Gwinnett County, Georgia Retirement Plans Management … · 8/27/2015 · Value to Book Value for...

Gwinnett County, Georgia Retirement Plans Management Committee

August 27, 2015 Regular Meeting 8:00 AM

Gwinnett Justice and Administration Center, Conference Room C

Agenda

1. Call to Order * Chairman

2. Adoption of Agenda * Chairman

3. Approval of Minutes * Chairman

May 27, 2015 Meeting

4. Performance Reports – Fund Reports

a. 2nd Quarter DB/DC Plans *** UBS

i. Economic Report ii. DB Performance Report iii. Watch List Chart iv. Downgraded Bonds v. Fee Schedule vi. DC Advisory Report

b. 2nd Quarter DC Plans *** Empower Retirement

i. Stable Value Fund Report ii. Executive Summary iii. Plan Review iv. Survey Results

5. Past Quarter Participation and Education *** Sheryl Dallas

Angel Mario a. Participation Numbers b. Education Update

6. Investment Committee Reports * Mike Ludwiczak

a. Transition from Revenue Sharing

7. Vendor Review * Chairman

a. UBS b. Empower Retirement

8. Revision of Master Trust Agreement * Ed Emerson

9. Update on 2015 Workplan *** Chairman

P a g e | 2 RPMC Regular Meeting – August 27, 2015

10. Next Meeting – December 3, 2015 *** Sheryl Dallas

11. Public Comments (limited to 30 minutes) **

12. Adjournment *

Gwinnett County, Georgia

Retirement Plans Management Committee May 27, 2015 Regular Meeting Minutes

8:00 AM Gwinnett Justice and Administration Center, Conference Room C

Members Present: Glenn Stephens, Jim Underwood, Ashley Stinson, Scott Fuller, Maria Woods Members Absent: Rick Cost, Mindy Bayreuther Chairman Jim Underwood called the meeting to order at 8:09 AM. Adoption of Agenda Glenn Stephens made a motion to adopt the agenda and Ashley Stinson seconded. (Vote 5 – 0) Underwood – Yes; Stephens – Yes; Stinson – Yes; Woods – Yes; Fuller – Yes. Approval of Minutes Maria Woods made a motion to approve the minutes for the March 31, 2015 meeting and Glenn Stephens seconded. (Vote 5 – 0) Fuller – Yes; Underwood – Yes; Stephens – Yes; Stinson – Yes; Woods - Yes. Membership Changes Glenn Stephens appointed Mindy Bayreuther as the new member replacement for Joy Parish. The Board of Commissioners appointed Rick Cost as the new member to replace David Crews. Both new members will be at the next RPMC meeting. Audit Committee Report • Financial Statement – Joel Black, Engagement Partner from Mauldin & Jenkins presented the

2015 audited financial statement to the RPMC. Ashley Stinson made a motion to approve the Financial Statement report and Maria Woods seconded. The full report and presentation are available online. (Vote 5 - 0) Underwood – Yes; Fuller – Yes; Stephens – Yes; Stinson – Yes; Woods – Yes.

• Defined Benefit Trust Actuarial Report – Todd Green of Cavanaugh Macdonald presented the January 1, 2015 actuarial report for the Defined Benefit Retirement Plan to the RPMC. Ashley Stinson made a motion to approve the DB actuarial report and Scott Fuller seconded. The full report and presentation are available online. (Vote 5 - 0) Fuller – Yes; Woods – Yes; Stephens – Yes; Stinson – Yes; Underwood – Yes.

• Other Post Employee Benefit Trust Actuarial Report – Alisa Bennett of Cavanaugh Macdonald presented the January 1, 2015 actuarial report for the OPEB Trust to the RPMC. Ashley Stinson made a motion to approve the OPEB actuarial report and Scott Fuller seconded. The full report and presentation are available online. (Vote 5 - 0) Fuller – Yes; Woods – Yes; Stephens – Yes; Stinson – Yes; Underwood – Yes.

Performance Reports/ Executive Summaries • First Quarter DB/DC Plans – UBS The reports for the first quarter of 2015 were presented by Allen Wright and Scott Olsen of UBS. Gwinnett County’s portfolio continues to perform well against others in the peer group of Public Plans with over $1 billion in assets. Based on criteria, there are no managers on the watch list. There were no downgraded bonds. The Market Value of plan assets for the DB and OPEB Portfolio as of 3/31/2015 was $1,048,450,470. These assets are invested in the following accounts:

Large Cap Growth $133,446,188 Large Cap Value $135,341,144 Mid Cap Core $46,308,842 Mid Cap Growth $39,617,137 Mid Cap Value $46,813,370 Small Cap Blend $97,347,624 REITS $41,172,174 Foreign Developed Blend $131,478,858 Emerging Markets $26,795,691 Global Allocation $41,627,733 Core Fixed Income $260,120,468 Global Fixed Income $48,381,241 Total $1,048,450,470*

*Values are gross of fees Allen Wright gave the DC Advisory report. The fund lineup is well diversified. Neuberger Berman will be mapped to Artisan Mid Cap Investor. • First Quarter Reports – Empower Eric Sanders of Empower presented the Executive Summary which included: Neuberger Berman will be mapped to Artisan Mid Cap Investor on Monday, June 22, 2015. Eric presented the Stable Value Fund report and there are no significant changes. The Market Value to Book Value for the fund is 101.9% and average duration is 2.9 years as of 3/31/2015. Credited rate was 1.75 in the first quarter of 2015. Overall strong fund and do not see any changes occurring within the next year. For April 1, 2014 through March 31, 2015, plan assets of the DC Plans were $293.02 million. Plan assets grew by $23.95 million (8.9%). Contributions were $25.18 million April 21, 2014. The average account balance per participant was $39,829 for the 401(a) Plan and $28,367 for the 457(b) Plan as of 3/31/2015. Investment Committee Reports Mike Ludwiczak made a recommendation to defer the decision for transitioning of Revenue Sharing to a flat fee per participant for the DC Plans until the August meeting to include the new members. Motion: Glenn Stephens, second: Scott Fuller. (Vote 5-0) Fuller – Yes; Underwood – Yes; Stephens – Yes; Stinson – Yes; Woods – Yes.

Past Quarter Education and Participation Information • Current Active Participants DB Plan 1,681 – 37%

DC Plan 2,736 – 61% Deferred Comp 3,302 – 75% RMSA 498

• Retirees Retirees Receiving DB Pensions 1,981 Retirees with Health Insurance 1,276

• First Quarter Education Update

There were a total of 43 Group/Onsite, 480 One on One Meetings and 3 Seminars/Lunch and Learns.

Vendor Renewal – Morris, Manning, & Martin, LLP There were no changes to the current contract with Morris, Manning, & Martin, LLP. Scott Fuller made a motion to renew this contract and Ashley Stinson seconded. (Vote 5 – 0) Fuller – Yes; Underwood – Yes; Stephens – Yes; Stinson – Yes; Woods – Yes Workplan and Goals Jim Underwood provided the 2015 Workplan and Goals. Jim requested contract renewals to be added to the work plan. Next Meeting August 27, 2015, Gwinnett Justice and Administration Center, Conference Room C at 8:00 a.m. Public Comments (Limited to 30 minutes) There were no public comments. Adjournment Glenn Stephens made a motion to adjourn and Ashley Stinson seconded. (Vote 5 – 0) Fuller – Yes; Underwood – Yes; Stephens – Yes; Stinson – Yes; Woods - Yes. The meeting adjourned at 11:05 a.m.

A UBS Institutional Consulting Group publication

06 Market Outlook

07 Washington Watch

05 Market Performance Report

01 Market Review

Institutional PerspectivesSummer 2015

Contents

Market ReviewSecond Quarter 2015

Capital Market Review

“Wealth and poverty… One produces luxury and idleness and a passion for novelty, the other meanness and bad workmanship and revolution into the bargain” (Plato, the Republic). In the midst of the latest great Greek drama it seemed appropriate to dust off Plato and see what he had to say on nation states. It has been an interesting quarter for the markets as we observe the tension between wealth and poverty and the rise and fall of Plato’s philosopher kings -- Castro coming in from the cold in Cuba, Tsipras either in ascendance or decline in Greece depending on the press conference, Khameini and his nuclear ambitions in Iran, ISIS all around him, and a parade of politicians and technocrats in Puerto Rico who can only seem to agree that their problem is intractable. Where that leaves us as investors is with a market being moved in the near term by participants trying to anticipate the next act of our philosopher kings, Yellen, Draghi, Abe, Tsipras, Merkel and Putin, rather than focusing on the long-term fundamentals of companies and nations.

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Institutional Perspectives

We have therefore experienced performance where, save for the world’s smallest publicly traded companies, the results have been largely neutral for the quarter with a few notable disappointments in China A shares, REITs, MLPs and the long bond. The modest gains markets managed to accrue earlier in the year were largely erased by the climatic escalation of the Greek crisis. As the standoff moved closer to a conclusion, markets leveled off but the quarterly print was done and we ended up right where we started the year.

Our tactical view has not meaningfully shifted in the midst of this. We remain confident Europe represents a value opportunity to participate in an economic restart, Japan provides us with similar select opportunities from the convergence of monetary policy and a sea change in corporate governance practices, and the majority of the Asian emerging markets (ex China) have demographics and natural resources on their side for the long term. Brazil, one of Latin America’s most important economies, gave back much of its gain earlier in the quarter and Dilma Rouseff finds herself unpopular and at risk of losing her mandate at a time when confidence in the governance of their companies is still shaken. However, Latin America broadly has shown promise more recently, although strictly by the numbers the market improvement appears to be mostly about relief that things were not as bad as first thought.

While equity markets have spun around in place, bond markets have been similarly mixed with opportunity and drama in almost equal measure. Almost every sector of the U.S. market had negative returns as interest rates generally rose over the period and spreads for both investment grade and high yield bonds also widened. The Barclays U.S. Aggregate Government Treasury Long index, at -8.3% for the quarter, was a standout loser. Global bonds turned in negative returns (-0.88% as measured by

the Barclays Global Aggregate x-U.S. index) as geopolitical and global economic swings took their toll. Bright spots may be appearing on the horizon as currencies have ceased their previous free fall and began trading in a choppy sideways pattern of volatility. The European Central Bank’s QE program also lends support to European bonds while the situation in Greece appears to be moving toward a resolution (at least as of this writing). However, with the Federal Reserve leaning towards a hike in short term rates later this year, the drama may not be over.

Commodities in general appear to have found but not yet climbed up from the floor, suggesting lingering fundamental weakness in the global economy. Weak commodities translate to happy consumers though. The cost of fuel is flat and financing is easy, tailwinds to a significant pickup in car and truck sales. Oil displayed a few dollars per barrel of strength in the quarter to make up for weakness earlier in the year but the mid-year finish was flat, good for drivers and of growing concern to producers who are at or below the marginal cost of production. U.S. employment figures look promising and sentiment is improving for the consumer as we see employers and legislators move to shore up the wage base from the bottom. Precious metals have reflected currency volatility but again have delivered a flat result as the mighty U.S. Dollar has been the safe harbor from drama all around us.

The Wall Street chorus says the Greek players may exit the Euro stage right and the philosophers of the Fed will timidly move in September. The market has been trading on the narration, which has led nowhere. We prefer to invest on the action.

Sources: FactSet, Bloomberg

To receive the detailed UBS Quarterly Market Review, please contact your UBS Institutional Consultant.

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Domestic fixed income performance

Source: Morningstar

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Broad markets performance


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2015 quarterly returns Annualized returns ending 6/30/2015

Index YTD Q1 Q2 Q3 Q4 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs

S&P 500 1.23 0.95 0.28 7.42 17.31 17.34 9.42 7.89

DJIA 0.03 0.33 -0.29 7.21 13.77 15.41 9.40 8.32

NASDAQ Comp 5.90 3.79 2.03 14.44 20.86 20.18 13.00 10.38

Wilshire 5000 1.67 1.61 0.06 7.09 17.45 17.33 9.54 8.16

Russell 3000 1.94 1.80 0.14 7.29 17.73 17.54 9.65 8.15

Russell 3000G 4.33 4.05 0.27 10.69 18.15 18.64 10.58 9.17

Russell 3000V -0.51 -0.51 0.00 3.86 17.20 16.36 8.65 7.03

Russell 1000 1.71 1.59 0.11 7.37 17.73 17.58 9.59 8.13

Russell 1000G 3.96 3.84 0.12 10.56 17.99 18.59 10.50 9.10

Russell 1000V -0.61 -0.72 0.11 4.13 17.34 16.50 8.59 7.05

Russell 2000 4.75 4.32 0.42 6.49 17.81 17.08 10.44 8.40

Russell 2000G 8.74 6.63 1.98 12.34 20.11 19.33 11.52 9.86

Russell 2000V 0.76 1.98 -1.20 0.78 15.50 14.81 9.31 6.87

Russell Mid Cap 2.35 3.95 -1.54 6.63 19.26 18.23 10.51 9.40

Russell Mid CapG 4.18 5.38 -1.14 9.45 19.24 18.69 10.34 9.69

Russell Mid CapV 0.41 2.42 -1.97 3.67 19.13 17.73 10.61 8.89

EAFE 5.88 5.00 0.84 -3.82 12.45 10.03 2.45 5.60

MSCI Emerging Mkts 3.12 2.28 0.82 -4.77 4.08 4.03 1.19 8.46

BC Aggregate -0.10 1.61 -1.68 1.86 1.83 3.35 4.59 4.44

BC Int Aggregate 0.64 1.32 -0.67 1.89 1.74 2.89 4.16 4.22

BoA-ML C/G 1–3 yr 0.74 0.59 0.14 0.89 1.00 1.22 2.06 2.83

BC Int G/C 0.82 1.45 -0.62 1.68 1.61 2.79 3.91 4.02

BC GC -0.30 1.84 -2.10 1.69 1.76 3.52 4.62 4.38

BC US Tips 0.34 1.42 -1.06 -1.73 -0.76 3.29 3.51 4.14

BC US Treasury 0.03 1.64 -1.58 2.31 0.89 2.74 3.82 4.06

BC Gov 0.08 1.60 -1.50 2.27 093 2.63 3.74 3.99

BC US Credit -0.78 2.16 -2.88 0.93 3.03 4.93 6.15 5.12

BC Global Aggregate xUS -5.43 -4.63 -0.83 -13.19 -2.83 1.08 1.14 2.83

BC Global Aggregate -3.08 -1.92 -1.18 -7.09 -0.81 2.07 2.58 3.54

BC Muni 0.11 1.01 -0.89 3.00 3.10 4.50 5.11 4.45

BC Agency 0.60 1.17 -0.56 1.95 1.21 2.06 3.28 3.68

BC Mortgages 0.31 1.06 -0.74 2.28 1.92 2.89 4.44 4.56

BC ABS 1.08 0.90 0.17 1.64 1.25 2.36 4.16 3.40

BoA-ML High Yield 2.49 2.53 -0.04 -0.55 6.73 8.37 9.01 7.67

BoA-ML Treasury 1-5 yr 0.94 0.92 0.02 1.37 0.83 1.37 2.34 3.08

CG T-Bill (90 Day) 0.01 0.01 0.00 0.02 0.05 0.06 0.17 1.34

CG Wld Gov Bond -4.02 -2.51 -1.55 -9.02 -2.45 1.05 1.75 3.08

CG Wld Gov Bond xUS -5.83 -4.36 -1.54 -13.49 -3.88 0.33 0.95 2.63

Market Performance Report June 30, 2015

FOR INSTITUTIONAL USE ONLY. This document is prepared by the UBS Manager Research Group at UBS Financial Services Inc. and is for informational purposes only and is not a recommendation to buy or sell any securities. The information contained herein has been obtained from third parties and has not been verified by UBS Financial Services Inc. Please note any index performance presented does not reflect any transaction costs or management fees. An actual investment in the securities included in the index would require an investor to incur fees, which would lower the performance results. Indexes are not available for direct investing. Past performance is no guarantee of future results.


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Market OutlookAs we prepare for the second half of the year, we adjust our equity sector weightings to better reflect our outlook. After a brief rally this spring, the energy sector has reversed course and is now trading at a 10-year low relative to the market. In fact, based on price-to-book value, energy shares are trading near 35-year lows relative to the S&P 500. Historically, such wide valuation gaps have been followed by significant sector outperformance – especially when accompanied by stabilization in oil prices. It is also our view that consensus estimates for energy earnings have scope for upside based on the historical relationship between oil prices and company profits – especially as companies rightsize their organizations for the new oil price environment. We are therefore increasing energy to an overweight within our equity sector portfolio.

While consumers will continue to benefit from improving labor market conditions, an increase in household wealth, and still modest inflation pressures, the positive valuation effects from declining energy prices and a stronger dollar are now abating. This suggests that two of the key drivers behind the strong performance within the consumer discretionary space will be nonfactors during the second half of the year. Within the consumer discretionary sector, we are now following up on last month’s downgrade of the retailers, with a downgrade of the consumer durables and apparel industry group. This reduces consumer discretionary to a neutral weighting. Given that durables will likely face some headwinds from rising interest rates and will no longer benefit from falling oil prices, we believe the group is less likely to outperform. A neutral allocation appears more appropriate now for this typically early-cycle market segment.

EconomyFollowing the soft patch in the first quarter, the US economy has likely reaccelerated in the second quarter. In particular, the crucial labor and real estate markets remain on a recovery path and should allow the Fed to hike its policy rate later in 2015. Meanwhile, the Eurozone economy is on an uptrend, as confirmed yet again by the improvement in purchasing managers’ indices in June. The European Central Bank is committed to its bond-buying program and would ultimately provide a backstop to a potential deterioration of the Greek situation. Emerging market economies on aggregate continue to struggle with decelerating growth rates, and the looming US rate hike is a particular threat to those with current account deficits.

EquitiesWe recommend an overweight allocation to equities via exposure to the Eurozone market. Corporate earnings in the region are improving on the back of the solid domestic recovery, the drop in the euro relative to a year ago, very accommodative monetary policy, and low corporate financing costs. In comparison, UK companies face headwinds from a less favorable exchange rate environment and a more defensive sector composition. We hold an underweight position in UK stocks. We are also underweight emerging market equities, where earnings dynamics are comparably weak.

Fixed incomeThe recent normalization in European government bond yields weighed on bonds with long durations, and increased volatility in fixed income markets close to levels last seen in mid-2013. German 10-year Bunds saw intra-day price swings of almost 2% in early June. These moves confirm our view that in the current environment, high grade bonds should not be considered a safe asset class per se. Corporate bonds, particularly from lower-rated issuers, provide some compensation for rising rates through carry and potential spread compression. We are therefore overweight investment grade and high yield bonds, further backed by our outlook for below-average default rates over the next six months.

Foreign exchangeWe are increasing our tactical overweight on the British pound (GBP) against the Australian dollar (AUD). The UK economy is accelerating, providing the backdrop for a first rate hike by the Bank of England in late 2015. Recent comments by central bank officials corroborate this view. The Australian economy, on the other hand, is suffering from weak commodity prices and a structural slowdown. The unemployment rate of 6% is comparably high and has been rising in recent years. Consequently, the central bank has an easing bias, and further rate cuts are in the cards if the outlook deteriorates, weighing on the outlook for AUD.

For further informationThis summary was condensed from UBS House View “Why markets can clear the hurdles” (J 2015) a report from the UBS CIO Wealth Management Research Office. To obtain a full copy of this report or discuss how its research insights might bear on your portfolio, please contact your UBS Institutional Consultant.


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Financial Services Issues

Glass-Steagall Redux. Several Senators, including Senator Elizabeth Warren (D-MA), introduced a bill that would reinstate Glass-Steagall requirements separating commercial banking from investment banking. The bill has no chance of advancing in Congress. However, the proposal is popular among many Democrats and has been endorsed by some Democratic presidential candidates. It therefore will have an impact on the campaign trail as Wall Street reform becomes more of a rallying cry for Democratic primary voters. Particularly with her rivals endorsing a proposal to reinstate Glass-Steagall, requirements that her husband repealed when he was President, Hillary Clinton will be under increasing pressure to take a harder line on banks as her campaign moves forward.

Fiduciary Funding Riders. This month, House and Senate appropriations committees approved bills with a provision that would block the Department of Labor (DOL) for one year from finalizing its proposal to expand the application of a fiduciary standard under the Employee Retirement Income Security Act (ERISA) to brokers and other entities. This “rider” is part of legislation to fund the labor, health and education departments that is perennially one of the most controversial government funding bills. This year’s bill is no exception and includes many controversial provisions (such as one to defund Obamacare). As such, it is almost certain to fail in the full Senate. While opponents of the DOL proposal will have a chance to weigh in with their concerns through comment letters and testimonies at a multi-day public hearing in August, they are unlikely to prevail on the DOL to make major changes that would significantly mitigate

the proposal’s potential unintended consequences of reduced choice and access for retail investors. The DOL is set to finalize its proposed rule by early next year, with implementation likely to occur well before a new President takes office in 2017. Given that it will be much too late to make changes at that point, efforts will only intensify for Congress to intervene in the meantime.

Focus on Fiduciary. Labor Secretary Tom Perez testified last month before a House subcommittee on the Department of Labor’s (DOL) proposed rule to expand the application of a fiduciary standard under the Employee Retirement Income Security Act (ERISA) to brokers and other entities. Secretary Perez spoke about the need for a best-interest standard (a concept widely supported by industry) but deflected more specific concerns about how the DOL has proposed putting this standard into actual practice. The Secretary also signaled a willingness to listen to feedback and make specific changes. However, the proposal, which currently is in the midst of a 90-day comment period, likely would need an overhaul to make its main exemption workable for industry participants. With the DOL sprinting to finalize its proposal late this year or early next year, opponents have looked to Congress to stall this sweeping regulatory action. Just this week, a different House subcommittee passed a funding bill with a provision that would block the DOL from finalizing its rule for one year. While this legislation currently is likely to stumble in the Senate, Congress may become more receptive to legislative action as it learns more about the proposal’s potential unintended consequences of reduced choice and access for retail investors.

Under the dome: Second Quarter 2015 select highlights

The UBS U.S. Office of Public Policy, located in Washington, D.C., publishes a weekly brief report on major public policy and political developments from Washington. This quarterly summary identifies select issues from the weekly reports, with a focus on financial services, tax and regulatory measures that may affect UBS and our clients.

UBS U.S. Office of Public Policy

Washington Watch


U.S. Office of Public Policy Washington Watch

Under the dome: Third Quarter 2014 select highlights The UBS U.S. Office of Public Policy, located in Washington, D.C., publishes a weekly brief report on major public policy and political developments from Washington. This quarterly summary identifies select issues from the weekly reports, with a focus on financial services, tax, and regulatory measures that may affect UBS and our clients.

Financial Services Issues Tax Incentives for Retirement Savings. The Senate Finance Committee held a hearing in September focusing on retirement savings and the effectiveness of federal tax incentives and other initiatives to encourage retirement savings. Some retirement savers were quick to note Chairman Ron Wyden’s (D-OR) opening comments that “The IRA was never intended to be a tax shelter for millionaires,” referring to a recent claim in a federal report that 9,000 taxpayers have accumulated at least $5 million in individual retirement accounts. In fact, one news article led with the headline “Romney-sized IRAs Scrutinized as Government Studies Taxes.” This scrutiny does not mean that tax incentives to save in IRAs will be curtailed soon. The hearing was designed to identify ways to improve and simplify retirement vehicles for American workers, especially those working in small businesses. Ideas from the hearing could be fed into next year’s

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Other Policy Issues

Relief for Puerto Rico? Key Democrats, led by presidential candidate Hillary Clinton and Senator Chuck Schumer (D-NY), have endorsed legislation to allow Puerto Rico to restructure its debts ($72 billion) under Chapter 9 of U.S. bankruptcy laws. A smaller group of Republicans, including Jeb Bush, have also endorsed the proposal. This bankruptcy protection has been made available to certain U.S. cities in the past, including Detroit, but does not currently extend to U.S. territories. This is a complicated issue, loaded with various policy and political challenges. As Puerto Rico struggles with its debts, a potential solution centered on U.S. bankruptcy protection will likely intensify. Our sense is that there currently is not sufficient support in Congress to pass such a measure anytime soon, though most lawmakers are just starting to educate themselves on the issue.

Changes for Family Partnerships? An official from the Department of Treasury indicated that a regulation that would effectively raise the taxable value of transferred assets is actively under consideration. The

forthcoming regulation would impact the availability of discounts in valuing an ownership interest in a family investment vehicle when that interest is transferred from one family member to another. This is important as a transfer under the $5.43 million gift-tax exemption is tax free. The Obama Administration has previously included such proposals in its annual budget requests, but these proposals have never advanced in Congress. It now appears that administrative action is likely in the coming months. There is speculation that Treasury may opt to make the rules effective when the proposed regulations are released, rather than upon being finalized. If this accelerated implementation is the case, family partnerships and LLCs should ponder their future now.

For further informationTo regularly receive the Washington Weekly report, please contact your UBS Institutional Consultant.


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At a glance

Economy

Foreign exchange

Equities

Fixed income

• Global central banks, most notably in the Eurozone, Japan, and China, continue to support their economies and financial markets with very easy monetary policy.

• We expect the Fed to start hiking interest rates later in 2015. The hiking cycle is likely to be very gradual, keeping monetary policy support ample for the foreseeable future.

• In the Eurozone growth is accelerating and we expect contagion risks from Greece to be mitigated by ECB measures.

• The Chinese government is showing determination and flexibility in managing the structural change of the country’s growth model.

• High yield (HY) bonds benefit from an attractive yield carry over high grade bonds, while overall, default risks are still low.

• We are overweight Euro and US HY moderate economic growth and potential for rising government bond yields provide a good cyclical backdrop for the asset class.

• We are increasing our overweight in Euro HY, which currently offers a yield of 4.7% on average. • We are reducing our overweight in US investment-grade bonds, in particular cutting longer-duration

exposure. The US HY energy sector has been hit by the fall in oil prices that began in mid-2014.

• We are overweight equities against high grade bonds. Within equities, our largest overweight is in the Eurozone, where corporate earnings growth finally turned positive in 1Q15.

• We are introducing an overweight in Japanese equities, where earnings are growing solidly due to the yen’s weakness, robust foreign demand, and a corporate tax cut in 2015.

• We are increasing our underweight in the UK where firms face headwinds from low commodity prices and a stronger pound.

• We are also underweight emerging market equities as several of these markets have structural problems and lagging earnings.

• We are holding an overweight in the British pound against the Australian dollar. • The Australian economy remains in a structural slowdown, keeping monetary policy easy. • In the UK, the economy continues to grow above trend, and the labor market recovery should allow

the Bank of England to deliver its first interest rate hike just after that of the Fed. We expect the Swiss franc to continue trading between 1.00 and 1.05 against the euro.

• We forecast that the EURUSD will trade at 1.08 in six months, by and large unchanged from current levels.

Commodities

• Commodities have remained under pressure lately, with broadly diversified commodity indices falling

to new multi-year lows. • Oil prices dropped to a three-month low following the nuclear deal with Iran, and gold hit a five-year

low on the back of speculation around the first Fed rate hike. • We expect higher oil prices and gold to continue to fall over the next 6 months.

Source: UBS CIO WMR as of 24 July 2015.

Presenter

Presentation Notes

Month in review During testimony before the US House of Representatives, Fed Chair Janet Yellen stated that labor market improvements and robust growth would make it “appropriate at some point this year to raise the federal funds target rate.” Nonfarm payrolls grew by 223,000 in June and the unemployment rate fell to a seven-year low of 5.3%, while the ISM Manufacturing Index rose from 52.8 to 53.5. US Treasury bond yields showed some volatility, but were little changed over the past month, similar to the S&P 500 Index. Greece rejected the Eurozone’s bailout proposal and called for a referendum that ultimately ended in a “no” vote. The European leaders then offered another bailout package with even more draconian conditions. On the brink of default, Greece ended up accepting the terms. ECB President Mario Draghi announced that he didn’t expect an early end to quantitative easing (QE), and is prepared to step in to mitigate any damage if Greece exits. Oil prices stabilized in May and June, but fell 10–15% in July, partly due to a historic nuclear agreement reached between Iran and a group of six nations led by the US. The potential Iran nuclear deal may bring more supply into the market. Emerging markets had a difficult month; Chinese equity markets in particular fell sharply. The Chinese government stepped in to help stabilize the market, and with China surprising with 7% growth in the second quarter, policy measures are also beating forecasts, as they appear to be helping to jump-start the economy.

Please contact your UBS Institutional Consultant if you have any questions regarding this report, if your financial situation, individualneeds or investment objectives have changed, or if you would like to initiate or modify any investment restrictions on this account.Please note that you are also required to inform your Institutional Consultant, directly, of any changes in your financial condition,investment objectives or investment restrictions on your account.

Rule 204-3 under the Investment Advisers Act of 1940 requires that we make an annual offer to clients to send to them, withoutcharge, a written disclosure statement meeting the requirements of such rule. We will be glad to send you a copy of such statement toyou upon your written request.

Prepared for:Gwinnett County Employees Retirement SystemAugust 12, 2015

Prepared by:

Investment Performance

Period Ending June 30, 2015

Gwinnett County Composite

Allen Wright, Earle Dodd, Scott Olsen, Ray Vuicich

This report is provided for informational purposes only. The information shown was obtained from sources believed to be reliable, the accuracy of which cannot be guaranteed. Account statements provided by UBS or other financial institutions are theofficial record of your holdings, balances, transactions and security values and are not amended or superseded by any of the information presented in this report. Information is current as of the date shown. Past performance is no guarantee of futurereturns. See IMPORTANT INFORMATION at end of report for details.

