Quarterly Investment Review · Quarterly Investment Review. I Executive Summary Page 1 II Total Plan Page 12 III U.S. Fixed Income Page 14 ... CIO Newsletter: Addressing the market

Visit the Aon Retirement and Investment Blog (http://retirementandinvestmentblog.aon.com); sharing our best thinking.

Fairfax County Public Schools | First Quarter 2018

Quarterly Investment Review

I Executive Summary Page 1

II Total Plan Page 12

III U.S. Fixed Income Page 14

IV Target Date Page 24

V U.S. Equity Page 47

VI International Equity Page 64

VII Market Environment Page 69

VIII Fee Analysis Page 80

IX Appendix Page 82

Table of Contents

Executive Summary

Page 1

Aon Happenings

Aon is rebrandingWe are integrating the Aon Hewitt brand more formally into Aon. This is part of sharpening our focus as becoming the leading professional services firm providing advice and solutions across risk, retirement and health—enabled by the power of data and analytics. Going forward, our email addresses will be [email protected].

Your new Aon Client Portal is here!On the portal, you’ll be able to securely access: Documents shared by your consultant Thought leadership Your consultant will be reaching out to you with details.

You are Invited: Real Estate & Real Assets Roundtable Series

Aon’s senior investment team, together with experts from The Townsend Group, an Aon company, will be hosting a series of events focused on real assets.

All events will be noon – 3pm, including lunch.

Chicago, May 8 New York, May 9 San Francisco, May 15

Recap discussions can be arranged for those interested, but unable to attend.

NewslettersAHIC has created three new clients newsletters: Pathways: Covering issues of importance to sponsors of retirement

plans (DB and DC) Connections: Focusing on investment areas of interest to non-profit

institutions such as endowments, foundations, and health care entity CIO Newsletter: Addressing the market environment and how AHIC is

positioning portfolios

Page 2

Thought Leadership Highlights

Current Topics of Interest

First Quarter 2018 Market Review and Outlook Link

Termination & Annuity Purchase Estimator (TAPE)

DOL Will NOT Enforce the New Fiduciary Rule Link

Impact of Tax Reform: Overall Markets | Pension Funding | Compensation & Benefits | Commercial Real Estate (white paper available upon request)

White Papers

All Investors: Debating Active vs. Passive Link

All Investors: Making Portfolios More Fee-Efficient Link

All Investors: Putting “Watch Lists” on Watch? Link

Public: Public Funds Can Still Compete Link

Public: How Do Public Pension Plans Impact Credit Ratings Link

All investors ex-DC: Direct Lending: An Investment Opportunity Within Private Debt Link

All Investors ex-DC: Global Small Cap: Think Big By Going Small Link

All Investors ex-DC: Alternative Premia, Alternative Price Link

All Investors ex-DC: Optimal Number of Managers in an Equity Portfolio Link

All Investors ex-DC: Managed Futures as a Source of Portfolio Diversification Link

Private DB: The Third Dimension – Credit Path: Redefining Dynamic Management of Pension Risk Link

Private DB: U.S. Plan-Specific Mortality Studies: A Call to Action Link

Private DB: 2017 Global Pension Risk U.S. Findings Link

Private DB: Pension Funding Strategy: Considerations for Prefunding a Pension Plan Link

DC: How Pension Benefits Affect the Optimal Target Date Fund Link

Health Care: Managing Health Care Reserves: Aligning Operating Assets with Broader Organizational Goals Link

Aon Retirement and Investment Blog

https://retirementandinvestmentblog.aon.com/

Opinions, estimates, forecasts, and statements on financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. The views and strategies described may not be suitable for all investors. References to specific securities, asset classes, and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations.

Page 3

https://retirementandinvestmentblog.aon.com/BlogHome/Blog/April-2018/First-Quarter-2018-Market-Review-and-Outlook.aspx

https://retirementandinvestmentblog.aon.com/BlogHome/Blog/March-2018/DOL-will-NOT-Enforce-New-Fiduciary-Rule.aspx

https://retirementandinvestmentblog.aon.com/BlogHome/Blog/January-2018/Will-The-Tax-Cuts-and-Jobs-Act%E2%80%9D-Have-Unintended-Co.aspx

https://retirementandinvestmentblog.aon.com/BlogHome/Blog/October-2017/Game-Changer-Pension-Funding-and-Tax-Reform.aspx

http://www.aon.com/taxreform

https://retirementandinvestmentblog.aon.com/getattachment/3ed6cb34-112f-4182-b96d-de8e17d438d9/Debating-Active-vs-Passive_Final.pdf.aspx

https://retirementandinvestmentblog.aon.com/getattachment/a5b5d9c8-7420-47ec-aab3-32a9762d4199/Aon_White_Paper_Making_Portfolios_More_Fee-Efficient_Final.pdf.aspx

http://respond.aonhewitt.com/putting-watch-lists-on-watch-wp?utm_source=2016wplp&utm_medium=elq-lp&utm_campaign=2016-ret-wp-series

https://retirementandinvestmentblog.aon.com/getattachment/6f499dda-5687-4081-a546-60cda0092ab4/PublicFundCanStillCompete_201707.pdf.aspx

https://retirementandinvestmentblog.aon.com/getattachment/064f1219-a0bf-49b8-8f26-e217fcd23b2a/How_Do_Pensions_Impact_Credit_Ratings_Whitepaper_201710-(2).pdf.aspx

https://retirementandinvestmentblog.aon.com/getattachment/b3fcc033-9011-4ea5-8b13-6de1aa452590/Direct-Lending_Final.pdf.aspx

http://respond.aonhewitt.com/think-big-by-going-small-gsc-wp?utm_source=ahicrt&utm_medium+elq-lp@utm_campaign=2017-ret-wp-series

https://retirementandinvestmentblog.aon.com/getattachment/a655d325-044b-4329-9cef-040a8a5abc66/AlternativePremia_201707-(conclusion).pdf.aspx

http://respond.aonhewitt.com/optimal-number-of-managers-wp?utm_source=2017wplp&utm_medium=elq-lp&utm_campaign=2017-ret-wp-series

http://respond.aonhewitt.com/managed-futures-wp?utm_source=2017wplp&utm_medium=elq-lp&utm_campaign=2017-ret-wp-series

https://retirementandinvestmentblog.aon.com/getattachment/285d138e-2ac9-4317-b42d-7feab3e86590/WP_Credit_Path_Final_(2017-07).pdf.aspx

https://retirementandinvestmentblog.aon.com/getattachment/0d35b07c-9587-4c85-8db6-6aa6a6a48100/US_Plan_Specific_Mortality_Studies_A_Call_To_Action_Final-(Compliance-Approved).pdf.aspx

http://go.aon.com/2017GlobalPensionRiskUSfindingsDownload

http://respond.aonhewitt.com/pension-funding-strategy-download?utm_source=2016wplp&utm_medium=elq-lp&utm_campaign=2016-ret-wp-series

http://respond.aonhewitt.com/how-pension-benefits-affect-the-optimal-tdf-wp?utm_source=2016wplp&utm_medium=elq-lp&utm_campaign=2016-ret-wp-series

https://retirementandinvestmentblog.aon.com/getattachment/7f37d0a7-bb1a-4ab6-9516-f08472a87350/Managing-Health-Care-Reserves_Final_20170628.pdf.aspx

https://retirementandinvestmentblog.aon.com/

SHORT TERM RETURNS

1 Quarter 1 Year

0.0

10.0

20.0

30.0

40.0

-10.0

Re

turn

(%)

S&P 500 Russell 2000 MSCI EAFE MSCIEmerging Markets

Blmbg. BarclaysU.S. Agg

Blmbg. BarclaysU.S. Long Govt

Blmbg. BarclaysU.S. Long Credit

Blmbg. BarclaysU.S. Corp. High Yield

Blmbg.Commodity Index

14.0%11.8%

15.3%

25.4%

1.2%3.5%

6.2%3.8% 3.7%

-0.8% -0.1% -1.4%

1.5%

-1.5%-3.2% -3.8%

-0.9% -0.4%

LONG TERM RETURNS

5 Years 10 Years

0.0

8.0

16.0

24.0

-8.0

-16.0

Re

turn

(%)

S&P 500 Russell 2000 MSCI EAFE MSCIEmerging Markets

Blmbg. BarclaysU.S. Agg

Blmbg. BarclaysU.S. Long Govt

Blmbg. BarclaysU.S. Long Credit

Blmbg. BarclaysU.S. Corp. High Yield

Blmbg.Commodity Index

9.5% 9.8%

3.2% 3.4% 3.6%5.8%

7.5% 8.3%

-7.7%

13.3%11.5%

7.0%5.4%

1.8%3.3%

4.7% 5.0%

-8.3%

<ReportMemberName>

Market Highlights

As of March 31, 2018

Past performance is no guarantee of future results. Investors cannot directly invest in an index.Refer to the appendix of this report for additional index information.

Page 4

Returns of the Major Capital Markets

1Quarter

1Year

3Years

5Years

10Years

Equity

MSCI AC World IMI (Net) -0.9 15.0 8.3 9.3 5.9

MSCI AC World Index (Net) -1.0 14.8 8.1 9.2 5.6

Dow Jones U.S. Total Stock Market Index -0.6 13.8 10.2 13.0 9.7

Russell 3000 Index -0.6 13.8 10.2 13.0 9.6

S&P 500 Index -0.8 14.0 10.8 13.3 9.5

Russell 2000 Index -0.1 11.8 8.4 11.5 9.8

MSCI AC World ex USA IMI (Net) -1.1 17.1 6.7 6.2 3.1

MSCI AC World ex USA Index (Net) -1.2 16.5 6.2 5.9 2.7

MSCI EAFE Index (Net) -1.5 14.8 5.6 6.5 2.7

MSCI EAFE (in Local Currency) (Net) -4.3 5.3 3.4 8.5 4.5

MSCI EM (Net) 1.4 24.9 8.8 5.0 3.0

Fixed Income

Blmbg. Barc. U.S. Aggregate -1.5 1.2 1.2 1.8 3.6

Blmbg. Barc. Global Aggregate 1.4 7.0 3.1 1.5 2.6

Blmbg. Barc. U.S. Long Govt -3.2 3.5 0.4 3.3 5.8

Blmbg. Barc. U.S. Long Credit -3.8 6.2 3.3 4.7 7.5

Blmbg. Barc. U.S. Govt/Credit -1.6 1.4 1.2 1.8 3.7

Blmbg. Barc. U.S. TIPS -0.8 0.9 1.3 0.0 2.9

Blmbg. Barc. U.S. Corp: High Yield -0.9 3.8 5.2 5.0 8.3

Citigroup Non-U.S. World Gov't Bond Index 4.4 12.9 5.0 1.4 1.8

JPM EMBI Global Diversified -1.7 4.3 5.8 4.7 7.0

Commodities

Bloomberg Commodity Index -0.4 3.7 -3.2 -8.3 -7.7

WTI Cushing Spot 7.5 28.3 10.9 -7.8 -4.4

Hedge Funds

HFRI Fund Weighted Composite Index 0.1 6.1 3.5 4.2 3.6

HFRI FOF: Conservative Index 0.4 3.3 1.6 2.9 1.3

HFRI FOF: Diversified Index 0.6 5.5 1.6 3.3 1.6

HFRI FOF: Market Defensive Index 0.6 3.1 0.1 1.6 1.1

HFRI FOF: Strategic Index 0.5 7.7 2.7 4.0 1.8

Real Estate

FTSE NAREIT Equity REIT Index -8.2 -4.5 1.1 5.9 6.4

NCREIF ODCE Index (Net) 2.0 7.1 9.0 10.4 4.2

Infrastructure

FTSE Global Core Infrastructure 50/50 -4.3 5.4 6.1 7.5 -

<ReportMemberName>

Market Highlights


Past performance is no guarantee of future results. Investors cannot directly invest in an index.Refer to the appendix of this report for additional index information.

