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Wisconsin Deferred Compensation Plan

Second Quarter, 2015

This document has been produced by Advised Assets Group, LLC and is not intended as a solicitation or offering of securities by GWFS Equities, Inc. The purpose of this document is to provide investment related information for the Plan Sponsor in their role as a fiduciary to the Plan, not as investment advice for Plan Participants. Although the data contained in this report is from reliable sources, Advised Assets Group, LLC cannot guarantee it’s completeness or accuracy. Risks associated with the investment options can vary significantly with each particular investment category and the relative risks of categories change under certain economic conditions. Please research the risks associated with each option carefully.

2

Section

I.

Executive Summary

•••••

Plan Compliance Report Card Rolling 3 year Quartile Rankings Assets Summary Expense Ratio Summary Weighted Average Return

II.

Fund Highlights and Observations
III. Performance Benchmarking

•

Risk, Style Drift and Portfolio Construction

IV. Lifecycle Options V. Economic Overview

•

Morningstar Pages

VI. Investment Policy Statement and Benchmarks
» Appendix: Glossary of Terms

3

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4

EXECUTIVE SUMMARY

2Q2015

5

FUND COMPLIANCE REPORT CARD – 6/30/15

Total Ret Total Ret Total Ret Total Ret Total Ret Total Net Expense
Name

  • 3 Month
  • 1 Yr

0.97 -0.61 -4.22 -5.26 -4.07 -4.22 5.68 3.42 6.49 6.68 6.49
14.87
8.92 9.45 6.40 6.46 6.40
11.93
7.42 6.23 9.39
10.29
9.39
10.56
7.42

  • 3 Yr
  • 5 Yr
  • 10 Yr

7.57 5.97 5.12 5.54 5.32 5.12 8.52 7.91 8.40 8.48 8.40
11.59
8.89 9.69 9.74 9.78 9.74 8.53 7.89 7.29 8.26 9.85 8.26 9.10 7.89

  • Assets $M
  • Ratio

0.49 1.25
-

  • American Funds EuroPacific Gr R6
  • 1.12
  • 12.71

11.34 11.97
9.44
10.12
9.85
132,495

  • Morningstar Foreign Large Growth Average
  • 1.46
  • -

  • MSCI EAFE Index
  • 0.62
  • 9.54
  • -

  • MSCI ACWI ex U.S.
  • 0.53
  • 7.76
  • -
  • -

Blackrock EAFE Equity Index Coll T

DFA US Micro Cap I

  • 0.74
  • 12.15

11.97 19.33 16.72 17.81 18.02 17.81 20.92 17.53 19.24 18.60 18.64 18.60 17.28 17.31 16.53 17.48 17.42 17.48 17.99 17.31
10.01
9.54

  • -
  • 0.12

  • -
  • MSCI EAFE Index
  • 0.62
  • -

  • 1.02
  • 18.29

15.95 17.08 17.24 17.08 19.35 16.81 18.69 17.82 17.84 17.82 16.79 17.34 15.59 16.96 17.11 16.96 18.59 17.34

  • 5,263
  • 0.53

1.27
-

= Actively

  • Morningstar Small Cap Blend Average -0.12
  • -

managed options which have trailed their respective benchmarks over a five year period.

  • Russell 2000 Index
  • 0.42

0.45 0.42 1.29 0.44
-
Blackrock Russell 2000 Index Coll T

T. Rowe Price Mid-Cap Growth

  • -
  • 0.07

  • -
  • Russell 2000 Index
  • -

  • 26,081
  • 0.77

1.32
-

  • Morningstar Mid Cap Growth Avg
  • -

  • Russell Mid Cap Growth Index -1.14
  • -

  • S&P Midcap 400 Index -1.06
  • -
  • -

Gray bars indicate fund

benchmarks; white indicates current funds
Blackrock Midcap Equity Index Coll F Calvert Equity I
-1.05
S&P MidCap 400 Index -1.06
0.93

