portfolio reviewbouldernewhireplan.com/images/boulder_fire_police_4q18.pdf4643 s ulster street |...

4643 S Ulster Street | Suite 1040 | Denver, CO 80237 303.694.1900 | innovestinc.com

PORTFOLIO REVIEW

Boulder Fire & Police Money Purchase Pension Plan

Jerry Huggins, MBA, CFP®, AIF®

Jared Martin, CFP®, AIF®

Prepared by: Cheryl Wilks

4Q18

© 2019 INNOVEST PORTFOLIO SOLUTIONS, LLC

INNOVEST FIRM UPDATE

2018 in Review

– A great year for growth at Innovest

– Won “Best Places to Work” by Pensions & Investments (4th time in 5 years)

– Named ColoradoBiz magazine’s Top Company in the Financial Services category

– 6 new hires

• Ended year with 46 employees

– 2 new principals

• Kristy LeGrande and Nancy Swanson

– Launched NexGen to develop the next generation of leaders

– Have maintained a 97% five-year average client retention rate

Client Survey

– Overall satisfaction with our services was 4.7 (1-5 scale)

– Highest scores

• Treatment by our entire team: 4.8

• Knowledge and experience of our consultants: 4.8

– Lowest score

• Timeliness of the delivery of our services: 4.6

2019 Priorities

– Continue to provide the highest quality investment advice to our clients

– Focus on serving our clients by being thoughtful stewards

– Grow our business through client referrals

2INTEGRITY. BALANCE. OBJECTIVITY.


INNOVEST’S HISTORY WITH BOULDER FIRE & POLICE

2001 – 2003 • First quarterly performance report

• Replace the Putnam International Fund with the American Funds

Europacific Growth Fund

2004 – 2006 • Replace the One Group Mid Cap Growth Fund (OSGIX) with the Calamos

Growth Fund

• Presented on Alternative Investment Vehicles, Asset Classes & Strategies

• Added the PIMCO Commodity Real Return Strategy Fund

• Conducted asset allocation study and updated asset allocation


2007 – 2009 • Replace the Calamos Growth Fund with Allianz CCM Mid Cap Growth &

replace the Legg Mason Small Cap Value Fund with the ICM Small Cap

Value

• Replace 50% of the allocation to the Europacific Growth Fund (REREX) and

allocate it to the Dodge & Cox International Fund


• Coordinated the PIMCO share class change to reduce fees


• Add BlackRock High Yield Fund and Eaton Vance Floating Rate Fund

• Provided quarterly performance reports and research reports each quarter

and met with the Trustees

• Updated and reviewed the Investment Policy Statement

• Met with representatives from each investment strategy used in the plans

• Replaced Blackrock High Yield Fund (BHYSX) with JP Morgan High Yield

(OHYFX)

2010 – 2014• Replaced Managers Cadence MC Inst. (MCMYX) with Munder Mid

Cap Growth

• Coordinated the Eaton Vance share class change to reduce fees

• Provided quarterly performance reports and research reports each

quarter and met with the Administrative Committee

• Performed RFI for Administration and Record Keeping Services

and Audit Services.


• Conducted consultant fee review

• Presented core fixed income search

2015 - 2017• Replaced PIMCO Total Return with Metropolitan West Total Return

Bond Fund.

• Replaced PIMCO Commodity Real Return with Credit Suisse

Commodity Return.

• Created an automated, online, and permanent Fiduciary File

• Conducted asset allocation study

• Added MLP and Real Estate asset classes by adding Oppenheimer

SteelPath MLP and Principal U.S. Property Account

• Completed share class review

• Conducted consultant fee review

2018• Conducted asset allocation study and selected new asset

allocation (effective May 13, 2018)

• Removed allocation to high yield and commodities

• Completed record keeper RFI – Board elected to stay with

ICMA-RC resulting in a fee reduction from .085% to .029%3

INTEGRITY. BALANCE. OBJECTIVITY.


RETIREMENT PLAN TOPICS AND TRENDSWHY EVALUATE YOUR RETIREMENT PLAN MENU?

Participant Behavior

• Behavioral economic studies indicate people like the idea of having more choice1 , but in reality:

– Data shows the average participant invests in 3.6 funds, a consistent pattern over time,

despite any increase in the number of choices in the plan2

– For every 10 additional funds in the plan, there was a 2.87 percentage point increase in

the probability that participants would allocate nothing at all to equities2

• Simplified menus improve participants’ comprehension, making them more likely to engage in

their plan.

Fiduciary Responsibilities

• Plan sponsors must monitor all investment options offered for suitability, cost and performance –

additional options can be hard to effectively monitor.

Taking Advantage of Economies of Scale• Periodic evaluation can help discern if plans should take advantage of higher minimum products

at lower fees as well as other investment vehicles such as CITs.

Target Date/Risk Based

Portfolio Investments

For investors who want a

simple, yet diversified

approach to investing

TIER 1

Core InvestmentsFor investors who want

a more hands-on

investing style

TIER 2

Self-Directed

Brokerage OptionChoose from thousands

of available options

TIER 3

1Papke, L. E. (2003/2004). Choice and Other Determinants of Employee Contributions to Defined Contribution Plans. Social Security Bulletin, 65(2).2“Choice proliferation, simplicity seeking, and asset allocation,” by Sheena S. Iyengar and Emir Kamenica, Journal of Public Economics, August 2010.



If appropriate

Growth

Mid Mid Cap Core

(Passive)

Fixed Income

Core Fixed Income (Active)

Self-Directed Brokerage Window

International Core (Passive)

Mid Cap Growth (Active)

Brokerage Window

International Value (Active)

International Growth (Active)

Core Fixed Income (Passive) La

rge

International EquityValue Core

Target Date/Model Portfolios

Smal

l

Large Cap Value (Active)

Large Cap Core (Passive)

Large Cap Growth (Active)

Target Date Suite (Income-2065)/Risk-Based Models (Conservative, Moderate, Aggressive)

Stable Value

Stable Value

Domestic Equity

Small Cap Value (Active)

Small Cap Growth (Active)

Small Cap Core (Passive)

Value Core Growth

Mid Cap Value (Active)

TIE

R 1

TIE

R 2

TIE

R 3

TIE

R 1

TIE

R 2

TIE

R 3

STREAMLINED INVESTMENT MENU DESIGN

Should Sector Funds or Specialty

Asset Classes be

Included in a Core Menu?

• Most sector funds and many

specialty asset classes are already

represented in the broader market

investment options available

within a plan menu (e.g. REITs, energy, technology, high yield, commodities, floating rate corporate loans, TIPS, etc.)

• These investments may carry

significantly more risk than

broadly diversified funds.

• An investment menu should help

participants invest appropriately

while avoiding unintended

consequences where possible.

Active vs. Passive Investment Strategies

• Over a full market cycle, a combination

of passive and active management has

historically been a solid strategy to

weather varied market conditions.

• Offering core passive options with active

growth and value options in the menu

gives participants flexibility.5


BOULDER FIRE AND POLICE 401(a) PLAN SUMMARY

Current Structure Considerations and Next Steps

Plan Provisions • Legal Plan Name and Plan Type: Boulder Fire & Police Money Purchase Pension Plan

• Vesting Schedule: Graded starting at 2 years, fully vested at 10 years

• Eligibility Requirements: One hour of service

• Roth: N/A

• Normal Retirement Age: 50 years

Governance • Investment Policy Statement: Updated May 2018

• Governance Documents: N/A

• Plan Documents: Amended January 2013

• Fiduciary Education: May 2018

• Recordkeeper Contract: ICMA-RC – December 2006, amended June 2008

• Innovest Contract: November 2000

IPS review scheduled for 2Q review

Fiduciary Education scheduled for 1Q review

Contributions • Contribution Rate: EE – Police Officer: 6.2%, Firefighter: 8%, ER – Police Officer: 13.8%,

Firefighter: 13%

• Match Provision: N/A

• Enrollment: Mandatory

Distributions • Loans: No

• Hardships: N/A

• Installments: Yes

• In-Service Withdrawals: Yes, at age 50 or later

• Force Out Distributions: Y/N, if Y provisions for <$1K (and $1-5K, if applicable)

Costs • Plan Expenses Paid by:

• Revenue Sharing: rev req. 0.029% - excess revenue credited to Admin Account

• Annual Plan Fee Analysis: October 2018

• Competitive Pricing Analysis: RFI October 2018

• Other Fees: Audit, insurance, consultant

• Share Class Review: November 2018

Fee Review update scheduled for 3Q review

Share Class Review update scheduled for 3Q review

Investments • Investment Direction: Trustee

• Number of Investment Options: 3

• Qualified Default Investment Alternative/Default Investment Alternative: Yes, Fire and Police

Trustee Portfolio

• Re-enrollment: No

• Managed Accounts: No

• Self-Directed Brokerage Window: No

• Guaranteed Minimum Withdrawal Benefit Options: Yes

Asset Allocation Study scheduled for 4Q review

Education • Participant Education Plan: Innovest & ICMA-RC, periodic on-site workshops, individual

counseling

Annual deliverables are listed in ORANGE.


Plan Benchmark*

151,926,262$ Similarly Sized

0.64% 1.09%

0.72% N/A

Provider Fee (in $) Fee (in %) Fee (in $) Fee (in %) Fee (in $) Fee (in %)Expense ratio retained by fund manager Fund Managers 838,055$ 0.55% 838,055$ 0.55%

Revenue sharing sent to recordkeeper ICMA-RC 266,463$ 0.18% 266,463$ 0.18%

Gross Investment Management Fees -$ 0.00% 1,104,518$ 0.73% 1,104,518$ 0.73%

Recordkeeping/Administration Fee ICMA-RC 129,137$ 0.09% 129,137$ 0.09%

Revenue sharing used to offset expenses (266,463)$ -0.18% (266,463)$ -0.18%

Excess revenue credited to administrative account -$ 0.00% (137,326)$ -0.09% (137,326)$ -0.09%

Total Investment, Recordkeeping and Administrative Costs -$ 0.00% 967,192$ 0.64% 967,192$ 0.64%

Professional Fees

Investment Consultant Innovest 88,853$ 0.06% 88,853$ 0.06%

Plan Administration & Fiduciary Support** 25,000$ 0.02% 25,000$ 0.02%

Trustee Education** 10,500$ 0.01% 10,500$ 0.01%

Insurance Fee** 9,000$ 0.01% 9,000$ 0.01%

Legal** 20,000$ 0.01% 20,000$ 0.01%

Audit** 9,000$ 0.01% 9,000$ 0.01%

Total Plan Expenses 44,500$ 0.03% 1,056,045$ 0.70% 1,100,545$ 0.72%

Employer Paid Employee Paid Total

Boulder Fire & Police 401(a) Annual Fee Review

Investment, Recordkeeping and Administrative Costs

Plan assets as of 6/30/2018

Estimated Total Plan Expenses

*The plan's estimated investment, recordkeeping and administrative costs of 0.64% as shown above, compare favorably to 401(k) Source data, auniverse of 48 similarly sized 401(k) plans with an average investment, recordkeeping and administrative cost of 1.09%.

**Bugeted expenses, not actual expenses

This review illustrates estimated costs based on available data.


Performance Over Time

Risk and Return (Since Inception) Asset Allocation

Cumulative Performance over Time

Change in Account ValueLast

QuarterYear To

Date1

Year3

Years5

Years7

YearsSince

InceptionInception

DateBoulder F & P Total Fund -9.88 -6.90 -6.90 5.83 3.88 7.12 8.76 01/01/1985Boulder F & P Custom Benchmark -9.79 -5.93 -5.93 5.42 4.06 7.35 9.18Difference -0.09 -0.97 -0.97 0.41 -0.18 -0.23 -0.42

Market ValueAs of

10/01/2018

Market ValueAs of

12/31/2018

Change$

Boulder F & P Total Fund 155,167,671 141,089,740 -14,077,931

$0 $9,911,393 $19,822,786 $29,734,179 $39,645,572 $49,556,965

VT Retirement Income Advantage

Steelpath MLP Alpha Fund

Vantage Trust Plus

Principal US Property Account

Met West Total Return

ICM Small Company

Victory Munder Mid Cap Core Growth

Eaton Vance Floating Rate

Boston Trust Fixed Income - Boulder F&P

Dodge & Cox Int'l

American Funds EuroPacific Gr

Boston Trust Equity - Boulder F&P

$3,072,202

$6,195,116

$6,250,270

$7,413,832

$7,452,476

$7,591,686

$7,906,596

$9,936,972

$12,522,278

$16,506,493

$16,587,939

$39,653,880

8.5

9.0

9.5

10.0

10.5

11.0

11.5

Ret

urn

(%)

9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 17.0Risk (Standard Deviation %)

S&P 500 Index

Boulder F & P Total Fund

Boulder F & P Total Fund Boulder F & P Custom Benchmark

-800 %0%

800%1,600%2,400%3,200%

3/85 9/86 3/88 9/89 3/91 9/92 3/94 9/95 3/97 9/98 3/00 9/01 3/03 9/04 3/06 9/07 3/09 9/10 3/12 9/13 3/15 9/16 12/18

*Total Fund Return is Gross of Innovest fee and Net of Mutual Fund Fees

Executive SummaryDecember 31, 2018


THE MARKETS

2018 Investment Returns

4Q18YTD

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter

-7.47%

1.64%

-13.52%

-20.20%

-12.54%-14.58%

0.01%

-4.38%

-11.01%

-13.79%

-20.00%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

S&P 500 TR USD Russell 2000 TR USD MSCI EAFE NR USD

MSCI EM NR USD BBgBarc US Agg Bond TR USD


GLOBAL EQUITY INDICES

Large Cap Equity returns based off return data for the S&P 500, S&P 500 Value, and S&P 500 Growth indices. Mid Cap Equity returns based off return data for the Russell Mid Cap, Russell Mid Cap Value, and Russell Mid Cap Growth indices. Small Cap Equity returns

based off return data for the Russell 2000, Russell 2000 Value, and Russell 2000 Growth indices. International and EM Equity returns based off return data for the MSCI EAFE, MSCI EAFE Value, MSCI EAFE Growth, MSCI EM indices. Returns for time periods of 3 years or

longer are annualized.

