Investment Packet - November 7, 2019 · Target‐Date Fund Comparison As of 9/30/2019 Source: Morningstar Group/Investment Ticker Net Expense Inception Date Return Std. Dev. Return

SMC SHENANDOAH

MEDICAL CENTER

INVESTMENT COMMITTEE MEETING

November 7, 2019

Investment Committee MeetingNovember 7, 2019

Meeting called to order by: Dave Lashier

Committee Reports Approval of 8/1/2019 Minutes Pg 1

I. Retirement Plan (403b)1. Fiduciary Update2. TDF (QDIA) Comparison Pg 23. RK Benchmarking Discussion

II. Annual Benefits Meetings Discussion1. Open Enrollment Meetings - Auto Educate Sheets - 1% Challenge - Education/Enrollment Process - Discussion/Review for 2020

III. Market Commentary Pg 3

IV. SMC Hospital Investment Account/Foundation Account1. Fi360 Reports Pg 252. Account Investment Detail/Performance Summary

V. Other1. 2018 403B Audit Pg 552. Forced out IRA Distributions Discussion

VI. AdjournmentNext Meeting: February 6, 2020

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INVESTMENT COMMITTEE MEETING

August 1, 2019

ATTENDANCE: Dave Lashier; Matt Sells, CEO; Kaley Neal, CFO; Haley Christiansen, HR Manager; Wade Behlen, Feltz Wealthplan; Jack Holmes, Feltz Wealthplan; Jamie O’Brien, Feltz Wealthplan, Jen Wilbeck, Feltz Wealthplan ABSENT: Dennis Grebert, Keli Royal, CHRO

TOPIC AND PRESENTER DISCUSSION ACTION / FOLLOW UP I. Call to order

The Investment Committee of Shenandoah Medical Center met on Thursday, August 1, 2019 in the Hartman Room. The meeting was called to order at 12:11 p.m.

II. Approval of Minutes

The minutes to the May 2, 2019 meeting were reviewed.

Motion and 2nd to motion to accept the May 2, 2019 minutes. Motion was unanimously approved.

III. Retirement Plan (403b) - Wade Behlen, Feltz

Wealthplan

Wade provided the Fiduciary Update. Wade also stated the menu updates approved at the February meeting have been completed.

No action necessary.

IV. Market Commentary - Jack Holmes, Feltz

Wealthplan

Jack reviewed the market summary for the 2nd quarter of 2019. Markets are up 18% so far in 2019.


V. SMC Hospital Investment Account - Jack Holmes, Feltz

Wealthplan

Jack reviewed the Feltz Wealthplan Investment Summary for Shenandoah Medical Center. Main account is up 11.17%, Immediate account is up 6.16% and Foundation account is up 9.91%.


VI. Other

VII. Adjournment The next meeting will be Thursday, November 7, 2019 at noon in the Board Room. There was no further business to discuss and the meeting was adjourned at 12:56 p.m.

Respectfully submitted, Matt Sells, CEO

403b Retirement Plan

Target‐DateFundComparisonAsof9/30/2019Source:Morningstar

Group/Investment TickerNet

ExpenseInceptionDate Return Std.Dev. Return Std.Dev. Return Std.Dev.

AmericanCenturyOneChoice2020R6 ARBDX 0.42 7/31/2013 6.2 5.7 5.2 5.8 7.3 6.9JPMorganSmartRetirement®Blend2020R6 JSYRX 0.29 7/2/2012 6.4 5.4 5.6 5.9

VanguardTargetRetirement2020Inv VTWNX 0.13 6/7/2006 7.1 6.1 6.0 6.4 8.0 7.9T.RowePriceRetirement2020 TRRBX 0.59 9/30/2002 7.6 6.9 6.3 7.3 8.6 9.4

MorningstarTarget‐Date2020CategoryAvg. 3/1/1994 6.1 5.6 4.9 5.9 6.6 7.3AmericanCenturyOneChoice2035R6 ARLDX 0.49 7/31/2013 7.6 7.7 6.3 7.8 8.7 9.1

JPMorganSmartRetirement®Blend2035R6 JPYRX 0.29 7/2/2012 8.4 8.7 6.9 9.0VanguardTargetRetirement2035Inv VTTHX 0.14 10/27/2003 8.8 8.8 6.9 9.1 9.3 10.9

T.RowePriceRetirement2035 TRRJX 0.68 2/27/2004 9.4 9.3 7.4 9.7 10.0 11.8MorningstarTarget‐Date2035CategoryAvg. 10/1/2003 8.3 8.8 6.3 9.1 8.4 10.8AmericanCenturyOneChoice2050R6 ARFEX 0.57 7/31/2013 9.0 9.8 7.2 9.7 9.8 10.9

JPMorganSmartRetirement®Blend2050R6 JNYAX 0.29 7/2/2012 8.9 9.9 7.2 10.0VanguardTargetRetirement2050Inv VFIFX 0.15 6/7/2006 9.4 10.3 7.2 10.4 9.7 11.6

T.RowePriceRetirement2050 TRRMX 0.71 12/29/2006 9.9 10.2 7.7 10.4 10.2 12.2MorningstarTarget‐Date2050CategoryAvg. 3/2/2001 8.8 10.3 6.7 10.2 8.6 11.5AmericanCenturyOneChoice2060R6 ARGDX 0.57 9/30/2015 9.2 10.3

JPMorganSmartRetirement®Blend2060R6 JAAYX 0.29 8/31/2016 9.1 10.0VanguardTargetRetirement2060Inv VTTSX 0.15 1/19/2012 9.4 10.3 7.2 10.4

T.RowePriceRetirement2060 TRRLX 0.72 6/23/2014 9.9 10.2 7.7 10.5MorningstarTarget‐Date2060+CategoryAvg. 1/19/2012 9.2 10.6 7.0 10.5

10‐Yr3‐Yr 5‐Yr

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Market Commentary

Shenandoah Medical Center November 7, 2019

Market/Economic Update:

U.S. economic growth has slowed from 3% last year to around 2% this year. The U.S. still remains above global developed peers.

Corporate earnings have been mixed but better than expected. Valuation recoveries have been the primary driver of stock returns this year.

Investors continue to pull money out of stocks and invest in bonds. Last quarter saw the most outflows from stock mutual funds since 2009 while bond funds and money market funds saw substantial inflows.

Investor flows to bonds have driven interest rates back near record lows. The move lower in rates has been a short-term tailwind for bond holdings.

Investment Strategy: Dividend stock strategy has helped returns so far this year. Strength in

consumer staples and other defensive sectors contributed the most to relative performance.

We continue to believe cautiousness with fixed income positions is prudent in light of low interest rates.

International positions have recently started to contribute more towards relative performance and remain undervalued vs. U.S. equities.

Target-Date Fund Review:

See John Hancock Target Date Brochure & Target-Date Fund Comparison

Jack Holmes, CFA® Wade Behlen, AIFA Chief Investment Officer Dir. Retirements & Foundations [email protected] [email protected]

Securities offered through Securities America, Inc. Member FINRA/SIPC

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Asset Class Allocation

Managed Equity 44.1 %

Yield Producers 30.6 %

Defensive Equity 13.2 %

Alternative Strategies 9.6 %

CASH 2.5 %

Period YTD

Beginning Market Value $3,475,349.21 $3,475,349.21

Contributions $10,406.18 $10,406.18

Distributions ($545,000.00) ($545,000.00)

Dividends & Interest $68,542.37 $68,542.37

Market Value Increase/Decrease $328,677.04 $328,677.04

Ending Market Value $3,337,974.80 $3,337,974.80

Internal Rate of Return (Net) 12.83 % 12.83 %

Activity Summary Allocation Summary

Account PerformanceAccount Name Account Number Market Value YTD 2018 2017

Shenandoah Medical Center – Board Designated Account – 6151 - Corporation - Advisory

*****6151 $3,105,964.55 13.16 % -4.62 % 1.11 %

Shenandoah Medical Center – Immediate Account – 3737 - Corporation - Advisory

*****3737 $125,428.40 6.46 % -1.82 %

Shenandoah Medical Center Foundation - TDA - 5750 - Invalid Type - Advisory

*****5750 $106,581.85 10.51 % -5.25 % 4.40 %

Total: $3,337,974.80 12.83 % -4.56 % 3.58 %

FWP Investment Summary

Household: Shenandoah Medical Center

Period: 1/1/2019 to 10/31/2019

Financial Advisor: Wade Behlen

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Performance SummaryBeginning

Market ValueEnding

Market ValueReturn

Shenandoah Medical Center – Board Designated Account – 6151, Corporation (Inception Date: 11/29/2017)

Managed Equity

Genuine Parts Co $0.00 $26,932.59 1.60 %

3M Company $0.00 $28,622.90 -15.02 %

Altria Group Inc $0.00 $28,633.08 3.90 %

Texas Instruments Inc $0.00 $29,565.29 17.53 %

Albemarle Corp $0.00 $31,648.35 -19.67 %

Caseys General Stores Inc $0.00 $32,832.36 29.57 %

C.H. Robinson Worldwide Inc. $0.00 $33,375.64 -8.83 %

Johnson & Johnson $0.00 $33,608.52 2.67 %

Becton Dickinson & Co $0.00 $34,809.20 5.37 %

Lowes Companies Inc $0.00 $36,388.56 15.75 %

Archer Daniels Midland Co $0.00 $36,801.24 0.00 %

Nucor Corp $0.00 $37,019.16 -9.48 %

Emerson Electric Co $0.00 $37,077.66 6.96 %

Black Hills Corp $0.00 $37,152.48 15.12 %

Abbott Laboratories $0.00 $37,384.45 14.87 %

Cullen Frost Bankers $0.00 $38,098.35 -6.13 %

Pepsico Incorporated $0.00 $39,427.20 24.94 %

Stanley Black & Decker Inc $0.00 $40,820.36 17.53 %

Medtronic PLC $0.00 $42,117.40 22.05 %

AT&T Inc $0.00 $42,669.40 32.87 %

Apple Inc $0.00 $45,489.62 45.61 %

Target Inc $0.00 $47,381.27 59.43 %

JPMorgan Chase & Co. $0.00 $52,555.14 24.39 %

Cincinnati Financial $0.00 $54,923.86 34.32 %

Alger Small Cap Focus Z $152,355.76 $56,772.63 50.20 %

Hartford Multifactor Developed Markets (exUS) ETF $134,521.20 $60,916.32 19.83 %

Schwab US Dividend Equity $0.00 $64,206.12 12.72 %

DFA Emerging Markets Core Equity $141,223.20 $64,759.47 17.11 %

DFA US Core Equity 1 $118,174.93 $74,671.59 31.43 %

iShares Core Dividend Growth $139,853.70 $98,427.42 26.76 %

Berkshire Hathaway Cl B $275,643.00 $106,411.75 4.32 %

Total Managed Equity: $961,771.79 $1,431,499.38 20.09 %

Yield Producers

WP Carey & Co $0.00 $46,182.18 27.21 %

PIMCO Enhanced Short Maturity $152,434.50 $94,026.24 2.93 %

Cavalier Stable Income Instl $0.00 $102,481.43 0.56 %

Principal Global Divers Inc Instl $131,556.63 $135,711.62 11.91 %

PIMCO Income Instl $157,711.34 $146,708.95 5.83 %

Rivernorth DoubleLine Strategic Income I $114,875.04 $166,421.87 9.96 %

Prudential Floating Rate Income Z $178,127.39 $182,171.37 4.52 %

Total Yield Producers: $734,704.90 $873,703.66 7.94 %

Defensive Equity

Invesco S&P 500 High Dividend Low Volatility $0.00 $100,342.04 1.84 %

First Tr Long/Short Equity $0.00 $102,579.75 1.64 %

JPMorgan Hedged Equity I $163,662.66 $104,988.44 11.71 %

iShares Edge MSCI Min Vol USA ETF $0.00 $109,222.30 26.87 %

Total Defensive Equity: $163,662.66 $417,132.53 15.49 %

Alternative Strategies

Altegris Futures Evolution Strategy I $276,633.42 $101,389.09 1.50 %

IQ Merger Arbitrage $165,653.04 $101,617.02 3.04 %

BlackRock Total Factor Inst $138,964.18 $102,215.53 9.01 %

Total Alternative Strategies: $581,250.64 $305,221.64 4.37 %

Shenandoah Medical Center

FWP Investment Summary Page 2 of 4

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Market ValueEnding

Market ValueReturn

CASH

TD Ameritrade Cash Fund $6,204.88 $1,110.36

TD Ameritrade Money Market Fund $144,608.70 $77,296.98

Total CASH: $150,813.58 $78,407.34

Total Registration: $2,592,203.57 $3,105,964.55 13.16 %

Shenandoah Medical Center – Immediate Account – 3737, Corporation (Inception Date: 02/06/2018)

Yield Producers







CASH

TD Ameritrade Cash Fund $4,671.57 $4,294.85

Total CASH: $4,671.57 $4,294.85

Total Registration: $100,313.09 $125,428.40 6.46 %

Shenandoah Medical Center Foundation - TDA - 5750, Invalid Type (Inception Date: 09/22/2017)

Managed Equity

SPDR Technology Select Sector $1,859.40 $2,511.60 36.49 %

SPDR S&P 600 Small Cap Value $1,453.14 $2,523.20 22.43 %

Hartford Multifactor Developed Markets (exUS) ETF $3,250.80 $3,613.68 13.12 %

DFA US Core Equity 1 $3,195.63 $3,859.63 22.27 %

DFA Emerging Markets Core Equity $4,317.66 $4,633.91 9.50 %

John Hancock Intl Growth I $3,067.59 $4,656.67 19.48 %

Alger Small Cap Focus Z $5,570.96 $4,831.45 24.48 %

iShares Core Dividend Growth $3,517.08 $4,887.32 23.32 %

Berkshire Hathaway Cl B $6,942.12 $8,956.50 5.69 %

Total Managed Equity: $33,174.38 $40,473.96 17.08 %

Yield Producers







Defensive Equity

Cavalier Global Opportunities Instl $0.00 $2,352.39 -0.52 %

JPMorgan Hedged Equity I $3,959.65 $4,337.25 10.44 %

iShares Edge MSCI Min Vol USA ETF $0.00 $5,124.80 22.42 %

First Tr Long/Short Equity $0.00 $5,552.75 2.04 %

Invesco S&P 500 High Dividend Low Volatility $0.00 $5,749.65 2.80 %

Total Defensive Equity: $3,959.65 $23,116.84 12.62 %

Alternative Strategies

Altegris Futures Evolution Strategy I $6,332.04 $4,723.94 3.35 %

BlackRock Total Factor Inst $3,437.28 $5,105.28 6.92 %

IQ Merger Arbitrage $5,358.99 $5,506.02 2.74 %

Total Alternative Strategies: $15,128.31 $15,335.24 4.08 %

CASH

TD Ameritrade Cash Fund $156.01 $37.99

TD Ameritrade Money Market Fund $3,706.78 $2,363.55

Total CASH: $3,862.79 $2,401.54



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Report Data DisclaimerFor the above report, bond accrual is included in market values. Performance returns are calculated using internal rate of return (IRR), net of fees. ** The first 12 month returns are not annualized * Asset Level Return is Gross of Fees

www.FeltzWealthPLAN.com


Market ValueEnding

Market ValueReturn

Total Registration: $71,610.56 $106,581.85 10.51 %

Total: $2,764,127.22 $3,337,974.80 12.83 %

This is not an official WealthPLAN Partners (“WPP”) or Securities America (“SAI”) statement and does not replace the statements you should receive directly from your Custodian or any outside investment sponsor. This report has been prepared by your advisor and is for informational purposes only. The information in this report has been prepared from data believed to be reliable, but no representation is being made as to its accuracy and completeness. Position values shown may be actual values or estimates made by your advisor. Values shown should only be used as a general guide to portfolio value and may vary from the actual liquidation values. The information in this report should not be relied on for tax reporting, accounting, or valuation purposes. Past performance is no guarantee of future results. Current values may be lower or higher than the values shown. We urge you to compare the information (e.g. market values, transactions, inflows, out flows, and fees) in this report with the information provided in the account statements you receive directly from your Custodian or the investment sponsor. If you are not receiving statements from your custodian, please contact your custodian directly.

The report includes securities held in your account(s) There may be differences in the way each outside securities position is reflected based on the various data sources used. If available, market value may be reflected for these outside positions. Performance may not be calculated for all outside securities positions. Information regarding outside securities positions may be limited because it is provided by a third party source.

Securities offered through Securities America, Inc. Member FINRA/SIPC. Advisory services offered through WealthPLAN Partners. WealthPLAN Partners is a Registered Investment Advisor registered with the Securities Exchange Commission. WealthPLAN Partners is not affiliated with Securities America, or any of its subsidiaries.

Returns are expressed as a percentage, are calculated on a time-weighted basis and are presented net of the Advisory Fees and Transaction Charges. This report has been prepared from data believed to be reliable but no representation is made as to accuracy or completeness. The deduction of other fees and charges is not reflected in the performance figures.

Report calculations and figures should not be relied upon for tax purposes. For tax advice, please contact your tax adviser.

The performance information provided has not been audited by Securities America as to accuracy. The calculations may not comply with Global Investment Performance Standards (GIPS) and should be viewed only as a general guide to performance.

Disclosure

Shenandoah Medical Center10/31/2019 9:39:31 AM


http://www.feltzwealthplan.com/

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FRFZX • Prudential Floating Rate Income Z $182,171 5.9 %

RNSIX • RiverNorth Doubleline Strategic Inc I $166,422 5.4 %

PIMIX • PIMCO Income Instl $146,709 4.7 %

PGDIX • Principal Global Div Inc Instl $135,712 4.4 %

USMV • iShares Edge MSCI Min Vol USA ETF $109,222 3.5 %

BRK.B • Berkshire Hathaway Inc Cl B $106,412 3.4 %

JHEQX • JPMorgan Hedged Equity Select $104,988 3.4 %

FTLS • First Trust Long/Short Equity ETF $102,580 3.3 %

Shenandoah Medical Center - TDA Corp - 6151 -6151 Asset Allocation

Wade [email protected]

WealthPLAN Partners


The Current Portfolio Report frames foundational components of the Current Portfolio’s Risk Number, 95%Probability Range, and other analytics, to ensure current investment strategy alignment between the advisor and theclient.

This is your asset allocation, as captured on October 31, 2019.

