WEST WHITELAND TOWNSHIP PENSION ADVISORY BOARD Wednesday, April 17, 2019 9:00 a.m. Main Meeting Room

Agenda

A. Approval of Minutes of January 23, 2019

B. Report on Performance and Investment Activity

 Performance Comparison to Benchmarks

• Stock Intersection (concentration) Report • Discussion of International Fund Options • Discussion of Bond Fund Options

 Review of Pension Activity

 Rebalance Discussion

C. Report on OPEB Performance  Performance (Not available yet. Will be given out at meeting.)  Change to equal-weight all sectors

D. Review of Pension and OPEB Valuations and DRAFT Financial Statements

Adjournment Next Meeting: July 17, 2019

Pension Advisory Board Meeting Schedule  July 17, 2019 at 9:00 a.m. (with PFM)  October 16, 2019 at 9:00 a.m.  January 15, 2020 at 9:00 a.m. (with PFM)

WEST WHITELAND TOWNSHIP PENSION ADVISORY BOARD MINUTES January 23, 2019

Members Present Township Staff Present Chris Bamber Mimi Gleason, Township Manager Tom Belisari Pam Gural-Bear, Asst. Twp. Manager Laird Duncan Amy Heinrich, Finance Director Chris Pettia Caroline Partridge, Accounting Manager Denise Bailey Jenn Keller, Executive Assistant Kurtis Rainey/ Jon Stewart Supervisors Present Beth Jones

The meeting was called to order at 9:00 A.M.

A. Approval of Minutes

MOTION: To approve the October 17, 2018 Minutes, with one change to correct Mr. Belisaris’s comment on a move to Growth & Income funds "Mr. Belisari suggested looking at international funds that pay dividends, rather than just growth and income. He said International Growth & Income may be a better substitute."

ACTION: Passed 6-0 (Bamber/Belisari)

B. OPEB Trust & Market Commentary – Bikram Chadha, PFM

Bikram Chadha, of PFM Management, introduced Don Grant who has been involved with our account on reporting but will take a larger roll going forward. Mr Chadha provided market commentary for all of 2018 and an Investment Performance Review for the OPEB Trust as of December 31, 2018.

He noted that 2018 started with some and ended with a lot volatility. There were positive returns in the middle of the year on the heals of continued strong fundamentals and strong corporate earnings. GDP growth came in strong as well. The tail end of the year was a flurry of uncertaintly driven by headlines around US/China trade, Brexit, issues related to Italy and the Federal Reserve with some hawkish comments from Jerome Powell. Volatility ensued. Domestic equities were the best performing despite being negative (-4.5% for year). International, both developed & merginging market -13% and -14.5%, respectively. There are geopolitical issues overseas plus domestic interest rate increases have a negative impact on emerging market countries.

Fixed Income started the year in red territory as rates increased but did flatten out and closed the year flat. Nothing gained, nothing lost. Investment-grade credit and HY bonds have added a lot of value to the markets and the portfolio. That said, some of the riskier bonds did sell off at the end of the year. Commodities were very negative across the year. Pension Advisory Board January 23, 2019

2019 has started with some pretty good momentum. As of Friday, the S&P 500 was up just over 6.5%. Small cap is outperforming large cap. International countries up 5% or so. Looking ahead, slower growth is expected across the world. Slower growth does not mean a recession. Numbers are around 20-30% chance of a recession – not 0% but not in the majority. IMF has revised down their global growth expectations from 3.8% to 3.5%. PFM wants to remind investors that we are coming off of 8-9 years since last receission– we are late in this business cycle. There are heightened economic and political risks. (Such as) Brexit ref March 29th. Italy has budget issues with deficit over EU requirement. Trade talks with China. Japan has slow momentum.

Central Bank perspective: Fed was in the rhythm and was raising rates and Mr. Powell said he would continiue to do that. Now, markets are pricing in 1-2 rate hikes. In 2019 Some say no hikes and even some say a reduction in rates. PFM is thinking 1 rate hike is expected in 2019. European Central Banks might raise rates this year. If Central Banks are too aggressive it could cause issues, but too slow can cause over-heating. It’s a balancing act.

Fundamentals overall remain strong despite some cracks. PFM hasn’t made a lot of changes in the Portfolio. Mr. Duncan noted that the US situation wasn’t mentioned in the political risks. A discussion of the government shut-down ensued noting the high impact on the economy. For each week, we are losing $1.5 billion in revenue to our economy. We are in excess of 30 days in shut-down, which is surprising. Estimates say GDP has been shaved by .6%. GDP already went from 3.4% to 2.9% and now could go to 2.3%. The impacts are far reaching – back pay, IPOs, debt offerrings, tax season, etc. Regarding trade conversations and the shut-down, PFM’s view is that some progress will be made. When you look at trade negotiations, it’s not just tariffs on goods, which can be turned on and off quickly. There are issues on intellectual property and technology.

To summarize, PFMs outlook for 2019: Expect slower growth. Central Banks will be watched. Political uncertainty will remain. For equities in general, PFM is still anticipating positive returns but with more volatility, which is historically more “normal”. PFM expects 6% for domestic and 6.3% for international. For Fixed Income, PFM believes spreads will widen and income will become a larger portion of returns. 3% for core bonds. Cash 3.2%.

A question was asked of whether they are concerned about yield curve inversion of the 2-year and 5-year, when usually it’s 2 year and 10 year that is looked at for inversion. PFM views this as a little more transitory in nature given it’s 2 & 5.

Mr. Grant spoke to the OPEB performance. They view the underperformance vs. blended benchmark for Q4 as transitory. They had an over-weight in domestic equities and international equities and under-weight fixed income. We will still have over-weight to domestic equity, equal- weight to international and under-weight to fixed income. The domestic equity portfolio is passive managers currently that are performing fairly close to benchmarks. PFMs view about active vs. passive management is that in an efficient market, where cost matter, passive choices are better right now with asset allocation being more critical. The choice on active vs. passive is thoughtful and actively made and could change for domestic in the future.

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Pension Advisory Board January 23, 2019

Within international, we have one active manager, JO Hambro. We do expect more volatility there. For fixed income, we are under-weight investment grade corporate credit. Note that our fixed income portfolio is all actively-managed given the climate and policy issues. PFMs belief is that active management can make a big difference in this climate.

PFM hasn’t made any changes to the line-up. The investment committee did explore a low- volatility strategy that would protect on down-side, but then you don’t get upside. They are watching it but not pursuing that now. Mr. Chadha pointed out that market and fund updates are included in the packet.

Mr Chadha spoke about the new offering of multi-manager funds. They launched January 1, 2018. They have a PFM logo but are all sub-advised. PFM focuses on passive vs. active management and asset allocation. Ultimately, these were launched to get access to a wider array of investment managers and not just mutual funds. PFM had about $6B in eligible assets under management and now have $1.5B invested across all three multi-manager funds. They are giving all clients time as they are for us. Fact sheets were included in the packet. You cannot look at the return numbers of these funds yet. For first 6 months, they were just seed money. Mid-year they start really investing the funds. If you try to equate the performance of our trust as is vs. the multi-manager fund, it would be pretty similar. They are not forcing clients over quickly. In the long-run, they think it will out-perform. The fees are about 12 bps higher.

Ms. Gleason reminded the group that the OPEB valuation will be finished soon. We will also start to evaluate when to truly pay the benefits out of the trust. Ms. Heinrich noted that we are paying benefits out of a separate accounting fund and sending the remainder of our contribution to the Trust.

C. Report on Plans and Investment Activity

Ms. Heinrich reviewed the overall performance of the plans noting that the performance themes are the same as those discussed by PFM. The packet includes results as of year-end as well as a view of YTD 2019 performance, which shows some recovery. Mr. Bamber pointed out that the OPEB valuation will incorporate a smoothing effect due to the volatility you can see when looking at an isolated period.

Ms. Heinrich reviewed the current allocation vs. target and noted any rebalancing is voted on and not automatic to the target. Mr. Bamber noted that we are under-weight international and under- weight small cap, which are both pretty defensible. If we do re-balance, it would go into an international equity fund and he is not in favor of that. We do need to meet any cash needs but otherwise would consider leaving things as is. Ms. Heinrich also noted that we are over-weight fixed income. We do have a cash need in the Police Pension Fund but have enough cash in the Non-Uniform.

MOTION: Meet the cash needs out of fixed income over-weight for the Police Pension fund. Don’t rebalance anything else. (Bamber/Petti)

ACTION: Passed 6-0

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Pension Advisory Board January 23, 2019

The group (not sure who introduced it - Belisari?) discussed the possibility of introducing a short- term bond fund given the environment. It will be researched and options circulated.

Ms. Gleason noted that Denise Bailey was officially appointed to the Pension Advisory Board by the Board of Supervisors.

The meeting adjourned around 10:40 a.m.

Respectfully Submitted,

Amy Heinrich, Recording Secretary

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Police Pension Performance 2019 Q1 West Whiteland Township

Allocation Performance (%) Morningstar Ratings

Market % 3 3 5 10 Analyst Fund Name 2018 2017 Stars Return* Risk* Overall* Value ($) Weight Month Year Year Year Rating

Domestic Equity Mutual Funds

AllianzGI NFJ Mid-Cap Value Instl 1,102,160 7% 13.16 -15.99 27.05 13.46 8.82 14.8 Bronze 4 > Avg Avg > Avg PRIMECAP Odyssey Growth 2,166,575 13% 12.09 -4.51 32.05 18.35 13.62 17.48 Gold 4 > Avg High > Avg T. Rowe Price New Horizons 1,022,129 6% 16.94 4.17 31.67 23.69 0 0 Bronze5HighAvgHighest Not Target Portfolio (Prudential QMA) Small-Cap Value Z 819,564 5% 8.04 -18.85 6.31 10.61 5.74 13.56 Rated 3Avg> AvgN/A Vanguard Value Index Adm 1,164,375 7% 10.16 -5.43 17.13 13.18 9.98 14.92 Silver 4 > Avg Avg > Avg Vanguard 500 Index Admiral 2,348,352 14% 13.06 -4.43 21.79 14.5 11.58 15.75 Gold 5 > Avg Avg Highest Domestic Equity Total$ 8,623,155 51% 12.42 (6.41) 24.11 15.88 9.60 13.88

Benchmark (iShares Core S&P 500) 14.86 (4.47) 21.76 13.70 10.97 15.32 Gold 4 > Avg Avg vs. Benchmark (iShares Core S&P 500) (2.44) (1.94) 2.35 2.18 (1.37) (1.44)

International Equity Mutual Funds American Funds Europacific Growth R5 1,094,488 6.5% 13.8 -14.95 31.09 10.38 4.88 9.69 Gold 3AvgAvg Neutral Dodge & Cox International Stock 1,056,202 6.3% 9.78 -17.98 23.94 9.88 1.47 9.86 Gold 4 > Avg High > Avg International Equity Total$ 2,150,690 13% 11.83 (16.44) 27.58 10.13 3.21 9.77 Benchmark (MSCI EAFE NR USD) 12.19 (13.79) 25.03 7.98 2.61 8.48 Not Applicable vs. Benchmark (MSCI EAFE NR USD) (0.36) (2.65) 2.55 2.15 0.60 1.29

Alternate Benchmark (MSCI ACWI Ex-USA NR USD) 12.36 (14.20) 27.19 8.84 2.87 8.33 Not Applicable Vs. Alt Benchmark (MSCI ACWI Ex-USA NR USD) (0.53) (2.24) 0.39 1.29 0.34 1.44

Fixed Income Vanguard Total Bond Market Index Adm 5,954,902 35% 2.57 -0.03 3.56 1.72.523.64Silver 3Avg> AvgNeutral

Benchmark (iShares Core US Aggregate Bond) 3.53 0.10 3.55 2.13 2.66 3.69 Silver 2 < Avg Avg vs. Benchmark (iShares Core US Aggregate Bond) (0.96) (0.13) 0.01 (0.43) (0.14) (0.05)

Total Police Pension$ 16,832,128 100% 8.79 (5.39) 17.14 10.04 6.22 9.65 Total Custom Benchmark 10.42 (4.02) 15.60 8.79 6.89 10.24 +/- Custom Benchmark (1.64) (1.37) 1.54 1.24 (0.67) (0.59)

Alternate Custom Benchmark 10.44 (4.06) 15.88 8.91 6.93 10.22 +/- Alternate Custom Benchmark (1.66) (1.33) 1.26 1.13 (0.71) (0.57)

* > Avg = Above Average; < Avg = Below Average 4/9/2019 Print

Morningstar.com Stock Intersection View Print Report

Portfolio Name Date Current Value Pension Portfolio 4/9/2019 at 11:01 AM 17,071,854.67

% of Net Underlying Stocks Ticker % of Portfolio ($) Holding Portfolio Assets Holdings Symbol Net Assets Market Value Date Microsoft Corp MSFT 1.01 171,680.97 3.68 Vanguard 500 Index Admiral VFIAX 0.52 88,315.84 2/28/2019 3.52 Vanguard Value Index Adm VVIAX 0.24 41,766.88 2/28/2019 1.86 PRIMECAP Odyssey Growth POGRX 0.24 41,598.24 12/31/2018 Abiomed Inc ABMD 0.60 101,759.14 4.55 PRIMECAP Odyssey Growth POGRX 0.60 101,759.14 12/31/2018 JPMorgan Chase & Co JPM 0.57 97,382.40 1.48 Vanguard 500 Index Admiral VFIAX 0.21 35,518.33 2/28/2019 2.82 Vanguard Value Index Adm VVIAX 0.20 33,460.97 2/28/2019 1.27 PRIMECAP Odyssey Growth POGRX 0.17 28,403.10 12/31/2018 Eli Lilly and Co LLY 0.57 96,776.45 3.26 PRIMECAP Odyssey Growth POGRX 0.43 72,908.75 12/31/2018 0.51 Vanguard 500 Index Admiral VFIAX 0.07 12,239.42 2/28/2019 0.98 Vanguard Value Index Adm VVIAX 0.07 11,628.28 2/28/2019 United Continental Holdings Inc UAL 0.47 79,841.79 3.57 PRIMECAP Odyssey Growth POGRX 0.47 79,841.79 12/31/2018 Apple Inc AAPL 0.47 79,676.25 3.32 Vanguard 500 Index Admiral VFIAX 0.47 79,676.25 2/28/2019 Berkshire Hathaway Inc B BRK.B 0.45 76,489.42 1.61 Vanguard 500 Index Admiral VFIAX 0.23 38,638.18 2/28/2019 3.19 Vanguard Value Index Adm VVIAX 0.22 37,851.24 2/28/2019 Wells Fargo & Co WFC 0.45 76,225.71 1.53 PRIMECAP Odyssey Growth POGRX 0.20 34,217.91 12/31/2018 0.90 Vanguard 500 Index Admiral VFIAX 0.13 21,598.98 2/28/2019 1.72 Vanguard Value Index Adm VVIAX 0.12 20,408.82 2/28/2019 Johnson & Johnson JNJ 0.43 72,797.70 1.56 Vanguard 500 Index Admiral VFIAX 0.22 37,438.24 2/28/2019 2.98 Vanguard Value Index Adm VVIAX 0.21 35,359.46 2/28/2019 Amgen Inc AMGN 0.41 70,744.81 2.08 PRIMECAP Odyssey Growth POGRX 0.27 46,518.47 12/31/2018 0.52 Vanguard 500 Index Admiral VFIAX 0.07 12,479.41 2/28/2019 0.99 Vanguard Value Index Adm VVIAX 0.07 11,746.94 2/28/2019 Amazon.com Inc AMZN 0.40 68,876.76 2.87 Vanguard 500 Index Admiral VFIAX 0.40 68,876.76 2/28/2019 Exxon Mobil Corp XOM 0.39 66,352.81 1.42 Vanguard 500 Index Admiral VFIAX 0.20 34,078.40 2/28/2019 2.72 Vanguard Value Index Adm VVIAX 0.19 32,274.41 2/28/2019 Seattle Genetics Inc SGEN 0.38 64,186.54 2.87 PRIMECAP Odyssey Growth POGRX 0.38 64,186.54 12/31/2018 Intel Corp INTC 0.37 63,525.66 1.03 Vanguard 500 Index Admiral VFIAX 0.14 24,718.84 2/28/2019 1.97 Vanguard Value Index Adm VVIAX 0.14 23,375.22 2/28/2019 0.69 PRIMECAP Odyssey Growth POGRX 0.09 15,431.61 12/31/2018 Alphabet Inc A GOOGL 0.36 62,050.55 1.43 Vanguard 500 Index Admiral VFIAX 0.20 34,318.38 2/28/2019 1.24 PRIMECAP Odyssey Growth POGRX 0.16 27,732.16 12/31/2018 Alibaba Group Holding Ltd ADR BABA 0.36 60,963.61 1.90 PRIMECAP Odyssey Growth POGRX 0.25 42,492.83 12/31/2018 1.65 American Funds Europacific Growth R5 RERFX 0.11 18,470.78 12/31/2018 Adobe Inc ADBE 0.35 59,046.91 2.05 PRIMECAP Odyssey Growth POGRX 0.27 45,847.53 12/31/2018 0.55 Vanguard 500 Index Admiral VFIAX 0.08 13,199.38 2/28/2019 https://portfolio.morningstar.com/RtPort/Reg/PrintWnd.aspx?ViewId=20&pfname=Pension+Portfolio&pfval=17071854.67&viewname=Stock+Intersect… 1/14 4/9/2019 Print

Alphabet Inc Class C GOOG 0.33 55,853.81 1.47 Vanguard 500 Index Admiral VFIAX 0.21 35,278.34 2/28/2019 0.92 PRIMECAP Odyssey Growth POGRX 0.12 20,575.48 12/31/2018 Bank of America Corporation BAC 0.30 51,917.81 1.13 Vanguard 500 Index Admiral VFIAX 0.16 27,118.72 2/28/2019 2.09 Vanguard Value Index Adm VVIAX 0.15 24,799.09 2/28/2019 Pfizer Inc PFE 0.29 49,884.60 1.07 Vanguard 500 Index Admiral VFIAX 0.15 25,678.79 2/28/2019 2.04 Vanguard Value Index Adm VVIAX 0.14 24,205.81 2/28/2019 Procter & Gamble Co PG 0.29 48,690.01 1.04 Vanguard 500 Index Admiral VFIAX 0.15 24,958.83 2/28/2019 2.00 Vanguard Value Index Adm VVIAX 0.14 23,731.18 2/28/2019 Splunk Inc SPLK 0.28 46,965.76 2.10 PRIMECAP Odyssey Growth POGRX 0.28 46,965.76 12/31/2018 Verizon Communications Inc VZ 0.27 46,662.15 1.00 Vanguard 500 Index Admiral VFIAX 0.14 23,998.87 2/28/2019 1.91 Vanguard Value Index Adm VVIAX 0.13 22,663.28 2/28/2019 UnitedHealth Group Inc UNH 0.27 46,184.85 0.99 Vanguard 500 Index Admiral VFIAX 0.14 23,758.88 2/28/2019 1.89 Vanguard Value Index Adm VVIAX 0.13 22,425.97 2/28/2019 Cisco Systems Inc CSCO 0.27 46,184.85 0.99 Vanguard 500 Index Admiral VFIAX 0.14 23,758.88 2/28/2019 1.89 Vanguard Value Index Adm VVIAX 0.13 22,425.97 2/28/2019 Chevron Corp CVX 0.27 45,348.91 0.97 Vanguard 500 Index Admiral VFIAX 0.14 23,278.90 2/28/2019 1.86 Vanguard Value Index Adm VVIAX 0.13 22,070.00 2/28/2019 American Airlines Group Inc AAL 0.26 45,176.59 2.02 PRIMECAP Odyssey Growth POGRX 0.26 45,176.59 12/31/2018 AT&T Inc T 0.26 44,871.60 0.96 Vanguard 500 Index Admiral VFIAX 0.13 23,038.92 2/28/2019 1.84 Vanguard Value Index Adm VVIAX 0.13 21,832.69 2/28/2019 Southwest Airlines Co LUV 0.25 43,387.42 1.94 PRIMECAP Odyssey Growth POGRX 0.25 43,387.42 12/31/2018 Alkermes PLC ALKS 0.25 42,716.48 1.91 PRIMECAP Odyssey Growth POGRX 0.25 42,716.48 12/31/2018 Samsung Electronics Co Ltd 005930 0.25 42,614.98 1.93 American Funds Europacific Growth R5 RERFX 0.13 21,605.22 12/31/2018 1.92 Dodge & Cox International Stock DODFX 0.12 21,009.76 12/31/2018 iRobot Corp IRBT 0.25 42,492.83 1.90 PRIMECAP Odyssey Growth POGRX 0.25 42,492.83 12/31/2018 E*TRADE Financial Corp ETFC 0.25 42,045.54 1.88 PRIMECAP Odyssey Growth POGRX 0.25 42,045.54 12/31/2018 Nektar Therapeutics Inc NKTR 0.25 42,045.54 1.88 PRIMECAP Odyssey Growth POGRX 0.25 42,045.54 12/31/2018 Merck & Co Inc MRK 0.25 42,007.80 0.90 Vanguard 500 Index Admiral VFIAX 0.13 21,598.98 2/28/2019 1.72 Vanguard Value Index Adm VVIAX 0.12 20,408.82 2/28/2019 Visa Inc Class A V 0.25 41,846.71 1.11 Vanguard 500 Index Admiral VFIAX 0.16 26,638.75 2/28/2019 0.68 PRIMECAP Odyssey Growth POGRX 0.09 15,207.96 12/31/2018 Sanofi SA SAN 0.24 40,815.84 3.73 Dodge & Cox International Stock DODFX 0.24 40,815.84 12/31/2018 Siemens AG SIE 0.23 39,809.07 1.78 PRIMECAP Odyssey Growth POGRX 0.23 39,809.07 12/31/2018 Naspers Ltd Class N NPN 0.23 39,666.42 2.96 Dodge & Cox International Stock DODFX 0.19 32,390.05 12/31/2018 0.65 American Funds Europacific Growth R5 RERFX 0.04 7,276.37 12/31/2018 Facebook Inc A FB 0.23 39,598.14 https://portfolio.morningstar.com/RtPort/Reg/PrintWnd.aspx?ViewId=20&pfname=Pension+Portfolio&pfval=17071854.67&viewname=Stock+Intersect… 2/14 4/9/2019 Print 1.65 Vanguard 500 Index Admiral VFIAX 0.23 39,598.14 2/28/2019 Insulet Corp PODD 0.23 38,690.84 1.73 PRIMECAP Odyssey Growth POGRX 0.23 38,690.84 12/31/2018 Micron Technology Inc MU 0.23 38,467.19 1.72 PRIMECAP Odyssey Growth POGRX 0.23 38,467.19 12/31/2018 NetApp Inc NTAP 0.22 38,243.55 1.71 PRIMECAP Odyssey Growth POGRX 0.22 38,243.55 12/31/2018 Novartis AG NOVN 0.21 35,268.10 2.20 Dodge & Cox International Stock DODFX 0.14 24,073.68 12/31/2018 1.00 American Funds Europacific Growth R5 RERFX 0.07 11,194.41 12/31/2018 Sony Corp ADR SNE 0.21 35,112.50 1.57 PRIMECAP Odyssey Growth POGRX 0.21 35,112.50 12/31/2018 Roche Holding AG Dividend Right Cert. ROG 0.20 34,797.41 3.18 Dodge & Cox International Stock DODFX 0.20 34,797.41 12/31/2018 Coca-Cola Co KO 0.20 34,489.65 0.74 Vanguard 500 Index Admiral VFIAX 0.10 17,759.16 2/28/2019 1.41 Vanguard Value Index Adm VVIAX 0.10 16,730.48 2/28/2019 ICICI Bank Ltd 532174 0.20 34,469.14 3.15 Dodge & Cox International Stock DODFX 0.20 34,469.14 12/31/2018 AstraZeneca PLC AZN 0.19 32,976.33 2.41 Dodge & Cox International Stock DODFX 0.15 26,371.63 12/31/2018 0.59 American Funds Europacific Growth R5 RERFX 0.04 6,604.70 12/31/2018 Novartis AG ADR NVS 0.19 32,778.43 0.81 PRIMECAP Odyssey Growth POGRX 0.11 18,115.36 12/31/2018 1.34 Dodge & Cox International Stock DODFX 0.09 14,663.06 12/31/2018 Itau Unibanco Holding SA Participating ITUB4 0.19 32,608.90 Preferred 2.98 Dodge & Cox International Stock DODFX 0.19 32,608.90 12/31/2018 PepsiCo Inc PEP 0.19 32,340.46 0.69 Vanguard 500 Index Admiral VFIAX 0.10 16,559.22 2/28/2019 1.33 Vanguard Value Index Adm VVIAX 0.09 15,781.24 2/28/2019 Qualcomm Inc QCOM 0.19 32,008.11 1.15 PRIMECAP Odyssey Growth POGRX 0.15 25,719.34 12/31/2018 0.53 Vanguard Value Index Adm VVIAX 0.04 6,288.76 2/28/2019 Vail Resorts Inc MTN 0.19 31,973.90 3.09 T. Rowe Price New Horizons I PRJIX 0.19 31,973.90 12/31/2018 Barclays PLC BARC 0.19 31,924.88 2.14 Dodge & Cox International Stock DODFX 0.14 23,417.13 12/31/2018 0.76 American Funds Europacific Growth R5 RERFX 0.05 8,507.75 12/31/2018 Royal Caribbean Cruises Ltd RCL 0.18 31,534.15 1.41 PRIMECAP Odyssey Growth POGRX 0.18 31,534.15 12/31/2018 Citigroup Inc C 0.18 30,908.56 0.66 Vanguard 500 Index Admiral VFIAX 0.09 15,839.25 2/28/2019 1.27 Vanguard Value Index Adm VVIAX 0.09 15,069.30 2/28/2019 Cboe Global Markets Inc C67 0.18 30,592.61 1.85 T. Rowe Price New Horizons I PRJIX 0.11 19,142.95 12/31/2018 1.01 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,449.66 2/28/2019 UBS Group AG UBSG 0.18 30,420.38 2.78 Dodge & Cox International Stock DODFX 0.18 30,420.38 12/31/2018 AIA Group Ltd 01299 0.18 29,889.09 2.67 American Funds Europacific Growth R5 RERFX 0.18 29,889.09 12/31/2018 Hewlett Packard Enterprise Co HPE 0.17 29,643.44 0.89 PRIMECAP Odyssey Growth POGRX 0.12 19,904.54 12/31/2018 0.89 Dodge & Cox International Stock DODFX 0.06 9,738.90 12/31/2018 Biogen Inc BIIB 0.17 29,074.04 1.30 PRIMECAP Odyssey Growth POGRX 0.17 29,074.04 12/31/2018 Texas Instruments Inc TXN 0.17 28,850.39 1.29 PRIMECAP Odyssey Growth POGRX 0.17 28,850.39 12/31/2018 https://portfolio.morningstar.com/RtPort/Reg/PrintWnd.aspx?ViewId=20&pfname=Pension+Portfolio&pfval=17071854.67&viewname=Stock+Intersect… 3/14 4/9/2019 Print Walmart Inc WMT 0.17 28,400.72 0.60 Vanguard 500 Index Admiral VFIAX 0.08 14,399.32 2/28/2019 1.18 Vanguard Value Index Adm VVIAX 0.08 14,001.40 2/28/2019 Biomarin Pharmaceutical Inc BMRN 0.16 27,955.81 1.25 PRIMECAP Odyssey Growth POGRX 0.16 27,955.81 12/31/2018 HDFC Bank Ltd 500180 0.16 27,314.37 2.44 American Funds Europacific Growth R5 RERFX 0.16 27,314.37 12/31/2018 Bright Horizons Family Solutions Inc BFAM 0.16 27,214.03 2.63 T. Rowe Price New Horizons I PRJIX 0.16 27,214.03 12/31/2018 Abbott Laboratories ABT 0.16 27,090.15 0.58 Vanguard 500 Index Admiral VFIAX 0.08 13,919.34 2/28/2019 1.11 Vanguard Value Index Adm VVIAX 0.08 13,170.81 2/28/2019 Oracle Corp ORCL 0.16 26,968.82 0.57 Vanguard 500 Index Admiral VFIAX 0.08 13,679.36 2/28/2019 1.12 Vanguard Value Index Adm VVIAX 0.08 13,289.46 2/28/2019 AECOM ACM 0.16 26,613.93 1.19 PRIMECAP Odyssey Growth POGRX 0.16 26,613.93 12/31/2018 Burlington Stores Inc BURL 0.16 26,593.18 2.57 T. Rowe Price New Horizons I PRJIX 0.16 26,593.18 12/31/2018 Bayer AG BAYN 0.15 25,824.50 2.36 Dodge & Cox International Stock DODFX 0.15 25,824.50 12/31/2018 GlaxoSmithKline PLC GSK 0.15 25,715.07 2.35 Dodge & Cox International Stock DODFX 0.15 25,715.07 12/31/2018 Carnival Corp CCL 0.15 25,495.70 1.14 PRIMECAP Odyssey Growth POGRX 0.15 25,495.70 12/31/2018 Reliance Industries Ltd 500325 0.15 25,411.32 2.27 American Funds Europacific Growth R5 RERFX 0.15 25,411.32 12/31/2018 Linde PLC LIN 0.15 25,277.37 2.31 Dodge & Cox International Stock DODFX 0.15 25,277.37 12/31/2018 Bristol-Myers Squibb Company BMY 0.15 25,272.05 1.13 PRIMECAP Odyssey Growth POGRX 0.15 25,272.05 12/31/2018 AstraZeneca PLC ADR AZN 0.15 24,824.76 1.11 PRIMECAP Odyssey Growth POGRX 0.15 24,824.76 12/31/2018 International Business Machines Corp IBM 0.15 24,822.31 0.53 Vanguard 500 Index Admiral VFIAX 0.07 12,719.40 2/28/2019 1.02 Vanguard Value Index Adm VVIAX 0.07 12,102.90 2/28/2019 BNP Paribas BNP 0.14 24,292.53 2.22 Dodge & Cox International Stock DODFX 0.14 24,292.53 12/31/2018 DowDuPont Inc DWDP 0.14 24,226.35 0.52 Vanguard 500 Index Admiral VFIAX 0.07 12,479.41 2/28/2019 0.99 Vanguard Value Index Adm VVIAX 0.07 11,746.94 2/28/2019 Universal Display Corp OLED 0.14 23,930.17 1.07 PRIMECAP Odyssey Growth POGRX 0.14 23,930.17 12/31/2018 CarMax Inc KMX 0.14 23,930.17 1.07 PRIMECAP Odyssey Growth POGRX 0.14 23,930.17 12/31/2018 Boeing Co BA 0.14 23,758.88 0.99 Vanguard 500 Index Admiral VFIAX 0.14 23,758.88 2/28/2019 Airbus SE EADSF 0.14 23,508.27 2.10 American Funds Europacific Growth R5 RERFX 0.14 23,508.27 12/31/2018 Mitsubishi Electric Corp 6503 0.14 23,417.13 2.14 Dodge & Cox International Stock DODFX 0.14 23,417.13 12/31/2018 Johnson Controls International PLC JCI 0.14 23,417.13 2.14 Dodge & Cox International Stock DODFX 0.14 23,417.13 12/31/2018 Tableau Software Inc A DATA 0.14 23,385.44 2.26 T. Rowe Price New Horizons I PRJIX 0.14 23,385.44 12/31/2018 Banco Santander SA SAN 0.13 22,870.00 2.09 Dodge & Cox International Stock DODFX 0.13 22,870.00 12/31/2018 BlackBerry Ltd BB 0.13 22,811.94 https://portfolio.morningstar.com/RtPort/Reg/PrintWnd.aspx?ViewId=20&pfname=Pension+Portfolio&pfval=17071854.67&viewname=Stock+Intersect… 4/14 4/9/2019 Print 1.02 PRIMECAP Odyssey Growth POGRX 0.13 22,811.94 12/31/2018 Honeywell International Inc HON 0.13 22,675.79 0.49 Vanguard 500 Index Admiral VFIAX 0.07 11,759.45 2/28/2019 0.92 Vanguard Value Index Adm VVIAX 0.06 10,916.34 2/28/2019 UniCredit SpA UCG 0.13 22,213.44 2.03 Dodge & Cox International Stock DODFX 0.13 22,213.44 12/31/2018 Nintendo Co Ltd 7974 0.13 21,381.33 1.91 American Funds Europacific Growth R5 RERFX 0.13 21,381.33 12/31/2018 The Home Depot Inc HD 0.13 21,358.99 0.89 Vanguard 500 Index Admiral VFIAX 0.13 21,358.99 2/28/2019 TransUnion TRU 0.12 21,315.93 2.06 T. Rowe Price New Horizons I PRJIX 0.12 21,315.93 12/31/2018 Gartner Inc A IT 0.12 21,212.46 2.05 T. Rowe Price New Horizons I PRJIX 0.12 21,212.46 12/31/2018 Mastercard Inc A MA 0.12 20,879.02 0.87 Vanguard 500 Index Admiral VFIAX 0.12 20,879.02 2/28/2019 Black Knight Inc A BKI 0.12 20,488.13 1.98 T. Rowe Price New Horizons I PRJIX 0.12 20,488.13 12/31/2018 Delta Air Lines Inc DAL 0.12 20,351.83 0.91 PRIMECAP Odyssey Growth POGRX 0.12 20,351.83 12/31/2018 Waste Connections Inc WCN 0.12 20,177.70 1.95 T. Rowe Price New Horizons I PRJIX 0.12 20,177.70 12/31/2018 Societe Generale SA GLE 0.12 19,915.50 1.82 Dodge & Cox International Stock DODFX 0.12 19,915.50 12/31/2018 Standard Chartered PLC STAN 0.12 19,915.50 1.82 Dodge & Cox International Stock DODFX 0.12 19,915.50 12/31/2018 Flex Ltd FLEX 0.12 19,680.89 0.88 PRIMECAP Odyssey Growth POGRX 0.12 19,680.89 12/31/2018 Qiagen NV QGEN 0.11 19,233.60 0.86 PRIMECAP Odyssey Growth POGRX 0.11 19,233.60 12/31/2018 Schneider Electric SE SU 0.11 18,821.24 1.72 Dodge & Cox International Stock DODFX 0.11 18,821.24 12/31/2018 Samsung Electronics Co Ltd Participating 005935 0.11 18,711.82 Preferred 1.71 Dodge & Cox International Stock DODFX 0.11 18,711.82 12/31/2018 ConocoPhillips COP 0.11 18,703.55 0.98 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,109.57 2/28/2019 0.64 Vanguard Value Index Adm VVIAX 0.04 7,593.98 2/28/2019 Bruker Corp BRKR 0.11 18,683.05 1.00 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,336.30 2/28/2019 0.71 T. Rowe Price New Horizons I PRJIX 0.04 7,346.75 12/31/2018 Engie SA ENGI 0.11 18,602.39 1.70 Dodge & Cox International Stock DODFX 0.11 18,602.39 12/31/2018 Shopify Inc A SHOP 0.11 18,522.10 1.79 T. Rowe Price New Horizons I PRJIX 0.11 18,522.10 12/31/2018 Charles Schwab Corp SCHW 0.11 18,339.01 0.82 PRIMECAP Odyssey Growth POGRX 0.11 18,339.01 12/31/2018 Tencent Holdings Ltd TCTZF 0.11 18,246.90 1.63 American Funds Europacific Growth R5 RERFX 0.11 18,246.90 12/31/2018 Comcast Corp Class A CMCSA 0.11 17,999.15 0.75 Vanguard 500 Index Admiral VFIAX 0.11 17,999.15 2/28/2019 Suncor Energy Inc SU 0.10 17,617.56 1.61 Dodge & Cox International Stock DODFX 0.10 17,617.56 12/31/2018 Petroleo Brasileiro SA Petrobras Participating PETR4 0.10 17,508.13 Preferred 1.60 Dodge & Cox International Stock DODFX 0.10 17,508.13 12/31/2018 Roper Technologies Inc ROP 0.10 17,383.87 1.68 T. Rowe Price New Horizons I PRJIX 0.10 17,383.87 12/31/2018 https://portfolio.morningstar.com/RtPort/Reg/PrintWnd.aspx?ViewId=20&pfname=Pension+Portfolio&pfval=17071854.67&viewname=Stock+Intersect… 5/14 4/9/2019 Print Honda Motor Co Ltd 7267 0.10 17,179.86 1.57 Dodge & Cox International Stock DODFX 0.10 17,179.86 12/31/2018 Chemical Financial Corp CHFC 0.10 17,064.51 0.98 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,109.57 2/28/2019 0.70 PGIM QMA Small-Cap Value Z TASVX 0.03 5,954.94 2/28/2019 The Walt Disney Co DIS 0.10 17,039.20 0.71 Vanguard 500 Index Admiral VFIAX 0.10 17,039.20 2/28/2019 Stratasys Ltd SSYS 0.10 16,773.49 0.75 PRIMECAP Odyssey Growth POGRX 0.10 16,773.49 12/31/2018 SS&C Technologies Holdings Inc SSNC 0.10 16,659.54 1.61 T. Rowe Price New Horizons I PRJIX 0.10 16,659.54 12/31/2018 Credit Suisse Group AG CSGN 0.10 16,632.73 1.52 Dodge & Cox International Stock DODFX 0.10 16,632.73 12/31/2018 Taiwan Semiconductor Manufacturing Co Ltd 2330 0.10 16,455.79 1.47 American Funds Europacific Growth R5 RERFX 0.10 16,455.79 12/31/2018 Illumina Inc ILMN 0.10 16,326.19 0.73 PRIMECAP Odyssey Growth POGRX 0.10 16,326.19 12/31/2018 Liberty Global PLC C LBTYK 0.10 16,304.45 1.49 Dodge & Cox International Stock DODFX 0.10 16,304.45 12/31/2018 GCI Liberty Inc A GLIBA 0.10 16,245.64 1.57 T. Rowe Price New Horizons I PRJIX 0.10 16,245.64 12/31/2018 West Pharmaceutical Services Inc WST 0.10 16,245.64 1.57 T. Rowe Price New Horizons I PRJIX 0.10 16,245.64 12/31/2018 ASML Holding NV ASML 0.09 16,119.96 1.44 American Funds Europacific Growth R5 RERFX 0.09 16,119.96 12/31/2018 Jacobs Engineering Group Inc JEC 0.09 16,102.55 0.72 PRIMECAP Odyssey Growth POGRX 0.09 16,102.55 12/31/2018 Cable One Inc CABO 0.09 16,038.69 1.55 T. Rowe Price New Horizons I PRJIX 0.09 16,038.69 12/31/2018 Netflix Inc NFLX 0.09 15,839.25 0.66 Vanguard 500 Index Admiral VFIAX 0.09 15,839.25 2/28/2019 Kyocera Corp 6971 0.09 15,757.32 1.44 Dodge & Cox International Stock DODFX 0.09 15,757.32 12/31/2018 Bayerische Motoren Werke AG BMW 0.09 15,647.89 1.43 Dodge & Cox International Stock DODFX 0.09 15,647.89 12/31/2018 CoStar Group Inc CSGP 0.09 15,624.79 1.51 T. Rowe Price New Horizons I PRJIX 0.09 15,624.79 12/31/2018 Aviva PLC AV. 0.09 15,538.47 1.42 Dodge & Cox International Stock DODFX 0.09 15,538.47 12/31/2018 Total SA FP 0.09 15,319.62 1.40 Dodge & Cox International Stock DODFX 0.09 15,319.62 12/31/2018 Lloyds Banking Group PLC LLOY 0.09 15,319.62 1.40 Dodge & Cox International Stock DODFX 0.09 15,319.62 12/31/2018 Rentokil Initial PLC RTO 0.09 15,210.88 1.47 T. Rowe Price New Horizons I PRJIX 0.09 15,210.88 12/31/2018 HP Inc HPQ 0.09 15,207.96 0.68 PRIMECAP Odyssey Growth POGRX 0.09 15,207.96 12/31/2018 JD.com Inc ADR JD 0.09 14,991.34 1.37 Dodge & Cox International Stock DODFX 0.09 14,991.34 12/31/2018 Discover Financial Services DFS 0.09 14,984.31 0.67 PRIMECAP Odyssey Growth POGRX 0.09 14,984.31 12/31/2018 Cree Inc CREE 0.09 14,984.31 0.67 PRIMECAP Odyssey Growth POGRX 0.09 14,984.31 12/31/2018 The Toro Co TTC 0.09 14,693.51 1.42 T. Rowe Price New Horizons I PRJIX 0.09 14,693.51 12/31/2018 Baidu Inc ADR BIDU 0.08 14,444.21 1.32 Dodge & Cox International Stock DODFX 0.08 14,444.21 12/31/2018 https://portfolio.morningstar.com/RtPort/Reg/PrintWnd.aspx?ViewId=20&pfname=Pension+Portfolio&pfval=17071854.67&viewname=Stock+Intersect… 6/14 4/9/2019 Print McDonald's Corp MCD 0.08 14,399.32 0.60 Vanguard 500 Index Admiral VFIAX 0.08 14,399.32 2/28/2019 Sony Corp 6758 0.08 14,328.85 1.28 American Funds Europacific Growth R5 RERFX 0.08 14,328.85 12/31/2018 StoneCo Ltd STNE 0.08 14,176.13 1.37 T. Rowe Price New Horizons I PRJIX 0.08 14,176.13 12/31/2018 IAC/InterActiveCorp IAC 0.08 14,176.13 1.37 T. Rowe Price New Horizons I PRJIX 0.08 14,176.13 12/31/2018 Philip Morris International Inc PM 0.08 13,919.34 0.58 Vanguard 500 Index Admiral VFIAX 0.08 13,919.34 2/28/2019 Mitsubishi UFJ Financial Group Inc 8306 0.08 13,897.08 1.27 Dodge & Cox International Stock DODFX 0.08 13,897.08 12/31/2018 Magellan Midstream Partners LP MMP 0.08 13,830.29 1.22 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.08 13,830.29 2/28/2019 EMCOR Group Inc EME 0.08 13,716.92 1.21 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.08 13,716.92 2/28/2019 Schlumberger Ltd SLB 0.08 13,678.23 1.25 Dodge & Cox International Stock DODFX 0.08 13,678.23 12/31/2018 Atlassian Corporation PLC A TEAM 0.08 13,555.28 1.31 T. Rowe Price New Horizons I PRJIX 0.08 13,555.28 12/31/2018 TE Connectivity Ltd TEL 0.08 13,459.38 1.23 Dodge & Cox International Stock DODFX 0.08 13,459.38 12/31/2018 Kotak Mahindra Bank Ltd 500247 0.08 13,433.30 1.20 American Funds Europacific Growth R5 RERFX 0.08 13,433.30 12/31/2018 Universal Health Services Inc Class B UHS 0.08 12,810.02 1.13 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.08 12,810.02 2/28/2019 RealPage Inc RP 0.07 12,727.47 1.23 T. Rowe Price New Horizons I PRJIX 0.07 12,727.47 12/31/2018 Molina Healthcare Inc MOH 0.07 12,727.47 1.23 T. Rowe Price New Horizons I PRJIX 0.07 12,727.47 12/31/2018 Union Pacific Corp UNP 0.07 12,719.40 0.53 Vanguard 500 Index Admiral VFIAX 0.07 12,719.40 2/28/2019 Salesforce.com Inc CRM 0.07 12,719.40 0.53 Vanguard 500 Index Admiral VFIAX 0.07 12,719.40 2/28/2019 Equinor ASA EQNR 0.07 12,693.40 1.16 Dodge & Cox International Stock DODFX 0.07 12,693.40 12/31/2018 Axis Bank Ltd 532215 0.07 12,693.40 1.16 Dodge & Cox International Stock DODFX 0.07 12,693.40 12/31/2018 Grupo Televisa SAB ADR TV 0.07 12,693.40 1.16 Dodge & Cox International Stock DODFX 0.07 12,693.40 12/31/2018 Rollins Inc ROL 0.07 12,624.00 1.22 T. Rowe Price New Horizons I PRJIX 0.07 12,624.00 12/31/2018 Progressive Corp PGR 0.07 12,583.29 1.11 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 12,583.29 2/28/2019 Lamar Advertising Co Class A LAMR 0.07 12,583.29 1.11 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 12,583.29 2/28/2019 RH RH 0.07 12,520.52 1.21 T. Rowe Price New Horizons I PRJIX 0.07 12,520.52 12/31/2018 Medtronic PLC MDT 0.07 12,479.41 0.52 Vanguard 500 Index Admiral VFIAX 0.07 12,479.41 2/28/2019 Motorola Solutions Inc MSI 0.07 12,469.93 1.10 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 12,469.93 2/28/2019 The Hershey Co HSY 0.07 12,469.93 1.10 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 12,469.93 2/28/2019 TransCanada Corp TRP 0.07 12,469.93 1.10 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 12,469.93 2/28/2019 The Ultimate Software Group Inc ULTI 0.07 12,417.05 https://portfolio.morningstar.com/RtPort/Reg/PrintWnd.aspx?ViewId=20&pfname=Pension+Portfolio&pfval=17071854.67&viewname=Stock+Intersect… 7/14 4/9/2019 Print 1.20 T. Rowe Price New Horizons I PRJIX 0.07 12,417.05 12/31/2018 Principal Financial Group Inc PFG 0.07 12,356.57 1.09 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 12,356.57 2/28/2019 Hubbell Inc HUBB 0.07 12,356.57 1.09 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 12,356.57 2/28/2019 Booz Allen Hamilton Holding Corp BAH 0.07 12,313.57 1.19 T. Rowe Price New Horizons I PRJIX 0.07 12,313.57 12/31/2018 ServiceMaster Global Holdings Inc SERV 0.07 12,313.57 1.19 T. Rowe Price New Horizons I PRJIX 0.07 12,313.57 12/31/2018 Aegon NV AGN 0.07 12,255.69 1.12 Dodge & Cox International Stock DODFX 0.07 12,255.69 12/31/2018 Eaton Corp PLC ETN 0.07 12,243.20 1.08 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 12,243.20 2/28/2019 3M Co MMM 0.07 12,239.42 0.51 Vanguard 500 Index Admiral VFIAX 0.07 12,239.42 2/28/2019 AbbVie Inc ABBV 0.07 12,239.42 0.51 Vanguard 500 Index Admiral VFIAX 0.07 12,239.42 2/28/2019 KAR Auction Services Inc KAR 0.07 12,016.48 1.06 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 12,016.48 2/28/2019 Equinix Inc EQIX 0.07 11,903.11 1.05 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,903.11 2/28/2019 Comerica Inc CMA 0.07 11,903.11 1.05 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,903.11 2/28/2019 Vale SA ADR VALE 0.07 11,866.08 1.06 American Funds Europacific Growth R5 RERFX 0.07 11,866.08 12/31/2018 Allstate Corp ALL 0.07 11,789.75 1.04 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,789.75 2/28/2019 PayPal Holdings Inc PYPL 0.07 11,759.45 0.49 Vanguard 500 Index Admiral VFIAX 0.07 11,759.45 2/28/2019 Brunswick Corp BC 0.07 11,676.39 1.03 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,676.39 2/28/2019 Kansas City Southern KSU 0.07 11,676.39 1.03 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,676.39 2/28/2019 Nucor Corp NUE 0.07 11,676.39 1.03 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,676.39 2/28/2019 Evergy Inc EVRG 0.07 11,563.03 1.02 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,563.03 2/28/2019 Southwest Gas Holdings Inc SWX 0.07 11,563.03 1.02 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,563.03 2/28/2019 Tractor Supply Co TSCO 0.07 11,563.03 1.02 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,563.03 2/28/2019 Northrop Grumman Corp NOC 0.07 11,563.03 1.02 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,563.03 2/28/2019 LVMH Moet Hennessy Louis Vuitton SE MC 0.07 11,530.25 1.03 American Funds Europacific Growth R5 RERFX 0.07 11,530.25 12/31/2018 Galaxy Entertainment Group Ltd 00027 0.07 11,530.25 1.03 American Funds Europacific Growth R5 RERFX 0.07 11,530.25 12/31/2018 Broadcom Inc AVGO 0.07 11,519.46 0.48 Vanguard 500 Index Admiral VFIAX 0.07 11,519.46 2/28/2019 Packaging Corp of America PKG 0.07 11,449.66 1.01 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,449.66 2/28/2019 The Hartford Financial Services Group Inc HIG 0.07 11,449.66 1.01 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,449.66 2/28/2019 Regions Financial Corp RF 0.07 11,449.66 1.01 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,449.66 2/28/2019 BOK Financial Corp BOKF 0.07 11,449.66 1.01 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,449.66 2/28/2019 https://portfolio.morningstar.com/RtPort/Reg/PrintWnd.aspx?ViewId=20&pfname=Pension+Portfolio&pfval=17071854.67&viewname=Stock+Intersect… 8/14 4/9/2019 Print M&T Bank Corp MTB 0.07 11,449.66 1.01 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,449.66 2/28/2019 British American Tobacco PLC BATS 0.07 11,418.30 1.02 American Funds Europacific Growth R5 RERFX 0.07 11,418.30 12/31/2018 TD Ameritrade Holding Corp AMTD 0.07 11,336.30 1.00 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,336.30 2/28/2019 JB Hunt Transport Services Inc JBHT 0.07 11,336.30 1.00 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,336.30 2/28/2019 Crane Co CR 0.07 11,336.30 1.00 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,336.30 2/28/2019 Fifth Third Bancorp FITB 0.07 11,336.30 1.00 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,336.30 2/28/2019 Amphenol Corp Class A APH 0.07 11,336.30 1.00 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,336.30 2/28/2019 Fidelity National Information Services Inc FIS 0.07 11,336.30 1.00 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,336.30 2/28/2019 KeyCorp KEY 0.07 11,336.30 1.00 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,336.30 2/28/2019 Ameriprise Financial Inc AMP 0.07 11,336.30 1.00 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,336.30 2/28/2019 Raymond James Financial Inc RJF 0.07 11,336.30 1.00 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,336.30 2/28/2019 State Street Corporation STT 0.07 11,336.30 1.00 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,336.30 2/28/2019 Amdocs Ltd DOX 0.07 11,222.94 0.99 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,222.94 2/28/2019 Citizens Financial Group Inc CFG 0.07 11,222.94 0.99 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,222.94 2/28/2019 Magna International Inc Class A MG 0.07 11,222.94 0.99 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,222.94 2/28/2019 Norfolk Southern Corp NSC 0.07 11,222.94 0.99 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,222.94 2/28/2019 Celanese Corp CE 0.07 11,222.94 0.99 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,222.94 2/28/2019 Cemex SAB de CV ADR CX 0.07 11,161.43 1.02 Dodge & Cox International Stock DODFX 0.07 11,161.43 12/31/2018 Grifols SA ADR GRFS 0.07 11,109.57 0.98 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,109.57 2/28/2019 PACCAR Inc PCAR 0.07 11,109.57 0.98 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,109.57 2/28/2019 CoreSite Realty Corp COR 0.07 11,109.57 0.98 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,109.57 2/28/2019 Southern Co SO 0.07 11,109.57 0.98 AllianzGI NFJ Mid-Cap Value Instl PRNIX 0.07 11,109.57 2/28/2019 SK Hynix Inc 000660 0.06 11,082.47 0.99 American Funds Europacific Growth R5 RERFX 0.06 11,082.47 12/31/2018 Nike Inc B NKE 0.06 11,039.48 0.46 Vanguard 500 Index Admiral VFIAX 0.06 11,039.48 2/28/2019 Abcam PLC ABC 0.06 10,968.39 1.06 T. Rowe Price New Horizons I PRJIX 0.06 10,968.39 12/31/2018 Prudential PLC PRU 0.06 10,858.58 0.97 American Funds Europacific Growth R5 RERFX 0.06 10,858.58 12/31/2018 Orsted A/S ORSTED 0.06 10,746.64 0.96 American Funds Europacific Growth R5 RERFX 0.06 10,746.64 12/31/2018 MSCI Inc MSCI 0.06 10,657.97 1.03 T. Rowe Price New Horizons I PRJIX 0.06 10,657.97 12/31/2018 LafargeHolcim Ltd LHN 0.06 10,614.31 https://portfolio.morningstar.com/RtPort/Reg/PrintWnd.aspx?ViewId=20&pfname=Pension+Portfolio&pfval=17071854.67&viewname=Stock+Intersect… 9/14 4/9/2019 Print 0.97 Dodge & Cox International Stock DODFX 0.06 10,614.31 12/31/2018 IDEXX Laboratories Inc IDXX 0.06 10,554.49 1.02 T. Rowe Price New Horizons I PRJIX 0.06 10,554.49 12/31/2018 Booking Holdings Inc BKNG 0.06 10,504.88 0.96 Dodge & Cox International Stock DODFX 0.06 10,504.88 12/31/2018 United Technologies Corp UTX 0.06 9,967.10 0.84 Vanguard Value Index Adm VVIAX 0.06 9,967.10 2/28/2019 SoftBank Group Corp 9984 0.06 9,851.08 0.88 American Funds Europacific Growth R5 RERFX 0.06 9,851.08 12/31/2018 Millicom International Cellular SA DR MICCF 0.06 9,848.32 0.90 Dodge & Cox International Stock DODFX 0.06 9,848.32 12/31/2018 BWX Technologies Inc BWXT 0.06 9,726.69 0.94 T. Rowe Price New Horizons I PRJIX 0.06 9,726.69 12/31/2018 Valmont Industries Inc VMI 0.06 9,623.21 0.93 T. Rowe Price New Horizons I PRJIX 0.06 9,623.21 12/31/2018 Nidec Corp 6594 0.06 9,520.05 0.87 Dodge & Cox International Stock DODFX 0.06 9,520.05 12/31/2018 Mobile Mini Inc MINI 0.06 9,519.74 0.92 T. Rowe Price New Horizons I PRJIX 0.06 9,519.74 12/31/2018 Dunkin' Brands Group Inc DNKN 0.05 9,312.79 0.90 T. Rowe Price New Horizons I PRJIX 0.05 9,312.79 12/31/2018 Nestle SA NESN 0.05 9,291.36 0.83 American Funds Europacific Growth R5 RERFX 0.05 9,291.36 12/31/2018 China Construction Bank Corp Class H CICHF 0.05 9,291.36 0.83 American Funds Europacific Growth R5 RERFX 0.05 9,291.36 12/31/2018 Graco Inc GGG 0.05 9,209.31 0.89 T. Rowe Price New Horizons I PRJIX 0.05 9,209.31 12/31/2018 Liberty Global PLC Class A LBTYA 0.05 9,191.77 0.84 Dodge & Cox International Stock DODFX 0.05 9,191.77 12/31/2018 Signature Bank SBNY 0.05 9,105.84 0.88 T. Rowe Price New Horizons I PRJIX 0.05 9,105.84 12/31/2018 Armstrong World Industries Inc AWI 0.05 8,898.88 0.86 T. Rowe Price New Horizons I PRJIX 0.05 8,898.88 12/31/2018 Daiichi Sankyo Co Ltd 4568 0.05 8,843.59 0.79 American Funds Europacific Growth R5 RERFX 0.05 8,843.59 12/31/2018 Shire PLC 0.05 8,843.59 0.79 American Funds Europacific Growth R5 RERFX 0.05 8,843.59 12/31/2018 Coupa Software Inc COUP 0.05 8,795.41 0.85 T. Rowe Price New Horizons I PRJIX 0.05 8,795.41 12/31/2018 General Electric Co GE 0.05 8,780.54 0.74 Vanguard Value Index Adm VVIAX 0.05 8,780.54 2/28/2019 IBERIABANK Corp IBKC 0.05 8,762.26 1.03 PGIM QMA Small-Cap Value Z TASVX 0.05 8,762.26 2/28/2019 MGIC Investment Corp MTG 0.05 8,677.19 1.02 PGIM QMA Small-Cap Value Z TASVX 0.05 8,677.19 2/28/2019 NextEra Energy Inc NEE 0.05 8,661.88 0.73 Vanguard Value Index Adm VVIAX 0.05 8,661.88 2/28/2019 Radian Group Inc RDN 0.05 8,592.12 1.01 PGIM QMA Small-Cap Value Z TASVX 0.05 8,592.12 2/28/2019 FirstService Corp FSV 0.05 8,588.46 0.83 T. Rowe Price New Horizons I PRJIX 0.05 8,588.46 12/31/2018 RBC Bearings Inc ROLL 0.05 8,588.46 0.83 T. Rowe Price New Horizons I PRJIX 0.05 8,588.46 12/31/2018 CarGurus Inc Class A CARG 0.05 8,588.46 0.83 T. Rowe Price New Horizons I PRJIX 0.05 8,588.46 12/31/2018 Sarepta Therapeutics Inc SRPT 0.05 8,484.98 0.82 T. Rowe Price New Horizons I PRJIX 0.05 8,484.98 12/31/2018 https://portfolio.morningstar.com/RtPort/Reg/PrintWnd.aspx?ViewId=20&pfname=Pension+Portfolio&pfval=17071854.67&viewname=Stock+Interse… 10/14 4/9/2019 Print Ryanair Holdings PLC ADR RYAAY 0.05 8,395.81 0.75 American Funds Europacific Growth R5 RERFX 0.05 8,395.81 12/31/2018 adidas AG ADS 0.05 8,395.81 0.75 American Funds Europacific Growth R5 RERFX 0.05 8,395.81 12/31/2018 Sage Therapeutics Inc SAGE 0.05 8,381.51 0.81 T. Rowe Price New Horizons I PRJIX 0.05 8,381.51 12/31/2018 Proofpoint Inc PFPT 0.05 8,278.03 0.80 T. Rowe Price New Horizons I PRJIX 0.05 8,278.03 12/31/2018 Gilead Sciences Inc GILD 0.05 8,187.26 0.69 Vanguard Value Index Adm VVIAX 0.05 8,187.26 2/28/2019 International Consolidated Airlines Group SA IAG 0.05 8,171.92 0.73 American Funds Europacific Growth R5 RERFX 0.05 8,171.92 12/31/2018 Mallinckrodt PLC MNK 0.05 8,166.77 0.96 PGIM QMA Small-Cap Value Z TASVX 0.05 8,166.77 2/28/2019 MercadoLibre Inc MELI 0.05 8,059.98 0.72 American Funds Europacific Growth R5 RERFX 0.05 8,059.98 12/31/2018 First American Financial Corp FAF 0.05 7,967.61 0.77 T. Rowe Price New Horizons I PRJIX 0.05 7,967.61 12/31/2018 Glencore PLC GLCNF 0.05 7,836.09 0.70 American Funds Europacific Growth R5 RERFX 0.05 7,836.09 12/31/2018 Caterpillar Inc CAT 0.05 7,831.29 0.66 Vanguard Value Index Adm VVIAX 0.05 7,831.29 2/28/2019 GrubHub Inc GRUB 0.05 7,760.66 0.75 T. Rowe Price New Horizons I PRJIX 0.05 7,760.66 12/31/2018 American Equity Investment Life Holding Co AEL 0.05 7,741.42 0.91 PGIM QMA Small-Cap Value Z TASVX 0.05 7,741.42 2/28/2019 RLJ Lodging Trust RLJ 0.05 7,741.42 0.91 PGIM QMA Small-Cap Value Z TASVX 0.05 7,741.42 2/28/2019 Keyence Corp 6861 0.04 7,612.20 0.68 American Funds Europacific Growth R5 RERFX 0.04 7,612.20 12/31/2018 American Axle & Mfg Holdings Inc AXL 0.04 7,571.28 0.89 PGIM QMA Small-Cap Value Z TASVX 0.04 7,571.28 2/28/2019 Tech Data Corp TECD 0.04 7,571.28 0.89 PGIM QMA Small-Cap Value Z TASVX 0.04 7,571.28 2/28/2019 Sabra Health Care REIT Inc SBRA 0.04 7,486.21 0.88 PGIM QMA Small-Cap Value Z TASVX 0.04 7,486.21 2/28/2019 Stifel Financial Corp SF 0.04 7,486.21 0.88 PGIM QMA Small-Cap Value Z TASVX 0.04 7,486.21 2/28/2019 Anthem Inc ANTM 0.04 7,475.32 0.63 Vanguard Value Index Adm VVIAX 0.04 7,475.32 2/28/2019 GCP Applied Technologies Inc GCP 0.04 7,450.23 0.72 T. Rowe Price New Horizons I PRJIX 0.04 7,450.23 12/31/2018 Teck Resources Ltd Class B TECK.B 0.04 7,388.31 0.66 American Funds Europacific Growth R5 RERFX 0.04 7,388.31 12/31/2018 Amadeus IT Group SA A AMS 0.04 7,388.31 0.66 American Funds Europacific Growth R5 RERFX 0.04 7,388.31 12/31/2018 Industria De Diseno Textil SA ITX 0.04 7,388.31 0.66 American Funds Europacific Growth R5 RERFX 0.04 7,388.31 12/31/2018 Housing Development Finance Corp Ltd 500010 0.04 7,276.37 0.65 American Funds Europacific Growth R5 RERFX 0.04 7,276.37 12/31/2018 CVS Health Corp CVS 0.04 7,238.01 0.61 Vanguard Value Index Adm VVIAX 0.04 7,238.01 2/28/2019 US Bancorp USB 0.04 7,238.01 0.61 Vanguard Value Index Adm VVIAX 0.04 7,238.01 2/28/2019 Pernod Ricard SA RI 0.04 7,164.43 0.64 American Funds Europacific Growth R5 RERFX 0.04 7,164.43 12/31/2018 Eurofins Scientific SE ERF 0.04 7,139.80 https://portfolio.morningstar.com/RtPort/Reg/PrintWnd.aspx?ViewId=20&pfname=Pension+Portfolio&pfval=17071854.67&viewname=Stock+Interse… 11/14 4/9/2019 Print 0.69 T. Rowe Price New Horizons I PRJIX 0.04 7,139.80 12/31/2018 American Express Co AXP 0.04 7,119.36 0.60 Vanguard Value Index Adm VVIAX 0.04 7,119.36 2/28/2019 Washington Federal Inc WAFD 0.04 6,975.78 0.82 PGIM QMA Small-Cap Value Z TASVX 0.04 6,975.78 2/28/2019 Aircastle Ltd AYR 0.04 6,975.78 0.82 PGIM QMA Small-Cap Value Z TASVX 0.04 6,975.78 2/28/2019 Hancock Whitney Corp HWC 0.04 6,890.71 0.81 PGIM QMA Small-Cap Value Z TASVX 0.04 6,890.71 2/28/2019 Gannett Co Inc GCI 0.04 6,890.71 0.81 PGIM QMA Small-Cap Value Z TASVX 0.04 6,890.71 2/28/2019 Atlas Air Worldwide Holdings Inc AAWW 0.04 6,805.64 0.80 PGIM QMA Small-Cap Value Z TASVX 0.04 6,805.64 2/28/2019 Nelnet Inc Class A NNI 0.04 6,720.57 0.79 PGIM QMA Small-Cap Value Z TASVX 0.04 6,720.57 2/28/2019 SkyWest Inc SKYW 0.04 6,720.57 0.79 PGIM QMA Small-Cap Value Z TASVX 0.04 6,720.57 2/28/2019 TRI Pointe Group Inc TPH 0.04 6,720.57 0.79 PGIM QMA Small-Cap Value Z TASVX 0.04 6,720.57 2/28/2019 Essilorluxottica EL 0.04 6,716.65 0.60 American Funds Europacific Growth R5 RERFX 0.04 6,716.65 12/31/2018 Mondelez International Inc Class A MDLZ 0.04 6,644.73 0.56 Vanguard Value Index Adm VVIAX 0.04 6,644.73 2/28/2019 Great Western Bancorp Inc GWB 0.04 6,635.50 0.78 PGIM QMA Small-Cap Value Z TASVX 0.04 6,635.50 2/28/2019 Triton International Ltd Ordinary Shares TRTN 0.04 6,635.50 0.78 PGIM QMA Small-Cap Value Z TASVX 0.04 6,635.50 2/28/2019 Peabody Energy Corp BTU 0.04 6,635.50 0.78 PGIM QMA Small-Cap Value Z TASVX 0.04 6,635.50 2/28/2019 Teva Pharmaceutical Industries Ltd ADR TEVA 0.04 6,604.70 0.59 American Funds Europacific Growth R5 RERFX 0.04 6,604.70 12/31/2018 International Bancshares Corp IBOC 0.04 6,550.43 0.77 PGIM QMA Small-Cap Value Z TASVX 0.04 6,550.43 2/28/2019 Taylor Morrison Home Corp Class A TMHC 0.04 6,550.43 0.77 PGIM QMA Small-Cap Value Z TASVX 0.04 6,550.43 2/28/2019 HDFC Bank Ltd ADR HDB 0.04 6,492.76 0.58 American Funds Europacific Growth R5 RERFX 0.04 6,492.76 12/31/2018 Group 1 Automotive Inc GPI 0.04 6,465.36 0.76 PGIM QMA Small-Cap Value Z TASVX 0.04 6,465.36 2/28/2019 Bed Bath & Beyond Inc BBBY 0.04 6,465.36 0.76 PGIM QMA Small-Cap Value Z TASVX 0.04 6,465.36 2/28/2019 Liberty Expedia Holdings Inc A LEXEA 0.04 6,465.36 0.76 PGIM QMA Small-Cap Value Z TASVX 0.04 6,465.36 2/28/2019 Goldman Sachs Group Inc GS 0.04 6,407.42 0.54 Vanguard Value Index Adm VVIAX 0.04 6,407.42 2/28/2019 Cigna Corp CI 0.04 6,407.42 0.54 Vanguard Value Index Adm VVIAX 0.04 6,407.42 2/28/2019 KB Home KBH 0.04 6,295.22 0.74 PGIM QMA Small-Cap Value Z TASVX 0.04 6,295.22 2/28/2019 Hope Bancorp Inc HOPE 0.04 6,295.22 0.74 PGIM QMA Small-Cap Value Z TASVX 0.04 6,295.22 2/28/2019 CME Group Inc Class A CME 0.04 6,288.76 0.53 Vanguard Value Index Adm VVIAX 0.04 6,288.76 2/28/2019 Duke Energy Corp DUK 0.04 6,170.11 0.52 Vanguard Value Index Adm VVIAX 0.04 6,170.11 2/28/2019 Amkor Technology Inc AMKR 0.04 6,125.08 0.72 PGIM QMA Small-Cap Value Z TASVX 0.04 6,125.08 2/28/2019 https://portfolio.morningstar.com/RtPort/Reg/PrintWnd.aspx?ViewId=20&pfname=Pension+Portfolio&pfval=17071854.67&viewname=Stock+Interse… 12/14 4/9/2019 Print China Gas Holdings Ltd CGHOF 0.04 6,044.98 0.54 American Funds Europacific Growth R5 RERFX 0.04 6,044.98 12/31/2018 Kao Corp 4452 0.04 6,044.98 0.54 American Funds Europacific Growth R5 RERFX 0.04 6,044.98 12/31/2018 Genesco Inc GCO 0.04 6,040.01 0.71 PGIM QMA Small-Cap Value Z TASVX 0.04 6,040.01 2/28/2019 Federal Agricultural Mortgage Corp Class C AGM 0.04 6,040.01 0.71 PGIM QMA Small-Cap Value Z TASVX 0.04 6,040.01 2/28/2019 Dillard's Inc DDS 0.03 5,954.94 0.70 PGIM QMA Small-Cap Value Z TASVX 0.03 5,954.94 2/28/2019 Hersha Hospitality Trust HT 0.03 5,869.87 0.69 PGIM QMA Small-Cap Value Z TASVX 0.03 5,869.87 2/28/2019 Meritage Homes Corp MTH 0.03 5,784.80 0.68 PGIM QMA Small-Cap Value Z TASVX 0.03 5,784.80 2/28/2019 Office Properties Income Trust OPI 0.03 5,784.80 0.68 PGIM QMA Small-Cap Value Z TASVX 0.03 5,784.80 2/28/2019 Yamato Holdings Co Ltd 9064 0.03 5,709.15 0.51 American Funds Europacific Growth R5 RERFX 0.03 5,709.15 12/31/2018 TTM Technologies Inc TTMI 0.03 5,614.66 0.66 PGIM QMA Small-Cap Value Z TASVX 0.03 5,614.66 2/28/2019 ENN Energy Holdings Ltd XNGSF 0.03 5,597.21 0.50 American Funds Europacific Growth R5 RERFX 0.03 5,597.21 12/31/2018 Chugai Pharmaceutical Co Ltd 4519 0.03 5,597.21 0.50 American Funds Europacific Growth R5 RERFX 0.03 5,597.21 12/31/2018 Murata Manufacturing Co Ltd 6981 0.03 5,597.21 0.50 American Funds Europacific Growth R5 RERFX 0.03 5,597.21 12/31/2018 Walgreens Boots Alliance Inc WBA 0.03 5,576.83 0.47 Vanguard Value Index Adm VVIAX 0.03 5,576.83 2/28/2019 CSX Corp CSX 0.03 5,576.83 0.47 Vanguard Value Index Adm VVIAX 0.03 5,576.83 2/28/2019 Chubb Ltd CB 0.03 5,576.83 0.47 Vanguard Value Index Adm VVIAX 0.03 5,576.83 2/28/2019 Ashford Hospitality Trust Inc AHT 0.03 5,529.58 0.65 PGIM QMA Small-Cap Value Z TASVX 0.03 5,529.58 2/28/2019 Royal Dutch Shell PLC B RDSB 0.03 5,485.26 0.49 American Funds Europacific Growth R5 RERFX 0.03 5,485.26 12/31/2018 Safran SA SAF 0.03 5,485.26 0.49 American Funds Europacific Growth R5 RERFX 0.03 5,485.26 12/31/2018 Employers Holdings Inc EIG 0.03 5,359.44 0.63 PGIM QMA Small-Cap Value Z TASVX 0.03 5,359.44 2/28/2019 Berkshire Hills Bancorp Inc BHLB 0.03 5,359.44 0.63 PGIM QMA Small-Cap Value Z TASVX 0.03 5,359.44 2/28/2019 SpartanNash Co SPTN 0.03 5,359.44 0.63 PGIM QMA Small-Cap Value Z TASVX 0.03 5,359.44 2/28/2019 Dominion Energy Inc D 0.03 5,339.52 0.45 Vanguard Value Index Adm VVIAX 0.03 5,339.52 2/28/2019 Cars.com Inc CARS 0.03 5,274.37 0.62 PGIM QMA Small-Cap Value Z TASVX 0.03 5,274.37 2/28/2019 Abercrombie & Fitch Co Class A ANF 0.03 5,274.37 0.62 PGIM QMA Small-Cap Value Z TASVX 0.03 5,274.37 2/28/2019 Clearway Energy Inc Class C CWEN 0.03 5,274.37 0.62 PGIM QMA Small-Cap Value Z TASVX 0.03 5,274.37 2/28/2019 Schnitzer Steel Industries Inc Class A SCHN 0.03 5,274.37 0.62 PGIM QMA Small-Cap Value Z TASVX 0.03 5,274.37 2/28/2019 Xenia Hotels & Resorts Inc XHR 0.03 5,274.37 0.62 PGIM QMA Small-Cap Value Z TASVX 0.03 5,274.37 2/28/2019 Morgan Stanley MS 0.03 5,220.86 https://portfolio.morningstar.com/RtPort/Reg/PrintWnd.aspx?ViewId=20&pfname=Pension+Portfolio&pfval=17071854.67&viewname=Stock+Interse… 13/14 4/9/2019 Print 0.44 Vanguard Value Index Adm VVIAX 0.03 5,220.86 2/28/2019 Signet Jewelers Ltd SIG 0.03 5,104.23 0.60 PGIM QMA Small-Cap Value Z TASVX 0.03 5,104.23 2/28/2019 Raytheon Co RTN 0.03 5,102.20 0.43 Vanguard Value Index Adm VVIAX 0.03 5,102.20 2/28/2019 PNC Financial Services Group Inc PNC 0.03 5,102.20 0.43 Vanguard Value Index Adm VVIAX 0.03 5,102.20 2/28/2019 Kite Realty Group Trust KRG 0.03 5,019.16 0.59 PGIM QMA Small-Cap Value Z TASVX 0.03 5,019.16 2/28/2019 Ship Finance International Ltd SFL 0.03 5,019.16 0.59 PGIM QMA Small-Cap Value Z TASVX 0.03 5,019.16 2/28/2019 Old National Bancorp ONB 0.03 5,019.16 0.59 PGIM QMA Small-Cap Value Z TASVX 0.03 5,019.16 2/28/2019