4th Quarter 2018 YTD as of December 31, 2018 1 Year

Domestic Equity Domestic Equity Domestic Equity

Value Core Growth Value Core Growth Value Core Growth

-12.0% -13.5% -14.7% -9.0% -4.4% 0.0% -9.0% -4.4% 0.0%Large

-15.0% -15.4% -16.0% -12.3% -9.1% -4.8% -12.3% -9.1% -4.8%Mid

-18.7% -20.2% -21.7% -12.9% -11.0% -9.3% -12.9% -11.0% -9.3%Small

Developed International Equity Developed International Equity Developed International Equity


-11.7% -12.5% -13.3% -14.8% -13.8% -12.8% -14.8% -13.8% -12.8%

Emerging Markets Emerging Markets Emerging Markets

-7.5% -14.6% -14.6%

3 Year Annualized 5 Years Annualized 10 Years Annualized

Domestic Equity Domestic Equity Domestic Equity


7.2% 9.3% 10.8% 6.1% 8.5% 10.6% 11.2% 13.1% 14.8%Large

6.1% 7.0% 8.6% 5.4% 6.3% 7.4% 13.0% 14.0% 15.1%Mid

7.4% 7.4% 7.2% 3.6% 4.4% 5.1% 10.4% 12.0% 13.5%Small

Developed International Equity Developed International Equity Developed International Equity


2.8% 2.9% 2.9% -0.6% 0.5% 1.6% 5.5% 6.3% 7.1%

Emerging Markets Emerging Markets Emerging Markets

9.2% 1.6% 8.0%


DOMESTIC EQUITY SECTOR PERFORMANCE

Returns are based off return data for the eleven sectors according to the S&P 500. Source: Morningstar Direct.

-16.4%-5.2%

-23.8%-13.1%

-8.7%-17.3%-17.3%

-12.3%-3.8%

-13.2%1.4%

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

Fourth Quarter 2018

Utilities Telecom Services Real Estate Materials

Info Technology Industrials Health Care Financials

Energy Consumer Staples Consumer Discretionary

0.8%-8.4%

-18.1%-13.0%

6.5%-13.3%

-0.3%-14.7%

-2.2%-12.5%

4.1%

-20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0%

One Year (ending 12/31/2018)

Utilities Telecom Services Real Estate Materials

Info Technology Industrials Health Care Financials

Energy Consumer Staples Consumer Discretionary


FIXED INCOME INDICES ADDITIONAL ASSET CLASSES

Barclays Agg U.S. Bond HFRI Fund of Fund Index

QTD YTD 1 Year 3 Year 5 Year 10 Year QTD YTD 1 Year 3 Year 5 Year 10 Year

1.6% 0.0% 0.0% 2.1% 2.5% 3.5% -1.2% -3.5% -3.5% 1.5% 1.5% 3.2%

Barclays U.S. Government 1-3 Year Bloomberg Commodity


1.3% 1.6% 1.6% 0.9% 0.8% 1.0% -9.4% -11.2% -11.2% 0.3% -8.8% -3.8%

Barclays Municipal Bond Alerian MLP Infrastructure


1.7% 1.3% 1.3% 2.3% 3.8% 4.9% -16.3% -11.9% -11.9% -1.6% -6.9% 10.7%

Credit Suisse Leveraged Loan S&P Developed Property


-3.1% 1.1% 1.1% 5.0% 3.3% 8.3% -5.5% -6.1% -6.1% 3.9% 5.4% 10.9%

Barclays U.S. Corporate High Yield

QTD YTD 1 Year 3 Year 5 Year 10 Year

-4.5% -2.1% -2.1% 7.2% 3.8% 11.1%

Credit Spreads

Category Median Current High Low

Floating Rate

Corp Loans526 437 2474 222

High Yield

Corporate460 429 2147 241

Credit Spreads sourced from Eaton Vance as of

11/30/18.

FIXED INCOME AND ADDITIONAL ASSET CLASSES

Returns based off return data for the BBgBarc US Agg Bond, BBgBarc US Corporate High

Yield, BBgBarc US Govt 1-3 Yr, Credit Suisse Leveraged Loan, BBgBarc Municipal,

Bloomberg Commodity, Alerian MLP Infrastructure, HFRI Fund of Fund Index, and the S&P

Developed Property indices. Returns for time periods of 3 years or longer are annualized.


Client Type: Money Purchase Pension PlanTime Horizon: Greater than Five YearsExpected Return: 3.25% to 4.25% over CPIRisk Tolerances: Expected downside of -18.5% to -21.5% per year based on a statistical confidence level of 95% (1)

Asset Allocation Performance Benchmarks

Strategic Asset Investment Primary Peer GroupLower Limit Allocation Upper Limit Category Manager Index Universe

Domestic Equity Domestic Equity Large Cap Equity* 25.00% 31.00% 37.00% Large Cap Boston Tr Eqty S&P 500 Core Equity

Mid Cap Growth 3.50% 6.50% 9.50% Mid Cap Growth Victory Munder MC Core Gr Russell Mid Cap Index Mid Cap Growth Small Cap Value 3.50% 6.50% 9.50% Small Cap Value ICM Sm Cap Value Russell 2000 Index Small Cap Value

International Equity 23.00% 26.00% 29.00% International Equity American Funds Europacific MSCI EAFE Growth International GrowthDodge & Cox Intl MSCI EAFE Value International Value

Domestic Fixed Income* 5.00% 8.00% 11.00% Domestic Fixed Income Boston Tr Fixed Inc BC Aggregate Core Bond2.00% 5.00% 8.00% MetWest Total Return BC Aggregate Core Bond

Floating Rate Corporate Loans 4.00% 7.00% 10.00% Floating Rate Corporate Loans Eaton Vance Floating CSFB Leveraged Loan Loan Participation

Master Limited Partnerships 2.00% 5.00% 8.00% Master Limited Partnerships Steelpath MLP Alpha N/A

Real Estate 2.00% 5.00% 8.00% Real Estate Principal US Property Acct NCREIF ODCE Real Estate

100.00%

Total Portfolio Strategic Benchmark: 39.00% 70% S&P 500/30% BC Aggregate6.50% Russell Mid Cap Index 6.50% Russell 2000 Index

26.00% MSCI EAFE Growth5.00% BC Aggregate7.00% CSFB Leveraged Loan5.00% Alerian MLP Infrastructure (Tax-Adjusted)5.00% NCREIF ODCE

100.00%

Total Portfolio Secondary Benchmark: CPI + 3.75%

*Balanced allocation to Boston Trust is 40% of the portfolio which is split 70% to large cap equity and 30% to domestic fixed income

BOULDER FIRE & POLICE INVESTMENT POLICY SUMMARY UPDATED MAY 2018

Client Variables

Alerian MLP Infrastructure (Tax-Adjusted)

(1) There is a 5% probability that the 1 year modeled loss of -18.5% to -21.5% will be exceeded. Risk tolerances are based on 2018 capital markets assumptions. NOTE: The 1 year modeled loss will vary from year to year depending on future capital market assumptions.


September 30, 2018

Allocation Differences

0.0% 0.6% 1.2%-0.6 %-1.2 %-1.8 %

Real Estate

Master Limited Partnerships

Floating Rate Corporate Loans

Fixed Income

International Equity

Small Cap Equity

Mid Cap Equity

Large Cap Equity

-0.1 %

0.1%

-0.1 %

0.5%

-0.7 %

-0.2 %

0.0%

0.6%

December 31, 2018

Allocation Differences

0.0% 2.0% 4.0%-2.0 %-4.0 %

Real Estate

Master Limited Partnerships

Floating Rate Corporate Loans

Fixed Income

International Equity

Small Cap Equity

Mid Cap Equity

Large Cap Equity

0.6%

-0.3 %

0.5%

2.2%

-0.9 %

-0.7 %

-0.5 %

-0.9 %

September 30, 2018

Market Value($)

Allocation(%)

Target(%)

Large Cap Equity 46,260,621 31.57 31.00Mid Cap Equity 9,533,878 6.51 6.50Small Cap Equity 9,239,496 6.31 6.50International Equity 37,033,691 25.27 26.00Fixed Income 19,730,106 13.46 13.00Floating Rate Corporate Loans 10,076,063 6.88 7.00Master Limited Partnerships 7,452,474 5.09 5.00Real Estate 7,214,866 4.92 5.00Total Fund 146,541,195 100.00 100.00

December 31, 2018

Market Value($)

Allocation(%)

Target(%)

Large Cap Equity 39,653,880 30.09 31.00Mid Cap Equity 7,906,596 6.00 6.50Small Cap Equity 7,591,686 5.76 6.50International Equity 33,094,432 25.12 26.00Fixed Income 19,974,754 15.16 13.00Floating Rate Corporate Loans 9,936,972 7.54 7.00Master Limited Partnerships 6,195,116 4.70 5.00Real Estate 7,413,832 5.63 5.00Total Fund 131,767,268 100.00 100.00

Asset Allocation vs. Target Allocation


Criteria

Organization PeoplePhilosophy& Process

StyleConsistency

Asset Base Performance Expenses Overall

Costs

Exp Ratio(%)

MedianExp Ratio

(%)

Ratio ofExp to

Median (%)

Boston Trust Balanced - Boulder F&P 0.64 1.15 55.00Victory:MC Core Gr;Y (MGOYX) 1.04 1.17 88.89ICM Small Company;Inst (ICSCX) 0.95 1.32 71.97Dodge & Cox Intl Stock (DODFX) 0.63 1.14 55.26American Funds EuPc;R6 (RERGX) 0.49 1.14 42.98Met West:Total Return;I (MWTIX) 0.45 0.71 63.38Eaton Vance Flt Rt;A (EVBLX) 1.04 1.09 95.41Oppenheimer SP MLP Alp;A (MLPAX) 1.51 1.69 89.35Principal US Property Account 0.85 1.10 77.27VT PLUS Fund R5 0.82 0.73 109.33VT Retirement Income Advantage 1.70 1.70 100.00

Legend For Overall Criteria

No/Minimum ConcernsMinor ConcernMajor ConcernUnder Review

New No/Minimum ConcernsUpgrade to Minor ConcernDowngrade to Minor ConcernNew Major Concern

Manager Score Factor Comments

Victory:MC Core Gr;Y (MGOYX) Asset Base Outflows relative to strategy AUM warrants increased monitoring and diligence. If performance continues to improve, flows shouldresolve quickly.

Victory:MC Core Gr;Y (MGOYX) Performance The fund's conservative position has caused it to lag its growth peers over the most recent three and five year period. Strongperformance from the index in technology and health care have hurt the fund as they have traditionally made up a larger part of thegrowth index.

Victory:MC Core Gr;Y (MGOYX) Overall .Oppenheimer SP MLP Alp;A (MLPAX) Organization In October 2018, Oppenheimer Funds announced plans for Invesco to purchase a controlling stake in the company. Current

parent company, MassMutual, will retain a stake in Oppenheimer. The transaction is expected to close in the second quarter of2019 and is subject to customary closing conditions. We will monitor Oppenheimer's funds during this transition to ensure weremain confident in the organization's ability to deliver value to its clients.

Oppenheimer SP MLP Alp;A (MLPAX) Style Consistency Although we remain confident in the underlying fundamentals of midstream energy assets, the universe of midstream MLPsecurities has contracted over the last few years. Many midstream energy businesses have elected to become normal taxablecorporations, reducing the number of midstream MLPs. This change has impacted the way that MLP investment managersimplement their strategies. As a result, we will continue to monitor our investment managers and the midstream energy MLPindustry.

Manager Score Card

The Expense Ratio and Median Expense Ratio for Hedge Fund of Funds and Private Equity Fund of Funds excludes underlying fund expenses; the expenses shown are only at the Fund of Funds level.*Effective July 2018, certain funds that utilize derivatives and more opportunistic approaches are required to include investment-related expenses in their net expense ratios. While the expense reportingrequirements have been modified, funds’ actual expenses have not changed 15


AllocationMarketValue

($)%

Performance(%)

LastQuarter

YearTo Date

1Year

3Years

5Years

10Years

SinceInnovestInception

SinceInception

InceptionDate

Large Cap EquityBoston Trust Equity - Boulder F&P 39,653,880 28.11 -11.16 (16) -1.99 (12) -1.99 (12) 10.54 (9) 8.62 (33) 12.54 (65) 7.29 (20) 10.39 (26) 07/01/1990S&P 500 Index -13.52 (44) -4.38 (38) -4.38 (38) 9.26 (31) 8.49 (37) 13.12 (47) 5.70 (90) 9.34 (89)IM U.S. Large Cap Core Eq (SA+CF) -13.83 -5.20 -5.20 8.47 8.15 13.05 6.47 9.81

Mid Cap EquityVictory Munder Mid Cap Core Growth 7,906,596 5.60 -17.18 (46) -13.58 (94) -13.58 (94) 4.93 (88) 4.01 (89) 12.06 (84) 7.61 (24) 9.96 (75) 01/01/2010Russell Midcap Growth Index -15.99 (27) -4.75 (44) -4.75 (44) 8.59 (41) 7.42 (26) 15.12 (15) 6.30 (49) 12.10 (24)IM U.S. MCG Equity (MF) -17.34 -5.19 -5.19 7.72 5.92 13.10 6.18 10.92

Small Cap EquityICM Small Company 7,591,686 5.38 -20.69 (71) -13.96 (42) -13.96 (42) 8.54 (12) 4.95 (4) 12.28 (28) 9.20 (27) 6.82 (11) 01/01/2008Russell 2000 Value Index -18.67 (35) -12.86 (31) -12.86 (31) 7.37 (30) 3.61 (15) 10.40 (50) 8.04 (60) 6.07 (29)IM U.S. SCV Equity (MF) -20.15 -15.68 -15.68 5.53 1.79 10.32 8.66 5.63

International EquityDodge & Cox Int'l 16,506,493 11.70 -12.39 (17) -17.98 (59) -17.98 (59) 3.24 (10) -0.48 (7) 7.72 (1) N/A 1.04 (14) 01/01/2008MSCI EAFE Value Index (Net) -11.70 (10) -14.78 (14) -14.78 (14) 2.82 (20) -0.61 (7) 5.50 (21) 3.50 (N/A) -0.42 (40)MSCI AC World ex USA Value (net) -10.71 (4) -13.97 (13) -13.97 (13) 4.75 (1) -0.38 (6) 5.95 (13) 4.40 (N/A) -0.26 (39)IM International LCV Equity (MF) -13.81 -17.61 -17.61 0.84 -2.14 4.65 N/A -1.25

American Funds EuroPacific Gr 16,587,939 11.76 -12.67 (49) -15.22 (55) -15.22 (55) 3.72 (35) 1.50 (31) 7.33 (32) N/A 6.02 (16) 04/01/2004MSCI EAFE Growth Index (Net) -13.33 (61) -12.83 (36) -12.83 (36) 2.89 (50) 1.62 (29) 7.07 (37) 3.25 (75) 4.97 (62)MSCI AC World ex USA Growth (Net) -12.20 (40) -14.43 (44) -14.43 (44) 4.19 (25) 1.69 (29) 7.15 (36) 3.72 (64) 5.22 (50)IM International LCG (MF) -12.68 -15.06 -15.06 2.84 0.10 6.54 4.14 5.21

