2017 Investment Highlights · 2019. 11. 14. · by 4.1%. In 2017, the Barclays U.S. TIPS Index...

2017 Investment Highlights

For Halliburton Retirement and Savings Plan

Contents2017 Market Update 1

General Information 2

Investment Option Overview 6

Understanding Your Investment Options 10

Retirement Portfolios 12

Single Focus Strategies 24

Disclosure 34

Terms To Know 37

Master Trust Information 39

Equity Markets Rise in Q4 to End 2017 on a High Note

Global equity markets continued to advance throughout the year and pushed stocks to all-time highs as global economic growth strengthened and corporate earnings growth continued to improve. Despite two major hurricanes and the threat of nuclear war with North Korea, markets rallied on increasing investor sentiment fueled by low market volatility, low unemployment and domestic tax reform legislation. Overseas, foreign developed and emerging markets performed well as global growth improved dramatically, easy monetary policies remained in place and the U.S. dollar weakened significantly.

The Bureau of Economic Analysis revised the estimate of third quarter 2017 GDP upward from 3.0% to 3.2% and the initial estimate of fourth quarter 2017 was 2.6%. At the end of September, the annual unemployment rate dropped from 4.2% to 4.1%, below the long-term average. The best-performing asset classes for the year were emerging market equity, international large and small cap stocks, and domestic large cap stocks. No major asset classes posted negative returns for the year; however, U.S. Treasuries and natural resource stocks were relatively muted.

U.S. equities continued to push higher in 2017, with the Russell 3000 Index returning +6.3% for the quarter and +21.1% for the year. For the first time in history, the S&P 500 ended every single month of a calendar year with a gain, extending its run to 14 straight months dating back to 2016. The quarter and year witnessed steady gains on the back of strong corporate earnings, a weaker U.S. dollar and a rebound in the price of oil. Major tax legislation passed in December, which included a substantial reduction in the tax rate paid by corporations on domestically earned income, was a further tailwind for equity markets and investor sentiment. U.S. economic activity was strong, as 2017 GDP growth was 2.3%, job growth remained solid and the U.S. dollar depreciated—finishing the year down 9.9%.

In a continuation from the first nine months of the year, growth outperformed value across all market capitalizations. Large cap growth stocks were the best-performing style, gaining +7.9% for the quarter and +30.2% for the year. Also, nine of the eleven sectors performed positively for the year, with information technology (+38.4%) and consumer discretionary (+24.1%) leading the way. Telecommunication services (-1.4%) and energy

(-1.1%) were the only sectors in negative territory, as investors rewarded stocks with higher growth potential.

International developed stocks exhibited improved returns as the MSCI EAFE Index finished ahead of domestic equities for the third consecutive quarter, ending the year a +25.0% return in U.S. Dollar terms, but only +15.2% in local currency, as most developed and emerging currencies appreciated against the Dollar. The U.S. Dollar weakened significantly, falling 9.9%, most notably due to improving economic fundamentals outside the U.S., as well as speculative positioning towards short dollar positions.

Emerging markets equities finished the year strong with a +37.3% return, in USD terms. Asian and Latin American emerging markets returned +42.8% and +23.7%, respectively, benefitting from steady global growth and strong corporate earnings growth. While from a valuation perspective, developed and emerging international stocks look slightly attractive relative to more expensive U.S. stocks, there is still short-term earnings risk from slowing growth in China, a rise in protectionism or continued political turbulence.

After raising rates in June, the Federal Reserve elected to raise rates by 0.25% at its December meeting and set the Fed Funds rate range to 1.25% to 1.50%. Looking into 2018, the Federal Reserve’s dot plot suggests that Federal Open Market Committee members expect three hikes for the year, similar to expectations priced by Fed Funds Futures. During the fourth quarter, Jerome Powell was nominated to replace Janet Yellen as chairman of the Federal Reserve, and the Senate confirmed this nomination in January 2018.

The yield curve flattened in 2017, as short-term bond yields rose approximately 0.90%, while longer-term ten- and thirty-year rates fell .05% and 0.32%, respectively. Investment-grade corporate bonds returned +6.4% for the year as spreads narrowed, outperforming Treasuries by 4.1%. In 2017, the Barclays U.S. TIPS Index returned +3.0% as breakeven rates rose, and the Barclays U.S. High Yield Index rose +7.5% with spreads falling throughout the year. Local emerging markets debt continued their strong performance, finishing the year with a +15.2% return due to currency gains and a decline in yields.

2017 Market Update

InvestmentHighlights

1

General InformationAbout How the Master Trust Works

Master TrustWhy is there a Trust?According to the Employee Retirement Income Security Act of 1974, as amended (ERISA), the assets of U.S. tax-qualified plans, such as the Halliburton Retirement and Savings Plan (the “Plan”), must be held in trust and managed by a trustee.

What is the Master Trust?The Master Trust is a legal entity that invests the assets of all of the Company’s retirement plans. Managing the Plans’ assets on a consolidated basis provides greater investment flexibility and lower operating costs.

Who holds the Master Trust assets?The Northern Trust Company, based in Chicago, Illinois, serves as both the trustee and custodian for all investment options. Northern Trust is well-known as one of the world’s largest custodians, with approximately $9.7 trillion in assets under custody/administration and $1.1 trillion under management.

What does Northern Trust do?Northern Trust’s duty is to act as a fiduciary to the Plan participants. This means that it must act with the care, skill, prudence and diligence under the prevailing circumstances that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. As custodian, in addition to providing accounting and safekeeping, Northern Trust delivers cash management, compliance, foreign exchange and performance measurement services.

Halliburton receives questions about how the Master Trust works, and Investment Highlights attempts to answer these frequently asked questions. There is also a summary of investment options, including performance data, expense ratio and the risk reward profile on pages 6-9. In-depth information about each investment option starts on page 12. See the Terms to Know section starting on page 37 for definitions used in this brochure. Finally, contact information is located on page 39.

Who can use Trust assets?By law, Trust assets must be used for the benefit of Plan participants and are not subject to the claims of any Halliburton creditors. These assets cannot be used by the trustee or Halliburton for their own benefit.

Are the investment options insured or guaranteed?They are not. Neither Halliburton nor any government agency either directly or indirectly insures or guarantees against losses or the performance of the investment options.

Who provides recordkeeping services for the Plan?Fidelity Investments provides recordkeeping services for the Plan. As the recordkeeping services provider, Fidelity Investments provides a secure platform for participants to engage in transactions. It is responsible for collecting, processing, and posting contributions, transfers and withdrawals into and from participants’ accounts. Fidelity Investments works with Northern Trust, the custodian of the Plan’s assets, to value your portfolio.

Features of Investment Highlights

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Investment CommitteeWho is responsible for the investment management of the Trust’s assets?Halliburton’s President and Chief Executive Officer has appointed an Investment Committee to oversee the investment management of the Trust’s assets. The Investment Committee establishes the investment policy and objective for each investment option, selects external professional investment managers and monitors the management of each option.

Who are the members of the Investment Committee?Investment Committee members are listed by name and title on page 39 of this booklet. These members have many years of financial experience. The Chairperson of the Investment Committee and her staff are devoted full time to overseeing the day-to-day affairs of the investment options. Investment OptionsDoes the Investment Committee buy and sell the Trust’s stocks and bonds?No, the individual securities in the Trust are managed by external professional investment managers selected by the Investment Committee. The Committee furnishes each manager with broad guidelines, specific objectives and certain restrictions. All of the managers are generally well-known and respected in the business of managing

institutional funds. Many have their own mutual fund families or manage assets for other mutual funds. Due to the significant size of Trust assets, the Investment Committee may be able to employ these managers at a cost below the fees of most other alternatives. The investment managers of each investment option are listed on page 35 and on each option’s Fact Sheet in this booklet.

Who pays the expenses of maintaining the Trust?Most operating expenses are paid from the Trust assets. The principal expenses include, but are not limited to, external professional investment management, Plan recordkeeping services and trustee/custodial fees. These expenses proportionally lower the return of each investment option. The reduction in the return is expressed as a percentage and dollar amount per $1,000 of investment, and that varies for each investment option based on the structure and complexity of the option. The 2017 annual operating expense ratio of each investment option is listed on each option’s Fact Sheet in this booklet. A summary of expense ratios of all investment options can be found on pages 6-9. In keeping with industry standards, transaction costs incurred for buying and selling securities are not reflected in these ratios. However, these transaction costs are reflected in the investment performance of the options. Actual future expenses may be higher or lower than those shown.

A Note About Operating Expense RatiosAn expense ratio is the amount of an investment option’s operating expenses compared with the investment option’s total asset base, expressed as a percentage. Because expenses are paid from fund assets, a lower expense ratio is desirable. Based on a survey of the Lipper mutual fund database, at right are a few examples of average expense ratios for retail funds compared with some of the institutionally managed investment options offered through the Plan. The expense ratio for each of the investment options can be found on the summary page or on each option’s Fact Sheet in this booklet.

Investment Mutual Fund Median Halliburton Option Option Type Expense Ratio(a)(b) Expense Ratio(a)

U.S. Bonds 0.20% 0.12% (Bond Index Strategy)

Large Cap Core Equity 0.20% 0.10% (S&P 500 Index Strategy)

Non-U.S. Equity 0.88% 0.58% (Non-U.S. Equity Strategy)

Small Cap Equity 0.96% 0.93% (Small Cap Equity Strategy)

(a) For 2017(b) Source: Mercer

Go to the Retirement Plan website or call the Halliburton Benefits Center’s automated telephone system at any time. See page 39 for more information.

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Why does Halliburton use institutionally managed separate accounts?Most of the Master Trust’s investments are structured using institutionally managed separate accounts; this means the accounts are managed only for participants in the Master Trust. Unlike mutual funds, this structure provides the Investment Committee with the flexibility to select managers and establish investment objectives designed specifically for the Master Trust. This arrangement may result in lower expense ratios (fees) for the various investment options.

Why do we have different investment option choices?Plan participants have different financial goals, time frames, risk tolerances and return targets. Each investment option has different risk and return characteristics. The Trust’s investment options enable Plan participants to structure an investment strategy to fit their individual needs. See pages 6-9 for a summary of each investment each option’s risk and return characteristics.

Can I make changes to how my account is invested among the different investment options?There are four ways you can change your account investments:• You can change how all future contributions to your

account will be invested at any time.• You can make a direct option transfer by selecting which

options to take money from and which options will receive that money (subject to the Excessive Trading Policy). A direct option transfer is a one-time-only event and will not change your future option investment allocations.

• You can make an option reallocation (subject to the Excessive Trading Policy). Reallocation is a way to get the investment mix to what you want without making a lot of individual exchanges. When you reallocate your investments, you can move money among several investment options at one time, resulting in the asset mix you choose. Once you have chosen a target allocation, you can sign up to be alerted if your allocation slips from those target percentages. Fidelity will send you an e-mail

alert with a link to its site to update your allocation. This will not change your future investment allocation.

• You can elect to have your investments automatically rebalanced quarterly, semi-annually or annually to your desired allocation to stay consistent with the investment strategy you have chosen. You simply identify an initial investment combination, adjust your account to that mix and let the service do the rest.

You can make any of these changes at the Retirement Plan website or by calling the Halliburton Benefits Center’s automated telephone system (see page 39), in accordance with our Excessive Trading Policy. Your transfer or reallocation will be effective the same business day if the request is made before the close of the market (typically 3 p.m. C.T.). Changes to future contributions will be effective the next possible pay period.

You do not pay any entry or exit fees in connection with making a transfer or reallocation.

What is the Excessive Trading Policy?The Excessive Trading Policy focuses on what is known as a “round-trip” transaction. A round-trip is an exchange into and out of the same investment option, in excess of $1,000, within 30 days. Under the Policy, participants are limited to one round-trip transaction in any investment option within any rolling 90-day period, subject to an overall limit of four round-trip transactions across all investment options over a rolling 12-month period.

The Policy governing the Stable Value Strategy works differently. If money is transferred or reallocated into the Stable Value Strategy, the number of units acquired in the transaction cannot be transferred out of the Stable Value Strategy for 30 calendar days. However, any units already in the Stable Value Strategy prior to the transaction are not subject to the 30-day waiting period.

