Quarterly Investment Review...Fairfax County Public Schools | Fourth Quarter 2016 Quarterly...

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Fairfax County Public Schools | Fourth Quarter 2016

Quarterly Investment Review

I Executive Summary Page 1

II Total Plan Page 12

III U.S. Fixed Income Page 14

IV Target Date 4

V U.S. Equity Page 49

VI International Equity Page 66

VII Market Environment Page 71

VIII Fee Analysis Page 82

IX Appendix Page 84

X Disclaimers and Notes Page 91

Table of Contents

Executive Summary

Page 1

A (Re)Introduction to Responsible Investing

To clients of Aon Hewitt Investment Consulting:

In recent years and particularly in the last 12 months in the U.S. (thanks to more Responsible Investing-friendly regulatory stances), investors havebecome increasingly interested in “doing good while doing well” when investing. Unfortunately, this relatively nascent area of investing still has morethan its share of linguistic anarchy and execution challenges, which can be trying for even the most committed individual or institutional investor. Inorder to restore cosmos to the linguistic chaos, Aon has broken the universe of Responsible Investments down into four main types: SociallyResponsible Investing (“SRI”), Environmental, Social and Governance (“ESG”) Investing, Impact Investing and Mission-Related Investing.

Socially Responsible Investing tends to be the area with which most investors are familiar, as it is the oldest of the four broad Responsible Investmentcategories. SRI uses a negative selection process to exclude certain sectors or investments from a portfolio. ESG (Environmental, Social &Governance) Investing, Impact Investing and Mission Related Investing are newer to investor’s toolkits and typically focus more on positive investmentinclusion criteria rather than on negative screening.

In addition to using different screening techniques, the drivers of investment may differ as well. SRI, Mission Related Investing and Impact Investingare generally dependent on an individual’s or institution’s values to determine suitable investments. ESG Investing, however, is fundamentally different,as investment decisions are directed by the fundamentals of the company. Non-financial ESG factors are considered to the extent they are material tothe company’s future financial performance.

Regardless of where an investor or organization falls on the Responsible Investing spectrum, we expect the trend towards “doing good while doing well”to continue to grow in the future, partly due to shifts in demographics and the generational wealth transfer, as well as to changes in regulations andinvestor-led initiatives. We stand ready to help as this area continues to rapidly evolve.

Aon Hewitt Investment Consulting

Socially Responsible Investing (SRI) ESG Investing Impact Investing Mission Related Investing

Selection Process : Negative Selection Process: Positive or Negative Selection Process: Positive Selection Process: Positive

Attempts to screen out investments in stocks, companies or industries based

on a set of ethical values.

(Anti-pornography, private prisons, carbon, coal, Iran, Sudan, fossil fuel,

weapons manufacturing, etc.)

Integrates environmental, social and governance criteria into fundamental

analysis to the extent they are material to investment performance.

(May avoid or short companies with poor ESG considerations in favor of

firms with strong ESG metrics.)

Looks for investments that have a positive investment return as well as desired social, economic, or

environmental outcome.

(Diversity initiatives, investing in underserved communities,

alternate energy, micro-funding, etc.)

Places investments with companies or funds that complement the investor’s

mission.

(Healthcare, senior issues, child-welfare issues, religious

considerations, etc.)

Page 2

AHIC Thought Leadership Highlights

White Papers

All Investors: Global Invested Capital Market Link

All Investors ex-DC: Fallen Angels – Capitalizing Upon an Attractive Segment of the High Yield Market Link

All Investors ex-DC: Optimal Number of Managers in an Equity Portfolio Link

DB & DC: 2017 Hot Topics in Retirement and Financial Well-Being Link

Private DB: Pension Funding Strategy: Considerations for Prefunding a Pension Plan Link

DC: Target-Date Funds - Who is Using Them and How Are They Being Used? Link

DC: How Pension Benefits Affect the Optimal Target Date Fund Link

DC: Putting “Watch Lists” on Watch? Link

Healthcare: What's at Stake for Health Care Organizations with Church Pension Plans Link

Healthcare: Redefining Retirement in the Health Care Industry (Five Part Series) Link

Current Topics of Interest

Investment Program Assessment

A (Re)Introduction to Responsible Investing Link

PBGC Premium Reduction Strategies

Potential U.S. Corporate Tax Reform Presents Prefunding Opportunity in 2016 Link

Aon Hewitt Retirement and Investment Blog

https://retirementandinvestmentblog.aon.com/

Events

Aon Hewitt Retirement and Investment Client Conference: Exploring the Possibilities (May 16th-17th in Chicago)

Aon Hewitt | Retirement and InvestmentProprietary and ConfidentialInvestment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company.

Page 3

2017 Retirement & Investment Solutions Client Conference

2017 is poised to be a year of change. Will interest rates continue to rise? What new legislation may come from Washington - and what impact will those changes have on the markets, the economy, and individuals? One thing is clear - change brings the opportunity to explore new possibilities.

You are invited to join Aon Hewitt Retirement & Investment Solutions team to explore the possibilities that may lie ahead.

We will share our latest insights, analytical research and innovative ideas explored through our valued partnerships with clients.

Dates: Tuesday, May 16th - Wednesday, May 17th 2017Location: Loews Hotel, 455 North Park Drive Chicago, IL 60611Agenda: Day One - Full day of keynote speakers and breakout sessions, followed by a reception and dinner

Day Two - Half day of keynote speakers and morning & afternoon breakout sessions, followed by lunch, ending at 2:30pm

For questions, please speak with your consultant or contact [email protected]

Page 4

Fourth Quarter 1-Year 3-Year1 5-Year1 10-Year1

Equity

MSCI All Country World IMI 1.27% 8.36% 3.25% 9.61% 3.84%

MSCI All Country World 1.19% 7.86% 3.13% 9.36% 3.56%

Dow Jones U.S. Total Stock Market 4.13% 12.62% 8.36% 14.60% 7.18%

Russell 3000 4.21% 12.74% 8.43% 14.67% 7.07%

S&P 500 3.82% 11.96% 8.87% 14.66% 6.95%

Russell 2000 8.83% 21.31% 6.74% 14.46% 7.07%

MSCI All Country World ex-U.S. IMI -1.57% 4.41% -1.44% 5.35% 1.22%

MSCI All Country World ex-U.S. -1.26% 4.50% -1.78% 5.00% 0.96%

MSCI EAFE -0.71% 1.00% -1.60% 6.53% 0.75%

MSCI EAFE (Local Currency) 7.07% 5.35% 5.53% 11.84% 2.20%

MSCI Emerging Markets -4.16% 11.19% -2.55% 1.28% 1.84%

Fixed Income

Bloomberg Barclays Global Aggregate -7.07% 2.09% -0.19% 0.21% 3.29%

Bloomberg Barclays Aggregate -2.98% 2.65% 3.03% 2.23% 4.35%

Bloomberg Barclays Long Gov't -11.50% 1.42% 7.71% 2.57% 6.60%

Bloomberg Barclays Long Credit -5.40% 10.22% 6.98% 5.20% 6.87%

Bloomberg Barclays Long Gov't/Credit -7.84% 6.67% 7.16% 4.06% 6.85%

Bloomberg Barclays US TIPS -2.41% 4.68% 2.26% 0.89% 4.36%

Bloomberg Barclays High Yield 1.75% 17.13% 4.66% 7.37% 7.46%

Citi Group Non-U.S. WGBI -10.84% 1.81% -2.18% -1.94% 2.54%

JP Morgan EMBI Global (Emerging Markets) -4.21% 10.19% 5.59% 5.44% 6.75%

Commodities

Bloomberg Commodity Index 2.66% 11.77% -11.26% -8.95% -5.58%

Goldman Sachs Commodity Index 5.76% 11.37% -20.60% -13.13% -8.10%

Hedge Funds

HFRI Fund-Weighted Composite2 1.31% 5.57% 2.44% 4.53% 3.37%

HFRI Fund of Funds2 0.83% 0.48% 1.18% 3.41% 1.31%

Real Estate

NAREIT U.S. Equity REITS -2.89% 8.52% 13.38% 12.01% 5.08%

NCREIF NFI - ODCE3 2.07% 8.72% 12.05% 12.20% 5.81%

Infrastructure

Macquarie Global Infrastructure - North America -2.80% 9.30% 2.95% 5.60% 3.08%

MSCI Indices show net returns.

All other indices show total returns.1 Periods are annualized.2 Latest 5 months of HFR data are estimated by HFR and may change in the future.3 Fourth quarter results are preliminary.4 Source: Burgiss Private iQ. Benchmark is as of 06/30/2016

Periods Ending 12/31/2016

Returns of the Major Capital Markets

Market Highlights

Page 5

Market Highlights

Page 6

Allocation

MarketValue($000)

%

Performance(%)

1Quarter

1Year

3Years

5Years

7Years

10Years

Total 457(b) Plan 181,906.15 100.00

U.S. Fixed Income 49,252.86 27.08

Great West Portfolio Fund 30,157.70 16.58 0.48 1.98 1.95 1.90 2.10 2.47

50% B Bar Int. Agg/50% 90 day T-Bill -0.99 1.12 1.27 1.02 1.60 2.38

90 Day U.S. Treasury Bill 0.07 0.25 0.11 0.09 0.10 0.77

PIMCO Total Return Adm 18,918.74 10.40 -2.54 (34) 2.34 (78) 2.40 (82) 2.95 (28) 3.87 (54) 5.36 (3)

Blmbg. Barc. U.S. Aggregate -2.98 (72) 2.65 (62) 3.03 (44) 2.23 (68) 3.63 (62) 4.34 (52)

PIMCO Inflation Response MultiAsst Inst 176.42 0.10 -1.35 (76) 10.53 (19) 1.53 (65) 0.79 (95) - -

PIMCO IRMA Benchmark -2.78 (88) 13.89 (12) 1.73 (61) -0.53 (95) 1.98 (97) 2.43 (89)

Target Date 13,558.70 7.45

TRP Retirement 2005 406.42 0.22 -0.86 (61) 6.72 (25) 3.52 (28) 6.27 (20) 6.29 (18) 4.71 (31)

TRP Retirement 2005 Index -0.34 (40) 5.84 (41) 3.71 (20) 6.06 (27) 6.11 (21) 4.34 (45)

TRP Retirement 2010 396.02 0.22 -0.66 (77) 7.11 (9) 3.72 (12) 7.03 (6) 6.86 (8) 4.76 (1)

TRP Retirement 2010 Index -0.10 (18) 6.27 (44) 3.92 (9) 6.81 (14) 6.72 (11) 4.47 (5)

TRP Retirement 2015 1,749.74 0.96 -0.34 (64) 7.31 (12) 3.98 (29) 8.06 (1) 7.61 (1) 5.04 (-)

TRP Retirement 2015 Index 0.26 (12) 6.91 (32) 4.26 (3) 7.84 (4) 7.51 (1) 4.74 (-)

TRP Retirement 2020 3,275.81 1.80 -0.20 (56) 7.41 (18) 4.19 (10) 8.96 (1) 8.24 (1) 5.19 (1)

TRP Retirement 2020 Index 0.66 (8) 7.62 (10) 4.57 (1) 8.73 (2) 8.17 (1) 4.92 (3)

TRP Retirement 2025 2,590.46 1.42 -0.01 (57) 7.55 (20) 4.35 (14) 9.75 (3) 8.75 (2) 5.32 (-)


TRP Retirement 2030 1,123.30 0.62 0.24 (65) 7.69 (47) 4.52 (15) 10.43 (3) 9.21 (3) 5.45 (1)


TRP Retirement 2035 1,970.25 1.08 0.39 (76) 7.64 (67) 4.56 (31) 10.87 (3) 9.48 (1) 5.52 (-)


Fairfax County Public Schools

Asset Allocation & Performance

As of December 31, 2016

Page 7


Asset Allocation & Performance


Allocation

MarketValue($000)

%

Performance(%)

1Quarter

1Year

3Years

5Years

7Years

10Years

TRP Retirement 2040 759.67 0.42 0.55 (75) 7.63 (67) 4.61 (34) 11.12 (3) 9.65 (1) 5.64 (1)


TRP Retirement 2045 571.57 0.31 0.59 (84) 7.69 (71) 4.62 (30) 11.14 (6) 9.65 (1) 5.65 (-)


TRP Retirement 2050 370.73 0.20 0.67 (77) 7.71 (69) 4.65 (35) 11.14 (7) 9.67 (1) 5.65 (-)


TRP Retirement 2055 344.73 0.19 0.68 (82) 7.73 (76) 4.64 (30) 11.14 (10) 9.67 (-) 5.64 (-)

