DEFERRED COMPENSATION MANAGEMENT PLAN MANAGEMENT BOARD Notice of Regular Meeting/Agenda Thursday, September 10, 2020 at 10:30 A

DEFERRED COMPENSATION MANAGEMENT PLAN MANAGEMENT BOARD Notice of Regular Meeting/Agenda

Pursuant to A.R.S. § 38-431.02, notice is hereby given to the members of the Deferred Compensation Plan Management Board and to the general public that the Deferred Compensation Plan Management Board will hold the following meeting virtually (remotely) using Microsoft Teams on: Thursday, September 10, 2020 at 10:30 A.M. MEETING NOTE: Due to the impacts of the COVID-19 pandemic, which have prompted declarations of a public health emergency at the local, state and federal levels, this meeting will be conducted using measures to protect public health. This meeting will be held remotely through technological means, as permitted under Arizona law. The meeting will not include any items that will involve time set aside for public comments. The meeting will be recorded and posted to City Boards, Committees, and Commissions website for public review. IN-PERSON ATTENDANCE BY MEMBERS OF THE PUBLIC WILL BE PROHIBITED. PLEASE BE AWARE THAT THESE MEASURES ARE IN PLACE TO LIMIT THE NEED FOR MEMBERS OF THE PUBLIC TO PARTICIPATE IN LARGE PUBLIC GATHERINGS, WHILE ENSURING THAT THE DISCUSSIONS, DELIBERATIONS AND ACTIONS OF THE DC BOARD ARE TRANSPARENT AND CONDUCTED OPENLY.

For those individuals new to Microsoft Teams, please download the application and be ready when the meeting starts using the following information: ______Join Microsoft Teams Meeting +1 213-293-2303 United States, Los Angeles (Toll) Conference ID: 222 078 904# Local numbers | Reset PIN | Learn more about Teams | Meeting Options

A) Call to Order

B) Consent Agenda 1. Approval of Regular Board meeting minutes from July 17, 2020

C) Administrative Discussions 1. Empower Analytics Report 2. Empower Homepage Refresh 3. Elected Member Election 4. 2021 Board Meeting Schedule

D) Investment Performance Review and Discussion 1. Introduction to Putnam Stable Value Fund – Mike Foy 2. Introduction to American Funds – Vince Ortega 3. Q2 Market Review 4. Q2 Investment Fund Line-up Performance Review

E) For the Board’s Consideration 1. ERBI Says CARES Act Distributions Could Have Lasting Consequences 2. Gasoline Prices Stable, but Expected to Fall as Summer Ends

F) Future Agenda Items

G) Adjournment

DEFERRED COMPENSATION MANAGEMENT PLAN MANAGEMENT BOARD Regular Meeting Minutes

Pursuant to A.R.S. § 38-431.02, notice is hereby given to the members of the Deferred Compensation Plan Management Board and to the general public that the Deferred Compensation Plan Management Board will hold the following meeting virtually (remotely) using Microsoft Teams on: Friday, July 17, 2020 at 9:00 A.M. MEETING NOTE: Due to the impacts of the COVID-19 pandemic, which have prompted declarations of a public health emergency at the local, state and federal levels, this meeting will be conducted using measures to protect public health. This meeting will be held remotely through technological means, as permitted under Arizona law. The meeting will not include any items that will involve time set aside for public comments. The meeting will be recorded and posted to City Boards, Committees, and Commissions website for public review. IN-PERSON ATTENDANCE BY MEMBERS OF THE PUBLIC WILL BE PROHIBITED. PLEASE BE AWARE THAT THESE MEASURES ARE IN PLACE TO LIMIT THE NEED FOR MEMBERS OF THE PUBLIC TO PARTICIPATE IN LARGE PUBLIC GATHERINGS, WHILE ENSURING THAT THE DISCUSSIONS, DELIBERATIONS AND ACTIONS OF THE IAPC ARE TRANSPARENT AND CONDUCTED OPENLY.

For those individuals new to Microsoft Teams, please download the application and be ready when the meeting starts using the following information: ______Join Microsoft Teams Meeting +1 213-293-2303 United States, Los Angeles (Toll) Conference ID: 911 927 649# Local numbers | Reset PIN | Learn more about Teams | Meeting options ______A) Call to Order

Chairman Barkenbush called the meeting to order at 9:03 AM.

B) Introductions

Introductions given by Staff and Board members

C) Consent Agenda 1. Approval of Regular Board meeting minutes from December 6, 2019 2. Approval of Special Board meeting minutes from January 15, 2020 3. Approval of Special Board meeting minutes from February 20, 2020

A motion to approve the consent agenda was made by John O’Hare, 2nd by Dennis Woodrich and passes unanimously.

Video and audio recording on file with the City Clerk’s Office.

D) Administrative Discussions 1. Transition Update

Art Cuaron and Jeff Cruz from Empower briefed the Board on the transition of recordkeepers from ICMA-RC to Empower. Art and Jeff explained the communications mediums that were used to communicated with active and retired participants which included in person town hall meetings, email and snail mail campaigns and frequently asked questions flyers and virtual meetings hosted by Empower. Jeff briefed the Board on an error that Empower made during the transition regarding the transfer of in-kind funds and explained that Empower was working to correct the issue and make impacted participant accounts whole to include interest and dividend earnings. Jeff also went through some statistics from the early results of the transition including those who are calling in to the call center and those who are accessing information through the website.

Art informed the Board that an application for an excellence award through Pension and Investments Magazine was submitted in June and should receive word back in late September or early October.

Discussion held no formal action was taken.

2. Investment Fund Lineup Update

Art Cuaron explained that during the February 2020 Board meeting, the Board took action to approve the Vanguard Treasury Money Market Fund as the sweep account for the self-directed brokerage program offered through Empower. Upon further discussion with Empower and Innovest during the transition, we realized that the Dreyfus Government Cash Management Money Market Fund should have been adopted as it is the only sweep fund available on the Empower self-directed brokerage platform. With this information, we implemented the Dreyfus fund. Art explained that action needed to be formally taken to correct this.

A motion to rescind the action adopting the Vanguard Treasury Money Market Fund and formally adopt the Dreyfus Government Cash Management Money Market Fund was made by Dennis Woodrich, 2nd by John O’Hare and passes unanimously.

3. CARES Act Information

Cassie Langford and Jeff Cruz provided an update to the Board on the CARES Act provisions that were implemented during the transition from ICMA-RC to Empower. Cassie noted that these were some of the most flexible rules for employees that had ever been approved. She mentioned the eligibility rules and the self-certification elements of the Act. Cassie went through the different types of distributions that are available to those employees impacted by COVID-19. Art mentioned that the City had seen 3

Video and audio recording on file with the City Clerk’s Office.

CARES Act requests while with ICMA-RC and Jeff indicated that there had been 5 such requests while with Empower.

Discussion held no formal action was taken.

E) Investment Performance 1. Q1 Market Review

Presentation given, no formal action was taken.

2. Q2 Market Review Note 1

Presentation given, no formal action was taken.

3. Investment Fund Line-up Performance Review

Items E1, E2 and E3 were presented together. Wendy Dominguez of Innovest began with a review of the Board’s actions and history in 2020, citing the RFP process, transition to Empower and CARES Act provisions with the 457 and 401a plans. Innovest also reviewed the SECURE ACT and CARES ACT in more detail, providing statistics and key takeways from these provisions. Innovest reviewed the City’s 457 and 401a plan’s fee review, plan investment menu, asset allocation and provided an overview of the volatility in the market in the 1st quarter of 2020. Gordon Tewell reviewed the plan’s Manager Scorecard with the new investment lineup, indicating no major concerns but a few minor concerns surrounding personnel changes with 4 managers. Gordon concluded review of the plan’s investment options against their peers and respective benchmarks.

Presentation given; no formal action was taken.

F) For the Board’s Consideration 1. Generations Experience the Effects of COVID-19 Differently 2. Schlichter Makes His Case for Participant Data as Plan Asset 3. U.S. Midyear Outlook – From Recession to Recovery

G) Future Agenda Items

H) Adjournment

A motion to adjourn was made by Ana Urquijo, 2nd by Joe Barkenbush, passes unanimously.

Meeting Adjourned at 10:35 AM.

Members Remotely Present:

Joe Barkenbush, Chairman Dennis Woodrich, Elected Member

Video and audio recording on file with the City Clerk’s Office.

John O’Hare, Elected Member Jeff Yates, Finance Director Ana Urquijo, HR Director

Staff Remotely Present:

Art Cuaron, Pension & Benefits Administrator Pete Saxton, Pension Manager Dawn Davis, Lead Pension Analyst Tina Gamez, Pension Assistant

Guest Remotely Present:

Catherine Langford, Yoder & Langford Gordon Tewell, Innovest Paul Nacario, Innovest Wendy Dominguez, Innovest Jeff Cruz, Empower Mike Foy, Putnam Stable Value Fund

Joe Barkenbush Date Art Cuaron Date Chairman of the Board Pension & Benefits Administrator

Video and audio recording on file with the City Clerk’s Office.

City of Tucson, AZ

City of Tucson Defined Contribution Plans

Jeff Cruz Relationship Manager – Large Government

September 10, 2020 2 City of Tucson Defined Contribution Plans 457(b) and 401(a) Plans Overview

Participant Balances as of 8/31/2020 Contribution Change Activity (06/15 – 08/31) • Total = $197,216,857 • For participants who had an existing – 457b = 193,936,495 contribution on file – 401a (1) = $2,655,625 – 200+ contribution changes – 401a (2) = $624,737 • 88% chose to increase • 12% chose to decrease or stop Participants with a Balance as of 8/31/2020 • 457b = 3,429 RetireTucsonAZ.com Activity (06/15 – 08/31) • 401a (1) = 36 • 1,454 unique users • 401a (2) = 5 • 3.4 = average # of sessions per user • 13:31 = average minutes per session Avg. Participant Balance as of 8/31/2020 • Top actions • 457b = $56,889 – Set or change username • 401a (1) = $74,230 – Retirement goal customization • 401a (2) = $124,892 – Beneficiary changes – Contribution changes 3 City of Tucson Defined Contribution Plans 457(b) and 401(a) Plans Overview

Distribution Activity (06/15 – 08/31) Homepage Refresh • Total = $4,702,222 • See provided document – Full withdrawals = $3,776,686 – Partial withdrawals = $793,408 – Periodic payments = $132,127

CARES Act Activity (06/15 – 08/31) • 14 withdrawals = $209,127 • 0 CARES loans • 3 loan suspensions

Loan Activity (06/15 – 08/31) • 7 new loans • 378 total active loans Participant Website Homepage Refresh

RO1142715-0420 2

STAYING AHEAD OF THE CURVE The participant experience improved

UNDERSTANDING 01 EMPLOYEES’ NEEDS The homepage redesign is guided by feedback collected from consumer testing and the voice of the customer.

\ 02 CONSTANTLY IMPROVING Simplify, simplify, and simplify some more. Clarity of labels and navigation. Understanding sliders. Knowing how and where to get help.

OPTIMIZED FOR ACTION 03 A homepage that keeps up with employees’ needs through an intuitive and mobile-responsive

FOR ILLUSTRATIVE PURPOSES ONLY. Not all features are currently available. Some features are interface. under consideration and/or in development. Presented for discussion purposes only; non-binding and subject to change without notice. RO1142715-0420 FOR PLAN SPONSOR AND FINANCIAL PROFESSIONAL USE ONLY. 3

CONSTANTLY IMPROVING Delivering a better experience

FOR ILLUSTRATIVE PURPOSES ONLY. Not all features are currently available. Some features are under consideration and/or in development. Presented for discussion purposes only; non-binding and subject to change without notice. RO1142715- 0420 FOR PLAN SPONSOR AND FINANCIAL PROFESSIONAL USE ONLY. 4

FRESH BUT FAMILIAR Overview of major updates

SLIDER GOALS Year changes based on Highlighted/colored/ retirement age slider proportional goals

\ NAVIGATION TABS New navigation features; Tabs moved below rainbow bar no longer “paycheck” changes size

FOR ILLUSTRATIVE PURPOSES ONLY. Not all features are currently available. Some features are under consideration and/or in development. Presented for discussion purposes only; non-binding and subject to change without notice. RO1142715-0420 FOR PLAN SPONSOR AND FINANCIAL PROFESSIONAL USE ONLY. 5

MORE THAN A REFRESH Actionable and personalized homepage

ACTIONABLE INSIGHTS

• New quick views • New visualizations for each “tab“ within paycheck • Dynamic web and mobile-responsive designs

TARGETED CONTENT • Dynamic advisory services content • “I want to” menu based on user and plan • Prominent views of plan messaging • Easy to understand language

FOR ILLUSTRATIVE PURPOSES ONLY. Not all features are currently available. Some features are under consideration and/or in development. Presented for discussion purposes only; non-binding and subject to change without notice. RO1142715-0420 FOR PLAN SPONSOR AND FINANCIAL PROFESSIONAL USE ONLY. Disclosures:

Great-West Financial®, Empower Retirement and Great-West Investments™are the marketing names of Great-West Life & Annuity Insurance Company, Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: New York, NY, and their subsidiaries and affiliates, including registered investment advisers Advised Assets Group, LLC and Great-West Capital Management, LLC.

RO1142715-0420

Opportunities in Fixed Income Putnam Stable Value Fund

Q2 2020

Not FDIC May Lose No Bank Insured Value Guarantee

For investment professionals use only. Not for public distribution. AD 1254301 7/20 Owned by long-term, strategic parent since 2007

Power Financial Corporation

• Founded in 1925

• Diversified financial services management and holding company, covering insurance, asset management, and distribution

• Operations and interests across the United States, Canada, Europe, and Asia

• Philosophy of developing deep, strategic relationships with autonomously managed portfolio companies, including: • Investors Group • Mackenzie Investments • Investment Planning Counsel • Great-West Lifeco Inc. Agenda

• Putnam and Fixed Income overview

• Stable Value strategy

• Performance and summary characteristics

• Appendix

For investment professionals use only. Not for public distribution. AD 1254301 7/20 2 Putnam and Fixed Income overview Putnam’s advantage Combining global resources, active communication, and market agility

• Actively managing investments for over 80 years

• Global asset management is our only business

• Client-focused, solutions-driven culture

• Stable ownership fosters long-term client relationships

$169B assets under management

By asset class By client type Fixed income: 54% Retail: 48% Equity: 35% Institutional: 36% Multi-asset allocation: 11% Defined contribution: 16%

All data as of 6/30/20. Total assets and client type figures include subsidiary PanAgora Asset Management. Asset class figures are Putnam only. Total assets under management is based on unaudited numbers and subject to change.

For investment professionals use only. Not for public distribution. AD 1254301 7/20 4 Over 60 years of delivering fixed income expertise to global clients

Putnam fixed income milestones

1950’s 1970’s 1980’s 1990’s 2000’s 2010’s

• Launched Putnam • Introduced Putnam • Started one of the • Began investing in • Opportunistic • Initial investing in Income strategy High Yield strategy first global multi- European high-yield investing in nascent securitized sector bond bonds manufactured sectors: Credit Risk strategies housing post crisis Transfer, Home • Created portable Equity Conversion • Initial participant in alpha FX overlay • Launched absolute Mortgages launch of Brady return investing Bonds

$78B fixed income assets under management

By client type By investment style Institutional: $39B Absolute return: $42B Retail: $39B Benchmark aware: $36B

All data as of 6/30/20. Total assets and client type figures include subsidiary PanAgora Asset Management. Asset class figures are Putnam only.

For investment professionals use only. Not for public distribution. AD 1254301 7/20 5 Putnam’s unique structure, culture of innovation, and experienced team provide distinct advantages to our fixed income clients

Experienced, deep, and stable team – Led by three senior investors averaging 32 years of investment experience and more than 21 years experience working together – 90+ investment professionals with an average of 15 years of investment experience

Culture of innovation with the ability to successfully execute – Early adopters in new and evolving markets supported by an accomplished investment team – Pioneer in absolute return investing, seeking better opportunities outside of traditional indexes

Unique research and allocation structure – Organized by major risk categories rather than traditional sectors – We believe this structure allows us to better cover the breadth and sophistication of the market

As of 6/30/20.