For more details about the Excessive Trading Policy, please refer to the Safe Harbor Notice or Updates to the Summary Plan Description. You can find these documents on the Retirement Plan website; click on “Plan Information and Documents.” You can also obtain a copy by calling Fidelity

General InformationAbout How the Master Trust Works

4

Go to the Retirement Plan website or call the Halliburton Benefits Center’s automated telephone system at any time. See page 39 for more information.

at (866) 321-0964. If you are calling internationally, use your country’s AT&T access code, then (866) 321-0964. Or, for toll calls, you can dial (857) 362-5980 and select option 2.

Does the Company make contributions in cash or Company stock?

All contributions to the Plan are made in cash. That cash is then invested according to your investment choices.

How can I track the performance of my investment in the Plan?Go to the Retirement Plan website or call the Benefits Center’s automated telephone system (see contact information on page 39) for up-to-date rates of return.

For comparative purposes, the Investment Committee has selected a benchmark index (or group of indexes) for each of the investment options.

Where can I find current information about each option and its performance?To access the latest option characteristics or personal account information, you must log in to the Retirement Plan website (see contact information on page 39). To log in, you will need your Social Security number or your user name and password. For new users, click on “Register Account” and follow the instructions.

What additional information is available?You or your beneficiary may request the following information through the Retirement Plan website, the automated telephone system or a Halliburton Benefits Center representative. See contact information on page 39.

• List of Assets – A listing of investment option assets and their option values, including — with respect to fixed-rate investment contracts issued by banks or insurance companies — the name of the issuer, the contract term and the rate of return on the contract.

• Investment Highlights – The most recent past and current investment performance of each option, determined net of expenses, on a reasonable and consistent basis.

• Account Activity Statement – A report of your current account balances in each option.

• Understanding Your Account Activity – Information concerning the value of shares or units in the investment options.

• Materials Provided to the Plan – For all investment options, you are entitled to receive the most recent financial statements and reports and similar materials provided to the Plan, including a description of the annual operating expenses of each option that reduce the rate of return to participants and beneficiaries, and the aggregate amount of option expenses expressed as a percentage of average net assets of the option.

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Annualized Net of Fees Returns as of December 31, 2017 Annual Net of Fees Return as of December 31

Expense One Year Ending December 31, 2017

Investment Option Name / Benchmark NameInception

DateManagement

Style 1-Year 3-Years 5-Years10-Years /

Life (b) 2013 2014 2015 2016 2017

Annual Turnover Ratio as of

December 31, 2017Investment

Structure (c)Market

RiskInflation

RiskPotential

Return % of Assets Per $1,000 Invested

TARGET DATE PORTFOLIO (a)

Income Retirement Portfolio (b) 6/18/13 Active 5.9% 3.2% n/a 3.2% n/a 3.3% -1.5% 5.5% 5.9% 146% Separate Account Low Moderate Low 0.38% 3.80

MSCI All Country World Index 14.0%, Barclays Capital US Aggregate Index 20.5%, 3 Year Constant Maturity Treasury Yield 38.0%, Barclays Capital US Treasury Inflation Protected Securities (TIPS) Index 16.0%, Dow Jones US Select REIT Index 4.0%, Bloomberg Commodity Index Total Return 4.0%, S&P Global LargeMidCap Commodity and Resources Index 2.0%, Bank of America Merrill Lynch High Yield Bond Index 1.5%

5.7% 2.8% 2.7% 2.8% 1.6% 3.2% -1.5% 4.5% 5.7%

2010 Retirement Portfolio (b) 6/18/13 Active 9.0% 4.3% n/a 4.7% n/a 3.8% -2.9% 7.4% 9.0% 151% Separate Account Moderate Moderate Moderate 0.41% 4.10


8.5% 4.0% 4.7% 4.5% 7.4% 4.1% -2.1% 6.0% 8.5%



11.7% 5.2% 6.0% 5.7% 10.0% 4.4% -2.5% 6.9% 11.7%

2020 Retirement Portfolio (b) 6/18/13 Active 14.5% 6.2% n/a 6.6% n/a 3.7% -4.3% 9.3% 14.5% 135% Separate Account Moderate Low Moderate 0.45% 4.50


14.1% 6.0% 7.0% 6.6% 12.7% 4.4% -3.0% 7.7% 14.1%

2025 Retirement Portfolio (b) 6/18/13 Active 16.4% 6.8% n/a 7.2% n/a 3.6% -4.8% 10.1% 16.4% 107% Separate Account High Low High 0.47% 4.70


16.0% 6.6% 7.6% 7.1% 14.4% 4.1% -3.6% 8.5% 16.0%


MSCI All Country World Index 65.9%, Barclays Capital US Aggregate Index 12.3%, Dow Jones US Select REIT Index 5.8%, Bloomberg Commodity Index Total Return 5.8%, S&P Global LargeMidCap Commodity and Resources Index 2.9%, Bank of America Merrill Lynch High Yield Bond Index 7.3%

17.4% 7.1% 8.1% 7.6% 15.7% 4.0% -4.0% 9.0% 17.4%



18.2% 7.4% 8.3% 7.7% 16.0% 3.9% -4.2% 9.3% 18.2%



18.5% 7.5% 8.4% 7.8% 16.0% 3.9% -4.2% 9.4% 18.5%



18.5% 7.5% 8.4% 7.8% 16.0% 3.9% -4.2% 9.4% 18.5%



18.5% 7.5% 8.4% 7.8% 16.0% 3.9% -4.2% 9.4% 18.5%



18.5% 7.5% 8.4% 7.8% 16.0% 3.9% -4.2% 9.4% 18.5%

2060 Retirement Portfolio (b) 3/31/15 Active 18.8% n/a n/a 7.7% n/a n/a n/a 11.4% 18.8% 53% Separate Account High Low High 0.49% 4.90


18.5% 7.5% 8.4% 6.8% 16.0% 3.9% -4.2% 9.4% 18.5%

Investment Option OverviewThe table below includes important information to help you compare the investment options under your retirement plan. It shows how the investment options have performed over time and allows you to compare them with an appropriate benchmark for the same time periods. Keep in mind that you cannot invest in the benchmark indices, which are set forth in italics on the chart underneath the name of each investment option.

(a) The Target Date Portfolios are the qualified default investment alternative (QDIA) under the Plan within the meaning of the applicable U.S. Department of Labor regulations.(b) Where the investment option has been in existence for less than 10 years, performance provided is for the life of the investment option, which is since the inception date. (c) Most investment options use institutionally managed separate accounts; this means the accounts are managed only for participants in the Halliburton Plans. Individual securities are bought and sold by professional investment managers selected by the Investment Committee. Collective Trust Funds are investment vehicles operated by banks or trust companies. Neither collective trust funds nor separate accounts are mutual funds. Unlike mutual funds, separate accounts and collective trust funds are not subject to and are not registered under the Securities Act of 1933 or the Investment Company Act of 1940. Trading Restrictions focus on what is known as a “round-trip” transaction. A round-trip is an exchange into and out of the same investment option, in excess of $1,000, within 30 days. Under the Policy, participants are limited to one round-trip transaction in any investment option within any rolling 90-day period, subject to an overall limit of four round-trip transactions across all investment options over a rolling 12-month period. The Policy governing the Stable Value Strategy (SVS) works differently. If money is transferred or reallocated into the SVS the number of units acquired in the transaction cannot be transferred out of the SVS for 30 calendar days. However, any units already in the SVS prior to the transaction are not subject to the 30-day waiting period.

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DateManagement


Life (b) 2013 2014 2015 2016 2017



Structure (c)Market

RiskInflation

RiskPotential


TARGET DATE PORTFOLIO (a)

Income Retirement Portfolio (b) 6/18/13 Active 5.9% 3.2% n/a 3.2% n/a 3.3% -1.5% 5.5% 5.9% 146% Separate Account Low Moderate Low 0.38% 3.80


5.7% 2.8% 2.7% 2.8% 1.6% 3.2% -1.5% 4.5% 5.7%



8.5% 4.0% 4.7% 4.5% 7.4% 4.1% -2.1% 6.0% 8.5%



11.7% 5.2% 6.0% 5.7% 10.0% 4.4% -2.5% 6.9% 11.7%

2020 Retirement Portfolio (b) 6/18/13 Active 14.5% 6.2% n/a 6.6% n/a 3.7% -4.3% 9.3% 14.5% 135% Separate Account Moderate Low Moderate 0.45% 4.50


14.1% 6.0% 7.0% 6.6% 12.7% 4.4% -3.0% 7.7% 14.1%



16.0% 6.6% 7.6% 7.1% 14.4% 4.1% -3.6% 8.5% 16.0%



17.4% 7.1% 8.1% 7.6% 15.7% 4.0% -4.0% 9.0% 17.4%



18.2% 7.4% 8.3% 7.7% 16.0% 3.9% -4.2% 9.3% 18.2%



18.5% 7.5% 8.4% 7.8% 16.0% 3.9% -4.2% 9.4% 18.5%



18.5% 7.5% 8.4% 7.8% 16.0% 3.9% -4.2% 9.4% 18.5%



18.5% 7.5% 8.4% 7.8% 16.0% 3.9% -4.2% 9.4% 18.5%



18.5% 7.5% 8.4% 7.8% 16.0% 3.9% -4.2% 9.4% 18.5%

2060 Retirement Portfolio (b) 3/31/15 Active 18.8% n/a n/a 7.7% n/a n/a n/a 11.4% 18.8% 53% Separate Account High Low High 0.49% 4.90


18.5% 7.5% 8.4% 6.8% 16.0% 3.9% -4.2% 9.4% 18.5%

To direct or change your Plan investment options or for current information, including month-end performance, or a free paper copy of available information, please visit www.halliburton.com/totalrewards (if you are a current employee) or www.netbenefits.com (if you are a former employee). You may also call the Halliburton Benefits Center at (866) 321-0964 (international toll free, use your country’s AT&T access code, then (866) 321-0964) or for toll call (857) 362-5980, select option 2. Mailing address is Fidelity Investments, P.O. Box #770003, Cincinnati, OH 45277-0065.

Plan Administrator: Halliburton Company Benefits Committee - 3000 N. Sam Houston Pkwy E., Halliburton Plaza 1, 2314, Houston, TX 77032, telephone number (281) 575-3000 Fees and Expenses include all charges to the investment options except for individual services that a participant may select, such as overnight mailing fees of $25 per transaction. Each investment option does not charge fees to contribute, transfer or withdraw from the option. Investment option performance is compared with benchmark index. Indices are unmanaged portfolios of specified securities and the indices do not reflect any initial or ongoing expenses. The investment option’s portfolio may differ significantly from the securities in the indices. Investment performance is determined after fees are charged to the options and assumes reinvestment of dividends and capital gains. Transaction costs incurred for buying and selling securities become part of the cost basis of the securities and are not included in the expense ratio. These costs, along with management fees, plan administration fees and other fees are paid out of the investment option’s assets, reducing the rate of return realized by participants. The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s retirement account. Participants are encouraged to visit the Employee Benefits Security Administration website at: www.dol.gov/ebsa/publications/401k_employee.html for information and examples demonstrating the long-term effect of fees and expenses. Fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

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Investment Option Overview

(a) The Target Date Portfolios are the qualified default investment alternative (QDIA) under the Plan within the meaning of the applicable U.S. Department of Labor regulations.(b) Where the investment option has been in existence for less than 10 years, performance provided is for the life of the investment option, which is since the inception date. (c) Most investment options use institutionally managed separate accounts; this means the accounts are managed only for participants in the Halliburton Plans. Individual securities are bought and sold by professional investment managers selected by the Investment Committee. Collective Trust Funds are investment vehicles operated by banks or trust companies. Neither collective trust funds nor separate accounts are mutual funds. Unlike mutual funds, separate accounts and collective trust funds are not subject to and are not registered under the Securities Act of 1933 or the Investment Company Act of 1940. Trading Restrictions focus on what is known as a “round-trip” transaction. A round-trip is an exchange into and out of the same investment option, in excess of $1,000, within 30 days. Under the Policy, participants are limited to one round-trip transaction in any investment option within any rolling 90-day period, subject to an overall limit of four round-trip transactions across all investment options over a rolling 12-month period. The Policy governing the Stable Value Strategy (SVS) works differently. If money is transferred or reallocated into the SVS the number of units acquired in the transaction cannot be transferred out of the SVS for 30 calendar days. However, any units already in the SVS prior to the transaction are not subject to the 30-day waiting period.