Inception 06/30/2015 Latest %tile Year to %tile 1 %tile 3 %tile 5 %tile %tileAccount Date Market Value QTR Ranking Date Ranking Year Ranking Year Ranking Year RankingInceptionRankingConsolidated Portfolio* 12/31/2006 $1,042,382,504 -0.11% 75 2.74% 47 4.68% 10 11.24% 32 11.60% 18 7.00% 1

Policy Index -1.08% 91 1.15% 92 2.54% 69 9.54% 74 10.33% 65 5.74% 38Dynamic Index -0.91% 91 1.32% 92 2.64% 66 9.97% 62 10.34% 63Large Cap Growth Equities

Columbia Management 04/02/2013 $80,076,934 2.71% 1 8.58% 1 17.48% 1 22.03% 1Russell 1000 Growth 0.12% 66 3.96% 54 10.56% 55 17.42% 59TCW Institutional 04/02/2013 $56,461,325 1.77% 13 5.10% 37 11.10% 48 15.58% 75Russell 1000 Growth 0.12% 66 3.96% 54 10.56% 55 17.42% 59

Large Cap Value EquitiesBarrow Hanley 01/03/2007 $136,698,114 1.00% 25 1.63% 27 7.23% 20 18.30% 37 18.02% 19 6.74% 42Russell 1000 Value 0.11% 46 -0.61% 77 4.13% 60 17.34% 56 16.50% 58 5.22% 91

Mid Cap CoreFairpointe Capital 03/30/2012 $40,634,704 -1.73% 93 0.92% 99 0.86% 99 21.97% 5 18.74% 5Russell Midcap -1.54% 83 2.35% 94 6.63% 61 19.26% 61 16.03% 50

Mid Cap GrowthWilliam Blair 03/30/2012 $34,202,910 -1.14% 90 5.46% 69 11.77% 41 16.03% 88 12.94% 84Russell Midcap Grwth -1.14% 90 4.18% 88 9.45% 69 19.24% 41 15.55% 43

Mid Cap ValueVaughan Nelson 03/30/2012 $42,149,995 0.85% 15 8.35% 1 12.06% 1 24.24% 1 19.79% 1Russell Midcap Value -1.97% 90 0.41% 89 3.67% 66 19.13% 47 16.33% 43

Small Cap BlendAtlanta Capital 01/31/2007 $98,535,942 1.22% 28 8.14% 13 12.91% 8 19.23% 45 20.06% 21 12.42% 1Russell 2000 0.42% 50 4.75% 59 6.49% 59 17.81% 63 17.08% 67 6.94% 84

REITsInvesco REIT 01/05/2007 $37,356,772 -9.11% 25 -5.69% 75 4.55% 78 9.01% 75 14.30% 92 4.71% 76NAREIT Equity -9.07% 25 -5.45% 67 4.13% 89 9.05% 75 14.36% 89 92

Foreign Developed Blend1607 Capital Partners 06/30/2008 $134,985,043 2.67% 13 5.13% 78 -2.42% 39 12.40% 28 11.39% 10 4.91% 9MSCI ACWI ex US Net 0.53% 82 4.03% 90 -5.27% 81 9.44% 84 7.75% 83 1.48% 65

Emerging MarketsOppenheimer Developing Markets 03/28/2014 $14,315,449 0.87% 51 -0.37% 80 -10.21% 86 -2.39% 82MSCI Emerging Markets 0.82% 52 3.12% 27 -4.77% 50 2.09% 49Brandes Emerging Markets 03/28/2014 $12,775,507 1.37% 38 -4.56% 97 -21.31% 99 -9.73% 99MSCI Emerging Markets 0.82% 52 3.12% 27 -4.77% 50 2.09% 49

Gross of FeesSummary StatementGwinnett County Employees Retirement System

returns. See IMPORTANT INFORMATION at end of report for details.official record of your holdings, balances, transactions and security values and are not amended or superseded by any of the information presented in this report. Information is current as of the date shown. Past performance is no guarantee of futureThis report is provided for informational purposes only. The information shown was obtained from sources believed to be reliable, the accuracy of which cannot be guaranteed. Account statements provided by UBS or other financial institutions are the

Page 1

Inception 06/30/2015 Latest %tile Year to %tile 1 %tile 3 %tile 5 %tile %tileAccount Date Market Value QTR Ranking Date Ranking Year Ranking Year Ranking Year RankingInceptionRanking

Global AllocationGlobal Allocation 12/16/2014 $50,405,906 -1.30% 80 0.17% 74 2.95% 74DJ Global Mod Index -0.61% 52 1.64% 43 3.84% 43

Core Fixed IncomeVoya Investment Management 12/10/2007 $144,642,617 -1.69% 81 0.07% 77 1.73% 54 2.28% 40 3.54% 51 5.36% 19Barclays Aggregate -1.68% 80 -0.10% 86 1.86% 46 1.83% 70 3.35% 62 4.56% 66Ryan Labs 04/03/2012 $111,588,194 -1.79% 90 0.36% 60 2.76% 2 3.04% 13 3.62% 10Barclays Aggregate -1.68% 80 -0.10% 86 1.86% 46 1.83% 70 2.41% 65

Global Fixed IncomeTempleton Global Bond 12/08/2011 $24,941,562 -0.27% 31 -0.04% 51 -1.62% 52 4.51% 37 5.38% 31CG World Gov't -1.55% 64 -4.02% 99 -9.02% 99 -2.45% 99 99Dreyfus International 12/08/2011 $22,611,530 -3.26% 99 -3.26% 91 -2.60% 59 1.21% 76 1.98% 73CG World Gov't -1.55% 64 -4.02% 99 -9.02% 99 -2.45% 99 99

Gross of FeesSummary StatementGwinnett County Employees Retirement System


Page 2

Inception 06/30/2015 Latest %tile Year to %tile 1 %tile 3 %tile 5 %tile %tileAccount Date Market Value QTR Ranking Date Ranking Year Ranking Year Ranking Year RankingInceptionRankingConsolidated Portfolio* 12/31/2006 $1,042,382,504 -0.22% 82 2.50% 65 4.20% 18 10.80% 46 11.16% 40 6.56% 8

Policy Index -1.08% 91 1.15% 92 2.54% 69 9.54% 74 10.33% 65 5.74% 38Dynamic Index -0.91% 91 1.32% 92 2.64% 66 9.97% 62 10.34% 63Large Cap Growth Equities

Columbia Management 04/02/2013 $80,076,934 2.58% 1 8.32% 1 16.92% 1 21.46% 1Russell 1000 Growth 0.12% 62 3.96% 50 10.56% 44 17.42% 52TCW Institutional 04/02/2013 $56,461,325 1.62% 10 4.78% 38 10.42% 46 14.89% 75Russell 1000 Growth 0.12% 62 3.96% 50 10.56% 44 17.42% 52

Large Cap Value EquitiesBarrow Hanley 01/03/2007 $136,698,114 0.93% 25 1.48% 26 6.90% 21 17.93% 38 17.63% 20 6.36% 36Russell 1000 Value 0.11% 46 -0.61% 71 4.13% 56 17.34% 43 16.50% 41 5.22% 71

Mid Cap CoreFairpointe Capital 03/30/2012 $40,634,704 -1.91% 95 0.58% 99 0.19% 99 21.22% 5 17.99% 5Russell Midcap -1.54% 72 2.35% 90 6.63% 52 19.26% 45 16.03% 35

Mid Cap GrowthWilliam Blair 03/30/2012 $34,202,910 -1.34% 91 5.05% 67 10.91% 41 15.12% 89 12.12% 83Russell Midcap Grwth -1.14% 91 4.18% 84 9.45% 53 19.24% 31 15.55% 26

Mid Cap ValueVaughan Nelson 03/30/2012 $42,149,995 0.66% 18 7.95% 1 11.24% 1 23.30% 1 18.87% 1Russell Midcap Value -1.97% 86 0.41% 78 3.67% 57 19.13% 41 16.33% 36

Small Cap BlendAtlanta Capital 01/31/2007 $98,535,942 1.06% 35 7.79% 17 12.16% 8 18.38% 50 19.11% 25 11.60% 1Russell 2000 0.42% 55 4.75% 65 6.49% 58 17.81% 56 17.08% 52 6.94% 69

REITsInvesco REIT 01/05/2007 $37,356,772 -9.43% 33 -6.35% 95 3.45% 85 8.11% 90 13.39% 95 3.90% 90NAREIT Equity -9.07% 23 -5.45% 61 4.13% 76 9.05% 57 14.36% 66 85

Foreign Developed Blend1607 Capital Partners 06/30/2008 $134,985,043 2.48% 18 4.75% 83 -3.14% 52 11.66% 47 10.61% 20 4.16% 15MSCI ACWI ex US Net 0.53% 82 4.03% 90 -5.27% 81 9.44% 84 7.75% 83 1.48% 65

Emerging MarketsOppenheimer Developing Markets 03/28/2014 $14,315,449 0.87% 41 -0.37% 78 -10.21% 85 -2.39% 81MSCI Emerging Markets 0.82% 42 3.12% 20 -4.77% 49 2.09% 45Brandes Emerging Markets 03/28/2014 $12,775,507 1.37% 32 -4.56% 97 -21.31% 99 -9.73% 99MSCI Emerging Markets 0.82% 42 3.12% 20 -4.77% 49 2.09% 45

Net of FeesSummary StatementGwinnett County Employees Retirement System


Page 3

Inception 06/30/2015 Latest %tile Year to %tile 1 %tile 3 %tile 5 %tile %tileAccount Date Market Value QTR Ranking Date Ranking Year Ranking Year Ranking Year RankingInceptionRanking

Global AllocationGlobal Allocation 12/16/2014 $50,405,906 -1.30% 80 0.17% 74 2.95% 74DJ Global Mod Index -0.61% 52 1.64% 43 3.84% 43

Core Fixed IncomeVoya Investment Management 12/10/2007 $144,642,617 -1.75% 83 -0.06% 77 1.38% 51 2.03% 40 3.60% 36 5.05% 19Barclays Aggregate -1.68% 78 -0.10% 82 1.86% 24 1.83% 53 3.35% 46 4.56% 50Ryan Labs 04/03/2012 $111,588,194 -1.84% 89 0.27% 57 2.57% 2 2.84% 15 3.43% 13Barclays Aggregate -1.68% 78 -0.10% 82 1.86% 24 1.83% 53 2.41% 48

Global Fixed IncomeTempleton Global Bond 12/08/2011 $24,941,562 -0.27% 26 -0.04% 43 -1.62% 43 4.51% 32 5.38% 33CG World Gov't -1.55% 56 -4.02% 99 -9.02% 99 -2.45% 99 99Dreyfus International 12/08/2011 $22,611,530 -3.26% 98 -3.26% 88 -2.60% 53 1.21% 72 1.98% 72CG World Gov't -1.55% 56 -4.02% 99 -9.02% 99 -2.45% 99 99

Net of FeesSummary StatementGwinnett County Employees Retirement System


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Market Value Percent Market Value Percent Market Value PercentActual Actual Target Target Difference Difference

Core Fixed Income 256,230,810.9 24.6% 364,833,876.5 35.0% (108,603,065.6) (10.4%)Large Cap Value Equities 136,698,114.1 13.1% 130,297,813.0 12.5% 6,400,301.1 0.6%Large Cap Growth Equities 136,538,259.3 13.1% 130,297,813.0 12.5% 6,240,446.3 0.6%Foreign Developed Blend 134,985,042.7 12.9% 156,357,375.6 15.0% (21,372,332.9) (2.1%)Mid Cap Equities 116,987,609.6 11.2% 78,178,687.8 7.5% 38,808,921.8 3.7%Small Cap Equities 98,535,941.9 9.5% 78,178,687.8 7.5% 20,357,254.1 2.0%Global Allocation 50,405,906.0 4.8% 0.0 0.0% 50,405,906.0 4.8%Global Fixed Income 47,553,091.9 4.6% 52,119,125.2 5.0% (4,566,033.3) (0.4%)REITs 37,356,772.1 3.6% 52,119,125.2 5.0% (14,762,353.1) (1.4%)Emerging Markets 27,090,955.8 2.6% 0.0 0.0% 27,090,955.8 2.6%Total Fund $1,042,382,504.2 100.0% $1,042,382,504.2 100.0% $0.0 0.0%

Small Cap Equities

Mid Cap Equities

Global Allocation

Foreign DevelopedBlend

Global FixedIncome

Large Cap GrowthEquities

Reits

Large Cap ValueEquities

Emerging Markets

Core FixedIncome

Small Cap Equities

Mid Cap Equities

Foreign DevelopedBlend

Global FixedIncomeLarge Cap Growth

EquitiesReits

Large Cap ValueEquities

Core FixedIncome

Target Asset AllocationActual Asset Allocation

Actual vs Target Asset AllocationAs of June 30, 2015


Page 5

Standard Deviation (Risk)5.004.003.002.001.000.00

Ann

ualiz

ed R

ate

of R

etur

n (%

)

12.00

11.00

10.00

9.00

8.00

7.00

6.00

5.00

4.00

3.00

2.00

1.00

0.00

-1.00

Return Std Dev Beta Alpha R-Squared Sharpe Ratio Composite 11.24 4.80 1.00 1.55 94.06 2.33 Policy Index 9.54 4.64 1.00 0.00 100.00 2.04 3 Mth T-Bill 0.05 0.01 1.00 0.00 100.00 0.00

Policy Index

3 Mth T-Bill

Composite

Policy Index

3 Mth T-Bill

More ReturnLess Risk

More ReturnMore Risk

Less ReturnLess Risk

Less ReturnMore Risk

Risk versus Reward AnalysisJune 30, 2012 Through June 30, 2015

returns. See IMPORTANT INFORMATION at end of report for details.official record of your holdings, balances, transactions and security values and are not amended or superseded by any of the information presented in this report. Information is current as of the date shown. Past performance is no guarantee of future This report is provided for informational purposes only. The information shown was obtained from sources believed to be reliable, the accuracy of which cannot be guaranteed. Account statements provided by UBS or other financial institutions are the

Page 6

Standard Deviation (Risk)10.009.008.007.006.005.004.003.002.001.000.00-1.00

Ann

ualiz

ed R

ate

of R

etur

n (%

)

13.00

12.00

11.00

10.00

9.00

8.00

7.00

6.00

5.00

4.00

3.00

2.00

1.00

0.00

-1.00


Policy Index

3 Mth T-Bill

Composite

Policy Index

3 Mth T-Bill





Risk versus Reward AnalysisJune 30, 2010 Through June 30, 2015


Page 7

Standard Deviation (Risk)13.0012.0011.0010.009.008.007.006.005.004.003.002.001.000.00-1.00

Ann

ualiz

ed R

ate

of R

etur

n (%

)

7.00

6.00

5.00

4.00

3.00

2.00

1.00

0.00


Policy Index

3 Mth T-Bill

Composite

Policy Index

3 Mth T-Bill





Risk versus Reward AnalysisDecember 31, 2006 Through June 30, 2015


Page 8

Rate

of

Retu

rn (%

)

14121086420

-2-4

Quarter Calendar YTD One Year Three Years Five Years Since Inception Highest Value 2.24 4.26 7.71 13.53 12.68 6.88 First Quartile 0.69 3.10 4.05 11.59 11.48 6.01 Median Value 0.29 2.67 3.11 10.50 10.80 5.49 Third Quartile -0.07 2.35 2.43 9.43 10.07 5.16 Lowest Value -1.81 -1.95 -3.10 -0.58 5.01 4.33 Mean 0.21 2.60 3.05 10.22 10.68 5.58

Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank Gwinnett County -0.11 75 2.74 47 4.68 10 11.24 32 11.60 18 7.00 1 Policy Index -1.08 91 1.15 92 2.54 69 9.54 74 10.33 65 5.74 38 Dynamic Index -0.91 91 1.32 92 2.64 66 9.97 62 10.34 63 N/A N/A

Rate

of

Retu

rn (%

)

30

20

10

0

-10

-20

-30

2014 2013 2012 2011 2010 2009 2008 2007 Highest Value 11.84 24.28 17.41 9.86 21.44 33.98 1.30 18.40 First Quartile 7.43 17.26 14.29 2.59 14.45 23.33 -23.74 9.81 Median Value 6.74 15.03 13.15 0.84 13.71 20.22 -26.79 8.12 Third Quartile 5.40 12.93 12.64 0.19 12.54 18.13 -28.85 7.68 Lowest Value 0.07 -1.10 6.14 -2.31 7.71 4.52 -32.21 1.76 Mean 6.51 14.65 13.15 1.45 13.66 20.28 -25.60 8.78

Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank Gwinnett County 7.30 28 17.85 21 12.34 80 2.01 26 15.18 15 22.23 33 -21.51 11 8.08 52 Policy Index 7.49 22 14.36 59 11.79 91 1.71 33 14.38 27 23.40 23 -24.20 28 6.23 94 Dynamic Index 7.49 22 15.76 45 11.46 93 1.17 45 13.65 52 19.45 62 -24.15 28 N/A N/A

Annual Periods

Trailing Periods

Composite Peer Universe Comparison versus BNY Mellon Public Funds Greater Than $1 Billion Managers

returns. See IMPORTANT INFORMATION at end of report for details.official record of your holdings, balances, transactions and security values and are not amended or superseded by any of the information presented in this report. Information is current as of the date shown. Past performance is no guarantee of futureThis report is provided for informational purposes only. The information shown was obtained from sources believed to be reliable, the accuracy of which cannot be guaranteed. Account statements provided by UBS or other financial institiutions are the

Page 9

COMPOSITE BENCHMARK

11/30/2011 - Present 35.00% Barclays Aggregate 15.00% MSCI ACWI ex US Net 12.50% Russell 1000 Growth 12.50% Russell 1000 Value 7.50% Russell 2000 7.50% Russell Midcap 5.00% Citigroup World Gov't Bond 5.00% NAREIT Equity 06/30/2005 - 11/30/2011 35.00% Barclays Aggregate 15.00% MSCI ACWI ex US Net 12.50% Russell 1000 Growth 12.50% Russell 1000 Value 7.50% Russell 2000 7.50% Russell Midcap 5.00% JP Morgan Emerging Mkt Bnd + Index 5.00% NAREIT Equity

The primary index comparison for your portfolio and each of its asset classes is listed below.

Benchmark Comparisons Used In This Report


Page 10

ManagerYES NO YES NO YES NO YES NO

U.S. EquityColumbia √ NA NA NATCW √ NA NA NABarrow Hanley √ √ √ √Atlanta Capital √ √ √ √Invesco REIT √ √ √ √Fairpointe Capital √ NA NA NAVaughan Nelson √ NA NA NAWilliam Blair √ NA √ NAInternational Equity1607 Capital Partners √ √ √ √Emerging MarketsOppenheimer Develop Markets √ NA NA NABrandes Emerging Markets √ NA NA NAGlobal AllocationGlobal Allocatin Funds NA NA NA NAFixed IncomeVoya √ √ √ √Ryan Labs √ NA √ √Templeton Global Bond √ NA √ √Dreyfus International √ NA √ √

Criteria Criteria Criteria List

Manager Status and Watch List 2Q15Compliance with Criteria

1 Year 3/5 Year Cummulative Watch

Q2 2015Gwinnett County Public Employees Retirement System

Downgraded Bonds 2Q15 VOYA INVESTMENTSPosition Description Coupon

Stated Maturity CUSIP

Date of Downgrade

Moody's Rating S&P Rating

Fitch Rating

Current Face (m)

Market Price

Market Value (m)

11/15/2043 075887BM0 BAA2 BBB+

Watch List Commentary

Downgraded Bonds 2Q15 RYAN LABSPosition Description Coupon

Stated Maturity CUSIP

Date of Downgrade

Moody's Rating S&P Rating

Fitch Rating

Current Face (m)

Market Price

Market Value (m)

Watch List Commentary

Becton Dickson 4.875

July 10,2015 Update: After Moody’s had withdrawn its rating of Becton Dickson May 8th, the NRSRO reinstated their rating of the Bond to BAA2 on May 11th. Subsequently as this bond remains investment grade we will not look to sell as it regards ratings requirements of the guidelines but may over the normal course of managing the portfolio if it is deemed appropriate.Paul Irvine May 11, 2015 Hello Bill, we have been informed that Cusip 075887BM0 Becton Dickson coupon 4.875 PAR 125,000 had its Moody’s rating withdrawn. S&P is currently rating this security as BBB+. The security is not rated by Fitch. We look to sell this security when a good opportunity arises.If you have any questions please feel free to contact me.

Paul Irvine AVP, Client Service Relationship Manager Voya Investment Management

No Downgrades in Q2

We have gathered the information contained in this report from sources we believe to be reliable; but we do not guarantee the accuracy or completeness of such information, and we assume no liability for damages resulting from or arising out of the use of such information.

Columbia Management 0.60% (60 basis points) on the first $25 million0.45% (45 basis points) on the next $25 million0.40% (40 basis points) on all assets over $50 million

TCW 0.60% on 25mm and >

Barrow Hanley 0.75% of First $10.0 Mil,0.50% of Next $15.0 Mil,0.25% of Next $175.0 Mil

Fairpointe Capital 0.65 Flat

William Blair 0.90 of First $10.0 Mil,0.75% of Next $20.0 Mil,0.65% of Next $20.0 Mil,0.60% of Next $50.0 Mil

Vaughan Nelson 0.85% of First $10.0 Mil,0.75% of Next $15.0 Mil,

Atlanta Capital 0.80% of First $50.0 Mil,0.50% of Next $50.0 Mil

Invesco Real Estate 0.75% of First $10.0 Mil,0.70% of Next $10.0 Mil0.65% Remainder

1607 Capital Partners 0.75% of First $100.0 Mil,0.65% of Next $150.0 Mil,0.50% on 250.0 Mil or >

Brandes Emerging Markets (BEMIX) 1.17% Expense RatioOppenheimer Developing Markets (ODVIX) 0.87% Expense Ratio

Continued

Gwinnett County Public Employees Retirement System Investment Management Fee Schedule

Large Cap Value

Large Cap Growth

Mid Cap Core

Mid Cap Growth

Emerging Markets - Equity

Mid Cap Value

Small Cap Blend

REITS

Foreign Developed Blend

Page 1

Loomis Salyes (LSWWX) 0.93% Expense RatioFirst Eagle (SGIIX) 0.83% Expense RatioPutnam Capital (PVSYX) 1.02% Expense RatioWells Fargo/GMO (WABIX) 1.19% Expense Ratio

Voya Investment Management 0.30% of First $50.0 Mil,0.25% of Next $50.0 Mil,0.18% of Next $400.0 Mil

Ryan Labs 0.30% of First $10.0 Mil,0.28% of Next $10,0 Mil,0.25% of Next $15.0 Mil,0.20% of Next $15.0 Mil,0.145% of Next $50.0 Mil,0.10% of Next $200.0 Mil

Templeton Global Bond (TGBAX) 0.66% Expense RatioDreyfus International Bond I (DIBRX) 0.75% Expense Ratio

Global Allocation

Gwinnett County Public Employees Retirement System Investment Management Fee Schedule

This report is provided for informational purposes only. The information shown was obtained from sourced believed to be reliable, the accuracy of which cannot be guaranteed. Information is current as of the date shown.

Emerging Markets - Fixed Income

Fixed Income Taxable Intermediate

Page 2

Gwinnett County Retirement Plans

Second Quarter 2015

Defined Contribution Plan Investment Review and Evaluation

DC Advisory


UBS DC Report

2 Alerts Summary

6 Alerts

12 Performance

17 UBS Fund Scoring

22 Risk and Return

27 Style Drift

29 Investment Costs

35 Morningstar Measures

39 Option Summary Pages

107 Disclosure

June 30, 2015 Prepared by:UBS Institutional Consulting Group

UBS Financial Services Inc.


Alerts Summary

Recent Alerts 07-17-2015Performance Portfolio Operations

Name 3 Year Total Return 5 Year Total Return 3 Yr. Total Return (%Rank in Category)

5 Yr. Total Return (%Rank in Category)

Morningstar Rating forFunds

Morningstar CategoryChange

Manager Change

American Century Mid Cap Value A ~ ~ ~ ~ L L LAmerican Funds Growth Fund of Amer A L ~ L ~ L L LAmerican Funds Invmt Co of Amer A ~ ~ L ~ ~ L LArtisan International Investor L L L L L L LArtisan Mid Cap Investor ~ L L L L L L

Baron Growth Retail ~ ~ L L L L LBlackRock Equity Index F ~ ~ L L L L LColumbia Small Cap Value Fund II Z L L L L L L LDreyfus Intl Stock Index L L L L L L LFidelity® Contrafund® ~ ~ ~ L L L L

Fidelity® Puritan® L L L L L L LFranklin Small Cap Growth A L L L L L L LGreat-West Aggressive Profile I Init ~ ~ ~ ~ ~ L LGreat-West Conservative Profile I Init ~ ~ ~ ~ L L LGreat-West Moderate Profile I Init ~ ~ ~ ~ L L L

Great-West Moderately Agg Prfl I Init ~ ~ L ~ L L LGreat-West Moderately Cnsrv Prfl I Init L L L L L L LGreat-West SecureFoundation® LT 2015 G L L L L L L LGreat-West SecureFoundation® LT 2020 G L — L — L L LGreat-West SecureFoundation® LT 2025 G ~ ~ L ~ L L L

Great-West SecureFoundation® LT 2030 G ~ — L — L L LGreat-West SecureFoundation® LT 2035 G L ~ L L L L LGreat-West SecureFoundation® LT 2040 G L — L — L L LGreat-West SecureFoundation® LT 2045 G

Release date 06-30-2015 | UBS DC Report | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information.

©2015 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constituteinvestment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, thisinformation, data, analyses or opinions or their use. This report is supplemental sales literature, and therefore must be preceded or accompanied by a prospectus and disclosure statement. Please read the prospectus carefully.

Page 2 of 118

~Alerts Do Not Meet CriteriaLAlerts Meet CriteriaNote: funds that display a dash for any data column above are due to lack of data. The Alerts displayed in this report are being provided to assist retirement plan fiduciaries in evaluating the investment options offered under a defined contributionretirement plan. A number of different factors should be considered when choosing to add, remove or maintain retirement plan investment options. Please refer to Important Information on Alerts in back of this report.

For Institutional Use Only See Important Information and Disclosures at the end of this Report


Alerts Summary

Recent Alerts 07-17-2015Performance Portfolio Operations

Name 3 Year Total Return 5 Year Total Return 3 Yr. Total Return (%Rank in Category)

5 Yr. Total Return (%Rank in Category)

Morningstar Rating forFunds

Morningstar CategoryChange

Manager Change

L ~ L ~ L L LGreat-West SecureFoundation® LT 2050 G L — L — L L L

Great-West SecureFoundation® LT 2055 G L ~ ~ ~ ~ L LInvesco Growth and Income Y ~ ~ L L L L LJanus Balanced T ~ ~ L L L L LJPMorgan High Yield A ~ ~ L L L L LOppenheimer Developing Markets Y L L L L L L L

Oppenheimer Global Y L L L L L L LPioneer Fundamental Growth Y ~ ~ L L L L LTDAM Institutional Money Market Instl ~ ~ — — — L LTIAA-CREF Equity Index Instl ~ ~ L L L L LVanguard Total Bond Market Index Adm ~ ~ ~ ~ L L L



Page 3 of 118




Alerts Summary

Recent Alerts 07-17-2015Modern Portfolio Theory

Name 3-Yr. Sharpe Ratio (%Rank in Cat.)

3-Yr. Alpha (%Rank in Cat.)

Upside Capture Ratio (%Rank in Category)

Downside Capture Ratio(%Rank in Category)

American Century Mid Cap Value A L L ~ LAmerican Funds Growth Fund of Amer A L L L LAmerican Funds Invmt Co of Amer A L L ~ LArtisan International Investor L L L LArtisan Mid Cap Investor ~ L L ~

Baron Growth Retail L L ~ LBlackRock Equity Index F L L L LColumbia Small Cap Value Fund II Z L L L LDreyfus Intl Stock Index L L L ~Fidelity® Contrafund® L L ~ L

Fidelity® Puritan® L L L LFranklin Small Cap Growth A L L L LGreat-West Aggressive Profile I Init L L ~ LGreat-West Conservative Profile I Init L L ~ LGreat-West Moderate Profile I Init L L ~ L

Great-West Moderately Agg Prfl I Init L L ~ LGreat-West Moderately Cnsrv Prfl I Init L L L LGreat-West SecureFoundation® LT 2015 G L L L LGreat-West SecureFoundation® LT 2020 G L L ~ LGreat-West SecureFoundation® LT 2025 G L L ~ L

Great-West SecureFoundation® LT 2030 G L L ~ LGreat-West SecureFoundation® LT 2035 G L L L LGreat-West SecureFoundation® LT 2040 G ~ ~ L ~



Page 4 of 118




Alerts Summary

Recent Alerts 07-17-2015Modern Portfolio Theory

Name 3-Yr. Sharpe Ratio (%Rank in Cat.)

3-Yr. Alpha (%Rank in Cat.)

Upside Capture Ratio (%Rank in Category)

Downside Capture Ratio(%Rank in Category)

Great-West SecureFoundation® LT 2045 G ~ ~ L ~Great-West SecureFoundation® LT 2050 G ~ ~ L ~

Great-West SecureFoundation® LT 2055 G ~ ~ L ~Invesco Growth and Income Y L L L LJanus Balanced T L L L LJPMorgan High Yield A L L L ~Oppenheimer Developing Markets Y L L L L

Oppenheimer Global Y L L L LPioneer Fundamental Growth Y L ~ L ~TDAM Institutional Money Market Instl ~ — L —TIAA-CREF Equity Index Instl L L L LVanguard Total Bond Market Index Adm ~ ~ ~ ~



Page 5 of 118



Total Returns 07-17-2015

3 Year Total Return less than cat BM

Security Name Initial Trigger Value Current Trigger Value Current Comparison Value Current Comparison Subject

American Century Mid Cap Value A 14.25 (as of 01-24-2014) 17.96 19.13 Russell Mid Cap Value TR USDAmerican Funds Invmt Co of Amer A 14.57 (as of 01-24-2014) 16.87 17.73 Russell 1000 TR USDArtisan Mid Cap Investor 11.53 (as of 05-08-2014) 17.93 19.24 Russell Mid Cap Growth TR USDBaron Growth Retail 14.31 (as of 07-09-2014) 17.35 19.24 Russell Mid Cap Growth TR USDBlackRock Equity Index F 22.99 (as of 10-30-2014) 17.38 17.73 Russell 1000 TR USDFidelity® Contrafund® 14.25 (as of 04-08-2014) 17.42 17.99 Russell 1000 Growth TR USDGreat-West Aggressive Profile I Init 12.77 (as of 01-24-2014) 15.83 17.73 Russell 1000 TR USDGreat-West Conservative Profile I Init 5.82 (as of 01-24-2014) 5.90 6.15 Morningstar Moderately Cons Target

RiskGreat-West Moderate Profile I Init 8.79 (as of 01-24-2014) 10.07 11.53 Morningstar Moderately Aggr Target

RiskGreat-West Moderately Agg Prfl I Init 10.29 (as of 01-24-2014) 12.04 13.54 Morningstar Aggressive Target RiskGreat-West SecureFoundation® LT 2025 G 9.65 (as of 05-08-2015) 10.02 10.16 Morningstar Lifetime Moderate 2025Great-West SecureFoundation® LT 2030 G 10.88 (as of 05-08-2015) 11.46 11.61 Morningstar Lifetime Moderate 2030Invesco Growth and Income Y 14.79 (as of 01-24-2014) 17.31 17.34 Russell 1000 Value TR USDJanus Balanced T 12.87 (as of 06-08-2015) 11.50 11.53 Morningstar Moderately Aggr Target

RiskJPMorgan High Yield A 7.42 (as of 04-10-2014) 6.33 6.81 BofAML US HY Master II TR USDPioneer Fundamental Growth Y 17.75 (as of 07-08-2015) 17.75 17.99 Russell 1000 Growth TR USDTDAM Institutional Money Market Instl 0.02 (as of 10-30-2014) 0.02 0.29 BofAML USD LIBOR 3 Mon CMTIAA-CREF Equity Index Instl 16.18 (as of 01-24-2014) 17.69 17.73 Russell 1000 TR USDVanguard Total Bond Market Index Adm 2.32 (as of 10-30-2014) 1.70 1.83 Barclays US Agg Bond TR USD



Page 6 of 118

All performance rankings are based on each fund's total returns relative to other funds in it's Morningstar Category for each period shown. All other percentage rankings displayed are measured on an absolute basis and compared to its MorningstarCategory for the each period shown.The performance data quoted represents past performance and does not guarantee future results. Then investment return and principal value of an investment will fluctuate; thus an investor's shares, when redeemed, may be worth more or less thantheir original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please visit http://advisor.morningstar.com/familyinfo.asp. An investment in a mutual fund is notinsured or guaranteed by the FDIC or any other government agency. Although money market seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.The Alerts displayed in this report are being provided to assist retirement plan fiduciaries in evaluating the investment options offered under a defined contribution retirement plan. A number of different factors should be considered when choosing toadd, remove or maintain retirement plan investment options. Please refer to Important Information on Alerts in back of this report.