TRP Retirement 2055 Index 2.05 (10) 9.70 (16) 5.28 (3) 10.98 (16) 9.69 (-) 5.42 (-)

U.S. Equity 101,383.67 55.73

BlackRock S&P 500 Stock 25,000.22 13.74 3.83 (6) 11.92 (17) 8.82 (12) 14.57 (21) 12.73 (19) 6.86 (16)

S&P 500 Index 3.82 (12) 11.96 (7) 8.87 (1) 14.66 (1) 12.83 (1) 6.95 (4)

Dodge & Cox Stock 24,420.35 13.42 10.71 (1) 21.28 (1) 8.55 (23) 17.01 (1) 13.24 (10) 5.93 (61)

S&P 500 Index 3.82 (47) 11.96 (31) 8.87 (12) 14.66 (22) 12.83 (17) 6.95 (30)

Vanguard Mid Cap Index 28,023.85 15.41 2.13 (64) 11.23 (55) 7.68 (30) 14.38 (31) 13.41 (24) 7.69 (33)

Vanguard Spliced Mid Cap Index 2.14 (64) 11.25 (55) 7.72 (29) 14.42 (30) 13.44 (23) 7.70 (32)

Baron Growth Inst 23,939.25 13.16 -0.08 (64) 6.31 (39) 2.20 (83) 11.56 (55) 11.78 (39) -

Baron Growth Rtl -0.14 (65) 6.04 (43) 1.94 (86) 11.27 (61) 11.50 (49) 6.43 (60)

Russell Midcap Growth Index 0.46 (49) 7.33 (31) 6.23 (24) 13.51 (27) 12.93 (21) 7.83 (32)

International Equity 15,872.39 8.73

Artisan International Inv 15,872.39 8.73 -8.45 (99) -9.66 (100) -4.90 (99) 6.19 (40) 4.11 (29) 1.64 (27)

MSCI EAFE Index (Net) -0.71 (26) 1.00 (49) -1.60 (34) 6.53 (26) 3.81 (33) 0.75 (54)

MSCI AC World ex USA Index (Net) -1.25 (41) 4.50 (15) -1.78 (38) 5.00 (78) 2.93 (62) 0.96 (44)

Page 8

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

U.S. Fixed Income

Great West Portfolio Fund 3.26 3.42 3.37 2.67 2.55 2.11 1.53 1.86 2.00 1.98

50% B Bar Int. Agg/50% 90 day T-Bill 5.97 3.50 3.28 3.11 2.99 1.80 -0.48 2.06 0.62 1.12

90 Day U.S. Treasury Bill 4.91 2.10 0.17 0.13 0.08 0.08 0.05 0.04 0.03 0.25

PIMCO Total Return Adm 8.82 (1) 4.56 (23) 13.53 (30) 8.57 (16) 3.91 (95) 10.10 (3) -2.16 (72) 4.43 (81) 0.47 (37) 2.34 (78)

Blmbg. Barc. U.S. Aggregate 6.97 (19) 5.24 (19) 5.93 (84) 6.54 (68) 7.84 (15) 4.21 (76) -2.02 (64) 5.97 (33) 0.55 (27) 2.65 (62)

IM U.S. Broad Market Core Fixed Income (MF) Median 6.16 0.61 10.77 7.08 6.98 6.06 -1.64 5.76 0.32 2.95

PIMCO Inflation Response MultiAsst Inst - - - - - 9.56 (65) -9.29 (100) 1.57 (73) -6.77 (78) 10.53 (19)

PIMCO IRMA Benchmark 10.35 (30) -14.42 (14) 17.32 (89) 13.49 (42) 3.82 (14) 4.83 (92) -11.77 (100) -0.46 (82) -7.12 (79) 13.89 (12)

IM Flexible Portfolio (MF) Median 7.15 -28.81 25.12 12.56 -1.55 11.05 12.01 3.80 -3.44 6.46

Target Date

TRP Retirement 2005 6.67 (25) -22.24 (82) 24.55 (17) 11.51 (17) 1.43 (65) 11.35 (17) 9.74 (22) 4.72 (40) -0.75 (37) 6.72 (25)

TRP Retirement 2005 Index 6.79 (23) -19.10 (68) 16.91 (63) 10.22 (42) 2.38 (43) 9.52 (42) 9.86 (21) 5.48 (25) -0.10 (19) 5.84 (41)

IM Mixed-Asset Target Alloc Consv (MF) Median 5.65 -17.05 18.88 9.92 2.07 9.06 7.51 4.21 -1.13 5.43

TRP Retirement 2010 6.65 (48) -26.71 (80) 27.95 (4) 12.70 (4) 0.54 (55) 12.44 (6) 11.93 (8) 4.99 (23) -0.76 (59) 7.11 (9)


IM Mixed-Asset Target 2010 (MF) Median 6.42 -24.07 22.97 10.88 0.90 9.64 9.24 4.49 -0.67 6.07

TRP Retirement 2015 6.75 (-) -30.22 (86) 31.35 (1) 13.79 (4) -0.32 (81) 13.81 (1) 15.18 (2) 5.37 (31) -0.58 (33) 7.31 (12)

TRP Retirement 2015 Index 6.85 (-) -26.61 (33) 22.08 (65) 12.57 (27) 1.09 (42) 11.94 (25) 14.97 (3) 6.30 (16) -0.28 (17) 6.91 (32)

IM Mixed-Asset Target 2015 (MF) Median - -27.68 25.09 11.75 0.93 11.02 11.50 4.87 -0.74 6.40

TRP Retirement 2020 6.73 (50) -33.48 (82) 34.19 (1) 14.74 (3) -1.20 (84) 15.01 (1) 18.05 (2) 5.63 (37) -0.31 (25) 7.41 (18)


IM Mixed-Asset Target 2020 (MF) Median 6.68 -28.49 24.76 12.79 0.19 11.78 12.98 5.13 -0.80 6.61

TRP Retirement 2025 6.81 (-) -35.90 (87) 36.29 (1) 15.37 (1) -2.06 (71) 16.00 (1) 20.78 (3) 5.84 (38) -0.17 (13) 7.55 (20)

TRP Retirement 2025 Index 6.84 (-) -32.24 (36) 26.15 (66) 14.12 (26) -0.22 (25) 14.00 (22) 20.01 (4) 7.06 (9) -0.56 (31) 8.21 (9)

IM Mixed-Asset Target 2025 (MF) Median - -33.66 27.71 13.67 -1.05 13.27 16.08 5.52 -1.14 7.21

TRP Retirement 2030 6.83 (56) -37.79 (74) 37.99 (1) 16.01 (3) -2.70 (70) 16.82 (1) 23.09 (4) 6.05 (36) -0.02 (6) 7.69 (47)

TRP Retirement 2030 Index 6.80 (56) -34.16 (45) 27.43 (70) 14.72 (32) -0.79 (21) 14.85 (20) 22.13 (8) 7.29 (7) -0.73 (40) 8.80 (10)

IM Mixed-Asset Target 2030 (MF) Median 7.46 -36.24 28.91 13.90 -2.19 14.02 18.20 5.66 -1.05 7.49

TRP Retirement 2035 6.81 (-) -38.88 (71) 39.04 (1) 16.34 (1) -3.26 (61) 17.35 (1) 24.86 (3) 6.07 (38) 0.13 (4) 7.64 (67)



TRP Retirement 2040 6.77 (63) -38.85 (72) 39.07 (1) 16.51 (9) -3.49 (43) 17.55 (1) 25.93 (8) 6.18 (38) 0.17 (3) 7.63 (67)

TRP Retirement 2040 Index 6.74 (64) -35.35 (14) 28.59 (84) 15.17 (38) -1.46 (9) 15.66 (40) 24.73 (20) 7.43 (7) -1.01 (40) 9.58 (15)

IM Mixed-Asset Target 2040 (MF) Median 7.33 -37.62 30.66 14.70 -3.71 15.19 21.74 5.85 -1.23 8.42

TRP Retirement 2045 6.84 (-) -38.83 (53) 39.10 (1) 16.44 (10) -3.47 (31) 17.62 (1) 25.93 (5) 6.14 (35) 0.17 (3) 7.69 (71)




Calendar Year Performance


Returns for periods greater than one year are annualized.Returns are expressed as percentages.

Page 9


Calendar Year Performance


2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

TRP Retirement 2050 6.82 (-) -38.80 (58) 38.92 (1) 16.41 (15) -3.36 (26) 17.55 (4) 25.90 (12) 6.19 (36) 0.19 (4) 7.71 (69)



TRP Retirement 2055 6.82 (-) -38.89 (-) 38.97 (-) 16.41 (-) -3.35 (16) 17.60 (1) 25.86 (12) 6.18 (40) 0.18 (5) 7.73 (76)

TRP Retirement 2055 Index 6.74 (-) -35.35 (-) 28.59 (-) 15.17 (-) -1.46 (1) 15.66 (60) 24.73 (29) 7.43 (10) -0.98 (47) 9.70 (16)

IM Mixed-Asset Target 2055+ (MF) Median - - - - -4.33 15.73 23.18 5.72 -1.24 8.72

U.S. Equity

BlackRock S&P 500 Stock 5.36 (36) -37.01 (30) 26.49 (18) 14.92 (36) 1.98 (41) 15.84 (33) 32.21 (28) 13.61 (14) 1.35 (19) 11.92 (17)

S&P 500 Index 5.49 (11) -37.00 (29) 26.46 (23) 15.06 (1) 2.11 (8) 16.00 (3) 32.39 (3) 13.69 (1) 1.38 (9) 11.96 (7)

IM S&P 500 Index (MF) Median 5.28 -37.06 26.39 14.82 1.96 15.77 32.11 13.47 1.23 11.75

Dodge & Cox Stock 0.14 (94) -43.31 (92) 31.27 (26) 13.49 (54) -4.08 (89) 22.01 (2) 40.55 (1) 10.40 (72) -4.49 (93) 21.28 (1)

S&P 500 Index 5.49 (62) -37.00 (56) 26.46 (54) 15.06 (33) 2.11 (31) 16.00 (44) 32.39 (47) 13.69 (20) 1.38 (30) 11.96 (31)

IM U.S. Large Cap Core Equity (MF) Median 6.35 -36.49 26.99 13.83 1.08 15.49 32.21 11.93 -0.10 10.52

Vanguard Mid Cap Index 6.22 (60) -41.76 (69) 40.51 (33) 25.67 (32) -1.96 (42) 16.01 (43) 35.17 (51) 13.78 (10) -1.33 (36) 11.23 (55)

Vanguard Spliced Mid Cap Index 6.19 (60) -41.80 (69) 40.49 (33) 25.69 (32) -1.91 (41) 16.04 (42) 35.21 (50) 13.83 (10) -1.28 (36) 11.25 (55)

IM U.S. Mid Cap Equity (MF) Median 9.20 -39.43 35.63 23.81 -3.11 15.32 35.20 8.16 -2.45 11.88

Baron Growth Inst - - - 24.32 (53) 1.51 (12) 16.74 (21) 38.69 (25) 4.66 (78) -4.06 (78) 6.31 (39)

Baron Growth Rtl 6.59 (84) -39.18 (28) 34.24 (65) 24.01 (54) 1.24 (14) 16.43 (25) 38.32 (26) 4.40 (81) -4.31 (80) 6.04 (43)

Russell Midcap Growth Index 11.43 (74) -44.32 (65) 46.29 (27) 26.38 (40) -1.65 (33) 15.81 (34) 35.74 (49) 11.90 (13) -0.20 (43) 7.33 (31)

IM U.S. Mid Cap Growth Equity (MF) Median 17.44 -41.60 40.54 24.38 -3.48 14.50 35.62 7.34 -0.81 5.19

International Equity

Artisan International Inv 19.73 (10) -46.96 (98) 39.77 (12) 5.91 (72) -7.26 (15) 25.39 (5) 25.18 (8) -0.97 (10) -3.85 (79) -9.66 (100)

MSCI EAFE Index (Net) 11.17 (69) -43.38 (66) 31.78 (51) 7.75 (54) -12.14 (47) 17.32 (65) 22.78 (16) -4.90 (38) -0.81 (38) 1.00 (49)

MSCI AC World ex USA Index (Net) 16.65 (19) -45.53 (86) 41.45 (7) 11.15 (21) -13.71 (74) 16.83 (71) 15.29 (83) -3.87 (25) -5.66 (86) 4.50 (15)

IM International Large Cap Equity (MF) Median 12.31 -42.37 31.91 8.10 -12.43 18.59 19.99 -5.34 -1.69 0.91

Returns for periods greater than one year are annualized.Returns are expressed as percentages.

