City of Pasadena 457 Deferred Compensationww2.cityofpasadena.net/councilagendas/2013 agendas... ·...

City of PasadenaCity of Pasadena457 Deferred Compensation

Second Quarter 2013 Performance Report

Jayson Davidson, CFASenior Consultant

jd id @h g

~For Institutional Use Only – Not for Public Distribution~

[email protected]

Hyas Group 108 NW 9th Avenue Suite 203 Portland, Oregon 97209 p: 971-634-1500 f: 971-275-1856 www.hyasgroup.com

For Institutional Use Only – Not for Public Distribution

TABLE OF CONTENTS

Section 1 Market Summary

Section 2 Account Review

Section 3 Investment Performance Review

Section 4 Plan Fee and Revenue ReviewSection 4 Plan Fee and Revenue Review

Section 5 Fund Attributions

8%$14,000YoY % Change$ Billion Gross Domestic Product

512+/- YoY% Unemployment Rate

2Q2013 Economic Data

0%

2%

4%

6%

8%

$13,000

$13,500

$14,000

-1

0

1

2

3

4

5

6

8

10

12

-8%

-6%

-4%

-2%

$12,000

$12,500

3Q2008 2Q2009 1Q2010 4Q2010 3Q2011 2Q2012 1Q2013

-5

-4

-3

-2

-1

0

2

4

Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13

100%$2,000

YoY % Change$ BillionCorporate Profits

6%

8%250

YoY % ChangeIndex Consumer Price Index

-20%

20%

60%

$500

$1,000

$1,500

0%

2%

4%

6%

210

230

-100%

-60%

$0

$500

3Q2008 2Q2009 1Q2010 4Q2010 3Q2011 2Q2012 1Q2013

-4%

-2%

190

Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13

Recent 5-Yr High 5-Yr Low 5-Yr Avg. Date Recent 5-Yr High 5-Yr Low % Off Peak Date3.5% 5.7% 2.0% 4.2% 1Q13 $3.63 $4.05 $1.72 -10.3% Jun-13

2.1% 3.7% 1.8% 2.8% 1Q13 $93.80 $133.44 $39.16 -29.7% Jun-13

5,953 7,098 5,953 6,515 1Q13 155.4 169.6 136.8 -8.4% Apr-13

% Loans Non-Performing

Loss Reserves/Loans

Total Commercial Banks

Other Prices and Indexes (Monthly)CategoryGas: Price per Gallon

Spot Oil

Case-Shiller Home Price Index

Banking and Lending (Quarterly)Category

-7.4% 83.6% -21.8% 11.7% 1Q13 422.2 422.8 363.7 16.1%* May-13

Source: Federal Reserve Bank of St. Louis *% Off Low

% Tightening Lending Medical Care CPI

1

Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs.90-Day T-Bill 0.01% 0.03% 0.08% 0.08% 0.19% 1.62%

Barclays US Aggregate -2.32% -2.44% -0.69% 3.51% 5.19% 4.52%

Barclays Short US Treasury 0.03% 0.07% 0.18% 0.20% 0.50% 1.84%

Barclays Int. US Treasury -1.42% -1.28% -0.66% 2.46% 3.85% 3.71%

Barclays Long US Treasury -5.58% -7.83% -8.36% 6.21% 7.58% 6.10%

Barclays US TIPS -7.05% -7.39% -4.78% 4.63% 4.41% 5.19%

Barclays US Credit -3.44% -3.60% 0.84% 5.47% 6.97% 5.10%

Barclays US Mortgage-Backed -1.96% -2.01% -1.10% 2.51% 4.84% 4.70%

Barclays US Asset-Backed -0.80% -0.76% 0.69% 2.99% 5.08% 3.50%

Barclays US High Yield -1.44% 1.42% 9.49% 10.74% 10.94% 8.91%

Barclays Global -2.79% -4.83% -2.18% 3.55% 3.68% 4.79%

Barclays International -3.08% -6.48% -3.40% 3.57% 2.65% 4.95%

Barclays Emerging Market -5.14% -6.52% 3.09% 8.00% 8.82% 9.03%0.02% 0.04% 0.10% 0.15%

0.36%0.66%

1.41%

1.96%

2.52%

3.22%3.52%

0.04% 0.09% 0.16%0.21%

0.33% 0.41%

0.72%

1.11%

1.67%

2.38%

2.76%

0.00%

1.00%

2.00%

3.00%

4.00%

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

US Treasury Yield Curve

6/30/2013 6/30/2012

Source: Department of US Treasury

2Q2013 Bond Market Data

0%

0%

0%

11%

12%

5%

72%

0% 30% 60% 90%

NR

B>

BB

BBB

A

AA

AAA

Barclays US Aggregate IndexCredit Quality

22%

16%

10%

9%

4%

6%

28%

5%

0% 10% 20% 30%

1-3 yrs.

3-5 yrs.

5-7 yrs.

7-10 yrs.

10-15 yrs.

15-20 yrs.

20-30 yrs.

30+ yrs

Barclays US Aggregate IndexMaturity Breakdown

Duration 5.31 yrs.Average Credit Quality AA

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

8.82

2.21

0.73

11.28

2.75

0.78

0.00 5.00 10.00 15.00

CCC

BBB

AAA

US Corporate Credit Spreads1 Yr. Ago Qtr End

7%

1%

1%

23%

22%

1%

45%

0% 50%

Other

CMBS

Non-Agency MBS

Agency MBS

Corporate

Municipal

US Government

Barclays US Aggregate IndexSector Breakdown

2

Wgt. Sector QTR 1 Yr.17% Financials 7.25% 35.37% Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs.12% Consumer Discretionary 6.81% 31.42% S&P 500 2.91% 13.82% 20.60% 18.45% 7.01% 7.30%

13% Health Care 3.83% 27.75% Russell 1000 Value 3.20% 15.90% 25.32% 18.51% 6.67% 7.79%

10% Industrials 2.81% 22.26% Russell 1000 Growth 2.06% 11.80% 17.07% 18.68% 7.47% 7.40%

18% Information Technology 1.68% 7.74% Russell Mid Cap 2.21% 15.45% 25.41% 19.53% 8.28% 10.65%

3% Telecom Services 1.00% 12.26% Russell Mid Cap Value 1.65% 16.10% 27.65% 19.53% 8.87% 10.92%

10% Consumer Staples 0.50% 17.48% Russell Mid Cap Growth 2.87% 14.70% 22.88% 19.53% 7.61% 9.94%

11% Energy -0.37% 17.58% Russell 2000 3.08% 15.86% 24.21% 18.67% 8.77% 9.53%

3% Materials -1.81% 11.05% Russell 2000 Value 2.47% 14.39% 24.76% 17.33% 8.59% 9.30%

3% Utilities -2.73% 6.23% Russell 2000 Growth 3.74% 17.44% 23.67% 19.97% 8.89% 9.62%

Wgt. Sector QTR 1 Yr. Russell 3000 2.69% 14.06% 21.46% 18.63% 7.25% 7.81%

1% Telecom Services 13.83% 12.56% DJ US Select REIT -1.29% 5.65% 7.69% 18.08% 6.97% 10.68%

9% Health Care 7.68% 35.94%

4% Consumer Staples 5.40% 43.90%

13% Consumer Discretionary 4.45% 29.96%

23% Financials 0.91% 20.13%ap 4

00 In

dex

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

P 5

00 In

dex

Annualized

2Q2013 US Equity Market Data

% % % 1.79

%

%

30%

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

Small Beating

Large

23% Financials 0.91% 20.13%

5% Utilities 0.46% 22.21%

15% Information Technology -1.02% 13.65%

16% Industrials -1.40% 34.27%

7% Materials -1.97% 19.41%

5% Energy -4.88% 22.56%

Wgt. Sector QTR 1 Yr.16% Consumer Discretionary 10.08% 35.37%

11% Health Care 7.16% 20.32%

4% Consumer Staples 6.41% 20.30%

17% Information Technology 4.97% 23.67%

0% Telecom Services 3.02% -2.51%

21% Financials 2.09% 22.19%

5% Energy 1.39% 26.09%

15% Industrials 0.33% 29.39%

4% Utilities -0.15% 11.50%

6% Materials -1.39% 27.96%

S&P

Mid

caS&

P S

mal

lcap

600

Inde

x

0.17

%

3.61

%

0.22

%

1.76

%

2.23

%

0.35

%

-6.2

9%

1 1

0.71

%

3.21

%

-30%

-15%

0%

15%

QTR 1 yr. 3 yrs. 5 yrs. 10 yrs. 2012 2011 2010 2009 2008

-0.9

5%

-7.7

1%

0.36

%

0.76

%

-0.3

3%

-2.3

4%

2.28

%

1.41

%

17.2

5%

-2.1

9%

-30%

-15%

0%

15%

30%

QTR 1 yr. 3 yrs. 5 yrs. 10 yrs. 2012 2011 2010 2009 2008

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

Large Beating

Small

Growth Beating

Value

Value Beating Growth

3

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

Index (US$) QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs. Japan 16%MSCI ACWI ex-US -3.11% -0.04% 13.63% 7.99% -0.80% 8.62% UK 15%MSCI EAFE -0.98% 4.10% 18.62% 10.04% -0.63% 7.67% Canada 7%Europe -0.51% 2.18% 18.86% 10.53% -1.35% 7.50% France 7%

United Kingdom -2.16% 0.27% 11.82% 12.67% 0.42% 7.25% Switzerland 7%Germany 2.71% 2.89% 27.20% 12.11% -1.21% 9.95% Germany 6%France 2.66% 3.23% 22.64% 8.57% -3.25% 6.44% Australia 6%

Pacific -1.74% 7.83% 18.45% 9.50% 1.07% 8.16% China 4%Japan 4.40% 16.55% 22.24% 8.62% -0.14% 6.24% South Korea 3%Hong Kong -4.61% -1.28% 17.38% 10.75% 5.61% 13.04% Taiwan 3%Australia -13.93% -6.13% 10.79% 11.47% 2.07% 12.36%

Canada -7.48% -6.66% 3.75% 4.10% -2.65% 10.49%

MSCI EM -8.08% -9.57% 2.87% 3.38% -0.43% 13.66%

MSCI EM Latin America -15.55% -14.80% -6.97% -1.45% -4.96% 18.22%

MSCI EM Asia -5.30% -6.58% 7.53% 4.89% 3.04% 12.77%

MSCI EM Eur/Mid East -9.08% -11.49% 3.19% 3.04% -7.32% 9.58%

MSCI ACWI Value ex-US -3.24% -1.49% 12.87% 7.22% -0.62% 8.91%

MSCI ACWI Growth ex-US -2.98% 1.39% 14.38% 8.72% -1.00% 8.28% 10.04%

-0.63%

8.97%

1.16%

3 yrs

5 yrs

MSCI EAFE Index Return

Local US$

3 38%

-0.43%

5.00%

2.11%

3 yrs

5 yrs

MSCI Emerging Index Return

Local US$

2Q2013 International Market Data

Europe 46%

Asia 32%

Canada 7%

Emerging 15%

Regional ExposureMSCI ACWI ex-USA

MSCI AC World Sm Cap ex-US -4.42% 1.83% 15.94% 9.16% 2.65% 11.30%

Exchange Rates 2Q13 1Q13 4Q12 3Q12 2Q12 1Q12

Japanese yen 99.34 94.02 86.47 77.80 79.79 82.30

Euro 0.77 0.78 0.76 0.78 0.79 0.75

British pound 0.66 0.66 0.62 0.62 0.64 0.63

Swiss franc 0.95 0.95 0.92 0.94 0.95 0.90

Chinese Yuan 6.14 6.21 6.23 6.28 6.35 6.30

-0.98%

18.62%

1.21%

24.93%

-40% 0% 40%

QTR

1 yr

-8.08%

2.87%

3.38%

-4.42%

6.09%

-40% 0% 40%

QTR

1 yr

-1.3%

2.3% 1.2% 3.4% 2.7%

-10%

0%

10%

20%

QTR 1 yr 3 yrs 5 yrs 10 yrs

MSCI ACWI Ex US Large v. Small CapPerformance Spread

0.3% 1.5% 1.5%

-0.4% -0.6%-10%

0%

10%

20%

QTR 1 yr 3 yrs 5 yrs 10 yrs

MSCI ACWI Ex US Value v. Growth Performance Spread

1% 2% 2%

-4%

1%

-5%

-20%

-4%

1% 2%

0%

-3%

0%

-5% -1%

0% 0% 4% 1% 4%1% 4% 3% 2% 3%

-35%

0%

35%

QTR 1 Yr 3 Yr 5 Yr 10 Yr

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

Growth Beating

Value

Value Beating Growth

Small Beating

Large

Large Beating

Small

4

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2Q13 YTDEmerging Markets 66.49%

Commod. 31.84%

US Bonds 8.44%

Commod. 25.91%

Emerging Markets 55.82%





US Bonds 5.24%


Small Cap 26.85%

Core Real Estate

14.96%


Core Real Estate 3.65%

Small Cap 15.86%

Intl 30.63%

TIPS 13.18%

TIPS 7.90%

TIPS 16.57%

Small Cap 47.25%

Intl 20.91%

Commod. 21.36%

Intl 26.65%

Intl 16.65%

Global Bonds 4.79%

High Yield 58.21%

Mid Cap 25.48%

TIPS 13.56%

Mid Cap 17.28%

Small Cap 3.08%

Mid Cap 15.45%

Commod. 24.35%

Core Real Estate

13.17%

High Yield 5.28%

Global Bonds

16.52%

Intl 40.83%

Mid Cap 20.22%

Core Real Estate

20.15%

Small Cap 18.37%

Commod. 16.23%

Cash 1.39%

Intl 41.45%


US Bonds 7.84%

Intl 16.83%

Large Cap 2.91%

Large Cap 13.82%

Small Cap 21.26%

US Bonds 11.63%


US Bonds 10.26%

Mid Cap 40.06%

Small Cap 18.33%

Intl 16.62%

Large Cap 15.79%

Core Real Estate

14.84%

TIPS -2.35%

Mid Cap 40.48%

Commod. 16.83%

Global Bonds 5.64%

Small Cap 16.35%

Mid Cap 2.21%


Large Cap 21.04%

Mid Cap 8.25%

Cash 3.34%


High Yield 28.97%

Global Balanced 12.18%

Mid Cap 12.65%

Core Real Estate

15.27%

TIPS 11.64%

Core Real Estate

-10.70%

Small Cap 27.17%

Core Real Estate

15.26%

High Yield 4.98%

Large Cap 16.00%

Cash 0.01%

Global Balanced

3.30%

Mid Cap 18.23%

Cash 5.98%

Small Cap 2.49%

Cash 1.63%

Large Cap 28.68%

Core Real Estate

12.00%

Large Cap 4.91%

Mid Cap 15.26%

Global Bonds 9.48%

Global Balanced -24.51%

Large Cap 26.46%

High Yield 15.12%

Large Cap 2.11%

High Yield 15.81%


High Yield 1.42%


Global Bonds 3.17%

Global Bonds 1.57%

High Yield -1.41%


High Yield 11.13%

Small Cap 4.55%


Global Balanced

9.07%

High Yield -26.16%


Large Cap 15.06%

Cash 0.06%


High Yield -1.44%

Cash 0.03%

Core Real Estate

12.05%

Small Cap -3.02%

Emerging Markets -2.62%


Commod. 23.93%

Large Cap 10.88%

Global Balanced

4.16%

High Yield 11.85%

US Bonds 6.97%

Small Cap -33.79%

Commod. 18.91%

Intl 11.15%



US Bonds -2.32%

Intl -0.04%

Cash 4.78%

High Yield -5.86%

Mid Cap -5.62%


Global Bonds

12.51%

Global Bonds 9.27%

Cash 3.25%

Global Bonds 6.64%

Mid Cap 5.60%

Commod.-35.65%

TIPS 11.41%

Global Balanced

9.40%

Mid Cap -1.55%

TIPS 6.98%

Global Bonds -2.79%

US Bonds -2.44%

High Yield 2.39%



Intl -14.95%

TIPS 8.40%

Commod. 9.15%

TIPS 2.84%

Cash 4.85%

Large Cap 5.49%

Large Cap -37.00%

Global Bonds 6.93%

US Bonds 6.54%

Small Cap -4.18%

Global Bonds 4.32%

Intl -3.11%

Global Bonds -4.83%

TIPS 2.39%

Large Cap -9.10%

Large Cap -11.89%

Mid Cap -16.19%


TIPS 8.46%

High Yield 2.74%

US Bonds 4.33%

Cash 4.44%

Mid Cap -41.46%

US Bonds 5.93%

TIPS 6.31%

Commod. -13.32%

US Bonds 4.21%

TIPS -7.05%

TIPS -7.39%

US Bonds -0.82%

Intl -15.31%

Commod. -19.51%

Small Cap -20.48%

US Bonds 4.10%

US Bonds 4.34%

US Bonds 2.43%

Commod. 2.07%

High Yield 1.87%

Intl -45.53%

Cash 0.16%

Global Bonds 5.54%

Intl -13.71%

Cash 0.08%



Global Bonds -5.17%


Intl -19.73%

Large Cap -22.10%

Cash 1.03%

Cash 1.44%

Global Bonds -4.49%

TIPS 0.41%

Small Cap -1.57%


Core Real Estate

-30.40%

Cash 0.15%


Commod. -1.06%

Commod. -9.45%

Commod. -10.47%

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

Historical Market ReturnsRanked by Performance

5

Fixed Income Ticker Assets % International/Global Ticker Assets %Pasadena Custom Stable Value - $97,399,494 47.7% Oppenheimer Global I OGLIX $2,412,856 1.2%

DFA Inflation-Protected Securities I DIPSX $399,343 0.2% DFA International Value I DFIVX $2,583,550 1.3%

BlackRock US Debt Index F - $222,675 0.1% Vanguard Total Intl Stock Index Signal VTSGX $180,768 0.1%

Metropolitan West Total Return Bond Plan MWTSX $5,327,692 2.6% EuroPacific Growth R6 RERGX $3,521,642 1.7%

Total $103,349,204 50.6% MFS International New Discovery R5 MIDLX $3,094,792 1.5%

Total $11,793,607 5.8%Large Cap Ticker Assets %

Becker Value Equity Instl BVEIX $12,343,499 6.0% Asset Allocation Ticker Assets %BlackRock Equity Index F - $17,584,989 8.6% Vanguard Target Retirement Income VTINX $1,769,059 0.9%

MFS Growth R5 MFEKX $17,042,555 8.3% Vanguard Target Retirement 2015 VTXVX $2,586,352 1.3%

Total $46,971,042 23.0% Vanguard Target Retirement 2020 VTWNX $3,088,080 1.5%

Plan Allocation

City of Pasadena Deferred Compensation Plan

Vanguard Target Retirement 2025 VTTVX $3,148,826 1.5%

Mid Cap Ticker Assets % Vanguard Target Retirement 2030 VTHRX $1,451,688 0.7%

Artisan Mid Cap Value Instl APHQX $2,613,909 1.3% Vanguard Target Retirement 2035 VTTHX $2,258,434 1.1%

BlackRock Mid Cap Index F - $1,518,528 0.7% Vanguard Target Retirement 2040 VFORX $1,160,279 0.6%

Munder Mid Cap Core Growth R6 MGOSX $4,956,725 2.4% Vanguard Target Retirement 2045 VTIVX $2,743,206 1.3%

Total $9,089,162 4.5% Vanguard Target Retirement 2050 VFIFX $179,456 0.1%

Vanguard Target Retirement 2055 VFFVX $69,709 0.0%

Small Cap Ticker Assets % Total $18,455,089 9.0%Munder Veracity Small Cap Value R6 MVSSX $3,578,388 1.8%

BlackRock Russell 2000 Index F - $1,109,124 0.5% Loan Balance $1,259,667 0.6%Vanguard Small Cap Growth Index Instl VSGIX $6,998,628 3.4% Self-Directed Brokerage Assets $1,540,235 0.8%

Total $11,686,139 5.7%Total Assets $204,144,145

6

Plan data as of June 30, 2013

Asset Class 2Q13 1Q13 4Q12 3Q12 2Q12 1Q12 4Q11 3Q11

Fixed Income 50.6% 51.5% 52.5% 54.9% 56.0% 54.4% 57.3% 58.9%

Large Cap 23.0% 22.9% 21.3% 22.0% 21.5% 22.3% 21.0% 20.2%

Mid Cap 4.5% 4.2% 3.7% 3.7% 3.8% 4.0% 3.7% 3.5%

Small Cap 5.7% 5.5% 4.7% 4.8% 4.9% 5.2% 4.9% 4.6%

International 5.8% 5.7% 5.5% 5.4% 5.1% 5.5% 5.1% 5.1%

Asset Allocation 9.0% 9.0% 8.3% 8.4% 8.1% 8.1% 7.6% 7.3%

SDBA 0.8% 0.7% 0.7% 0.7% 0.6% 0.5% 0.4% 0.4%

Loans 0.6% 0.4% 3.3% ‐ ‐ ‐ ‐ ‐

Total 100% 100% 100% 100% 100% 100% 100% 100%

HISTORICAL PLAN COMPOSITION PLAN COMPOSITION

The loans category was added to this chart in 4Q2012.

