ANALYSIS OF INVESTMENT PERFORMANCE · Second Quarter 2015 Investment Performance: Summary by Asset...

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Kansas Board of Regents

ANALYSIS OF INVESTMENT PERFORMANCE

Mandatory Retirement Plan August 2015 Craig Chaikin, CFA Vice President

Ta b l e o f C o n t e n t s ANALYSIS OF INVESTMENT PERFORMANCE

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Financial Market Conditions ................................................................................................................................................................. 1 / 4

Summary .............................................................................................................................................................................................. 2 / 25

TIAA-CREF .......................................................................................................................................................................................... 3 / 27

VOYA ................................................................................................................................................................................................... 4 / 38

Frozen Vendors .................................................................................................................................................................................... 5 / 49

Investment Detail: TIAA-CREF ............................................................................................................................................................ 6 / 52

Investment Detail: VOYA ..................................................................................................................................................................... 7 / 138

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This performance report ("Report") is based upon information obtained by Segal RogersCasey ("SRC") from third parties over which SRC does not exercise any control. Although the information collected by SRC is believed to be reliable, SRC cannot verify or guarantee the accuracy or validity of such information or the uniformity of the manner in which such information was prepared. The rates of return reflected herein are time weighted and geometrically linked on a monthly basis using a modified Dietz method. Monthly valuations and returns are calculated based on the assumptions that all transactions and prices are accurate from the custodian and /or investment manager. The client to whom Segal RogersCasey delivers this Report ("Client") agrees and acknowledges that this Report has been prepared solely for the benefit of Client. SRC disclaims any and all liability that may arise in connection with Client’s conveyance (whether or not consented to by SRC) of the this Report (in whole or in part) to any third party. Client further agrees and acknowledges that SRC shall have no liability, whatsoever, resulting from, or with respect to, errors in, or incompleteness of, the information obtained from third parties. Client understands that the prior performance of an investment and /or investment manager is not indicative of such investment 's and/or investment manager's future performance. This Report does not constitute an offer or a solicitation of an offer for the purchase or sale of any security nor is it an endorsement of any custodian , investment and/or investment manager.

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FINANCIAL MARKET CONDITIONS

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Second Quarter 2015 Investment Performance: Summary by Asset Class This section provides data on investment performance for select market indices mostly for the second quarter (Q2) 2015, as well as Segal Rogerscasey’s commentary.

World equity markets were positive in Q2. On a global developed factor* basis, Growth, Quality and Momentum generally performed well, while Risk and Value performed poorly. International developed and emerging market equities modestly outperformed the U.S.

U.S. and international fixed income fell in Q2. Rising Treasury yields were a negative contributor to performance. The Federal Reserve (Fed) indicated that it would continue an accommodative policy.

Commodities ended Q2 in positive territory. On a sector basis, Energy and Grains had strong performance, while Livestock, Precious Metals and Industrial Metals posted negative returns.

Hedge fund of funds were slightly positive dur ing Q2. With regard to direct hedge funds, Equity Hedge, Event-Driven and Relative Value gained while Macro declined.

*Factors are attributes that explain differences in equity performance. Stocks are sorted based on their exposure to a particular factor, with the factor return being the difference in returns between stocks with high exposure and low exposure to a particular attribute.

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Commodities* Real Estate Private Equity** Funds of HedgeFunds

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Asset Class Summary: Quarter-to-Date (QTD) and One-Year Returns

Asset Class Indices QTD YTD 1-Year 3-Year 5-Year 10-Year

Equities MSCI World (Net of dividends) 0.31 2.63 1.43 14.27 13.10 6.38

Russell 3000 0.14 1.94 7.29 17.73 17.54 8.15

MSCI EAFE (Net of dividends) 0.62 5.52 -4.22 11.97 9.54 5.12

MSCI EM (Net of dividends) 0.69 2.95 -5.12 3.71 3.68 8.11

Fixed Income Barclays Capital Aggregate -1.68 -0.10 1.86 1.83 3.35 4.44

Citigroup Non-U.S. WGBI (Unhedged) -1.54 -5.83 -13.49 -3.88 0.33 2.63

Other Commodity Splice* 6.70 -0.89 -30.26 -9.74 -4.12 -4.44

NCREIF NPI 3.14 6.83 12.98 11.63 12.72 8.16

Thomson Reuters Private Equity** 3.35 11.75 11.75 15.48 14.39 11.99

HFRI Fund of Funds Composite 0.11 2.61 3.86 6.24 4.08 3.20

*Commodity Splice, a Segal Rogerscasey index, blends the Bloomberg Commodity Index, formerly known as the DJ UBS Commodity Index (50%) and the S&P GSCI Index (50%), rebalanced monthly. **Performance reported as of Q4 2014 because Q1 2015 and Q2 2015 performance data is not yet available. Sources: eVestment Alliance, Investment Metrics, Thomson One and Hedge Fund Research, Inc.

Investment Synopsis Review of Q2 2015 page 1

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World Economy: Key Indicators This section provides data on select U.S. and global economic indicators for Q2 2015 along with Segal Rogerscasey’s commentary.

U.S. GDP Growth: Annualized Quarterly and Year-over-Year (YoY) Rolling (%)

Target Rates: U.S. and Eurozone

GDP Growth

Real GDP grew at an annualized rate of 2.32 percent in Q2. The adjacent graph shows annualized GDP growth, along with the year-over-year (YoY) rolling percentage change in GDP. Positive contributors for the quarter included personal consumption, exports, state and local government spending, and residential fixed investment. Federal government spending, private inventory investment, and non-residential fixed investment detracted from GDP during Q2. Personal and disposable income grew. The savings rate stood at 4.8 percent.

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As its June meeting, the Federal Open Market Committee (FOMC) stated the following: Economic activity expanded moderately and labor market conditions continued to

improve, Net exports and business fixed investment remained weak, Inflation is expected to rise toward 2 percent in the medium term, The Federal Funds Rate of 0.0 to 0.25 percent remains appropriate toward the Fed’s

objectives of maximum employment and price stability, The Fed will continue to reinvest principal payments from holdings of agency debt and

agency mortgage-backed securities, and roll over maturing Treasury securities at auction so as to maintain an accommodative policy.

The FOMC will keep accommodation in place as economic conditions warrant, but when it determines conditions are appropriate to remove accommodation, it will take a balanced approach.

The European Central Bank (ECB) held its target refinancing rate at 0.05 percent, its marginal lending rate at 0.30 and its deposit rate at -0.20. The ECB’s quantitative easing program consists of monthly purchases of public and private sector securities in the amount of 60 billion euros, but bond purchases may accelerate if liquidity decreases. The Bank of Japan (BoJ) maintained its quantitative and qualitative easing policy in June with the goal of increasing the monetary base by approximately 80 trillion yen on an annual basis.

Sources: Segal Rogerscasey using data from the Federal Reserve Board and the European Central Bank


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Headline CPI and Core CPI: Percentage Change YoY

10-Year Break-Even Inflation Rate

Inflation

Break-Even Inflation

The adjacent graph shows the 10-year break-even inflation rate, which measures the difference in yield between a nominal 10-year Treasury bond and a comparable 10-year Treasury inflation-protected security bond (TIPS). The break-even inflation rate is an ind icator of the market’s inflation expectations over the horizon of the bond. The 10-year break-even rate increased from 1.78 percent in Q1 to 1.89 percent in Q2. As noted on page 2 (see “Monetary Policy”), the Fed expects inflation to gradually rise to 2 percent.

Source: Bloomberg


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The headline seasonally adjusted Consumer Price Index (CPI)* rose 0.87 percent in Q2, and increased 0.18 percent on a YoY basis. Seasonally adjusted Core CPI, which excludes both food and energy prices, rose 0.58 percent in Q2, bringing the YoY core CPI increase to 1.77 percent. On an unadjusted basis for the 12 months ended June 2015, the energy component (-15.0 percent) fell the most. Commodities less food and energy commodities (-0.4 percent) was also slightly negative. Food (1.8 percent) and services less energy services (2.5 percent) were positive. * Headline CPI is the CPI-U, the CPI for all urban consumers.

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Unemployment and Nonfarm Payrolls

U.S. Consumer Sentiment

Labor Market and the Unemployment Rate

Unemployment fell from 5.5 percent in Q1 to 5.3 percent in Q2. Nonfarm payroll employment increased by 223,000 jobs in June, which was in line with expectations. In percent of total terms, goods-producing industries contributed less jobs to payroll gains in Q2 than in Q1, while services contributed more jobs than in Q1, and private industries contributed about the same number of jobs as in Q1. The one-month diffusion index* rose to 60.5 in June from 59.3 in March. The labor force participation rate was 62.6 percent in June, 0.1 percent lower than it was in March. *According to the Bureau of Labor Statistics, figures represent the percent of industries with employment increasing plus one-half of the industries with unchanged employment, where 50 percent indicates an equal balance between industries with increasing and decreasing employment.

Consumer Sentiment The University of Michigan Index of U.S. Consumer Sentiment is an economic indicator that measures individuals’ confidence in the stability of their incomes as well as the state of the economy. The Consumer Sentiment Index increased from 93.0 in March to 96.1 in June. Views on present conditions and expectations rebounded during Q2. A stronger job market along with low inflation helped to boost consumer confidence. Increases in personal income, which rose more than expectations, with higher consumer outlays (the dollar value of goods purchases) also contributed to the improved sentiment. Inflation expectations on both a one-year and five-year basis decreased from Q1.


Source: Moody’s Economy.com using data from the Thomson Reuters/University of Michigan Consumer Sentiment Index


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Investor Sentiment: Mutual Fund Flows This page presents mutual fund flows across equity and fixed-income funds. Flow estimates are derived from data collected covering more than 95 percent of industry assets and are adjusted to represent industry totals.

Monthly Mutual Fund Net Flows ($ Millions) Q2 2015

Mutual Fund Flows vs. ETFs ($ Millions): New Net Cash Flows

Net Mutual Fund Flows The adjacent graph shows net flows into equity and fixed income mutual funds. In Q2, mutual funds experienced net inflows of approximately $17.7 billion, a significant slowdown from Q1, when roughly $63.1 billion was invested in such vehicles. Q2 inflows were driven by fixed income mutual funds, as equity flows turned negative.

Treasuries in the U.S. continued to generate positive results for the quarter; the Fed indicated it may raise rates gradually later this year. Overall, the Treasury yield curve widened during Q2. The 10-year Treasury note closed at 2.33 percent, 41 bps higher than Q1.

Equity mutual funds experienced around $6.5 billion in outflows during Q2, as domestic mutual fund outflows of $50.8 billion exceeded international mutual fund inflows of $44.3 billion. Hybrid mutual funds experienced inflows of $2.2 billion.

Mutual Fund Flows vs. Exchange-Traded Funds

In addition to the $17.7 billion in Q2 mutual fund net inflows, ETFs also experienced net flows totaling $23.2 billion dur ing April and May 2015 (June numbers have not yet been reported). At the end of May, ETF assets totaled about $2.1 trillion, up from around $1.8 trillion in May 2014. All types of ETFs, including domestic equity, foreign equity, taxable bonds, municipal bonds, and hybrid mutual funds experienced inflows in April and May.

Source: Investment Company Institute http://www.ici.org

Source: Investment Company Institute http://www.ici.org


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Investment Performance: U.S. Equities This section presents data and Segal Rogerscasey’s commentary on U.S. equity index returns and sector performance for Q2 2015.

The graph below illustrates Q2 2015 rates of return for selected U.S. equity indices. The table shows returns for the latest quarter, year-to-date, one-year, three-year, five-year and 10-year annualized timeframes. All data in the table are percentages.

S&P 500 Index® Sector Performance – Q2 2015

U.S. Equity Index Returns

Index and Sector Performance The S&P 500® (0.3 percent) eked out a positive return, and most major U.S. equity indexes followed suit to a greater or lesser extent. With the Global Financial Cr isis becoming a more distant memory, only the 10-year index returns shown in the table above incorporate those bad times; the 3- and 5-year returns are much higher than very long term historical averages for U.S. equities. Among large cap names, style was not a differentiating factor, as the Russell 1000 Growth and Russell 1000 Value benchmarks were only 1 basis point apart at the end of Q2. This is in contrast to small cap stocks, where the difference between the styles was 318 bps in favor of growth. At the sector level, Q1 trends continued into Q2. Utilities (-5.8 percent) fell again on concerns about interest rate increases, and Healthcare (2.8 percent) rose as fears about the negative impact of a Republican Congress lost their urgency. Consumer Discretionary (1.9 percent) had another good quarter thanks to healthy spending due to low interest rates and the job market’s continued improvement.

Sources: Standard & Poor’s and Russell Investments

This table shows quarter-to-date and year-to-date price changes for each sector. Source: Standard & Poor's


Equity Indices QTD YTD 1 Year 3 Year 5 Year 10 Year

S&P 500® Index 0.28 1.23 7.42 17.31 17.34 7.89

Russell 1000 0.11 1.71 7.37 17.73 17.58 8.13

Russell 1000 Growth 0.12 3.96 10.56 17.99 18.59 9.10

Russell 1000 Value 0.11 -0.61 4.13 17.34 16.50 7.05

Russell 2000 0.42 4.75 6.49 17.81 17.08 8.40

Russell 2000 Growth 1.98 8.74 12.34 20.11 19.33 9.86

Russell 2000 Value -1.20 0.76 0.78 15.50 14.81 6.87

Russell 3000 0.14 1.94 7.29 17.73 17.54 8.15

QTD (%) YTD (%)

Consumer Discretionary 1.9 6.8

Consumer Staples -1.7 -0.8

Energy -1.9 -4.7

Financials 1.7 -0.4

Healthcare 2.8 9.6

Industrials -2.2 -3.1

Information Technology 0.2 0.8

Materials -0.5 0.4

Telecommunications Services 1.6 3.2

Utilities -5.8 -10.7

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Investment Performance: U.S. Equities This section presents Segal Rogerscasey’s commentary on U.S. equity earnings and growth- vs. value-stock performance for Q2 2015.

Growth Stocks vs. Value Stocks (Rolling 3-Year)

U.S. Equity Market Earnings and Volatility

Growth vs. Value The adjacent graph depicts the growth versus value differential for both large- and small-cap stocks over rolling three-year intervals. The large-cap calculation uses the Russell 1000 Growth (R1000G) versus the Russell 1000 Value (R1000V) and the small-cap differential is composed of the Russell 2000 Growth (R2000G) versus the Russell 2000 Value (R2000V). An interesting dynamic in recent years has been the fact that growth and value have largely been irrelevant in driving large cap equity returns, as the spread between the growth and value benchmarks has been quite narrow. Small caps have shown some preference for growth, particularly during the first half of 2015.

Source: Standard & Poor’s

Source: Russell Investments


The adjacent graph compares the earnings per share of companies in the S&P 500® Index and the growth of $1.00 since June 1989. While earnings per share growth does not align perfectly with the growth of stock prices, there does appear to be a directional linkage, which is something many investors count upon. It is interesting that earnings dipped in Q4 and Q1, but this was not reflected in stock returns. Earnings are perhaps the single most studied metric in a company's financial statements because they show a company's profitability. A company's quarterly and annual earnings are typically compared to analysts’ estimates and guidance provided by the company itself. In most situations, when earnings do not meet either of those estimates, a company's stock price will tend to drop. On the other hand, when actual earnings beat estimates by a significant amount, the share price will likely surge. At the aggregate level, these swings tend to be more muted.

S&P 500® Index: Earnings Per Share and Growth of $1

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Investment Performance: Non-U.S. Equities This section presents data and Segal Rogerscasey’s commentary on international equity returns and sector performance for Q2 2015.

The graph below illustrates Q2 2015 rates of return for selected non-U.S. equity indices. The table shows returns for the latest quarter, year-to-date, one-year, three-year, five-year and 10-year annualized timeframes. All data in the table are percentages.

MSCI EAFE Sector Performance – Q2 2015

MSCI Non-U.S. Equity Index Returns

Index and Sector Performance

International equity market returns were mixed in Q2, as early gains on improving economic growth were offset by fears of rising interest rates, a worsening debt crisis in Greece, and heightened concerns over slowing growth in China during the second half of the quarter. Both the EAFE and World indices were relatively neutral, returning 0.6 percent and 0.3 percent, respectively. The strongest performance came from Ireland (8.5 percent), Hong Kong (5.6 percent) and Norway (3.3 percent), but these returns were countered by weak numbers in New Zealand (-13.1 percent), Australia (-6.2 percent) and Germany (-5.6 percent). Currency remained a key topic, as the USD weakened against most developed nations’ currencies, except New Zealand and Japan, resulting in higher returns for U.S.-based investors. For example, the U.K. fell -2.8 percent in local terms, but earned 3.0 percent when converted back to USD.

Most sectors of the MSCI EAFE fell dur ing Q2 with the exception of Telecom (3.3 percent), Energy (1.1 percent) and Financials (0.5 percent). Telecom benefitted from increased M&A deals, which helped to fuel activity in the sector, while Energy stocks gained from higher oil prices. Healthcare (-2.0 percent) fell the most in Q2, mainly due to poor performance in the pharmaceutical industry, particularly driven by GlaxoSmithKline and AstraZeneca’s double-digit negative returns. Within the Materials sector (-1.8 percent), mining companies were hurt by uncertainty surrounding the subdued growth of the Chinese economy.

Source: Morgan Stanley Capital International

This table shows quarter-to-date and year-to-date price changes for each sector. Source: Morgan Stanley Capital International


MSCI Indices QTD YTD 1 Year 3 Year 5 Year 10 Year

World 0.31 2.63 1.43 14.27 13.10 6.38

Europe, Australasia and Far East (EAFE)

0.62 5.52 -4.22 11.97 9.54 5.12

Europe except U.K. -0.79 4.67 -7.39 14.13 9.66 5.21

Pacific except Japan -2.48 0.58 -6.79 7.53 8.70 7.94

United Kingdom 2.99 2.00 -8.24 9.10 10.68 4.71

Japan 3.09 13.62 8.31 13.30 8.80 4.23

QTD (%) YTD (%)

Consumer Discretionary -0.9 6.9

Consumer Staples -0.6 3.5

Energy 1.1 -4.8

Financials 0.5 4.6

Healthcare -2.0 6.3

Industrials -0.6 4.8

Information Technology -1.7 5.0

Materials -1.8 0.6


Utilities -0.1 -5.2

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Investment Performance: Emerging Market Equities This section presents data and commentary on emerging market (EM) equity returns and sector performance for Q2 2015.

The graph below illustrates Q2 2015 rates of return for selected emerging market equity indices. The table shows returns for the latest quarter, year-to-date, one-year, three-year, five-year, and 10-year annualized timeframes. All data in the table are percentages.

MSCI EM Sector Performance – Q2 2015

MSCI Emerging Market Equity Index Returns

Index and Sector Performance The MSCI Emerging Markets (EM) Index (0.7 percent) gained in Q2. Strong April performance (7.7 percent), was offset by significant declines in May (-4.0 percent) and June (-2.6 percent). Until the last week of June, Asian markets were buoyed by continued accommodative policies in China. In addition, boding poorly for Q2, was a revival of the Greek debt crisis at the end of June, roiling developed and developing markets alike.

At the total index level, currency did not have a material impact on Q2 performance, as the local and USD returns were nearly identical. That said, the euro, the Russian ruble, and the Brazilian real appreciated versus the USD. Currencies that lost ground against the USD during Q2 included the Thai baht, Turkish lira and Mexican peso.

Latin America (3.5 percent) and EMEA (1.9 percent) posted positive returns in Q2, while Asia (-0.2 percent) slightly declined. Hungary (11.0 percent) and the United Arab Emirates (10.7 percent) were the top-performing EM countries, while Indonesia (-14.1 percent) and Malaysia (-7.8 percent) fell the most. Higher commodity prices helped oil-producing countries such as Brazil (6.7 percent), Russia (7.6 percent), and the United Arab Emirates (10.7 percent).

Adding to its Q1 turnaround, Energy (8.5 percent) gained again in Q2 and led all sectors on a quarterly and year-to-date basis. Energy stocks benefitted from a 25 percent rally in oil prices. Healthcare (-4.0 percent) and Information Technology (-4.0 percent) posted the weakest sector returns in Q2, but are still positive year-to-date.

Source: Morgan Stanley Capital International

This table shows quarter-to-date and year-to-date price changes for each sector. Source: Morgan Stanley Capital International


MSCI EM Indices QTD YTD 1 Year 3 Year 5 Year 10 Year

Emerging Markets (All) 0.69 2.95 -5.12 3.71 3.68 8.11

Asia -0.15 5.07 3.14 8.96 6.79 9.29

Europe, Middle East and Africa (EMEA)

1.88 3.87 -14.16 -1.39 1.72 4.93

Latin America 3.51 -6.38 -23.41 -8.08 -4.39 7.45

QTD (%) YTD (%)

Consumer Discretionary -3.2 0.7

Consumer Staples 2.3 4.4

Energy 8.5 11.0

Financials 2.9 2.6

Healthcare -4.0 2.4

Industrials 1.1 2.4

Information Technology -4.0 4.2

Materials 1.3 -0.9


Utilities -0.3 -3.5

0.7%

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3.5%

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4%

EmergingMarkets

Asia EMEA Latin America

9

Investment Performance: U.S. Fixed Income This section presents select U.S. fixed-income index data along with commentary on option-adjusted spreads (OAS) during Q2 2015.

The graph below illustrates Q2 2015 rates of return for selected U.S. fixed-income indices. The table shows returns for the latest quarter, year-to-date, one-year, three-year, five-year and 10-year annualized timeframes. All data in the table are percentages.

OAS* in Bps

U.S. Fixed Income Index Returns

Option-Adjusted Spreads Nearly all sectors of the bond market posted negative results in Q2, which was not surprising given the widening of option-adjusted spreads and the rising yield environment. U.S. Agencies’ Q2 spread was flat, but it remained the only sector to outperform its respective 10-year spread average. Corporate spreads widened across all sectors due to heavy supply and uncertainty in Greece and China. The high yield market experienced the least amount of expansion as issuance slowed. Investment grade corporates, along with its underlying sectors, widened the most, as issuance continued to soar and uncertainty surrounding Greece persisted.

Sources: Barclays Capital, Citigroup and Hueler Analytics

*OAS is the yield spread of bonds versus Treasury yields taking into consideration differing bond options. Source: Barclays Capital


Fixed-Income Indices QTD YTD 1 Year 3 Year 5 Year 10 Year

BarCap Aggregate -1.68 -0.10 1.86 1.83 3.35 4.44

BarCap Govt/Credit -2.10 -0.30 1.69 1.76 3.52 4.38

BarCap Int Govt/Credit -0.62 0.82 1.68 1.60 2.79 4.02

BarCap Long Govt/Credit -7.57 -4.47 1.94 2.48 6.71 6.14

BarCap Government -1.50 0.08 2.27 0.93 2.63 3.99

BarCap Credit -2.88 -0.78 0.93 3.03 4.93 5.12

BarCap Inv Grade CMBS -1.11 0.72 2.00 3.45 5.83 4.87

BarCap Mortgage -0.74 0.31 2.28 1.92 2.89 4.56

BarCap U.S. Corporate High Yield 0.00 2.53 -0.40 6.81 8.61 7.89

Citi 3-Month T-Bill 0.00 0.01 0.02 0.05 0.06 1.34

Hueler Stable Value 0.44 0.88 1.75 1.83 2.18 3.21

03/31/15 06/30/15 Change in

OAS 10-Year Average

U.S. Aggregate Index 46 51 5 71 U.S. Agency (Non-mortgage) Sector 54 54 - 42 Securitized Sectors: Mortgage-Backed Securities 20 26 6 54

Asset-Backed Securities 62 62 - 134

Commercial Mortgage-Backed Securities 95 101 6 231

Corporate Sectors: U.S. Investment Grade 129 145 16 167 Industrial 136 153 17 154 Utility 121 137 16 157 Financial Institutions 118 133 15 190 U.S. High Yield 466 476 10 561

-1.7% -2.1% -0.6%

-7.6%

-1.5% -2.9%

-1.1% -0.7%

0.0% 0.0% 0.4%

-10%

-8%

-6%

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-2%

0%

2%

Bar

Cap

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Bar

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10

Investment Performance: U.S. Fixed Income This section presents commentary on the U.S. Treasury yield curve and credit spreads during Q2 2015.

Barclays Capital Corporate Bond Spreads

Yield Curve

Credit Spreads

Investment grade corporate spreads widened by 16 bps during Q2 2015 and ended the quarter with an option-adjusted spread of 145 bps over Treasuries, as shown in the adjacent graph. From a historical perspective, spreads are 24 bps below the 10-year average of 169 bps. High yield bond spreads widened by 10 basis points, ending Q2 with a OAS of 4.76 percent at the end of June, which is 73 bps below the 10-year average of 549 bps.

Source: Bloomberg

Source: Barclays Capital


The U.S. Treasury yield curve widened during Q2. The yield gap between 2-year and 10-year Treasuries increased from 1.36 percent to 1.70 percent. Yields rose across the curve in response to moderate economic growth, higher and more stable oil prices, and subsiding European deflationary concerns. The 10-year U.S. Treasury yield ended Q2 at 2.33 percent, 41 bps above Q1.

U.S. Treasury Yield Curve

0.0%

0.4%

0.8%

1.2%

1.6%

2.0%

2.4%

2.8%

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3.6%

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1Y 2Y 3Y 5Y 7Y 10Y 30Y

Yie

ld

Maturity

03/31/2015 06/30/2015

0200400600800

1,0001,2001,4001,6001,8002,000

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Inv-Grade OAS High Yield OAS10-Year Average 10-Year Average

11

Investment Performance: Non-U.S. Fixed Income This page focuses on international fixed-income asset class data and information on EM debt (EMD) for Q2 2015.

JPMorgan EMBI Global Index Best and Worst-Performing Markets

International Fixed Income

Emerging Market Debt The JPMorgan Emerging Market Bond Index (-0.3 percent) fell in Q2. Despite the poor overall result, performance by asset class varied as developed market interest rates rose and EM spreads tightened. The three best- and worst-performing markets of the index are noted in the adjacent graph. The corporate JPMorgan CEMBI Broad Diversified Index gained 1.3 percent. Ukraine (31.9 percent) was the most notable outperformer despite continued tensions with Russia. Nearly all countries within the index posted positive results, excluding the Czech Republic (-3.9 percent) and Morocco (-3.4 percent), which reported modest detractions. The local JPMorgan GBI-EM Global Diversified Index (-0.3 percent) declined in USD unhedged terms. The currency effect was the primary reason for the drawdown, as the index gained 0.2 percent in local terms. From a regional perspective, Asia was the primary source of negative results, as Indonesia (-5.2 percent) suffered from inflationary risks and a depreciating currency.

Sources: Citigroup and Barclays Capital

Source: JPMorgan


In Q2, global sovereign bonds, as measured by the Citigroup World Government Bond Index (WGBI), fell 2.7 percent in local currency terms, and also trailed 1.6 percent in unhedged terms. The BarCap Global Aggregate Index, which includes spread sectors, lost 1.2 percent, lagging the sovereign-only Citigroup WGBI Index by roughly 40 bps on an unhedged basis. Non-U.S. government bonds, as measured by the Citigroup Non-U.S. WGBI, underperformed U.S. government bonds by roughly 160 bps in local currency terms, but led by 10 bps in unhedged currency terms. On an unhedged basis, nearly all WGBI components finished Q2 in the red. The exceptions were Canada with flat results and the U.K. at 2.0 percent. There were several notable underperformers in Q2. Italy (-2.7 percent), Spain (-2.5 percent), and Belgium (-2.5 percent) declined the most on an unhedged basis. Much of the negative results can be attributed to the distress in Greece.

Citigroup WGBI: Returns of Major Constituents (%)

Country Local

Currency Return (Qtr)

Currency Effect

Unhedged Total

Return (Qtr) United States -1.6 0.0 -1.6 Canada -1.4 1.4 0.0 Australia -2.8 0.6 -2.2 Japan -0.3 -2.0 -2.3 Austria -5.1 3.5 -1.6 Belgium -6.0 3.5 -2.5 France -5.1 3.5 -1.6 Germany -4.4 3.5 -0.9 Italy -6.2 3.5 -2.7 Netherlands -4.8 3.5 -1.3 Spain -6.0 3.5 -2.5 United Kingdom -3.9 5.9 2.0 Non-U.S. Govt. Bond -3.2 1.7 -1.5 World Govt. Bond -2.7 1.1 -1.6

36.5%

12.7% 7.8%

-0.3% -4.1% -4.6% -4.7%

-10%-5%0%5%

10%15%20%25%30%35%40%

Ukr

aine

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EM

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15

S&P GSCI Total Return Index Bloomberg Commodity Index

Investment Performance: Commodities and Currencies This section presents performance information about commodities and major world currencies as of Q2 2015.

Nominal Broad Dollar Index: USD vs. Basket of Major Trading Partners

Commodities

Currencies

The adjacent graph shows the U.S. dollar (USD) against a basket of 16 major market currencies, including those listed in the table below: the Canadian dollar (CAD), the euro (EUR), the Japanese yen (JPY), the Swiss franc (CHF), and the British pound-sterling (GBP). In Q2, the U.S. nominal broad dollar weakened by 0.98 percent. Despite the drop, the USD will continue to benefit from higher relative economic growth and potential for rising interest rates.