https://portfolio.morningstar.com/RtPort/Reg/PrintWnd.aspx?ViewId=20&pfname=Pension+Portfolio&pfval=17071854.67&viewname=Stock+Interse… 14/14 Allocation Performance (%) Morningstar Ratings International Options as of 3/26/2019 Market % 3 3 5 10 Analyst Fund Name YTD 2018 2017 Stars Return* Risk* Overall* Fund Category % USA Comments Value ($) Weight Month Year Year Year Rating

International Equity Mutual Funds - Current Holdings Foreign Large American Funds Europacific Growth R5 966,927 6.3% 13.44 12.28 (14.95) 31.09 9.56 4.42 9.38 Gold 3 Avg < Avg Neutral Growth 0% Experienced managers; low costs Bottom-up fundamental research; favors good Foreign Large management, competitive advantages & growth Dodge & Cox International Stock 962,103 6.3% 10.27 9.40 (17.98) 23.94 8.50 1.22 9.62 Gold 4 > Avg High > Avg Value 8% potential. Buy on dips. Low turnover. International Equity Total 1,929,030 12.6% 11.86 10.84 (16.46) 27.52 9.03 2.82 9.50 Benchmark (MSCI EAFE NR USD) 12.19 10.00 (13.79) 25.03 7.98 2.61 8.48 Not Applicable vs. Benchmark (MSCI EAFE NR USD) (0.33) 0.84 (2.67) 2.49 1.05 0.21 1.02

Alternate Benchmark (MSCI ACWI Ex-USA NR USD) 12.36 10.09 (14.20) 27.19 8.84 2.87 8.33 Not Applicable Vs. Alt Benchmark (MSCI ACWI Ex-USA NR USD) (0.50) 0.75 (2.26) 0.33 0.19 (0.05) 1.17

Green = Better performance than our holdings & both benchmarks International ALTERNATES TO CONSIDER Yellow = Better than both benchmarks & one of our holdings Red = Worse than our holdings & both benchmarks World Large Multinational blue chips focus (including American Funds New Perspective A 14.83 13.25 (5.85) 28.90 13.39 8.97 13.20 Gold 4 > Avg Avg > Avg Stock 55% domiciled in emerging markets); Tech focus Risk-averse, revenue-centric process to capitalize on growth. Includes debt & developed- markets multinationals with at least a fifth of Diversified their revenue or assets attributable to emerging American Funds New World A 13.99 12.90 (12.30) 32.55 11.46 4.58 9.53 Gold 4 Avg Low > Avg Emerging Mkts 18% economies World Large Long-term quality focus; low turnover; premium Dreyfus Global Stock I 15.50 14.13 (1.73) 24.23 13.78 9.27 12.01 Silver 4 > Avg < Avg > Avg Stock 54% earnings mutliple but quality is defensive. Focus on competitively advantaged companies Foreign Large with multiyear Fidelity® International Growth 13.23 11.91 (11.51) 29.56 8.98 5.04 11.16 Silver 4 > Avg < Avg > Avg Growth 21% structural-growth tailwinds Foreign Large Risk-averse, value-oriented. Only 50 stocks. FMI International 7.88 7.09 (9.46) 15.45 6.74 5.77 Silver 4 > Avg Low > Avg Blend 18% Hedges FX World Large Strong mgmt; quality-growth discipline; Harding Loevner Global Equity Inst 14.07 13.34 (10.37) 32.15 13.15 9.06 Silver 4 High > Avg > Avg Stock 46% outperformed in many slumps but not late 2018 Diversified High-quality dividend paying focus; outperforms Matthews Asia Dividend Investor 7.23 6.63 (12.72) 34.69 8.93 7.15 12.08 Silver 4 > Avg Low > Avg Pacific/Asia 0% in specific sector (Pacific/Asia) Notable tilts in consumer & healthcare over World Large commodities -relative performance MFS® Global Equity I 15.23 13.72 (9.60) 23.91 10.94 7.16 13.19 Gold 4 > Avg Avg > Avg Stock 55% best during tougher equity markets. Diversified Focus on growing trends (e-commerce & Oppenheimer Developing Markets A 12.02 11.11 (12.14) 34.77 11.52 3.77 10.58 Silver 4 > Avg < Avg > Avg Emerging Mkts 0% healthcare). Under-weight commodity.

* > Avg = Above Average; < Avg = Below Average Data through February 28, 2019 FINRA members: For internal or institutional use only. Ticker Yield Total Assets Mstar Category American Funds Europacific Growth R5 RERFX 1.5% $153,904 mil Foreign Large Growth

Benchmark 1: MSCI ACWI Ex USA Growth NR USD Historical Profile Investment Style Benchmark 2: MSCI ACWI Ex USA NR USD Equity Return Average 7 7 7 7 7 7 7 7 Morningstar Analyst Rating 09-21-18 Risk Below Avg Rating QQQ 25.0 Neutral Growth of $10,000 Œ 20.0 Investment Values of Fund Morningstar Pillars 15.0 Investment Values of Process ∞ Positive Benchmark 1 Performance Positive ∞ 10.0 People ∞ Positive Parent ∞ Positive Performance Quartile Price ∞ Positive & ( * * * * ( & * ( * (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 38.28 41.31 35.09 41.13 48.98 47.04 45.27 45.01 56.09 44.95 49.86 NAV analysts believe lead to funds that are more likely to outperform over 39.55 9.72 -13.33 19.57 20.54 -2.35 -0.53 1.00 31.09 -14.95 10.92 Total Return % the long term on a risk-adjusted basis. 0.87 -4.74 0.87 2.91 5.05 0.30 0.72 0.88 -0.93 -0.53 0.41 +/- Bmark 1 Analyst Rating Spectrum -1.90 -1.44 0.37 2.74 5.25 1.51 5.13 -3.49 3.89 -0.76 1.27 +/- Bmark 2 Œ „ ´ ‰ Á 2.59 1.78 1.72 2.34 1.43 1.62 2.00 1.57 1.45 1.42 0.00 Income Return % 36.95 7.93 -15.06 17.23 19.11 -3.98 -2.54 -0.57 29.64 -16.37 10.92 Capital Return % Pillar Spectrum 13 55 40 27 41 28 67 21 45 59 44 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.72 0.68 0.71 0.82 0.59 0.80 0.94 0.71 0.64 0.77 0.00 Income $ 0.00 0.00 0.00 0.00 0.00 0.00 0.59 0.00 2.13 2.24 0.00 Capital Gains $ Performance 02-28-19 0.54 0.56 0.55 0.55 0.55 0.54 0.53 0.54 0.54 0.53 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 2.60 1.80 1.65 1.93 1.78 1.79 1.19 1.21 1.27 1.16 . Income Ratio % 2014 0.69 2.94 -4.22 -1.65 -2.35 41 26 31 24 28 28 28 30 36 29 . Turnover Rate % 2015 5.97 1.10 -9.82 2.94 -0.53 17,708 16,432 12,973 13,488 13,336 10,829 9,770 8,187 9,118 6,625 7,243 Net Assets $mil 2016 -2.32 -0.32 8.21 -4.14 1.00 2017 9.35 7.66 6.82 4.23 31.09 2018 1.02 -2.82 -0.86 -12.61 -14.95 Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Total Stocks: 328 Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Share change since 09-30-18 Sector Country % Assets Return% 1 2 Cat $10,000 1 Yr -7.35 YAIA Group Ltd Finan Svcs Hong Kong 2.68 3 Mo 5.23 -0.23 0.54 36 10,523 3 Yr 11.05 +Avg Avg QQQQ THDFC Bank Ltd Finan Svcs India 2.44 6 Mo -3.59 0.18 -1.13 29 9,641 5 Yr 3.64 Avg -Avg QQQ YReliance Industries Ltd Energy India 2.27 1 Yr -7.35 -1.45 -0.89 72 9,265 10 Yr 10.45 Avg -Avg QQQ TAirbus SE Industrl Netherlands 2.10 3 Yr Avg 11.05 0.55 0.33 29 13,694 Incept 7.37 YSamsung Electronics Co Lt Technology South Korea 1.93 5 Yr Avg 3.64 -0.05 1.14 41 11,956 TNintendo Co Ltd Technology Japan 1.91 10 Yr Avg 10.45 0.38 0.83 48 27,030 Other Measures Standard Index Best Fit Index Alibaba Group Holding Ltd Cnsmr Cyc China 1.66 15 Yr Avg 7.06 1.22 1.48 8 27,832 Alpha 0.3 0.6 TTencent Holdings Ltd Technology China 1.64 TTaiwan Semiconductor Manu Technology Taiwan 1.47 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Beta 1.01 0.99 YASML Holding NV Technology South Korea 1.45 3 Yr (estimated) 9.84 30 1.09 75 R-Squared 93 95 YSony Corp Technology Japan 1.29 5 Yr (estimated) 2.65 45 0.95 72 Standard Deviation 11.93 YKotak Mahindra Bank Ltd Finan Svcs India 1.20 10 Yr (estimated) 9.63 48 0.75 69 Mean 11.05 TVale SA ADR Basic Mat Brazil 1.06 Potential Capital Gain Exposure: 26% of assets Sharpe Ratio 0.83 TGalaxy Entertainment Grou Cnsmr Cyc Hong Kong 1.03 TLVMH Moet Hennessy Louis Cnsmr Cyc France 1.03 Morningstar's Take by Gregg Wolper 09-21-18 TBritish American Tobacco Cnsmr Def United Kingdom 1.02 American Funds EuroPacific Growth's management and even now it isn't on the aggressive side of growth. TNovartis AG Hlth Care Switzerland 1.00 roster has changed a bit, but that doesn't affect its It includes a relatively large amount of emerging- TSK Hynix Inc Technology South Korea 0.99 overall appeal. It retains its Morningstar Analyst Rating markets assets, which adds potential volatility, but the YPrudential PLC Finan Svcs United Kingdom 0.97 Orsted A/S Utilities Denmark 0.96 of Gold. stocks owned don't necessarily just ride the emerging- Y In July 2018, as part of broad shifts at Capital markets waves. That's been demonstrated this year. Group (this fund's advisor), three of this fund's nine Emerging markets are in a rout, but the fund's less- Current Investment Style Sector % of Rel Value Blend Growth Market Cap % Weightings Stocks Bmark 1 managers, who guide separate portfolios, moved from then-impressive showing is due more to holdings in Large Giant 59.0 one to the other of the two Capital Group subsidiaries developed markets such as British American Tobacco h Cyclical 41.98 1.28 Mid Large 31.5 that run this fund. As a result, they're working with a BAT and Glencore in the United Kingdom; some of the r BasicMat 8.10 1.16

Small Mid 9.2 new group of analysts (the two subsidiaries operate fund's emerging-market holdings, such as those in t CnsmrCyc 12.74 0.92 Small 0.3 y FinanSvcs 19.55 1.94 separately)--some of whom also moved between these India, are performing quite well. The fund has beaten Micro 0.0 u Real Est 1.59 0.82 groups or to a third subsidiary. However, the managers the relevant indexes and foreign large-growth Avg $mil: 38.82 1.01 brought their portfolios with them. Thus, while the Morningstar Category averages over most time periods. 37,546 j Sensitive i CommSrvs 2.30 1.00 changes will require some adjustment for the people The managers are very experienced, and the fund's Value Measures Rel Category involved, they don't alter the portfolio much. low cost gives it another advantage. That low cost is o Energy 6.48 2.06 Price/Earnings 12.43 0.74 10.55 0.74 The limited nature of the revamp is reasonable, made possible in part by a massive asset base-- p Industrl Price/Book 1.76 0.66 a Technlgy 19.49 1.04 because this successful fund wasn't in need of a bigger currently around $160 billion--that could raise concerns. Price/Sales 1.34 0.68 k Defensive 19.19 0.67 shakeup. It combines the separate portfolios of the But though the fund is less nimble and its mid-cap Price/Cash Flow 4.32 0.41 CnsmrDef 6.86 0.42 managers into one whole that manages to be moderate stake has fallen from the level it had many years ago, Dividend Yield % 2.37 1.10 s overall but adventurous enough to stand out. Over the it's still at around 7% now, not a negligible amount. d Hlthcare 9.04 0.81 Growth Measures % Rel Category Utilities 3.29 2.67 years the portfolio has migrated from the blend area of f Long-Term Erngs 11.30 0.98 the Morningstar Style Box to growth, albeit gradually, Book Value 3.44 0.41 Regional Exposure % Stock Sales 2.29 0.36 UK/W. Europe 37 N. America 6 Address: Europacific Growth Fund Minimum Purchase: $250 Add: $50 IRA: — Cash Flow 13.19 1.31 Japan 13 Latn America 5 Los Angeles, CA 90071-1406 Min Auto Inv Plan: $50 Add: $50 Historical Erngs 26.58 1.54 Asia X Japan 37 Other 2 800-421-4225 Sales Fees: No-load Web Address: www.americanfunds.com Management Fee: 0.69% mx./0.39% mn., 0.05%A Composition - Net Country Exposure % Stock Inception: 05-15-02 Actual Fees: Mgt:0.41% Dist:— Cash 5.6 Bonds 1.8 Japan 13 China 9 Advisor: Capital Research and Management Company Expense Projections: 3Yr:$173 5Yr:$302 10Yr:$677 Stocks 92.6 Other 0.1 UK 11 South Korea 6 Subadvisor: None Income Distribution: Semi-Annually India 9 Foreign (% of Stock) 97.8 ©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any A trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Ticker Yield Total Assets Mstar Category Dodge & Cox International Stock DODFX 2.6% $52,015 mil Foreign Large Value

Benchmark 1: MSCI ACWI Ex USA Value NR USD Historical Profile Investment Style Benchmark 2: MSCI ACWI Ex USA NR USD Equity Return Above Avg 4 4 4 1 4 1 1 1 Morningstar Analyst Rating 06-28-18 Risk High Rating QQQQ 25.0 Above Avg Growth of $10,000 Œ 20.0 Investment Values of Fund Morningstar Pillars 15.0 Investment Values of Process ∞ Positive Benchmark 1 Performance ∞ Positive 10.0 People ∞ Positive Parent ∞ Positive Performance Quartile Price ∞ Positive & & ) & & & ) & ( ) & (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 31.85 35.71 29.24 34.64 43.04 42.11 36.48 38.10 46.32 36.91 40.85 NAV analysts believe lead to funds that are more likely to outperform over 47.46 13.69 -15.97 21.03 26.31 0.08 -11.35 8.26 23.94 -17.98 10.67 Total Return % the long term on a risk-adjusted basis. 3.18 5.85 -2.77 4.06 11.27 5.18 -1.29 -0.66 1.28 -4.01 1.86 +/- Bmark 1 Analyst Rating Spectrum 6.01 2.54 -2.26 4.20 11.03 3.94 -5.69 3.77 -3.25 -3.79 1.02 +/- Bmark 2 Œ „ ´ ‰ Á 1.99 1.55 2.13 2.55 2.01 2.25 1.99 2.33 2.34 2.33 0.00 Income Return % 45.47 12.13 -18.10 18.48 24.31 -2.18 -13.35 5.93 21.60 -20.32 10.67 Capital Return % Pillar Spectrum 6 6 81 16 8 9 98 2 72 81 10 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.44 0.50 0.76 0.75 0.70 0.97 0.84 0.85 0.89 1.08 0.00 Income $ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.54 0.00 0.00 0.00 Capital Gains $ Performance 02-28-19 0.65 0.65 0.64 0.64 0.64 0.64 0.64 0.64 0.63 0.63 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 1.58 1.58 2.23 2.31 1.85 2.39 1.86 2.12 1.57 2.17 . Income Ratio % 2014 2.76 5.00 -2.71 -4.66 0.08 21 15 16 10 13 12 18 17 17 17 . Turnover Rate % 2015 4.20 -0.30 -15.38 0.83 -11.35 36,758 43,406 35,924 40,556 53,616 64,040 57,029 54,187 65,670 48,108 . Net Assets $mil 2016 -3.76 -1.20 10.15 3.36 8.26 2017 9.32 4.75 6.94 1.21 23.94 2018 -2.14 -5.12 0.81 -12.39 -17.98 Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Total Stocks: 71 Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Share change since 09-30-18 Sector Country % Assets Return% 1 2 Cat $10,000 1 Yr -9.83 YSanofi SA Hlth Care France 3.73 3 Mo 3.23 -0.71 -1.47 52 10,323 3 Yr 11.45 High High QQQQ YRoche Holding AG Dividend Hlth Care Switzerland 3.18 6 Mo -2.72 -1.64 -0.25 36 9,728 5 Yr 1.27 Avg High QQQ YICICI Bank Ltd Finan Svcs India 3.15 1 Yr -9.83 -2.81 -3.37 74 9,017 10 Yr 11.48 High High QQQQ YItau Unibanco Holding SA Finan Svcs Brazil 2.98 3 Yr Avg 11.45 0.51 0.73 10 13,842 Incept 6.94 TNaspers Ltd Class N Technology South Africa 2.96 5 Yr Avg 1.27 0.01 -1.23 37 10,650 TUBS Group AG Finan Svcs Switzerland 2.78 10 Yr Avg 11.48 2.32 1.85 7 29,647 Other Measures Standard Index Best Fit Index YAstraZeneca PLC Hlth Care United Kingdom 2.41 15 Yr Avg 6.48 1.21 0.90 7 25,635 Alpha -0.1 -0.3 Bayer AG Hlth Care Germany 2.36 YGlaxoSmithKline PLC Hlth Care United Kingdom 2.35 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Beta 1.10 1.10 RLinde PLC Basic Mat United Kingdom 2.31 3 Yr (estimated) 10.53 4 0.82 23 R-Squared 87 93 BNP Paribas Finan Svcs France 2.22 5 Yr (estimated) 0.48 23 0.78 20 Standard Deviation 13.47 YNovartis AG Hlth Care Switzerland 2.20 10 Yr (estimated) 10.68 6 0.72 20 Mean 11.45 Barclays PLC Finan Svcs United Kingdom 2.14 Potential Capital Gain Exposure: 7% of assets Sharpe Ratio 0.78 YJohnson Controls Internat Industrl United States 2.14 YMitsubishi Electric Corp Technology Japan 2.14 Morningstar's Take by Andrew Daniels 06-28-18 TBanco Santander SA Finan Svcs Spain 2.09 Dodge & Cox International Stock benefits from a Once management initiates a position, it tends to UniCredit SpA Finan Svcs Italy 2.03 decisive value approach, talented investment team, and hold on for the long term, so portfolio turnover is quite YSamsung Electronics Co Lt Technology South Korea 1.92 low fees. This closed fund retains its Morningstar low. Indeed, on a weighted average basis, stocks in the Societe Generale SA Finan Svcs France 1.82 Standard Chartered PLC Finan Svcs United Kingdom 1.82 Analyst Rating of Gold. portfolio have been held for approximately six years. T Dodge & Cox's nine-person international-equity While the managers don't align country or sector investment committee, whose members average 23 weightings with the indexes, they do limit individual Current Investment Style Sector % of Rel Value Blend Growth Market Cap % Weightings Stocks Bmark 1 years of firm tenure, manages the fund. Moreover, a holdings to about 4% of assets to reduce the risks Large Giant 58.5 deep and experienced analyst team, most of whom are inherent in such a contrarian strategy. h Cyclical 44.88 0.79 Mid Large 36.2 Dodge & Cox lifers, supports the committee. The The fund's many strengths have made it a long- r BasicMat 6.00 0.68

Small Mid 5.2 seasoned investment staff and its consensus-oriented term winner. From its May 2001 inception through May t CnsmrCyc 8.04 0.96 Small 0.2 y FinanSvcs 30.25 0.88 team approach limit key-person risk. 2018, its 7.5% annualized gain beat the MSCI ACWI ex Micro 0.1 u Real Est 0.59 0.12 The committee seeks non-U.S. stocks that look USA Index's 5.8% gain as well as 93% of its foreign Avg $mil: 34.88 1.19 cheap on a range of valuation measures. It relies on large-blend Morningstar Category peers. Moreover, the 42,244 j Sensitive i CommSrvs 5.56 0.94 bottom-up fundamental research and favors firms with fund has been consistent, outperforming the index in Value Measures Rel Category good management, competitive advantages, and solid 77% of the 145 rolling five-year periods since its o Energy 7.16 0.61 Price/Earnings 10.35 1.00 6.18 0.85 growth potential. It often takes advantage of bad news inception. It's worth noting that management's patient p Industrl Price/Book 1.09 0.93 a Technlgy 15.98 3.63 or a bad economic environment to buy fundamentally and contrarian nature makes it prone to lag at times, as Price/Sales 1.09 1.28 k Defensive 20.22 1.44 strong businesses. For instance, the team recently it has since the start of 2017. As such, investors here Price/Cash Flow 1.72 0.43 CnsmrDef 0.69 0.22 increased its exposure to healthcare stocks must be patient and willing to tolerate short-term Dividend Yield % 3.48 0.87 s GlaxoSmithKline GSK and Roche Holding RO, citing adversity. That said, this fund remains an excellent d Hlthcare 17.81 3.19 Growth Measures % Rel Category Utilities 1.72 0.32 attractive valuations amid industry pricing and option. f Long-Term Erngs 8.63 0.95 regulatory concerns. Book Value -0.42 -0.16 Regional Exposure % Stock Sales -4.31 19.37 UK/W. Europe 55 N. America 11 Address: Dodge & Cox Funds Minimum Purchase: $2500 Add: $100 IRA: $1000 Cash Flow 3.53 1.29 Japan 9 Latn America 7 San Francisco, CA 94104 Min Auto Inv Plan: — Add: $100 Historical Erngs 8.03 0.73 Asia X Japan 13 Other 5 800-621-3979 Sales Fees: No-load Web Address: www.dodgeandcox.com Management Fee: 0.60% Composition - Net Country Exposure % Stock Inception: 05-01-01 Actual Fees: Mgt:0.60% Dist:— Cash 0.6 Bonds 0.0 UK 18 Japan 9 Advisor: Dodge & Cox Expense Projections: 3Yr:$202 5Yr:$351 10Yr:$786 Stocks 98.6 Other 0.8 France 13 United States 8 Subadvisor: None Income Distribution: Annually Switzerland 12 Foreign (% of Stock) 91.8 ©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any A trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Ticker Yield Total Assets Mstar Category American Funds New Perspective A ANWPX 1.0% $83,724 mil World Large Stock

Benchmark 1: MSCI ACWI Large Cap NR USD Historical Profile Investment Style Benchmark 2: MSCI ACWI Ex USA NR USD Equity Return Above Avg 7 7 7 7 7 7 7 7 Morningstar Analyst Rating 10-09-18 Risk Average Rating QQQQ Above Avg 30.0 Growth of $10,000 25.0 Œ Investment Values of 20.0 Fund Morningstar Pillars Investment Values of Process ∞ Positive 15.0 Benchmark 1 Performance ∞ Positive 10.0 People ∞ Positive Parent ∞ Positive Performance Quartile Price ∞ Positive * * * & * * & ) & & * (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 25.64 28.62 26.16 31.26 37.56 36.28 36.02 35.33 43.16 37.67 42.10 NAV analysts believe lead to funds that are more likely to outperform over 37.43 12.76 -7.60 20.77 26.77 3.23 5.34 1.86 28.90 -5.85 11.76 Total Return % the long term on a risk-adjusted basis. 4.29 1.64 -0.70 4.78 4.29 -0.89 7.86 -6.14 5.03 2.78 1.29 +/- Bmark 1 Analyst Rating Spectrum -4.02 1.61 6.11 3.94 11.48 7.10 11.00 -2.63 1.70 8.35 2.10 +/- Bmark 2 Œ „ ´ ‰ Á 1.62 1.13 1.00 1.27 0.96 0.61 0.72 0.81 0.55 1.03 0.00 Income Return % 35.82 11.63 -8.60 19.50 25.81 2.62 4.62 1.06 28.35 -6.88 11.76 Capital Return % Pillar Spectrum 33 49 46 17 41 43 7 79 17 20 31 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.31 0.29 0.29 0.33 0.30 0.23 0.26 0.29 0.19 0.45 0.00 Income $ 0.00 0.00 0.00 0.00 1.75 2.29 1.95 1.08 2.18 2.41 0.00 Capital Gains $ Performance 02-28-19 0.85 0.79 0.77 0.80 0.79 0.76 0.75 0.77 0.75 0.74 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 1.54 1.14 1.02 1.11 1.04 0.98 0.84 0.94 0.98 0.85 . Income Ratio % 2014 0.27 3.13 -1.85 1.72 3.23 32 24 24 16 30 25 27 22 28 23 . Turnover Rate % 2015 4.69 0.79 -6.50 6.78 5.34 33,010 33,224 27,707 30,245 36,935 36,217 37,214 34,973 41,518 37,093 41,224 Net Assets $mil 2016 -2.47 0.77 5.68 -1.92 1.86 2017 9.51 6.77 5.40 4.59 28.90 2018 2.13 2.29 3.86 -13.23 -5.85 Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Total Stocks: 293 Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Share change since 09-30-18 Sector Country % Assets Return% 1 2 Cat $10,000 1 Yr -4.67 YAmazon.com Inc Cnsmr Cyc United States 4.26 3 Mo 5.32 2.62 0.63 12 10,532 3 Yr 12.44 +Avg Avg QQQQ TTaiwan Semiconductor Manu Technology Taiwan 2.15 6 Mo -3.15 -0.59 -0.68 49 9,685 5 Yr 6.87 +Avg Avg QQQQ YMicrosoft Corp Technology United States 2.10 1 Yr 1.15 1.59 7.61 32 10,115 10 Yr 13.69 +Avg Avg QQQQ TFacebook Inc A Technology United States 2.05 3 Yr Avg 14.69 1.57 3.96 16 15,084 Incept 11.97 Broadcom Inc Technology United States 1.91 5 Yr Avg 8.14 1.68 5.65 14 14,792 TJPMorgan Chase & Co Finan Svcs United States 1.68 10 Yr Avg 14.36 1.82 4.73 20 38,267 Other Measures Standard Index Best Fit Index CME Group Inc Class A Finan Svcs United States 1.63 15 Yr Avg 8.69 2.24 3.11 4 34,899 Alpha 4.5 1.6 TMastercard Inc A Finan Svcs United States 1.53 Beta 0.90 1.01 TTesla Inc Cnsmr Cyc United States 1.45 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Visa Inc Class A Finan Svcs United States 1.41 3 Yr (estimated) 10.92 38 1.35 57 R-Squared 83 92 TAIA Group Ltd Finan Svcs Hong Kong 1.33 5 Yr (estimated) 5.37 30 1.41 55 Standard Deviation 11.27 Alphabet Inc Class C Technology United States 1.29 10 Yr (estimated) 12.58 31 0.97 53 Mean 14.69 YNaspers Ltd Class N Technology South Africa 1.25 Potential Capital Gain Exposure: 38% of assets Sharpe Ratio 1.16 Netflix Inc Cnsmr Cyc United States 1.20 TNestle SA Cnsmr Def Switzerland 1.18 Morningstar's Take by Alec Lucas 10-09-18 TBoston Scientific Corp Hlth Care United States 1.13 American Funds New Perspective’s time-tested focus misunderstood but still include considerable variety. YIntuitive Surgical Inc Hlth Care United States 1.07 on firms benefiting from changing global trade patterns Jonathan Knowles, for example, focuses on firms with TNike Inc B Cnsmr Cyc United States 1.01 merits a Morningstar Analyst Rating of Gold. high returns on equity while Andraz Razen, whom Samsung Electronics Co Lt Technology South Korea 1.00 Airbus SE Industrl Netherlands 0.98 Current worries over the impact of tariffs are not Capital Group first publicly named in July 2018, is more new to this fund. Born in the early 1970s, it has lived willing to buy cyclical companies that have stumbled of through multiple market cycles and encountered late. Current Investment Style Sector % of Rel Value Blend Growth Market Cap % Weightings Stocks Bmark 1 various protectionist measures, such as the The portfolio stays grounded in multinational blue Large Giant 55.2 proliferation of export restraints in the auto industry of chips but isn’t lacking in aggressive picks, as the h Cyclical 39.39 1.07 Mid Large 34.1 the 1980s. Granted, longest-tenured manager Robert presence of Tesla TSLA attests. Since entering the r BasicMat 6.31 1.51

Small Mid 9.8 Lovelace did not start running diversified money here portfolio in early 2015 and becoming a top 20 holding t CnsmrCyc 17.37 1.59 Small 0.9 y FinanSvcs 15.33 0.78 until 2000, but he began as analyst here in the 1980s by June 2018, Tesla’s struggles to turn a profit have led Micro 0.0 u Real Est 0.38 0.19 and worked alongside five managers whose tenures it to be more than 3 times as volatile as the MSCI All- Avg $mil: 39.45 1.01 began in the 1970s. Country World Index. 63,195 j Sensitive i CommSrvs 1.96 0.46 Regardless of market climate, American’s Yet, thanks to its globally diversified portfolio, the Value Measures Rel Category multimanager system sets up this fund for long-term fund has hardly missed a beat. Its trailing three-year o Energy 4.43 0.64 Price/Earnings 14.94 1.00 7.90 0.85 success. Other than sticking to companies that receive 15% annualized return beat the index by 1.6 percentage p Industrl Price/Book 2.87 1.16 a Technlgy 25.16 1.36 at least 25% of their revenues from outside their home points and placed in the world large-stock Morningstar Price/Sales 2.32 1.24 k Defensive 21.15 0.87 region and have at least a $3 billion market-cap float at Category’s top quintile. That’s in keeping with the Price/Cash Flow 10.09 1.13 CnsmrDef 8.91 0.99 time of purchase, this fund’s seven named managers fund’s long-term results. Dividend Yield % 1.87 0.75 s are free to run their separate sleeves of the overall There’s little reason to believe the fund can’t build d Hlthcare 10.96 0.88 Growth Measures % Rel Category Utilities 1.28 0.46 portfolio in line with their own styles. Here those styles on its record. f Long-Term Erngs 12.32 1.11 coalesce in buying growth when it is mispriced or Book Value 7.36 1.37 Regional Exposure % Stock Sales 5.05 1.24 UK/W. Europe 23 N. America 57 Address: New Perspective Fund Inc Minimum Purchase: $250 Add: $50 IRA: $25 Cash Flow 9.61 1.33 Japan 6 Latn America 2 Los Angeles, CA 90071-1447 Min Auto Inv Plan: $250 Add: — Historical Erngs 21.29 1.60 Asia X Japan 11 Other 2 800-421-4225 Sales Fees: 5.75%L Web Address: www.americanfunds.com Management Fee: 0.60% mx./0.36% mn., 0.01%A Composition - Net Country Exposure % Stock Inception: 03-13-73 Actual Fees: Mgt:0.38% Dist:0.25% Cash 3.9 Bonds 1.3 United States 55 France 5 Advisor: Capital Research and Management Company Expense Projections: 3Yr:$801 5Yr:$968 10Yr:$1452 Stocks 94.8 Other 0.0 UK 7 Switzerland 3 Subadvisor: None Income Distribution: Annually Japan 6 Foreign (% of Stock) 45.3 ©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any A trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Mstar Category Ticker Yield Total Assets Diversified Emerging American Funds New World A NEWFX 0.9% $37,073 mil Mkts Benchmark 1: MSCI EM NR USD Historical Profile Investment Style Benchmark 2: MSCI ACWI Ex USA NR USD Equity Return Average 7 7 7 7 7 7 7 7 Morningstar Analyst Rating 02-05-19 Risk Low Rating QQQQ Œ Above Avg 25.0 Growth of $10,000 20.0 Investment Values of Fund Morningstar Pillars Investment Values of 15.0 Process ∞ Positive Benchmark 1 Performance ∞ Positive People ∞ Positive 10.0 Parent ∞ Positive Performance Quartile Price ∞ Positive ) ( & * & ( & ) ( & & (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 47.20 54.59 46.12 54.49 58.75 53.50 50.00 51.45 66.92 57.36 63.62 NAV analysts believe lead to funds that are more likely to outperform over 52.21 17.32 -14.13 19.71 10.01 -3.66 -5.99 3.86 32.55 -12.30 10.91 Total Return % the long term on a risk-adjusted basis. -26.30 -1.56 4.29 1.49 12.61 -1.47 8.93 -7.33 -4.73 2.28 1.90 +/- Bmark 1 Analyst Rating Spectrum 10.76 6.17 -0.42 2.88 -5.28 0.21 -0.32 -0.64 5.36 1.90 1.26 +/- Bmark 2 Œ „ ´ ‰ Á 1.81 1.64 1.39 1.55 1.04 0.83 0.56 0.95 1.23 0.87 0.00 Income Return % 50.40 15.68 -15.52 18.17 8.97 -4.49 -6.55 2.91 31.33 -13.17 10.91 Capital Return % Pillar Spectrum 91 67 10 38 10 56 5 77 61 17 17 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.57 0.78 0.76 0.71 0.57 0.49 0.30 0.48 0.63 0.58 0.00 Income $ 0.00 0.00 0.00 0.00 0.61 2.63 0.00 0.00 0.64 0.71 0.00 Capital Gains $ Performance 02-28-19 1.18 1.04 1.02 1.07 1.06 1.03 1.04 1.07 1.04 0.99 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 2.11 1.60 1.33 1.47 1.20 1.28 0.89 1.03 0.94 1.00 . Income Ratio % 2014 0.49 4.88 -5.17 -3.61 -3.66 36 20 25 25 36 32 41 30 37 . . Turnover Rate % 2015 2.86 -0.18 -12.16 4.24 -5.99 11,201 13,861 11,021 12,180 13,371 12,443 11,076 10,469 13,374 11,114 12,277 Net Assets $mil 2016 0.14 2.06 6.32 -4.42 3.86 2017 10.57 5.96 7.25 5.49 32.55 2018 1.26 -3.94 -1.80 -8.18 -12.30 Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Total Stocks: 383 Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Share change since 09-30-18 Sector Country % Assets Return% 1 2 Cat $10,000 1 Yr -10.08 YReliance Industries Ltd Energy India 1.95 3 Mo 6.87 0.76 2.18 25 10,687 3 Yr 10.88 Avg Low QQQ TTaiwan Semiconductor Manu Technology Taiwan 1.63 6 Mo 0.96 0.63 3.43 32 10,096 5 Yr 2.67 +Avg Low QQQQ TTencent Holdings Ltd Technology China 1.60 1 Yr -4.59 5.30 1.87 5 9,541 10 Yr 9.93 Avg Low QQQQQ THDFC Bank Ltd Finan Svcs India 1.57 3 Yr Avg 13.09 -1.95 2.37 50 14,465 Incept 7.39 YAIA Group Ltd Finan Svcs Hong Kong 1.56 5 Yr Avg 3.89 -0.24 1.39 31 12,103 TAlphabet Inc Class C Technology United States 1.37 10 Yr Avg 10.58 0.26 0.95 38 27,341 Other Measures Standard Index Best Fit Index TKotak Mahindra Bank Ltd Finan Svcs India 1.31 15 Yr Avg 8.17 0.22 2.59 32 32,488 Alpha 2.8 3.1 TAlibaba Group Holding Ltd Cnsmr Cyc China 1.30 TENN Energy Holdings Ltd Utilities China 1.16 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Beta 0.93 0.91 YSamsung Electronics Co Lt Technology South Korea 1.11 3 Yr (estimated) 10.37 65 0.46 34 R-Squared 89 92 TJBS SA Cnsmr Def Brazil 1.09 5 Yr (estimated) 2.07 57 0.59 44 Standard Deviation 11.17 YMastercard Inc A Finan Svcs United States 1.06 10 Yr (estimated) 9.36 50 0.52 42 Mean 13.09 TChina Gas Holdings Ltd Utilities China 0.93 Potential Capital Gain Exposure: -4% of assets Sharpe Ratio 1.05 YMicrosoft Corp Technology United States 0.93 YBroadcom Inc Technology United States 0.87 Morningstar's Take by Alec Lucas 02-05-19 TPetroleo Brasileiro SA Pe Energy Brazil 0.84 American Funds New World merits a Morningstar 50%. That put the strategy's base weighting in the YAirbus SE Industrl Netherlands 0.82 Analyst Rating of Gold for its pioneering approach to emerging markets, excluding those two countries, TNestle SA Cnsmr Def Switzerland 0.79 emerging-markets investing. above its 35% minimum threshold. YChina Construction Bank C Finan Svcs China 0.75 LVMH Moet Hennessy Louis Cnsmr Cyc France 0.74 Launched in June 1999, this strategy was one of The benchmark tweak should help the strategy T the first to use a risk-averse, revenue-centric process to stay planted in emerging markets, but its eight equity capitalize on growth in the developing world. It seeks to managers, one balanced manager, and one fixed- Current Investment Style Sector % of Rel Value Blend Growth Market Cap % Weightings Stocks Bmark 1 cushion the volatility typically associated with income manager pay more heed to company Large Giant 55.3 emerging-markets equities by leaving room in the fundamentals than anything else. Only in recent years h Cyclical 40.36 0.86 Mid Large 30.0 portfolio for developing-markets debt that can yield has the strategy's stake in U.S. multinationals with r BasicMat 7.69 1.00

