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4643 S Ulster Street | Suite 1040 | Denver, CO 80237 303.694.1900 | innovestinc.com
PORTFOLIO REVIEW
Boulder Fire & Police Money Purchase Pension Plan
Wendy Dominguez, MBA
Rick Rodgers, AIFA®
Jerry Huggins, MBA, CFP®, AIF®
Jared Martin, CFP®, AIF®
Prepared by: Abigail Thomas
2Q17
© 2017 INNOVEST PORTFOLIO SOLUTIONS, LLC
INNOVEST AT A GLANCE
Our History
— Founded in 1996 by Richard Todd and Wendy Dominguez who lead the firm today
— Independent, privately held and employee-owned— SEC Registered Investment Advisor— Currently more than $16 billion in firm assets*
Our Professionals
— 46 employees— Long-term relationships with top tier managers, vendors, and
service providers— 95% employee retention rate— Demonstrated ability to hire and retain top quality talent
Alignment of Interest with Our Clients
— 98% client retention— Conflict-free, independent and objective advocate— A consistent investment philosophy since the firm’s inception— A client-centered, risk-focused, and performance-driven culture— Year-over-year revenue growth 19 of the last 20 years— 2016 Client Survey Results: Overall Client Satisfaction 4.7 (5-point
Scale)
Award-Winning Team
— Innovest named one of the Best Places to Work in the nation, 2016, 2014, Pensions & Investments
— Innovest ranked Forbes #3 Fastest Growing RIA Firms— Ranked #1 among 2015 Investment Managers in Colorado**— Recognized for 403(b) Plan Conversion Campaign, 2016, The Eddy
Awards— Finalist for the Colorado Top Company Award, 2015, ColoradoBiz— Top 100 Wealth Managers in the nation, 2015, Forbes— 2014 Retirement Plan Adviser Team of the Year, PLANSPONSOR— 19th Fastest Growing RIA in the nation, 2015, Financial Advisor
Fiduciary Expertise
— One of the first investment firms in the Rocky Mountain region rooted in prudent fiduciary principles
— Accreditations through Investment Management Consultants Association and Center for Fiduciary Studies
— Process-oriented approach with a focus on investment and spending policies
— Expert Witness in nearly 60 cases involving fiduciary investment responsibilities
— Numerous fiduciary certifications: AIF™, AIFA ™, CIMA®, CFA , QPFC, RF™, RPS
Money Management Experience
— 16 member Investment Committee with median experience of more than 20 years
— Principals have more than 25 years of experience managing large pension and foundation portfolios
— Disciplined and opportunistic approach to forward-looking portfolio design
— Experts in many investment strategies: active, passive, hedge funds, and other alternatives
— Emphasis on downside risk quantification in developing portfolio design
Client Access and Transparency
— Direct access to Innovest’s investment and operational heads at all times
— Routine access to closed products, waived investment minimums, lower product fees, and socially responsible mandates
— Customized asset allocation, benchmarking and reporting
Diverse Client Base
— 250+ clients in 21 states— Retirement Plans— Foundations & Endowments— Wealthy Families*As of April 2017
** Denver Business Journal – assets under management as of 10/1/16
Privileged and Confidential
2
INNOVEST’S HISTORY WITH BOULDER FIRE & POLICE
2001 – 2003 • First quarterly performance report
• Replace the Putnam International Fund with the American Funds
Europacific Growth Fund
2004 – 2006 • Replace the One Group Mid Cap Growth Fund (OSGIX) with the Calamos
Growth Fund
• Presented on Alternative Investment Vehicles, Asset Classes & Strategies
• Added the PIMCO Commodity Real Return Strategy Fund
• Conducted asset allocation study and updated asset allocation
• Conducted asset allocation study and updated asset allocation
2007 – 2009 • Replace the Calamos Growth Fund with Allianz CCM Mid Cap Growth &
replace the Legg Mason Small Cap Value Fund with the ICM Small Cap
Value
• Replace 50% of the allocation to the Europacific Growth Fund (REREX) and
allocate it to the Dodge & Cox International Fund
• Conducted asset allocation study and updated asset allocation
• Coordinated the PIMCO share class change to reduce fees
• Conducted asset allocation study and updated asset allocation
• Add BlackRock High Yield Fund and Eaton Vance Floating Rate Fund
• Provided quarterly performance reports and research reports each quarter
and met with the Trustees
• Updated and reviewed the Investment Policy Statement
• Met with representatives from each investment strategy used in the plans
• Replaced Blackrock High Yield Fund (BHYSX) with JP Morgan High Yield
(OHYFX)
2010 – 2014• Replaced Managers Cadence MC Inst. (MCMYX) with Munder Mid
Cap Growth
• Coordinated the Eaton Vance share class change to reduce fees
• Provided quarterly performance reports and research reports each
quarter and met with the Administrative Committee
• Performed RFI for Administration and Record Keeping Services
and Audit Services.
• Conducted asset allocation study and updated asset allocation
• Conducted consultant fee review
• Presented core fixed income search
2015 - 2017• Replaced PIMCO Total Return with Metropolitan West Total Return
Bond Fund.
• Replaced PIMCO Commodity Real Return with Credit Suisse
Commodity Return.
• Created an automated, online, and permanent Fiduciary File
• Conducted asset allocation study
• Added MLP and Real Estate asset classes by adding Oppenheimer
SteelPath MLP and Principal U.S. Property Account
3
RETIREMENT PLAN TOPICS & TRENDSHighlighting the retirement plan regulatory and legislative environment
Second Quarter 2017
The US Department of Labor’s Fiduciary Rule took effect June 9, 2017.
The rule expands the circumstances under which an entity will be considered a Fiduciary under
the Employee Retirement Income Security Act of 1974 (ERISA) and related exemptions.
• There will be a transition period for the full application of the Fiduciary Rule. All entities must
be fully compliant by January 1, 2018.
• The rule is intended to protect plans and participants from Conflicts of Interest, Disloyalty, and
Imprudence. The Fiduciary Standard is a higher level of accountability than the Suitability
Standard, which was previously required of most impacted entities.
• We believe the greatest impact relates to IRA rollovers. The rule will expand the definition of
Fiduciary to include entities that make recommendations or solicitations to retirement plans and
IRA’s. Previously, only advisors that charged a fee for service (hourly or as a percentage of
assets) were considered fiduciaries.
• The DOL rule doesn't ban commissions or revenue sharing, but it requires advisers who do
accept them to have clients sign a best interest contract exemption, or BICE. It pledges the
adviser will act in the client's best interests and only earn “reasonable” compensation. The
exemption also must disclose information to clients about fees and potential conflicts of
interest.
• Education about retirement savings and general financial and investment information is not
considered fiduciary advice covered under the rule.
4
RETIREMENT PLAN TOPICS & TRENDS
1. How does this impact my Plan?
Any individuals or entities that provide advice to your plan participants will have to adhere to
the rule. This rule will impact Record-Keepers and Administrators that work with your plan
(Innovest has always been a fiduciary). It could impact how participant education is
conducted in some instances. The rule also requires full transparency for fees and
commissions, which could impact some expense statements and disclosures that you or your
participants receive.
2. What do I need to do?
Ask your providers if their processes are in line with the new provisions and if not, how they
plan to become compliant. Changes will depend on the level of service your current
providers are delivering and whether they are already operating as fiduciaries or not.
3. Is this permanent? Could it be changed?
On July 6, 2017 the DOL issued a request for input on a potential delay in the January 1, 2018
applicability date of certain provisions of the fiduciary rule. This is an ongoing examination
and could impact the rule in the future.
Highlighting the retirement plan regulatory and legislative environment
FAQs of the Fiduciary Rule
5
Performance Over Time
Risk and Return (Since Inception) Asset Allocation
Cumulative Performance over Time
Change in Account Value
LastQuarter
Year ToDate
1Year
3Years
5Years
7Years
SinceInception
InceptionDate
Boulder F & P Total Fund 2.95 7.25 13.61 4.75 8.99 9.68 9.17 01/01/1985Boulder F & P Custom Benchmark 2.80 7.08 12.95 4.73 9.06 9.88 9.60Difference 0.15 0.17 0.66 0.02 -0.07 -0.20 -0.43
Market ValueAs of
04/01/2017
Market ValueAs of
06/30/2017
Change$
Boulder F & P Total Fund 135,975,483 139,795,092 3,819,609
$0 $11,150,317 $22,300,634 $33,450,951 $44,601,268 $55,751,585
VT Retirement Income Advantage
JPMorgan High Yield Select
Eaton Vance Floating Rate
Steelpath MLP Alpha Fund
Vantage Trust Plus
Crdt Suis Comm Rtn Strat
Principal US Property Account
Met West Total Return
Victory Munder Mid Cap Core Growth
ICM Small Company
Boston Trust Fixed Income - Boulder F&P
Dodge & Cox Int'l
American Funds EuroPacific Gr
Boston Trust Equity - Boulder F&P
$938,465
$1,318,140
$5,313,633
$6,455,353
$6,501,511
$6,506,963
$6,672,935
$7,278,307
$8,634,279
$8,799,578
$10,680,960
$13,061,846
$13,314,285
$44,318,835
8.5
9.0
9.5
10.0
10.5
11.0
11.5
Re
turn
(%)
9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 17.0Risk (Standard Deviation %)
S&P 500 Index
Boulder F & P Total Fund
Boulder F & P Total Fund Boulder F & P Custom Benchmark
-700 %
0%
700%
1,400%
2,100%
2,800%
3/85 9/86 3/88 9/89 3/91 9/92 3/94 9/95 3/97 9/98 3/00 9/01 3/03 9/04 3/06 9/07 3/09 9/10 3/12 9/13 3/15 6/17
Executive SummaryJune 30, 2017
6
THE MARKETS
Investment Returns
First Half of 2017
c
1st Quarter 2nd Quarter
2Q17
13.81%
2.27%
9.34%
18.43%
4.99%
YTD
c
-5%
0%
5%
10%
15%
20%
25%
S&P 500
MSCI EAFE
MSCI EM
Russell 2000 TR
BBgBarc US Agg Bond
6.12%
1.45%
3.09%
6.27%
2.46%
7
GLOBAL ECONOMICS
• In 2007 the world economy grew by 5.6%, while
this year it is projected to grow by only 3.5%.
• India (7.2%) and China (6.6%) are the only two
large economies projected to grow rapidly in
2017, and the G7 is projected to grow by 1.9%
• Lower growth is a primary reason for lower
interest rates, lower inflation, and lower expected
investment returns.
Global Growth: Decelerating
Source: IMF. 2017 numbers are estimates.
Real GDP Growth: 2007 and 2017
• Inflation has fallen below the Fed’s target rate of
2.0%, despite a very low unemployment rate of
4.4%.
• Wages, salaries and benefits have risen a modest
2.5% in the last 12 months.
• June retail sales excluding gasoline were
moderately higher than a year ago—up 3.2%
Inflation: Below Target
Core rates exclude food and energy. CPI = Consumer Price Index. PCE = Personal Consumption Deflator.
Reported 7/6/17. Sources: BEA, BLS, Haver Analytics and Deutsche Bank Research.
US Core Inflation
0
2
4
6
8
10
12
14
16
China Germany India Japan United
Kingdom
United
States
World
2007 2017
8
GLOBAL ECONOMICS, CONTINUED
• In the next few months the US Federal Reserve
plans to begin trimming its $4.5 trillion balance
sheet, including its 20% ownership of US
government bonds.
• Central Banks purchased bonds in the credit crisis
to help reduce rates on mortgages and other debt.
• The unwinding of global quantitative easing is a
new phenomenon, the results of which are hard to
predict.
Percentage of Domestic Government Bonds Held by Central BanksFed: Time to Unwind
• Since the end of the housing market crisis, home
prices have recovered at a much faster pace than
wages.
• National home prices have appreciated about
5.5% in the last 12 months, while average hourly
earnings rose by 2.5% during the same period.
• The median price of an existing US home was
$252,800 in May (the highest on record), and
there is strong demand and limited supply for less
expensive housing.
Housing Prices and WagesUS Home Prices: Outpacing Wages
Shaded vertical area indicates recession. Sources: SLFR/FRED, BLS and FHFA. As of April 2017.
Sources: OECD and Deutsche Bank Global Markets Research
9
ASSET CLASS FUNDAMENTALS
Data are year-over-year changes in trailing twelve-month revenue and earnings per share, calculated quarterly.
The most recent twelve-month growth rates are through 3/31/2017. Source: S&P Capital IQ.
• Trailing four-quarter S&P 500 earnings as of
March 31 grew at the fastest year-over-year
rate in three years.
• Second quarter S&P 500 earnings are forecast
to have grown 6.5% from the same period a
year earlier, according to FactSet.
• Equities’ cash flow yields are notably more
attractive in Europe (9.3%) and Japan (12.3%),
as compared to the US (7.0%). The higher the
yield, the higher the potential future returns.
Corporate Earnings: Rebounding
• Since the Fed started raising short-term interest
rates in late 2015, longer term rates have
remained essentially unchanged.
• Low, or even negative, yields on non-US bonds
has fueled purchases of higher yielding US
Treasuries, helping to hold down US interest rates.
• A flattening yield curve tends to reduce banks’
lending profitability, due in part to banks paying
higher rates on deposits.
US Treasury Yield CurveThe Treasury Yield Curve: Flattening
The Fed began raising short-term rates on 12/16/2015. Sources: US Treasury and Morningstar.
S&P 500 Revenue and Earnings Growth
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
12/15/2015 6/30/2017
10
• Improvements in drilling and production
technology have significantly lowered break-even
costs for domestic oil drilling.
• The US rig count having doubled in the last year
and higher global production (despite OPEC’s
quotas) have pushed oil prices down by 20% since
February.
• Despite an improving outlook for MLPs’ volume
and distribution growth, retail investors have
reduced their exposures to the asset class.
• US high yield fixed income spreads have compressed
since early 2016.
• Annual default rates for US high yield bonds and
floating rate loans were recently 1.50% and 1.54%,
respectively, significantly below historic averages.
• Default rates on below-investment-grade paper are
expected to increase during the next recession.
Credit: Spreading it Thin
ASSET CLASS FUNDAMENTALS, CONTINUED
Energy: Supply Up, Prices Down
$60
$48
$60
$41 $46
$50
$30
$36 $38
$-
$20
$40
$60
$80
Permian (TX) Eagle Ford (TX) Bakken (ND)
2014 2015 2016
Assumes 10% IRR. Permian data represents an average of two primary plays in the region: the Permian Midland
Basin and the Permian Delaware Basin. Source: Wells Fargo Research as of March 2017.
High Yield Bond Spreads
Crude Oil: Break-Even Costs for Top-Producing US Regions
The spread is the yield-to-worst of the J.P. Morgan Domestic High Yield Index minus the yield on an equivalent-
maturity US Treasury. Reported 6/30/2017. Source: J.P. Morgan Asset Management.
11
MARKET PERFORMANCE AS OF 6/30/17
United States Equities
Short Term Annualized
QTD YTD 1 Year 3 Year 5 Year 7 Year 10 Year
S&P 500 3.09% 9.34% 17.90% 9.61% 14.63% 15.41% 7.18%
S&P 500 Value 1.51% 4.85% 15.86% 7.79% 13.82% 14.09% 5.25%
S&P 500 Growth 4.42% 13.33% 19.30% 11.03% 15.24% 16.57% 8.97%
Russell Mid Cap 2.70% 7.99% 16.48% 7.69% 14.72% 15.28% 7.67%
Russell Mid Cap Value 1.37% 5.18% 15.93% 7.46% 15.14% 15.29% 7.23%
Russell Mid Cap Growth 4.21% 11.40% 17.05% 7.83% 14.19% 15.24% 7.87%
Russell 2000 2.46% 4.99% 24.60% 7.36% 13.70% 14.35% 6.92%
Russell 2000 Value 0.67% 0.54% 24.86% 7.02% 13.39% 13.50% 5.92%
Russell 2000 Growth 4.39% 9.97% 24.40% 7.64% 13.98% 15.16% 7.82%
International Equities
QTD YTD 1 Year 3 Year 5 Year 7 Year 10 Year
MSCI EAFE 6.12% 13.81% 20.27% 1.15% 8.69% 7.91% 1.03%
MSCI EAFE Value 4.78% 11.12% 25.01% -0.59% 8.12% 7.15% -0.08%
MSCI EAFE Growth 7.52% 16.68% 15.70% 2.81% 9.19% 8.60% 2.06%
MSCI Japan 5.19% 9.92% 19.18% 5.54% 9.56% 7.46% 1.21%
MSCI AC Europe 7.56% 15.49% 21.72% 0.03% 8.92% 8.39% 0.97%
MSCI AC Asia Ex Japan 8.31% 22.81% 26.73% 5.02% 7.97% 6.92% 4.19%
MSCI EM 6.27% 18.43% 23.75% 1.07% 3.96% 3.87% 1.91%
MSCI EM Asia 8.74% 23.31% 28.26% 5.37% 8.11% 6.91% 4.18%
MSCI EM Europe 2.68% 4.11% 19.42% -7.53% -2.24% -0.65% -4.54%
MSCI EM Latin America -1.61% 10.32% 15.40% -6.33% -3.48% -2.03% -0.89%
Fixed Income
QTD YTD 1 Year 3 Year 5 Year 7 Year 10 Year
BBgBarc US Agg Bond 1.45% 2.27% -0.31% 2.48% 2.21% 3.19% 4.48%
BBgBarc US Corporate High Yield 2.17% 4.93% 12.70% 4.48% 6.89% 8.15% 7.67%
BBgBarc US Govt 1-3 Yr 0.20% 0.48% -0.07% 0.71% 0.65% 0.79% 2.01%
Credit Suisse Leveraged Loan 0.75% 1.96% 7.49% 3.49% 4.83% 5.29% 4.16%
BBgBarc Municipal 1.96% 3.57% -0.49% 3.33% 3.26% 4.21% 4.60%
S&P 500 Sector Performance
Short Term Annualized
QTD YTD 1 Year 3 Year 5 Year 7 Year 10 Year
S&P 500 Cons Disc 2.35% 11.00% 16.90% 12.21% 17.41% 19.45% 10.47%
S&P 500 Cons Staples 1.57% 8.03% 3.06% 10.19% 12.61% 14.82% 10.46%
S&P 500 Energy -6.36% -12.61% -4.14% -10.51% 1.64% 6.18% 1.28%
S&P 500 Financials 4.25% 6.88% 35.37% 12.36% 18.00% 14.06% 0.39%
S&P 500 Health Care 7.10% 16.07% 12.47% 11.02% 17.86% 18.13% 10.57%
S&P 500 Industrials 4.73% 9.51% 22.27% 10.24% 16.06% 16.27% 7.65%
S&P 500 Info Technology 4.14% 17.23% 33.89% 15.95% 17.18% 17.86% 10.70%
S&P 500 Materials 3.17% 9.21% 18.59% 4.74% 11.09% 12.51% 5.36%
S&P 500 Real Estate 2.76% 6.40% -0.42% 9.00% 9.79% 14.18% 5.70%
S&P 500 Telecom Services -7.05% -10.74% -11.71% 4.03% 5.85% 11.45% 3.69%
S&P 500 Utilities 2.21% 8.75% 2.47% 9.37% 11.17% 13.48% 6.97%
Returns for time periods of 1 year or longer are annualized.