Alerts

Total Returns 07-17-2015

5 Year Total Return less than cat BM


American Century Mid Cap Value A 18.25 (as of 01-24-2014) 16.09 17.73 Russell Mid Cap Value TR USDAmerican Funds Growth Fund of Amer A 18.29 (as of 01-24-2014) 16.49 18.59 Russell 1000 Growth TR USDAmerican Funds Invmt Co of Amer A 16.22 (as of 01-24-2014) 15.59 17.58 Russell 1000 TR USDBaron Growth Retail 22.10 (as of 01-24-2014) 17.08 18.69 Russell Mid Cap Growth TR USDBlackRock Equity Index F 15.72 (as of 10-30-2014) 17.42 17.58 Russell 1000 TR USDFidelity® Contrafund® 18.67 (as of 01-24-2014) 17.11 18.59 Russell 1000 Growth TR USDGreat-West Aggressive Profile I Init 17.13 (as of 01-24-2014) 14.50 17.58 Russell 1000 TR USDGreat-West Conservative Profile I Init 9.45 (as of 02-10-2014) 6.30 7.28 Morningstar Moderately Cons Target

RiskGreat-West Moderate Profile I Init 12.31 (as of 01-24-2014) 9.79 11.72 Morningstar Moderately Aggr Target

RiskGreat-West Moderately Agg Prfl I Init 14.31 (as of 01-24-2014) 11.46 13.40 Morningstar Aggressive Target RiskGreat-West SecureFoundation® LT 2025 G 8.91 (as of 12-08-2014) 10.04 11.34 Morningstar Lifetime Moderate 2025Great-West SecureFoundation® LT 2035 G 10.40 (as of 12-08-2014) 12.03 12.93 Morningstar Lifetime Moderate 2035Great-West SecureFoundation® LT 2045 G 10.62 (as of 12-08-2014) 12.43 13.07 Morningstar Lifetime Moderate 2045Great-West SecureFoundation® LT 2055 G 10.31 (as of 12-08-2014) 12.15 12.79 Morningstar Lifetime Moderate 2055Invesco Growth and Income Y 16.30 (as of 01-24-2014) 15.94 16.50 Russell 1000 Value TR USDJanus Balanced T 12.88 (as of 01-24-2014) 10.77 11.72 Morningstar Moderately Aggr Target

RiskJPMorgan High Yield A 15.50 (as of 04-10-2014) 7.71 8.41 BofAML US HY Master II TR USDPioneer Fundamental Growth Y 18.52 (as of 07-08-2015) 18.52 18.59 Russell 1000 Growth TR USDTDAM Institutional Money Market Instl 0.04 (as of 10-30-2014) 0.03 0.33 BofAML USD LIBOR 3 Mon CMTIAA-CREF Equity Index Instl 17.02 (as of 08-08-2014) 17.47 17.58 Russell 1000 TR USDVanguard Total Bond Market Index Adm 4.03 (as of 10-30-2014) 3.24 3.35 Barclays US Agg Bond TR USD



Page 7 of 118




Alerts

Total Return % Rank in Category 07-17-2015

3 Yr. Total Return (% Rank in Category) greater than 50


American Century Mid Cap Value A 56.00 (as of 07-08-2015) 56.00 50.00 —Fidelity® Contrafund® 52.00 (as of 05-08-2015) 54.00 50.00 —Great-West Aggressive Profile I Init 79.00 (as of 01-27-2014) 69.00 50.00 —Great-West Conservative Profile I Init 58.00 (as of 01-27-2014) 57.00 50.00 —Great-West Moderate Profile I Init 55.00 (as of 03-09-2015) 52.00 50.00 —Great-West SecureFoundation® LT 2055 G 52.00 (as of 01-27-2014) 67.00 50.00 —Vanguard Total Bond Market Index Adm 78.00 (as of 10-30-2014) 71.00 50.00 —

5 Yr. Total Return (% Rank in Category) greater than 50


American Century Mid Cap Value A 58.00 (as of 07-08-2015) 58.00 50.00 —American Funds Growth Fund of Amer A 57.00 (as of 01-22-2014) 61.00 50.00 —American Funds Invmt Co of Amer A 66.00 (as of 01-22-2014) 61.00 50.00 —Great-West Aggressive Profile I Init 58.00 (as of 05-08-2014) 77.00 50.00 —Great-West Conservative Profile I Init 65.00 (as of 01-22-2014) 69.00 50.00 —Great-West Moderate Profile I Init 62.00 (as of 01-22-2014) 67.00 50.00 —Great-West Moderately Agg Prfl I Init 59.00 (as of 05-08-2015) 59.00 50.00 —Great-West SecureFoundation® LT 2025 G 76.00 (as of 12-08-2014) 67.00 50.00 —Great-West SecureFoundation® LT 2045 G 83.00 (as of 12-08-2014) 64.00 50.00 —Great-West SecureFoundation® LT 2055 G 62.00 (as of 12-08-2014) 79.00 50.00 —Vanguard Total Bond Market Index Adm 74.00 (as of 10-30-2014) 70.00 50.00 —



Page 8 of 118




Alerts

Morningstar Ratings 07-17-2015

Morningstar Rating for Funds less than 3


American Funds Invmt Co of Amer A 2.00 (as of 06-08-2015) 2.00 3.00 —Great-West Aggressive Profile I Init 2.00 (as of 03-09-2015) 2.00 3.00 —Great-West SecureFoundation® LT 2055 G 2.00 (as of 10-08-2014) 2.00 3.00 —

MPT % Rank in Category 07-17-2015

3-Yr. Sharpe Ratio (% Rank in Cat.) greater than 50


Artisan Mid Cap Investor 56.00 (as of 09-09-2014) 70.00 50.00 —Great-West SecureFoundation® LT 2040 G 51.00 (as of 07-08-2015) 51.00 50.00 —Great-West SecureFoundation® LT 2045 G 56.00 (as of 01-24-2014) 58.00 50.00 —Great-West SecureFoundation® LT 2050 G 70.00 (as of 02-10-2014) 60.00 50.00 —Great-West SecureFoundation® LT 2055 G 64.00 (as of 01-24-2014) 78.00 50.00 —TDAM Institutional Money Market Instl 56.00 (as of 01-08-2015) 82.00 50.00 —Vanguard Total Bond Market Index Adm 66.00 (as of 10-30-2014) 61.00 50.00 —

3-Yr. Alpha (% Rank in Cat.) greater than 50


Great-West SecureFoundation® LT 2040 G 60.00 (as of 02-10-2014) 54.00 50.00 —Great-West SecureFoundation® LT 2045 G 53.00 (as of 01-24-2014) 57.00 50.00 —Great-West SecureFoundation® LT 2050 G 74.00 (as of 02-10-2014) 66.00 50.00 —Great-West SecureFoundation® LT 2055 G 65.00 (as of 01-24-2014) 83.00 50.00 —Pioneer Fundamental Growth Y 53.00 (as of 06-08-2015) 56.00 50.00 —Vanguard Total Bond Market Index Adm 72.00 (as of 10-30-2014) 63.00 50.00 —



Page 9 of 118




Alerts


3-Yr. Alpha (% Rank in Cat.) greater than 50


Upside Capture Ratio (% Rank in Category) greater than 50


American Century Mid Cap Value A 91.00 (as of 01-24-2014) 84.00 50.00 —American Funds Invmt Co of Amer A 51.00 (as of 07-08-2015) 51.00 50.00 —Baron Growth Retail 56.00 (as of 03-10-2014) 74.00 50.00 —Fidelity® Contrafund® 70.00 (as of 01-24-2014) 74.00 50.00 —Great-West Aggressive Profile I Init 59.00 (as of 05-08-2014) 80.00 50.00 —Great-West Conservative Profile I Init 63.00 (as of 01-24-2014) 68.00 50.00 —Great-West Moderate Profile I Init 54.00 (as of 01-24-2014) 67.00 50.00 —Great-West Moderately Agg Prfl I Init 55.00 (as of 01-24-2014) 73.00 50.00 —Great-West SecureFoundation® LT 2020 G 61.00 (as of 02-10-2014) 54.00 50.00 —Great-West SecureFoundation® LT 2025 G 74.00 (as of 01-24-2014) 68.00 50.00 —Great-West SecureFoundation® LT 2030 G 59.00 (as of 02-10-2014) 56.00 50.00 —Vanguard Total Bond Market Index Adm 69.00 (as of 10-30-2014) 56.00 50.00 —

Downside Capture Ratio (% Rank in Category) greater than 50


Artisan Mid Cap Investor 56.00 (as of 10-08-2014) 51.00 50.00 —Dreyfus Intl Stock Index 51.00 (as of 07-08-2015) 51.00 50.00 —Great-West SecureFoundation® LT 2040 G 70.00 (as of 02-10-2014) 68.00 50.00 —Great-West SecureFoundation® LT 2045 G 63.00 (as of 01-24-2014) 68.00 50.00 —



Page 10 of 118




Alerts


Downside Capture Ratio (% Rank in Category) greater than 50


Great-West SecureFoundation® LT 2050 G 81.00 (as of 02-10-2014) 75.00 50.00 —Great-West SecureFoundation® LT 2055 G 67.00 (as of 01-24-2014) 84.00 50.00 —JPMorgan High Yield A 51.00 (as of 01-08-2015) 59.00 50.00 —Pioneer Fundamental Growth Y 52.00 (as of 04-08-2015) 79.00 50.00 —Vanguard Total Bond Market Index Adm 58.00 (as of 10-30-2014) 61.00 50.00 —



Page 11 of 118




Alerts


Performance

Style Count 06-30-2015Equity Investment Style Fixed-Income Investment Style

Value Blend Growth

LargeM

idSm

all

1 5 6

1 0 2

0 1 2

Ltd Mod Ext

HighM

edLow

0 1 0

0 0 0

0 0 0

Equity Style Options: 18 Fixed-Income Options: 1

* Does not include 15 hybrid funds.

* Style Count data is not available for 1 holdings.

Performance Quartiles 06-30-2015Quartile Rank (Trailing 5 Yr)

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

4th Quartile

3rd Quartile

2nd Quartile

1st Quartile

Number of Options

* Category % Rank is not available for 5 holdings.

Fund Performance 06-30-2015Type Inception

DateRet %

YTDRet %3 Mo

Ret %1 Yr

Ret %3 Yr

Ret %5 Yr

Ret %10 Yr

Ret %Since Incep

Gross FundExp Ratio

1 Yr% Rank

3 Yr% Rank

5 Yr% Rank

10 Yr% Rank

Large Value(MF) Avg — 0.06 -0.11 3.15 15.80 15.03 6.59 — 1.52 — — — —Invesco Growth and Income Y MF 10-19-2004 2.07 2.64 5.51 17.31 15.94 7.69 8.47 0.60 19(1381) 28(1185) 30(1045) 21(734)Russell 1000 Value TR USD Idx 12-29-1978 -0.61 0.11 4.13 17.34 16.50 7.05 — — — — — —

Large Blend(MF) Avg — 1.08 -0.09 5.49 16.50 15.84 7.26 — 1.56 — — — —American Funds Invmt Co of Amer A MF 01-02-1934 0.82 0.25 4.40 16.87 15.59 7.44 12.17 0.59 68(1611) 48(1380) 61(1225) 42(854)Great-West Aggressive Profile I Init MF 09-11-1997 2.34 -0.88 4.05 15.83 14.50 7.02 6.65 1.33 71(1611) 69(1380) 77(1225) 61(854)TIAA-CREF Equity Index Instl MF 07-01-1999 1.93 0.13 7.25 17.69 17.47 8.12 5.06 0.05 27(1611) 29(1380) 17(1225) 20(854)BlackRock Equity Index F CIT 03-05-1997 1.29 0.34 7.53 17.38 17.42 8.02 7.33 0.00 22(1611) 35(1380) 18(1225) 22(854)Russell 1000 TR USD Idx 12-29-1978 1.71 0.11 7.37 17.73 17.58 8.13 — — — — — —



Page 12 of 118

Performance rankings are based on each fund's total returns relative to other funds in it's Morningstar Category for each period shown.

The performance data quoted represents past performance and does not guarantee future results. Then investment return and principal value of an investment will fluctuate; thus an investor's shares, when redeemed, may be worth more or less thantheir original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please visit http://advisor.morningstar.com/familyinfo.asp. An investment in a mutual fund is notinsured or guaranteed by the FDIC or any other government agency. Although money market seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.



Performance


DateRet %

YTDRet %3 Mo

Ret %1 Yr

Ret %3 Yr

Ret %5 Yr

Ret %10 Yr

Ret %Since Incep

Gross FundExp Ratio

1 Yr% Rank

3 Yr% Rank

5 Yr% Rank

10 Yr% Rank

Large Growth(MF) Avg — 4.02 0.50 9.39 17.48 16.96 8.26 — 1.44 — — — —American Funds Growth Fund of Amer A MF 11-30-1973 4.80 1.38 8.14 18.95 16.49 8.38 13.70 0.66 63(1697) 25(1533) 61(1317) 44(918)Fidelity® Contrafund® MF 05-17-1967 5.09 1.00 10.29 17.42 17.11 9.85 12.50 0.64 44(1697) 54(1533) 49(1317) 14(918)Pioneer Fundamental Growth Y MF 04-07-2009 3.96 1.25 12.73 17.75 18.52 9.67 18.30 0.82 19(1697) 48(1533) 21(1317) 16(918)Russell 1000 Growth TR USD Idx 12-29-1978 3.96 0.12 10.56 17.99 18.59 9.10 — — — — — —

Mid-Cap Value(MF) Avg — 1.63 -0.94 2.94 17.84 16.08 8.03 — 1.74 — — — —American Century Mid Cap Value A MF 01-13-2005 0.56 -0.89 6.10 17.96 16.09 9.71 9.97 1.26 19(493) 56(429) 58(370) 9(242)Russell Mid Cap Value TR USD Idx 12-31-1985 0.41 -1.97 3.67 19.13 17.73 8.89 — — — — — —

Mid-Cap Growth(MF) Avg — 5.88 0.44 8.92 17.53 16.81 8.89 — 2.07 — — — —Artisan Mid Cap Investor MF 06-27-1997 5.48 1.61 8.96 17.93 19.29 11.16 14.21 1.20 51(756) 40(657) 11(585) 8(451)Baron Growth Retail MF 12-30-1994 3.45 -1.18 7.23 17.35 17.08 8.46 13.54 1.29 68(756) 49(657) 43(585) 65(451)Russell Mid Cap Growth TR USD Idx 12-31-1985 4.18 -1.14 9.45 19.24 18.69 9.69 — — — — — —

Small Value(MF) Avg — 1.71 -0.53 0.51 16.06 14.76 7.58 — 1.73 — — — —Columbia Small Cap Value Fund II Z MF 05-01-2002 4.26 0.32 3.75 17.98 17.41 8.61 9.77 1.08 27(418) 21(365) 9(305) 19(198)Russell 2000 Value TR USD Idx 01-31-1979 0.76 -1.20 0.78 15.50 14.81 6.87 — — — — — —

Small Growth(MF) Avg — 7.71 1.83 9.60 17.99 17.65 9.00 — 1.86 — — — —Franklin Small Cap Growth A MF 05-01-2000 8.46 3.11 5.78 21.46 20.15 10.09 7.65 1.22 81(733) 9(667) 16(588) 20(413)Russell 2000 Growth TR USD Idx 12-29-1978 8.74 1.98 12.34 20.11 19.33 9.86 — — — — — —

Foreign Large Blend(MF) Avg — 5.89 1.12 -3.28 10.83 8.91 5.15 — 1.64 — — — —Dreyfus Intl Stock Index MF 06-30-1997 6.13 0.80 -4.65 11.43 9.19 4.65 3.63 0.61 71(781) 38(668) 49(584) 64(331)MSCI ACWI Ex USA NR USD Idx 12-29-2000 4.03 0.53 -5.26 9.44 7.76 5.54 — — — — — —



Page 13 of 118





Performance


DateRet %

YTDRet %3 Mo

Ret %1 Yr

Ret %3 Yr

Ret %5 Yr

Ret %10 Yr

Ret %Since Incep

Gross FundExp Ratio

1 Yr% Rank

3 Yr% Rank

5 Yr% Rank

10 Yr% Rank

Foreign Large Growth(MF) Avg — 6.61 1.46 -0.61 11.34 9.85 5.97 — 1.70 — — — —Artisan International Investor MF 12-28-1995 3.77 -0.45 -0.66 13.48 13.15 7.67 9.94 1.17 46(340) 16(296) 6(273) 10(174)MSCI ACWI Ex USA Growth NR USD Idx 12-29-2000 5.40 0.59 -2.06 10.16 8.48 6.02 — — — — — —

World Stock(MF) Avg — 3.44 0.51 0.60 13.46 12.29 6.65 — 2.55 — — — —Oppenheimer Global Y MF 11-17-1998 10.26 2.68 7.83 18.38 14.87 8.18 9.66 0.88 7(1216) 6(988) 12(744) 19(388)MSCI ACWI NR USD Idx 12-31-1998 2.66 0.35 0.71 13.01 11.93 6.41 — — — — — —

Diversified Emerging Mkts(MF) Avg — 1.79 0.65 -6.70 3.79 3.45 7.30 — 2.56 — — — —Oppenheimer Developing Markets Y MF 09-07-2005 -0.48 0.81 -10.41 4.99 6.29 10.61 9.72 1.08 80(814) 33(549) 10(351) 2(167)MSCI EM NR USD Idx 12-31-1998 2.95 0.69 -5.12 3.71 3.68 8.11 — — — — — —

Intermediate-Term Bond(MF) Avg — 0.01 -1.50 1.04 2.28 3.70 4.19 — 1.06 — — — —Vanguard Total Bond Market Index Adm MF 11-12-2001 -0.17 -1.79 1.73 1.70 3.24 4.40 4.48 0.07 22(1043) 71(935) 70(811) 46(593)Barclays US Agg Bond TR USD Idx 12-31-1975 -0.10 -1.68 1.86 1.83 3.35 4.44 — — — — — —

High Yield Bond(MF) Avg — 2.40 0.15 -1.12 6.02 7.61 6.53 — 1.67 — — — —JPMorgan High Yield A MF 11-13-1998 2.28 -0.14 -0.30 6.33 7.71 7.21 6.68 1.37 39(746) 38(611) 49(516) 21(362)BofAML US HY Master II TR USD Idx 08-29-1986 2.49 -0.05 -0.55 6.81 8.41 7.75 — — — — — —

Moderate Allocation(MF) Avg — 1.22 -0.53 2.06 10.08 10.38 5.98 — 2.32 — — — —Fidelity® Puritan® MF 04-16-1947 2.37 -0.28 6.54 12.84 12.75 7.41 11.08 0.56 3(917) 5(815) 6(703) 9(472)Great-West Moderate Profile I Init MF 09-11-1997 1.31 -0.88 2.51 10.07 9.79 6.51 6.25 1.16 50(917) 52(815) 67(703) 28(472)Janus Balanced T MF 09-01-1992 0.64 -0.74 3.97 11.50 10.77 8.18 9.89 0.83 21(917) 21(815) 41(703) 4(472)Morningstar Moderately Aggr Target Risk Idx 12-31-1998 2.01 0.20 0.71 11.53 11.72 7.14 — — — — — —



Page 14 of 118





Performance


DateRet %

YTDRet %3 Mo

Ret %1 Yr

Ret %3 Yr

Ret %5 Yr

Ret %10 Yr

Ret %Since Incep

Gross FundExp Ratio

1 Yr% Rank

3 Yr% Rank

5 Yr% Rank

10 Yr% Rank

Conservative Allocation(MF) Avg — 0.60 -0.86 -0.20 5.88 7.00 4.78 — 1.61 — — — —Great-West Conservative Profile I Init MF 09-11-1997 0.45 -0.96 1.09 5.90 6.30 5.15 5.36 1.05 38(805) 57(676) 69(549) 39(307)Great-West Moderately Cnsrv Prfl I Init MF 09-11-1997 0.96 -0.92 1.78 7.99 8.03 5.94 5.56 1.11 21(805) 14(676) 28(549) 13(307)Morningstar Moderately Cons Target Risk Idx 12-31-1998 0.62 -0.40 0.01 6.15 7.28 5.65 — — — — — —

Target Date 2011-2015(MF) Avg — 1.17 -0.66 0.95 7.33 8.14 4.30 — 3.32 — — — —Great-West SecureFoundation® LT 2015 G MF 11-13-2009 1.71 -0.63 2.64 9.23 9.37 — 7.83 0.68 3(175) 6(131) 22(122) —Morningstar Lifetime Moderate 2015 Idx 12-31-1998 0.83 -0.53 0.34 7.50 9.23 6.60 — — — — — —

Target Date 2016-2020(MF) Avg — 1.32 -0.68 1.20 7.79 8.69 4.84 — 3.44 — — — —Great-West SecureFoundation® LT 2020 G MF 01-31-2011 1.76 -0.58 2.64 9.23 — — 7.27 0.68 14(236) 31(195) — —Morningstar Lifetime Moderate 2020 Idx 12-31-1998 0.98 -0.51 0.50 8.68 10.22 6.89 — — — — — —

Target Date 2021-2025(MF) Avg — 1.75 -0.48 1.63 9.59 10.46 5.47 — 2.37 — — — —Great-West SecureFoundation® LT 2025 G MF 11-13-2009 1.84 -0.60 2.64 10.02 10.04 — 8.11 0.68 20(196) 48(150) 67(124) —Morningstar Lifetime Moderate 2025 Idx 12-31-1998 1.29 -0.37 0.73 10.16 11.34 7.17 — — — — — —

Target Date 2026-2030(MF) Avg — 1.99 -0.43 1.77 10.13 10.54 5.33 — 3.68 — — — —Great-West SecureFoundation® LT 2030 G MF 01-31-2011 2.25 -0.33 2.63 11.46 — — 8.10 0.70 33(236) 32(195) — —Morningstar Lifetime Moderate 2030 Idx 12-31-1998 1.70 -0.14 0.94 11.61 12.33 7.41 — — — — — —

Target Date 2031-2035(MF) Avg — 2.40 -0.16 2.19 11.62 12.00 5.99 — 2.60 — — — —Great-West SecureFoundation® LT 2035 G MF 11-13-2009 2.60 -0.24 2.58 12.60 12.03 — 9.42 0.72 42(196) 32(150) 46(124) —Morningstar Lifetime Moderate 2035 Idx 12-31-1998 2.07 0.08 1.04 12.60 12.93 7.60 — — — — — —

Target Date 2036-2040(MF) Avg — 2.44 -0.23 2.16 11.60 11.62 5.74 — 3.72 — — — —Great-West SecureFoundation® LT 2040 G MF 01-31-2011 2.82 -0.06 2.39 13.12 — — 8.88 0.74 49(235) 31(194) — —Morningstar Lifetime Moderate 2040 Idx 12-31-1998 2.31 0.22 0.99 13.01 13.13 7.70 — — — — — —



Page 15 of 118





Performance


DateRet %

YTDRet %3 Mo

Ret %1 Yr

Ret %3 Yr

Ret %5 Yr

Ret %10 Yr

Ret %Since Incep

Gross FundExp Ratio

1 Yr% Rank

3 Yr% Rank

5 Yr% Rank

10 Yr% Rank

Target Date 2041-2045(MF) Avg — 2.68 -0.04 2.43 12.53 12.66 6.41 — 3.17 — — — —Great-West SecureFoundation® LT 2045 G MF 11-13-2009 3.02 0.00 2.33 13.25 12.43 — 9.64 0.74 57(196) 39(149) 64(123) —Morningstar Lifetime Moderate 2045 Idx 12-31-1998 2.40 0.26 0.82 13.02 13.07 7.72 — — — — — —

Target Date 2046-2050(MF) Avg — 2.60 -0.19 2.33 12.13 11.92 5.98 — 4.89 — — — —Great-West SecureFoundation® LT 2050 G MF 01-31-2011 3.02 -0.01 2.11 13.15 — — 8.70 0.75 64(220) 47(174) — —Morningstar Lifetime Moderate 2050 Idx 12-31-1998 2.44 0.27 0.62 12.92 12.95 7.72 — — — — — —

Target Date 2051+(MF) Avg — 2.78 0.05 2.59 13.15 12.77 — — 10.73 — — — —Great-West SecureFoundation® LT 2055 G MF 11-13-2009 3.10 0.05 1.97 12.98 12.15 — 9.32 0.73 74(189) 67(111) 79(49) —Morningstar Lifetime Moderate 2055 Idx 12-31-1998 2.47 0.27 0.41 12.78 12.79 7.66 — — — — — —

Aggressive Allocation(MF) Avg — 1.95 -0.40 1.69 11.94 11.75 6.00 — 2.04 — — — —Great-West Moderately Agg Prfl I Init MF 09-11-1997 1.73 -0.90 2.93 12.04 11.46 6.85 7.65 1.23 33(455) 49(389) 59(328) 21(225)Morningstar Aggressive Target Risk Idx 12-31-1998 2.53 0.34 0.98 13.54 13.40 7.46 — — — — — —

Money Market - Taxable(FM) Avg — 0.01 0.00 0.02 0.02 0.02 1.30 — 0.63 — — — —TDAM Institutional Money Market Instl FM 12-18-2006 0.00 0.00 0.01 0.02 0.03 — 0.97 0.25 — — — —BofAML USD LIBOR 3 Mon CM Idx 12-30-1994 0.13 0.07 0.24 0.29 0.33 1.89 — — — — — —Standard Benchmark Returns 06-30-2015

Type InceptionDate

Ret %YTD

Ret %3 Mo

Ret %1 Yr

Ret %3 Yr

Ret %5 Yr

Ret %10 Yr

Ret %Since Incep

Gross FundExp Ratio

1 Yr% Rank

3 Yr% Rank

5 Yr% Rank

10 Yr% Rank

S&P 500 TR USD Idx — 1.23 0.28 7.42 17.31 17.34 7.89 — — — — — —Barclays US Agg Bond TR USD Idx — -0.10 -1.68 1.86 1.83 3.35 4.44 — — — — — —MSCI EAFE NR USD Idx — 5.52 0.62 -4.22 11.97 9.54 5.12 — — — — — —USTREAS T-Bill Auction Ave 3 Mon Idx — 0.01 0.00 0.02 0.05 0.06 1.36 — — — — — —



Page 16 of 118




Fund Inception Date: November 2002Fund Investment Manager: Great-West Life & Annuity Insurance CompanyInvestment Policy Statement: Government only

GwinnettStable Value Fund

Quarterly Report

CSVFSTMT13For Plan Sponsor use only - Not for use with Plan Participants

Confidential - Do not disclose or disseminate

June 30, 2015

RETIREMENT SERVICESGreat-West FinancialSM refers to products and services provided by Great-West Life & Annuity Insurance Company (GWL&A), Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York (GWL&A of NY), Home Office: White Plains, NY; its subsidiaries and affiliates including Great-West Capital Management, LLC. The trademarks, logos, service marks, and design elements used are owned by GWL&A. ©2013 Great-West Life & Annuity Insurance Company. All rights reserved. 11/2013 PT187353

Core securities, when offered, are offered through GWFS Equities, Inc. and/or other broker dealers. GWFS Equities, Inc., Member FINRA/SIPC, is a wholly owned subsidiary of Great-West Life & Annuity Insurance Company.

CSVFSTMT13For Plan Sponsor use only - Not for use with Plan Participants


Fees and Expenses

6/30/15 3/31/15 Investment Management Fee 0.20%Number of Long Term Holdings 220 218 Participant Book Value Guarantee (Wrap) Fee 0.20%Market Value of Assets $82.52 MM $82.26 MM Fee Paid to Plan Account 0.20%Book Value Liabilities (participant account balances) $81.72 MM $80.70 MM Total Fees 0.60%Market Value of Assets to Book Value of Liabilities 101.0% 101.9%Average Life 4.5 Years 4.2 YearsAverage Duration 3.4 Years 2.9 YearsCredited Rate 1.75% 2Q 2015 1.75% 1Q 2015Next Quarter Credited Rate 1.70% 3Q 2015

Average Rating (S&P / Moody's / Fitch)

Fund Allocation(in millions)

Market Value

% of Portfolio

Market Value

% of Portfolio

Fund Characteristics

AA+/AAA/AAA

Gwinnett Stable Value FundQuarterly Statement as of

June 30, 2015

AA+/AAA/AAA

6/30/15 3/31/15 Agency Securities

2%

Cash4%

Agency MBS 48.10$ 58.3% 50.97$ 62.0%Agency CMO 10.31$ 12.5% 11.07$ 13.5%Agency CMBS 18.62$ 22.6% 16.36$ 19.9%Agency Securities 2.06$ 2.5% 2.09$ 2.5%Total Market Value of Long Term Holdings 79.09$ 95.8% 80.50$ 97.9%Cash, Short Term & Other 3.43$ 4.2% 1.76$ 2.1%Total Market Value of Assets 82.52$ 100.0% 82.26$ 100.0%

Agency MBS58%

Agency CMO13%

Agency CMBS23%

2For Plan Sponsor use only - Not for use with Plan Participants


Performance

Annual Performance 3-Month YTD 1-Yr 3-Yr 5-Yr 10-YrSince

InceptionGwinnett Stable Value Fund (net of fees) 0.43% 0.86% 1.74% 1.99% 2.51% 3.30% 3.44%

####### ####### ####### ####### 12/1/2010Calendar Year Performance 2014 2013 2012 2011 2010Gwinnett Stable Value Fund (net of fees) 1.73% 2.13% 2.69% 3.33% 3.64%

30-Jun 31-May 30-Apr 31-MarCurrent Yield of the Portfolio Based on BV of Assets 2.37% 2.40% 2.43% 2.44%Amortization of Realized G/L AND of Asset/Liability Differential -0.10% -0.11% -0.11% -0.10%Net Investment Performance 2.27% 2.29% 2.32% 2.34%Investment Management Fees -0.20% -0.20% -0.20% -0.20%Participant Book Value Guarantee (Wrap) Fee -0.20% -0.20% -0.20% -0.20%Fee Paid to Plan Account -0.20% -0.20% -0.20% -0.20%Investment Performance After Fees 1.67% 1.69% 1.72% 1.74%

Credited Rate History

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q2015 1.75% 1.75% 3.25% 3.50% 3.50% 3.55%2014 1.75% 1.70% 1.70% 1.75% 3.70% 3.50% 3.50% 3.25%2013 2.30% 2.20% 2.00% 2.00% 4.90% 4.70% 4.40% 4.10%2012 2.90% 2.85% 2.65% 2.35% N/A N/A N/A 5.15%2011 3.40% 3.40% 3.30% 3.20%2010 3.65% 3.65% 3.60% 3.40%2009 4.25% 4.10% 4.05% 3.80%2008 4.70% 4.55% 4.55% 4.35%2007 4.10% 4.40% 4.50% 4.60%2006 3.70% 3.80% 3.90% 4.00%

2002

Performance/Credited Rates


June 30, 2015

200320042005



S&P Moodys FitchAAA 0.0% 98.2% 97.3%AA+ 97.3% 0.0% 0.0%AA 0.0% 0.0% 0.0%AA- 0.9% 0.0% 0.0%A+ 0.0% 0.0% 0.0%A 0.0% 0.0% 0.0%A- 0.0% 0.0% 0.0%BBB+ 0.0% 0.0% 0.0%BBB 0.0% 0.0% 0.0%BBB- 0.0% 0.0% 0.0%BB & below 0.0% 0.0% 0.0%NR 1.8% 1.8% 2.7%

Total Assets

Portfolio Quality


June 30, 2015

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- BB & below

NR

Portfolio Quality

S&P

Moodys

Fitch

E ti t d C h Fl S h d l *

* Estimated principal and interest flow from current securities in the portfolio.

