Year

Investment Manager Return Return Return Return Return Return


LifePath Index Retirement Fund LCallan Target Date Retirement Inc

LifePath Index Retirement Benchmark

6.7 17

6.7 17

4.1 30

4.1 29

5.6 21

5.5 22

4.2 25

4.2 25

4.8 27

4.8 27

7.3 33

7.3 32

LifePath Index 2020 Fund LCallan Target Date 2020

LifePath Index 2020 Benchmark

7.1 65

7.0 70

4.0 34

4.0 34

6.3 72

6.2 72

4.6 66

4.6 67

5.6 71

5.6 72

8.9 74

8.9 74



8.4 53

8.3 56

4.2 21

4.2 21

7.3 68

7.2 68

5.2 65

5.1 68

6.3 78

6.3 78

9.8 81

9.8 81



9.5 50

9.5 53

4.4 21

4.4 21

8.2 65

8.1 69

5.6 62

5.6 67

6.9 77

6.9 79

10.6 74

10.6 75



10.6 35

10.5 38

4.5 15

4.5 17

9.0 62

8.9 66

6.1 61

6.0 68

7.5 75

7.4 84

11.3 79

11.2 81



11.5 26

11.5 27

4.6 12

4.6 12

9.8 41

9.6 52

6.5 51

6.3 60

8.0 76

7.9 79

11.9 63

11.9 67



12.2 13

12.2 14

4.7 11

4.6 13

10.2 40

10.1 49

6.7 47

6.6 57

8.4 70

8.3 77

12.4 51

12.4 57



12.5 10

12.5 10

4.7 9

4.6 11

10.4 42

10.2 48

6.8 42

6.6 53

8.6 65

8.5 73

12.8 15

12.8 23



12.5 10

12.5 11

4.7 9

4.6 11

10.4 50

10.2 54

6.8 50

6.6 62

8.8 60

8.7 71



12.5 11

12.5 11

4.7 10

4.6 11

10.4 57

10.2 61

Returns:above medianthird quartilefourth quartile

15





Stable Value OptionCallan Stable Value CT

3-month Treasury Bill

0.6 4

0.6 6

2.3 11

2.1 23

2.0 12

1.2 92

1.9 21

0.7 99

1.8 27

0.6 99

1.9 45

0.4 100

Active Fixed Income OptionCallan Core Plus MFs


2.9 87

2.9 86

4.5 38

4.5 38

2.9 53

2.0 95

3.2 34

2.7 71

3.1 56

2.5 94

5.2 51

3.8 95

Stock Index Option (i)Callan All Cap Core MFs

Russell 3000 Index

14.1 35

14.0 35

8.8 19

8.8 19

13.6 13

13.5 14

10.4 7

10.4 8

12.7 12

12.6 12

16.1 13

16.0 14

Large Company Value Stock Option (i)Callan Large Cap Value MFs

Russell 1000 Value Index

12.0 40

11.9 41

5.9 40

5.7 41

10.5 56

10.5 58

7.6 42

7.7 38

11.5 29

11.1 33

14.7 25

14.5 33

Large Company Growth Stock Option (i)Callan Large Cap Growth MFs

Russell 1000 Growth Index

16.1 61

16.1 62

12.7 44

12.7 44

16.5 52

16.5 52

13.2 40

13.5 33

14.2 31

14.3 28

17.3 27

17.5 21

Small Company Stock OptionCallan Small Cap MFs

Russell 2000 Index

14.3 58

14.6 56

1.5 57

2.0 55

12.1 53

12.9 47

6.8 53

7.1 50

10.4 57

10.7 48

15.5 57

15.4 59

International Stock OptionCallan Non US Equity MFs


10.3 52

10.3 53

-6.6 60

-4.2 35

7.1 38

8.1 29

2.7 43

2.6 47

5.4 45

4.7 75

9.2 47

8.9 58

Returns:

above median

third quartile

fourth quartile

16

(i) - Indexed scoring method used. Green: manager & index ranking differ by <= +/- 10%tile. Yellow: manager & index ranking differ by <= +/- 20%tile. Red: manager & indexranking differ by > +/- 20%tile.





Socially Responsible OptionCallan All Cap Core MFs

Russell 3000 Index

13.9 37

14.0 35

7.8 25

8.8 19

13.1 20

13.5 14 10.4 8 12.6 12 16.0 14

Real Return Option

Consumer Price Index + 3%

5.8

1.9

0.2

4.8

4.3

5.2 4.3 4.3 4.8

Returns:above medianthird quartilefourth quartile

17

18

Oregon Savings Growth Plan Investment Options Fee SummaryMarch 31, 2019

Oregon Savings Growth Plan

*Investment option fee data provided by OST

Asset Class and Strategy

Total Annual Operating

Expense Ratio*

Institutional Peer Group

Median

Asset Allocation Options LifePath Index Retirement, 2020 – 2060 Funds; L 0.090% 0.16% Capital Preservation Stable Value Option 0.347% 0.63% Fixed Income Active Fixed Income Option 0.170% 0.76% U.S. Large Cap Equity Stock Index Option 0.038% 0.05% Large Company Value Stock Option 0.029% 0.05% Large Company Growth Stock Option 0.029% 0.05% U.S. Small Cap Equity Small Company Stock Option 0.395% 1.15% International Equity International Stock Option 0.541% 1.10% Specialty Options Socially Responsible Investment Option 0.170% 0.90% Real Return Option 0.220% 0.65%

Ta

rge

t Da

te F

un

ds

Target Date Funds

LifePath Index FundTarget Date Glide Path Analysis as of March 31, 2019

The following charts illustrate the asset allocation "glide path" underlying the relevant suite of target date funds. This analysiscovers forty years of investor wealth accumulation up to retirement, as well as twenty years of wealth decumulation followingretirement. The top chart shows the "pure" equity exposure (public equities excluding REITs) versus the peer group andindex. The subsequent charts show more asset allocation detail at the high "macro" level.

Equity Rolldown Analysis

% P

ure

Eq

uity

0%

25%

50%

75%

100%



Callan Glide Path Universe (ALL)

Callan Consensus ALL Glidepath LifePath Index Fund

Macro-Level Asset Allocation Glide Path - LifePath Index Fund

0% 0%

25% 25%

50% 50%

75% 75%

100% 100%


Retirement-10 -20

% W

eig

ht

Real AssetsDomestic FixedReal EstateIntl EquityDomestic Broad Eq

Macro-Level Asset Allocation Glide Path - Callan Consensus ALL Glidepath

0% 0%

25% 25%

50% 50%

75% 75%

100% 100%


Retirement-10 -20

% W

eig

ht

Real AssetsAbsolute Return/GTAACash EquivOtherIntl Fixed-IncDomestic FixedReal EstateIntl EquityDomestic Broad Eq



The following charts illustrate the asset allocation "glide path" underlying the relevant suite of target date funds. This analysiscovers forty years of investor wealth accumulation up to retirement, as well as twenty years of wealth decumulation followingretirement. The top chart highlights any significant "macro-level" differences between the manager’s asset allocation glidepath and that of the glide path index. The bottom two charts illustrate the asset allocation glide paths of both the managerand index at the more detailed "micro" level.

Relative Macro Asset Allocation - LifePath Index Fund vs. Callan Consensus ALL Glidepath

% R

ela

tive

We

igh

ts

-10%

-5%

0%

5%

10%

15%



Domestic Broad EqIntl EquityReal EstateDomestic FixedReal AssetsIntl Fixed-IncCash EquivAbsolute Return/GTAA

Micro-Level Asset Allocation Glide Path - LifePath Index Fund

0% 0%

25% 25%

50% 50%

75% 75%

100% 100%


Retirement-10 -20

% W

eig

ht

CommoditiesTIPSCore BondGlobal REITSEmerging MarketsNon-US DevelopedSmall/Mid Cap BroadLarge Cap Broad Eq

Micro-Level Asset Allocation Glide Path - Callan Consensus ALL Glidepath

0% 0%

25% 25%

50% 50%

75% 75%

100% 100%


Retirement-10 -20

% W

eig

ht

CommoditiesCash EquivTIPSCore BondGlobal REITSOther-Real EstateEmerging MarketsNon-US DevelopedSmall/Mid Cap BroadLarge Cap Broad EqNatural Resouces EqSm Cap Dev ex-USOther-Dom FixedOther



The first two charts below illustrate the detailed composition over time of the "risky", or "growth" portion of the glide paths forboth the manager and index, defined to be all public equity and real estate asset classes. These charts highlight both thelevels of diversification and aggressiveness within the wealth creation portion of the glide paths. The last two charts serve asimilar purpose but focus on the composition over time of the remaining wealth preservation portion (non-equity) of themanager and index glide paths.

Micro-Level Equity Allocation Glide Path - LifePath Index Fund

0% 0%

25% 25%

50% 50%

75% 75%

100% 100%


Retirement-10 -20

% W

eig

ht

CommoditiesGlobal REITSEmerging MarketsNon-US DevelopedSmall/Mid Cap BroadLarge Cap Broad Eq

Micro-Level Equity Asset Allocation Glide Path - Callan Consensus ALL Glidepath

0% 0%

25% 25%

50% 50%

75% 75%

100% 100%


Retirement-10 -20

% W

eig

ht Commodities

Real EstateGlobal REITSDomestic REITEmerging MarketsNon-US DevelopedSmall/Mid Cap BroadLarge Cap Broad EqNatural Resouces EqSm Cap Dev ex-US

Micro-Level Non-Equity Allocation Glide Path - LifePath Index Fund

0% 0%

25% 25%

50% 50%

75% 75%

100% 100%


Retirement-10 -20

% W

eig

ht

TIPSCore Bond

Micro-Level Non-Equity Asset Allocation Glide Path - Callan Consensus ALL Glidep

0% 0%

25% 25%

50% 50%

75% 75%

100% 100%


Retirement-10 -20

% W

eig

ht

Absolute Return/GTAACash EquivStable ValueIntl Fixed-IncTIPSShort Term FixedCore BondExtended MaturityHigh YieldST TIPSInt’l Fixed HedgedBank LoansEmerging Mkts Debt


Equal-Weighted - BlackRock LifePath IndexTarget Date Fund Family Analysis as of March 31, 2019

The following is an analysis of the suite of target date funds as an aggregated portfolio using equal-weighting by target date.The upper-left pie chart shows equal-weighting across target dates. The rest of the charts compare different attributes of theaggregated target date portfolio to a peer group of target date fund families, as well as target date indices, by mimicking theequal-weighted target date suites using these alternatives. The first two charts evaluate the aggregate equity exposure andexpense ratio via target date funds. The last two charts analyze aggregate target date performance on both an actual returnbasis as well as a "glide path return" basis (simulated returns using each funds’ asset allocation "glide path" weights andindex returns).

Glidepath Peer Group: ALL Fee/Return Type: Institutional Net

Fund Family Allocation

Income10.0%

202010.0%

202510.0%

203010.0%

203510.0%2040

10.0%

204510.0%

205010.0%

205510.0%

206010.0%

Equity Exposure

60%62%64%66%68%70%72%74%76%78%

(77)

(65)

10th Percentile 74.5825th Percentile 72.85

Median 69.6675th Percentile 65.3990th Percentile 62.36

BlackRockLifePath Index 65.03

Callan ConsensusALL Glidepath 68.31

Expense Ratio

0.00%0.05%0.10%0.15%0.20%0.25%0.30%0.35%0.40%0.45%

PassiveOnly

(64)



BlackRockLifePath Index 0.11

Target Date Family Performance vs Peer Families

0%2%4%6%8%

10%12%14%

Last Last Last 3 Last 5 Last 7 Last 10Quarter Year Years Years Years Years

(19)(56)

(17)(19)

(56)(42)

(69)(46)(80)(55)

(69)(59)



BlackRockLifePath Index 10.35 4.49 8.75 5.89 7.27 10.91

Callan ConsensusALL Glidepath 9.86 4.35 9.06 6.25 7.77 11.20

Target Date Family Glide Path Returns vs Peer Families

2%

4%

6%

8%

10%

12%

14%

Last Last Last 3 Last 5 Last 7 Last 10Quarter Year Years Years Years Years

(28)(63)

(28)(64)

(84)(53)

(72)(65)(77)(73)

(68)(57)



BlackRockLifePath Index 10.27 4.80 8.69 5.96 7.36 10.96

Callan ConsensusALL Glidepath 9.86 4.35 9.06 6.25 7.77 11.20


LifePath Index Retirement Fund LPeriod Ended March 31, 2019

Investment PhilosophyLifePath Index Retirement Portfolio seeks to maximize return consistent with the quantitatively measured risk that investorsplanning to retire (or begin to withdraw substantial portions of their investment) now or in the near future may be willing toaccept. BlackRock LifePath Funds changed from Q class to L class on 10/26/17.

Quarterly Summary and HighlightsLifePath Index Retirement Fund L’s portfolio posted a 6.73% return for the quarter placing it in the 17 percentile of theCallan Target Date Retirement Income group for the quarter and in the 30 percentile for the last year.

LifePath Index Retirement Fund L’s portfolio outperformed the LifePath Idx Retiremnt CB by 0.05% for the quarter andunderperformed the LifePath Idx Retiremnt CB for the year by 0.02%.

Performance vs Callan Target Date Retirement Income (Institutional Net)

1%

2%

3%

4%

5%

6%

7%

8%

9%

Last Quarter Last Last 3 Years Last 5 Years Last 7 Years Last 10 Years Last 13-3/4Year Years

(17)(17)

(30)(29)

(21)(22)

(25)(25)

(27)(27)

(33)(32)

(10)(10)



LifePath IndexRetirement Fund L 6.73 4.05 5.55 4.20 4.83 7.31 5.22

LifePath IdxRetiremnt CB 6.68 4.07 5.52 4.18 4.80 7.33 5.21

Relative Return vs LifePath Idx Retiremnt CB

Rela

tive

Re

turn

s

(0.15%)

(0.10%)

(0.05%)

0.00%

0.05%

0.10%

2014 2015 2016 2017 2018 19

LifePath Index Retirement Fund L

Callan Target Date Retirement Income (Institutional Net)Annualized Five Year Risk vs Return

0 2 4 6 8 10 12 14(2%)

(1%)

0%

1%

2%

3%

4%

5%

6%

LifePath Index Retirement Fund L

LifePath Idx Retiremnt CB

Standard Deviation

Re

turn

s


LifePath Index Retirement Fund LTarget Date Fund Asset Allocation as of March 31, 2019

The charts below illustrate the current target asset allocation of the relevant target date fund based on its underlying glidepath and compares it to an index. The top charts compare target asset allocation at a high "macro" asset class level, whilethe middle charts show a more detailed "micro" level view. The bottom chart compares the current "macro" level target assetallocation, and index, to a relevant peer group of target date funds by ranking the various target asset class weights versusthose peer target date funds.


0%

10%

20%

30%

40%

50%

60%

70%

80%


24.3

11.5

0.5

60.0

3.7


22.6

10.4

1.6

53.9

5.43.0 2.3 0.8



0%

10%

20%

30%

40%

50%

60%

70%


20.9

3.4

9.4

2.1 0.5

51.2

8.83.7


18.2

4.38.3

2.0 1.1 0.5

32.1

9.4

2.8 0.8 0.1 0.2

7.912.4



Macro Asset Allocation Rankings vs. Callan Target Date Retirement Income

% W

eig

ht

(10%)

0%

10%

20%

30%

40%

50%

60%

70%

80%

Domestic Broad Intl Real Domestic Intl Fixed- Stable Absolute Return/ RealEq Equity Estate Fixed Inc Value/Cash GTAA Assets

(17)(20)

(35)(39)

(53)(33)

(43)(76)

(28) (33) (16) (10)(35)

10th Percentile 25.82 14.43 5.00 70.00 11.25 22.30 7.00 3.6625th Percentile 22.00 12.55 2.00 65.00 8.00 6.00 0.00 2.00

Median 19.38 9.68 0.60 59.70 0.00 0.00 0.00 0.0075th Percentile 13.62 7.00 0.00 54.74 0.00 0.00 0.00 0.0090th Percentile 9.00 3.98 0.00 33.75 0.00 0.00 0.00 0.00

LifePath IndexRetirement Fund L - Targe 24.32 11.51 0.50 60.01 - - - 3.66

Callan TgtDt Idx 2010 22.63 10.43 1.63 53.90 5.38 3.00 2.27 0.76


LifePath Index 2020 Fund LPeriod Ended March 31, 2019

Investment PhilosophyLifePath Index 2020 Portfolio seeks to maximize return consistent with the quantitatively measured risk that investorsplanning to retire (or begin to withdraw substantial portions of their investment) approximately in the year 2020 may bewilling to accept. BlackRock LifePath Funds changed from Q class to L class on 10/26/17.

Quarterly Summary and HighlightsLifePath Index 2020 Fund L’s portfolio posted a 7.09% return for the quarter placing it in the 65 percentile of the CallanTarget Date 2020 group for the quarter and in the 34 percentile for the last year.

LifePath Index 2020 Fund L’s portfolio outperformed the LifePath Index 2020 CB by 0.06% for the quarter andunderperformed the LifePath Index 2020 CB for the year by 0.01%.


0%

2%

4%

6%

8%

10%

12%


(65)(70)

(34)(34)

(72)(72)

(66)(67)

(71)(72)

(74)(74)



LifePath Index2020 Fund L 7.09 3.97 6.26 4.60 5.63 8.93

LifePathIndex 2020 CB 7.03 3.98 6.23 4.56 5.60 8.93

Relative Return vs LifePath Index 2020 CB

Rela

tive

Re

turn

s

(0.15%)

(0.10%)

(0.05%)

0.00%

0.05%

0.10%

0.15%

2014 2015 2016 2017 2018 19

LifePath Index 2020 Fund L

Callan Target Date 2020 (Institutional Net)Annualized Five Year Risk vs Return

3 4 5 6 7 82.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%


LifePath Index 2020 CB

Standard Deviation

Re

turn

s


LifePath Index 2020 Fund LTarget Date Fund Asset Allocation as of March 31, 2019



0%

10%

20%

30%

40%

50%

60%

70%

80%


26.9

13.7

1.7

54.1

3.6


29.1

14.2

1.8

45.1

4.72.1 2.2 0.8



0%

10%

20%

30%

40%

50%

60%

70%


23.7

3.2

11.2

2.5 1.7

46.3

7.83.6


23.2

5.7

11.3

2.7 1.2 0.6

28.6

7.02.0 0.8 0.2 0.2

7.09.5



Macro Asset Allocation Rankings vs. Callan Target Date 2020

% W

eig

ht

(10%)

0%

10%

20%

30%

40%

50%

60%

70%


(62)(54)

(70)(61)

(41)(35)

(30)

(55)

(27) (15) (14) (11)(36)



LifePath Index2020 Fund L - Target 26.95 13.71 1.66 54.10 - - - 3.58

Callan TgtDt Idx 2020 29.11 14.25 1.80 45.09 4.70 2.06 2.22 0.77





LifePath Index 2025 Fund L’s portfolio outperformed the LifePath Index 2025 CB by 0.05% for the quarter andoutperformed the LifePath Index 2025 CB for the year by 0.02%.


0%

2%

4%

6%

8%

10%

12%

14%


(53)(56)

(21)(21)

(68)(68)

(65)(68)

(78)(78)

(81)(81)






Rela

tive

Re

turn

s

(0.20%)

(0.10%)

0.00%

0.10%

0.20%

2014 2015 2016 2017 2018 19



4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.53.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%



Standard Deviation

Re

turn

s





0%

10%

20%

30%

40%

50%

60%


32.8

18.5

4.5

40.8

3.4


35.1

17.9

2.1

36.8

3.91.4 2.0 0.8



0%

10%

20%

30%

40%

50%


30.0

2.8

15.2

3.3 4.5

35.1

5.63.4


28.0

6.9

14.2

3.51.3 0.8

24.3

4.81.4 0.8 0.2 0.1

5.97.7




% W

eig

ht

(10%)

0%

10%

20%

30%

40%

50%

60%


(72)(59)

(56)(69)

(14)(43)

(37)(45)

(29) (13) (12) (13)(30)




Callan TgtDt Idx 2025 35.13 17.95 2.07 36.76 3.93 1.40 1.99 0.78







0%

2%

4%

6%

8%

10%

12%

14%


(50)(53)

(21)(21)

(65)(69)

(62)(67)

(77)(79)

(74)(75)

(43)(60)



LifePath Index2030 Fund L 9.50 4.37 8.18 5.65 6.94 10.58 6.19

LifePathIndex 2030 CB 9.46 4.37 8.08 5.55 6.88 10.56 6.03


Rela

tive

Re

turn

s

(0.20%)

(0.15%)

(0.10%)

(0.05%)

0.00%

0.05%

0.10%

0.15%

0.20%

0.25%

2014 2015 2016 2017 2018 19



6.0 6.5 7.0 7.5 8.0 8.5 9.0 9.5 10.03.5%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%



Standard Deviation

Re

turn

s





0%

10%

20%

30%

40%

50%

60%


37.5

22.1

7.2

29.9

3.3


41.6

21.2

2.3

28.2

3.11.0 1.8 0.8



0%

10%

20%

30%

40%

50%


35.2

2.3

18.1

4.07.2

25.9

4.0 3.3


33.1

8.4

16.5

4.41.3 1.0

19.4

3.01.0 0.8 0.3 0.2

4.9 5.8




% W

eig

ht

(10%)

0%

10%

20%

30%

40%

50%

60%


(73)(49)

(56)(70)

(7)(43)

(39)(45)

(31) (19) (14) (23)(34)




Callan TgtDt Idx 2030 41.59 21.18 2.31 28.22 3.15 1.00 1.76 0.79







0%

5%

10%

15%


(35)(38)

(15)(17)

(62)(66)

(61)(68)

(75)(84)

(79)(81)






Rela

tive

Re

turn

s

(0.30%)

(0.20%)

(0.10%)

0.00%

0.10%

0.20%

0.30%

2014 2015 2016 2017 2018 19



6.5 7.0 7.5 8.0 8.5 9.0 9.5 10.0 10.54.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

8.0%



Standard Deviation

Re

turn

s





0%

10%

20%

30%

40%

50%

60%

70%


41.8

25.5

9.7

19.7

3.3


47.4

24.9

2.5

19.8

2.3 0.8 1.5 0.8



0%

10%

20%

30%

40%

50%

60%


39.9

1.9

20.9

4.6

9.7

17.2

2.5 3.3


37.6

9.6

19.2

5.31.3 1.2

14.2

1.5 0.8 0.8 0.4 0.23.8 4.1




% W

eig

ht

(10%)

0%

10%

20%

30%

40%

50%

60%

70%


(85)(50)

(65)(68)

(7)(45)

(58)(54)

(26) (18) (6) (22)(32)




Callan TgtDt Idx 2035 47.41 24.87 2.53 19.78 2.31 0.80 1.49 0.80







0%

5%

10%

15%


(26)(27)

(12)(12)

(41)(52)

(51)(60)

(76)(79)

(63)(67)






Rela

tive

Re

turn

s

(0.30%)

(0.20%)

(0.10%)

0.00%

0.10%

0.20%

0.30%

2014 2015 2016 2017 2018 19



7.5 8.0 8.5 9.0 9.5 10.0 10.5 11.04.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

8.0%

8.5%



Standard Deviation

Re

turn

s





0%

10%

20%

30%

40%

50%

60%

70%


45.4

28.6

12.1 10.7

3.2


51.6

28.0

2.7

13.4

1.6 0.6 1.3 0.8



0%

10%

20%

30%

40%

50%

60%


43.8

1.6

23.4

5.1

12.19.4

1.23.2


40.8

10.6

21.4

6.1

1.4 1.4

9.7

0.7 0.6 0.8 0.5 0.22.9 3.0




% W

eig

ht

(10%)

0%

10%

20%

30%

40%

50%

60%

70%


(89)(48)

(48)(59)

(5)

(37)(71)(50)

(31) (17) (8) (22)(36)




Callan TgtDt Idx 2040 51.59 27.95 2.71 13.42 1.60 0.62 1.29 0.82







0%

5%

10%

15%


(13)(14)

(11)(13)

(40)(49)

(47)(57)

(70)(77)

(51)(57)






Rela

tive

Re

turn

s

(0.30%)

(0.20%)

(0.10%)

0.00%

0.10%

0.20%

0.30%

0.40%

2014 2015 2016 2017 2018 19



8.5 9.0 9.5 10.0 10.5 11.0 11.5 12.04.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

8.0%

8.5%



Standard Deviation

Re

turn

s





0%

10%

20%

30%

40%

50%

60%

70%

80%


47.7

31.0

13.9

4.2 3.3


54.1

29.9

2.9

9.5

1.1 0.5 1.2 0.8



0%

10%

20%

30%

40%

50%

60%

70%


46.2

1.5

25.4

5.6

13.9

3.80.3

3.3


42.7

11.1

22.8

6.61.4 1.5

6.9

0.4 0.5 0.8 0.5 0.2 2.3 2.3




% W

eig

ht

(10%)

0%

10%

20%

30%

40%

50%

60%

70%

80%


(94)(51)

(43)(48)

(5)

(44) (95)(42)

(27) (17) (6) (20)(35)




Callan TgtDt Idx 2045 54.06 29.92 2.87 9.54 1.09 0.48 1.20 0.83







0%

5%

10%

15%


(10)(10)

(9)(11)

(42)(48)

(42)(53)

(65)(73)

(15)(23)

(30)(64)



LifePath Index2050 Fund L 12.52 4.68 10.38 6.79 8.62 12.83 5.60

LifePathIndex 2050 CB 12.49 4.61 10.20 6.65 8.49 12.77 4.88


Rela

tive

Re

turn

s

(0.30%)

(0.20%)

(0.10%)

0.00%

0.10%

0.20%

0.30%

0.40%

2014 2015 2016 2017 2018 19



6 8 10 12 14 16 181%

2%

3%

4%

5%

6%

7%

8%

9%



Standard Deviation

Re

turn

s





0%

10%

20%

30%

40%

50%

60%

70%

80%


48.6

32.1

14.5

1.5 3.3


55.1

30.8

2.97.9

0.9 0.4 1.1 0.8



0%

10%

20%

30%

40%

50%

60%

70%


47.0

1.6

26.3

5.8

14.5

1.5 3.3


43.5

11.4

23.4

6.9

1.4 1.55.7

0.4 0.8 0.5 0.2 2.1 2.2

Large Cap Broad Eq Small/Mid Cap Broad Non-US Developed Emerging Markets Other-Real Estate Global REITS Core Bond Cash Equiv



% W

eig

ht

(10%)

0%

10%

20%

30%

40%

50%

60%

70%

80%


(90)(51)

(41)(46)

(5)

(40) (100)(52)

(35) (10) (8) (21)(37)




Callan TgtDt Idx 2050 55.05 30.82 2.92 7.92 0.91 0.40 1.15 0.83







0%

2%

4%

6%

8%

10%

12%

14%


(10)(11)

(9)(11)

(50)(54)

(50)(62)

(60)(71)

(36)




LifePathIndex 2055 CB 12.54 4.62 10.21 6.64 8.66 -


Rela

tive

Re

turn

s

(0.30%)

(0.20%)

(0.10%)

0.00%

0.10%

0.20%

0.30%

0.40%

2014 2015 2016 2017 2018 19



8 10 12 14 16 181%

2%

3%

4%

5%

6%

7%

8%

9%



Standard Deviation

Re

turn

s





0%

10%

20%

30%

40%

50%

60%

70%

80%


48.8

32.3

14.6

1.03.3


55.5

31.2

2.97.2

0.8 0.4 1.2 0.8



0%

10%

20%

30%

40%

50%

60%

70%


47.2

1.6

26.5

5.8

14.6

1.03.3


43.8

11.5

23.6

7.0

1.4 1.55.1

0.4 0.8 0.6 0.2 2.0 2.1

Large Cap Broad Eq Small/Mid Cap Broad Non-US Developed Emerging Markets Other-Real Estate Global REITS Core Bond Cash Equiv



% W

eig

ht

(10%)

0%

10%

20%

30%

40%

50%

60%

70%

80%


(93)(54)

(44)(51)

(5)

(43) (100)(55)

(36) (9) (6) (20)(35)




Callan TgtDt Idx 2055 55.48 31.23 2.93 7.16 0.83 0.37 1.15 0.84







0%

5%

10%

15%

Last Quarter Last Year Last 3 Years Last 4-1/4 Years

(11)(11)

(10)(11)

(57)(61)

(57)(66)

10th Percentile 12.82 4.70 11.16 7.9025th Percentile 12.24 3.90 10.83 7.54

Median 11.81 3.07 10.47 7.1475th Percentile 11.39 2.13 9.79 6.6790th Percentile 10.88 1.58 9.40 5.90

LifePath Index2060 Fund L 12.55 4.67 10.35 7.01

LifePathIndex 2060 CB 12.54 4.62 10.21 6.84


Rela

tive

Re

turn

s

(0.40%)

(0.30%)

(0.20%)

(0.10%)

0.00%

0.10%

0.20%

0.30%

0.40%

2015 2016 2017 2018 19


Callan Target Date 2060 (Institutional Net)Annualized Four and One-Quarter Year Risk vs Return

9.5 10.0 10.5 11.0 11.5 12.0 12.55.0%

5.5%

6.0%

6.5%

7.0%

7.5%

8.0%

8.5%



Standard Deviation

Re

turn

s


Sta

ble

Va

lue

Op

tion

Stable Value Option

Stable Value OptionPeriod Ended March 31, 2019

Quarterly Summary and HighlightsStable Value Option’s portfolio posted a 0.61% return for the quarter placing it in the 4 percentile of the Callan StableValue CT group for the quarter and in the 11 percentile for the last year.

Stable Value Option’s portfolio outperformed the 3-month Treasury Bill by 0.01% for the quarter and outperformed the3-month Treasury Bill for the year by 0.22%.


0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%


(4)(6)

(11)

(23)(12)

(92)

(21)

(99)

(27)

(99)

(45)

(100)



StableValue Option 0.61 2.34 2.03 1.85 1.80 1.85

3-monthTreasury Bill 0.60 2.12 1.19 0.74 0.56 0.43

Relative Return vs 3-month Treasury Bill

Rela

tive

Re

turn

s

0.00%

0.05%

0.10%

0.15%

0.20%

0.25%

0.30%

0.35%

0.40%

0.45%

0.50%

2014 2015 2016 2017 2018 19

Stable Value Option

Callan Stable Value CT (Institutional Net)Annualized Five Year Risk vs Return

0.00 0.10 0.20 0.30 0.40 0.500.6%

0.8%

1.0%

1.2%

1.4%

1.6%

1.8%

2.0%

2.2%

2.4%

Stable Value Option

3-month Treasury Bill

Standard Deviation

Re

turn

s


Stable Value OptionReturn Analysis Summary

Return AnalysisThe graphs below analyze the manager’s return on both a risk-adjusted and unadjusted basis. The first chart illustrates themanager’s ranking over different periods versus the appropriate style group. The second chart shows the historical quarterlyand cumulative manager returns versus the appropriate market benchmark.

Risk Adjusted Return Measures vs 3-month Treasury BillFive Years Ended March 31, 2019

Tracking Standard Sharpe Excess DownsideAlpha Beta Error Deviation Ratio Return Risk

Stable Value Option 1.10% 0.00 0.26 0.15% 7.38 1.11 0.00%


0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

12/18- 3/19 2018 2017 2016 2015 2014 2013

(4)(6)

(11)

(46) (12)

(100)

(12)

(98)

(16)

(94)

(28)

(94)

(30)

(96)



Stable Value Option 0.61 2.24 1.89 1.77 1.65 1.44 1.65

3-month Treasury Bill 0.60 1.87 0.86 0.33 0.05 0.03 0.07

Cumulative and Quarterly Relative Return vs 3-month Treasury Bill

Re

lative

Re

turn

s

0%

1%

2%

3%

4%

5%

6%

7%

2014 2015 2016 2017 2018 2019

Stable Value Option Callan Stable Value CT


Stable Value OptionStable Value Characteristics Analysis Summary

Portfolio CharacteristicsThis graph compares the stable value fund’s portfolio characteristics with the range of characteristics for the portfolios whichmake up the fund’s style group. This analysis illustrates whether the fund’s current structure is consistent with other fundsemploying the same style.

Portfolio Characteristics Percentile RankingsRankings Against Callan Stable Value CTas of March 31, 2019

Pe

rce

ntile

Ra

nkin

g

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Market/Book Crediting Yield on Wrap Sub-AdvisoryDuration Ratio Rate Underlying Assets Fees Fees

(36)

(100)

(1)

(24) (24)

(79)

(8)



Stable Value Option 2.81 100.20 2.60 2.99 0.18 0.08

3-month Treasury Bill 0.16 - - - - -

Wrap Structure and DiversificationThe graph below represents the stable value fund’s wrap contract structure as of the most recent reporting period. The fund’soverall wrap structure may include exposure to constant duration or maturing synthetic GIC contracts, traditional GICcontracts, cash, or other exposures. These contracts allow stable value portfolios to maintain book value accountingpractices and a stable net asset value.

Portfolio Wrap ExposureMarch 31, 2019

Const Dur Synthetic87.89%

Separate Account GIC6.66%

Cash4.78%

Stable Value Pooled0.65%

Traditional GIC/BIC0.02%

Wrap Contract DiversificationMarch 31, 2019

(2)

0

2

4

6

8

10

12

14

Number ofWrap Providers

(13)



Stable Value Option 12.0


Stable Value OptionStable Value Portfolio Characteristics SummaryAs of March 31, 2019

Portfolio Structure ComparisonThe charts below compare the structure of the portfolio to that of the index from two perspectives that have the greatestinfluence on return. The first chart compares the portfolio’s duration distribution versus the benchmark, and the second chartcompares the distributions across quality ratings.

Duration Distribution

0%

20%

40%

60%

80%

100%

120%

<1

20.4

100.0

1-3

41.7

3-5

25.8

5-7

7.3

7-10

4.3

>10

0.5

Years Duration

Pe

rce

nt o

f P

ort

folio

Weighted Average: Duration

Stable Value Option:3-month Treasury Bill:

2.81

0.16

Quality Distribution

0%

20%

40%

60%

80%

100%

120%

AAA

65.8

100.0

AA

6.4

A

16.4

BBB

11.3

<BBB

0.1

Quality Rating

Pe

rce

nt

of

Po

rtfo

lio

Weighted Average: Quality

Stable Value Option:3-month Treasury Bill:

AA

AAA

Market-to-Book Ratio and Crediting Rates Over TimeThe market-to-book ratio chart below depicts the historical movement of the stable value portfolio’s market-to-book ratio overtime. This statistic measures the overall health of the underlying portfolio. Portfolios with market-to-book ratios closer to100% will be better positioned to absorb flows and should offer greater return stability over time. The crediting rate chartbelow depicts the historical movement of the stable value portfolio’s crediting rate over time. As a backdrop the range (from10th to 90th percentile) is shown along with a white median line for the Callan Stable Value CT Universe.

Market-to-Book Ratio

Pe

rce

nt

96%

97%

98%

99%

100%

101%

102%

103%

104%

105%

2014 2015 2016 2017 2018 2019

99.76%100.20%

Stable Value Option

Crediting Rate

Perc

en

t

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

2014 2015 2016 2017 2018 2019

2.52%2.60%

Stable Value Option


Activ

e F

ixe

d

Active Fixed

Inco

me O

ptio

n

Income Option

Active Fixed Income OptionPeriod Ended March 31, 2019

Quarterly Summary and HighlightsActive Fixed Income Option’s portfolio posted a 2.88% return for the quarter placing it in the 87 percentile of the CallanCore Plus Mutual Funds group for the quarter and in the 38 percentile for the last year.

Active Fixed Income Option’s portfolio underperformed the Bloomberg Aggregate Index by 0.06% for the quarter andunderperformed the Bloomberg Aggregate Index for the year by 0.01%.


1%

2%

3%

4%

5%

6%

7%

8%

9%


(87)(86)

(38)(38)

(53)

(95)

(34)

(71)

(56)

(94)

(51)

(95)



Active FixedIncome Option 2.88 4.47 2.88 3.23 3.11 5.15

BloombergAggregate Index 2.94 4.48 2.03 2.74 2.48 3.77

Relative Returns vsBloomberg Aggregate Index

Rela

tive

Re

turn

s

(0.6%)

(0.4%)

(0.2%)

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

2014 2015 2016 2017 2018 19


Callan Core Plus Mutual Funds (Institutional Net)Annualized Five Year Risk vs Return

2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.51.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%



Standard Deviation

Re

turn

s


Active Fixed Income OptionReturn Analysis Summary

Return AnalysisThe graphs below analyze the manager’s return on both a risk-adjusted and unadjusted basis. The first chart illustrates themanager’s ranking over different periods versus the appropriate style group. The second chart shows the historical quarterlyand cumulative manager returns versus the appropriate market benchmark. The last chart illustrates the manager’s rankingrelative to their style using various risk-adjusted return measures.


(4%)

(2%)

0%

2%

4%

6%

8%

10%

12/18- 3/19 2018 2017 2016 2015 2014 2013

(87)(86)

(7)(12)

(56)(78) (58)

(90)

(9)(14)

(33)(43)

(82)(87)

10th Percentile 4.72 0.17 6.88 8.11 0.73 7.18 0.4925th Percentile 3.92 (0.29) 5.32 4.68 0.38 6.35 (0.12)

Median 3.58 (0.68) 4.70 3.70 0.02 5.88 (0.99)75th Percentile 3.22 (1.15) 3.83 3.14 (0.79) 5.44 (1.35)90th Percentile 2.79 (2.07) 3.14 2.62 (2.62) 4.64 (2.04)

Active FixedIncome Option 2.88 0.50 4.47 3.48 0.82 6.13 (1.55)

BloombergAggregate Index 2.94 0.01 3.54 2.65 0.55 5.97 (2.02)

Cumulative and Quarterly Relative Return vs Bloomberg Aggregate Index

Re

lative

Re

turn

s

(4%)

(3%)

(2%)

(1%)

0%

1%

2%

3%

4%

2014 2015 2016 2017 2018 2019

Active Fixed Income Option Callan Core Plus MFs

Risk Adjusted Return Measures vs Bloomberg Aggregate IndexRankings Against Callan Core Plus Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

(0.6)

(0.4)

(0.2)

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Alpha Sharpe Excess ReturnRatio Ratio

(20)(13)

(16)

10th Percentile 1.18 0.95 0.9125th Percentile 0.70 0.84 0.62

Median 0.39 0.71 0.2075th Percentile 0.12 0.61 (0.01)90th Percentile (0.17) 0.50 (0.31)

Active Fixed Income Option 0.74 0.92 0.83


Active Fixed Income OptionRisk Analysis Summary

Risk AnalysisThe graphs below analyze the risk or variation of a manager’s return pattern. The first scatter chart illustrates therelationship, called Excess Return Ratio, between excess return and tracking error relative to the benchmark. The secondchart shows tracking error patterns versus the benchmark over time. The last two charts show the ranking of the manager’srisk statistics versus the peer group.

Risk Analysis vs Callan Core Plus Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5(1.5 )

(1.0 )

(0.5 )

0.0

0.5

1.0

1.5

2.0

2.5

3.0


Tracking Error

Exce

ss R

etu

rn

Rolling 12 Quarter Tracking Error vs Bloomberg Aggregate Index

Tra

ckin

g E

rro

r

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

1.8%

2.0%

2.2%

2014 2015 2016 2017 2018 2019

Active Fixed Income OptionCallan Core Plus MFs

Risk Statistics Rankings vs Bloomberg Aggregate IndexRankings Against Callan Core Plus Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

Standard Downside TrackingDeviation Risk Error

(94)

(98)(92)


Median 3.13 0.78 1.1075th Percentile 2.97 0.53 0.8490th Percentile 2.81 0.40 0.63

Active FixedIncome Option 2.70 0.27 0.59

0.50

0.60

0.70

0.80

0.90

1.00

1.10

1.20

Beta R-Squared

(79)

(4)

10th Percentile 1.07 0.9625th Percentile 0.99 0.93

Median 0.94 0.8875th Percentile 0.89 0.7990th Percentile 0.82 0.59

Active FixedIncome Option 0.86 0.98


Active Fixed Income OptionBond Characteristics Analysis Summary

Portfolio CharacteristicsThis graph compares the manager’s portfolio characteristics with the range of characteristics for the portfolios which make upthe manager’s style group. This analysis illustrates whether the manager’s current holdings are consistent with othermanagers employing the same style.