The graph above shows the major commodity indices, the S&P GSCI* Index and Bloomberg Commodity Index** * The S&P GSCI Index is calculated primarily on a world production-weighted basis and is composed of the principal physical commodities that are the subject of active, liquid futures markets. ** The Bloomberg Commodity Index is composed of futures contracts on physical commodities, with weighting restrictions on individual commodities and commodity groups to promote diversification. Source: Investment Metrics

Sources: Federal Reserve and Bloomberg


After a weak Q1, commodities, as represented by the Bloomberg Commodity Index (BCI) and the S&P GSCI, rallied in Q2, gaining 4.7 percent and 8.7 percent, respectively. Most commodities are priced in USD, so the overall asset class benefitted from a weaker USD, as its recent strength had dampened international demand. Sectors posted mixed results. Agriculture and Energy generated positive returns, while Industrial Metals, Precious Metals and Livestock declined. The most significant driver of positive performance during Q2 was Energy, which returned 10.9 percent in the BCI and 13.0 percent in the S&P GSCI. In particular, oil prices, which reached six-year lows in Q1, gained almost 25 percent in Q2 due to expectations of slowing supply and higher demand. Given the Energy’s heavy weighting in the S&P GSCI, this served as a large contributor to that index’s outperformance relative to the BCI. Cocoa was also a big winner during Q2. The commodity rose more than 20 percent, as Ghana, the second largest cocoa grower, surprised the market with a 30 percent shortfall in this year’s crop. Regarding detractors, Industrial Metals was the biggest laggard in both indices, falling 5.3 percent in the BCI and 5.5 percent in the S&P GSCI. Copper suffered during Q2, dropping 4.5 percent, as demand in China continued to decrease.

Monthly Commodity Returns, Growth of $100: June 2003 – June 2015

70

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USD Major Trading Partners Pairs Q2 Level YTD

5-Year Average

Canada USD/CAD 1.2494 7.51% 1.0536 Eurozone USD/EUR 0.8979 8.63% 0.7660 Japan USD/JPY 122.5000 2.27% 93.2237 Switzerland USD/CHF 0.9355 -5.91% 0.9254 U.K. USD/GBP 0.6367 -0.81% 0.6287

13

Investment Performance: Hedge Funds This section provides an overview of hedge fund results along with an analysis of strategy performance during Q2 2015.

Hedge Fund Industry Performance

HFRI Index Returns – Q2 2015 (%)

Hedge Fund Overview The Hedge Fund Research, Inc. (HFRI) Fund Weighted Composite Index gained 0.3 percent in Q2. Hedge funds broadly produced gains in April and May, but losses in June detracted from performance. Four of the five major hedge fund strategies posted positive returns in Q2. The strongest performer was Emerging Markets (3.7 percent), followed by Equity Hedge (2.0 percent), Event Driven (0.8 percent) and Relative Value (0.7 percent). Meanwhile, Global Macro (-3.5 percent) was the worst performing major hedge fund strategy. Longer-term results were also positive. Hedge funds recorded a gain of 6.4 percent over the three-year period ending June 30, 2015, as measured by the HFRI Fund Weighted Composite Index. Hedge funds of funds were mostly flat in Q2, as represented by the HFRI Fund of Funds (FOF) Composite Index’s 0.1 percent return. The HFRI FOF: Conservative Index (0.2 percent) posted a slight gain and the HFRI FOF: Diversified Index (-0.2 percent) fell.

Strategy Analysis The HFRI Emerging Markets Index (3.7 percent) gained in Q2. Strong performance in April offset mostly flat performance in May and losses during June. China managers led gains followed by Asia ex-Japan, Russia, MENA, Global and Latin American managers. Meanwhile, India managers detracted from returns. The HFRI Equity Hedge Index (2.0 percent) was positive in Q2, as gains in April and May offset losses during June. Technology/Healthcare managers posted the strongest returns of the group, followed by Fundamental Growth, Fundamental Value, Energy/Basic Materials, Multi-Strategy, Market Neutral and Quantitative Directional managers. Meanwhile, Short-Biased managers (-0.8 percent) detracted from the return. The HFRI Event-Driven Index (0.8 percent) gained in Q2. Activist managers contributed the most to performance, followed by Special Situations, Credit Arbitrage, and Merger Arbitrage managers. Meanwhile, Multi-Strategy and Distressed/Restructuring managers weakened Q2 performance. The HFRI Relative Value Index (0.7 percent) posted a positive return in Q2. Volatility managers were the strongest performers, followed by Fixed-Income Asset Backed, Fixed Income Convertible Arbitrage, Fixed-Income Sovereign, Fixed Income Multi-Strategy, and Fixed-Income Corporate managers. Meanwhile, Yield Alternatives managers detracted from Q2 gains. The HFRI Global Macro Index (-3.5 percent) fell in Q2 and was the only major hedge fund strategy to post a loss. Discretionary Thematic was the only underlying strategy that reported positive Q2 results. Meanwhile, Systematic Diversified managers detracted the most from performance, followed by Active Trading, Multi-Strategy, Currency, and Commodity strategies.

* Distressed funds focus on companies that are close to or in bankruptcy. **Relative-value funds focus on arbitrage opportunities between equity and fixed income securities. Source: Hedge Fund Research, Inc.

Source: Hedge Fund Research, Inc.


-8%-6%-4%-2%0%2%4%6%8%

10%

Hed

ge

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al

Hed

ge

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of

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(%

)

YTD (%)1-Year (%)3-Year (%)

Apr May June QTD YTD

Fund of Funds Composite 0.3 1.0 -1.2 0.1 2.6

FOF: Conservative 0.2 0.7 -0.7 0.2 2.1

FOF: Diversified 0.0 0.9 -1.1 -0.2 2.4

Fund Weighted Composite 0.9 0.6 -1.2 0.3 2.5

Equity Hedge (Total) 1.8 1.0 -0.7 2.0 4.1

Equity Market Neutral 0.1 0.5 0.2 0.8 2.4

Short Bias -0.3 -0.8 0.3 -0.8 -2.9

Event-Driven (Total) 1.3 0.7 -1.2 0.8 2.6

Distressed/Restructuring 0.9 0.3 -1.4 -0.2 0.6

Merger Arbitrage 0.6 1.0 -0.6 0.9 3.1

Relative Value (Total) 1.1 0.4 -0.7 0.7 2.6

FI-Convertible Arbitrage 1.4 0.8 -0.8 1.3 3.4

Global Macro (Total) -1.2 0.0 -2.3 -3.5 -0.3

Emerging Markets (Total) 5.5 0.1 -1.8 3.7 4.7

14

0

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$ M

illion

s

Other (Includes fund of funds, mezzanine, and secondaries)VentureBuyout/Corporate Finance

Investment Performance: Private Equity This section provides data on private equity industry performance, fundraising, buyout funds, initial public offering (IPO) activity and venture capital. The information in this section reflects the most recent private equity data available.

Private Equity Performance by Vintage Year and Investment Horizon: All Regions

Private Equity Commitments: United States

Private Equity Industry Performance

The adjacent graph shows private equity fund performance for Q4 2014, calculated as pooled internal rates of return (IRRs) of funds reporting to Thomson One. Performance for 2008 through 2012 vintage-year* funds, as well as one-, five-, 10- and 20-year returns is calculated for funds in the following categories: all private equity, venture capital and buyouts. Private equity funds for all regions returned approximately 3.4 percent in Q4 2014 and 11.8 percent over the one-year per iod. This includes performance across all private equity strategies. Over a 20-year period, all private equity, venture capital and buyout funds generated double-digit returns of 14.6 percent, 28.0 percent and 13.2 percent, respectively.

*“Vintage year” refers to the first year capital was committed in a particular fund. Vintage-year performance is calculated as the median percentile returns of all funds reporting as pooled IRRs.

Private Equity Overview

According to Private Equity Analyst, private equity funds raised $66.1 billion in Q1 2015, the strongest first quarter result since Q1 2008. The potent exit environment over the past several years, especially in 2014, supplied institutional investors with capital to reinvest in new funds. Additionally, copious cheap debt and a fairly stable U.S. economy led to increased buyout activity, although there are pricing concerns and some limits on leveraged lending. Corporate finance funds, particularly industry-focused and energy-related vehicles, along with secondary funds, saw the greatest gains over Q1 2014. Energy-related funds raised approximately $20.1 billion, which is triple the capital those funds garnered one year prior. Secondaries, which had a record year in 2014 in terms of deal volume, raised $4.2 billion in Q1, more than double the funding of Q1 2014. Venture capital, mezzanine and fund of funds raised less capital than they did one year ago. After a record-high year for exits in 2014, Q1 2015 experienced the slowest exit activity in two years. Seventeen venture-backed IPOs raised $1.4 billion, which was 54 percent less in number of offerings and 58 percent less in dollars versus Q1 2014. Although Q1 results were weak, activity is expected to increase throughout 2015, as 54 venture-backed companies have filed publicly for IPOs with the SEC, and more registrations have likely been filed confidentially under the JOBS Act*. Venture-backed M&A activity decelerated to its lowest levels since Q1 2013 with 86 deals, 16 of which are disclosed and total $2.1 billion. Buyout exit activity also slowed from Q4 and one year ago, but disclosed deal volume remained strong at $33.3 billion versus $35.2 billion in Q4, which was one of the best quarterly exit deal volume totals of the decade. Source: The Private Equity Analyst


0%5%

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ear

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ear

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r

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d IR

Rs)

Vintage Year

Total PE Venture Capital Buyouts

Investment Horizon

Source: Thomson Reuters

Venture capital deal activity reached $13.4 billion, which was less than Q4 by 10 percent, but was the highest Q1 total since 2000 and 26 percent greater than the amount invested in Q1 2014. Buyout deals totaled $34.9 billion, an increase of approximately 13 percent over Q1 2014. *The JOBS Act was signed into U.S. law in 2012 to encourage small business/startup growth by easing regulatory requirements on emerging growth companies and allowing crowdfunding, with limitations, from private individuals. Under the JOBS Act, if an emerging growth company decides to go public, it submits an initial, confidential registration to the SEC for feedback before its privately held information becomes public.

15

Investment Performance: Real Estate This page presents data and Segal Rogerscasey’s commentary on private and public real estate. The information below reflects the most recent data available.

National Property Index Sector and Region Performance

Regional Real Estate Securities Performance

Private Real Estate

Public Real Estate The FTSE EPRA/NAREIT Global Developed Real Estate Index total market capitalization declined to $1.2 trillion in Q2, broken down as follows: North America $683 billion, Europe $209 billion, and Asia $351 billion. Despite strong property valuations and transaction activity in the U.S., rising interest rates led to a 6.7 percent loss on a global basis in Q2. Asia (-1.8 percent) lost less than Europe (-3.3 percent) and the U.S. (-10.0 percent) as measured by the FTSE EPRA/NAREIT indices. Sector performance in the U.S. was negative across the board: Specialty Office (-0.5 percent), Manufactured Home Communities (-4.7 percent), Self Storage (-5.0 percent), Apartments (-6.1 percent), and Lodging (-6.2 percent) fell substantially, but outperformed the broader index, while Healthcare (-14.3 percent), Primary CBD Office (-13.1 percent), Shopping Centers (-12.6 percent), Net Lease (-12.5 percent), Industrial (-12.4 percent) and Student Apartments (-11.8 percent) declined more sharply than the index. Property stocks in Europe were negatively affected by concern over Greece and higher bond yields. The U.K. (3.9 percent), Greece (0.5 percent) and Spain (-1.0 percent) outperformed Europe (-3.3 percent), while Finland (-14.9 percent), Sweden (-9.9 percent), France (-9.5 percent), Germany (-8.2 percent) and Ireland (-7.0 percent) fell more than the region as a whole. Asia fell, primarily due to lower economic and earnings growth expectations in Japan. Hong Kong (4.0 percent) gained while New Zealand (-7.7 percent), Japan (-5.1 percent) and Singapore (-2.0 percent) declined.

Source: National Association of Real Estate Investment Trusts


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Q2 12 Q4 12 Q2 13 Q4 13 Q2 14 Q4 14 Q2 15

U.S. Europe Asia

The National Council of Real Estate Investment Fiduciaries (NCREIF) Property Index (NPI), which tracks private real estate in the U.S., gained 3.1 percent during Q2. The total return is composed of 1.3 percent income and 1.9 percent property-level appreciation. Over the trailing one-year period, the Index gained 13.0 percent, composed of 7.5 percent property-level appreciation and 5.2 percent income. In the regions of the U.S., the West performed the best during Q2 and over the last 12 months, as shown in the adjacent table. Property valuations continue to strengthen due to solid operating fundamentals and demand from investors for high-quality assets. The increase in interest rates during Q2 did not reduce investor demand and private core real estate values remain, on average, 15 percent above the peak levels reached in 2007. Supply is building in markets with strong tenant demand and rent growth albeit more slowly than previous cycles with the exception of the apartment sector where construction starts have risen to historical norms. There is also increasing supply in the office and industrial sectors, but most consists of build-to-suit/pre-leased buildings. Source: National Council of Real Estate Investment Fiduciaries

Returns as of Q2 2015

Ending

Weight (%) QTD (%) 1 Year (%)

NCREIF NPI Total Return 100.0 3.1 13.0 Sector Apartment 24.1 3.0 11.6 Hotel 1.3 3.5 14.0 Industrial 13.2 3.8 14.8 Office 38.1 3.1 12.9 Retail 23.3 3.0 13.6 NCREIF Region East 34.2 2.9 11.0 Midwest 9.4 3.0 12.5 South 20.4 3.1 13.9 West 36.0 3.4 14.5

16

Investment Performance: Real Estate This page presents data and Segal Rogerscasey’s commentary on value-added and opportunistic real estate. The information in this section reflects the most recent data available.

Closed-End Private Real Estate Funds Median Net IRRs and Quartile Boundaries by Vintage Year

Closed-End Private Real Estate Index Performance

Value-Added and Opportunistic Real Estate

Value-added and opportunistic private real estate strategies have attracted investor interest over the last few years due, in part, to the economic recovery, the strong overall performance of these strategies, and high core real estate valuations. According to Preqin, during Q2, 23 value-added and 7 opportunistic funds closed raising $9.6 billion and $7.2 billion, respectively, while 6 debt funds closed raising $6.0 billion. As shown in the graph below at left, the returns earned by investors in their closed-end, private, value-added, opportunistic, and real estate debt portfolios have steadily recovered from the lows set in late 2009 and early 2010; however, real estate debt funds have outperformed. Furthermore, as illustrated in the graph below at right, closed-end private real estate dry powder has risen with increased investor interest in these strategies. Lastly, as shown in the graph at right, closed-end private real estate funds of vintage years 2005 (0.1 percent) and 2006 (0.0 percent) have the lowest median net IRRs in recent history, while the last two years for which data is available show continued improvement with the median net IRRs of 2011 and 2012 funds rising to 15.0 percent and 12.8 percent, respectively.

Source (this page): Preqin Real Estate Online


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Value-Added Index Opportunistic Index Debt Index

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17

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May-11 May-12 May-13 May-14 May-15

U.S. Exports U.S. Dollar Index

$18 $23

$69 $60

$109 $114 $111

$264 $210

$187 $144

$123 $82

$51

$3.8 $4.0 $4.3 $4.5 $4.6 $4.8 $5.3 $5.4

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$- $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000

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1

Investment Grade & High Yield Corporate Dealer Inventory (Billions)Investment Grade & High Yield Corporate Bonds Outstanding (Trillions)

Noteworthy Developments Segal Rogerscasey finds the developments discussed in this section to be noteworthy for investors.

Investment Grade and High Yield Corporate Bonds Outstanding vs. Dealer Inventory

A Liquidity Challenged Bond Market The adjacent graph highlights the declining role of traditional broker-dealers in fixed income markets, which is widely believed to have a negative impact on liquidity and volatility. While there is evidence of higher bid/ask spreads and increased price sensitivity to asset flows from mutual funds and ETFs, there are a number of other considerations worth noting. For example, demand has been exceptionally strong, with new issuance often significantly oversubscribed; long term-oriented and patient institutional investors, both in the U.S. and abroad, have also increasingly stepped in as opportunistic buyers; and institutions continue to build out and improve electronic trading platforms and other related activities. Finally, while probably far from perfect, it is important to remember that one of the primary objectives of financial reform was to remove systemic risks in the banking system in an effort to avert or mitigate the next financial crisis.


Sources: FINRA, SIFMA, Federal Reserve

Sources: Bloomberg and The U.S. Census Bureau

The Strong U.S. Dollar’s Effect on Exports and The Economy

The adjacent graph compares the USD to exports. As a result of a strong USD’s effect on exports, foreign companies and consumers of U.S. goods and services could experience higher prices, which might create a headwind for GDP growth and the earnings of U.S. companies selling abroad. In addition, U.S. companies with large foreign operations could see a decline in earnings when converted back to USD. However, a stronger USD would also lower the price of imports, including commodities such as oil prices, which benefits U.S. consumers. It is uncertain whether this would spur them to import more or simply benefit from an increase in disposable income. In the case of both exports and imports, the potential impact could be a modest headwind to U.S. GDP growth and inflation, both of which could impact the timing and magnitude of any Fed interest rate increases. In May, the trade deficit increased by 2.9 percent to $41.9 billion as imports declined by 0.8 percent and exports fell by 0.8 percent. Ultimately, the impact of a stronger USD creates some uncertainty and is difficult to forecast given all the moving pieces of the global economy.

U.S. Exports vs. The U.S. Dollar Index

18

Noteworthy Developments Segal Rogerscasey finds the developments discussed in this section to be noteworthy for investors.


* U.S. median does not include Puerto Rico Source: Moody’s Investors Service

Puerto Rico’s Debt Crisis Debt Per Capita

A combination of factors from U.S. tax law to economic misfortune and mismanagement has turned the Puerto Rican debt burden into a crisis of Greek-like proportions. The island’s own governor, Alejandro García Padilla, announced in June that Puerto Rico’s debts are “not payable.” The outstanding debt at $72 billion is more than any state’s except for California and New York, but the territory of Puerto Rico has the population of San Diego county and shrinking. Puerto Rico’s debt per capita is about 15 times the U.S. median, and three times as much as Connecticut, the state with the highest debt per capita. With no provision for bankruptcy process and no ability to print money, options are few and solutions are likely to result in years of court battles.

Job Separations: Voluntary Quits vs. Layoffs/Discharges


Another Way to Measure Labor Market Improvement According to the Job Openings and Labor Turnover Survey conducted by the Bureau of Labor Statistics, total job separations, which comprise quits and layoffs and discharges, grew 7.2 percent during 2014, but voluntary quits contributed significantly more to that increase (10.4 percent vs. 2.7 percent). As shown in the adjacent graph, layoffs and discharges outnumbered voluntary quits during the financial crisis and shortly thereafter, but the gap between voluntary quits and involuntary separations has widened over the past several years, especially from 2012 onward, when involuntary job departures stabilized while voluntary separations climbed. An increase in voluntary quits is a good indicator of labor market improvement because it suggests that workers feel comfortable enough in future prospects to leave their current positions. Decreased layoffs and discharges are indicative of employer confidence, but they are also a result of an increased number of quits. The expanding spread between the two types of departures paints a positive picture of the job market and is good news for the U.S. economy as a whole.

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Quits Layoffs & Discharges

$15,637

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$5,491

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Puerto Rico

U.S. Median*

Highest State

19

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD

Best14.03 16.56 56.28 31.47 34.54 35.93 39.78 5.24 79.02 29.09 13.56 18.64 43.30 30.38 8.74

512.83 13.11 48.54 25.95 14.02 32.59 11.81 1.80 58.21 28.47 8.68 18.53 38.82 13.45 5.88

10.36 10.27 47.25 22.25 12.11 26.86 11.63 -2.35 37.21 26.85 8.46 18.05 34.52 13.24 4.75

8.43 6.48 46.03 20.70 10.74 23.48 11.63 -10.91 34.47 24.50 7.84 17.90 33.48 13.05 3.96

7.89 3.65 39.17 18.33 7.05 22.25 7.05 -20.30 32.46 19.20 4.98 17.78 33.11 5.97 3.12

5.27 1.70 36.75 16.49 6.27 18.37 6.97 -26.16 28.61 16.71 2.64 17.51 32.53 5.60 2.53

4.08 -1.37 30.03 14.31 5.66 15.46 6.28 -28.92 28.43 16.10 1.50 16.42 23.29 5.53 2.02

2.49 -6.00 29.89 11.75 5.26 13.35 5.77 -33.79 28.19 15.51 0.39 16.35 7.90 4.89 1.76

1.35 -11.43 29.75 11.40 4.71 11.86 4.74 -36.85 27.17 15.12 0.06 15.81 7.44 4.22 1.71

-2.37 -15.52 28.96 11.14 4.55 9.86 1.87 -37.60 24.67 13.16 -2.44 15.26 2.47 3.64 0.76

-5.59 -15.66 25.68 8.46 4.15 9.07 1.81 -37.98 20.58 12.06 -2.91 14.59 0.06 3.40 0.34

-9.23 -20.48 11.53 8.20 3.01 8.99 -0.17 -38.44 19.69 8.21 -4.18 8.18 -2.02 2.45 0.01

-12.45 -21.65 8.39 6.30 2.84 4.76 -1.57 -38.54 11.41 6.54 -5.50 6.98 -2.27 0.02 -0.10

6-20.42 -27.88 4.11 4.34 2.74 4.34 -9.78 -43.06 5.93 6.31 -11.73 4.21 -6.58 -1.82 -0.61

Worst-21.21 -30.26 1.09 1.24 2.43 0.49 -16.81 -53.18 0.16 0.10 -18.17 0.09 -8.61 -4.48 -6.19

Russell1000Index

Russell1000ValueIndex

Russell1000

GrowthIndex

Russell2000Index

Russell2000ValueIndex

Russell2000

GrowthIndex

MSCIEAFEIndex

MSCIEmergingMarkets

Index

MSCIU.S. REIT

Index

BarclaysAgg.

BarclaysU.S.

Treasury:U.S. TIPS

BarclaysU.S.Corp:

High Yield

JPMEMBIGlobal(USD)

HFRI RV:Multi-

StrategyIndex

Citigroup3 Month

T-Bill

Team RSW Annual Asset Class Performance

As of June 30, 2015

20

SUMMARY


Money Market/Stable Value 1,072,664,901$ 32.30% 1,058,100,051$ 32.83% 1,049,635,822$ 32.57% 1,034,508,335$ 33.44% 1,016,512,470$ 35.70% 1,000,189,703$ 37.12%

Fixed Income (Domestic/Foreign) 161,213,588$ 4.85% 166,248,806$ 5.16% 164,313,575$ 5.10% 161,279,977$ 5.21% 183,947,769$ 6.46% 202,517,034$ 7.52%

Balanced 378,038,736$ 11.38% 353,557,463$ 10.97% 344,967,999$ 10.70% 323,021,869$ 10.44% 274,463,053$ 9.64% 232,167,253$ 8.62%

Equity - Domestic 1,330,798,363$ 40.07% 1,312,135,284$ 40.72% 1,319,149,581$ 40.93% 1,254,693,881$ 40.56% 1,094,675,073$ 38.44% 1,001,120,854$ 37.16%

Equity - Foreign 247,845,982$ 7.46% 218,514,912$ 6.78% 229,145,559$ 7.11% 215,104,234$ 6.95% 177,629,250$ 6.24% 165,415,842$ 6.14%

Real Estate 130,879,959$ 3.94% 124,959,748$ 3.88% 115,417,181$ 3.58% 105,131,348$ 3.40% 100,436,554$ 3.53% 92,976,984$ 3.45%

KBOR Mandatory Plan Totals 3,321,441,529$ 3,233,516,265$ 3,222,629,717$ 3,093,739,644$ 2,847,664,170$ 2,694,387,670$

% of Provider % of Plan






Voya Assets Assets Assets Assets Assets Assets Assets Assets Assets Assets Assets Assets

Money Market/Stable Value 92,337,451$ 17.19% 2.78% 89,756,140$ 17.40% 2.78% 87,874,932$ 17.35% 2.73% 83,342,376$ 17.63% 2.69% 72,411,871$ 17.21% 2.54% 71,742,111$ 18.34% 2.66%

Fixed Income (Domestic/Foreign) 29,603,511$ 5.51% 0.89% 36,762,535$ 7.13% 1.14% 30,998,081$ 6.12% 0.96% 30,467,539$ 6.44% 0.98% 41,316,227$ 9.82% 1.45% 43,502,173$ 11.12% 1.61%

Balanced 92,848,693$ 17.28% 2.80% 81,318,354$ 15.77% 2.51% 86,654,267$ 17.11% 2.69% 89,647,295$ 18.96% 2.90% 77,313,066$ 18.38% 2.71% 62,025,997$ 15.85% 2.30%

Equity - Domestic 239,417,873$ 44.57% 7.21% 235,312,480$ 45.63% 7.28% 227,804,398$ 44.99% 7.07% 203,881,126$ 43.12% 6.59% 173,699,212$ 41.29% 6.10% 161,267,476$ 41.22% 5.99%

Equity - Foreign 63,452,958$ 11.81% 1.91% 52,188,852$ 10.12% 1.61% 55,017,837$ 10.86% 1.71% 50,705,113$ 10.72% 1.64% 40,961,852$ 9.74% 1.44% 39,079,806$ 9.99% 1.45%

Real Estate 19,506,722$ 3.63% 0.59% 20,390,416$ 3.95% 0.63% 18,040,987$ 3.56% 0.56% 14,776,551$ 3.13% 0.48% 14,971,209$ 3.56% 0.53% 13,662,408$ 3.49% 0.51%Voya Total 537,167,209$ 16.17% 515,728,778$ 15.95% 506,390,501$ 15.71% 472,820,000$ 15.28% 420,673,436$ 14.77% 391,279,971$ 14.52%

TIAA-CREF



Balanced 281,047,602$ 10.37% 8.46% 267,854,200$ 10.13% 8.28% 253,778,152$ 9.61% 7.87% 228,875,466$ 8.99% 7.40% 192,753,778$ 8.17% 6.77% 165,737,250$ 7.41% 6.15%

Equity - Domestic 1,044,315,250$ 38.54% 31.44% 1,029,757,563$ 38.96% 31.85% 1,044,954,976$ 39.58% 32.43% 1,004,422,548$ 39.43% 32.47% 879,358,038$ 37.27% 30.88% 800,560,967$ 35.78% 29.71%

Equity - Foreign 178,681,998$ 6.59% 5.38% 160,427,445$ 6.07% 4.96% 167,576,227$ 6.35% 5.20% 158,302,062$ 6.21% 5.12% 131,305,427$ 5.57% 4.61% 120,808,406$ 5.40% 4.48%

Real Estate 111,373,237$ 4.11% 3.35% 104,569,332$ 3.96% 3.23% 97,376,194$ 3.69% 3.02% 90,354,797$ 3.55% 2.92% 85,465,346$ 3.62% 3.00% 79,314,575$ 3.55% 2.94%TIAA-CREF Total 2,709,766,395$ 81.58% 2,642,894,795$ 81.73% 2,640,352,247$ 81.93% 2,547,196,775$ 82.33% 2,359,117,820$ 82.84% 2,237,255,402$ 83.03%

Lincoln Financial - deselected as of 12/30/06



Balanced 3,671,686$ 7.10% 0.11% 3,758,370$ 7.23% 0.12% 3,871,292$ 7.38% 0.12% 3,858,772$ 7.43% 0.12% 3,720,236$ 7.73% 0.13% 3,712,517$ 7.90% 0.14%

Equity - Domestic 33,905,863$ 65.60% 1.02% 34,148,723$ 65.68% 1.06% 33,543,352$ 63.97% 1.04% 33,379,834$ 64.31% 1.08% 30,042,166$ 62.42% 1.05% 28,564,330$ 60.79% 1.06%

Equity - Foreign 3,664,565$ 7.09% 0.11% 3,601,822$ 6.93% 0.11% 4,159,690$ 7.93% 0.13% 3,870,235$ 7.46% 0.13% 3,355,435$ 6.97% 0.12% 3,459,048$ 7.36% 0.13%

Real Estate -$ 0.00% 0.00% -$ 0.00% 0.00% -$ 0.00% 0.00% -$ 0.00% 0.00% -$ 0.00% 0.00% -$ 0.00% 0.00%Lincoln Financial Total 51,685,653$ 1.56% 51,991,783$ 1.61% 52,439,092$ 1.63% 51,901,376$ 1.68% 48,126,560$ 1.69% 46,989,887$ 1.74%

Security Benefit - deselected as of 12/30/06



Balanced 470,755$ 1.76% 0.01% 626,539$ 2.13% 0.02% 664,287$ 2.75% 0.02% 640,336$ 2.93% 0.02% 675,973$ 3.42% 0.02% 691,490$ 3.67% 0.03%

Equity - Domestic 17,069,654$ 63.85% 0.51% 19,367,363$ 65.98% 0.60% 13,521,888$ 56.05% 0.42% 13,010,373$ 59.62% 0.42% 11,575,658$ 58.62% 0.41% 10,728,081$ 56.88% 0.40%

Equity - Foreign 2,046,460$ 7.66% 0.06% 2,296,793$ 7.83% 0.07% 2,391,805$ 9.92% 0.07% 2,226,823$ 10.20% 0.07% 2,006,536$ 10.16% 0.07% 2,068,582$ 10.97% 0.08%

Real Estate -$ 0.00% 0.00% -$ 0.00% 0.00% -$ 0.00% 0.00% -$ 0.00% 0.00% -$ 0.00% 0.00% -$ 0.00% 0.00%Security Benefit Total 26,732,549$ 0.80% 29,351,754$ 0.91% 24,122,910$ 0.75% 21,821,493$ 0.71% 19,746,354$ 0.69% 18,862,410$ 0.70%

12/31/2012

Plan Asset Summary

06/30/2014 06/30/201312/31/201306/30/2015 12/31/2014

21

TIAA-CREF


FundBeginning Balance

January 1, 2015 Contributions Withdrawals ExchangesIntra Vendor

Transfers FeesInvestment

EarningsPlan Servicing

CreditEnding BalanceJune 30, 2015

Difference Between Beginning & Ending

Values

TIAA TRADITIONAL 868,589,363$ 5,779,209$ (17,740,663)$ 2,807,362$ (510,725)$ (1,125)$ 18,325,630$ 783,604$ 878,032,656$ 9,443,293$