Alternatives
QTD YTD 1 Year 3 Year 5 Year 7 Year 10 Year
Bloomberg Commodity -3.00% -5.26% -6.50% -14.81% -9.25% -5.68% -6.49%
Alerian MLP Infrastructure -6.90% -3.08% 1.17% -9.91% 2.89% 6.92% 6.62%
HFRI Fund of Fund Index 0.20% 2.59% 5.85% 1.35% 3.75% 2.93% 0.81%
12
FIXED INCOME MARKETS
As of 6/30/2017. Sources: Bloomberg, FactSet and Eaton Vance.
10-Year Government Bond Yields
Credit Spreads
Average spreads in basis points. Reported 6/30/2017. Corporate spreads are in basis points and measure option-adjusted yield spread to comparable maturity US Treasuries. Loan index spread represents the three-year spread over
LIBOR. Sources: JP Morgan, LCD and Eaton Vance.
13
THE CYCLICAL NATURE OF ASSET CLASS RETURNS
20%
15%
10%
5%
%
5%
10%
15%
20%
25%
30%
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Domestic vs. International Stocks
Rolling 3-Year Returns Ended December 31, 2016
Domestic Outperformed
30%
20%
10%
%
10%
20%
30%
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Stocks vs. Bonds
Rolling 3-Year Returns Ended December 31, 2016
Stocks Outperformed
15%
10%
5%
%
5%
10%
15%
20%
25%
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
U.S. Large Cap vs. U.S. Small Cap Stocks
Rolling 3-Year Returns Ended December 31, 2016
Large Outperformed
20%
15%
10%
5%
%
5%
10%
15%
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Growth vs. Value Stocks (U.S.)
Rolling 3-Year Returns Ended December 31, 2016
Value Outperformed
International OutperformedBonds Outperformed
Small Outperformed
Growth Outperformed
14
Client Type: Money Purchase Pension Plan
Time Horizon: Greater than Five Years
Expected Return: 3.50% to 4.50% over CPI
Risk Tolerances: Expected downside of -17.1% to -20.1% per year based on a statistical confidence level of 95% (1)
Asset Allocation Performance Benchmarks
Strategic Asset Investment Primary Peer Group
Lower Limit Allocation Upper Limit Category Manager Index Universe
Domestic Equity Domestic Equity
Large Cap Equity* 27.00% 33.00% 39.00% Large Cap Boston Tr Eqty S&P 500 Core Equity
Mid Cap Growth 3.50% 6.50% 9.50% Mid Cap Growth Victory Munder MC Core Gr Russell Mid Cap Index Mid Cap Growth
Small Cap Value 3.50% 6.50% 9.50% Small Cap Value ICM Sm Cap Value Russell 2000 Index Small Cap Value
International Equity 17.00% 20.00% 23.00% International Equity Europacific R-4 MSCI EAFE International Growth
Dodge & Cox Intl MSCI EAFE International Value
Domestic Fixed Income* 2.50% 8.50% 14.50% Domestic Fixed Income Boston Tr Fixed Inc BC Aggregate Core Bond
2.50% 5.50% 8.50% MetWest Total Return BC Aggregate Core Bond
High Yield 0.00% 1.00% 4.00% High Yield JP Morgan HY BC:HY Credit High Yield
Floating Rate Corporate Loans 4.00% 4.00% 7.00% Floating Rate Corporate Loans Eaton Vance Floating CSFB Leveraged Loan Loan Participation
Commodities 2.00% 5.00% 8.00% Commodities Credit Suisse Commodity Bloomberg Commodity N/A
Master Limited Partnerships 2.00% 5.00% 8.00% Master Limited Partnerships Steelpath MLP Alpha N/A
Real Estate 2.00% 5.00% 8.00% Real Estate Principal US Property Acct NCREIF ODCE Real Estate
100.00%
Total Portfolio Strategic Benchmark: 41.50% 70% S&P 500/30% BC Aggregate
6.50% Russell Mid Cap Index
6.50% Russell 2000 Index
20.00% MSCI EAFE
5.50% BC Aggregate
1.00% BC:HY Credit
4.00% CSFB Leveraged Loan
5.00% Bloomberg Commodity
5.00% Alerian MLP Infrastructure (Tax-Adjusted)
5.00% NCREIF ODCE
100.00%
Total Portfolio Secondary Benchmark: CPI + 4.00%
*Balanced allocation to Boston Trust is 41.5% of the portfolio which is split 70% to large cap equity and 30% to domestic fixed income
BOULDER FIRE & POLICE INVESTMENT POLICY SUMMARY UPDATED JUNE 2017
Client Variables
Alerian MLP Infrastructure
(Tax-Adjusted)
(1) There is a 5% probability that the 1 year modeled loss of -17.10% to -20.10% will be exceeded. Risk tolerances are based on 2017 capital markets
assumptions. NOTE: The 1 year modeled loss will vary from year to year depending on future capital market assumptions.
15
Plan Benchmark*
123,024,832$ Similarly Sized
0.58% 1.11%
0.71% N/A
Provider Fee (in $) Fee (in %) Fee (in $) Fee (in %) Fee (in $) Fee (in %)
Expense ratio retained by fund manager Fund Managers 613,400$ 0.50% 613,400$ 0.50%
Revenue sharing sent to recordkeeper ICMA-RC 180,074$ 0.15% 180,074$ 0.15%
Gross Investment Management Fees -$ 0.00% 793,475$ 0.64% 793,475$ 0.64%
Revenue Sharing credited to admin. allowance account (75,503)$ -0.06% (75,503)$ -0.06%
Net Recordkeeping and Administrative Fees -$ 0.00% (75,503)$ -0.06% (75,503)$ -0.06%
Total Investment, Recordkeeping and Administrative Costs -$ 0.00% 717,972$ 0.58% 717,972$ 0.58%
Investment Consultant Innovest 76,489$ 0.06% 76,489$ 0.06%
Plan Administration & Fiduciary Support** 25,000$ 0.02% 25,000$ 0.02%
Trustee Education** 10,500$ 0.01% 10,500$ 0.01%
Insurance Fee** 9,000$ 0.01% 9,000$ 0.01%
Legal** 20,000$ 0.02% 20,000$ 0.02%
Audit** 9,000$ 0.01% 9,000$ 0.01%
Total Plan Expenses 73,500$ 0.06% 794,461$ 0.65% 867,961$ 0.71%
Employer Paid Employee Paid Total
Boulder Fire and Police 401(a) Annual Fee Review
Investment, Recordkeeping and Administrative Costs
Plan assets as of 6/30/2016
Estimated Total Plan Expenses
*The plan's estimated investment, recordkeeping and administrative costs of 0.58% as shown above, compare favorably to 401(k) Source data, a
universe of 49 similarly sized 401(k) plans with an average investment, recordkeeping and administrative cost of 1.11%.
**Budgeted expenses, not actual expenses.
This review illustrates estimated plan costs based on available data.
16
March 31, 2017
Allocation Differences
0.0% 4.0% 8.0% 12.0%-4.0 %-8.0 %-12.0 %
Commodities
Floating Rate Corporate Loans
High Yield
Fixed Income
International Equity
Small Cap Equity
Mid Cap Equity
Large Cap Equity
-0.3 %
-0.2 %
0.0%
-4.7 %
0.9%
-0.3 %
0.1%
4.4%
June 30, 2017
Allocation Differences
0.0% 0.5% 1.0%-0.5 %-1.0 %
Real Estate
Master Limited Partnerships
Commodities
Floating Rate Corporate Loans
High Yield
Fixed Income
International Equity
Small Cap Equity
Mid Cap Equity
Large Cap Equity
0.0%
-0.1 %
-0.1 %
0.0%
0.0%
-0.4 %
-0.1 %
0.1%
0.0%
0.5%
March 31, 2017
Market Value($)
Allocation(%)
Target(%)
Large Cap Equity 50,492,627 39.36 35.00Mid Cap Equity 8,515,467 6.64 6.50Small Cap Equity 8,005,199 6.24 6.50International Equity 25,581,296 19.94 19.00Fixed Income 18,363,016 14.31 19.00High Yield 2,524,212 1.97 2.00Floating Rate Corporate Loans 8,767,084 6.83 7.00Commodities 6,051,342 4.72 5.00Total Fund 128,300,243 100.00 100.00
June 30, 2017
Market Value($)
Allocation(%)
Target(%)
Large Cap Equity 44,318,835 33.48 33.00Mid Cap Equity 8,634,279 6.52 6.50Small Cap Equity 8,799,578 6.65 6.50International Equity 26,376,131 19.93 20.00Fixed Income 17,959,267 13.57 14.00High Yield 1,318,140 1.00 1.00Floating Rate Corporate Loans 5,313,633 4.01 4.00Commodities 6,506,963 4.92 5.00Master Limited Partnerships 6,455,353 4.88 5.00Real Estate 6,672,935 5.04 5.00Total Fund 132,355,116 100.00 100.00
Asset Allocation vs. Target Allocation
17
Allocation
MarketValue
($)%
Performance(%)
LastQuarter
YearTo Date
1Year
3Years
5Years
10Years
SinceInnovestInception
SinceInception
InceptionDate
Large Cap Equity
Boston Trust Equity - Boulder F&P 44,318,835 31.70 3.66 (28) 8.74 (56) 16.23 (67) 9.29 (48) 13.63 (72) 7.91 (33) 7.38 (25) 10.61 (34) 07/01/1990S&P 500 Index 3.09 (42) 9.34 (42) 17.90 (45) 9.61 (38) 14.63 (46) 7.18 (64) 5.83 (90) 9.63 (83)IM U.S. Large Cap Core Equity (SA+CF) Median 2.92 8.98 17.53 9.22 14.54 7.53 6.67 10.06
Mid Cap Equity
Victory Munder Mid Cap Core Growth 8,634,279 6.18 4.13 (62) 11.17 (71) 17.49 (55) 6.15 (63) 12.39 (53) 6.53 (61) 8.54 (15) 12.56 (44) 01/01/2010Russell Midcap Growth Index 4.21 (61) 11.40 (67) 17.05 (59) 7.83 (33) 14.19 (26) 7.87 (25) 6.45 (49) 13.64 (21)IM U.S. Mid Cap Growth Equity (MF) Median 4.85 12.28 18.00 6.78 12.45 6.96 6.12 12.27
Small Cap Equity
ICM Small Company 8,799,578 6.29 1.90 (25) 2.48 (26) 25.27 (31) 8.84 (7) 14.65 (12) 7.32 (13) 10.43 (37) 8.52 (22) 01/01/2008Russell 2000 Value Index 0.67 (47) 0.54 (41) 24.86 (33) 7.02 (30) 13.39 (35) 5.92 (42) 9.24 (67) 7.82 (45)IM U.S. Small Cap Value Equity (MF) Median 0.58 -0.43 21.70 5.33 12.69 5.66 9.62 7.61
International Equity
Dodge & Cox Int'l 13,061,846 9.34 4.75 (59) 14.51 (10) 30.37 (1) 0.64 (5) 10.23 (1) 2.34 (1) N/A 2.49 (1) 01/01/2008MSCI EAFE Value Index (Net) 4.78 (58) 11.12 (93) 25.01 (1) -0.59 (62) 8.12 (10) -0.08 (41) 4.28 (N/A) 0.27 (40)MSCI AC World ex USA Value (net) 4.08 (92) 11.03 (98) 23.62 (6) -1.00 (84) 6.35 (89) 0.31 (37) 5.13 (N/A) 0.24 (40)IM International Large Cap Value Equity (MF) Median 5.02 12.15 20.70 -0.38 7.30 -0.25 N/A -0.21
American Funds EuroPacific Gr 13,314,285 9.52 7.58 (37) 17.55 (25) 21.75 (16) 3.36 (32) 9.23 (13) 3.15 (23) N/A 7.20 (26) 04/01/2004MSCI EAFE Growth Index (Net) 7.52 (41) 16.68 (33) 15.70 (72) 2.81 (45) 9.19 (16) 2.06 (70) 3.79 (85) 5.85 (81)MSCI AC World ex USA Growth (Net) 7.56 (40) 17.38 (26) 17.38 (55) 2.55 (53) 8.04 (49) 1.89 (75) 4.31 (71) 6.14 (70)IM International Large Cap Growth Equity (MF) Median 7.26 16.26 17.77 2.59 7.97 2.36 5.01 6.75
Fixed Income
Boston Trust Fixed Income - Boulder F&P 10,680,960 7.64 0.81 (96) 1.71 (93) -1.25 (97) 2.28 (42) 1.78 (82) 4.17 (59) 4.85 (35) 5.77 (86) 07/01/1990Bloomberg Barclays U.S. Aggregate Index 1.45 (52) 2.27 (62) -0.31 (73) 2.48 (27) 2.21 (54) 4.48 (40) 4.81 (38) 6.10 (41)IM U.S. Broad Market Core Fixed Income (MF) Median 1.45 2.41 0.32 2.19 2.27 4.32 4.61 6.03
Met West Total Return 7,278,307 5.21 1.29 (75) 2.21 (67) 0.25 (54) 2.28 (42) 3.49 (4) 6.00 (1) 6.02 (1) 1.98 (61) 01/01/2015Bloomberg Barclays U.S. Aggregate Index 1.45 (52) 2.27 (62) -0.31 (73) 2.48 (27) 2.21 (54) 4.48 (40) 4.81 (38) 2.19 (43)IM U.S. Broad Market Core Fixed Income (MF) Median 1.45 2.41 0.32 2.19 2.27 4.32 4.61 2.13
High Yield
JPMorgan High Yield Select 1,318,140 0.94 1.71 (58) 4.03 (57) 10.25 (64) 3.30 (45) 5.95 (42) 6.59 (29) 7.60 (17) 7.13 (48) 01/01/2010Bloomberg Barclays U.S. Corporate High Yield 2.17 (20) 4.93 (18) 12.70 (19) 4.48 (10) 6.89 (13) 7.67 (5) 8.22 (8) 8.22 (10)IM U.S. High Yield Bonds (MF) Median 1.78 4.20 10.86 3.11 5.76 6.08 6.86 7.05
Table of ReturnsJune 30, 2017
Returns prior to 7/1990 provided by PMC
18
Table of ReturnsJune 30, 2017
Allocation
MarketValue
($)%
Performance(%)
LastQuarter
YearTo Date
1Year
3Years
5Years
10Years
SinceInnovestInception
SinceInception
InceptionDate
Floating Rate Corporate Loans
Eaton Vance Floating Rate 5,313,633 3.80 0.90 (12) 2.19 (16) 7.94 (26) 3.30 (17) 3.93 (43) 3.49 (39) N/A 7.95 (30) 04/01/2009Credit Suisse Leveraged Loan Index 0.76 (24) 1.97 (21) 7.47 (35) 3.48 (9) 4.82 (3) 4.16 (3) 4.74 (1) 8.78 (12)Loan Participation Mutual Funds Median 0.56 1.46 6.82 2.66 3.77 3.23 3.87 7.22
Commodities
Crdt Suis Comm Rtn Strat 6,506,963 4.65 -3.21 (21) -4.93 (27) -5.86 (28) -14.46 (41) -9.20 (50) -6.42 (48) N/A -8.45 (50) 01/01/2015Bloomberg Commodity Index Total Return -3.00 (15) -5.26 (31) -6.50 (38) -14.81 (46) -9.25 (50) -6.49 (50) -0.59 (N/A) -8.65 (54)IM Commodities General (MF) Median -4.01 -5.91 -7.21 -15.19 -9.29 -6.54 N/A -8.45
Master Limited Partnerships
Steelpath MLP Alpha Fund 6,455,353 4.62 -5.39 -3.11 1.81 -7.41 3.43 N/A N/A -5.39 04/01/2017Alerian MLP Infrastructure (Tax Adjusted) -4.34 -1.88 0.84 -5.84 1.79 4.36 9.22 -4.34
Real Estate
Principal US Property Account 6,672,935 4.77 2.32 (22) 4.47 (27) 9.82 (27) 12.83 (34) 12.88 (41) 5.63 (31) 8.18 (N/A) 2.32 (22) 04/01/2017NCREIF ODCE 1.71 (72) 3.51 (64) 7.88 (65) 11.34 (58) 11.79 (64) 5.25 (41) 7.97 (N/A) 1.71 (72)IM U.S. Open End Private Real Estate (SA+CF) Median 1.91 3.77 8.31 11.81 12.39 5.05 N/A 1.91
Balanced Account
Boston Trust Balanced - Boulder F&P 54,999,796 39.34 3.01 (27) 7.19 (33) 12.30 (41) 7.72 (6) 11.01 (17) 7.36 (10) 7.20 (26) 10.04 (14) 07/01/199070% S&P/30% BC Aggr 2.59 (42) 7.19 (33) 12.18 (45) 7.56 (7) 10.88 (17) 6.64 (42) 5.79 (66) 8.80 (59)IM U.S. Balanced (SA+CF) Median 2.28 6.30 11.38 5.13 9.54 6.05 6.39 9.07
VT Retirement Income Advantage 938,465 0.67 2.45 (44) 6.52 (48) 9.32 (70) 3.63 (87) 6.95 (86) N/A N/A 5.76 (88) 04/01/2013VT Retirement Income Advantage Custom Index 2.54 (43) 6.70 (45) 10.89 (57) 5.17 (49) 8.46 (67) N/A N/A 7.28 (62)IM U.S. Balanced (SA+CF) Median 2.28 6.30 11.38 5.13 9.54 6.05 6.39 7.97
Stable Value
Vantage Trust Plus (gross) 6,501,511 4.65 0.60 (4) 1.18 (3) 2.36 (1) 2.34 (1) 2.46 (1) 3.31 (4) 3.99 (12) 3.31 (4) 07/01/2007Vantage Trust Plus (net) 0.46 (4) 0.90 (3) 1.79 (1) 1.77 (1) 1.89 (1) 2.75 (4) N/A (12) 2.75 (4)Ryan 3 Yr GIC Master Index 0.39 (94) 0.77 (94) 1.48 (91) 1.28 (100) 1.21 (100) 2.44 (76) 3.26 (89) 2.44 (76)IM U.S. GIC/Stable Value (SA+CF) Median 0.46 0.90 1.79 1.82 1.78 2.66 3.52 2.66
Total Fund
Boulder Fire and Police 139,795,092 100.00 2.95 7.25 13.61 4.75 8.99 6.09 6.71 9.17 01/01/1985Boulder Fire & Police Custom Benchmark 2.80 7.08 12.95 4.73 9.06 5.25 5.87 9.60CPI + 4% 1.46 3.47 5.70 4.95 5.37 5.70 6.18 6.74