Fixed Income Portfolio CharacteristicsRankings Against Callan Core Plus Mutual Fundsas of March 31, 2019

(2)

0

2

4

6

8

10

12

Average Effective Coupon OADuration Life Yield Rate Convexity

(91)(60)

(75)(43)

(79)(91)(75)(83)

(88)(77)


Median 5.89 7.80 3.62 3.78 0.6375th Percentile 5.70 7.41 3.48 3.45 0.1790th Percentile 4.98 4.92 3.01 3.00 (0.13)

Active FixedIncome Option 4.92 7.42 3.35 3.46 (0.18)

BloombergAggregate Index 5.82 8.07 2.93 3.23 0.13

Sector Allocation and Quality RatingsThe first graph compares the manager’s sector allocation with the average allocation across all the members of themanager’s style. The second graph compares the manager’s weighted average quality rating with the range of quality ratingsfor the style.

Sector AllocationMarch 31, 2019

0% 10% 20% 30% 40% 50%

RMBS32.7

23.427.8

Corp (incl 144A)18.4

50

%M

gr

MV

50

%M

gr

MV

35.324.7

US Trsy17.417.9

39.1

Non-Agency RMBS14.4

1.9

ABS5.0

6.30.5

CMBS4.84.5

2.0

Gov Related2.7

6.26.0

Cash1.9

4.5

CMOs1.3

Bk Ln0.6

Prfd0.3

Tax-Exempt US Muni0.3

Other

Cnvt

Active Fixed Income Option Callan Core Plus Mutual Funds


Quality Ratingsvs Callan Core Plus Mutual Funds

A-

A

A+

AA-

AA

AA+

AAA

Trsy

Weighted AverageQuality Rating

(61)

(1)

10th Percentile AA25th Percentile AA

Median AA75th Percentile A90th Percentile A

Active FixedIncome Option AA-

BloombergAggregate Index AA+


BlackRock US Debt Index FundPeriod Ended March 31, 2019

Investment PhilosophyThe U.S. Debt Index Fund is constructed to ensure that the risk and return profile of the Bloomberg Barclays AggregateBond index is replicated and tracking error is minimized.

Quarterly Summary and HighlightsBlackRock US Debt Index Fund’s portfolio posted a 2.98% return for the quarter placing it in the 79 percentile of theCallan Core Bond Fixed Income group for the quarter and in the 61 percentile for the last year.

BlackRock US Debt Index Fund’s portfolio outperformed the Bloomberg Aggregate Index by 0.04% for the quarter andoutperformed the Bloomberg Aggregate Index for the year by 0.10%.

Performance vs Callan Core Bond Fixed Income (Gross)

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%


(79)(84)

(61)(75)

(84)(89)

(83)(91)

(90)(97)

(96)(98)



BlackRock USDebt Index Fund 2.98 4.58 2.12 2.85 2.59 3.86



Rela

tive

Re

turn

s

(0.04%)

(0.02%)

0.00%

0.02%

0.04%

0.06%

0.08%

0.10%

2014 2015 2016 2017 2018 19

BlackRock US Debt Index Fund

Callan Core Bond Fixed Income (Gross)Annualized Five Year Risk vs Return

2.2 2.4 2.6 2.8 3.0 3.2 3.4 3.6 3.82.2%

2.4%

2.6%

2.8%

3.0%

3.2%

3.4%

3.6%

3.8%

4.0%

4.2%



Standard Deviation

Re

turn

s


BlackRock US Debt Index FundReturn Analysis Summary


Performance vs Callan Core Bond Fixed Income (Gross)

(4%)

(2%)

0%

2%

4%

6%

8%

10%

12/18- 3/19 2018 2017 2016 2015 2014 2013

(79)(84)

(57)(62)

(75)(87)(84)(86)

(69)(71)

(48)(70)

(80)(84)

10th Percentile 3.52 0.64 4.72 4.36 1.51 7.21 (0.66)25th Percentile 3.35 0.35 4.32 3.78 1.13 6.61 (1.08)

Median 3.17 0.11 3.96 3.14 0.84 6.19 (1.47)75th Percentile 2.99 (0.14) 3.68 2.83 0.50 5.90 (1.81)90th Percentile 2.84 (0.44) 3.34 2.59 (0.04) 5.39 (2.33)

BlackRock USDebt Index Fund 2.98 0.07 3.66 2.73 0.61 6.22 (1.94)



Re

lative

Re

turn

s

(0.5%)

0.0%

0.5%

1.0%

1.5%

2.0%

2014 2015 2016 2017 2018 2019

BlackRock US Debt Index Fund Callan Core Bond FI

Risk Adjusted Return Measures vs Bloomberg Aggregate IndexRankings Against Callan Core Bond Fixed Income (Gross)Five Years Ended March 31, 2019

0.0

0.5

1.0

1.5

2.0

2.5


(89)

(88)

(4)



BlackRock US Debt Index Fund 0.09 0.68 2.21


BlackRock US Debt Index FundRisk Analysis Summary


Risk Analysis vs Callan Core Bond Fixed Income (Gross)Five Years Ended March 31, 2019

0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0(0.4 )

(0.2 )

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6


Tracking Error

Exce

ss R

etu

rn


Tra

ckin

g E

rro

r

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

0.70%

0.80%

0.90%

1.00%

2014 2015 2016 2017 2018 2019

BlackRock US Debt Index FundCallan Core Bond FI

Risk Statistics Rankings vs Bloomberg Aggregate IndexRankings Against Callan Core Bond Fixed Income (Gross)Five Years Ended March 31, 2019

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%


(43)

(100) (99)



BlackRock USDebt Index Fund 3.12 0.01 0.05

0.88

0.90

0.92

0.94

0.96

0.98

1.00

1.02

1.04

1.06

Beta R-Squared

(32)(1)



BlackRock USDebt Index Fund 1.01 1.00


BlackRock US Debt Index FundBond Characteristics Analysis Summary


Fixed Income Portfolio CharacteristicsRankings Against Callan Core Bond Fixed Incomeas of March 31, 2019

(2)

0

2

4

6

8

10


(32)(32)

(42)(42)

(84)(84) (76)(76)

(59)(59)


Median 5.76 8.03 3.14 3.39 0.1875th Percentile 5.57 7.50 3.03 3.24 0.0890th Percentile 5.25 6.92 2.77 2.89 (0.14)

BlackRock USDebt Index Fund 5.82 8.07 2.93 3.23 0.13




0% 10% 20% 30% 40% 50%

US Trsy39.1

24.739.1

RMBS27.8

50

%M

gr

MV

50

%M

gr

MV

27.227.8

Corp (incl 144A)24.7

34.824.7

Gov Related6.0

3.46.0

CMBS2.0

4.12.0

ABS0.5

5.30.5

Other

Cash 0.6

BlackRock US Debt Index Fund Callan Core Bond Fixed Income


Quality Ratingsvs Callan Core Bond Fixed Income

A-

A

A+

AA-

AA

AA+

AAA

Trsy


(5)(5)


Median AA75th Percentile AA90th Percentile A

BlackRock USDebt Index Fund AA+



DoubleLine Total Return Bond FundPeriod Ended March 31, 2019

Investment PhilosophyDoubleLine believes that the most reliable way to enhance returns is to exploit inefficiencies within the subsectors of theMBS market, while maintaining active risk management constraints. DoubleLine’s objective is to invest in securities that willoutperform through the interest rate cycle, i.e., not only in today’s environment but also when rates are higher and lower.DoubleLine does not believe that an investor can meaningfully outperform the market through interest rate predictions, butrather, through security selection.

Quarterly Summary and HighlightsDoubleLine Total Return Bond Fund’s portfolio posted a 2.21% return for the quarter placing it in the 99 percentile ofthe Callan Core Plus Fixed Income group for the quarter and in the 21 percentile for the last year.

DoubleLine Total Return Bond Fund’s portfolio underperformed the Bloomberg Aggregate Index by 0.74% for thequarter and outperformed the Bloomberg Aggregate Index for the year by 0.53%.

Performance vs Callan Core Plus Fixed Income (Gross)

1%

2%

3%

4%

5%

6%

7%

Last Quarter Last Last 3 Years Last 5 Years Last 7 Years Last 8-3/4Year Years

A(99)B(99)

(97)

A(21)

B(67)(64)

A(60)

B(100)(99)

A(10)

B(98)(97)

A(15)

B(100)(99)

A(1)

B(100)

(99)



DoubleLine TotalReturn Bond Fund A 2.21 5.01 3.24 3.81 4.07 5.68

BloombergMortgage Index B 2.17 4.42 1.77 2.65 2.20 2.63



Rela

tive

Re

turn

s

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2.0%

2014 2015 2016 2017 2018 19

DoubleLine Total Return Bond Fund

Callan Core Plus Fixed Income (Gross)Annualized Five Year Risk vs Return

1.5 2.0 2.5 3.0 3.5 4.02.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

Bloomberg Mortgage Index



Standard Deviation

Re

turn

s


DoubleLine Total Return Bond FundReturn Analysis Summary



(4%)(2%)

0%2%4%6%8%

10%

12/18- 3/19 2018 2017 2016 2015 2014 2013

A(99)B(99)

(97) A(1)B(3)

(29)

A(80)B(100)

(95) A(100)B(100)

(100) A(1)B(1)(38)

A(13)B(55)(61)

A(14)B(82)(96)

10th Percentile 4.20 0.52 6.10 6.64 1.05 7.34 1.1025th Percentile 4.03 0.10 5.45 5.36 0.76 6.88 (0.13)


DoubleLine TotalReturn Bond Fund A 2.21 2.43 4.36 2.58 2.79 7.24 0.50

BloombergMortgage Index B 2.17 0.99 2.47 1.67 1.51 6.08 (1.41)



Re

lative

Re

turn

s

(3%)

(2%)

(1%)

0%

1%

2%

3%

4%

5%

6%

7%

2014 2015 2016 2017 2018 2019

DoubleLine Total Return Bond Fund Bloomberg Mortgage Index Callan Core Plus FI

Risk Adjusted Return Measures vs Bloomberg Aggregate IndexRankings Against Callan Core Plus Fixed Income (Gross)Five Years Ended March 31, 2019

(0.5)

0.0

0.5

1.0

1.5

2.0


A(4)

B(73)

A(1)

B(46) A(28)

B(98)



DoubleLine Total Return Bond Fund A 1.74 1.47 0.85Bloomberg Mortgage Index B 0.47 0.82 (0.08)


DoubleLine Total Return Bond FundRisk Analysis Summary


Risk Analysis vs Callan Core Plus Fixed Income (Gross)Five Years Ended March 31, 2019

0.0 0.5 1.0 1.5 2.0 2.5 3.0(0.5 )

0.0

0.5

1.0

1.5

2.0

2.5


Bloomberg Mortgage Index

Tracking Error

Exce

ss R

etu

rn


Tra

ckin

g E

rro

r

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

1.8%

2.0%

2.2%

2.4%

2014 2015 2016 2017 2018 2019

DoubleLine Total Return Bond FundBloomberg Mortgage IndexCallan Core Plus FI

Risk Statistics Rankings vs Bloomberg Aggregate IndexRankings Against Callan Core Plus Fixed Income (Gross)Five Years Ended March 31, 2019

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%


B(99)A(99)

B(29)A(48)

A(37)B(46)



DoubleLine TotalReturn Bond Fund A 2.09 0.70 1.26

BloombergMortgage Index B 2.32 0.87 1.17

0.60

0.70

0.80

0.90

1.00

1.10

Beta R-Squared

B(96)

A(97)

A(40)B(45)



DoubleLine TotalReturn Bond Fund A 0.65 0.91

BloombergMortgage Index B 0.71 0.90


DoubleLine Total Return Bond FundBond Characteristics Analysis Summary


Fixed Income Portfolio CharacteristicsRankings Against Callan Core Plus Fixed Incomeas of March 31, 2019

(4)

(2)

0

2

4

6

8

10

12

14


(98)

(22) (96)

(41)

(81)(94)(56)(88)

(90)(44)


Median 5.63 7.87 3.62 3.81 0.0775th Percentile 5.33 7.32 3.47 3.51 (0.08)90th Percentile 4.54 5.90 3.18 3.16 (0.89)

DoubleLine TotalReturn Bond Fund 3.49 5.27 3.36 3.77 (0.82)




0% 10% 20% 30% 40% 50% 60%

RMBS

45.922.7

27.8

Non-Agency RMBS

31.5

50%

Mg

r M

V5

0%

Mg

r M

V

0.1

Cash

7.71.0

CMBS

7.54.9

2.0

ABS

4.06.0

0.5

US Trsy

3.321.3

39.1

Corp (incl 144A) 37.224.7

Gov Related 5.56.0

Other 1.1

CMOs 0.2

DoubleLine Total Return Bond Fund Callan Core Plus Fixed Income


Quality Ratingsvs Callan Core Plus Fixed Income

A-

A

A+

AA-

AA

AA+

AAA

Trsy


(100)

(1)


Median A75th Percentile A90th Percentile A

DoubleLine TotalReturn Bond Fund A



Wellington Trust Core Bond Plus FundPeriod Ended March 31, 2019

Investment PhilosophyWellington’s fixed income process focuses on fundamental research, diversification and risk control. The firm’s orientationis toward intensive, bottom-up research.

Quarterly Summary and HighlightsWellington Trust Core Bond Plus Fund’s portfolio posted a 3.60% return for the quarter placing it in the 56 percentile ofthe Callan Core Plus Fixed Income group for the quarter and in the 43 percentile for the last year.

Wellington Trust Core Bond Plus Fund’s portfolio outperformed the Bloomberg Aggregate Index by 0.66% for thequarter and outperformed the Bloomberg Aggregate Index for the year by 0.27%.


1%

2%

3%

4%

5%

6%

7%

8%


(56)

(97)

(43)(64)

(37)

(99)

(38)

(97)

(61)

(99)

(55)

(100)



Wellington TrustCore Bond Plus Fund 3.60 4.75 3.52 3.42 3.40 6.05



Rela

tive

Re

turn

s

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2014 2015 2016 2017 2018 19

Wellington Trust Core Bond Plus Fund

Callan Core Plus Fixed Income (Gross)Annualized Five Year Risk vs Return

2.0 2.5 3.0 3.5 4.02.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%



Standard Deviation

Re

turn

s


Wellington Trust Core Bond Plus FundReturn Analysis Summary



(4%)

(2%)

0%

2%

4%

6%

8%

10%

12/18- 3/19 2018 2017 2016 2015 2014 2013

(56)(97)

(40)(29)

(30)

(95)(45)

(100)

(65)(38)

(77)(61)

(83)(96)

10th Percentile 4.20 0.52 6.10 6.64 1.05 7.34 1.1025th Percentile 4.03 0.10 5.45 5.36 0.76 6.88 (0.13)


Wellington TrustCore Bond Plus Fund 3.60 (0.14) 5.37 4.81 (0.03) 5.63 (1.43)



Re

lative

Re

turn

s

(2%)

(1%)

0%

1%

2%

3%

4%

5%

2014 2015 2016 2017 2018 2019

Wellington Trust Core Bond Plus Fund Callan Core Plus FI

Risk Adjusted Return Measures vs Bloomberg Aggregate IndexRankings Against Callan Core Plus Fixed Income (Gross)Five Years Ended March 31, 2019

0.0

0.5

1.0

1.5


(44)(40)

(40)



Wellington TrustCore Bond Plus Fund 0.78 0.87 0.66


Wellington Trust Core Bond Plus FundRisk Analysis Summary


Risk Analysis vs Callan Core Plus Fixed Income (Gross)Five Years Ended March 31, 2019

0.0 0.5 1.0 1.5 2.0 2.5 3.0(0.5 )

0.0

0.5

1.0

1.5

2.0

2.5


Tracking Error

Exce

ss R

etu

rn


Tra

ckin

g E

rro

r

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

1.8%

2.0%

2.2%

2014 2015 2016 2017 2018 2019

Wellington Trust Core Bond Plus FundCallan Core Plus FI

Risk Statistics Rankings vs Bloomberg Aggregate IndexRankings Against Callan Core Plus Fixed Income (Gross)Five Years Ended March 31, 2019

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%


(69)

(54)

(58)



Wellington TrustCore Bond Plus Fund 3.08 0.64 1.02

0.65

0.70

0.75

0.80

0.85

0.90

0.95

1.00

1.05

1.10

Beta R-Squared

(53)

(46)



Wellington TrustCore Bond Plus Fund 0.94 0.89


Wellington Trust Core Bond Plus FundBond Characteristics Analysis Summary


Fixed Income Portfolio CharacteristicsRankings Against Callan Core Plus Fixed Incomeas of March 31, 2019

(4)

(2)

0

2

4

6

8

10

12

14


(68)(22)

(24)(41)

(28)(94) (83)(88)

(45)(44)


Median 5.63 7.87 3.62 3.81 0.0775th Percentile 5.33 7.32 3.47 3.51 (0.08)90th Percentile 4.54 5.90 3.18 3.16 (0.89)

Wellington TrustCore Bond Plus Fund 5.36 8.85 3.80 3.40 0.12




(10%) 0% 10% 20% 30% 40% 50%

Corp (incl 144A)

30.037.2

24.7

RMBS

25.0

50%

Mgr

MV

50

%M

gr

MV

22.727.8

Non-Agency RMBS

13.00.1

ABS

11.06.0

0.5

US Trsy

8.021.3

39.1

CMBS

5.04.9

2.0

CMOs

4.00.2

Bk Ln

2.0

Gov Related

2.05.56.0

Prfd

1.0

Tax-Exempt US Muni

1.0

Other 1.1

Cash

(2.0 )1.0

Wellington Trust Core Bond Plus Fund Callan Core Plus Fixed Income


Quality Ratingsvs Callan Core Plus Fixed Income

A-

A

A+

AA-

AA

AA+

AAA

Trsy


(48)

(1)


Median A75th Percentile A90th Percentile A

Wellington TrustCore Bond Plus Fund A+



Sto

ck In

de

x O

ptio

n

Stock Index Option

Stock Index OptionPeriod Ended March 31, 2019

Quarterly Summary and HighlightsStock Index Option’s portfolio posted a 14.07% return for the quarter placing it in the 35 percentile of the Callan All CapCore Mutual Funds group for the quarter and in the 19 percentile for the last year.

Stock Index Option’s portfolio outperformed the Russell 3000 Index by 0.03% for the quarter and outperformed theRussell 3000 Index for the year by 0.07%.


(5%)

0%

5%

10%

15%

20%


(35)(35)

(19)(19)

(13)(14)

(7)(8)

(12)(12)

(13)(14)



StockIndex Option 14.07 8.84 13.57 10.44 12.70 16.08

Russell3000 Index 14.04 8.77 13.48 10.36 12.63 16.00

Relative Return vs Russell 3000 Index

Rela

tive

Re

turn

s

(0.02%)

0.00%

0.02%

0.04%

0.06%

0.08%

0.10%

2014 2015 2016 2017 2018 19

Stock Index Option

Callan All Cap Core Mutual Funds (Institutional Net)Annualized Five Year Risk vs Return

0 5 10 15 20 25 30(20%)

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

Stock Index Option

Russell 3000 Index

Standard Deviation

Re

turn

s


Stock Index OptionReturn Analysis Summary



(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

50%

12/18- 3/19 2018 2017 2016 2015 2014 2013

(35)(35)

(23)(24)

(36)(36)(29)(30)

(22)(24)

(25)(25)

(46)(46)

10th Percentile 16.57 (2.70) 24.82 16.18 2.10 14.90 40.0325th Percentile 14.97 (5.39) 22.25 13.52 0.38 12.48 36.71

Median 13.30 (7.81) 19.49 10.12 (2.12) 10.09 33.3175th Percentile 11.97 (10.90) 15.89 7.45 (4.62) 6.85 29.4790th Percentile 10.47 (14.16) 12.97 5.86 (8.17) 4.09 23.98

Stock Index Option 14.07 (5.21) 21.23 12.83 0.61 12.61 33.58

Russell 3000 Index 14.04 (5.24) 21.13 12.74 0.48 12.56 33.55

Cumulative and Quarterly Relative Return vs Russell 3000 Index

Re

lative

Re

turn

s

(16%)

(14%)

(12%)

(10%)

(8%)

(6%)

(4%)

(2%)

0%

2%

2014 2015 2016 2017 2018 2019

Stock Index Option Callan All Cap Core MFs

Risk Adjusted Return Measures vs Russell 3000 IndexRankings Against Callan All Cap Core Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

(8)

(6)

(4)

(2)

0

2

4


(15)(10)

(1)

10th Percentile 0.61 0.85 (0.04)25th Percentile (0.77) 0.73 (0.29)

Median (1.92) 0.63 (0.71)75th Percentile (4.18) 0.44 (1.04)90th Percentile (6.06) 0.27 (1.35)

Stock Index Option 0.08 0.85 2.18


Stock Index OptionRisk Analysis Summary

Risk AnalysisThe graphs below analyze the risk or variation of a manager’s return pattern. The first scatter chart illustrates therelationship, called Excess Return Ratio, between excess return and tracking error relative to the benchmark. The secondchart shows Up and Down Market Capture. The last two charts show the ranking of the manager’s risk statistics versus thepeer group.

Risk Analysis vs Callan All Cap Core Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

0 5 10 15 20 25 30(30 )

(25 )

(20 )

(15 )

(10 )

(5 )

0

5

Stock Index Option

Tracking Error

Exce

ss R

etu

rn

Market Capture vs Russell 3000 IndexRankings Against Callan All Cap Core Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

40%

60%

80%

100%

120%

140%

160%

Up Market DownCapture Market Capture

(9) (64)



Stock Index Option 100.67 99.81

Risk Statistics Rankings vs Russell 3000 IndexRankings Against Callan All Cap Core Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

0%2%4%6%8%

10%12%14%16%


(67)

(100) (100)



StockIndex Option 11.44 0.00 0.04

0.70

0.80

0.90

1.00

1.10

1.20

Beta R-Squared

(49) (1)



Stock Index Option 1.00 1.00


Stock Index OptionEquity Characteristics Analysis Summary


Portfolio Characteristics Percentile RankingsRankings Against Callan All Cap Core Mutual Fundsas of March 31, 2019

Pe

rce

ntile

Ra

nkin

g

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Weighted Median Price/Fore- Price/Book Forecasted Dividend MSCIMarket Cap casted Earnings Earnings Growth Yield Combined Z-Score

(16)(16)

(30)(30)

(39)(39)

(27)(27)

(37)(37) (37)(37)


Median 40.60 15.47 2.71 12.70 1.81 (0.13)75th Percentile 19.48 13.93 2.33 11.08 1.55 (0.39)90th Percentile 12.51 12.45 1.86 9.54 1.24 (0.55)

Stock Index Option 73.86 17.14 2.93 14.11 1.91 (0.01)

Russell 3000 Index 73.86 17.14 2.93 14.11 1.91 (0.01)

Sector WeightsThe graph below contrasts the manager’s sector weights with those of the benchmark and median sector weights across themembers of the peer group. The magnitude of sector weight differences from the index and the manager’s sectordiversification are also shown. Diversification by number and concentration of holdings are also compared to the benchmarkand peer group. Issue Diversification represents by count, and Diversification Ratio by percent, the number of holdings thataccount for half of the portfolio’s market value.


0% 5% 10% 15% 20% 25%


21.121.1

19.9

Health Care

14.314.3

15.0

Financials

13.213.2

14.0


10.4

50

%M

gr

MV

50

%M

gr

MV

10.411.8

Industrials

10.110.1

11.8


9.19.1

8.2

Consumer Staples

6.56.5

6.2

Energy

5.15.15.2

Real Estate

4.04.0

2.2

Utilities

3.23.2

2.3

Materials

3.03.0

3.5

Stock Index Option Russell 3000 Index

Callan All Cap Core MFs

Sector Diversification

Manager 3.13 sectorsIndex 3.13 sectors

DiversificationMarch 31, 2019

0

500

1000

1500

2000

2500

3000

3500

Number of IssueSecurities Diversification

(1)

(6)

10th Percentile 437 5425th Percentile 189 37

Median 75 2175th Percentile 40 1390th Percentile 30 10

Stock Index Option 2968 75

Russell 3000 Index 2968 75

Diversification Ratio

Manager 3%Index 3%Style Median 29%


Current Holdings Based Style AnalysisStock Index OptionAs of March 31, 2019

This page analyzes the current investment style of a portfolio utilizing a detailed holdings-based style analysis to determineactual exposures to various market capitalization and style segments of the domestic equity market. The market issegmented quarterly by capitalization and style. The capitalization segments are dictated by capitalization decile breakpoints.The style segments are determined using the "Combined Z Score", based on the eight fundamental factors used in the MSCIstock style scoring system. The upper-left style map illustrates the current market capitalization and style score of theportfolio relative to indices and/or peers. The upper-right style exposure matrix displays the current portfolio and indexweights and stock counts (in parentheses) in each capitalization/style segment of the market. The middle chart illustrates thetotal exposures and stock counts in the three style segments, with a legend showing the total growth, value, and "combinedZ" (growth - value) scores. The bottom chart exhibits the sector weights as well as the style weights within each sector.

Style Map vs Callan All Cap Core MFsHoldings as of March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro

Russell 3000 IndexStock Index Option

Stock Index OptionRussell 3000 Index

Style Exposure MatrixHoldings as of March 31, 2019

Large

Mid

Small

Micro

Total


25.7% (105) 21.1% (97) 29.0% (91) 75.8% (293)

5.1% (175) 5.8% (204) 5.9% (209) 16.7% (588)

1.9% (336) 2.6% (461) 2.2% (378) 6.7% (1175)

0.3% (277) 0.3% (392) 0.2% (212) 0.8% (881)

32.9% (893) 29.8% (1154) 37.3% (890) 100.0% (2937)

25.7% (105) 21.1% (97) 29.0% (91) 75.8% (293)

5.1% (175) 5.8% (204) 5.9% (209) 16.7% (588)

1.9% (336) 2.6% (461) 2.2% (378) 6.7% (1175)

0.3% (277) 0.3% (392) 0.2% (212) 0.8% (881)

32.9% (893) 29.8% (1154) 37.3% (890) 100.0% (2937)

Combined Z-Score Style DistributionHoldings as of March 31, 2019

0%

10%

20%

30%

40%

50%

60%

Value Core Growth

32.9%(893)

32.9%(893)

29.8%(1154)

29.8%(1154)

37.3%(890)

37.3%(890)

Bar #1=Stock Index Option (Combined Z: -0.01 Growth Z: 0.00 Value Z: 0.01)

Bar #2=Russell 3000 Index (Combined Z: -0.01 Growth Z: 0.00 Value Z: 0.01)

Large

Mid

Small

Micro

Sector Weights DistributionHoldings as of March 31, 2019

0%

5%

10%

15%

20%

25%

30%

COMMUN CONCYC CONSTA ENERGY FINANC HEALTH INDEQU PUBUTL RAWMAT REALES TECH

9.1 9.110.4 10.4

6.5 6.55.1 5.1

13.1 13.114.4 14.4

10.2 10.2

3.2 3.2 3.0 3.04.0 4.0

21.1 21.1

Bar #1=Stock Index Option

Bar #2=Russell 3000 Index

Value

Core

Growth


Historical Holdings Based Style AnalysisStock Index OptionFor Three Years Ended March 31, 2019

This page analyzes the historical investment style of a portfolio utilizing a detailed holdings-based style analysis to determineaverage actual exposures to various market capitalization and style segments of the domestic equity market. The market issegmented quarterly by capitalization and style. The capitalization segments are dictated by capitalization decile breakpoints.The style segments are determined using the "Combined Z Score", based on the eight fundamental factors used in the MSCIstock style scoring system. The upper-left style map illustrates the average historical market capitalization and style score ofthe portfolio relative to indices and/or peers. The upper-right style exposure matrix displays the average historical portfolioand index weights and stock counts (in parentheses) in each capitalization/style segment of the market. The next two styleexposure charts illustrate the actual quarterly cap/style and style only segment exposures of the portfolio through history.

Average Style Map vs Callan All Cap Core MFsHoldings for Three Years Ended March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro

Russell 3000 IndexStock Index Option

Average Style Exposure MatrixHoldings for Three Years Ended March 31, 2019

Large

Mid

Small

Micro

Total


26.5% (104) 22.9% (97) 25.4% (96) 74.7% (297)

5.0% (172) 6.3% (219) 5.8% (204) 17.1% (595)

2.1% (336) 2.9% (478) 2.2% (380) 7.2% (1194)

0.3% (285) 0.4% (375) 0.2% (216) 0.9% (876)

33.9% (897) 32.4% (1169) 33.7% (896) 100.0% (2962)

26.5% (104) 22.9% (97) 25.4% (96) 74.7% (297)

5.0% (172) 6.3% (219) 5.8% (204) 17.1% (595)

2.1% (336) 2.9% (478) 2.2% (380) 7.2% (1194)

0.3% (285) 0.4% (375) 0.2% (216) 0.9% (876)

33.9% (897) 32.4% (1169) 33.7% (896) 100.0% (2962)

Stock Index Option Historical Cap/Style Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Micro-Growth

Micro-Core

Micro-Value

Small-Growth

Small-Core

Small-Value

Mid-Growth

Mid-Core

Mid-Value

Large-Growth

Large-Core

Large-Value

Stock Index Option Historical Style Only Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Growth

Core

Value


La

rge

Co

mp

an

y V

alu

e

Large Company Value

Sto

ck O

ptio

n

Stock Option

Large Company Value Stock OptionPeriod Ended March 31, 2019

Quarterly Summary and HighlightsLarge Company Value Stock Option’s portfolio posted a 11.98% return for the quarter placing it in the 40 percentile ofthe Callan Large Cap Value Mutual Funds group for the quarter and in the 40 percentile for the last year.

Large Company Value Stock Option’s portfolio outperformed the Russell 1000 Value Index by 0.04% for the quarterand outperformed the Russell 1000 Value Index for the year by 0.18%.


(5%)

0%

5%

10%

15%

20%


(40)(41)

(40)(41)

(56)(58)

(42)(38)

(29)(33)

(25)(33)



Large CompanyValue Stock Option 11.98 5.86 10.54 7.60 11.53 14.73

Russell 1000Value Index 11.93 5.67 10.45 7.72 11.14 14.52

Relative Return vs Russell 1000 Value Index

Rela

tive

Re

turn

s

(0.8%)

(0.6%)

(0.4%)

(0.2%)

0.0%

0.2%

0.4%

2014 2015 2016 2017 2018 19


Callan Large Cap Value Mutual Funds (Institutional Net)Annualized Five Year Risk vs Return

9 10 11 12 13 143%

4%

5%

6%

7%

8%

9%

10%

11%



Standard Deviation

Re

turn

s


Large Company Value Stock OptionReturn Analysis Summary



(20%)

(10%)

0%

10%

20%

30%

40%

50%

12/18- 3/19 2018 2017 2016 2015 2014 2013

(40)(41)

(47)(48)

(87)(88)(19)(18)

(52)(54)

(29)(22)

(10)(51)

10th Percentile 13.47 (4.84) 21.85 20.06 (0.27) 14.56 37.0925th Percentile 12.81 (6.42) 20.36 15.37 (1.52) 13.02 35.61


Large CompanyValue Stock Option 11.98 (8.13) 13.81 17.21 (3.77) 12.18 36.87

Russell 1000Value Index 11.93 (8.27) 13.66 17.34 (3.83) 13.45 32.53

Cumulative and Quarterly Relative Return vs Russell 1000 Value Index

Re

lative

Re

turn

s

(7%)

(6%)

(5%)

(4%)

(3%)

(2%)

(1%)

0%

1%

2014 2015 2016 2017 2018 2019

Large Company Value Stock Option Callan Lg Cap Value MF

Risk Adjusted Return Measures vs Russell 1000 Value IndexRankings Against Callan Large Cap Value Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

(3)

(2)

(1)

0

1

2

3


(41)

(32)

(77)



Large CompanyValue Stock Option (0.06) 0.66 (0.32)


Large Company Value Stock OptionRisk Analysis Summary


Risk Analysis vs Callan Large Cap Value Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0(5 )

(4 )

(3 )

(2 )

(1 )

0

1

2

3

4


Tracking Error

Exce

ss R

etu

rn

Market Capture vs Russell 1000 Value IndexRankings Against Callan Large Cap Value Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

75%80%85%90%95%

100%105%110%115%120%125%


(42) (60)



Large CompanyValue Stock Option 98.38 99.28

Risk Statistics Rankings vs Russell 1000 Value IndexRankings Against Callan Large Cap Value Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

0%

5%

10%

15%


(79)

(100) (100)



Large CompanyValue Stock Option 10.44 0.35 0.38

0.80

0.90

1.00

1.10

1.20

Beta R-Squared

(69) (1)



Large CompanyValue Stock Option 0.99 1.00


Large Company Value Stock OptionEquity Characteristics Analysis Summary


Portfolio Characteristics Percentile RankingsRankings Against Callan Large Cap Value Mutual Fundsas of March 31, 2019

Pe

rce

ntile

Ra

nkin

g

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%


(44)(44)

(27)(27)

(61)(61) (62)(62)

(30)(30)

(82)(82)

10th Percentile 111.75 15.44 2.56 14.92 2.84 (0.47)25th Percentile 92.09 14.41 2.32 13.16 2.73 (0.55)


Large CompanyValue Stock Option 67.40 14.15 2.00 11.21 2.64 (0.89)

Russell 1000 Value Index 67.40 14.15 2.00 11.21 2.64 (0.89)



0% 5% 10% 15% 20% 25% 30%

Financials

21.821.8

22.6

Health Care

15.315.315.6


9.89.8

11.9

Energy

9.8

50

%M

gr

MV

50

%M

gr

MV

9.810.4

Consumer Staples

7.97.9

6.4

Industrials

7.87.8

9.7


6.86.8

6.4

Utilities

6.56.5

4.5


5.35.3

6.7

Real Estate

5.25.2

2.3

Materials

3.83.83.5

Large Company Value Stock Option Russell 1000 Value Index

Callan Lg Cap Value MF




0

100

200

300

400

500

600

700

800


(2)

(4)



Large CompanyValue Stock Option 715 46

Russell 1000Value Index 715 46




Current Holdings Based Style AnalysisLarge Company Value Stock OptionAs of March 31, 2019


Style Map vs Callan Lg Cap Value MFHoldings as of March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro


Large Company Value Stock OptionLarge Company Value Stock OptionRussell 1000 Value Index


Large

Mid

Small

Micro

Total


50.5% (103) 23.0% (71) 3.8% (22) 77.3% (196)

10.2% (165) 8.1% (153) 2.4% (73) 20.6% (391)

1.1% (59) 0.8% (50) 0.2% (14) 2.1% (123)

0.0% (0) 0.0% (1) 0.0% (0) 0.0% (1)

61.7% (327) 31.9% (275) 6.4% (109) 100.0% (711)

50.5% (103) 23.0% (71) 3.8% (22) 77.3% (196)

10.2% (165) 8.1% (153) 2.4% (73) 20.6% (391)

1.1% (59) 0.8% (50) 0.2% (14) 2.1% (123)

0.0% (0) 0.0% (1) 0.0% (0) 0.0% (1)

61.7% (327) 31.9% (275) 6.4% (109) 100.0% (711)


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Value Core Growth

61.7%(327)

61.7%(327)

31.9%(275)

31.9%(275)

6.4%(109)

6.4%(109)

Bar #1=Large Company Value Stock Option (Combined Z: -0.89 Growth Z: -0.38 Value Z: 0.5

Bar #2=Russell 1000 Value Index (Combined Z: -0.89 Growth Z: -0.38 Value Z: 0.51)

Large

Mid

Small

Micro


0%

5%

10%

15%

20%

25%

30%


6.8 6.85.3 5.3

7.9 7.99.8 9.8

21.8 21.8

15.3 15.3

7.8 7.86.5 6.5

3.8 3.85.2 5.2

9.8 9.8

Bar #1=Large Company Value Stock Option

Bar #2=Russell 1000 Value Index

Value

Core

Growth


Historical Holdings Based Style AnalysisLarge Company Value Stock OptionFor Three Years Ended March 31, 2019


Average Style Map vs Callan Lg Cap Value MFHoldings for Three Years Ended March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro




Large

Mid

Small

Micro

Total


51.0% (102) 23.6% (72) 3.5% (26) 78.1% (200)

9.7% (160) 7.6% (161) 2.4% (69) 19.7% (390)

1.2% (57) 0.7% (39) 0.2% (18) 2.1% (114)

0.0% (0) 0.0% (1) 0.0% (0) 0.0% (1)

61.9% (319) 31.9% (273) 6.2% (113) 100.0% (705)

51.0% (102) 23.6% (72) 3.5% (26) 78.1% (200)

9.7% (160) 7.6% (161) 2.4% (69) 19.7% (390)

1.2% (57) 0.7% (39) 0.2% (18) 2.1% (114)

0.0% (0) 0.0% (1) 0.0% (0) 0.0% (1)

61.9% (319) 31.9% (273) 6.2% (113) 100.0% (705)

Large Company Value Stock Option Historical Cap/Style Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Micro-Growth

Micro-Core

Micro-Value

Small-Growth

Small-Core

Small-Value

Mid-Growth

Mid-Core

Mid-Value

Large-Growth

Large-Core

Large-Value

Large Company Value Stock Option Historical Style Only Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Growth

Core

Value


La

rge

Co

mp

an

y G

row

th

Large Company Growth

Sto

ck O

ptio

n

Stock Option

Large Company Growth Stock OptionPeriod Ended March 31, 2019

Quarterly Summary and HighlightsLarge Company Growth Stock Option’s portfolio posted a 16.14% return for the quarter placing it in the 61 percentile ofthe Callan Large Cap Growth Mutual Funds group for the quarter and in the 44 percentile for the last year.

Large Company Growth Stock Option’s portfolio outperformed the Russell 1000 Growth Index by 0.04% for the quarterand underperformed the Russell 1000 Growth Index for the year by 0.02%.