Page 5

Allocation

MarketValue($000)

%

Performance(%)

1Quarter

1Year

3Years

5Years

7Years

10Years

Total 457(b) Plan 218,132.04 100.00

U.S. Fixed Income 51,266.28 23.50

Great West Portfolio Fund 31,772.36 14.57 0.48 1.95 1.97 1.89 1.98 2.31

50% B Bar Int. Agg/50% 90 day T-Bill -0.35 0.81 0.76 0.89 1.29 1.75

90 Day U.S. Treasury Bill 0.35 1.11 0.49 0.31 0.24 0.32

PIMCO Total Return Adm 19,256.38 8.83 -1.34 (36) 1.88 (18) 1.36 (44) 1.57 (75) 3.01 (50) 4.49 (13)

Blmbg. Barc. U.S. Aggregate -1.46 (51) 1.20 (56) 1.20 (58) 1.82 (47) 2.92 (59) 3.63 (66)

PIMCO Inflation Response MultiAsst Inst 237.54 0.11 -0.11 (22) 6.04 (61) 3.14 (71) 0.51 (92) - -

PIMCO IRMA Benchmark -0.71 (42) 2.63 (83) 1.14 (86) -1.28 (97) 0.16 (98) 1.30 (100)

Target Date 22,224.36 10.19

T. Rowe Price Retirement I 2005 I 401.44 0.18 -0.35 (10) 6.65 (16) - - - -

T. Rowe Price Retirement 2005* -0.44 (16) 6.53 (17) 4.72 (9) 5.33 (16) 5.61 (24) 5.52 (30)

T. Rowe Price Retirement 2005 Index -0.86 (52) 6.05 (26) 4.29 (18) 5.24 (17) 5.55 (24) 4.99 (43)

T. Rowe Price Retirement I 2010 I 513.74 0.24 -0.43 (10) 7.36 (10) - - - -



T. Rowe Price Retirement I 2015 I 2,101.18 0.96 -0.25 (1) 8.55 (9) - - - -



T. Rowe Price Retirement I 2020 I 5,164.84 2.37 -0.08 (2) 10.28 (1) - - - -



Fairfax County Public Schools

Asset Allocation & Performance


*Alternate share class shown to illustrate performance history.

Page 6




Allocation

MarketValue($000)

%

Performance(%)

1Quarter

1Year

3Years

5Years

7Years

10Years

T. Rowe Price Retirement I 2025 I 4,035.26 1.85 0.08 (2) 11.65 (1) - - - -

T. Rowe Price Retirement 2025* 0.06 (2) 11.49 (1) 7.12 (1) 8.80 (1) 8.34 (3) 7.27 (1)














T. Rowe Price Retirement I 2050 I 657.04 0.30 0.45 (6) 15.10 (12) - - - -



T. Rowe Price Retirement I 2055 I 947.02 0.43 0.37 (7) 15.03 (12) - - - -




Page 7




Allocation

MarketValue($000)

%

Performance(%)

1Quarter

1Year

3Years

5Years

7Years

10Years

U.S. Equity 122,318.19 56.08

iShares S&P 500 Index 32,245.17 14.78 -0.76 (6) 13.96 (12) 10.74 (15) 13.24 (13) 12.62 (21) 9.42 (18)

S&P 500 Index -0.76 (7) 13.99 (3) 10.78 (2) 13.31 (1) 12.71 (3) 9.49 (3)

Dodge & Cox Stock 27,661.35 12.68 -1.75 (71) 10.76 (76) 10.88 (19) 13.34 (18) 12.69 (20) 8.90 (48)

S&P 500 Index -0.76 (47) 13.99 (43) 10.78 (19) 13.31 (19) 12.71 (18) 9.49 (27)

Vanguard Mid Cap Index 33,852.13 15.52 0.00 (50) 12.34 (52) 7.88 (51) 12.27 (33) 11.30 (33) 10.16 (39)

Vanguard Spliced Mid Cap Index 0.03 (50) 12.36 (52) 7.90 (50) 12.31 (32) 11.34 (31) 10.18 (38)

Baron Growth Inst 28,559.53 13.09 2.47 (54) 18.20 (59) 8.31 (60) 11.24 (80) 11.12 (49) -

Baron Growth Rtl* 2.41 (55) 17.91 (64) 8.04 (64) 10.95 (83) 10.83 (55) 9.76 (52)

Russell Midcap Growth Index 2.17 (61) 19.74 (44) 9.17 (42) 13.31 (32) 11.92 (25) 10.61 (33)

International Equity 20,340.65 9.32

Artisan International Inv 20,340.65 9.32 0.30 (13) 20.58 (10) 3.07 (93) 5.94 (63) 6.85 (6) 3.84 (28)

MSCI EAFE Index (Net) -1.53 (72) 14.80 (54) 5.55 (44) 6.50 (42) 5.31 (44) 2.74 (56)

MSCI AC World ex USA Index (Net) -1.18 (58) 16.53 (30) 6.18 (30) 5.89 (63) 4.26 (71) 2.70 (57)


Page 8

2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

U.S. Fixed Income

Great West Portfolio Fund 1.95 1.98 2.00 1.86 1.53 2.11 2.55 2.67 3.37 3.42

50% B Bar Int. Agg/50% 90 day T-Bill 1.56 1.12 0.62 2.06 -0.48 1.80 2.99 3.11 3.28 3.50

90 Day U.S. Treasury Bill 0.86 0.25 0.03 0.04 0.05 0.08 0.08 0.13 0.17 2.10

PIMCO Total Return Adm 4.87 (7) 2.34 (79) 0.47 (37) 4.43 (81) -2.16 (72) 10.10 (3) 3.91 (95) 8.57 (17) 13.53 (31) 4.56 (23)

Blmbg. Barc. U.S. Aggregate 3.54 (61) 2.65 (62) 0.55 (27) 5.97 (32) -2.02 (64) 4.21 (77) 7.84 (15) 6.54 (69) 5.93 (84) 5.24 (19)

IM U.S. Broad Market Core Fixed Income (MF) Median 3.74 2.95 0.32 5.76 -1.64 6.06 6.98 7.24 10.79 0.44

PIMCO Inflation Response MultiAsst Inst 8.59 (75) 10.53 (19) -6.77 (77) 1.57 (73) -9.29 (100) 9.56 (64) - - - -

PIMCO IRMA Benchmark 5.08 (91) 6.76 (45) -7.47 (82) -0.34 (82) -8.89 (100) 6.58 (84) 4.56 (11) 12.98 (46) 17.17 (90) -12.37 (13)

IM Flexible Portfolio (MF) Median 12.80 6.46 -3.37 3.80 12.08 11.02 -1.69 12.43 25.23 -28.84

Target Date

T. Rowe Price Retirement I 2005 I 10.74 (19) 6.69 (27) - - - - - - - -

T. Rowe Price Retirement 2005* 10.67 (19) 6.72 (27) -0.75 (36) 4.72 (40) 9.74 (24) 11.35 (16) 1.43 (66) 11.51 (18) 24.55 (18) -22.24 (80)

T. Rowe Price Retirement 2005 Index 10.12 (26) 5.84 (42) -0.10 (18) 5.48 (25) 9.86 (23) 9.52 (41) 2.38 (44) 10.22 (42) 16.91 (64) -19.10 (67)

IM Mixed-Asset Target Alloc Consv (MF) Median 8.83 5.43 -1.16 4.21 7.55 9.04 2.10 9.94 18.98 -17.49


T. Rowe Price Retirement 2010* 11.66 (13) 7.11 (9) -0.76 (59) 4.99 (23) 11.93 (8) 12.44 (6) 0.54 (55) 12.70 (4) 27.95 (4) -26.71 (80)


IM Mixed-Asset Target 2010 (MF) Median 10.39 6.07 -0.67 4.49 9.24 9.64 0.90 10.88 22.97 -24.07


T. Rowe Price Retirement 2015* 13.34 (12) 7.31 (13) -0.58 (31) 5.37 (32) 15.18 (2) 13.81 (1) -0.32 (81) 13.79 (4) 31.35 (1) -30.22 (86)









T. Rowe Price Retirement 2025 Index 16.68 (11) 8.21 (9) -0.56 (31) 7.06 (9) 20.01 (4) 14.00 (22) -0.22 (25) 14.12 (26) 26.15 (66) -32.24 (36)

IM Mixed-Asset Target 2025 (MF) Median 15.23 7.21 -1.14 5.52 16.08 13.27 -1.05 13.67 27.71 -33.66






T. Rowe Price Retirement 2035* 20.88 (9) 7.64 (67) 0.13 (4) 6.07 (38) 24.86 (3) 17.35 (1) -3.26 (61) 16.34 (1) 39.04 (1) -38.88 (71)




Calendar Year Performance


Returns for periods greater than one year are annualized.Returns are expressed as percentages.*Alternate share class shown to illustrate performance history.

Page 9


Calendar Year Performance


2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

















U.S. Equity

iShares S&P 500 Index 21.77 (18) 11.92 (17) 1.35 (19) 13.61 (14) 32.21 (28) 15.84 (33) 1.98 (41) 14.92 (36) 26.49 (18) -37.01 (30)

S&P 500 Index 21.83 (3) 11.96 (7) 1.38 (9) 13.69 (1) 32.39 (3) 16.00 (3) 2.11 (8) 15.06 (1) 26.46 (23) -37.00 (29)

IM S&P 500 Index (MF) Median 21.64 11.77 1.23 13.47 32.11 15.77 1.96 14.82 26.39 -37.06

Dodge & Cox Stock 18.33 (79) 21.28 (1) -4.49 (93) 10.40 (72) 40.55 (1) 22.01 (2) -4.08 (88) 13.49 (55) 31.27 (25) -43.31 (92)

S&P 500 Index 21.83 (38) 11.96 (28) 1.38 (33) 13.69 (20) 32.39 (46) 16.00 (44) 2.11 (29) 15.06 (34) 26.46 (57) -37.00 (54)

IM U.S. Large Cap Core Equity (MF) Median 20.97 10.16 0.12 11.89 32.17 15.49 0.72 13.91 27.18 -36.60

Vanguard Mid Cap Index 19.29 (49) 11.23 (56) -1.33 (37) 13.78 (9) 35.17 (48) 16.01 (46) -1.96 (43) 25.67 (34) 40.51 (35) -41.76 (71)

Vanguard Spliced Mid Cap Index 19.30 (49) 11.25 (56) -1.28 (36) 13.83 (9) 35.21 (48) 16.04 (45) -1.91 (42) 25.69 (34) 40.49 (35) -41.80 (71)

IM U.S. Mid Cap Equity (MF) Median 18.94 12.12 -2.43 8.04 34.61 15.43 -2.87 23.83 36.70 -39.27

Baron Growth Inst 27.35 (28) 6.31 (45) -4.06 (79) 4.66 (78) 38.69 (23) 16.74 (24) 1.51 (14) 24.32 (54) - -

Baron Growth Rtl* 27.04 (29) 6.04 (49) -4.31 (81) 4.40 (79) 38.32 (26) 16.43 (28) 1.24 (16) 24.01 (57) 34.24 (68) -39.18 (27)

Russell Midcap Growth Index 25.27 (43) 7.33 (35) -0.20 (44) 11.90 (11) 35.74 (45) 15.81 (38) -1.65 (38) 26.38 (41) 46.29 (26) -44.32 (67)

IM U.S. Mid Cap Growth Equity (MF) Median 24.73 5.76 -0.61 7.37 35.47 14.84 -2.68 24.78 40.91 -41.68

International Equity

Artisan International Inv 31.02 (12) -9.66 (100) -3.85 (79) -0.97 (9) 25.18 (7) 25.39 (4) -7.26 (18) 5.91 (67) 39.77 (10) -46.96 (98)

MSCI EAFE Index (Net) 25.03 (53) 1.00 (50) -0.81 (43) -4.90 (43) 22.78 (16) 17.32 (70) -12.14 (50) 7.75 (53) 31.78 (50) -43.38 (69)

MSCI AC World ex USA Index (Net) 27.19 (34) 4.50 (14) -5.66 (86) -3.87 (26) 15.29 (82) 16.83 (73) -13.71 (75) 11.15 (23) 41.45 (5) -45.53 (88)

IM International Large Cap Equity (MF) Median 25.23 1.00 -1.52 -5.12 20.52 19.41 -12.24 7.91 31.65 -41.67

Returns for periods greater than one year are annualized.Returns are expressed as percentages.*Alternate share class shown to illustrate performance history.

Page 10

Great West Portfolio Fund PIMCO Total Return Adm PIMCO Inflation Response MultiAsst Inst

T. Rowe Price Ret 2005* T. Rowe Price Ret 2010* T. Rowe Price Ret 2015*



T. Rowe Price Ret 2055* iShares S&P 500 Index Dodge & Cox Stock

Vanguard Mid Cap Index Baron Growth Inst Artisan International Inv

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

An

nu

aliz

ed

Re

turn

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0Annualized Standard Deviation


Risk Profile

3 Years Ending March 31, 2018


Page 11

Total Plan

Page 12

March 31, 2018 : $218,132,043 December 31, 2017 : $219,505,198

Market Value($M)

Allocation(%)

U.S. Fixed Income 51.3 23.5¢£

T. Rowe Price Retirement I Series 22.2 10.2¢£

U.S. Equity 122.3 56.1¢£

International Equity 20.3 9.3¢£

Loan Fund 1.5 0.7¢£

Forfeiture Account 0.5 0.2¢£

Market Value($M)

Allocation(%)

U.S. Fixed Income 51.8 23.6¢£

T. Rowe Price Retirement I Series 20.7 9.4¢£

U.S. Equity 124.7 56.8¢£

International Equity 20.4 9.3¢£

Loan Fund 1.5 0.7¢£

Forfeiture Account 0.4 0.2¢£

Fairfax County Public Schools Total Plan

Asset Allocation by Asset Class


Page 13

U.S. Fixed Income

Page 14

-1.6

-0.8

0.0

0.8

1.6

2.4

3.2

4.0

4.8

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

Great West Portfolio Fund 0.48 (58) 0.48 (58) 1.95 (43) 1.97 (34) 1.89 (38) 2.31 (68)¢

50% B Bar Int. Agg/50% 90 day T-Bill -0.35 (96) -0.35 (96) 0.81 (98) 0.76 (100) 0.89 (100) 1.75 (100)�

90 Day U.S. Treasury Bill 0.35 (90) 0.35 (90) 1.11 (98) 0.49 (100) 0.31 (100) 0.32 (100)p

5th Percentile 0.58 0.58 2.20 2.17 2.23 3.02

1st Quartile 0.54 0.54 2.13 2.01 1.99 2.81

Median 0.49 0.49 1.92 1.87 1.82 2.46

3rd Quartile 0.46 0.46 1.77 1.49 1.37 2.20

95th Percentile -0.34 -0.34 1.62 1.49 1.36 2.18

Population 25 25 24 24 24 21

Great West Portfolio Fund

Peer Group Analysis


IM U.S. GIC/Stable Value (SA+CF)

Parentheses contain percentile rankings.