Page 10

Great West Portfolio Fund PIMCO Total Return Adm PIMCO Inflation Response MultiAsst Inst

TRP Retirement 2005 TRP Retirement 2010 TRP Retirement 2015



TRP Retirement 2050 TRP Retirement 2055 BlackRock S&P 500 Stock

Dodge & Cox Stock Vanguard Mid Cap Index Baron Growth Inst

Artisan International Inv

-12.0

-9.0

-6.0

-3.0

0.0

3.0

6.0

9.0

12.0

An

nu

aliz

ed

Re

turn

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0Annualized Standard Deviation


Risk Profile

3 Years Ending December 31, 2016

Page 11

Total Plan

Page 12

December 31, 2016 : $181,906,149 September 30, 2016 : $178,719,247

Market Value($M)

Allocation(%)

U.S. Fixed Income 49.3 27.1¢£

Target Date 13.6 7.5¢£

U.S. Equity 101.4 55.7¢£

International Equity 15.9 8.7¢£

Loan Fund 1.5 0.8¢£

Forfeiture Account 0.3 0.2¢£

Market Value($M)

Allocation(%)

U.S. Fixed Income 48.8 27.3¢£

Target Date 13.1 7.3¢£

U.S. Equity 97.7 54.7¢£

International Equity 17.3 9.7¢£

Loan Fund 1.5 0.9¢£

Forfeiture Account 0.3 0.2¢£

Fairfax County Public Schools Total Plan

Asset Allocation by Asset Class


Page 13

U.S. Fixed Income

Page 14

-3.0

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

Great West Portfolio Fund 0.48 (33) 1.98 (30) 1.98 (30) 1.95 (39) 1.90 (49) 2.47 (94)¢

50% B Bar Int. Agg/50% 90 day T-Bill -0.99 (99) 1.12 (99) 1.12 (99) 1.27 (75) 1.02 (100) 2.38 (97)�

90 Day U.S. Treasury Bill 0.07 (97) 0.25 (100) 0.25 (100) 0.11 (100) 0.09 (100) 0.77 (100)p

5th Percentile 0.53 2.13 2.13 2.21 2.34 3.37

1st Quartile 0.49 2.02 2.02 2.00 2.13 3.17

Median 0.46 1.89 1.89 1.81 1.85 2.78

3rd Quartile 0.39 1.42 1.42 1.26 1.46 2.59

95th Percentile 0.19 1.38 1.38 1.23 1.38 2.44

Population 28 28 28 28 28 25

Great West Portfolio Fund

Peer Group Analysis


IM U.S. GIC/Stable Value (SA+CF)

Parentheses contain percentile rankings.

Page 15

Return Summary

Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception

Account Information


PIMCO Total Return Adm Performance Summary

PIMCO Total Return Adm

PIMCO Total Return Adm Blmbg. Barc. U.S. Aggregate

0.0

4.0

8.0

12.0

-4.0

-8.0

Re

turn

1Quarter

2016 1Year

3Years

5Years

10Years

-3.0

2.6 2.6 3.02.2

4.3

-2.5

2.3 2.3 2.43.0

5.4

Product Name : PIMCO:Tot Rtn;Admn (PTRAX)

Fund Family : PIMCO

Ticker : PTRAX

Peer Group : IM U.S. Broad Market Core Fixed Income (MF)

Benchmark : Blmbg. Barc. U.S. Aggregate

Fund Inception : 09/08/1994

Portfolio Manager : Mather/Kiesel/Worah

Total Assets : $4,126.10 Million

Total Assets Date : 12/31/2016

Gross Expense : 0.72%

Net Expense : 0.72%

Turnover : 478%

Quarterly Out Performance Quarterly Under Performance

0.0%

2.0%

4.0%

-2.0 %

-4.0 %

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16

PIMCO Total Return Adm Benchmark

0.90

1.00

1.10

1.20

1.30

9/94 12/96 3/99 6/01 9/03 12/05 3/08 6/10 9/12 12/14 12/16

1.15

Page 16


Peer Group Analysis


IM U.S. Broad Market Core Fixed Income (MF)

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

Re

turn

1Quarter

20161

Year3

Years5

Years10

Years

PIMCO Total Return Adm -2.54 (34) 2.34 (78) 2.34 (78) 2.40 (82) 2.95 (28) 5.36 (3)¢

Blmbg. Barc. U.S. Aggregate -2.98 (72) 2.65 (62) 2.65 (62) 3.03 (44) 2.23 (68) 4.34 (52)�

5th Percentile -1.51 4.91 4.91 3.69 3.69 5.22

1st Quartile -2.34 3.81 3.81 3.23 2.98 4.74

Median -2.69 2.95 2.95 2.97 2.57 4.35

3rd Quartile -3.02 2.38 2.38 2.56 2.07 4.03

95th Percentile -3.32 1.71 1.71 1.66 1.55 2.68

Page 17

5 Years Historical Statistics

Rolling 5 Years Standard DeviationAnnualized Return vs. Annualized Standard Deviation

5 Years


PIMCO Total Return Adm Risk Profile


PIMCO Total Return Adm Blmbg. Barc. U.S. Aggregate

0.0

0.9

1.8

2.7

3.6

4.5

5.4

6.3

7.2

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16PIMCO Total Return Adm Blmbg. Barc. U.S. Aggregate

Citigroup 3 Month T-Bill

-1.6

-0.8

0.0

0.8

1.6

2.4

3.2

4.0

4.8

Re

turn

(%)

0.0 0.7 1.4 2.1 2.8 3.5 4.2 4.9 5.6Risk (Standard Deviation %)

ActiveReturn

TrackingError

InformationRatio

R-SquaredSharpeRatio

Alpha Beta ReturnStandardDeviation

ActualCorrelation

PIMCO Total Return Adm 0.73 1.73 0.42 0.78 0.79 0.50 1.10 2.95 3.63 0.88

Blmbg. Barc. U.S. Aggregate 0.00 0.00 N/A 1.00 0.74 0.00 1.00 2.23 2.91 1.00

Citigroup 3 Month T-Bill -2.16 2.91 -0.74 0.00 N/A 0.09 0.00 0.09 0.03 -0.06

Page 18

PIMCO Total Return Fund

Credit Quality Allocation As of 12/31/2016 Fixed Income Characteristics As of 12/31/2016

Average Coupon 3.10%

Effective Maturity 8.39 Years

Yield-to-Maturity 5.32%

Effective Duration 5.78 Years

Holdings Count 4,331

Average Credit Quality AA

Maturity Distribution As of 12/31/2016 Sector Allocation As of 12/31/2016

Mutual Fund Attributes


10%

5%

31%

66%

10%

-21%

-25% -5% 15% 35% 55% 75%

20+ Years

10-20 Years

5-10 Years

3-5 Years

1-3 Years

<1 Year

-36%

-7%

4%

9%

18%

50%

62%

-50% -30% -10% 10% 30% 50% 70%

Net Cash Equivalents

Non-U.S. Developed

Other

Emerging Markets

Credit

U.S. Government-Related

Mortgage

9%

5%

7%

4%

75%

0% 20% 40% 60% 80%

<BBB

BBB

A

AA

AAA

Page 19

Return Summary


Account Information


PIMCO Inflation Response MultiAsst Inst Performance Summary

PIMCO Inflation Response MultiAsst Inst


PIMCO IRMA Benchmark

0.0

8.0

16.0

24.0

-8.0

-16.0

Re

turn

1Quarter

2016 1Year

3Years

5Years

10Years

-2.8

13.9 13.9

1.7

-0.5

2.4

-1.3

10.5 10.5

1.5 0.8

Product Name : PIMCO:Infl Rsp MA;Inst (PIRMX)

Fund Family : PIMCO

Ticker : PIRMX

Peer Group : IM Flexible Portfolio (MF)

Benchmark : PIMCO IRMA Benchmark


Portfolio Manager : Mihir Worah/Johnson




Net Expense : 0.86%

Turnover : 290%


0.0%

3.0%

6.0%

-3.0 %

-6.0 %

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16 PIMCO Inflation Response MultiAsst Inst

Benchmark

0.96

1.02

1.08

1.14

1.20

8/11 2/12 8/12 2/13 8/13 2/14 8/14 2/15 8/15 2/16 12/16

1.07

Page 20


Peer Group Analysis


IM Flexible Portfolio (MF)

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Re

turn

1Quarter

20161

Year3

Years5

Years10

Years

PIMCO Inflation Response MultiAsst Inst -1.35 (76) 10.53 (19) 10.53 (19) 1.53 (65) 0.79 (95) N/A¢

PIMCO IRMA Benchmark -2.78 (88) 13.89 (12) 13.89 (12) 1.73 (61) -0.53 (95) 2.43 (89)�

5th Percentile 6.34 17.69 17.69 7.18 10.49 6.80

1st Quartile 1.67 9.85 9.85 4.23 8.26 5.59

Median -0.08 6.46 6.46 2.44 6.38 4.35

3rd Quartile -1.34 4.08 4.08 0.71 4.17 3.31

95th Percentile -3.76 -0.68 -0.68 -3.81 -0.73 2.28

Page 21


Rolling 1 Year Standard DeviationAnnualized Return vs. Annualized Standard Deviation

5 Years


PIMCO Inflation Response MultiAsst Inst Risk Profile




0.0

3.0

6.0

9.0

12.0

15.0

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16PIMCO Inflation Response MultiAsst Inst



-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

Re

turn

(%)

0.0 2.0 4.0 6.0 8.0 10.0 12.0Risk (Standard Deviation %)

ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

PIMCO Inflation Response MultiAsst Inst 1.26 3.25 0.39 0.83 0.13 1.23 0.82 0.79 7.06 0.91

PIMCO IRMA Benchmark 0.00 0.00 N/A 1.00 -0.04 0.00 1.00 -0.53 7.81 1.00

Citigroup 3 Month T-Bill 0.32 7.80 0.04 0.05 N/A 0.09 0.00 0.09 0.03 0.22

Page 22




Asset Allocation As of 03/31/2016

0.0% 50.0% 100.0% 150.0% 200.0%-50.0 %-100.0 %

Cash

Convertibles

Other

Equities

Fixed Income

-27.8 %

0.0%

0.3%

11.3%

116.3%

Fund Characteristics As of 03/31/2016

Total Securities 477

Avg. Market Cap $23,342.64 Million

P/E 38.57

P/B 3.66

Div. Yield 3.27%

Annual EPS 37.91

5Yr EPS 27.17

3Yr EPS Growth 27.94

Top Ten Securities As of 03/31/2016

PIMCO Emerging Markets Currency Fund;Institutional 10.95 %

Vanguard REIT Index Fund;ETF 1.23 %

Vanguard FTSE Emerging Markets Fund ETF 0.56 %

Simon Property Group Inc ORD 0.56 %

Equity Residential ORD 0.52 %

AvalonBay Communities Inc ORD 0.44 %

Essex Property Trust Inc 0.41 %

Prologis Inc ORD 0.39 %

Camden Property Trust 0.34 %

Boston Properties Inc ORD 0.32 %

Page 23

Target Date

Page 24

Asset Allocation for T. Rowe Price Retirement Funds


0%

20%

40%

60%

80%

100%

TargetBalanced

Target2005

Target2010

Target2015

Target2020

Target2025

Target2030

Target2035

Target2040

Target2045

Target2050

Target2055

Target2060

Fixed Income US Equity Non-US Equity Specialty Funds*

________________________________

* Specialty Funds include T. Rowe Price Real Assets Fund

Page 25

Asset Allocation: T. Rowe Price Retirement Funds

Balanced Fund

2005 Fund

2010 Fund

2015 Fund

2020 Fund

2025 Fund

2030 Fund

2035 Fund

2040 Fund

2045 Fund

2050 Fund

2055 Fund

2060 Fund

Fixed Income 59.9% 61.2% 56.0% 47.2% 37.9% 29.8% 22.4% 16.2% 11.3% 9.8% 9.8% 9.8% 9.7%

T. Rowe Price Inflation Focused Bond 30.0% 18.0% 15.5% 11.4% 6.5% 3.5% 1.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

T. Rowe Price New Income 20.6% 29.9% 28.0% 24.6% 21.7% 18.2% 14.4% 11.2% 7.8% 6.8% 6.8% 6.8% 6.7%

T. Rowe Price High Yield 3.5% 5.0% 4.7% 4.2% 3.6% 3.0% 2.4% 1.8% 1.3% 1.1% 1.1% 1.1% 1.1%

T. Rowe Price Intl Bond 2.5% 3.6% 3.4% 3.0% 2.6% 2.2% 1.7% 1.4% 0.9% 0.8% 0.8% 0.8% 0.8%

T. Rowe Price EM Bond 3.3% 4.8% 4.5% 4.0% 3.5% 2.9% 2.3% 1.8% 1.3% 1.1% 1.1% 1.1% 1.1%

U.S. Equity 27.3% 26.2% 29.9% 35.8% 42.1% 47.7% 52.8% 57.1% 60.5% 61.6% 61.4% 61.5% 61.4%