  • -
  • 0.04

  • -
  • -

  • 2,826
  • 0.66

  • -
  • S&P 500 Index
  • 0.28

0.12 0.50 1.00 0.50 0.12 0.28
-
Morningstar Socially Resp Large Cap Average*
Morningstar Large Cap Growth Avg

  • -
  • 1.06

1.20 0.64 1.20
-

DATA SOURCE: Morningstar 6/30/2015

-

  • Fidelity Contrafund
  • 111,797

Morningstar Large Cap Growth Average
Russell 1000 Growth Index
S&P 500 Index
--

  • -
  • -

*This index is a compilation of all Large Cap Socially Conscious Funds in the Morningstar Data Base

6

FUND COMPLIANCE REPORT CARD – 6/30/15

Total Ret Total Ret Total Ret Total Ret Total Ret Total Net Expense
Name

  • 3 Month
  • 1 Yr
  • 3 Yr
  • 5 Yr
  • 10 Yr
  • Assets $M
  • Ratio

  • Vanguard Institutional Index Instl Pl
  • 0.28

0.28 -0.51
7.43 7.42 3.58 2.06 5.48
17.30 17.31 11.78 10.08 11.89
17.34 17.34 12.17 10.38 12.44
7.92 7.89 7.98 5.98 6.68

  • 195,289
  • 0.02

  • -
  • S&P 500 Index
  • -

  • Vanguard Wellington Admiral
  • 88,973
  • 0.18

1.24
-

  • Morningstar Moderate Allocation Average -0.53
  • -

-

= Actively

Composite 65% S&P 500 / 35% Barclay's Aggregate -0.41

managed options which have trailed their respective benchmarks over a five year period.

Composite 65% S&P 500 / 35% Barclay's U.S. Credit A or Better
-0.87
Index

  • 5.31
  • 12.32
  • 13.02
  • 6.80
  • -
  • -

  • Vanguard Long-Term Investment-Grade Admiral
  • -7.61
  • 1.22

1.38 0.34 1.94 1.86 0.48 0.70 2.12 2.10 0.01 0.01 0.03 0.00
3.80 3.05 3.38 1.92 1.83 0.06 0.36 1.11 1.11 0.01 0.02 0.05 0.00
7.16 5.00 5.28 3.42 3.35 1.11 0.89 2.26 2.22 0.01 0.02 0.07 0.00
6.04 4.77 5.07 4.49 4.44 3.21 2.52 4.01 3.98 1.34 1.36 1.36 1.04

  • 14,966
  • 0.12

Barclay's LT Corporate A -3.01 Morningstar Corp Bond -2.63
-1.67

  • -
  • -

0.87 0.05
-
-

  • Blackrock US Debt Index Fund Coll W
  • -

Gray bars indicate fund benchmarks; white indicates current funds

  • BarCap US Agg Bond TR USD -1.68
  • -

  • Federated US Government 2-5 Yr Instl
  • -0.61

Morningstar Short Government Average -0.11
Barclay's US Treas/Agency 3-5 Yr -0.20 BofA Merrill Lynch US Treas 3-5 Yr -0.15

  • 521
  • 0.58

0.81
-
--

  • -
  • -

DATA SOURCE: Morningstar 6/30/2015

  • Vanguard Admiral Treasury Money Market Inv
  • 0.00

0.00 0.01 0.00

  • 9,542
  • 0.09

0.55
-
Morningstar Taxable Money Market Average
U.S. Treasury 90-Day T-Bill
--

  • -
  • iMoney Net Average Treasury MM
  • -

7

3 YEAR QUARTILE RANKINGS – 6/30/15

2015 2015 2014 2014 2014 2014 2013 2013 2013 2013 2012 2012

  • Name
  • Q2
  • Q1
  • Q4
  • Q3
  • Q2
  • Q1
  • Q4
  • Q3
  • Q2
  • Q1
  • Q4
  • Q3

American Funds EuroPacific Gr R6 Calvert Equity I DFA U.S. Micro Cap Federated U.S. Govt: 2-5 Yr Instl Fidelity Contrafund T. Rowe Price Mid-Cap Growth Vanguard Institutional Index Instl Pl Vanguard Long-Term Inv Grade Adm Vanguard Wellington Adm

