DEFERRED COMPENSATION PLAN MANAGEMENT BOARD Notice … · 3/1/2019 · 2019 Deferred Compensation...

Please Note: Legal Action may be taken on any agenda item

DEFERRED COMPENSATION PLAN MANAGEMENT BOARD Notice of Regular Meeting/Agenda

DATE: Friday, March 1, 2019 TIME: 9:00 am PLACE: 3rd Floor – Human Resource Conference Room

255 West Alameda Tucson, Arizona 85701

A) Call to Order

B) Consent Agenda

1. Approval of regular Board meeting minutes from December 7, 2018 2. Approval of Quarterly $12,500 Administrative Fee Payment to TSRS

C) Investment Performance on Participant Accounts for 4th Quarter 2018

1. Review Q4, 2018 – Comprehensive Strategic Plan Overview (Executive Summary) for 12/31/2018

2. Review 12/31/2018 Plan Investment Report a. Scorecard Metrics b. Funds on Watch List during previous periods

3. Strategic Education and Communications Planning

D) Administrative Discussions 1. Approval of Investment Consultant Scope of Services 2. Discuss RFP Timeline and Board Involvement

E) For the Board’s Consideration

1. DC Governance – How to Ensure Your Scheme is on the Right Track 2. DC Plans Rank High for Employees and Employers 3. How to Better Communicate with 401(k) Savers

F) Call to Audience G) Future Agenda Items H) Adjournment

AUDIO RECORD ON FILE ONLINE ON THE CITY OF TUCSON CITY CLERK’S OFFICE WEBSITE

DEFERRED COMPENSATION PLAN MANAGEMENT BOARD MEETING MINUTES

DATE: Friday, December 7, 2018 TIME: 9:00 am PLACE: 7th Floor – City Attorney Conference Room

255 West Alameda Tucson, Arizona 85701

Members Present: Joe Barkenbush, Chairman Dennis Woodrich, Elected Member Steve Postil, Elected Member

Staff Present: Art Cuaron, Pension & Benefits Administrator Tina Gamez, Administrative Assistant

Guests Present: Ken Wedemeyer, ICMA-RC Gary Helm, ICMA-RC Valerie Honea, ICMA-RC Nicole George, ICMA-RC Jason Boyd, ICMA-RC Jeff Cruz, Empower Retirement Vincent Ortega, American Funds John Borne, Prudential Retirement Klark Krauter, Nationwide Steve Ebert, Nationwide Paul Nacario, Innovest John O’ Hare, Constituent

Absent, Excused: Ana Urquijo, HR Director Joyce Garland, Finance Director

A) Call to Order Chairman Barkenbush called the meeting to order at 9:04 AM.

B) Consent Agenda 1. Approval of regular Board meeting minutes from June 1, 2018 2. Approval of regular Board meeting minutes from September 7, 2018 3. Approval of Quarterly $12,500 Administrative Fee Payment to TSRS


A motion to approve the June 1, 2018 and September 7, 2018 minutes was made by Dennis Woodrich, 2nd by Steve Postil passes unanimously (Ana Urquijo & Joyce Garland absent/excused).

A motion to approve the quarterly administrative fee was made by Dennis Woodrich, 2nd by Steve Postil passes unanimously (Ana Urquijo & Joyce Garland absent/excused).

C) Investment Performance on Participant Accounts for 3rd Quarter 2018 1. Review Q3, 2018 – Analytics (Executive Summary) for 09/30/2018 Presentation given, discussion held, and no formal action was taken.

A motion was made to renew the $50 incentive for 2019 by Dennis Woodrich, 2nd by Steve Postil. Motion was amended to include this language in the December 2018 flyers, passes unanimously (Ana Urquijo & Joyce Garland absent/excused).

2. Review 09/30/2018 Plan Investment Report a. Scorecard Metrics b. Funds on Watch List during previous periods

Presentation given, discussion held, and no formal action was taken 3. VT Plus Share Class Change Presentation given, discussion held, and no formal action was taken.

4. TextAccess Demo Presentation given, discussion held, and no formal action was taken.

D) Administrative Discussions 1. Approval of 2019 Deferred Compensation Board Meeting Calendar

A motion was made by Dennis Woodrich, 2nd by Joe Barkenbush to approve the 2019 Deferred Compensation Plan Management Board Meeting Calendar, passes unanimously (Ana Urquijo & Joyce Garland absent/excused).

2. ICMA-RC Contract Amendment

A motion was made by Joe Barkenbush, 2nd by Dennis Woodrich to approve the ICMA-RC contract amendment which will be effective until 12/8/19, passes unanimously (Ana Urquijo & Joyce Garland absent/excused).

3. Appointment of Board Members

A motion was made by Joe Barkenbush, 2nd by Steve Postil to Reappoint Dennis Woodrich and Appoint John ‘O Hare as the Elected Representatives of the Board, passes unanimously (Ana Urquijo & Joyce Garland absent/excused).


4. Investment Consultant Research

Discussion held, and no formal action was taken.

E) For the Board’s Consideration 1. Here’s What Fed Officials Are Saying About The Interest Rate Outlook 2. DC Plan Participant Retirement Confidence Reaches All-Time Highs 3. 10 Years After Great Recession, Retirement Savings Remain Scant

Discussion held and no formal action taken.

F) Call to Audience Vincent Ortega from American Funds addressed the Board.

G) Future Agenda Items

1. Administrative Fee Study The Board provided direction to staff to remove the Fee Study as a future agenda item. H) Adjournment Meeting adjourned at 10:00am.

__________________________ _______ _________________________ ______

Joe Barkenbush Date Art Cuaron Date Chairman of the Board Pension & Benefits Administrator

aCITY OF TUCSONCOMPREHENSIVE STRATEGIC PLANOVERVIEW – Q4 2018Presented by:Jason Boyd, Vice President, Relationship ManagementMichele Martin, MVP, Field Sales & Relationship Mgmt.Gary Helm, Vice President, Regional SalesNicole George, Certified Financial Planner™Valerie Honea, Retirement Plans Specialist

1

OUR MISSION

ICMA-RC was founded over 45 years ago with the singular mission: to help public employees build retirement security.

ICMA-RC was created by the public sector for the public sector.

OUR COMMITMENT

Develop strategies that target financial wellness while addressing specific plan and participant goals.

We will: Pinpoint goals that are important to you and to

your employees. Develop communication and education

strategies to help your employees engage, build, and realize a successful retirement.

2

3

CLIENT SERVICE TEAM

RELATIONSHIPOVERSIGHT

CLIENTSERVICES

PARTICIPANTCOMMUNICATIONS

EZLinkTECHNOLOGY

EDUCATION OVERSIGHT

CONSULTING &ADVISORY SERVICES

4

CLIENT SERVICE TEAM

4

CLIENT SERVICES

CONSULTING & ADVISORY SERVICES

PARTICIPANT COMMUNICATIONS

EDUCATION OVERSIGHT

RELATIONSHIP OVERSIGHT Jason Boyd, Vice President, Relationship Management

Virous McKenzie, Client Services ManagerChris Gohel, Senior Client Services Specialist

Dawn Cullen, Communications Project Manager

Gary Helm, Regional Manager

Valerie Honea, Retirement Plans SpecialistNicole George, Certified Financial Planner™

PLAN METRICS

5

6

SHARED GOALS TO DELIVER OUR STRATEGY

PLANMETRICS

INSIGHT ABOUTPARTICIPANT

STRATEGIC PLAN

TOTAL PLAN ASSETS AND 2018 RETURN

7

457 ASSET ALLOCATION BY AGE BAND

8

457 CONTRIBUTIONS & DISBURSEMENTS

9

457 PARTICIPANT STATUS BY AMOUNT

10

Metrics 2018

Enrollments 198

Contributions $8,981,851

Rollovers In $1,757,468

ICMA-RC Representative Service 2018

Service DaysRPS 142CFP® 12

SeminarsRPS 13CFP® 16

Seminar AttendeesRPS 241CFP® 217

One-on-One ConsultationsRPS 362 CFP® 64

EDUCATION RESULTS

11

12

2019 GOALS

2019 GOAL:INCREASE 457 PLAN PARTICIPATION Provide targeted “Start Saving Today!” 457 HTML format email to

participants Include Valerie’s direct contact information for participant inquiries /

appointments

13

2019 GOAL:BENEFICIARY DESIGNATION OUTREACH Customized “Plan for the Next Generation” HTML format email to

targeted list of 457 participants that currently do not have beneficiary designations on their accounts

Include Valerie’s direct contact information for participant inquiries / appointments

14

15

2019 GOAL:RETIREMENT PLANS SPECIALIST ANDCFP® OUTREACH Days on-site Total: 140 Retirement Plans Specialist 12 presentations: Tuesdays or Wednesdays (monthly basis) at City Hall 12 New Hire Employee Orientation presentations National Save for Retirement Week Days (x2) City of Tucson Pre-Retirement Seminars (x4) CFP Seminars (x2 Per Quarter – 8 Total) 16 Satellite Office Visits: TOPSC | TRANSPORTATION | POLICE SUBSTATIONS

FIRE STATIONS & FIRE CENTRAL | WATER DEPARTMENTPARKS & RECREATION | HOUSING & DEVELOPMENTLOS REALES LANDFILL

16

ACCOMPLISHMENTS

ACCOMPLISHMENTS2018 EVENTS Q1 Q2 Q3 Q4

Quarterly Oversight Meeting

On-Site Education Delivered

Target Date Funds and VT Plus Analysis

Capital Markets Review

RealizeRetirement Truck

Lower and Recast of Revenue Requirement

IT Online Security Presentation

City of Tucson Custom Website Banners

FUTURE PROJECTS

City of Tucson Cares Enrollment Incentive

RealizeRetirement Time Machine

City of Tucson Custom Website Banners

Education Initiatives for Participants 17

SERVICE PARTNERS

Title Contact Person Contact Phone Email Address

National VP, Relationship Manager Ken Wedemeyer 202-215-1821 [email protected]

ICMA

-RC

Vice President, Relationship Manager Jason Boyd 202-763-3913 [email protected]

CFA, Sr. Dir., Client Portfolio Manager Charles Mansfield 202-480-5171 [email protected]

Internal Relationship Manager Virous McKenzieChris Gohel

202-682-6415202-962-6989

[email protected]@icmarc.org

Managing VP, Field Sales & Rel Mgmt. Michele Martin 202-679-7761 [email protected]

Vice President Sales David Sharer 202-962-8214 [email protected]

Regional Manager Gary Helm 202-997-4172 [email protected]

Retirement Plans Specialist Valerie Honea 202-316-4593 [email protected]

Certified Financial Planner™ Nicole George 202-579-8900 [email protected]

18

Plan Investments Report For period ending: December 31, 2018 Prepared for: City of Tucson

Presented by: Jason L. Boyd Vice President, Relationship Management ICMA RC

City of Tucson Page 1 of 138

This report and commentary is provided by UpTick Data Technologies (www.uptickdata.com) on its PlanXtra automated plan monitoring and reporting system. PlanXtra is a registered trademark of UpTick Data Technologies. Report and Commentary ©2018 UpTick Data Technologies. All Rights Reserved. The report shows how funds have performed measured against certain Morningstar, Inc. metrics1, and can be used by plan sponsors to evaluate funds made available by their retirement plan. The plan sponsor may change the metrics measured in the report at any time. Neither ICMA-RC nor UpTick are providing investment advice to the plan sponsor or assume any responsibility for the in-vestment options selected by the plan sponsor for their retirement plan. The information presented in this report is based on publicly available information and is not a recommendation that any fund or other investment option be retained or re-moved from the retirement plan lineup. ICMA-RC’s role with respect to the Plan Investments Review Report is to provide administrative and clerical support by serving as the interface between the plan sponsor and UpTick Data Technologies. ICMA-RC associates will be able to provide factual information about the contents of the Plan Investments Review Report, including the different metrics that can be used, but cannot advise the plan sponsor on the selection or retention of any particular funds or investment op-tions.

1 Mutual Fund Performance Data ©2018 Morningstar, Inc. All Rights Reserved. The mutual fund performance information contained herein: (1) is proprietary to Morningstar and/or

its content providers; (2) may not be copied or distributed to plan participants; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content pro-viders are responsible for any damages or losses arising from any use of this information.


http://www.uptickdata.com/

Please read the fund's prospectus or disclosure materials carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, emailing [email protected], or visiting www.icmarc.org.

Table of Contents

Section I: Section II: Section III: Section IV: Section V: Section VI: Section VII:

Executive Summary Investment Criteria & Summary Fees & Expenses Alternative Investment Options Fund Profiles Glossary Disclosure


Section I: Executive Summary

Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit www.icmarc.org. Please read the fund's prospectus or disclosure materials carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, emailing [email protected], or visiting www.icmarc.org. IMPORTANT NOTICE REGARDING USE OF TICKER SYMBOLS UNDERLYING VT FUND PERFORMANCE: Your plan’s investment options may include the VantageTrust Funds (“VT Funds”) which are collective investment trust funds that are exempt from SEC registration as a mutual fund, are not listed on any public exchange, and do not have a ticker symbol. Note, however, that a certain subset of the VT Funds invest their assets in third-party registered mutual funds that have a ticker symbol. Reference to such underlying mutual funds, including reference to ticker symbols or other non-performance data, by VT Funds is for reference only and NOT reflective of the returns or fees of the corresponding VT Funds available in your plan. VT Funds will typically have certain recordkeeping and administrative fees that are in addition to the underlying mutual fund’s fees. These fees will reduce the performance of the VT Fund when compared to the underlying mutual fund performance. VT Fund performance net of fees is provided just prior to disclosures at the end of this section of the brochure.


FOREIGN EQUITY US EQUITY

T. Rowe Price QM US Small-Cap Gr Eq

JPMorgan Small Cap Core R5 Vanguard Small Cap Index Adm

Victory Sycamore Small Company Opp I

Buffalo Discovery

Vanguard Mid Cap Index Admiral

Victory Sycamore Established Value A

Fidelity® Contrafund® T. Rowe Price Growth Stock

JPMorgan US Equity R6 Vanguard 500 Index Admiral

JPMorgan Equity Income R5

GROWTH BLEND VALUE

Larg

e M

id

Sm

all

Fidelity® Diversified International Oppenheimer International Growth A

American Funds Capital World Gr&Inc R6 Vantagepoint MP Glbl Eq Gr R9

Oppenheimer Developing Markets Y

SPECIALTY / OTHER

Nuveen Real Estate Securities I

MONEY MARKET / STABLE VALUE

BOND

PIMCO Real Return Admin PIMCO Low Duration Admin

PIMCO Total Return Instl Vanguard Total Bond Market Index Adm

PIMCO High Yield Instl Goldman Sachs Global Income Instl

TARGET DATE

Vantagepoint Milestone 2055 R9 VantageTrust Target Portfolio

BALANCED / ASSET ALLOCATION

T. Rowe Price Personal Strat Inc T. Rowe Price Personal Strat Bal T. Rowe Price Personal Strat Gr

--

Investment Diversification As of December 31, 2018

Funds and underlying funds of VantageTrust Funds are assigned according to categories determined by Morningstar. Morningstar compiles independent data for use by individual investors, financial advisors, and institutional clients.


Section II: Investment Criteria & Summary



Annualized Performance 1 Year Return Rank is less than or equal to 50% of investments in category. 3 Year Return Rank is less than or equal to 50% of investments in category. 5 Year Return Rank is less than or equal to 50% of investments in category. 1 Year Annual Performance vs. Benchmark is greater than or equal to 0. 3 Year Annual Performance vs. Benchmark is greater than or equal to 0. 5 Year Annual Performance vs. Benchmark is greater than or equal to 0. Performance Consistency 5 Year Batting Average Rank is less than or equal to 50% of investments in category. Risk 3 Year Standard Deviation Rank is less than or equal to 50% of investments in category. Risk Adjusted Performance 3 Year Sharpe Ratio Rank is less than or equal to 50% of investments in category. Category Assignment Morningstar Category Change (over last 12 months) is equal to No. Expenses Net Expense Ratio Rank is less than or equal to 50% of investments in category. Manager Details Manager Tenure is greater than or equal to 3 years.

Monitoring Criteria for Investments As of December 31, 2018

Monitoring criteria are based on investment policy criteria for metrics covered by this service that were provided by the plan sponsor or their designee to ICMA-RC. The criteria do not constitute a proprietary rating method. Commentary on fund performance in relation to specific criteria was provided by UpTick Data Technologies. The Glossary contains definitions of metrics monitored by this service.


Scorecard As of December 31, 2018

The scoring applied indicates whether fund data is in range of the monitoring criteria selected by the plan sponsor or their designee. The criteria do not constitute a proprietary rating methodology. The Glossary contains definitions of each metric. Information on Separate Accounts is generally not available. Data on Exchange Traded Funds may not be available.

Meets Criteria Does Not Meet Criteria Data Not Available ✓ NA

Asset Class Morningstar Category Investment

Ticker 1 Year Return

Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0

Ann Perf vs BM (1 Yr)

>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0

Manager Tenure (Yrs)

>= 3.00 Yr(s)

Bond

Inflation-Protected Bond

✓ ✓ ✓ ✓ ✓ ✓ PIMCO Real Return PARRX Admin

Short-Term Bond

✓ ✓ ✓ PIMCO Low Duration PLDAX Admin

Intermediate-Term Bond

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ PIMCO Total Return PTTRX Instl

✓ ✓ ✓ ✓ ✓ Vanguard Total Bond VBTLX Market Index Adm

High Yield Bond

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ PIMCO High Yield PHIYX Instl

World Bond

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Goldman Sachs Global GSGLX Income Instl

Balanced / Asset Allocation

Allocation--30% to 50% Equity

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ T. Rowe Price Personal PRSIX Strat Inc







Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)



✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ T. Rowe Price Personal TRPBX Strat Bal


✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ T. Rowe Price Personal TRSGX Strat Gr

US Equity

Large Value

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ JPMorgan Equity Income OIERX R5

Large Blend

✓ ✓ ✓ ✓ ✓ ✓ JPMorgan US Equity JUEMX R6

✓ ✓ ✓ ✓ ✓ ✓ ✓ Vanguard 500 Index VFIAX Admiral

Large Growth

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Fidelity® Contrafund® FCNTX

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ T. Rowe Price Growth PRGFX Stock

Mid-Cap Value

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Victory Sycamore VETAX Established Value A







Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

US Equity

Mid-Cap Blend

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Vanguard Mid Cap VIMAX Index Admiral

Mid-Cap Growth

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Buffalo Discovery BUFTX

Small Value

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Victory Sycamore VSOIX Small Company Opp I

Small Blend

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ JPMorgan Small Cap VSSCX Core R5

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Vanguard Small Cap VSMAX Index Adm

Small Growth

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ T. Rowe Price QM PRDSX US Small-Cap Gr Eq

Foreign Equity

Foreign Large Growth

✓ ✓ ✓ ✓ Fidelity® Diversified FDIVX International







Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

Foreign Equity


✓ ✓ ✓ ✓ Oppenheimer International OIGAX Growth A

World Large Stock

✓ ✓ ✓ ✓ ✓ ✓ ✓ American Funds Capital RWIGX World Gr&Inc R6

✓ ✓ ✓ ✓ ✓ ✓ Vantagepoint MP Glbl n/a Eq Gr R9

Diversified Emerging Mkts

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Oppenheimer Developing ODVYX Markets Y

Specialty / Other

Real Estate

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Nuveen Real Estate FARCX Securities I

Target Date

Target-Date Retirement

✓ ✓ ✓ ✓ ✓ ✓ Vantagepoint MS Ret n/a Inc R9

Target-Date 2000-2010

✓ ✓ ✓ Vantagepoint Milestone n/a 2010 R9







Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

Target Date

Target-Date 2015


Target-Date 2020


Target-Date 2025


Target-Date 2030


Target-Date 2035


Target-Date 2040


Target-Date 2045

✓ ✓ ✓ ✓ Vantagepoint Milestone n/a 2045 R9







Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

Target Date

Target-Date 2050

✓ ✓ ✓ ✓ Vantagepoint Milestone n/a 2050 R9

Target-Date 2055

NA NA NA ✓ ✓ Vantagepoint Milestone n/a 2055 R9


Monitoring Detail As of December 31, 2018


Asset Class / Morningstar Category Peers in Category - 1yr/3yr/5yr/10yr/Overall

Investment


Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

Bond

Inflation-Protected Bond Peers in Category: 228 / 203 / 167 / 106 / 203

PIMCO Real Return Admin PARRX 77 32 39 -0.95 -0.08 -0.47 21 82 31 No 79 11.01 BM: BBgBarc US Treasury US TIPS TR USD

Gross / Net Expense Ratio: 1.13 / 1.13

The fund has come up short of achieving 6 of its 12 investment monitoring criteria. These include: • One-year performance • One-, three- and five-year performances versus the benchmark • Three-year Standard Deviation • Net Expense Ratio

Short-Term Bond Peers in Category: 530 / 472 / 405 / 263 / 472

PIMCO Low Duration Admin PLDAX 84 77 76 -1.12 -0.24 -0.43 57 52 69 No 42 4.27 BM: BBgBarc US Govt/Credit 1-5 Yr TR USD


The fund has come up short of realizing 9 of its 12 investment monitoring standards. These are: • One-, three- and five-year returns • One-, three- and five-year performances versus the benchmark • Five-year Batting Average • Three-year Standard Deviation • Three-year Sharpe Ratio





Investment


Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

Bond

Intermediate-Term Bond Peers in Category: 1019 / 876 / 767 / 560 / 876

PIMCO Total Return Instl PTTRX 39 32 31 -0.27 0.41 0.04 17 62 33 No 38 4.27 BM: BBgBarc US Agg Bond TR USD


The fund has come up short of reaching 2 of its 12 investment monitoring criteria. These include: • One-year performance versus the benchmark • Three-year Standard Deviation

Vanguard Total Bond Market VBTLX 31 54 39 -0.04 -0.03 -0.06 63 88 57 No 6 5.86 Index Adm

BM: BBgBarc US Agg Bond TR USD


Of the twelve investment monitoring criteria selected for the plan, seven have not been matched by the fund. These are: • Three-year performance • One-, three- and five-year performances versus the benchmark • Five-year Batting Average • Three-year Standard Deviation • Three-year Sharpe Ratio





Investment


Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

Bond

High Yield Bond Peers in Category: 695 / 604 / 507 / 329 / 604

PIMCO High Yield Instl PHIYX 44 53 17 -0.22 -1.72 -0.24 27 22 31 No 19 8.98 BM: ICE BofAML US High Yield TR USD


The fund has failed to attain 4 of its 12 investment monitoring criteria, including: • Three-year return • One-, three- and five-year performances versus the benchmark

World Bond Peers in Category: 310 / 260 / 244 / 138 / 260

Goldman Sachs Global Income GSGLX 30 70 17 2.04 -1.21 2.47 48 10 35 No 35 23.02 Instl

BM: FTSE WGBI NonUSD USD


The fund has failed to match 2 of its 12 investment monitoring requirements. Criteria not met by the fund are: • Three-year performance • Three-year performance versus the benchmark





Investment


Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)


Allocation--30% to 50% Equity Peers in Category: 541 / 463 / 367 / 261 / 463

T. Rowe Price Personal Strat PRSIX 15 13 12 -0.15 0.42 0.51 11 40 7 No 26 7.67 Inc

BM: Morningstar Mod Con Tgt Risk TR USD


Of the twelve investment monitoring criteria for the plan, one has not been matched by the fund. The standard not met by the fund is: • One-year performance versus the benchmark


T. Rowe Price Personal Strat TRPBX 32 16 24 0.26 0.35 0.74 26 41 13 No 29 7.67 Bal

BM: Morningstar Mod Agg Tgt Risk TR USD


The 12 investment monitoring standards for the plan have been met by the fund.





Investment


Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)



T. Rowe Price Personal Strat TRSGX 24 9 10 0.67 0.1 0.82 1 44 10 No 29 7.67 Gr

BM: Morningstar Agg Tgt Risk TR USD


The plan's 12 investment monitoring criteria have been achieved by the fund.

US Equity

Large Value Peers in Category: 1244 / 1100 / 937 / 686 / 1100

JPMorgan Equity Income R5 OIERX 11 12 9 3.94 2.07 1.72 4 19 10 No 29 14.42 BM: Russell 1000 Value TR USD


All 12 investment monitoring requirements for the plan were attained by the fund.





Investment


Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

US Equity

Large Blend Peers in Category: 1402 / 1208 / 1071 / 805 / 1208

JPMorgan US Equity R6 JUEMX 53 46 29 -1.48 -0.94 -0.61 2 87 52 No 29 18.01 BM: S&P 500 TR USD


The fund has come up short of achieving 6 of the plan's 12 investment monitoring requirements. The criteria not met by the fund are: • One-year return • One-, three- and five-year performances versus the benchmark • Three-year Standard Deviation • Three-year Sharpe Ratio

Vanguard 500 Index Admiral VFIAX 27 16 10 -0.04 -0.04 -0.04 93 38 13 No 7 2.68 BM: S&P 500 TR USD


The fund has come up short of achieving 5 of the plan's 12 investment monitoring standards. These include: • One-, three- and five-year performances versus the benchmark • Five-year Batting Average • Manager Tenure





Investment


Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

US Equity

Large Growth Peers in Category: 1405 / 1247 / 1107 / 799 / 1247

Fidelity® Contrafund® FCNTX 50 33 36 -0.61 -0.97 -1.1 21 50 26 No 33 28.31 BM: Russell 1000 Growth TR USD


The plan has 12 investment monitoring requirements, of which the fund has come up short of meeting 3. These include: • One-, three- and five-year performances versus the benchmark

T. Rowe Price Growth Stock PRGFX 38 31 20 0.49 -0.87 -0.3 12 69 31 No 30 4.96 BM: Russell 1000 Growth TR USD


Of the twelve investment monitoring criteria established for the plan, three have not been realized by the fund. These include: • Three- and five-year performances versus the benchmark • Three-year Standard Deviation





Investment


Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

US Equity

Mid-Cap Value Peers in Category: 417 / 363 / 306 / 218 / 363

Victory Sycamore Established VETAX 24 14 5 2.06 1.74 1.69 1 11 6 No 36 20.43 Value A

BM: Russell Mid Cap Value TR USD


All 12 investment monitoring standards for the plan were attained by the fund.

Mid-Cap Blend Peers in Category: 464 / 382 / 335 / 235 / 382

Vanguard Mid Cap Index Admiral VIMAX 32 51 15 -0.17 -0.66 -0.05 8 32 31 No 4 20.63 BM: Russell Mid Cap TR USD


The plan has 12 investment monitoring criteria, of which the fund has come up short of meeting 4. Standards not met by the fund are: • Three-year return • One-, three- and five-year performances versus the benchmark





Investment


Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

US Equity

Mid-Cap Growth Peers in Category: 605 / 542 / 489 / 341 / 542

Buffalo Discovery BUFTX 54 50 19 -1.79 -1.23 0.25 49 16 43 No 41 15.01 BM: Russell Mid Cap Growth TR USD


Three of the plan's twelve investment monitoring standards have not been matched. These include: • One-year return • One- and three-year performances versus the benchmark

Small Value Peers in Category: 417 / 373 / 327 / 228 / 373

Victory Sycamore Small Company VSOIX 6 4 1 4.6 2.73 3.66 34 17 1 No 36 20.6 Opp I

BM: Russell 2000 Value TR USD


All 12 investment monitoring requirements for the plan have been achieved by the fund.