Introduction

Shenandoah Medical Center Current

46-8.4

%

-$281,654$3,337,975

+$480,057+14

.4%

95% PROBABILITY (6 MONTHS)

DISTRIBUTION RATE * EXPENSE RATIO **3% (annual) 0.5% (annual)

47

=

PAGE 1 of 14 All investments are uninsured and can lose value.

© 2019 Riskalyze, Inc. All Rights Reserved. The information, data, analysis and opinions contained in this report include theconfidential and proprietary information of Riskalyze; may include or be derived from account information provided by yourfinancial representative which cannot be verified by Riskalyze; may not be copied or redistributed; does not constitute investmentadvice offered by Riskalyze; are provided solely for informational purposes and do not constitute an offer to buy or sell a security;and are not warranted to be correct, complete or accurate. Except as otherwise provided by law, Riskalyze shall not be responsiblefor any trading decisions, damages or other losses resulting from the use of this information, data, analysis or opinion. This reportis supplemental sales literature. This report should be preceded or accompanied by a prospectus, or equivalent, and disclosurestatement for each investment if required by SEC Rule 134.

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CADTX • Cavalier Adaptive Income Instl $102,481 3.3 %

BSTIX • BlackRock Strategic Risk Allocation Inst $102,216 3.3 %

MNA • IQ Merger Arbitrage ETF $101,617 3.3 %

EVOIX • Altegris Futures Evolution Strategy I $101,389 3.3 %

SPHD • Invesco S&P 500® High Div Low VolETF $100,342 3.2 %

DGRO • iShares Core Dividend Growth $98,427 3.2 %

MINT • PIMCO Enhanced Short Maturity Active ETF $94,026 3 %

Cash / Money Market $77,297 2.5 %

DFEOX • DFA US Core Equity 1 I $74,672 2.4 %

DFCEX • DFA Emerging Markets Core Equity I $64,759 2.1 %

SCHD • Schwab US Dividend Equity ETF™ $64,206 2.1 %

RODM • Hartford Multifactor Dev Mkts (exUS) ETF $60,916 2 %

AGOZX • Alger Small Cap Focus Z $56,773 1.8 %

CINF • Cincinnati Financial Corporation $54,924 1.8 %

JPM • JPMorgan Chase & Co. $52,555 1.7 %

TGT • Target Corporation $47,381 1.5 %

WPC • W. P. Carey and Co. LLC $46,182 1.5 %

AAPL • Apple Inc. $45,490 1.5 %

T • AT&T Inc. $42,669 1.4 %

MDT • Medtronic Inc. $42,117 1.4 %

SWK • Stanley Black & Decker Inc. $40,820 1.3 %

PEP • PepsiCo Inc. $39,427 1.3 %

CFR • Cullen/Frost Bankers $38,098 1.2 %

ABT • Abbott Laboratories $37,384 1.2 %



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BKH • Black Hills Corporation $37,152 1.2 %

EMR • Emerson Electric Co. $37,078 1.2 %

NUE • Nucor Corporation $37,019 1.2 %

ADM • Archer Daniels Midland Co. $36,801 1.2 %

LOW • Lowe's Companies Inc. $36,389 1.2 %

BDX • Becton Dickinson and Company $34,809 1.1 %

JNJ • Johnson & Johnson $33,609 1.1 %

CHRW • C.H. Robinson Worldwide Inc. $33,376 1.1 %

CASY • Caseys General Stores $32,832 1.1 %

ALB • Albemarle Corp. $31,648 1 %

TXN • Texas Instruments Incorporated $29,565 1 %

MO • Altria Group Inc. $28,633 0.9 %

MMM • 3M Company $28,623 0.9 %

GPC • Genuine Parts Company $26,933 0.9 %

Cash / Money Market $1,110 0 %

Subtotal $3,105,965 100%






Shenandoah Medical - TDA Corporation - 3737 -3737 Asset Allocation21



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Subtotal $125,428 100%

BRK.B • Berkshire Hathaway Inc Cl B $8,957 8.4 %



SPHD • Invesco S&P 500® High Div Low VolETF $5,750 5.4 %


FTLS • First Trust Long/Short Equity ETF $5,553 5.2 %

MNA • IQ Merger Arbitrage ETF $5,506 5.2 %

USMV • iShares Edge MSCI Min Vol USA ETF $5,125 4.8 %

BSTIX • BlackRock Strategic Risk Allocation Inst $5,105 4.8 %

DGRO • iShares Core Dividend Growth $4,887 4.6 %

AGOZX • Alger Small Cap Focus Z $4,831 4.5 %

EVOIX • Altegris Futures Evolution Strategy I $4,724 4.4 %

GOGIX • JHancock International Growth I $4,657 4.4 %

DFCEX • DFA Emerging Markets Core Equity I $4,634 4.3 %

JHEQX • JPMorgan Hedged Equity Select $4,337 4.1 %


DFEOX • DFA US Core Equity 1 I $3,860 3.6 %

RODM • Hartford Multifactor Dev Mkts (exUS) ETF $3,614 3.4 %


SLYV • SPDR® S&P 600 Small Cap Value ETF $2,523 2.4 %

Shenandoah Medical Center Foundation - TDA - 5750 -5750 Asset Allocation48



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XLK • Technology Select Sector SPDR® ETF $2,512 2.4 %


CATEX • Cavalier Growth Opportunities Instl $2,352 2.2 %

Cash / Money Market $38 0 %

Subtotal $106,582 100%

Portfolio Total $3,337,975 100%

The Risk Score of 46 and the 95% Probability Range of -8% to +14% was calculated using a long-term average of 7.5% forthe S&P 500, 0bps change in the Ten Year US Treasury Rate, and correlation and volatility data from 2008 to present.Riskalyze uses actual historical data to calculate the statistical probabilities shown. For securities calculated using AverageAnnual Return, the Average Return will be calculated using actual price history from June 2004-present or inception. Wecalculate the annualized return number as ( final price / initial price ) ^ ( 1 / number of years ) - 1. Riskalyze does notprovide investment analysis on investments with less than 6 months of historical performance. In instances where aninvestment’s inception is more recent than January 1, 2008 and greater than 6 months Riskalyze will use correlationstatistics from the investments actual trading history to extrapolate missing volatility data. In most cases the extrapolationcalculation increases the risk presented in the investment analysis as a means of protecting the investor. Investmentswith an inception more recent than January 1, 2008 are highlighted with an information icon . The Six Month 95%Probability Range is calculated from the standard deviation of the portfolio (via covariance matrix), and represents ahypothetical statistical probability, but there is no guarantee any investments would perform within the range. There is a5% probability of greater losses. Riskalyze does not use any Monte Carlo or any other type of simulations. The underlyingdata is updated as of the previous day’s market close price, and the results may vary with each use and over time. Theinvestments considered were determined by the financial representative. IMPORTANT: The projections or otherinformation generated by Riskalyze regarding the likelihood of various investment outcomes are hypothetical in nature,do not reflect actual investment results and are not guarantees of future results. These figures may exclude commissions,sales charges or advisory fees which, if included, would have had a negative effect on the annual returns.

* The distribution rate is derived by summing the trailing 12-months’ distributions (dividends, distributions fromborrowing, return of capital, etc) and dividing the sum by the last month’s ending NAV. It does not include capital gainsdistributed over the same period.

** The percentage of fund assets used to pay for operating expenses and management fees, including 12b-1 fees,administrative fees, and all other asset-based costs incurred annually by the underlying funds, except brokerage costs.



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Portfolio Stress Tests

If a 2013-like Bull Market were to happen again...

Shenandoah Medical Cent…Expected Performance

4646 +$644K (+19.3%)

S&P 500 IndexJan 1, 2013 - Dec 31, 2013

7575 +$816K (+32.3%)

If a 2008-like Bear Market were to happen again...


4646 -$637K (-19.1%)

S&P 500 IndexJan 1, 2008 - Dec 31, 2008

7575 -$918K (-36.8%)

If the Financial Crisis were to happen again...


4646 -$933K (-27.9%)

S&P 500 IndexOct 15, 2007 - Mar 2, 2009

7575 -$1.4MM (-53.1%)

If a 134bps Interest Rate Spike were to happen again...


4646 +$131K (+3.9%)

Aggregate Bond IndexMay 1, 2013 - Sep 5, 2013

2525 -$130K (-5.1%)



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These calculations are designed to be informational and educational only and do not constitute investment advice.Investors should review their investment strategy periodically as financial circumstances change. The stress testsprovided are a rough approximation of future financial performance should markets experience conditions similar tothose shown. It is highly unlikely that such historical events will repeat themselves. The results presented by thisstress test are hypothetical and may not reflect the actual growth of actual investments. Riskalyze and its affiliatesare not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of theinformation provided.

IMPORTANT: The projections or other information generated by Riskalyze regarding the likelihood of variousinvestment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees offuture results. These figures may exclude commissions, sales charges or advisory fees which, if included, would havehad a negative effect on the annual returns.

NOTE: These calculations do not report what happened to this portfolio during the noted market environment. The"this portfolio's estimated performance" uses actual volatility and correlation statistics from Jan 1 2008 throughpresent in conjunction with the noted rate of return (or loss) for the index shown to present an estimatedperformance should another environment like those presented occur again. For example, the "2013-Like Bull Market"scenario uses the portfolio’s actual volatility (as measured by standard deviation) and correlation statistics (using acorrelation matrix) from January 1st 2008 through present while assuming the same return realized by the S & P 500index in 2013 of 32%.

Portfolio Stress Tests (cont'd)



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Asset classification is depicted below for the portfolio(s) in this report. The ratios depicted for Stocks, Bonds, Cash,and Other, are reflective of current value for the portfolio(s) shown, and are subject to change along with changes tothe portfolio value.

Portfolio asset allocations are defined as follows:

Stocks: Individual equities, along with equity portions of mutual funds and ETFs.Bonds: Individual bonds, along with fixed income portions of mutual funds and ETFs.Cash: Cash, Money Market funds, along with portions of mutual funds and ETFs allocated to cash.Other: Non-Traded REITs/DPPs, Variable Annuities and any other custom allocation or any securityunrecognized by Riskalyze.

Asset Allocation

Bonds31%

Stocks62%

Cash 5%Other

1%

CURRENT

Stocks 62.23%

Bonds 31.35%

Cash 5.18%

Other 1.24%



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We are providing certain data supplied to us by Morningstar and NASDAQ via data feeds withoutwarranties or representations and on an "as is" basis. We hereby disclaim all representations andwarranties (express or implied), including, but not limited to, warranties of merchantability and fitnessfor a particular purpose regarding the service. You shall bear all risk, related costs and liability and beresponsible for your use of the service. We assume no responsibility for the consequences of anyintentional or unintentional error, omission, inaccuracy, incompleteness or untimeliness in or withrespect to the servicePerformance quoted represents past performance and past performance does not guarantee futureresults. Performance shown is not indicative of future performance.The investment return and principal value of an investment will fluctuate; that an investor's shares,when redeemed, may be worth more or less than their original cost; and that current performance maybe lower or higher than the performance data quoted.ETF Performance is based on the market price defined as the last closing price for each time of the one-,five-, ten-year periods or life of the ETF if the ETF has not existed for at least 10 years.Investment Type definitions - CEF: Closed-End Fund; ETF: Exchange Traded Fund; Fund: Mutual Fund; ETN:Exchange Traded Note; UIT: Unit Investment Trust; CIT: Collective Investment Trust

AVERAGE ANNUAL TOTAL RETURN AS OF September 30, 2019**

FUND TYPEMAX

SALESLOAD

GROSSEXPENSERATIO %

VALUE 1-YEAR % 5-YEAR % 10-YEAR %RETURN SINCEINCEPTION %

AGOZX - ALGER SMALL CAP FOCUS Z(INCEPTION DATE: 2010-12-29)

FUND - 0.90PRICENAVLOAD-ADJUSTED

-6.48-

-6.48

15.69-

15.69

14.86-

14.86

13.31-

13.31BSTIX - BLACKROCK STRATEGIC RISKALLOCATION INST (INCEPTION DATE:

2012-12-27)FUND - 1.69

PRICENAVLOAD-ADJUSTED

8.38-

8.38

4.66-

4.66

0.00-

0.00

4.11-

4.11

CADTX - CAVALIER ADAPTIVE INCOMEINSTL (INCEPTION DATE: 2009-10-02)


5.64-

5.64

3.79-

3.79

0.00-

0.00

3.07-

3.07CATEX - CAVALIER GROWTH

OPPORTUNITIES INSTL (INCEPTIONDATE: 2012-09-20)


-0.07-

-0.07

8.03-

8.03

0.00-

0.00

9.78-

9.78

DFCEX - DFA EMERGING MARKETS COREEQUITY I (INCEPTION DATE: 2005-04-05)


-1.75-

-1.75

2.07-

2.07

3.74-

3.74

6.98-

6.98

DFEOX - DFA US CORE EQUITY 1 I(INCEPTION DATE: 2005-09-15)


0.21-

0.21

9.53-

9.53

12.82-

12.82

8.58-

8.58DGRO - ISHARES CORE DIVIDEND

GROWTH (INCEPTION DATE: 2014-06-10)

ETF - 0.08PRICENAVLOAD-ADJUSTED

7.568.268.26

11.6711.9711.97

-0.000.00

11.5311.3911.39

EVOIX - ALTEGRIS FUTURES EVOLUTIONSTRATEGY I (INCEPTION DATE: 2011-10-

31)FUND - 1.74


3.14-

3.14

4.95-

4.95

0.00-

0.00

4.43-

4.43FRFZX - PRUDENTIAL FLOATING RATE

INCOME Z (INCEPTION DATE: 2011-03-30)


2.34-

2.34

3.85-

3.85

0.00-

0.00

4.13-

4.13

ETFs and Mutual Funds Referenced in this Report



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16

FTLS - FIRST TRUST LONG/SHORTEQUITY ETF (INCEPTION DATE: 2014-09-

08)ETF - 1.48


2.362.312.31

-7.547.54

-0.000.00

7.197.227.22

GOGIX - JHANCOCK INTERNATIONALGROWTH I (INCEPTION DATE: 2006-06-

12)FUND - 0.99


0.96-

0.96

7.95-

7.95

8.85-

8.85

6.61-

6.61

JHEQX - JPMORGAN HEDGED EQUITYSELECT (INCEPTION DATE: 2013-12-13)


2.74-

2.74

6.44-

6.44

0.00-

0.00

6.80-

6.80MINT - PIMCO ENHANCED SHORTMATURITY ACTIVE ETF (INCEPTION

DATE: 2009-11-16)ETF - 0.35


2.862.892.89

1.741.731.73

-0.000.00

1.461.481.48

MNA - IQ MERGER ARBITRAGE ETF(INCEPTION DATE: 2009-11-17)


0.881.041.04

3.383.413.41

-0.000.00

2.712.902.90

PGDIX - PRINCIPAL GLOBAL DIV INCINSTL (INCEPTION DATE: 2008-12-15)


6.17-

6.17

4.20-

4.20

7.51-

7.51

9.95-

9.95

PIMIX - PIMCO INCOME INSTL(INCEPTION DATE: 2007-03-30)


6.16-

6.16

5.12-

5.12

8.88-

8.88

8.20-

8.20RNSIX - RIVERNORTH DOUBLELINESTRATEGIC INC I (INCEPTION DATE:

2010-12-30)FUND - 1.61


8.10-

8.10

4.38-

4.38

0.00-

0.00

6.08-

6.08RODM - HARTFORD MULTIFACTOR DEV

MKTS (EXUS) ETF (INCEPTION DATE:2015-02-25)


-1.33-1.78-1.78

-0.000.00

-0.000.00

5.174.924.92

SCHD - SCHWAB US DIVIDEND EQUITYETF™ (INCEPTION DATE: 2011-10-20)


6.706.726.72

9.9910.4910.49

-0.000.00

12.4713.6513.65

SLYV - SPDR® S&P 600 SMALL CAPVALUE ETF (INCEPTION DATE: 2000-09-

25)ETF - 0.15


-8.54-8.31-8.31

8.688.718.71

11.9911.9911.99

3.1110.7610.76

SPHD - INVESCO S&P 500® HIGH DIVLOW VOLETF (INCEPTION DATE: 2012-

10-18)ETF - 0.30


7.407.407.40

10.9010.8710.87

-0.000.00

12.2711.7711.77

USMV - ISHARES EDGE MSCI MIN VOLUSA ETF (INCEPTION DATE: 2011-10-18)


14.6414.6214.62

13.4813.4813.48

-0.000.00

14.1914.6914.69

XLK - TECHNOLOGY SELECT SECTORSPDR® ETF (INCEPTION DATE: 1998-12-

16)ETF - 0.13


8.438.468.46

16.8816.9716.97

16.3016.3516.35

4.866.066.06

FUND TYPEMAX

SALESLOAD

GROSSEXPENSERATIO %


The average annualized performance information presented is current to the most recent month ended sevenbusiness days prior to the date of use.