For investment professionals use only. Not for public distribution. AD 1254301 7/20 6 Senior team leads process structured to deliver on philosophy 90+ investment professionals with an average of 15 years of experience

D. William Kohli Michael V. Salm Paul D. Scanlon, CFA Chief Investment Officer, Fixed Income Co-Head of Fixed Income Co-Head of Fixed Income Industry since 1988 Industry since 1989 Industry since 1986 Putnam since 1994 Putnam since 1997 Putnam since 1999

Term Structure Liquidity and Prepayment and Corporate and Portfolio Construction Mortgage Credit Municipal Credit Michael V. Salm Albert Chan, CFA Brett S. Kozlowski, CFA Paul D. Scanlon, CFA Co-Head of Fixed Income Portfolio Manager Portfolio Manager Co-Head of Fixed Income Industry since 1989 Portfolio construction Mortgage Credit Industry since 1986 Industry since 2002 Industry since 1997 Michael J. Atkin Norman P. Boucher Portfolio Manager Joanne M. Driscoll, CFA Jatin Misra, Ph.D., CFA Portfolio Manager Sovereign Research Portfolio Manager Portfolio Manager High Yield Cyclicals Industry since 1988 Short-term Liquid Markets Prepayment Industry since 1985 Industry since 1992 Industry since 2004 Robert L. Davis, CFA Robert L. Salvin Portfolio Manager Martin Lemaire, CFA Portfolio Manager Foreign Currency Risk Manager High Yield & Convertibles Industry since 1999 Industry since 2011 Industry since 1986 Steven A. Horner, CFA Emily E. Shanks Portfolio Manager Portfolio Manager Portfolio construction Investment Grade Industry since 1991 Industry since 1999

16 total professionals 15 total professionals 14 total professionals Paul Drury, CFA Average 16 years of experience Average 16 years of experience Average 15 years of experience Portfolio Manager Municipal Credit Industry since 1989 Trading Operations Global Investment Strategies Navin H. Belani Angela Giles Jo Anne Ferullo, CFA Director, Corporate Credit Trading Operations Manager Senior Investment Director Research Industry since 1995 Industry since 1989 Industry since 2000 6 total professionals 9 total professionals 32 total professionals Average 16 years of experience Average 11 years of experience Average 17 years of experience

As of 6/30/20.

For investment professionals use only. Not for public distribution. AD 1254301 7/20 7 Stable Value strategy Over the past 30 years, Stable Value has consistently outperformed cash markets

• Average annual return premium over the past 30 years of approximately 175 basis points • Low correlation with bonds and equities

Rolling 5-year annualized returns 10 Hueler Stable Value Pooled Index Median ICE BofA 3-Month U.S. T-Bill 8

Bloomberg ICE BofA Barclays Correlation (5-year) 3-mo U.S. T-bill U.S. Aggregate S&P 500 Hueler Stable Value Pooled Fund Index Median 0.83 0.26 -0.01

All data as of 6/30/20, most recent available. Source: Hueler Analytics Stable Value Pooled Fund Index. All performance numbers are gross of stable value management and distribution fees and net of contract fees. The monthly Hueler Stable Index returns are calculated by taking a straight average of the monthly returns of all funds in the Hueler Analytics Universe and then monthly index returns linked to derive the Hueler Stable Value Index for all other time periods. Hueler’s data is copyright and not for reproduction or redistribution. ICE BofA 3-month U.S. Treasury Bill Index is used as a proxy for cash. Past performance is not a guarantee of future results. Indexes are unmanaged and do not incur expenses. You cannot invest directly in an index. For investment professionals use only. Not for public distribution. AD 1254301 7/20 9 Putnam Stable Value Focused on capital preservation, liquidity, and income

Objective

• Seek to deliver long-term performance results of 50–75 basis points above money market benchmarks – Incorporating all appropriate alpha sources available – Constructing a portfolio within a systematic framework of valuation and risk

We believe our liquidity focused, actively managed process can lead to consistent outperformance

• Investing begins with liquidity sources first, followed by total return options.

• Multiple active strategies implemented in a risk-controlled manner contributes to the pursuit of consistent returns.

• We believe the pursuit of steady, repeatable short term outperformance is the key to long-term investment success.

No assurance can be given that the target return will be achieved or that an investor will receive a return of all or part of his or her initial investment. As with any investment, there is a potential for profit as well as the possibility of loss. Target returns represent results of statistical modeling and are provided for informational purposes only. Targets are presented for the purpose of communicating the intended risk profile of the investment opportunities that Putnam will pursue and are not intended to be projections of performance. Target returns are based on a number of assumptions, are subject to significant revision and may change materially with changes in underlying observations. No representations are made as to the accuracy of such observations and assumptions.

For investment professionals use only. Not for public distribution. AD 1254301 7/20 10 The benefits of a conservative investment style focused on liquidity management

Greater crediting rate and market/book ratio stability by employing multiple forms Stable of book value instruments

Improved interest-rate tracking over time by consistently reinvesting without Income realizing gains and losses

Flexible Increased potential to meet participant and plan sponsor objectives and actions

For investment professionals use only. Not for public distribution. AD 1254301 7/20 11 Liquidity is at the forefront of our investment process

• Conservative investment style focused on liquidity management – Review of recent historical participant activity, particularly gross withdrawals – Review maturing cash flow stream – Seek to generate 1.5%–3.0% of the strategy in cash flow per quarter at the portfolio level

Estimated quarterly maturity schedule $300,000,000

$250,000,000 Traditional GICs $200,000,000 Structured $150,000,000 cash flow strategy $100,000,000

$50,000,000

Source: Putnam, as of 6/30/20. No assurance can be given that the investment objective or target return will be achieved or that an investor will receive a return of all or part of his or her initial investment. As with any investment, there is a potential for profit as well as the possibility of loss.

For investment professionals use only. Not for public distribution. AD 1254301 7/20 12 Withdrawal hierarchy protects portfolio structure by lowering liquidity risk

1 Cash and net cash flow Cash buffer • Minimum cash required of 5% Minimum 5% • Periodically, up to 20% in floating rate GICs may be employed as an additional liquidity layer between cash and traditional GICs Traditional GICs 2 Traditional GICs Typically 10%–40% • “Last in, first out” liquidity structure • Issuer maximum of 15%; typical exposure no more than 10% – Three tiers of approved issuers, exposure dependent on size, credit quality, and business diversification of issuer. Structured cash • Final maturity no longer than seven years; typically no longer than five flow strategy Up to 25% 3 Third-party wrap synthetic: structured cash flow • Wrap provided by Transamerica • Managed to Bloomberg Barclays 1-5 Year Government/Credit Index • Custom guidelines designed to generate 5% cash flow of the Actively contract per quarter managed portfolio 4 Third-party wrap synthetic: actively managed portfolio Typically 40%–50% • Wraps provided by American United Life, MetLife, Pacific Life, and Prudential PLC • Managed to Bloomberg Barclays Intermediate U.S. Aggregate Index • Pro-rata withdrawals For illustrative purposes only.

For investment professionals use only. Not for public distribution. AD 1254301 7/20 13 A valuable part of the full opportunity set: Traditional GICs

Traditional GICs are flexible liquidity building blocks

– Highly customizable term structure Typical insurance company payment • Investor directs principal, interest, and maturity seniority ranking payment dates – Carried at par value and do not fluctuate with interest rates, providing overall stability of Life insurance First pay Traditional GICs portfolio crediting rate and market to book ratio payments – Garner a higher liquidity yield premium which

helps support the portfolio crediting rate Senior holding company debt – Provide additional diversification – Credit quality Subordinated • Thoroughly vetted by our analysts holding co. debt • Typically AA and A-rated insurance companies Junior subordinated • Contracts reside at the top of the payment holding co. debt hierarchy alongside policyholders – In our experience, insurance company defaults Preferred stock have not resulted in loss to contract holders, but do tend to have extended payment schedules Last pay Common stock

For investment professionals use only. Not for public distribution. AD 1254301 7/20 14 Actively managed portfolios for producing total return

Two portfolios created with distinctive, complementary goals

• Structured cash flow strategy: both a liquidity source and a total return contributor – Created to generate at least 5% of the contract in liquidity per quarter, if needed • Strategy implemented at Putnam over 17 years ago • Designed to be a synthetic alternative to the traditional GIC allocation – Objectives: Preservation of principal, generate liquidity, outperform the index – Benchmark: Bloomberg Barclays 1-5 Year Government/Credit Index

• Actively managed portfolio is the primary alpha generator – Full latitude of appropriate Intermediate Aggregate investment opportunities – Duration typically no longer than 4 years allows greater ability to capture yield in a steeper interest rate curve environment – Objectives • Outperform the index over a full investment cycle • Generate moderate current income with capital growth – Benchmark: Bloomberg Barclays Intermediate U.S. Aggregate Index

*No assurance can be given that the investment objective will be achieved or that an investor will receive a return of all or part of his or her investment. Actual results could be materially different from the stated goals. Risks associated with using derivative instruments may include the value of the derivative failing to move in line with the underlying asset, potential illiquidity of the derivative, the investment manager may not be able to meet payment obligations as they arise, and the counterparty risk. Investors should carefully consider the risks involved before deciding to invest. As with any investment, there is a potential for profit as well as the possibility of loss.

For investment professionals use only. Not for public distribution. AD 1254301 7/20 15 Negotiating wrap and GIC contracts

Integrated effort of experienced professionals, averaging over 20 years of contract negotiation Investment • Resources aligned within Putnam’s Investment, Division Legal, and Compliance divisions for counterparty discussions

• Leverage external ERISA counsel with over 30 Compliance Legal years of stable value industry experience Department Team

• Employ standardized documents and provisions to help streamline negotiations with new wrap External partners Counsel • Synthetic wraps are individually negotiated, not global contracts

• Encompasses terms and provisions for investment guidelines, underwriting requirements, competing options, fees, etc.

For investment professionals use only. Not for public distribution. AD 1254301 7/20 16 Performance and summary characteristics Putnam Stable Value Fund Portfolio performance

Annualized performance gross of fees as of June 30, 2020

2.66 2.55 2.49 Putnam Stable 2.33 Value Fund 1.85 1.63 1.77 ICE BofA U.S. 1.29 1.19 1.14 1.03 3-Month Treasury Return (%) Return 0.78 0.60 0.69 0.64 Bill Index Relative return

YTD 1 year 3 years 5 years 10 years

Calendar-year performance gross of fees (%) Inception date: Feb 28, 1991 2019 2018 2017 2016 2015 Putnam Stable Value Fund 2.70 2.51 2.20 1.98 2.00 ICE BofA U.S. 3-Month Treasury Bill Index 2.28 1.87 0.86 0.33 0.05 Relative return 0.42 0.64 1.34 1.65 1.95

Data is historical. Past performance is not a guarantee of future results. More recent returns may be more or less than those shown. Investment return will fluctuate. Performance is shown gross of management fees, assumes reinvestment of distributions and does not account for taxes. Please see the composite disclosures located at the end of this document. ICE BofA U.S. 3-Month Treasury Bill Index is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace. You cannot invest directly in an index.

For investment professionals use only. Not for public distribution. AD 1254301 7/20 18 Putnam Stable Value Fund Portfolio characteristics

Putnam Stable Characteristics Value Fund Total book value $ 9,959,033,471 Average quality, contracts (Moody’s/S&P) Aa3/AA- Average quality, assets (Moody’s/S&P) A2/A- Weighted average maturity (years) 3.47 Effective duration (years) 2.61 Gross crediting rate (%)* 2.52 Market to book ratio (%, fund) 102.69 Market to book ratio (%, synthetics) 104.57

Actively managed synthetics (%) 37.79 Traditional GICs (%) 28.33 Structured cash flow strategy (%) 20.87 Net cash (%) 13.01

Source: Putnam, as of 6/30/20, most recent available. * Current gross annualized blended yield. Yield more closely represents current performance than total return. The current yield is calculated daily by annualizing the income accrued during the day, which is payable on the first of the following month. The current yield is not necessarily representative of the fund’s future yield. Within the book value allocation table, wrapped cash is included in the respective synthetic weightings not as part of net cash. The above portfolio characteristics are shown for illustrative purposes only. Account characteristics may vary. For investment professionals use only. Not for public distribution. AD 1254301 7/20 19 Putnam Stable Value Fund

Portfolio Book value issuer description weight (%) Sector distribution (%) Net cash 13.01

Putnam Money Market Portfolio 9.03 Traditional GICs 28.3 Cash investments 3.98

Traditional GIC issuers 28.33 Corporate bonds 23.8 Metropolitan Life Ins. Co. 9.38 Principal Life Ins. Co. 7.91 Net cash 15.1 Jackson National Life Ins. Co. 5.94

Protective Life Ins. Co. 1.64 Commercial 10.0 MBS Minnesota Life Ins. Co. 1.54

Prudential Life Ins. Co. of America 1.41 Non-Agency 8.3 United of Omaha Life Ins. Co. 0.51 MBS Structured cash flow strategy 20.87 US Treasury 7.7 Transamerica Co. 20.87 Actively managed strategy wrap providers 37.79 Agency MBS 4.5 Pacific Life Ins. Co. 16.28 Prudential Life Ins. Co. of America 10.47 Asset-backed 2.3 American United Life Ins. 6.42 securities Metropolitan Life Ins. Co. 4.62 Total 100.00

Source: Putnam, as of 6/30/20, most recent available. Due to rounding, percentages may not equal 100%. The above portfolio characteristics are shown for illustrative purposes only. Account characteristics may vary. For investment professionals use only. Not for public distribution. AD 1254301 7/20 20 Putnam Stable Value Fund

Historical crediting rate since 2007 6% Gross crediting rate Hueler avg. crediting rate 4%

Historical market to book ratio since 2007 112% M/B ratio Hueler avg. M/B ratio 106%

100%

94% Typical range of M/B ratio: 97% - 103% 88%

Source: Putnam, as of 6/30/20, most recent available. Source: Putnam, Hueler Stable Value Pooled Fund Universe Characteristics, as of 3/31/20, most recent available. The “crediting rate” is defined as the weighted average contract rate of all book value instruments within the stable value fund; the underlying fund contracts are net of underwriting/wrap fees and gross of management fees. The Hueler average crediting rate is a straight average of the crediting rates for the stable value funds participating in the Hueler Stable Value Pooled fund Universe. For investment professionals use only. Not for public distribution. AD 1254301 7/20 21 Putnam Stable Value Fund

Quality distribution (%) Maturity distribution (%)

27.79 23.51 24.09

19.10 16.86 17.50 17.26 16.07 13.53 12.53 11.75

0 - 1 yr 1 - 2 yrs 2 - 3 yrs 3 - 4 yrs 4 - 5 yrs 5+ yrs

Source: Putnam, as of 6/30/20, most recent available. Due to rounding, percentages may not equal 100%. Net cash shown within the Quality distributions reflects the cash position outside of the wrap plus any cash held within the wrap. Credit qualities are shown as a percentage of net assets. A bond rated BBB or higher (A-3 or higher, for short-term debt) is considered investment grade. This chart reflects the best security rating. Short-term cash bonds rated A-1+ are included in the AAA-rating category. Ratings and portfolio credit quality will vary over time. Credit quality includes the fixed income portion of the portfolio. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the not-rated category. The fund itself has not been rated by an independent rating agency.

For investment professionals use only. Not for public distribution. AD 1254301 7/20 22 Macro themes

The worst of the economic costs of COVID-19 are beginning to ease – The rapid expansion of public health measures to contain the spread of COVID-19 took a huge toll on global economic activity, and we are beginning to see it in the data. In many countries, including the U.S., the second quarter will show the largest fall in GDP ever experienced. – As many countries have now begun to ease “stay at home” restrictions in varying degrees, we now believe that many countries have moved on to the stabilization/recovery phase. Given recent data, we believe the U.S. economy likely troughed in May and is growing again, albeit very slowly. – We continue to believe that the recovery will likely not be a V-shape. Periods of fast growth are to be expected, but the economy faces stiff headwinds to recover from the damage done by the pandemic and associated mobility restrictions. Particularly in the U.S. where data is beginning to improve, but we are seeing a resurgence of cases in southern and western states which may slow the pace of growth moving forward. Asia and Europe, on the other hand, have done a better job at containing new outbreaks and the relaxation of lockdowns has allowed a considerable bounce in economic activity.