Fixed Income50.6%

Large Cap23.0%

Mid Cap4.5%

Small Cap5.7%

International5.8%

Asset Allocation

9.0%SDBA0.8%

Loans0.6%


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

**Excludes Asset Allocation, Loan and SDBA assets

Growth 46%

Value 27%

Core 27%

By Equity Style*

US 85%

Non-US 15%

By Equity Region*

Active 74%

Passive 26%

By Equity Investment Type**

7

Plan data as of June 30, 2013

Asset ClassBeginning

Market Value Net Cash

FlowMarket

Gain/(Loss) Ending

Market Value EstimatedQtr Return

Fixed Income $106,163,882 ($2,969,396) $319,267 $103,349,204 0.31%

Large Cap $47,199,560 ($931,035) $1,223,332 $46,971,042 2.63%

Mid Cap $8,707,945 ($18,703) $129,755 $9,089,162 1.47%

Small Cap $11,298,478 ($120,314) $368,894 $11,686,139 3.26%

International $11,824,294 $13,377 ($44,064) $11,793,607 0.34%

Asset Allocation $18,496,775 ($31,502) ($10,184) $18,455,089 -0.06%

SDBA $1,480,912 ($3,180) $62,503 $1,540,235 4.01%

Total $205,171,846 ($4,060,753) $2,049,503 $202,884,478 1.01%

BROAD PLAN ALLOCATION PLAN LEVEL CASH-FLOW

PLAN LEVEL RETURN AVERAGE PARTICIPANT BALANCE

Fixed Income51%US Equity

33%

International6%

Asset Allocation

9%SDBA

1%


Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 90 Day T-Bill, Barclays Global Aggregate Bond (rebalanced quarterly)

PLAN LEVEL RETURN AVERAGE PARTICIPANT BALANCE

1.01

% 7.94

%

7.53

%

-0.7

5%

6.45

%

8.06

%

-0.0

9%

10.6

8%

10.7

1%

0.58

%

15.0

4%

13.3

5%

Qtr 1 Year 3 Years

Return

457 Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed

$86,680

($1,716)

$866

$85,714

($50,000) $30,000

Beginning Avg. Balance

Avg. Net Cash Flow

Avg. Mkt. Gain/Loss

Ending Avg. Balance

Balance

8

Investment Policy Statement Compliance ReportKey: ℗ Pass / ● Fail

PerformanceFactors

QualitativeFactors

On-WatchDate Initiated Notes

Pasadena Custom Stable Value ℗ ℗ -

DFA Inflation-Protected Securities I ℗ ℗ -

BlackRock US Debt Index F ℗ ℗ -

Metropolitan West Total Return Bond Plan ℗ ℗ -

Becker Value Equity Instl ℗ ℗ -

BlackRock Equity Index F ℗ ℗ -

MFS Growth R5 ℗ ℗ -

Investment Policy Status


Artisan Mid Cap Value Instl ℗ ℗ -

BlackRock Mid Cap Index F ℗ ℗ -

Munder Mid Cap Core Growth R6 ℗ ℗ 2Q2011 Underperformance vs. index and peers

Munder Veracity Small Cap Value R6 ℗ ℗ -

BlackRock Russell 2000 Index F ℗ ℗ -

Vanguard Small Cap Growth Index Instl ℗ ℗ - Vanguard changed their benchmark for this fund as of April 17, 2013

Oppenheimer Global I ℗ ℗ -

DFA International Value I ℗ ℗ 1Q2013 Underperformance vs. index and peers

Vanguard Total Intl Stock Index Signal ℗ ℗ -

EuroPacific Growth R6 ℗ ℗ -

MFS International New Discovery R5 ℗ ℗ -

9

Investment Policy Statement Compliance ReportKey: ℗ Pass / ● Fail

PerformanceFactors

QualitativeFactors

On-WatchDate Initiated Notes

Vanguard Target Retirement Income ℗ ℗ -

Vanguard Target Retirement 2015 ℗ ℗ -








Investment Policy Status



10

Qtr YTD 1 yr 3 yrs 5 yrs 10 yrs 2012 2011 2010 2009 2008 2007

Pasadena Custom Stable Value 0.51 1.02 2.01 - - - - - - - - -

3 year CM US Treasury 0.11 0.21 0.38 0.58 0.98 2.29 0.38 0.75 1.10 1.43 2.23 4.34

90 day US Treasury 0.01 0.03 0.08 0.08 0.19 1.62 0.08 0.06 0.15 0.16 1.39 4.44

+/- Index 0.40 0.81 1.63 - - - - - - - - -


DFA Inflation-Protected Securities I -7.95 -8.16 -5.32 4.84 4.56 - 7.45 14.54 6.81 11.01 -1.42 11.84

Barclays US Treasury US TIPS Index -7.05 -7.39 -4.78 4.63 4.41 5.19 6.98 13.56 6.31 11.41 -2.35 11.64

+/- Index (0.89) (0.77) (0.55) 0.21 0.15 - 0.47 0.98 0.50 (0.39) 0.93 0.21

US OE Inflation-Protected Bond 85 84 70 2 9 - 19 3 19 30 26 2


BlackRock US Debt Index F -2.30 -2.30 -0.51 3.60 5.28 - 4.27 7.87 6.68 - - -

2Q2013 Investment Performance


Barclays Capital US Aggregate Bond Index -2.32 -2.44 -0.69 3.51 5.19 4.52 4.21 7.84 6.54 5.93 5.24 6.97

+/- Index 0.02 0.14 0.18 0.09 0.09 - 0.06 0.03 0.14 - - -

US OE Intermediate-Term Bond 24 40 75 68 61 - 82 12 74 - - -


Metropolitan West Total Return Bond Plan -2.28 -1.25 4.71 6.23 8.45 6.78 11.54 4.92 11.53 17.08 -1.47 6.25

Barclays Capital US Aggregate Bond Index -2.32 -2.44 -0.69 3.51 5.19 4.52 4.21 7.84 6.54 5.93 5.24 6.97

+/- Index 0.04 1.20 5.40 2.72 3.26 2.26 7.33 (2.92) 4.99 11.15 (6.71) (0.71)

US OE Intermediate-Term Bond 23 9 5 11 3 2 6 79 4 29 44 27


Becker Value Equity Instl 3.67 15.15 25.12 17.08 6.73 - 15.95 -0.65 12.17 26.92 -30.53 2.65

Russell 1000 Value Index 3.20 15.90 25.32 18.51 6.67 7.79 17.51 0.39 15.51 19.69 -36.85 -0.17

S&P 500 Index 2.91 13.82 20.60 18.45 7.01 7.30 16.00 2.11 15.06 26.46 -37.00 5.49

+/- Style Index 0.47 (0.76) (0.20) (1.43) 0.05 - (1.55) (1.04) (3.33) 7.23 6.32 2.82

US OE Large Value 42 46 32 48 38 - 35 48 69 28 10 44

11


BlackRock Equity Index F 2.91 13.85 20.63 18.52 7.17 7.39 15.87 2.02 15.01 - - -

S&P 500 Index 2.91 13.82 20.60 18.45 7.01 7.30 16.00 2.11 15.06 26.46 -37.00 5.49

+/- Index (0.00) 0.03 0.03 0.07 0.16 0.09 (0.13) (0.09) (0.05) - - -

US OE Large Blend 35 40 48 16 20 28 38 17 31 - - -


MFS Growth R5 1.56 11.35 19.79 17.68 5.84 8.07 17.39 -1.04 14.82 37.09 -38.07 19.94

Russell 1000 Growth Index 2.06 11.80 17.07 18.68 7.47 7.40 15.26 2.64 16.71 37.21 -38.44 11.81

S&P 500 Index 2.91 13.82 20.60 18.45 7.01 7.30 16.00 2.11 15.06 26.46 -37.00 5.49

+/- Style Index (0.50) (0.46) 2.73 (1.00) (1.63) 0.67 2.13 (3.68) (1.89) (0.12) 0.37 8.13

US OE Large Growth 63 43 27 29 46 23 26 40 54 37 30 18




Artisan Mid Cap Value Instl 0.95 17.46 27.03 19.10 9.93 12.55 11.66 6.42 14.37 39.25 -27.56 1.65

Russell Mid Value Index 1.65 16.10 27.65 19.53 8.87 10.92 18.51 -1.38 24.75 34.21 -38.44 -1.42

Russell Mid Cap Index 2.21 15.45 25.41 19.53 8.28 10.65 17.28 -1.55 25.48 40.48 -41.46 5.60

+/- Style Index (0.70) 1.36 (0.63) (0.43) 1.06 1.63 (6.85) 7.80 (10.38) 5.04 10.88 3.07

US OE Mid-Cap Value 91 24 47 25 27 1 93 2 95 27 6 46


BlackRock Mid Cap Index F 1.05 14.65 25.30 19.51 - - 17.86 -1.67 26.70 - - -

S&P 400 Midcap Index 1.00 14.59 25.18 19.45 8.91 10.74 17.88 -1.73 26.64 37.38 -36.23 7.98

+/- Index 0.05 0.06 0.12 0.06 - - (0.02) 0.06 0.06 - - -

US OE Mid-Cap Blend 70 49 45 21 - - 32 32 17 - - -

12


Munder Mid Cap Core Growth R6 1.78 14.85 22.63 18.85 6.71 10.70 16.15 -0.77 25.48 32.80 -43.45 20.97

Russell Mid Cap Growth Index 2.87 14.70 22.88 19.53 7.61 9.94 15.81 -1.65 26.38 46.29 -44.32 11.43

Russell Mid Cap Index 2.21 15.45 25.41 19.53 8.28 10.65 17.28 -1.55 25.48 40.48 -41.46 5.60

+/- Style Index (1.08) 0.15 (0.25) (0.68) (0.90) 0.76 0.35 0.88 (0.91) (13.49) 0.87 9.55

US OE Mid Cap Growth 52 25 23 23 43 16 28 27 47 71 44 23


Munder Veracity Small Cap Value R6 4.14 18.22 29.11 19.00 12.80 - 13.96 -2.91 29.45 33.58 -31.26 -7.11

Russell 2000 Value Index 2.47 14.39 24.76 17.33 8.59 9.30 18.05 -5.50 24.50 20.58 -28.92 -9.78

Russell 2000 Index 3.08 15.86 24.21 18.67 8.77 9.53 16.35 -4.18 26.85 27.17 -33.79 -1.57

+/- Style Index 1.67 3.83 4.34 1.67 4.21 - (4.09) 2.59 4.94 13.00 (2.33) 2.67



US OE Small Cap Value 16 11 18 20 8 - 65 35 21 30 48 57


BlackRock Russell 2000 Index F 3.11 15.96 24.41 18.80 - - 16.57 -4.14 26.90 27.13 - -

Russell 2000 Index 3.08 15.86 24.21 18.67 8.77 9.53 16.35 -4.18 26.85 27.17 -33.79 -1.57

+/- Index 0.03 0.10 0.20 0.13 - - 0.22 0.04 0.05 (0.04) - -

US OE Small Blend 35 35 48 38 - - 32 60 40 60 - -


Vanguard Small Cap Growth Index Instl 2.98 15.73 24.39 21.36 9.91 11.31 17.68 -1.40 30.96 42.13 -39.91 9.78

Vanguard US Small Cap Growth Index 2.80 15.52 24.08 21.16 9.71 11.15 17.57 -1.53 30.71 41.97 -40.11 9.71

Russell 2000 Index 3.08 15.86 24.21 18.67 8.77 9.53 16.35 -4.18 26.85 27.17 -33.79 -1.57

+/- Style Index 0.18 0.21 0.31 0.20 0.20 0.16 0.11 0.13 0.25 0.16 0.20 0.07

US OE Small Cap Growth 57 54 31 20 31 7 11 32 28 25 38 39

13


Oppenheimer Global I 0.75 8.03 25.10 14.54 5.68 9.37 21.29 -8.69 15.68 39.20 -41.03 5.97

MSCI World Index (net) 0.65 8.43 18.58 13.72 2.70 7.25 15.83 -5.54 11.76 29.99 -40.71 9.04

+/- Index 0.11 (0.40) 6.52 0.82 2.98 2.12 5.46 (3.15) 3.91 9.22 (0.31) (3.07)

US OE World 44 45 10 24 16 30 13 55 30 28 43 77


DFA International Value I -0.04 1.77 17.85 7.87 -1.12 8.97 16.61 -16.85 10.57 39.45 -46.33 10.24

MSCI AC World Ex USA Value (net) -3.24 -1.49 12.87 7.22 -0.62 8.91 16.97 -13.20 7.84 44.29 -45.47 12.31

MSCI AC World Ex USA (net) -3.11 -0.04 13.63 7.99 -0.80 8.62 16.83 -13.71 11.15 41.45 -45.53 16.65

+/- Style Index 3.20 3.25 4.97 0.65 (0.50) 0.07 (0.36) (3.65) 2.73 (4.83) (0.86) (2.06)

US OE Foreign Large Value 53 70 38 72 47 14 51 87 17 15 79 37




Vanguard Total Intl Stock Index Signal -3.24 -0.44 13.58 8.29 -0.84 8.32 18.21 -14.52 11.06 36.73 -44.10 15.52


+/- Index (0.13) (0.40) (0.05) 0.29 (0.05) (0.30) 1.38 (0.82) (0.09) (4.72) 1.42 (1.13)

US OE Foreign Blend 89 88 80 77 49 27 49 60 40 21 52 24


EuroPacific Growth R6 -0.73 2.19 15.89 9.44 1.41 9.71 19.64 -13.31 9.76 39.35 -40.53 18.96

MSCI AC World Ex USA Growth (net) -2.98 1.39 14.38 8.72 -1.00 8.28 16.67 -14.21 14.45 38.67 -45.61 21.03


+/- Style Index 2.25 0.79 1.51 0.71 2.41 1.43 2.97 0.90 (4.69) 0.68 5.09 (2.07)

US OE Foreign Large Growth 20 35 33 61 38 20 32 62 96 26 12 35


MFS International New Discovery R5 -1.49 5.00 18.90 14.79 5.27 12.58 24.89 -10.04 21.85 47.42 -43.99 8.87

MSCI ACWI Ex USA Small Growth NR USD -4.77 1.06 13.83 9.16 1.24 10.42 16.87 -17.86 27.30 61.23 -52.61 13.00

+/- Style Index 3.28 3.94 5.06 5.63 4.03 2.16 8.02 7.82 (5.46) (13.81) 8.62 (4.13)

US OE Foreign Small/Mid Growth 74 75 67 45 24 35 18 11 48 38 19 54

14


Vanguard Target Retirement Income -1.80 0.69 4.52 7.43 5.36 - 8.23 5.25 9.39 14.28 -10.93 8.17Vanguard Custom Retirement Index -1.68 0.74 4.72 7.52 5.35 - 8.42 5.30 9.42 14.32 -11.34 8.09

+/- Index (0.12) (0.05) (0.20) (0.10) 0.02 - (0.19) (0.05) (0.03) (0.04) 0.42 0.07

US OE Retirement Income 67 60 65 42 14 - 67 9 42 80 6 1


Vanguard Target Retirement 2015 -0.71 3.89 9.63 10.55 5.45 - 11.37 1.71 12.47 21.30 -24.06 7.55Vanguard Custom 2015 Index -0.60 4.07 9.93 10.63 5.38 - 11.50 1.48 12.60 21.38 -24.45 7.50

+/- Index (0.11) (0.19) (0.30) (0.08) 0.07 - (0.14) 0.23 (0.13) (0.08) 0.39 0.04

US OE Target Date 2011-2015 20 14 28 20 7 - 34 19 34 76 15 23


Vang ard Target Retirement 2020 0 24 5 08 11 52 11 49 5 43 12 35 0 60 13 12 23 10 27 04 7 52



Vanguard Target Retirement 2020 -0.24 5.08 11.52 11.49 5.43 - 12.35 0.60 13.12 23.10 -27.04 7.52Vanguard Custom 2020 Index -0.17 5.30 11.90 11.75 5.52 - 12.51 0.94 13.28 23.41 -27.52 7.54

+/- Index (0.07) (0.22) (0.37) (0.26) (0.08) - (0.16) (0.34) (0.16) (0.32) 0.49 (0.03)

US OE Target Date 2016-2020 9 11 23 16 10 - 36 32 35 66 22 34


Vanguard Target Retirement 2025 -0.07 5.96 12.96 12.34 5.33 - 13.29 -0.37 13.84 24.81 -30.05 7.59Vanguard Custom 2025 Index 0.07 6.22 13.42 12.63 5.44 - 13.44 0.02 13.96 25.26 -30.52 7.61

+/- Index (0.14) (0.26) (0.47) (0.28) (0.11) - (0.14) (0.39) (0.12) (0.45) 0.47 (0.02)

US OE Target Date 2021-2025 20 17 34 26 13 - 43 16 37 78 15 41


Vanguard Target Retirement 2030 0.24 6.89 14.55 13.23 5.24 - 14.24 -1.27 14.43 26.72 -32.91 7.49Vanguard Custom 2030 Index 0.31 7.16 14.96 13.48 5.34 - 14.36 -0.94 14.61 27.13 -33.41 7.63

+/- Index (0.07) (0.27) (0.41) (0.25) (0.10) - (0.12) (0.33) (0.17) (0.41) 0.50 (0.14)

US OE Target Date 2026-2030 17 17 33 19 13 - 38 22 33 74 18 39

15



+/- Index (0.14) (0.34) (0.49) (0.27) (0.12) - (0.12) (0.33) (0.14) (0.45) 0.45 (0.01)

US OE Target Date 2031-2035 19 18 35 15 16 - 40 19 26 64 13 47



+/- Index (0.07) (0.28) (0.36) (0.23) (0.05) - (0.01) (0.44) (0.15) (0.30) 0.58 (0.03)

US OE Target Date 2036-2040 19 18 30 14 14 - 31 19 35 77 4 32


Vanguard Target Retirement 2045 0.64 8.32 16.84 14.32 5.46 - 15.58 -2.51 15.19 28.15 -34.56 7.47



