Monterey County, California

MONTEREY COUNTY 457 Deferred Compensation Plan

March 31, 2020 Performance Report

TABLE OF CONTENTS

Section 1 Market Overview

Section 2 Plan Review

Section 3 Investment Performance Review

Section 4 Plan Fee/Revenue Review

Section 5 Fund Attributions

Section 1

FIRST QUARTER 2020 MARKETS AND ECONOMIC UPDATE

Source: JP Morgan

CORONAVIRUS – MANAGING EVENT RISK The communication around the Coronavirus has been extensive and the uncertainty surrounding this event has created elevated levels of market volatility. Market corrections and periods of high volatility are not historically uncommon, but they can still be unsettling. We would like to highlight that major market corrections (Bear Markets), defined as equity market declines of 20.0% or greater, have been a relatively frequent occurrence in modern times. The following chart provides an extensive history of these corrections and corresponding equity market reactions.

U.S. recessions and S&P 500 composite declines from all-time highs

Characteristics of bull and bear markets

1 Crash of 1929 - Excessive leverage, irrational exuberance Sep 1929 -86% 32 Jul 1926 152% 372 1937 Fed Tightening - Premature policy tightening Mar 1937 -60% 61 Mar 1935 129% 233 Post WWII Crash - Post-war demobilization, recession fears May 1946 -30% 36 Apr 1942 158% 494 Eisenhower Recession - Worldwide recession Aug 1956 -22% 14 Jun 1949 267% 855 Flash Crash of 1962 - Flash crash, Cuban Missile Crisis Dec 1961 -28% 6 Oct 1960 39% 136 1966 Financial Crisis - Credit crunch Feb 1966 -22% 7 Oct 1962 76% 397 Tech Crash of 1970 - Economic overheating, civil unrest Nov 1968 -36% 17 Oct 1966 48% 258 Stagflation - OPEC oil embargo Jan 1973 -48% 20 May 1970 74% 319 Volcker Tightening - Whip Inflation Now Nov 1980 -27% 20 Mar 1978 62% 3210 1987 Crash - Program trading, overheating markets Aug 1987 -34% 3 Aug 1982 229% 6011 Tech Bubble - Extreme valuations, .com boom/bust Mar 2000 -49% 30 Oct 1990 417% 11312 Global Financial Crisis - Leverage/housing, Lehman collapse Oct 2007 -57% 17 Oct 2002 101% 6013 Global Slowdown - COVID-19, oil price war Feb 2020 -24% 1 Mar 2009 401% 132

- -42% 22 - 166% 54

Bull return

Duration (months)Market correction

Averages

Market peak

Bear return*

Duration (months)*

Recession Commodity Spike

Aggressive Fed

Extreme Valuation

Bull begin date

Bear Market Macro environment Bull markets

12

3

45

6

7

8

9 10

1112

13

-100%

-80%

-60%

-40%

-20%

0%

1928 1933 1938 1943 1948 1953 1958 1963 1968 1973 1978 1983 1988 1993 1998 2003 2008 2013 2018

Recession

20% Market decline*

1

This report is being provided for informational purposed only. The information and opinions presented in this report do not constitute investment advice and have been obtained from sources believed by Hyas Group to be reliable. Hyas Group makes no representation as to their accuracy or completeness. All opinions expressed herein are subject to change. ©Hyas Group, 2020

The specific catalyst or event leading to market corrections varies significantly as evidenced in the table above, but the market impact has been relatively short in duration. The chart indicates that even in the sharpest corrections equity markets tend to recover quickly. In many cases, corrections are followed by what are often referred to as “V-shaped” rallies that take less than a year to recoup losses. The vast majority of corrections were reversed between one and three years. In fact, in modern history, we have only seen one Bear Market that extended longer than three years. Certainly, there have been periods of losses, but over the long term the market has trended upward.

These events reaffirm why it is important for investors to properly align their investment horizon with the level of risk in their portfolios. Those with long term investment horizons should avoid getting overly reactive to short term market events. Investors with shorter investment horizons should be invested in diversified portfolios designed to minimize the impact of these events. Professionally managed target date funds are designed to specifically address this issue of matching investor horizons with portfolio diversification and appropriate risk management.

GLOBAL ECONOMIC LANDSCAPE › During 1Q20 the global economy faced a shock unprecedented in modern economic history. A viral outbreak (COVID-19) that initiated in China

spread swiftly across the globe bringing substantial loss of life and commerce. Global governments were forced to shut down large sectionsof their economies with billions of people directed to stay home to fight the spread of the virus. Economic visibility had largely disappeared bythe end of the quarter, leaving any near-term forecasts without merit.

› Monetary and fiscal policy makers in the US took decisive and unprecedented actions in an attempt to provide liquidity to financial marketsand place a floor under the economy. The Federal Reserve (Fed) dropped short-term rates by 1.50% to zero and announced they wouldpurchase unlimited amounts of Treasury Bonds and Agency Mortgage-Backed Securities. Lawmakers in Washington passed a stimuluspackage of spending and tax breaks that totaled over $2 trillion, or roughly 10% of GDP.

› Monetary and fiscal reactions to COVID-19 were global in scope. In addition to unprecedented developed market stimulus, 20 out of 26countries in the MSCI Emerging Market Index cut interest rates during the quarter. Total annualized stimulus, estimated at $7 trillion at quarter-end, is on the way to $12 trillion.

› Economic data is just beginning to show the effects of a nationally mandated shutdown of all non-essential business. Initial jobless claims forthe week of March 21st jumped to 3.3 million. For perspective, this was over four times the previous record high of 695,000 in 1982.The subsequent weekly jobless claims number dwarfed that brief record, coming in at 6.6 million. The St. Louis Fed estimates a Q2unemployment rate of over 32% with total unemployed at 53 million all less than three months after the US economy was operating at historiclow unemployment.

2

This report is being provided for informational purposed only. The information and opinions presented in this report do not constitute investment advice and have been obtained from sources believed by Hyas Group to be reliable. Hyas Group makes no representation as to their accuracy or completeness. All opinions expressed herein are subject to change. ©Hyas Group, 2020

GLOBAL FINANCIAL MARKETS › Disruptions in the US Treasury markets forced the Fed to commit to unlimited purchases. In the last two weeks of March, the Fed purchased

over $630 billion in Treasury securities and another $300 billion in repo operations. To put this into perspective, the Fed purchased moresecurities in the last two weeks of March than the entirety of the QE2 program in the great recession. The sudden rush for liquidity pushedyields down across the full length of the yield curve. At a brief point in time, the entire Treasury curve traded at yields below 1%.

› Domestic equity markets fell as much as 30% from their February highs and volatility soared to near all-time highs. The S&P 500 Index rose orfell at least 4% in eight consecutive sessions, the longest streak in history. The average country return in the MSCI Emerging Market Indexdeclined just over 30% with seven countries seeing peak-to-trough declines greater than 50% for the quarter.

› Crude oil prices collapsed from over $60 per barrel at the beginning of the year to $20 by the end of the first quarter. Oil prices were caughtin the perfect storm of collapsing global demand and higher supply. Unprecedented global restrictions, including stay-at-home orders andsocial distancing, led to sharp declines in usage during the quarter. At the same time, OPEC members failed to reach agreements on productionlimits. Saudi Arabia responded by ramping up production to near maximum capacity. The sharp decline in prices places extreme pressure onthe US shale oil producers who were already going through significant balance sheet restructuring.

3

Recent 5-Yr High 5-Yr Low 5-Yr Avg. Date Recent 5-Yr High 5-Yr Low % Off Peak Date-701,000 351,000 -701,000 189,850 Mar-20 $2.20 $2.88 $1.79 -23.7% Mar-20

4.4% 5.5% 3.5% 4.3% Mar-20 $29.21 $70.98 $29.21 -58.8% Mar-20

7.3 13.5 6.6 10.0 Mar-20 220.8 220.8 176.4 25.2%* Jan-20

$28.62 $28.62 $24.88 $26.60 Mar-20 514.3 514.3 445.9 15.3%* Mar-20Source: Federal Reserve Bank of St. Louis and Bureau of Labor Statistics *% Off Low

Gas: Price per Gallon

Spot Oil

Case-Shiller Home Price Index

Labor Market Statistics (Monthly) Other Prices and Indexes (Monthly)

Key: Economic Series Year-Over-Year Change

Average Hourly Earnings Medical Care CPI

1Q2020 Economic Data

CategoryJobs Added/Lost Monthly

Unemployment Rate

Median Unemployment Length (Weeks)

Category

-2%

0%

2%

4%

6%

$15,000

$16,000

$17,000

$18,000

$19,000

$20,000

2Q15 1Q16 4Q16 3Q17 2Q18 1Q19 4Q19

YoY % Change$ Billion Gross Domestic Product

-5-4-3-2-1012345

0

2

4

6

8

10

12

Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20

YoY Change (%)% Unemployment Rate

-60%

-40%

-20%

0%

20%

40%

60%

$1,000

$1,250

$1,500

$1,750

$2,000

2Q15 1Q16 4Q16 3Q17 2Q18 1Q19 4Q19

YoY % Change$ Billion Corporate Profits

-4%

-2%

0%

2%

4%

6%

8%

200

220

240

260

Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20

YoY % ChangeIndex Consumer Price Index

4

Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs.90-Day T-Bill 0.64% 0.64% 2.34% 1.75% 1.12% 0.60%BBgBarc US Aggregate 3.15% 3.15% 8.93% 4.82% 3.36% 3.88%BBgBarc Short US Treasury 0.84% 0.84% 2.64% 1.96% 1.32% 0.74%BBgBarc Int. US Treasury 5.25% 5.25% 9.02% 4.15% 2.78% 2.86%BBgBarc Long US Treasury 20.90% 20.90% 32.64% 13.41% 7.33% 8.96%BBgBarc US TIPS 1.69% 1.69% 6.85% 3.46% 2.67% 3.48%BBgBarc US Credit -3.14% -3.14% 5.10% 4.19% 3.28% 4.75%BBgBarc US Mortgage-Backed 2.82% 2.82% 7.03% 4.04% 2.94% 3.28%BBgBarc US Asset-Backed -0.21% -0.21% 2.79% 2.35% 1.99% 2.47%BBgBarc US 20-Yr Municipal -0.49% -0.49% 5.07% 5.19% 4.09% 5.25%BBgBarc US High Yield -12.68% -12.68% -6.94% 0.77% 2.78% 5.64%BBgBarc Global -0.33% -0.33% 4.20% 3.55% 2.64% 2.47%BBgBarc International -2.68% -2.68% 0.74% 2.57% 2.04% 1.39%BBgBarc Emerging Market -9.48% -9.48% -2.89% 1.51% 3.28% 5.09%

1Q2020 Bond Market Data

0.05% 0.11% 0.15% 0.17% 0.23% 0.29% 0.37%0.55%

0.70%

1.15%1.35%

2.43% 2.40% 2.44% 2.40%2.27% 2.21% 2.23% 2.31% 2.41%

2.63%2.81%

0.00%

1.00%

2.00%

3.00%

4.00%

1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr

US Treasury Yield Curve

3/31/2020 3/31/2019

0%

0%

0%

18%

11%

3%

68%

0% 30% 60% 90%

NR

B>

BB

BBB

A

AA

AAA

BBgBarc US Aggregate IndexCredit Quality

21%

15%

11%

9%

3%

4%

32%

3%

0% 20% 40%

1-3 yrs.

3-5 yrs.

5-7 yrs.

7-10 yrs.

10-15 yrs.

15-20 yrs.

20-30 yrs.

30+ yrs

BBgBarc US Aggregate IndexMaturity Breakdown

Duration 6.22 yrs.Average Credit Quality AA

Source: Morningstar Source: Morningstar Source: Morningstar Source: Federal Reserve / Bank of America

Source: Department of US Treasury

17.94

3.96

1.26

9.36

1.63

0.64

0.00 10.00 20.00

CCC

BBB

AAA

US Corporate Credit Spreads1 Yr. Ago Qtr End

4%

1%

0%

22%

25%

1%

47%

0% 50%

Other

CMBS

Non-Agency MBS

Agency MBS

Corporate

Municipal

US Government

BBgBarc US Aggregate IndexSector Breakdown

5

Wgt. Sector QTR YTD 1 yr.25% Information Technology -11.93% -11.93% 10.43% Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs.15% Health Care -12.67% -12.67% -1.01% S&P 500 -19.60% -19.60% -6.98% 5.10% 6.73% 10.53%8% Consumer Staples -12.74% -12.74% -0.59% Russell 1000 Value -26.73% -26.73% -17.17% -2.18% 1.90% 7.67%4% Utilities -13.50% -13.50% -1.40% Russell 1000 Growth -14.10% -14.10% 0.91% 11.32% 10.36% 12.97%11% Communication Services -16.95% -16.95% -3.32% Russell Mid Cap -27.07% -27.07% -18.31% -0.81% 1.85% 8.77%3% Real Estate -19.21% -19.21% -11.32% Russell Mid Cap Value -31.71% -31.71% -24.13% -5.97% -0.76% 7.22%10% Consumer Discretionary -19.29% -19.29% -10.77% Russell Mid Cap Growth -20.04% -20.04% -9.45% 6.53% 5.61% 10.89%2% Materials -26.14% -26.14% -16.57% Russell 2000 -30.61% -30.61% -23.99% -4.64% -0.25% 6.90%8% Industrials -27.05% -27.05% -19.47% Russell 2000 Value -35.66% -35.66% -29.64% -9.51% -2.42% 4.79%11% Financials -31.92% -31.92% -17.15% Russell 2000 Growth -25.76% -25.76% -18.58% 0.10% 1.70% 8.89%3% Energy -50.45% -50.45% -52.42% Russell 3000 -20.90% -20.90% -9.13% 4.00% 5.77% 10.15%

Wgt. Sector QTR YTD 1 yr. DJ US Select REIT -28.52% -28.52% -23.96% -4.28% -1.42% 6.88%12% Health Care -14.35% -14.35% -7.25%4% Consumer Staples -18.15% -18.15% -16.56%5% Utilities -20.64% -20.64% -17.85%17% Information Technology -25.15% -25.15% -11.81%2% Communication Services -27.67% -27.67% -27.61%16% Industrials -29.43% -29.43% -18.68%6% Materials -31.73% -31.73% -28.37%16% Financials -33.11% -33.11% -23.78%10% Real Estate -33.15% -33.15% -27.75%12% Consumer Discretionary -38.08% -38.08% -29.26%1% Energy -69.76% -69.76% -77.90%

Wgt. Sector QTR YTD 1 yr.3% Communication Services -8.10% -8.10% -14.97%3% Utilities -9.53% -9.53% 2.01%14% Health Care -19.89% -19.89% -10.17%4% Consumer Staples -21.07% -21.07% -14.59%15% Information Technology -26.04% -26.04% -11.22%18% Industrials -32.71% -32.71% -22.52%8% Real Estate -33.98% -33.98% -28.07%17% Financials -34.82% -34.82% -26.05%5% Materials -35.43% -35.43% -34.50%11% Consumer Discretionary -43.53% -43.53% -39.71%2% Energy -70.67% -70.67% -79.62%

1Q2020 US Equity Market DataS&

P M

idca

p 40

0 In

dex

S&P

Small

cap

600

Inde

x

Sectors Weights/Returns (ranked by quarter performance) Index Performance Data

S&P

500

Inde

x

Annualized

-11.0

2%

-17.

01%

-9.7

4%

-6.9

7%

-3.6

3%

-5.9

6%

-6.6

3%

-7.18

%

9.35

%

-5.8

0%

-40%

-20%

0%

20%

40%

QTR 1 yr. 3 yrs. 5 yrs. 10 yrs. 2019 2018 2017 2016 2015

Small Cap (Russell 2000) - Large Cap (S&P 500)Performance Spread

12.4

7%

17.5

8%

13.2

1%

8.12

%

5.21

%

9.59

%

6.46

% 16.3

9%

-11.0

1%

9.22

%

-30%

-15%

0%

15%

30%

QTR 1 yr. 3 yrs. 5 yrs. 10 yrs. 2019 2018 2017 2016 2015

Growth (Russell 3000 Growth) - Value (Russell 3000 Value)Performance Spread

Small Beating Large

Large Beating Small

Growth Beating Value

Value Beating Growth

6

Index Performance Data (net) Top 10 Countries (MSCI AC World ex-USA)

Index (US$) QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs. Japan 17%MSCI ACWI ex-US -23.36% -23.36% -15.57% -1.96% -0.64% 2.05% China 11%MSCI EAFE -22.83% -22.83% -14.38% -1.82% -0.62% 2.72% UK 10%Europe -24.33% -24.33% -15.50% -2.34% -1.31% 2.46% Switzerland 7%

United Kingdom -28.81% -28.81% -22.98% -4.85% -3.34% 1.60% France 7%Germany -27.00% -27.00% -17.54% -6.84% -3.99% 2.19% Canada 6%France -27.55% -27.55% -17.73% -1.57% 0.47% 2.07% Germany 6%

Pacific -20.30% -20.30% -12.42% -0.85% 0.77% 3.31% Australia 4%Japan -16.79% -16.79% -6.69% 0.95% 1.82% 3.83% Taiwan 3%Hong Kong -17.33% -17.33% -21.07% 0.32% 1.90% 5.83% South Korea 3%Australia -33.25% -33.25% -26.34% -7.93% -3.36% 0.44%

Canada -27.53% -27.53% -19.92% -4.67% -2.24% -0.27%MSCI EM -23.60% -23.60% -17.69% -1.62% -0.37% 0.68%MSCI EM Latin America -45.62% -45.62% -40.77% -12.98% -5.90% -6.67%MSCI EM Asia -18.09% -18.09% -12.10% 1.32% 1.42% 3.53%MSCI EM Eur/Mid East -31.01% -31.01% -22.58% -4.76% -2.05% -4.26%MSCI ACWI Value ex-US -28.55% -28.55% -23.68% -6.48% -3.50% 0.10%MSCI ACWI Growth ex-US -18.25% -18.25% -7.31% 2.53% 2.10% 3.91%MSCI ACWI Sm Cap ex-US -29.01% -29.01% -21.18% -4.89% -0.81% 2.79%

Exchange Rates QTR 4Q19 3Q19 2Q19 1Q19 4Q18Japanese Yen 107.53 108.67 108.11 107.84 110.68 109.70Euro 0.91 0.89 0.92 0.88 0.89 0.87British Pound 0.80 0.75 0.81 0.79 0.77 0.78Swiss Franc 0.96 0.97 1.00 0.98 1.00 0.98Chinese Yuan 7.08 6.96 7.15 6.87 6.71 6.88

1Q2020 International Market Data

-22.83%

-14.38%

-1.82%

-0.62%

-20.55%

-12.58%

-1.80%

-0.15%

-30% -20% -10% 0%

QTR

1 yr

3 yrs

5 yrs

MSCI EAFE Index Return

Local US$

-23.60%

-17.69%

-1.62%

-0.37%

-19.05%

-12.99%

1.35%

2.03%

-30% -20% -10% 0% 10%

QTR

1 yr

3 yrs

5 yrs

MSCI Emerging Index ReturnLocal US$

-5.7% -5.6% -2.9% -0.2%

0.7%

-20%

0%

20%

QTR 1 yr 3 yrs 5 yrs 10 yrs

MSCI ACWI Ex USLarge v. Small Cap

Performance Spread10.3%

16.4%9.0% 5.6% 3.8%

-30%

0%

30%

QTR 1 yr 3 yrs 5 yrs 10 yrs

MSCI ACWI Ex USValue v. Growth

Performance Spread

-2%

-2%

1% 0%

-2%

1%

3% 1% 2%

-1%

-6% -5

%

0%

-4% -2

%

0%

3%

1% 0% 1%

-2%

-5%

-1%

-3% 0%

-10%

0%

10%

QTR 1 Yr 3 Yr 5 Yr 10 Yr

Foreign Currency v. US$ ReturnsEuro Japanese Yen Pound Sterling Swiss Franc Chinese Yuan

Europe41%

Asia32%

Canada7%

Emerging20%

Regional ExposureMSCI ACWI ex-USA

Small Beating Large

Large Beating Small

Growth Beating Value

Value Beating Growth

7

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20Emerging Markets 25.55%

Emerging Markets 34.00%



US Bonds 5.24%


Small Cap 26.85%

Core Real Estate 14.96%


Small Cap 38.82%

Large Cap13.68%

Core Real Estate13.95%

Small Cap21.30%

Emerging Markets37.28%


Large Cap31.49%

US Bonds 3.15%

Intl 20.91%

Commod. 21.36%

Intl 26.65%

Intl 16.65%

Global Bonds 4.79%

High Yield 58.21%

Mid Cap 25.48%

TIPS 13.56%

Mid Cap 17.28%

Mid Cap 34.76%

Mid Cap13.21%

Large Cap1.38%

High Yield17.12%

Intl27.19%

Cash1.69%

Mid Cap30.54%

TIPS 1.69%

Mid Cap 20.22%


Small Cap 18.37%

Commod. 16.23%

Cash 1.39%

Intl 41.45%


US Bonds 7.84%

Intl 16.83%

Large Cap 32.39%


US Bonds0.55%

Mid Cap13.79%

Large Cap21.83%

US Bonds0.01%

Small Cap25.52%

Core Real Estate

0.75%

Small Cap 18.33%

Intl 16.62%

Large Cap 15.79%

Core Real Estate

14.84%

TIPS -2.35%

Mid Cap 40.48%

Commod. 16.83%

Global Bonds 5.64%

Small Cap 16.35%

Intl 15.29%

US Bonds5.97%

Cash0.03%

Large Cap11.95%

Mid Cap18.52%

Global Bonds-1.20%

Intl21.51%

Cash 0.64%

Global Balanced

12.18%

Mid Cap 12.65%


TIPS 11.64%

Core Real Estate

-10.70%

Small Cap 27.17%


High Yield 4.98%

Large Cap 16.00%

Global Balanced 14.46%

Small Cap4.89%

TIPS-1.43%

Commod.11.76

Global Balanced15.87%

TIPS-1.26%

Global Balanced18.86%

Global Bonds

-0.33%Core Real

Estate 12.00%

Large Cap 4.91%

Mid Cap 15.26%

Global Bonds 9.48%

Global Balanced -24.51%

Large Cap 26.46%

High Yield 15.12%

Large Cap 2.11%

High Yield 15.81%


TIPS3.64%

Global Balanced-1.45%


Small Cap14.65%

High Yield-2.08%


High Yield -12.68%

High Yield 11.13%

Small Cap 4.55%


Global Balanced

9.07%

High Yield -26.16%


Large Cap 15.06%

Cash 0.06%


High Yield 7.44%

Global Balanced

3.17%

Mid Cap-2.43%


High Yield7.50%

Large Cap-4.38%

High Yield14.32%


Large Cap 10.88%

Global Balanced

4.16%

High Yield 11.85%

US Bonds 6.97%

Small Cap -33.79%

Commod. 18.91%

Intl 11.15%



Cash 0.07%

High Yield2.45%

Global Bonds-3.15%

Global Balanced

5.38%

Global Bonds7.39%

Global Balanced-5.30%

US Bonds8.72%

Large Cap -19.60%

Global Bonds 9.27%

Cash 3.25%

Global Bonds 6.64%

Mid Cap 5.60%

Commod.-35.65%

TIPS 11.41%


Mid Cap -1.55%

TIPS 6.98%

US Bonds -2.02%

Global Bonds0.59%

Small Cap-4.41%

TIPS4.68%


Mid Cap-9.06%

TIPS8.43%

Commod. -23.29%

Commod. 9.15%

TIPS 2.84%

Cash 4.85%

Large Cap 5.49%

Large Cap -37.00%

Global Bonds 6.93%

US Bonds 6.54%

Small Cap -4.18%

Global Bonds 4.32%

Global Bonds

-2.60%

Cash0.04%

High Yield-4.46%

Intl4.50%

US Bonds3.54%

Small Cap-11.01%

Commod.7.69%

Intl -23.36%

TIPS 8.46%

High Yield 2.74%

US Bonds 4.33%

Cash 4.44%

Mid Cap -41.46%

US Bonds 5.93%

TIPS 6.31%

Commod. -13.32%

US Bonds 4.21%

Emerging Markets -2.60%

Emerging Markets-2.18%

Intl-5.66%

US Bonds2.65%

TIPS3.01%

Commod.-11.25%

Global Bonds6.84%

Emerging Markets

-23.60%

US Bonds 4.34%

US Bonds 2.43%

Commod. 2.07%

High Yield 1.87%

Intl -45.53%

Cash 0.16%

Global Bonds 5.54%

Intl -13.71%

Cash 0.08%

TIPS -8.61%

Intl-3.86%


Global Bonds2.09%

Commod.1.70%

Intl-14.20%


Mid Cap -27.07%

Cash 1.44%

Global Bonds

-4.49%

TIPS 0.41%

Small Cap -1.57%


Core Real Estate

-30.40%

Cash 0.15%


Commod. -1.06%

Commod. -9.52%

Commod.-17.00%

Commod.-24.60%

Cash0.25%

Cash0.71%


Cash2.30%

Small Cap -30.61%

Global Balanced is composed of 60% MSCI World Stock Index, 35% BBgBarc Global Aggregate Bond Index, and 5% US 90-Day T-Bills.