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AVERAGE ANNUAL TOTAL RETURN AS OF MOST RECENT CALENDAR QUARTER END September 30, 2019 **

FUND TYPEMAX

SALESLOAD

GROSSEXPENSERATIO %


AGOZX - ALGER SMALL CAP FOCUS Z(INCEPTION DATE: 2010-12-29)


-6.48-

-6.48

15.69-

15.69

14.86-

14.86

13.31-

13.31BSTIX - BLACKROCK STRATEGIC RISKALLOCATION INST (INCEPTION DATE:

2012-12-27)FUND - 1.69


8.38-

8.38

4.66-

4.66

0.00-

0.00

4.11-

4.11

CADTX - CAVALIER ADAPTIVE INCOMEINSTL (INCEPTION DATE: 2009-10-02)


5.64-

5.64

3.79-

3.79

0.00-

0.00

3.07-

3.07CATEX - CAVALIER GROWTH

OPPORTUNITIES INSTL (INCEPTIONDATE: 2012-09-20)


-0.07-

-0.07

8.03-

8.03

0.00-

0.00

9.78-

9.78

DFCEX - DFA EMERGING MARKETS COREEQUITY I (INCEPTION DATE: 2005-04-05)


-1.75-

-1.75

2.07-

2.07

3.74-

3.74

6.98-

6.98

DFEOX - DFA US CORE EQUITY 1 I(INCEPTION DATE: 2005-09-15)


0.21-

0.21

9.53-

9.53

12.82-

12.82

8.58-

8.58DGRO - ISHARES CORE DIVIDEND

GROWTH (INCEPTION DATE: 2014-06-10)


7.568.268.26

11.6711.9711.97

-0.000.00

10.5611.3911.39

EVOIX - ALTEGRIS FUTURES EVOLUTIONSTRATEGY I (INCEPTION DATE: 2011-10-

31)FUND - 1.74


3.14-

3.14

4.95-

4.95

0.00-

0.00

4.43-

4.43FRFZX - PRUDENTIAL FLOATING RATE

INCOME Z (INCEPTION DATE: 2011-03-30)


2.34-

2.34

3.85-

3.85

0.00-

0.00

4.13-

4.13FTLS - FIRST TRUST LONG/SHORT

EQUITY ETF (INCEPTION DATE: 2014-09-08)


2.362.312.31

-7.547.54

-0.000.00

5.937.227.22

GOGIX - JHANCOCK INTERNATIONALGROWTH I (INCEPTION DATE: 2006-06-

12)FUND - 0.99


0.96-

0.96

7.95-

7.95

8.85-

8.85

6.61-

6.61

JHEQX - JPMORGAN HEDGED EQUITYSELECT (INCEPTION DATE: 2013-12-13)


2.74-

2.74

6.44-

6.44

0.00-

0.00

6.80-

6.80MINT - PIMCO ENHANCED SHORTMATURITY ACTIVE ETF (INCEPTION

DATE: 2009-11-16)ETF - 0.35


2.862.892.89

1.741.731.73

-0.000.00

1.421.481.48

MNA - IQ MERGER ARBITRAGE ETF(INCEPTION DATE: 2009-11-17)


0.881.041.04

3.383.413.41

-0.000.00

2.472.902.90

PGDIX - PRINCIPAL GLOBAL DIV INCINSTL (INCEPTION DATE: 2008-12-15)


6.17-

6.17

4.20-

4.20

7.51-

7.51

9.95-

9.95

PIMIX - PIMCO INCOME INSTL(INCEPTION DATE: 2007-03-30)


6.16-

6.16

5.12-

5.12

8.88-

8.88

8.20-

8.20

ETFs and Mutual Funds Referenced in this Report (cont'd)



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RNSIX - RIVERNORTH DOUBLELINESTRATEGIC INC I (INCEPTION DATE:

2010-12-30)FUND - 1.61


8.10-

8.10

4.38-

4.38

0.00-

0.00

6.08-

6.08RODM - HARTFORD MULTIFACTOR DEV

MKTS (EXUS) ETF (INCEPTION DATE:2015-02-25)


-1.33-1.78-1.78

-0.000.00

-0.000.00

4.784.924.92

SCHD - SCHWAB US DIVIDEND EQUITYETF™ (INCEPTION DATE: 2011-10-20)


6.706.726.72

9.9910.4910.49

-0.000.00

11.3113.6513.65

SLYV - SPDR® S&P 600 SMALL CAPVALUE ETF (INCEPTION DATE: 2000-09-

25)ETF - 0.15


-8.54-8.31-8.31

8.688.718.71

11.9911.9911.99

2.2510.7610.76

SPHD - INVESCO S&P 500® HIGH DIVLOW VOLETF (INCEPTION DATE: 2012-

10-18)ETF - 0.30


7.407.407.40

10.9010.8710.87

-0.000.00

10.3211.7711.77

USMV - ISHARES EDGE MSCI MIN VOLUSA ETF (INCEPTION DATE: 2011-10-18)


14.6414.6214.62

13.4813.4813.48

-0.000.00

12.9214.6914.69

XLK - TECHNOLOGY SELECT SECTORSPDR® ETF (INCEPTION DATE: 1998-12-

16)ETF - 0.13


8.438.468.46

16.8816.9716.97

16.3016.3516.35

4.996.066.06

FUND TYPEMAX

SALESLOAD

GROSSEXPENSERATIO %


The average annualized performance information presented is current to the most recent calendar quarter shown.

**Average Annual Total Return is calculated by finding the average annual compounded rates of return over the 1-,5-, and 10-year periods that would equate the initial amount invested to the ending redeemable value, according tothe following formula: P(1 + T)n = ERV Where: P = a hypothetical initial payment of $1,000. T = average annual totalreturn. n = number of years. ERV = ending redeemable value of a hypothetical $1,000 payment made at thebeginning of the 1-, 5-, or 10-year periods at the end of the 1-, 5-, or 10-year periods.

All investments are uninsured and can lose value.

This report is presented as a courtesy by Wade Behlen, as another resource in managing your investments. Riskalyzeuses proprietary calculations based on information obtained from sources believed to be reliable. Their report is forreference purposes only and no representation is made as to its accuracy. Your report is incomplete if any pages aremissing. Please read the report’s text and disclosures to understand the scope of the information provided. Contactme to discuss your report in further detail.



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This report should not be relied on as a substitute for official account statements.

The performance data quoted represents past performance. Past performance does not guaranteefuture results. Investment return and principal value will fluctuate so that an investor’s shares, whenredeemed, may be worth more or less than their original cost. Current performance may be lower orhigher than the performance information quoted. The performance quoted reflects the reinvestmentof dividends and capital gains and is net of expenses.

Investors should consider the investment objectives, risks, charges and expenses of the investmentcompany carefully before investing. The prospectus and, if available, the summary prospectus containthis and other important information about the investment company. Request a prospectus from theoffering institution or your financial representative. Read carefully before investing.

Investments in this report are subject to market risk, including the possible loss of principal. It should be assumedthat investments listed in this report are not FDIC insured. The value of the portfolio will fluctuate with the value ofthe underlying securities. Investors should consider an investment’s investment objective, risks, charges, andexpenses carefully before investing. In the case of mutual funds and ETFs (Exchange Traded Funds) a prospectus isavailable which contains this and other important information and should be read carefully before investing.Diversification does not ensure a profit and may not protect against loss in declining markets.

In addition to the normal risks associated with investing, Investments in smaller companies typically exhibit highervolatility as do investments that do not have significant volume;international investments may involve risk of capitalloss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles orfrom economic or political instability in other nations; emerging markets involve heightened risks related to the samefactors, as well as increased volatility and lower trading volume; bonds and bond funds will decrease in value asinterest rates rise and are subject to credit risk, which refers to the possibility that the debt issuers may not be ableto make principal and interest payments or may have their debt downgraded by ratings agencies.

Alternative securities (e.g. partnerships, limited liability companies, real estate investment trusts, hedge funds, andmanaged futures which are not listed on national exchanges) are generally illiquid; no formal trading market existsfor these securities; and their values will be different than the purchase price or values shown on this report.Therefore, the estimated values shown herein may not necessarily be realized upon sale of the securities. Pricesshown should only be used as a general guide to portfolio value.

An investment in “money market” is not insured or guaranteed by the Federal Deposit Insurance Corporation or anyother government agency. “Money market” funds seek to preserve the value of your investment at $1.00 per share,but, it is possible to lose money by investing in “money market."

The investment analysis may include securities that are not publicly traded on national exchanges. Riskalyze reviewseach alternative’s track record, share price on the secondary market, fees, liquidity, and dividend history to assigneach alternative’s return and volatility statistics. In some cases secondary market prices can be sufficient to calculatevolatility statistics. In most cases the return and volatility statistics must be calculated using a proprietarymethodology that effectively penalizes fees and illiquidity while taking into account distributions (dividend)characteristics. Fees offset the expected return for the alternative. Return and volatility statistics are penalized forIlliquidity. Alternatives with stable or increasing dividends show less volatility while alternatives with decreasing,unstable or discontinued distributions (due to failed strategy) show, relatively, higher volatility.

This portfolio may contain investments requiring the delivery of a prospectus. See fund prospectus for details.

Mutual funds may contain sales charges, expenses, management fees, and breakpoint discounts (quantity discounts);which vary from mutual fund to mutual fund. Therefore, you should discuss these issues with your financialrepresentative and review each mutual fund’s prospectus and statement of additional information to get the specific

Disclosure Statement



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information regarding the charges and breakpoint discounts associated with a particular mutual fund. Please see themutual fund prospectus and statement of additional information for details about sales charges, expenses,management fees, discount programs (rights of accumulation, letter of intent, breakpoint discounts, etc). A mutualfund’s total expense ratio is shown as provided by a third party vendor and may or may not contain fee waivers orexpense reimbursements that may be in effect for the fund. Please refer to the fee table in the fund’s prospectus.

ETFs trade like a stock, and ETFs may trade for less than their net asset value. See prospectus for details.

For variable annuities, additional expenses will be taken into account, including M&E risk charges, fund-levelexpenses such as management fees and operating fees, contract-level administration fees, and charges such assurrender, contract, and sales charges.

The 6 month probability range is derived by illustrating a VaR with 1.64 sigmas move in the underlying portfolio usingthe given data model. Standard Deviation is a historical measure of the variability of returns. If a portfolio has a highstandard deviation, its returns have been volatile; a low standard deviation indicated returns have been less volatile.It is a mathematical probability; not a guarantee of future results. The cash balance shown may vary from actualcash available.

The cash value shown may represent certificates of deposit before early withdrawal penalties if so deemed by thefinancial representative. Portfolio value and position values are likely as of the day before the date listed on thisreport. Allocation percentages and/or dollar amounts may be rounded for presentation purposes.

Investing often generates tax consequences which are not incorporated in this report.

Prospectus Gross Expense Ratio reflects the annual percentage of a fund’s assets paid out in expenses. Expensesinclude management, 12B-1, transfer agent and all other asset-based fees associated with the fund’s dailyoperations and distribution, with the exception of brokerage commissions. It does not reflect expenses that havebeen reimbursed by the financial representative, reductions from brokerage service arrangements or other expenseoffset arrangements.

This report relies on mutual fund holdings reported by NASDAQ via a data feed. As a result, the above review is onlyas accurate as the data supplied by NASDAQ. In all cases there is a reporting delay.

This report is to be used for illustration and discussion purposes only. Please review the underlying assumptionscarefully. Past performance is no guarantee of future results and principal values fluctuate with changing marketconditions.

This report is presented as a courtesy by Wade Behlen, as another resource in managing your investments. Riskalyzeuses proprietary calculations based on information obtained from sources believed to be reliable. Their report is forreference purposes only and no representation is made as to its accuracy. Your report is incomplete if any pages aremissing. Please read the report’s text and disclosures to understand the scope of the information provided. Contactme to discuss your report in further detail.



bstephens

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Third Quarter 2019 Market Review & Outlook

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Advisory services offered through Feltz WealthPLAN, DBA of WealthPLAN Partners. Securities offered through Securities America, Inc., Member FINRA/SIPC. Feltz WealthPLAN and Securities America are separate and unaffiliated entities.

Q3 2019 Highlights Deal or No Deal Investors Flood into Bonds Defensive Sectors Show Relative Strength

Source: Morningstar

The U.S. stock market once again led the way in the third quarter, with the S&P 500 advancing 1.7% vs. a loss of 1.8% in the MSCI ACWI ex-U.S. index. Defensive sectors, momentum stocks & large caps have shown relative strength over the past year, while bonds have benefited from a dramatic move lower in interest rates. Despite the market’s healthy recovery from the fourth quarter of 2018, we have seen investors shift their exposures heavily into defensive mode reflecting concerns over the economy’s momentum. As a result, we are seeing elevated premiums paid for defensive stocks and especially bonds.

The global economy has been slowing since the middle part of last year, but the U.S. economy has mostly withstood the headwinds thanks to the strength of the U.S. consumer. Growth is likely to slow from 3% to 2% this year, but that is still roughly in line with the average of this decade-long expansion. The Fed has done a complete 180 since last December when they increased rates for the last time. Since then, they have already cut rates twice with the market pricing in a likely third rate cut in December.

If you gauged investor sentiment and the financial media, it would seem like a recession is imminent. Sure, there are yellow flags everywhere, including the Fed cutting rates, the yield curve temporarily inverting & manufacturing gauges entering contractionary levels. Still, we think it is premature to assume the economy is going to completely roll over. The consumer (70% of the U.S. economy) is still showing strength and the Leading Economic Indicators index was still advancing as of last month.

We also take comfort in the fact that the consensus is rarely right. Given that this is the longest expansion on record, it does seem that we are overdue for a recession; however, expansions don’t simply die of old age and the cumulative growth rate of this expansion has been relatively anemic. The plow horse type growth could very well continue for several more years. It wouldn’t surprise us either way. Regardless, diversification as opposed to market timing should help investors take the emotion out of trying to time something that is inevitably unpredictable.

Deal or No Deal

The direct ramifications of this 18-month long trade war with China are hard to know for certain. But we do know that any press releases, tariff announcements or tweets regarding the trade war have led to major market movements since last January.

It does seem very likely that businesses are more apt to restrict spending in the face of such uncertainty. That could be a driver of recent capital expenditure reductions and an overall loss of confidence from CEO/CFO surveys. The Conference Board’s Measure of CEO Confidence just declined to its lowest level since Q1 2009, as an example1.

If a substantive deal does take effect in the near future, we hope it is not too late to restore business confidence and the potential disruptions to global supply chains. Coordinated central bank easing and any potential fiscal stimulus from China could also help to offset some of these headwinds, but a resolution to this trade friction would undoubtedly be the major catalyst for economic and market momentum next year.

Investors Flood into Bonds

Despite the stock market posting modest gains, investors pulled out roughly $60 billion from stock funds in the third quarter, the largest equity outflow since 2009. Bond funds took in over $118 billion while money-market funds saw a net inflow of $225 billion2. This shows that U.S. investor demand, not foreigners or the Fed, is what is driving interest rates lower. It also tells us that the stock market advancing nearly 20% this year is very heavily impacted by stock buybacks from U.S. companies.

Bond fund flows are likely being driven by investor sentiment and may be partly related to investors chasing returns over the past year, with the Bloomberg Barclays Aggregate bond index advancing over 10% vs. the 4% gain in the S&P 500. It seems counter intuitive that bonds can return 10% over the past year when the starting yield on the index last year was close to 3.5%.

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Advisory services offered through Feltz WealthPLAN, DBA of WealthPLAN Partners. Securities offered through Securities America, Inc., Member FINRA/SIPC. Feltz WealthPLAN and Securities America are separate and unaffiliated entities.

Keep in mind that the 10-year treasury yield went from 3.15% on 9/30/2018 to 1.56% on 9/30/2019. That means the temporary price appreciation contributed close to 7% or 2/3 of the return. That also means future returns are likely going to be that much lower because the starting yield for the bond market is very highly correlated to the 5-year expected return (less so the 1-year) as the chart to the right illustrates.

Investors may be attracted to the stability and short-term tailwind of bonds amidst recent volatility, but that doesn’t change the math underlying future expected returns. We remain cautious for our fixed income exposures despite recent strength.

Defensive Sectors Show Relative Strength

Over the past year, utility stocks are up 26%, real estate stocks are up 18% and consumer staples are up 15.5%3. That compares to a gain of just 4.2% in the S&P 500. Despite all three of those sectors having below-average growth expectations over the next year based on consensus estimates, they are benefiting from investor affinity towards defensive or “safety” sectors. As investors become more defensive, they will often transition to these stocks in lieu of more cyclical sectors of the market. These companies also offer the highest relative dividend yields vs. the S&P 500 and those dividends are much more attractive with the 10-year treasury yield getting cut in half over the past year.

Even outside of sector strength, investors are generally allocating towards companies with more stability in their earnings growth as this chart illustrates. Valuations, as a result, have become stretched for companies perceived to be more stable. Utilities, REITs & consumer staples companies are now trading 40%, 32% and 18% above their 20-year average forward price-to-earnings multiples. That compares to the S&P 500 which is trading just 7.6% above its 20-year average4.

That tells us two things: 1) investors are paying a high price for perceived safety and 2) there is a large part of the market that is trading with a lot of pessimism in the near-term. Factoring in how much money has poured out of stocks as a whole, and the shifting of remaining allocations to defensive equities, there remains a large contingent of other companies that are being avoided by investors fearful of a recession.

So although the market is still within a few percentage points of its all-time-high, we think there is still value to be found. That doesn’t mean investors need to be ratcheting up their risk budgets, but we think there are still some opportunities to be tactical and opportunistic within equity allocations. We also continue to believe that the math underlying future bond returns looks increasingly dire. The bond market just pulled forward a good portion of returns from the next decade, so we think it is a great time to reconsider how risk can be otherwise managed if investors have not already done so.

Todd Feltz, CFP®, CFS® Jack Holmes, CFA® President & CEO Chief Investment Officer

Sources:

1. https://www.prnewswire.com/news-releases/ceo-confidence-declined-to-lowest-level-in-a-decade-300929399.html 2. https://markets.businessinsider.com/news/stocks/traders-pull-60-billion-stocks-third-quarter-most-since-2009-2019-10-1028597189 3. https://www.morningstar.com/articles/947026/morningstars-take-on-the-third-quarter 4. JP Morgan’s Guide to the Markets, October 1, 2019

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which Investment(s) may be appropriate for you, consult your financial advisor prior to investing. Information is based on sources believed to be reliable, however, their accuracy or completeness cannot be guaranteed. Statements of forecast and trends are for informational purposes, and are not guaranteed to occur in the future. All performance referenced is historical and is no guarantee of future results. Stock investing involves risk including loss of principal. An investor cannot invest directly in an index. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk. Asset allocation does not ensure a profit or protect against a loss.

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SMC Hospital Investment Account

Snapshot ReportPrepared on: 10/30/2019 | Fund data as of 9/30/2019 | Holdings as of 09/30/2019

Prepared For: Prepared By:

SMC 2019

Wade Behlen WealthPLAN Partners Inc101 South 108 Ave2nd FloorOmaha, NE 68154

Page 1 of 30

Fund data as of 9/30/2019 | Holdings as of 09/30/2019

Analysis, search process, and layout are © 2019, Fi360, Inc. All rights reserved. The analysis and opinions generated by Fi360: (1) do not constitute professional investment advice; (2) are provided solely for informational purposes; (3) are not warranted or represented to be correct, complete, or accurate. The data source is © 2019 Morningstar, Inc. All rights reserved. The data contained herein: (1) is proprietary to Morningstar, Inc. and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar, Inc. nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Fi360_Landscape_v8_2

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25

Prepared for: SMC 2019

Standardized Performance Disclosure (Mutual Funds and ETFs only)Standardized Returns for the period ended 9/30/2019. Returns for periods of less than one year are not annualized. Standardized Returns assume reinvestment of dividends and capital gains. It depicts performance without adjusting for the effects of taxation, but are adjusted to reflect sales charges and ongoing fund expenses. If adjusted for taxation, the performance quoted would be significantly reduced. The sales charge used in the calculation was obtained from the fund's most recent prospectus and/or shareholder report available to Morningstar.