Returns prior to 7/1990 provided by PMC
19
Plan Sponsor TF Asset Allocation - Public Plan Sponsors (< $100 mm AUM)
Plan Sponsor Peer Group Analysis - Public Plan Sponsors (< $100 mm AUM)
-25.0
0.0
25.0
50.0
75.0A
llo
ca
tio
n (%
)
US Equity Intl. Equity US Fixed Income Intl. Fixed Income Alternative Inv. Real Estate Cash
Boulder Fire and Police 56.95 (7) 19.94 (21) 23.11 (79) 0.00 N/A 0.00 0.00�
5th Percentile 57.55 23.55 44.61 6.77 18.23 13.14 7.431st Quartile 50.85 17.56 35.98 5.12 8.72 9.94 2.39
Median 45.28 14.33 30.61 4.80 4.81 7.74 1.503rd Quartile 40.76 11.40 23.85 4.17 3.13 4.98 0.7795th Percentile 29.08 7.60 16.02 2.05 1.59 2.72 0.10
0.0
4.0
8.0
12.0
16.0
Re
turn
3.44.1
8.59.8
4.25.06.37.2 6.87.5
4.55.4
LastQuarter
1Year
3Years
5Years
7Years
10Years
Boulder Fire and Police 4.17 (72) 12.97 (6) 4.87 (81) 7.59 (58) 8.14 (42) 6.30 (18)¢£
Boulder Fire & Police Custom Benchmark 4.16 (73) 12.47 (13) 4.99 (74) 7.96 (40) 8.26 (35) 5.36 (78)pr
5th Percentile 5.44 12.99 6.92 9.13 9.13 6.701st Quartile 4.84 11.82 6.03 8.24 8.43 6.09Median 4.48 10.74 5.49 7.71 7.99 5.683rd Quartile 4.08 9.79 4.98 7.15 7.53 5.4095th Percentile 3.43 8.52 4.20 6.33 6.76 4.52
Population 394 380 365 354 339 297
Plan Sponsor Peer Group AnalysisAs of March 31,2017
20
Plan Sponsor TF Asset Allocation - Public Plan Sponors ($100mm - $1 Bln AUM)
Plan Sponsor Peer Group Analysis - All Public Plans ($100mm - $500mm AUM)
-25.0
0.0
25.0
50.0
75.0A
llo
ca
tio
n (%
)
US Equity Intl. Equity US Fixed Income Intl. Fixed Income Alternative Inv. Real Estate Cash
Boulder Fire and Police 56.95 (8) 19.94 (36) 23.11 (48) 0.00 N/A 0.00 0.00�
5th Percentile 60.35 26.64 38.60 16.01 27.63 12.84 3.711st Quartile 45.59 21.70 30.04 7.61 15.95 10.50 1.73
Median 40.90 16.11 22.62 4.94 11.25 8.43 0.973rd Quartile 32.38 13.50 17.17 3.82 4.56 5.89 0.6095th Percentile 21.03 6.03 9.92 1.70 1.25 3.05 0.05
0.04.08.0
12.016.020.0
Re
turn
3.44.0
8.710.7
3.44.9 6.17.3 6.47.6
4.55.4
LastQuarter
1Year
3Years
5Years
7Years
10Years
Boulder Fire and Police 4.17 (70) 12.97 (13) 4.87 (75) 7.59 (68) 8.14 (63) 6.30 (29)¢£
Boulder Fire & Police Custom Benchmark 4.16 (72) 12.47 (23) 4.99 (74) 7.96 (55) 8.26 (56) 5.36 (76)pr
5th Percentile 5.52 14.29 6.90 9.47 9.80 6.781st Quartile 4.81 12.13 6.11 8.64 8.82 6.36Median 4.45 11.47 5.74 8.03 8.34 5.833rd Quartile 4.03 10.65 4.86 7.34 7.63 5.3795th Percentile 3.39 8.73 3.37 6.09 6.40 4.48
Population 129 126 124 122 122 104
Plan Sponsor Peer Group AnalysisAs of March 31,2017
21
Cumulative Performance Over Time
Risk and Return
Boulder Fire and Police Boulder Fire & Police Custom Benchmark CPI + 4.75%
-600 %
0%
600%
1,200%
1,800%
2,400%
3/85 9/86 3/88 9/89 3/91 9/92 3/94 9/95 3/97 9/98 3/00 9/01 3/03 9/04 3/06 9/07 3/09 9/10 3/12 9/13 3/15 6/17
8
9
10
11
12
Re
turn
(%)
7 8 9 10 11 12 13 14 15 16 17 18 19Risk (Standard Deviation %)
Boulder Fire and Police
S&P 500 Index
Total Portfolio Performance AnalysisAs of June 30,2017
22
Criteria
Organization PeoplePhilosophy& Process
StyleConsistency
Asset Base Performance Expenses Overall
Costs
Exp Ratio(%)
MedianExp Ratio
(%)
Ratio ofExp to
Median (%)
Boston Trust Balanced - Boulder F&P 0.64 1.15 55.00Victory:MC Core Gr;Y (MGOYX) 1.06 1.27 84.25ICM Small Company;Inst (ICSCX) 0.95 1.29 73.64Dodge & Cox Intl Stock (DODFX) 0.64 1.18 54.24American Funds EuPc;R4 (REREX) 0.85 1.19 71.43Met West:Total Return;I (MWTIX) 0.44 0.76 57.89Eaton Vance Flt Rt;A (EVBLX) 1.03 1.12 91.96JPMorgan:High Yield;I (OHYFX) 0.77 1.07 74.77Crdt Suis Cmdty Rtn;Inst (CRSOX) 0.79 1.27 62.20Oppenheimer SP MLP Alp;I (OSPAX) 1.19 1.69 70.41Principal US Property Account 0.85 1.10 77.27Vantage Trust Plus 0.56 0.73 76.71VT Retirement Income Advantage 1.72 1.72 100.00
Legend For Overall Criteria
No/Minimum ConcernsMinor ConcernMajor ConcernUnder Review
New No/Minimum ConcernsUpgrade to Minor ConcernDowngrade to Minor ConcernNew Major Concern
Manager Score Factor Comments
Victory:MC Core Gr;Y (MGOYX) Asset Base Outflows relative to strategy AUM warrants increased monitoring and diligence. If performance continues to improve, flows shouldresolve quickly.
Manager Score Card
The Expense Ratio and Median Expense Ratio for Hedge Fund of Funds and Private Equity Fund of Funds excludes underlying fund expenses; the expenses shown are only at the Fund of Funds level.
23
THIS PAGE LEFT INTENTIONALLY BLANK
24
STRATEGY INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM U.S. Balanced (SA+CF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since account inception.
Firm and Management:Domenic Colasacco is a portfoliomanager and president of the Adviser.Mr. Colasacco is also the president ofBoston Trust & InvestmentManagement Company and has servedas its Chief Investment Officer since1980. Mr. Colasacco managesportfolios for individual and institutionalclients and also manages the BostonTrust Equity Fund. Mr. Colasacco is aholder of the Chartered FinancialAnalyst (CFA) designation and amember of the Boston SecurityAnalysts Society.
Investment Strategy:The strategy strives to provide long-term growth of capital through adiversified portfolio of stocks, bondsand money market investments. Theallocation among these assets isactively managed based both on theirrelative values and the changingeconomic outlook. By forecastingfinancial market returns across a widerange of possible economic scenarios,they vary the allocation in a mannerthat is designed to provide protectionagainst falling markets in unfavorableeconomic environments, while alsoproviding opportunity to participate inrising markets. The strategy providesbroad diversification across stockmarket sectors; individual equityselections focus on companies withsuperior financial track records.
-10.0
-4.0
2.0
8.0
14.0
20.0
26.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
Boston Tr Bal - Boulder F&P 3.01 (27) 7.19 (33) 12.30 (41) 7.72 (6) 11.01 (17) 11.50 (13) 7.36 (10)¢£
70% S&P/30% BC Aggr 2.59 (42) 7.19 (33) 12.18 (45) 7.56 (7) 10.88 (17) 11.79 (9) 6.64 (42)��
Median 2.28 6.30 11.38 5.13 9.54 9.90 6.05
-4.0
0.0
4.0
8.0
12.0
16.0
Ret
urn
(%)
0.0 5.0 10.0 15.0Risk (Standard Deviation %)
ReturnStandardDeviation
Boston Tr Bal - Boulder F&P 11.01 5.38¢£
70% S&P/30% BC Aggr 10.88 5.17��
Median 9.54 5.91¾
2016 2015 2014 2013 2012 2011 2010
Boston Tr Bal - Boulder F&P 10.75 (30) -0.59 (38) 11.13 (11) 23.02 (21) 10.04 (74) 3.45 (23) 14.13 (30)IM U.S. Balanced (SA+CF) Median 8.53 -1.52 6.92 19.17 11.33 1.32 12.63
70% S&P/30% BC Aggr 9.23 (42) 1.34 (17) 11.39 (10) 21.12 (27) 12.49 (39) 4.08 (20) 12.92 (43)IM U.S. Balanced (SA+CF) Median 8.53 -1.52 6.92 19.17 11.33 1.32 12.63
3Years
EndingJun-2017
3Years
EndingJun-2016
3Years
EndingJun-2015
3Years
EndingJun-2014
3Years
EndingJun-2013
3Years
EndingJun-2012
3Years
EndingJun-2011
Boston Tr Bal - Boulder F&P 7.72 (6) 9.53 (8) 12.12 (38) 11.72 (32) 13.23 (26) 12.79 (29) 6.13 (21)IM U.S. Balanced (SA+CF) Median 5.13 6.26 11.39 10.88 11.92 12.02 4.90
70% S&P/30% BC Aggr 7.56 (7) 9.48 (9) 12.55 (24) 12.76 (19) 14.02 (16) 13.82 (12) 4.74 (54)IM U.S. Balanced (SA+CF) Median 5.13 6.26 11.39 10.88 11.92 12.02 4.90
Boston Tr Bal - Boulder F&P 06/30/17
25
STRATEGY INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM U.S. Large Cap Core Equity (SA+CF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since account inception.
Firm and Management:Domenic Colasacco is a portfoliomanager and president of the Adviser.Mr. Colasacco is also the president ofBoston Trust & InvestmentManagement Company and has servedas its Chief Investment Officer since1980. Mr. Colasacco managesportfolios for individual and institutionalclients and also manages the BostonTrust Equity Fund. Mr. Colasacco is aholder of the Chartered FinancialAnalyst (CFA) designation and amember of the Boston SecurityAnalysts Society.
Investment Strategy:The portfolio consists of stocks from allmarket capitalizations; small, mediumand large. The portfolio is constructedwith a bottom up approach to securityselection, however, macro themes areconsidered in deciding which sectorslook most attractive. Each potentialholding is put through a number ofscreens which consider earningsgrowth and relative valuation.
-4.0
4.0
12.0
20.0
28.0
36.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
Boston TrEq - Boulder F&P 3.66 (28) 8.74 (56) 16.23 (67) 9.29 (48) 13.63 (72) 14.02 (81) 7.91 (33)¢£
S&P 500 Index 3.09 (42) 9.34 (42) 17.90 (45) 9.61 (38) 14.63 (46) 15.41 (48) 7.18 (64)��
Median 2.92 8.98 17.53 9.22 14.54 15.32 7.53
0.0
4.0
8.0
12.0
16.0
20.0
24.0
Ret
urn
(%)
0.0 5.0 10.0 15.0Risk (Standard Deviation %)
ReturnStandardDeviation
Boston TrEq - Boulder F&P 13.63 6.88¢£
S&P 500 Index 14.63 7.49��
Median 14.54 7.93¾
2016 2015 2014 2013 2012 2011 2010
Boston TrEq - Boulder F&P 13.23 (19) -0.95 (76) 13.00 (57) 30.44 (77) 12.03 (83) 1.56 (57) 16.91 (24)IM U.S. Large Cap Core Equity (SA+CF) Median 10.52 1.32 13.42 32.94 15.68 2.03 14.80
S&P 500 Index 11.96 (33) 1.38 (50) 13.69 (44) 32.39 (59) 16.00 (46) 2.11 (50) 15.06 (44)IM U.S. Large Cap Core Equity (SA+CF) Median 10.52 1.32 13.42 32.94 15.68 2.03 14.80
3Years
EndingJun-2017
3Years
EndingJun-2016
3Years
EndingJun-2015
3Years
EndingJun-2014
3Years
EndingJun-2013
3Years
EndingJun-2012
3Years
EndingJun-2011
Boston TrEq - Boulder F&P 9.29 (48) 11.11 (57) 15.12 (85) 13.81 (88) 16.26 (78) 15.30 (58) 5.80 (17)IM U.S. Large Cap Core Equity (SA+CF) Median 9.22 11.25 17.91 16.54 18.38 15.80 3.88
S&P 500 Index 9.61 (38) 11.66 (41) 17.31 (64) 16.58 (49) 18.45 (49) 16.40 (38) 3.34 (64)IM U.S. Large Cap Core Equity (SA+CF) Median 9.22 11.25 17.91 16.54 18.38 15.80 3.88
Boston TrEq - Boulder F&P 06/30/17
26
TOP TEN HOLDINGS PORTFOLIO CHARACTERISTICS
DISTRIBUTION OF MARKET CAP
SECTOR DISTRIBUTION PERFORMANCE - 1 Quarter
TOTAL ATTRIBUTION - 1 Quarter
PortfolioWeight
(%)
BenchmarkWeight
(%)
ActiveWeight
(%)
QuarterlyReturn
(%)
Apple Inc 3.82 3.62 0.20 0.66Alphabet Inc 3.49 1.31 2.18 9.543M Co 3.09 0.60 2.49 9.47Microsoft Corp 3.08 2.56 0.52 5.25Johnson & Johnson 2.66 1.72 0.94 6.91JPMorgan Chase & Co 2.60 1.56 1.04 4.65Oracle Corp 2.40 0.73 1.67 12.88Comcast Corp 2.32 0.89 1.43 4.39PNC Financial Services Inc. 2.20 0.29 1.91 4.34U.S. Bancorp 2.16 0.40 1.76 1.36
% of Portfolio 27.82 13.68
Portfolio Benchmark
Wtd. Avg. Mkt. Cap ($) 163,586,284,871 166,645,550,370Median Mkt. Cap ($) 65,478,510,090 20,641,192,680Price/Earnings ratio 22.49 21.58Price/Book ratio 3.41 3.325 Yr. EPS Growth Rate (%) 6.70 11.34Current Yield (%) 1.82 2.01Beta (5 Years, Monthly) 0.95 1.00Number of Stocks 65 505
Boston Trust Equity - Composite S&P 500 Index
0.0 5.0 10.0 15.0 20.0 25.0 30.0
UtilitiesTelecommunication Services
Real EstateMaterials
Information TechnologyIndustrials
Health CareFinancials
EnergyConsumer Staples
Consumer Discretionary
3.00.00.0
4.121.5
11.815.8
18.44.4
10.210.7
3.22.1
2.92.8
22.310.3
14.514.5
6.09.0
12.3
Boston Trust Equity - Composite S&P 500 Index
0.0 6.0 12.0 18.0-6.0-12.0
UtilitiesTelecommunication Services
Real EstateMaterials
Information TechnologyIndustrials
Health CareFinancials
EnergyConsumer Staples
Consumer Discretionary
1.9-7.3
0.08.1
4.91.6
12.04.2
-6.22.2
-1.6
2.2-7.1
2.83.2
4.14.8
7.14.3
-6.41.6
2.4
Boston Trust Equity - Composite S&P 500 Index
0.0
15.0
30.0
45.0
60.0
>100 Bil 75 Bil - 100 Bil
25 Bil - 75 Bil
15 Bil - 25 Bil
2 Bil - 15 Bil
45.2
10.7
26.1
9.0 8.9
41.0
13.823.2
15.06.9
0.0 0.3 0.6 0.9 1.2-0.3-0.6-0.9
UtilitiesTelecommunication Services
Real EstateMaterials
Information TechnologyIndustrials
Health CareFinancials
EnergyConsumer Staples
Consumer Discretionary
0.00.2
0.00.2
0.2-0.4
0.80.0
0.20.0
-0.4
Boston Trust Equity - Composite 06/30/17
27
STRATEGY INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM U.S. Fixed Income (SA+CF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since account inception.
Firm and Management:Domenic Colasacco is a portfoliomanager and president of the Adviser.Mr. Colasacco is also the president ofBoston Trust & InvestmentManagement Company and has servedas its Chief Investment Officer since1980. Mr. Colasacco managesportfolios for individual and institutionalclients and also manages the BostonTrust Equity Fund. Mr. Colasacco is aholder of the Chartered FinancialAnalyst (CFA) designation and amember of the Boston SecurityAnalysts Society.
Investment Strategy:Boston Trust's approach to fixedincome investing combines top downeconomic scenario forecasts withbottom up fundamental research. Usingmacroeconomic-based quantitativetools, the investment team forecastsinterest rate changes for a range ofpossible economic outcomes. Theseforecasts contribute to portfoliostrategies with respect to interest ratesand the yield curve. In selectingindividual securities, Boston Trustapplies long-held standards for superiorfinancial quality, appropriate risk, anddiversification.