Monetary and fiscal policy support continues – In the U.S., despite the election campaign season approaching and the stresses generated by the recent wave of urban protests and unrest, Washington seems to be close to agreeing on a new package of fiscal support. This should help the economy weather the effects of the expiration of the much of the earlier waves of support. However, this package, which we expect will be approved in late July, is likely to be the last before the election. – Meanwhile in Europe, the final details of the EU wide recovery package continue to be worked out, and it seems clear that the disbursement of funds may be delayed into 2021, but the breakthrough remains important. – On the monetary policy front we have seen the Fed has been tapering its Treasury purchases, and continues to believe that negative interest rates are undesirable. We believe the next move of the Fed will be more explicit Yield Curve Control.

Source: Putnam, as of July 2020. The views and opinions expressed are those of the Fixed Income team and are subject to change with market conditions, and are not meant as investment advice.

For investment professionals use only. Not for public distribution. AD 1254301 7/20 23 Putnam Stable Value Fund has delivered liquidity and capital preservation for over 20 years

• Risk is actively allocated between strategies to achieve ongoing liquidity and consistent outperformance versus money market alternatives.

• We seek the most attractive alpha opportunities but not at the expense of liquidity

• Consistent and repeatable outperformance over the short term is the key to long-term investment success.

No assurance can be given that the investment objective or target return will be achieved or that an investor will receive a return of all or part of his or her initial investment. As with any investment, there is a potential for profit as well as the possibility of loss.

For investment professionals use only. Not for public distribution. AD 1254301 7/20 24 Putnam Stable Value Fund share class options

Management fee Wrap fee Admin/Other Expense Servicing fees Fund Name CUSIP (bps) (bps) (bps) ratio (bps)** Putnam Stable Value (100 bps) 74686Q603 100 12 1 1.13% 75 Putnam Stable Value (75 bps) 74686Q504 75 12 1 0.88% 50 Putnam Stable Value (50 bps) 74686Q405 50 12 1 0.63% 25 Putnam Stable Value (45 bps) 74686Q868 45 12 1 0.58% 20 Putnam Stable Value (35 bps) 74686Q306 35 12 1 0.48% 10 Putnam Stable Value (30 bps) 74686Q553 30 12 1 0.43% 5 Putnam Stable Value (25 bps) 74686Q207 25 12 1 0.38% 0 Putnam Stable Value (20 bps)* 74686Q876 20 12 1 0.33% 0 Putnam Stable Value (15 bps)* 74686Q801 15 12 1 0.28% 0

Please note: Effective 1/1/2020, wrap fees in the portfolio have been reduced. The new wrap fees are not reflected in the table above, as standardized fees are required to be calculated as of 12/31/2019.

* This share class has restrictions and its use is subject to Putnam’s approval on a plan by plan basis. ** Servicing fees are paid by Putnam for administrative services provided by the recordkeeper to the plan with respect to Fund holdings.

Putnam Stable Value Fund is NSCC registered. Please note that the expense information above is for the fund’s fiscal year ended 12/31/19 and is calculated in accordance with Department of Labor requirements, which require that wrap fees be reflected as a separate expense item. Expense information in the Fund's annual report, which is prepared under U.S. general accounting principles, does not reflect these fees, and will differ as result. More recent expenses may differ. Wrap fees are calculated based on total synthetic wrap fees (in dollars) divided by the Fund's average assets. Synthetic wrap contracts account for only a part of the overall portfolio. As a result, the Fund's blended expense is 0.12% for the twelve-month period ended 12/31/19, although the average wrap fee, on a contract basis, is higher. For example, if the Fund had half its assets in synthetic wrap contracts over the period, and the contracts had wrap fees of 0.20%, the Fund's reported wrap fees would be 0.10% of assets. Current wrap fees may be higher than the fees shown. Implicit expenses associated with traditional guaranteed investment contracts and other portfolio investments that do not charge an explicit wrap fee are not included in the table, but are reflected in the Fund's performance and crediting rate. The Fund (or any other fund in which it invests) also bears its other operating expenses, such as custody, middle office services and accounting fees, audit fees, legal expenses and any other miscellaneous expenses, which may vary overtime.

Benefit Responsive The ability to transact at book or contract value for benefit payments.

Book Value For a stable value investment contract, the value of initial deposited principal, plus accumulated interest, plus additional deposits, minus withdrawals and expenses. The book value of an investment contract is the amount owed by the issuer to the contract-holder on behalf of the plan participants, subject to certain terms and conditions.

General Account The primary part of a life insurance company’s balance sheet containing the assets, capital and surplus, and reserves for guaranteed liabilities.

Investment Contract Any of a variety of stable value contracts including bank investment contracts, traditional GICs, separate account GICs, and synthetic GICs. Within a stable value investment option, such contracts are benefit-responsive. Investment contracts may have a fixed or floating interest rate, which may not be less than 0%. Investment contracts may have a stated final maturity (such as a traditional GIC) or may have no stated final maturity (such as a separate account GIC or synthetic GIC).

Pooled Fund A fund, typically offered by a bank or trust company that combines the assets of unaffiliated plans into one large group. With respect to a stable value investment option that is a pooled fund, the fund would purchase stable value investment contracts and other investments on behalf of the invested plans. These funds may also be referred to as commingled funds, pooled GIC funds, bank pooled funds, collective investment funds, bank collective trusts, commingled investment trusts (CITs), or group trusts.

Wrap Contract A stable value investment contract that “wraps” a designated portfolio of associated assets within a stable value investment option to provide an assurance (1) of principal and accumulated interest for that portfolio, (2) of payment of an interest rate, which will not be less than 0%, for a specified period of time (the crediting rate) on that portfolio, and (3) that participant-initiated withdrawals and transfers out of the assets of the portfolio will occur at book value subject to the terms of the contract. Wrap contracts can be issued by banks, insurance companies, or other financial institutions. When combined with any associated assets, a wrap contract may also be known as a synthetic GIC or synthetic investment contract.

Source: Stable Value Investment Association

For investment professionals use only. Not for public distribution. AD 1254301 7/20 26 ICE Data Indices, LLC (ICE BofA), used with permission. ICE BofA permits use of the ICE BofA indices and related data on an “as is” basis; makes no warranties regarding same; does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofA indices or any data included in, related to, or derived therefrom; assumes no liability in connection with the use of the foregoing; and does not sponsor, endorse, or recommend Putnam Investments, or any of its products or services.

Consider these risks before investing: The fund seeks capital preservation, but there can be no assurances that it will achieve this goal. The fund’s returns will fluctuate with interest rates and market conditions. The fund is not insured or guaranteed by any governmental agency. Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage- backed securities are subject to prepayment risk. The use of derivatives involves additional risks, such as the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The fund may be exposed to risks associated with the providers of any wrap contracts (synthetic GICs) covering with the fund’s assets, including credit risk and capacity risk. Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.

The fund is a collective trust managed and distributed by Putnam Fiduciary Trust Company, LLC (”PFTC”), a non-depository New Hampshire trust company. However, it is not FDIC insured; is not a deposit or other obligation of, and is not guaranteed by, PFTC or any of its affiliates. The fund is not a mutual fund registered under the Investment Company Act of 1940, and its units are not registered under the Securities Act of 1933. The fund is only available for investment by eligible, qualified retirement plan trusts, as defined in the declaration of trust and participation agreement. Although holdings, allocations, and weightings of any funds shown may be described favorably as of the end of the period covered, there is no guarantee that the funds will continue to hold or maintain these securities, allocations, and/or weightings in the future. This is not any offer to sell or a recommendation to buy any individual security. Holdings will vary over time. The data presented is historical. Past performance is not a guarantee of future results. Performance is shown net of fees and includes the deduction of management fees, contract fees, and other expenses that may be incurred in managing an investment account. Total return assumes reinvestment of dividends and capital gains for the periods indicated. Investment return and principal value will fluctuate so that, when redeemed, the fund’s units may be worth more or less than their original cost. Performance of the fund with regard to an individual retirement plan may vary depending upon the timing of contributions and withdrawals and upon a retirement plan’s fee schedule. More recent returns may be higher or lower than those shown. Plan sponsors whose plans are invested in Putnam Stable Value Fund and would like additional information on the fund’s investments, including certain monthly information, can contact Putnam Investments. Other parties, such as prospective investors, may also obtain this information at Putnam’s discretion. To request the offering document for the fund, visit putnam.com. The offering document includes investment objective, risks, charges, expenses, and other information that you should read and consider carefully before investing.

Putnam Investments 100 Federal St. Boston, Massachusetts 02110 United States of America Tel: +1-617-292-1000 Putnamputnam.com Retail Management For investment professionals use only. Not for public distribution. AD 1254301 7/20 27 Appendix Risk-based framework focuses on four key areas in pursuit of alpha generation

Term structure Credit Prepayment Liquidity

Value of cash flow Ability of a borrower Timing of Ability to trade over time to repay cash flow receiving cash flow cash flow at the fair price

• Yield curves • Corporate • Agency MBS • Pricing, volatility risk Level, slope, bend Investment grade • Collateralized mortgage • Spreads not associated • Currency and high yield obligations with fundamental loss • Real versus nominal rates • Mortgage • IOs and POs Residential and • Callable corporate and commercial MBS government bonds • Sovereign Developed and emerging markets

For investment professionals use only. Not for public distribution. AD 1254301 7/20 29 Repeatable process allocates risk by specialist-driven best ideas

Senior team Specialist teams Portfolio Investment construction team opportunity set Term structure

Credit Best Client ideas portfolio allocation Prepayment

Liquidity

Specialist teams implement trades within best ideas framework

Idea generation and Selection of best ideas Quantitative risk allocation implementation • Assessment driven by driven by best ideas • Relative value driven – Relative value • Alpha target and guidelines – Factor risk • Specialized research process • Proprietary risk model based on underlying securities – Confidence in alpha potential – Correlation of risk type • Correlation by risk type to • Ongoing trading reflects – Business cycle achieve diversification current best ideas framework – Available liquidity • Senior team members assigned • Common macro framework as PMs on all client portfolios For illustrative purposes only.

For investment professionals use only. Not for public distribution. AD 1254301 7/20 30 Structured cash flow strategy

A unique strategy for cash flow generation

Implemented by Putnam over 17 years ago to provide structured, scheduled cash flow as needed

• Provides at least 5% of the contract in cash flow each quarter, if necessary • Book value wrap: Transamerica • Benchmark: Bloomberg Barclays 1-5 Year Government/Credit Index • Duration: +/- 25% of the index, not to exceed 3.75 years • Average credit quality: A1/A+ • Key guideline points – U.S. dollar-denominated investment grade securities only – Allowed: Government, Corporate, MBS, CMO, TBA, CMBS, ABS, Municipals – Max 25% in BBB, excluding commercial paper rated A2/P2 or better • Max 10% in BBB rated securitized assets – Derivatives: Interest rate futures, swaps, options, bonds for forward settlement, and TBA securities may be used to replicate cash investments, manage yield curve or other risk positions.

For investment professionals use only. Not for public distribution. AD 1254301 7/20 31 Putnam Stable Value Fund Actively managed portfolio seeks to add yield

Return and risk objectives Broad opportunity set of eligible investments

• Objective: Achieve excess return over the • All U.S. investment grade debt Bloomberg Barclays Intermediate U.S. Aggregate Bond Index over a full investment cycle* • U.S. treasuries, agency debt, corporate debt

• Moderate current income with capital growth • Agency, asset-backed and commercial mortgages • Typical duration range versus the benchmark – Not more than 0.5 year longer • Derivatives for hedging or replication purposes, – Not more than 1.0 year shorter including futures, options, and swaps are allowed but rarely, if ever, employed • Portfolio duration no longer than 4.0 years – If benchmark is greater than 4.0, then lesser • Non-U.S. dollar denominated or below investment of 4.25 years or benchmark duration grade securities are prohibited, among other items

For investment professionals use only. Not for public distribution. AD 1254301 7/20 32 Steven A. Horner, CFA Mr. Horner is a Portfolio Manager in the Taxable Fixed Income group, with responsibility Portfolio Manager for stable value, general account insurance, structured investment-grade, absolute return, Investment Management and multi-sector fixed-income portfolios. In this role, he is responsible for constructing portfolios, providing fiduciary oversight, and communicating the investment teams' decisions on policy, strategy, and tactics to Putnam's fixed-income clients. Mr. Horner joined Putnam in 1997 and has been in the investment industry since 1991.

Prior to joining Putnam, he was a Fixed Income Information Analyst at Wellington Management Company, LLP from 1994 to 1997 and a Marketing and Client Service Representative at The Vanguard Group from 1991 to 1994.

Mr. Horner earned a B.A. from Furman University.

Horner, Steven 106503

For investment professionals use only. Not for public distribution. AD 1254301 7/20 33 Jo Anne Ferullo, CFA Ms. Ferullo is a Senior Investment Director in the Global Investment Strategies group, Senior Investment Director, Team Leader focusing on fixed income strategies. She specializes in principal preservation products Global Investment Strategies such as ultra-short and stable value strategies as well as sector-specific strategies such as investment grade and high yield corporate credit, among others. She also leads teams in developing and launching new products; defining product messaging for existing products; providing marketing and sales support for global distribution channels, including institutional, international, and retail; interpreting and communicating performance, positioning, and strategy to clients; and gathering market intelligence on trends affecting the global marketplace. Ms. Ferullo joined Putnam in 2010 and has been in the investment industry since 1989.

Previously at Putnam, she served as an Investment Director and Team Leader in the Global Investment Strategies group from 2010 to 2014. Prior to joining Putnam, Ms. Ferullo was Vice President, Chief Operating Officer, and Commercial Real Estate Loan Workout Officer at State Street Bank and Trust from 2009 to 2010; Vice President and Fixed Income Portfolio Manager at State Street Global Advisors from 1998 to 2009; and at Fidelity Investments served as a Fixed Income Assistant Trader from 1996 to 1998 and an Accounting Manager and Mutual Fund Accountant II from 1989 to 1996.

Ms. Ferullo earned an M.B.A from Boston University and a B.A. from Boston College.

Ferullo, Jo Anne 106503

For investment professionals use only. Not for public distribution. AD 1254301 7/20 34 Kevin M. Calabro Mr. Calabro is an Investment Director in the Global Investment Strategies group, Investment Director, specializing in fixed income products. He is responsible for developing and launching new Fixed Income products; defining product messaging for existing products; providing ongoing marketing Global Investment Strategies and sales support; interpreting and communicating performance, positioning, and strategy to clients; and gathering market intelligence on trends in the retail and institutional marketplaces. Mr. Calabro joined Putnam in 2012 and has been in the investment industry since 2011.

Previously at Putnam, Mr. Calabro served in various roles, including as an Investment Product Analyst, a Senior Associate Advisor Consultant, and a Regional Associate. Prior to joining Putnam, he was a Client Account Manager at Brown Brothers Harriman in 2011.

Mr. Calabro earned an M.B.A. from Boston College and a B.A. in Economics from Wheaton College.