Vanguard Custom 2045 Index 0.67 8.56 17.22 14.52 5.53 - 15.57 -2.11 15.33 28.62 -35.11 7.50

+/- Index (0.03) (0.25) (0.38) (0.20) (0.07) - 0.01 (0.41) (0.13) (0.47) 0.55 (0.04)

US OE Target Date 2041-2045 22 22 42 16 16 - 43 14 40 83 11 41



+/- Index (0.07) (0.29) (0.38) (0.22) (0.07) - 0.01 (0.43) (0.13) (0.31) 0.49 (0.01)

US OE Target Date 2050+ 30 23 43 14 18 - 44 14 37 89 6 26


Vanguard Target Retirement 2055 0.60 8.27 16.85 - - - 15.58 -2.27 - - - -Vanguard Custom 2055 Index 0.67 8.56 17.22 - - - 15.57 -2.11 - - - -

+/- Index (0.07) (0.30) (0.37) - - - 0.01 (0.16) - - - -

US OE Target Date 2050+ 36 30 53 - - - 48 9 - - - -

16

CITY OF PASADENA PLAN FEE ANALYSIS SUMMARY457 Deferred Compensation Plan Second Quarter 2013

0.57%0.42%

0.73%

0.46%

0.00%

0.25%

0.50%

0.75%

1.00%

4Q09

2Q10

3Q10

4Q10

2Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

Annualized Investment /Administration Cost (%)Weighted Expense Ratio Average Expense Ratio

$135

$131

$145

$161 $1

89

$174 $1

99

$188 $2

72

$273

$271

$278

$235

$237 $2

50 $265 $2

57

$251 $2

68

$263

$81

$84

$84

$86

$64,561

$85,714

$0

$20,000

$40,000

$60,000

$80,000

$100,000

4Q09

2Q10

3Q10

4Q10

2Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

Average Participant Balance and Cost ($)Avg. Admin Cost Avg. Investment Cost Avg. Participant Balance

0.089% 0.083%

0.025%

0.09%

0.012%0.00%

0.04%

0.08%

0.12%

0.16%

0.20%

4Q09

2Q10

3Q10

4Q10

2Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

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

Revenue Received Contracted Revenue

0.21

%

0.20

%

0.21

%

0.22

%

0.25

%

0.23

%

0.25

%

0.24

% 0.34

%

0.32

%

0.32

%

0.32

%

0.36

%

0.37

%

0.37

%

0.36

%

0.34

%

0.34

%

0.33

%

0.33

%

0.10

%

0.10

%

0.10

%

0.10

%

4Q09

2Q10

3Q10

4Q10

2Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

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

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

17

Fund OptionQuarter End

BalanceExpense

RatioAdmin

Fee Total Investment

Cost Total

Admin Fee Pasadena Custom Stable Value* $97,399,494 0.19% 0.10% $185,059 $97,399

DFA Inflation-Protected Securities I $399,343 0.13% 0.10% $519 $399

BlackRock US Debt Index F $222,675 0.04% 0.10% $89 $223

Metropolitan West Total Return Bond Plan $5,327,692 0.39% 0.10% $20,778 $5,328

Becker Value Equity Instl $12,343,499 0.69% 0.10% $85,170 $12,343

BlackRock Equity Index F $17,584,989 0.02% 0.10% $3,517 $17,585

MFS Growth R5 $17,042,555 0.78% 0.10% $132,932 $17,043

Artisan Mid Cap Value Instl $2,613,909 1.01% 0.10% $26,400 $2,614

BlackRock Mid Cap Index F $1,518,528 0.04% 0.10% $607 $1,519

Munder Mid Cap Core Growth R6 $4,956,725 0.85% 0.10% $42,132 $4,957

Munder Veracity Small Cap Value R6 $3,578,388 1.10% 0.10% $39,362 $3,578

BlackRock Russell 2000 Index F $1,109,124 0.04% 0.10% $444 $1,109

Vanguard Small Cap Growth Index Instl $6,998,628 0.08% 0.10% $5,599 $6,999

Oppenheimer Global I $2,412,856 0.73% 0.10% $17,614 $2,413

DFA International Value I $2,583,550 0.45% 0.10% $11,626 $2,584

Vanguard Total Intl Stock Index Signal $180,768 0.16% 0.10% $289 $181

EuroPacific Growth R6 $3,521,642 0.50% 0.10% $17,608 $3,522

MFS International New Discovery R5 $3,094,792 1.04% 0.10% $32,186 $3,095

Vanguard Target Retirement Income $1,769,059 0.16% 0.10% $2,830 $1,769

Vanguard Target Retirement 2015 $2,586,352 0.16% 0.10% $4,138 $2,586







Vanguard Target Retirement 2050 $179,456 0.18% 0.10% $323 $179

Vanguard Target Retirement 2055 $69,709 0.18% 0.10% $125 $70

SDBA $1,540,235 - 0.10% - $1,540

Total $202,884,478 $653,203 $202,884

Number of Participants: 2,367 QuarterlyAverage Expense Ratio: 0.36% $49,550

Weighted Expense Ratio: 0.32% $23,449

Average Participant Balance: $85,714 $26,101Average Participant Cost: $362

*Total fee breakdown is as follows: 0.04%for management and 0.15% wrap charge.

**This number is provided by Great West and is based on the timing of when they assessed the recordkeeping charge.

City of Pasadena Plan Fee Review - Estimate

Administrative Fee (0.10% annually): Recordkeeping Fee ($39 pp/yr) (2405 participants**):

Net Rebate:

18

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19

Am

erican Funds EuroPacific Gr R6 RERGX

Œ

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

43.85[

-0.31 | -0.702.00

105.6Open

$0N

one0.5%

QQQ

Foreign Large Blend7

Large Growth

Grow

th of 10,000 05-01-2009 - 07-29-2013

5k 10k

15k

20k

20032004

20052006

20072008

20092010

20112012

YTD

RERGX : $16,526.96M

SCI EAFE NR USD :

$16,519.63FB : $16,245.14

Investment Strategy

The investment seeks long-term

growth of capital. The fund invests prim

arily in comm

on stocks of issuers in Europe and the Pa-cific Basin that the investm

ent adviser believes have the potential for growth. Grow

th stocks are stocks that the investment ad-

viser believes have the potential for above-average capital appreciation. It normally invests at least 80%

of net assets in secur-ities of issuers in Europe and the Pacific Basin. The fund m

ay invest a portion of its assets in comm

on stocks and other securit-ies of com

panies in countries with developing econom

ies and/or markets.

Performance 07-29-2013

YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,648.3710,420.63

11,871.0912,460.73

11,584.2125,268.36

Fund6.48

4.2118.71

7.612.98

9.71+/- M

SCI EAFE NR USD

-3.16-1.11

-5.89-0.76

1.611.86

+/- Category-1

0-2

02

2%

Rank in Cat65

7466

50—

—# of Funds in Cat

823847

790701

613317

Top Holdings 06-30-2013

Weight %

Last PriceDay Chg %

52 Week Range

TN

ovo Nordisk A/S

3.91942.00 USD

-0.32 [848.00 - 0.00

TSOFTBAN

K Corp3.35

— USD

0.96 ]2,200.00 - 0.00

Novartis AG

2.3166.25 USD

-0.60 [55.20 - 73.75

TBayer AG

2.24—

USD—

[—

YSam

sung Electronics Co Ltd1.96

— USD

0.55 ]1,173,000.00 - 0.00

% Assets in Top 5 Holdings

13.77

TIncrease

YDecrease

RN

ew to Portfolio

Top Sectors 06-30-2013Fund

3 Yr High3 Yr Low

Cat Avg

yFinancial Services

17.7717.77

16.6720.68

tConsum

er Cyclical14.86

14.8611.25

12.20

aTechnology

13.9613.96

9.937.37

dHealthcare

13.8313.83

11.4610.04

sConsum

er Defensive10.47

11.9010.47

12.07

FundCat Avg

010

2030

40

Dividend and Capital G

ains Distributions

DistributionDate

DistributionN

AVLong-Term

Capital GainLong-TermShort Gain

Return ofCapital

DividendIncom

eDistribution

Total

2012-12-2640.90

0.00000.0000

0.00000.8432

0.84322011-12-27

35.130.0000

0.00000.0000

0.73530.7353

2010-12-2740.96

0.00000.0000

0.00000.7062

0.70622009-12-24

38.420.0000

0.00000.0000

0.70650.7065

3 Year Average M

orningstar Risk Measures

Risk vs. Category-Avg

LowAvg

High

Return vs. CategoryAvg

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW

eighted Averageof holdings

75% of fund’s stock

holdings

Asset A

llocation

Asset Class%

Net

Cash5.04

US Stock0.85

Non US Stock

91.83Bond

0.35Other

1.93

Managem

entStart Date

Stephen E. Bepler1984-04-16

Mark E. Denning

1991-12-31Robert W

. Lovelace1994-06-01

Carl M. Kaw

aja2001-06-01

Nicholas J. Grace

2002-06-01Sung Lee

2002-06-01Jesper Lyckeus

2004-12-31Jonathan Know

les2006-12-31

Andrew B. Suzm

an2007-12-31

Christopher M.

Thomsen

2007-12-31

Release date 07-30-2013

©2013 M

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

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

hich its original distributor is based. Data as originally reported. Theinform

ation contained herein is not represented or warranted to be accurate, correct, com

plete, or timely. This report is for inform

ation purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited w

ithout written perm

ission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.ß

®

Page 1 of 3

20

Am

erican Funds EuroPacific Gr R6 RERGX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k20k

30kRERGXCategory: FBIndex: M

SCI EAFE NR USD

__

__

__

_(

**

(Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

32.9119.69

21.1221.87

18.96-40.53

39.359.76

-13.3119.64

2.19RERGX

38.5920.25

13.5426.34

11.17-43.38

31.787.75

-12.1417.32

4.10M

SCI EAFE NR USD

33.5817.39

14.7224.77

12.71-43.99

31.2410.24

-13.9718.29

2.38Category (FB)

-5.68-0.56

7.58-4.47

7.792.85

7.582.01

-1.162.32

-1.92+/- M

SCI EAFE NR USD

-0.672.30

6.39-2.90

6.243.46

8.11-0.47

0.661.35

-0.20+/- Category (FB)

——

——

——

0.710.71

0.740.84

—Incom

e USD—

——

——

——

——

——

Capital Gains USD—

——

——

——

——

——

Net Assets USD M

il54

4026

60%

Rank in CategoryFB

FBFB

FBFB

Fund Category

Trailing Total Returns 07-29-2013

-40

0 40 80%RERGXCategory: FBIndex: M

SCI EAFE NR USD

Large Grow

thTop Quartile2nd Quartile3rd QuartileBottom

Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-0.70-0.39

4.210.55

6.4818.71

7.612.98

9.717.06

RERGX-0.75

-1.215.32

-0.189.64

24.608.37

1.387.85

3.99M

SCI EAFE NR USD

-0.74-1.02

4.670.04

7.1520.34

7.430.88

7.544.04

Category (FB)0.05

0.82-1.11

0.73-3.16

-5.89-0.76

1.611.86

3.07+/- M

SCI EAFE NR USD

0.040.63

-0.460.51

-0.66-1.63

0.182.11

2.173.02

+/- Category (FB)38

1174

3665

6650

——

—Rank in Category

Tax Analysis 06-30-2013

1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-3.06

-0.732.19

2.1915.89

9.44—

——

11.71Tax-adjusted Return

-3.06-0.73

2.192.19

15.078.85

——

—11.11

% Rank in Category

3428

4343

4342

——

——

Tax Cost Ratio—

——

—0.71

0.54—

——

—

Potential Cap Gains Exposure %14.73


©2013 M







ithout written perm


®

Page 2 of 3

21

Artisan M

id Cap Value Institutional APHQX.

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

25.77[

-0.13 | -0.500.70

9.8Lim

ited $1 m

ilN

one1.01%

WWWWW

Mid-Cap Value

2M

id Value

Grow

th of 10,000 02-01-2012 - 07-29-2013

5k 10k

15k

20032004

20052006

20072008

20092010

20112012

YTD

APHQX : $13,026.87S&

P 500 TR USD :$13,155.25M

V : $13,200.92

Investment Strategy

The investment seeks m

aximum

long-term capital grow

th. The fund normally invests no less than 80%

of its net assets plus anyborrow

ings for investment purposes at m

arket value at the time of purchase in the com

mon stocks of m

edium-sized com

panies.It defines a m

edium-sized com

pany as one with a m

arket capitalization greater than the market capitalization of the sm

allestcom

pany in the Russell Midcap®

Index and less than three times the w

eighted average market capitalization of com

panies inthat Index. The fund w

ill generally not initiate a position in a company unless it has a m

arket capitalization between $2 billion

and $15 billion.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

12,395.3810,552.83

13,313.1016,789.26

17,210.1134,250.92

Fund23.95

5.5333.13

18.8511.47

13.10+/- S&

P 500 TR USD4.39

0.488.78

1.133.14

5.45+/- Category

20

12

23

% Rank in Cat

2325

38—

——

# of Funds in Cat424

436416

363305

169


Weight %

Last PriceDay Chg %

52 Week Range

YH&

R Block Inc2.78

30.89 USD1.38 ]

15.53 - 31.66

YKroger Co

2.7739.83 USD

-0.05 [21.57 - 39.97

YAvnet Inc

2.6137.66 USD

1.40 ]25.41 - 38.19

YAlleghany Corp DEL

2.58397.37 USD

0.01 ]313.85 - 411.56

YJacobs Engineering Group

2.5657.83 USD

-0.62 [37.65 - 60.84


13.29

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

aTechnology

23.5723.57

20.1811.86

yFinancial Services

22.1722.81

20.5219.91

pIndustrials

19.4127.11

19.4112.92

oEnergy

11.0611.06

7.3010.25

tConsum

er Cyclical10.88

10.887.99

13.08

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term


Return ofCapital

DividendIncom

eDistribution

Total

2012-12-1920.83

0.89410.1375

0.00000.1770

1.2086

3 Year Average M



LowAvg

High

Return vs. Category+Avg

Pillars

Process—

—Perform

ance—

—People

——

Parent—

—Price

——

Rating.

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash6.19

US Stock87.83

Non US Stock

5.95Bond

0.00Other

0.03

Managem

entStart Date

James C. Kieffer

2001-11-22Scott C. Satterw

hite2001-11-22

George O. Sertl, Jr.2006-05-15

Daniel L. Kane2012-02-01


©2013 M







ithout written perm


®

Page 1 of 3

22

Artisan M

id Cap Value Institutional APHQX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k20k

40kAPHQXCategory: M

VIndex: S&

P 500 TR USD

__

__

__

__

__

&Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

36.8326.20

15.4614.20

1.65-27.56

39.2514.37

6.4211.66

17.46APHQX

28.6810.88

4.9115.79

5.49-37.00

26.4615.06

2.1116.00

13.82S&

P 500 TR USD33.85

17.858.82

15.870.83

-36.7735.41

21.92-3.96

16.6015.98

Category (MV)

8.1415.32

10.55-1.59

-3.859.43

12.79-0.70

4.31-4.35

3.64+/- S&

P 500 TR USD2.98

8.356.64

-1.670.82

9.203.84

-7.5610.38

-4.941.48

+/- Category (MV)

——

——

——

——

—0.18

—Incom

e USD—

——

——

——

——

1.03—


——

——

——

——

442992

Net Assets USD M

il24

% Rank in Category

MV

MV

Fund Category


-40

0 40 80%APHQXCategory: M

VIndex: S&

P 500 TR USD

Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-0.50-0.81

5.537.64

23.9533.13

18.8511.47

13.10—

APHQX-0.37

-0.595.04

6.3219.57

24.3517.73

8.337.65

4.63S&

P 500 TR USD-0.43

-0.925.04

7.6821.83

31.8917.01

9.679.67

8.30Category (M

V)-0.13

-0.220.48

1.324.39

8.781.13

3.145.45

—+/- S&

P 500 TR USD-0.08

0.110.49

-0.042.12

1.241.85

1.803.43

—+/- Category (M

V)64

4225

5223

38—

——

—Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-0.73

0.9517.46

17.4627.03

——

——


-0.730.95

17.4617.46

25.62—

——

—15.20

% Rank in Category

2770

1818

42—

——

——

Tax Cost Ratio—

——

—1.11

——

——

—



©2013 M







ithout written perm


®

Page 2 of 3

23

Becker Value Equity Institutional BVEIX

.

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

17.52[

-0.08 | -0.451.40

0.2Open

$250,000N

one0.68%

WWWW

Large Value1

Large Value

Grow

th of 10,000 09-01-2011 - 07-29-2013

5k 10k

15k

20032004

20052006

20072008

20092010

20112012

YTD

BVEIX : $14,685.64S&

P 500 TR USD :$14,590.75LV : $14,435.20

Investment Strategy


capital appreciation. Under normal circum

stances, the fund invests at least 80% of its assets

(plus any borrowings for investm

ent purposes) in equity securities. Equity securities in which the fund m

ay invest include com-

mon stock and com

mon stock equivalents (such as rights, w

arrants and convertible securities), exchange-traded funds ("ETFs")that invest prim

arily in equity securities, preferred stock, and equity real estate investment trusts ("REITs"). Although it prim

arilyinvests in large-cap and m

id-cap companies, outstanding sm

all-cap companies w

ill not be excluded because of size if theypresent opportunities for value.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

12,116.1810,522.52

12,964.5615,957.97

14,672.67—

Fund21.16

5.2329.65

16.867.97

—+/- S&

P 500 TR USD1.60

0.185.29

-0.87-0.36

—+/- Category

10

31

1—

% Rank in Cat

4437

32—

——

# of Funds in Cat1,236

1,2741,186

1,037928

597


Weight %

Last PriceDay Chg %

52 Week Range

TAetna Inc

2.4363.52 USD

0.19 ]35.78 - 66.00

TJPM

organ Chase & Co

2.3355.56 USD

-0.23 [34.76 - 56.93

Microsoft Corporation

2.2631.93 USD

1.24 ]26.26 - 36.43

Merck &

Co Inc2.24

48.00 USD-0.70 [

40.02 - 50.16N

CR Corporation2.22

35.50 USD0.17 ]

20.92 - 35.74


11.48

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

tConsum

er Cyclical15.91

15.914.97

8.96

aTechnology

15.0815.08

9.759.67

oEnergy

15.0315.10

13.5312.41

yFinancial Services

14.8517.08

14.2220.90

pIndustrials

12.4916.65

12.499.89

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term


Return ofCapital

DividendIncom

eDistribution

Total

2012-12-2114.53

0.00000.0000

0.00000.2325

0.23252011-12-23

12.760.0000

0.00000.0000

0.17800.1780

3 Year Average M



LowAvg

High


Pillars

Process—

—Perform

ance—

—People

——

Parent—

—Price

——

Rating.