6%

8%

10%

12%

14%

16%

18%

20%

22%


(61)(62)

(44)(44)

(52)(52)

(40)(33)

(31)(28)

(27)(21)



Large CompanyGrowth Stock Option 16.14 12.72 16.52 13.19 14.23 17.30

Russell 1000Growth Index 16.10 12.75 16.53 13.50 14.34 17.52

Relative Return vs Russell 1000 Growth Index

Rela

tive

Re

turn

s

(1.2%)

(1.0%)

(0.8%)

(0.6%)

(0.4%)

(0.2%)

0.0%

0.2%

0.4%

2014 2015 2016 2017 2018 19


Callan Large Cap Growth Mutual Funds (Institutional Net)Annualized Five Year Risk vs Return

8 10 12 14 16 18 204%

6%

8%

10%

12%

14%

16%

18%



Standard Deviation

Re

turn

s


Large Company Growth Stock OptionReturn Analysis Summary



(20%)

(10%)

0%

10%

20%

30%

40%

50%

12/18- 3/19 2018 2017 2016 2015 2014 2013

(61)(62)

(67)(67)

(57)(57)

(10)(10) (57)(56)(35)(20)

(59)(66)


Median 16.51 (0.86) 31.46 1.20 6.52 10.82 35.5775th Percentile 15.81 (3.17) 27.98 (1.18) 3.59 8.96 32.8290th Percentile 14.38 (4.70) 24.73 (4.43) 0.20 7.91 29.36

Large CompanyGrowth Stock Option 16.14 (1.65) 30.21 7.11 5.25 11.63 34.48

Russell 1000Growth Index 16.10 (1.51) 30.21 7.08 5.67 13.05 33.48

Cumulative and Quarterly Relative Return vs Russell 1000 Growth Index

Re

lative

Re

turn

s

(8%)

(7%)

(6%)

(5%)

(4%)

(3%)

(2%)

(1%)

0%

1%

2014 2015 2016 2017 2018 2019

Large Company Growth Stock Option Callan Large Cap Grwth MF

Risk Adjusted Return Measures vs Russell 1000 Growth IndexRankings Against Callan Large Cap Growth Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

(5)

(4)

(3)

(2)

(1)

0

1

2

3


(39)

(21)

(80)



Large CompanyGrowth Stock Option (0.32) 0.98 (0.60)


Large Company Growth Stock OptionRisk Analysis Summary


Risk Analysis vs Callan Large Cap Growth Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

0 1 2 3 4 5 6 7 8 9 10 11(10 )

(8 )

(6 )

(4 )

(2 )

0

2

4


Tracking Error

Exce

ss R

etu

rn

Market Capture vs Russell 1000 Growth IndexRankings Against Callan Large Cap Growth Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

70%80%90%

100%110%120%130%


(42) (65)



Large CompanyGrowth Stock Option 97.66 100.04

Risk Statistics Rankings vs Russell 1000 Growth IndexRankings Against Callan Large Cap Growth Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

0%2%4%6%8%

10%12%14%16%18%


(74)

(100) (100)



Large CompanyGrowth Stock Option 12.76 0.52 0.51

0.80

0.90

1.00

1.10

1.20

Beta R-Squared

(56) (1)



Large CompanyGrowth Stock Option 1.00 1.00


Large Company Growth Stock OptionEquity Characteristics Analysis Summary


Portfolio Characteristics Percentile RankingsRankings Against Callan Large Cap Growth Mutual Fundsas of March 31, 2019

Pe

rce

ntile

Ra

nkin

g

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%


(55)(55)

(87)(87)

(30)(30)

(81)(81)

(6)(6)

(85)(85)



Large CompanyGrowth Stock Option 116.94 20.68 6.51 17.01 1.28 0.86

Russell 1000 Growth Index 116.94 20.68 6.51 17.01 1.28 0.86



0% 5% 10% 15% 20% 25% 30% 35% 40%


32.932.9

33.7


15.015.0

16.2

Health Care

13.2

50

%M

gr

MV

50

%M

gr

MV

13.216.3


12.212.212.6

Industrials

11.711.7

9.5

Consumer Staples

5.75.7

3.3

Financials

4.24.2

5.0

Real Estate

2.42.4

1.1

Materials

2.02.0

1.7

Energy

0.70.70.6

Utilities

Large Company Growth Stock Option Russell 1000 Growth Index

Callan Large Cap Grwth MF




0

100

200

300

400

500

600


(2)

(1)



Large CompanyGrowth Stock Option 533 27

Russell 1000Growth Index 533 27




Current Holdings Based Style AnalysisLarge Company Growth Stock OptionAs of March 31, 2019


Style Map vs Callan Large Cap Grwth MFHoldings as of March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro



Large Company Growth Stock OptionRussell 1000 Growth Index


Large

Mid

Small

Micro

Total


5.5% (25) 22.4% (74) 57.8% (88) 85.7% (187)

0.7% (30) 3.8% (99) 9.1% (160) 13.6% (289)

0.0% (8) 0.3% (27) 0.4% (18) 0.7% (53)

0.0% (1) 0.0% (0) 0.0% (0) 0.0% (1)

6.2% (64) 26.5% (200) 67.3% (266) 100.0% (530)

5.5% (25) 22.4% (74) 57.8% (88) 85.7% (187)

0.7% (30) 3.8% (99) 9.1% (160) 13.6% (289)

0.0% (8) 0.3% (27) 0.4% (18) 0.7% (53)

0.0% (1) 0.0% (0) 0.0% (0) 0.0% (1)

6.2% (64) 26.5% (200) 67.3% (266) 100.0% (530)


0%

20%

40%

60%

80%

100%

120%

Value Core Growth

6.2%(64)

6.2%(64)

26.5%(200)

26.5%(200)

67.3%(266)

67.3%(266)

Bar #1=Large Company Growth Stock Option (Combined Z: 0.86 Growth Z: 0.38 Value Z: -0.4

Bar #2=Russell 1000 Growth Index (Combined Z: 0.86 Growth Z: 0.38 Value Z: -0.48)

Large

Mid

Small

Micro


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

COMMUN CONCYC CONSTA ENERGY FINANC HEALTH INDEQU RAWMAT REALES TECH

12.2 12.215.0 15.0

5.7 5.7

0.7 0.74.2 4.2

13.2 13.2 11.8 11.8

2.0 2.0 2.4 2.4

32.8 32.8

Bar #1=Large Company Growth Stock Option

Bar #2=Russell 1000 Growth Index

Value

Core

Growth


Historical Holdings Based Style AnalysisLarge Company Growth Stock OptionFor Three Years Ended March 31, 2019


Average Style Map vs Callan Large Cap Grwth MFHoldings for Three Years Ended March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro




Large

Mid

Small

Micro

Total


6.1% (25) 26.0% (71) 51.4% (92) 83.5% (188)

0.8% (28) 5.5% (123) 9.3% (159) 15.7% (310)

0.1% (11) 0.3% (23) 0.5% (27) 0.8% (61)

0.0% (0) 0.0% (1) 0.0% (1) 0.0% (2)

7.0% (64) 31.8% (218) 61.2% (279) 100.0% (561)

6.1% (25) 26.0% (71) 51.4% (92) 83.5% (188)

0.8% (28) 5.5% (123) 9.3% (159) 15.7% (310)

0.1% (11) 0.3% (23) 0.5% (27) 0.8% (61)

0.0% (0) 0.0% (1) 0.0% (1) 0.0% (2)

7.0% (64) 31.8% (218) 61.2% (279) 100.0% (561)

Large Company Growth Stock Option Historical Cap/Style Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Micro-Growth

Micro-Core

Micro-Value

Small-Growth

Small-Core

Small-Value

Mid-Growth

Mid-Core

Mid-Value

Large-Growth

Large-Core

Large-Value

Large Company Growth Stock Option Historical Style Only Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Growth

Core

Value


Sm

all C

om

pa

ny

Small Company

Sto

ck O

ptio

n

Stock Option

Small Company Stock OptionPeriod Ended March 31, 2019

Quarterly Summary and HighlightsSmall Company Stock Option’s portfolio posted a 14.31% return for the quarter placing it in the 58 percentile of theCallan Small Cap Mutual Funds group for the quarter and in the 57 percentile for the last year.

Small Company Stock Option’s portfolio underperformed the Russell 2000 Index by 0.28% for the quarter andunderperformed the Russell 2000 Index for the year by 0.58%.


(10%)

(5%)

0%

5%

10%

15%

20%

25%

30%


(58)(56)

(57)(55)

(53)(47)

(53)(50)

(57)(48)

(57)(59)



Small CompanyStock Option 14.31 1.47 12.12 6.84 10.40 15.51

Russell2000 Index 14.58 2.05 12.92 7.05 10.74 15.36


Rela

tive

Re

turn

s

(3.0%)

(2.5%)

(2.0%)

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2.0%

2014 2015 2016 2017 2018 19


Callan Small Cap Mutual Funds (Institutional Net)Annualized Five Year Risk vs Return

5 10 15 20 25 30(5%)

0%

5%

10%

15%

20%


Russell 2000 Index

Standard Deviation

Re

turn

s


Small Company Stock OptionReturn Analysis Summary



(30%)(20%)(10%)

0%10%20%30%40%50%60%

12/18- 3/19 2018 2017 2016 2015 2014 2013

(58)(56)

(55)(53)

(57)(57)(33)(33)

(54)(59)(37)(36)

(59)(53)

10th Percentile 21.99 0.17 28.61 29.16 1.04 8.47 48.6525th Percentile 19.20 (3.37) 24.09 24.48 (1.76) 6.23 45.62

Median 15.29 (10.24) 16.39 15.80 (3.72) 3.48 40.5875th Percentile 12.75 (15.37) 10.84 8.41 (6.63) 0.16 35.2090th Percentile 11.33 (17.78) 7.64 5.37 (10.13) (3.23) 32.14

Small CompanyStock Option 14.31 (11.77) 14.74 21.43 (4.17) 4.71 38.06

Russell 2000 Index 14.58 (11.01) 14.65 21.31 (4.41) 4.89 38.82


Re

lative

Re

turn

s

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

2014 2015 2016 2017 2018 2019

Small Company Stock Option Callan Small Cap MFs

Risk Adjusted Return Measures vs Russell 2000 IndexRankings Against Callan Small Cap Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

(6)

(4)

(2)

0

2

4

6


(59) (52)(59)


Median 0.68 0.42 (0.01)75th Percentile (1.60) 0.27 (0.43)90th Percentile (3.59) 0.10 (0.71)

Small Company Stock Option (0.03) 0.40 (0.12)


Small Company Stock OptionRisk Analysis Summary


Risk Analysis vs Callan Small Cap Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

0 2 4 6 8 10 12 14 16 18(15 )

(10 )

(5 )

0

5

10


Tracking Error

Exce

ss R

etu

rn

Market Capture vs Russell 2000 IndexRankings Against Callan Small Cap Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

50%60%70%80%90%

100%110%120%130%140%150%


(51) (45)



Small Company Stock Option 94.66 96.46

Risk Statistics Rankings vs Russell 2000 IndexRankings Against Callan Small Cap Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

0%

5%

10%

15%

20%

25%


(64)

(100) (100)



Small CompanyStock Option 15.31 1.36 1.75

0.700.750.800.850.900.951.001.051.101.15

Beta R-Squared

(43) (1)



Small CompanyStock Option 0.97 0.99


Small Company Stock OptionEquity Characteristics Analysis Summary


Portfolio Characteristics Percentile RankingsRankings Against Callan Small Cap Mutual Fundsas of March 31, 2019

Pe

rce

ntile

Ra

nkin

g

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%


(69)(74)

(48)(44)

(56)(54)(58)(59)

(44)(38)

(51)(50)


Median 2.66 18.60 2.21 15.21 1.09 0.0275th Percentile 2.04 14.36 1.62 10.95 0.59 (0.39)90th Percentile 1.65 12.93 1.37 9.20 0.29 (0.67)

Small CompanyStock Option 2.11 18.85 1.95 13.67 1.25 (0.01)

Russell 2000 Index 2.08 22.17 1.99 13.48 1.42 0.01



0% 5% 10% 15% 20% 25% 30%

Industrials17.8

14.518.0

Financials15.7

17.113.6

Information Technology15.615.6

21.6

Consumer Discretionary13.9

50

%M

gr

MV

50%

Mg

r M

V

12.013.7

Health Care13.1

16.017.7

Energy4.9

3.72.6

Materials4.9

3.84.0

Communication Services3.9

3.22.4

Consumer Staples3.7

2.82.7

Real Estate3.6

7.53.8

Utilities2.9

3.8

Miscellaneous

Pooled Vehicles

Small Company Stock Option Russell 2000 Index

Callan Small Cap MFs




0

500

1000

1500

2000

2500

3000

3500


(1)

(1)



Small CompanyStock Option 2748 414





Current Holdings Based Style AnalysisSmall Company Stock OptionAs of March 31, 2019


Style Map vs Callan Small Cap MFsHoldings as of March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro


Russell 2000 Index

Small Company Stock OptionRussell 2000 Index


Large

Mid

Small

Micro

Total


0.0% (0) 0.3% (4) 0.5% (8) 0.8% (12)

2.3% (51) 4.7% (70) 9.5% (113) 16.5% (234)

16.9% (327) 27.7% (470) 23.6% (385) 68.2% (1182)

5.1% (443) 5.3% (574) 4.1% (262) 14.4% (1279)

24.3% (821) 38.1% (1118) 37.6% (768) 100.0% (2707)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

1.5% (7) 3.8% (19) 7.8% (35) 13.1% (61)

19.4% (276) 29.7% (405) 27.0% (352) 76.2% (1033)

3.7% (276) 4.3% (391) 2.7% (212) 10.7% (879)

24.6% (559) 37.9% (815) 37.5% (599) 100.0% (1973)


0%

10%

20%

30%

40%

50%

60%

Value Core Growth

24.3%(821)

24.6%(559)

38.1%(1118)

37.9%(815)

37.6%(768)

37.5%(599)

Bar #1=Small Company Stock Option (Combined Z: -0.01 Growth Z: 0.02 Value Z: 0.03)

Bar #2=Russell 2000 Index (Combined Z: 0.01 Growth Z: -0.01 Value Z: -0.02)

Large

Mid

Small

Micro


0%

5%

10%

15%

20%

25%


3.9 3.1

13.912.1

3.72.8

5.03.7

15.717.0

13.1

16.017.9

14.6

2.93.8

4.93.9 3.7

7.5

15.4 15.4

Bar #1=Small Company Stock Option


Value

Core

Growth


Active Share Structure AnalysisFor One Quarter Ended March 31, 2019

This analysis compares multiple portfolios and composites in an active share context, illustrating the varying degrees ofactive risk taken by individual portfolios, and how they combine into active risk profiles for composites and the equitystructure. Two sources of active share (active risk) are shown: 1) Total Holdings-Based Active Share based on individualposition comparisons to the index (and the subcomponent from holding non-index securities), and 2) Sector Exposure ActiveShare that quantifies the more macro-level sector differences from the index.

Active Share AnalysisEnded March 31, 2019

0% 2% 4% 6% 8% 10% 12% 14% 16% 18%0%

10%

20%

30%

40%

50%

60%

70%

80%

Small Company Stock

Callan Small Equity Fund

BlackRock Russell 2000

DFA US Small Cap Portfolio

Sector Exposure Active Share

Ho

ldin

gs-B

ase

d T

ota

l A

ctive

Sh

are

Weight Total Non-Idx Sector Number Security% Index Act Share Act Share Act Share Securities Diverse

Small Company Stock 100.00% Russell 2000 30.38% 9.26% 9.04% 2748 413.73BlackRock Russell 2000 29.63% Russell 2000 0.00% 0.00% 0.00% 1998 339.47Callan Small Equity Fund 35.33% Russell 2000 70.74% 20.03% 14.04% 867 196.04DFA US Small Cap Portfolio 35.04% Russell 2000 34.33% 6.74% 15.09% 2073 304.74


BlackRock Russell 2000 Index FundPeriod Ended March 31, 2019

Investment PhilosophyBlackRock, through predecessor firm Barclays Global Investors, pioneered index management in 1971 with the industry’sfirst index fund (a NYSE-based index). BlackRock possesses a deep understanding of equity benchmarks and extensiveexpertise in innovating and managing equity indexed portfolios. BlackRock has followed the investment philosophy of TotalPerformance Management for equity index management since 1971. The firm believes that superior investment outcomesare best achieved through a disciplined, objective process in balancing return, risk and cost. While seeking to achieve thebenchmark return or better, BlackRock’s approach believe risks must be well understood and adequately compensated,and transaction costs must be explicitly considered in all investment decisions. This three-pronged philosophy is usedacross all BlackRock index strategies. The firm’s internal index research teams systematically analyze benchmarkcomposition, index changes and transaction costs and integrate those insights into the portfolio construction process.Ongoing investment in research ensures that BlackRock provides passive mandates to its clients with "performance asplanned."

Quarterly Summary and HighlightsBlackRock Russell 2000 Index Fund’s portfolio posted a 14.61% return for the quarter placing it in the 47 percentile ofthe Callan Small Capitalization group for the quarter and in the 51 percentile for the last year.

BlackRock Russell 2000 Index Fund’s portfolio outperformed the Russell 2000 Index by 0.03% for the quarter andoutperformed the Russell 2000 Index for the year by 0.16%.

Performance vs Callan Small Capitalization (Gross)

(10%)

(5%)

0%

5%

10%

15%

20%

25%


(47)(47)

(51)(52)

(44)(46)

(64)(66)

(66)(71)

(81)(83)



BlackRock Russell2000 Index Fund 14.61 2.21 13.15 7.31 11.01 15.59

Russell 2000 Index 14.58 2.05 12.92 7.05 10.74 15.36


Rela

tive

Re

turn

s

0.00%

0.02%

0.04%

0.06%

0.08%

0.10%

0.12%

0.14%

2014 2015 2016 2017 2018 19

BlackRock Russell 2000 Index Fund

Callan Small Capitalization (Gross)Annualized Five Year Risk vs Return

5 10 15 20 25 30(2%)

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


Russell 2000 Index

Standard Deviation

Re

turn

s


BlackRock Russell 2000 Index FundReturn Analysis Summary



(30%)(20%)(10%)

0%10%20%30%40%50%60%70%

12/18- 3/19 2018 2017 2016 2015 2014 2013

(47)(47)

(53)(55)

(52)(53)(40)(42)

(68)(70)(55)(58)

(68)(69)



BlackRock Russell2000 Index Fund 14.61 (10.84) 14.93 21.63 (4.16) 5.15 39.16

Russell 2000 Index 14.58 (11.01) 14.65 21.31 (4.41) 4.89 38.82


Re

lative

Re

turn

s

(2%)

(1%)

0%

1%

2%

3%

4%

5%

2014 2015 2016 2017 2018 2019

BlackRock Russell 2000 Index Fund Callan Small Cap

Risk Adjusted Return Measures vs Russell 2000 IndexRankings Against Callan Small Capitalization (Gross)Five Years Ended March 31, 2019

(3)(2)(1)

01234567


(70) (64)

(1)


Median 1.24 0.47 0.2175th Percentile (0.19) 0.37 (0.14)90th Percentile (1.28) 0.29 (0.41)

BlackRock Russell2000 Index Fund 0.24 0.42 5.80


BlackRock Russell 2000 Index FundRisk Analysis Summary


Risk Analysis vs Callan Small Capitalization (Gross)Five Years Ended March 31, 2019

0 2 4 6 8 10 12 14 16 18(10 )

(8 )

(6 )

(4 )

(2 )

0

2

4

6

8

10


Tracking Error

Exce

ss R

etu

rn

Market Capture vs Russell 2000 IndexRankings Against Callan Small Capitalization (Gross)Five Years Ended March 31, 2019

60%70%80%90%

100%110%120%130%140%150%


(43) (21)



BlackRock Russell2000 Index Fund 101.49 99.32

Risk Statistics Rankings vs Russell 2000 IndexRankings Against Callan Small Capitalization (Gross)Five Years Ended March 31, 2019

(5%)

0%

5%

10%

15%

20%

25%


(49)

(100) (100)



BlackRock Russell2000 Index Fund 15.69 0.00 0.04

0.750.800.850.900.951.001.051.101.15

Beta R-Squared

(29) (1)



BlackRock Russell2000 Index Fund 1.00 1.00


BlackRock Russell 2000 Index FundEquity Characteristics Analysis Summary


Portfolio Characteristics Percentile RankingsRankings Against Callan Small Capitalizationas of March 31, 2019

Pe

rce

ntile

Ra

nkin

g

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%


(67)(67)

(32)(32)

(59)(59)(55)(55)

(36)(36)

(50)(50)



BlackRock Russell2000 Index Fund 2.08 22.17 1.99 13.48 1.42 0.01

Russell 2000 Index 2.08 22.17 1.99 13.48 1.42 0.01



0% 5% 10% 15% 20% 25%

Financials

17.117.116.9

Health Care

16.016.0

16.4


15.615.6

18.2

Industrials

14.5

50

%M

gr

MV

50

%M

gr

MV

14.517.0


12.012.0

12.8

Real Estate

7.57.5

5.0

Materials

3.83.84.0

Utilities

3.83.8

1.1

Energy

3.73.7

3.4


3.23.2

2.5

Consumer Staples

2.82.82.8

BlackRock Russell 2000 Index Fund Russell 2000 Index

Callan Small Cap




0

500

1000

1500

2000

2500


(1)

(1)



BlackRock Russell2000 Index Fund 1998 339





Current Holdings Based Style AnalysisBlackRock Russell 2000 Index FundAs of March 31, 2019


Style Map vs Callan Small CapHoldings as of March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro


Russell 2000 Index

BlackRock Russell 2000 Index FundRussell 2000 Index


Large

Mid

Small

Micro

Total


0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

1.5% (7) 3.8% (19) 7.8% (35) 13.1% (61)

19.4% (276) 29.7% (405) 27.0% (352) 76.2% (1033)

3.7% (276) 4.3% (391) 2.7% (212) 10.7% (879)

24.6% (559) 37.9% (815) 37.5% (599) 100.0% (1973)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

1.5% (7) 3.8% (19) 7.8% (35) 13.1% (61)

19.4% (276) 29.7% (405) 27.0% (352) 76.2% (1033)

3.7% (276) 4.3% (391) 2.7% (212) 10.7% (879)

24.6% (559) 37.9% (815) 37.5% (599) 100.0% (1973)


0%

10%

20%

30%

40%

50%

60%

Value Core Growth

24.6%(559)

24.6%(559)

37.9%(815)

37.9%(815)

37.5%(599)

37.5%(599)

Bar #1=BlackRock Russell 2000 Index Fund (Combined Z: 0.01 Growth Z: -0.01 Value Z: -0.


Large

Mid

Small

Micro


0%

5%

10%

15%

20%

25%


3.1 3.1

12.1 12.1

2.8 2.83.7 3.7

17.0 17.016.0 16.0

14.6 14.6

3.8 3.8 3.9 3.9

7.5 7.5

15.4 15.4

Bar #1=BlackRock Russell 2000 Index Fund


Value

Core

Growth


Historical Holdings Based Style AnalysisBlackRock Russell 2000 Index FundFor Three Years Ended March 31, 2019


Average Style Map vs Callan Small CapHoldings for Three Years Ended March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro


Russell 2000 Index


Large

Mid

Small

Micro

Total


0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

1.8% (9) 3.4% (17) 5.5% (27) 10.6% (53)

20.2% (277) 31.8% (432) 25.4% (346) 77.3% (1055)

4.0% (285) 4.9% (374) 3.1% (215) 12.0% (874)

26.0% (571) 40.0% (823) 34.0% (588) 100.0% (1982)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

1.8% (9) 3.4% (17) 5.5% (27) 10.6% (53)

20.2% (277) 31.8% (432) 25.4% (346) 77.3% (1055)

4.0% (285) 4.9% (374) 3.1% (215) 12.0% (874)

26.0% (571) 40.0% (823) 34.0% (588) 100.0% (1982)

BlackRock Russell 2000 Index Fund Historical Cap/Style Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Micro-Growth

Micro-Core

Micro-Value

Small-Growth

Small-Core

Small-Value

Mid-Growth

Mid-Core

Mid-Value

BlackRock Russell 2000 Index Fund Historical Style Only Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Growth

Core

Value


Callan Small Equity FundPeriod Ended March 31, 2019

Quarterly Summary and HighlightsCallan Small Equity Fund’s portfolio posted a 16.17% return for the quarter placing it in the 30 percentile of the CallanSmall Capitalization group for the quarter and in the 42 percentile for the last year.

Callan Small Equity Fund’s portfolio outperformed the Russell 2000 Index by 1.58% for the quarter and outperformedthe Russell 2000 Index for the year by 2.25%.


(10%)

(5%)

0%

5%

10%

15%

20%

25%


(30)

(47)

(42)

(52)

(34)

(46)

(65)(66)

(56)(71)

(61)(83)



Callan SmallEquity Fund 16.17 4.30 14.72 7.27 11.48 16.68

Russell2000 Index 14.58 2.05 12.92 7.05 10.74 15.36


Rela

tive

Re

turn

s

(5%)

(4%)

(3%)

(2%)

(1%)

0%

1%

2%

3%

4%

2014 2015 2016 2017 2018 19


Callan Small Capitalization (Gross)Annualized Five Year Risk vs Return

5 10 15 20 25 30(2%)

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


Russell 2000 Index

Standard Deviation

Re

turn

s


Callan Small Equity FundReturn Analysis Summary



(30%)(20%)(10%)

0%10%20%30%40%50%60%70%

12/18- 3/19 2018 2017 2016 2015 2014 2013

(30)(47)

(49)(55)

(35)(53)(50)(42)

(76)(70)(78)(58)

(29)(69)



Callan SmallEquity Fund 16.17 (10.20) 19.06 20.34 (5.36) 1.78 45.22

Russell 2000 Index 14.58 (11.01) 14.65 21.31 (4.41) 4.89 38.82


Re

lative

Re

turn

s

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

6%

2014 2015 2016 2017 2018 2019

Callan Small Equity Fund Callan Small Cap

Risk Adjusted Return Measures vs Russell 2000 IndexRankings Against Callan Small Capitalization (Gross)Five Years Ended March 31, 2019

(2)

(1)

0

1

2

3

4

5

6


(72) (69)(61)



Callan Small Equity Fund 0.15 0.40 0.08


Callan Small Equity FundRisk Analysis Summary


Risk Analysis vs Callan Small Capitalization (Gross)Five Years Ended March 31, 2019

0 2 4 6 8 10 12 14 16 18(10 )

(8 )

(6 )

(4 )

(2 )

0

2

4

6

8

10


Tracking Error

Exce

ss R

etu

rn

Market Capture vs Russell 2000 IndexRankings Against Callan Small Capitalization (Gross)Five Years Ended March 31, 2019

60%70%80%90%

100%110%120%130%140%150%


(39) (17)



Callan Small Equity Fund 104.29 102.32

Risk Statistics Rankings vs Russell 2000 IndexRankings Against Callan Small Capitalization (Gross)Five Years Ended March 31, 2019

0%

5%

10%

15%

20%

25%


(34)

(91) (97)



Callan SmallEquity Fund 16.26 1.80 2.62

0.750.800.850.900.951.001.051.101.15

Beta R-Squared

(20)(3)



Callan SmallEquity Fund 1.02 0.97


Callan Small Equity FundEquity Characteristics Analysis Summary


Portfolio Characteristics Percentile RankingsRankings Against Callan Small Capitalizationas of March 31, 2019

Pe

rce

ntile

Ra

nkin

g

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%


(56)

(67)

(39)(32)

(48)

(59)

(46)

(55)(59)

(36)

(46)(50)



Callan Small Equity Fund 2.39 19.52 2.14 15.18 1.06 0.08

Russell 2000 Index 2.08 22.17 1.99 13.48 1.42 0.01



0% 5% 10% 15% 20% 25%

Industrials

19.114.5

17.0


17.115.6

18.2


14.6

50

%M

gr

MV

50

%M

gr

MV

12.012.8

Health Care

14.616.0

16.4

Financials

11.217.116.9

Materials

5.53.84.0

Energy

5.33.7

3.4


4.33.2

2.5

Consumer Staples

3.72.82.8

Real Estate

3.37.5

5.0

Utilities

1.33.8

1.1

Callan Small Equity Fund Russell 2000 Index

Callan Small Cap




0

100

200

300

400

500

600

700

800

900

1000


(3)

(2)



Callan SmallEquity Fund 867 196





Current Holdings Based Style AnalysisCallan Small Equity FundAs of March 31, 2019



Value Core Growth

Mega

Large

Mid

Small

Micro


Russell 2000 Index

Callan Small Equity FundRussell 2000 Index


Large

Mid

Small

Micro

Total


0.0% (0) 1.0% (4) 1.4% (8) 2.4% (12)

4.3% (35) 7.2% (49) 16.7% (95) 28.2% (179)

10.5% (93) 18.8% (151) 19.9% (161) 49.2% (405)

7.2% (93) 6.6% (88) 6.5% (73) 20.2% (254)

22.0% (221) 33.6% (292) 44.4% (337) 100.0% (850)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

1.5% (7) 3.8% (19) 7.8% (35) 13.1% (61)

19.4% (276) 29.7% (405) 27.0% (352) 76.2% (1033)

3.7% (276) 4.3% (391) 2.7% (212) 10.7% (879)

24.6% (559) 37.9% (815) 37.5% (599) 100.0% (1973)


0%

10%

20%

30%

40%

50%

60%

70%

Value Core Growth

22.0%(221)

24.6%(559)

33.6%(292) 37.9%

(815) 44.4%(337)

37.5%(599)

Bar #1=Callan Small Equity Fund (Combined Z: 0.08 Growth Z: 0.06 Value Z: -0.02)


Large

Mid

Small

Micro


0%

5%

10%

15%

20%

25%

30%


4.33.1

14.6

12.1

3.6 2.8

5.43.7

11.2

17.0

14.516.0

19.2

14.6

1.3

3.85.5

3.9 3.3

7.5

17.015.4

Bar #1=Callan Small Equity Fund


Value

Core

Growth


Historical Holdings Based Style AnalysisCallan Small Equity FundFor Three Years Ended March 31, 2019


Average Style Map vs Callan Small CapHoldings for Three Years Ended March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro


Russell 2000 Index


Large

Mid

Small

Micro

Total


0.1% (1) 0.7% (3) 0.9% (5) 1.7% (9)

4.7% (36) 8.5% (64) 14.6% (94) 27.8% (194)

10.2% (89) 19.4% (161) 19.3% (164) 48.8% (414)

6.9% (84) 9.1% (120) 5.7% (68) 21.7% (272)

21.9% (210) 37.7% (348) 40.5% (331) 100.0% (889)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

1.8% (9) 3.4% (17) 5.5% (27) 10.6% (53)

20.2% (277) 31.8% (432) 25.4% (346) 77.3% (1055)

4.0% (285) 4.9% (374) 3.1% (215) 12.0% (874)

26.0% (571) 40.0% (823) 34.0% (588) 100.0% (1982)

Callan Small Equity Fund Historical Cap/Style Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Micro-Growth

Micro-Core

Micro-Value

Small-Growth

Small-Core

Small-Value

Mid-Growth

Mid-Core

Mid-Value

Large-Growth

Large-Core

Large-Value

Callan Small Equity Fund Historical Style Only Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Growth

Core

Value


DFA US Small Cap PortfolioPeriod Ended March 31, 2019

Investment PhilosophyDimensional’s core philosophical principles are: public capital markets work (Dimensional uses information in market pricesto identify reliable dimensions of expected market returns: size, relative price, and profitability and to design and implementstrategies along those dimensions); diversification is essential (helps reduce uncertainty, manage risk, increase thereliability of outcomes, and provide flexibility); and managing tradeoffs adds value (Dimensional seeks to add value bytargeting market premiums efficiently and continuously, reducing the costs associated with turnover, and implementing aflexible trading strategy).

Quarterly Summary and HighlightsDFA US Small Cap Portfolio’s portfolio posted a 12.42% return for the quarter placing it in the 78 percentile of theCallan Small Cap Mutual Funds group for the quarter and in the 69 percentile for the last year.

DFA US Small Cap Portfolio’s portfolio underperformed the Russell 2000 Index by 2.17% for the quarter andunderperformed the Russell 2000 Index for the year by 2.88%.


(10%)

(5%)

0%

5%

10%

15%

20%

25%

30%


(78)(56)

(69)

(55)

(69)

(47)

(62)(50)

(50)(48)

(40)(59)



DFA US SmallCap Portfolio 12.42 (0.83) 9.73 6.15 10.65 16.43

Russell 2000 Index 14.58 2.05 12.92 7.05 10.74 15.36


Rela

tive

Re

turn

s

(3%)

(2%)

(1%)

0%

1%

2%

3%

4%

5%

2014 2015 2016 2017 2018 19


Callan Small Cap Mutual Funds (Institutional Net)Annualized Five Year Risk vs Return

5 10 15 20 25 30(5%)

0%

5%

10%

15%

20%

Russell 2000 Index


Standard Deviation

Re

turn

s


DFA US Small Cap PortfolioReturn Analysis Summary



(30%)(20%)(10%)

0%10%20%30%40%50%60%

12/18- 3/19 2018 2017 2016 2015 2014 2013

(78)(56)

(60)(53)

(71)(57)(28)(33)

(45)(59)(40)(36)

(45)(53)



DFA US SmallCap Portfolio 12.42 (13.13) 11.52 23.53 (3.29) 4.44 42.21

Russell 2000 Index 14.58 (11.01) 14.65 21.31 (4.41) 4.89 38.82


Re

lative

Re

turn

s

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

6%

2014 2015 2016 2017 2018 2019

DFA US Small Cap Portfolio Callan Small Cap MFs

Risk Adjusted Return Measures vs Russell 2000 IndexRankings Against Callan Small Cap Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

(6)

(4)

(2)

0

2

4

6


(61)(59)

(66)



DFA US Small Cap Portfolio (0.46) 0.37 (0.30)


DFA US Small Cap PortfolioRisk Analysis Summary


Risk Analysis vs Callan Small Cap Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

0 2 4 6 8 10 12 14 16 18(15 )

(10 )

(5 )

0

5

10


Tracking Error

Exce

ss R

etu

rn

Market Capture vs Russell 2000 IndexRankings Against Callan Small Cap Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

50%60%70%80%90%

100%110%120%130%140%150%


(62)(59)



DFA US Small Cap Portfolio 83.97 91.07

Risk Statistics Rankings vs Russell 2000 IndexRankings Against Callan Small Cap Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

0%

5%

10%

15%

20%

25%


(75)

(97) (96)



DFA US SmallCap Portfolio 14.79 2.12 3.06

0.700.750.800.850.900.951.001.051.101.15

Beta R-Squared

(63)(4)



DFA US SmallCap Portfolio 0.93 0.96


DFA US Small Cap PortfolioEquity Characteristics Analysis Summary


Portfolio Characteristics Percentile RankingsRankings Against Callan Small Cap Mutual Fundsas of March 31, 2019

Pe

rce

ntile

Ra

nkin

g

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%


(74)(74)

(58)

(44)

(64)

(54)

(64)(59)

(42)(38)

(57)(50)



DFA US SmallCap Portfolio 2.06 16.24 1.77 12.49 1.30 (0.13)

Russell 2000 Index 2.08 22.17 1.99 13.48 1.42 0.01



0% 5% 10% 15% 20% 25% 30%

Industrials19.4

14.518.0

Financials18.9

17.113.6


50

%M

gr

MV

50

%M

gr

MV

12.013.7

Information Technology14.2

15.621.6

Health Care9.2

16.017.7

Energy5.6

3.72.6

Materials5.1

3.84.0

Consumer Staples4.4

2.82.7


3.22.4

Utilities3.63.8

Real Estate0.7

7.53.8

Miscellaneous

Pooled Vehicles

DFA US Small Cap Portfolio Russell 2000 Index

Callan Small Cap MFs




0

500

1000

1500

2000

2500


(1)

(1)



DFA US SmallCap Portfolio 2073 305





Current Holdings Based Style AnalysisDFA US Small Cap PortfolioAs of March 31, 2019



Value Core Growth

Mega

Large

Mid

Small

Micro


Russell 2000 Index

DFA US Small Cap PortfolioRussell 2000 Index


Large

Mid

Small

Micro

Total


0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

1.0% (24) 3.1% (27) 4.1% (36) 8.2% (87)

21.0% (264) 34.6% (401) 24.3% (297) 79.9% (962)

4.2% (378) 4.8% (443) 2.9% (193) 11.9% (1014)

26.2% (666) 42.6% (871) 31.2% (526) 100.0% (2063)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

1.5% (7) 3.8% (19) 7.8% (35) 13.1% (61)

19.4% (276) 29.7% (405) 27.0% (352) 76.2% (1033)

3.7% (276) 4.3% (391) 2.7% (212) 10.7% (879)

24.6% (559) 37.9% (815) 37.5% (599) 100.0% (1973)


0%

10%

20%

30%

40%

50%

60%

70%

Value Core Growth

26.2%(666)

24.6%(559)

42.6%(871)

37.9%(815)

31.2%(526) 37.5%

(599)

Bar #1=DFA US Small Cap Portfolio (Combined Z: -0.13 Growth Z: -0.01 Value Z: 0.12)


Large

Mid

Small

Micro


0%

5%

10%

15%

20%

25%

30%


4.13.1

14.8

12.1

4.42.8

5.63.7

18.917.0

9.3

16.0

19.5

14.6

3.6 3.85.1

3.9

0.7

7.5

14.015.4

Bar #1=DFA US Small Cap Portfolio


Value

Core

Growth


Historical Holdings Based Style AnalysisDFA US Small Cap PortfolioFor Three Years Ended March 31, 2019


Average Style Map vs Callan Small Cap MFsHoldings for Three Years Ended March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro


Russell 2000 Index


Large

Mid

Small

Micro

Total


0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

1.8% (19) 3.4% (28) 4.3% (32) 9.6% (79)

21.1% (252) 37.0% (403) 22.0% (262) 80.2% (917)

3.6% (380) 4.2% (410) 2.4% (179) 10.3% (969)

26.5% (651) 44.6% (841) 28.8% (473) 100.0% (1965)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

1.8% (9) 3.4% (17) 5.5% (27) 10.6% (53)

20.2% (277) 31.8% (432) 25.4% (346) 77.3% (1055)

4.0% (285) 4.9% (374) 3.1% (215) 12.0% (874)

26.0% (571) 40.0% (823) 34.0% (588) 100.0% (1982)

DFA US Small Cap Portfolio Historical Cap/Style Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Micro-Growth

Micro-Core

Micro-Value

Small-Growth

Small-Core

Small-Value

Mid-Growth

Mid-Core

Mid-Value

Large-Value

DFA US Small Cap Portfolio Historical Style Only Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Growth

Core

Value


Inte

rna

tion

al S

tock O

ptio

n


International Stock OptionPeriod Ended March 31, 2019

Quarterly Summary and HighlightsInternational Stock Option’s portfolio posted a 10.34% return for the quarter placing it in the 52 percentile of the CallanNon US Equity Mutual Funds group for the quarter and in the 60 percentile for the last year.

International Stock Option’s portfolio outperformed the MSCI ACWI ex US Index by 0.03% for the quarter andunderperformed the MSCI ACWI ex US Index for the year by 2.39%.