Page 15

Return Summary

Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception

Account Information


PIMCO Total Return Adm Performance Summary

PIMCO Total Return Adm

PIMCO Total Return Adm Blmbg. Barc. U.S. Aggregate

0.0

3.0

6.0

9.0

-3.0

-6.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

-1.5 -1.5

1.2 1.21.8

3.6

-1.3 -1.3

1.91.4 1.6

4.5

Product Name : PIMCO:Tot Rtn;Admn (PTRAX)

Fund Family : PIMCO

Ticker : PTRAX

Peer Group : IM U.S. Broad Market Core Fixed Income (MF)

Benchmark : Blmbg. Barc. U.S. Aggregate

Fund Inception : 09/08/1994

Portfolio Manager : Mather/Kiesel/Worah

Total Assets : $2,815.00 Million

Total Assets Date : 02/28/2018

Gross Expense : 0.76%

Net Expense : 0.76%

Turnover : 521%

Quarterly Out Performance Quarterly Under Performance

0.0%

2.0%

-2.0 %

-4.0 %

6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 3/18

PIMCO Total Return Adm Benchmark

0.90

1.00

1.10

1.20

1.30

9/94 12/96 3/99 6/01 9/03 12/05 3/08 6/10 9/12 12/14 3/18

1.17

Page 16


Peer Group Analysis


IM U.S. Broad Market Core Fixed Income (MF)

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

PIMCO Total Return Adm -1.34 (36) -1.34 (36) 1.88 (18) 1.36 (44) 1.57 (75) 4.49 (13)¢

Blmbg. Barc. U.S. Aggregate -1.46 (51) -1.46 (51) 1.20 (56) 1.20 (58) 1.82 (47) 3.63 (66)�

5th Percentile -0.76 -0.76 2.55 2.21 2.61 4.75

1st Quartile -1.22 -1.22 1.71 1.58 2.18 4.26

Median -1.45 -1.45 1.26 1.27 1.79 3.98

3rd Quartile -1.59 -1.59 0.91 1.01 1.56 3.48

95th Percentile -1.85 -1.85 0.26 0.64 0.93 2.44

Page 17

5 Years Historical Statistics

Rolling 5 Years Standard DeviationAnnualized Return vs. Annualized Standard Deviation

5 Years


PIMCO Total Return Adm Risk Profile


PIMCO Total Return Adm Blmbg. Barc. U.S. Aggregate

0.0

0.9

1.8

2.7

3.6

4.5

5.4

6.3

7.2

6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 3/18PIMCO Total Return Adm Blmbg. Barc. U.S. Aggregate

Citigroup 3 Month T-Bill

-0.4

0.0

0.4

0.8

1.2

1.6

2.0

2.4

2.8

Re

turn

(%)

0.0 0.7 1.4 2.1 2.8 3.5 4.2 4.9Risk (Standard Deviation %)

ActiveReturn

TrackingError

InformationRatio

R-SquaredSharpeRatio

Alpha Beta ReturnStandardDeviation

ActualCorrelation

PIMCO Total Return Adm -0.23 1.49 -0.16 0.82 0.38 -0.37 1.07 1.57 3.47 0.91

Blmbg. Barc. U.S. Aggregate 0.00 0.00 N/A 1.00 0.52 0.00 1.00 1.82 2.93 1.00

Citigroup 3 Month T-Bill -1.54 2.94 -0.52 0.01 N/A 0.31 0.00 0.31 0.12 -0.07

Page 18

PIMCO Total Return Fund

Credit Quality Allocation As of 03/31/2018 Fixed Income Characteristics As of 03/31/2018

Average Coupon 2.49%

Effective Maturity 5.76 Years

Yield-to-Maturity 4.47%

Effective Duration 4.01 Years

Holdings Count 4,333

Average Credit Quality AA-

Maturity Distribution As of 03/31/2018 Sector Allocation As of 03/31/2018

Mutual Fund Attributes


4%

-4%

36%

58%

15%

-9%

-20% -10% 0% 10% 20% 30% 40% 50% 60% 70%

20+ Years

10-20 Years

5-10 Years

3-5 Years

1-3 Years

<1 Year

-20%

-18%

3%

7%

19%

52%

59%

-50% -30% -10% 10% 30% 50% 70%

Non-U.S. Developed

Net Cash Equivalents

Other

Emerging Markets

Credit

U.S. Government-Related

Mortgage

9%

11%

6%

11%

63%

0% 20% 40% 60% 80%

<BBB

BBB

A

AA

AAA

Page 19

Return Summary


Account Information


PIMCO Inflation Response MultiAsst Inst Performance Summary

PIMCO Inflation Response MultiAsst Inst


PIMCO IRMA Benchmark

0.0

4.0

8.0

12.0

-4.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

-0.7 -0.7

2.6

1.1

-1.3

1.3

-0.1 -0.1

6.0

3.1

0.5

Product Name : PIMCO:Infl Rsp MA;Inst (PIRMX)

Fund Family : PIMCO

Ticker : PIRMX

Peer Group : IM Flexible Portfolio (MF)

Benchmark : PIMCO IRMA Benchmark


Portfolio Manager : Mihir Worah/Johnson




Net Expense : 0.83%

Turnover : 184%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %

6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 3/18 PIMCO Inflation Response MultiAsst Inst

Benchmark

0.91

0.98

1.05

1.12

1.19

1.26

8/11 5/12 2/13 11/13 8/14 5/15 2/16 11/16 8/17 3/18

1.15

Page 20


Peer Group Analysis


IM Flexible Portfolio (MF)

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

PIMCO Inflation Response MultiAsst Inst -0.11 (22) -0.11 (22) 6.04 (61) 3.14 (71) 0.51 (92) N/A¢

PIMCO IRMA Benchmark -0.71 (42) -0.71 (42) 2.63 (83) 1.14 (86) -1.28 (97) 1.30 (100)�

5th Percentile 1.05 1.05 14.46 7.80 9.17 8.21

1st Quartile -0.27 -0.27 10.01 5.62 6.60 6.79

Median -0.92 -0.92 7.15 4.43 5.16 5.24

3rd Quartile -1.80 -1.80 4.25 2.89 3.51 4.34

95th Percentile -3.87 -3.87 -0.53 -0.50 -0.71 2.68

Page 21


Rolling 1 Year Standard DeviationAnnualized Return vs. Annualized Standard Deviation

5 Years


PIMCO Inflation Response MultiAsst Inst Risk Profile




0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 3/18PIMCO Inflation Response MultiAsst Inst



-2.4

-1.8

-1.2

-0.6

0.0

0.6

1.2

1.8

Re

turn

(%)

0.0 2.0 4.0 6.0 8.0 10.0Risk (Standard Deviation %)

ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

PIMCO Inflation Response MultiAsst Inst 1.87 2.12 0.88 0.92 0.06 2.07 1.16 0.51 6.83 0.96

PIMCO IRMA Benchmark 0.00 0.00 N/A 1.00 -0.26 0.00 1.00 -1.28 5.65 1.00

Citigroup 3 Month T-Bill 1.44 5.64 0.26 0.02 N/A 0.31 0.00 0.31 0.12 0.15

Page 22




Asset Allocation As of 12/31/2017

0.0% 50.0% 100.0% 150.0% 200.0%-50.0 %-100.0 %

Cash

Other

Convertibles

Equities

Fixed Income

-16.9 %

-6.3 %

0.0%

10.4%

112.8%

Fund Characteristics As of 12/31/2017

Total Securities 683

Avg. Market Cap $20,353.89 Million

P/E 40.50

P/B 4.87

Div. Yield 4.12%

Annual EPS 22.59

5Yr EPS 12.13

3Yr EPS Growth 17.01

Top Ten Securities As of 12/31/2017

PIMCO Emerging Markets Currency Fund;Institutional 10.92 %

Vanguard Real Estate Index Fund;ETF 2.02 %

Simon Property Group Inc ORD 0.60 %

Equity Residential ORD 0.40 %

Prologis Inc ORD 0.36 %

Equinix Inc ORD 0.35 %

Sun Communities Inc ORD 0.34 %

Essex Property Trust Inc ORD 0.31 %

Boston Properties Inc ORD 0.29 %

Digital Realty Trust Inc ORD 0.29 %

Page 23

Target Date

Page 24

Return Summary


Account Information


T. Rowe Price Retirement I 2005 I Performance Summary

T. Rowe Price Retirement I 2005 I


TRP Retirement 2005 Index

0.0

4.0

8.0

12.0

-4.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

-0.9 -0.9

6.0

4.35.2 5.0

-0.3 -0.3

6.7

Product Name : T Rowe Price Ret:I2005;I (TRPFX)

Fund Family : T. Rowe Price Associates Inc

Ticker : TRPFX

Peer Group : IM Mixed-Asset Target Alloc Consv (MF)

Benchmark : TRP Retirement 2005 Index


Portfolio Manager : Clark/Lee

Total Assets : $164.50 Million



Net Expense : 0.43%

Turnover : 31%


0.0%

0.5%

1.0%

-0.5 %

-1.0 %

12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 T. Rowe Price Retirement I 2005 I

Benchmark

0.98

1.00

1.02

1.04

9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18

1.02

Page 25





0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Convertibles

Cash

Other

Equities

Fixed Income

0.0%

1.2%

1.6%

35.4%

61.9%


Total Securities 22


P/E 9.79

P/B 1.83

Div. Yield 0.86%

Annual EPS 4.97

5Yr EPS 3.43

3Yr EPS Growth 3.10


T Rowe Price New Income Fund;I 27.83 %

T Rowe Price Limited Duration Inflation Foc Bd;I 18.26 %

T Rowe Price Equity Index 500 Fund;I 17.81 %

T Rowe Price Emerging Markets Bond Fund;I 4.57 %

T Rowe Price High Yield Fund;I 3.80 %

T Rowe Price Overseas Stock Fund;I 3.50 %

T Rowe Price International Value Equity Fd;I 3.35 %

T Rowe Price International Stock Fund;I 3.03 %

T Rowe Price International Bond Fund;I 2.58 %

T Rowe Price US Treasury Long-Term Fund;I 2.02 %

Sector/Quality Allocation As of 12/31/2017

0.0% 4.0% 8.0% 12.0% 16.0%

Financials

Information Technology

Industrials

Health Care

Consumer Discretionary

Consumer Staples

Energy

Materials

Utilities

Telecommunication Services

8.0%

4.9%

4.7%

4.4%

4.1%

3.8%

1.8%

1.5%

1.0%

0.9%

Page 26

Return Summary


Account Information






0.0

4.0

8.0

12.0

-4.0

-8.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

-0.8 -0.8

6.8

4.75.8 5.3

-0.4 -0.4

7.4

Product Name : T Rowe Price Ret:I2010;I (TRPAX)


Ticker : TRPAX

Peer Group : IM Mixed-Asset Target 2010 (MF)







Net Expense : 0.42%

Turnover : 19%


0.0%

0.5%

1.0%

-0.5 %

-1.0 %


Benchmark

0.98

1.00

1.02

1.04

9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18

1.02

Page 27





0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Convertibles

Cash

Other

Equities

Fixed Income

0.0%

1.2%

1.5%

40.6%

56.6%


Total Securities 22


P/E 11.26

P/B 2.11

Div. Yield 0.99%

Annual EPS 5.71

5Yr EPS 3.94

3Yr EPS Growth 3.57










T Rowe Price International Bond Fund;I 2.41 %

T Rowe Price US Treasury Long-Term Fund;I 1.95 %


0.0% 5.0% 10.0% 15.0% 20.0%

Financials


Industrials

Health Care


Consumer Staples

Energy

Materials

Utilities


9.2%

5.6%

5.4%

5.0%

4.7%

4.3%

2.0%

1.7%

1.1%

1.1%

Page 28

Return Summary


Account Information






0.0

5.0

10.0

15.0

-5.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

-0.9 -0.9

7.9

5.4

6.85.9

-0.3 -0.3

8.5

Product Name : T Rowe Price Ret:I2015;I (TRFGX)