Investment


Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

US Equity

Small Blend Peers in Category: 769 / 644 / 541 / 393 / 644

JPMorgan Small Cap Core R5 VSSCX 44 35 18 -0.8 -0.4 0.5 36 94 38 No 39 14.45 BM: Russell 2000 TR USD


Three of the plan's twelve investment monitoring requirements have not been realized. These include: • One- and three-year performances versus the benchmark • Three-year Standard Deviation

Vanguard Small Cap Index Adm VSMAX 20 23 14 1.7 0.27 0.84 3 19 19 No 6 2.68 BM: Russell 2000 TR USD


Of the twelve investment monitoring criteria for the plan, one has not been met by the fund. The standard not met by the fund is: • Manager Tenure

Small Growth Peers in Category: 676 / 583 / 516 / 391 / 583

T. Rowe Price QM US Small-Cap PRDSX 60 56 23 2.45 0.94 1.49 21 17 43 No 29 12.25 Gr Eq

BM: Russell 2000 Growth TR USD


The plan has 12 investment monitoring criteria, of which the fund has come up short of achieving 2. The standards not met by the fund are: • One- and three-year returns





Investment


Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

Foreign Equity

Foreign Large Growth Peers in Category: 439 / 364 / 315 / 228 / 364

Fidelity® Diversified International FDIVX 64 81 63 -0.82 -3.09 -1.06 92 34 79 No 31 17.76 BM: MSCI EAFE Growth NR USD


Eight of the plan's twelve investment monitoring requirements have not been met. These are: • One-, three- and five-year returns • One-, three- and five-year performances versus the benchmark • Five-year Batting Average • Three-year Sharpe Ratio

Oppenheimer International Growth OIGAX 94 97 90 -5.12 -4.35 -2.66 75 44 97 No 48 22.78 A

BM: MSCI EAFE Growth NR USD


Eight of the plan's twelve investment monitoring requirements have not been matched. The criteria not met by the fund are: • One-, three- and five-year performances • One-, three- and five-year performances versus the benchmark • Five-year Batting Average • Three-year Sharpe Ratio





Investment


Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

Foreign Equity

World Large Stock Peers in Category: 901 / 729 / 618 / 360 / 729

American Funds Capital World RWIGX 56 39 40 -1.34 -0.56 -0.14 56 30 28 No 16 25.78 Gr&Inc R6

BM: MSCI World NR USD


Of the twelve investment monitoring criteria selected for the plan, five have not been attained by the fund. These include: • One-year performance • One-, three- and five-year performances versus the benchmark • Five-year Batting Average

Vantagepoint MP Glbl Eq Gr F00000Q8LV 53 46 47 -1.13 -0.98 -0.42 13 62 68 No 27 14.01 R9

BM: MSCI World NR USD


The plan has 12 investment monitoring standards, of which the fund has come up short of realizing 6, including: • One-year return • One-, three- and five-year performances versus the benchmark • Three-year Standard Deviation • Three-year Sharpe Ratio





Investment


Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

Foreign Equity

Diversified Emerging Mkts Peers in Category: 836 / 708 / 533 / 238 / 708

Oppenheimer Developing Markets ODVYX 14 32 47 2.63 -0.82 -0.7 36 29 23 No 40 11.68 Y

BM: MSCI EM NR USD


Two of the plan's twelve investment monitoring standards have not been attained. Requirements not met by the fund are: • Three- and five-year performances versus the benchmark

Specialty / Other Real Estate Peers in Category: 251 / 223 / 193 / 139 / 223

Nuveen Real Estate Securities FARCX 53 50 33 -1.72 -0.74 -0.1 39 46 38 No 50 13.6 I

BM: S&P United States REIT TR USD


The fund has failed to match 4 of its 12 investment monitoring criteria, including: • One-year return • One-, three- and five-year performances versus the benchmark





Investment


Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

Target Date

Target-Date Retirement Peers in Category: 187 / 164 / 129 / 93 / 164

Vantagepoint MS Ret Inc R9 F00000Q8K3 56 40 50 -1.11 -0.26 -0.26 12 60 52 No 37 13.93 BM: Morningstar Lifetime Mod Incm TR USD


The fund has failed to match 6 of its 12 investment monitoring requirements. These are: • One-year performance • One-, three- and five-year performances versus the benchmark • Three-year Standard Deviation • Three-year Sharpe Ratio

Target-Date 2000-2010 Peers in Category: 137 / 118 / 93 / 76 / 118

Vantagepoint Milestone 2010 F00000Q8K7 75 70 80 -0.7 -0.55 -0.5 64 53 68 No 33 13.93 R9

BM: Morningstar Lifetime Mod 2010 TR USD


The fund has come up short of reaching 9 of the plan's 12 investment monitoring criteria. These include: • One-, three- and five-year performances • One-, three- and five-year performances versus the benchmark • Five-year Batting Average • Three-year Standard Deviation • Three-year Sharpe Ratio





Investment


Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

Target Date

Target-Date 2015 Peers in Category: 142 / 118 / 82 / 49 / 118

Vantagepoint Milestone 2015 F00000Q8KB 80 68 76 -0.98 -0.64 -0.58 79 53 81 No 39 13.93 R9



The fund has not achieved 9 of the plan's 12 investment monitoring requirements. Criteria not met by the fund are: • One-, three- and five-year performances • One-, three- and five-year performances versus the benchmark • Five-year Batting Average • Three-year Standard Deviation • Three-year Sharpe Ratio


Vantagepoint Milestone 2020 F00000Q8KF 58 51 58 -0.57 -0.52 -0.49 57 71 68 No 36 13.93 R9



The fund has not met 9 of its 12 investment monitoring standards, including: • One-, three- and five-year performances • One-, three- and five-year performances versus the benchmark • Five-year Batting Average • Three-year Standard Deviation • Three-year Sharpe Ratio





Investment


Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

Target Date


Vantagepoint Milestone 2025 F00000Q8KJ 72 64 68 -1.04 -0.78 -0.65 66 76 79 No 42 13.93 R9



Nine of the plan's twelve investment monitoring criteria have not been achieved. The standards not met by the fund are: • One-, three- and five-year performances • One-, three- and five-year performances versus the benchmark • Five-year Batting Average • Three-year Standard Deviation • Three-year Sharpe Ratio


Vantagepoint Milestone 2030 F00000Q8KN 77 67 66 -1.3 -1.08 -0.76 65 79 86 No 39 13.93 R9



The fund has come up short of realizing 9 of the plan's 12 investment monitoring standards. These are: • One-, three- and five-year performances • One-, three- and five-year performances versus the benchmark • Five-year Batting Average • Three-year Standard Deviation • Three-year Sharpe Ratio





Investment


Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

Target Date


Vantagepoint Milestone 2035 F00000Q8KR 87 73 68 -1.32 -1.25 -0.77 69 77 85 No 42 13.93 R9



The fund has failed to match 9 of its 12 investment monitoring requirements, including: • One-, three- and five-year performances • One-, three- and five-year performances versus the benchmark • Five-year Batting Average • Three-year Standard Deviation • Three-year Sharpe Ratio


Vantagepoint Milestone 2040 F00000Q8KV 77 53 61 -0.9 -1.05 -0.59 66 95 80 No 42 13.93 R9



Of the twelve investment monitoring requirements established for the plan, nine have not been met by the fund. These include: • One-, three- and five-year performances • One-, three- and five-year performances versus the benchmark • Five-year Batting Average • Three-year Standard Deviation • Three-year Sharpe Ratio





Investment


Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

Target Date


Vantagepoint Milestone 2045 F00000Q8KZ 76 53 62 -0.78 -0.83 -0.39 37 99 69 No 43 8.99 R9



Of the twelve investment monitoring standards selected for the plan, eight have not been achieved by the fund. The Requirements not met by the fund are: • One-, three- and five-year returns • One-, three- and five-year performances versus the benchmark • Three-year Standard Deviation • Three-year Sharpe Ratio


Vantagepoint Milestone 2050 F00000Q8L3 71 49 60 -0.68 -0.78 -0.32 58 98 72 No 41 6.31 R9



The fund has not met 8 of its 12 investment monitoring standards. The Requirements not met by the fund are: • One- and five-year performances • One-, three- and five-year performances versus the benchmark • Five-year Batting Average • Three-year Standard Deviation • Three-year Sharpe Ratio





Investment


Rank <= Pct rank

50.0

3 Year Return

Rank <= Pct rank

50.0

5 Year Return

Rank <= Pct rank

50.0


>= 0.00


>= 0.00


>= 0.00

Batting Average

(5 Yr)

Rank <= Pct rank

50.0

Std Dev (3 Yr)

Rank <= Pct rank

50.0

Sharpe (3 Yr)

Rank <= Pct rank

50.0

Category Change

= No

Net Expense

Ratio

Rank <= Pct rank

50.0


>= 3.00 Yr(s)

Target Date


Vantagepoint Milestone 2055 F00000Y60U 68 54 n/a -0.46 -0.75 n/a n/a 82 63 No 43 2.12 R9



Of the plan's twelve investment monitoring standards, data currently available for nine. Of these, the fund has not met seven, which are: • One- and three-year performances • One- and three-year performances versus the benchmark • Three-year Standard Deviation • Three-year Sharpe Ratio • Manager Tenure


Morningstar Ratings As of December 31, 2018

For each mutual fund and exchanged-traded fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. For mutual funds, each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. The overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with a fund’s three-, five-, and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. In the case of VantageTrust Funds, the ratings provided are for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. Information on Separate Accounts is generally not available. Data on Exchange Traded Funds may not be available.

Morningstar Rating / Number of Peers in Category

Asset Class / Morningstar Category / Investment Ticker Overall 3 Year 5 Year 10 Year

Bond


PIMCO Real Return Admin PARRX /203 /203 /167 /106 Short-Term Bond

PIMCO Low Duration Admin PLDAX /472 /472 /405 /263 Intermediate-Term Bond

PIMCO Total Return Instl PTTRX /876 /876 /767 /560

Vanguard Total Bond Market Index Adm VBTLX /876 /876 /767 /560 High Yield Bond

PIMCO High Yield Instl PHIYX /604 /604 /507 /329 World Bond

Goldman Sachs Global Income Instl GSGLX /260 /260 /244 /138 Balanced / Asset Allocation


T. Rowe Price Personal Strat Inc PRSIX /463 /463 /367 /261 Allocation--50% to 70% Equity

T. Rowe Price Personal Strat Bal TRPBX /697 /697 /610 /440 Allocation--70% to 85% Equity

T. Rowe Price Personal Strat Gr TRSGX /322 /322 /280 /196 US Equity

Large Value

JPMorgan Equity Income R5 OIERX /1100 /1100 /937 /686






US Equity

Large Blend

JPMorgan US Equity R6 JUEMX /1208 /1208 /1071 /805

Vanguard 500 Index Admiral VFIAX /1208 /1208 /1071 /805 Large Growth

Fidelity® Contrafund® FCNTX /1247 /1247 /1107 /799

T. Rowe Price Growth Stock PRGFX /1247 /1247 /1107 /799 Mid-Cap Value

Victory Sycamore Established Value A VETAX /363 /363 /306 /218 Mid-Cap Blend

Vanguard Mid Cap Index Admiral VIMAX /382 /382 /335 /235 Mid-Cap Growth

Buffalo Discovery BUFTX /542 /542 /489 /341 Small Value

Victory Sycamore Small Company Opp I VSOIX /373 /373 /327 /228 Small Blend

JPMorgan Small Cap Core R5 VSSCX /644 /644 /541 /393

Vanguard Small Cap Index Adm VSMAX /644 /644 /541 /393 Small Growth

T. Rowe Price QM US Small-Cap Gr Eq PRDSX /583 /583 /516 /391






Foreign Equity


Fidelity® Diversified International FDIVX /364 /364 /315 /228

Oppenheimer International Growth A OIGAX /364 /364 /315 /228 World Large Stock

American Funds Capital World Gr&Inc R6 RWIGX /729 /729 /618 /360

Vantagepoint MP Glbl Eq Gr R9 F00000Q8LV /729 /729 /618 /360 Diversified Emerging Mkts

Oppenheimer Developing Markets Y ODVYX /708 /708 /533 /238 Specialty / Other

Real Estate

Nuveen Real Estate Securities I FARCX /223 /223 /193 /139 Target Date


Vantagepoint MS Ret Inc R9 F00000Q8K3 /164 /164 /129 /93 Target-Date 2000-2010

Vantagepoint Milestone 2010 R9 F00000Q8K7 /118 /118 /93 /76 Target-Date 2015

Vantagepoint Milestone 2015 R9 F00000Q8KB /118 /118 /82 /49 Target-Date 2020

Vantagepoint Milestone 2020 R9 F00000Q8KF /206 /206 /165 /107






Target Date

Target-Date 2025

Vantagepoint Milestone 2025 R9 F00000Q8KJ /189 /189 /146 /73 Target-Date 2030

Vantagepoint Milestone 2030 R9 F00000Q8KN /196 /196 /155 /97 Target-Date 2035

Vantagepoint Milestone 2035 R9 F00000Q8KR /184 /184 /141 /68 Target-Date 2040

Vantagepoint Milestone 2040 R9 F00000Q8KV /196 /196 /155 /97 Target-Date 2045

Vantagepoint Milestone 2045 R9 F00000Q8KZ /184 /184 /141 ΝΑ/67 Target-Date 2050

Vantagepoint Milestone 2050 R9 F00000Q8L3 /196 /196 /155 ΝΑ/79 Target-Date 2055

Vantagepoint Milestone 2055 R9 F00000Y60U /182 /182 ΝΑ/115 ΝΑ/9


Performance As of December 31, 2018

Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. * Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. If an individual were to purchase shares outside of a qualified plan, they would likely be subject to all, or a portion of, these sales charges. These charges would lower the performance indicated above. The fund's total-return percentile rank is for the specified period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Morningstar category rankings are based on the total return for periods stated with the dividends reinvested and capital gains and do not take into account or reflect sales charges. In the case of VantageTrust Funds, the rankings provided are for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index.

Expenses Current Period Returns (%) Annualized Returns (%) Asset Class / Morningstar Category / Primary Risks Gross Maximum 3 Mos YTD 1 Yr % Rank 3 Yr % Rank 5 Yr % Rank 10 Yr % Rank Since Inception Benchmark / Investment Expense Sales Category Category Category Category Inception Date Ratio Charge* (Funds in Cat) (Funds in Cat) (Funds in Cat) (Funds in Cat)

Bond

Inflation-Protected Bond -0.95 -1.64 -1.64 (228) 1.86 (203) 1.14 (167) 3.11 (106)

BM: BBgBarc US Treasury US TIPS TR USD -0.42 -1.26 -1.26 2.11 1.69 3.64

PIMCO Real Return Admin 1.13 -0.99 -2.22 -2.22 77 2.03 32 1.23 39 4.09 6 5.11 04/28/2000 888-877-4626

Short-Term Bond 0.45 0.92 0.92 (530) 1.66 (472) 1.25 (405) 2.65 (263)

BM: BBgBarc US Govt/Credit 1-5 Yr TR USD 1.46 1.38 1.38 1.40 1.32 2.09

PIMCO Low Duration Admin 0.71 0.44 0.26 0.26 84 1.17 77 0.89 76 2.87 39 4.22 01/03/1995 888-877-4626

Intermediate-Term Bond 0.87 -0.50 -0.50 (1019) 2.15 (876) 2.27 (767) 4.31 (560)

BM: BBgBarc US Agg Bond TR USD 1.64 0.01 0.01 2.06 2.52 3.48

PIMCO Total Return Instl 0.55 1.39 -0.26 -0.26 39 2.47 32 2.56 31 4.71 36 7.08 05/11/1987 888-877-4626





Bond



Vanguard Total Bond Market Index Adm 0.05 1.61 -0.03 -0.03 31 2.03 54 2.46 39 3.42 77 3.95 11/12/2001 800-662-7447

High Yield Bond -4.33 -2.59 -2.59 (695) 5.59 (604) 2.71 (507) 9.25 (329)

BM: ICE BofAML US High Yield TR USD -4.67 -2.26 -2.26 7.27 3.82 10.99

PIMCO High Yield Instl 0.57 -4.13 -2.49 -2.49 44 5.55 53 3.58 17 9.47 47 7.37 12/15/1992 888-877-4626

World Bond 0.29 -1.48 -1.48 (310) 2.74 (260) 1.01 (244) 3.63 (138)

BM: FTSE WGBI NonUSD USD 1.31 -1.82 -1.82 3.32 0.28 1.27

Goldman Sachs Global Income Instl 0.79 1.21 0.22 0.22 30 2.10 70 2.74 17 4.33 37 5.22 08/01/1995 800-526-7384






Allocation--30% to 50% Equity -5.97 -5.04 -5.04 (541) 3.67 (463) 2.56 (367) 6.69 (261)

BM: Morningstar Mod Con Tgt Risk TR USD -4.09 -2.87 -2.87 4.73 3.46 6.26

T. Rowe Price Personal Strat Inc 0.78 -4.74 -3.02 -3.02 15 5.15 13 3.97 12 8.02 18 7.21 07/29/1994 800-638-5660


BM: Morningstar Mod Agg Tgt Risk TR USD -9.67 -6.74 -6.74 6.91 4.60 9.48

T. Rowe Price Personal Strat Bal 0.86 -7.25 -4.50 -4.50 32 6.19 16 4.82 24 10.01 11 8.11 07/29/1994 800-638-5660


BM: Morningstar Agg Tgt Risk TR USD -12.03 -8.17 -8.17 7.63 5.01 10.61

T. Rowe Price Personal Strat Gr 0.88 -9.84 -6.07 -6.07 24 7.01 9 5.41 10 11.52 4 8.73 07/29/1994 800-638-5660





US Equity

Large Value -12.49 -8.53 -8.53 (1244) 6.85 (1100) 5.37 (937) 10.91 (686)

BM: Russell 1000 Value TR USD -11.72 -8.27 -8.27 6.95 5.95 11.18

JPMorgan Equity Income R5 0.58 -9.52 -4.33 -4.33 11 9.03 12 7.67 9 12.56 14 10.78 02/28/2011 800-480-4111

Large Blend -13.53 -6.27 -6.27 (1402) 7.66 (1208) 6.65 (1071) 11.99 (805)

BM: S&P 500 TR USD -13.52 -4.38 -4.38 9.26 8.49 13.12

JPMorgan US Equity R6 0.50 -15.20 -5.86 -5.86 53 8.31 46 7.89 29 13.40 11 11.83 11/30/2010 800-480-4111

Vanguard 500 Index Admiral 0.04 -13.53 -4.43 -4.43 27 9.22 16 8.46 10 13.10 19 5.51 11/13/2000 800-662-7447





US Equity

Large Growth -15.43 -2.09 -2.09 (1405) 8.98 (1247) 8.16 (1107) 13.74 (799)

BM: Russell 1000 Growth TR USD -15.89 -1.51 -1.51 11.15 10.40 15.29

Fidelity® Contrafund® 0.74 -16.24 -2.13 -2.13 50 10.18 33 9.30 36 13.89 47 12.26 05/17/1967 800-544-8544

T. Rowe Price Growth Stock 0.67 -14.14 -1.03 -1.03 38 10.28 31 10.10 20 16.08 13 10.81 04/11/1950 800-638-5660

Mid-Cap Value -15.72 -12.86 -12.86 (417) 5.42 (363) 3.88 (306) 11.66 (218)

BM: Russell Mid Cap Value TR USD -14.95 -12.29 -12.29 6.06 5.44 13.03

Victory Sycamore Established Value A 0.90 5.75 -15.29 -10.23 -10.23 24 7.80 14 7.13 5 13.26 15 9.18 05/05/2000 800-539-3863





US Equity

Mid-Cap Blend -16.19 -11.15 -11.15 (464) 5.54 (382) 4.00 (335) 11.92 (235)

BM: Russell Mid Cap TR USD -15.37 -9.06 -9.06 7.04 6.26 14.03

Vanguard Mid Cap Index Admiral 0.05 -15.46 -9.23 -9.23 32 6.38 51 6.21 15 13.87 10 9.01 11/12/2001 800-662-7447

Mid-Cap Growth -17.57 -6.65 -6.65 (605) 7.27 (542) 5.61 (489) 13.16 (341)

BM: Russell Mid Cap Growth TR USD -15.99 -4.75 -4.75 8.59 7.42 15.12

Buffalo Discovery 1.02 -15.76 -6.54 -6.54 54 7.36 50 7.67 19 15.92 7 8.39 04/16/2001 800-492-8332

Small Value -19.16 -15.46 -15.46 (417) 5.12 (373) 1.86 (327) 11.00 (228)

BM: Russell 2000 Value TR USD -18.67 -12.86 -12.86 7.37 3.61 10.40

Victory Sycamore Small Company Opp I 0.90 -14.84 -8.26 -8.26 6 10.10 4 7.26 1 13.42 10 8.12 08/31/2007 800-539-3863





US Equity

Small Blend -19.38 -12.72 -12.72 (769) 5.90 (644) 3.20 (541) 11.60 (393)

BM: Russell 2000 TR USD -20.20 -11.01 -11.01 7.36 4.41 11.97

JPMorgan Small Cap Core R5 0.98 -20.66 -11.82 -11.82 44 6.96 35 4.91 18 12.49 30 6.89 12/31/1996 800-480-4111

Vanguard Small Cap Index Adm 0.05 -18.33 -9.31 -9.31 20 7.64 23 5.25 14 13.57 8 8.29 11/13/2000 800-662-7447

Small Growth -20.82 -5.76 -5.76 (676) 8.47 (583) 5.12 (516) 13.36 (391)

BM: Russell 2000 Growth TR USD -21.65 -9.31 -9.31 7.24 5.13 13.52

T. Rowe Price QM US Small-Cap Gr Eq 0.79 -19.32 -6.86 -6.86 60 8.18 56 6.63 23 15.70 12 7.24 06/30/1997 800-638-5660





Foreign Equity

Foreign Large Growth -13.87 -14.08 -14.08 (439) 3.21 (364) 1.38 (315) 7.43 (228)

BM: MSCI EAFE Growth NR USD -13.33 -12.83 -12.83 2.89 1.62 7.07

Fidelity® Diversified International 0.81 -14.15 -15.24 -15.24 64 1.10 81 0.62 63 6.75 66 7.54 12/27/1991 800-544-8544

Oppenheimer International Growth A 1.10 5.75 -14.71 -19.55 -19.55 94 -0.16 97 -0.97 90 7.77 41 6.98 03/25/1996 800-225-5677

World Large Stock -12.94 -9.64 -9.64 (901) 5.69 (729) 3.72 (618) 9.33 (360)

BM: MSCI World NR USD -13.42 -8.71 -8.71 6.30 4.56 9.67

American Funds Capital World Gr&Inc R6 0.45 -11.60 -9.97 -9.97 56 6.36 39 4.26 40 9.39 50 9.88 05/01/2009 800-421-4225





Foreign Equity

World Large Stock -12.94 -9.64 -9.64 (901) 5.69 (729) 3.72 (618) 9.33 (360)

BM: MSCI World NR USD -13.42 -8.71 -8.71 6.30 4.56 9.67

Vantagepoint MP Glbl Eq Gr R9 0.70 -13.39 -9.76 -9.76 53 5.94 46 3.98 47 10.68 26 n/a 10/11/2013

Diversified Emerging Mkts -7.47 -16.07 -16.07 (836) 6.99 (708) 0.53 (533) 7.61 (238)

BM: MSCI EM NR USD -7.47 -14.58 -14.58 9.25 1.65 8.02

Oppenheimer Developing Markets Y 1.05 -7.80 -11.95 -11.95 14 8.43 32 0.95 47 10.17 7 7.87 09/07/2005 800-225-5677

Specialty / Other

Real Estate -7.19 -5.97 -5.97 (251) 2.45 (223) 6.92 (193) 11.50 (139)

BM: S&P United States REIT TR USD -6.09 -3.79 -3.79 2.88 7.78 12.16

Nuveen Real Estate Securities I 1.04 -6.48 -5.51 -5.51 53 2.14 50 7.68 33 12.31 18 10.89 06/30/1995 800-257-8787





Target Date

Target-Date Retirement -3.79 -3.16 -3.16 (187) 3.44 (164) 2.62 (129) 5.74 (93)

BM: Morningstar Lifetime Mod Incm TR USD -4.12 -2.20 -2.20 4.01 2.94 5.88

Vantagepoint MS Ret Inc R9 0.55 -4.40 -3.32 -3.32 56 3.75 40 2.68 50 5.29 70 n/a 10/11/2013

Target-Date 2000-2010 -4.30 -3.25 -3.25 (137) 4.11 (118) 3.22 (93) 6.96 (76)

BM: Morningstar Lifetime Mod 2010 TR USD -4.63 -2.97 -2.97 4.47 3.37 6.96

Vantagepoint Milestone 2010 R9 0.56 -4.88 -3.67 -3.67 75 3.93 70 2.87 80 6.26 89 n/a 10/11/2013

Target-Date 2015 -5.41 -3.86 -3.86 (142) 4.39 (118) 3.36 (82) 7.49 (49)







Target Date

Target-Date 2020 -6.14 -4.49 -4.49 (250) 4.54 (206) 3.41 (165) 7.73 (107)



Target-Date 2025 -7.47 -5.34 -5.34 (226) 5.05 (189) 3.71 (146) 8.55 (73)



Target-Date 2030 -8.82 -6.25 -6.25 (239) 5.45 (196) 3.94 (155) 8.86 (97)







Target Date

Target-Date 2035 -10.13 -7.04 -7.04 (221) 5.83 (184) 4.14 (141) 9.44 (68)



Target-Date 2040 -11.01 -7.74 -7.74 (239) 5.96 (196) 4.23 (155) 9.48 (97)



Target-Date 2045 -11.71 -8.14 -8.14 (221) 6.13 (184) 4.30 (141) 9.78 (67)


Vantagepoint Milestone 2045 R9 0.69 -12.50 -8.95 -8.95 76 6.22 53 4.21 62 n/a -- 8.22 10/11/2013





Target Date

Target-Date 2050 -11.91 -8.41 -8.41 (239) 6.11 (196) 4.33 (155) 9.60 (79)


Vantagepoint Milestone 2050 R9 0.70 -12.70 -9.09 -9.09 71 6.27 49 4.19 60 n/a -- 7.82 02/14/2014

Target-Date 2055 -12.12 -8.44 -8.44 (221) 6.21 (182) 4.42 (115) 10.41 (9)


Vantagepoint Milestone 2055 R9 0.74 -12.59 -9.03 -9.03 68 6.29 54 n/a -- n/a -- 6.29 11/18/2016


Calendar Year Performance As of December 31, 2018

Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. In the case of VantageTrust Funds, the phone number provided is for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information.

Annual Returns (%)

Asset Class / Morningstar Category / Ticker 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Benchmark / Investment Bond Inflation-Protected Bond 2.72 4.59 -2.36 1.80 -7.85 6.45 10.93 5.94 10.88 -4.08

BM: BBgBarc US Treasury US TIPS TR USD 3.01 4.68 -1.44 3.64 -8.61 6.98 13.56 6.31 11.41 -2.35

PIMCO Real Return Admin PARRX 3.66 4.78 -3.00 3.16 -9.27 8.98 11.29 7.54 18.67 -6.66 888-877-4626 Short-Term Bond 1.73 2.08 0.19 1.07 0.45 3.67 1.66 4.11 9.30 -4.23

BM: BBgBarc US Govt/Credit 1-5 Yr TR USD 1.27 1.56 0.97 1.42 0.28 2.24 3.14 4.08 4.62 5.13

PIMCO Low Duration Admin PLDAX 1.59 1.66 0.42 0.53 -0.15 5.90 1.46 4.70 13.08 -1.52 888-877-4626 Intermediate-Term Bond 3.71 3.23 -0.26 5.18 -1.42 7.01 5.86 7.72 13.97 -4.70

BM: BBgBarc US Agg Bond TR USD 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 5.93 5.24

PIMCO Total Return Instl PTTRX 5.13 2.60 0.73 4.69 -1.92 10.36 4.16 8.83 13.83 4.82 888-877-4626

Vanguard Total Bond Market Index Adm VBTLX 3.56 2.60 0.40 5.89 -2.15 4.15 7.69 6.54 6.04 5.15 800-662-7447 High Yield Bond 6.47 13.30 -4.01 1.11 6.90 14.67 2.83 14.24 46.70 -26.41

BM: ICE BofAML US High Yield TR USD 7.48 17.49 -4.64 2.50 7.42 15.58 4.38 15.19 57.51 -26.39

PIMCO High Yield Instl PHIYX 7.01 12.70 -1.85 3.31 5.77 14.55 4.00 14.24 44.05 -23.69 888-877-4626




Annual Returns (%)

Asset Class / Morningstar Category / Ticker 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Benchmark / Investment Bond World Bond 6.87 3.63 -4.00 1.72 -2.62 8.09 3.39 6.35 13.12 -1.57

BM: FTSE WGBI NonUSD USD 10.33 1.81 -5.54 -2.68 -4.56 1.51 5.17 5.21 4.39 10.11

Goldman Sachs Global Income Instl GSGLX 2.68 3.44 0.85 6.65 1.02 7.63 4.29 4.76 12.34 -1.46 800-526-7384 Balanced / Asset Allocation Allocation--30% to 50% Equity 9.86 6.62 -2.32 4.02 7.23 9.40 1.70 10.03 20.77 -18.61

BM: Morningstar Mod Con Tgt Risk TR USD 10.86 6.66 -1.03 4.30 8.83 9.66 2.60 9.65 15.31 -13.06

T. Rowe Price Personal Strat Inc PRSIX 12.79 6.27 0.01 4.50 11.95 12.53 0.89 11.68 25.47 -20.38 800-638-5660 Allocation--50% to 70% Equity 13.21 7.34 -1.93 6.21 16.48 11.72 -0.11 11.83 24.13 -28.00

BM: Morningstar Mod Agg Tgt Risk TR USD 18.89 10.21 -2.40 4.97 20.18 14.33 -1.93 14.92 27.55 -30.65

T. Rowe Price Personal Strat Bal TRPBX 17.31 6.89 0.17 5.50 18.09 15.33 -0.21 13.79 32.61 -29.32 800-638-5660 Allocation--70% to 85% Equity 15.80 7.93 -2.77 5.71 21.31 13.42 -3.80 13.49 29.37 -34.34

BM: Morningstar Agg Tgt Risk TR USD 21.95 11.33 -2.67 5.23 24.53 16.07 -3.60 16.75 32.00 -37.14

T. Rowe Price Personal Strat Gr TRSGX 21.91 7.02 0.33 5.86 24.90 17.62 -1.89 15.38 37.47 -37.58 800-638-5660




Annual Returns (%)

Asset Class / Morningstar Category / Ticker 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Benchmark / Investment US Equity Large Value 15.94 14.81 -4.05 10.21 31.21 14.57 -0.75 13.66 24.13 -37.09

BM: Russell 1000 Value TR USD 13.66 17.34 -3.83 13.45 32.53 17.51 0.39 15.51 19.69 -36.85

JPMorgan Equity Income R5 OIERX 17.73 15.06 -2.05 13.97 31.85 13.65 7.76 18.92 17.50 -29.67 800-480-4111 Large Blend 20.44 10.37 -1.07 10.96 31.50 14.96 -1.27 14.01 28.17 -37.79

BM: S&P 500 TR USD 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46 -37.00

JPMorgan US Equity R6 JUEMX 21.71 10.91 0.90 13.98 36.20 17.43 -1.33 14.40 33.27 -34.63 800-480-4111

Vanguard 500 Index Admiral VFIAX 21.79 11.93 1.36 13.64 32.33 15.96 2.08 15.05 26.62 -36.97 800-662-7447 Large Growth 27.67 3.23 3.60 10.00 33.92 15.34 -2.46 15.53 35.68 -40.67

BM: Russell 1000 Growth TR USD 30.21 7.08 5.67 13.05 33.48 15.26 2.64 16.71 37.21 -38.44

Fidelity® Contrafund® FCNTX 32.21 3.36 6.46 9.56 34.15 16.26 -0.14 16.93 29.23 -37.16 800-544-8544

T. Rowe Price Growth Stock PRGFX 33.63 1.41 10.85 8.83 39.20 18.92 -0.97 16.93 43.25 -42.26 800-638-5660




Annual Returns (%)

Asset Class / Morningstar Category / Ticker 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Benchmark / Investment US Equity Mid-Cap Value 13.22 18.06 -5.41 9.31 35.14 16.60 -3.96 21.92 35.41 -36.77

BM: Russell Mid Cap Value TR USD 13.34 20.00 -4.78 14.75 33.46 18.51 -1.38 24.75 34.21 -38.44

Victory Sycamore Established Value A VETAX 15.66 20.66 0.68 11.90 34.43 12.12 0.10 21.41 34.33 -29.02 800-539-3863 Mid-Cap Blend 15.93 14.14 -4.75 7.80 34.10 16.15 -3.81 22.52 37.39 -39.18