The table below includes important information to help you compare the investment options under your retirement plan. It shows how the investment options have performed over time and allows you to compare them with an appropriate benchmark for the same time periods. Keep in mind that you cannot invest in the benchmark indices, which are set forth in italics on the chart underneath the name of each investment option.




DateManagement


Life (b) 2013 2014 2015 2016 2017



Structure (c)Market

RiskInflation

RiskPotential


STABLE VALUE

Stable Value Strategy 1/2/87 Active 2.2% 2.3% 2.4% 3.2% 3.0% 2.3% 2.5% 2.2% 2.2% 161% Separate Account Low High Low 0.42% 4.20

3-Year Constant Maturity Treasury Index 1.6% 1.2% 1.0% 1.1% 1.8% 1.7% 1.0% 1.0% 1.6%

90 Day TBills 0.9% 0.4% 0.2% 0.4% 0.1% 0.0% 0.1% 0.3% 0.9%

BONDS

Bond Index Strategy 4/1/99 Passive 3.4% 2.1% 2.0% 3.9% -2.2% 5.8% 0.5% 2.5% 3.4% 55% Collective Trust Low High Low 0.12% 1.20

Barclays Capital US Aggregate Bond Index 3.5% 2.2% 2.1% 4.0% -2.0% 6.0% 0.6% 2.7% 3.5%

Intermediate Bond Strategy (b) 7/31/12 Active 4.1% 2.4% 2.0% 2.1% -2.1% 5.0% -1.0% 4.3% 4.1% 381% Separate Account Low High Low 0.33% 3.30


STOCKS

S&P 500 Index Strategy 4/1/99 Passive 21.7% 11.3% 15.7% 8.4% 32.2% 13.5% 1.3% 11.8% 21.7% 3% Collective Trust High Low High 0.10% 1.00

S&P 500 Index 21.8% 11.4% 15.8% 8.5% 32.4% 13.7% 1.4% 12.0% 21.8%

Large Cap Equity Strategy (b) 6/18/13 Active 20.5% 9.6% n/a 12.4% n/a 9.3% -2.0% 11.6% 20.5% 45% Separate Account High Low High 0.61% 6.10

Russell 1000 Index 21.7% 11.2% 15.7% 13.6% 33.1% 13.2% 0.9% 12.1% 21.7%

Non US Equity Index Strategy (b) 7/31/12 Passive 27.4% 8.1% 6.7% 8.6% 14.6% -4.4% -5.6% 5.2% 27.4% 1% Collective Trust High Low High 0.15% 1.50

MSCI All Country World ex. U.S. Index 27.2% 7.8% 6.8% 8.5% 15.3% -3.9% -5.7% 4.5% 27.2%

Non US Equity Strategy 4/1/99 Active 27.3% 8.4% 6.8% 2.8% 15.3% -5.2% -5.6% 5.9% 27.3% 43% Separate Account High Low High 0.58% 5.80


Mid Cap Equity Index Strategy (b) 1/3/05 Passive 16.1% 11.0% 14.8% 9.8% 33.3% 9.6% -2.3% 20.6% 16.1% 15% Collective Trust High Low High 0.12% 1.20

S&P MidCap 400 Index 16.2% 11.1% 15.0% 10.0% 33.5% 9.8% -2.2% 20.7% 16.2%

Small Cap Equity Strategy 4/1/99 Active 18.8% 9.6% 14.8% 9.0% 42.8% 5.9% -2.8% 14.2% 18.8% 64% Separate Account High Low High 0.93% 9.30

Russell 2000 Index 14.6% 10.0% 14.1% 8.7% 38.8% 4.9% -4.4% 21.3% 14.6%

OTHERS

Inflation Sensitive Strategy 6/18/13 Passive 8.5% 3.7% n/a 1.8% n/a 1.4% -6.9% 11.3% 8.5% 184% Collective Trust Moderate Low Low 0.78% 7.80

Barclays US Treasury Inflation Protected Securities (TIPS) Index 45.0%, Dow Jones-UBS Commodity Index Total Return 20.0%, JPMorgan Emerging Local Markets Plus (ELMI+) 15.0%, Dow Jones US Select REIT Total Return Index 10.0%, Dow Jones-UBS Gold Subindex Total Return 10.0%

5.1% 1.2% -1.2% -0.4% -8.9% -0.3% -7.5% 6.8% 5.1%

8

Plan Administrator: Halliburton Company Benefits Committee - 3000 N. Sam Houston Pkwy E., Halliburton Plaza 1, 2314, Houston, TX 77032, telephone number (281) 575-3000 Fees and Expenses include all charges to the investment options except for individual services that a participant may select, such as overnight mailing fees of $25 per transaction. Each investment option does not charge fees to contribute, transfer or withdraw from the option. Investment option performance is compared with benchmark index. Indices are unmanaged portfolios of specified securities and the indices do not reflect any initial or ongoing expenses. The investment option’s portfolio may differ significantly from the securities in the indices. Investment performance is determined after fees are charged to the options and assumes reinvestment of dividends and capital gains. Transaction costs incurred for buying and selling securities become part of the cost basis of the securities and are not included in the expense ratio. These costs, along with management fees, plan administration fees and other fees are paid out of the investment option’s assets, reducing the rate of return realized by participants. The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s retirement account. Participants are encouraged to visit the Employee Benefits Security Administration website at: www.dol.gov/ebsa/publications/401k_employee.html for information and examples demonstrating the long-term effect of fees and expenses. Fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

To direct or change your Plan investment options or for current information, including month-end performance, or a free paper copy of available information, please visit www.halliburton.com/totalrewards (if you are a current employee) or www.netbenefits.com (if you are a former employee). You may also call the Halliburton Benefits Center at (866) 321-0964 (international toll free, use your country’s AT&T access code, then (866) 321-0964) or for toll call (857) 362-5980, select option 2. Mailing address is Fidelity Investments, P.O. Box #770003, Cincinnati, OH 45277-0065.




DateManagement


Life (b) 2013 2014 2015 2016 2017



Structure (c)Market

RiskInflation

RiskPotential


STABLE VALUE

Stable Value Strategy 1/2/87 Active 2.2% 2.3% 2.4% 3.2% 3.0% 2.3% 2.5% 2.2% 2.2% 161% Separate Account Low High Low 0.42% 4.20

3-Year Constant Maturity Treasury Index 1.6% 1.2% 1.0% 1.1% 1.8% 1.7% 1.0% 1.0% 1.6%

90 Day TBills 0.9% 0.4% 0.2% 0.4% 0.1% 0.0% 0.1% 0.3% 0.9%

BONDS

Bond Index Strategy 4/1/99 Passive 3.4% 2.1% 2.0% 3.9% -2.2% 5.8% 0.5% 2.5% 3.4% 55% Collective Trust Low High Low 0.12% 1.20


Intermediate Bond Strategy (b) 7/31/12 Active 4.1% 2.4% 2.0% 2.1% -2.1% 5.0% -1.0% 4.3% 4.1% 381% Separate Account Low High Low 0.33% 3.30


STOCKS

S&P 500 Index Strategy 4/1/99 Passive 21.7% 11.3% 15.7% 8.4% 32.2% 13.5% 1.3% 11.8% 21.7% 3% Collective Trust High Low High 0.10% 1.00

S&P 500 Index 21.8% 11.4% 15.8% 8.5% 32.4% 13.7% 1.4% 12.0% 21.8%

Large Cap Equity Strategy (b) 6/18/13 Active 20.5% 9.6% n/a 12.4% n/a 9.3% -2.0% 11.6% 20.5% 45% Separate Account High Low High 0.61% 6.10

Russell 1000 Index 21.7% 11.2% 15.7% 13.6% 33.1% 13.2% 0.9% 12.1% 21.7%

Non US Equity Index Strategy (b) 7/31/12 Passive 27.4% 8.1% 6.7% 8.6% 14.6% -4.4% -5.6% 5.2% 27.4% 1% Collective Trust High Low High 0.15% 1.50


Non US Equity Strategy 4/1/99 Active 27.3% 8.4% 6.8% 2.8% 15.3% -5.2% -5.6% 5.9% 27.3% 43% Separate Account High Low High 0.58% 5.80


Mid Cap Equity Index Strategy (b) 1/3/05 Passive 16.1% 11.0% 14.8% 9.8% 33.3% 9.6% -2.3% 20.6% 16.1% 15% Collective Trust High Low High 0.12% 1.20

S&P MidCap 400 Index 16.2% 11.1% 15.0% 10.0% 33.5% 9.8% -2.2% 20.7% 16.2%

Small Cap Equity Strategy 4/1/99 Active 18.8% 9.6% 14.8% 9.0% 42.8% 5.9% -2.8% 14.2% 18.8% 64% Separate Account High Low High 0.93% 9.30

Russell 2000 Index 14.6% 10.0% 14.1% 8.7% 38.8% 4.9% -4.4% 21.3% 14.6%

OTHERS

Inflation Sensitive Strategy 6/18/13 Passive 8.5% 3.7% n/a 1.8% n/a 1.4% -6.9% 11.3% 8.5% 184% Collective Trust Moderate Low Low 0.78% 7.80

Barclays US Treasury Inflation Protected Securities (TIPS) Index 45.0%, Dow Jones-UBS Commodity Index Total Return 20.0%, JPMorgan Emerging Local Markets Plus (ELMI+) 15.0%, Dow Jones US Select REIT Total Return Index 10.0%, Dow Jones-UBS Gold Subindex Total Return 10.0%

5.1% 1.2% -1.2% -0.4% -8.9% -0.3% -7.5% 6.8% 5.1%

9


Understanding Your Investment Options

1. General Information This section shows the benchmark with which the investment option’s performance is compared, the total Plan assets of the option in millions and the inception date of the option. Each investment option has a benchmark listed. The benchmark is intended to represent the standard return for this type of investment and can be used to review long-term performance for the investment and to compare the Halliburton investment option’s performance.

2. Investment Objective and Strategy The objective is the goal and purpose of the option, and the investment strategy is what the option will invest in to achieve the goal.

3. Fees and Expenses Fees and expenses are presented as a percentage of the option’s asset value and in dollars per $1,000 worth of investment. This shows how much your expenses are per $1,000 you have invested in this option.

4. Volatility AnalysisThis graph illustrates the option’s volatility. Options with a wider range of price fluctuations are labeled “high,” as they are considered riskier than options with a narrower range of price fluctuations. The more volatile an investment, the higher the risk of losing capital on your base investment if you withdraw or transfer your money out of the investment option when the price is low.

5. Credit AnalysisThe analysis reveals the percentage of fixed-income securities that fall within each credit-quality rating as assigned by Moody’s. At the top of the ratings are U.S. government bonds. Bonds issued and backed by the federal government are high-quality and thus are rated AAA, which is the highest possible rating an issue can receive.

6. Bond SectorsThis section is a snapshot of the bond sectors the investment option is invested in.

7. Performance This section gives you information on how the option has performed over time, as compared to the benchmark, illustrating the change in the value of the option. Remember, past performance is not an indication of future returns.

8. Portfolio CompositionA breakdown of the option holdings into eight general investment groups: Cash, U.S. Stocks, Non-U.S. Stocks, High Yield Bonds, Core Bonds, REITs, TIPs and Other. Stable Value, commodities and natural resources are reported under Other.

9. Stock SectorsThis section is a snapshot of the stock sectors in which the investment option is invested. Stocks are mapped into one of 11 sectors, which in turn roll up to three super sectors.

10. Stable Value RatingsThe analysis reveals the credit quality ratings of each stable value wrap provider as assigned by Moody’s and S&P.