TIAA STABLE VALUE 32,735,991$ 556,103$ (840,953)$ 3,518,533$ (50,393)$ -$ 287,416$ -$ 36,206,697$ 3,470,706$

CREF MONEY MARKET R1 53,050,029$ 567,265$ (1,624,923)$ (51,990,363)$ (2,008)$ -$ (0)$ -$ -$ (53,050,029)$

CREF MONEY MARKET R3 -$ 225,177$ (593,370)$ 52,132,978$ -$ -$ (0)$ -$ 51,764,785$ 51,764,785$

CREF BOND MARKET R1 79,832,059$ 948,123$ (1,019,266)$ (81,371,802)$ 11,333$ -$ 1,599,553$ -$ -$ (79,832,059)$

CREF BOND MARKET R3 -$ 432,995$ (617,027)$ 84,934,643$ (11,511)$ -$ (1,669,515)$ -$ 83,069,586$ 83,069,586$

CREF INFLATION-LINKED BOND R1 46,078,813$ 649,458$ (1,245,086)$ (46,662,077)$ 2,688$ -$ 1,176,205$ -$ -$ (46,078,813)$

CREF INFLATION-LINKED BOND R3 -$ 442,998$ (520,654)$ 46,485,493$ -$ -$ (1,133,253)$ -$ 45,274,584$ 45,274,584$

CREF SOCIAL CHOICE R1 85,505,122$ 965,093$ (1,229,625)$ (88,085,487)$ (1,305)$ -$ 2,846,202$ -$ -$ (85,505,122)$

CREF SOCIAL CHOICE R3 -$ 532,769$ (533,214)$ 84,389,035$ (14,031)$ -$ (2,190,531)$ -$ 82,184,027$ 82,184,027$

CREF STOCK R1 641,234,937$ 4,301,130$ (10,220,107)$ (674,228,039)$ (333,376)$ -$ 39,245,454$ -$ -$ (641,234,937)$

CREF STOCK R3 -$ 4,838,685$ (5,040,087)$ 648,148,647$ (116,732)$ -$ (17,145,170)$ -$ 630,685,343$ 630,685,343$

TIAA CREF LG CAP VAL INST $ 47,206,306 $ 1,136,749 $ (968,816) $ 5,107,668 $ (147,878) $ - $ 487,749 $ - 52,821,778$ 5,615,473$

CREF EQUITY INDEX R1 $ 81,694,471 $ 914,782 $ (703,514) $ (85,081,065) $ (40,022) $ - $ 3,215,347 $ - -$ (81,694,471)$

CREF EQUITY INDEX R3 $ - $ 351,512 $ (810,997) $ 79,345,178 $ (3,670) $ - $ (1,660,649) $ - 77,221,374$ 77,221,374$

TIAA CREF S&P 500 IDX INST 30,936,837$ 1,048,964$ (696,517)$ 3,165,193$ (106,787)$ -$ 369,710$ -$ 34,717,400$ 3,780,563$

WELLS FARGO ADVANTAGE GROWTH 23,085,406$ 558,791$ (344,786)$ 236,085$ (14,776)$ -$ 1,242,317$ -$ 24,763,037$ 1,677,631$

CREF GROWTH R1 103,476,142$ 1,209,624$ (791,556)$ (111,617,078)$ 27,121$ -$ 7,695,747$ -$ -$ (103,476,142)$

CREF GROWTH R3 -$ 710,906$ (724,203)$ 113,328,740$ -$ -$ (2,174,607)$ -$ 111,140,835$ 111,140,835$

TIAA CREF MID CAP VAL INST 49,642,458$ 1,124,616$ (1,021,198)$ 1,414,972$ (106,595)$ -$ 562,099$ -$ 51,616,352$ 1,973,894$

TIAA CREF MID CAP GR INST 13,406,989$ 450,322$ (125,217)$ 2,182,190$ (1,968)$ -$ 705,370$ -$ 16,617,685$ 3,210,696$

ROYCE OPPORTUNITY FD 5,538,873$ 201,783$ (34,058)$ (290,242)$ (29,776)$ -$ 36,428$ -$ 5,423,008$ (115,865)$

TIAA CREF SM CAP BL IDX INST 25,207,488$ 642,040$ (570,353)$ 2,930,057$ (29,490)$ -$ 1,330,300$ -$ 29,510,041$ 4,302,553$

ALLIANCE BERNSTEIN SMALL CAP GROWTH 8,327,655$ 266,408$ (116,693)$ 535,225$ (89,417)$ -$ 875,219$ -$ 9,798,396$ 1,470,741$

AF EUROPACIFIC GROWTH FUND R6 33,262,483$ 972,349$ (597,728)$ 6,901,916$ (228,998)$ -$ 2,394,447$ -$ 42,704,469$ 9,441,986$

DFA EMERGING MARKETS 8,412,090$ 334,885$ (189,506)$ 2,361,218$ (152,457)$ -$ 32,686$ -$ 10,798,916$ 2,386,826$

TIAA CREF INTL EQ IDX INST 32,904,857$ 887,516$ (753,138)$ (740,196)$ (86,119)$ (1)$ 2,134,449$ -$ 34,347,368$ 1,442,512$

CREF GLOBAL EQUITIES R1 85,848,015$ 1,007,906$ (1,426,100)$ (91,098,421)$ (22,842)$ -$ 5,691,440$ -$ -$ (85,848,015)$

CREF GLOBAL EQUITIES R3 -$ 550,677$ (595,132)$ 93,145,573$ -$ -$ (2,269,873)$ -$ 90,831,245$ 90,831,245$

TIAA REAL ESTATE 104,569,332$ 2,262,973$ (2,019,108)$ 2,145,662$ (188,147)$ -$ 4,602,525$ -$ 111,373,237$ 6,803,905$

TIAA CREF LFCYLE RTMT INC INST 1,916,580$ 79,926$ (127,949)$ 199,606$ (2,410)$ -$ 40,489$ -$ 2,106,242$ 189,662$

TIAA CREF LIFECYCLE 2010 INST 7,231,742$ 344,472$ (188,538)$ (357,334)$ -$ -$ 179,722$ -$ 7,210,064$ (21,678)$

TIAA CREF LIFECYCLE 2015 INST 14,837,223$ 978,127$ (75,637)$ (484,288)$ (125,313)$ -$ 406,709$ -$ 15,536,822$ 699,599$

TIAA CREF LIFECYCLE 2020 INST 16,479,083$ 1,176,246$ (441,767)$ (515,763)$ (10,973)$ -$ 484,748$ -$ 17,171,574$ 692,492$

TIAA CREF LIFECYCLE 2025 INST 22,794,530$ 1,482,610$ (356,942)$ (1,555,663)$ (13,535)$ -$ 764,949$ -$ 23,115,949$ 321,419$

TIAA CREF LIFECYCLE 2030 INST 23,990,095$ 2,043,071$ (254,902)$ (425,280)$ 182,994$ -$ 931,932$ -$ 26,467,910$ 2,477,815$

TIAA CREF LIFECYCLE 2035 INST 27,704,370$ 2,327,494$ (223,413)$ (280,009)$ (1,426)$ -$ 1,110,576$ -$ 30,637,590$ 2,933,221$

TIAA CREF LIFECYCLE 2040 INST 42,743,158$ 3,659,917$ (922,779)$ (506,194)$ (197,486)$ -$ 1,857,640$ -$ 46,634,256$ 3,891,098$

TIAA CREF LIFECYCLE 2045 INST 16,268,125$ 2,860,124$ (265,207)$ (140,136)$ (71,050)$ -$ 729,823$ -$ 19,381,679$ 3,113,555$

TIAA CREF LIFECYCLE 2050 INST 8,384,173$ 1,929,255$ (92,484)$ 13,462$ (14,032)$ -$ 381,114$ -$ 10,601,488$ 2,217,315$

Totals 2,642,894,795$ 51,753,051$ (56,663,212)$ (0)$ (2,501,110)$ (1,126)$ 73,500,394$ 783,604$ 2,709,766,395$ 66,871,600$

Plan Activity - TIAA CREFJanuary 1, 2015 through June 30, 2015

22



January 1, 2015Ending BalanceJune 30, 2015 Six Month Return

TIAA TRADITIONAL 868,589,363$ 878,032,656$ 1.93%

TIAA STABLE VALUE 32,735,991$ 36,206,697$ 0.84%

CREF MONEY MARKET R1 53,050,029$ -$ 0.00%

CREF MONEY MARKET R3 -$ 51,764,785$

CREF BOND MARKET R1 79,832,059$ -$ -0.04%

CREF BOND MARKET R3 -$ 83,069,586$

CREF INFLATION-LINKED BOND R1 46,078,813$ -$ 0.09%

CREF INFLATION-LINKED BOND R3 -$ 45,274,584$

CREF SOCIAL CHOICE R1 85,505,122$ -$ 0.72%

CREF SOCIAL CHOICE R3 -$ 82,184,027$

CREF STOCK R1 641,234,937$ -$ 3.44%

CREF STOCK R3 -$ 630,685,343$

TIAA CREF LG CAP VAL INST 47,206,306$ 52,821,778$ 1.11%

CREF EQUITY INDEX R1 81,694,471$ -$ 1.81%

CREF EQUITY INDEX R3 -$ 77,221,374$

TIAA CREF S&P 500 IDX INST 30,936,837$ 34,717,400$ 1.21%

WELLS FARGO ADVANTAGE GROWTH 23,085,406$ 24,763,037$ 5.49%

CREF GROWTH R1 103,476,142$ -$ 5.30%

CREF GROWTH R3 -$ 111,140,835$

TIAA CREF MID CAP VAL INST 49,642,458$ 51,616,352$ 1.20%

TIAA CREF MID CAP GR INST 13,406,989$ 16,617,685$ 4.99%

ROYCE OPPORTUNITY FD 5,538,873$ 5,423,008$ 0.73%

TIAA CREF SM CAP BL IDX INST 25,207,488$ 29,510,041$ 4.92%

ALLIANCE BERNSTEIN SMALL CAP GROWTH 8,327,655$ 9,798,396$ 10.53%

AF EUROPACIFIC GROWTH FUND R6 33,262,483$ 42,704,469$ 7.16%

DFA EMERGING MARKETS 8,412,090$ 10,798,916$ 1.34%

TIAA CREF INTL EQ IDX INST 32,904,857$ 34,347,368$ 6.54%

CREF GLOBAL EQUITIES R1 85,848,015$ -$ 4.01%

CREF GLOBAL EQUITIES R3 -$ 90,831,245$

TIAA REAL ESTATE 104,569,332$ 111,373,237$ 4.35%

TIAA CREF LFCYLE RTMT INC INST 1,916,580$ 2,106,242$ 2.19%

TIAA CREF LIFECYCLE 2010 INST 7,231,742$ 7,210,064$ 2.42%









Totals / Weighted Average Return 2,642,894,795$ 2,709,766,395$ 2.73%Totals / Weighted Average Variable Funds Return 3.52%

Totals / Weighted Average Fixed Income Return 1.58%

Plan Performance - TIAA CREFJune 30, 2015

23


Fund Ticker Percent of Balance Expense Ratio

TIAA TRADITIONAL N/A 32.4% 0.55%

TIAA STABLE VALUE N/A 1.3% 0.84%

CREF MONEY MARKET R3 N/A 1.9% 0.32%

CREF BOND MARKET R3 N/A 3.1% 0.37%

CREF INFLATION-LINKED BOND R3 N/A 1.7% 0.32%

CREF SOCIAL CHOICE R3 N/A 3.0% 0.33%

CREF STOCK R3 N/A 23.3% 0.37%

TIAA CREF LG CAP VAL INST TRLIX 1.9% 0.42%

CREF EQUITY INDEX R3 N/A 2.8% 0.29%

TIAA CREF S&P 500 IDX INST TISPX 1.3% 0.06%

WELLS FARGO ADVANTAGE GROWTH SGRNX 0.9% 0.75%

CREF GROWTH R3 N/A 4.1% 0.32%

TIAA CREF MID CAP VAL INST TIMVX 1.9% 0.41%

TIAA CREF MID CAP GR INST TRPWX 0.6% 0.47%

ROYCE OPPORTUNITY FD ROFIX 0.2% 1.04%

TIAA CREF SM CAP BL IDX INST TISBX 1.1% 0.13%

ALLIANCE BERNSTEIN SMALL CAP GROWTH QUAIX 0.4% 0.91%

AF EUROPACIFIC GROWTH FUND R6 RERGX 1.6% 0.49%

DFA EMERGING MARKETS DFEMX 0.4% 0.56%

TIAA CREF INTL EQ IDX INST TCIEX 1.3% 0.06%

CREF GLOBAL EQUITIES R3 N/A 3.4% 0.38%

TIAA REAL ESTATE N/A 4.1% 0.87%

TIAA CREF LFCYLE RTMT INC INST TLRIX 0.1% 0.38%

TIAA CREF LIFECYCLE 2010 INST TCTIX 0.3% 0.39%

TIAA CREF LIFECYCLE 2015 INST TCNIX 0.6% 0.40%

TIAA CREF LIFECYCLE 2020 INST TCWIX 0.6% 0.41%

TIAA CREF LIFECYCLE 2025 INST TCYIX 0.9% 0.43%

TIAA CREF LIFECYCLE 2030 INST TCRIX 1.0% 0.44%

TIAA CREF LIFECYCLE 2035 INST TCIIX 1.1% 0.45%

TIAA CREF LIFECYCLE 2040 INST TCOIX 1.7% 0.46%

TIAA CREF LIFECYCLE 2045 INST TTFIX 0.7% 0.46%

TIAA CREF LIFECYCLE 2050 INST TFTIX 0.4% 0.46%

Total / Weighted Average Expense Ratio 100.0% 0.45%

Total / Weighted Average Expense Ratio ex-Stable Value 0.27%

Weighted Average Expense Ratio - TIAA CREFJune 30, 2015

24

Kansas Board of Regents TIAA-CREF

Stable Value 33.7%

Money Market 1.9%

Balanced 3.0%

Global Equity 23.3%Fixed Income 4.7% Large Cap Value 1.9%

Large Cap Core 4.1%

Large Cap Growth 5.0%

Mid Cap Value 1.9%Mid Cap Growth 0.6%

Small Cap Value 0.2%

Small Cap Core 1.1%

Small Cap Growth 0.4%

International / Global 6.6%

Real Estate 4.1%

LifeCycle 7.3%

Asset Allocation as of June 30, 2015

Stable Value 34.1%

Money Market 2.0%

Balanced 3.2%

Global Equity 24.3%

Fixed Income 4.8% Large Cap Value 1.8%Large Cap Core 4.3%


Mid Cap Value 1.9%

Mid Cap Growth 0.5%


Small Cap Core 1.0%

Small Cap Growth 0.3%International / Global 6.1%

Real Estate 4.0%

LifeCycle 6.9%

Asset Allocation as of January 1, 2015

25

Kansas Board of Regents TIAA-CREF

Stable Value 12.2%

Money Market 1.5%Balanced 2.9%

Global Equity 17.7% Fixed Income 4.8%Large Cap Value 2.2%

Large Cap Core 4.5%


Mid Cap Value 2.2%Mid Cap Growth 0.9%


Small Cap Core 1.2%

Small Cap Growth 0.5%International / Global 7.3%

Real Estate 4.4%LifeCycle 32.6%

Plan Contributions - 1/1/15 through 6/30/15

Stable Value 13.9%

Money Market 1.7%Balanced 3.0%

Global Equity 13.3%Fixed Income 4.9%

Large Cap Value 2.0%Large Cap Core 4.6%


Mid Cap Value 2.2%

Mid Cap Growth 0.9%


Small Cap Core 1.2%



Real Estate 4.2%LifeCycle 34.8%


26

Expense Ratio

Allocation

Market Value($000) %

Performance (%)

1Quarter

Year ToDate

1Year

3Years

5Years

TIAA-Cref 2,709,766 100.00

TIAA Traditional TDA 878,033 32.40 0.95 1.93 4.01 4.05 4.08Hueler Stable Value 0.44 0.88 1.75 1.83 2.18

TIAA Stable Value 36,207 1.34 0.42 0.84 1.71 N/A N/A

Hueler Stable Value 0.44 0.88 1.75 1.83 2.18

CREF Money Market Account 51,765 1.91 0.00 0.00 0.00 0.00 0.00 0.3290 Day U.S. Treasury Bill 0.01 0.02 0.03 0.05 0.07

CREF Bond Market Account 83,070 3.07 -1.67 -0.04 1.39 1.90 3.39 0.37Barclays U.S. Aggregate -1.68 -0.10 1.86 1.83 3.35

IM U.S. Broad Market Core Fixed Income (MF) Median -1.73 -0.11 1.21 2.00 3.52 0.7

CREF Bond Market Account Rank 41 43 41 55 56

CREF Inflation-Linked Bond Account 45,275 1.67 -1.33 0.09 -2.17 -1.15 2.85 0.32Barclays U.S. Treasury: U.S. TIPS -1.06 0.34 -1.73 -0.76 3.29

IM U.S. TIPS (MF) Median -1.05 0.19 -2.57 -1.19 2.50

CREF Inflation-Linked Bond Account Rank 70 55 29 48 24

CREF Social Choice Account 82,184 3.03 -1.08 0.72 1.84 10.01 10.12 0.3360% Russell 3000 / 40% Barclays Agg -0.59 1.21 5.20 11.22 11.89

IM All Balanced (MF) Median -0.48 1.57 1.51 9.23 9.79

CREF Social Choice Account Rank 82 74 45 43 46

CREF Stock Account 630,685 23.27 0.75 3.44 3.95 15.22 14.46 0.3770% R3000 / 30% MSCI ACWI ex US 0.35 2.70 3.59 15.41 14.74

IM Global Large Cap Equity (MF) Median 0.72 3.55 1.49 14.01 13.01

CREF Stock Account Rank 49 52 24 23 16

TIAA-Cref Large Cap Value Instl 52,822 1.95 -0.22 1.11 4.15 17.41 15.93 0.42Russell 1000 Value Index 0.11 -0.61 4.13 17.34 16.50

IM U.S. Large Cap Value Equity (MF) Median 0.43 0.36 4.32 16.68 15.25

TIAA-Cref Large Cap Value Instl Rank 72 28 53 33 33

Kansas Board of Regents Comparative Performance

As of June 30, 2015

27


As of June 30, 2015

Expense Ratio

Allocation


Performance (%)

1Quarter

Year ToDate

1Year

3Years

5Years

CREF Equity Index Account 77,221 2.85 0.09 1.81 6.98 17.31 17.09 0.29Russell 3000 Index 0.14 1.94 7.29 17.73 17.54

IM U.S. Multi-Cap Equity (MF) Median 0.00 2.40 6.48 17.51 16.45

CREF Equity Index Account Rank 46 61 46 54 39

TIAA-Cref S&P 500 Index Retire Instl 34,717 1.28 0.30 1.21 7.35 17.22 17.24 0.06S&P 500 0.28 1.23 7.42 17.31 17.34

IM U.S. Large Cap Core Equity (MF) Median 0.15 1.10 6.26 16.72 15.99

TIAA-Cref S&P 500 Index Retire Instl Rank 42 46 29 38 22

Wells Fargo Advantage Growth 24,763 0.91 0.60 5.49 9.93 15.51 19.36 0.75

Russell 1000 Growth Index 0.12 3.96 10.56 17.99 18.59

IM U.S. Large Cap Growth Equity (MF) Median 0.64 3.85 10.72 17.76 17.24

Wells Fargo Advantage Growth Rank 52 28 60 86 11

CREF Growth Account 111,141 4.10 1.00 5.30 13.32 19.26 18.90 0.32Russell 1000 Growth Index 0.12 3.96 10.56 17.99 18.59


CREF Growth Account Rank 38 30 18 19 18

TIAA-Cref Mid Cap Value Instl 51,616 1.90 -1.61 1.20 4.27 17.83 17.14 0.41Russell Midcap Value Index -1.97 0.41 3.67 19.13 17.73

IM U.S. Mid Cap Value Equity (MF) Median -1.23 1.61 3.95 18.53 16.69

TIAA-Cref Mid Cap Value Instl Rank 59 59 45 67 39

TIAA-Cref Mid Cap Growth Instl 16,618 0.61 -0.67 4.99 9.24 17.78 17.81 0.47Russell Midcap Growth Index -1.14 4.18 9.45 19.24 18.69

IM U.S. Mid Cap Growth Equity (MF) Median 0.47 6.27 9.98 17.96 17.14

TIAA-Cref Mid Cap Growth Instl Rank 73 71 58 55 36

Royce Opportunity Instl 5,423 0.20 -0.43 0.73 -2.59 16.71 15.75 1.04

Russell 2000 Value Index -1.20 0.76 0.78 15.50 14.81

IM U.S. Small Cap Value Equity (MF) Median -0.52 0.98 1.02 16.12 15.20

Royce Opportunity Instl Rank 46 56 76 36 32

28


As of June 30, 2015

Expense Ratio

Allocation


Performance (%)

1Quarter

Year ToDate

1Year

3Years

5Years

TIAA-Cref Small Cap Blend Index Instl 29,510 1.09 0.51 4.92 6.81 18.06 17.25 0.13Russell 2000 Index 0.42 4.75 6.49 17.81 17.08

IM U.S. Small Cap Core Equity (MF) Median -0.13 3.50 4.77 17.57 16.86

TIAA-Cref Small Cap Blend Index Instl Rank 19 20 18 38 39

AllianceBern Small Cap Growth 9,798 0.36 4.37 10.53 6.92 17.93 21.53 0.91

Russell 2000 Growth Index 1.98 8.74 12.34 20.11 19.33

IM U.S. Small Cap Growth Equity (MF) Median 1.78 7.04 7.73 18.88 17.95

AllianceBern Small Cap Growth Rank 14 29 57 59 3

American Funds EuroPacific Growth R6 42,704 1.58 1.12 7.16 0.97 12.71 10.12 0.49MSCI EAFE (Net) 0.62 5.52 -4.22 11.97 9.54

IM International Large Cap Core Equity (MF) Median 0.91 6.31 -3.94 10.51 9.23

American Funds EuroPacific Growth R6 Rank 42 20 9 17 21

DFA Emerging Markets 10,799 0.40 -0.13 1.34 -6.52 3.27 4.09 0.56

MSCI Emerging Markets Index 0.82 3.12 -4.77 4.08 4.03

IM Emerging Markets Equity (MF) Median 0.65 1.57 -6.82 3.13 3.58

DFA Emerging Markets Rank 67 54 48 49 41

TIAA-Cref International EQ Idx Instl 34,347 1.27 1.03 6.54 -3.98 12.03 9.94 0.06MSCI EAFE (Net) 0.62 5.52 -4.22 11.97 9.54


TIAA-Cref International EQ Idx Instl Rank 45 45 52 25 26

CREF Global Equities Account 90,831 3.35 1.10 4.01 3.61 14.75 13.48 0.38MSCI World (Net) 0.31 2.63 1.43 14.27 13.10

IM Global Large Cap Core Equity (MF) Median 0.25 2.75 0.78 13.27 12.22

CREF Global Equities Account Rank 25 26 2 8 16

CREF Real Estate 111,373 4.11 1.33 4.35 10.75 10.11 12.05 0.87NCREIF Property Index 3.14 6.83 12.98 11.63 12.72

NCREIF ODCE Equal Weighted (Net) 3.70 7.00 13.65 11.89 13.23

29


As of June 30, 2015

Expense Ratio

Allocation


Performance (%)

1Quarter

Year ToDate

1Year

3Years

5Years

TIAA-Cref Lifecycle Retire Inc Instl 2,106 0.08 -0.30 2.19 2.48 7.50 8.32 0.38

TIAA-CREF LifeCycle Retirement Inc BM -0.82 1.21 2.35 6.93 7.99

IM Mixed-Asset Target Alloc Consv (MF) Median -0.82 0.82 0.55 5.67 6.66

TIAA-Cref Lifecycle Retire Inc Instl Rank 13 4 9 13 11

TIAA-Cref Lifecycle 2010 Instl 7,210 0.27 -0.17 2.42 2.65 8.50 9.30 0.39

TIAA-CREF LifeCycle 2010 BM -0.72 1.35 2.51 7.95 8.95

IM Mixed-Asset Target 2010 (MF) Median -0.53 1.27 0.85 6.96 7.80

TIAA-Cref Lifecycle 2010 Instl Rank 6 1 1 1 1

TIAA-Cref Lifecycle 2015 Instl 15,537 0.57 -0.10 2.66 2.94 9.37 10.10 0.40




TIAA-Cref Lifecycle 2020 Instl 17,172 0.63 0.09 3.02 3.33 10.56 11.06 0.41
















30


As of June 30, 2015

Expense Ratio

Allocation


Performance (%)

1Quarter

Year ToDate

1Year

3Years

5Years


TIAA-CREF LifeCycle 2040 BM 0.13 2.62 3.60 14.15 13.94





IM Mixed-Asset Target 2045 (MF) Median 0.00 2.66 2.49 13.00 12.61






31

VOYA



January 1, 2015 Contributions Withdrawals ExchangesIntra Vendor

Transfers FeesInvestment

EarningsEnding BalanceJune 30, 2015

Difference Between

Beginning & Ending Values

Voya Fixed Plus 68,959,072$ 1,978,486$ (2,282,530)$ 2,069,473$ 828,916$ -$ 1,031,349$ 72,584,766$ 3,625,694$

Voya Money Market 4,540,997$ 128,506$ (196,255)$ (1,291,949)$ 600,107$ -$ -$ 3,781,406$ (759,591)$

PIMCO Total Return Admin 24,089,645$ 618,899$ (443,257)$ (7,684,850)$ 428,186$ -$ 93,906$ 17,102,528$ (6,987,117)$

PIMCO Real Return Admin 11,072,323$ 413,071$ (276,905)$ (297,013)$ 39,023$ -$ (35,409)$ 10,915,091$ (157,232)$

VY T. Rowe Price Capital Appreciation 24,455,020$ 1,169,840$ (749,155)$ 1,408,351$ 316,846$ -$ 936,478$ 27,537,380$ 3,082,360$

Blackrock Equity Dividend 9,517,795$ 357,741$ (188,399)$ (422,936)$ 165,181$ -$ (95,119)$ 9,334,263$ (183,532)$

American Funds Fundamental Investors 47,887,824$ 1,272,906$ (721,718)$ (1,215,125)$ 227,209$ -$ 1,404,128$ 48,855,224$ 967,400$

SSgA S&P 500 Index 7,116,498$ 288,238$ (113,193)$ 379,996$ 169,102$ -$ 76,522$ 7,917,163$ 800,665$

Parnassus Equity Income I 11,906,791$ 722,028$ (152,504)$ 741,494$ 305,786$ -$ (151,539)$ 13,372,056$ 1,465,265$

Voya Large Cap Growth 50,844,635$ 1,443,122$ (882,876)$ (6,138,970)$ 303,968$ -$ 2,044,698$ 47,614,577$ (3,230,058)$

AmCent Mid Cap Value A 17,339,105$ 443,077$ (256,060)$ (183,893)$ 47,919$ -$ 97,670$ 17,487,818$ 148,713$

Vanguard Mid Cap Index Instl 25,276,164$ 1,043,920$ (582,667)$ 449,482$ 266,257$ -$ 777,468$ 27,230,625$ 1,954,460$

VY FMR SM Diversified Mid Cap 6,040,789$ 259,044$ (103,843)$ (153,608)$ 32,547$ -$ 308,422$ 6,383,352$ 342,563$

Amer Beacon Small Cap Value 2,190,065$ 86,004$ (58,826)$ (43,551)$ 32,480$ -$ 60,596$ 2,266,766$ 76,701$

Vanguard Small Cap Index Instl 18,520,209$ 896,786$ (243,061)$ 418,595$ 264,479$ -$ 785,869$ 20,642,876$ 2,122,668$

VY Baron Small Cap Growth 18,087,991$ 568,054$ (283,650)$ (683,890)$ 60,022$ -$ 582,089$ 18,330,615$ 242,624$

American Funds EuroPacific Growth 28,749,521$ 1,156,018$ (841,509)$ 5,681,217$ 165,449$ -$ 2,154,628$ 37,065,324$ 8,315,803$

VY Oppenheimer Global 15,251,966$ 775,636$ (288,760)$ 49,189$ 110,925$ -$ 1,644,441$ 17,543,396$ 2,291,431$

Oppenheimer Developing Markets 7,293,884$ 516,459$ (130,679)$ (55,924)$ 88,880$ -$ (39,471)$ 7,673,150$ 379,266$

Voya Real Estate 20,390,416$ 727,319$ (424,275)$ 144,100$ 108,980$ -$ (1,439,818)$ 19,506,722$ (883,694)$

Vanguard Target Rtmt Income 22,061,324$ 644,127$ (1,034,487)$ (512,780)$ 56,578$ (38,452)$ 185,427$ 21,361,737$ (699,587)$

Vanguard Target Rtmt 2010 1,125,538$ 8,212$ (29,731)$ 13,230$ 3,289$ (2,021)$ 11,841$ 1,130,359$ 4,821$

Vanguard Target Rtmt 2015 6,166,024$ 236,682$ (486,379)$ 7,537,589$ 9,908$ (24,013)$ 47,117$ 13,486,926$ 7,320,902$

Vanguard Target Rtmt 2020 2,054,426$ 97,150$ (116,982)$ 90,297$ -$ (3,737)$ 31,205$ 2,152,358$ 97,932$

Vanguard Target Rtmt 2025 8,152,108$ 292,359$ (197,347)$ (310,737)$ 25,729$ (14,370)$ 148,672$ 8,096,415$ (55,693)$