BM: Russell Mid Cap TR USD 18.52 13.80 -2.44 13.22 34.76 17.28 -1.55 25.48 40.48 -41.46

Vanguard Mid Cap Index Admiral VIMAX 19.25 11.22 -1.34 13.76 35.15 15.99 -1.97 25.59 40.48 -41.78 800-662-7447 Mid-Cap Growth 23.91 6.03 -0.95 7.00 34.93 14.07 -3.96 24.61 39.11 -43.77

BM: Russell Mid Cap Growth TR USD 25.27 7.33 -0.20 11.90 35.74 15.81 -1.65 26.38 46.29 -44.32

Buffalo Discovery BUFTX 25.44 5.56 5.64 10.68 36.61 19.73 -0.69 22.96 51.62 -36.87 800-492-8332 Small Value 8.54 25.99 -6.71 3.34 36.22 16.00 -4.45 26.17 31.32 -32.24

BM: Russell 2000 Value TR USD 7.84 31.74 -7.47 4.22 34.52 18.05 -5.50 24.50 20.58 -28.92

Victory Sycamore Small Company Opp I VSOIX 11.88 30.04 -0.39 6.80 33.39 12.55 1.52 22.00 33.48 -27.01 800-539-3863




Annual Returns (%)

Asset Class / Morningstar Category / Ticker 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Benchmark / Investment US Equity Small Blend 12.28 20.78 -5.38 3.79 37.39 15.46 -4.07 25.61 31.80 -36.56

BM: Russell 2000 TR USD 14.65 21.31 -4.41 4.89 38.82 16.35 -4.18 26.85 27.17 -33.79

JPMorgan Small Cap Core R5 VSSCX 15.30 20.37 -5.38 9.73 42.54 19.79 -4.58 27.37 23.07 -31.86 800-480-4111

Vanguard Small Cap Index Adm VSMAX 16.24 18.30 -3.64 7.50 37.81 18.24 -2.69 27.89 36.33 -36.00 800-662-7447 Small Growth 21.50 11.20 -2.41 2.44 40.91 13.15 -3.55 26.98 35.46 -41.55

BM: Russell 2000 Growth TR USD 22.17 11.32 -1.38 5.60 43.30 14.59 -2.91 29.09 34.47 -38.54

T. Rowe Price QM US Small-Cap Gr Eq PRDSX 22.12 11.31 2.33 6.38 44.19 15.69 1.54 33.50 37.98 -36.28 800-638-5660 Foreign Equity Foreign Large Growth 30.87 -2.14 0.95 -3.92 18.58 17.70 -12.30 14.78 38.02 -46.56

BM: MSCI EAFE Growth NR USD 28.86 -3.04 4.09 -4.43 22.55 16.86 -12.11 12.25 29.36 -42.70

Fidelity® Diversified International FDIVX 26.65 -3.73 3.12 -3.20 25.19 19.41 -13.78 9.65 31.78 -45.21 800-544-8544




Annual Returns (%)

Asset Class / Morningstar Category / Ticker 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Benchmark / Investment Foreign Equity Foreign Large Growth 30.87 -2.14 0.95 -3.92 18.58 17.70 -12.30 14.78 38.02 -46.56


Oppenheimer International Growth A OIGAX 26.60 -2.30 3.16 -7.22 25.11 21.62 -7.71 14.69 37.78 -41.51 800-225-5677 World Large Stock 23.61 5.54 -1.69 2.79 25.19 15.84 -7.93 13.74 35.27 -41.91

BM: MSCI World NR USD 22.40 7.51 -0.87 4.94 26.68 15.83 -5.54 11.76 29.99 -40.71

American Funds Capital World Gr&Inc R6 RWIGX 25.08 6.85 -1.88 4.36 25.28 19.56 -7.23 8.10 32.50 -38.38 800-421-4225

Vantagepoint MP Glbl Eq Gr R9 F00000Q8LV 24.18 6.12 -3.72 6.18 30.60 16.26 -4.08 15.19 35.32 -39.75 Diversified Emerging Mkts 34.17 8.47 -13.79 -3.01 -0.14 18.15 -19.86 19.26 73.81 -54.44

BM: MSCI EM NR USD 37.28 11.19 -14.92 -2.19 -2.60 18.22 -18.42 18.88 78.51 -53.33

Oppenheimer Developing Markets Y ODVYX 35.10 7.17 -13.84 -4.55 8.68 21.29 -17.85 27.39 82.10 -47.84 800-225-5677 Specialty / Other Real Estate 6.22 6.89 2.41 28.03 1.55 17.60 7.51 27.08 31.26 -39.55

BM: S&P United States REIT TR USD 4.33 8.49 2.54 30.26 2.40 17.99 8.48 28.47 28.60 -38.33

Nuveen Real Estate Securities I FARCX 5.61 6.79 3.48 31.28 1.32 18.34 7.96 30.57 30.53 -34.80 800-257-8787




Annual Returns (%)

Asset Class / Morningstar Category / Ticker 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Benchmark / Investment Target Date Target-Date Retirement 8.81 5.10 -1.50 4.36 7.36 9.01 1.60 8.94 18.36 -18.06

BM: Morningstar Lifetime Mod Incm TR USD 8.55 5.98 -1.30 4.09 6.45 8.78 4.13 10.02 15.51 -12.67

Vantagepoint MS Ret Inc R9 F00000Q8K3 9.04 5.92 -1.37 3.65 6.44 7.32 2.71 7.16 16.71 -13.64 Target-Date 2000-2010 10.15 5.86 -1.18 4.10 8.30 9.61 0.91 10.68 22.42 -22.46

BM: Morningstar Lifetime Mod 2010 TR USD 10.19 6.64 -1.58 5.16 8.76 10.61 3.61 11.96 18.98 -18.22

Vantagepoint Milestone 2010 R9 F00000Q8K7 9.67 6.25 -1.38 4.05 11.48 9.70 1.68 8.67 17.88 -17.15 Target-Date 2015 11.29 6.12 -1.34 4.48 9.65 10.65 -0.27 11.50 23.55 -27.76


Vantagepoint Milestone 2015 R9 F00000Q8KB 11.00 6.61 -1.55 4.37 14.01 10.49 0.82 10.43 21.99 -23.41 Target-Date 2020 12.46 6.23 -1.57 4.72 11.57 11.68 -0.22 12.27 24.25 -29.46


Vantagepoint Milestone 2020 R9 F00000Q8KF 12.58 6.91 -1.64 4.69 17.03 11.43 -0.10 11.60 23.63 -26.78




Annual Returns (%)

Asset Class / Morningstar Category / Ticker 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Benchmark / Investment Target Date Target-Date 2025 14.67 6.73 -1.59 5.07 15.30 13.03 -2.06 13.29 28.32 -34.15


Vantagepoint Milestone 2025 R9 F00000Q8KJ 14.11 7.59 -1.90 4.90 20.04 12.40 -0.62 12.47 25.51 -29.74 Target-Date 2030 16.57 7.33 -1.79 5.04 16.65 13.59 -2.26 13.47 28.87 -36.04

BM: Morningstar Lifetime Mod 2030 TR USD 16.59 9.26 -2.30 6.01 19.64 14.68 -1.23 16.04 29.62 -33.70

Vantagepoint Milestone 2030 R9 F00000Q8KN 15.91 8.06 -2.18 5.26 22.50 13.49 -1.32 13.36 27.65 -32.41 Target-Date 2035 18.43 7.57 -1.76 5.24 20.00 14.64 -3.51 14.28 30.06 -37.04


Vantagepoint Milestone 2035 R9 F00000Q8KR 17.73 8.49 -2.42 5.46 25.25 14.63 -2.15 14.65 29.44 -34.75 Target-Date 2040 19.52 7.95 -1.99 5.25 19.97 14.64 -3.49 14.37 30.90 -37.94


Vantagepoint Milestone 2040 R9 F00000Q8KV 19.34 8.92 -2.74 5.57 27.38 15.44 -2.33 15.02 30.95 -36.00




Annual Returns (%)

Asset Class / Morningstar Category / Ticker 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Benchmark / Investment Target Date Target-Date 2045 20.51 7.93 -1.87 5.35 22.00 15.31 -4.10 14.60 30.88 -38.11


Vantagepoint Milestone 2045 R9 F00000Q8KZ 20.58 9.17 -2.90 5.61 27.99 15.65 -2.63 14.92 n/a n/a Target-Date 2050 20.67 8.22 -2.01 5.42 21.02 15.07 -3.82 14.53 32.02 -38.67


Vantagepoint Milestone 2050 R9 F00000Q8L3 20.70 9.37 -2.98 5.44 27.47 n/a n/a n/a n/a n/a Target-Date 2055 21.08 8.00 -1.71 5.49 23.14 15.52 -4.13 14.45 32.20 -38.86


Vantagepoint Milestone 2055 R9 F00000Y60U 20.61 9.46 n/a n/a n/a n/a n/a n/a n/a n/a


Risk Measures As of December 31, 2018

Refer to Glossary section for definitions of each metric.

Risk Measures - 3 Year Period

Asset Class / Morningstar Category / Benchmark / Investment Ticker Alpha Beta Sharpe Standard R Squared Ratio Deviation

Bond

Inflation-Protected Bond (BM: BBgBarc US Treasury US TIPS TR USD) 0.04 0.78 0.24 3.01 56.04

PIMCO Real Return Admin PARRX -0.09 1.01 0.29 3.23 92.58

Short-Term Bond (BM: BBgBarc US Govt/Credit 1-5 Yr TR USD) 0.29 0.26 0.42 1.10 54.66

PIMCO Low Duration Admin PLDAX -0.05 0.36 0.06 0.93 25.66

Intermediate-Term Bond (BM: BBgBarc US Agg Bond TR USD) 0.24 0.85 0.39 2.68 84.68

PIMCO Total Return Instl PTTRX 0.53 0.86 0.49 2.78 79.84

Vanguard Total Bond Market Index Adm VBTLX -0.05 1.03 0.32 2.97 99.11

High Yield Bond (BM: ICE BofAML US High Yield TR USD) 4.30 0.13 1.05 4.27 2.02

PIMCO High Yield Instl PHIYX -0.44 0.80 1.11 3.84 94.64

World Bond (BM: FTSE WGBI NonUSD USD) 0.84 0.92 0.43 4.90 40.42

Goldman Sachs Global Income Instl GSGLX 0.55 0.19 0.44 2.25 40.70


Allocation--30% to 50% Equity (BM: Morningstar Mod Con Tgt Risk TR USD) -1.00 0.76 0.51 5.26 87.26

T. Rowe Price Personal Strat Inc PRSIX 0.14 1.08 0.82 4.87 93.82

Allocation--50% to 70% Equity (BM: Morningstar Mod Tgt Risk TR USD) -1.31 1.06 0.53 7.22 88.20

T. Rowe Price Personal Strat Bal TRPBX 0.10 1.06 0.75 6.82 95.92

Allocation--70% to 85% Equity (BM: Morningstar Mod Agg Tgt Risk TR USD) -2.21 1.34 0.47 9.22 87.24

T. Rowe Price Personal Strat Gr TRSGX -0.05 1.03 0.68 8.87 96.42

US Equity

Large Value (BM: Russell 1000 Value TR USD) -1.81 0.95 0.55 11.42 84.03

JPMorgan Equity Income R5 OIERX 2.33 0.92 0.78 10.32 96.88

Large Blend (BM: S&P 500 TR USD) -1.39 0.99 0.62 11.35 92.37

JPMorgan US Equity R6 JUEMX -1.69 1.12 0.62 12.43 97.35






US Equity

Large Blend (BM: S&P 500 TR USD) -1.39 0.99 0.62 11.35 92.37

Vanguard 500 Index Admiral VFIAX -0.04 1.00 0.76 10.96 100.00

Large Growth (BM: Russell 1000 Growth TR USD) -0.60 1.07 0.65 13.00 83.28

Fidelity® Contrafund® FCNTX -0.86 1.00 0.74 12.68 94.54

T. Rowe Price Growth Stock PRGFX -0.94 1.03 0.72 13.40 89.26

Mid-Cap Value (BM: Russell Mid Cap Value TR USD) -3.76 1.05 0.39 12.96 78.45

Victory Sycamore Established Value A VETAX 1.96 0.93 0.61 11.62 94.47

Mid-Cap Blend (BM: Russell Mid Cap TR USD) -3.79 1.06 0.40 12.89 81.74

Vanguard Mid Cap Index Admiral VIMAX -0.61 1.00 0.48 12.21 98.98

Mid-Cap Growth (BM: Russell Mid Cap Growth TR USD) -2.76 1.15 0.50 14.14 81.36

Buffalo Discovery BUFTX -0.61 0.92 0.55 12.32 94.66

Small Value (BM: Russell 2000 Value TR USD) -4.38 1.14 0.32 16.09 61.61

Victory Sycamore Small Company Opp I VSOIX 3.16 0.88 0.66 14.43 94.90

Small Blend (BM: Russell 2000 TR USD) -3.96 1.16 0.38 15.33 69.69

JPMorgan Small Cap Core R5 VSSCX -0.59 1.05 0.42 16.93 98.69

Vanguard Small Cap Index Adm VSMAX 0.86 0.88 0.51 14.30 97.51

Small Growth (BM: Russell 2000 Growth TR USD) -2.14 1.25 0.51 16.38 71.56

T. Rowe Price QM US Small-Cap Gr Eq PRDSX 1.66 0.84 0.54 14.39 95.70

Foreign Equity

Foreign Large Growth (BM: MSCI ACWI Ex USA Growth NR USD) -0.98 0.95 0.23 12.11 83.02

Fidelity® Diversified International FDIVX -2.88 0.97 0.06 11.82 92.06

Oppenheimer International Growth A OIGAX -4.16 0.98 -0.05 11.99 91.27

World Large Stock (BM: MSCI ACWI Large Cap NR USD) 1.77 0.83 0.46 11.07 75.17

American Funds Capital World Gr&Inc R6 RWIGX -0.24 0.95 0.55 10.14 95.56






Foreign Equity

World Large Stock (BM: MSCI ACWI Large Cap NR USD) 1.77 0.83 0.46 11.07 75.17

Vantagepoint MP Glbl Eq Gr R9 F00000Q8LV -0.97 1.01 0.49 10.71 98.16

Diversified Emerging Mkts (BM: MSCI EM NR USD) 2.57 1.03 0.46 14.22 70.30

Oppenheimer Developing Markets Y ODVYX 0.24 0.87 0.58 13.42 91.58

Specialty / Other Real Estate (BM: S&P United States REIT TR USD) -1.87 0.68 0.18 12.84 32.40

Nuveen Real Estate Securities I FARCX -0.66 0.94 0.14 13.02 98.77

Target Date

Target-Date Retirement (BM: Morningstar Lifetime Mod Incm TR USD) -0.40 0.58 0.60 3.85 87.49

Vantagepoint MS Ret Inc R9 F00000Q8K3 -0.25 1.00 0.66 3.91 94.88

Target-Date 2000-2010 (BM: Morningstar Lifetime Mod 2010 TR USD) -0.20 0.67 0.67 4.41 92.09

Vantagepoint Milestone 2010 R9 F00000Q8K7 -0.35 0.95 0.65 4.32 94.90

Target-Date 2015 (BM: Morningstar Lifetime Mod 2015 TR USD) -0.42 0.78 0.65 5.07 94.66

Vantagepoint Milestone 2015 R9 F00000Q8KB -0.59 1.00 0.60 5.11 93.14


Vantagepoint Milestone 2020 R9 F00000Q8KF -0.52 1.01 0.62 5.80 94.59


Vantagepoint Milestone 2025 R9 F00000Q8KJ -0.92 1.04 0.57 6.86 95.58


Vantagepoint Milestone 2030 R9 F00000Q8KN -1.20 1.04 0.54 7.88 97.06


Vantagepoint Milestone 2035 R9 F00000Q8KR -1.27 1.02 0.52 8.79 97.93


Vantagepoint Milestone 2040 R9 F00000Q8KV -1.08 1.02 0.53 9.54 98.46






Target Date


Vantagepoint Milestone 2045 R9 F00000Q8KZ -0.95 1.04 0.54 10.08 98.28


Vantagepoint Milestone 2050 R9 F00000Q8L3 -0.90 1.03 0.54 10.18 98.33


Vantagepoint Milestone 2055 R9 F00000Y60U -0.82 1.02 0.54 10.13 98.18


Section III: Fees & Expenses



Fees & Expenses As of December 31, 2018

The Expense Ratio is a fund's total annual operating expenses (including management fees, distribution fees, and other expenses) revealed as a percentage of the fund's average net assets. The compensation arrangement for this plan may or may not allow for payment of 12b-1 fees by the fund to ICMA-RC or one of its affiliates.

Asset Class / Morningstar Category / Investment Ticker Gross Expense Net Expense Gross Expense Net Expense 12b-1 Fee Redemption Fee Category Average Category Average Ratio Ratio (Y/N)

Bond


PIMCO Real Return Admin PARRX 0.95 0.74 1.13 1.13 0.25 N Short-Term Bond

PIMCO Low Duration Admin PLDAX 1.19 0.75 0.71 0.71 0.25 N Intermediate-Term Bond

PIMCO Total Return Instl PTTRX 1.82 0.76 0.55 0.55 n/a N Vanguard Total Bond Market Index Adm VBTLX 1.82 0.76 0.05 0.05 n/a N High Yield Bond

PIMCO High Yield Instl PHIYX 2.50 1.04 0.57 0.57 n/a N World Bond

Goldman Sachs Global Income Instl GSGLX 6.16 0.91 0.79 0.69 n/a N Balanced / Asset Allocation


T. Rowe Price Personal Strat Inc PRSIX 1.75 1.14 0.78 0.62 n/a N Allocation--50% to 70% Equity

T. Rowe Price Personal Strat Bal TRPBX 1.70 1.13 0.86 0.73 n/a N Allocation--70% to 85% Equity

T. Rowe Price Personal Strat Gr TRSGX 1.35 1.22 0.88 0.79 n/a N US Equity

Large Value

JPMorgan Equity Income R5 OIERX 1.22 1.01 0.58 0.58 n/a N





US Equity

Large Blend

JPMorgan US Equity R6 JUEMX 2.72 0.96 0.50 0.44 n/a N Vanguard 500 Index Admiral VFIAX 2.72 0.96 0.04 0.04 n/a N Large Growth

Fidelity® Contrafund® FCNTX 1.77 1.08 0.74 0.74 n/a N T. Rowe Price Growth Stock PRGFX 1.77 1.08 0.67 0.67 n/a N Mid-Cap Value

Victory Sycamore Established Value A VETAX 2.38 1.12 0.90 0.90 0.25 N Mid-Cap Blend

Vanguard Mid Cap Index Admiral VIMAX 1.29 1.07 0.05 0.05 n/a N Mid-Cap Growth

Buffalo Discovery BUFTX 2.55 1.20 1.02 1.02 n/a N Small Value

Victory Sycamore Small Company Opp I VSOIX 2.67 1.25 0.90 0.90 0.00 N Small Blend

JPMorgan Small Cap Core R5 VSSCX 3.04 1.17 0.98 0.80 n/a N Vanguard Small Cap Index Adm VSMAX 3.04 1.17 0.05 0.05 n/a N Small Growth

T. Rowe Price QM US Small-Cap Gr Eq PRDSX 1.92 1.24 0.79 0.79 n/a Y Foreign Equity


Fidelity® Diversified International FDIVX 1.48 1.15 0.81 0.81 n/a N





Foreign Equity


Oppenheimer International Growth A OIGAX 1.48 1.15 1.10 1.10 0.25 N World Large Stock

American Funds Capital World Gr&Inc R6 RWIGX 2.22 1.18 0.45 0.45 n/a N Vantagepoint MP Glbl Eq Gr R9 F00000Q8LV 2.22 1.18 0.70 0.70 n/a N Diversified Emerging Mkts

Oppenheimer Developing Markets Y ODVYX 3.03 1.37 1.05 1.05 n/a N Specialty / Other

Real Estate

Nuveen Real Estate Securities I FARCX 2.49 1.19 1.04 1.04 0.00 N Target Date


Vantagepoint MS Ret Inc R9 F00000Q8K3 3.19 0.77 0.55 0.46 n/a N Target-Date 2000-2010

Vantagepoint Milestone 2010 R9 F00000Q8K7 2.81 0.71 0.56 0.46 n/a N Target-Date 2015

Vantagepoint Milestone 2015 R9 F00000Q8KB 4.64 0.73 0.57 0.50 n/a N Target-Date 2020

Vantagepoint Milestone 2020 R9 F00000Q8KF 1.61 0.79 0.59 0.52 n/a N Target-Date 2025

Vantagepoint Milestone 2025 R9 F00000Q8KJ 1.70 0.77 0.61 0.54 n/a N





Target Date

Target-Date 2030

Vantagepoint Milestone 2030 R9 F00000Q8KN 1.50 0.81 0.64 0.56 n/a N Target-Date 2035

Vantagepoint Milestone 2035 R9 F00000Q8KR 2.27 0.78 0.65 0.57 n/a N Target-Date 2040

Vantagepoint Milestone 2040 R9 F00000Q8KV 1.79 0.82 0.67 0.59 n/a N Target-Date 2045

Vantagepoint Milestone 2045 R9 F00000Q8KZ 2.42 0.79 0.69 0.59 n/a N Target-Date 2050

Vantagepoint Milestone 2050 R9 F00000Q8L3 1.74 0.82 0.70 0.60 n/a N Target-Date 2055

Vantagepoint Milestone 2055 R9 F00000Y60U 3.25 0.79 0.74 0.59 n/a N


Section IV: Alternative Investment Options



Investment Options for Consideration As of December 31, 2018

Investment Options shown may or may not be available on the provider's platform. Please consult with your plan provider for information.

Investment Category Ticker Current Plan Investment Option Ticker Investment Option for Consideration

Bond

Short-Term Bond PLDAX PIMCO Low Duration Admin

ASDJX American Century Short Dur Strt Inc R5

DBLSX DoubleLine Low Duration Bond I

HSDYX Hartford Short Duration Y

SBSYX Western Asset Short-Term Bond I

Intermediate-Term Bond PTTRX PIMCO Total Return Instl

SWAGX Schwab US Aggregate Bond Index

VBTLX Vanguard Total Bond Market Index Adm

World Bond GSGLX Goldman Sachs Global Income Instl

DODLX Dodge & Cox Global Bond

MAWIX BlackRock Strategic Global Bond Instl

OIBYX Oppenheimer International Bond Y

RPISX T. Rowe Price International Bond I Foreign Equity

Foreign Large Growth FDIVX Fidelity® Diversified International

FIDZX Fidelity Advisor® Intl Capital App Z

LMGNX ClearBridge International Growth I

OIDIX Oppenheimer International Diversified I

OIGAX Oppenheimer International Growth A

RERFX American Funds Europacific Growth R5

RERGX American Funds Europacific Growth R6

VWILX Vanguard International Growth Adm

OIGAX Oppenheimer International Growth A

FDIVX Fidelity® Diversified International

FIDZX Fidelity Advisor® Intl Capital App Z

LMGNX ClearBridge International Growth I


Investment Options for Consideration As of December 31, 2018

Investment Options shown may or may not be available on the provider's platform. Please consult with your plan provider for information.

Investment Category Ticker Current Plan Investment Option Ticker Investment Option for Consideration

Foreign Equity

Foreign Large Growth OIGAX Oppenheimer International Growth A OIDIX Oppenheimer International Diversified I

RERFX American Funds Europacific Growth R5

RERGX American Funds Europacific Growth R6

VWILX Vanguard International Growth Adm





Bond

Short-Term Bond 0.45 0.92 0.92 (530) 1.66 (472) 1.25 (405) 2.65 (263)


PIMCO Low Duration Admin 0.71 0.44 0.26 0.26 84 1.17 77 0.89 76 2.87 39 4.22 01/03/1995 888-877-4626

American Century Short Dur Strt Inc R5 0.44 -0.50 0.56 0.56 77 3.05 6 n/a -- n/a -- 1.66 07/28/2014 800-345-2021

DoubleLine Low Duration Bond I 0.43 0.18 1.40 1.40 24 2.27 17 1.89 12 n/a -- 2.17 09/30/2011 877-354-6311

Hartford Short Duration Y 0.50 -0.31 0.72 0.72 72 2.13 19 1.66 21 3.20 25 2.69 11/28/2003 888-843-7824





Bond

Short-Term Bond 0.45 0.92 0.92 (530) 1.66 (472) 1.25 (405) 2.65 (263)


Western Asset Short-Term Bond I 0.52 0.74 1.53 1.53 18 2.04 22 1.54 29 3.56 16 3.24 02/07/1996 877-721-1926



PIMCO Total Return Instl 0.55 1.39 -0.26 -0.26 39 2.47 32 2.56 31 4.71 36 7.08 05/11/1987 888-877-4626

Schwab US Aggregate Bond Index 0.04 1.58 -0.12 -0.12 34 n/a -- n/a -- n/a -- 1.45 02/23/2017 800-407-0256





Bond



Vanguard Total Bond Market Index Adm 0.05 1.61 -0.03 -0.03 31 2.03 54 2.46 39 3.42 77 3.95 11/12/2001 800-662-7447

World Bond 0.29 -1.48 -1.48 (310) 2.74 (260) 1.01 (244) 3.63 (138)


Goldman Sachs Global Income Instl 0.79 1.21 0.22 0.22 30 2.10 70 2.74 17 4.33 37 5.22 08/01/1995 800-526-7384

BlackRock Strategic Global Bond Instl 1.17 1.12 -0.81 -0.81 43 3.79 19 1.50 34 3.49 52 3.96 09/29/1988 800-441-7762





Bond

World Bond 0.29 -1.48 -1.48 (310) 2.74 (260) 1.01 (244) 3.63 (138)


Dodge & Cox Global Bond 1.06 -0.71 -1.45 -1.45 50 5.06 1 n/a -- n/a -- 1.20 05/01/2014 800-621-3979

Oppenheimer International Bond Y 0.76 -0.47 -5.65 -5.65 93 3.71 20 1.60 33 3.56 52 5.18 09/27/2004 800-225-5677

T. Rowe Price International Bond I 0.53 1.17 -2.71 -2.71 67 3.49 24 0.12 76 1.85 80 2.82 08/28/2015 800-638-8790

Foreign Equity








Foreign Equity




American Funds Europacific Growth R6 0.49 -12.59 -14.91 -14.91 58 4.08 33 1.86 36 7.69 42 7.72 05/01/2009 800-421-4225

American Funds Europacific Growth R5 0.53 -12.61 -14.95 -14.95 59 4.04 34 1.81 38 7.66 42 6.78 05/15/2002 800-421-4225






Foreign Equity



Fidelity Advisor® Intl Capital App Z 0.89 -12.34 -12.71 -12.71 33 4.74 24 4.01 8 11.40 2 6.98 02/01/2017 877-208-0098

ClearBridge International Growth I 0.98 -14.16 -9.37 -9.37 11 6.68 10 4.99 3 11.97 1 3.37 03/04/2004 877-721-1926


Oppenheimer International Diversified I 0.88 -13.09 -14.27 -14.27 51 4.82 23 1.87 35 9.67 8 6.84 08/28/2012 800-225-5677





Foreign Equity



Vanguard International Growth Adm 0.32 -14.76 -12.58 -12.58 31 8.42 3 3.68 9 9.67 8 6.56 08/13/2001 800-662-7447




Annual Returns (%)

Asset Class / Morningstar Category / Ticker 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Benchmark / Investment Bond Short-Term Bond 1.73 2.08 0.19 1.07 0.45 3.67 1.66 4.11 9.30 -4.23

BM: BBgBarc US Govt/Credit 1-5 Yr TR USD 1.27 1.56 0.97 1.42 0.28 2.24 3.14 4.08 4.62 5.13

PIMCO Low Duration Admin PLDAX 1.59 1.66 0.42 0.53 -0.15 5.90 1.46 4.70 13.08 -1.52 888-877-4626

American Century Short Dur Strt Inc R5 ASDJX 3.01 5.65 -0.61 n/a n/a 3.01 n/a n/a n/a n/a 800-345-2021

DoubleLine Low Duration Bond I DBLSX 2.65 2.76 1.06 1.60 1.54 2.65 n/a n/a n/a n/a 877-354-6311

Hartford Short Duration Y HSDYX 2.32 3.38 0.76 1.17 1.43 2.32 2.31 4.55 10.64 -3.26 888-843-7824

Western Asset Short-Term Bond I SBSYX 2.46 2.13 0.34 1.24 0.63 2.46 1.49 7.77 14.54 -12.16 877-721-1926 Intermediate-Term Bond 3.71 3.23 -0.26 5.18 -1.42 7.01 5.86 7.72 13.97 -4.70


PIMCO Total Return Instl PTTRX 5.13 2.60 0.73 4.69 -1.92 10.36 4.16 8.83 13.83 4.82 888-877-4626




Annual Returns (%)

Asset Class / Morningstar Category / Ticker 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Benchmark / Investment Bond Intermediate-Term Bond 3.71 3.23 -0.26 5.18 -1.42 7.01 5.86 7.72 13.97 -4.70


Schwab US Aggregate Bond Index SWAGX n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 800-407-0256

Vanguard Total Bond Market Index Adm VBTLX 3.56 2.60 0.40 5.89 -2.15 3.56 7.69 6.54 6.04 5.15 800-662-7447 World Bond 6.87 3.63 -4.00 1.72 -2.62 8.09 3.39 6.35 13.12 -1.57


Goldman Sachs Global Income Instl GSGLX 2.68 3.44 0.85 6.65 1.02 7.63 4.29 4.76 12.34 -1.46 800-526-7384

BlackRock Strategic Global Bond Instl MAWIX 7.30 5.06 -4.69 1.11 1.84 7.30 2.77 4.24 10.34 -2.23 800-441-7762

Dodge & Cox Global Bond DODLX 8.31 8.64 -6.21 n/a n/a 8.31 n/a n/a n/a n/a 800-621-3979

Oppenheimer International Bond Y OIBYX 11.12 6.40 -3.32 0.41 -3.88 11.12 -0.20 8.20 13.47 -0.31 800-225-5677