Ticker : TRFGX








Net Expense : 0.45%

Turnover : 20%


0.0%

0.6%

1.2%

-0.6 %

-1.2 %


Benchmark

0.98

1.00

1.02

1.04

9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18

1.01

Page 29





0.0% 15.0% 30.0% 45.0% 60.0% 75.0%

Convertibles

Cash

Other

Equities

Fixed Income

0.0%

1.1%

1.7%

48.1%

49.2%


Total Securities 24


P/E 13.51

P/B 2.50

Div. Yield 1.15%

Annual EPS 6.81

5Yr EPS 4.67

3Yr EPS Growth 4.47










T Rowe Price Value Fund;I 3.00 %

T Rowe Price Growth Stock Fund;I 2.97 %


0.0% 6.0% 12.0% 18.0% 24.0%

Financials


Industrials

Health Care


Consumer Staples

Energy

Materials

Utilities


10.9%

6.6%

6.5%

6.1%

5.5%

5.0%

2.3%

2.0%

1.4%

1.2%

Page 30

Return Summary


Account Information






0.0

6.0

12.0

18.0

-6.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

-0.9 -0.9

9.3

6.27.7

6.3

-0.1 -0.1

10.3

Product Name : T Rowe Price Ret:I2020;I (TRBRX)


Ticker : TRBRX








Net Expense : 0.49%

Turnover : 12%


0.0%

0.7%

1.4%

-0.7 %

-1.4 %

-2.1 %


Benchmark

0.98

1.00

1.02

1.04

9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18

1.02

Page 31





0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Convertibles

Cash

Other

Fixed Income

Equities

0.0%

1.2%

1.8%

39.5%

57.6%


Total Securities 24


P/E 16.37

P/B 3.02

Div. Yield 1.36%

Annual EPS 8.18

5Yr EPS 5.60

3Yr EPS Growth 5.58













0.0% 8.0% 16.0% 24.0% 32.0%

Financials


Industrials

Health Care


Consumer Staples

Energy

Materials

Utilities


13.2%

7.9%

7.8%

7.5%

6.5%

6.0%

2.7%

2.3%

1.8%

1.3%

Page 32

Return Summary


Account Information






0.0

6.0

12.0

18.0

-6.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

-0.9 -0.9

10.4

6.8

8.5

6.7

0.1 0.1

11.7

Product Name : T Rowe Price Ret:I2025;I (TRPHX)


Ticker : TRPHX








Net Expense : 0.52%

Turnover : 13%


0.0%

0.9%

1.8%

-0.9 %

-1.8 %

-2.7 %


Benchmark

0.98

1.00

1.02

1.04

9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18

1.01

Page 33





0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Convertibles

Cash

Other

Fixed Income

Equities

0.0%

1.1%

2.0%

31.8%

65.2%


Total Securities 24


P/E 18.70

P/B 3.43

Div. Yield 1.52%

Annual EPS 9.29

5Yr EPS 6.34

3Yr EPS Growth 6.51










T Rowe Price Emerging Markets Stock Fund;I 2.99 %

T Rowe Price Mid-Cap Growth Fund;I 2.78 %


0.0% 8.0% 16.0% 24.0% 32.0%

Financials


Industrials

Health Care


Consumer Staples

Energy

Materials

Utilities


15.0%

8.9%

8.8%

8.7%

7.3%

6.7%

2.9%

2.6%

2.1%

1.4%

Page 34

Return Summary


Account Information






0.0

6.0

12.0

18.0

-6.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

-0.8 -0.8

11.5

7.4

9.1

7.1

0.2 0.2

12.9

Product Name : T Rowe Price Ret:I2030;I (TRPCX)


Ticker : TRPCX








Net Expense : 0.55%

Turnover : 12%


0.0%

1.0%

2.0%

-1.0 %

-2.0 %


Benchmark

0.98

1.00

1.02

1.04

9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18

1.01

Page 35





0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Convertibles

Cash

Other

Fixed Income

Equities

0.0%

1.3%

2.1%

24.1%

72.6%


Total Securities 24


P/E 20.96

P/B 3.83

Div. Yield 1.68%

Annual EPS 10.37

5Yr EPS 7.07

3Yr EPS Growth 7.42











T Rowe Price Mid-Cap Value Fund;I 3.05 %


0.0% 10.0% 20.0% 30.0% 40.0%

Financials


Industrials

Health Care


Consumer Staples

Energy

Materials

Utilities


16.8%

9.9%

9.9%

9.8%

8.0%

7.4%

3.2%

2.9%

2.4%

1.5%

Page 36

Return Summary


Account Information






0.0

8.0

16.0

24.0

-8.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

-0.9 -0.9

12.4

7.99.7

7.3

0.3 0.3

14.0

Product Name : T Rowe Price Ret:I2035;I (TRPJX)


Ticker : TRPJX








Net Expense : 0.58%

Turnover : 13%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %


Benchmark

0.96

0.98

1.00

1.02

1.04

9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18

1.01

Page 37





0.0% 25.0% 50.0% 75.0% 100.0% 125.0%

Convertibles

Cash

Other

Fixed Income

Equities

0.0%

1.0%

2.2%

18.2%

78.5%


Total Securities 24


P/E 22.79

P/B 4.15

Div. Yield 1.81%

Annual EPS 11.26

5Yr EPS 7.66

3Yr EPS Growth 8.17













0.0% 10.0% 20.0% 30.0% 40.0%

Financials

Health Care


Industrials


Consumer Staples

Energy

Materials

Utilities


18.2%

10.7%

10.7%

10.7%

8.7%

7.9%

3.4%

3.1%

2.7%

1.6%

Page 38

Return Summary


Account Information






0.0

8.0

16.0

24.0

-8.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

-0.8 -0.8

13.1

8.210.0

7.5

0.4 0.4

14.7

Product Name : T Rowe Price Ret:I2040;I (TRPDX)


Ticker : TRPDX








Net Expense : 0.59%

Turnover : 11%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %


Benchmark

0.96

0.98

1.00

1.02

9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18

1.01

Page 39





0.0% 50.0% 100.0% 150.0%

Convertibles

Cash

Other

Fixed Income

Equities

0.0%

1.0%

2.3%

13.5%

83.3%


Total Securities 24


P/E 24.26

P/B 4.41

Div. Yield 1.91%

Annual EPS 11.96

5Yr EPS 8.13

3Yr EPS Growth 8.77













0.0% 10.0% 20.0% 30.0% 40.0%

Financials

Health Care

Industrials



Consumer Staples

Energy

Materials

Utilities


19.3%

11.4%

11.3%

11.3%

9.2%

8.4%

3.6%

3.3%

2.9%

1.6%

Page 40

Return Summary


Account Information






0.0

8.0

16.0

24.0

-8.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

-0.8 -0.8

13.4

8.410.1

7.6

0.4 0.4

15.0

Product Name : T Rowe Price Ret:I2045;I (TRPKX)


Ticker : TRPKX








Net Expense : 0.60%

Turnover : 11%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %


Benchmark

0.96

0.98

1.00

1.02

9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18

1.01

Page 41





0.0% 50.0% 100.0% 150.0%

Convertibles

Cash

Other

Fixed Income

Equities

0.0%

1.0%

2.3%

11.2%

85.5%


Total Securities 24


P/E 24.96

P/B 4.53

Div. Yield 1.96%

Annual EPS 12.29

5Yr EPS 8.35

3Yr EPS Growth 9.05













0.0% 10.0% 20.0% 30.0% 40.0%

Financials

Health Care

Industrials



Consumer Staples

Energy

Materials

Utilities


19.9%

11.8%

11.7%

11.6%

9.4%

8.6%

3.6%

3.3%

3.0%

1.7%

Page 42

Return Summary


Account Information






0.0

8.0

16.0

24.0

-8.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

-0.8 -0.8

13.4

8.410.1

7.6

0.4 0.4

15.1

Product Name : T Rowe Price Ret:I2050;I (TRPMX)


Ticker : TRPMX








Net Expense : 0.60%

Turnover : 9%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %


Benchmark

0.96

0.98

1.00

1.02

9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18

1.01

Page 43





0.0% 50.0% 100.0% 150.0%

Convertibles

Cash

Other

Fixed Income

Equities

0.0%

1.0%

2.3%

11.2%

85.5%


Total Securities 24


P/E 24.96

P/B 4.53

Div. Yield 1.96%

Annual EPS 12.29

5Yr EPS 8.35

3Yr EPS Growth 9.05













0.0% 10.0% 20.0% 30.0% 40.0%

Financials

Health Care

Industrials



Consumer Staples

Energy

Materials

Utilities


19.9%

11.8%

11.7%

11.6%

9.4%

8.6%

3.6%

3.3%

3.0%

1.7%

Page 44

Return Summary


Account Information






0.0

8.0

16.0

24.0

-8.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

-0.8 -0.8

13.4

8.410.1

7.6

0.4 0.4

15.0

Product Name : T Rowe Price Ret:I2055;I (TRPNX)


Ticker : TRPNX

Peer Group : IM Mixed-Asset Target 2055+ (MF)







Net Expense : 0.60%

Turnover : 11%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %


Benchmark

0.96

0.98

1.00

1.02

9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18

1.01

Page 45





0.0% 50.0% 100.0% 150.0%

Convertibles

Cash

Other

Fixed Income

Equities

0.0%

1.0%

2.3%

11.2%

85.5%


Total Securities 24


P/E 24.96

P/B 4.53

Div. Yield 1.96%

Annual EPS 12.29

5Yr EPS 8.35

3Yr EPS Growth 9.05













0.0% 10.0% 20.0% 30.0% 40.0%

Financials

Health Care

Industrials



Consumer Staples

Energy

Materials

Utilities


19.9%

11.8%

11.7%

11.6%

9.4%

8.6%

3.6%

3.3%

3.0%

1.7%

Page 46

U.S. Equity

Page 47

Return Summary


Account Information


iShares S&P 500 Index Performance Summary

iShares S&P 500 Index

iShares S&P 500 Index S&P 500 Index

0.0

8.0

16.0

24.0

-8.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

-0.8 -0.8

14.0

10.8

13.3

9.5

-0.8 -0.8

14.0

10.7

13.2

9.4

Product Name : BlackRock:IS S&P500;K (WFSPX)

Fund Family : BlackRock Fund Advisors

Ticker : WFSPX

Peer Group : IM S&P 500 Index (MF)

Benchmark : S&P 500 Index


Portfolio Manager : Team Managed




Net Expense : 0.04%

Turnover : 4%


0.0%

0.1%

-0.1 %

-0.2 %

6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 3/18

iShares S&P 500 Index Benchmark

0.96

0.99

1.02

7/93 10/95 1/98 4/00 7/02 10/04 1/07 4/09 7/11 10/13 1/16 3/18

0.96

Page 48


Peer Group Analysis


IM S&P 500 Index (MF)

-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0R

etu

rn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

iShares S&P 500 Index -0.76 (6) -0.76 (6) 13.96 (12) 10.74 (15) 13.24 (13) 9.42 (18)¢

S&P 500 Index -0.76 (7) -0.76 (7) 13.99 (3) 10.78 (2) 13.31 (1) 9.49 (3)�

5th Percentile -0.76 -0.76 13.97 10.77 13.28 9.47

1st Quartile -0.78 -0.78 13.91 10.72 13.19 9.39

Median -0.80 -0.80 13.80 10.60 13.11 9.31

3rd Quartile -0.82 -0.82 13.71 10.51 13.02 9.23

95th Percentile -0.91 -0.91 13.41 10.20 12.70 8.91

Page 49



5 Years


iShares S&P 500 Index Risk Profile


iShares S&P 500 Index S&P 500 Index

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 3/18iShares S&P 500 Index S&P 500 Index


-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

Re

turn

(%)

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0Risk (Standard Deviation %)

ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

iShares S&P 500 Index -0.06 0.03 -2.32 1.00 1.28 -0.06 1.00 13.24 9.87 1.00

S&P 500 Index 0.00 0.00 N/A 1.00 1.29 0.00 1.00 13.31 9.87 1.00

Citigroup 3 Month T-Bill -12.72 9.87 -1.29 0.00 N/A 0.31 0.00 0.31 0.12 0.01

Page 50





0.0% 50.0% 100.0% 150.0%-50.0 %

Cash

Fixed Income

Convertibles

Other

Equities

-2.9 %

0.0%

0.0%

4.0%

98.9%




P/E 27.89

P/B 6.78

Div. Yield 2.31%

Annual EPS 19.88

5Yr EPS 12.65



Apple Inc ORD 3.50 %

Microsoft Corp ORD 2.98 %

Amazon.com Inc ORD 2.36 %

BlackRock Cash Funds: Treasury;SL Agency 1.85 %

Facebook Inc ORD 1.81 %

Berkshire Hathaway Inc ORD 1.68 %

JPMorgan Chase & Co ORD 1.63 %

Johnson & Johnson ORD 1.51 %

Exxon Mobil Corp ORD 1.51 %

Alphabet Inc ORD 1.43 %


0.0% 15.0% 30.0% 45.0%


Financials


Health Care

Industrials

Consumer Staples

Energy

Utilities

Materials


20.9%

19.2%

13.4%

12.8%

12.0%

8.4%

5.4%

2.8%

2.2%

1.9%

Page 51

Return Summary


Account Information


Dodge & Cox Stock Performance Summary

Dodge & Cox Stock

Dodge & Cox Stock S&P 500 Index

0.0

8.0

16.0

24.0

-8.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

-0.8 -0.8

14.0

10.8

13.3

9.5

-1.7 -1.7

10.8 10.9

13.3

8.9

Product Name : Dodge & Cox Stock (DODGX)