Vanguard Target Rtmt 2030 1,084,083$ 110,787$ (3,151)$ (50)$ -$ (2,100)$ 22,078$ 1,211,648$ 127,565$

Vanguard Target Rtmt 2035 5,928,489$ 384,149$ (17,250)$ (36,296)$ 28,261$ (11,257)$ 136,675$ 6,412,772$ 484,282$

Vanguard Target Rtmt 2040 1,062,801$ 141,806$ (29,727)$ 136,372$ -$ (2,258)$ 26,300$ 1,335,294$ 272,494$

Vanguard Target Rtmt 2045 5,892,341$ 395,566$ (62,892)$ (128,436)$ 59,824$ (11,053)$ 147,641$ 6,292,991$ 400,650$

Vanguard Target Rtmt 2050 773,932$ 154,551$ (59,258)$ 40,625$ -$ (1,561)$ 17,984$ 926,274$ 152,341$ Totals 473,831,775$ 17,330,541$ (11,257,323)$ (0)$ 4,745,849$ (110,821)$ 11,011,851$ 495,551,872$ 21,720,097$

Plan Activity - VoyaJanuary 1, 2015 through June 30, 2015

32



January 1, 2015Ending BalanceJune 30, 2015 Six Month Return

Voya Fixed Plus 68,959,072$ 72,584,766$ 1.48%

Voya Money Market 4,540,997$ 3,781,406$ 0.00%

PIMCO Total Return Admin 24,089,645$ 17,102,528$ 0.22%

PIMCO Real Return Admin 11,072,323$ 10,915,091$ -0.27%

VY T. Rowe Price Capital Appreciation 24,455,020$ 27,537,380$ 3.69%

Blackrock Equity Dividend 9,517,795$ 9,334,263$ -0.96%

American Funds Fundamental Investors 47,887,824$ 48,855,224$ 2.93%

SSgA S&P 500 Index 7,116,498$ 7,917,163$ 1.13%

Parnassus Equity Income I 11,906,791$ 13,372,056$ -1.19%

Voya Large Cap Growth 50,844,635$ 47,614,577$ 3.94%

AmCent Mid Cap Value A 17,339,105$ 17,487,818$ 0.56%

Vanguard Mid Cap Index Instl 25,276,164$ 27,230,625$ 3.07%

VY FMR SM Diversified Mid Cap 6,040,789$ 6,383,352$ 5.04%

Amer Beacon Small Cap Value 2,190,065$ 2,266,766$ 2.72%

Vanguard Small Cap Index Instl 18,520,209$ 20,642,876$ 4.21%

VY Baron Small Cap Growth 18,087,991$ 18,330,615$ 3.18%

American Funds EuroPacific Growth 28,749,521$ 37,065,324$ 6.98%

VY Oppenheimer Global 15,251,966$ 17,543,396$ 10.62%

Oppenheimer Developing Markets 7,293,884$ 7,673,150$ -0.48%

Voya Real Estate 20,390,416$ 19,506,722$ -6.73%

Vanguard Target Rtmt Income 22,061,324$ 21,361,737$ 0.81%

Vanguard Target Rtmt 2010 1,125,538$ 1,130,359$ 1.03%








Vanguard Target Rtmt 2050 773,932$ 926,274$ 2.50%Totals / Weighted Average Return 473,831,775$ 495,551,872$ 2.36%

Totals / Weighted Average Variable Funds Return 2.74%Totals / Weighted Average Fixed Income Return 1.00%

Plan Performance - VoyaJune 30, 2015

33


Fund Ticker Percent of Balance Expense Ratio

Voya Fixed Plus N/A 14.6% 0.38%

Voya Money Market N/A 0.8% 0.67%

PIMCO Total Return Admin PTRAX 3.5% 0.71%

PIMCO Real Return Admin PARRX 2.2% 0.72%

VY T. Rowe Price Capital Appreciation ITCSX 5.6% 0.89%

Blackrock Equity Dividend MADVX 1.9% 0.70%

American Funds Fundamental Investors RFNEX 9.9% 0.66%

SSgA S&P 500 Index SVSPX 1.6% 0.17%

Parnassus Equity Income I PRBLX 2.7% 0.87%

Voya Large Cap Growth IEOHX 9.6% 0.60%

AmCent Mid Cap Value A ACLAX 3.5% 1.26%

Vanguard Mid Cap Index Instl VMCIX 5.5% 0.08%

VY FMR SM Diversified Mid Cap IFDSX 1.3% 0.89%

Amer Beacon Small Cap Value AVPAX 0.5% 1.17%

Vanguard Small Cap Index Instl VSCIX 4.2% 0.08%

VY Baron Small Cap Growth IBGIX 3.7% 0.98%

American Funds EuroPacific Growth REREX 7.5% 0.84%

VY Oppenheimer Global IGMIX 3.5% 0.75%

Oppenheimer Developing Markets ODVYX 1.5% 1.07%

Voya Real Estate CRARX 3.9% 0.91%

Vanguard Target Rtmt Income VTINX 4.3% 0.51%

Vanguard Target Rtmt 2010 VTENX 0.2% 0.51%

Vanguard Target Rtmt 2015 VTXVX 2.7% 0.51%

Vanguard Target Rtmt 2020 VTWNX 0.4% 0.51%

Vanguard Target Rtmt 2025 VTTVX 1.6% 0.52%

Vanguard Target Rtmt 2030 VTHRX 0.2% 0.52%

Vanguard Target Rtmt 2035 VTTHX 1.3% 0.53%

Vanguard Target Rtmt 2040 VFORX 0.3% 0.53%

Vanguard Target Rtmt 2045 VTIVX 1.3% 0.53%

Vanguard Target Rtmt 2050 VFIFX 0.2% 0.53%

Total / Weighted Average Expense Ratio 100.0% 0.62%Total / Weighted Average Expense Ratio ex-Stable Value 0.57%

The Vanguard Retirement Funds expense ratio includes an annual administrative expense of 0.35%

Weighted Average Expense Ratio - VoyaJune 30, 2015

34

Kansas Board of Regents Voya

Stable Value 14.6%

Money Market 0.8%

Balanced 5.6%

Fixed Income 5.7%Large Cap Value 1.9%

Large Cap Core 14.2%

Large Cap Growth 9.6%Mid Cap Value 3.5%

Mid Cap Core 5.5%

Mid Cap Growth 1.3%


Small Cap Core 4.2%



Real Estate 3.9%

LifeCycle 12.6%Asset Allocation as of June 30, 2015

Stable Value 14.6%

Money Market 1.0%

Balanced 5.2%

Fixed Income 7.4%

Large Cap Value 2.0%


Large Cap Growth 10.7%Mid Cap Value 3.7%

Mid Cap Core 5.3%

Mid Cap Growth 1.3%


Small Cap Core 3.9%



Real Estate 4.3%

LifeCycle 11.5%Asset Allocation as of January 1, 2015

35

Kansas Board of Regents Voya

Stable Value 11.4%Money Market 0.7%

Balanced 6.8%

Fixed Income 6.0%




Mid Cap Value 2.6%Mid Cap Core 6.0%

Mid Cap Growth 1.5%


Small Cap Core 5.2%



Real Estate 4.2%

LifeCycle 14.2%


Stable Value 11.8%Money Market 0.9%

Balanced 5.9%

Fixed Income 7.5%




Mid Cap Value 2.7%Mid Cap Core 5.1%

Mid Cap Growth 1.6%Small Cap Value 0.5%

Small Cap Core 4.5%



Real Estate 3.9%

LifeCycle 15.1%


36

Expense Ratio

Allocation


Performance (%)

1Quarter

Year ToDate

1Year

3Years

5Years

VOYA 495,552 100.00

Voya Fixed Account 72,585 14.65 0.74 1.48 3.00 3.00 3.00Hueler Stable Value 0.44 0.88 1.75 1.83 2.18

Voya Money Market Fund 3,781 0.76 0.00 0.00 0.01 0.00 0.00 0.67

90 Day U.S. Treasury Bill 0.01 0.02 0.03 0.05 0.07

PIMCO Total Return Admin 17,103 3.45 -1.90 0.22 1.04 2.19 3.77 0.71

Barclays U.S. Aggregate -1.68 -0.10 1.86 1.83 3.35

IM U.S. Broad Market Core Fixed Income (MF) Median -1.73 -0.11 1.21 2.00 3.52

PIMCO Total Return Admin Rank 80 24 59 41 40

PIMCO Real Return Admin 10,915 2.20 -1.74 -0.27 -3.29 -1.15 3.00 0.72

Barclays U.S. Treasury: U.S. TIPS -1.06 0.34 -1.73 -0.76 3.29

IM U.S. TIPS (MF) Median -1.05 0.19 -2.57 -1.19 2.50

PIMCO Real Return Admin Rank 93 76 74 48 17

VY T Rowe Price Capital Appreciation 27,537 5.56 0.48 3.69 8.71 15.04 14.24 0.8960 S&P 500 / 40 Barclays Agg -0.51 0.79 5.28 10.98 11.76

IM All Balanced (MF) Median -0.48 1.57 1.51 9.23 9.79

VY T Rowe Price Capital Appreciation Rank 10 6 1 3 2

BlackRock Equity Dividend 9,334 1.88 0.04 -0.96 3.40 12.34 14.42 0.70

Russell 1000 Value Index 0.11 -0.61 4.13 17.34 16.50

IM U.S. Large Cap Value Equity (MF) Median 0.43 0.36 4.32 16.68 15.25

BlackRock Equity Dividend Rank 67 84 70 97 72

American Funds Fundamental Investors 48,855 9.86 1.30 2.93 6.42 17.07 15.88 0.66

S&P 500 0.28 1.23 7.42 17.31 17.34


American Funds Fundamental Investors Rank 12 13 47 40 54


As of June 30, 2015

37


As of June 30, 2015

Expense Ratio

Allocation


Performance (%)

1Quarter

Year ToDate

1Year

3Years

5Years

SSgA S&P 500 Index 7,917 1.60 0.22 1.13 7.24 17.09 17.16 0.17

S&P 500 0.28 1.23 7.42 17.31 17.34


SSgA S&P 500 Index Rank 46 50 31 40 24

Parnassus Core Equity 13,372 2.70 -0.41 -1.19 4.46 17.97 16.29 0.87

S&P 500 0.28 1.23 7.42 17.31 17.34


Parnassus Core Equity Rank 74 92 73 22 44

Voya Large Cap Growth 47,615 9.61 -0.29 3.94 11.82 17.85 18.85 0.60Russell 1000 Growth Index 0.12 3.96 10.56 17.99 18.59


Voya Large Cap Growth Rank 77 49 34 48 19

American Century Mid Cap Value 17,488 3.53 -0.89 0.56 6.10 17.96 16.09 1.26

Russell Midcap Value Index -1.97 0.41 3.67 19.13 17.73

IM U.S. Mid Cap Value Equity (MF) Median -1.23 1.61 3.95 18.53 16.69

American Century Mid Cap Value Rank 43 69 19 65 62

Vanguard Mid Cap Index Instl 27,231 5.50 -1.16 3.07 8.66 19.70 18.26 0.08

Vanguard Mid Cap Policy Index -1.18 3.09 8.68 19.81 18.35

IM U.S. Mid Cap Core Equity (MF) Median -0.95 3.07 5.86 18.02 16.33

Vanguard Mid Cap Index Instl Rank 56 50 16 17 15

VY FMR SM Diversified Mid Cap 6,383 1.29 -0.10 5.04 6.05 17.58 14.45 0.89Russell Midcap Growth Index -1.14 4.18 9.45 19.24 18.69

IM U.S. Mid Cap Growth Equity (MF) Median 0.47 6.27 9.98 17.96 17.14

VY FMR SM Diversified Mid Cap Rank 59 69 86 58 93

American Beacon Small Cap Value 2,267 0.46 -0.32 2.72 2.66 17.96 16.24 1.17

Russell 2000 Value Index -1.20 0.76 0.78 15.50 14.81

IM U.S. Small Cap Value Equity (MF) Median -0.52 0.98 1.02 16.12 15.20

American Beacon Small Cap Value Rank 43 31 35 18 22

38


As of June 30, 2015

Expense Ratio

Allocation


Performance (%)

1Quarter

Year ToDate

1Year

3Years

5Years

Vanguard Small Cap Index Instl 20,643 4.17 -0.56 4.21 5.25 18.74 18.17 0.08

Vanguard Small Cap Policy Index -0.59 4.18 5.21 18.92 18.23

IM U.S. Small Cap Core Equity (MF) Median -0.13 3.50 4.77 17.57 16.86

Vanguard Small Cap Index Instl Rank 62 31 46 23 19

VY Baron Small Cap Growth 18,331 3.70 -1.89 3.18 6.95 18.39 18.61 0.98Russell 2000 Growth Index 1.98 8.74 12.34 20.11 19.33

IM U.S. Small Cap Growth Equity (MF) Median 1.78 7.04 7.73 18.88 17.95

VY Baron Small Cap Growth Rank 100 98 57 56 38

American Funds EuroPacific Growth 37,065 7.48 1.02 6.98 0.63 12.32 9.74 0.84

MSCI EAFE (Net) 0.62 5.52 -4.22 11.97 9.54


American Funds EuroPacific Growth Rank 46 27 9 20 28

VY Oppenheimer Global 17,543 3.54 2.87 10.62 8.09 18.58 15.12 0.75MSCI World (Net) 0.31 2.63 1.43 14.27 13.10

IM Global Large Cap Core Equity (MF) Median 0.25 2.75 0.78 13.27 12.22

VY Oppenheimer Global Rank 11 1 1 1 1

Oppenheimer Developing Markets 7,673 1.55 0.81 -0.48 -10.41 4.99 6.29 1.07

MSCI Emerging Markets Index 0.82 3.12 -4.77 4.08 4.03

IM Emerging Markets Equity (MF) Median 0.65 1.57 -6.82 3.13 3.58

Oppenheimer Developing Markets Rank 46 76 78 33 14

Voya Real Estate 19,507 3.94 -10.64 -6.73 2.92 7.87 13.75 0.91

MSCI U.S. REIT Index -10.44 -6.19 3.93 8.72 14.29

IM U.S. REIT (SA+CF) Median -9.68 -5.27 5.53 9.59 15.19

Voya Real Estate Rank 96 99 98 93 92

Vanguard Target Rtmt Income 21,362 4.31 -0.93 0.81 1.94 5.35 6.76 0.16

Vanguard Target Income Composite Index -0.84 0.94 2.15 5.57 6.91

IM Mixed-Asset Target Alloc Consv (MF) Median -0.82 0.82 0.55 5.67 6.66

Vanguard Target Rtmt Income Rank 59 52 14 57 47

39


As of June 30, 2015

Expense Ratio

Allocation


Performance (%)

1Quarter

Year ToDate

1Year

3Years

5Years

Vanguard Target Rtmt 2010 1,130 0.23 -0.82 1.03 2.18 6.95 8.37 0.16

Vanguard Target 2010 Composite Index -0.77 1.09 2.33 7.14 8.47


Vanguard Target Rtmt 2010 Rank 83 66 9 51 31


















Vanguard Target 2035 Composite Index 0.01 2.33 3.49 13.50 13.39



Vanguard Target Rtmt 2040 1,335 0.27 0.13 2.52 3.28 13.82 13.50 0.18




40


As of June 30, 2015

Expense Ratio

Allocation


Performance (%)

1Quarter

Year ToDate

1Year

3Years

5Years

Vanguard Target Rtmt 2045 6,293 1.27 0.10 2.52 3.29 13.80 13.51 0.18




Vanguard Target Rtmt 2050 926 0.19 0.13 2.50 3.29 13.81 13.51 0.18




41

FROZEN VENDORS


FundEnding Balance

December 31, 2014Ending BalanceJune 30, 2015 Expense Ratio

LVIP Money Market 218,102$ 223,041$ 0.37%

Lincoln Fixed Account 9,043,672$ 9,039,271$ 0.00%

LVIP Delaware Bond Fund 1,221,094$ 1,181,226$ 0.31%

LVIP BlackRock Emerging Markets Managed Volitility 1,644,707$ 1,508,744$ 0.75%

Delaware Value Series 1,071,552$ 1,064,401$ 0.65%

LVIP Dimensional U.S. Core Equity 7,096,263$ 6,950,620$ 0.35%

LVIP Delaware Social Awareness Fund 6,684,332$ 6,689,502$ 0.39%

LVIP UBS Large Cap Managed Volatility 2,646,068$ 2,408,223$ 0.75%

LVIP Delaware Special Opportunities Fund 8,016,886$ 8,042,360$ 0.40%

Lincoln T.Rowe Price Structured Mid-Cap 1,948,115$ 1,991,432$ 0.73%

Delaware Small Midcap Growth 5,040,802$ 5,250,581$ 0.75%

LVIP Mondrian International Fund 3,601,822$ 3,664,565$ 0.75%

LVIP Delaware Foundation Conservative Alloc Fund 2,753,974$ 2,741,686$ 0.75%

LVIP Delaware Foundation Aggressive Alloc Fund 1,004,396$ 930,000$ 0.75%Totals / Weighted Average Expense Ratio 51,991,783$ 51,685,653$ 0.45%

Fixed Fund Estimated Management Fee 100 basis pointsSix Month Return -0.59%

Plan Balances - LincolnJune 30, 2015

42


FundEnding Balance

December 31, 2014Ending BalanceJune 30, 2015 Expense Ratio

Guggenheim VIF Money Market 175,086$ 103,141$ 0.71%

Guggenheim VIF Mgd Asset Alloc 626,539$ 470,755$ 1.37%

Guggenheim VIF Long Short Eq 18,816$ 45,898$ 1.75%

Guggenheim VIF Alpha Opp 318,311$ 254,665$ 2.07%

Fixed Accounts 4,531,668$ 4,957,859$ 1.00%

Guggenheim VIF High Yield 830,286$ 1,667,762$ 0.95%

Guggenheim VIF Total Return Bd 1,524,020$ 416,918$ 0.81%

Guggenheim VIF Lg Cap Value 324,835$ 429,668$ 0.83%

Guggenheim VIF StylePlus LC Core 1,583,675$ 1,339,580$ 0.98%

Guggenheim VIF StylePlus LC Growth 501,426$ 462,452$ 1.05%

Guggenheim VIF Mid Cap Value 6,637,838$ 5,488,689$ 0.98%

Guggenheim VIF StylePlus MC Growth 2,399,683$ 2,262,465$ 0.99%

Guggenheim VIF All Cap Value 5,367,754$ 4,647,940$ 0.89%

Guggenheim VIF Small Cap Value 908,475$ 772,707$ 1.17%

Guggenheim VIF StylePlus SC Growth 1,306,549$ 1,365,590$ 1.18%

Guggenheim VIF World Equity Inc 2,296,793$ 2,046,460$ 1.14%Totals / Weighted Average Expense Ratio 29,351,754$ 26,732,549$ 1.01%

Fixed Fund Estimated Management Fee 100 basis pointsSix Month Return -8.92%

Plan Balances - Securities BenefitJune 30, 2015

43

INVESTMENT DETAIL: TIAA-CREF

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

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

Re

turn

1 Qtr YTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs

CREF Bond Market Account -1.67 (41) -0.04 (43) 1.39 (41) 1.90 (55) 3.39 (56) 4.28 (70) 4.02 (59)¢£

Barclays U.S. Aggregate -1.68 (43) -0.10 (50) 1.86 (13) 1.83 (59) 3.35 (58) 4.59 (54) 4.44 (36)Å�

5th Percentile -0.69 0.82 2.12 3.69 4.92 5.97 5.30

1st Quartile -1.55 0.18 1.66 2.52 4.03 5.21 4.65

Median -1.73 -0.11 1.21 2.00 3.52 4.64 4.23

3rd Quartile -1.86 -0.32 0.69 1.51 3.02 4.13 3.65

95th Percentile -2.14 -0.72 -0.23 0.78 2.27 2.67 2.42

CREF Bond Market Account

Kansas Board of RegentsJune 30, 2015

44


-36.0

-28.0

-20.0

-12.0

-4.0

4.0

12.0

20.0

28.0

36.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

CREF Bond Market Account 5.52 (53) -2.01 (53) 5.29 (67) 6.95 (38) 6.72 (64) 7.01 (80) 1.24 (31)¢£

Barclays U.S. Aggregate 5.97 (27) -2.02 (54) 4.21 (80) 7.84 (11) 6.54 (69) 5.93 (90) 5.24 (10)Å�

5th Percentile 7.29 -0.20 9.62 8.28 10.36 20.59 6.03

1st Quartile 5.99 -1.29 7.29 7.39 8.19 15.65 2.61

Median 5.54 -1.96 6.01 6.68 7.23 12.13 -3.45

3rd Quartile 4.75 -2.46 4.82 5.72 6.37 7.73 -8.59

95th Percentile 2.53 -3.44 3.35 3.89 5.08 4.87 -20.19



45

Peer Group Scattergram (07/01/10 to 06/30/15) Up Down Market Capture

Historical Statistics (07/01/10 - 06/30/15) *

* Quarterly periodicity used.

ReturnStandardDeviation

SharpeRatio Alpha Beta R-Squared

TrackingError

InformationRatio

ExcessRisk

InceptionDate

CREF Bond Market Account 3.39 2.86 1.16 0.24 0.94 0.95 0.69 0.05 2.86 10/01/2001

Barclays U.S. Aggregate 3.35 2.97 1.11 0.00 1.00 1.00 0.00 N/A 2.97 10/01/2001

90 Day U.S. Treasury Bill 0.07 0.03 N/A 0.07 0.00 0.00 2.97 -1.11 0.00 10/01/2001

0.0

2.0

4.0

6.0

Re

turn

(%)

1.8 2.1 2.4 2.7 3.0 3.3 3.6 3.9 4.2Risk (Standard Deviation %)


CREF Bond Market Account 3.39 2.86¢£

Barclays U.S. Aggregate 3.35 2.97Å�

Median 3.52 2.96¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

102.6 100.5

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

100.3 98.9



46

Peer Group Analysis - IM U.S. TIPS (MF)

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

Re

turn


CREF Inflation-Linked Bond Account -1.33 (70) 0.09 (55) -2.17 (29) -1.15 (48) 2.85 (24) 3.04 (37) 3.67 (39)¢£

Barclays U.S. Treasury: U.S. TIPS -1.06 (51) 0.34 (43) -1.73 (10) -0.76 (27) 3.29 (4) 3.51 (11) 4.14 (8)Å�

5th Percentile 0.59 1.56 -0.65 0.30 3.24 3.65 4.33

1st Quartile -0.30 0.83 -2.09 -0.72 2.84 3.21 3.83

Median -1.05 0.19 -2.57 -1.19 2.50 2.84 3.43

3rd Quartile -1.41 -0.26 -3.35 -1.62 2.04 2.16 2.80

95th Percentile -2.04 -1.48 -6.06 -2.41 1.38 0.77 0.84

CREF Inflation-Linked Bond Account


47

Peer Group Analysis - IM U.S. TIPS (MF)

-36.0

-28.0

-20.0

-12.0

-4.0

4.0

12.0

20.0

28.0

36.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

CREF Inflation-Linked Bond Account 3.33 (16) -9.02 (63) 6.40 (49) 13.16 (17) 5.89 (48) 9.58 (65) -1.78 (34)¢£

Barclays U.S. Treasury: U.S. TIPS 3.64 (8) -8.61 (43) 6.98 (23) 13.56 (7) 6.31 (30) 11.41 (23) -2.35 (47)Å�

5th Percentile 4.13 -0.50 9.98 13.80 7.81 18.52 -0.32

1st Quartile 2.99 -5.86 6.89 12.93 6.42 11.22 -1.38

Median 2.19 -8.74 6.35 11.93 5.87 10.26 -2.56

3rd Quartile 0.27 -9.30 5.47 9.20 5.21 9.19 -4.23

95th Percentile -2.28 -10.79 3.21 4.43 3.88 6.28 -18.34



48






TrackingError

InformationRatio

ExcessRisk

InceptionDate

CREF Inflation-Linked Bond Account 2.85 5.22 0.55 -0.46 1.01 1.00 0.23 -1.89 5.22 10/01/2001

Barclays U.S. Treasury: U.S. TIPS 3.29 5.16 0.64 0.00 1.00 1.00 0.00 N/A 5.16 10/01/2001


0.8

1.6

2.4

3.2

4.0

Re

turn

(%)

1.8 2.4 3.0 3.6 4.2 4.8 5.4 6.0 6.6 7.2Risk (Standard Deviation %)


CREF Inflation-Linked Bond Account 2.85 5.22¢£

Barclays U.S. Treasury: U.S. TIPS 3.29 5.16Å�

Median 2.50 5.15¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

96.9 96.9

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

106.8 109.1



49

Peer Group Analysis - IM All Balanced (MF)

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

Re

turn


CREF Social Choice Account -1.08 (82) 0.72 (74) 1.84 (45) 10.01 (43) 10.12 (46) 6.77 (21) 6.01 (33)¢£

60% Russell 3000 / 40% Barclays Agg -0.59 (58) 1.21 (62) 5.20 (4) 11.22 (32) 11.89 (23) 7.98 (5) 6.97 (10)Å�

5th Percentile 0.76 3.74 4.92 14.23 13.55 7.97 7.33

1st Quartile 0.00 2.45 2.81 11.88 11.70 6.59 6.26

Median -0.48 1.57 1.51 9.23 9.79 5.67 5.50

3rd Quartile -0.91 0.65 0.03 6.51 7.58 4.67 4.70

95th Percentile -2.14 -1.14 -4.10 2.82 4.29 2.91 3.12

CREF Social Choice Account


50


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

CREF Social Choice Account 6.83 (18) 16.67 (44) 10.98 (64) 1.82 (20) 11.94 (56) 22.42 (68) -23.46 (26)¢£

60% Russell 3000 / 40% Barclays Agg 9.96 (4) 18.19 (37) 11.55 (57) 4.07 (6) 13.25 (36) 19.48 (82) -22.24 (22)Å�

5th Percentile 9.27 25.81 16.65 4.64 16.51 36.97 -12.67

1st Quartile 6.20 20.64 14.34 1.18 14.04 30.46 -23.27

Median 4.75 15.12 12.13 -1.47 12.30 26.00 -29.56

3rd Quartile 3.45 8.34 9.84 -3.75 10.43 20.87 -35.62

95th Percentile 0.08 0.55 5.37 -7.33 6.83 12.69 -40.99



51






TrackingError

InformationRatio

ExcessRisk

InceptionDate

CREF Social Choice Account 10.12 7.52 1.33 -1.39 0.98 0.96 1.44 -1.13 7.52 10/01/2001

60% Russell 3000 / 40% Barclays Agg 11.89 7.53 1.54 0.00 1.00 1.00 0.00 N/A 7.53 10/01/2001


0.0

4.0

8.0

12.0

16.0

20.0

Re

turn

(%)



CREF Social Choice Account 10.12 7.52¢£

60% Russell 3000 / 40% Barclays Agg 11.89 7.53Å�

Median 9.79 8.98¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

91.3 91.0

Down Market Capture

0.0

100.0

200.0

300.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

183.0

122.0



52

Peer Group Analysis - IM Global Large Cap Equity (MF)

-16.0

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

Re

turn


CREF Stock Account 0.75 (49) 3.44 (52) 3.95 (24) 15.22 (23) 14.46 (16) 7.16 (24) 7.04 (56)¢£

70% R3000 / 30% MSCI ACWI ex US 0.35 (58) 2.70 (64) 3.59 (26) 15.41 (20) 14.74 (9) 7.38 (16) 7.60 (45)Å�

5th Percentile 2.68 9.72 8.01 17.75 14.88 8.22 9.02

1st Quartile 1.22 5.12 3.73 15.10 14.05 7.16 8.02

Median 0.72 3.55 1.49 14.01 13.01 6.09 7.35

3rd Quartile -0.12 2.00 -0.58 11.95 11.83 4.82 6.46

95th Percentile -1.65 -2.04 -5.42 9.18 10.60 2.72 5.28

CREF Stock Account


53

Peer Group Analysis - IM Global Large Cap Equity (MF)

-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

CREF Stock Account 6.41 (13) 27.83 (28) 17.26 (54) -4.94 (34) 15.72 (9) 32.04 (42) -39.68 (41)¢£

70% R3000 / 30% MSCI ACWI ex US 7.56 (5) 28.06 (27) 16.79 (57) -3.45 (23) 15.40 (12) 32.45 (38) -39.68 (41)Å�

5th Percentile 7.46 35.56 23.12 5.76 16.03 51.12 -31.41

1st Quartile 4.54 28.73 19.87 -3.89 13.91 35.03 -38.34

Median 2.83 25.78 17.69 -7.27 11.80 31.26 -41.17

3rd Quartile 1.05 23.32 14.46 -8.58 10.04 25.79 -44.48

95th Percentile -3.17 14.91 9.89 -14.66 6.26 19.02 -53.10

CREF Stock Account


54






TrackingError

InformationRatio

ExcessRisk

InceptionDate

CREF Stock Account 14.46 13.73 1.07 -0.80 1.04 1.00 0.81 -0.21 13.73 07/01/2001

70% R3000 / 30% MSCI ACWI ex US 14.74 13.16 1.13 0.00 1.00 1.00 0.00 N/A 13.16 07/01/2001


8.0

10.0

12.0

14.0

16.0

Re

turn

(%)

8.0 10.0 12.0 14.0 16.0 18.0Risk (Standard Deviation %)


CREF Stock Account 14.46 13.73¢£

70% R3000 / 30% MSCI ACWI ex US 14.74 13.16Å�

Median 13.01 13.29¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.5 100.9

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

116.9107.8

CREF Stock Account


55

Peer Group Analysis - IM U.S. Large Cap Value Equity (MF)

