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A C
T ra
n si
t Em
p lo
ye es
’ R
et ir
em en
t P
la n
Fi rs
t Q
u ar
te r
2 0
1 7
I n
ve st
m en
t P
er fo
rm an
ce A
n al
ys is
M ay
2 01
7
C ar
ol yn
S m
ith ,
Pa rt
ne r
A nt
ho ny
F er
ra ra
, C A IA
, C on
su lta
nt K ev
in N
ov ak
, C on
su lta
nt
M ar
ke t
En vi
ro n
m en
t U
p d
at e
& O
u tl
oo k
1 Ex
ec u
ti ve
S u
m m
ar y
2 P
la n
S u
m m
ar y
& A
n al
yt ic
s 3
M an
ag er
A n
al ys
is 4
A p
p en
d ix
5Ta b
Ta bl
e of
C on
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s A C T
ra ns
it Em
pl oy
ee s'
R et
ir em
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Pl an
M ar
ke t
En vi
ro n
m en
t U
p d
at e
an d
O u
tl oo
k
In ve
st m
en t
M ar
ke t
U pd
at e:
A s
of M
ar ch
3 1,
2 01
7
M ar
ch 3
1 ,
2 0
1 7
Do m
es tic
E qu
ity B
en ch
m ar
ks Q
tr.
1 Yr
. 3
Yr .
5 Yr
. 10
Y r.
La rg
e C
or e
S &
P 5
00 6.
1% 17
.2 %
10 .4
% 13
.3 %
7. 5%
S m
al l C
or e
R us
se ll
20 00
2. 5%
26 .2
% 7.
2% 12
.4 %
7. 1%
S m
al l G
ro w
th R
us se
ll 20
00 G
ro w
th 5.
3% 23
.0 %
6. 7%
12 .1
% 8.
1% S
m al
l V al
ue R
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ll 20
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al ue
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% 29
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7. 6%
12 .5
% 6.
1% La
rg e
C or
e R
us se
ll 10
00 6.
0% 17
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10 .0
% 13
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7. 6%
La rg
e G
ro w
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ll 10
00 G
ro w
th 8.
9% 15
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11 .3
% 13
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La rg
e V
al ue
R us
se ll
10 00
V al
ue 3.
3% 19
.2 %
8. 7%
13 .1
% 5.
9% M
id C
or e
S &
P M
id C
ap 4
00 3.
9% 20
.9 %
9. 4%
13 .3
% 9.
0% R
E IT
N A
R E
IT C
om po
si te
3. 0%
6. 5%
10 .4
% 10
.2 %
4. 6%
In t'l
E qu
ity B
en ch
m ar
ks Q
tr.
1 Yr
. 3
Yr .
5 Yr
. 10
Y r.
In te
rn at
io na
l D ev
el op
ed M
S C
I E A
FE 7.
2% 11
.7 %
0. 5%
5. 8%
1. 1%
E m
er gi
ng E
qu ity
M S
C I E
M 11
.4 %
17 .2
% 1.
2% 0.
8% 2.
7% S
m al
l C ap
In t'l
S &
P E
P A
C S
m al
lC ap
8. 1%
10 .5
% 3.
8% 9.
4% 3.
3% W
or ld
e x-
U S
M S
C I A
C W
I e x-
U S
7. 9%
13 .1
% 0.
6% 4.
4% 1.
4% Do
m es
tic F
I B en
ch m
ar ks
Q tr.
1
Yr .
3 Yr
. 5
Yr .
10 Y
r. C
or e
B on
ds B
ar cl
ay s
A gg
re ga
te 0.
8% 0.
4% 2.
7% 2.
3% 4.
3% M
un ic
ip al
B on
d B
ar cl
ay s
M un
ic ip
al 1.
6% 0.
2% 3.
5% 3.
2% 4.
3% H
ig h
Y ie
ld B
ar cl
ay s
U S
H ig
h Y
ie ld
2. 7%
16 .4
% 4.