Annual Returns (%)

Asset Class / Morningstar Category / Ticker 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Benchmark / Investment Bond World Bond 6.87 3.63 -4.00 1.72 -2.62 8.09 3.39 6.35 13.12 -1.57


T. Rowe Price International Bond I RPISX 11.29 2.36 -5.65 -3.77 -3.81 11.29 2.63 5.17 8.38 1.77 800-638-8790 Foreign Equity Foreign Large Growth 30.87 -2.14 0.95 -3.92 18.58 17.70 -12.30 14.78 38.02 -46.56



Oppenheimer International Growth A OIGAX 26.60 -2.30 3.16 -7.22 25.11 21.62 -7.71 14.69 37.78 -41.51 800-225-5677

American Funds Europacific Growth R6 RERGX 31.17 1.01 -0.48 -2.29 20.58 31.17 -13.31 9.76 39.35 -40.53 800-421-4225

American Funds Europacific Growth R5 RERFX 31.09 1.00 -0.53 -2.35 20.54 31.09 -13.33 9.72 39.55 -40.38 800-421-4225





Annual Returns (%)

Asset Class / Morningstar Category / Ticker 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Benchmark / Investment Foreign Equity Foreign Large Growth 30.87 -2.14 0.95 -3.92 18.58 17.70 -12.30 14.78 38.02 -46.56


Fidelity Advisor® Intl Capital App Z FIDZX 36.04 -3.24 3.05 2.78 21.58 36.04 -12.93 15.97 56.20 -50.78 877-208-0098

ClearBridge International Growth I LMGNX 36.41 -1.79 -2.26 7.50 29.02 36.41 -1.89 14.03 43.92 -60.02 877-721-1926

Oppenheimer International Growth A OIGAX 26.60 -2.30 3.16 -7.22 25.11 26.60 -7.71 14.69 37.78 -41.51 800-225-5677

Oppenheimer International Diversified I OIDIX 32.97 1.03 1.13 -5.79 25.47 32.97 -14.93 18.16 50.11 -43.71 800-225-5677

Vanguard International Growth Adm VWILX 43.16 1.84 -0.54 -5.51 23.12 43.16 -13.58 15.81 41.88 -44.83 800-662-7447


Risk Measures As of December 31, 2018 Risk Measures - 3 Year Period


Bond

Short-Term Bond (BM: BBgBarc US Govt/Credit 1-5 Yr TR USD) 0.29 0.26 0.42 1.10 54.66

American Century Short Dur Strt Inc R5 ASDJX 1.91 0.03 1.15 1.57 0.06

DoubleLine Low Duration Bond I DBLSX 1.06 0.28 1.54 0.65 27.40

Hartford Short Duration Y HSDYX 0.90 0.37 0.94 0.98 22.96

Western Asset Short-Term Bond I SBSYX 0.76 0.54 1.00 0.87 65.44

Intermediate-Term Bond (BM: BBgBarc US Agg Bond TR USD) 0.24 0.85 0.39 2.68 84.68

Schwab US Aggregate Bond Index SWAGX n/a n/a n/a n/a n/a

Vanguard Total Bond Market Index Adm VBTLX -0.05 1.03 0.32 2.97 99.11

World Bond (BM: FTSE WGBI NonUSD USD) 0.84 0.92 0.43 4.90 40.42

BlackRock Strategic Global Bond Instl MAWIX 1.37 0.55 0.58 4.69 82.46

Dodge & Cox Global Bond DODLX 3.10 0.34 0.84 4.64 32.43

Oppenheimer International Bond Y OIBYX 1.26 0.60 0.43 6.36 53.35

T. Rowe Price International Bond I RPISX 0.24 0.97 0.34 7.71 94.87

Foreign Equity

Foreign Large Growth (BM: MSCI ACWI Ex USA Growth NR USD) -0.98 0.95 0.23 12.11 83.02

American Funds Europacific Growth R5 RERFX -0.08 0.98 0.30 11.90 93.98

American Funds Europacific Growth R6 RERGX -0.03 0.98 0.30 11.90 93.94

ClearBridge International Growth I LMGNX 2.46 1.01 0.49 12.60 87.83

Fidelity Advisor® Intl Capital App Z FIDZX 0.60 0.99 0.35 12.03 93.14

Oppenheimer International Diversified I OIDIX 0.67 0.98 0.36 11.73 96.16

Vanguard International Growth Adm VWILX 3.65 1.19 0.55 14.56 92.47






Bond

Short-Term Bond

PIMCO Low Duration Admin PLDAX /472 /472 /405 /263

American Century Short Dur Strt Inc R5 ASDJX /472 /472 ΝΑ/405 ΝΑ/263

DoubleLine Low Duration Bond I DBLSX /472 /472 /405 ΝΑ/263

Hartford Short Duration Y HSDYX /472 /472 /405 /263

Western Asset Short-Term Bond I SBSYX /472 /472 /405 /263 Intermediate-Term Bond

PIMCO Total Return Instl PTTRX /876 /876 /767 /560

Schwab US Aggregate Bond Index SWAGX ΝΑ/876 ΝΑ/876 ΝΑ/767 ΝΑ/560

Vanguard Total Bond Market Index Adm VBTLX /876 /876 /767 /560 World Bond

Goldman Sachs Global Income Instl GSGLX /260 /260 /244 /138

BlackRock Strategic Global Bond Instl MAWIX /260 /260 /244 /138

Dodge & Cox Global Bond DODLX /260 /260 ΝΑ/244 ΝΑ/138

Oppenheimer International Bond Y OIBYX /260 /260 /244 /138

T. Rowe Price International Bond I RPISX /260 /260 /244 /138 Foreign Equity



Oppenheimer International Growth A OIGAX /364 /364 /315 /228






Foreign Equity


American Funds Europacific Growth R6 RERGX /364 /364 /315 /228

American Funds Europacific Growth R5 RERFX /364 /364 /315 /228


Fidelity Advisor® Intl Capital App Z FIDZX /364 /364 /315 /228

ClearBridge International Growth I LMGNX /364 /364 /315 /228

Oppenheimer International Growth A OIGAX /364 /364 /315 /228

Oppenheimer International Diversified I OIDIX /364 /364 /315 /228

Vanguard International Growth Adm VWILX /364 /364 /315 /228





Bond

Short-Term Bond

PIMCO Low Duration Admin PLDAX 1.19 0.75 0.71 0.71 0.25 N American Century Short Dur Strt Inc R5 ASDJX 1.19 0.75 0.44 0.32 n/a N DoubleLine Low Duration Bond I DBLSX 1.19 0.75 0.43 0.43 n/a N Hartford Short Duration Y HSDYX 1.19 0.75 0.50 0.50 n/a N Western Asset Short-Term Bond I SBSYX 1.19 0.75 0.52 0.51 n/a N Intermediate-Term Bond

PIMCO Total Return Instl PTTRX 1.82 0.76 0.55 0.55 n/a N Schwab US Aggregate Bond Index SWAGX 1.82 0.76 0.04 0.04 n/a N Vanguard Total Bond Market Index Adm VBTLX 1.82 0.76 0.05 0.05 n/a N World Bond

Goldman Sachs Global Income Instl GSGLX 6.16 0.91 0.79 0.69 n/a N BlackRock Strategic Global Bond Instl MAWIX 6.16 0.91 1.17 0.73 n/a N Dodge & Cox Global Bond DODLX 6.16 0.91 1.06 0.45 n/a N Oppenheimer International Bond Y OIBYX 6.16 0.91 0.76 0.74 n/a N T. Rowe Price International Bond I RPISX 6.16 0.91 0.53 0.53 n/a Y Foreign Equity


Fidelity® Diversified International FDIVX 1.48 1.15 0.81 0.81 n/a N Oppenheimer International Growth A OIGAX 1.48 1.15 1.10 1.10 0.25 N American Funds Europacific Growth R6 RERGX 1.48 1.15 0.49 0.49 n/a N





Foreign Equity


American Funds Europacific Growth R5 RERFX 1.48 1.15 0.53 0.53 n/a N Fidelity® Diversified International FDIVX 1.48 1.15 0.81 0.81 n/a N Fidelity Advisor® Intl Capital App Z FIDZX 1.48 1.15 0.89 0.89 n/a N ClearBridge International Growth I LMGNX 1.48 1.15 0.98 0.90 n/a N Oppenheimer International Growth A OIGAX 1.48 1.15 1.10 1.10 0.25 N Oppenheimer International Diversified I OIDIX 1.48 1.15 0.88 0.88 n/a N Vanguard International Growth Adm VWILX 1.48 1.15 0.32 0.32 n/a N


Section V: Fund Profiles



Chart Not Available

04/28/2000 $9916.66 (Mil) Inflation-Protected Bond 1.13 1.13 -- 11.01 Mihir Worah, Jeremie Banet

Commentary and data may reflect extended performance

Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio

Ret

urn

(%)

-0.9

9 -0

.95

-0.4

2

-2.2

2 -1

.64

-1.2

6

-2.2

2 -1

.64

-1.2

6

2.0

3 1

.86

2.1

1

1.2

3 1

.14

1.6

9

4.0

9 3

.11

3.6

4 5.1

1 N

A N

A

-1.4

-2.8

-4.2

.0

1.4

2.8

4.2

5.6

7.0

PIMCO Real Re-turn Admin

Morningstar Category Average

BBgBarc US Treasury US TIPS TR USD*

Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:

• The fund had a -0.99% return over the last three months. • Medium-term (3-year) performance was 2.03%. Fairly near its Morningstar category average and the index. • Five-year performance was 1.23%. Comparable with the benchmark and the Morningstar category average. • During Q1 of 2009, the fund returned 6.06% - its best in the last fifteen years. • During the second quarter of 2013, the fund returned -8.36% - its worst in the past fifteen years. • One-year return was -2.22%. Underperformed the benchmark index and the Morningstar category average. • Higher net expense ratio (1.13%) than its Morningstar category's average (0.74%).

-0.09 0.04 -0.54 -1.12 0.22 -0.81 1.01 0.78 1.09 0.89 1.07 1.17 0.29 0.24 0.15 0.10 0.70 0.57 3.23 3.01 4.03 3.48 5.40 4.73 0.90 n/a 1.07 n/a 1.34 n/a 92.58 56.04 93.72 51.50 94.29 49.15 -0.09 n/a -0.44 n/a 0.33 n/a 95.96 n/a 104.58 n/a 110.34 n/a 95.93 n/a 117.88 n/a 108.96 n/a

Investment % of Total

Fund Commentary

Top 10 Holdings Performance

Credit Allocation Risk Statistics

PIMCO Real Return Admin (PARRX) Fund Profile For the Period Ending: Dec 31, 2018

United States Treasury Notes 0.12% 9.48 United States Treasury Bonds 3.62% 9.47 Federal National Mortgage Association 3.5% 7.57 United States Treasury Bonds 2.38% 7.27 US 10 Year Ultra Future Dec18 6.40 United States Treasury Bonds 3.88% 6.14 United States Treasury Notes 0.62% 5.89 Federal National Mortgage Association 4% 5.51 United States Treasury Notes 0.25% 4.99 United States Treasury Bonds 2.5% 4.72 TOTAL: 67.44 EP Indicates Extended

Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo

3 Year 5 Year 10 Year

*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants

Morningstar Rating:


Chart Not Available

01/03/1995 $8471.63 (Mil) Short-Term Bond 0.71 0.71 -- 4.27 Jerome Schneider, Scott Mather



Ret

urn

(%)

0.4

4 0

.45

1.4

6 1

.29

0.2

6 0.9

2 1.3

8 1

.58

0.2

6 0.9

2 1.3

8 1

.58

1.1

7 1.6

6 1

.4

0.9

6

0.8

9 1.2

5 1

.32

0.8

1

2.8

7 2

.65

2.0

9 0

.95

4.2

2 N

A N

A N

A

.0

1.2

2.4

3.6

4.8

6.0

PIMCO Low Dura-tion Admin


BBgBarc US Govt/Credit 1-5 Yr TR USD*


• The fund's return over the most recent three-month period was 0.44%. • Medium-term (3-year) performance was 1.17%. Relatively close to the Morningstar category average and its index. • Long-term (5 year) performance -- Relatively close to the Morningstar category average and its index. • During the second quarter of 2009, the fund returned 7.04% - its best in the past fifteen years. • The fund returned -3.85%, its worst in the most recent 60 quarters, over Q3 of 2008. • Short-term return was 0.26%. Less than its benchmark. Failed to match its Morningstar category average. • A net expense ratio of 0.71% versus the 0.75% average of its Morningstar category of funds.

-0.05 0.29 -0.04 0.09 0.82 1.26 0.36 0.26 0.40 0.26 0.98 0.32 0.06 0.42 0.19 0.49 1.06 1.28 0.93 1.10 1.07 1.12 2.30 1.72 1.22 n/a 1.24 n/a 1.86 n/a 25.66 54.66 22.05 53.07 36.13 34.74 -0.19 n/a -0.35 n/a 0.42 n/a 57.48 n/a 56.23 n/a 119.83 n/a 25.75 n/a 43.40 n/a 86.37 n/a


Fund Commentary



PIMCO Low Duration Admin (PLDAX) Fund Profile For the Period Ending: Dec 31, 2018

2 Year US Treasury Note Future Dec18 48.26 90 Day Eurodollar Future Mar19 25.44 Federal National Mortgage Association 4% 15.77 90 Day Eurodollar Future Sept20 12.68 US 10 Year Note (CBT) Dec18 12.25 90 Day Eurodollar Future Sept19 10.64 Federal National Mortgage Association 4% 9.97 90 Day Eurodollar Future Dec20 9.83 90 Day Eurodollar Future June20 7.80 Federal National Mortgage Association 4% 6.33 TOTAL: 158.97 EP Indicates Extended



ICE BofAML 1-3Y US Trsy TR USD**


Morningstar Rating:


Chart Not Available

05/11/1987 $66639.3 (Mil) Intermediate-Term Bond 0.55 0.55 -- 4.27 Mihir Worah, Mark Kiesel, Scott Mather



Ret

urn

(%)

1.3

9 0

.87 1.6

4

-0.2

6 -0

.5

0.0

1

-0.2

6 -0

.5

0.0

1

2.4

6 2

.15

2.0

6

2.5

6 2

.27

2.5

2

4.7

1 4

.31

3.4

8

7.0

8 N

A N

A

-2.0

.0

2.0

4.0

6.0

8.0

10.0

PIMCO Total Re-turn Instl


BBgBarc US Agg Bond TR USD*


• In the last three months, the fund returned 1.39%. • One-Year performance -- Approximately even with the benchmark. Approximately the same as the Morningstar category average. • Medium-term (3-year) performance was 2.47%. Outperformed the Morningstar category average. Better than the benchmark index. • Long-term (5-year) return was 2.56%. Near the benchmark. Stronger than the Morningstar category average. • The fund returned 6.04% in the third quarter of 2009, its best in the last fifteen years. • The fund returned -3.60%, its worst in the past fifteen years, over the 2nd quarter of 2013. • Net expense ratio (0.55%) below the average of its Morningstar category (0.76%).

0.53 0.24 0.17 0.02 1.26 1.06 0.86 0.85 0.93 0.86 0.98 0.92 0.49 0.39 0.64 0.60 1.23 1.22 2.78 2.68 2.92 2.65 3.46 3.16 1.32 n/a 1.36 n/a 2.07 n/a 79.84 84.68 79.06 84.25 64.88 72.50 0.31 n/a 0.03 n/a 0.60 n/a 96.12 n/a 98.61 n/a 117.80 n/a 79.31 n/a 95.96 n/a 93.81 n/a


Fund Commentary



PIMCO Total Return Instl (PTTRX) Fund Profile For the Period Ending: Dec 31, 2018

US 5 Year Note (CBT) Dec18 33.64 Federal National Mortgage Association 3.5% 12.00 Pimco Fds 9.60 Federal National Mortgage Association 3% 9.02 US 10 Year Note (CBT) Dec18 8.74 Federal National Mortgage Association 4% 8.40 Euro OAT Dec18 8.10 U.S. Treasury Bond Dec18 7.40 Euro BUND Future Dec18 7.39 Long-Term Euro-BTP Futures Dec18 6.80 TOTAL: 111.09 EP Indicates Extended




Morningstar Rating:


Govt/AAAAAABBBBelowB

68.3%

4.6%

11.8%

15.3% 0.0%

11/12/2001 $203989 (Mil) Intermediate-Term Bond 0.05 0.05 -- 5.86 Joshua Barrickman


High/Moderate


Ret

urn

(%)

1.6

1 0

.87 1

.64

1.5

8

-0.0

3 -0

.5

0.0

1 -0

.08

-0.0

3 -0

.5

0.0

1 -0

.08

2.0

3 2

.15

2.0

6 2

.09

2.4

6 2

.27

2.5

2 2

.5 3

.42 4

.31

3.4

8 N

A

3.9

5 N

A N

A N

A

-1.2

.0

1.2

2.4

3.6

4.8

6.0

Vanguard Total Bond Market Index Adm Morningstar Category Average

BBgBarc US Agg Bond TR USD*


• The fund delivered a return of 1.61% in the most recent three-month period. • One-Year return -- Relatively close to its benchmark. Above its Morningstar category average. • Medium-term (3-year) return was 2.03%. Near its Morningstar category average and the benchmark index. • Long-term (5-year) return was 2.46%. Fairly near its Morningstar category average. Nearly equal to the benchmark. • The fund returned 4.40%, its best in the last fifteen years, in the fourth quarter of 2008. • The fund returned -3.17% over the fourth quarter of 2016, its worst in the past 60 quarters. • A net expense ratio of 0.05%; lower than the 0.76% average of its Morningstar category.

-0.05 0.24 -0.12 0.02 -0.13 1.06 1.03 0.85 1.03 0.86 1.03 0.92 0.32 0.39 0.61 0.60 1.02 1.22 2.97 2.68 2.90 2.65 2.93 3.16 0.29 n/a 0.30 n/a 0.30 n/a 99.11 84.68 99.03 84.25 99.05 72.50 -0.09 n/a -0.20 n/a -0.18 n/a 100.19 n/a 101.16 n/a 100.96 n/a 101.19 n/a 104.49 n/a 104.45 n/a


Fund Commentary



Vanguard Total Bond Market Index Adm (VBTLX) Fund Profile For the Period Ending: Dec 31, 2018

United States Treasury Notes 2.88% .47 United States Treasury Notes 2.12% .46 United States Treasury Notes 2.62% .42 United States Treasury Notes 2.12% .41 United States Treasury Notes 1.38% .41 United States Treasury Notes 1.75% .39 United States Treasury Notes 1.62% .38 United States Treasury Notes 2.88% .38 United States Treasury Notes 2.25% .37 United States Treasury Notes 1.75% .37 TOTAL: 4.06 EP Indicates Extended



Credit Quality/Interest Rate Sensitivity:

BBgBarc US Agg Float Adj TR USD**


Morningstar Rating:


Chart Not Available

12/15/1992 $7446.79 (Mil) High Yield Bond 0.57 0.57 -- 8.98 Andrew Jessop, Hozef Arif



Ret

urn

(%)

-4.1

3 -4

.33

-4.6

7 -3

.87

-2.4

9 -2

.59

-2.2

6 -2

.04

-2.4

9 -2

.59

-2.2

6 -2

.04

5.5

5 5

.59 7.2

7 6

.33

3.5

8 2

.71

3.8

2 3

.88

9.4

7 9

.25 10.

99

9.9

9

7.3

7 N

A N

A N

A

-3.0

-6.0

-9.0

.0

3.0

6.0

9.0

12.0

15.0

PIMCO High Yield Instl


ICE BofAML US High Yield TR USD*


• Over the most recent three-month period, the fund returned -4.13%. • Short-term (12 months) performance -- Comparable with the benchmark and its Morningstar category average. • Three-year return was 5.55%. Approximately the same as the Morningstar category average. • Five-year performance was 3.58%. Outperformed its Morningstar category average. About even with its index. • Over the second quarter of 2009, the fund returned 17.11% - its best in the past 60 quarters. • During the fourth quarter of 2008, the fund returned -13.07% - its worst in the past fifteen years. • Net expense ratio of 0.57%; below the 1.04% average of its Morningstar category of funds.

-0.44 4.30 0.21 1.74 -0.23 7.67 0.80 0.13 0.85 0.20 0.88 0.34 1.11 1.05 0.64 0.50 1.28 1.23 3.84 4.27 4.54 4.78 6.97 7.23 1.33 n/a 1.44 n/a 1.91 n/a 94.64 2.02 92.90 2.51 94.17 2.34 -1.28 n/a -0.17 n/a -0.79 n/a 81.60 n/a 88.90 n/a 90.25 n/a 92.82 n/a 85.63 n/a 97.54 n/a


Fund Commentary



PIMCO High Yield Instl (PHIYX) Fund Profile For the Period Ending: Dec 31, 2018

Cdx Hy30 5y Ice 2.26 Cdx Hy29 5y Ice 1.60 Trs Iboxhy/3ml Indx 12/20/18 Gst 1.30 Pimco Fds 1.25 Crimson Merger Sub Inc / Ortho-Clinical Diagnostics SA 6.62%.69 Lloyds Banking Group plc 7.5% .63 Trs Iboxhy/3ml Indx 12/20/18 Jpm .63 Cbot Aput Ustn Fut 11/18 @ 119 .57 Sprint Corporation 7.88% .53 Jaguar Holding Co II/Pharmaceutical Product Development LLC 6.38% .49 TOTAL: 9.95 EP Indicates Extended



ICE BofAML BB-B US HY Constnd TR USD**


Morningstar Rating:


Chart Not Available

08/01/1995 $572.41 (Mil) World Bond 0.69 0.79 -- 23.02 Andrew Wilson, Iain Lindsay



Ret

urn

(%)

1.2

1 0

.29 1

.31

1.7

4

0.2

2 -1

.48

-1.8

2 1

.76

0.2

2 -1

.48

-1.8

2 1

.76

2.1

2.7

4 3

.32

2.9

1

2.7

4 1

.01

0.2

8 3

.44 4.3

3 3

.63

1.2

7 3

.78 5

.22

NA

NA

NA

-1.4

-2.8

-4.2

.0

1.4

2.8

4.2

5.6

7.0

Goldman Sachs Global Income Instl


FTSE WGBI NonUSD USD*


• In the last three months, the fund returned 1.21%. • Short-term (1 year) return -- Beat the Morningstar category average and the benchmark index. • Five-year return was 2.74%. Outperformed the index and the Morningstar category average. • The fund returned 5.48% during the 3rd quarter of 2009, its best in the past 60 quarters. • The fund returned -2.13% during the 3rd quarter of 2008, its worst in the past 60 quarters. • Three-year return was 2.10%. Did not beat its benchmark. Lower than its Morningstar category average. • A lower net expense ratio (0.69%) than its Morningstar category's average (0.91%).

0.55 0.84 2.08 -0.92 3.69 0.39 0.19 0.92 0.14 0.73 0.17 0.96 0.44 0.43 0.92 0.23 1.44 0.70 2.25 4.90 2.20 4.70 2.67 5.80 6.58 n/a 6.42 n/a 6.76 n/a 40.70 40.42 18.34 31.18 23.08 30.64 -0.18 n/a 0.38 n/a 0.45 n/a 26.29 n/a 28.86 n/a 38.71 n/a 12.82 n/a 0.58 n/a -0.06 n/a


Fund Commentary



Goldman Sachs Global Income Instl (GSGLX) Fund Profile For the Period Ending: Dec 31, 2018

Government National Mortgage Association 4% 4.36 Government National Mortgage Association 4% 4.36 Japan (Government Of) 2.5% 3.87 Federal National Mortgage Association 4% 3.33 Federal National Mortgage Association 4% 3.33 Government National Mortgage Association 4.5% 2.73 Japan (Government Of) 0.1% 2.37 Kreditanstalt Fur Wiederaufbau 0% 2.34 Government National Mortgage Association 4% 2.17 Government National Mortgage Association 4.5% 1.87 TOTAL: 30.73 EP Indicates Extended



BBgBarc Global Ag-gregate TR Hdg USD**


Morningstar Rating:


Domestic Equities

Foreign

Fixed Income

Cash

Other

24.3%

13.6%

47.8%

8.8% 5.1%

07/29/1994 $2055.38 (Mil) Allocation--30% to 50% Equity 0.62 0.78 -- 7.67 Charles Shriver


Large Growth Low/Moderate


Ret

urn

(%)

-4.7

4 -5

.97 -4

.09

-3.0

2 -5

.04 -2

.87

-3.0

2 -5

.04 -2

.87

5.1

5 3

.67

4.7

3

3.9

7 2

.56

3.4

6

8.0

2 6

.69

6.2

6

7.2

1 N

A N

A

-2.2

-4.4

-6.6

-8.8

-11.0

.0

2.2

4.4

6.6

8.8

11.0

T. Rowe Price Personal Strat Inc


Morningstar Mod Con Tgt Risk TR USD*


• The fund had a -4.74% return in the last three months. • One-Year return -- Approximately even with its benchmark. Better than its Morningstar category average. • Three-year return was 5.15%. Outperformed its Morningstar category average. Stronger than the benchmark. • Five-year return was 3.97%. Higher than the benchmark index. Higher than the Morningstar category average. • The fund returned 13.03% in the second quarter of 2009, its best in the past 15 years. • Over the 4th quarter of 2008, the fund returned -10.97% - its worst in the most recent 15 years. • A net expense ratio (0.62%) lower than the average of its Morningstar category of funds (1.14%).

0.14 -1.00 0.21 -0.74 0.47 0.43 1.08 0.76 1.11 0.78 1.22 0.77 0.82 0.51 0.66 0.40 1.03 0.92 4.87 5.26 5.03 5.40 7.40 6.96 1.28 n/a 1.28 n/a 2.04 n/a 93.82 87.26 94.50 87.68 95.50 90.78 0.33 n/a 0.40 n/a 0.86 n/a 107.98 n/a 109.44 n/a 121.18 n/a 107.01 n/a 105.63 n/a 113.90 n/a


Fund Commentary


Asset Allocation Risk Statistics

T. Rowe Price Personal Strat Inc (PRSIX) Fund Profile For the Period Ending: Dec 31, 2018

T. Rowe Price Dynamic Global Bond I 7.95 T. Rowe Price Intl Bd (USD Hdgd) I 5.72 T. Rowe Price Instl Emerging Mkts Bond 5.45 BLACKSTONE HEDGE FUND SOLUTIONS 5.02 T. Rowe Price Instl High Yield 3.28 T. Rowe Price Instl Floating Rate 2.47 T. Rowe Price US Treasury Long-Term I 2.14 T. Rowe Price Instl Emerging Mkts Eq 2.13 Amazon.com Inc 1.25 Microsoft Corp .99 TOTAL: 36.40 EP Indicates Extended



Investment Style: Credit Quality/Interest

Rate Sensitivity:


Morningstar Rating:


Domestic Equities

Foreign

Fixed Income

Cash

Other

37.0%

20.7%

34.1%

2.7% 5.1%





Ret

urn

(%)

-7.2

5 -8

.64

-9.6

7 -6.8

1 -4.5

-5

.76

-6.7

4 -4

.76

-4.5

-5

.76

-6.7

4 -4

.76

6.1

9 4

.71 6.9

1 5

.84

4.8

2 3

.67

4.6

4

.08

10.

01

8.3

3 9

.48

7.9

7

8.1

1 N

A N

A N

A

-2.8

-5.6

-8.4

-11.2

-14.0

.0

2.8

5.6

8.4

11.2

14.0

T. Rowe Price Personal Strat Bal


Morningstar Mod Agg Tgt Risk TR USD*


• The fund yielded a return of -7.25% during the last three months. • One-Year return -- Outperformed its benchmark index and its Morningstar category average. • Three-year return was 6.19%. Higher than its Morningstar category average. • Five-year return was 4.82%. Better than the Morningstar category average. Approximately equal to its index. • The fund returned 17.18% in the second quarter of 2009, its best in the most recent 60 quarters. • The fund returned -16.51% over Q4 of 2008, its worst in the most recent 60 quarters. • Net expense ratio of 0.73% versus a 1.13% average for its Morningstar category of funds.

0.10 -1.31 0.51 -0.57 0.87 0.03 1.06 1.06 1.07 1.07 1.15 1.05 0.75 0.53 0.61 0.45 0.96 0.86 6.82 7.22 6.98 7.31 10.03 9.41 1.44 n/a 1.50 n/a 2.07 n/a 95.92 88.20 95.82 88.39 97.41 92.34 0.24 n/a 0.49 n/a 0.99 n/a 104.42 n/a 106.17 n/a 115.61 n/a 102.90 n/a 99.22 n/a 106.76 n/a


Fund Commentary



T. Rowe Price Personal Strat Bal (TRPBX) Fund Profile For the Period Ending: Dec 31, 2018

BLACKSTONE HEDGE FUND SOLUTIONS 5.09 T. Rowe Price Intl Bd (USD Hdgd) I 4.35 T. Rowe Price Dynamic Global Bond I 3.98 T. Rowe Price Instl Emerging Mkts Eq 3.30 T. Rowe Price Instl Emerging Mkts Bond 3.23 T. Rowe Price US Treasury Long-Term I 3.14 Amazon.com Inc 1.92 T. Rowe Price Instl High Yield 1.82 T. Rowe Price Instl Floating Rate 1.71 Microsoft Corp 1.51 TOTAL: 30.05 EP Indicates Extended




Rate Sensitivity:

Morningstar Mod Tgt Risk TR USD**


Morningstar Rating:


Domestic Equities

Foreign

Fixed Income

Cash

Other

49.9%

27.7%

16.8%

1.4% 4.0%





Ret

urn

(%)

-9.8

4 -1

1.43

-1

2.03

-9

.67 -6

.07

-7.9

3 -8

.17

-6.7

4

-6.0

7 -7

.93

-8.1

7 -6

.74

7.0

1 5

.03 7.6

3 6

.91

5.4

1 3

.55

5.0

1 4

.6

11.