76

42

79 25

44

91

64 61

82
82

38

78

32 58

92

72

95 88
73

43

82 23

47

86

74

95 85
79 21 77 17

50 74 71

77 89

65

16 87

69 75

85 82 93 93

67 30

86

73 71

78 79 94 94

69 40

90 78

67 75

80 94 91

42

23 92

59 53

78 79

50

88

47 46

87

68 52

76 84

58

88

59 63

86 86 81

75

86

73

88

64 69

89 84

74

77 84

67

84

69 51

83 80 78

72

85

60

83

76-100

51-75 26-50
1-25

1st Quartile 2nd Quartile 3rd Quartile 4th Quartile

DATA SOURCE: Morningstar 6/30/2015

8

PLAN ASSET SUMMARY – 6/30/15

Percentage of WDC

  • WDC as a
  • Fund as a
  • Participants

Utilizing
WDC Assets Participants Fund
Plan Inception
Date
WDC Assets in Percentage of Percentage of Number of
Fund Net Assets

$132,495,270,745
N/A

  • Fund
  • Fund Assets

0.13% N/A
4.26% 2.28% 5.90% 1.48%
10.44%
3.97% 1.16%
14.18%
9.39%
10.54%
2.79% 2.36% 0.81% 1.02% 2.67% 3.65% 2.29% 1.25% 0.23% 0.73%
14.76%
1.64% 2.20%
19,884 14,413 22,473
4,963
34.85% 25.26% 39.39%
8.70%

American Funds EuroPacific Gr R6 BlackRock EAFE Equity Index Fund W DFA U.S. Micro Cap

1/28/2005
2/1/2001
$172,891,594
$92,609,549
$239,653,368
$59,977,622
$424,113,201 $161,041,719
$47,187,871
$575,586,595 $381,326,236 $428,172,540 $113,408,606
$95,862,557 $32,727,097 $41,429,747
$108,500,805 $148,093,633
$93,080,033 $50,716,917
$9,207,631
4.55% N/A

  • 2/1/1997
  • $5,263,050,018

N/A

BlackRock Russell 2000 Index Fd T. Rowe Price Mid-Cap Growth BlackRock Mid Cap Equity Index Fund W Calvert Equity I

2/20/2004
2/1/1998
1.63% N/A
18,163 16,440
3,186
31.83% 28.81%
5.58%
$26,081,291,062

  • N/A
  • 2/1/2001

1.67% 0.51% 0.20% 0.48% 0.76% N/A
4/18/2003 1/31/1994
9/9/1990
$2,825,915,377
$111,796,786,453 $195,289,451,004
$88,972,949,974 $14,965,789,871
N/A
24,230 22,547 23,214 11,446 11,963
6,787
42.47% 39.52% 40.69% 20.06% 20.97% 11.90%
2.29%

Fidelity Contrafund Vanguard Inst Index Plus Vanguard Wellington Adm Vanguard Long-Term Invt-Grade Adm BlackRock US Debt Index Federated U.S. Govt: 2-5 Yr Instl Vanguard Target Ret Income Vanguard Target Ret 2015 Vanguard Target Ret 2025 Vanguard Target Ret 2035 Vanguard Target Ret 2045 Vanguard Target Ret 2055 Vanguard Adm Money Market Stable Value Fund

10/26/2001 10/26/2001
2/1/2001
6.28% 0.36% 0.49% 0.42% 0.35% 0.30% 0.37% 0.31% N/A

  • 2/3/1992
  • $520,817,573

$11,636,570,004 $22,141,737,240 $35,271,819,614 $26,926,407,586 $16,748,906,787
$2,501,195,410 $9,541,700,000
N/A
1,309
7/29/2005