11. Top Holdings Where applicable, these charts provide the top 10 holdings.

12. Top 10 CountriesWhere applicable, these charts provide the top 10 countries held in the option.

13. Equity Style BoxWhere applicable, the Equity Style Box is a nine-square grid that provides a graphical representation of the “investment style” of stocks and mutual funds. For equity funds, it classifies securities according to market capitalization (the vertical axis) and growth and value factors (the horizontal axis).

Management Company The firms responsible for managing the underlying portfolios for the option are listed in this section. Firm names are also located in the Disclosure section, beginning on page 34, along with additional information about the investment options.

This section gives you a guide to understanding the information on each of the following Fact Sheets.

10

Release Date: 12-31-2017

2015 Retirement Portfolio ..........................................................................................................................................................................................................................................................................................................................................Benchmark Total Assets ($mil) Inception DateCustom Benchmark 126.70 06-18-13

Investment InformationInvestment Objective & Strategy

The 2015 Retirement Portfolio seeks to provide a comprehensive and diversified investment portfolio that targets an appropriate balance between capital growth, investment income and inflation sensitivity. The Portfolio is designed for participants who were born between 1948 - 1952 retiring between years 2013 - 2017 at age 65.

The Portfolio is invested in US and non-US stocks, bonds issued by government, corporate and financial entities, including high yield bonds, inflation protected securities (such as US TIPS), stable value, US REITS, natural resources and commodities. The Portfolio’s asset allocation will be adjusted over time by the professional investment manager to become more conservative, shifting the primary objective from capital growth toward income and capital preservation for Portfolios closer to retirement and post-retirement. The Portfolio will reach its most conservative allocation 10 years after the target retirement date. Unit price, yield and return will vary.

Fees and Expenses as of 12-31-17

Management Fee 0.35%Plan Admin Fee 0.05%All Others 0.04%Total Fee as a % 0.44%Total Fee per $1000 Investment $4.40

Volatility and RiskVolatility as of 12-31-17

Low Moderate High

Investment

Category

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

Credit Analysis: % Bonds as of 12-31-17AAA 62 BB 6AA 2 B 5A 9 Below B 2BBB 13 Not Rated 0

Morningstar Bond Sectors as of 12-31-17% Fund % Category

⁄ Government 33.93 42.59› Corporate 25.66 24.16€ Securitized 22.11 16.43‹ Municipal 0.58 0.48fi Cash/Cash Equivalents 17.58 14.20± Other 0.14 2.13

Allocation of Assets

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Years Until RetirementBlack line designates target allocation for the Fund as of the date of this report.

% AllocationU.S. Stocks

Non-U.S. Stocks

High Yield Bonds

Core Bond

REITs

TIPs

Cash

Other

.........................................Note: Other includesStable Value, Commoditiesand Natural Resources

PerformanceYTD 3 Month 1 Year 3 Year 5 Year Since Inception

Investment Return % 12.02 2.87 12.02 5.40 . 5.82Benchmark Return % 11.68 2.95 11.68 5.18 5.98 5.70

Portfolio AnalysisComposition as of 12-31-17 % Assets

U.S. Stocks 18.2Non-U.S. Stocks 21.2High Yield Bonds 4.2Core Bonds 23.5REITs 4.6TIPs 6.4Cash 7.4Other 14.5

................................................................................................Note: Other includes Stable Value, Commodities and Natural Resources

Morningstar Stock Sectors as of 12-31-17 % Fund

h Cyclical 47.12...............................................................................................r Basic Materials 7.47t Consumer Cyclical 10.42y Financial Services 17.63u Real Estate 11.60

j Sensitive 33.83...............................................................................................i Communication Services 3.71o Energy 7.10p Industrials 10.45a Technology 12.57

k Defensive 19.06...............................................................................................s Consumer Defensive 7.91d Healthcare 9.96f Utilities 1.19

Stable Value Ratings as of 12-31-17Moody's S&P

American General Life Ins. Co. A2 A+Massachusetts Mutual Life Ins. Co. Aa2 AA+Metropolitan Life Ins. Co. Aa3 AA-Transamerica Premier Life Ins Co A1 AA-Pacific Life Ins. Co. A1 AA-Prudential Ins. Co. of America A1 AA-

Top 10 Holdings as of 12-31-17 % Assets

GALLIARD STABLE VALUE FND 10.57US Treasury Note 1.5% 10-31-19 1.29US Treasury Note 2% 11-30-22 0.82Nt Col Govt Stif 0.76US Treasury Note 04-15-18 0.65..........................................................................................US Treasury Bond 2.75% 11-15-47 0.63US Treasury Note 2.125% 12-31-22 0.60US Treasury Bond 02-15-46 0.50US Treasury Note 07-15-24 0.45US Treasury Bond 02-15-47 0.41

.......................................................................................................Total Number of Stock Holdings 3284Total Number of Bond Holdings 11400Annual Turnover Ratio % 150

Top 10 Countries as of 12-31-17 % Assets

United States 69.19United Kingdom 5.58Japan 2.97Canada 2.87China 2.56.......................................................................................................Germany 1.98Switzerland 1.52France 1.39South Korea 1.20Netherlands 1.09

Morningstar Equity Style Box™ as of 12-31-17 % Mkt Cap

LargeM

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Value Blend Growth

Giant 43.67.......................................................Large 32.68Medium 15.39Small 6.92.......................................................Micro 1.34

©2018 Morningstar, Inc., Morningstar® Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. NeitherMorningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee offuture performance. Visit our investment website at www.morningstar.com.

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Income Retirement Portfolio ..........................................................................................................................................................................................................................................................................................................................................Benchmark Total Assets ($mil) Inception DateCustom Benchmark 58.30 06-18-13


The Income Retirement Portfolio seeks to provide a comprehensive and diversified investment portfolio that targets an appropriate balance between capital growth, investment income and inflation sensitivity. The Portfolio is designed for participants who were born before 1938 and who retired before 2003 at age 65.

The Income Retirement Portfolio is invested in US and non-US stocks, bonds issued by government, corporate and financial entities, including high yield bonds, inflation protected securities (such as US TIPS), stable value, US REIT securities, natural resources and commodities. The Portfolio’s asset allocation maintains the primary objective of income and capital preservation during retirement. The investment mix has reached its most conservative asset allocation. Unit price, yield and return will vary.




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GALLIARD STABLE VALUE FND 37.61Coltv Government Stif 2.41US Treasury Note 1.5% 10-31-19 0.84US Treasury Note 07-15-24 0.78US Treasury Note 04-15-19 0.74..........................................................................................US Treasury Note 04-15-20 0.74US Treasury Note 04-15-22 0.67US Treasury Note 04-15-21 0.64US Treasury Note 01-15-24 0.62US Treasury Note 01-15-25 0.62



United States 80.17United Kingdom 3.76Canada 1.97Japan 1.69China 1.45.......................................................................................................Germany 1.10Switzerland 0.85France 0.83Netherlands 0.76South Korea 0.71


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The 2010 Retirement Portfolio seeks to provide a comprehensive and diversified investment portfolio that targets an appropriate balance between capital growth, investment income and inflation sensitivity. The Portfolio is designed for participants who were born between 1943 - 1947 and who retired between years 2008 - 2012 at age 65.

The Portfolio is invested in US and non-US stocks, bonds issued by government, corporate and financial entities, including high yield bonds, inflation protected securities (such as US TIPS), stable value, US REIT securities, natural resources and commodities. The Portfolio’s asset allocation maintains the primary objective of income and capital preservation during retirement. The investment mix is automatically adjusted by the professional investment manager over time to become its most conservative 10 years after the target retirement date. Unit price, yield and return will vary.




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GALLIARD STABLE VALUE FND 25.42US Treasury Note 1.5% 10-31-19 1.10US Treasury Note 2% 11-30-22 0.70Nt Col Govt Stif 0.65US Treasury Note 07-15-24 0.64..........................................................................................US Treasury Note 04-15-18 0.55US Treasury Bond 02-15-46 0.54US Treasury Bond 2.75% 11-15-47 0.54US Treasury Note 2.125% 12-31-22 0.51US Treasury Note 04-15-19 0.49





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The 2010 Retirement Portfolio seeks to provide a comprehensive and diversified investment portfolio that targets an appropriate balance between capital growth, investment income and inflation sensitivity. The Portfolio is designed for participants who were born between 1943 - 1947 and who retired between years 2008 - 2012 at age 65.

The Portfolio is invested in US and non-US stocks, bonds issued by government, corporate and financial entities, including high yield bonds, inflation protected securities (such as US TIPS), stable value, US REIT securities, natural resources and commodities. The Portfolio’s asset allocation maintains the primary objective of income and capital preservation during retirement. The investment mix is automatically adjusted by the professional investment manager over time to become its most conservative 10 years after the target retirement date. Unit price, yield and return will vary.




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GALLIARD STABLE VALUE FND 25.42US Treasury Note 1.5% 10-31-19 1.10US Treasury Note 2% 11-30-22 0.70Nt Col Govt Stif 0.65US Treasury Note 07-15-24 0.64..........................................................................................US Treasury Note 04-15-18 0.55US Treasury Bond 02-15-46 0.54US Treasury Bond 2.75% 11-15-47 0.54US Treasury Note 2.125% 12-31-22 0.51US Treasury Note 04-15-19 0.49





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The Portfolio is invested in US and non-US stocks, bonds issued by government, corporate and financial entities, including high yield bonds, inflation protected securities (such as US TIPS), stable value, US REITS, natural resources and commodities. The Portfolio’s asset allocation will be adjusted over time by the professional investment manager to become more conservative, shifting the primary objective from capital growth toward income and capital preservation for Portfolios closer to retirement and post-retirement. The Portfolio will reach its most conservative allocation 10 years after the target retirement date. Unit price, yield and return will vary.




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GALLIARD STABLE VALUE FND 10.57US Treasury Note 1.5% 10-31-19 1.29US Treasury Note 2% 11-30-22 0.82Nt Col Govt Stif 0.76US Treasury Note 04-15-18 0.65..........................................................................................US Treasury Bond 2.75% 11-15-47 0.63US Treasury Note 2.125% 12-31-22 0.60US Treasury Bond 02-15-46 0.50US Treasury Note 07-15-24 0.45US Treasury Bond 02-15-47 0.41





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The Portfolio is invested in US and non-US stocks, bonds issued by government, corporate and financial entities, including high yield bonds, US REIT securities, natural resources and commodities. The Portfolio’s asset allocation will adjust over time as it approaches the targeted retirement date, shifting the primary objective of the Portfolio from capital growth toward income and preservation of capital through retirement to post-retirement years. The investment mix is automatically adjusted by the professional investment manager over time to become its most conservative 10 years after the target retirement date. Unit price, yield and return will vary.