52

9.0

9 1

0.61

9

.48

8.7

3 N

A N

A N

A

-3.4

-6.8

-10.2

-13.6

-17.0

.0

3.4

6.8

10.2

13.6

17.0

T. Rowe Price Personal Strat Gr


Morningstar Agg Tgt Risk TR USD*


• During the most recent three-month period, the fund returned -9.84%. • Short-term (12 months) return -- Better than the index. Beat its Morningstar category average. • Three-year return was 7.01%. Outperformed the Morningstar category average. • Five-year performance was 5.41%. Outperformed the index and the Morningstar category average. • In Q2 of 2009, the fund returned 20.31% - its best in the last fifteen years. • The fund returned -22.24% during Q4 of 2008, its worst in the last fifteen years. • Net expense ratio of 0.79%; below the 1.22% average of its Morningstar category.

-0.05 -2.21 0.68 -1.49 1.14 -1.07 1.03 1.34 1.03 1.34 1.09 1.32 0.68 0.47 0.56 0.36 0.90 0.77 8.87 9.22 8.97 9.18 12.64 11.80 1.71 n/a 1.81 n/a 2.08 n/a 96.42 87.24 96.08 88.19 98.00 92.56 0.06 n/a 0.45 n/a 0.98 n/a 101.74 n/a 103.90 n/a 110.71 n/a 101.98 n/a 97.30 n/a 102.41 n/a


Fund Commentary



T. Rowe Price Personal Strat Gr (TRSGX) Fund Profile For the Period Ending: Dec 31, 2018

T. Rowe Price Instl Emerging Mkts Eq 4.45 BLACKSTONE HEDGE FUND SOLUTIONS 3.97 T. Rowe Price US Treasury Long-Term I 2.60 Amazon.com Inc 2.59 T. Rowe Price Intl Bd (USD Hdgd) I 2.38 Microsoft Corp 2.05 T. Rowe Price Real Assets I 1.69 T. Rowe Price Instl Emerging Mkts Bond 1.36 Boeing Co 1.08 Facebook Inc A .98 TOTAL: 23.15 EP Indicates Extended




Rate Sensitivity:

Morningstar Mod Agg Tgt Risk TR USD**


Morningstar Rating:


Domestic Equities

Foreign

Cash

96.2%

0.9% 2.9%

02/28/2011 $17885.3 (Mil) Large Value 0.58 0.58 -- 14.42 Clare Hart, Jonathan Simon


Large Value


Ret

urn

(%)

-9.5

2 -1

2.49

-1

1.72

-4.3

3 -8

.53

-8.2

7 -4.3

3 -8

.53

-8.2

7

9.0

3 6

.85

6.9

5

7.6

7 5

.37

5.9

5

12.

56 E

P

10.

91

11.

18

10.

78

NA

NA

-3.6

-7.2

-10.8

-14.4

-18.0

.0

3.6

7.2

10.8

14.4

18.0

JPMorgan Equity Income R5


Russell 1000 Value TR USD*


• The fund yielded a return of -9.52% over the most recent three-month period. • Short-term (12 months) performance -- Higher than its Morningstar category average and its benchmark. • Medium-term (3-year) performance was 9.03%. Outperformed its Morningstar category average and the benchmark. • Long-term (5-year) performance was 7.67%. Outperformed its Morningstar category average. Higher than the benchmark index. • The fund returned 12.94% during Q4 of 2011, its best in the past 31 quarters. • The fund returned -11.35%, its worst in the last 31 quarters, over the third quarter of 2011. • A lower net expense ratio (0.58%) than its Morningstar category's average (1.01%).

2.33 -1.81 1.92 -2.51 2.99 -1.92 0.92 0.95 0.94 0.95 0.82| 1.00 0.78 0.55 0.70 0.47 1.00 0.78 10.32 11.42 10.38 11.25 12.18 14.36 2.01 n/a 2.06 n/a 3.87 n/a 96.88 84.03 96.51 85.95 94.62 90.61 1.03 n/a 0.84 n/a 0.36 n/a 101.48 n/a 101.15 n/a 90.70 n/a 84.38 n/a 87.95 n/a 75.85 n/a


Fund Commentary



JPMorgan Equity Income R5 (OIERX) Fund Profile For the Period Ending: Dec 31, 2018

Chevron Corp 3.20 Bank of America Corporation 2.91 Merck & Co Inc 2.90 CME Group Inc Class A 2.57 Microsoft Corp 2.32 Johnson & Johnson 2.25 ConocoPhillips 2.12 PNC Financial Services Group Inc 2.08 Pfizer Inc 1.96 BlackRock Inc 1.85 TOTAL: 24.16 EP Indicates Extended



Investment Style:


Morningstar Rating:


Domestic Equities

Foreign

Cash

99.1%

0.3% 0.6%

11/30/2010 $12449.7 (Mil) Large Blend 0.44 0.50 -- 18.01 Susan Bao, Scott Davis, David Small


Large Growth


Ret

urn

(%)

-15.

2 -1

3.53

-1

3.52

-5.8

6 -6

.27

-4.3

8

-5.8

6 -6

.27

-4.3

8

8.3

1 7

.66

9.2

6

7.8

9 6

.65

8.4

9 13.

4 E

P

11.

99

13.

12

11.

83

NA

NA

-4.4

-8.8

-13.2

-17.6

-22.0

.0

4.4

8.8

13.2

17.6

22.0

JPMorgan US Equity R6


S&P 500 TR USD*


• The fund delivered a return of -15.20% over the most recent three-month period. • Short-term (1 year) performance -- Beat its Morningstar category average. • Three-year return was 8.31%. Outperformed the Morningstar category average. • Five-year return was 7.89%. Outperformed the Morningstar category average. • During the 1st quarter of 2012, the fund returned 14.56% - its best in the past eight years. • Over the third quarter of 2011, the fund returned -15.21% - its worst in the last 8 years. • A net expense ratio of 0.44% versus a 0.96% average for its Morningstar category of funds.

-1.69 -1.39 -1.04 -1.62 -0.25 -0.96 1.12 0.99 1.07 0.99 1.05| 1.00 0.62 0.62 0.64 0.57 0.92 0.86 12.43 11.35 11.93 11.28 14.39 14.02 2.41 n/a 2.21 n/a 2.14 n/a 97.35 92.37 97.04 92.78 97.99 94.48 -0.39 n/a -0.28 n/a 0.13 n/a 104.64 n/a 101.74 n/a 103.64 n/a 116.92 n/a 108.17 n/a 105.01 n/a


Fund Commentary



JPMorgan US Equity R6 (JUEMX) Fund Profile For the Period Ending: Dec 31, 2018

Microsoft Corp 5.16 Amazon.com Inc 3.74 Pfizer Inc 2.93 Alphabet Inc A 2.87 Apple Inc 2.63 UnitedHealth Group Inc 2.42 Johnson & Johnson 2.08 Norfolk Southern Corp 2.05 Bank of America Corporation 1.94 General Dynamics Corp 1.88 TOTAL: 27.70 EP Indicates Extended



Investment Style:


Morningstar Rating:


Domestic Equities

Foreign

Fixed Income

Cash

98.5%

0.8% 0.0% 0.7%

11/13/2000 $400587 (Mil) Large Blend 0.04 0.04 -- 2.68 Donald Butler, Michelle Louie


Large Blend


Ret

urn

(%)

-13.

53

-13.

53

-13.

52

-4.4

3 -6

.27

-4.3

8

-4.4

3 -6

.27

-4.3

8

9.2

2 7

.66

9.2

6

8.4

6 6

.65

8.4

9 13.

1 1

1.99

1

3.12

5.5

1 N

A N

A

-3.8

-7.6

-11.4

-15.2

-19.0

.0

3.8

7.6

11.4

15.2

19.0

Vanguard 500 Index Admiral


S&P 500 TR USD*


• The fund produced a return of -13.53% over the last three months. • Short-term (1 year) performance -- Roughly equal to the index. Stronger than the Morningstar category average. • Medium-term (3-year) return was 9.22%. About the same as the benchmark. Stronger than the Morningstar category average. • Five-year return was 8.46%. Approximately the same as its benchmark. Stronger than the Morningstar category average. • Over the 2nd quarter of 2009, the fund returned 15.99% - its best in the last 60 quarters. • During the fourth quarter of 2008, the fund returned -21.92% - its worst in the most recent 15 years. • Net expense ratio (0.04%) less than the average of its Morningstar category (0.96%).

-0.04 -1.39 -0.03 -1.62 -0.02 -0.96 1.00 0.99 1.00 0.99 1.00 1.00 0.76 0.62 0.73 0.57 0.95 0.86 10.96 11.35 10.94 11.28 13.61 14.02 0.01 n/a 0.01 n/a 0.02 n/a 100.00 92.37 100.00 92.78 100.00 94.48 -4.95 n/a -3.23 n/a -0.76 n/a 99.85 n/a 99.86 n/a 99.96 n/a 100.09 n/a 100.08 n/a 100.05 n/a


Fund Commentary



Vanguard 500 Index Admiral (VFIAX) Fund Profile For the Period Ending: Dec 31, 2018

Microsoft Corp 3.62 Apple Inc 3.49 Amazon.com Inc 2.95 Berkshire Hathaway Inc B 1.74 Johnson & Johnson 1.67 JPMorgan Chase & Co 1.59 Facebook Inc A 1.44 Alphabet Inc Class C 1.43 Exxon Mobil Corp 1.43 Alphabet Inc A 1.41 TOTAL: 20.77 EP Indicates Extended



Investment Style:


Morningstar Rating:


Domestic Equities

Foreign

Fixed Income

Cash

89.4%

4.7% 0.2%

4.4%

05/17/1967 $108263 (Mil) Large Growth 0.74 0.74 -- 28.31 William Danoff


Large Growth


Ret

urn

(%)

-16.

24

-15.

43

-15.

89

-13.

52

-2.1

3 -2

.09

-1.5

1 -4

.38

-2.1

3 -2

.09

-1.5

1 -4

.38

10.

18

8.9

8 1

1.15

9

.26

9.3

8

.16

10.

4 8

.49 1

3.89

1

3.74

1

5.29

1

3.12

12.

26

NA

NA

NA

-4.6

-9.2

-13.8

-18.4

-23.0

.0

4.6

9.2

13.8

18.4

23.0

Fidelity® Contra-fund®


Russell 1000 Growth TR USD*


• The fund delivered a return of -16.24% over the last three months. • One-Year return -- Relatively close to its Morningstar category average. • Three-year return was 10.18%. Stronger than its Morningstar category average. • Long-term (5-year) return was 9.30%. Above the Morningstar category average. • The fund returned 14.96%, its best in the last 60 quarters, over Q1 of 2012. • During Q4 of 2008, the fund returned -20.43% - its worst in the last 15 years. • A lower net expense ratio (0.74%) than its Morningstar category's average (1.08%).

-0.86 -0.60 -0.68 -0.47 -0.19 0.68 1.00 1.07 0.97 1.04 0.92 1.00 0.74 0.65 0.75 0.64 1.04 0.93 12.68 13.00 11.92 12.60 12.98 14.67 2.97 n/a 2.96 n/a 3.14 n/a 94.54 83.28 93.98 83.54 94.84 86.75 -0.33 n/a -0.37 n/a -0.45 n/a 96.61 n/a 92.87 n/a 92.45 n/a 101.24 n/a 95.73 n/a 93.98 n/a


Fund Commentary



Fidelity® Contrafund® (FCNTX) Fund Profile For the Period Ending: Dec 31, 2018

Amazon.com Inc 6.85 Berkshire Hathaway Inc A 5.58 Facebook Inc A 5.38 Microsoft Corp 4.24 UnitedHealth Group Inc 3.83 Salesforce.com Inc 3.18 Visa Inc Class A 3.14 Alphabet Inc A 3.03 Alphabet Inc Class C 2.71 Adobe Inc 2.58 TOTAL: 40.52 EP Indicates Extended



Investment Style:

S&P 500 TR USD**


Morningstar Rating:


Domestic Equities

Foreign

Cash

93.4%

6.4% 0.0%

04/11/1950 $47039 (Mil) Large Growth 0.67 0.67 -- 4.96 Joseph Fath


Large Growth


Ret

urn

(%)

-14.

14

-15.

43

-15.

89

-13.

52

-1.0

3 -2

.09

-1.5

1 -4

.38

-1.0

3 -2

.09

-1.5

1 -4

.38

10.

28

8.9

8 1

1.15

9

.26

10.

1 8

.16

10.

4 8

.49

16.

08

13.

74

15.

29

13.

12

10.

81

NA

NA

NA

-4.6

-9.2

-13.8

-18.4

-23.0

.0

4.6

9.2

13.8

18.4

23.0

T. Rowe Price Growth Stock




• The fund had a -14.14% return in the most recent three-month period. • Short-term (12 months) return -- Better than the Morningstar category average. Outperformed the index. • Medium-term (3-year) return was 10.28%. Above the Morningstar category average. • Five-year return was 10.10%. Beat the Morningstar category average. About even with its benchmark. • During the first quarter of 2012, the fund returned 19.13% - its best in the last 60 quarters. • In the 4th quarter of 2008, the fund returned -23.60% - its worst in the past 60 quarters. • Net expense ratio of 0.67%; lower than the 1.08% average of its Morningstar category of funds.

-0.94 -0.60 -0.43 -0.47 0.20 0.68 1.03 1.07 1.03 1.04 1.04 1.00 0.72 0.65 0.75 0.64 1.06 0.93 13.40 13.00 13.04 12.60 14.79 14.67 4.42 n/a 4.32 n/a 3.84 n/a 89.26 83.28 89.12 83.54 93.43 86.75 -0.20 n/a -0.07 n/a 0.21 n/a 101.54 n/a 101.43 n/a 104.07 n/a 109.68 n/a 104.98 n/a 103.00 n/a


Fund Commentary



T. Rowe Price Growth Stock (PRGFX) Fund Profile For the Period Ending: Dec 31, 2018

Amazon.com Inc 10.16 Microsoft Corp 5.41 Visa Inc Class A 3.47 Boeing Co 3.40 Alphabet Inc Class C 3.07 Mastercard Inc A 2.92 Facebook Inc A 2.89 Alphabet Inc A 2.76 Booking Holdings Inc 2.68 UnitedHealth Group Inc 2.62 TOTAL: 39.38 EP Indicates Extended



Investment Style:

S&P 500 TR USD**


Morningstar Rating:


Domestic Equities

Foreign

Cash

95.6%

1.2% 3.2%

05/05/2000 $9611.67 (Mil) Mid-Cap Value 0.90 0.90 5.75 20.43 Gary Miller, Gregory Conners, Jeffrey Graff,

James Albers, Michael Rodarte


Mid Value


Ret

urn

(%)

-15.

29

-15.

72

-14.

95

-10.

23

-12.

86

-12.

29

-10.

23

-12.

86

-12.

29

7.8

5

.42

6.0

6

7.1

3 3

.88

5.4

4

13.

26

11.

66

13.

03

9.1

8 N

A N

A

-4.6

-9.2

-13.8

-18.4

-23.0

.0

4.6

9.2

13.8

18.4

Victory Sycamore Established Value A Morningstar Category Average

Russell Mid Cap Value TR USD*


• The fund produced a return of -15.29% during the most recent three-month period. • Short-term (1 year) return -- Better than the Morningstar category average. Better than its benchmark. • Medium-term (3-year) return was 7.80%. Above its benchmark index. Beat its Morningstar category average. • Five-year return was 7.13%. Beat the Morningstar category average and the benchmark index. • In the 3rd quarter of 2009, the fund returned 20.83% - its best in the most recent 60 quarters. • In Q3 of 2011, the fund returned -19.03% - its worst in the last fifteen years. • Net expense ratio of 0.90%; lower than the 1.12% average of its Morningstar category.

1.96 -3.76 1.75 -4.21 1.48 -2.32 0.93 1.05 0.97 1.00 0.89 1.11 0.61 0.39 0.60 0.32 0.92 0.74 11.62 12.96 11.54 12.39 14.32 16.24 2.87 n/a 3.13 n/a 3.84 n/a 94.47 78.45 92.78 78.25 94.38 86.41 0.61 n/a 0.54 n/a 0.06 n/a 97.83 n/a 101.17 n/a 92.73 n/a 83.33 n/a 88.79 n/a 85.79 n/a


Fund Commentary



Victory Sycamore Established Value A (VETAX) Fund Profile For the Period Ending: Dec 31, 2018

Archer-Daniels Midland Co 2.52 National Retail Properties Inc 2.39 Alleghany Corp 2.34 SunTrust Banks Inc 2.28 Hasbro Inc 2.07 Textron Inc 1.98 Quest Diagnostics Inc 1.87 WR Berkley Corp 1.87 Reliance Steel & Aluminum Co 1.84 Cinemark Holdings Inc 1.68 TOTAL: 20.84 EP Indicates Extended



Investment Style:


Morningstar Rating:


Domestic Equities

Foreign

Cash

98.5%

1.2% 0.3%

11/12/2001 $86952.8 (Mil) Mid-Cap Blend 0.05 0.05 -- 20.63 Donald Butler, Michael Johnson


Mid Blend


Ret

urn

(%)

-15.

46

-16.

19

-15.

37

-15.

46 -9

.23

-11.

15

-9.0

6 -9

.22

-9.2

3 -1

1.15

-9

.06

-9.2

2

6.3

8 5

.54

7.0

4 6

.4

6.2

1 4

6.2

6 6

.24

13.

87

11.

92

14.

03

13.

74

9.0

1 N

A N

A N

A

-4.6

-9.2

-13.8

-18.4

-23.0

.0

4.6

9.2

13.8

18.4

23.0

Vanguard Mid Cap Index Admiral


Russell Mid Cap TR USD*


• The fund yielded a return of -15.46% in the last three months. • One-Year performance -- Near the benchmark index. Better than its Morningstar category average. • Medium-term (3-year) performance was 6.38%. Outperformed the Morningstar category average. • Five-year performance was 6.21%. Better than its Morningstar category average. Close to the benchmark. • Over the 3rd quarter of 2009, the fund returned 21.54% - its best in the most recent fifteen years. • The fund returned -25.63% in the fourth quarter of 2008, its worst in the most recent 15 years. • A net expense ratio (0.05%) less than the average of its Morningstar category (1.07%).

-0.61 -3.79 -0.04 -4.20 -0.09 -1.67 1.00 1.06 1.00 1.01 1.00 1.07 0.48 0.40 0.52 0.33 0.90 0.78 12.21 12.89 11.69 12.48 15.24 15.78 1.24 n/a 1.16 n/a 1.10 n/a 98.98 81.74 99.02 79.57 99.48 85.40 -0.53 n/a -0.05 n/a -0.14 n/a 96.37 n/a 99.09 n/a 99.59 n/a 99.60 n/a 99.08 n/a 100.22 n/a


Fund Commentary



Vanguard Mid Cap Index Admiral (VIMAX) Fund Profile For the Period Ending: Dec 31, 2018

Edwards Lifesciences Corp .83 Fiserv Inc .78 Red Hat Inc .77 Autodesk Inc .77 Roper Technologies Inc .75 Centene Corp .68 Concho Resources Inc .64 Amphenol Corp Class A .64 Worldpay Inc Class A .63 Moody's Corporation .63 TOTAL: 7.12 EP Indicates Extended



Investment Style:

CRSP US Mid Cap TR USD**


Morningstar Rating:


Domestic Equities

Foreign

Cash

92.2%

1.8% 6.0%

04/16/2001 $1634.87 (Mil) Mid-Cap Growth 1.02 1.02 -- 15.01 Clay Brethour, Dave Carlsen


Large Growth


Ret

urn

(%)

-15.

76

-17.

57

-15.

99

-17.

26

-6.5

4 -6

.65

-4.7

5 -3

.16

-6.5

4 -6

.65

-4.7

5 -3

.16

7.3

6 7

.27

8.5

9 9

.02

7.6

7 5

.61

7.4

2 7

.15

15.

92

13.

16

15.

12

14.

54

8.3

9 N

A N

A N

A

-5.0

-10.0

-15.0

-20.0

-25.0

.0

5.0

10.0

15.0

20.0

25.0

Buffalo Discovery


Russell Mid Cap Growth TR USD*


• In the last three months, the fund returned -15.76%. • One-Year return -- Roughly equal to its Morningstar category average. • Medium-term (3-year) return was 7.36%. About the same as its Morningstar category average. • Long-term (5-year) performance was 7.67%. Outperformed its Morningstar category average and the benchmark index. • In Q1 of 2012, the fund returned 19.86% - its best in the most recent 15 years. • Over Q4 of 2008, the fund returned -21.45% - its worst in the last fifteen years. • A net expense ratio of 1.02% compared to the 1.20% average of its Morningstar category.

-0.61 -2.76 0.87 -2.95 1.21 -0.29 0.92 1.15 0.90 1.07 0.97 1.05 0.55 0.50 0.63 0.43 1.01 0.84 12.32 14.14 11.77 13.48 15.48 15.90 3.03 n/a 3.68 n/a 4.39 n/a 94.66 81.36 91.42 76.26 92.09 81.25 -0.41 n/a 0.07 n/a 0.18 n/a 92.70 n/a 93.23 n/a 98.96 n/a 97.24 n/a 87.99 n/a 93.20 n/a


Fund Commentary



Buffalo Discovery (BUFTX) Fund Profile For the Period Ending: Dec 31, 2018

Xylem Inc 1.74 Roper Technologies Inc 1.64 MSCI Inc 1.63 Align Technology Inc 1.61 The Cooper Companies Inc 1.61 IQVIA Holdings Inc 1.59 Electronic Arts Inc 1.57 Fiserv Inc 1.56 Bio-Techne Corp 1.56 Nasdaq Inc 1.55 TOTAL: 16.06 EP Indicates Extended



Investment Style:

Morningstar US Mid Growth TR USD**


Morningstar Rating:


Domestic Equities

Foreign

Cash

94.6%

1.8% 3.6%

08/31/2007 $4657.5 (Mil) Small Value 0.90 0.90 -- 20.6 Gary Miller, Gregory Conners, Jeffrey Graff,

James Albers, Michael Rodarte


Small Blend


Ret

urn

(%)

-14.

84

-19.

16

-18.

67

-8.2

6 -1

5.46

-1

2.86

-8.2

6 -1

5.46

-1

2.86

10.

1 5

.12

7.3

7

7.2

6 1

.86

3.6

1

13.

42

11

10.

4

8.1

2 N

A N

A

-5.4

-10.8

-16.2

-21.6

-27.0

.0

5.4

10.8

16.2

21.6

Victory Sycamore Small Company Opp I Morningstar Category Average

Russell 2000 Value TR USD*


• During the last three months, the fund's return was -14.84%. • Short-term (1 year) return -- Outperformed the benchmark index and its Morningstar category average. • Three-year return was 10.10%. Beat its Morningstar category average. Outperformed its benchmark index. • Five-year return was 7.26%. Outperformed the index and the Morningstar category average. • The fund returned 22.61% during the third quarter of 2009, its best in the last 45 quarters. • The fund returned -24.20%, its worst in the past 45 quarters, during the fourth quarter of 2008. • Net expense ratio of 0.90%; less than the 1.25% average of its Morningstar category of funds.



Fund Commentary



Victory Sycamore Small Company Opp I (VSOIX) Fund Profile For the Period Ending: Dec 31, 2018

Sanderson Farms Inc 1.55 EMCOR Group Inc 1.48 iShares Russell 2000 Value ETF 1.47 Horace Mann Educators Corp 1.44 Performance Food Group Co 1.43 Washington REIT 1.40 Andersons Inc 1.39 Carlisle Companies Inc 1.38 UniFirst Corp 1.38 Wolverine World Wide Inc 1.38 TOTAL: 14.30 EP Indicates Extended



Investment Style:


Morningstar Rating:


Domestic Equities

Foreign

Cash

Other

92.5%

3.9% 3.2%

0.4%

12/31/1996 $288.46 (Mil) Small Blend 0.80 0.98 -- 14.45 Dennis Ruhl, Phillip Hart


Small Blend


Ret

urn

(%)

-20.

66

-19.

38

-20.

2 -11.

82

-12.

72

-11.

01

-11.

82

-12.

72

-11.

01

6.9

6 5

.9

7.3

6

4.9

1 3

.2

4.4

1

12.

49

11.

6 1

1.97

6.8

9 N

A N

A

-5.8

-11.6

-17.4

-23.2

-29.0

.0

5.8

11.6

17.4

JPMorgan Small Cap Core R5


Russell 2000 TR USD*


• The fund produced a return of -20.66% in the last three months. • Short-term (12 months) performance -- Higher than its Morningstar category average. • Three-year return was 6.96%. Higher than its Morningstar category average. Close to its benchmark. • Long-term (5-year) return was 4.91%. Better than its Morningstar category average and its index. • Over the third quarter of 2009, the fund returned 19.97% - its best in the past 15 years. • The fund returned -26.24%, its worst in the most recent 15 years, during Q4 of 2008. • A net expense ratio of 0.80% versus a 1.17% average for its Morningstar category.

-0.59 -3.96 0.39 -5.17 0.21 -2.79 1.05 1.16 1.04 1.08 1.03 1.16 0.42 0.38 0.34 0.24 0.69 0.68 16.93 15.33 16.17 14.73 19.15 17.90 2.11 n/a 2.04 n/a 2.36 n/a 98.69 69.69 98.57 64.49 98.58 78.14 -0.19 n/a 0.24 n/a 0.22 n/a 103.38 n/a 105.15 n/a 102.91 n/a 106.94 n/a 103.61 n/a 102.09 n/a


Fund Commentary



JPMorgan Small Cap Core R5 (VSSCX) Fund Profile For the Period Ending: Dec 31, 2018

Haemonetics Corp 1.29 Helen Of Troy Ltd 1.28 Tech Data Corp 1.21 Integer Holdings Corp 1.17 Bank of N.T Butterfield & Son Ltd 1.08 First BanCorp 1.07 Popular Inc 1.05 Fabrinet 1.03 FirstCash Inc 1.03 TCF Financial Corp .99 TOTAL: 11.20 EP Indicates Extended



Investment Style:


Morningstar Rating:


Domestic Equities

Foreign

Cash

Other

96.9%

1.0% 2.1%

0.0%

11/13/2000 $77890.8 (Mil) Small Blend 0.05 0.05 -- 2.68 William Coleman, Gerard O’Reilly


Mid Blend


Ret

urn

(%)

-18.

33

-19.

38

-20.

2 -1

8.33

-9.3

1 -1

2.72

-1

1.01

-9

.33

-9.3

1 -1

2.72

-1

1.01

-9

.33

7.6

4 5

.9

7.3

6 7

.62

5.2

5 3

.2

4.4

1 5

.24

13.

57

11.

6 1

1.97

1

4.07

8.2

9 N

A N

A N

A

-5.8

-11.6

-17.4

-23.2

-29.0

.0

5.8

11.6

17.4

23.2

Vanguard Small Cap Index Adm


Russell 2000 TR USD*


• In the most recent three-month period, the fund returned -18.33%. • One-Year performance -- Higher than the benchmark. Above the Morningstar category average. • Medium-term (3-year) return was 7.64%. Outperformed its Morningstar category average and the benchmark index. • Five-year return was 5.25%. Outperformed the Morningstar category average and its benchmark. • In the 2nd quarter of 2009, the fund returned 24.15% - its best in the most recent fifteen years. • The fund returned -26.64%, its worst in the past fifteen years, in the 4th quarter of 2008. • A net expense ratio of 0.05% versus a 1.17% average for its Morningstar category of funds.



Fund Commentary



Vanguard Small Cap Index Adm (VSMAX) Fund Profile For the Period Ending: Dec 31, 2018

NRG Energy Inc .32 Burlington Stores Inc .32 IDEX Corp .30 Atmos Energy Corp .30 STERIS PLC .29 UGI Corp .28 Leidos Holdings Inc .27 PerkinElmer Inc .27 Zebra Technologies Corp .27 Exact Sciences Corp .27 TOTAL: 2.89 EP Indicates Extended



Investment Style:

CRSP US Small Cap TR USD**


Morningstar Rating:


Domestic Equities

Foreign

Cash

98.7%

0.6% 0.7%

06/30/1997 $6463.56 (Mil) Small Growth 0.79 0.79 -- 12.25 Sudhir Nanda


Mid Growth


Ret

urn

(%)

-19.

32

-20.

82

-21.

65

-20.

95

-6.8

6 -5

.76

-9.3

1 -9

.03

-6.8

6 -5

.76

-9.3

1 -9

.03

8.1

8 8

.47

7.2

4 7

.82

6.6

3 5

.12

5.1

3 4

.93

15.

7 1

3.36

1

3.52

1

4.72

7.2

4 N

A N

A N

A

-6.2

-12.4

-18.6

-24.8

-31.0

.0

6.2

12.4

18.6

24.8

T. Rowe Price QM US Small-Cap Gr Eq Morningstar Category Average



• The fund had a -19.32% return in the last three months. • Short-term (1 year) return -- Beat its benchmark. • Medium-term (3-year) return was 8.18%. Outperformed its benchmark. Approximately the same as the Morningstar category aver-

age. • Five-year return was 6.63%. Above its Morningstar category average and the benchmark. • In the 2nd quarter of 2009, the fund returned 19.44% - its best in the last 60 quarters. • The fund returned -25.70%, its worst in the last 15 years, in Q4 of 2008. • Net expense ratio of 0.79%; less than the 1.24% average of its Morningstar category.



Fund Commentary



T. Rowe Price QM US Small-Cap Gr Eq (PRDSX) Fund Profile For the Period Ending: Dec 31, 2018

Teledyne Technologies Inc .98 Molina Healthcare Inc .94 Heico Corp Class A .94 Burlington Stores Inc .91 Exact Sciences Corp .88 Fair Isaac Corp .87 Take-Two Interactive Software Inc .82 Zebra Technologies Corp .79 Vail Resorts Inc .79 Bright Horizons Family Solutions Inc .78 TOTAL: 8.70 EP Indicates Extended



Investment Style:

MSCI US Small Cap Growth GR USD**


Morningstar Rating:


United KingdomJapanUnited StatesGermanyFranceSwitzerlandIndiaNetherlandsCanadaSweden

18.1%

17.7%

10.4%

7.4%

7.1%

4.5%

4.2%

3.4% 3.3%

2.2%

12/27/1991 $12896.5 (Mil) Foreign Large Growth 0.81 0.81 -- 17.76 William Bower


Large Growth


Ret

urn

(%)

-14.