Small Mid 12.8 equitylike returns and developed-markets multinationals substantial business prospects in emerging markets t CnsmrCyc 13.93 1.21 Small 1.7 y FinanSvcs 17.55 0.72 with at least a fifth of their revenue or assets remained in the double digits. Thanks to top-10 Micro 0.1 u Real Est 1.19 0.38 attributable to emerging economies--provided at least positions Alphabet GOOG, Mastercard MA, and Avg $mil: 37.37 0.90 35% of the strategy's assets are invested directly in Microsoft MSFT, it peaked at 17.2% in September 33,387 j Sensitive i CommSrvs 1.03 0.22 emerging-markets securities. 2018, but that was still less than half the base Value Measures Rel Category The strategy has kept its focus on growth weighting implied by the equity managers' blended o Energy 6.63 0.85 Price/Earnings 13.09 1.10 8.08 1.62 opportunities in the developing world amid changes to compensation benchmark. p Industrl Price/Book 2.24 1.22 a Technlgy 21.63 0.91 that opportunity set. In part because American Funds The strategy has subjected investors to much less Price/Sales 1.74 1.15 k Defensive 22.27 1.90 no longer regards South Korea and Taiwan as emerging volatility than either the MSCI Emerging Markets Index Price/Cash Flow 7.34 1.10 CnsmrDef 8.63 1.30 economies, the firm at year-end 2016 changed the or typical diversified emerging-markets Morningstar Dividend Yield % 2.10 0.69 s compensation benchmark for each equity manager's Category peer over a market cycle and often comes out d Hlthcare 10.23 3.97 Growth Measures % Rel Category Utilities 3.41 1.34 sleeve from a 60%/40% blend of the MSCI All-Country ahead. With skilled managers and low fees, that's f Long-Term Erngs 12.75 0.97 World and MSCI Emerging Markets indexes to 50%/ unlikely to change. Book Value 3.01 0.37 Regional Exposure % Stock Sales 2.29 0.43 UK/W. Europe 18 N. America 20 Address: New World Fund Inc Minimum Purchase: $250 Add: $50 IRA: $25 Cash Flow 7.61 0.97 Japan 6 Latn America 11 Los Angeles, CA 90071-1447 Min Auto Inv Plan: $250 Add: — Historical Erngs 24.43 1.53 Asia X Japan 40 Other 5 800-421-4225 Sales Fees: 5.75%L Web Address: www.americanfunds.com Management Fee: 0.85% mx./0.49% mn., 0.05%A Composition - Net Country Exposure % Stock Inception: 06-17-99 Actual Fees: Mgt:0.53% Dist:0.25% Cash 9.1 Bonds 5.2 United States 18 Brazil 9 Advisor: Capital Research and Management Company Expense Projections: 3Yr:$875 5Yr:$1096 10Yr:$1729 Stocks 85.5 Other 0.1 China 14 Japan 5 Subadvisor: None Income Distribution: Annually India 10 Foreign (% of Stock) 81.1 ©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any A trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Ticker Yield Total Assets Mstar Category Dreyfus Global Stock I DGLRX 0.8% $1,257 mil World Large Stock

Benchmark 1: MSCI ACWI Large Cap NR USD Historical Profile Investment Style Benchmark 2: MSCI ACWI Ex USA NR USD Equity Return Above Avg 7 7 7 7 7 7 7 7 Morningstar Analyst Rating 02-05-19 Risk Below Avg Rating QQQQ 30.0 Growth of $10,000 Above Avg 25.0 „ Investment Values of 20.0 Fund Morningstar Pillars Investment Values of 15.0 Process ∞ Positive Benchmark 1 Performance ∞ Positive 10.0 People ∞ Positive Parent ¶ Neutral Performance Quartile Price ¶ Neutral * ( & * ) * * * * & * (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 12.55 13.74 13.21 15.59 18.32 18.58 17.49 17.71 20.37 18.69 20.85 NAV analysts believe lead to funds that are more likely to outperform over 35.14 10.59 -1.91 18.99 18.49 3.01 0.21 6.13 24.23 -1.73 11.56 Total Return % the long term on a risk-adjusted basis. 2.00 -0.53 4.98 3.00 -4.00 -1.10 2.73 -1.87 0.37 6.90 1.08 +/- Bmark 1 Analyst Rating Spectrum -6.31 -0.57 11.79 2.16 3.20 6.88 5.88 1.64 -2.96 12.47 1.90 +/- Bmark 2 Œ „ ´ ‰ Á 0.92 0.78 1.04 0.97 0.97 1.12 1.39 0.89 1.12 0.84 0.00 Income Return % 34.22 9.80 -2.96 18.02 17.51 1.89 -1.17 5.24 23.12 -2.56 11.56 Capital Return % Pillar Spectrum 40 70 16 27 85 45 33 42 39 4 34 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.09 0.10 0.14 0.13 0.15 0.21 0.26 0.15 0.20 0.17 0.00 Income $ 0.00 0.04 0.12 0.00 0.00 0.09 0.87 0.68 1.43 1.16 0.00 Capital Gains $ Performance 02-28-19 0.99 0.96 0.93 0.93 0.91 0.91 0.91 0.91 0.98 0.94 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 1.05 0.94 1.13 1.14 1.12 1.06 1.05 0.93 0.92 0.78 . Income Ratio % 2014 -0.60 4.45 -1.10 0.33 3.01 13 8 9 6 6 7 11 12 7 8 . Turnover Rate % 2015 1.40 1.11 -6.56 4.61 0.21 276 395 461 838 1,579 1,397 741 905 837 724 853 Net Assets $mil 2016 2.38 2.37 2.71 -1.41 6.13 2017 7.40 4.84 4.11 5.98 24.23 2018 0.74 2.88 7.30 -11.62 -1.73 Rating and Risk Portfolio Analysis 01-31-19 Time Load-Adj Morningstar Morningstar Morningstar Total Stocks: 51 Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Share change since 12-31-18 Sector Country % Assets Return% 1 2 Cat $10,000 1 Yr 8.15 AIA Group Ltd Finan Svcs Hong Kong 2.63 3 Mo 4.36 1.66 -0.34 20 10,436 3 Yr 14.62 +Avg Avg QQQQ Keyence Corp Technology Japan 2.63 6 Mo 0.60 3.16 3.06 8 10,060 5 Yr 8.47 +Avg -Avg QQQQQ Mastercard Inc A Finan Svcs United States 2.44 1 Yr 8.15 8.59 14.61 3 10,815 10 Yr 12.94 Avg -Avg QQQQ Alphabet Inc Class C Technology United States 2.38 3 Yr Avg 14.62 1.50 3.90 17 15,058 Incept 7.23 Stryker Corp Hlth Care United States 2.37 5 Yr Avg 8.47 2.01 5.97 11 15,013 TJX Companies Inc Cnsmr Cyc United States 2.37 10 Yr Avg 12.94 0.40 3.31 43 33,766 Other Measures Standard Index Best Fit Index Waters Corp Hlth Care United States 2.37 15 Yr Avg — — — — — Alpha 5.4 2.4 EOG Resources Inc Energy United States 2.35 Beta 0.80 0.93 Roche Holding AG Dividend Hlth Care Switzerland 2.31 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Adobe Inc Technology United States 2.30 3 Yr (estimated) 12.83 19 1.56 66 R-Squared 76 91 Fastenal Co Industrl United States 2.28 5 Yr (estimated) 7.05 11 1.31 51 Standard Deviation 10.41 Nike Inc B Cnsmr Cyc United States 2.22 10 Yr (estimated) 12.09 38 0.75 39 Mean 14.62 Oracle Corp Technology United States 2.22 Potential Capital Gain Exposure: 44% of assets Sharpe Ratio 1.25 Microsoft Corp Technology United States 2.18 Starbucks Corp Cnsmr Cyc United States 2.16 Morningstar's Take by Linda Abu Mushrefova 02-05-19 Intuitive Surgical Inc Hlth Care United States 2.13 Dreyfus Global Stock’s disciplined approach to quality growing businesses, so on an earnings multiple metric, Taiwan Semiconductor Manu Technology Taiwan 2.11 growth investing stands out and earns a Morningstar the portfolio typically trades at a sizable premium to the Cognizant Technology Solu Technology United States 2.10 Analyst Rating of Silver. broader market. However, Walter Scott’s discipline Nestle SA Cnsmr Def Switzerland 2.08 Edwards Lifesciences Corp Hlth Care United States 2.07 This strategy’s rigorous long-term approach to around balance-sheet quality brings an element of quality investing makes it an excellent choice among defensiveness. Indeed, this strategy’s downside growth style strategies. With an investment pedigree capture is among the best in class, capturing just 88% Current Investment Style Sector % of Rel Value Blend Growth Market Cap % Weightings Stocks Bmark 1 spanning more than 35 years, the approach has stood of the MSCI World Index’s downside from its December Large Giant 61.1 the test of time, delivering strong results through the 2006 inception through January 2019. Their discipline h Cyclical 24.99 0.68 Mid Large 37.9 full gamut of investment cycles. The Edinburgh-based has rewarded investors over time through strong stock- r BasicMat 3.80 0.91

Small Mid 1.0 team at Walter Scott boasts impressive tenure, picking. t CnsmrCyc 16.03 1.46 Small 0.0 y FinanSvcs 5.16 0.26 speaking to a strong culture at the firm. The departure The Global strategy had more than USD 40 billion in Micro 0.0 u Real Est 0.00 0.00 of chairman Roger Nisbet in 2018 is no cause for it as of September 2018, which is sizable. However, a Avg $mil: 40.36 1.04 concern. An impressive bench of senior talent remains, long-term focus and low turnover minimizes the risk of 71,675 j Sensitive i CommSrvs 0.00 0.00 including Roy Leckie, Jane Henderson, and Charlie market-impact costs. There have been no noticeable Value Measures Rel Category Macquaker, each having been with the firm for over 20 effects of bloat on performance to date. From the fund's o Energy 5.76 0.83 Price/Earnings 19.96 1.33 11.48 1.24 years. Furthermore, the team-based investment December 2006 inception through January 2019, its p Industrl Price/Book 4.20 1.70 a Technlgy 23.12 1.25 process alleviates key-person risk. annualized gain of 6.6% trounced the MSCI World Price/Sales 2.93 1.57 k Defensive 34.64 1.43 The investment process targets stocks that can Index's 4.8% and the world large-stock Morningstar Price/Cash Flow 13.49 1.51 CnsmrDef 9.71 1.07 deliver high returns on invested capital over the full Category's 4.5% average. Overall, this is an excellent Dividend Yield % 1.77 0.71 s investment cycle. It adopts a long-term-focused option for investors seeking global equity exposure with d Hlthcare 22.37 1.80 Growth Measures % Rel Category Utilities 2.56 0.92 approach, which is reflected in its low portfolio a growth tilt. f Long-Term Erngs 12.05 1.08 turnover. The team isn’t afraid to pay up for high-quality, Book Value 4.55 0.85 Regional Exposure % Stock Sales 10.17 2.50 UK/W. Europe 24 N. America 56 Address: The Dreyfus Corporation Minimum Purchase: $1000 Add: $100 IRA: — Cash Flow 12.86 1.78 Japan 8 Latn America 0 New York NY 10166 Min Auto Inv Plan: — Add: $100 Historical Erngs 2.63 0.20 Asia X Japan 11 Other 0 800-373-9387 Sales Fees: No-load Web Address: www.dreyfus.com Management Fee: 0.85% Composition - Net Country Exposure % Stock Inception: 12-29-06 Actual Fees: Mgt:0.85% Dist:— Cash 1.6 Bonds 0.0 United States 54 UK 6 Advisor: Dreyfus Corporation Expense Projections: 3Yr:$312 5Yr:$542 10Yr:$1201 Stocks 98.4 Other 0.0 Japan 8 France 6 Subadvisor: Walter Scott & Partners Limited Income Distribution: Annually Switzerland 8 Foreign (% of Stock) 45.8 ©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any A trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Ticker Yield Total Assets Mstar Category Fidelity® International Growth FIGFX 0.8% $2,490 mil Foreign Large Growth

Benchmark 1: MSCI ACWI Ex USA Growth NR USD Historical Profile Investment Style Benchmark 2: MSCI ACWI Ex USA NR USD Equity Return Above Avg 7 7 7 7 7 7 7 7 Morningstar Analyst Rating 02-22-19 Risk Below Avg Rating QQQQ „ Above Avg 25.0 Growth of $10,000 20.0 Investment Values of Fund Morningstar Pillars 15.0 Investment Values of Process ∞ Positive Benchmark 1 Performance ∞ Positive 10.0 People ∞ Positive Parent ∞ Positive Performance Quartile Price ¶ Neutral ( & & * * * & ( ( & ( (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 7.48 8.67 7.81 9.25 11.24 10.80 11.14 10.64 13.69 12.01 13.29 NAV analysts believe lead to funds that are more likely to outperform over 36.50 16.94 -8.95 19.77 22.18 -3.13 3.93 -3.30 29.56 -11.51 10.66 Total Return % the long term on a risk-adjusted basis. -2.17 2.49 5.25 3.10 6.69 -0.48 5.19 -3.42 -2.45 2.92 0.14 +/- Bmark 1 Analyst Rating Spectrum -4.95 5.79 4.76 2.94 6.89 0.74 9.60 -7.79 2.37 2.69 1.00 +/- Bmark 2 Œ „ ´ ‰ Á 1.03 0.87 0.91 1.24 0.54 0.81 0.72 1.18 0.74 0.77 0.00 Income Return % 35.47 16.07 -9.86 18.53 21.63 -3.94 3.21 -4.48 28.82 -12.28 10.66 Capital Return % Pillar Spectrum 55 24 23 29 26 37 17 60 56 22 51 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.06 0.07 0.08 0.10 0.05 0.09 0.08 0.13 0.08 0.11 0.00 Income $ 0.03 0.01 0.01 0.01 0.01 0.00 0.01 0.00 0.02 0.00 0.00 Capital Gains $ Performance 02-28-19 2.19 1.89 1.52 1.28 1.13 1.04 0.97 0.99 1.03 0.95 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 1.09 0.99 1.17 1.24 1.11 1.14 0.94 1.34 0.87 0.93 . Income Ratio % 2014 -1.16 3.15 -4.45 -0.56 -3.13 116 87 68 32 32 27 26 29 22 34 . Turnover Rate % 2015 6.48 0.70 -7.43 4.71 3.93 22 37 52 168 472 628 948 928 997 770 845 Net Assets $mil 2016 -2.15 1.38 3.89 -6.16 -3.30 2017 9.59 8.92 3.94 4.44 29.56 2018 -0.22 -0.59 1.62 -12.21 -11.51 Rating and Risk Portfolio Analysis 01-31-19 Time Load-Adj Morningstar Morningstar Morningstar Total Stocks: 91 Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Share change since 12-31-18 Sector Country % Assets Return% 1 2 Cat $10,000 1 Yr -2.43 TFidelity Revere Str Tr — United States 6.53 3 Mo 5.39 -0.07 0.70 31 10,539 3 Yr 9.92 Avg -Avg QQQ TNestle SA Cnsmr Def Switzerland 5.33 6 Mo -3.14 0.63 -0.67 21 9,686 5 Yr 4.37 +Avg -Avg QQQQ TCSL Ltd Hlth Care Australia 3.70 1 Yr -2.43 3.47 4.03 21 9,757 10 Yr 12.16 +Avg -Avg QQQQQ Roche Holding AG Dividend Hlth Care Switzerland 3.61 3 Yr Avg 9.92 -0.58 -0.80 41 13,283 Incept 3.49 TSAP SE Technology Germany 3.33 5 Yr Avg 4.37 0.68 1.87 25 12,386 AIA Group Ltd Finan Svcs Hong Kong 3.02 10 Yr Avg 12.16 2.09 2.53 11 31,503 Other Measures Standard Index Best Fit Index TASML Holding NV Technology Netherlands 2.84 15 Yr Avg — — — — — Alpha 0.3 1.0 TKeyence Corp Technology Japan 2.65 Mastercard Inc A Finan Svcs United States 2.46 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Beta 0.89 0.96 TAmadeus IT Group SA A Technology Spain 2.25 3 Yr (estimated) 9.62 33 0.28 13 R-Squared 82 94 Visa Inc Class A Finan Svcs United States 2.23 5 Yr (estimated) 4.13 18 0.23 12 Standard Deviation 11.22 Assa Abloy AB B Industrl Sweden 2.03 10 Yr (estimated) 11.88 9 0.25 9 Mean 9.92 TLinde PLC Basic Mat United Kingdom 1.80 Potential Capital Gain Exposure: 20% of assets Sharpe Ratio 0.79 Safran SA Industrl France 1.76 YInterContinental Hotels G Cnsmr Cyc United Kingdom 1.68 Morningstar's Take by Jack Barry 02-22-19 Prudential PLC Finan Svcs United Kingdom 1.65 Fidelity International Growth owes its success to the markets. The strategy’s archetypal resilience was on Alphabet Inc A Technology United States 1.60 skill of its veteran manager, the support of an imposing full display in 2018, a bruising year for many developed USS Co Ltd Cnsmr Cyc Japan 1.59 global analyst team, and a well-formulated process. It markets. Double-digit percentage declines of Japan-, YCRH PLC ADR Basic Mat United States 1.56 Sherwin-Williams Co Basic Mat United States 1.26 earns a Morningstar Analyst Rating of Silver. Germany-, and U.K.-domiciled stocks led the index to Y Jed Weiss, who has steered the strategy since its lose 12.8% for the year. The strategy held up better, late-2007 inception, plies a unique approach that shedding a relatively modest 11.5%. Out-of-benchmark Current Investment Style Sector % of Rel Value Blend Growth Market Cap % Weightings Stocks Bmark 1 places a premium on stock-picking prowess. The stakes in Mastercard MA and Visa V, both of which the Large Giant 50.4 manager scours the globe to find 90 to 115 strategy has held since 2011, contributed mightily to its h Cyclical 40.68 1.24 Mid Large 23.6 competitively advantaged companies with multiyear outperformance. Both firms gained at least 15% in r BasicMat 8.37 1.20

Small Mid 24.6 structural-growth tailwinds and is patient as his 2018 as the average financial-services firm in the index t CnsmrCyc 9.16 0.66 Small 1.4 y FinanSvcs 21.75 2.16 investment theses play out. He effectively leverages lost as much. Micro 0.0 u Real Est 1.40 0.73 the research of Fidelity’s well-regarded team of In addition to this strategy, Weiss simultaneously Avg $mil: 41.40 1.08 analysts, which is deep and global and has ample runs Fidelity International Small Cap Opportunities 38,433 j Sensitive i CommSrvs 0.46 0.20 access to corporate management. FSCOX, where he has racked up a strong track record. Value Measures Rel Category Weiss’ approach consistently proves its worth. His assignments across the market-cap spectrum could o Energy 0.44 0.14 Price/Earnings 18.68 1.11 21.77 1.53 Since inception through January 2019, the strategy demand more time than the average manager but p Industrl Price/Book 2.95 1.11 a Technlgy 18.73 1.00 gained 3.2%, which was double the MSCI EAFE Growth arguably give him a broader market perspective. Price/Sales 2.50 1.27 k Defensive 17.91 0.63 Index’s return. The strategy has never lagged the bogy With its repeatable process and talented Price/Cash Flow 16.60 1.59 CnsmrDef 8.38 0.51 during any monthly rolling five-year period. Weiss has leadership, the strategy maintains long-term appeal. Dividend Yield % 1.93 0.89 s adeptly navigated various market environments, losing d Hlthcare 9.53 0.86 Growth Measures % Rel Category Utilities 0.00 0.00 just 91% as much as its MSCI EAFE Growth benchmark f Long-Term Erngs 11.08 0.96 in downturns while hanging in during more-buoyant Book Value 9.64 1.15 Regional Exposure % Stock Sales 6.05 0.96 UK/W. Europe 49 N. America 24 Address: Fidelity Investment Trust Minimum Purchase: $0 Add: — IRA: — Cash Flow 3.91 0.39 Japan 13 Latn America 0 Boston, MA 02109 Min Auto Inv Plan: — Add: — Historical Erngs 15.43 0.90 Asia X Japan 11 Other 2 800-544-8544 Sales Fees: No-load Web Address: www.institutional.fidelity.com Management Fee: 0.45% Composition - Net Country Exposure % Stock Inception: 11-01-07 Actual Fees: Mgt:0.69% Dist:— Cash 6.5 Bonds 0.0 United States 21 UK 10 Advisor: Fidelity Management & Research Company Expense Projections: 3Yr:$303 5Yr:$525 10Yr:$1166 Stocks 93.5 Other 0.0 Japan 13 Germany 7 Subadvisor: FMR Investment Management (U.K.) Limited Income Distribution: Annually Switzerland 11 Foreign (% of Stock) 78.8 ©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any A trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Ticker Yield Total Assets Mstar Category FMI International FMIJX 4.2% $6,871 mil Foreign Large Blend

Benchmark 1: MSCI ACWI Ex USA NR USD Historical Profile Investment Style Benchmark 2: MSCI ACWI Ex USA NR USD Equity Return Above Avg 7 4 4 4 4 4 4 4 Morningstar Analyst Rating 04-11-18 Risk Low Rating QQQQ 20.0 Above Avg 18.0 Growth of $10,000 „ 16.0 Investment Values of 14.0 Fund Morningstar Pillars Investment Values of Process ∞ Positive 12.0 Benchmark 1 Performance ∞ Positive 10.0 People ∞ Positive Parent ∞ Positive Performance Quartile Price ∞ Positive & * & & & & ) & ) (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its . 20.00 19.48 22.68 27.51 27.82 28.19 29.88 33.94 28.63 30.76 NAV analysts believe lead to funds that are more likely to outperform over . . -1.77 18.18 24.65 4.62 3.22 10.00 15.45 -9.46 7.44 Total Return % the long term on a risk-adjusted basis. . . 11.93 1.35 9.36 8.49 8.88 5.51 -11.75 4.74 -2.22 +/- Bmark 1 Analyst Rating Spectrum . . 11.93 1.35 9.36 8.49 8.88 5.51 -11.75 4.74 -2.22 +/- Bmark 2 Œ „ ´ ‰ Á . . 0.82 0.43 0.87 2.12 1.84 3.23 0.32 3.88 0.00 Income Return % . . -2.60 17.74 23.78 2.50 1.38 6.77 15.13 -13.34 7.44 Capital Return % Pillar Spectrum . . 1 49 12 2 8 1 99 8 94 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral . . 0.16 0.08 0.20 0.58 0.51 0.91 0.09 1.32 0.00 Income $ 0.00 0.24 0.55 0.38 0.01 0.21 0.45 0.81 0.00 Capital Gains $ Performance 02-28-19 . . . . 2.91 1.00 1.15 1.03 0.98 0.94 0.91 0.90 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total . . 1.05 1.07 1.04 1.08 0.87 1.01 1.02 1.43 . Income Ratio % 2014 1.82 3.68 -1.38 0.50 4.62 . . 12 20 21 22 9 16 26 21 . Turnover Rate % 2015 7.94 -2.03 -6.08 3.93 3.22 . 0 17 76 166 772 2,799 4,957 5,326 2,772 2,902 Net Assets $mil 2016 1.67 1.54 5.40 1.11 10.00 2017 5.69 3.51 2.75 2.69 15.45 2018 -3.30 2.47 0.51 -9.08 -9.46 Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Total Stocks: 38 Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Share change since 09-30-18 Sector Country % Assets Return% 1 2 Cat $10,000 1 Yr -0.55 YWhitbread PLC Cnsmr Cyc United Kingdom 4.87 3 Mo 3.18 -1.51 -1.52 82 10,318 3 Yr 8.05 -Avg Low QQQ RFerguson PLC Industrl United States 4.77 6 Mo -3.21 -0.74 -0.74 31 9,679 5 Yr 5.80 High Low QQQQQ THenkel AG & Co KGaA Cnsmr Def Germany 3.70 1 Yr -0.55 5.91 5.91 7 9,945 10 Yr — — — — YSECOM Co Ltd Industrl Japan 3.63 3 Yr Avg 8.05 -2.67 -2.68 70 12,613 Incept 8.39 YSmiths Group PLC Industrl United Kingdom 3.62 5 Yr Avg 5.80 3.30 3.30 4 13,254 YFairfax Financial Holding Finan Svcs Canada 3.40 10 Yr Avg — — — — — Other Measures Standard Index Best Fit Index TSamsung Electronics Co Lt Technology South Korea 3.40 15 Yr Avg — — — — — Alpha 1.3 -0.6 YAccenture PLC A Technology United States 3.38 YNestle SA Cnsmr Def Switzerland 3.19 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Beta 0.58 0.64 YNutrien Ltd Basic Mat Canada 2.95 3 Yr (estimated) 6.42 74 1.50 89 R-Squared 71 78 YJardine Strategic Holding Industrl Singapore 2.85 5 Yr (estimated) 4.44 3 1.29 81 Standard Deviation 7.78 YMillicom International Ce Comm Svcs United States 2.83 10 Yr (estimated) — — — — Mean 8.05 YSafran SA Industrl France 2.67 Potential Capital Gain Exposure: 3% of assets Sharpe Ratio 0.87 TCK Hutchison Holdings Ltd Industrl Hong Kong 2.56 YSmith & Nephew PLC Hlth Care United Kingdom 2.52 Morningstar's Take by Alec Lucas 04-11-18 YCompass Group PLC Cnsmr Cyc United Kingdom 2.51 FMI International’s capacity-conscious and cautious, Ireland and more than half of its revenue comes from YBollore SA Industrl France 2.43 but effective, strategy merits a Morningstar Analyst outside the United States. YUnilever PLC Cnsmr Def United Kingdom 2.42 Rating of Silver. Concerns about transparency and accounting have TSchlumberger Ltd Energy United States 2.38 Adecco Group AG Industrl Switzerland 2.35 Prior to reopening in April 2018, the fund had been kept the fund from buying mainland Chinese as well as closed to new investors since May 2017. FMI keeps Russian companies, but it hasn’t avoided emerging- tabs on liquidity in the fund’s 25- to 40-stock portfolio markets stocks entirely. Counting South Korean and Current Investment Style Sector % of Rel Value Blend Growth Market Cap % Weightings Stocks Bmark 1 and doesn’t hesitate to close it to new investors to Taiwanese firms, the fund had a typical 9.4% emerging- Large Giant 22.8 preserve its flexibility to invest in stocks with at least a markets stake in late 2017. It included a top-five h Cyclical 31.56 0.71 Mid Large 48.5 $4 billion market cap. A hefty weighting at the lower position in Samsung Electronics' preferred shares, r BasicMat 3.97 0.50

Small Mid 28.6 end of the market-spectrum isn’t inevitable here, but which management thinks are a bargain given the t CnsmrCyc 21.46 1.93 Small 0.0 y FinanSvcs 6.13 0.28 the portfolio’s 17.8% combined small- and mid-cap firm’s robust semiconductor business. Micro 0.0 u Real Est 0.00 0.00 stake at year-end 2017 ranked in the foreign large- The fund's policy of hedging foreign-currency Avg $mil: 50.12 1.48 blend Morningstar Category’s top third. exposure means it seldom moves in lockstep with its 18,828 j Sensitive i CommSrvs 4.16 1.01 The fund uses the same risk-averse, value-oriented, category rivals, nearly all of whom are unhedged. Value Measures Rel Category and team-based approach as its domestic siblings, but Indeed, currency fluctuations can have a big impact on o Energy 2.58 0.35 Price/Earnings 14.41 1.16 32.02 2.97 one adapted to international investing. Positions in non- category rankings in any given year. A plummeting U.S. p Industrl Price/Book 1.81 1.18 a Technlgy 11.36 0.98 U.S. developed-markets firms take up the bulk of the dollar in 2017 led the fund to trail 99% of its peers. The Price/Sales 1.00 0.86 k Defensive 18.32 0.86 fund’s assets and management considers companies’ fund, though, modestly lagged the MSCI EAFE 100% Price/Cash Flow 6.31 1.14 CnsmrDef 15.59 1.60 domiciles as well as revenue sources in building them. Hedged Index that year and its long-term risk-adjusted Dividend Yield % 2.56 0.78 s IT consulting and services provider Accenture ACN, the results remain superior to the benchmark’s. d Hlthcare 2.73 0.33 Growth Measures % Rel Category Utilities 0.00 0.00 fund’s top holding since year-end 2014, trades on the f Long-Term Erngs 9.19 0.96 New York Stock Exchange but is headquartered in Book Value 5.17 1.16 Regional Exposure % Stock Sales 4.39 3.47 UK/W. Europe 51 N. America 26 Address: FMI Funds Inc Minimum Purchase: $2500 Add: $100 IRA: $2500 Cash Flow -0.22 -0.04 Japan 6 Latn America 2 Milwaukee, WI 53202 Min Auto Inv Plan: $2500 Add: $50 Historical Erngs 4.98 0.36 Asia X Japan 15 Other 0 800-811-5311 Sales Fees: No-load Web Address: www.fmifunds.com Management Fee: 0.75% mx./0.60% mn. Composition - Net Country Exposure % Stock Inception: 12-31-10 Actual Fees: Mgt:0.70% Dist:— Cash 7.8 Bonds 0.0 UK 24 France 9 Advisor: Fiduciary Management Inc Expense Projections: 3Yr:$287 5Yr:$498 10Yr:$1108 Stocks 92.2 Other 0.0 United States 18 South Korea 9 Subadvisor: None Income Distribution: Annually Switzerland 12 Foreign (% of Stock) 82.3 ©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any A trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Ticker Yield Total Assets Mstar Category Harding Loevner Global Equity Inst HLMVX 0.3% $914 mil World Large Stock

Benchmark 1: MSCI ACWI Large Cap NR USD Historical Profile Investment Style Benchmark 2: MSCI ACWI Ex USA NR USD Equity Return High 7 7 7 7 7 7 7 7 Morningstar Analyst Rating 02-12-19 Risk Above Avg Rating QQQQ Above Avg Growth of $10,000 20.0 „ Investment Values of Fund Morningstar Pillars 15.0 Investment Values of Process ∞ Positive Benchmark 1 Performance ∞ Positive People ∞ Positive 10.0 Parent ∞ Positive Performance Quartile Price ¶ Neutral * ( * ( & & * & ( & (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 21.38 24.48 22.14 25.88 30.86 31.25 30.76 32.09 37.18 29.54 33.19 NAV analysts believe lead to funds that are more likely to outperform over . 15.55 -8.22 17.42 20.27 5.60 1.52 6.02 32.15 -10.37 12.36 Total Return % the long term on a risk-adjusted basis. . 4.43 -1.32 1.43 -2.21 1.48 4.04 -1.98 8.28 -1.74 1.88 +/- Bmark 1 Analyst Rating Spectrum . 4.40 5.49 0.59 4.98 9.47 7.19 1.52 4.96 3.82 2.70 +/- Bmark 2 Œ „ ´ ‰ Á . 0.29 0.40 0.53 0.52 0.38 0.38 0.43 0.43 0.33 0.00 Income Return % . 15.26 -8.62 16.89 19.75 5.22 1.14 5.59 31.72 -10.70 12.36 Capital Return % Pillar Spectrum . 31 51 39 75 20 24 43 11 60 21 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.05 0.06 0.10 0.12 0.13 0.12 0.12 0.13 0.14 0.12 0.00 Income $ 0.16 0.22 0.00 0.13 1.23 0.84 0.39 5.02 3.72 0.00 Capital Gains $ Performance 02-28-19 . . 1.27 1.16 1.12 0.99 0.97 0.92 0.92 0.93 0.94 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total . 0.43 0.48 0.72 0.62 0.43 0.41 0.42 0.25 0.34 . Income Ratio % 2014 0.26 5.43 -1.04 0.95 5.60 . 35 40 32 13 30 45 24 33 42 . Turnover Rate % 2015 3.23 0.68 -8.31 6.54 1.52 26 115 153 358 578 711 759 790 596 546 645 Net Assets $mil 2016 0.03 1.72 6.13 -1.83 6.02 2017 9.57 7.59 5.10 6.66 32.15 2018 2.31 1.08 2.83 -15.72 -10.37 Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Total Stocks: 70 Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Share change since 09-30-18 Sector Country % Assets Return% 1 2 Cat $10,000 1 Yr -1.94 TNorthern Institutional Tr — United States 4.29 3 Mo 3.11 0.41 -1.58 42 10,311 3 Yr 14.81 +Avg +Avg QQQQ YPayPal Holdings Inc Finan Svcs United States 3.98 6 Mo -5.60 -3.04 -3.13 83 9,440 5 Yr 8.67 High +Avg QQQQ YRoper Technologies Inc Industrl United States 3.13 1 Yr -1.94 -1.50 4.53 66 9,806 10 Yr — — — — YAIA Group Ltd Finan Svcs Hong Kong 2.66 3 Yr Avg 14.81 1.69 4.08 15 15,132 Incept 9.73 YFirst Republic Bank Finan Svcs United States 2.61 5 Yr Avg 8.67 2.21 6.17 10 15,155 TEssilorluxottica Hlth Care France 2.57 10 Yr Avg — — — — — Other Measures Standard Index Best Fit Index YVerisk Analytics Inc Industrl United States 2.54 15 Yr Avg — — — — — Alpha 4.1 0.8 YBooking Holdings Inc Cnsmr Cyc United States 2.45 RNaspers Ltd Class N Technology South Africa 2.41 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Beta 0.96 1.09 YSymrise AG Basic Mat Germany 2.22 3 Yr (estimated) 12.31 24 2.18 87 R-Squared 82 93 RNVIDIA Corp Technology United States 2.07 5 Yr (estimated) 6.85 12 1.68 71 Standard Deviation 12.12 YLonza Group Ltd Hlth Care Switzerland 2.00 10 Yr (estimated) — — — — Mean 14.81 YRegeneron Pharmaceuticals Hlth Care United States 1.88 Potential Capital Gain Exposure: 33% of assets Sharpe Ratio 1.10 YMastercard Inc A Finan Svcs United States 1.87 YNike Inc B Cnsmr Cyc United States 1.78 Morningstar's Take by William Samuel Rocco 02-12-19 YICICI Bank Ltd ADR Finan Svcs India 1.69 Harding Loevner Global Equity continues to have a strategy disappointed during the late-2018 global RStandard Chartered PLC Finan Svcs United Kingdom 1.65 process edge over most of its competitors, and its meltdown, it outperformed in the mild slump of 2016 YKeyence Corp Technology Japan 1.58 other positive features remain intact, so it retains its and many--but not all--earlier sell-offs because of the RLinde PLC Basic Mat United Kingdom 1.57 PT Bank Central Asia Tbk Finan Svcs Indonesia 1.56 Morningstar Analyst Rating of Silver. duo's execution as well as their quality orientation. And Y This strategy remains committed to its family's though this strategy has tended to lag in go-go surges, attractive quality-growth discipline. Co-lead managers it has thrived in many other rallies and in mixed Current Investment Style Sector % of Rel Value Blend Growth Market Cap % Weightings Stocks Bmark 1 Peter Baughan and Ferrill Roll pursue a select set of conditions, thanks to the managers' stock selection. Large Giant 45.5 companies that have significant competitive All this adds up to superior long-term risk-adjusted h Cyclical 41.81 1.14 Mid Large 37.2 advantages, healthy balance sheets, and other returns, and there are four reasons to think this strategy r BasicMat 6.52 1.56

Small Mid 17.4 fundamental strengths, as well as solid growth rates. can continue to outperform over time. First, Baughan t CnsmrCyc 13.42 1.23 Small 0.0 y FinanSvcs 21.87 1.11 They pile into sectors and markets with lots of and Roll are two of the more seasoned and skilled Micro 0.0 u Real Est 0.00 0.00 compelling blue chips and shun areas with limited world-large-stock managers around. Second, Avg $mil: 34.94 0.90 attractive opportunities. And they are still carefully comanagers Christopher Mack, Richard Schmidt, and 38,432 j Sensitive i CommSrvs 0.00 0.00 considering valuation and other risks and moving at a Scott Crawshaw have good credentials. Third, the five Value Measures Rel Category measured pace. The result at present--and normally--is managers have strong support because Harding o Energy 3.53 0.51 Price/Earnings 18.47 1.23 13.43 1.45 a reasonably compact portfolio of 60 to 70 holdings that Loevner has done a good job of hiring and retaining p Industrl Price/Book 2.91 1.18 a Technlgy 17.98 0.97 has relatively high returns on equity and other quality investment talent. And fourth, the family's quality- Price/Sales 2.32 1.24 k Defensive 23.24 0.96 metrics as well as distinctive sector and country growth discipline has earned good long-term results at Price/Cash Flow 13.53 1.51 CnsmrDef 6.07 0.67 exposures. all the other older funds--and strong returns so far at all Dividend Yield % 1.42 0.57 s Baughan and Roll have earned good results with the younger funds--in the firm's lineup. d Hlthcare 17.17 1.38 Growth Measures % Rel Category Utilities 0.00 0.00 the family discipline in a variety of investment climates f Long-Term Erngs 12.50 1.12 during their 16-year tenure at the helm. While this Book Value 9.72 1.81 Regional Exposure % Stock Sales 6.09 1.49 UK/W. Europe 26 N. America 46 Address: Harding, Loevner Funds, Inc. c/o The Northern Minimum Purchase: $100000 Add: — IRA: — Cash Flow 5.08 0.70 Japan 10 Latn America 2 Trust Company Historical Erngs 21.49 1.62 Asia X Japan 11 Other 5 Chicago, IL 60680-4766 Min Auto Inv Plan: — Add: — 877-435-8105 Sales Fees: No-load, 2.00%R Composition - Net Country Exposure % Stock Web Address: www.hardingloevnerfunds.com Management Fee: 0.80% mx./0.74% mn. Cash 4.2 Bonds 0.0 United States 46 France 5 Inception: 11-03-09 Actual Fees: Mgt:0.80% Dist:— Stocks 95.8 Other 0.0 Japan 10 Switzerland 4 Advisor: Harding Loevner LP Expense Projections: 3Yr:$296 5Yr:$515 10Yr:$1143 UK 5 Subadvisor: None Income Distribution: Annually Foreign (% of Stock) 53.8 ©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any A trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Ticker Yield Total Assets Mstar Category Matthews Asia Dividend Investor MAPIX 1.7% $6,420 mil Diversified Pacific/Asia

Benchmark 1: MSCI Pacific NR USD Historical Profile Investment Style Benchmark 2: MSCI ACWI Ex USA NR USD Equity Return Above Avg 1 4 4 4 4 4 4 4 Morningstar Analyst Rating 10-23-18 Risk Low Rating QQQQ Above Avg 30.0 Growth of $10,000 25.0 „ Investment Values of 20.0 Fund Morningstar Pillars Investment Values of Process ∞ Positive 15.0 Benchmark 1 Performance ∞ Positive 10.0 People ∞ Positive Parent ∞ Positive Performance Quartile Price ∞ Positive & & & ( ( ( * * * & ( (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 12.06 14.33 12.48 14.58 15.60 15.26 15.36 15.52 19.74 16.05 17.37 NAV analysts believe lead to funds that are more likely to outperform over 47.59 22.83 -10.02 21.63 11.27 -0.32 3.86 4.13 34.69 -12.72 8.22 Total Return % the long term on a risk-adjusted basis. 23.41 6.91 3.72 7.21 -7.00 2.38 0.90 -0.05 10.06 -0.70 0.44 +/- Bmark 1 Analyst Rating Spectrum 6.15 11.68 3.69 4.80 -4.01 3.55 9.52 -0.36 7.50 1.47 -1.43 +/- Bmark 2 Œ „ ´ ‰ Á 6.47 3.46 2.59 4.54 4.20 1.95 1.78 1.96 4.54 1.58 0.00 Income Return % 41.12 19.37 -12.61 17.09 7.07 -2.27 2.08 2.18 30.15 -14.30 8.22 Capital Return % Pillar Spectrum 16 5 3 56 67 54 32 38 40 20 53 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.55 0.41 0.37 0.56 0.60 0.30 0.27 0.30 0.69 0.31 0.00 Income $ 0.00 0.04 0.06 0.00 0.00 0.00 0.23 0.19 0.42 0.92 0.00 Capital Gains $ Performance 02-28-19 1.30 1.15 1.10 1.09 1.06 1.06 1.06 1.06 1.03 . . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 3.16 2.31 2.61 2.65 2.04 1.89 1.82 1.79 1.67 . . Income Ratio % 2014 -2.00 7.45 -2.05 -3.36 -0.32 32 10 16 9 14 20 36 40 28 . . Turnover Rate % 2015 8.64 3.69 -12.07 4.85 3.86 320 1,923 1,930 2,767 3,671 2,923 2,756 2,651 3,713 2,735 2,981 Net Assets $mil 2016 2.41 4.00 5.47 -7.29 4.13 2017 11.69 6.57 3.93 8.89 34.69 2018 -0.74 -2.73 0.31 -9.89 -12.72 Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Total Stocks: 62 Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Share change since 09-30-18 Sector Country % Assets Return% 1 2 Cat $10,000 1 Yr -5.40 YShenzhou International Gr Cnsmr Cyc China 4.17 3 Mo 5.07 2.82 0.37 8 10,507 3 Yr 11.83 Avg Avg QQQQ TMinth Group Ltd Cnsmr Cyc China 3.85 6 Mo -1.18 2.47 1.29 21 9,882 5 Yr 7.05 +Avg Low QQQQQ Hyundai Mobis Co Ltd Cnsmr Cyc South Korea 3.09 1 Yr -5.40 1.77 1.06 17 9,460 10 Yr 13.00 +Avg Low QQQQ BGF Retail Co Ltd Cnsmr Cyc South Korea 3.07 3 Yr Avg 11.83 0.75 1.11 53 13,985 Incept 8.88 YNTT DOCOMO Inc Comm Svcs Japan 3.02 5 Yr Avg 7.05 2.22 4.55 16 14,058 TSeven & i Holdings Co Ltd Cnsmr Def Japan 2.84 10 Yr Avg 13.00 3.40 3.37 25 33,949 Other Measures Standard Index Best Fit Index YKao Corp Cnsmr Def Japan 2.83 15 Yr Avg — — — — — Alpha 2.5 0.0 YHoya Corp Technology Japan 2.50 Beta 0.85 0.74 YChina Petroleum & Chemica Energy China 2.30 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Pigeon Corp Cnsmr Def Japan 2.30 3 Yr (estimated) 9.90 69 1.73 71 R-Squared 72 89 Anritsu Corp Technology Japan 2.28 5 Yr (estimated) 5.54 28 1.41 75 Standard Deviation 11.45 YJapan Tobacco Inc Cnsmr Def Japan 2.23 10 Yr (estimated) 11.41 25 1.41 78 Mean 11.83 YUnited Overseas Bank Ltd Finan Svcs Singapore 2.20 Potential Capital Gain Exposure: 19% of assets Sharpe Ratio 0.92 YChina Gas Holdings Ltd Utilities China 2.18 YLG Chem Ltd Participating Basic Mat South Korea 2.17 Morningstar's Take by William Samuel Rocco 10-23-18 MISUMI Group Inc Industrl Japan 2.17 Matthews Asia Dividend continues to have more than This fund’s strategy is distinctive as well as YNitori Holdings Co Ltd Cnsmr Cyc Japan 2.13 its reserve in its favor, and it retains a Morningstar dividend-driven. The managers regularly invest in small China Resources Power Hol Utilities China 2.03 Analyst Rating of Silver. markets and companies as they pursue attractively TRohm Co Ltd Technology Japan 2.01 Huaneng Power Internation Utilities China 1.80 This fund’s conservative credentials remain intact. priced firms with clear dividend policies--and Indeed, from its October 2006 inception through commitment to growing their payouts--as well as September 2018, it has the best down-capture ratio strong cash flows, balance sheets, and franchises. Current Investment Style Sector % of Rel Value Blend Growth Market Cap % Weightings Stocks Bmark 1 and best Morningstar Risk Score in the Diversified Thus, this fund is always different enough to have a Large Giant 30.7 Pacific/Asia Morningstar Category by far. Its fighting chance to outperform, and it is a better h Cyclical 38.34 0.78 Mid Large 35.7 Morningstar Risk Score is also much better than that of portfolio diversifier than most of the other funds in its r BasicMat 3.37 0.43

Small Mid 27.4 its benchmark, the MSCI All Country Asia Pacific Index, group. t CnsmrCyc 25.46 1.89 Small 6.3 y FinanSvcs 7.85 0.39 over the period. This process has been in place since inception, and Micro 0.0 u Real Est 1.66 0.21 This fund’s emphasis on high-quality dividend- lead manager Yu Zhang has worked on this fund since Avg $mil: 33.85 1.01 paying stocks has been crucial to its down-market he joined Matthews in 2007. His comanagers have 8,754 j Sensitive i CommSrvs 8.51 1.71 outperformance and relatively modest volatility, of worked on this fund in various roles for years as well— Value Measures Rel Category course, but the strength of its managers’ security has so this fund’s superior long-term record is meaningful. o Energy 2.47 1.05 Price/Earnings 13.56 1.07 10.01 0.64 been important to its success as well. Indeed, its The managers have exceptional support as well as p Industrl Price/Book 1.69 1.10 a Technlgy 12.86 1.23 managers’ stock-picking has also been on the mark in good resumes themselves, and Matthews has Price/Sales 1.29 1.04 k Defensive 27.82 1.62 most sideways markets and in certain rallies. Its since- succeeded with all sorts of Asia funds. (All 10 Price/Cash Flow 9.12 1.30 CnsmrDef 20.01 2.91 inception total return and Morningstar Risk Adjusted Matthews funds besides this one that receive Dividend Yield % 3.64 1.27 s Return are the best in its category. Its since-inception Morningstar Analyst Ratings are Morningstar d Hlthcare 1.33 0.18 Growth Measures % Rel Category Utilities 6.48 2.23 total and risk-adjusted returns are superior to those of Medalists.) This fund remains one of the top options in f Long-Term Erngs 12.41 1.28 the index as well. its category. Book Value 7.41 0.85 Regional Exposure % Stock Sales 5.11 0.79 UK/W. Europe 0 N. America 2 Address: Four Embarcadero Center Minimum Purchase: $2500 Add: $100 IRA: $500 Cash Flow -1.26 -0.21 Japan 31 Latn America 0 San Francisco CA 94111 Min Auto Inv Plan: $2500 Add: — Historical Erngs 3.94 0.64 Asia X Japan 67 Other 0 800-789-2742 Sales Fees: No-load Web Address: www.matthewsasia.com/ Management Fee: 0.75% mx./0.60% mn. Composition - Net Country Exposure % Stock Inception: 10-31-06 Actual Fees: Mgt:0.66% Dist:0.00% Cash -0.7 Bonds 0.0 Japan 31 Hong Kong 6 Advisor: Matthews International Cap Mgmt LLc Expense Projections: 3Yr:$327 5Yr:$568 10Yr:$1259 Stocks 100.7 Other 0.0 China 30 Taiwan 4 Subadvisor: None Income Distribution: Quarterly South Korea 11 Foreign (% of Stock) 98.4 ©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any A trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Ticker Yield Total Assets Mstar Category MFS Global Equity I MWEIX 1.2% $2,864 mil World Large Stock

Benchmark 1: MSCI ACWI Large Cap NR USD Historical Profile Investment Style Benchmark 2: MSCI ACWI Ex USA NR USD Equity Return Above Avg 7 7 7 4 7 7 7 7 Morningstar Analyst Rating 02-27-19 Risk Average Rating QQQQ 30.0 Above Avg Growth of $10,000 25.0 Œ Investment Values of 20.0 Fund Morningstar Pillars Investment Values of Process ∞ Positive 15.0 Benchmark 1 Performance ∞ Positive 10.0 People ∞ Positive Parent ∞ Positive Performance Quartile Price ¶ Neutral ( ( & & * * * * * ( & (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 22.13 24.64 23.20 28.29 35.61 36.34 35.09 37.08 44.66 38.19 42.91 NAV analysts believe lead to funds that are more likely to outperform over 31.54 12.04 -4.14 23.72 27.81 4.02 -1.44 7.35 23.91 -9.60 12.36 Total Return % the long term on a risk-adjusted basis. -1.60 0.92 2.75 7.73 5.33 -0.10 1.08 -0.65 0.04 -0.97 1.89 +/- Bmark 1 Analyst Rating Spectrum -9.91 0.88 9.56 6.89 12.52 7.88 4.22 2.86 -3.29 4.60 2.70 +/- Bmark 2 Œ „ ´ ‰ Á 1.34 0.69 1.05 1.45 0.70 0.96 0.95 0.87 1.06 1.19 0.00 Income Return % 30.20 11.35 -5.20 22.27 27.11 3.06 -2.39 6.48 22.84 -10.79 12.36 Capital Return % Pillar Spectrum 55 55 25 4 34 33 49 28 43 51 21 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.23 0.15 0.26 0.34 0.20 0.34 0.35 0.31 0.39 0.53 0.00 Income $ 0.00 0.00 0.15 0.07 0.32 0.34 0.38 0.29 0.87 1.75 0.00 Capital Gains $ Performance 02-28-19 1.29 1.17 1.12 1.09 1.04 0.98 0.98 0.97 0.92 0.91 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 1.33 0.96 1.08 1.18 0.98 0.99 1.11 0.93 1.01 1.17 . Income Ratio % 2014 0.62 4.07 -3.89 3.35 4.02 17 26 16 13 11 11 8 8 10 12 . Turnover Rate % 2015 3.00 -0.16 -7.76 3.90 -1.44 41 260 270 415 680 703 649 876 1,103 819 862 Net Assets $mil 2016 2.11 0.64 5.05 -0.56 7.35 2017 7.87 7.13 2.71 4.39 23.91 2018 -1.99 0.00 4.93 -12.10 -9.60 Rating and Risk Portfolio Analysis 01-31-19 Time Load-Adj Morningstar Morningstar Morningstar Total Stocks: 87 Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Share change since 12-31-18 Sector Country % Assets Return% 1 2 Cat $10,000 1 Yr 1.41 YThermo Fisher Scientific Hlth Care United States 3.05 3 Mo 4.26 1.56 -0.44 22 10,426 3 Yr 12.28 Avg Avg QQQ YVisa Inc Class A Finan Svcs United States 2.84 6 Mo -0.89 1.67 1.58 19 9,911 5 Yr 6.52 Avg Avg QQQQ YComcast Corp Class A Comm Svcs United States 2.83 1 Yr 1.41 1.85 7.88 31 10,141 10 Yr 14.32 +Avg Avg QQQQ YMedtronic PLC Hlth Care United States 2.78 3 Yr Avg 12.28 -0.84 1.56 43 14,156 Incept 8.14 YNestle SA Cnsmr Def Switzerland 2.64 5 Yr Avg 6.52 0.06 4.02 34 13,716 YAccenture PLC A Technology United States 2.44 10 Yr Avg 14.32 1.78 4.70 20 38,142 Other Measures Standard Index Best Fit Index YEssity AB Class B Cnsmr Def Sweden 2.36 15 Yr Avg 8.52 2.07 2.94 5 34,113 Alpha 2.4 -0.6 YHoneywell International I Industrl United States 2.34 YDiageo PLC Cnsmr Def United Kingdom 2.26 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Beta 0.90 1.01 YLVMH Moet Hennessy Louis Cnsmr Cyc France 2.26 3 Yr (estimated) 11.25 34 0.92 30 R-Squared 86 95 YReckitt Benckiser Group P Cnsmr Def United Kingdom 2.12 5 Yr (estimated) 5.69 26 0.78 22 Standard Deviation 11.07 YBayer AG Hlth Care Germany 2.09 10 Yr (estimated) 13.64 17 0.60 25 Mean 12.28 TSchneider Electric SE Industrl France 2.02 Potential Capital Gain Exposure: 36% of assets Sharpe Ratio 0.99 YWalt Disney Co Cnsmr Cyc United States 2.02 YLinde PLC Basic Mat United Kingdom 1.97 Morningstar's Take by Tim Wong 02-27-19 YCanadian National Railway Industrl Canada 1.89 MFS Global Equity is a compelling choice. The The strategy's process is patient and repeatable. YStryker Corp Hlth Care United States 1.88 retirement of former comanager David Mannheim was Fundamental stock and industry research prioritizes YPernod Ricard SA Cnsmr Def France 1.86 handled sensibly. Investors in this strategy remain well- companies that can grow earnings sustainably. That YKansas City Southern Industrl United States 1.83 Zimmer Biomet Holdings In Hlth Care United States 1.78 served by an astute team executing a proven approach said, some borderline prospects can materialize in the Y focused on companies that can grow sustainably. The 80-100 stock portfolio and have contributed to more strategy earns a Morningstar Analyst Rating of Gold. subdued medium-term results compared with the MSCI Current Investment Style Sector % of Rel Value Blend Growth Market Cap % Weightings Stocks Bmark 1 Mannheim closed the book on his illustrious record World Index. Still, portfolio construction has been Large Giant 54.1 in April 2018. Reassuringly, longtime comanager Roger judicious, as these misses are usually among the h Cyclical 31.40 0.85 Mid Large 37.5 Morley remains on board, and his long and successful smaller holdings. Notable tilts in consumer and r BasicMat 5.88 1.40