Investors should consider the investment objectives, risks, and charges and expenses of a fund carefully before investing. Prospectuses and, if available, the summary prospectuses, containing this and other information about the fund are available by contacting your financial consultant. Please read the prospectus and summary prospectus carefully before investing to make sure that the fund is appropriate for your goals and risk tolerance. The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of an investment will fluctuate so that the shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. For performance data current to the most recent month-end, please reference the Investment Company Contact Information section.

Text in bold italics indicates extended performance which is based on the performance of the investment's oldest share class, adjusted for fees. Fi360 Fiduciary Scores calculated using extended performance are shown with a colored border.

Standardized Investment Return

Investment Name

Inception

1-Year 5-Year 10-YearSince

Inception

Prospectus Expense Ratio

Load

Max Front

Max Deferred

12b-1 FeeProduct Share ClassType Net Gross

Large-Cap Equity

- -11/30/1973 -1.93 10.97 12.76 0.3314.22American Funds Growth Fund of Amer R6 (RGAGX) 05/01/2009MF 0.33

- -09/15/2005 0.21 9.53 12.82 0.198.58DFA US Core Equity 1 I (DFEOX) 09/15/2005MF 0.19

- -01/02/1997 0.00-1.70 7.05 11.04 0.818.54JHancock Disciplined Value I (JVLIX) 01/02/1997MF 0.80

- Contractual expense waiver of 0.01. Expires on 2021-7-31.

- -02/28/2003 -0.84 6.58 11.07 0.526.91JPMorgan Intrepid Value R5 (JIVRX) 05/15/2006MF 0.44


- -03/16/1994 1.00 8.69 11.95 0.677.53Neuberger Berman Sustainable Eq Instl (NBSLX) 11/28/2007MF 0.67

- -06/30/1993 1.97 14.15 15.79 0.7011.01T. Rowe Price Blue Chip Growth (TRBCX) 06/30/1993MF 0.70

- -12/30/1992 11.56 12.01 13.18 0.649.95T. Rowe Price Dividend Growth (PRDGX) 12/30/1992MF 0.64

- -11/30/1994 4.48 11.19 13.04 0.549.01T. Rowe Price U.S. Equity Research (PRCOX) 11/30/1994MF 0.50


- -08/31/1976 4.22 10.80 13.21 0.046.33Vanguard 500 Index Admiral (VFIAX) 11/13/2000MF 0.04

- -05/15/1992 13.95 11.75 13.39 0.228.88Vanguard Dividend Growth Inv (VDIGX) 05/15/1992MF 0.22

- -03/21/1988 6.51 9.62 12.93 0.188.06Vanguard Equity-Income Adm (VEIRX) 08/13/2001MF 0.18

- -11/02/1992 4.52 12.19 14.38 0.056.39Vanguard Growth Index Admiral (VIGAX) 11/13/2000MF 0.05

Mid-Cap Equity

- -02/14/1992 2.19 8.89 12.29 0.678.27Franklin Small-Mid Cap Growth Adv (FSGAX) 12/31/1996MF 0.66


- -11/13/1997 1.89 7.79 12.63 0.748.33JPMorgan Mid Cap Value R6 (JMVYX) 09/09/2016MF 0.73


- -12/29/1999 -2.75 8.62 12.25 0.278.99Nationwide Mid Cap Market Idx R6 (GMXIX) 12/29/1999MF 0.26

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Standardized Performance Disclosure (Cont.) (Mutual Funds and ETFs only)


Investment Name

Inception


Inception


Load

Max Front

Max Deferred


Mid-Cap Equity

- -12/21/1987 -3.80 8.52 12.42 0.077.84Vanguard Extended Market Index Admiral (VEXAX) 11/13/2000MF 0.07

- -08/17/2006 4.85 9.98 13.40 0.0713.28Vanguard Mid-Cap Growth Index Admiral (VMGMX) 09/27/2011MF 0.07

- -08/17/2006 4.73 9.85 13.25 0.199.10Vanguard Mid-Cap Growth Index Investor (VMGIX) 08/24/2006MF 0.19

- -08/17/2006 2.30 8.37 12.59 0.0713.62Vanguard Mid-Cap Value Index Admiral (VMVAX) 09/27/2011MF 0.07

Small-Cap Equity

- -03/03/2008 -6.44 15.53 14.69 0.8821.38Alger Small Cap Focus Y (AOFYX) 02/28/2017MF 0.85


- -12/31/1998 0.00-10.56 6.07 10.49 0.819.71American Beacon Small Cp Val Inst (AVFIX) 12/31/1998MF 0.81

- -03/11/1996 -1.15 7.73 10.60 0.828.50Franklin Small Cap Value Adv (FVADX) 12/31/1996MF 0.80


- -03/01/1993 -10.57 9.13 11.80 0.937.91Touchstone Small Company Y (SIGWX) 05/04/2007MF 0.90


- -05/21/1998 -2.16 9.62 12.98 0.198.70Vanguard Small Cap Growth Index Inv (VISGX) 05/21/1998MF 0.19

- -10/03/1960 -3.81 8.62 12.38 0.058.88Vanguard Small Cap Index Adm (VSMAX) 11/13/2000MF 0.05

Developed International Equity

- -04/16/1984 1.14 5.02 6.07 0.498.66American Funds Europacific Growth R6 (RERGX) 05/01/2009MF 0.49

- -12/22/1969 -1.88 7.56 9.73 0.839.01Invesco Oppenheimer Global Y (OGLYX) 11/17/1998MF 0.83

- -09/27/2005 -2.03 5.08 6.75 1.026.35Invesco Oppenheimer Intl Dvrs Y (OIDYX) 09/27/2005MF 0.99


- -02/25/2005 1.85 7.50 9.80 0.6011.53Janus Henderson Global Research I (JWWFX) 07/06/2009MF 0.60

- -06/12/2006 0.000.96 7.95 8.85 0.996.61JHancock International Growth I (GOGIX) 06/12/2006MF 0.98


- -12/29/1999 -1.19 3.23 4.81 0.302.74Nationwide International Index R6 (GIXIX) 12/29/1999MF 0.30

Emerging Market Equity

- -04/05/2005 -1.75 2.07 3.74 0.526.98DFA Emerging Markets Core Equity I (DFCEX) 04/05/2005MF 0.52

Real Estate

- -12/01/1999 23.26 11.17 13.47 0.6512.33DWS RREEF Real Estate Securities Instl (RRRRX) 12/01/1999MF 0.65

Long-Term Fixed Income

- -11/01/1993 10.90 3.93 5.09 0.205.68Vanguard Interm-Term Invmt-Grade Inv (VFICX) 11/01/1993MF 0.20

Intermediate Fixed Income

- -10/19/1995 9.90 2.79 2.82 0.574.82Federated Total Return Govt Bd Instl (FTRGX) 10/19/1995MF 0.33

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Investment Name

Inception


Inception


Load

Max Front

Max Deferred


Intermediate Fixed Income- Non-contractual expense waiver of 0.24. Expires on 2020-5-1.

- -10/31/1994 6.20 4.09 5.26 0.746.97Fidelity Advisor Strategic Income I (FSRIX) 07/03/1995MF 0.74

- -05/16/1991 0.004.88 2.79 6.09 0.668.71Loomis Sayles Bond Instl (LSBDX) 05/16/1991MF 0.66

- -07/17/1992 9.13 3.68 4.65 0.495.17Nationwide Core Plus Bond R6 (NWCIX) 07/17/1992MF 0.49

- -03/30/2007 6.16 5.12 8.88 1.058.20PIMCO Income Instl (PIMIX) 03/30/2007MF 1.05

- -01/29/1997 6.54 2.13 3.52 0.985.68PIMCO Real Return Instl (PRRIX) 01/29/1997MF 0.98

- -06/17/1993 10.01 3.18 5.06 0.626.33TCW Total Return Bond I (TGLMX) 06/17/1993MF 0.49


- -10/28/1991 9.90 2.74 3.15 0.205.60Vanguard Interm-Term Treasury Inv (VFITX) 10/28/1991MF 0.20

Short-Term Fixed Income

- -03/30/2011 2.39 3.88 N/Av 0.763.77PGIM Floating Rate Income R6 (PFRIX) 04/27/2015MF 0.65


- -05/11/1987 4.69 1.80 2.42 0.715.36PIMCO Low Duration Instl (PTLDX) 05/11/1987MF 0.71

- -10/07/1987 1.95 1.96 1.85 0.504.22PIMCO Short-Term Instl (PTSHX) 10/07/1987MF 0.50

International Fixed Income

- -08/02/1991 10.86 3.52 4.19 0.855.45Goldman Sachs Global Income Instl (GSGLX) 08/01/1995MF 0.69

High Yield Fixed Income

- -11/01/2002 6.61 5.54 7.91 0.568.56Federated Instl High Yield Bond Instl (FIHBX) 11/01/2002MF 0.50

- Non-contractual expense waiver of 0.06. Expires on 2020-1-1.

- -12/31/1998 4.84 5.46 8.20 0.706.87Lord Abbett High Yield I (LAHYX) 05/03/1999MF 0.70

Allocation

- -05/30/2008 4.65 5.11 7.20 0.625.43American Century One Choice 2020 I (ARBSX) 05/30/2008MF 0.57

- -08/31/2004 4.56 5.46 7.64 0.656.63American Century One Choice 2025 I (ARWFX) 08/31/2004MF 0.59

- -05/30/2008 4.37 5.82 8.11 0.675.75American Century One Choice 2030 I (ARCSX) 05/30/2008MF 0.61

- -08/31/2004 3.91 6.16 8.60 0.707.21American Century One Choice 2035 I (ARLIX) 08/31/2004MF 0.64

- -05/30/2008 3.56 6.51 9.09 0.736.33American Century One Choice 2040 I (ARDSX) 05/30/2008MF 0.66

- -08/31/2004 3.24 6.89 9.47 0.757.70American Century One Choice 2045 I (AOOIX) 08/31/2004MF 0.69

- -05/30/2008 3.10 7.11 9.69 0.786.50American Century One Choice 2050 I (ARFSX) 05/30/2008MF 0.72

- -03/31/2011 2.87 7.23 N/Av 0.798.47American Century One Choice 2055 I (ARENX) 03/31/2011MF 0.72

- -09/30/2015 2.85 N/Av N/Av 0.809.61American Century One Choice 2060 I (ARGNX) 09/30/2015MF 0.72

- -08/31/2004 4.75 4.91 6.69 0.625.76American Century One Choice In Ret I (ATTIX) 08/31/2004MF 0.57

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Investment Name

Inception


Inception


Load

Max Front

Max Deferred


Allocation

- -02/03/1989 2.77 3.69 5.53 0.889.46BlackRock Global Allocation Instl (MALOX) 02/03/1989MF 0.81

- -05/15/2006 5.58 4.55 5.96 0.555.18JPMorgan SmartRetirement Income R5 (JSIIX) 05/15/2006MF 0.52


- -11/09/1992 6.24 7.76 9.50 0.076.33Vanguard Balanced Index Adm (VBIAX) 11/13/2000MF 0.07

Alternative

- -08/17/1988 43.73 5.59 -2.81 0.47-2.07American Century Global Gold I (AGGNX) 09/28/2007MF 0.47

Other / Specialty

- -09/30/1987 10.10 15.82 15.61 0.7911.16T. Rowe Price Science & Tech (PRSCX) 09/30/1987MF 0.79

- -05/23/1984 -6.55 7.12 13.33 0.3415.79Vanguard Health Care Inv (VGHCX) 05/23/1984MF 0.34

Stable Value / Money Market

- -03/30/1990 2.24 N/Av N/Av 0.280.95Federated Government Obligs Premier (GOFXX) 01/06/2015MF 0.15


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Investment SnapshotThe Fi360 Fiduciary Score is a peer percentile ranking of an investment against a set of quantitative due diligence criteria selected to reflect prudent fiduciary management. The criteria include total returns, risk-adjusted returns, expenses, and other portfolio statistics. Investments are ranked according to their ability to meet due diligence criteria every month. The rank becomes the Fi360 Fiduciary Score. The Fi360 Fiduciary Score Average is a one-, three-, five- or ten-year rolling average of an investments Fi360 Fiduciary Score. The Fi360 Fiduciary Score represents a suggested course of action and is not intended, nor should it be used, as the sole source of information for reaching an investment decision. Visit the Glossary or fi360.com/fi360-Fiduciary-Score for more information.

Investors should consider the investment objectives, risks, and charges and expenses of a fund carefully before investing. Prospectuses and, if available, the summary prospectuses, containing this and other information about the fund are available by contacting your financial consultant. Please read the prospectus and summary prospectus carefully before investing to make sure that the fund is appropriate for your goals and risk tolerance. The performance quoted reflects the reinvestment of dividends and capital gains and is net of expenses. It does not reflect the maximum sales charges, which are generally waived for investments within qualified plans. Such charges, if applied, would reduce the performance quoted. The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of an investment will fluctuate so that the shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. For performance data current to the most recent month-end, please reference the Investment Company Contact Information section. Text in bold italics indicates extended performance which is based on the performance of the investment's oldest share class, adjusted for fees. Fi360 Fiduciary Scores calculated using extended performance are shown with a colored border.

Total Return % (% rank in peer group)

Investment Name Type 1 Yr

Prosp. Net Exp Ratio %

3-Month YTD 1-Year 3-Year 5-Year 10-YearTicker 10 Yr3 Yr 5 Yr

Fi360 Fiduciary Score®

(% rank in

peer group)

Average

Score

Large-Cap Equity

Peer Group: Large Blend

PRDGX 0 13.18 (9)12.01 (3)14.01 (9)11.56 (4)MFT. Rowe Price Dividend Growth 0 131412 0.64 (35) 2.45 22.84

VFIAX 0 13.21 (8)10.80 (12)13.36 (17)4.22 (33)MFVanguard 500 Index Admiral 0 61012 0.04 (4) 1.69 20.54

VDIGX 0 13.39 (6)11.75 (4)14.77 (4)13.95 (2)MFVanguard Dividend Growth Inv 14 212733 0.22 (12) 3.44 25.21

PRCOX 31 13.04 (14)11.19 (7)13.80 (11)4.48 (30)MFT. Rowe Price U.S. Equity Research 23 182928 0.50 (26) 1.49 21.20


DFEOX 41 12.82 (22)9.53 (44)12.00 (51)0.21 (75)MFDFA US Core Equity 1 I 32 121816 0.19 (10) 0.84 19.22

NBSLX 50 11.95 (52)8.69 (62)10.67 (71)1.00 (68)MFNeuberger Berman Sustainable Eq Instl 53 384651 0.67 (38) 2.48 16.75

# of Fund/ETF peers 1,072 1,245 1,323 1,444 1,460 1,495 1,504 1,275 978 787 1,324 1,119

1.50 19.65 3.07 12.05 9.24 12.000.80Median Fund/ETF in Large Blend

Russell 1000 TR USD 1.42 20.53 3.87 13.18 10.61 13.22

Page 6 of 30




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Investment Snapshot (Cont.)






(% rank in

peer group)

Average

Score

Peer Group: Large Growth

TRBCX 0 15.79 (5)14.15 (8)18.16 (10)1.97 (49)MFT. Rowe Price Blue Chip Growth 2 222 0.70 (25) -1.64 18.88

VIGAX 0 14.38 (22)12.19 (37)15.38 (42)4.52 (26)MFVanguard Growth Index Admiral 25 81319 0.05 (3) 2.00 24.88

RGAGX 60 12.76 (64)10.97 (57)13.10 (72)-1.93 (84)MFAmerican Funds Growth Fund of Amer R6 40 463635 0.33 (6) -2.06 15.46

# of Fund/ETF peers 1,124 1,287 1,346 1,407 1,408 1,427 1,427 1,312 1,033 783 1,347 1,185

-0.05 20.92 1.84 14.75 11.38 13.320.95Median Fund/ETF in Large Growth

Russell 1000 Growth TR USD 1.48 23.29 3.70 16.89 13.39 14.93

Peer Group: Large Value

VEIRX 0 12.93 (4)9.62 (7)11.24 (15)6.51 (16)MFVanguard Equity-Income Adm 0 543 0.18 (5) 2.26 17.51

JIVRX 30 11.07 (37)6.58 (68)10.69 (23)-0.84 (74)MFJPMorgan Intrepid Value R5 26 203037 0.44 (13) 0.54 15.67


JVLIX 43 11.04 (38)7.05 (55)10.00 (39)-1.70 (80)MFJHancock Disciplined Value I 32 172327 0.80 (44) 1.59 14.29


# of Fund/ETF peers 956 1,088 1,172 1,236 1,237 1,251 1,262 1,128 861 671 1,173 989

1.58 16.76 2.34 9.52 7.23 10.650.87Median Fund/ETF in Large Value

Russell 1000 Value TR USD 1.35 17.81 4.00 9.43 7.79 11.46

Mid-Cap Equity

Peer Group: Mid-Cap Blend

GMXIX 18 12.25 (18)8.62 (20)9.09 (45)-2.75 (58)MFNationwide Mid Cap Market Idx R6 11 534 0.26 (14) -0.18 17.63

VEXAX 38 12.42 (13)8.52 (24)9.95 (29)-3.80 (69)MFVanguard Extended Market Index Admiral 28 273533 0.07 (5) -1.61 17.57

# of Fund/ETF peers 304 360 405 431 432 436 441 372 266 203 405 321

0.37 18.32 -1.83 8.87 6.75 10.990.97Median Fund/ETF in Mid-Cap Blend

Russell Mid Cap TR USD 0.47 21.92 3.18 10.69 9.10 13.07

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(% rank in

peer group)

Average

Score

Peer Group: Mid-Cap Growth

VMGMX 48 13.40 (38)9.98 (56)12.55 (66)4.85 (37)MFVanguard Mid-Cap Growth Index Admiral 39 -2334 0.07 (2) -0.61 24.55

VMGIX 48 13.25 (41)9.85 (59)12.41 (67)4.73 (38)MFVanguard Mid-Cap Growth Index Investor 42 292436 0.19 (3) -0.66 24.45

FSGAX 65 12.29 (65)8.89 (76)11.63 (78)2.19 (57)MFFranklin Small-Mid Cap Growth Adv 43 294053 0.66 (10) -4.17 21.75