7/29/2005 7/29/2005 7/29/2005 7/29/2005 8/18/2010 10/1/1993
9/1/1996

  • 2,965
  • 5.20%

  • 5,808
  • 10.18%

  • 9.67%
  • 5,516

  • 4,850
  • 8.50%

  • 1,691
  • 2.96%

  • 7,330
  • 12.85%

36.25%
2.38%
$29,672,594
$599,319,744
$66,662,308 $89,322,264
20,681

  • 1,360
  • N/A

Schwab PCRA

2/17/2000
12/31/1996
N/A

  • N/A
  • 3,373
  • 5.91%

FDIC Option

N/A
254,592
$4,060,564,232

9

ASSET CHART – 6/30/15

2.2%
1.6%
FDIC Option
Schwab PCRA
14.8%

Total WDC Assets

Stable Value Fund
0.7%
0.2%
1.2%
2.3%
3.6%
2.7%
1.0%
0.8%
2.4%
2.8%
Vanguard Adm Money Market
Vanguard Target Ret 2055 Vanguard Target Ret 2045 Vanguard Target Ret 2035 Vanguard Target Ret 2025 Vanguard Target Ret 2015
Vanguard Target Ret Income
Federated U.S. Govt: 2-5 Yr Instl
BlackRock US Debt Index
Vanguard Long-Term Invt-Grade…
Vanguard Wellington Adm Vanguard Inst Index Plus
Fidelity Contrafund

(as of 6/30/2015)

$4,060,564,232

Domestic Equity Intl Equity Asset Allocation Fixed Income Cash Equiv.
$1,888,886,612
$265,501,143 $879,201,307 $241,998,260 $718,314,601
$66,662,308
47%
7%
22%
6%
18%
2%

10.5%
9.4%

Self-Directed Brok.

14.2%
1.2%
Calvert Equity I

4.0%
BlackRock Mid Cap Equity Index…

T. Rowe Price Mid-Cap Growth
BlackRock Russell 2000 Index Fd
DFA U.S. Micro Cap
10.4%
1.5%
5.9%
2.3%
BlackRock EAFE Equity Index…

American Funds EuroPacific Gr R6
4.3%

  • 5.0%
  • 0.0%
  • 10.0%
  • 15.0%

10

PARTICIPANT ACCOUNT CHART – 6/30/15

1.3%
0.5%
FDIC Option
Schwab PCRA
8.1%
Stable Value Fund

Total WDC Participant

2.9%
Vanguard Adm Money Market

Vanguard Target Ret 2055 Vanguard Target Ret 2045 Vanguard Target Ret 2035 Vanguard Target Ret 2025 Vanguard Target Ret 2015
Vanguard Target Ret Income
Federated U.S. Govt: 2-5 Yr Instl
BlackRock US Debt Index
Vanguard Long-Term Invt-Grade Adm
Vanguard Wellington Adm Vanguard Inst Index Plus
Fidelity Contrafund
0.7%
1.9%

Accounts

(as of 6/30/2015)

2.2% 2.3%
1.2%
0.5%

254,592

2.7%
4.7%
4.5%

Total # Of WDC

9.1%
8.9%
9.5%

Participants

(as of 6/30/2015)

1.3%
Calvert Equity I

6.5%
7.1%
BlackRock Mid Cap Equity Index… T. Rowe Price Mid-Cap Growth
BlackRock Russell 2000 Index Fd
DFA U.S. Micro Cap
1.9%

57,054

8.8%
5.7%
BlackRock EAFE Equity Index Fund…

American Funds EuroPacific Gr R6
7.8%

  • 10.0%
  • 0.0%
  • 5.0%
  • 15.0%

11

FUND EXPENSE VS. CATEGORY – 6/30/15

  • Expense
  • Expense

  • Ratio
  • Name
  • Ratio

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