Fixed IncomeBoston Trst Fixed Income Boulder F&P 12,522,278 8.88 1.85 (5) 0.61 (5) 0.61 (5) 1.71 (71) 2.10 (61) 3.13 (88) 4.51 (34) 5.50 (89) 07/01/1990Blmbg. Barc. U.S. Aggregate Index 1.64 (11) 0.01 (18) 0.01 (18) 2.06 (45) 2.52 (28) 3.48 (78) 4.48 (38) 5.82 (34)IM U.S. Broad Market Core FI (MF) 0.99 -0.63 -0.63 1.99 2.26 4.24 4.33 5.75

Met West Total Return 7,452,476 5.28 1.53 (18) 0.16 (12) 0.16 (12) 2.01 (49) 2.44 (35) 5.74 (4) 5.58 (1) 1.57 (41) 01/01/2015Blmbg. Barc. U.S. Aggregate Index 1.64 (11) 0.01 (18) 0.01 (18) 2.06 (45) 2.52 (28) 3.48 (78) 4.48 (38) 1.68 (30)IM U.S. Broad Market Core FI (MF) 0.99 -0.63 -0.63 1.99 2.26 4.24 4.33 1.49

Floating Rate Corporate LoansEaton Vance Floating Rate 9,936,972 7.04 -3.40 (22) 0.54 (10) 0.54 (10) 5.09 (16) 2.71 (22) 7.73 (26) N/A 6.95 (27) 04/01/2009Credit Suisse Leveraged Loan Index -3.08 (14) 1.14 (3) 1.14 (3) 5.02 (23) 3.32 (1) 8.29 (12) 4.53 (1) 7.75 (10)Loan Participation Mutual Funds Median -3.73 -0.45 -0.45 4.29 2.24 7.01 3.60 6.25

Table of ReturnsDecember 31, 2018

Returns prior to 7/1990 provided by PMC


Table of ReturnsDecember 31, 2018

AllocationMarketValue

($)%

Performance(%)

LastQuarter

YearTo Date

1Year

3Years

5Years

10Years

SinceInnovestInception

SinceInception

InceptionDate

Master Limited PartnershipsSteelpath MLP Alpha Fund 6,195,116 4.39 -15.80 -14.76 -14.76 -2.13 -5.65 N/A N/A -13.59 04/01/2017Alerian MLP Infrastructure (Tax Adj) -12.68 -8.94 -8.94 -1.22 -4.30 6.57 7.63 -9.53

Real EstatePrincipal US Property Account (Gross) 7,413,832 5.25 1.88 (38) 9.55 (29) 9.55 (29) 9.96 (29) 11.61 (35) 7.77 (21) 8.28 (55) 9.43 (30) 04/01/2017Principal US Property Account (Net) 1.56 (78) 8.26 (66) 8.26 (66) 8.69 (50) 10.51 (63) N/A N/A 8.15 (66)NCREIF ODCE (Gross) 1.76 (55) 8.34 (63) 8.34 (63) 8.24 (70) 10.41 (65) 7.00 (61) 7.99 (78) 8.08 (69)IM U.S. Open End Private RE (SA+CF) (Gross) 1.80 8.71 8.71 8.66 10.82 7.34 8.36 8.34

Balanced AccountBoston Trust Balanced - Boulder F&P - 0.00 -8.54 (51) -1.16 (18) -1.16 (18) 8.76 (6) 7.28 (6) 10.32 (26) 7.05 (20) 9.80 (12) 07/01/199070% S&P/30% BC Aggr -9.06 (57) -2.82 (34) -2.82 (34) 7.21 (24) 6.82 (16) 10.37 (26) 5.59 (65) 8.51 (56)IM U.S. Balanced (SA+CF) Median -8.53 -3.99 -3.99 5.59 4.91 8.88 6.03 8.66

VT Retirement Income Advantage 3,072,202 2.18 -8.27 (47) -5.72 (66) -5.72 (66) 3.95 (85) 3.14 (85) N/A N/A 4.25 (87) 04/01/2013VT Retirement Income Adv Cust Index -7.77 (35) -3.83 (46) -3.83 (46) 5.50 (55) 4.75 (54) N/A N/A 5.84 (60)IM U.S. Balanced (SA+CF) Median -8.53 -3.99 -3.99 5.59 4.91 8.88 6.03 6.14

Stable ValueVantage Trust Plus (gross) 6,250,270 4.43 0.66 (8) 2.58 (2) 2.58 (2) 2.43 (1) 2.41 (1) 2.91 (1) 3.87 (12) 3.21 (4) 07/01/2007Vantage Trust Plus (net) 0.53 (72) 2.02 (68) 2.02 (68) 1.87 (65) 1.84 (50) 2.35 (33) N/A 2.65 (31)Ryan 3 Yr GIC Master Index 0.53 (71) 1.96 (86) 1.96 (86) 1.65 (90) 1.43 (100) 2.01 (82) 3.14 (88) 2.36 (87)IM U.S. GIC/Stable Value (SA+CF) Median 0.60 2.17 2.17 1.93 1.82 2.16 3.36 2.48

Total FundBoulder Fire and Police 141,089,740 100.00 -9.88 -6.90 -6.90 5.83 3.88 8.72 6.14 8.76 01/01/1985Boulder Fire & Police Custom Benchmark -9.79 -5.93 -5.93 5.42 4.06 8.62 5.40 9.18CPI + 3.75% 0.50 5.99 5.99 6.11 5.57 5.87 6.14 6.69

*Total Fund Return is Gross of Innovest fee and Net of Mutual Fund Fees

Returns prior to 7/1990 provided by PMC


Cumulative Performance Over Time

Risk and Return

Boulder Fire and Police Boulder Fire & Police Custom Benchmark CPI + 4.75%

-600 %

0%

600%

1,200%

1,800%

2,400%

3,000%

3/85 9/86 3/88 9/89 3/91 9/92 3/94 9/95 3/97 9/98 3/00 9/01 3/03 9/04 3/06 9/07 3/09 9/10 3/12 9/13 3/15 9/16 12/18

8

9

10

11

12

Ret

urn

(%)

7 8 9 10 11 12 13 14 15 16 17 18 19Risk (Standard Deviation %)

Boulder Fire and Police

S&P 500 Index

Total Portfolio Performance AnalysisAs of December 31,2018


THIS PAGE LEFT INTENTIONALLY BLANK

STRATEGY INFORMATION

ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS

PEER GROUP ANALYSIS - IM U.S. Balanced (SA+CF)

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

RISK VS. RETURN (5 YEARS*)

*If less than 5 years, data is since account inception.

Firm and Management:Domenic Colasacco is a portfoliomanager and president of the Adviser.Mr. Colasacco is also the president ofBoston Trust & InvestmentManagement Company and has servedas its Chief Investment Officer since1980. Mr. Colasacco managesportfolios for individual and institutionalclients and also manages the BostonTrust Equity Fund. Mr. Colasacco is aholder of the Chartered FinancialAnalyst (CFA) designation and amember of the Boston SecurityAnalysts Society.

Investment Strategy:The strategy strives to provide long-term growth of capital through adiversified portfolio of stocks, bondsand money market investments. Theallocation among these assets isactively managed based both on theirrelative values and the changingeconomic outlook. By forecastingfinancial market returns across a widerange of possible economic scenarios,they vary the allocation in a mannerthat is designed to provide protectionagainst falling markets in unfavorableeconomic environments, while alsoproviding opportunity to participate inrising markets. The strategy providesbroad diversification across stockmarket sectors; individual equityselections focus on companies withsuperior financial track records.

-20.0

-12.0

-4.0

4.0

12.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Boston Tr Bal - Boulder F&P -8.54 (51) -1.16 (18) -1.16 (18) 8.76 (6) 7.28 (6) 9.80 (12) 10.32 (26)¢£

70% S&P/30% BC Aggr -9.06 (57) -2.82 (34) -2.82 (34) 7.21 (24) 6.82 (16) 9.56 (13) 10.37 (26)��

Median -8.53 -3.99 -3.99 5.59 4.91 7.89 8.88

-3.0

0.0

3.0

6.0

9.0

Ret

urn

(%)

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

Return StandardDeviation

Boston Tr Bal - Boulder F&P 7.28 6.90¢£

70% S&P/30% BC Aggr 6.82 6.63��

Median 4.91 7.07¾

2017 2016 2015 2014 2013 2012 2011Boston Tr Bal - Boulder F&P 17.52 (18) 10.75 (29) -0.59 (40) 11.13 (12) 23.02 (20) 10.04 (74) 3.45 (24)IM U.S. Balanced (SA+CF) Median 13.69 8.49 -1.48 6.92 19.40 11.33 1.32

70% S&P/30% BC Aggr 16.08 (26) 9.23 (42) 1.34 (17) 11.39 (11) 21.12 (29) 12.49 (39) 4.08 (21)IM U.S. Balanced (SA+CF) Median 13.69 8.49 -1.48 6.92 19.40 11.33 1.32

3Years

EndingDec-2018

3Years

EndingDec-2017

3Years

EndingDec-2016

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

Boston Tr Bal - Boulder F&P 8.76 (6) 8.97 (9) 6.95 (16) 10.76 (14) 14.58 (22) 11.88 (18) 9.12 (20)IM U.S. Balanced (SA+CF) Median 5.59 6.99 5.12 7.78 12.72 10.54 8.44

70% S&P/30% BC Aggr 7.21 (24) 8.71 (11) 7.23 (14) 10.99 (12) 14.92 (20) 12.35 (14) 9.75 (12)IM U.S. Balanced (SA+CF) Median 5.59 6.99 5.12 7.78 12.72 10.54 8.44

Boston Tr Bal - Boulder F&P 12/31/18


THIS PAGE LEFT INTENTIONALLY BLANK




PEER GROUP ANALYSIS - IM U.S. Large Cap Core Equity (SA+CF)





Investment Strategy:The portfolio consists of stocks from allmarket capitalizations; small, mediumand large. The portfolio is constructedwith a bottom up approach to securityselection, however, macro themes areconsidered in deciding which sectorslook most attractive. Each potentialholding is put through a number ofscreens which consider earningsgrowth and relative valuation.

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Boston TrEq - Boulder F&P -11.16 (16) -1.99 (12) -1.99 (12) 10.54 (9) 8.62 (33) 11.99 (66) 12.54 (65)¢£

S&P 500 Index -13.52 (44) -4.38 (38) -4.38 (38) 9.26 (31) 8.49 (37) 12.70 (47) 13.12 (47)��

Median -13.83 -5.20 -5.20 8.47 8.15 12.63 13.05

-5.0

0.0

5.0

10.0

15.0

Ret

urn

(%)

0.0 4.0 8.0 12.0 16.0Risk (Standard Deviation %)


Boston TrEq - Boulder F&P 8.62 8.79¢£

S&P 500 Index 8.49 9.55��

Median 8.15 9.88¾

2017 2016 2015 2014 2013 2012 2011Boston TrEq - Boulder F&P 21.72 (53) 13.23 (21) -0.95 (76) 13.00 (58) 30.44 (78) 12.03 (83) 1.56 (57)IM U.S. Large Cap Core Equity (SA+CF) Median 21.83 10.52 1.43 13.42 32.98 15.66 2.03

S&P 500 Index 21.83 (50) 11.96 (34) 1.38 (52) 13.69 (44) 32.39 (60) 16.00 (46) 2.11 (50)IM U.S. Large Cap Core Equity (SA+CF) Median 21.83 10.52 1.43 13.42 32.98 15.66 2.03

3Years

EndingDec-2018

3Years

EndingDec-2017

3Years

EndingDec-2016

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

Boston TrEq - Boulder F&P 10.54 (9) 10.93 (57) 8.22 (57) 13.44 (77) 18.20 (79) 14.06 (82) 9.97 (66)IM U.S. Large Cap Core Equity (SA+CF) Median 8.47 11.20 8.45 15.29 20.64 16.34 10.71

S&P 500 Index 9.26 (31) 11.41 (43) 8.87 (41) 15.13 (54) 20.41 (57) 16.18 (55) 10.87 (48)IM U.S. Large Cap Core Equity (SA+CF) Median 8.47 11.20 8.45 15.29 20.64 16.34 10.71

Boston TrEq - Boulder F&P 12/31/18


TOP TEN HOLDINGS PORTFOLIO CHARACTERISTICS

DISTRIBUTION OF MARKET CAP

SECTOR DISTRIBUTION PERFORMANCE - 1 Quarter

TOTAL ATTRIBUTION - 1 Quarter

PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Alphabet Inc 4.18 1.52 2.66 -13.23Microsoft Corp 4.07 3.73 0.34 -10.80Apple Inc 3.97 3.38 0.59 -29.88Johnson & Johnson 2.86 1.65 1.21 -6.01JPMorgan Chase & Co 2.86 1.54 1.32 -12.89Visa Inc 2.65 1.10 1.55 -11.94Unitedhealth Group Inc 2.36 1.14 1.22 -6.06Accenture PLC 2.27 0.43 1.84 -16.39PepsiCo Inc 2.24 0.74 1.50 -0.403M Co 2.22 0.53 1.69 -8.95

% of Portfolio 29.68 15.76 13.92

Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($) 187,171,571,907 198,164,868,752Median Mkt. Cap ($) 58,024,616,045 18,449,053,220Price/Earnings ratio 19.53 17.38Price/Book ratio 3.47 3.165 Yr. EPS Growth Rate (%) 10.09 16.00Current Yield (%) 2.08 2.23Beta (5 Years, Monthly) 0.95 1.00Number of Stocks 89 505

Boston Trust Equity - Composite S&P 500 Index

0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0

UtilitiesReal Estate

MaterialsInformation Technology

IndustrialsHealth Care

FinancialsEnergy

Consumer StaplesConsumer Discretionary

Communication Services

2.70.0

4.019.0

11.515.5

16.84.0

10.58.5

7.6

3.33.0

2.720.1

9.215.5

13.35.3

7.49.910.1


0.0 8.0 16.0-8.0-16.0-24.0-32.0




FinancialsEnergy



4.80.0

-7.6-16.9-16.6

-6.6-13.6

-20.3-3.9

-4.3-8.1

1.4-3.8

-12.1-17.3-17.2

-8.6-13.1

-23.3-5.2

-16.4-13.2


0.0

15.0

30.0

45.0

60.0

>100 Bil 75 Bil - 100 Bil

25 Bil - 75 Bil

15 Bil - 25 Bil

2 Bil - 15 Bil

49.2

8.1

24.4

9.3 9.0

41.7

13.9

24.8

12.66.9

0.0 0.4 0.8 1.2 1.6-0.4-0.8




FinancialsEnergy



0.0-0.3

0.20.1

0.00.2

-0.10.3

0.41.1

0.4

Boston Trust Equity - Composite 12/31/18




PEER GROUP ANALYSIS - IM U.S. Fixed Income (SA+CF)





Investment Strategy:Boston Trust's approach to fixedincome investing combines top downeconomic scenario forecasts withbottom up fundamental research. Usingmacroeconomic-based quantitativetools, the investment team forecastsinterest rate changes for a range ofpossible economic outcomes. Theseforecasts contribute to portfoliostrategies with respect to interest ratesand the yield curve. In selectingindividual securities, Boston Trustapplies long-held standards for superiorfinancial quality, appropriate risk, anddiversification.