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash4.52

US Stock84.21

Non US Stock

11.27Bond

0.00Other

0.00

Managem

entStart Date

Patrick E. Becker, Jr.2003-11-03

Stephen D. Laveson2003-11-03

Michael A. M

cGarr2003-11-03

Robert N. Schaeffer

2003-11-03M

arian L. Kessler2005-12-31


©2013 M







ithout written perm


®

Page 1 of 3

24

Becker Value Equity Institutional BVEIX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k

20k25k

BVEIXCategory: LVIndex: S&

P 500 TR USD

__

__

__

__

_*

*Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

—14.67

9.2415.78

2.65-30.53

26.9212.17

-0.6515.95

15.15BVEIX

—10.88

4.9115.79

5.49-37.00

26.4615.06

2.1116.00

13.82S&

P 500 TR USD—

12.975.95

18.151.42

-37.0924.13

13.66-0.75

14.5714.94

Category (LV)—

3.794.33

-0.02-2.85

6.470.46

-2.89-2.77

-0.051.32

+/- S&P 500 TR USD

—1.70

3.29-2.37

1.226.56

2.79-1.49

0.091.39

0.21+/- Category (LV)

——

——

——

——

0.180.23

—Incom

e USD—

——

——

——

——

——


——

——

——

—42

75117

Net Assets USD M

il35

46%

Rank in CategoryLV

LVLV

Fund Category


-30

0 30 60%BVEIXCategory: LVIndex: S&

P 500 TR USD

Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-0.45-0.68

5.237.35

21.1629.65

16.867.97

——

BVEIX-0.37

-0.595.04

6.3219.57

24.3517.73

8.337.65

4.63S&

P 500 TR USD-0.36

-0.694.88

6.4820.55

27.0716.23

7.357.52

5.58Category (LV)

-0.09-0.09

0.181.03

1.605.29

-0.87-0.36

——

+/- S&P 500 TR USD

-0.100.01

0.340.87

0.612.58

0.620.61

——

+/- Category (LV)72

4837

3444

32—

——

—Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-1.42

3.6715.15

15.1525.12

——

——


-1.423.67

15.1515.15

24.43—

——

—19.32

% Rank in Category

5128

3232

24—

——

——

Tax Cost Ratio—

——

—0.55

——

——

—



©2013 M







ithout written perm


®

Page 2 of 3

25

DFA

International Value I DFIVX´

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

17.69[

-0.19 | -1.063.46

5.9Open

$0N

one0.45%

QQ

Foreign Large Value1

Large Value

Grow

th of 10,000 07-30-2003 - 07-29-2013

5k 10k

15k20k

35k

20032004

20052006

20072008

20092010

20112012

YTD

DFIVX : $24,133.80M

SCI EAFE NR USD :

$21,504.14FV : $20,637.90

Investment Strategy


capital appreciation. The DFA International Value Portfolio is a Feeder Portfolio and pursues itsobjective by investing substantially all of its assets in its corresponding M

aster fund, The DFA International Value Series (the"International Value Series" or "M

aster fund") of The DFA Investment Trust Com

pany (the "Trust"), which has the sam

e invest-m

ent objective and policies as the Portfolio. The International Value Series intends to purchase securities of large companies

associated with developed m

arket countries that the Advisor has designated as approved markets.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,877.5510,688.82

12,614.0311,863.72

10,428.7823,973.20

Fund8.78

6.8926.14

5.860.84

9.14+/- M

SCI EAFE NR USD

-0.871.57

1.54-2.50

-0.531.29

+/- Category0

23

-20

2%

Rank in Cat44

417

7742

15# of Funds in Cat

352372

342309

267139


Weight %

Last PriceDay Chg %

52 Week Range

TVodafone Group PLC ADR

3.0629.71 USD

-0.57 [24.42 - 30.80

TBP PLC ADR

2.9541.42 USD

-3.94 [39.50 - 45.45

TRoyal Dutch Shell PLC ADR Class B

2.8669.96 USD

-0.81 [65.02 - 76.13

TM

itsubishi UFJ Financial Group, Inc.1.91

609.00 USD1.00 ]

345.00 - 750.00

TUBS AG

1.5018.15 USD

2.31 ]10.08 - 18.35


12.27

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

34.5834.58

24.9221.54

rBasic M

aterials12.05

14.1712.05

7.47

oEnergy

11.9315.01

11.9310.85

tConsum

er Cyclical10.33

12.6410.33

10.88

iCom

munication

Services8.02

8.857.37

7.79

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term


Return ofCapital

DividendIncom

eDistribution

Total

2013-06-1017.26

0.00000.0000

0.00000.3270

0.32702013-03-08

17.120.0000

0.00000.0000

0.03000.0300

2012-12-1316.11

0.00000.0000

0.00000.1410

0.14102012-09-10

15.490.0000

0.00000.0000

0.07500.0750

2012-06-0813.84

0.00000.0000

0.00000.2710

0.2710

3 Year Average M


Risk vs. CategoryHigh

LowAvg

High

Return vs. Category-Avg

Pillars

Process∞

PositivePerform

ance¶

Neutral

People∞

PositiveParent

∞Positive

Price∞

Positive

Rating´

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash0.26

US Stock0.04

Non US Stock

93.86Bond

0.00Other

5.84

Managem

entStart Date

Karen E. Umland

1998-12-30Joseph H. Chi

2010-02-28Jed S. Fogdall

2010-02-28Henry F. Gray

2012-02-28


©2013 M







ithout written perm


®

Page 1 of 3

26

DFA

International Value I DFIVX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k20k

40kDFIVXCategory: FVIndex: M

SCI EAFE NR USD

&&

*&

*)

&&

)(

(Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

49.9328.80

15.2734.15

10.24-46.33

39.4510.57

-16.8516.61

1.77DFIVX

38.5920.25

13.5426.34

11.17-43.38

31.787.75

-12.1417.32

4.10M

SCI EAFE NR USD

39.0721.99

13.1925.98

9.01-42.41

30.337.48

-12.7716.21

3.08Category (FV)

11.348.55

1.737.81

-0.93-2.95

7.682.82

-4.71-0.71

-2.34+/- M

SCI EAFE NR USD

10.866.81

2.088.17

1.23-3.92

9.123.09

-4.080.40

-1.32+/- Category (FV)

0.270.37

0.480.64

0.730.75

0.400.40

0.610.52

0.36Incom

e USD—

—0.30

0.330.43

——

——

——

Capital Gains USD814

——

——

——

——

——

Net Assets USD M

il8

527

537

7915

1787

5170

% Rank in Category

FVFV

FVFV

FVFV

FVFV

FVFV

FVFund Category


-40

0 40 80%DFIVXCategory: FVIndex: M

SCI EAFE NR USD

Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-1.06-0.95

6.892.65

8.7826.14

5.860.84

9.146.28

DFIVX-0.75

-1.215.32

-0.189.64

24.608.37

1.387.85

3.99M

SCI EAFE NR USD

-0.81-1.00

5.140.62

8.4422.77

7.470.62

7.414.98

Category (FV)-0.31

0.261.57

2.83-0.87

1.54-2.50

-0.531.29

2.29+/- M

SCI EAFE NR USD

-0.260.05

1.752.03

0.343.37

-1.610.23

1.731.30

+/- Category (FV)90

354

944

1777

4215

25Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-3.53

-0.041.77

1.7717.85

7.87-1.12

8.975.87


-4.31-0.85

0.870.87

16.266.55

-2.237.72

4.595.16

% Rank in Category

6555

6464

3470

4516

16—

Tax Cost Ratio—

——

—1.35

1.231.12

1.151.20

—

Potential Cap Gains Exposure %-6.64


©2013 M







ithout written perm


®

Page 2 of 3

27

DFA

Inflation-Protected Securities I DIPSX.

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

11.75[

-0.01 | -0.091.74

2.6Open

$0N

one0.13%

QQQQ

Inflation-ProtectedBond

0

Grow

th of 10,000 09-18-2006 - 07-29-2013

5k 10k

15k

20k

20032004

20052006

20072008

20092010

20112012

YTD

DIPSX : $14,799.44Barclays US Agg Bond TRUSD : $14,253.11IP : $13,567.00

Investment Strategy

The investment seeks to provide inflation protection and earn current incom

e consistent with inflation-protected securities. The

fund seeks its investment objective by investing in a universe of inflation-protected securities that are structured to provide re-

turns that at least keep up with the rate of inflation over the long-term

. It ordinarily invests in inflation-protected securities is-sued by the U.S. governm

ent and its agencies and instrumentalities and the credit quality such inflation-protected securities

will be that of such applicable U.S. governm

ent, agency or instrumentality issuer.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

9,246.7810,068.55

9,435.1811,665.42

12,780.94—

Fund-7.53

0.69-5.65

5.275.03

—+/- Barclays US Agg BondTR USD

-5.220.55

-4.081.97

-0.28—

+/- Category-1

0-1

11

—%

Rank in Cat70

945

18


214218

206183

14842


Weight %

Maturity Date

Amount M

ilValue M

il

TUS Treasury N

ote 2.125%8.10

01-15-2019184.86

223.31

TUS Treasury N

ote 1.375%7.19

07-15-2018171.25

198.38

TUS Treasury N

ote 1.625%7.10

01-15-2018170.06

195.85

TUS Treasury N

ote 1.875%6.39

07-15-2019145.23

176.24

TUS Treasury Bond 2.375%

6.0101-15-2025

123.13165.64


34.78

TIncrease

YDecrease

RN

ew to Portfolio


BMark

Cat Avg

U.S. Treasury Inflation-Protected99.40

—76.89

U.S. Treasury0.00

—0.37

Non U.S. Treasury

0.00—

3.20N

on U.S. Inflation-Protected0.00

—2.88

Government-Related

0.00—

3.21

FundCat Avg

030

6090

120


ains Distributions

DistributionDate

DistributionN

AVLong-Term


Return ofCapital

DividendIncom

eDistribution

Total

2013-06-1012.04

0.00000.0000

0.00000.0880

0.08802012-12-12

12.910.0710

0.00400.0000

0.11600.1910

2012-06-0812.66

0.00000.0000

0.00000.1480

0.14802011-12-12

12.230.1260

0.00900.0000

0.11800.2530

2011-09-0812.34

0.00000.0000

0.00000.1450

0.1450

3 Year Average M


Risk vs. Category+Avg

LowAvg

High

Return vs. CategoryHigh

Pillars

Process—

—Perform

ance—

—People

——

Parent—

—Price

——

Rating.

Style Map 04-30-2013

LtdM

odExt

HighMedLow

Bond Statistics

Value

Average Effective Duration (Years)8.30

Average Effective Maturity (Years)

9.06Average Credit Quality

AAAAverage W

eighted Coupon1.88

Average Weighted Price

126.34

Asset A

llocation

Asset Class%

Net

Cash0.60

US Stock0.00

Non US Stock

0.00Bond

99.40Other

0.00

Managem

entStart Date

David A. Plecha2006-09-18

Joseph F. Kolerich2012-02-28


©2013 M







ithout written perm


®

Page 1 of 3

28

DFA

Inflation-Protected Securities I DIPSX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k

20kDIPSXCategory: IPIndex: Barclays US Agg Bond TR USD

__

__

&*

*&

&&

)Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

——

——

11.84-1.42

11.016.81

14.547.45

-8.16DIPSX

——

——

6.975.24

5.936.54

7.844.21

-2.44Barclays US Agg Bond TR USD

——

——

9.86-4.08

10.885.94

10.936.45

-6.90Category (IP)

——

——

4.88-6.66

5.080.27

6.703.24

-5.72+/- Barclays US Agg Bond TRUSD

——

——

1.982.66

0.140.87

3.611.00

-1.26+/- Category (IP)

——

—0.02

0.420.61

0.130.26

0.550.26

0.09Incom

e USD—

——

——

0.01—

0.060.14

0.08—


——

36253

413834

——

——

Net Assets USD M

il2

2630

193

1984

% Rank in Category

IPIP

IPIP

IPIP

IPIP

Fund Category


-20

0 20 40%DIPSXCategory: IPIndex: Barclays US Agg Bond TR USD

Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-0.09-1.09

0.69-8.25

-7.53-5.65

5.275.03

——

DIPSX-0.09

-0.350.14

-3.19-2.31

-1.573.30

5.314.83

5.52Barclays US Agg Bond TR USD

-0.13-1.01

0.34-6.99

-6.58-5.11

3.963.90

5.086.16

Category (IP)0.01

-0.740.55

-5.05-5.22

-4.081.97

-0.28—

—+/- Barclays US Agg Bond TR USD

0.04-0.08

0.34-1.26

-0.96-0.54

1.311.13

——

+/- Category (IP)10

629

8470

451

8—

—Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-4.43

-7.95-8.16

-8.16-5.32

4.844.56

——


-4.73-8.24

-8.45-8.45

-6.003.66

3.46—

—4.66

% Rank in Category

7671

7171

433

2—

——

Tax Cost Ratio—

——

—0.72

1.131.05

——

—



©2013 M







ithout written perm


®

Page 2 of 3

29

Metropolitan W

est Total Return Bond Plan M

WTSX

Œ

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

10.00]

0.00 | 0.003.53

24.9Open

$25 mil

None

0.39%WWWWW

Intermediate-Term

Bond0

Grow

th of 10,000 07-29-2011 - 07-29-2013

5k 10k

15k

20032004

20052006

20072008

20092010

20112012

YTD

MW

TSX : $11,179.59Barclays US Agg Bond TRUSD : $10,521.16CI : $10,628.45

Investment Strategy

The investment seeks to m

aximize long-term

total return. The fund normally invests at least 80%

of its net assets in invest-m

ent grade fixed income securities or unrated securities that are determ

ined by the Adviser to be of similar quality. Up to 20%

of its net assets may be invested in securities rated below

investment grade. Under norm

al conditions, the portfolio duration istw

o to eight years and the dollar-weighted average m

aturity ranges from tw

o to fifteen years. The fund invests in the U.S. andabroad, including em

erging markets, and m

ay purchase securities of varying maturities issued by dom

estic and foreign corpora-tions and governm

ents.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

9,920.3510,045.80

10,352.5111,899.78

15,260.4319,731.74

Fund-0.80

0.463.53

5.978.82

7.03+/- Barclays US Agg BondTR USD

1.510.32

5.092.67

3.512.20

+/- Category1

04

23

2%

Rank in Cat9

295

——


1,2401,264

1,1911,017

878614


Weight %

Maturity Date

Amount M

ilValue M

il

RUS Treasury N

ote 1.375%5.51

06-30-20181,619.58

1,619.02

TUS Treasury N

ote2.83

04-15-2017790.10

830.49

YUS Treasury N

ote 0.75%2.46

06-30-2017731.01

721.93US Treasury N

ote1.79

04-15-2016485.56

525.01

RFnm

a Tba1.71

—500.00

501.95


14.28

TIncrease

YDecrease

RN

ew to Portfolio


BMark

Cat Avg

Agency MBS Pass-Through

24.30—

13.47Corporate Bond

14.09—

27.93U.S. Treasury

13.24—

16.18Asset-Backed

12.34—

3.05U.S. Treasury Inflation-Protected

8.80—

1.64

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term


Return ofCapital

DividendIncom

eDistribution

Total

2013-06-289.98

0.00000.0000

0.00000.0234

0.02342013-05-31

10.230.0000

0.00000.0000

0.02880.0288

2013-04-3010.39

0.00000.0000

0.00000.0348

0.03482013-03-28

10.300.0000

0.00000.0000

0.02640.0264

2013-02-2810.29

0.00000.0000

0.00000.0262

0.0262

3 Year Average M


Risk vs. CategoryAvg

LowAvg

High

Return vs. CategoryHigh

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent¶

Neutral

Price∞

Positive

RatingŒ

Style Map 03-31-2013

LtdM

odExt

HighMedLow

Bond Statistics

Value

Average Effective Duration (Years)4.27

Average Effective Maturity (Years)

6.37Average Credit Quality

BBAverage W

eighted Coupon2.83

Average Weighted Price

98.92

Asset A

llocation

%Net

%Short

%Long

Benchm

arkCatAvg

Cash9.12

0.009.12

—2.32

US Stock0.10

0.000.10

—0.02

Non US Stock

0.000.00

0.00—

0.06Bond

89.900.13

90.03—

94.23Other

0.890.00

0.89—

3.37

Managem

entStart Date

Stephen M. Kane

1997-03-31Laird R. Landm

ann1997-03-31

Tad Rivelle1997-03-31


©2013 M







ithout written perm


®

Page 1 of 3

30

Metropolitan W

est Total Return Bond Plan M

WTSX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k

20k25k

MW

TSXCategory: CIIndex: Barclays US Agg Bond TR USD

__

__

__

__

_&

&Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

13.885.15

3.106.99

6.25-1.47

17.0811.53

4.9211.54

-1.25M

WTSX

4.104.34

2.434.33

6.975.24

5.936.54

7.844.21

-2.44Barclays US Agg Bond TR USD

5.103.91

1.804.15

4.70-4.70

13.977.72

5.867.01

-2.31Category (CI)

9.770.81

0.672.66

-0.71-6.71

11.154.99

-2.927.33

1.20+/- Barclays US Agg Bond TRUSD

8.781.24

1.292.84

1.553.23

3.103.81

-0.944.54

1.06+/- Category (CI)

——

——

——

——

0.230.41

0.17Incom

e USD—

——

——

——

—0.08

0.22—


——

——

——

—20

312351

Net Assets USD M

il6

9%

Rank in CategoryCI

CICI

Fund Category


-10

0 10 20%M

WTSX

Category: CIIndex: Barclays US Agg Bond TR USD

Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

0.01-0.04

0.46-2.99

-0.803.53

5.978.82

7.036.81

MW

TSX-0.09

-0.350.14

-3.19-2.31

-1.573.30

5.314.83

5.52Barclays US Agg Bond TR USD

-0.09-0.40

0.31-3.34

-2.020.00

4.045.89

4.695.15

Category (CI)0.10

0.320.32

0.201.51

5.092.67

3.512.20

1.29+/- Barclays US Agg Bond TR USD

0.100.36

0.150.35

1.223.53

1.932.94

2.341.66

+/- Category (CI)2

229

249

5—

——

—Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-2.22

-2.28-1.25

-1.254.71

——

——


-2.31-2.64

-1.94-1.94

2.68—

——

—3.69

% Rank in Category

4322

1111

4—

——

——

Tax Cost Ratio—

——

—1.94

——

——

—



©2013 M







ithout written perm


®

Page 2 of 3

31

MFS G

rowth R5 M

FEKX„

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

59.63[

-0.31 | -0.520.00

7.9Open

$0N

one0.81%

WWWW

Large Growth

7Large Grow

th

Grow

th of 10,000 08-26-2011 - 07-29-2013

5k 10k

15k

20032004

20052006

20072008

20092010

20112012

YTD

MFEKX : $14,466.28

S&P 500 TR USD :

$14,941.58LG : $14,036.37

Investment Strategy

The investment seeks capital appreciation. The fund norm

ally invests in equity securities. Equity securities include comm

onstocks, preferred stocks, securities convertible into stocks, and depositary receipts for such securities. The adviser focuses oninvesting the fund's assets in the stocks of com

panies it believes to have above average earnings growth potential com

pared toother com

panies (growth com

panies). The fund may invest its assets in com

panies of any size and may invest its assets in for-

eign securities.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

11,745.1310,548.38

12,391.9416,273.62

14,601.8722,331.01

Fund17.45

5.4823.92

17.627.87

8.37+/- S&

P 500 TR USD-2.11

0.44-0.43

-0.10-0.46

0.71+/- Category

00

21

11

% Rank in Cat

4245

30—

——

# of Funds in Cat1,743

1,7811,694

1,4871,308

866


Weight %

Last PriceDay Chg %

52 Week Range

TGoogle, Inc. Class A

4.40892.10 USD

1.11 ]623.41 - 928.00

Danaher Corporation2.62

67.59 USD0.60 ]

50.63 - 69.02

TVisa, Inc.

2.51191.77 USD

-0.10 [125.81 - 196.00

American Tow

er Corp2.37

72.79 USD0.51 ]

68.87 - 85.26

TQualcom

m, Inc.