(15%)

(10%)

(5%)

0%

5%

10%

15%

20%


(52)(53)

(60)

(35)

(38)(29)

(43)(47)

(45)(75)

(47)(58)



InternationalStock Option 10.34 (6.60) 7.10 2.69 5.44 9.16

MSCI ACWIex US Index 10.31 (4.21) 8.09 2.57 4.73 8.85

Relative Return vs MSCI ACWI ex US Index

Rela

tive

Re

turn

s

(2.0%)

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2.0%

2014 2015 2016 2017 2018 19


Callan Non US Equity Mutual Funds (Institutional Net)Annualized Five Year Risk vs Return

8 10 12 14 16 18(4%)

(2%)

0%

2%

4%

6%

8%

10%



Standard Deviation

Re

turn

s


International Stock OptionReturn Analysis Summary



(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

12/18- 3/19 2018 2017 2016 2015 2014 2013

(52)(53)

(55)(33)

(43)(47)

(20)(15)(80)(93) (43)(32)

(66)(87)

10th Percentile 13.17 (10.33) 32.71 5.78 4.89 0.25 27.8925th Percentile 11.64 (13.79) 30.00 2.66 2.35 (2.78) 24.61

Median 10.64 (15.04) 26.90 0.23 0.02 (5.48) 21.0575th Percentile 9.50 (17.67) 23.95 (2.25) (1.86) (6.75) 18.5090th Percentile 7.88 (19.35) 22.13 (5.47) (3.96) (9.16) 14.36

InternationalStock Option 10.34 (15.57) 27.70 3.46 (2.59) (5.06) 19.45

MSCI ACWIex US Index 10.31 (14.20) 27.19 4.50 (5.66) (3.87) 15.29

Cumulative and Quarterly Relative Return vs MSCI ACWI ex US Index

Re

lative

Re

turn

s

(4%)

(3%)

(2%)

(1%)

0%

1%

2%

3%

4%

5%

6%

2014 2015 2016 2017 2018 2019

International Stock Option Callan Non US Equity MFs

Risk Adjusted Return Measures vs MSCI ACWI ex US IndexRankings Against Callan Non US Equity Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

(3)

(2)

(1)

0

1

2

3

4


(44) (39) (38)


Median (0.31) 0.12 (0.14)75th Percentile (1.27) 0.04 (0.33)90th Percentile (2.20) (0.05) (0.59)

International Stock Option 0.14 0.16 0.08


International Stock OptionRisk Analysis Summary


Risk Analysis vs Callan Non US Equity Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

0 1 2 3 4 5 6 7 8 9 10(6 )

(4 )

(2 )

0

2

4

6

8


Tracking Error

Exce

ss R

etu

rn

Market Capture vs MSCI ACWI ex US IndexRankings Against Callan Non US Equity Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

70%

80%

90%

100%

110%

120%

130%


(55) (68)



International Stock Option 100.31 99.05

Risk Statistics Rankings vs MSCI ACWI ex US IndexRankings Against Callan Non US Equity Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

0%2%4%6%8%

10%12%14%16%


(76)

(100) (98)



InternationalStock Option 11.91 1.02 1.56

0.750.800.850.900.951.001.051.101.151.20

Beta R-Squared

(54) (3)



InternationalStock Option 0.99 0.98


International Stock OptionEquity Characteristics Analysis Summary


Portfolio Characteristics Percentile RankingsRankings Against Callan Non US Equity Mutual Fundsas of March 31, 2019

Pe

rce

ntile

Ra

nkin

g

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%


(73)

(43)

(69)(67) (65)(66)

(53)(49)

(37)(33)

(66)(66)



InternationalStock Option 22.83 12.92 1.62 10.01 2.99 (0.02)

MSCI ACWI ex US Index 32.68 13.01 1.61 10.38 3.19 (0.02)



0% 5% 10% 15% 20% 25% 30%

Financials18.5

21.619.1

Industrials13.2

11.715.5


11.011.8

Materials9.2

50

%M

gr

MV

50

%M

gr

MV

7.77.2

Health Care8.9

8.411.0

Consumer Staples8.7

10.011.3


10.1

Energy8.3

7.55.5

Communication Services6.76.9

6.0

Utilities4.2

3.31.1

Real Estate3.53.5

1.3

Miscellaneous0.2

Pooled Vehicles

International Stock Option MSCI ACWI ex US Index

Callan Non US Equity MFs




0

2000

4000

6000

8000

10000

12000


(1)

(3)



InternationalStock Option 10362 131

MSCI ACWIex US Index 2132 176




Country AllocationInternational Stock Option VS MSCI ACWI ex US Index

Country AllocationThe chart below contrasts the portfolio’s country allocation with that of the index as of March 31, 2019. This chart is usefulbecause large deviations in country allocation relative to the index are often good predictors of tracking error in thesubsequent quarter. To the extent that the portfolio allocation is similar to the index, the portfolio should experience more"index-like" performance. In order to illustrate the performance effect on the portfolio and index of these country allocations,the individual index country returns are also shown.

Country Weights as of March 31, 2019

0% 5% 10% 15% 20%

Australia4.1

4.7

Austria0.10.2

Belgium1.3

0.7

Brazil1.91.9

Cambodia

Canada5.9

6.8

Chile0.30.3

China6.4

8.6

Colombia0.10.1

Cyprus

Czech Republic

Denmark1.5

1.2

Egypt

Finland1.5

0.7

France8.1

7.6

Germany5.85.8

Greece 0.1

Hong Kong1.9

2.8

Hungary0.10.1

India2.7

2.4

Indonesia0.60.6

Ireland1.2

0.4

Israel0.40.4

Italy1.4

1.6

Japan14.7

16.1

Luxembourg

Malaysia0.60.6

Mexico0.70.7

Netherlands2.6

2.4

New Zealand0.10.2

Norway0.9

0.5

Pakistan

Peru0.10.1

Philippines0.20.3

Poland0.30.3

Portugal0.10.1

Qatar0.1

0.2

Russia0.6

1.0

Singapore1.2

0.9

South Africa1.41.5

South Korea3.8

3.4

Spain2.02.0

Sweden2.3

1.8

Switzerland5.6

6.0

Taiwan3.03.0

Thailand0.50.6

Turkey0.20.1

Ukraine

United Arab Emirates0.10.2

United Kingdom13.2

11.5

United States0.2

Percent of Portfolio

International Stock Option MSCI ACWI ex US Index

Index Rtns

11.39%

8.44%

16.21%

8.14%

-

15.37%

4.12%

17.69%

24.80%

-

3.82%

12.80%

15.82%

7.98%

10.71%

6.91%

12.78%

15.58%

6.01%

7.16%

4.27%

11.37%

10.08%

14.56%

6.65%

-

0.33%

5.51%

13.56%

16.65%

7.01%

8.30%

11.01%

7.88%

(0.58%)

10.23%

(3.51%)

12.52%

6.22%

4.43%

4.89%

7.00%

7.36%

13.11%

8.98%

7.43%

(3.15%)

-

8.69%

11.89%

12.31%

Manager Total Return: (18.02%)

Index Total Return: 10.31%


Current Holdings Based Style AnalysisInternational Stock OptionAs of March 31, 2019

This page analyzes the current investment style of a portfolio utilizing a detailed holdings-based style analysis to determineactual exposures to various regional and style segments of the international/global equity market. The market is segmentedquarterly by region and style. The style segments are determined using the "Combined Z Score", based on the eightfundamental factors used in the MSCI stock style scoring system. The upper-left style map illustrates the current marketcapitalization and style score of the portfolio relative to indices and/or peers. The upper-right style exposure matrix displaysthe current portfolio and index weights and stock counts (in parentheses) in each region/style segment of the market. Themiddle chart illustrates the total exposures and stock counts in the three style segments, with a legend showing the totalgrowth, value, and "combined Z" (growth - value) scores. The bottom chart exhibits the sector weights as well as the styleweights within each sector.

Style Map vs Callan Non US Equity MFsHoldings as of March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro




13.5% (672) 13.4% (654) 20.0% (572) 46.8% (1898)

1.2% (145) 2.9% (152) 2.0% (103) 6.1% (400)

7.2% (1240) 6.2% (937) 8.9% (849) 22.3% (3026)

7.7% (1833) 8.6% (1615) 8.5% (1325) 24.8% (4773)

29.5% (3890) 31.1% (3358) 39.4% (2849) 100.0% (10097)

14.3% (143) 10.6% (123) 17.8% (180) 42.7% (446)

1.6% (28) 3.4% (36) 1.8% (29) 6.8% (93)

8.6% (149) 6.5% (141) 9.5% (181) 24.7% (471)

7.3% (379) 8.0% (366) 10.4% (364) 25.7% (1109)

31.9% (699) 28.5% (666) 39.6% (754) 100.0% (2119)

Europe/Mid East

N. America

Pacific

Emerging/FM

Total



0%

10%

20%

30%

40%

50%

60%

70%

Value Core Growth

29.5%(3890)

31.9%(699)

31.1%(3358)

28.5%(666)

39.4%(2849)

39.6%(754)

Bar #1=International Stock Option (Combined Z: -0.02 Growth Z: 0.01 Value Z: 0.03)Bar #2=MSCI ACWI ex US Index (Combined Z: -0.02 Growth Z: -0.02 Value Z: 0.00)

Europe/Mid East

N. America

Pacific

Emerging/FM


0%

5%

10%

15%

20%

25%

30%

COMMUN CONCYC CONSTA ENERGY FINANC FUND HEALTH INDEQU MISC PUBUTL RAWMAT REALES TECH

0.0 0.0

7.0 7.0

10.011.2

8.110.0

8.67.5

18.5

21.3

0.0 0.0

9.2 8.4

13.411.7

0.0 0.0

3.9 3.3

8.7 7.7

3.6 3.4

9.0 8.4

Bar #1=International Stock OptionBar #2=MSCI ACWI ex US Index

Value

Core

Growth


Active Share Structure AnalysisFor One Quarter Ended March 31, 2019

This analysis compares multiple portfolios and composites in an active share context, illustrating the varying degrees ofactive risk taken by individual portfolios, and how they combine into active risk profiles for composites and the equitystructure. Two sources of active share (active risk) are shown: 1) Total Holdings-Based Active Share based on individualposition comparisons to the index (and the subcomponent from holding non-index securities), and 2) Sector Exposure ActiveShare that quantifies the more macro-level sector differences from the index.

Active Share AnalysisEnded March 31, 2019

0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Lazard Intl Equity

DFA Intl Core Equity

DFA Emerging Markets Core

Arrowstreet Intl Equity

AQR ACWI ex-US Fund

Sector Exposure Active Share

Ho

ldin

gs-B

ase

d T

ota

l A

ctive

Sh

are

Weight Total Non-Idx Sector Number Security% Index Act Share Act Share Act Share Securities Diverse

International Stock Option 100.00% MSCI ACWI ex US 40.96% 7.45% 5.58% 10362 130.86Lazard Intl Equity 24.88% MSCI EAFE 88.58% 14.02% 8.43% 62 19.89DFA Intl Core Equity 14.78% MSCI World ex US 49.41% 18.67% 13.80% 5221 408.18DFA Emerging Markets Core 9.97% MSCI EM 40.96% 14.98% 13.65% 4839 241.28Arrowstreet Intl Equity 25.44% MSCI ACWI ex US 3.41% 1.28% 0.49% 1955 175.48AQR ACWI ex-US Fund 24.92% MSCI ACWI ex US 62.22% 2.52% 16.93% 578 59.00


Lazard International Equity FundPeriod Ended March 31, 2019

Investment PhilosophyThe Lazard International Equity strategy seeks to generate strong relative returns over a full market cycle by investing incompanies with strong and/or improving financial productivity at attractive valuations. The strategy typically invests innon-US companies, including those from emerging markets, with a market capitalization generally of $3 billion or greater.EAFE and ACWI ex-US benchmarked versions are available, resulting in different emerging markets exposure. A versionthat excludes emerging markets is also available.

Quarterly Summary and HighlightsLazard International Equity Fund’s portfolio posted a 10.05% return for the quarter placing it in the 80 percentile of theCallan Non-US Developed Core Equity group for the quarter and in the 20 percentile for the last year.

Lazard International Equity Fund’s portfolio outperformed the MSCI EAFE Index by 0.08% for the quarter andoutperformed the MSCI EAFE Index for the year by 0.18%.

Performance vs Callan Non-US Developed Core Equity (Gross)

(15%)

(10%)

(5%)

0%

5%

10%

15%


(80)(83)

(20)(21)

(90)

(51)

(77)(78)

(65)(88)

(70)(88)

10th Percentile 11.97 (1.62) 9.20 4.42 7.95 11.7425th Percentile 10.93 (4.06) 8.16 3.86 7.25 10.78


Lazard InternationalEquity Fund 10.05 (3.54) 5.05 2.56 6.32 9.80

MSCI EAFE Index 9.98 (3.71) 7.27 2.33 5.63 8.96

Relative Return vs MSCI EAFE Index

Rela

tive

Re

turn

s

(4%)

(3%)

(2%)

(1%)

0%

1%

2%

3%

2014 2015 2016 2017 2018 19

Lazard International Equity Fund

Callan Non-US Developed Core Equity (Gross)Annualized Five Year Risk vs Return

10 11 12 13 14 15 160%

1%

2%

3%

4%

5%

6%

7%

MSCI EAFE Index


Standard Deviation

Re

turn

s


Lazard International Equity FundReturn Analysis Summary


Performance vs Callan Non-US Developed Core Equity (Gross)

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

12/18- 3/19 2018 2017 2016 2015 2014 2013

(80)(83)

(20)(29)

(80)(62)

(96)(49) (35)

(76) (26)(57)

(58)(66)

10th Percentile 11.97 (10.05) 30.76 4.85 4.96 (1.58) 29.7425th Percentile 10.93 (13.01) 28.87 2.96 2.84 (2.44) 27.80

Median 10.36 (15.26) 26.32 0.94 1.15 (4.45) 24.7675th Percentile 10.07 (17.48) 24.06 (0.44) (0.68) (5.73) 21.6990th Percentile 9.41 (19.10) 23.17 (2.25) (4.33) (8.54) 18.73

Lazard InternationalEquity Fund 10.05 (12.78) 23.86 (3.79) 2.39 (2.62) 23.87

MSCI EAFE Index 9.98 (13.79) 25.03 1.00 (0.81) (4.90) 22.78

Cumulative and Quarterly Relative Return vs MSCI EAFE Index

Re

lative

Re

turn

s

(5%)

0%

5%

10%

2014 2015 2016 2017 2018 2019

Lazard International Equity Fund Callan NonUS Dev Core Eq

Risk Adjusted Return Measures vs MSCI EAFE IndexRankings Against Callan Non-US Developed Core Equity (Gross)Five Years Ended March 31, 2019

(1.5)

(1.0)

(0.5)

0.0

0.5

1.0

1.5

2.0

2.5

3.0


(76)(68) (76)


Median 0.87 0.19 0.3375th Percentile 0.41 0.16 0.1390th Percentile (0.79) 0.06 (0.31)

Lazard International Equity Fund 0.35 0.17 0.08


Lazard International Equity FundRisk Analysis Summary


Risk Analysis vs Callan Non-US Developed Core Equity (Gross)Five Years Ended March 31, 2019

0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0(2 )

(1 )

0

1

2

3

4

5


Tracking Error

Exce

ss R

etu

rn

Market Capture vs MSCI EAFE IndexRankings Against Callan Non-US Developed Core Equity (Gross)Five Years Ended March 31, 2019

70%

80%

90%

100%

110%

120%

130%


(96) (68)



Lazard International Equity Fund 94.82 93.58

Risk Statistics Rankings vs MSCI EAFE IndexRankings Against Callan Non-US Developed Core Equity (Gross)Five Years Ended March 31, 2019

0%

5%

10%

15%


(95)

(22) (39)



Lazard InternationalEquity Fund 10.87 2.19 2.82

0.85

0.90

0.95

1.00

1.05

1.10

1.15

Beta R-Squared

(95)

(65)



Lazard InternationalEquity Fund 0.90 0.94


Lazard International Equity FundEquity Characteristics Analysis Summary


Portfolio Characteristics Percentile RankingsRankings Against Callan Non-US Developed Core Equityas of March 31, 2019

Pe

rce

ntile

Ra

nkin

g

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%


(26)(26)

(13)

(40)

(5)

(63)(70)

(62)

(99)

(18)

(7)

(59)



Lazard InternationalEquity Fund 35.91 14.50 2.21 8.52 2.47 0.35

MSCI EAFE Index 36.34 13.37 1.59 8.97 3.41 (0.02)



0% 5% 10% 15% 20% 25%

Financials

19.018.9

19.9

Industrials

18.714.414.7

Health Care

10.111.2

12.2

Consumer Staples

9.4

50

%M

gr

MV

50

%M

gr

MV

11.811.5


9.411.0

10.4


8.45.45.4

Materials

6.97.5

7.2

Energy

6.85.9

6.5


6.46.36.7

Real Estate

3.33.9

2.4

Utilities

1.63.7

3.0

Lazard International Equity Fund MSCI EAFE Index

Callan NonUS Dev Core Eq




0

100

200

300

400

500

600

700


(77)(73)



Lazard InternationalEquity Fund 62 20

MSCI EAFE Index 919 111




Country AllocationLazard International Equity Fund VS MSCI EAFE Index



0% 5% 10% 15% 20% 25% 30%

Australia2.6

6.9

Austria 0.2

Belgium2.7

1.0

Canada5.8

China1.7

Denmark1.61.8

Finland2.7

1.0

France12.8

11.3

Germany6.6

8.6

Hong Kong0.5

4.1

India1.1

Ireland4.1

0.5

Israel1.0

0.5

Italy 2.4

Japan13.4

24.0

Netherlands4.2

3.6

New Zealand 0.2

Norway2.6

0.7

Portugal 0.2

Singapore2.8

1.3

South Korea1.0

Spain1.6

3.0

Sweden3.7

2.6

Switzerland6.3

8.9

United Kingdom21.2

17.1


Lazard International Equity Fund MSCI EAFE Index

Index Rtns

11.39%

8.44%

16.21%

15.60%

17.69%

12.80%

7.98%

10.71%

6.91%

15.58%

7.16%

11.37%

10.08%

14.56%

6.65%

13.56%

16.65%

7.01%

10.23%

6.22%

4.97%

7.00%

7.36%

13.11%

11.89%

Manager Total Return: 10.05%



Oregon Savings Growth PlanHistory of Ending Regional WeightsPeriod Ended March 31, 2019

0

5

10

15

2016 2017 2018 2019

5.87

12.64

Pacific Basin

0

5

10

15

20

2016 2017 2018 2019

5.79

0.00

North America

0

10

20

30

2016 2017 2018 2019

13.43

23.96

Japan

0

2

4

6

8

2016 2017 2018 2019

3.78

0.00

Emerging Markets

0

20

40

60

80

2016 2017 2018 2019

71.1463.40

Dev Europe/Mid East

Lazard International Equity FundMSCI EAFE Index


Current Holdings Based Style AnalysisLazard International Equity FundAs of March 31, 2019


Style Map vs Callan NonUS Dev Core EqHoldings as of March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro


MSCI EAFE Index


11.9% (5) 20.6% (13) 36.7% (18) 69.3% (36)

0.0% (0) 3.8% (2) 2.7% (2) 6.5% (4)

1.8% (1) 5.0% (2) 13.1% (10) 20.0% (13)

0.0% (0) 3.0% (2) 1.2% (1) 4.2% (3)

13.7% (6) 32.5% (19) 53.7% (31) 100.0% (56)

21.2% (143) 15.7% (123) 26.5% (180) 63.3% (446)

0.0% (0) 0.0% (0) 0.0% (1) 0.0% (1)

12.8% (147) 9.7% (141) 14.2% (181) 36.6% (469)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

34.0% (290) 25.3% (264) 40.7% (362) 100.0% (916)

Europe/Mid East

N. America

Pacific

Emerging

Total



0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Value Core Growth

13.7%(6)

34.0%(290)

32.5%(19)

25.3%(264)

53.7%(31)

40.7%(362)

Bar #1=Lazard International Equity Fund (Combined Z: 0.35 Growth Z: 0.12 Value Z: -0.23Bar #2=MSCI EAFE Index (Combined Z: -0.02 Growth Z: -0.02 Value Z: 0.00)

Europe/Mid East

N. America

Pacific

Emerging


0%

5%

10%

15%

20%

25%

30%

COMMUN CONCYC CONSTA ENERGY FINANC HEALTH INDEQU RAWMAT REALES TECH PUBUTL

9.4

5.47.7

11.0

7.5

11.9

7.75.9

20.018.9

11.3 11.3

19.4

14.4

6.17.5

3.7 3.8

7.1 6.3

0.0

3.7

Bar #1=Lazard International Equity FundBar #2=MSCI EAFE Index

Value

Core

Growth


Historical Holdings Based Style AnalysisLazard International Equity FundFor Three Years Ended March 31, 2019

This page analyzes the historical investment style of a portfolio utilizing a detailed holdings-based style analysis to determineaverage actual exposures to various region and style segments of the international/global equity market. The market issegmented quarterly by region and style. The style segments are determined using the "Combined Z Score", based on theeight fundamental factors used in the MSCI stock style scoring system. The upper-left style map illustrates the averagehistorical market capitalization and style score of the portfolio relative to indices and/or peers. The upper-right style exposurematrix displays the average historical portfolio and index weights and stock counts (in parentheses) in each region/stylesegment of the market. The next two style exposure charts illustrate the actual quarterly region/style and style only segmentexposures of the portfolio through history.

Average Style Map vs Callan NonUS Dev Core EqHoldings for Three Years Ended March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro


MSCI EAFE Index


12.0% (7) 19.5% (11) 32.0% (17) 63.5% (35)

2.0% (1) 4.3% (2) 3.2% (2) 9.5% (5)

2.3% (1) 7.3% (5) 13.1% (8) 22.7% (14)

0.9% (1) 1.3% (1) 2.1% (1) 4.3% (3)

17.2% (10) 32.4% (19) 50.4% (28) 100.0% (57)

20.0% (132) 18.3% (133) 24.8% (190) 63.1% (455)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

13.1% (143) 10.6% (149) 13.2% (178) 36.9% (470)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

33.1% (275) 28.9% (282) 38.0% (368) 100.0% (925)

Europe/Mid East

N. America

Pacific

Emerging

Total


Lazard International Equity Fund Historical Region/Style Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Emerging-Growth

Emerging-Core

Emerging-Value

Pacific-Growth

Pacific-Core

Pacific-Value

N. America-Growth

N. America-Core

N. America-Value

Europe/Mid East-Growth

Europe/Mid East-Core

Europe/Mid East-Value

Lazard International Equity Fund Historical Style Only Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Growth

Core

Value


DFA International Core EquityPeriod Ended March 31, 2019

Investment PhilosophyDFA takes a highly structured approach in all investment strategies, and relies on very careful, long-term focused portfolioengineering and trading expertise to achieve performance. They believe this systematic approach produces a more reliableand consistent investment rather than sector rotation, market forecasts and other speculative tools of traditional activemanagers.

Quarterly Summary and HighlightsDFA International Core Equity’s portfolio posted a 10.07% return for the quarter placing it in the 80 percentile of theCallan Intl Eq Developed Mkts MFs group for the quarter and in the 83 percentile for the last year.

DFA International Core Equity’s portfolio underperformed the MSCI World ex US Index by 0.38% for the quarter andunderperformed the MSCI World ex US Index for the year by 5.06%.

Performance vs Callan Intl Eq Developed Mkts MFs (Institutional Net)

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%


(80)(59)

(83)

(25)

(44)(46)

(44)(53)

(34)(54)

(20)(63)



DFA InternationalCore Equity 10.07 (8.20) 7.37 2.41 5.91 10.13

MSCI Worldex US Index 10.45 (3.14) 7.29 2.20 5.28 8.82

Relative Return vs MSCI World ex US Index

Rela

tive

Re

turn

s

(3%)

(2%)

(1%)

0%

1%

2%

3%

2014 2015 2016 2017 2018 19

DFA International Core Equity

Callan Intl Eq Developed Mkts MFs (Institutional Net)Annualized Five Year Risk vs Return

10 11 12 13 14 15 16 17(2%)

(1%)

0%

1%

2%

3%

4%

5%

6%

7%

8%


MSCI World ex US Index

Standard Deviation

Re

turn

s


DFA International Core EquityReturn Analysis Summary


Performance vs Callan Intl Eq Developed Mkts MFs (Institutional Net)

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

12/18- 3/19 2018 2017 2016 2015 2014 2013

(80)(59)

(71)(33)

(36)(81)

(4)(15) (39)(81) (60)(37)

(20)(41)

10th Percentile 13.26 (12.16) 31.87 3.15 3.09 1.17 24.7225th Percentile 11.77 (13.79) 29.87 1.87 0.76 (2.02) 22.94

Median 10.78 (15.06) 26.64 0.39 (0.73) (5.41) 20.6475th Percentile 10.18 (17.73) 24.76 (1.47) (2.86) (6.48) 18.3390th Percentile 9.76 (20.66) 22.83 (4.05) (4.93) (8.23) 12.38

DFA InternationalCore Equity 10.07 (17.40) 28.05 5.34 (0.21) (5.98) 23.43

MSCI Worldex US Index 10.45 (14.09) 24.21 2.75 (3.04) (4.32) 21.02

Cumulative and Quarterly Relative Return vs MSCI World ex US Index

Re

lative

Re

turn

s

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

2014 2015 2016 2017 2018 2019

DFA International Core Equity Callan Intl Eq Dev Mkt MF

Risk Adjusted Return Measures vs MSCI World ex US IndexRankings Against Callan Intl Eq Developed Mkts MFs (Institutional Net)Five Years Ended March 31, 2019

(3)

(2)

(1)

0

1

2

3

4


(45) (43) (43)


Median 0.01 0.12 0.0475th Percentile (0.90) 0.04 (0.27)90th Percentile (1.80) (0.04) (0.66)

DFA International Core Equity 0.17 0.13 0.10


DFA International Core EquityRisk Analysis Summary


Risk Analysis vs Callan Intl Eq Developed Mkts MFs (Institutional Net)Five Years Ended March 31, 2019

0 1 2 3 4 5 6 7(4 )

(3 )

(2 )

(1 )

0

1

2

3

4

5

6


Tracking Error

Exce

ss R

etu

rn

Market Capture vs MSCI World ex US IndexRankings Against Callan Intl Eq Developed Mkts MFs (Institutional Net)Five Years Ended March 31, 2019

80%

90%

100%

110%

120%

130%

140%


(40)(35)



DFA International Core Equity 111.76 107.03

Risk Statistics Rankings vs MSCI World ex US IndexRankings Against Callan Intl Eq Developed Mkts MFs (Institutional Net)Five Years Ended March 31, 2019

0%2%4%6%8%

10%12%14%16%


(42)

(81) (81)



DFA InternationalCore Equity 12.81 1.52 2.22

0.750.800.850.900.951.001.051.101.151.20

Beta R-Squared

(19)

(9)



DFA InternationalCore Equity 1.08 0.98


DFA International Core EquityEquity Characteristics Analysis Summary


Portfolio Characteristics Percentile RankingsRankings Against Callan Intl Eq Developed Mkts MFsas of March 31, 2019

Pe

rce

ntile

Ra

nkin

g

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%


(98)

(69)

(80)

(65)

(94)

(73)

(57)(63)

(24)(21)

(87)

(72)



DFA InternationalCore Equity 8.50 12.61 1.37 9.23 3.30 (0.24)

MSCI World ex US Index 35.31 13.42 1.61 8.85 3.39 (0.02)



0% 5% 10% 15% 20% 25%

Industrials17.7

13.914.9

Financials16.2

20.719.2


10.311.9

Materials12.7

50

%M

gr

MV

50%

Mg

r M

V

7.77.1

Consumer Staples7.4

11.211.0

Energy7.47.2

5.8


9.1

Health Care6.1

10.411.5


5.27.1

Utilities3.23.6

1.3

Real Estate2.8

3.61.3

Miscellaneous0.1

Pooled Vehicles

DFA International Core Equity MSCI World ex US Index

Callan Intl Eq Dev Mkt MF




0

1000

2000

3000

4000

5000

6000


(1)

(1)



DFA InternationalCore Equity 5221 408

MSCI Worldex US Index 1011 123




Country AllocationDFA International Core Equity VS MSCI World ex US Index



0% 5% 10% 15% 20% 25% 30%

Australia6.46.3

Austria0.6

0.2

Belgium1.1

0.9

Cambodia0.1

Canada8.7

9.2

China0.1

Denmark1.8

1.6

Finland1.7

0.9

France8.2

10.2

Germany7.67.8

Hong Kong3.2

3.7

Ireland0.7

0.5

Israel0.7

0.5

Italy2.9

2.1

Japan23.0

21.8

Malaysia

Netherlands2.6

3.2

New Zealand0.5

0.2

Norway1.0

0.7

Portugal0.20.1

Singapore1.11.2

Spain2.52.7

Sweden2.6

2.4

Switzerland6.0

8.1

United Kingdom16.6

15.5

United States0.3


DFA International Core Equity MSCI World ex US Index

Index Rtns

11.39%

8.44%

16.21%

-

15.37%

17.69%

12.80%

7.98%

10.71%

6.91%

15.58%

11.37%

10.08%

14.56%

6.65%

0.33%

13.56%

16.65%

7.01%

10.23%

6.22%

7.00%

7.36%

13.11%

11.89%

12.31%





0

5

10

15

2016 2017 2018 2019

11.1411.48

Pacific Basin

0

5

10

15

2016 2017 2018 2019

8.969.18

North America

0

10

20

30

2016 2017 2018 2019

22.9621.76

Japan

0.0

0.1

0.2

0.3

2016 2017 2018 2019

0.13

0.00

Emerging Markets

0

20

40

60

80

2016 2017 2018 2019

56.8257.58

Dev Europe/Mid East

DFA International Core EquityMSCI World ex US Index


Current Holdings Based Style AnalysisDFA International Core EquityAs of March 31, 2019


Style Map vs Callan Intl Eq Dev Mkt MFHoldings as of March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro




21.7% (661) 18.0% (646) 17.1% (552) 56.9% (1859)

2.6% (141) 4.4% (147) 1.7% (98) 8.8% (386)

13.4% (1209) 11.1% (899) 9.8% (826) 34.2% (2934)

0.0% (6) 0.1% (3) 0.0% (6) 0.1% (15)

37.7% (2017) 33.6% (1695) 28.7% (1482) 100.0% (5194)

19.3% (143) 14.2% (123) 24.0% (180) 57.5% (446)

2.2% (28) 4.6% (36) 2.4% (29) 9.2% (93)

11.6% (147) 8.8% (141) 12.9% (181) 33.3% (469)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

33.1% (318) 27.6% (300) 39.3% (390) 100.0% (1008)

Europe/Mid East

N. America

Pacific

Emerging

Total



0%

10%

20%

30%

40%

50%

60%

Value Core Growth

37.7%(2017)

33.1%(318)

33.6%(1695)

27.6%(300)

28.7%(1482)

39.3%(390)

Bar #1=DFA International Core Equity (Combined Z: -0.24 Growth Z: -0.04 Value Z: 0.20)Bar #2=MSCI World ex US Index (Combined Z: -0.02 Growth Z: -0.02 Value Z: 0.00)

Europe/Mid East

N. America

Pacific

Emerging


0%

5%

10%

15%

20%

25%

30%


0.0 0.0

6.0 5.2

14.3

10.3

7.5

11.2

7.4 7.2

16.1

20.6

0.0 0.0

6.1

10.4

17.8

13.9

0.0 0.0

3.3 3.6

12.7

7.7

2.8 3.56.1 6.2

Bar #1=DFA International Core EquityBar #2=MSCI World ex US Index

Value

Core

Growth


Historical Holdings Based Style AnalysisDFA International Core EquityFor Three Years Ended March 31, 2019


Average Style Map vs Callan Intl Eq Dev Mkt MFHoldings for Three Years Ended March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro




19.3% (605) 18.7% (652) 17.6% (566) 55.5% (1823)

2.9% (128) 3.5% (162) 2.2% (102) 8.6% (392)

14.0% (1133) 11.9% (911) 10.0% (808) 35.8% (2852)

0.0% (4) 0.0% (5) 0.0% (5) 0.1% (14)

36.2% (1870) 34.1% (1730) 29.8% (1481) 100.0% (5081)

18.2% (132) 16.6% (133) 22.6% (190) 57.4% (455)

2.9% (30) 3.8% (32) 2.4% (31) 9.1% (93)

11.9% (143) 9.7% (149) 12.0% (178) 33.5% (470)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

33.0% (305) 30.1% (314) 36.9% (399) 100.0% (1018)

Europe/Mid East

N. America

Pacific

Emerging/FM

Total


DFA International Core Equity Historical Region/Style Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Emerging/FM-Growth

Emerging/FM-Core

Emerging/FM-Value

Pacific-Growth

Pacific-Core

Pacific-Value

N. America-Growth

N. America-Core

N. America-Value




DFA International Core Equity Historical Style Only Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Growth

Core

Value


DFA Emerging Markets Core Equity FundPeriod Ended March 31, 2019

Investment PhilosophyDimensional’s core philosophical principles are: 1) Public capital markets work: Prices in liquid and competitive marketsreflect the aggregate expectations of all market participant; 2) Diversification is essential as it helps reduce uncertainty,manage risk, increase the reliability of outcomes, and provide flexibility in implementation; 3) Managing tradeoffs addsvalue by targeting market premiums efficiently and continuously, reducing the costs associated with turnover, andimplementing a flexible trading strategy.

Quarterly Summary and HighlightsDFA Emerging Markets Core Equity Fund’s portfolio posted a 8.61% return for the quarter placing it in the 81 percentileof the Callan Emerging Markets Equity Mut Funds group for the quarter and in the 52 percentile for the last year.

DFA Emerging Markets Core Equity Fund’s portfolio underperformed the MSCI Emerging Markets Index by 1.32% forthe quarter and underperformed the MSCI Emerging Markets Index for the year by 2.08%.

Performance vs Callan Emerging Markets Equity Mut Funds (Institutional Net)

(20%)

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%


(81)(70)

(52)(37)

(66)(50)

(60)(59) (50)(51)

(38)(59)

10th Percentile 15.10 (4.21) 13.58 5.78 5.14 10.7125th Percentile 13.71 (6.34) 12.34 5.02 4.33 10.22


DFA Emerging MarketsCore Equity Fund 8.61 (9.48) 9.60 3.44 2.81 9.85

MSCI EmergingMarkets Index 9.93 (7.40) 10.68 3.68 2.69 8.95

Relative Returns vsMSCI Emerging Markets Index

Rela

tive

Re

turn

s

(3%)

(2%)

(1%)

0%

1%

2%

3%

2014 2015 2016 2017 2018 19

DFA Emerging Markets Core Equity Fund

Callan Emerging Markets Equity Mut Funds (Institutional Net)Annualized Five Year Risk vs Return

12 13 14 15 16 17 18 19 200%

1%

2%

3%

4%

5%

6%

7%

8%

MSCI Emerging Markets Index


Standard Deviation

Re

turn

s


DFA Emerging Markets Core Equity FundReturn Analysis Summary


Performance vs Callan Emerging Markets Equity Mut Funds (Institutional Net)

(40%)(30%)(20%)(10%)

0%10%20%30%40%50%60%

12/18- 3/19 2018 2017 2016 2015 2014 2013

(81)(70)

(26)(23)

(54)(53)

(45)(59)

(59)(59)

(21)(35) (59)(58)

10th Percentile 15.10 (12.44) 46.33 20.35 (8.62) 1.53 4.1625th Percentile 13.71 (14.89) 42.62 17.34 (12.22) (1.61) 0.40

Median 10.64 (16.91) 37.69 11.97 (13.88) (4.02) (2.19)75th Percentile 9.15 (18.68) 32.52 8.60 (16.57) (6.61) (5.26)90th Percentile 7.29 (21.05) 28.19 4.78 (25.74) (10.09) (7.85)

DFA Emerging MarketsCore Equity Fund 8.61 (15.25) 36.55 12.35 (14.86) (0.91) (2.64)

MSCI EmergingMarkets Index 9.93 (14.57) 37.28 11.19 (14.92) (2.19) (2.60)

Cumulative and Quarterly Relative Return vs MSCI Emerging Markets Index

Re

lative

Re

turn

s

(6%)

(4%)

(2%)

0%

2%

4%

6%

2014 2015 2016 2017 2018 2019

DFA Emerging Markets Core Equity Fund Callan Emerging Equity MF

Risk Adjusted Return Measures vs MSCI Emerging Markets IndexRankings Against Callan Emerging Markets Equity Mut Funds (Institutional Net)Five Years Ended March 31, 2019

(3)

(2)

(1)

0

1

2

3


(60)(59)

(61)



DFA Emerging MarketsCore Equity Fund (0.20) 0.18 (0.11)


DFA Emerging Markets Core Equity FundRisk Analysis Summary


Risk Analysis vs Callan Emerging Markets Equity Mut Funds (Institutional Net)Five Years Ended March 31, 2019

1 2 3 4 5 6 7 8 9(4 )

(3 )

(2 )

(1 )

0

1

2

3

4


Tracking Error

Exce

ss R

etu

rn

Market Capture vs MSCI Emerging Markets IndexRankings Against Callan Emerging Markets Equity Mut Funds (Institutional Net)Five Years Ended March 31, 2019

70%80%90%

100%110%120%130%140%


(69) (73)



DFA Emerging MarketsCore Equity Fund 98.38 100.60

Risk Statistics Rankings vs MSCI Emerging Markets IndexRankings Against Callan Emerging Markets Equity Mut Funds (Institutional Net)Five Years Ended March 31, 2019

0%2%4%6%8%

10%12%14%16%18%20%


(77)

(95) (96)



DFA Emerging MarketsCore Equity Fund 14.57 1.59 2.31

0.80

0.85

0.90

0.95

1.00

1.05

1.10

1.15

Beta R-Squared

(75) (6)



DFA Emerging MarketsCore Equity Fund 0.99 0.98


DFA Emerging Markets Core Equity FundEquity Characteristics Analysis Summary


Portfolio Characteristics Percentile RankingsRankings Against Callan Emerging Markets Equity Mut Fundsas of March 31, 2019

Pe

rce

ntile

Ra

nkin

g

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%


(95)

(51)

(65)(67)

(88)(81)

(75)

(65)

(24)(26)

(79)(75)



DFA Emerging MarketsCore Equity Fund 6.57 12.33 1.44 14.20 2.74 (0.17)

MSCI EmergingMarkets Index 20.79 11.96 1.61 14.92 2.62 (0.03)



0% 5% 10% 15% 20% 25% 30% 35%

Financials18.4

24.427.4

Information Technology18.1

14.816.0

Materials11.1

7.55.1


50

%M

gr

MV

50%

Mg

r M

V

12.816.3

Industrials9.0

5.44.1


11.910.9

Consumer Staples7.1

6.58.2

Energy6.9

8.27.7

Real Estate4.0

3.22.0

Utilities3.3

2.60.9

Health Care3.2

2.71.4

Miscellaneous0.6

Pooled Vehicles


MSCI Emerging Markets Index Callan Emerging Equity MF




0

1000

2000

3000

4000

5000

6000


(1)

(3)



DFA Emerging MarketsCore Equity Fund 4919 245

MSCI EmergingMarkets Index 1121 70




Country AllocationDFA Emerging Markets Core Equity Fund VS MSCI Emerging Markets Index



0% 5% 10% 15% 20% 25% 30% 35% 40%

Austria

Brazil9.2

7.2

Chile1.3

1.0

China17.7

33.0

Colombia0.50.5

Cyprus

Czech Republic0.20.2

Egypt0.10.1

Greece0.20.2

Hong Kong0.3

Hungary0.40.3

India13.1

9.2

Indonesia2.9

2.2

Japan

Luxembourg

Malaysia3.0

2.2

Mexico3.0

2.7

Pakistan

Peru0.10.4

Philippines1.31.1

Poland1.5

1.1

Qatar 0.9

Russia1.2

3.8

Singapore

South Africa6.8

5.9

South Korea16.5

13.0

Taiwan16.0

11.3

Thailand2.8

2.3

Turkey1.0

0.5

Ukraine

United Arab Emirates 0.7

United Kingdom

United States0.7


DFA Emerging Markets Core Equity Fund MSCI Emerging Markets Ind

Index Rtns

8.56%

8.14%

4.12%

17.69%

24.80%

-

3.82%

15.82%

12.78%

15.58%

6.01%

7.16%

4.27%

6.83%

-

0.33%

5.51%

8.30%

11.01%

7.88%

(0.58%)

(3.51%)

12.52%

6.23%

4.43%

4.89%

8.98%

7.43%

(3.15%)

-

8.69%

11.91%

12.31%





0

10

20

30

2016 2017 2018 2019

20.0016.86

Mid East / Africa / Other

0 5

10 15 20

2016 2017 2018 2019

14.1711.80

Latin America

0.00 0.02 0.04 0.06 0.08

2016 2017 2018 2019

0.02

0.00

Frontier Markets

0 2 4 6 8

2016 2017 2018 2019

4.576.15

Emerging Europe

0 20 40 60 80

2016 2017 2018 2019

60.2765.19

Developing Asia

0.0

0.5

1.0

1.5

2016 2017 2018 2019

0.97

0.00

Developed Markets

DFA Emerging Markets Core Equity FundMSCI Emerging Markets Ind


Current Holdings Based Style AnalysisDFA Emerging Markets Core Equity FundAs of March 31, 2019


Style Map vs Callan Emerging Equity MFHoldings as of March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro


MSCI Emerging Markets Ind


0.0% (1) 0.0% (0) 0.0% (0) 0.0% (1)

0.0% (0) 0.0% (3) 0.0% (2) 0.1% (5)

0.1% (19) 0.0% (26) 0.1% (18) 0.3% (63)

31.0% (1757) 35.6% (1550) 33.1% (1264) 99.7% (4571)

31.1% (1777) 35.6% (1579) 33.3% (1284) 100.0% (4640)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

0.1% (2) 0.0% (0) 0.0% (0) 0.1% (2)

28.4% (379) 30.9% (366) 40.5% (364) 99.9% (1109)

28.5% (381) 30.9% (366) 40.5% (364) 100.0% (1111)

Europe/Mid East

N. America

Pacific

Emerging/FM

Total



0%

10%

20%

30%

40%

50%

60%

70%

Value Core Growth

31.1%(1777)

28.5%(381) 35.6%

(1579)

30.9%(366)

33.3%(1284) 40.5%

(364)

Bar #1=DFA Emerging Markets Core Equity Fund (Combined Z: -0.17 Growth Z: -0.04 Value ZBar #2=MSCI Emerging Markets Ind (Combined Z: -0.03 Growth Z: -0.02 Value Z: 0.01)

Europe/Mid East

N. America

Pacific

Emerging/FM


0%

5%

10%

15%

20%

25%

30%

35%


0.0 0.0

7.5

12.4 11.113.6

7.3 6.5 6.58.3

18.4

23.4

0.0 0.03.1 2.7

9.0

5.3

0.0 0.0

3.3 2.5

11.1

7.5

4.0 3.0

18.6

14.9

Bar #1=DFA Emerging Markets Core Equity FundBar #2=MSCI Emerging Markets Ind

Value

Core

Growth


Historical Holdings Based Style AnalysisDFA Emerging Markets Core Equity FundFor Three Years Ended March 31, 2019


Average Style Map vs Callan Emerging Equity MFHoldings for Three Years Ended March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro


MSCI Emerging Markets Ind


0.0% (0) 0.0% (1) 0.0% (0) 0.0% (1)

0.0% (2) 0.1% (6) 0.0% (1) 0.1% (9)

0.0% (17) 0.0% (22) 0.1% (13) 0.2% (52)

33.7% (1648) 34.3% (1416) 31.7% (1047) 99.7% (4111)

33.8% (1667) 34.5% (1445) 31.8% (1061) 100.0% (4173)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

32.0% (334) 30.2% (297) 37.7% (299) 100.0% (930)

32.0% (334) 30.2% (297) 37.7% (299) 100.0% (930)

Europe/Mid East

N. America

Pacific

Emerging/FM

Total


DFA Emerging Markets Core Equity Fund Historical Region/Style Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Emerging/FM-Growth

Emerging/FM-Core

Emerging/FM-Value

Pacific-Growth

Pacific-Core

Pacific-Value

N. America-Growth

N. America-Core

N. America-Value




DFA Emerging Markets Core Equity Fund Historical Style Only Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Growth

Core

Value


AQR ACWI ex-US FundPeriod Ended March 31, 2019

Investment PhilosophyAQR Capital Management considers themselves fundamental investors who employ quantitative tools to maintain adiversified portfolio that is overweight cheap securities with good momentum and underweight expensive securities withpoor momentum. They believe value and momentum make a powerful combination, as the two strategies are significantlynegatively correlated and therefore produce an investment that may preserve the expected return of both strategies butwith dramatically lower volatility.