# of Fund/ETF peers 509 556 582 610 613 616 621 563 455 358 582 515

-1.25 23.86 2.91 13.77 10.36 12.891.06Median Fund/ETF in Mid-Cap Growth

Russell Mid Cap Growth TR USD -0.67 25.23 5.20 14.49 11.11 14.08

Peer Group: Mid-Cap Value

JMVYX 0 12.63 (7)7.79 (26)7.85 (44)1.89 (28)MFJPMorgan Mid Cap Value R6 38 --30 0.73 (20) 1.10 19.54


VMVAX 0 12.59 (9)8.37 (17)8.83 (21)2.30 (26)MFVanguard Mid-Cap Value Index Admiral 1 -22 0.07 (2) 1.88 20.43

# of Fund/ETF peers 319 377 396 424 424 424 425 385 289 219 397 329

1.18 18.53 -1.35 7.59 6.52 10.700.99Median Fund/ETF in Mid-Cap Value

Russell Mid Cap Value TR USD 1.22 19.46 1.60 7.81 7.55 12.29

Small-Cap Equity

Peer Group: Small Blend

VSMAX 24 12.38 (11)8.62 (23)9.62 (13)-3.81 (19)MFVanguard Small Cap Index Adm 24 102027 0.05 (3) -1.45 17.78

# of Fund/ETF peers 516 623 700 736 738 740 740 661 442 333 700 553

-1.21 14.52 -7.91 7.47 7.38 10.911.05Median Fund/ETF in Small Blend

Russell 2000 TR USD -2.40 14.17 -8.88 8.22 8.18 11.19

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(% rank in

peer group)

Average

Score

Peer Group: Small Growth

AOFYX 17 14.69 (10)15.53 (4)19.61 (3)-6.44 (49)MFAlger Small Cap Focus Y 18 --- 0.85 (16) -7.46 18.62


VISGX 48 12.98 (41)9.62 (56)12.15 (49)-2.16 (19)MFVanguard Small Cap Growth Index Inv 60 203752 0.19 (2) -2.19 21.29

SIGWX 62 11.80 (68)9.13 (63)8.83 (78)-10.57 (74)MFTouchstone Small Company Y 37 251922 0.90 (22) -3.00 11.42


# of Fund/ETF peers 562 631 655 674 676 677 680 633 489 388 655 546

-4.01 17.82 -6.62 12.11 9.87 12.621.14Median Fund/ETF in Small Growth

Russell 2000 Growth TR USD -4.17 15.34 -9.63 9.79 9.07 12.24

Peer Group: Small Value

AVFIX 14 10.49 (26)6.07 (38)5.64 (46)-10.56 (70)MFAmerican Beacon Small Cp Val Inst 13 668 0.81 (16) -1.09 13.01

FVADX 20 10.60 (23)7.73 (19)7.47 (18)-1.15 (9)MFFranklin Small Cap Value Adv 11 273732 0.80 (14) 4.25 16.78


# of Fund/ETF peers 341 393 418 433 438 439 443 396 321 225 419 358

-0.51 12.81 -8.85 5.45 5.42 9.711.13Median Fund/ETF in Small Value

Russell 2000 Value TR USD -0.57 12.81 -8.24 6.53 7.16 10.05

Developed International Equity

Peer Group: Foreign Large Blend

GIXIX 0 4.81 (43)3.23 (33)6.33 (25)-1.19 (33)MFNationwide International Index R6 0 201010 0.30 (11) -1.09 13.01

# of Fund/ETF peers 504 597 684 739 749 772 778 642 448 306 685 520

-1.34 12.20 -2.35 5.49 2.84 4.660.91Median Fund/ETF in Foreign Large Blend

MSCI ACWI Ex USA NR USD -1.79 11.55 -1.22 6.33 2.90 4.45

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(% rank in

peer group)

Average

Score

Peer Group: Foreign Large Growth

RERGX 0 6.07 (53)5.02 (43)7.38 (40)1.14 (39)MFAmerican Funds Europacific Growth R6 11 1377 0.49 (6) -1.59 15.72

GOGIX 0 8.85 (8)7.95 (9)8.71 (25)0.96 (42)MFJHancock International Growth I 3 17114 0.98 (45) -0.68 17.43


OIDYX 41 6.75 (35)5.08 (42)6.54 (58)-2.03 (73)MFInvesco Oppenheimer Intl Dvrs Y 17 2487 0.99 (46) -2.92 12.82


# of Fund/ETF peers 345 414 452 481 487 497 499 412 296 204 453 350

-1.31 16.82 0.35 6.97 4.66 6.171.03Median Fund/ETF in Foreign Large Growth

MSCI ACWI Ex USA Growth NR USD -0.84 16.20 2.03 7.36 4.86 5.81

Peer Group: World Large Stock

JWWFX 0 9.80 (26)7.50 (31)11.37 (22)1.85 (44)MFJanus Henderson Global Research I 2 192419 0.60 (10) -0.26 17.93

OGLYX 26 9.73 (27)7.56 (30)11.39 (22)-1.88 (76)MFInvesco Oppenheimer Global Y 23 101411 0.83 (27) -4.13 16.59

# of Fund/ETF peers 516 703 796 892 906 926 928 739 479 312 800 620

-0.09 16.14 1.19 8.92 6.54 8.621.02Median Fund/ETF in World Large Stock

MSCI ACWI Large Cap NR USD 0.09 16.15 1.81 10.11 6.75 8.28

Emerging Market Equity

Peer Group: Diversified Emerging Mkts

DFCEX 51 3.74 (44)2.07 (51)4.85 (57)-1.75 (68)MFDFA Emerging Markets Core Equity I 24 91013 0.52 (10) -4.18 4.96

# of Fund/ETF peers 358 666 772 852 867 881 889 736 410 184 773 523

-3.47 8.58 0.30 5.33 2.08 3.491.24Median Fund/ETF in Diversified Emerging Mkts

MSCI EM NR USD -4.24 5.88 -2.01 5.97 2.32 3.36

Real Estate

Peer Group: Real Estate

RRRRX 0 13.47 (12)11.17 (14)8.95 (19)23.26 (8)MFDWS RREEF Real Estate Securities Instl 0 672 0.65 (18) 9.36 30.17

# of Fund/ETF peers 200 244 254 272 274 276 276 244 188 139 254 206

7.42 27.66 18.23 6.96 9.49 12.291.04Median Fund/ETF in Real Estate

S&P United States REIT TR USD 7.45 25.44 17.80 6.90 9.88 12.86

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(% rank in

peer group)

Average

Score

Long-Term Fixed Income

Peer Group: Corporate Bond

VFICX 74 5.09 (67)3.93 (72)3.29 (88)10.90 (70)MFVanguard Interm-Term Invmt-Grade Inv 81 445472 0.20 (14) 1.87 9.70

# of Fund/ETF peers 123 177 185 222 223 223 223 180 115 75 185 160

2.77 12.63 11.90 4.18 4.38 5.680.65Median Fund/ETF in Corporate Bond

BBgBarc US Corp Bond TR USD 3.04 13.19 12.99 4.50 4.72 5.56

Intermediate Fixed Income

Peer Group: Inflation-Protected Bond

PRRIX 17 3.52 (6)2.13 (26)2.27 (14)6.54 (24)MFPIMCO Real Return Instl 18 263024 0.98 (71) 1.13 7.53

# of Fund/ETF peers 148 211 215 225 226 226 226 211 149 91 215 187

0.84 6.79 5.78 1.80 1.79 2.840.64Median Fund/ETF in Inflation-Protected Bond

BBgBarc US Treasury US TIPS TR USD 1.34 7.57 7.12 2.21 2.44 3.46

Peer Group: Intermediate Core-Plus Bond

NWCIX 16 4.65 (34)3.68 (24)3.24 (46)9.13 (62)MFNationwide Core Plus Bond R6 10 1844 0.49 (25) 1.82 9.05

TGLMX 54 5.06 (16)3.18 (60)2.86 (71)10.01 (33)MFTCW Total Return Bond I 42 162129 0.49 (25) 2.30 7.75


# of Fund/ETF peers 469 534 591 627 640 641 641 545 427 317 591 483

2.07 8.84 9.53 3.18 3.33 4.380.69Median Fund/ETF in Intermediate Core-Plus Bond

BBgBarc US Universal TR USD 2.12 8.79 10.06 3.23 3.62 4.13

Peer Group: Intermediate Government

FTRGX 0 2.82 (38)2.79 (7)2.39 (4)9.90 (7)MFFederated Total Return Govt Bd Instl 3 262015 0.33 (16) 2.27 7.21


VFITX 18 3.15 (17)2.74 (9)1.93 (40)9.90 (7)MFVanguard Interm-Term Treasury Inv 28 323835 0.20 (11) 1.60 6.89

# of Fund/ETF peers 200 233 235 237 237 237 237 231 184 148 235 205

1.49 5.74 7.72 1.80 2.23 2.680.71Median Fund/ETF in Intermediate Government

BBgBarc US Government TR USD 2.38 7.65 10.39 2.27 2.89 3.00

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Score

Peer Group: Multisector Bond

PIMIX 18 8.88 (2)5.12 (9)5.29 (18)6.16 (57)MFPIMCO Income Instl 4 -12 1.05 (59) -0.11 5.39

FSRIX 30 5.26 (52)4.09 (28)4.21 (42)6.20 (55)MFFidelity Advisor Strategic Income I 23 252510 0.74 (31) 0.87 9.06

LSBDX 55 6.09 (25)2.79 (72)3.92 (55)4.88 (85)MFLoomis Sayles Bond Instl 45 294043 0.66 (22) 0.80 8.96

# of Fund/ETF peers 175 284 316 335 338 345 350 298 189 101 316 229

1.28 8.87 6.42 4.02 3.51 5.310.96Median Fund/ETF in Multisector Bond

BBgBarc US Universal TR USD 2.12 8.79 10.06 3.23 3.62 4.13

Short-Term Fixed Income

Peer Group: Bank Loan

PFRIX 0 N/Av3.88 (12)4.16 (22)2.39 (40)MFPGIM Floating Rate Income R6 0 --4 0.65 (10) 0.66 6.25


# of Fund/ETF peers 115 234 241 252 252 253 253 231 157 63 241 208

0.83 6.11 2.21 3.68 3.32 4.590.98Median Fund/ETF in Bank Loan

S&P/LSTA Leveraged Loan TR 0.99 6.79 3.10 4.52 3.98 5.21

Peer Group: Short-Term Bond

PTLDX 51 2.42 (33)1.80 (51)2.17 (41)4.69 (42)MFPIMCO Low Duration Instl 58 425548 0.71 (59) 1.01 4.16

# of Fund/ETF peers 397 498 530 566 578 581 586 514 357 275 530 428

0.76 4.00 4.54 2.01 1.81 2.110.64Median Fund/ETF in Short-Term Bond

BBgBarc US Govt/Credit 1-3 Yr TR USD 0.69 3.41 4.63 1.81 1.58 1.52

Peer Group: Ultrashort Bond

PTSHX 34 1.85 (16)1.96 (8)2.37 (9)1.95 (92)MFPIMCO Short-Term Instl 23 879 0.50 (66) 0.73 2.30

# of Fund/ETF peers 93 167 180 205 205 212 213 163 101 54 180 125

0.63 2.40 2.78 1.91 1.41 1.180.40Median Fund/ETF in Ultrashort Bond

BBgBarc Govt/Corp 1 Yr Duration TR USD 0.59 2.45 3.31 1.68 1.25 0.95

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Score

International Fixed Income

Peer Group: World Bond-USD Hedged

GSGLX 54 4.19 (59)3.52 (56)3.36 (59)10.86 (40)MFGoldman Sachs Global Income Instl 39 231930 0.69 (46) 2.28 9.53

# of Fund/ETF peers 52 73 80 97 103 105 105 73 42 37 80 63

2.33 9.26 10.33 3.58 3.70 4.380.73Median Fund/ETF in World Bond-USD Hedged

BBgBarc Global Aggregate TR Hdg USD 2.59 8.75 10.64 3.65 4.12 4.16

High Yield Fixed Income

Peer Group: High Yield Bond

FIHBX 0 7.91 (9)5.54 (5)5.61 (30)6.61 (21)MFFederated Instl High Yield Bond Instl 0 446 0.50 (11) 1.37 11.86


LAHYX 21 8.20 (4)5.46 (7)5.72 (24)4.84 (62)MFLord Abbett High Yield I 15 1246 0.70 (28) 0.33 11.99

# of Fund/ETF peers 480 618 681 728 733 741 747 646 447 328 681 545

1.23 10.73 5.30 5.21 4.24 6.930.88Median Fund/ETF in High Yield Bond

ICE BofAML US High Yield TR USD 1.22 11.50 6.30 6.07 5.36 7.85

Allocation

Peer Group: Allocation--50% to 70% Equity

VBIAX 0 9.50 (11)7.76 (7)8.96 (12)6.24 (17)MFVanguard Balanced Index Adm 0 942 0.07 (1) 1.70 15.59

# of Fund/ETF peers 541 660 702 725 725 729 734 688 520 406 702 615

0.88 13.41 3.73 6.99 5.60 7.851.00Median Fund/ETF in Allocation--50% to 70% Equity

Morningstar Mod Tgt Risk TR USD 0.91 13.10 5.40 7.43 5.90 7.50

Peer Group: Target-Date 2020

ARBSX 53 7.20 (46)5.11 (56)6.06 (60)4.65 (57)MFAmerican Century One Choice 2020 I 37 -2234 0.57 (38) 1.13 12.11

# of Fund/ETF peers 141 194 222 253 253 253 253 203 140 59 222 170

1.00 11.84 4.85 6.26 5.21 7.140.68Median Fund/ETF in Target-Date 2020

Morningstar Lifetime Mod 2020 TR USD 1.40 13.27 6.53 6.78 5.57 7.64

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Score


ARWFX 48 7.64 (63)5.46 (64)6.50 (75)4.56 (43)MFAmerican Century One Choice 2025 I 53 283748 0.59 (40) 1.16 12.90

# of Fund/ETF peers 115 182 209 239 239 239 240 191 118 39 209 157




ARCSX 46 8.11 (52)5.82 (65)6.99 (77)4.37 (28)MFAmerican Century One Choice 2030 I 50 -3548 0.61 (38) 1.17 13.67

# of Fund/ETF peers 134 187 215 245 245 245 251 199 136 59 215 166




ARLIX 48 8.60 (52)6.16 (65)7.46 (85)3.91 (17)MFAmerican Century One Choice 2035 I 55 283853 0.64 (41) 1.06 14.39

# of Fund/ETF peers 109 176 203 233 233 233 233 188 115 39 203 154




ARDSX 49 9.09 (32)6.51 (56)7.97 (79)3.56 (16)MFAmerican Century One Choice 2040 I 43 -2844 0.66 (43) 0.97 15.03

# of Fund/ETF peers 134 187 215 245 245 245 245 199 136 59 215 166




AOOIX 27 9.47 (22)6.89 (41)8.46 (69)3.24 (12)MFAmerican Century One Choice 2045 I 33 192640 0.69 (48) 0.95 15.88

# of Fund/ETF peers 108 176 203 233 233 233 233 188 114 36 203 154



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Score


ARFSX 26 9.69 (17)7.11 (33)8.82 (53)3.10 (15)MFAmerican Century One Choice 2050 I 25 -1727 0.72 (48) 0.87 16.58

# of Fund/ETF peers 109 187 215 245 245 245 245 199 135 23 215 166




ARENX 0 N/Av7.23 (29)8.95 (48)2.87 (18)MFAmerican Century One Choice 2055 I 25 -1525 0.72 (51) 0.87 16.76

# of Fund/ETF peers 16 170 200 233 233 233 233 186 77 3 200 134



Peer Group: Target-Date 2060+

ARGNX 33 N/AvN/Av9.02 (52)2.85 (18)MFAmerican Century One Choice 2060 I 46 --- 0.72 (52) 0.85 16.98

# of Fund/ETF peers 0 42 146 222 222 261 261 84 0 0 146 9

0.16 15.88 1.85 9.09 7.29 N/Av0.71Median Fund/ETF in Target-Date 2060+


Peer Group: Target-Date Retirement

JSIIX 16 5.96 (18)4.55 (24)5.42 (21)5.58 (63)MFJPMorgan SmartRetirement Income R5 19 6910 0.52 (32) 1.34 11.16


ATTIX 28 6.69 (3)4.91 (11)5.87 (12)4.75 (83)MFAmerican Century One Choice In Ret I 18 9810 0.57 (39) 1.15 12.03

# of Fund/ETF peers 129 157 176 198 198 198 198 165 122 60 176 137

1.26 10.30 5.87 4.64 4.00 5.330.67Median Fund/ETF in Target-Date Retirement

Morningstar Lifetime Mod Incm TR USD 0.87 9.72 5.20 4.98 4.18 5.60

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Average

Score

Peer Group: World Allocation

MALOX 45 5.53 (66)3.69 (53)5.28 (52)2.77 (47)MFBlackRock Global Allocation Instl 32 252225 0.81 (17) 0.32 10.93

# of Fund/ETF peers 249 372 416 461 470 475 478 396 266 153 416 335

0.27 11.07 2.52 5.35 3.76 6.031.10Median Fund/ETF in World Allocation

Morningstar Gbl Allocation TR USD 0.47 12.30 4.23 7.00 5.52 6.78

Alternative

Peer Group: Equity Precious Metals

AGGNX 0 -2.81 (37)5.59 (15)0.67 (4)43.73 (12)MFAmerican Century Global Gold I 0 232220 0.47 (8) 4.45 26.01

# of Fund/ETF peers 61 74 75 75 75 75 75 71 57 51 75 62

4.21 26.17 36.88 -2.27 3.36 -3.191.17Median Fund/ETF in Equity Precious Metals

MSCI World/Metals & Mining NR USD -8.88 9.71 -0.31 8.68 0.25 -1.54

Other / Specialty

Peer Group: Health

VGHCX 40 13.33 (60)7.12 (49)6.18 (66)-6.55 (47)MFVanguard Health Care Inv 48 292837 0.34 (7) -1.53 5.21

# of Fund/ETF peers 121 132 142 147 147 151 160 137 113 99 142 126

-4.55 7.56 -7.49 7.75 6.86 14.070.92Median Fund/ETF in Health

S&P 1500 Health Care TR -2.37 5.82 -4.32 9.98 9.42 14.61

Peer Group: Technology

PRSCX 50 15.61 (44)15.82 (54)16.90 (73)10.10 (15)MFT. Rowe Price Science & Tech 51 242331 0.79 (36) 2.28 28.77

# of Fund/ETF peers 181 192 205 234 237 243 246 196 169 148 205 181

-0.96 25.03 2.95 18.86 16.05 15.470.99Median Fund/ETF in Technology

Morningstar US Technology TR USD 2.94 28.40 5.27 20.72 16.60 16.10

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Score

Stable Value / Money Market

Peer Group: Money Market Taxable

GOFXX 0 N/AvN/Av1.43 (6)2.24 (6)MFFederated Government Obligs Premier 0 --- 0.15 (7) 0.54 1.69


# of Fund/ETF peers 404 451 526 568 569 574 585 455 395 0 526 414

0.45 1.47 1.95 1.13 0.68 0.340.42Median Fund/ETF in Money Market Taxable

USTREAS T-Bill Auction Ave 3 Mon 0.51 1.73 2.34 1.61 1.02 0.54

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Peer Group Definitions / Risk Disclosures Allocation--50% to 70% EquityFunds in allocation categories seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These portfolios are dominated by domestic holdings and have equity exposures between 50% and 70%.