2.3164.76 USD

0.81 ]57.29 - 68.50


14.19

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

tConsum

er Cyclical21.64

21.6414.09

17.49

aTechnology

20.5129.17

20.5123.80

dHealthcare

15.2515.25

10.0115.61

pIndustrials

12.6415.56

12.6411.55

yFinancial Services

9.609.60

5.019.50

FundCat Avg

010

2030

40

3 Year Average M



LowAvg

High


Pillars

Process¶

Neutral

Performance

∞Positive

People∞

PositiveParent

∞Positive

Price∞

Positive

Rating„

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW



holdings

Asset A

llocation

%Net

%Short

%Long

Benchm

arkCatAvg

Cash2.08

0.072.14

0.002.29

US Stock93.74

0.0093.74

98.1790.38

Non US Stock

4.190.00

4.191.84

7.13Bond

0.000.00

0.000.00

0.16Other

0.000.00

0.000.00

0.04

Managem

entStart Date

Eric B. Fischman

2002-04-02


©2013 M







ithout written perm


®

Page 1 of 3

32

MFS G

rowth R5 M

FEKX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k20k

30kM

FEKXCategory: LGIndex: S&

P 500 TR USD

__

__

__

__

_*

*Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

30.8812.14

7.866.72

19.94-38.07

37.0914.82

-1.0417.39

11.35M

FEKX28.68

10.884.91

15.795.49

-37.0026.46

15.062.11

16.0013.82

S&P 500 TR USD

28.667.81

6.717.05

13.35-40.67

35.6815.53

-2.4615.34

11.05Category (LG)

2.191.25

2.94-9.07

14.45-1.07

10.62-0.24

-3.151.38

-2.48+/- S&

P 500 TR USD2.22

4.331.14

-0.336.59

2.601.41

-0.711.42

2.050.29

+/- Category (LG)—

——

——

——

——

——

Income USD

——

——

——

——

——

—Capital Gains USD

——

——

——

——

1—

—N

et Assets USD Mil

2643

% Rank in Category

LGLG

LGFund Category


-40

0 40 80%M

FEKXCategory: LGIndex: S&

P 500 TR USD

Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-0.52-0.40

5.487.27

17.4523.92

17.627.87

8.372.94

MFEKX

-0.37-0.59

5.046.32

19.5724.35

17.738.33

7.654.63

S&P 500 TR USD

-0.43-0.39

5.456.71

17.1121.85

16.137.19

7.314.57

Category (LG)-0.15

0.190.44

0.95-2.11

-0.43-0.10

-0.460.71

-1.69+/- S&

P 500 TR USD-0.09

-0.020.03

0.550.34

2.071.50

0.671.06

-1.62+/- Category (LG)

7144

4534

4230

——

——

Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-1.50

1.5611.35

11.3519.79

——

——


-1.501.56

11.3511.35

19.79—

——

—18.67

% Rank in Category

2046

3434

19—

——

——

Tax Cost Ratio—

——

—0.00

——

——

—



©2013 M







ithout written perm


®

Page 2 of 3

33

MFS International N

ew D

iscovery R5 MIDLX

.

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

26.85[

-0.16 | -0.591.25

4.2Open

$0N

one1.05%

WWWW

Foreign Small/M

idGrow

th8

Mid Grow

th

Grow

th of 10,000 06-01-2012 - 07-29-2013

5k 10k

15k

YTDYTDYTD

MIDLX : $13,168.47

MSCI EAFE N

R USD :$13,577.45FR : $13,523.91

Investment Strategy

The investment seeks capital appreciation. The fund norm

ally invests its assets primarily in foreign equity securities, including

emerging m

arket equity securities. Equity securities include comm

on stocks, preferred stocks, securities convertible into stocks,and depositary receipts for those securities. It focuses on investing its assets in the stocks of com

panies which it believes to

have above average earnings growth potential com

pared to other companies (grow

th companies). The fund m

ay invest a largepercentage of its assets in issuers in a single country, a sm

all number of countries, or a particular geographic region.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,905.7710,386.85

12,118.5214,306.03

14,206.9332,535.82

Fund9.06

3.8721.19

12.687.28

12.52+/- M

SCI EAFE NR USD

-0.59-1.45

-3.424.31

5.904.67

+/- Category-3

-1-5

01

1%

Rank in Cat70

6869

——


144147

136111

8858


Weight %

Last PriceDay Chg %

52 Week Range

TBunzl PLC

2.68—

USD—

[994.15 - 0.00

Croda International PLC2.12

— USD

— [

1,998.05 - 0.00Aberdeen Asset M

anagement PLC

1.29—

USD—

[255.40 - 492.20

YAm

adeus IT Holding SA1.19

25.34 USD1.10 ]

16.23 - 25.91Bellw

ay PLC1.15

— USD

— [

793.50 - 0.00


8.43

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

tConsum

er Cyclical17.93

17.9316.03

21.17

pIndustrials

16.3420.71

16.3418.52

sConsum

er Defensive15.38

15.3811.53

9.77

yFinancial Services

14.3114.31

13.6111.02

aTechnology

11.1211.36

10.7311.75

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term


Return ofCapital

DividendIncom

eDistribution

Total

2012-12-1124.29

0.00000.0000

0.00000.3221

0.3221

3 Year Average M



LowAvg

High


Pillars

Process—

—Perform

ance—

—People

——

Parent—

—Price

——

Rating.

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW



holdings

Asset A

llocation

%Net

%Short

%Long

Benchm

arkCatAvg

Cash4.46

0.545.00

0.013.66

US Stock0.79

0.000.79

0.004.55

Non US Stock

94.360.00

94.3699.92

91.15Bond

0.000.00

0.000.00

0.34Other

0.400.00

0.400.07

0.30

Managem

entStart Date

David A. Antonelli1997-10-09

Peter F. Fruzzetti2004-12-31

Jose Luis Garcia2007-10-17

Robert Lau2008-07-01


©2013 M







ithout written perm


®

Page 1 of 3

34

MFS International N

ew D

iscovery R5 MIDLX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k20k

40kM

IDLXCategory: FRIndex: M

SCI EAFE NR USD

__

__

__

__

__

(Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

48.5724.30

20.2126.85

8.87-43.99

47.4221.85

-10.0424.89

5.00M

IDLX38.59

20.2513.54

26.3411.17

-43.3831.78

7.75-12.14

17.324.10

MSCI EAFE N

R USD54.17

24.3824.86

26.7912.03

-49.0249.24

23.04-14.72

22.207.09

Category (FR)9.99

4.056.67

0.51-2.30

-0.6115.64

14.102.10

7.570.89

+/- MSCI EAFE N

R USD-5.60

-0.08-4.66

0.07-3.16

5.03-1.82

-1.194.68

2.69-2.10

+/- Category (FR)—

——

——

——

——

0.32—

Income USD

——

——

——

——

——


——

——

——

——

—467

547N

et Assets USD Mil

75%

Rank in CategoryFR

FRFund Category


-40

0 40 80%M

IDLXCategory: FRIndex: M

SCI EAFE NR USD

Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-0.59-1.00

3.870.83

9.0621.19

12.687.28

12.5212.01

MIDLX

-0.75-1.21

5.32-0.18

9.6424.60

8.371.38

7.853.99

MSCI EAFE N

R USD-0.68

-1.184.61

1.5612.05

25.9713.04

5.8111.81

8.77Category (FR)

0.160.21

-1.451.00

-0.59-3.42

4.315.90

4.678.02

+/- MSCI EAFE N

R USD0.09

0.19-0.74

-0.74-2.99

-4.78-0.36

1.460.71

3.24+/- Category (FR)

2336

6859

7069

——

——

Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-2.38

-1.495.00

5.0018.90

——

——


-2.38-1.49

5.005.00

18.35—

——

—24.08

% Rank in Category

2449

6060

58—

——

——

Tax Cost Ratio—

——

—0.46

——

——

—



©2013 M







ithout written perm


®

Page 2 of 3

35

Munder M

id-Cap Core Grow

th R6 MGOSX

.

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

39.34[

-0.18 | -0.460.00

5.5Open

$0N

one0.84%

WWWW

Mid-Cap Grow

th8

Mid Grow

th

Grow

th of 10,000 06-01-2012 - 07-29-2013

5k 10k

15k

YTDYTDYTD

MGOSX : $13,588.95

S&P 500 TR USD :

$13,522.61M

G : $13,321.54

Investment Strategy


capital appreciation. The fund normally invests at least 80%

of assets in the equity securitiesof m

id-capitalization companies. M

id-capitalization companies m

eans those companies w

ith market capitalizations w

ithin therange of com

panies included in the S&P MidCap 400®

Index or within the range of com

panies included in the Russell Mid-

cap® Index. Its investm

ent style, which focuses on both grow

th prospects and valuation, is known as GARP (Grow

th at a Reas-onable Price). The fund m

ay invest up to 25% of assets in foreign securities.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

11,997.5610,446.10

12,739.6416,604.15

15,109.6027,691.79

Fund19.98

4.4627.40

18.418.61

10.72+/- S&

P 500 TR USD0.41

-0.583.05

0.690.28

3.07+/- Category

1-1

22

12

% Rank in Cat

3989

33—

——


733697

629557

410


Weight %

Last PriceDay Chg %

52 Week Range

TAffiliated M

anagers Group Inc2.36

178.35 USD3.35 ]

106.91 - 179.19

TN

iSource Inc1.97

30.88 USD0.23 ]

23.14 - 31.48

TDiscovery Com

munications Inc Class A

1.9380.93 USD

-4.12 [48.75 - 89.58

TTupperw

are Brands Corporation1.82

82.69 USD0.27 ]

50.90 - 85.22

TInvesco Ltd.

1.7532.55 USD

0.99 ]20.80 - 35.02


9.83

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

tConsum

er Cyclical20.24

20.2414.83

17.68

aTechnology

13.9213.92

12.0621.86

yFinancial Services

13.6413.98

10.389.71

pIndustrials

11.5817.90

11.5816.88

dHealthcare

10.8910.89

9.7612.42

FundCat Avg

010

2030

40

3 Year Average M



LowAvg

High


Pillars

Process—

—Perform

ance—

—People

——

Parent—

—Price

——

Rating.

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash0.00

US Stock97.64

Non US Stock

1.97Bond

0.00Other

0.39

Managem

entStart Date

Tony Y. Dong2001-02-01

Brian S. Matuszak

2005-12-30George L. Sanders II

2006-09-30Geoffrey A. W

ilson2007-06-29

Madan Gopal

2009-10-31Gavin Haym

an2010-02-18

Robert E. Crosby2012-02-14


©2013 M







ithout written perm


®

Page 1 of 3

36

Munder M

id-Cap Core Grow

th R6 MGOSX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k20k

35kM

GOSXCategory: M

GIndex: S&

P 500 TR USD

__

__

__

__

__

&Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

37.0722.30

13.1111.82

20.97-43.45

32.8025.48

-0.7716.15

14.85M

GOSX28.68

10.884.91

15.795.49

-37.0026.46

15.062.11

16.0013.82

S&P 500 TR USD

35.9613.23

9.849.00

15.09-43.77

39.1124.61

-3.9614.07

13.11Category (M

G)8.38

11.418.20

-3.9815.48

-6.466.33

10.42-2.89

0.151.03

+/- S&P 500 TR USD

1.119.07

3.272.82

5.880.32

-6.310.86

3.192.08

1.74+/- Category (M

G)—

——

——

——

——

——

Income USD

——

——

——

——

——


——

——

——

——

—24

60N

et Assets USD Mil

25%

Rank in CategoryM

GM

GFund Category


-40

0 40 80%M

GOSXCategory: M

GIndex: S&

P 500 TR USD

Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-0.46-1.35

4.466.30

19.9827.40

18.418.61

10.7210.96

MGOSX

-0.37-0.59

5.046.32

19.5724.35

17.738.33

7.654.63

S&P 500 TR USD

-0.50-0.85

5.377.81

19.2025.66

16.837.95

8.997.48

Category (MG)

-0.09-0.76

-0.58-0.03

0.413.05

0.690.28

3.076.33

+/- S&P 500 TR USD

0.05-0.50

-0.91-1.52

0.771.73

1.590.65

1.733.48

+/- Category (MG)

3289

8985

3933

——

——

Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-1.31

1.7814.85

14.8522.63

——

——


-1.311.78

14.8514.85

22.63—

——

—27.61

% Rank in Category

3641

2020

15—

——

——

Tax Cost Ratio—

——

—0.00

——

——

—



©2013 M







ithout written perm


®

Page 2 of 3

37

Munder Veracity Sm

all-Cap Value R6 MVSSX

.

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

28.18[

-0.22 | -0.770.02

0.5Open

$0N

one1.1%

WWWWW

Small Value

6Sm

all Blend

Grow

th of 10,000 06-01-2012 - 07-29-2013

5k 10k

15k

20k

YTDYTDYTD

MVSSX : $14,865.83

S&P 500 TR USD :

$13,522.61SV : $14,238.93

Investment Strategy


capital growth. The fund norm

ally invests 80% of assets in equity securities (i.e., com

mon

stocks, preferred stocks, convertible securities and rights and warrants) of sm

all-capitalization companies. Sm

all-capitalizationcom

panies are those companies w

ith market capitalizations w

ithin the range of companies included in the Russell 2000®

In-dex. The fund m

ay also invest in equity securities of larger companies and m

ay invest up to 25% of its assets in foreign securit-

ies.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

12,614.1510,670.20

13,742.3816,765.94

19,146.74—

Fund26.14

6.7037.42

18.8013.87

—+/- S&

P 500 TR USD6.58

1.6613.07

1.075.54

—+/- Category

41

42

4—

% Rank in Cat

1228

18—

——


387365

297256

151


Weight %

Last PriceDay Chg %

52 Week Range

TEsterline Technologies

1.4181.51 USD

0.97 ]51.13 - 83.87

TGulfport Energy Corporation

1.3352.05 USD

0.68 ]19.45 - 54.29

TRadian Group, Inc.

1.3314.12 USD

1.36 ]2.65 - 14.62

TEM

COR Group, Inc.1.28

41.34 USD0.41 ]

25.33 - 43.98

TN

orthstar Realty Finance Corporation1.28

9.76 USD0.62 ]

5.35 - 10.30


6.63

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

24.1624.16

22.4521.43

pIndustrials

15.9918.65

15.5617.38

aTechnology

14.1514.15

9.1411.25

tConsum

er Cyclical11.90

13.846.77

15.00

uRealEstate

11.2012.44

10.416.37

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term


Return ofCapital

DividendIncom

eDistribution

Total

2012-12-2722.10

0.00000.0000

0.00000.0044

0.0044

3 Year Average M



LowAvg

High


Pillars

Process—

—Perform

ance—

—People

——

Parent—

—Price

——

Rating.

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash1.70

US Stock96.95

Non US Stock

1.34Bond

0.00Other

0.02

Managem

entStart Date

Daniel J. Bandi2004-03-30

Daniel J. DeMonica

2004-03-30Adam

I. Friedman

2004-03-30Joe A. Gilbert

2011-10-29J. Bryan Tinsley

2011-10-29


©2013 M







ithout written perm


®

Page 1 of 3

38

Munder Veracity Sm

all-Cap Value R6 MVSSX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k

20k25k

MVSSX

Category: SVIndex: S&

P 500 TR USD

__

__

__

__

__

&Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

——

8.3118.00

-7.11-31.26

33.5829.45

-2.9113.96

18.22M

VSSX—

—4.91

15.795.49

-37.0026.46

15.062.11

16.0013.82

S&P 500 TR USD

——

6.4016.27

-6.08-32.24

31.3226.17

-4.4516.00

15.30Category (SV)

——

3.392.21

-12.605.74

7.1214.38

-5.02-2.05

4.39+/- S&

P 500 TR USD—

—1.90

1.73-1.03

0.982.26

3.281.55

-2.052.92

+/- Category (SV)—

——

——

——

——

0.00—

Income USD

——

——

——

——

——


——

——

——

——

—3

19N

et Assets USD Mil

11%

Rank in CategorySV

SVFund Category


-60

0 60 120%M

VSSXCategory: SVIndex: S&

P 500 TR USD

Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-0.77-1.26

6.7011.52

26.1437.42

18.8013.87

——

MVSSX

-0.37-0.59

5.046.32

19.5724.35

17.738.33

7.654.63

S&P 500 TR USD

-0.64-1.16

6.0110.33

22.2633.64

16.5510.10

10.129.51

Category (SV)-0.41

-0.671.66

5.196.58

13.071.07

5.54—

—+/- S&

P 500 TR USD-0.14

-0.100.70

1.193.88

3.782.24

3.77—

—+/- Category (SV)

7664

2828

1218

——

——

Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return0.04

4.1418.22

18.2229.11

——

——


0.044.14

18.2218.22

29.10—

——

—35.98

% Rank in Category

913

99

13—

——

——

Tax Cost Ratio—

——

—0.01

——

——

—



©2013 M







ithout written perm


®

Page 2 of 3

39

Oppenheim

er Global I OGLIX

.

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

73.26[

-0.42 | -0.571.37

9.6Open

$5 mil

None

0.73%WWWW

World Stock

7Large Grow

th

Grow

th of 10,000 01-27-2012 - 07-29-2013

5k 10k

15k

20032004

20052006

20072008

20092010

20112012

YTD

OGLIX : $13,050.03M

SCI EAFE NR USD :

$12,139.57W

S : $12,243.14

Investment Strategy

The investment seeks capital appreciation. The fund invests m

ainly in comm

on stock of U.S. and foreign companies. It can in-

vest without lim

it in foreign securities and can invest in any country, including countries with developing or em

erging markets.

However, the fund currently em

phasizes its investments in developed m

arkets such as the United States, Western European

countries and Japan. It does not limit its investm

ents to companies in a particular capitalization range, but prim

arily invests inm

id- and large-cap companies. The fund norm

ally will invest in at least three countries (one of w

hich may be the United States).


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

11,352.8610,509.25

12,918.7614,426.51

14,020.1524,612.78

Fund13.53

5.0929.19

12.996.99

9.42+/- M

SCI EAFE NR USD

3.89-0.23

4.594.63

5.611.58

+/- Category1

07

12

1%

Rank in Cat41

3011

——


1,0421,108

988742

595301


Weight %

Last PriceDay Chg %

52 Week Range

LM Ericsson Telephone Com

pany3.31

77.80 USD1.30 ]

56.60 - 86.40

YEuropean Aeronautic Defence andSpace N

V2.69

44.27 USD-0.17 [

24.25 - 44.80

Google, Inc. Class A2.36

892.10 USD1.11 ]

623.41 - 928.00eBay Inc

2.1851.88 USD

0.47 ]43.26 - 58.04

Sap AG2.16

— USD

— [

—


12.69

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

aTechnology

24.6725.17

23.2614.07

yFinancial Services

18.6418.64

13.8215.69

tConsum

er Cyclical17.26

22.4917.26

12.64

dHealthcare

13.0513.05

10.0710.93

pIndustrials

9.6612.45

9.6611.63

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term


Return ofCapital

DividendIncom

eDistribution

Total

2012-12-1063.22

0.10480.0000

0.00000.9563

1.0611

3 Year Average M


Risk vs. Category+Avg

LowAvg

High


Pillars

Process—

—Perform

ance—

—People

——

Parent—

—Price

——

Rating.