-10.0

-5.0

0.0

5.0

10.0

15.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Boston Tr FI - Boulder F&P 1.85 (9) 0.61 (48) 0.61 (48) 1.71 (83) 2.10 (74) 1.76 (82) 3.13 (77)¢£

Barclays Agg 1.64 (14) 0.01 (60) 0.01 (60) 2.06 (70) 2.52 (62) 2.10 (73) 3.48 (71)��

Median 0.69 0.43 0.43 2.61 2.84 2.94 4.52

-2.0

0.0

2.0

4.0

6.0

8.0

Ret

urn

(%)

-4.0 0.0 4.0 8.0 12.0Risk (Standard Deviation %)


Boston Tr FI - Boulder F&P 2.10 2.74¢£

Barclays Agg 2.52 2.89��

Median 2.84 2.83¾

2017 2016 2015 2014 2013 2012 2011Boston Tr FI - Boulder F&P 2.35 (79) 2.19 (72) 1.68 (17) 3.71 (58) -2.15 (84) 4.08 (75) 7.76 (33)IM U.S. Fixed Income (SA+CF) Median 4.17 3.70 0.73 4.43 -0.20 6.88 6.40

Barclays Agg 3.54 (63) 2.65 (64) 0.55 (56) 5.97 (36) -2.02 (81) 4.21 (75) 7.84 (32)IM U.S. Fixed Income (SA+CF) Median 4.17 3.70 0.73 4.43 -0.20 6.88 6.40

3Years

EndingDec-2018

3Years

EndingDec-2017

3Years

EndingDec-2016

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

Boston Tr FI - Boulder F&P 1.71 (83) 2.07 (74) 2.52 (69) 1.05 (82) 1.84 (83) 3.15 (75) 6.12 (67)IM U.S. Fixed Income (SA+CF) Median 2.61 2.88 3.34 1.83 3.96 4.36 7.25

Barclays Agg 2.06 (70) 2.24 (68) 3.03 (60) 1.44 (68) 2.66 (71) 3.26 (72) 6.19 (66)IM U.S. Fixed Income (SA+CF) Median 2.61 2.88 3.34 1.83 3.96 4.36 7.25

Boston Tr FI - Boulder F&P 12/31/18


TOP TEN HOLDINGS

PORTFOLIO CHARACTERISTICS vs. Blmbg. Barc. U.S. Aggregate Index

CREDIT QUALITY DISTRIBUTION vs. Blmbg. Barc. U.S. Aggregate Index

SECTOR DISTRIBUTION vs. Blmbg. Barc. U.S. Aggregate Index

MATURITY DISTRIBUTION vs. Blmbg. Barc. U.S. Aggregate Index

Portfolio BenchmarkEffective Duration 4.79 5.93Avg. Maturity 5.41 8.01Avg. Quality AA Aa2Yield To Maturity (%) 2.77 3.27Holdings Count 25 10,248

Boston Trust Fixed Income - Boulder F&P Blmbg. Barc. U.S. Aggregate Index

0.0

10.0

20.0

30.0

40.0

50.0

US Tr e

asurie

s

A gencie

sM BS

C redi t

0.0 0.0 0.0 0.0

37.434.7

1.3

26.6

Boston Trust Fixed Income - Boulder F&PCompany %

US TREASURY NOTES 2.625% 02/28/23 3.50US TREASURY NOTES 2.000% 11/30/22 2.40FED HOME LN BKS 2.375% 03/13/26 1.70FED HOME LN BKS 2.625% 06/11/27 1.50FED NATL MTG ASSN 2.625% 09/06/24 1.40TREASURY INFL IDX 0.625% 01/15/24 1.30FED HOME LN BKS 2.750% 12/13/24 1.00FED NATL MTG ASSN 1.875% 09/24/26 0.90BERKSHIRE HATHAWAY 2.750% 03/15/23 0.90FED NATL MTG ASSN 2.125% 04/24/26 0.70


0.0

20.0

40.0

60.0

80.0

100.0

A AA AA AB BB NR

65.6

4.8

12.916.7

0.0

73.5

5.5

19.4

0.0 1.6


0.0

15.0

30.0

45.0

60.0

75.0

0 to

3 Y ea

rs

3 to

5 Y ea

rs

6 to

10 Y ea

rs

11 to

20 Y ea

rs

20+ Y ea

rs

22.019.0

43.8

3.1

12.18.7

37.9

52.1

1.3 0.0

Boston Trust Fixed Income - Boulder F&P 12/31/18


FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Mid Cap Growth Equity (MF)



*If less than 5 years, data is since inception of fund share class.

Investment Strategy:The Munder team seek companies thattrade cheaply relative to their growthprospects, using a broad range ofvaluation measures. They keep theFund's sector weightings within 3percentage points of the fund'sbenchmark, the S&P Midcap 400 Index.They'll typically hold 70-100 stocks andcap position sizes at 3%. They'rerelatively patient investors; portfolioturnover has averaged around 50%.

Innovest's Assessment:Munder’s low beta bias is likely tooutperform during market drawdownsand when quality growth companies arein favor. Underperformance is expectedwhen low quality, high beta companiesoutpace high quality securities andduring speculative growth rallies.

-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Victory Munder MC Gr -17.18 (46) -13.58 (94) -13.58 (94) 4.93 (88) 4.01 (89) 9.50 (84) 12.06 (84)¢£

Russell Midcap Growth Index -15.99 (27) -4.75 (44) -4.75 (44) 8.59 (41) 7.42 (26) 12.27 (33) 15.12 (15)��

Median -17.34 -5.19 -5.19 7.72 5.92 11.16 13.10

-4.0

0.0

4.0

8.0

12.0

Ret

urn

(%)



Victory Munder MC Gr 4.01 12.32¢£

Russell Midcap Growth Index 7.42 12.41��

Median 5.92 13.18¾

FundFamily :

Victory CapitalManagement Inc

Fund Inception : 06/24/1998PortfolioManager :

Team Managed

TotalAssets :

$1,066 Million

Turnover : 50%

2017 2016 2015 2014 2013 2012 2011Victory Munder MC Gr 24.50 (55) 7.37 (29) -4.36 (86) 10.17 (21) 33.71 (62) 16.01 (28) -0.77 (24)Russell MCG 25.27 (44) 7.33 (29) -0.20 (53) 11.90 (11) 35.74 (45) 15.81 (31) -1.65 (29)IM U.S. Mid Cap Growth Equity (MF) Median 24.84 5.11 0.17 7.24 35.27 14.19 -4.42

3Years

EndingDec-2018

3Years

EndingDec-2017

3Years

EndingDec-2016

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

Victory Munder MC Gr 4.93 (88) 8.53 (72) 4.20 (52) 12.11 (68) 19.56 (30) 15.46 (26) 13.04 (19)Russell MCG 8.59 (41) 10.30 (40) 6.23 (21) 14.88 (29) 20.71 (16) 15.63 (25) 12.91 (22)IM U.S. Mid Cap Growth Equity (MF) Median 7.72 9.90 4.34 13.57 18.05 13.96 11.24

Victory Munder MC Gr 12/31/18


SECTOR ALLOCATION

STYLE MAP (07/01/98 - 12/31/18)

SECTOR PERFORMANCE

TOP 10 HOLDINGSPORTFOLIO CHARACTERISTICS

UP/DOWN CAPTURE (01/01/14 - 12/31/18)

TOTAL SECTOR ATTRIBUTION

PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)Ross Stores Inc 3.21 1.16 -15.81Fidelity Natioal Info Serv Inc. 2.86 0.11 -5.69Centene Corp 2.54 0.79 -20.36PTC Inc 2.40 0.37 -21.93SBA Communications Corp 2.24 0.69 0.79Baxter International Inc 2.12 0.00 -14.38SVB Financial Group 2.08 0.30 -38.90Encompass Health Corp 1.97 0.23 -20.50Microchip Technology Inc 1.97 0.63 -8.40Northern Trust Corp 1.78 0.18 -17.64

% of Portfolio 23.17 4.46

Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $16,484 $14,201Median Mkt. Cap $M $13,649 $7,274Price/Earnings ratio 19.46 21.19Price/Book ratio 3.29 5.195 Yr. EPS Growth Rate (%) 17.32 17.44Current Yield (%) 1.01 1.04Beta (5 Years, Monthly) 0.96 1.00% in Int'l Securities 1.50 3.55Active Share 80.23 N/ANumber of Stocks 73 418

Victory Munder MC Gr Russell MCG

0.0 10.0 20.0 30.0 40.0

OtherUtilities

Real EstateMaterials

Information TechnologyIndustrials

Health CareFinancials

EnergyConsumer Staples

Consumer DiscretionaryCommunication Services

1.62.8

6.65.4

21.516.6

13.512.0

2.51.9

12.72.8

0.00.0

2.13.6

31.116.3

14.96.7

1.73.1

16.64.0

Victory Munder MC Gr(Total: -0.7)

0.0 0.4 0.8 1.2-0.4-0.8-1.2

0.00.4

0.60.1

-0.3-0.7

-0.1-0.5

0.1-0.2

0.00.0

Victory Munder MC Gr Russell MCG

-32.0 -24.0 -16.0 -8.0 0.0

-17.3-0.7

-3.1-12.3

-16.7-22.2

-20.6-20.7

-17.5-10.2

-14.8-12.1

0.00.0

-4.5-14.6

-15.7-17.9

-19.8-16.4

-25.0-2.0

-15.0-12.7

Style History Dec-2018 Average Style Exposure

Cap

italiz

atio

n

Manager Style

Large Cap Growth

Small Cap GrowthSmall Cap Value

Large Cap Value

Victory Munder MC Gr

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Victory Munder MC Gr 12/31/18


FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Small Cap Value Equity (MF)




Investment Strategy:The management team starts with auniverse of stocks with market capsaround $1 billion and narrows the listthrough screens and company analysis.The team favors well-managedcompanies with good growth prospectsthat are trading at attractive valuations.It employs a strict sell-discipline whenvaluations get too high or when acompany doesn't meet expectations.

Innovest's Assessment:The strategy should outperform in downand stable markets and when lessercapitalized companies are leading. Thefund should underperform duringmomentum environments wherefundamentals aren’t rewarded. Thefund should also underperform whenfinancials and utilities lead due tomanagement's perpetual aversion tothe sectors.

-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

ICM Small Company -20.69 (71) -13.96 (42) -13.96 (42) 8.54 (12) 4.95 (4) 10.62 (11) 12.28 (28)¢£

Russell 2000 Value Index -18.67 (35) -12.86 (31) -12.86 (31) 7.37 (30) 3.61 (15) 9.57 (19) 10.40 (50)��

Median -20.15 -15.68 -15.68 5.53 1.79 8.42 10.32

-12.0

-8.0

-4.0

0.0

4.0

8.0

Ret

urn

(%)



ICM Small Company 4.95 15.89¢£

Russell 2000 Value Index 3.61 15.05��

Median 1.79 15.35¾

FundFamily :

InvestmentCounselors ofMaryland


Heaphy/Merwitz

TotalAssets :

$659 Million

Turnover : 30%

2017 2016 2015 2014 2013 2012 2011ICM Small Company 13.13 (23) 31.36 (33) -3.20 (11) 2.87 (49) 36.16 (41) 16.93 (37) -4.85 (55)Russell 2000 Value 7.84 (57) 31.74 (29) -7.47 (47) 4.22 (32) 34.52 (54) 18.05 (28) -5.50 (57)IM U.S. Small Cap Value Equity (MF) Median 8.44 29.90 -7.59 2.69 35.16 15.36 -4.00

3Years

EndingDec-2018

3Years

EndingDec-2017

3Years

EndingDec-2016

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

ICM Small Company 8.54 (12) 12.89 (3) 9.36 (8) 10.68 (25) 17.88 (48) 14.85 (43) 10.94 (57)Russell 2000 Value 7.37 (30) 9.55 (39) 8.31 (30) 9.06 (43) 18.29 (39) 14.49 (49) 11.57 (47)IM U.S. Small Cap Value Equity (MF) Median 5.53 8.70 5.91 8.65 17.47 14.43 11.41

ICM Small Company 12/31/18


SECTOR ALLOCATION

STYLE MAP (05/01/89 - 12/31/18)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (01/01/14 - 12/31/18)

TOTAL SECTOR ATTRIBUTION

PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)ICF International Inc 1.55 0.12 -13.96Argo Group Int. 1.46 0.25 7.08Verint Systems Inc 1.44 0.31 -15.55ABM Industries Inc 1.42 0.24 0.11Simmons First National Corp 1.42 0.25 -17.59Perficient Inc 1.41 0.05 -16.47Kite Realty Group Trust 1.39 0.13 -13.64QTS Realty Trust Inc 1.36 0.12 -12.21Spire Inc 1.33 0.42 1.47Navigators Group Inc (The) 1.31 0.15 0.67


Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $1,569 $1,837Median Mkt. Cap $M $1,190 $632Price/Earnings ratio 15.54 12.68Price/Book ratio 1.61 1.545 Yr. EPS Growth Rate (%) 9.99 8.28Current Yield (%) 1.81 2.51Beta (5 Years, Monthly) 1.04 1.00% in Int'l Securities 2.55 3.74Active Share 90.07 N/ANumber of Stocks 108 1,387

ICM Small Company Russell 2000 Value

0.0 10.0 20.0 30.0 40.0

OtherUtilities






0.03.0

8.24.3

12.622.7

5.025.6

5.22.4

11.00.0

0.06.4

11.64.2

10.311.8

4.828.7

6.92.6

9.53.1

ICM Small Company(Total: -2.6)

0.0 0.5 1.0-0.5-1.0-1.5-2.0

0.0-0.6

-0.3-0.2

-0.3-0.1

0.3-1.4

-0.50.20.2

0.0

ICM Small Company Russell 2000 Value

-75.0 -60.0 -45.0 -30.0 -15.0 0.0

0.0-4.6

-16.4-31.4

-17.6-19.3

-23.7-20.8

-53.0-3.2

-17.10.0

-44.6-2.3

-14.2-27.2

-14.4-19.5

-29.6-15.7

-40.9-14.1

-19.0-18.8

Style History Dec-2018 Average Style Exposure

Cap

italiz

atio

n

Manager Style

Large Cap Growth

Small Cap GrowthSmall Cap Value

Large Cap Value

ICM Small Company

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

ICM Small Company 12/31/18


FUND INFORMATION


PEER GROUP ANALYSIS - IM International Large Cap Value Equity (MF)




Investment StrategyThe Fund invests primarily in adiversified portfolio of equity securitiesissued by non-U.S. companies from atleast three different countries, includingemerging markets. The Fund focuseson countries whose economic andpolitical systems appear more stableand are believed to provide someprotection to foreign shareholders. TheFund invests primarily in medium-to-large well established companiesbased on standards of the applicablemarket. In selecting investments, theFund invests primarily in companiesthat, in Dodge & Cox’s opinion, appearto be temporarily undervalued by thestock market but have a favorableoutlook for long-term growth.