15

-13.

87

-13.

33

-12.

54

-15.

24

-14.

08

-12.

83

-13.

79

-15.

24

-14.

08

-12.

83

-13.

79

1.1

3.2

1 2

.89

2.8

7

0.6

2 1

.38

1.6

2 0

.53

6.7

5 7

.43

7.0

7 6

.32

7.5

4 N

A N

A N

A

-4.4

-8.8

-13.2

-17.6

-22.0

.0

4.4

8.8

13.2

Fidelity® Diversi-fied International


MSCI EAFE Growth NR USD*


• The fund yielded a return of -14.15% in the most recent three-month period. • The fund returned 22.83% over Q2 of 2009, its best in the most recent fifteen years. • The fund returned -23.37% in the 4th quarter of 2008, its worst in the past 15 years. • Short-term performance was -15.24%. Underperformed its benchmark and its Morningstar category average. • Three-year performance was 1.10%. Underperformed the Morningstar category average. Underperformed the benchmark index. • Long-term performance was 0.62%. Did not beat its Morningstar category average and the benchmark. • A net expense ratio (0.81%) below the average of its Morningstar category (1.15%).

-2.88 -0.98 -0.97 0.76 -0.31 1.25 0.97 0.95 0.94 0.92 1.00 0.93 0.06 0.23 0.05 0.12 0.46 0.50 11.82 12.11 11.61 12.00 16.11 15.96 3.37 n/a 3.54 n/a 3.54 n/a 92.06 83.02 91.12 83.51 95.19 91.05 -0.92 n/a -0.30 n/a -0.11 n/a 85.48 n/a 87.51 n/a 99.11 n/a 103.31 n/a 93.40 n/a 100.96 n/a


Fund Commentary


Geographic Allocation Risk Statistics

Fidelity® Diversified International (FDIVX) Fund Profile For the Period Ending: Dec 31, 2018

Roche Holding AG Dividend Right Cert. 1.50 SAP SE 1.50 Keyence Corp 1.40 Prudential PLC 1.38 ORIX Corp 1.36 Hoya Corp 1.32 AIA Group Ltd 1.31 Unilever NV DR 1.29 Alimentation Couche-Tard Inc B 1.26 AstraZeneca PLC 1.26 TOTAL: 13.58 EP Indicates Extended



Investment Style:

MSCI EAFE NR USD**


Morningstar Rating:


JapanGermanyFranceSwitzerlandUnited KingdomNetherlandsCanadaUnited StatesSpainIndia

11.8%

10.9%

9.8%

9.7%

9.5%

4.5%

4.4%

4.1%

4.0% 3.6%

03/25/1996 $18750.2 (Mil) Foreign Large Growth 1.10 1.10 5.75 22.78 George Evans, Robert Dunphy


Large Growth


Ret

urn

(%)

-14.

71

-13.

87

-13.

33

-11.

46

-19.

55 -14.

08

-12.

83

-14.

2

-19.

55 -14.

08

-12.

83

-14.

2

-0.1

6 3

.21

2.8

9 4

.48

-0.9

7 1

.38

1.6

2 0

.68

7.7

7 7

.43

7.0

7 6

.57

6.9

8 N

A N

A N

A

-5.6

-11.2

-16.8

-22.4

-28.0

.0

5.6

11.2

Oppenheimer In-ternational Growth A Morningstar Category Average

MSCI EAFE Growth NR USD*


• Over the last three months, the fund returned -14.71%. • Over the second quarter of 2009, the fund returned 21.90% - its best in the past 15 years. • The fund returned -19.43%, its worst in the most recent 15 years, in Q4 of 2008. • Short-term return was -19.55%. Less than the benchmark index and its Morningstar category average. • Medium-term return was -0.16%. Failed to beat its Morningstar category average. Underperformed the index. • Long-term performance was -0.97%. Underperformed the Morningstar category average. Underperformed the benchmark. • A net expense ratio of 1.10% versus the 1.15% average for its Morningstar category of funds.

-4.16 -0.98 -2.58 0.76 0.89 1.25 0.98 0.95 0.99 0.92 0.96 0.93 -0.05 0.23 -0.07 0.12 0.53 0.50 11.99 12.11 12.25 12.00 15.63 15.96 3.57 n/a 3.82 n/a 4.21 n/a 91.27 83.02 90.37 83.51 92.95 91.05 -1.22 n/a -0.70 n/a 0.15 n/a 84.89 n/a 89.58 n/a 98.92 n/a 111.62 n/a 106.23 n/a 95.17 n/a


Fund Commentary



Oppenheimer International Growth A (OIGAX) Fund Profile For the Period Ending: Dec 31, 2018

Infineon Technologies AG 2.28 SAP SE 2.24 ICICI Bank Ltd ADR 2.12 Bunzl PLC 1.83 Lonza Group Ltd 1.80 Temenos AG 1.78 Novo Nordisk A/S B 1.76 SES SA DR 1.76 Nokia Oyj 1.72 ASML Holding NV 1.70 TOTAL: 18.99 EP Indicates Extended



Investment Style:

MSCI ACWI Ex USA NR USD**


Morningstar Rating:


United StatesUnited KingdomSouth KoreaChinaFranceJapanSwitzerlandHong KongSpainCanada

40.0%

10.6%

5.7%

5.1%

4.8%

4.0%

3.5% 3.1%

2.4% 2.3%

05/01/2009 $86048.4 (Mil) World Large Stock 0.45 0.45 -- 25.78 Mark Denning, Sung Lee, David Riley, L.

Barroso, Joyce Gordon


Large Blend


Ret

urn

(%)

-11.

6 -1

2.94

-1

3.42

-1

2.75

-9.9

7 -9

.64

-8.7

1 -9

.42

-9.9

7 -9

.64

-8.7

1 -9

.42

6.3

6 5

.69

6.3

6

.6

4.2

6 3

.72

4.5

6 4

.26

9.3

9 E

P

9.3

3 9

.67

9.4

6

9.8

8 N

A N

A N

A

-3.8

-7.6

-11.4

-15.2

-19.0

.0

3.8

7.6

11.4

15.2

American Funds Capital World Gr&Inc R6 Morningstar Category Average

MSCI World NR USD*


• In the most recent three-month period, the fund returned -11.60%. • Short-term (1 year) performance -- Approximately equal to the Morningstar category average. • Three-year return was 6.36%. Approximately equal to the index. Higher than the Morningstar category average. • Long-term (5-year) return was 4.26%. Comparable with the benchmark. Outperformed its Morningstar category average. • The fund returned 18.81%, its best in the most recent 38 quarters, in Q3 of 2009. • The fund returned -17.79% over the third quarter of 2011, its worst in the past 38 quarters. • A net expense ratio of 0.45% versus a 1.18% average for its Morningstar category of funds.

-0.24 1.77 0.10 3.02 0.42 3.52 0.95 0.83 0.93 0.83 0.96| 0.84 0.55 0.46 0.39 0.32 0.68 0.65 10.14 11.07 10.33 11.25 14.21 14.86 2.22 n/a 2.37 n/a 2.63 n/a 95.56 75.17 95.31 77.04 96.74 85.28 -0.25 n/a -0.06 n/a 0.04 n/a 93.14 n/a 93.72 n/a 97.68 n/a 93.96 n/a 92.80 n/a 95.74 n/a


Fund Commentary



American Funds Capital World Gr&Inc R6 (RWIGX) Fund Profile For the Period Ending: Dec 31, 2018

AbbVie Inc 2.93 Samsung Electronics Co Ltd 1.95 Amgen Inc 1.77 Netflix Inc 1.72 Microsoft Corp 1.69 Broadcom Inc 1.65 Amazon.com Inc 1.63 Prudential PLC 1.22 Novartis AG 1.22 Abbott Laboratories 1.11 TOTAL: 16.89 EP Indicates Extended



Investment Style:

MSCI ACWI NR USD**


Morningstar Rating:


United StatesJapanUnited KingdomSwitzerlandGermanyChinaFranceAustraliaNetherlandsHong Kong58.3% 6.6%

5.4%

3.8%

3.8% 3.7%

3.5% 1.7%

1.7% 1.6%

10/11/2013 $852.34 (Mil) World Large Stock 0.70 0.70 -- 14.01 Wayne Wicker, Lee Trenum, David Braver-

man


Large Blend Medium/Limited


Ret

urn

(%)

-13.

39

-12.

94

-13.

42

-12.

75

-9.7

6 -9

.64

-8.7

1 -9

.42

-9.7

6 -9

.64

-8.7

1 -9

.42

5.9

4 5

.69

6.3

6

.6

3.9

8 3

.72

4.5

6 4

.26

10.

68

9.3

3 9

.67

9.4

6

NA

NA

NA

NA

-3.8

-7.6

-11.4

-15.2

-19.0

.0

3.8

7.6

11.4

15.2

Vantagepoint MP Glbl Eq Gr R9


MSCI World NR USD*


• During the last three months, the fund's return was -13.39%. • Short-term (1 year) performance -- Fairly near the Morningstar category average. • Medium-term (3-year) return was 5.94%. Approximately even with its benchmark. Higher than the Morningstar category average. • Five-year performance was 3.98%. Outperformed its Morningstar category average. • The fund returned 7.35%, its best in the past five years, over the 1st quarter of 2017. • During the 4th quarter of 2018, the fund returned -13.39% - its worst in the most recent 5 years. • Net expense ratio (0.70%) lower than the average of its Morningstar category (1.18%).

-0.97 1.77 -0.32 3.02 1.56 3.52 1.01 0.83 0.98 0.83 0.96| 0.84 0.49 0.46 0.35 0.32 0.75 0.65 10.71 11.07 10.86 11.25 14.23 14.86 1.47 n/a 2.25 n/a 3.04 n/a 98.16 75.17 95.78 77.04 95.63 85.28 -0.67 n/a -0.19 n/a 0.43 n/a 98.24 n/a 96.78 n/a 100.14 n/a 105.96 n/a 99.04 n/a 92.35 n/a


Fund Commentary



Vantagepoint MP Glbl Eq Gr R9 (F00000Q8LV) Fund Profile For the Period Ending: Dec 31, 2018

No Data Available

EP Indicates Extended Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo



Rate Sensitivity:

MSCI ACWI NR USD**


Morningstar Rating:


ChinaIndiaRussiaBrazilSouth KoreaFranceTaiwanMexicoHong KongPhilippines

19.1%

11.3%

7.5% 6.8%

6.0%

5.6%

5.1%

5.0%

4.4% 3.8%

09/07/2005 $35470.8 (Mil) Diversified Emerging Mkts 1.05 1.05 -- 11.68 Justin Leverenz


Large Growth


Ret

urn

(%)

-7.8

-7

.47

-7.4

7

-11.

95

-16.

07

-14.

58

-11.

95

-16.

07

-14.

58

8.4

3 6

.99

9.2

5

0.9

5 0

.53

1.6

5

10.

17

7.6

1 8

.02

7.8

7 N

A N

A

-4.6

-9.2

-13.8

-18.4

-23.0

.0

4.6

9.2

13.8

18.4

Oppenheimer De-veloping Markets Y


MSCI EM NR USD*


• The fund produced a return of -7.80% during the last three months. • Short-term (1 year) return -- Outperformed its Morningstar category average and its benchmark. • Three-year return was 8.43%. Outperformed the Morningstar category average. • Long-term (5 year) return -- Above the Morningstar category average. • The fund returned 38.40%, its best in the most recent 53 quarters, over the second quarter of 2009. • During Q4 of 2008, the fund returned -28.01% - its worst in the past 53 quarters. • Net expense ratio of 1.05%; below the 1.37% average of its Morningstar category of funds.

0.24 2.57 -0.58 0.17 2.42 1.01 0.87 1.03 0.90 1.02 0.94 1.06 0.58 0.46 0.09 0.06 0.59 0.46 13.42 14.22 14.46 14.44 18.69 19.29 4.38 n/a 4.79 n/a 4.73 n/a 91.58 70.30 90.07 70.42 93.99 81.51 -0.19 n/a -0.14 n/a 0.45 n/a 87.02 n/a 87.88 n/a 96.53 n/a 84.91 n/a 90.68 n/a 86.23 n/a


Fund Commentary



Oppenheimer Developing Markets Y (ODVYX) Fund Profile For the Period Ending: Dec 31, 2018

Alibaba Group Holding Ltd ADR 6.44 Taiwan Semiconductor Manufacturing Co Ltd 5.08 Tencent Holdings Ltd 4.57 NOVATEK PJSC GDR 4.33 Housing Development Finance Corp Ltd 3.67 Glencore PLC 3.50 Kering SA 3.45 Kotak Mahindra Bank Ltd 3.13 AIA Group Ltd 2.73 Master China Series 1 2.39 TOTAL: 39.29 EP Indicates Extended



Investment Style:


Morningstar Rating:


Domestic Equities

Foreign

Cash

Other

99.4%

0.2% 1.1% -0.7%

06/30/1995 $2990.52 (Mil) Real Estate 1.04 1.04 -- 13.6 Jay Rosenberg, Scott Sedlak, Sarah Wade


Mid Blend


Ret

urn

(%)

-6.4

8 -7

.19

-6.0

9 -6

.72

-5.5

1 -5

.97

-3.7

9 -4

.57

-5.5

1 -5

.97

-3.7

9 -4

.57

2.1

4 2

.45

2.8

8 2

.88

7.6

8 6

.92

7.7

8 7

.8

12.

31

11.

5 1

2.16

1

2.17

10.

89

NA

NA

NA

-3.4

-6.8

-10.2

-13.6

.0

3.4

6.8

10.2

13.6

17.0

Nuveen Real Es-tate Securities I


S&P United States REIT TR USD*


• The fund delivered a return of -6.48% in the most recent three-month period. • Short-term (1 year) return -- Outperformed its Morningstar category average. • Three-year return was 2.14%. Fairly close to the Morningstar category average. • Long-term (5-year) return was 7.68%. Beat the Morningstar category average. Comparable to the benchmark index. • The fund returned 31.71%, its best in the last fifteen years, over the third quarter of 2009. • The fund returned -36.52% in the 4th quarter of 2008, its worst in the most recent 60 quarters. • A net expense ratio of 1.04% versus the 1.19% average of its Morningstar category.

-0.66 -1.87 0.16 4.67 0.66 3.20 0.94 0.68 0.96 0.54 0.94 0.95 0.14 0.18 0.56 0.54 0.66 0.64 13.02 12.84 13.49 13.16 19.81 19.91 1.67 n/a 1.43 n/a 1.78 n/a 98.77 32.40 99.08 21.20 99.55 49.57 -0.44 n/a -0.07 n/a 0.09 n/a 91.42 n/a 95.54 n/a 96.70 n/a 94.45 n/a 94.22 n/a 94.39 n/a


Fund Commentary



Nuveen Real Estate Securities I (FARCX) Fund Profile For the Period Ending: Dec 31, 2018

Simon Property Group Inc 6.71 Prologis Inc 4.55 Duke Realty Corp 4.27 Boston Properties Inc 3.68 Camden Property Trust 3.44 Alexandria Real Estate Equities Inc 3.39 Ventas Inc 3.25 Equinix Inc 3.09 Public Storage 3.08 AvalonBay Communities Inc 3.08 TOTAL: 38.54 EP Indicates Extended



Investment Style:

MSCI US REIT GR USD**


Morningstar Rating:


Domestic Equities

Foreign

Fixed Income

Cash

Other

19.4%

11.4%

60.7%

-3.2% 11.4%

10/11/2013 $198.8 (Mil) Target-Date Retirement 0.46 0.55 -- 13.93 Wayne Wicker, Lee Trenum, David Braver-

man




Ret

urn

(%)

-4.4

-3

.79

-4.1

2 1

.8

-3.3

2 -3

.16 -2

.2

0.9

2

-3.3

2 -3

.16 -2

.2

0.9

2

3.7

5 3

.44

4.0

1 1

.72 2.6

8 2

.62

2.9

4 2

.09

5.2

9 5

.74

5.8

8 3

.13

NA

NA

NA

NA

-1.6

-3.2

-4.8

-6.4

-8.0

.0

1.6

3.2

4.8

6.4

8.0

Vantagepoint MS Ret Inc R9


Morningstar Lifetime Mod Incm TR USD*


• The fund yielded a return of -4.40% over the most recent three-month period. • One-Year return -- Relatively close to the Morningstar category average. • Three-year return was 3.75%. Above its Morningstar category average. Close to the index. • Five-year performance was 2.68%. Relatively near the benchmark index and the Morningstar category average. • The fund returned 2.82% in Q2 of 2014, its best in the most recent 5 years. • The fund returned -4.40%, its worst in the most recent 20 quarters, over the fourth quarter of 2018. • Net expense ratio of 0.46% versus a 0.77% average for its Morningstar category of funds.

-0.25 -0.40 -0.24 -0.09 0.11 0.65 1.00 0.58 1.00 0.59 0.85| 0.62 0.66 0.60 0.50 0.50 0.99 0.96 3.91 3.85 4.02 4.00 4.81 5.63 0.90 n/a 0.93 n/a 1.42 n/a 94.88 87.49 94.75 86.83 94.15 87.47 -0.29 n/a -0.28 n/a -0.49 n/a 93.55 n/a 94.58 n/a 85.97 n/a 93.61 n/a 96.98 n/a 83.25 n/a


Fund Commentary



Vantagepoint MS Ret Inc R9 (F00000Q8K3) Fund Profile For the Period Ending: Dec 31, 2018

No Data Available




Rate Sensitivity:

BBgBarc US Agg In-term TR USD**


Morningstar Rating:


Domestic Equities

Foreign

Fixed Income

Cash

Other

21.7%

12.7%

57.8%

-3.2% 10.8%

10/11/2013 $163.4 (Mil) Target-Date 2000-2010 0.46 0.56 -- 13.93 Wayne Wicker, Lee Trenum, David Braver-

man




Ret

urn

(%)

-4.8

8 -4

.3

-4.6

3 1

.8

-3.6

7 -3

.25

-2.9

7 0

.92

-3.6

7 -3

.25

-2.9

7 0

.92

3.9

3 4

.11

4.4

7 1

.72 2.8

7 3

.22

3.3

7 2

.09

6.2

6 6

.96

6.9

6 3

.13

NA

NA

NA

NA

-2.0

-4.0

-6.0

-8.0

.0

2.0

4.0

6.0

8.0

10.0

Vantagepoint Mile-stone 2010 R9


Morningstar Lifetime Mod 2010 TR USD*


• During the last three months, the fund returned -4.88%. • One-Year performance -- Near its Morningstar category average. • Medium-term (3-year) return was 3.93%. Approximately even with its Morningstar category average. • Five-year return was 2.87%. Nearly equal to its benchmark index and the Morningstar category average. • The fund returned 3.26%, its best in the last 20 quarters, over Q2 of 2014. • The fund returned -4.88%, its worst in the most recent 20 quarters, over the fourth quarter of 2018. • A net expense ratio of 0.46% versus a 0.71% average for its Morningstar category of funds.

-0.35 -0.20 -0.42 0.07 -0.05 0.17 0.95 0.67 0.97 0.72 0.89| 0.84 0.65 0.67 0.49 0.54 0.91 0.89 4.32 4.41 4.60 4.73 6.38 7.40 1.02 n/a 1.05 n/a 1.79 n/a 94.90 92.09 94.95 93.58 93.70 95.63 -0.53 n/a -0.48 n/a -0.44 n/a 87.92 n/a 91.06 n/a 89.98 n/a 87.95 n/a 95.10 n/a 91.38 n/a


Fund Commentary



Vantagepoint Milestone 2010 R9 (F00000Q8K7) Fund Profile For the Period Ending: Dec 31, 2018

No Data Available




Rate Sensitivity:



Morningstar Rating:


Domestic Equities

Foreign

Fixed Income

Cash

Other

27.0%

15.6%

51.4%

-3.3% 8.6%

10/11/2013 $351.17 (Mil) Target-Date 2015 0.50 0.57 -- 13.93 Wayne Wicker, Lee Trenum, David Braver-

man




Ret

urn

(%)

-6.0

8 -5

.41

-5.2

1

.8

-4.5

2 -3

.86

-3.5

4 0

.92

-4.5

2 -3

.86

-3.5

4 0

.92

4.1

5 4

.39

4.7

9 1

.72 3.0

3 3

.36

3.6

1 2

.09

7.1

7

.49

7.5

5 3

.13

NA

NA

NA

NA

-2.0

-4.0

-6.0

-8.0

-10.0

.0

2.0

4.0

6.0

8.0

10.0





• The fund had a -6.08% return during the last three months. • Three-year performance was 4.15%. Close to the Morningstar category average. • Long-term (5-year) return was 3.03%. Approximately equal to the Morningstar category average. • The fund returned 3.44%, its best in the last five years, during the 2nd quarter of 2014. • The fund returned -6.08% over the fourth quarter of 2018, its worst in the most recent 5 years. • Short-term return was -4.52%. Below its benchmark. Underperformed its Morningstar category average. • A net expense ratio of 0.50%; below the 0.73% average of its Morningstar category of funds.

-0.59 -0.42 -0.59 -0.13 -0.22 -0.15 1.00 0.78 1.01 0.82 0.96| 0.96 0.60 0.65 0.46 0.51 0.86 0.86 5.11 5.07 5.35 5.40 7.74 8.38 1.36 n/a 1.35 n/a 1.68 n/a 93.14 94.66 93.77 94.73 95.51 96.75 -0.47 n/a -0.43 n/a -0.32 n/a 89.52 n/a 92.28 n/a 94.36 n/a 92.47 n/a 97.73 n/a 95.84 n/a


Fund Commentary



Vantagepoint Milestone 2015 R9 (F00000Q8KB) Fund Profile For the Period Ending: Dec 31, 2018

No Data Available




Rate Sensitivity:



Morningstar Rating:


Domestic Equities

Foreign

Fixed Income

Cash

Other

30.6%

16.8%

47.7%

-3.8% 7.0%


man




Ret

urn

(%)

-6.7

4 -6

.14

-5.9

5 -1

3.52

-4.7

3 -4

.49

-4.1

6 -4

.38

-4.7

3 -4

.49

-4.1

6 -4

.38

4.6

7 4

.54

5.1

8 9.2

6

3.3

8 3

.41

3.8

7 8.4

9

7.8

2 7

.73

8.2

7 13.

12

NA

NA

NA

NA

-3.8

-7.6

-11.4

-15.2

-19.0

.0

3.8

7.6

11.4

15.2

19.0





• The fund yielded a return of -6.74% over the most recent three-month period. • Short-term (12 months) return -- Close to the Morningstar category average. • Medium-term (3-year) performance was 4.67%. Fairly near its Morningstar category average. • Long-term (5-year) return was 3.38%. Approximately even with the Morningstar category average and its benchmark index. • In the first quarter of 2017, the fund returned 3.77% - its best in the past 5 years. • In Q4 of 2018, the fund returned -6.74% - its worst in the most recent five years. • A net expense ratio (0.52%) less than the average of its Morningstar category (0.79%).



Fund Commentary



Vantagepoint Milestone 2020 R9 (F00000Q8KF) Fund Profile For the Period Ending: Dec 31, 2018

No Data Available




Rate Sensitivity:

S&P 500 TR USD**


Morningstar Rating:


Domestic Equities

Foreign

Fixed Income

Cash

Other

37.8%

20.9%

39.0%

-3.7% 4.2%


man




Ret

urn

(%)

-8.3

8 -7

.47

-7.0

1 -1

3.52

-5.9

4 -5

.34

-4.9

-4

.38

-5.9

4 -5

.34

-4.9

-4

.38

4.9

1 5

.05

5.6

9 9.2

6

3.5

1 3

.71

4.1

6 8.4

9

8.4

4 8

.55

9.0

5 13.

12

NA

NA

NA

NA

-3.8

-7.6

-11.4

-15.2

-19.0

.0

3.8

7.6

11.4

15.2

19.0





• The fund yielded a return of -8.38% over the most recent three-month period. • Three-year return was 4.91%. Close to the Morningstar category average. • Long-term (5-year) return was 3.51%. Fairly close to its Morningstar category average. • The fund returned 4.22% during Q1 of 2017, its best in the past 5 years. • Over Q4 of 2018, the fund returned -8.38% - its worst in the most recent 5 years. • Short-term return was -5.94%. Below the index and the Morningstar category average. • Net expense ratio (0.54%) less than the average of its Morningstar category of funds (0.77%).



Fund Commentary



Vantagepoint Milestone 2025 R9 (F00000Q8KJ) Fund Profile For the Period Ending: Dec 31, 2018

No Data Available




Rate Sensitivity:

S&P 500 TR USD**


Morningstar Rating:


Domestic Equities

Foreign

Fixed Income

Cash

Other

44.6%

25.0%

30.0%

-4.1% 2.7%


man




Ret

urn

(%)

-9.9

2 -8

.82

-8.4

4 -1

3.52

-7.1

2 -6

.25

-5.8

2 -4

.38

-7.1

2 -6

.25

-5.8

2 -4

.38

5.1

7 5

.45

6.2

6 9.2

6

3.6

8 3

.94

4.4

4 8.4

9

9.0

5 8

.86

9.7

4 13.

12

NA

NA

NA

NA

-3.8

-7.6

-11.4

-15.2

-19.0

.0

3.8

7.6

11.4

15.2

19.0





• During the most recent three-month period, the fund's return was -9.92%. • Medium-term (3-year) performance was 5.17%. Fairly close to its Morningstar category average. • Long-term (5-year) return was 3.68%. Relatively near its Morningstar category average. • Over the 1st quarter of 2017, the fund returned 4.79% - its best in the most recent five years. • In the 4th quarter of 2018, the fund returned -9.92% - its worst in the last 5 years. • Short-term return was -7.12%. Less than the benchmark index and the Morningstar category average. • A net expense ratio of 0.56% versus a 0.81% average for its Morningstar category of funds.



Fund Commentary



Vantagepoint Milestone 2030 R9 (F00000Q8KN) Fund Profile For the Period Ending: Dec 31, 2018

No Data Available




Rate Sensitivity:

S&P 500 TR USD**


Morningstar Rating:


Domestic Equities

Foreign

Fixed Income

Cash

Other

50.1%

28.2%

22.9% -4.3%

1.3%


man




Ret

urn

(%)

-11.

14

-10.

13

-9.9

5 -1

3.52

-8.1

4 -7

.04

-6.8

2 -4

.38

-8.1

4 -7

.04

-6.8

2 -4

.38

5.4

7 5

.83

6.7

2 9.2

6

3.8

4 4

.14

4.6

1 8.4

9

9.6

7 9

.44

10.

17

13.

12

NA

NA

NA

NA

-3.8

-7.6

-11.4

-15.2

-19.0

.0

3.8

7.6

11.4

15.2

19.0





• The fund's return over the most recent three-month period was -11.14%. • Three-year return was 5.47%. Nearly equal to its Morningstar category average. • Long-term (5-year) performance was 3.84%. Close to its Morningstar category average. • The fund returned 5.22%, its best in the last 20 quarters, during the first quarter of 2017. • During the 4th quarter of 2018, the fund returned -11.14% - its worst in the most recent 5 years. • One-year performance was -8.14%. Underperformed the benchmark and its Morningstar category average. • Net expense ratio (0.57%) below the average of its Morningstar category (0.78%).



Fund Commentary



Vantagepoint Milestone 2035 R9 (F00000Q8KR) Fund Profile For the Period Ending: Dec 31, 2018

No Data Available




Rate Sensitivity:

S&P 500 TR USD**


Morningstar Rating:


Domestic Equities

Foreign

Fixed Income

Cash

Other

53.9%

30.3%

18.2% -4.2%

0.1%


man




Ret

urn

(%)

-11.

9 -1

1.01

-1

1.09

-1

3.52

-8.5

5 -7

.74

-7.6

5 -4.3

8

-8.5

5 -7

.74

-7.6

5 -4.3

8

5.9

3 5

.96

6.9

8 9.2

6

4.0

7 4

.23

4.6

5 8.4

9

10.

2 9

.48

10.

32

13.

12

NA

NA

NA

NA

-3.8

-7.6

-11.4

-15.2

-19.0

.0

3.8

7.6

11.4

15.2

19.0





• The fund yielded a return of -11.90% over the most recent three-month period. • Medium-term (3-year) performance was 5.93%. Nearly equal to its Morningstar category average. • Long-term (5-year) return was 4.07%. Comparable with the Morningstar category average. • The fund returned 5.67%, its best in the last 20 quarters, in Q1 of 2017. • During the fourth quarter of 2018, the fund returned -11.90% - its worst in the past five years. • Short-term performance was -8.55%. Failed to beat the index. Below the Morningstar category average. • Net expense ratio of 0.59% versus a 0.82% average for its Morningstar category.



Fund Commentary



Vantagepoint Milestone 2040 R9 (F00000Q8KV) Fund Profile For the Period Ending: Dec 31, 2018

No Data Available




Rate Sensitivity:

S&P 500 TR USD**


Morningstar Rating:


Domestic Equities

Foreign

Fixed Income

Cash

Other56.5%

31.8%

14.4% -4.6%

0.1%


man




Ret

urn

(%)

-12.

5 -1

1.71

-1

1.67

-1

3.52

-8.9

5 -8

.14

-8.1

7 -4.3

8

-8.9

5 -8

.14

-8.1

7 -4.3

8

6.2

2 6

.13

7.0

5 9.2

6

4.2

1 4

.3

4.6

8.4

9

NA

9

.78

10.

32

13.

12

8.2

2 N

A N

A N

A

-3.8

-7.6

-11.4

-15.2

-19.0

.0

3.8

7.6

11.4

15.2

19.0





• In the most recent three-month period, the fund returned -12.50%. • Three-year performance was 6.22%. Fairly near the Morningstar category average. • Long-term (5-year) return was 4.21%. Close to its benchmark. Approximately even with the Morningstar category average. • During Q1 of 2017, the fund returned 6.06% - its best in the most recent 5 years. • The fund returned -12.50% over the 4th quarter of 2018, its worst in the most recent 20 quarters. • Short-term return was -8.95%. Less than the benchmark index. Underperformed the Morningstar category average. • A lower net expense ratio (0.59%) than its Morningstar category's average (0.79%).