Low Moderate High

Investment

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





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GALLIARD STABLE VALUE FND 2.92US Treasury Note 1.5% 10-31-19 1.20US Treasury Note 2% 11-30-22 0.76Nt Col Govt Stif 0.71US Treasury Note 04-15-18 0.60..........................................................................................US Treasury Bond 2.75% 11-15-47 0.59US Treasury Note 2.125% 12-31-22 0.56Apple Inc 0.44US Treasury Bond 02-15-46 0.42Simon Property Group Inc 0.38





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US Treasury Note 1.5% 10-31-19 0.87US Treasury Note 2% 11-30-22 0.55Nt Col Govt Stif 0.52Apple Inc 0.49China Mobile Ltd 0.47..........................................................................................US Treasury Note 04-15-18 0.44US Treasury Bond 2.75% 11-15-47 0.43British American Tobacco PLC 0.43BP PLC 0.43Wells Fargo & Co 0.42



United States 62.43United Kingdom 6.65Japan 3.69Canada 3.30China 3.17.......................................................................................................Germany 2.42France 2.08Switzerland 2.00South Korea 1.45Netherlands 1.25


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Apple Inc 0.58Simon Property Group Inc 0.51US Treasury Note 1.5% 10-31-19 0.51China Mobile Ltd 0.50Amazon.com Inc 0.48..........................................................................................Wells Fargo & Co 0.47BP PLC 0.46British American Tobacco PLC 0.46Samsung Electronics Co Ltd 0.44Volkswagen AG 0.43



United States 60.57United Kingdom 6.98Japan 3.93Canada 3.49China 3.39.......................................................................................................Germany 2.58France 2.22Switzerland 2.13South Korea 1.52Brazil 1.26


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Apple Inc 0.58Simon Property Group Inc 0.51US Treasury Note 1.5% 10-31-19 0.51China Mobile Ltd 0.50Amazon.com Inc 0.48..........................................................................................Wells Fargo & Co 0.47BP PLC 0.46British American Tobacco PLC 0.46Samsung Electronics Co Ltd 0.44Volkswagen AG 0.43





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Apple Inc 0.67Amazon.com Inc 0.53China Mobile Ltd 0.52Wells Fargo & Co 0.51BP PLC 0.48..........................................................................................British American Tobacco PLC 0.48Simon Property Group Inc 0.48Facebook Inc A 0.47Samsung Electronics Co Ltd 0.46Pfizer Inc 0.45





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Apple Inc 0.73Amazon.com Inc 0.57China Mobile Ltd 0.53Wells Fargo & Co 0.52Simon Property Group Inc 0.52..........................................................................................Facebook Inc A 0.50BP PLC 0.48Microsoft Corp 0.48British American Tobacco PLC 0.48Exxon Mobil Corp 0.47





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Apple Inc 0.73Amazon.com Inc 0.57China Mobile Ltd 0.53Wells Fargo & Co 0.52Simon Property Group Inc 0.52..........................................................................................Facebook Inc A 0.50BP PLC 0.48Microsoft Corp 0.48British American Tobacco PLC 0.48Exxon Mobil Corp 0.47





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Apple Inc 0.70Amazon.com Inc 0.55China Mobile Ltd 0.53Wells Fargo & Co 0.52Simon Property Group Inc 0.49..........................................................................................BP PLC 0.49British American Tobacco PLC 0.48Facebook Inc A 0.48Pfizer Inc 0.46Samsung Electronics Co Ltd 0.46



United States 59.43United Kingdom 7.40Japan 4.30China 3.83Canada 3.74.......................................................................................................Germany 2.85Switzerland 2.19France 2.01South Korea 1.64India 1.23


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The 2055 Retirement Portfolio seeks to provide a comprehensive and diversified investment portfolio that targets an appropriate balance between capital growth, investment income and inflation sensitivity. The Portfolio is designed for participants who were born after 1987 retiring after year 2052 at age 65.





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The 2060 Retirement Portfolio seeks to provide a comprehensive and diversified investment portfolio that targets an appropriate balance between capital growth, investment income and inflation sensitivity. The Portfolio is designed for participants who were born after 1992 retiring after the year 2057 at age 65.





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The volatility measure is not displayed for investments withfewer than three years of history. The category average,however, is shown above.





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Investment Return % 18.68 4.62 18.68 . . 7.76Benchmark Return % 18.48 4.79 18.48 7.48 8.39 6.80














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The 2060 Retirement Portfolio seeks to provide a comprehensive and diversified investment portfolio that targets an appropriate balance between capital growth, investment income and inflation sensitivity. The Portfolio is designed for participants who were born after 1992 retiring after the year 2057 at age 65.





Low Moderate High

Investment

Category

The volatility measure is not displayed for investments withfewer than three years of history. The category average,however, is shown above.





045 35 25 15 5 -5 -10

100

80

60

40

20

0



Non-U.S. Stocks

High Yield Bonds

Core Bond

REITs

TIPs

Cash

Other



Investment Return % 18.68 4.62 18.68 . . 7.76Benchmark Return % 18.48 4.79 18.48 7.48 8.39 6.80














LargeM

idSm

all

Value Blend Growth



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2323


Stable Value Strategy ..........................................................................................................................................................................................................................................................................................................................................Benchmark 1 Benchmark 2 Total Assets ($mil) Inception Date3-Year Constant MaturityTreasury

USTREAS Stat US T-Bill 90 DayTR

840.10 01-02-87


The Stable Value Strategy seeks safety of principal and consistency of returns with minimal volatility. This does not mean that it will never experience a negative rate of return, but the investment option is managed with the intent of reducing this possibility. No government agency either directly or indirectly insures or guarantees the performance of the investment option. The investment option invests in diversified portfolios of actively managed fixed income securities (i.e. bonds). The investment option also enters into asset-backed investment contracts with various financial institutions. The issuer of the investment contract undertakes to provide a minimum guaranteed rate of return and payment of participant-driven transactions at contract value. Unit price, yield and return will vary.



Management Company

Agincourt Capital Management, LLCBarings LLCBlackRock Financial Management IncGalliard Capital Management Inc.Jennison Associates LLCPacific Investment Management Co LLC


Low Moderate High

Investment

Category


Performance

5

10

15

20

0

-5

-10

-15

YTD YTD YTD YTD YTD YTD

Total Return% as of 12-31-17

InvestmentBenchmark 1Benchmark 2

Average annual, if greaterthan 1 year

YTD 3 Month 1 Year 3 Year 5 Year 10 Year

2.17 0.56 2.17 2.28 2.42 3.22 Investment Return %1.56 0.45 1.56 1.19 1.00 1.84 Benchmark 1 Return %0.93 0.30 0.93 0.43 0.28 0.32 Benchmark 2 Return %

Data above represents past performance and does not guarantee future results. Investment returns and principalvalues will fluctuate so that participants' units may be worth more or less than their original cost when redeemed.Current performance may be lower or higher than data stated herein. Performance is shown after all expenses.Benchmark 1 represents is a universe of Stable Value funds with similar investment objectives and strategies.Benchmark 2 is a broad benchmark with similar investment objectives but employs a different strategy.

Portfolio Analysis

Composition as of 12-31-17 % Assets

Synthetic GICs 83.0Traditional GICs 0.0Cash 1.4Other 15.6

.......................................................................................................Annual Turnover Ratio % 161

Financial Strength Ratings as of 12-31-17Moody's S&P


What do Stable Value Funds invest in?The Stable Value Strategy invests in guaranteed investment contracts (GICs), including traditional and security-backed GICs issued by banks and insurance companies. Security-backed GICs, including synthetic and insurance separate account are supported by high quality, diversified bond portfolios. The market value of bonds is volatile and moves inversely with interest rate changes. As interest rates move up, the market value of bonds declines, and vice-versa. The GICs protect the bond portfolios against market value volatility allowing participants to transact at contract value (principal plus accrued interest less expenses) without reference to the market value fluctuations of the underlying bond portfolios. The risks associated with these contracts are outlined in the “Principal Risks” section. There are three common types of GICs: synthetic, insurance separate account and traditional. All of them share the common goal of providing contract value withdrawals, but they differ in contractual terms, asset ownership and protection benefits. In the synthetic GIC arrangement, the Plan owns the underlying bonds that support the insurance company and bank contracts. The bonds are managed by investment managers solely for the Plan participants. If the bank or insurance company experiences financial difficulty, the Plan has easy access to the bonds. Insurance separate account GICs also invest primarily in bonds. These securities are owned by the insurance company but are segregated in a separate account for the benefit of the Plan. In the event the insurance company becomes insolvent, credit risk is mitigated by the bonds held in the separate account. Traditional GICs are group annuity contracts issued by an insurance company which provide a guarantee of principal and a fixed or floating interest rate for a predetermined period of time. These contracts are backed solely by the financial strength of the insurance company.


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Bond Index Strategy ..........................................................................................................................................................................................................................................................................................................................................Benchmark Total Assets ($mil) Inception DateBBgBarc US Agg Bond TR USD 108.71 04-01-99


The Bond Index Strategy seeks to replicate the risks and returns (before fees) of broad bond market as measured by the Barclays Capital US Aggregate Bond Index.

The Strategy employs an indexing investment approach designed to track the performance of the Barclay's Capital U.S. Aggregate Bond Index. The index is invested in investment grade bonds which include treasuries, government agencies, corporate and mortgages-backed securities. It attempts to replicate the target index by investing all, or substantially all, of its assets in the debt securities that make up the index. Unit price and yield return will vary.



Management Company

State Street Global Advisors


Low Moderate High

Investment

Category


Performance

5

10

15

20

0

-5

-10

-15



InvestmentBenchmark



3.40 0.35 3.40 2.11 1.96 3.90 Investment Return %3.54 0.39 3.54 2.24 2.10 4.01 Benchmark Return %

Data above represents past performance and does not guarantee future results. Investment returns and principalvalues will fluctuate so that participants' units may be worth more or less than their original cost when redeemed.Current performance may be lower or higher than data stated herein. Performance is shown after all expenses.


U.S. Stocks 0.0Non-U.S. Stocks 0.0Bonds 100.0Cash 0.0Other 0.0

Morningstar Fixed Income Style Box™ as of 12-31-17

HighM

edLow

Ltd Mod Ext

Avg Eff Duration 5.94Avg Eff Maturity 8.21Avg Credit Quality AAAvg Wtd Coupon 3.04Avg Wtd Price 103.93

Morningstar Bond Sectors as of 12-31-17 % Fund % Category



US Treasury Note 1.25% 08-31-19 0.92US Treasury Note 2.25% 12-31-23 0.85US Treasury Note 1.375% 09-15-20 0.68US Treasury Note 1.625% 10-15-20 0.61US Treasury Note 2.25% 08-15-27 0.59..........................................................................................US Treasury Note 2.125% 03-31-24 0.51US Treasury Note 1.125% 08-31-21 0.51Govt Natl Mtg Asso 3.5% 01-15-46 0.49US Treasury Note 2.25% 01-31-24 0.48US Treasury Note 1.625% 08-31-22 0.47


Credit Analysis as of 12-31-17 % Bonds

-100 -50 0 50 100

AAA 72AA 4A 11BBB 13BB 0B 0Below B 0Not Rated 0


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2424


Bond Index Strategy ..........................................................................................................................................................................................................................................................................................................................................Benchmark Total Assets ($mil) Inception DateBBgBarc US Agg Bond TR USD 108.71 04-01-99


The Bond Index Strategy seeks to replicate the risks and returns (before fees) of broad bond market as measured by the Barclays Capital US Aggregate Bond Index.

The Strategy employs an indexing investment approach designed to track the performance of the Barclay's Capital U.S. Aggregate Bond Index. The index is invested in investment grade bonds which include treasuries, government agencies, corporate and mortgages-backed securities. It attempts to replicate the target index by investing all, or substantially all, of its assets in the debt securities that make up the index. Unit price and yield return will vary.



Management Company

State Street Global Advisors


Low Moderate High

Investment

Category


Performance

5

10

15

20

0

-5

-10

-15



InvestmentBenchmark








HighM

edLow

Ltd Mod Ext

Avg Eff Duration 5.94Avg Eff Maturity 8.21Avg Credit Quality AAAvg Wtd Coupon 3.04Avg Wtd Price 103.93




US Treasury Note 1.25% 08-31-19 0.92US Treasury Note 2.25% 12-31-23 0.85US Treasury Note 1.375% 09-15-20 0.68US Treasury Note 1.625% 10-15-20 0.61US Treasury Note 2.25% 08-15-27 0.59..........................................................................................US Treasury Note 2.125% 03-31-24 0.51US Treasury Note 1.125% 08-31-21 0.51Govt Natl Mtg Asso 3.5% 01-15-46 0.49US Treasury Note 2.25% 01-31-24 0.48US Treasury Note 1.625% 08-31-22 0.47



-100 -50 0 50 100



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2525


Intermediate Bond Strategy ..........................................................................................................................................................................................................................................................................................................................................Benchmark Total Assets ($mil) Inception DateBBgBarc US Agg Bond TR USD 17.72 07-31-12


The Intermediate Bond Strategy is an actively managed bond investment option that seeks to provide a moderate and sustainable level of return with low to moderate risk.