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash0.20

US Stock38.41

Non US Stock

60.14Bond

0.00Other

1.25

Managem

entStart Date

Rajeev Bhaman

2004-08-02


©2013 M







ithout written perm


®

Page 1 of 3

40

Oppenheim

er Global I OGLIX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k20k

30kOGLIXCategory: W

SIndex: M

SCI EAFE NR USD

__

__

__

__

__

*Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

43.0718.67

13.8317.38

5.97-41.03

39.2015.68

-8.6921.29

8.03OGLIX

38.5920.25

13.5426.34

11.17-43.38

31.787.75

-12.1417.32

4.10M

SCI EAFE NR USD

34.4915.27

11.6119.72

11.28-41.91

35.2713.74

-7.9315.84

7.45Category (W

S)4.49

-1.580.30

-8.96-5.20

2.357.43

7.933.45

3.973.92

+/- MSCI EAFE N

R USD8.59

3.402.22

-2.34-5.31

0.883.93

1.94-0.76

5.450.58

+/- Category (WS)

——

——

——

——

—0.96

—Incom

e USD—

——

——

——

——

0.10—


——

——

——

——

4050

Net Assets USD M

il45

% Rank in Category

WS

WS

Fund Category


-30

0 30 60%OGLIXCategory: W

SIndex: M

SCI EAFE NR USD

Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-0.57-0.03

5.093.28

13.5329.19

12.996.99

9.428.17

OGLIX-0.75

-1.215.32

-0.189.64

24.608.37

1.387.85

3.99M

SCI EAFE NR USD

-0.49-0.61

4.693.08

12.4821.91

11.584.92

8.235.90

Category (WS)

0.181.18

-0.233.46

3.894.59

4.635.61

1.584.18

+/- MSCI EAFE N

R USD-0.08

0.580.40

0.201.05

7.281.41

2.071.19

2.27+/- Category (W

S)63

1130

4841

11—

——

—Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-2.30

0.758.03

8.0325.10

——

——


-2.300.75

8.038.03

24.42—

——

—15.98

% Rank in Category

1121

2727

5—

——

——

Tax Cost Ratio—

——

—0.55

——

——

—



©2013 M







ithout written perm


®

Page 2 of 3

41

Assets

Investment Type

Par V

alue%

of Portfolio

AGEN

CY - M

BS - GN

MA PASS-TH

RO

UG

HS

2.61$

2.9%A

GE

NC

Y - M

BS

- FGLM

C/FH

LMC

PA

SS

-THR

OU

GH

S15.25

$16.7%

AGEN

CY - M

BS - FNM

A PASS-THR

OU

GH

S53.68

$58.9%

AGEN

CY - C

MO

- SEQU

ENTIAL

0.48$

0.5%A

GE

NC

Y - C

MO

- VE

RY

AC

CU

RA

TELY

DE

FINE

D M

ATU

RITY

0.82$

0.9%AG

ENC

Y SECU

RITIES - ISSU

ED BY G

SEs1.92

$2.1%

ASSET-BACKED

SECU

RITIES

4.16$

4.6%N

ON

-AGEN

CY C

OM

MER

CIAL M

OR

TGAG

E-BACKED

SECU

RITIES

5.35$

5.9%C

OR

PO

RA

TE B

ON

DS

4.81$

5.3%Total P

ar Value of Long Term

Holdings

89.09$

97.7%N

et Short Term

2.11$

2.3%Total P

ar Value of A

ssets91.21

$100.0%

Num

ber of Long Term H

oldings69

Book Value of Assets97.08

$M

arket Value of A

ssets94.52

$M

arket Value of A

ssets to Book V

alue of Liabilities97.0%

Average Life6.59

YearsA

verage Duration

4.99Years

Average R

ating (S&

P / M

oody's / Fitch's)

Liabilities

Book Value Liabilities$97.43

(In Millions)

Returns/C

redited Rates

Current yield of the portfolio based on B

V of assets

1.99%A

mortization of realized gains/losses A

ND

of BV

asset / BV

liability differential *-0.07%

Net investm

ent return1.92%

Investment M

anagement fees

-0.19%Investm

ent return after expenses1.73%

2nd Quarter credited rate to participants

2.05%3rd Q

uarter credited rate to participants2.04%

Pasadena Custom

Stable Value Fund

June 30, 2013

(In Millions)

Quarterly Statem

ent as of

AA+/AAA/AAA

Confidential - D

o not disclose or disseminate

1For P

lan Sponsor use only - N

ot for use with P

lan Participants

42

Pasadena Custom

Stable Value FundQ

uarterly Statement as of

June 30, 2013Q

uarterly Statement as of

Summ

ary of Investments in Separate A

ccountSum

mary of Investm

ents in Separate Account

Invested Assets

Non-A

gency MB

S6%

Cash

Asset Backed Securities5%

Corporate B

onds5%

Cash2%

Agency Securities2%

5%

Agency C

MO

1% 2%1%

Agency M

BS

79%

Portfolio Quality

Portfolio Quality

90.0%

100.0%

80.0%

90.0%

70.0%

80.0%

60.0%

50.0%

30.0%

40.0%

20.0%

30.0%

10.0%

20.0%

0.0%A

AA

AA

+A

AA

A-

A+

AA

-B

BB

+B

BB

BB

B-

BB

&N

RA

AA

AA

+A

AA

A-

A+

AA

-B

BB

+B

BB

BB

B-

BB

&below

NR

S&

PM

oody'sFitch's

S&

PM

oody'sFitch's

2

43

Vanguard Small Cap G

rowth Index I VSGIX

„

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

30.73[

-0.18 | -0.580.92

11.8Open

$5 mil

None

0.08%QQQQ

Small Grow

th9

Small Grow

th

Grow

th of 10,000 07-30-2003 - 07-29-2013

5k 10k

15k20k

30k

20032004

20052006

20072008

20092010

20112012

YTD

VSGIX : $29,280.11S&

P 500 TR USD :$20,941.62SG : $22,376.07

Investment Strategy

The investment seeks to track the perform

ance of a benchmark index that m

easures the investment return of sm

all-capitaliza-tion grow

th stocks. The fund employs an indexing investm

ent approach designed to track the performance of the CRSP US

Small Cap Grow

th Index, a broadly diversified index of growth stocks of sm

all U.S. companies. It attem

pts to replicate the tar-get index by investing all, or substantially all, of its assets in the stocks that m

ake up the index, holding each stock in approxim-

ately the same proportion as its w

eighting in the index.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

12,259.0010,592.90

13,159.7017,753.99

17,164.2729,201.20

Fund22.59

5.9331.60

21.0911.41

11.31+/- S&

P 500 TR USD3.02

0.887.25

3.363.08

3.66+/- Category

00

22

22

% Rank in Cat

5455

3125

278


736701

623544

352


Weight %

Last PriceDay Chg %

52 Week Range

TCheniere Energy Inc

0.5628.11 USD

-1.44 [13.37 - 31.52

TTenet Healthcare Corp

0.5344.50 USD

-1.11 [4.45 - 49.47

TFleetcor Technologies, Inc.

0.4889.73 USD

0.68 ]35.60 - 90.92

TAlaska Air Group, Inc.

0.4760.18 USD

1.05 ]32.69 - 68.00

TM

ednax, Inc.0.47

97.33 USD1.26 ]

63.68 - 97.60


2.50

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

pIndustrials

22.8722.87

20.5822.30

aTechnology

19.6822.48

19.5122.27

tConsum

er Cyclical17.04

17.4414.77

15.38

dHealthcare

15.9817.16

15.9813.27

oEnergy

6.016.80

5.735.87

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term


Return ofCapital

DividendIncom

eDistribution

Total

2013-03-1927.82

0.00000.0000

0.00000.0030

0.00302012-12-21

24.980.0000

0.00000.0000

0.26300.2630

2012-03-2124.44

0.00000.0000

0.00000.0020

0.00202011-12-22

21.570.0000

0.00000.0000

0.12100.1210

2011-03-2223.17

0.00000.0000

0.00000.0020

0.0020

3 Year Average M



LowAvg

High


Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

Rating„

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash4.05

US Stock94.62

Non US Stock

1.33Bond

0.00Other

0.01

Managem

entStart Date

Gerard C. O'Reilly2004-12-30


©2013 M







ithout written perm


®

Page 1 of 3

44

Vanguard Small Cap G

rowth Index I VSGIX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k20k

35kVSGIXCategory: SGIndex: S&

P 500 TR USD

(*

**

**

&*

*&

(Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

43.0816.26

8.8412.09

9.78-39.91

42.1330.96

-1.4017.68

15.73VSGIX

28.6810.88

4.9115.79

5.49-37.00

26.4615.06

2.1116.00

13.82S&

P 500 TR USD45.54

12.416.02

10.817.59

-41.5535.46

26.98-3.55

13.1516.03

Category (SG)14.39

5.383.93

-3.704.28

-2.9115.66

15.90-3.51

1.671.90

+/- S&P 500 TR USD

-2.463.85

2.821.28

2.191.64

6.673.98

2.154.53

-0.30+/- Category (SG)

0.030.04

0.060.08

0.120.13

0.080.11

0.120.27

0.00Incom

e USD—

——

——

——

——

——

Capital Gains USD30

3873

257703

511945

——

——

Net Assets USD M

il56

2827

3839

3825

2832

1154

% Rank in Category

SGSG

SGSG

SGSG

SGSG

SGSG

SGFund Category


-30

0 30 60%VSGIXCategory: SGIndex: S&

P 500 TR USD

Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-0.58-1.22

5.9310.30

22.5931.60

21.0911.41

11.319.19

VSGIX-0.37

-0.595.04

6.3219.57

24.3517.73

8.337.65

4.63S&

P 500 TR USD-0.66

-0.825.87

11.4022.91

29.3418.87

9.839.36

7.84Category (SG)

-0.21-0.63

0.883.98

3.027.25

3.363.08

3.664.55

+/- S&P 500 TR USD

0.08-0.40

0.06-1.10

-0.322.25

2.221.58

1.951.35

+/- Category (SG)32

7955

6454

3125

278

—Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-0.79

2.9815.73

15.7324.39

21.369.91

11.31—


-0.792.98

15.7315.73

24.1421.20

9.7611.20

—8.39

% Rank in Category

5646

4343

2315

264

——

Tax Cost Ratio—

——

—0.20

0.130.14

0.10—

—



©2013 M







ithout written perm


®

Page 2 of 3

45

Vanguard Target Retirement 2015 Inv VTXVX

Œ

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

14.34[

-0.01 | -0.072.14

19.5Open

$1,000N

one0.16%

QQQQQ

Target Date 2011-2015

4Large Blend

Grow

th of 10,000 10-27-2003 - 07-28-2013

5k 10k

15k

20k25k

20032004

20052006

20072008

20092010

20112012

YTD

VTXVX : $18,092.12M

orningstar Moderate

Target Risk : $20,141.54TD : $16,247.13


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,717.4910,376.27

11,284.3713,221.65

13,666.46—

Fund7.17

3.7612.84

9.766.45

—+/- M

orningstar Moderate

Target Risk-1.05

-0.41-1.92

-0.49-0.29

—

+/- Category2

02

21

—%

Rank in Cat14

2928

197


176179

161141

965


Weight %

Last PriceDay Chg %

52 Week Range

TVanguard Total Bond M

arket II Idx Inv39.77

10.60 USD0.09 ]

10.48 - 11.10

TVanguard Total Stock M

kt Idx Inv38.67

42.59 USD0.00 [

33.76 - 42.68

TVanguard Total Intl Stock Index Inv

15.9615.49 USD

-0.58 [13.43 - 16.22

TVanguard Inflation-Protected Secs Inv

5.6013.43 USD

0.08 ]13.16 - 15.14


100.00

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

15.6615.66

13.9616.09

aTechnology

13.8914.65

13.8913.82

pIndustrials

12.2912.29

11.9611.78

tConsum

er Cyclical10.99

10.9910.15

12.07

dHealthcare

10.2110.45

10.2111.45

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

44.8566.16

35.90Agency M

ortgage-Backed20.47

0.1315.06

Government-Related

5.022.41

3.76Com

mercial M

BS0.99

0.001.19

Non-Agency Residential M

BS0.66

0.011.15

FundCat Avg

015

3045

60


ains Distributions

DistributionDate

DistributionN

AVLong-Term


Return ofCapital

DividendIncom

eDistribution

Total

2012-12-2813.29

0.00000.0180

0.00000.2980

0.31602011-12-29

12.310.0000

0.02000.0000

0.31300.3330

2010-12-3012.40

0.00000.0240

0.00000.2760

0.30002009-12-30

11.380.0000

0.00000.0000

0.27600.2760

2008-12-309.47

0.00000.0000

0.00000.3650

0.3650

3 Year Average M



LowAvg

High


Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Investment Strategy

The investment seeks to provide capital appreciation and

current income consistent w

ith its current asset allocation.The fund invests in other Vanguard m

utual funds accordingto an asset allocation strategy designed for investors plan-ning to retire and leave the w

ork force in or within a few

years of 2015 (the target year). At any given time, its asset

allocation may be affected by a variety of factors, such as

whether the underlying funds are accepting additional in-

vestments. The fund's indirect stock holdings are a diversi-

fied mix of U.S. and foreign large-, m

id-, and small-capitaliz-

ation stocks.

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash4.16

US Stock38.01

Non US Stock

16.13Bond

41.46Other

0.23

Managem

entStart Date

Michael H. Buek

2013-02-22W

illiam Colem

an2013-02-22

Walter N

ejman

2013-02-22


©2013 M







ithout written perm


®

Page 1 of 3

46

Vanguard Target Retirement 2015 Inv VTXVX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k

20kVTXVXCategory: TDIndex: M

orningstar Moderate Target Risk

_&

**

&&

)*

&*

&Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

—9.04

4.9411.42

7.55-24.06

21.3012.47

1.7111.37

3.89VTXVX

—11.48

7.0412.95

8.63-22.19

21.7712.33

0.5912.04

4.56M

orningstar Moderate Target

Risk—

7.394.64

11.135.84

-27.7623.55

11.50-0.27

10.652.13

Category (TD)—

-2.44-2.11

-1.53-1.09

-1.86-0.47

0.141.12

-0.68-0.68

+/- Morningstar M

oderate TargetRisk

—1.64

0.300.30

1.703.70

-2.250.97

1.990.72

1.76+/- Category (TD)

0.060.20

0.260.31

0.340.37

0.280.28

0.310.30

—Incom

e USD—

0.000.00

——

——

0.020.02

0.02—

Capital Gains USD50

707—

——

——

——

——

Net Assets USD M

il12

4430

2315

7634

1934

14%

Rank in CategoryTD

TDTD

TDTD

TDTD

TDTD

TDTD

Fund Category


-20

0 20 40%VTXVXCategory: TDIndex: M


Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-0.07-0.07

3.761.49

7.1712.84

9.766.45

——

VTXVX0.05

-0.104.18

2.258.22

14.7610.25

6.737.75

—M


-0.05-0.18

3.360.41

4.9310.55

8.245.00

4.433.18

Category (TD)-0.12

0.03-0.41

-0.76-1.05

-1.92-0.49

-0.29—

—+/- M


Risk-0.02

0.110.40

1.072.25

2.291.51

1.45—

—+/- Category (TD)

5422

2926

1428

197

——

Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-1.77

-0.713.89

3.899.63

10.555.45

——


-1.77-0.71

3.893.89

8.989.83

4.71—

—5.28

% Rank in Category

2018

1313

218

2—

——

Tax Cost Ratio—

——

—0.60

0.650.71

——

—



©2013 M







ithout written perm


®

Page 2 of 3

47

Vanguard Target Retirement 2020 Inv VTW

NX

Œ

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

25.94[

-0.03 | -0.122.03

20.9Open

$1,000N

one0.16%

QQQQ


4Large Blend

Grow

th of 10,000 06-07-2006 - 07-28-2013

5k 10k

15k

20k

20032004

20052006

20072008

20092010

20112012

YTD

VTWN

X : $15,053.12M

orningstar Moderate

Target Risk : $15,526.36TE : $13,803.89


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,885.4410,426.05

11,538.1513,538.51

13,716.34—

Fund8.85

4.2615.38

10.636.52

—+/- M

orningstar Moderate

Target Risk0.63

0.080.62

0.38-0.21

—

+/- Category3

03

21

—%

Rank in Cat13

2524

1310


222223

213186

14931


Weight %

Last PriceDay Chg %

52 Week Range


kt Idx Inv44.63

42.59 USD0.00 [

33.76 - 42.68



10.60 USD0.09 ]

10.48 - 11.10


18.7115.49 USD

-0.58 [13.43 - 16.22


100.00

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

15.6815.68

13.9715.77

aTechnology

13.8614.68

13.8613.63

pIndustrials

12.2912.29

11.9611.69

tConsum

er Cyclical10.99

10.9910.15

11.66

dHealthcare

10.2010.44

10.2010.83

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

37.0864.64

33.32Agency M

ortgage-Backed23.28

0.1418.43

Government-Related

5.712.38

5.65Com

mercial M

BS1.12

0.001.24


BS0.76

0.021.22

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term


Return ofCapital

DividendIncom

eDistribution

Total

2012-12-2823.63

0.00000.0260

0.00000.5080

0.53402011-12-29

21.710.0000

0.03100.0000

0.51300.5440

2010-12-3022.07

0.00000.0350

0.00000.4440

0.47902009-12-30

20.090.0000

0.00000.0000

0.44000.4400

2008-12-3016.41

0.00000.0000

0.00000.5490

0.5490

3 Year Average M



LowAvg

High


Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Investment Strategy












ation stocks.

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash3.90

US Stock43.87

Non US Stock

18.90Bond

33.07Other

0.27

Managem

entStart Date

Michael H. Buek

2013-02-22W

illiam Colem

an2013-02-22

Walter N

ejman

2013-02-22


©2013 M







ithout written perm


®

Page 1 of 3

48

Vanguard Target Retirement 2020 Inv VTW

NX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k

20kVTW

NX

Category: TEIndex: M


__

__

*&

(*

**

&Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

——

——

7.52-27.04

23.1013.12

0.6012.35

5.08VTW

NX

——

——

8.63-22.19

21.7712.33

0.5912.04

4.56M


Risk—

——

—6.02

-29.4624.25

12.27-0.22

11.682.76

Category (TE)—

——

—-1.11

-4.841.32

0.790.01

0.310.51

+/- Morningstar M

oderate TargetRisk

——

——

1.502.43

-1.150.85

0.820.66

2.32+/- Category (TE)

——

—0.19

0.410.55

0.440.44

0.510.51

—Incom

e USD—

——

——

——

0.040.03

0.03—


——

407—

——

——

——

Net Assets USD M

il34

2266

3532

3611

% Rank in Category

TETE

TETE

TETE

TETE

Fund Category


-20

0 20 40%VTW

NX

Category: TEIndex: M


Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-0.120.00

4.262.33

8.8515.38

10.636.52

——

VTWN

X0.05

-0.104.18

2.258.22

14.7610.25

6.737.75

—M


-0.08-0.18

3.840.92

5.9912.07

9.025.27

5.683.92

Category (TE)-0.16

0.100.08

0.080.63

0.620.38

-0.21—

—+/- M


Risk-0.04

0.180.42

1.402.87

3.311.60

1.25—

—+/- Category (TE)

7911

2518

1324

1310

——

Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-1.80

-0.245.08

5.0811.52

11.495.43

——


-1.80-0.24

5.085.08

10.9310.87

4.80—

—4.89

% Rank in Category

209

1111

1010

5—

——

Tax Cost Ratio—

——

—0.53

0.560.60

——

—



©2013 M







ithout written perm


®

Page 2 of 3

49

Vanguard Target Retirement 2025 Inv VTTVX

Œ

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

14.98[

-0.02 | -0.132.05

25.0Open

$1,000N

one0.17%

QQQQ


4Large Blend

Grow

th of 10,000 10-27-2003 - 07-28-2013

5k 10k

15k

20k25k

20032004

20052006

20072008

20092010

20112012

YTD

VTTVX : $18,491.18M

orningstar Moderate

Target Risk : $20,141.54TG : $17,484.78


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

11,022.8110,468.20

11,759.6213,822.06

13,715.36—

Fund10.23

4.6817.60

11.396.52

—+/- M

orningstar Moderate

Target Risk2.01

0.512.83

1.14-0.21

—

+/- Category2

02

11

—%

Rank in Cat19

3834

2216


181184

163134

910


Weight %

Last PriceDay Chg %

52 Week Range


kt Idx Inv49.97

42.59 USD0.00 [

33.76 - 42.68



10.60 USD0.09 ]

10.48 - 11.10


20.8215.49 USD

-0.58 [13.43 - 16.22


100.00

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

15.6815.68

13.9516.07

aTechnology

13.8714.67

13.8713.86

pIndustrials

12.2912.29

11.9611.60

tConsum

er Cyclical10.99

10.9910.15

11.65

dHealthcare

10.2010.45

10.2011.28

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

36.9463.11

32.49Agency M

ortgage-Backed23.19

0.1515.93

Government-Related

5.682.34

4.65Com

mercial M

BS1.12

0.001.08


BS0.75

0.021.05

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term


Return ofCapital

DividendIncom

eDistribution

Total

2012-12-2813.46

0.00000.0120

0.00000.2960

0.30802011-12-29

12.280.0000

0.01300.0000

0.29100.3040

2010-12-3012.60

0.00000.0160

0.00000.2500

0.26602009-12-30

11.400.0000

0.00000.0000

0.25200.2520

2008-12-309.16

0.00000.0000

0.00000.3230

0.3230

3 Year Average M



LowAvg

High


Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Investment Strategy





orkforce in or within a few







ation stocks.