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 +

Estimated Cash Flow Schedule*



Holdings Detail

Long Term Holdings ReportJune 30, 2015

Gwinnett Stable Value Fund

Cusip Par Value Purchase Price Book Value Market Value * Purchase Date Book Yld S&P ** Moody's Fitch'sDescription31283HZN8 FHLMC GOLD POOL #G01649 GIANT 5% Due 2/1/2034 Mo-1 52,016.56 53,316.99 53,229.05 58,265.77 20090218 4.22 AA+ Aaa AAA 31287QGL9 FHLMC GOLD POOL #C64703 LLB 6 1/2% Due 3/1/2032 Mo-1 71,401.13 74,391.10 73,800.76 81,773.21 20021216 5.77 AA+ Aaa AAA 31287RQW2 FHLMC GOLD POOL #C65869 LLB 6% Due 4/1/2032 Mo-1 29,874.70 30,766.25 30,660.96 34,171.31 20030923 5.13 AA+ Aaa AAA 31288DMK2 FHLMC GOLD POOL #C74862 6% Due 11/1/2032 Mo-1 29,661.29 30,875.57 30,657.09 33,969.97 20030224 5.25 AA+ Aaa AAA 3128E6B48 FHLMC GOLD POOL #D99059 3 1/2% Due 3/1/2032 Mo-1 307,917.70 322,784.35 321,548.85 321,417.84 20120427 2.49 AA+ Aaa AAA 3128E6YT8 FHLMC GOLD POOL #D99722 3% Due 12/1/2032 Mo-1 903,193.87 952,305.03 947,793.61 919,462.04 20121127 2.19 AA+ Aaa AAA 3128H3JV4 FHLMC GOLD POOL #E95676 LLB 5% Due 4/1/2018 Mo-1 79,564.42 81,926.46 80,216.20 83,072.62 20030429 4.20 AA+ Aaa AAA 3128LXF47 FHLMC GOLD POOL #G01987 HLB 6% Due 12/1/2035 Mo-1 102,003.72 103,517.84 103,399.77 116,330.17 20060105 5.52 AA+ Aaa AAA 3128LXMK3 FHLMC GOLD POOL #G02162 MEGA 5 1/2% Due 5/1/2036 Mo-1 75,767.74 76,756.28 76,693.31 84,857.11 20080115 5.02 AA+ Aaa AAA 3128M4FW8 FHLMC GOLD POOL #G02581 GIANT 5% Due 9/1/2035 Mo-1 124,443.72 125,590.96 125,496.79 137,609.64 20080123 4.73 AA+ Aaa AAA 3128M6AP3 FHLMC GOLD POOL #G04214 GIANT 5 1/2% Due 5/1/2038 Mo-1 88,293.52 91,218.25 91,090.95 98,866.60 20090727 4.15 AA+ Aaa AAA 3128M6DA3 FHLMC GOLD POOL #G04297 GIANT 6% Due 12/1/2037 Mo-1 50,142.65 50,996.65 50,952.91 56,845.46 20080530 5.30 AA+ Aaa AAA 3128M73E4 FHLMC GOLD POOL #G05897 GIANT 4 1/2% Due 5/1/2040 Mo-1 198,118.26 201,647.26 201,466.70 216,341.04 20101229 4.12 AA+ Aaa AAA 3128M7XB7 FHLMC GOLD POOL #G05774 GIANT 5% Due 1/1/2040 Mo-1 537,475.06 559,016.04 557,975.71 596,901.08 20100316 4.01 AA+ Aaa AAA 3128M87E8 FHLMC GOLD POOL #G06893 GIANT 4% Due 1/1/2042 Mo-1 516,186.95 552,723.32 551,646.43 546,817.48 20130508 2.63 AA+ Aaa AAA 3128MAFA2 FHLMC GOLD POOL #G07961 3 1/2% Due 3/1/2045 Mo-1 291,331.36 307,377.35 307,259.81 300,384.73 20150414 2.67 AA+ Aaa AAA 3128MB3F2 FHLMC GOLD POOL #G13298 GIANT 5% Due 10/1/2023 Mo-1 43,581.18 42,947.88 43,063.76 47,262.14 20081017 5.50 AA+ Aaa AAA 3128MBYV3 FHLMC GOLD POOL #G13224 GIANT 4 1/2% Due 5/1/2023 Mo-1 28,031.27 28,806.51 28,601.48 29,826.61 20090417 3.62 AA+ Aaa AAA 3128MC3Z6 FHLMC GOLD POOL #G14216 MEGA 3 1/2% Due 7/1/2021 Mo-1 154,677.55 162,798.11 160,470.73 163,084.07 20110816 1.78 AA+ Aaa AAA 3128MD3A9 FHLMC GOLD POOL #G15093 3% Due 4/1/2029 Mo-1 1,304,691.86 1,352,190.78 1,349,627.65 1,356,026.46 20140507 2.20 AA+ Aaa AAA 3128MDRH8 FHLMC POOL #G14788 3 1/2% Due 9/1/2026 Mo-1 314,290.74 328,139.17 326,905.46 331,901.41 20130702 2.25 AA+ Aaa AAA 3128MDVQ3 FHLMC GOLD POOL #G14923 3% Due 10/1/2023 Mo-1 757,381.84 789,925.57 785,278.72 788,380.50 20131018 1.93 AA+ Aaa AAA 3128MEBX8 FHLMC GOLD POOL #G15254 3% Due 12/1/2029 Mo-1 477,792.87 499,592.17 499,065.74 495,577.64 20150107 2.09 AA+ Aaa AAA 3128MEDQ1 FHLMC GOLD POOL #G15311 3% Due 9/1/2027 Mo-1 945,921.28 993,069.55 992,623.63 981,199.83 20150515 1.79 AA+ Aaa AAA 3128MJDL1 FHLMC GOLD POOL #G08106 GIANT 6% Due 1/1/2036 Mo-1 75,860.41 76,417.53 76,375.19 86,776.61 20071022 5.75 AA+ Aaa AAA 3128MJJB7 FHLMC GOLD POOL #G08257 GIANT 6% Due 3/1/2038 Mo-1 55,421.63 56,330.89 56,285.54 62,659.58 20080530 5.28 AA+ Aaa AAA 3128MJJJ0 FHLMC GOLD POOL #G08264 GIANT 6% Due 4/1/2038 Mo-1 37,749.50 38,177.13 38,155.87 42,711.28 20080630 5.49 AA+ Aaa AAA 3128MMKJ1 FHLMC GOLD POOL #G18296 GIANT 4 1/2% Due 2/1/2024 Mo-1 34,245.98 35,027.22 34,866.60 36,395.04 20090218 3.64 AA+ Aaa AAA 3128MMKR3 FHLMC GOLD POOL #G18303 GIANT 4 1/2% Due 3/1/2024 Mo-1 96,431.15 99,467.23 98,821.73 102,617.31 20090428 3.44 AA+ Aaa AAA 3128MMLB7 FHLMC GOLD POOL #G18321 GIANT 4 1/2% Due 8/1/2024 Mo-1 232,416.36 239,316.08 237,722.87 248,437.73 20090903 3.64 AA+ Aaa AAA 3128MMP31 FHLMC GOLD POOL #G18441 GIANT 2 1/2% Due 8/1/2027 Mo-1 467,800.43 485,196.79 482,644.91 477,895.49 20120716 1.79 AA+ Aaa AAA 3128P75W9 FHLMC GOLD POOL #C91761 4% Due 5/1/2034 Mo-1 633,058.55 674,405.18 673,020.96 676,265.24 20140610 2.77 AA+ Aaa AAA 3128P7M67 FHLMC GOLD POOL #C91281 4 1/2% Due 12/1/2029 Mo-1 154,195.85 158,219.39 157,793.15 166,723.60 20100216 3.70 AA+ Aaa AAA 3128P7NT6 FHLMC GOLD POOL #C91302 4 1/2% Due 5/1/2030 Mo-1 167,291.07 173,459.92 172,738.61 180,906.90 20100525 3.59 AA+ Aaa AAA 3128P7R70 FHLMC GOLD POOL #C91410 4% Due 11/1/2031 Mo-1 359,819.80 382,055.54 381,132.75 384,266.05 20140318 2.53 AA+ Aaa AAA 3128P7S53 FHLMC GOLD POOL #C91440 3 1/2% Due 3/1/2032 Mo-1 287,057.43 301,724.28 300,385.49 299,646.90 20120416 2.53 AA+ Aaa AAA 3128P7TJ2 FHLMC GOLD POOL #C91453 3 1/2% Due 5/1/2032 Mo-1 551,751.90 585,115.66 581,847.58 575,569.94 20120530 2.48 AA+ Aaa AAA 3128P7W58 FHLMC GOLD POOL #C91568 3% Due 10/1/2032 Mo-1 386,509.20 406,317.79 404,449.49 393,454.50 20121101 2.23 AA+ Aaa AAA 3128PRAQ2 FHLMC GOLD POOL #J11815 4% Due 3/1/2025 Mo-1 116,017.65 120,535.99 119,763.63 123,608.75 20100715 2.72 AA+ Aaa AAA 3128PTJ63 FHLMC GOLD POOL #J13885 3 1/2% Due 12/1/2025 Mo-1 541,743.10 571,115.74 568,553.30 572,295.49 20131121 2.01 AA+ Aaa AAA 3128PTUH6 FHLMC GOLD POOL #J14184 3 1/2% Due 1/1/2026 Mo-1 593,001.44 625,199.57 622,418.55 626,505.28 20131126 2.01 AA+ Aaa AAA 3128PWM47 FHLMC POOL #J16679 3% Due 9/1/2026 Mo-1 162,588.09 169,574.32 168,832.77 168,657.59 20130612 1.96 AA+ Aaa AAA 3128PXKT2 FHLMC GOLD POOL #J17506 3% Due 12/1/2026 Mo-1 1,769,699.37 1,828,873.69 1,819,452.87 1,835,859.33 20111228 2.26 AA+ Aaa AAA 3128QHUM0 FHLMC POOL #1N1488 HARM Adj % Due 5/1/2037 Mo-1 223,940.96 223,766.00 223,728.87 235,958.59 20070531 1.93 AA+ Aaa AAA 3128QSD86 FHLMC POOL #1G1927 HARM Adj % Due 5/1/2037 Mo-1 37,949.78 37,927.54 37,922.13 40,374.23 20070702 2.33 AA+ Aaa AAA 31292K2X4 FHLMC GOLD POOL #C03490 4 1/2% Due 8/1/2040 Mo-1 234,100.43 242,906.61 242,498.86 253,389.18 20100720 3.58 AA+ Aaa AAA 31292K3K1 FHLMC GOLD POOL #C03502 5% Due 5/1/2040 Mo-1 171,947.68 180,115.18 179,709.21 189,402.74 20100519 3.94 AA+ Aaa AAA 31292K7K7 FHLMC GOLD POOL #C03598 4% Due 11/1/2040 Mo-1 193,487.34 200,229.16 199,796.19 205,344.70 20101013 3.43 AA+ Aaa AAA 3129343B6 FHLMC GOLD POOL #A87994 5% Due 8/1/2039 Mo-1 138,790.88 143,865.42 143,611.77 153,612.67 20091009 4.05 AA+ Aaa AAA 312939JH5 FHLMC GOLD POOL #A91164 5% Due 2/1/2040 Mo-1 481,983.75 501,225.46 500,302.60 535,267.58 20100216 3.97 AA+ Aaa AAA 312940EQ8 FHLMC GOLD POOL #A91943 4 1/2% Due 4/1/2040 Mo-1 126,612.91 128,531.89 128,448.64 137,047.28 20110111 4.08 AA+ Aaa AAA 3129413F2 FHLMC GOLD POOL #A93498 4 1/2% Due 8/1/2040 Mo-1 389,765.80 408,157.88 407,456.83 425,327.00 20100805 3.30 AA+ Aaa AAA 31294KN43 FHLMC GOLD POOL #E01311 5 1/2% Due 2/1/2018 Mo-1 19,810.11 20,348.69 19,970.04 20,689.26 20021218 4.61 AA+ Aaa AAA 31294KP41 FHLMC GOLD POOL #E01343 5% Due 4/1/2018 Mo-1 42,297.84 41,885.61 42,064.91 44,162.86 20061025 5.37 AA+ Aaa AAA 31294KTB1 FHLMC GOLD POOL #E01446 4 1/2% Due 9/1/2018 Mo-1 21,280.40 21,220.55 21,234.24 22,162.65 20030923 4.58 AA+ Aaa AAA 31294KUE3 FHLMC GOLD POOL #E01481 4 1/2% Due 10/1/2018 Mo-1 23,584.33 23,525.38 23,535.45 24,562.09 20031031 4.57 AA+ Aaa AAA 31294MJN2 FHLMC GOLD POOL #E02969 3 1/2% Due 8/1/2026 Mo-1 385,531.00 402,518.45 399,938.27 407,675.93 20111104 2.40 AA+ Aaa AAA 312964RN1 FHLMC GOLD POOL #B12293 MLB 5 1/2% Due 2/1/2019 Mo-1 31,947.90 32,531.94 32,132.72 33,315.64 20040618 5.04 AA+ Aaa AAA 312965KJ4 FHLMC GOLD POOL #B12997 4 1/2% Due 3/1/2019 Mo-1 20,851.55 20,626.75 20,731.82 21,724.37 20040421 4.82 AA+ Aaa AAA 31296YFU2 FHLMC GOLD POOL #A21979 5% Due 5/1/2034 Mo-1 149,308.95 154,208.14 153,849.86 164,916.20 20090107 4.00 AA+ Aaa AAA 312970N28 FHLMC GOLD POOL #B17609 LLB 5% Due 1/1/2020 Mo-1 95,764.90 96,408.32 95,988.19 101,593.77 20050426 4.80 AA+ Aaa AAA

7 of 13For Plan Sponsor use only - Not for use with Plan Participants




Cusip Par Value Purchase Price Book Value Market Value * Purchase Date Book Yld S&P ** Moody's Fitch'sDescription31297TY31 FHLMC GOLD POOL #A37930 100% NY 5 1/2% Due 10/1/2035 Mo-1 37,447.80 37,564.81 37,554.25 42,119.76 20050928 5.29 AA+ Aaa AAA 31307GJC4 FHLMC GOLD POOL #J27459 3% Due 2/1/2029 Mo-1 876,754.77 919,907.55 919,310.00 909,606.92 20150320 1.84 AA+ Aaa AAA 31307L5C8 FHLMC GOLD POOL #J30843 3% Due 2/1/2030 Mo-1 734,490.39 768,690.10 768,251.63 762,105.63 20150326 1.93 AA+ Aaa AAA 3132GUKK9 FHLMC GOLD POOL #Q08898 3 1/2% Due 6/1/2042 Mo-1 512,278.46 537,652.22 536,505.36 528,268.63 20120621 2.75 AA+ Aaa AAA 3136A07H4 FNMA ABS SER.2011-M5 CL.A2 2.94% Due 7/25/2021 Mo-1 750,000.00 776,601.56 776,289.78 775,882.50 20150602 2.29 AA+ Aaa AAA 3136A6HZ0 FNMA ABS SER.2012-M5 CL.A1 1.787% Due 2/25/2022 Mo-1 591,704.00 596,696.50 596,436.78 594,890.92 20150320 1.52 AA+ Aaa AAA 3136A74V1 FNMA CMO SER.2012-96 CL.VA 3 1/2% Due 2/25/2022 Mo-1 732,675.53 802,508.68 780,969.06 776,061.64 20120823 1.45 AA+ Aaa AAA 3136AK2A0 FNMA ABS SER.2014-M10 CL.ASQ2 2.17135% Due 9/25/2019 Mo- 750,000.00 749,999.70 749,843.11 761,505.75 20140910 2.15 AA+ Aaa AAA 3136AKFL2 FNMA CMO SER.2014-35 CL.CA 3 1/2% Due 6/25/2044 Mo-1 630,138.52 662,826.94 661,093.13 669,284.62 20140722 2.26 AA+ Aaa AAA 3136AKQG1 FNMA CMO SER.2014-42 CL.A 3% Due 8/25/2036 Mo-1 751,430.71 773,244.47 772,641.62 776,629.18 20140625 2.19 AA+ Aaa AAA 3136AKXB4 FNMA CMO SER.2014-49 CL.CA 3% Due 8/25/2044 Mo-1 613,391.74 634,860.45 633,988.97 635,403.30 20140711 1.99 AA+ Aaa AAA 3136AMKY4 FNMA ABS SER.2015-M1 CL.A1 2.177% Due 9/25/2024 Mo-1 737,263.94 746,479.73 746,104.57 734,252.22 20150320 1.92 AA+ Aaa AAA 3136AMRU5 FNMA ABS SER.2015-M3 CL.A1 2.30055% Due 10/25/2024 Mo 978,619.99 988,405.80 987,957.23 985,522.20 20150212 2.08 AA+ Aaa AAA 3136ANLM7 FNMA ABS SER.2015-M6 CL.A1 Adj % Due 1/25/2026 Mo-1 644,908.91 680,278.13 679,561.11 665,811.05 20150410 1.97 AA+ Aaa AAA 31371HPB8 FNMA POOL #252518 7% Due 5/1/2029 Mo-1 71,003.51 74,553.71 73,647.47 84,016.52 20021217 6.05 AA+ Aaa AAA 31371KXQ9 FNMA POOL #254587 5 1/2% Due 12/1/2022 Mo-1 27,898.04 28,342.65 28,162.62 31,287.38 20050301 5.00 AA+ Aaa AAA 31371LCA5 FNMA POOL #254865 4 1/2% Due 9/1/2018 Mo-1 44,293.09 44,355.40 44,237.38 46,135.48 20030716 4.41 AA+ Aaa AAA 31371LVC0 FNMA POOL #255411 5 1/2% Due 10/1/2034 Mo-1 119,248.04 123,626.68 123,377.80 134,447.48 20090728 4.00 AA+ Aaa AAA 31371MGG6 FNMA POOL #255899 SEASONED 5 1/2% Due 10/1/2035 Mo-1 101,264.36 100,030.20 100,082.05 114,019.66 20071114 5.82 AA+ Aaa AAA 31376J5B1 FNMA POOL #357342 5 1/2% Due 2/1/2033 Mo-1 53,697.23 54,645.34 54,571.94 60,386.62 20050211 4.52 AA+ Aaa AAA 3137A5LP7 FHLMC CMO SER.3791 CL.LV 4 1/2% Due 2/15/2022 Mo-1 329,426.11 353,361.01 341,351.74 355,612.85 20110131 2.96 AA+ Aaa AAA 3137A7JT8 FHLMC ABS SER. 2011 K-701 CL.A1 2.776% Due 6/25/2017 Mo-1 202,525.88 204,544.27 202,843.02 206,317.16 20110218 2.46 AA+ Aaa AAA 3137A7JU5 FHLMC ABS SER.K701 CL.A2 3.882% Due 11/25/2017 Mo-1 500,000.00 535,312.50 526,105.27 527,983.50 20140917 1.42 AA+ Aaa AAA 3137A7NT3 FHLMC ABS SER.K011 CL.A1 2.917% Due 8/25/2020 Mo-1 482,353.68 482,350.60 481,929.41 499,069.16 20110318 2.89 AA+ Aaa AAA 3137A8PN2 FHLMC ABS SER.K012 CL.A1 3.427% Due 10/25/2020 Mo-1 462,508.66 467,129.10 464,533.09 485,623.92 20110407 3.19 AA+ Aaa AAA 3137ABFG1 FHLMC ABS SER.KAIV CL.A1 2.966% Due 1/25/2021 Mo-1 320,590.38 334,641.25 330,861.61 332,983.76 20130815 1.77 AA+ Aaa AAA 3137ACK99 FHLMC CMO SER.3876 CL.CA 2 3/4% Due 6/15/2026 Mo-1 381,747.70 395,108.88 390,883.71 390,974.54 20131212 0.75 AA+ Aaa AAA 3137ADTH0 FHLMC ABS SER.K014 CL.A1 2.788% Due 10/25/2020 Mo-1 307,411.50 319,852.05 318,467.54 318,514.28 20141118 1.42 AA+ Aaa AAA 3137AFSN3 FHLMC CMO SER.3919 CL.VJ 4% Due 8/15/2024 Mo-1 1,139,718.06 1,255,470.67 1,218,550.61 1,221,847.28 20130604 1.63 AA+ Aaa AAA 3137AKKC4 FHLMC ABS SER.K705 CL.A2 2.303% Due 9/25/2018 Mo-1 500,000.00 504,986.00 502,119.60 512,843.00 20120119 2.13 AA+ Aaa AAA 3137ANMN2 FHLMC ABS SER.K707 CL.A2 2.22% Due 12/25/2018 Mo-1 1,000,000.00 1,027,031.25 1,013,853.58 1,022,829.00 20120530 1.76 AA+ Aaa AAA 3137ASNH3 FHLMC ABS SER.K019 CL.A1 1.459% Due 9/25/2021 Mo-1 803,629.82 788,969.84 792,666.23 798,349.17 20130717 1.86 AA+ Aaa AAA 3137AUPD5 FHLMC ABS SER.K021 CL.A1 1.603% Due 1/25/2022 Mo-1 427,417.36 415,129.12 418,221.03 425,581.60 20130814 2.22 AA+ Aaa AAA 3137AVE86 FHLMC ABS SER.K711 CL.A2 1.73% Due 7/25/2019 Mo-1 500,000.00 494,179.69 494,978.91 500,821.50 20141002 1.98 AA+ Aaa AAA 3137B1BS0 FHLMC ABS SER.K026 CL.A2 2.51% Due 11/25/2022 Mo-1 500,000.00 509,296.88 508,779.40 498,201.50 20150122 2.23 AA+ Aaa AAA 3137B2HM5 FHLMC ABS SER.K028 CL.A1 2.182% Due 11/25/2022 Mo-1 729,099.54 738,213.28 737,635.22 738,050.70 20150211 1.85 AA+ Aaa AAA 3137B3NW4 FHLMC ABS SER.K031 CL.A1 2.778% Due 9/25/2022 Mo-1 907,450.16 949,490.62 947,715.91 939,908.74 20150402 1.55 AA+ Aaa AAA 3137B4WA0 FHLMC ABS SER.K033 CL.A1 2.871% Due 2/25/2023 Mo-1 706,048.18 720,163.47 716,849.63 733,223.97 20131002 2.49 AA+ Aaa AAA 3137B5KM4 FHLMC ABS SER.K035 CL.A1 2.615% Due 3/25/2023 Mo-1 659,242.03 687,234.04 686,175.68 666,413.92 20150416 1.60 AA+ Aaa AAA 3137B6ZL8 FHLMC ABS SER.K714 CL.A1 2.075% Due 12/25/2019 Mo-1 627,842.14 640,390.84 636,690.19 637,368.39 20140107 1.42 AA+ Aaa AAA 3137B7GP8 FHLMC CMO REMIC SER.4293 CL.KG 3% Due 8/15/2043 Mo-1 589,227.17 610,402.53 609,337.79 613,839.19 20140711 2.11 AA+ Aaa AAA 3137BAHA3 FHLMC ABS SER.K715 CL.A2 2.856% Due 1/25/2021 Mo-1 475,000.00 501,329.10 500,336.26 491,966.53 20150408 1.80 AA+ Aaa AAA 3137BEF58 FHLMC ABS SER.K503 CL.A2 2.456% Due 8/25/2019 Mo-1 500,000.00 514,992.50 512,681.22 515,083.50 20141016 1.72 AA+ Aaa AAA 3137BHX51 FHLMC ABS SER.K045 CL.A1 2.493% Due 11/25/2024 Mo-1 997,620.12 1,017,520.65 1,017,196.76 1,009,127.07 20150501 2.13 AA+ Aaa AAA 31385JM88 FNMA POOL #545883 SEASONED 5 1/2% Due 9/1/2017 Mo-1 17,385.35 18,270.93 17,697.54 17,911.24 20090626 3.33 AA+ Aaa AAA 31389MC47 FNMA POOL #629291 LLB 6 1/2% Due 2/1/2032 Mo-1 129,324.60 134,780.50 134,063.40 148,517.89 20021205 5.29 AA+ Aaa AAA 3138A4F42 FNMA POOL #AH2886 3 1/2% Due 2/1/2026 Mo-1 178,329.22 186,576.93 185,095.36 188,567.20 20110816 2.40 AA+ Aaa AAA 3138A7G28 FNMA POOL #AH5616 3 1/2% Due 2/1/2026 Mo-1 276,696.83 289,148.19 286,859.42 292,477.06 20110927 2.47 AA+ Aaa AAA 3138A8KG0 FNMA POOL #AH6594 3 1/2% Due 3/1/2026 Mo-1 582,011.81 614,022.47 611,324.36 615,343.67 20140130 2.12 AA+ Aaa AAA 3138ABL31 FNMA POOL #AH9345 3 1/2% Due 4/1/2026 Mo-1 528,217.63 554,834.84 552,581.84 558,384.18 20131212 2.11 AA+ Aaa AAA 3138AVRM9 FNMA POOL #AJ4091 3 1/2% Due 10/1/2026 Mo-1 402,215.09 421,006.10 418,084.23 425,749.65 20111121 2.37 AA+ Aaa AAA 3138AVRN7 FNMA POOL #AJ4092 3 1/2% Due 10/1/2026 Mo-1 240,120.34 250,850.73 249,165.22 253,899.08 20111109 2.42 AA+ Aaa AAA 3138AWNM1 FNMA POOL #AJ4895 4% Due 1/1/2042 Mo-1 706,388.63 765,769.44 763,698.99 750,603.30 20120911 2.31 AA+ Aaa AAA 3138AXFW6 FNMA POOL #AJ5580 3% Due 1/1/2027 Mo-1 567,186.32 592,089.34 591,840.24 589,077.70 20150519 1.87 AA+ Aaa AAA 3138EH7H9 FNMA POOL #AL1795 MEGA 3% Due 4/1/2027 Mo-1 1,008,013.46 1,067,391.76 1,059,706.80 1,046,856.10 20120713 1.61 AA+ Aaa AAA 3138EL4X8 FNMA POOL #AL4437 MEGA 3% Due 4/1/2023 Mo-1 348,967.49 364,398.40 362,339.09 363,173.30 20131017 1.61 AA+ Aaa AAA 3138ENC56 FNMA POOL #AL5491 4% Due 6/1/2034 Mo-1 898,320.40 965,273.34 963,485.66 962,216.47 20140828 2.38 AA+ Aaa AAA 3138M0UC2 FNMA POOL #AO8678 3% Due 7/1/2027 Mo-1 412,531.07 436,702.83 432,947.56 428,426.00 20120802 1.92 AA+ Aaa AAA 3138W9UF5 FNMA POOL #AS0581 3% Due 9/1/2023 Mo-1 909,001.44 945,361.51 939,740.30 946,861.80 20131011 1.98 AA+ Aaa AAA 3138WBAJ4 FNMA POOL #AS1808 3 1/2% Due 2/1/2034 Mo-1 817,711.50 866,518.65 865,612.36 855,641.28 20150116 2.00 AA+ Aaa AAA 3138WEKK4 FNMA POOL #AS4797 3 1/2% Due 4/1/2045 Mo-1 744,126.61 784,123.41 783,754.51 768,375.00 20150407 2.51 AA+ Aaa AAA





Cusip Par Value Purchase Price Book Value Market Value * Purchase Date Book Yld S&P ** Moody's Fitch'sDescription31391HV27 FNMA POOL #667633 LLB 7% Due 10/1/2032 Mo-1 75,272.11 79,235.66 78,388.35 85,157.75 20021204 6.15 AA+ Aaa AAA 31391KAG2 FNMA POOL #668807 LLB 6% Due 11/1/2017 Mo-1 59,454.63 62,167.24 59,989.28 61,575.45 20021205 4.88 AA+ Aaa AAA 31391NES6 FNMA POOL #671645 6% Due 11/1/2032 Mo-1 29,582.92 30,530.50 30,339.39 33,829.21 20021223 5.42 AA+ Aaa AAA 31392ESX9 FNMA CMO SER.2002-59 CL.B 5 1/2% Due 9/25/2017 Mo-1 7,882.54 8,022.94 7,887.68 8,123.18 20040519 4.84 AA+ Aaa AAA 31393RN55 FHLMC CMO FLOAT SER.2637 CL.FA Flt % Due 6/15/2018 Mo-15 0.03 0.03 - - 20070402 0.00 AA+ Aaa AAA 31394UCB6 FNMA CMO FLOAT SER.2005-86 CL.FC Flt % Due 10/25/2035 Mo-25 17,872.22 17,866.65 17,605.31 17,912.34 20051006 3.16 AA+ Aaa AAA 31394W2R8 FHLMC CMO SER.2770 CL.PM 4 1/2% Due 3/15/2034 Mo-1 202,336.08 204,359.42 203,503.75 218,028.25 20100326 4.26 AA+ Aaa AAA 31394YF33 FHLMC CMO SER.2796 CL.LB 4 1/2% Due 5/15/2024 Mo-1 107,368.16 109,314.20 108,446.83 114,951.25 20090518 4.05 AA+ Aaa AAA 31395E4K0 FHLMC CMO SER.2843 CL.VB 5 1/2% Due 8/15/2023 Mo-1 523,518.37 558,775.24 530,979.86 535,755.61 20121105 2.91 AA+ Aaa AAA 31396AHP2 FHLMC CMO FLOAT SER.3032 CL.FP Flt % Due 8/15/2035 Mo-15 14,384.40 14,355.18 14,260.79 14,398.89 20060809 3.16 AA+ Aaa AAA 31397QXC7 FNMA CMO SER.2011-15 CL.VC 4% Due 5/25/2022 Mo-1 661,524.15 675,064.70 665,765.97 682,342.98 20110209 3.48 AA+ Aaa AAA 31398E2E3 FHLMC ABS SER.K003 CL.A4 5.053% Due 1/25/2019 Mo-1 1,000,000.00 1,127,343.75 1,083,017.55 1,110,244.00 20130827 2.39 AA+ Aaa AAA 31398JZR7 FHLMC ABS SER.K004 CL.A1 3.413% Due 5/25/2019 Mo-1 264,118.64 270,597.84 266,925.23 276,002.92 20110225 2.82 AA+ Aaa AAA 31398QHE0 FHLMC ABS SER.K007 CL.A1 3.342% Due 12/25/2019 Mo-1 469,036.48 495,804.52 485,542.69 487,124.87 20140108 1.21 AA+ Aaa AAA 31400UJ21 FNMA POOL #697881 LLB 5% Due 7/1/2018 Mo-1 52,274.26 52,494.78 52,251.04 54,721.42 20030826 4.82 AA+ Aaa AAA 31400X4X3 FNMA POOL #701138 5 1/2% Due 4/1/2033 Mo-1 49,312.60 49,628.52 49,579.49 55,320.35 20040805 5.27 AA+ Aaa AAA 31402DC24 FNMA POOL #725589 MEGA 5% Due 7/1/2034 Mo-1 97,507.52 99,762.39 99,591.04 108,151.22 20090629 4.28 AA+ Aaa AAA 31402DCV0 FNMA POOL #725584 MEGA 5% Due 7/1/2034 Mo-1 68,870.00 70,341.56 70,227.30 76,394.34 20090202 4.30 AA+ Aaa AAA 31402J4Y0 FNMA POOL #730839 5% Due 7/1/2033 Mo-1 179,406.48 185,685.71 185,149.65 198,852.18 20090331 3.98 AA+ Aaa AAA 31402RDD8 FNMA POOL #735500 MEGA 5 1/2% Due 5/1/2035 Mo-1 63,401.96 63,887.39 63,837.91 71,396.20 20080521 5.24 AA+ Aaa AAA 31402V4E7 FNMA POOL #739821 5% Due 9/1/2033 Mo-1 141,618.78 145,668.18 145,395.85 156,952.27 20090316 3.97 AA+ Aaa AAA 31402WTX6 FNMA POOL #740466 MLB 5 1/2% Due 10/1/2018 Mo-1 26,074.69 26,791.74 26,366.08 27,186.45 20031017 4.35 AA+ Aaa AAA 31402YEY6 FNMA POOL #741851 MLB 6% Due 9/1/2033 Mo-1 344,758.49 356,313.31 354,446.25 394,589.86 20031002 5.32 AA+ Aaa AAA 31403CXQ9 FNMA POOL #745087 MEGA 5 1/2% Due 12/1/2035 Mo-1 111,751.00 112,990.74 112,882.89 125,587.06 20080331 5.15 AA+ Aaa AAA 31403DBK4 FNMA POOL #745342 MEGA 6% Due 3/1/2036 Mo-1 52,049.42 53,029.41 52,963.38 59,301.47 20080103 5.32 AA+ Aaa AAA 31403DD97 FNMA POOL #745428 MEGA 5 1/2% Due 1/1/2036 Mo-1 61,642.48 61,782.14 61,761.73 69,374.92 20080214 5.35 AA+ Aaa AAA 31403DDX4 FNMA POOL #745418 MEGA 5 1/2% Due 4/1/2036 Mo-1 86,200.19 86,813.03 86,762.43 96,672.98 20080324 5.19 AA+ Aaa AAA 31403DSP5 FNMA POOL #745826 6% Due 7/1/2036 Mo-1 45,667.06 45,453.00 45,454.02 51,974.11 20070809 6.11 AA+ Aaa AAA 31403VT66 FNMA POOL #759373 100% NY 5 1/2% Due 1/1/2034 Mo-1 58,616.36 59,967.31 59,807.55 65,783.49 20040226 4.85 AA+ Aaa AAA 31407HJB3 FNMA POOL #831058 SEASONED 5% Due 10/1/2020 Mo-1 159,760.97 161,882.81 160,779.87 171,348.34 20080414 4.57 AA+ Aaa AAA 31408DLL6 FNMA POOL #848231 HARM Adj % Due 11/1/2035 Mo-1 454,589.48 453,204.40 453,301.87 486,366.42 20061215 2.36 AA+ Aaa AAA 31410GA78 FNMA POOL #888430 MEGA 5% Due 11/1/2033 Mo-1 74,681.31 76,665.03 76,511.85 82,840.88 20090309 4.11 AA+ Aaa AAA 31410GAR4 FNMA POOL #888416 MEGA 5% Due 9/1/2035 Mo-1 140,479.49 144,254.86 143,953.98 155,825.82 20090309 4.29 AA+ Aaa AAA 31410KJ54 FNMA POOL #889584 5 1/2% Due 1/1/2037 Mo-1 52,694.43 53,122.57 53,091.52 59,282.12 20080521 5.13 AA+ Aaa AAA 31412PRQ6 FNMA POOL #931195 4 1/2% Due 5/1/2024 Mo-1 63,338.93 66,248.58 65,725.66 67,829.28 20100519 2.78 AA+ Aaa AAA 31412QGK9 FNMA POOL #931802 5% Due 8/1/2039 Mo-1 128,253.26 132,421.48 132,215.14 142,727.83 20091027 4.04 AA+ Aaa AAA 31412QSY6 FNMA POOL #932135 5% Due 11/1/2039 Mo-1 278,931.60 287,866.14 287,415.75 309,858.68 20100111 4.14 AA+ Aaa AAA 31413BWG2 FNMA POOL #940847 6% Due 8/1/2037 Mo-1 111,376.82 110,993.98 110,991.41 126,518.35 20070820 6.05 AA+ Aaa AAA 31414RQB4 FNMA POOL #973950 4 1/2% Due 4/1/2023 Mo-1 24,883.76 25,369.77 25,236.69 26,471.90 20090225 3.79 AA+ Aaa AAA 31416LTZ9 FNMA POOL #AA3267 5% Due 2/1/2039 Mo-1 100,884.12 103,453.51 103,326.91 111,935.52 20090306 4.06 AA+ Aaa AAA 31416M5Z3 FNMA POOL #AA4463 4 1/2% Due 4/1/2039 Mo-1 364,008.15 388,692.45 388,060.63 393,532.81 20140321 2.27 AA+ Aaa AAA 31416TL49 FNMA POOL #AA9346 4 1/2% Due 8/1/2039 Mo-1 192,854.40 199,815.26 199,434.86 210,493.54 20101202 3.71 AA+ Aaa AAA 31416WP71 FNMA POOL #AB1345 4 1/2% Due 8/1/2040 Mo-1 185,981.71 190,355.19 190,138.38 202,362.67 20101222 3.95 AA+ Aaa AAA 31416WUN0 FNMA POOL #AB1488 4% Due 9/1/2030 Mo-1 414,637.83 430,478.27 428,611.29 442,614.55 20100916 3.09 AA+ Aaa AAA 31417ARK7 FNMA POOL #AB4089 3% Due 12/1/2026 Mo-1 239,477.73 246,961.42 245,845.99 248,700.29 20111207 2.21 AA+ Aaa AAA 31417BRG4 FNMA POOL #AB4986 3 1/2% Due 4/1/2032 Mo-1 327,948.88 344,551.29 342,780.98 342,801.76 20120416 2.67 AA+ Aaa AAA 31417CJL0 FNMA POOL #AB5666 3 1/2% Due 7/1/2042 Mo-1 723,211.08 775,078.86 773,250.58 748,054.60 20121228 2.28 AA+ Aaa AAA 31417CXG5 FNMA POOL #AB6078 3% Due 9/1/2032 Mo-1 836,224.08 880,648.47 877,948.67 852,979.37 20121127 1.69 AA+ Aaa AAA 31417DLP6 FNMA POOL #AB6633 3 1/2% Due 10/1/2042 Mo-1 1,160,390.97 1,233,278.02 1,230,612.85 1,199,551.96 20130404 2.54 AA+ Aaa AAA 31417DSS3 FNMA POOL #AB6828 3 1/2% Due 11/1/2042 Mo-1 517,716.94 546,676.73 546,413.83 535,182.37 20150324 2.56 AA+ Aaa AAA 31417UZZ1 FNMA POOL #AC7959 4% Due 1/1/2025 Mo-1 181,604.52 189,975.35 188,636.51 192,348.12 20110719 2.48 AA+ Aaa AAA 31417VPB3 FNMA POOL #AC8517 5% Due 12/1/2039 Mo-1 187,388.59 194,298.53 193,937.34 208,718.50 20100120 4.06 AA+ Aaa AAA 31417Y2J5 FNMA POOL #MA0776 4 1/2% Due 6/1/2031 Mo-1 193,953.56 203,742.16 202,899.71 210,983.05 20110602 3.14 AA+ Aaa AAA 31417Y3Z8 FNMA POOL #MA0815 3 1/2% Due 8/1/2021 Mo-1 339,230.12 355,184.52 350,215.47 357,858.84 20110801 2.08 AA+ Aaa AAA 31417YFM4 FNMA POOL #MA0171 4 1/2% Due 9/1/2029 Mo-1 220,002.48 224,643.19 224,091.14 237,963.57 20090903 3.81 AA+ Aaa AAA 31417YGJ0 FNMA POOL #MA0200 4 1/2% Due 10/1/2029 Mo-1 104,065.00 107,658.50 107,274.92 112,556.50 20091201 3.38 AA+ Aaa AAA 31417YKF3 FNMA POOL #MA0293 4 1/2% Due 1/1/2030 Mo-1 217,309.61 223,608.20 222,834.61 235,094.85 20091211 3.69 AA+ Aaa AAA 31417YM95 FNMA POOL #MA0383 4 1/2% Due 4/1/2030 Mo-1 124,806.34 128,180.02 127,809.27 135,015.68 20100226 3.67 AA+ Aaa AAA 31417YMB0 FNMA POOL #MA0353 4 1/2% Due 3/1/2030 Mo-1 115,524.32 118,412.42 118,090.38 124,972.02 20100216 3.73 AA+ Aaa AAA 31417YQP5 FNMA POOL #MA0461 4 1/2% Due 7/1/2030 Mo-1 188,264.28 195,912.50 195,019.98 203,634.79 20100621 3.48 AA+ Aaa AAA 31417YW86 FNMA POOL #MA0670 3 1/2% Due 3/1/2021 Mo-1 298,755.18 312,759.32 308,411.44 315,161.23 20110801 1.92 AA+ Aaa AAA