T. Rowe Price Value 0.0% 0.0% 0.0% 1.9% 6.2% 10.0% 13.4% 16.6% 18.9% 19.5% 19.4% 19.4% 19.6%

T. Rowe Price Equity Index 500 21.1% 20.2% 23.2% 23.1% 19.2% 16.0% 13.1% 10.0% 8.0% 7.5% 7.4% 7.5% 7.4%

T. Rowe Price Growth Stock 0.0% 0.0% 0.0% 2.7% 7.2% 11.0% 14.6% 17.8% 20.2% 20.8% 20.8% 20.9% 20.7%

T. Rowe Price Mid-Cap Value 1.6% 1.6% 1.7% 2.1% 2.4% 2.8% 3.0% 3.3% 3.5% 3.6% 3.6% 3.5% 3.6%

T. Rowe Price Mid-Cap Growth 1.4% 1.4% 1.5% 1.9% 2.2% 2.5% 2.7% 2.9% 3.1% 3.2% 3.2% 3.2% 3.2%

T. Rowe Price Small-Cap Value 1.1% 1.0% 1.2% 1.6% 1.8% 2.1% 2.3% 2.5% 2.6% 2.7% 2.7% 2.6% 2.6%

T. Rowe Price Small-Cap Stock 1.3% 1.2% 1.4% 1.5% 1.8% 2.0% 2.2% 2.3% 2.5% 2.6% 2.6% 2.6% 2.6%

T. Rowe Price New Horizons 0.8% 0.8% 0.9% 1.0% 1.2% 1.4% 1.5% 1.7% 1.7% 1.8% 1.8% 1.8% 1.7%

Non-U.S. Equity 11.8% 11.5% 12.9% 15.6% 18.3% 20.6% 22.8% 24.5% 25.9% 26.3% 26.4% 26.3% 26.3%

T. Rowe Price Intl Value Equity Fund 3.4% 3.3% 3.7% 4.5% 5.3% 5.9% 6.5% 7.1% 7.4% 7.6% 7.6% 7.6% 7.6%

T. Rowe Price Overseas Stock 3.6% 3.5% 4.0% 4.8% 5.6% 6.3% 6.9% 7.4% 7.8% 8.0% 7.9% 8.0% 8.0%

T. Rowe Price International Stock 3.2% 3.1% 3.6% 4.2% 5.0% 5.6% 6.3% 6.7% 7.2% 7.2% 7.3% 7.2% 7.2%

T. Rowe Price Emerging Markets Stock 1.6% 1.6% 1.7% 2.1% 2.5% 2.8% 3.1% 3.3% 3.5% 3.6% 3.6% 3.6% 3.6%

Real Assets 1.0% 1.0% 1.1% 1.4% 1.6% 1.8% 2.0% 2.1% 2.3% 2.3% 2.3% 2.3% 2.3%

T. Rowe Price Real Assets 1.0% 1.0% 1.1% 1.4% 1.6% 1.8% 2.0% 2.1% 2.3% 2.3% 2.3% 2.3% 2.3%

MM/Short Term Investment 0.0% 0.1% 0.0% 0.0% 0.0% 0.1% 0.1% 0.1% 0.1% 0.0% 0.1% 0.1% 0.3%

T.Rowe Price U.S. Treasury Money Fund 0.0% 0.1% 0.0% 0.0% 0.0% 0.1% 0.1% 0.1% 0.1% 0.0% 0.1% 0.1% 0.3%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%


Page 26

Return Summary


Account Information


TRP Retirement 2005 Performance Summary

TRP Retirement 2005

TRP Retirement 2005 TRP Retirement 2005 Index

0.0

4.0

8.0

12.0

-4.0

Re

turn

1Quarter

2016 1Year

3Years

5Years

10Years

-0.3

5.8 5.8

3.7

6.1

4.3

-0.9

6.7 6.7

3.5

6.3

4.7

Product Name : T Rowe Price Ret:2005 (TRRFX)

Fund Family : T Rowe Price Associates Inc

Ticker : TRRFX

Peer Group : IM Mixed-Asset Target Alloc Consv (MF)

Benchmark : TRP Retirement 2005 Index


Portfolio Manager : Clark/Lee




Net Expense : 0.60%

Turnover : 18%


0.0%

0.8%

1.6%

2.4%

-0.8 %

-1.6 %

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16

TRP Retirement 2005 Benchmark

0.90

0.95

1.00

1.05

1.10

2/04 5/05 8/06 11/07 2/09 5/10 8/11 11/12 2/14 5/15 12/16

1.05

Page 27



TRP Retirement 2005


0.0% 25.0% 50.0% 75.0% 100.0%-25.0 %

Other

Convertibles

Cash

Equities

Fixed Income

-0.2 %

0.0%

3.1%

38.0%

59.1%


Total Securities 18


P/E 10.11

P/B 1.83

Div. Yield 0.97%

Annual EPS 3.57

5Yr EPS 3.15

3Yr EPS Growth 4.15


T Rowe Price New Income Fund 29.86 %

T Rowe Price Equity Index 500 Fund 20.21 %

T Rowe Price Limited Duration Inflation Foc Bd 17.95 %

T Rowe Price High Yield Fund 4.99 %

T Rowe Price Emerging Markets Bond Fund 4.79 %

T Rowe Price International Bond Fund 3.62 %

T Rowe Price Overseas Stock Fund 3.50 %

T Rowe Price International Value Equity Fd 3.29 %

T Rowe Price International Stock Fund 3.11 %

T Rowe Price Mid-Cap Value Fund 1.58 %

Sector/Quality Allocation As of 12/31/2016

0.0% 5.0% 10.0% 15.0% 20.0%

Utilities

Telecommunication Services

Materials

Energy

Consumer Staples

Health Care

Consumer Discretionary

Information Technology

Industrials

Financials

1.1%

1.2%

1.6%

2.2%

4.1%

4.5%

4.6%

5.0%

5.1%

8.3%

Page 28

Return Summary


Account Information



TRP Retirement 2010


0.0

4.0

8.0

12.0

-4.0

Re

turn

1Quarter

2016 1Year

3Years

5Years

10Years

-0.1

6.3 6.3

3.9

6.8

4.5

-0.7

7.1 7.1

3.7

7.0

4.8

Product Name : T Rowe Price Ret:2010 (TRRAX)


Ticker : TRRAX

Peer Group : IM Mixed-Asset Target 2010 (MF)







Net Expense : 0.59%

Turnover : 14%


0.0%

0.9%

1.8%

2.7%

-0.9 %

-1.8 %

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16


0.90

0.95

1.00

1.05

1.10

1.15

9/02 3/04 9/05 3/07 9/08 3/10 9/11 3/13 9/14 12/16

1.06

Page 29



TRP Retirement 2010


0.0% 25.0% 50.0% 75.0%-25.0 %

Other

Convertibles

Cash

Equities

Fixed Income

-0.3 %

0.0%

3.2%

43.0%

54.1%


Total Securities 18


P/E 11.45

P/B 2.15

Div. Yield 1.12%

Annual EPS 4.69

5Yr EPS 3.81

3Yr EPS Growth 4.68













0.0% 5.0% 10.0% 15.0% 20.0%

Utilities


Materials

Energy

Consumer Staples


Health Care

Industrials


Financials

1.3%

1.4%

1.8%

2.5%

4.8%

5.3%

5.3%

5.7%

5.7%

9.0%

Page 30

Return Summary


Account Information



TRP Retirement 2015


0.0

4.0

8.0

12.0

-4.0

Re

turn

1Quarter

2016 1Year

3Years

5Years

10Years

0.3

6.9 6.9

4.3

7.8

4.7

-0.3

7.3 7.3

4.0

8.1

5.0

Product Name : T Rowe Price Ret:2015 (TRRGX)


Ticker : TRRGX








Net Expense : 0.62%

Turnover : 16%


0.0%

1.0%

2.0%

3.0%

-1.0 %

-2.0 %

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16


0.90

0.95

1.00

1.05

1.10

2/04 5/05 8/06 11/07 2/09 5/10 8/11 11/12 2/14 5/15 12/16

1.05

Page 31



TRP Retirement 2015


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

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.0%

2.7%

45.5%

51.8%


Total Securities 20


P/E 14.02

P/B 2.56

Div. Yield 1.31%

Annual EPS 5.50

5Yr EPS 4.46

3Yr EPS Growth 5.91











T Rowe Price Growth Stock Fund 2.72 %


0.0% 6.0% 12.0% 18.0% 24.0%

Utilities


Materials

Energy

Consumer Staples

Health Care


Industrials


Financials

1.5%

1.6%

2.1%

2.9%

5.5%

6.2%

6.6%

6.8%

7.0%

11.2%

Page 32

Return Summary


Account Information



TRP Retirement 2020


0.0

4.0

8.0

12.0

16.0

-4.0

Re

turn

1Quarter

2016 1Year

3Years

5Years

10Years

0.7

7.6 7.6

4.6

8.7

4.9

-0.2

7.4 7.4

4.2

9.0

5.2

Product Name : T Rowe Price Ret:2020 (TRRBX)


Ticker : TRRBX








Net Expense : 0.66%

Turnover : 16%


0.0%

2.0%

4.0%

-2.0 %

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16


0.90

0.95

1.00

1.05

1.10

1.15

9/02 3/04 9/05 3/07 9/08 3/10 9/11 3/13 9/14 12/16

1.07

Page 33



TRP Retirement 2020


0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Other

Convertibles

Cash

Fixed Income

Equities

0.0%

0.0%

2.9%

36.5%

60.6%


Total Securities 20


P/E 16.76

P/B 3.11

Div. Yield 1.52%

Annual EPS 7.90

5Yr EPS 5.65

3Yr EPS Growth 7.26






T Rowe Price Value Fund 6.25 %







0.0% 8.0% 16.0% 24.0% 32.0%


Utilities

Materials

Energy

Consumer Staples

Health Care

Industrials



Financials

1.7%

1.9%

2.4%

3.1%

6.4%

7.6%

7.8%

8.1%

8.3%

12.7%

Page 34

Return Summary


Account Information



TRP Retirement 2025


0.0

5.0

10.0

15.0

-5.0

Re

turn

1Quarter

2016 1Year

3Years

5Years

10Years

1.0

8.2 8.2

4.8

9.5

5.1

0.0

7.5 7.5

4.4

9.7

5.3

Product Name : T Rowe Price Ret:2025 (TRRHX)


Ticker : TRRHX








Net Expense : 0.69%

Turnover : 15%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16


0.90

0.95

1.00

1.05

1.10

1.15

2/04 5/05 8/06 11/07 2/09 5/10 8/11 11/12 2/14 5/15 12/16

1.05

Page 35



TRP Retirement 2025


0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.2%

2.6%

28.6%

68.6%


Total Securities 20


P/E 19.19

P/B 3.50

Div. Yield 1.69%

Annual EPS 8.98

5Yr EPS 6.30

3Yr EPS Growth 8.46













0.0% 8.0% 16.0% 24.0% 32.0%


Utilities

Materials

Energy

Consumer Staples

Health Care

Industrials



Financials

1.8%

2.2%

2.6%

3.5%

6.9%

8.6%

8.7%

9.4%

9.5%

14.7%

Page 36

Return Summary


Account Information



TRP Retirement 2030


0.0

4.0

8.0

12.0

16.0

Re

turn

1Quarter

2016 1Year

3Years

5Years

10Years

1.4

8.8 8.8

5.0

10.2

5.2

0.2

7.7 7.7

4.5

10.4

5.4

Product Name : T Rowe Price Ret:2030 (TRRCX)


Ticker : TRRCX








Net Expense : 0.72%

Turnover : 16%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16


0.96

1.02

1.08

1.14

9/02 3/04 9/05 3/07 9/08 3/10 9/11 3/13 9/14 12/16

1.06

Page 37



TRP Retirement 2030


0.0% 25.0% 50.0% 75.0% 100.0% 125.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.3%