Innovest's AssessmentWe believe this collaborative researchapproach will continue generatingshareholder value over full marketcycles; however, performance maysuffer during periods driven by moremacroeconomic events or a disregardfor company specific fundamentals.The strategy’s notable allocation todeveloping countries also suggests thatrelative performance may be partiallydictated by the market’s preference foremerging market securities.

-28.0

-20.0

-12.0

-4.0

4.0

12.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Dodge & Cox Intl -12.39 (17) -17.98 (59) -17.98 (59) 3.24 (10) -0.48 (7) 5.89 (1) 7.72 (1)¢£

MSCI EAFE Value Idx -11.70 (10) -14.78 (14) -14.78 (14) 2.82 (20) -0.61 (7) 4.96 (18) 5.50 (21)��

Median -13.81 -17.61 -17.61 0.84 -2.14 4.17 4.65

-4.0

-3.2

-2.4

-1.6

-0.8

0.0

0.8

Ret

urn

(%)

10.0 12.0 14.0 16.0Risk (Standard Deviation %)


Dodge & Cox Intl -0.48 13.78¢£

MSCI EAFE Value Idx -0.61 12.36��

Median -2.14 11.70¾

FundFamily :

Dodge & Cox


Team Managed

TotalAssets :

$53,450 Million

Turnover : 17%

2017 2016 2015 2014 2013 2012 2011Dodge & Cox Intl 23.94 (24) 8.26 (21) -11.35 (88) 0.08 (1) 26.31 (13) 21.03 (17) -15.97 (71)MSCI EAFE Val Idx 21.44 (53) 5.02 (22) -5.68 (78) -5.39 (14) 22.95 (20) 17.69 (56) -12.17 (22)IM International Large Cap Value Equity (MF) Median 21.63 1.68 -2.96 -8.59 21.50 17.90 -13.76

3Years

EndingDec-2018

3Years

EndingDec-2017

3Years

EndingDec-2016

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

Dodge & Cox Intl 3.24 (10) 5.96 (63) -1.34 (6) 3.87 (31) 15.23 (1) 8.71 (22) 4.96 (5)MSCI EAFE Val Idx 2.82 (20) 6.35 (43) -2.14 (14) 3.14 (40) 11.04 (16) 8.32 (28) 2.19 (53)IM International Large Cap Value Equity (MF) Median 0.84 6.23 -3.26 2.87 9.53 7.43 2.48

Dodge & Cox Intl 12/31/18


REGION ALLOCATION REGION PERFORMANCE


TOTAL REGION ATTRIBUTION

SECTOR ALLOCATION SECTOR PERFORMANCE TOTAL SECTOR ATTRIBUTION

PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)Sanofi 3.78 1.56 -2.62Roche Holding AG 3.22 0.00 1.55Icici Bank Ltd 3.18 0.00 22.85Naspers Ltd 3.03 0.00 -6.93Itau Unibanco Holding SA 3.01 0.00 24.90UBS Group AG 2.80 0.76 -21.70Astrazeneca PLC 2.45 0.53 -3.78Bayer AG 2.39 1.03 -22.01Glaxosmithkline PLC 2.38 1.50 -4.05Linde Plc 2.33 0.00 N/A


Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $61,419 $57,246Median Mkt. Cap $M $28,014 $9,647Price/Earnings ratio 11.79 9.52Price/Book ratio 2.07 1.555 Yr. EPS Growth Rate (%) 8.91 6.47Current Yield (%) 3.55 5.01Beta (5 Years, Monthly) 1.06 1.00% in Emerging Market 23.99 N/AActive Share 82.58 N/ANumber of Stocks 71 476

Dodge & Cox Intl MSCI EAFE Val Idx

0.0 15.0 30.0 45.0 60.0

CashOther

United KingdomPacific ex Japan

North AmericaMiddle East

JapanEurope ex UK

EM Mid East+AfricaEM Latin America

EM EuropeEM Asia

0.40.8

15.00.7

7.20.0

9.142.7

3.58.1

0.711.8

0.00.6

17.512.1

0.00.6

24.844.4

0.00.00.00.0

Dodge & Cox Intl(Total: -0.8)

0.0 0.6 1.2 1.8-0.6-1.2-1.8

0.00.2

-0.1-0.6

-1.00.0

-0.4-0.8

0.20.9

0.00.6


0.0 15.0 30.0-15.0-30.0-45.0

0.612.5

-13.2-12.3

-24.60.0

-18.9-13.4

-5.20.2

-7.1-6.4

0.0-21.2

-12.3-6.9

0.0-19.8

-12.8-11.5

0.00.00.00.0


0.0 10.0 20.0 30.0 40.0

CashUtilities






0.41.6

0.55.6

10.37.8

18.929.6

7.80.6

5.811.0

0.05.55.1

6.62.3

8.79.6

31.311.0

4.78.3

6.9

Dodge & Cox Intl(Total: -0.8)

0.0 0.6 1.2 1.8-0.6-1.2-1.8

0.0-0.5

-0.20.0

-0.2-0.3

0.80.6

0.00.1

-0.1-1.0


0.0 6.0-6.0-12.0-18.0-24.0

0.60.4

-4.2-13.6-13.3

-16.3-5.3

-12.0-18.6

-10.3-15.5

-16.7

0.00.6

-6.2-12.2

-8.7-12.4

-8.4-13.8

-16.6-14.2

-12.6-5.9

Dodge & Cox Intl 12/31/18


FUND INFORMATION


PEER GROUP ANALYSIS - IM International Large Cap Growth Equity (MF)




Investment Strategy:This fund's managers are focused onlong term capital growth. They primarilyinvest in common stocks of Europeanand Pacific Basin issuers that haveprospects of above average capitalappreciation. The managers may usecash to moderate volatility, typicallyholding 5-10% of fund assets in cash.The Fund has a stake in emerging-markets companies and will sometimeshold preferred stock and convertibledebt.

Innovest's Assessment:The fund’s focus on bottom-up,fundamental factors can lead to periodsof underperformance when the marketis less concerned about companyfundamentals and more driven byextreme volatility (a flight to quality)associated with geopolitical shocks tothe financial system or in momentum-driven markets.. By allowing managersto operate autonomously, the fundbenefits from varied investmentapproaches and styles, giving it thecapability to outperform in differentmarket environments. Finally, thefund’s immense asset base is likely topresent some challenges in the fund’sability to build meaningful positions insmaller companies and toopportunistically trade in less liquidmarkets.

-28.0

-20.0

-12.0

-4.0

4.0

12.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Amer Funds EuPc -12.59 (43) -14.91 (46) -14.91 (46) 4.08 (27) 1.86 (26) 6.77 (11) N/A¢£

MSCI EAFE Growth Index (Net) -13.33 (61) -12.83 (36) -12.83 (36) 2.89 (50) 1.62 (29) 6.48 (19) 7.07 (37)��

Median -12.68 -15.06 -15.06 2.84 0.10 5.36 6.54

-4.0

-2.0

0.0

2.0

4.0

6.0

Ret

urn

(%)



Amer Funds EuPc 1.86 11.27¢£

MSCI EAFE Growth Index (Net) 1.62 11.64��

Median 0.10 11.54¾

FundFamily :

American Funds


Team Managed

TotalAssets :

$59,719 Million

Turnover : 29%

2017 2016 2015 2014 2013 2012 2011Amer Funds EuPc 31.17 (22) 1.01 (29) -0.48 (53) -2.29 (20) 20.58 (22) 19.64 (39) -13.31 (53)MSCI EAFE Gr Idx Net 28.86 (52) -3.04 (74) 4.09 (12) -4.43 (44) 22.55 (9) 16.86 (72) -12.11 (43)IM International Large Cap Growth Equity (MF) Median 29.36 -0.12 -0.36 -4.76 18.71 19.13 -13.06

3Years

EndingDec-2018

3Years

EndingDec-2017

3Years

EndingDec-2016

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

Amer Funds EuPc 4.08 (27) 9.66 (19) -0.60 (20) 5.45 (17) 12.12 (11) 7.74 (37) 4.42 (57)MSCI EAFE Gr Idx Net 2.89 (50) 9.15 (31) -1.20 (46) 6.83 (10) 11.03 (36) 7.97 (32) 4.85 (50)IM International Large Cap Growth Equity (MF) Median 2.84 8.44 -1.40 4.26 10.35 7.37 4.74

Amer Funds EuPc 12/31/18


REGION ALLOCATION REGION PERFORMANCE


TOTAL REGION ATTRIBUTION

SECTOR ALLOCATION SECTOR PERFORMANCE TOTAL SECTOR ATTRIBUTION

PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)AIA Group Ltd 2.98 1.61 -7.09H D F C Bank Ltd 2.72 0.00 10.24Reliance Industries Ltd 2.54 0.00 -7.10European Aeronautic 2.34 0.90 -23.52Nintendo Co Ltd 2.14 0.49 -26.94Alibaba Group Holding Ltd 1.84 0.00 -16.81Tencent Holdings LTD 1.82 0.00 -2.93Taiwan Semiconductor 1.65 0.00 -14.43ASML Holding NV 1.61 1.03 -16.00Sony Corp 1.43 0.99 -20.69


Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $64,571 $53,125Median Mkt. Cap $M $16,625 $9,060Price/Earnings ratio 12.68 17.16Price/Book ratio 2.62 2.685 Yr. EPS Growth Rate (%) 16.24 12.98Current Yield (%) 2.01 2.44Beta (5 Years, Monthly) 0.92 1.00% in Emerging Market 24.78 0.06Active Share 74.84 N/ANumber of Stocks 325 546

Amer Funds EuPc MSCI EAFE Gr Idx Net

0.0 15.0 30.0 45.0 60.0 75.0

OtherUnited KingdomPacific ex Japan

North AmericaMiddle East

JapanFrontier Markets

Europe ex UKEM Mid East+Africa

EM Latin AmericaEM Europe

EM Asia

1.28.1

11.94.9

0.816.1

1.131.6

1.03.9

0.618.9

0.311.111.3

0.00.5

24.50.0

52.20.10.00.00.0

Amer Funds EuPc(Total: 1.0)

0.0 0.7 1.4 2.1 2.8-0.7-1.4

0.0-0.6

0.2-0.2

-0.1-0.5

0.0-0.1

0.10.4

0.01.8


-40.0 -32.0 -24.0 -16.0 -8.0 0.0

-16.5-16.9

-8.0-18.5

-28.4-19.8

-10.8-14.4

-5.8-1.7

-13.6-3.7

-17.2-10.9

-9.90.0

-8.6-15.8

0.0-13.8

-21.20.00.00.0


0.0 6.0 12.0 18.0 24.0




FinancialsEnergy



3.00.9

9.110.2

11.38.9

19.36.67.0

15.38.4

1.31.9

8.89.7

19.913.2

8.41.2

17.913.5

4.2

Amer Funds EuPc(Total: 1.0)

0.0 0.8 1.6 2.4 3.2-0.8-1.6

0.4-0.1

0.30.0

-0.1-0.5

2.00.2

-0.90.0

-0.4


0.0 10.0 20.0-10.0-20.0-30.0

5.2-0.7

-14.2-18.0-17.6

-15.1-2.6

-12.6-11.2

-15.5-18.6

-2.1-2.6

-17.5-18.2

-15.6-11.1

-13.1-23.4

-7.5-15.8-15.4

Amer Funds EuPc 12/31/18


FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Broad Market Core Fixed Income (MF)




Investment Strategy:The core tenant of MetWest’s fixedincome philosophy is a disciplinedimplementation of their value-basedprocess. The “value” concept is thatregardless of factor (duration, yieldcurve, sector selection, or issue) thestrategic decisions, and buy and selldecisions should be determined bywhether the factor or security is cheapor rich to fair value. Further, theirinvestment approach is designed totake advantage of the fact that fixedincome pricing is extremely volatile inthe short run, but over the long term thepricing risks tend to mean revert.Hence, they tend to only overweightinterest rates, yield curve, credit /spread risk when prices move out ofline with the long term fundamentals.

Innovest Assessment:The fund is expected to outperformwhen its sector allocation and securityselection in undervalued or undersponsored assets move towardmanagement’s view of intrinsic value.The strategy will underperform whenmarket psychology and investorsentiment cause temporary dislocationsleading to mispriced securities. Theseshort-term disruptions should lead tolong-term opportunities.