Cusip Par Value Purchase Price Book Value Market Value * Purchase Date Book Yld S&P ** Moody's Fitch'sDescription31417YX93 FNMA POOL #MA0703 3 1/2% Due 4/1/2021 Mo-1 225,916.41 235,694.37 232,493.58 238,322.54 20110719 2.16 AA+ Aaa AAA 31418AB31 FNMA POOL #MA0957 3% Due 1/1/2022 Mo-1 283,372.07 294,618.39 292,569.16 294,908.89 20130702 1.63 AA+ Aaa AAA 31418AF29 FNMA POOL #MA1084 3 1/2% Due 6/1/2032 Mo-1 328,956.24 347,562.81 345,934.02 344,110.88 20120621 2.42 AA+ Aaa AAA 31418AH76 FNMA POOL #MA1153 3% Due 8/1/2022 Mo-1 521,705.23 544,142.63 540,471.03 542,833.48 20130812 1.61 AA+ Aaa AAA 31418ALT3 FNMA POOL #MA1237 3% Due 11/1/2032 Mo-1 383,467.79 403,180.44 401,310.27 391,203.06 20121101 2.22 AA+ Aaa AAA 31418AP36 FNMA POOL #MA1341 2 1/2% Due 2/1/2023 Mo-1 655,631.03 687,388.14 680,508.80 672,042.36 20130110 1.31 AA+ Aaa AAA 31418AY69 FNMA POOL #MA1632 3 1/2% Due 10/1/2023 Mo-1 513,750.23 541,725.54 538,709.46 542,670.20 20140106 1.70 AA+ Aaa AAA 31418MUR1 FNMA POOL #AD0591 MEGA 5% Due 12/1/2039 Mo-1 340,656.93 353,218.67 352,537.42 379,519.61 20100120 4.11 AA+ Aaa AAA 31418NFF2 FNMA POOL #AD1065 4% Due 3/1/2025 Mo-1 132,098.72 138,600.45 137,461.67 139,934.90 20100825 2.43 AA+ Aaa AAA 31418PS71 FNMA POOL #AD2341 4 1/2% Due 3/1/2040 Mo-1 168,247.42 175,424.24 175,105.32 182,303.59 20110603 3.48 AA+ Aaa AAA 31418WKK5 FNMA POOL #AD8397 4 1/2% Due 8/1/2040 Mo-1 193,848.18 201,284.07 200,980.78 209,684.64 20100810 3.26 AA+ Aaa AAA 31419AN52 FNMA POOL #AE0411 4 1/2% Due 9/1/2040 Mo-1 468,606.59 488,998.31 488,017.15 510,037.27 20101116 3.52 AA+ Aaa AAA 31419AX93 FNMA POOL #AE0703 3 1/2% Due 12/1/2025 Mo-1 227,457.56 239,399.08 237,432.28 240,737.14 20111208 2.15 AA+ Aaa AAA 31419BYQ2 FNMA POOL #AE1618 4% Due 10/1/2040 Mo-1 167,670.27 173,433.94 173,143.20 178,671.17 20101006 3.23 AA+ Aaa AAA 31419E6N4 FNMA POOL #AE4476 4% Due 3/1/2041 Mo-1 566,864.63 613,719.54 612,014.31 603,426.10 20120828 2.32 AA+ Aaa AAA 31419EJ83 FNMA POOL #AE3886 4 1/2% Due 11/1/2040 Mo-1 210,974.33 218,028.75 217,714.87 228,767.88 20101202 3.65 AA+ Aaa AAA 36202E4J5 GNMA POOL #004425 5 1/2% Due 4/20/2039 Mo-1 131,939.06 136,474.45 136,291.99 150,554.35 20090629 4.36 AA+ Aaa AAA 36202EGR4 GNMA POOL #003808 6% Due 1/20/2036 Mo-1 178,693.21 182,657.96 182,386.71 204,587.89 20071127 5.32 AA+ Aaa AAA 36202ETU3 GNMA POOL #004163 5 1/2% Due 6/20/2038 Mo-1 9,119.21 9,344.35 9,337.35 9,771.36 20081218 3.19 AA+ Aaa AAA 36202EV71 GNMA POOL #004238 5 1/2% Due 9/20/2038 Mo-1 11,473.93 11,420.14 11,420.72 12,294.60 20081007 5.66 AA+ Aaa AAA 36202FEH5 GNMA POOL #004636 4 1/2% Due 2/20/2040 Mo-1 184,264.59 195,090.12 194,911.68 201,061.79 20101028 2.88 AA+ Aaa AAA 36202FLP9 GNMA POOL #004834 4 1/2% Due 10/20/2040 Mo-1 196,624.37 208,268.21 207,781.42 214,549.65 20101028 3.13 AA+ Aaa AAA 3620A6CS4 GNMA POOL #720181 4% Due 7/15/2039 Mo-1 378,342.24 406,008.52 405,337.72 403,054.72 20130530 2.08 AA+ Aaa AAA 3620ANGZ7 GNMA POOL #734716 4 1/2% Due 4/15/2040 Mo-1 176,548.52 186,038.00 185,746.10 191,873.21 20100927 2.54 AA+ Aaa AAA 36225BQ68 GNMA POOL #781377 6% Due 9/15/2029 Mo-1 58,283.96 60,542.47 60,108.96 68,078.11 20021220 5.09 AA+ Aaa AAA 36225CYE0 GNMA POOL #80708 Adj % Due 7/20/2033 Mo-1 16,999.92 17,084.89 17,065.35 17,652.15 20031216 1.54 AA+ Aaa AAA 38375CVV9 GNMA CMO SER.2012-43 CL.VA 3 1/2% Due 7/20/2023 Mo-1 567,203.93 612,048.51 598,275.32 608,004.04 20120327 2.01 AA+ Aaa AAA 62888VAA6 NCUA GTD NOTES TRUST 2010-R1 CMO FLOAT SER.2010-R1 CL.1A Flt % Due 10/7/2020 Sched 660,193.01 664,731.83 665,337.20 663,548.11 20131211 0.42 AA+ Aaa AAA 62888XAC8 NCUA GTD NOTES TRUST 2010-C1 ABS SER.2010-C1 CL.APT 2.65% Due 10/27/2020 Mo-27 364,745.61 350,725.71 362,763.70 372,132.80 20110216 3.64 AA+ Aaa AAA 649083AA0 NEW VALLEY GENERATION I SECURED PASS THRU CERTS 7.299% Due 3/15/2019 MS15 674,629.58 787,292.72 757,319.44 758,351.11 20140325 1.54 AA- Aaa NR 709604AA0 PENTA AIRCRAFT LEASING 2 SECURED NOTES 1.691% Due 4/29/2025 JAJO2 421,597.24 421,597.24 421,597.24 409,581.72 20130509 1.70 NR NR NR 90864QAB4 UNION 13 LEASING LLC SECURED NOTES 1.682% Due 12/19/2024 MJSD 403,430.56 403,430.56 403,430.56 394,277.93 20130109 1.69 NR NR NR 92242PAA7 VCH LEASE SA SECURED NOTES 1.736% Due 5/15/2025 FMAN 508,048.74 508,048.74 508,048.74 496,626.28 20130508 1.74 NR NR NR 92261UAA2 VENDEE MORTGAGE TRUST CMO SER.2008-1 CL.GD 5 1/4% Due 1/15/2032 Mo-1 906,743.73 909,541.91 908,082.51 1,006,149.14 20080417 5.22 AA+ Aaa AAA 92261WAB6 VENDEE MORTGAGE TRUST CMO SER.2011-1 CL.DV 3 3/4% Due 6/15/2022 Mo-1 337,290.80 349,254.06 344,711.74 362,005.78 20110414 3.08 AA+ Aaa AAA 92261XAA6 VENDEE MORTGAGE TRUST CMO SER.2010-1 CL.DA 4 1/4% Due 2/15/2035 Mo-1 284,258.84 289,433.23 287,761.53 305,460.00 20100415 3.95 AA+ Aaa AAA 92262BAA3 VENDEE MORTGAGE TRUST CMO SER.2011-2 CL.DA 3 3/4% Due 12/15/2033 Mo-1 314,361.29 330,128.47 325,706.37 335,073.93 20111014 2.66 AA+ Aaa AAA

75,338,039.90 78,470,720.82 78,030,879.12 79,093,530.30 2.46Cash, Short Term & Other *** 3,429,112.91 3,429,112.91 3,429,112.91 3,429,112.91 0.03

220 Number of Long Term Securities 78,767,152.81 81,899,833.73 81,459,992.03 82,522,643.21 Book Yield 2.36 0.023611Annual Eff. Yield 2.38

**Attribution Statement:

For fixed income securities, regardless of whether the price is sourced from our independent pricing services or the fair value procedures of the Company, fair value determinations involve judgments that are inherently subjective. These determinations are made in good faith and in accordance with procedures adopted by the independent pricing services or the Company. Factors used in the determination of fair value may include but are not limited to market data incorporating available trade, and bid and other market information, such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. Model processes, such as the Option Adjusted Spread model, are used to develop prepayment and interest rate scenarios. Pricing evaluators gather information from market sources and integrate relevant credit information, perceived market movements, and sector news into the evaluated pricing applications and models. These policies are intended to assure the Portfolio’s valuation fairly reflects security values at the time of pricing.

* Fixed income and other securities are valued by independent pricing services approved by Great-West Life & Annuity Insurance Company (“the Company”). In some instances, valuations from independent pricing services are not available or do not reflect significant events in the market therefore fair valuation procedures are implemented by the Company.





Cusip Par Value Purchase Price Book Value Market Value * Purchase Date Book Yld S&P ** Moody's Fitch'sDescription

*** Cash, Short Term & Other includes cash, short-term investments, interest receivable, cash and/or securities received as collateral, receivable for cash posted as collateral, receivable for investments sold, collateral payable to counterparties, contract transactions receivable, payable for investments purchased, contract transactions payable and miscellaneous other receivable/payables, as applicable.

“This may contain information obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor’s. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.”



Glossary

Agency Securities:

Amortization of Realized Gains/Losses:Amortization of the Difference Between Assets and Liabilities:Asset Backed Securities (ABS):

Average Life:

Average Maturity:

Book Value Assets:

Book Value Liabilities:Collateralized Mortgage Obligations (CMO):Commercial Mortgage Backed Securities (CMBS):Corporates:Credit QualityCrediting RateDuration:FGLMC:FHLMC:FNMA:GNMA:GSE:Investment Grade:Investment GuidelinesMarket Value Assets:Mortgage Backed Securities (MBS):

Nationally Recognized Statistical Ratings Organization (NRSRO)

Par Value:Purchase Price:Treasury Notes:Vendee:

Yield To Maturity

GlossaryDebt instruments issued by an agency of the Federal government. Though not general obligations of the U.S. Treasury such securities are sponsored by the government and therefore have high safety ratings.If applicable, The process of recognizing realized gains or losses that occurred due to the sale of assets or prepayment of securities that were faster or slower than expected via the crediting rate. Amortization period is typically the average duration of the portfolio.If applicable, the process of recognizing differences between what the fund has earned and the interest that was credited from inception to the statement date via the crediting rate. Amortization period is the average duration of the portfolio.A debt security whose cash flows are backed by a pool of receivables or other financial assets.

The average expected maturity date of the securities based on current pre-payment speeds and determined by an outside organization.

Federal National Mortgage Association. Nicknamed Fannie Mae.

The number of years until a bond pays back its principal.The amount owed by the issuer of the security to the security holder on behalf of the plan participants, subject to certain terms and conditions.The value of deposited principal, plus accrued interest, minus withdrawals and expenses

Mortgage backed bonds that separates mortgage pools into different maturity classes.

An asset backed security whose cash flows are backed by the principal and interest payments of commercial or multifamily property mortgage loans.A debt instrument issued by a private Corporation whose cash flows are backed by the issuing organization.

Government National Mortgage Association. Nicknamed Ginnie Mae.Government Sponsored EntityA security judged likely enough to meet payment obligations that banks are allowed to invest in it.Guidelines established between a plan sponsor or trustee and an investment manager that dictate the investment parameters and risk The cash value of a security could be sold for at a given price on the open market. Prices are determined by independent pricing services.

The measure of the financial soundness of an institution, indicating its ability to honor its financial obligations in a timely manner.The interest rate applied to the book value of the stable value fund liabilities, expressed as an effective annual yield.A theoretical measurement developed by Professor Frederic Macauley that measures the sensitivity of a financial instrument to changes in Federal Home Loan Mortgage Corporation - Gold pool. Nicknamed Freddie Mac.Federal Home Loan Mortgage Corporation. Nicknamed Freddie Mac.

Maturity value of the security.Original purchase price of the security less any reductions from principal payments.Intermediate securities issued by the United States Government with maturities of 1 to 10 years.Veterans Administration Mortgage.The rate of return anticipated on a security if it is held until the maturity date. The calculation takes into account the current market price, par value, coupon interest rate and the time to maturity and assumes that all coupons are reinvested at the same rate.

An asset backed security whose cash flows are backed by the principal and interest payments of a set of mortgage loans.A firm that evaluates the financial quality of an institution's debt, the claims paying ability of life insurance companies, and/or the deposit credit rating of banks. Examples of NRSROs include Standard & Poor's (S&P), Moody's Investors Service, and Fitch Ratings. For a list of all NRSROs, please visit www.sec.gov/divisions/marketreg/ratingagency.htm.



Executive Summary

Gwinnett County

For the Period From July 1, 2014 to June 30, 2015

Agenda

Outstanding from previous RPMC Meeting (May 27, 2015) ―Request to consolidate slides into one presentation (Executive Summary); back-up

information found in Plan Review

Updates for current RPMC Meeting (August 27, 2015) ―Update on proposed “hybrid” pricing model ―Participant and RPMC survey results

Legislative/Regulatory Updates ―Quarterly Defined Contribution Legal and Regulatory Update for Government Clients (July

2015) • Legislative developments • DOL’s proposed fiduciary rule • Tibble vs. Edison update • 10% penalty exemption for public safety employees

Plan Design and Industry Trends IMPLEMENTED

DC PLAN SURVEY RESULTS * YES NO

Consolidated Record Keeping X Best Practice Open Architecture X Best Practice Auto –Enrollment ** X (401(a)) 62% Auto-Increase ** X 43% Employer Match X 31% Roth 457 X 28% Loans ** X 87% Self‐Directed Brokerage X 37% Fee Disclosure and Transparency X 76% Investment Advisory Services ** X 71% Lifetime Income Product X 30% Qualified Default Investment Alternative (QDIA) X 86% Behavior-Based Education X N/A

* NADGCA survey (March 2015) – 129 governmental defined contribution plans with a total of $235.0b; 88 – 457(b), 15 – 401(k), 21 – 401(a), 5 – 403(b). ** Statistics from November 2014 Plan Sponsor Defined Contribution Survey – 432 Large plans defined as $200 m - $1 B in size.

Plan Overview (in millions) June 30, 2015 Plan assets were $295.83 million as of June 30, 2015

Plan assets grew $16.76 million (6.0%) from July 1, 2014 to June 30, 2015

Contributions were $25.74 million since July 1, 2014

As of June 30, 2015, there were 9,507 participant account balances throughout the year. There were 8,926 participant account balances on June 30, 2015.

Assets at June 30, 2015 $295.83

Less assets at June 30, 2014 $279.07

Asset change for the year $16.76

Contributions for the year $25.74

Less distributions for the year ($20.57)

Net investment gain for the year $11.59

Asset change for the year $16.76

0

3,000

6,000

9,000

12,000

6/30/2011 6/30/2012 6/30/2013 6/30/2014 6/30/2015457(b) Plan 4,441 4,627 4,863 5,145 5,458401(a) Plan 3,013 3,187 3,437 3,692 4,049

Plan Participation

9,5078,837

8,3007,8147,454

Assets Distribution

Active Participants: 401(a) 457(b) Total

06/30/2014 3,692 5,145 8,837

06/30/2015 4,049 5,458 9,507

Average Account Balance per Participant: 401(a) 457(b) Total

06/30/2014 $37,831 $27,093 $31,579

06/30/2015 $36,984 $26,765 $31,117

06/30/2015 (balances at end of quarter) $39,637 $28,377 $33,143

06/30/2015 (active participants only)* $43,356 $23,791 $32,311

06/30/2015 (active participants - top and bottom balances excluded) ** $39,409 $26,098 $32,258

Average Number of Investment Options per Participant: 401(a) 457(b) Total

06/30/2014 7.3 6.1 6.6

06/30/2015 7.1 6.1 6.5

Asset Distribution by Plan

* Excludes all participants who have a termination date on file (941 ppts , $26,747,496 (401(a)); 1,470 ppts , $58,581,009 (457(b) ) **401(a) – excludes top 22 accounts (balances of $500,000+) - $17,150,710, and bottom 131 balances (under $1,000) - $74,346 457(b) – excludes top 11 accounts (balances of $400,000+) - $5,939,901, and bottom 551 balances (under $1,000) - $241,130

$0.0

$70.0

$140.0

$210.0

$280.0

$350.0

6/30/2011 6/30/2012 6/30/2013 6/30/2014 6/30/2015457(b) Plan 102.53 105.67 119.54 139.39 146.08401(a) Plan 94.23 99.20 117.12 139.67 149.75

Dol

lar A

mou

nt (i

n M

illion

s)Asset Growth

295.83279.07

236.66204.87196.76

Assets by Asset Class

$77.27

$66.25

$54.62

$35.16

$28.54

$11.26 $8.37 $7.56 $6.79

$-

$20.0

$40.0

$60.0

$80.0

$100.0

Dolla

r Am

ount

(in

milli

ons)

26.1%

22.4%18.5%

11.9%

9.6%3.8%

2.8% 2.6% 2.3%Fixed

Large Cap

Fund of Funds

Mid Cap

International

Bond

Self-Directed

Balanced

Small Cap

Percentage of Assets by Asset Class

Self Fund of Small Mid LargeDirected Funds Internat'l Cap Cap Cap Balanced Bond Fixed

7/1/2010 to 6/30/2011 4.1% 25.5% 9.5% 3.7% 8.0% 8.9% 1.7% 4.0% 34.5%7/1/2011 to 6/30/2012 5.4% 26.8% 8.5% 2.0% 8.4% 9.8% 1.8% 3.8% 32.7%7/1/2012 to 6/30/2013 4.3% 26.4% 10.3% 2.5% 10.1% 11.7% 1.9% 4.1% 28.6%7/1/2013 to 6/30/2014 4.0% 26.7% 11.3% 3.4% 10.0% 13.2% 2.1% 4.3% 25.0%7/1/2014 to 6/30/2015 4.0% 25.6% 11.1% 2.3% 11.4% 15.3% 2.7% 3.9% 23.6%

Self Funds of Small Mid LargeDirected Funds Internat'l Cap Cap Cap Balanced Bond Fixed

7/1/2010 to 6/30/2011 1.9% 9.4% 7.6% 4.8% 9.1% 24.3% 1.8% 3.3% 37.9%7/1/2011 to 6/30/2012 1.6% 9.6% 6.9% 3.6% 9.2% 23.9% 1.8% 3.2% 40.3%7/1/2012 to 6/30/2013 1.6% 10.4% 7.7% 3.5% 10.0% 25.4% 1.7% 3.8% 35.8%7/1/2013 to 6/30/2014 1.5% 10.7% 8.3% 4.5% 10.5% 27.5% 2.0% 3.9% 31.0%7/1/2014 to 6/30/2015 1.6% 11.2% 8.2% 2.3% 12.3% 29.7% 2.4% 3.7% 28.7%


7/1/2010 to 6/30/2011 3.0% 17.1% 8.5% 4.3% 8.5% 16.9% 1.7% 3.6% 36.3%7/1/2011 to 6/30/2012 3.4% 17.9% 7.7% 2.8% 9.1% 17.1% 1.8% 3.5% 36.6%7/1/2012 to 6/30/2013 3.0% 18.3% 9.0% 3.0% 10.1% 18.6% 1.8% 4.0% 32.2%7/1/2013 to 6/30/2014 2.8% 18.7% 9.8% 4.0% 10.3% 20.4% 2.0% 4.1% 28.0%7/1/2014 to 6/30/2015 2.8% 18.5% 9.6% 2.3% 11.9% 22.4% 2.6% 3.8% 26.1%

Combined

401(a) Plan

457(b) Plan

Asset Distribution – Combined Asset Class/Fund Name

Amount Pct Accts Amount Pct AcctsSelf-Directed

TD AMERITRADE SDB Money Market 1,106,455 0.4% 74 1,318,865 0.4% 85 TD AMERITRADE SDB Securities 6,630,175 2.4% 68 7,050,538 2.4% 81

7,736,630 2.8% 8,369,403 2.8%Fund of Funds

Maxim Aggressive Profile Portfolio 12,332,017 4.4% 723 14,296,149 4.8% 734 Maxim Moderately Aggressive Profile Port 12,912,448 4.6% 699 13,000,003 4.4% 651 Maxim Moderate Profile Portfolio 16,656,428 6.0% 862 17,022,384 5.8% 852 Maxim Moderately Conservative Profile 5,014,800 1.8% 263 4,705,814 1.6% 246 Maxim Conservative Profile Portfolio 4,310,801 1.5% 222 4,270,987 1.4% 216 Great-West SecureFoundation LT 2015 G 433,985 0.2% 10 512,472 0.2% 18 Great-West SecureFoundation LT 2020 G 117,811 0.0% 5 162,825 0.1% 8 Great-West SecureFoundation LT 2025 G 95,547 0.0% 12 122,143 0.0% 16 Great-West SecureFoundation LT 2030 G 37,071 0.0% 8 85,125 0.0% 11 Great-West SecureFoundation LT 2035 G 281,119 0.1% 12 351,906 0.1% 15 Great-West SecureFoundation LT 2040 G 7,113 0.0% 4 30,349 0.0% 10 Great-West SecureFoundation LT 2045 G 8,393 0.0% 8 12,891 0.0% 13 Great-West SecureFoundation LT 2050 G 2,992 0.0% 1 28,801 0.0% 3 Great-West SecureFoundation LT 2055 G 2,990 0.0% 1 21,660 0.0% 4

52,213,516 18.7% 54,623,510 18.5%International

Artisan International Inv 6,567,132 2.4% 3,954 7,069,926 2.4% 4,537 Dreyfus International Stock Index 6,565,685 2.4% 4,014 4,439,710 1.5% 4,614 Oppenheimer Developing Markets Y 5,499,484 2.0% 3,931 5,964,129 2.0% 4,620 Oppenheimer Global Y 8,732,455 3.1% 4,256 11,070,105 3.7% 4,953

27,364,756 9.8% 28,543,870 9.6%Small-Cap

Columbia Small Cap Value Fund II Z 4,447,111 1.6% 3,795 4,010,566 1.4% 4,435 Neuberger Berman Genesis Fund - Trust 4,062,418 1.5% 342 0 0.0% - Franklin Small Cap Grow th A 2,536,781 0.9% 551 2,777,819 0.9% 2,044

11,046,310 4.0% 6,788,384 2.3%M id-Cap

Artisan Mid Cap Inv 7,419,033 2.7% 2,255 10,762,561 3.6% 915 American Century Mid Cap Value A 9,547,127 3.4% 3,780 19,683,892 6.7% 4,868 Nuveen Tradew inds Value Opportunities I 1,368,347 0.5% 171 0 0.0% - Baron Grow th Retail 5,214,372 1.9% 1,024 4,716,920 1.6% 401 Perkins Mid Cap Value Fund T 5,113,288 1.8% 3,403 0 0.0% -

28,662,167 10.3% 35,163,373 11.9%Large-Cap

American Funds Grow th Fund A 13,980,169 5.0% 1,599 17,208,161 5.8% 4,941 American Funds Inv Co Amer A 3,606,850 1.3% 2,186 9,992,155 3.4% 4,237 BlackRock Equity Index - Collective F 6,500,267 2.3% 444 7,878,488 2.7% 1,381 Fidelity Contrafund 16,926,137 6.1% 1,006 18,770,860 6.3% 1,025 Pioneer Fundamental Grow th Y 2,283,485 0.8% 229 3,082,390 1.0% 558 TIAA-CREF Institutional Equity Index 8,847,315 3.2% 3,555 3,810,376 1.3% 419 Invesco Grow th and Income Y 4,658,942 1.7% 2,946 5,505,581 1.9% 953

56,803,166 20.4% 66,248,011 22.4%Balanced

Fidelity Puritan 3,038,819 1.1% 681 4,225,109 1.4% 987 Janus Balanced Fund T 2,652,182 1.0% 1,006 3,337,198 1.1% 1,569

5,691,001 2.0% 7,562,307 2.6%Bond

PIMCO Total Return Admin 5,438,062 1.9% 4,035 0 0.0% - Vanguard Total Bond Market Index Signal 3,756,085 1.3% 2,056 0 0.0% - JPMorgan High Yield A 2,252,212 0.8% 371 2,219,825 0.8% 766 Vanguard Total Bond Market Index Adm 0 0.0% - 9,042,991 3.1% 4,660

11,446,359 4.1% 11,262,816 3.8%Fixed

Gw innett Stable Value Fund 78,102,010 28.0% 3,872 77,270,239 26.1% 6,170 78,102,010 28.0% 77,270,239 26.1%

279,065,916 100.0% 295,831,914 100.0%

6/30/20156/30/2014

Total Active Accounts:6/30/2011 7,4546/30/2012 7,8146/30/2013 8,3006/30/2014 8,8376/30/2015 9,507

Average AccountBalance per Account:

6/30/2011 $26,3966/30/2012 $26,2186/30/2013 $28,5146/30/2014 $31,5796/30/2015 $31,117

Average Number ofInvestment Optionsper Account:

6/30/2011 4.36/30/2012 4.86/30/2013 6.06/30/2014 6.66/30/2015 6.5

Contributions Contributions by Plan

401(a) 457(b) Benchmark* Total

Contributing Participants:

06/30/2014 2,929 3,576/82% 49% 6,505

06/30/2015 3,191 3,802/86% 40% 6,993

Average Contributions per Participant: 401(a) 457(b) Total Benchmark*

06/30/2014 $4,849 $2,680 $3,657 $3,833

06/30/2015 $5,034 $2,544 $3,680 $5,701

Average Number of Investment Options per Participant 401(a) Benchmark** 457(b) Benchmark**

Total Benchmark**

06/30/2014 9.9 4.7 8.4 4.7 9.1 4.7

06/30/2015 11.1 4.5 9.6 4.8 10.3 4.6

*NAGDCA DC Plan Survey (March 2014) – 126 governmental defined contribution plans with a total of $114.5b; 86 – 457(b), 15 – 401(k), 20 – 401(a), 5 – 403(b). NADGCA DC Plan Survey (March 2015) – 129 governmental defined contribution plans with a total of $235.0b; 88 – 457(b), 15 – 401(k), 21 – 401(a), 5 – 403(b). ** Statistics from November 2014 Plan Sponsor Defined Contribution Survey – 432 Large plans defined as $200 m - $1 B in size.