Historical Market ReturnsRanked by Performance

8

Section 2

MONTEREY COUNTY PLAN ASSET ALLOCATION457 Deferred Compensation Plan First Quarter 2020

Fixed Income Ticker Assets % International Ticker Assets %Nationwide Fixed Fund - $87,217,783 35.8% Hartford Schroders Intl Multi-Cap Value SDR SIDRX $5,100,418 2.1%Fidelity US Bond Index FXNAX $5,697,600 2.3% Fidelity Total International Index FTIHX $2,091,826 0.9%Sterling Capital Total Return Bond R6 STRDX $12,913,920 5.3% American Funds EuroPacific Growth R6 RERGX $8,506,914 3.5%

Total $105,829,304 43.5% Total $15,699,159 6.4%

Large Cap Ticker Assets % Asset Allocation Ticker Assets %DFA US Large Cap Value I DFLVX $6,914,683 2.8% Vanguard Target Retirement Income Inv VTINX $2,002,651 0.8%Fidelity 500 Index FXAIX $24,227,286 10.0% Vanguard Target Retirement 2015 Inv VTXVX $2,133,703 0.9%T. Rowe Price Instl Large Cap Growth TRLGX $9,796,955 4.0% Vanguard Target Retirement 2020 Inv VTWNX $626,368 0.3%

Total $40,938,925 16.8% Vanguard Target Retirement 2025 Inv VTTVX $15,511,428 6.4%Vanguard Target Retirement 2030 Inv VTHRX $735,203 0.3%

Mid Cap Ticker Assets % Vanguard Target Retirement 2035 Inv VTTHX $9,102,111 3.7%Wells Fargo Special Mid Cap Value R6 WFPRX $11,723,994 4.8% Vanguard Target Retirement 2040 Inv VFORX $146,566 0.1%Fidelity Mid Cap Index FSMDX $3,294,244 1.4% Vanguard Target Retirement 2045 Inv VTIVX $3,205,823 1.3%MFS Mid Cap Growth R6 OTCKX $5,325,921 2.2% Vanguard Target Retirement 2050 Inv VFIFX $246,136 0.1%

Total $20,344,158 8.4% Vanguard Target Retirement 2055 Inv VFFVX $1,435,126 0.6%Vanguard Target Retirement 2060 Inv VTTSX $6,055,149 2.5%

Small Cap Ticker Assets % Total $41,200,265 16.9%DFA US Targeted Value I DFFVX $1,889,815 0.8%Fidelity Small Cap Index FSSNX $2,594,941 1.1% Specialty Ticker Assets %Hood River Small Cap Growth Ret HRSIX $2,061,943 0.8% Vanguard FTSE Social Index Adm VFTAX $2,329,986 1.0%

Total $6,546,700 2.7% Total $2,329,986 1.0%

Miscellaneous Ticker Assets %Self-Directed Option - $5,442,956 2.2%Participant Loans - $5,084,249 2.1%

Total $10,527,205 4.3%

TOTAL PLAN ASSETS $243,415,700

9


HISTORICAL PLAN ALLOCATIONAsset Class 1Q20 2019 2018 2017 2016 2015 2014 2013

Fixed Income 43.5% 38.0% N/A N/A N/A N/A N/A N/ALarge Cap 16.8% 18.6% N/A N/A N/A N/A N/A N/A

Mid Cap 8.4% 11.3% N/A N/A N/A N/A N/A N/ASmall Cap 2.7% 3.3% N/A N/A N/A N/A N/A N/A

International 6.4% 7.1% N/A N/A N/A N/A N/A N/AAsset Allocation 16.9% 17.7% N/A N/A N/A N/A N/A N/A

Specialty 1.0% 0.0% N/A N/A N/A N/A N/A N/ASDBA 2.2% 2.2% N/A N/A N/A N/A N/A N/ALoans 2.1% 1.7% N/A N/A N/A N/A N/A N/A

*Excludes Fixed Income, Asset Allocation, SDBA, and Loan assets

**Excludes Asset Allocation, SDBA, and Loan assets

Fixed Income43.5%

Equity35.3%

Asset Allocation

16.9%

SDBA2.2%

40.2%

39.4%

29.9%

29.0%

29.9%

31.6%

1 Q 2 0

2 0 1 9

E Q U I T Y S T Y L E *

Core Growth Value

81.7%

82.4%

18.3%

17.6%

1 Q 2 0

2 0 1 9

B Y E Q U I T Y R E G I O N *

US Non-US

79.0%

77.1%

21.0%

22.9%

1 Q 2 0

2 0 1 9

A C T I V E V P A S S I V E * *

Active Passive

10


PLAN LEVEL CASH FLOWS HISTORICAL PLAN CASH FLOWS

Beginning Value Cash Flow

(+)Cash Flow

(-) TransferMarket

Gain/Loss Ending Value Beginning Value Net Cash Flow Market

Gain/Loss Ending Value

Fixed Income $105,445,989 $1,787,595 ($3,293,852) $1,101,125 $788,447 $105,829,304 1Q20 $266,623,377 ($536,952) ($33,197,930) $232,888,495

Large Cap $51,605,235 $1,005,382 ($1,056,050) ($75,679) ($10,539,963) $40,938,925 YTD $266,623,377 ($536,952) ($33,197,930) $232,888,495

Mid Cap $31,425,883 $555,105 ($645,244) ($3,079,182) ($7,912,404) $20,344,158 2019 N/A N/A N/A $266,623,377

Small Cap $9,134,679 $246,412 ($282,124) $213,402 ($2,765,669) $6,546,700 2018 N/A N/A N/A N/A

International $19,744,145 $655,068 ($621,163) $818,722 ($4,897,613) $15,699,159 2017 N/A N/A N/A N/A

Asset Allocation $49,267,446 $2,036,164 ($947,076) ($1,610,474) ($7,545,796) $41,200,265 2016 N/A N/A N/A N/A

Specialty $0 $41,088 ($18,256) $2,632,085 ($324,932) $2,329,986 2015 N/A N/A N/A N/A

Total $266,623,377 $6,326,814 ($6,863,766) $0 ($33,197,930) $232,888,495

Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, BBgBarc Global

Aggregate Bond (rebalanced quarterly)

-12.

46%

-8.9

9%

-13.

28%

-17.

45%

Qtr

Returns457 Deferred Compensation 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed

$62,646

($126)

($7,800)

$54,720

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

Beginning Avg. Balance

Avg. Net Cash Flow

Avg. Mkt. Gain/Loss

Ending Avg. Balance

Average Account Balance

11

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12

Section 3

MONTEREY COUNTY INVESTMENT POLICY STATEMENT COMPLIANCE REPORT457 Deferred Compensation Plan First Quarter 2020

Key: ℗ Pass / ● Fail Performance

FactorsQualitative

FactorsOn-Watch

Date Initiated NotesNationwide Fixed Fund ℗ ℗ -Fidelity US Bond Index ℗ ℗ -

Sterling Capital Total Return Bond R6 ℗ ℗ -

DFA US Large Cap Value I ● ℗ - Trailing Benchmark and Peer Group for 5 year period.Fidelity 500 Index ℗ ℗ -

T. Rowe Price Instl Large Cap Growth ℗ ℗ -Wells Fargo Special Mid Cap Value R6 ℗ ℗ -

Fidelity Mid Cap Index ℗ ℗ -MFS Mid Cap Growth R6 ℗ ℗ -DFA US Targeted Value I ● ℗ - Trailing Benchmark and Peer Group for 5 year period.

Fidelity Small Cap Index ℗ ℗ -Hood River Small Cap Growth Ret ℗ ● 4Q2019 Signficant investment manager change.

Hartford Schroders Intl Multi-Cap Value SDR ℗ ℗ -Fidelity Total International Index ℗ ℗ -

American Funds EuroPacific Growth R6 ● ℗ - Trailing Benchmark and Peer Group for 5 year period.

Vanguard Target Retirement Income Inv ℗ ℗ -Vanguard Target Retirement 2015 Inv ℗ ℗ -

Vanguard Target Retirement 2020 Inv ℗ ℗ -Vanguard Target Retirement 2025 Inv ℗ ℗ -Vanguard Target Retirement 2030 Inv ℗ ℗ -Vanguard Target Retirement 2035 Inv ℗ ℗ -Vanguard Target Retirement 2040 Inv ℗ ℗ -Vanguard Target Retirement 2045 Inv ℗ ℗ -Vanguard Target Retirement 2050 Inv ℗ ℗ -Vanguard Target Retirement 2055 Inv ℗ ℗ -Vanguard Target Retirement 2060 Inv ℗ ℗ -

Vanguard FTSE Social Index Adm ℗ ℗ -

Investment Policy Status

13

MONTEREY COUNTY PERFORMANCE REVIEW457 Deferred Compensation Plan First Quarter 2020

AnnualizedQTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014

Nationwide Fixed Fund 0.62 0.62 - - - - - - - - - -5 Yr Constant Maturity US Treasury Yield 0.29 0.29 1.63 2.14 1.90 1.63 1.96 2.75 1.91 1.44 1.53 1.64

+/- Index 0.33 0.33 - - - - - - - - - -US Stable Value 5 5 - - - - - - - - - -

QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Fidelity US Bond Index 3.66 3.66 9.23 4.88 3.39 3.87 8.48 0.01 3.50 2.52 0.63 5.99

BBgBarc Capital US Aggregate Bond Index 3.15 3.15 8.93 4.82 3.36 3.88 8.72 0.01 3.54 2.65 0.55 5.97+/- Index 0.51 0.51 0.30 0.06 0.03 (0.01) (0.23) 0.00 (0.04) (0.13) 0.08 0.02

US Fund Intermediate Core Bond 10 10 7 6 8 32 49 29 57 66 18 26

QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Sterling Capital Total Return Bond R6 0.73 0.73 6.71 4.31 3.31 4.13 9.37 -0.27 4.33 3.75 0.54 5.99

BBgBarc Capital US Aggregate Bond Index 3.15 3.15 8.93 4.82 3.36 3.88 8.72 0.01 3.54 2.65 0.55 5.97+/- Index (2.42) (2.42) (2.22) (0.51) (0.05) 0.25 0.65 (0.28) 0.79 1.10 (0.01) 0.02

US Fund Intermediate Core Bond 70 70 60 36 14 14 17 42 7 7 28 26

QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014DFA US Large Cap Value I -31.52 -31.52 -22.47 -4.46 0.75 7.55 25.45 -11.65 18.97 18.89 -3.49 10.07

Russell 1000 Value Index -26.73 -26.73 -17.17 -2.18 1.90 7.67 26.54 -8.27 13.66 17.34 -3.83 13.45+/- Index (4.79) (4.79) (5.30) (2.28) (1.15) (0.12) (1.09) (3.38) 5.30 1.55 0.33 (3.39)

US Fund Large Value 89 89 86 82 65 35 49 83 20 14 46 60

QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Fidelity 500 Index -19.59 -19.59 -6.99 5.09 6.72 10.51 31.47 -4.40 21.81 11.97 1.38 13.66

S&P 500 Index -19.60 -19.60 -6.98 5.10 6.73 10.53 31.49 -4.38 21.83 11.96 1.38 13.69+/- Index 0.01 0.01 (0.01) (0.01) (0.01) (0.02) (0.01) (0.02) (0.02) 0.01 0.00 (0.03)

US Fund Large Blend 32 32 26 19 10 7 23 25 28 26 20 18

14



T. Rowe Price Instl Large Cap Growth -13.87 -13.87 -3.49 12.85 11.30 13.89 28.49 4.32 37.82 2.85 10.08 8.72Russell 1000 Growth Index -14.10 -14.10 0.91 11.32 10.36 12.97 36.39 -1.51 30.21 7.08 5.67 13.05

+/- Index 0.23 0.23 (4.40) 1.53 0.94 0.92 (7.90) 5.83 7.61 (4.22) 4.41 (4.33)US Fund Large Growth 38 38 55 15 9 7 80 7 3 52 7 66

QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Wells Fargo Special Mid Cap Value R6 -31.71 -31.71 -20.16 -4.21 0.47 8.17 35.68 -13.02 11.27 21.68 -2.65 12.12

Russell Mid Cap Value Index -31.71 -31.71 -24.13 -5.97 -0.76 7.22 27.06 -12.29 13.34 20.00 -4.78 14.75+/- Index 0.00 0.00 3.97 1.76 1.23 0.95 8.62 (0.74) (2.07) 1.69 2.13 (2.63)

US Fund Mid-Cap Value 40 40 20 14 18 5 2 50 71 20 24 25

QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Fidelity Mid Cap Index -27.04 -27.04 -18.29 -0.81 1.86 - 30.51 -9.05 18.47 13.86 -2.44 13.11

Russell Mid Cap Index -27.07 -27.07 -18.31 -0.81 1.85 8.77 30.54 -9.06 18.52 13.80 -2.44 13.22+/- Index 0.03 0.03 0.02 0.00 0.01 - (0.03) 0.01 (0.05) 0.07 0.00 (0.10)

US Fund Mid-Cap Blend 32 32 33 19 16 - 18 29 24 59 27 7

QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014MFS Mid Cap Growth R6 -16.05 -16.05 -2.58 11.47 8.94 12.09 37.93 1.21 26.39 4.75 4.60 8.95

Russell Mid Cap Growth Index -20.04 -20.04 -9.45 6.53 5.61 10.89 35.47 -4.75 25.27 7.33 -0.20 11.90+/- Index 3.99 3.99 6.87 4.94 3.33 1.20 2.46 5.96 1.12 (2.58) 4.80 (2.95)

US Fund Mid-Cap Growth 14 14 9 8 8 7 17 9 31 55 9 32

QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014DFA US Targeted Value I -39.19 -39.19 -34.13 -12.06 -4.73 4.47 21.47 -15.78 9.59 26.86 -5.72 2.94

Russell 2000 Value Index -35.66 -35.66 -29.64 -9.51 -2.42 4.79 22.39 -12.86 7.84 31.74 -7.47 4.22+/- Index (3.53) (3.53) (4.49) (2.55) (2.31) (0.32) (0.92) (2.92) 1.75 (4.88) 1.75 (1.28)

US Fund Small Value 74 74 68 66 61 41 52 55 40 40 46 65

15



Fidelity Small Cap Index -30.62 -30.62 -23.87 -4.50 -0.07 - 25.71 -10.88 14.85 21.63 -4.24 5.19Russell 2000 Index -30.61 -30.61 -23.99 -4.64 -0.25 6.90 25.52 -11.01 14.65 21.31 -4.41 4.89

+/- Index (0.01) (0.01) 0.12 0.14 0.18 - 0.18 0.14 0.20 0.32 0.17 0.30US Fund Small Blend 28 28 25 19 21 - 30 33 22 40 44 40

QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Hood River Small Cap Growth Ret -22.84 -22.84 -19.30 0.52 2.70 9.94 24.19 -6.78 20.78 13.50 0.80 8.56

Russell 2000 Growth Index -25.76 -25.76 -18.58 0.10 1.70 8.89 28.48 -9.31 22.17 11.32 -1.38 5.60+/- Index 2.92 2.92 (0.72) 0.42 1.00 1.05 (4.30) 2.53 (1.38) 2.18 2.18 2.96

US Fund Small Growth 36 36 64 58 52 32 71 59 51 30 20 7

QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Hartford Schroders Intl Multi-Cap Value SDR -27.84 -27.84 -21.83 -6.20 -2.07 2.26 18.56 -15.23 23.27 8.94 -4.56 -4.04

MSCI ACWI Ex-USA Value (Net) Index -28.55 -28.55 -23.68 -6.48 -3.50 0.10 15.71 -13.97 22.66 8.92 -10.06 -5.10+/- Index 0.71 0.71 1.85 0.28 1.43 2.16 2.85 (1.26) 0.61 0.02 5.50 1.06

US Fund Foreign Large Value 54 54 56 56 21 12 38 43 41 13 66 26

QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Fidelity Total International Index -24.15 -24.15 -16.38 -2.37 - - 21.48 -14.38 27.63 - - -

MSCI ACWI Ex-USA IMI (Net) Index -24.11 -24.11 -16.32 -2.34 -0.66 2.14 21.63 -14.76 27.81 4.41 -4.60 -3.89+/- Index (0.04) (0.04) (0.06) (0.03) - - (0.16) 0.37 (0.18) - - -

US Fund Foreign Large Blend 65 65 62 50 - - 53 49 22 - - -

QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014American Funds EuroPacific Growth R6 -22.43 -22.43 -12.70 0.28 0.91 3.97 27.40 -14.91 31.17 1.01 -0.48 -2.29

MSCI ACWI Ex-USA Growth (Net) Index -18.25 -18.25 -7.31 2.53 2.10 3.91 27.34 -14.43 32.01 0.12 -1.25 -2.65+/- Index (4.18) (4.18) (5.39) (2.25) (1.19) 0.06 0.06 (0.48) (0.84) 0.89 0.77 0.36

US Fund Foreign Large Growth 87 87 85 69 57 59 59 58 44 20 66 27

16



Vanguard Target Retirement Income Inv -5.91 -5.91 0.91 3.38 3.17 4.92 13.16 -1.99 8.47 5.25 -0.17 5.54Vanguard Retirement Income Index -5.56 -5.56 1.42 3.66 3.40 5.10 13.40 -1.98 8.67 5.35 0.12 5.76

+/- Index (0.35) (0.35) (0.51) (0.28) (0.23) (0.18) (0.24) (0.01) (0.19) (0.10) (0.30) (0.23)US Fund Target-Date Retirement 39 39 29 13 10 17 49 21 62 41 7 19

QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Vanguard Target Retirement 2015 Inv -7.44 -7.44 -0.22 3.61 3.55 6.03 14.81 -2.97 11.50 6.16 -0.46 6.56

Vanguard Retirement 2015 Index -7.04 -7.04 0.42 3.93 3.83 6.21 15.08 -2.88 11.61 6.40 -0.22 6.77+/- Index (0.40) (0.40) (0.64) (0.32) (0.28) (0.18) (0.27) (0.09) (0.11) (0.24) (0.24) (0.21)

US Fund Target-Date 2015 16 16 16 22 9 19 69 20 44 56 11 3


Vanguard Retirement 2020 Index -10.27 -10.27 -1.96 3.65 3.88 6.66 17.87 -4.14 14.22 7.17 -0.40 7.37+/- Index (0.49) (0.49) (0.68) (0.37) (0.30) (0.27) (0.24) (0.10) (0.14) (0.22) (0.28) (0.26)








17



Vanguard Target Retirement 2035 Inv -16.52 -16.52 -7.25 2.53 3.51 7.07 22.44 -6.58 19.12 8.26 -1.26 7.24Vanguard Retirement 2035 Index -16.03 -16.03 -6.54 2.93 3.84 7.37 22.76 -6.48 19.24 8.55 -1.02 7.57

+/- Index (0.49) (0.49) (0.71) (0.40) (0.33) (0.30) (0.33) (0.10) (0.12) (0.29) (0.24) (0.33)US Fund Target-Date 2035 46 46 35 23 16 15 42 32 35 32 37 10










QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Vanguard Target Retirement 2055 Inv -19.89 -19.89 -10.21 1.78 3.19 - 24.98 -7.89 21.38 8.88 -1.72 7.19

Vanguard Retirement 2055 Index -19.47 -19.47 -9.52 2.19 3.56 - 25.36 -7.77 21.54 9.13 -1.25 7.61+/- Index (0.42) (0.42) (0.69) (0.41) (0.37) - (0.38) (0.12) (0.16) (0.25) (0.46) (0.42)

US Fund Target-Date 2055 25 25 23 28 21 - 51 37 48 27 53 16

18



Vanguard Target Retirement 2060 Inv -19.86 -19.86 -10.18 1.79 3.20 - 24.96 -7.87 21.36 8.84 -1.68 7.16Vanguard Retirement 2060 Index -19.47 -19.47 -9.52 2.19 3.56 - 25.36 -7.77 21.54 9.13 -1.25 7.61

+/- Index (0.39) (0.39) (0.66) (0.40) (0.36) - (0.40) (0.10) (0.18) (0.28) (0.43) (0.45)US Fund Target-Date 2060+ 16 16 21 32 36 - 66 34 53 21 46 8

QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Vanguard FTSE Social Index Adm -19.95 -19.95 -5.77 6.28 7.14 11.03 33.93 -3.45 24.11 10.24 1.17 15.75

Vanguard US Social Index -19.94 -19.94 -5.66 6.38 7.26 11.18 34.08 -3.32 24.33 10.42 1.38 16.07+/- Index (0.01) (0.01) (0.11) (0.10) (0.12) (0.15) (0.16) (0.13) (0.22) (0.18) (0.21) (0.32)

US Fund Large Blend 44 44 16 8 7 3 7 13 10 55 27 3

19

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20

Section 4

MONTEREY COUNTY PLAN FEE ANALYSIS457 Deferred Compensation Plan First Quarter 2020

$220 $207 $211 $180

$161$29 $29 $25

$59,

607

$64,

070

$65,

545

$55,

999

Pre-RFP 3Q19 4Q19 1Q20$0

$25,000

$50,000

$75,000

$100,000

Average Participant Balance and Cost ($)Avg. Invest Cost Avg. Admin Cost Avg. Part Balance

0.64

0%

0.37

5%

0.37

4%

0.37

4%

0.90

6%

0.32

9%

0.32

8%

0.32

1%

0.00%

0.30%

0.60%

0.90%

1.20%

Pre-RFP 3Q19 4Q19 1Q20

Annualized Plan Cost (%)Weighted Total Expense Ratio Average Total Expense Ratio

0.27

1%

0.04

5%

0.04

5%

0.04

5%0.10

0%

0.02

5%

0.02

5%

0.02

5%

0.00%

0.20%

0.40%


Annualized Contracted Revenue v. Revenue Received (as a % of total assets)

Revenue Received Contracted Revenue

0.369% 0.330% 0.329% 0.329%

0.271%

0.045% 0.045% 0.045%

0.00%

0.25%

0.50%

0.75%


Annualized Total Cost Summary(as a % of total assets)

Avg. Admin Cost per Participant Avg. Investment Cost per Participant

21

MONTEREY COUNTY PLAN FEE ANALYSIS457 Deferred Compensation Plan First Quarter 2020

Fund TickerQuarter End

BalanceNet Expense

RatioAdmin

FeeEst. Total Invest.