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Met West:Total Return 1.53 (18) 0.16 (12) 0.16 (12) 2.01 (49) 2.44 (35) 3.41 (2) 5.74 (4)¢£

BC Aggregate Idx 1.64 (11) 0.01 (18) 0.01 (18) 2.06 (45) 2.52 (28) 2.10 (58) 3.48 (78)��

Median 0.99 -0.63 -0.63 1.99 2.26 2.18 4.24

-1.0

0.0

1.0

2.0

3.0

4.0

Ret

urn

(%)



Met West:Total Return 2.44 2.49¢£

BC Aggregate Idx 2.52 2.77��

Median 2.26 2.66¾

FundFamily :

Metropolitan WestAsset ManagementLLC


Team Managed

TotalAssets :

$39,437 Million

Turnover : 291%

2017 2016 2015 2014 2013 2012 2011Met West:Total Return 3.43 (59) 2.46 (71) 0.29 (38) 5.99 (25) 0.50 (2) 11.55 (1) 5.52 (81)Blmbg. Barc. U.S. Aggregate Index 3.54 (53) 2.65 (61) 0.55 (20) 5.97 (26) -2.02 (53) 4.21 (81) 7.84 (11)IM U.S. Broad Market Core Fixed Income (MF) Median 3.58 2.86 0.09 5.55 -1.98 5.99 6.65

3Years

EndingDec-2018

3Years

EndingDec-2017

3Years

EndingDec-2016

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

Met West:Total Return 2.01 (49) 2.05 (59) 2.88 (45) 2.22 (4) 5.92 (1) 5.76 (1) 9.54 (1)Blmbg. Barc. U.S. Aggregate Index 2.06 (45) 2.24 (43) 3.03 (31) 1.44 (26) 2.66 (67) 3.26 (60) 6.19 (68)IM U.S. Broad Market Core Fixed Income (MF) Median 1.99 2.15 2.82 1.12 3.08 3.47 6.70

Met West:Total Return 12/31/18


TOP SECTOR ALLOCATIONSPORTFOLIO CHARACTERISTICS

STYLE MAP (04/01/00 - 12/31/18)

QUALITY ALLOCATION

ASSET ALLOCATION

MATURITY DISTRIBUTION

UP/DOWN CAPTURE (01/01/14 - 12/31/18)

GNMA and Other Mtg Backed 40.17 %Corporate Notes/Bonds 35.06 %Government Agency Securities 18.91 %Asset Backed Securities 5.57 %

Avg. Coupon 3.48 %Nominal Maturity 7.59 YearsEffective Maturity N/ADuration 6.09 YearsSEC 30 Day Yield 3.85Avg. Credit Quality AA

0.0% 50.0% 100.0% 150.0%

Convertibles

Equities

Other

Cash

Fixed Income

0.0%

0.0%

0.0%

0.3%

99.7%

0.0% 20.0% 40.0% 60.0% 80.0%

Government/AAAA Rated

BBB RatedAA Rated

CCC, CC AND C ratedBB AND B Rated

D RatedEquities/Other

Not Rated

57.8%

15.2%

15.1%

5.8%

3.1%

2.8%

0.1%

0.0%

0.0%

0.0% 15.0% 30.0% 45.0% 60.0%

>30Yrs

Other

10-20Yrs

<1Yr

20-30Yrs

1-3Yrs

3-5Yrs

5-10Yrs

0.0%

0.0%

6.1%

8.1%

10.4%

13.7%

15.8%

46.0%

Style History Dec-2018

Average Style Exposure

Cap

italiz

atio

n

Manager Style

Barclays Capital Long Term Govt Bond

Barclays Capital Long U.S. CreditBarclays Capital U.S. Credit 1-5 Year Index

Barclays Capital 1-5 Yr Gov

Met West:Total Return

50.0

75.0

100.0

125.0

150.0U

p C

aptu

re

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Met West:Total Return 12/31/18


FUND INFORMATION


PEER GROUP ANALYSIS - Loan Participation Mutual Funds




Investment Strategy:The Eaton Vance Floating Rate Fundinvests in senior, secured floating-ratebank loans, most of which are ratedbelow investment grade. It is a bottom-up strategy that focuses on capitalpreservation and giving shareholderslow volatility exposure to the floatingrate loan asset class. Due to the largesize of the strategy’s asset base, it isdifficult for incremental gains fromcredit selection to be significant enoughto generate meaningful alpha. Instead,the team focuses on only the largestissues of the highest rated creditsavailable and leaves the "diamond inthe rough" finds to smaller, morenimble strategies.

Innovest's Assessment:The strategy should be expected tooutperform slightly during more difficultcredit environments where higherquality, broad portfolio diversificationtactics will protect the portfolio fromwidespread credit deterioration. Thestrategy should underperform whenlower quality credits (B- and lower)lead, the largest issues selloff, and insituations when smaller issuesoutperform. Still, because of the fund’ssize, it will often track the benchmarkrelatively closely.

-8.0

-4.0

0.0

4.0

8.0

12.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Eaton Vance Flt Rt -3.29 (18) 0.77 (7) 0.77 (7) 5.35 (11) 2.96 (11) 3.97 (26) 8.00 (19)¢£

CSFB Leveraged Loan Idx -3.08 (14) 1.14 (3) 1.14 (3) 5.02 (23) 3.32 (1) 4.57 (1) 8.29 (12)��

Median -3.73 -0.45 -0.45 4.29 2.24 3.52 7.01

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

Ret

urn

(%)



Eaton Vance Flt Rt 2.96 2.85¢£

CSFB Leveraged Loan Idx 3.32 2.58��

Median 2.24 2.85¾

FundFamily :

Eaton VanceManagement


Page/Russ

TotalAssets :

$6,453 Million

Turnover : 42%

2017 2016 2015 2014 2013 2012 2011Eaton Vance Flt Rt 4.47 (13) 11.07 (30) -1.63 (53) 0.63 (29) 4.82 (51) 8.27 (67) 2.44 (9)Credit Suisse Leveraged Loan Index 4.26 (18) 9.84 (56) -0.39 (22) 2.06 (1) 6.15 (4) 9.42 (34) 1.80 (29)Loan Participation Mutual Funds Median 3.53 10.04 -1.55 0.25 4.86 8.89 1.44

3Years

EndingDec-2018

3Years

EndingDec-2017

3Years

EndingDec-2016

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

Eaton Vance Flt Rt 5.35 (11) 4.50 (19) 3.21 (20) 1.24 (43) 4.53 (52) 5.15 (43) 6.71 (36)Credit Suisse Leveraged Loan Index 5.02 (23) 4.49 (22) 3.75 (3) 2.58 (2) 5.84 (3) 5.74 (13) 6.99 (27)Loan Participation Mutual Funds Median 4.29 3.83 2.73 1.08 4.54 5.00 6.47

Eaton Vance Flt Rt 12/31/18


TOP SECTOR ALLOCATIONSPORTFOLIO CHARACTERISTICS

STYLE MAP (02/01/01 - 12/31/18)

QUALITY ALLOCATION

ASSET ALLOCATION

MATURITY DISTRIBUTION

UP/DOWN CAPTURE (01/01/14 - 12/31/18)

Corporate Notes/Bonds 91.66 %Avg. Coupon 5.38 %Nominal Maturity N/AEffective Maturity 5.36 YearsDuration 0.21 YearsSEC 30 Day Yield 3.84Avg. Credit Quality BB

0.0% 50.0% 100.0% 150.0%

Convertibles

Equities

Other

Cash

Fixed Income

0.0%

0.0%

4.1%

4.3%

91.7%

0.0% 25.0% 50.0% 75.0% 100.0%

BB AND B Rated

BBB Rated

Not Rated

Government/AAA

Equities/Other

CCC, CC AND C rated

D Rated

77.1%

6.2%

4.3%

4.3%

4.1%

3.0%

1.0%

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

>30Yrs

20-30Yrs

10-20Yrs

Other

<1Yr

1-3Yrs

3-5Yrs

5-10Yrs

0.0%

0.0%

2.0%

4.1%

5.2%

8.3%

19.7%

60.9%

Style History Dec-2018

Average Style Exposure

Cap

italiz

atio

n

Manager Style

Barclays Capital Long Term Govt Bond

Barclays Capital Long U.S. CreditBarclays Capital U.S. Credit 1-5 Year Index

Barclays Capital 1-5 Yr Gov

Eaton Vance Flt Rt

50.0

75.0

100.0

125.0

150.0U

p C

aptu

re

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Eaton Vance Flt Rt 12/31/18


FUND INFORMATION

SECTOR ALLOCATION

PERFORMANCE OVER TIME

INVESTMENT STATISTICS (5 YEARS*)


*If less than 5 years, since inception time period was used.

TOP HOLDINGS

Investment Strategy:The fund invests in energyinfrastructure with a primary focus onmaster limited partnership interest(MLPs) that own and operate hardassets like pipelines. The fund focuseson the 20 U.S. midstream MLPs withthe strongest projected distributiongrowth or the greatest potential forsignificant upward revaluation.SteelPath uses a private-equity styleapproach to investing with emphasis oncost of capital and valuation and basesinvestment decisions on long-termholding period expectations. No singlesecurity comprises more than 10% ofthe portfolio. Given the firm’s rigorousdue diligence, the fund is expected tohave fairly low turnover.

Innovest Assessment:The portfolio’s strategy is to achieve abalance between yield and distributiongrowth. Consequently, the fund is likelyto outperform when investors arelooking for both growth and incomefrom midstream MLPs. Conversely, thefund is likely to underperform wheninvestors are chasing yield.

Steelpath MLP Alpha Fund Alerian MLP Infrastructure (Tax Adjusted)

0.0

8.0

16.0

-8.0

-16.0

-24.0

Ret

urn

(%)

LastQuarter

2018 1Year

3Years

5Years

7Years

10Years

-12.7

-8.9 -8.9

-1.2

-4.3

-0.7

6.6

-15.8 -14.8 -14.8

-2.1

-5.7

-0.5


Alerian MLP Infrastructure (Tax Adjusted)

-6.5

-6.0

-5.5

-5.0

-4.5

-4.0

Ret

urn

(%)


LastQuarter 2018 1

Year3

Years5

Years7

Years10

YearsSteelpath MLP Alpha Fund -15.80 -14.76 -14.76 -2.13 -5.65 -0.51 N/AAlerian MLP Infrastructure (Tax Adjusted) -12.68 -8.94 -8.94 -1.22 -4.30 -0.68 6.57

2017 2016 2015 2014 2013 2012 2011 2010 2009 2008Steelpath MLP Alpha Fund -6.95 18.20 -25.52 7.07 23.35 4.62 6.19 N/A N/A N/AAlerian MLP Infrastructure (Tax Adjusted) -5.46 11.95 -20.64 4.94 17.83 0.83 10.57 20.92 48.27 -25.50

Alpha Beta ActualCorrelation

UpMarketCapture

DownMarketCapture

InceptionDate

Steelpath MLP Alpha Fund 0.12 1.26 0.95 126.68 125.92 04/01/2010Alerian MLP Infrastructure (Tax Adjusted) 0.00 1.00 1.00 100.00 100.00 04/01/2010


Alerian MLP Infrastructure (Tax Adjusted)

0.0

15.0

30.0

45.0

60.0

P etro leum

Trans.

Natu ra

l Gas

Trans.

Ga the rin

g /Pr o

c essin

g

D ivers ifie

d

Cash/

Other

43.6

26.9 26.9

0.0 2.6

24.0 26.420.7 23.9

5.0

Enterprise Products Ptnrs LP 10.70Energy Transfer Partners LP 10.94Energy Transfer LP 8.16MPLX LP 8.00Targa Resources Corp. 6.85Magellan Midstream Partners LP 6.74Buckeye Partners LP 5.43TC PIPELINES LP 4.80Tallgrass Energy GP LP 5.82Williams Companies Inc 4.56

Steelpath MLP Alpha Fund 12/31/18

Prior to 2018, the Alerian Tax-Adjusted Infrastructure Index return reflects a 37.5% reduction in performance to account for corporate and state taxation that the mutual fund incurs. From 2018 thereafter, the index return reflects a 23%

reduction in performance to account for corporate and state taxation that the mutual fund incurs. 37INTEGRITY. BALANCE. OBJECTIVITY.

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Open End Private Real Estate (SA+CF)




Investment StrategyThe Principal U.S. Property Account isa core, commingled real estateaccount. The portfolio is diversifiedamong the five core real estate sectors:Retail, Industrial, Apartment, Office,and Hotel. Addtionally, the portfolio isdiversified across geographic regions.The main objective of the portfolio is toacquire well leased properties in anumber of favorable markets.Leverage on the fund is expected to below to moderate depending on themarket environment.

Innovest Assessment:We should expect The Principal U.S.Property Account to outperform whenthe economy is strong and growing asrents tend to increase more in largermetropolitan markets where a majorityof the assets are located. The fund hasslightly lower than average levels ofleverage and may will lag in timeswhere competitors are being rewardedfor their use of leverage. Conversely,in times when credit dries up, the fundmay outperform as leverage tends tobe penalized.

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Principal US Property Account 1.88 (38) 9.55 (29) 9.55 (29) 9.96 (29) 11.61 (35) 12.15 (42) 7.77 (21)¢£

NCREIF ODCE 1.76 (55) 8.34 (63) 8.34 (63) 8.24 (70) 10.41 (65) 10.98 (67) 7.00 (61)��

Median 1.80 8.71 8.71 8.66 10.82 11.57 7.34

6.0

8.0

10.0

12.0

14.0

16.0

Ret

urn

(%)



Principal US Property Account 11.61 1.37¢£

NCREIF ODCE 10.41 1.36��

Median 10.82 1.75¾

2017 2016 2015 2014 2013 2012 2011Principal US Property Account 9.12 (27) 11.23 (26) 14.68 (60) 13.56 (51) 14.63 (49) 12.42 (53) 16.66 (38)NCREIF ODCE 7.62 (63) 8.77 (81) 15.02 (52) 12.50 (76) 13.94 (57) 10.94 (77) 15.99 (46)IM U.S. Open End Private Real Estate (SA+CF) Median 8.08 9.63 15.23 13.59 14.47 12.45 15.86

3Years

EndingDec-2018

3Years

EndingDec-2017

3Years

EndingDec-2016

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

Principal US Property Account 9.96 (29) 11.65 (37) 13.15 (41) 14.29 (63) 13.53 (47) 14.56 (45) 15.43 (41)NCREIF ODCE 8.24 (70) 10.42 (66) 12.07 (70) 13.81 (73) 12.45 (65) 13.60 (63) 14.40 (55)IM U.S. Open End Private Real Estate (SA+CF) Median 8.66 11.13 12.85 14.47 13.49 14.16 15.15

Principal US Property Account 12/31/18


PROPERTY TYPE DIVERSIFICATION REGIONAL DIVERSIFICATION

CHARACTERISTICS TOP 5 HOLDINGS

Principal US Property Account NCREIF ODCE

0.0

15.0

30.0

45.0

60.0

Office

Indus

trial

Apartm

ent

Retail

Hotel

Other

35.8

15.5

26.1

18.8

0.43.4

40.0

20.023.0

16.0

0.0 1.0

Principal US Property Account NCREIF ODCE

0.0

15.0

30.0

45.0

60.0

West

East

South

Midwes

t0.0 0.0 0.0 0.0

46.0

29.0

20.0

5.0

Portfolio CharacteristicsPortfolio

Total Fund Assets $10,058,000,000# Properties 136# Investors N/ALeverage % 18.40

Name Location Type %

1370 Avenue of the Americas New York Office 5%112th at 12 Street Seattle Office 4%Burbank Empire Center Los Angeles Retail 4%J.W. Marriott San Antonio Hotel 3%Watermark Cambridge Apartment 3%

Principal US Property Account 12/31/18


FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. GIC/Stable Value (SA+CF)




Investment StrategyThe PLUS Fund's investment strategiesare based on a structured anddiversified multi-product, multi-managerapproach. The PLUS Fund investsprimarily in a diversified portfolio ofstable value investment contracts andfixed income securities that backcertain stable value investmentcontracts. Cash equivalents are held, inpart, to provide liquidity for payouts.The composition of the PLUS Fundportfolio and its allocations to variousstable value investments and fixedincome investment sectors isdetermined based on prevailingeconomic and capital marketconditions, relative value analysis, andother factors.

-0.4

0.2

0.8

1.4

2.0

2.6

3.2

3.8

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vantage Trust Plus 0.66 (8) 2.58 (2) 2.58 (2) 2.43 (1) 2.41 (1) 2.52 (1) 2.91 (1)¢£

Ryan 3 Yr GIC Mstr 0.53 (71) 1.96 (86) 1.96 (86) 1.65 (90) 1.43 (100) 1.38 (100) 2.01 (82)��

Median 0.60 2.17 2.17 1.93 1.82 1.77 2.16

1.2

1.5

1.8

2.1

2.4

2.7

Ret

urn

(%)



Vantage Trust Plus 2.41 0.05¢£

Ryan 3 Yr GIC Mstr 1.43 0.17��

Median 1.82 0.12¾

No data found.