Small Mid 8.0 tenure fosters confidence in this strategy's prospects. healthcare over commodities can cause meaningful t CnsmrCyc 12.20 1.11 Small 0.4 y FinanSvcs 13.32 0.68 Ryan McAllister is Mannheim’s designated successor divergences from the index--relative performance Micro 0.0 u Real Est 0.00 0.00 and has been the strategy's full-time comanager since should be at its best during tougher equity markets. Avg $mil: 31.31 0.80 March 2017. His awareness of the full breadth of issues MFS has a fine history of prioritizing investors' interests 55,297 j Sensitive i CommSrvs 2.86 0.68 across the overall portfolio, particularly outside his in managing capacity, and reopening this strategy in Value Measures Rel Category historical sector expertise, will be a point to watch, but January 2019 was justifiable. o Energy 0.79 0.11 Price/Earnings 16.25 1.08 17.64 1.91 he’s has had ample time to get acclimated. Regardless, The strategy has many excellent traits. From its p Industrl Price/Book 2.70 1.09 a Technlgy 10.02 0.54 an extensive analyst team continues to scrutinize sharp team to sound approach, this strategy is set up Price/Sales 2.26 1.21 k Defensive 37.30 1.54 companies and support the managers, an established to excel over the long term. Price/Cash Flow 8.27 0.93 CnsmrDef 17.55 1.94 and effective setup. Succession has been thoughtfully Dividend Yield % 2.02 0.81 s considered and transparent--McAllister is hoping to d Hlthcare 19.75 1.59 Growth Measures % Rel Category Utilities 0.00 0.00 replicate Morley's smooth transition from seasoned f Long-Term Erngs 9.19 0.83 analyst to critical decision-maker. Book Value 6.09 1.13 Regional Exposure % Stock Sales 4.22 1.04 UK/W. Europe 39 N. America 56 Address: MFS Series Trust VI Minimum Purchase: $0 Add: — IRA: — Cash Flow 5.43 0.75 Japan 3 Latn America 1 Boston, MA 02199 Min Auto Inv Plan: — Add: — Historical Erngs 8.04 0.61 Asia X Japan 1 Other 0 800-225-2606 Sales Fees: No-load Web Address: http://www.mfs.com Management Fee: 0.90% mx./0.60% mn. Composition - Net Country Exposure % Stock Inception: 01-02-97 Actual Fees: Mgt:0.76% Dist:— Cash 0.9 Bonds 0.0 United States 55 Switzerland 8 Advisor: Massachusetts Financial Services Company Expense Projections: 3Yr:$290 5Yr:$504 10Yr:$1120 Stocks 99.1 Other 0.0 France 10 Germany 5 Subadvisor: None Income Distribution: Annually UK 10 Foreign (% of Stock) 45.5 ©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any A trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Mstar Category Ticker Yield Total Assets Diversified Emerging Oppenheimer Developing Markets A ODMAX 0.3% $39,888 mil Mkts Benchmark 1: MSCI EM NR USD Historical Profile Investment Style Benchmark 2: MSCI ACWI Ex USA NR USD Equity Return Above Avg 7 7 7 7 7 7 7 7 Morningstar Analyst Rating 09-04-18 Risk Below Avg Rating QQQQ 30.0 Above Avg Growth of $10,000 25.0 „ Investment Values of 20.0 Fund Morningstar Pillars Investment Values of Process ∞ Positive 15.0 Benchmark 1 Performance ∞ Positive People ∞ Positive 10.0 Parent ¶ Neutral Performance Quartile Price ∞ Positive & & * & & ( * ( ( & & (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 28.76 36.47 29.32 35.29 38.02 35.52 30.40 32.42 43.56 38.17 42.26 NAV analysts believe lead to funds that are more likely to outperform over 81.73 26.98 -18.10 20.85 8.35 -4.81 -14.06 6.89 34.77 -12.14 10.72 Total Return % the long term on a risk-adjusted basis. 3.23 8.11 0.33 2.63 10.96 -2.62 0.86 -4.30 -2.51 2.44 1.70 +/- Bmark 1 Analyst Rating Spectrum 40.28 15.83 -4.39 4.02 -6.93 -0.94 -8.40 2.39 7.58 2.06 1.06 +/- Bmark 2 Œ „ ´ ‰ Á 0.73 0.17 1.54 0.47 0.10 0.27 0.36 0.24 0.40 0.25 0.00 Income Return % 81.00 26.81 -19.64 20.38 8.25 -5.07 -14.43 6.65 34.37 -12.39 10.72 Capital Return % Pillar Spectrum 22 9 33 23 14 72 49 58 51 16 19 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.12 0.05 0.56 0.14 0.04 0.10 0.13 0.07 0.13 0.11 0.00 Income $ 0.00 0.00 0.00 0.00 0.18 0.60 0.00 0.00 0.00 0.00 0.00 Capital Gains $ Performance 02-28-19 1.43 1.35 1.30 1.36 1.36 1.32 1.31 1.32 1.32 1.29 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 0.97 0.47 1.94 0.61 0.27 0.36 0.47 0.38 0.37 0.13 . Income Ratio % 2014 -1.79 7.79 -3.58 -6.74 -4.81 55 33 34 20 29 26 36 18 33 36 . Turnover Rate % 2015 -1.35 0.77 -17.36 4.61 -14.06 7,060 11,468 9,504 12,172 13,929 10,523 7,068 5,938 6,307 4,551 4,947 Net Assets $mil 2016 2.99 0.67 8.72 -5.18 6.89 2017 10.98 6.86 8.19 5.03 34.77 2018 2.94 -4.10 -3.42 -7.85 -12.14 Rating and Risk Portfolio Analysis 01-31-19 Time Load-Adj Morningstar Morningstar Morningstar Total Stocks: 84 Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Share change since 12-31-18 Sector Country % Assets Return% 1 2 Cat $10,000 1 Yr -10.88 Alibaba Group Holding Ltd Cnsmr Cyc China 6.39 3 Mo 7.27 1.16 2.58 19 10,727 3 Yr 12.39 +Avg -Avg QQQQ Taiwan Semiconductor Manu Technology Taiwan 4.88 6 Mo 0.84 0.51 3.31 34 10,084 5 Yr 2.31 Avg Avg QQQ YNOVATEK PJSC GDR Energy Russia 4.29 1 Yr -5.44 4.45 1.02 8 9,456 10 Yr 11.84 High -Avg QQQQQ ROppenheimer Institutional — United States 4.25 3 Yr Avg 14.63 -0.41 3.91 26 15,063 Incept 11.28 Tencent Holdings Ltd Technology China 3.86 5 Yr Avg 3.53 -0.60 1.03 41 11,896 Kering SA Cnsmr Cyc France 3.75 10 Yr Avg 12.50 2.18 2.87 10 32,481 Other Measures Standard Index Best Fit Index Glencore PLC Basic Mat Switzerland 3.64 15 Yr Avg 10.50 2.55 4.92 1 44,719 Alpha 3.3 0.7 THousing Development Finan Finan Svcs India 3.37 Beta 1.05 0.88 Kotak Mahindra Bank Ltd Finan Svcs India 2.96 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat AIA Group Ltd Finan Svcs Hong Kong 2.83 3 Yr (estimated) 12.29 47 0.09 8 R-Squared 78 92 Master China Series 1 — United States 2.24 5 Yr (estimated) 2.15 55 0.16 10 Standard Deviation 13.50 THuazhu Group Ltd ADR Cnsmr Cyc China 1.93 10 Yr (estimated) 11.65 10 0.17 10 Mean 14.63 YLVMH Moet Hennessy Louis Cnsmr Cyc France 1.89 Potential Capital Gain Exposure: 26% of assets Sharpe Ratio 0.99 Firstrand Ltd Finan Svcs South Africa 1.85 Hong Kong Exchanges and C Finan Svcs Hong Kong 1.67 Morningstar's Take by Gregg Wolper 09-04-18 LG Household & Health Car Cnsmr Def South Korea 1.67 Oppenheimer Developing Markets has an experienced government-controlled firms and capital-intensive Sinopharm Group Co Ltd H Hlth Care China 1.65 manager, a successful growth-leaning strategy, and cyclical companies popular in emerging markets, Fomento Economico Mexican Cnsmr Def Mexico 1.52 below-average fees. It retains its Morningstar Analyst thinking they don't have the competitive advantages YB3 SA - Brasil Bolsa Balc Finan Svcs Brazil 1.49 Atacadao SA Cnsmr Def Brazil 1.34 Rating of Silver. and strong earnings growth potential that he's looking Y Manager Justin Leverenz looks for firms that he for. This approach has helped the fund land in the top thinks will benefit from growth trends in emerging decile of the diversified-emerging-markets Morningstar Current Investment Style Sector % of Rel Value Blend Growth Market Cap % Weightings Stocks Bmark 1 markets, such as e-commerce and healthcare, and that Category for the year to date through July 2018, even Large Giant 66.9 have what he considers enduring competitive though some heavily weighting top holdings--Tencent in h Cyclical 60.90 1.30 Mid Large 24.2 advantages. He'll buy companies domiciled in particular--have faltered. Also helpful has been France- r BasicMat 7.47 0.97

Small Mid 8.4 developed markets if they are otherwise appealing and based luxury firm Kering, an example of the fund's t CnsmrCyc 26.59 2.30 Small 0.5 y FinanSvcs 24.47 1.00 have extensive business in emerging markets, but tries developed-markets stocks. Leverenz' strategy doesn't Micro 0.0 u Real Est 2.37 0.75 to limit that portion of the portfolio to 15% of assets always pan out, though. In 2016, for example, Avg $mil: 25.87 0.63 (though he concedes it's currently slightly above that emerging-markets returns were driven by the 38,638 j Sensitive i CommSrvs 0.00 0.00 figure). commodity sector, which Leverenz typically has Value Measures Rel Category What the fund doesn’t own is as important as what underweighted. And his growth tastes can put the fund o Energy 5.75 0.73 Price/Earnings 15.88 1.34 4.26 0.85 it does. Though Leverenz is primarily a bottom-up out of step when investors turn cautious. But over the p Industrl Price/Book 2.38 1.30 a Technlgy 15.86 0.66 investor, in 2018 the fund has benefited from his long- trailing 10-year period though July 2018--which Price/Sales 1.53 1.01 k Defensive 13.22 1.13 held skepticism of Turkey's financial situation. Unlike essentially matches his tenure--the fund has topped the Price/Cash Flow 8.62 1.30 CnsmrDef 8.29 1.25 some rivals who bought what they considered bargains category average and the MSCI Emerging Markets Dividend Yield % 1.78 0.58 s in Turkey's banks--among the biggest stocks in that Index by more than 2.5 percentage points each, d Hlthcare 4.93 1.91 Growth Measures % Rel Category Utilities 0.00 0.00 country--he has only small stakes in two food-and- annualized. It should continue to succeed over time. f Long-Term Erngs 13.34 1.01 beverage holdings. He also avoids many of the Book Value 9.97 1.22 Regional Exposure % Stock Sales 11.02 2.07 UK/W. Europe 12 N. America 1 Address: Oppenheimer Developing Markets Fund Minimum Purchase: $1000 Add: — IRA: $500 Cash Flow 7.96 1.01 Japan 0 Latn America 17 Centennial CO 80112-3924 Min Auto Inv Plan: $500 Add: — Historical Erngs 20.62 1.29 Asia X Japan 55 Other 15 800-225-5677 Sales Fees: 5.75%L Web Address: www.oppenheimerfunds.com Management Fee: 1.00% mx./0.73% mn. Composition - Net Country Exposure % Stock Inception: 11-18-96 Actual Fees: Mgt:0.77% Dist:0.25% Cash 4.3 Bonds 0.0 China 20 Brazil 7 Advisor: OFI Global Asset Management, Inc. Expense Projections: 3Yr:$963 5Yr:$1246 10Yr:$2051 Stocks 90.9 Other 4.8 India 11 Mexico 7 Subadvisor: OppenheimerFunds Inc Income Distribution: Annually Russia 9 Foreign (% of Stock) 99.4 ©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any A trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Bond Funds to Consider Performance (%) Morningstar Ratings Green = Top 3; Red = Bottom 3 3 3 5 10 Analyst Comments (Color-coding in this column is solely Amy Heinrich's Fund Name Ticker YTD 2018 2017 Stars Return* Risk* Overall* Month Year Year Year Rating viewpoint)

Intermediate Bond Morningstar Medalists

Our Holding: Vanguard Total Bond Market Index Treasury-heavy, low price tag and high credit-quality = lower return. Adm VBTLX 3.46 2.81 -0.03 3.56 2.13 2.63 3.7 Silver 2< Avg> Avg< Avg Should be good risk-adj performance over full cycle. Avg rating AA.

For "more adventurous investor"; need patience for volatility; mostly U.S. investment-grade portfolio with the flexibility to invest in other AB Intermediate Bond Z ABQZX 3.41 3.11 -0.24 4.13 3.01 Bronze 4> AvgAvg > Avg regions and lower-quality fare on the margin. BBB Avg rating.

Mainly investment-grade corporate credit (41%), securitized debt (34%), UST (21%); Index match duration. Avoids derivatives, leverage, and esoteric fare, and minimal high yield (none currently). Avg credit Baird Aggregate Bond Inst BAGIX 3.37 3.13 -0.3 4.2 2.71 3.13 5.21 Gold 4> AvgAvg > Avg rating A. 5.9 yr Duration.

Corporate (50% most of which is inv-grade), securitized (34%), UST (13%). 5% non-inv grade corp/securitized. Lower credit are diversified and no derivatives, leverage or nondollar bonds. Strengths: security selection & sector rotation. Index Bloomberg Barclays U.S. Universal Baird Core Plus Bond Inst BCOIX 3.71 3.51 -0.51 4.65 3.27 3.36 5.8 Gold 4> AvgAvg > Avg Index. Avg credit rating BBB. 5.7 yr duration. Strong fund family.

At least 80% Agency MBS; some ABS, non-agency MBS, CMBS, CLO, BlackRock US Mortgage Portfolio Instl MSUMX 2.78 2.49 0.66 2.9 2.44 3.08 5.42 Silver 4> Avg< Avg> Avg UST; result is higher credit quality, lower duration Corporate (42%), securitized (46%), UST & related (8%), 7% non-inv grade across Corp & ABS. Dollar-denominated emerging-markets corporates (3%). Avg credit rating A; 4.3 yr duration; sometimes Dodge & Cox Income DODIX 3.63 3.47 -0.31 4.36 3.79 3.14 5.39 Gold 4> AvgAvg > Avg contrarian approach. Standard core-plus (high quality + HY & EM debt) plus International Trade Finance Loans. Corp (36%), securitized (22%), UST (28%). 13% non-inv grade corp/securitized. 4% EM. BBB avg credit rating. 5.6 yr duration. Sector rotation and security selection; duration, yield- curve positioning, and currency decisions play a secondary role. Is Federated Total Return Bond Instl FTRBX 3.91 3.6 -0.86 4.4 3.31 3.06 4.73 Silver 4> AvgAvg > Avg high non-inv grade too risky?

Goes beyond index which adds volatility: HY corporate, Bank Loans, EM, FX; credit & interest rate derivatives. BBB avg rating but high Hartford Total Return Bond Y HABYX 3.7 3.48 -0.74 4.98 3.27 3 4.91 Bronze 4> Avg> Avg> Avg restricted/illiquid securities. Too risky for us? Allows for higher HY, EM & securitized which it has maxed out at times. Avg credit rating BB (lowest of chioces) & highest JPMorgan Core Plus Bond I HLIPX 3.59 3.26 0.01 4.26 3.14 3.1 5.56 Bronze 4> AvgAvg > Avg restricted/illiquid Performance (%) Morningstar Ratings Green = Top 3; Red = Bottom 3 3 3 5 10 Analyst Comments (Color-coding in this column is solely Amy Heinrich's Fund Name Ticker YTD 2018 2017 Stars Return* Risk* Overall* Month Year Year Year Rating viewpoint)

Mortgage-focused; typically specialize in non-agency MBS & ABS, but TCW Total Return Bond I TGLMX 2.71 2.39 0.8 3.44 2.19 2.69 6.15 Bronze 4> AvgAvg > Avg higher in Agency MBS & UST right now. Still only BB. No corporates.

TIAA-CREF Bond Instl TIBDX 3.46 3.28 -0.38 4.47 2.98 3.21 4.46 Bronze 4> AvgAvg > Avg Don't recommend due to changes from merger. Average 3.43 3.14 (0.17) 4.12 2.93 3.04 5.13

Benchmark (iShares Core US Aggregate Bond) AGG 3.53 2.72 0.10 3.55 2.13 2.66 3.69 Silver 2 < Avg Avg > Avg vs. Benchmark (iShares Core US Aggregate Bond) (0.10) 0.42 (0.27) 0.57 0.80 0.38 1.44 Green = Top 3; Red = Bottom 3 Performance (%) Morningstar Ratings Green = Top 2; Red = Bottom 2 3 3 5 10 Analyst Comments (Color-coding in this column is solely Amy Heinrich's Fund Name Ticker YTD 2018 2017 Stars Return* Risk* Overall* Month Year Year Year Rating viewpoint)

Short Bond Morningstar Medalist Ticker

Disciplined security selection and sector rotation, low fees, no esoteric sector, leverage, derivatives or duration bets. Inv-grade corp (55%), securitized (14%), UST & related (26%). No leverage, derivative or macro trades. More credit risk but diversified. avg rating A. 1.9 yr Baird Short-Term Bond Inst BSBIX 1.77 1.61 1.49 1.53 2.01 1.73 2.86 Gold 3AvgAvg > Avg duraction. Good for cautious investors.

5 yr avg: 30% investment-grade credit, 45% securitized (20% ABS, 14% CMBS, 11% agency MBS), 15% UST; Avg rating A. 1.6 yr BlackRock Low Duration Bond Inv A BLDAX 1.84 1.68 0.85 1.72 1.82 1.4 3.17 Bronze 4> AvgAvg > Avg duration

Cautious stance; Overweight higher credit names, some ABS & MBS. Unfavorable performance when credit risk is in favor but more Fidelity® Short-Term Bond FSHBX 1.61 1.41 1.18 1.16 1.51 1.3 2.24 Silver 3Avg< Avg> Avg downside protection. Avg rating A. 1.6 yr avg duration.

Investment-grade corporate (50%-70%), securitized (10%-20%), Treasuries & government-related securities (5-15%). Higher levels of credit risk than peers, primarily through its BBB corp (30%- Invesco Short Term Bond R6 ISTFX 2.07 1.97 0.97 2.01 2.42 1.95 0 Bronze 4> AvgAvg > Avg 50%) & HY corp (5%-10%). Avg rating BBB. 1.9 yr duration.

Heavy focus on securitized spectrum (agency & non-agency MBS & CMOs). Securitized = 70-90% over last decade vs. ~25% peers. No UST, low corp. Will under-perform when credit is in favor; out-perform JPMorgan Limited Duration Bond A ONUAX 1.18 1.07 1.72 1.61.751.344.15 Bronze 4> AvgAvg > Avg in rising rates. Avg rating BB. 1.3 yr duration. Checkered past performance due to concentration in individual issuers & non-agency MBS. More conservative now but doesn't seem Metropolitan West Low Duration Bd M MWLDX 1.71 1.52 1.2 1.15 1.65 1.24 4.44 Bronze 4> AvgAvg > Avg compelling vs. other options.

Mgmt turnover bring uncertainty; 53% corp, securitized 27%, UST or related 15%. Avg rating A. 2.5 yr duration. Out-performance seemingly Vanguard Short-Term Investment-Grade Adm VFSUX 2.3 2.13 0.96 2.12 2.26 2.1 3.6 Bronze 4> AvgAvg > Avg from longer duration. Average 1.78 1.63 1.20 1.61 1.92 1.58 2.92

Benchmark (iShares Core US Aggregate Bond) AGG 3.53 2.72 0.10 3.55 2.13 2.66 3.69 Silver 2 < Avg Avg > Avg vs. Benchmark (iShares Core US Aggregate Bond) (1.75) (1.09) 1.10 (1.94) (0.21) (1.08) (0.77) Not comparable to Short-term given this is an intermediate-term Our Holding: Vanguard Total Bond Market Index Adm VBTLX 3.46 2.81 -0.03 3.56 2.13 2.63 3.7 Silver 2< Avg> Avg< Avg holding. Green = Top 2; Red = Bottom 2 Data through February 28, 2019 FINRA members: For internal or institutional use only. Mstar Category Ticker Yield SEC Yield Total Assets Intermediate-Term Vanguard Total Bond Market Index Adm VBTLX 2.8% 3.16% $172,160 mil Bond Benchmark 1: BBgBarc US Agg Bond TR USD Historical Profile Investment Style Benchmark 2: BBgBarc US Agg Bond TR USD Fixed Income Return Below Avg 4 4 4 4 4 4 4 4 Morningstar Analyst Rating 07-27-18 Risk Above Avg Rating QQ Below Avg 14.0 Growth of $10,000 „ 13.0 Investment Values of Fund Morningstar Pillars 12.0 Investment Values of Process Benchmark 1 ∞ Positive 11.0 Performance ¶ Neutral People ∞ Positive 10.0 Parent ∞ Positive Performance Quartile Price ∞ Positive ) ( & ) ( * * ( ( * ) (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 10.35 10.60 11.00 11.09 10.56 10.87 10.64 10.65 10.75 10.45 10.50 NAV analysts believe lead to funds that are more likely to outperform over 6.04 6.54 7.69 4.15 -2.15 5.89 0.40 2.60 3.56 -0.03 0.96 Total Return % the long term on a risk-adjusted basis. 0.11 0.00 -0.16 -0.06 -0.12 -0.07 -0.15 -0.05 0.02 -0.04 -0.04 +/- Bmark 1 Analyst Rating Spectrum 0.11 0.00 -0.16 -0.06 -0.12 -0.07 -0.15 -0.05 0.02 -0.04 -0.04 +/- Bmark 2 Œ „ ´ ‰ Á 4.32 3.67 3.35 2.72 2.45 2.66 2.46 2.52 2.57 2.73 0.48 Income Return % 1.72 2.86 4.33 1.43 -4.60 3.23 -2.06 0.08 0.99 -2.76 0.48 Capital Return % Pillar Spectrum 90 70 12 83 67 30 28 63 56 31 76 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.43 0.37 0.35 0.30 0.27 0.28 0.26 0.26 0.27 0.29 0.05 Income $ 0.00 0.05 0.05 0.07 0.03 0.03 0.01 0.00 0.00 0.00 0.00 Capital Gains $ Performance 02-28-19 0.12 0.11 0.10 0.10 0.08 0.07 0.06 0.05 0.05 . . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 4.19 3.49 3.24 2.65 2.49 2.57 2.44 2.40 2.52 . . Income Ratio % 2014 1.91 1.97 0.17 1.72 5.89 80 75 73 80 73 72 84 61 55 . . Turnover Rate % 2015 1.65 -1.79 1.18 -0.60 0.40 17,932 27,200 31,366 35,533 33,450 54,198 60,783 72,592 82,839 88,281 90,719 Net Assets $mil 2016 3.09 2.36 0.41 -3.17 2.60 2017 0.91 1.48 0.73 0.40 3.56 2018 -1.47 -0.17 0.03 1.61 -0.03 Rating and Risk Portfolio Analysis 01-31-19 Time Load-Adj Morningstar Morningstar Morningstar Date of Value % Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Total Fixed Income: 17165 Maturity Amount 000 $000 Assets Return% 1 2 Cat $10,000 1 Yr 3.09 United States Treasury 11-15-28 1,037,514 1,081,442 0.52 3 Mo 2.78 -0.08 -0.08 52 10,278 3 Yr 1.64 -Avg +Avg QQ United States Treasury 05-15-25 975,222 953,435 0.46 6 Mo 2.04 0.05 0.04 29 10,204 5 Yr 2.24 Avg +Avg QQQ United States Treasury 08-15-28 940,238 959,776 0.46 1 Yr 3.09 -0.08 -0.08 24 10,309 10 Yr 3.64 -Avg Avg QQ United States Treasury 12-31-22 867,125 857,101 0.41 3 Yr Avg 1.64 -0.05 -0.05 69 10,502 Incept 3.97 United States Treasury 11-15-20 853,684 855,554 0.41 5 Yr Avg 2.24 -0.08 -0.08 44 11,172 United States Treasury 05-15-23 827,153 803,893 0.39 10 Yr Avg 3.64 -0.07 -0.07 75 14,294 Other Measures Standard Index Best Fit Index United States Treasury 03-15-20 796,130 788,041 0.38 15 Yr Avg 3.77 -0.04 -0.04 51 17,416 Alpha -0.1 -0.1 United States Treasury 11-15-27 813,084 790,342 0.38 Beta 1.02 1.02 United States Treasury 02-28-22 781,447 765,576 0.37 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat United States Treasury 11-15-25 786,977 773,449 0.37 3 Yr (estimated) 0.53 66 1.10 45 R-Squared 99 99 United States Treasury 11-15-21 771,193 780,108 0.37 5 Yr (estimated) 1.11 36 1.11 46 Standard Deviation 2.90 United States Treasury 05-15-28 755,131 770,823 0.37 10 Yr (estimated) 2.43 74 1.17 32 Mean 1.64 United States Treasury 02-15-20 758,024 748,783 0.36 Potential Capital Gain Exposure: -1% of assets Sharpe Ratio 0.16 United States Treasury 08-15-21 741,294 746,624 0.36 United States Treasury 02-15-27 748,740 730,957 0.35 Morningstar's Take by Phillip Yoo 07-27-18 United States Treasury 05-15-46 776,992 703,908 0.34 Vanguard Total Bond Market Index’s Treasury-heavy securities. The fund’s exposure to Treasuries has United States Treasury 11-30-22 722,075 710,681 0.34 portfolio may keep it from posting returns at the top of increased over the past decade and is now 20 United States Treasury 03-31-21 709,298 691,679 0.33 the intermediate-term bond Morningstar Category, but percentage points higher than the category average. United States Treasury 05-15-26 716,160 672,746 0.32 United States Treasury 05-15-24 657,918 659,155 0.32 its low price tag and high credit-quality portfolio should However, this fund delivers a higher SEC yield than the set it up for attractive risk-adjusted performance over a category average because it has a slightly more full market cycle. It warrants a Morningstar Analyst aggressive interest-rate risk profile. Current Investment Style Sector Breakdown % Assets Duration Government 43 Rating of Silver. The portfolio’s bias toward highly rated securities Ltd Mod Ext It tracks the market-value-weighted Bloomberg provides protection against market downturns, but it High Quality Government Related 5

Barclays US Aggregate Float Adjusted Index, which also limits its return potential. The fund’s annual return Med Corporate 26 Agency MBS 23

includes investment-grade, U.S.-dollar-denominated of 3.6% over the trailing 10 years through June 2018 Low Non-Agency Residential MBS 0 bonds with at least one year until maturity. The portfolio was behind the average return of its surviving peers by 1 figure provided by Commercial MBS 1 currently consists of roughly 40% Treasury bonds, 20% 40 basis points. Its risk-adjusted return, as measured by fund 1 6.0 Covered Bond 0 government-guaranteed mortgage-backed securities, Sharpe ratio, was slightly behind the category average Avg Eff Duration Avg Eff Maturity 8.3 Yrs Asset Backed 1 and 40% investment-grade corporate bonds. as well. Avg Credit Quality AA Municipal 1 Accordingly, it carries low credit risk, which can limit its The managers have kept the fund’s performance Avg Wtd Coupon 3.23% Cash & Equivalents 1 return potential. But its cost advantage and downside close to its index. Over the trailing five years through Avg Wtd Price 101.18% of par Other 0 protection partially offset this drawback. June 2018, the fund trailed the Bloomberg Barclays US Market-cap weighting tilts the portfolio toward Aggregate Float Adjusted Index by 6 basis points Coupon Range % of Bonds Composition - Net highly rated bonds. AAA rated securities take up about annually. This gap is in line with the expense ratio of 0% PIK 0.0 Cash 1.1 Bonds 98.7 70% of the fund. The majority of the AAA rated portion 0.05%. 0% to 4% 79.8 Stocks 0.0 Other 0.2 4% to 6% 16.5 of the portfolio is composed of low-yielding, yet secure Special Securities U.S. Treasuries and agency mortgage-backed- 6% to 8% 3.2 8% to 10% 0.4 Restricted/Illiquid Secs 1 More than 10% 0.0 Emerging-Markets Secs 1 Address: Vanguard Bond Index Funds Minimum Purchase: $3000 Add: $1 IRA: — Options/Futures/Warrants 0 Valley Forge PA 19482 Min Auto Inv Plan: — Add: — Credit Analysis % bonds 01-31-19 800-662-7447 Sales Fees: No-load AAA 71 BB 0 Web Address: www.vanguard.com Management Fee: 0.04% AA 3 B 0 Inception: 11-12-01 Actual Fees: Mgt:0.04% Dist:— A 11 Below B 0 Advisor: Vanguard Group Inc Expense Projections: 3Yr:$16 5Yr:$28 10Yr:$64 Subadvisor: None Income Distribution: Monthly BBB 15 Not Rated 0

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any D trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Mstar Category Ticker Yield SEC Yield Total Assets Intermediate-Term AB Intermediate Bond Z ABQZX 3.3% 3.44% $332 mil Bond Benchmark 1: BBgBarc US Agg Bond TR USD Historical Profile Investment Style Benchmark 2: BBgBarc US Agg Bond TR USD Fixed Income Return Above Avg 5 5 5 5 5 4 5 5 Morningstar Analyst Rating 06-20-18 Risk Average Rating QQQQ 11.5 Above Avg Growth of $10,000 ´ 11.0 Investment Values of Fund Morningstar Pillars 10.5 Investment Values of Process ∞ Positive Benchmark 1 Performance ¶ Neutral 10.0 People ∞ Positive Parent ¶ Neutral Performance Quartile Price ∞ Positive * & * * * (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its . . . . . 11.22 10.84 10.98 11.13 10.76 10.87 NAV analysts believe lead to funds that are more likely to outperform over ...... 0.14 4.26 4.13 -0.24 1.55 Total Return % the long term on a risk-adjusted basis...... -0.41 1.62 0.59 -0.25 0.55 +/- Bmark 1 Analyst Rating Spectrum ...... -0.41 1.62 0.59 -0.25 0.55 +/- Bmark 2 Œ „ ´ ‰ Á ...... 3.61 2.64 2.41 3.10 0.53 Income Return % ...... -3.47 1.63 1.72 -3.34 1.02 Capital Return % Pillar Spectrum ...... 41 21 34 38 36 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral . . . . . 0.30 0.40 0.28 0.26 0.34 0.06 Income $ 0.00 0.04 0.04 0.00 0.00 Capital Gains $ Performance 02-28-19 ...... 0.66 0.71 0.66 0.66 0.64 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total . . . . . 3.29 2.91 2.52 2.42 2.48 . Income Ratio % 2014 — — 0.13 1.49 — . . . . . 221 198 128 209 195 . Turnover Rate % 2015 1.83 -1.58 0.56 -0.64 0.14 . . . . . 0 11 17 37 8 7 Net Assets $mil 2016 2.69 2.67 1.22 -2.29 4.26 2017 1.01 1.71 0.81 0.54 4.13 2018 -1.03 -0.10 0.09 0.80 -0.24 Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Date of Value % Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Total Fixed Income: 506 Maturity Amount 000 $000 Assets Return% 1 2 Cat $10,000 1 Yr 2.90 Us 2yr Note (Cbt) 0% 29 03-29-19 0 43,372 12.81 3 Mo 2.86 0.00 0.00 42 10,286 3 Yr 2.80 +Avg Avg QQQQ Irs #509205 Rec Fixed 1 06-22-20 335,480 38,959 11.51 6 Mo 1.81 -0.18 -0.18 57 10,181 5 Yr — — — — Euro-Bobl Future 0% 07/ 03-07-19 0 -10,024 2.96 1 Yr 2.90 -0.27 -0.27 39 10,290 10 Yr — — — — Federal National Mortga 02-01-48 9,524 9,552 2.82 3 Yr Avg 2.80 1.11 1.11 24 10,863 Incept 2.71 United States Treasury 08-15-44 8,704 8,981 2.65 5 Yr Avg — — — — — Irs #509552 Rec Fixed 2 09-10-23 8,260 8,436 2.49 10 Yr Avg — — — — — Other Measures Standard Index Best Fit Index United States Treasury 10-31-23 8,345 8,031 2.37 15 Yr Avg — — — — — Alpha 1.1 1.1 Federal National Mortga 01-01-48 7,850 7,873 2.33 Beta 0.92 0.92 Us 5yr Note (Cbt) 0% 29 03-29-19 0 -5,894 1.74 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Us Ultra Bond Cbt 0% 20 03-20-19 0 5,824 1.72 3 Yr (estimated) 1.60 20 1.16 56 R-Squared 93 93 Cdx-Naigs31v1-5y Cdsb 4 12-20-23 5,620 -5,653 1.67 5 Yr (estimated) — — — — Standard Deviation 2.66 Long Gilt Future 0% 27/ 03-27-19 0 -5,059 1.49 10 Yr (estimated) — — — — Mean 2.80 United States Treasury 07-15-25 5,164 4,990 1.47 Potential Capital Gain Exposure: -6% of assets Sharpe Ratio 0.59 United States Treasury 09-30-20 5,011 4,930 1.46 Us 10yr Ultra Future 0% 03-20-19 0 4,230 1.25 Morningstar's Take by Emory Zink 06-20-18 Jpn 10y Bond(Ose) 0% 13 03-13-19 0 -4,187 1.24 AB Intermediate Bond is a core bond fund for the more Though the fund's benchmark is the Bloomberg Federal National Mortga 01-01-49 3,795 3,981 1.18 adventurous investor. A deep bench of resources Barclays U.S. Aggregate Bond Index, this portfolio Irs #509517 Pay Fixed 2 08-31-28 32,720 -3,827 1.13 coupled with experienced management guides a mostly entertains a broader range of return sources versus the Japan (Government Of) 0 03-10-27 378,248 3,565 1.05 United States Treasury 11-30-21 3,478 3,412 1.01 U.S. investment-grade portfolio with the flexibility to index and more-conservative intermediate-term peers, invest in other regions and lower-quality fare on the including the ability to own up to 25% of assets in high- margin. This approach has resulted in higher volatility yield or non-U.S. debt, as well as take modest currency Current Investment Style Sector Breakdown % Assets Duration Government 14 than most peers over the long term, but for those positions, and hold more-exotic securitized fare such as Ltd Mod Ext willing to stay the course, this fund comes at an agency credit-risk-transfer bonds. Given this flexibility, High Quality Government Related 21 attractive price, supporting its Morningstar Analyst quantitative models critically enable management to Med Corporate 18 Agency MBS 17

Rating of Bronze. evaluate the expansive investment universe, while the Low Non-Agency Residential MBS 1 Portfolio managers Shawn Keegan and Greg bottom-up fundamental research then whittles the 1 figure provided by Commercial MBS 8 Wilensky took the reins of this fund in late 2005. They narrower opportunity set. fund 1 5.1 Covered Bond 0 are joined by Douglas Peebles, who simultaneously During the trailing 10 years ended May 2018, the Avg Eff Duration Avg Eff Maturity 8.1 Yrs Asset Backed 6 serves as the firm’s fixed-income chief investment fund returned 4.3% annualized, outpacing the Avg Credit Quality BBB Municipal 0 officer and provides guidance related to the firm’s Aggregate Bond Index and 60% of its unique Avg Wtd Coupon 3.49% Cash & Equivalents 4 macroeconomic views. Michael Canter, head of the intermediate-term bond Morningstar Category peers. Avg Wtd Price 101.03% of par Other 11 firm’s securitized asset group, and Janaki Rao, a Those returns have been fueled by riskier fare at times, securitized specialist, were added to the portfolio which can cause the fund to lag its median peers in Coupon Range % of Bonds Composition - Net management roster in 2016 and 2018, respectively. The stressed markets, such as 2008 and the energy-sell off 0% PIK 12.5 Cash -18.1 Bonds 116.2 lead portfolio managers draw on the work of 50-plus of late 2015 through early 2016. As a result, investors 0% to 4% 61.4 Stocks 0.2 Other 1.8 analysts on the firm’s global fixed-income team. here need patience to endure some rough patches. 4% to 6% 19.1 6% to 8% 5.0 Special Securities 8% to 10% 1.9 Restricted/Illiquid Secs 18 More than 10% 0.0 Emerging-Markets Secs 4 Address: AllianceBernstein L.P. Minimum Purchase: $2000000 Add: — IRA: — Options/Futures/Warrants 0 NEW YORK NY 10105 Min Auto Inv Plan: — Add: — Credit Analysis % bonds 12-31-18 800-227-4618 Sales Fees: No-load AAA 60 BB 6 Web Address: www.AllianceBernstein.com Management Fee: 0.45% AA 3 B 2 Inception: 04-25-14 Actual Fees: Mgt:0.45% Dist:— A 12 Below B 1 Advisor: AllianceBernstein L.P. Expense Projections: 3Yr:$193 5Yr:$345 10Yr:$787 Subadvisor: None Income Distribution: Monthly BBB 15 Not Rated 2

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any D trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Mstar Category Ticker Yield SEC Yield Total Assets Intermediate-Term Baird Aggregate Bond Inst BAGIX 2.9% 3.27% $15,963 mil Bond Benchmark 1: BBgBarc US Agg Bond TR USD Historical Profile Investment Style Benchmark 2: BBgBarc US Agg Bond TR USD Fixed Income Return Above Avg 5 5 5 5 5 5 5 5 Morningstar Analyst Rating 02-25-19 Risk Average Rating QQQQ 16.0 Œ Above Avg Growth of $10,000 14.0 Investment Values of Fund Morningstar Pillars Investment Values of Process ∞ Positive 12.0 Benchmark 1 Performance ∞ Positive People ∞ Positive 10.0 Parent ∞ Positive Performance Quartile Price ∞ Positive ( * & * * & & * * * ( (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 10.23 10.52 10.65 10.89 10.41 10.81 10.61 10.70 10.87 10.53 10.62 NAV analysts believe lead to funds that are more likely to outperform over 10.88 8.34 7.85 7.92 -1.25 6.89 0.55 3.52 4.20 -0.30 1.30 Total Return % the long term on a risk-adjusted basis. 4.95 1.79 0.01 3.70 0.77 0.93 0.00 0.87 0.66 -0.31 0.29 +/- Bmark 1 Analyst Rating Spectrum 4.95 1.79 0.01 3.70 0.77 0.93 0.00 0.87 0.66 -0.31 0.29 +/- Bmark 2 Œ „ ´ ‰ Á 5.64 4.90 4.50 4.08 3.21 3.02 2.44 2.51 2.61 2.82 0.44 Income Return % 5.24 3.44 3.35 3.84 -4.47 3.87 -1.89 1.01 1.60 -3.12 0.86 Capital Return % Pillar Spectrum 62 31 9 34 36 8 22 37 31 41 54 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.54 0.49 0.46 0.43 0.34 0.31 0.26 0.26 0.28 0.30 0.05 Income $ 0.00 0.06 0.21 0.16 0.00 0.00 0.00 0.02 0.00 0.00 0.00 Capital Gains $ Performance 02-28-19 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 . . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 5.37 4.44 4.10 3.51 3.01 2.81 2.24 2.25 2.40 . . Income Ratio % 2014 2.36 2.38 0.24 1.76 6.89 38 41 46 64 28 32 40 36 28 . . Turnover Rate % 2015 1.79 -1.64 1.08 -0.64 0.55 1,360 1,657 1,480 1,497 1,663 3,441 6,323 9,754 13,563 14,934 15,273 Net Assets $mil 2016 3.03 2.55 0.76 -2.76 3.52 2017 1.04 1.66 0.99 0.45 4.20 2018 -1.52 -0.24 0.07 1.41 -0.30 Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Date of Value % Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Total Fixed Income: 1078 Maturity Amount 000 $000 Assets Return% 1 2 Cat $10,000 1 Yr 3.06 United States Treasury — 663,750 647,960 4.18 3 Mo 3.10 0.24 0.24 19 10,310 3 Yr 2.29 Avg Avg QQQ United States Treasury — 487,881 533,639 3.45 6 Mo 2.00 0.01 0.01 33 10,200 5 Yr 2.74 +Avg +Avg QQQQ United States Treasury 05-15-24 482,225 481,340 3.11 1 Yr 3.06 -0.11 -0.11 27 10,306 10 Yr 5.08 +Avg Avg QQQQ United States Treasury 11-15-25 405,625 396,673 2.56 3 Yr Avg 2.29 0.60 0.60 44 10,702 Incept 5.15 United States Treasury 03-31-22 351,950 345,351 2.23 5 Yr Avg 2.74 0.42 0.42 16 11,445 United States Treasury 11-15-26 319,050 304,556 1.97 10 Yr Avg 5.08 1.37 1.37 31 16,415 Other Measures Standard Index Best Fit Index United States Treasury 03-31-22 310,830 303,861 1.96 15 Yr Avg 4.21 0.40 0.41 25 18,574 Alpha 0.6 0.6 United States Treasury 11-15-27 159,725 154,291 1.00 Beta 1.00 1.00 United States Treasury — 125,800 114,006 0.74 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Federal National Mortga — 105,620 106,445 0.69 3 Yr (estimated) 1.14 40 1.13 50 R-Squared 99 99 Federal Home Loan Mortg — 74,319 74,071 0.48 5 Yr (estimated) 1.58 7 1.12 47 Standard Deviation 2.84 FEDERAL HOME LN MTG 08-25-25 72,374 73,330 0.47 10 Yr (estimated) 3.61 30 1.40 62 Mean 2.29 COR Potential Capital Gain Exposure: -2% of assets Sharpe Ratio 0.38 Federal Home Loan Mortg — 73,457 71,715 0.46 Federal Home Loan Mortg — 71,697 69,996 0.45 Morningstar's Take by Alaina Bompiedi 02-25-19 Federal Home Loan Mortg 01-25-24 68,125 69,666 0.45 A cohesive team, proven and deliberative process, and it a slight yield advantage over the benchmark. To Federal Home Loan Mortg — 66,878 67,312 0.43 low fees position Baird Aggregate Bond for long-term balance that additional credit risk, the team emphasizes Federal National Mortga — 66,351 66,543 0.43 success, supporting an upgrade of the strategy’s diversification and position sizing as risk controls. High- Government National Mor — 64,507 66,792 0.43 Federal National Mortga — 63,333 63,828 0.41 Morningstar Analyst Rating to Gold from Silver. conviction bets on benchmark names are kept within Federal National Mortga — 58,735 58,941 0.38 Lead manager and Baird CIO Mary Ellen Stanek 75 basis points of the benchmark’s sizing, and industry heads a veteran team of five portfolio managers that over- and underweightings are kept within a handful of have worked at Baird for nearly two decades. They are percentage points. That risk-aware approach prevents Current Investment Style Sector Breakdown % Assets Duration Government 21 supported by five additional portfolio managers, 12 the fund from getting thrown off course by any one bet. Ltd Mod Ext dedicated analysts, and a handful of other tenured The strategy’s slight overweighting in credit can High Quality Government Related 0

Med Corporate 41 players that assist with research and risk management. cause it to underperform its Treasury-heavy index when Agency MBS 25

While this outfit is somewhat smaller than other firms’, credit sells off, but attentive risk management has kept Low Non-Agency Residential MBS 1 it sticks to investments that it can research thoroughly. it from major missteps. The fund’s low fees also help 1 figure provided by fund Commercial MBS 5 Stanek and team curate a portfolio of mainly discourage outsize risk-taking. From its inception in Avg Eff Duration1 5.9 Covered Bond 0 investment-grade corporate credit, securitized debt, 2000 through January 2019, it returned 5.2%, landing in Avg Eff Maturity 8.1 Yrs Asset Backed 3 and U.S. government bonds--the primary sectors of the the intermediate-term bond Morningstar Category's Avg Credit Quality A Municipal 1 Bloomberg Barclays U.S. Aggregate Bond Index best quartile. Avg Wtd Coupon 3.56% Cash & Equivalents 2 benchmark. The team matches the fund’s duration to Avg Wtd Price 99.80% of par Other 0 the index’s, while avoiding derivatives, leverage, and esoteric fare, and using high yield minimally. Coupon Range % of Bonds Composition - Net For most of the strategy’s life, it has maintained 0% PIK 0.1 Cash 1.9 Bonds 97.3 Stocks 0.0 Other 0.8 persistent overweightings to corporate and securitized 0% to 4% 75.9 bonds and downplayed U.S. Treasuries, which has given 4% to 6% 20.1 6% to 8% 3.1 Special Securities 8% to 10% 0.8 Restricted/Illiquid Secs 16 Address: Baird Funds Inc Minimum Purchase: $25000 Add: — IRA: $25000 More than 10% 0.1 Emerging-Markets Secs 1 Milwaukee, WI 53202 Min Auto Inv Plan: $25000 Add: — Options/Futures/Warrants 0 866-442-2473 Sales Fees: No-load Credit Analysis % bonds 12-31-18 Web Address: www.bairdfunds.com Management Fee: 0.25%, 0.05%A AAA 56 BB 0 Inception: 09-29-00 Actual Fees: Mgt:0.25% Dist:— AA 5 B 0 Advisor: Robert W. Baird & Co. Incorporated Expense Projections: 3Yr:$97 5Yr:$169 10Yr:$381 Subadvisor: None Income Distribution: Monthly A 18 Below B 0 BBB 22 Not Rated 0

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any D trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Mstar Category Ticker Yield SEC Yield Total Assets Intermediate-Term Baird Core Plus Bond Inst BCOIX 3.1% 3.53% $18,067 mil Bond Benchmark 1: BBgBarc US Agg Bond TR USD Historical Profile Investment Style Benchmark 2: BBgBarc US Agg Bond TR USD Fixed Income Return Above Avg 5 5 5 5 5 5 5 5 Morningstar Analyst Rating 02-25-19 Risk Average Rating QQQQ Above Avg 16.0 Growth of $10,000 Œ Investment Values of 14.0 Fund Morningstar Pillars Investment Values of Benchmark 1 Process ∞ Positive 12.0 Performance ∞ Positive People ∞ Positive 10.0 Parent ∞ Positive Performance Quartile Price ∞ Positive * & & * * & * & & ( * (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 10.18 10.51 10.82 11.27 10.77 11.14 10.85 11.03 11.22 10.82 10.95 NAV analysts believe lead to funds that are more likely to outperform over 15.36 9.81 7.89 7.95 -1.32 6.59 0.14 4.73 4.65 -0.51 1.68 Total Return % the long term on a risk-adjusted basis. 9.43 3.26 0.04 3.74 0.70 0.62 -0.41 2.08 1.11 -0.52 0.68 +/- Bmark 1 Analyst Rating Spectrum 9.43 3.26 0.04 3.74 0.70 0.62 -0.41 2.08 1.11 -0.52 0.68 +/- Bmark 2 Œ „ ´ ‰ Á 7.13 6.06 4.53 3.54 3.10 3.13 2.80 2.90 2.92 3.06 0.48 Income Return % 8.23 3.74 3.36 4.41 -4.42 3.46 -2.66 1.83 1.73 -3.57 1.20 Capital Return % Pillar Spectrum 35 15 9 33 39 13 42 14 18 51 27 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.65 0.60 0.47 0.38 0.34 0.33 0.31 0.31 0.32 0.34 0.05 Income $ 0.02 0.05 0.04 0.02 0.01 0.00 0.00 0.02 0.00 0.00 0.00 Capital Gains $ Performance 02-28-19 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 . . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 6.67 5.56 4.22 3.12 2.83 2.89 2.50 2.61 2.68 . . Income Ratio % 2014 2.32 2.43 0.11 1.58 6.59 33 62 35 37 36 35 34 33 30 . . Turnover Rate % 2015 1.80 -1.56 0.76 -0.83 0.14 215 452 768 1,570 1,788 4,512 7,199 9,909 13,925 15,647 15,937 Net Assets $mil 2016 3.06 2.96 1.10 -2.37 4.73 2017 1.19 1.78 1.05 0.56 4.65 2018 -1.40 -0.35 0.34 0.91 -0.51 Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Date of Value % Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Total Fixed Income: 1286 Maturity Amount 000 $000 Assets Return% 1 2 Cat $10,000 1 Yr 3.11 United States Treasury — 654,400 638,832 3.63 3 Mo 3.11 0.25 0.26 18 10,311 3 Yr 3.01 +Avg Avg QQQQ United States Treasury — 364,345 398,517 2.26 6 Mo 2.03 0.04 0.04 30 10,203 5 Yr 2.95 High Avg QQQQQ United States Treasury 11-15-27 253,525 244,899 1.39 1 Yr 3.11 -0.06 -0.06 22 10,311 10 Yr 5.67 +Avg Avg QQQQ United States Treasury 03-31-22 238,025 233,562 1.33 3 Yr Avg 3.01 1.32 1.31 20 10,929 Incept 5.62 United States Treasury — 228,175 206,784 1.17 5 Yr Avg 2.95 0.63 0.63 9 11,562 United States Treasury 11-15-26 202,025 192,847 1.10 10 Yr Avg 5.67 1.96 1.96 16 17,361 Other Measures Standard Index Best Fit Index United States Treasury 03-31-22 185,175 181,023 1.03 15 Yr Avg 4.83 1.02 1.02 6 20,279 Alpha 1.3 0.1 United States Treasury 11-15-25 134,425 131,458 0.75 Beta 0.97 0.74 Federal National Mortga — 123,271 124,233 0.71 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat United States Treasury 05-15-24 99,425 99,242 0.56 3 Yr (estimated) 1.72 17 1.25 71 R-Squared 93 95 Federal Home Loan Mortg — 86,481 86,962 0.49 5 Yr (estimated) 1.66 6 1.24 65 Standard Deviation 2.81 FEDERAL HOME LN MTG 08-25-25 82,951 84,047 0.48 10 Yr (estimated) 4.12 16 1.47 75 Mean 3.01 COR Potential Capital Gain Exposure: -2% of assets Sharpe Ratio 0.63 Federal Home Loan Mortg — 82,981 81,012 0.46 Government National Mor — 80,078 80,743 0.46 Morningstar's Take by Alaina Bompiedi 02-25-19 Federal Home Loan Mortg — 75,120 73,339 0.42 Baird Core Plus Bond has a strong foundation for investment-grade fare, it prefers to hold a diversified Federal National Mortga — 72,102 74,301 0.42 success. Its stalwart team, disciplined process, and low set of well-trafficked names, rather than concentrate in FORD CREDIT AUTO OWNER 12-15-27 74,240 72,420 0.41 fees align to make the fund a dependable choice in the a few positions. The team matches the fund's duration Federal Home Loan Mortg 01-25-24 66,950 68,464 0.39 Federal Home Loan Mortg 02-25-23 64,407 65,339 0.37 intermediate-bond Morningstar Category, meriting a to that of the index and avoids derivatives, leverage, Royal Bank of Scotland 05-15-23 62,335 59,942 0.34 Morningstar Analyst Rating upgrade to Gold from Silver. and nondollar bonds. These constraints allow Veteran manager and Baird CIO Mary Ellen Stanek management to focus on its strengths: security helms the fund with five tenured comanagers whose selection and sector rotation. Current Investment Style Sector Breakdown % Assets Duration Government 13 industry experience averages 35 years. All have been Over its nearly two-decade life span, the strategy Ltd Mod Ext contributors here since the fund's 2000 inception. That has maintained a persistent overweighting in corporate High Quality Government Related 0

Med Corporate 50 group is supported by five additional portfolio managers and securitized bonds, and an underweighting in Agency MBS 21 and 12 dedicated analysts. While that head count is Treasuries. Its bias toward credit has been a boon in the Low Non-Agency Residential MBS 3 modest compared with some other firms', the team years following the financial crisis but comes with 1 figure provided by fund Commercial MBS 5 sticks to sectors and bonds that it can thoroughly added risk. Yet, the process’ risk controls, such as Avg Eff Duration1 5.7 Covered Bond 0 understand with its resources. limitations on position sizing and a preference for Avg Eff Maturity 7.8 Yrs Asset Backed 5 Stanek and her team use a tried-and-true valuation- shorter maturities in its lower-quality fare, prevent Avg Credit Quality BBB Municipal 1 driven process to outpace the Bloomberg Barclays U.S. single names from derailing the strategy’s performance. Avg Wtd Coupon 3.77% Cash & Equivalents 2 Universal Index. A mixture of investment-grade Helped by low fees, the approach has succeeded over Avg Wtd Price 99.51% of par Other 0 corporate, securitized, and government bonds form the the long term: Its 5.6% annualized return from its core of the portfolio, with a smattering of high yield October 2000 inception through January 2019 Coupon Range % of Bonds Composition - Net (between 4% and 12% over the past decade) and outpaced more than 90% of its peers. 0% PIK 0.0 Cash 2.0 Bonds 96.8 Stocks 0.0 Other 1.2 dollar-denominated emerging-markets corporates (less 0% to 4% 70.4 than 5%). When the team ventures into below- 4% to 6% 24.8 6% to 8% 3.5 Special Securities 8% to 10% 1.2 Restricted/Illiquid Secs 19 Address: Baird Funds Inc Minimum Purchase: $25000 Add: — IRA: $25000 More than 10% 0.0 Emerging-Markets Secs 1 Milwaukee, WI 53202 Min Auto Inv Plan: $25000 Add: — Options/Futures/Warrants 0 866-442-2473 Sales Fees: No-load Credit Analysis % bonds 12-31-18 Web Address: www.bairdfunds.com Management Fee: 0.25%, 0.05%A AAA 44 BB 3 Inception: 09-29-00 Actual Fees: Mgt:0.25% Dist:— AA 5 B 1 Advisor: Robert W. Baird & Co. Incorporated Expense Projections: 3Yr:$97 5Yr:$169 10Yr:$381 Subadvisor: None Income Distribution: Monthly A 18 Below B 1 BBB 28 Not Rated 0