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash3.20

US Stock49.12

Non US Stock

21.04Bond

26.35Other

0.30

Managem

entStart Date

Michael H. Buek

2013-02-22W

illiam Colem

an2013-02-22

Walter N

ejman

2013-02-22


©2013 M







ithout written perm


®

Page 1 of 3

50

Vanguard Target Retirement 2025 Inv VTTVX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k

20kVTTVXCategory: TGIndex: M


_&

)*

*&

)*

&*

&Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

—10.11

5.4513.24

7.59-30.05

24.8113.84

-0.3713.29

5.96VTTVX

—11.48

7.0412.95

8.63-22.19

21.7712.33

0.5912.04

4.56M


Risk—

8.966.59

14.166.52

-34.1528.32

13.29-2.06

13.034.34

Category (TG)—

-1.37-1.60

0.29-1.04

-7.863.04

1.50-0.96

1.251.40

+/- Morningstar M

oderate TargetRisk

—1.15

-1.14-0.92

1.074.10

-3.510.55

1.690.27

1.62+/- Category (TG)

0.060.18

0.240.29

0.310.32

0.250.25

0.290.30

—Incom

e USD—

0.000.00

——

——

0.020.01

0.01—

Capital Gains USD30

708—

——

——

——

——

Net Assets USD M

il1

9445

4115

7837

1643

17%

Rank in CategoryTG

TGTG

TGTG

TGTG

TGTG

TGTG

Fund Category


-20

0 20 40%VTTVXCategory: TGIndex: M


Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-0.130.00

4.682.96

10.2317.60

11.396.52

——

VTTVX0.05

-0.104.18

2.258.22

14.7610.25

6.737.75

—M


-0.11-0.14

4.492.08

8.2515.52

10.435.51

——

Category (TG)-0.18

0.100.51

0.712.01

2.831.14

-0.21—

—+/- M


Risk-0.02

0.140.19

0.871.98

2.080.97

1.01—

—+/- Category (TG)

6417

3830

1934

2216

——

Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-1.84

-0.075.96

5.9612.96

12.345.33

——


-1.84-0.07

5.965.96

12.3811.76

4.73—

—5.56

% Rank in Category

1615

1515

2315

8—

——

Tax Cost Ratio—

——

—0.51

0.520.57

——

—



©2013 M







ithout written perm


®

Page 2 of 3

51

Vanguard Target Retirement 2030 Inv VTHRX

Œ

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

26.10[

-0.03 | -0.112.00

16.9Open

$1,000N

one0.17%

QQQQ


4Large Blend

Grow

th of 10,000 06-07-2006 - 07-28-2013

5k 10k

15k

20k

20032004

20052006

20072008

20092010

20112012

YTD

VTHRX : $14,966.32M

orningstar Moderate

Target Risk : $15,526.36TH : $13,673.39


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

11,163.3910,511.48

11,985.6214,123.59

13,736.50—

Fund11.63

5.1119.86

12.206.56

—+/- M

orningstar Moderate

Target Risk3.41

0.945.09

1.95-0.18

—

+/- Category3

03

21

—%

Rank in Cat24

2832

1813


222223

213186

14926


Weight %

Last PriceDay Chg %

52 Week Range


kt Idx Inv55.12

42.59 USD0.00 [

33.76 - 42.68


23.0215.49 USD

-0.58 [13.43 - 16.22



10.60 USD0.09 ]

10.48 - 11.10


100.00

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

15.6815.68

13.9915.53

aTechnology

13.8714.70

13.8713.70

pIndustrials

12.2912.29

11.9511.46

tConsum

er Cyclical10.99

10.9910.15

11.46

dHealthcare

10.2010.43

10.2010.76

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

36.6961.49

28.81Agency M

ortgage-Backed23.04

0.1517.31

Government-Related

5.652.30

5.97Com

mercial M

BS1.11

0.001.19


BS0.75

0.021.11

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term


Return ofCapital

DividendIncom

eDistribution

Total

2012-12-2823.13

0.00000.0150

0.00000.4990

0.51402011-12-29

20.940.0000

0.01700.0000

0.46800.4850

2010-12-3021.66

0.00000.0220

0.00000.3950

0.41702009-12-30

19.460.0000

0.00000.0000

0.38600.3860

2008-12-3015.35

0.00000.0000

0.00000.4630

0.4630

3 Year Average M



LowAvg

High


Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Investment Strategy












ation stocks.

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash2.52

US Stock54.18

Non US Stock

23.26Bond

19.72Other

0.33

Managem

entStart Date

Michael H. Buek

2013-02-22W

illiam Colem

an2013-02-22

Walter N

ejman

2013-02-22


©2013 M







ithout written perm


®

Page 1 of 3

52

Vanguard Target Retirement 2030 Inv VTHRX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k

20kVTHRXCategory: THIndex: M


__

__

*&

(*

&*

&Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

——

——

7.49-32.91

26.7214.43

-1.2714.24

6.89VTHRX

——

——

8.63-22.19

21.7712.33

0.5912.04

4.56M


Risk—

——

—6.50

-36.0428.87

13.47-2.26

13.594.70

Category (TH)—

——

—-1.14

-10.714.95

2.10-1.86

2.202.32

+/- Morningstar M

oderate TargetRisk

——

——

0.993.13

-2.150.96

0.980.65

2.19+/- Category (TH)

——

—0.19

0.370.46

0.390.40

0.470.50

—Incom

e USD—

——

——

——

0.020.02

0.02—


——

239—

——

——

——

Net Assets USD M

il39

1874

3322

3817

% Rank in Category

THTH

THTH

THTH

THTH

Fund Category


-20

0 20 40%VTHRXCategory: THIndex: M


Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-0.110.04

5.113.65

11.6319.86

12.206.56

——

VTHRX0.05

-0.104.18

2.258.22

14.7610.25

6.737.75

—M


-0.14-0.15

4.842.39

8.9416.79

10.645.40

6.153.96

Category (TH)-0.16

0.130.94

1.403.41

5.091.95

-0.18—

—+/- M


Risk0.02

0.180.27

1.262.69

3.061.56

1.16—

—+/- Category (TH)

4821

2830

2432

1813

——

Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-1.89

0.246.89

6.8914.55

13.235.24

——


-1.890.24

6.896.89

14.0212.71

4.73—

—4.79

% Rank in Category

1713

1414

2013

9—

——

Tax Cost Ratio—

——

—0.46

0.460.48

——

—



©2013 M







ithout written perm


®

Page 2 of 3

53

Vanguard Target Retirement 2035 Inv VTTHX

Œ

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

15.92[

-0.02 | -0.132.02

18.1Open

$1,000N

one0.18%

QQQQ


4Large Blend

Grow

th of 10,000 10-27-2003 - 07-28-2013

5k 10k

15k

20k25k

20032004

20052006

20072008

20092010

20112012

YTD

VTTHX : $19,341.38M

orningstar Moderate

Target Risk : $20,141.54TI : $18,189.91


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

11,298.7910,550.03

12,202.3814,410.68

13,826.76—

Fund12.99

5.5022.02

12.956.70

—+/- M

orningstar Moderate

Target Risk4.77

1.327.26

2.70-0.04

—

+/- Category2

02

11

—%

Rank in Cat19

3737

1516


181184

163134

910


Weight %

Last PriceDay Chg %

52 Week Range


kt Idx Inv60.36

42.59 USD0.00 [

33.76 - 42.68


25.2315.49 USD

-0.58 [13.43 - 16.22



10.60 USD0.09 ]

10.48 - 11.10


100.00

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

15.6815.68

13.9816.07

aTechnology

13.8714.69

13.8713.49

pIndustrials

12.2912.29

11.9511.58

tConsum

er Cyclical10.99

10.9910.15

12.10

dHealthcare

10.2010.44

10.2011.23

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

36.2059.65

23.80Agency M

ortgage-Backed22.73

0.1613.48

Government-Related

5.572.25

3.39Com

mercial M

BS1.10

0.001.04


BS0.74

0.020.83

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term


Return ofCapital

DividendIncom

eDistribution

Total

2012-12-2813.92

0.00000.0060

0.00000.3070

0.31302011-12-29

12.520.0000

0.00600.0000

0.28100.2870

2010-12-3013.08

0.04100.0120

0.00000.2360

0.28902009-12-30

11.720.0000

0.00000.0000

0.23800.2380

2008-12-309.13

0.00000.0000

0.00000.2990

0.2990

3 Year Average M



LowAvg

High


Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Investment Strategy












ation stocks.

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash1.83

US Stock59.33

Non US Stock

25.48Bond

13.00Other

0.35

Managem

entStart Date

Michael H. Buek

2013-02-22W

illiam Colem

an2013-02-22

Walter N

ejman

2013-02-22


©2013 M







ithout written perm


®

Page 1 of 3

54

Vanguard Target Retirement 2035 Inv VTTHX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k

20kVTTHXCategory: TIIndex: M


_&

)&

*&

(*

&*

&Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

—11.95

6.3015.24

7.49-34.66

28.1715.14

-2.2415.16

7.74VTTHX

—11.48

7.0412.95

8.63-22.19

21.7712.33

0.5912.04

4.56M


Risk—

9.947.35

14.557.02

-37.0430.06

14.28-3.51

14.646.20

Category (TI)—

0.47-0.74

2.29-1.14

-12.476.40

2.81-2.83

3.123.17

+/- Morningstar M

oderate TargetRisk

—2.01

-1.050.70

0.472.39

-1.880.86

1.270.52

1.53+/- Category (TI)

0.070.17

0.210.26

0.290.30

0.240.24

0.280.31

—Incom

e USD—

——

——

——

0.050.01

0.01—

Capital Gains USD19

373—

——

——

——

——

Net Assets USD M

il1

9424

4713

6426

1940

18%

Rank in CategoryTI

TITI

TITI

TITI

TITI

TITI

Fund Category


-20

0 20 40%VTTHXCategory: TIIndex: M


Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-0.130.06

5.504.26

12.9922.02

12.956.70

——

VTTHX0.05

-0.104.18

2.258.22

14.7610.25

6.737.75

—M


-0.17-0.09

5.323.46

10.9919.77

11.805.68

——

Category (TI)-0.17

0.161.32

2.014.77

7.262.70

-0.04—

—+/- M


Risk0.05

0.150.18

0.802.00

2.261.15

1.02—

—+/- Category (TI)

3123

3739

1937

1516

——

Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-1.94

0.407.74

7.7416.00

14.055.30

——


-1.940.40

7.747.74

15.4913.55

4.81—

—6.07

% Rank in Category

1716

1414

2010

10—

——

Tax Cost Ratio—

——

—0.44

0.440.47

——

—



©2013 M







ithout written perm


®

Page 2 of 3

55

Vanguard Target Retirement 2040 Inv VFORX

Œ

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

26.38[

-0.04 | -0.151.98

11.1Open

$1,000N

one0.18%

QQQQ


4Large Blend

Grow

th of 10,000 06-07-2006 - 07-28-2013

5k 10k

15k

20k

20032004

20052006

20072008

20092010

20112012

YTD

VFORX : $15,086.16M

orningstar Moderate

Target Risk : $15,526.36TJ : $13,780.63


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

11,380.5010,577.39

12,327.3614,531.91

13,982.88—

Fund13.81

5.7723.27

13.276.93

—+/- M

orningstar Moderate

Target Risk5.58

1.608.51

3.020.20

—

+/- Category3

03

21

—%

Rank in Cat16

3029

1313


218220

209182

14226


Weight %

Last PriceDay Chg %

52 Week Range


kt Idx Inv63.41

42.59 USD0.00 [

33.76 - 42.68


26.6515.49 USD

-0.58 [13.43 - 16.22



10.60 USD0.09 ]

10.48 - 11.10


100.00

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

15.6915.69

14.0115.76

aTechnology

13.8614.70

13.8613.79

pIndustrials

12.2912.29

11.9511.44

tConsum

er Cyclical10.99

10.9910.15

11.51

dHealthcare

10.2010.41

10.2010.98

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

35.5757.67

20.95Agency M

ortgage-Backed22.33

0.1712.68

Government-Related

5.472.19

3.76Com

mercial M

BS1.08

0.001.03


BS0.73

0.020.73

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term


Return ofCapital

DividendIncom

eDistribution

Total

2012-12-2822.88

0.00000.0070

0.00000.4960

0.50302011-12-29

20.530.0000

0.00900.0000

0.44400.4530

2010-12-3021.48

0.00000.0720

0.00000.3680

0.44002009-12-30

19.200.0000

0.00000.0000

0.36800.3680

2008-12-3014.93

0.00000.0000

0.00000.4260

0.4260

3 Year Average M



LowAvg

High


Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Investment Strategy












ation stocks.

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash1.42

US Stock62.33

Non US Stock

26.92Bond

8.96Other

0.37

Managem

entStart Date

Michael H. Buek

2013-02-22W

illiam Colem

an2013-02-22

Walter N

ejman

2013-02-22


©2013 M







ithout written perm


®

Page 1 of 3

56

Vanguard Target Retirement 2040 Inv VFORX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k

20kVFORXCategory: TJIndex: M


__

__

*&

)*

&*

&Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

——

——

7.48-34.53

28.3215.17

-2.5515.56

8.28VFORX

——

——

8.63-22.19

21.7712.33

0.5912.04

4.56M


Risk—

——

—6.21

-37.9430.90

14.37-3.49

14.645.97

Category (TJ)—

——

—-1.16

-12.346.55

2.84-3.14

3.523.72

+/- Morningstar M

oderate TargetRisk

——

——

1.263.41

-2.580.80

0.950.92

2.31+/- Category (TJ)

——

—0.18

0.370.43

0.370.37

0.440.50

—Incom

e USD—

——

——

——

0.070.01

0.01—


——

106718

——

——

——

Net Assets USD M

il32

477

3519

3118

% Rank in Category

TJTJ

TJTJ

TJTJ

TJTJ

Fund Category


-20

0 20 40%VFORXCategory: TJIndex: M


Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-0.150.08

5.774.68

13.8123.27

13.276.93

——

VFORX0.05

-0.104.18

2.258.22

14.7610.25

6.737.75

—M


-0.18-0.13

5.473.34

10.8919.81

11.575.52

6.393.64

Category (TJ)-0.20

0.171.60

2.435.58

8.513.02

0.20—

—+/- M


Risk0.03

0.200.30

1.342.92

3.461.70

1.42—

—+/- Category (TJ)

4620

3027

1629

1313

——

Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-1.95

0.608.28

8.2816.87

14.295.48

——


-1.950.60

8.288.28

16.3813.80

5.01—

—4.85

% Rank in Category

1714

1414

1810

8—

——

Tax Cost Ratio—

——

—0.42

0.430.44

——

—



©2013 M







ithout written perm


®

Page 2 of 3

57

Vanguard Target Retirement 2045 Inv VTIVX

Œ

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

16.56[

-0.03 | -0.182.00

10.6Open

$1,000N

one0.18%

QQQQ


4Large Blend

Grow

th of 10,000 10-27-2003 - 07-28-2013

5k 10k

15k

20k25k

20032004

20052006

20072008

20092010

20112012

YTD

VTIVX : $20,098.25M

orningstar Moderate

Target Risk : $20,141.54TK : $19,121.70


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

11,381.4410,581.47

12,330.6114,530.40

13,961.32—

Fund13.81

5.8123.31

13.266.90

—+/- M

orningstar Moderate

Target Risk5.59

1.648.54

3.010.17

—

+/- Category2

02

11

—%

Rank in Cat24

4141

1616


180184

162133

890


Weight %

Last PriceDay Chg %

52 Week Range


kt Idx Inv63.34

42.59 USD0.00 [

33.76 - 42.68


26.6115.49 USD

-0.58 [13.43 - 16.22



10.60 USD0.09 ]

10.48 - 11.10


100.00

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

15.6915.69

14.0016.00

aTechnology

13.8614.70

13.8613.51

pIndustrials

12.2912.29

11.9511.62

tConsum

er Cyclical10.99

10.9910.15

12.13

dHealthcare

10.2010.42

10.2011.16

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

35.6056.32

18.29Agency M

ortgage-Backed22.35

0.1711.43

Government-Related

5.482.09

2.73Com

mercial M

BS1.08

0.000.77


BS0.73

0.020.73

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term


Return ofCapital

DividendIncom

eDistribution

Total

2012-12-2814.37

0.00000.0050

0.00000.3160

0.32102011-12-29

12.890.0000

0.00500.0000

0.28600.2910

2010-12-3013.49

0.05200.0520

0.00000.2420

0.34602009-12-30

12.120.0000

0.00000.0000

0.24600.2460

2008-12-309.44

0.00000.0000

0.00000.3010

0.3010

3 Year Average M



LowAvg

High


Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Investment Strategy












ation stocks.