-0.95 -1.74 -0.48 -1.20 n/a -1.70 1.04 1.47 1.03 1.48 n/a 1.50 0.54 0.55 0.39 0.41 n/a 0.75 10.08 9.58 10.18 9.66 n/a 13.14 1.37 n/a 1.46 n/a n/a n/a 98.28 95.57 98.07 95.52 n/a 97.22 -0.60 n/a -0.27 n/a n/a n/a 98.24 n/a 99.17 n/a n/a n/a 105.46 n/a 102.29 n/a n/a n/a


Fund Commentary



Vantagepoint Milestone 2045 R9 (F00000Q8KZ) Fund Profile For the Period Ending: Dec 31, 2018

No Data Available




Rate Sensitivity:

S&P 500 TR USD**


Morningstar Rating:


Domestic Equities

Foreign

Fixed Income

Cash

Other57.2%

32.1%

13.5% -4.7%

0.1%


man




Ret

urn

(%)

-12.

7 -1

1.91

-1

1.81

-1

3.52

-9.0

9 -8

.41

-8.4

1 -4.3

8

-9.0

9 -8

.41

-8.4

1 -4.3

8

6.2

7 6

.11

7.0

5 9.2

6

4.1

9 4

.33

4.5

1 8.4

9

NA

9

.6

10.

27

13.

12

7.8

2 N

A N

A N

A

-3.8

-7.6

-11.4

-15.2

-19.0

.0

3.8

7.6

11.4

15.2

19.0





• During the last three months, the fund returned -12.70%. • Three-year return was 6.27%. Approximately equal to the Morningstar category average. • Long-term (5-year) return was 4.19%. About even with the Morningstar category average and its index. • The fund returned 5.96%, its best in the last 19 quarters, during Q1 of 2017. • Over Q4 of 2018, the fund returned -12.70% - its worst in the last 19 quarters. • One-year return was -9.09%. Below the Morningstar category average and the benchmark. • A lower net expense ratio (0.60%) than its Morningstar category's average (0.82%).

-0.90 -1.77 -0.40 -1.16 n/a -1.66 1.03 1.48 1.03| 1.47 n/a 1.48

0.54 0.55 0.38 0.42 n/a 0.74 10.18 9.66 10.25 9.71 n/a 13.06 1.36 n/a 1.49 n/a n/a n/a 98.33 94.34 97.98 94.21 n/a 94.74 -0.57 n/a -0.22 n/a n/a n/a 98.66 n/a 99.40 n/a n/a n/a 105.58 n/a 101.99 n/a n/a n/a


Fund Commentary



Vantagepoint Milestone 2050 R9 (F00000Q8L3) Fund Profile For the Period Ending: Dec 31, 2018

No Data Available




Rate Sensitivity:

S&P 500 TR USD**


Morningstar Rating:


Domestic Equities

Foreign

Fixed Income

Cash

Other57.3%

32.2%

13.4% -4.7%

0.1%


man




Ret

urn

(%)

-12.

59

-12.

12

-11.

84

-13.

52 -9

.03

-8.4

4 -8

.57 -4

.38

-9.0

3 -8

.44

-8.5

7 -4.3

8

6.2

9 E

P

6.2

1 7

.04 9.2

6

NA

4.4

2 4

.42 8

.49

NA

1

0.41

1

0.19

1

3.12

6.2

9 N

A N

A N

A

-3.8

-7.6

-11.4

-15.2

-19.0

.0

3.8

7.6

11.4

15.2

19.0





• In the most recent three-month period, the fund returned -12.59%. • One-Year return -- Approximately the same as its benchmark. • In the 1st quarter of 2017, the fund returned 5.99% - its best in the last 8 quarters. • The fund returned -12.59%, its worst in the last 8 quarters, in the fourth quarter of 2018. • A net expense ratio of 0.59%; below the 0.79% average of its Morningstar category.

-0.82 -1.81 n/a -1.18 n/a -1.34 1.02 1.51 n/a 1.51 n/a 1.54 0.54 0.55 n/a 0.42 n/a 0.78 10.13 9.82 n/a 9.88 n/a 13.44 1.40 n/a n/a n/a n/a n/a 98.18 95.34 n/a 95.46 n/a 97.19 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a


Fund Commentary



Vantagepoint Milestone 2055 R9 (F00000Y60U) Fund Profile For the Period Ending: Dec 31, 2018

No Data Available




Rate Sensitivity:

S&P 500 TR USD**


Morningstar Rating:


Section VI: Glossary


.

Glossary of Terms

12b-1 The maximum annual charge deducted from fund assets to pay for distribution and marketing costs.

Alpha Alpha is a measure of the difference between a holding’s actual returns and its level of risk as measured by beta. Morningstar bases alpha on a least-squares regression of the holding’s (or hypothetical portfolio’s) excess return over the 90 day Treasury-bill compared with the excess return of the fund’s benchmark index (the S&P 500 for equity and the Lehman Brothers Aggregate Bond index for fixed income). A positive alpha indicates that the fund has performed better than its beta predicts. A negative alpha indicates underperformance given the holding’s beta.

Batting Average

A statistical calculation used to measure an in-vestment manager's ability to meet or beat an index. Batting average is calculated by dividing the number of months (or days, quarters, etc.) in which the manager beats or matches the index by the total time period being referenced and multi-plying that factor by 100.

Balanced / Asset Allocation A mutual fund that has an investment mandate of "balancing" or mixing the investment classes—equities, fixed income and cash—in its portfolio holdings. The appropriate balance is based on the anticipated return and relative risk of each asset category as well as the investor’s personal factors such as risk tolerance, age, current asset allocation and asset level, or according to the fund's investment outlook.

Benchmark Index (abbreviated BM) A benchmark index gives the investor a point of reference for evaluating a fund's performance. A benchmark can be a broad or market-segment of the stock or fixed income markets and is a statical-ly indicator or standard against which the perfor-mance or value of individual investments can be measured against. (Description of benchmark indices can be found in the Benchmark Definitions section of report)

Beta Beta measures the fund’s market risk. Morn-ingstar calculates beta using the same regression equation as the one used for alpha, which re-gresses excess return for the fund against the benchmark index. The beta of the market is 1.00. Accordingly, a fund with a 1.10 beta is expected to perform 10% better than the market in up markets and 10 % worse in down markets. Conversely, a beta of 0.85 indicates that the fund is expected to perform 15% worse than the market in up markets and 15% better in down markets. Note: A low beta does not imply a low level of volatility; rather, it means that the holding’s market-related risk is low.

Bonds At their most basic, bonds are loans. A bond is a debt instrument with period of greater than one year . The purpose is to raise capital. All bonds require the repayment of the principal (is-sued amount) at a specified date. Most bonds, but not all, require the payment of interest. Unlike equities the bond does not confer ownership rights from the issuer to holder (investor). There are two basic types of bonds: government bonds and corporate bonds. U.S. government bonds (also known as T-bills or Treasuries) are issued and guaranteed by the US government. They usually offer a lower return with low risk. Municipal and state governments also issue

bonds. Corporate bonds are issued by companies and carry a higher degree of risk (should the com-pany default) as well as return.

Interest rate sensitivity and credit risk influence the pricing and performance of bonds and bond funds.

Cash/Cash Equivalent Cash refers to short-term, safe investments that can be converted to cash relatively quickly. Exam-ples include savings accounts, money-market accounts, commercial paper, short-term CDs, Treasury bills, short-term commercial paper and short-term municipal and corporate bonds and notes. Receivables are also considered a cash equivalent. While safe, investments in cash or cash equivalents typically do not earn as much as stocks or bonds. Cash is the most liquid form of an investment. Risks: Returns may barely keep up with inflation, making them poor vehicles for long-term growth.

Category The category or group a fund has been assigned based on what it owns, as well as by its prospec-tus objectives and styles. Also known as peer group. A fund’s category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings. By assigning funds to appropriate buckets for use in grouping similar funds, more appropriate “apples to apples” comparisons can be made.

Closed to All Investment Funds that are accepting no investments whatso-ever, even from current shareholders.

Closed to New Investment If funds are closed to new investments, they are not accepting new shareholder investments. This does not, however, restrict current shareholders from increasing their investment amount.


.

Glossary of Terms

Common Stock Securities representing shares of ownership of a corporation (see Stock).

Core Investment Options Your core line-up provides you with a variety of investments from which to choose, ranging in ob-jective from capital preservation to growth. Each of the core investments consists primarily of one of the different building blocks, which are usually referred to as asset classes (equities, bonds and cash equivalents).

Derivatives A financial instrument, traded on or off an ex-change, the price of which is directly dependent upon the value of one or more underlying securi-ties, equity indices, debt instruments, commodi-ties, other derivative instruments, or any agreed upon pricing index or arrangement. Derivatives involve the trading of rights or obligations based on the underlying product but do not directly trans-fer property. They are used to hedge risk or to exchange a floating rate of return for a fixed rate of return. They are often more volatile than other investments and may magnify a fund’s gains or

losses.

Diversification Diversification is investing in multiple investments to help limit risk. The concept of “not putting all your eggs into one basket”. Diversification does not ensure a profit nor protect against loss in de-clining markets.

ETF ETF or exchange traded fund describes the broad class of funds, excluding closed-end funds, which trade throughout the day over an exchange. Com-pared to open-end mutual funds, ETFs have lower annual expenses, but they are purchased

like equities - commissions are paid to trade them. ETFs do not need to sell securities (possibly real-izing capital gains) to pay investors who redeem their shares and thus are typically more tax-efficient than mutual funds. ETFs market prices usually closely track their NAVs. Most ETFs are index funds.

Expense Ratio The expense ratio is the annual fee that all funds or ETFs charge their shareholders. It expresses the percentage of assets deducted each fiscal year for fund expenses, including 12b-1 fees, management fees, administrative fees, operating costs, and all other asset-based costs incurred by the fund. Portfolio transaction fees, or brokerage costs, as well as initial or deferred sales charges are not included in the expense ratio. The expense ratio, which is deducted from the fund's average net assets, is accrued on a daily basis. If the fund's assets are small, its expense ratio can be quite high because the fund must meet its ex-penses from a restricted asset base. Conversely, as the net assets of the fund grow, the expense percentage should ideally diminish as expenses are spread across the wider base. Funds may also opt to waive all or a portion of the expenses that make up their overall expense ratio.

Extended Performance Rating Morningstar provides adjusted historical returns and an Extended Performance Rating for some mutual funds in its universe. This means that any share class that doesn't have a 1, 3-, 5-, or 10-year performance history may receive a hypothet-ical Morningstar Rating based on the oldest sur-viving share class of the fund. First, Morningstar computes the funds' new return stream by ap-pending an adjusted return history of the oldest share class.

Next, the Extended Performance Rating is deter-mined by comparing the adjusted-historical returns to the current open-end mutual fund universe to identify placement in the bell curve used to assign the Morningstar Rat-ing.

Fiduciary Fiduciary indicates the relationship of trust and confidence where one person (the fiduciary) holds or controls property for the benefit of another per-son, for example, the relationship between a trus-tee and the beneficiaries of the trust. Under ERISA, fiduciaries must discharge their duties solely in the interest of the participants and bene-ficiaries of an employee benefit plan.

Fixed Income Securities/Bonds Fixed income securities/bonds are securities that pay a fixed rate of interest or a fixed dividend. There are many different types of fixed income securities or bonds, including: corporate bonds or notes, mortgage-backed securities, asset-backed securities, convertible securities, government obli-gations, “junk” or below investment grade bonds, investment grade securities, and foreign bond securities. Risks: Return of principal is not guaran-teed. Bond funds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds owned by the fund. General-ly, the value of bond funds rises when prevailing interest rates fall and falls when interest rates rise. There are ongoing fees and expenses associated with owning shares of bond funds. Important note on Junk Bonds: Non-investment grade debt securities, commonly referred to as high-yield or “junk” bonds, may be subject to greater market fluctuations and risk of loss of in-come and principal than securities in higher rating categories.


.

Glossary of Terms

Fixed Income Blend

Fixed income securities that are not classified by maturity.

Foreign Equity Securities trading primarily in markets outside the United States that represent equity ownership in a company. Risks: Investments in foreign securities involve special risks, including foreign currency risk and the possibility of substantial volatility due to adverse political, economic or other develop-ments. These risks are magnified for investments made in emerging markets.

Gross Expense Ratio The gross expense ratio is the fund’s expense ratio before taking into account any fee waivers or expense reimbursements.

Growth of 10,000 The Growth of $10,000 graph shows a fund’s per-formance based on how $10,000 invested in the fund would have grown over time. The growth of $10,000 begins at the fund’s inception, or the first year listed on the graph, whichever is appropriate. Located alongside the fund’s graph line are lines that represent the growth of $10,000 in the fund’s category and its market benchmark. The growth is a hypothetical valuation based on the average return for the fund’s Morningstar category over the displayed time periods.

Inception Date The Inception date is the date the fund was formed and became available for sale to investors.

Information Ratio

A measure of the consistency of excess return. This value is determined by taking the annualized excess return over a benchmark (style benchmark by default) and dividing it by the standard devia-tion of excess return (tracking error). The meas-ure relates the magnitude and consistency with which an investment outperformed its benchmark. The higher the information ratio, the better.

Management Fee Taken from the fund's prospectus, this represents the cost of the fund’s manager’s services and other fund administration costs . It is usually rep-resented as a percentage of assets. Although management costs are listed in a fund's prospectus, these are maximum amounts and funds may waive a portion, or possibly all, of those fees. Actual fees thus represent a closer approxi-mation of the true costs to shareholders.

Management Style — Growth vs. Value Growth Funds Growth funds hold stocks of companies that the fund manager believes will have signifi-cantly better revenue and profit growth than the overall market.

Value Funds

Value funds concentrate on stocks of compa-nies that the fund manager believes to be cur-rently undervalued in the markets. The man-agers buy the stock at what they believe to be less than the true value, with the expectation that the price will rise.

Blend Funds Blend funds represent a blend of growth and

value styles.

Manager Tenure This represents the number of years that the current manager has been the portfolio manager of the fund. A fund may be managed by more than one manager. For funds with more than one manager, the average tenure is shown. If the fund designates the manager as a Management Team and does not disclose the names of the portfolio manager or co-portfolio managers to Morningstar, Manager Tenure will appear as a dash for the fund.

Market Capitalization

One way to classify equity funds is by market capi-talization, which is the market value of the company. This is calculated by multiplying the total number of a company’s shares by the current price per share. Generally, market capitalization is associated with the size of the company1.

Large Cap This generally refers to the stock of companies with market capitalizations over $5 billion. These seasoned companies, sometimes re-ferred to as “blue-chips” in the U.S., often have long histories of solid returns. While large cap stocks tend to be relatively stable compared with other stocks, they do carry a degree of risk.

Mid Cap With market capitalizations that generally range between $2 billion and $5 billion, these stocks can be more volatile than large cap stocks, but have the potential for higher relative returns.

1 Please note that the definitions of small, mid, and large cap companies illustrated here are generalizations only, and are subject to change. In addition, individual mutual fund managers may use different definitions for specific funds. You are encouraged to read the prospectus carefully to determine the market capitalization specifications of any individual mutual fund.


.

Glossary of Terms

Because mid-capitalization stock prices have experienced a greater degree of market volatility than large-capitalization stock prices, investors should consider the fund for long-term investment and should bear in mind that the higher return potential of mid- capitalization stocks is accompanied by additional business risk, significant stock price fluctuations and illiquidity.

Small Cap

With market capitalizations of less than $2 bil-lion, companies in this category often are new companies with short histories. Because small-capitalization stock prices have experienced a greater degree of market volatility than those of large-capitalization stocks, investors should consider funds that invest in small-cap stocks for long-term investment and should bear in mind that the higher return potential of small-capitalization stocks is accompanied by higher risk.

Maximum Sales Charge The sales charge, or load as it is also called, is a fee the investor may pay when purchasing shares of a mutual fund from a broker as compensation for their advice. The rate varies from fund company to fund company and is detailed in the fund’s prospec-tus. The maximum sales charge is the highest amount that an investor may pay for a particular fund.

Money Market Fund Mutual fund that invests primarily in low-risk, short-term investments such as treasury bills, government securities, certificates of deposit and other highly liquid, safe securities.

Money Market Securities Securities that seek to maintain a $1 NAV. However the achievement of that objective cannot be guaran-teed.

Morningstar Rating The Morningstar Risk-Adjusted Rating, commonly referred to as the Star Rating, relates the risk-adjusted performance of a fund to its peers in the category. Morningstar calculates ratings only for categories with at least 20 funds. To determine a fund's rating, the fund and its peers are ranked by their MRARs. If a fund scores in the top 10% of its fund category, it receives five stars (High); if it falls in the next 22.5%, it receives four stars (Above Average); a place in the middle 35% earns a fund three stars (Neutral or Average); those in the next 22.5% receive two stars (Below Average); and the lowest 10% get one star (Low). Morningstar also accounts for instances where a fund is sold in multiple versions, whether multi-class, both trust and segregated, etc. In order to prevent one fund from unfairly taking up many places in a portion of the ratings scale, Morningstar treats multiple ver-sions of a fund as "fractional funds". The multiple versions of a fund are all rated, but they collective-ly count as one and so leave more room for other deserving funds. The overall Star Rating for a fund is a weighted combination of its three, five, and ten year ratings. If a fund has less than three years' performance history, it is not rated. If it has at least three but less than five years' history, its overall rating is equal to its three-year rating. If it has at least five but less than ten years' history, its overall rating is equal to 60% five-year rating and 40% three-year rating. If it has at least ten years' history, its overall rating is equal to 50% ten-year rating, 30% five-year rating and 20% three-year rating. Morningstar Risk-Adjusted Ratings are recalculat-ed monthly.

Net Expense Ratio The net expense ratio is the fund’s expense ratio less any expense waivers or reimbursements pro-vided by the fund’s manager. Because the ex-pense ratio is calculated by dividing the total costs of the fund by its total assets, funds with

relatively small total assets will have higher ex-pense ratios than larger funds. As a result, fund managers will offer expense waivers or reimburse costs to the fund for a predetermined length of time so that the fund is not at a competitive disad-vantage when its expense ratio is compared to its peers.

Non-Core Investment Options Your non-core investment options are intended to provide additional investment flexibility to investors who desire a wider range of choices. The choices also range in asset classes allowing more oppor-tunity for diversification.

Non-Diversified Funds Some funds are non-diversified, which means that they may invest more of their assets in fewer companies than if they were diversified funds. By concentrating in a smaller number of investments, the fund’s risk is increased because each invest-ment has a greater effect on the fund’s perfor-mance.

Peers in the Category (See Morningstar Rating)

Percentile/Percentile Rank A percentile is a value on a scale of one hundred that indicates the percent of a distribution that is equal to or below it. So if we calculate a 50th percentile, 50% of the time the returns are below that resulting value and 50% of the time they are above that value. A 50th percentile is the same as a "median." An average, or "mean," is similar but a weighted result.

Plan Watch List Funds can be placed on the plan’s watch list at the discretion of the plan advisor usually for failing to meet or adhere to the Investment Policy State-ment of the plan.


.

Glossary of Terms

Standard Deviation A statistical measure of the range of performance within which the total returns have fallen. The standard deviation shown in this report is an an-nualized statistic based on returns over the past 36 months. When a fund has a high deviation figure, the range of performance is very wide, indi-cating a greater potential for volatility. Approxi-mately 68% of the time, the fund’s total return will be within plus or minus one deviation from the fund’s 3-year return. Also, 95% of the time the fund’s total return will be within plus or minus two times the standard deviation (sometimes de-scribed as being within “two standard deviations”) from the average return. Standard deviation is also a component in the Sharpe Ratio, which as-sesses risk-adjusted performance.

Stocks (Equities) Stocks, or “equities,” are essentially ownership shares in a company. The more shares you own, the greater your stake in that company.

Risks: While stocks generally provide the most growth potential, they tend to experience greater volatility in price. For this reason, stocks are gen-erally considered to be riskier investments. If you choose to invest in stocks, be sure you under-stand and are willing to accept these risks, includ-ing a possible loss of principal.

Style The description of the type of approach and strat-egy utilized by an investment manager to manage funds. The style is determined by, as an example for equities, portfolio characteristics such as: market capitalization of issues, price to earnings ratio and dividend yield. Some equity styles in-clude Growth, Value, Yield, Core and Small Cap.

Prospectus The fund’s written statement, generally issued on an annual basis. In this statement the fund sets forth its proposed purposes and goals, and other facts (e.g., history and investment objective) that an investor should know in order to make an in-formed decision. Information pertaining to man-agement fees and other charges and expenses are in the prospectus.

R-Squared The percentage of a fund’s movements that are explained by movements in its benchmark index. An R-Squared of 100 means that all movements of a fund are explained by movements in its benchmark index. Index funds often will have an R-Squared very close to 100.

Real Estate Funds Because these funds concentrate their invest-ments in securities of companies operating in the real estate industry, they are susceptible to the risks associated with the real estate industry. These include: fluctuations in the value of underly-ing properties; defaults by borrowers or tenants; market saturation; property taxes; capital expendi-tures or operating expenses; and other economic, political, or regulatory occurrences affecting the real estate industry.

Redemption Fee The redemption fee is an amount charged when money is withdrawn from a fund. This fee does not go back into the pockets of the fund company but rather into the fund itself and does not represent a net cost to shareholders. Also, unlike contingent deferred sales charges, redemption fees typically operate only in short, specific time periods, commonly 30, 180, or 365 days. However, some redemption fees exist for up to five years. Charges are not imposed after the

stated time has passed. These fees are typically imposed to discourage market-timers, whose quick movements into and out of funds can be disruptive. The charge is normally imposed on the ending share value, appreciated or depreciated from the original value.

Sector Funds

A distinct subset of a market, society, industry, or economy, whose components share similar char-acteristics. Stocks are often grouped into different sectors depending upon the company's business. Risks: Runds that emphasize certain market sec-tors are subject to additional risks and may be more volatile than an investment with greater di-versification.

Sharpe Ratio A risk-adjusted measure developed by Nobel Lau-reate William Sharpe. It is calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the fund’s historical risk-adjusted performance. The Sharpe Ratio is calculated for the past 36-month period by dividing a fund’s an-nualized excess return by the standard deviation of the fund’s annualized excess returns.

Specialty / Other The "Specialty/Other" category includes sector, industry-based and other non-diversified funds.

Stable Value Fund A unique asset class offering defined contribution plan participants intermediate term returns and liquidity (subject to plan rules) with low market value risk. This is typically accomplished through a wrap contract or investment contract that guaran-tees the payment of plan-related benefits at book value (cost plus accrued interest) which enables the entire investment to be carried at its book val-ue.


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Glossary of Terms

Style Drift The propensity of some mutual funds to migrate from one Morningstar classification to another. Style drift happens when an active manager drifts from a specific style, asset class, or index that is described as the fund’s investment purpose.

Target Date Funds An investment in a target date fund is subject to the risks attendant to the underlying funds in which it invests. A target date fund is geared to investors who will retire and/or require income at an approximate year. The fund is managed to meet the investor's goals by the pre-established year or "target date"; hence, the name target date fund. A target date fund will transition its invested assets from a more aggressive portfolio to a more conservative portfolio as the target date draws closer. An investment in the Target Retirement Fund is not guaranteed at any time, including, before or after the target date is reached.

Technology Funds Technology securities in general tend to be rela-tively volatile as compared with other types of in-vestments. While volatility may create investment opportunities, it does entail risk. Funds that invest exclusively in one sector of the economy carry additional risk resulting from lack of industry diver-sification. The fund should not be considered as a balanced investment program.

Top 10 Holdings The ten largest investments in the entire fund’s portfolio.

Tracking Error Tracking Error measures how closely a fund man-ager follows a benchmark index. It is measured as the standard deviation of the difference be-tween the manager’s return and the benchmark return.

Treynor Ratio (or Index) Similar to Sharpe Ratio, the Treynor Ratio is a measurement of efficiency utilizing the relationship between annualized risk-adjusted return and risk. It is a measure of a portfolio's excess return per unit of risk. Unlike Sharpe Ratio, the Treynor Ra-tio utilizes "market" risk (beta) instead of total risk (standard deviation). Good performance efficien-cy is measured by a high ratio risk premium earned per unit of risk taken.

Turnover Ratio A measure of the fund's trading activity, which is computed by taking the lesser of purchases or sales and dividing by average monthly net assets. Securities with maturities of less than one year are excluded. The figure is gathered from the financial highlights of the fund's annual report A low turnover figure (20% to 30%) generally in-dicate a buy-and-hold strategy. Higher turnover (more than 100%) would indicate an more active investment strategy involving considerable buying and selling of securities.

Upside and Downside Capture Ratio A statistical measure used to demonstrate wheth-er a given fund has outperformed or underper-formed more than-a broad market benchmark during periods of market strength and weakness. Upside capture ratios for funds are calculated by taking the fund's monthly return during months when the benchmark had a positive return and dividing it by the benchmark return during that same month. Downside capture ratios are calcu-lated by taking the fund's monthly return during the periods of negative benchmark performance and dividing it by the benchmark return.

An upside capture ratio over 100 indicates a fund has generally outperformed the benchmark during periods of positive returns for the benchmark. A downside capture ratio of less than 100 indicates that a fund has lost less than its benchmark in periods when the benchmark has been in the red. If a fund generates positive returns, however, while the benchmark declines, the fund’s down-side capture ratio will be negative (meaning it has moved in the opposite direction of the bench-mark).


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Section VII: Disclosure


As of December 31, 2018

Disclosure

Primary Risk Disclosure The funds that are available in this Plan may have primary risks that are specifically associated with the individual funds. Those risks are detailed below and on the fol-lowing pages. The primary risks associated with each individual fund are shown by identifying number on the page that summarizes investment performance. Invest-ments in mutual funds may lose value and prices can fluctuate over time. Market Risk - Common stock prices can fluctuate over a wide range in the short term or over extended periods of time. These price fluctuations may result from factors affecting individual companies, industries, or the securities market as a whole. There is no guarantee that the stock market or that the stock that the Fund holds will increase in value. Small and Mid-Cap Asset Class Risk - The small or medium capitalization companies the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these companies may have limited product lines, markets and financial resources, and may depend upon a relatively small man-agement group. Therefore, these stocks may be more volatile than those of larger companies. Value-Oriented Investment Style Risk - The Advisor's approach may be out of favor at times, causing the Fund to under-perform funds that also seek capital appreciation but use different approaches to the stock selection and portfolio construction process. Specifically, the out-of-favor and undervalued companies the Fund invests in may be more vulnerable to negative investor sentiment or adverse business or economic events than more growth-oriented companies. Growth-Oriented Investment Style Risk - A principal risk of growth stocks is that investors expect growth companies to increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has in-creased earnings. Growth companies also typically do not pay dividends. Companies that pay dividends often have lesser stock price declines during market downturns. Foreign Securities - Foreign investments involve additional risks including currency rate fluctuations, political and economic instability, differences in financial reporting standards, less stringent regulation of securities markets, regional risk—which is the chance that an entire region—for example, the European or Pacific region—will be hurt by political up-heaval, financial troubles, or natural disasters, currency riskThis is a risk that fluctuations in the exchange rates between the U.S. Dollar and foreign (non-U.S.) currencies may negatively affect the value of a Fund’s investments or reduce the returns of a Fund. Some foreign markets are considered emerging markets. Investment in these emerging markets subjects a Fund to a greater risk of loss than investments in a developed market. Sovereign Debt - The Fund invests in sovereign debt securities. These investments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. Interest Rate Risk - The Fund is subject to the risk that the market value of the bonds it holds will decline due to rising interest rates. When interest rates rise, the prices of most bonds go down. The price of a bond is also affected by its maturity. Bonds with longer maturities generally have greater sensitivity to changes in interest rates. Falling interest rates will cause the Fund's income to decline if the Fund reinvests its assets at the lower rate. Income risk is generally higher for short term bonds. Credit Risk - Individual issues of fixed-income securities may be subject to the credit risk of the issuer. This means that the underlying company may experience unanticipated fi-nancial problems causing it to be unable to meet its payment obligations. Credit risk is particularly significant for debt securities that are rated below investment grade. These debt securities are predominantly speculative with respect to the issuer's continuing ability to pay interest or principal. Lower grade securities have less liquidity and higher incidence of default than higher grade securities. Maturity Risk - Generally, fixed income securities will decrease in value if interest rates rise and will increase if interest rates decline. Longer-term securities are generally more volatile, so the average maturity or duration of these securities affects risk.



Disclosure

Government Obligations Risk - No assurance can be given, with respect to fund investments in securities issued by the U.S. Government, its agencies and instrumentalities, that the U.S. government will provide financial support, where it is not obligated to do so. Prepayment and Extension Risk - The Fund's investments in asset- and mortgage-backed securities are subject to the risk that the principal amount of the underlying collateral may be repaid prior to the bond's maturity date. If this occurs, no additional interest will be paid on the investment and the Fund may have to invest at a lower rate. Conversely, when interest rates rise, certain types of mortgage- and asset-backed securities are subject to extension risk, which is the risk that these securities will be paid off more slowly than originally anticipated and their value will decrease as the average life of the bond and interest rates increase. Non-Diversification Risk - As a non-diversified mutual fund, the Fund is able to take larger positions in a smaller number of companies than a diversified fund. Sector Risk - The Fund's investment in any given sector exposes the Fund to that sector's risks. The Fund's performance could be negatively affected if it invests heavily in a sector that performs poorly. A sector's performance, over any period of time, may be quite different from that of the overall market. Certain sectors, such as technology or real estate, can be highly volatile. Bonds of certain sectors have special risks associated with them, as well. Derivatives Risk - Each Fund may invest in stock index futures contracts and other derivatives. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus a Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. Short Selling Risk - The Fund's use of short sales involves additional investment risks and transaction costs. While short sales can be used to further the Fund's investment objec-tive, under certain market conditions they can increase the volatility of the Fund and may lower the Fund's return or result in losses, which potentially may be unlimited. Borrowing Risk - The Fund's borrowing may increase the Fund's volatility, and interest and other borrowing costs may exceed the gain on securities purchased with borrowed funds. Opportunity Cost Risk - Fund may have a large cash or cash equivalent position, so it may not do as well as if it were fully invested. Risks of Investing in a Managed Fund - The advisor's judgment about the attractiveness, value and potential appreciation of particular companies' stocks prove to be incorrect. Passive Investment Risk - The Funds are not actively managed. Each Fund may be affected by a general decline in the U.S. or foreign market segments relating to its Underlying Index. Each Fund invests in the securities included in, or representative of, its Underlying Index regardless of their investment merit. If the fund is meant to track an index, the fund may be subject to tracking error risk. The Portfolio may have operating expenses, custody and other expenses that reduce the Portfolio’s total return. Market Trading Risks: Absence of Prior Active Market - Although shares of the Fund described in the prospectus are listed for trading on national securities exchanges and cer-tain foreign exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained. Market Liquidity Risk - Secondary market trading in Fund shares may be halted by a national securities exchange because of market conditions or for other reasons. There can be no assurance that the requirements necessary to maintain the listing of the shares of any Fund will continue to be met or will remain unchanged. Securities Lending Risk - The Fund may lend its portfolio securities to broker-dealers and banks. In the event of bankruptcy or other default of the borrower, the Fund could expe-rience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the investment adviser will monitor the creditworthiness of the firms to which the Fund lends securities.