2017 2016 2015 2014 2013 2012 2011Vantage Trust Plus 2.43 (1) 2.29 (1) 2.34 (1) 2.39 (3) 2.59 (1) 3.03 (9) 3.50 (20)Ryan 3 Yr GIC Mstr 1.60 (95) 1.39 (94) 1.16 (94) 1.03 (95) 1.06 (92) 1.48 (99) 2.44 (61)IM U.S. GIC/Stable Value (SA+CF) Median 1.86 1.85 1.82 1.70 1.70 2.41 2.91

3Years

EndingDec-2018

3Years

EndingDec-2017

3Years

EndingDec-2016

3Years

EndingDec-2015

3Years

EndingDec-2014

3Years

EndingDec-2013

3Years

EndingDec-2012

Vantage Trust Plus 2.43 (1) 2.36 (1) 2.34 (1) 2.44 (1) 2.67 (1) 3.04 (1) 3.46 (23)Ryan 3 Yr GIC Mstr 1.65 (90) 1.38 (100) 1.19 (97) 1.08 (96) 1.19 (100) 1.66 (96) 2.48 (77)IM U.S. GIC/Stable Value (SA+CF) Median 1.93 1.81 1.76 1.67 1.88 2.31 2.85

Vantage Trust Plus 12/31/18


2.6 years 6 2.68%

Financial Strength:Wrap Provider % of Wrapped Assets Fitch Moody's S&P

Massachusetts Mutual Life Ins. Co. 6% AA+ Aa2 AA+New York Life Ins. Co. 10% AAA Aaa AA+Pacific Life Ins. Co. 19% A+ A1 AA‐Principal Life Ins. Co. 5% AA‐ A1 A+Prudential Ins. Co. of America 13% AA‐ A1 AA‐Transamerica Premier Life Ins. Co. 16% A+ A1 AA‐

Subadvisors:Subadvisor Percentage

Prudential Global Investment Management 13%

Western Asset Management 7%PIMCO 7%DoubleLine 6%Principal Global Investors 5%Loomis Sayles 8%Pacific Asset Management 3% Historical Market‐To‐Book ValuesSchroder Investment Management 3%New York Life Investors 9%Dodge & Cox 3%

Investment Type:Investment Type % of Portfolio

Traditional Investment Contracts 22%Separate Account GICs 15%Cash Investments 8%

Number of Contract Issuers

Current Crediting Rate

Portfolio Allocation

Average Duration

Vantagepoint PLUS Fund

In 1972, the ICMA Retirement Corporation (ICMA‐RC) was created by the public sector for the public sector. Established by the International City/County Management Association (ICMA) with the assistance of a Ford Foundation grant, ICMA‐RC provided a portable retirement plan, enabling accumulated retirement assets to be transferred between employers. ICMA‐RC helped elevate the importance of retirement savings by serving as a leading industry advocate for the establishment of "National Save for Retirement Week".

Organization:

Description:ICMA‐RC seeks to employ a structured, multiproduct, multi‐manager approach in managing the PLUS Fund. The PLUS Fund invests primarily in a diversified and tiered portfolio of stable value investment contracts and in fixed income securities, fixed income mutual funds, and fixed income commingled trust funds that back certain stable value investment contracts. In addition, the PLUS Fund invests in cash and cash equivalents, including, short‐term investment funds and money market mutual funds.

4.7%

1.2%

12.3%

4.8%

24.4%

0.4%

20.0%

0.4%

22.2%

7.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

ABS Agency Cash CMBS Corporate Foreign MBS Municipal Traditional Treasury

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018Market‐to‐Book 99.74% 101.37% 102.42% 103.22% 100.60% 101.45% 100.20% 100.29% 100.53% 98.94%

96.00%

97.00%

98.00%

99.00%

100.00%

101.00%

102.00%

103.00%

104.00%


Passive Portfolios Weight (%)Jan-1979Blmbg. Barc. U.S. Aggregate Index 35.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 15.00S&P 500 Index 35.00

Jul-1990Blmbg. Barc. U.S. Aggregate Index 35.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 15.00S&P 500 Index 35.00

Apr-2001Blmbg. Barc. U.S. Aggregate Index 24.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 20.00S&P 500 Index 41.00

Jan-200270% S&P/30% BC Aggr 50.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 10.00Blmbg. Barc. U.S. Aggregate Index 15.00Russell Midcap Index 10.00

Apr-2002Blmbg. Barc. U.S. Aggregate Index 15.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 10.00Russell Midcap Index 10.0070% S&P/30% BC Aggr 50.00

Oct-2005Blmbg. Barc. U.S. Aggregate Index 15.00MSCI EAFE (Net) Index 15.00Bloomberg Commodity Index Total Return 2.00Russell Midcap Index 7.00Russell 2000 Index 7.0070% S&P/30% BC Aggr 54.00

Passive Portfolios Weight (%)Jan-2006Blmbg. Barc. U.S. Aggregate Index 13.50MSCI EAFE (Net) Index 15.00Russell Midcap Index 7.00Russell 2000 Index 7.00Bloomberg Commodity Index Total Return 3.5070% S&P/30% BC Aggr 54.00

Apr-2006Blmbg. Barc. U.S. Aggregate Index 12.00MSCI EAFE (Net) Index 15.00Bloomberg Commodity Index Total Return 5.00Russell Midcap Index 7.00Russell 2000 Index 7.0070% S&P/30% BC Aggr 54.00

Oct-200770% S&P/30% BC Aggr 54.00Russell Midcap Index 7.00Russell 2000 Index 7.00MSCI EAFE (Net) Index 15.00Blmbg. Barc. U.S. Aggregate Index 12.00Bloomberg Commodity Index Total Return 5.00

Apr-201070% S&P/30% BC Aggr 52.00Russell Midcap Index 7.00Russell 2000 Index 7.00MSCI EAFE (Net) Index 15.00Blmbg. Barc. U.S. Aggregate Index 4.00Blmbg. Barc. U.S. Corp High Yield 3.00CSFB Leveraged Loan 7.00Bloomberg Commodity Index Total Return 5.00

Apr-201270% S&P/30% BC Aggr 52.00Russell Midcap Index 7.00Russell 2000 Index 7.00MSCI EAFE (Net) Index 15.00Blmbg. Barc. U.S. Aggregate Index 4.00Blmbg. Barc. U.S. Corp High Yield 5.00CSFB Leveraged Loan 5.00Bloomberg Commodity Index Total Return 5.00

Custom Benchmark Allocations Over Time


Custom Benchmark Allocations Over TimePassive Portfolios Weight (%)Sep-201470% S&P/30% BC Aggr 50.00Russell Midcap Index 6.50Russell 2000 Index 6.50MSCI EAFE (Net) Index 19.00Blmbg. Barc. U.S. Aggregate Index 4.00Blmbg. Barc. U.S. Corp High Yield 2.00CSFB Leveraged Loan 7.00Bloomberg Commodity Index Total Return 5.00

May-201770% S&P/30% BC Aggr 41.50Russell Midcap Index 6.50Russell 2000 Index 6.50MSCI EAFE (Net) Index 20.00Blmbg. Barc. U.S. Aggregate Index 5.50Blmbg. Barc. U.S. Corp High Yield 1.00CSFB Leveraged Loan 4.00Bloomberg Commodity Index Total Return 5.00Alerian MLP Infrastructure (Tax Adjusted) 5.00NCREIF ODCE 5.00

May-201870% S&P/30% BC Aggr 39.00Russell Midcap Index 6.50Russell 2000 Index 6.50MSCI EAFE (Net) Index 26.00Blmbg. Barc. U.S. Aggregate Index 5.00CSFB Leveraged Loan 7.00Alerian MLP Infrastructure (Tax Adjusted) 5.00NCREIF ODCE 5.00


Organization Asset BasePct. Owned by Employees CurrentBoutique vs. Institutional Growth of AUMRecent Changes in Ownership Capacity ConstraintsManagement Investment in Firm’s Products Soft ClosedSpecialized vs. All in One Re-opening of Products

People PerformanceSize of Team Short Term vs. Benchmark and Style GroupStructure of Team Long Term vs. Benchmark and Style GroupExperience of Team Consistency – Relative/Absolute/Risk AdjustedTurnover of Key MembersGrowth of Team with Assets

Philosophy/Process ExpensesStyle Consistency (Growth/Value, Market Cap) Cost vs. CompetitorsDomestic/Int’l drift

Examples of things that would cause concern resulting in a YELLOW or RED box include but not limited to:

6) EXPENSES - A fund or product that is substantially above the median expense ratio or management fee would be a cause for concern.

Fund Analysis Overview Key

1) ORGANIZATION - A change in ownership whereby it is unclear what the structure of the new organization will be, how will key personnel be compensated, and what type of employment contracts are in place to keep key decision makers.

2) PEOPLE - A change in portfolio manager would be a cause for concern. We would assess the new talent taking over. Is the new portfolio manager a current member of the team or is it someone new from outside the group or organization.

3) PHILOSOPHY/PROCESS - A change in portfolio characteristics would be a cause for concern. For example, if a growth style manager suddenly starts investing in value names during a value rally or if a small cap portfolio was migrating into midcap names due to asset growth.

4) ASSET BASE - A small cap fund with more than $3 billion in assets would be a cause for concern or a fund that continues to add assets as it becomes clear the portfolio management team can not handle the inflows. A sign of this would be a large increase in the cash position of the portfolio.

5) PERFORMANCE - A product that fails to outperform either the index and/or the median manager on a consistent basis (at least 50% of the time) would be a cause for concern. Short term and long term performance is considered both on an absolute basis and relative basis in addition to risk-adjusted measures.

Each of the 6 criteria are evaluated on an individual basis and subjective based on Innovest’s assessment. Below are examples of the many factors under each category we consider when making an assessment.


Holdings Based Attribution Key

A. Buy and Hold Portfolio – Return for the portfolio assuming no securities were traded during the quarter B. Portfolio Trading = (C – A) or (Actual Return ‐ Buy and Hold Portfolio) C. Actual Return – return the client experienced D. Benchmark Return – return for benchmark E. Actual Active Return – (C – D) or ( Actual Return minus Benchmark Return ) F. Stock Selection – Is the contribution to return based upon the active stock selection by the manager with in a sector compared to the benchmark. G. Sector Selection – Is the contribution to return based upon the active overweight or underweight of a sector compared to the benchmark by the

manager. H. Interaction – Is the impact of contribution to return that are a combination of both Stock and Security selection also sometimes referred to as the

unexplained. I. Total Selection – Is the Sum of all the selection affects (F,G,H) J. Portfolio Trading – Same as B. K. Benchmark Trading – Benchmark B/H return – Actual Benchmark Return L. Total Trading – Portfolio Trading plus Benchmark Trading M. Buy & Hold Active Return – I + L


Disclaimer

Unless explicitly stated to the contrary, the material herein is not intended to provide and should not be relied on for

investment advice. Under no circumstances does Innovest ever provide tax, accounting, or legal advice.

The statistical analysis contained herein was prepared by Innovest Portfolio Solutions LLC and may contain data provided

by Investment Metrics, LLC, Thomson Reuters Lipper, Morningstar, Inc., and other sources. These materials may also include

information, returns, and valuations that were compiled, computed or created by Standard & Poor’s Financial Services LLC,

MSCI Inc., and other sources. These materials and the information that they contain are intended solely for the use of the

intended recipient(s). They may not be reproduced or distributed without written consent.

Reasonable care has been taken to ensure the accuracy of the computer software, databases, and information described in

the preceding paragraph. Innovest assumes no responsibility for the accuracy of these computer software, databases or

information. All are provided on an “as is” basis and the user assumes all risk related to using it. There is no guarantee of

accuracy, adequacy, or completeness. All entities identified in this disclaimer hereby expressly disclaim any and all express

or implied warranties. None of these entities, nor any affiliate or other person involved in compiling, computing, or creating

this information, may be held liable for damages of any type or any other costs or fees related to any person’s use of the

data.

Returns included in these materials may represent mutual funds share classes or vehicles other than those in which clients

are or may be invested. Typically, any differences are the result of efforts to present the longest track record of the

investment strategies.

Assumptions, opinions, and forecasts herein constitute Innovest’s judgment and are subject to change without notice. Past

performance is no guarantee of future results. The investment products discussed are not insured by the FDIC and involve

investment risk including the possible loss of all principal.

Innovest is an independent Registered Investment Adviser registered with the Securities and Exchange Commission.

Copyright 2019 by Innovest Portfolio Solutions LLC Inc.


Glossary

Active Share measures the percentage of a product’s holdings that differ from the product’s benchmark index, based on portfolio weightings. An Active Share of 60% or higher is generally considered to be active management and less than 20% is generally considered to be passive management. Active Share allows investors to distinguish between products that do and do not engage in a large amount of stock selection. Products with high Active Share may experience significant deviation from the performance of benchmarks over time.

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 that was taken for that level of market exposure.

Beta measures the sensitivity of rates of portfolio return to movements in the market. A portfolio’s beta measures the expected change in return per 1% change in the return on the market. If the beta of a portfolio is 1.5, a 1 percent increase in the return of the market will result, on average, in a 1.5 percent increase in the return on the portfolio. The converse would also be true.

Dividend Yield - The total amount of dividends paid out for a stock over the preceding twelve months divided by the closing price of a share of the common stock.

Down Capture Ratio - The Down Capture Ratio is a measure of the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when the Benchmark was down. The smaller the value, the better.

Duration - A time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

Forecasted Long-Term Earnings Growth - This growth rate is a measure of a company’s expected long-term success in generating future year-over-year earnings growth. This growth rate is a market value weighted average of the consensus (mean) analysts’ long-term earnings growth rate forecast for each company in the portfolio. The definition of long-term varies by analyst but is limited to a 3-8 year range. This value is expressed as the expected average annual growth of earnings in percent.

Information Ratio measures the excess return per unit of residual “non market” risk in a portfolio. The ratio is equal to the Alpha divided by the Residual Risk.

Market Capitalization - The market value of a company’s outstanding shares of common stock at a specific point in time, computed as the product of the number of outstanding shares times the stock’s closing price per share.

P/E ratio relates the price of the stock to the per-share earnings of the company. A high P/E generally indicates that the market will pay more to obtain the company because it has confidence in the company’s ability to increase its earnings. Conversely, a low P/E indicates that the market has less confidence that the company’s earnings will increase, and therefore will not pay as much for its stock. In most cases a fund with a high average P/E ratio has paid a premium for stocks that have a high potential for increased earnings. If the fund’s average P/E ratio is low, the manager may believe that the stocks have an overlooked or undervalued potential for appreciation.