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

Re

turn


TIAA-Cref Large Cap Value Instl -0.22 (72) 1.11 (28) 4.15 (53) 17.41 (33) 15.93 (33) 9.16 (17) 7.13 (29)¢£

Russell 1000 Value Index 0.11 (63) -0.61 (77) 4.13 (54) 17.34 (35) 16.50 (19) 8.59 (32) 7.05 (30)Å�

5th Percentile 2.31 2.84 7.09 19.62 17.55 10.15 8.32

1st Quartile 1.00 1.21 5.43 17.79 16.25 8.80 7.19

Median 0.43 0.36 4.32 16.68 15.25 7.93 6.49

3rd Quartile -0.35 -0.53 2.97 15.57 14.21 6.60 5.59

95th Percentile -1.29 -1.69 0.30 12.90 12.69 5.20 4.00

TIAA-Cref Large Cap Value Instl


56


-85.0

-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

TIAA-Cref Large Cap Value Instl 9.16 (80) 34.43 (31) 19.68 (5) -5.67 (83) 18.18 (6) 30.87 (17) -39.85 (70)¢£

Russell 1000 Value Index 13.45 (9) 32.53 (48) 17.51 (23) 0.39 (24) 15.51 (20) 19.69 (74) -36.85 (48)Å�

5th Percentile 14.19 39.31 19.61 6.16 18.19 40.90 -30.88

1st Quartile 12.10 34.93 17.21 0.22 15.00 28.05 -34.82

Median 10.90 32.29 15.28 -2.30 12.78 24.37 -36.99

3rd Quartile 9.61 30.52 13.50 -4.85 11.36 19.53 -40.73

95th Percentile 6.44 26.86 9.90 -8.14 9.25 15.23 -46.90



57



* Monthly periodicity used.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

TIAA-Cref Large Cap Value Instl 15.93 13.60 1.16 -1.78 1.09 0.98 2.40 -0.14 13.60 11/01/2002

Russell 1000 Value Index 16.50 12.32 1.30 0.00 1.00 1.00 0.00 N/A 12.32 11/01/2002


10.0

12.0

14.0

16.0

18.0

20.0

Re

turn

(%)



TIAA-Cref Large Cap Value Instl 15.93 13.60¢£

Russell 1000 Value Index 16.50 12.32Å�

Median 15.25 12.91¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

100.2 102.8

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

99.2110.3



58

Peer Group Analysis - IM U.S. Multi-Cap Equity (MF)

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Re

turn


CREF Equity Index Account 0.09 (46) 1.81 (61) 6.98 (46) 17.31 (54) 17.09 (39) 9.27 (39) 7.74 (49)¢£

Russell 3000 Index 0.14 (44) 1.94 (59) 7.29 (41) 17.73 (45) 17.54 (30) 9.65 (33) 8.15 (38)Å�

5th Percentile 2.60 7.97 13.48 21.88 19.50 12.51 10.52

1st Quartile 0.85 4.57 9.24 19.05 17.78 10.11 8.73

Median 0.00 2.40 6.48 17.51 16.45 8.69 7.68

3rd Quartile -0.87 0.78 3.33 15.74 14.77 7.31 6.54

95th Percentile -2.36 -1.81 -1.83 11.44 11.77 5.00 4.81

CREF Equity Index Account


59

Peer Group Analysis - IM U.S. Multi-Cap Equity (MF)

-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

CREF Equity Index Account 12.17 (28) 32.98 (60) 15.98 (44) 0.66 (23) 16.46 (49) 27.86 (69) -37.50 (31)¢£

Russell 3000 Index 12.56 (23) 33.55 (54) 16.42 (37) 1.03 (20) 16.93 (46) 28.34 (67) -37.31 (29)Å�

5th Percentile 15.03 43.09 22.39 5.06 25.96 55.76 -29.34

1st Quartile 12.41 37.19 17.66 0.34 19.98 40.01 -36.68

Median 10.21 34.06 15.53 -2.35 16.19 31.86 -40.25

3rd Quartile 6.79 31.01 12.53 -5.75 13.40 25.83 -43.66

95th Percentile 2.35 23.79 8.65 -11.57 9.79 15.72 -50.74



60






TrackingError

InformationRatio

ExcessRisk

InceptionDate

CREF Equity Index Account 17.09 13.04 1.30 -0.33 1.00 1.00 0.06 -6.98 13.04 10/01/2001

Russell 3000 Index 17.54 13.09 1.32 0.00 1.00 1.00 0.00 N/A 13.09 10/01/2001


9.0

12.0

15.0

18.0

21.0

24.0

Re

turn

(%)



CREF Equity Index Account 17.09 13.04¢£

Russell 3000 Index 17.54 13.09Å�

Median 16.45 14.29¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

97.7 98.3

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

101.1



61

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

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

Re

turn


TIAA-Cref S&P 500 Index Retire Instl 0.30 (42) 1.21 (46) 7.35 (29) 17.22 (38) 17.24 (22) 9.36 (23) 7.83 (30)¢£

S&P 500 0.28 (43) 1.23 (46) 7.42 (27) 17.31 (36) 17.34 (21) 9.42 (22) 7.89 (28)Å�

5th Percentile 1.76 3.99 9.80 19.52 18.58 10.78 9.44

1st Quartile 0.73 2.11 7.58 17.80 17.09 9.28 7.97

Median 0.15 1.10 6.26 16.72 15.99 8.33 7.23

3rd Quartile -0.50 -0.03 4.20 15.44 14.93 7.29 6.47

95th Percentile -1.94 -1.65 0.94 12.73 13.11 5.54 5.40

TIAA-Cref S&P 500 Index Retire Instl


62


-85.0

-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

TIAA-Cref S&P 500 Index Retire Instl 13.60 (19) 32.24 (45) 15.94 (42) 2.01 (25) 14.93 (24) 26.46 (49) -36.92 (50)¢£

S&P 500 13.69 (18) 32.39 (42) 16.00 (40) 2.11 (24) 15.06 (23) 26.46 (49) -37.00 (51)Å�

5th Percentile 15.46 36.68 19.88 6.48 18.21 41.56 -29.35

1st Quartile 13.09 33.74 16.84 1.83 14.81 30.57 -34.28

Median 11.37 31.88 15.41 -0.36 13.12 26.12 -36.98

3rd Quartile 10.04 29.91 13.23 -2.64 11.31 21.74 -39.83

95th Percentile 7.08 25.47 9.60 -8.49 7.94 17.52 -44.65



63






TrackingError

InformationRatio

ExcessRisk

InceptionDate

TIAA-Cref S&P 500 Index Retire Instl 17.24 11.90 1.40 -0.08 1.00 1.00 0.08 -1.08 11.90 11/01/2002

S&P 500 17.34 11.90 1.41 0.00 1.00 1.00 0.00 N/A 11.90 11/01/2002


9.0

12.0

15.0

18.0

21.0

Re

turn

(%)



TIAA-Cref S&P 500 Index Retire Instl 17.24 11.90¢£

S&P 500 17.34 11.90Å�

Median 15.99 12.37¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.8 99.7

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

100.4 100.2



64

Peer Group Analysis - IM U.S. Large Cap Growth Equity (MF)

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn


Wells Fargo Advantage Growth 0.60 (52) 5.49 (28) 9.93 (60) 15.51 (86) 19.36 (11) 13.12 (2) 12.53 (1)¢£

Russell 1000 Growth Index 0.12 (66) 3.96 (48) 10.56 (53) 17.99 (44) 18.59 (24) 10.50 (22) 9.10 (26)Å�

5th Percentile 2.35 8.16 16.17 20.69 20.11 12.10 10.61

1st Quartile 1.36 5.75 12.63 18.90 18.50 10.34 9.13

Median 0.64 3.85 10.72 17.76 17.24 9.16 8.29

3rd Quartile -0.26 2.70 8.32 16.45 16.05 7.87 7.49

95th Percentile -0.99 1.14 4.60 14.03 14.32 5.85 6.12

Wells Fargo Advantage Growth


65


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

Wells Fargo Advantage Growth 4.12 (98) 33.72 (52) 17.14 (28) 8.44 (1) 26.83 (1) 48.27 (11) -40.11 (54)¢£

Russell 1000 Growth Index 13.05 (23) 33.48 (55) 15.26 (48) 2.64 (12) 16.71 (32) 37.21 (39) -38.44 (38)Å�

5th Percentile 15.71 42.82 20.42 4.32 22.41 55.94 -34.24

1st Quartile 12.81 36.25 17.51 0.89 17.36 41.12 -37.46

Median 10.53 33.84 14.96 -1.75 15.26 34.77 -39.75

3rd Quartile 8.70 31.39 13.07 -4.36 12.15 30.77 -42.96

95th Percentile 5.72 28.33 10.62 -7.76 8.81 22.78 -48.54



66


Fund Information

Fund Investment Policy



Fund Name : Wells Fargo Funds Trust: Wells Fargo Advantage Growth Fund;Institutional Class Shares

Portfolio Assets : $10,082 Million

Fund Family : Wells Fargo Funds Management LLC Portfolio Manager : Ognar/Olson/Eberhardy

Ticker : SGRNX PM Tenure : 2002--2005--2008

Inception Date : 02/24/2000 Fund Style : IM U.S. Large Cap Growth Equity (MF)

Fund Assets : $3,784 Million Style Benchmark : Russell 1000 Growth Index

Portfolio Turnover : 42%

The Fund seeks capital growth by focusing on stocks of companies that have favorable prospects for accelerating growth of earnings but are selling at reasonable valuations based onearnings, cash flow, or asset value. The portfolio can include stocks of any size.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

Wells Fargo Advantage Growth 19.36 14.77 1.27 -0.92 1.11 0.85 5.79 0.17 14.77 03/01/2000

Russell 1000 Growth Index 18.59 12.35 1.45 0.00 1.00 1.00 0.00 N/A 12.35 03/01/2000


12.0

15.0

18.0

21.0

24.0

Re

turn

(%)



Wells Fargo Advantage Growth 19.36 14.77¢£

Russell 1000 Growth Index 18.59 12.35Å�

Median 17.24 13.36¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

93.9108.2

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

107.6 113.5



67


-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn


CREF Growth Account 1.00 (38) 5.30 (30) 13.32 (18) 19.26 (19) 18.90 (18) 10.28 (27) 9.08 (27)¢£


5th Percentile 2.35 8.16 16.17 20.69 20.11 12.10 10.61

1st Quartile 1.36 5.75 12.63 18.90 18.50 10.34 9.13

Median 0.64 3.85 10.72 17.76 17.24 9.16 8.29

3rd Quartile -0.26 2.70 8.32 16.45 16.05 7.87 7.49

95th Percentile -0.99 1.14 4.60 14.03 14.32 5.85 6.12

CREF Growth Account


68


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

CREF Growth Account 13.65 (17) 35.00 (38) 15.87 (40) 1.19 (23) 14.99 (53) 36.56 (41) -39.78 (51)¢£


5th Percentile 15.71 42.82 20.42 4.32 22.41 55.94 -34.24

1st Quartile 12.81 36.25 17.51 0.89 17.36 41.12 -37.46

Median 10.53 33.84 14.96 -1.75 15.26 34.77 -39.75

3rd Quartile 8.70 31.39 13.07 -4.36 12.15 30.77 -42.96

95th Percentile 5.72 28.33 10.62 -7.76 8.81 22.78 -48.54

CREF Growth Account


69






TrackingError

InformationRatio

ExcessRisk

InceptionDate

CREF Growth Account 18.90 13.26 1.40 -0.20 1.03 0.99 1.19 0.28 13.25 10/01/2001



12.0

15.0

18.0

21.0

24.0

Re

turn

(%)



CREF Growth Account 18.90 13.26¢£


Median 17.24 13.83¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

105.8 102.3

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

73.5

104.6

CREF Growth Account


70

Peer Group Analysis - IM U.S. Mid Cap Value Equity (MF)

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Re

turn


TIAA-Cref Mid Cap Value Instl -1.61 (59) 1.20 (59) 4.27 (45) 17.83 (67) 17.14 (39) 9.43 (64) 8.91 (17)¢£

Russell Midcap Value Index -1.97 (71) 0.41 (71) 3.67 (55) 19.13 (42) 17.73 (24) 10.61 (40) 8.89 (17)Å�

5th Percentile 4.13 8.31 9.83 22.06 18.92 12.85 10.24

1st Quartile -0.19 3.15 5.66 19.83 17.59 11.22 8.62

Median -1.23 1.61 3.95 18.53 16.69 10.07 8.03

3rd Quartile -2.03 0.20 1.32 17.19 15.31 8.38 7.15

95th Percentile -2.61 -1.57 -1.77 14.36 13.05 6.26 5.52

TIAA-Cref Mid Cap Value Instl


71


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

TIAA-Cref Mid Cap Value Instl 12.85 (23) 32.55 (87) 16.60 (44) -2.17 (33) 21.20 (62) 37.39 (43) -40.59 (71)¢£

Russell Midcap Value Index 14.75 (9) 33.46 (76) 18.51 (22) -1.38 (24) 24.75 (31) 34.21 (53) -38.44 (59)Å�

5th Percentile 15.25 41.77 20.20 0.64 28.81 47.96 -28.07

1st Quartile 12.63 37.57 18.18 -1.52 25.94 39.78 -34.96

Median 9.75 35.98 16.19 -3.86 22.49 35.06 -37.43

3rd Quartile 6.81 33.56 14.81 -6.36 20.38 31.07 -41.98

95th Percentile 2.27 30.66 9.59 -8.16 16.73 25.25 -49.69



72






TrackingError

InformationRatio

ExcessRisk

InceptionDate

TIAA-Cref Mid Cap Value Instl 17.14 13.17 1.27 -0.33 0.99 0.98 1.79 -0.28 13.17 11/01/2002

Russell Midcap Value Index 17.73 13.19 1.31 0.00 1.00 1.00 0.00 N/A 13.19 11/01/2002


9.0

12.0

15.0

18.0

21.0

Re

turn

(%)

11.7 12.6 13.5 14.4 15.3 16.2 17.1 18.0Risk (Standard Deviation %)


TIAA-Cref Mid Cap Value Instl 17.14 13.17¢£

Russell Midcap Value Index 17.73 13.19Å�

Median 16.69 14.15¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

95.4 97.5

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

100.3 98.3



73

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

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Re

turn


TIAA-Cref Mid Cap Growth Instl -0.67 (73) 4.99 (71) 9.24 (58) 17.78 (55) 17.81 (36) 9.50 (42) 9.16 (51)¢£

Russell Midcap Growth Index -1.14 (88) 4.18 (84) 9.45 (57) 19.24 (28) 18.69 (20) 10.34 (26) 9.69 (36)Å�

5th Percentile 3.29 10.19 15.62 22.25 19.98 12.51 11.68

1st Quartile 1.45 8.21 12.29 19.45 18.42 10.36 10.20

Median 0.47 6.27 9.98 17.96 17.14 9.20 9.18

3rd Quartile -0.77 4.72 7.37 16.23 16.10 7.63 8.17

95th Percentile -2.02 2.89 4.54 14.25 13.84 5.87 5.75

TIAA-Cref Mid Cap Growth Instl


74


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

TIAA-Cref Mid Cap Growth Instl 7.74 (46) 36.78 (35) 17.96 (14) -5.23 (56) 28.50 (27) 46.92 (21) -46.25 (61)¢£

Russell Midcap Growth Index 11.90 (12) 35.74 (48) 15.81 (31) -1.65 (30) 26.38 (48) 46.29 (24) -44.32 (45)Å�

5th Percentile 12.88 44.66 20.83 3.00 33.42 57.99 -35.59

1st Quartile 10.07 37.89 16.18 -1.11 28.61 45.76 -40.84

Median 7.49 35.53 14.41 -4.40 25.94 40.52 -45.03

3rd Quartile 5.40 31.29 12.06 -7.95 22.66 31.59 -47.92

95th Percentile 1.32 26.97 8.81 -13.26 17.66 23.46 -51.48



75






TrackingError

InformationRatio

ExcessRisk

InceptionDate

TIAA-Cref Mid Cap Growth Instl 17.81 15.21 1.16 -1.50 1.05 0.98 2.42 -0.26 15.21 11/01/2002

Russell Midcap Growth Index 18.69 14.33 1.27 0.00 1.00 1.00 0.00 N/A 14.33 11/01/2002


12.0

15.0

18.0

21.0

24.0

Re

turn

(%)



TIAA-Cref Mid Cap Growth Instl 17.81 15.21¢£

Russell Midcap Growth Index 18.69 14.33Å�

Median 17.14 15.07¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

100.8 103.3

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

119.4 113.9



76

Peer Group Analysis - IM U.S. Small Cap Value Equity (MF)

-22.0

-16.0

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

32.0

Re

turn


Royce Opportunity Instl -0.43 (46) 0.73 (56) -2.59 (76) 16.71 (36) 15.75 (32) 10.82 (20) 8.70 (10)¢£

Russell 2000 Value Index -1.20 (66) 0.76 (54) 0.78 (53) 15.50 (64) 14.81 (62) 9.31 (59) 6.87 (59)Å�

5th Percentile 2.38 4.94 10.13 19.34 17.78 11.91 9.19

1st Quartile 0.75 2.91 3.64 17.29 16.15 10.60 8.12

Median -0.52 0.98 1.02 16.12 15.20 9.60 7.31

3rd Quartile -1.35 0.11 -1.98 14.48 13.74 8.70 6.24

95th Percentile -2.53 -3.28 -11.14 6.20 10.54 6.13 4.76

Royce Opportunity Instl


77


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

120.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

Royce Opportunity Instl -0.41 (80) 43.69 (12) 22.70 (4) -12.86 (90) 34.07 (3) 62.23 (5) -45.66 (95)¢£

Russell 2000 Value Index 4.22 (40) 34.52 (61) 18.05 (35) -5.50 (63) 24.50 (60) 20.58 (77) -28.92 (22)Å�

5th Percentile 8.01 45.10 22.47 1.10 33.29 61.99 -26.91

1st Quartile 5.57 39.72 19.91 -0.93 28.31 34.79 -29.57

Median 3.47 35.66 16.44 -3.95 25.29 27.97 -32.11

3rd Quartile 0.85 33.29 13.29 -6.91 23.06 21.23 -39.68

95th Percentile -6.46 27.49 8.97 -13.59 18.70 12.84 -45.74



78


Fund Information




Fund Name : Royce Fund: Royce Opportunity Fund; Institutional Class Shares Portfolio Assets : $2,083 Million

Fund Family : Royce & Associates LLC Portfolio Manager : Zaino/Hench

Ticker : ROFIX PM Tenure : 2001--2004

Inception Date : 12/12/2001 Fund Style : IM U.S. Small Cap Value Equity (MF)

Fund Assets : $765 Million Style Benchmark : Russell 2000 Value Index


The Fund seeks long-term growth of capital. The Fund invests primarily in the equity securities of small-cap and micro-cap companies in an attempt to take advantage of what itbelieves are opportunistic situations for undervalued securities. Normally, the Fund invests at least 65% of its net assets in equity securities.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

Royce Opportunity Instl 15.75 19.55 0.85 -1.39 1.19 0.95 5.20 0.28 19.55 01/01/2002



9.0

12.0

15.0

18.0

21.0

Re

turn

(%)



Royce Opportunity Instl 15.75 19.55¢£


Median 15.20 15.89¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

107.6 115.1

Down Market Capture

0.0

50.0

100.0

150.0

200.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

107.2120.6



79

Peer Group Analysis - IM U.S. Small Cap Core Equity (MF)

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Re

turn


TIAA-Cref Small Cap Blend Index Instl 0.51 (19) 4.92 (20) 6.81 (18) 18.06 (38) 17.25 (39) 10.54 (37) 8.49 (25)¢£

Russell 2000 Index 0.42 (24) 4.75 (24) 6.49 (27) 17.81 (44) 17.08 (44) 10.44 (38) 8.40 (27)Å�

5th Percentile 2.93 7.86 10.74 19.96 19.88 14.74 9.42

1st Quartile 0.39 4.68 6.54 18.63 17.84 11.18 8.48

Median -0.13 3.50 4.77 17.57 16.86 9.76 7.54

3rd Quartile -1.32 1.43 0.83 14.45 14.35 8.41 6.55

95th Percentile -3.01 -1.52 -7.25 11.00 9.45 6.31 5.63

TIAA-Cref Small Cap Blend Index Instl


80


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

TIAA-Cref Small Cap Blend Index Instl 5.15 (34) 38.98 (49) 16.61 (28) -4.12 (65) 26.78 (38) 26.83 (53) -33.54 (30)¢£

Russell 2000 Index 4.89 (39) 38.82 (49) 16.35 (30) -4.18 (65) 26.85 (37) 27.17 (50) -33.79 (33)Å�

5th Percentile 7.53 47.26 22.37 2.26 34.78 58.85 -27.71

1st Quartile 5.57 42.24 17.19 -1.41 28.14 33.69 -32.59

Median 3.92 38.66 14.82 -2.78 25.42 27.17 -36.52

3rd Quartile 1.02 34.72 12.08 -6.03 21.18 22.60 -40.27

95th Percentile -4.30 26.10 5.25 -13.84 16.34 13.07 -47.66



81






TrackingError

InformationRatio

ExcessRisk

InceptionDate

TIAA-Cref Small Cap Blend Index Instl 17.25 16.61 1.04 0.18 1.00 1.00 0.13 1.07 16.61 11/01/2002

Russell 2000 Index 17.08 16.65 1.03 0.00 1.00 1.00 0.00 N/A 16.65 11/01/2002


4.0

8.0

12.0

16.0

20.0

24.0

Re

turn

(%)



TIAA-Cref Small Cap Blend Index Instl 17.25 16.61¢£

Russell 2000 Index 17.08 16.65Å�

Median 16.86 16.52¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

100.5 100.2

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

99.4 99.5



82

Peer Group Analysis - IM U.S. Small Cap Growth Equity (MF)

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn


AllianceBern Small Cap Growth 4.37 (14) 10.53 (29) 6.92 (57) 17.93 (59) 21.53 (3) 13.30 (19) 11.30 (1)¢£


5th Percentile 7.53 16.22 19.51 21.53 20.48 14.91 9.97

1st Quartile 3.22 11.07 10.71 20.88 18.99 12.11 9.27

Median 1.78 7.04 7.73 18.88 17.95 11.22 8.31

3rd Quartile 0.31 5.22 5.74 16.03 16.30 8.51 7.04

95th Percentile -1.36 3.37 3.17 10.76 14.38 3.36 4.55

AllianceBern Small Cap Growth


83


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

AllianceBern Small Cap Growth -1.41 (73) 45.72 (50) 15.42 (28) 4.53 (2) 37.77 (3) 42.87 (27) -44.82 (67)¢£

Russell 2000 Growth Index 5.60 (18) 43.30 (60) 14.59 (29) -2.91 (24) 29.09 (27) 34.47 (47) -38.54 (15)Å�

5th Percentile 13.56 59.52 19.69 0.99 35.61 53.92 -35.05

1st Quartile 3.77 52.33 15.56 -3.06 29.36 43.89 -40.05

Median 1.66 45.44 11.34 -5.21 26.63 33.26 -42.97

3rd Quartile -2.20 38.98 9.39 -8.48 22.52 27.18 -45.82

95th Percentile -8.26 31.51 2.10 -14.15 15.74 16.19 -52.59



84


Fund Information




Fund Name : AB Cap Fund, Inc: AB Small Cap Growth Portfolio; Class I Shares Portfolio Assets : $1,545 Million

Fund Family : AllianceBernstein LP Portfolio Manager : Team Managed

Ticker : QUAIX PM Tenure :

Inception Date : 03/01/2005 Fund Style : IM U.S. Small Cap Growth Equity (MF)

Fund Assets : $464 Million Style Benchmark : Russell 2000 Growth Index


The Fund seeks long-term growth of capital. The Fund invests primarily in a diversified portfolio of equity securities with relatively smaller capitalizations. Under normal circumstances,the Fund invests at least 80% of its net assets in any type of equity securities of smaller companies in any company and industry.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

AllianceBern Small Cap Growth 17.59 14.26 1.21 -1.84 0.99 0.87 5.20 -0.38 14.26 10/01/2012



5.0

10.0

15.0

20.0

25.0

30.0

Re

turn

(%)



AllianceBern Small Cap Growth 17.59 14.26¢£


Median 18.24 14.16¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

91.7 99.9

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

93.2 87.6



85

Peer Group Analysis - IM International Large Cap Core Equity (MF)

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

Re

turn


American Funds EuroPacific Growth R6 1.12 (42) 7.16 (20) 0.97 (9) 12.71 (17) 10.12 (21) N/A N/A¢£

MSCI EAFE (Net) 0.62 (67) 5.52 (76) -4.22 (57) 11.97 (25) 9.54 (37) 1.97 (39) 5.12 (60)Å�

5th Percentile 4.80 9.30 4.49 14.95 11.25 5.22 7.64

1st Quartile 1.84 6.99 -2.69 11.86 9.97 2.36 6.05

Median 0.91 6.31 -3.94 10.51 9.23 1.78 5.32

3rd Quartile 0.48 5.69 -4.96 9.56 8.48 1.35 4.91

95th Percentile -1.51 0.35 -9.25 4.49 6.92 -0.56 4.39

American Funds EuroPacific Growth R6


86


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

American Funds EuroPacific Growth R6 -2.29 (15) 20.58 (38) 19.64 (21) -13.31 (61) 9.76 (35) N/A N/A¢£

MSCI EAFE (Net) -4.90 (24) 22.78 (11) 17.32 (56) -12.14 (43) 7.75 (58) 31.78 (31) -43.38 (60)Å�

5th Percentile 1.28 24.54 22.34 -4.87 13.47 44.24 -38.83

1st Quartile -5.22 21.63 18.99 -10.72 10.45 33.88 -41.47

Median -6.25 19.46 17.79 -12.74 8.27 29.99 -42.71

3rd Quartile -6.86 15.85 15.83 -14.05 6.99 26.91 -45.55

95th Percentile -7.67 8.46 11.48 -17.65 3.40 20.70 -49.86



87






TrackingError

InformationRatio

ExcessRisk

InceptionDate

American Funds EuroPacific Growth R6 10.12 14.67 0.73 1.29 0.91 0.95 3.63 0.11 14.67 06/01/2009

MSCI EAFE (Net) 9.54 15.60 0.66 0.00 1.00 1.00 0.00 N/A 15.60 06/01/2009


6.0

8.0

10.0

12.0

14.0

Re

turn

(%)

14.0 14.5 15.0 15.5 16.0 16.5 17.0Risk (Standard Deviation %)


American Funds EuroPacific Growth R6 10.12 14.67¢£

MSCI EAFE (Net) 9.54 15.60Å�

Median 9.23 15.94¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

90.9 91.4

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

73.983.7



88

Peer Group Analysis - IM Emerging Markets Equity (MF)

-30.0

-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

Re

turn


DFA Emerging Markets -0.13 (67) 1.34 (54) -6.52 (48) 3.27 (49) 4.09 (41) 1.95 (23) 8.24 (30)¢£

MSCI Emerging Markets Index 0.82 (46) 3.12 (32) -4.77 (34) 4.08 (41) 4.03 (42) 1.19 (34) 8.46 (24)Å�

5th Percentile 4.35 7.68 1.66 10.49 7.94 5.30 10.33

1st Quartile 1.97 3.77 -3.53 5.83 5.15 1.66 8.36

Median 0.65 1.57 -6.82 3.13 3.58 0.16 7.45

3rd Quartile -0.55 -0.47 -10.15 1.31 1.81 -0.99 6.41

95th Percentile -2.60 -3.52 -16.48 -1.83 -1.97 -4.26 4.13

DFA Emerging Markets


89


-100.0

-50.0

0.0

50.0

100.0

150.0

200.0

-150.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

DFA Emerging Markets -1.71 (39) -3.12 (62) 19.16 (46) -17.41 (25) 21.82 (27) 71.77 (54) -49.20 (20)¢£

MSCI Emerging Markets Index -1.82 (40) -2.27 (55) 18.64 (53) -18.17 (33) 19.20 (42) 79.02 (26) -53.18 (41)Å�

5th Percentile 5.49 15.14 28.28 -11.36 28.71 104.40 -45.81

1st Quartile -0.24 2.68 20.73 -17.41 22.10 79.17 -50.75

Median -3.01 -1.45 18.77 -19.49 18.32 72.85 -54.66

3rd Quartile -5.20 -4.78 15.43 -23.08 16.55 67.04 -57.38

95th Percentile -11.81 -8.39 8.44 -28.22 11.47 49.94 -64.88



90


Fund Information




Fund Name : DFA Investment Dimensions Group Inc: Emerging Markets Portfolio;Institutional Class Shares


Fund Family : Dimensional Fund Advisors LP Portfolio Manager : Team Managed

Ticker : DFEMX PM Tenure :

Inception Date : 04/25/1994 Fund Style : IM Emerging Markets Equity (MF)

Fund Assets : $4,093 Million Style Benchmark : MSCI Emerging Markets Index


The Fund seeks to achieve long-term capital appreciation by investing in a Master Fund that invests in stocks of large emerging market companies.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

DFA Emerging Markets 4.09 17.72 0.31 0.14 0.98 0.98 2.41 0.01 17.72 05/01/1994

MSCI Emerging Markets Index 4.03 17.90 0.31 0.00 1.00 1.00 0.00 N/A 17.90 05/01/1994


-8.0

-4.0

0.0

4.0

8.0

12.0

Re

turn

(%)



DFA Emerging Markets 4.09 17.72¢£

MSCI Emerging Markets Index 4.03 17.90Å�

Median 3.58 18.02¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

97.8 99.4

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

102.2 99.1



91


-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

Re

turn


TIAA-Cref International EQ Idx Instl 1.03 (45) 6.54 (45) -3.98 (52) 12.03 (25) 9.94 (26) 2.20 (28) 5.28 (54)¢£