Calabro, Kevin 106503

For investment professionals use only. Not for public distribution. AD 1254301 7/20 35 Putnam Fixed Income team

D. William Kohli Michael V. Salm Paul D. Scanlon, CFA Chief Investment Officer, Fixed Income Co-Head of Fixed Income, Liquid markets Co-Head of Fixed Income, Global credit Industry since 1988 Industry since 1989 Industry since 1986

Portfolio construction Short-term liquid markets Securitized markets Taxable management Tax-exempt research Albert Chan, CFA, Portfolio Manager 18 Joanne Driscoll, CFA 28 Brett Kozlowski, CFA, Portfolio Manager 23 Yannick Aron*, Portfolio Manager 24 Harold Burger, CFA, Analyst 17 Steven Horner, CFA, Portfolio Manager 29 Portfolio Manager Securitized Products European High Yield GO, gas, tobacco, utilities Jatin Misra, Ph.D., CFA, Portfolio Manager 16 Paul Brittman, Analyst 14 Cyrus Dilmaghani, CFA, Trader 24 Norman Boucher, Portfolio Manager 35 Rafael Cabral, Analyst 9 Agency RMBS Andrew Bryant , Analyst 5 Hospital systems Timothy Lyons, Trader 24 Hui Du, Analyst 11 High Yield Cyclicals Yan Deng, Ph.D., Analyst 3 Jonathan Topper, Trader 30 Non-agency RMBS, ABS Robert Salvin, Portfolio Manager 34 James DiPetrillo, CFA, Analyst 15 Stephen J. King, Analyst 12 Currency & rates Aaron Fox, Analyst 5 High Yield & Convertibles GO, schools, territories Nathan Li, Investment Associate 4 ABS, CMBS Emily Shanks, Portfolio Manager 21 Michael Maresca, CFA, Analyst 6 Robert Davis, CFA, 21 Raman Guglani, Analyst 12 Investment Grade Long-term care Portfolio Manager Non-agency RMBS Andrew Benson, Portfolio Manager 12 Ross Milne, CFA, Analyst 8 Seth Tweeddale, Portfolio Analyst 23 Li He, Analyst 14 Global macro Investment Grade GO, edu., housing, spec. tax Jesse Hurwitz, Analyst 9 ABS Michael Atkin, Portfolio Manager 32 Sriketan Mahanti, Analyst 20 Geoffrey Trawick, Portfolio Analyst 26 Valerie Ferren, Investment Associate 1 Erin Lefkowitz, Analyst 17 Sovereign Research Agency RMBS Thomas Hanrahan, Trader 5 State & local GO Onsel Emre, Ph.D., CFA, Analyst 13 Irina Solyanik, CFA, Analyst 18 Charles Ouellet, CFA, Analyst 14 Justin Schneider, Trader 15 Macroeconomics Matthew Walkup, Analyst 8 ABS, CMBS Tax-exempt management Samantha Higgins, Analyst 11 Anamaria Witkop, Analyst 13 James Wang, Ph.D., CFA, Analyst 9 Paul Drury, CFA, Portfolio Manager 31 Global rates Michelle Wu, CFA, Analyst 16 Agency RMBS Sterling Horne, Ph.D., Analyst 5 David Zhao, Analyst 9 Garrett Hamilton, CFA, Portfolio 14 Gregory Gallagher, Trader 21 Macroeconomics ABS, CMBS Manager Allen Zhou, Investment Associate 0 Izzet Yildiz, Ph.D., Analyst 16 James Nadeau, Portfolio Associate 15 Portfolio Manager Macroeconomics ABS, CMBS April Goodman, Trader 17 Sagnik Choudhury, FRM®, Inv. Associate 8 Ted Pappafotopoulos, Trader 15 CLOs Daniel Riordan, Trader 13 Muktesh Waghmare, Investment Associate 7 Average 15 years of experience Average 16 years of experience Agency RMBS Average 18 years of experience

Corporate credit research Kelsey Gottschall, Analyst 9 Joseph Russo, Analyst 6 Bradley Potter, Investment Associate 1 Aero/defense, food/bev, indust., auto, services Metals/mining, technology Chemicals, energy, media, paper/pack Navin Belani, Dir. of Corporate Credit Research 20 Lawrence Lawler, CFA, CAIA, Analyst 15 Caitlin A. Schlesinger, CFA, Analyst 7 *Located in London Cable/satellite, telecom, utilities Health care Consumer products, retail Joseph Cushing, CFA, Analyst 29 Michael Lima, CFA, Analyst 23 David Thomlinson, Analyst* 21 Chemicals, media, paper/packaging Financials Euro auto, indust/, mfg., serv., transp., health Sydney Cushing, Analyst 6 Craig Oliver, CFA, Analyst 27 T.L. Tsang, CFA, Analyst 25 Homebuilding, building products Autos, financials Energy Average 16 years of experience

Global investment strategies Risk management Trading operations Jo Anne Ferullo, CFA, Sr Investment Director 31 Alexandra Hodge, Investment Director 9 Martin Lemaire, CFA, Risk Manager 9 Angela Giles, Trading Operations Manager 25 Jennifer Karpinski, CFA, Sr Investment Director 11 Matthew Colombo, Investment Product Analyst 3 Wyman Chan, Risk Analyst 22 Ryan Cottreau, Trading Assistant 20 Richard Polsinello, CIMA, Sr Investment Director 18 Christopher Hughes, Investment Product Analyst 5 Wenjie Hu, Risk Analyst 17 Nicolas Hatzis, Trading Assistant 7 Katie Heinichen, Trading Assistant 16 Richard C. Bihrle, Investment Director 12 Abigail Mitchell, Investment Product Analyst 5 Daniel Jepson, Risk Analyst 5 Kevin Calabro, Investment Director 9 Kathryn Manacek, Trading Assistant 17 Thomas Rankin, Trading Assistant 12

Average 11 years of experience Average 13 years of experience Average 16 years of experience

As of 6/30/20. Numbers reflect years of industry experience, unless otherwise noted. For investment professionals use only. Not for public distribution. AD 1254301 7/20 36

Q2 2020 Portfolio Review

City of Tucson

Gordon Tewell, CFA, CPC, ERPA | Principal Paul Nacario | Vice President Troy Jensen, QKA, APA | Vice President Jared Martin, CFP®, AIF® | Vice President

Report Prepared by: Kristin Lee

Colorado • Arizona • California | www.innovestinc.com Innovest Firm Update

2019 in Review • A great year for growth at Innovest • Won “Best Places to Work” by Pensions&Investments (5th time in 6 years) • 13 new hires • Ended year with 52 employees • 2 new principals • Sloan Smith, CAIA, MBA, CPWA® • Jared Martin, CFP®, AIF® • 95% client retention rate

2019 Client Survey 2019 INNOVEST • Overall satisfaction with our services was 4.8/5 CLIENT SURVEY RESULTS • Customer Service: 4.7/5 • Likelihood our clients would recommend us to a friend was 9.6/10 CUSTOMER SATISFACTION 4.8/5 2020 Priorities CUSTOMER SERVICE • Continue to provide the highest quality investment advice to our clients 4.7/5 • Focus on serving our clients by being thoughtful stewards NET PROMOTER SCORE • Grow our business through client referrals 9.6/10

2 Innovest’s History with City of Tucson

2019 • The City of Tucson retained Innovest Portfolio Solutions for their retirement plan consulting services. • Innovest conducted onboarding analysis including menu recommendations and target date fund evaluations.

2020 • Innovest helped the City take their plan out to bid for recordkeeping services. Committee decided to move to Empower Retirement. Transition occurred June 1, 2020. • Through transition, moved to a condensed investment lineup. • In the 457 plan, implemented all three optional CARES Act provisions. • In the 401(a) plan, implemented COVID withdrawals only.

3 Retirement Plans Topics & Trends

The SECURE Act – Key Takeaways

The Setting Every Community Up for Retirement Enhancement – SECURE Act became law on December 20, 2019 • Pushes back the age at which Required Minimum Distributions need to begin from 70½ to 72 for those who had not reached age 70½ prior to December 31, 2019 • Allows long-term, part-time workers to participate in 401(k) plans providing that beginning in 2021 they need to have three consecutive years with at least 500 hours of service- meaning no one will be eligible to defer until 2024 – these employees may be excluded from employer contributions and non-discrimination testing. • Encourages Plan Sponsors to consider lifetime income options – by providing a fiduciary safe harbor around the selection of a provider • Permits parents to withdraw up to $5,000 from retirement accounts penalty-free within a year of birth or adoption for qualified expenses • Raises maximum automatic enrollment deferral cap from 10% to 15% • Allows parents to withdraw up to $10,000 from 529 plans to repay student loans • Repeals the maximum age for making traditional IRA contributions, which is currently 70½ • The Act requires that most non-spouse inherited IRAs be paid out within 10 years following the date of death of the participant • Annual disclosures of projected income will be required by the SECURE Act Governmental Plan Provision • Changes in-service distribution ages for Money Purchase Pension Plans from 62 to as low as 59½ and for 457(b) Deferred Compensation plans from 70½ to 59½

Note that regulatory guidance is still forthcoming with respect to a number of SECURE Act provisions. As such, recordkeepers and plan document providers may not yet be prepared to implement certain components of the SECURE Act.

4 Retirement Plans Topics & Trends

CARES Act Statistics from 9 Large Retirement Plan Providers

Negative vs. Positive Consent Results in Much Different Take Up Rates: • Of the 3 providers that required plans to opt-out plan sponsor acceptance percentages were 97%, 91% and 59% • Of the 6 providers that allowed plans to opt-in plan sponsor acceptance rates ranged from 49% to 15%

Plan Sponsor Activity: • 73% is the average number of plan sponsors who adopted COVID related withdrawals • 61% is the average number of plan sponsors who adopted the CARES Act enhanced loan provisions • 75% is the average number of plan sponsors who adopted the CARES Act loan payment deferment option

Participant Activity: • 0.88% is the average of total participants who took a COVID related withdrawal – 4.25% is the average of total participants who took the full $100K COVID related withdrawal – $20,623 is the average amount of a COVID related withdrawal • 0.13% is the average of total participants who took a CARES Act loan – $21,230 is the average amount of a CARES Act loan • 2.67% of participants opted to utilize the CARES Act loan payment deferment option

Data is as of 6/30/2020. All information was compiled and aggregated by Innovest from multiple industry sources.

5 City of Tucson 457 Annual Fee Review Plan Benchmark* Plan assets as of 6/30/2019 $ 276,717,445 Similarly Sized Investment, Recordkeeping and Administrative Costs 0.50% 0.97% Estimated Total Plan Expenses 0.52% N/A

Employer Paid Employee Paid Total Provider Fee (in $) Fee (in %) Fee (in $) Fee (in %) Fee (in $) Fee (in %) Expense ratio retained by fund manager Fund Managers $ 1,034,776 0.37% $ 1,034,776 0.37% Investment Advisory ICMA-RC $ 291,018 0.11% $ 291,018 0.11% Net Investment Management Fees $ - 0.00% $ 1,325,794 0.48% $ 1,325,794 0.48%

Revenue Sharing** Returned to participants Participants $ (78,920) -0.03% $ (78,920) -0.03% Revenue Sharing Paid to Plan for Administration Plan $ 50,000 0.02% $ 50,000 0.02% ICMA Net Earned Revenue ICMA-RC $ 94,084 0.03% $ 94,084 0.03%

Total Investment, Recordkeeping and Administrative Costs $ - 0.00% $ 1,390,957 0.50% $ 1,390,957 0.50%

Professional Fees Investment Consultant Innovest $ 37,500 0.01% $ 37,500 0.01%

Total Plan Expenses $ - 0.00% $ 1,428,457 0.52% $ 1,428,457 0.52%

Participant paid fees Managed Account Fees ICMA-RC $ 30,880 0.01% $ 30,880 0.01% Overnight fees ICMA-RC $ 1,095 0.00% $ 1,095 0.00% Investment advice ICMA-RC $ 60 0.00% $ 60 0.00% Loan origination ICMA-RC $ 14,325 0.01% $ 14,325 0.01% Loan maintenance ICMA-RC $ 22,075 0.01% $ 22,075 0.01% QDRO ICMA-RC $ 1,000 0.00% $ 1,000 0.00% ACH Reject ICMA-RC $ 1,830 0.00% $ 1,830 0.00% Total Participant Paid Fees $ - 0.00% $ 71,265 0.03% $ 71,265 0.03%

*The plan's estimated investment, recordkeeping and administrative costs of 0.47% as shown above, compare favorably to 401(k) Source data, a universe of 28 similarly sized 401(k) plans with an average investment, recordkeeping and administrative cost of 0.97%. Published since 1995, the 401k Average Book is one of the oldest and recognized resources for comparative 401(k) average cost information in the industry.

**Total revenue sharing generated over the period was $223,004. This review illustrates estimated costs based on available data.

6 City of Tucson Retirement Plan Statistics and Menu Coverage

Industry Averages* Plan Averages

Average Number Investment Options 19 Number Investment Options 457 21 Number Investment Options 401(a) 19 Average Contribution Rate* 6.2% / 6.8% Average Account Balance 457$ 51,527 Average Account Balance $157,535 Average Account Balance 401(a) $ 68,178

*Contribution rate for lower compensated/higher compensated employees as defined by ADP tests Source: PSCA's 62nd Annual Survey of Profit Sharing and 401(k) Plans (2018)

Menu Coverage

Target Date Funds

American Funds Target American Funds Target American Funds Target American Funds Target American Funds Target American Funds Target American Funds Target Retirement 2010 Retirement 2015 Retirement 2020 Retirement 2025 Retirement 2030 Retirement 2035 Retirement 2040

TIER 1 American Funds Target American Funds Target American Funds Target American Funds Target Retirement 2045 Retirement 2050 Retirement 2055 Retirement 2060

Fixed Income Domestic Equity Global Equity Value Core Growth American Funds Capital PIMCO Total Return Vanguard Total Bond Vanguard Institutional T. Rowe Price Growth World Growth & Bond Market Index JP Morgan Equity Income Index Stock Income Large

Capital Preservation Emerging Markets Victory Sycamore Vanguard Mid Cap Index Buffalo Discovery

Mid Established Value Dreyfus Govt Cash Invesco Oppenheimer Putnam Stable Value Management Victory Sycamore Small Co Vanguard Small Cap T. Rowe QM US Small Cap Developing Markets Small TIER 2 Opp Index Growth

Retirement Income International Equity Great West Value Core Growth SecureFoundation Vanguard Total Causeway International Fidelity Diversified Balanced* International Stock Value International Index

Self‐Directed Brokerage Window

Empower SDB* *Investment option only available in the 457 Plan TIER 3

7 City of Tucson 457 Asset Allocation Asset Allocation Asset Allocation Mar-2020 Jun-2020 Mar-2020 Jun-2020 ($) % ($) % ($) % ($) % Large Cap Equity Fixed Income JP Morgan Equity Income 9,731,514 3.84 10,138,942 3.77 PIMCO Total Return 4,408,508 1.74 9,543,213 3.55 JP Morgan US Equity 3,674,328 1.45 - 0.00 Vanguard Total Bond Market Idx 7,012,480 2.76 8,070,166 3.00 Vanguard 500 Index 12,783,167 5.04 - 0.00 PIMCO Low Duration 460,852 0.18 - 0.00 Vanguard Institutional Index - 0.00 21,226,791 7.89 PIMCO Real Return 1,326,796 0.52 - 0.00 T. Rowe Price Growth Stock 17,416,231 6.87 38,445,163 14.30 PIMCO High Yield 2,484,555 0.98 - 0.00 VT Fidelity Contrafund 14,560,813 5.74 - 0.00 Total Fixed Income 15,693,191 6.19 17,613,379 6.55 Total Large Cap Equity 58,166,052 22.93 69,810,895 25.96 Global Fixed Income Mid Cap Equity Goldman Sach Global Income 961,973 0.38 - 0.00 Victory Sycamore Established Value 1,553,274 0.61 1,629,932 0.61 Vanguard Mid Cap Index 4,545,341 1.79 5,789,701 2.15 REITs Buffalo Discovery 5,231,329 2.06 6,013,060 2.24 Nuveen Real Estate Securities 1,845,770 0.73 - 0.00 Total Mid Cap Equity 11,329,944 4.47 13,432,693 5.00 Capital Preservation Small Cap Equity Putnam Stable Value (20bps) - 0.00 2,170,873 0.81 Victory Sycamore Small Co Opp 721,517 0.28 881,035 0.33 Vantagepoint PLUS 92,895,138 36.62 85,603,881 31.84 JP Morgan Small Cap Core 1,837,839 0.72 - 0.00 Dreyfus Govt Cash Mgmt - 0.00 458 0.00 Vanguard Small Cap Index 3,113,191 1.23 5,474,312 2.04 VT Cash Management 1,267,538 0.50 - 0.00 T. Rowe QM US Small Cap Growth 1,180,678 0.47 1,569,555 0.58 VT 5 Yr. BoA CD Account 6,141 0.00 - 0.00 Total Small Cap Equity 6,853,225 2.70 7,924,902 2.95 Total Capital Preservation 94,168,817 37.13 87,775,212 32.65

Retirement Income International Equity VT Retirement Income Advantage 3,763,628 1.48 - 0.00 Causeway International Value - 0.00 - 0.00 Great-West SecureFoundation Balanced - 0.00 2,180,792 0.81 Vanguard Total Intl Stock Index - 0.00 16,507 0.01 VT Fidelity Diversified International 3,636,085 1.43 - 0.00 Fidelity Diversified International - 0.00 5,227,702 1.94 Other Invesco Oppenheimer International Growth 723,326 0.29 - 0.00 Loan Fund 2,841,047 1.12 6,577,805 2.45 Total International Equity 4,359,412 1.72 5,244,209 1.95 Self Directed Brokerage VantageBroker 4,018,106 1.58 - 0.00 Global Equity Empower Self Directed Brokerage - 0.00 4,191,812 1.56 American Funds Capital World Growth & Income 6,894,018 2.72 10,709,630 3.98 Vantagepoint MP Global Eq Gr 2,919,213 1.15 - 0.00 Balanced Global Equity 9,813,231 3.87 10,709,630 3.98 T. Rowe Price Conservative Allocation 2,442,884 0.96 - 0.00 T. Rowe Price Moderate Allocation 7,192,895 2.84 - 0.00 Emerging Markets T. Rowe Price Moderate Growth Allocation 11,418,810 4.50 - 0.00 Invesco Oppenheimer Developing Markets 2,023,794 0.80 2,212,547 0.82 Total Balanced 21,054,589 8.30 - 0.00