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

6/30/2011 6/30/2012 6/30/2013 6/30/2014 6/30/2015457(b) Plan 7.59 8.05 9.37 9.58 9.67401(a) Plan 12.83 12.81 13.78 14.20 16.06

Dol

lar A

mou

nt (i

n M

illion

s)Contribution History

25.7323.78

23.1520.8620.42

Contributions by Asset Class $5.43

$4.62 $4.47 $4.25 $4.03

$1.24 $1.17

$0.53

$-

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

Dolla

r Am

ount

(in

milli

ons)

21.1%

18.0%

17.4%

16.5%

15.6%

4.8%4.5% 2.1%

Large Cap

Fixed

Fund of Funds

International

Mid Cap

Bond

Small Cap

Balanced

Percentage of Contributions by Asset Class Fund of Small Mid LargeFunds Internat'l Cap Cap Cap Balanced Bond Fixed

7/1/2010 to 6/30/2011 29.1% 13.1% 5.6% 9.8% 13.6% 1.4% 3.5% 23.9%7/1/2011 to 6/30/2012 27.8% 16.0% 5.0% 11.3% 11.6% 1.5% 2.6% 23.0%7/1/2012 to 6/30/2013 23.5% 17.2% 2.7% 16.3% 14.8% 1.3% 3.7% 20.6%7/1/2013 to 6/30/2014 21.2% 18.8% 4.0% 15.9% 16.4% 1.5% 4.7% 17.7%7/1/2014 to 6/30/2015 19.1% 17.8% 4.6% 15.9% 18.4% 2.1% 4.6% 17.6%

Fund of Small Mid LargeFunds Internat'l Cap Cap Cap Balanced Bond Fixed

7/1/2010 to 6/30/2011 15.7% 11.0% 5.6% 9.9% 20.6% 1.5% 3.6% 32.0%7/1/2011 to 6/30/2012 16.6% 13.3% 5.8% 11.9% 17.7% 1.5% 3.2% 30.0%7/1/2012 to 6/30/2013 15.3% 14.0% 3.3% 13.9% 20.5% 1.2% 4.2% 27.6%7/1/2013 to 6/30/2014 12.1% 15.7% 4.0% 14.1% 25.3% 1.3% 6.5% 21.0%7/1/2014 to 6/30/2015 14.5% 14.5% 4.3% 15.2% 25.5% 2.1% 5.3% 18.6%


7/1/2010 to 6/30/2011 24.1% 12.3% 5.6% 9.8% 16.2% 1.5% 3.5% 26.9%7/1/2011 to 6/30/2012 23.5% 15.0% 5.3% 12.2% 13.9% 1.5% 2.8% 25.7%7/1/2012 to 6/30/2013 20.2% 15.9% 2.9% 15.3% 17.1% 1.2% 3.9% 23.4%7/1/2013 to 6/30/2014 17.5% 17.5% 4.0% 15.2% 20.0% 1.4% 5.4% 19.0%7/1/2014 to 6/30/2015 17.4% 16.5% 4.5% 15.6% 21.1% 2.1% 4.8% 18.0%

Combined

401(a) Plan

457(b) Plan

Contributions by Fund – Combined Asset Class/Fund Name

Amount Pct Accts Amount Pct AcctsFund of Funds

Maxim Aggressive Profile Portfolio 1,018,924 4.3% 552 1,142,775 4.4% 567 Maxim Moderately Aggressive Profile Port 1,019,070 4.3% 494 974,116 3.8% 472 Maxim Moderate Profile Portfolio 1,532,772 6.4% 634 1,556,875 6.0% 636 Maxim Moderately Conservative Profile 310,968 1.3% 173 300,329 1.2% 174 Maxim Conservative Profile Portfolio 229,506 1.0% 147 257,993 1.0% 135 Great-West SecureFoundation LT 2015 G 11,620 0.0% 8 22,319 0.1% 12 Great-West SecureFoundation LT 2020 G 752 0.0% 3 1,588 0.0% 4 Great-West SecureFoundation LT 2025 G 10,765 0.0% 12 26,188 0.1% 17 Great-West SecureFoundation LT 2030 G 2,110 0.0% 7 27,283 0.1% 9 Great-West SecureFoundation LT 2035 G 20,167 0.1% 10 46,047 0.2% 11 Great-West SecureFoundation LT 2040 G 3,964 0.0% 3 107,599 0.4% 8 Great-West SecureFoundation LT 2045 G 1,167 0.0% 6 2,970 0.0% 10 Great-West SecureFoundation LT 2050 G 0 0.0% - 519 0.0% 2 Great-West SecureFoundation LT 2055 G 0 0.0% - 791 0.0% 3

4,161,786 17.5% 4,467,391 17.4%International

Artisan International Inv 805,158 3.4% 3,616 836,951 3.3% 4,247 Dreyfus International Stock Index 1,188,278 5.0% 3,606 830,742 3.2% 4,199 Oppenheimer Developing Markets Y 1,056,724 4.4% 3,595 1,286,704 5.0% 4,210 Oppenheimer Global Y 1,117,589 4.7% 3,773 1,299,216 5.0% 4,387

4,167,748 17.5% 4,253,613 16.5%Small-Cap

Columbia Small Cap Value Fund II Z 597,674 2.5% 3,506 693,760 2.7% 4,153 Neuberger Berman Genesis Fund - Trust 209,964 0.9% 215 156,215 0.6% 234 Franklin Small Cap Grow th A 92,622 0.4% 355 316,955 1.2% 3,647 Royce Low Priced Stock Svc 46,901 0.2% 164 0 0.0% -

947,161 4.0% 1,166,930 4.5%M id-Cap

Artisan Mid Cap Inv 411,691 1.7% 2,991 317,723 1.2% 1,817 American Century Mid Cap Value A 1,066,145 4.5% 3,438 3,025,459 11.8% 4,323 Nuveen Tradew inds Value Opportunities I 95,154 0.4% 158 207,377 0.8% 94 Baron Grow th Retail 710,897 3.0% 3,407 252,825 1.0% 1,213 Perkins Mid Cap Value Fund T 1,326,926 5.6% 3,442 224,097 0.9% 3,279

3,610,813 15.2% 4,027,482 15.6%Large-Cap

American Funds Grow th Fund A 702,793 3.0% 3,126 1,090,486 4.2% 4,371 American Funds Inv Co Amer A 265,902 1.1% 3,002 1,706,538 6.6% 4,100 BlackRock Equity Index - Collective F 515,161 2.2% 931 276,275 1.1% 870 Fidelity Contrafund 932,128 3.9% 1,073 811,963 3.2% 590 Pioneer Fundamental Grow th Y 89,697 0.4% 162 154,482 0.6% 288 Janus Tw enty Fund T 54,133 0.2% 161 0 0.0% - TIAA-CREF Institutional Equity Index 1,910,262 8.0% 3,478 1,082,494 4.2% 3,632 Invesco Grow th and Income Y 276,045 1.2% 3,067 304,540 1.2% 2,734

4,746,120 20.0% 5,426,778 21.1%Balanced

Fidelity Puritan 135,906 0.6% 624 190,086 0.7% 1,269 Janus Balanced Fund T 195,493 0.8% 1,190 339,505 1.3% 1,729

331,399 1.4% 529,592 2.1%Bond

PIMCO Total Return Admin 535,315 2.3% 3,575 354,640 1.4% 3,736 Vanguard Total Bond Market Index Signal 435,035 1.8% 1,413 170,064 0.7% 1,353 JPMorgan High Yield A 321,251 1.4% 212 191,384 0.7% 848 Vanguard Total Bond Market Index Adm 0 0.0% - 525,371 2.0% 3,763

1,291,601 5.4% 1,241,459 4.8%Fixed


23,786,279 100.0% 25,735,922 100.0%

7/1/2014 to 6/30/20157/1/2013 to 6/30/2014

Total AccountsReceiving Contributions:

6/30/2011 5,6766/30/2012 5,8736/30/2013 6,1646/30/2014 6,5056/30/2015 6,993

6/30/2011 $3,5986/30/2012 $3,5526/30/2013 $3,7566/30/2014 $3,6576/30/2015 $3,680

6/30/2011 5.86/30/2012 7.76/30/2013 7.86/30/2014 9.16/30/2015 10.3

Average Number of Investment Options per Account:

Average Contributions per Account:

Benefit Payment Distribution – Combined

Amount Pct Count Amount Pct CountFull Withdrawals

Death 415,069 2.3% 12 616,240 3.0% 14Disability 76,741 0.4% 3 0 0.0% 0Retirement 1,158,312 6.4% 37 7,536 0.0% 5Separation of Service 9,894,241 54.5% 434 12,452,384 60.5% 556Total Full Withdrawals: 11,544,363 63.6% 486 13,076,160 63.6% 575

Partial WithdrawalsINSERVROMT 30,281 0.2% 5 317,297 1.5% 9Death 23,905 0.1% 1 29,286 0.1% 2Disability 9,031 0.0% 2 0 0.0% 0Hardship 72,625 0.4% 20 52,934 0.3% 17In Service 18,181 0.1% 1 14,081 0.1% 1Loan 2,193,602 12.1% 305 2,214,748 10.8% 325Minimum Distribution 3,697 0.0% 3 11,770 0.1% 8Retirement 1,208,688 6.7% 68 69,902 0.3% 8Separation of Service 1,626,505 9.0% 103 3,483,298 16.9% 154Service Credit 47,018 0.3% 11 15,734 0.1% 6Total Partial Withdrawals: 5,233,535 28.8% 519 6,209,051 30.2% 530

Periodic PaymentsBenefit Payment 39,685 0.2% 5 42,985 0.2% 5Minimum Distribution 113,530 0.6% 51 200,847 1.0% 63Retirement 1,138,111 6.3% 75 934,294 4.5% 73Separation of Service 87,300 0.5% 6 103,700 0.5% 7Total Periodic Payments: 1,378,625 7.6% 137 1,281,826 6.2% 148

18,156,523 100.0% 1,142 20,567,037 100.0% 1,253

7/1/2013 to 6/30/2014 7/1/2014 to 6/30/2015

Pending Litigation Great-West Financial has no pending litigation to report as of June 30, 2015.

Plan Review

Gwinnett County

For the Period From July 1, 2014 to June 30, 2015

Table of Contents

Executive Summary Plan Assets Contributions Participation Distributions Participant Services Great-West Update Disclosures

Executive Summary (in Millions)

Assets at June 30, 2015 $295.83 Less assets at June 30, 2014 $279.07 Asset change for the year $16.76

Contributions for the year $25.74 Less distributions for the year -$20.57 Net investment gain for the year $11.59 Asset change for the year $16.76

Asset Components

Total Assets

Executive Summary

Plan assets were at $295.83 million as of June 30, 2015

Plan assets grew by $16.76 million (6.0%) from July 1, 2014 to June 30, 2015

Contributions were $25.74 million from July 1, 2014 to June 30, 2015

From July 1, 2014 to June 30, 2015 there were 9,507 participants

$0.0

$70.0

$140.0

$210.0

$280.0

$350.0

6/30/2011 6/30/2012 6/30/2013 6/30/2014 6/30/2015457(b) Plan 102.53 105.67 119.54 139.39 146.08401(a) Plan 94.23 99.20 117.12 139.67 149.75

Dol

lar A

mou

nt (i

n M

illion

s)Asset Growth

295.83279.07

236.66204.87196.76

Assets by Asset Class

$77.27

$66.25

$54.62

$35.16

$28.54

$11.26 $8.37 $7.56 $6.79

$-

$20.0

$40.0

$60.0

$80.0

$100.0

Dolla

r Am

ount

(in

milli

ons)

26.1%

22.4%18.5%

11.9%

9.6%3.8%

2.8% 2.6% 2.3%Fixed

Large Cap

Fund of Funds

Mid Cap

International

Bond

Self-Directed

Balanced

Small Cap

Percentage of Assets by Asset Class


7/1/2010 to 6/30/2011 4.1% 25.5% 9.5% 3.7% 8.0% 8.9% 1.7% 4.0% 34.5%7/1/2011 to 6/30/2012 5.4% 26.8% 8.5% 2.0% 8.4% 9.8% 1.8% 3.8% 32.7%7/1/2012 to 6/30/2013 4.3% 26.4% 10.3% 2.5% 10.1% 11.7% 1.9% 4.1% 28.6%7/1/2013 to 6/30/2014 4.0% 26.7% 11.3% 3.4% 10.0% 13.2% 2.1% 4.3% 25.0%7/1/2014 to 6/30/2015 4.0% 25.6% 11.1% 2.3% 11.4% 15.3% 2.7% 3.9% 23.6%

Self Funds of Small Mid LargeDirected Funds Internat'l Cap Cap Cap Balanced Bond Fixed

7/1/2010 to 6/30/2011 1.9% 9.4% 7.6% 4.8% 9.1% 24.3% 1.8% 3.3% 37.9%7/1/2011 to 6/30/2012 1.6% 9.6% 6.9% 3.6% 9.2% 23.9% 1.8% 3.2% 40.3%7/1/2012 to 6/30/2013 1.6% 10.4% 7.7% 3.5% 10.0% 25.4% 1.7% 3.8% 35.8%7/1/2013 to 6/30/2014 1.5% 10.7% 8.3% 4.5% 10.5% 27.5% 2.0% 3.9% 31.0%7/1/2014 to 6/30/2015 1.6% 11.2% 8.2% 2.3% 12.3% 29.7% 2.4% 3.7% 28.7%


7/1/2010 to 6/30/2011 3.0% 17.1% 8.5% 4.3% 8.5% 16.9% 1.7% 3.6% 36.3%7/1/2011 to 6/30/2012 3.4% 17.9% 7.7% 2.8% 9.1% 17.1% 1.8% 3.5% 36.6%7/1/2012 to 6/30/2013 3.0% 18.3% 9.0% 3.0% 10.1% 18.6% 1.8% 4.0% 32.2%7/1/2013 to 6/30/2014 2.8% 18.7% 9.8% 4.0% 10.3% 20.4% 2.0% 4.1% 28.0%7/1/2014 to 6/30/2015 2.8% 18.5% 9.6% 2.3% 11.9% 22.4% 2.6% 3.8% 26.1%

Combined

401(a) Plan

457(b) Plan

Assets by Investment Option $1.319

$7.051$14.296

$13.000$17.022

$4.706$4.271

$0.512$0.163$0.122$0.085$0.352$0.030$0.013$0.029$0.022

$7.070$4.440

$5.964$11.070

$4.011$2.778

$10.763$19.684

$4.717$17.208

$9.992$7.878

$18.771$3.082$3.810

$5.506$4.225$3.337

$2.220$9.043

$77.270

$0.0 $15.0 $30.0 $45.0 $60.0 $75.0 $90.0

TD AMERITRADE SDB Money MarketTD AMERITRADE SDB SecuritiesMaxim Aggressive Profile Portfolio

Maxim Moderately Aggressive Profile PortMaxim Moderate Profile Portfolio

Maxim Moderately Conservative ProfileMaxim Conservative Profile Portfolio

Great-West SecureFoundation LT 2015 GGreat-West SecureFoundation LT 2020 GGreat-West SecureFoundation LT 2025 GGreat-West SecureFoundation LT 2030 GGreat-West SecureFoundation LT 2035 GGreat-West SecureFoundation LT 2040 GGreat-West SecureFoundation LT 2045 GGreat-West SecureFoundation LT 2050 GGreat-West SecureFoundation LT 2055 G

Artisan International InvDreyfus International Stock Index

Oppenheimer Developing Markets YOppenheimer Global Y

Columbia Small Cap Value Fund II ZFranklin Small Cap Growth A

Artisan Mid Cap InvAmerican Century Mid Cap Value A

Baron Growth RetailAmerican Funds Growth Fund AAmerican Funds Inv Co Amer A

BlackRock Equity Index - Collective FFidelity Contrafund

Pioneer Fundamental Growth YTIAA-CREF Institutional Equity Index

Invesco Growth and Income YFidelity Puritan

Janus Balanced Fund TJPMorgan High Yield A

Vanguard Total Bond Market Index AdmGwinnett Stable Value Fund

Dollar Amount (in millions)

Asset Distribution – 401(a) 01 Plan Active Participants:

6/30/2011 3,0136/30/2012 3,1876/30/2013 3,4376/30/2014 3,6926/30/2015 4,049

Average AccountBalance per Participant:

6/30/2011 $31,2736/30/2012 $31,1266/30/2013 $34,0776/30/2014 $37,8316/30/2015 $36,984

Average Number ofInvestment Optionsper Participant:

6/30/2011 4.66/30/2012 5.26/30/2013 6.66/30/2014 7.36/30/2015 7.1

Asset Class/Fund NameAmount Pct Accts Amount Pct Accts

Self-DirectedTD AMERITRADE SDB Money Market 654,921 0.5% 39 836,088 0.6% 44 TD AMERITRADE SDB Securities 4,944,384 3.5% 35 5,211,554 3.5% 42

5,599,306 4.0% 6,047,642 4.0%Fund of Funds

Maxim Aggressive Profile Portfolio 8,036,942 5.8% 280 9,586,854 6.4% 284 Maxim Moderately Aggressive Profile Port 9,104,067 6.5% 297 8,773,386 5.9% 278 Maxim Moderate Profile Portfolio 13,408,486 9.6% 483 13,669,767 9.1% 477 Maxim Moderately Conservative Profile 3,754,305 2.7% 123 3,298,159 2.2% 112 Maxim Conservative Profile Portfolio 2,678,813 1.9% 92 2,518,053 1.7% 88 Great-West SecureFoundation LT 2015 G 90,720 0.1% 5 156,511 0.1% 12 Great-West SecureFoundation LT 2020 G 13,940 0.0% 2 56,178 0.0% 4 Great-West SecureFoundation LT 2025 G 55,696 0.0% 4 73,933 0.0% 6 Great-West SecureFoundation LT 2030 G 1,425 0.0% 2 12,796 0.0% 4 Great-West SecureFoundation LT 2035 G 88,184 0.1% 4 123,388 0.1% 6 Great-West SecureFoundation LT 2040 G 0 0.0% - 11,785 0.0% 4 Great-West SecureFoundation LT 2045 G 709 0.0% 1 2,446 0.0% 4 Great-West SecureFoundation LT 2055 G 0 0.0% - 13,604 0.0% 1

37,233,287 26.7% 38,296,861 25.6%International


15,735,285 11.3% 16,626,136 11.1%Small-Cap

Columbia Small Cap Value Fund II Z 2,537,273 1.8% 1,892 2,307,127 1.5% 2,194 Neuberger Berman Genesis Fund - Trust 1,212,726 0.9% 96 0 0.0% - Franklin Small Cap Grow th A 1,040,415 0.7% 218 1,116,579 0.7% 978

4,790,414 3.4% 3,423,706 2.3%M id-Cap

Artisan Mid Cap Inv 2,540,904 1.8% 979 3,240,222 2.2% 269 American Century Mid Cap Value A 6,271,915 4.5% 1,887 11,916,617 8.0% 2,330 Nuveen Tradew inds Value Opportunities I 555,324 0.4% 56 0 0.0% - Baron Grow th Retail 2,144,512 1.5% 429 1,966,717 1.3% 125 Perkins Mid Cap Value Fund T 2,510,640 1.8% 1,643 0 0.0% -

14,023,295 10.0% 17,123,555 11.4%Large-Cap

American Funds Grow th Fund A 2,301,324 1.6% 475 4,304,028 2.9% 2,157 American Funds Inv Co Amer A 1,894,874 1.4% 1,055 6,440,790 4.3% 2,084 BlackRock Equity Index - Collective F 2,185,908 1.6% 104 3,055,446 2.0% 562 Fidelity Contrafund 3,298,712 2.4% 172 3,767,705 2.5% 181 Pioneer Fundamental Grow th Y 1,167,095 0.8% 84 1,606,098 1.1% 238 TIAA-CREF Institutional Equity Index 5,720,019 4.1% 1,766 1,818,726 1.2% 180 Invesco Grow th and Income Y 1,897,509 1.4% 1,396 1,922,986 1.3% 367

18,465,441 13.2% 22,915,780 15.3%Balanced

Fidelity Puritan 1,160,823 0.8% 285 1,825,882 1.2% 428 Janus Balanced Fund T 1,732,516 1.2% 482 2,243,606 1.5% 762

2,893,339 2.1% 4,069,488 2.7%Bond

PIMCO Total Return Admin 2,689,994 1.9% 1,966 0 0.0% - Vanguard Total Bond Market Index Signal 2,204,213 1.6% 983 0 0.0% - JPMorgan High Yield A 1,180,897 0.8% 151 1,114,397 0.7% 351 Vanguard Total Bond Market Index Adm 0 0.0% - 4,784,294 3.2% 2,279

6,075,104 4.3% 5,898,692 3.9%Fixed


139,673,138 100.0% 149,747,807 100.0%

6/30/20156/30/2014

Asset Distribution – 457(b) 03 Plan Asset Class/Fund Name


TD AMERITRADE SDB Money Market 451,534 0.3% 35 482,777 0.3% 41 TD AMERITRADE SDB Securities 1,685,791 1.2% 33 1,838,985 1.3% 39

2,137,325 1.5% 2,321,761 1.6%Fund of Funds


14,980,228 10.7% 16,326,649 11.2%International


11,629,471 8.3% 11,917,735 8.2%Small-Cap


6,255,896 4.5% 3,364,678 2.3%M id-Cap

Artisan Mid Cap Inv 4,878,128 3.5% 1,276 7,522,339 5.1% 646 American Century Mid Cap Value A 3,275,212 2.3% 1,893 7,767,276 5.3% 2,538 Nuveen Tradew inds Value Opportunities I 813,023 0.6% 115 0 0.0% - Baron Grow th Retail 3,069,861 2.2% 595 2,750,203 1.9% 276 Perkins Mid Cap Value Fund T 2,602,648 1.9% 1,760 0 0.0% -

14,638,872 10.5% 18,039,818 12.3%Large-Cap

American Funds Grow th Fund A 11,678,845 8.4% 1,124 12,904,133 8.8% 2,784 American Funds Inv Co Amer A 1,711,977 1.2% 1,131 3,551,366 2.4% 2,153 BlackRock Equity Index - Collective F 4,314,359 3.1% 340 4,823,042 3.3% 819 Fidelity Contrafund 13,627,425 9.8% 834 15,003,155 10.3% 844 Pioneer Fundamental Grow th Y 1,116,390 0.8% 145 1,476,292 1.0% 320 TIAA-CREF Institutional Equity Index 3,127,297 2.2% 1,789 1,991,650 1.4% 239 Invesco Grow th and Income Y 2,761,433 2.0% 1,550 3,582,594 2.5% 586

38,337,725 27.5% 43,332,231 29.7%Balanced

Fidelity Puritan 1,877,996 1.3% 396 2,399,227 1.6% 559 Janus Balanced Fund T 919,666 0.7% 524 1,093,592 0.7% 807

2,797,663 2.0% 3,492,819 2.4%Bond


5,371,255 3.9% 5,364,124 3.7%Fixed


139,392,778 100.0% 146,084,106 100.0%

6/30/2014 6/30/2015

Active Participants:6/30/2011 4,4416/30/2012 4,6276/30/2013 4,8636/30/2014 5,1456/30/2015 5,458

Average AccountBalance per Participant:

6/30/2011 $23,0876/30/2012 $22,8376/30/2013 $24,5826/30/2014 $27,0936/30/2015 $26,765

Average Number ofInvestment Optionsper Participant:

6/30/2011 4.16/30/2012 4.56/30/2013 5.66/30/2014 6.16/30/2015 6.1

Asset Distribution – Combined Asset Class/Fund Name


TD AMERITRADE SDB Money Market 1,106,455 0.4% 74 1,318,865 0.4% 85 TD AMERITRADE SDB Securities 6,630,175 2.4% 68 7,050,538 2.4% 81

7,736,630 2.8% 8,369,403 2.8%Fund of Funds


52,213,516 18.7% 54,623,510 18.5%International


27,364,756 9.8% 28,543,870 9.6%Small-Cap


11,046,310 4.0% 6,788,384 2.3%M id-Cap

Artisan Mid Cap Inv 7,419,033 2.7% 2,255 10,762,561 3.6% 915 American Century Mid Cap Value A 9,547,127 3.4% 3,780 19,683,892 6.7% 4,868 Nuveen Tradew inds Value Opportunities I 1,368,347 0.5% 171 0 0.0% - Baron Grow th Retail 5,214,372 1.9% 1,024 4,716,920 1.6% 401 Perkins Mid Cap Value Fund T 5,113,288 1.8% 3,403 0 0.0% -

28,662,167 10.3% 35,163,373 11.9%Large-Cap

American Funds Grow th Fund A 13,980,169 5.0% 1,599 17,208,161 5.8% 4,941 American Funds Inv Co Amer A 3,606,850 1.3% 2,186 9,992,155 3.4% 4,237 BlackRock Equity Index - Collective F 6,500,267 2.3% 444 7,878,488 2.7% 1,381 Fidelity Contrafund 16,926,137 6.1% 1,006 18,770,860 6.3% 1,025 Pioneer Fundamental Grow th Y 2,283,485 0.8% 229 3,082,390 1.0% 558 TIAA-CREF Institutional Equity Index 8,847,315 3.2% 3,555 3,810,376 1.3% 419 Invesco Grow th and Income Y 4,658,942 1.7% 2,946 5,505,581 1.9% 953

56,803,166 20.4% 66,248,011 22.4%Balanced

Fidelity Puritan 3,038,819 1.1% 681 4,225,109 1.4% 987 Janus Balanced Fund T 2,652,182 1.0% 1,006 3,337,198 1.1% 1,569

5,691,001 2.0% 7,562,307 2.6%Bond


11,446,359 4.1% 11,262,816 3.8%Fixed


279,065,916 100.0% 295,831,914 100.0%

6/30/20156/30/2014

Total Active Accounts:6/30/2011 7,4546/30/2012 7,8146/30/2013 8,3006/30/2014 8,8376/30/2015 9,507

Average AccountBalance per Account:

6/30/2011 $26,3966/30/2012 $26,2186/30/2013 $28,5146/30/2014 $31,5796/30/2015 $31,117

Average Number ofInvestment Optionsper Account:

6/30/2011 4.36/30/2012 4.86/30/2013 6.06/30/2014 6.66/30/2015 6.5

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

6/30/2011 6/30/2012 6/30/2013 6/30/2014 6/30/2015457(b) Plan 7.59 8.05 9.37 9.58 9.67401(a) Plan 12.83 12.81 13.78 14.20 16.06

Dol

lar A

mou

nt (i

n M

illion

s)Contribution History

25.7323.78

23.1520.8620.42

Contributions by Asset Class $5.43

$4.62 $4.47 $4.25 $4.03

$1.24 $1.17

$0.53

$-

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

Dolla

r Am

ount

(in

milli

ons)

21.1%

18.0%

17.4%

16.5%

15.6%

4.8%4.5% 2.1%

Large Cap

Fixed

Fund of Funds

International

Mid Cap

Bond

Small Cap

Balanced

Percentage of Contributions by Asset Class Fund of Small Mid LargeFunds Internat'l Cap Cap Cap Balanced Bond Fixed

7/1/2010 to 6/30/2011 29.1% 13.1% 5.6% 9.8% 13.6% 1.4% 3.5% 23.9%7/1/2011 to 6/30/2012 27.8% 16.0% 5.0% 11.3% 11.6% 1.5% 2.6% 23.0%7/1/2012 to 6/30/2013 23.5% 17.2% 2.7% 16.3% 14.8% 1.3% 3.7% 20.6%7/1/2013 to 6/30/2014 21.2% 18.8% 4.0% 15.9% 16.4% 1.5% 4.7% 17.7%7/1/2014 to 6/30/2015 19.1% 17.8% 4.6% 15.9% 18.4% 2.1% 4.6% 17.6%


7/1/2010 to 6/30/2011 15.7% 11.0% 5.6% 9.9% 20.6% 1.5% 3.6% 32.0%7/1/2011 to 6/30/2012 16.6% 13.3% 5.8% 11.9% 17.7% 1.5% 3.2% 30.0%7/1/2012 to 6/30/2013 15.3% 14.0% 3.3% 13.9% 20.5% 1.2% 4.2% 27.6%7/1/2013 to 6/30/2014 12.1% 15.7% 4.0% 14.1% 25.3% 1.3% 6.5% 21.0%7/1/2014 to 6/30/2015 14.5% 14.5% 4.3% 15.2% 25.5% 2.1% 5.3% 18.6%


7/1/2010 to 6/30/2011 24.1% 12.3% 5.6% 9.8% 16.2% 1.5% 3.5% 26.9%7/1/2011 to 6/30/2012 23.5% 15.0% 5.3% 12.2% 13.9% 1.5% 2.8% 25.7%7/1/2012 to 6/30/2013 20.2% 15.9% 2.9% 15.3% 17.1% 1.2% 3.9% 23.4%7/1/2013 to 6/30/2014 17.5% 17.5% 4.0% 15.2% 20.0% 1.4% 5.4% 19.0%7/1/2014 to 6/30/2015 17.4% 16.5% 4.5% 15.6% 21.1% 2.1% 4.8% 18.0%

Combined

401(a) Plan

457(b) Plan

Contributions by Investment Option $1.143

$0.974$1.557

$0.300$0.258

$0.022$0.002$0.026$0.027$0.046$0.108

$0.003$0.001$0.001

$0.837$0.831

$0.694$0.156

$0.317$0.318

$3.025$0.207$0.253$0.224

$1.090$1.707

$0.276$0.812

$0.154$1.082

$0.305$0.190

$0.340$0.355

$0.170$0.191

$0.525$4.623

$0.00 $1.50 $3.00 $4.50 $6.00

Maxim Aggressive Profile PortfolioMaxim Moderately Aggressive Profile Port

Maxim Moderate Profile PortfolioMaxim Moderately Conservative Profile

Maxim Conservative Profile PortfolioGreat-West SecureFoundation LT 2015 GGreat-West SecureFoundation LT 2020 GGreat-West SecureFoundation LT 2025 GGreat-West SecureFoundation LT 2030 GGreat-West SecureFoundation LT 2035 GGreat-West SecureFoundation LT 2040 GGreat-West SecureFoundation LT 2045 GGreat-West SecureFoundation LT 2050 GGreat-West SecureFoundation LT 2055 G

Artisan International InvDreyfus International Stock Index

Columbia Small Cap Value Fund II ZNeuberger Berman Genesis Fund - Trust

Franklin Small Cap Growth AArtisan Mid Cap Inv

American Century Mid Cap Value ANuveen Tradewinds Value Opportunities I

Baron Growth RetailPerkins Mid Cap Value Fund T

American Funds Growth Fund AAmerican Funds Inv Co Amer A

BlackRock Equity Index - Collective FFidelity Contrafund

Pioneer Fundamental Growth YTIAA-CREF Institutional Equity Index

Invesco Growth and Income YFidelity Puritan

Janus Balanced Fund TPIMCO Total Return Admin

Vanguard Total Bond Market Index SignalJPMorgan High Yield A

Vanguard Total Bond Market Index AdmGwinnett Stable Value Fund

Dollar Amount (in millions)