Fund Family : Dodge & Cox

Ticker : DODGX

Peer Group : IM U.S. Large Cap Core Equity (MF)

Benchmark : S&P 500 Index


Portfolio Manager : Team Managed




Net Expense : 0.52%

Turnover : 16%


0.0%

5.0%

10.0%

15.0%

-5.0 %

-10.0 %

6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 3/18

Dodge & Cox Stock Benchmark

0.00

0.60

1.20

1.80

2.40

3.00

3/65 3/70 3/75 3/80 3/85 3/90 3/95 3/00 3/05 3/10 3/18

1.77

Page 52


Peer Group Analysis

Dodge & Cox Stock

IM U.S. Large Cap Core Equity (MF)

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

Dodge & Cox Stock -1.75 (71) -1.75 (71) 10.76 (76) 10.88 (19) 13.34 (18) 8.90 (48)¢

S&P 500 Index -0.76 (47) -0.76 (47) 13.99 (43) 10.78 (19) 13.31 (19) 9.49 (27)�

5th Percentile 1.24 1.24 19.19 11.92 14.59 10.40

1st Quartile -0.22 -0.22 15.32 10.49 13.10 9.58

Median -0.94 -0.94 13.56 9.63 12.35 8.86

3rd Quartile -1.95 -1.95 11.20 8.36 11.21 7.84

95th Percentile -3.45 -3.45 7.02 4.70 8.82 6.63

Page 53



5 Years


Dodge & Cox Stock Risk Profile

Dodge & Cox Stock

Dodge & Cox Stock S&P 500 Index

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 3/18Dodge & Cox Stock S&P 500 Index


-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

Re

turn

(%)

0.0 3.0 6.0 9.0 12.0 15.0 18.0Risk (Standard Deviation %)

ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

Dodge & Cox Stock 0.22 4.73 0.05 0.84 1.10 -0.96 1.09 13.34 11.73 0.92

S&P 500 Index 0.00 0.00 N/A 1.00 1.29 0.00 1.00 13.31 9.87 1.00


Page 54



Dodge & Cox Stock


0.0% 50.0% 100.0% 150.0%

Convertibles

Other

Fixed Income

Cash

Equities

0.0%

0.0%

0.1%

1.5%

98.4%


Total Securities 71


P/E 25.39

P/B 3.60

Div. Yield 2.11%

Annual EPS 14.51

5Yr EPS 10.06

3Yr EPS Growth 4.81


Charles Schwab Corp ORD 3.89 %

Capital One Financial Corp ORD 3.76 %

Wells Fargo & Co ORD 3.73 %

Bank of America Corp ORD 3.68 %

Comcast Corp ORD 3.20 %

Microsoft Corp ORD 2.87 %

Alphabet Inc ORD 2.80 %

Charter Communications Inc ORD 2.68 %

Novartis AG DR 2.57 %

Goldman Sachs Group Inc ORD 2.54 %


0.0% 15.0% 30.0% 45.0% 60.0% 75.0%

Financials

Health Care



Energy

Industrials


Materials

Consumer Staples

28.0%

21.9%

16.3%

14.2%

7.8%

6.9%

1.6%

1.0%

0.8%

Page 55

Return Summary


Account Information


Vanguard Mid Cap Index Performance Summary

Vanguard Mid Cap Index


Vanguard Spliced Mid Cap Index

0.0

6.0

12.0

18.0

-6.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

0.0 0.0

12.4

7.9

12.3

10.2

0.0 0.0

12.3

7.9

12.3

10.2

Product Name : Vanguard Md-Cp Idx;Inst (VMCIX)

Fund Family : Vanguard Group Inc

Ticker : VMCIX

Peer Group : IM U.S. Mid Cap Equity (MF)

Benchmark : Vanguard Spliced Mid Cap Index


Portfolio Manager : Butler/Johnson




Net Expense : 0.05%

Turnover : 15%


0.0%

0.1%

-0.1 %

-0.2 %

6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 3/18

Vanguard Mid Cap Index Benchmark

0.98

1.00

1.02

1.04

1.06

5/98 5/00 5/02 5/04 5/06 5/08 5/10 5/12 5/14 5/16 3/18

1.03

Page 56


Peer Group Analysis


IM U.S. Mid Cap Equity (MF)

-16.0

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

32.0

38.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

Vanguard Mid Cap Index 0.00 (50) 0.00 (50) 12.34 (52) 7.88 (51) 12.27 (33) 10.16 (39)¢

Vanguard Spliced Mid Cap Index 0.03 (50) 0.03 (50) 12.36 (52) 7.90 (50) 12.31 (32) 10.18 (38)�

5th Percentile 5.47 5.47 25.93 11.88 15.10 11.91

1st Quartile 2.33 2.33 18.26 9.45 12.69 10.44

Median -0.12 -0.12 12.69 7.89 11.40 9.60

3rd Quartile -1.58 -1.58 8.55 6.15 10.25 8.46

95th Percentile -3.39 -3.39 4.64 2.30 7.35 6.64

Page 57



5 Years


Vanguard Mid Cap Index Risk Profile




0.0

6.0

12.0

18.0

24.0

30.0

36.0

6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 3/18Vanguard Mid Cap Index



-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

Re

turn

(%)

0.0 3.0 6.0 9.0 12.0 15.0Risk (Standard Deviation %)

ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

Vanguard Mid Cap Index -0.04 0.05 -0.87 1.00 1.14 -0.03 1.00 12.27 10.37 1.00

Vanguard Spliced Mid Cap Index 0.00 0.00 N/A 1.00 1.15 0.00 1.00 12.31 10.38 1.00


Page 58





0.0% 50.0% 100.0% 150.0%-50.0 %

Other

Convertibles

Cash

Fixed Income

Equities

0.0%

0.0%

0.0%

0.4%

99.6%




P/E 29.22

P/B 5.18

Div. Yield 2.24%

Annual EPS 23.33

5Yr EPS 8.72

3Yr EPS Growth 6.97


Fiserv Inc ORD 0.77 %

Edwards Lifesciences Corp ORD 0.73 %

Roper Technologies Inc ORD 0.73 %

Amphenol Corp ORD 0.72 %

ServiceNow Inc ORD 0.72 %

Moody's Corp ORD 0.70 %

Red Hat Inc ORD 0.67 %

Autodesk Inc ORD 0.66 %

Western Digital Corp ORD 0.66 %

M&T Bank Corp ORD 0.66 %


0.0% 15.0% 30.0% 45.0% 60.0%

Financials

Industrials


Consumer Staples


Health Care

Utilities

Energy

Materials


22.9%

17.6%

15.1%

11.2%

10.5%

7.8%

4.9%

4.6%

4.3%

0.6%

Page 59

Return Summary


Account Information


Baron Growth Inst Performance Summary

Baron Growth Inst

Baron Growth Inst

Russell Midcap Growth Index

0.0

8.0

16.0

24.0

32.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

2.2 2.2

19.7

9.2

13.3

10.6

2.5 2.5

18.2

8.3

11.2

Product Name : Baron Growth;Inst (BGRIX)

Fund Family : Baron Funds

Ticker : BGRIX

Peer Group : IM U.S. Mid Cap Growth Equity (MF)

Benchmark : Russell Midcap Growth Index


Portfolio Manager : Ronald Baron




Net Expense : 1.04%

Turnover : 3%


0.0%

4.0%

8.0%

-4.0 %

-8.0 %

6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 3/18

Baron Growth Inst Benchmark

0.77

0.84

0.91

0.98

1.05

1.12

5/09 5/10 5/11 5/12 5/13 5/14 5/15 5/16 5/17 3/18

0.92

Page 60

-12.0

-4.0

4.0

12.0

20.0

28.0

36.0

44.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

Baron Growth Inst 2.47 (54) 2.47 (54) 18.20 (59) 8.31 (60) 11.24 (80) N/A¢

Baron Growth Rtl* 2.41 (55) 2.41 (55) 17.91 (64) 8.04 (64) 10.95 (83) 9.76 (52)�

Russell Midcap Growth Index 2.17 (61) 2.17 (61) 19.74 (44) 9.17 (42) 13.31 (32) 10.61 (33)p

5th Percentile 6.33 6.33 27.43 12.42 15.81 12.59

1st Quartile 4.04 4.04 21.93 10.68 13.84 10.90

Median 2.71 2.71 19.39 8.72 12.56 9.77

3rd Quartile 1.32 1.32 16.20 6.99 11.35 9.15

95th Percentile -0.78 -0.78 11.04 4.28 8.08 6.83

Baron Growth Inst

Peer Group Analysis


IM U.S. Small Cap Growth Equity (MF)

*Alternate share class shown for a historical perspective.

Page 61



5 Years


Baron Growth Inst Risk Profile

Baron Growth Inst

Baron Growth Inst Russell Midcap Growth Index

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 3/18

Baron Growth Inst

Russell Midcap Growth Index


-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

Re

turn

(%)


ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

Baron Growth Inst -1.83 4.63 -0.40 0.83 0.99 -0.96 0.93 11.24 11.16 0.91

Russell Midcap Growth Index 0.00 0.00 N/A 1.00 1.18 0.00 1.00 13.31 10.90 1.00


Page 62



Baron Growth Inst


0.0% 50.0% 100.0% 150.0%-50.0 %

Cash

Fixed Income

Convertibles

Other

Equities

-0.3 %

0.0%

0.0%

1.9%

98.4%


Total Securities 62


P/E 36.73

P/B 7.17

Div. Yield 1.82%

Annual EPS 28.09

5Yr EPS 18.18



Vail Resorts Inc ORD 7.49 %

Arch Capital Group Ltd ORD 5.46 %

Gartner Inc ORD 4.67 %

CoStar Group Inc ORD 4.55 %

FactSet Research Systems Inc ORD 4.18 %

ANSYS Inc ORD 3.79 %

MSCI Inc ORD 3.76 %

Choice Hotels International Inc ORD 3.75 %

Marriott Vacations Worldwide Corp ORD 3.47 %

IDEXX Laboratories Inc ORD 3.46 %


0.0% 20.0% 40.0% 60.0% 80.0%


Financials


Industrials

Health Care

Consumer Staples


Non Classified Equity

32.1%

25.8%

15.6%

12.9%

7.0%

2.9%

1.7%

0.4%

Page 63

International Equity

Page 64

Return Summary


Account Information


Artisan International Inv Performance Summary

Artisan International Inv


MSCI EAFE Index (Net)

MSCI AC World ex USA Index (Net)

0.0

10.0

20.0

30.0

-10.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

-1.2 -1.2

16.5

6.2 5.92.7

-1.5 -1.5

14.8

5.6 6.5

2.70.3 0.3

20.6

3.15.9

3.8

Product Name : Artisan:Internatl;Inv (ARTIX)

Fund Family : Artisan Partners LP

Ticker : ARTIX

Peer Group : IM International Large Cap Equity (MF)

Benchmark : MSCI EAFE Index (Net)


Portfolio Manager : Yockey/Euretig/Hamker




Net Expense : 1.18%

Turnover : 58%


0.0%

6.0%

12.0%

-6.0 %

-12.0 %

-18.0 %

6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 3/18

Artisan International Inv Benchmark

0.00

0.80

1.60

2.40

3.20

12/95 3/98 6/00 9/02 12/04 3/07 6/09 9/11 12/13 3/16 3/18

2.36

Page 65


Peer Group Analysis


IM International Large Cap Equity (MF)

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0R

etu

rn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

Artisan International Inv 0.30 (13) 0.30 (13) 20.58 (10) 3.07 (93) 5.94 (63) 3.84 (28)¢

MSCI EAFE Index (Net) -1.53 (72) -1.53 (72) 14.80 (54) 5.55 (44) 6.50 (42) 2.74 (56)�

5th Percentile 1.37 1.37 21.18 8.31 8.73 4.97

1st Quartile -0.35 -0.35 16.92 6.34 6.91 4.02

Median -1.06 -1.06 15.21 5.45 6.24 2.87

3rd Quartile -1.58 -1.58 13.22 4.10 5.46 2.09

95th Percentile -2.50 -2.50 10.95 2.76 3.94 0.37

Page 66



5 Years


Artisan International Inv Risk Profile


Artisan International Inv MSCI EAFE Index (Net)

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 3/18Artisan International Inv MSCI EAFE Index (Net)


-2.0

0.0

2.0

4.0

6.0

8.0

10.0

Re

turn

(%)


ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

Artisan International Inv -0.49 5.19 -0.09 0.82 0.51 0.03 0.93 5.94 12.15 0.91

MSCI EAFE Index (Net) 0.00 0.00 N/A 1.00 0.56 0.00 1.00 6.50 11.91 1.00


Page 67





0.0% 50.0% 100.0% 150.0%

Other

Convertibles

Cash

Fixed Income

Equities

0.0%

0.0%

2.3%

2.6%

95.1%


Total Securities 72


P/E 27.47

P/B 4.29

Div. Yield 2.35%

Annual EPS 18.12

5Yr EPS 15.72



Deutsche Boerse AG ORD 4.94 %

Linde AG ORD 4.92 %

Allianz SE ORD 3.67 %

Wirecard AG ORD 3.54 %

ING Groep NV ORD 3.50 %

Nestle SA ORD 3.25 %

Alibaba Group Holding Ltd DR 3.20 %

AIA Group Ltd ORD 2.80 %

Canadian Pacific Railway Ltd ORD 2.56 %

Medtronic PLC ORD 2.50 %

Regional Allocation As of 12/31/2017

0.0% 25.0% 50.0% 75.0% 100.0%

Emerging Latin America

Emg. MidEast, Africa, Europe

North America

Other

Emerging Asia

Pacific Basin

Europe

0.4%

1.8%

6.1%

7.1%

7.8%

13.4%

62.9%

Page 68

Market Environment

Page 69

Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company.