City of Tucson 457 Total Fund 253,641,347 100.00 268,873,212 100.00 City of Tucson 457 Total Fund 253,641,347 100.00 268,873,212 100.00

8 City of Tucson 457 Asset Allocation Asset Allocation Mar-2020 Jun-2020 ($) % ($) %

Target Date Vantagepoint Milestone Retirement Income 2,119,070 0.84 - 0.00 VantagePoint Milestone 2015 1,163,149 0.46 - 0.00 VantagePoint Milestone 2020 2,713,237 1.07 - 0.00 VantagePoint Milestone 2025 2,482,466 0.98 - 0.00 VantagePoint Milestone 2035 2,703,259 1.07 - 0.00 VantagePoint Milestone 2030 2,660,808 1.05 - 0.00 VantagePoint Milestone 2035 2,703,259 1.07 - 0.00 VantagePoint Milestone 2040 1,529,870 0.60 - 0.00 VantagePoint Milestone 2045 1,063,264 0.42 - 0.00 VantagePoint Milestone 2050 232,601 0.09 - 0.00 VantagePoint Milestone 2055 80,843 0.03 - 0.00 American Funds Target Date Retirement 2010 - 0.00 2,479,348 0.92 American Funds Target Date Retirement 2015 - 0.00 3,816,670 1.42 American Funds Target Date Retirement 2020 - 0.00 6,170,763 2.30 American Funds Target Date Retirement 2025 - 0.00 7,922,894 2.95 American Funds Target Date Retirement 2030 - 0.00 6,396,303 2.38 American Funds Target Date Retirement 2035 - 0.00 6,904,041 2.57 American Funds Target Date Retirement 2040 - 0.00 4,809,385 1.79 American Funds Target Date Retirement 2045 - 0.00 1,831,473 0.68 American Funds Target Date Retirement 2050 - 0.00 693,560 0.26 American Funds Target Date Retirement 2055 - 0.00 166,363 0.06 American Funds Target Date Retirement 2060 - 0.00 8,535 0.00 Total Target Date Funds 16,748,570 6.60 41,199,335 15.32

City of Tucson 457 Total Fund 253,641,347 100.00 268,873,212 100.00

9 City of Tucson 401(a) Asset Allocation Asset Allocation Asset Allocation Mar-2020 Jun-2020 Mar-2020 Jun-2020 ($) % ($) % ($) % ($) % Large Cap Equity Global Fixed Income JP Morgan Equity Income 58,012 1.09 55,530 1.10 Goldman Sach Global Income 20,452 0.38 - 0.00 JP Morgan US Equity 46,533 0.87 - 0.00 Vanguard 500 Index 43,065 0.81 - 0.00 REITs T. Rowe Price Growth Stock 76,263 1.43 234,610 4.66 Nuveen Real Estate Securities 15,152 0.28 - 0.00 VT Fidelity Contrafund 142,923 2.68 - 0.00 Total Large Cap Equity 366,797 6.87 395,262 7.85 Capital Preservation Vantagepoint PLUS Fund 3,015,274 56.47 2,595,233 51.53 Mid Cap Equity Putnam Stable Value (20bps) - 0.00 1,636 0.03 Victory Sycamore Established Value 611 0.01 739 0.01 VT Cash Management - 0.00 - 0.00 Vanguard Mid Cap Index 18,361 0.34 23,502 0.47 Dreyfus Govt Cash Mgmt - 0.00 5 0.00 Buffalo Discovery 44,111 0.83 57,159 1.14 Total Capital Preservation 3,015,274 56.47 2,596,874 51.57 Total Mid Cap Equity 63,083 1.18 81,400 1.62 Balanced Small Cap Equity T. Rowe Price Conservative Allocation 97,740 1.83 - 0.00 Victory Sycamore Small Co Opp 625 0.01 716 0.01 T. Rowe Price Moderate Allocation 65,097 1.22 - 0.00 JP Morgan Small Cap Core 100,806 1.89 - 0.00 T. Rowe Price Moderate Growth Allocation 100,866 1.89 - 0.00 Vanguard Small Cap Index 5,006 0.09 122,118 2.42 Total Balanced 263,703 4.94 - 0.00 T. Rowe QM US Small Cap Growth 16,610 0.31 21,689 0.43 Total Small Cap Equity 123,047 2.30 144,523 2.87 Target Date Vantagepoint Milestone Retirement Income 513,683 9.62 - 0.00 International Equity VantagePoint Milestone 2015 27,784 0.52 - 0.00 Causeway International Value - 0.00 - 0.00 VantagePoint Milestone 2020 15,284 0.29 - 0.00 Vanguard Total Intl Stock Index - 0.00 - 0.00 VantagePoint Milestone 2025 20,071 0.38 - 0.00 VT Fidelity Diversified International 40,554 0.76 - 0.00 VantagePoint Milestone 2030 201,819 3.78 - 0.00 Fidelity Diversified International - 0.00 43,631 0.87 VantagePoint Milestone 2035 - 0.00 - 0.00 Invesco Oppenheimer International Growth - 0.00 - 0.00 VantagePoint Milestone 2040 - 0.00 - 0.00 Total International Equity 40,554 0.76 43,631 0.87 VantagePoint Milestone 2045 381,431 7.14 - 0.00 VantagePoint Milestone 2050 - 0.00 - 0.00 Global Equity VantagePoint Milestone 2055 - 0.00 - 0.00 American Funds Capital World Growth & Income 27,943 0.52 46,352 0.92 American Funds Target Date Retirement 2010 - 0.00 550,210 10.93 Vantagepoint MP Global Equity Growth 44,057 0.83 - 0.00 American Funds Target Date Retirement 2015 - 0.00 29,081 0.58 Total Global Equity 72,000 1.35 46,352 0.92 American Funds Target Date Retirement 2020 - 0.00 46,184 0.92 American Funds Target Date Retirement 2025 - 0.00 192,166 3.82 American Funds Target Date Retirement 2030 - 0.00 242,256 4.81 Emerging Markets American Funds Target Date Retirement 2035 - 0.00 - 0.00 Invesco Oppenheimer Developing Markets 22,659 0.42 29,044 0.58 American Funds Target Date Retirement 2040 - 0.00 - 0.00 American Funds Target Date Retirement 2045 - 0.00 447,435 8.88 Fixed Income American Funds Target Date Retirement 2050 - 0.00 - 0.00 PIMCO Total Return 122,243 2.29 134,686 2.67 American Funds Target Date Retirement 2055 - 0.00 - 0.00 Vanguard Total Bond Market Index 33,665 0.63 56,842 1.13 American Funds Target Date Retirement 2060 - 0.00 - 0.00 PIMCO Low Duration - 0.00 - 0.00 Total Target Date Funds 1,160,073 21.73 1,507,333 29.93 PIMCO Real Return 12,386 0.23 - 0.00 PIMCO High Yield 8,459 0.16 - 0.00 City of Tucson 401(a) Total Fund 5,339,546 100.00 5,035,946 100.00 Total Fixed Income 176,753 3.31 191,527 3.80

10 City of Tucson 457 Asset Allocation Asset Allocation Asset Allocation Dec-2019 Mar-2020 Dec-2019 Mar-2020 ($) % ($) % ($) % ($) % Large Cap Equity REITs JP Morgan Equity Income 13,174,420 4.54 9,731,514 3.84 Nuveen Real Estate Securities 2,356,907 0.81 1,845,770 0.73 JP Morgan US Equity 4,650,833 1.60 3,674,328 1.45 Vanguard 500 Index 16,994,770 5.86 12,783,167 5.04 Capital Preservation T. Rowe Price Growth Stock 21,198,140 7.31 17,416,231 6.87 Vantagepoint PLUS 93,847,001 32.34 92,895,138 36.62 VT Fidelity Contrafund 17,568,501 6.05 14,560,813 5.74 Total Large Cap Equity 73,586,664 25.36 58,166,052 22.93 VT Cash Management 886,071 0.31 1,267,538 0.50 VT 5 Yr. BoA CD Account 6,132 0.00 6,141 0.00 Mid Cap Equity Total Capital Preservation 94,739,204 32.65 94,168,817 37.13 Victory Sycamore Established Value 2,073,785 0.71 1,553,274 0.61 Vanguard Mid Cap Index 6,304,961 2.17 4,545,341 1.79 Retirement Income Buffalo Discovery 6,869,219 2.37 5,231,329 2.06 VT Retirement Income Advantage 4,806,626 1.66 3,763,628 1.48 Total Mid Cap Equity 15,247,965 5.25 11,329,944 4.47 Other Small Cap Equity Loan Fund 2,901,748 1.00 2,841,047 1.12 Victory Sycamore Small Co Opp 917,719 0.32 721,517 0.28 JP Morgan Small Cap Core 2,935,484 1.01 1,837,839 0.72 Vanguard Small Cap Index 4,329,897 1.49 3,113,191 1.23 Self Directed Brokerage T. Rowe QM US Small Cap Growth 1,641,500 0.57 1,180,678 0.47 VantageBroker 4,487,442 1.55 4,018,106 1.58 Total Small Cap Equity 9,824,601 3.39 6,853,225 2.70 Balanced International Equity T. Rowe Price Conservative Allocation 2,755,997 0.95 2,442,884 0.96 VT Fidelity Diversified International 4,637,493 1.60 3,636,085 1.43 T. Rowe Price Moderate Allocation 8,585,269 2.96 7,192,895 2.84 Invesco Oppenheimer International Growth 966,375 0.33 723,326 0.29 T. Rowe Price Moderate Growth Allocation 14,531,083 5.01 11,418,810 4.50 Total International Equity 5,603,868 1.93 4,359,412 1.72 Total Balanced 25,872,350 8.92 21,054,589 8.30

Global Equity American Funds Capital World Growth & Income 8,684,738 2.99 6,894,018 2.72 Target Date Vantagepoint MP Global Equity Growth 3,804,167 1.31 2,919,213 1.15 Vantagepoint Milestone Retirement Income 2,274,674 0.78 2,119,070 0.84 Total Global Equity 12,488,905 4.30 9,813,231 3.87 VantagePoint Milestone 2015 1,261,971 0.43 1,163,149 0.46 VantagePoint Milestone 2020 2,915,829 1.00 2,713,237 1.07 Emerging Markets VantagePoint Milestone 2025 2,872,897 0.99 2,482,466 0.98 Invesco Oppenheimer Developing Markets 2,750,312 0.95 2,023,794 0.80 VantagePoint Milestone 2035 3,147,100 1.08 2,703,259 1.07 VantagePoint Milestone 2030 3,059,836 1.05 2,660,808 1.05 Fixed Income PIMCO Total Return 4,373,350 1.51 4,408,508 1.74 VantagePoint Milestone 2035 3,147,100 1.08 2,703,259 1.07 Vanguard Total Bond Market Index 6,411,152 2.21 7,012,480 2.76 VantagePoint Milestone 2040 2,009,339 0.69 1,529,870 0.60 PIMCO Low Duration 440,397 0.15 460,852 0.18 VantagePoint Milestone 2045 1,316,402 0.45 1,063,264 0.42 PIMCO Real Return 1,364,418 0.47 1,326,796 0.52 VantagePoint Milestone 2050 292,377 0.10 232,601 0.09 PIMCO High Yield 2,685,422 0.93 2,484,555 0.98 VantagePoint Milestone 2055 132,306 0.05 80,843 0.03 Total Fixed Income 15,274,738 5.26 15,693,191 6.19 Total Target Date Funds 19,282,730 6.65 16,748,570 6.60

Global Fixed Income City of Tucson 457 Total Fund 290,170,997 100.00 253,641,347 100.00 Goldman Sach Global Income 20,196 0.01 20,452 0.01

11 City of Tucson 401(a) Asset Allocation Asset Allocation Asset Allocation Dec-2019 Mar-2020 Dec-2019 Mar-2020 ($) % ($) % ($) % ($) % Large Cap Equity Global Fixed Income JP Morgan Equity Income 78,209 1.26 58,012 1.09 Goldman Sach Global Income 20,196 0.33 20,452 0.38 JP Morgan US Equity 68,294 1.10 46,533 0.87 Vanguard 500 Index 64,585 1.04 43,065 0.81 REITs T. Rowe Price Growth Stock 146,049 2.36 76,263 1.43 Nuveen Real Estate Securities 19,441 0.31 15,152 0.28 VT Fidelity Contrafund 167,325 2.70 142,923 2.68 Total Large Cap Equity 524,461 8.47 366,797 6.87 Capital Preservation Mid Cap Equity Vantagepoint PLUS Fund 3,199,577 51.67 3,015,274 56.47 Victory Sycamore Established Value 626 0.01 611 0.01 VT Cash Management - 0.00 - 0.00 Vanguard Mid Cap Index 37,232 0.60 18,361 0.34 Total Capital Preservation 3,199,577 51.67 3,015,274 56.47 Buffalo Discovery 65,861 1.06 44,111 0.83 Total Mid Cap Equity 103,719 1.68 63,083 1.18 Retirement Income VT Retirement Income Advantage - 0.00 - 0.00 Small Cap Equity Victory Sycamore Small Co Opp 625 0.01 625 0.01 JP Morgan Small Cap Core 157,525 2.54 100,806 1.89 Balanced Vanguard Small Cap Index 14,810 0.24 5,006 0.09 T. Rowe Price Conservative Allocation 110,017 1.78 97,740 1.83 T. Rowe QM US Small Cap Growth 21,813 0.35 16,610 0.31 T. Rowe Price Moderate Allocation 75,419 1.22 65,097 1.22 Total Small Cap Equity 194,772 3.15 123,047 2.30 T. Rowe Price Moderate Growth Allocation 123,185 1.99 100,866 1.89 Total Balanced 308,621 4.98 263,703 4.94 International Equity VT Fidelity Diversified International 114,119 1.84 40,554 0.76 Target Date Invesco Oppenheimer International Growth 15,875 0.26 - 0.00 Vantagepoint Milestone Retirement Income 548,262 8.85 513,683 9.62 Total International Equity 129,994 2.10 40,554 0.76 VantagePoint Milestone 2015 30,490 0.49 27,784 0.52

Global Equity VantagePoint Milestone 2020 16,598 0.27 15,284 0.29 American Funds Capital World Growth & Income 41,935 0.68 27,943 0.52 VantagePoint Milestone 2025 22,631 0.37 20,071 0.38 Vantagepoint MP Global Equity Growth 55,941 0.90 44,057 0.83 VantagePoint Milestone 2030 225,949 3.65 201,819 3.78 Total Global Equity 97,875 1.58 72,000 1.35 VantagePoint Milestone 2035 - 0.00 - 0.00 VantagePoint Milestone 2040 - 0.00 - 0.00 Emerging Markets VantagePoint Milestone 2045 477,498 7.71 381,431 7.14 Invesco Oppenheimer Developing Markets 54,186 0.88 22,659 0.42 VantagePoint Milestone 2050 13,335 0.22 - 0.00 VantagePoint Milestone 2055 - 0.00 - 0.00 Fixed Income PIMCO Total Return 118,972 1.92 122,243 2.29 Total Target Date Funds 1,334,762 21.56 1,160,073 21.73 Vanguard Total Bond Market Index 32,625 0.53 33,665 0.63 PIMCO Low Duration - 0.00 - 0.00 City of Tucson 401(a) Total Fund 6,192,094 100.00 5,339,546 100.00 PIMCO Real Return 12,334 0.20 12,386 0.23 PIMCO High Yield 40,559 0.66 8,459 0.16 Total Fixed Income 204,490 3.30 176,753 3.31

City of Tucson 401(a) Total Fund 6,192,094 100.00 5,339,546 100.00

12 The Markets

Investment Returns as of June 30, 2020

YTD 2Q2020 10.00% 6.1% 2.9% 2.2% 3.3% 0.00% -3.1% 20.5%

-10.00% -9.8% 18.1% -11.3% 14.9% -13.0% 25.4% -20.00%

-30.00%

-40.00%

-50.00% 1st Quarter 2nd Quarter

US Large Cap Stocks US Small Cap Stocks Developed International Stocks Emerging Markets Stocks Core Fixed Income Municipal Fixed Income

Returns for US Large Cap Stocks = S&P 500 TR, US Small Cap Stocks = Russell 2000 TR, Developed International Stocks = MSCI EAFE NR, Emerging Markets Stocks = MSCI EM NR, Core Fixed Income = BBgBarc US Agg Bond TR, Municipal Fixed Income = BBgBarc Municipal 5yr 4-6 TR

13 U.S. Leading Economic Indicators – Recessionary

• U.S. Leading Economic Indicators show that we have been in a recession since the end of February due to the negative impacts of COVID-19.