MSCI EAFE (Net) 0.62 (67) 5.52 (76) -4.22 (57) 11.97 (25) 9.54 (37) 1.97 (39) 5.12 (60)Å�

5th Percentile 4.80 9.30 4.49 14.95 11.25 5.22 7.64

1st Quartile 1.84 6.99 -2.69 11.86 9.97 2.36 6.05

Median 0.91 6.31 -3.94 10.51 9.23 1.78 5.32

3rd Quartile 0.48 5.69 -4.96 9.56 8.48 1.35 4.91

95th Percentile -1.51 0.35 -9.25 4.49 6.92 -0.56 4.39

TIAA-Cref International EQ Idx Instl


92


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

TIAA-Cref International EQ Idx Instl -5.51 (29) 21.96 (18) 19.09 (25) -12.09 (43) 7.63 (58) 29.59 (55) -42.17 (39)¢£

MSCI EAFE (Net) -4.90 (24) 22.78 (11) 17.32 (56) -12.14 (43) 7.75 (58) 31.78 (31) -43.38 (60)Å�

5th Percentile 1.28 24.54 22.34 -4.87 13.47 44.24 -38.83

1st Quartile -5.22 21.63 18.99 -10.72 10.45 33.88 -41.47

Median -6.25 19.46 17.79 -12.74 8.27 29.99 -42.71

3rd Quartile -6.86 15.85 15.83 -14.05 6.99 26.91 -45.55

95th Percentile -7.67 8.46 11.48 -17.65 3.40 20.70 -49.86



93






TrackingError

InformationRatio

ExcessRisk

InceptionDate

TIAA-Cref International EQ Idx Instl 9.94 15.85 0.68 0.33 1.01 0.98 2.02 0.20 15.85 11/01/2002

MSCI EAFE (Net) 9.54 15.60 0.66 0.00 1.00 1.00 0.00 N/A 15.60 11/01/2002


6.0

8.0

10.0

12.0

14.0

Re

turn

(%)



TIAA-Cref International EQ Idx Instl 9.94 15.85¢£


Median 9.23 15.94¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

100.5 101.7

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

100.3 100.3



94

Peer Group Analysis - IM Global Large Cap Core Equity (MF)

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

Re

turn


CREF Global Equities Account 1.10 (25) 4.01 (26) 3.61 (2) 14.75 (8) 13.48 (16) 5.54 (32) 6.50 (70)¢£

MSCI World (Net) 0.31 (43) 2.63 (53) 1.43 (31) 14.27 (28) 13.10 (20) 5.32 (37) 6.38 (71)Å�

5th Percentile 3.85 7.12 3.21 15.28 14.11 6.95 7.94

1st Quartile 1.02 4.05 1.95 14.33 12.91 5.89 7.59

Median 0.25 2.75 0.78 13.27 12.22 5.11 6.95

3rd Quartile 0.06 0.97 -0.90 12.49 11.61 4.46 5.88

95th Percentile -1.51 -2.22 -9.44 5.88 8.65 2.13 3.98

CREF Global Equities Account


95


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

CREF Global Equities Account 4.17 (29) 27.28 (26) 18.45 (37) -7.73 (59) 12.24 (19) 32.92 (36) -42.29 (64)¢£

MSCI World (Net) 4.94 (18) 26.68 (31) 15.83 (71) -5.54 (34) 11.76 (23) 29.99 (88) -40.71 (61)Å�

5th Percentile 6.79 38.11 21.11 5.68 15.88 60.87 -37.69

1st Quartile 4.27 27.59 19.13 -3.39 11.67 34.12 -38.46

Median 3.19 24.63 18.07 -7.55 10.23 32.29 -39.55

3rd Quartile -0.41 23.15 15.20 -8.33 7.47 31.29 -44.59

95th Percentile -3.46 11.74 8.97 -16.00 6.51 25.90 -46.15



96






TrackingError

InformationRatio

ExcessRisk

InceptionDate

CREF Global Equities Account 13.48 13.70 1.00 -0.23 1.05 0.99 1.43 0.31 13.69 10/01/2001

MSCI World (Net) 13.10 12.97 1.02 0.00 1.00 1.00 0.00 N/A 12.97 10/01/2001


6.0

9.0

12.0

15.0

18.0

Re

turn

(%)



CREF Global Equities Account 13.48 13.70¢£

MSCI World (Net) 13.10 12.97Å�

Median 12.22 13.27¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

102.3 103.4

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

86.2103.6



97






TrackingError

InformationRatio

ExcessRisk

InceptionDate

CREF Real Estate 12.05 2.10 5.50 -5.81 1.44 0.61 1.41 -0.42 2.09 10/01/2001

NCREIF Property Index 12.72 1.14 10.73 0.00 1.00 1.00 0.00 N/A 1.13 10/01/2001

90 Day U.S. Treasury Bill 0.07 0.03 N/A -0.08 0.01 0.31 1.13 -10.73 0.00 10/01/2001

11.7

12.0

12.3

12.6

12.9

13.2

Re

turn

(%)



CREF Real Estate 12.05 2.10¢£

NCREIF Property Index 12.72 1.14Å�

Median N/A N/A¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

87.4 95.1

Down Market Capture

No data found.

CREF Real Estate


98

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

-10.0

-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

Re

turn


TIAA-Cref Lifecycle Retire Inc Instl -0.30 (13) 2.19 (4) 2.48 (9) 7.50 (13) 8.32 (11) 5.99 (25) N/A¢£

TIAA-CREF LifeCycle Retirement Inc BM -0.82 (50) 1.21 (30) 2.35 (9) 6.93 (21) 7.99 (16) 5.93 (26) N/AÅ�

5th Percentile -0.09 1.87 2.81 8.19 9.00 7.19 6.26

1st Quartile -0.52 1.31 1.40 6.69 7.49 5.95 5.30

Median -0.82 0.82 0.55 5.67 6.66 4.99 4.61

3rd Quartile -1.19 0.27 -0.41 4.38 5.40 3.92 3.85

95th Percentile -1.87 -0.97 -4.14 1.95 3.95 1.66 2.34

TIAA-Cref Lifecycle Retire Inc Instl


99


-50.0

-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

TIAA-Cref Lifecycle Retire Inc Instl 4.52 (39) 9.85 (17) 11.51 (15) 2.78 (23) 10.69 (31) 16.32 (75) -17.26 (47)¢£

TIAA-CREF LifeCycle Retirement Inc BM 6.35 (14) 8.79 (27) 9.37 (52) 4.03 (9) 10.02 (49) 15.18 (80) -14.36 (26)Å�

5th Percentile 8.62 12.29 13.43 4.80 13.40 30.53 -6.33

1st Quartile 5.20 8.85 10.65 2.70 10.99 23.46 -14.32

Median 4.04 6.89 9.42 1.73 9.92 20.00 -18.02

3rd Quartile 3.20 4.50 8.09 0.69 8.46 16.26 -21.71

95th Percentile 1.19 -2.10 5.61 -1.25 5.83 8.15 -27.47



100


Fund Information




Fund Name : TIAA-CREF Funds: Lifecycle Retirement Income Fund; InstitutionalClass Shares

Portfolio Assets : $373 Million

Fund Family : TIAA-CREF Portfolio Manager : Erickson/Cunniff

Ticker : TLRIX PM Tenure : 2007--2007

Inception Date : 11/30/2007 Fund Style : IM Mixed-Asset Target Alloc Consv (MF)

Fund Assets : $134 Million Style Benchmark : TIAA-CREF LifeCycle Retirement Inc BM


The Fund seeks high total return over time consistent with an emphasis on both capital growth and income. The Fund seeks to invest in a diversified portfolio consisting of about 40%stocks and 60% bonds.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

TIAA-Cref Lifecycle Retire Inc Instl 8.32 5.77 1.41 -0.31 1.08 0.98 0.90 0.37 5.77 12/01/2007

TIAA-CREF LifeCycle Retirement Inc BM 7.99 5.28 1.47 0.00 1.00 1.00 0.00 N/A 5.28 12/01/2007


2.0

4.0

6.0

8.0

10.0

12.0

Re

turn

(%)



TIAA-Cref Lifecycle Retire Inc Instl 8.32 5.77¢£

TIAA-CREF LifeCycle Retirement Inc BM 7.99 5.28Å�

Median 6.66 5.17¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

105.5 105.2

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

100.0 107.0



101

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

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Re

turn


TIAA-Cref Lifecycle 2010 Instl -0.17 (6) 2.42 (1) 2.65 (1) 8.50 (1) 9.30 (1) 6.07 (3) N/A¢£

TIAA-CREF LifeCycle 2010 BM -0.72 (75) 1.35 (40) 2.51 (4) 7.95 (9) 8.95 (9) 5.94 (6) N/AÅ�

5th Percentile -0.17 2.06 2.46 8.17 9.08 5.96 5.92

1st Quartile -0.30 1.50 1.43 7.58 8.60 5.33 4.95

Median -0.53 1.27 0.85 6.96 7.80 4.54 4.45

3rd Quartile -0.75 0.68 0.02 5.77 6.75 3.73 4.16

95th Percentile -1.30 -0.30 -1.45 2.53 4.42 2.88 3.51

TIAA-Cref Lifecycle 2010 Instl


102


-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

TIAA-Cref Lifecycle 2010 Instl 4.59 (28) 11.99 (4) 12.68 (3) 1.69 (27) 11.84 (24) 19.52 (79) -23.33 (33)¢£

TIAA-CREF LifeCycle 2010 BM 6.46 (2) 11.14 (15) 10.37 (40) 3.12 (11) 10.87 (48) 17.81 (85) -20.43 (21)Å�

5th Percentile 6.02 11.95 12.39 3.52 13.11 29.27 -12.76

1st Quartile 4.66 10.68 11.24 1.95 11.81 25.11 -21.67

Median 4.10 9.10 9.83 0.75 10.80 23.34 -25.97

3rd Quartile 3.32 6.62 8.57 -0.41 9.92 21.06 -29.01

95th Percentile 2.30 1.67 5.76 -1.71 7.89 12.85 -32.90



103


Fund Information




Fund Name : TIAA-CREF Funds: Lifecycle 2010 Fund; Institutional Class Shares Portfolio Assets : $1,102 Million


Ticker : TCTIX PM Tenure : 2007--2007

Inception Date : 01/17/2007 Fund Style : IM Mixed-Asset Target 2010 (MF)

Fund Assets : $522 Million Style Benchmark : TIAA-CREF LifeCycle 2010 BM


The Fund seeks high total return over time through a combination of capital appreciation and income by investing in Underlying Funds according to an asset allocation strategydesigned for investors planning to retire in or within a few years of 2040.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

TIAA-Cref Lifecycle 2010 Instl 9.30 6.90 1.32 -0.48 1.10 0.99 1.00 0.37 6.89 02/01/2007

TIAA-CREF LifeCycle 2010 BM 8.95 6.25 1.40 0.00 1.00 1.00 0.00 N/A 6.25 02/01/2007


2.0

4.0

6.0

8.0

10.0

12.0

Re

turn

(%)



TIAA-Cref Lifecycle 2010 Instl 9.30 6.90¢£

TIAA-CREF LifeCycle 2010 BM 8.95 6.25Å�

Median 7.80 6.64¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

106.6 106.6

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

106.2 111.1



104


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

Re

turn


TIAA-Cref Lifecycle 2015 Instl -0.10 (11) 2.66 (1) 2.94 (2) 9.37 (4) 10.10 (3) 6.25 (7) N/A¢£


5th Percentile 0.00 2.39 2.60 9.27 9.99 6.28 5.98

1st Quartile -0.28 1.70 1.61 8.58 9.40 5.59 5.55

Median -0.63 1.26 1.11 7.85 8.65 4.92 4.32

3rd Quartile -0.88 0.59 0.43 6.82 7.28 4.06 3.09

95th Percentile -1.30 0.09 -1.73 3.69 5.09 2.91 2.49



105


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

TIAA-Cref Lifecycle 2015 Instl 4.77 (38) 13.96 (9) 13.47 (4) 0.74 (34) 12.69 (27) 21.55 (76) -26.78 (35)¢£


5th Percentile 6.43 14.50 13.34 3.09 13.88 31.32 -5.68

1st Quartile 5.30 12.82 12.19 1.45 12.74 26.99 -25.30

Median 4.35 10.44 10.76 -0.23 11.50 25.36 -29.30

3rd Quartile 3.55 6.44 9.58 -1.26 10.48 21.55 -33.29

95th Percentile 2.38 0.72 7.37 -3.91 6.60 6.81 -36.11



106


Fund Information






Ticker : TCNIX PM Tenure : 2007--2007







TrackingError

InformationRatio

ExcessRisk

InceptionDate




2.0

4.0

6.0

8.0

10.0

12.0

Re

turn

(%)





Median 8.65 7.29¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

105.9 105.8

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

106.3 109.6



107


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

Re

turn


TIAA-Cref Lifecycle 2020 Instl 0.09 (4) 3.02 (2) 3.33 (3) 10.56 (4) 11.06 (4) 6.46 (8) N/A¢£


5th Percentile 0.09 2.62 3.10 10.40 10.86 6.59 6.13

1st Quartile -0.29 1.79 2.16 9.61 10.05 5.81 5.30

Median -0.62 1.23 1.37 8.05 8.91 5.03 4.83

3rd Quartile -0.94 0.76 0.36 6.59 7.46 4.31 4.32

95th Percentile -2.07 0.09 -1.71 3.35 4.94 3.44 2.75



108


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

TIAA-Cref Lifecycle 2020 Instl 4.86 (43) 16.50 (11) 14.62 (2) -0.29 (47) 13.45 (28) 23.37 (68) -30.10 (43)¢£


5th Percentile 6.42 17.44 14.35 9.06 14.46 32.47 -16.53

1st Quartile 5.61 15.06 13.05 1.02 13.49 28.62 -27.47

Median 4.71 12.03 11.53 -0.51 12.27 25.92 -31.95

3rd Quartile 4.01 8.66 10.37 -1.62 11.17 22.47 -34.03

95th Percentile 2.93 1.73 8.67 -4.05 9.54 11.91 -38.25



109


Fund Information






Ticker : TCWIX PM Tenure : 2007--2007


Fund Assets : $1,398 Million Style Benchmark : TIAA-CREF LifeCycle 2020 BM





TrackingError

InformationRatio

ExcessRisk

InceptionDate




3.0

6.0

9.0

12.0

15.0

Re

turn

(%)





Median 8.91 8.04¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

104.8 105.1

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

103.6 107.8



110


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

Re

turn




5th Percentile 0.27 3.10 3.61 12.17 12.34 7.32 6.61

1st Quartile -0.08 2.22 2.41 11.07 11.51 6.32 6.12

Median -0.45 1.63 1.82 9.98 10.43 5.67 5.73

3rd Quartile -0.89 1.08 0.70 8.68 9.61 5.06 4.92

95th Percentile -1.41 0.14 -0.77 4.47 8.66 4.38 4.10



111


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2014 2013 2012 2011 2010 2009 2008



5th Percentile 7.07 20.61 15.54 0.84 15.14 35.57 -26.67

1st Quartile 6.20 17.87 14.45 -0.96 14.19 31.80 -31.48

Median 5.16 15.86 13.00 -2.03 13.42 28.95 -35.04

3rd Quartile 4.35 13.13 11.74 -2.86 12.57 25.40 -36.15

95th Percentile 2.72 4.78 10.37 -5.46 10.93 20.62 -40.09



112


Fund Information






Ticker : TCYIX PM Tenure : 2007--2007







TrackingError

InformationRatio

ExcessRisk

InceptionDate




6.0

8.0

10.0

12.0

14.0

Re

turn

(%)





Median 10.43 9.61¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

105.9 105.7

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

105.3 108.5



113


-10.0

-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

Re

turn




5th Percentile 0.53 3.43 4.13 13.03 12.89 7.42 6.77

1st Quartile 0.19 2.52 2.85 11.94 11.95 6.28 5.70

Median -0.34 2.05 2.01 10.86 10.87 5.58 5.25

3rd Quartile -0.74 1.36 0.66 8.93 9.72 4.81 4.84

95th Percentile -1.87 0.40 -1.34 4.81 6.71 3.99 4.50



114


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2014 2013 2012 2011 2010 2009 2008


TIAA-CREF LifeCycle 2030 BM 7.01 (7) 22.56 (6) 14.19 (42) -0.29 (10) 13.41 (56) 25.30 (88) -33.52 (22)Å�

5th Percentile 7.17 23.05 16.46 2.99 16.44 35.89 -31.22

1st Quartile 5.97 20.80 14.96 -1.41 14.82 31.77 -33.90

Median 5.16 18.02 13.66 -2.57 13.60 28.79 -36.49

3rd Quartile 4.15 15.26 12.41 -3.71 12.63 26.64 -38.99

95th Percentile 2.55 3.99 10.46 -6.33 11.18 20.74 -41.06



115


Fund Information






Ticker : TCRIX PM Tenure : 2007--2007







TrackingError

InformationRatio

ExcessRisk

InceptionDate




3.0

6.0

9.0

12.0

15.0

Re

turn

(%)





Median 10.87 10.31¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

102.6 103.6

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

105.5 107.6



116


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

Re

turn




5th Percentile 0.75 3.88 4.35 13.88 13.55 7.87 7.12

1st Quartile 0.34 2.92 3.22 13.01 12.79 6.77 6.65

Median -0.14 2.37 2.40 12.14 12.04 6.10 6.10

3rd Quartile -0.59 1.80 1.45 10.81 11.34 5.61 5.51

95th Percentile -0.99 1.32 -0.80 6.58 10.64 4.56 5.05



117


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2014 2013 2012 2011 2010 2009 2008



5th Percentile 7.56 24.72 17.18 -0.86 16.09 36.34 -34.05

1st Quartile 6.36 22.78 15.71 -2.41 15.21 32.84 -35.25

Median 5.39 20.79 14.75 -3.34 14.57 30.99 -36.09

3rd Quartile 4.31 18.74 13.59 -4.35 13.46 27.65 -39.32

95th Percentile 2.65 9.88 12.39 -7.02 12.08 20.80 -41.34



118


Fund Information






Ticker : TCIIX PM Tenure : 2007--2007







TrackingError

InformationRatio

ExcessRisk

InceptionDate




8.0

10.0

12.0

14.0

16.0

Re

turn

(%)





Median 12.04 11.38¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

103.8 103.8

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

105.3 106.5



119


-10.0

-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

23.0

Re

turn



TIAA-CREF LifeCycle 2040 BM 0.13 (38) 2.62 (42) 3.60 (21) 14.15 (9) 13.94 (4) 7.30 (12) N/AÅ�

5th Percentile 0.82 4.06 4.72 14.40 13.84 7.82 7.16

1st Quartile 0.35 2.95 3.29 13.38 12.88 6.67 6.15

Median -0.13 2.52 2.38 12.33 12.07 5.87 5.66

3rd Quartile -0.55 1.84 1.06 10.84 11.06 5.12 5.32

95th Percentile -1.48 0.52 -1.57 5.41 7.53 4.32 4.85



120


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2014 2013 2012 2011 2010 2009 2008



5th Percentile 7.76 25.85 17.25 1.34 16.92 36.67 -34.77

1st Quartile 6.39 23.73 15.79 -2.82 15.46 33.82 -35.98

Median 5.38 21.68 14.92 -3.93 14.63 30.70 -38.09

3rd Quartile 4.25 18.66 13.80 -4.96 13.04 28.33 -40.16

95th Percentile 2.63 3.56 10.45 -7.49 11.89 23.84 -41.24



121


Fund Information






Ticker : TCOIX PM Tenure : 2007--2007







TrackingError

InformationRatio

ExcessRisk

InceptionDate




6.0

9.0

12.0

15.0

18.0

Re

turn

(%)





Median 12.07 11.63¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

103.5 103.4

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

104.8 106.0



122


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

Re

turn




5th Percentile 0.89 4.19 4.60 14.51 13.88 8.00 7.60

1st Quartile 0.42 3.09 3.44 13.68 13.22 7.02 7.15

Median 0.00 2.66 2.49 13.00 12.61 6.33 6.63

3rd Quartile -0.47 2.16 1.72 12.00 12.22 5.70 5.87

95th Percentile -0.87 1.50 -1.01 7.65 11.26 4.76 5.45



123


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2014 2013 2012 2011 2010 2009 2008



5th Percentile 8.09 25.95 17.32 -1.48 16.44 36.60 -33.77

1st Quartile 6.53 24.49 16.22 -2.97 15.65 33.57 -35.64

Median 5.55 23.07 15.47 -4.03 15.03 31.12 -38.51

3rd Quartile 4.25 20.66 14.70 -4.91 13.41 28.74 -40.43

95th Percentile 2.64 13.38 12.99 -7.78 11.96 20.64 -41.71



124


Fund Information






Ticker : TTFIX PM Tenure : 2007--2007




The Fund seeks high total return over time through a combination of capital appreciation and income. The Fund seeks to allocate approximately 90% of its assets to equity UnderlyingFunds and 10% of its assets to fixed-income Underlying Funds.



TrackingError

InformationRatio

ExcessRisk

InceptionDate




10.0

12.0

14.0

16.0

Re

turn

(%)





Median 12.61 12.10¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

102.9 103.1

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

103.3 105.8



125


-10.0

-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

23.0

Re

turn




5th Percentile 0.92 4.16 4.92 14.53 13.92 8.07 6.51

1st Quartile 0.42 3.07 3.53 13.77 13.30 6.95 6.21

Median 0.00 2.69 2.49 13.07 12.58 6.27 5.95

3rd Quartile -0.50 2.12 1.38 11.55 11.53 5.42 5.71

95th Percentile -1.27 0.55 -1.81 5.77 7.46 4.56 5.43



126


-85.0

-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Re

turn

2014 2013 2012 2011 2010 2009 2008



5th Percentile 8.50 26.14 17.55 9.37 16.86 38.81 -34.46

1st Quartile 6.61 24.87 16.27 -3.54 15.66 34.26 -37.52

Median 5.61 23.08 15.47 -4.38 14.80 31.42 -39.08

3rd Quartile 4.31 20.12 14.52 -5.36 13.38 29.35 -39.77

95th Percentile 1.69 2.68 10.37 -8.12 12.11 27.70 -42.32



127


Fund Information




Fund Name : TIAA-CREF Funds: Lifecycle 2050 Fund; Institutional Class Shares Portfolio Assets : $793 Million


Ticker : TFTIX PM Tenure : 2007--2007




The Fund seeks high total return over time through a combination of capital appreciation and income. The Fund seeks to allocate approximately 90% of its assets to equity UnderlyingFunds and 10% of its assets to fixed-income Underlying Funds.



TrackingError

InformationRatio

ExcessRisk

InceptionDate




3.0

6.0

9.0

12.0

15.0

18.0

Re

turn

(%)





Median 12.58 12.24¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

103.1 103.1

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

103.8 105.4



128

INVESTMENT DETAIL: VOYA


-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

Re

turn


PIMCO Total Return Admin -1.90 (80) 0.22 (24) 1.04 (59) 2.19 (41) 3.77 (40) 5.78 (10) 5.46 (3)¢£


5th Percentile -0.69 0.82 2.12 3.69 4.92 5.97 5.30

1st Quartile -1.55 0.18 1.66 2.52 4.03 5.21 4.65

Median -1.73 -0.11 1.21 2.00 3.52 4.64 4.23

3rd Quartile -1.86 -0.32 0.69 1.51 3.02 4.13 3.65

95th Percentile -2.14 -0.72 -0.23 0.78 2.27 2.67 2.42

PIMCO Total Return Admin


129


-36.0

-28.0

-20.0

-12.0

-4.0

4.0

12.0

20.0

28.0

36.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

PIMCO Total Return Admin 4.43 (84) -2.16 (61) 10.10 (3) 3.91 (95) 8.57 (20) 13.53 (42) 4.56 (16)¢£


5th Percentile 7.29 -0.20 9.62 8.28 10.36 20.59 6.03

1st Quartile 5.99 -1.29 7.29 7.39 8.19 15.65 2.61

Median 5.54 -1.96 6.01 6.68 7.23 12.13 -3.45

3rd Quartile 4.75 -2.46 4.82 5.72 6.37 7.73 -8.59

95th Percentile 2.53 -3.44 3.35 3.89 5.08 4.87 -20.19



130


Fund Information




Fund Name : PIMCO Funds: PIMCO Total Return Fund; Administrative ClassShares


Fund Family : PIMCO Portfolio Manager : Mather/Kiesel/Worah

Ticker : PTRAX PM Tenure : 2014--2014--2014

Inception Date : 09/08/1994 Fund Style : IM U.S. Broad Market Core Fixed Income (MF)

Fund Assets : $9,142 Million Style Benchmark : Barclays U.S. Aggregate


The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management. The Fund seeks to achieve its investment objective by investing in adiversified portfolio of fixed income instruments. The average portfolio duration normally varies within a three-to-six year time frame.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

PIMCO Total Return Admin 3.77 3.69 1.00 0.27 1.05 0.63 2.25 0.19 3.69 10/01/1994



0.0

2.0

4.0

6.0

Re

turn

(%)



PIMCO Total Return Admin 3.77 3.69¢£


Median 3.52 2.84¾

Up Market Capture

0.0

50.0

100.0

150.0

200.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

123.6 117.5

Down Market Capture

0.0

50.0

100.0

150.0

200.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

125.2 123.7



131


-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

Re

turn


PIMCO Real Return Admin -1.74 (52) -0.27 (71) -3.29 (100) -1.15 (100) 3.00 (76) 3.71 (85) 4.14 (54)¢£


5th Percentile -0.69 0.82 2.12 3.69 4.92 5.97 5.30

1st Quartile -1.55 0.18 1.66 2.52 4.03 5.21 4.65

Median -1.73 -0.11 1.21 2.00 3.52 4.64 4.23

3rd Quartile -1.86 -0.32 0.69 1.51 3.02 4.13 3.65

95th Percentile -2.14 -0.72 -0.23 0.78 2.27 2.67 2.42

PIMCO Real Return Admin


132


-36.0

-28.0

-20.0

-12.0

-4.0

4.0

12.0

20.0

28.0

36.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

PIMCO Real Return Admin 3.16 (94) -9.27 (100) 8.98 (10) 11.30 (1) 7.55 (39) 18.70 (13) -6.63 (65)¢£


5th Percentile 7.29 -0.20 9.62 8.28 10.36 20.59 6.03

1st Quartile 5.99 -1.29 7.29 7.39 8.19 15.65 2.61

Median 5.54 -1.96 6.01 6.68 7.23 12.13 -3.45

3rd Quartile 4.75 -2.46 4.82 5.72 6.37 7.73 -8.59

95th Percentile 2.53 -3.44 3.35 3.89 5.08 4.87 -20.19



133


Fund Information




Fund Name : PIMCO Funds: PIMCO Real Return Fund; Administrative Class Shares Portfolio Assets : $13,307 Million

Fund Family : PIMCO Portfolio Manager : Worah/Banet

Ticker : PARRX PM Tenure : 2007--2015

Inception Date : 04/28/2000 Fund Style : IM U.S. Broad Market Core Fixed Income (MF)

Fund Assets : $676 Million Style Benchmark : Barclays U.S. Aggregate


The Fund seeks to maximize real return consistent with preservation of real capital and prudent investment management. The Fund is an actively managed bond portfolio that investsprimarily in inflation indexed securities.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

PIMCO Real Return Admin 3.00 5.72 0.53 -2.33 1.64 0.64 3.86 -0.06 5.72 02/01/1997



0.0

2.0

4.0

6.0

Re

turn

(%)



PIMCO Real Return Admin 3.00 5.72¢£


Median 3.52 2.84¾

Up Market Capture

0.0

50.0

100.0

150.0

200.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

121.2143.0

Down Market Capture

0.0

100.0

200.0

300.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

224.7 211.9



134


-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

Re

turn


VY T Rowe Price Capital Appreciation 0.48 (10) 3.69 (6) 8.71 (1) 15.04 (3) 14.24 (2) 9.70 (1) 8.90 (1)¢£

60 S&P 500 / 40 Barclays Agg -0.51 (52) 0.79 (72) 5.28 (4) 10.98 (35) 11.76 (24) 7.82 (7) 6.79 (14)Å�

5th Percentile 0.76 3.74 4.92 14.23 13.55 7.97 7.33

1st Quartile 0.00 2.45 2.81 11.88 11.70 6.59 6.26

Median -0.48 1.57 1.51 9.23 9.79 5.67 5.50

3rd Quartile -0.91 0.65 0.03 6.51 7.58 4.67 4.70

95th Percentile -2.14 -1.14 -4.10 2.82 4.29 2.91 3.12

VY T Rowe Price Capital Appreciation


135


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

VY T Rowe Price Capital Appreciation 12.15 (2) 22.20 (19) 14.48 (24) 2.89 (12) 14.02 (26) 33.24 (14) -27.51 (43)¢£

60 S&P 500 / 40 Barclays Agg 10.62 (3) 17.56 (40) 11.31 (60) 4.69 (5) 12.13 (53) 18.40 (86) -22.06 (22)Å�

5th Percentile 9.27 25.81 16.65 4.64 16.51 36.97 -12.67

1st Quartile 6.20 20.64 14.34 1.18 14.04 30.46 -23.27

Median 4.75 15.12 12.13 -1.47 12.30 26.00 -29.56

3rd Quartile 3.45 8.34 9.84 -3.75 10.43 20.87 -35.62

95th Percentile 0.08 0.55 5.37 -7.33 6.83 12.69 -40.99



136






TrackingError

InformationRatio

ExcessRisk

InceptionDate

VY T Rowe Price Capital Appreciation 14.24 10.76 1.29 5.04 0.79 0.26 9.34 0.27 10.75 01/01/2005