2.5%

21.5%

75.7%


Total Securities 20


P/E 21.39

P/B 3.94

Div. Yield 1.87%

Annual EPS 10.83

5Yr EPS 7.23

3Yr EPS Growth 9.55









T Rowe Price Emerging Markets Stock Fund 3.06 %


T Rowe Price Mid-Cap Growth Fund 2.73 %


0.0% 8.0% 16.0% 24.0% 32.0%


Utilities

Materials

Energy

Consumer Staples

Industrials

Health Care



Financials

1.9%

2.5%

2.8%

3.7%

7.7%

9.5%

9.7%

10.6%

10.6%

15.9%

Page 38

Return Summary


Account Information



TRP Retirement 2035


0.0

4.0

8.0

12.0

16.0

Re

turn

1Quarter

2016 1Year

3Years

5Years

10Years

1.7

9.2 9.2

5.1

10.7

5.3

0.4

7.6 7.6

4.6

10.9

5.5

Product Name : T Rowe Price Ret:2035 (TRRJX)


Ticker : TRRJX








Net Expense : 0.74%

Turnover : 15%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16


0.96

1.02

1.08

1.14

2/04 5/05 8/06 11/07 2/09 5/10 8/11 11/12 2/14 5/15 12/16

1.04

Page 39



TRP Retirement 2035


0.0% 25.0% 50.0% 75.0% 100.0% 125.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.4%

2.3%

15.6%

81.7%


Total Securities 19


P/E 23.27

P/B 4.27

Div. Yield 2.00%

Annual EPS 12.04

5Yr EPS 7.87














0.0% 10.0% 20.0% 30.0% 40.0%


Utilities

Materials

Energy

Consumer Staples

Industrials

Health Care



Financials

1.9%

2.7%

3.0%

3.9%

8.1%

10.2%

10.5%

11.5%

11.6%

17.2%

Page 40

Return Summary


Account Information



TRP Retirement 2040


0.0

5.0

10.0

15.0

20.0

Re

turn

1Quarter

2016 1Year

3Years

5Years

10Years

2.0

9.6 9.6

5.2

11.0

5.4

0.6

7.6 7.6

4.6

11.1

5.6

Product Name : T Rowe Price Ret:2040 (TRRDX)


Ticker : TRRDX








Net Expense : 0.76%

Turnover : 15%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16


0.96

1.02

1.08

1.14

9/02 3/04 9/05 3/07 9/08 3/10 9/11 3/13 9/14 12/16

1.05

Page 41



TRP Retirement 2040


0.0% 50.0% 100.0% 150.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.6%

2.2%

10.9%

86.4%


Total Securities 19


P/E 24.73

P/B 4.53

Div. Yield 2.11%

Annual EPS 12.98

5Yr EPS 8.37














0.0% 10.0% 20.0% 30.0% 40.0%


Utilities

Materials

Energy

Consumer Staples

Industrials

Health Care



Financials

2.0%

2.9%

3.1%

4.1%

8.5%

10.7%

11.2%

12.2%

12.4%

18.2%

Page 42

Return Summary


Account Information



TRP Retirement 2045


0.0

5.0

10.0

15.0

20.0

Re

turn

1Quarter

2016 1Year

3Years

5Years

10Years

2.0

9.7 9.7

5.3

11.0

5.4

0.6

7.7 7.7

4.6

11.1

5.7

Product Name : T Rowe Price Ret:2045 (TRRKX)


Ticker : TRRKX








Net Expense : 0.76%

Turnover : 14%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16


0.96

1.02

1.08

1.14

5/05 8/06 11/07 2/09 5/10 8/11 11/12 2/14 5/15 12/16

1.04

Page 43



TRP Retirement 2045


0.0% 50.0% 100.0% 150.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.7%

2.0%

9.5%

87.9%


Total Securities 19


P/E 25.20

P/B 4.59

Div. Yield 2.14%

Annual EPS 13.05

5Yr EPS 8.45














0.0% 10.0% 20.0% 30.0% 40.0%


Utilities

Materials

Energy

Consumer Staples

Industrials

Health Care



Financials

2.0%

2.9%

3.2%

4.2%

8.6%

10.9%

11.3%

12.4%

12.7%

18.7%

Page 44

Return Summary


Account Information



TRP Retirement 2050


0.0

5.0

10.0

15.0

20.0

Re

turn

1Quarter

2016 1Year

3Years

5Years

10Years

2.0

9.7 9.7

5.3

11.0

5.4

0.7

7.7 7.7

4.6

11.1

5.7

Product Name : T Rowe Price Ret:2050 (TRRMX)


Ticker : TRRMX








Net Expense : 0.76%

Turnover : 13%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16


0.90

0.95

1.00

1.05

1.10

12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16

1.02

Page 45



TRP Retirement 2050


0.0% 50.0% 100.0% 150.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.6%

2.1%

9.5%

87.8%


Total Securities 19


P/E 25.17

P/B 4.61

Div. Yield 2.14%

Annual EPS 13.25

5Yr EPS 8.52














0.0% 10.0% 20.0% 30.0% 40.0%


Utilities

Materials

Energy

Consumer Staples

Industrials

Health Care



Financials

2.0%

2.9%

3.2%

4.1%

8.7%

10.9%

11.4%

12.4%

12.7%

18.6%

Page 46

Return Summary


Account Information



TRP Retirement 2055


0.0

5.0

10.0

15.0

20.0

Re

turn

1Quarter

2016 1Year

3Years

5Years

10Years

2.0

9.7 9.7

5.3

11.0

5.4

0.7

7.7 7.7

4.6

11.1

5.6

Product Name : T Rowe Price Ret:2055 (TRRNX)


Ticker : TRRNX

Peer Group : IM Mixed-Asset Target 2055+ (MF)







Net Expense : 0.76%

Turnover : 11%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16


0.90

0.96

1.02

1.08

1.14

12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16

1.02

Page 47



TRP Retirement 2055


0.0% 50.0% 100.0% 150.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.6%

2.1%

9.5%

87.8%


Total Securities 19


P/E 25.18

P/B 4.61

Div. Yield 2.14%

Annual EPS 13.27

5Yr EPS 8.53














0.0% 10.0% 20.0% 30.0% 40.0%


Utilities

Materials

Energy

Consumer Staples

Industrials

Health Care



Financials

2.0%

2.9%

3.2%

4.1%

8.7%

10.9%

11.4%

12.4%

12.7%

18.5%

Page 48

U.S. Equity

Page 49

Return Summary


Account Information


BlackRock S&P 500 Stock Performance Summary

BlackRock S&P 500 Stock

BlackRock S&P 500 Stock S&P 500 Index

0.0

6.0

12.0

18.0

24.0

Re

turn

1Quarter

2016 1Year

3Years

5Years

10Years

3.8

12.0 12.0

8.9

14.7

6.9

3.8

11.9 11.9

8.8

14.6

6.9

Product Name : BlackRock:S&P500 Idx;K (WFSPX)

Fund Family : BlackRock Fund Advisors

Ticker : WFSPX

Peer Group : IM S&P 500 Index (MF)

Benchmark : S&P 500 Index


Portfolio Manager : Team Managed




Net Expense : 0.04%

Turnover : 2%


0.0%

0.1%

-0.1 %

-0.2 %

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16

BlackRock S&P 500 Stock Benchmark

0.96

0.99

1.02

7/93 10/95 1/98 4/00 7/02 10/04 1/07 4/09 7/11 10/13 12/16

0.96

Page 50


Peer Group Analysis


IM S&P 500 Index (MF)

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

Re

turn

1Quarter

20161

Year3

Years5

Years10

Years

BlackRock S&P 500 Stock 3.83 (6) 11.92 (17) 11.92 (17) 8.82 (12) 14.57 (21) 6.86 (16)¢

S&P 500 Index 3.82 (12) 11.96 (7) 11.96 (7) 8.87 (1) 14.66 (1) 6.95 (4)�

5th Percentile 3.83 11.99 11.99 8.84 14.63 6.93

1st Quartile 3.81 11.88 11.88 8.76 14.55 6.83

Median 3.78 11.75 11.75 8.67 14.45 6.76

3rd Quartile 3.74 11.59 11.59 8.51 14.29 6.66

95th Percentile 3.63 11.34 11.34 8.31 14.07 6.40

Page 51



5 Years


BlackRock S&P 500 Stock Risk Profile


BlackRock S&P 500 Stock S&P 500 Index

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16BlackRock S&P 500 Stock S&P 500 Index


-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

Re

turn

(%)

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

ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

BlackRock S&P 500 Stock -0.08 0.03 -2.91 1.00 1.36 -0.08 1.00 14.57 10.37 1.00

S&P 500 Index 0.00 0.00 N/A 1.00 1.37 0.00 1.00 14.66 10.37 1.00

Citigroup 3 Month T-Bill -14.19 10.37 -1.37 0.00 N/A 0.09 0.00 0.09 0.03 0.00

Page 52





0.0% 50.0% 100.0% 150.0%-50.0 %

Cash

Fixed Income

Convertibles

Other

Equities

-3.5 %

0.0%

0.0%

7.4%

96.2%




P/E 25.58

P/B 5.52

Div. Yield 2.58%

Annual EPS 10.47

5Yr EPS 8.26



BlackRock Cash Funds: Treasury;SL Agency 3.56 %

Apple Inc ORD 3.20 %

Microsoft Corp ORD 2.44 %

Exxon Mobil Corp ORD 1.81 %

Johnson & Johnson ORD 1.66 %

Amazon.com Inc ORD 1.63 %

Facebook Inc ORD 1.59 %

Berkshire Hathaway Inc ORD 1.43 %

General Electric Co ORD 1.36 %

JPMorgan Chase & Co ORD 1.31 %


0.0% 10.0% 20.0% 30.0% 40.0%

Materials


Utilities

Energy

Consumer Staples

Industrials

Health Care


Financials


2.1%

2.4%

3.3%

6.9%

10.4%

11.2%

12.6%

12.8%

17.0%

17.5%

Page 53

Return Summary


Account Information


Dodge & Cox Stock Performance Summary

Dodge & Cox Stock

Dodge & Cox Stock S&P 500 Index

0.0

8.0

16.0

24.0

32.0

Re

turn

1Quarter

2016 1Year

3Years

5Years

10Years

3.8

12.0 12.0

8.9

14.7

6.9

10.7

21.3 21.3

8.5

17.0

5.9

Product Name : Dodge & Cox Stock (DODGX)

Fund Family : Dodge & Cox

Ticker : DODGX

Peer Group : IM U.S. Large Cap Core Equity (MF)

Benchmark : S&P 500 Index


Portfolio Manager : Team Managed




Net Expense : 0.52%

Turnover : 15%


0.0%

5.0%

10.0%

15.0%

-5.0 %

-10.0 %

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16

Dodge & Cox Stock Benchmark

0.00

0.60

1.20

1.80

2.40

3.00

3/65 12/69 9/74 6/79 3/84 12/88 9/93 6/98 3/03 12/07 12/16

1.84

Page 54


Peer Group Analysis

Dodge & Cox Stock

IM U.S. Large Cap Core Equity (MF)

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Re

turn

1Quarter

20161

Year3

Years5

Years10

Years

Dodge & Cox Stock 10.71 (1) 21.28 (1) 21.28 (1) 8.55 (23) 17.01 (1) 5.93 (61)¢

S&P 500 Index 3.82 (47) 11.96 (31) 11.96 (31) 8.87 (12) 14.66 (22) 6.95 (30)�

5th Percentile 7.11 16.30 16.30 9.68 15.88 8.25

1st Quartile 4.77 12.35 12.35 8.46 14.57 7.08

Median 3.77 10.52 10.52 7.59 13.67 6.29

3rd Quartile 2.62 8.51 8.51 6.22 12.42 5.57

95th Percentile -0.22 4.19 4.19 3.66 10.42 4.65

Page 55



5 Years


Dodge & Cox Stock Risk Profile

Dodge & Cox Stock

Dodge & Cox Stock S&P 500 Index

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16Dodge & Cox Stock S&P 500 Index


-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

Re

turn

(%)


ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

Dodge & Cox Stock 2.28 4.62 0.49 0.87 1.33 0.63 1.12 17.01 12.40 0.93

S&P 500 Index 0.00 0.00 N/A 1.00 1.37 0.00 1.00 14.66 10.37 1.00


Page 56



Dodge & Cox Stock


0.0% 50.0% 100.0% 150.0%-50.0 %

Other

Convertibles

Fixed Income

Cash

Equities

0.0%

0.0%

0.1%

2.9%

97.1%


Total Securities 69


P/E 21.46

P/B 2.82

Div. Yield 2.09%

Annual EPS 1.98

5Yr EPS 5.06

3Yr EPS Growth 6.47


Bank of America Corp ORD 3.99 %

Wells Fargo & Co ORD 3.87 %

Capital One Financial Corp ORD 3.85 %

Charles Schwab Corp ORD 3.77 %

Hewlett Packard Enterprise Co ORD 3.51 %

Goldman Sachs Group Inc ORD 3.31 %

Time Warner Inc ORD 3.10 %

Sanofi SA DR 2.90 %

Charter Communications Inc ORD 2.85 %

Microsoft Corp ORD 2.54 %


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

Non Classified Equity

Materials

Consumer Staples


Industrials

Energy


Health Care


Financials

0.1%

1.0%

1.0%

1.9%

5.7%

9.2%

15.0%

16.5%

16.8%

29.8%

Page 57

Return Summary


Account Information


Vanguard Mid Cap Index Performance Summary

Vanguard Mid Cap Index


Vanguard Spliced Mid Cap Index

0.0

6.0

12.0

18.0

24.0

Re

turn

1Quarter

2016 1Year

3Years

5Years

10Years

2.1

11.2 11.2

7.7

14.4

7.7

2.1

11.2 11.2

7.7

14.4

7.7

Product Name : Vanguard Md-Cp Idx;Inst (VMCIX)

Fund Family : Vanguard Group Inc

Ticker : VMCIX

Peer Group : IM U.S. Mid Cap Equity (MF)

Benchmark : Vanguard Spliced Mid Cap Index


Portfolio Manager : Donald M. Butler




Net Expense : 0.07%

Turnover : 15%


0.0%

0.1%

-0.1 %

-0.2 %

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16

Vanguard Mid Cap Index Benchmark

0.98

1.00

1.02

1.04

1.06

5/98 2/00 11/01 8/03 5/05 2/07 11/08 8/10 5/12 2/14 12/16

1.03

Page 58


Peer Group Analysis


IM U.S. Mid Cap Equity (MF)

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Re

turn

1Quarter

20161

Year3

Years5

Years10

Years

Vanguard Mid Cap Index 2.13 (64) 11.23 (55) 11.23 (55) 7.68 (30) 14.38 (31) 7.69 (33)¢

Vanguard Spliced Mid Cap Index 2.14 (64) 11.25 (55) 11.25 (55) 7.72 (29) 14.42 (30) 7.70 (32)�

5th Percentile 10.95 23.74 23.74 9.93 16.79 9.59

1st Quartile 6.59 17.21 17.21 7.79 14.70 7.90

Median 3.79 11.88 11.88 5.94 13.23 7.08

3rd Quartile 0.61 5.71 5.71 3.77 11.44 5.93

95th Percentile -2.57 0.75 0.75 -0.78 8.17 4.22

Page 59



5 Years


Vanguard Mid Cap Index Risk Profile




0.0

6.0

12.0

18.0

24.0

30.0

36.0

42.0

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16Vanguard Mid Cap Index



-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

Re

turn

(%)


ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

Vanguard Mid Cap Index -0.03 0.06 -0.59 1.00 1.23 -0.03 1.00 14.38 11.43 1.00

Vanguard Spliced Mid Cap Index 0.00 0.00 N/A 1.00 1.23 0.00 1.00 14.42 11.44 1.00


Page 60





0.0% 50.0% 100.0% 150.0%-50.0 %

Other

Convertibles

Cash

Fixed Income

Equities

0.0%

0.0%

0.1%

0.4%

99.5%




P/E 28.49

P/B 4.56

Div. Yield 2.19%

Annual EPS 4.67

5Yr EPS 10.53



Equinix Inc ORD 0.78 %

Fiserv Inc ORD 0.70 %

Electronic Arts Inc ORD 0.69 %

M&T Bank Corp ORD 0.67 %

Newell Brands Inc ORD 0.66 %

Amphenol Corp ORD 0.63 %

Edwards Lifesciences Corp ORD 0.61 %

KeyCorp ORD 0.60 %

Western Digital Corp ORD 0.59 %

Concho Resources Inc ORD 0.59 %


0.0% 15.0% 30.0% 45.0% 60.0%


Materials

Energy

Utilities

Health Care



Consumer Staples

Industrials

Financials

1.5%

4.0%

5.2%

5.2%

7.4%

11.4%

12.3%

13.1%

16.2%

22.0%

Page 61

Return Summary


Account Information


Baron Growth Inst Performance Summary

Baron Growth Inst

Baron Growth Inst

Russell Midcap Growth Index

0.0

8.0

16.0

24.0

-8.0

Re

turn

1Quarter

2016 1Year

3Years

5Years

10Years

0.5

7.3 7.36.2

13.5

7.8

-0.1

6.3 6.3

2.2

11.6

Product Name : Baron Growth;Inst (BGRIX)

Fund Family : Baron Funds

Ticker : BGRIX

Peer Group : IM U.S. Mid Cap Growth Equity (MF)

Benchmark : Russell Midcap Growth Index


Portfolio Manager : Ronald Baron




Net Expense : 1.04%

Turnover : 5%


0.0%

5.0%

10.0%

-5.0 %

-10.0 %

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16

Baron Growth Inst Benchmark

0.84

0.91

0.98

1.05

1.12

5/09 2/10 11/10 8/11 5/12 2/13 11/13 8/14 5/15 2/16 12/16

0.91

Page 62

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

Re

turn

1Quarter

20161

Year3

Years5

Years10

Years

Baron Growth Inst -0.08 (64) 6.31 (39) 6.31 (39) 2.20 (83) 11.56 (55) N/A¢

Baron Growth Rtl* -0.14 (65) 6.04 (43) 6.04 (43) 1.94 (86) 11.27 (61) 6.43 (60)�

Russell Midcap Growth Index 0.46 (49) 7.33 (31) 7.33 (31) 6.23 (24) 13.51 (27) 7.83 (32)p

5th Percentile 7.33 13.88 13.88 8.95 16.18 9.62

1st Quartile 1.88 7.68 7.68 6.08 13.64 8.20

Median 0.41 5.19 5.19 4.00 11.88 6.91

3rd Quartile -0.89 2.96 2.96 2.85 10.41 5.48

95th Percentile -3.34 -0.14 -0.14 -1.12 7.43 3.51

Baron Growth Inst

Peer Group Analysis


IM U.S. Small Cap Growth Equity (MF)

*Alternate share class shown for a historical perspective.

Page 63



5 Years


Baron Growth Inst Risk Profile

Baron Growth Inst

Baron Growth Inst Russell Midcap Growth Index

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16

Baron Growth Inst

Russell Midcap Growth Index


-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

Re

turn

(%)


ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

Baron Growth Inst -1.81 4.68 -0.39 0.85 1.02 -0.14 0.88 11.56 11.35 0.92

Russell Midcap Growth Index 0.00 0.00 N/A 1.00 1.12 0.00 1.00 13.51 11.93 1.00

Citigroup 3 Month T-Bill -13.34 11.93 -1.12 0.00 N/A 0.09 0.00 0.09 0.03 -0.04

Page 64



Baron Growth Inst


0.0% 50.0% 100.0% 150.0%

Fixed Income

Convertibles

Cash

Other

Equities

0.0%

0.0%

0.6%

1.4%

98.1%


Total Securities 64


P/E 35.24

P/B 6.38

Div. Yield 2.10%

Annual EPS 9.51

5Yr EPS 12.33



Vail Resorts Inc ORD 5.43 %

Arch Capital Group Ltd ORD 5.18 %

FactSet Research Systems Inc ORD 4.35 %

Gartner Inc ORD 4.15 %

CoStar Group Inc ORD 3.63 %

IDEXX Laboratories Inc ORD 3.40 %

SS&C Technologies Holdings Inc ORD 3.23 %

Gaming and Leisure Properties Inc ORD 3.17 %

MSCI Inc ORD 3.02 %

ANSYS Inc ORD 2.87 %


0.0% 20.0% 40.0% 60.0% 80.0%



Health Care

Consumer Staples

Industrials


Financials


0.0%

1.5%

7.2%

9.2%

13.0%

13.6%

23.5%

30.1%

Page 65

International Equity

Page 66

Return Summary


Account Information


Artisan International Inv Performance Summary



MSCI EAFE Index (Net)

MSCI AC World ex USA Index (Net)

0.0

8.0

16.0

-8.0

-16.0

Re

turn

1Quarter

2016 1Year

3Years

5Years

10Years

-1.3

4.5 4.5

-1.8

5.0

1.0

-0.7

1.0 1.0

-1.6

6.5

0.7

-8.5-9.7 -9.7

-4.9

6.2

1.6

Product Name : Artisan:Internatl;Inv (ARTIX)

Fund Family : Artisan Partners LP

Ticker : ARTIX

Peer Group : IM International Large Cap Equity (MF)

Benchmark : MSCI EAFE Index (Net)


Portfolio Manager : Yockey/Euretig/Hamker




Net Expense : 1.17%

Turnover : 65%


0.0%

6.0%

12.0%

-6.0 %

-12.0 %

-18.0 %

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16

Artisan International Inv Benchmark

0.00

0.80

1.60

2.40

3.20

12/95 12/97 12/99 12/01 12/03 12/05 12/07 12/09 12/11 12/13 12/16

2.21

Page 67


Peer Group Analysis


IM International Large Cap Equity (MF)

-16.0

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0R

etu

rn

1Quarter

20161

Year3

Years5

Years10

Years

Artisan International Inv -8.45 (99) -9.66 (100) -9.66 (100) -4.90 (99) 6.19 (40) 1.64 (27)¢

MSCI EAFE Index (Net) -0.71 (26) 1.00 (49) 1.00 (49) -1.60 (34) 6.53 (26) 0.75 (54)�

5th Percentile 3.80 6.80 6.80 0.13 7.90 3.60

1st Quartile -0.51 3.00 3.00 -1.34 6.56 1.74

Median -1.64 0.91 0.91 -2.21 5.99 0.77

3rd Quartile -3.84 -1.19 -1.19 -3.14 5.10 0.37

95th Percentile -6.42 -5.28 -5.28 -4.32 2.35 -1.85

Page 68



5 Years


Artisan International Inv Risk Profile


Artisan International Inv MSCI EAFE Index (Net)

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 12/16Artisan International Inv MSCI EAFE Index (Net)


-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

Re

turn

(%)

0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0Risk (Standard Deviation %)

ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

Artisan International Inv -0.42 5.23 -0.08 0.85 0.53 0.51 0.87 6.19 12.77 0.92

MSCI EAFE Index (Net) 0.00 0.00 N/A 1.00 0.53 0.00 1.00 6.53 13.51 1.00


Page 69





0.0% 50.0% 100.0% 150.0%

Other

Convertibles

Fixed Income

Cash

Equities

0.0%

0.0%

2.4%

2.4%

95.2%


Total Securities 79


P/E 21.72

P/B 3.33

Div. Yield 2.85%

Annual EPS 17.34

5Yr EPS 11.25



Linde AG ORD 4.30 %

Deutsche Boerse AG ORD 4.07 %

Japan Tobacco Inc ORD 4.04 %

Allianz SE ORD 3.83 %

Nestle SA ORD 3.57 %

Canadian Pacific Railway Ltd ORD 3.45 %

ING Groep NV ORD 3.20 %

Aon PLC ORD 3.09 %

Medtronic PLC ORD 3.01 %

Alibaba Group Holding Ltd DR 2.98 %

Regional Allocation As of 12/31/2016

0.0% 50.0% 100.0%

Emg. MidEast, Africa, Europe

Other

Emerging Asia

North America

Pacific Basin

Europe

0.4%

3.0%

6.0%

6.3%

18.3%

64.3%

Page 70

Market Environment

Page 71

Global equity markets rose against a backdrop of political uncertainty in the form of the US Presidential elections,

Italian constitutional referendum and ongoing Brexit discussions. Markets entered positive territory towards the end of

the quarter on the hopes of Trump’s fiscal reforms policies and rising crude oil prices.

Global equity markets returned 1.27% in Q4 2016 with only US and Canada regions generating positive returns. US

was the best performing market with a return of 3.84% over the quarter as strong Q3 2016 GDP data and growing

inflation expectations over promises of greater fiscal spending under Trump’s administration supported equities. The

US Federal Reserve (Fed) raised the federal fund rate target by 25bps to 0.50-0.75% and indicated a faster pace of

tightening in 2017.

Global Equity Markets

Page 72

Global Equity Markets

The two exhibits on this slide illustrate the percentage that each country/region represents of the global equity market

as measured by the MSCI All Country World IMI Index and the MSCI All Country World ex-U.S. IMI Index.

Page 73

U.S. Equity Markets

The Russell 3000 Index returned 4.21% during the fourth quarter and returned 12.74% over the one-year period.