Bank LoanBank-loan portfolios primarily invest in floating-rate bank loans and floating-rate investment-grade securities instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark such as the London Interbank Offered Rate, or LIBOR.

Corporate BondCorporate bond portfolios concentrate on investment-grade bonds issued by corporations in U.S. dollars, which tend to have more credit risk than government or agency-backed bonds. These portfolios hold more than 65% of their assets in corporate debt, less than 40% of their assets in non-U.S. debt, less than 35% in below-investment-grade debt, and durations that typically range between 75% and 150% of the three-year average of the effective duration of the Morningstar Core Bond Index.

Diversified Emerging MktsDiversified emerging-markets portfolios tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These portfolios invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets.

Equity Precious MetalsPrecious metals portfolios focus on mining stocks, though some do own small amounts of gold bullion. Most portfolios concentrate on gold-mining stocks, but some have significant exposure to silver-, platinum-, and base-metal-mining stocks as well. Precious-metals companies are typically based in North America, Australia, or South Africa.

Foreign Large BlendForeign large-blend portfolios invest in a variety of big international stocks. Most of these portfolios divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These portfolios primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios typically will have less than 20% of assets invested in U.S. stocks.

Foreign Large GrowthForeign large-growth portfolios focus on high-priced growth stocks, mainly outside of the United States. Most of these portfolios divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These portfolios primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). These portfolios typically will have less than 20% of assets invested in U.S. stocks.

HealthHealth portfolios focus on the medical and health-care industries. Most invest in a range of companies, buying everything from pharmaceutical and medical-device makers to HMOs, hospitals, and nursing homes. A few portfolios concentrate on just one industry segment, such as service providers or biotechnology firms.

High Yield BondHigh-yield bond portfolios concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These portfolios generally offer higher yields than other types of portfolios, but they are also more vulnerable to economic and credit risk. These portfolios primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below.

Inflation-Protected BondInflation-protected bond portfolios invest primarily in debt securities that adjust their principal values in line with the rate of inflation. These bonds can be issued by any organization, but the U.S. Treasury is currently the largest issuer for these types of securities.

Intermediate Core-Plus BondIntermediate-term core-plus bond portfolios invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index.

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Peer Group Definitions / Risk Disclosures (Cont.)Intermediate GovernmentIntermediate-government portfolios have at least 90% of their bond holdings in bonds backed by the U.S. government or by government-linked agencies. This backing minimizes the credit risk of these portfolios, as the U.S. government is unlikely to default on its debt. These portfolios have durations typically between 3.5 and six years. Consequently, the group's performance--and its level of volatility--tends to fall between that of the short government and long government bond categories. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index (MCBI) in determing duration assignment. Intermediate is defined as 75% to 125% of the 3 year average effective duration of the MCBI.

Large BlendLarge-blend portfolios are fairly representative of the overall U.S. stock market in size, growth rates, and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large-cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500 Index.

Large GrowthLarge-growth portfolios invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Most of these portfolios focus on companies in rapidly expanding industries.

Large ValueLarge-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large-cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

Mid-Cap BlendThe typical mid-cap blend portfolio invests in U.S. stocks of various sizes and styles, giving it a middle-of-the-road profile. Most shy away from high-priced growth stocks, but aren't so price-conscious that they land in value territory. The U.S. mid-cap range for market capitalization typically falls between $1 billion-$8 billion and represents 20% of the total capitalization of the U.S. equity market. The blend style is assigned to portfolios where neither growth nor value characteristics predominate.

Mid-Cap GrowthSome mid-cap growth portfolios invest in stocks of all sizes, thus leading to a mid-cap profile, but others focus on midsize companies. Mid-cap growth portfolios target U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. The U.S. mid-cap range for market capitalization typically falls between $1 billion-$8 billion and represents 20% of the total capitalization of the U.S. equity market. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).

Mid-Cap ValueSome mid-cap value portfolios focus on medium-size companies while others land here because they own a mix of small-, mid-, and large-cap stocks. All look for U.S. stocks that are less expensive or growing more slowly than the market. The U.S. mid-cap range for market capitalization typically falls between $1 billion-$8 billion and represents 20% of the total capitalization of the U.S. equity market. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

Money Market TaxableThese portfolios invest in short-term money market securities in order to provide a level of current income that is consistent with the preservation of capital.An investment in money market securities is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the portfolio seeks to preserve the value of your investment, it is possible to lose money by investing in money market securities.

Multisector BondMultisector bond portfolios seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds, and high-yield U.S. debt securities. These portfolios typically hold 35% to 65% of bond assets in securities that are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below.

Real EstateReal estate portfolios invest primarily in real estate investment trusts of various types. REITs are companies that develop and manage real estate properties. There are several different types of REITs, including apartment, factory-outlet, health-care, hotel, industrial, mortgage, office, and shopping center REITs. Some portfolios in this category also invest in real estate operating companies.

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Peer Group Definitions / Risk Disclosures (Cont.)Short-Term BondShort-term bond portfolios invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of one to 3.5 years. These portfolios are attractive to fairly conservative investors, because they are less sensitive to interest rates than portfolios with longer durations. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index (MCBI) in determing duration assignment. Short-term is defined as 25% to 75% of the 3 year average effective duration of the MCBI.

Small BlendSmall-blend portfolios favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small-cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate.

Small GrowthSmall-growth portfolios focus on faster-growing companies whose shares are at the lower end of the market-capitalization range. These portfolios tend to favor companies in up-and-coming industries or young firms in their early growth stages. Because these businesses are fast-growing and often richly valued, their stocks tend to be volatile. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small-cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).

Small ValueSmall-value portfolios invest in small U.S. companies with valuations and growth rates below other small-cap peers. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small-cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

Target-Date 2020Target-date portfolios provide diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind (in this case, the years 2016-2020) for retirement. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Management adjusts the allocation among asset classes to more-conservative mixes as the target date approaches, following a preset glide path. A target-date portfolio is part of a series of funds offering multiple retirement dates to investors.





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Peer Group Definitions / Risk Disclosures (Cont.)Target-Date 2045Target-date portfolios provide diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind (in this case, the years 2041-2045) for retirement. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Management adjusts the allocation among asset classes to more-conservative mixes as the target date approaches, following a preset glide path. A target-date portfolio is part of a series of funds offering multiple retirement dates to investors.


Target-Date 2055Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind (in this case, the years 2051-2055) for retirement. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Management adjusts the allocation among asset classes to more-conservative mixes as the target date approaches, following a preset glide path. A target-date portfolio is part of a series of funds offering multiple retirement dates to investors.

Target-Date 2060+Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind (in this case, the years 2056-2060 and beyond) for retirement. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Management adjusts the allocation among asset classes to more-conservative mixes as the target date approaches, following a preset glide path. A target-date portfolio is part of a series of funds offering multiple retirement dates to investors.

Target-Date RetirementTarget-Date Retirement portfolios provide a mix of stocks, bonds, and cash for those investors already in or entering retirement. These portfolios tend to be managed to more of a conservative asset-allocation strategy. These portfolios aim to provide investors with steady income throughout retirement.

TechnologyTechnology portfolios buy high-tech businesses in the U.S. or outside of the U.S. Most concentrate on computer, semiconductor, software, networking, and Internet stocks. A few also buy medical-device and biotechnology stocks and some concentrate on a single technology industry.

Ultrashort BondUltrashort-bond portfolios invest primarily in investment-grade U.S. fixed-income issues and have durations typically of less than one year. This category can include corporate or government ultrashort bond portfolios, but it excludes international, convertible, multisector, and high-yield bond portfolios. Because of their focus on bonds with very short durations, these portfolios offer minimal interest-rate sensitivity and therefore low risk and total return potential. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index in determining duration assignment. Ultrashort is defined as 25% of the three-year average effective duration of the MCBI.

World AllocationWorld-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these portfolios do explore the whole world, most of them focus on the U.S., Canada, Japan, and the larger markets in Europe. They should have less than 50% of their assets in emerging markets. These portfolios typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non-U.S. stocks or bonds.

World Bond-USD HedgedUSD hedged portfolios typically invest 40% or more of their assets in fixed-income instruments issued outside of the U.S. These portfolios invest primarily in investment-grade rated issues, but their strategies can vary. Some follow a conservative approach, sticking with high-quality bonds from developed markets. Others are more adventurous, owning some lower-quality bonds from developed or emerging markets. Some portfolios invest exclusively outside the U.S., while others invest in both U.S. and nonU.S. bonds. Funds in this category hedge most of their non-U.S.-dollar currency exposure back to the U.S. dollar.

World Large StockWorld-stock portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in the U.S., Europe, and Japan, with the remainder divided among the globe's smaller markets. These portfolios typically have 20%-60% of assets in U.S. stocks.

Investment RiskAlternative InvestmentsAlternative investments may not be suitable for all investors and should be considered as an investment for the risk capital portion of the investor’s portfolio. The strategies employed in the management of alternative investments may accelerate the velocity of potential losses.

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Peer Group Definitions / Risk Disclosures (Cont.)BondsBonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change in price.

CommoditiesThe investor should note that commodities investing is generally considered speculative because of the significant potential for investment loss. Their markets are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising.

Foreign Securities Funds/Emerging Market FundsThe investor should note that funds that invest in foreign securities involve special additional risks. These risks include, but are not limited to, currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets may accentuate these risks.

High-Yield Bond FundsThe investor should note that funds that invest in lower-rated debt securities (commonly referred to as junk bonds) involve additional risks because of the lower credit quality of the securities in the portfolio. The investor should be aware of the possible higher level of volatility, and increased risk of default.

Mid Cap FundsThe investor should note that funds that invest in companies with market capitalizations below $10 billion involve additional risks.The securities of these companies may be more volatile and less liquid than the securities of larger companies.

Non-Diversified FundsThe investor should note that funds that invest more of their assets in a single issuer involve additional risks, including share price fluctuations, because of the increased concentration of investments.

Real Estate Investment TrustsInvesting in Real Estate Investment Trusts (REITs) involves special risks such as potential illiquidity and may not be suitable for all investors. There is no assurance that the investment objectives of any program will be attained.

Sector FundsThe investor should note that funds that invest exclusively in one sector or industry involve additional risks. The lack of industry diversification subjects the investor to increased industry-specific risks.

Small Cap FundsThe investor should note that funds that invest in stocks of small companies involve additional risks. Smaller companies typically have a higher risk of failure, and are not as well established as larger blue-chip companies. Historically, smaller-company stocks have experienced a greater degree of market volatility than the overall market average.

Tax-Free Municipal Bond FundsThe investor should note that the income from tax-free municipal bond funds may be subject to state and local taxation and the Alternative Minimum Tax.

Value InvestmentsValue investments can perform differently from the market as a whole. They can remain undervalued by the market for long periods of time.

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Index Definitions BBgBarc Global Aggregate TR Hdg USD

The index measures the performance of global investment grade fixed-rate debt markets, including the U.S. Aggregate, the Pan-European Aggregate, the Asian-Pacific Aggregate, Global Treasury, Eurodollar, Euro-Yen, Canadian, and Investment Grade 144A index-eligible securities.

BBgBarc Govt/Corp 1 Yr Duration TR USD

The index measures the performance of investment grade, U.S. denominated, fixed-rate securities excluding STRIPS, TIPS and floaters. Its minimum index rating is A3 and the max maturity is 5 years.

BBgBarc US Corp Bond TR USD

The index measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements.

BBgBarc US Government TR USD

The index measures the performance of the U.S. Treasury and U.S. Agency Indices, including Treasuries and U.S. agency debentures. It is a component of the U.S. Government/Credit Index and the U.S. Aggregate Index.

BBgBarc US Govt/Credit 1-3 Yr TR USD

The index measures the performance of non-securitized component of the U.S. Aggregate Index with maturities of 1-3 years,including Treasuries, government-related issues and corporates. It is a subset of the U.S. Aggregate Index.

BBgBarc US Treasury US TIPS TR USD

The index measures the performance of rules-based, market value-weighted inflation-protected securities issued by the U.S. Treasury. It is a subset of the Global Inflation-Linked Index (Series-L).

BBgBarc US Universal TR USD

The index measures the performance of USD-denominated, taxable bonds that are rated either investment grade or high-yield. It represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index.

ICE BofAML US High Yield TR USD

The index measures the performance of short-term US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. It is capitalization-weighted.

Morningstar Gbl Allocation TR USD

The index measures the performance of a multi-asset class portfolio of global equities, global bonds and cash. This portfolio is held in a static allocation that is appropriate for investors who seek average exposure to global equity market risk and returns.

Morningstar Lifetime Mod 2020 TR USD

The index measures the performance of a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in proportions appropriate for a US investor who has a target maturity date of 2020. The Moderate risk profile is for investors who are comfortable with average exposure to equity market volatility.





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Index Definitions (Cont.)Morningstar Lifetime Mod 2035 TR USD












Morningstar Lifetime Mod Incm TR USD

The index measures the performance of a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in proportions appropriate for a US investor who has a target of moderate income. The Moderate risk profile is for investors who are comfortable with average exposure to equity market volatility.

Morningstar Mod Tgt Risk TR USD

The Morningstar Target Risk Index family is designed to meet the needs of investors who would like to maintain a target level of equity exposure through a portfolio diversified across equities, bonds and inflation-hedged instruments. The Morningstar Moderate Target Risk Index seeks approximately 60% exposure to global equity markets.

Morningstar US Technology TR USD

The index measures the performance of companies engaged in the design, development, and support of computer operating systems and applications. This sector also includes companies that provide computer technology consulting services. Also includes companies engaged in the manufacturing of computer equipment, data storage products, networking products, semiconductors, and components.

MSCI ACWI Ex USA Growth NR USD

The index measures the performance of the growth large and mid cap segments of the particular regions, excluding USA equity securities, including developed and emerging market. It is free float-adjusted market-capitalization weighted.

MSCI ACWI Ex USA NR USD

The index measures the performance of the large and mid cap segments of the particular regions, excluding USA equity securities, including developed and emerging market. It is free float-adjusted market-capitalization weighted.

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Index Definitions (Cont.)MSCI ACWI Large Cap NR USD

The index measures the performance of large cap representation across Developed Markets (DM) and Emerging Markets (EM) countries equity securities. The index is free float-adjusted market capitalization weighted, and covers about 70% of the free float-adjusted market capitalization in each country.

MSCI EM NR USD

The index measures the performance of the large and mid cap segments of emerging market equity securities. It is free float-adjusted market-capitalization weighted.

MSCI World/Metals & Mining NR USD

The index measures the performance of the large and mid cap metals and mining (industry) segments of world equity securities. It is constructed using GICS-Global Industry Classification Standard. The index is free float-adjusted market-capitalization weighted.

Russell 1000 Growth TR USD

The index measures the performance of the large-cap growth segment of the US equity securities. It includes the Russell 1000 index companies with higher price-to-book ratios and higher forecasted growth values. It is market-capitalization weighted. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.

Russell 1000 TR USD

The index measures the performance of the large-cap segment of the US equity securities. It is a subset of the Russell 3000 index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership.

Russell 1000 Value TR USD

The index measures the performance of the large-cap value segment of the US equity securities. It includes the Russell 1000 index companies with lower price-to-book ratios and lower expected growth values. It is market-capitalization weighted.Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.

Russell 2000 Growth TR USD

The index measures the performance of small-cap growth segment of the US equity universe. It includes those Russell 2000 companies with higher price-to-value ratios and higher forecasted growth values. It is market-capitalization weighted. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.

Russell 2000 TR USD

The index measures the performance of the small-cap segment of the US equity universe. It is a subset of the Russell 3000 and includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.

Russell 2000 Value TR USD

The index measures the performance of small-cap value segment of the US equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. It is market-capitalization weighted. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.

Russell Mid Cap Growth TR USD

The index measures the performance of the mid-cap growth segment of the US equity universe. It includes Russell midcap index companies with higher price-to-book ratios and higher forecasted growth values. It is market-capitalization weighted. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.

Russell Mid Cap TR USD

The index measures the performance of the mid-cap segment of the US equity universe. It is a subset of Russell 1000 index and includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The index represents approximately 31% of the total market capitalization of the Russell 1000 companies.

Russell Mid Cap Value TR USD

The index measures the performance of the mid-cap value segment of the US equity universe. It includes Russell midcap index companies with lower price-to-book ratios and lower forecasted growth values. It is market-capitalization weighted.

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Index Definitions (Cont.)S&P 1500 Health Care TR

The index measures the performance of health care(sector) segment of US equity securities. It comprises those companies included in the S&P Composite 1500 that are classified as members of the Global Industry Classification Standard(GICS) Health Care (sector).

S&P United States REIT TR USD

The index measures the performance of investable universe of pubilcly traded real estate investment trusts domiciled in the United States.

S&P/LSTA Leveraged Loan TR

The index measures the performance of 100 loan facilities drawn from the S&P/LSTA (Loan Syndications and Trading Association) Leveraged Loan Index (LLI). Standard & Poors chooses these based on market weightings, spreads, and interest payments of the largest facilities in the leveraged loan market.

USTREAS T-Bill Auction Ave 3 Mon

The index measures the performance of the average investment rate of US T-Bills securities with the maturity of 3 months.