-8.0
-4.0
0.0
4.0
8.0
12.0
16.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
Boston Tr FI - Boulder F&P 0.81 (77) 1.71 (74) -1.25 (98) 2.28 (68) 1.78 (81) 2.92 (73) 4.17 (71)¢£
Barclays Agg 1.45 (52) 2.27 (60) -0.31 (89) 2.48 (62) 2.21 (70) 3.19 (67) 4.48 (63)��
Median 1.48 2.58 1.14 2.83 3.05 3.94 4.91
-3.0
0.0
3.0
6.0
9.0
Ret
urn
(%)
-4.0 0.0 4.0 8.0 12.0 16.0Risk (Standard Deviation %)
ReturnStandardDeviation
Boston Tr FI - Boulder F&P 1.78 2.93¢£
Barclays Agg 2.21 3.03��
Median 3.05 3.04¾
2016 2015 2014 2013 2012 2011 2010
Boston Tr FI - Boulder F&P 2.19 (72) 1.68 (16) 3.71 (58) -2.15 (84) 4.08 (75) 7.76 (33) 6.55 (65)IM U.S. Fixed Income (SA+CF) Median 3.72 0.72 4.45 -0.19 6.88 6.41 7.60
Barclays Agg 2.65 (64) 0.55 (56) 5.97 (36) -2.02 (81) 4.21 (74) 7.84 (32) 6.54 (65)IM U.S. Fixed Income (SA+CF) Median 3.72 0.72 4.45 -0.19 6.88 6.41 7.60
3Years
EndingJun-2017
3Years
EndingJun-2016
3Years
EndingJun-2015
3Years
EndingJun-2014
3Years
EndingJun-2013
3Years
EndingJun-2012
3Years
EndingJun-2011
Boston Tr FI - Boulder F&P 2.28 (68) 3.64 (60) 1.41 (84) 3.11 (77) 3.64 (70) 6.48 (71) 5.74 (71)IM U.S. Fixed Income (SA+CF) Median 2.83 4.06 2.80 4.76 4.73 8.38 7.05
Barclays Agg 2.48 (62) 4.06 (50) 1.83 (75) 3.66 (68) 3.51 (72) 6.93 (66) 6.46 (62)IM U.S. Fixed Income (SA+CF) Median 2.83 4.06 2.80 4.76 4.73 8.38 7.05
Boston Tr FI - Boulder F&P 06/30/17
28
TOP TEN HOLDINGS
PORTFOLIO CHARACTERISTICS vs. Bloomberg Barclays U.S. AggregateIndex
CREDIT QUALITY DISTRIBUTION vs. Bloomberg Barclays U.S. AggregateIndex
SECTOR DISTRIBUTION vs. Bloomberg Barclays U.S. Aggregate Index
MATURITY DISTRIBUTION vs. Bloomberg Barclays U.S. Aggregate Index
Portfolio Benchmark
Effective Duration 5.31 5.83Avg. Maturity 6.24 7.72Avg. Quality AA AAYield To Maturity (%) 2.15 2.48Holdings Count 26 9,355
Boston Trust Fixed Income - Boulder F&P Bloomberg Barclays U.S. Aggregate Index
0.0
15.0
30.0
45.0
60.0
75.0
US Tr e
asurie
s
A gencie
sM BS
C redi t
0.0 0.0 0.0 0.0
6.7
58.5
2.1
32.7
Boston Trust Fixed Income - Boulder F&P
Company %
FED HOME LN BKS 2.875% 06/14/24 2.40FED FARM CR BKS 3.500% 12/20/23 2.00FED NATL MTG ASSN 2.625% 09/06/24 1.90FED HOME LN BKS 2.375% 03/13/26 1.60TREASURY INFL IDX 0.625% 01/15/24 1.30FED HOME LN BKS 2.250% 03/11/22 0.90FED HOME LN BKS 2.750% 12/13/24 0.90HUBBELL INC 5.950% 06/01/18 0.80FED NATL MTG ASSN 2.125% 04/24/26 0.70AMERICAN EXPRESS CO 7.000% 03/19/18 0.70
Boston Trust Fixed Income - Boulder F&P
Bloomberg Barclays U.S. Aggregate Index
0.0
20.0
40.0
60.0
80.0
100.0
A AA AA AB BB NR
0.0 0.0 0.0 0.0 0.01.5
70.2
20.6
5.62.1
Boston Trust Fixed Income - Boulder F&P
Bloomberg Barclays U.S. Aggregate Index
0.0
20.0
40.0
60.0
80.0
100.0
0 to
3 Y ea
rs
3 to
5 Y ea
rs
6 to
10 Y ea
rs
11 to
20 Y ea
rs
20+ Y ea
rs
0.0 0.0 0.0 0.0 0.0
18.1
7.2
72.7
0.0 2.0
Boston Trust Fixed Income - Boulder F&P 06/30/17
29
FUND INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM U.S. Mid Cap Growth Equity (MF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since inception of fund share class.
Investment Strategy:The Munder team seek companies thattrade cheaply relative to their growthprospects, using a broad range ofvaluation measures. They keep theFund's sector weightings within 3percentage points of the fund'sbenchmark, the S&P Midcap 400 Index.They'll typically hold 70-100 stocks andcap position sizes at 3%. They'rerelatively patient investors; portfolioturnover has averaged around 50%.
Innovest's Assessment:Munder’s low beta bias is likely tooutperform during market drawdownsand when quality growth companies arein favor. Underperformance is expectedwhen low quality, high beta companiesoutpace high quality securities andduring speculative growth rallies.
-4.0
2.0
8.0
14.0
20.0
26.0
32.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
Victory Munder MC Gr 4.13 (62) 11.17 (71) 17.49 (55) 6.15 (63) 12.39 (53) 13.69 (48) 6.53 (61)¢£
Russell Midcap Growth Index 4.21 (61) 11.40 (67) 17.05 (59) 7.83 (33) 14.19 (26) 15.24 (19) 7.87 (25)��
Median 4.85 12.28 18.00 6.78 12.45 13.59 6.96
3.0
6.0
9.0
12.0
15.0
18.0
Ret
urn
(%)
6.0 9.0 12.0 15.0 18.0Risk (Standard Deviation %)
ReturnStandardDeviation
Victory Munder MC Gr 12.39 10.82¢£
Russell Midcap Growth Index 14.19 10.83��
Median 12.45 11.42¾
FundFamily :
Victory CapitalManagement Inc
Fund Inception : 06/24/1998PortfolioManager :
Tony Y. Dong
TotalAssets :
$2,349 Million
Turnover : 40%
2016 2015 2014 2013 2012 2011 2010
Victory Munder MC Gr 7.37 (25) -4.36 (84) 10.17 (22) 33.71 (61) 16.01 (29) -0.77 (24) 25.48 (49)Russell MCG 7.33 (25) -0.20 (49) 11.90 (11) 35.74 (44) 15.81 (32) -1.65 (29) 26.38 (43)IM U.S. Mid Cap Growth Equity (MF) Median 4.93 -0.34 7.24 35.23 14.19 -4.71 25.29
3Years
EndingJun-2017
3Years
EndingJun-2016
3Years
EndingJun-2015
3Years
EndingJun-2014
3Years
EndingJun-2013
3Years
EndingJun-2012
3Years
EndingJun-2011
Victory Munder MC Gr 6.15 (63) 7.65 (65) 18.26 (43) 13.99 (28) 18.76 (21) 18.54 (30) 4.53 (56)Russell MCG 7.83 (33) 10.52 (24) 19.24 (26) 14.54 (21) 19.53 (13) 19.01 (22) 6.58 (36)IM U.S. Mid Cap Growth Equity (MF) Median 6.78 8.58 17.76 12.44 16.94 17.23 5.21
Victory Munder MC Gr 06/30/17
30
SECTOR ALLOCATION
STYLE MAP (07/01/98 - 06/30/17)
SECTOR PERFORMANCE
TOP 10 HOLDINGSPORTFOLIO CHARACTERISTICS
UP/DOWN CAPTURE (07/01/12 - 06/30/17)
TOTAL SECTOR ATTRIBUTION
PortfolioWeight
(%)
BenchmarkWeight
(%)
QuarterlyReturn
(%)
Broadcom Ltd 2.53 0.00 6.89Bard (C.R.) Inc 2.33 0.82 27.30Reinsurance Group of Amer. 2.30 0.00 1.44Fidelity Natioal Info Serv Inc. 2.19 0.57 7.62SVB Financial Group 2.12 0.24 -5.53Ross Stores Inc 2.00 0.79 -12.14SBA Communications Corp 1.99 0.58 12.07Microchip Technology Inc 1.92 0.59 5.08Baxter International Inc 1.91 0.00 17.05Northern Trust Corp 1.88 0.00 12.76
% of Portfolio 21.17 3.59
Portfolio Benchmark
Wtd. Avg. Mkt. Cap $M $17,630 $13,598Median Mkt. Cap $M $10,811 $7,748Price/Earnings ratio 24.65 27.07Price/Book ratio 3.04 5.515 Yr. EPS Growth Rate (%) 13.15 13.03Current Yield (%) 1.20 1.06Beta (5 Years, Monthly) 0.96 1.00% in Int'l Securities 4.53 4.14Active Share 86.32 N/ANumber of Stocks 78 426
Victory Munder MC Gr Russell MCG
0.0 8.0 16.0 24.0 32.0
UtilitiesTelecommunication Services
Real EstateOther
MaterialsInformation Technology
IndustrialsHealth Care
FinancialsEnergy
Consumer StaplesConsumer Discretionary
4.40.0
9.01.0
6.319.4
12.110.2
13.63.64.2
16.1
0.00.2
5.30.0
5.222.9
14.516.0
5.31.2
6.722.7
Victory Munder MC Gr
0.0 0.5 1.0 1.5-0.5-1.0-1.5
-0.10.0
0.00.0
-0.6-0.1
0.4-0.1
-0.7-0.4
0.50.9
Victory Munder MC Gr Russell MCG
0.0 10.0 20.0 30.0-10.0-20.0
2.60.0
4.31.8
-2.88.6
3.414.8
-0.3-11.6
5.03.4
0.0-6.1
4.60.0
6.18.4
1.111.2
6.0-8.8
-1.9-0.4
Style History Jun-2017 Average Style Exposure
Ca
pit
ali
za
tio
n
Manager Style
Large Cap Growth
Small Cap GrowthSmall Cap Value
Large Cap Value
Victory Munder MC Gr
50.0
75.0
100.0
125.0
150.0
Up
Ca
ptu
re
50.0 70.0 90.0 110.0 130.0 150.0Down Capture
Victory Munder MC Gr 06/30/17
31
FUND INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM U.S. Small Cap Value Equity (MF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since inception of fund share class.
Investment Strategy:The management team starts with auniverse of stocks with market capsaround $1 billion and narrows the listthrough screens and company analysis.The team favors well-managedcompanies with good growth prospectsthat are trading at attractive valuations.It employs a strict sell-discipline whenvaluations get too high or when acompany doesn't meet expectations.
Innovest's Assessment:The strategy should outperform in downand stable markets and when lessercapitalized companies are leading. Thefund should underperform duringmomentum environments wherefundamentals aren’t rewarded. Thefund should also underperform whenfinancials and utilities lead due tomanagement's perpetual aversion tothe sectors.
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
50.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
ICM Small Company 1.90 (25) 2.48 (26) 25.27 (31) 8.84 (7) 14.65 (12) 14.49 (15) 7.32 (13)¢£
Russell 2000 Value Index 0.67 (47) 0.54 (41) 24.86 (33) 7.02 (30) 13.39 (35) 13.50 (29) 5.92 (42)��
Median 0.58 -0.43 21.70 5.33 12.69 12.66 5.66
0.0
4.0
8.0
12.0
16.0
20.0
Ret
urn
(%)
5.0 10.0 15.0 20.0 25.0Risk (Standard Deviation %)
ReturnStandardDeviation
ICM Small Company 14.65 13.61¢£
Russell 2000 Value Index 13.39 13.57��
Median 12.69 13.60¾
FundFamily :
InvestmentCounselors ofMaryland
Fund Inception : 04/17/1989PortfolioManager :
Heaphy/Merwitz
TotalAssets :
$716 Million
Turnover : 32%
2016 2015 2014 2013 2012 2011 2010
ICM Small Company 31.36 (26) -3.20 (10) 2.87 (50) 36.16 (41) 16.93 (34) -4.85 (57) 22.73 (73)Russell 2000 Value 31.74 (25) -7.47 (50) 4.22 (33) 34.52 (54) 18.05 (27) -5.50 (59) 24.50 (56)IM U.S. Small Cap Value Equity (MF) Median 28.86 -7.56 2.86 35.08 15.35 -3.28 24.84
3Years
EndingJun-2017
3Years
EndingJun-2016
3Years
EndingJun-2015
3Years
EndingJun-2014
3Years
EndingJun-2013
3Years
EndingJun-2012
3Years
EndingJun-2011
ICM Small Company 8.84 (7) 8.75 (12) 16.12 (39) 14.74 (40) 16.98 (57) 16.97 (46) 6.10 (74)Russell 2000 Value 7.02 (30) 6.36 (31) 15.50 (47) 14.65 (42) 17.33 (50) 17.43 (39) 7.09 (61)IM U.S. Small Cap Value Equity (MF) Median 5.33 4.79 15.28 14.19 17.27 16.61 7.85
ICM Small Company 06/30/17
32
SECTOR ALLOCATION
STYLE MAP (05/01/89 - 06/30/17)
SECTOR PERFORMANCE
TOP 10 HOLDINGSPORTFOLIO CHARACTERISTICS
UP/DOWN CAPTURE (07/01/12 - 06/30/17)
TOTAL SECTOR ATTRIBUTION
PortfolioWeight
(%)
BenchmarkWeight
(%)
QuarterlyReturn
(%)
Rogers Corp. 1.88 0.00 26.49Novanta Inc 1.76 0.00 35.59McDermott International Inc. 1.45 0.21 6.22Sterling Bancorp 1.44 0.32 -1.61US Concrete Inc 1.39 0.00 21.69Bryn Mawr Bank Corp 1.38 0.07 8.12Ameris Bancorp 1.36 0.04 4.77Heritage Financial Corp 1.30 0.08 7.62Quanex Building Products Corp 1.28 0.07 4.64Orbotech Ltd 1.27 0.00 1.15
% of Portfolio 14.51 0.79
Portfolio Benchmark
Wtd. Avg. Mkt. Cap $M $1,809 $1,862Median Mkt. Cap $M $1,468 $676Price/Earnings ratio 23.38 18.06Price/Book ratio 2.00 1.665 Yr. EPS Growth Rate (%) 12.86 8.81Current Yield (%) 1.31 1.94Beta (5 Years, Monthly) 0.99 1.00% in Int'l Securities 4.29 3.33Active Share 89.58 N/ANumber of Stocks 110 1,399
ICM Small Company Russell 2000 Value
0.0 15.0 30.0 45.0
UtilitiesTelecommunication Services
Real EstateMaterials
Information TechnologyIndustrials
Health CareFinancials
EnergyConsumer Staples
Consumer Discretionary
3.50.0
8.27.1
16.825.1
3.624.5
2.60.8
7.8
6.50.6
10.24.7
10.313.0
4.732.2
5.02.8
9.9
ICM Small Company
0.0 0.4 0.8 1.2-0.4-0.8
0.00.0
0.30.2
0.8-0.3
0.2-0.3
0.50.1
0.0
ICM Small Company Russell 2000 Value
0.0 15.0 30.0-15.0-30.0
4.20.0
5.42.3
5.01.1
15.00.2
-18.0-13.7
4.8
2.62.3
1.3-1.4
0.04.1
6.01.2
-19.0-7.2
3.4
Style History Jun-2017 Average Style Exposure
Ca
pit
ali
za
tio
n
Manager Style
Large Cap Growth
Small Cap GrowthSmall Cap Value
Large Cap Value
ICM Small Company
50.0
75.0
100.0
125.0
150.0
Up
Ca
ptu
re
50.0 70.0 90.0 110.0 130.0 150.0Down Capture
ICM Small Company 06/30/17
33
FUND INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM International Large Cap Value Equity (MF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since inception of fund share class.
Investment StrategyThe Fund invests primarily in adiversified portfolio of equity securitiesissued by non-U.S. companies from atleast three different countries, includingemerging markets. The Fund focuseson countries whose economic andpolitical systems appear more stableand are believed to provide someprotection to foreign shareholders. TheFund invests primarily in medium-to-large well established companiesbased on standards of the applicablemarket. In selecting investments, theFund invests primarily in companiesthat, in Dodge & Cox’s opinion, appearto be temporarily undervalued by thestock market but have a favorableoutlook for long-term growth.
Innovest's AssessmentWe believe this collaborative researchapproach will continue generatingshareholder value over full marketcycles; however, performance maysuffer during periods driven by moremacroeconomic events or a disregardfor company specific fundamentals.The strategy’s notable allocation todeveloping countries also suggests thatrelative performance may be partiallydictated by the market’s preference foremerging market securities.