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any D trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Mstar Category Ticker Yield SEC Yield Total Assets Intermediate-Term Dodge & Cox Income DODIX 2.9% 3.72% $55,489 mil Bond Benchmark 1: BBgBarc US Agg Bond TR USD Historical Profile Investment Style Benchmark 2: BBgBarc US Agg Bond TR USD Fixed Income Return Above Avg 5 5 5 5 2 2 2 2 Morningstar Analyst Rating 11-07-18 Risk Average Rating QQQQ Above Avg 16.0 Growth of $10,000 Œ Investment Values of 14.0 Fund Morningstar Pillars Investment Values of Process ∞ Positive 12.0 Benchmark 1 Performance ∞ Positive People ∞ Positive 10.0 Parent ∞ Positive Performance Quartile Price ∞ Positive * ( ) * & * ( & * * & (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 12.96 13.23 13.30 13.86 13.53 13.78 13.29 13.59 13.76 13.26 13.52 NAV analysts believe lead to funds that are more likely to outperform over 16.05 7.17 4.76 7.94 0.64 5.48 -0.59 5.61 4.36 -0.31 1.96 Total Return % the long term on a risk-adjusted basis. 10.12 0.63 -3.08 3.73 2.66 -0.48 -1.14 2.97 0.82 -0.32 0.96 +/- Bmark 1 Analyst Rating Spectrum 10.12 0.63 -3.08 3.73 2.66 -0.48 -1.14 2.97 0.82 -0.32 0.96 +/- Bmark 2 Œ „ ´ ‰ Á 5.86 5.07 4.23 3.69 3.03 2.90 2.96 3.22 2.83 2.93 0.00 Income Return % 10.19 2.10 0.53 4.26 -2.39 2.58 -3.55 2.40 1.53 -3.24 1.96 Capital Return % Pillar Spectrum 30 57 81 33 8 49 70 6 26 41 17 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.68 0.65 0.55 0.48 0.42 0.39 0.40 0.42 0.38 0.40 0.00 Income $ 0.00 0.00 0.00 0.00 0.00 0.10 0.01 0.02 0.04 0.06 0.00 Capital Gains $ Performance 02-28-19 0.43 0.43 0.43 0.43 0.43 0.44 0.43 0.43 0.43 0.42 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 5.29 4.26 4.12 3.52 3.00 2.89 2.97 3.11 2.80 3.02 . Income Ratio % 2014 2.31 2.19 0.00 0.89 5.48 20 28 27 26 38 27 24 27 19 37 . Turnover Rate % 2015 1.29 -1.19 -0.81 0.13 -0.59 19,240 22,381 24,051 26,539 24,654 39,128 43,125 46,632 54,287 54,314 . Net Assets $mil 2016 2.37 2.64 1.79 -1.24 5.61 2017 1.19 1.50 1.13 0.48 4.36 2018 -0.90 -0.33 0.64 0.29 -0.31 Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Date of Value % Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Total Fixed Income: 1087 Maturity Amount 000 $000 Assets Return% 1 2 Cat $10,000 1 Yr 2.77 Federal National Mortga 06-01-48 654,356 678,195 1.26 3 Mo 3.03 0.17 0.17 25 10,303 3 Yr 3.84 High -Avg QQQQQ Imperial Tobacco Financ 07-21-25 593,845 584,354 1.08 6 Mo 2.15 0.16 0.15 19 10,215 5 Yr 2.81 +Avg -Avg QQQQ United States Treasury 10-31-25 561,940 576,737 1.07 1 Yr 2.77 -0.40 -0.40 48 10,277 10 Yr 5.30 +Avg Avg QQQQ United States Treasury 08-31-25 565,540 571,266 1.06 3 Yr Avg 3.84 2.15 2.14 8 11,195 Incept 6.59 Verizon Communications 04-15-49 480,632 479,559 0.89 5 Yr Avg 2.81 0.49 0.49 12 11,485 Charter Communications 10-23-45 450,292 464,743 0.86 10 Yr Avg 5.30 1.59 1.59 25 16,757 Other Measures Standard Index Best Fit Index Rio Oil Finance Trust 9 07-06-24 412,059 439,358 0.81 15 Yr Avg 4.39 0.58 0.58 16 19,052 Alpha 2.2 1.1 United States Treasury 05-31-21 450,000 438,362 0.81 Beta 0.74 0.66 Bank of America Corpora 12-20-23 422,916 410,591 0.76 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Federal National Mortga 07-01-48 371,216 384,741 0.71 3 Yr (estimated) 2.48 7 1.30 78 R-Squared 67 93 BNP Paribas 4.25% 10-15-24 381,716 377,356 0.70 5 Yr (estimated) 1.45 11 1.32 76 Standard Deviation 2.51 Federal National Mortga 06-01-48 362,044 375,234 0.70 10 Yr (estimated) 3.81 25 1.41 66 Mean 3.84 United States Treasury 07-15-21 375,000 376,281 0.70 Potential Capital Gain Exposure: -1% of assets Sharpe Ratio 1.01 Federal National Mortga 05-01-48 383,279 374,185 0.69 Navient Private Educati 07-26-66 358,793 359,384 0.67 Morningstar's Take by Benjamin Joseph 11-07-18 Royal Bank of Scotland 12-19-23 350,211 354,427 0.66 An experienced team, a robust long-term approach to the managers have been selectively adding names like Myriad International Ho 07-21-25 347,931 350,266 0.65 investing, and an attractive price tag support Dodge & Cigna, Ford Motor Credit, and United Technologies at Royal Bank of Scotland 12-15-22 340,311 344,873 0.64 Cox Income's Morningstar Analyst Rating of Gold. attractive valuations. The corporate allocation stood at Federal National Mortga 05-01-48 330,454 342,493 0.63 Navient Student Loan Tr 07-26-66 323,668 326,945 0.61 This fund stands out for its relatively patient and at- 38% of assets at the end of 2018’s third quarter. times contrarian approach to investing. The fund's A tilt toward corporates has made this fund more managers, who average 21 years of experience, start sensitive than peers to credit market swings, and its at- Current Investment Style Sector Breakdown % Assets Duration Government 6 with an investment horizon of three to five years. They times contrarian approach can be a drag on its relative Ltd Mod Ext tend to favor corporates, noting that the yield performance. For instance, during the energy-led credit High Quality Government Related 2

advantage offered by these securities is an important sell-off from June 2015 through February 2016, the Med Corporate 42 Agency MBS 38

contributor to total returns over time, and run a fairly fund lost 1.6% and landed behind its Bloomberg Low Non-Agency Residential MBS 0 compact, mostly cash-bond portfolio. Barclays U.S. Aggregate Bond Index and its typical 1 figure provided by Commercial MBS 0 The managers are also not afraid to go against the intermediate-term bond peer by roughly 200 and 300 fund 1 4.3 Covered Bond 0 crowd when they're confident in their analysis. As basis points, respectively. However, the team has Avg Eff Duration Avg Eff Maturity 8.3 Yrs Asset Backed 8 plunging energy prices took a toll on corporate demonstrated strong security-selection skills, and its Avg Credit Quality A Municipal 4 valuations in 2014 and 2015, the team was quick to willingness to take advantage of market corrections has Avg Wtd Coupon 4.37% Cash & Equivalents 1 take advantage of the sell-off to add to particularly served investors well: The fund's 5.6% 10-year Avg Wtd Price 101.83% of par Other 0 hard-hit names in this sector. This brought the fund's annualized gain through October 2018 topped roughly corporates exposure up to 48% of assets as of March 80% of its distinct peers. Low expenses add to its Coupon Range % of Bonds Composition - Net 2016 from 38% as of September 2014. As energy appeal. 0% PIK 0.0 Cash 1.2 Bonds 97.5 prices stabilized and corporates rallied, the team 0% to 4% 43.6 Stocks 0.0 Other 1.3 4% to 6% 42.8 gradually reduced this allocation to 34% as of June Special Securities 2018, its lowest level since March 2008. Since then, 6% to 8% 11.8 8% to 10% 1.8 Restricted/Illiquid Secs 18 More than 10% 0.0 Emerging-Markets Secs 3 Address: Dodge & Cox Funds Minimum Purchase: $2500 Add: $100 IRA: $1000 Options/Futures/Warrants 0 San Francisco, CA 94104 Min Auto Inv Plan: — Add: $100 Credit Analysis % bonds 12-31-18 800-621-3979 Sales Fees: No-load AAA 49 BB 7 Web Address: www.dodgeandcox.com Management Fee: 0.50% mx./0.40% mn. AA 7 B 0 Inception: 01-03-89 Actual Fees: Mgt:0.40% Dist:— A 6 Below B 0 Advisor: Dodge & Cox Expense Projections: 3Yr:$138 5Yr:$241 10Yr:$542 Subadvisor: None Income Distribution: Quarterly BBB 32 Not Rated 0

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any D trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Mstar Category Ticker Yield SEC Yield Total Assets Intermediate-Term Federated Total Return Bond Instl FTRBX 3.5% 3.26% $7,993 mil Bond Benchmark 1: BBgBarc US Agg Bond TR USD Historical Profile Investment Style Benchmark 2: BBgBarc US Agg Bond TR USD Fixed Income Return Above Avg 5 5 5 5 5 5 5 5 Morningstar Analyst Rating 07-27-18 Risk Average Rating QQQQ 16.0 Above Avg 15.0 Growth of $10,000 „ 14.0 Investment Values of 13.0 Fund Morningstar Pillars Investment Values of Process ∞ Positive 12.0 Benchmark 1 Performance ∞ Positive 11.0 People ∞ Positive 10.0 Parent ¶ Neutral Performance Quartile Price ∞ Positive ( ( * ( * ( ( & & ( & (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 10.87 11.15 11.28 11.43 10.89 11.04 10.65 10.78 10.90 10.44 10.58 NAV analysts believe lead to funds that are more likely to outperform over 12.14 7.35 6.28 6.58 -0.87 5.30 -0.16 4.96 4.40 -0.86 1.91 Total Return % the long term on a risk-adjusted basis. 6.21 0.81 -1.56 2.36 1.15 -0.67 -0.71 2.32 0.86 -0.87 0.90 +/- Bmark 1 Analyst Rating Spectrum 6.21 0.81 -1.56 2.36 1.15 -0.67 -0.71 2.32 0.86 -0.87 0.90 +/- Bmark 2 Œ „ ´ ‰ Á 5.20 4.72 4.26 3.79 3.50 3.88 3.44 3.57 3.29 3.39 0.57 Income Return % 6.94 2.63 2.03 2.79 -4.37 1.42 -3.59 1.40 1.11 -4.25 1.34 Capital Return % Pillar Spectrum 54 52 50 52 27 55 55 11 24 68 18 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.52 0.50 0.47 0.42 0.39 0.41 0.37 0.37 0.35 0.36 0.06 Income $ 0.00 0.01 0.09 0.16 0.05 0.01 0.00 0.02 0.00 0.00 0.00 Capital Gains $ Performance 02-28-19 0.45 0.45 0.45 0.46 0.46 0.45 0.46 0.45 0.45 0.45 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 5.11 4.41 4.28 3.72 3.46 3.69 3.41 3.38 3.23 3.38 . Income Ratio % 2014 2.04 2.12 0.01 1.04 5.30 49 63 63 42 31 36 30 33 23 48 . Turnover Rate % 2015 1.69 -1.44 0.11 -0.49 -0.16 2,308 3,082 4,022 5,064 3,725 4,715 4,999 5,535 5,769 5,985 6,158 Net Assets $mil 2016 2.67 2.92 1.53 -2.16 4.96 2017 1.27 1.53 0.94 0.60 4.40 2018 -1.43 -0.27 0.58 0.27 -0.86 Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Date of Value % Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Total Fixed Income: 720 Maturity Amount 000 $000 Assets Return% 1 2 Cat $10,000 1 Yr 2.78 US 2 Year Note (CBT) Ma 03-29-19 5 1,146,488 14.86 3 Mo 3.05 0.19 0.19 23 10,305 3 Yr 3.16 +Avg Avg QQQQ US 10 Year Ultra Future 03-20-19 5 -595,368 7.71 6 Mo 1.98 -0.01 -0.01 37 10,198 5 Yr 2.69 +Avg Avg QQQQ United States Treasury 11-15-28 309,400 321,268 4.16 1 Yr 2.78 -0.39 -0.39 47 10,278 10 Yr 4.63 Avg -Avg QQQ Us 5yr Note (Cbt) Mar19 03-29-19 2 275,250 3.57 3 Yr Avg 3.16 1.47 1.47 16 10,977 Incept 5.42 Us 10yr Note (Cbt)mar19 03-20-19 2 -248,424 3.22 5 Yr Avg 2.69 0.37 0.38 17 11,422 US Ultra Bond (CBT) Mar 03-20-19 1 -136,558 1.77 10 Yr Avg 4.63 0.92 0.92 48 15,725 Other Measures Standard Index Best Fit Index United States Treasury 08-15-42 119,800 114,769 1.49 15 Yr Avg 4.31 0.50 0.50 21 18,825 Alpha 1.5 0.2 United States Treasury 07-15-24 83,866 80,431 1.04 Beta 0.90 0.74 United States Treasury 07-15-27 78,823 74,885 0.97 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat United States Treasury 01-15-28 74,888 71,472 0.93 3 Yr (estimated) 1.69 17 1.42 90 R-Squared 83 98 United States Treasury 11-30-25 39,500 40,209 0.52 5 Yr (estimated) 1.18 30 1.47 89 Standard Deviation 2.76 United States Treasury 08-15-48 39,850 39,716 0.51 10 Yr (estimated) 3.03 54 1.53 83 Mean 3.16 United States Treasury 08-15-28 38,980 39,618 0.51 Potential Capital Gain Exposure: 2% of assets Sharpe Ratio 0.69 United States Treasury 08-15-47 40,000 37,929 0.49 United States Treasury 02-15-46 37,250 33,661 0.44 Morningstar's Take by Maciej Kowara 07-27-18 Benchmark Mortgage Trus 07-15-51 29,700 30,678 0.40 Federated plies a sensible and risk-aware approach. sectors (the core) and more intrepid areas such as United States Treasury 05-15-46 31,350 28,301 0.37 This process, taken together with the depth of the high-yield and emerging markets debt, which typically United States Treasury 08-15-44 27,950 28,553 0.37 team, reasonable expenses and our growing comfort run at 5%-6% each. In fact, it uses the Bloomberg United States Treasury 07-31-25 28,050 28,543 0.37 with the team’s approach to its stake in trade finance Barclays U.S. Universal index as its internal benchmark, loans, supports an upgrade of its Morningstar Analyst which normally carries exposure to those sectors as Current Investment Style Sector Breakdown % Assets Duration Government 13 Rating to Silver. In addition to standard core-plus fare, well. Its main tools for adding value are sector rotation Ltd Mod Ext this fund is unique in dedicating up to 5% in and security selection; duration, yield-curve positioning, High Quality Government Related 15

international trade finance loans. Not only is this an out- and currency decisions play a secondary role. Med Corporate 36 Agency MBS 18

of-index exposure but, to our knowledge, Federated is Management pays close attention to tracking error Low the only sizable player in the industry to invest in this versus its internal benchmark and furthermore has well- 1 figure provided by Non-Agency Residential MBS 1 Commercial MBS 2 sector. These loans mainly finance international trade defined risk budget contributions for each of the main fund Avg Eff Duration1 5.6 Covered Bond 0 deals, such as the export of iron ore from Brazil to value-add sources. The fund gets market exposure Asset Backed 1 Nigeria and are typically secured by the commodity in through both individual securities and Federated’s own Avg Eff Maturity 8.0 Yrs Avg Credit Quality BBB Municipal 0 question. While they are uncorrelated to stocks and internal funds across the high yield, bank loan, Avg Wtd Coupon 3.96% Cash & Equivalents 14 bonds and have historically suffered very low rates, emerging markets, and mortgage sectors. Overall, Avg Wtd Price 100.14% of par Other 0 they are quite illiquid. However, the internal Federated there’s a lot to like about this fund. Its management is fund that holds these consists of loans that rapidly experienced and backed up by reasonable research Coupon Range % of Bonds Composition - Net mature. That, taken together with the relatively small resources, performance has been strong, and an 0% PIK 0.0 Cash -0.8 Bonds 96.4 size of the stake and the significant legal protections for extremely competitive price tag adds to its appeal. 0% to 4% 63.5 Stocks 0.0 Other 4.3 lenders, helps outweigh liquidity concerns. Otherwise, 4% to 6% 28.2 6% to 8% 6.6 Special Securities the fund follows a standard core-plus approach, Restricted/Illiquid Secs 11 carrying exposure to both the market’s big high-quality 8% to 10% 1.5 More than 10% 0.2 Emerging-Markets Secs 4 Options/Futures/Warrants 0 Address: Federated Total Return Series Inc Minimum Purchase: $1000000 Add: — IRA: — Credit Analysis % bonds 12-31-18 Pittsburgh, PA 15222-3779 Min Auto Inv Plan: $1000000 Add: $50 AAA 19 BB 8 800-341-7400 Sales Fees: No-load AA 29 B 4 Web Address: www.federatedinvestors.com Management Fee: 0.30%, 0.10%A A 10 Below B 1 Inception: 10-01-96 Actual Fees: Mgt:0.30% Dist:— BBB 25 Not Rated 5 Advisor: Federated Investment Management Company Expense Projections: 3Yr:$151 5Yr:$263 10Yr:$591 Subadvisor: None Income Distribution: Monthly

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any D trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Mstar Category Ticker Yield SEC Yield Total Assets Intermediate-Term Hartford Total Return Bond Y HABYX 4.1% 3.24% $1,801 mil Bond Benchmark 1: BBgBarc US Agg Bond TR USD Historical Profile Investment Style Benchmark 2: BBgBarc US Agg Bond TR USD Fixed Income Return Above Avg 5 6 6 6 5 5 5 5 Morningstar Analyst Rating 12-21-18 Risk Above Avg Rating QQQQ 16.0 Above Avg Growth of $10,000 ´ 14.0 Investment Values of Fund Morningstar Pillars Investment Values of Process ∞ Positive 12.0 Benchmark 1 Performance ¶ Neutral People ∞ Positive 10.0 Parent ∞ Positive Performance Quartile Price ¶ Neutral * ( * * * * ( & & ( & (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 10.30 10.63 10.89 11.00 10.55 10.65 10.29 10.40 10.53 10.04 10.17 NAV analysts believe lead to funds that are more likely to outperform over 13.29 7.24 6.70 7.49 -1.47 5.77 -0.56 4.20 4.98 -0.74 1.84 Total Return % the long term on a risk-adjusted basis. 7.35 0.70 -1.14 3.27 0.56 -0.20 -1.11 1.55 1.44 -0.75 0.84 +/- Bmark 1 Analyst Rating Spectrum 7.35 0.70 -1.14 3.27 0.56 -0.20 -1.11 1.55 1.44 -0.75 0.84 +/- Bmark 2 Œ „ ´ ‰ Á 4.35 4.04 3.69 3.40 2.66 2.60 2.71 3.18 3.73 3.96 0.55 Income Return % 8.94 3.20 3.02 4.09 -4.13 3.17 -3.27 1.03 1.24 -4.70 1.29 Capital Return % Pillar Spectrum 48 55 37 39 44 36 69 23 12 61 20 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.40 0.41 0.39 0.36 0.29 0.27 0.29 0.32 0.38 0.41 0.05 Income $ 0.00 0.00 0.05 0.33 0.00 0.23 0.02 0.00 0.00 0.00 0.00 Capital Gains $ Performance 02-28-19 0.58 0.57 0.54 0.55 0.55 0.56 0.44 0.45 0.46 0.48 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 4.57 3.80 3.56 3.04 2.55 2.66 2.67 3.10 2.96 3.06 . Income Ratio % 2014 2.18 2.59 -0.53 1.43 5.77 215 201 131 77 106 84 57 41 56 74 . Turnover Rate % 2015 1.35 -1.64 0.36 -0.61 -0.56 972 1,027 964 959 896 1,047 1,040 1,028 461 452 467 Net Assets $mil 2016 2.73 2.53 1.22 -2.27 4.20 2017 1.23 1.99 1.18 0.49 4.98 2018 -1.47 0.03 0.31 0.40 -0.74 Rating and Risk Portfolio Analysis 01-31-19 Time Load-Adj Morningstar Morningstar Morningstar Date of Value % Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Total Fixed Income: 1385 Maturity Amount 000 $000 Assets Return% 1 2 Cat $10,000 1 Yr 3.07 Us 5yr Note (Cbt) Mar19 03-29-19 206,900 237,644 9.08 3 Mo 3.01 0.15 0.15 28 10,301 3 Yr 3.17 +Avg +Avg QQQQ Federal National Mortga 02-13-49 218,034 219,111 8.37 6 Mo 1.82 -0.17 -0.17 57 10,182 5 Yr 2.63 +Avg +Avg QQQQ Federal National Mortga 02-13-49 112,945 115,610 4.42 1 Yr 3.07 -0.10 -0.10 25 10,307 10 Yr 4.83 Avg Avg QQQ US 2 Year Note (CBT) Ma 03-29-19 106,800 113,383 4.33 3 Yr Avg 3.17 1.48 1.48 16 10,981 Incept 5.17 US Ultra Bond (CBT) Mar 03-20-19 69,900 112,626 4.30 5 Yr Avg 2.63 0.31 0.31 20 11,386 B9d09bc10 Irs Usd R V 0 06-20-28 82,273 82,273 3.14 10 Yr Avg 4.83 1.12 1.12 40 16,024 Other Measures Standard Index Best Fit Index B9d09bc10 Irs Usd P F 2 06-20-28 82,273 -79,551 3.04 15 Yr Avg 3.74 -0.07 -0.07 54 17,347 Alpha 1.5 0.2 United States Treasury 07-15-27 56,169 54,519 2.08 Beta 0.96 0.76 US 10 Year Ultra Future 03-20-19 40,300 -52,667 2.01 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Federal National Mortga 03-13-49 44,100 45,096 1.72 3 Yr (estimated) 1.63 19 1.49 94 R-Squared 86 96 Government National Mor 02-21-49 42,897 43,441 1.66 5 Yr (estimated) 1.06 39 1.52 92 Standard Deviation 2.88 Us 10yr Note (Cbt)mar19 03-20-19 28,000 -34,291 1.31 10 Yr (estimated) 3.30 43 1.46 75 Mean 3.17 Federal National Mortga 02-13-49 34,247 -33,644 1.28 Potential Capital Gain Exposure: -4% of assets Sharpe Ratio 0.67 S9d0dbh93 Cds Usd P V 0 12-20-23 30,350 -30,350 1.16 Federal Home Loan Mortg 07-01-48 29,340 29,509 1.13 Morningstar's Take by Elizabeth Foos 12-21-18 S9d0dbh93 Cds Usd R F 1 12-20-23 30,350 29,425 1.12 Hartford Total Return Bond is run by an experienced 11% below-investment-grade stake as of October 2018 B9d0dbhl6 Cds Eur P F 1 12-20-23 24,260 -28,165 1.08 group that is comfortable taking more risk than the included a modest helping of bank loans and increased Federal National Mortga 02-19-34 28,580 -28,126 1.07 intermediate-term bond Morningstar Category norm. exposure to subordinated contingent convertible S9d0dgh50 Cds Usd R F 5 12-20-23 26,416 27,971 1.07 B9d0dbhl6 Cds Eur R V 0 12-20-23 24,260 27,768 1.06 The team has the resources and judgment to manage securities issued by European banks. The team also those risks effectively, though, supporting a employs an array of credit and interest-rate derivatives Morningstar Analyst Rating of Bronze. to take long and short positions in various markets, Current Investment Style Sector Breakdown % Assets Duration Government 4 The resources backing the fund remain impressive. including use of agency mortgage TBA contracts, which Ltd Mod Ext Veteran Wellington managers Joseph Marvan, Campe can have a leveraging effect on the portfolio. The High Quality Government Related 21

Goodman, and Robert Burn took the reins here in 2012 team's flexibility to take risk in out-of-benchmark Med Corporate 18 Agency MBS 30

and boast significant experience and the support of a positions has resulted in added volatility. For example, Low Non-Agency Residential MBS 3 large and seasoned analyst team. The managers also the fund got stung when commodity prices plummeted 1 figure provided by Commercial MBS 3 rely on the firm’s comprehensive fixed-income risk and emerging-markets currencies depreciated against fund 1 5.4 Covered Bond 0 systems and quantitative research team to hone their the U.S. dollar in 2015 partly because of its exposure to Avg Eff Duration Avg Eff Maturity 10.8 Yrs Asset Backed 13 macro calls as well as manage the fund’s day-to-day the high-yield sector and unhedged local-currency Avg Credit Quality BBB Municipal 0 operations and positioning. The quality of the team’s emerging-markets debt. Conversely, the fund has Avg Wtd Coupon 3.52% Cash & Equivalents 2 resources matters, given that the managers utilize a outperformed during credit rallies, which occurred in Avg Wtd Price 103.85% of par Other 5 more expansive tool kit than many competitors. They 2016 and 2017. Over time, patient investors who are manage the fund relative to the investment-grade comfortable with the fund’s risks and who can access Coupon Range % of Bonds Composition - Net Bloomberg Barclays U.S. Aggregate Bond Index, but its more attractively priced F shares should be 0% PIK 17.1 Cash 2.6 Bonds 95.9 they also venture beyond the index into areas that can rewarded here. 0% to 4% 64.7 Stocks 0.0 Other 1.5 4% to 6% 15.3 court volatility, like high-yield corporates, emerging- Special Securities markets debt, and currencies. For instance, the fund’s 6% to 8% 2.6 8% to 10% 0.3 Restricted/Illiquid Secs 23 More than 10% 0.1 Emerging-Markets Secs 1 Address: HARTFORD MUTUAL FUNDS INC/CT Minimum Purchase: $250000 Add: — IRA: — Options/Futures/Warrants 0 Hartford CT 06115 Min Auto Inv Plan: — Add: — Credit Analysis % bonds 12-31-18 888-843-7824 Sales Fees: No-load AAA 64 BB 4 Web Address: www.hartfordfunds.com Management Fee: 0.38% mx./0.30% mn. AA 3 B 2 Inception: 07-22-96 Actual Fees: Mgt:0.29% Dist:— A 7 Below B 2 Advisor: Hartford Funds Management Company, LLC Expense Projections: 3Yr:$148 5Yr:$258 10Yr:$579 Subadvisor: Wellington Management Company LLP Income Distribution: Monthly BBB 14 Not Rated 4

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any D trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Mstar Category Ticker Yield SEC Yield Total Assets Intermediate-Term JPMorgan Core Plus Bond I HLIPX 3.1% 3.49% $13,994 mil Bond Benchmark 1: BBgBarc US Agg Bond TR USD Historical Profile Investment Style Benchmark 2: BBgBarc US Agg Bond TR USD Fixed Income Return Above Avg 6 6 6 6 5 6 6 6 Morningstar Analyst Rating 10-19-18 Risk Average Rating QQQQ Above Avg 16.0 Growth of $10,000 ´ Investment Values of 14.0 Fund Morningstar Pillars Investment Values of Benchmark 1 Process ∞ Positive 12.0 Performance ∞ Positive People ∞ Positive 10.0 Parent ∞ Positive Performance Quartile Price ∞ Positive * & * * & & * & * * * (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 7.75 8.12 8.26 8.51 8.16 8.31 8.05 8.16 8.27 8.02 8.10 NAV analysts believe lead to funds that are more likely to outperform over 16.04 9.97 6.71 7.09 0.18 6.14 -0.01 4.17 4.26 0.01 1.50 Total Return % the long term on a risk-adjusted basis. 10.11 3.42 -1.13 2.87 2.20 0.18 -0.56 1.53 0.72 0.00 0.50 +/- Bmark 1 Analyst Rating Spectrum 10.11 3.42 -1.13 2.87 2.20 0.18 -0.56 1.53 0.72 0.00 0.50 +/- Bmark 2 Œ „ ´ ‰ Á 6.32 5.13 4.95 3.97 3.70 3.56 2.98 2.84 2.91 3.03 0.51 Income Return % 9.73 4.83 1.77 3.12 -3.52 2.58 -2.99 1.33 1.35 -3.03 1.00 Capital Return % Pillar Spectrum 31 14 37 45 11 23 48 23 28 29 41 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.44 0.39 0.39 0.32 0.31 0.29 0.24 0.23 0.23 0.25 0.04 Income $ 0.00 0.00 0.00 0.00 0.06 0.06 0.02 0.00 0.00 0.00 0.00 Capital Gains $ Performance 02-28-19 0.74 0.73 0.72 0.72 0.70 0.70 0.69 0.69 0.74 0.67 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 5.73 5.81 4.75 4.74 3.78 3.66 3.32 3.00 2.75 2.94 . Income Ratio % 2014 2.24 2.18 0.15 1.44 6.14 17 26 22 23 25 25 52 45 59 42 . Turnover Rate % 2015 1.71 -1.39 0.54 -0.84 -0.01 879 1,229 1,276 1,514 1,243 1,406 348 1,033 1,137 1,560 1,763 Net Assets $mil 2016 2.85 2.66 1.12 -2.44 4.17 2017 1.04 1.74 0.96 0.47 4.26 2018 -1.25 -0.13 0.15 1.24 0.01 Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Date of Value % Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Total Fixed Income: 3124 Maturity Amount 000 $000 Assets Return% 1 2 Cat $10,000 1 Yr 3.30 United States Treasury 05-31-22 305,885 298,618 2.21 3 Mo 2.98 0.12 0.12 30 10,298 3 Yr 2.76 +Avg Avg QQQQ United States Treasury 06-30-22 160,000 158,100 1.17 6 Mo 2.15 0.16 0.15 19 10,215 5 Yr 2.70 +Avg Avg QQQQ United States Treasury 11-15-45 155,278 155,237 1.15 1 Yr 3.30 0.13 0.13 13 10,330 10 Yr 5.50 +Avg Avg QQQQ United States Treasury 05-15-46 160,045 144,604 1.07 3 Yr Avg 2.76 1.07 1.07 24 10,852 Incept 5.30 United States Treasury 06-30-22 112,372 109,650 0.81 5 Yr Avg 2.70 0.38 0.39 17 11,426 Federal National Mortga 12-01-47 94,323 96,316 0.71 10 Yr Avg 5.50 1.79 1.78 19 17,075 Other Measures Standard Index Best Fit Index United States Treasury 11-15-43 79,172 89,571 0.66 15 Yr Avg 4.45 0.64 0.64 14 19,212 Alpha 1.1 1.1 United States Treasury 11-15-42 92,162 88,277 0.65 Beta 0.93 0.93 United States Treasury 02-15-36 70,609 87,105 0.65 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat United States Treasury 12-31-21 87,476 86,277 0.64 3 Yr (estimated) 1.52 22 1.21 63 R-Squared 96 96 United States Treasury 08-15-28 59,164 73,138 0.54 5 Yr (estimated) 1.35 16 1.32 76 Standard Deviation 2.65 United States Treasury 02-15-45 71,908 65,289 0.48 10 Yr (estimated) 3.92 20 1.49 78 Mean 2.76 U.S. Treasury Security 05-15-28 80,000 61,676 0.46 Potential Capital Gain Exposure: -1% of assets Sharpe Ratio 0.58 Federal National Mortga 01-01-48 51,395 52,542 0.39 United States Treasury 11-15-20 50,852 50,936 0.38 Morningstar's Take by Emory Zink 10-19-18 U.S. Treasury Bond Stri 05-15-42 100,000 49,421 0.37 Adjustments to JPMorgan Core Plus Bond’s portfolio- high-yield manager Frederick Sabetta in 2017, but the U.S. Treasury Security 05-15-29 67,000 49,983 0.37 management roster and to its process were fund’s remaining leadership is experienced, and has United States Treasury 08-15-45 50,000 48,788 0.36 consequential enough to merit caution initially, but in implemented the process thoughtfully and effectively Government National Mor 07-20-48 44,704 46,568 0.35 Sart 06-15-25 47,000 47,000 0.35 subsequent years its resulting leadership and use of despite those changes. new resources have contributed to a compelling core The fund falls into the intermediate-term bond plus offering that earns an upgrade of its Morningstar Morningstar Category, though it packs a little more Current Investment Style Sector Breakdown % Assets Duration Government 18 Analyst Rating to Bronze from Neutral. punch relative to its average peer and its Bloomberg Ltd Mod Ext In 2013, J.P. Morgan combined its New York-based Barclays U.S. Aggregate Bond Index benchmark. The High Quality Government Related 3 and Ohio-based fixed-income teams in an effort to fund holds between 5% and 20% in junk-rated Med Corporate 29 Agency MBS 24 encourage more collaboration and to expand resources. corporates (the index and many peers hold none, while Low Non-Agency Residential MBS 1 While this fund had long benefited from the work of a this fund has met that limit at times); up to 10% in 1 figure provided by Commercial MBS 4 well-resourced cohort of bottom-up security selectors, emerging-markets debt; and 35% to 50% in securitized fund 1 5.9 Covered Bond 0 an effect of this organizational streamlining was the fare, including asset-backed, commercial-mortgage- Avg Eff Duration Avg Eff Maturity 7.8 Yrs Asset Backed 18 introduction of a stronger macro overlay to their backed, and agency-mortgage subsectors that the Avg Credit Quality BB Municipal 0 recommended portfolio of securities. Steven Lear and Columbus team has historically managed well. Avg Wtd Coupon 3.95% Cash & Equivalents 3 Andrew Norelli were appointed as portfolio managers Norelli was the last portfolio manager added, and Avg Wtd Price 98.04% of par Other 0 to implement the macro overlay in late 2013 and early over his tenure on this fund through September 2018, it 2014, respectively, comanaging with the input of Rick generated 2.5% annualized, outpacing its benchmark Coupon Range % of Bonds Composition - Net Figuly, a long-tenured contributor from the value-driven and 80% of distinct peers, with a lower level of volatility 0% PIK 5.9 Cash 3.1 Bonds 95.9 cohort. A spate of turnover caused some concern here, than both. 0% to 4% 59.6 Stocks 0.1 Other 0.9 4% to 6% 26.3 including the departure of portfolio manager Mark Special Securities Jackson for a competitor in 2016 and the retirement of 6% to 8% 7.0 8% to 10% 1.0 Restricted/Illiquid Secs 27 More than 10% 0.2 Emerging-Markets Secs 2 Address: Jpmorgan Trust II Minimum Purchase: $1000000 Add: — IRA: — Options/Futures/Warrants 0 New York, NY 10167 Min Auto Inv Plan: — Add: — Credit Analysis % bonds 12-31-18 800-480-4111 Sales Fees: No-load AAA 49 BB 8 Web Address: www.jpmorganfunds.com Management Fee: 0.30%, 0.08%A AA 7 B 2 Inception: 03-05-93 Actual Fees: Mgt:0.30% Dist:— A 13 Below B 1 Advisor: J.P. Morgan Investment Management, Inc. Expense Projections: 3Yr:$195 5Yr:$357 10Yr:$826 Subadvisor: None Income Distribution: Monthly BBB 9 Not Rated 11

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any D trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Mstar Category Ticker Yield SEC Yield Total Assets Intermediate-Term BlackRock US Mortgage Portfolio Instl MSUMX 3.7% 3.60% $231 mil Bond Benchmark 1: BBgBarc US Agg Bond TR USD Historical Profile Investment Style Benchmark 2: BBgBarc US Agg Bond TR USD Fixed Income Return Above Avg 2 5 2 2 5 2 1 1 Morningstar Analyst Rating 04-26-18 Risk Below Avg Rating QQQQ Above Avg 16.0 Growth of $10,000 „ Investment Values of 14.0 Fund Morningstar Pillars Investment Values of Benchmark 1 Process ∞ Positive 12.0 Performance ∞ Positive People ∞ Positive 10.0 Parent ∞ Positive Performance Quartile Price ∞ Positive & & ) & ) & & ( ) & ( (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 10.08 10.22 10.03 10.31 9.96 10.48 10.33 10.27 10.24 9.92 9.96 NAV analysts believe lead to funds that are more likely to outperform over 13.99 12.12 5.31 8.21 -0.51 7.83 1.50 2.64 2.90 0.66 1.03 Total Return % the long term on a risk-adjusted basis. 8.06 5.58 -2.53 3.99 1.51 1.86 0.95 -0.01 -0.64 0.65 0.02 +/- Bmark 1 Analyst Rating Spectrum 8.06 5.58 -2.53 3.99 1.51 1.86 0.95 -0.01 -0.64 0.65 0.02 +/- Bmark 2 Œ „ ´ ‰ Á 6.00 4.72 3.66 3.94 2.93 2.57 2.41 2.97 3.21 3.70 0.63 Income Return % 7.99 7.39 1.65 4.27 -3.44 5.26 -0.92 -0.33 -0.31 -3.04 0.40 Capital Return % Pillar Spectrum 6 1 81 3 85 1 6 61 79 12 70 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.55 0.46 0.37 0.39 0.30 0.25 0.25 0.30 0.32 0.37 0.06 Income $ 0.17 0.59 0.36 0.14 0.00 0.00 0.06 0.03 0.00 0.01 0.00 Capital Gains $ Performance 02-28-19 0.83 0.71 0.72 0.69 0.63 0.69 0.65 0.62 0.59 1.08 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 5.82 5.18 3.98 4.00 1.93 2.43 2.18 2.31 2.04 2.82 . Income Ratio % 2014 2.53 2.85 0.48 1.76 7.83 1642 1371 1651 2842 3166 1809 1710 2669 1502 1521 . Turnover Rate % 2015 1.16 -0.59 1.00 -0.08 1.50 120 122 150 189 128 130 183 217 205 183 192 Net Assets $mil 2016 1.79 1.32 1.26 -1.72 2.64 2017 0.70 1.03 0.84 0.30 2.90 2018 -1.23 0.42 0.03 1.45 0.66 Rating and Risk Portfolio Analysis 01-31-19 Time Load-Adj Morningstar Morningstar Morningstar Date of Value % Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Total Fixed Income: 890 Maturity Amount 000 $000 Assets Return% 1 2 Cat $10,000 1 Yr 3.39 Rrp Fnma 30yr — 56,473 -56,543 26.20 3 Mo 2.36 -0.50 -0.49 81 10,236 3 Yr 1.96 Avg Low QQQ Rrp Gnma2 30yr — 27,457 -27,491 12.74 6 Mo 2.00 0.01 0.01 33 10,200 5 Yr 2.69 +Avg Low QQQQ Rrp Fhlmc Gold 30yr Gia — 15,721 -15,741 7.29 1 Yr 3.39 0.22 0.23 12 10,339 10 Yr 5.41 +Avg -Avg QQQQ Federal National Mortga 12-01-48 7,915 8,404 3.89 3 Yr Avg 1.96 0.27 0.27 55 10,601 Incept 4.99 Government National Mor 03-20-46 7,086 7,207 3.34 5 Yr Avg 2.69 0.37 0.37 17 11,419 Government National Mor 08-20-46 6,375 6,351 2.94 10 Yr Avg 5.41 1.70 1.70 22 16,935 Other Measures Standard Index Best Fit Index Federal Home Loan Mortg 01-01-49 5,540 5,774 2.68 15 Yr Avg — — — — — Alpha 0.4 0.6 Federal Home Loan Mortg 01-01-49 5,417 5,735 2.66 Beta 0.68 0.90 Government National Mor 04-20-46 5,369 5,461 2.53 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat United States Treasury 04-15-23 5,033 5,019 2.33 3 Yr (estimated) 0.51 68 1.43 90 R-Squared 89 94 Federal National Mortga 11-01-48 3,978 4,206 1.95 5 Yr (estimated) 1.34 17 1.31 74 Standard Deviation 2.03 Government National Mor 04-20-46 4,201 4,185 1.94 10 Yr (estimated) 3.57 32 1.75 95 Mean 1.96 Government National Mor 06-20-46 4,096 4,166 1.93 Potential Capital Gain Exposure: -4% of assets Sharpe Ratio 0.36 Federal Home Loan Mortg 08-01-48 3,602 3,822 1.77 Federal Home Loan Mortg 01-01-44 3,410 3,467 1.61 Morningstar's Take by Emory Zink 04-26-18 Federal National Mortga 07-01-44 3,167 3,345 1.55 BlackRock U.S. Mortgage offers investors a high-quality, asset-backed securities, nonagency mortgage-backed Federal National Mortga 12-01-48 3,000 3,171 1.47 agency-centered mortgage portfolio with the flexibility securities, and U.S. Treasuries when the team believes Federal National Mortga 07-01-43 3,038 3,089 1.43 to incorporate out-of-benchmark allocations along its they offer value relative to the plain-vanilla agency Federal National Mortga 06-01-44 3,025 3,072 1.42 Federal National Mortga 08-01-43 3,015 2,997 1.39 periphery. Its access to data, analytical tools, and its mortgage-backed pass-throughs in the fund’s bevy of sector specialists combined with experienced Bloomberg Barclays U.S. Mortgage-Backed Securities leadership and a below-average price tag support the Index benchmark. Current Investment Style Sector Breakdown % Assets Duration Government 1 fund’s Morningstar Analyst Rating of Silver. Out-of-benchmark sector allocations to nonagency Ltd Mod Ext Lead portfolio manager Matthew Kraeger leads residential MBS, commercial MBS, and collateralized High Quality Government Related 0

BlackRock’s broad mortgage team and shares fund loan obligations, in particular, have boosted the fund’s Med Corporate 0 Agency MBS 67 responsibilities with comanager Siddharth Mehta. longer-term record. Since Kraeger took over in Low Non-Agency Residential MBS 0 Together they discuss macroeconomic perspectives September 2009 through March 2018, the fund 1 figure provided by Commercial MBS 5 with strategists across the firm and then consult with generated a 4.8% annualized return that landed in the fund 1 3.6 Covered Bond 0 sector specialists for trends and opportunities in more top quartile of a group of around 30 similarly Avg Eff Duration Avg Eff Maturity 7.6 Yrs Asset Backed 1 focused investment subgroups before identifying benchmarked distinct peers from the intermediate-term Avg Credit Quality AA Municipal 0 investment themes for the portfolio. Kraeger and Mehta bond and intermediate government Morningstar Avg Wtd Coupon 3.69% Cash & Equivalents 25 then reconcile the investment themes with current Categories. The result is underpinned by the fund’s Avg Wtd Price 100.75% of par Other 0 market pricing--considering both relative value between below-average fees and topnotch access to data and sectors and fundamental bottom-up security valuation-- analytical tools, advantages that it should continue to Coupon Range % of Bonds Composition - Net before determining how best to express their views in put to work for investors in the future. 0% PIK 0.0 Cash -0.5 Bonds 100.5 the portfolio. The core of the fund comprises agency 0% to 4% 70.7 Stocks 0.0 Other 0.0 4% to 6% 28.9 mortgages (at least 80% of assets), while flexibility Special Securities along the edges of the portfolio provides exposure to 6% to 8% 0.4 8% to 10% 0.0 Restricted/Illiquid Secs 9 More than 10% 0.0 Emerging-Markets Secs 0 Address: Managed Account Series II Minimum Purchase: $2000000 Add: — IRA: — Options/Futures/Warrants 0 Wilmington, DE 19809 Min Auto Inv Plan: — Add: $50 Credit Analysis % bonds 12-31-18 800-441-7762 Sales Fees: No-load AAA 95 BB 1 Web Address: www.blackrock.com Management Fee: 0.40% mx./0.34% mn. AA 2 B 0 Inception: 07-29-05 Actual Fees: Mgt:0.40% Dist:— A 2 Below B 0 Advisor: BlackRock Advisors LLC Expense Projections: 3Yr:$327 5Yr:$579 10Yr:$1302 Subadvisor: None Income Distribution: Monthly BBB 0 Not Rated 0

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any D trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Mstar Category Ticker Yield SEC Yield Total Assets Intermediate-Term TCW Total Return Bond I TGLMX 3.7% 3.55% $6,282 mil Bond Benchmark 1: BBgBarc US Agg Bond TR USD Historical Profile Investment Style Benchmark 2: BBgBarc US Agg Bond TR USD Fixed Income Return Above Avg 3 6 3 6 6 6 6 6 Morningstar Analyst Rating 08-17-18 Risk Average Rating QQQQ 18.0 Above Avg Growth of $10,000 16.0 ´ Investment Values of Fund 14.0 Morningstar Pillars Investment Values of Benchmark 1 Process ∞ Positive 12.0 Performance ∞ Positive People ∞ Positive 10.0 Parent ¶ Neutral Performance Quartile Price ¶ Neutral & & ) & & * & ) ( & ) (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 9.91 9.92 9.64 10.29 10.02 10.31 10.13 9.88 9.93 9.66 9.66 NAV analysts believe lead to funds that are more likely to outperform over 19.88 10.74 4.13 13.41 1.66 5.80 1.08 1.53 3.44 0.80 0.62 Total Return % the long term on a risk-adjusted basis. 13.95 4.20 -3.72 9.19 3.69 -0.16 0.53 -1.12 -0.10 0.79 -0.38 +/- Bmark 1 Analyst Rating Spectrum 13.95 4.20 -3.72 9.19 3.69 -0.16 0.53 -1.12 -0.10 0.79 -0.38 +/- Bmark 2 Œ „ ´ ‰ Á 10.70 7.94 6.86 6.48 4.34 2.48 2.16 2.47 2.94 3.51 0.62 Income Return % 9.18 2.80 -2.73 6.92 -2.67 3.32 -1.08 -0.94 0.50 -2.71 0.00 Capital Return % Pillar Spectrum 15 9 87 3 4 36 10 91 60 10 94 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.93 0.76 0.66 0.61 0.44 0.25 0.22 0.25 0.29 0.34 0.06 Income $ 0.00 0.27 0.02 0.00 0.00 0.04 0.07 0.16 0.00 0.00 0.00 Capital Gains $ Performance 02-28-19 0.61 0.61 0.60 0.57 0.57 0.59 0.60 0.60 0.61 0.62 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 10.47 7.37 6.48 5.21 2.60 2.65 2.46 2.55 2.73 3.20 . Income Ratio % 2014 1.51 2.29 0.46 1.43 5.80 16 76 141 123 191 201 288 318 288 242 . Turnover Rate % 2015 1.29 -0.84 1.14 -0.49 1.08 4,056 3,039 3,425 6,172 4,960 6,489 6,454 7,170 7,207 5,482 5,208 Net Assets $mil 2016 2.06 1.93 0.74 -3.12 1.53 2017 0.83 1.34 0.97 0.25 3.44 2018 -1.25 0.28 -0.31 2.10 0.80 Rating and Risk Portfolio Analysis 01-31-19 Time Load-Adj Morningstar Morningstar Morningstar Date of Value % Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Total Fixed Income: 496 Maturity Amount 000 $000 Assets Return% 1 2 Cat $10,000 1 Yr 3.48 United States Treasury 01-31-24 335,935 336,919 5.14 3 Mo 2.63 -0.23 -0.23 66 10,263 3 Yr 1.50 -Avg Avg QQ United States Treasury 11-15-48 310,966 333,566 5.09 6 Mo 1.89 -0.10 -0.11 49 10,189 5 Yr 2.28 Avg -Avg QQQ United States Treasury 12-31-23 230,800 232,743 3.55 1 Yr 3.48 0.31 0.31 10 10,348 10 Yr 6.00 High +Avg QQQQQ United States Treasury 02-15-49 168,440 168,143 2.56 3 Yr Avg 1.50 -0.19 -0.19 78 10,457 Incept 6.20 United States Treasury 11-15-28 140,875 146,804 2.24 5 Yr Avg 2.28 -0.04 -0.04 41 11,191 Federal Home Loan Mortg 03-01-48 141,425 146,043 2.23 10 Yr Avg 6.00 2.29 2.29 10 17,913 Other Measures Standard Index Best Fit Index Federal Home Loan Mortg 10-01-45 104,524 105,875 1.62 15 Yr Avg 5.39 1.58 1.58 2 21,977 Alpha -0.2 0.1 Government National Mor 12-20-46 103,347 102,702 1.57 Beta 0.96 1.23 Federal Home Loan Mortg 11-01-48 91,981 94,923 1.45 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Federal Home Loan Mortg 03-01-48 86,851 87,577 1.34 3 Yr (estimated) 0.01 87 1.47 92 R-Squared 94 94 Federal Home Loan Mortg 09-01-46 83,252 81,847 1.25 5 Yr (estimated) 0.91 54 1.33 78 Standard Deviation 2.82 Federal Home Loan Mortg 01-01-46 80,869 81,533 1.24 10 Yr (estimated) 3.94 20 1.94 98 Mean 1.50 Government National Mor 03-20-46 79,408 80,544 1.23 Potential Capital Gain Exposure: 5% of assets Sharpe Ratio 0.11 Federal National Mortga 02-01-48 76,633 77,031 1.18 Federal Home Loan Mortg 04-01-47 73,808 74,604 1.14 Morningstar's Take by Karin Anderson 08-17-18 Federal Home Loan Mortg 08-01-46 74,713 73,515 1.12 TCW Total Return's investment team has the expertise team's other offerings. The fund's stakes in agency Government National Mor 06-20-47 67,413 70,355 1.07 and analytical tools to evaluate the many layers of data mortgages (54%) and U.S. government debt (21%) Federal Home Loan Mortg 04-01-44 65,763 66,735 1.02 that can affect the value of nonagency and other have continued to register on the high end of their Federal Home Loan Mortg 03-01-46 64,581 65,416 1.00 Federal Home Loan Mortg 12-01-47 62,773 63,386 0.97 securitized bonds. The seasoned team and a proven historic ranges. mortgage-focused process continue to support a While the team waits for the next big opportunity Morningstar Analyst Rating of Bronze. to add credit risk back to the fund, it tries to take Current Investment Style Sector Breakdown % Assets Duration Government 19 Firm veterans Mitch Flack, Scott Austin, and advantage of smaller valuation-driven opportunities. For Ltd Mod Ext Harrison Choi are responsible for the day-to-day instance, it gradually extended the fund's duration to High Quality Government Related 0

management of this fund, and they are backed by slightly long relative to the Bloomberg Barclays U.S. Med Corporate 0 Agency MBS 56

roughly 20 securitized analysts and a seasoned team of Aggregate Bond Index benchmark as of mid-2018 as Low Non-Agency Residential MBS 9 generalists, led by CIO Tad Rivelle. Their resources and interest rates sold off in late 2017 and early 2018. 1 figure provided by Commercial MBS 0 tools are ample, which has been key to successfully While that worked, such moves have done little to fund 1 6.1 Covered Bond 0 evaluating the nonagency space (17% of assets as of move the needle compared with more-aggressive Avg Eff Duration Avg Eff Maturity 7.8 Yrs Asset Backed 10 mid-2018 but down by half from 2010-13 levels). peers lately. Over time, however, the team's smart Avg Credit Quality BB Municipal 0 The nonagency stake and other riskier pockets of security and sector allocation moves have delivered Avg Wtd Coupon 3.51% Cash & Equivalents 6 the portfolio have been gradually trimmed since 2012, strong results compared within the intermediate-term Avg Wtd Price 99.64% of par Other 0 reflecting the top-down views of the team's generalists, bond Morningstar Category and compared with a as well as valuation-driven moves. Concern over late- smaller subset of mortgage-focused peers. Coupon Range % of Bonds Composition - Net stage credit-cycle dynamics has also meant ratcheting 0% PIK 0.6 Cash 5.5 Bonds 94.5 up exposure to higher-quality, more-liquid parts of the 0% to 4% 81.4 Stocks 0.0 Other 0.0 4% to 6% 17.5 market in order to be ready to take advantage of sell- Special Securities offs, a tack that has been highly successful on the 6% to 8% 0.5 8% to 10% 0.0 Restricted/Illiquid Secs 5 More than 10% 0.0 Emerging-Markets Secs 0 Address: Tcw Funds Inc Minimum Purchase: $2000 Add: $250 IRA: $500 Options/Futures/Warrants 0 Los Angeles, CA 90017 Min Auto Inv Plan: $2000 Add: $100 Credit Analysis % bonds 12-31-18 800-386-3829 Sales Fees: No-load AAA 83 BB 1 Web Address: www.tcw.com Management Fee: 0.50% AA 2 B 0 Inception: 06-17-93 Actual Fees: Mgt:0.50% Dist:— A 1 Below B 10 Advisor: TCW Investment Management Co LLC Expense Projections: 3Yr:$185 5Yr:$333 10Yr:$762 Subadvisor: None Income Distribution: Monthly BBB 3 Not Rated 0

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any D trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Mstar Category Ticker Yield SEC Yield Total Assets Intermediate-Term TIAA-CREF Bond Instl TIBDX 3.2% 3.40% $5,840 mil Bond Benchmark 1: BBgBarc US Agg Bond TR USD Historical Profile Investment Style Benchmark 2: BBgBarc US Agg Bond TR USD Fixed Income Return Above Avg 5 5 5 5 5 5 5 5 Morningstar Analyst Rating 02-26-19 Risk Average Rating QQQQ 15.0 Above Avg Growth of $10,000 14.0 ´ Investment Values of 13.0 Fund Morningstar Pillars Investment Values of 12.0 Process ∞ Positive Benchmark 1 11.0 Performance ∞ Positive People ∞ Positive 10.0 Parent ¶ Neutral Performance Quartile Price ∞ Positive ) ( * * * * & & & * * (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 10.13 10.38 10.50 10.70 10.25 10.52 10.20 10.24 10.39 10.03 10.13 NAV analysts believe lead to funds that are more likely to outperform over 6.47 6.96 6.73 7.34 -1.09 5.84 0.72 4.21 4.47 -0.38 1.55 Total Return % the long term on a risk-adjusted basis. 0.54 0.42 -1.11 3.13 0.94 -0.12 0.17 1.57 0.93 -0.39 0.55 +/- Bmark 1 Analyst Rating Spectrum 0.54 0.42 -1.11 3.13 0.94 -0.12 0.17 1.57 0.93 -0.39 0.55 +/- Bmark 2 Œ „ ´ ‰ Á 4.09 3.30 2.92 2.66 2.40 2.40 2.62 2.92 2.94 3.10 0.56 Income Return % 2.38 3.67 3.82 4.68 -3.49 3.44 -1.90 1.30 1.52 -3.48 1.00 Capital Return % Pillar Spectrum 87 62 36 41 32 33 16 22 23 45 36 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.40 0.33 0.30 0.28 0.25 0.24 0.27 0.29 0.30 0.32 0.06 Income $ 0.00 0.12 0.27 0.29 0.08 0.08 0.13 0.10 0.01 0.00 0.00 Capital Gains $ Performance 02-28-19 0.36 0.33 0.33 0.33 0.32 0.32 0.31 0.31 0.31 0.30 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 4.20 3.35 2.80 2.78 2.50 2.46 2.32 2.78 2.75 2.95 . Income Ratio % 2014 2.10 2.23 -0.12 1.54 5.84 173 216 161 402 358 307 328 309 277 155 . Turnover Rate % 2015 1.85 -1.55 0.96 -0.51 0.72 2,256 1,586 1,581 1,871 1,764 2,509 2,641 3,498 4,270 878 918 Net Assets $mil 2016 3.19 2.73 0.97 -2.64 4.21 2017 1.28 1.67 0.97 0.48 4.47 2018 -1.28 -0.29 0.07 1.13 -0.38 Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Date of Value % Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Total Fixed Income: 1441 Maturity Amount 000 $000 Assets Return% 1 2 Cat $10,000 1 Yr 2.94 United States Treasury 07-15-21 119,225 119,632 2.10 3 Mo 3.06 0.20 0.21 22 10,306 3 Yr 2.64 +Avg Avg QQQQ Federal National Mortga 04-01-48 102,242 104,631 1.83 6 Mo 2.26 0.27 0.26 12 10,226 5 Yr 2.82 +Avg Avg QQQQ United States Treasury 08-15-48 97,625 97,332 1.70 1 Yr 2.94 -0.23 -0.23 37 10,294 10 Yr 4.35 Avg Avg QQQ United States Treasury 12-15-21 91,640 92,047 1.61 3 Yr Avg 2.64 0.95 0.95 29 10,813 Incept 4.95 United States Treasury 02-15-48 66,670 66,429 1.16 5 Yr Avg 2.82 0.50 0.50 12 11,491 United States Treasury 06-30-25 64,840 65,512 1.15 10 Yr Avg 4.35 0.64 0.64 57 15,306 Other Measures Standard Index Best Fit Index United States Treasury 11-15-28 54,222 56,280 0.99 15 Yr Avg 4.02 0.21 0.22 35 18,066 Alpha 1.0 1.0 United States Treasury 02-15-39 47,950 52,519 0.92 Beta 0.95 0.95 Government National Mor 01-20-48 51,729 52,106 0.91 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat United States Treasury 06-15-19 50,000 49,635 0.87 3 Yr (estimated) 1.23 34 1.37 86 R-Squared 95 95 United States Treasury 11-15-47 50,095 47,485 0.83 5 Yr (estimated) 1.38 15 1.40 84 Standard Deviation 2.74 Federal National Mortga 01-01-47 40,665 40,708 0.71 10 Yr (estimated) 2.86 61 1.42 67 Mean 2.64 Federal Home Loan Mortg 08-01-46 38,149 38,371 0.67 Potential Capital Gain Exposure: -11% of assets Sharpe Ratio 0.52 Federal Home Loan Mortg 01-01-47 36,552 35,644 0.62 VERIZON OWNER TRUST 04-20-23 33,100 33,300 0.58 Morningstar's Take by Brian Moriarty 02-26-19 3.2 Despite recent changes, TIAA-CREF Bond benefits from Higgins has been at the helm here since August Federal Home Loan Mortg 02-01-47 32,529 31,733 0.56 a large team, strong value-driven strategy, and below- 2011 and has successfully executed on the fund's wide Federal National Mortga 02-25-48 31,414 31,107 0.54 average fees. The fund earns a Morningstar Analyst mandate. This strategy can invest across the fixed- Government National Mor 12-20-47 30,622 30,845 0.54 Government National Mor 12-20-47 30,476 29,994 0.53 Rating of Bronze. income universe and includes a 10%-20% target Federal Home Loan Mortg 03-25-30 29,928 29,837 0.52 At the end of 2018, the taxable fixed-income team allocation to "plus" sectors such as high-yield corporate at Nuveen Asset Management was merged into the bonds, bank loans, and emerging-markets debt. It has equivalent group at TIAA Investments (which manages historically hovered in the middle of that range, but over Current Investment Style Sector Breakdown % Assets Duration Government 16 this strategy). Both groups are affiliates beneath the the past two years has been closer to the 10% mark, as Ltd Mod Ext larger Nuveen umbrella. This influx of personnel (13 Higgins positioned the fund with an end to the current High Quality Government Related 2