Contributions by Fund – 401(a) 01 Plan Asset Class/Fund Name


Maxim Aggressive Profile Portfolio 630,774 4.4% 224 670,922 4.2% 228 Maxim Moderately Aggressive Profile Port 687,619 4.8% 220 626,237 3.9% 199 Maxim Moderate Profile Portfolio 1,278,482 9.0% 366 1,289,407 8.0% 357 Maxim Moderately Conservative Profile 224,138 1.6% 80 215,695 1.3% 81 Maxim Conservative Profile Portfolio 164,236 1.2% 69 174,139 1.1% 62 Great-West SecureFoundation LT 2015 G 5,657 0.0% 4 15,548 0.1% 8 Great-West SecureFoundation LT 2020 G 85 0.0% 1 600 0.0% 1 Great-West SecureFoundation LT 2025 G 6,763 0.0% 5 15,580 0.1% 7 Great-West SecureFoundation LT 2030 G 504 0.0% 2 11,168 0.1% 3 Great-West SecureFoundation LT 2035 G 6,002 0.0% 4 32,384 0.2% 5 Great-West SecureFoundation LT 2040 G 0 0.0% - 11,651 0.1% 4 Great-West SecureFoundation LT 2045 G 605 0.0% 1 1,695 0.0% 4 Great-West SecureFoundation LT 2055 G 0 0.0% - 727 0.0% 1

3,004,864 21.2% 3,065,754 19.1%International

Artisan International Inv 459,386 3.2% 1,806 548,578 3.4% 2,122 Dreyfus International Stock Index 796,405 5.6% 1,820 561,503 3.5% 2,119 Oppenheimer Developing Markets Y 688,980 4.9% 1,806 869,889 5.4% 2,109 Oppenheimer Global Y 722,480 5.1% 1,874 875,961 5.5% 2,185

2,667,251 18.8% 2,855,931 17.8%Small-Cap


562,615 4.0% 746,345 4.6%M id-Cap

Artisan Mid Cap Inv 175,068 1.2% 1,447 135,893 0.8% 837 American Century Mid Cap Value A 707,473 5.0% 1,746 2,073,616 12.9% 2,142 Nuveen Tradew inds Value Opportunities I 39,650 0.3% 69 67,125 0.4% 33 Baron Grow th Retail 443,775 3.1% 1,702 132,559 0.8% 572 Perkins Mid Cap Value Fund T 889,626 6.3% 1,724 144,087 0.9% 1,646

2,255,593 15.9% 2,553,279 15.9%Large-Cap

American Funds Grow th Fund A 212,657 1.5% 1,453 438,066 2.7% 2,092 American Funds Inv Co Amer A 145,670 1.0% 1,513 1,178,951 7.3% 2,064 BlackRock Equity Index - Collective F 161,318 1.1% 419 150,389 0.9% 382 Fidelity Contrafund 276,574 1.9% 405 284,832 1.8% 155 Pioneer Fundamental Grow th Y 47,267 0.3% 63 82,476 0.5% 127 Janus Tw enty Fund T 29,590 0.2% 66 0 0.0% - TIAA-CREF Institutional Equity Index 1,303,583 9.2% 1,767 689,686 4.3% 1,839 Invesco Grow th and Income Y 145,613 1.0% 1,529 137,467 0.9% 1,344

2,322,272 16.4% 2,961,867 18.4%Balanced

Fidelity Puritan 74,840 0.5% 285 108,327 0.7% 606 Janus Balanced Fund T 132,493 0.9% 594 221,442 1.4% 860

207,333 1.5% 329,769 2.1%Bond

PIMCO Total Return Admin 341,975 2.4% 1,810 229,006 1.4% 1,893 Vanguard Total Bond Market Index Signal 277,929 2.0% 688 87,072 0.5% 661 JPMorgan High Yield A 45,024 0.3% 94 94,880 0.6% 412 Vanguard Total Bond Market Index Adm 0 0.0% - 320,123 2.0% 1,900

664,928 4.7% 731,081 4.6%Fixed


14,202,858 100.0% 16,063,785 100.0%

7/1/2014 to 6/30/20157/1/2013 to 6/30/2014

Contributing Participants:6/30/2011 2,4826/30/2012 2,5756/30/2013 2,7376/30/2014 2,9296/30/2015 3,191

6/30/2011 $5,1716/30/2012 $4,9756/30/2013 $5,0346/30/2014 $4,8496/30/2015 $5,034

6/30/2011 6.36/30/2012 8.56/30/2013 8.56/30/2014 9.96/30/2015 11.1

Average Number of Investment Options per Participant:

Average Contribution per Participant:

Contributions by Fund – 457(b) 03 Plan Asset Class/Fund Name


Maxim Aggressive Profile Portfolio 388,150 4.1% 328 471,853 4.9% 339 Maxim Moderately Aggressive Profile Port 331,452 3.5% 274 347,880 3.6% 273 Maxim Moderate Profile Portfolio 254,290 2.7% 268 267,467 2.8% 279 Maxim Moderately Conservative Profile 86,829 0.9% 93 84,634 0.9% 93 Maxim Conservative Profile Portfolio 65,271 0.7% 78 83,854 0.9% 73 Great-West SecureFoundation LT 2015 G 5,964 0.1% 4 6,770 0.1% 4 Great-West SecureFoundation LT 2020 G 667 0.0% 2 988 0.0% 3 Great-West SecureFoundation LT 2025 G 4,002 0.0% 7 10,608 0.1% 10 Great-West SecureFoundation LT 2030 G 1,605 0.0% 5 16,115 0.2% 6 Great-West SecureFoundation LT 2035 G 14,166 0.1% 6 13,663 0.1% 6 Great-West SecureFoundation LT 2040 G 3,964 0.0% 3 95,948 1.0% 4 Great-West SecureFoundation LT 2045 G 562 0.0% 5 1,275 0.0% 6 Great-West SecureFoundation LT 2050 G 0 0.0% - 519 0.0% 2 Great-West SecureFoundation LT 2055 G 0 0.0% - 64 0.0% 2

1,156,922 12.1% 1,401,637 14.5%International

Artisan International Inv 345,772 3.6% 1,810 288,374 3.0% 2,125 Dreyfus International Stock Index 391,872 4.1% 1,786 269,239 2.8% 2,080 Oppenheimer Developing Markets Y 367,744 3.8% 1,789 416,815 4.3% 2,101 Oppenheimer Global Y 395,108 4.1% 1,899 423,254 4.4% 2,202

1,500,497 15.7% 1,397,682 14.5%Small-Cap


384,545 4.0% 420,585 4.3%M id-Cap

Artisan Mid Cap Inv 236,623 2.5% 1,544 181,831 1.9% 980 American Century Mid Cap Value A 358,672 3.7% 1,692 951,843 9.8% 2,181 Nuveen Tradew inds Value Opportunities I 55,504 0.6% 89 140,253 1.5% 61 Baron Grow th Retail 267,122 2.8% 1,705 120,267 1.2% 641 Perkins Mid Cap Value Fund T 437,300 4.6% 1,718 80,011 0.8% 1,633

1,355,221 14.1% 1,474,204 15.2%Large-Cap

American Funds Grow th Fund A 490,135 5.1% 1,673 652,420 6.7% 2,279 American Funds Inv Co Amer A 120,232 1.3% 1,489 527,587 5.5% 2,036 BlackRock Equity Index - Collective F 353,843 3.7% 512 125,885 1.3% 488 Fidelity Contrafund 655,554 6.8% 668 527,130 5.4% 435 Pioneer Fundamental Grow th Y 42,430 0.4% 99 72,007 0.7% 161 Janus Tw enty Fund T 24,543 0.3% 95 0 0.0% - TIAA-CREF Institutional Equity Index 606,679 6.3% 1,711 392,808 4.1% 1,793 Invesco Grow th and Income Y 130,431 1.4% 1,538 167,073 1.7% 1,390

2,423,847 25.3% 2,464,911 25.5%Balanced

Fidelity Puritan 61,065 0.6% 339 81,759 0.8% 663 Janus Balanced Fund T 63,000 0.7% 596 118,063 1.2% 869

124,066 1.3% 199,822 2.1%Bond

PIMCO Total Return Admin 193,340 2.0% 1,765 125,635 1.3% 1,843 Vanguard Total Bond Market Index Signal 157,106 1.6% 725 82,991 0.9% 692 JPMorgan High Yield A 276,227 2.9% 118 96,504 1.0% 436 Vanguard Total Bond Market Index Adm 0 0.0% - 205,248 2.1% 1,863

626,673 6.5% 510,378 5.3%Fixed


9,583,420 100.0% 9,672,136 100.0%

7/1/2014 to 6/30/20157/1/2013 to 6/30/2014

Contributing Participants:6/30/2011 3,1946/30/2012 3,2986/30/2013 3,4276/30/2014 3,5766/30/2015 3,802

6/30/2011 $2,3766/30/2012 $2,4416/30/2013 $2,7356/30/2014 $2,6806/30/2015 $2,544

6/30/2011 5.46/30/2012 7.16/30/2013 7.26/30/2014 8.46/30/2015 9.6

Average Number of Investment Options per Participant:

Average Annual Contributions per Participant:

Contributions by Fund – Combined Asset Class/Fund Name


Maxim Aggressive Profile Portfolio 1,018,924 4.3% 552 1,142,775 4.4% 567 Maxim Moderately Aggressive Profile Port 1,019,070 4.3% 494 974,116 3.8% 472 Maxim Moderate Profile Portfolio 1,532,772 6.4% 634 1,556,875 6.0% 636 Maxim Moderately Conservative Profile 310,968 1.3% 173 300,329 1.2% 174 Maxim Conservative Profile Portfolio 229,506 1.0% 147 257,993 1.0% 135 Great-West SecureFoundation LT 2015 G 11,620 0.0% 8 22,319 0.1% 12 Great-West SecureFoundation LT 2020 G 752 0.0% 3 1,588 0.0% 4 Great-West SecureFoundation LT 2025 G 10,765 0.0% 12 26,188 0.1% 17 Great-West SecureFoundation LT 2030 G 2,110 0.0% 7 27,283 0.1% 9 Great-West SecureFoundation LT 2035 G 20,167 0.1% 10 46,047 0.2% 11 Great-West SecureFoundation LT 2040 G 3,964 0.0% 3 107,599 0.4% 8 Great-West SecureFoundation LT 2045 G 1,167 0.0% 6 2,970 0.0% 10 Great-West SecureFoundation LT 2050 G 0 0.0% - 519 0.0% 2 Great-West SecureFoundation LT 2055 G 0 0.0% - 791 0.0% 3

4,161,786 17.5% 4,467,391 17.4%International

Artisan International Inv 805,158 3.4% 3,616 836,951 3.3% 4,247 Dreyfus International Stock Index 1,188,278 5.0% 3,606 830,742 3.2% 4,199 Oppenheimer Developing Markets Y 1,056,724 4.4% 3,595 1,286,704 5.0% 4,210 Oppenheimer Global Y 1,117,589 4.7% 3,773 1,299,216 5.0% 4,387

4,167,748 17.5% 4,253,613 16.5%Small-Cap


947,161 4.0% 1,166,930 4.5%M id-Cap

Artisan Mid Cap Inv 411,691 1.7% 2,991 317,723 1.2% 1,817 American Century Mid Cap Value A 1,066,145 4.5% 3,438 3,025,459 11.8% 4,323 Nuveen Tradew inds Value Opportunities I 95,154 0.4% 158 207,377 0.8% 94 Baron Grow th Retail 710,897 3.0% 3,407 252,825 1.0% 1,213 Perkins Mid Cap Value Fund T 1,326,926 5.6% 3,442 224,097 0.9% 3,279

3,610,813 15.2% 4,027,482 15.6%Large-Cap

American Funds Grow th Fund A 702,793 3.0% 3,126 1,090,486 4.2% 4,371 American Funds Inv Co Amer A 265,902 1.1% 3,002 1,706,538 6.6% 4,100 BlackRock Equity Index - Collective F 515,161 2.2% 931 276,275 1.1% 870 Fidelity Contrafund 932,128 3.9% 1,073 811,963 3.2% 590 Pioneer Fundamental Grow th Y 89,697 0.4% 162 154,482 0.6% 288 Janus Tw enty Fund T 54,133 0.2% 161 0 0.0% - TIAA-CREF Institutional Equity Index 1,910,262 8.0% 3,478 1,082,494 4.2% 3,632 Invesco Grow th and Income Y 276,045 1.2% 3,067 304,540 1.2% 2,734

4,746,120 20.0% 5,426,778 21.1%Balanced

Fidelity Puritan 135,906 0.6% 624 190,086 0.7% 1,269 Janus Balanced Fund T 195,493 0.8% 1,190 339,505 1.3% 1,729

331,399 1.4% 529,592 2.1%Bond

PIMCO Total Return Admin 535,315 2.3% 3,575 354,640 1.4% 3,736 Vanguard Total Bond Market Index Signal 435,035 1.8% 1,413 170,064 0.7% 1,353 JPMorgan High Yield A 321,251 1.4% 212 191,384 0.7% 848 Vanguard Total Bond Market Index Adm 0 0.0% - 525,371 2.0% 3,763

1,291,601 5.4% 1,241,459 4.8%Fixed


23,786,279 100.0% 25,735,922 100.0%

7/1/2014 to 6/30/20157/1/2013 to 6/30/2014

Total AccountsReceiving Contributions:

6/30/2011 5,6766/30/2012 5,8736/30/2013 6,1646/30/2014 6,5056/30/2015 6,993

6/30/2011 $3,5986/30/2012 $3,5526/30/2013 $3,7566/30/2014 $3,6576/30/2015 $3,680

6/30/2011 5.86/30/2012 7.76/30/2013 7.86/30/2014 9.16/30/2015 10.3

Average Number of Investment Options per Account:

Average Contributions per Account:

0

3,000

6,000

9,000

12,000

6/30/2011 6/30/2012 6/30/2013 6/30/2014 6/30/2015457(b) Plan 4,441 4,627 4,863 5,145 5,458401(a) Plan 3,013 3,187 3,437 3,692 4,049

Plan Participation

9,5078,837

8,3007,8147,454

Benefit Payment Distribution – 401(a) 01 Plan


Death 294,719 3.2% 5 155,291 1.5% 4Disability 76,741 0.8% 3 0 0.0% 0Retirement 404,230 4.4% 6 3,092 0.0% 1Separation of Service 6,718,101 73.5% 218 7,991,532 78.6% 267Total Full Withdrawals: 7,493,791 82.0% 232 8,149,915 80.2% 272

Partial WithdrawalsDeath 0 0.0% 0 4,000 0.0% 1In Service 18,181 0.2% 1 14,081 0.1% 1Minimum Distribution 0 0.0% 0 1,758 0.0% 2Retirement 400,426 4.4% 11 34,649 0.3% 4Separation of Service 679,498 7.4% 48 1,390,382 13.7% 48Total Partial Withdrawals: 1,098,105 12.0% 60 1,444,870 14.2% 56

Periodic PaymentsBenefit Payment 7,200 0.1% 1 6,000 0.1% 1Minimum Distribution 13,854 0.2% 6 26,014 0.3% 7Retirement 452,175 4.9% 17 452,907 4.5% 22Separation of Service 76,600 0.8% 4 84,700 0.8% 4Total Periodic Payments: 549,829 6.0% 28 569,622 5.6% 34

9,141,725 100.0% 320 10,164,407 100.0% 362

7/1/2013 to 6/30/2014 7/1/2014 to 6/30/2015

Benefit Payment Distribution – 457(b) 03 Plan


Death 120,351 1.3% 7 460,949 4.4% 10Retirement 754,081 8.4% 31 4,444 0.0% 4Separation of Service 3,176,140 35.2% 216 4,460,852 42.9% 289Total Full Withdrawals: 4,050,572 44.9% 254 4,926,245 47.4% 303

Partial WithdrawalsINSERVROMT 30,281 0.3% 5 317,297 3.1% 9Death 23,905 0.3% 1 25,286 0.2% 1Disability 9,031 0.1% 2 0 0.0% 0Hardship 72,625 0.8% 20 52,934 0.5% 17Loan 2,193,602 24.3% 305 2,214,748 21.3% 325Minimum Distribution 3,697 0.0% 3 10,012 0.1% 6Retirement 808,262 9.0% 57 35,254 0.3% 4Separation of Service 947,007 10.5% 55 2,092,916 20.1% 106Service Credit 47,018 0.5% 11 15,734 0.2% 6Total Partial Withdrawals: 4,135,430 45.9% 459 4,764,180 45.8% 474

Periodic PaymentsBenefit Payment 32,485 0.4% 4 36,985 0.4% 4Minimum Distribution 99,675 1.1% 45 174,833 1.7% 56Retirement 685,936 7.6% 58 481,386 4.6% 51Separation of Service 10,700 0.1% 2 19,000 0.2% 3Total Periodic Payments: 828,796 9.2% 109 712,204 6.8% 114

9,014,798 100.0% 822 10,402,630 100.0% 891

7/1/2013 to 6/30/2014 7/1/2014 to 6/30/2015

Benefit Payment Distribution – Combined


Death 415,069 2.3% 12 616,240 3.0% 14Disability 76,741 0.4% 3 0 0.0% 0Retirement 1,158,312 6.4% 37 7,536 0.0% 5Separation of Service 9,894,241 54.5% 434 12,452,384 60.5% 556Total Full Withdrawals: 11,544,363 63.6% 486 13,076,160 63.6% 575

Partial WithdrawalsINSERVROMT 30,281 0.2% 5 317,297 1.5% 9Death 23,905 0.1% 1 29,286 0.1% 2Disability 9,031 0.0% 2 0 0.0% 0Hardship 72,625 0.4% 20 52,934 0.3% 17In Service 18,181 0.1% 1 14,081 0.1% 1Loan 2,193,602 12.1% 305 2,214,748 10.8% 325Minimum Distribution 3,697 0.0% 3 11,770 0.1% 8Retirement 1,208,688 6.7% 68 69,902 0.3% 8Separation of Service 1,626,505 9.0% 103 3,483,298 16.9% 154Service Credit 47,018 0.3% 11 15,734 0.1% 6Total Partial Withdrawals: 5,233,535 28.8% 519 6,209,051 30.2% 530

Periodic PaymentsBenefit Payment 39,685 0.2% 5 42,985 0.2% 5Minimum Distribution 113,530 0.6% 51 200,847 1.0% 63Retirement 1,138,111 6.3% 75 934,294 4.5% 73Separation of Service 87,300 0.5% 6 103,700 0.5% 7Total Periodic Payments: 1,378,625 7.6% 137 1,281,826 6.2% 148

18,156,523 100.0% 1,142 20,567,037 100.0% 1,253

7/1/2013 to 6/30/2014 7/1/2014 to 6/30/2015

KeyTalk® Statistics – 401(a) 01 Plan

Category Total Pct Total PctChange Passcode 490 95.3% 536 92.9%Inq Acct Bal 16 3.1% 25 4.3%Inq Alloc 5 1.0% 10 1.7%Inq Tran Hist 3 0.6% 5 0.9%Inq Uval - 0.0% 1 0.2%

GRAND TOTAL 514 100.0% 577 100.0%

Total Calls 1,585 1,866 Rolled to Customer Service 1,087 1,269 Pct Transferred to CSR 68.6% 68.0%

Plan Totals7/1/2013 to 6/30/2014 7/1/2014 to 6/30/2015

KeyTalk® Statistics – 457(b) 03 Plan

Category Total Pct Total PctChange Passcode 778 72.5% 856 72.4%Deferral 18 1.7% 11 0.9%Fund To Fund Trf 1 0.1% - 0.0%Inq Acct Bal 18 1.7% 21 1.8%Inq Alloc - 0.0% 2 0.2%Inq Loan 185 17.2% 223 18.9%Inq Tran Hist 17 1.6% 12 1.0%Inq Uval 1 0.1% 1 0.1%Loan Request 55 5.1% 57 4.8%

GRAND TOTAL 1,073 100.0% 1,183 100.0%


Plan Totals7/1/2013 to 6/30/2014 7/1/2014 to 6/30/2015

KeyTalk® Statistics – Combined

Category Total Pct Total PctChange Passcode 1,268 79.9% 1,392 79.1%Deferral 18 1.1% 11 0.6%Fund To Fund Trf 1 0.1% - 0.0%Inq Acct Bal 34 2.1% 46 2.6%Inq Alloc 5 0.3% 12 0.7%Inq Loan 185 11.7% 223 12.7%Inq Tran Hist 20 1.3% 17 1.0%Inq Uval 1 0.1% 2 0.1%Loan Request 55 3.5% 57 3.2%

GRAND TOTAL 1,587 100.0% 1,760 100.0%


Plan Totals7/1/2013 to 6/30/2014 7/1/2014 to 6/30/2015

Internet Statistics – 401(a) 01 Plan

Category Total Pct Total PctAccount And Certificates Overview 21,503 30.3% 16,202 25.7%Allocation And Asset Allocation 1,411 2.0% 1,526 2.4%Disbursement Summary 1,920 2.7% 2,345 3.7%Fund Overview And Prospectus 2,096 3.0% 2,159 3.4%Address Change 29 0.0% 45 0.1%Allocation 183 0.3% 250 0.4%Beneficiaries 138 0.2% 222 0.4%Change Passcode 380 0.5% 866 1.4%Disbursement Summary 1,920 2.7% 2,345 3.7%Dollar Cost Avg 1 0.0% - 0.0%Elec Filing Cabinet 227 0.3% 457 0.7%Email Address 350 0.5% 440 0.7%Fund To Fund Trf 286 0.4% 294 0.5%Indic Data 288 0.4% 281 0.4%Inq Acct Bal 579 0.8% 445 0.7%Inq Acct Sum 17 0.0% 6 0.0%Inq Alloc 6 0.0% 3 0.0%Inq Asset Alloc 80 0.1% 63 0.1%Inq Asset Alloc Comparison 109 0.2% 117 0.2%Inq Bal Comparison 712 1.0% 517 0.8%Inq Bal History 1,844 2.6% 1,782 2.8%Inq Bene 663 0.9% 947 1.5%Inq Dfrl 6 0.0% - 0.0%Inq Elec Stmts 3 0.0% 2 0.0%Inq Fund Overview 543 0.8% 492 0.8%Inq Fund Prospectus 212 0.3% 165 0.3%Inq Fund Returns 1,360 1.9% 1,456 2.3%Inq Funds Trnd 572 0.8% 574 0.9%Inq Managed Account-Ibbotson 21 0.0% 39 0.1%Inq O/L Forms 652 0.9% 649 1.0%Inq Online Prospectus 5 0.0% 1 0.0%Inq Per Rate Return 3,267 4.6% 2,768 4.4%Inq Rates 151 0.2% 141 0.2%Inq Stmt On Demand 17 0.0% 13 0.0%Inq Tran Hist 23,435 33.1% 18,835 29.9%Inq Trfs - Comp/Pend/Perd 1,356 1.9% 1,794 2.8%Inq Uval 1,324 1.9% 1,205 1.9%Inquire Address 965 1.4% 1,127 1.8%Order Passcode 371 0.5% 489 0.8%Rebalancer 67 0.1% 107 0.2%Registration 1,175 1.7% 1,491 2.4%Transaction Downloads 560 0.8% 350 0.6%Trf From Sda 26 0.0% 30 0.0%Trf To Sda 35 0.0% 45 0.1%

GRAND TOTAL 70,865 100.0% 63,085 100.0%

Number of Successful log ins 31,512 30,278

Plan Totals7/1/2013 to 6/30/2014 7/1/2014 to 6/30/2015

Internet Statistics – 457(b) 03 Plan

Category Total Pct Total PctAccount And Certificates Overview 28,394 24.3% 22,353 21.1%Allocation And Asset Allocation 2,405 2.1% 2,582 2.4%Disbursement Summary 2,246 1.9% 2,944 2.8%Fund Overview And Prospectus 2,878 2.5% 3,074 2.9%Address Change 20 0.0% 37 0.0%Allocation 362 0.3% 435 0.4%Beneficiaries 214 0.2% 284 0.3%Change Passcode 643 0.6% 1,393 1.3%Deferral 903 0.8% 931 0.9%Disbursement Summary 2,246 1.9% 2,944 2.8%Dollar Cost Avg 2 0.0% 1 0.0%Elec Filing Cabinet 243 0.2% 446 0.4%Email Address 469 0.4% 494 0.5%Fund To Fund Trf 561 0.5% 518 0.5%Indic Data 367 0.3% 417 0.4%Inq Acct Bal 2,084 1.8% 1,367 1.3%Inq Acct Sum 68 0.1% 19 0.0%Inq Alloc 14 0.0% 2 0.0%Inq Asset Alloc 155 0.1% 220 0.2%Inq Asset Alloc Comparison 303 0.3% 294 0.3%Inq Bal Comparison 1,367 1.2% 1,063 1.0%Inq Bal History 3,738 3.2% 3,579 3.4%Inq Bene 1,008 0.9% 1,145 1.1%Inq Dfrl 3,423 2.9% 3,461 3.3%Inq Elec Stmts 23 0.0% 15 0.0%Inq Fund Overview 786 0.7% 726 0.7%Inq Fund Prospectus 351 0.3% 274 0.3%Inq Fund Returns 2,595 2.2% 2,474 2.3%Inq Funds Trnd 1,335 1.1% 1,612 1.5%Inq Loan Sum 10,589 9.1% 10,156 9.6%Inq Managed Account-Ibbotson 45 0.0% 56 0.1%Inq O/L Forms 845 0.7% 741 0.7%Inq Online Prospectus 7 0.0% 3 0.0%Inq Per Rate Return 5,594 4.8% 5,598 5.3%Inq Rates 424 0.4% 326 0.3%Inq Stmt On Demand 30 0.0% 12 0.0%Inq Tran Hist 29,515 25.3% 23,948 22.6%Inq Trfs - Comp/Pend/Perd 2,187 1.9% 2,733 2.6%Inq Uval 2,650 2.3% 2,179 2.1%Inquire Address 1,069 0.9% 1,189 1.1%Loan Request 249 0.2% 268 0.3%Online Enrollment 34 0.0% 82 0.1%Order Passcode 207 0.2% 297 0.3%Rebalancer 115 0.1% 182 0.2%Registration 1,822 1.6% 1,885 1.8%Transaction Downloads 2,084 1.8% 985 0.9%Trf From Sda 21 0.0% 13 0.0%Trf To Sda 8 0.0% 29 0.0%

GRAND TOTAL 116,698 100.0% 105,786 100.0%


Plan Totals7/1/2013 to 6/30/2014 7/1/2014 to 6/30/2015

Internet Statistics – Combined

Category Total Pct Total PctAccount And Certificates Overview 49,897 26.6% 38,555 22.8%Allocation And Asset Allocation 3,816 2.0% 4,108 2.4%Disbursement Summary 4,166 2.2% 5,289 3.1%Fund Overview And Prospectus 4,974 2.7% 5,233 3.1%Address Change 49 0.0% 82 0.0%Allocation 545 0.3% 685 0.4%Beneficiaries 352 0.2% 506 0.3%Change Passcode 1,023 0.5% 2,259 1.3%Deferral 903 0.5% 931 0.6%Disbursement Summary 4,166 2.2% 5,289 3.1%Dollar Cost Avg 3 0.0% 1 0.0%Elec Filing Cabinet 470 0.3% 903 0.5%Email Address 819 0.4% 934 0.6%Fund To Fund Trf 847 0.5% 812 0.5%Indic Data 655 0.3% 698 0.4%Inq Acct Bal 2,663 1.4% 1,812 1.1%Inq Acct Sum 85 0.0% 25 0.0%Inq Alloc 20 0.0% 5 0.0%Inq Asset Alloc 235 0.1% 283 0.2%Inq Asset Alloc Comparison 412 0.2% 411 0.2%Inq Bal Comparison 2,079 1.1% 1,580 0.9%Inq Bal History 5,582 3.0% 5,361 3.2%Inq Bene 1,671 0.9% 2,092 1.2%Inq Dfrl 3,429 1.8% 3,461 2.0%Inq Elec Stmts 26 0.0% 17 0.0%Inq Fund Overview 1,329 0.7% 1,218 0.7%Inq Fund Prospectus 563 0.3% 439 0.3%Inq Fund Returns 3,955 2.1% 3,930 2.3%Inq Funds Trnd 1,907 1.0% 2,186 1.3%Inq Loan Sum 10,589 5.6% 10,156 6.0%Inq Managed Account-Ibbotson 66 0.0% 95 0.1%Inq O/L Forms 1,497 0.8% 1,390 0.8%Inq Online Prospectus 12 0.0% 4 0.0%Inq Per Rate Return 8,861 4.7% 8,366 5.0%Inq Rates 575 0.3% 467 0.3%Inq Stmt On Demand 47 0.0% 25 0.0%Inq Tran Hist 52,950 28.2% 42,783 25.3%Inq Trfs - Comp/Pend/Perd 3,543 1.9% 4,527 2.7%Inq Uval 3,974 2.1% 3,384 2.0%Inquire Address 2,034 1.1% 2,316 1.4%Loan Request 249 0.1% 268 0.2%Online Enrollment 34 0.0% 82 0.0%Order Passcode 578 0.3% 786 0.5%Rebalancer 182 0.1% 289 0.2%Registration 2,997 1.6% 3,376 2.0%Transaction Downloads 2,644 1.4% 1,335 0.8%Trf From Sda 47 0.0% 43 0.0%Trf To Sda 43 0.0% 74 0.0%

GRAND TOTAL 187,563 100.0% 168,871 100.0%


Plan Totals7/1/2013 to 6/30/2014 7/1/2014 to 6/30/2015

Recordkeeping - Participant History

Great-West continues to grow as a force in the Record keeping marketplace. We do record keeping in the 457(b), 401(a/k), 403(b), 408 markets as well as in the Institutional and Defined Benefit plan markets. The table below shows our participant growth as a record keeper in these markets

•12/31/2014 7,118,120

•12/31/2013 4,864,351

•12/31/2012 4,656,306

•12/31/2011 4,438,513

•12/31/2010 4,409,418

•12/31/2009 4,200,735

•12/31/2008 3,739,464

•12/31/2007 3,477,918

•12/31/2006 3,413,562

•12/31/2005 2,766,641

•12/31/2004 2,510,681

•12/31/2003 2,351,450

•12/31/2002 2,289,241

Recordkeeping Services

Government Relationships

Great-West has one of the strongest track records in the industry on renewing existing client relationships and adding new client relationships. Attached is a list of just a few of those recently renewed or new relationships we have formed. Renewed Relationships: •City of Wichita •Los Angeles County •State of Alaska •State of Tennessee

New Relationships: •State of Kansas •State of Washington •State of Idaho •State of Minnesota

Current Ratings

These are current ratings for Great-West Life & Annuity Insurance Company. These ratings are subject to change. These ratings do not pertain to the investment performance of the underlying fund, other insurance affiliates or subsidiaries, or non-insurance affiliates or subsidiaries of the company.

A+ A.M. Best Company, Inc. – Financial Strength

Superior Highest of ten categories

AA Standard & Poor’s Ratings Services – Financial Strength

Very Strong Second highest of nine categories

AA Fitch Ratings – Financial Strength

Very Strong Second highest of nine categories

Aa3 Moody’s Investors Service – Financial Strength

Excellent Second highest of nine categories

Five Year Financial Rating History

Fitch Moody’s S&P A.M. Best

2014 AA Aa3 AA A+

2013 AA Aa3 AA A+

2011 AA Aa3 AA A+

2010 AA+ Aa3 AA A+

2009 AA+ Aa3 AA A+

DISCLOSURES

Core securities, when offered, are offered through GWFS Equities, Inc. and/or other broker dealers.

GWFS Equities, Inc., Member FINRA/SIPC, is a wholly owned subsidiary of Great-West Life & Annuity Insurance Company. Empower Retirement refers to the products and services offered in the retirement markets by Great-West Life & Annuity Insurance Company (GWL&A), Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: White Plains, NY; and their subsidiaries and affiliates. The trademarks, logos, service marks, and design elements used are owned by their respective owners and are used by permission.