The Strategy invests in a diversified portfolio of investment grade bonds primarily U.S. government, agency, corporate, and mortgage backed bonds but may also have limited exposure to high yield bonds and bonds of non-U.S. issuers when the professional investment managers find these securities to be attractive for the portfolio. Unit price and yield return will vary.



Management Company

Loomis Sayles & Co LPMetropolitan West Asset Management, LLC.State Street Global Advisors


Low Moderate High

Investment

Category


Performance

5

10

15

20

0

-5

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-15



InvestmentBenchmark


YTD 3 Month 1 Year 3 Year 5 Year Since Inception






HighM

edLow

Ltd Mod Ext

Avg Eff Duration 5.40Avg Eff Maturity 5.00Avg Credit Quality AAvg Wtd Coupon 3.12Avg Wtd Price 101.21




US Treasury Note 1.5% 10-31-19 4.34US Treasury Note 2% 11-30-22 2.74Nt Col Govt Stif 2.56US Treasury Note 04-15-18 2.18US Treasury Bond 2.75% 11-15-47 2.13..........................................................................................US Treasury Note 2.125% 12-31-22 2.03US Treasury Bond 02-15-46 1.43US Treasury Bond 02-15-47 1.13US Treasury Note 2.25% 11-15-27 1.10US Treasury Note 2% 10-31-22 1.04



-100 -50 0 50 100



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S&P 500 Index Strategy ..........................................................................................................................................................................................................................................................................................................................................Benchmark Total Assets ($mil) Inception DateS&P 500 TR USD 409.97 04-01-99


The S&P 500 Index Strategy seeks to replicate the risks and returns (before fees) of large-sized U.S. companies as measured by the Standard & Poor's (S&P) 500 Index.

The Strategy employs an indexing investment approach designed to track the performance of the Standard & Poor's (S&P) 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. It attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. Unit price and return will vary.



Management Company

State Street Global Advisors (Chicago)


Low Moderate High

Investment

Category


Performance

10

20

30

40

0

-10

-20

-30



InvestmentBenchmark







Morningstar World Regions as of 12-31-17 % Fund

Americas 99.13...............................................................................................North America 99.13Latin America 0.00

Greater Europe 0.36...............................................................................................United Kingdom 0.06Europe Developed 0.30Europe Emerging 0.00Africa/Middle East 0.00

Greater Asia 0.51...............................................................................................Japan 0.00Australasia 0.00Asia Developed 0.05Asia Emerging 0.46


LargeM

idSm

all

Value Blend Growth



Apple Inc 3.74Microsoft Corp 2.84Amazon.com Inc 2.01Facebook Inc A 1.81Berkshire Hathaway Inc B 1.64..........................................................................................Johnson & Johnson 1.62JPMorgan Chase & Co 1.60Exxon Mobil Corp 1.53Alphabet Inc C 1.36Alphabet Inc A 1.35







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2626


S&P 500 Index Strategy ..........................................................................................................................................................................................................................................................................................................................................Benchmark Total Assets ($mil) Inception DateS&P 500 TR USD 409.97 04-01-99


The S&P 500 Index Strategy seeks to replicate the risks and returns (before fees) of large-sized U.S. companies as measured by the Standard & Poor's (S&P) 500 Index.

The Strategy employs an indexing investment approach designed to track the performance of the Standard & Poor's (S&P) 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. It attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. Unit price and return will vary.



Management Company



Low Moderate High

Investment

Category


Performance

10

20

30

40

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-10

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-30



InvestmentBenchmark












LargeM

idSm

all

Value Blend Growth



Apple Inc 3.74Microsoft Corp 2.84Amazon.com Inc 2.01Facebook Inc A 1.81Berkshire Hathaway Inc B 1.64..........................................................................................Johnson & Johnson 1.62JPMorgan Chase & Co 1.60Exxon Mobil Corp 1.53Alphabet Inc C 1.36Alphabet Inc A 1.35







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2727


Large Cap Equity Strategy ..........................................................................................................................................................................................................................................................................................................................................Benchmark Total Assets ($mil) Inception DateRussell 1000 TR USD 391.71 06-18-13


The Large Cap Equity Strategy seeks long term capital growth augmented by dividend income. The Strategy invests in equity securities of established companies whose market capitalization is generally over $5 billion.

The Strategy is diversified across both the growth and value investment styles. Thus, a portion of the investment option is invested in companies considered to have above average prospects for growth, whereas the remainder of the investment option invests in stocks selling at prices below the overall market average compared with their dividend and future return profile. Unit price, return will vary.



Management Company

Boston Co Asset Management LLCGAMCO Investors IncMacquarie InvestmentsPzena Investment Management IncSands Capital Management, LLCState Street Global Advisors (Chicago)


Low Moderate High

Investment

Category

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

Performance

10

20

30

40

0

-10

-20

-30



InvestmentBenchmark



20.48 5.95 20.48 9.64 . 12.52 Investment Return %21.69 6.59 21.69 11.23 15.71 13.46 Benchmark Return %









LargeM

idSm

all

Value Blend Growth



Amazon.com Inc 1.69Visa Inc Class A 1.68Occidental Petroleum Corp 1.61Cisco Systems Inc 1.49Alibaba Group Holding Ltd ADR 1.48..........................................................................................JPMorgan Chase & Co 1.47Facebook Inc A 1.45Oracle Corp 1.40Bank of America Corporation 1.39Salesforce.com Inc 1.36







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Non U.S. Equity Index Strategy ..........................................................................................................................................................................................................................................................................................................................................Benchmark Total Assets ($mil) Inception DateMSCI ACWI Ex USA NR USD 48.14 07-31-12


The Non-U.S. Equity Index Strategy seeks risk and returns of international equities that are approximately equal (before fees) to the performance of the MSCI all Country World Index ex. U.S. by investing in similar securities held by that index. It is a passively managed instead of following a manager's active investment strategy.

The Strategy employs an indexing investment approach designed to track the performance of the MSCI All Country World ex. U.S. Index. The index invests in large cap and, to a lesser extent, mid cap of both developed and emerging countries outside of the U.S. It attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index. Unit price and return will vary.



Management Company



Low Moderate High

Investment

Category


Performance

10

20

30

40

0

-10

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-30



InvestmentBenchmark












LargeM

idSm

all

Value Blend Growth



Tencent Holdings Ltd 1.33Nestle SA 1.19Samsung Electronics Co Ltd 1.03HSBC Holdings PLC 0.93Alibaba Group Holding Ltd ADR 0.89..........................................................................................Taiwan Semiconductor Manufacturing Co Ltd 0.85Novartis AG 0.84Roche Holding AG Dividend Right Cert. 0.79Toyota Motor Corp 0.74Royal Dutch Shell PLC Class A 0.68



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2828


Non U.S. Equity Index Strategy ..........................................................................................................................................................................................................................................................................................................................................Benchmark Total Assets ($mil) Inception DateMSCI ACWI Ex USA NR USD 48.14 07-31-12


The Non-U.S. Equity Index Strategy seeks risk and returns of international equities that are approximately equal (before fees) to the performance of the MSCI all Country World Index ex. U.S. by investing in similar securities held by that index. It is a passively managed instead of following a manager's active investment strategy.

The Strategy employs an indexing investment approach designed to track the performance of the MSCI All Country World ex. U.S. Index. The index invests in large cap and, to a lesser extent, mid cap of both developed and emerging countries outside of the U.S. It attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index. Unit price and return will vary.



Management Company



Low Moderate High

Investment

Category


Performance

10

20

30

40

0

-10

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-30



InvestmentBenchmark












LargeM

idSm

all

Value Blend Growth



Tencent Holdings Ltd 1.33Nestle SA 1.19Samsung Electronics Co Ltd 1.03HSBC Holdings PLC 0.93Alibaba Group Holding Ltd ADR 0.89..........................................................................................Taiwan Semiconductor Manufacturing Co Ltd 0.85Novartis AG 0.84Roche Holding AG Dividend Right Cert. 0.79Toyota Motor Corp 0.74Royal Dutch Shell PLC Class A 0.68



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2929


Non US Equity Strategy ..........................................................................................................................................................................................................................................................................................................................................Benchmark Total Assets ($mil) Inception DateMSCI ACWI Ex USA NR USD 151.94 04-01-99


The Non-U.S. Equity Strategy seeks long-term capital growth through investments in stocks of companies that are located in, or that derive a significant portion of their earnings or revenues from, countries outside the United States. The investment option can provide excellent diversification as part of a total portfolio.

The Strategy primarily invests in non-US equities listed on the stock exchanges of developed and emerging markets. Unit price and return will vary.



Management Company

Aberdeen Asset Management Inc.Causeway Capital Management LLCFidelity Institutional Asset ManagementState Street Global AdvisorsWells Capital Management Inc.


Low Moderate High

Investment

Category


Performance

10

20

30

40

0

-10

-20

-30



InvestmentBenchmark












LargeM

idSm

all

Value Blend Growth



British American Tobacco PLC 1.82Volkswagen AG 1.79BP PLC 1.56Barclays PLC 1.53China Mobile Ltd 1.50..........................................................................................Roche Holding AG 1.38SAP SE 1.35Linde AG 1.26Samsung Electronics Co Ltd 1.19Royal Dutch Shell PLC B 1.09



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Mid Cap Equity Index Strategy ..........................................................................................................................................................................................................................................................................................................................................Benchmark Total Assets ($mil) Inception DateS&P MidCap 400 TR 270.41 01-03-05


The Mid Cap Equity Index Strategy seeks to replicate the risk and performance (before fees) of medium-sized U.S. companies as measured by the Standard & Poor's (S&P) MidCap 400 Index.

The Strategy employs an indexing investment approach designed to track the performance of the Standard & Poor MidCap 400 Index. The index covers the common stocks of 400 medium-sized U.S. companies from a broad range of industries with market capitalizations generally between $1 billion to $5 billion. It attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. Unit price and return will vary.



Management Company



Low Moderate High

Investment

Category


Performance

10

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40

0

-10

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InvestmentBenchmark












LargeM

idSm

all

Value Blend Growth



S+p Mid 400 Emini Mar18 Xcme 20180316 03-16-18 1.21Take-Two Interactive Software Inc 0.69SVB Financial Group 0.68NVR Inc 0.67MSCI Inc 0.63..........................................................................................Teleflex Inc 0.62Huntington Ingalls Industries Inc 0.59Cognex Corp 0.58Broadridge Financial Solutions Inc 0.58Steel Dynamics Inc 0.57







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3030


Mid Cap Equity Index Strategy ..........................................................................................................................................................................................................................................................................................................................................Benchmark Total Assets ($mil) Inception DateS&P MidCap 400 TR 270.41 01-03-05


The Mid Cap Equity Index Strategy seeks to replicate the risk and performance (before fees) of medium-sized U.S. companies as measured by the Standard & Poor's (S&P) MidCap 400 Index.

The Strategy employs an indexing investment approach designed to track the performance of the Standard & Poor MidCap 400 Index. The index covers the common stocks of 400 medium-sized U.S. companies from a broad range of industries with market capitalizations generally between $1 billion to $5 billion. It attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. Unit price and return will vary.



Management Company



Low Moderate High

Investment

Category


Performance

10

20

30

40

0

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InvestmentBenchmark












LargeM

idSm

all

Value Blend Growth



S+p Mid 400 Emini Mar18 Xcme 20180316 03-16-18 1.21Take-Two Interactive Software Inc 0.69SVB Financial Group 0.68NVR Inc 0.67MSCI Inc 0.63..........................................................................................Teleflex Inc 0.62Huntington Ingalls Industries Inc 0.59Cognex Corp 0.58Broadridge Financial Solutions Inc 0.58Steel Dynamics Inc 0.57







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3131


Small Cap Equity Strategy ..........................................................................................................................................................................................................................................................................................................................................Benchmark Total Assets ($mil) Inception DateRussell 2000 TR USD 181.13 04-01-99


The Small Cap Equity Fund seeks long term capital appreciation.The Strategy primarily invests in small companies that tend

to be growing in size, and that have strengthening financial performance. The investment option is diversified across both the growth and value investment styles. Thus, a portion of the investment option is invested in companies considered to have above-average prospects for growth, whereas the remainder of the investment option invests in stocks selling at prices below the overall market average compared with their dividend and future return profile. Unit price and return will vary.