CostEst. Total Admin.

CostNationwide Fixed Fund* - $87,217,783 0.40% 0.045% $348,871 $39,248Fidelity US Bond Index FXNAX $5,697,600 0.03% 0.045% $1,424 $2,564Sterling Capital Total Return Bond R6 STRDX $12,913,920 0.35% 0.045% $45,199 $5,811DFA US Large Cap Value I DFLVX $6,914,683 0.26% 0.045% $17,978 $3,112Fidelity 500 Index FXAIX $24,227,286 0.02% 0.045% $3,634 $10,902T. Rowe Price Instl Large Cap Growth TRLGX $9,796,955 0.56% 0.045% $54,863 $4,409Wells Fargo Special Mid Cap Value R6 WFPRX $11,723,994 0.72% 0.045% $84,413 $5,276Fidelity Mid Cap Index FSMDX $3,294,244 0.03% 0.045% $824 $1,482MFS Mid Cap Growth R6 OTCKX $5,325,921 0.74% 0.045% $39,412 $2,397DFA US Targeted Value I DFFVX $1,889,815 0.36% 0.045% $6,803 $850Fidelity Small Cap Index FSSNX $2,594,941 0.03% 0.045% $649 $1,168Hood River Small Cap Growth Ret HRSIX $2,061,943 0.99% 0.045% $20,413 $928Hartford Schroders Intl Multi-Cap Value SDR SIDRX $5,100,418 0.77% 0.045% $39,273 $2,295Fidelity Total International Index FTIHX $2,091,826 0.06% 0.045% $1,255 $941American Funds EuroPacific Growth R6 RERGX $8,506,914 0.49% 0.045% $41,684 $3,828Vanguard Target Retirement Income Inv VTINX $2,002,651 0.12% 0.045% $2,403 $901Vanguard Target Retirement 2015 Inv VTXVX $2,133,703 0.13% 0.045% $2,774 $960Vanguard Target Retirement 2020 Inv VTWNX $626,368 0.13% 0.045% $814 $282Vanguard Target Retirement 2025 Inv VTTVX $15,511,428 0.13% 0.045% $20,165 $6,980Vanguard Target Retirement 2030 Inv VTHRX $735,203 0.14% 0.045% $1,029 $331Vanguard Target Retirement 2035 Inv VTTHX $9,102,111 0.14% 0.045% $12,743 $4,096Vanguard Target Retirement 2040 Inv VFORX $146,566 0.14% 0.045% $205 $66Vanguard Target Retirement 2045 Inv VTIVX $3,205,823 0.15% 0.045% $4,809 $1,443Vanguard Target Retirement 2050 Inv VFIFX $246,136 0.15% 0.045% $369 $111Vanguard Target Retirement 2055 Inv VFFVX $1,435,126 0.15% 0.045% $2,153 $646Vanguard Target Retirement 2060 Inv VTTSX $6,055,149 0.15% 0.045% $9,083 $2,725Vanguard FTSE Social Index Adm VFTAX $2,329,986 0.14% 0.045% $3,262 $1,048Self Directed Option - $5,442,956 - 0.045% - $2,449

TOTAL $238,331,452 $766,504 $107,249

Plan Administration Cost Quarter AnnualizedPlan Generated Revenue (est): $26,812 $107,249

Contracted Revenue (est): $14,896 $59,583Net Excess/(Deficit) (est): $11,917 $47,666

*No explicit expense ratio stated for the fund. For reporting purposes, an expense of 0.40% is assumed.

Annualized

22

Section 5

Am

erican Funds EuropacificG

rowth R6 (U

SD)

Morningstar A

nalyst RatingTM

Œ09-18-2019

Overall M

orningstar RatingTM

Standard IndexCategory Index

Morningstar Cat

QQQ

MSCI ACW

I ExUSA N

R USDM

SCI ACWI Ex

USA Growth N

RUSD

US Fund Foreign LargeGrow

th415 US Fund Foreign LargeGrow

th

Performance 04-30-2020

Quarterly Returns1st Qtr

2nd Qtr3rd Qtr

4th QtrTotal %

20181.03

-2.82-0.84

-12.59-14.91

201913.20

3.87-1.59

10.0927.40

2020-22.43

——

—-15.43

Trailing Returns1 Yr

3 Yr5 Yr

10 YrIncept

Load-adj Mthly

-7.602.15

2.115.02

7.48Std 03-31-2020

-12.70—

0.913.97

6.69Total Return

-7.602.15

2.115.02

7.48

+/- Std Index3.91

2.402.28

2.13—

+/- Cat Index-5.22

-2.24-0.81

0.17—

% Rank Cat

7864

5456

No. in Cat

463415

344247

SubsidizedUnsubsidized

7-day Yield—

—30-day SEC Yield 03-31-20

1.411.41

Performance Disclosure

The Overall Morningstar Rating is based on risk-adjusted returns,

derived from a w

eighted average of the three-, five-, and 10-year(if applicable) M

orningstar metrics.

The performance data quoted represents past perform

ance anddoes not guarantee future results. The investm

ent return andprincipal value of an investm

ent will fluctuate; thus an investor's

shares, when sold or redeem

ed, may be w

orth more or less than

their original cost.Current perform

ance may be low

er or higher than return dataquoted herein. For perform

ance data current to the most recent

month-end, please call 800-421-4225 or visit

ww

w.am

ericanfunds.com.

Fees and ExpensesSales Charges

Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.41

12b1 Expense %N

AN

et Expense Ratio %0.49

Gross Expense Ratio %

0.49

Risk and Return Profile3 Yr

5 Yr10 Yr

415 funds344 funds

247 funds

Morningstar Rating

TM2Q

3Q3Q

Morningstar Risk

+AvgAvg

AvgM

orningstar Return-Avg

AvgAvg

3 Yr5 Yr

10 Yr

Standard Deviation16.32

14.7215.09

Mean

2.152.11

5.02Sharpe Ratio

0.110.14

0.36

MPT Statistics

Standard IndexBest Fit Index

MSCI ACW

I Ex USAN

R USDAlpha

2.482.48

Beta1.02

1.02R-Squared

97.1097.10

12-Month Yield

1.61%Potential Cap Gains Exp

32.93%

74

77

77

77

77

77

9392

9190

9286

8993

9292

9291

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000

American Funds Europacific

Growth R6

22,596Category Average23,145Standard Index18,936

__

__

_*

(&

*(

(_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

38.3441.37

35.1341.18

49.0347.09

45.3245.04

56.1444.99

55.5546.98

NAV/Price

39.359.76

-13.3119.64

20.58-2.29

-0.481.01

31.17-14.91

27.40-15.43

Total Return %

-2.10-1.39

0.402.81

5.291.57

5.18-3.48

3.98-0.71

5.892.12

+/- Standard Index

0.68-4.69

0.902.97

5.090.36

0.770.89

-0.84-0.48

0.06-4.24

+/- Category Index

——

——

—27

6620

4458

59—

% Rank Cat

——

——

—341

361363

399439

469497

No. of Funds in Cat

Portfolio Analysis 03-31-2020

Asset A

llocation %N

et %Long %

Short %

Cash9.23

9.230.00

US Stocks0.93

0.930.00

Non-US Stocks

89.7489.74

0.00Bonds

0.090.09

0.00Other/N

ot Clsfd0.01

0.010.00

Total100.00

100.000.00

Equity Style

ValueBlend

Growth

LargeMidSmall

Portfolio StatisticsPortAvg

RelIndex

RelCat

P/E Ratio TTM17.7

1.250.93

P/C Ratio TTM10.8

1.330.89

P/B Ratio TTM2.0

1.440.82

Geo Avg Mkt Cap

$mil

396041.23

1.09

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity

—Avg Eff Duration

—Avg W

td Coupon2.38

Avg Wtd Price

—

Credit Quality B

reakdown —

Bond %

AAA—

AA—

A—

BBB—

BB—

B—

Below B

—N

R—

Regional ExposureStocks %

Rel Std Index

Americas

9.51.02

Greater Europe43.7

1.00Greater Asia

46.81.00

Share Chgsince12-2019

ShareAm

ountHoldings :346 Total Stocks , 2 Total Fixed-Incom

e,35%

Turnover Ratio

Net Assets%

T378 m

ilAIA Group Ltd

2.61

Y12 m

ilASM

L Holding NV

2.39

Y189 m

ilReliance Industries Ltd

2.13

T39 m

ilDaiichi Sankyo Co Ltd

2.08

Y6 m

ilN

intendo Co Ltd1.78

Y195 m

ilHDFC Bank Ltd

1.68

Y6 m

ilKeyence Corp

1.57

T4 m

ilM

ercadoLibre Inc1.54

T5 m

ilLVM

H Moet Hennessy Louis Vuitton SE

1.52

Y30 m

ilAirbus SE

1.52

Y10 m

ilAlibaba Group Holding Ltd ADR

1.42

Y192 m

ilTaiw

an Semiconductor M

anufacturing1.32

Y70 m

ilAlibaba Group Holding Ltd Ordinary

1.2695 m

ilKotak M

ahindra Bank Ltd1.24

T33 m

ilTencent Holdings Ltd

1.23

Sector Weightings

Stocks %Rel Std Index

hCyclical

38.20.97

rBasic M

aterials5.9

0.81t

Consumer Cyclical

14.71.43

yFinancial Services

16.20.87

uReal Estate

1.40.45

jSensitive

35.81.00

iCom

munication Services

7.80.91

oEnergy

4.30.80

pIndustrials

8.90.79

aTechnology

14.91.40

kD

efensive26.0

1.04

sConsum

er Defensive6.7

0.64d

Healthcare15.6

1.42f

Utilities3.7

1.05

Operations

Family:

American Funds

Manager:

Multiple

Tenure:18.9 Years

Objective:Foreign Stock

Base Currency:USD

Ticker:RERGX

ISIN:

US2987068218M

inimum

Initial Purchase:$250

Min Auto Investm

ent Plan:$50

Purchase Constraints:A

Incept:05-01-2009

Type:M

FTotal Assets:

$138,868.74 mil

Release date 04-30-2020 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for m

ore information.

©2020 M

orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem

ent, you may use this report only in the country in w

hich its original distributor is based. The information, data, analyses and

opinions contained herein (1) include the confidential and proprietary information of M

orningstar, (2) may include, or be derived from

, account information provided by your financial advisor w

hich cannot be verified byM

orningstar, (3) may not be copied or redistributed, (4) do not constitute investm

ent advice offered by Morningstar, (5) are provided solely for inform

ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w

arranted to be correct, complete or accurate. Except as otherw

ise required by law, M

orningstar shall not be responsible for any trading decisions, damages or other losses resulting from

, or related to, thisinform

ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w

ithout notice. Investment research is produced and issued by subsidiaries of M

orningstar, Inc.including, but not lim

ited to, Morningstar Research Services LLC, registered w

ith and governed by the U.S. Securities and Exchange Comm

ission. This report is supplemental sales literature. If applicable it m

ust be precededor accom

panied by a prospectus, or equivalent, and disclosure statement. Please see im

portant disclosures at the end of this report.

ß®

Page 1 of 38

23

DFA

US Large Cap Value I

(USD

)M

orningstar Analyst Rating

TM

„12-16-2019

Overall M

orningstar RatingTM


Morningstar Cat

QQQ

S&P 500 TR USD

Russell 1000 ValueTR USD

US Fund Large Value1,077 US Fund Large Value



2nd Qtr3rd Qtr

4th QtrTotal %

2018-2.35

0.375.71

-14.72-11.65

201910.79

3.090.71

9.0625.45

2020-31.52

——

—-22.56


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

-15.24-0.68

2.848.54

8.99Std 03-31-2020

-22.47—

0.757.55

8.53Total Return

-15.24-0.68

2.848.54

8.99

+/- Std Index-16.10

-9.72-6.28

-3.15—

+/- Cat Index-4.23

-2.10-1.06

0.00—

% Rank Cat

8079

6234

No. in Cat

11571077

929682


7-day Yield—

—30-day SEC Yield

——



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww

w.dim

ensional.com.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.33

12b1 Expense %N

AN



0.36


5 Yr10 Yr

1077 funds929 funds

682 funds

Morningstar Rating

TM2Q

2Q3Q

Morningstar Risk

+Avg+Avg

HighM

orningstar Return-Avg

AvgAvg

3 Yr5 Yr

10 Yr


18.0117.16

Mean

-0.682.84

8.54Sharpe Ratio

-0.010.18

0.53

MPT Statistics



Alpha-10.24

-1.19Beta

1.201.14

R-Squared93.97

99.13

12-Month Yield

—Potential Cap Gains Exp

0.51%

11

11

11

11

11

11

100100

10099

100100

10098

99100

9999

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000

DFA US Large Cap Value I33,468Category Average27,529Standard Index40,914

&&

(&

&(

*&

&)

*_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

17.0620.12

19.1422.90

31.6233.99

30.8235.09

39.1232.14

38.6829.73

NAV/Price

30.1920.17

-3.1422.05

40.3210.07

-3.4918.89

18.97-11.65

25.45-22.56

Total Return %

3.725.11

-5.256.05

7.94-3.62

-4.886.93

-2.87-7.27

-6.03-13.27

+/- Standard Index

10.504.67

-3.534.54

7.80-3.39

0.331.55

5.30-3.38

-1.09-4.07

+/- Category Index

163

691

360

4614

2083

49—

% Rank Cat

12721240

12581208

12131290

13781268

12601244

12091198

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash1.30

1.300.00

US Stocks96.79

96.790.00

Non-US Stocks

1.911.91

0.00Bonds

0.000.00

0.00Other/N

ot Clsfd0.00

0.000.00

Total100.00

100.000.00

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM10.8

0.550.93

P/C Ratio TTM6.1

0.470.93

P/B Ratio TTM1.2

0.400.83

Geo Avg Mkt Cap

$mil

505850.40

0.64

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity

—Avg Eff Duration

—Avg W

td Coupon—

Avg Wtd Price

—

Credit Quality B

reakdown —

Bond %

AAA—

AA—

A—

BBB—

BB—

B—

Below B

—N

R—


Rel Std Index

Americas

98.10.99

Greater Europe1.8

1.55Greater Asia

0.23.75


ShareAm


e,15%

Turnover Ratio

Net Assets%

Y15 m

ilIntel Corp

4.53

Y27 m

ilAT&

T Inc4.44

Y21 m

ilPfizer Inc

3.83

Y18 m

ilCom

cast Corp Class A3.39

Y2 m

ilBerkshire Hathaw

ay Inc B2.56

Y5 m

ilJPM

organ Chase & Co

2.55

Y6 m

ilChevron Corp

2.46

Y11 m

ilExxon M

obil Corp2.39

Y20 m

ilBank of Am

erica Corp2.32

Y14 m

ilW

ells Fargo & Co

2.23

Y785,061

Charter Comm

unications Inc A1.92

Y3 m

ilThe W

alt Disney Co1.78

R116,439

E-mini S&

P 500 Futures June201.68

Y5 m

ilCVS Health Corp

1.55

Y3 m

ilM

edtronic PLC1.44

Sector Weightings


hCyclical

31.01.07

rBasic M

aterials4.2

1.98t

Consumer Cyclical

5.20.50

yFinancial Services

21.31.57

uReal Estate

0.30.12

jSensitive

44.00.99

iCom

munication Services

13.61.25

oEnergy

8.82.88

pIndustrials

10.11.21

aTechnology

11.60.52

kD

efensive25.0

0.94

sConsum

er Defensive5.6

0.72d

Healthcare19.1

1.23f

Utilities0.3

0.10

Operations

Family:

Dimensional Fund Advisors

Manager:

Multiple

Tenure:8.3 Years

Objective:Grow

th and Income

Base Currency:USD

Ticker:DFLVX

ISIN:

US2332038270M

inimum

Initial Purchase:$0


Incept:02-19-1993

Type:M

FTotal Assets:

$18,896.34 mil

Release date 04-30-2020

©2020 M
























ß®

Page 2 of 38

24

DFA

US Targeted Value I

(USD

)M


TM

„05-16-2019

Overall M

orningstar RatingTM


Morningstar Cat

QQQ

S&P 500 TR USD


US Fund Small Value

396 US Fund Small Value



2nd Qtr3rd Qtr

4th QtrTotal %

2018-2.19

6.031.51

-20.00-15.78

201912.14

0.95-1.19

8.5921.47

2020-39.19

——

—-29.52


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

-27.13-7.46

-1.685.28

8.64Std 03-31-2020

-34.13—

-4.734.47

7.88Total Return

-27.13-7.46

-1.685.28

8.64

+/- Std Index-28.00

-16.50-10.80

-6.41—

+/- Cat Index-3.29

-1.40-1.98

-0.02—

% Rank Cat

7056

5437

No. in Cat

415396

347246


7-day Yield—

—30-day SEC Yield

——



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww

w.dim

ensional.com.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.33

12b1 Expense %N

AN



0.36


5 Yr10 Yr

396 funds347 funds

246 funds

Morningstar Rating

TM3Q

3Q3Q

Morningstar Risk

+Avg+Avg

+AvgM

orningstar ReturnAvg

AvgAvg

3 Yr5 Yr

10 Yr


22.7920.80

Mean

-7.46-1.68

5.28Sharpe Ratio

-0.22-0.01

0.33

MPT Statistics



Alpha-17.92

-0.09Beta

1.461.12

R-Squared84.79

98.94

12-Month Yield


-2.91%

33

33

33

33

33

33

9999

100100

9999

10099

9999

9997

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000

DFA US Targeted Value I26,443Category Average24,095Standard Index40,914

*&

(&

&(

**

*(

(_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

13.0116.63

15.3417.01

22.7722.15

19.7524.01

24.8919.83

23.1816.25

NAV/Price

31.8729.01

-6.2919.19

43.032.94

-5.7226.86

9.59-15.78

21.47-29.52

Total Return %

5.4113.95

-8.403.18

10.64-10.75

-7.1014.90

-12.24-11.40

-10.01-20.23

+/- Standard Index

11.304.51

-0.791.14

8.50-1.28

1.75-4.88

1.75-2.92

-0.92-1.79

+/- Category Index

3724

7223

1065

4640

4055

52—

% Rank Cat

370342

352357

369396

433405

397417

419430

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash2.98

2.980.00

US Stocks95.23

95.230.00

Non-US Stocks

1.781.78

0.00Bonds

0.000.00

0.00Other/N

ot Clsfd0.01

0.010.00

Total100.00

100.000.00

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM8.8

0.450.91

P/C Ratio TTM3.8

0.290.74

P/B Ratio TTM0.8

0.260.88

Geo Avg Mkt Cap

$mil

17790.01

0.88

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity

—Avg Eff Duration

—Avg W

td Coupon—

Avg Wtd Price

—

Credit Quality B

reakdown —

Bond %

AAA—

AA—

A—

BBB—

BB—

B—

Below B

—N

R—


Rel Std Index

Americas

98.91.00

Greater Europe0.5

0.45Greater Asia

0.611.83


ShareAm

ountHoldings :1,478 Total Stocks , 0 Total Fixed-Incom

e,16%

Turnover Ratio

Net Assets%

R68,900

E-mini S&

P 500 Futures June202.44

455,346Tech Data Corp

0.82620,297

Reliance Steel & Alum

inum Co

0.75576,751

Post Holdings Inc0.66

T990,977

Perrigo Co PLC0.66

T1 m

ilKnight-Sw

ift Transportation Holdin0.64

Y4 m

ilPeople's United Financial Inc

0.63860,619

Arrow Electronics Inc

0.61

Y1 m

ilQuanta Services Inc

0.61

T1 m

ilVoya Financial Inc

0.59

Y1 m

ilAECOM

0.53

Y4 m

ilN

ew York Com

munity Bancorp Inc

0.53

T916,805

Bunge Ltd0.52

T902,009

Owens-Corning Inc

0.48

Y269,534

FTI Consulting Inc0.44

Sector Weightings


hCyclical

45.71.58

rBasic M

aterials6.6

3.16t

Consumer Cyclical

11.21.09

yFinancial Services

27.62.03

uReal Estate

0.30.10

jSensitive

42.10.94

iCom

munication Services

3.30.30

oEnergy

5.21.71

pIndustrials

21.02.50

aTechnology

12.60.56

kD

efensive12.2

0.46

sConsum

er Defensive5.7

0.74d

Healthcare6.2

0.40f

Utilities0.3

0.10

Operations

Family:

Dimensional Fund Advisors

Manager:

Multiple

Tenure:8.3 Years

Objective:Grow

th and Income

Base Currency:USD

Ticker:DFFVX

ISIN:

US2332035953M

inimum

Initial Purchase:$0


Incept:02-23-2000

Type:M

FTotal Assets:

$8,054.86 mil


©2020 M
























ß®

Page 3 of 38

25

Fidelity® 500 Index (U

SD)

Morningstar A

nalyst RatingTM

Œ03-03-2020

Overall M

orningstar RatingTM


Morningstar Cat

QQQQ

S&P 500 TR USD

Russell 1000 TRUSD

US Fund Large Blend1,199 US Fund Large Blend



2nd Qtr3rd Qtr

4th QtrTotal %

2018-0.77

3.437.71

-13.53-4.40

201913.65

4.301.69

9.0631.47

2020-19.59

——

—-9.29


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

0.859.03

9.12—

11.24Std 03-31-2020

-6.99—

6.72—

9.86Total Return

0.859.03

9.1211.68

11.24

+/- Std Index-0.01

-0.01-0.01

-0.02—

+/- Cat Index0.77

0.350.38

0.11—

% Rank Cat

2015

96

No. in Cat

13311199

1022779


7-day Yield—

—30-day SEC Yield

——



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww

w.institutional.fidelity.com

.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.02

12b1 Expense %N

AN



0.02


5 Yr10 Yr

1199 funds1022 funds

779 funds

Morningstar Rating

TM4Q

4Q5W

Morningstar Risk

AvgAvg

AvgM

orningstar Return+Avg

HighHigh

3 Yr5 Yr

10 Yr


14.7013.82

Mean

9.039.12

11.68Sharpe Ratio

0.500.59

0.83

MPT Statistics


S&P 500 TR USD

Alpha-0.01

-0.01Beta

1.001.00

R-Squared100.00

100.00

12-Month Yield


44.95%

44

44

44

44

44

44

99100

9999

9999

99100

99100

99100

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000

Fidelity® 500 Index


__

_*

*&

&*

*&

&_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

——

44.5050.49

65.4972.85

71.8078.35

93.4587.10

112.02101.04

NAV/Price

26.5114.98

2.1015.99

32.3713.66

1.3811.97

21.81-4.40

31.47-9.29

Total Return %

0.05-0.09

-0.01-0.01

-0.01-0.03

0.000.01

-0.02-0.02

-0.010.00

+/- Standard Index

-1.92-1.12

0.60-0.43

-0.740.42

0.47-0.09

0.120.38

0.050.39

+/- Category Index

——

—35

4118

2026

2825

23—

% Rank Cat

——

—1686

15591568

16061409

13961402

13871376

No. of Funds in Cat


Top Holdings 02-29-2020

Asset A

llocation %N

et %Long %

Short %

Cash0.00

0.000.00

US Stocks98.74

98.740.00

Non-US Stocks

1.261.26

0.00Bonds

0.000.00

0.00Other/N

ot Clsfd0.00

0.000.00

Total100.00

100.000.00

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM17.9

0.911.09

P/C Ratio TTM11.6

0.891.12

P/B Ratio TTM2.7

0.890.99

Geo Avg Mkt Cap

$mil

1115180.88

0.76

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity

—Avg Eff Duration

—Avg W

td Coupon—

Avg Wtd Price

—

Credit Quality B

reakdown —

Bond %

AAA—

AA—

A—

BBB—

BB—

B—

Below B

—N

R—


Rel Std Index

Americas

98.71.00

Greater Europe1.2

1.07Greater Asia

0.11.10


ShareAm


e,4%

Turnover Ratio

Net Assets%

Y67 m

ilM

icrosoft Corp5.61

Y37 m

ilApple Inc

4.95

Y4 m

ilAm

azon.com Inc

3.79

Y21 m

ilFacebook Inc A

1.87

Y17 m

ilBerkshire Hathaw

ay Inc B1.67

Y3 m

ilAlphabet Inc A

1.62

Y3 m

ilAlphabet Inc Class C

1.62

Y23 m

ilJohnson &

Johnson1.61

Y27 m

ilJPM

organ Chase & Co

1.32

Y15 m

ilVisa Inc Class A

1.29

Y22 m

ilProcter &

Gamble Co

1.28

Y8 m

ilUnitedHealth Group Inc

1.10

Y38 m

ilIntel Corp

1.10

Y36 m

ilVerizon Com

munications Inc

1.04

Y8 m

ilM

astercard Inc A1.00

Sector Weightings


hCyclical

28.50.99

rBasic M

aterials2.0

0.97t

Consumer Cyclical

9.60.94

yFinancial Services

13.81.02

uReal Estate

3.01.03

jSensitive

44.30.99

iCom

munication Services

10.70.99

oEnergy

2.60.87

pIndustrials

8.71.04

aTechnology

22.20.99

kD

efensive27.2

1.03

sConsum

er Defensive8.1

1.05d

Healthcare15.5

1.00f

Utilities3.6

1.09

Operations

Family:

Fidelity Investments

Manager:

Multiple

Tenure:11.3 Years

Objective:Grow

th and Income

Base Currency:USD

Ticker:FXAIX

ISIN:

US3159117502M

inimum

Initial Purchase:$0


Incept:05-04-2011

Type:M

FTotal Assets:

$213,370.60 mil


ore information.

©2020 M
























ß®

Page 4 of 38

26

Fidelity® M

id Cap Index(U

SD)

Morningstar Q

uantitativeRating

TM

„Q

03-31-2020

Overall M

orningstar RatingTM


Morningstar Cat

QQQQ

S&P 500 TR USD

Russell Mid Cap TR

USDUS Fund M

id-CapBlend

358 US Fund Mid-Cap Blend



2nd Qtr3rd Qtr

4th QtrTotal %

2018-0.48

2.804.97

-15.32-9.05

201916.53

4.140.44

7.0630.51

2020-27.04

——

—-16.59


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

-9.993.45

4.81—

10.83Std 03-31-2020

-18.29—

1.86—

9.21Total Return

-9.993.45

4.81—

10.83

+/- Std Index-10.85

-5.59-4.32

——

+/- Cat Index0.01

-0.010.00

——

% Rank Cat

2213

13—

No. in Cat

388358

281—


7-day Yield—

—30-day SEC Yield

——



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww


.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.03

12b1 Expense %N

AN



0.03


5 Yr10 Yr

358 funds281 funds

207 funds

Morningstar Rating

TM4Q

4Q—

Morningstar Risk

AvgAvg

—M


+Avg—

3 Yr5 Yr

10 Yr


17.16—

Mean

3.454.81

—Sharpe Ratio

0.190.29

—

MPT Statistics


Morningstar US M

idCap TR USD

Alpha-6.00

-0.62Beta

1.161.01

R-Squared94.80

99.86

12-Month Yield


12.29%

00

55

55

55

55

55

——

9499

9998

9999

10098

9999

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000

Fidelity® M

id Cap Index26,146Category Average21,538Standard Index30,789

__

_*

*&

*(

&*

&_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

——

10.3911.96

15.8317.45

16.3218.17

20.9818.63

23.6319.71

NAV/Price

——

—17.22

34.7813.11

-2.4413.86

18.47-9.05

30.51-16.59

Total Return %

——

—1.21

2.39-0.57

-3.831.90

-3.36-4.67

-0.98-7.30

+/- Standard Index

——

—-0.06

0.02-0.10

0.000.07

-0.050.01

-0.030.01

+/- Category Index

——

—41

457

2759

2429

18—

% Rank Cat

——

—412

399369

432427

443464

404404

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash0.51

0.510.00

US Stocks98.07

98.070.00

Non-US Stocks

1.431.43

0.00Bonds

0.000.00

0.00Other/N

ot Clsfd0.00

0.000.00

Total100.00

100.000.00

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM15.3

0.781.12

P/C Ratio TTM9.6

0.741.21

P/B Ratio TTM1.9

0.631.28

Geo Avg Mkt Cap

$mil

112640.09

1.86

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity

—Avg Eff Duration

—Avg W

td Coupon—

Avg Wtd Price

—

Credit Quality B

reakdown —

Bond %

AAA—

AA—

A—

BBB—

BB—

B—

Below B

—N

R—


Rel Std Index

Americas

98.61.00

Greater Europe0.8

0.67Greater Asia

0.612.81


ShareAm


e,12%

Turnover Ratio

Net Assets%

T978,486

Fiserv Inc0.91

T2 m

ilAdvanced M

icro Devices Inc0.80

T516,958

Global Payments Inc

0.73

T382,970

L3Harris Technologies Inc0.68

Y441,818

Dollar General Corp0.66

T1 m

ilN

ewm

ont Corp0.63

T452,383

Digital Realty Trust Inc0.62

T250,296

Lam Research Corp

0.59

T1 m

ilCentene Corp

0.59

T489,131

Sempra Energy

0.54

T909,054

Xcel Energy Inc0.54

T194,373

SBA Comm

unications Corp0.52

T546,874

WEC Energy Group Inc

0.47

R321

E-mini S&

P MidCap 400 Future June

0.45

T576,945

Consolidated Edison Inc0.44

Sector Weightings


hCyclical

35.21.22

rBasic M

aterials3.8

1.80t

Consumer Cyclical

10.31.01

yFinancial Services

11.10.82

uReal Estate

10.03.44

jSensitive

39.40.88

iCom

munication Services

4.40.40

oEnergy

2.20.71

pIndustrials

13.81.64

aTechnology

19.10.86

kD

efensive25.4

0.96

sConsum

er Defensive5.9

0.76d

Healthcare12.0

0.77f

Utilities7.5

2.30

Operations

Family:


Manager:

Multiple

Tenure:8.7 Years

Objective:Grow

th

Base Currency:USD

Ticker:FSM

DXISIN

:US3161462656

Minim

um Initial Purchase:

$0


Incept:09-08-2011

Type:M

FTotal Assets:

$11,931.54 mil


©2020 M
























ß®

Page 5 of 38

27

Fidelity® Sm

all Cap Index(U

SD)

Morningstar Q

uantitativeRating

TM

´Q

03-31-2020

Overall M

orningstar RatingTM


Morningstar Cat

QQQQ

S&P 500 TR USD

Russell 2000 TRUSD

US Fund Small Blend

609 US Fund Small Blend



2nd Qtr3rd Qtr

4th QtrTotal %

2018-0.05

7.793.63

-20.17-10.88

201914.56

2.13-2.34

10.0125.71

2020-30.62

——

—-21.07


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

-16.27-0.67

3.07—

9.29Std 03-31-2020

-23.87—

-0.07—

7.75Total Return

-16.27-0.67

3.07—

9.29

+/- Std Index-17.13

-9.72-6.05

——

+/- Cat Index0.12

0.150.19

——

% Rank Cat

2118

19—

No. in Cat

663609

486—


7-day Yield—

—30-day SEC Yield

——



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww


.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.03

12b1 Expense %N

AN



0.03


5 Yr10 Yr

609 funds486 funds

347 funds

Morningstar Rating

TM4Q

4Q—

Morningstar Risk

AvgAvg

—M


+Avg—

3 Yr5 Yr

10 Yr


20.05—

Mean

-0.673.07

—Sharpe Ratio

0.010.20

—

MPT Statistics


Russell 2000 TRUSD

Alpha-10.29

0.15Beta

1.261.00

R-Squared87.10

100.00

12-Month Yield


14.93%

00

66

66

66

96

66

——

9498

9999

9883

99100

100100

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000

Fidelity® Sm

all Cap Index23,198Category Average20,132Standard Index30,789

__

_*

**

**

&*

*_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

——

10.6612.15

16.5416.79

15.4618.36

20.3217.24

21.0316.60

NAV/Price

——

—16.38

39.025.19

-4.2421.63

14.85-10.88

25.71-21.07

Total Return %

——

—0.38

6.64-8.50

-5.639.67

-6.98-6.49

-5.78-11.77

+/- Standard Index

——

—0.03

0.200.30

0.170.32

0.200.14

0.180.02

+/- Category Index

——

—34

3340

4440

2233

30—

% Rank Cat

——

—662

681737

780750

802769

702677

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash0.33

0.330.00

US Stocks98.79

98.790.00

Non-US Stocks

0.880.88

0.00Bonds

0.000.00

0.00Other/N

ot Clsfd0.00

0.000.00

Total100.00

100.000.00

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM17.8

0.901.43

P/C Ratio TTM9.6

0.741.44

P/B Ratio TTM2.0

0.671.47

Geo Avg Mkt Cap

$mil

19440.02

0.83

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity

—Avg Eff Duration

—Avg W

td Coupon—

Avg Wtd Price

—

Credit Quality B

reakdown —

Bond %

AAA—

AA—

A—

BBB—

BB—

B—

Below B

—N

R—


Rel Std Index

Americas

99.61.01

Greater Europe0.2

0.18Greater Asia

0.23.67


ShareAm


e,18%

Turnover Ratio

Net Assets%

R603

E-mini Russell 2000 Index Future M

0.45

T380,157

Teladoc Health Inc0.36

T457,383

NovoCure Ltd

0.35

T321,449

Generac Holdings Inc0.31

T407,138

Lumentum

Holdings Inc0.29

T309,306

Trex Co Inc0.28

T164,887

Amedisys Inc

0.27

T470,347

Portland General Electric Co0.27

T269,348

Haemonetics Corp

0.27

T662,093

First Industrial Realty Trust Inc0.26

T147,861

Deckers Outdoor Corp0.26

T582,955

Rexford Industrial Realty Inc0.26

T541,043

Performance Food Group Co

0.26

T274,903

Repligen Corp0.26

T199,241

EastGroup Properties Inc0.25

Sector Weightings


hCyclical

38.81.35

rBasic M

aterials3.4

1.64t

Consumer Cyclical

9.80.96

yFinancial Services

16.21.19

uReal Estate

9.43.22

jSensitive

35.60.80

iCom

munication Services

2.70.25

oEnergy

2.50.83

pIndustrials

17.02.02

aTechnology

13.40.60

kD

efensive25.6

0.96

sConsum

er Defensive3.8

0.49d

Healthcare17.8

1.15f

Utilities3.9

1.20

Operations

Family:


Manager:

Multiple

Tenure:8.7 Years

Objective:Sm

all Company

Base Currency:USD

Ticker:FSSN

XISIN

:US3161461823

Minim


$0


Incept:09-08-2011

Type:M

FTotal Assets:

$9,900.62 mil


©2020 M
























ß®

Page 6 of 38

28

Fidelity® Total International

Index (USD

)M

orningstar Quantitative

RatingTM

ŒQ

03-31-2020

Overall M

orningstar RatingTM


Morningstar Cat

QQQ

MSCI ACW

I ExUSA N

R USDM

SCI ACWI Ex

USA NR USD

US Fund Foreign LargeBlend

622 US Fund Foreign LargeBlend



2nd Qtr3rd Qtr

4th QtrTotal %

2018-0.40

-2.960.33

-11.71-14.38

201910.19

2.85-1.68

9.0221.48

2020-24.15

——

—-18.20


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

-12.24-0.64

——

2.26Std 03-31-2020

-16.38—

——

0.30Total Return

-12.24-0.64

——

2.26

+/- Std Index-0.73

-0.39—

——

+/- Cat Index-0.73

-0.39—

——

% Rank Cat

5537

——

No. in Cat

723622

——


7-day Yield—

—30-day SEC Yield

——



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww


.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.06

12b1 Expense %N

AN



0.06


5 Yr10 Yr

622 funds498 funds

367 funds

Morningstar Rating

TM3Q

——

Morningstar Risk

Avg—

—M


——

3 Yr5 Yr

10 Yr


——

Mean

-0.64—

—Sharpe Ratio

-0.07—

—

MPT Statistics


Morningstar Gbl

Mkts xUS GR USD

Alpha-0.32

-0.78Beta

1.021.01

R-Squared99.05

99.13

12-Month Yield


9.40%

00

00

00

04

44

44

——

——

——

—96

9790

9596

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000

Fidelity® Total International

Index11,329Category Average11,073Standard Index11,543

__

__

__

__

&*

(_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

——

——

——

—10.00

12.5310.50

12.4210.16

NAV/Price

——

——

——

——

27.63-14.38

21.48-18.20

Total Return %

——

——

——

——

0.44-0.19

-0.03-0.65

+/- Standard Index

——

——

——

——

0.44-0.19

-0.03-0.65

+/- Category Index

——

——

——

——

2249

53—

% Rank Cat

——

——

——

——

756741

732761

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash3.55

3.550.00

US Stocks0.67

0.670.00

Non-US Stocks

95.7295.72

0.00Bonds

0.000.00

0.00Other/N

ot Clsfd0.05

0.050.00

Total100.00

100.000.00

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM12.8

0.900.99

P/C Ratio TTM7.5

0.921.00

P/B Ratio TTM1.3

0.911.03

Geo Avg Mkt Cap

$mil

217340.67

0.69

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity

—Avg Eff Duration

—Avg W

td Coupon—

Avg Wtd Price

—

Credit Quality B

reakdown —

Bond %

AAA—

AA—

A—

BBB—

BB—

B—

Below B

—N

R—


Rel Std Index

Americas

9.30.99

Greater Europe43.8

1.00Greater Asia

46.91.00


ShareAm


e,4%

Turnover Ratio

Net Assets%

R1,455

MSCI EAFE Index Future June 20

3.24

T283,206

Alibaba Group Holding Ltd ADR1.57

T481,942

Nestle SA

1.41

R1,144

MSCI Em

erging Markets Index Future

1.38

T933,125

Tencent Holdings Ltd1.32

T113,884

Roche Holding AG Dividend Right Ce1.05

T4 m

ilTaiw

an Semiconductor M

anufacturing1.03

T778,976

Samsung Electronics Co Ltd

0.87

T347,943

Novartis AG

0.82

T362,592

Toyota Motor Corp

0.62

T214,217

AstraZeneca PLC0.55

T3 m

ilHSBC Holdings PLC

0.53

T68,836

ASML Holding N

V0.52

T158,741

SAP SE0.51

T2 m

ilAIA Group Ltd

0.50

Sector Weightings


hCyclical

39.81.01

rBasic M

aterials7.2

0.99t

Consumer Cyclical

10.41.01

yFinancial Services

18.10.97

uReal Estate

4.21.37

jSensitive

35.91.00

iCom

munication Services

8.10.95

oEnergy

5.00.93

pIndustrials

12.31.09

aTechnology

10.50.99

kD

efensive24.4

0.98

sConsum

er Defensive10.2

0.97d

Healthcare10.6

0.97f

Utilities3.6

1.02

Operations

Family:


Manager:

Multiple

Tenure:3.9 Years


Base Currency:USD

Ticker:FTIHX

ISIN:

US31635V6386M

inimum

Initial Purchase:$0

Purchase Constraints:—

Incept:06-07-2016

Type:M

FTotal Assets:

$3,726.52 mil


©2020 M
























ß®

Page 7 of 38

29

Fidelity® U

S Bond Index

(USD

)M


TM

Œ04-01-2020

Overall M

orningstar RatingTM


Morningstar Cat

QQQQQ

BBgBarc US AggBond TR USD


US Fund Intermediate

Core Bond375 US Fund Interm

ediateCore Bond



2nd Qtr3rd Qtr

4th QtrTotal %

2018-1.51

-0.220.07

1.700.01

20192.96

2.972.27

0.068.48

20203.66

——

—5.39


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

11.095.20

3.79—

3.77Std 03-31-2020

9.23—

3.39—

3.61Total Return

11.095.20

3.793.94

3.77

+/- Std Index0.25

0.03-0.01

-0.02—

+/- Cat Index0.25

0.03-0.01

-0.02—

% Rank Cat

88

1331

No. in Cat

412375

320243


7-day Yield—

—30-day SEC Yield

——



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww


.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.03

12b1 Expense %N

AN



0.03


5 Yr10 Yr

375 funds320 funds

243 funds

Morningstar Rating

TM5Q

5Q4W

Morningstar Risk

AvgAvg

AvgM

orningstar ReturnHigh

High+Avg

3 Yr5 Yr

10 Yr


3.223.07

Mean

5.203.79

3.94Sharpe Ratio

1.040.82

1.08

MPT Statistics



Alpha0.03

0.03Beta

1.001.00

R-Squared99.01

99.01

12-Month Yield


-1.77%

44

44

44

44

44

44

8492

9693

9896

9999

9799

9698

4k 10k

20k

40k

60k80k100k

Investment Style

Fixed-Income

Bond %

Grow

th of $10,000

Fidelity® US Bond Index


__

_)

(*

&(

(*

*_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

——

11.7811.89

11.3611.73

11.4911.49

11.5911.28

11.9112.45

NAV/Price

6.456.29

7.794.23

-2.195.99

0.632.52

3.500.01

8.485.39

Total Return %

0.52-0.25

-0.060.02

-0.170.02

0.08-0.13

-0.040.00

-0.230.41

+/- Standard Index

0.52-0.25

-0.060.02

-0.170.02

0.08-0.13

-0.040.00

-0.230.41

+/- Category Index

——

—82

6926

1866

5729

49—

% Rank Cat

——

—1165

10791038

1042985

9861019

430421

No. of Funds in Cat



Asset A

llocation %N

et %Long %

Short %

Cash1.66

1.660.00

US Stocks0.00

0.000.00

Non-US Stocks

0.000.00

0.00Bonds

97.7297.72

0.00Other/N

ot Clsfd0.62

0.620.00

Total100.00

100.000.00

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM—

——

P/C Ratio TTM—

——

P/B Ratio TTM—

——

Geo Avg Mkt Cap

$mil

——

—

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity

—Avg Eff Duration

5.51Avg W

td Coupon—

Avg Wtd Price

109.25

Credit Quality B

reakdown 03-31-2020

Bond %

AAA76.19

AA3.81

A11.64

BBB8.15

BB0.15

B0.00

Below B

0.00N

R0.06


Rel Std Index

Americas

——

Greater Europe—

—Greater Asia

——


ShareAm

ountHoldings :0 Total Stocks , 2,076 Total Fixed-Incom

e,35%

Turnover Ratio

Net Assets%

T1,382 m

ilFannie M

ae 3% 30 Year

2.96

Y1,181 m

ilFannie M

ae 3.5% 30 Year

2.56

Y1,120 m

ilGinnie M

ae 3.5% 30 Year

2.43

Y1,101 m

ilFannie M

ae 4% 30 Year

2.41

Y1,095 m

ilFreddie M

ac 3.5% 30 Year

2.37

T974 m

ilGinnie M

ae 3% 30 Year

2.11

Y760 m

ilFreddie M

ac 3% 30 Year

1.63611 m

ilUnited States Treasury N

otes 2.25%1.40

T538 m

ilFreddie M

ac 4% 30 Year

1.17

Y502 m

ilGinnie M

ae 4% 30 Year

1.10

320 mil

United States Treasury Bonds 5%1.07

T485 m


otes 1.38%1.01

T461 m


otes 1.38%0.98

T445 m


otes 2.5%0.95

Y416 m

ilFannie M

ae 4.5% 30 Year

0.92

Sector Weightings


hCyclical

——

rBasic M

aterials—

—t

Consumer Cyclical

——

yFinancial Services

——

uReal Estate

——

jSensitive

——

iCom

munication Services

——

oEnergy

——

pIndustrials

——

aTechnology

——

kD

efensive—

—

sConsum

er Defensive—

—d

Healthcare—

—f

Utilities—

—

Operations

Family:


Manager:

Multiple

Tenure:6.0 Years

Objective:M

ultisector Bond

Base Currency:USD

Ticker:FXN

AXISIN

:US3161463563

Minim


$0


Incept:05-04-2011

Type:M

FTotal Assets:

$49,718.62 mil


ore information.