• The level of economic uncertainty remains high.

• The U.S. Leading Economic Index (LEI) is composed of 10 forward- looking factors, including unemployment claims, capital spending, and the yield curve.

As of 6/30/2020. Sources: Charles Schwab, Bloomberg, and MacroBond.

14 Global Central Banks – Highly Accommodative

• In the wake of the COVID-19 pandemic and resulting economic shutdown, nearly every central bank set its target rate to a record low level and began to significantly increase the size of its balance sheet.

• The last interest rate change at nearly 100% of global central banks was a rate cut.

Central Banks -- Policy Rates

Central Banks -- Balance Sheets

As of 6/30/20. Sources: Charles Schwab, and MacroBond.

15 Fiscal Policy Responses Have Been Unprecedented

Fiscal Stimulus as a % of GDP: Great Recession vs COVID-19 • The fiscal stimulus and support programs 18.0% in response to the COVID-19 pandemic have been much larger than those during 16.0% the financial crisis of 2008–09 for major economies. 14.0% • It appears that even more relief will be coming as another $1+ trillion U.S. fiscal 12.0% stimulus package seems likely this summer. 10.0% • The response by governments to the 8.0% COVID-19 pandemic and resulting economic shutdown has helped prevent a 6.0% depressionary spiral from taking hold, boosting financial markets globally. 4.0%

2.0%

0.0% U.S. Germany Japan China

2008-2010 2020

As of 6/19/2020. Sources: Litman Gregory, BCA Research, Brookings, and various news and government agencies.

16 Money Supply Has Been Offset by Falling Money Velocity, Helping to Keep Inflation in Check

• Concerns have been increasing that M2Money Money Supply, Stock, year -year-over-yearover-year % change % (leftchange scale) (left scale) massive stimulus from the Fed and Velocity of Money (right scale) multi-trillion-dollar debt-financed fiscal Velocity of M2 Money Stock (right scale) 25% 2.3 support programs may lead to higher U.S. inflation. Rising inflation does not appear to be a near-term risk. 2.2

20% Gray bars = US 2.1 o At present, there is a large recession periods amount of slack in the 2.0 economy due to the COVID- induced shutdown. 15% 1.9 o The increase in money supply has been offset by falling 1.8 money velocity—how often money changes hands in economic transactions. Money 10% 1.7 velocity is at an all-time low. 1.6

• If policies remain extremely loose after the economy has reached full capacity 5% 1.5 and full employment, there is a risk that these policies could translate into rising 1.4 inflation. 0% 1.3 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 CPI: 1.4% CPI: 5.6% CPI: 12.5% CPI: 6.1% CPI: 3.4% CPI: 1.5% CPI: 0.6%

Data as of 5/31/2020. Sources: Litman Gregory, and Federal Reserve Bank of St. Louis. Money supply refers to the year-over-year % change in the amount of currency in the U.S. economy. Velocity of money is the rate at which the average unit of currency is used to purchase goods and services within a given period. 17 Take-aways From the Recent Downturn

Although markets indicate high levels of uncertainty, monetary and fiscal stimulus should provide tailwinds to the economy. Investors should continue to rebalance their portfolios and mitigate risk through diversification.

“When it comes to the relationship between economic fundamentals and the stock market, better or worse matters more than good or bad.”

- Liz Ann Sonders, Charles Schwab and Co.

18 Equity Performance as of June 30, 2020

2nd Quarter 2020 YTD as of June 30, 2020 1 Year Ending June 30, 2020

Domestic Equity Domestic Equity Domestic Equity Value Core Growth Value Core Growth Value Core Growth

Large 13.1% 20.5% 26.2% Large -15.5% -3.1% 7.9% Large -4.5% 7.5% 17.8%

Mid 19.9% 24.6% 30.3% Mid -18.1% -9.1% 4.2% Mid -11.8% -2.2% 11.9%

Small 18.9% 25.4% 30.6% Small -23.5% -13.0% -3.1% Small -17.5% -6.6% 3.5%

Developed International Equity Developed International Equity Developed International Equity Value Core Growth Value Core Growth Value Core Growth 12.4% 14.9% 16.9% -19.3% -11.3% -3.5% -14.5% -5.1% 4.2% Emerging Markets Emerging Markets Emerging Markets 18.1% -9.8% -3.4%

3 Years Annualized 5 Years Annualized 10 Years Annualized

Domestic Equity Domestic Equity Domestic Equity Value Core Growth Value Core Growth Value Core Growth

Large 3.7% 10.7% 16.7% Large 6.0% 10.7% 14.6% Large 10.9% 14.0% 16.6%

Mid -0.5% 5.8% 14.8% Mid 3.3% 6.8% 11.6% Mid 10.3% 12.3% 15.1%

Small -4.3% 2.0% 7.9% Small 1.3% 4.3% 6.9% Small 7.8% 10.5% 12.9%

Developed International Equity Developed International Equity Developed International Equity Value Core Growth Value Core Growth Value Core Growth -4.4% 0.8% 5.9% -1.6% 2.1% 5.5% 3.5% 5.7% 7.8% Emerging Markets Emerging Markets Emerging Markets 1.9% 2.9% 3.3%

Large Cap Equity = S&P 500 TR, S&P 500 Value TR, and S&P 500 Growth TR. Mid Cap Equity = Russell Mid Cap TR, Russell Mid Cap Value TR, and Russell Mid Cap Growth TR. Small Cap Equity = Russell 2000 TR, Russell 2000 Value TR, and Russell 2000 Growth TR. International and EM Equity = MSCI EAFE NR, MSCI EAFE Value NR, MSCI EAFE Growth NR, MSCI EM NR. Returns for time periods of 3 years or longer are annualized.

19 Domestic Equity Sector Performance as of June 30, 2020

Second Quarter 2020

32.9% 30.5% 30.5% 26.0% 20.0% 17.0% 13.6% 13.2% 12.2% 8.1% 2.7%

0% 5% 10% 15% 20% 25% 30% 35%

Consumer Discretionary Info Technology Energy Materials Telecom Services Industrials Health Care Real Estate Financials Consumer Staples Utilities

One Year Ending June 30, 2020

35.9% 12.6% 11.1% 10.9% 3.6% -1.1% -2.0% -2.1% -9.0% -13.9% -36.1%

-40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0%

Info Technology Consumer Discretionary Telecom Services Health Care Consumer Staples Materials Real Estate Utilities Industrials Financials Energy

20 Investment Returns Over Time

Periods Ended Calendar Year Returns Annualized Periods Ended June 30, 2020 June 30, 2020 Asset Classes QTD YTD 2019 2018 2017 2016 2015 1 yr 3 yrs 5 yrs 7 yrs 10 yrs 20 yrs Domestic Equities Large Cap Value Stocks 13.1 -15.5 31.9 -9.0 15.4 17.4 -3.1 -4.5 3.7 6.0 7.9 10.9 5.7 Large Cap Core Stocks 20.5 -3.1 31.5 -4.4 21.8 12.0 1.4 7.5 10.7 10.7 12.1 14.0 5.9 Large Cap Growth Stocks 26.2 7.9 31.1 0.0 27.4 6.9 5.5 17.8 16.7 14.6 15.7 16.6 5.9 Mid Cap Value Stocks 19.9 -18.1 27.1 -12.3 13.3 20.0 -4.8 -11.8 -0.5 3.3 6.6 10.3 8.9 Mid Cap Core Stocks 24.6 -9.1 30.5 -9.1 18.5 13.8 -2.4 -2.2 5.8 6.8 9.4 12.3 8.2 Mid Cap Growth Stocks 30.3 4.2 35.5 -4.8 25.3 7.3 -0.2 11.9 14.8 11.6 13.2 15.1 6.2 Small Cap Value Stocks 18.9 -23.5 22.4 -12.9 7.8 31.7 -7.5 -17.5 -4.3 1.3 4.0 7.8 7.7 Small Cap Core Stocks 25.4 -13.0 25.5 -11.0 14.6 21.3 -4.4 -6.6 2.0 4.3 7.2 10.5 6.7 Small Cap Growth Stocks 30.6 -3.1 28.5 -9.3 22.2 11.3 -1.4 3.5 7.9 6.9 10.0 12.9 5.3 International Equities Developed International Value Stocks 12.4 -19.3 16.1 -14.8 21.4 5.0 -5.7 -14.5 -4.4 -1.6 1.2 3.5 2.7 Developed International Core Stocks 14.9 -11.3 22.0 -13.8 25.0 1.0 -0.8 -5.1 0.8 2.1 3.9 5.7 2.9 Developed International Growth Stocks 16.9 -3.5 27.9 -12.8 28.9 -3.0 4.1 4.2 5.9 5.5 6.5 7.8 3.0 Emerging Markets Stocks 18.1 -9.8 18.4 -14.6 37.3 11.2 -14.9 -3.4 1.9 2.9 3.2 3.3 - Fixed Income Core Fixed Income 2.9 6.1 8.7 0.0 3.5 2.6 0.5 8.7 5.3 4.3 4.0 3.8 5.1 Defensive Fixed Income 0.2 3.0 3.6 1.6 0.4 0.9 0.6 4.1 2.7 1.9 1.6 1.3 2.9 Municipal Fixed Income 3.3 2.2 5.4 1.7 3.1 -0.4 2.4 3.8 3.1 2.8 2.8 2.9 4.1 Defensive Municipal Fixed Income 1.2 1.3 2.5 1.7 0.9 0.3 0.6 2.2 1.8 1.4 1.2 1.1 2.2 Floating Rate Corporate Loans 9.7 -4.6 8.6 0.4 4.1 10.2 -0.7 -2.0 2.1 2.9 3.1 4.2 4.5 High Yield Fixed Income 9.6 -4.8 14.4 -2.3 7.5 17.5 -4.6 -1.1 2.9 4.6 4.8 6.5 6.8 Diversifying Asset Classes Low Correlated Hedge Funds 7.5 -2.0 8.4 -4.0 7.8 0.5 -0.3 0.1 2.1 1.4 2.6 2.7 3.1 Liquid Low Correlated Hedge Funds 5.6 -3.4 6.7 -4.2 5.1 2.3 -3.4 -1.5 0.5 0.5 1.0 1.6 2.3 Commodities 5.1 -19.4 7.7 -11.2 1.7 11.8 -24.7 -17.4 -6.1 -7.7 -8.1 -5.8 -0.8 Midstream Energy 32.6 -29.6 24.1 -13.3 -2.4 33.8 -32.3 -29.5 -8.9 -6.5 - - - Global REITs 10.5 -19.5 22.8 -6.1 13.2 5.4 0.9 -13.8 -0.4 2.6 4.1 7.7 8.2 Direct Real Estate -1.6 -0.6 5.3 8.3 7.6 8.8 15.0 2.2 5.7 7.3 9.1 10.8 8.1 Reinsurance 0.7 0.9 0.9 -3.9 -5.6 5.2 4.2 3.0 -3.1 0.0 1.5 2.4 -

Returns based off the following indices: Large Cap Value Stocks = S&P 500 Value TR, Large Cap Core Stocks = S&P 500 TR, Large Cap Growth Stocks = S&P 500 Growth TR, Mid Cap Value Stocks = Russell Mid Cap Value TR, Mid Cap Core Stocks = Russell Mid Cap TR, Small Cap Value Stocks = Russell 2000 Value TR, Small Cap Core Stocks = Russell 2000 TR, Small Cap Growth Stocks = Russell 2000 Growth TR, Developed International Value Stocks = MSCI EAFE Value NR, Developed International Core Stocks = MSCI EAFE NR, Developed International Growth Stocks = MSCI EAFE Growth NR, Emerging Markets Stocks = MSCI EM NR, Core Fixed Income = BBgBarc US Agg Bond TR, Defensive Fixed Income = BBgBarc 1-3 yr US Treasury TR, Municipal Fixed Income = BBgBarc Municipal 5 Yr 4-6 TR, Defensive Municipal Fixed Income = BBgBarc 1 Yr 1-2 TR, Floating Rate Corporate Loans = S&P/Leveraged Loan TR, High Yield Bonds = ICE BofA US High Yield TR, Low Correlated Hedge Funds = HFRI Fund of Funds Composite Index, Liquid Low Correlated Hedge Funds = Wilshire Liquid Alternatives Multi-Strategy Index, Commodities = Bloomberg Commodity TR, Midstream Energy = Alerian Midstream Energy TR, Global REITS = S&P Developed Property TR, Direct Real Estate (Current Quarter, YTD, and Annualized Returns are preliminary) = NCREIF ODCE, Reinsurance = Eurekahedge ILS Advisers NR LCL

21 Manager Score Card Criteria Costs Median Ratio of Philosophy & Style Exp Ratio Organization People Asset Base Performance Expenses Overall Exp Ratio Exp to Process Consistency (%) (%) Median (%) JPMorgan:Equity Inc;R6 (OIEJX) 0.49 0.88 55.68 Vanguard Instl Indx;Inst (VINIX) 0.04 0.79 4.43 T Rowe Price GS;I (PRUFX) 0.52 0.92 56.52 Victory:Estab Val;R6 (VEVRX) 0.58 0.96 60.42 Vanguard Md-Cp I;Adm (VIMAX) 0.05 1.02 4.90 Buffalo:Discovery;Inv (BUFTX) 1.02 1.08 94.45 Victory:Sm Co Opp;R6 (VSORX) 0.97 1.14 85.09 Vanguard S-C Id;Adm (VSMAX) 0.05 1.08 4.63 TRowe Price QM USSCG;I (TQAIX) 0.66 1.15 57.39 Causeway:Intl Val;Inst (CIVIX) 0.90 0.95 94.74 Vanguard Tot I S;Adm (VTIAX) 0.11 0.90 12.22 Fidelity Dvsd Intl (FDIVX) 0.75 1.14 65.79 Invsc Oppen Dev Mkt;R6 (ODVIX) 0.83 1.24 66.94 American Funds CWGI;R6 (RWIGX) 0.42 0.79 53.16 PIMCO:Tot Rtn;Inst (PTTRX) 0.71 0.60 118.33 Vanguard Tot Bd;Adm (VBTLX) 0.05 0.60 8.33 Putnam Stable Value (20bps) 0.33 0.73 45.21 Dreyfus Gvt Csh Mgt;Inst (DGCXX) 0.16 0.42 38.09 GW:SecureFnd Bal;Inst (MXCJX) 1.15 1.15 100.00 American Funds Target Dates 0.38 0.80 47.50

Legend For Overall Criteria No/Minimum Concerns New No/Minimum Concerns Minor Concern Upgrade to Minor Concern Major Concern Downgrade to Minor Concern Under Review New Major Concern

Manager Score Factor Comments JPMorgan:Equity Inc;R6 (OIEJX) People In November of 2019, J.P. Morgan added Andrew Brandon and David Silberman as co-managers, alongside Clare Hart, and removed Johnathan Simon. Hart remains as the main decision maker for buy and sell decisions with over 15 years on the fund. Brandon and Silberman are natural additions as they have both worked with Hart since 2012 and 2008, respectively. Innovest believes in the management team and will continue to monitor the transition. Buffalo:Discovery;Inv (BUFTX) People Former comanager Elizabeth Jones resigned in August 2018, leaving comanagers Clay Brethour and Dave Carlson to oversee the fund. The three managed the fund together since 2004 when the fund had a narrower mandate and was called Buffalo Science & Technology. Jones was a former physician and mostly covered heathcare firms. Currently, the team is left shorthanded in this space, and Innovest will continue to monitor how they fill this role. Causeway:Intl Val;Inst (CIVIX) People Effective 6/30/2020, Jamie Doyle, Fundamental Portfolio Manager on the International and Global Value strategies, retired. Causeway employs a team-based approach, and seven managers remain on the strategy. This, coupled with ample notice, does not warrant any concern going forward for the strategy.