Quarterly Summary and HighlightsAQR ACWI ex-US Fund’s portfolio posted a 11.43% return for the quarter placing it in the 33 percentile of the CallanNon US Equity Mutual Funds group for the quarter and in the 75 percentile for the last year.

AQR ACWI ex-US Fund’s portfolio outperformed the MSCI ACWI ex US Index by 1.11% for the quarter andunderperformed the MSCI ACWI ex US Index for the year by 5.10%.


(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

Last Quarter Last Year Last 3 Years Last 4-1/4 Years

(33)(53)

(75)

(35)

(48)(29)

(49)(46)

10th Percentile 13.17 0.01 9.36 6.3725th Percentile 11.64 (2.93) 8.32 5.62

Median 10.64 (5.75) 6.50 4.0175th Percentile 9.50 (9.17) 5.31 2.9090th Percentile 7.88 (10.92) 4.48 2.16

AQR ACWIex-US Fund 11.43 (9.32) 6.66 4.04

MSCI ACWIex US Index 10.31 (4.21) 8.09 4.11

Relative Return vs MSCI ACWI ex US Index

Rela

tive

Re

turn

s

(4%)

(3%)

(2%)

(1%)

0%

1%

2%

3%

4%

2015 2016 2017 2018 19

AQR ACWI ex-US Fund

Callan Non US Equity Mutual Funds (Institutional Net)Annualized Four and One-Quarter Year Risk vs Return

8 10 12 14 16 180%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%


AQR ACWI ex-US Fund

Standard Deviation

Re

turn

s


AQR ACWI ex-US FundReturn Analysis Summary



(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

12/18- 3/19 2018 2017 2016 2015

(33)(53)

(85)(33)

(45)(47)

(17)(15)(76)

(93)

10th Percentile 13.17 (10.33) 32.71 5.78 4.8925th Percentile 11.64 (13.79) 30.00 2.66 2.35

Median 10.64 (15.04) 26.90 0.23 0.0275th Percentile 9.50 (17.67) 23.95 (2.25) (1.86)90th Percentile 7.88 (19.35) 22.13 (5.47) (3.96)

AQR ACWIex-US Fund 11.43 (18.42) 27.53 4.17 (2.00)

MSCI ACWIex US Index 10.31 (14.20) 27.19 4.50 (5.66)

Cumulative and Quarterly Relative Return vs MSCI ACWI ex US Index

Re

lative

Re

turn

s

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

2015 2016 2017 2018 2019

AQR ACWI ex-US Fund Callan Non US Equity MFs

Risk Adjusted Return Measures vs MSCI ACWI ex US IndexRankings Against Callan Non US Equity Mutual Funds (Institutional Net)Four and One-Quarter Years Ended March 31, 2019

(3)

(2)

(1)

0

1

2

3

4


(53)(52) (50)



AQR ACWI ex-US Fund (0.14) 0.24 (0.03)


AQR ACWI ex-US FundRisk Analysis Summary


Risk Analysis vs Callan Non US Equity Mutual Funds (Institutional Net)Four and One-Quarter Years Ended March 31, 2019

0 1 2 3 4 5 6 7 8 9 10(4 )

(3 )

(2 )

(1 )

0

1

2

3

4

5

6

AQR ACWI ex-US Fund

Tracking Error

Exce

ss R

etu

rn

Market Capture vs MSCI ACWI ex US IndexRankings Against Callan Non US Equity Mutual Funds (Institutional Net)Four and One-Quarter Years Ended March 31, 2019

70%

80%

90%

100%

110%

120%

130%


(50) (55)



AQR ACWI ex-US Fund 103.77 104.67

Risk Statistics Rankings vs MSCI ACWI ex US IndexRankings Against Callan Non US Equity Mutual Funds (Institutional Net)Four and One-Quarter Years Ended March 31, 2019

0%2%4%6%8%

10%12%14%16%18%


(49)

(81) (84)



AQR ACWIex-US Fund 13.02 2.03 2.84

0.750.800.850.900.951.001.051.101.151.20

Beta R-Squared

(37)

(12)



AQR ACWIex-US Fund 1.04 0.95


AQR ACWI ex-US FundEquity Characteristics Analysis Summary


Portfolio Characteristics Percentile RankingsRankings Against Callan Non US Equity Mutual Fundsas of March 31, 2019

Pe

rce

ntile

Ra

nkin

g

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%


(72)

(43)

(81)

(67)(74)

(66)

(58)

(49)

(32)(33)

(73)(66)



AQR ACWI ex-US Fund 24.60 12.06 1.50 9.75 3.25 (0.16)

MSCI ACWI ex US Index 32.68 13.01 1.61 10.38 3.19 (0.02)



0% 5% 10% 15% 20% 25% 30%

Financials

15.921.6

19.1

Health Care

12.28.4

11.0

Energy

11.87.5

5.5

Materials

10.1

50

%M

gr

MV

50

%M

gr

MV

7.77.2


8.68.4

10.1

Utilities

8.63.3

1.1

Industrials

8.411.7

15.5

Consumer Staples

8.010.0

11.3


7.211.0

11.8


4.86.9

6.0

Real Estate

4.03.5

1.3

Miscellaneous

0.4

AQR ACWI ex-US Fund MSCI ACWI ex US Index

Callan Non US Equity MFs




0

100

200

300

400

500

600

700


(7)

(9)



AQR ACWIex-US Fund 578 59

MSCI ACWIex US Index 2132 176




Country AllocationAQR ACWI ex-US Fund VS MSCI ACWI ex US Index



0% 5% 10% 15% 20%

Australia5.1

4.7

Austria 0.2

Belgium1.1

0.7

Brazil2.1

1.9

Canada5.7

6.8

Chile0.4

0.3

China8.3

8.6

Colombia 0.1

Czech Republic

Denmark2.0

1.2

Egypt

Finland1.5

0.7

France7.1

7.6

Germany6.1

5.8

Greece 0.1

Hong Kong2.3

2.8

Hungary 0.1

India2.0

2.4

Indonesia0.8

0.6

Ireland 0.4

Israel 0.4

Italy2.3

1.6

Japan15.4

16.1

Malaysia0.6

0.6

Mexico1.0

0.7

Netherlands2.2

2.4

New Zealand 0.2

Norway 0.5

Pakistan

Peru0.10.1

Philippines0.20.3

Poland0.4

0.3

Portugal 0.1

Qatar0.10.2

Russia0.91.0

Singapore0.6

0.9

South Africa1.41.5

South Korea3.8

3.4

Spain2.8

2.0

Sweden2.4

1.8

Switzerland6.6

6.0

Taiwan2.4

3.0

Thailand0.8

0.6

Turkey0.10.1

United Arab Emirates0.10.2

United Kingdom10.9

11.5

United States0.4


AQR ACWI ex-US Fund MSCI ACWI ex US Index

Index Rtns

11.39%

8.44%

16.21%

8.14%

15.37%

4.12%

17.69%

24.80%

3.82%

12.80%

15.82%

7.98%

10.71%

6.91%

12.78%

15.58%

6.01%

7.16%

4.27%

11.37%

10.08%

14.56%

6.65%

0.33%

5.51%

13.56%

16.65%

7.01%

8.30%

11.01%

7.88%

(0.58%)

10.23%

(3.51%)

12.52%

6.22%

4.43%

4.89%

7.00%

7.36%

13.11%

8.98%

7.43%

(3.15%)

8.69%

11.89%

12.31%



0

5

10

2016 2017 2018 2019

7.968.48

Pacific Basin

0

5

10

2016 2017 2018 2019

6.096.78

North America

0

5

10

15

20

2016 2017 2018 2019

15.4016.08

Japan

0

10

20

30

2016 2017 2018 2019

25.6626.11

Emerging Markets

0

20

40

60

2016 2017 2018 2019

44.8942.55

Dev Europe/Mid East

AQR ACWI ex-US FundMSCI ACWI ex US Index


Current Holdings Based Style AnalysisAQR ACWI ex-US FundAs of March 31, 2019


Style Map vs Callan Non US Equity MFsHoldings as of March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro

AQR ACWI ex-US Fund



15.0% (44) 12.3% (26) 17.1% (39) 44.3% (109)

1.4% (9) 1.5% (11) 2.8% (11) 5.6% (31)

9.6% (51) 6.5% (48) 7.2% (37) 23.4% (136)

10.2% (114) 8.2% (90) 8.3% (80) 26.7% (284)

36.2% (218) 28.5% (175) 35.3% (167) 100.0% (560)

14.3% (143) 10.6% (123) 17.8% (180) 42.7% (446)

1.6% (28) 3.4% (36) 1.8% (29) 6.8% (93)

8.6% (149) 6.5% (141) 9.5% (181) 24.7% (471)

7.3% (379) 8.0% (366) 10.4% (364) 25.7% (1109)

31.9% (699) 28.5% (666) 39.6% (754) 100.0% (2119)

Europe/Mid East

N. America

Pacific

Emerging

Total



0%

10%

20%

30%

40%

50%

60%

70%

Value Core Growth

36.2%(218)

31.9%(699)

28.5%(175)

28.5%(666) 35.3%

(167) 39.6%(754)

Bar #1=AQR ACWI ex-US Fund (Combined Z: -0.16 Growth Z: -0.02 Value Z: 0.15)Bar #2=MSCI ACWI ex US Index (Combined Z: -0.02 Growth Z: -0.02 Value Z: 0.00)

Europe/Mid East

N. America

Pacific

Emerging


0%

5%

10%

15%

20%

25%

30%


5.17.0 7.7

11.2

7.1

10.012.4

7.5

15.5

21.3

12.5

8.4 8.7

11.7

8.7

3.3

9.37.7

4.0 3.4

9.0 8.4

Bar #1=AQR ACWI ex-US FundBar #2=MSCI ACWI ex US Index

Value

Core

Growth


Historical Holdings Based Style AnalysisAQR ACWI ex-US FundFor Three Years Ended March 31, 2019


Average Style Map vs Callan Non US Equity MFsHoldings for Three Years Ended March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro

AQR ACWI ex-US Fund



15.6% (51) 13.0% (39) 16.5% (52) 45.0% (142)

2.1% (13) 2.0% (11) 2.1% (11) 6.3% (35)

9.0% (52) 7.8% (51) 7.3% (47) 24.1% (150)

9.5% (109) 7.7% (84) 7.4% (72) 24.6% (265)

36.2% (225) 30.5% (185) 33.3% (182) 100.0% (592)

13.7% (132) 12.4% (133) 16.8% (190) 42.9% (455)

2.2% (30) 2.8% (32) 1.8% (31) 6.8% (93)

8.8% (143) 7.2% (149) 8.9% (178) 24.9% (470)

8.1% (334) 7.7% (297) 9.6% (299) 25.4% (930)

32.7% (639) 30.1% (611) 37.2% (698) 100.0% (1948)

Europe/Mid East

N. America

Pacific

Emerging/FM

Total


AQR ACWI ex-US Fund Historical Region/Style Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Emerging/FM-Growth

Emerging/FM-Core

Emerging/FM-Value

Pacific-Growth

Pacific-Core

Pacific-Value

N. America-Growth

N. America-Core

N. America-Value




AQR ACWI ex-US Fund Historical Style Only Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Growth

Core

Value


So

cia

lly R

esp

on

sib

le

Socially Responsible

Op

tion

Option

Socially Responsible OptionPeriod Ended March 31, 2019

Quarterly Summary and HighlightsSocially Responsible Option’s portfolio posted a 13.92% return for the quarter placing it in the 37 percentile of theCallan All Cap Core Mutual Funds group for the quarter and in the 25 percentile for the last year.

Socially Responsible Option’s portfolio underperformed the Russell 3000 Index by 0.13% for the quarter andunderperformed the Russell 3000 Index for the year by 0.94%.


(5%)

0%

5%

10%

15%

20%

Last Quarter Last Year Last 3 Years Last 4 Years

(37)(35)

(25)(19)

(20)(14)

(13)(9)

10th Percentile 16.57 10.22 13.96 9.6725th Percentile 14.97 7.95 12.73 8.57

Median 13.30 5.00 11.03 7.6175th Percentile 11.97 2.07 9.23 5.4090th Percentile 10.47 (1.66) 7.42 3.18

SociallyResponsible Option 13.92 7.83 13.07 9.29

Russell3000 Index 14.04 8.77 13.48 9.86


Re

lative

Re

turn

s

(2.0%)

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2015 2016 2017 2018 19


Callan All Cap Core Mutual Funds (Institutional Net)Annualized Four Year Risk vs Return

5 10 15 20 25 30 35(20%)

(15%)

(10%)

(5%)

0%

5%

10%

15%

Russell 3000 Index


Standard Deviation

Re

turn

s


Socially Responsible OptionReturn Analysis Summary



(20%)(15%)(10%)

(5%)0%5%

10%15%20%25%30%

12/18- 3/19 2018 2017

(37)(35)

(30)(24)

(41)(36)

10th Percentile 16.57 (2.70) 24.8225th Percentile 14.97 (5.39) 22.25

Median 13.30 (7.81) 19.4975th Percentile 11.97 (10.90) 15.8990th Percentile 10.47 (14.16) 12.97

SociallyResponsible Option 13.92 (5.61) 20.71

Russell 3000 Index 14.04 (5.24) 21.13


Re

lative

Re

turn

s

(14%)

(12%)

(10%)

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

2015 2016 2017 2018 2019

Socially Responsible Option Callan All Cap Core MFs

Risk Adjusted Return Measures vs Russell 3000 IndexRankings Against Callan All Cap Core Mutual Funds (Institutional Net)Four Years Ended March 31, 2019

(8)

(7)

(6)

(5)

(4)

(3)

(2)

(1)

0

1

2


(18)(15)

(36)



Socially Responsible Option (0.29) 0.68 (0.47)


Socially Responsible OptionRisk Analysis Summary


Risk Analysis vs Callan All Cap Core Mutual Funds (Institutional Net)Four Years Ended March 31, 2019

0 5 10 15 20 25 30(30 )

(25 )

(20 )

(15 )

(10 )

(5 )

0

5


Tracking Error

Exce

ss R

etu

rn

Market Capture vs Russell 3000 IndexRankings Against Callan All Cap Core Mutual Funds (Institutional Net)Four Years Ended March 31, 2019

50%60%70%80%90%

100%110%120%130%140%150%


(22) (73)



Socially Responsible Option 93.34 96.20

Risk Statistics Rankings vs Russell 3000 IndexRankings Against Callan All Cap Core Mutual Funds (Institutional Net)Four Years Ended March 31, 2019

0%2%4%6%8%

10%12%14%16%18%


(70)

(98) (98)



SociallyResponsible Option 12.35 1.03 1.23

0.750.800.850.900.951.001.051.101.151.20

Beta R-Squared

(58) (2)



SociallyResponsible Option 0.97 0.99


TIAA-CREF Social Choice Equity FundPeriod Ended March 31, 2019

Investment PhilosophyThe Social Choice Equity fund uses the MSCI USA IMI ESG index as it’s starting universe, but rebalances stock weightingsto match the risk factors of the Russell 3000. The goal is to neutralize, to the extent possible, the inherent biasesintroduced by using a screened universe of securities and minimize tracking error versus the Russell 3000.

Quarterly Summary and HighlightsTIAA-CREF Social Choice Equity Fund’s portfolio posted a 13.95% return for the quarter placing it in the 37 percentileof the Callan All Cap Core Mutual Funds group for the quarter and in the 25 percentile for the last year.

TIAA-CREF Social Choice Equity Fund’s portfolio underperformed the Russell 3000 Index by 0.09% for the quarter andunderperformed the Russell 3000 Index for the year by 0.89%.


(5%)

0%

5%

10%

15%

20%


(37)(35)

(25)(19)

(17)(14)

(21)(8)

(25)(12)

(25)(14)



TIAA-CREF SocialChoice Equity Fund 13.95 7.87 13.27 9.52 11.96 15.43

Russell 3000 Index 14.04 8.77 13.48 10.36 12.63 16.00


Rela

tive

Re

turn

s

(2.0%)

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2014 2015 2016 2017 2018 19

TIAA-CREF Social Choice Equity Fund

Callan All Cap Core Mutual Funds (Institutional Net)Annualized Five Year Risk vs Return

0 5 10 15 20 25 30(20%)

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

Russell 3000 Index


Standard Deviation

Re

turn

s


TIAA-CREF Social Choice Equity FundReturn Analysis Summary



(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

50%

12/18- 3/19 2018 2017 2016 2015 2014 2013

(37)(35)

(27)(24)

(38)(36)(25)(30)

(53)(24)

(37)(25)

(41)(46)

10th Percentile 16.57 (2.70) 24.82 16.18 2.10 14.90 40.0325th Percentile 14.97 (5.39) 22.25 13.52 0.38 12.48 36.71


TIAA-CREF SocialChoice Equity Fund 13.95 (5.53) 20.93 13.51 (2.39) 11.25 34.32

Russell 3000 Index 14.04 (5.24) 21.13 12.74 0.48 12.56 33.55


Re

lative

Re

turn

s

(16%)

(14%)

(12%)

(10%)

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

2014 2015 2016 2017 2018 2019

TIAA-CREF Social Choice Equity Fund Callan All Cap Core MFs

Risk Adjusted Return Measures vs Russell 3000 IndexRankings Against Callan All Cap Core Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

(7)

(6)

(5)

(4)

(3)

(2)

(1)

0

1

2


(20)

(18)

(47)



TIAA-CREF SocialChoice Equity Fund (0.51) 0.79 (0.65)


TIAA-CREF Social Choice Equity FundRisk Analysis Summary


Risk Analysis vs Callan All Cap Core Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

0 5 10 15 20 25 30(30 )

(25 )

(20 )

(15 )

(10 )

(5 )

0

5


Tracking Error

Exce

ss R

etu

rn

Market Capture vs Russell 3000 IndexRankings Against Callan All Cap Core Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

40%60%80%

100%120%140%160%


(28) (75)



TIAA-CREF SocialChoice Equity Fund 90.75 95.75

Risk Statistics Rankings vs Russell 3000 IndexRankings Against Callan All Cap Core Mutual Funds (Institutional Net)Five Years Ended March 31, 2019

0%2%4%6%8%

10%12%14%16%


(75)

(97) (98)



TIAA-CREF SocialChoice Equity Fund 11.17 1.15 1.27

0.70

0.80

0.90

1.00

1.10

1.20

Beta R-Squared

(60) (2)



TIAA-CREF SocialChoice Equity Fund 0.97 0.99


TIAA-CREF Social Choice Equity FundEquity Characteristics Analysis Summary


Portfolio Characteristics Percentile RankingsRankings Against Callan All Cap Core Mutual Fundsas of March 31, 2019

Pe

rce

ntile

Ra

nkin

g

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%


(36)

(16)

(28)(30)(34)

(39)

(49)

(27)

(37)(37) (40)(37)



TIAA-CREF SocialChoice Equity Fund 51.60 17.24 3.01 12.91 1.91 (0.05)

Russell 3000 Index 73.86 17.14 2.93 14.11 1.91 (0.01)



0% 5% 10% 15% 20% 25% 30%


21.921.1

19.9

Financials

14.713.2

14.0

Health Care

14.0

50

%M

gr

MV

50

%M

gr

MV

14.315.0

Industrials

10.310.1

11.8


9.210.4

11.8


7.79.1

8.2

Consumer Staples

6.36.5

6.2

Energy

5.15.15.2

Real Estate

4.14.0

2.2

Utilities

3.43.2

2.3

Materials

3.23.03.5

TIAA-CREF Social Choice Equity Fund Russell 3000 Index

Callan All Cap Core MFs




0

100

200

300

400

500

600

700

800

900


(7)

(9)



TIAA-CREF SocialChoice Equity Fund 764 55





Current Holdings Based Style AnalysisTIAA-CREF Social Choice Equity FundAs of March 31, 2019


Style Map vs Callan All Cap Core MFsHoldings as of March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro


Russell 3000 Index

TIAA-CREF Social Choice Equity FundRussell 3000 Index


Large

Mid

Small

Micro

Total


25.1% (57) 25.8% (60) 26.6% (44) 77.5% (161)

4.6% (66) 5.0% (71) 6.8% (78) 16.4% (215)

1.2% (95) 1.7% (106) 2.5% (95) 5.4% (296)

0.2% (25) 0.3% (39) 0.2% (25) 0.7% (89)

31.1% (243) 32.8% (276) 36.1% (242) 100.0% (761)

25.7% (105) 21.1% (97) 29.0% (91) 75.8% (293)

5.1% (175) 5.8% (204) 5.9% (209) 16.7% (588)

1.9% (336) 2.6% (461) 2.2% (378) 6.7% (1175)

0.3% (277) 0.3% (392) 0.2% (212) 0.8% (881)

32.9% (893) 29.8% (1154) 37.3% (890) 100.0% (2937)


0%

10%

20%

30%

40%

50%

60%

Value Core Growth

31.1%(243)

32.9%(893)

32.8%(276)

29.8%(1154) 36.1%

(242)37.3%(890)

Bar #1=TIAA-CREF Social Choice Equity Fund (Combined Z: -0.05 Growth Z: -0.04 Value Z:

Bar #2=Russell 3000 Index (Combined Z: -0.01 Growth Z: 0.00 Value Z: 0.01)

Large

Mid

Small

Micro


0%

5%

10%

15%

20%

25%

30%


7.79.1 9.2

10.4

6.3 6.55.1 5.1

14.713.1 14.0 14.4

10.3 10.2

3.4 3.2 3.2 3.04.1 4.0

21.9 21.1

Bar #1=TIAA-CREF Social Choice Equity Fund


Value

Core

Growth


Historical Holdings Based Style AnalysisTIAA-CREF Social Choice Equity FundFor Three Years Ended March 31, 2019


Average Style Map vs Callan All Cap Core MFsHoldings for Three Years Ended March 31, 2019

Value Core Growth

Mega

Large

Mid

Small

Micro


Russell 3000 Index


Large

Mid

Small

Micro

Total


28.1% (61) 25.9% (56) 25.2% (50) 79.2% (167)

4.3% (59) 5.1% (82) 5.0% (68) 14.5% (209)

1.1% (91) 2.1% (113) 2.2% (85) 5.4% (289)

0.2% (30) 0.3% (38) 0.2% (27) 0.8% (95)

33.8% (241) 33.4% (289) 32.8% (230) 100.0% (760)

26.5% (104) 22.9% (97) 25.4% (96) 74.7% (297)

5.0% (172) 6.3% (219) 5.8% (204) 17.1% (595)

2.1% (336) 2.9% (478) 2.2% (380) 7.2% (1194)

0.3% (285) 0.4% (375) 0.2% (216) 0.9% (876)

33.9% (897) 32.4% (1169) 33.7% (896) 100.0% (2962)

TIAA-CREF Social Choice Equity Fund Historical Cap/Style Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Micro-Growth

Micro-Core

Micro-Value

Small-Growth

Small-Core

Small-Value

Mid-Growth

Mid-Core

Mid-Value

Large-Growth

Large-Core

Large-Value

TIAA-CREF Social Choice Equity Fund Historical Style Only Exposures

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

2016 2017 2018 2019

Growth

Core

Value


Re

al R

etu

rn O

ptio

n

Real Return Option

Real Return OptionPeriod Ended March 31, 2019

Quarterly Summary and HighlightsReal Return Option’s portfolio posted a 5.82% return for the quarter placing it in the 56 percentile of the Callan AltGlobal Macro Mutual Funds group for the quarter and in the 57 percentile for the last year.

Real Return Option’s portfolio outperformed the Consumer Price Index + 3% by 3.88% for the quarter andunderperformed the Consumer Price Index + 3% for the year by 4.56%.

0%

2%

4%

6%

8%

10%

12%

Last Quarter

5.82

9.00

1.93

Last Year

0.21

4.01

4.77

Last 3 Years

4.30

6.09

5.19

Last 4 Years

0.37

2.30

4.76

Re

turn

s

Real Return Option Real Return Option Blended Benchmark Consumer Price Index + 3%

Relative Return vs Consumer Price Index + 3%

Re

lative

Re

turn

s

(10%)

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

6%

2015 2016 2017 2018 19

Real Return Option

Cumulative Returns vsConsumer Price Index + 3%

Cum

ula

tive

Re

lative

Re

turn

s

(20%)

(15%)

(10%)

(5%)

0%

5%

10%

15%

2015 2016 2017 2018 19

Real Return OptionCallan Alt Glbl Macro MF


State Street Real Asset StrategyPeriod Ended March 31, 2019

Investment PhilosophySSGA Custom Blended Benchmark comprised of: 15% Dow Jones US Select REIT Index, 25% Bloomberg Roll SelectCommodity Index, 25% S&P Global LargeMidCap Commodity and Resources Index, 25% Bloomberg Barclays USTreasury Inflation Protected Securities Index, and 10% S&P Global Infrastructure Index.

Quarterly Summary and HighlightsState Street Real Asset Strategy’s portfolio posted a 9.00% return for the quarter placing it in the 41 percentile of theCallan Real Assets Database group for the quarter and in the 33 percentile for the last year.

State Street Real Asset Strategy’s portfolio outperformed the Consumer Price Index + 3% by 7.07% for the quarter andunderperformed the Consumer Price Index + 3% for the year by 0.90%.


(10%)

(5%)

0%

5%

10%

15%


A(41)B(41)

(96)

B(33)A(33)

(29)

B(31)A(31)(45)

B(49)A(51)

(5)

B(60)A(64)

(9)

B(55)A(59)

(4)


Median 8.70 1.73 5.00 0.49 1.07 2.6975th Percentile 5.85 0.20 3.96 (0.91) (0.77) 0.7590th Percentile 3.44 (4.36) 1.31 (2.26) (1.52) (1.07)

State Street RealAsset Strategy A 9.00 3.87 6.04 0.45 0.57 2.02SSGA Custom

Blended Benchmark B 9.00 4.01 6.09 0.52 0.65 2.38

ConsumerPrice Index + 3% 1.93 4.77 5.19 4.28 4.30 4.67

Relative Return vs Consumer Price Index + 3%

Rela

tive

Re

turn

s

(15%)

(10%)

(5%)

0%

5%

10%

2014 2015 2016 2017 2018 19

State Street Real Asset Strategy

Callan Real Assets Database (Institutional Net)Annualized Five Year Risk vs Return

0 2 4 6 8 10 12 14 16(6%)

(4%)

(2%)

0%

2%

4%

6%

SSGA Custom Blended Benchmark

Consumer Price Index + 3%

State Street Real Asset Strategy

Standard Deviation

Re

turn

s


State Street Real Asset StrategyReturn Analysis Summary



(25%)(20%)(15%)(10%)

(5%)0%5%

10%15%20%25%

12/18- 3/19 2018 2017 2016 2015 2014 2013

A(41)B(41)

(96)B(40)A(41)

(2)B(50)A(50)(65)

B(16)A(16)

(68)

B(84)A(84)

(1) B(53)A(53)

(15)B(81)A(81)

(19)

10th Percentile 12.63 (3.29) 19.10 17.36 0.46 4.56 6.3825th Percentile 10.10 (4.09) 10.90 9.97 (3.02) 1.87 2.52

Median 8.70 (7.69) 8.56 7.88 (7.32) (0.62) (1.38)75th Percentile 5.85 (10.27) 3.80 4.20 (12.24) (4.22) (3.26)90th Percentile 3.44 (11.60) 1.66 3.04 (16.04) (8.50) (8.00)

State Street RealAsset Strategy A 9.00 (7.17) 8.60 14.15 (14.11) (1.05) (4.65)SSGA Custom

Blended Benchmark B 9.00 (7.11) 8.61 14.28 (14.05) (0.85) (4.57)

CPI + 3% 1.93 4.77 5.18 4.99 3.39 3.32 4.46

Cumulative and Quarterly Relative Return vs CPI + 3%

Re

lative

Re

turn

s

(30%)

(25%)

(20%)

(15%)

(10%)

(5%)

0%

5%

10%

15%

2014 2015 2016 2017 2018 2019

State Street Real Asset Strategy SSGA Custom Blended Benchmark Callan Real Assets

Risk Adjusted Return Measures vs CPI + 3%Rankings Against Callan Real Assets Database (Institutional Net)Five Years Ended March 31, 2019

(20)

(15)

(10)

(5)

0

5


B(78)A(79)

B(70)A(71)

B(61)A(67)

10th Percentile (0.84) 0.44 0.0525th Percentile (5.37) 0.28 (0.17)

Median (8.08) 0.07 (0.37)75th Percentile (11.16) (0.05) (0.49)90th Percentile (16.29) (0.14) (0.92)

State Street Real Asset Strategy A (11.59) (0.03) (0.44)SSGA Custom Blended Benchmark B (11.45) (0.02) (0.43)


State Street Real Asset StrategyRisk Analysis Summary


Risk Analysis vs Callan Real Assets Database (Institutional Net)Five Years Ended March 31, 2019

2 3 4 5 6 7 8 9 10 11 12 13 14(7 )

(6 )

(5 )

(4 )

(3 )

(2 )

(1 )

0

1

2

3

State Street Real Asset Strategy SSGA Custom Blended Benchmark

Tracking Error

Exce

ss R

etu

rn

Rolling 12 Quarter Tracking Error vs CPI + 3%

Tra

ckin

g E

rro

r

2%

4%

6%

8%

10%

12%

14%

2013 2014 2015 2016 2017 2018 2019

State Street Real Asset StrategySSGA Custom Blended BenchmarkCallan Real Assets

Risk Statistics Rankings vs CPI + 3%Rankings Against Callan Real Assets Database (Institutional Net)Five Years Ended March 31, 2019

2%

4%

6%

8%

10%

12%

14%

16%


A(30)B(30)

A(34)B(34)

B(30)A(30)



State Street RealAsset Strategy A 9.72 7.19 8.78SSGA Custom

Blended Benchmark B 9.71 7.19 8.78

0

1

2

3

4

5

6

Beta R-Squared

A(33)B(34)

A(40)B(43)



State Street RealAsset Strategy A 3.53 0.35SSGA Custom

Blended Benchmark B 3.51 0.35


De

finitio

ns

Definitions

Equity Market Indicators

The market indicators included in this report are regarded as measures of equity or fixed income performance results. The

returns shown reflect both income and capital appreciation.

Russell 1000 Growth measures the performance of those Russell 1000 companies with higher price-to-book ratios and

higher forecasted growth values.

Russell 1000 Value measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower

forecasted growth values.

Russell 2000 Index is composed of the 2000 smallest stocks in the Russell 3000 Index, representing approximately 11% of

the U.S. equity market capitalization.

Standard & Poor’s 500 Index is designed to measure performance of the broad domestic economy through changes in the

aggregate market value of 500 stocks representing all major industries. The index is capitalization-weighted, with each stock

weighted by its proportion of the total market value of all 500 issues. Thus, larger companies have a greater effect on the

index.

Fixed Income Market Indicators

90-Day U.S. Treasury Bills provide a measure of riskless return. The rate of return is the average interest rate available on

the beginning of each month for a Treasury Bill maturing in ninety days.

Bloomberg Barclays Aggregate Bond Index is a combination of the Mortgage Backed Securities Index and the

intermediate and long-term components of the Government/Credit Bond Index.

International Equity Market Indicators

Morgan Stanley Capital International (MSCI) EAFE Index is composed of approximately 1000 equity securities

representing the stock exchanges of Europe, Australia, New Zealand and the Far East. The index is capitalization-weighted

and is expressed in terms of U.S. dollars.

167

Definitions

Core Bond - Managers who construct portfolios to approximate the investment results of the Bloomberg Barclays Capital

Government/Credit Bond Index or the Bloomberg Barclays Capital Aggregate Bond Index with a modest amount of variability

in duration around the index. The objective is to achieve value added from sector and/or issue selection.

Core Equity - Managers whose portfolio holdings and characteristics are similar to that of the broader market as

represented by the Standard & Poor’s 500 Index, with the objective of adding value over and above the index, typically from

sector or issue selection. The core portfolio exhibits similar risk characteristics to the broad market as measured by low

residual risk with Beta and R-Squared values close to 1.00 and combined growth and value z-score values close to 0.00.

Core Plus Broad International Equity Style This is a hybrid group incorporating the Core Plus, Growth Plus and Value

Plus style groups. It incorporates managers that typically add value from increased tactical or strategic exposure to

emerging markets and smaller capitalization stocks. Portfolios may undertake concentrated bets.

Intermediate Fixed-Income Style Mutual Funds - mutual funds whose objective is to lower interest rate risk by investing

only in intermediate-term securities. The average portfolio maturity is typically five to seven years.

Large Cap Growth - Managers who invest mainly in large companies that are expected to have above average prospects

for long-term growth in earnings and profitability. Future growth prospects take precedence over valuation levels in the stock

selection process. Invests in companies with P/E ratios, Price-to-Book values, Return-on-Assets values, Growth-in-Earnings

values above the broader market. The companies typically have zero dividends or dividend yields below the broader market.

Invests in securities which exhibit greater volatility than the broader market as measured by the securities’ Beta and

Standard Deviation. Portfolios have high growth z-scores and low value z-scores.

Large Cap Value - Managers who invest primarily in large companies believed to be currently undervalued in the general

market and whose shares are priced below the market compared to their peers. Valuation issues take precedence over near

term earnings prospects in the stock selection process. The Large Cap Value Style invests in companies with P/E ratios,

Return-on-Equity values, and Price-to-Book values below the broader market and the middle capitalization segment. This

style invests in securities with risk/reward profiles in the lower risk range of the medium capitalization market. Portfolios have

low growth z-scores and high value z-scores.

Non-U.S. Equity Style Mutual Funds - Mutual funds that invest their assets only in non-U.S. equity securities but exclude

regional and index funds.

Small Capitalization - Mututal funds that invest in companies with relatively small capitalization. The average market

capitalization is approximately $1.4 billion. The companies typically have zero dividends or dividend yields below the

broader market. The securities exhibit greater volatility than the broader market as measured by the risk statistics Beta and

Standard Deviation. The Small Capitalization Style Group consists of the Small Capitalization (Growth) Style Group and the

Small Capitalization (Value) Style Group.

Small Capitalization - Managers who invest in companies with relatively small capitalization. The average market

capitalization is approximately $1.4 billion. The companies typically have zero dividends or dividend yields below the

broader market. The securities exhibit greater volatility than the broader market as measured by the risk statistics Beta and

Standard Deviation. The Small Capitalization Style Group consists of the Small Capitalization (Growth) Style Group and the

Small Capitalization (Value) Style Group.

168

Risk/Reward Statistics

The risk statistics used in this report examine performance characteristics of a manager or a portfolio relative to a benchmark

(market indicator) which assumes to represent overall movements in the asset class being considered. The main unit of

analysis is the excess return, which is the portfolio return minus the return on a risk free asset (3 month T-Bill).

Alpha measures a portfolio’s return in excess of the market return adjusted for risk. It is a measure of the manager’s

contribution to performance with reference to security selection. A positive alpha indicates that a portfolio was positively

rewarded for the residual risk which was taken for that level of market exposure.

Beta measures the sensitivity of rates of portfolio returns to movements in the market index. A portfolio’s beta measures the

expected change in return per 1% change in the return on the market. If a beta of a portfolio is 1.5, a 1 percent increase in

the return on the market will result, on average, in a 1.5 percent increase in the return on the portfolio. The converse would

also be true.

Downside Risk stems from the desire to differentiate between "good risk" (upside volatility) and "bad risk" (downside

volatility). Whereas standard deviation punishes both upside and downside volatility, downside risk measures only the

standard deviation of returns below the target. Returns above the target are assigned a deviation of zero. Both the frequency

and magnitude of underperformance affect the amount of downside risk.

Excess Return Ratio is a measure of risk adjusted relative return. This ratio captures the amount of active management

performance (value added relative to an index) per unit of active management risk (tracking error against the index.) It is

calculated by dividing the manager’s annualized cumulative excess return relative to the index by the standard deviation of

the individual quarterly excess returns. The Excess Return Ratio can be interpreted as the manager’s active risk/reward

tradeoff for diverging from the index when the index is mandated to be the "riskless" market position.

Information Ratio measures the manager’s market risk-adjusted excess return per unit of residual risk relative to a

benchmark. It is computed by dividing alpha by the residual risk over a given time period. Assuming all other factors being

equal, managers with lower residual risk achieve higher values in the information ratio. Managers with higher information

ratios will add value relative to the benchmark more reliably and consistently.

R-Squared indicates the extent to which the variability of the portfolio returns are explained by market action. It can also be

thought of as measuring the diversification relative to the appropriate benchmark. An r-squared value of .75 indicates that

75% of the fluctuation in a portfolio return is explained by market action. An r-squared of 1.0 indicates that a portfolio’s

returns are entirely related to the market and it is not influenced by other factors. An r-squared of zero indicates that no

relationship exists between the portfolio’s return and the market.