-12.0
-4.0
4.0
12.0
20.0
28.0
36.0
44.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
Dodge & Cox Intl 4.92 (54) 14.87 (10) 31.19 (1) 1.29 (1) 10.93 (1) 9.47 (1) 3.00 (1)¢£
MSCI EAFE Value Idx 4.78 (58) 11.12 (93) 25.01 (1) -0.59 (62) 8.12 (10) 7.15 (51) -0.08 (41)��
Median 5.02 12.15 20.70 -0.38 7.30 7.18 -0.25
4.0
6.0
8.0
10.0
12.0
Ret
urn
(%)
10.0 12.0 14.0 16.0Risk (Standard Deviation %)
ReturnStandardDeviation
Dodge & Cox Intl 10.93 13.32¢£
MSCI EAFE Value Idx 8.12 12.57��
Median 7.30 11.60¾
FundFamily :
Dodge & Cox
Fund Inception : 05/01/2001PortfolioManager :
Team Managed
TotalAssets :
$61,542 Million
Turnover : 17%
2016 2015 2014 2013 2012 2011 2010
Dodge & Cox Intl 8.95 (2) -10.78 (99) 0.72 (1) 27.11 (1) 21.80 (5) -15.42 (85) 14.41 (1)MSCI EAFE Val Idx 5.02 (3) -5.68 (90) -5.39 (16) 22.95 (13) 17.69 (44) -12.17 (29) 3.25 (74)IM International Large Cap Value Equity (MF) Median 1.98 -2.86 -9.83 21.38 17.29 -13.53 5.39
3Years
EndingJun-2017
3Years
EndingJun-2016
3Years
EndingJun-2015
3Years
EndingJun-2014
3Years
EndingJun-2013
3Years
EndingJun-2012
3Years
EndingJun-2011
Dodge & Cox Intl 1.29 (1) 1.01 (22) 16.18 (1) 11.11 (1) 11.69 (5) 8.52 (5) 1.99 (2)MSCI EAFE Val Idx -0.59 (62) -0.10 (46) 11.80 (14) 8.46 (28) 9.17 (60) 4.24 (73) -1.74 (19)IM International Large Cap Value Equity (MF) Median -0.38 -0.33 10.13 6.34 9.53 5.39 -3.48
Dodge & Cox Intl 06/30/17
34
REGION ALLOCATION
STYLE MAP (06/01/01 - 06/30/17)
REGION PERFORMANCE
TOP 10 HOLDINGSPORTFOLIO CHARACTERISTICS
TOTAL SECTOR ATTRIBUTION (04/01/17 - 06/30/17)
TOTAL REGION ATTRIBUTION
PortfolioWeight
(%)
BenchmarkWeight
(%)
QuarterlyReturn
(%)
Naspers Ltd 4.06 0.00 12.62Sanofi 3.92 1.62 9.00Icici Bank Ltd 2.91 0.00 16.53BNP Paribas 2.55 1.18 12.29Samsung Electronics Co Ltd 2.50 0.00 12.71Schneider Electric SA 2.47 0.41 7.54Bayer AG 2.32 0.00 14.45Itau Unibanco Holding SA 2.27 0.00 -6.94Standard Chartered PLC 2.27 0.00 5.80Roche Holding AG 2.21 0.00 -0.24
% of Portfolio 27.48 3.21
Portfolio Benchmark
Wtd. Avg. Mkt. Cap $M $62,217 $65,759Median Mkt. Cap $M $33,277 $10,071Price/Earnings ratio 17.66 14.58Price/Book ratio 2.20 1.675 Yr. EPS Growth Rate (%) 2.55 1.45Current Yield (%) 2.43 4.12Beta (5 Years, Monthly) 1.00 1.00% in Emerging Market 25.91 N/AActive Share 84.32 N/ANumber of Stocks 76 489
Dodge & Cox Intl MSCI EAFE Val Idx
0.0 15.0 30.0 45.0 60.0
United KingdomPacific ex Japan
OtherNorth America
Middle EastJapan
Europe ex UKEM Mid East+Africa
EM Latin AmericaEM Europe
EM Asia
12.41.1
0.06.2
0.011.1
42.85.8
7.11.2
12.3
19.111.9
0.40.40.6
23.344.3
0.00.00.00.0
Dodge & Cox Intl
0.0 0.6 1.2 1.8-0.6-1.2-1.8
-0.50.6
0.0-0.8
0.00.8
-0.60.1
-0.80.0
1.1
Dodge & Cox Intl MSCI EAFE Val Idx
0.0 8.0 16.0 24.0-8.0-16.0
0.5-2.0
0.0-8.2
0.07.27.17.5
-5.81.3
13.9
4.8-0.5
-4.3-1.5
6.92.8
8.30.00.00.00.0
Style History Jun-2017 Average Style Exposure
Ca
pit
ali
za
tio
n
Manager Style
MSCI EAFE Growth Index
MSCI Emerging Markets IndexMSCI EAFE Small Cap
MSCI EAFE Value Index
0.0 0.5 1.0-0.5-1.0-1.5-2.0
UtilitiesTelecommunication Services
Real EstateMaterials
Information TechnologyIndustrials
Health CareFinancials
EnergyConsumer Staples
Consumer Discretionary
-0.10.1
0.00.3
0.40.1
0.4-0.2
-1.3-0.1
0.3
Dodge & Cox Intl 06/30/17
35
FUND INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM International Large Cap Growth Equity (MF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since inception of fund share class.
Investment Strategy:This fund's managers are focused onlong term capital growth. They primarilyinvest in common stocks of Europeanand Pacific Basin issuers that haveprospects of above average capitalappreciation. The managers may usecash to moderate volatility, typicallyholding 5-10% of fund assets in cash.The Fund usually has a stake inemerging-markets companies and willsometimes hold preferred stock andconvertible debt.
Innovest's Assessment:The fund’s propensity to focus intenselyon bottom-up, fundamental factors canlead to periods of underperformancewhen the market is less concernedabout company fundamentals and moredriven by thematic and macroeconomicfactors. Additionally, the fund is likely tolag when highly cyclical stocks andlower quality companies significantlyoutperform the overall market. Finally,the fund’s immense asset base is likelyto present some challenges in thefund’s ability to build meaningfulpositions in smaller companies and toopportunistically trade in less liquidmarkets.
-10.0
-4.0
2.0
8.0
14.0
20.0
26.0
32.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
Amer Funds EuPc 7.69 (27) 17.78 (18) 22.18 (9) 3.72 (24) 9.61 (4) 8.67 (22) N/A¢£
MSCI EAFE Gr Idx 7.52 (41) 16.68 (33) 15.70 (72) 2.81 (45) 9.19 (16) 8.60 (24) 2.06 (70)��
Median 7.26 16.26 17.77 2.59 7.97 7.97 2.36
2.0
4.0
6.0
8.0
10.0
12.0
Ret
urn
(%)
8.0 9.0 10.0 11.0 12.0 13.0Risk (Standard Deviation %)
ReturnStandardDeviation
Amer Funds EuPc 9.61 10.44¢£
MSCI EAFE Gr Idx 9.19 11.24��
Median 7.97 10.98¾
FundFamily :
American Funds
Fund Inception : 05/01/2009PortfolioManager :
Team Managed
TotalAssets :
$56,265 Million
Turnover : 36%
2016 2015 2014 2013 2012 2011 2010
Amer Funds EuPc 1.01 (16) -0.48 (53) -2.29 (19) 20.58 (22) 19.64 (34) -13.31 (45) 9.76 (58)MSCI EAFE Gr Idx Net -3.04 (77) 4.09 (11) -4.43 (46) 22.55 (11) 16.86 (68) -12.11 (32) 12.25 (41)IM International Large Cap Growth Equity (MF) Median -0.86 -0.44 -4.69 19.14 18.97 -13.58 11.10
3Years
EndingJun-2017
3Years
EndingJun-2016
3Years
EndingJun-2015
3Years
EndingJun-2014
3Years
EndingJun-2013
3Years
EndingJun-2012
3Years
EndingJun-2011
Amer Funds EuPc 3.72 (24) 3.76 (20) 12.71 (7) 7.40 (38) 9.44 (43) 7.50 (44) N/AMSCI EAFE Gr Idx Net 2.81 (45) 4.17 (14) 12.11 (23) 7.68 (31) 10.85 (22) 7.62 (43) -1.85 (63)IM International Large Cap Growth Equity (MF) Median 2.59 2.58 11.06 7.07 9.33 7.15 -1.05
Amer Funds EuPc 06/30/17
36
REGION ALLOCATION
STYLE MAP (06/01/09 - 06/30/17)
REGION PERFORMANCE
TOP 10 HOLDINGSPORTFOLIO CHARACTERISTICS
TOTAL SECTOR ATTRIBUTION (04/01/17 - 06/30/17)
TOTAL REGION ATTRIBUTION
PortfolioWeight
(%)
BenchmarkWeight
(%)
QuarterlyReturn
(%)
British American Tobacco 3.24 1.86 2.33Alibaba Group Holding Ltd 3.01 0.00 30.67AIA Group Ltd 2.86 1.29 17.26Taiwan Semiconductor 2.60 0.00 13.93Tencent Holdings LTD 2.41 0.00 25.05Softbank Group Corp 2.41 0.98 14.80H D F C Bank Ltd 2.27 0.00 15.63Nintendo Co Ltd 2.09 0.36 44.70Sony Corp 1.98 0.71 12.91Reliance Industries Ltd 1.96 0.00 4.79
% of Portfolio 24.83 5.20
Portfolio Benchmark
Wtd. Avg. Mkt. Cap $M $74,851 $51,222Median Mkt. Cap $M $22,297 $10,070Price/Earnings ratio 20.39 21.54Price/Book ratio 2.86 2.875 Yr. EPS Growth Rate (%) 11.83 9.02Current Yield (%) 1.48 2.20Beta (5 Years, Monthly) 0.88 1.00% in Emerging Market 25.71 N/AActive Share 80.35 N/ANumber of Stocks 236 563
Amer Funds EuPc MSCI EAFE Gr Idx Net
0.0 15.0 30.0 45.0 60.0
United KingdomPacific ex Japan
OtherNorth America
Middle EastJapan
Europe ex UKEM Mid East+Africa
EM Latin AmericaEM Europe
EM Asia
14.510.5
0.85.0
0.515.8
27.11.32.2
0.521.8
17.012.0
0.20.10.7
23.046.9
0.00.00.00.0
Amer Funds EuPc
0.0 0.5 1.0 1.5-0.5-1.0-1.5
-0.30.9
0.0-0.7
0.00.6
-0.70.0
-0.30.0
0.8
Amer Funds EuPc MSCI EAFE Gr Idx Net
0.0 10.0 20.0 30.0-10.0-20.0
2.111.8
-8.3-5.3
4.711.6
8.710.6
-3.717.0
11.2
4.73.7
0.6-0.7
7.27.8
9.70.00.00.00.0
Style History Jun-2017 Average Style Exposure
Ca
pit
ali
za
tio
n
Manager Style
MSCI EAFE Growth Index
MSCI Emerging Markets IndexMSCI EAFE Small Cap
MSCI EAFE Value Index
0.0 0.5 1.0 1.5 2.0-0.5-1.0
UtilitiesTelecommunication Services
Real EstateMaterials
Information TechnologyIndustrials
Health CareFinancials
EnergyConsumer Staples
Consumer Discretionary
0.20.10.1
-0.21.2
0.1-0.2
0.0-0.5
-0.30.0
Amer Funds EuPc 06/30/17
37
FUND INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM U.S. Broad Market Core Fixed Income (MF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since inception of fund share class.
Investment Strategy:The core tenant of MetWest’s fixedincome philosophy is a disciplinedimplementation of their value-basedprocess. The “value” concept is thatregardless of factor (duration, yieldcurve, sector selection, or issue) thestrategic decisions, and buy and selldecisions should be determined bywhether the factor or security is cheapor rich to fair value. Further, theirinvestment approach is designed totake advantage of the fact that fixedincome pricing is extremely volatile inthe short run, but over the long term thepricing risks tend to mean revert.Hence, they tend to only overweightinterest rates, yield curve, credit /spread risk when prices move out ofline with the long term fundamentals.
Innovest Assessment:The fund is expected to outperformwhen its sector allocation and securityselection in undervalued or undersponsored assets move towardmanagement’s view of intrinsic value.The strategy will underperform whenmarket psychology and investorsentiment cause temporary dislocationsleading to mispriced securities. Theseshort-term disruptions should lead tolong-term opportunities.
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
Met West:Total Return 1.29 (75) 2.21 (67) 0.25 (54) 2.28 (42) 3.49 (4) 4.57 (3) 6.00 (1)¢£
BC Aggregate Idx 1.45 (52) 2.27 (62) -0.31 (73) 2.48 (27) 2.21 (54) 3.19 (57) 4.48 (40)��
Median 1.45 2.41 0.32 2.19 2.27 3.30 4.32
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
Ret
urn
(%)
0.8 1.6 2.4 3.2 4.0Risk (Standard Deviation %)
ReturnStandardDeviation
Met West:Total Return 3.49 2.80¢£
BC Aggregate Idx 2.21 2.84��
Median 2.27 2.90¾
FundFamily :
Metropolitan WestAsset ManagementLLC
Fund Inception : 03/31/2000PortfolioManager :
Team Managed
TotalAssets :
$47,960 Million
Turnover : 313%
2016 2015 2014 2013 2012 2011 2010
Met West:Total Return 2.46 (70) 0.29 (35) 5.99 (25) 0.50 (2) 11.55 (1) 5.52 (81) 11.66 (2)Bloomberg Barclays U.S. Aggregate Index 2.65 (60) 0.55 (18) 5.97 (26) -2.02 (53) 4.21 (80) 7.84 (11) 6.54 (69)IM U.S. Broad Market Core Fixed Income (MF) Median 2.85 -0.01 5.55 -1.99 5.98 6.65 7.24
3Years
EndingJun-2017
3Years
EndingJun-2016
3Years
EndingJun-2015
3Years
EndingJun-2014
3Years
EndingJun-2013
3Years
EndingJun-2012
3Years
EndingJun-2011
Met West:Total Return 2.28 (42) 4.17 (18) 4.18 (2) 6.15 (1) 6.46 (1) 11.34 (3) 10.31 (1)Bloomberg Barclays U.S. Aggregate Index 2.48 (27) 4.06 (22) 1.83 (57) 3.66 (61) 3.51 (64) 6.93 (75) 6.46 (55)IM U.S. Broad Market Core Fixed Income (MF) Median 2.19 3.71 1.98 3.89 3.89 8.02 6.55
Met West:Total Return 06/30/17
38
TOP SECTOR ALLOCATIONSPORTFOLIO CHARACTERISTICS
STYLE MAP (04/01/00 - 06/30/17)
QUALITY ALLOCATION
ASSET ALLOCATION
MATURITY DISTRIBUTION
UP/DOWN CAPTURE (07/01/12 - 06/30/17)
GNMA and Other Mtg Backed 34.44 %Corporate Notes/Bonds 30.44 %Government Agency Securities 25.59 %Asset Backed Securities 6.53 %
Avg. Coupon 3.09 %Nominal Maturity 7.24 YearsEffective Maturity N/ADuration 5.61 YearsSEC 30 Day Yield 3.85Avg. Credit Quality AA
0.0% 50.0% 100.0% 150.0%-50.0 %
Other
Convertibles
Equities
Cash
Fixed Income
-0.1 %
0.0%
0.0%
3.1%
97.0%
0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Government/AAAA Rated
BBB RatedAA Rated
BB AND B Rated
CCC, CC AND C ratedD Rated
Not RatedEquities/Other
65.3%
15.2%
9.5%
4.8%
2.7%
2.5%
0.1%
0.0%
0.0% 15.0% 30.0% 45.0% 60.0%-15.0 %
Other
>30Yrs
10-20Yrs
20-30Yrs
1-3Yrs
<1Yr
3-5Yrs
5-10Yrs
-0.1 %
0.0%
5.6%
9.1%
10.4%
11.5%
21.1%
42.4%
Style History Jun-2017
Average Style Exposure
Ca
pit
ali
za
tio
n
Manager Style
Barclays Capital Long Term Govt Bond
Barclays Capital Long U.S. CreditBarclays Capital U.S. Credit 1-5 Year Index
Barclays Capital 1-5 Yr Gov
Met West:Total Return
50.0
75.0
100.0
125.0
150.0U
p C
ap
ture
50.0 70.0 90.0 110.0 130.0 150.0Down Capture
Met West:Total Return 06/30/17
39
FUND INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM U.S. High Yield Bonds (MF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since inception of fund share class.
Investment Strategy:The team utilizes a flexible approachthat seeks to generate excess return byutilizing the full range of opportunitiespresented by the high yield market,from investment grade credits trading athigh yield spreads to distressed anddefaulted securities and post-reorganization debt securities.
Innovest's Assessment:The JPMorgan High Yield Fund hashistorically had an overweight allocationto BB and B-rated credits; therefore it islikely to underperform in markets wherelower-rated high yield credits (CCC andlower) perform well. The strategy islikely to outperform when higher qualityhigh yield credits are in favor or wheninvestors generally favor less riskyassets. Additionally, the strategy shouldperform well in market environmentswhere bottom-up fundamental creditresearch is rewarded.
-4.0
0.0
4.0
8.0
12.0
16.0
20.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
JPMorgan High Yield 1.71 (58) 4.03 (57) 10.25 (64) 3.30 (45) 5.95 (42) 7.10 (44) 6.59 (29)¢£
BC US Corp: High Yield 2.17 (20) 4.93 (18) 12.70 (19) 4.48 (10) 6.89 (13) 8.15 (9) 7.67 (5)��
Median 1.78 4.20 10.86 3.11 5.76 7.03 6.08
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
Ret
urn
(%)
-3.0 0.0 3.0 6.0 9.0Risk (Standard Deviation %)
ReturnStandardDeviation
JPMorgan High Yield 5.95 4.91¢£
BC US Corp: High Yield 6.89 5.23��
Median 5.76 4.97¾
FundFamily :
JPMorgan Funds
Fund Inception : 11/13/1998PortfolioManager :
Morgan/Shanahan/Gibson
TotalAssets :
$5,531 Million
Turnover : 52%
2016 2015 2014 2013 2012 2011 2010
JPMorgan High Yield 13.75 (46) -4.54 (60) 2.67 (19) 6.94 (42) 14.81 (48) 2.65 (63) 14.67 (36)Bloomberg Barclays U.S. Corporate High Yield 17.13 (6) -4.47 (59) 2.45 (23) 7.44 (30) 15.81 (29) 4.98 (16) 15.12 (28)IM U.S. High Yield Bonds (MF) Median 13.39 -3.89 1.48 6.61 14.72 3.32 14.04
3Years
EndingJun-2017
3Years
EndingJun-2016
3Years
EndingJun-2015
3Years
EndingJun-2014
3Years
EndingJun-2013
3Years
EndingJun-2012
3Years
EndingJun-2011
JPMorgan High Yield 3.30 (45) 3.42 (41) 6.55 (29) 8.33 (50) 9.84 (44) 14.31 (55) 11.79 (12)Bloomberg Barclays U.S. Corporate High Yield 4.48 (10) 4.18 (18) 6.81 (20) 9.48 (13) 10.74 (16) 16.28 (14) 12.68 (7)IM U.S. High Yield Bonds (MF) Median 3.11 3.14 6.00 8.33 9.67 14.43 9.72
JPMorgan High Yield 06/30/17
40
TOP SECTOR ALLOCATIONSPORTFOLIO CHARACTERISTICS
STYLE MAP (12/01/98 - 06/30/17)
QUALITY ALLOCATION
ASSET ALLOCATION
MATURITY DISTRIBUTION
UP/DOWN CAPTURE (07/01/12 - 06/30/17)
Corporate Notes/Bonds 81.35 %US$ Denominated Fgn. Gvt. 15.15 %Common Stock 0.54 %Preferred Stock-Non Convertible 0.34 %Convertible Securities 0.02 %Asset Backed Securities 0.01 %
Avg. Coupon N/ANominal Maturity N/AEffective Maturity 6.30 YearsDuration 4.44 YearsSEC 30 Day Yield 7.26Avg. Credit Quality B
0.0% 50.0% 100.0% 150.0%
Convertibles
Other
Equities
Cash
Fixed Income
0.0%
0.0%
0.5%
2.6%
96.9%
0.0% 25.0% 50.0% 75.0% 100.0%
BB AND B Rated
CCC, CC AND C rated
Government/AAA
Not Rated
BBB Rated
Equities/Other
A Rated
79.8%
14.1%
2.6%
1.5%
1.0%
0.9%
0.1%
0.0% 15.0% 30.0% 45.0% 60.0% 75.0%
20-30Yrs
10-20Yrs
1-3Yrs
Other
<1Yr
>30Yrs
3-5Yrs
5-10Yrs
0.0%
0.0%
0.0%
0.9%
4.0%
6.0%
37.3%
51.8%
Style History Jun-2017
Average Style Exposure
Ca
pit
ali
za
tio
n
Manager Style
Barclays Capital Long Term Govt Bond
Barclays Capital Long U.S. CreditBarclays Capital U.S. Credit 1-5 Year Index
Barclays Capital 1-5 Yr Gov
JPMorgan High Yield
50.0
75.0
100.0
125.0
150.0U
p C
ap
ture
50.0 70.0 90.0 110.0 130.0 150.0Down Capture
JPMorgan High Yield 06/30/17
41
FUND INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - Loan Participation Mutual Funds
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since inception of fund share class.