Global Equity Markets

Following a positive initial start to 2018, bouts of volatility later in the quarter saw global equities slip from their heady heights and even move into “correction” territory. Expectations of a pick up in inflation and later extended by growing fears over a possible trade war between the U.S. and China were key drivers of underperformance last quarter. These events led global equities lower over the quarter with a return of -0.9% in Q1 2018 in U.S. dollar terms. The weakening of the U.S. dollar (1.3% in trade-weighted terms) dragged down the returns further to -1.7% in local currency terms.

With the exception of Emerging Markets and Japan, all regions shown above generated negative returns over the quarter. Emerging Markets was the strongest performer, returning 1.3% in the first quarter of 2018. A very strong start to the year (6.8% over January in local currency terms) provided a sufficient enough cushion to offset later market falls. Canadian equities were one of the worst performers over the quarter, returning -7.5% as economic momentum waned while an unscheduled shutdown in oilsands production detracted from energy sector performance.

-0.9% -1.1% -0.7%

-3.5%

1.1%

-7.5%

-3.7%-1.1%

-3.5%

1.3%

15.0%17.1%

13.2% 13.5%

20.7%

4.1%

-1.9%

16.7%

9.3%

24.1%

-10%

0%

10%

20%

30%

ACWI IMI 48.3%ACWI ex-U.S. IMI

51.7%USA IMI

5.8%UK IMI

8.5%Japan IMI

3.0%Canada IMI

0.2%Israel IMI

14.9%Europe ex-UK IMI

3.9%Pacific ex-Japan

IMI

12.1%Emerging

Markets IMI

GLOBAL MSCI IMI INDEX RETURNSAS OF 03/31/2018

First Quarter 2018 One-Year

Source: MSCI

Page 70


Global Equity Markets

The two exhibits on this slide illustrate the percentage that each country/region represents of the global and international equity markets as measured by the MSCI All Country World IMI Index and the MSCI All Country World ex-U.S. IMI Index, respectively.

Page 71


U.S. Equity Markets

The Russell 3000 Index returned -0.6% during the first quarter and 13.8% over the one-year period.

All sectors generated negative returns over the quarter with the exception of Technology (3.6%) and Consumer Discretionary (1.7%) sectors; the former was supported by a strong earnings season. Focusing on the sectors that detracted from returns, Consumer Staples and Energy were the weakest performers with returns of -7.4% and -6.0%, respectively, in Q1 2018.

In general, smaller cap and growth-oriented U.S. equities outperformed over the quarter. With the majority of their revenue generated domestically, small cap stocks were less affected by fears of rising protectionism while U.S. tax reform provided additional impetus. Over the last twelve months, value stocks continue to lag their growth stock equivalents significantly (double-digit underperformance across the market capitalization spectrum).

-0.6%-3.0%

1.2%

-2.5%

2.2%

-2.6%

2.3%

13.8%

7.2%

21.8%

6.5%

19.7%

5.1%

18.6%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Russell3000

30.3%LargeValue

36.0%Large

Growth

14.3%MediumValue

11.7%MediumGrowth

3.6%SmallValue

4.1%Small

Growth

RUSSELL STYLE RETURNSAS OF 03/31/2018

First Quarter 2018

One-Year

Source: Russell Indexes

-0.6%

3.6%

-0.3%

1.7%

-7.4% -6.0%-5.3%

-1.5% -0.5%

-4.8%

13.8%

26.1%

12.7%16.7%

-4.1%-0.9%

9.6%

15.7% 15.9%

-0.6%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Russell3000

20.3%Technology

13.2% HealthCare

14.1%Cons.Disc.

5.9%Cons.

Staples

5.5%Energy

3.8% Materials

&Processing

11.0%ProducerDurables

21.5%FinancialServices

4.6%Utilities

RUSSELL GICS SECTOR RETURNSAS OF 03/31/2018

First Quarter 2018

One-Year

Source: Russell Indexes

Page 72


U.S. Fixed Income Markets

The Bloomberg Barclays U.S. Aggregate Bond Index returned -1.5% in the first quarter. The turbulence in equity markets seeped into credit markets with credit spreads widening over the quarter. Investment grade corporate bonds fell the most over the quarter, returning -2.3%. ABS performed relatively well, returning -0.4%.

Performance was negative across all credit qualities with A-rated bonds falling the most at -2.5%. Despite the increase in volatility, high-yield bonds fared relatively well. The -0.9% return outperformed all investment grade qualities.

Long-maturity bonds underperformed intermediate- and short-maturity bonds through the quarter due to their greater interest rate sensitivity.

-0.2%-0.9% -1.2%

-1.8%

-3.6%

0.2% 0.1%0.6% 0.8%

5.0%

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

1-3 Yr. 3-5 Yr. 5-7 Yr. 7-10 Yr. >10 Yr.

BLOOMBERG BARCLAYS AGGREGATE RETURNS BY MATURITYAS OF 03/31/2018

First Quarter One-Year

Source: FactSet

-1.2% -1.4%

-2.5%-2.2%

-0.9%

0.6%

1.8%2.3%

3.4%3.8%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Aaa Aa A Baa High Yield

BLOOMBERG BARCLAYS U.S. AGGREGATE RETURNSBY QUALITY AND HIGH YIELD RETURNS AS OF 03/31/2018

First QuarterOne-Year

Source: FactSet

-1.5%-1.1%

-2.3%

-1.2%

-0.4%

-1.3%

1.2%

0.4%

2.7%

0.8% 0.6%1.1%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

Barclays U.S.Agg. Bond

41.1%Gov't

26.7%Corp.

29.7%MBS

0.6%ABS

2.0%CMBS

BLOOMBERG BARCLAYS AGGREGATE RETURNS BY SECTORAS OF 03/31/2018

First Quarter One-Year

Source: FactSet

Page 73


U.S. Fixed Income Markets

The Treasury yield curve shifted upwards over the quarter with yields rising across maturities, but to a greater extent at shorter maturities.

The 10-year U.S. Treasury yield ended the quarter at 2.74%, 34bps higher than at the start of the quarter as expectations of robust growth and an acceleration in inflation drove yields higher. The U.S. Federal Reserve increased its federal rate target to 1.50%-1.75% in Jerome Powell’s first meeting as the new Chairman of the U.S. Federal Reserve, taking a more hawkish stance while also noting an improvement in the economic outlook.

Unlike previous quarters where the upward move in nominal yields was driven by higher inflation expectations, higher real yields were responsible for much of the quarterly change. The 10-year TIPS yield rose by 25bps over the quarter and ended the period at 0.69%.

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Mar 08 Mar 10 Mar 12 Mar 14 Mar 16 Mar 18

U.S. 10-YEAR TREASURY AND TIPS YIELDS

10Y TIPS Yield

10Y Treasury Yield

Source: U.S. Department of Treasury

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0 5 10 15 20 25 30Maturity (Years)

U.S. TREASURY YIELD CURVE

03/31/2017

12/31/2017

03/31/2018

Source: U.S. Department of Treasury

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European Fixed Income Markets

In the eurozone, bond spreads over 10-year German bunds were mixed across the region. Spanish government bond yields fell by 38bps to 1.16% over the quarter which saw Fitch (a ratings agency) upgrade Spain’s sovereign credit rating, citing broad-based economic recovery and limited economic impact caused by Catalonia’s declaration of independence.

Italian bond yields fell by 20bps to 1.79%, despite the greater uncertainty surrounding Italian politics following March’s general election. Portuguese government bond yields fell by 32bps to 1.59%.

Greek government bond yields rose by 22bps to 4.29%, despite a credit rating upgrade by S&P, Fitch, and Moody’s. Nonetheless, Greece’s credit rating remains several notches below investment grade quality. The spread between Greek bonds and German bunds moved 15bps higher in the first three months of 2018.

0%

4%

8%

12%

16%

20%

24%

28%

32%

36%

Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18

EUROZONE PERIPHERAL BOND SPREADS(10-YEAR SPREADS OVER GERMAN BUNDS)

Spain ItalyPortugal GreeceIreland

Source: FactSet

Page 75


Credit Spreads

During the fourth quarter, spreads over U.S. Treasuries increased across all the areas of the bond market except for long-maturity U.S. government bonds, which fell by 1bp.

The increase in spreads was particularly felt within the U.S. investment grade corporate bond market where spreads widened by 16bps rose. Global Emerging Market and ABS credit spreads were not too far behind, by 15bps and 12bps, respectively.

Spread (bps) 03/31/2018 12/31/2017 03/31/2017 Quarterly Change (bps) 1-Year Change (bps)

U.S. Aggregate 41 36 44 5 -3

Long Gov't 1 2 3 -1 -2

Long Credit 148 139 168 9 -20

Long Gov't/Credit 88 83 101 5 -13

MBS 29 25 27 4 2

CMBS 67 62 77 5 -10

ABS 48 36 54 12 -6

Corporate 109 93 118 16 -9

High Yield 354 343 383 11 -29

Global Emerging Markets 230 215 257 15 -27

Source: FactSet

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Currency

The downward trend in the U.S. dollar that began early last year continued into 2018 with the U.S. dollar weakening by a further 1.3% on a trade-weighted basis over the quarter. Although the U.S. Federal Reserve hiked the Federal Funds rate in March, widening interest rate differentials were not enough to arrest the downward trend in the U.S. dollar. Instead, expectations of greater U.S. borrowing in order to finance the proposed fiscal stimulus has likely put pressure on the “greenback”.

The U.S. dollar depreciated against all the major currencies. Both the Bank of England (BoE) and the European Central Bank (ECB) left their respective policy rates unchanged at 0.5% and 0.0%. The former looks set to increase their base rate by 25bps in the second quarter of 2018 while a rate hike may be further away for the ECB. Tapering of the ECB’s sizable quantitative easing program, however, appears to be firmly on their agenda for later this year.

90

95

100

105

110

115

120

125

130


TRADE-WEIGHTED U.S. DOLLAR INDEX(1997 = 100)

Source: Federal Reserve

70

80

90

100

110

120

130

140

150

160


U.S. DOLLAR RELATIVE TO EUR, GBP, AND JPYREBASED TO 100 AT 12/31/2012

EUR/USD

GBP/USD

JPY/USD

Source: FactSet

Stronger Dollar

Weaker Dollar

Page 77


Commodities

Commodities had a mixed quarter that saw the Bloomberg Commodity Index return -0.4%, dragged down primarily by the Industrial Metals’ poor performance. Higher energy prices on the back of prospects of OPEC maintaining oil production cuts throughout 2018 were not enough to mitigate the 6.2% fall for the Industrial Metals sector.

The imposition of trade tariffs on steel and aluminum, as well as concerns that there could be further escalation in trade tensions which could stifle demand, was attributable to the negative returns for Industrial Metals. In particular, the price of copper fell by 8.3% over the quarter.

Over the quarter, the best-performing segment was Agriculture with a return of 3.1%, followed by Energy (1.8%). Within the Agriculture sector, Grains was the best performer with a solid return of 7.1%, which offset the sharp fall in the Softs segment.

-0.4%

-1.4%

1.8%

-6.2%

-0.5%

3.1%

-10.1%

7.1%

-10.0%

3.7%

1.1%

9.9%

12.7%

0.5%

-5.4%

-19.5%

-3.6%

-4.4%

-25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0%

Bloomberg Commodity Index

Ex-Energy

Energy

Industrial Metals

Prec. Metals

Agric.