60 S&P 500 / 40 Barclays Agg 11.76 6.99 1.62 0.00 1.00 1.00 0.00 N/A 6.99 01/01/2005


0.0

4.0

8.0

12.0

16.0

20.0

Re

turn

(%)



VY T Rowe Price Capital Appreciation 14.24 10.76¢£

60 S&P 500 / 40 Barclays Agg 11.76 6.99Å�

Median 9.79 8.63¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

106.7 107.2

Down Market Capture

0.0

25.0

50.0

75.0

100.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

26.1

73.4



137


-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

Re

turn


BlackRock Equity Dividend 0.04 (67) -0.96 (84) 3.40 (70) 12.34 (97) 14.42 (72) 7.00 (68) 8.29 (6)¢£

Russell 1000 Value Index 0.11 (63) -0.61 (77) 4.13 (54) 17.34 (35) 16.50 (19) 8.59 (32) 7.05 (30)Å�

5th Percentile 2.31 2.84 7.09 19.62 17.55 10.15 8.32

1st Quartile 1.00 1.21 5.43 17.79 16.25 8.80 7.19

Median 0.43 0.36 4.32 16.68 15.25 7.93 6.49

3rd Quartile -0.35 -0.53 2.97 15.57 14.21 6.60 5.59

95th Percentile -1.29 -1.69 0.30 12.90 12.69 5.20 4.00

BlackRock Equity Dividend


138


-85.0

-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

BlackRock Equity Dividend 9.35 (78) 24.67 (99) 12.18 (87) 5.92 (6) 13.26 (44) 22.18 (63) -32.57 (11)¢£

Russell 1000 Value Index 13.45 (9) 32.53 (48) 17.51 (23) 0.39 (24) 15.51 (20) 19.69 (74) -36.85 (48)Å�

5th Percentile 14.19 39.31 19.61 6.16 18.19 40.90 -30.88

1st Quartile 12.10 34.93 17.21 0.22 15.00 28.05 -34.82

Median 10.90 32.29 15.28 -2.30 12.78 24.37 -36.99

3rd Quartile 9.61 30.52 13.50 -4.85 11.36 19.53 -40.73

95th Percentile 6.44 26.86 9.90 -8.14 9.25 15.23 -46.90



139


Fund Information




Fund Name : BlackRock Equity Dividend Fund; Institutional Shares Portfolio Assets : $25,220 Million

Fund Family : BlackRock Inc Portfolio Manager : Shearer/DeSpirito

Ticker : MADVX PM Tenure : 2001--2014

Inception Date : 11/29/1988 Fund Style : IM U.S. Large Cap Value Equity (MF)

Fund Assets : $13,367 Million Style Benchmark : Russell 1000 Value Index


The Fund seeks to provide shareholders with long-term total return by investing primarily in a diversified portfolio of dividend paying common stocks which yield more than the S&P 500Composite Stock Price Index.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

BlackRock Equity Dividend 14.42 10.77 1.30 0.38 0.85 0.95 3.02 -0.66 10.77 12/01/1988



10.0

12.0

14.0

16.0

18.0

20.0

Re

turn

(%)



BlackRock Equity Dividend 14.42 10.77¢£


Median 15.25 12.91¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

81.5 85.9

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

102.883.4



140


-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

Re

turn


American Funds Fundamental Investors 1.30 (12) 2.93 (13) 6.42 (47) 17.07 (40) 15.88 (54) 7.64 (67) 8.80 (10)¢£

S&P 500 0.28 (43) 1.23 (46) 7.42 (27) 17.31 (36) 17.34 (21) 9.42 (22) 7.89 (28)Å�

5th Percentile 1.76 3.99 9.80 19.52 18.58 10.78 9.44

1st Quartile 0.73 2.11 7.58 17.80 17.09 9.28 7.97

Median 0.15 1.10 6.26 16.72 15.99 8.33 7.23

3rd Quartile -0.50 -0.03 4.20 15.44 14.93 7.29 6.47

95th Percentile -1.94 -1.65 0.94 12.73 13.11 5.54 5.40

American Funds Fundamental Investors


141


-85.0

-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

American Funds Fundamental Investors 8.90 (86) 31.47 (57) 17.13 (22) -1.92 (68) 14.02 (37) 33.31 (15) -39.70 (75)¢£

S&P 500 13.69 (18) 32.39 (42) 16.00 (40) 2.11 (24) 15.06 (23) 26.46 (49) -37.00 (51)Å�

5th Percentile 15.46 36.68 19.88 6.48 18.21 41.56 -29.35

1st Quartile 13.09 33.74 16.84 1.83 14.81 30.57 -34.28

Median 11.37 31.88 15.41 -0.36 13.12 26.12 -36.98

3rd Quartile 10.04 29.91 13.23 -2.64 11.31 21.74 -39.83

95th Percentile 7.08 25.47 9.60 -8.49 7.94 17.52 -44.65



142


Fund Information




Fund Name : Fundamental Investors, Inc; Class R-4 Shares Portfolio Assets : $73,030 Million

Fund Family : American Funds Portfolio Manager : Team Managed

Ticker : RFNEX PM Tenure :

Inception Date : 07/25/2002 Fund Style : IM U.S. Large Cap Core Equity (MF)

Fund Assets : $2,538 Million Style Benchmark : S&P 500


The Fund seeks to provide income over time by investing primarily in common stocks of large, established companies that offer growth potential at reasonable prices. The Fund mayalso invest significantly in non-US securities.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

American Funds Fundamental Investors 15.88 12.53 1.24 -1.79 1.04 0.97 2.23 -0.53 12.53 08/01/2002

S&P 500 17.34 11.90 1.41 0.00 1.00 1.00 0.00 N/A 11.90 08/01/2002


9.0

12.0

15.0

18.0

21.0

Re

turn

(%)



American Funds Fundamental Investors 15.88 12.53¢£

S&P 500 17.34 11.90Å�

Median 15.99 12.37¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.0 98.6

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.7 108.7



143


-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

Re

turn


SSgA S&P 500 Index 0.22 (46) 1.13 (50) 7.24 (31) 17.09 (40) 17.16 (24) 9.28 (25) 7.75 (31)¢£

S&P 500 0.28 (43) 1.23 (46) 7.42 (27) 17.31 (36) 17.34 (21) 9.42 (22) 7.89 (28)Å�

5th Percentile 1.76 3.99 9.80 19.52 18.58 10.78 9.44

1st Quartile 0.73 2.11 7.58 17.80 17.09 9.28 7.97

Median 0.15 1.10 6.26 16.72 15.99 8.33 7.23

3rd Quartile -0.50 -0.03 4.20 15.44 14.93 7.29 6.47

95th Percentile -1.94 -1.65 0.94 12.73 13.11 5.54 5.40

SSgA S&P 500 Index


144


-85.0

-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

SSgA S&P 500 Index 13.50 (19) 32.14 (46) 16.03 (40) 1.86 (25) 14.94 (24) 26.22 (50) -37.03 (52)¢£

S&P 500 13.69 (18) 32.39 (42) 16.00 (40) 2.11 (24) 15.06 (23) 26.46 (49) -37.00 (51)Å�

5th Percentile 15.46 36.68 19.88 6.48 18.21 41.56 -29.35

1st Quartile 13.09 33.74 16.84 1.83 14.81 30.57 -34.28

Median 11.37 31.88 15.41 -0.36 13.12 26.12 -36.98

3rd Quartile 10.04 29.91 13.23 -2.64 11.31 21.74 -39.83

95th Percentile 7.08 25.47 9.60 -8.49 7.94 17.52 -44.65

SSgA S&P 500 Index


145


Fund Information




Fund Name : SSgA Funds: SSgA S&P 500 Index Fund; Class N Shares Portfolio Assets : $3,359 Million

Fund Family : State Street Bank and Trust Company Portfolio Manager : Team Managed

Ticker : SVSPX PM Tenure :




The Fund seeks to replicate as closely as possible the performance of the Standard & Poor's 500 Index. The Fund seeks to achieve its objective by investing substantially all of itsinvestable assets in a corresponding portfolio that uses a passive management strategy designed to track the performance of the Index.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

SSgA S&P 500 Index 17.16 11.90 1.39 -0.15 1.00 1.00 0.12 -1.23 11.90 01/01/1993

S&P 500 17.34 11.90 1.41 0.00 1.00 1.00 0.00 N/A 11.90 01/01/1993


9.0

12.0

15.0

18.0

21.0

Re

turn

(%)



SSgA S&P 500 Index 17.16 11.90¢£

S&P 500 17.34 11.90Å�

Median 15.99 12.37¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.3 99.4

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

100.5 100.0

SSgA S&P 500 Index


146


-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

Re

turn


Parnassus Core Equity -0.41 (74) -1.19 (92) 4.46 (73) 17.97 (22) 16.29 (44) 10.64 (6) 10.20 (3)¢£

S&P 500 0.28 (43) 1.23 (46) 7.42 (27) 17.31 (36) 17.34 (21) 9.42 (22) 7.89 (28)Å�

5th Percentile 1.76 3.99 9.80 19.52 18.58 10.78 9.44

1st Quartile 0.73 2.11 7.58 17.80 17.09 9.28 7.97

Median 0.15 1.10 6.26 16.72 15.99 8.33 7.23

3rd Quartile -0.50 -0.03 4.20 15.44 14.93 7.29 6.47

95th Percentile -1.94 -1.65 0.94 12.73 13.11 5.54 5.40

Parnassus Core Equity


147


-85.0

-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

Parnassus Core Equity 14.48 (11) 34.01 (23) 15.43 (50) 3.13 (18) 8.89 (91) 28.73 (35) -22.95 (1)¢£

S&P 500 13.69 (18) 32.39 (42) 16.00 (40) 2.11 (24) 15.06 (23) 26.46 (49) -37.00 (51)Å�

5th Percentile 15.46 36.68 19.88 6.48 18.21 41.56 -29.35

1st Quartile 13.09 33.74 16.84 1.83 14.81 30.57 -34.28

Median 11.37 31.88 15.41 -0.36 13.12 26.12 -36.98

3rd Quartile 10.04 29.91 13.23 -2.64 11.31 21.74 -39.83

95th Percentile 7.08 25.47 9.60 -8.49 7.94 17.52 -44.65



148


Fund Information




Fund Name : Parnassus Income Funds: Parnassus Core Equity Fund; InvestorShares


Fund Family : Parnassus Investments Portfolio Manager : Ahlsten/Allen

Ticker : PRBLX PM Tenure : 2001--2012




The Fund seeks current income and capital appreciation. The Fund also screens all investments using social responsibility criteria.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

Parnassus Core Equity 16.29 10.98 1.43 0.99 0.88 0.91 3.57 -0.29 10.98 09/01/1992

S&P 500 17.34 11.90 1.41 0.00 1.00 1.00 0.00 N/A 11.90 09/01/1992


9.0

12.0

15.0

18.0

21.0

Re

turn

(%)



Parnassus Core Equity 16.29 10.98¢£

S&P 500 17.34 11.90Å�

Median 15.99 12.37¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

101.4 91.7

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

95.8 87.8



149


-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn


American Funds Growth Fund of America 1.37 (25) 4.79 (38) 8.09 (77) 18.94 (25) 16.49 (67) 8.18 (70) 8.37 (49)¢£


5th Percentile 2.35 8.16 16.17 20.69 20.11 12.10 10.61

1st Quartile 1.36 5.75 12.63 18.90 18.50 10.34 9.13

Median 0.64 3.85 10.72 17.76 17.24 9.16 8.29

3rd Quartile -0.26 2.70 8.32 16.45 16.05 7.87 7.49

95th Percentile -0.99 1.14 4.60 14.03 14.32 5.85 6.12

American Funds Growth Fund of America


150


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

American Funds Growth Fund of America 9.26 (67) 33.82 (51) 20.56 (5) -4.87 (81) 12.29 (74) 34.54 (52) -39.07 (44)¢£


5th Percentile 15.71 42.82 20.42 4.32 22.41 55.94 -34.24

1st Quartile 12.81 36.25 17.51 0.89 17.36 41.12 -37.46

Median 10.53 33.84 14.96 -1.75 15.26 34.77 -39.75

3rd Quartile 8.70 31.39 13.07 -4.36 12.15 30.77 -42.96

95th Percentile 5.72 28.33 10.62 -7.76 8.81 22.78 -48.54



151


Fund Information




Fund Name : Growth Fund of America; Class R-4 Shares Portfolio Assets : $146,488 Million


Ticker : RGAEX PM Tenure :

Inception Date : 05/28/2002 Fund Style : IM U.S. Large Cap Growth Equity (MF)

Fund Assets : $7,520 Million Style Benchmark : Russell 1000 Growth Index


The Fund seeks to provide growth of capital. The Fund invests primarily in common stocks in companies that appear to offer superior opportunities for growth of capital. The Fund seeksto invest in attractively valued companies that, it the Adviser's opinion, represent good, long-term investment opportunities.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

American Funds Growth Fund of America 16.49 12.47 1.29 -1.54 0.99 0.95 2.68 -0.67 12.47 06/01/2002



12.0

15.0

18.0

21.0

24.0

Re

turn

(%)



American Funds Growth Fund of America 16.49 12.47¢£


Median 17.24 13.36¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

98.3 95.1

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

81.3

105.0



152


-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn


Voya Large Cap Growth -0.29 (77) 3.94 (49) 11.82 (34) 17.85 (48) 18.85 (19) 13.62 (1) N/A¢£


5th Percentile 2.35 8.16 16.17 20.69 20.11 12.10 10.61

1st Quartile 1.36 5.75 12.63 18.90 18.50 10.34 9.13

Median 0.64 3.85 10.72 17.76 17.24 9.16 8.29

3rd Quartile -0.26 2.70 8.32 16.45 16.05 7.87 7.49

95th Percentile -0.99 1.14 4.60 14.03 14.32 5.85 6.12

Voya Large Cap Growth


153


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

Voya Large Cap Growth 13.61 (18) 30.94 (78) 18.11 (20) 2.49 (13) 14.58 (56) 42.73 (21) -27.33 (1)¢£


5th Percentile 15.71 42.82 20.42 4.32 22.41 55.94 -34.24

1st Quartile 12.81 36.25 17.51 0.89 17.36 41.12 -37.46

Median 10.53 33.84 14.96 -1.75 15.26 34.77 -39.75

3rd Quartile 8.70 31.39 13.07 -4.36 12.15 30.77 -42.96

95th Percentile 5.72 28.33 10.62 -7.76 8.81 22.78 -48.54



154






TrackingError

InformationRatio

ExcessRisk

InceptionDate

Voya Large Cap Growth 18.85 13.31 1.39 -0.24 1.03 0.98 1.73 0.16 13.31 01/01/2006



12.0

15.0

18.0

21.0

24.0

Re

turn

(%)



Voya Large Cap Growth 18.85 13.31¢£


Median 17.24 13.83¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.8 101.8

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

115.9102.8



155


-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Re

turn


American Century Mid Cap Value -0.89 (43) 0.56 (69) 6.10 (19) 17.96 (65) 16.09 (62) 12.24 (9) 9.71 (10)¢£

Russell Midcap Value Index -1.97 (71) 0.41 (71) 3.67 (55) 19.13 (42) 17.73 (24) 10.61 (40) 8.89 (17)Å�

5th Percentile 4.13 8.31 9.83 22.06 18.92 12.85 10.24

1st Quartile -0.19 3.15 5.66 19.83 17.59 11.22 8.62

Median -1.23 1.61 3.95 18.53 16.69 10.07 8.03

3rd Quartile -2.03 0.20 1.32 17.19 15.31 8.38 7.15

95th Percentile -2.61 -1.57 -1.77 14.36 13.05 6.26 5.52

American Century Mid Cap Value


156


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

American Century Mid Cap Value 16.04 (2) 29.70 (99) 16.11 (54) -0.97 (22) 19.27 (93) 29.97 (79) -24.68 (1)¢£

Russell Midcap Value Index 14.75 (9) 33.46 (76) 18.51 (22) -1.38 (24) 24.75 (31) 34.21 (53) -38.44 (59)Å�

5th Percentile 15.25 41.77 20.20 0.64 28.81 47.96 -28.07

1st Quartile 12.63 37.57 18.18 -1.52 25.94 39.78 -34.96

Median 9.75 35.98 16.19 -3.86 22.49 35.06 -37.43

3rd Quartile 6.81 33.56 14.81 -6.36 20.38 31.07 -41.98

95th Percentile 2.27 30.66 9.59 -8.16 16.73 25.25 -49.69



157


Fund Information




Fund Name : American Century Capital Portfolios, Inc: Mid Cap Value Fund; ClassA Shares


Fund Family : American Century Investment Mgmt Inc Portfolio Manager : Team Managed

Ticker : ACLAX PM Tenure :

Inception Date : 01/13/2005 Fund Style : IM U.S. Mid Cap Value Equity (MF)

Fund Assets : $1,434 Million Style Benchmark : Russell Midcap Value Index


The Fund seeks long-term capital growth. Income is a secondary objective. Under normal market conditions, the Fund will invest at least 80% of its assets in medium size companies.In selection stocks for the Fund, the portfolio managers look for companies whose stock price may not reflect the company's value.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

American Century Mid Cap Value 16.09 11.02 1.41 1.46 0.82 0.96 3.24 -0.52 11.02 02/01/2005

Russell Midcap Value Index 17.73 13.19 1.31 0.00 1.00 1.00 0.00 N/A 13.19 02/01/2005


9.0

12.0

15.0

18.0

21.0

Re

turn

(%)



American Century Mid Cap Value 16.09 11.02¢£

Russell Midcap Value Index 17.73 13.19Å�

Median 16.69 14.15¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

91.7 87.6

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

85.4 83.1



158

Peer Group Analysis - IM U.S. Mid Cap Core Equity (MF)

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Re

turn


Vanguard Mid Cap Index Instl -1.16 (56) 3.07 (50) 8.66 (16) 19.70 (17) 18.26 (15) 10.50 (32) 9.40 (18)¢£

Vanguard Mid Cap Policy Index -1.18 (57) 3.09 (50) 8.68 (15) 19.81 (16) 18.35 (14) 10.55 (32) N/AÅ�

5th Percentile 2.70 7.35 12.15 21.42 19.30 11.79 10.14

1st Quartile 0.17 4.76 7.28 19.20 17.57 10.88 9.06

Median -0.95 3.07 5.86 18.02 16.33 9.61 8.07

3rd Quartile -1.72 1.40 2.87 16.13 15.16 7.56 6.96

95th Percentile -2.82 -1.07 -0.18 14.13 11.75 5.11 6.05

Vanguard Mid Cap Index Instl


159

Peer Group Analysis - IM U.S. Mid Cap Core Equity (MF)

-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

Vanguard Mid Cap Index Instl 13.78 (8) 35.17 (42) 16.01 (53) -1.96 (33) 25.67 (20) 40.51 (15) -41.76 (69)¢£

Vanguard Mid Cap Policy Index 13.83 (8) 35.45 (39) 16.05 (52) -1.91 (33) 25.69 (20) 40.49 (16) -41.80 (70)Å�

5th Percentile 14.60 41.59 20.75 2.74 28.10 58.02 -28.21

1st Quartile 11.50 37.35 17.98 -1.10 25.19 37.96 -36.56

Median 8.96 34.48 16.17 -3.41 23.08 33.03 -39.10

3rd Quartile 6.05 31.50 13.16 -5.50 20.30 29.70 -42.18

95th Percentile 2.51 28.28 7.89 -10.82 16.12 18.68 -49.96



160


Fund Information




Fund Name : Vanguard Index Funds: Vanguard Mid-Cap Index Fund; InstitutionalShares


Fund Family : Vanguard Group Inc Portfolio Manager : Donald M. Butler

Ticker : VMCIX PM Tenure : 1998

Inception Date : 05/20/1998 Fund Style : IM U.S. Mid Cap Core Equity (MF)

Fund Assets : $12,661 Million Style Benchmark : Vanguard Mid Cap Policy Index


The Fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks. The Fund employs a "passive management" approachdesigned to track the performance of the CRSP US Mid Cap Index, a broadly diversified index of stocks of medium-size U.S. companies.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

Vanguard Mid Cap Index Instl 18.26 13.79 1.29 -0.06 1.00 1.00 0.09 -0.88 13.79 04/01/2007

Vanguard Mid Cap Policy Index 18.35 13.80 1.29 0.00 1.00 1.00 0.00 N/A 13.80 04/01/2007


9.0

12.0

15.0

18.0

21.0

24.0

Re

turn

(%)



Vanguard Mid Cap Index Instl 18.26 13.79¢£

Vanguard Mid Cap Policy Index 18.35 13.80Å�

Median 16.33 14.47¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.6 99.8

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.9 100.1



161

Policy Index Weight (%)

Jan-2008

MSCI US Mid Cap 450 Index 100.00

Feb-2013

CRSP U.S. Mid Cap TR Index 100.00

Kansas Board of Regents Vanguard Mid Cap Policy Index

As of June 30, 2015

162


-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Re

turn


VY FMR SM Diversified Mid Cap -0.10 (59) 5.04 (69) 6.05 (86) 17.58 (58) 14.45 (93) 8.73 (58) 9.38 (45)¢£

Russell Midcap Growth Index -1.14 (88) 4.18 (84) 9.45 (57) 19.24 (28) 18.69 (20) 10.34 (26) 9.69 (36)Å�

5th Percentile 3.29 10.19 15.62 22.25 19.98 12.51 11.68

1st Quartile 1.45 8.21 12.29 19.45 18.42 10.36 10.20

Median 0.47 6.27 9.98 17.96 17.14 9.20 9.18

3rd Quartile -0.77 4.72 7.37 16.23 16.10 7.63 8.17

95th Percentile -2.02 2.89 4.54 14.25 13.84 5.87 5.75

VY FMR SM Diversified Mid Cap


163


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

VY FMR SM Diversified Mid Cap 6.03 (70) 36.02 (45) 14.62 (47) -10.95 (93) 28.36 (28) 39.18 (56) -39.14 (17)¢£

Russell Midcap Growth Index 11.90 (12) 35.74 (48) 15.81 (31) -1.65 (30) 26.38 (48) 46.29 (24) -44.32 (45)Å�

5th Percentile 12.88 44.66 20.83 3.00 33.42 57.99 -35.59

1st Quartile 10.07 37.89 16.18 -1.11 28.61 45.76 -40.84

Median 7.49 35.53 14.41 -4.40 25.94 40.52 -45.03

3rd Quartile 5.40 31.29 12.06 -7.95 22.66 31.59 -47.92

95th Percentile 1.32 26.97 8.81 -13.26 17.66 23.46 -51.48



164






TrackingError

InformationRatio

ExcessRisk

InceptionDate

VY FMR SM Diversified Mid Cap 14.45 15.44 0.95 3.75 0.61 0.32 13.96 -0.25 15.43 01/01/2005

Russell Midcap Growth Index 18.69 14.33 1.27 0.00 1.00 1.00 0.00 N/A 14.33 01/01/2005


12.0

15.0

18.0

21.0

24.0

Re

turn

(%)



VY FMR SM Diversified Mid Cap 14.45 15.44¢£

Russell Midcap Growth Index 18.69 14.33Å�

Median 17.14 15.07¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

89.672.6

Down Market Capture

0.0

25.0

50.0

75.0

100.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

79.2

59.7



165


-22.0

-16.0

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

32.0

Re

turn


American Beacon Small Cap Value -0.32 (43) 2.72 (31) 2.66 (35) 17.96 (18) 16.24 (22) 10.79 (21) 7.81 (36)¢£

Russell 2000 Value Index -1.20 (66) 0.76 (54) 0.78 (53) 15.50 (64) 14.81 (62) 9.31 (59) 6.87 (59)Å�

5th Percentile 2.38 4.94 10.13 19.34 17.78 11.91 9.19

1st Quartile 0.75 2.91 3.64 17.29 16.15 10.60 8.12

Median -0.52 0.98 1.02 16.12 15.20 9.60 7.31

3rd Quartile -1.35 0.11 -1.98 14.48 13.74 8.70 6.24

95th Percentile -2.53 -3.28 -11.14 6.20 10.54 6.13 4.76

American Beacon Small Cap Value


166


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

American Beacon Small Cap Value 4.33 (39) 39.63 (28) 16.08 (54) -4.41 (54) 25.67 (46) 34.94 (24) -32.11 (50)¢£

Russell 2000 Value Index 4.22 (40) 34.52 (61) 18.05 (35) -5.50 (63) 24.50 (60) 20.58 (77) -28.92 (22)Å�

5th Percentile 8.01 45.10 22.47 1.10 33.29 61.99 -26.91

1st Quartile 5.57 39.72 19.91 -0.93 28.31 34.79 -29.57

Median 3.47 35.66 16.44 -3.95 25.29 27.97 -32.11

3rd Quartile 0.85 33.29 13.29 -6.91 23.06 21.23 -39.68

95th Percentile -6.46 27.49 8.97 -13.59 18.70 12.84 -45.74



167


Fund Information




Fund Name : American Beacon Funds: American Beacon Small Cap Value Fund;Investor Class Shares


Fund Family : American Beacon Advisors Inc Portfolio Manager : Team Managed

Ticker : AVPAX PM Tenure :

Inception Date : 03/01/1999 Fund Style : IM U.S. Small Cap Value Equity (MF)

Fund Assets : $819 Million Style Benchmark : Russell 2000 Value Index


The Fund seeks long-term capital appreciation and current income by investing primarily in equity securities. Ordinarily, at least 80% of the total assets of the Fund are invested inequity securities of US companies with market capitalizations of $2 billion or less at the time of investment.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

American Beacon Small Cap Value 16.24 16.95 0.97 0.78 1.04 0.97 2.80 0.50 16.95 04/01/1999



9.0

12.0

15.0

18.0

21.0

Re

turn

(%)



American Beacon Small Cap Value 16.24 16.95¢£


Median 15.20 15.89¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

106.5 106.1

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

96.1 103.0



168


-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Re

turn


Vanguard Small Cap Index Instl -0.56 (62) 4.21 (31) 5.25 (46) 18.74 (23) 18.17 (19) 11.65 (19) 9.52 (5)¢£

Vanguard Small Cap Policy Index -0.59 (63) 4.18 (32) 5.21 (46) 18.92 (22) 18.23 (18) 11.62 (19) 9.47 (5)Å�

5th Percentile 2.93 7.86 10.74 19.96 19.88 14.74 9.42

1st Quartile 0.39 4.68 6.54 18.63 17.84 11.18 8.48

Median -0.13 3.50 4.77 17.57 16.86 9.76 7.54

3rd Quartile -1.32 1.43 0.83 14.45 14.35 8.41 6.55

95th Percentile -3.01 -1.52 -7.25 11.00 9.45 6.31 5.63

Vanguard Small Cap Index Instl


169


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

Vanguard Small Cap Index Instl 7.53 (6) 37.80 (54) 18.26 (18) -2.65 (49) 27.95 (27) 36.40 (20) -35.98 (45)¢£

Vanguard Small Cap Policy Index 7.54 (5) 38.48 (52) 18.22 (20) -2.76 (50) 27.84 (29) 36.14 (21) -36.20 (47)Å�

5th Percentile 7.53 47.26 22.37 2.26 34.78 58.85 -27.71

1st Quartile 5.57 42.24 17.19 -1.41 28.14 33.69 -32.59

Median 3.92 38.66 14.82 -2.78 25.42 27.17 -36.52

3rd Quartile 1.02 34.72 12.08 -6.03 21.18 22.60 -40.27

95th Percentile -4.30 26.10 5.25 -13.84 16.34 13.07 -47.66



170


Fund Information




Fund Name : Vanguard Index Funds: Vanguard Small-Cap Index Fund; InstitutionalShares


Fund Family : Vanguard Group Inc Portfolio Manager : Michael H. Buek

Ticker : VSCIX PM Tenure : 1997

Inception Date : 07/07/1997 Fund Style : IM U.S. Small Cap Core Equity (MF)

Fund Assets : $10,900 Million Style Benchmark : Vanguard Small Cap Policy Index


The Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks. The Fund employs an indexing investment approachdesigned to track the performance of the CRSP US Small Cap Index, a broadly diversified index of stocks of small U.S. companies.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

Vanguard Small Cap Index Instl 18.17 15.77 1.14 -0.03 1.00 1.00 0.21 -0.27 15.76 01/01/2007

Vanguard Small Cap Policy Index 18.23 15.79 1.14 0.00 1.00 1.00 0.00 N/A 15.79 01/01/2007


4.0

8.0

12.0

16.0

20.0

24.0

Re

turn

(%)



Vanguard Small Cap Index Instl 18.17 15.77¢£

Vanguard Small Cap Policy Index 18.23 15.79Å�

Median 16.86 16.52¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.5 99.8

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

100.1 100.0



171

Policy Index Weight (%)

Jan-2002

S&P MidCap 400 100.00

Jun-2003

MSCI US Small Cap 1750 100.00

Jan-2013

CRSP U.S. Small Cap TR Index 100.00

Kansas Board of Regents Vanguard Small Cap Policy Index

As of June 30, 2015

172


-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn


VY Baron Small Cap Growth -1.89 (100) 3.18 (98) 6.95 (57) 18.39 (56) 18.61 (38) 11.64 (39) 9.05 (35)¢£


5th Percentile 7.53 16.22 19.51 21.53 20.48 14.91 9.97

1st Quartile 3.22 11.07 10.71 20.88 18.99 12.11 9.27

Median 1.78 7.04 7.73 18.88 17.95 11.22 8.31

3rd Quartile 0.31 5.22 5.74 16.03 16.30 8.51 7.04

95th Percentile -1.36 3.37 3.17 10.76 14.38 3.36 4.55

VY Baron Small Cap Growth


173


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

VY Baron Small Cap Growth 4.54 (22) 39.23 (75) 19.96 (5) 2.44 (4) 26.83 (46) 35.49 (43) -41.12 (33)¢£