The Expense Ratio and Median Expense Ratio for Hedge Fund of Funds and Private Equity Fund of Funds excludes underlying fund expenses; the expenses shown are only at the Fund of Funds level. For additional disclosures related to any non-mutual fund alternative investments, please see the full disclaimer in the appendix.

22 Manager Score Card Manager Score Factor Comments PIMCO:Tot Rtn;Inst (PTTRX) People PIMCO has announced the retirement of Mihir Worah, CIO of asset allocation and real return, effective at the end of March 2020. PIMCO has been working to transition Worah’s portfolio management responsibilities, as he has both direct and indirect management duties across the firm. PIMCO has also communicated that Worah will remain as an advisor to the firm until the end of 2020. While PIMCO is well-equipped to reallocate Worah’s responsibilities to capable managers, as well as the firm’s move towards a more team-based approach following Bill Gross’ abrupt departure in 2014, the departure warrants heightened monitoring and a minor concern due to his tenure. His portfolio management responsibilities for this strategy will be reallocated to existing co-portfolio managers. Dreyfus Gvt Csh Mgt;Inst (DGCXX) Performance .

23 Table of Returns Year Last 1 3 5 7 10 Since Inception To Quarter Year Years Years Years Years Inception Date Date Large Cap Equity JPMorgan:Equity Inc;R6 (OIEJX) 13.27 (84) -13.94 (30) -5.83 (32) 5.14 (12) 7.00 (6) 8.80 (4) N/A -5.83 (32) 07/01/2019 S&P 500 Value 13.15 (86) -15.52 (54) -4.50 (15) 3.74 (24) 5.98 (18) 7.93 (17) 10.88 (18) -4.50 (15) IM U.S. Large Cap Value Equity (MF) Median 15.42 -15.32 -7.67 2.13 4.28 6.68 9.72 -7.67

Vanguard Instl Indx;Inst (VINIX) 20.55 (11) -3.08 (13) 7.49 (11) 10.70 (8) 10.70 (6) 12.10 (4) 13.96 (4) 1.99 (15) 06/01/2020 S&P 500 Index 20.54 (12) -3.08 (15) 7.51 (7) 10.73 (4) 10.73 (3) 12.13 (1) 13.99 (2) 1.99 (13) IM S&P 500 Index (MF) Median 20.44 -3.21 7.18 10.40 10.34 11.70 13.48 1.96

T Rowe Price GS;I (PRUFX) 27.75 (49) 9.07 (65) 18.69 (71) 16.59 (66) N/A N/A N/A 18.69 (71) 07/01/2019 S&P 500 Growth 26.23 (68) 7.93 (75) 17.75 (76) 16.75 (63) 14.63 (47) 15.66 (51) 16.62 (33) 17.75 (76) IM U.S. Large Cap Growth Equity (MF) Median 27.69 10.21 21.05 18.03 14.47 15.69 15.98 21.05

Mid Cap Equity Victory:Estab Val;R6 (VEVRX) 20.50 (39) -14.87 (9) -7.95 (9) 2.81 (1) 6.26 (1) N/A N/A -7.95 (9) 07/01/2019 Russell Midcap Value Index 19.95 (53) -18.09 (29) -11.81 (31) -0.54 (27) 3.32 (20) 6.55 (18) 10.29 (14) -11.81 (31) IM U.S. Mid Cap Value Equity (MF) Median 20.13 -19.66 -13.42 -2.01 1.36 4.57 8.37 -13.42

Vanguard Md-Cp I;Adm (VIMAX) 24.96 (22) -7.18 (15) -0.20 (16) 6.45 (12) 6.99 (13) 9.78 (8) 12.47 (5) -0.20 (16) 07/01/2019 CRSP U.S. Mid Cap TR Index 24.97 (21) -7.20 (15) -0.20 (16) 6.47 (11) 7.01 (11) 9.82 (6) 12.62 (4) -0.20 (16) IM U.S. Mid Cap Core Equity (MF) Median 20.77 -12.42 -6.15 2.34 3.60 6.45 9.53 -6.15

Buffalo:Discovery;Inv (BUFTX) 23.84 (88) 1.61 (71) 5.25 (80) 11.34 (77) 9.84 (67) 13.26 (36) 14.74 (30) 5.25 (80) 07/01/2019 Russell Midcap Growth Index 30.26 (55) 4.16 (60) 11.91 (47) 14.76 (40) 11.60 (31) 13.24 (36) 15.09 (24) 11.91 (47) IM U.S. Mid Cap Growth Equity (MF) Median 30.58 5.22 11.63 14.08 10.50 12.68 14.05 11.63

Small Cap Equity Victory:Sm Co Opp;R6 (VSORX) 13.57 (97) -19.88 (16) -12.91 (19) 1.05 (5) N/A N/A N/A -12.91 (19) 07/01/2019 Russell 2000 Value Index 18.91 (81) -23.50 (52) -17.48 (49) -4.35 (34) 1.26 (27) 3.98 (27) 7.82 (28) -17.48 (49) IM U.S. Small Cap Value Equity (MF) Median 21.81 -23.41 -17.72 -5.45 -0.42 2.93 7.26 -17.72

Vanguard S-C Id;Adm (VSMAX) 26.66 (20) -11.42 (14) -5.60 (15) 3.99 (6) 5.40 (7) 8.16 (6) 11.59 (4) -5.60 (15) 07/01/2019 CRSP U.S. Small Cap TR Index 26.66 (20) -11.44 (14) -5.65 (15) 3.98 (6) 5.38 (8) 8.15 (6) 11.78 (3) -5.65 (15) IM U.S. Small Cap Core Equity (MF) Median 22.39 -17.68 -11.79 -0.91 2.33 5.37 9.00 -11.79

TRowe Price QM USSCG;I (TQAIX) 24.03 (93) -5.50 (73) 1.65 (62) 8.95 (55) N/A N/A N/A 1.65 (62) 07/01/2019 Russell 2000 Growth Index 30.58 (52) -3.06 (61) 3.48 (55) 7.86 (64) 6.86 (68) 10.03 (60) 12.92 (57) 3.48 (55) IM U.S. Small Cap Growth Equity (MF) Median 30.85 0.00 4.23 9.31 8.45 10.32 13.17 4.23

Numbers in parentheses represent the percentile rank of a return as compared to a universe of funds using similar investment strategies

24 Table of Returns Year Last 1 3 5 7 10 Since Inception To Quarter Year Years Years Years Years Inception Date Date International Equity Causeway:Intl Val;Inst (CIVIX) 20.53 (1) -18.05 (57) -10.82 (49) -3.45 (37) -1.14 (35) 1.52 (15) 4.92 (1) 5.26 (8) 06/01/2020 MSCI EAFE Value Index (Net) 12.43 (88) -19.27 (61) -14.48 (70) -4.43 (63) -1.59 (54) 1.21 (28) 3.53 (32) 3.57 (47) IM International Large Cap Value Equity (MF) Median 15.40 -16.01 -10.88 -3.94 -1.51 0.68 3.39 3.41

Vanguard Tot I S;Adm (VTIAX) 18.11 (26) -10.59 (34) -4.09 (36) 1.09 (22) 2.42 (22) 4.01 (29) N/A 4.28 (21) 06/01/2020 MSCI EAFE (Net) Index 14.88 (76) -11.34 (51) -5.13 (48) 0.81 (30) 2.05 (31) 3.93 (32) 5.73 (34) 3.41 (49) IM International Core Equity (MF) Median 16.51 -11.34 -5.33 -0.18 1.36 3.46 5.27 3.38

Fidelity Dvsd Intl (FDIVX) 21.46 (23) -2.02 (20) 7.94 (9) 5.47 (35) 4.50 (37) 6.60 (18) 7.88 (18) 5.50 (25) 06/01/2020 MSCI EAFE Growth Index (Net) 16.95 (76) -3.53 (30) 4.15 (32) 5.91 (32) 5.52 (26) 6.49 (22) 7.78 (20) 3.24 (90) IM International Large Cap Growth Equity (MF) Median 18.13 -5.09 2.00 3.99 3.30 4.99 6.44 4.80

Emerging Markets Invsc Oppen Dev Mkt;R6 (ODVIX) 18.27 (73) -8.71 (45) -1.69 (42) 4.52 (20) 4.78 (23) 4.49 (26) N/A -1.69 (42) 07/01/2019 MSCI Emerging Markets (Net) Index 18.08 (75) -9.78 (55) -3.39 (53) 1.90 (44) 2.86 (46) 3.22 (44) 3.27 (49) -3.39 (53) IM Emerging Markets Equity (MF) Median 20.27 -9.44 -3.04 1.15 2.57 3.03 3.16 -3.04

Global Equity American Funds CWGI;R6 (RWIGX) 18.35 (58) -5.70 (46) 2.55 (45) 5.66 (43) 6.31 (38) 7.90 (40) 9.59 (41) 2.55 (45) 07/01/2019 MSCI AC World Index 19.39 (53) -5.99 (48) 2.64 (44) 6.70 (38) 7.03 (32) 8.39 (36) 9.74 (38) 2.64 (44) IM Global Equity (MF) Median 20.18 -6.43 1.02 4.56 5.06 7.04 9.01 1.02

Fixed Income PIMCO:Tot Rtn;Inst (PTTRX) 3.88 (77) 6.17 (31) 8.34 (41) 5.22 (32) 4.41 (21) 4.03 (29) 4.22 (23) 8.34 (41) 07/01/2019 Blmbg. Barc. U.S. Aggregate Index 2.90 (90) 6.14 (32) 8.74 (28) 5.32 (24) 4.30 (30) 3.96 (34) 3.82 (51) 8.74 (28) IM U.S. Broad Market Core Fixed Income (MF) Median 4.97 5.56 8.07 4.91 4.05 3.79 3.83 8.07

Vanguard Tot Bd;Adm (VBTLX) 2.98 (88) 6.35 (24) 8.96 (22) 5.34 (23) 4.31 (29) 3.93 (36) 3.78 (54) 8.96 (22) 07/01/2019 Blmbg. Barc. U.S. Aggregate Index 2.90 (90) 6.14 (32) 8.74 (28) 5.32 (24) 4.30 (30) 3.96 (34) 3.82 (51) 8.74 (28) IM U.S. Broad Market Core Fixed Income (MF) Median 4.97 5.56 8.07 4.91 4.05 3.79 3.83 8.07

Capital Preservaton Putnam Stable Value (20bps) 0.59 (33) 1.20 (41) 2.47 (43) 2.35 (41) 2.14 (54) 2.03 (55) 2.29 (39) 0.19 (32) 06/01/2020 Ryan 3 Yr GIC Master Index 0.60 (30) 1.21 (35) 2.44 (48) 2.13 (100) 1.83 (100) 1.61 (100) 1.73 (100) 0.20 (26) IM U.S. GIC/Stable Value (SA+CF) Median 0.57 1.17 2.42 2.34 2.16 2.05 2.19 0.18

Vantagepoint PLUS R11 0.57 (51) 1.17 (48) 2.44 (48) 2.37 (38) 2.25 (37) 2.22 (22) 2.45 (22) 2.81 (24) 01/01/2008 Ryan 3 Yr GIC Master Index 0.60 (30) 1.21 (35) 2.44 (48) 2.13 (100) 1.83 (100) 1.61 (100) 1.73 (100) 2.27 (75) IM U.S. GIC/Stable Value (SA+CF) Median 0.57 1.17 2.42 2.34 2.16 2.05 2.19 2.46

Numbers in parentheses represent the percentile rank of a return as compared to a universe of funds using similar investment strategies

25 Table of Returns Year Last 1 3 5 7 10 Since Inception To Quarter Year Years Years Years Years Inception Date Date Dreyfus Gvt Csh Mgt;Inst (DGCXX) 0.04 0.35 1.29 1.55 1.04 0.74 0.52 0.01 06/01/2020 90 Day U.S. Treasury Bill 0.02 0.60 1.63 1.77 1.17 0.85 0.62 0.01

Retirement Income GW:SecureFnd Bal;Inst (MXCJX) 13.38 -1.26 4.58 5.79 6.04 N/A N/A 2.03 06/01/2020 SecureFoundation Custom Index 13.05 -3.25 2.64 5.47 5.93 6.94 8.29 1.93

Numbers in parentheses represent the percentile rank of a return as compared to a universe of funds using similar investment strategies

26 Table of Returns Year Last 1 3 5 7 10 Since Inception To Quarter Year Years Years Years Years Inception Date Date Target Date Funds American Funds T2010;R6 (RFTTX) 8.31 (62) -0.09 (57) 4.58 (47) 5.17 (34) 5.39 (10) 6.00 (10) 7.22 (7) 1.08 (86) 06/01/2020 Dow Jones U.S. Target 2010 Index 6.10 (100) 2.55 (2) 6.00 (9) 5.13 (38) 4.45 (74) 4.88 (74) 5.70 (85) 0.84 (100) IM Mixed-Asset Target 2010 (MF) Median 9.07 0.03 4.54 5.01 4.85 5.30 6.52 1.68

American Funds T2015;R6 (RFJTX) 9.03 (77) -0.42 (35) 4.66 (36) 5.45 (31) 5.63 (10) 6.46 (6) 7.79 (9) 1.20 (81) 06/01/2020 Dow Jones U.S. Target 2015 Index 6.74 (100) 2.02 (3) 5.80 (11) 5.28 (44) 4.85 (63) 5.47 (62) 6.54 (84) 0.88 (95) IM Mixed-Asset Target 2015 (MF) Median 10.11 -0.68 4.32 5.14 5.02 5.74 7.14 1.63

American Funds T2020;R6 (RRCTX) 9.79 (58) 0.08 (21) 5.35 (11) 6.05 (11) 6.11 (4) 7.12 (1) 8.62 (2) 1.25 (77) 06/01/2020 Dow Jones U.S. Target 2020 Index 8.23 (88) 1.07 (6) 5.40 (10) 5.72 (22) 5.36 (32) 6.25 (26) 7.60 (34) 0.98 (92) IM Mixed-Asset Target 2020 (MF) Median 10.27 -1.07 4.14 5.12 5.00 5.69 7.29 1.60

American Funds T2025;R6 (RFDTX) 12.07 (47) 0.57 (9) 6.71 (2) 7.04 (2) 6.89 (1) 8.11 (1) 9.83 (1) 1.79 (59) 06/01/2020 Dow Jones U.S. Target 2025 Index 10.31 (86) -0.15 (15) 4.86 (22) 6.13 (21) 5.95 (23) 7.13 (16) 8.78 (20) 1.13 (89) IM Mixed-Asset Target 2025 (MF) Median 11.97 -1.86 3.95 5.49 5.44 6.27 8.08 1.85

American Funds T2030;R6 (RFETX) 13.83 (47) -0.46 (9) 6.31 (4) 7.52 (3) 7.41 (1) 8.83 (1) 10.53 (1) 1.88 (65) 06/01/2020 Dow Jones U.S. Target 2030 Index 12.76 (76) -1.53 (21) 4.21 (34) 6.53 (15) 6.47 (17) 7.93 (6) 9.85 (5) 1.30 (89) IM Mixed-Asset Target 2030 (MF) Median 13.74 -2.93 3.71 5.69 5.74 6.79 8.43 2.07

American Funds T2035;R6 (RFFTX) 17.15 (21) -1.20 (8) 6.71 (3) 8.23 (3) 8.07 (1) 9.40 (1) 10.95 (1) 2.36 (47) 06/01/2020 Dow Jones U.S. Target 2035 Index 15.30 (67) -2.95 (33) 3.50 (41) 6.85 (16) 6.92 (12) 8.64 (5) 10.77 (2) 1.47 (94) IM Mixed-Asset Target 2035 (MF) Median 15.75 -3.61 3.19 5.91 5.98 7.14 8.87 2.32

American Funds T2040;R6 (RFGTX) 18.44 (24) -1.72 (3) 6.53 (2) 8.38 (3) 8.24 (1) 9.57 (1) 11.11 (1) 2.57 (46) 06/01/2020 Dow Jones U.S. Target 2040 Index 17.65 (40) -4.27 (44) 2.80 (45) 7.08 (12) 7.28 (9) 9.17 (3) 11.44 (1) 1.63 (94) IM Mixed-Asset Target 2040 (MF) Median 17.15 -4.55 2.61 5.80 6.03 7.29 9.03 2.51