Med Corporate 33 portfolio managers and seven analysts) could create credit cycle in mind. Agency MBS 20

some friction, but it also boosts the already-robust While Higgins is responsible for allocating across Low Non-Agency Residential MBS 1 fixed-income resources at TIAA Investments. As part of sectors and monitoring interest-rate and credit risk, he 1 figure provided by fund Commercial MBS 8 this change, many of Nuveen Asset Management's draws on the team's substantial resources--nearly 50 Avg Eff Duration1 5.8 Covered Bond 0 taxable funds are set to be merged into equivalent analysts and more than a dozen sector specialist Avg Eff Maturity 8.2 Yrs Asset Backed 9 funds managed by TIAA Investments, pending portfolio managers--for sector-level insights. This Avg Credit Quality BBB Municipal 6 shareholder approval. As part of the merger, a six- approach has led to an impressive record. From his Avg Wtd Coupon 3.56% Cash & Equivalents 5 person leadership team and 14-person investment start date in August 2011 through January 2019, the Avg Wtd Price 98.65% of par Other 0 committee were created to lead the combined group. fund's 3.3% annualized return outpaced 75% of peers. While these developments are significant, investors Given the fund’s style, its returns will land between that Coupon Range % of Bonds Composition - Net should take comfort that Joe Higgins continues to lead of its sibling offerings, the more-aggressive TIAA-CREF 0% PIK 0.4 Cash 4.7 Bonds 94.5 Stocks 0.0 Other 0.8 this strategy. Bond Plus TIBFX and the more-conservative TIAA-CREF 0% to 4% 76.4 Social Choice Bond TSBIX. 4% to 6% 20.3 6% to 8% 2.2 Special Securities 8% to 10% 0.5 Restricted/Illiquid Secs 20 Address: Tiaa-cref Funds Minimum Purchase: $2000000 Add: $1000 IRA: — More than 10% 0.1 Emerging-Markets Secs 4 New York NY 10017 Min Auto Inv Plan: — Add: — Options/Futures/Warrants 0 877-518-9161 Sales Fees: No-load Credit Analysis % bonds 09-30-18 Web Address: www.tiaa-cref.org Management Fee: 0.30% mx./0.25% mn. AAA 44 BB 3 Inception: 07-01-99 Actual Fees: Mgt:0.29% Dist:— AA 9 B 3 Advisor: Teachers Advisors LLC Expense Projections: 3Yr:$97 5Yr:$169 10Yr:$381 Subadvisor: None Income Distribution: Monthly A 15 Below B 1 BBB 24 Not Rated 2

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any D trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Ticker Yield SEC Yield Total Assets Mstar Category BlackRock Low Duration Bond Inv A BLDAX 2.3% 2.50% $6,421 mil Short-Term Bond

Benchmark 1: BBgBarc US Govt/Credit 1-5 Yr TR USD Historical Profile Investment Style Benchmark 2: BBgBarc US Agg Bond TR USD Fixed Income Return Above Avg 2 2 2 2 2 2 2 2 Morningstar Analyst Rating 03-16-18 Risk Average Rating QQQQ 14.0 Above Avg Growth of $10,000 13.0 ´ Investment Values of 12.0 Fund Morningstar Pillars Investment Values of Benchmark 1 Process ∞ Positive 11.0 Performance ∞ Positive People ∞ Positive 10.0 Parent ∞ Positive Performance Quartile Price ∞ Positive & & * & * * * ( * ( * (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 9.43 9.65 9.59 9.83 9.75 9.68 9.58 9.60 9.58 9.45 9.50 NAV analysts believe lead to funds that are more likely to outperform over 13.54 5.08 1.86 4.84 0.99 1.18 0.48 1.66 1.72 0.87 0.96 Total Return % the long term on a risk-adjusted basis. 8.92 1.00 -1.27 2.60 0.70 -0.24 -0.49 0.09 0.45 -0.52 0.27 +/- Bmark 1 Analyst Rating Spectrum 7.61 -1.47 -5.98 0.62 3.01 -4.78 -0.07 -0.99 -1.82 0.86 -0.05 +/- Bmark 2 Œ „ ´ ‰ Á 3.84 2.73 2.43 2.22 1.81 1.73 1.31 1.45 1.94 2.23 0.43 Income Return % 9.70 2.34 -0.56 2.62 -0.82 -0.55 -0.83 0.21 -0.22 -1.36 0.53 Capital Return % Pillar Spectrum 17 23 37 24 29 35 36 56 43 65 49 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.33 0.25 0.23 0.21 0.18 0.17 0.13 0.14 0.18 0.21 0.04 Income $ 0.03 0.00 0.01 0.01 0.00 0.02 0.02 0.00 0.00 0.00 0.00 Capital Gains $ Performance 02-28-19 1.08 1.16 0.98 1.02 0.97 0.96 0.86 0.83 0.81 0.88 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 3.82 2.84 2.64 2.25 1.82 1.93 1.29 1.32 1.47 1.94 . Income Ratio % 2014 0.59 0.88 -0.18 -0.11 1.18 154 140 280 203 301 269 289 316 292 218 . Turnover Rate % 2015 0.70 0.13 0.03 -0.37 0.48 147 164 516 578 1,605 777 843 887 1,326 1,331 1,336 Net Assets $mil 2016 0.67 0.65 0.34 -0.01 1.66 2017 0.55 0.67 0.51 -0.02 1.72 2018 -0.25 0.25 0.47 0.40 0.87 Rating and Risk Portfolio Analysis 01-31-19 Time Load-Adj Morningstar Morningstar Morningstar Date of Value % Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Total Fixed Income: 630 Maturity Amount 000 $000 Assets Return% 1 2 Cat $10,000 1 Yr -0.25 United States Treasury 10-31-19 382,500 380,055 5.97 3 Mo 1.39 -0.35 -1.47 49 10,139 3 Yr 0.89 Avg -Avg QQQ United States Treasury 01-31-20 150,000 148,083 2.33 6 Mo 1.34 -0.60 -0.65 73 10,134 5 Yr 0.79 Avg -Avg QQQ United States Treasury 11-30-19 130,000 129,535 2.04 1 Yr 2.05 -0.79 -1.12 78 10,205 10 Yr 2.94 +Avg Avg QQQQ United States Treasury 11-30-19 118,000 116,704 1.83 3 Yr Avg 1.66 0.39 -0.03 58 10,505 Incept 3.18 United States Treasury 02-29-20 80,000 79,464 1.25 5 Yr Avg 1.25 -0.08 -1.07 55 10,640 United States Treasury 09-30-19 66,500 66,558 1.05 10 Yr Avg 3.17 1.00 -0.54 30 13,667 Other Measures Standard Index Best Fit Index TREMAN PARK CLO LTD/LLC 10-20-28 50,000 49,884 0.78 15 Yr Avg 2.21 -0.46 -1.60 65 13,873 Alpha 0.3 0.0 Allergan Funding SCS 3. 03-15-22 46,113 46,603 0.73 Beta 0.20 0.17 United States Treasury 10-15-19 45,000 44,652 0.70 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Shire Acquisitions Inve 09-23-19 42,468 42,424 0.67 3 Yr (estimated) 0.08 90 0.80 47 R-Squared 59 71 Nissan Master Owne 2.94 04-18-22 40,775 40,871 0.64 5 Yr (estimated) 0.01 86 0.77 53 Standard Deviation 0.73 CVS Health Corp 3.7% 03-09-23 36,635 37,487 0.59 10 Yr (estimated) 2.07 35 0.85 56 Mean 1.66 CRD Acc Auto Deal 3.47% 05-17-27 35,490 35,661 0.56 Potential Capital Gain Exposure: -2% of assets Sharpe Ratio 0.56 Palmer Square Ln Fdg 20 01-20-27 35,000 34,977 0.55 Comm 2015-Lc21 Mortagag 07-10-48 32,223 32,220 0.51 Morningstar's Take by Maciej Kowara 03-16-18 Dryden XXV Senior Loan 10-15-27 30,600 30,479 0.48 BlackRock Low Duration is well-diversified and risk- constructed proprietary, blended benchmark which is Shire Acquisitions Inve 09-23-21 31,125 30,606 0.48 conscious, and performance after the financial crisis based on the peers' holdings, and includes ABS, CMBS, CIFC Funding 2014-IV-R 10-17-30 29,185 29,137 0.46 has been solid. The fund earns a Morningstar Analyst and high yield, in addition to in-benchmark government Continental Resources, 04-15-23 28,309 29,205 0.46 Northrop Grumman Corpor 10-15-22 29,625 29,302 0.46 Rating of Bronze. bonds and investment-grade credit. Lead manager Tom Musmanno started at this fund The fund relies heavily on BlackRock’s overall active in 2008, inheriting a portfolio full of risky mortgage fare fixed-income macro themes, which underpin Current Investment Style Sector Breakdown % Assets Duration Government 15 that led to a shocking—for a short-term bond fund at recommendations on duration, credit, and sector Ltd Mod Ext least—9% loss for the year (its unique peer-group positioning, but Musmanno is not bound by these High Quality Government Related 0

median loss was around 1%). The fund’s approach was recommendations. Rather, he sees his role as an Med Corporate 35 Agency MBS 7

clearly in need of an overhaul, and Musmanno set out interpreter of the firmwide conclusions for their Low Non-Agency Residential MBS 2 to accomplish that. The fund became much more suitability at the short end of the yield curve. Once the 1 figure provided by Commercial MBS 11 circumspect regarding risk, and that stance is helped by broad decisions have been made, security-selection fund 1 1.6 Covered Bond 0 the so-called Risk Dashboard, which monitors the decisions go to the respective sector-research groups, Avg Eff Duration Avg Eff Maturity 2.3 Yrs Asset Backed 21 fund’s risk across various dimensions and is powered and management doesn’t get too involved in these. Avg Credit Quality A Municipal 0 by BlackRock’s Aladdin system. The latter is one of the The system has by and large delivered. The fund Avg Wtd Coupon 2.94% Cash & Equivalents 10 standards for the fixed-income industry. During the past had only one below-average year relative to its unique Avg Wtd Price 99.63% of par Other 0 five years, the fund’s allocations averaged 30% to U.S. short-term bond Morningstar Category peer investment-grade credit, 20% to asset-backed between 2009 and 2017 (2016, and that just by a Coupon Range % of Bonds Composition - Net securities, 15% to U.S. Treasuries, 14% to commercial little). 0% PIK 0.2 Cash 8.1 Bonds 91.7 mortgage-backed securities, and 11% to agency MBS. 0% to 4% 90.2 Stocks 0.0 Other 0.2 4% to 6% 9.0 The fund’s official benchmark is the ICE BofAML 1-3 Yr Special Securities Corp/Gov Index, but BlackRock uses an internally 6% to 8% 0.6 8% to 10% 0.0 Restricted/Illiquid Secs 29 More than 10% 0.0 Emerging-Markets Secs 2 Address: BlackRock Funds V Minimum Purchase: $1000 Add: $50 IRA: — Options/Futures/Warrants 0 P.O. Box 9819 Min Auto Inv Plan: $50 Add: $50 Credit Analysis % bonds 12-31-18 800-441-7762 Sales Fees: 2.25%L AAA 55 BB 1 Web Address: http://www.blackrock.com Management Fee: 0.31% mx./0.26% mn. AA 2 B 0 Inception: 01-12-96 Actual Fees: Mgt:0.29% Dist:0.25% A 12 Below B 0 Advisor: BlackRock Advisors LLC Expense Projections: 3Yr:$456 5Yr:$636 10Yr:$1157 Subadvisor: None Income Distribution: Monthly BBB 31 Not Rated 0

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any D trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Ticker Yield SEC Yield Total Assets Mstar Category Baird Short-Term Bond Inst BSBIX 2.3% 2.90% $6,390 mil Short-Term Bond

Benchmark 1: BBgBarc US Govt/Credit 1-5 Yr TR USD Historical Profile Investment Style Benchmark 2: BBgBarc US Agg Bond TR USD Fixed Income Return Average 2 2 2 2 2 2 2 2 Morningstar Analyst Rating 02-25-19 Risk Average Rating QQQ Neutral 13.0 Growth of $10,000 Œ Investment Values of 12.0 Fund Morningstar Pillars Investment Values of Process ∞ Positive 11.0 Benchmark 1 Performance ¶ Neutral 10.0 People ∞ Positive Parent ∞ Positive Performance Quartile Price ∞ Positive ( * * * & & & * ( & ( (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 9.57 9.68 9.59 9.75 9.69 9.67 9.60 9.66 9.64 9.57 9.62 NAV analysts believe lead to funds that are more likely to outperform over 8.14 4.39 2.08 4.16 1.33 1.49 0.89 2.25 1.53 1.49 0.89 Total Return % the long term on a risk-adjusted basis. 3.53 0.31 -1.05 1.92 1.04 0.07 -0.09 0.68 0.26 0.11 0.20 +/- Bmark 1 Analyst Rating Spectrum 2.21 -2.15 -5.76 -0.06 3.35 -4.47 0.34 -0.40 -2.01 1.48 -0.12 +/- Bmark 2 Œ „ ´ ‰ Á 4.48 3.03 2.44 2.32 1.76 1.65 1.58 1.62 1.72 2.22 0.36 Income Return % 3.67 1.37 -0.35 1.83 -0.43 -0.16 -0.69 0.63 -0.20 -0.72 0.52 Capital Return % Pillar Spectrum 54 36 29 38 17 24 10 33 56 21 54 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.41 0.29 0.23 0.22 0.17 0.16 0.15 0.15 0.17 0.21 0.03 Income $ 0.00 0.02 0.06 0.01 0.02 0.01 0.00 0.00 0.00 0.00 0.00 Capital Gains $ Performance 02-28-19 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 . . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 4.28 2.92 2.40 2.23 1.71 1.56 1.30 1.57 1.73 . . Income Ratio % 2014 0.59 0.72 -0.02 0.20 1.49 56 59 61 40 45 51 38 44 55 . . Turnover Rate % 2015 0.79 0.08 0.26 -0.24 0.89 605 919 1,022 1,288 1,989 2,641 2,974 3,764 5,403 5,596 6,228 Net Assets $mil 2016 1.21 1.12 0.27 -0.36 2.25 2017 0.58 0.52 0.51 -0.09 1.53 2018 -0.29 0.41 0.49 0.88 1.49 Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Date of Value % Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Total Fixed Income: 485 Maturity Amount 000 $000 Assets Return% 1 2 Cat $10,000 1 Yr 2.75 United States Treasury 09-30-21 747,225 720,693 12.66 3 Mo 1.58 -0.16 -1.28 34 10,158 3 Yr 1.91 Avg Avg QQQ United States Treasury 08-31-21 514,225 507,837 8.92 6 Mo 1.76 -0.18 -0.23 23 10,176 5 Yr 1.57 +Avg Avg QQQQ United States Treasury 03-31-22 110,000 107,938 1.90 1 Yr 2.75 -0.09 -0.42 27 10,275 10 Yr 2.82 Avg -Avg QQQ United States Treasury 03-31-22 64,375 62,932 1.11 3 Yr Avg 1.91 0.64 0.21 43 10,583 Incept 2.70 Capital One Multi Asset 07-17-23 42,500 41,840 0.73 5 Yr Avg 1.57 0.24 -0.74 32 10,812 Master Credit Card Trus 07-21-21 35,475 35,166 0.62 10 Yr Avg 2.82 0.65 -0.90 42 13,200 Other Measures Standard Index Best Fit Index Synchrony Card Issuance 09-15-24 33,645 33,951 0.60 15 Yr Avg — — — — — Alpha 0.5 0.6 Molex Eletronics Techno 04-15-20 31,303 31,001 0.54 Beta 0.27 0.80 Verizon Communications 03-15-22 30,880 30,555 0.54 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat BA Credit Card Trust 3% 09-15-23 29,775 29,859 0.52 3 Yr (estimated) 1.10 38 0.79 44 R-Squared 71 84 Grupo Bimbo S.A.B de C. 06-30-20 28,075 28,636 0.50 5 Yr (estimated) 0.81 20 0.75 51 Standard Deviation 0.90 Keysight Technologies, 10-30-19 28,625 28,538 0.50 10 Yr (estimated) 1.92 40 0.88 58 Mean 1.91 Microchip Technology In 06-01-21 28,643 28,414 0.50 Potential Capital Gain Exposure: -1% of assets Sharpe Ratio 0.73 Verizon Owner Trust 2.8 09-20-22 28,600 28,518 0.50 Federal Home Loan Mortg 06-25-20 27,325 27,466 0.48 Morningstar's Take by Alaina Bompiedi 02-25-19 Stifel Financial Corpor 12-01-20 27,373 27,370 0.48 The small but tight-knit team behind Baird Short-Term security selection and sector rotation. The strategy Zimmer Biomet Holdings 04-01-20 27,610 27,347 0.48 Bond is thoughtful about how investors use its maintains a persistent bias toward investment-grade Broadcom Corporation/Br 01-15-20 27,000 26,663 0.47 portfolios, which informs a circumspect process that corporate credit (60% of the portfolio as of December Bayer US Finance II LLC 06-25-21 24,700 24,525 0.43 Maple Escrow Subsidiary 05-25-21 24,700 24,663 0.43 doesn’t take risk in esoteric sectors or duration bets. 2018), making it more sensitive to credit risk than the Disciplined security selection and sector rotation benchmark. But the team balances that risk with combined with low fees have helped the strategy beat judicious credit selection and diversification, Current Investment Style Sector Breakdown % Assets Duration Government 25 its benchmark with modest volatility, supporting a emphasizing large, liquid names and keeping position Ltd Mod Ext Morningstar Analyst Rating upgrade to Gold from Silver. overweightings within 75 basis points of their High Quality Government Related 1

Industry veteran Mary Ellen Stanek and five tenured benchmark size. Med Corporate 55 Agency MBS 1 comanagers oversee this strategy. Four additional The team’s penchant for credit has been Low Non-Agency Residential MBS 0 portfolio managers and 12 dedicated analysts round out advantageous versus its more conservative benchmark 1 figure provided by Commercial MBS 2 the effort. While this is a smaller team with a since the financial crisis, though its cautious profile fund 1 1.9 Covered Bond 0 somewhat younger analyst bench than other firms’, the versus more aggressive peers has contributed to a Avg Eff Duration Avg Eff Maturity 2.1 Yrs Asset Backed 11 group sticks to well-trafficked credits and avoids middling long-term record in the short-term bond Avg Credit Quality A Municipal 1 esoteric fare. Morningstar Category. Still, the team’s circumspect Avg Wtd Coupon 2.91% Cash & Equivalents 5 The team's no-nonsense approach focuses on approach has generally worked in the strategy’s favor in Avg Wtd Price 99.10% of par Other 0 investment-grade corporate, securitized, and stressful markets. In 2018, for instance, its preference government bonds and keeps the strategy’s duration in for higher-quality names helped it outpace three fourths Coupon Range % of Bonds Composition - Net line with that of the Bloomberg Barclays U.S. of distinct category peers. Its modest volatility and low 0% PIK 0.0 Cash 4.7 Bonds 95.2 Government/Credit 1-3 Year Index. The process forgoes fees continue to make it a stellar choice for cautious 0% to 4% 84.8 Stocks 0.0 Other 0.1 4% to 6% 11.2 leverage, derivatives, and macro trades, while its investors. Special Securities duration-neutral style allows management to focus on 6% to 8% 3.4 8% to 10% 0.4 Restricted/Illiquid Secs 26 More than 10% 0.1 Emerging-Markets Secs 1 Address: Baird Funds Inc Minimum Purchase: $25000 Add: — IRA: $25000 Options/Futures/Warrants 0 Milwaukee, WI 53202 Min Auto Inv Plan: $25000 Add: — Credit Analysis % bonds 12-31-18 866-442-2473 Sales Fees: No-load AAA 39 BB 0 Web Address: www.bairdfunds.com Management Fee: 0.25%, 0.05%A AA 7 B 0 Inception: 08-31-04 Actual Fees: Mgt:0.25% Dist:— A 20 Below B 0 Advisor: Robert W. Baird & Co. Incorporated Expense Projections: 3Yr:$97 5Yr:$169 10Yr:$381 Subadvisor: None Income Distribution: Monthly BBB 33 Not Rated 0

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any D trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Ticker Yield SEC Yield Total Assets Mstar Category Fidelity® Short-Term Bond FSHBX 1.8% 2.54% $5,448 mil Short-Term Bond

Benchmark 1: BBgBarc US Govt/Credit 1-5 Yr TR USD Historical Profile Investment Style Benchmark 2: BBgBarc US Agg Bond TR USD Fixed Income Return Average 2 2 2 2 2 2 2 2 Morningstar Analyst Rating 10-12-18 Risk Below Avg Rating QQQ 12.5 „ Neutral 12.0 Growth of $10,000 11.5 Investment Values of Fund Morningstar Pillars 11.0 Investment Values of Benchmark 1 Process ∞ Positive 10.5 Performance Neutral ¶ 10.0 People ∞ Positive Parent ∞ Positive Performance Quartile Price ∞ Positive ( * * ( * * & ( ) * ( (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 8.31 8.46 8.49 8.60 8.58 8.58 8.55 8.59 8.58 8.53 8.57 NAV analysts believe lead to funds that are more likely to outperform over 7.35 3.79 1.79 2.37 0.57 0.93 0.67 1.46 1.16 1.18 0.80 Total Return % the long term on a risk-adjusted basis. 2.73 -0.29 -1.35 0.13 0.29 -0.50 -0.30 -0.11 -0.11 -0.20 0.11 +/- Bmark 1 Analyst Rating Spectrum 1.41 -2.75 -6.06 -1.85 2.60 -5.04 0.12 -1.19 -2.38 1.17 -0.21 +/- Bmark 2 Œ „ ´ ‰ Á 2.89 1.98 1.43 1.07 0.81 0.93 1.02 0.99 1.27 1.77 0.33 Income Return % 4.46 1.81 0.36 1.30 -0.23 0.00 -0.35 0.47 -0.12 -0.59 0.47 Capital Return % Pillar Spectrum 57 50 40 75 44 49 22 65 77 40 63 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.23 0.16 0.12 0.09 0.07 0.08 0.09 0.08 0.11 0.15 0.03 Income $ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Capital Gains $ Performance 02-28-19 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 3.22 2.23 1.50 1.15 0.85 0.96 1.06 1.01 1.15 1.64 . Income Ratio % 2014 0.35 0.48 -0.01 0.11 0.93 264 233 223 71 68 76 83 138 56 56 . Turnover Rate % 2015 0.58 0.02 0.24 -0.17 0.67 6,982 7,945 7,797 7,199 6,894 6,150 5,234 5,526 5,097 4,776 4,756 Net Assets $mil 2016 0.93 0.79 0.12 -0.39 1.46 2017 0.50 0.39 0.32 -0.06 1.16 2018 -0.43 0.41 0.46 0.75 1.18 Rating and Risk Portfolio Analysis 01-31-19 Time Load-Adj Morningstar Morningstar Morningstar Date of Value % Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Total Fixed Income: 427 Maturity Amount 000 $000 Assets Return% 1 2 Cat $10,000 1 Yr 2.46 United States Treasury 02-28-21 581,476 565,758 10.40 3 Mo 1.36 -0.38 -1.50 56 10,136 3 Yr 1.36 -Avg -Avg QQ United States Treasury 11-30-21 408,000 400,286 7.35 6 Mo 1.60 -0.34 -0.40 40 10,160 5 Yr 1.14 Avg -Avg QQQ United States Treasury 12-31-20 173,471 173,566 3.19 1 Yr 2.46 -0.38 -0.71 49 10,246 10 Yr 2.17 Avg -Avg QQQ United States Treasury 05-15-20 154,578 152,604 2.80 3 Yr Avg 1.36 0.09 -0.33 75 10,414 Incept 4.21 United States Treasury 07-31-22 45,000 44,162 0.81 5 Yr Avg 1.14 -0.19 -1.18 63 10,582 B.A.T. Capital Corporat 08-14-20 37,620 37,129 0.68 10 Yr Avg 2.17 0.00 -1.54 66 12,391 Other Measures Standard Index Best Fit Index JPMorgan Chase & Co. 3. 06-18-22 31,000 31,329 0.58 15 Yr Avg 1.82 -0.85 -1.99 82 13,105 Alpha 0.0 0.1 United States Treasury 06-30-20 27,682 27,440 0.50 Beta 0.24 0.68 American International 07-16-19 25,278 25,218 0.46 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Deutsche Bank AG New Yo 07-13-20 25,500 24,979 0.46 3 Yr (estimated) 0.77 65 0.58 17 R-Squared 76 89 Ford Credit Floorplan M 08-15-22 25,466 25,279 0.46 5 Yr (estimated) 0.62 42 0.52 18 Standard Deviation 0.76 Ford Motor Credit Compa 03-18-21 25,885 25,184 0.46 10 Yr (estimated) 1.62 54 0.53 13 Mean 1.36 SunTrust Bank 2.25% 01-31-20 25,000 24,837 0.46 Potential Capital Gain Exposure: -1% of assets Sharpe Ratio 0.18 Verizon Communications 03-16-22 25,000 25,083 0.46 Bank of America Corpora 10-19-20 22,200 22,116 0.41 Morningstar's Take by Alaina Bompiedi 10-12-18 Citigroup Inc. 2.05% 06-07-19 21,921 21,865 0.40 Fidelity Short-Term Bond recently swapped one U.S. 1-3 Year Government/Credit Bond Index but with a Discover Card Execution 10-17-22 22,000 21,772 0.40 comanager for another, but steward Rob Galusza persistent overweight to corporate credit. Despite that 21st Century Fox Americ 02-15-21 20,000 20,499 0.38 remains in place and continues to ply his measured extra helping of credit risk versus the benchmark, the COMM MORTGAGE TRUST 07-15-47 20,043 20,209 0.37 3.4 approach. Performance has been sluggish in recent fund still looks more cautious than peers, typically ING Groep N.V. 3.15% 03-29-22 20,350 20,200 0.37 years, but this fund's conservative process should help holding larger allocations to securities rated A or higher it shine over the long term. Deep resources and below- than the Morningstar Category norm. And while the average fees also bode well for the fund's future, and it team will utilize some out-of-benchmark positions-- Current Investment Style Sector Breakdown % Assets Duration Government 25 earns a Morningstar Analyst Rating of Silver. such as asset-backed securities (16% as of July 2018) Ltd Mod Ext In October 2017, comanager Robin Foley stepped and mortgage-backed fare (4%)--for additional yield and High Quality Government Related 0

Med Corporate 48 down from the fund to assume a position as co-chief diversification, it does so in moderation. Agency MBS 1 investment officer of the firm's fixed-income group. Given the team's cautious stance, investors Low Non-Agency Residential MBS 0 Julian Potenza, a former credit analyst at the firm, shouldn't expect runaway performance, especially 1 figure provided by fund Commercial MBS 4 immediately stepped in for Foley. Former securitized when credit risk is in favor, as it has been in recent Avg Eff Duration1 1.6 Covered Bond 0 specialist Dave DeBiase, who comanages Fidelity years. But the fund should offer better downside Avg Eff Maturity — Asset Backed 16 Intermediate Bond FTHRX with Galusza, also provides protection in more-challenging market environments, Avg Credit Quality A Municipal 0 support. The trio collaborates on broad positioning leading to a satisfying return profile over the long term. Avg Wtd Coupon 2.56% Cash & Equivalents 4 themes across Fidelity's short-term bond suite and are Avg Wtd Price 99.29% of par Other 0 supported by Fidelity's deep analyst bench and dedicated quantitative resources. Coupon Range % of Bonds Composition - Net Galusza and Potenza continue to stick with the 0% PIK 0.0 Cash 4.3 Bonds 95.5 Stocks 0.0 Other 0.2 fund's disciplined, circumspect approach. They position 0% to 4% 95.3 its duration close to that of the Bloomberg Barclays 4% to 6% 4.7 6% to 8% 0.0 Special Securities 8% to 10% 0.0 Restricted/Illiquid Secs 17 Address: Fidelity Fixed Income Trust Minimum Purchase: $0 Add: — IRA: — More than 10% 0.0 Emerging-Markets Secs 0 Boston, MA 02109 Min Auto Inv Plan: — Add: — Options/Futures/Warrants 0 800-544-8544 Sales Fees: No-load Credit Analysis % bonds 01-31-19 Web Address: www.institutional.fidelity.com Management Fee: 0.20% AAA 49 BB 0 Inception: 09-15-86 Actual Fees: Mgt:0.31% Dist:— AA 6 B 0 Advisor: Fidelity Management & Research Company Expense Projections: 3Yr:$144 5Yr:$252 10Yr:$567 Subadvisor: FMR Investment Management (U.K.) Limited Income Distribution: Monthly A 23 Below B 0 BBB 21 Not Rated 1

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any D trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Ticker Yield SEC Yield Total Assets Mstar Category Invesco Short Term Bond R6 ISTFX 2.9% 3.30% $1,431 mil Short-Term Bond

Benchmark 1: BBgBarc US Govt/Credit 1-5 Yr TR USD Historical Profile Investment Style Benchmark 2: BBgBarc US Agg Bond TR USD Fixed Income Return Above Avg 2 2 2 2 2 2 2 2 Morningstar Analyst Rating 07-12-18 Risk Average Rating QQQQ 11.5 Above Avg Growth of $10,000 ´ 11.0 Investment Values of Fund Morningstar Pillars 10.5 Investment Values of Process ∞ Positive Benchmark 1 Performance ∞ Positive 10.0 People ∞ Positive Parent ¶ Neutral Performance Quartile Price ∞ Positive & * & & * ( & (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its . . . 8.75 8.70 8.62 8.50 8.59 8.58 8.43 8.49 NAV analysts believe lead to funds that are more likely to outperform over . . . . 1.38 1.26 0.83 3.13 2.01 0.97 1.28 Total Return % the long term on a risk-adjusted basis. . . . . 1.10 -0.16 -0.14 1.57 0.75 -0.41 0.59 +/- Bmark 1 Analyst Rating Spectrum . . . . 3.40 -4.70 0.28 0.48 -1.53 0.96 0.27 +/- Bmark 2 Œ „ ´ ‰ Á . . . . 1.95 2.20 2.25 2.07 2.14 2.74 0.56 Income Return % . . . . -0.57 -0.94 -1.42 1.06 -0.13 -1.77 0.71 Capital Return % Pillar Spectrum . . . . 15 32 13 15 30 58 25 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral . . . 0.06 0.17 0.19 0.19 0.17 0.18 0.23 0.05 Income $ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Capital Gains $ Performance 02-28-19 ...... 0.44 0.43 0.43 0.42 0.40 0.39 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total . . . . 2.15 1.96 2.05 1.98 1.85 2.25 . Income Ratio % 2014 0.60 0.48 0.14 0.04 1.26 . . . . 44 278 250 200 294 198 . Turnover Rate % 2015 0.96 0.16 -0.19 -0.09 0.83 . . . 6 16 21 27 490 570 557 561 Net Assets $mil 2016 1.10 1.56 0.74 -0.30 3.13 2017 0.77 0.76 0.49 -0.01 2.01 2018 -0.22 0.25 0.78 0.17 0.97 Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Date of Value % Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Total Fixed Income: 355 Maturity Amount 000 $000 Assets Return% 1 2 Cat $10,000 1 Yr 2.46 2 Year US Treasury Note 03-29-19 2 478,977 33.90 3 Mo 1.53 -0.21 -1.33 37 10,153 3 Yr 2.43 +Avg Avg QQQQ United States Treasury 12-31-20 80,128 80,117 5.67 6 Mo 1.55 -0.39 -0.44 45 10,155 5 Yr 1.79 +Avg Avg QQQQ US 5 Year Note (CBT) Ma 03-29-19 0 -52,298 3.70 1 Yr 2.46 -0.38 -0.71 49 10,246 10 Yr — — — — US 10 Year Note (CBT) M 03-20-19 0 -46,854 3.32 3 Yr Avg 2.43 1.16 0.74 22 10,748 Incept 1.77 United States Treasury 12-15-21 36,547 36,714 2.60 5 Yr Avg 1.79 0.46 -0.53 19 10,925 HALFMOON PARENT INC 09-17-20 24,000 23,907 1.69 10 Yr Avg — — — — — Other Measures Standard Index Best Fit Index 3.2 15 Yr Avg — — — — — Alpha 1.1 0.6 Amazon.com, Inc. 2.6% 12-05-19 20,000 19,952 1.41 Charter Communications 07-23-20 19,795 19,778 1.40 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Beta 0.27 0.26 R-Squared 46 74 Delta Air Lines Inc 2.8 03-13-20 15,951 15,848 1.12 3 Yr (estimated) 1.42 21 0.99 78 CVS Health Corp 3.12% 03-09-20 15,000 14,973 1.06 5 Yr (estimated) 0.79 23 0.97 82 Standard Deviation 1.07 Anheuser-Busch InBev Fi 02-01-21 15,000 14,751 1.04 10 Yr (estimated) — — — — Mean 2.43 Cold Storage Tr 2017-Ic 04-15-36 15,000 14,753 1.04 Potential Capital Gain Exposure: -2% of assets Sharpe Ratio 1.06 Broadcom Corporation/Br 01-15-21 15,000 14,508 1.03 United States Treasury 12-31-23 14,536 14,613 1.03 Morningstar's Take by Zachary Patzik 07-12-18 Northrop Grumman Corpor 10-15-20 13,957 13,691 0.97 Invesco Short Term Bond’s experienced and deep (10%-20%), Treasuries, government-related securities McKesson Corporation 3. 11-30-20 13,500 13,568 0.96 bench of portfolio managers and analysts have (5-15%) and cash. The fund typically carries higher Reynolds Group Issuer L 10-15-20 13,324 13,308 0.94 successfully implemented a structured and repeatable levels of credit risk than its short-term bond Constellation Brands, I 11-06-20 13,000 12,755 0.90 Sprint Spectrum Co LLC 03-20-25 12,282 12,082 0.86 investment process. The fund earns a Morningstar Morningstar Category competition, primarily through its General Motors Financia 11-06-21 12,000 12,002 0.85 Analyst Rating of Bronze. BBB (30%-50%) and junk-rated corporate bond stake Invesco’s investment-grade team is anchored by (5%-10%). lead manager Michael Hyman, CIO of global The fund’s willingness to take credit risk can make Current Investment Style Sector Breakdown % Assets Duration Government 7 investment-grade and emerging markets. He and it somewhat more vulnerable to losses during stressed Ltd Mod Ext comanager Matt Brill joined Invesco in 2013 from ING markets. For example, as corporates struggled against High Quality Government Related 26

Med Corporate 51 (now Voya); the two work closely with Chuck Burge, a the backdrop of plunging commodity prices from the Agency MBS 0 comanager since 2009, and Rob Waldner, who serves second half of 2015 into February 2016, the fund lost Low Non-Agency Residential MBS 2 as chief strategist and head of multisector strategies. about 1%, trailing its median peer, which was roughly 1 figure provided by fund Commercial MBS 4 Forty investment-grade corporate credit and structured flat. Avg Eff Duration1 1.9 Covered Bond 0 analysts across the U.S. and EMEA regions provide Investors have been well-compensated for this risk. Avg Eff Maturity 3.6 Yrs Asset Backed 7 insights into their respective industries. The high-yield The fund’s high-yield and investment-grade corporates Avg Credit Quality BBB Municipal 0 credit team also contributes to the fund. Analysts contributed to gains in 2016, thanks in part to a Avg Wtd Coupon 3.56% Cash & Equivalents 4 across these teams average more than 15 years decision to add to commodity-sensitive names during Avg Wtd Price — Other 0 industry experience each. the credit sell-off; these positions also contributed to a Taking input from macro strategists and analysts, solid 2017. Over Hyman’s tenure from July 2013 Coupon Range % of Bonds Composition - Net the portfolio managers assemble a portfolio that is through June 2018, the fund generated 1.7% 0% PIK 0.0 Cash -21.6 Bonds 120.7 Stocks 0.0 Other 1.0 concentrated in investment-grade corporate bonds annualized, topping approximately three fourths of 0% to 4% 72.1 (50%-70%), with smaller stakes in securitized fare peers. 4% to 6% 22.5 6% to 8% 4.1 Special Securities 8% to 10% 0.9 Restricted/Illiquid Secs 32 Address: AIM Investment Securities Funds Minimum Purchase: $10000000 Add: — IRA: — More than 10% 0.5 Emerging-Markets Secs 2 Houston, TX 77046 Min Auto Inv Plan: — Add: — Options/Futures/Warrants 0 800-959-4246 Sales Fees: No-load Credit Analysis % bonds 12-31-18 Web Address: www.invesco.com/us Management Fee: 0.35% mx./0.28% mn. AAA 22 BB 5 Inception: 09-24-12 Actual Fees: Mgt:0.32% Dist:— AA 6 B 2 Advisor: Invesco Advisers, Inc. Expense Projections: 3Yr:$127 5Yr:$223 10Yr:$504 Subadvisor: None Income Distribution: Monthly A 23 Below B 0 BBB 42 Not Rated 0

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any D trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Ticker Yield SEC Yield Total Assets Mstar Category Metropolitan West Low Duration Bd M MWLDX 2.3% 2.71% $2,183 mil Short-Term Bond

Benchmark 1: BBgBarc US Govt/Credit 1-5 Yr TR USD Historical Profile Investment Style Benchmark 2: BBgBarc US Agg Bond TR USD Fixed Income Return Above Avg 2 2 2 2 2 2 2 2 Morningstar Analyst Rating 06-21-18 Risk Average Rating QQQQ 15.0 Above Avg 14.0 Growth of $10,000 ´ Investment Values of 13.0 Fund Morningstar Pillars 12.0 Investment Values of Process ∞ Positive Benchmark 1 11.0 Performance ¶ Neutral People ∞ Positive 10.0 Parent ¶ Neutral Performance Quartile Price ∞ Positive & & ( & & * ( ( ) * ) (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 8.03 8.59 8.43 8.79 8.79 8.80 8.72 8.71 8.69 8.61 8.63 NAV analysts believe lead to funds that are more likely to outperform over 15.15 10.30 1.12 7.54 1.92 1.39 0.20 1.23 1.15 1.20 0.65 Total Return % the long term on a risk-adjusted basis. 10.53 6.22 -2.02 5.30 1.64 -0.03 -0.77 -0.33 -0.12 -0.18 -0.03 +/- Bmark 1 Analyst Rating Spectrum 9.22 3.76 -6.72 3.32 3.95 -4.58 -0.35 -1.41 -2.40 1.19 -0.35 +/- Bmark 2 Œ „ ´ ‰ Á 5.89 3.26 3.03 3.22 1.93 1.28 1.12 1.18 1.38 2.12 0.42 Income Return % 9.26 7.05 -1.91 4.32 0.00 0.11 -0.92 0.05 -0.23 -0.92 0.23 Capital Return % Pillar Spectrum 9 2 66 4 6 27 57 75 77 39 77 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.42 0.26 0.26 0.27 0.17 0.11 0.10 0.10 0.12 0.18 0.04 Income $ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 Capital Gains $ Performance 02-28-19 0.62 0.71 0.58 0.59 0.57 0.57 0.62 0.62 0.61 0.62 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 6.00 4.32 3.01 3.06 2.83 1.60 1.21 1.16 1.19 1.45 . Income Ratio % 2014 0.53 0.72 0.10 0.04 1.39 38 36 87 60 60 31 30 119 95 200 . Turnover Rate % 2015 0.27 0.07 0.03 -0.16 0.20 983 1,345 1,232 1,128 1,858 1,991 1,515 1,323 1,063 623 610 Net Assets $mil 2016 0.39 0.64 0.19 0.00 1.23 2017 0.41 0.44 0.34 -0.05 1.15 2018 -0.25 0.28 0.08 1.09 1.20 Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Date of Value % Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Total Fixed Income: 417 Maturity Amount 000 $000 Assets Return% 1 2 Cat $10,000 1 Yr 2.18 United States Treasury 09-30-20 393,560 395,105 17.95 3 Mo 1.46 -0.28 -1.39 40 10,146 3 Yr 1.39 -Avg -Avg QQ United States Treasury 10-15-21 208,940 211,176 9.59 6 Mo 1.58 -0.36 -0.42 42 10,158 5 Yr 1.05 -Avg Low QQ United States Treasury 09-15-21 84,565 85,166 3.87 1 Yr 2.18 -0.66 -0.99 73 10,218 10 Yr 4.24 High +Avg QQQQQ JPMorgan Chase & Co. 6. 04-23-19 22,375 22,597 1.03 3 Yr Avg 1.39 0.12 -0.30 73 10,422 Incept 3.59 Wells Fargo Bank, Natio 01-15-20 20,000 19,827 0.90 5 Yr Avg 1.05 -0.28 -1.26 70 10,538 Bank of America Corpora 07-21-21 18,025 17,718 0.80 10 Yr Avg 4.24 2.07 0.53 9 15,144 Other Measures Standard Index Best Fit Index Federal Home Loan Mortg 11-15-43 16,838 16,888 0.77 15 Yr Avg 2.50 -0.17 -1.31 45 14,474 Alpha 0.1 0.1 GE Capital Internationa 11-15-20 14,515 14,009 0.64 Beta 0.21 0.61 Federal National Mortga 01-01-21 13,509 13,768 0.63 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat JPMorgan Chase Bank, Na 02-01-21 13,950 13,857 0.63 3 Yr (estimated) 0.68 68 0.70 30 R-Squared 69 82 Santander UK Group Hold 08-05-21 13,000 12,585 0.57 5 Yr (estimated) 0.42 58 0.63 29 Standard Deviation 0.71 Federal Home Loan Mortg 05-01-23 12,221 12,412 0.56 10 Yr (estimated) 3.32 7 0.88 58 Mean 1.39 U.S. Bank National Asso 07-24-20 12,075 12,063 0.55 Potential Capital Gain Exposure: 7% of assets Sharpe Ratio 0.22 Accredited Mortgage Loa 02-25-37 12,000 11,756 0.53 Citibank, N.A. 3.05% 05-01-20 11,605 11,593 0.53 Morningstar's Take by Karin Anderson 06-21-18 Federal Home Loan Mortg 01-01-21 11,507 11,498 0.52 Metropolitan West Low Duration Bond is backed by a late-stage credit cycle dynamics, so it has taken steps SLM Student Loan Trust 05-26-26 11,588 11,459 0.52 seasoned and stable team. Though the fund has a to increase liquidity and improve the quality of holdings HCP Inc 2.62% 02-01-20 10,765 10,707 0.49 checkered past, its process is stronger thanks to a in the past few years. That has included an ample Sprint Spectrum Co LLC 09-20-21 10,484 10,340 0.47 Anthem Inc 2.5% 11-21-20 10,270 10,141 0.46 greater focus on diversification and liquidity, and it allotment to liquid fare--notably around one fourth of should be better prepared for the next market rout. As assets devoted to U.S. Treasuries over the past few a result, the fund’s Morningstar Analyst Rating is years--as well as gradually upgrading the quality of its Current Investment Style Sector Breakdown % Assets Duration Government 31 upgraded to Bronze from Neutral. securitized sleeve. Ltd Mod Ext This fund is steered by a seasoned and stable Still, the team has tried to take advantage of High Quality Government Related 0

team, with generalists Tad Rivelle, Steve Kane, Laird valuation-driven opportunities. It gradually extended the Med Corporate 36 Agency MBS 8

Landmann, and Bryan Whalen dialing its risk up or fund’s duration to 2.3 years from 1.6 years as interest Low Non-Agency Residential MBS 6 down based on their top-down views. The process is rates sold off in late 2017 and early 2018. The team 1 figure provided by Commercial MBS 1 steeped in a valuation-driven philosophy and heavily also scooped up a basket of investment-grade fund 1 2.4 Covered Bond 0 focused on the team’s security selection within corporates as the sector came under pressure in the Avg Eff Duration Avg Eff Maturity 2.4 Yrs Asset Backed 12 corporates and a wide variety of securitized fare. The first quarter, increasing it by several percentage points Avg Credit Quality A Municipal 0 fund’s willingness to load up on credit has caused to 38%. Avg Wtd Coupon 3.23% Cash & Equivalents 5 trouble in the past, notably because of individual issuer While the fund’s long-term track record is still Avg Wtd Price 99.82% of par Other 0 blowups in 2002 and too much exposure to nonagency tainted by past blowups, its positioning mirrors what mortgage-backed securities in 2008. the team is doing on its other funds, which have Coupon Range % of Bonds Composition - Net However, the team has sensibly limited individual benefited over the long term by staying focused on 0% PIK 0.9 Cash 5.4 Bonds 94.3 issuer position sizes to 2.5% and has maintained a valuations and maintaining ample liquidity to take 0% to 4% 84.9 Stocks 0.0 Other 0.3 4% to 6% 10.2 more cautious overall credit and liquidity profile since advantage of credit sell-offs. Special Securities then. That owes in part to the team’s concerns over 6% to 8% 3.6 8% to 10% 0.3 Restricted/Illiquid Secs 14 More than 10% 0.0 Emerging-Markets Secs 0 Address: METROPOLITAN WEST ASSET MANAGEMENT Minimum Purchase: $5000 Add: $0 IRA: $1000 Options/Futures/Warrants 0 LOS ANGELES CA 90017 Min Auto Inv Plan: $5000 Add: $100 Credit Analysis % bonds 12-31-18 800-241-4671 Sales Fees: No-load AAA 51 BB 2 Web Address: www.mwamllc.com Management Fee: 0.30% AA 8 B 0 Inception: 03-31-97 Actual Fees: Mgt:0.30% Dist:0.19% A 15 Below B 1 Advisor: Metropolitan West Asset Management, LLC. Expense Projections: 3Yr:$199 5Yr:$346 10Yr:$774 Subadvisor: None Income Distribution: Monthly BBB 21 Not Rated 0

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any D trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Ticker Yield SEC Yield Total Assets Mstar Category JPMorgan Limited Duration Bond A ONUAX 2.1% 2.36% $1,106 mil Short-Term Bond

Benchmark 1: BBgBarc US Govt/Credit 1-5 Yr TR USD Historical Profile Investment Style Benchmark 2: BBgBarc US Agg Bond TR USD Fixed Income Return Above Avg 3 2 2 2 2 2 3 3 Morningstar Analyst Rating 10-22-18 Risk Average Rating QQQQ 15.0 Above Avg 14.0 Growth of $10,000 ´ Investment Values of 13.0 Fund Morningstar Pillars 12.0 Investment Values of Process ∞ Positive Benchmark 1 11.0 Performance ¶ Neutral People ∞ Positive 10.0 Parent ∞ Positive Performance Quartile Price ∞ Positive & & ( & & & ( ) * & ) (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 8.73 9.39 9.35 9.79 9.87 10.00 9.96 9.98 10.01 9.98 10.00 NAV analysts believe lead to funds that are more likely to outperform over 15.30 10.14 1.41 6.17 1.67 2.01 0.29 1.05 1.60 1.72 0.57 Total Return % the long term on a risk-adjusted basis. 10.68 6.07 -1.73 3.93 1.38 0.59 -0.68 -0.52 0.34 0.33 -0.12 +/- Bmark 1 Analyst Rating Spectrum 9.37 3.60 -6.44 1.95 3.69 -3.96 -0.26 -1.60 -1.94 1.70 -0.43 +/- Bmark 2 Œ „ ´ ‰ Á 3.43 2.52 1.85 1.43 0.85 0.69 0.69 0.85 1.30 2.01 0.37 Income Return % 11.87 7.62 -0.44 4.74 0.82 1.32 -0.40 0.20 0.31 -0.30 0.20 Capital Return % Pillar Spectrum 9 3 53 10 8 11 51 79 50 11 86 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.26 0.22 0.17 0.13 0.08 0.07 0.07 0.08 0.13 0.20 0.04 Income $ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Capital Gains $ Performance 02-28-19 0.95 0.98 0.95 0.94 0.95 0.93 0.93 0.95 0.95 0.89 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 4.12 2.88 2.32 1.89 1.37 0.60 0.74 0.70 0.89 1.37 . Income Ratio % 2014 0.99 0.50 0.29 0.21 2.01 0 23 28 21 24 23 24 23 21 22 . Turnover Rate % 2015 0.37 0.04 0.10 -0.22 0.29 66 74 55 57 173 200 211 159 138 163 153 Net Assets $mil 2016 0.27 0.72 0.34 -0.29 1.05 2017 0.38 0.52 0.53 0.18 1.60 2018 0.10 0.40 0.43 0.77 1.72 Rating and Risk Portfolio Analysis 01-31-19 Time Load-Adj Morningstar Morningstar Morningstar Date of Value % Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Total Fixed Income: 456 Maturity Amount 000 $000 Assets Return% 1 2 Cat $10,000 1 Yr 0.04 Government National Mor 05-20-65 18,989 18,989 1.76 3 Mo 0.98 -0.76 -1.88 87 10,098 3 Yr 0.81 Avg Low QQQ Government National Mor 09-20-65 16,375 16,404 1.52 6 Mo 1.33 -0.61 -0.67 73 10,133 5 Yr 0.78 Avg Low QQQ Federal National Mortga 07-25-45 16,029 16,071 1.49 1 Yr 2.34 -0.50 -0.83 61 10,234 10 Yr 3.82 High +Avg QQQQQ Government National Mor 05-20-65 15,251 15,251 1.41 3 Yr Avg 1.58 0.31 -0.11 67 10,481 Incept 3.32 Government National Mor 05-20-64 14,804 14,907 1.38 5 Yr Avg 1.24 -0.09 -1.08 55 10,635 Federal Home Loan Mortg 10-15-40 14,409 14,389 1.33 10 Yr Avg 4.06 1.89 0.35 10 14,886 Other Measures Standard Index Best Fit Index Government National Mor 07-20-63 13,899 13,934 1.29 15 Yr Avg 2.40 -0.27 -1.41 50 14,265 Alpha 0.3 0.3 Government National Mor 02-20-65 13,472 13,491 1.25 Beta 0.15 0.41 Government National Mor 07-20-65 13,130 13,137 1.22 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Government National Mor 08-20-64 12,379 12,405 1.15 3 Yr (estimated) 0.20 87 0.61 21 R-Squared 72 73 Federal Home Loan Mortg 01-15-33 10,696 10,387 0.96 5 Yr (estimated) 0.29 68 0.48 14 Standard Deviation 0.51 Federal Home Loan Mortg 01-15-43 10,023 9,977 0.93 10 Yr (estimated) 3.23 8 0.57 17 Mean 1.58 Federal Home Loan Mortg 08-25-25 10,000 10,018 0.93 Potential Capital Gain Exposure: -2% of assets Sharpe Ratio 0.69 Federal Home Loan Mortg 12-15-44 9,953 10,019 0.93 Federal National Mortga 06-25-45 9,309 9,293 0.86 Morningstar's Take by Emory Zink 10-22-18 Federal National Mortga 11-25-42 8,989 8,996 0.83 JPMorgan Limited Duration Bond benefits from assets during the preceding decade, including both Federal National Mortga 02-01-45 8,662 8,918 0.83 experienced leadership and the support of a well- agency and nonagency mortgages, with a focus on Federal National Mortga 12-25-45 8,312 8,256 0.77 resourced team of mortgage and securitized specialists. collateralized mortgage obligations because the team Federal National Mortga 09-01-47 8,028 8,317 0.77 Federal Home Loan Mortg 05-15-40 7,872 7,804 0.72 These characteristics, when combined with an believes those bonds can deliver higher returns with attractive price, continue to earn a Morningstar Analyst more-predictable risk characteristics over time than Rating of Bronze. traditional pass-throughs. Current Investment Style Sector Breakdown % Assets Duration Government 0 Led by Michael Sais, who has been with this fund Since 2013, as the traditional agency mortgage Ltd Mod Ext since 1995, and Robert Manning, who joined in 2013, pass-through market has grown richly valued, Sais and High Quality Government Related 0 the fund draws from broad fixed-income resources Manning have instead increased the agency CMO Med Corporate 12 Agency MBS 42 across JPMorgan and specifically from a cadre of allocation, from around a third of assets to half of the Low Non-Agency Residential MBS 4 analysts and traders with securitized specialties. portfolio as of September 2018. Additionally, the asset- 1 figure provided by Commercial MBS 5 Despite an uptick in turnover that began in 2016 on the backed stake, mostly credit cards and auto loans, fund 1 1.3 Covered Bond 0 value-driven team, accompanying a firmwide push to reached 16% by September 2018, based on the team’s Avg Eff Duration Avg Eff Maturity 3.1 Yrs Asset Backed 28 strengthen integration across global resources, this confidence in the U.S. consumer. Avg Credit Quality BB Municipal 0 fund’s day-to-day management was not affected. The fund’s persistent underweighting in corporate Avg Wtd Coupon 3.18% Cash & Equivalents 10 The portfolio’s most striking characteristic is its credit relative to its typical peer and benchmark will Avg Wtd Price 99.82% of par Other 0 focus on assets across the securitized spectrum. The cause it to trail when credit rallies but to outperform in fund’s Bloomberg Barclays 1-3 Year Government Credit more-challenging credit environments. The fund should Coupon Range % of Bonds Composition - Net Index benchmark holds no securitized sectors, while also hold up better than most in rising-rate 0% PIK 0.1 Cash 10.4 Bonds 89.6 the fund’s typical short-term bond peer dedicates environments given its low allocation to U.S. Treasuries. 0% to 4% 90.0 Stocks 0.0 Other 0.0 4% to 6% 9.7 around a fourth of its portfolio to securitized Special Securities investments. This fund has held 70%-90% in such 6% to 8% 0.2 8% to 10% 0.0 Restricted/Illiquid Secs 29 More than 10% 0.1 Emerging-Markets Secs 0 Address: Jpmorgan Trust II Minimum Purchase: $1000 Add: $50 IRA: — Options/Futures/Warrants 0 New York, NY 10167 Min Auto Inv Plan: $50 Add: $50 Credit Analysis % bonds 12-31-18 800-480-4111 Sales Fees: 2.25%L AAA 57 BB 1 Web Address: www.jpmorganfunds.com Management Fee: 0.25%, 0.08%A AA 11 B 1 Inception: 03-10-93 Actual Fees: Mgt:0.25% Dist:0.25% A 7 Below B 1 Advisor: J.P. Morgan Investment Management, Inc. Expense Projections: 3Yr:$488 5Yr:$697 10Yr:$1301 Subadvisor: None Income Distribution: Monthly BBB 5 Not Rated 18