Softs

Grains

Livestock

COMMODITY RETURNS AS OF 03/31/2018

First Quarter 2018

One-Year

Note: Softs and Grains are part of the wider Agriculture sector.Source: Bloomberg

Page 78


Hedge Fund Markets Overview

Against a backdrop of higher equity market volatility, hedge fund performance was generally positive over the first quarter, except for Global Macro strategies. The latter ended the first quarter down 1.0%.

In the first three months to March 2018, the HFRI Fund-Weighted Composite Index and the HFRI Fund of Funds Composite Index produced returns of 0.3% and 0.9%, respectively.

Emerging Market hedge funds continued to be the best performer, particularly over the last year, with a return of 13.3%. The level of outperformance relative to other strategies was less marked over the three-month horizon; a return of 1.1% was marginally ahead of the 1.0% recorded by Fixed Income/Convertible Arbitrage strategies.

1.0%

-1.0%

0.7%

1.1%

0.2%

0.5%

0.8%

0.3%

0.9%

4.8%

1.0%

9.7%

13.3%

5.2%

4.2%

3.2%

6.1%

5.9%

-2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

Fixed Income/Convertible Arb.

Global Macro

Equity Hedge

Emerging Markets

Event-Driven

Distressed-Restructuring

Relative Value

Fund-Weighted Composite Index

Fund of Funds Composite Index

HEDGE FUND PERFORMANCE AS OF 03/31/2018

First Quarter 2018

One-Year

Note: Latest five months of HFR data are estimated by HFR and may change in the future.Source: HFR

Page 79

Fee Analysis

Page 80

Fairfax County Public Schools As of March 31, 2018

Peer Group $ Weighted $ WeightedMedian Median Average Average Difference2

U.S FIXED INCOMEGreat West Portfolio Fund Stable Value 0.89%3 N/A N/A 0.52%4 N/A N/APIMCO Total Return Adm US Broad Market Core Fixed 0.76% 0.49% 0.43% 0.53% 0.38% 0.23%PIMCO Inflation Response MultiAsst Inst Flexible Portfolio 0.83% 1.00% 0.84% 1.08% 0.92% -0.25%TARGET DATET. Rowe Price Retirement I 2005 I Mixed Asset Target Today5 0.43% 0.55% 0.49% 0.54% 0.52% -0.11%T. Rowe Price Retirement I 2010 I Mixed Asset Target 20105 0.42% 0.53% 0.59% 0.55% 0.57% -0.13%T. Rowe Price Retirement I 2015 I Mixed Asset Target 20155 0.45% 0.59% 0.62% 0.60% 0.60% -0.15%T. Rowe Price Retirement I 2020 I Mixed Asset Target 20205 0.49% 0.55% 0.65% 0.53% 0.62% -0.04%T. Rowe Price Retirement I 2025 I Mixed Asset Target 20255 0.52% 0.60% 0.69% 0.62% 0.65% -0.10%T. Rowe Price Retirement I 2030 I Mixed Asset Target 20305 0.55% 0.65% 0.72% 0.67% 0.68% -0.12%T. Rowe Price Retirement I 2035 I Mixed Asset Target 20355 0.58% 0.67% 0.74% 0.67% 0.70% -0.09%T. Rowe Price Retirement I 2040 I Mixed Asset Target 20405 0.59% 0.71% 0.76% 0.70% 0.70% -0.11%T. Rowe Price Retirement I 2045 I Mixed Asset Target 20455 0.60% 0.69% 0.67% 0.70% 0.68% -0.10%T. Rowe Price Retirement I 2050 I Mixed Asset Target 20505 0.60% 0.70% 0.74% 0.71% 0.70% -0.11%T. Rowe Price Retirement I 2055 I Mixed Asset Target 2055+5 0.60% 0.70% 0.76% 0.70% 0.71% -0.10%U.S. EQUITYiShares S&P 500 Index S&P 500 Index Funds (Passive) 0.04% 0.22% 0.04% 0.31% 0.07% -0.27%Dodge & Cox Stock U.S. Large Cap Core Equity 0.52% 0.80% 0.46% 0.84% 0.54% -0.32%Vanguard Mid Cap Index U.S. Mid Cap Core Equity (Passive) 0.05% 0.15% 0.06% 0.33% 0.06% -0.28%Baron Growth Inst U.S. Mid Cap Growth Equity 1.04% 1.17% 0.90% 1.28% 1.04% -0.24%INTERNATIONAL EQUITYArtisan International Inv International Equity All6 1.18% 1.04% 0.72% 1.05% 0.78% 0.13%

Cost Analysis

Expense Ratio Peer Group Data1

2 Difference column represents the difference between the fund's expense ratio and the Peer Group's average expense ratio.

Fund NameFund's

Expense Ratio

1 All information, unless noted otherwise, was created using Morningstar audited expense ratio data as of December 31, 2016. Since mutual fund expense ratios do not change frequently, AHIC believes this study to be a relevant comparison for up to a year, at which time the data will be updated. For complete information on AHIC methodologies and additional information on the expense ratio distributions, contact your AHIC consultant. Mutual fund expense peer groups were constructed by Investment Metrics, and are consistent with the peer groups shown in other exhibits comparing performance, risk-metrics and a multitude of other characteristics.

3 In lieu of an expense ratio, Great West assumes a margin of 89 basis points on the Portfolio Fund. This reflects the gross investment yield of the assets minus the crediting rate and cost of maintaining regulatory capital requirements.

6 Combines multiple Investment Metrics peer groups.

5 Mixed Asset peer groups utilize prospectus net expense ratio information due to the nature of the asset classand common use of a Fund of Fund structure.

4 Stable value fund average calculated using Hueler Universe data for a mandate size of $1 million in assets.

Page 81

Appendix

Page 82

Glossary of Investment Terms and Concepts

Active Returns Measures the average excess return of the portfolio relative to a benchmark. The excess return is annualized. The higher the active return, the better the portfolio’s performance versus the benchmark. Alpha Measures nonsystematic return, or the return that cannot be attributed to the market. Thus, it can be thought of as how the manager performed if the market had no gain or loss. A positive alpha implies that the manager has added value to the return of the portfolio over that of the market. Average Credit Quality An average of all the credit-quality positions for the fund or underlying fund’s bond holdings. The credit quality levels range from AAA (highest) to D (lowest). Average Maturity Average maturity is the weighted average of the dates on which the bonds held in the portfolio become due and are to be paid off. Average Weighted Coupon A weighted average of the coupons for all bond holdings in the fund or underlying fund’s portfolio. This figure is generated by weighing each bond’s rate of interest to its relative size in the portfolio. Bloomberg Barclays U.S. Aggregate Bond Index This includes all publicly issued, non-convertible domestic debt of the US Government and all its agencies, all investment-grade corporate debt and all mortgage-backed securities. The minimum maturity is one year, but there is no maximum maturity. The bonds must have at least $250 million par amount outstanding. Bloomberg Barclays U.S. Government/Credit Bond Index Is made up of the Bloomberg Barclays U.S. Government and Bloomberg Barclays U.S. Capital Credit Indices. All issues are rated investment grade or higher, have at least one year to maturity, and have an outstanding par value of at least $250 million.

Bloomberg Barclays U.S. Government/Credit Intermediate Index A measure of the movement of approximately 2,800 bonds from the Bloomberg Barclays U.S. Government/Credit index with maturities between 1 and 9.99 years. The total return calculated for the index consists of price appreciation/depreciation and income as a percentage of the original investment. Bloomberg Barclays U.S. Government/Credit Long Index A measure of the movement of bonds from the Bloomberg Barclays U.S. Government/Credit index with maturities greater than 9.99 years. The total return calculated for the index consists of price appreciation/depreciation and income as a percentage of the original investment. Beta Measures the risk level of the manager. Beta measures the systematic risk, or the return that is attributable to market movements. A beta equal to one indicates a risk level equivalent to the market. Higher betas are associated with higher risk levels, while lower betas are associated with lower risk levels. Bottom-Up A methodical approach to investing in which investors search for outstanding performance of individual stocks before considering the impact of economic trends. Companies are identified from research reports, stock screens, personal knowledge of the products and services, and other resources. The bottom-up approach assumes that individual companies can do well, even in an industry or sector that is not performing well. Commingled Account The collective investment of the assets of several institutional clients, usually through an investment manager allowing for broader and more efficient investing.

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Consumer Price Index (CPI) A measure of the average change in prices over time of a fixed group of goods and services. The CPI is published by the Bureau of Labor Statistics in the Department of Labor and is released monthly. It is widely used as a cost-of-living benchmark. Correlation Statistical measure of the degree to which the movements of two variables are related, ranging from 1 to -1. For asset allocation purposes, mixing two assets with a correlation less than 1 results in a benefit of diversification because the two assets do not behave in exactly the same manner. Core Investment Style An investment approach that managers utilize by reviewing the entire universe of growth and value stocks within a market capitalization range, then choosing a combination of the most attractive of either type to create a blended portfolio with a style that is neither a pure value nor a pure growth. Core portfolio characteristics including P/E ratio, P/B ratio, and dividend yield that typically lie between growth and value portfolios. Coupon The interest on a debt security, e.g., a bond, the issuer promises to pay to the holder until maturity, expressed as an annual percentage of the security’s face value. For example, a bond with a 10% coupon will pay $10 per $100 of the face amount per year. Current Yield The annual interest on a bond divided by the market price. If a $1,000 bond was bought at $800 and the annual income from the bond was $100, the current yield is $100 divided by $800, or 12½%. Dow Jones Industrial Average Computed by summing the prices of the stocks of 30 companies and then dividing that total by a value which has been adjusted over the years so that the index is not affected by stock splits.

Downside Risk Estimate that a security will decline in value and the extent of the decline, taking into account the total range of factors affecting market price. Duration Measure of the price change of a bond to a change in its yield to maturity. It summarizes, in a single number, the characteristics that cause bond prices to change in response to a change in interest rates. The price of a bond with a duration of three years will rise by approximately 3% for each 1% decrease in its yield to maturity. That price will decrease 3% for each 1% increase in the bond’s yield. Price changes for two different bonds can be compared using duration. A bond with a duration of six years will exhibit twice the percentage price change of a bond with a three year duration. The actual calculation of a bond’s duration is somewhat complicated, but the idea behind the calculation is straightforward. The first step is to measure the time interval until receipt for each cash flow (coupon and principal payments) from a bond. The second step is to compute a weighted average of these time intervals. Each time interval is measured by the present value of that cash flow. This weighted average is the duration of the bond measured in years. Excess Risk A measure of the standard deviation of a portfolio’s performance relative to the risk free return, represented by 90-Day T-Bills. Expense Ratio A figure that represents the percentage of fund assets paid for operating expenses and management fees, including 12b-1 fees, administrative fees, and all other asset-based costs incurred by the fund, except for brokerage costs and sales charges.

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Fundamental Analysis A method of analyzing the balance sheet and income statement of a company in order to forecast its future stock price movements. Analysts consider the company’s past records of assets, earnings, sales, products, management, and markets in predicting future trends in these indicators of a company’s success or failure. Growth Stock Stock of a company which is growing earnings and/or revenue faster than its industry or the overall market and is expected to continue to show high levels of profit growth and P/E multiples. Such a company usually pays little or no dividends, preferring to use the income to finance further expansion. Generally, these stocks are contrasted with value stocks that trade at lower P/E multiples. Information Ratio The information ratio is a measure of the consistency of excess return. This value is determined by taking the annualized excess return over a benchmark (style benchmark by default) and dividing it by the standard deviation of excess return. Large Cap “Large cap” refers to stock with a large capitalization, which is calculated by multiplying the number of outstanding shares times the price of the shares. Large cap stocks typically have at least $5 billion in outstanding market value. Long-Term Earnings Growth The long-term perspective earnings growth rate is the asset-weighted average of the long-term perspective earning growth rates of all the domestic stocks in the fund’s portfolio as of the date of the portfolio. Each portfolio holding is weighted by the percentage of domestic equity assets it represents, so that largest positions have proportionately greater influence on the fund’s aggregate long-term earnings growth rate. Long-term prospective earnings growth rates for stocks are provided by a third party stock data vendor.

Market Capitalization The value of a corporation as determined by the market price of its issued and outstanding common stock, calculated by multiplying the number of outstanding shares by the current market price of a share. Market capitalization may also refer to the total current value of the holdings of a mutual fund. Maturity Refers to the date at which a debt instrument is due and payable. A bond due to mature on January 1, 2010 will return the bondholder’s principal and final interest payment when it reaches maturity on that date. Median Market Capitalization The median market capitalization of the companies in a fund’s portfolio. Half of the fund’s money is invested in the stocks of companies larger than the median market capitalization, and half is invested in smaller issuers. Mid Cap “Mid cap” refers to stock with a medium capitalization, which is calculated by multiplying the number of outstanding shares times the price of the shares. Mid cap stocks typically have between $1 and $10 billion in outstanding market value. MSCI - EAFE Europe, Australia and Far East Equity Index, calculated by the Morgan Stanley Capital International group. The index acts as a benchmark for managers of international stock portfolios. Mutual Fund A fund operated by an investment company that raises money from shareholders and invests it in stocks, bonds, options, futures, currencies, or money market securities. Mutual funds offer investors the advantages of diversification and professional management. Shares are redeemable on demand at net asset value by shareholders, who share equally in the gains and losses generated by the fund.