©2020 M
























ß®

Page 8 of 38

30

Hartford Schroders Intl

Multi-Cp Val SD

R (USD

)M


TM

´04-08-2020

Overall M

orningstar RatingTM


Morningstar Cat

QQQQ

MSCI ACW

I ExUSA N

R USDM

SCI ACWI Ex

USA Value NR USD

US Fund Foreign LargeValue

292 US Fund Foreign LargeValue



2nd Qtr3rd Qtr

4th QtrTotal %

2018-0.23

-4.281.37

-12.44-15.23

20199.44

1.38-2.74

9.8718.56

2020-27.84

——

—-21.43


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

-16.83-4.08

-1.44—

0.12Std 03-31-2020

-21.83—

-2.07—

-1.49Total Return

-16.83-4.08

-1.443.15

0.12

+/- Std Index-5.32

-3.83-1.27

0.26—

+/- Cat Index3.68

0.911.95

2.32—

% Rank Cat

4448

1413

No. in Cat

324292

242159


7-day Yield—


3.423.42



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww

w.hartfordfunds.com

.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.70

12b1 Expense %N

AN



0.77


5 Yr10 Yr

292 funds242 funds

159 funds

Morningstar Rating

TM3Q

4Q4W

Morningstar Risk

AvgAvg

-AvgM


+Avg+Avg

3 Yr5 Yr

10 Yr


15.4315.71

Mean

-4.08-1.44

3.15Sharpe Ratio

-0.25-0.09

0.24

MPT Statistics


Morningstar Gbl

Mkts xUS GR USD

Alpha-3.53

-4.03Beta

1.101.09

R-Squared96.98

97.15

12-Month Yield


7.71%

22

22

11

11

11

11

9899

9694

9498

9990

8898

9897

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000

Hartford Schroders Intl Multi-

Cp Val SDR21,292Category Average15,245Standard Index18,936

__

__

__

(&

**

*_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

——

——

—8.74

8.088.60

10.248.21

9.407.35

NAV/Price

51.2616.82

-12.4019.45

18.57-4.04

-4.568.94

23.27-15.23

18.56-21.43

Total Return %

9.815.67

1.312.62

3.28-0.18

1.114.44

-3.92-1.03

-2.95-3.88

+/- Standard Index

6.978.98

0.802.49

3.531.06

5.510.02

0.61-1.26

2.852.58

+/- Category Index

——

——

——

6613

4143

38—

% Rank Cat

——

——

——

358337

317315

346333

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash3.26

3.260.00

US Stocks0.59

0.590.00

Non-US Stocks

95.9895.98

0.00Bonds

0.000.00

0.00Other/N

ot Clsfd0.17

0.170.00

Total100.00

100.000.00

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM9.0

0.630.94

P/C Ratio TTM5.5

0.671.13

P/B Ratio TTM1.0

0.701.18

Geo Avg Mkt Cap

$mil

85040.26

0.36

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity

—Avg Eff Duration

—Avg W

td Coupon—

Avg Wtd Price

—

Credit Quality B

reakdown —

Bond %

AAA—

AA—

A—

BBB—

BB—

B—

Below B

—N

R—


Rel Std Index

Americas

6.50.70

Greater Europe44.6

1.02Greater Asia

48.81.04


ShareAm


e,119%

Turnover Ratio

Net Assets%

Y266,449

Novartis AG

1.35

T1 m

ilAstellas Pharm

a Inc1.31

Y1 m

ilGlaxoSm

ithKline PLC1.26

Y63,639

Roche Holding AG Dividend Right Ce1.26

Y582,700

NTT DOCOM

O Inc1.12

Y201,407

Sanofi SA1.07

T355,693

Taiwan Sem

iconductor Manufacturing

1.04

T325,100

Shionogi & Co Ltd

0.98

T382,183

Samsung Electronics Co Ltd

0.91

Y486,200

KDDI Corp0.88

T485,925

ASR Nederland N

V0.75

2 mil

HSBC Holdings PLC0.74

T359,200

Sun Life Financial Inc0.71

Y376,194

Publicis Groupe SA0.66

T162,628

Danone SA0.64

Sector Weightings


hCyclical

40.41.03

rBasic M

aterials8.8

1.22t

Consumer Cyclical

10.20.99

yFinancial Services

17.50.94

uReal Estate

3.81.26

jSensitive

41.41.15

iCom

munication Services

9.91.17

oEnergy

6.61.23

pIndustrials

13.91.23

aTechnology

11.01.03

kD

efensive18.3

0.73

sConsum

er Defensive6.2

0.59d

Healthcare10.6

0.97f

Utilities1.5

0.41

Operations

Family:

Hartford Mutual Funds

Manager:

Multiple

Tenure:13.8 Years


Base Currency:USD

Ticker:SIDRX

ISIN:

US41665H3599M

inimum

Initial Purchase:$5 m

il


Incept:12-30-2014

Type:M

FTotal Assets:

$1,707.08 mil


ore information.

©2020 M
























ß®

Page 9 of 38

31

Hood River Sm

all-CapG

rowth Retirem

ent (USD

)M


RatingTM

ŒQ

03-31-2020

Overall M

orningstar RatingTM


Morningstar Cat

QQQ

S&P 500 TR USD

Russell 2000Grow

th TR USDUS Fund Sm

all Growth

572 US Fund Small Grow

th



2nd Qtr3rd Qtr

4th QtrTotal %

20181.77

8.3211.67

-24.27-6.78

201918.74

4.16-8.54

9.7924.19

2020-22.84

——

—-12.09


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

-10.16—

——

4.96Std 03-31-2020

-19.30—

——

0.73Total Return

-10.164.52

6.0410.87

4.96

+/- Std Index-11.02

-4.52-3.09

-0.82—

+/- Cat Index-0.94

0.310.84

0.92—

% Rank Cat

6058

5539

No. in Cat

626572

491376


7-day Yield—

—30-day SEC Yield

——



derived from a w


orningstar metrics.






ed, may be w



ance may be low



month-end, please call 800-497-2960.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.90

12b1 Expense %N

AN



1.04


5 Yr10 Yr

572 funds491 funds

376 funds

Morningstar Rating

TM3Q

3W3W

Morningstar Risk

AvgAvg

+AvgM


Avg+Avg

3 Yr5 Yr

10 Yr


19.8319.04

Mean

4.526.04

10.87Sharpe Ratio

0.230.34

0.61

MPT Statistics


Morningstar US

Small Grow

th TRUSD

Alpha-4.78

-3.16Beta

1.201.03

R-Squared79.54

95.66

12-Month Yield


19.16%

99

99

99

99

99

90

9895

9698

9697

9796

9898

98—

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000

Hood River Small-Cap Grow

thRetirem

ent45,466Category Average37,274Standard Index40,914

__

__

__

__

_(

(_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

——

——

——

——

37.7933.78

41.9536.88

NAV/Price

42.4224.58

-5.2423.06

43.948.56

0.8013.50

20.78-6.78

24.19-12.09

Total Return %

15.969.51

-7.357.05

11.55-5.13

-0.591.54

-1.05-2.40

-7.30-2.79

+/- Standard Index

7.96-4.51

-2.338.47

0.642.96

2.182.18

-1.382.53

-4.302.62

+/- Category Index

——

——

——

——

—59

71—

% Rank Cat

——

——

——

——

—676

640642

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash2.03

2.030.00

US Stocks92.31

92.310.00

Non-US Stocks

5.675.67

0.00Bonds

0.000.00

0.00Other/N

ot Clsfd0.00

0.000.00

Total100.00

100.000.00

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM29.4

1.501.58

P/C Ratio TTM14.6

1.121.15

P/B Ratio TTM3.1

1.031.14

Geo Avg Mkt Cap

$mil

27650.02

0.86

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity

—Avg Eff Duration

—Avg W

td Coupon—

Avg Wtd Price

—

Credit Quality B

reakdown —

Bond %

AAA—

AA—

A—

BBB—

BB—

B—

Below B

—N

R—


Rel Std Index

Americas

95.50.97

Greater Europe0.6

0.56Greater Asia

3.980.60


ShareAm


e,98%

Turnover Ratio

Net Assets%

T160,684

Kinsale Capital Group Inc2.87

T191,019

Lumentum

Holdings Inc2.66

Y657,856

Amarin Corp PLC ADR

2.48

T598,864

Select Medical Holdings Corp

2.46

Y155,573

Teladoc Health Inc2.29

Y82,630

Charles River Laboratories Interna2.22

T252,243

Tabula Rasa HealthCare Inc2.16

Y206,861

Integra Lifesciences Holdings Corp2.12

R127,670

Anixter International Inc2.07

T154,296

HealthEquity Inc2.01

Y189,520

Eldorado Resorts Inc1.99

T142,236

NuVasive Inc

1.93

Y95,649

Conmed Corp

1.88

Y91,578

Globant SA1.71

T202,420

Dycom Industries Inc

1.68

Sector Weightings


hCyclical

13.40.46

rBasic M

aterials0.0

0.00t

Consumer Cyclical

4.90.48

yFinancial Services

6.70.50

uReal Estate

1.70.58

jSensitive

53.01.19

iCom

munication Services

1.40.13

oEnergy

2.30.76

pIndustrials

23.72.82

aTechnology

25.71.15

kD

efensive33.6

1.27

sConsum

er Defensive4.7

0.60d

Healthcare28.9

1.87f

Utilities0.0

0.00

Operations

Family:

Hood River Capital Managem

entM

anager:M

ultipleTenure:

17.3 YearsObjective:

Growth

Base Currency:USD

Ticker:HRSIX

ISIN:

US56170L5057M

inimum

Initial Purchase:$0


Incept:03-03-2017

Type:M

FTotal Assets:

$472.13 mil


ore information.

©2020 M
























ß®

Page 10 of 38

32

MFS M

id Cap Grow

th R6(U

SD)

Morningstar A

nalyst RatingTM

„03-20-2020

Overall M

orningstar RatingTM


Morningstar Cat

QQQQQ

S&P 500 TR USD

Russell Mid Cap

Growth TR USD

US Fund Mid-Cap

Growth

555 US Fund Mid-Cap Grow

th



2nd Qtr3rd Qtr

4th QtrTotal %

20185.42

5.927.59

-15.751.21

201918.86

9.23-0.14

6.3837.93

2020-16.05

——

—-5.54


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

4.1414.94

11.70—

14.30Std 03-31-2020

-2.58—

8.94—

12.63Total Return

4.1414.94

11.7012.99

14.30

+/- Std Index3.28

5.902.58

1.29—

+/- Cat Index3.92

3.662.82

0.80—

% Rank Cat

1913

911

No. in Cat

591555

495382


7-day Yield—

—30-day SEC Yield

——



derived from a w


orningstar metrics.






ed, may be w



ance may be low




http://ww

w.m

fs.com.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.69

12b1 Expense %N

AN



0.74


5 Yr10 Yr

555 funds495 funds

382 funds

Morningstar Rating

TM5Q

5Q5W

Morningstar Risk

-Avg-Avg

-AvgM


HighHigh

3 Yr5 Yr

10 Yr


15.2514.86

Mean

14.9411.70

12.99Sharpe Ratio

0.790.73

0.86

MPT Statistics


Morningstar US M

idGrow

th TR USDAlpha

5.632.50

Beta0.98

0.89R-Squared

88.2196.02

12-Month Yield


36.50%

88

88

88

88

88

88

9799

9898

9898

9699

9897

9896

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000

MFS M

id Cap Growth R6


__

__

_*

&(

*&

&_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

——

——

14.1414.38

14.6414.56

16.9816.49

22.5621.31

NAV/Price

41.6328.69

-6.1216.18

37.278.95

4.604.75

26.391.21

37.93-5.54

Total Return %

15.1713.63

-8.230.18

4.88-4.74

3.21-7.21

4.565.60

6.443.75

+/- Standard Index

-4.662.31

-4.470.38

1.53-2.95

4.80-2.58

1.125.96

2.461.98

+/- Category Index

——

——

—32

955

319

17—

% Rank Cat

——

——

—749

733644

617605

618603

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash4.13

4.130.00

US Stocks88.04

88.040.00

Non-US Stocks

7.827.82

0.00Bonds

0.000.00

0.00Other/N

ot Clsfd0.00

0.000.00

Total100.00

100.000.00

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM30.7

1.561.42

P/C Ratio TTM20.6

1.591.49

P/B Ratio TTM4.2

1.381.35

Geo Avg Mkt Cap

$mil

152140.12

1.33

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity

—Avg Eff Duration

—Avg W

td Coupon—

Avg Wtd Price

—

Credit Quality B

reakdown —

Bond %

AAA—

AA—

A—

BBB—

BB—

B—

Below B

—N

R—


Rel Std Index

Americas

93.00.94

Greater Europe7.0

6.23Greater Asia

0.00.00


ShareAm


e,21%

Turnover Ratio

Net Assets%

T2 m

ilGlobal Paym

ents Inc3.56

Y2 m

ilBright Horizons Fam

ily Solutions I2.58

T672,857

SBA Comm

unications Corp2.47

T3 m

ilCadence Design System

s Inc2.40

T598,074

MSCI Inc

2.35

T1 m

ilVerisk Analytics Inc

2.26

T2 m

ilPerkinElm

er Inc2.25

T1 m

ilSteris PLC

2.21

T1 m

ilTake-Tw

o Interactive Software Inc

2.19

T1 m

ilFidelity N

ational Information Serv

2.13

T2 m

ilCopart Inc

2.09

T2 m

ilIHS M

arkit Ltd1.91

T446,007

Roper Technologies Inc1.89

T1 m

ilN

asdaq Inc1.87

T1 m

ilFiserv Inc

1.86

Sector Weightings


hCyclical

28.50.99

rBasic M

aterials3.0

1.44t

Consumer Cyclical

12.11.18

yFinancial Services

7.60.56

uReal Estate

5.71.97

jSensitive

53.81.21

iCom

munication Services

6.50.60

oEnergy

0.00.00

pIndustrials

21.02.50

aTechnology

26.31.18

kD

efensive17.7

0.67

sConsum

er Defensive0.9

0.12d

Healthcare16.8

1.08f

Utilities0.0

0.00

Operations

Family:

MFS

Manager:

Multiple

Tenure:11.5 Years

Objective:Grow

th

Base Currency:USD

Ticker:OTCKX

ISIN:

US5529875545M

inimum

Initial Purchase:$0


Incept:01-02-2013

Type:M

FTotal Assets:

$8,342.67 mil


ore information.

©2020 M
























ß®

Page 11 of 38

33

As o

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n th

e w

eb at N

RSFO

RU

.com

or co

ntact C

usto

mer Service

at 1-8

77

-67

7-3

67

8.

1Th

e N

ation

wid

e Fixe

d A

ccou

nt is b

acked

by th

e G

en

eral A

ccou

nt o

f Natio

nw

ide

Life In

suran

ce Co

mp

any. In

form

ation

abo

ut th

e se

curitie

s he

ld in

the

Ge

ne

ral Acco

un

t do

es n

ot

imp

ly ow

nersh

ip b

y plan

particip

ants in

vestin

g in th

e Fixed

Acco

un

t or b

y plan

spo

nso

r as the o

wn

ers of th

e gro

up

ann

uity

con

tract.The N

ation

wid

e Fixe

d A

ccou

nt is b

acked

sole

ly by th

e claims p

aying ab

ility of N

ation

wid

e Life

Insu

rance C

om

pan

y. This in

vestm

en

t po

rtfolio

A.M

. Best

A+

Moody's

A1

Sta

ndard

& P

oor's

A+

The

Natio

nw

ide Fixed

Acco

un

t is a Gen

eral A

ccou

nt P

rod

uct th

at seeks to

p

rovid

e a lo

w-risk, stab

le inve

stme

nt o

ptio

n o

ffering co

nsiste

ntly co

mp

etitive

retu

rns fo

r retirem

ent p

lan in

vesto

rs.

1.3

7%

17

.14

%

67

.43

%

0.0

0%

0.3

5%

0.3

8%

1.6

4%

11

.26

%0

.43

%

Inve

stme

nt A

llocatio

n

Altern

atives

Co

mm

ercial Mo

rtgage Lo

ans

Cre

dit

Derivatives

Equ

ity

Go

vernm

ent

Sho

rt Term

Structu

red

Tax Cred

it

Inve

stme

nt H

old

ings (%

)

12

.05

%

12

.72

%

30

.43

%

40

.55

%

1.1

2%

2.5

1%

0.3

2%

0.0

3%

0.2

7%

Cred

it Qu

ality

AA

A

AA

ABB

B

BB

BCC

C

Be

low

CC

C

No

t Rated

Ratin

g (%)

34

NR

N-1

19

8M

9.1

(01

/20

20

)

Ge

ne

ral Acco

un

t do

es n

ot

imp

ly ow

nersh

ip b

y plan

particip

ants in

vestin

g in th

e Fixed

Acco

un

t or b

y plan

spo

nso

r as the o

wn

ers of th

e gro

up

ann

uity

con

tract.The N

ation

wid

e Fixe

d A

ccou

nt is b

acked

sole

ly by th

e claims p

aying ab

ility of N

ation

wid

e Life

Insu

rance C

om

pan

y. This in

vestm

en

t po

rtfolio

is n

ot a m

utu

al fun

d.

2Th

e m

arket to

bo

ok ratio

is spe

cific to th

e N

ation

wid

e Life G

en

eral Acco

un

t and

repre

sents clien

t assets o

n an

aggregate

basis. H

ow

ever, each

clien

t co

ntract e

xpe

riences its o

wn

ratio th

at diffe

rs from

the

aggregate.

3Th

ese ratin

gs and

rankin

gs reflect R

ating A

gen

cy assessme

nt o

f the

finan

cial strength

and

claims-p

aying ab

ility of N

ation

wid

e Life

Insu

rance C

om

pan

y an

d are

sub

ject to ch

ange

at any tim

e. The

y are n

ot in

ten

de

d to

refle

ct the

inve

stme

nt e

xpe

rience o

r finan

cial stren

gth o

f any variab

le acco

un

t, wh

ich

is sub

ject to

market risk. B

ecause

the

date

s are o

nly u

pd

ated

wh

en

there

is a chan

ge in th

e ratin

g, the

date

s reflect th

e m

ost rece

nt ratin

gs we h

ave re

ceive

d.

Pe

rform

ance d

ata qu

oted

rep

resen

ts past p

erfo

rman

ce. Past p

erform

ance is n

o gu

arante

e o

f futu

re re

sults. Th

e q

uarterly d

eclare

d rate o

f retu

rn o

n

the fixe

d acco

un

t will flu

ctuate

qu

arter to q

uarte

r. Gu

arante

es are su

bject to

the

claims p

aying ab

ility of N

ation

wid

e Life In

suran

ce C

om

pan

y. The

yie

lds an

d to

tal retu

rns are

for th

e stan

dard

Natio

nw

ide R

etirem

en

t Solu

tion

s fixed

accou

nt. If yo

ur p

lanis n

ot w

ithin

a stand

ard o

fferin

gth

e gu

arante

ed rate

may b

e high

er

or lo

we

r. Ple

ase co

ntact th

e C

usto

me

r Service C

en

ter for assistan

ce.

Yield

s qu

oted

do

no

t reflect an

y asset m

anagem

en

t charge

s that m

ay app

ly to yo

ur p

lan. Fo

r mo

re in

form

ation

abo

ut asse

t man

ageme

nt ch

arges th

at m

ay app

ly, con

tact the

Cu

stom

er Se

rviceC

ente

r for assistan

ce.

You

r con

tract may co

ntain

liqu

idatio

n (e

xchan

ge an

d/o

r transfer) restrictio

ns. P

lease co

ntact th

e C

usto

mer Se

rvice C

en

ter fo

r assistance

.

The u

nregistere

d gro

up

variable

and

fixed

ann

uity co

ntracts are issu

ed

by N

ation

wid

e Life

Insu

rance C

om

pan

y, Co

lum

bu

s, OH

. For m

ore

info

rmatio

n

abo

ut th

e gro

up

variable an

nu

ity con

tract issued

to yo

ur p

lan, p

lease

con

tact you

r Plan

Spo

nso

r.