Relative Standard Deviation is a simple measure of a manager’s risk (volatility) relative to a benchmark. It is calculated by

dividing the manager’s standard deviation of returns by the benchmark’s standard deviation of returns. A relative standard

deviation of 1.20, for example, means the manager has exhibited 20% more risk than the benchmark over that time period.

A ratio of .80 would imply 20% less risk. This ratio is especially useful when analyzing the risk of investment grade

fixed-income products where actual historical durations are not available. By using this relative risk measure over rolling

time periods one can illustrate the "implied" historical duration patterns of the portfolio versus the benchmark.

Residual Portfolio Risk is the unsystematic risk of a fund, the portion of the total risk unique to the fund (manager) itself and

not related to the overall market. This reflects the "bets" which the manager places in that particular asset market. These

bets may reflect emphasis in particular sectors, maturities (for bonds), or other issue specific factors which the manager

considers a good investment opportunity. Diversification of the portfolio will reduce or eliminate the residual risk of that

portfolio.

169

Risk/Reward Statistics

Rising Declining Periods refer to the sub-asset class cycles vis-a-vis the broader asset class. This is determined by

evaluating the cumulative relative sub-asset class index performance to that of the broader asset class index. For example,

to determine the Growth Style cycle, the S&P 500 Growth Index (sub-asset class) performance is compared to that of the

S&P 500 Index (broader asset class).

Sharpe Ratio is a commonly used measure of risk-adjusted return. It is calculated by subtracting the "risk-free" return

(usually 3 Month Treasury Bill) from the portfolio return and dividing the resulting "excess return" by the portfolio’s risk level

(standard deviation). The result is a measure of return gained per unit of risk taken.

Sortino Ratio is a downside risk-adjusted measure of value-added. It measures excess return over a benchmark divided by

downside risk. The natural appeal is that it identifies value-added per unit of truly bad risk. The danger of interpretation,

however, lies in these two areas: (1) the statistical significance of the denominator, and (2) its reliance on the persistence of

skewness in return distributions.

Standard Deviation is a statistical measure of portfolio risk. It reflects the average deviation of the observations from their

sample mean. Standard deviation is used as an estimate of risk since it measures how wide the range of returns typically is.

The wider the typical range of returns, the higher the standard deviation of returns, and the higher the portfolio risk. If returns

are normally distributed (ie. has a bell shaped curve distribution) then approximately 2/3 of the returns would occur within

plus or minus one standard deviation from the sample mean.

Total Portfolio Risk is a measure of the volatility of the quarterly excess returns of an asset. Total risk is composed of two

measures of risk: market (non-diversifiable or systematic) risk and residual (diversifiable or unsystematic) risk. The purpose

of portfolio diversification is to reduce the residual risk of the portfolio.

Tracking Error is a statistical measure of a portfolio’s risk relative to an index. It reflects the standard deviation of a

portfolio’s individual quarterly or monthly returns from the index’s returns. Typically, the lower the Tracking Error, the more

"index-like" the portfolio.

Treynor Ratio represents the portfolio’s average excess return over a specified period divided by the beta relative to its

benchmark over that same period. This measure reflects the reward over the risk-free rate relative to the systematic risk

assumed.

Note: Alpha, Total Risk, and Residual Risk are annualized.

170

Ca

llan

Re

se

arc

h/E

duca

tion

Callan Research/Education

Research and Educational Programs

The Callan Institute provides research to update clients on the latest industry trends and carefully structured educational programs

to enhance the knowledge of industry professionals. Visit www.callan.com/library to see all of our publications, and www.callan.com/blog

to view our blog “Perspectives.” For more information contact Corry Walsh at 312.346.3536 / [email protected].

New Research from Callan’s Experts

Callan’s 2019-2028 Capital Market Projections | Callan develops

long-term capital market projections at the start of each year, detail-

ing our expectations for return, volatility, and correlation for broad

asset classes. For 2019-2028, we made

gradual, evolutionary changes to our expec-

tations from our projections last year. We in-

creased our ixed income assumptions to re-

lect higher starting yields compared to one year ago, including a higher return for cash,

but we held constant our equity return premi-

um over cash. As a result, we have narrowed

the equity risk premium over bonds.

Two Questions to Help DC Plans Save on Litigation Costs |

Executives can monitor whether in-house iduciaries for their de-

ined contribution plans are on track or need assistance by ask-

ing these questions: 1) Are plan administration costs too high? 2)

Are participants getting the best “bang for their buck” from invest-

ment fees?

The Good, the Bad, and the Ugly: Which Will Your DC Plan Be

in 2019? | In this paper, we outline best practices for deined con-

tribution (DC) plan sponsors that aspire to be the Good gunslinger,

and lag traps that could ensnare them in Bad or even Ugly territory.

2019 DC Trends Survey | Callan’s 12th

Annual DC Trends Survey highlights plan

sponsors’ key themes from 2018 and expec-

tations for 2019.

2019 National Workshop Summary: DC Plans | This workshop

by Callan’s Ben Taylor, Jana Steele, and Gordon Weightman, “The New Face of DC Plans,” provided what plan sponsors and invest-

ment managers need to know to stay current on new developments

and how they might beneit plans.

2019 National Workshop Summary: Private Equity | In their

workshop, “Private Equity: Primary Investment Opportunities and

Considerations,” Callan’s Pete Keliuotis, Jay Nayak, and Weston Lewis demonstrated how a thoughtful approach to program design,

strategy allocation, and capital commitment pacing can lead to long-

term success in private equity investing.

2019 National Workshop Summary: Strategic Allocations | In

this workshop, Callan’s Ann O’Bradovich, Ho Hwang, and Gary Chang discussed the trend over the past several decades in which

U.S. institutional investors have shifted their public equity portfolios to increase allocations to non-U.S. stocks.

The Callan Periodic Table Collection: Year-End 2018 | The

Periodic Table Collection offers versions focused on equity, ixed income, fund sponsors, and alternatives. Other tables compare the

performance of key indices to zero and to inlation.

Quarterly Periodicals

Private Equity Trends | A newsletter on private equity activity, cov-

ering both the fundraising cycle and performance over time.

Market Pulse Flipbook | A market reference guide covering trends

in the U.S. economy, developments for fund sponsors, and the lat-est data for U.S. and non-U.S. equities and ixed income, alterna-

tives, and deined contribution plans.

Active vs. Passive Charts | This series of charts compares active

managers alongside relevant benchmarks over the long term.

Capital Market Review | Provides analysis and a broad overview

of the economy and public and private market activity each quarter

across a wide range of asset classes.

2019 Deined Contribution Trends

SurveyINSTITUTE

Education

1st Quarter 2019

13%

9%

63%

4%5%

6%

9%

6%

73%

3%6%

4%

18%

12%

52%

6%5%

8%

23%

16%

39%

8%4%

10%

30%

20%

24%

10%

4%

12%

38%

26%

5%

13%

3%

16%Private Equity

Hedge Funds

Real Estate

U.S. Fixed Income

Global ex-U.S. Equity

Broad U.S. Equity

10-year projected return

10-year projected

standard deviation

5.00% 4.96% 5.50%6.62% 6.00% 6.50%

8.68%

11.13%

7.00%

14.09%

7.50%

17.93%

10-Year Return and Risk Projections

Each year, Callan develops long-term capital market projections, detailing expected return, standard devia-

tion, and correlations for major asset classes. These projections are the cornerstone for strategic planning.

This charticle summarizes key igures from Callan’s 2019-2028 capital market projections.

Projected Risk and Return of Different Asset Mixes

This exhibit uses Callan’s projections to create a range of eficient portfolios on a spectrum from conservative to aggressive.

Note: Charts may not sum to 100% due to rounding.

Source: Callan

<<< Conservative Aggressive >>>

Callan’s 10-Year Return Expectations

U.S. Equity 7.15% ► Compound earnings growth

is expected to be modestly above GDP growth.

P/E ratios are well within historical norms. Dividend

yields are expected to hold steady.

Global ex-U.S. Equity 7.25% ► Earnings growth

likely to be moderate, facing signiicant uncertainty in future economic policies. Relatively high dividend

yields will support returns. Long period of relative un-

dervaluation in both developed and emerging mar-

kets points to potential for growth.

U.S. Fixed Income 3.75% ► Interest rates should

rise modestly over the next 10 years. The yield curve is projected to revert to a more normal up-

ward sloping term structure. Future higher yields

offset modest capital losses.

Real Estate 6.25% ► Even

though capitalization rates

reached a record low in 2018, capital lows remain healthy as investors rebalanced their over-

all portfolios by moving equity

market gains into real estate.

Hedge Funds 5.50% ► Returns

relect the cross currents of modest equity expectations,

higher cash rates, and the

prospect of varied return oppor-

tunities in uncertain markets.

Projected Risk(standard deviation)

Projected Return(10-year geometric)

Inflation

Cash Equivalents

Commodities

Hedge Funds

Private Equity

Real Estate

EmergingMarket Debt

Non-U.S. Fixed

High Yield

TIPS

Long Duration

U.S. Fixed

Short Duration

EmergingMarket Equity

DevelopedNon-U.S. Equity

Globalex-U.S. Equity

Small/Mid Cap

Large Cap

Broad U.S. Equity7.15%

17.95%

7.00%

17.10%

7.25% 22.65%

7.25%

21.10%

7.00% 19.75%

7.25%

3.40%

3.75%

3.75%

1.40%

9.20%

9.50%

10.35%

5.50%

6.25%

8.85%

15.70%

8.50% 29.30%

2.50%

0.90%

3.75%

10.65%

2.25%

1.50%

5.35%

18.00% 3.20%

5.05%

2.10%

3.75%

5.05%

27.45%

Source: Callan

0

5

10

15

20

-50%–

-40%

-40%–

-30%

-30%–

-20%

-20%–

-10%

-10%–

0%

0%–

10%

10%–

20%

20%–

30%

30%–

40%

40%–

50%

Over

50%

2008

2009

2017

2013

20152018 2011

2007

20142016

201220102006

91 Years of Stock Market Returns

Nu

mb

er

of

Years

Moderate

-15%

-10%

-5%

0%

5%

10%

15%

20%

PPI (All Commodities)CPI (All Urban Consumers)

Source: Bureau of Labor Statistics

02 0399 00 01 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

Source: Standard & Poor’s

Inlation Year-Over-Year

INSTITUTE

Capital Market Projections: 2019-2028

https://www.callan.com/blog

https://www.callan.com/wp-content/uploads/2019/03/Callan-Capital-Market-Projections.pdf

https://www.callan.com/wp-content/uploads/2019/02/Callan-Two-Questions-for-DC-Plans.pdf

https://www.callan.com/wp-content/uploads/2019/01/Callan-DC-Year-End-Piece-2019.pdf

https://www.callan.com/wp-content/uploads/2019/01/Callan-DC-Year-End-Piece-2019.pdf

https://www.callan.com/wp-content/uploads/2019/01/Callan-2019-DC-Trends-Survey.pdf

https://www.callan.com/wp-content/uploads/2019/02/2019-National-Conference-Summary-DC.pdf

https://www.callan.com/wp-content/uploads/2019/02/2019-National-Conference-Summary-PE.pdf

https://www.callan.com/wp-content/uploads/2019/02/2019-National-Conference-Summary-Strategic-Allocations.pdf

https://www.callan.com/wp-content/uploads/2019/02/Callan-Periodic-Table-Collection-2019.pdf

https://www.callan.com/wp-content/uploads/2019/03/Callan-Private-Equity-Trends-4Q18.pdf

https://www.callan.com/wp-content/uploads/2019/02/Callan-Market-Pulse-4Q2018.pdf

https://www.callan.com/wp-content/uploads/2019/02/Callan-Active-Passive-4Q2018.pdf

https://www.callan.com/wp-content/uploads/2019/02/Callan-4th-Quarter-2018-CMR.pdf

Events

Miss out on a Callan conference or workshop? Event summa-

ries and speakers’ presentations are available on our website:

www.callan.com/library/

Please mark your calendar and look forward to upcoming invita-

tions.

June Regional Workshops:

June 4, 2019 – Atlanta

June 5, 2019 – San Francisco

October Regional Workshops:

October 22, 2019 – Denver

October 24, 2019 – Chicago

Invitations have been sent for June and registration is available on our website at www.callan.com/events-reg-workshop-june/

Please also keep your eye out for upcoming Webinars in 2019! We

will be sending invitations for these and also will have registration

links on our website at www.callan.com/events.

For more information about events, please contact Barb

Gerraty: 415.274.3093 / [email protected]

The Center for Investment Training Educational Sessions

The Center for Investment Training, better known as the “Callan

College,” provides a foundation of knowledge for industry profes-

sionals who are involved in the investment decision-making pro-

cess. It was founded in 1994 to provide clients and non-clients alike

with basic- to intermediate-level instruction. Our next sessions are:

Introduction to Investments

San Francisco, July 16-17, 2019

Chicago, October 22-23, 2019

This program familiarizes fund sponsor trustees, staff, and asset

management advisers with basic investment theory, terminology,

and practices. It lasts one-and-a-half days and is designed for in-

dividuals who have less than two years of experience with asset-

management oversight and/or support responsibilities. Tuition for

the Introductory “Callan College” session is $2,350 per person.

Tuition includes instruction, all materials, breakfast and lunch on

each day, and dinner on the irst evening with the instructors.

“Callan College” on Alternative Investing

Chicago, October 2019—Date TBD

Learn more at www.callan.com/events/callan-college-intro or

contact Kathleen Cunnie: 415.274.3029 / [email protected]

Unique pieces of research the Institute generates each year50+

Total attendees of the “Callan

College” since 19943,700 Year the Callan Institute

was founded1980

Attendees (on average) of the

Institute’s annual National Conference525

Education: By the Numbers

@CallanLLC Callan

“Research is the foundation of all we do at Callan, and sharing our

best thinking with the investment community is our way of helping

to foster dialogue to raise the bar across the industry.”

Greg Allen, CEO and Chief Research Oficer

https://www.callan.com/library

http://www.callan.com/events-reg-workshop-june/

https://www.callan.com/events/callan-college-intro

Dis

clo

su

res

Disclosures

List of Callan’s Investment Manager Clients

Confidential – For Callan Client Use Only Callan takes its fiduciary and disclosure responsibilities to clients very seriously. We recognize that there are numerous potential conflicts of interest encountered in the investment consulting industry and that it is our responsibility to manage those conflicts effectively and in the best interest of our clients. At Callan, we employ a robust process to identify, manage, monitor and disclose potential conflicts on an on-going basis. The list below is an important component of our conflicts management and disclosure process. It identifies those investment managers that pay Callan fees for educational, consulting, software, database or reporting products and services. We update the list quarterly because we believe that our fund sponsor clients should know the investment managers that do business with Callan, particularly those investment manager clients that the fund sponsor clients may be using or considering using. Please note that if an investment manager receives a product or service on a complimentary basis (e.g. attending and educational event), they are not included in the list below. Callan is committed to ensuring that we do not consider an investment manager’s business relationship with Callan, or lack thereof, in performing evaluations for or making suggestions or recommendations to its other clients. Please refer to Callan’s ADV Part 2A for a more detailed description of the services and products that Callan makes available to investment manager clients through our Institutional Consulting Group, Independent Adviser Group and Fund Sponsor Consulting Group. Due to the complex corporate and organizational ownership structures of many investment management firms, parent and affiliate firm relationships are not indicated on our list. Fund sponsor clients may request a copy of the most currently available list at any time. Fund sponsor clients may also request specific information regarding the fees paid to Callan by particular fund manager clients. Per company policy, information requests regarding fees are handled exclusively by Callan’s Compliance Department.

Quarterly List as of March 31, 2019

Knowledge. Experience. Integrity. Page 1 of 2

Manager Name Aberdeen Standard Investments Acadian Asset Management LLC AEGON USA Investment Management Alcentra AllianceBernstein Allianz Global Investors Allianz Life Insurance Company of North America AlphaSimplex Group, LLC American Century Investments Amundi Pioneer Asset Management AQR Capital Management Ares Management LLC Ariel Investments, LLC Atlanta Capital Management Co., LLC Aviva Investors Americas AXA Investment Managers Baillie Gifford International, LLC Baird Advisors Baron Capital Management, Inc. Barrow, Hanley, Mewhinney & Strauss, LLC BlackRock BMO Global Asset Management BNP Paribas Asset Management BNY Mellon Asset Management Boston Partners Brandes Investment Partners, L.P. Brandywine Global Investment Management, LLC BrightSphere Investment Group Brown Brothers Harriman & Company Cambiar Investors, LLC Capital Group Carillon Tower Advisers CastleArk Management, LLC Causeway Capital Management

Manager Name Chartwell Investment Partners ClearBridge Investments, LLC Cohen & Steers Capital Management, Inc. Columbia Threadneedle Investments Columbus Circle Investors Cooke & Bieler, L.P. Credit Suisse Asset Management CS McKee, L.P. DePrince, Race & Zollo, Inc. Diamond Hill Capital Management, Inc. Dimensional Fund Advisors LP Doubleline Duff & Phelps Investment Management Co. DWS EARNEST Partners, LLC Eaton Vance Management Epoch Investment Partners, Inc. Fayez Sarofim & Company Federated Investors Fidelity Institutional Asset Management Fiera Capital Corporation Financial Engines First Hawaiian Bank Wealth Management Division First State Investments Fisher Investments Franklin Templeton Fred Alger Management, Inc. GAM (USA) Inc. Glenmeade Investment Management, LP GlobeFlex Capital, L.P. Goldman Sachs Asset Management Green Square Capital LLC Guggenheim Investments GW&K Investment Management

Knowledge. Experience. Integrity. March 31, 2019 Page 2 of 2

Manager Name Harbor Capital Group Trust Hartford Investment Management Co. Heitman LLC Hotchkis & Wiley Capital Management, LLC HSBC Global Asset Management Impax Asset Management Limited Income Research + Management, Inc. Insight Investment Management Limited Intech Investment Management, LLC Intercontinental Real Estate Corporation Invesco Investec Asset Management Ivy Investments J.P. Morgan Janus Jennison Associates LLC Jobs Peak Advisors KeyCorp Lazard Asset Management Legal & General Investment Management America LGT Capital Partners Ltd. Lincoln National Corporation Longview Partners Loomis, Sayles & Company, L.P. Lord Abbett & Company Los Angeles Capital Management LSV Asset Management MacKay Shields LLC Macquarie Investment Management (MIM) Manulife Asset Management Marathon Asset Management, L.P. McKinley Capital Management, LLC MFS Investment Management MidFirst Bank Mondrian Investment Partners Limited Montag & Caldwell, LLC Morgan Stanley Investment Management Mountain Lake Investment Management LLC Mountain Pacific Advisors, LLC MUFG Union Bank, N.A. Natixis Investment Managers Neuberger Berman Newton Investment Management Nikko Asset Management Co., Ltd. Northern Trust Asset Management Nuveen OFI Global Asset Management Osterweis Capital Management, LLC P/E Investments

Manager Name Pacific Investment Management Company Pathway Capital Management Peregrine Capital Management, Inc. Perkins Investment Management PFM Asset Management LLC PGIM Fixed Income PineBridge Investments PNC Capital Advisors, LLC

Principal Global Investors Putnam Investments, LLC QMA LLC RBC Global Asset Management Record Currency Management Ltd. Regions Financial Corporation Robeco Institutional Asset Management, US Inc. Rockefeller Capital Management Rothschild & Co. Asset Management US Russell Investments Schroder Investment Management North America Inc. Silvercrest Asset Management Group Smith Graham & Co. Investment Advisors, L.P. Smith Group Asset Management South Texas Money Management, Ltd. State Street Global Advisors Stone Harbor Investment Partners, L.P. Sun Life Investment Management T. Rowe Price Associates, Inc. The Boston Company Asset Management The TCW Group, Inc. Thompson, Siegel & Walmsley LLC Thornburg Investment Management, Inc. Tri-Star Trust Bank UBS Asset Management VanEck Velanne Asset Management Ltd. Versus Capital Group Victory Capital Management Inc. Virtus Investment Partners, Inc. Vontobel Asset Management, Inc. Voya WCM Investment Management WEDGE Capital Management Wellington Management Company, LLP Wells Fargo Asset Management Western Asset Management Company LLC Westfield Capital Management Company, LP William Blair & Company LLC

Tobias Read Oregon State Treasurer

Darren Bond Deputy State Treasurer

Date: May 8, 2019 To: Oregon Investment Council From: Wil Hiles, Investment Analyst Michael Viteri, Senior Investment Officer Re: Deferred Compensation Program, 1st Quarter 2019 Report Background The Oregon Savings Growth Plan (the “Plan” or “OSGP”) is the State of Oregon’s 457 Deferred Compensation plan. OSGP is a voluntary supplemental retirement plan that provides eligible state and local government employees the opportunity to defer a portion of their current salary on a pre-tax or after-tax (Roth) basis. These deferrals are invested in various investment options until participants draw funds at retirement. The Plan offers an array of equity and fixed income investment options, a suite of target-date retirement funds, which in aggregate constitute a single investment option, and a self-directed brokerage option. As of March 31, 2019, plan assets totaled $2.25 billion from over 30,000 participants. With support and assistance from the Oregon State Treasury (OST) Investment Division, the Oregon Investment Council (OIC) is responsible for oversight of the Plan’s investment program. Oversight of Plan administration is the responsibility of the Oregon Public Employees Retirement System Board (“PERS Board”), with support from OSGP staff. Additional oversight is provided by a seven-member Deferred Compensation Advisory Committee (the “Advisory Committee”) established under ORS 243.505.



OSGP Performance

Fund Option Benchmarks

Performance (%)

QTD YTD 1 Year 3 Years 5 Years 10 Years

Stable Value Option 0.54 0.54 2.07 1.73 1.54 1.54 91 Day T-Bill 0.60 0.60 2.12 1.19 0.74 0.43 Rolling Average 5 Year CMT* 0.45 0.45 1.73 1.48 1.43 2.02 Active Fixed Income Option 2.84 2.84 4.29 2.69 3.08 4.97 Barclays US Aggregate Bond Index 2.94 2.94 4.48 2.03 2.74 3.77 Large Company Value Stock Option 11.95 11.95 5.71 10.37 7.40 14.53 Russell 1000 Value Index 11.93 11.93 5.67 10.45 7.72 14.52 Stock Index Option 14.04 14.04 8.68 13.37 10.25 15.86 Russell 3000 Index 14.04 14.04 8.77 13.48 10.36 16.00 Large Company Growth Stock Option 16.11 16.11 12.69 16.39 13.08 17.22 Russell 1000 Growth Index 16.10 16.10 12.75 16.53 13.50 17.52 International Stock Option 10.27 10.27 -6.94 6.76 2.47 9.02 MSCI ACWI ex-US (net) Index 10.31 10.31 -4.22 8.09 2.44 9.02 Small Company Stock Option 14.29 14.29 1.47 12.04 6.80 15.48 Russell 2000 Index 14.58 14.58 2.05 12.92 7.50 16.07 Socially Responsible Stock Option 13.91 13.91 7.75 13.10 N/A N/A Russell 3000 Index 14.04 14.04 8.77 13.48 N/A N/A Real Return Option 5.83 5.83 0.10 4.22 N/A N/A CPI + 3% 1.79 1.79 4.77 5.21 N/A N/A BlackRock LifePath Retirement 6.70 6.70 3.93 5.39 4.03 7.12 BlackRock LifePath 2020 7.05 7.05 3.83 6.11 4.44 8.74 BlackRock LifePath 2025 8.37 8.37 4.09 7.12 4.99 9.61 BlackRock LifePath 2030 9.56 9.56 4.34 8.16 5.58 10.46 BlackRock LifePath 2035 10.53 10.53 4.41 8.88 5.93 11.10 BlackRock LifePath 2040 11.46 11.46 4.50 9.63 6.31 11.71 BlackRock LifePath 2045 12.17 12.17 4.54 10.08 6.54 12.25 BlackRock LifePath 2050 12.49 12.49 4.55 10.22 6.62 12.63 BlackRock LifePath 2055 12.52 12.52 4.55 10.21 6.61 N/A BlackRock LifePath 2060 12.52 12.52 4.55 10.19 N/A N/A

* CMT is the Constant Maturity Treasury Yield. Performance shown is a) net of fees and b) annualized for periods longer than one year. OSGP has two types of fees, investment management and administrative fees. Administrative fees are comprised of State of Oregon administration, recording keeping, custody, trust, and communications fees.



Additional OSGP Data

Fund Name Market Value ($) % of Plan

IM Fees

Admin Fees

Total Fees

Total Participants (bps) (bps) (bps) Stable Value Option 287,202,751 12.7% 8,696 34.7 11.9 46.6 Active Fixed Income Option 138,791,473 6.2% 7,015 17.0 11.9 28.9 Large Company Value Stock Option 195,564,510 8.7% 10,568 2.9 11.9 14.8 Stock Index Option 261,754,426 11.6% 10,094 3.8 11.9 15.7 Large Company Growth Stock Option 268,000,758 11.9% 12,040 2.9 11.9 14.8 International Stock Option 117,065,158 5.2% 9,879 54.1 11.9 66.0 Small Company Stock Option 244,741,075 10.9% 11,289 39.5 11.9 51.4 Real Return Option 3,999,861 0.2% 681 54.3 11.9 66.2 Socially Responsible Investment Option 16,029,727 0.7% 1,677 17.0 11.9 28.9 BlackRock LifePath Retirement Fund 185,693,333 8.2% 3,618 9.0 11.9 20.9 BlackRock LifePath 2020 Fund 137,894,391 6.1% 3,091 9.0 11.9 20.9 BlackRock LifePath 2025 Fund 114,568,505 5.1% 3,515 9.0 11.9 20.9 BlackRock LifePath 2030 Fund 84,958,763 3.8% 3,558 9.0 11.9 20.9 BlackRock LifePath 2035 Fund 64,027,931 2.8% 3,501 9.0 11.9 20.9 BlackRock LifePath 2040 Fund 44,275,624 2.0% 3,266 9.0 11.9 20.9 BlackRock LifePath 2045 Fund 29,705,861 1.3% 2,838 9.0 11.9 20.9 BlackRock LifePath 2050 Fund 24,471,187 1.1% 2,219 9.0 11.9 20.9 BlackRock LifePath 2055 Fund 8,853,133 0.4% 1,180 9.0 11.9 20.9 BlackRock LifePath 2060 Fund 5,824,152 0.3% 790 9.0 11.9 20.9 Self-Directed Brokerage Option 19,776,124 0.9% 253 0.0 11.9 11.9 Total 2,253,198,741 100%

Source: Market Value & Plan Participants data, OSGP record keeper, Voya Financial. Fee estimation, OST. OSGP has two types of fees, investment management (IM) and administrative (Admin) fees. Administrative fees are comprised of State of Oregon administration, recording keeping, custody, trust, and communications fees.

The plan’s Self-Directed Brokerage Option, executed through Charles Schwab, finished the quarter with $19.8 million in assets, or 0.9% of total OSGP assets. Investment Structure Evaluation On September 19, 2018, the Oregon Investment Council (OIC) approved staff’s recommendation in connection with proposed changes to the Short-Term Fixed Income Option, International Stock Option, and Real Return Option. On March 22, 2019, staff successfully implemented the following changes.



1) Consolidated Capital Preservation Options – removed the Short-Term Fixed

Income Option OSGP previously offered two options serving the purpose of capital preservation, the Short-Term Fixed Income Option and the Stable Value Option. Given the redundancy of these options, staff recommended streamlining the capital preservations options by eliminating the Short-Term Fixed Income Option and transferring associated assets to the Stable Value Option. This change reduces participant confusion of having multiple investment options serving the same purpose, while capturing some attractive features offered by the Stable Value Option, including enhanced diversification, a stable crediting rating, and a reduced fee schedule.

2) Added Arrowstreet ACWI ex-U.S. to and removed BlackRock ACWI ex-U.S.

from the International Stock Option The Plan’s International Stock Option was previously comprised of five underlying funds: AQR ACWI ex-U.S.; BlackRock MSCI ACWI ex-U.S. Index; DFA International Core Equity; Lazard International Equity; and DFA Emerging Markets Core Equity. To better align the Plan’s investment strategy with that pursued in the Oregon Public Employees Retirement Fund (OPERF), staff recommended the addition of Arrowstreet ACWI ex-U.S., as a replacement for the BlackRock MSCI ACWI ex-U.S. Index Fund. Previously, Arrowstreet did not offer a suitable investment vehicle for inclusion within a qualified, government defined contribution plan. Although this change resulted in a moderate increase to the expense ratio for the Plan’s International Stock Option, staff and Callan remain comfortable with the addition of Arrowstreet given the high level of conviction jointly held in the firm.

3) Simplified the Real Return Option – removed both GMO Benchmark Free

Allocation and Wellington Real Total Return The Plan’s Real Return Option was previously comprised of three underlying funds: GMO Benchmark Free Allocation Fund; Wellington Real Return Fund; and SSgA Real Assets Fund. Although the previous structure was reasonable, it contained sizable equity beta, as both the GMO and Wellington funds had exposure to traditional equities, as well as absolute return and style premia strategies. Accordingly, staff recommended simplifying the Real Return Option by eliminating both the GMO and Wellington strategies, while retaining SSgA in order to make this option more of a pure, inflation-sensitivity play. The SSgA Real Assets Fund is well diversified across several inflation-sensitive asset classes such as commodities, REITs, TIPS, and global infrastructure. Furthermore, the SSgA Real Assets fund is passively implemented so this change significantly reduces fees for the Real Return Option.

STATE OF OREGON STABLE VALUE FUND

FIRST QUARTER 2019

INVESTMENT OBJECTIVE The State of Oregon Stable Value Fund (the "Fund") is an investment option that seeks to provide safety of principal and a stable credited rate of interest, while generating competitive returns over time compared to other comparable investments.

INVESTMENT STRATEGY The State of Oregon Stable Value Fund, managed by Galliard Capital Management, is primarily comprised of investment contracts issued by financial institutions and other eligible stable value investments. All contract issuers and securities utilized in the portfolio are rated investment grade by one of the Nationally Recognized Statistical Rating Organizations at time of purchase. The types of investment contracts in which the Fund invests include Security Backed Investment Contracts. These types of contracts seek to provide participants with safety of principal and accrued interest as well as a stable crediting rate. SECURITY BACKED INVESTMENT CONTRACTS are comprised of two components: 1) investment contracts issued by a financial institution and 2) underlying portfolios of fixed income securities (i.e. bonds) whose market prices fluctuate. The investment contract is designed to allow participants to transact at book value (principal plus accrued interest) without reference to the price fluctuations of the underlying fixed income securities. INVESTMENT RISK

The Fund's investment contracts are designed to allow for participant transactions at book value. A principal risk of the Fund is investment contract risk. This includes the risk that the issuer will default on its obligation under the contract or that another event of default may occur under the contract rendering it invalid; that the contract will lapse before a replacement contract with favorable terms can be secured; or that the occurrence of certain other events including employer-initiated events, could cause the contract to lose its book value withdrawal features. These risks may result in a loss to a contract holder. Other primary risks include default risk, which is the possibility that instruments the Fund holds will not meet scheduled interest and/or principal payments; interest rate risk, which includes the risk of reinvesting cash flows at lower interest rates; and liquidity risk, which includes the effect of very large unexpected withdrawals on the Fund's total value. The occurrence of any of these events could cause the Fund to lose value.

FUND OVERVIEW AS OF 3/31/19 ANNUALIZED PERFORMANCE1

Periods Ending 3/31/19 Fund (%) Benchmark (%)

ICE BofAML 3Mo. T-Bill

(%) 1Q'19 0.54 0.61 0.60 YTD 0.54 0.61 0.60 1 Year 2.07 2.66 2.12 3 Year 1.73 1.85 1.19 5 Year 1.54 1.51 0.74 10 Year 1.54 1.16 0.43 FUND FACTS Fund Category Stable Value Fund Assets $286,813,738 Fund Advisor Galliard Capital Management Expense Ratio 0.47% Participant Withdrawals/Transfers Daily FUND CHARACTERISTICS Blended Yield (after fees) 2.24% Effective Duration 2.78 Yrs Annualized Turnover2 (as of 12/31/18) 53.47% INVESTMENT CONTRACT ISSUERS

Issuer Moody's Rating

S&P Rating

Transamerica Premier Life Ins. Co. A1 AA- Voya Ret. Ins. and Annuity Co. A2 A Prudential Ins. Co. of America A1 AA- Massachusetts Mutual Life Ins. Co. Aa2 AA+ Royal Bank of Canada Aa2 AA- FUND ALLOCATION Fund (%) Security Backed Investment Contracts 94.5 Cash/Equivalents 5.5 SECTOR ALLOCATION OF THE UNDERLYING FIXED INCOME PORTFOLIO Fund (%) U.S. Treasury/Agency 18.6 Other U.S. Government 4.1 Corporate/Taxable Muni/Not for Profit 31.4 Mortgage Backed Securities (MBS) 26.7 Asset Backed Securities (ABS) 13.4 International Gov't/Agency Securities 0.1 Cash/Equivalents 5.7

1: These are fees paid to create and maintain the investments used by a stable value fund. 2: These are fees borne indirectly by the Fund when it acquires an interest in another fund which pays its own separate fees. 3: Includes audit fees for the cost of producing a report by a qualified auditor. 4: Total Annual Fund Operating Expenses are reflected daily in the Fund's net asset value (NAV).


FIRST QUARTER 2019

FUND ADVISOR Galliard Capital Management is the Fund's Advisor. Galliard specializes in stable value management and currently manages $92.0 billion in assets for institutional investors.

FEES AND EXPENSES The following table shows Galliard's fees and expense information for this investment option. Total Annual Operating Expenses are expenses that reduce the rate of return of the investment option. The cumulative effect of fees and expenses will reduce the growth of your retirement savings. Visit the Department of Labor's website for an example showing the long-term effect of fees and expenses. Fees and expenses are only one of many factors to consider when you decide to invest in this Fund. You may also want to think about whether an investment in this Fund, along with your other investments, will help you achieve your financial goals.

TOTAL ANNUAL FUND OPERATING EXPENSES Total Annual Fund Operating Expenses are deducted directly from the Fund's net asset value and reduce the investment option's rate of return.

Expenses Expense Ratio (as of 3/31/19) Per $1,000

Investment Management Fees paid to Galliard 0.122% $1.22

Investment Management Fees paid to Non-Affiliated Investment Advisors None None

Investment Contract Fees 1 0.168% $1.68

Acquired Fund Fees 2 0.058% $0.58

Investment Contract Fees None None

Other Acquired Fund Fees and Non-Affiliated Investment Management Fees paid to Non-Affiliated Investment Advisors 3 0.058% $0.58

12b-1 Distribution Fee None None

Other Expenses 0.120% $1.20

Total Annual Fund Operating Expenses 4 0.467% $4.67

Please contact your plan administrator for additional information about this investment option.


FIRST QUARTER 2019 PORTFOLIO REVIEW

STABLE VALUE PORTFOLIO REVIEW - STATE OF OREGON STABLE VALUE FUND

First Quarter 2019

GALLIARD CONTACTS

Client Portfolio Management

Matt Kline Principal 612.667.0856 [email protected]

Carrie Callahan

Managing Partner 612.667.1793 [email protected]

Galliard Client Service

612.667.3220 [email protected]

Stable Value Audit Support

Galliard Stable Value Audit Team [email protected]

TABLE OF CONTENTS

Stable Value Portfolio Review - State of Oregon Stable Value Fund ................................................................ 3

Investment Performance ............................................................................................................................ 4

Portfolio Characteristics ............................................................................................................................. 5

Transactions .............................................................................................................................................. 10

Holdings ..................................................................................................................................................... 11

Market Review ..................................................................................................................................................... 12

Appendix .............................................................................................................................................................. 15

Calendar Year Performance & Guideline Compliance ........................................................................... 16

Total Annual Fund Operating Expenses ................................................................................................. 17

The information contained in this report is for informational purposes only. It is intended to provide a summary of portfolio performance and characteristics, and an accounting based view of transactions and holdings. This is a standardized report and is not intended to be used for compliance purposes. Individual portfolio compliance requirements may not be captured in this report.


First Quarter 2019

1: Returns for periods of less than one year are not annualized. 2: Returns are net of book value contract, Galliard investment management fees, and, if applicable, external manager fees and Wells Fargo collective fund administrative fees. 3: Returns are net of all fees, including book value contract fees, Galliard investment management fees, and, if applicable, external manager fees, Wells Fargo collective fund administrative fees, and plan administrative reimbursement. 4: Galliard assumed management of this portfolio on September 1, 2012. Performance for periods referenced prior to this date include historical performance of another investment advisor. 5: Performance inception: September 1, 2012. 6: May not add due to rounding.

ANNUALIZED INVESTMENT PERFORMANCE AS OF 3/31/191

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3 MO 1 YR 3 YR 5 YR 10 YR Since Inception

3 Mo.

1 Yr.

3 Yr.

5 Yr.

10 Yr. Since

Inception5 Portfolio (net of inv. mgmt. fees)2,4 0.57 2.20 1.89 1.71 - 1.66

Portfolio (net of all fees - NAV level)3,4 0.54 2.07 1.73 1.54 1.54 1.49

3 Year Constant Maturity Treasury 0.61 2.66 1.85 1.51 1.16 1.27

Value Added (net of all fees - NAV level)6 (0.07) (0.59) (0.12) 0.04 0.38 0.22


First Quarter 2019

1: Average holdings quality of the contracts and other book value assets in the portfolio. The Weighted Average Quality of the portfolio has NOT been assessed by a nationally recognized statistical rating organization. The Weighted Average Quality shown represents an average quality of the individual holdings' Composite Ratings, as rated by S&P, Moody's and Fitch.

2: Average holdings quality of the underlying assets of the portfolio. The Weighted Average Quality of the portfolio has NOT been assessed by a nationally recognized statistical rating organization. The Weighted Average Quality shown represents an average quality of the individual holdings' Composite Ratings, as rated by S&P, Moody's and Fitch.

3: Blended Yield is net of all fees, including book value contract fees, Galliard investment management fees, and, if applicable, external manager fees, Wells Fargo collective fund administrative fees, and plan administrative reimbursement.

4: Includes Receivables and Payables.

5: Total % of portfolio may not add to 100% due to rounding.


ACCOUNT SUMMARY

Benchmark 3 Year Constant Maturity Treasury

Galliard Inception Date September 4, 2012

Net Asset Value $286,813,738

HISTORICAL FUND ASSETS

$

$50

$100

$150

$200

$250

$300

$350

4Q'12 4Q'13 4Q'14 4Q'15 4Q'16 4Q'17 4Q'18 1Q'19

Mill

ions

PORTFOLIO CHARACTERISTICS

Portfolio 12/31/18

Portfolio 3/31/19

Average Quality - Book Value1 AA- AA-

Average Quality - Market Value2 AA AA

Number of Contract Issuers 5 5

Blended Yield (after all fees)3 2.16% 2.24%

Yield to Maturity 3.09% 2.80%

Effective Duration 2.62 years 2.78 years

Market/Book Value Ratio 98.65% 99.91%

PORTFOLIO DISTRIBUTION

% Portfolio 12/31/18

% Portfolio 3/31/19

Liquidity Buffer: Cash & Equivalents4 9.6 5.5

Short Portfolio 41.9 40.1

Intermediate Portfolio 48.5 54.3

Total 100.0%5 100.0%5


First Quarter 2019

1: Contributions, Withdrawals and Investment Transfers

2: Cashflows may not net to final assets due to rounding.3. Excludes $53.2 million money market merger on 3/25/19.