Investment Strategy:The Eaton Vance Floating Rate Fundinvests in senior, secured floating-ratebank loans, most of which are ratedbelow investment grade. It is a bottom-up strategy that focuses on capitalpreservation and giving shareholderslow volatility exposure to the floatingrate loan asset class. Due to the largesize of the strategy’s asset base, it isdifficult for incremental gains fromcredit selection to be significant enoughto generate meaningful alpha. Instead,the team focuses on only the largestissues of the highest rated creditsavailable and leaves the "diamond inthe rough" finds to smaller, morenimble strategies.
Innovest's Assessment:The strategy should be expected tooutperform slightly during more difficultcredit environments where higherquality, broad portfolio diversificationtactics will protect the portfolio fromwidespread credit deterioration. Thestrategy should underperform whenlower quality credits (B- and lower)lead, the largest issues selloff, and insituations when smaller issuesoutperform. Still, because of the fund’ssize, it will often track the benchmarkrelatively closely.
-4.0
-1.0
2.0
5.0
8.0
11.0
14.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
Eaton Vance Flt Rt 0.96 (11) 2.44 (11) 8.23 (23) 3.58 (5) 4.19 (27) 4.81 (26) 3.76 (13)¢£
CSFB Leveraged Loan Idx 0.76 (24) 1.97 (21) 7.47 (35) 3.48 (9) 4.82 (3) 5.28 (9) 4.16 (3)��
Median 0.56 1.46 6.82 2.66 3.77 4.41 3.23
0.0
1.5
3.0
4.5
6.0
Ret
urn
(%)
0.0 0.8 1.6 2.4 3.2 4.0 4.8Risk (Standard Deviation %)
ReturnStandardDeviation
Eaton Vance Flt Rt 4.19 2.60¢£
CSFB Leveraged Loan Idx 4.82 2.35��
Median 3.77 2.60¾
FundFamily :
Eaton VanceManagement
Fund Inception : 01/30/2001PortfolioManager :
Page/Russ
TotalAssets :
$5,950 Million
Turnover : 27%
2016 2015 2014 2013 2012 2011 2010
Eaton Vance Flt Rt 11.07 (29) -1.63 (53) 0.63 (29) 4.82 (51) 8.27 (67) 2.44 (9) 9.55 (43)Credit Suisse Leveraged Loan Index 9.84 (56) -0.39 (22) 2.06 (1) 6.15 (4) 9.42 (33) 1.80 (29) 9.97 (39)Loan Participation Mutual Funds Median 10.00 -1.53 0.25 4.86 8.89 1.43 9.17
3Years
EndingJun-2017
3Years
EndingJun-2016
3Years
EndingJun-2015
3Years
EndingJun-2014
3Years
EndingJun-2013
3Years
EndingJun-2012
3Years
EndingJun-2011
Eaton Vance Flt Rt 3.58 (5) 2.26 (28) 3.90 (50) 4.67 (54) 6.29 (51) 9.57 (30) 5.24 (32)Credit Suisse Leveraged Loan Index 3.48 (9) 3.04 (2) 5.28 (1) 5.67 (8) 6.84 (26) 10.07 (16) 5.97 (16)Loan Participation Mutual Funds Median 2.66 1.89 3.90 4.74 6.29 8.64 4.79
Eaton Vance Flt Rt 06/30/17
42
TOP SECTOR ALLOCATIONSPORTFOLIO CHARACTERISTICS
STYLE MAP (02/01/01 - 06/30/17)
QUALITY ALLOCATION
ASSET ALLOCATION
MATURITY DISTRIBUTION
UP/DOWN CAPTURE (07/01/12 - 06/30/17)
Corporate Notes/Bonds 93.48 %Avg. Coupon 4.56 %Nominal Maturity N/AEffective Maturity 4.98 YearsDuration 0.26 YearsSEC 30 Day Yield 3.84Avg. Credit Quality BB
0.0% 50.0% 100.0% 150.0%
Convertibles
Equities
Other
Cash
Fixed Income
0.0%
0.0%
1.3%
5.2%
93.5%
0.0% 25.0% 50.0% 75.0% 100.0%
BB AND B Rated
BBB Rated
Government/AAA
CCC, CC AND C rated
Not Rated
Equities/Other
D Rated
79.6%
5.9%
5.2%
3.6%
3.1%
1.3%
1.2%
0.0% 15.0% 30.0% 45.0% 60.0%
>30Yrs
20-30Yrs
10-20Yrs
Other
<1Yr
1-3Yrs
3-5Yrs
5-10Yrs
0.0%
0.0%
0.0%
1.3%
5.5%
15.4%
29.3%
48.4%
Style History Jun-2017
Average Style Exposure
Ca
pit
ali
za
tio
n
Manager Style
Barclays Capital Long Term Govt Bond
Barclays Capital Long U.S. CreditBarclays Capital U.S. Credit 1-5 Year Index
Barclays Capital 1-5 Yr Gov
Eaton Vance Flt Rt
50.0
75.0
100.0
125.0
150.0U
p C
ap
ture
50.0 70.0 90.0 110.0 130.0 150.0Down Capture
Eaton Vance Flt Rt 06/30/17
43
FUND INFORMATION
SECTOR ALLOCATIONS
PERFORMANCE OVER TIME
INVESTMENT STATISTICS (5 YEARS*)
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, since inception time period was used.
Investment Strategy:The fund uses a wholly-ownedsubsidiary to invest in derivatives thatprovide exposure to the BloombergCommodity Index. It primarily usesswaps but can also hold futures andstructured notes. The goal is to trackthe benchmark without much trackingerror. Management tries to modestlyoutpace the benchmark by executing atfavorable prices and employing low-riskcash management.
Innovest Assessment:The fund should outperform thebenchmark in periods wherefundamental supply and demandfactors are driving commodity marketreturns. In addition, due to the Team’sconservative cash managementstrategy, the Fund may outperform themarket during environments whereinterest rates are rising or creditspreads are widening. Periods of eventdriven risk can increase the volatility inthe spread between an underlyingcontract of one maturity versus thesame underlying instrument expiring ata different time. This environment oftenbe challenging and cause increased
tracking error.
Crdt Suis Comm Rtn Strat Bloomberg Commodity Index Total Return
-20.0
-16.0
-12.0
-8.0
-4.0
0.0
Ret
urn
(%)
LastQuarter
YTD 1Year
3Years
5Years
7Years
10Years
-3.0
-5.3-6.5
-14.8
-9.3
-5.7-6.5
-3.2
-4.9-5.9
-14.5
-9.2
-5.6-6.4
Crdt Suis Comm Rtn Strat
Bloomberg Commodity Index Total Return
-9.4
-9.3
-9.2
-9.1
Ret
urn
(%)
12.0 12.2 12.4Risk (Standard Deviation %)
LastQuarter
YearTo
Date
1Year
3Years
5Years
7Years
10Years
Crdt Suis Comm Rtn Strat -3.21 -4.93 -5.86 -14.46 -9.20 -5.60 -6.42Bloomberg Commodity Index Total Return -3.00 -5.26 -6.50 -14.81 -9.25 -5.68 -6.49
2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Crdt Suis Comm Rtn Strat 12.42 -24.96 -16.87 -9.96 -1.83 -12.29 16.93 20.12 -35.47 14.78Bloomberg Commodity Index Total Return 11.74 -24.66 -17.01 -9.52 -1.06 -13.32 16.83 18.91 -35.65 16.23
Alpha BetaActual
Correlation
UpMarket
Capture
DownMarket
Capture
InceptionDate
Crdt Suis Comm Rtn Strat -0.11 0.98 1.00 98.22 98.80 01/01/2006Bloomberg Commodity Index Total Return 0.00 1.00 1.00 100.00 100.00 01/01/2006
0.0
10.0
20.0
30.0
40.0
Engery
Precious
M eta ls
Industr ia
ls M et
a ls
L iv esto
ck
A gri cu
lture
29.1
16.518.5
6.3
29.6
Crdt Suis Comm Rtn Strat 06/30/17
44
FUND INFORMATION
SECTOR ALLOCATION
PERFORMANCE OVER TIME
INVESTMENT STATISTICS (5 YEARS*)
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, since inception time period was used.
TOP HOLDINGS
Investment Strategy:The fund invests in energyinfrastructure with a primary focus onmaster limited partnership interest(MLPs) that own and operate hardassets like pipelines. The fund focuseson the 20 U.S. midstream MLPs withthe strongest projected distributiongrowth or the greatest potential forsignificant upward revaluation.SteelPath uses a private-equity styleapproach to investing with emphasis oncost of capital and valuation and basesinvestment decisions on long-termholding period expectations. No singlesecurity comprises more than 10% ofthe portfolio. Given the firm’s rigorousdue diligence, the fund is expected tohave fairly low turnover.
Innovest Assessment:The portfolio’s strategy is to achieve abalance between yield and distributiongrowth. Consequently, the fund is likelyto outperform when investors arelooking for both growth and incomefrom midstream MLPs. Conversely, thefund is likely to underperform wheninvestors are chasing yield.
Steelpath MLP Alpha Fund Alerian MLP Infrastructure (Tax Adjusted)
0.0
5.0
10.0
-5.0
-10.0
Ret
urn
(%)
LastQuarter
YTD 1Year
3Years
5Years
7Years
10Years
-4.3
-1.9
0.8
-5.8
1.8
4.3 4.4
-5.4
-3.1
1.8
-7.4
3.44.8
Steelpath MLP Alpha Fund
Alerian MLP Infrastructure (Tax Adjusted)
1.2
1.8
2.4
3.0
3.6
4.2
Ret
urn
(%)
8.0 10.0 12.0 14.0 16.0Risk (Standard Deviation %)
LastQuarter
YearTo
Date
1Year
3Years
5Years
7Years
10Years
Steelpath MLP Alpha Fund -5.39 -3.11 1.81 -7.41 3.43 4.82 N/AAlerian MLP Infrastructure (Tax Adjusted) -4.34 -1.88 0.84 -5.84 1.79 4.34 4.36
2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Steelpath MLP Alpha Fund 18.20 -25.52 7.07 23.35 4.62 6.19 N/A N/A N/A N/AAlerian MLP Infrastructure (Tax Adjusted) 11.95 -20.64 4.94 17.83 0.83 10.57 20.92 48.27 -25.50 7.20
Alpha BetaActual
Correlation
UpMarket
Capture
DownMarket
Capture
InceptionDate
Steelpath MLP Alpha Fund 1.50 1.23 0.94 127.29 116.41 04/01/2010Alerian MLP Infrastructure (Tax Adjusted) 0.00 1.00 1.00 100.00 100.00 04/01/2010
Steelpath MLP Alpha Fund
Alerian MLP Infrastructure (Tax Adjusted)
0.0
15.0
30.0
45.0
60.0
P etro leum
Trans.
Natu ra
l Gas
Trans.
Ga the rin
g /Pr o
c essin
g
D ivers ifie
d
Cash/
Other
Sh ipping
44.0
31.224.8
0.0 0.0 0.0
40.0
27.4
11.015.2
6.40.0
Energy Transfer Ptnrs LP 10.80Energy Transfer Equity LP 8.60Enterprise Products Ptnrs LP 8.20TC Pipelines LP 7.40Magellan Midstream Partners 7.20MLPX LP 6.90Targa Resources Corp. 6.70Tallgrass Energy GP LP 4.90Williams Partners LP 4.80Buckeye Partners LP 4.00
Steelpath MLP Alpha Fund 06/30/17
Alerian Tax-Adjusted Infrastructure Index returns reflect a 37.5% reduction in performance to account for corporate and state taxation that the mutual fund incurs.
45
FUND INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM U.S. Open End Private Real Estate (SA+CF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since inception of fund share class.
Investment StrategyThe Principal U.S. Property Account isa core, commingled real estateaccount. The portfolio is diversifiedamong the five core real estate sectors:Retail, Industrial, Apartment, Office,and Hotel. Addtionally, the portfolio isdiversified across geographic regions.The main objective of the portfolio is toacquire well leased properties in anumber of favorable markets.Leverage on the fund is expected to below to moderate depending on themarket environment.
Innovest Assessment:We should expect The Principal U.S.Property Account to outperform whenthe economy is strong and growing asrents tend to increase more in largermetropolitan markets where a majorityof the assets are located. The fund hasslightly lower than average levels ofleverage and may will lag in timeswhere competitors are being rewardedfor their use of leverage. Conversely,in times when credit dries up, the fundmay outperform as leverage tends tobe penalized.
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
Principal US Property Account 2.32 (22) 4.47 (27) 9.82 (27) 12.83 (34) 12.88 (41) 14.21 (48) 5.63 (31)¢£
NCREIF ODCE 1.71 (72) 3.51 (64) 7.88 (65) 11.34 (58) 11.79 (64) 13.08 (74) 5.25 (41)��
Median 1.91 3.77 8.31 11.81 12.39 13.98 5.05
6.0
9.0
12.0
15.0
18.0
21.0
Ret
urn
(%)
0.0 1.0 2.0 3.0 4.0 5.0Risk (Standard Deviation %)
ReturnStandardDeviation
Principal US Property Account 12.88 1.39¢£
NCREIF ODCE 11.79 1.35��
Median 12.39 1.80¾
2016 2015 2014 2013 2012 2011 2010
Principal US Property Account 11.23 (27) 14.68 (59) 13.56 (53) 14.63 (51) 12.42 (53) 16.66 (36) 17.27 (32)NCREIF ODCE 8.76 (81) 15.01 (51) 12.49 (79) 13.94 (59) 10.94 (77) 15.99 (43) 16.36 (45)IM U.S. Open End Private Real Estate (SA+CF) Median 9.47 15.01 13.66 14.63 12.45 15.78 15.76
3Years
EndingJun-2017
3Years
EndingJun-2016
3Years
EndingJun-2015
3Years
EndingJun-2014
3Years
EndingJun-2013
3Years
EndingJun-2012
3Years
EndingJun-2011
Principal US Property Account 12.83 (34) 13.59 (53) 13.67 (55) 13.07 (53) 16.35 (52) 8.39 (43) -8.03 (51)NCREIF ODCE 11.34 (58) 12.99 (70) 13.11 (68) 12.45 (64) 14.96 (70) 8.39 (43) -7.67 (40)IM U.S. Open End Private Real Estate (SA+CF) Median 11.81 13.77 13.78 13.11 16.54 8.21 -8.00
Principal US Property Account 06/30/17
46
PROPERTY TYPE DIVERSIFICATION REGIONAL DIVERSIFICATION
CHARACTERISTICS TOP 5 HOLDINGS
Principal US Property Account NCREIF ODCE
0.0
15.0
30.0
45.0
60.0
Office
Indus
trial
Apartm
ent
Retail
Hotel
Other
38.4
12.9
25.1
20.3
0.62.8
41.0
19.021.0
16.0
0.03.0
Principal US Property Account NCREIF ODCE
0.0
15.0
30.0
45.0
60.0
West
East
South
Midwes
t
38.0
33.0
20.0
9.0
44.0
25.0 25.0
6.0
Portfolio Characteristics
Portfolio
Total Fund Assets $7,050,000,000# Properties 140# Investors N/ALeverage % 21.60
Name Location Type %
1370 Avenue of the Americas New York Office 5%112th at 12 Street Seattle Office 4%Burbank Empire Center Los Angeles Retail 4%J.W. Marriott San Antonio Hotel 3%Watermark Cambridge Apartment 3%
Principal US Property Account 06/30/17
47
FUND INFORMATION
ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS
PEER GROUP ANALYSIS - IM U.S. GIC/Stable Value (SA+CF)
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
RISK VS. RETURN (5 YEARS*)
*If less than 5 years, data is since inception of fund share class.
Investment StrategyThe PLUS Fund's investment strategiesare based on a structured anddiversified multi-product, multi-managerapproach. The PLUS Fund investsprimarily in a diversified portfolio ofstable value investment contracts andfixed income securities that backcertain stable value investmentcontracts. Cash equivalents are held, inpart, to provide liquidity for payouts.The composition of the PLUS Fundportfolio and its allocations to variousstable value investments and fixedincome investment sectors isdetermined based on prevailingeconomic and capital marketconditions, relative value analysis, andother factors.
-0.8
0.0
0.8
1.6
2.4
3.2
4.0
Ret
urn
LastQuarter
YearTo Date
1Year
3Years
5Years
7Years
10Years
Vantage Trust Plus 0.60 (4) 1.18 (3) 2.36 (1) 2.34 (1) 2.46 (1) 2.74 (1) 3.31 (4)¢£
Ryan 3 Yr GIC Mstr 0.39 (94) 0.77 (94) 1.48 (91) 1.28 (100) 1.21 (100) 1.56 (100) 2.44 (76)��
Median 0.46 0.90 1.79 1.82 1.78 2.16 2.66
0.8
1.2
1.6
2.0
2.4
2.8
Ret
urn
(%)
0.0 0.1 0.2Risk (Standard Deviation %)
ReturnStandardDeviation
Vantage Trust Plus 2.46 0.10¢£
Ryan 3 Yr GIC Mstr 1.21 0.09��
Median 1.78 0.10¾
No data found.