Cu

stom

er Se

rvice Ce

nter: 1

-87

7-6

77-3

67

8

Defin

ition

s

Avera

ge Qu

ality (AQ

): the b

oo

k value

we

ighted

average

qu

ality rating o

f the

po

rtfolio

. The A

Q o

f this in

vestme

nt p

ortfo

lio is calcu

lated

usin

g the

seco

nd

lo

west o

f fou

r (inclu

din

g inte

rnal), m

edian

of th

ree, lo

west o

f two

, or o

ne

ratings fo

r each se

curity in

clud

ing b

ut n

ot lim

ited

to th

e follo

win

g NR

SRO

s: S&P

, M

oo

dy's, Fitch

, and

inte

rnal ratin

gs. Co

mm

ercial M

ortgage

Loan

s, Asse

t Backe

d Se

curities, C

om

merical M

ortgage

Backe

d Se

curitie

s,and

No

n-A

gen

cy M

ortgage B

acked

Secu

rities w

ill on

ly use

intern

al rating.

Avera

ge Ma

turity (A

M): th

e bo

ok valu

e w

eighte

d le

ngth

of tim

e (in

years) to th

e stated

matu

rity for fixe

d-in

com

e secu

rities. Since

this m

easure ign

ore

sth

e p

ossib

ility of p

re-p

aymen

t, it gen

erally o

verstate

s the ave

rage le

ngth

of tim

e to

retu

rn o

f prin

cipal. Th

e A

M o

f this in

vestme

nt p

ortfo

lio is b

ased

on

sch

ed

ule

d m

aturitie

s and

do

es n

ot re

flect p

repaym

en

ts.

Avera

ge Weigh

ted Life

(AW

L): for d

eb

t securitie

s, the d

ollar-w

eigh

ted average tim

e un

til the

retu

rn o

f all prin

cipal in

years. A

WL fo

r this in

vestme

nt

po

rtfolio

is we

ighte

d b

y bo

ok valu

e.

Effective

Du

ratio

n: effective d

uratio

n sp

ecifically takes in

to acco

un

t the

way ch

ange

s in yie

ld w

ill affect e

xpected

cash flo

ws. It take

s into

accou

nt b

oth

th

e d

iscou

ntin

g that o

ccurs at d

ifferen

t intere

st rates as well as ch

anges in

cash flo

ws.

Marke

t to B

oo

k Ratio

: marke

t to b

oo

k ratio is e

qu

al to m

arket valu

e p

lus accru

ed

inco

me

divid

ed b

y bo

ok valu

e.

Exchan

ge: an

exch

ange is th

e mo

vemen

t of m

on

ey b

etw

een

the N

ation

wid

e Fixed

Acco

un

t and

any o

ther in

vestm

en

t op

tion

available to

the

plan

.

Tra

nsfe

r: a transfer is th

e m

ove

me

nt o

f mo

ne

y be

twe

en p

rod

uct p

rovid

ers with

in th

e same

plan

or an

oth

er finan

cial institu

tion

.

35

Sterling Capital Total ReturnB

ond R6 (USD

)M


RatingTM

‰Q

03-31-2020

Overall M

orningstar RatingTM


Morningstar Cat

WWWW



US Fund Intermediate

Core Bond375 US Fund Interm

ediateCore Bond



2nd Qtr3rd Qtr

4th QtrTotal %

2018-1.40

-0.150.24

1.06-0.27

20193.23

3.532.19

0.149.37

20200.73

——

—2.93


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

8.63—

——

5.81Std 03-31-2020

6.71—

——

4.98Total Return

8.634.78

3.824.21

5.81

+/- Std Index-2.21

-0.390.02

0.25—

+/- Cat Index-2.21

-0.390.02

0.25—

% Rank Cat

6338

1115

No. in Cat

412375

320243


7-day Yield 05-01-202.98

1—

30-day SEC Yield 03-31-202.69

12.47

1. Contractual waiver; Expires 01-31-2021



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww

w.sterlingcapitalfunds.com

.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.37

12b1 Expense %0.00

Net Expense Ratio %

0.35G

ross Expense Ratio %0.58


5 Yr10 Yr

375 funds320 funds

243 funds

Morningstar Rating

TM3W

4W4W

Morningstar Risk

+Avg+Avg

+AvgM


+Avg+Avg

3 Yr5 Yr

10 Yr


3.373.12

Mean

4.783.82

4.21Sharpe Ratio

0.810.80

1.15

MPT Statistics


Alpha-0.48

—Beta

1.04—

R-Squared83.26

—

12-Month Yield


—

55

55

55

55

55

55

9898

9497

9697

9795

9798

9696

4k 10k

20k

40k

60k80k100k

Investment Style

Fixed-Income

Bond %

Grow

th of $10,000

Sterling Capital Total ReturnBond R617,524Category Average17,085Standard Index16,064

__

__

__

__

__

&_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

——

——

——

——

—10.22

10.8211.03

NAV/Price

11.707.98

6.736.14

-0.975.99

0.543.75

4.33-0.27

9.372.93

Total Return %

5.771.44

-1.111.93

1.050.03

-0.011.10

0.79-0.28

0.65-2.05

+/- Standard Index

5.771.44

-1.111.93

1.050.03

-0.011.10

0.79-0.28

0.65-2.05

+/- Category Index

——

——

——

——

——

17—

% Rank Cat

——

——

——

——

——

430421

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash0.54

2.782.24

US Stocks0.00

0.000.00

Non-US Stocks

0.000.00

0.00Bonds

97.7397.73

0.00Other/N

ot Clsfd1.73

1.730.00

Total100.00

102.242.24

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM—

——

P/C Ratio TTM—

——

P/B Ratio TTM—

——

Geo Avg Mkt Cap

$mil

——

—

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity

7.56Avg Eff Duration

5.39Avg W

td Coupon3.56

Avg Wtd Price

105.11

Credit Quality B

reakdown 03-31-2020

Bond %

AAA62.13

AA5.57

A17.73

BBB13.98

BB0.54

B0.00

Below B

0.05N

R0.00


Rel Std Index

Americas

——

Greater Europe—

—Greater Asia

——


ShareAm


e,79%

Turnover Ratio

Net Assets%

Y47 m

ilUnited States Treasury Bonds 2.5%

3.70

R27 m

ilFederal Hom

e Loan Mortgage Corpora

1.79

Y21 m

ilFnm

a Pass-Thru I 3.5%1.44

Y21 m

ilFnm

a Pass-Thru I 3.5%1.41

17 mil

Ford Credit Auto Owner Trust 3.19%

1.16

Y17 m

ilFederal Hom


1.09

Y15 m

ilFnm

a Pass-Thru I 3%1.01

Y15 m

ilFnm


Y15 m

ilFnm


Y14 m

ilFederal Hom


0.95

R14 m

ilCapital One M

ulti Asset Execution0.90

Y14 m

ilFederal Hom


0.9013 m

ilEnterprise Fleet Financing, LLC 3.

0.80

Y13 m

ilFederal N

ational Mortgage Associat

0.80

Y13 m

ilHertz Fleet Lease Funding Lp 2.7%

0.79

Sector Weightings


hCyclical

——

rBasic M

aterials—

—t

Consumer Cyclical

——

yFinancial Services

——

uReal Estate

——

jSensitive

——

iCom

munication Services

——

oEnergy

——

pIndustrials

——

aTechnology

——

kD

efensive—

—

sConsum

er Defensive—

—d

Healthcare—

—f

Utilities—

—

Operations

Family:

Sterling Capital FundsM

anager:M

ultipleTenure:

12.3 YearsObjective:

Growth and Incom

e

Base Currency:USD

Ticker:STRDX

ISIN:

US85918D6242M

inimum

Initial Purchase:$0


Incept:02-01-2018

Type:M

FTotal Assets:

$1,657.77 mil


ore information.

©2020 M
























ß®

Page 12 of 38

36

T. Rowe Price Instl Large

Cap Grow

th (USD

)M


TM

„09-18-2019

Overall M

orningstar RatingTM


Morningstar Cat

QQQQQ

S&P 500 TR USD

Russell 1000Grow

th TR USDUS Fund Large Grow

th1,222 US Fund Large Grow

th



2nd Qtr3rd Qtr

4th QtrTotal %

20184.96

6.766.82

-12.854.32

201914.68

3.00-1.11

10.0028.49

2020-13.87

——

—-0.52


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

7.8516.90

14.5115.34

10.69Std 03-31-2020

-3.49—

11.3013.89

9.88Total Return

7.8516.90

14.5115.34

10.69

+/- Std Index6.99

7.855.39

3.65—

+/- Cat Index-2.98

1.211.17

0.93—

% Rank Cat

3916

97

No. in Cat

13301222

1069801


7-day Yield 05-01-200.00

—30-day SEC Yield

——



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww

w.trow

eprice.com.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.55

12b1 Expense %N

AN



0.56


5 Yr10 Yr


801 funds

Morningstar Rating

TM4Q

5Q5Q

Morningstar Risk

AvgAvg

+AvgM


HighHigh

3 Yr5 Yr

10 Yr


16.2815.98

Mean

16.9014.51

15.34Sharpe Ratio

0.870.85

0.94

MPT Statistics


Morningstar US

Large Growth TRUSD

Alpha7.09

-0.88Beta

1.011.02

R-Squared90.72

97.41

12-Month Yield


44.04%

77

77

77

77

77

77

9999

9899

9999

9897

9998

9998

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000

T. Rowe Price Instl Large Cap

Growth


&*

*&

&(

&(

&&

)_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

14.1216.38

16.1218.88

27.2627.48

28.8929.24

36.9135.70

44.0543.82

NAV/Price

53.4016.29

-1.4017.55

44.448.72

10.082.85

37.824.32

28.49-0.52

Total Return %

26.941.23

-3.511.55

12.05-4.97

8.69-9.11

15.998.70

-2.998.77

+/- Standard Index

16.19-0.42

-4.042.30

10.95-4.33

4.41-4.22

7.615.83

-7.900.87

+/- Category Index

541

4425

366

752

37

80—

% Rank Cat

17961718

16831681

17121710

16811463

13631405

13601359

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash1.94

1.940.00

US Stocks91.33

91.330.00

Non-US Stocks

6.736.73

0.00Bonds

0.000.00

0.00Other/N

ot Clsfd0.00

0.000.00

Total100.00

100.000.00

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM26.4

1.341.17

P/C Ratio TTM16.4

1.261.07

P/B Ratio TTM5.0

1.671.14

Geo Avg Mkt Cap

$mil

1737361.37

1.16

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity

—Avg Eff Duration

—Avg W

td Coupon—

Avg Wtd Price

—

Credit Quality B

reakdown —

Bond %

AAA—

AA—

A—

BBB—

BB—

B—

Below B

—N

R—


Rel Std Index

Americas

93.10.94

Greater Europe1.5

1.31Greater Asia

5.4112.15


ShareAm


e,27%

Turnover Ratio

Net Assets%

Y664,000

Amazon.com

Inc9.45

Y8 m

ilM

icrosoft Corp9.15

Y723,180

Alphabet Inc A6.13

Y5 m

ilFacebook Inc A

6.11

Y4 m

ilVisa Inc Class A

5.08

Y2 m

ilApple Inc

3.49

T3 m

ilGlobal Paym

ents Inc2.80

T2 m

ilCigna Corp

2.73

Y2 m

ilAlibaba Group Holding Ltd ADR

2.61

T886,174

Netflix Inc

2.43

Y285,834

Alphabet Inc Class C2.43

Y6 m

ilTencent Holdings Ltd ADR

2.28

T1 m

ilIntuit Inc

2.24

T2 m

ilStryker Corp

2.20

T1 m

ilUnitedHealth Group Inc

2.15

Sector Weightings


hCyclical

27.10.94

rBasic M

aterials0.5

0.23t

Consumer Cyclical

18.01.75

yFinancial Services

7.90.58

uReal Estate

0.80.27

jSensitive

53.11.19

iCom

munication Services

22.52.08

oEnergy

0.30.11

pIndustrials

5.00.60

aTechnology

25.31.13

kD

efensive19.7

0.74

sConsum

er Defensive1.7

0.22d

Healthcare16.0

1.03f

Utilities2.1

0.63

Operations

Family:

T. Rowe Price

Manager:

Taymour Tam

addonTenure:

3.3 YearsObjective:

Growth

Base Currency:USD

Ticker:TRLGX

ISIN:

US45775L4086M

inimum

Initial Purchase:$1 m

il


Incept:10-31-2001

Type:M

FTotal Assets:

$15,400.46 mil


©2020 M
























ß®

Page 13 of 38

37

Vanguard FTSE Social IndexA

dmiral (U

SD)

Morningstar A

nalyst RatingTM

„04-24-2020

Overall M

orningstar RatingTM


Morningstar Cat

WWWWW

S&P 500 TR USD

Russell 1000 TRUSD

US Fund Large Blend1,199 US Fund Large Blend



2nd Qtr3rd Qtr

4th QtrTotal %

2018-0.75

4.027.66

-13.09-3.40

201913.77

4.551.87

10.5333.93

2020-19.95

——

—-9.18


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

2.48—

——

9.87Std 03-31-2020

-5.77—

——

-0.93Total Return

2.4810.44

9.8112.28

9.87

+/- Std Index1.62

1.400.69

0.59—

+/- Cat Index2.40

1.761.08

0.72—

% Rank Cat

114

33

No. in Cat

13311199

1022779


7-day Yield—


1.951.95



derived from a w


orningstar metrics.






ed, may be w



ance may be low



month-end, please call 800-523-1188 or visit w

ww

.vanguard.com.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.13

12b1 Expense %N

AN



0.14


5 Yr10 Yr


779 funds

Morningstar Rating

TM5W

5W5W

Morningstar Risk

AvgAvg

AvgM


HighHigh

3 Yr5 Yr

10 Yr


15.1514.37

Mean

10.449.81

12.28Sharpe Ratio

0.570.62

0.84

MPT Statistics


Alpha1.19

—Beta

1.02—

R-Squared99.53

—

12-Month Yield


—

77

44

44

44

44

47

100100

10099

10099

100100

100100

10099

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000

Vanguard FTSE Social IndexAdm

iral46,958Category Average33,646Standard Index40,914

__

__

__

__

__

__

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

——

——

——

——

——

30.4227.49

NAV/Price

35.2414.55

-0.5417.82

37.0715.82

1.2510.31

24.16-3.40

33.93-9.18

Total Return %

8.77-0.51

-2.651.82

4.682.14

-0.14-1.65

2.330.98

2.440.11

+/- Standard Index

6.81-1.54

-2.041.40

3.952.59

0.33-1.74

2.471.38

2.500.50

+/- Category Index

——

——

——

——

——

——

% Rank Cat

——

——

——

——

——

—1376

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash0.54

0.540.00

US Stocks97.37

97.370.00

Non-US Stocks

2.092.09

0.00Bonds

0.000.00

0.00Other/N

ot Clsfd0.00

0.000.00

Total100.00

100.000.00

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM18.5

0.941.13

P/C Ratio TTM13.0

1.001.26

P/B Ratio TTM3.0

1.011.12

Geo Avg Mkt Cap

$mil

1115560.88

0.76

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity

—Avg Eff Duration

—Avg W

td Coupon—

Avg Wtd Price

—

Credit Quality B

reakdown —

Bond %

AAA—

AA—

A—

BBB—

BB—

B—

Below B

—N

R—


Rel Std Index

Americas

98.10.99

Greater Europe1.5

1.37Greater Asia

0.47.96


ShareAm


e,11%

Turnover Ratio

Net Assets%

Y3 m

ilM

icrosoft Corp6.44

Y1 m

ilApple Inc

5.66

R144,110

Amazon.com

Inc4.40

Y823,577

Facebook Inc A2.15

Y103,336

Alphabet Inc Class C1.88

Y103,191

Alphabet Inc A1.88

Y1 m

ilJPM

organ Chase & Co

1.52

Y590,388

Visa Inc Class A1.49

Y838,147

Procter & Gam

ble Co1.44

Y325,763

UnitedHealth Group Inc1.27

Y1 m

ilIntel Corp

1.25

R1 m

ilVerizon Com

munications Inc

1.20

Y305,562

Mastercard Inc A

1.16

R3 m

ilAT&

T Inc1.15

Y375,786

The Home Depot Inc

1.10

Sector Weightings


hCyclical

30.91.07

rBasic M

aterials2.1

1.01t

Consumer Cyclical

11.31.10

yFinancial Services

13.91.02

uReal Estate

3.61.24

jSensitive

44.10.99

iCom

munication Services

12.81.18

oEnergy

0.00.00

pIndustrials

5.00.59

aTechnology

26.31.18

kD

efensive25.0

0.94

sConsum

er Defensive7.3

0.94d

Healthcare16.7

1.08f

Utilities1.0

0.31

Operations

Family:

VanguardM

anager:M

ultipleTenure:

4.4 YearsObjective:

Growth

Base Currency:USD

Ticker:VFTAX

ISIN:

US9219107177M

inimum

Initial Purchase:$3,000


Incept:02-07-2019

Type:M

FTotal Assets:

$6,369.06 mil


ore information.

©2020 M
























ß®

Page 14 of 38

38

Vanguard Target Retirement

2015 Inv (USD

)M


TM

„03-13-2020

Overall M

orningstar RatingTM


Morningstar Cat

QQQQQ

Morningstar M

odTgt Risk TR USD

Morningstar

Lifetime M

od 2015TR USD

US Fund Target-Date2015

100 US Fund Target-Date2015



2nd Qtr3rd Qtr

4th QtrTotal %

2018-0.52

0.521.76

-4.65-2.97

20196.49

3.051.38

3.2014.81

2020-7.44

——

—-2.83


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

3.364.95

4.396.41

5.94Std 03-31-2020

-0.22—

3.556.03

5.66Total Return

3.364.95

4.396.41

5.94

+/- Std Index3.65

0.31-0.20

-0.04—

+/- Cat Index0.23

-0.15-0.02

0.14—

% Rank Cat

2024

1221

No. in Cat

129100

7647


7-day Yield—


2.252.25



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww

.vanguard.com.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.00

12b1 Expense %N

AN



0.13


5 Yr10 Yr

100 funds76 funds

47 funds

Morningstar Rating

TM4Q

5Q5Q

Morningstar Risk

-Avg-Avg

-AvgM


High+Avg

3 Yr5 Yr

10 Yr


6.267.02

Mean

4.954.39

6.41Sharpe Ratio

0.500.53

0.83

MPT Statistics

Standard IndexBest Fit IndexM

orningstarLifetim

e Mod 2020TR USD

Alpha1.16

0.35Beta

0.660.79

R-Squared97.17

99.52

12-Month Yield


24.62%

44

44

44

44

44

44

3639

4142

4447

5053

5560

6161

4k 10k

20k

40k

60k80k100k

Investment Style

Fixed-Income

Bond %

Grow

th of $10,000


2015 Inv23,732Category Average21,502Standard Index22,068

)*

&*

&&

&(

*&

(_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

11.3112.42

12.3013.38

14.7715.29

14.2314.51

15.3313.86

15.1814.75

NAV/Price

21.3012.47

1.7111.37

13.006.56

-0.466.16

11.50-2.97

14.81-2.83

Total Return %

-0.470.14

1.12-0.68

-1.311.67

1.33-2.41

-3.151.78

-4.224.38

+/- Standard Index

0.08-0.42

-1.19-0.13

2.501.01

1.26-0.94

0.110.56

-1.480.59

+/- Category Index

7634

1934

213

1156

4420

69—

% Rank Cat

153149

157154

178182

158131

122142

128129

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash2.70

2.700.00

US Stocks21.28

21.280.00

Non-US Stocks

14.3914.39

0.00Bonds

61.3361.55

0.22Other/N

ot Clsfd0.29

0.290.00

Total100.00

100.220.22

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM15.1

0.981.07

P/C Ratio TTM9.3

1.001.11

P/B Ratio TTM1.8

1.041.05

Geo Avg Mkt Cap

$mil

424971.33

1.00

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity


5.94Avg W

td Coupon2.29

Avg Wtd Price

108.63

Credit Quality B

reakdown 03-31-2020

Bond %

AAA62.92

AA8.16

A12.32

BBB16.60

BB0.00

B0.00

Below B

0.00N

R0.00


Rel Std Index

Americas

63.11.04

Greater Europe18.0

0.96Greater Asia

18.80.91


ShareAm

ountHoldings :9,532 Total Stocks , 16,003 Total Fixed-Incom

e,10%

Turnover Ratio

Net Assets%

Y435 m

ilVanguard Total Bond M

arket II Idx35.06

T48 m

ilVanguard Total Stock M

kt Idx Inv21.65

Y185 m

ilVanguard Total Intl Bd Idx Investor

14.98

T151 m

ilVanguard Total Intl Stock Index Inv

14.54

Y78 m

ilVanguard Shrt-Term

Infl-Prot Sec I13.67

Sector Weightings


hCyclical

33.90.91

rBasic M

aterials4.3

0.90t

Consumer Cyclical

10.21.06

yFinancial Services

15.50.99

uReal Estate

4.00.54

jSensitive

40.31.10

iCom

munication Services

9.21.27

oEnergy

3.50.82

pIndustrials

10.40.95

aTechnology

17.21.21

kD

efensive25.8

0.99

sConsum

er Defensive8.5

0.97d

Healthcare13.7

1.06f

Utilities3.5

0.84

Operations

Family:

VanguardM

anager:M

ultipleTenure:

7.3 YearsObjective:

Asset Allocation

Base Currency:USD

Ticker:VTXVX

ISIN:

US92202E3009M

inimum



Incept:10-27-2003

Type:M

FTotal Assets:

$13,959.87 mil


©2020 M
























ß®

Page 15 of 38

39


2020 Inv (USD

)M


TM

„03-13-2020

Overall M

orningstar RatingTM


Morningstar Cat

QQQQQ

Morningstar M

odTgt Risk TR USD

Morningstar

Lifetime M

od 2020TR USD





2nd Qtr3rd Qtr

4th QtrTotal %

2018-0.54

0.612.36

-6.50-4.24

20197.82

3.211.19

4.4617.63

2020-10.76

——

—-5.13


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

1.625.01

4.656.90

5.91Std 03-31-2020

-2.64—

3.586.39

5.48Total Return

1.625.01

4.656.90

5.91

+/- Std Index1.92

0.380.06

0.46—

+/- Cat Index-1.09

-0.280.01

0.19—

% Rank Cat

3219

1010

No. in Cat

233199

15695


7-day Yield—


2.362.36



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww

.vanguard.com.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.00

12b1 Expense %N

AN



0.13


5 Yr10 Yr

199 funds156 funds

95 funds

Morningstar Rating

TM4Q

4Q5Q

Morningstar Risk

AvgAvg

AvgM


+AvgHigh

3 Yr5 Yr

10 Yr


7.988.43

Mean

5.014.65

6.90Sharpe Ratio

0.410.47

0.76

MPT Statistics


orningstarLifetim

e Mod 2025TR USD

Alpha0.67

-0.01Beta

0.870.90

R-Squared99.20

99.60

12-Month Yield


24.86%

44

44

44

44

44

44

6766

6163

6259

5856

5451

5050

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000



(*

**

&&

&*

&*

*_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

19.9622.10

21.6923.83

27.1128.46

27.1528.26

31.3828.63

32.5330.86

NAV/Price

23.1013.12

0.6012.35

15.857.11

-0.686.95

14.08-4.24

17.63-5.13

Total Return %

1.320.79

0.010.31

1.542.22

1.11-1.62

-0.580.52

-1.392.08

+/- Standard Index

-1.03-0.89

-1.14-0.18

2.871.24

1.20-0.71

1.29-0.08

-0.10-0.90

+/- Category Index

6635

3236

181

2329

1742

28—

% Rank Cat

212203

205208

222228

237221

234250

233234

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash2.25

2.250.00

US Stocks29.55

29.550.00

Non-US Stocks

20.0820.08

0.00Bonds

47.8748.05

0.19Other/N

ot Clsfd0.25

0.250.00

Total100.00

100.190.19

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM15.1

0.981.01

P/C Ratio TTM9.3

1.001.00

P/B Ratio TTM1.8

1.040.98

Geo Avg Mkt Cap

$mil

424371.33

0.88

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity


6.20Avg W

td Coupon2.43

Avg Wtd Price

108.38

Credit Quality B

reakdown 03-31-2020

Bond %

AAA60.13

AA8.76

A13.25

BBB17.86

BB0.00

B0.00

Below B

0.00N

R0.00


Rel Std Index

Americas

63.01.04

Greater Europe18.1

0.96Greater Asia

18.90.91


ShareAm


e,13%

Turnover Ratio

Net Assets%

T137 m


kt Idx Inv30.06

Y752 m


arket II Idx29.55

T432 m


20.29

Y318 m


12.52

Y88 m


Infl-Prot Sec I7.47

Sector Weightings


hCyclical

33.90.91

rBasic M

aterials4.3

0.90t

Consumer Cyclical

10.21.06

yFinancial Services

15.50.99

uReal Estate

4.00.54

jSensitive

40.31.10

iCom

munication Services

9.21.27

oEnergy

3.50.82

pIndustrials

10.40.95

aTechnology

17.21.21

kD

efensive25.8

0.99

sConsum

er Defensive8.5

0.97d

Healthcare13.7

1.06f

Utilities3.5

0.84

Operations

Family:

VanguardM

anager:M

ultipleTenure:

7.3 YearsObjective:

Asset Allocation

Base Currency:USD

Ticker:VTW

NX

ISIN:

US92202E8057M

inimum



Incept:06-07-2006

Type:M

FTotal Assets:

$28,656.94 mil


©2020 M
























ß®

Page 16 of 38

40


2025 Inv (USD

)M


TM

„03-13-2020

Overall M

orningstar RatingTM


Morningstar Cat

QQQQQ

Morningstar M

odTgt Risk TR USD

Morningstar

Lifetime M

od 2025TR USD





2nd Qtr3rd Qtr

4th QtrTotal %

2018-0.59

0.652.76

-7.74-5.15

20198.82

3.351.10

5.2219.63

2020-12.95

——

—-6.60


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

0.505.09

4.847.26

6.39Std 03-31-2020

-4.31—

3.606.65

5.97Total Return

0.505.09

4.847.26

6.39

+/- Std Index0.80

0.450.24

0.82—

+/- Cat Index-1.07

-0.240.03

0.10—

% Rank Cat

3223

1212

No. in Cat

235200

16288


7-day Yield—


2.442.44



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww

.vanguard.com.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.00

12b1 Expense %N

AN



0.13


5 Yr10 Yr

200 funds162 funds

88 funds

Morningstar Rating

TM4Q

4Q5Q

Morningstar Risk

AvgAvg

AvgM


+Avg+Avg

3 Yr5 Yr

10 Yr


9.239.60

Mean

5.094.84

7.26Sharpe Ratio

0.370.43

0.72

MPT Statistics


orningstarLifetim

e Mod 2030TR USD

Alpha0.39

0.23Beta

1.020.91

R-Squared99.51

99.70

12-Month Yield


27.33%

44

44

44

44

44

44

7573

6870

6967

6664

6261

6059

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000



)*

&*

&&

&&

&*

&_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

11.3212.62

12.2713.59

15.7516.53

15.6216.35

18.5017.01

19.8418.53

NAV/Price

24.8113.84

-0.3713.29

18.147.17

-0.857.48

15.94-5.15

19.63-6.60

Total Return %

3.041.50

-0.961.25

3.832.28

0.94-1.09

1.28-0.39

0.600.61

+/- Standard Index

-2.36-1.32

-0.61-0.37

1.871.13

1.21-0.91

1.40-0.25

0.26-0.94

+/- Category Index

7837

1643

244

2423

2142

22—

% Rank Cat

127131

145154

181185

206195

208226

232236

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash1.74

1.740.00

US Stocks35.41

35.410.00

Non-US Stocks

24.0824.08

0.00Bonds

38.5338.70

0.18Other/N

ot Clsfd0.24

0.240.00

Total100.00

100.180.18

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM15.1

0.981.00

P/C Ratio TTM9.3

1.000.99

P/B Ratio TTM1.8

1.040.99

Geo Avg Mkt Cap

$mil

424281.33

0.95

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity


6.81Avg W

td Coupon2.75

Avg Wtd Price

107.77

Credit Quality B

reakdown 03-31-2020

Bond %

AAA53.46

AA10.22

A15.47

BBB20.85

BB0.00

B0.00

Below B

0.00N

R0.00


Rel Std Index

Americas

63.01.04

Greater Europe18.1

0.96Greater Asia

18.90.91


ShareAm


e,11%

Turnover Ratio

Net Assets%

T228 m


kt Idx Inv36.01

Y980 m


arket II Idx27.79

T718 m


24.33

Y413 m


11.75

Sector Weightings


hCyclical

33.90.91

rBasic M

aterials4.3

0.90t

Consumer Cyclical

10.21.06

yFinancial Services

15.50.99

uReal Estate

4.00.54

jSensitive

40.31.10

iCom

munication Services

9.21.27

oEnergy

3.50.82

pIndustrials

10.40.95

aTechnology

17.21.21

kD

efensive25.8

0.99

sConsum

er Defensive8.5

0.97d

Healthcare13.7

1.06f

Utilities3.5

0.84

Operations

Family:

VanguardM

anager:M

ultipleTenure:

7.3 YearsObjective:

Asset Allocation

Base Currency:USD

Ticker:VTTVX

ISIN:

US92202E4098M

inimum



Incept:10-27-2003

Type:M

FTotal Assets:

$39,700.62 mil


©2020 M
























ß®

Page 17 of 38

41


2030 Inv (USD

)M


TM

„03-13-2020

Overall M

orningstar RatingTM


Morningstar Cat

QQQQ

Morningstar M

odTgt Risk TR USD

Morningstar

Lifetime M

od 2030TR USD





2nd Qtr3rd Qtr

4th QtrTotal %

2018-0.56

0.783.09

-8.86-5.86

20199.54

3.410.89

5.9521.07

2020-14.76

——

—-7.90


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

-0.595.05

4.917.55

6.11Std 03-31-2020

-5.78—

3.566.87

5.55Total Return

-0.595.05

4.917.55

6.11

+/- Std Index-0.29

0.410.32

1.11—

+/- Cat Index-0.11

-0.060.08

0.05—

% Rank Cat

3224

1617

No. in Cat

244210

16797


7-day Yield—


2.492.49



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww

.vanguard.com.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.00

12b1 Expense %N

AN



0.14


5 Yr10 Yr

210 funds167 funds

97 funds

Morningstar Rating

TM4Q

4Q4Q

Morningstar Risk

AvgAvg

AvgM


+Avg+Avg

3 Yr5 Yr

10 Yr


10.2910.67

Mean

5.054.91

7.55Sharpe Ratio

0.340.41

0.68

MPT Statistics


orningstarLifetim

e Mod 2035TR USD

Alpha0.08

0.69Beta

1.140.88

R-Squared99.56

99.63

12-Month Yield


27.28%

44

44

44

44

44

44

8281

7578

7674

7371

7068

6867

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000



(*

&*

&&

**

**

*_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

19.3121.68

20.9223.38

27.6429.04

27.7229.20

33.6330.82

36.4533.57

NAV/Price

26.7214.43

-1.2714.24

20.497.17

-1.037.85

17.52-5.86

21.07-7.90

Total Return %

4.952.10

-1.862.20

6.182.28

0.76-0.72

2.87-1.10

2.05-0.69

+/- Standard Index

-2.89-1.60

-0.04-0.43

0.851.16

1.27-1.41

0.93-0.03

-0.17-0.01

+/- Category Index

7433

2238

255

3132

3437

32—

% Rank Cat

200200

205208

222228

237221

234239

241245

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash1.68

1.680.00

US Stocks39.81

39.810.00

Non-US Stocks

27.0727.07

0.00Bonds

31.2331.38

0.14Other/N

ot Clsfd0.20

0.200.00

Total100.00

100.140.14

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM15.1

0.981.01

P/C Ratio TTM9.3

1.001.01

P/B Ratio TTM1.8

1.040.99

Geo Avg Mkt Cap

$mil

424301.33

0.99

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity


6.81Avg W

td Coupon2.75

Avg Wtd Price

107.77

Credit Quality B

reakdown 03-31-2020

Bond %

AAA53.48

AA10.21

A15.46

BBB20.85

BB0.00

B0.00

Below B

0.00N

R0.00


Rel Std Index

Americas

63.01.04

Greater Europe18.1

0.96Greater Asia

18.90.91


ShareAm


e,8%

Turnover Ratio

Net Assets%

T229 m


kt Idx Inv40.49

T719 m


27.35

Y708 m


arket II Idx22.53

Y298 m


9.51

Sector Weightings


hCyclical

33.90.91

rBasic M

aterials4.3

0.90t

Consumer Cyclical

10.21.06

yFinancial Services

15.50.99

uReal Estate

4.00.54

jSensitive

40.31.10

iCom

munication Services

9.21.27

oEnergy

3.50.82

pIndustrials

10.40.95

aTechnology

17.21.21

kD

efensive25.8

0.99

sConsum

er Defensive8.5

0.97d

Healthcare13.7

1.06f

Utilities3.5

0.84

Operations

Family:

VanguardM

anager:M

ultipleTenure:

7.3 YearsObjective:

Asset Allocation

Base Currency:USD

Ticker:VTHRX

ISIN:

US92202E8883M

inimum



Incept:06-07-2006

Type:M

FTotal Assets:

$35,345.08 mil


©2020 M
























ß®

Page 18 of 38

42


2035 Inv (USD

)M


TM

„03-13-2020

Overall M

orningstar RatingTM


Morningstar Cat

QQQQ

Morningstar M

odTgt Risk TR USD

Morningstar

Lifetime M

od 2035TR USD





2nd Qtr3rd Qtr

4th QtrTotal %

2018-0.58

0.833.47

-9.93-6.58

201910.20

3.420.70

6.6822.44

2020-16.52

——

—-9.19


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

-1.764.97

4.977.83

6.84Std 03-31-2020

-7.25—

3.517.07

6.33Total Return

-1.764.97

4.977.83

6.84

+/- Std Index-1.46

0.330.37

1.38—

+/- Cat Index1.38

0.390.31

0.20—

% Rank Cat

3224

1914

No. in Cat

232197

15985


7-day Yield—


2.542.54



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww

.vanguard.com.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.00

12b1 Expense %N

AN



0.14


5 Yr10 Yr

197 funds159 funds

85 funds

Morningstar Rating

TM4Q

4Q4Q

Morningstar Risk

AvgAvg

AvgM


+Avg+Avg

3 Yr5 Yr

10 Yr


11.3611.75

Mean

4.974.97

7.83Sharpe Ratio

0.310.38

0.65

MPT Statistics


orningstarLifetim

e Mod 2035TR USD

Alpha-0.25

0.42Beta

1.260.97

R-Squared99.44

99.65

12-Month Yield


31.40%

44

44

44

44

44

44

8988

8285

8381

8179

7775

7574

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000



(*

&*

&&

**

**

*_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

11.6213.09

12.5114.09

16.9817.84

16.8417.74

20.6918.82

22.5220.45

NAV/Price

28.1715.14

-2.2415.16

22.827.24

-1.268.26

19.12-6.58

22.44-9.19

Total Return %

6.402.81

-2.833.12

8.522.35

0.53-0.31

4.46-1.82

3.41-1.98

+/- Standard Index

-2.90-1.39

0.04-0.20

0.791.44

1.32-1.80

0.600.24

-0.601.41

+/- Category Index

6426

1940

2310

3732

3532

42—

% Rank Cat

121125

139154

181185

205195

208221

229233

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash1.63

1.630.00

US Stocks44.22

44.220.00

Non-US Stocks

30.0530.05

0.00Bonds

23.9424.05

0.11Other/N

ot Clsfd0.17

0.170.00

Total100.00

100.110.11

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM15.1

0.981.01

P/C Ratio TTM9.3

1.001.01

P/B Ratio TTM1.8

1.041.00

Geo Avg Mkt Cap

$mil

424381.33

1.00

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity


6.81Avg W

td Coupon2.76

Avg Wtd Price

107.77

Credit Quality B

reakdown 03-31-2020

Bond %

AAA53.55

AA10.18

A15.44

BBB20.83

BB0.00

B0.00

Below B

0.00N

R0.00


Rel Std Index

Americas

63.01.04

Greater Europe18.1

0.96Greater Asia

18.90.91


ShareAm


e,7%

Turnover Ratio

Net Assets%

T239 m


kt Idx Inv44.97

T749 m


30.36

Y510 m


arket II Idx17.29

Y213 m


7.25

Sector Weightings


hCyclical

33.90.91

rBasic M

aterials4.3

0.90t

Consumer Cyclical

10.21.06

yFinancial Services

15.50.99

uReal Estate

4.00.54

jSensitive

40.31.10

iCom

munication Services

9.21.27

oEnergy

3.50.82

pIndustrials

10.40.95

aTechnology

17.21.21

kD

efensive25.8

0.99

sConsum

er Defensive8.5

0.97d

Healthcare13.7

1.06f

Utilities3.5

0.84

Operations

Family:

VanguardM

anager:M

ultipleTenure:

7.3 YearsObjective:

Asset Allocation

Base Currency:USD

Ticker:VTTHX

ISIN:

US92202E5087M

inimum



Incept:10-27-2003

Type:M

FTotal Assets:

$33,210.82 mil


©2020 M
























ß®

Page 19 of 38

43


2040 Inv (USD

)M


TM

„03-13-2020

Overall M

orningstar RatingTM


Morningstar Cat

QQQQ

Morningstar M

odTgt Risk TR USD

Morningstar

Lifetime M

od 2040TR USD





2nd Qtr3rd Qtr

4th QtrTotal %

2018-0.53

0.903.79

-11.03-7.32

201910.96

3.460.49

7.3823.86

2020-18.25

——

—-10.48


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

-2.914.88

4.988.01

6.32Std 03-31-2020

-8.74—

3.437.18

5.67Total Return

-2.914.88

4.988.01

6.32

+/- Std Index-2.61

0.250.39

1.56—

+/- Cat Index2.51

0.880.60

0.45—

% Rank Cat

2722

2015

No. in Cat

244210

16797


7-day Yield—


2.602.60



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww

.vanguard.com.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.00

12b1 Expense %N

AN



0.14


5 Yr10 Yr

210 funds167 funds

97 funds

Morningstar Rating

TM4Q

4Q4Q

Morningstar Risk

AvgAvg

AvgM


+Avg+Avg

3 Yr5 Yr

10 Yr


12.4212.43

Mean

4.884.98

8.01Sharpe Ratio

0.290.36

0.63

MPT Statistics


Morningstar M

odAgg Tgt Risk TR

USDAlpha

-0.560.52

Beta1.38

1.04R-Squared

99.2699.64

12-Month Yield


30.75%

44

44

44

44

44

44

8989

8489

8988

8886

8483

8282

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000



)*

&*

&&

**

&*

*_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

19.0521.50

20.5023.18

28.3229.76

28.4530.21

35.7732.31

39.1335.03

NAV/Price

28.3215.17

-2.5515.56

24.377.15

-1.598.73

20.71-7.32

23.86-10.48

Total Return %

6.552.84

-3.143.52

10.072.26

0.210.16

6.05-2.57

4.83-3.27

+/- Standard Index

-3.49-1.54

0.30-0.15

1.321.63

1.25-1.88

0.840.33

-0.492.38

+/- Category Index

7735

1931

1512

4327

2537

43—

% Rank Cat

193194

202204

218227

237221

234239

241245

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash1.59

1.590.00

US Stocks48.79

48.790.00

Non-US Stocks

32.8532.85

0.00Bonds

16.6416.71

0.08Other/N

ot Clsfd0.13

0.130.00

Total100.00

100.080.08

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM15.1

0.981.01

P/C Ratio TTM9.3

1.001.01

P/B Ratio TTM1.8

1.041.00

Geo Avg Mkt Cap

$mil

425541.33

1.04

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity


6.80Avg W

td Coupon2.76

Avg Wtd Price

—

Credit Quality B

reakdown 03-31-2020

Bond %

AAA53.68

AA10.12

A15.40

BBB20.81

BB0.00

B0.00

Below B

0.00N

R0.00


Rel Std Index

Americas

63.21.04

Greater Europe18.0

0.96Greater Asia

18.80.91


ShareAm


e,5%

Turnover Ratio

Net Assets%

T206 m


kt Idx Inv49.63

T641 m


33.18

Y278 m


arket II Idx12.04

Y115 m


4.99

Sector Weightings


hCyclical

33.90.91

rBasic M

aterials4.3

0.90t

Consumer Cyclical

10.21.06

yFinancial Services

15.50.99

uReal Estate

4.00.54

jSensitive

40.31.10

iCom

munication Services

9.21.28

oEnergy

3.50.82

pIndustrials

10.40.95

aTechnology

17.21.21

kD

efensive25.8

0.99

sConsum

er Defensive8.5

0.97d

Healthcare13.7

1.06f

Utilities3.5

0.84

Operations

Family:

VanguardM

anager:M

ultipleTenure:

7.3 YearsObjective:

Asset Allocation

Base Currency:USD

Ticker:VFORX

ISIN:

US92202E8701M

inimum



Incept:06-07-2006

Type:M

FTotal Assets:

$25,963.58 mil


©2020 M
























ß®

Page 20 of 38

44


2045 Inv (USD

)M


TM

„03-13-2020

Overall M

orningstar RatingTM


Morningstar Cat

QQQQ

Morningstar M

odTgt Risk TR USD

Morningstar

Lifetime M

od 2045TR USD





2nd Qtr3rd Qtr

4th QtrTotal %

2018-0.58

0.944.03

-11.78-7.90

201911.48

3.510.26

8.0024.94

2020-19.88

——

—-11.66


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

-4.024.64

4.917.97

7.12Std 03-31-2020

-10.21—

3.217.07

6.52Total Return

-4.024.64

4.917.97

7.12

+/- Std Index-3.72

0.000.32

1.53—

+/- Cat Index2.78

1.060.78

0.57—

% Rank Cat

3326

2115

No. in Cat

232197

15984


7-day Yield—


2.652.65



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww

.vanguard.com.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.00

12b1 Expense %N

AN



0.15


5 Yr10 Yr

197 funds159 funds

84 funds

Morningstar Rating

TM3Q

4Q4Q

Morningstar Risk

AvgAvg

AvgM


+Avg+Avg

3 Yr5 Yr

10 Yr


13.1412.80

Mean

4.644.91

7.97Sharpe Ratio

0.260.34

0.62

MPT Statistics


Morningstar M

odAgg Tgt Risk TR

USDAlpha

-0.980.17

Beta1.48

1.12R-Squared

99.1899.70

12-Month Yield


32.16%

44

44

44

44

44

44

8989

8489

8988

8988

8888

8989

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000



)*

&*

*&

**

**

*_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

12.0213.50

12.8714.55

17.7618.65

17.7818.89

22.5020.21

24.7021.82

NAV/Price

28.1515.19

-2.5115.58

24.377.16

-1.578.87

21.42-7.90

24.94-11.66

Total Return %

6.382.86

-3.113.54

10.062.27

0.220.30

6.77-3.14

5.91-4.45

+/- Standard Index

-4.17-1.57

0.67-0.26

1.301.91

1.45-1.97

0.890.27

-0.032.53

+/- Category Index

8340

1443

2612

4228

2643

43—

% Rank Cat

115125

139145

180185

206195

208221

229233

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash1.51

1.510.00

US Stocks53.09

53.090.00

Non-US Stocks

35.6635.66

0.00Bonds

9.659.70

0.04Other/N

ot Clsfd0.09

0.090.00

Total100.00

100.040.04

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM15.2

0.981.00

P/C Ratio TTM9.3

1.000.99

P/B Ratio TTM1.8

1.041.00

Geo Avg Mkt Cap

$mil

425791.33

0.97

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity


6.81Avg W

td Coupon2.76

Avg Wtd Price

—

Credit Quality B

reakdown 03-31-2020

Bond %

AAA53.59

AA10.16

A15.43

BBB20.82

BB0.00

B0.00

Below B

0.00N

R0.00


Rel Std Index

Americas

63.31.05

Greater Europe18.0

0.96Greater Asia

18.80.91


ShareAm


e,4%

Turnover Ratio

Net Assets%

T203 m


kt Idx Inv54.00

T631 m


36.02

Y146 m


arket II Idx6.94

Y61 m


2.90

Sector Weightings


hCyclical

33.90.91

rBasic M

aterials4.3

0.89t

Consumer Cyclical

10.21.06

yFinancial Services

15.50.99

uReal Estate

4.00.54

jSensitive

40.31.10

iCom

munication Services

9.21.28

oEnergy

3.50.82

pIndustrials

10.40.95

aTechnology

17.31.21

kD

efensive25.8

0.99

sConsum

er Defensive8.5

0.97d

Healthcare13.7

1.06f

Utilities3.5

0.84

Operations

Family:

VanguardM

anager:M

ultipleTenure:

7.3 YearsObjective:

Asset Allocation

Base Currency:USD

Ticker:VTIVX

ISIN:

US92202E6077M

inimum



Incept:10-27-2003

Type:M

FTotal Assets:

$23,598.66 mil


©2020 M
























ß®

Page 21 of 38

45


2050 Inv (USD

)M


TM

„03-13-2020

Overall M

orningstar RatingTM


Morningstar Cat

QQQQ

Morningstar M

odTgt Risk TR USD

Morningstar

Lifetime M

od 2050TR USD





2nd Qtr3rd Qtr

4th QtrTotal %

2018-0.55

0.944.02

-11.79-7.90

201911.50

3.470.29

8.0124.98

2020-19.86

——

—-11.64


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

-3.984.65

4.917.98

6.33Std 03-31-2020

-10.17—

3.237.07

5.62Total Return

-3.984.65

4.917.98

6.33

+/- Std Index-3.68

0.010.32

1.53—

+/- Cat Index3.38

1.300.95

0.71—

% Rank Cat

2223

2122

No. in Cat

244210

16778


7-day Yield—


2.652.65



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww

.vanguard.com.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.00

12b1 Expense %N

AN



0.15


5 Yr10 Yr

210 funds167 funds

78 funds

Morningstar Rating

TM4Q

4Q4Q

Morningstar Risk

AvgAvg

-AvgM


+Avg+Avg

3 Yr5 Yr

10 Yr


13.1412.79

Mean

4.654.91

7.98Sharpe Ratio

0.260.34

0.62

MPT Statistics


Morningstar M

odAgg Tgt Risk TR

USDAlpha

-0.970.18

Beta1.48

1.12R-Squared

99.1699.69

12-Month Yield


26.77%

44

44

44

44

44

44

8989

8489

8988

8988

8888

8988

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000



)*

&*

*&

**

**

*_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

19.1121.40

20.4123.09

28.1929.62

28.4930.39

36.2032.52

39.7735.14

NAV/Price

28.3115.20

-2.5415.58

24.347.18

-1.588.85

21.39-7.90

24.98-11.64

Total Return %

6.542.87

-3.133.54

10.042.29

0.220.28

6.73-3.14

5.96-4.43

+/- Standard Index

-4.44-1.58

0.93-0.35

1.512.18

1.62-2.04

0.610.51

-0.103.07

+/- Category Index

8937

1444

3016

4529

3837

47—

% Rank Cat

139150

168177

202212

226213

230239

241245

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash1.60

1.600.00

US Stocks52.87

52.870.00

Non-US Stocks

35.6135.61

0.00Bonds

9.829.86

0.04Other/N

ot Clsfd0.09

0.090.00

Total100.00

100.040.04

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM15.1

0.980.99

P/C Ratio TTM9.3

1.000.99

P/B Ratio TTM1.8

1.041.00

Geo Avg Mkt Cap

$mil

425461.33

1.06

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity


6.81Avg W

td Coupon2.75

Avg Wtd Price

—

Credit Quality B

reakdown 03-31-2020

Bond %

AAA53.49

AA10.20

A15.46

BBB20.85

BB0.00

B0.00

Below B

0.00N

R0.00


Rel Std Index

Americas

63.21.04

Greater Europe18.0

0.96Greater Asia

18.80.91


ShareAm


e,3%

Turnover Ratio

Net Assets%

T152 m


kt Idx Inv53.78

T473 m


35.97

Y111 m


arket II Idx7.04

Y47 m


2.97

Sector Weightings


hCyclical

33.90.91

rBasic M

aterials4.3

0.90t

Consumer Cyclical

10.21.06

yFinancial Services

15.50.99

uReal Estate

4.00.54

jSensitive

40.31.10

iCom

munication Services

9.21.28

oEnergy

3.50.82

pIndustrials

10.40.95

aTechnology

17.21.21

kD

efensive25.8

0.99

sConsum

er Defensive8.5

0.97d

Healthcare13.7

1.06f

Utilities3.5

0.84

Operations

Family:

VanguardM

anager:M

ultipleTenure:

7.3 YearsObjective:

Asset Allocation

Base Currency:USD

Ticker:VFIFX

ISIN:

US92202E8628M

inimum



Incept:06-07-2006

Type:M

FTotal Assets:

$17,703.99 mil


©2020 M
























ß®

Page 22 of 38

46


2055 Inv (USD

)M


TM

„03-13-2020

Overall M

orningstar RatingTM


Morningstar Cat

QQQQ

Morningstar M

odTgt Risk TR USD

Morningstar

Lifetime M

od 2055TR USD





2nd Qtr3rd Qtr

4th QtrTotal %

2018-0.56

0.953.99

-11.76-7.89

201911.50

3.480.27

8.0224.98

2020-19.89

——

—-11.69


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

-4.024.64

4.87—

8.90Std 03-31-2020

-10.21—

3.19—

7.88Total Return

-4.024.64

4.87—

8.90

+/- Std Index-3.72

0.010.28

——

+/- Cat Index3.58

1.411.02

——

% Rank Cat

2224

22—

No. in Cat

232195

152—


7-day Yield—


2.652.65



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww

.vanguard.com.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.00

12b1 Expense %N

AN



0.15


5 Yr10 Yr

195 funds152 funds

31 funds

Morningstar Rating

TM4Q

4Q—

Morningstar Risk

Avg-Avg

—M


+Avg—

3 Yr5 Yr

10 Yr


13.13—

Mean

4.644.87

—Sharpe Ratio

0.260.34

—

MPT Statistics


Morningstar M

odAgg Tgt Risk TR

USDAlpha

-0.980.18

Beta1.48

1.12R-Squared

99.1999.71

12-Month Yield


17.42%

04

44

44

44

44

44

—88

8489

8988

8988

8888

8988

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000



__

&*

*&

(*

**

(_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

—22.78

21.8624.80

30.3531.98

30.8332.91

39.2335.30

43.1938.14

NAV/Price

——

-2.2715.58

24.337.19

-1.728.88

21.38-7.89

24.98-11.69

Total Return %

——

-2.863.54

10.022.31

0.070.31

6.72-3.13

5.95-4.48

+/- Standard Index

——

1.48-0.42

1.842.45

1.62-2.03

0.430.68

-0.073.21

+/- Category Index

——

948

3616

5327

4837

51—

% Rank Cat

——

235102

130156

238193

206221

229233

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash1.75

1.750.00

US Stocks52.73

52.730.00

Non-US Stocks

35.6235.62

0.00Bonds

9.829.86

0.04Other/N

ot Clsfd0.09

0.090.00

Total100.00

100.040.04

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM15.1

0.980.98

P/C Ratio TTM9.3

1.000.98

P/B Ratio TTM1.8

1.040.97

Geo Avg Mkt Cap

$mil

425121.33

0.94

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity


6.81Avg W

td Coupon2.76

Avg Wtd Price

—

Credit Quality B

reakdown 03-31-2020

Bond %

AAA53.61

AA10.15

A15.42

BBB20.82

BB0.00

B0.00

Below B

0.00N

R0.00


Rel Std Index

Americas

63.21.04

Greater Europe18.0

0.96Greater Asia

18.80.91


ShareAm


e,3%

Turnover Ratio

Net Assets%

T82 m


kt Idx Inv53.63

T257 m


35.98

Y60 m


arket II Idx7.07

Y25 m


2.95

Sector Weightings


hCyclical

33.90.91

rBasic M

aterials4.3

0.90t

Consumer Cyclical

10.21.06

yFinancial Services

15.50.99

uReal Estate

4.00.54

jSensitive

40.31.10

iCom

munication Services

9.21.28

oEnergy

3.50.82

pIndustrials

10.40.95

aTechnology

17.21.21

kD

efensive25.8

0.99

sConsum

er Defensive8.5

0.97d

Healthcare13.7

1.06f

Utilities3.5

0.84

Operations

Family:

VanguardM

anager:M

ultipleTenure:

7.3 YearsObjective:

Asset Allocation

Base Currency:USD

Ticker:VFFVX

ISIN:

US92202E8479M

inimum



Incept:08-18-2010

Type:M

FTotal Assets:

$9,615.21 mil


©2020 M
























ß®

Page 23 of 38

47


2060 Inv (USD

)M


TM

„03-13-2020

Overall M

orningstar RatingTM


Morningstar Cat

QQQQ

Morningstar M

odTgt Risk TR USD

Morningstar

Lifetime M

od 2060TR USD

US Fund Target-Date2060+

151 US Fund Target-Date2060+



2nd Qtr3rd Qtr

4th QtrTotal %

2018-0.52

0.934.00

-11.77-7.87

201911.48

3.480.28

8.0224.96

2020-19.86

——

—-11.69


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

-4.024.63

4.87—

8.38Std 03-31-2020

-10.18—

3.20—

7.19Total Return

-4.024.63

4.87—

8.38

+/- Std Index-3.73

-0.010.27

——

+/- Cat Index3.75

1.511.13

——

% Rank Cat

2131

46—

No. in Cat

228151

54—


7-day Yield—


2.652.65



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww

.vanguard.com.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.00

12b1 Expense %N

AN



0.15


5 Yr10 Yr

151 funds54 funds

—

Morningstar Rating

TM4Q

4Q—

Morningstar Risk

-Avg-Avg

—M


Avg—

3 Yr5 Yr

10 Yr


13.14—

Mean

4.634.87

—Sharpe Ratio

0.260.34

—

MPT Statistics


Morningstar M

odAgg Tgt Risk TR

USDAlpha

-0.990.17

Beta1.48

1.11R-Squared

99.1699.69

12-Month Yield


14.65%

00

04

44

44

44

44

——

—89

8888

8988

8888

8988

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000



__

__

&&

(&

(*

(_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

——

—21.81

26.7528.20

27.2129.04

34.6331.18

38.1633.70

NAV/Price

——

——

24.357.16

-1.688.84

21.36-7.87

24.96-11.69

Total Return %

——

——

10.042.27

0.110.27

6.70-3.11

5.93-4.48

+/- Standard Index

——

——

2.172.63

1.80-2.03

0.300.82

0.003.35

+/- Category Index

——

——

11

7121

5334

66—

% Rank Cat

——

——

19

43106

160201

216263

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash1.84

1.840.00

US Stocks52.42

52.420.00

Non-US Stocks

35.8435.84

0.00Bonds

9.829.86

0.04Other/N

ot Clsfd0.09

0.090.00

Total100.00

100.040.04

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM15.1

0.980.98

P/C Ratio TTM9.3

1.000.98

P/B Ratio TTM1.8

1.040.97

Geo Avg Mkt Cap

$mil

423651.33

1.00

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity


6.82Avg W

td Coupon2.75

Avg Wtd Price

—

Credit Quality B

reakdown 03-31-2020

Bond %

AAA53.35

AA10.27

A15.50

BBB20.88

BB0.00

B0.00

Below B

0.00N

R0.00


Rel Std Index

Americas

62.91.04

Greater Europe18.2

0.97Greater Asia

19.00.92


ShareAm


e,2%

Turnover Ratio

Net Assets%

T37 m


kt Idx Inv53.31

T117 m


36.21

Y27 m


arket II Idx7.01

Y12 m


3.00

Sector Weightings


hCyclical

33.90.91

rBasic M

aterials4.3

0.90t

Consumer Cyclical

10.21.06

yFinancial Services

15.50.99

uReal Estate

4.00.54

jSensitive

40.31.10

iCom

munication Services

9.21.27

oEnergy

3.50.82

pIndustrials

10.40.95

aTechnology

17.21.21

kD

efensive25.8

0.99

sConsum

er Defensive8.5

0.97d

Healthcare13.7

1.06f

Utilities3.5

0.84

Operations

Family:

VanguardM

anager:M

ultipleTenure:

7.3 YearsObjective:

Asset Allocation

Base Currency:USD

Ticker:VTTSX

ISIN:

US92202E8396M

inimum



Incept:01-19-2012

Type:M

FTotal Assets:

$4,352.27 mil


©2020 M
























ß®

Page 24 of 38

48


Income Inv (U

SD)

Morningstar A

nalyst RatingTM

„03-13-2020

Overall M

orningstar RatingTM


Morningstar Cat

QQQQQ

Morningstar M

odTgt Risk TR USD

Morningstar

Lifetime M

od IncmTR USD

US Fund Target-DateRetirem

ent157 US Fund Target-DateRetirem

ent



2nd Qtr3rd Qtr

4th QtrTotal %

2018-0.50

0.431.33

-3.20-1.99

20195.50

2.971.52

2.6013.16

2020-5.91

——

—-1.84


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

4.124.56

3.955.22

5.14Std 03-31-2020

0.91—

3.174.92

4.90Total Return

4.124.56

3.955.22

5.14

+/- Std Index4.41

-0.08-0.64

-1.23—

+/- Cat Index2.08

0.480.38

0.25—

% Rank Cat

2019

1417

No. in Cat

186157

13690


7-day Yield—


2.212.21



derived from a w


orningstar metrics.






ed, may be w



ance may be low




ww

.vanguard.com.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.00

12b1 Expense %N

AN



0.12


5 Yr10 Yr

157 funds136 funds

90 funds

Morningstar Rating

TM5Q

5Q5Q

Morningstar Risk

-Avg-Avg

-AvgM


High+Avg

3 Yr5 Yr

10 Yr


4.884.58

Mean

4.563.95

5.22Sharpe Ratio

0.530.58

1.00

MPT Statistics


orningstarLifetim

e Mod 2015TR USD

Alpha1.14

0.36Beta

0.530.71

R-Squared93.86

98.56

12-Month Yield


16.12%

44

77

44

44

44

44

6162

6261

6666

6868

6769

6767

4k 10k

20k

40k

60k80k100k

Investment Style

Fixed-Income

Bond %

Grow

th of $10,000


Income Inv


)*

&(

(&

&*

(&

*_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

10.5911.28

11.5312.19

12.5012.91

12.4512.81

13.5512.75

14.0513.74

NAV/Price

14.289.39

5.258.23

5.875.54

-0.175.25

8.47-1.99

13.16-1.84

Total Return %

-7.50-2.94

4.66-3.82

-8.440.65

1.62-3.32

-6.182.77

-5.875.37

+/- Standard Index

-1.23-0.63

1.12-0.56

-0.581.45

1.12-0.73

-0.070.21

-0.111.48

+/- Category Index

8042

967

5619

741

6221

49—

% Rank Cat

134162

260281

293272

172171

175187

183187

No. of Funds in Cat


Asset A

llocation %N

et %Long %

Short %

Cash2.89

2.890.00

US Stocks17.60

17.600.00

Non-US Stocks

12.2912.29

0.00Bonds

66.9167.14

0.24Other/N

ot Clsfd0.31

0.310.00

Total100.00

100.240.24

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM15.1

0.981.00

P/C Ratio TTM9.3

0.990.99

P/B Ratio TTM1.8

1.031.00

Geo Avg Mkt Cap

$mil

421091.32

1.04

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity


5.84Avg W

td Coupon2.24

Avg Wtd Price

108.75

Credit Quality B

reakdown 03-31-2020

Bond %

AAA64.19

AA7.82

A11.91

BBB16.09

BB0.00

B0.00

Below B

0.00N

R0.00


Rel Std Index

Americas

62.41.03

Greater Europe18.4

0.98Greater Asia

19.20.93


ShareAm


e,10%

Turnover Ratio

Net Assets%

Y525 m


arket II Idx37.55

T45 m


kt Idx Inv17.90

Y106 m


Infl-Prot Sec I16.51

Y217 m


15.55

T145 m


12.42

Sector Weightings


hCyclical

34.00.91

rBasic M

aterials4.3

0.90t

Consumer Cyclical

10.21.06

yFinancial Services

15.50.99

uReal Estate

4.00.54

jSensitive

40.21.10

iCom

munication Services

9.21.27

oEnergy

3.50.83

pIndustrials

10.40.96

aTechnology

17.11.20

kD

efensive25.8

0.99

sConsum

er Defensive8.5

0.97d

Healthcare13.7

1.06f

Utilities3.5

0.84

Operations

Family:

VanguardM

anager:M

ultipleTenure:

7.3 YearsObjective:

Asset Allocation

Base Currency:USD

Ticker:VTIN

XISIN

:US92202E1029

Minim


$1,000


Incept:10-27-2003

Type:M

FTotal Assets:

$15,737.06 mil


©2020 M
























ß®

Page 25 of 38

49

Wells Fargo Special M

idCap Value R6 (U

SD)

Morningstar Q

uantitativeRating

TM

´Q

03-31-2020

Overall M

orningstar RatingTM


Morningstar Cat

QQQQ

S&P 500 TR USD

Russell Mid Cap

Value TR USDUS Fund M

id-CapValue

374 US Fund Mid-Cap Value



2nd Qtr3rd Qtr

4th QtrTotal %

2018-2.69

0.513.09

-13.74-13.02

201916.05

5.412.62

8.0935.68

2020-31.71

——

—-23.00


3 Yr5 Yr

10 YrIncept

Load-adj Mthly

-13.64-0.49

3.00—

7.06Std 03-31-2020

-20.16—

0.47—

5.26Total Return

-13.64-0.49

3.009.06

7.06

+/- Std Index-14.50

-9.53-6.12

-2.63—

+/- Cat Index3.11

1.531.01

0.97—

% Rank Cat

1815

166

No. in Cat

408374

331229


7-day Yield—

—30-day SEC Yield

——



derived from a w


orningstar metrics.






ed, may be w



ance may be low




https://ww

w.w

ellsfargofunds.com/.


Front-End Load %N

AD

eferred Load %N

A

Fund Expenses

Managem

ent Fees %0.67

12b1 Expense %0.00

Net Expense Ratio %

0.72G

ross Expense Ratio %0.72


5 Yr10 Yr

374 funds331 funds

229 funds

Morningstar Rating

TM4Q

4Q5W

Morningstar Risk

AvgAvg

AvgM


+AvgHigh

3 Yr5 Yr

10 Yr


17.4116.46

Mean

-0.493.00

9.06Sharpe Ratio

0.000.20

0.58

MPT Statistics


Morningstar US M

idVal TR USD

Alpha-9.66

2.92Beta

1.160.92

R-Squared88.55

96.86

12-Month Yield


16.11%

22

22

22

22

22

22

9797

9496

9492

9493

9499

9596

4k 10k

20k

40k

60k80k100k

Investment Style

EquityStocks %

Grow

th of $10,000

Wells Fargo Special M

id CapValue R635,310Category Average28,356Standard Index40,914

__

__

_&

&&

(*

&_

Performance Q

uartile(w

ithin category)

20092010

20112012

20132014

20152016

20172018

201904-20

History

——

——

31.6532.27

30.0536.03

38.3532.47

42.2232.51

NAV/Price

32.4320.68

-0.5618.91

39.1312.12

-2.6521.68

11.27-13.02

35.68-23.00

Total Return %

5.965.61

-2.672.91

6.75-1.57

-4.039.72

-10.56-8.64

4.20-13.71

+/- Standard Index

-1.78-4.07

0.820.41

5.68-2.63

2.131.69

-2.07-0.74

8.62-0.41

+/- Category Index

——

——

—24

2420

7150

2—

% Rank Cat

——

——

—460

471399

405417

422412

No. of Funds in Cat



Asset A

llocation % 02-29-2020

Net %

Long %Short %

Cash1.93

2.010.08

US Stocks91.24

91.330.08

Non-US Stocks

6.836.83

0.00Bonds

0.000.00

0.00Other/N

ot Clsfd0.00

0.000.00

Total100.00

100.170.17

Equity Style

ValueBlend

Growth

LargeMidSmall


RelIndex

RelCat

P/E Ratio TTM12.0

0.611.16

P/C Ratio TTM6.9

0.531.17

P/B Ratio TTM1.3

0.441.19

Geo Avg Mkt Cap

$mil

108860.09

1.37

Fixed-Income Style

LtdM

odExt

HighMedLow

Avg Eff Maturity

—Avg Eff Duration

—Avg W

td Coupon—

Avg Wtd Price

—

Credit Quality B

reakdown —

Bond %

AAA—

AA—

A—

BBB—

BB—

B—

Below B

—N

R—


Rel Std Index

Americas

93.50.95

Greater Europe4.2

3.75Greater Asia

2.347.96


ShareAm


e,37%

Turnover Ratio

Net Assets%

Y7 m

ilBrow

n & Brow

n Inc3.01

T4 m

ilAlcon Inc

2.80

Y4 m

ilAm

docs Ltd2.76

Y2 m

ilRepublic Services Inc Class A

2.285 m

ilArch Capital Group Ltd

2.26

T8 m

ilDiscovery Inc C

2.18

T1 m

ilStanley Black &

Decker Inc2.15

T7 m

ilReynolds Consum

er Products Inc Ord2.13

2 mil

Varian Medical System

s Inc2.11

7 mil

Invitation Homes Inc

2.08

Y3 m

ilCBRE Group Inc Class A

2.072 m

ilAllstate Corp

2.03

Y2 m

ilJacobs Engineering Group Inc

2.00

Y579,500

Humana Inc

1.991 m

ilCarlisle Com

panies Inc1.93

Sector Weightings


hCyclical

44.31.53

rBasic M

aterials3.6

1.70t

Consumer Cyclical

14.01.36

yFinancial Services

17.01.25

uReal Estate

9.73.34

jSensitive

33.60.75

iCom

munication Services

2.10.19

oEnergy

3.11.02

pIndustrials

18.42.19

aTechnology

10.00.45

kD

efensive22.1

0.84

sConsum

er Defensive2.0

0.25d

Healthcare13.3

0.86f

Utilities6.9

2.11

Operations

Family:

Wells Fargo Funds

Manager:

Multiple

Tenure:11.3 Years

Objective:Grow

th

Base Currency:USD

Ticker:W

FPRXISIN

:US94987W

5132M

inimum

Initial Purchase:$0


Incept:06-28-2013

Type:M

FTotal Assets:

$8,178.03 mil


ore information.

©2020 M
























ß®

Page 26 of 38

50

Monterey County, California

Documents

Transcript of Monterey County, California