Russell 2000 Growth Index 5.60 (18) 43.30 (60) 14.59 (29) -2.91 (24) 29.09 (27) 34.47 (47) -38.54 (15)Å�

5th Percentile 13.56 59.52 19.69 0.99 35.61 53.92 -35.05

1st Quartile 3.77 52.33 15.56 -3.06 29.36 43.89 -40.05

Median 1.66 45.44 11.34 -5.21 26.63 33.26 -42.97

3rd Quartile -2.20 38.98 9.39 -8.48 22.52 27.18 -45.82

95th Percentile -8.26 31.51 2.10 -14.15 15.74 16.19 -52.59



174






TrackingError

InformationRatio

ExcessRisk

InceptionDate

VY Baron Small Cap Growth 18.61 16.70 1.11 7.94 0.57 0.35 15.45 -0.05 16.70 01/01/2005



12.0

15.0

18.0

21.0

24.0

Re

turn

(%)

14.0 16.0 18.0 20.0 22.0Risk (Standard Deviation %)


VY Baron Small Cap Growth 18.61 16.70¢£


Median 17.95 18.06¾

Up Market Capture

0.0

25.0

50.0

75.0

100.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

78.170.1

Down Market Capture

0.0

20.0

40.0

60.0

80.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

53.4

38.4



175


-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

Re

turn


American Funds EuroPacific Growth 1.02 (46) 6.98 (27) 0.63 (9) 12.32 (20) 9.74 (28) 3.79 (18) 7.33 (9)¢£

MSCI EAFE (Net) 0.62 (67) 5.52 (76) -4.22 (57) 11.97 (25) 9.54 (37) 1.97 (39) 5.12 (60)Å�

5th Percentile 4.80 9.30 4.49 14.95 11.25 5.22 7.64

1st Quartile 1.84 6.99 -2.69 11.86 9.97 2.36 6.05

Median 0.91 6.31 -3.94 10.51 9.23 1.78 5.32

3rd Quartile 0.48 5.69 -4.96 9.56 8.48 1.35 4.91

95th Percentile -1.51 0.35 -9.25 4.49 6.92 -0.56 4.39

American Funds EuroPacific Growth


176


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

American Funds EuroPacific Growth -2.66 (16) 20.17 (43) 19.22 (24) -13.61 (66) 9.39 (38) 39.13 (15) -40.56 (15)¢£

MSCI EAFE (Net) -4.90 (24) 22.78 (11) 17.32 (56) -12.14 (43) 7.75 (58) 31.78 (31) -43.38 (60)Å�

5th Percentile 1.28 24.54 22.34 -4.87 13.47 44.24 -38.83

1st Quartile -5.22 21.63 18.99 -10.72 10.45 33.88 -41.47

Median -6.25 19.46 17.79 -12.74 8.27 29.99 -42.71

3rd Quartile -6.86 15.85 15.83 -14.05 6.99 26.91 -45.55

95th Percentile -7.67 8.46 11.48 -17.65 3.40 20.70 -49.86



177


Fund Information




Fund Name : EuroPacific Growth Fund; Class R-4 Shares Portfolio Assets : $131,684 Million


Ticker : REREX PM Tenure :

Inception Date : 06/07/2002 Fund Style : IM International Large Cap Core Equity (MF)

Fund Assets : $13,488 Million Style Benchmark : MSCI EAFE (Net)


The Fund seeks to provide long-term growth of capital by investing in companies based outside the United States. The Fund Invests in companies based chiefly in Europe and thePacific Basin, ranging from small firms to large corporations.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

American Funds EuroPacific Growth 9.74 14.67 0.70 0.93 0.91 0.95 3.64 0.01 14.67 07/01/2002

MSCI EAFE (Net) 9.54 15.60 0.66 0.00 1.00 1.00 0.00 N/A 15.60 07/01/2002


6.0

8.0

10.0

12.0

14.0

Re

turn

(%)



American Funds EuroPacific Growth 9.74 14.67¢£


Median 9.23 15.94¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

89.8 90.7

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

75.1 84.6



178


-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Re

turn


VY Oppenheimer Global 2.87 (11) 10.62 (1) 8.09 (1) 18.58 (1) 15.12 (1) 8.77 (1) 8.41 (1)¢£

MSCI World (Net) 0.31 (43) 2.63 (53) 1.43 (31) 14.27 (28) 13.10 (20) 5.32 (37) 6.38 (71)Å�

5th Percentile 3.85 7.12 3.21 15.28 14.11 6.95 7.94

1st Quartile 1.02 4.05 1.95 14.33 12.91 5.89 7.59

Median 0.25 2.75 0.78 13.27 12.22 5.11 6.95

3rd Quartile 0.06 0.97 -0.90 12.49 11.61 4.46 5.88

95th Percentile -1.51 -2.22 -9.44 5.88 8.65 2.13 3.98

VY Oppenheimer Global


179


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

VY Oppenheimer Global 2.32 (61) 27.13 (26) 21.70 (2) -8.12 (64) 16.06 (5) 39.76 (12) -40.37 (58)¢£

MSCI World (Net) 4.94 (18) 26.68 (31) 15.83 (71) -5.54 (34) 11.76 (23) 29.99 (88) -40.71 (61)Å�

5th Percentile 6.79 38.11 21.11 5.68 15.88 60.87 -37.69

1st Quartile 4.27 27.59 19.13 -3.39 11.67 34.12 -38.46

Median 3.19 24.63 18.07 -7.55 10.23 32.29 -39.55

3rd Quartile -0.41 23.15 15.20 -8.33 7.47 31.29 -44.59

95th Percentile -3.46 11.74 8.97 -16.00 6.51 25.90 -46.15



180






TrackingError

InformationRatio

ExcessRisk

InceptionDate

VY Oppenheimer Global 15.12 16.80 0.92 6.51 0.70 0.30 14.57 0.16 16.79 01/01/2005

MSCI World (Net) 13.10 13.20 1.00 0.00 1.00 1.00 0.00 N/A 13.20 01/01/2005


6.0

9.0

12.0

15.0

18.0

Re

turn

(%)



VY Oppenheimer Global 15.12 16.80¢£

MSCI World (Net) 13.10 13.20Å�

Median 12.22 13.16¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

103.188.9

Down Market Capture

0.0

20.0

40.0

60.0

80.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

50.957.3



181


-30.0

-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

Re

turn


Oppenheimer Developing Markets 0.81 (46) -0.48 (76) -10.41 (78) 4.99 (33) 6.29 (14) 4.93 (7) N/A¢£

MSCI Emerging Markets Index 0.82 (46) 3.12 (32) -4.77 (34) 4.08 (41) 4.03 (42) 1.19 (34) 8.46 (24)Å�

5th Percentile 4.35 7.68 1.66 10.49 7.94 5.30 10.33

1st Quartile 1.97 3.77 -3.53 5.83 5.15 1.66 8.36

Median 0.65 1.57 -6.82 3.13 3.58 0.16 7.45

3rd Quartile -0.55 -0.47 -10.15 1.31 1.81 -0.99 6.41

95th Percentile -2.60 -3.52 -16.48 -1.83 -1.97 -4.26 4.13

Oppenheimer Developing Markets


182


-100.0

-50.0

0.0

50.0

100.0

150.0

200.0

-150.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

Oppenheimer Developing Markets -4.55 (70) 8.68 (15) 21.29 (21) -17.85 (30) 27.39 (9) 82.10 (23) -47.84 (16)¢£

MSCI Emerging Markets Index -1.82 (40) -2.27 (55) 18.64 (53) -18.17 (33) 19.20 (42) 79.02 (26) -53.18 (41)Å�

5th Percentile 5.49 15.14 28.28 -11.36 28.71 104.40 -45.81

1st Quartile -0.24 2.68 20.73 -17.41 22.10 79.17 -50.75

Median -3.01 -1.45 18.77 -19.49 18.32 72.85 -54.66

3rd Quartile -5.20 -4.78 15.43 -23.08 16.55 67.04 -57.38

95th Percentile -11.81 -8.39 8.44 -28.22 11.47 49.94 -64.88



183


Fund Information




Fund Name : Oppenheimer Developing Markets Fund; Class Y Shares Portfolio Assets : $38,383 Million

Fund Family : OppenheimerFunds Inc Portfolio Manager : Justin Leverenz

Ticker : ODVYX PM Tenure : 2007

Inception Date : 09/07/2005 Fund Style : IM Emerging Markets Equity (MF)

Fund Assets : $19,164 Million Style Benchmark : MSCI Emerging Markets Index


The Fund seeks aggressive capital appreciation by investing in common stocks of issuers in emerging and developing markets throughout the world. The Fund will invest at least 80%of its total assets in equity securities of companies with high growth potential in at least three developing markets.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

Oppenheimer Developing Markets 6.29 17.13 0.44 2.51 0.91 0.91 5.25 0.38 17.12 10/01/2005

MSCI Emerging Markets Index 4.03 17.90 0.31 0.00 1.00 1.00 0.00 N/A 17.90 10/01/2005


-8.0

-4.0

0.0

4.0

8.0

12.0

Re

turn

(%)



Oppenheimer Developing Markets 6.29 17.13¢£

MSCI Emerging Markets Index 4.03 17.90Å�

Median 3.58 18.02¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

89.8 96.5

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

80.8 85.9



184

Peer Group Analysis - IM U.S. REIT (SA+CF)

-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Re

turn


Voya Real Estate -10.64 (96) -6.73 (99) 2.92 (98) 7.87 (93) 13.75 (92) 8.27 (71) 7.60 (65)¢£

MSCI U.S. REIT Index -10.44 (92) -6.19 (91) 3.93 (95) 8.72 (79) 14.29 (84) 7.90 (83) 6.96 (91)Å�

5th Percentile -7.65 -3.32 9.00 12.14 16.52 12.00 10.30

1st Quartile -9.21 -4.68 6.57 10.20 15.85 9.52 8.56

Median -9.68 -5.27 5.53 9.59 15.19 8.77 7.96

3rd Quartile -10.13 -5.73 4.72 8.83 14.48 8.19 7.43

95th Percentile -10.59 -6.31 3.60 7.68 13.20 6.86 6.64

Voya Real Estate


185

Peer Group Analysis - IM U.S. REIT (SA+CF)

-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

Voya Real Estate 29.77 (78) 2.09 (65) 15.61 (94) 9.76 (53) 27.83 (70) 30.00 (53) -34.89 (30)¢£

MSCI U.S. REIT Index 30.38 (71) 2.47 (54) 17.78 (52) 8.68 (74) 28.47 (59) 28.61 (67) -37.98 (51)Å�

5th Percentile 34.72 12.27 25.11 13.00 33.46 49.92 -24.06

1st Quartile 32.95 3.83 19.14 11.32 30.31 34.17 -34.57

Median 31.43 2.62 17.81 10.07 29.03 30.46 -37.83

3rd Quartile 29.97 1.58 17.25 8.41 26.55 27.94 -40.45

95th Percentile 23.49 0.00 14.58 6.09 23.99 22.68 -47.12

Voya Real Estate


186


Fund Information




Fund Name : Voya Equity Trust: Voya Real Estate Fund; Institutional Shares Portfolio Assets : $1,348 Million

Fund Family : Voya Investments LLC Portfolio Manager : Ferguson/Smith

Ticker : CRARX PM Tenure : 1997--2005

Inception Date : 01/01/1997 Fund Style : IM U.S. REIT (SA+CF)

Fund Assets : $982 Million Style Benchmark : MSCI U.S. REIT Index


The Fund seeks total return through investment in real estate securities. The Fund invests primarily in income-producing equity securities of publicly traded companies principallyengaged in the real estate industry.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

Voya Real Estate 13.75 15.71 0.90 -0.39 0.99 1.00 1.03 -0.48 15.71 02/01/1997

MSCI U.S. REIT Index 14.29 15.79 0.92 0.00 1.00 1.00 0.00 N/A 15.79 02/01/1997


12.0

14.0

16.0

18.0

Re

turn

(%)



Voya Real Estate 13.75 15.71¢£

MSCI U.S. REIT Index 14.29 15.79Å�

Median 15.19 15.50¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

96.6 98.2

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

100.2 99.8

Voya Real Estate


187


-10.0

-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

Re

turn


Vanguard Target Rtmt Income -0.93 (59) 0.81 (52) 1.94 (14) 5.35 (57) 6.76 (47) 5.48 (40) 5.23 (27)¢£

Vanguard Target Income Composite Index -0.84 (53) 0.94 (43) 2.15 (12) 5.57 (53) 6.91 (42) 5.53 (38) 5.27 (27)Å�

5th Percentile -0.09 1.87 2.81 8.19 9.00 7.19 6.26

1st Quartile -0.52 1.31 1.40 6.69 7.49 5.95 5.30

Median -0.82 0.82 0.55 5.67 6.66 4.99 4.61

3rd Quartile -1.19 0.27 -0.41 4.38 5.40 3.92 3.85

95th Percentile -1.87 -0.97 -4.14 1.95 3.95 1.66 2.34

Vanguard Target Rtmt Income


188


-50.0

-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

Vanguard Target Rtmt Income 5.54 (21) 5.87 (63) 8.23 (72) 5.25 (4) 9.39 (61) 14.28 (85) -10.93 (14)¢£

Vanguard Target Income Composite Index 5.76 (18) 6.03 (62) 8.42 (69) 5.30 (4) 9.42 (61) 14.33 (85) -11.34 (16)Å�

5th Percentile 8.62 12.29 13.43 4.80 13.40 30.53 -6.33

1st Quartile 5.20 8.85 10.65 2.70 10.99 23.46 -14.32

Median 4.04 6.89 9.42 1.73 9.92 20.00 -18.02

3rd Quartile 3.20 4.50 8.09 0.69 8.46 16.26 -21.71

95th Percentile 1.19 -2.10 5.61 -1.25 5.83 8.15 -27.47



189


Fund Information




Fund Name : Vanguard Chester Funds: Vanguard Target Retirement Income Fund;Investor Class Shares


Fund Family : Vanguard Group Inc Portfolio Manager : Buek/Coleman/Nejman

Ticker : VTINX PM Tenure : 2013--2013--2013

Inception Date : 10/27/2003 Fund Style : IM Mixed-Asset Target Alloc Consv (MF)

Fund Assets : $11,877 Million Style Benchmark : Vanguard Target Income Composite Index


The Fund seeks to provide current income and some capital appreciation The Fund is a fund-of-funds with an asset allocation strategy designed is for investors currently in retirement.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

Vanguard Target Rtmt Income 6.76 4.14 1.59 -0.15 1.00 1.00 0.21 -0.67 4.13 11/01/2003

Vanguard Target Income Composite Index 6.91 4.13 1.63 0.00 1.00 1.00 0.00 N/A 4.13 11/01/2003


2.0

4.0

6.0

8.0

10.0

12.0

Re

turn

(%)



Vanguard Target Rtmt Income 6.76 4.14¢£

Vanguard Target Income Composite Index 6.91 4.13Å�

Median 6.66 5.17¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.5 99.3

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

106.7 102.5



190


-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Re

turn


Vanguard Target Rtmt 2010 -0.82 (83) 1.03 (66) 2.18 (9) 6.95 (51) 8.37 (31) 5.75 (10) N/A¢£

Vanguard Target 2010 Composite Index -0.77 (76) 1.09 (61) 2.33 (6) 7.14 (42) 8.47 (27) 5.76 (10) N/AÅ�

5th Percentile -0.17 2.06 2.46 8.17 9.08 5.96 5.92

1st Quartile -0.30 1.50 1.43 7.58 8.60 5.33 4.95

Median -0.53 1.27 0.85 6.96 7.80 4.54 4.45

3rd Quartile -0.75 0.68 0.02 5.77 6.75 3.73 4.16

95th Percentile -1.30 -0.30 -1.45 2.53 4.42 2.88 3.51

Vanguard Target Rtmt 2010


191


-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

Vanguard Target Rtmt 2010 5.93 (7) 9.10 (51) 10.12 (47) 3.37 (6) 11.43 (35) 19.32 (81) -20.67 (21)¢£

Vanguard Target 2010 Composite Index 6.13 (4) 9.32 (47) 10.19 (43) 3.28 (10) 11.53 (32) 19.28 (81) -20.93 (22)Å�

5th Percentile 6.02 11.95 12.39 3.52 13.11 29.27 -12.76

1st Quartile 4.66 10.68 11.24 1.95 11.81 25.11 -21.67

Median 4.10 9.10 9.83 0.75 10.80 23.34 -25.97

3rd Quartile 3.32 6.62 8.57 -0.41 9.92 21.06 -29.01

95th Percentile 2.30 1.67 5.76 -1.71 7.89 12.85 -32.90



192


Fund Information




Fund Name : Vanguard Chester Funds: Vanguard Target Retirement 2010 Fund;Investor Class Shares



Ticker : VTENX PM Tenure : 2013--2013--2013


Fund Assets : $7,134 Million Style Benchmark : Vanguard Target 2010 Composite Index


The Fund seeks capital appreciation and current income consistent with its current asset allocation. The Fund is a fund-of-funds with the asset allocation becoming more conservativeover time. The allocation strategy designed is for investors planning to retire in or within a few years of 2010.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

Vanguard Target Rtmt 2010 8.37 5.83 1.40 -0.08 1.00 1.00 0.25 -0.37 5.83 07/01/2006

Vanguard Target 2010 Composite Index 8.47 5.84 1.41 0.00 1.00 1.00 0.00 N/A 5.84 07/01/2006


2.0

4.0

6.0

8.0

10.0

12.0

Re

turn

(%)



Vanguard Target Rtmt 2010 8.37 5.83¢£

Vanguard Target 2010 Composite Index 8.47 5.84Å�

Median 7.80 6.64¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.0 99.1

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

102.6 99.6



193


-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Re

turn


Vanguard Target Rtmt 2015 -0.64 (54) 1.37 (44) 2.61 (5) 8.81 (19) 9.68 (14) 6.29 (5) 5.95 (6)¢£

Vanguard Target 2015 Composite Index -0.57 (45) 1.46 (39) 2.82 (2) 9.02 (12) 9.80 (9) 6.29 (5) 5.97 (6)Å�

5th Percentile 0.00 2.39 2.60 9.27 9.99 6.28 5.98

1st Quartile -0.28 1.70 1.61 8.58 9.40 5.59 5.55

Median -0.63 1.26 1.11 7.85 8.65 4.92 4.32

3rd Quartile -0.88 0.59 0.43 6.82 7.28 4.06 3.09

95th Percentile -1.30 0.09 -1.73 3.69 5.09 2.91 2.49



194


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2014 2013 2012 2011 2010 2009 2008



5th Percentile 6.43 14.50 13.34 3.09 13.88 31.32 -5.68

1st Quartile 5.30 12.82 12.19 1.45 12.74 26.99 -25.30

Median 4.35 10.44 10.76 -0.23 11.50 25.36 -29.30

3rd Quartile 3.55 6.44 9.58 -1.26 10.48 21.55 -33.29

95th Percentile 2.38 0.72 7.37 -3.91 6.60 6.81 -36.11



195


Fund Information







Ticker : VTXVX PM Tenure : 2013--2013--2013







TrackingError

InformationRatio

ExcessRisk

InceptionDate




2.0

4.0

6.0

8.0

10.0

12.0

Re

turn

(%)





Median 8.65 7.29¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.4 99.4

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

103.4 100.2



196


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

Re

turn




5th Percentile 0.09 2.62 3.10 10.40 10.86 6.59 6.13

1st Quartile -0.29 1.79 2.16 9.61 10.05 5.81 5.30

Median -0.62 1.23 1.37 8.05 8.91 5.03 4.83

3rd Quartile -0.94 0.76 0.36 6.59 7.46 4.31 4.32

95th Percentile -2.07 0.09 -1.71 3.35 4.94 3.44 2.75



197


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2014 2013 2012 2011 2010 2009 2008



5th Percentile 6.42 17.44 14.35 9.06 14.46 32.47 -16.53

1st Quartile 5.61 15.06 13.05 1.02 13.49 28.62 -27.47

Median 4.71 12.03 11.53 -0.51 12.27 25.92 -31.95

3rd Quartile 4.01 8.66 10.37 -1.62 11.17 22.47 -34.03

95th Percentile 2.93 1.73 8.67 -4.05 9.54 11.91 -38.25



198


Fund Information







Ticker : VTWNX PM Tenure : 2013--2013--2013







TrackingError

InformationRatio

ExcessRisk

InceptionDate




3.0

6.0

9.0

12.0

15.0

Re

turn

(%)





Median 8.91 8.04¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.2 99.3

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

103.3 101.5



199


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

Re

turn



Vanguard Target 2025 Composite Index -0.34 (43) 1.89 (40) 3.32 (10) 11.47 (14) 11.77 (14) 6.88 (11) 6.44 (9)Å�

5th Percentile 0.27 3.10 3.61 12.17 12.34 7.32 6.61

1st Quartile -0.08 2.22 2.41 11.07 11.51 6.32 6.12

Median -0.45 1.63 1.82 9.98 10.43 5.67 5.73

3rd Quartile -0.89 1.08 0.70 8.68 9.61 5.06 4.92

95th Percentile -1.41 0.14 -0.77 4.47 8.66 4.38 4.10



200


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2014 2013 2012 2011 2010 2009 2008

Vanguard Target Rtmt 2025 7.17 (4) 18.14 (24) 13.29 (45) -0.37 (18) 13.84 (39) 24.81 (80) -30.05 (16)¢£


5th Percentile 7.07 20.61 15.54 0.84 15.14 35.57 -26.67

1st Quartile 6.20 17.87 14.45 -0.96 14.19 31.80 -31.48

Median 5.16 15.86 13.00 -2.03 13.42 28.95 -35.04

3rd Quartile 4.35 13.13 11.74 -2.86 12.57 25.40 -36.15

95th Percentile 2.72 4.78 10.37 -5.46 10.93 20.62 -40.09



201


Fund Information







Ticker : VTTVX PM Tenure : 2013--2013--2013







TrackingError

InformationRatio

ExcessRisk

InceptionDate




6.0

8.0

10.0

12.0

14.0

Re

turn

(%)





Median 10.43 9.61¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.3 99.6

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

103.5 101.8



202


-10.0

-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

Re

turn




5th Percentile 0.53 3.43 4.13 13.03 12.89 7.42 6.77

1st Quartile 0.19 2.52 2.85 11.94 11.95 6.28 5.70

Median -0.34 2.05 2.01 10.86 10.87 5.58 5.25

3rd Quartile -0.74 1.36 0.66 8.93 9.72 4.81 4.84

95th Percentile -1.87 0.40 -1.34 4.81 6.71 3.99 4.50



203


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2014 2013 2012 2011 2010 2009 2008


Vanguard Target 2030 Composite Index 7.51 (3) 20.88 (25) 14.31 (38) -0.89 (17) 14.58 (30) 27.02 (71) -33.27 (19)Å�

5th Percentile 7.17 23.05 16.46 2.99 16.44 35.89 -31.22

1st Quartile 5.97 20.80 14.96 -1.41 14.82 31.77 -33.90

Median 5.16 18.02 13.66 -2.57 13.60 28.79 -36.49

3rd Quartile 4.15 15.26 12.41 -3.71 12.63 26.64 -38.99

95th Percentile 2.55 3.99 10.46 -6.33 11.18 20.74 -41.06



204


Fund Information







Ticker : VTHRX PM Tenure : 2013--2013--2013







TrackingError

InformationRatio

ExcessRisk

InceptionDate




3.0

6.0

9.0

12.0

15.0

Re

turn

(%)





Median 10.87 10.31¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.2 99.5

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

102.4 101.1



205


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

Re

turn



Vanguard Target 2035 Composite Index 0.01 (42) 2.33 (54) 3.49 (20) 13.50 (11) 13.39 (12) 7.26 (14) 6.89 (11)Å�

5th Percentile 0.75 3.88 4.35 13.88 13.55 7.87 7.12

1st Quartile 0.34 2.92 3.22 13.01 12.79 6.77 6.65

Median -0.14 2.37 2.40 12.14 12.04 6.10 6.10

3rd Quartile -0.59 1.80 1.45 10.81 11.34 5.61 5.51

95th Percentile -0.99 1.32 -0.80 6.58 10.64 4.56 5.05



206


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2014 2013 2012 2011 2010 2009 2008



5th Percentile 7.56 24.72 17.18 -0.86 16.09 36.34 -34.05

1st Quartile 6.36 22.78 15.71 -2.41 15.21 32.84 -35.25

Median 5.39 20.79 14.75 -3.34 14.57 30.99 -36.09

3rd Quartile 4.31 18.74 13.59 -4.35 13.46 27.65 -39.32

95th Percentile 2.65 9.88 12.39 -7.02 12.08 20.80 -41.34



207


Fund Information







Ticker : VTTHX PM Tenure : 2013--2013--2013







TrackingError

InformationRatio

ExcessRisk

InceptionDate




8.0

10.0

12.0

14.0

16.0

Re

turn

(%)





Median 12.04 11.38¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.4 99.5

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

102.6 100.9



208


-10.0

-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

Re

turn


Vanguard Target Rtmt 2040 0.13 (38) 2.52 (51) 3.28 (26) 13.82 (15) 13.50 (13) 7.39 (10) N/A¢£

Vanguard Target 2040 Composite Index 0.19 (33) 2.54 (48) 3.59 (21) 14.14 (9) 13.76 (6) 7.51 (8) N/AÅ�

5th Percentile 0.82 4.06 4.72 14.40 13.84 7.82 7.16

1st Quartile 0.35 2.95 3.29 13.38 12.88 6.67 6.15

Median -0.13 2.52 2.38 12.33 12.07 5.87 5.66

3rd Quartile -0.55 1.84 1.06 10.84 11.06 5.12 5.32

95th Percentile -1.48 0.52 -1.57 5.41 7.53 4.32 4.85



209


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2014 2013 2012 2011 2010 2009 2008



5th Percentile 7.76 25.85 17.25 1.34 16.92 36.67 -34.77

1st Quartile 6.39 23.73 15.79 -2.82 15.46 33.82 -35.98

Median 5.38 21.68 14.92 -3.93 14.63 30.70 -38.09

3rd Quartile 4.25 18.66 13.80 -4.96 13.04 28.33 -40.16

95th Percentile 2.63 3.56 10.45 -7.49 11.89 23.84 -41.24



210


Fund Information







Ticker : VFORX PM Tenure : 2013--2013--2013







TrackingError

InformationRatio

ExcessRisk

InceptionDate




6.0

9.0

12.0

15.0

18.0

Re

turn

(%)





Median 12.07 11.63¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.4 99.4

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

102.8 100.9



211


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

Re

turn


Vanguard Target Rtmt 2045 0.10 (42) 2.52 (60) 3.29 (28) 13.80 (23) 13.51 (17) 7.37 (15) 7.10 (28)¢£

Vanguard Target 2045 Composite Index 0.19 (36) 2.54 (58) 3.59 (22) 14.14 (14) 13.76 (8) 7.51 (12) 7.22 (22)Å�

5th Percentile 0.89 4.19 4.60 14.51 13.88 8.00 7.60

1st Quartile 0.42 3.09 3.44 13.68 13.22 7.02 7.15

Median 0.00 2.66 2.49 13.00 12.61 6.33 6.63

3rd Quartile -0.47 2.16 1.72 12.00 12.22 5.70 5.87

95th Percentile -0.87 1.50 -1.01 7.65 11.26 4.76 5.45



212


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2014 2013 2012 2011 2010 2009 2008



5th Percentile 8.09 25.95 17.32 -1.48 16.44 36.60 -33.77

1st Quartile 6.53 24.49 16.22 -2.97 15.65 33.57 -35.64

Median 5.55 23.07 15.47 -4.03 15.03 31.12 -38.51

3rd Quartile 4.25 20.66 14.70 -4.91 13.41 28.74 -40.43

95th Percentile 2.64 13.38 12.99 -7.78 11.96 20.64 -41.71



213


Fund Information







Ticker : VTIVX PM Tenure : 2013--2013--2013







TrackingError

InformationRatio

ExcessRisk

InceptionDate




10.0

12.0

14.0

16.0

Re

turn

(%)





Median 12.61 12.10¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.3 99.5

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

102.7 101.0



214


-10.0

-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

23.0

Re

turn


Vanguard Target Rtmt 2050 0.13 (40) 2.50 (60) 3.29 (29) 13.81 (24) 13.51 (18) 7.38 (18) N/A¢£

Vanguard Target 2050 Composite Index 0.19 (38) 2.54 (59) 3.59 (24) 14.14 (16) 13.76 (8) 7.51 (13) N/AÅ�

5th Percentile 0.92 4.16 4.92 14.53 13.92 8.07 6.51

1st Quartile 0.42 3.07 3.53 13.77 13.30 6.95 6.21

Median 0.00 2.69 2.49 13.07 12.58 6.27 5.95

3rd Quartile -0.50 2.12 1.38 11.55 11.53 5.42 5.71

95th Percentile -1.27 0.55 -1.81 5.77 7.46 4.56 5.43



215


-85.0

-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Re

turn

2014 2013 2012 2011 2010 2009 2008



5th Percentile 8.50 26.14 17.55 9.37 16.86 38.81 -34.46

1st Quartile 6.61 24.87 16.27 -3.54 15.66 34.26 -37.52

Median 5.61 23.08 15.47 -4.38 14.80 31.42 -39.08

3rd Quartile 4.31 20.12 14.52 -5.36 13.38 29.35 -39.77

95th Percentile 1.69 2.68 10.37 -8.12 12.11 27.70 -42.32



216


Fund Information







Ticker : VFIFX PM Tenure : 2013--2013--2013







TrackingError

InformationRatio

ExcessRisk

InceptionDate




6.0

9.0

12.0

15.0

18.0

Re

turn

(%)





Median 12.58 12.24¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.4 99.5

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

102.8 101.0



217

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