During the fourth quarter, the financial services sector was the strongest performer, posting returns of 13.04%. The

healthcare and consumer staples sectors were the weakest performers, with returns of -4.22% and -1.57%

respectively.

Performance across the market capitalization spectrum was positive over the quarter. Small cap stocks outperformed

the other segments in Growth and Value stocks. Value stocks continued their outperformance relative Growth stocks

over 2016 across the capitalizations.

Page 74

U.S. Fixed Income Markets

The Bloomberg Barclays Aggregate Bond Index fell

2.98% in the fourth quarter. ABS bonds fell by the least

with a return of -0.70% whilst Government bonds fell by

the most, returning -3.72%.

High yield bonds outperformed all investment grade

corporate bonds, as high yield spreads fell by 71bps

(according to the Bloomberg Barclays Live indices).

Shortest duration bonds outperformed all other bonds in

different maturities. This particularly benefitted high yield

bonds which typically have low duration.

Page 75

U.S. Fixed Income Markets

The Treasury yield curve shifted upwards over the fourth quarter with yields rising across the curve. The yield curve

also steepened over the quarter, driven by long maturity bonds rising faster than short maturity bonds.

The Fed’s decision to increase the target federal funds range by 25bps to 0.5-0.75% alongside higher breakeven

inflation drove yields higher.

The 10-year U.S. Treasury yield ended the quarter at 2.45%, 85 basis points higher than its level at the beginning of

the quarter.

The 10-year TIPS yield rose by 50 basis points over the quarter and ended the period at 0.50%.

Page 76

European Fixed Income Markets

In the Eurozone, government bond yields rose across the region with the exception of Greece. Bond spreads widened

as the peripheral government bond yields rose at a faster pace than the core government bond yields. German bund

yields moved into positive territory after several months of negative yields, and ended the quarter at 0.11%.

Portuguese bond yields continued to rise due to concerns over the government’s finances (the European Commission

warned Portugal’s 2017 draft budget for non-compliance issues) and a weakening of the economy.

Italian government bond yields rose sharply as concerns over the rescue of the debt-heavy major bank Monte dei

Paschi di Siena and Italian referendum weighed heavily on the European bond market. However, the Italian

government’s intervention to rescue the struggling banking sector towards the end of the quarter failed to stop the bond

rout.

Greek bond yields fell on the hopes of debt relief measures. However, this was later put on hold by the country’s

creditors following the government’s decision to spend additional funds on pensions. Page 77

Spread (bps) 12/31/2016 9/30/2016 12/31/2015 Quarterly Change (bps) 1-Year Change (bps)

U.S. Aggregate 43 47 56 -4 -13

Long Gov't 3 3 4 0 -1

Long Credit 167 195 225 -28 -58

Long Gov't/Credit 104 118 138 -14 -34

MBS 15 14 24 1 -9

CMBS 75 84 121 -9 -46

ABS 59 55 72 4 -13

Corporate 123 138 165 -15 -42

High Yield 409 480 660 -71 -251

Global Emerging Markets 288 299 389 -11 -101

Source: Barclays Live

Credit Spreads

During the fourth quarter, credit spreads were mixed across all the areas of the bond market.

ABS bonds spreads (4 basis points) rose by the most over the quarter, followed by MBS bonds (1 basis point),

whereas high yield spreads (-71 basis points) and long-dated credit (-28 basis points) fell by the most over the quarter.

Page 78

Commodities

The Bloomberg Commodity Index rose during the fourth quarter, returning 2.66%.

Over the quarter, the best performing segment was Livestock with a return 20.84%, followed by the Energy sector

which returned 10.58%.

Precious Metals was the worst performing sector during the quarter with a return of -14.05%.

Page 79

Currency

As measured through the broad trade weighted U.S. dollar index, the U.S. dollar rose sharply over the quarter.

The US dollar appreciated sharply against all major currencies as expectations of greater fiscal spending and

increased number of future interest rate hikes led to significant US dollar inflows. The pound was dragged down by

worries over the possibility of a hard-Brexit. The yen depreciated sharply against the dollar owing to the divergent

monetary policy stances by the two central banks.

Page 80

Demand Drivers Rebound

Net Absorption Turns Positive

Declining Vacancy

Growth in Rental Rates

Construction Reignites

YE 2011

YE 2010

YE 2012

YE 2013

YE 2015

YE 2014

YE 2016

U.S. Commercial Real Estate Markets

U.S. private market real estate performed well on a relative basis in 2016, despite its clear moderating trend following f ive years of above average performance. The NFI-ODCE is now performing

back in line with the sector’s long term average, registering 8.72%* for the calendar year. Income growth for the year (4.48%)* outpaced appreciation (4.09%)* as expected, illustrating that

income growth has become the larger driver of sector returns at this mature point in the real estate cycle. We expect these trends to continue in 2017.

The U.S. REIT sector posted similar gains for the year, up 8.5% (FTSE NAREIT Equity REIT Index), but it was a bumpy road with elevated volatility quarter to quarter. In the fourth quarter REITs

declined by 2.9%; this was led by interest rate concerns and mid-quarter jitters over the U.S. presidential election. Post-election enthusiasm for better economic growth appeared to buoy the

sector as it rallied ahead of the broader equity markets late in the quarter. U.S. REITs ended the year trading at an approximate 1.5% premium to NAVs, although excluding the health care and

net lease sectors, the REIT sector ended the year at an approximate 4% discount to private market valuations.

Capital flows were robust throughout 2016, exceeding $100bn in final closings for the fourth year in a row. Current signs indicate that the asset class should continue to attract significant levels of

new capital in 2017. Notable trends in 2016 included a significant increase in average Fund size, while the number of final closings fell. There was increased investment in Real Estate Debt

funds, while capital closed for Opportunistic funds fell significantly.

Dry powder for higher risk investments currently stands at an all time peak. While this should help support current sector pricing for a bit longer, moderating trends in underlying fundamentals (for

example rent growth), supply-demand balance, interest rates, and economic tailwinds raise investment risk levels at this mature point in the cycle. The outcome of the U.S. election and Brexit, as

well as other potential leadership changes in Europe, have also added further risk in relation to political uncertainty globally. To-date, U.S. real estate has not illustrated any fundamental

adjustments from these cumulative factors with the exception of a handful of firms with international exposure; if anything, the U.S. continues to benefit as a global safe(r) haven.

As we enter 2017, the U.S. real estate cycle is mature, and thus more susceptible to bumps along the road. While solid income returns are forecasted to continue to support attractive relative

returns against many other asset classes, portfolio construction consideration is essential. At this point in the cycle, appropriate risk mitigation measures should be a staple in all investment

portfolios as new investments will likely be required to ride out a cyclical downturn.

*Indicates preliminary NFI-ODCE data gross of fees

Stages of Fundamental Recovery in the Real Estate Market Cycle

SOURCE:AON HEWITT 12/30/2016

Page 81

Fee Analysis

Page 82

Fairfax County Public Schools As of December 31, 2016

Peer Group $ Weighted $ Weighted

Median Median Average Average Difference2

U.S FIXED INCOME

Great West Portfolio Fund Stable Value 0.89%3N/A N/A 0.62%4

N/A N/A

PIMCO Total Return Adm US Broad Market Core Fixed 0.72% 0.50% 0.43% 0.54% 0.41% 0.18%

PIMCO Inflation Response MultiAsst Inst Flexible Portfolio 0.86% 0.93% 0.60% 0.99% 0.87% -0.13%

TARGET DATE

T. Rowe Price Retirement 2005 Mixed Asset Target Today50.60% 0.56% 0.49% 0.55% 0.52% 0.05%

T. Rowe Price Retirement 2010 Mixed Asset Target 201050.59% 0.56% 0.58% 0.57% 0.57% 0.02%









T. Rowe Price Retirement 2055 Mixed Asset Target 2055+50.76% 0.70% 0.64% 0.71% 0.71% 0.05%

U.S. EQUITY

BlackRock S&P 500 Stock S&P 500 Index Funds (Passive) 0.04% 0.20% 0.05% 0.27% 0.08% -0.23%

Dodge & Cox Stock U.S. Large Cap Core Equity 0.52% 0.81% 0.57% 0.84% 0.57% -0.32%

Vanguard Mid Cap Index U.S. Mid Cap Equity 0.07% 0.97% 0.75% 0.99% 0.80% -0.92%

Baron Growth Inst U.S. Mid Cap Growth Equity 1.04% 0.99% 0.62% 0.99% 0.75% 0.05%

INTERNATIONAL EQUITY

Artisan International Inv International Equity All6 1.17% 0.99% 0.10% 0.99% 0.74% 0.18%

Cost Analysis

Expense Ratio Peer Group Data1

2 Difference column represents the difference between the fund's expense ratio and the Peer Group's average expense ratio.

Fund NameFund's

Expense

Ratio

1 All information, unless noted otherwise, was created using Morningstar audited expense ratio data as of December 31, 2015. Since mutual fund expense ratios do not change frequently, AHIC believes this study to be a relevant comparison for up to a year, at which time the data will be updated. For complete information on AHIC methodologies and additional information on the expense ratio distributions, contact your AHIC consultant. Mutual fund expense peer groups were constructed by Investment Metrics, and are consistent with the peer groups shown in other exhibits comparing performance, risk-metrics and a multitude of other characteristics.

3 In lieu of an expense ratio, Great West assumes a margin of 89 basis points on the Portfolio Fund. This reflects the gross investment yield of the assets minus the crediting rate and cost of maintaining regulatory capital requirements.

6 Combines multiple Investment Metrics peer groups.

5 Mixed Asset peer groups utilize prospectus net expense ratio information due to the nature of the asset classand common use of a Fund of Fund structure.

4 Stable value fund average calculated using Hueler Universe data for a mandate size of $1 million in assets.

Page 83

Appendix

Page 84

Glossary of Investment Terms and Concepts

Active Returns Measures the average excess return of the portfolio relative to a benchmark. The excess return is annualized. The higher the active return, the better the portfolio’s performance versus the benchmark. Alpha Measures nonsystematic return, or the return that cannot be attributed to the market. Thus, it can be thought of as how the manager performed if the market had no gain or loss. A positive alpha implies that the manager has added value to the return of the portfolio over that of the market. Average Credit Quality An average of all the credit-quality positions for the fund or underlying fund’s bond holdings. The credit quality levels range from AAA (highest) to D (lowest). Average Maturity Average maturity is the weighted average of the dates on which the bonds held in the portfolio become due and are to be paid off. Average Weighted Coupon A weighted average of the coupons for all bond holdings in the fund or underlying fund’s portfolio. This figure is generated by weighing each bond’s rate of interest to its relative size in the portfolio. Bloomberg Barclays U.S. Aggregate Bond Index This includes all publicly issued, non-convertible domestic debt of the US Government and all its agencies, all investment-grade corporate debt and all mortgage-backed securities. The minimum maturity is one year, but there is no maximum maturity. The bonds must have at least $250 million par amount outstanding. Bloomberg Barclays U.S. Government/Credit Bond Index Is made up of the Bloomberg Barclays U.S. Government and Bloomberg Barclays U.S. Capital Credit Indices. All issues are rated investment grade or higher, have at least one year to maturity, and have an outstanding par value of at least $250 million.

Bloomberg Barclays U.S. Government/Credit Intermediate Index A measure of the movement of approximately 2,800 bonds from the Bloomberg Barclays U.S. Government/Credit index with maturities between 1 and 9.99 years. The total return calculated for the index consists of price appreciation/depreciation and income as a percentage of the original investment. Bloomberg Barclays U.S. Government/Credit Long Index A measure of the movement of bonds from the Bloomberg Barclays U.S. Government/Credit index with maturities greater than 9.99 years. The total return calculated for the index consists of price appreciation/depreciation and income as a percentage of the original investment. Beta Measures the risk level of the manager. Beta measures the systematic risk, or the return that is attributable to market movements. A beta equal to one indicates a risk level equivalent to the market. Higher betas are associated with higher risk levels, while lower betas are associated with lower risk levels. Bottom-Up A methodical approach to investing in which investors search for outstanding performance of individual stocks before considering the impact of economic trends. Companies are identified from research reports, stock screens, personal knowledge of the products and services, and other resources. The bottom-up approach assumes that individual companies can do well, even in an industry or sector that is not performing well. Commingled Account The collective investment of the assets of several institutional clients, usually through an investment manager allowing for broader and more efficient investing.