2015 2016 2017 2018 1Q'19

Beginning Assets $188.7 $194.6 $212.4 $209.1 $226.5

Net Cash Flow ($)1 $2.9 $14.2 -$7.1 $12.9 $5.83

Net Cash Flow (%) 1.52% 7.29% -3.35% 6.14% 2.56%

Estimated Investment Earnings $3.1 $3.6 $3.9 $4.6 $1.3

Ending Assets2 $194.6 $212.4 $209.1 $226.5 $286.8

HISTORICAL CASHFLOWS

-$4.0

-$2.0

$0.0

$2.0

$4.0

$6.0

$8.0


First Quarter 2019

1: Blended Yield is net of all fees, including book value contract fees, Galliard investment management fees, and, if applicable, external manager fees, Wells Fargo collective fund administrative fees, and plan administrative reimbursement.

HISTORICAL BLENDED YIELD1

1.44 1.57 1.67 1.73 1.83

1.98 2.08 2.16 2.24

0

1

2

3

4

1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19

Ble

nded

Yie

ld (

%)

HISTORICAL DURATION

2.85 2.83 2.78 2.81 2.82 2.84 2.65 2.62

2.78

0

1

2

3

4

5

1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19

Dur

atio

n (Y

ears

)

HISTORICAL MARKET VALUE TO BOOK VALUE RATIO

100.00 100.23 100.28

99.74

98.65 98.29

98.06

98.65

99.91

96

98

100

102

104

1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19

MV

/BV

Rat

io (

%)

HISTORICAL UNDERLYING YIELD TO MATURITY

2.07 2.10 2.11

2.39

2.86 3.10 3.16 3.09

2.80

0

1

2

3

4

1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19

Und

erly

ing

Yie

ld to

Mat

urity

(%

)


First Quarter 2019

1: The quality rating shown represents the individual holdings' Composite Ratings, as rated by S&P, Moody's and Fitch. Ratings shown as NR/NA are not rated or not available security ratings.

CONTRACT ISSUER DISTRIBUTION & RATING SUMMARY1

% Portfolio 12/31/18

% Portfolio 3/31/19

Rating 12/31/18

Rating 3/31/19

Massachusetts Mutual Life Ins. Co. 11.4 15.7 AA+ AA+

Prudential Ins. Co. of America 20.8 19.3 AA- AA- Royal Bank of Canada 9.9 15.6 AA AA

Transamerica Premier Life Ins. Co. 24.9 22.6 A+ A+

Voya Ret. Ins. and Annuity Co. 23.3 21.3 A A


First Quarter 2019

1: Market Value. Total % of portfolio may not add to 100% due to rounding. The external managers provide holdings and the securities are classified using Galliard's analytics methodology for maximum comparability across managers. The quality distribution shown represents the distribution of the individual holdings' Composite Ratings, as rated by S&P, Moody's and Fitch. Ratings shown as NR/NA are not rated or not available security ratings. Distributions represent the portfolio positions for reporting purposes only. Investment guideline compliance is reported in the appendix or separately through your Galliard relationship manager.

UNDERLYING FIXED INCOME ASSET ALLOCATION1

Portfolio 12/31/18 Portfolio 3/31/19

5.7%

0.1%

13.4%

5.1%

0.9%

20.7%

2.8%

28.6%

4.1%

18.6%

10.3%

0.1%

14.0%

4.8%

0.9%

18.6%

2.6%

27.9%

3.7%

0.1%

17.2%

0.0% 10.0% 20.0% 30.0% 40.0%

Cash & Equivalents

Sovereign / Supranationals

Asset Backed

CMBS

Non-Agency MBS

Agency MBS

Taxable Muni/Not for Profit

Corporates

Other U.S. Government

U.S. Agency

U.S. Treasury

UNDERLYING QUALITY DISTRIBUTION1


UNDERLYING DURATION DISTRIBUTION1


0.1%

9.2%

14.9%

6.5%

69.3%

0.1%

9.1%

14.0%

6.5%

70.4%

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

<BBB

BBB

A

AA

AAA

12.1%

24.2%

42.9%

20.8%

11.9%

23.7%

39.2%

25.2%

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

5+

3-5

1-3

0-1

STATE OF OREGON STABLE VALUE FUND PORTFOLIO TRANSACTIONS

Period: 1/1/2019 - 3/31/2019

Asset ID Security Description Par Amount Trade Date Settle Date Galliard

Composite Rating

PURCHASES 575997HE4 Massachusetts Mutual Life Ins. Co. 530,000 1/2/2019 1/2/2019 AA+

780995RG3 Royal Bank of Canada 3,500,000 1/2/2019 1/2/2019 AA

575997HE4 Massachusetts Mutual Life Ins. Co. 1,390,000 2/1/2019 2/1/2019 AA+

744999SP9 Prudential Ins. Co. of America 460,000 2/1/2019 2/1/2019 AA-


600996DU3 Transamerica Premier Life Ins. Co. 460,000 2/1/2019 2/1/2019 A+

75999UTZ1 Voya Ret. Ins. and Annuity Co. 460,000 2/1/2019 2/1/2019 A




744999SP9 Prudential Ins. Co. of America 7,500,000 3/26/2019 3/26/2019 AA-


600996DU3 Transamerica Premier Life Ins. Co. 7,500,000 3/26/2019 3/26/2019 A+

75999UTZ1 Voya Ret. Ins. and Annuity Co. 7,500,000 3/26/2019 3/26/2019 A

TOTAL PURCHASES

SALES 3839909B6 State Street Government STIF 10 4,030,000 1/2/2019 1/2/2019 AAA

3839909B6 State Street Government STIF 10 4,160,000 2/1/2019 2/1/2019 AAA



TOTAL SALES

STATE OF OREGON STABLE VALUE FUND PORTFOLIO HOLDINGS

March 31, 2019

1: Crediting rates are net of wrap fees and any other fees being netted out of the rates. 2: N.S.M. = No Stated Maturity

Asset ID Security Description Manager Contract Value ($)

Market Value ($)

Market/Book Value

Ratio (%) % of

Portfolio

Crediting Rate (%)1

UCA Yield (%) Maturity2

Effective Duration

(yrs)

Galliard Composite

Rating

Wrap Fees (bps)

LIQUIDITY BUFFER

Cash Receivable / (Payable) 0 0 0.0 0.0 2.42 2.42 0.10 AAA 3839909B6 State Street Government STIF 10 15,901,016 15,901,016 100.0 5.5 2.42 2.42 0.10 AAA TOTAL LIQUIDITY BUFFER 15,901,016 15,901,016 100.0 5.5 2.42 2.42 0.10 AAA

SHORT PORTFOLIO

575997HE4 Massachusetts Mutual Life Ins. Co. Galliard 18,148,226 18,089,255 99.7 6.3 2.27 2.71 N.S.M. 1.82 AA+ 19.0 744999SP9 Prudential Ins. Co. of America Galliard 22,327,304 22,387,968 100.3 7.8 2.65 2.71 N.S.M. 1.82 AA- 18.0 780995RG3 Royal Bank of Canada Galliard 18,111,938 18,087,940 99.9 6.3 2.47 2.71 11/1/23 1.82 AA 17.0 600996DU3 Transamerica Premier Life Ins. Co. Galliard 29,032,950 28,986,793 99.8 10.1 2.55 2.71 N.S.M. 1.82 A+ 17.0 75999UTZ1 Voya Ret. Ins. and Annuity Co. Galliard 27,499,069 27,457,914 99.9 9.6 2.45 2.71 N.S.M. 1.82 A 18.0 TOTAL SHORT PORTFOLIO 115,119,487 115,009,869 99.9 40.1 2.49 2.71 1.82 AA-

INTERMEDIATE PORTFOLIO

575997HE4 Massachusetts Mutual Life Ins. Co. Galliard 26,869,198 26,781,888 99.7 9.4 2.27 2.97 N.S.M. 3.80 AA+ 19.0 744999SP9 Prudential Ins. Co. of America Galliard 4,308,860 4,320,567 100.3 1.5 2.65 2.97 N.S.M. 3.80 AA- 18.0 744999SP9 Prudential Ins. Co. of America Jennison Assoc. 28,745,240 28,823,341 100.3 10.0 2.65 2.70 N.S.M. 4.04 AA- 18.0 780995RG3 Royal Bank of Canada Galliard 26,568,070 26,532,867 99.9 9.3 2.47 2.97 11/1/23 3.80 AA 17.0 600996DU3 Transamerica Premier Life Ins. Co. Dodge & Cox 26,795,144 26,752,544 99.8 9.3 2.55 3.05 N.S.M. 3.46 A+ 17.0 600996DU3 Transamerica Premier Life Ins. Co. Galliard 8,869,071 8,854,971 99.8 3.1 2.55 2.97 N.S.M. 3.80 A+ 17.0 75999UTZ1 Voya Ret. Ins. and Annuity Co. Galliard 6,822,746 6,812,535 99.9 2.4 2.45 2.97 N.S.M. 3.80 A 18.0 75999UTZ1 Voya Ret. Ins. and Annuity Co. Payden & Rygel 26,814,907 26,774,777 99.9 9.3 2.45 2.82 N.S.M. 3.62 A 18.0 TOTAL INTERMEDIATE PORTFOLIO 155,793,235 155,653,490 99.9 54.3 2.49 2.91 3.76 AA-

TOTAL PORTFOLIO 286,813,738 286,564,375 99.9 100.0 2.48 2.80 2.78 AA-

MARKET REVIEW

75

80

85

90

95

100

105

2014 2015 2016 2017 2018 2019

Inde

x Le

vel

MARKET REVIEWFIRST QUARTER 2019

ECONOMIC MOMENTUM SLOWS IN 4Q…

• The U.S. economy grew at a q/q annualized pace of 2.2% in the fourthquarter, losing momentum after strong second and third quarter growth.

• Notably, personal consumption growth slowed to 2.5% in the lastquarter of the year, from 3.5% and 3.8% in the third and secondquarter respectively.

• On the other hand, business activity continues to expand, albeit at aslightly slower pace: the ISM Manufacturing Index has bounced around54-56 in the first quarter, still in expansionary territory but lower thanthe 58-60 readings throughout most of 2018.

• Market consensus is currently calling for continued slowing growth inthe first quarter, in the range of 1.3% to 1.7%.

…TREND EXPECTED TO CONTINUE IN 1Q

• In addition to the slowing trends in consumer spending and businessoutput, the economy also dealt with a number of disruptive events inthe first quarter: the longest Government shutdown in U.S. history,continued trade wars, and extreme cold weather are all expected toweigh on growth.

• While estimates of the economic impact of these factors is relativelymuted at present, the more important impact may have beenpsychological – the University of Michigan Consumer Sentiment Indexfell sharply in January, to the lowest level in several years, although ithas since rebounded.

• Market reaction has been mixed, with the S&P 500 once again near all-time highs by the end of March and corporate credit spreads retracingthe widening seen at the end of the year; meanwhile, the Treasurymarket has rallied considerably with the 3-month to 10-year part of theyield curve inverting for a short time, the first time this has happenedsince 2007.

Source: Bloomberg

Source: Bloomberg

The information contained herein reflects the views of Galliard Capital Management, Inc. & sources believed to be reliable by Galliard as of the date of publication. The views expressed here may change atany time subsequent to the date of publication. This publication is for informational purposes only. For institutional investor use only.

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2014 2015 2016 2017 2018

Q/Q

Annu

aliz

ed (

%)

Real GDP Growth

University of Michigan Consumer Sentiment Index

FED CALMS MARKETS WITH PATIENT APPROACH…

• The Fed left interest rates unchanged during the first quarteras expected. In stark contrast to the policy signal sent inDecember, the message from the Fed at the January meetingstressed patience going forward.

• This pivot instilled the markets with renewed confidence,triggering a rally in risk assets throughout the quarter.Nevertheless, concerns about slowing global growth continue toweigh heavily on market expectations.

• At the March FOMC meeting, the Fed maintained its dovishstance as it adjusted its expectation for future rate hikes fromtwo to zero in 2019, and announced the end of its balancesheet run-off in the fall; markets are now pricing in thepossibility of a rate cut later this year.

…AMID CONTINUED MUTED INFLATION AND SLOWING JOB GROWTH

• Inflation readings remain muted with the Consumer PriceIndex falling to 1.5% in February. Core CPI continues to hoverat 2.2%, but more importantly Core PCE, the Fed’s preferredmeasure of inflation, remains at around 1.8%.

• Job creation stumbled in February, with only 33k jobs added,but this could be an anomaly with more solid jobs numbers of227k, 312k, and 196k in December, January, and Marchrespectively. Leading indicators such as Initial Jobless Claimsand Continuing Jobless Claims have recently improved,suggesting job creation remains intact.

• Average Hourly Earnings increased by 3.2% to 3.4% in eachmonth of the quarter, continuing a trend that started in late2017. The unemployment rate ended the quarter at 3.8% afterrising to 4% in January due to the Government shutdown.

Source: Federal Reserve, Bloomberg

Source: Bloomberg

The information contained herein reflects the views of Galliard Capital Management, Inc. & sources believed to be reliable by Galliard as of the date of publication. The views expressed here may change atany time subsequent to the date of publication. This publication is for informational purposes only. For institutional investor use only.

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2019 2020 2021 Long Term

6/13/2018 9/26/2018 12/19/2018 3/20/2019

Non-Farm Payrolls

0

50

100

150

200

250

300

350

400

2014 2015 2016 2017 2018 2019

Tota

l Cha

nge

('000

s)

FOMC Median Fed Funds Rate Projections (%)

MARKET REVIEWFIRST QUARTER 2019

APPENDIX

APPENDIX - STATE OF OREGON STABLE VALUE FUND

First Quarter 2019

1: Returns are net of book value contract, Galliard investment management fees, and, if applicable, external manager fees and Wells Fargo collective fund administrative fees.2: Returns are net of all fees, including book value contract fees, Galliard investment management fees, and, if applicable, external manager fees, and plan administrative reimbursement.3: May not add due to rounding.

CALENDAR YEAR INVESTMENT PERFORMANCE

2014 2015 2016 2017 2018

Portfolio (net of inv. mgmt. fees)1 1.28 1.50 1.63 1.75 2.10

Portfolio (net of all fees - NAV level)2 1.10 1.33 1.46 1.58 1.98

3 Year Constant Maturity Treasury 0.90 1.03 1.01 1.58 2.63

Value Added (net of all fees – NAV level)3 0.21 0.30 0.45 0.00 (0.65)

MARKET INDICES

ICE BofAML U.S. 3 Month Treasury Bill 0.03 0.05 0.33 0.86 1.87

Consumer Price Index 0.76 0.73 2.07 2.11 1.67

GUIDELINE COMPLIANCE

We have not become aware of any investment guideline compliance issues occurring in the portfolio during the quarter.

APPENDIX - STATE OF OREGON STABLE VALUE FUND

First Quarter 2019

TOTAL ANNUAL FUND OPERATING EXPENSES

Total Annual Operating Expenses are deducted directly from the Fund’s net asset value and reduce the investment option’s rate of return.

Expense Expense Ratio 3/31/19 Per $1000

Investment Management Fees paid to Galliard* 0.122% $1.22

Investment Management fees paid to Non-Affiliated Investment Advisors None None

Investment Contract Fees1 0.168% $1.68

Acquired Fund Fees2 0.058% $0.58

-Investment Contract Fees None None

-Other Acquired Fund Fees and Non-Affiliated Investment

Management Fees paid to Non-Affiliated Investment Advisors3 0.058% $0.58

12b-1 Distribution Fee None None

Other Expenses 0.120% $1.20

Total Annual Fund Operating Expenses4 0.467% $4.67

*Changes have occurred to the fee schedule structure since the prior period. Please contact your Galliard representative if you have additional questions.

1: These are fees paid to create and maintain the investments used by a stable value fund.

2: These are fees borne indirectly by the Fund when it acquires an interest in another fund which pays its own separate fees.

3: Includes audit fees for the cost of producing a report by a qualified auditor.

4: Total Annual Fund Operating Expenses are reflected daily in the Fund's net asset value (NAV).

Excluding STIF or money market allocations, non-affiliated investment advisors include Dodge & Cox , Jennison Assoc., Payden & Rygel.


Schwab Personal ChoiceRetirement Account (PCRA)Quarterly Report

As of 3/31/2019

©2017 Charles Schwab & Co., Inc. (“Schwab”). Member SIPC. All rights reserved.

For Institutional Use OnlyCompliance number: 0517-ZGX6

The Schwab Personal Choice Retirement Account (PCRA) Quarterly Report

OREGON SAVINGS GROWTH PLAN as of 3/31/2019

17

Plan Profile Information

Total Advisor Managed PCRA Assets

Total Funded Roth Accounts

Total Funded PCRA Accounts

Total PCRA Assets

Total Advisor Managed Funded PCRA Accounts

PCRA Participant Profile Information

Average PCRA Account Balance

PCRA Assets In and Out This Quarter*

PCRA Accounts Opened This Quarter

$19,716,508

264

Plan Type 457B

Total Roth Assets

$8,099,522

78

28

$2,670,299

Average Positions Per Account

Average Trades Per Account

Cash Investments

Equities

ETFs

Fixed Income

Mutual Funds

Other

Total

1.0

1.8

0.9

0.1

2.4

0.0

6.2

$74,684

Total

Other

Mutual Funds

Fixed Income

ETFs

Equities 3.6

0.8

0.1

2.7

0.0

7.2

$1,698,453Cash Investments

Average Participant Age

Percent Male Participants

Percent Female Participants

54

73%

27%

* Assets In and Out includes contributions and distributions.

Equities

ETFs

Fixed Income

Mutual Funds

Other

Total Assets by Category

$3,184,931

$3,027,028

$440,913

$11,365,183

$0

$270,940

Assets and Accounts (Trailing 4 Quarters)

0M

4M

8M

12M

16M

20M

3/31

/201

9

12/31/

2018

9/30

/201

8

6/30

/201

8

Total Assets

Total Advisor Managed

Assets

0.00K

0.04K

0.08K

0.12K

0.16K

0.20K

0.24K

0.28K

3/31

/201

9

12/31/

2018

9/30

/201

8

6/30

/201

8

Total Funded Accounts

Total Advisor Managed

Funded Accounts





Top 10 Mutual Fund Holdings**

Name Symbol OS* $MF Assets %MF AssetsCategory

RISKPRO PFG BALANCED 20 TO 30 FD CL R PFDBX Y $1,746,490 15.59%Hybrid Funds

RISKPRO PFG EQUITY 30 PLUS FD CL R PFDEX Y $1,406,773 12.56%Large Capitalization Stock Funds

RISKPRO DYNAMIC 15 TO 25 FD CL R PFDPX Y $773,391 6.90%Hybrid Funds

RISKPRO PFG AGGRESSIVE 30 PLUS FD CL R PFSUX Y $693,704 6.19%International

RISKPRO DYNAMIC 20 TO 30 FD CL R PFJDX Y $561,720 5.01%Hybrid Funds

RISKPRO TACTICAL 0 TO 30 FD CL R PFTEX Y $409,124 3.65%Hybrid Funds

RISKPRO PFG 30 PLUS FD CL R PFSMX Y $408,182 3.64%International

COLUMBIA DIVIDEND INCOME FD CL A LBSAX Y $379,836 3.39%Large Capitalization Stock Funds

RISKPRO PFG GLOBAL 30 PLUS FD CL R PFDGX Y $369,888 3.30%International

RISKPRO ALTERNATIVE 0 TO 15 FD CL R PFAOX Y $363,730 3.25%Hybrid Funds

Top 10 Fund Families

$MF Assets %MF AssetsName

VANGUARD $680,340 6.07%

COLUMBIA $478,160 4.27%

PRIMECAP $266,817 2.38%

T ROWE PRICE $253,566 2.26%

SCHWAB $217,978 1.95%

FIDELITY $206,910 1.85%

INFINITY $100,172 0.89%

OPPENHEIMER $66,410 0.59%

WASATCH $65,858 0.59%

MATTHEWS $65,637 0.59%

**Top 10 Mutual Funds does not include Money Market Funds.

*OS = OneSource, no-load, no transaction fee.





Top 10 ETF Holdings

Name Symbol $ETF Assets %ETF AssetsOS*Category

SCHWAB US DIVIDEND EQUITY ETF SCHD $193,815 6.40%YUS Equity

VELOCITYSHARES DAILY 2X VIX SHORT-TERM ETN TVIX $146,492 4.84%NOther

VANGUARD FTSE EUROPE ETF VGK $137,023 4.53%NInternational Equity

SPDR LONG TERM TREASURY ETF SPTL $122,088 4.03%YUS FI

SELECT SECTOR HEALTH CARE SPDR ETF XLV $121,975 4.03%NSector

VANGUARD FTSE PACIFIC ETF VPL $116,587 3.85%NInternational Equity

SCHWAB US LARGE CAP VALUE ETF SCHV $114,650 3.79%YUS Equity

VANGUARD SMALL CAP VALUEETF VBR $78,720 2.60%NUS Equity

VANGUARD FTSE ALL WORLD EX US ETF VEU $74,296 2.45%NInternational Equity

SCHWAB US LARGE CAP ETF SCHX $73,774 2.44%YUS Equity

Top 10 Equity Holdings

Name Symbol $EQ Assets %EQ AssetsCategory

AMAZON.COM INC AMZN $213,690 6.71%Consumer Discretionary

APPLE INC AAPL $177,526 5.57%Information Technology

SQUARE INC CLASS A SQ $170,893 5.37%Information Technology

TESLA INC TSLA $129,295 4.06%Consumer Discretionary

FEDEX CORP FDX $87,258 2.74%Industrials

ALPHABET INC. CLASS C GOOG $75,092 2.36%Communication Services

TEEKAY OFFSHORE PARTNERF TOO $72,000 2.26%Energy

TWILIO INC CLASS A TWLO $69,757 2.19%Information Technology

CALAMOS CONVERTIBLE OPPO CHI $65,237 2.05%Other

NIO INC ADR F NIO $65,061 2.04%Consumer Discretionary

*OS = OneSource, no transaction fee.





Market Value Allocation - All Assets (Quarter over Quarter)

12/31/2018

6.06%

Mutual Funds

(Transaction Fee)

0.56%

Mutual Funds

(Other)

9.60%

Cash

17.89%

Equities

16.97%

ETFs

1.15%

Fixed Income

47.77%

Mutual Funds

(OneSource)

3/31/2019

5.64%

Mutual Funds

(Transaction Fee)

0.50%

Mutual Funds

(Other)

8.61%

Cash

16.15%

Equities

15.35%

ETFs

2.24%

Fixed Income

51.50%

Mutual Funds

(OneSource)

The above charts illustrate the percent of PCRA participant assets in each noted asset class as percentage of total PCRA assets. Percentages are calculated as of quarter-end. Money Market Funds are classified under Mutual Funds.

Net Flow - All Non-Cash Assets (3-Month Period Ending 3/31/2019)

-0.4M

0.0M

0.4M

0.8M

1.2M

1.6M

2.0M

2.4M

Equities ETFs Fixed IncomeMutual Funds

(OneSource)

Mutual Funds

(Transaction Fee)

Net Flow is the net of all cash inflows and outflows in and out of financial assets; the performance of an asset or fund is not taken into account, only share redemptions, or outflows, and share purchases, or inflows.





Market Value Allocation - Mutual Funds (Quarter over Quarter)

3/31/2019

1.43%

Money Market

Fund

4.66%

Small

Capitalization

Stock Funds

3.01%

Specialized Funds

6.05%

Taxable Bond

Funds

42.02%

Hybrid Funds

21.60%

International

21.22%

Large

Capitalization

Stock Funds

12/31/2018

1.34%

Money Market

Fund

5.45%

Small

Capitalization

Stock Funds

3.71%

Specialized Funds

7.56%

Taxable Bond

Funds

35.11%

Hybrid Funds

28.34%

International

18.49%

Large

Capitalization

Stock Funds


Net Flow by Sector - Mutual Funds (3-Month Period Ending 3/31/2019)

-0.4M

0.0M

0.4M

0.8M

1.2M

1.6M

2.0M

Hybrid Funds InternationalLarge Capital ization

Stock FundsMoney Market Fund

Smal l Capi tal ization

Stock FundsSpecial ized Funds

Taxable Bond Funds






3/31/2019

3.87%

Materials

3.98%

Other

3.12%

Real Estate

0.88%

Utilities

8.78%

Communication

Serv ices

19.05%

Consumer

Discretionary

3.54%

Consumer Staples

5.88%

Energy

4.39%

Financials

9.56%

Health Care

7.56%

Industrials

29.40%

Information

Technology

Market Value Allocation - Equities (Quarter over Quarter)

12/31/2018

22.32%

Information

Technology

4.62%

Materials

4.11%

Other

3.54%

Real Estate

1.34%

Utilities

6.67%

Communication

Serv ices

20.46%

Consumer

Discretionary

4.69%

Consumer Staples

8.79%

Energy

5.06%

Financials

6.59%

Health Care

11.81%

Industrials


Net Flow by Sector - Equities (3-Month Period Ending 3/31/2019)

-0.16M

-0.12M

-0.08M

-0.04M

0.00M

0.04M

0.08M

0.12M

Communication Services Consumer Discretionary Consumer Staples Energy Financials

Health Care Industrials Information Technology Materials Other

Real Estate Uti l i ties






3/31/2019

8.08%

US FI

3.71%

Commodity

25.25%

International

Equity

0.04%

International FI

3.07%

Leveraged/Inverse

5.17%

Other

18.01%

Sector

36.67%

US Equity

Market Value Allocation - ETF (Quarter over Quarter)

12/31/2018

8.02%

US FI

5.15%

Commodity

23.07%

International

Equity

0.04%

International FI

2.92%

Leveraged/Inverse

0.36%

Other

16.75%

Sector

43.69%

US Equity


Net Flow by Sector - ETF (3-Month Period Ending 3/31/2019)

-0.20M

-0.15M

-0.10M

-0.05M

0.00M

0.05M

0.10M

0.15M

0.20M

Commodity International Equi ty International FI Leveraged/Inverse Other Sector US Equity

US FI






Average Monthly Trades Per Account (3-Month Period Ending 3/31/2019)

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1/1/2019 2/1/2019 3/1/2019

Equities ETFs Fixed Income Mutual Funds

Trading Channel Mix (Month over Month)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1/1/2019 2/1/2019 3/1/2019

41%33% 35%

27%

21%29%

1%

31%

46%35%

Investment Manager Live Representative Mobile Web





Important Disclosures

Schwab Personal Choice Retirement Account (PCRA) is offered through Charles Schwab & Co., Inc. (Member SIPC), the registered broker/dealer, which also provides other brokerage and custody services to its customers.

For participants who utilize the Personal Choice Retirement Account (PCRA), the following fees and conditions may apply: Schwab's shortterm redemption fee of $49.95 will be charged on redemption of funds purchased through Schwab's Mutual Fund OneSource® service (and certain other funds with no transaction fee) and held for 90 days or less. Schwab reserves the right to exempt certain funds from this fee, including Schwab Funds®, which may charge a separate redemption fee, and funds that accommodate short-term trading.

Trades in no-load mutual funds available through Mutual Funds OneSource service (including Schwab Funds) as well as certain other funds, are available without transaction fees when placed through schwab.com or our automated phone channels. Schwab reserves the right to change the funds we make available without transaction fees and to reinstate fees on any funds. Funds are also subject to management fees and expenses.

Charles Schwab & Co., Inc., member SIPC, receives remuneration from fund companies for record keeping, shareholder services and other administrative services for shares purchased through its Mutual Fund OneSource service. Schwab also may receive remuneration from transaction fee fund companies for certain administrative services.

This material is for institutional use only.

The information contained herein is obtained from third-party sources and believed to be reliable, but its accuracy or completeness is not guaranteed. This report is for informational purposes only and is not a solicitation, or a recommendation that any particular investor should purchase or sell any particular security.



Allocation of Stocks and Bonds Portfolio Analysis

045 40 35 30 25 20 15 10 5

10080

60

40

200

Years Until RetirementBlack line designates target allocation for the Fund as of the date of this report.

% AllocationBonds

U.S. Stocks

Non-U.S. Stocks

Cash

Other

Investment Objective and StrategyThe Fund seeks to provide for retirement outcomes consistent with investor preferences throughout the savings and draw down phase based on quantitatively measured risk that investors, on average, may be willing to accept.

The Fund is a collective investment trust maintained and managed by BlackRock Institutional Trust Company, N.A. ("BTC").The Fund shall be invested and reinvested in securities and other assets with the objective of providing for retirement

outcomes consistent with investor preferences throughout the savings and drawdown phase based on quantitatively measured risk that investors, on average, may be willing to accept.

In pursuit of that objective, the Fund will be broadly diversified across global asset classes, with asset allocations becoming more conservative over time if the Fund has a year in its name. The Fund’s investments may include: equity securities (including those issued by real estate companies); depositary receipts; debt securities and other fixed income obligations (including those issued or guaranteed by the U.S. government, its agencies or instrumentalities, and those issued by corporations or other entities); mortgage-backed securities; other asset-backed securities; commodities; and/or cash equivalents.

The Fund may invest in securities and other obligations of U.S. issuers or non-U.S. issuers, and those issuers may be of any market capitalization. The Fund's fixed income investments may be investment-grade or non-investment grade, and may include securities and other obligations of any maturity.

In addition to, or in lieu of, investing in the assets listed above, the Fund may engage in structured transactions in these asset classes, as well as over-the-counter forward contracts, swaps and options. When deemed appropriate by BTC, the Fund may invest in futures contracts, for the purpose of acting as a temporary substitute for investment in securities and/or to gain exposure to commodities.

The difference between the normal and current securities holdings for the Fund varies over time and is based on the factors analyzed by the asset allocation model used by BTC to manage the Fund. The normal asset allocations will gradually change over the investment horizon of the Fund to become more heavily oriented toward debt and debt-like securities. As time passes, the Fund is managed more conservatively – prior to retirement – in terms of its allocation to equity securities and markets, on the premise that individuals investing for retirement desire to reduce investment risk in their retirement accounts as their retirement date approaches.

The trajectory along which asset allocations are adjusted over time to gradually become more conservative is called the “glidepath”. The glidepath illustrates the target allocation among asset classes as the Fund approaches its target date. The target asset allocation of the Fund at its retirement date is expected to be 40% in underlying index funds that invest primarily in equity and equity-like securities and 60% in underlying index funds that invest primarily in fixed income and fixed income-like securities.

BTC employs a proprietary investment model that analyzes securities market data, including risk, correlation and expected return statistics, to recommend the portfolio allocation among the asset classes.

Rather than choosing specific securities within each asset class, BTC selects among indices representing segments of the global equity and debt markets and invests in securities that comprise the chosen index. The Fund generally invests in a chosen index through a series of collective investment trusts maintained and managed by BTC, each such fund representing one of the indices (each, an "Underlying Fund").

In the event of a conflict between this summary description of the Fund's investment objective and principal investment strategies and the Trust Document under which the Fund was established, the Trust Document will govern. For more information related to the Fund, please see the Fund's Trust Document, Profile and most recent audited financial statements.

Top 10 Holdings as of 03-31-19 % Assets

U.S. Debt Index Fund E 48.69Russell 1000 Index Fund 22.97BlackRock MSCI ACWI ex-US IMI Index Fd E 13.17U.S. TIPS Fund E 7.69Russell 2000 Index Fund 3.34.......................................................................................................Commodity Index Daily Fund E 3.26Developed Real Estate Index Fund E 0.89

Morningstar Super Sectors as of 03-31-19 % Fund

h Cyclical 39.39j Sensitive 38.13k Defensive 22.48

Morningstar F-I Sectors as of 03-31-19 % Fund % Category

⁄ Government 48.37 36.27› Corporate 19.81 26.39€ Securitized 21.20 18.21‹ Municipal 0.47 0.48fi Cash 10.15 15.07 Other 0.00 3.58

Investment InformationOperations and Management

Product Inception Date 08-26-11Strategy Inception Date 08-01-05Total Fund Assets ($mil) 1,268.22Investment Manager BlackRock Institutional Trust

Company NA

.........................................................................................................................

Annual Turnover Ratio % 14.05

Fees and Expenses as of 12-31-18

Total Annual Operating Expense % 0.09%Total Annual Operating Expense per $1000 $0.90

Additional Information for Total Annual Operating Expense

The Total Annual Operating Expense ratio noted above("TAOE") reflects a management fee and administrative costs.The administrative costs are capped at one (1) basis point(0.01%) per year. The TAOE may also, if applicable, reflectcertain third party acquired fund fees and expenses. Theremay be other fees and expenses not reflected in the TAOEthat bear on the value of the investment. The PortfolioTurnover Rate is that of the collective investment fund inwhich the Fund invests exclusively, either directly orindirectly.

Release Date: 03-31-2019

BlackRock LifePath® Index 2020 Fund L .................................................................................................................................................................................................................................................................................................................................................................................................Primary Benchmark Custom Benchmark Morningstar Category Overall Morningstar Rating™ Morningstar Return Morningstar RiskBloomberg Barclays U.S.Aggregate Bond Index

BlackRock LifePath® Index2020 Custom Benchmark

Target-Date 2020 QQQ Average Below AverageSee disclosure for details.

697936 ©2019 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. NeitherMorningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee offuture performance. Visit our investment website at www.morningstar.com.

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Benchmark DescriptionThe BlackRock LifePath® Index 2020 Fund L's CustomBenchmark is a comparison benchmark for the performanceof the Fund. The Custom Benchmark is calculated usingblended returns of third party indices that proportionallyreflect the respective weightings of the Fund's asset classes.The third party index proportions of the Custom Benchmarkare adjusted quarterly to reflect the Fund's changing assetallocations over time. As the Fund's asset classes have beenre-defined or added over time, the indices used to calculatethe Custom Benchmark have changed accordingly. As ofDecember 31, 2018, the indices used to calculate theCustom Benchmark are: Russell 1000® Index, Russell2000® Index, MSCI ACWI ex-US IMI Net Dividend ReturnIndex[sm], Bloomberg Barclays U.S. Aggregate Bond Index,Bloomberg Barclays U.S. Treasury Inflation ProtectedSecurities (TIPS) Index (Series-L), FTSE EPRA NareitDeveloped Index, and the Bloomberg Commodity Index TotalReturn.

Volatility Analysis

Low Moderate High

Investment

Category

In the past, this investment has shown a relatively smallrange of price fluctuations relative to other investments.Based on this measure, currently more than two-thirds of allinvestments have shown higher levels of risk. Consequently,this investment may appeal to investors looking for aconservative investment strategy.

Best 3 Month Return Worst 3 Month Return

20.37% -23.09%(Mar '09 - May '09) (Sep '08 - Nov '08)

Performance

L1 L2 L3 L4 L5 L6

-9

-6

-3

0

3

6

9

12 Total Return% as of 03-31-19

InvestmentPrimary BmarkCustom Bmark

Average annual, if greaterthan 1 year

Since Inception 10 Year 5 Year 3 Year 1 Year YTD

5.35 8.95 4.62 6.27 3.96 7.09 Investment Return %4.04 3.77 2.74 2.03 4.48 2.94 Primary Bmark Return %5.36 8.93 4.56 6.22 3.98 7.03 Custom Bmark Return %........................................................................................................................................................................................................... QQQ QQQ QQ . . Morningstar Rating™. 106 166 204 . . # of Funds in Category

Performance Disclosure: The Fund's returns are net of an investment management fee, currently at an annual rateof 0.08%. The Fund’s performance reflects fund level administrative costs capped at 1 basis point (0.01%) per year.Since its inception the Fund has invested all of its assets in LifePath Index 2020 Fund F. Returns shown for periodsprior to the Fund's inception are those of the LifePath Index 2020 Fund F net of the Fund's investment managementfee.

Principal RisksAny of the principal risks summarized below may adversely affect the Fund's net asset value, performance, and ability to meet itsinvestment objective. An investment in the Fund is not a bank deposit, is not guaranteed by BlackRock, Inc. or any of its affiliates,and is not insured by the Federal Deposit Insurance Corporation or any other agency of the U.S. government.

Equity Investment Risk: The price of an equity security fluctuates based on changes in the issuer’s financial condition andoverall market and economic conditions. Equity securities are subject to changes in value that may be more volatile than otherasset classes.

Foreign Investment Risk 1: The Fund may suffer losses due to political, legal, economic and geographic events affecting anon-U.S. issuer or market. The prices of non-U.S. securities may be more volatile than those of securities issued by U.S.corporations or other U.S. entities. Securities of non-U.S. issuers denominated in non-U.S. currencies will expose the Fund tofluctuations in foreign currency exchange prices.

Target Date Risk 1: A “target date” fund may incur losses close to or after the fund's target retirement date, and there is noguarantee that the Fund will provide adequate income for an investor’s retirement.

Asset Allocation Model Risk: The asset allocation model may not effectively maximize returns or minimize risk, or beappropriate for every investor seeking a particular risk profile. The model developed by BTC could result in underperformance ascompared to funds with similar investment objectives and strategies.

Commodity-Related Investment Risk 2: The value of commodity-linked derivative investments may be significantly affectedby changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particularindustry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatorydevelopments.

Securities Lending Risk 1: The Fund may engage in securities lending, which involves borrower credit risk, settlement risk,and cash collateral-related risks, such as the risk that the return on the cash collateral is insufficient to cover the fees the Fund iscommitted to pay and the risk that cash collateral may be invested in securities or other instruments that suffer losses orbecome illiquid.

Derivatives Risk 1: Investments in derivatives (such as futures contracts, forward contracts, swaps and options) may reducethe Fund's returns and/or increase volatility. Fluctuations in the values of derivatives may not correlate perfectly with the overallsecurities markets. The other party in the transaction may not fulfill its contractual obligation. The possible lack of a liquidsecondary market for derivatives could expose the Fund to losses.

Real Estate-Related Investment Risk 2: Real estate values can be negatively affected by many factors including both thegeneral and local economies, the amount of new construction in a particular area, the laws and regulations affecting real estate,the costs of owning, maintaining and improving real estate, availability of mortgages, and changes in interest rates.

Underlying Fund Risk 2: The investment objective and strategies of an Underlying Fund in which the Fund invests may differfrom the Fund, and there is no assurance that an Underlying Fund will achieve its objective.

Fixed Income Investment Risk 10: An increase in interest rates may cause the value of fixed income securities held by theFund to decline. The Fund's income may decline when interest rates fall. Debt issuers may not honor their obligations. Securitiesthat are rated below investment grade may be more volatile and less liquid than higher-rated securities of similar maturity.


BlackRock LifePath® Index 2020 Fund L .................................................................................................................................................................................................................................................................................................................................................................................................Primary Benchmark Custom Benchmark Morningstar Category Overall Morningstar Rating™ Morningstar Return Morningstar RiskBloomberg Barclays U.S.Aggregate Bond Index

BlackRock LifePath® Index2020 Custom Benchmark

Target-Date 2020 QQQ Average Below AverageSee disclosure for details.


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045 40 35 30 25 20 15 10 5

10080

60

40

200


% AllocationBonds

U.S. Stocks

Non-U.S. Stocks

Cash

Other













U.S. Debt Index Fund E 37.21Russell 1000 Index Fund 29.25BlackRock MSCI ACWI ex-US IMI Index Fd E 17.90U.S. TIPS Fund E 5.74Developed Real Estate Index Fund E 3.91.......................................................................................................Commodity Index Daily Fund E 3.20Russell 2000 Index Fund 2.80







Company NA

.........................................................................................................................







BlackRock LifePath® Index 2025 Fund L .................................................................................................................................................................................................................................................................................................................................................................................................Primary Benchmark Custom Benchmark Morningstar Category Overall Morningstar Rating™ Morningstar Return Morningstar RiskRussell 1000® Index BlackRock LifePath® Index

2025 Custom BenchmarkTarget-Date 2025 QQQ Average Below Average

See disclosure for details.