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash1.43

US Stock62.26

Non US Stock

26.88Bond

9.06Other

0.37

Managem

entStart Date

Michael H. Buek

2013-02-22W

illiam Colem

an2013-02-22

Walter N

ejman

2013-02-22


©2013 M







ithout written perm


®

Page 1 of 3

58

Vanguard Target Retirement 2045 Inv VTIVX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k

20kVTIVXCategory: TKIndex: M


_&

)*

*&

)*

&*

&Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

—12.89

6.9515.98

7.47-34.56

28.1515.19

-2.5115.58

8.32VTIVX

—11.48

7.0412.95

8.63-22.19

21.7712.33

0.5912.04

4.56M


Risk—

12.897.65

15.956.89

-38.1130.88

14.60-4.10

15.316.94

Category (TK)—

1.41-0.09

3.03-1.17

-12.376.38

2.86-3.11

3.543.75

+/- Morningstar M

oderate TargetRisk

—0.00

-0.700.03

0.583.55

-2.730.60

1.590.27

1.37+/- Category (TK)

0.070.16

0.190.25

0.300.30

0.250.24

0.290.32

—Incom

e USD—

——

0.01—

——

0.100.01

0.01—

Capital Gains USD7

142626

——

——

——

——

Net Assets USD M

il1

10046

4111

8340

1443

22%

Rank in CategoryTK

TKTK

TKTK

TKTK

TKTK

TKTK

Fund Category


-20

0 20 40%VTIVXCategory: TKIndex: M


Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-0.180.06

5.814.68

13.8123.31

13.266.90

——

VTIVX0.05

-0.104.18

2.258.22

14.7610.25

6.737.75

—M


-0.20-0.06

5.694.05

12.1221.58

12.345.69

——

Category (TK)-0.23

0.161.64

2.435.59

8.543.01

0.17—

—+/- M


Risk0.02

0.130.13

0.631.70

1.720.93

1.21—

—+/- Category (TK)

4526

4138

2441

1616

——

Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-1.93

0.648.32

8.3216.84

14.325.46

——


-1.930.64

8.328.32

16.3413.79

4.95—

—6.48

% Rank in Category

1518

1717

2910

7—

——

Tax Cost Ratio—

——

—0.43

0.460.48

——

—



©2013 M







ithout written perm


®

Page 2 of 3

59

Vanguard Target Retirement 2050 Inv VFIFX

Œ

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

26.28[

-0.03 | -0.111.95

4.9Open

$1,000N

one0.18%

QQQQ


4Large Blend

Grow

th of 10,000 06-07-2006 - 07-28-2013

5k 10k

15k

20k

20032004

20052006

20072008

20092010

20112012

YTD

VFIFX : $15,157.32M

orningstar Moderate

Target Risk : $15,526.36TN

: $13,857.53


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

11,381.5510,583.97

12,333.3314,533.86

13,972.33—

Fund13.82

5.8423.33

13.276.92

—+/- M

orningstar Moderate

Target Risk5.59

1.668.57

3.020.19

—

+/- Category2

03

21

—%

Rank in Cat24

4842

1417


202205

189145

1066


Weight %

Last PriceDay Chg %

52 Week Range


kt Idx Inv63.14

42.59 USD0.00 [

33.76 - 42.68


26.8215.49 USD

-0.58 [13.43 - 16.22



10.60 USD0.09 ]

10.48 - 11.10


99.99

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

15.7015.70

14.0115.86

aTechnology

13.8414.71

13.8413.62

pIndustrials

12.2912.29

11.9511.51

tConsum

er Cyclical10.98

10.9810.15

11.88

dHealthcare

10.1910.41

10.1911.02

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

41.0257.60

20.14Securitized

24.360.25

13.27Corporate

20.2942.06

28.00Cash &

Equivalents13.60

0.1037.55

Municipal

0.730.00

0.62

FundCat Avg

015

3045

60


ains Distributions

DistributionDate

DistributionN

AVLong-Term


Return ofCapital

DividendIncom

eDistribution

Total

2012-12-2822.79

0.00000.0070

0.00000.4870

0.49402011-12-29

20.440.0000

0.00800.0000

0.43900.4470

2010-12-3021.38

0.12000.1240

0.00000.3700

0.61402009-12-30

19.260.0000

0.00000.0000

0.37100.3710

2008-12-3014.98

0.00000.0000

0.00000.4150

0.4150

3 Year Average M



LowAvg

High


Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Investment Strategy












ation stocks.

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash1.44

US Stock62.07

Non US Stock

27.08Bond

9.04Other

0.37

Managem

entStart Date

Michael H. Buek

2013-02-22W

illiam Colem

an2013-02-22

Walter N

ejman

2013-02-22


©2013 M







ithout written perm


®

Page 1 of 3

60

Vanguard Target Retirement 2050 Inv VFIFX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k

20kVFIFXCategory: TNIndex: M


__

__

*&

)*

&*

&Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

——

——

7.49-34.62

28.3115.20

-2.5415.58

8.27VFIFX

——

——

8.63-22.19

21.7712.33

0.5912.04

4.56M


Risk—

——

—5.91

-38.6732.02

14.53-3.82

15.076.34

Category (TN)

——

——

-1.14-12.42

6.542.87

-3.133.54

3.71+/- M


Risk—

——

—1.58

4.05-3.71

0.671.28

0.511.93

+/- Category (TN)

——

—0.22

0.370.42

0.370.37

0.440.49

—Incom

e USD—

——

——

——

0.240.01

0.01—


——

35257

421—

——

——

Net Assets USD M

il26

689

3714

4423

% Rank in Category

TNTN

TNTN

TNTN

TNTN

Fund Category


-20

0 20 40%VFIFXCategory: TNIndex: M


Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-0.110.08

5.844.70

13.8223.33

13.276.92

——

VFIFX0.05

-0.104.18

2.258.22

14.7610.25

6.737.75

—M


-0.20-0.12

5.713.60

11.4820.74

11.775.66

6.86—

Category (TN)

-0.160.17

1.662.45

5.598.57

3.020.19

——

+/- Morningstar M

oderate TargetRisk

0.080.20

0.131.10

2.342.59

1.501.26

——

+/- Category (TN)

2124

4836

2442

1417

——

Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-1.96

0.608.27

8.2716.84

14.305.46

——


-1.960.60

8.278.27

16.3613.75

4.97—

—4.89

% Rank in Category

1722

1818

2310

12—

——

Tax Cost Ratio—

——

—0.41

0.480.47

——

—



©2013 M







ithout written perm


®

Page 2 of 3

61

Vanguard Target Retirement 2055 Inv VFFVX

Œ

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

28.22[

-0.04 | -0.141.66

0.8Open

$1,000N

one0.18%

Target Date 2051+4

Large Blend

Grow

th of 10,000 08-18-2010 - 07-28-2013

5k 10k

15k

20032004

20052006

20072008

20092010

20112012

YTD

VFFVX : $14,782.60M

orningstar Moderate

Target Risk : $13,450.21TL : $14,351.97


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

11,379.0310,581.18

12,328.59—

——

Fund13.79

5.8123.29

——

—+/- M

orningstar Moderate

Target Risk5.57

1.648.52

——

—

+/- Category1

01

——

—%

Rank in Cat30

5652

——


130143

11649

170


Weight %

Last PriceDay Chg %

52 Week Range


kt Idx Inv62.96

42.59 USD0.00 [

33.76 - 42.68


26.9415.49 USD

-0.58 [13.43 - 16.22



10.60 USD0.09 ]

10.48 - 11.10


99.89

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

15.7215.72

14.0115.57

aTechnology

13.8214.72

13.8213.54

pIndustrials

12.2912.29

11.9511.86

tConsum

er Cyclical10.98

10.9810.15

11.63

dHealthcare

10.1810.42

10.1810.44

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

35.2155.67

23.05Agency M

ortgage-Backed22.10

0.1713.77

Government-Related

5.421.93

4.75Com

mercial M

BS1.07

0.000.73


BS0.72

0.030.77

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term


Return ofCapital

DividendIncom

eDistribution

Total

2012-12-2824.48

0.00600.0070

0.00000.4470

0.46002011-12-29

21.890.0000

0.01300.0000

0.39100.4040

2010-12-3022.76

0.00000.0420

0.00000.1790

0.2210

Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Investment Strategy












ation stocks.

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash1.53

US Stock61.88

Non US Stock

27.20Bond

9.01Other

0.38

Managem

entStart Date

Michael H. Buek

2013-02-22W

illiam Colem

an2013-02-22

Walter N

ejman

2013-02-22


©2013 M







ithout written perm


®

Page 1 of 3

62

Vanguard Target Retirement 2055 Inv VFFVX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15kVFFVXCategory: TLIndex: M


__

__

__

__

&*

*Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

——

——

——

——

-2.2715.58

8.27VFFVX

——

——

——

——

0.5912.04

4.56M


Risk—

——

——

——

—-4.13

15.527.54

Category (TL)—

——

——

——

—-2.86

3.543.70

+/- Morningstar M

oderate TargetRisk

——

——

——

——

1.860.06

0.73+/- Category (TL)

——

——

——

—0.18

0.390.45

—Incom

e USD—

——

——

——

0.040.01

0.01—


——

——

——

20167

479777

Net Assets USD M

il9

4830

% Rank in Category

TLTL

TLTL

Fund Category


-20

0 20 40%VFFVXCategory: TLIndex: M


Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-0.140.07

5.814.67

13.7923.29

——

——

VFFVX0.05

-0.104.18

2.258.22

14.7610.25

6.737.75

—M


-0.20-0.04

5.834.43

12.8622.67

12.324.83

——

Category (TL)-0.19

0.171.64

2.425.57

8.52—

——

—+/- M


Risk0.06

0.11-0.02

0.250.93

0.62—

——

—+/- Category (TL)

2324

5647

3052

——

——

Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-1.97

0.608.27

8.2716.85

——

——


-1.970.60

8.278.27

16.43—

——

—12.27

% Rank in Category

2329

2323

31—

——

——

Tax Cost Ratio—

——

—0.36

——

——

—



©2013 M







ithout written perm


®

Page 2 of 3

63

Vanguard Target Retirement Incom

e Inv VTINX

Œ

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

12.42]

0.00 | 0.002.19

10.2Open

$1,000N

one0.16%

QQQQ

Retirement Incom

e4

Large Blend

Grow

th of 10,000 10-27-2003 - 07-28-2013

5k 10k

15k

20k25k

20032004

20052006

20072008

20092010

20112012

YTD

VTINX : $16,954.78

Morningstar M

oderateTarget Risk : $20,141.54RI : $15,612.90


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,267.6110,252.35

10,587.0312,316.62

13,401.43—

Fund2.68

2.525.87

7.196.03

—+/- M

orningstar Moderate

Target Risk-5.54

-1.65-8.89

-3.06-0.70

—

+/- Category-1

0-2

01

—%

Rank in Cat57

5863

4030


296297

291273

22132


Weight %

Last PriceDay Chg %

52 Week Range



10.60 USD0.09 ]

10.48 - 11.10

YVanguard Total Stock M

kt Idx Inv21.48

42.59 USD0.00 [

33.76 - 42.68

TVanguard Inflation-Protected Secs Inv

19.9413.43 USD

0.08 ]13.16 - 15.14


8.8915.49 USD

-0.58 [13.43 - 16.22


95.10

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

15.6615.66

13.9915.66

aTechnology

13.8914.67

13.8913.60

pIndustrials

12.2912.29

11.9611.97

tConsum

er Cyclical10.99

10.9910.15

11.64

dHealthcare

10.2110.43

10.2110.73

FundCat Avg

05

1015

20

FundBM

arkCat Avg

Government

52.5871.58

35.91Agency M

ortgage-Backed15.09

0.1015.87

Government-Related

3.702.51

4.52Com

mercial M

BS0.73

0.001.32


BS0.49

0.001.21

FundCat Avg

015

3045

60


ains Distributions

DistributionDate

DistributionN

AVLong-Term


Return ofCapital

DividendIncom

eDistribution

Total

2013-06-2712.18

0.00000.0000

0.00000.0560

0.05602013-03-27

12.440.0000

0.00000.0000

0.03900.0390

2012-12-2812.16

0.00000.0210

0.00000.1070

0.12802012-09-27

12.260.0000

0.00000.0000

0.06500.0650

2012-06-2811.84

0.00000.0000

0.00000.0480

0.0480

3 Year Average M



LowAvg

High


Pillars

Process∞

PositivePerform

ance∞

PositivePeople

∞Positive

Parent∞

PositivePrice

∞Positive

RatingŒ

Investment Strategy

The investment seeks to provide current incom

e and some

capital appreciation. The fund invests in other Vanguard mu-

tual funds according to an asset allocation strategy de-signed for investors currently in retirem

ent. At any giventim

e, its asset allocation may be affected by a variety of

factors, such as whether the underlying funds are accepting

additional investments. The fund's indirect stock holdings are

a diversified mix of U.S. and foreign large-, m

id-, and small-

capitalization stocks.

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash9.44

US Stock21.11

Non US Stock

8.98Bond

60.33Other

0.14

Managem

entStart Date

Michael H. Buek

2013-02-22W

illiam Colem

an2013-02-22

Walter N

ejman

2013-02-22


©2013 M







ithout written perm


®

Page 1 of 3

64

Vanguard Target Retirement Incom

e Inv VTINX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k

20kVTIN

XCategory: RIIndex: M


_*

*(

&&

)*

&(

(Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

—6.82

3.336.38

8.17-10.93

14.289.39

5.258.23

0.69VTIN

X—

11.487.04

12.958.63

-22.1921.77

12.330.59

12.044.56

Morningstar M

oderate TargetRisk

—6.46

3.307.34

4.46-18.06

18.368.94

1.609.01

1.43Category (RI)

—-4.66

-3.72-6.57

-0.4711.27

-7.50-2.94

4.66-3.82

-3.87+/- M


Risk—

0.370.03

-0.963.71

7.13-4.09

0.463.65

-0.78-0.74

+/- Category (RI)0.06

0.340.41

0.390.43

0.420.28

0.270.32

0.260.10

Income USD

0.020.00

0.02—

——

—0.02

0.020.02


47407

734897

——

——

——

—N

et Assets USD Mil

3548

561

680

429

6760

% Rank in Category

RIRI

RIRI

RIRI

RIRI

RIRI

RIFund Category


-20

0 20 40%VTIN

XCategory: RIIndex: M


Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

0.00-0.08

2.52-0.74

2.685.87

7.196.03

——

VTINX

0.05-0.10

4.182.25

8.2214.76

10.256.73

7.75—

Morningstar M

oderate Target Risk-0.01

-0.212.79

-0.053.71

7.676.92

5.224.41

4.17Category (RI)

-0.050.01

-1.65-2.99

-5.54-8.89

-3.06-0.70

——

+/- Morningstar M

oderate TargetRisk

0.010.13

-0.26-0.69

-1.04-1.80

0.270.81

——

+/- Category (RI)31

1258

6657

6340

30—

—Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-1.56

-1.800.69

0.694.52

7.435.36

——


-1.72-1.96

0.410.41

3.746.58

4.48—

—4.32

% Rank in Category

2451

4949

5236

9—

——

Tax Cost Ratio—

——

—0.75

0.780.84

——

—



©2013 M







ithout written perm


®

Page 2 of 3

65

Vanguard Total Intl Stock Index Signal VTSGX.

NA

V $N

AV D

ay Change %Yield %

Total Assets $ B

ilStatus

Min. Inv.

LoadExpenses

Morningstar Rating

TMCategory

Investment Style

30.82[

-0.26 | -0.844.63

91.9Open

$0N

one0.16%

WWW

Foreign Large Blend4

Large Blend

Grow

th of 10,000 11-29-2010 - 07-29-2013

5k 10k

15k

20032004

20052006

20072008

20092010

20112012

YTD

VTSGX : $11,274.90M

SCI EAFE NR USD :

$12,133.82FB : $11,643.53

Investment Strategy

The investment seeks to track the perform

ance of a benchmark index that m

easures the investment return of stocks issued by

companies located in developed and em

erging markets, excluding the United States. The fund em

ploys an indexing investment

approach designed to track the performance of the FTSE Global All Cap ex US Index, a free-float-adjusted m

arket-capitalization-w

eighted index designed to measure equity m

arket performance of com

panies located in developed and emerging m

arkets, ex-cluding the United States. The index includes m

ore than 5,300 stocks of companies located in 46 countries.


YTD1 M

o1 Yr

3Yr Ann5Yr Ann

10Yr Ann

Growth of 10,000

10,419.3210,465.20

11,799.2412,001.17

10,431.5922,377.14

Fund4.19

4.6517.99

6.270.85

8.39+/- M

SCI EAFE NR USD

-5.45-0.67

-6.61-2.10

-0.530.54

+/- Category-3

0-2

-10

1%

Rank in Cat87

4973

——


823847

790701

613317


Weight %

Last PriceDay Chg %

52 Week Range

TN

estle SA1.23

62.00 USD-0.08 [

58.20 - 70.00

THSBC Holdings PLC

1.04—

USD—

[522.10 - 772.50

TN

ovartis AG0.87

66.25 USD-0.60 [

55.20 - 73.75

TRoche Holding AG

0.87231.50 USD

-0.77 [170.00 - 258.60

TToyota M

otor Corp0.75

— USD

2.88 ]2,873.00 - 0.00


4.76

TIncrease

YDecrease

RN

ew to Portfolio


3 Yr High3 Yr Low

Cat Avg

yFinancial Services

21.3121.31

18.6320.36

pIndustrials

11.1912.93

11.1910.74

tConsum

er Cyclical10.52

10.529.57

12.28

rBasic M

aterials10.42

12.0710.42

9.21

sConsum

er Defensive10.38

10.389.36

12.80

FundCat Avg

010

2030

40


ains Distributions

DistributionDate

DistributionN

AVLong-Term


Return ofCapital

DividendIncom

eDistribution

Total

2013-06-2129.11

0.00000.0000

0.00000.3860

0.38602013-03-21

30.700.0000

0.00000.0000

0.08000.0800

2012-12-1929.89

0.00000.0000

0.00000.4090

0.40902012-09-21

29.090.0000

0.00000.0000

0.48800.4880

2011-12-2025.90

0.00000.0000

0.00000.8180

0.8180

3 Year Average M



LowAvg

High

Return vs. Category-Avg

Pillars

Process—

—Perform

ance—

—People

——

Parent—

—Price

——

Rating.

Style Map

DeepVal

CoreVal

CoreCoreGrw

HighGrw

Micro

Small

Mid

Large

GiantW



holdings

Asset A

llocation

Asset Class%

Net

Cash0.55

US Stock0.10

Non US Stock

97.66Bond

0.01Other

1.68

Managem

entStart Date

Michael Perre

2008-08-05


©2013 M







ithout written perm


®

Page 1 of 3

66

Vanguard Total Intl Stock Index Signal VTSGX

Performance

Grow

th of 10,000 06-30-2013

5k 10k

15k20k

35kVTSGXCategory: FBIndex: M

SCI EAFE NR USD

__

__

__

__

(*

)Perform

ance Quartile

20032004

20052006

20072008

20092010

20112012

YTDH

istory

40.3420.84

15.5726.64

15.52-44.10

36.7311.06

-14.5218.21

-0.44VTSGX

38.5920.25

13.5426.34

11.17-43.38

31.787.75

-12.1417.32

4.10M

SCI EAFE NR USD

33.5817.39

14.7224.77

12.71-43.99

31.2410.24

-13.9718.29

2.38Category (FB)

1.750.59

2.040.30

4.35-0.72

4.953.31

-2.380.90

-4.54+/- M

SCI EAFE NR USD

6.763.45

0.851.87

2.81-0.11

5.480.83

-0.56-0.08

-2.82+/- Category (FB)

——

——

——

—0.50

0.820.90

0.47Incom

e USD—

——

——

——

——

——


——

——

——

178—

——

Net Assets USD M

il60

4988

% Rank in Category

FBFB

FBFB

Fund Category


-40

0 40 80%VTSGXCategory: FBIndex: M

SCI EAFE NR USD

Large Grow


Quartile

1 Day1 W

k1 M

o3 M

oYTD

1 Yr3 Yr

5 Yr10 Yr

15 YrTotal Return %

-0.84-1.00

4.65-1.58

4.1917.99

6.270.85

8.394.54

VTSGX-0.75

-1.215.32

-0.189.64

24.608.37

1.387.85

3.99M

SCI EAFE NR USD

-0.74-1.02

4.670.04

7.1520.34

7.430.88

7.544.04

Category (FB)-0.08

0.21-0.67

-1.40-5.45

-6.61-2.10

-0.530.54

0.55+/- M

SCI EAFE NR USD

-0.090.02

-0.01-1.62

-2.95-2.35

-1.16-0.03

0.850.50

+/- Category (FB)65

4249

8687

73—

——

—Rank in Category


1 Mo

3 Mo

6 Mo

YTD1 Yr

3 Yr5 Yr

10 Yr15 Yr

Since Incpt.

Pretax Return-3.74

-3.24-0.44

-0.4413.58

——

——


-4.11-3.61

-0.89-0.89

12.34—

——

—2.10

% Rank in Category

6271

7575

71—

——

——

Tax Cost Ratio—

——

—1.09

——

——

—



©2013 M







ithout written perm


®

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