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Glossary 12b-1 Fee

Maximum annual charge deducted from fund assets to pay for distribution and marketing costs. Although usually set on a percentage basis, this amount will occasionally be a flat figure. This information is taken directly from the fund's prospectus, and includes distribution, service and other expenses incurred by the fund. Morningstar lists the maximum amount. Some 12b-1 fees are something of a hidden charge, because they are taken out of the NAV. Morningstar breaks the 12b-1 amount out of the expense ratio so investors know how much they're paying. (Description provided by Morningstar)

Broad Asset Class

A term used to group funds with similar categories and investing styles. (Description provided by fi360)

Deferred Load

This is also known as a back-end sales charge, and it is imposed when investors redeem shares. The percentage charged generally declines the longer shares are held, and it is usually applied to the lower of the beginning price or ending price. This charge is often coupled with higher 12b-1 fees in B or C share classes as an alternative to a traditional front-end load fund. (Description provided by Morningstar)

Expense Ratio - Prospectus Gross

Gross Expense Ratio represents the total gross expenses (net expenses with waivers added back in) divided by the fund's average net assets. If it is not equal to the net expense ratio, the gross expense ratio portrays the fund's expenses had the fund not waived a portion, or all, of its fees. Thus, to some degree, it is an indication of fee contracts. Some fee waivers have an expiration date; other waivers are in place indefinitely. (Description provided by Morningstar)

Expense Ratio - Prospectus Net

The percentage of fund assets used to pay for operating expenses and management fees, including 12b-1 fees, administrative fees, and all other asset-based costs incurred by the fund, except brokerage costs. Fund expenses are reflected in the fund's NAV. Sales charges are not included in the expense ratio. The expense ratio for fund of funds is the aggregate expense ratio as defined as the sum of the wrap or sponsor fees plus the estimated weighted average of the underlying fund fees. (Description provided by Morningstar)

fi360 Fiduciary Score

The fi360 Fiduciary Score® is a peer percent ranking of an investment against a set of quantitative due diligence criteria selected to reflect prudent fiduciary management. The fi360 Fiduciary Score® is calculated on a monthly basis for investments with at least a three year history. Note: Group Retirement Plan Annuities (GRPAs) are ranked in a peer group that includes GRPAs, Mutual Funds and ETFs. Prior to 9/30/2013 only Mutual Funds and ETFs were used to construct the peer group. (Description provided by fi360)

fi360 Fiduciary Score« Average

The fi360 Fiduciary Score Average is a one-, three-, five- or ten-year rolling average of an investment's fi360 Fiduciary Score. The Average Score is calculated on a monthly basis. Since the Average Score is a rolling average of the historical fi360 Fiduciary Score, an investment needs to have the requisite amount of Fiduciary Score calculations for each Average Score. (Description provided by fi360)

fi360 Fiduciary Score« Methodology

The fi360 Fiduciary Score® is a peer percent ranking of an investment against a set of quantitative due diligence criteria selected to reflect prudent fiduciary management. For each investment with at least a three-year history, fi360 calculates the fi360 Fiduciary Score based on the following due diligence criteria: regulatory oversight, minimum track record, stability of the organization, assets in the investment, composition consistency with asset class, style consistency, expense ratio/fees relative to peers, risk-adjusted performance relative to peers, and performance relative to peers. Investments are evaluated at the conclusion of each month. If an investment does not meet an individual due diligence criterion, points are awarded. Investments that satisfy all of the due diligence criteria receive a fi360 Fiduciary Score of 0. Every other investment is given a Score of 1-100 based on their point total, and representing their percentile ranking within their peer group. The fi360 Fiduciary Score Average is a one-, three-, five- or ten-year rolling average of an investments fi360 Fiduciary Score. The Average Score is also calculated on a monthly basis. The fi360 Fiduciary Score represents a suggested course of action and is not intended, nor should it be used, as the sole source of information for reaching an investment decision.Visit fi360.com/fi360-Fiduciary-Score for the complete methodology document. (Description provided by fi360)

Front-End Load

The initial, or front-end, sales charge is a one-time deduction from an investment made into the fund. The amount is generally relative to the amount of the investment, so that larger investments incur smaller rates of charge. The sales charge serves as a commission for the broker who sold the fund. A fund's potential fees and sales charges are an important factor to consider before making an investment. The load fee compensates the broker or financial planner for the service of providing professional investment advice. (Description provided by Morningstar)

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Glossary (Cont.)Fund Family

A company which offers mutual funds. Generally speaking, the company name is included in the official fund name. (Description provided by Morningstar)

Fund Name

The fund's official name, or an abbreviation thereof, as stated in the fund's prospectus. Morningstar attempts to limit the extent to which fund name abbreviation is made by keeping the family name or first word intact whenever possible. As a general rule, the words Fund, Shares, Class, Series, Trust (not including class designation), and articles at the beginning of a fund's name are omitted. They appear, however, in cases where their omission could confuse two funds or groups. The fund name is taken directly from the prospectus. The names normally do not change, unless the fund itself changes its name. (Description provided by Morningstar)

Index

A collection of securities chosen to represent a specific investment area. Common indexes include the Dow Jones Industrial Average, the S&P 500, and the NASDAQ Composite. (Description provided by Morningstar)

Investment Type

The following abbreviations are used to identify an investment type. MF - Mutual Fund, ETF - Exchange Traded Fund, VA - Variable Annuity, SMA - Seprately Managed Account, GRPA - Group Retirement Plan Annuity (Description provided by fi360)

Median Mutual Fund/ETF Manager

The median manager for a given data point is calculated by ranking the managers (investments) within a given peer group on a particular data point from best to worst.The manager that represents the 50th percentile of the ranking becomes the median manager for the group. (Description provided by fi360)

Number of investments in Peer Group

A count of the number of investments within a specific peer group for a particular data point such as 1yr return or Alpha. This number represents the total number of investments used to calculate the bar charts and rankings for each data point.(Note: Group Retirement Plan Annuities (GRPAs) are ranked in a peer group that includes GRPAs, Mutual Funds and ETFs. Prior to 9/30/2013 only Mutual Funds and ETFs were used to construct the peer group. (Description provided by fi360)

Ticker

The NASDAQ assigned symbol commonly used to locate the fund on electronic price-quoting systems. Ticker information is provided by NASDAQ. Morningstar receives daily internet transmissions detailing ticker as well as fund-name changes, plus a listing of any funds that have been recently added or deleted from NASDAQ listings. The ticker symbol itself is designated by the fund company. Thus, tickers do not always follow a uniform pattern. (Description provided by Morningstar)

Total Return - Funds

Expressed in percentage terms, Morningstar's calculation of total return is determined each month by taking the change in monthly net asset value, reinvesting all income and capital-gains distributions during that month, and dividing by the starting NAV. Reinvestments are made using the actual reinvestment NAV, and daily payoffs are reinvested monthly. Unless otherwise noted, Morningstar does not adjust total returns for sales charges (such as front-end loads, deferred loads and redemption fees), preferring to give a clearer picture of a fund's performance. The total returns do account for management, administrative, 12b-1 fees and other costs taken out of fund assets. Total returns for periods longer than one year are expressed in terms of compounded average annual returns (also known as geometric total returns), affording a more meaningful picture of fund performance than non-annualized figures. (Description provided by Morningstar)

Total Return - Load-Adjusted

Expressed as a percentage, this return is adjusted for front-end loads, deferred loads and redemption fees, but not taxes. For investments with front-end loads, the full amount of the load is deducted. For deferred loads and redemption fees, the percentage charged often declines the longer the shares are held. Morningstar adjusts the deferred load for each time period accordingly when making this calculation. (Description provided by Morningstar)

Total Return - Percentile Rank

This is the investment's total-return percentile rank 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 investment in a category will always receive a rank of 1. Rankings may vary among share classes and are based on historical total returns, which are not indicative of future results. (Description provided by Morningstar)

Watch List

The watch list is a list of investments that fail to meet the stated due diligence requirements used to periodically monitor the investment. The due diligence requrements are typically outlined in an Investment Policy Statement. (Description provided by fi360)

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Investment Company Contact Information For performance data current to the most recent month-end, please contact the investment company using the number(s) provided below.

Phone Number(s)Company Name

Alger 800-992-3362

American Beacon 800-658-5811

American Century Investments 800-345-2021

American Funds 800-421-4225

BlackRock 800-441-7762

Dimensional Fund Advisors 888-576-1167

DWS 800-728-3337

Federated 800-341-7400

Fidelity Investments 877-208-0098

Franklin Templeton Investments 800-342-5236

Goldman Sachs 800-621-2550

Invesco 800-959-4246

Janus Henderson 877-335-2687

John Hancock 888-972-8696

JPMorgan 800-480-4111

Loomis Sayles Funds 800-633-3330

Lord Abbett 888-522-2388

Nationwide 800-848-0920

Neuberger Berman 877-628-2583

PGIM Funds (Prudential) 800-225-1852

PIMCO 888-877-4626

T. Rowe Price 800-638-5660

TCW 800-386-3829

Touchstone 800-282-3863

Vanguard 800-662-7447

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Index Family Disclosure BofA Merrill LynchMerrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates ("BofAML") indices and related information, the name "Bank of America Merrill Lynch", and related trademarks, are intellectual property licensed from BofAML, and may not be copied, used, or distributed without BofAML's prior written approval. The licensee's products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, or promoted by BofAML. BOFAML MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE INDICES, INDEX DATA, ANY RELATED DATA, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS).

MSCICopyright (c) 2019 MSCI. All Rights Reserved. Without prior written permission of MSCI, this information and any other MSCI intellectual property may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an as is basis, and the user of this information assumes the entire risk of any use made of this information. Neither MSCI nor any third party involved in or related to the computing or compiling of the data makes any express or implied warranties, representations or guarantees concerning the MSCI index-related data, and in no event will MSCI or any third party have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) relating to any use of this information.

RussellRussell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell« is a trademark of Russell Investment Group.

S&PCopyright (c) 2019 Standard & Poor's Financial Services LLC. Reproduction of the S&P Dow Jones Indices in any form is prohibited except with the prior written permission of S&P. S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P be liable for any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber's or others' use of S&P Dow Jones Indices.

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Other

Shenandoah Medical Center 403(b) Plan Shenandoah, Iowa Financial Statements and Supplemental Schedule December 31, 2018 and 2017 Together with Independent Auditor's Report

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Shenandoah Medical Center 403(b) Plan Table of Contents

Page

Independent Auditor's Report ..................................................................................................... 1 – 2

Financial Statements:

Statements of Net Assets Available for Benefits December 31, 2018 and 2017 ....................................................................................... 3

Statement of Changes in Net Assets Available for Benefits For the Year Ended December 31, 2018 ...................................................................... 4

Notes to Financial Statements December 31, 2018 and 2017 ....................................................................................... 5 – 12

Supplemental Schedule:

Schedule 1 - Schedule H, Line 4i – Schedule of Assets (Held at End of Year) December 31, 2018 ................................................................................... 13 – 14

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1

Independent Auditor's Report To the Plan Administrator of the Shenandoah Medical Center 403(b) Plan Shenandoah, Iowa

Report on the Financial Statements

We were engaged to audit the accompanying financial statements of the Shenandoah Medical Center 403(b) Plan (the Plan), which comprise the statements of net assets available for benefits as of December 31, 2018 and 2017, the related statement of changes in net assets available for benefits for the year ended December 31, 2018, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on conducting the audit in accordance with auditing standards generally accepted in the United States of America. Because of the matter described in the Basis for Disclaimer of Opinion paragraph, however, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion.

Basis for Disclaimer of Opinion

As permitted by 29 CFR 2520.103-8 of the Department of Labor's (DOL) Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, the Plan Administrator instructed us not to perform, and we did not perform, any auditing procedures with respect to the information summarized in Note 3, which was certified or provided by Voya Retirement Insurance and Annuity Company and Nationwide Trust Company, the trustee and custodian of the Plan, respectively, except for comparing this information with the related information included in the financial statements. We have been informed by the Plan Administrator that the trustee and custodian hold the Plan’s assets and execute transactions. The Plan Administrator has obtained certifications from the trustee and custodian as of December 31, 2018 and 2017, and for the year ended December 31, 2018, that the information provided to the Plan Administrator by the trustee and custodian is complete and accurate.

Disclaimer of Opinion

Because of the significance of the matter described in the Basis for Disclaimer of Opinion paragraph, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. Accordingly, we do not express an opinion on these financial statements.

Other Matter

The supplemental schedule of assets (held at end of year) as of December 31, 2018 (Schedule 1) is required by the DOL’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 and is presented for the purpose of additional analysis and is not a required part of the financial statements. The supplemental schedule is the responsibility of the Plan’s management. Because of the significance of the matter described in the Basis for Disclaimer of Opinion paragraph, we do not express an opinion on the supplemental schedule.

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2

Report on Form and Content in Compliance with DOL Rules and Regulations

The form and content of the information included in the financial statements and supplemental schedule, other than that derived from the information certified or provided by the trustee and custodian, have been audited by us in accordance with auditing standards generally accepted in the United States of America and, in our opinion, are presented in compliance with the DOL’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. Omaha, Nebraska, October 10, 2019.

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Shenandoah Medical Center 403(b) Plan Statements of Net Assets Available for Benefits December 31, 2018 and 2017

3

2018 2017

ASSETS:Investments, at fair value $ 10,247,984 10,825,981

Receivables -Participant contributions receivable 31,933 28,220 Employer contributions receivable 18,344 17,471 Notes receivable from participants 150,947 89,323

Total receivables 201,224 135,014

NET ASSETS AVAILABLE FOR BENEFITS $ 10,449,208 10,960,995

See notes to financial statements

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Shenandoah Medical Center 403(b) Plan Statement of Changes in Net Assets Available for Benefits For the Year Ended December 31, 2018

4

2018ADDITIONS TO NET ASSETS ATTRIBUTED TO:

Investment income (loss) - Net depreciation in fair value of investments $ (630,817)Interest and dividends 7,341

Total investment loss (623,476)

Interest income on notes receivable from participants 5,689

Contributions -Participant 1,023,225Employer 526,248Rollover 52,707

Total contributions 1,602,180

Total additions 984,393

DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:Benefits paid to participants 1,496,180

Net decrease in net assets (511,787)

NET ASSETS AVAILABLE FOR BENEFITS:Beginning of year 10,960,995

End of year $ 10,449,208

See notes to financial statements

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Shenandoah Medical Center 403(b) Plan Notes to Financial Statements December 31, 2018 and 2017

5

(1) Description of Plan The following description of the Shenandoah Medical Center (Employer) 403(b) Plan (the Plan) provides

only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions.

A. General The Plan is a defined contribution plan covering all eligible employees of the Employer, as defined

by the Plan. Employees become eligible on their first day of employment with the Employer. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Board of Directors of Shenandoah Medical Center is responsible for the oversight of the Plan. The Investment Committee determines the appropriateness of the Plan’s investment offerings, monitors investment performance and reports to the Board of Directors.

B. Contributions Contributions made to the Plan are as follows:

Participant Contributions – Each year, participants (employees) may elect to make contributions of their pre-tax or post-tax annual compensation, as defined in the Plan. The Plan includes an auto-enrollment provision. Employees are automatically enrolled in the Plan unless they affirmatively choose not to participate in the Plan. Automatically enrolled employees have their deferral rate set at 3% of eligible compensation and their contributions invested in a designated fund until changed by the employee. The automatic deferral rate will automatically escalate by 1% each year up to a maximum of 5% of compensation. Employees who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions.

Employer Discretionary Matching Contributions – The Employer may contribute a discretionary

matching contribution in an amount equal to the employee’s elective deferral per payroll period. During 2018, the Employer contributed matching contributions on up to 5% of the employee’s eligible compensation. In order to receive the matching contribution, a participant must have reached the age of 21 and have completed 1 year (1,000 hours) of service, as defined by the Plan. The Plan entry date for Employer discretionary matching contributions is the first day of each calendar month.

Rollover Contributions – Participants may roll over amounts representing distributions from

other qualified plans. Participants direct the investment of their contributions (including rollovers), as well as the

Employer’s discretionary matching contributions, into various investment options offered by the Plan. Contributions are subject to certain Internal Revenue Service (IRS) limits.

C. Participant Accounts Each participant's account is credited with the participant’s contributions (including rollovers) and

allocations of: (a) the Employer’s discretionary matching contributions (b) Plan earnings (losses) and (c) Plan expenses. Allocations are based on participant earnings (losses), account balances, or specific participant transactions, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.

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D. Vesting Participants are vested immediately in their contributions (including rollovers) plus actual earnings

(losses) thereon. Vesting in the Employer’s discretionary matching contributions and actual earnings (losses) thereon is based on years of service as follows:

Years of Service Vesting Percentage

Less than two 0% Two years 20%

Three years 40% Four years 60% Five years 80% Six or more 100%

Separate provisions apply in the event of death or disability of the participant. E. Notes Receivable from Participants Participant’s may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to

the lesser of $50,000 or 50% of their vested account balance. The notes are secured by the balance in the participant’s account. The notes bear interest at rates equal to 1% above the USA Today prime rate as of the date of the note. Principal and interest is paid ratably through bi-weekly payroll deductions. The interest rates for notes as of December 31, 2018 range from 3.93% to 6.25%. Notes mature between March 2019 and September 2023.

F. Payment of Benefits On termination of service due to death, disability, or retirement, a participant’s account will be

applied to purchase an annuity contract, or in certain instances, a participant or a beneficiary may elect to receive a lump-sum amount equal to the value of the participant's vested interest in his or her account. For termination of services for other reasons, a participant may receive the value of the vested interest in his or her account as a lump sum distribution. If the participant’s account balance is less than $5,000, the Plan can automatically cash out the account at the participant’s termination in the form of a lump sum distribution.

G. Forfeited Amounts At December 31, 2018 and 2017, forfeited nonvested accounts totaled $492 and $482,

respectively. These accounts will be used to reduce future Employer discretionary matching contributions. In 2018, Employer discretionary matching contributions were reduced by $42,312 from forfeited nonvested accounts.

(2) Summary of Significant Accounting Policies A. Basis of Accounting The financial statements of the Plan are prepared on the accrual basis of accounting. B. Use of Estimates The preparation of financial statements in accordance with accounting principles generally

accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from those estimates.

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C. Investment Valuation and Income Recognition Investments are reported at fair value. Fair value is the price that would be received to sell an asset

or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Investment Committee determines the Plan’s valuation policies utilizing information provided by the investment advisors, custodian and insurance company. See Note 4 for discussion of fair value measurements.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded

on the accrual basis. Dividends are recorded on the ex-dividend date. Net depreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

D. Notes Receivable From Participants Notes receivable from participants are measured at their unpaid principal balance plus any accrued

but unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2018 or 2017. Delinquent participant notes are reclassified as distributions based upon the terms of the Plan document.