City of Tucson City of Tucson City of Tucson City of Tucson Page 135 of 138 Page 136 of 138 Page 137 of 138 Page 138 of 138


Disclosure

Real Estate Investment Trusts (‘‘REITs’’) - REITs are entities which either own properties or make construction or mortgage loans. REITs also may include operating or finance companies. Investing in REITs involves certain unique risks in addition to those risks associated with the real estate industry in general. The prices of REITs are affected by chang-es in the value of the underlying property owned by the REITs. In addition, although the Fund does not invest directly in real estate, a REIT investment by the Fund is subject to certain of the risks associated with the ownership of real estate. These risks include possible declines in the value of real estate, risks related to general and local economic condi-tions, possible lack of availability of mortgage funds and changes in interest rates. Commodity Risk - Commodities are assets that have tangible properties, such as oil, metals, and agricultural products. The value of commodities or commodity-linked derivative instruments may be affected by overall market movements and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, or political and regulatory developments. Risks Associated with Investing in Other Investment Companies - The Fund may invest in shares of other investment companies as a means to pursue its investment objec-tives. As a result, your cost of investing in the Fund may be substantially higher than the cost of investing directly in the Underlying Fund shares. You will indirectly bear fees and expenses charged by the Underlying Funds in addition to the Fund’s direct fees and expenses. Furthermore, the strategy of investing in Underlying Funds could affect the timing, amount and character of distributions to you and therefore may increase the amount of taxes payable by you. In addition, certain prohibitions on the acquisition of mutual fund shares by the Fund may prevent the Fund from allocating its investments in the manner the Adviser considers optimal. Investment Management Risk: When the Fund invests in Underlying Funds there is a risk that the investment advisers of those Underlying Funds may make investment decisions that are detrimental to the performance of the Fund. Un-derlying Fund Strategies: When the Fund invests in Underlying Funds that use margin, leverage, short sales and other forms of financial derivatives, such as options and futures, an investment in the Fund may be more volatile than investments in other funds. Special Situation Risk - Special situations often involve much greater risk than is found in the normal course of investing. Liquidations, reorganizations, recapitalizations, material litigation, technological breakthroughs and new management or policy may not have the effect on a company's price that the Fund's subadviser expects, which could negatively impact the fund. Risk Arbitrage Securities and Distressed Companies - A merger or other restructuring, a tender or exchange offer, proposed or pending at the time a fund invests in Risk Arbi-trage Securities may not be completed on the terms or within the time frame contemplated, resulting in losses to the fund. Securities of Distressed Companies are generally more likely to become worthless than the securities of more financially stable companies. Portfolio Turnover - The fund may engage in active and frequent trading of portfolio securities. A higher turnover rate increases transaction costs and as a result may adversely impact the fund’s performance. Allocation Risk - The funds are subject to the risk that the allocation strategy will not meet their retirement goals. For investors who are close to, or in retirement, each fund’s equi-ty exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk that a fund’s allocation may over-emphasize investments designed to ensure capital conservation and current income, which may prevent the investor from achieving his or her retirement goals. Exchange Traded Fund (ETF) Risk - ETFs are investment companies that are bought and sold on a securities exchange. When the Fund invests in an ETF, it will bear additional expenses based on its pro rata share of the ETF’s operating expenses. The risk of owning an ETF generally reflects the risks of owning the underlying securities the ETF is de-signed to track. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities. In addition, because of ETF expenses, compared to owning the underlying securities directly, it may be more costly to own an ETF.


Disclosure

Swap Agreements-Swap agreements involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. Credit Default Swaps Risk-Credit default swaps involve special risks in addition to those mentioned above because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). “When Issued” and Delayed Delivery Securities and Forward Commitments-The Fund may purchase or sell securities that it is entitled to receive on a when-issued ba-sis.“When issued” and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. Standby Commitment Agreements-Standby commitment agreements commit the Fund, for a stated period of time, to purchase a stated amount of securities that may be issued and sold to the Fund at the option of the issuer. Standby commitment agreements involve the risk that the security the Fund buys will lose value prior to its delivery to the Fund and will no longer be worth what the Fund has agreed to pay for it. These agreements also involve the risk that if the security goes up in value, the counterparty will decide not to issue the security. Repurchase Agreements, Purchase and Sale Contracts-Under a repurchase agreement, the seller agrees to repurchase a security at a mutually agreed-upon time and price. Purchase and sale contracts provide that the purchaser receives any interest on the security paid during the period. If the other party to a purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the secu-rity in either situation and the market value of the security declines, the Fund may lose money. Rights and Warrants-The Fund may purchase securities pursuant to the exercise of subscription rights, which allow an issuer’s existing shareholders to purchase additional common stock at a price substantially below the market price of the shares. The failure to exercise such rights would result in the dilution of the Fund’s interest in the issuing com-pany. The market for such rights is not well developed, and, accordingly, the Fund may not always realize full value on the sale of rights. A warrant gives the Fund the right to buy stock. A warrant has value only if the Fund is able to exercise it or sell it before it expires. If the price of the underlying stock does not rise above the exercise price before the war-rant expires, the warrant generally expires without any value and the Fund loses any amount it paid for the warrant. Thus, investments in warrants may involve substantially more risk than investments in common stock. Inflation-Indexed Security-An Inflation-Indexed Security provides principal and interest payments that are adjusted over time to reflect a rise (inflation) or a drop (deflation) in the general price level for goods and services. The Fund is subject to income fluctuations. The Fund’s quarterly income distributions are likely to fluctuate considerably more than the income distributions of a typical bond fund. Income fluctuations associated with changes in interest rates are expected to be low; however income fluctuations resulting from changes in inflation are expected to be high. Overall, investors can expect income fluctuations to be high for the Fund. Convertible Securities Risk-Because convertible securities can be converted into common stock, their value normally will vary in some proportion with those of the underlying common stock. Due to the conversion feature, convertible securities generally yield less than non-convertible fixed income securities of similar credit quality and maturity. When conversion is not at the option of the holder, a Fund may be required to convert the security into the underlying common stock even at times when the value of the underlying common stock has declined substantially or it would otherwise be disadvantageous to do so. Preferred Stock Risk-Preferred stock maybe more volatile and riskier than other forms of investment. If interest rates rise, the dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions or call/redemption provisions that can negatively affect its value when interest rates decline. In addition, in the event of liquidation of a corporation’s assets, the rights of preferred stock generally are subordinate to the rights associated with a corpora-tion’s debt securities.


Disclosure

Ticker Telephone

Pre-Inception Returns

The Inception date listed is that of the investment represented by the investment profile. Performance shown subsequent to the inception date is the actual performance of the investment. Other share classes of the investment itself or its underlying investment (depending upon the investment) may have existed longer, which may account for any pre-inception performance shown. If pre-inception performance is shown, it is generally the performance of an older share class of the investment itself or its underlying investment (depending upon the investment) adjusted for fees and expenses of the newer share class. However, if using the expenses of the newer share class rather than the expenses of the older share class (due to lower expenses of the newer share class) would result in better performance, then pre-inception performance represents that of the older share class without any expense adjustment. The fees and expenses are referenced in the report.

While the inclusion of pre-inception data may provide valuable insight into the probable long-term behavior of newer share classes of an investment, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structure between a retail share class will vary from that of an institu-tional share class, as retail share classes tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. Calculation meth-odologies utilized by Morningstar may differ from those applied by other entities, including the investment itself.

This report and commentary provided by UpTick Data Technologies. www.uptickdata.com

Mutual Fund Performance Data ©2018 Morningstar, Inc. All Rights Reserved. The mutual fund performance information contained herein: (1) is pro-prietary to Morningstar and/or its content providers; (2) may not be copied or distributed to plan participants; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this infor-mation. Fund performance and risk statistics displayed in Italics indicate Extended Performance. Extended Performance is an estimate based on the performance of the fund's oldest share class, adjusted for fees. Numerical Extended Performance data appears on the Performance, Calendar Year Performance and Risk Measure pages in italics. Morningstar Ratings that are based on extended performance returns appear as grayed out stars. Data points that may be calculated with extended performance data include trailing returns, annual returns, Morningstar Ratings, standard deviation, mean, and Sharpe ratio. PlanXtra is a registered trade mark of UpTick Data Technologies. Report and Commentary ©2018 UpTick Data Technologies. All Rights Reserved. www.uptickdata.com

Date produced: 1/15/2019 11:09:31 AM



Category Rolling 3-year 4 Quarters 7 of last 12 OnBOND Style Category Market Value Expense Ratio Avg Expense top half top half quarters top Watch

Ratio of peers of peers half of peers ListPIMCO Real Return Adm Inflation-Protected $1,191,033 1.13% 0.74% Yes No Yes NoPIMCO Low Duration Adm Short-term Bond $291,091 0.71% 0.75% No No No YesPIMCO Total Return Inst Interm-Term Bond $3,850,692 0.55% 0.76% Yes Yes Yes NoVanguard Total Bond Mkt Interm-Term Bond $4,660,961 0.05% 0.76% No Yes Yes NoPIMCO High Yield Inst High Yield Bond $2,021,419 0.57% 1.04% No Yes Yes NoGoldman Sachs Global Income World Bond $746,850 0.69% 0.91% No Yes Yes No

Category Rolling 3-year 4 Quarters 7 of last 12 OnLARGE CAP Style Category Market Value Expense Ratio Avg Expense top half top half quarters top Watch

Ratio of peers of peers half of peers ListJP Morgan Equity IncomeR5 Large Value $10,911,924 0.58% 1.01% Yes Yes Yes NoJP Morgan US Equity R6 Large Blend $4,318,114 0.44% 0.96% Yes No Yes NoVanguard 500 Index Admiral Large Blend $13,638,892 0.04% 0.96% Yes Yes Yes NoFidelity Contrafund Large Growth $15,809,524 0.74% 1.08% Yes Yes Yes NoT. Rowe Price Growth Stock Large Growth $17,495,342 0.67% 1.08% Yes Yes Yes No

Category Rolling 3-year 4 Quarters 7 of last 12 OnMID CAP Style Category Market Value Expense Ratio Avg Expense top half top half quarters top Watch

Ratio of peers of peers half of peers ListVictory Sycamore Est Value A Mid-Cap Value $1,094,318 0.90% 1.12% Yes Yes Yes NoVanguard Mid Cap Index Mid-Cap Blend $5,991,390 0.05% 1.07% No Yes Yes NoBuffalo Discovery Mid-Cap Growth $5,317,610 1.02% 1.20% Yes No Yes No

City of Tucson Deferred Compensation PlansInvestment Review - December 31, 2018

Watch List Report

Category Rolling 3-year 4 Quarters 7 of last 12 OnSMALL CAP Style Category Market Value Expense Ratio Avg Expense top half top half quarters top Watch

Ratio of peers of peers half of peers ListVictory Sycamore Small Co Opp Small Value $569,403 0.90% 1.25% Yes Yes Yes NoJP Morgan Small Cap Core Small Blend $2,613,253 0.80% 1.17% Yes Yes Yes NoVanguard Small-Cap Index Small Blend $4,159,500 0.05% 1.17% Yes Yes Yes NoT. Rowe Price QM Small-Cap Gr Small Growth $1,465,596 0.79% 1.24% No No No Yes

Category Rolling 3-year 4 Quarters 7 of last 12 OnFOREIGN EQUITY Style Category Market Value Expense Ratio Avg Expense top half top half quarters top Watch

Ratio of peers of peers half of peers ListVT Fidelity Diversified Int'l Foreign Large Growth $3,341,485 0.81% 1.15% No No No YesOppenheimer Int'l Growth Foreign Large Growth $706,507 1.10% 1.15% No No No YesAmerican Funds Cap World World Stock $7,274,105 0.45% 1.18% Yes No Yes NoVP MP Global Equity Growth World Stock $3,139,752 0.70% 1.18% Yes No Yes NoOppenheimer Developing Mkts Emerging Markets $2,182,497 1.05% 1.37% Yes Yes Yes No

Category Rolling 3-year 4 Quarters 7 of last 12 OnSPECIALTY / OTHER Style Category Market Value Expense Ratio Avg Expense top half top half quarters top Watch

Ratio of peers of peers half of peers ListNuveen Real Esate Securities Real Estate $1,784,861 1.04% 1.19% Yes No Yes No

Category Rolling 3-year 4 Quarters 7 of last 12 OnTARGET DATE Style Category Market Value Expense Ratio Avg Expense top half top half quarters top Watch

Ratio of peers of peers half of peers ListVantageMilestoneRetireInc Retirement Income $1,037,376 0.46% 0.77% Yes No Yes NoVantagepoint Milestone 2010 Inv Target Date 2000-2010 $962,145 0.46% 0.71% No No No YesVantagepoint Milestone 2015 Inv Target Date 2011-2015 $1,325,271 0.50% 0.73% No No No YesVantagepoint Milestone 2020 Inv Target Date 2016-2020 $2,791,085 0.52% 0.79% No No No YesVantagepoint Milestone 2025 Inv Target Date 2021-2025 $2,154,388 0.54% 0.77% No No No YesVantagepoint Milestone 2030 Inv Target Date 2026-2030 $2,286,768 0.56% 0.81% No No No YesVantagepoint Milestone 2035 Inv Target Date 2031-2035 $2,328,566 0.57% 0.78% No No No YesVantagepoint Milestone 2040 Inv Target Date 2036-2040 $1,508,456 0.59% 0.82% No No No YesVantagepoint Milestone 2045 Inv Target Date 2041-2045 $974,973 0.59% 0.79% No No No YesVantagepoint Milestone 2050 TM Target Date 2046-2050 $168,653 0.60% 0.82% Yes No No Yes

Category Rolling 3-year 4 Quarters 7 of last 12 OnASSET ALLOCATION Style Category Market Value Expense Ratio Avg Expense top half top half quarters top Watch

Ratio of peers of peers half of peers ListT. Rowe Price Pers Strat Inc Allocation 30-50 $2,172,876 0.62% 1.14% Yes Yes Yes NoT. Rowe Price Pers Strat Bal Allocation 50-70 $7,131,854 0.73% 1.13% Yes Yes Yes NoT. Rowe Price Pers Strat Gr Allocation 70-85 $13,261,501 0.79% 1.22% Yes Yes Yes No

= On Watch List

a

Presented by: Dawn Cullen Communications & Education Manager

CITY OF TUCSONSTRATEGIC EDUCATION AND COMMUNICATIONS PLANNING 2019

1Q JANUARY – MARCH 2Q APRIL – JUNE

America Saves Week RealizeRetirement® Adventure Tour

Financial Planning Communications Retention Resources Wellness Fair and Open Enrollment

3Q JULY – SEPTEMBER 4Q OCTOBER – DECEMBER

GuidedPathways® Advice Services Outreach

National Retirement Security Week Enrollment Incentive Postcards Consolidation Card

2018 COMMUNICATION CALENDAR

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https://vimeo.com/icmarc/review/283475611/c77a850c05

FINANCIAL PLANNING COMMUNICATIONS

3

GUIDED PATHWAYS ADVICE SERVICES OUTREACH

4

NATIONAL RETIREMENT SECURITY WEEK

5

ENROLLMENT INCENTIVE POSTCARDS

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CONSOLIDATION CARDS

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WEBSITE ENHANCEMENT

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• New sliders and imagery • Prominent buttons to

enroll, login, and download the mobile app

• Featured savings tips and news articles

• Local contact roles are clearly defined

www.icmarc.org/tucsonaz

http://www.icmarc.org/tucsonaz

WEBSITE USAGE

PLAN WEBSITE* 1,100 PAGEVIEWS

(934 unique) 21% increase in PAGEVIEWS

(2017 vs. 2018)

* 2018 data.

SITE VIEWS* 13% MOBILE 87% DESKTOP

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10

STRATEGIC COMMUNICATION GOALS 2019

MOBILE APP ENHANCEMENTSCOMING SOON!

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Coming soon to your customized mobile app! • Facial and touch

recognition • Simplified app experience• Enhanced design

2019 COMMUNICATION INITIATIVES Savings Events

RealizeRetirement Time Machine (February) America Saves Week (March) Wellness Fair and Open Enrollment (May) National Retirement Security Week (October)

Enrollment Communications $50 Incentive Enroll and Save the Raise

Retention Efforts GuidedPathways® Advice Communications Retiree Resources Rollin and Consolidate

12

1Q JANUARY – MARCH 2Q APRIL – JUNE

RealizeRetirement Time Machine Tour America Saves Week

Wellness Fair and Open Enrollment Enroll and Save the Raise Communications

3Q JULY – SEPTEMBER 4Q OCTOBER – DECEMBER

GuidedPathways® AdviceCommunications

Retiree Communications

National Retirement Security Week Rollin and Consolidate Communications

2019 COMMUNICATION CALENDAR

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Investment Consultant Scope of Services

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General Consulting Services

Assist the Board in the preparation and review of procedures, policies, manuals, forms, bylaws, ordinances, Plan documents, and other import documentation for City consideration and approval where appropriate.

Keep the City and Board informed on current and proposed changes in laws, regulations, ordinances, etc.; and consult with the City regarding actions to maintain compliance.

Assist the Board in developing, distributing, and evaluating surveys related to membership input on internal and external service providers.

Review education and participant training materials and the delivery systems utilized for said training materials currently available to the Plans’ participants. Recommend changes to ensure that materials are accurate and complete.

Assist the Board and City staff in analyzing and identifying funding alternatives utilized for administration of the Plan

Provide advice on the impact to the Plan of tax law changes and any other legislation related to the Plans

Performance Measurement Services

Investment Policy Statement Review and Maintenance

o Confirm invest goals and objectives o Review investment guidelines o Establish investment performance review and evaluation criteria o Ensure policy adheres to all applicable laws and regulations o Ensure policy contains industry best practices

Quarterly Plan Performance Reporting and Monitoring

o Provide comprehensive plan review including asset distribution and cash flows o Present economic and financial market overview, including fixed Income, domestic and

international markets o Provide performance reporting versus appropriate benchmarks and peers o Assess investment policy adherence o Conduct regulatory updates o Present at Board meetings and attend conference calls (as needed)

Portfolio Analysis and Recommendations

o Analyze investment managers using quantitative and qualitative research tools o Determine investment overlap and/or under-weighted asset classes o Assess risk parameters o Offer recommendations for option/asset class changes and implementation strategy o Assess overall client objectives and market driven factors o Negotiate terms, if necessary, with investment managers/mutual funds/custodian

Asset Allocation and Target-Date Fund Evaluation

o Conduct asset allocation study o Review optimal allocation for specific portfolios o Establish appropriate portfolio benchmarks o Assess performance

Detailed Plan Cost Analysis and Benchmarking

o Provide detailed cost review of all aspects of the Plan o Benchmark cost to other similar sized plans


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o Chart historical cost and revenue o Work with vendor to monitor administrative budget o Re-negotiate revenue share agreements where appropriate

Investment Manager Searches and Transition Services

o Initiate comprehensive data collection and review o Define appropriate screening criteria o Assess performance and tracking error o Provide risk and return analysis o Identify suitable investment manager candidates o Present results to the Board and provide recommendations o Review timing and implementation o Assist in platform and fee negotiations o Facilitate necessary agreements between investment manager, custodian, and record-

keeper where necessary

RFP Consultation, Development, Preparation and Implementation

RFP Development and Review of Responses – develop all required materials, including contract language, for an RFP for:

457 Deferred Compensation Plan and 401(a) Defined Contribution Plan administrative services provider; and

Investment management services provider for the stable value fund in the 457/401(a) Plans portfolio for the City’s consideration.

Consultant will be required to review responses to those proposals and generate recommendations to City staff and Board. The Consultant must be prepared to provide expert assistance in defining rating factors and review criteria, as well as creating a review methodology, which can evaluate, and rank proposals based on factors such as investment performance, fees, management criteria, etc.

Develop and present to the City a timeline for the plan administration RFP process. The timeline shall include the transition period for a new administrative services provider for the Plans, if one is selected; and a new investment management services provider for the 457/401(a) Plans stable value fund, if one is selected. Price proposals for this Investment Consultant Services RFP must include costs associated with providing services related to RFPs for Plan administrative services provider and investment management services provider for the stable value fund.

Plan Design Issues - Provide input and advice with respect to plan design issues. The consultant will review and present the advantages and disadvantages between bundled and unbundled 457 and 401(a) plan. This may include issues regarding the provision of investment advice and education to City plan participants; providing advice with respect to refinement of the investment option menu for the City plans; and, any and all related matters regarding the structure and the delivery of services/products under the plans.

Stable Value Fund Issues - Provide input and assistance with respect to the necessary steps and requirements to procuring investment managers for the 457/401(a) Plans' stable value fund, if a new provider is selected, including re-mapping of the assets of participants invested in the current fund to the new fund; and communication with participants.

Develop a transition strategy (including communications materials intended for participants in the Plans) for procuring a record keeper and stable fund manager.

Assist Board with successful migration of current investments to new strategies or options including education services, and any other related tasks if a new provider is selected.


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Review education and participant training materials developed by the administrative services provider for completeness and accuracy. Recommend changes with respect to education and participant training materials to assure materials are complete and accurate.

David Hutchins

When it comes to the governance of a defined contribution plan, fewthings are more important than the process applied to the defaultinvestment strategy.

Having a robust process for setting and reviewing investment objectives andbeliefs for the strategy ensures investments are fit for purposeProviders will need multiple lenses to review the performance of the strategyMaking sure providers are held to account is often overlooked but vital to goodgovernance

This is where most members are invested and as a result constitutes the only lever inthe hands of the plan where the opportunity is to grow a member’s savings beyondwhat could have been achieved in a far simpler deposit account.

Two key elements will ultimately define whether the strategy is well governed andhence delivering great value for members.

The first is how the objectives of the strategy are set and reviewed through time, andthe second is how the money within the strategy is managed to achieve theseobjectives. To achieve these elements, plan managers should focus on the followingbest practice for the default strategy.

Set robust objectives

Having a robust process for setting and reviewing investment objectives and beliefsfor the strategy and its appropriateness for the membership profile ensuresinvestments made on their behalves are fit for purpose.

Best practice involves providers undertaking analysis of the plan membership at leastevery three years, both data and survey-driven, to identify the objectives of thedefault strategies that are most appropriate for them.

In addition, this analysis should identify the cohorts for whom this may be unsuitableand how they can be offered better alternatives.

Independent investment oversight

An inherent governance flaw that exists in many DC plans today is where thosesetting the objectives and beliefs of the strategy also make the critical asset allocationdecisions – essentially people reviewing their own performance.

Best practice involves documenting the investment objectives and beliefs for thestrategy in a manner that enables all investment decision-making to be independentof those reviewing its performance.

A comprehensive reviewing framework

Providers will need multiple lenses to review the performance of the strategy. This isimportant to establish not only whether the strategy has and will deliver against itsobjectives over the longer term, but also over the shorter term to quantify theeffectiveness of its implementation.

To put it another way, while the consumer price index plus benchmarks representgood measures of long-term value for money, they are useless in observing the valuefor money of the implementation of a strategy that may be largely invested in assetsthat are in no way related to this benchmark (for example equities).

Best practice involves establishing a simple asset allocation of low-cost passivecomponents – for example equities, gilts and cash – with a risk profile consistentwith the default strategy objectives against which shorter-term performance can beassessed and attributed to those decision-makers that drive them.

In addition, outcome orientated benchmarks, for example CPI+, can be used to assistmonitoring longer-term performance and provide planning guidance to members.

More advanced plans create representative member journeys and target outcomes toevaluate progress against longer-term plan goals for real plan members.

Transparency is crucial

Finally, having established best practice in these three critical areas, the glue thatholds them all together is transparency.

Ensuring providers are held to account is often overlooked but vital to goodgovernance.

Open reporting of the performance of the default strategy at a member level, net ofall costs and charges, including those incurred when they are switched between theelements of the default strategy, ensures that employers, advisers and members areable to hold providers to account.

Equally important is individual disclosure of the cost and charges paid to commercialentities related to the sponsor.

Good governance must be high up on the agenda for the whole pensions industry asit seeks to build trust among a wary membership.

It is important that we establish best practice that is not built around the conventionsof the past, largely defined benefit, but focuses time and effort on where it cangenuinely add value.

David Hutchins is portfolio manager, multi-asset solutions at AllianceBernstein

Karen DeMasters

December 10, 2018 •

Employers, as well as employees, realize the importance of employer-sponsored retirement plans,according to the LIMRA Secure Retirement Institute.

Ninety-eight percent of employers said it is important to offer employees a defined contributionplan and two thirds added that it is very important.

Those who offer a retirement plan said they do it to help employees save for retirement and toempowering employees, according to a LIMRA survey of 1,643 employers and employees.

According to the Bureau of Labor Statistics, only 6 in 10 U.S. workers have access to a definedcontribution plan through their employers. Nearly three-fourths of those who have access to a planparticipate in it, which ”suggests most employees recognize the value of having an employer-sponsored retirement savings plan,” LIMRA said.

Many employees went beyond saying they realize the importance of having an employer-sponsoredretirement plan: they said the availability of a plan and the provision of a matching amount by theemployer are what prompted them to start saving.

Thirty-nine percent said the top reason they started saving for retirement was the plan availabilityand 27 percent said the matching amount from the employer was what tipped the scales for them.

For employers, 80 percent said they offer plans because they feel a strong sense of responsibility tohelp employees meet their retirement savings goals.

A top financial concern for Americans is saving for comfortable retirement. “The first step [toachieving that goal] is to systematically save throughout one’s career. Research shows access to aworkplace savings plan is the most effective way to get people to start to save for retirement. Bothemployers and employees understand this,” LIMRA said.

Boilerplate language is lost on investors, particularly when it comes totarget-date funds. While Invesco’s research shows that investors acrossage groups often don’t know that TDFs are diversified, they dounderstand what it means to be diversified. (Photo: Shutterstock)

Employers and the financial services industry are spending more energy and assetsthan ever in the effort to get functional retirement solutions to workers.

But their approach to communicating those solutions often falls on deaf ears,according to new research from Invesco.

“The big problem is what we say to participants is not what they hear,” said GregJenkins, managing director and head of institutional defined contribution at Invesco.“Jargon we use in industry doesn’t work.”

For more than a decade, Invesco has been producing research on the language usedto communicate with investors. This year’s study is the first to focus on savers indefined contribution plans. Invesco manages about $96 billion in definedcontribution assets and entered the target-date market last year.

Even the seemingly simplest language that has become boilerplate is lost oninvestors, said Jenkins, particularly when it comes to target-date funds.

“People don’t know what they are,” said Jenkins of TDFs, which surpassed the $1trillion threshold last year and are by far the most common qualified defaultinvestment alternatives in retirement plans across the size spectrum.

The worst culprit is the term industry has made synonymous with TDFs: “glide path.”The term that can be found in nearly every target-date fund brochure produced for

401(k) savers “is one of the worst performing words we have tested in 17 languagestudies,” noted Jenkins.

Invesco’s survey of more than 800 large plan participants showed “glide path” failedto convey its intended meaning: Of the language and terms put to surveyrespondents, glide path ranked the lowest, with only 4 percent saying it provided aclear description of how TDFs manage risk.

The confusion was found across demographics and pay scales—even participants inmanagement positions with years of experience investing in 401(k)s were unable toassociate the term glide path with diversification, said Jenkins.

“We’ve been using words like glide path for a long time in industry, but when youtake a step back, a lot of the givens don’t really work with participants,” he added.

The failure to engage savers with language they grasp can lead to stasis and poorinvestment decisions. Evidence of a general communication breakdown is found inthe fact that many TDF investors are only partially invested in the funds, which aredesigned to account for most, if not the entirety of a 401(k) account’s allocation, saidJenkins.

Positivity is critical in educating 401(k) participants, Invesco’s study found. “Fearselling” doesn’t work, says Jenkins. “When savers are confused, or feel they’re facedwith negative ideas, that tends to shut them down.”

Plausible, realistic goals—“no dream retirements with golf courses and yachts”—putin plainspoken terms, and personalized messaging are ways to better engage savers,says Jenkins. “Personalized messaging—‘your plan’, ‘your investments’—has adramatic impact.”

While Invesco’s research shows that investors across age groups often don’t knowthat TDFs are diversified, they do understand what it means to be diversified.

“Diversified is a powerful word,” said Jenkins. “It’s pretty universally understood andneeds to be used more with TDFs.”

“Risk reduction” and “rebalancing strategy” was also language grasped by savers,according to Invesco’s research.

“What we heard is that participants want plain language,” he added. “I don’t knowthat we’ve yet found the perfect language when it comes to TDFs, but it’s clear that‘glide path’ isn’t liked.”

READ MORE:

9 ways to help 401(k) participants save more

5 retirement preparedness numbers for employers

6 companies with the very best retirement plans

Copyright 2019. ALM Media Properties, LLC. All rights reserved.

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