P/B ratio of a company relates the per-share market price of the company’s stock to its per-share book value, the historical accounting value of the company’s tangible assets. A high P/B ratio indicates that the price of the stock exceeds the actual worth of the company’s assets. A low P/B ratio would indicate that the stock is a bargain, priced below what the company’s assets could be worth if liquidated.

P/CF ratio compares the total market value of the portfolio to the portfolio’s share of the underlying stocks’ earnings (or book value, cash flow, sales or dividends).

R-Squared indicates the extent to which the variability of the portfolio returns is 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.

Residual Risk is the unsystematic risk of a fund, or the portion of the total risk unique to the manager and not related to the overall market. This reflects the “bets” which the manager places in that particular asset class. These bets 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 the residual risk of that portfolio.

Sharpe Ratio is a measure of risk-adjusted return. It is calculated by subtracting the risk -free return (90 day T-Bills) from the portfolio return and dividing the resulting “excess return” by the portfolio’s total risk level (standard deviation). The result is a measure of returned gained per unit of total risk taken.

Standard Deviation is a statistical measure of portfolio risk. It reflects the average deviation of observations from their sample mean. Stand ard Deviation is used as an estimate of risk since itmeasures 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 (i.e. as a bell shaped curve distribution) then approximately 66% of 2/3 of the returns would occur within plus or minus one standard deviation of the sample mean.

Style Exposure Chart indicates a portfolio’s exposure to a particular capitalization (large, medium or small) and style (value or growth). Based on Sharpe’s return based style analysis, a style map will attempt to correlate a manager to a particular style of investing (i.e. Large Cap Growth).

Turnover Ratio - This is a measure of the fund’s trading activity which is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly net assets.

Up Capture Ratio - The Up Capture Ratio is a measure of the Investment’s compound return when the Benchmark was up divided by the Benchmark’s co mpound return when the Benchmarkwas up. The greater the value, the better.

Down Capture Ratio - The Down Capture Ratio is a measure of the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when the Benchmark was down. The smaller the value, the better.


Is There a Secret Formula

for Financial Wellness?

There are many prescriptions to get to financial

health. Here are four proven strategies to help you

get there:

Setting

and

sticking

to a b

ud

get

In 2017, 78% o

f Am

ericans said they w

ere living p

aycheck to p

aycheck, up fro

m 75%

three years earlier. 1 Part o

f the reason m

ay be that o

nly 41% o

f us use a b

udg

et, 2 even thoug

h it’s one o

f the best

ways to

keep track o

f where o

ur mo

ney go

es.

Fortunately, it’s a p

retty easy pro

blem

to fix. Try

writing

do

wn w

hat you sp

end every d

ay for six

mo

nths. At the end

of six m

onths, ad

d up

what yo

u have sp

ent in majo

r catego

ries (living exp

enses, transp

ortatio

n, dining

out, and

so fo

rth), and see

if what yo

u’re spend

ing m

oney o

n bring

s you jo

y. If it d

oesn’t, tim

e to create a b

udg

et! Bud

geting

is the p

rocess o

f taking co

ntrol o

f your m

oney, rather

than trying to

figure o

ut where it w

ent. Bud

geting

loo

ks forw

ard, no

t backw

ard.

Saving

for em

ergen

ciesJust 39%

of U

.S. househo

lds have the saving

s for

an unexpected

$1,000 outlay, 3 such as m

aking o

ut-of-the-b

lue house o

r car repairs. M

any experts

think you sho

uld have three to

six mo

nths of living

expenses stashed

away. Saving

up d

oesn’t need

to b

e hard. Sim

ply p

ut $40 or $50 a m

onth into

an account, and

let it build

— it w

ill help yo

u feel m

ore secure financially.

Payin

g d

ow

n d

ebt

The average ho

usehold

has $134,058 in deb

t, includ

ing cred

it cards, m

ortg

ages, and

auto and

schoo

l loans. 4 W

e sugg

est attacking tw

o kind

s of

deb

t first:

• H

igh-interest-rate cred

it cards: Every d

ollar yo

u sp

end p

aying d

ow

n a credit card

that charges

19% p

er year is like getting

a 19% return o

n that m

oney.

• Sm

all credit-card

balances: M

aybe yo

u signed

up fo

r a store cred

it card and

used it o

nce or

twice. C

arrying a sm

all balance m

ay not seem

like a b

ig d

eal, but retiring

this type o

f deb

t can g

ive you an em

otio

nal bo

ost.

Plan

nin

g fo

r retiremen

tThe m

edian w

orking

age co

uple has o

nly $5,000 saved

for retirem

ent, accord

ing to

a Federal

Reserve stud

y. 5 Unfo

rtunately, mo

st peo

ple d

on’t

start saving until it’s to

o late. There’s even a

big

cost if yo

u delay saving

s just one year. Lo

ok

at how

much m

oney a 26-year-o

ld g

ives up b

y d

elaying the start o

f contrib

utions b

y just 12 m

onths:

Your Starting

Age

Your C

ontributions by A

ge 65

Your Account

Value at

Age 65

The Cost

of Waiting O

ne Year

25$48,000

$324,180

26$46,800

$299,008$25,172

This is a hypo

thetical illustration intend

ed to

show

how

a one-year

delay in investing

mig

ht affect savings. It is no

t intended

to d

epict

the perfo

rmance o

f any particular investm

ent. Assum

es mo

nthly co

ntributio

ns of $100, an annual 8%

hypo

thetical rate of return in

a tax-deferred

account, retirem

ent at age 65, and

no w

ithdraw

als. Saving

s totals d

o no

t reflect any fees/expenses o

r taxes. The accum

ulations sho

wn w

ould

be red

uced if fees and

taxes had b

een

ded

ucted.

You m

ay be ab

le to achieve financial health sim

ply

by fo

llow

ing these fo

ur guid

elines.

Win

ter 2019

1

1 Source: careerbuilder.com

. National survey conducted online by H

arris Poll on behalf of CareerBuilder from

May 24

to June 16, 2018. 2

Source: U.S. Bank, C

NN

.com, O

ctober 24, 2016. https://money.cnn.com

/2016/10/24/pf/financial-mistake-budget/

index.html

3 Source: https://w

ww

.bankrate.com/banking/savings/financial-security-0118/

4 Source: https://w

ww

.nerdwallet.com

/blog/average-credit-card-debt-household/. Balances as of June 2018.5

Source: https://ww

w.m

arketwatch.com

/story/the-typical-american-couple-has-only-5000-saved-for-retire-

ment-2016-04-28

Here’s a short, p

ractical guid

e for setting up

a robust cash m

anagem

ent strategy using

three types of cash

“buckets”:

Op

erating cash (zero- to six-m

onth horizon): This is the money you use to m

eet daily cash m

anagem

ent needs,

such as paying

bills or living

expenses. You m

ay want to focus on p

utting your cash into low

-risk options, such

as a bank checking

or savings account that g

ives you ready access to fund

s.

Core cash (six- to 12-m

onth horizon): You may need

period

ic access to funds to p

ay for planned

needs, such

as holiday g

ifts, an annual vacation or paying

for insurance prem

iums. The focus for this b

ucket is not prim

arily liq

uidity (m

eaning you are com

fortable tying

up your m

oney in a short-term C

D or H

oliday C

lub account that

may offer increm

ental yield, b

ut limits w

hen you can withd

raw fund

s).

Strategic cash (12- to 24-m

onth horizon): For major interm

ediate-term

goals such as p

aying for colleg

e tuition, you can set up

a strategic cash b

ucket that identifies how

much cash is need

ed ahead

of time. You’ll w

ant to b

alance risk and return d

epend

ing on how

far out the bills are d

ue.

When p

lanning for financial need

s that are well into the future, saving

s and investing

can be the p

referred tools

to use. But if you have short- to intermed

iate-term g

oals, a well-crafted

cash-manag

ement ap

proach can b

e an im

portant p

art of your wealth p

lanning activities.

When C

ash is King

Retirem

ent planning

is not all ab

out investm

ent gro

wth and

asset allocatio

n. Cash is an

often o

verloo

ked, yet essential w

ay to stab

ilize your inco

me, im

pro

ve your ab

ility to hand

le unanticip

ated exp

enses, and to

beco

me financially flexib

le.

2

Pu

blish

ed

by In

no

ve

st Po

rtfolio

So

lutio

ns

4643 S. U

lster Stre

et, Su

ite 1

040 |

De

nve

r, CO

80237 |

303.6

94.1

900 |

ww

w.in

no

ve

stinc

.co

m

Spring

-Clean Yo

ur Finances: 10 Tips to

Bo

ost Saving

s

Here are 10 q

uick and easy id

eas for generating

an extra $250 a month that can b

e used to p

ay dow

n deb

t or red

irect to your retirement saving

s:

Must have …

or nice to have?

Saving

s Idea

Min

imu

m M

on

thly

Saving

s

1.C

ut out the boutique morning coffee – m

ake at home.

$35

2.D

rop cable TV – you can find m

ost shows online for free.

$20 (basic cable)

3.Stop eating out one night a m

onth.$80 (fam

ily of four)

4.Borrow

two m

ovies from your local library instead of paying m

onthly streaming fees.

$10

5.M

ake a list before going to the grocery store.$20

6.Invite friends to play board gam

es over a simple m

eal.$25

7.Properly inflate your car’s tires, and clean the air filter.

$10 (depending on driving distances)

8.G

ive a gift of services instead of an item. For aging relatives, offer to clean out their garage this

spring.$20

9.Instead of going to the m

all, check out your town’s recreational areas and entertainm

ent offerings.$20

10.Buy staples in bulk, such as canned tuna, paper products and laundry soap.

$10

TOTA

L MO

NTH

LY SA

VIN

GS

$250

Pu

blish

ed

by In

no

ve

st Po

rtfolio

So

lutio

ns

4643 S. U

lster Stre

et, Su

ite 1

040 |

De

nve

r, CO

80237 |

303.6

94.1

900 |

ww

w.in

no

ve

stinc

.co

m

Wh

om

do

I call for h

elp?

Acco

un

t Info

rmatio

n>

Balances>

> C

hange personal info

Contact : IC

MA

-RC

800.669.7400 | ww

w.icm

arc.org

The P

lan’s In

vestmen

t Co

nsu

ltant

Innovest Portfolio Solutions

4643 S. Ulster St., Suite 1040D

enver, CO

80237

303.694.1900 | ww

w.innovestinc.com

The pie chart and accompanying data show

n for each portfolio illustrates the percentage allocated to each fund.H

ow is the portfolio diversified?***

Investment perform

ance results shown above represent past perform

ance and are not indicative of future results. Please read theinform

ation contained in the applicable fund prospectuses carefully before investing money.

Past Performance

Risk Level:

The amount of expected risk in the Portfolio. R

isk is measured by the potential loss over a 12-m

onth period that an investorm

ight expect in the Portfolio, and is calculated via a statistical process consistent with 95%

probability.

Moderate:

-17.0% to -19.0%

Expected Return:

The level of expected investment return from

the Portfolio. The range of returns shown below

indicates the potentialgain that an investor m

ight expect each year, on average, over a 5-year period. This is also referred to as the "mean" return, and is

calculated using a statistical process to determine a range of probabilities.

Moderate:

6.5% to 8.5%

Who typically uses this portfolio?

Understanding Your Professionally-M

anaged Portfolios

Portfolio Allocation (%)

Who typically uses this portfolio?

Th

e fu

nd

see

ks the

hig

he

st tota

l retu

rn o

ver

time

con

sisten

t with

an

em

ph

asis o

n b

oth

cap

ital a

pp

recia

tion

an

d in

com

e.

Th

e fu

nd

pu

rsue

s its ob

jective

by in

vestin

g in

a d

iversifie

d p

ortfo

lio. U

nd

er n

orm

al

con

ditio

ns, th

e p

ortfo

lio’s a

lloca

tion

to th

eb

roa

d a

sset cla

sses w

ill be

with

in th

efo

llow

ing

ran

ge

s: stocks (5

0-7

0%

); bo

nd

s (20

-40

%); a

nd

mo

ne

y ma

rkets (0

-20

%).

Do

me

stic stocks a

re d

raw

n fro

m th

e o

vera

llU

.S. m

arke

t. Inte

rna

tion

al sto

cks are

sele

cted

prim

arily fro

m la

rge

com

pa

nie

s ind

eve

lop

ed

ma

rkets b

ut m

ay a

lso in

clud

ein

vestm

en

ts in e

me

rgin

g m

arke

ts. Bo

nd

s,w

hich

can

inclu

de

fore

ign

issue

s, are

prim

arily in

vestm

en

t gra

de

(i.e., a

ssign

ed

on

e o

f the

fou

r hig

he

st cred

it ratin

gs) a

nd

are

cho

sen

acro

ss the

en

tire g

ove

rnm

en

t,co

rpo

rate

, an

d a

sset- a

nd

mo

rtga

ge

-ba

cked

bo

nd

ma

rkets. M

atu

rities re

flect th

em

an

ag

er’s o

utlo

ok fo

r inte

rest ra

tes.

Past Performance (%

)**

Exp

en

se R

atio

:0

.67

%*

Decem

ber 31, 2018 : $131,767,268

Boston Trust Equity - Boulder F&P30.09

¢£

Victory Munder M

id Cap C

ore Grow

th6.00

¢£

ICM

Small C

ompany

5.76¢£

Dodge & C

ox Int'l12.53

¢£

American Funds EuroPacific G

r12.59

¢£

Boston Trust Fixed Income - Boulder F&P

9.50¢£

Met W

est Total Return

5.66¢£

Eaton Vance Floating Rate

7.54¢£


4.70¢£

Principal US Property Account

5.63¢£

LastQ

uarter2018

1Year

3Years

5Years

10Years

SinceInception

InceptionD

ateBoulder Fire and Police

-9.88-6.90

-6.905.83

3.888.72

8.7601/01/1985

Boulder Fire and Police12/31/18

* The expense ratio provided is the weighted average of each underlying m

anager’s net expense ratio and market value at the end of the quarter.

** Performance show

n is calculated using the portfolio’s target allocations (not the portfolio's actual market value allocations); and includes separate

account performance gross of fees, w

hile the mutual fund perform

ance is net of fees. Returns show

n are not meant to reflect actual past perform

ance ofthe portfolio, but are provided as a close approxim

ation. All investment returns are calculated by a 3rd party. Periods greater than one year are

annualized.Returns from

July 1990 - February 2007 are based on information received from

a prior consultant.***This portfolio includes the Principal U

.S. Property Account, a real estate account that could instate redemption restrictions. In the event that these

restrictions are placed on the account, the Boulder FIre and Police Board of Trustees will instruct IC

MA-R

C to fulfill redem

ptions from an alternate fund

within the portfolio.