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Volatility Analysis

Low Moderate High

Investment

Category



22.96% -25.47%(Mar '09 - May '09) (Sep '08 - Nov '08)

Performance

L1 L2 L3 L4 L5 L6

-15

-10

-5

0

5

10

15





5.54 9.83 5.17 7.29 4.21 8.40 Investment Return %8.84 16.05 10.63 13.52 9.30 14.00 Primary Bmark Return %5.50 9.80 5.10 7.21 4.21 8.35 Custom Bmark Return %........................................................................................................................................................................................................... QQQ QQQ QQQ . . Morningstar Rating™. 74 147 187 . . # of Funds in Category


















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045 40 35 30 25 20 15 10 5

10080

60

40

200


% AllocationBonds

U.S. Stocks

Non-U.S. Stocks

Cash

Other













Russell 1000 Index Fund 34.62U.S. Debt Index Fund E 27.38BlackRock MSCI ACWI ex-US IMI Index Fd E 22.00Developed Real Estate Index Fund E 6.30U.S. TIPS Fund E 4.13.......................................................................................................Commodity Index Daily Fund E 3.11Russell 2000 Index Fund 2.47







Company NA

.........................................................................................................................











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Volatility Analysis

Low Moderate High

Investment

Category



25.04% -27.47%(Mar '09 - May '09) (Sep '08 - Nov '08)

Performance

L1 L2 L3 L4 L5 L6

-15

-10

-5

0

5

10

15























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045 40 35 30 25 20 15 10 5

10080

60

40

200


% AllocationBonds

U.S. Stocks

Non-U.S. Stocks

Cash

Other













Russell 1000 Index Fund 39.62BlackRock MSCI ACWI ex-US IMI Index Fd E 25.83U.S. Debt Index Fund E 18.35Developed Real Estate Index Fund E 8.45Commodity Index Daily Fund E 2.90.......................................................................................................U.S. TIPS Fund E 2.71Russell 2000 Index Fund 2.14







Company NA

.........................................................................................................................











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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.


27.24% -29.38%(Mar '09 - May '09) (Sep '08 - Nov '08)

Performance

L1 L2 L3 L4 L5 L6

-15

-10

-5

0

5

10

15























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045 40 35 30 25 20 15 10 5

10080

60

40

200


% AllocationBonds

U.S. Stocks

Non-U.S. Stocks

Cash

Other













Russell 1000 Index Fund 44.08BlackRock MSCI ACWI ex-US IMI Index Fd E 29.23Developed Real Estate Index Fund E 10.42U.S. Debt Index Fund E 10.35Commodity Index Daily Fund E 2.78.......................................................................................................Russell 2000 Index Fund 1.77U.S. TIPS Fund E 1.37







Company NA

.........................................................................................................................








2040 Custom BenchmarkTarget-Date 2040 QQQ Average Average



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Volatility Analysis

Low Moderate High

Investment

Category



29.23% -31.01%(Mar '09 - May '09) (Sep '08 - Nov '08)

Performance

L1 L2 L3 L4 L5 L6

-15

-10

-5

0

5

10

15























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045 40 35 30 25 20 15 10 5

10080

60

40

200


% AllocationBonds

U.S. Stocks

Non-U.S. Stocks

Cash

Other













Russell 1000 Index Fund 46.68BlackRock MSCI ACWI ex-US IMI Index Fd E 32.02Developed Real Estate Index Fund E 12.25U.S. Debt Index Fund E 4.11Commodity Index Daily Fund E 2.80.......................................................................................................Russell 2000 Index Fund 1.74U.S. TIPS Fund E 0.39







Company NA

.........................................................................................................................








2045 Custom BenchmarkTarget-Date 2045 QQQQ Above Average Average



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Volatility Analysis

Low Moderate High

Investment

Category



31.01% -32.50%(Mar '09 - May '09) (Sep '08 - Nov '08)

Performance

L1 L2 L3 L4 L5 L6

-15

-10

-5

0

5

10

15





6.11 12.46 6.72 10.25 4.66 12.20 Investment Return %8.84 16.05 10.63 13.52 9.30 14.00 Primary Bmark Return %6.04 12.36 6.55 10.06 4.62 12.19 Custom Bmark Return %........................................................................................................................................................................................................... QQQQ QQQ QQQ . . Morningstar Rating™. 68 142 182 . . # of Funds in Category















2045 Custom BenchmarkTarget-Date 2045 QQQQ Above Average Average



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045 40 35 30 25 20 15 10 5

10080

60

40

200


% AllocationBonds

U.S. Stocks

Non-U.S. Stocks

Cash

Other













Russell 1000 Index Fund 47.75BlackRock MSCI ACWI ex-US IMI Index Fd E 33.40Developed Real Estate Index Fund E 12.83Commodity Index Daily Fund E 2.89Russell 2000 Index Fund 1.76.......................................................................................................U.S. Debt Index Fund E 1.34U.S. TIPS Fund E 0.03






Product Inception Date 08-26-11Strategy Inception Date 09-30-07Total Fund Assets ($mil) 972.07Investment Manager BlackRock Institutional Trust

Company NA

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2050 Custom BenchmarkTarget-Date 2050 QQQQ Above Average Above Average



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Volatility Analysis

Low Moderate High

Investment

Category



32.62% -33.43%(Mar '09 - May '09) (Sep '08 - Nov '08)

Performance

L1 L2 L3 L4 L5 L6

-15

-10

-5

0

5

10

15





4.99 12.86 6.80 10.39 4.67 12.52 Investment Return %7.89 16.05 10.63 13.52 9.30 14.00 Primary Bmark Return %4.88 12.77 6.64 10.20 4.62 12.49 Custom Bmark Return %........................................................................................................................................................................................................... QQQQ QQQ QQQ . . Morningstar Rating™. 78 156 194 . . # of Funds in Category















2050 Custom BenchmarkTarget-Date 2050 QQQQ Above Average Above Average



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045 40 35 30 25 20 15 10 5

10080

60

40

200


% AllocationBonds

U.S. Stocks

Non-U.S. Stocks

Cash

Other













Russell 1000 Index Fund 47.89BlackRock MSCI ACWI ex-US IMI Index Fd E 33.58Developed Real Estate Index Fund E 12.90Commodity Index Daily Fund E 2.87Russell 2000 Index Fund 1.77.......................................................................................................U.S. Debt Index Fund E 0.98U.S. TIPS Fund E 0.02







Company NA

.........................................................................................................................











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Volatility Analysis

Low Moderate High

Investment

Category



13.75% -16.53%(Jul '10 - Sep '10) (Jul '11 - Sep '11)

Performance

L1 L2 L3 L4 L5 L6

-12

-8

-4

0

4

8

12





9.73 . 6.80 10.38 4.68 12.55 Investment Return %13.42 . 10.63 13.52 9.30 14.00 Primary Bmark Return %9.64 . 6.64 10.20 4.62 12.54 Custom Bmark Return %........................................................................................................................................................................................................... . QQQ QQQ . . Morningstar Rating™. . 134 180 . . # of Funds in Category


















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045 40 35 30 25 20 15 10 5

10080

60

40

200


% AllocationBonds

U.S. Stocks

Non-U.S. Stocks

Cash

Other













Russell 1000 Index Fund 47.91BlackRock MSCI ACWI ex-US IMI Index Fd E 33.62Developed Real Estate Index Fund E 12.88Commodity Index Daily Fund E 2.79Russell 2000 Index Fund 1.80.......................................................................................................U.S. Debt Index Fund E 1.00







Company NA

.........................................................................................................................








2060 Custom BenchmarkTarget-Date 2060+ QQQ Average Average



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Volatility Analysis

Low Moderate High

Investment

Category



12.55% -11.68%(Jan '19 - Mar '19) (Oct '18 - Dec '18)

Performance

L1 L2 L3 L4 L5 L6

-12

-8

-4

0

4

8

12





6.77 . . 10.37 4.67 12.55 Investment Return %9.91 . . 13.52 9.30 14.00 Primary Bmark Return %6.61 . . 10.20 4.62 12.54 Custom Bmark Return %........................................................................................................................................................................................................... . . QQQ . . Morningstar Rating™. . . 125 . . # of Funds in Category















2060 Custom BenchmarkTarget-Date 2060+ QQQ Average Average



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045 40 35 30 25 20 15 10 5

10080

60

40

200

Years Until Retirement

% AllocationBonds

U.S. Stocks

Non-U.S. Stocks

Cash

Other













U.S. Debt Index Fund E 51.53Russell 1000 Index Fund 21.24BlackRock MSCI ACWI ex-US IMI Index Fd E 11.43U.S. TIPS Fund E 8.32Commodity Index Daily Fund E 3.47.......................................................................................................Russell 2000 Index Fund 3.31Developed Real Estate Index Fund E 0.70







Company NA

.........................................................................................................................







BlackRock LifePath® Index Retirement Fund L .................................................................................................................................................................................................................................................................................................................................................................................................Primary Benchmark Custom Benchmark Morningstar Category Overall Morningstar Rating™ Morningstar Return Morningstar RiskBloomberg Barclays U.S.Aggregate Bond Index

BlackRock LifePath® IndexRetirement Custom Benchmark

Target-Date Retirement QQQQ Above Average AverageSee disclosure for details.


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Benchmark DescriptionThe BlackRock LifePath® Index Retirement Fund L's CustomBenchmark is a comparison benchmark for the performanceof the Fund. The Custom Benchmark is calculated usingblended returns of third party indices that proportionallyreflect the respective weightings of the Fund's asset classes.The third party index proportions of the Custom Benchmarkare adjusted quarterly to reflect the Fund's changing assetallocations over time. As the Fund's asset classes have beenre-defined or added over time, the indices used to calculatethe Custom Benchmark have changed accordingly. As ofDecember 31, 2018, the indices used to calculate theCustom Benchmark are: Russell 1000® Index, Russell2000® Index, MSCI ACWI ex-US IMI Net Dividend ReturnIndex[sm], Bloomberg Barclays U.S. Aggregate Bond Index,Bloomberg Barclays U.S. Treasury Inflation ProtectedSecurities (TIPS) Index (Series-L), FTSE EPRA NareitDeveloped Index, and the Bloomberg Commodity Index TotalReturn.

Volatility Analysis

Low Moderate High

Investment

Category



13.46% -15.26%(Mar '09 - May '09) (Sep '08 - Nov '08)

Performance

L1 L2 L3 L4 L5 L6

-6

-4

-2

0

2

4

6





5.17 7.33 4.21 5.55 4.05 6.73 Investment Return %4.04 3.77 2.74 2.03 4.48 2.94 Primary Bmark Return %5.19 7.33 4.18 5.51 4.06 6.67 Custom Bmark Return %........................................................................................................................................................................................................... QQQQ QQQQ QQQQ . . Morningstar Rating™. 91 126 161 . . # of Funds in Category

Performance Disclosure: The Fund's returns are net of an investment management fee, currently at an annual rateof 0.08%. The Fund’s performance reflects fund level administrative costs capped at 1 basis point (0.01%) per year.Since its inception the Fund has invested all of its assets in LifePath Index Retirement Fund F. Returns shown forperiods prior to the Fund's inception are those of the LifePath Index Retirement Fund F net of the Fund's investmentmanagement fee.













BlackRock LifePath® Index Retirement Fund L .................................................................................................................................................................................................................................................................................................................................................................................................Primary Benchmark Custom Benchmark Morningstar Category Overall Morningstar Rating™ Morningstar Return Morningstar RiskBloomberg Barclays U.S.Aggregate Bond Index

BlackRock LifePath® IndexRetirement Custom Benchmark

Target-Date Retirement QQQQ Above Average AverageSee disclosure for details.


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When used as supplemental sales literature, the InvestmentProfile must be preceded or accompanied by this disclosurestatement. The performance data given represents pastperformance and should not be considered indicative offuture results. Principal value and investment return willfluctuate, so that an investor's shares when redeemed maybe worth more or less than the original investment. Fundportfolio statistics change over time. The fund is not insuredby the Federal Deposit Insurance Corporation ("FDIC"), maylose value and is not guaranteed by a bank or other financialinstitution.

Fund StructureThe fund described herein is a bank-maintained collectiveinvestment fund maintained and managed by BlackRockInstitutional Trust Company, N.A. ("BTC"). BTC is a nationalbanking association organized under the laws of the UnitedStates and operates as a limited purpose trust company. In reliance upon an exemption from the registrationrequirements of the federal securities laws, investments inthe fund are not registered with the Securities and ExchangeCommission (“SEC”) or any state securities commission.Likewise, in reliance upon an exclusion from the definition ofan investment company in the Investment Company Act of1940, as amended (the “Company Act”); the fund is notregistered with the SEC as an investment company under theCompany Act. The Office of the Comptroller of the Currency isresponsible for ensuring that fiduciary powers are exercisedin a manner consistent with the best interests of BTC’sclients and sound fiduciary principles. The fund is offered to defined contribution plans ("Plans")that are qualified under Section 401(a) of the InternalRevenue Code of 1986, as amended ("IRC"), andgovernmental Plans, such as state and municipal governmentPlans that are described in IRC Section 818(a)(6), such asgovernmental IRC Section 457(b) Plans. The fund isestablished and governed by a trust instrument, the Plan ofBlackRock Institutional Trust Company, N.A. InvestmentFunds for Employee Benefit Trusts (the "Plan Document"),which sets forth BTC's powers, authority and responsibilitiesregarding the administration, investment and operation of thefund. Plans investing in the fund become subject to the termsand conditions of the Plan Document.

Best and Worst 3 Month PerformanceMorningstar calculates best and worst 3-month period (inpercentage) in-house on a monthly basis. Best 3-month Period: The highest total return the stockhas posted in a consecutive three-month period over thetrailing 15 years, or if a fund does not have 15 years ofhistory, it will go back as far as the inception date. Worst 3-month Period: The lowest total return the stockhas posted in a consecutive three-month period over thetrailing 15 years, or if a fund does not have 15 years ofhistory, it will go back as far as the inception date.

Morningstar Rating™The Morningstar Rating™ for funds, or "star rating", iscalculated for managed products (including mutual funds,variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) withat least a three-year history. Exchange-traded funds and

open-ended mutual funds are considered a single populationfor comparative purposes. It is calculated based on aMorningstar Risk-Adjusted Return measure that accounts forvariation in a managed product's monthly excessperformance, placing more emphasis on downward variationsand rewarding consistent performance. The MorningstarRating does not include any adjustment for sales loads. Thetop 10% of products in each product category receive 5 stars,the next 22.5% receive 4 stars, the next 35% receive 3 stars,the next 22.5% receive 2 stars, and the bottom 10% receive1 star. The Overall Morningstar Rating for a managed productis derived from a weighted average of the performancefigures associated with its three-, five-, and 10-year (ifapplicable) Morningstar Rating metrics. The weights are:100% three-year rating for 36-59 months of total returns,60% five-year rating/40% three-year rating for 60-119 monthsof total returns, and 50% 10-year rating/30% five-yearrating/20% three-year rating for 120 or more months of totalreturns. While the 10-year overall star rating formula seemsto give the most weight to the 10-year period, the mostrecent three-year period actually has the greatest impactbecause it is included in all three rating periods. For privatefunds, the Morningstar Rating presented is hypothetical,because Morningstar does not independently analyze privatefunds. Rather, the rating is assigned as a means to comparethese funds with the universe of mutual funds thatMorningstar rates. The evaluation of this investment does notaffect the retail mutual fund data published by Morningstar.

Morningstar ReturnThe Morningstar Return rates a fund’s performance relative toother managed products in its Morningstar Category. It is anassessment of a product's excess return over a risk-free rate(the return of the 90-day Treasury Bill) in comparison with theproducts in its Morningstar category. In each Morningstarcategory, the top 10% of products earn a High MorningstarReturn (High), the next 22.5% Above Average (+Avg), themiddle 35% Average (Avg), the next 22.5% Below Average (-Avg), and the bottom 10% Low (Low). Morningstar Return ismeasured for up to three time periods (three, five, and 10years). These separate measures are then weighted andaveraged to produce an overall measure for the product.Products with less than three years of performance historyare not rated.

Morningstar RiskMorningstar Risk evaluates a fund’s downside volatilityrelative to that of other products in its Morningstar Category.It is an assessment of the variations in monthly returns, withan emphasis on downside variations, in comparison with theproducts in its Morningstar category. In each Morningstarcategory, the 10% of products with the lowest measured riskare described as Low Risk (Low), the next 22.5% BelowAverage (-Avg), the middle 35% Average (Avg), the next22.5% Above Average (+Avg), and the top 10% High (High).Morningstar Risk is measured for up to three time periods(three, five, and 10 years). These separate measures are thenweighted and averaged to produce an overall measure for theproduct. Products with less than three years of performancehistory are not rated

Morningstar Style Box™

The Morningstar Style Box reveals a fund's investmentstrategy as of the date noted on this report. 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 creditquality of the long bonds owned and the horizontal axisshows interest rate sensitivity as measured by a bond'seffective duration. For corporate and municipal bonds, Morningstar surveyscredit rating information from fund companies on a periodicbasis (e.g., quarterly). In compiling credit rating information,Morningstar instructs fund companies to only use ratings thathave been assigned by a Nationally Recognized StatisticalRating Organization (NRSRO). If two NRSROs have rated asecurity, fund companies are to report the lowest rating toMorningstar. If a rating is unavailable or unpublished, then thesecurity or issuer is categorized as Not Rated/Not Available.US Government Securities issued by the US Treasury or USGovernment Agencies are included in the US Governmentcategory. PLEASE NOTE: Morningstar, Inc. is not itself anNRSRO nor does it issue a credit rating on the fund. AnNRSRO rating on a fixed-income security can change fromtime-to-time.

Index Provider InformationFunds with S&P® Benchmark: "Standard & Poor's®","S&P®", "S&P 500®", "Standard & Poor's 500®", "500","Standard & Poor's MidCap 400®", "S&P MidCap", "Standard& Poor's 500® Growth Index", and "Standard & Poor's 500®Value Index" are trademarks of The McGraw-Hill Companies,Inc. These marks have been licensed for use by BlackRockInstitutional Trust Company, N.A. The fund is not sponsored,endorsed, sold or promoted by Standard & Poor's, andStandard & Poor's makes no representation regarding theadvisability of investing in the fund. Funds with Dow Jones Benchmark: "Dow Jones", the"Dow Jones U.S. Total Stock Market Index SM" and "DowJones U.S. Completion Total Stock Market IndexSM" areservice marks of Dow Jones & Company, Inc., and the "DowJones-UBS Commodity Index" is a service mark or trademarkof Dow Jones & Company, Inc. and UBS AG, and have beenlicensed for use for certain purposes by BlackRockInstitutional Trust Company, N.A. ("BTC"). BTC’s ExtendedEquity Market Index Funds, US Equity Market Index Funds andBlackRock Dow Jones-UBS Commodity Index Funds, basedon the Dow Jones U.S. Total Stock Market IndexSM ,the DowJones U.S. Completion Total Stock Market IndexSM and theDow Jones-UBS Commodity Index respectively, are notsponsored, endorsed, sold or promoted by Dow Jones andDow Jones does not make any representation regarding theadvisability of investing in such products. Funds with a Citigroup Benchmark: “Citigroup 3 MonthTreasury Bill Index, Citigroup 1 Month Treasury Bill Index©2012 Citigroup Index LLC. All rights reserved.” Funds with an MSCI Benchmark: The MSCI World ex-U.S.Index Funds, MSCI ACWI ex-US Index Funds, EmergingMarkets Index Funds, Active International Equity Index Funds,EAFE Equity Index Funds, and US Real Estate Index Fundsdescribed herein are indexed to an MSCI index. The MSCIIndexes are the exclusive property of Morgan Stanley CapitalInternational Inc. ("MSCI"). MSCI, the MSCI Index Names

Disclosure


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and EAFE® are trade or service marks of MSCI or its affiliatesand have been licensed for use for certain purposes byBlackRock Institutional Trust Company, N.A. Neither MSCInor any other party involved in or related to compiling,computing or creating the MSCI data makes any express orimplied warranties or representations with respect to suchdata (or the results to be obtained by the use thereof), and allsuch parties hereby expressly disclaim all warranties oforiginality, accuracy, completeness, merchantability or fitnessfor a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI,any of its affiliates or any third party involved in or related tocompiling, computing or creating the data have any liabilityfor any direct, indirect, special, punitive, consequential or anyother damages (including lost profits) even if notified of thepossibility of such damages. NO further distribution ordissemination of the MSCI data is permitted without MSCI’sexpress written consent. Funds with a Russell Benchmark: The Russell 1000 IndexFunds, Russell 1000 Growth Funds, Russell 1000 Value Funds,Russell 2000 Index Funds, Russell 2000 Growth Funds,Russell 2000 Value Funds and Russell 3000 Index Funds arenot promoted, sponsored or endorsed by, nor in any wayaffiliated with Frank Russell Company. Frank Russell Companyis not responsible for and has not reviewed the Russell 1000Index Funds, Russell 1000 Growth Funds, Russell 1000 ValueFunds, Russell 2000 Index Funds, Russell 2000 Growth Funds,Russell 2000 Value Funds and Russell 3000 Index Funds norany associated literature or publications and Frank RussellCompany makes no representation or warranty, express orimplied, as to their accuracy, or completeness, or otherwise.Frank Russell Company reserves the right, at any time andwithout notice, to alter, amend, terminate or in any waychange the Russell Indexes. Frank Russell Company has noobligation to take the needs of any particular fund or itsparticipants or any other product or person into considerationin determining, composing or calculating any of the RussellIndexes. Frank Russell Company's publication of the RussellIndexes in no way suggests or implies an opinion by FrankRussell Company as to the attractiveness or appropriatenessof investment in any or all securities upon which the RussellIndexes are based. Russell Investment Group is the sourceand owner of the trademarks, service marks and copyrightsrelated to the Russell Indexes, including the Russell 1000®,Russell 1000® Growth, Russell 1000® Value, Russell2000®, Russell 2000® Growth, Russell 2000® Value,Russell 2500® and Russell 3000® Indexes Russell is atrademark of Russell Investment Group®. Funds with a FTSE EPRA/NAREIT Benchmark: The fund isnot in any way sponsored, endorsed, sold or promoted byFTSE International Limited (FTSE), by the London StockExchange Plc (the "Exchange"), Euronext N.V. (Euronext), TheFinancial Times Limited (FT), European Public Real EstateAssociation (EPRA) or the National Association of Real EstateInvestment Trusts (NAREIT) (together the "Licensor Parties")and none of the Licensor Parties make any warranty orrepresentation whatsoever, expressly or impliedly, either as tothe results to be obtained from the use of the FTSE EPRA/NAREIT Developed Index, FTSE EPRA/NAREIT Developed exU.S. Index or the FTSE EPRA/NAREIT United States Index(each, an "Index") and/or the figure at which the said Indexstands at any particular time on any particular day or

otherwise. Each Index is compiled and calculated by FTSE.However, none of the Licensor Parties shall be liable (whetherin negligence or otherwise) to any person for any error ineach Index and none of the Licensor Parties shall be underany obligation to advise any person of any error therein. FTSE® is a trademark of the Exchange and the FT, NAREIT®is a trademark of the National Association of Real EstateInvestment Trusts and EPRA® is a trademark of EPRA and allare used by FTSE under license. Funds with a Barclays Benchmark: The index is maintainedby Barclays Inc. ("Barclays"). The fund is not sponsored,endorsed, sold or promoted by Barclays. Barclays makes norepresentation or warranty, express or implied, to the ownersof the fund or any member of the public regarding theadvisability of investing in securities generally or in the fundparticularly or the ability of the Barclays index to track generalbond market performance. Barclays is not responsible for andhas not participated in the determination of the timing of,prices at, or quantities of the fund to be issued. Barclays hasno obligation or liability in connection with the administration,marketing or trading of the fund. Barclays does notguarantee the accuracy and/or the completeness of theBarclays index or any data included therein. Barclays shallhave no liability for any errors, omissions or interruptionstherein. Barclays makes no warranty, express or implied, asto the results to be obtained by BTC and the fund or ownersof the fund, or any other person or entity, from the use of theBarclays index or any data included therein. Barclays makesno express or implied warranties, and expressly disclaims allwarranties of merchantability or fitness for a particularpurpose or use with respect to the Barclays index or any dataincluded therein. Without limiting any of the foregoing, in noevent shall Barclays have any liability for any lost profits orspecial, punitive, direct, indirect, or consequential damageseven if notified thereof.

Additional InformationBlackRock is a premier provider of asset management, riskmanagement, and advisory services to institutional,intermediary, and individual clients worldwide. The firm offersa wide range of investment strategies across asset classes inseparate accounts, mutual funds, other pooled investmentvehicles, and the industry-leading iShares® exchange-tradedfunds. Through BlackRock Solutions®, the firm offers riskmanagement and advisory services that combine capitalmarkets expertise with proprietarily-developed analytics,systems, and technology. BlackRock serves clients in Northand South America, Europe, Asia, Australia, Africa, and theMiddle East. Headquartered in New York, the firm maintainsoffices in 24 countries around the world. For moreinformation on BlackRock, please visit www.blackrock.com. The information provided in the Investment Profile and thisdisclosure statement should not be considered arecommendation to purchase or sell a particular security. Thefund is a collective investment fund and is privately offered. Prospectuses are not required and prices are not available inlocal publications. To obtain pricing information, pleasecontact your service representative. This Investment Profile includes investment option-relatedinformation prepared in accordance with the requirements ofDepartment of Labor ("DOL") Rule 404a-5 under ERISA ("Rule

404a-5"), but please note that this Investment Profile may notmeet all of the disclosure requirements for an ERISA "Section404(c) plan", as described in the DOL regulations underSection 404(c). Please also note that there may be additionalinformation required to be disclosed under Rule 404a-5 that isnot included in this Investment Profile because BlackRock isnot the appropriate source for that information (e.g., plan-related information or information related to fees andexpenses that are charged to participant accounts rather thanto the BlackRock investment option). In addition, please notethat BlackRock investment option-related informationreceived from sources other than BlackRock may not beconsistent with the BlackRock investment option-relatedinformation prepared by BlackRock. The information providedherein does not constitute individual investment advice for aPlan participant or investor, is only informational in nature andshould not be used by a Plan participant or investor as aprimary basis for making an investment decision. Please note that many collective investment fundsmaintained by BTC, including certain underlying funds inwhich such collective investment funds invest, engage insecurities lending. The American Banking Association's "Sample Glossary ofCollective Investment Fund Terms for Disclosure toRetirement Plan Participants" is available from BlackRockupon request. Accordingly, the "Sample Glossary of Investment-RelatedTerms for Disclosures to Retirement Plan Participants"prepared by the Investment Company Institute and TheSPARK Institute is also available from BlackRock uponrequest. For additional terms to assist participants andbeneficiaries in understanding BlackRock collective trustfunds or BlackRock separate accounts, BlackRock hasprepared a glossary that includes certain investmentstrategy-specific concepts. This BlackRock-specific glossaryis available upon request.

Disclosure


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INVESTMENT OPTION PERFORMANCE RESULTS

Investment Option Returnsfor the Period Ending

CORE INVESTMENT OPTIONS

OPTION 1 Month 3 Months Year to Date From Inception Since 1 Year 2 Years 3 Years 5 Years 10 YearsBENCHMARKS (for comparison) 10/31/96 10/31/01Short-Term Fixed Option 0.19% 0.54% 0.19% 1.99% 1.16% 1.79% 1.26% 0.89% 0.48% 0.19%91-Day T-Bill 0.20% 0.59% 0.20% 2.23% 1.36% 1.95% 1.44% 1.08% 0.67% 0.40%Stable Value Option 0.19% 0.54% 0.19% 3.31% 2.67% 2.01% 1.81% 1.69% 1.51% 1.54%91-Day T-Bill 0.20% 0.59% 0.20% 2.23% 1.36% 1.95% 1.44% 1.08% 0.67% 0.40%Rolling Average 5 Year CMT** 0.15% 0.45% 0.15% 3.69% 3.00% 1.69% 1.56% 1.45% 1.42% 2.05%Active Fixed Income Option 1.05% 2.99% 1.05% 4.96% 4.48% 2.32% 2.72% 2.55% 2.81% 4.91%BC Aggregate 1.06% 3.53% 1.06% 4.99% 4.12% 2.25% 2.20% 1.95% 2.44% 3.68%Large Company Value Stock Option 7.78% 0.38% 7.78% 7.86% 7.66% -4.80% 5.60% 11.52% 7.98% 13.49%Russell 1000 Value 7.78% 0.34% 7.78% 8.30% 7.63% -4.81% 5.64% 11.62% 8.33% 13.39%Stock Index Option 8.58% 0.46% 8.58% 8.15% 7.89% -2.35% 10.49% 14.08% 10.30% 14.98%Russell 3000 8.58% 0.45% 8.58% 8.37% 8.06% -2.26% 10.60% 14.19% 10.41% 15.12%Large Company Growth Stock Option 9.01% 0.70% 9.01% 7.62% 8.00% 0.17% 16.12% 16.45% 12.42% 16.69%Russell 1000 Growth 8.99% 0.68% 8.99% 8.03% 8.19% 0.24% 16.28% 16.60% 12.97% 16.86%International Stock Option 7.51% 2.98% 7.51% 5.56% 6.25% -14.36% 5.42% 8.05% 2.88% 8.52%MSCI ACWI EX-US BLENDED 7.56% 3.66% 7.56% 4.57% 5.75% -12.58% 6.47% 9.59% 2.90% 8.24%Small Company Stock Option 11.45% -1.04% 11.45% 10.09% 9.81% -4.14% 5.91% 14.08% 7.13% 14.95%RUSSELL SMALL CAP BLENDED 11.25% -0.41% 11.25% 9.51% 9.73% -3.52% 6.33% 14.71% 7.85% 15.42%Real Return Option 4.76% 2.55% 4.76% -3.12% 1.95% 4.36%CPI + 3% -0.07% -0.23% -0.07% 4.06% 4.59% 4.92%Environmental Social Governance Option 8.56% 1.38% 8.56% -2.82% 10.19% 14.09%Russell 3000 8.58% 0.45% 8.58% -2.26% 10.60% 14.19%

OPTION 1 Month 3 Months Year to Date 1 Year 2 Years 3 Years 5 Years 10 YearsBENCHMARKS (for comparison)

LifePath® Retirement 3.95% 2.62% 3.95% -1.03% 4.42% 5.73% 3.94%

LifePath® 2020 4.23% 2.53% 4.23% -1.58% 5.00% 6.63% 4.47%

LifePath® 2025 5.22% 2.59% 5.22% -2.29% 5.84% 7.77% 5.05%

LifePath® 2030 6.06% 2.61% 6.06% -2.84% 6.67% 8.91% 5.68%

LifePath® 2035 6.86% 2.63% 6.86% -3.54% 7.27% 9.79% 6.03%

LifePath® 2040 7.56% 2.60% 7.56% -4.13% 7.85% 10.65% 6.43%

LifePath® 2045 8.12% 2.63% 8.12% -4.56% 8.21% 11.15% 6.70%

LifePath® 2050 8.37% 2.67% 8.37% -4.73% 8.32% 11.31% 6.82%

LifePath® 2055 8.39% 2.68% 8.39% -4.73% 8.32% 11.29% 6.86%

LifePath® 2060 8.40% 2.68% 8.40% -4.73% 8.29% 11.28%**5 Year Rolling Average of the 5 Year Constant Maturing Treasury Yield.

Performance figures are net all fees including management, recordkeeping and other administrative fees. The results shown represent past performance and should not be considered a representation ofperformance of the options in the future. Investment returns and principal are not guaranteed.

To access current account information 24 hours a day call our customer service center at 1-800-365-8494 or visit our web site at growyourtomorrow.com

January 31, 2019

Annualized

TARGET DATE FUNDS ( LIFEPATH PORTFOLIOS)Annualized

Updated on 2/7/2019

Monthly performance results are published on growyourtomorrow.com




OPTION 1 Month 3 Months Year to Date From Inception Since 1 Year 2 Years 3 Years 5 Years 10 YearsBENCHMARKS (for comparison) 10/31/96 10/31/01Short-Term Fixed Option 0.17% 0.55% 0.36% 1.99% 1.16% 1.87% 1.33% 0.95% 0.52% 0.21%91-Day T-Bill 0.18% 0.56% 0.38% 2.23% 1.37% 2.04% 1.51% 1.13% 0.70% 0.41%Stable Value Option 0.17% 0.54% 0.36% 3.30% 2.66% 2.04% 1.84% 1.71% 1.52% 1.54%91-Day T-Bill 0.18% 0.56% 0.38% 2.23% 1.37% 2.04% 1.51% 1.13% 0.70% 0.41%Rolling Average 5 Year CMT** 0.15% 0.45% 0.30% 3.68% 2.99% 1.71% 1.58% 1.46% 1.43% 2.04%Active Fixed Income Option 0.05% 2.56% 1.10% 4.95% 4.46% 3.18% 2.38% 2.44% 2.69% 4.97%BC Aggregate -0.06% 2.86% 1.00% 4.97% 4.10% 3.17% 1.83% 1.69% 2.32% 3.71%Large Company Value Stock Option 3.20% 0.59% 11.23% 7.99% 7.82% 3.16% 5.40% 12.71% 7.73% 15.45%Russell 1000 Value 3.20% 0.55% 11.23% 8.42% 7.79% 3.16% 5.43% 12.80% 8.09% 15.39%Stock Index Option 3.52% 1.93% 12.40% 8.29% 8.06% 4.96% 10.39% 15.41% 10.04% 16.67%Russell 3000 3.52% 1.94% 12.40% 8.51% 8.24% 5.05% 10.50% 15.53% 10.15% 16.81%Large Company Growth Stock Option 3.57% 3.19% 12.90% 7.76% 8.18% 6.55% 15.80% 17.84% 11.97% 17.95%Russell 1000 Growth 3.58% 3.18% 12.89% 8.17% 8.37% 6.62% 15.96% 17.99% 12.63% 18.19%International Stock Option 1.83% 4.16% 9.48% 5.62% 6.34% -8.26% 5.55% 9.30% 2.23% 9.76%MSCI ACWI EX-US BLENDED 1.95% 4.69% 9.66% 4.64% 5.85% -6.46% 6.66% 10.72% 2.19% 9.63%Small Company Stock Option 5.15% 3.04% 17.18% 10.30% 10.08% 5.06% 7.82% 15.79% 7.22% 16.79%RUSSELL SMALL CAP BLENDED 5.20% 3.13% 17.03% 9.73% 10.01% 5.58% 8.02% 16.67% 7.88% 17.34%Real Return Option 0.54% 3.44% 5.33% -0.15% 1.76% 4.86%CPI + 3% 0.44% 0.80% 0.88% 4.32% 4.80% 5.13%Environmental Social Governance Option 3.66% 2.41% 12.53% 4.84% 10.43% 15.31%Russell 3000 3.52% 1.94% 12.40% 5.05% 10.50% 15.53%


LifePath® Retirement 1.12% 2.83% 5.11% 2.31% 4.23% 6.06% 3.72%

LifePath® 2020 1.21% 2.78% 5.49% 2.11% 4.74% 7.06% 4.15%

LifePath® 2025 1.47% 2.90% 6.77% 2.16% 5.57% 8.34% 4.71%

LifePath® 2030 1.77% 3.05% 7.94% 2.33% 6.39% 9.65% 5.31%

LifePath® 2035 1.89% 3.03% 8.88% 2.14% 6.98% 10.63% 5.66%

LifePath® 2040 2.08% 3.05% 9.80% 2.08% 7.55% 11.61% 6.05%

LifePath® 2045 2.21% 3.09% 10.51% 2.06% 7.92% 12.19% 6.29%

LifePath® 2050 2.28% 3.15% 10.83% 2.05% 8.05% 12.38% 6.38%

LifePath® 2055 2.28% 3.16% 10.87% 2.05% 8.04% 12.36% 6.38%

LifePath® 2060 2.28% 3.16% 10.87% 2.06% 8.02% 12.35%**5 Year Rolling Average of the 5 Year Constant Maturing Treasury Yield.



February 28, 2019

Annualized


Updated on 3/7/2019





OPTION 1 Month 3 Months Year to Date From Inception Since 1 Year 2 Years 3 Years 5 Years 10 YearsBENCHMARKS (for comparison) 10/31/96 10/31/01Stable Value Option 0.18% 0.54% 0.54% 3.30% 2.66% 2.07% 1.87% 1.73% 1.54% 1.54%91-Day T-Bill 0.22% 0.60% 0.60% 2.24% 1.37% 2.12% 1.62% 1.19% 0.74% 0.43%Rolling Average 5 Year CMT** 0.15% 0.45% 0.45% 3.68% 2.99% 1.73% 1.60% 1.48% 1.43% 2.02%Active Fixed Income Option 1.72% 2.84% 2.84% 5.01% 4.54% 4.29% 3.19% 2.69% 3.08% 4.97%BC Aggregate 1.92% 2.94% 2.94% 5.04% 4.20% 4.48% 2.83% 2.03% 2.74% 3.77%Large Company Value Stock Option 0.64% 11.95% 11.95% 7.99% 7.82% 5.71% 6.29% 10.37% 7.40% 14.53%Russell 1000 Value 0.64% 11.93% 11.93% 8.42% 7.79% 5.67% 6.31% 10.45% 7.72% 14.52%Stock Index Option 1.46% 14.04% 14.04% 8.33% 8.11% 8.68% 11.16% 13.37% 10.25% 15.86%Russell 3000 1.46% 14.04% 14.04% 8.55% 8.29% 8.77% 11.26% 13.48% 10.36% 16.00%Large Company Growth Stock Option 2.85% 16.11% 16.11% 7.86% 8.31% 12.69% 16.78% 16.39% 13.08% 17.22%Russell 1000 Growth 2.85% 16.10% 16.10% 8.27% 8.50% 12.75% 16.92% 16.53% 13.50% 17.52%International Stock Option 0.72% 10.27% 10.27% 5.63% 6.35% -6.94% 4.53% 6.76% 2.47% 9.02%MSCI ACWI EX-US BLENDED 0.60% 10.31% 10.31% 4.65% 5.85% -4.22% 5.65% 8.09% 2.44% 9.02%Small Company Stock Option -2.47% 14.29% 14.29% 10.14% 9.87% 1.47% 6.38% 12.04% 6.80% 15.48%RUSSELL SMALL CAP BLENDED -2.09% 14.58% 14.58% 9.59% 9.82% 2.05% 6.81% 12.92% 7.50% 16.07%Real Return Option 0.48% 5.83% 5.83% 0.10% 2.18% 4.22%CPI + 3% 0.67% 1.79% 1.79% 4.77% 5.09% 5.21%Environmental Social Governance Option 1.22% 13.91% 13.91% 7.75% 11.15% 13.10%Russell 3000 1.46% 14.04% 14.04% 8.77% 11.26% 13.48%


LifePath® Retirement 1.51% 6.70% 6.70% 3.93% 4.94% 5.39% 4.03% 7.12%

LifePath® 2020 1.49% 7.05% 7.05% 3.83% 5.40% 6.11% 4.44% 8.74%

LifePath® 2025 1.50% 8.37% 8.37% 4.09% 6.21% 7.12% 4.99% 9.61%

LifePath® 2030 1.50% 9.56% 9.56% 4.34% 6.99% 8.16% 5.58% 10.46%

LifePath® 2035 1.51% 10.53% 10.53% 4.41% 7.55% 8.88% 5.93% 11.10%

LifePath® 2040 1.51% 11.46% 11.46% 4.50% 8.11% 9.63% 6.31% 11.71%

LifePath® 2045 1.51% 12.17% 12.17% 4.54% 8.46% 10.08% 6.54% 12.25%

LifePath® 2050 1.49% 12.49% 12.49% 4.55% 8.57% 10.22% 6.62% 12.63%

LifePath® 2055 1.49% 12.52% 12.52% 4.55% 8.57% 10.21% 6.61%

LifePath® 2060 1.49% 12.52% 12.52% 4.55% 8.55% 10.19%**5 Year Rolling Average of the 5 Year Constant Maturing Treasury Yield.



March 31, 2019

Annualized


Updated on 4/5/2019


oregon savings growth plan advisory committee 2nd …€¦ · 23/05/2019 · meet and greet 8:30...

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