6% 6.
8% 7.
5% In
te rm
ed ia
te G
ov /C
re d
B ar
cl ay
s In
te rm
. G ov
/C re
di t
0. 8%
0. 4%
2. 0%
1. 9%
3. 8%
Lo ng
G ov
/C re
di t
B ar
cl ay
s Lo
ng G
ov /C
re di
t 1.
6% 1.
0% 5.
5% 4.
8% 6.
9% Lo
ng C
re di
t B
ar cl
ay s
Lo ng
C re
di t
1. 7%
4. 9%
5. 4%
5. 4%
6. 9%
Lo ng
T re
as ur
ie s
B ar
cl ay
s U
S 2
0+ Y
r T re
as 1.
4% -5
.2 %
6. 2%
4. 3%
6. 8%
C as
h B
of A
M L
U S
3 -M
on th
T -B
ill 0.
1% 0.
4% 0.
2% 0.
1% 0.
7% In
fla tio
n B
ar cl
ay s
U S
T IP
S 1
-1 0
Y r
1. 1%
1. 5%
1. 5%
0. 6%
3. 6%
G lo
ba l I
nf la
tio n
B ar
cl ay
s G
lo ba
l I LB
1. 3%
0. 5%
0. 2%
1. 1%
3. 7%
S TR
IP S
B ar
cl ay
s 20
+ Y
r S TR
IP S
1. 8%
-7 .3
% 8.
9% 5.
9% 9.
0% G
lo ba
l F I B
en ch
m ar
ks Q
tr.
1 Yr
. 3
Yr .
5 Yr
. 10
Y r.
W or
ld G
ov . B
on ds
C iti
gr ou
p W
G B
I 1.
6% -3
.7 %
-1 .2
% -0
.6 %
3. 0%
E m
. M kt
. B on
ds (L
oc al
) JP
M G
B I-E
M G
lo b.
D iv.
6. 5%
5. 5%
-2 .7
% -1
.6 %
4. 1%
Di ve
rs ifi
ed B
en ch
m ar
k Q
tr.
1 Yr
. 3
Yr .
5 Yr
. 10
Y r.
D ive
rs ifi
ed D
ive rs
ifi ed
* 4.
0% 11
.4 %
5. 8%
8. 0%
5. 4%
Al te
rn at
iv e
Be nc
hm ar
ks Q
tr.
1 Yr
. 3
Yr .
5 Yr
. 10
Y r.
C om
m od
iti es
B lo
om be
rg C
om m
od ity
In de
x -2
.3 %
8. 7%
-1 3.
9% -9
.5 %
-6 .2
% R
ea l E
st at
e N
C R
E IF
P ro
pe rty
In de
x* *
1. 7%
8. 0%
11 .0
% 10
.9 %
6. 9%
* 35
% L
C , 1
0% S
C , 1
2% In
t'l , 3
% E
m er
gi ng
, 2 5%
F I,
5% H
Y , 5
% G
lo ba
l F I,
5% R
E IT
S **
A s
of 1
2/ 31
/2 01
6
4
Ye ar
t o
D at
e Pe
rf or
m an
ce :
A ll
A ss
et s
H av
e M
ov ed
H ig
he r
S ou
rc e:
S &
P, R
us se
ll, M
S C I,
B ar
cl ay
s, J
PM ,
B lo
om be
rg A s
of 0
3/ 31
/2 01
7 M ar
ch 3
1 ,
2 0
1 7
5
• Th
e U
S e
co n
o m
y is
e xp
er ie
n ci
n g
a n
e xt
en d
ed e
co n
o m
ic g
ro w
th c
yc le
– Ei
gh t
ye ar
s re
m ov
ed f
ro m
r ec
es si
on ,
U S c
on su
m er
s co
nt in
ue t
o dr
iv e
th e
U S e
co no
m y
– C on
tin ue
d ec
on om
i