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any D trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through February 28, 2019 FINRA members: For internal or institutional use only. Ticker Yield SEC Yield Total Assets Mstar Category Vanguard Short-Term Investment-Grade Adm VFSUX 2.8% 3.16% $58,700 mil Short-Term Bond

Benchmark 1: BBgBarc US Govt/Credit 1-5 Yr TR USD Historical Profile Investment Style Benchmark 2: BBgBarc US Agg Bond TR USD Fixed Income Return Above Avg 2 2 2 2 2 2 2 2 Morningstar Analyst Rating 04-25-18 Risk Average Rating QQQQ Above Avg 14.0 Growth of $10,000 ´ 13.0 Investment Values of Fund Morningstar Pillars 12.0 Investment Values of Process Benchmark 1 ¶ Neutral 11.0 Performance ¶ Neutral People ¶ Neutral 10.0 Parent ∞ Positive Performance Quartile Price ∞ Positive & & * * * & & & * ( * (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 02-19 History Morningstar evaluates mutual funds based on five key pillars, which its 10.59 10.77 10.64 10.83 10.70 10.66 10.56 10.63 10.63 10.44 10.52 NAV analysts believe lead to funds that are more likely to outperform over 14.17 5.32 2.02 4.63 1.07 1.86 1.13 2.82 2.12 0.96 1.25 Total Return % the long term on a risk-adjusted basis. 9.55 1.25 -1.12 2.39 0.79 0.44 0.16 1.26 0.86 -0.42 0.56 +/- Bmark 1 Analyst Rating Spectrum 8.23 -1.22 -5.82 0.41 3.10 -4.10 0.58 0.18 -1.42 0.95 0.24 +/- Bmark 2 Œ „ ´ ‰ Á 4.48 3.57 2.89 2.39 1.90 2.01 2.07 2.07 2.11 2.76 0.48 Income Return % 9.68 1.76 -0.87 2.23 -0.83 -0.14 -0.94 0.75 0.01 -1.79 0.77 Capital Return % Pillar Spectrum 13 20 31 29 26 15 5 21 27 59 27 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.43 0.37 0.31 0.25 0.20 0.21 0.22 0.22 0.22 0.29 0.05 Income $ 0.00 0.01 0.04 0.05 0.04 0.03 0.00 0.01 0.00 0.00 0.00 Capital Gains $ Performance 02-28-19 0.11 0.12 0.11 0.11 0.10 0.10 0.10 0.10 0.10 0.10 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 4.75 3.78 3.16 2.61 2.23 1.91 1.96 2.01 2.10 2.21 . Income Ratio % 2014 0.82 0.88 -0.06 0.22 1.86 49 59 48 47 80 122 79 75 68 86 . Turnover Rate % 2015 1.03 -0.07 0.44 -0.28 1.13 16,297 21,404 22,059 25,424 29,125 33,478 33,643 38,152 42,332 40,027 40,560 Net Assets $mil 2016 1.76 1.30 0.57 -0.82 2.82 2017 0.83 0.74 0.59 -0.05 2.12 2018 -0.51 0.20 0.61 0.67 0.96 Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Date of Value % Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Total Fixed Income: 1835 Maturity Amount 000 $000 Assets Return% 1 2 Cat $10,000 1 Yr 2.89 United States Treasury 04-15-21 1,300,000 1,296,750 2.25 3 Mo 2.00 0.26 -0.86 10 10,200 3 Yr 2.15 +Avg Avg QQQQ United States Treasury 08-15-21 530,000 525,113 0.91 6 Mo 1.87 -0.07 -0.13 16 10,187 5 Yr 1.85 +Avg Avg QQQQ United States Treasury 09-30-21 517,000 498,584 0.87 1 Yr 2.89 0.05 -0.28 18 10,289 10 Yr 3.52 +Avg Avg QQQQ United States Treasury 02-15-21 500,000 497,345 0.86 3 Yr Avg 2.15 0.88 0.45 32 10,657 Incept 3.51 United States Treasury 10-31-21 495,000 488,580 0.85 5 Yr Avg 1.85 0.52 -0.47 16 10,960 United States Treasury 02-28-21 500,000 485,625 0.84 10 Yr Avg 3.52 1.35 -0.19 19 14,129 Other Measures Standard Index Best Fit Index United States Treasury 05-31-21 480,000 467,626 0.81 15 Yr Avg 3.08 0.41 -0.73 12 15,760 Alpha 0.7 0.2 United States Treasury 01-31-22 466,000 457,701 0.80 Beta 0.41 0.32 United States Treasury 05-31-23 300,000 303,327 0.53 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Wells Fargo Bank, Natio 01-15-20 303,485 300,802 0.52 3 Yr (estimated) 1.13 35 0.99 78 R-Squared 78 86 Wells Fargo Bank, Natio 07-23-20 292,995 292,720 0.51 5 Yr (estimated) 0.87 18 0.96 80 Standard Deviation 1.28 CVS Health Corp 3.7% 03-09-23 290,475 287,161 0.50 10 Yr (estimated) 2.46 18 1.02 81 Mean 2.15 Comcast Corporation 3.7 04-15-24 261,288 262,576 0.46 Potential Capital Gain Exposure: -1% of assets Sharpe Ratio 0.70 Citibank, N.A. 2.85% 02-12-21 262,150 259,830 0.45 United Mexican States 8 12-07-23 5,170,000 256,302 0.45 Morningstar's Take by Alaina Bompiedi 04-25-18 Cooperatieve Rabobank U 10-25-19 248,845 246,897 0.43 Vanguard Short-Term Investment Grade provides Vanguard still has ample fixed-income resources Goldman Sachs Group, In 12-27-20 237,295 232,808 0.40 consistent exposure to short-term corporate and supporting this fund, including a deep corporate Citibank, N.A. 2.12% 10-20-20 216,530 211,950 0.37 securitized bonds at an attractive price. Yet, with the research team, but the vacancy left by Nassour’s Principal Life Global F 12-11-19 216,925 215,116 0.37 Mitsubishi UFJ Financia 07-26-23 205,565 206,704 0.36 departure of lead manager and co-head of Vanguard’s departure highlights the need for improved succession U.S. corporate bond desk, Greg Nassour, the fund’s planning. People Pillar has been downgraded to Neutral from Otherwise, the fund continues to be managed in a Current Investment Style Sector Breakdown % Assets Duration Government 12 Positive. The fund’s Morningstar Analyst Rating has also regimented fashion and is unlikely to see big changes Ltd Mod Ext been lowered to Bronze from Silver. under its new leadership. Top-down themes will High Quality Government Related 3

On April 13, 2018, Vanguard announced that continue to come down as directives from senior fixed- Med Corporate 53 Agency MBS 1 longtime corporate bond skipper Nassour had left the income leaders, while specialist portfolio managers Low Non-Agency Residential MBS 1 firm. He had managed more than $110 billion in active oversee their assigned sectors. As the lead manager of 1 figure provided by Commercial MBS 11 fixed-income assets and oversaw U.S. corporate bond corporate credit, Nassour curated the fund’s corporate fund 1 2.5 Covered Bond 0 trading and portfolio management at Vanguard for bond stake (60%-70% of the portfolio at times) and Avg Eff Duration Avg Eff Maturity 3.0 Yrs Asset Backed 14 nearly a decade. Until Vanguard finds a replacement to oversaw its allocation across corporate sectors. Avg Credit Quality A Municipal 0 fill Nassour’s seat, Samuel Martinez and Daniel While any changes made by the fund’s new Avg Wtd Coupon 3.27% Cash & Equivalents 5 Shaykevich will comanage this fund. Martinez and managers bear watching, Vanguard’s team-oriented Avg Wtd Price 98.96% of par Other 0 Shaykevich ascended Vanguard’s ranks as assistant approach and the advantage of a cheap price tag portfolio managers but are relatively new as lead should keep this fund on a steady course. Coupon Range % of Bonds Composition - Net managers themselves. Shaykevich has run Vanguard 0% PIK 0.4 Cash 5.0 Bonds 94.6 Emerging Markets Bond VEMBX since early 2016, while 0% to 4% 81.3 Stocks 0.0 Other 0.5 4% to 6% 14.1 Martinez had comanaged Vanguard Ultra-Short-Term Special Securities Bond VUBFX with Nassour since the beginning of 2017. 6% to 8% 3.8 8% to 10% 0.5 Restricted/Illiquid Secs 22 More than 10% 0.0 Emerging-Markets Secs 5 Address: Vanguard Fixed Income Securities Funds Minimum Purchase: $50000 Add: $1 IRA: — Options/Futures/Warrants 0 Valley Forge PA 19482 Min Auto Inv Plan: — Add: — Credit Analysis % bonds 12-31-18 800-662-7447 Sales Fees: No-load AAA 33 BB 2 Web Address: www.vanguard.com Management Fee: 0.09% AA 15 B 0 Inception: 02-12-01 Actual Fees: Mgt:0.09% Dist:— A 30 Below B 0 Advisor: Vanguard Group Inc Expense Projections: 3Yr:$32 5Yr:$56 10Yr:$128 Subadvisor: None Income Distribution: Monthly BBB 19 Not Rated 2

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any D trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß WEST WHITELAND TOWNSHIP PENSION ACTIVITY

NON-UNIFORMED 2016 Total 2017 Total 1Q 2018 2Q 2018 3Q 2018 4Q 2018 2018 Total 1Q 2019

EMPLOYEE CONTRIB $96,416 $101,901 $29,778 $24,788 $29,153 $25,882 $109,600 $30,681 MMO (STATE AID) $65,927 $88,290 $0 $0 $0 $135,959 $135,959 $0

INVESTMENT GAINS (LOSSES)* $582,258 $1,104,293 $38,832 $58,775 $281,691 ($772,883) ($393,585) $678,541

BENEFIT PAYMENTS ($216,517) ($251,777) ($66,791) ($75,183) ($78,762) ($78,762) ($299,499) ($78,762) FORMER EMPLOYEE WITHDRAWALS ($46,052) $0 ($2,845) $0 ($2,845) $0 PLAN EXPENSES ($14,413) ($16,518) ($2,571) ($8,212) ($1,248) ($1,091) ($13,121) ($2,396)

NET CHANGE $513,671 $ 980,138 $ (752) $ 168 $227,989 ($690,896) ($463,490) $628,064

PLAN ASSETS $6,910,225 $7,890,363 $7,889,611 $7,889,848 $8,117,837 $7,426,942 $7,426,942 $8,055,005 RETURN 9.1% 15.0% 0.5% 0.7% 3.6% -9.5% -5.3% 9.1% **

Non-uniformed Plan: 14 retirees collecting pension; 4 terminated but vested, not yet collecting pension

POLICE 2016 Total 2017 Total 1Q 2018 2Q 2018 3Q 2018 4Q 2018 2018 Total 1Q 2019

EMPLOYEE CONTRIB $110,706 $116,507 $31,772 $25,735 $37,127 $28,749 $123,382 $36,446 MMO (STATE AID) $275,295 $521,903 $557,577 $557,577 $0

INVESTMENT GAINS (LOSSES)* $1,199,848 $2,277,403 $76,729 $123,443 $591,467 ($1,622,849) ($831,210) $1,426,288

BENEFIT PAYMENTS ($624,671) ($635,617) ($158,904) ($158,904) ($158,904) ($159,051) ($635,764) ($492,493) BENEFIT PMTS - DROP ($93,747) $0 $0 $0 $0 $0 $0 $0 FORMER EMPLOYEE WITHDRAWALS ($1,077) $0 $0 ($2,457) $0 ($2,457) $0 PLAN EXPENSES ($21,230) ($22,022) ($5,052) ($9,316) ($2,389) ($2,190) ($18,947) ($4,837)

NET CHANGE $846,199 $2,257,098 ($55,455) ($19,042) $464,843 ($1,197,765) ($807,419) $965,405

PLAN ASSETS $14,224,412 $16,675,138 $16,619,683 $16,600,641 $17,065,484 $15,867,719 $15,866,724 $16,832,128 RETURN 9.0% 14.8% 0.5% 0.7% 3.6% -9.5% -5.0% 9.0% **

Police Plan: 15 retirees collecting pension; 3 terminated but vested, not yet collecting pension; 1 DROP

*Investment Gains (Losses) includes Dividends, Realized and Unrealized Gains **Note, there is a difference between the simplified return calculated here and the return calculated based on Morningstar data. Given market volatility, there were some timing challenges/uncertainties that we believe drove the differences. Just one day earlier and one day later, the Morningstar numbers shifted substantially. West Whiteland Township Non-Uniformed Employees Pension Plan Asset Allocations

31-Mar-19 Rebalancing to Target

Fund Fund Target Cost Market Asset Target Adjustment % v. Cusip Fund Ticker Type Capitalization Allocation Value Value Allocation Value to Target Target Buy/(Sell)

Domestic Equities IVV 51.0% 51.4% 018918623 Allianz NFJ Mid-Cap Value Institutional PRNIX Value Mid 6.7% $543,597 $524,261 6.6% $530,933 $6,671 1.3% 74160q103 PRIMECAP Odyssey Growth Fund POGRX Growth Large 13.3% $419,088 $1,032,816 12.9% $1,061,069 $28,254 2.7% 779562107 T Rowe Price New Horizons PRJIX Growth Small 5.5% $327,973 $485,226 6.1% $437,801 ($47,425) -10.8% 875921306 Target Portfolio Trust - Small Cap TASVX Value Small 5.5% $433,912 $389,436 4.9% $437,801 $48,365 11.0% 922908678 Vanguard Value Index Fund VVIAX Value Large 6.7% $303,983 $554,261 6.9% $530,933 ($23,329) -4.4% 922908710 Vanguard 500 Index Fund VFIAX Blend Large 13.3% $518,513 $1,116,939 14.0% $1,061,069 ($55,869) -5.3%

Intl Equity Mutual Funds XIUSA000PK 14.0% 12.8% 298706839 American EuroPacific Growth Fund RERFX Blend International 7.0% $420,187 $521,598 6.5% $557,201 $35,603 6.4% 256206103 Dodge & Cox Internat. Stock Fund DODFX Value International 7.0% $433,288 $503,254 6.3% $557,201 $53,947 9.7%

Fixed Income AGG 35.0% 35.8% 921937603 Vanguard Total Bond Market Index VBTLX Value Fixed Income 35.0% $2,818,497 $2,858,993 35.8% $2,786,003 ($72,990) -2.6%

Cash FOUSA08DNH 97181C803 Money Market Funds WGOXX $68,222 $68,222 $94,996 $26,773 * PLAN ASSETS 100.0% $6,287,260 $8,055,005 100.0% $8,055,005 $0

* Amount of cash needed/(to be invested) via rebalancing for next quarter Per PAB guidance, rebalance other funds when % > 10% over target allocation West Whiteland Township Police Pension Plan Asset Allocations

31-Mar-19 Rebalancing to Target

Fund Fund Target Cost Market Asset Target Adjustment % v. Cusip Fund Ticker Type Capitalization Allocation Value Value Allocation Value to Target Target Buy/(Sell)

Domestic Equities IVV 51.0% 51.5% 018918623 Allianz NFJ Mid-Cap Value Institutiona PRNIX Value Mid 6.67% $1,142,809 $1,102,160 6.6% $1,143,833 $41,673 3.6% 74160Q103 PRIMECAP Odyssey Growth Fund POGRX Growth Large 13.33% $876,716 $2,166,575 13.0% $2,285,951 $119,375 5.2% 779562206 T Rowe Price New Horizons PRJIX Growth Small 5.50% $691,779 $1,022,129 6.1% $943,190 ($78,938) -8.4% 875921306 Target Portfolio Trust - Small Cap TASVX Value Small 5.50% $919,510 $819,564 4.9% $943,190 $123,627 13.1% 922908678 Vanguard Value Index Fund VVIAX Value Large 6.67% $636,505 $1,164,375 7.0% $1,143,833 ($20,543) -1.8% 922908710 Vanguard 500 Index Fund VFIAX Blend Large 13.33% $1,095,817 $2,348,352 14.0% $2,285,951 ($62,401) -2.7%

Intl Equity Mutual Funds XIUSA000PK 14.0% 12.9% 298706839 American EuroPacific Growth Fund RERFX Blend International 7.00% $886,499 $1,094,488 6.5% $1,200,424 $105,936 8.8% 256206103 Dodge & Cox Internat. Stock Fund DODFX Value International 7.00% $911,095 $1,056,202 6.3% $1,200,424 $144,223 12.0%

Fixed Income AGG 35.0% 35.6% 921937603 Vanguard Total Bond Market Index VBTLX Value Fixed Income 35.00% $5,889,569 $5,954,902 35.6% $6,002,121 $47,219 0.8%

Cash FOUSA08DNH 97181C605 Money Market Funds WGOXX $103,382 $103,382 $240,788 $137,406 * PLAN ASSETS 100% $13,153,680 $16,832,128 100.0% $17,389,705 $557,577

* Amount of cash needed/(to be invested) via rebalancing for next quarter Per PAB guidance, rebalance other funds when % > 10% over target allocation April 1, 2019

EVENT SUMMARY PFM’s Multi-Asset Class Investment Committee (the “Committee”) has voted to remove the tactical overweight to domestic equity and tactical underweight to fixed income, thereby moving client portfolios to a neutral weighting that is in-line with the strategic asset allocation targets. ASSESSMENT Following the volatility in Q4 of 2018, equity markets have rallied strongly as a result of a change in the Fed’s stance towards a more patient approach to increasing rates. While the risk of too much Fed tightening has now receded, other events that unnerved the markets in 2018 continue to add to uncertainty.

Global growth expectations continue to slow as evidenced by recent economic data coming out of the U.S. and Eurozone. Slowing growth in China continues to be a risk along with uncertainty around Brexit. U.S. - China trade talks have been progressing but a comprehensive resolution still seems a long way from becoming reality. As we enter an environment of increased risk from a valuation and fundamental perspective, risks to the downside have become elevated, leading the Committee to have less conviction that remaining overweight in equities will produce higher risk-adjusted returns. Amidst this backdrop, the Committee views that by selling equities after the strong recent rally allows our clients to realize gains from the equity overweight while we await further data.

The reaction of equity markets to the slowdown in economic fundamentals this year has been out of sync with falling 10-year Treasury yields through 2019. The yield curve inversion at a time when the equity markets have seen a strong rally speaks to disconnect in growth expectations between equity and fixed income markets. This disconnect leads the Committee to consider the move to trim equities as timely. CONCLUSION In light of increased risks to the downside, especially due to slowing global growth expectations, the Committee has moved client portfolios to be in-line with their long-term strategic asset allocation targets. As a result, client portfolios are now equal weight across the domestic equity, international equity and fixed income asset classes relative to strategic targets. The Committee expects this neutral stance to serve clients better in this period of increased volatility. Any change in growth expectations to the upside along with attractive valuations and earnings growth could possibly lead the Committee to overweight equity markets again in the future.

We appreciate your continued confidence in working toward your investment objectives with PFM as your investment adviser. Should you have any specific questions or wish to discuss this topic in more detail, please contact your client manager directly.

PFM is the marketing name for a group of affiliated companies providing a range of services. All services are provided through separate agreements with each company. The information contained in this report is not an offer to purchase or sell any securities. This is for general information purposes only and is not intended to provide specific investment advice or a specific recommendation. Investment advisory services are provided by PFM Asset Management, an investment advisor registered under the Investment Advisers Act of 1940.

© PFM | Multi-Asset Class Portfolio Update 1

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Other Matters

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 Data through March 31, 2019 FINRA members: For internal or institutional use only. Ticker Yield Total Assets Mstar Category AllianzGI NFJ Mid-Cap Value Instl PRNIX 1.3% $1,281 mil Mid-Cap Value

Benchmark 1: Russell Mid Cap Value TR USD Historical Profile Investment Style Benchmark 2: S&P 500 TR USD Equity Return Above Avg 2 2 2 2 2 2 2 1 Morningstar Analyst Rating 05-15-18 Risk Average Rating QQQQ 40.0 ´ Above Avg 32.5 Growth of $10,000 25.0 Investment Values of Fund Morningstar Pillars 17.5 Investment Values of Process ∞ Positive Benchmark 1 Performance ∞ Positive 10.0 People ¶ Neutral Parent ¶ Neutral Performance Quartile Price ∞ Positive * ( * ( ( ( * ( & ) * (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 03-19 History Morningstar evaluates mutual funds based on five key pillars, which its 14.53 17.35 16.94 19.18 25.10 26.85 24.91 28.79 33.44 27.69 31.52 NAV analysts believe lead to funds that are more likely to outperform over 34.09 20.94 -0.92 15.71 32.42 8.83 -3.09 17.24 27.05 -15.99 13.83 Total Return % the long term on a risk-adjusted basis. -0.11 -3.81 0.46 -2.79 -1.04 -5.92 1.69 -2.76 13.71 -3.70 -0.54 +/- Bmark 1 Analyst Rating Spectrum 7.63 5.87 -3.04 -0.29 0.03 -4.86 -4.47 5.28 5.22 -11.61 0.18 +/- Bmark 2 Œ „ ´ ‰ Á 2.09 1.51 1.44 2.52 1.52 1.84 1.51 1.61 1.36 1.19 0.00 Income Return % 32.00 19.43 -2.36 13.20 30.91 6.99 -4.60 15.63 25.69 -17.18 13.83 Capital Return % Pillar Spectrum 49 61 27 61 72 57 27 56 1 79 36 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.23 0.22 0.25 0.43 0.29 0.46 0.39 0.40 0.39 0.40 0.00 Income $ 0.00 0.00 0.00 0.00 0.00 0.00 0.71 0.02 2.75 0.00 0.00 Capital Gains $ Performance 03-31-19 0.82 0.90 0.91 0.91 0.91 0.91 0.91 0.88 0.86 0.86 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 1.86 2.39 1.64 1.80 1.84 1.66 1.60 2.16 1.66 1.53 . Income Ratio % 2015 1.82 -0.04 -7.94 3.42 -3.09 201 24 55 27 28 40 48 50 45 31 . Turnover Rate % 2016 1.93 1.93 4.37 8.12 17.24 17 13 16 59 90 83 65 49 152 330 383 Net Assets $mil 2017 6.22 9.25 4.25 5.02 27.05 2018 -2.45 -1.44 4.29 -16.21 -15.99 2019 13.83 — — — — Rating and Risk Portfolio Analysis 01-31-19 Time Load-Adj Morningstar Morningstar Morningstar Total Stocks: 107 Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Share change since 12-31-18 Sector YTD Ret % % Assets Return% 1 2 Cat $10,000 1 Yr -1.97 Progressive Corp Finan Svcs 23.66 1.17 3 Mo 13.83 -0.54 0.18 36 11,383 3 Yr 11.80 High Avg QQQQQ Agilent Technologies Inc Hlth Care 19.15 1.16 6 Mo -4.63 -1.90 -2.91 45 9,537 5 Yr 7.93 +Avg Avg QQQQ Royal Caribbean Cruises L Cnsmr Cyc 17.93 1.16 1 Yr -1.97 -4.86 -11.46 78 9,803 10 Yr 15.19 Avg -Avg QQQQ Southwest Airlines Co Industrl 12.03 1.15 3 Yr Avg 11.80 2.30 -1.71 6 13,975 Incept 9.74 Universal Health Services Hlth Care 14.85 1.15 5 Yr Avg 7.93 0.71 -2.97 13 14,649 EMCOR Group Inc Industrl 22.57 1.14 10 Yr Avg 15.19 -1.20 -0.73 38 41,130 Other Measures Standard Index Best Fit Index Magna International Inc C Cnsmr Cyc — 1.14 15 Yr Avg 7.25 -1.97 -1.32 64 28,584 Alpha -2.6 1.0 Valero Energy Corp Energy 14.35 1.14 Beta 1.11 0.98 Genuine Parts Co Cnsmr Cyc 17.47 1.12 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Lamar Advertising Co Clas Real Est 15.96 1.12 3 Yr (estimated) 10.42 6 1.24 45 R-Squared 83 88 YNational Health Investors Real Est 5.37 1.11 5 Yr (estimated) 6.82 11 1.03 30 Standard Deviation 13.13 Tractor Supply Co Cnsmr Cyc 17.53 1.11 10 Yr (estimated) 14.28 28 0.79 26 Mean 11.80 Kansas City Southern Industrl 21.89 1.10 Potential Capital Gain Exposure: 10% of assets Sharpe Ratio 0.82 TE Connectivity Ltd Technology 7.35 1.10 TPrologis Inc Real Est 23.43 1.09 Morningstar's Take by Kevin McDevitt 05-15-18 TD Ameritrade Holding Cor Finan Svcs 2.72 1.09 A manager departure at AllianzGI NFJ Mid-Cap Value On the other hand, the team's approach isn't as TBruker Corp Hlth Care 29.26 1.08 leaves this team stretched, but its prudent process and labor-intensive as that of many peers. For example, the M&T Bank Corp Finan Svcs 10.40 1.08 reduced fees keep its Morningstar Analyst Rating at team doesn't build valuation models for each name, as Nucor Corp Basic Mat 13.40 1.08 Raymond James Financial I Finan Svcs 8.98 1.08 Bronze. they don’t claim to have an edge in this area. Instead Comanager Morley Campbell left the fund and they rely on screens, sell-side research, and their own AllianzGI's NFJ group at the end of April 2018. He was qualitative analysis to drive outperformance. Current Investment Style Sector % of Rel Value Blend Growth Market Cap % Weightings Stocks Bmark 1 also co-lead manager on sibling AllianzGI NFJ Small- The fund's prudent process, which strikes an Large Giant 1.1 Cap Value PCVAX. He was the second longest-tenured admirable balance between value and dividends, has h Cyclical 47.21 0.99 Mid Large 53.3 manager here to Paul Magnuson, who has been on the driven its decent long-term, risk-adjusted results. The r BasicMat 5.73 1.13

Small Mid 44.2 fund since 2009. John Mowrey, named on the fund fund's dividend requirement keeps it out of distressed t CnsmrCyc 12.36 1.06 Small 1.4 y FinanSvcs 22.73 1.40 since August 2014, remains co-lead manager with companies. As a result, the fund tends to own higher- Micro 0.0 u Real Est 6.39 0.43 Magnuson. quality companies than the Russell Mid-Cap Value Avg $mil: 35.66 1.24 Campbell’s departure compounds the fear that this index. For instance, the portfolio's average return on 16,517 j Sensitive i CommSrvs 0.55 0.54 team is stretched too thin. There are only nine portfolio assets is well above the benchmark's. Value Measures Rel Category managers and analysts across nine NFJ strategies. The fund's risk-adjusted results still trail the index o Energy 8.36 1.34 Price/Earnings 13.15 1.02 18.56 1.42 Plus, bear in mind that Ben Fischer, who is nearing his by a bit since Magnuson took over, but the task was p Industrl Price/Book 2.20 1.25 a Technlgy 8.19 0.98 late 70s, has been reducing his role in recent years, made easier by a 22-basis-point fee waiver Price/Sales 1.31 1.20 k Defensive 17.13 0.73 coming off this fund in August 2017 and ceding his CIO implemented in September 2017, which cuts the Price/Cash Flow 6.82 1.00 CnsmrDef 5.71 1.02 title in early 2017. This effectively leaves the team with expense ratio on the Institutional shares to 0.64%. This Dividend Yield % 2.37 1.01 s eight full-time investment professionals, although they is 25 basis points below the peer median and gives the d Hlthcare 5.76 0.84 Growth Measures % Rel Category Utilities 5.66 0.51 will add a new analyst in a few months. fund a better chance of at least matching the index on f Long-Term Erngs 11.32 1.06 a risk-adjusted basis. Book Value 4.84 1.22 Composition - Net Sales 8.97 2.02 Address: Allianz Funds Minimum Purchase: $1000000 Add: — IRA: — Cash Flow 12.15 3.25 Cash 0.7 New York, NY 10109 Min Auto Inv Plan: $1000000 Add: $50 Historical Erngs 15.40 1.28 Stocks 99.3 800-498-5413 Sales Fees: No-load Bonds 0.0 Web Address: us.allianzgi.com Management Fee: 0.55%, 0.30%A Profitability % Other 0.0 Inception: 12-30-97 Actual Fees: Mgt:0.84% Dist:— Foreign 3.5 Advisor: Allianz Global Investors U.S. LLC Expense Projections: 3Yr:$252 5Yr:$455 10Yr:$1040 Return on Equity 21.09 (% of Stock) Subadvisor: None Income Distribution: Annually Return on Assets 6.75 Net Margin 14.68

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any A trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through March 31, 2019 FINRA members: For internal or institutional use only. Ticker Yield Total Assets Mstar Category PRIMECAP Odyssey Growth POGRX 0.3% $13,453 mil Large Growth

Benchmark 1: Russell 1000 Growth TR USD Historical Profile Investment Style Benchmark 2: S&P 500 TR USD Equity Return Above Avg 7 7 7 7 7 7 7 7 Morningstar Analyst Rating 08-03-18 Risk High Rating QQQQ 47.5 Œ Above Avg 40.0 Growth of $10,000 32.5 Investment Values of 25.0 Fund Morningstar Pillars Investment Values of Process ∞ Positive 17.5 Benchmark 1 Performance ∞ Positive People ∞ Positive 10.0 Parent ∞ Positive Performance Quartile Price ∞ Positive & * ( * & & * & & ( ) (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 03-19 History Morningstar evaluates mutual funds based on five key pillars, which its 13.36 15.40 14.94 17.34 23.61 26.06 27.32 28.64 37.25 34.73 39.06 NAV analysts believe lead to funds that are more likely to outperform over 40.95 15.37 -2.22 16.76 39.30 13.92 6.18 8.42 32.05 -4.51 12.47 Total Return % the long term on a risk-adjusted basis. 3.74 -1.34 -4.87 1.51 5.82 0.87 0.51 1.35 1.84 -2.99 -3.63 +/- Bmark 1 Analyst Rating Spectrum 14.48 0.31 -4.34 0.76 6.91 0.23 4.79 -3.54 10.22 -0.12 -1.18 +/- Bmark 2 Œ „ ´ ‰ Á 0.31 0.10 0.37 0.70 0.46 0.69 0.38 0.50 0.39 0.33 0.00 Income Return % 40.64 15.27 -2.59 16.06 38.84 13.22 5.80 7.92 31.66 -4.84 12.47 Capital Return % Pillar Spectrum 24 49 52 32 11 11 30 12 22 73 91 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.03 0.01 0.06 0.10 0.08 0.16 0.10 0.14 0.11 0.12 0.00 Income $ 0.00 0.00 0.06 0.00 0.45 0.64 0.25 0.86 0.46 0.73 0.00 Capital Gains $ Performance 03-31-19 0.71 0.68 0.66 0.67 0.65 0.63 0.64 0.65 0.66 0.64 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 0.35 0.15 0.26 0.55 0.51 0.54 0.53 0.47 0.39 0.26 . Income Ratio % 2015 3.53 0.89 -7.46 9.84 6.18 12 5 13 12 10 10 5 9 5 4 . Turnover Rate % 2016 -3.73 -1.86 13.17 1.41 8.42 854 1,623 1,798 2,221 3,884 5,003 6,557 7,078 10,605 11,880 13,453 Net Assets $mil 2017 9.11 4.83 5.74 9.18 32.05 2018 8.05 -0.70 9.51 -18.73 -4.51 2019 12.47 — — — — Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Total Stocks: 147 Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Share change since 09-30-18 Sector YTD Ret % % Assets Return% 1 2 Cat $10,000 1 Yr -0.61 YAbiomed Inc Hlth Care -12.14 4.55 3 Mo 12.47 -3.63 -1.18 91 11,247 3 Yr 16.90 +Avg High QQQ YUnited Continental Holdin Industrl -4.72 3.57 6 Mo -8.60 -6.26 -6.88 99 9,140 5 Yr 12.27 Avg High QQQ YDreyfus Treasury Secs Cas — — 3.32 1 Yr -0.61 -13.36 -10.10 99 9,939 10 Yr 17.53 +Avg High QQQQ YEli Lilly and Co Hlth Care 12.69 3.26 3 Yr Avg 16.90 0.37 3.39 30 15,973 Incept 11.28 YSeattle Genetics Inc Hlth Care 29.26 2.87 5 Yr Avg 12.27 -1.23 1.36 41 17,836 TSplunk Inc Technology 18.84 2.10 10 Yr Avg 17.53 0.01 1.61 18 50,270 Other Measures Standard Index Best Fit Index YAmgen Inc Hlth Care -1.66 2.08 15 Yr Avg — — — — — Alpha 0.0 -5.6 YAdobe Inc Technology 17.79 2.05 Beta 1.31 1.72 TAmerican Airlines Group I Industrl -0.78 2.02 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Southwest Airlines Co Industrl 12.03 1.94 3 Yr (estimated) 16.11 19 0.67 19 R-Squared 76 84 TAlkermes PLC Hlth Care 23.65 1.91 5 Yr (estimated) 11.54 22 0.65 17 Standard Deviation 16.05 Alibaba Group Holding Ltd Cnsmr Cyc — 1.90 10 Yr (estimated) 17.01 12 0.44 16 Mean 16.90 YiRobot Corp Technology 40.54 1.90 Potential Capital Gain Exposure: 38% of assets Sharpe Ratio 0.98 TE*TRADE Financial Corp Finan Svcs 6.13 1.88 YNektar Therapeutics Inc Hlth Care 2.22 1.88 Morningstar's Take by Alec Lucas 08-03-18 YMicrosoft Corp Technology 16.57 1.86 Primecap Odyssey Growth is one of a select number of The managers also share a contrarian bent and TSiemens AG Industrl — 1.78 funds run by Primecap Management, whose willingness to stick with their picks through thick and YInsulet Corp Hlth Care 19.88 1.73 fundamentals-based multimanager approach richly thin. Current top-25 holding Biogen BIIB was the fund’s Micron Technology Inc Technology 30.26 1.72 NetApp Inc Technology 16.88 1.71 rewards long-term investors. It earns a Morningstar top holding in early 2005, when the biotech firm Y Analyst Rating of Gold. suspended sales of its promising multiple sclerosis The firm’s multimanager system blends the treatment and its stock shed nearly 43% in one day. Current Investment Style Sector % of Rel Value Blend Growth Market Cap % Weightings Stocks Bmark 1 strengths of single-manager and team approaches. It The managers reassessed the firm’s prospects and Large Giant 30.6 divides each fund’s asset base into separately run fortunately bought more: Through July 2018 Biogen’s h Cyclical 19.49 0.65 Mid Large 24.9 sleeves of the overall portfolio, allowing its five stock has returned 18% annually since, versus 10.4% r BasicMat 0.52 0.31

Small Mid 38.6 managers to benefit from dialogue and debate with for the index. t CnsmrCyc 9.64 0.55 Small 5.6 y FinanSvcs 9.33 1.03 others while still investing in their highest-conviction Management’s tolerance for painful share price Micro 0.3 u Real Est 0.00 0.00 ideas. Meanwhile, the combination of sleeves drops can lead them to hold some stocks too long, and Avg $mil: 48.12 0.94 enhances diversification. the fund’s aggressive profile has led it to struggle in 26,090 j Sensitive i CommSrvs 0.00 0.00 Diversification has it limits here, though. The down markets. Over a full market cycle, though, Value Measures Rel Category managers’ benchmark-agnostic search for companies performance has been outstanding. Since its late 2004 o Energy 1.31 1.77 Price/Earnings 13.62 0.65 15.81 1.22 with prospects for above-average earnings growth can inception, the fund through July 2018 has turned a p Industrl Price/Book 2.73 0.57 a Technlgy 31.00 0.86 cause their picks to cluster in certain parts of the $10,000 investment at the beginning of that period into Price/Sales 1.64 0.54 k Defensive 32.41 -0.03 market, especially healthcare and tech. The fund’s about $48,200, versus $39,500 for the benchmark’s Price/Cash Flow 9.34 0.64 CnsmrDef 0.09 0.01 combined exposure to these two sectors has been haul. Dividend Yield % 1.24 1.11 s above 60% of assets since late 2007. As of June 2018, This fund and its more conservative Gold-rated d Hlthcare 32.32 2.49 Growth Measures % Rel Category Utilities 0.00 — it was 61.6%, versus 54.2% for the Russell 3000 sibling Primecap Odyssey Stock POSKX are the only f Long-Term Erngs 13.11 0.97 Growth Index. Book Value 3.85 0.43 Composition - Net Sales 2.48 0.24 Cash Flow 2.72 0.18 Cash 3.3 Historical Erngs 7.21 0.40 Stocks 96.7 Bonds 0.0 Profitability % Other 0.0 Foreign 13.1 Return on Equity 14.03 (% of Stock) Return on Assets 5.90 Net Margin 10.57

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any A trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through March 31, 2019 FINRA members: For internal or institutional use only. Ticker Yield Total Assets Mstar Category PRIMECAP Odyssey Growth POGRX 0.3% $13,453 mil Large Growth

two Primecap funds still open to new investors. Both are worth a look.

Address: PRIMECAP Odyssey Funds Minimum Purchase: $2000 Add: $100 IRA: $1000 Pasadena, CA 91101 Min Auto Inv Plan: — Add: $100 800-729-2307 Sales Fees: No-load Web Address: www.odysseyfunds.com Management Fee: 0.60% mx./0.55% mn. Inception: 11-01-04 Actual Fees: Mgt:0.55% Dist:— Advisor: PRIMECAP Management Company Expense Projections: 3Yr:$208 5Yr:$362 10Yr:$810 Subadvisor: None Income Distribution: Annually

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any A trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through March 31, 2019 FINRA members: For internal or institutional use only. Ticker Yield Total Assets Mstar Category T. Rowe Price New Horizons I PRJIX 0.0% $26,194 mil Mid-Cap Growth

Benchmark 1: Russell Mid Cap Growth TR USD Historical Profile Investment Style Benchmark 2: S&P 500 TR USD Equity Return High 9 8 8 8 8 8 8 8 Morningstar Analyst Rating 02-22-19 Risk Average Rating QQQQQ 18.0 Highest Growth of $10,000 16.0 ´ Investment Values of 14.0 Fund Morningstar Pillars Investment Values of Process ¶ Neutral 12.0 Benchmark 1 Performance ¶ Neutral 10.0 People ∞ Positive Parent ∞ Positive Performance Quartile Price ∞ Positive ( & & & (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 03-19 History Morningstar evaluates mutual funds based on five key pillars, which its ...... 42.49 43.35 52.63 48.26 58.29 NAV analysts believe lead to funds that are more likely to outperform over ...... 7.95 31.67 4.17 20.78 Total Return % the long term on a risk-adjusted basis...... 0.62 6.41 8.92 1.16 +/- Bmark 1 Analyst Rating Spectrum ...... -4.01 9.84 8.55 7.14 +/- Bmark 2 Œ „ ´ ‰ Á ...... 0.00 0.00 0.00 0.00 Income Return % ...... 7.95 31.67 4.17 20.78 Capital Return % Pillar Spectrum ...... 69 9 4 18 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral ...... 0.00 0.00 0.00 0.00 Income $ 3.28 2.56 4.42 6.79 0.00 Capital Gains $ Performance 03-31-19 ...... 0.67 0.65 0.65 0.65 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total ...... -0.10 -0.17 -0.16 -0.12 . Income Ratio % 2015 — — — 5.17 — ...... 34 42 39 39 . Turnover Rate % 2016 -4.05 5.18 7.77 -0.74 7.95 ...... 507 2,002 3,576 5,295 6,396 Net Assets $mil 2017 10.15 7.04 6.71 4.66 31.67 2018 6.27 8.28 9.08 -17.01 4.17 2019 20.78 — — — — Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Total Stocks: 195 Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Share change since 09-30-18 Sector YTD Ret % % Assets Return% 1 2 Cat $10,000 1 Yr 18.40 YVail Resorts Inc Cnsmr Cyc 3.91 3.09 3 Mo 20.78 1.16 7.14 18 12,078 3 Yr 23.06 High Avg QQQQQ YBright Horizons Family So Cnsmr Cyc 14.05 2.63 6 Mo 0.24 -0.25 1.96 26 10,024 5 Yr — — — — YBurlington Stores Inc Cnsmr Def -3.68 2.57 1 Yr 18.40 6.89 8.90 5 11,840 10 Yr — — — — TTableau Software Inc A Technology 6.07 2.26 3 Yr Avg 23.06 8.00 9.55 3 18,638 Incept 17.61 YTransUnion Industrl 17.81 2.06 5 Yr Avg — — — — — TGartner Inc A Technology 18.65 2.05 10 Yr Avg — — — — — Other Measures Standard Index Best Fit Index YBlack Knight Inc A Technology 20.95 1.98 15 Yr Avg — — — — — Alpha 7.0 5.9 YWaste Connections Inc Industrl — 1.95 YCboe Global Markets Inc Finan Svcs -2.13 1.85 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Beta 1.13 0.98 TShopify Inc A Technology — 1.79 3 Yr (estimated) 20.29 3 2.26 74 R-Squared 78 94 YRoper Technologies Inc Industrl 28.48 1.68 5 Yr (estimated) — — — — Standard Deviation 13.81 TSS&C Technologies Holding Technology 41.41 1.61 10 Yr (estimated) — — — — Mean 23.06 YGCI Liberty Inc A Comm Svcs 35.11 1.57 Potential Capital Gain Exposure: 40% of assets Sharpe Ratio 1.49 TWest Pharmaceutical Servi Hlth Care 12.57 1.57 YCable One Inc Comm Svcs 19.91 1.55 Morningstar's Take by Christopher Franz 02-22-19 YCoStar Group Inc Real Est 38.26 1.51 The upcoming departure of T. Rowe Price New Horizons' 2004, and since 2012 he has posted strong results at T. YRentokil Initial PLC Industrl — 1.47 star manager Henry Ellenbogen is a huge loss. Although Rowe Price Global Technology PRGTX, which he'll give TThe Toro Co Industrl 23.60 1.42 his successor is accomplished, the fund's Morningstar up to focus here. He's long supported this strategy as a TIAC/InterActiveCorp Technology 14.79 1.37 StoneCo Ltd Technology — 1.37 Analyst Rating is downgraded to Bronze from Gold. technology analyst and has successfully managed a R Ellenbogen will leave T. Rowe Price on March 31, roughly 25-stock sleeve of the portfolio since 2016, 2019, for a new venture. Associate portfolio manager amounting to 12% of assets. Still, he lacks Ellenbogen's Current Investment Style Sector % of Rel Value Blend Growth Market Cap % Weightings Stocks Bmark 1 Barry Henderson and two analysts will leave with him. experience in private-company investing and is losing Large Giant 0.2 Since 2010, Ellenbogen has implemented a wide- two key analysts who supported the fund and covered h Cyclical 24.71 0.82 Mid Large 10.5 ranging, eclectic approach. He anchored the fund in key holdings. He intends to replicate Ellenbogen's r BasicMat 1.59 0.55

Small Mid 72.0 steady long-term growers, such as top-holding Vail approach, spreading the strategy's $28 billion asset t CnsmrCyc 12.46 0.70 Small 16.9 y FinanSvcs 6.75 0.93 Resorts MTN, while also seeking out emerging public base across a sprawling 200-stock portfolio. This will Micro 0.4 u Real Est 3.91 1.75 and private companies, such as GrubHub GRUB, which be a new challenge, as he'll be unable to replicate the Avg $mil: 53.24 1.03 he's continued to hold long past its IPO. Ellenbogen's high-turnover, concentrated approach he used at his 6,008 j Sensitive i CommSrvs 3.14 3.69 skill in investing in up-and-coming private companies tech charge. Value Measures Rel Category set the fund apart, with dozens of investments during Positives remain among uncertainties. The fund o Energy 0.82 0.56 Price/Earnings 16.87 0.79 20.23 1.10 his tenure boosting performance. While relatively levies rock-bottom fees. Despite losing a few key p Industrl Price/Book 3.76 0.98 a Technlgy 29.05 0.94 illiquid, Ellenbogen limited the fund's overall private analysts, T. Rowe's research depth and analytical Price/Sales 2.54 1.02 k Defensive 22.03 -0.02 stake to around 5%, which coupled with his prowess remain among the industry's best. And Price/Cash Flow 14.01 0.97 CnsmrDef 4.77 1.03 considerable experience in the space, helped keep risk Spencer's technology expertise will be an asset. Dividend Yield % 0.60 0.76 s in check. Ellenbogen's chart-topping record makes him a tough d Hlthcare 17.20 1.26 Growth Measures % Rel Category Utilities 0.06 — Incoming successor Joshua Spencer is promising act to follow, but Spencer has potential. f Long-Term Erngs 13.90 0.99 but will have his hands full. He joined T. Rowe Price in Book Value 14.12 1.31 Composition - Net Sales 10.70 1.17 Address: T. Rowe Price New Horizons Fund, Inc. Minimum Purchase: $1000000 Add: — IRA: — Cash Flow 21.80 1.73 Cash 0.4 Baltimore MD 21202 Min Auto Inv Plan: — Add: $100 Historical Erngs 28.60 1.28 Stocks 99.4 800-638-8790 Sales Fees: No-load Bonds 0.2 Web Address: www.troweprice.com Management Fee: 0.35% Profitability % Other 0.0 Inception: 08-28-15 Actual Fees: Mgt:0.64% Dist:— Foreign 14.5 Advisor: T. Rowe Price Associates, Inc. Expense Projections: 3Yr:$208 5Yr:$362 10Yr:$810 Return on Equity 13.16 (% of Stock) Subadvisor: None Income Distribution: Annually Return on Assets 2.95 Net Margin 6.46

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any A trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß 4/4/2019 TASVX PGIM QMA Small-Cap Value Fund- Class Z Fund TASVX Quote Price News

NAV 1-Day Total Return TTM Yield Load Total Assets Expenses Fee Level Turnover Status Min. Inv. $16.82 0.18% 1.94% None $ 1.3 bil 0.69% Low -- Open $ 5.0 mil 30-Day SEC Yield Category Investment Style USD | NAV as of 03 Apr 2019 | 1-Day Return as of 03 Apr 2019 -- Small Value Small Value

Growth of 10K TASVX More...

More... 04/04/2009 - 04/03/2019 Zoom:1M 3M YTD 1Y 3Y 5Y 10Y Maximum Custom Morningstar Risk Measures TASVX

XNAS:TASVX:33,884.01 USD Small Value:34,301.08 USD S&P 500 TR USD:42,050.43 USD Risk vs.Category* Avg (393) 45.00K Return vs.Category* Avg 36.00K (393)

*10 Year Ranking Low Avg High 27.00K

Style Map TASVX More...

18.00K Giant Weighted Average of

Large holdings

Medium 75% of fund's stock holdings Small

Micro 9.00K 2009 2012 2015 2018 Deep Core Core Core High Val Val Grw Grw 2008 2009 2012 2015 2018 2019

Asset Allocation TASVX More...

Morningstar's Take TASVX Premium Content Cash 0.31% US Stock 99.30%

Non US Stock 0.39%

Read full Analyst Report Bond 0.00% Other 0.00%

Stewardship Grade Morningstar Pillars As of 02/28/2019 Process ---

Role in Portfolio Performance ------Morningstar Sustainability TASVX People ---

Parent --- Morningstar Sustainability Rating Global Category US Equity Small Cap Price --- Sustainability Mandate Average No Performance TASVX More... Percent Rank in Global Category: 67 YTD 1 Mo 1 Yr 3 Yr * 5 Yr * 10 Yr * Historical Sustainability Score: 39 Growth of 10,000 11,322 9,666 9,681 12,825 12,518 34,296 Based on 99% of AUM

Fund 13.22 -3.34 -3.19 8.65 4.59 13.12 Morningstar Sustainable Investing Initiative

+/- S&P 500 TR USD -1.75 -5.76 -16.49 -5.06 -6.35 -2.42 Historical Sustainability Score as of 02/28/2019. Sustainability Rating as of 01/31/2019. Sustainalytics provides company-level analysis used in +/- Category -0.15 -0.64 -3.76 -0.05 0.75 -0.35 the calculation of Morningstar’s Sustainability Score. Sustainability % Rank in Cat 54 73 85 53 41 60 Mandate information is derived from the fund prospectus.

# of Funds in Cat 452 452 440 393 347 238

* Annualized returns. Management TASVX More... Data as of 04/02/2019. Currency is displayed in USD. Start Date

Stephen Courtney 01/15/2015

Top Holdings TASVX More... Mitchell B. Stern 01/15/2015

Weight % Last Price Day Chg % 52-Week Range

IBERIABANK Corp 1.03 73.21 USD 0.85 60.82 - 87.50 News, Alerts, and Opinions TASVX More... MGIC Investment Corp 1.02 13.76 USD 1.25 9.41 - 13.77 We do not have news for TASVX Radian Group Inc 1.01 21.92 USD 1.25 14.06 - 21.96 Mallinckrodt PLC 0.96 23.16 USD 2.75 11.65 - 36.65 https://quotes.morningstar.com/fund/fundquote/f?&ops=clear&t=XNAS:TASVX&culture=en_us&platform=RET 1/2 4/4/2019 TASVX PGIM QMA Small-Cap Value Fund- Class Z Fund TASVX Quote Price News

More... American Equity Investment Life Holding Co 0.91 27.82 USD 1.27 25.27 - 38.56 Filings TASVX

% Assets in Top 5 Holdings 4.93 Prospectus Annual Report Increase Decrease New to Portfolio Portfolio Date :02/28/2019, Price data delayed 15 ~ 30 minutes Statement of Additional Semi-Annual Report Information

Top Sectors TASVX More...