2016 2015 2014 2013 2012 2011 2010
Vantage Trust Plus 2.29 (1) 2.34 (1) 2.39 (3) 2.59 (1) 3.03 (8) 3.50 (19) 3.85 (29)Ryan 3 Yr GIC Mstr 1.39 (94) 1.16 (95) 1.03 (95) 1.06 (93) 1.48 (99) 2.44 (63) 3.53 (40)IM U.S. GIC/Stable Value (SA+CF) Median 1.83 1.81 1.74 1.74 2.41 2.92 3.39
3Years
EndingJun-2017
3Years
EndingJun-2016
3Years
EndingJun-2015
3Years
EndingJun-2014
3Years
EndingJun-2013
3Years
EndingJun-2012
3Years
EndingJun-2011
Vantage Trust Plus 2.34 (1) 2.36 (3) 2.55 (1) 2.84 (3) 3.26 (4) 3.64 (30) 4.09 (22)Ryan 3 Yr GIC Mstr 1.28 (100) 1.13 (98) 1.10 (100) 1.38 (99) 2.03 (91) 2.98 (60) 3.93 (27)IM U.S. GIC/Stable Value (SA+CF) Median 1.82 1.79 1.78 2.12 2.64 3.04 3.57
Vantage Trust Plus 06/30/17
48
Financial Strength:
Vantage Trust PLUS
AA+
% of Wrapped Assets
6.8% Aaa
Moody's S&P
5.4% Aa3 AA-
Pacific Life Ins. Co.
Principal Life Ins. Co.
Prudential Ins. Co. of America
Transamerica Premier Life Ins. Co
Investment Contract Issuers
New York Life Ins. Co.
Bank of Tokyo-Mitsubishi
A+
A+
AA-
AA-
17.6%
5.0%
12.6%
13.0%
Aa3
A1
Aa2
Aa2
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Market-to-Book 99.88% 95.18% 99.74% 101.37% 102.42% 103.22% 100.60% 101.45% 100.20% 100.29%
90%
95%
100%
105%
HISTORIC MARKET-TO-BOOK VALUES
Organization:Founded in 1972, ICMA-RC's mission is to help building retirement security for public employees.
Description:The PLUS Fund's investment strategies are based on a structured and diversified multi-product, multi-manager approach. The PLUS Fund invests primarily in a diversified portfolio of stable value investment contracts and fixed income securities that back certain stable value investment contracts. Cash equivalents are held, in part, to provide liquidity for payouts. The compostion of the PLUS fund and its allocations to vaious stable value investments and fixed income invesment sectors is determined based on prevailing economic and capital market condtions, relative value analysis, and other factors. Current sub-advisors include: BlackRock, Dodge & Cox, Loomis Sayles, NYL Investors, Facific Asset Management, Pacific Investment Management, Principal Global Investors, Prudential Investment Management, Wellington Management, and Western Asset Management.
Cash & Equivalents
10%
Traditional GICs22%
Agencies1%
Treasuries12%
Credits28%
Mortgage-Backed22%
Municipals1%
ABS4%
PORTFOLIO ALLOCATION
49
Passive Portfolios Weight (%)
Jan-1985
Bloomberg Barclays U.S. Aggregate Index 35.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 15.00S&P 500 Index 35.00
Jul-1990
Bloomberg Barclays U.S. Aggregate Index 35.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 15.00S&P 500 Index 35.00
Apr-2001
Bloomberg Barclays U.S. Aggregate Index 24.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 20.00S&P 500 Index 41.00
Jan-2002
70% S&P/30% BC Aggr 50.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 10.00Bloomberg Barclays U.S. Aggregate Index 15.00Russell Midcap Index 10.00
Apr-2002
Bloomberg Barclays U.S. Aggregate Index 15.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 10.00Russell Midcap Index 10.0070% S&P/30% BC Aggr 50.00
Oct-2005
Bloomberg Barclays U.S. Aggregate Index 15.00MSCI EAFE (Net) Index 15.00Bloomberg Commodity Index Total Return 2.00Russell Midcap Index 7.00Russell 2000 Index 7.0070% S&P/30% BC Aggr 54.00
Passive Portfolios Weight (%)
Jan-2006
Bloomberg Barclays U.S. Aggregate Index 13.50MSCI EAFE (Net) Index 15.00Russell Midcap Index 7.00Russell 2000 Index 7.00Bloomberg Commodity Index Total Return 3.5070% S&P/30% BC Aggr 54.00
Apr-2006
Bloomberg Barclays U.S. Aggregate Index 12.00MSCI EAFE (Net) Index 15.00Bloomberg Commodity Index Total Return 5.00Russell Midcap Index 7.00Russell 2000 Index 7.0070% S&P/30% BC Aggr 54.00
Oct-2007
70% S&P/30% BC Aggr 54.00Russell Midcap Index 7.00Russell 2000 Index 7.00MSCI EAFE (Net) Index 15.00Bloomberg Barclays U.S. Aggregate Index 12.00Bloomberg Commodity Index Total Return 5.00
Apr-2010
70% S&P/30% BC Aggr 52.00Russell Midcap Index 7.00Russell 2000 Index 7.00MSCI EAFE (Net) Index 15.00Bloomberg Barclays U.S. Aggregate Index 4.00Bloomberg Barclays U.S. Corporate High Yield 3.00CSFB Leveraged Loan 7.00Bloomberg Commodity Index Total Return 5.00
Apr-2012
70% S&P/30% BC Aggr 52.00Russell Midcap Index 7.00Russell 2000 Index 7.00MSCI EAFE (Net) Index 15.00Bloomberg Barclays U.S. Aggregate Index 4.00Bloomberg Barclays U.S. Corporate High Yield 5.00CSFB Leveraged Loan 5.00Bloomberg Commodity Index Total Return 5.00
Custom Benchmark Allocations Over Time
50
Custom Benchmark Allocations Over TimePassive Portfolios Weight (%)
Sep-2014
70% S&P/30% BC Aggr 50.00Russell Midcap Index 6.50Russell 2000 Index 6.50MSCI EAFE (Net) Index 19.00Bloomberg Barclays U.S. Aggregate Index 4.00Bloomberg Barclays U.S. Corporate High Yield 2.00CSFB Leveraged Loan 7.00Bloomberg Commodity Index Total Return 5.00
51
GlossaryAlpha measures a portfolio’s return in excess of the market return adjusted for risk. It is a measure of the manager’s contribution to performance with reference to security selection. A positive alpha indicates that a portfolio was positively rewarded for the residual risk that was taken for that level of market exposure.
Beta measures the sensitivity of rates of portfolio return to movements in the market. A portfolio’s beta measures the expected change in return per 1% change in the return on the market. If the beta of a portfolio is 1.5, a 1 percent increase in the return of the market will result, on average, in a 1.5 percent increase in the return on the portfolio. The converse would also be true.
Dividend Yield - The total amount of dividends paid out for a stock over the preceding twelve months divided by the closing price of a share of the common stock.
Down Capture Ratio - The Down Capture Ratio is a measure of the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when the Benchmark was down. The smaller the value, the better.
Duration - A time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.
Forecasted Long-Term Earnings Growth - This growth rate is a measure of a company’s expected long-term success in generating future year-over-year earnings growth. This growth rate is a market value weighted average of the consensus (mean) analysts’ long-term earnings growth rate forecast for each company in the portfolio. The definition of long-term varies by analyst but is limited to a 3-8 year range. This value is expressed as the expected average annual growth of earnings in percent.
Information Ratio measures the excess return per unit of residual “non market” risk in a portfolio. The ratio is equal to the Alpha divided by the Residual Risk.
Market Capitalization - The market value of a company’s outstanding shares of common stock at a specific point in time, computed as the product of the number of outstanding shares times the stock’s closing price per share.
P/E ratio relates the price of the stock to the per-share earnings of the company. A high P/E generally indicates that the market will pay more to obtain the company because it has confidence in the company’s ability to increase its earnings. Conversely, a low P/E indicates that the market has less confidence that the company’s earnings will increase, and therefore will not pay as much for its stock. In most cases a fund with a high average P/E ratio has paid a premium for stocks that have a high potential for increased earnings. If the fund’s average P/E ratio is low, the manager may believe that the stocks have an overlooked or undervalued potential for appreciation.
P/B ratio of a company relates the per-share market price of the company’s stock to its per-share book value, the historical accounting value of the company’s tangible assets. A high P/B ratio indicates that the price of the stock exceeds the actual worth of the company’s assets. A low P/B ratio would indicate that the stock is a bargain, priced below what the company’s assets could be worth if liquidated.
P/CF ratio compares the total market value of the portfolio to the portfolio’s share of the underlying stocks’ earnings (or book value, cash flow, sales or dividends).
Alpha measures a portfolio’s return in excess of the market return adjusted for risk. It is a measure of the manager’s contribution to performance with reference to security selection. A positive alpha indicates that a portfolio was positively rewarded for the residual risk that was taken for that level of market exposure.
Beta measures the sensitivity of rates of portfolio return to movements in the market. A portfolio’s beta measures the expected change in return per 1% change in the return on the market. If the beta of a portfolio is 1.5, a 1 percent increase in the return of the market will result, on average, in a 1.5 percent increase in the return on the portfolio. The converse would also be true.
Dividend Yield - The total amount of dividends paid out for a stock over the preceding twelve months divided by the closing price of a share of the common stock.
Down Capture Ratio - The Down Capture Ratio is a measure of the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when the Benchmark was down. The smaller the value, the better.
Duration - A time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.
Forecasted Long-Term Earnings Growth - This growth rate is a measure of a company’s expected long-term success in generating future year-over-year earnings growth. This growth rate is a market value weighted average of the consensus (mean) analysts’ long-term earnings growth rate forecast for each company in the portfolio. The definition of long-term varies by analyst but is limited to a 3-8 year range. This value is expressed as the expected average annual growth of earnings in percent.
Information Ratio measures the excess return per unit of residual “non market” risk in a portfolio. The ratio is equal to the Alpha divided by the Residual Risk.
Market Capitalization - The market value of a company’s outstanding shares of common stock at a specific point in time, computed as the product of the number of outstanding shares times the stock’s closing price per share.
P/E ratio relates the price of the stock to the per-share earnings of the company. A high P/E generally indicates that the market will pay more to obtain the company because it has confidence in the company’s ability to increase its earnings. Conversely, a low P/E indicates that the market has less confidence that the company’s earnings will increase, and therefore will not pay as much for its stock. In most cases a fund with a high average P/E ratio has paid a premium for stocks that have a high potential for increased earnings. If the fund’s average P/E ratio is low, the manager may believe that the stocks have an overlooked or undervalued potential for appreciation.
P/B ratio of a company relates the per-share market price of the company’s stock to its per-share book value, the historical accounting value of the company’s tangible assets. A high P/B ratio indicates that the price of the stock exceeds the actual worth of the company’s assets. A low P/B ratio would indicate that the stock is a bargain, priced below what the company’s assets could be worth if liquidated.
P/CF ratio compares the total market value of the portfolio to the portfolio’s share of the underlying stocks’ earnings (or book value, cash flow, sales or dividends).
R-Squared indicates the extent to which the variability of the portfolio returns is explained by market action. It can also be thought of as measuring the diversification relative to the appropriate benchmark. An R-Squared value of .75 indicates that 75% of the fluctuation in a portfolio return is explained by market action. An R-Squared of 1.0 indicates that a portfolio’s returns are entirely related to the market and it is not influenced by other factors. An R-Squared of zero indicates that no relationship exists between the portfolio’s return and the market.
Residual Risk is the unsystematic risk of a fund, or the portion of the total risk unique to the manager and not related to the overall market. This reflects the “bets” which the manager places in that particular asset class. These bets reflect emphasis in particular sectors, maturities (for bonds), or other issue specific factors which the manager considers a good investment opportunity. Diversification of the portfolio will reduce the residual risk of that portfolio.
Sharpe Ratio is a measure of risk-adjusted return. It is calculated by subtracting the risk-free return (90 day T-Bills) from the portfolio return and dividing the resulting “excess return” by the portfolio’s total risk level (standard deviation). The result is a measure of returned gained per unit of total risk taken.
Standard Deviation is a statistical measure of portfolio risk. It reflects the average deviation of observations from their sample mean. Standard Deviation is used as an estimate of risk since it measures how wide the range of returns typically is. The wider the typical range of returns, the higher the standard deviation of returns, and the higher the portfolio risk. If returns are normally distributed (i.e. as a bell shaped curve distribution) then approximately 66% of 2/3 of the returns would occur within plus or minus one standard deviation of the sample mean.
Style Exposure Chart indicates a portfolio’s exposure to a particular capitalization (large, medium or small) and style (value or growth). Based on Sharpe’s return based style analysis, a style map will attempt to correlate a manager to a particular style of investing (i.e. Large Cap Growth).
Turnover Ratio - This is a measure of the fund’s trading activity which is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly net assets.
Up Capture Ratio - The Up Capture Ratio is a measure of the Investment’s compound return when the Benchmark was up divided by the Benchmark’s compound return when the Benchmark was up. The greater the value, the better.
Down Capture Ratio - The Down Capture Ratio is a measure of the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when the Benchmark was down. The smaller the value, the better.
Alpha measures a portfolio’s return in excess of the market return adjusted for risk. It is a measure of the manager’s contribution to performance with reference to security selection. A positive alpha indicates that a portfolio was positively rewarded for the residual risk that was taken for that level of market exposure.
Beta measures the sensitivity of rates of portfolio return to movements in the market. A portfolio’s beta measures the expected change in return per 1% change in the return on the market. If the beta of a portfolio is 1.5, a 1 percent increase in the return of the market will result, on average, in a 1.5 percent increase in the return on the portfolio. The converse would also be true.
Dividend Yield - The total amount of dividends paid out for a stock over the preceding twelve months divided by the closing price of a share of the common stock.
Down Capture Ratio - The Down Capture Ratio is a measure of the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when the Benchmark was down. The smaller the value, the better.
Duration - A time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.
Forecasted Long-Term Earnings Growth - This growth rate is a measure of a company’s expected long-term success in generating future year-over-year earnings growth. This growth rate is a market value weighted average of the consensus (mean) analysts’ long-term earnings growth rate forecast for each company in the portfolio. The definition of long-term varies by analyst but is limited to a 3-8 year range. This value is expressed as the expected average annual growth of earnings in percent.
Information Ratio measures the excess return per unit of residual “non market” risk in a portfolio. The ratio is equal to the Alpha divided by the Residual Risk.
Market Capitalization - The market value of a company’s outstanding shares of common stock at a specific point in time, computed as the product of the number of outstanding shares times the stock’s closing price per share.
P/E ratio relates the price of the stock to the per-share earnings of the company. A high P/E generally indicates that the market will pay more to obtain the company because it has confidence in the company’s ability to increase its earnings. Conversely, a low P/E indicates that the market has less confidence that the company’s earnings will increase, and therefore will not pay as much for its stock. In most cases a fund with a high average P/E ratio has paid a premium for stocks that have a high potential for increased earnings. If the fund’s average P/E ratio is low, the manager may believe that the stocks have an overlooked or undervalued potential for appreciation.
P/B ratio of a company relates the per-share market price of the company’s stock to its per-share book value, the historical accounting value of the company’s tangible assets. A high P/B ratio indicates that the price of the stock exceeds the actual worth of the company’s assets. A low P/B ratio would indicate that the stock is a bargain, priced below what the company’s assets could be worth if liquidated.
P/CF ratio compares the total market value of the portfolio to the portfolio’s share of the underlying stocks’ earnings (or book value, cash flow, sales or dividends).
R-Squared indicates the extent to which the variability of the portfolio returns is explained by market action. It can also be thought of as measuring the diversification relative to the appropriate benchmark. An R-Squared value of .75 indicates that 75% of the fluctuation in a portfolio return is explained by market action. An R-Squared of 1.0 indicates that a portfolio’s returns are entirely related to the market and it is not influenced by other factors. An R-Squared of zero indicates that no relationship exists between the portfolio’s return and the market.
Residual Risk is the unsystematic risk of a fund, or the portion of the total risk unique to the manager and not related to the overall market. This reflects the “bets” which the manager places in that particular asset class. These bets reflect emphasis in particular sectors, maturities (for bonds), or other issue specific factors which the manager considers a good investment opportunity. Diversification of the portfolio will reduce the residual risk of that portfolio.
Sharpe Ratio is a measure of risk-adjusted return. It is calculated by subtracting the risk-free return (90 day T-Bills) from the portfolio return and dividing the resulting “excess return” by the portfolio’s total risk level (standard deviation). The result is a measure of returned gained per unit of total risk taken.
Standard Deviation is a statistical measure of portfolio risk. It reflects the average deviation of observations from their sample mean. Standard Deviation is used as an estimate of risk since it measures how wide the range of returns typically is. The wider the typical range of returns, the higher the standard deviation of returns, and the higher the portfolio risk. If returns are normally distributed (i.e. as a bell shaped curve distribution) then approximately 66% of 2/3 of the returns would occur within plus or minus one standard deviation of the sample mean.
Style Exposure Chart indicates a portfolio’s exposure to a particular capitalization (large, medium or small) and style (value or growth). Based on Sharpe’s return based style analysis, a style map will attempt to correlate a manager to a particular style of investing (i.e. Large Cap Growth).
Turnover Ratio - This is a measure of the fund’s trading activity which is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly net assets.
Up Capture Ratio - The Up Capture Ratio is a measure of the Investment’s compound return when the Benchmark was up divided by the Benchmark’s compound return when the Benchmark was up. The greater the value, the better.
Down Capture Ratio - The Down Capture Ratio is a measure of the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when the Benchmark was down. The smaller the value, the better.