Management Company

Integrity Asset Management, LLCJennison Associates LLCLoomis Sayles & Co LPState Street Global Advisors (Chicago)


Low Moderate High

Investment

Category


Performance

10

20

30

40

0

-10

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InvestmentBenchmark












LargeM

idSm

all

Value Blend Growth



Nt Col Govt Stif 0.97KLX Inc 0.96Summit Materials Inc A 0.95Nt Col Govt Stif 0.95Planet Fitness Inc A 0.93..........................................................................................BankUnited Inc 0.92HubSpot Inc 0.86Pinnacle Financial Partners Inc 0.82Cogent Communications Holdings Inc 0.78InterXion Holding NV 0.76







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Inflation Sensitive Strategy ..........................................................................................................................................................................................................................................................................................................................................Benchmark Total Assets ($mil) Inception DateCustom Benchmark 8.73 06-18-13


The Inflation Sensitive Strategy seeks to provide participants diversified exposure to a broad range of inflation sensitive investments that respond to different types of inflationary environments.

The Strategy invests in inflation linked securities of US and Non-US issuers, commodities, emerging market currencies, real estate securities and gold. The Strategy may also tactically use floating rate securities. Investments in this category typically exhibit returns that are at least partially correlated to inflation over the long term. The investment manager actively manages the overall allocation among these asset classes as well as the underlying investments in an effort to control risk and enhance returns. Unit price, yield return will vary.



Management Company

Pacific Investment Management Co


Low Moderate High

Investment

Category


Best 3 Month Return Worst 3 Month Return

8.59% -6.27%(Feb '16 - Apr '16) (Jul '15 - Sep '15)

Performance

5

10

15

20

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-5

-10

-15



InvestmentBenchmark



8.49 2.94 8.49 3.71 . 1.78 Investment Return %5.08 -1.17 5.08 1.25 -1.17 -0.36 Benchmark Return %

Portfolio AnalysisComposition as of 12-31-17 % Net

U.S. Stocks 9.7Non-U.S. Stocks 0.3Bonds 60.5Cash -3.4Other 32.9

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

Note: Stocks include REITs. Bonds include Inflation Linked Bonds. Other includescurrency, precious metals and commodities.


Pimco Cayman Commodity Fund Vii Ltd 05-01-21 32.49IRS CAD 1.75000 09/17/18-1Y (RED) CME_Receive 09-17-19

14.09

US Treasury Bond 01-15-25 10.34US Treasury Note 04-15-21 7.20US Treasury Note 07-15-27 4.31..........................................................................................Brazil Federative Rep 07-01-18 4.26US Treasury Note 07-15-26 4.03US Treasury Note 04-15-20 4.03US Treasury Note 01-15-26 3.73US Treasury Note 07-15-23 3.48



United States 76.97Brazil 6.34United Kingdom 2.95Germany 1.67Netherlands 1.45.......................................................................................................Argentina 1.34Spain 1.29Switzerland 1.02New Zealand 1.01France 0.71


LargeM

idSm

all

Value Blend Growth




Credit Analysis: % Bonds

Not Available

Bond Maturity Breakdown as of 12-31-17

% Bonds1-3 Yrs 21.843-5 Yrs 10.855-7 Yrs 7.787-10 Yrs 28.1810-15 Yrs 7.9115-20 Yrs 4.7320-30 Yrs 5.74Over 30 Yrs 3.68


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3232


Inflation Sensitive Strategy ..........................................................................................................................................................................................................................................................................................................................................Benchmark Total Assets ($mil) Inception DateCustom Benchmark 8.73 06-18-13


The Inflation Sensitive Strategy seeks to provide participants diversified exposure to a broad range of inflation sensitive investments that respond to different types of inflationary environments.

The Strategy invests in inflation linked securities of US and Non-US issuers, commodities, emerging market currencies, real estate securities and gold. The Strategy may also tactically use floating rate securities. Investments in this category typically exhibit returns that are at least partially correlated to inflation over the long term. The investment manager actively manages the overall allocation among these asset classes as well as the underlying investments in an effort to control risk and enhance returns. Unit price, yield return will vary.



Management Company

Pacific Investment Management Co


Low Moderate High

Investment

Category


Best 3 Month Return Worst 3 Month Return

8.59% -6.27%(Feb '16 - Apr '16) (Jul '15 - Sep '15)

Performance

5

10

15

20

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-5

-10

-15



InvestmentBenchmark



8.49 2.94 8.49 3.71 . 1.78 Investment Return %5.08 -1.17 5.08 1.25 -1.17 -0.36 Benchmark Return %

Portfolio AnalysisComposition as of 12-31-17 % Net

U.S. Stocks 9.7Non-U.S. Stocks 0.3Bonds 60.5Cash -3.4Other 32.9

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

Note: Stocks include REITs. Bonds include Inflation Linked Bonds. Other includescurrency, precious metals and commodities.


Pimco Cayman Commodity Fund Vii Ltd 05-01-21 32.49IRS CAD 1.75000 09/17/18-1Y (RED) CME_Receive 09-17-19

14.09

US Treasury Bond 01-15-25 10.34US Treasury Note 04-15-21 7.20US Treasury Note 07-15-27 4.31..........................................................................................Brazil Federative Rep 07-01-18 4.26US Treasury Note 07-15-26 4.03US Treasury Note 04-15-20 4.03US Treasury Note 01-15-26 3.73US Treasury Note 07-15-23 3.48



United States 76.97Brazil 6.34United Kingdom 2.95Germany 1.67Netherlands 1.45.......................................................................................................Argentina 1.34Spain 1.29Switzerland 1.02New Zealand 1.01France 0.71


LargeM

idSm

all

Value Blend Growth




Credit Analysis: % Bonds

Not Available

Bond Maturity Breakdown as of 12-31-17

% Bonds1-3 Yrs 21.843-5 Yrs 10.855-7 Yrs 7.787-10 Yrs 28.1810-15 Yrs 7.9115-20 Yrs 4.7320-30 Yrs 5.74Over 30 Yrs 3.68


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3333

The Halliburton Retirement and Savings Plan (Plan) is intended to be a participant-directed plan as described in Section 404(c) of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Therefore, the fiduciaries of this plan are generally relieved of liability for any losses that are the result of any investment instructions given by a participant or a beneficiary of the Plan.

The investment’s principal value and investment return will fluctuate, so that an investor’s unit values may be worth more or less than at the time of the original investment. In accordance with ERISA, the Plan assets are held in trust for the exclusive benefit of participants and beneficiaries. As with all 401(k) plans, assets are not FDIC-insured, may lose value and are not guaranteed by a bank, the Plan sponsor or other financial institution.

Reliable sources are utilized to produce these reports, but there is no warranty or guarantee that this data is accurate, timely, or complete. Historic performance is not an indication of future results and should not be relied upon to predict future investment returns.

The allocation directed to each underlying investment manager under each investment option has been selected by the Halliburton Company Investment Committee in consultation with Mercer Investment Consulting, Inc., the investment advisor to the Plan. The individual investment options will be reviewed periodically, and the Investment Committee will modify the allocations and/or underlying investment managers when deemed appropriate.

Mercer Investment Management, Inc. (“Mercer”) serves as the investment manager for the Retirement Portfolios. The Halliburton Company Investment Committee has delegated its authority to design the asset allocation and manage the Retirement Portfolios to Mercer. The Retirement Portfolios’ performance will be reviewed, and Mercer will modify the allocations and/or underlying investment managers when deemed appropriate. The Retirement Portfolios will pay an

annualized management fee to Mercer, which is included in the total expense ratio. As with all investment manager fees, the Mercer fee will be based on the total assets held in the Retirement Portfolio.

Contact InformationFor current information, please visit www.halliburton.com/totalrewards (if you are a current employee) or www.netbenefits.com (if you are a former employee). You may also call the Halliburton Benefits Center at (866) 321-0964 (international toll free, use your country’s AT&T access code, then (866) 321-0964) or for toll call (857) 362-5980, select option 2.

Principal RiskThe Retirement Portfolios are professionally managed and will reach the most conservative allocation 10 years after the target retirement date. The investment risk of each Retirement Portfolio may change as the allocation of the underlying holdings in the Portfolio change to correspond with its objective. The Retirement Portfolios and Single Focus Strategies are subject to the volatility of financial markets, including U.S. and non-U.S. equity and fixed income markets. The Portfolio is also subject to risks associated with investing in high yield bonds, small-cap stocks, commodities and real estate. Principal invested is not guaranteed at any time. There is no guarantee that investment in the Retirement Portfolios will provide adequate retirement income.

Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market or economic developments. The securities of smaller, less well-known companies can be more volatile than those of large companies.

Foreign securities and currencies, especially those in emerging markets, involve greater risk and may offer greater potential returns than U.S. investments. This risk includes political and economic uncertainties of foreign countries.

In general, the bond market is volatile, and bond securities carry interest rate risk. As interest rates rise, bond prices usually fall

and vice versa. This effect is usually more pronounced for longer-term securities. Bonds also carry inflation risk, liquidity risk, call risk, and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond investment options do not have a maturity date, so avoiding losses caused by price volatility by holding the investment option until maturity is not possible. The principal value of inflation-linked bonds adjusts with inflation but declines in value when real interest rates rise and vice versa. Commodities contain heightened risk including market, political, regulatory and natural conditions. Real estate investment trusts (REITs) are subject to general stock market risk, real estate market declines and adverse changes to REIT tax laws.

Stable value assets are generally invested in high-quality, diversified bond portfolios that are protected against interest rate volatility by contracts issued by banks and insurance companies. These contracts are backed solely by the financial resources of the bank and insurance companies and by the portfolios of securities. The stable value assets are not insured or guaranteed by the manager(s), the plan sponsor, the trustee, the FDIC, or any other government agency. The contracts are designed to allow participants to transact at contract value (principal plus accrued interest less expenses). Withdrawals prompted by certain events (e.g., layoffs, early retirement windows, spin-offs, sale of a division, facility closings, plan terminations, partial plan terminations, changes in laws or regulations) may be paid at the market value of the bond portfolios.

PerformanceInvestment option performance is determined after fees are charged to the investment option and assumes reinvestment of dividends and capital gains. Investment option performance is compared with the blended benchmark index. An index is an unmanaged portfolio of specified securities and does not reflect any initial or ongoing expenses. The investment option’s portfolio may differ significantly from the securities in the index.

Disclosure

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Management Company

Retirement Portfolios

Income 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060

Aberdeen Asset Management, Inc. x x x x x x x x x x x x

Agincourt Capital Management LLC x x x x x

Barings Corporate Investors x x x x x

BlackRock Financial Management, Inc. x x x x x

Boston Co. Asset Management LLC x x x x x x x x x x x x

Causeway Capital Management LLC x x x x x x x x x x x x

Fidelity Institutional Asset Management Trust Co.

x x x x x x x x x x x x

Galliard Capital Management, Inc. x x x x x

GAMCO Investors, Inc. x x x x x x x x x x x x

Integrity Asset Management, LLC x x x x x x x x x x x x

Jennison Associates LLC x x x x x x x x x x x x

Longview Partners (Guernsey) LTD x x x x x x x x x x x x

Loomis Sayles & Co. LP x x x x x x x x x x x x

Macquarie Investment Management x x x x x x x x x x x x

Mercer Investment Consulting, Inc. x x x x x x x x x x x x

MetWest Asset Management LLC x x x x x x x x x x x x

Pacific Investment Management Co. LLC x x x x x

Pzena Investment Management, Inc. x x x x x x x x x x x x

Sands Capital Management LLC x x x x x x x x x x x x

State Street Global Advisors x x x x x x x x x x x x

Wells Capital Management, Inc. x x x x x x x x x x x x

Single Focus Strategies

Stable Value

Bond Intermediate Bond

S&P 500 Index

Large Cap Non-U.S. Index

Non-U.S. Mid Cap Index

Small Cap Inflation Sensitive

Aberdeen Asset Management, Inc. x

Agincourt Capital Management LLC x

Barings Corporate Investors x

BlackRock Financial Management, Inc. x

Boston Co. Asset Management LLC x

Causeway Capital Management LLC x

Fidelity Institutional Asset Management Trust Co.

x

Galliard Capital Management, Inc. x

GAMCO Investors, Inc. x

Integrity Asset Management, LLC x

Jennison Associates LLC x x

Loomis Sayles & Co. LP x x

Macquarie Investment Management x

MetWest Asset Management LLC x

Pacific Investment Management Co. LLC x x

Pzena Investment Management, Inc. x

Sands Capital Management LLC x

State Street Global Advisors x x x x x x x x

Wells Capital Management, Inc. x

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Collective Trust and Separate AccountsMost of the Plan’s investment options are structured using institutionally managed separate accounts; this means the accounts are managed only for participants in the Halliburton Plans. Individual securities are bought and sold by professional investment managers selected by the Investment Committee. The Plan also invests in common and collective trust funds (CCT), which are bank- or trust company-operated investment vehicles offered to institutional clients who want to invest in the same, specific investment strategy. Neither CCTs nor separate accounts are mutual funds. Unlike mutual funds, separate accounts and CCTs are not subject to and are not registered under the Securities Act of 1933 or the Investment Company Act of 1940. The Halliburton Company Employee Benefit Master Trust owns the underlying assets in the separate accounts and owns units in the CCTs in which it participates. The issuer (bank or trust company) owns the underlying assets of a CCT.