Fund 3 Yr High 3 Yr Low Cat Avg Fund Cat Avg

Financial Services 33.50 33.86 33.04 26.08

Consumer Cyclical 17.80 18.43 16.09 13.50

Real Estate 16.65 17.92 14.28 9.29

Industrials 10.10 14.56 10.10 16.06

Basic Materials 5.90 5.91 4.72 7.04

Portfolio Date: 02/28/2019 0 5 10 15 20 25 3035

Dividend and Capital Gains Distributions TASVX

Distribution Distribution Long-Term Short-Term Return of Dividend Distribution Date NAV Capital Gain Capital Gain Capital Income Total

12/17/2018 15.22 0.7140 0.5522 0.0000 0.3456 1.6118

12/13/2017 20.07 1.6322 0.7317 0.0000 0.3707 2.7346

12/19/2016 21.81 0.0000 0.0534 0.0000 0.3426 0.3961

12/15/2015 16.42 6.3835 0.3703 0.0000 0.6137 7.3674

12/22/2014 25.45 2.4013 0.1384 0.0000 0.2763 2.8159

Currency: USD

S&P 500 index data: S&P 500 Copyright © 2019 All data supplied by Morningstar Real-Time Data. U.S. intraday real-time exchange quotes are sourced from BATS when available. End-of-day quotes for Nasdaq, NYSE, and Amex securities will appear 15 minutes after close. Graph times are Eastern Standard. © Copyright 2019 Morningstar, Inc.

https://quotes.morningstar.com/fund/fundquote/f?&ops=clear&t=XNAS:TASVX&culture=en_us&platform=RET 2/2 4/5/2019 PGIM QMA Small-Cap Value Fund- Class Z (TASVX) | Performance

PGIM QMA Small-Cap Value Fund- Class Z TASVX

Growth of 10,000

TASVX Category: SV S&P 500 TR USD 45K

37.5K

30K

22.5K

15K

History (03/31/2019) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD TASVX 26.69 23.63 -0.48 14.14 35.87 5.89 -7.04 33.94 6.31 -18.85 11.80 S&P 500 TR USD 26.46 15.06 2.11 16.00 32.39 13.69 1.38 11.96 21.83 -4.38 13.65 Category (SV) 31.32 26.17 -4.45 16.00 36.22 3.34 -6.71 25.99 8.54 -15.46 12.13 +/- S&P 500 TR USD 0.22 8.56 -2.59 -1.87 3.48 -7.80 -8.43 21.98 -15.52 -14.47 -1.85 +/- Category (SV) -4.63 -2.54 3.98 -1.87 -0.35 2.55 -0.34 7.95 -2.23 -3.39 -0.33 Annual Report Net Expense Ratio 0.80 0.76 0.71 0.68 0.67 0.68 0.72 0.73 0.71 0.69 — Turnover Ratio 48 33 44 37 40 42 111 72 95 70 — Rank in Category 62 76 19 64 52 24 62 4 74 83 59 Fund Category SV SV SV SV SV SV SV SV SV SV SV

S&P 500 TR USD return as of 03/31/2019 TASVX return as of 03/31/2019 Category: SV return as of 03/31/2019

Trailing Total Returns TASVX

Daily Monthly Quarterly

Total Return % (04/03/2019) 1-Day 1-Week 1-Month 3-Month YTD 1-Year 3-Year 5-Year 10-Year 15-Year TASVX 0.18 1.94 -3.17 12.51 13.42 -4.56 8.71 4.71 12.98 8.51 S&P 500 TR USD 0.21 2.45 2.64 17.96 15.22 12.12 13.79 11.01 15.45 8.57 Category (SV) 0.32 2.19 -2.39 13.94 13.73 -0.49 8.81 3.97 13.31 7.02 +/- S&P 500 TR USD -0.04 -0.51 -5.80 -5.45 -1.80 -16.68 -5.08 -6.31 -2.47 -0.06 +/- Category (SV) -0.14 -0.25 -0.78 -1.44 -0.31 -4.07 -0.10 0.73 -0.33 1.49 Rank in Category 82 70 77 78 57 87 54 42 58 13

S&P 500 TR USD return as of 04/03/2019 TASVX return as of 04/03/2019 Category: SV return as of 04/03/2019

Quarterly & Monthly Total Returns TASVX

Quarterly Monthly

TASVX S&P 500 TR USD Cat (SV)

2019 Q1 11.80 13.65 12.13

2018

2017

2016

2015

S&P 500 index data: S&P 500 Copyright © 2019 Currency is displayed in USD. Italics indicate Extended Performance. Extended performance is an estimate based on the performance of the fund's oldest share class, adjusted for fees.

performance.morningstar.com/fund/performance-return.action?ops=p&p=total_returns_page&t=TASVX®ion=usa&culture=en-US&s=0P00001MK8 1/1 Data through March 31, 2019 FINRA members: For internal or institutional use only. Ticker Yield Total Assets Mstar Category Vanguard Value Index Adm VVIAX 2.6% $30,687 mil Large Value

Benchmark 1: Russell 1000 Value TR USD Historical Profile Investment Style Benchmark 2: S&P 500 TR USD Equity Return Above Avg 1 1 1 1 1 1 1 1 Morningstar Analyst Rating 05-20-18 Risk Average Rating QQQQ 35.0 Above Avg 30.0 Growth of $10,000 25.0 „ Investment Values of 20.0 Fund Morningstar Pillars Investment Values of Process ∞ Positive 15.0 Benchmark 1 Performance Positive ∞ 10.0 People ∞ Positive Parent ∞ Positive Performance Quartile Price ∞ Positive ( * * * * & & * * & ( (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 03-19 History Morningstar evaluates mutual funds based on five key pillars, which its 18.63 20.79 20.47 22.93 29.78 32.94 31.82 36.23 41.41 38.17 41.99 NAV analysts believe lead to funds that are more likely to outperform over 19.72 14.45 1.14 15.18 33.05 13.18 -0.86 16.86 17.13 -5.43 10.76 Total Return % the long term on a risk-adjusted basis. 0.03 -1.06 0.75 -2.33 0.52 -0.27 2.97 -0.48 3.47 2.83 -1.17 +/- Bmark 1 Analyst Rating Spectrum -6.75 -0.62 -0.97 -0.83 0.66 -0.51 -2.24 4.90 -4.70 -1.05 -2.89 +/- Bmark 2 Œ „ ´ ‰ Á 3.33 2.66 2.65 3.10 2.90 2.48 2.54 2.82 2.65 2.53 0.75 Income Return % 16.38 11.79 -1.51 12.08 30.15 10.71 -3.40 14.05 14.48 -7.96 10.01 Capital Return % Pillar Spectrum 67 34 32 45 34 12 15 27 37 19 70 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.53 0.49 0.55 0.63 0.66 0.73 0.83 0.89 0.95 1.04 0.29 Income $ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Capital Gains $ Performance 03-31-19 0.14 0.12 0.10 0.10 0.09 0.09 0.08 0.06 0.05 0.05 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 3.21 2.57 2.66 2.85 2.50 2.39 2.58 2.76 2.52 2.55 . Income Ratio % 2015 -0.57 0.51 -7.28 6.99 -0.86 31 27 23 22 25 6 8 7 9 8 . Turnover Rate % 2016 1.63 3.80 3.04 7.51 16.86 1,421 3,082 3,116 3,539 5,054 9,701 10,408 13,424 16,778 16,522 18,570 Net Assets $mil 2017 3.25 1.82 4.16 6.96 17.13 2018 -2.32 1.28 7.32 -10.93 -5.43 2019 10.76 — — — — Rating and Risk Portfolio Analysis 02-28-19 Time Load-Adj Morningstar Morningstar Morningstar Total Stocks: 342 Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Share change since 01-31-19 Sector YTD Ret % % Assets Return% 1 2 Cat $10,000 1 Yr 7.23 TMicrosoft Corp Technology 16.57 3.52 3 Mo 10.76 -1.17 -2.89 70 11,076 3 Yr 12.15 +Avg Avg QQQQ TBerkshire Hathaway Inc B Finan Svcs -1.61 3.19 6 Mo -1.34 -0.15 0.37 31 9,866 5 Yr 9.37 +Avg Avg QQQQ TJohnson & Johnson Hlth Care 9.02 2.98 1 Yr 7.23 1.56 -2.27 26 10,723 10 Yr 15.11 +Avg Avg QQQQ TJPMorgan Chase & Co Finan Svcs 4.52 2.82 3 Yr Avg 12.15 1.70 -1.36 11 14,107 Incept 6.46 TExxon Mobil Corp Energy 19.69 2.72 5 Yr Avg 9.37 1.65 -1.54 11 15,647 TBank of America Corporati Finan Svcs 12.58 2.09 10 Yr Avg 15.11 0.59 -0.80 19 40,861 Other Measures Standard Index Best Fit Index TPfizer Inc Hlth Care -1.88 2.04 15 Yr Avg 8.17 0.54 -0.40 17 32,470 Alpha -0.4 1.7 TProcter & Gamble Co Cnsmr Def 13.98 2.00 TIntel Corp Technology 15.10 1.97 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Beta 0.93 0.98 TVerizon Communications In Comm Svcs 6.25 1.91 3 Yr (estimated) 11.31 6 0.75 14 R-Squared 90 98 TCisco Systems Inc Technology 25.36 1.89 5 Yr (estimated) 8.54 6 0.75 14 Standard Deviation 10.54 TUnitedHealth Group Inc Hlth Care -0.39 1.89 10 Yr (estimated) 14.38 12 0.63 13 Mean 12.15 TChevron Corp Energy 14.32 1.86 Potential Capital Gain Exposure: 23% of assets Sharpe Ratio 1.02 TAT&T Inc Comm Svcs 11.67 1.84 TMerck & Co Inc Hlth Care 9.57 1.72 Morningstar's Take by Alex Bryan 05-20-18 TWells Fargo & Co Finan Svcs 5.84 1.72 Vanguard Value Index is one of the cheapest value Large-value stocks tend to be mature businesses TCoca-Cola Co Cnsmr Def -0.19 1.41 funds available. It offers a diversified, market-cap- that are often trading at low valuations for good reason, TPepsiCo Inc Cnsmr Def 11.76 1.33 weighted portfolio, which promotes low turnover and is including slow expected growth and, in some cases, TCitigroup Inc Finan Svcs 20.38 1.27 Walmart Inc Cnsmr Def 5.27 1.18 representative of its actively managed peers' high business risk. The portfolio's largest holdings T opportunity set. The fund's considerable cost advantage include market giants such as Exxon Mobil XOM, further supports a Morningstar Analyst Rating of Silver. Microsoft MSFT, and Johnson & Johnson JNJ. These Current Investment Style Sector % of Rel Value Blend Growth Market Cap % Weightings Stocks Bmark 1 The fund tracks the CRSP U.S. Large Cap Value large-cap stocks likely offer lower return potential than Large Giant 53.4 Index, which targets stocks representing the cheaper smaller value stocks, but they also tend to be less risky. h Cyclical 32.36 0.87 Mid Large 35.3 and slower-growing half of the U.S. large-cap market While it casts a wide net and applies generous r BasicMat 2.76 0.75

Small Mid 11.3 and weights them by market cap. This weighting buffer rules to limit turnover, the fund has less overlap t CnsmrCyc 5.71 0.86 Small 0.0 y FinanSvcs 22.53 1.05 approach tilts the portfolio toward the largest value with its growth counterpart than rival value and growth Micro 0.0 u Real Est 1.36 0.26 stocks, giving the fund a larger-cap orientation than funds based on the Russell 1000 and S&P 500 indexes. Avg $mil: 34.49 1.04 most of its peers. The biggest stocks are not To further limit transaction costs, the fund’s index 89,280 j Sensitive i CommSrvs 4.11 0.74 necessarily the cheapest. Market-cap weighting can moved to a five-day rebalancing schedule in September Value Measures Rel Category even reduce the fund’s exposure to stocks as they 2017. This way, the fund shouldn’t move prices as o Energy 7.76 0.79 Price/Earnings 13.83 1.06 10.05 1.24 become cheaper, as this typically accompanies a much as it previously did when it concentrated all the p Industrl Price/Book 2.11 1.04 a Technlgy 12.57 1.31 decline in market capitalization. That said, the fund trades on one day. Price/Sales 1.43 0.97 k Defensive 33.16 1.11 tends to have a similar value orientation to the large- The fund’s greatest advantage is its low 0.05% fee. Price/Cash Flow 6.51 0.86 CnsmrDef 9.93 1.18 value Morningstar Category average. Its sector This cost advantage helped the fund outpace the large- Dividend Yield % 2.81 0.96 s composition is also representative of the category value category average by 126 basis points annually d Hlthcare 16.98 1.12 Growth Measures % Rel Category Utilities 6.25 0.98 norm. during the trailing 10 years through April 2018, with f Long-Term Erngs 9.09 0.92 comparable volatility. Book Value 2.87 0.90 Composition - Net Sales 5.56 1.23 Address: Vanguard Index Funds Minimum Purchase: $3000 Add: $1 IRA: — Cash Flow 8.15 1.06 Cash 0.3 Valley Forge, PA 19482 Min Auto Inv Plan: — Add: — Historical Erngs 9.10 0.90 Stocks 99.7 800-662-7447 Sales Fees: No-load Bonds 0.0 Web Address: www.vanguard.com Management Fee: 0.04% Profitability % Other 0.0 Inception: 11-13-00 Actual Fees: Mgt:0.04% Dist:— Foreign 0.9 Advisor: Vanguard Group Inc Expense Projections: 3Yr:$16 5Yr:$28 10Yr:$64 Return on Equity 20.14 (% of Stock) Subadvisor: None Income Distribution: Quarterly Return on Assets 5.98 Net Margin 15.39

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any A trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through March 31, 2019 FINRA members: For internal or institutional use only. Ticker Yield Total Assets Mstar Category Vanguard 500 Index Admiral VFIAX 2.0% $351,981 mil Large Blend

Benchmark 1: Russell 1000 TR USD Historical Profile Investment Style Benchmark 2: S&P 500 TR USD Equity Return Above Avg 4 4 4 4 4 4 4 4 Morningstar Analyst Rating 03-01-19 Risk Average Rating QQQQQ 40.0 Œ Highest 32.5 Growth of $10,000 25.0 Investment Values of Fund Morningstar Pillars Investment Values of 17.5 Process ∞ Positive Benchmark 1 Performance ∞ Positive People ∞ Positive 10.0 Parent ∞ Positive Performance Quartile Price ∞ Positive ( * & * * & & * * * * (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 03-19 History Morningstar evaluates mutual funds based on five key pillars, which its 102.67 115.83 115.80 131.37 170.36 189.89 188.48 206.57 246.82 231.44 261.56 NAV analysts believe lead to funds that are more likely to outperform over 26.62 15.05 2.08 15.96 32.33 13.64 1.36 11.93 21.79 -4.43 13.65 Total Return % the long term on a risk-adjusted basis. -1.81 -1.05 0.58 -0.46 -0.78 0.40 0.45 -0.13 0.10 0.36 -0.35 +/- Bmark 1 Analyst Rating Spectrum 0.16 -0.01 -0.03 -0.04 -0.06 -0.05 -0.02 -0.03 -0.05 -0.04 0.00 +/- Bmark 2 Œ „ ´ ‰ Á 2.68 2.05 2.08 2.49 2.40 2.08 2.10 2.23 2.15 1.94 0.63 Income Return % 23.94 13.00 0.01 13.48 29.93 11.56 -0.74 9.70 19.64 -6.37 13.02 Capital Return % Pillar Spectrum 52 29 17 35 42 18 20 27 29 27 33 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 2.20 2.08 2.39 2.86 3.13 3.52 3.96 4.17 4.40 4.75 1.46 Income $ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Capital Gains $ Performance 03-31-19 0.07 0.06 0.05 0.05 0.05 0.05 0.05 0.04 0.04 0.04 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 2.53 2.05 2.04 2.25 2.07 2.00 2.11 2.15 1.97 2.05 . Income Ratio % 2015 0.94 0.28 -6.45 7.04 1.36 12 5 4 3 3 3 3 4 3 4 . Turnover Rate % 2016 1.34 2.45 3.84 3.82 11.93 28,380 51,438 51,925 59,749 82,357 143,043 152,740 181,513 235,232 230,375 261,713 Net Assets $mil 2017 6.05 3.07 4.48 6.64 21.79 2018 -0.77 3.42 7.70 -13.53 -4.43 2019 13.65 — — — — Rating and Risk Portfolio Analysis 02-28-19 Time Load-Adj Morningstar Morningstar Morningstar Total Stocks: 509 Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Share change since 01-31-19 Sector YTD Ret % % Assets Return% 1 2 Cat $10,000 1 Yr 9.46 TMicrosoft Corp Technology 16.57 3.68 3 Mo 13.65 -0.35 0.00 33 11,365 3 Yr 13.47 +Avg Avg QQQQ TApple Inc Technology 20.88 3.32 6 Mo -1.73 0.03 -0.02 36 9,827 5 Yr 10.87 High Avg QQQQQ TAmazon.com Inc Cnsmr Cyc 18.56 2.87 1 Yr 9.46 0.16 -0.04 22 10,946 10 Yr 15.90 +Avg Avg QQQQQ TFacebook Inc A Technology 27.16 1.65 3 Yr Avg 13.47 -0.05 -0.04 17 14,610 Incept 6.17 TBerkshire Hathaway Inc B Finan Svcs -1.61 1.61 5 Yr Avg 10.87 0.24 -0.04 10 16,754 TJohnson & Johnson Hlth Care 9.02 1.56 10 Yr Avg 15.90 -0.15 -0.02 15 43,719 Other Measures Standard Index Best Fit Index TJPMorgan Chase & Co Finan Svcs 4.52 1.48 15 Yr Avg 8.55 -0.19 -0.02 21 34,234 Alpha 0.0 0.0 TAlphabet Inc Class C Technology 13.30 1.47 TAlphabet Inc A Technology 12.63 1.43 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Beta 1.00 1.00 TExxon Mobil Corp Energy 19.69 1.42 3 Yr (estimated) 12.81 8 0.58 17 R-Squared 100 100 TBank of America Corporati Finan Svcs 12.58 1.13 5 Yr (estimated) 10.20 6 0.60 15 Standard Deviation 10.73 TVisa Inc Class A Finan Svcs 18.57 1.11 10 Yr (estimated) 15.31 9 0.51 13 Mean 13.47 TPfizer Inc Hlth Care -1.88 1.07 Potential Capital Gain Exposure: 40% of assets Sharpe Ratio 1.11 TProcter & Gamble Co Cnsmr Def 13.98 1.04 TIntel Corp Technology 15.10 1.03 Morningstar's Take by Adam McCullough 03-01-19 TVerizon Communications In Comm Svcs 6.25 1.00 Vanguard S&P 500 Index is among the best strategies is worth the cost advantage gained from market-cap TBoeing Co Industrl 18.91 0.99 available for exposure to U.S. large-cap stocks. This weighting, and the fund’s broad reach helps to diversify TCisco Systems Inc Technology 25.36 0.99 fund achieves a leg up over its peers by efficiently firm-specific risk. Market-cap-weighted index funds are TUnitedHealth Group Inc Hlth Care -0.39 0.99 Chevron Corp Energy 14.32 0.97 tracking a broadly diversified and representative index cheaper to run than most actively managed funds T at a low cost. It earns a Morningstar Analyst Rating of because they require fewer investment personnel. And Gold. low portfolio turnover translates to low transaction Current Investment Style Sector % of Rel Value Blend Growth Market Cap % Weightings Stocks Bmark 1 This strategy tracks the S&P 500, a market-cap- costs and a smaller likelihood of taxable capital gains Large Giant 56.5 weighted index that includes large-cap U.S. stocks, distributions. h Cyclical 32.70 0.98 Mid Large 34.1 representing about 80% of the U.S. market by market During the past decade through February 2019, the r BasicMat 2.49 0.94

Small Mid 9.5 capitalization. Market-cap weighting pulls the portfolio Admiral share class of this fund outpaced the large- t CnsmrCyc 11.84 0.98 Small 0.0 y FinanSvcs 15.94 1.05 toward the largest U.S. stocks and accurately reflects blend Morningstar Category average by 1.3 percentage Micro 0.0 u Real Est 2.43 0.70 the composition of the market. A committee selects points annually with less risk. Because this fund Avg $mil: 41.75 0.99 the index’s holdings, which offers more flexibility than remains fully invested, it suffered a larger drawdown 101,363 j Sensitive i CommSrvs 3.49 1.04 indexes that adhere to rigid rules but also reduces than the category average during the financial crisis. Value Measures Rel Category transparency. However, the S&P 500’s performance has But its smaller cash drag paid off during the market o Energy 5.40 1.04 Price/Earnings 16.64 1.10 10.53 1.00 been, and should continue to be, highly correlated with recovery and more than made up for its larger p Industrl Price/Book 2.90 1.06 a Technlgy 22.33 0.97 large-cap indexes that follow mechanical rules. drawdown. Much of the fund’s relative outperformance Price/Sales 1.97 1.08 k Defensive 25.56 1.05 By using market cap to weight its holdings, the can be attributed to its persistent low-cost advantage. Price/Cash Flow 8.59 0.91 CnsmrDef 7.57 1.04 fund relies on the cumulative knowledge aggregated in Dividend Yield % 2.13 1.00 s stock prices to size its positions. While the market has d Hlthcare 14.74 1.05 Growth Measures % Rel Category Utilities 3.25 1.03 done a good job valuing stocks over the long haul, it has f Long-Term Erngs 10.45 0.96 gone through episodes of mania and panic. But this risk Book Value 4.25 0.88 Composition - Net Sales 7.08 1.19 Address: Vanguard Index Funds Minimum Purchase: $3000 Add: $1 IRA: — Cash Flow 13.17 1.37 Cash 0.5 Valley Forge, PA 19482 Min Auto Inv Plan: — Add: — Historical Erngs 12.74 1.01 Stocks 99.5 800-662-7447 Sales Fees: No-load Bonds 0.0 Web Address: www.vanguard.com Management Fee: 0.03% Profitability % Other 0.0 Inception: 11-13-00 Actual Fees: Mgt:0.03% Dist:— Foreign 0.9 Advisor: Vanguard Group Inc Expense Projections: 3Yr:$13 5Yr:$23 10Yr:$51 Return on Equity 26.71 (% of Stock) Subadvisor: None Income Distribution: Quarterly Return on Assets 9.14 Net Margin 17.73

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any A trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through March 31, 2019 FINRA members: For internal or institutional use only. Ticker Yield Total Assets Mstar Category American Funds Europacific Growth R5 RERFX 1.5% $156,745 mil Foreign Large Growth

Benchmark 1: MSCI ACWI Ex USA Growth NR USD Historical Profile Investment Style Benchmark 2: MSCI ACWI Ex USA NR USD Equity Return Average 7 7 7 7 7 7 7 7 Morningstar Analyst Rating 09-21-18 Risk Average Rating QQQ 25.0 Neutral Growth of $10,000 Œ 20.0 Investment Values of Fund Morningstar Pillars 15.0 Investment Values of Process ∞ Positive Benchmark 1 Performance Positive ∞ 10.0 People ∞ Positive Parent ∞ Positive Performance Quartile Price ∞ Positive & ( * * * * ( & * ( * (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 03-19 History Morningstar evaluates mutual funds based on five key pillars, which its 38.28 41.31 35.09 41.13 48.98 47.04 45.27 45.01 56.09 44.95 50.88 NAV analysts believe lead to funds that are more likely to outperform over 39.55 9.72 -13.33 19.57 20.54 -2.35 -0.53 1.00 31.09 -14.95 13.19 Total Return % the long term on a risk-adjusted basis. 0.87 -4.74 0.87 2.91 5.05 0.30 0.72 0.88 -0.93 -0.53 0.88 +/- Bmark 1 Analyst Rating Spectrum -1.90 -1.44 0.37 2.74 5.25 1.51 5.13 -3.49 3.89 -0.76 2.88 +/- Bmark 2 Œ „ ´ ‰ Á 2.59 1.78 1.72 2.34 1.43 1.62 2.00 1.57 1.45 1.42 0.00 Income Return % 36.95 7.93 -15.06 17.23 19.11 -3.98 -2.54 -0.57 29.64 -16.37 13.19 Capital Return % Pillar Spectrum 13 55 40 27 41 28 67 21 45 59 41 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.72 0.68 0.71 0.82 0.59 0.80 0.94 0.71 0.64 0.77 0.00 Income $ 0.00 0.00 0.00 0.00 0.00 0.00 0.59 0.00 2.13 2.24 0.00 Capital Gains $ Performance 03-31-19 0.54 0.56 0.55 0.55 0.55 0.54 0.53 0.54 0.54 0.53 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 2.60 1.80 1.65 1.93 1.78 1.79 1.19 1.21 1.27 1.16 . Income Ratio % 2015 5.97 1.10 -9.82 2.94 -0.53 41 26 31 24 28 28 28 30 36 29 . Turnover Rate % 2016 -2.32 -0.32 8.21 -4.14 1.00 17,708 16,432 12,973 13,488 13,336 10,829 9,770 8,187 9,118 6,625 7,300 Net Assets $mil 2017 9.35 7.66 6.82 4.23 31.09 2018 1.02 -2.82 -0.86 -12.61 -14.95 2019 13.19 — — — — Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Total Stocks: 328 Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Share change since 09-30-18 Sector Country % Assets Return% 1 2 Cat $10,000 1 Yr -4.70 YAIA Group Ltd Finan Svcs Hong Kong 2.67 3 Mo 13.19 0.88 2.88 41 11,319 3 Yr 9.27 +Avg Avg QQQQ THDFC Bank Ltd Finan Svcs India 2.44 6 Mo -1.08 0.31 1.25 28 9,892 5 Yr 4.22 Avg Avg QQQ YReliance Industries Ltd Energy India 2.27 1 Yr -4.70 -1.65 -0.49 65 9,530 10 Yr 9.90 Avg -Avg QQQ TAirbus SE Industrl Netherlands 2.10 3 Yr Avg 9.27 0.85 1.19 31 13,048 Incept 7.46 YSamsung Electronics Co Lt Technology South Korea 1.93 5 Yr Avg 4.22 0.20 1.65 39 12,294 TNintendo Co Ltd Technology Japan 1.91 10 Yr Avg 9.90 0.43 1.05 49 25,697 Other Measures Standard Index Best Fit Index Alibaba Group Holding Ltd Cnsmr Cyc China 1.65 15 Yr Avg 7.11 1.16 1.53 8 28,032 Alpha 1.0 0.8 TTencent Holdings Ltd Technology China 1.63 TTaiwan Semiconductor Manu Technology Taiwan 1.47 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Beta 1.03 1.00 YASML Holding NV Technology Netherlands 1.44 3 Yr (estimated) 8.09 32 1.09 74 R-Squared 92 94 YSony Corp Technology Japan 1.28 5 Yr (estimated) 3.23 40 0.95 71 Standard Deviation 11.38 YKotak Mahindra Bank Ltd Finan Svcs India 1.20 10 Yr (estimated) 9.08 48 0.75 68 Mean 9.27 TVale SA ADR Basic Mat Brazil 1.06 Potential Capital Gain Exposure: 28% of assets Sharpe Ratio 0.72 TGalaxy Entertainment Grou Cnsmr Cyc Hong Kong 1.03 TLVMH Moet Hennessy Louis Cnsmr Cyc France 1.03 Morningstar's Take by Gregg Wolper 09-21-18 TBritish American Tobacco Cnsmr Def United Kingdom 1.02 American Funds EuroPacific Growth's management and even now it isn't on the aggressive side of growth. TNovartis AG Hlth Care Switzerland 1.00 roster has changed a bit, but that doesn't affect its It includes a relatively large amount of emerging- TSK Hynix Inc Technology South Korea 0.99 overall appeal. It retains its Morningstar Analyst Rating markets assets, which adds potential volatility, but the YPrudential PLC Finan Svcs United Kingdom 0.97 Orsted A/S Utilities Denmark 0.96 of Gold. stocks owned don't necessarily just ride the emerging- Y In July 2018, as part of broad shifts at Capital markets waves. That's been demonstrated this year. Group (this fund's advisor), three of this fund's nine Emerging markets are in a rout, but the fund's less- Current Investment Style Sector % of Rel Value Blend Growth Market Cap % Weightings Stocks Bmark 1 managers, who guide separate portfolios, moved from then-impressive showing is due more to holdings in Large Giant 59.0 one to the other of the two Capital Group subsidiaries developed markets such as British American Tobacco h Cyclical 41.98 1.29 Mid Large 31.5 that run this fund. As a result, they're working with a BAT and Glencore in the United Kingdom; some of the r BasicMat 8.10 1.17

Small Mid 9.2 new group of analysts (the two subsidiaries operate fund's emerging-market holdings, such as those in t CnsmrCyc 12.74 0.92 Small 0.3 y FinanSvcs 19.55 1.97 separately)--some of whom also moved between these India, are performing quite well. The fund has beaten Micro 0.0 u Real Est 1.59 0.80 groups or to a third subsidiary. However, the managers the relevant indexes and foreign large-growth Avg $mil: 38.83 1.01 brought their portfolios with them. Thus, while the Morningstar Category averages over most time periods. 37,460 j Sensitive i CommSrvs 2.30 1.00 changes will require some adjustment for the people The managers are very experienced, and the fund's Value Measures Rel Category involved, they don't alter the portfolio much. low cost gives it another advantage. That low cost is o Energy 6.48 2.12 Price/Earnings 12.43 0.72 10.55 0.75 The limited nature of the revamp is reasonable, made possible in part by a massive asset base-- p Industrl Price/Book 1.76 0.66 a Technlgy 19.50 1.02 because this successful fund wasn't in need of a bigger currently around $160 billion--that could raise concerns. Price/Sales 1.33 0.66 k Defensive 19.20 0.66 shakeup. It combines the separate portfolios of the But though the fund is less nimble and its mid-cap Price/Cash Flow 4.32 0.39 CnsmrDef 6.87 0.41 managers into one whole that manages to be moderate stake has fallen from the level it had many years ago, Dividend Yield % 2.37 1.11 s overall but adventurous enough to stand out. Over the it's still at around 7% now, not a negligible amount. d Hlthcare 9.04 0.82 Growth Measures % Rel Category Utilities 3.29 2.72 years the portfolio has migrated from the blend area of f Long-Term Erngs 11.31 0.99 the Morningstar Style Box to growth, albeit gradually, Book Value 3.29 0.39 Regional Exposure % Stock Sales 0.81 0.14 UK/W. Europe 38 N. America 6 Address: Europacific Growth Fund Minimum Purchase: $250 Add: $50 IRA: — Cash Flow 13.19 1.49 Japan 13 Latn America 5 Los Angeles, CA 90071-1406 Min Auto Inv Plan: $50 Add: $50 Historical Erngs 26.55 1.52 Asia X Japan 35 Other 2 800-421-4225 Sales Fees: No-load Web Address: www.americanfunds.com Management Fee: 0.69% mx./0.39% mn., 0.05%A Composition - Net Country Exposure % Stock Inception: 05-15-02 Actual Fees: Mgt:0.41% Dist:— Cash 5.7 Bonds 1.8 Japan 13 China 9 Advisor: Capital Research and Management Company Expense Projections: 3Yr:$173 5Yr:$302 10Yr:$677 Stocks 92.5 Other 0.1 UK 11 France 6 Subadvisor: None Income Distribution: Semi-Annually India 9 Foreign (% of Stock) 97.7 ©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any A trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through March 31, 2019 FINRA members: For internal or institutional use only. Ticker Yield Total Assets Mstar Category Dodge & Cox International Stock DODFX 2.7% $52,079 mil Foreign Large Value

Benchmark 1: MSCI ACWI Ex USA Value NR USD Historical Profile Investment Style Benchmark 2: MSCI ACWI Ex USA NR USD Equity Return Above Avg 4 4 4 1 4 1 1 1 Morningstar Analyst Rating 06-28-18 Risk High Rating QQQQ 25.0 Above Avg Growth of $10,000 Œ 20.0 Investment Values of Fund Morningstar Pillars 15.0 Investment Values of Process ∞ Positive Benchmark 1 Performance ∞ Positive 10.0 People ∞ Positive Parent ∞ Positive Performance Quartile Price ∞ Positive & & ) & & & ) & ( ) & (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 03-19 History Morningstar evaluates mutual funds based on five key pillars, which its 31.85 35.71 29.24 34.64 43.04 42.11 36.48 38.10 46.32 36.91 40.52 NAV analysts believe lead to funds that are more likely to outperform over 47.46 13.69 -15.97 21.03 26.31 0.08 -11.35 8.26 23.94 -17.98 9.78 Total Return % the long term on a risk-adjusted basis. 3.18 5.85 -2.77 4.06 11.27 5.18 -1.29 -0.66 1.28 -4.01 1.46 +/- Bmark 1 Analyst Rating Spectrum 6.01 2.54 -2.26 4.20 11.03 3.94 -5.69 3.77 -3.25 -3.79 -0.53 +/- Bmark 2 Œ „ ´ ‰ Á 1.99 1.55 2.13 2.55 2.01 2.25 1.99 2.33 2.34 2.33 0.00 Income Return % 45.47 12.13 -18.10 18.48 24.31 -2.18 -13.35 5.93 21.60 -20.32 9.78 Capital Return % Pillar Spectrum 6 6 81 16 8 9 98 2 72 81 24 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.44 0.50 0.76 0.75 0.70 0.97 0.84 0.85 0.89 1.08 0.00 Income $ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.54 0.00 0.00 0.00 Capital Gains $ Performance 03-31-19 0.65 0.65 0.64 0.64 0.64 0.64 0.64 0.64 0.63 0.63 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 1.58 1.58 2.23 2.31 1.85 2.39 1.86 2.12 1.57 2.17 . Income Ratio % 2015 4.20 -0.30 -15.38 0.83 -11.35 21 15 16 10 13 12 18 17 17 17 . Turnover Rate % 2016 -3.76 -1.20 10.15 3.36 8.26 36,758 43,406 35,924 40,556 53,616 64,040 57,029 54,187 65,670 48,108 . Net Assets $mil 2017 9.32 4.75 6.94 1.21 23.94 2018 -2.14 -5.12 0.81 -12.39 -17.98 2019 9.78 — — — — Rating and Risk Portfolio Analysis 12-31-18 Time Load-Adj Morningstar Morningstar Morningstar Total Stocks: 71 Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Share change since 09-30-18 Sector Country % Assets Return% 1 2 Cat $10,000 1 Yr -8.00 YSanofi SA Hlth Care France 3.73 3 Mo 9.78 1.45 -0.53 24 10,978 3 Yr 7.87 +Avg High QQQQ YRoche Holding AG Dividend Hlth Care Switzerland 3.18 6 Mo -3.82 -0.55 -1.48 35 9,618 5 Yr 0.85 Avg High QQQ YICICI Bank Ltd Finan Svcs India 3.15 1 Yr -8.00 -2.61 -3.78 64 9,200 10 Yr 10.25 High High QQQQ YItau Unibanco Holding SA Finan Svcs Brazil 2.98 3 Yr Avg 7.87 0.14 -0.21 20 12,553 Incept 6.86 TNaspers Ltd Class N Technology South Africa 2.96 5 Yr Avg 0.85 -0.23 -1.72 45 10,430 TUBS Group AG Finan Svcs Switzerland 2.78 10 Yr Avg 10.25 2.06 1.40 9 26,523 Other Measures Standard Index Best Fit Index YAstraZeneca PLC Hlth Care United Kingdom 2.41 15 Yr Avg 6.37 1.21 0.79 5 25,267 Alpha -0.6 -0.4 Bayer AG Hlth Care Germany 2.36 YGlaxoSmithKline PLC Hlth Care United Kingdom 2.35 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat Beta 1.09 1.11 RLinde PLC Basic Mat United Kingdom 2.31 3 Yr (estimated) 6.99 12 0.82 23 R-Squared 85 92 BNP Paribas Finan Svcs France 2.22 5 Yr (estimated) 0.06 32 0.78 20 Standard Deviation 12.55 YNovartis AG Hlth Care Switzerland 2.20 10 Yr (estimated) 9.45 8 0.72 20 Mean 7.87 Barclays PLC Finan Svcs United Kingdom 2.14 Potential Capital Gain Exposure: 6% of assets Sharpe Ratio 0.56 YJohnson Controls Internat Industrl United States 2.14 YMitsubishi Electric Corp Technology Japan 2.14 Morningstar's Take by Andrew Daniels 06-28-18 TBanco Santander SA Finan Svcs Spain 2.09 Dodge & Cox International Stock benefits from a Once management initiates a position, it tends to UniCredit SpA Finan Svcs Italy 2.03 decisive value approach, talented investment team, and hold on for the long term, so portfolio turnover is quite YSamsung Electronics Co Lt Technology South Korea 1.92 low fees. This closed fund retains its Morningstar low. Indeed, on a weighted average basis, stocks in the Societe Generale SA Finan Svcs France 1.82 Standard Chartered PLC Finan Svcs United Kingdom 1.82 Analyst Rating of Gold. portfolio have been held for approximately six years. T Dodge & Cox's nine-person international-equity While the managers don't align country or sector investment committee, whose members average 23 weightings with the indexes, they do limit individual Current Investment Style Sector % of Rel Value Blend Growth Market Cap % Weightings Stocks Bmark 1 years of firm tenure, manages the fund. Moreover, a holdings to about 4% of assets to reduce the risks Large Giant 58.5 deep and experienced analyst team, most of whom are inherent in such a contrarian strategy. h Cyclical 44.88 0.80 Mid Large 36.2 Dodge & Cox lifers, supports the committee. The The fund's many strengths have made it a long- r BasicMat 6.00 0.67

Small Mid 5.2 seasoned investment staff and its consensus-oriented term winner. From its May 2001 inception through May t CnsmrCyc 8.04 0.99 Small 0.2 y FinanSvcs 30.25 0.90 team approach limit key-person risk. 2018, its 7.5% annualized gain beat the MSCI ACWI ex Micro 0.1 u Real Est 0.59 0.11 The committee seeks non-U.S. stocks that look USA Index's 5.8% gain as well as 93% of its foreign Avg $mil: 34.88 1.18 cheap on a range of valuation measures. It relies on large-blend Morningstar Category peers. Moreover, the 42,244 j Sensitive i CommSrvs 5.56 0.94 bottom-up fundamental research and favors firms with fund has been consistent, outperforming the index in Value Measures Rel Category good management, competitive advantages, and solid 77% of the 145 rolling five-year periods since its o Energy 7.16 0.60 Price/Earnings 10.35 0.98 6.18 0.85 growth potential. It often takes advantage of bad news inception. It's worth noting that management's patient p Industrl Price/Book 1.09 0.94 a Technlgy 15.98 3.56 or a bad economic environment to buy fundamentally and contrarian nature makes it prone to lag at times, as Price/Sales 1.09 1.29 k Defensive 20.22 1.41 strong businesses. For instance, the team recently it has since the start of 2017. As such, investors here Price/Cash Flow 1.72 0.40 CnsmrDef 0.69 0.21 increased its exposure to healthcare stocks must be patient and willing to tolerate short-term Dividend Yield % 3.48 0.87 s GlaxoSmithKline GSK and Roche Holding RO, citing adversity. That said, this fund remains an excellent d Hlthcare 17.81 3.15 Growth Measures % Rel Category Utilities 1.72 0.31 attractive valuations amid industry pricing and option. f Long-Term Erngs 8.63 0.94 regulatory concerns. Book Value -0.42 -0.14 Regional Exposure % Stock Sales -4.31 -5.37 UK/W. Europe 55 N. America 11 Address: Dodge & Cox Funds Minimum Purchase: $2500 Add: $100 IRA: $1000 Cash Flow 3.53 1.20 Japan 9 Latn America 7 San Francisco, CA 94104 Min Auto Inv Plan: — Add: $100 Historical Erngs 8.03 0.72 Asia X Japan 13 Other 5 800-621-3979 Sales Fees: No-load Web Address: www.dodgeandcox.com Management Fee: 0.60% Composition - Net Country Exposure % Stock Inception: 05-01-01 Actual Fees: Mgt:0.60% Dist:— Cash 0.6 Bonds 0.0 UK 18 Japan 9 Advisor: Dodge & Cox Expense Projections: 3Yr:$202 5Yr:$351 10Yr:$786 Stocks 98.6 Other 0.8 France 13 United States 8 Subadvisor: None Income Distribution: Annually Switzerland 12 Foreign (% of Stock) 91.8 ©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any A trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß Data through March 31, 2019 FINRA members: For internal or institutional use only. Mstar Category Ticker Yield SEC Yield Total Assets Intermediate-Term Vanguard Total Bond Market Index Adm VBTLX 2.8% 2.98% $177,642 mil Bond Benchmark 1: BBgBarc US Agg Bond TR USD Historical Profile Investment Style Benchmark 2: BBgBarc US Agg Bond TR USD Fixed Income Return Average 4 4 4 4 4 4 4 4 Morningstar Analyst Rating 07-27-18 Risk Above Avg Rating QQQ Neutral 14.0 Growth of $10,000 „ 13.0 Investment Values of Fund Morningstar Pillars 12.0 Investment Values of Process Benchmark 1 ∞ Positive 11.0 Performance ¶ Neutral People ∞ Positive 10.0 Parent ∞ Positive Performance Quartile Price ∞ Positive ) ( & ) ( * * ( ( * ( (within Category)

Morningstar Analyst Rating 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 03-19 History Morningstar evaluates mutual funds based on five key pillars, which its 10.35 10.60 11.00 11.09 10.56 10.87 10.64 10.65 10.75 10.45 10.68 NAV analysts believe lead to funds that are more likely to outperform over 6.04 6.54 7.69 4.15 -2.15 5.89 0.40 2.60 3.56 -0.03 2.94 Total Return % the long term on a risk-adjusted basis. 0.11 0.00 -0.16 -0.06 -0.12 -0.07 -0.15 -0.05 0.02 -0.04 0.00 +/- Bmark 1 Analyst Rating Spectrum 0.11 0.00 -0.16 -0.06 -0.12 -0.07 -0.15 -0.05 0.02 -0.04 0.00 +/- Bmark 2 Œ „ ´ ‰ Á 4.32 3.67 3.35 2.72 2.45 2.66 2.46 2.52 2.57 2.73 0.74 Income Return % 1.72 2.86 4.33 1.43 -4.60 3.23 -2.06 0.08 0.99 -2.76 2.21 Capital Return % Pillar Spectrum 90 70 12 83 67 30 28 63 56 31 64 Total Rtn % Rank Cat ∞ Positive § Negative ¶ Neutral 0.43 0.37 0.35 0.30 0.27 0.28 0.26 0.26 0.27 0.29 0.08 Income $ 0.00 0.05 0.05 0.07 0.03 0.03 0.01 0.00 0.00 0.00 0.00 Capital Gains $ Performance 03-31-19 0.12 0.11 0.10 0.10 0.08 0.07 0.06 0.05 0.05 0.05 . Expense Ratio % 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 4.19 3.49 3.24 2.65 2.49 2.57 2.44 2.40 2.52 2.78 . Income Ratio % 2015 1.65 -1.79 1.18 -0.60 0.40 80 75 73 80 73 72 84 61 55 54 . Turnover Rate % 2016 3.09 2.36 0.41 -3.17 2.60 17,932 27,200 31,366 35,533 33,450 54,198 60,783 72,592 82,839 88,281 93,837 Net Assets $mil 2017 0.91 1.48 0.73 0.40 3.56 2018 -1.47 -0.17 0.03 1.61 -0.03 2019 2.94 — — — — Rating and Risk Portfolio Analysis 02-28-19 Time Load-Adj Morningstar Morningstar Morningstar Date of Value % Trailing Total +/- Bmark +/- Bmark %Rank Growth of Period Return % Rtn vs Cat Risk vs Cat Risk-Adj Rating Total Fixed Income: 17221 Maturity Amount 000 $000 Assets Return% 1 2 Cat $10,000 1 Yr 4.45 United States Treasury 05-15-25 975,222 948,559 0.45 3 Mo 2.94 0.00 0.00 64 10,294 3 Yr 1.98 Avg +Avg QQQ United States Treasury 08-15-28 940,238 952,433 0.45 6 Mo 4.60 -0.03 -0.03 22 10,460 5 Yr 2.67 Avg +Avg QQQ United States Treasury 12-31-22 867,125 854,794 0.40 1 Yr 4.45 -0.03 -0.03 25 10,445 10 Yr 3.69 -Avg Avg QQ United States Treasury 11-15-20 853,684 854,486 0.40 3 Yr Avg 1.98 -0.05 -0.04 66 10,607 Incept 4.07 United States Treasury 11-15-28 806,765 834,122 0.39 5 Yr Avg 2.67 -0.07 -0.07 42 11,407 United States Treasury 03-15-20 796,130 788,543 0.37 10 Yr Avg 3.69 -0.08 -0.08 76 14,361 Other Measures Standard Index Best Fit Index United States Treasury 05-15-23 809,153 784,247 0.37 15 Yr Avg 3.85 -0.04 -0.04 51 17,617 Alpha -0.1 -0.1 United States Treasury 11-15-27 813,084 785,130 0.37 Beta 1.02 1.02 United States Treasury 11-15-25 790,602 772,568 0.37 Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat United States Treasury 01-31-24 778,645 777,913 0.37 3 Yr (estimated) 0.87 62 1.10 46 R-Squared 99 99 United States Treasury 11-15-21 771,193 778,427 0.37 5 Yr (estimated) 1.53 33 1.11 46 Standard Deviation 3.06 United States Treasury 02-28-22 781,447 764,716 0.36 10 Yr (estimated) 2.48 73 1.16 32 Mean 1.98 United States Treasury 05-15-28 755,131 765,280 0.36 Potential Capital Gain Exposure: 0% of assets Sharpe Ratio 0.24 United States Treasury 08-15-21 741,294 745,460 0.35 United States Treasury 11-30-22 722,075 708,760 0.34 Morningstar's Take by Phillip Yoo 07-27-18 United States Treasury 02-15-27 748,740 726,742 0.34 Vanguard Total Bond Market Index’s Treasury-heavy securities. The fund’s exposure to Treasuries has United States Treasury 05-15-46 776,992 692,494 0.33 portfolio may keep it from posting returns at the top of increased over the past decade and is now 20 United States Treasury 03-31-21 709,298 691,346 0.33 the intermediate-term bond Morningstar Category, but percentage points higher than the category average. United States Treasury 02-15-22 702,923 703,035 0.33 United States Treasury 01-15-22 693,147 693,147 0.33 its low price tag and high credit-quality portfolio should However, this fund delivers a higher SEC yield than the set it up for attractive risk-adjusted performance over a category average because it has a slightly more full market cycle. It warrants a Morningstar Analyst aggressive interest-rate risk profile. Current Investment Style Sector Breakdown % Assets Duration Government 42 Rating of Silver. The portfolio’s bias toward highly rated securities Ltd Mod Ext It tracks the market-value-weighted Bloomberg provides protection against market downturns, but it High Quality Government Related 5

Barclays US Aggregate Float Adjusted Index, which also limits its return potential. The fund’s annual return Med Corporate 26 Agency MBS 23

includes investment-grade, U.S.-dollar-denominated of 3.6% over the trailing 10 years through June 2018 Low Non-Agency Residential MBS 0 bonds with at least one year until maturity. The portfolio was behind the average return of its surviving peers by 1 figure provided by Commercial MBS 1 currently consists of roughly 40% Treasury bonds, 20% 40 basis points. Its risk-adjusted return, as measured by fund 1 6.0 Covered Bond 0 government-guaranteed mortgage-backed securities, Sharpe ratio, was slightly behind the category average Avg Eff Duration Avg Eff Maturity 8.3 Yrs Asset Backed 1 and 40% investment-grade corporate bonds. as well. Avg Credit Quality AA Municipal 1 Accordingly, it carries low credit risk, which can limit its The managers have kept the fund’s performance Avg Wtd Coupon 3.24% Cash & Equivalents 2 return potential. But its cost advantage and downside close to its index. Over the trailing five years through Avg Wtd Price 100.86% of par Other 0 protection partially offset this drawback. June 2018, the fund trailed the Bloomberg Barclays US Market-cap weighting tilts the portfolio toward Aggregate Float Adjusted Index by 6 basis points Coupon Range % of Bonds Composition - Net highly rated bonds. AAA rated securities take up about annually. This gap is in line with the expense ratio of 0% PIK 0.0 Cash 1.6 Bonds 98.2 70% of the fund. The majority of the AAA rated portion 0.05%. 0% to 4% 79.6 Stocks 0.0 Other 0.2 4% to 6% 16.8 of the portfolio is composed of low-yielding, yet secure Special Securities U.S. Treasuries and agency mortgage-backed- 6% to 8% 3.1 8% to 10% 0.4 Restricted/Illiquid Secs 1 More than 10% 0.0 Emerging-Markets Secs 1 Address: Vanguard Bond Index Funds Minimum Purchase: $3000 Add: $1 IRA: — Options/Futures/Warrants 0 Valley Forge PA 19482 Min Auto Inv Plan: — Add: — Credit Analysis % bonds 01-31-19 800-662-7447 Sales Fees: No-load AAA 71 BB 0 Web Address: www.vanguard.com Management Fee: 0.04% AA 3 B 0 Inception: 11-12-01 Actual Fees: Mgt:0.04% Dist:— A 11 Below B 0 Advisor: Vanguard Group Inc Expense Projections: 3Yr:$16 5Yr:$28 10Yr:$64 Subadvisor: None Income Distribution: Monthly BBB 15 Not Rated 0

©2019 Morningstar. All Rights Reserved. The data and analyses herein does not constitute investment advice; is provided solely for informational ® Mutual Funds purposes; is not an offer to buy/sell a security; and is not warranted to be correct, complete or accurate. Morningstar is not responsible for any D trading decisions, damages or losses resulting from, or related to, the data and analyses or their use. ß 4/5/2019 WGOXX Wilmington U.S. Government Money Market Fund Institutional Class Fund WGOXX Quote Price News

NAV 1-Day Total Return TTM Yield Load Total Assets Expenses Fee Level Turnover Status Min. Inv. $1.00 0.01% 1.83% None $ 6.8 bil 0.27% -- -- Open $ 5.0 mil 30-Day SEC Yield Category Credit USD | NAV as of 04 Apr 2019 | 1-Day Return as of 04 Apr 2019 -- Money Market-Taxable Quality/Interest Rate Sensitivity --

Growth of 10K WGOXX More...

More... 04/05/2009 - 04/04/2019 Zoom:1M 3M YTD 1Y 3Y 5Y 10Y Maximum Custom Style Map WGOXX

XNAS:WGOXX:10,295.14 USD Money Market-Taxable:10,272.31 USD Quality Avg Eff Duration — USTREAS T-Bill Auction Ave 3 Mon:10,456.34 USD High 10.60K Avg Eff Maturity — Yrs

Avg Credit Quality — Med

10.40K Low

Ltd Mod Ext

Interest-Rate Sensitivity

10.20K Asset Allocation WGOXX More...

Cash 86.58% 10.00K 2009 2012 2015 2018 US Stock 0.00% Non US Stock 0.00%

2008 2009 2012 2015 2018 2019 Bond 13.42%

Other 0.00%

As of 02/28/2019

Morningstar's Take WGOXX Premium Content Management WGOXX More...

Start Date

Management Team 08/31/2007 Read full Analyst Report

Stewardship Grade Morningstar Pillars News, Alerts, and Opinions WGOXX More... Process ---

Role in Portfolio Performance --- We do not have news for WGOXX --- People ---

Parent --- Filings WGOXX More...

Price --- Prospectus Annual Report

Statement of Additional Semi-Annual Report Information Performance WGOXX More...

YTD 1 Mo 1 Yr 3 Yr * 5 Yr * 10 Yr *

Growth of 10,000 10,056 10,019 10,186 10,285 10,288 10,295

Fund 0.56 0.19 1.86 0.94 0.57 0.29

+/- USTREAS T-Bill -0.06 -0.02 -0.38 -0.35 -0.23 -0.16 Auction Ave 3 Mon

+/- Category 0.06 0.02 0.20 0.13 0.07 0.04

% Rank in Cat — — — — — —

# of Funds in Cat 519 520 510 445 404 326

* Annualized returns. Data as of 04/04/2019. Currency is displayed in USD.

Top Holdings WGOXX More...

Weight % Maturity Date Amount Value

Rp Rbc 2.54 3/1/19 6.42 03/01/2019 450.00 Mil 450.00 Mil

Rp Mizuho 2.56 3/1/19 6.42 03/01/2019 450.00 Mil 450.00 Mil https://quotes.morningstar.com/fund/fundquote/f?&ops=clear&t=XNAS:WGOXX&culture=en_us&platform=RET 1/2 4/5/2019 WGOXX Wilmington U.S. Government Money Market Fund Institutional Class Fund WGOXX Quote Price News

Rp Cs 2.52 3/1/19 5.71 03/01/2019 400.00 Mil 400.00 Mil

Rp Td Sec 2.57 3/1/19 4.71 03/01/2019 330.00 Mil 330.00 Mil

Federal Home Loan Mortgage Corporation 3.84 05/20/2019 270.83 Mil 269.37 Mil 0%

% Assets in Top 5 Holdings 27.10 Increase Decrease New to Portfolio Portfolio Date : 02/28/2019

Top Sectors WGOXX More...

Fund Benchmark Cat Avg Fund Cat Avg

Cash & Equivalents 87.78 — 83.39

Government 12.22 — 14.67

Corporate 0.00 — 0.87

Securitized 0.00 — 0.30

Municipal 0.00 — 0.42

Portfolio Date: 02/28/2019 0 20 40 60 80 100

Dividend and Capital Gains Distributions WGOXX

Distribution Distribution Long-Term Short-Term Return of Dividend Distribution Date NAV Capital Gain Capital Gain Capital Income Total

03/29/2019 1.00 0.0000 0.0000 0.0000 0.0019 0.0019

02/28/2019 1.00 0.0000 0.0000 0.0000 0.0017 0.0017

01/31/2019 1.00 0.0000 0.0000 0.0000 0.0018 0.0018

12/31/2018 1.00 0.0000 0.0000 0.0000 0.0018 0.0018

11/30/2018 1.00 0.0000 0.0000 0.0000 0.0016 0.0016

Currency: USD

S&P 500 index data: S&P 500 Copyright © 2019 All data supplied by Morningstar Real-Time Data. U.S. intraday real-time exchange quotes are sourced from BATS when available. End-of-day quotes for Nasdaq, NYSE, and Amex securities will appear 15 minutes after close. Graph times are Eastern Standard. © Copyright 2019 Morningstar, Inc.

https://quotes.morningstar.com/fund/fundquote/f?&ops=clear&t=XNAS:WGOXX&culture=en_us&platform=RET 2/2 4/5/2019 Wilmington U.S. Government Money Market Fund Institutional Class (WGOXX) | Performance

Wilmington U.S. Government Money Market Fund Institutional Class WGOXX

Growth of 10,000

WGOXX Category: TM USTREAS Treasury Bill Auction Average 3 Month 10.43K

10.35K

10.28K

10.2K

10.13K

10.05K

History (03/31/2019) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD WGOXX 0.01 0.01 0.01 0.08 0.60 1.59 0.54 USTREAS Treasury Bill Auction Ave 0.06 0.03 0.05 0.34 0.97 2.02 0.62 rage 3 Month Category (TM) 0.02 0.01 0.02 0.09 0.48 1.41 0.49 +/- USTREAS Treasury Bill Auction -0.05 -0.02 -0.04 -0.25 -0.37 -0.43 -0.08 Average 3 Month +/- Category (TM) -0.01 -0.00 -0.01 -0.01 0.12 0.18 0.05 Annual Report Net Expense Ratio — — — 0.13 0.15 0.08 0.07 0.13 0.27 0.27 — Rank in Category — — — — — — — — — — — Fund Category TM TM TM TM TM TM TM TM TM TM TM

Category: TM return as of 03/31/2019 USTREAS Treasury Bill Auction Average 3 Month return as of 03/31/2019 WGOXX return as of 03/31/2019

Trailing Total Returns WGOXX

Daily Monthly Quarterly

Total Return % (04/04/2019) 1-Day 1-Week 1-Month 3-Month YTD 1-Year 3-Year 5-Year 10-Year 15-Year WGOXX 0.01 0.04 0.19 0.52 0.56 1.86 0.94 0.57 0.29 USTREAS Treasury Bill Auction Ave 0.21 0.62 0.62 2.24 1.29 0.80 0.45 1.35 rage 3 Month Category (TM) 0.01 0.04 0.17 0.48 0.50 1.66 0.81 0.50 0.25 1.11 +/- USTREAS Treasury Bill Auction -0.02 -0.09 -0.06 -0.38 -0.35 -0.23 -0.16 Average 3 Month +/- Category (TM) 0.00 0.00 0.02 0.05 0.06 0.20 0.13 0.07 0.04 Rank in Category — — — — — — — — — —

Category: TM return as of 04/04/2019 USTREAS Treasury Bill Auction Average 3 Month return as of 03/31/2019 WGOXX return as of 04/04/2019

Quarterly & Monthly Total Returns WGOXX

Quarterly Monthly

USTREAS Treasury Bill Auction Average 3 WGOXX Month Cat (TM)

2019 Q1 0.54 0.62 0.49

2018

2017

2016

2015

S&P 500 index data: S&P 500 Copyright © 2019 Currency is displayed in USD. Italics indicate Extended Performance. Extended performance is an estimate based on the performance of the fund's oldest share class, adjusted for fees.

performance.morningstar.com/fund/performance-return.action?ops=p&p=total_returns_page&t=WGOXX®ion=usa&culture=en-US&s=0P00001G7L 1/1