52
Organization Asset BasePct. Owned by Employees CurrentBoutique vs. Institutional Growth of AUMRecent Changes in Ownership Capacity ConstraintsManagement Investment in Firm’s Products Soft ClosedSpecialized vs. All in One Re-opening of Products
People PerformanceSize of Team Short Term vs. Benchmark and Style GroupStructure of Team Long Term vs. Benchmark and Style GroupExperience of Team Consistency – Relative/Absolute/Risk AdjustedTurnover of Key MembersGrowth of Team with Assets
Philosophy/Process ExpensesStyle Consistency (Growth/Value, Market Cap) Cost vs. CompetitorsDomestic/Int’l drift
Examples of things that would cause concern resulting in a YELLOW or RED box include but not limited to:
6) EXPENSES - A fund or product that is substantially above the median expense ratio or management fee would be a cause for concern.
Fund Analysis Overview Key
1) ORGANIZATION - A change in ownership whereby it is unclear what the structure of the new organization will be, how will key personnel be compensated, and what type of employment contracts are in place to keep key decision makers.
2) PEOPLE - A change in portfolio manager would be a cause for concern. We would assess the new talent taking over. Is the new portfolio manager a current member of the team or is it someone new from outside the group or organization.
3) PHILOSOPHY/PROCESS - A change in portfolio characteristics would be a cause for concern. For example, if a growth style manager suddenly starts investing in value names during a value rally or if a small cap portfolio was migrating into midcap names due to asset growth.
4) ASSET BASE - A small cap fund with more than $3 billion in assets would be a cause for concern or a fund that continues to add assets as it becomes clear the portfolio management team can not handle the inflows. A sign of this would be a large increase in the cash position of the portfolio.
5) PERFORMANCE - A product that fails to outperform either the index and/or the median manager on a consistent basis (at least 50% of the time) would be a cause for concern. Short term and long term performance is considered both on an absolute basis and relative basis in addition to risk-adjusted measures.
Each of the 6 criteria are evaluated on an individual basis and subjective based on Innovest’s assessment. Below are examples of the many factors under each category we consider when making an assessment.
53
Holdings Based Attribution Key
A. Buy and Hold Portfolio – Return for the portfolio assuming no securities were traded during the quarter B. Portfolio Trading = (C – A) or (Actual Return ‐ Buy and Hold Portfolio) C. Actual Return – return the client experienced D. Benchmark Return – return for benchmark E. Actual Active Return – (C – D) or ( Actual Return minus Benchmark Return ) F. Stock Selection – Is the contribution to return based upon the active stock selection by the manager with in a sector compared to the benchmark. G. Sector Selection – Is the contribution to return based upon the active overweight or underweight of a sector compared to the benchmark by the
manager. H. Interaction – Is the impact of contribution to return that are a combination of both Stock and Security selection also sometimes referred to as the
unexplained. I. Total Selection – Is the Sum of all the selection affects (F,G,H) J. Portfolio Trading – Same as B. K. Benchmark Trading – Benchmark B/H return – Actual Benchmark Return L. Total Trading – Portfolio Trading plus Benchmark Trading M. Buy & Hold Active Return – I + L
54
Disclaimer The preceding statistical analysis was prepared by Innovest Portfolio Solutions LLC with data provided by Investment Metrics (IM), Lipper and Morningstar, Inc. All Rights Reserved. The investment products discussed are not insured by the FDIC and involve investment risk including the possible loss of all principal. The information contained herein: (1) is proprieta ry to the v endors listed above and/or its content providers; (2) may not be c opied or distributed; and (3) is not w arranted to be accurate, complete or timely. None of the vendors nor its content providers are respons ible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Innovest compiles the information utilizing secondary data from statements provided by the plan trustee and/or custodian/ This report may also contain returns and valuations from outside sources as directed b y the client. Innovest assumes no respons ibility for the accuracy of these valuations or return methodologies. Reasonable care has been take n to assure the accuracy of the computer software and databases. Innovest disclaims responsibility, financial or ot herwise for t he accuracy and completeness of this report. Copyright 2017 by Innovest Portfolio Solutions LLC Inc. Note: Actual client mutual fund returns are reflected on the table of returns page. Fund pages subsequent to the table of returns reflect the representative mutual fund with the longest track record and may not be the actual share class held by the client. “Copyright 2017, Standard & Poor’s Financial Services LLC. Reproduction of S&P Index Services 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 an y errors or omissions, regardless of the cause or for the r esults 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 PAR TICULAR PURPOSE OR USE. In no event shall S&P be liable f or 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 Index Services (2017) Copyright MSCI 2017. Unpublished. All Rights R eserved. This information may only be used for your internal use, may not be reproduced or re-disseminated in any form and m ay not be used to create any financial instruments or products or an y indices. This information is provided on an “as is” basis and the user of this informa tion assumes the entire risk of any use it ma y make or permit t o be made of thi s information. Neither MSCI, an y or its affiliates o r any other person involved in or related to compiling, computing or creating this information makes any express or implied warranties or representations with respect to such information or the results to be ob tained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warr anties (including, without limitation, all warranties of o riginality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without lim iting any of the foregoing, in no ev ent shall MSCI, any of its affiliat es or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punit ive, consequential or an y other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages.
55
Packing Your Bags for R
etirement?
The location decision should go beyond financial
considerations of cost of living and taxes?
One of the natural consequences of baby boom
ers getting older is an intense interest in exploring new
living options. In 2020, som
e 71 million A
mericans w
ill be 55 or older —
the time w
hen most begin to think
seriously about when and w
here they’d like to retire.
Certainly, choosing a location inside or outside the U
.S. w
ith lower cost of living is an im
portant consideration, as your incom
e downshifts, and living expenses begin
to be consumed by higher healthcare costs. Taxes also
can have a limiting effect on your lifestyle. But focusing
solely on these costs may be a disservice to how
you w
ant to spend your time in your later years. H
ere’s a brief checklist to keep in m
ind as you weigh your
options:
B
eing
close (en
ou
gh
) to fam
ily. Not surprisingly,
this factor ranks up there with cost of living as am
ong the m
ost important factors for pre-retirees exploring
location options. Being within a 20-m
inute or two-hour
drive/flight can be an important consideration for
retirees with extended fam
ilies.
Su
nn
y and
82 tod
ay. Most “top 25 best places to
retire” lists tend to cluster around warm
or moderate
climates, reflecting research that show
s that baby boom
ers favor sunnier weather w
hen they move.
No surprise that Florida, Texas and N
orth Carolina
tend to attract lots of retirees, according to Forbes. 1 H
owever, for those w
ho don’t mind hardy w
inters, North
Dakota, Pennsylvania and M
ichigan offer comm
unities w
ith growing econom
ies, pleasant shoulder seasons and plenty to do in the sum
mer. M
ore adventurous types m
ay want to look internationally at C
entral/South A
merica, the M
editerranean or Europe to find a retirem
ent locale that matches their clim
ate preferences.
W
hat’s yo
ur view
from
the kitch
en w
ind
ow
? A
nother popular way to narrow
your geography decision is to decide w
hether you prefer to be in an urban or rural setting, near m
ountains for hiking or skiing, or w
ater for boating and swim
ming —
or some
combination of these features.
H
om
e sweet h
om
e. Retirem
ent homes in the
Northeast and C
alifornia tend to be more expensive
than those in the Sunbelt or Midw
est. According to the
U.S. C
ensus, the median national sale price of a new
single-fam
ily home w
as $305,400 in Novem
ber 2016, a 27%
increase from a decade earlier. 2
W
hen
’s you
r next ch
eckup
? Measuring the ratio
of doctors to the general population is a good way
to benchmark the general level of healthcare in a
given comm
unity, but don’t forget to factor wellness,
transportation, air quality and living arrangements into
the mix. The M
ilken Institute regularly publishes a report on the Best C
ities for Successful Aging, w
hich can be a useful resource.
Strap
on
tho
se walkin
g sh
oes. A
ctive lifestyles are im
portant to your physical and mental w
ell-being as you age, and your ability to run errands or shop by w
alking a modest or short distance m
ay be one of the m
ost important non-financial factors to a successful
retirement.
G
et ou
t and
abo
ut. Som
e retirees are perfectly happy spending every free day on the golf course, or fishing. O
thers may have a taste for theatre, arts, food culture
or volunteering. For that reason, college towns have
become very popular destinations for retirees w
ho seek cultural or lifelong learning opportunities.
For those who seek it, retirem
ent offers the opportunity for change. W
hile it also can mean less incom
e, it also suggests m
ore time to do w
hat you want to do. Picking
a place to live that mirrors your goals can be the golden
ticket to new-found freedom
.
Sum
mer 2017
1
1 W
illiam P. Barrett, “Best places to retire in 2016,” Forbes.com
, April 4, 2016. http://w
ww
.forbes.
com/sites/w
illiampbarrett/2016/04/04/the-best-places-to-retire-in-2016/#3e36bea6703e
2 U
.S. Census Bureau, “M
edian and Average Sale Prices of N
ew H
omes Sold in U
nited States.”
https://ww
w.census.gov/construction/nrs/pdf/uspricem
on.pdf
2
Pu
blish
ed
by In
no
ve
st Po
rtfolio
So
lutio
ns
4643 S. U
lster Stre
et, Su
ite 1
040 |
De
nve
r, CO
80237 |
303.6
94.1
900 |
ww
w.in
no
ve
stinc
.co
m
A g
rowing
numb
er of parents ap
pear to w
ant to help,
as young-ad
ult children strug
gle to p
ay off deb
t in an era w
hen wag
es are not grow
ing and
rents are high.
But parents need
to be careful not to jeop
ardize their
nest egg
if they use it to help their kid
s. Paying d
own
deb
t can quickly d
eplete saving
s, and b
orrowers w
ho end
up d
efaulting on school loans risk losing
some of
their Social Security income.
Overshad
owing
this prob
lem is the fact that the
fastest grow
ing seg
ment of b
orrowers b
urdened
by
student d
ebt are not recent colleg
e grad
uates or m
illennials, but A
mericans over 60. Since 2005, this
group
has quad
rupled
in size, from 700,000 to 2.8
million, accord
ing to the C
onsumer Financial Protection
Bureau. 1
For Am
ericans aged
40 and old
er, total college d
ebt
ballooned
by nearly 42%
betw
een 2004 and 2015. But
this amount is d
warfed
by the 200%
increase in deb
t levels for b
orrowers und
er age 40.
The imp
ulse to help stud
ents who are strug
gling
to p
ay for college is ad
mirab
le, but in m
any cases, older
borrow
ers are trying to p
ay dow
n their own school
loans. Borrowers p
aying d
own ed
ucation deb
t also need
to consider that as they ag
e, their incomes likely
beg
in to flatten or decline just as their healthcare
costs beg
in to rise — a financial sq
ueeze that makes
repaying
school loans that much m
ore difficult.
No m
atter the circumstances, here are three g
eneral g
uidelines to help
borrow
ers manag
e student d
ebt:
• For borrow
ers with m
ultiple loans, it m
ay make sense
to pay off the ones w
ith the highest interest rate first.
• Contrib
utions to a child’s stud
ent loan that’s in the child
’s name only is sub
ject to a gift tax if it’s m
ore than $14,000 (in 2017).
• Parents may not b
e able to claim
a ded
uction on the am
ount contributed
if the loan is only in the child’s
name.
Accord
ing to a 2016 research stud
y, nine in 10 families
agree a colleg
e deg
ree is more im
portant now
than it used
to be. Interesting
ly, about the sam
e percentag
e of fam
ilies elected to self-fund
two-third
s of college
expenses for their child
ren. The balance of p
ayments
(that is, the remaining
one-third) cam
e from m
ultiple
sources such as state and fed
eral governm
ents, colleg
es, comm
unity and nonp
rofit organizations. 2 A
s the vast m
ajority of families stretch them
selves to meet
rising colleg
e costs, and as the share of the financial
burd
en for parents g
rows, the need
to have a plan for
paying
for college b
ecomes even m
ore imp
ortant.
Student Lo
an Deb
t Gro
wing
for O
lder A
mericans
For p
arents who
want to
help their child
ren pay o
ff loans, a no
te of cautio
n
TOTA
L CO
LLEGE D
EBT
Overall co
llege d
ebt co
ntin
ues to
rise for all ag
e gro
up
s.(IN
BILLIO
NS)
‘04‘05
‘06‘07
‘08‘09
‘10‘11
‘12‘13
‘14‘15
Under 30
30 to 39
40 to 49
50 to 59
60 and over
$400
$300
$200
$100$0
$408.4
$376.3
$229.6
$149.7
$66.7
$146
$114$49.2$30.9
$6.1
Source: Federal Reserve Bank of N
ew York C
onsumer C
redit Panel/Equifax
1 Boston G
lobe, January 22, 2017. http://ww
w.bostonglobe.com
/business/2017/01/22/seniordebt/
I5QcuG
ws5vR
OW
4qfhWLPfP/story.htm
l
2 “H
ow A
merica Pays for C
ollege 2016,” Sallie Mae and Ipsos Public A
ffairs. Telephone interviews
conducted in March-A
pril 2016 of 799 parents with children ages 18 to 24 enrolled as under-
graduates, and 799 undergraduate students aged 18 to 24. http://news.salliem
ae.com/files/
doc_library/file/How
Am
ericaPaysforCollege2016FN
L.pdf
Wh
om
do
I call for h
elp?
Acco
un
t Info
rmatio
n>
Balances>
> C
hange personal info
Contact : IC
MA
-RC
800.669.7400 | ww
w.icm
arc.org
The P
lan’s In
vestmen
t Co
nsu
ltant
Innovest Portfolio Solutions
4643 S. Ulster St., Suite 1040D
enver, CO
80237
303.694.1900 | ww
w.innovestinc.com
The pie chart and accompanying data show
n for each portfolio illustrates the percentage allocated to each fund.H
ow is the portfolio diversified?
Investment perform
ance results shown above represent past perform
ance and are not indicative of future results. Please read the
information contained in the applicable fund prospectuses carefully before investing m
oney.
Past P
erformance
Ris
k L
ev
el:The am
ount of expected risk in the Portfolio. R
isk is measured by the potential loss over a 12-m
onth period that an investorm
ight expect in the Portfolio, and is calculated via a statistical process consistent w
ith 95% probability.
Mo
de
rate
:-1
7.0
% to
-19
.0%
Ex
pe
cte
d R
etu
rn: The level of expected investm
ent return from the P
ortfolio. The range of returns shown below
indicates the potentialgain that an investor m
ight expect each year, on average, over a 5-year period. This is also referred to as the "mean" return, and is
calculated using a statistical process to determine a range of probabilities.
Mo
de
rate
:6
.5%
to 8
.5%
Who typically uses this portfolio?
Un
de
rsta
nd
ing
Yo
ur P
rofe
ss
ion
ally
-Ma
na
ge
d P
ortfo
lios
Portfolio A
llocation (%)
Who typically uses this portfolio?
Th
e fu
nd
see
ks the
hig
he
st tota
l retu
rn o
ver
time
con
sisten
t with
an
em
ph
asis o
n b
oth
cap
ital a
pp
recia
tion
an
d in
com
e.
Th
e fu
nd
pu
rsue
s its ob
jective
by in
vestin
g in
a d
iversifie
d p
ortfo
lio. U
nd
er n
orm
al
con
ditio
ns, th
e p
ortfo
lio’s a
lloca
tion
to th
eb
roa
d a
sset cla
sses w
ill be
with
in th
efo
llow
ing
ran
ge
s: stocks (5
0-7
0%
); bo
nd
s (20
-40
%); a
nd
mo
ne
y ma
rkets (0
-20
%).
Do
me
stic stocks a
re d
raw
n fro
m th
e o
vera
llU
.S. m
arke
t. Inte
rna
tion
al sto
cks are
sele
cted
prim
arily fro
m la
rge
com
pa
nie
s ind
eve
lop
ed
ma
rkets b
ut m
ay a
lso in
clud
ein
vestm
en
ts in e
me
rgin
g m
arke
ts. Bo
nd
s,w
hich
can
inclu
de
fore
ign
issue
s, are
prim
arily in
vestm
en
t gra
de
(i.e., a
ssign
ed
on
e o
f the
fou
r hig
he
st cred
it ratin
gs) a
nd
are
cho
sen
acro
ss the
en
tire g
ove
rnm
en
t,co
rpo
rate
, an
d a
sset- a
nd
mo
rtga
ge
-ba
cked
bo
nd
ma
rkets. M
atu
rities re
flect th
em
an
ag
er’s o
utlo
ok fo
r inte
rest ra
tes.
Past P
erformance (%
)**
Exp
en
se R
atio
:0
.69
%*
Ju
ne
30
, 20
17
: $1
32
,35
5,1
16
Boston Trust E
quity - Boulder F&
P33.48
¢£
Victory M
under Mid C
ap Core G
rowth
6.52¢£
ICM
Sm
all Com
pany6.65
¢£
Dodge &
Cox Int'l
9.87¢£
Am
erican Funds EuroP
acific Gr
10.06¢£
Boston Trust Fixed Incom
e - Boulder F&
P8.07
¢£
Met W
est Total Return
5.50¢£
Eaton V
ance Floating Rate
4.01¢£
JPM
organ High Y
ield Select
1.00¢£
Crdt S
uis Com
m R
tn Strat
4.92¢£
Steelpath M
LP A
lpha Fund4.88
¢£
Principal U
S P
roperty Account
5.04¢£
La
st
Qu
arte
r
Ye
ar
To
Da
te
1Y
ea
r3
Ye
ars
5Y
ea
rs1
0Y
ea
rsS
inc
e In
ce
ptio
nJ
uly
-19
90
Boulder Fire and P
olice2.95
7.2513.61
4.758.99
6.098.42
Bo
uld
er F
ire a
nd
Po
lice
06
/30
/17
* The expense ratio provided is the weighted average of each underlying m
anager’s net expense ratio and market value at the end of the quarter.
** Perform
ance shown is calculated using the portfolio’s target allocations (not the portfolio's actual m
arket value allocations); and includes separateaccount perform
ance gross of fees, while the m
utual fund performance is net of fees. R
eturns shown are not m
eant to reflect actual past performance of
the portfolio, but are provided as a close approximation. A
ll investment returns are calculated by a 3rd party. P
eriods greater than one year areannualized.R
eturns from July 1990 - February 2007 are based on inform
ation received from a prior consultant.
***This portfolio includes the Principal U
.S. P
roperty Account, a real estate account that could instate redem
ption restrictions. In the event that theserestrictions are placed on the account, the B
oulder FIre and Police B
oard of Trustees will instruct IC
MA
-RC
to fulfill redemptions from
an alternate fundw
ithin the portfolio.