Additional Fee DisclosureThe expense ratio measures the annual cost of operating the investment option. It is expressed as a percentage of the investment option’s assets and is the amount by which the rate of return has been reduced to pay fees. Any fees quoted herein are subject to change. Transaction costs incurred by the investment option for buying and selling securities are not included in the expense ratio. These costs, along with management fees, plan administration fees and other fees, are paid out of the investment option’s assets, reducing the rate of return realized by participants. There are no entry or exit fees charged to participants who invest through the Plan. The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s retirement account. Participants are encouraged to visit the Employee

Benefits Security Administration website at www.dol.gov/ebsa for information and examples demonstrating the long-term effect of fees and expenses. Fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

Stable ValueThe Stable Value Strategy and a portion of the Income, 2010, 2015, 2020 and 2025 Retirement Portfolios invest in guaranteed investment contracts (GICs), including traditional and security-backed GICs issued by banks and insurance companies. Security-backed GICs, including synthetic and insurance separate account, are supported by high-quality, diversified bond portfolios. The market value of bonds is volatile and moves inversely with interest rate changes. As interest rates move up, the market value of bonds declines, and vice versa. The GICs protect the bond portfolios against market value volatility, allowing participants to transact at contract value (principal plus accrued interest less expenses) without reference to the market value fluctuations of the underlying bond portfolios. The risks associated with these contracts are outlined in the “Principal Risks” section.

There are three common types of GICs: synthetic, insurance separate account and traditional. All of them share the common goal of providing contract value withdrawals, but they differ in contractual terms, asset ownership and protection benefits. In the synthetic GIC arrangement, the Plan owns the underlying bonds that support the insurance company and bank contracts. The bonds are managed by investment managers solely for the Plan participants. If the bank or insurance company experiences financial difficulty, the Plan has easy access to the bonds. Insurance separate account GICs also invest primarily in bonds. These securities are owned by the insurance company but

are segregated in a separate account for the benefit of the Plan. In the event the insurance company becomes insolvent, credit risk is mitigated by the bonds held in the separate account. Traditional GICs are group annuity contracts issued by an insurance company which provide a guarantee of principal and a fixed or floating interest rate for a predetermined period of time. These contracts are backed solely by the financial strength of the insurance company.

Morningstar Style Box™The Morningstar Style Box™ reveals an investment option’s equity strategy. The vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows the investment style (value, blend or growth).

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3-Year Constant Maturity Treasury Index – An index published by the Federal Reserve Board based on the average yield of a range of Treasury securities, all adjusted to the equivalent of a three-year maturity.

Annual Return – The amount an investment changes in value over a one-year period.

Annualized Return – The amount an investment changes in value over a specified period of time, expressed in annual terms.

Bank of America Merrill Lynch High Yield Bond Index – Measures the performance of U.S. corporate debt rated below investment grade.

BarCap US Agg Bond TR USD is the Barclays Capital US Aggregate Bond Total Return USD Index – Commonly used as a benchmark to measure investment performance relative to the U.S. dollar-denominated investment-grade, fixed-rate taxable bond market. The index currently includes U.S. Treasuries, government-related issues, corporate bonds, agency mortgage-backed pass-throughs (MBS), consumer asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS).

Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index – Measures the performance of the inflation-protected public bonds issued by the U.S. Treasury. They are well-suited as a component of a diversified portfolio, particularly during inflationary times.

Bond – A debt security in which an investor loans money to an entity (corporate or governmental) for a defined period of time at a fixed interest rate. Bonds are used by companies, municipalities, states, and U.S. and foreign governments to finance a variety of projects and activities. Bonds are commonly referred to as fixed-income securities.

Credit Quality – A rating of a company’s ability to repay its obligations.

Diversification – The process of spreading your savings across more than one type of investment. Diversification helps reduce market risk and protects against the volatility that can result from putting your entire savings in one type of investment.

Dow Jones US Select REIT Index – Measures the performance of publicly traded REITs and REIT-like securities.

Dow Jones-UBS Roll Select Commodity Index – Measures the performance of the broad commodity market, which includes agriculture, energy, industrial metals, precious metals and livestock sectors.

Equity – A term that means having “ownership” in something. Stocks are considered equity investments because you, as an investor, have a stake in that company.

Expense Ratio – The amount of an investment option’s operating expenses compared with its total asset base, expressed as a percentage. Because these expenses are paid from plan assets, a lower expense ratio is desirable.

Guaranteed Investment Contract (GIC) – Designed specifically for use in employer-sponsored qualified retirement plans, the guaranteed investment contract is issued by a financial institution such as a bank or insurance company and provides for a specific rate of return over a specified period. The contract is backed by the financial resources of the bank or insurance company and, in certain cases, also by a portfolio of securities. The three common types of GICs (synthetic, insurance separate account and traditional) share the common goal of providing withdrawals at contract value (principal plus accrued interest less expenses) but differ in contractual terms, asset ownership and protection benefits.

Index – A measurement of the performance of the overall bond or stock market or a particular market segment.

Inflation Risk – The likelihood that an investment’s growth will not keep pace with inflation. Inflation is the rate at which prices change. If the inflation rate grows faster than your investment’s rate of return, it can cause your savings — and your purchasing power — to erode substantially. To maintain your purchasing power, you need to earn a rate of return higher than the inflation rate.

Management Fees – Management fees are paid out of the investment option assets to investment managers who are responsible for the strategy and specific investment buying and selling decisions of their account.

Market Capitalization – The total value of a company’s outstanding shares in the stock market, calculated by multiplying the total number of shares by the price per share.

Terms To Know

37


Terms To Know (continued)

Market Risk – The likelihood that an investment will go up and down in value, especially over the short term. Funds with higher market risk tend to have more dramatic ups and downs in value than funds with lower market risk. Yet historically, funds with higher market risk offer the potential for greater returns.

MSCI (Morgan Stanley Capital International) All Country World Index (ACWI) ex. U.S. Index – An index of non-U.S. stock securities listed on the stock exchanges of developed and emerging markets.

Plan Administration Fees – Plan administration fees are paid out of the investment option assets for recordkeeping and check-writing services.

Principal – The original sum of money invested.

Rate of Return – The amount an investment changes in value over a period of time, expressed as a percentage of the amount invested.

Real Assets – Real assets are a separate asset class whose value is derived from the substance and properties of physical or tangible assets. Real assets include precious metals, commodities, real estate and natural resources. They are well-suited as a component of a diversified portfolio, particularly during inflationary times.

Real Estate Investment Trust (REIT) – A REIT is an entity that invests in real estate either through commercial and multi-unit residential properties or through property mortgages. REITs are traded on major exchanges just like stocks and are highly liquid, unlike traditional real estate investments.

Russell 1000 – The Russell 1000 is an index of approximately 1,000 of the largest companies in the U.S. equity markets. It comprises over 90% of the total market capitalization of all listed U.S. stocks, and all the stocks in the index are considered highly liquid stocks.

Russell 2000 Total Return (TR) Index – Measures performance of the 2,000 smallest companies in the Russell 3000 Index.

Security – An instrument representing ownership (stocks), a debt agreement (bonds) or the rights to ownership (derivatives).

Stable Value – An investment that is meant to protect your principal and provide a consistent rate of return. This does not mean the investment will never experience a negative rate of return; however, it is managed with the intent of reducing this possibility.

Standard & Poor’s (S&P) 500 Total Return (TR) Index – A popular standard for measuring large company U.S. stock market performance. The index includes a representative sample of 500 leading companies in prominent industries.

Standard & Poor’s (S&P) Global LargeMidCap Commodity and Resources Index – Measures the performance of large- and mid-cap stocks that fall into three different natural resource buckets: energy, materials and agriculture.

Standard & Poor’s (S&P) MidCap 400 Total Return (TR) Index – A popular standard for measuring mid-cap U.S. stock market performance. The index includes a representative sample of 400 leading companies in prominent industries.

Stock – An ownership interest in a company. When you buy stock, you become part owner of the company that issued it. The price of the stock depends on what investors are willing to pay for it, based on such things as the company’s profitability, products, business environment and projected future earnings. Stocks typically are volatile over the short term, but they historically offer greater returns over the long term than other types of investments.

Total Return – The return on an investment, including income from dividends and interest, as well as appreciation or depreciation in the price of the security, over a given time period, usually a year.

Turnover Ratio – Measures the option’s trading activity. The percentage represents the number of times the investment option’s holdings have changed over the past year.

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It is intended that the Halliburton Retirement and Savings Plan (the Plan) shall constitute a plan described in Section 404(c) of the Employee

Retirement Income Security Act of 1974, as amended (ERISA), and Title 29 of the CODE OF FEDERAL REGULATIONS Section 2550.404c-1, and that the fiduciaries of the Plan may be relieved of liability for any losses that are the direct and necessary result of investment instructions given by a Plan participant or beneficiary.

Contact Information

Halliburton Retirement and Savings Plan

Halliburton Benefits Center (866) 321-0964

International toll free, use your country’s AT&T access code, then (866) 321-0964 or for toll call (857) 362-5980, select option 2

Retirement Plan website

For current employees:

www.halliburton.com/totalrewards

For former employees:

www.netbenefits.com

Investment Committee

Sharon Cowher Director, Trust Investments Halliburton Houston, Texas

Charles Geer Jr. Vice President and Corporate Controller Halliburton Houston, Texas

Timothy McKeon Vice President and Treasurer Halliburton Houston, Texas

Mahesh Puducheri Global Vice President, Human Resources Halliburton Houston, Texas

Christopher Weber Executive Vice President and Chief Financial Officer Halliburton Houston, Texas

Corporate Trustee

The Northern Trust Company Chicago, Illinois

Master Trust Office

3000 N. Sam Houston Pkwy E. Halliburton Plaza 2, 6114 Houston, Texas 77032 (281) 575-3316

This booklet is designed to furnish Plan participants with sufficient information to form a basic understanding of the manner in which their retirement funds are invested. It is not intended to provide investment or financial advice in any way, or to be a solicitation of any investments or asset classes. You may want to consult with a qualified professional to develop strategies that fit your personal needs and objectives. Some information in this booklet refers to the historical performance of the investment options. Please be aware that past performance is no guarantee of future investment results. Every effort has been made to provide clear and accurate information. However, in the event of a discrepancy between this material and the official Plan documents and policies, the documents and policies will govern.

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NOTES

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NOTES

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2017 Investment Highlights · 2019. 11. 14. · by 4.1%. In 2017, the Barclays U.S. TIPS Index...

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Transcript of 2017 Investment Highlights · 2019. 11. 14. · by 4.1%. In 2017, the Barclays U.S. TIPS Index...