37.50% 3

62.50% 5

Q1 Which Committee are you a member of?Answered: 8 Skipped: 0

Total 8

RPMC

InvestmentCommittee

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Answer Choices Responses

RPMC

Investment Committee

1 / 11

Gwinnett County 2015 RPMC and Investment Committee Survey

25.00% 2

75.00% 6

0.00% 0

0.00% 0

Q2 How would you rate the overall qualityof the presentations provided by Empower

Retirement to your committee?Answered: 8 Skipped: 0

Total 8

Excellent

Good

Adequate

Needsimprovement

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Excellent

Good

Adequate

Needs improvement

2 / 11


25.00% 2

75.00% 6

0.00% 0

0.00% 0

Q3 How would you rate the overall qualityof the presentation materials provided by

Empower Retirement?Answered: 8 Skipped: 0

Total 8

Excellent

Good

Adequate

Needsimprovement

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Excellent

Good

Adequate

Needs improvement

3 / 11


100.00% 8

0.00% 0

Q4 Do you feel Empower Retirement isadequately prepared for each meeting?

Answered: 8 Skipped: 0

Total 8

Yes

No

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Yes

No

4 / 11


Q5 How would you rate the EmpowerRetirement presenter’s presentation skillsand ability to communicate information to

the committee (please rate each presenter)?Answered: 8 Skipped: 0

57.14%4

42.86%3

0.00%0

0.00%0

7

1.00

37.50%3

62.50%5

0.00%0

0.00%0

8

1.00

14.29%1

57.14%4

28.57%2

0.00%0

7

1.00

Excellent Good Adequate Needs Improvement

Amy Heyel, VicePresident, ClientRelationship

Eric Sanderson,Client RelationshipDirector

Angel Mario, KeyRetirement PlanCounselor

0%

20%

40%

60%

80%

100%

Excellent Good Adequate Needs Improvement Total Weighted Average

Amy Heyel, Vice President, Client Relationship

Eric Sanderson, Client Relationship Director

Angel Mario, Key Retirement Plan Counselor

5 / 11


Q6 How would you rate the knowledge ofthe Empower Retirement presenters

regarding their designated subject matter?Answered: 8 Skipped: 0

71.43%5

28.57%2

0.00%0

0.00%0

7

1.00

50.00%4

50.00%4

0.00%0

0.00%0

8

1.00

28.57%2

57.14%4

14.29%1

0.00%0

7

1.00

Excellent Good Adequate Needs Improvement

Amy Heyel, VicePresident, ClientRelationship

Eric Sanderson,Client RelationshipDirector

Angel Mario, KeyRetirement PlanCounselor

0%

20%

40%

60%

80%

100%

Excellent Good Adequate Needs Improvement Total Weighted Average

Amy Heyel, Vice President, Client Relationship

Eric Sanderson, Client Relationship Director

Angel Mario, Key Retirement Plan Counselor

6 / 11


12.50% 1

0.00% 0

87.50% 7

Q7 Does Empower Retirement provide toomuch, too little, or the appropriate amount

of information during its allotted time?Answered: 8 Skipped: 0

Total 8

Too much

Too little

Appropriateamount

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Too much

Too little

Appropriate amount

7 / 11


50.00% 4

50.00% 4

0.00% 0

0.00% 0

Q8 How has Empower Retirementperformed in aligning its services with the

goals of your committee?Answered: 8 Skipped: 0

Total 8

Excellent

Good

Adequate

Needsimprovement

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Excellent

Good

Adequate

Needs improvement

8 / 11


Q9 If you could give Empower Retirementan overall rating, with 1 being the worst and

10 being the best, what would it be?Answered: 8 Skipped: 0

0.00%0

0.00%0

0.00%0

0.00%0

0.00%0

0.00%0

25.00%2

50.00%4

12.50%1

12.50%1

8

1.00

1 2 3 4 5 6 7 8 9 10

(no label)0%

20%

40%

60%

80%

100%

25.00%

50.00%

12.50%12.50%

1 2 3 4 5 6 7 8 9 10 Total Weighted Average

(no label)

9 / 11


Q10 What else would you like to hear aboutfrom Empower Retirement during the

meeting?Answered: 3 Skipped: 5

# Responses Date

1 More aggressive effort on best approaches on dissemenating information and ideas on County objectives toimprove education to workforce. This needs to be customized to fit our County profile.

7/28/2015 7:32 AM

2 Gwinnett employee statistics regarding plans' participation and are they meeting their goals 7/26/2015 5:04 PM

3 Comparison of other target date funds with Empowerments, best practices, trends, and latest success stories. 7/23/2015 2:10 PM

10 / 11


Q11 Please enter any other questions orcomments you may have below.


# Responses Date

1 I didn't rate Angel since we have not had enough interaction with her yet as a committee. 7/27/2015 3:34 PM

11 / 11


Plan Participation – 2015

Plan 1st Qtr Participation

2nd Qtr Participation

3rd Qtr Participation

4th Qtr Participation

DB Plan

1,681 – 37%

1,632 – 37%

DC Plans

2,736 – 63%

2,769 – 63%

Retiree Medical Savings Plan

498

482

Deferred Compensation

3,302 – 75%

3,302 – 75%

Deferred Compensation - Roth

544

576

Deferred Compensation Match

1,825

1,864

Total Participants

4,417

4,401

Retirees receiving DB pension

1,981

2,021

Retirements - DB

9

41

Retirements – DC

6

4

Deferred Vested

12

9

Retirees w/Health Insurance

1,276

1,305

Empower Retirement Education Participation - 2015

Activity 1st Qtr Participation

2nd Qtr Participation

3rd Qtr Participation

4th Qtr Participation

Total Participation

Group/Onsite Meetings

43

46

Seminars/Lunch & Learns

3

6

One on One Meetings

480

403

Transition from Revenue Sharing to Explicit or Hybrid Recordkeeping Fee Models

Retirement Plans Management Committee August 27, 2015

Current Revenue Share Model

• Instituted in 2011 as a means to pay for: Recordkeeping services (16 bps); and Other qualified expenditures to benefit participants (education, services, etc).

• Average participant pays approximately 26.5 bps (weighted)

total in revenue share depending upon the investment options selected.

Current Revenue Share on Investment Options

3

CURRENT FUND LINEUP Ticker Name 12b-1 Other Admin Total ACLAX American Century Mid Cap Value A 0.25% 0.25% 0.50% AGTHX American Funds Growth Fund of Amer A 0.25% $3/ppt 0.25% + ppt fee AIVSX American Funds Invmt Co of Amer A 0.25% $3/ppt 0.25% + ppt fee ARTIX Artisan International Inv 0.00% 0.35% 0.35% ARTMX Artisan Mid Cap Inv 0.00% 0.35% 0.35% BGRFX Baron Growth Retail 0.25% 0.15% 0.40% N/A Blackrock Equity Index - Collective F 0.00% 0.00% 0.00% NSVAX Columbia Small Cap Value Fund II Z 0.00% 0.25% 0.25% DIISX Dreyfus Intl Stock Index (Idx) 0.00% 0.35% 0.35% FCNTX Fidelity Contrafund 0.00% 0.25% 0.25% FPURX Fidelity Puritan 0.00% 0.25% 0.25% FSGRX Franklin Small Cap Growth A 0.25% 0.15% 0.40% N/A Gwinnett Stable Value Fund 0.00% 0.20% 0.20% N/A Maxim Aggressive Profile Portfolio 0.00% 0.35% 0.35% N/A Maxim Conservative Profile Portfolio 0.00% 0.35% 0.35% N/A Maxim Moderate Profile Portfolio 0.00% 0.35% 0.35% N/A Maxim Moderately Aggressive Profile Portfolio 0.00% 0.35% 0.35% N/A Maxim Moderately Conservative Profile Portfolio 0.00% 0.35% 0.35% MXSJX Great-West SecureFoundation® LT 2015 G 0.00% 0.35% 0.35% MXSMX Great-West SecureFoundation® LT 2020 G 0.00% 0.35% 0.35% MXSNX Great-West SecureFoundation® LT 2025 G 0.00% 0.35% 0.35% MXSQX Great-West SecureFoundation® LT 2030 G 0.00% 0.35% 0.35% MXSRX Great-West SecureFoundation® LT 2035 G 0.00% 0.34% 0.34% MXDSX Great-West SecureFoundation® LT 2040 G 0.00% 0.34% 0.34% MXSTX Great-West SecureFoundation® LT 2045 G 0.00% 0.34% 0.34% MXFSX Great-West SecureFoundation® LT 2050 G 0.00% 0.34% 0.34% MXSYX Great-West SecureFoundation® LT 2055 G 0.00% 0.34% 0.34% ACGMX INVESCO Growth and Income Y 0.00% 0.25% 0.25% JABAX Janus Balanced T 0.00% 0.25% 0.25% OHYAX.lw JPMorgan High Yield A Load Waived 0.25% 0.25% 0.50% NBGEX Neuberger Berman Genesis Tr 0.00% 0.35% 0.35% ODVYX Oppenheimer Developing Markets Y 0.00% 0.25% 0.25% OGLYX Oppenheimer Global Y 0.00% 0.25% 0.25% FUNYX Pioneer Fundamental Growth Y 0.00% 0.35% 0.35% TIEIX TIAA-CREF Equity Index Instl (Idx) 0.00% 0.00% 0.00% VBTSX Vanguard Total Bond Market Index Signal (Idx) 0.00% 0.00% 0.00%

Issues Created by Current Model

• Fee inequality - Participants pay different amounts of fees depending upon their account balances and the investments they select.

• Transparency – Difficult for participants to know how much they are paying in fees and revenue sharing.

• Accumulation of Revenue Sharing Account Balances.

Current Revenue Sharing Account Balances

401(a) Revenue Sharing Account Balance = $404,986.57 457(b) Revenue Sharing Account Balance = $492,192.38 ** All numbers as of 8/15/15.

Proposed Lower Share Classes

6

LOWEST SHARE CLASS Ticker Name 12b-1 Other Admin Total Comments AMDVX American Century Investments Mid Cap Value Fund R6 Class 0.00% 0.00% 0.00% RGAGX American Funds Growth Fund of America Class R-6 0.00% 0.00% 0.00%

RICGX American Funds Investment Company of America Fund Class R-6 0.00% 0.00% 0.00%

APHIX Artisan International Fund Class Institutional 0.00% 0.00% 0.00% APHMX Artisan Mid Cap Fund Class Institutional 0.00% 0.00% 0.00%

BGRIX Baron Growth Institutional Class 0.00% 0.15% 0.15%

CRRYX Columbia Small Cap Value Fund II Z 0.00% 0.00% 0.00%

FSMLX Franklin Small Cap Growth R6 0.00% 0.00% 0.00%

N/A Gwinnett Stable Value Fund 0.00% 0.00% 0.00% Assumes removal of 20 bps reimbursed to the plan

GIFFX INVESCO Growth and Income R6 0.00% 0.00% 0.00%

JABNX Janus Balanced Fund Class N 0.00% 0.00% 0.00%

JHYUX JPMorgan High Yield Fund Class R6 0.00% 0.00% 0.00%

NRGSX Neuberger Berman Genesis Fund Class R6 0.00% 0.00% 0.00%

ODVIX Oppenheimer Developing Markets 0.00% 0.00% 0.00%

OGLIX Oppenheimer Global Fund 0.00% 0.00% 0.00%

PFGKX Pioneer Fundamental Growth Fund K 0.00% 0.00% 0.00%

Flat Fee and Hybrid Proposals

401(a) PlanYears of Service 1 3 5 10 15 20 25Number of Accounts 388 267 265 120 20 11 14Avg. Balance $3,676 $11,719 $25,277 $71,475 $154,686 $133,193 $213,145

CURRENT FEE STRUCTURE16 bps fee (Empower Retirement fee only) $6 $19 $40 $114 $247 $213 $34126.5 bps fee (weighted revenue share; includes Empower Retirement fee) $10 $31 $67 $189 $410 $353 $565

PROPOSED FEE STRUCTURESExplicit Flat Fee $52 $52 $52 $52 $52 $52 $52

Hybrid - $20/yr + 9.5 bps $23 $31 $44 $88 $167 $147 $222 Account balancewhere cap kicks in

Hybrid - $20/yr + 17.5 bps - capped at $200 $26 $41 $64 $145 $200 $200 $200 102,857.14$ Hybrid - $20/yr + 15.3 bps - capped at $300 $26 $38 $59 $129 $257 $224 $300 183,006.54$ Hybrid - $25/yr + 17.5 bps - capped at $150 $31 $46 $69 $150 $150 $150 $150 71,428.57$ Hybrid - $25/yr + 13.8 bps - capped at $250 $30 $41 $60 $124 $238 $209 $250 163,043.48$

457(b) PlanYears of Service 1 3 5 10 15 20 25Number of Accounts 366 241 232 172 125 63 98Avg. Balance $4,571 $4,582 $11,812 $16,906 $38,161 $52,918 $60,166

CURRENT FEE STRUCTURE16 bps fee (Empower Retirement fee only) $7 $7 $19 $27 $61 $85 $9626.5 bps fee (weighted revenue share; includes Empower Retirement fee) $12 $12 $31 $45 $101 $140 $159

PROPOSED FEE STRUCTURESExplicit Flat Fee $52 $52 $52 $52 $52 $52 $52

Hybrid - $20/yr + 9.5 bps $24 $24 $31 $36 $56 $70 $77

Hybrid - $20/yr + 17.5 bps - capped at $200 $28 $28 $41 $50 $87 $113 $125Hybrid - $20/yr + 15.3 bps - capped at $300 $27 $27 $38 $46 $78 $101 $112Hybrid - $25/yr + 17.5 bps - capped at $150 $33 $33 $46 $55 $92 $118 $130Hybrid - $25/yr + 13.8 bps - capped at $250 $31 $31 $41 $48 $78 $98 $108

Per Capita Liquidation of Revenue Sharing Account Balances

401(a) Revenue Sharing Account Balance = $404,986.57 Distribute back to 4049 accounts = $100.00 per account.

457(b) Revenue Sharing Account Balance = $492,192.38 Distribute back to 5458 accounts = $90.00 per account. ** All numbers as of 8/15/15.

Questions/Discussion

2015 Workplan and Goals

Perform a fee analysis for DC/457 funds

Perform a fee analysis for DB Investment Managers

Transition of Revenue Sharing to fixed fee

Develop a Policy on the use of Forfeiture Funds

Review of DC/457 fund lineup including the following: o Managed Accounts o Secured Foundation o Target Date Funds o Lifestyle Funds

Develop criteria around evaluating County’s asset allocation and de-risking strategy as we become more funded.

Next Meeting

December 3, 2015

• 2015 3rd Quarter Investment Reports

• Vendor Renewals o BNY Mellon Bank

• 2016 Goals and Work Plan

• Election of Officers

• Appointment of RPMC Member to the Audit Committee

88.79% 95

11.21% 12

0.00% 0

Q1 Which category best describes you?Answered: 107 Skipped: 1

Total 107

Current Countyemployee

Retired Countyemployee

Former Countyemployee/not...

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Current County employee

Retired County employee

Former County employee/not retired

1 / 34

Gwinnett County 2015 Empower Retirement Participant Satisfaction Survey

9.26% 10

14.81% 16

36.11% 39

39.81% 43

Q2 How many years have you worked, ordid you work, for Gwinnett County?


Total 108

0-5 years

5-10 years

10-20 years

20+ years

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


0-5 years

5-10 years

10-20 years

20+ years

2 / 34


85.19% 92

14.81% 16

Q3 Are you currently contributing to eitherthe 401(a) or the 457 Plan?


Total 108

Yes

No

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Yes

No

3 / 34


40.00% 6

6.67% 1

6.67% 1

0.00% 0

46.67% 7

Q4 If you are not participating, why not?(Select all that apply)


Total Respondents: 15

# Other, please specify Date

1 In POAB 8/1/2015 6:26 AM

2 I am in the DB plan 7/31/2015 10:18 AM

3 I don't understand the 457 and am afraid of its fees. 7/30/2015 4:31 AM

4 contribute to Roth IRA separate from work. If the county offered a 457 match of funds for those who are in the DBplan then I would participate

7/29/2015 2:10 PM

5 retired 7/28/2015 2:53 PM

6 Currently retired 7/25/2015 7:20 AM

7 I stopped when I retired. 7/14/2015 3:47 PM

I am notcurrently...

I can’t affordto contribut...

I amdissatisfied...

I am uncertainabout curren...

Other, pleasespecify

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


I am not currently eligible to participate.

I can’t afford to contribute to the Plan at this time.

I am dissatisfied with the Plan’s investment options.

I am uncertain about current economic circumstances and don’t want to contribute at this time.

Other, please specify

4 / 34


5.61% 6

6.54% 7

18.69% 20

69.16% 74

Q5 How long have you participated/did youparticipate in the Plan(s)?


Total 107

Less than 2years

2-5 years

5-10 years

More than 10years

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Less than 2 years

2-5 years

5-10 years

More than 10 years

5 / 34


Q6 On a scale of 1-10, how would you rateyour overall retirement readiness?


0.93%1

2.80%3

3.74%4

2.80%3

11.21%12

12.15%13

21.50%23

22.43%24

12.15%13

10.28%11

107

1.00

1 2 3 4 5 6 7 8 9 10

(no label)0%

20%

40%

60%

80%

100%

0.93% 2.80% 3.74% 2.80%11.21%12.15%

21.50%22.43%12.15%10.28%

1 2 3 4 5 6 7 8 9 10 Total Weighted Average

(no label)

6 / 34


81.73% 85

18.27% 19

Q7 Have you visited the Gwinnett CountyRetirement Plans' website,

www.gcretirement.com, in the past year toreview information about the Plan,

download forms, or review your account?Answered: 104 Skipped: 4

Total 104

Yes

No

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Yes

No

7 / 34


15.29% 13

47.06% 40

31.76% 27

4.71% 4

1.18% 1

Q8 How easy is the website to navigate?Answered: 85 Skipped: 23

Total 85

Very easy

Easy

Somewhat easy

Somewhatdifficult

Difficult

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Very easy

Easy

Somewhat easy

Somewhat difficult

Difficult

8 / 34


86.90% 73

32.14% 27

59.52% 50

60.71% 51

29.76% 25

52.38% 44

42.86% 36

34.52% 29

13.10% 11

2.38% 2

Q9 How do you use the website? (Select allthat apply)



Check accountbalance

Transfer funds

Check fundperformance

Use calculators

Learn aboutyour retirem...

Reviewinvestments

Changecontribution

Checkbeneficiary

Request a loan


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Check account balance

Transfer funds

Check fund performance

Use calculators

Learn about your retirement Plan options

Review investments

Change contribution

Check beneficiary

Request a loan


9 / 34



1 check payments 7/31/2015 8:25 AM

2 added Beneficary 7/29/2015 1:42 PM

10 / 34


59.52% 50

28.57% 24

7.14% 6

4.76% 4

0.00% 0

0.00% 0

Q10 Please rate the website in terms of theaccount information it provides.


Total 84

Very useful

Somewhat useful

Neutral

Not very useful

Not at alluseful

No opinion

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Very useful

Somewhat useful

Neutral

Not very useful

Not at all useful

No opinion

11 / 34


Q11 If you have any comments on thewebsite, please enter them here.


# Responses Date

1 Can we please change the website "rate of return" feature to go back further than 3 years?!?!!? 8/8/2015 6:47 PM

2 One of the most user friendly investment sites around. 8/6/2015 5:41 AM

3 It is a well designed website, easy to use for all levels of employees. Very rarely have I had a problem with it. 8/5/2015 6:39 AM

4 Some of the better tools are on the extra menu 7/31/2015 1:41 PM

5 The site needs to do a better job with Q&A, more descriptive concerning transfers. A Gwinnett employee wants totransfer funds from active accounts to a stable account, information showing which account could be best andwhy, how to accomplish the transfer.

7/31/2015 6:22 AM

6 Need to include in the monthly pension benefit estimate the sick leave and retirement reserve hours 7/30/2015 4:33 AM

7 the fees paid on mutual funds has always been difficult for a layman to calculate. It should be reported in realdollars, not cryptic formulas. There should also be more information about distribution planning, rules & regs, etc.

7/29/2015 2:52 PM

8 none 7/29/2015 2:33 PM

9 I like the Benefit Calculator, the other calculators are not that easy to use/understand. 7/29/2015 2:06 PM

10 Awesome!!! 7/29/2015 2:05 PM

11 I find it difficult to adjust the potential retirement age forecasts. 7/29/2015 1:38 PM

12 The link that shows my funds performances should be added to the main page instead of having to click on the'more' button. I did not know that valuable link was there for a long time.

7/29/2015 1:37 PM

13 Very user-friendly website. Empower Retirement is awesome and keeps us informed. I'm glad that GwinnettCounty BOC uses this vendor for our retirement needs. They have an awesome website!!!

7/29/2015 7:15 AM

14 Consider providing a tutorial that helps infrequent or first time users navigate the resources available. Greatproduct overall.

7/24/2015 10:47 AM

15 It's so easy, I check my accounts frequently. 7/24/2015 8:38 AM

16 It took me quite some time to find any information about a Roth contribution and still could not see what theoptions would be when opening one.

7/21/2015 5:22 AM

17 I feel in the meetings the people need to be more forthcoming in teaching this information and your options. 7/15/2015 6:53 AM

12 / 34


27.45% 28

45.10% 46

16.67% 17

2.94% 3

0.00% 0

7.84% 8

Q12 You currently receive a quarterlystatement from Empower Retirement,

detailing your retirement account activityover the previous quarter. Please indicate

your level of satisfaction with theinformation provided.


Total 102

Very satisfied

Satisfied

Neutral

Somewhatdissatisfied

Verydissatisfied

No opinion

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Very satisfied

Satisfied

Neutral

Somewhat dissatisfied

Very dissatisfied

No opinion

13 / 34


34.31% 35

65.69% 67

Q13 Online File Cabinet® enables you toreplace your paper statement with an

electronic one. Do you currently use, orhave you ever used, the Online File

Cabinet?Answered: 102 Skipped: 6

Total 102

Yes

No

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Yes

No

14 / 34


25.71% 9

48.57% 17

14.29% 5

2.86% 1

0.00% 0

8.57% 3

Q14 If you currently use, or have ever used,the Online File Cabinet, please indicate your

level of satisfaction with this service.Answered: 35 Skipped: 73

Total 35

Very satisfied

Satisfied

Neutral


Verydissatisfied

No opinion

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Very satisfied

Satisfied

Neutral


Very dissatisfied

No opinion

15 / 34


21.57% 22

78.43% 80

Q15 Have you called the Gwinnett Countycustomer service number over the past

year?Answered: 102 Skipped: 6

Total 102

Yes

No

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Yes

No

16 / 34


14.29% 3

33.33% 7

23.81% 5

14.29% 3

14.29% 3

0.00% 0

Q16 When you called this number, you firstencountered an automated voice response

system. How would you rate yourexperience with this system?


Total 21

Very satisfied

Satisfied

Neutral


Verydissatisfied

No opinion

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Very satisfied

Satisfied

Neutral


Very dissatisfied

No opinion

17 / 34


23.81% 5

28.57% 6

14.29% 3

19.05% 4

14.29% 3

0.00% 0

Q17 The overall quality of service youreceived


Total 21

Very satisfied

Satisfied

Neutral


Verydissatisfied

No opinion

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Very satisfied

Satisfied

Neutral


Very dissatisfied

No opinion

18 / 34


19.05% 4

28.57% 6

38.10% 8

9.52% 2

4.76% 1

0.00% 0

Q18 Satisfaction with the length of time youhad to wait or were on hold


Total 21

Very satisfied

Satisfied

Neutral


Verydissatisfied

No opinion

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Very satisfied

Satisfied

Neutral


Very dissatisfied

No opinion

19 / 34


14.29% 3

42.86% 9

14.29% 3

9.52% 2

14.29% 3

4.76% 1

Q19 The representative's knowledge of yourPlan and account information


Total 21

Very satisfied

Satisfied

Neutral


Verydissatisfied

No opinion

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Very satisfied

Satisfied

Neutral


Very dissatisfied

No opinion

20 / 34


38.10% 8

33.33% 7

14.29% 3

9.52% 2

4.76% 1

0.00% 0

Q20 The courtesy of the representativeAnswered: 21 Skipped: 87

Total 21

Very satisfied

Satisfied

Neutral


Verydissatisfied

No opinion

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Very satisfied

Satisfied

Neutral


Very dissatisfied

No opinion

21 / 34


30.00% 6

20.00% 4

15.00% 3

20.00% 4

15.00% 3

0.00% 0

Q21 The representative's ability to resolveyour issue or answer your questions


Total 20

Very satisfied

Satisfied

Neutral


Verydissatisfied

No opinion

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Very satisfied

Satisfied

Neutral


Very dissatisfied

No opinion

22 / 34


28.57% 6

28.57% 6

19.05% 4

14.29% 3

9.52% 2

0.00% 0

Q22 The clarity of the representative'sexplanation


Total 21

Very satisfied

Satisfied

Neutral


Verydissatisfied

No opinion

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Very satisfied

Satisfied

Neutral


Very dissatisfied

No opinion

23 / 34


23.81% 5

33.33% 7

14.29% 3

14.29% 3

14.29% 3

0.00% 0

Q23 The feeling the representative gave youthat he/she welcomed your call and was

really trying to helpAnswered: 21 Skipped: 87

Total 21

Very satisfied

Satisfied

Neutral


Verydissatisfied

No opinion

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Very satisfied

Satisfied

Neutral


Very dissatisfied

No opinion

24 / 34


54.46% 55

45.54% 46

Q24 Have you attended a group meeting,department meeting, seminar, briefing

meeting or met one-on-one with anEmpower Retirement Key Retirement Plan

Counselor?Answered: 101 Skipped: 7

Total 101

Yes

No

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Yes

No

25 / 34


36.96% 17

17.39% 8

30.43% 14

26.09% 12

Q25 If you have not attended a groupmeeting, why not? (Select all that apply)




1 Retired and living in another state. Difficult to attend. 8/8/2015 10:54 AM

2 I work a full-time job 8/6/2015 1:19 PM

3 Didn't know how to schedule. Have since received the information 8/5/2015 2:58 PM

4 The meetings I've seem posted are for people retiring within a year. 8/3/2015 9:32 AM

5 Will go when closer to retirement. 8/1/2015 6:29 AM

6 do not know if this applies to the DB plan 7/31/2015 10:22 AM

7 Not near retirement age 7/29/2015 2:12 PM

8 I have not checked the dates/times yet. I plan on attending a meeting before the end of the year. 7/29/2015 2:10 PM

9 need to do this 7/29/2015 1:42 PM

10 Workload; just need to take the time to set something up 7/29/2015 1:41 PM

11 Schedule conflict on meeting date arose. 7/29/2015 1:35 PM

12 Meetings for defined benefit plan are not held for my retirement time frame. 7/8/2015 1:40 PM

The meetingdates/times...

I’m notinterested i...

The meetingsare not held...


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


The meeting dates/times don’t fit my work schedule.

I’m not interested in any of the topics offered.

The meetings are not held in a convenient location.


26 / 34


47.27% 26

30.91% 17

18.18% 10

3.64% 2

0.00% 0

0.00% 0

Q26 Level of professionalism and courtesy?Answered: 55 Skipped: 53

Total 55

Very satisfied

Satisfied

Neutral


Verydissatisfied

No opinion

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Very satisfied

Satisfied

Neutral


Very dissatisfied

No opinion

27 / 34


40.00% 22

40.00% 22

14.55% 8

5.45% 3

0.00% 0

0.00% 0

Q27 Knowledge of the Industry, GwinnettCounty Retirement Plans and your account

information?Answered: 55 Skipped: 53

Total 55

Very satisfied

Satisfied

Neutral


Verydissatisfied

No opinion

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Very satisfied

Satisfied

Neutral


Very dissatisfied

No opinion

28 / 34


38.18% 21

32.73% 18

9.09% 5

9.09% 5

1.82% 1

9.09% 5

Q28 Accessibility to your Key RetirementPlan Counselor?


Total 55

Very satisfied

Satisfied

Neutral


Verydissatisfied

No opinion

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Very satisfied

Satisfied

Neutral


Very dissatisfied

No opinion

29 / 34


38.18% 21

21.82% 12

16.36% 9

9.09% 5

0.00% 0

14.55% 8

Q29 Ability to resolve your issue andanswer your questions in a timely manner?


Total 55

Very satisfied

Satisfied

Neutral


Verydissatisfied

No opinion

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Very satisfied

Satisfied

Neutral


Very dissatisfied

No opinion

30 / 34


35.19% 19

35.19% 19

12.96% 7

7.41% 4

1.85% 1

7.41% 4

Q30 Overall satisfaction/experience withyour Key Retirement Plan Counselor?


Total 54

Very satisfied

Satisfied

Neutral


Verydissatisfied

No opinion

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Very satisfied

Satisfied

Neutral


Very dissatisfied

No opinion

31 / 34


Q31 If you have any comments aboutmeeting with your Key Retirement Plan

Counselor, please enter them here.Answered: 11 Skipped: 97

# Responses Date

1 We have had two of the BEST counselors in Fred Minot and Angel Mario. They are knowledgeable, friendly,courteous and know their stuff!! They easily go from talking to the County Administrator to a group of fieldemployees. They are always prompt with returning calls and emails. They work well with the rest of the Benefitsteam as well; arranging schedules to be available at group meetings and setting up meetings at different Countysites so everyone feels they have access to them. I can't say enough good about them both! And I thank Fred forfinding Angel as his replacement because there was going to be a big hole to fill with Fred's promotion.

8/5/2015 6:47 AM

2 Have not met with her one-on-one as yet. Use the online system and contacted those through the website whohave been excellent to work with.

8/3/2015 7:46 AM

3 I can never get in touch with Angel! Calls haven't been returned and customer service says I need to call Angel.One repersenitive in not enough for all the county employees.

7/31/2015 8:53 AM

4 I have only met with someone once and it has been over a year. That is why I answered "no opinion" on severalof the questions.

7/30/2015 11:53 AM

5 What's a key retirement plan counselor? 7/30/2015 4:34 AM

6 Have only met with the new representative once. 7/29/2015 2:59 PM

7 n/a 7/29/2015 2:08 PM

8 She is overworked and we need additional counselors. It will be 3 weeks before we can get a appointment withher.

7/25/2015 7:28 AM

9 We have great people for Gwinnett's account. Thank you. 7/24/2015 10:50 AM

10 She's very professional and knowledgeable. 7/24/2015 8:43 AM

11 It was basically a waste of time. No questions could be answered other than reading off the website and she wasnot very familiar with the website either. Fred Minot did a great job but the replacement did not impress.

7/21/2015 5:26 AM

32 / 34


32.08% 17

52.83% 28

13.21% 7

0.00% 0

1.89% 1

0.00% 0

Q32 Overall satisfaction/experience withyour Empower Retirement as your GwinnettCounty Retirement Plan Service Provider?


Total 53

Very satisfied

Satisfied

Neutral


Verydissatisfied

No opinion

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Very satisfied

Satisfied

Neutral


Very dissatisfied

No opinion

33 / 34


Q33 If you have any comments about whatEmpower Retirement could improve upon,

please enter them here.Answered: 9 Skipped: 99

# Responses Date

1 Change the stupid tone on the call line when it is retrieving information....it always makes me feel like somethingis wrong with my phone!!!!! :-)

8/5/2015 6:49 AM

2 Please include the sick leave and retirement reserve in your calculations. I'm tired of hearing that you are"working on it."

7/30/2015 4:34 AM

3 Do give you a more detailed estimate of what your retirement income will be before you retire (an estimate thatincludes your YTD sick leave balance and retirement reserve). The current calculator does not include this.

7/29/2015 2:11 PM

4 n/a 7/29/2015 2:08 PM

5 Add more lunch and learn programs. Consider programs for more experianced investors. 7/24/2015 10:52 AM

6 I'm very happy with the service and how Empower has made my small contributions grow. 7/24/2015 8:45 AM

7 It would be nice to be able to sit down and discuss options about retirement with someone who could actually giveadvice.

7/21/2015 5:26 AM

8 More index funds to choose. 7/20/2015 6:49 PM

9 love having everything with Empower 7/8/2015 12:28 PM

34 / 34


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