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Price/Book Ratio This is the weighted average of the price/book ratios of all stocks in a fund’s portfolio. The P/B ratio of a company is calculated by dividing the market price of its stock by the company’s per share book value (negative book values are excluded). Price/Earnings Ratio This is the weighted average of the price/earnings ratios of all stocks in a fund’s portfolio. The P/E ratio of a stock is obtained by dividing the current price of the stock by its trailing 12 months’ earnings per share. Quartile Universe Comparison These graphs depict the performance of the fund versus its peer group for the periods listed. Each floating bar represents the universe group’s performance over the selected time period. For each period, there is a high, low, median, and first and third quartile point. R-Squared Statistic A statistic that measures the reliability of alpha and beta in explaining the return of a manager as a linear function of the market. Higher R-squared values indicate more reliable alpha and beta statistics and are useful in assessing a manager’s investment style. ROE (Return on Equity) The amount, expressed as a percentage, earned on a company’s common stock investment for a given period. Return on equity tells commons stockholders how effectually their money is being employed. Risk Return Graph This graph is used to compare the performance and risk (standard deviation) of the fund against the performance and risk of an appropriate benchmark for a specific period of time.

Rolling Returns Bar Graph This graph shows the performance of a fund for a specific trailing period (quarterly), and for every three-month period going back for a set of previous periods. Russell 1000 Index A market index comprised of the highest-ranking 1,000 stocks in the Russell 3000 Index, representing about 90% of the Russell 3000 Index total market capitalization. Russell 1000 Growth Index This contains those Russell 1000 securities with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields, and higher forecasted growth values than the Value universe. Russell 1000 Value Index This contains those Russell 1000 securities with a lower-than-average growth orientation. Securities in this index tend to exhibit lower price-to-book and price-earnings ratios, higher dividend yields, and lower forecasted growth values than the Growth universe. Russell 2000 Index A market index comprised of the 2,000 smallest companies in the Russell 3000 Index, representing approximately 10% of the Russell 3000 Index total market capitalization. Russell 2000 Growth Index This contains those Russell 2000 securities with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields, and higher forecasted growth values than the Value universe. Russell 2000 Value Index This contains those Russell 2000 securities with a lower-than-average growth orientation. Securities in this index tend to exhibit lower price-to-book and price-earnings ratios, higher dividend yields, and lower forecasted growth values than the Growth universe.

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Russell Midcap Index This contains the 800 smallest companies in the Russell 1000 Index, representing approximately 25% of the Russell 1000 Index total market capitalization. Russell Midcap Growth Index This contains those Russell Midcap securities with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields, and higher forecasted growth values than the Value universe. Russell Midcap Value Index This contains those Russell Midcap securities with a lower-than-average growth orientation. Securities in this index tend to exhibit lower price-to-book and price-earnings ratios, higher dividend yields, and lower forecasted growth values than the Growth universe. Sector A particular group of stocks, usually found in one industry or a combination of industries, such as airline or railroad stocks. Separate Account An account established by an investment manager for investment of a specific client’s assets and maintained exclusively for such assets. Sharpe Ratio This is a risk-adjusted measure calculated by using standard deviation and excess return to determine reward per unit of risk. In general, the higher the Sharpe Ratio, the better the fund’s historical risk-adjusted performance. The Sharpe ratio is calculated by dividing the fund’s annual excess return by the fund’s annualized standard deviation. Small Cap “Small cap” refers to stock with a small capitalization, which is calculated by multiplying the number of outstanding shares times the price of the shares. Small cap stocks typically have up to $1 billion in outstanding market value.

Standard & Poor’s Index (S&P 500) Covers 400 industrial, 40 utility, 20 transportation, and 40 financial companies of the US markets (mostly NYSE issues). The index represents about 75% of NYSE market capitalization. It is a capitalization-weighted index calculated on a total return basis with dividends reinvested. Standard Deviation A statistical gauge of risk which measures the spread of the difference of returns from their average. The more a portfolio’s returns vary from its average, the higher the standard deviation. Top-Down A methodical approach to investing in which investors consider current trends in the overall economy, and next selects the industries and then companies that should benefit from such trends. For example, if inflation stays low consumers’ spending power will be enhanced; investors may be attracted to retailing companies with the best earnings prospects in the near-term. If rapid inflation is expected, investors might look at the mining industry and then try to determine which particular gold, copper or other mining company might benefit from a rising trend in prices. The opposite approach to top-down investing is a bottom-up method. Tracking Error The deviation of a dependent variable (i.e. an investment portfolio) with respect to a reference function (i.e. a benchmark index). Turnover Ratio This is a measure of the fund’s trading activity that is calculated by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly assets. The resulting percentage loosely represents the percentage of the portfolio’s holdings that have changed over the past year. Universe These are composites of managers that share a common investment style and provide a peer analysis of how the fund is performing relative to other investments in the same asset and style category

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Up/Down Capture The up and down capture is a measure of how well a manager was able to replicate or improve on phases of positive benchmark returns, and how badly the manager was affected by phases of negative benchmark returns. To calculate the up capture, we first form a new series from the manager and benchmark series by dropping all time periods where the benchmark return is zero or negative. The up capture is then the quotient of the annualized return of the resulting manager series, divided by the annualized return of the resulting benchmark series. The down capture is calculated analogously. Value Stock A stock that is considered to be a good investment at a desirable price, based on fundamental analysis, such as its P/B and its P/E, among other criteria. Generally, these stocks are contrasted with growth stocks that trade at higher P/E multiples.

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Bloomberg Barclays Aggregate Bond Index - A market value-weighted index consisting of government bonds, SEC-registered corporate bonds and mortgage-related and asset-backed securities with at least one year to maturity and an outstanding par value of $250 million or greater. This index is a broad measure of the performance of the investmentgrade U.S. fixed income market.

Bloomberg Barclays Intermediate Aggregate Bond Index - A market value-weighted index consisting of U.S. Treasury securities, corporate bonds and mortgage-related andasset-backed securities with one to ten years to maturity and an outstanding par value of $250 million or greater.

MSCI All Country World ex USA Index - A capitalization-weighted index of stocks representing 44 stock markets in Europe, Australia, the Far East, the Middle East, LatinAmerica and North America. Index consists of 23 developed and 21 emerging countries, but excludes the U.S.

MSCI EAFE Index - A capitalization-weighted index of stocks representing 22 developed countries in Europe, Australia, Asia, and the Far East.

MSCI Emerging Markets Index - A capitalization-weighted index of stocks representing 22 emerging country markets.

PIMCO IRMA Benchmark - The benchmark is a blend of 45% Bloomberg Barclays Global Inflation-Linked: U.S. TIPS Index, 20% Bloomberg Commodity Index Total Return, 15%JPMorgan Emerging Local Markets Index Plus, 10% Dow Jones U.S. Select REIT Index, 10% Dow Jones U.S. Gold Mining Index

Russell 1000 Growth Index - An index that measures the performance of those Russell 1000 companies with higher price-to- book ratios and higher I/B/E/S growth forecasts.

Russell 1000 Index - A capitalization-weighted index of the 1,000 largest publicly traded U.S. stocks by capitalization.

Russell 1000 Value Index - An index that measures the performance of those stocks included in the Russell 1000 Index with lower price-to-book ratios and lower I/B/E/S earningsgrowth forecasts.

Russell 2000 Growth Index - A capitalization-weighted index of those stocks in the Russell 2000 Index with higher price-to-book ratios and higher I/B/E/S earnings growthforecasts.

Russell 2000 Index - A capitalization-weighted index of the smallest 2,000 stocks in the Russell 3000 Index. The index excludes the largest- and smallest-capitalization issues inthe domestic stock market.


Russell 2500 Growth Index - A capitalization-weighted index representing those companies within the Russell 2500 Index with higher price-to-book ratios and higher I/B/E/Searnings growth forecasts.

Russell 2500 Index - The Index is constructed by first identifying the 3,000 largest-capitalization U.S. stocks and ranking them by market capitalizations, choosing the bottom 2,500names on the list.


Russell 3000 Growth Index - A capitalization-weighted index consisting of those Russell 3000 Index stocks that have higher price-to-book ratios and higher I/B/E/S earningsgrowth forecasts.

Russell 3000 Index - A capitalization-weighted index consisting of the 3,000 largest publicly traded U.S. stocks by capitalization. This index is a broad measure of the performanceof the aggregate domestic equity market.

<ReportMemberName>Benchmark Descriptions

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<ReportMemberName>Benchmark Descriptions

Russell 3000 Value Index - A capitalization-weighted index consisting of those Russell 3000 Index stocks that have lower price-to-book ratios and lower I/B/E/S earnings growthforecasts.

Russell Midcap Growth Index - A capitalization-weighted index representing those stocks in the Russell MidCap Index with higher price-to-book ratios and higher I/B/E/S earningsgrowth forecasts.

Russell Midcap Index - A capitalization-weighted index of the 800 smallest stocks in the Russell 1000 Index. This index is a broad measure of mid-capitalization stocks.

Russell Midcap Value Index - A capitalization-weighted index consisting of those Russell MidCap Index stocks that have lower price-to-book ratios and lower I/B/E/S earningsgrowth forecasts.

S&P 500 Index - A capitalization-weighted index representing stocks chosen by Standard & Poor's, Inc. for their size, liquidity, stability and industry group representation. Thecompanies in the S&P 500 Index are generally among the largest in their industries.

Vanguard Spliced Mid Cap Index - S&P MidCap 400 Index through May 16, 2003; MSCI US Mid Cap 450 Index through January 30, 2013; CRSP US Mid Cap Index thereafter.

· Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees or expenses.

· Past performance is no guarantee of future results.

· Please feel free to contact us at [email protected] for more index information.

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· The rates of return contained in this report are shown on an after-fees basis unless otherwise noted. They are geometric and time weighted. Returns for periods longer thanone year are annualized.

· Universe percentiles are based upon an ordering system in which 1 is the best ranking and 100 is the worst ranking.

· Due to rounding throughout the report, percentage totals displayed may not sum up to 100.0%. Additionally, individual fund totals in dollar terms may not sum up to the plantotals.

Notes

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The information contained herein is confidential and proprietary and provided for informational purposes only. It is not complete and does not contain certainmaterial information about making investments in securities including important disclosures and risk factors. All securities transactions involve substantial risk ofloss. Under no circumstances does the information in this report represent a recommendation to buy or sell stocks, limited partnership interests, or otherinvestment instruments.

The data contained in these reports is compiled from statements provided by the custodian(s), record-keeper(s), and/or other third-party data provider(s). Thisdocument is not intended to provide, and shall not be relied upon for, accounting and legal or tax advice. AHIC has not conducted additional audits and cannotwarrant its accuracy or completeness.

We urge you to compare this statement with that of your qualified custodian and/or record-keeper and notify AHIC with any issues or questions you may havewith respect to investment performance or any other matter set forth herein.

The mutual fund information found in this report is provided by Thomson Reuters Lipper and AHIC cannot warrant its accuracy or timeliness. Thomson ReutersLipper Global Data Feed provides comprehensive coverage of mutual fund information directly to Investment Metrics, AHIC’s performance reporting vendor, viathe PARis performance reporting platform. Thomson Reuters Lipper is the data provider chosen by Investment Metrics, and as such, AHIC has no directrelationship with Thomson Reuters Lipper.

Refer to Hedge Fund Research, Inc. www.hedgefundresearch.com for information on HFR indices.

FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” and “FTSE4Good®” are trademarks of the London Stock Exchange Group companies and are usedby FTSE International Limited under license. The FTSE indices are calculated by FTSE International Limited in conjunction with Indonesia Stock Exchange,Bursa Malaysia Berhad, The Philippine Stock Exchange, Inc., Singapore Exchange Securities Trading Limited and the Stock Exchange of Thailand (the"Exchanges"). All intellectual property rights in the FTSE/ASEAN Index vest in FTSE and the Exchanges. Neither FTSE nor its licensors accept any liability forany errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s expresswritten consent.

Past performance is not necessarily indicative of future results.

Aon Hewitt Investment Consulting, Inc. (“AHIC”) is a federally registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”). AHIC isalso registered with the Commodity Futures Trade Commission as a commodity pool operator and a commodity trading advisor, and is a member of the NationalFutures Association. The AHIC ADV Form Part 2A disclosure statement is available upon written request to:

Aon Hewitt Investment Consulting, Inc.200 East Randolph StreetSuite 1500Chicago, IL 60601ATTN: AHIC Compliance Officer

Disclaimers

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