E. Payments of Benefits Benefits are recorded when paid. F. Administrative Expenses Certain expenses of maintaining the Plan are paid by the Plan, unless otherwise paid by the

Employer. Expenses that are paid by the Employer are excluded from these financial statements. Fees related to the administration of notes receivable from participants are charged directly to the participant’s account and are included in administrative expenses. Investment related expenses are included in net depreciation of fair value of investments. Certain administrative functions are performed by officers or employees of the Employer. No such officer or employee receives compensation from the Plan.

G. Subsequent Events The Plan Administrator has evaluated subsequent events through October 10, 2019, the date the

financial statements were available to be issued. (3) Information Certified by Voya Retirement Insurance and Annuity Company and Nationwide Trust

Company The following is a summary of the Plan asset information as of December 31, 2018 and 2017, and for the

year ended December 31, 2018, included throughout the Plan’s financial statements and supplemental schedule, that was prepared by or derived from information provided by Voya Retirement Insurance and Annuity Company and Nationwide Trust Company and furnished to the Plan Administrator.

The Plan Administrator has obtained certifications from Voya Retirement Insurance and Annuity Company

and Nationwide Trust Company that information provided to the Plan Administrator related to the following information is complete and accurate. Accordingly, as permitted by 29 CFR 2520.103-8 of the Department of Labor’s (DOL) Rules and Regulations for Reporting and Disclosure under ERISA, the Plan Administrator instructed the Plan’s independent auditors not to perform any auditing procedures with respect to information which appears throughout the financial statements and supplemental schedule related to the following information.

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Voya Retirement Insurance and Annuity Company and Nationwide Trust Company certified to the

completeness and accuracy of $10,247,984 and $10,825,981 of investments as of December 31, 2018 and 2017, respectively; $150,947 and $89,323 of notes receivable from participants as of December 31, 2018 and 2017, respectively; $630,817 of net depreciation in fair value of investments, $7,341 of interest and dividend income, as well as $5,689 of interest income on notes receivable from participants for the year ended December 31, 2018.

(4) Fair Value Measurements Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 820, Fair

Value Measurement, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described as follows:

Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets

or liabilities in active markets that the Plan has the ability to access.

Level 2 Inputs to the valuation methodology include: Quoted prices for similar assets or liabilities in active markets; Quoted prices for identical or similar assets or liabilities in inactive markets; Inputs other than quoted prices that are observable for the asset or liability; Inputs that are derived principally from or corroborated by observable market

data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest

level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value. There

have been no changes in the methodologies used at December 31, 2018 and 2017. Pooled Separate Accounts: Valued at the net asset value (NAV) of its underlying investments held at

year end adjusted for any dividends or distributions received and the daily equivalent of any fee charged pursuant to the contract.

Mutual Funds: Valued at the NAV of its underlying investments held at year end adjusted for any

dividends or distribution received and the daily equivalent of any fee charged pursuant to the contract.

Fixed Accounts: The Plan’s interest in the fixed accounts is based on the value of participant contributions plus credited interest, less any market value adjustment.

The methods described above may produce a fair value calculation that may not be indicative of net

realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

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Level 1 Level 2 Level 3 Total

Fixed accounts $ -- -- 351,802 351,802

Investments measured at net asset value (a) 9,896,182

Total investments at fair value $ 10,247,984

Level 1 Level 2 Level 3 Total

Fixed accounts $ -- -- 467,396 467,396

Investments measured at net asset value (a) 10,358,585

Total investments at fair value $ 10,825,981

Fair Value as of December 31, 2018

Fair Value as of December 31, 2017

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of

December 31, 2018 and 2017:

(a) In accordance with FASB ASC Subtopic 820-10, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.

The following table sets forth a summary of changes in the fair value of the Plan’s Level 3 assets for the year ended December 31, 2018:

Fixed Accounts 2018 Balance, December 31, 2017 $ 467,396 Interest income 7,341 Purchases 63,527 Sales (186,462) Balance, December 31, 2018 $ 351,802

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10

2018 Fair Value

2017 Fair Value

Unfunded Commitments

Redemption Frequency

Redemption Notice Period

Pooled separate accounts:Asset allocation (a) $ 15,361 15,217 -- Daily NoneBalanced (b) 3,240 3,360 -- Daily NoneBonds (c) 1,212 1,497 -- Daily NoneGlobal/international (d) 2,996 4,718 -- Daily NoneLarge cap growth (e) 9,663 9,038 -- Daily NoneLarge cap value (f) 1,198 1,310 -- Daily NoneSmall/mid/specialty (g) 2,914 2,944 -- Daily NoneStability of principal (h) 293 703 -- Daily None

Total $ 36,877 38,787

Mutual funds:Balanced (i) $ 2,626,019 2,839,024 -- Daily NoneBonds (j) 132,304 71,630 -- Daily NoneInternational (k) 221,526 187,982 -- ^ ^ Large-cap (l) 1,022,924 866,611 -- ^ ^ Mid-cap (m) 113,815 75,666 -- Daily None Money market (n) 1,148 936 -- Daily None Small-cap (o) 117,511 117,364 -- ^ ^Specialty (p) 187,686 162,883 -- ^ ^ Target date (q) 5,436,372 5,997,702 -- Daily None

Total $ 9,859,305 10,319,798

(5) Investments Measured Using the Net Asset Value Per Share Practical Expedient The following table sets forth additional disclosures of Plan’s investments whose fair value is estimated

using net asset value per share (or its equivalent) as of December 31, 2018 and 2017:

^ Certain funds in this category have a 30 day redemption notice period. Also, certain funds have trade restrictions on the number of transfers and maximum amount of a trade. These restrictions do not apply to the small-cap category for 2018 as the funds to which it applied were no longer held at December 31, 2018.

(a) These funds invest in a combination of underlying funds, which are actively managed funds or passively managed funds (index funds), that invest in U.S. stocks, international stocks, U.S. bonds and other fixed-income investments using asset allocation strategies designed for investors saving for retirement.

(b) These funds seek to "balance" growth of principal and current income by investing in a combination of stocks and bonds (generally holding 60-70% equity and 30-40% fixed income). The investment style used here is either moderate allocation or conservative allocation. Some funds have fixed asset allocations and others allow managers discretion to allocate between equities and bonds, depending on their view of return and risk.

(c) Assets are invested in fixed income securities that have been determined to be appropriate for its investment goal. Investors here are primarily seeking income or growth of income, with less emphasis on capital appreciation.

(d) These funds invest in stocks of companies outside of the U.S. These funds invest in securities of developing countries.

(e) Large cap growth funds invest primarily in stocks of larger U.S. companies employing an investment style of growth. A growth fund invests in the stocks of companies that are growing rapidly. Growth companies tend to reinvest all or most of their profits for research and development rather than pay dividends. Growth funds are focused on generating capital gains rather than income.

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(f) Funds seek long-term growth of capital or a combination of growth and income by investing primarily in stocks of larger, mature companies. The investment styles exhibited are value and blend. Stocks are selected for price appreciation and for the value of the current income provided through dividends.

(g) Small cap, mid cap and specialty funds are in this category, employing investment styles of growth, value, or a blend of growth and value. These funds seek capital appreciation by investing primarily in stocks of small and medium-sized companies.

(h) Assets are invested in conservative investment options that seek - but not necessarily guarantee - to hold the principal value of an investment stable through all market conditions. These options may credit a stated rate of return or minimum periodic interest rate that may vary. Dividend rates and income levels fluctuate with market conditions and are not guaranteed. These investment options, including money market portfolios, are neither insured nor guaranteed by the U.S. government.

(i) This class invests in funds with an investment objective of both long-term growth and income, through investment in both stocks and bonds.

(j) This class invests primarily in funds with an investment in bonds and other debt instruments.

(k) This class invests in funds with investments primarily in the securities of companies located outside of, or with revenues derived from outside of the U.S.

(l) This class invests in funds with and investment in stocks of companies with a large market capitalization.

(m) This class invests funds with an investment primarily in stocks of companies with a medium market capitalization.

(n) This class invests in short-term money market securities in order to provide a level of current income that is consistent with the preservation of capital.

(o) This class invests funds with investments primarily in stocks of companies with smaller market capitalization.

(p) This class invests in funds that invest in a particular or specialized segment of the marketplace, such as stocks of companies in the software, healthcare, or real estate industries.

(q) This class invests in a mixture of stocks, bonds, and other investments that periodically adjust its holding percentages based on set target dates.

(6) Plan Termination Although it has not expressed any intent to do so, the Employer has the right under the Plan to discontinue

its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants would become 100% vested in their Employer contributions.

(7) Party in Interest Transactions Certain Plan investments are shares of pooled separate accounts and a fixed account managed by Voya

Retirement Insurance and Annuity Company (Voya). Also, certain Plan investments are shares of mutual funds and a fixed fund managed by Nationwide Trust Company. Voya and Nationwide Trust Company are service providers to the Plan, and therefore, these transactions qualify as party in interest transactions.

Investment management service fees are paid by the Plan participants as part of investment purchase price

pursuant to the contracts.

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(8) Tax Status The Plan has been designed to qualify under Section 403(b) of the Internal Revenue Code (IRC). The terms

of the Plan have been prepared to conform with the sample language provided by the IRS in Revenue Procedure 2007-71. The Plan is required to operate in conformity with the IRC to maintain the tax-exempt status for Plan participants under Section 403(b). Plan management believes the Plan is designed and is being operated in compliance with the applicable requirements of the IRC.

Accounting principles generally accepted in the United States of America require Plan management to

evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

(9) Risks and Uncertainties The Plan invests in various investment securities. Investment securities are exposed to various risks, such

as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and amounts reported in the statement of net assets available for benefits.

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Shenandoah Medical Center 403(b) Plan Schedule 1 Schedule H, Line 4i - Schedule of Assets (Held at End of Year) December 31, 2018

13

(a) (b) (c) (d) (e)

Identity of Issue, Borrower, Lessor, or Similar Party Description of Investment Cost

Current Value

* Nationwide Financial Services, Inc. Fixed Group Annuity Contract ** 187,447 * Voya Retirement Insurance and Annuity Company Voya Fixed Plus Account II ** $ 164,355

351,802

Mutual Funds* Nationwide Financial Services, Inc. American Century One Choice 2020 ** 1,966,624 * Nationwide Financial Services, Inc. American Century One Choice 2025 ** 1,351,629 * Nationwide Financial Services, Inc. American Century One Choice 2040 ** 742,287 * Nationwide Financial Services, Inc. American Century One Choice 2050 ** 694,866 * Nationwide Financial Services, Inc. American Century One Choice 2045 ** 658,443 * Nationwide Financial Services, Inc. American Century One Choice 2030 ** 657,923 * Nationwide Financial Services, Inc. American Century One Choice In Rtrmt Inst ** 622,019 * Nationwide Financial Services, Inc. American Century One Choice 2035 ** 507,356 * Nationwide Financial Services, Inc. Vanguard 500 Index Fd Admiral ** 369,192 * Nationwide Financial Services, Inc. Vanguard Wellesley Income Admiral ** 316,485 * Nationwide Financial Services, Inc. Nationwide Investor Destinations Aggressive Inst ** 271,800 * Nationwide Financial Services, Inc. Vanguard Dividend Growth Inv ** 236,617 * Nationwide Financial Services, Inc. American Century One Choice 2055 ** 201,851 * Nationwide Financial Services, Inc. T. Rowe Price Blue Chip Growth ** 195,942 * Nationwide Financial Services, Inc. T. Rowe Price Science & Tech ** 131,295 * Nationwide Financial Services, Inc. American Century One Choice 2060 ** 67,813 * Nationwide Financial Services, Inc. American Funds Europacific Growth R6 ** 61,079 * Nationwide Financial Services, Inc. T. Rowe Price Capital Opportunity ** 56,954 * Nationwide Financial Services, Inc. Vanguard Small Cap Growth Index Inv ** 56,622 * Nationwide Financial Services, Inc. Nationwide International Index Inst ** 54,917 * Nationwide Financial Services, Inc. Vanguard Extend Market Indx Adml ** 51,679 * Nationwide Financial Services, Inc. John Hancock Dscpid Val JVLIX ** 46,112 * Nationwide Financial Services, Inc. Oppenheimer International Diversified Y ** 45,911 * Nationwide Financial Services, Inc. Vanguard Health Care Inv ** 41,480 * Nationwide Financial Services, Inc. Oppenheimer Senior Floating Rate Y ** 41,468 * Nationwide Financial Services, Inc. Lord Abbett High Yield ** 38,077 * Nationwide Financial Services, Inc. American Funds Growth Fund Amer R6 ** 31,322 * Nationwide Financial Services, Inc. Oppenheimer Global Y ** 29,101 * Nationwide Financial Services, Inc. Harbor Capital Appreciation Inst ** 27,118 * Nationwide Financial Services, Inc. Vanguard Gr Index Fd AS VSMAX ** 25,092 * Nationwide Financial Services, Inc. PIMCO Inc Inst PIMIX ** 24,959 * Nationwide Financial Services, Inc. Vanguard Mid-Cap Growth Index Investor ** 24,502 * Nationwide Financial Services, Inc. Vanguard Gr Indx Adml VIGAX ** 21,090 * Nationwide Financial Services, Inc. Fnklin SmMd Cap Gr Adv FSGAX ** 20,987 * Nationwide Financial Services, Inc. Nationwide Mid Cap Market Idx R6 ** 16,647 * Nationwide Financial Services, Inc. DFA U.S. Core Equity 1 I ** 14,441 * Nationwide Financial Services, Inc. Franklin Small Cap Value Adv ** 13,621 * Nationwide Financial Services, Inc. Neuberger Berman Socially Resp Inst ** 13,539 * Nationwide Financial Services, Inc. Alger SmCap Focs Y AOFYX ** 10,275 * Nationwide Financial Services, Inc. DFA Emerg Mrkt Core Eq Inst DFECX ** 10,275 * Nationwide Financial Services, Inc. John Hancock Intl Gr 1 GOGIX ** 10,275 * Nationwide Financial Services, Inc. T. Rowe Price Dividend Growth ** 10,275 * Nationwide Financial Services, Inc. Franklin Mutual Global Discovery Z ** 9,627 * Nationwide Financial Services, Inc. DFA US Small Cap I ** 8,957 * Nationwide Financial Services, Inc. Fidelity Advisor Strategic Income I ** 8,672 * Nationwide Financial Services, Inc. PGIM Floating Rt Inc R6 ** 6,590 * Nationwide Financial Services, Inc. PIMCO Low Dur Inst PTLDX ** 6,281 * Nationwide Financial Services, Inc. Dtsch RREEF RealEsSec Inst RRRRX ** 5,729 * Nationwide Financial Services, Inc. Vanguard Energy Adml VGELX ** 4,808 * Nationwide Financial Services, Inc. Victory RS Science and Technology Y ** 4,267 * Nationwide Financial Services, Inc. PIMCO St Inst PTSHX ** 3,295 * Nationwide Financial Services, Inc. Principal Global Divrs Inc Inst PGDIX ** 3,295 * Nationwide Financial Services, Inc. American Beacon Small Cap Value Inst ** 2,943 * Nationwide Financial Services, Inc. Federated Instl High Yield Bond Instl ** 1,810 * Nationwide Financial Services, Inc. Federated Government Obligations Fund Premier ** 1,148 * Nationwide Financial Services, Inc. PIMCO Real Return Inst ** 1,027 * Nationwide Financial Services, Inc. Vanguard Value Index Adml ** 323 * Nationwide Financial Services, Inc. Vanguard Emerging Markets Stock Index Adml ** 215 * Nationwide Financial Services, Inc. Vanguard Total International Stock Index Admiral ** 125 * Nationwide Financial Services, Inc. Vanguard Total Bond Market Index Adm ** 125 * Nationwide Financial Services, Inc. Vanguard REIT Index Adml ** 108

9,859,305

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Shenandoah Medical Center 403(b) Plan Schedule 1 (Continued) Schedule H, Line 4i - Schedule of Assets (Held at End of Year) December 31, 2018

14

(a) (b) (c) (d) (e)Identity of Issue, Borrower, Description of Investment Cost Current

Pooled Separate Accounts* Voya Retirement Insurance and Annuity Company Voya Strategic Allocation Moderate I ** 11,702 * Voya Retirement Insurance and Annuity Company Voya Large Cap Growth Port Srv ** 4,555 * Voya Retirement Insurance and Annuity Company Fidelity VIP Contrafund I ** 3,780 * Voya Retirement Insurance and Annuity Company Voya T. Rowe Price Capital Appreciation S ** 3,240 * Voya Retirement Insurance and Annuity Company Franklin Small Cap Value VIP Class 2 ** 2,840 * Voya Retirement Insurance and Annuity Company Voya Strategic Allocation Conservative I ** 2,805 * Voya Retirement Insurance and Annuity Company Wanger International ** 1,496 * Voya Retirement Insurance and Annuity Company American Funds Growth Fund of America R3 ** 1,328 * Voya Retirement Insurance and Annuity Company Fidelity VIP Equity-Income I ** 963 * Voya Retirement Insurance and Annuity Company Voya Global Equity Portfolio Srv 2 ** 896 * Voya Retirement Insurance and Annuity Company Voya Strategic Allocation Growth I ** 853 * Voya Retirement Insurance and Annuity Company Voya High Yield S ** 714 * Voya Retirement Insurance and Annuity Company PIMCO VIT Real Return Admin ** 348 * Voya Retirement Insurance and Annuity Company American Funds EuroPacific Growth R3 ** 313 * Voya Retirement Insurance and Annuity Company Voya Money Market I ** 293 * Voya Retirement Insurance and Annuity Company American Funds Fundamental Invs R3 ** 236 * Voya Retirement Insurance and Annuity Company Oppenheimer Developing Markets A ** 206 * Voya Retirement Insurance and Annuity Company Voya Intermediate Bond Port I ** 150 * Voya Retirement Insurance and Annuity Company Franklin Mutual Global Discovery R ** 85 * Voya Retirement Insurance and Annuity Company Voya Small Company Portfolio I ** 74

36,877

Participant Loans* Participants Participant loans (Interest rates from 3.93% to 6.25%;

maturing from March 2019 to September 2023) ** 150,947

$ 10,398,931

* Represents a party-in-interest.** Cost information is not required for participant-directed investments

The above information has been certified by Voya Retirement Insurance and Annuity Company and Nationwide Trust Company as complete and accurate.

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Documents

Investment Packet - November 7, 2019 · Target‐Date Fund Comparison As of 9/30/2019 Source: Morningstar Group/Investment Ticker Net Expense Inception Date Return Std. Dev. Return