Page 85


Consumer Price Index (CPI) A measure of the average change in prices over time of a fixed group of goods and services. The CPI is published by the Bureau of Labor Statistics in the Department of Labor and is released monthly. It is widely used as a cost-of-living benchmark. Correlation Statistical measure of the degree to which the movements of two variables are related, ranging from 1 to -1. For asset allocation purposes, mixing two assets with a correlation less than 1 results in a benefit of diversification because the two assets do not behave in exactly the same manner. Core Investment Style An investment approach that managers utilize by reviewing the entire universe of growth and value stocks within a market capitalization range, then choosing a combination of the most attractive of either type to create a blended portfolio with a style that is neither a pure value nor a pure growth. Core portfolio characteristics including P/E ratio, P/B ratio, and dividend yield that typically lie between growth and value portfolios. Coupon The interest on a debt security, e.g., a bond, the issuer promises to pay to the holder until maturity, expressed as an annual percentage of the security’s face value. For example, a bond with a 10% coupon will pay $10 per $100 of the face amount per year. Current Yield The annual interest on a bond divided by the market price. If a $1,000 bond was bought at $800 and the annual income from the bond was $100, the current yield is $100 divided by $800, or 12½%. Dow Jones Industrial Average Computed by summing the prices of the stocks of 30 companies and then dividing that total by a value which has been adjusted over the years so that the index is not affected by stock splits.

Downside Risk Estimate that a security will decline in value and the extent of the decline, taking into account the total range of factors affecting market price. Duration Measure of the price change of a bond to a change in its yield to maturity. It summarizes, in a single number, the characteristics that cause bond prices to change in response to a change in interest rates. The price of a bond with a duration of three years will rise by approximately 3% for each 1% decrease in its yield to maturity. That price will decrease 3% for each 1% increase in the bond’s yield. Price changes for two different bonds can be compared using duration. A bond with a duration of six years will exhibit twice the percentage price change of a bond with a three year duration. The actual calculation of a bond’s duration is somewhat complicated, but the idea behind the calculation is straightforward. The first step is to measure the time interval until receipt for each cash flow (coupon and principal payments) from a bond. The second step is to compute a weighted average of these time intervals. Each time interval is measured by the present value of that cash flow. This weighted average is the duration of the bond measured in years. Excess Risk A measure of the standard deviation of a portfolio’s performance relative to the risk free return, represented by 90-Day T-Bills. Expense Ratio A figure that represents the percentage of fund assets paid for operating expenses and management fees, including 12b-1 fees, administrative fees, and all other asset-based costs incurred by the fund, except for brokerage costs and sales charges.

Page 86


Fundamental Analysis A method of analyzing the balance sheet and income statement of a company in order to forecast its future stock price movements. Analysts consider the company’s past records of assets, earnings, sales, products, management, and markets in predicting future trends in these indicators of a company’s success or failure. Growth Stock Stock of a company which is growing earnings and/or revenue faster than its industry or the overall market and is expected to continue to show high levels of profit growth and P/E multiples. Such a company usually pays little or no dividends, preferring to use the income to finance further expansion. Generally, these stocks are contrasted with value stocks that trade at lower P/E multiples. Information Ratio The information ratio is a measure of the consistency of excess return. This value is determined by taking the annualized excess return over a benchmark (style benchmark by default) and dividing it by the standard deviation of excess return. Large Cap “Large cap” refers to stock with a large capitalization, which is calculated by multiplying the number of outstanding shares times the price of the shares. Large cap stocks typically have at least $5 billion in outstanding market value. Long-Term Earnings Growth The long-term perspective earnings growth rate is the asset-weighted average of the long-term perspective earning growth rates of all the domestic stocks in the fund’s portfolio as of the date of the portfolio. Each portfolio holding is weighted by the percentage of domestic equity assets it represents, so that largest positions have proportionately greater influence on the fund’s aggregate long-term earnings growth rate. Long-term prospective earnings growth rates for stocks are provided by a third party stock data vendor.

Market Capitalization The value of a corporation as determined by the market price of its issued and outstanding common stock, calculated by multiplying the number of outstanding shares by the current market price of a share. Market capitalization may also refer to the total current value of the holdings of a mutual fund. Maturity Refers to the date at which a debt instrument is due and payable. A bond due to mature on January 1, 2010 will return the bondholder’s principal and final interest payment when it reaches maturity on that date. Median Market Capitalization The median market capitalization of the companies in a fund’s portfolio. Half of the fund’s money is invested in the stocks of companies larger than the median market capitalization, and half is invested in smaller issuers. Mid Cap “Mid cap” refers to stock with a medium capitalization, which is calculated by multiplying the number of outstanding shares times the price of the shares. Mid cap stocks typically have between $1 and $10 billion in outstanding market value. MSCI - EAFE Europe, Australia and Far East Equity Index, calculated by the Morgan Stanley Capital International group. The index acts as a benchmark for managers of international stock portfolios. Mutual Fund A fund operated by an investment company that raises money from shareholders and invests it in stocks, bonds, options, futures, currencies, or money market securities. Mutual funds offer investors the advantages of diversification and professional management. Shares are redeemable on demand at net asset value by shareholders, who share equally in the gains and losses generated by the fund.

Page 87


Price/Book Ratio This is the weighted average of the price/book ratios of all stocks in a fund’s portfolio. The P/B ratio of a company is calculated by dividing the market price of its stock by the company’s per share book value (negative book values are excluded). Price/Earnings Ratio This is the weighted average of the price/earnings ratios of all stocks in a fund’s portfolio. The P/E ratio of a stock is obtained by dividing the current price of the stock by its trailing 12 months’ earnings per share. Quartile Universe Comparison These graphs depict the performance of the fund versus its peer group for the periods listed. Each floating bar represents the universe group’s performance over the selected time period. For each period, there is a high, low, median, and first and third quartile point. R-Squared Statistic A statistic that measures the reliability of alpha and beta in explaining the return of a manager as a linear function of the market. Higher R-squared values indicate more reliable alpha and beta statistics and are useful in assessing a manager’s investment style. ROE (Return on Equity) The amount, expressed as a percentage, earned on a company’s common stock investment for a given period. Return on equity tells commons stockholders how effectually their money is being employed. Risk Return Graph This graph is used to compare the performance and risk (standard deviation) of the fund against the performance and risk of an appropriate benchmark for a specific period of time.

Rolling Returns Bar Graph This graph shows the performance of a fund for a specific trailing period (quarterly), and for every three-month period going back for a set of previous periods. Russell 1000 Index A market index comprised of the highest-ranking 1,000 stocks in the Russell 3000 Index, representing about 90% of the Russell 3000 Index total market capitalization. Russell 1000 Growth Index This contains those Russell 1000 securities with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields, and higher forecasted growth values than the Value universe. Russell 1000 Value Index This contains those Russell 1000 securities with a lower-than-average growth orientation. Securities in this index tend to exhibit lower price-to-book and price-earnings ratios, higher dividend yields, and lower forecasted growth values than the Growth universe. Russell 2000 Index A market index comprised of the 2,000 smallest companies in the Russell 3000 Index, representing approximately 10% of the Russell 3000 Index total market capitalization. Russell 2000 Growth Index This contains those Russell 2000 securities with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields, and higher forecasted growth values than the Value universe. Russell 2000 Value Index This contains those Russell 2000 securities with a lower-than-average growth orientation. Securities in this index tend to exhibit lower price-to-book and price-earnings ratios, higher dividend yields, and lower forecasted growth values than the Growth universe.

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Russell Midcap Index This contains the 800 smallest companies in the Russell 1000 Index, representing approximately 25% of the Russell 1000 Index total market capitalization. Russell Midcap Growth Index This contains those Russell Midcap securities with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields, and higher forecasted growth values than the Value universe. Russell Midcap Value Index This contains those Russell Midcap securities with a lower-than-average growth orientation. Securities in this index tend to exhibit lower price-to-book and price-earnings ratios, higher dividend yields, and lower forecasted growth values than the Growth universe. Sector A particular group of stocks, usually found in one industry or a combination of industries, such as airline or railroad stocks. Separate Account An account established by an investment manager for investment of a specific client’s assets and maintained exclusively for such assets. Sharpe Ratio This is a risk-adjusted measure calculated by using standard deviation and excess return to determine reward per unit of risk. In general, the higher the Sharpe Ratio, the better the fund’s historical risk-adjusted performance. The Sharpe ratio is calculated by dividing the fund’s annual excess return by the fund’s annualized standard deviation. Small Cap “Small cap” refers to stock with a small capitalization, which is calculated by multiplying the number of outstanding shares times the price of the shares. Small cap stocks typically have up to $1 billion in outstanding market value.

Standard & Poor’s Index (S&P 500) Covers 400 industrial, 40 utility, 20 transportation, and 40 financial companies of the US markets (mostly NYSE issues). The index represents about 75% of NYSE market capitalization. It is a capitalization-weighted index calculated on a total return basis with dividends reinvested. Standard Deviation A statistical gauge of risk which measures the spread of the difference of returns from their average. The more a portfolio’s returns vary from its average, the higher the standard deviation. Top-Down A methodical approach to investing in which investors consider current trends in the overall economy, and next selects the industries and then companies that should benefit from such trends. For example, if inflation stays low consumers’ spending power will be enhanced; investors may be attracted to retailing companies with the best earnings prospects in the near-term. If rapid inflation is expected, investors might look at the mining industry and then try to determine which particular gold, copper or other mining company might benefit from a rising trend in prices. The opposite approach to top-down investing is a bottom-up method. Tracking Error The deviation of a dependent variable (i.e. an investment portfolio) with respect to a reference function (i.e. a benchmark index). Turnover Ratio This is a measure of the fund’s trading activity that is calculated by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly assets. The resulting percentage loosely represents the percentage of the portfolio’s holdings that have changed over the past year. Universe These are composites of managers that share a common investment style and provide a peer analysis of how the fund is performing relative to other investments in the same asset and style category

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Up/Down Capture The up and down capture is a measure of how well a manager was able to replicate or improve on phases of positive benchmark returns, and how badly the manager was affected by phases of negative benchmark returns. To calculate the up capture, we first form a new series from the manager and benchmark series by dropping all time periods where the benchmark return is zero or negative. The up capture is then the quotient of the annualized return of the resulting manager series, divided by the annualized return of the resulting benchmark series. The down capture is calculated analogously. Value Stock A stock that is considered to be a good investment at a desirable price, based on fundamental analysis, such as its P/B and its P/E, among other criteria. Generally, these stocks are contrasted with growth stocks that trade at higher P/E multiples.

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Disclaimers and Notes

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Disclaimers:

§ Please review this report and notify Aon Hewitt Investment Consulting (AHIC) with any issues or questions you may have with respect to investment performance or anyother matter set forth herein.

§ The client portfolio market value data presented in this report has been obtained from the record-keeper. AHIC believes the information to be accurate but has not conductedany type of additional audits to ensure the information’s accuracy and cannot warrant its accuracy or completeness.

§ The mutual fund information found in this report is provided by Lipper Inc. and AHIC cannot warrant its accuracy or timeliness.

§ FTSE International Limited (“FTSE”) © FTSE 2017.“FTSE®” and “FTSE4Good®” are trademarks of the London Stock Exchange Group companies and are used by FTSEInternational Limited under license. The FTSE indices are calculated by FTSE International Limited in conjunction with Indonesia Stock Exchange, Bursa Malaysia Berhad,The Philippine Stock Exchange, Inc., Singapore Exchange Securities Trading Limited and the Stock Exchange of Thailand (the "Exchanges'). All intellectual property rights inthe FTSE/ASEAN Index vest in FTSE and the Exchanges. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSEratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

§ The Greenwich Quality Leaders Awards are based on quality ratings provided by clients of investment consultants and asset managers. Between July and October 2015,Greenwich Associates conducted 1,341 interviews with senior professionals at corporate and union funds, public funds, endowments and foundations, insurance generalaccounts, and healthcare organizations with either pension or investment pool assets greater than $150 million. Study participants were asked to provide quantitative andqualitative evaluations of their investment consultants. Based on those responses, Greenwich Associates calculates a score on the Greenwich Quality Index for eachconsultant named. Consultants with scores that top those awarded to competitors by a statistically significant margin are named Greenwich Quality Leaders. Visit theGreenwich Associates website (https://www.greenwich.com/asset-management/leading-investment-consultants-form-deep-advisory-relationships) to read a copy of the fullreport and to learn more about the methodology.

Notes:

§ The rates of return contained in this report are shown on an after-fees basis unless otherwise noted. They are geometric and time weighted. Returns for periods longer thanone year are annualized.

§ Universe percentiles are based upon an ordering system in which 1 is the best ranking and 100 is the worst ranking.

§ Due to rounding throughout the report, percentage totals displayed may not sum up to 100.0%. Additionally, individual fund totals in dollar terms may not sum up to the plantotals.

Disclaimers and Notes

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