American Funds T2045;R6 (RFHTX) 18.82 (26) -1.75 (2) 6.56 (2) 8.50 (3) 8.37 (1) 9.69 (1) 11.19 (1) 2.58 (57) 06/01/2020 Dow Jones U.S. Target 2045 Index 19.53 (13) -5.32 (50) 2.21 (50) 7.18 (11) 7.49 (8) 9.49 (2) 11.78 (1) 1.76 (92) IM Mixed-Asset Target 2045 (MF) Median 18.24 -5.46 2.17 5.76 6.11 7.44 9.26 2.64

American Funds T2050;R6 (RFITX) 19.23 (24) -1.78 (3) 6.67 (2) 8.63 (3) 8.47 (1) 9.76 (1) 11.24 (1) 2.63 (56) 06/01/2020 Dow Jones U.S. Target 2050 Index 20.71 (7) -5.98 (61) 1.82 (50) 7.18 (11) 7.57 (8) 9.57 (2) 11.85 (1) 1.84 (91) IM Mixed-Asset Target 2050 (MF) Median 18.48 -5.64 1.81 5.65 6.10 7.47 9.30 2.66

American Funds T2055;R6 (RFKTX) 19.21 (27) -1.76 (2) 6.73 (2) 8.62 (2) 8.47 (1) 9.74 (1) 11.24 (1) 2.65 (53) 06/01/2020 Dow Jones U.S. Target 2055 Index 21.05 (1) -6.15 (59) 1.72 (52) 7.16 (12) 7.56 (9) 9.57 (2) 11.84 (1) 1.86 (92) IM Mixed-Asset Target 2055 (MF) Median 18.68 -5.78 1.77 5.76 6.14 7.52 9.60 2.69

Numbers in parentheses represent the percentile rank of a return as compared to a universe of funds using similar investment strategies

27 Table of Returns Year Last 1 3 5 7 10 Since Inception To Quarter Year Years Years Years Years Inception Date Date American Funds T2060;R6 (RFUTX) 19.13 (33) -1.76 (2) 6.66 (2) 8.59 (3) 8.45 (1) N/A N/A 2.61 (59) 06/01/2020 Dow Jones U.S. Target 2060 Index 21.05 (1) -6.15 (55) 1.72 (51) 7.16 (14) 7.56 (18) 9.57 (N/A) 11.84 (N/A) 1.86 (88) IM Mixed-Asset Target 2060+ (MF) Median 18.80 -6.04 1.76 5.87 6.74 N/A N/A 2.66

Numbers in parentheses represent the percentile rank of a return as compared to a universe of funds using similar investment strategies

28 American Funds Target Date

Management: Portfolio managers Alan Berro, James Lovelace, John Smet, have been managing these funds since inception. They are joined by Andrew Suzman, Jody Jonsson, Bradley Vogt, and Wesley Phoa who also comprise the oversight committee that manages the American Funds Target Date Retirement series. The oversight committee is very experienced with an average of 29-years of experience with the firm.

Glide Path Rationale: The American Funds Target Date Retirement Series is guided by glide path construction at two levels — changing both the quantity and the composition of equities and bonds along the series. They construct an objective-based glide path that facilitates the change in the type of equity exposure as a participant progresses through the glide path, *Glidepath generated from Morningstar Target-Date Fund Series Report emphasizing more dividend-focused COMPOSITION GLIDE PATH equities at retirement that have historically been less volatile than Number of Open Sub- the broad market. % Active Max % % Equity at Min % Funds of Funds Funds/ Architecture Advisors Age at Glide Path End Managers Equity Target-Date Equity Composition of Funds: Holdings (%) Used The series has a total of 25 underlying funds, all of which are actively managed. The maximum Yes 25 No No 100% 92% 46% 28% 95 equity allocation percentage throughout the series is 92% with a maximum equity allocation of 46% at age 65. The glide path remains static for the first 15 years and ASSET CLASS SUMMARY EXPENSES - R6 SHARE CLASS Top 10 Holdings begins to roll down around 30 years U.S. Large Cap American Funds Fund to retirement. This roll down • Median Asset Class continues until age 95. During this U.S. Mid Cap • 2010 0.33% 0.68%American Funds Washington Mutual Large Value roll down The equity and fixed U.S. Small Cap • 2015 0.33% 0.70%American Funds Inv Co of America Large Blend income portion shift from “growth” International Equity • 2020 0.34% 0.78% American Funds American Mutual Large Value to “growth and income.” Emerging Markets Equity • 2025 0.36% 0.76% American Funds Fundamental Inv Large Blend U.S. Fixed Income • 2030 0.38% 0.80% American Funds US Gov Securities Intermediate Government U.S. TIPS • 2035 0.39% 0.78% American Funds Balanced Balanced High Yield Fixed Income • 2040 0.40% 0.82% American Funds Global Balanced Global Balanced InternaƟonal Fixed Income • 2045 0.40% 0.78% American Funds New Perspective Large World Stock Emerging Markets Debt • 2050 0.41% 0.82% American Funds Capital World G&I Large World Stock REITs 2055 0.42% 0.79% American Funds AMCAP Large Growth Commodities • 2060 0.44% 0.79%

29 American Funds T2010 06/30/20

PEER GROUP ANALYSIS - IM Mixed-Asset Target 2010 (MF) RISK VS. RETURN (5 YEARS*)

16.0 6.4

5.6 12.0

4.8

8.0

4.0 Return Return Return (%) 4.0 3.2

2.4 0.0

1.6 -4.0 3.2 4.0 4.8 5.6 6.4 7.2 8.0 8.8 Risk (Standard Deviation %) Last Year 1 3 5 7 10 Quarter To Date Year Years Years Years Years Standard Return ¢£ American Funds T2010 8.28 (63) -0.09 (56) 4.59 (44) 5.15 (35) 5.33 (13) 5.96 (14) 7.17 (11) Deviation S&P Target Date Through 2010 Index 9.58 (39) 0.00 (52) 4.91 (30) 5.36 (25) 5.14 (23) 5.77 (22) 7.01 (19) ¢£ American Funds T2010 5.33 5.93 S&P Target Date Through 2010 Index 5.14 6.42 Median 9.07 0.03 4.54 5.01 4.85 5.30 6.52 ¾ Median 4.85 6.30

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

2019 2018 2017 2016 2015 2014 2013 American Funds T2010 13.87 -2.54 10.31 7.39 -0.90 6.73 12.46 S&P Target Date Through 2010 Index 15.08 -3.41 10.63 6.17 -0.25 5.34 11.57

ASSET ALLOCATION UP/DOWN CAPTURE (07/01/15 - 06/30/20)

150.0 Fixed Income 56.2% 125.0 Equities 39.4% 100.0 Other 4.9% CaptureUp 75.0 Convertibles 0.0% 50.0 Cash -0.4 % 50.0 65.0 80.0 95.0 110.0 125.0 140.0 150.0 Down Capture

-25.0 % 0.0% 25.0% 50.0% 75.0% American Funds T2010

*If less than 5 years, data is since inception of fund share class.

30 American Funds T2020 06/30/20

PEER GROUP ANALYSIS - IM Mixed-Asset Target 2020 (MF) RISK VS. RETURN (5 YEARS*)

20.0 7.5

15.0 6.0

10.0 4.5

5.0 Return Return Return (%) 3.0

0.0

1.5

-5.0

0.0 -10.0 2.0 4.0 6.0 8.0 10.0 12.0 Risk (Standard Deviation %) Last Year 1 3 5 7 10 Quarter To Date Year Years Years Years Years Standard Return ¢£ American Funds T2020 9.76 (59) 0.00 (23) 5.27 (12) 6.00 (12) 6.05 (5) 7.07 (3) 8.57 (4) Deviation S&P Target Date Through 2020 Index 12.19 (22) -1.91 (80) 3.99 (54) 5.58 (29) 5.78 (12) 6.80 (9) 8.45 (5) ¢£ American Funds T2020 6.05 6.94 S&P Target Date Through 2020 Index 5.78 8.71 Median 10.27 -1.07 4.14 5.12 5.00 5.69 7.29 ¾ Median 5.00 7.41

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

2019 2018 2017 2016 2015 2014 2013 American Funds T2020 15.56 -2.73 12.86 6.99 0.14 6.68 18.60 S&P Target Date Through 2020 Index 18.18 -4.90 14.04 7.83 -0.31 5.80 17.41

ASSET ALLOCATION UP/DOWN CAPTURE (07/01/15 - 06/30/20)

150.0 Fixed Income 50.4% 125.0 Equities 45.3% 100.0 Other 4.7% CaptureUp 75.0 Convertibles 0.0% 50.0 Cash -0.4 % 50.0 65.0 80.0 95.0 110.0 125.0 140.0 150.0 Down Capture

-20.0 % 0.0% 20.0% 40.0% 60.0% 80.0% American Funds T2020

*If less than 5 years, data is since inception of fund share class.

31 American Funds T2030 06/30/20

PEER GROUP ANALYSIS - IM Mixed-Asset Target 2030 (MF) RISK VS. RETURN (5 YEARS*)

28.0 10.0

20.0 8.0

12.0 6.0 Return Return Return (%) 4.0

4.0

-4.0

2.0 -12.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Last Year 1 3 5 7 10 Quarter To Date Year Years Years Years Years Standard Return ¢£ American Funds T2030 13.93 (42) -0.46 (9) 6.36 (3) 7.48 (4) 7.37 (1) 8.79 (1) 10.48 (2) Deviation S&P Target Date Through 2030 Index 15.25 (20) -4.38 (90) 2.57 (68) 5.69 (50) 6.26 (26) 7.56 (19) 9.44 (13) ¢£ American Funds T2030 7.37 9.80 S&P Target Date Through 2030 Index 6.26 11.16 Median 13.74 -2.93 3.71 5.69 5.74 6.79 8.43 ¾ Median 5.74 10.13

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

2019 2018 2017 2016 2015 2014 2013 American Funds T2030 20.07 -4.26 18.34 7.64 0.50 7.00 25.50 S&P Target Date Through 2030 Index 21.76 -6.52 17.38 9.08 -0.35 6.05 21.92

ASSET ALLOCATION UP/DOWN CAPTURE (07/01/15 - 06/30/20)

150.0 Equities 64.6% 125.0 Fixed Income 31.0% 100.0 Other 4.6% CaptureUp 75.0 Convertibles 0.0% 50.0 Cash -0.2 % 50.0 65.0 80.0 95.0 110.0 125.0 140.0 150.0 Down Capture

-50.0 % 0.0% 50.0% 100.0% American Funds T2030

*If less than 5 years, data is since inception of fund share class.

32 American Funds T2040 06/30/20

PEER GROUP ANALYSIS - IM Mixed-Asset Target 2040 (MF) RISK VS. RETURN (5 YEARS*)

28.0 10.0

20.0 8.0

12.0

6.0 4.0 Return Return Return (%)

-4.0 4.0

-12.0

2.0 -20.0 6.0 8.0 10.0 12.0 14.0 16.0 Risk (Standard Deviation %) Last Year 1 3 5 7 10 Quarter To Date Year Years Years Years Years Standard Return ¢£ American Funds T2040 18.45 (23) -1.71 (2) 6.45 (3) 8.34 (3) 8.19 (1) 9.52 (1) 11.05 (2) Deviation S&P Target Date Through 2040 Index 17.54 (41) -6.17 (73) 1.45 (63) 5.75 (51) 6.52 (32) 7.98 (23) 9.95 (17) ¢£ American Funds T2040 8.19 12.21 S&P Target Date Through 2040 Index 6.52 12.89 Median 17.15 -4.55 2.61 5.80 6.03 7.29 9.03 ¾ Median 6.03 12.60

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

2019 2018 2017 2016 2015 2014 2013 American Funds T2040 24.32 -5.56 21.92 8.10 0.53 6.90 26.51 S&P Target Date Through 2040 Index 24.25 -7.63 19.79 9.80 -0.47 6.14 24.16

ASSET ALLOCATION UP/DOWN CAPTURE (07/01/15 - 06/30/20)

150.0 Equities 83.1% 125.0 Fixed Income 11.4% 100.0 Other 5.5% CaptureUp 75.0 Convertibles 0.0% 50.0 Cash -0.1 % 50.0 65.0 80.0 95.0 110.0 125.0 140.0 150.0 Down Capture

-50.0 % 0.0% 50.0% 100.0% 150.0% American Funds T2040

*If less than 5 years, data is since inception of fund share class.

33 American Funds T2050 06/30/20

PEER GROUP ANALYSIS - IM Mixed-Asset Target 2050 (MF) RISK VS. RETURN (5 YEARS*)

30.0 10.0

20.0 8.0

10.0 6.0 Return Return Return (%) 0.0

4.0

-10.0

2.0 -20.0 6.0 8.0 10.0 12.0 14.0 16.0 Risk (Standard Deviation %) Last Year 1 3 5 7 10 Quarter To Date Year Years Years Years Years Standard Return ¢£ American Funds T2050 19.15 (28) -1.77 (2) 6.66 (3) 8.57 (3) 8.42 (1) 9.71 (1) 11.19 (2) Deviation S&P Target Date Through 2050 Index 18.13 (58) -6.55 (65) 1.25 (55) 5.76 (48) 6.61 (31) 8.14 (20) 10.10 (20) ¢£ American Funds T2050 8.42 12.58 S&P Target Date Through 2050 Index 6.61 13.44 Median 18.48 -5.64 1.81 5.65 6.10 7.47 9.30 ¾ Median 6.10 13.29

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

2019 2018 2017 2016 2015 2014 2013 American Funds T2050 24.98 -5.71 22.56 8.27 0.60 7.05 26.53 S&P Target Date Through 2050 Index 24.92 -8.01 20.65 10.19 -0.70 6.08 25.20

ASSET ALLOCATION UP/DOWN CAPTURE (07/01/15 - 06/30/20)

150.0 Equities 85.8% 125.0 Fixed Income 8.6% 100.0 Other 5.6% CaptureUp 75.0 Cash 0.0% 50.0

Convertibles 0.0% 50.0 65.0 80.0 95.0 110.0 125.0 140.0 150.0 Down Capture

0.0% 50.0% 100.0% 150.0% American Funds T2050

*If less than 5 years, data is since inception of fund share class.

34 American Funds T2060 06/30/20

PEER GROUP ANALYSIS - IM Mixed-Asset Target 2060+ (MF) RISK VS. RETURN (5 YEARS*)

30.0 10.0

20.0 8.0

10.0 6.0 Return Return Return (%) 0.0

4.0

-10.0

2.0 -20.0 10.8 11.7 12.6 13.5 14.4 15.3 16.2 Risk (Standard Deviation %) Last Year 1 3 5 7 10 Quarter To Date Year Years Years Years Years Standard Return ¢£ American Funds T2060 19.15 (32) -1.83 (2) 6.62 (3) 8.54 (4) 8.40 (2) N/A N/A Deviation S&P Target Date Through 2060+ Index 18.20 (66) -6.61 (66) 1.23 (59) 5.79 (53) 6.63 (54) 8.17 (N/A) N/A ¢£ American Funds T2060 8.40 12.57 S&P Target Date Through 2060+ Index 6.63 13.55 Median 18.80 -6.04 1.76 5.87 6.74 N/A N/A ¾ Median 6.74 13.45

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

2019 2018 2017 2016 2015 2014 2013 American Funds T2060 24.96 -5.68 22.54 8.29 N/A N/A N/A S&P Target Date Through 2060+ Index 25.09 -8.11 20.85 10.24 -0.83 6.03 25.49

ASSET ALLOCATION UP/DOWN CAPTURE (07/01/15 - 06/30/20)

150.0 Equities 85.9% 125.0 Fixed Income 8.6% 100.0 Other 5.6% CaptureUp 75.0 Convertibles 0.0% 50.0

Cash 0.0% 50.0 65.0 80.0 95.0 110.0 125.0 140.0 150.0 Down Capture

-50.0 % 0.0% 50.0% 100.0% 150.0% American Funds T2060

*If less than 5 years, data is since inception of fund share class.

35 JPMorgan Equity Income 06/30/20

FUND INFORMATION PEER GROUP ANALYSIS - IM U.S. Large Cap Value Equity (MF) RISK VS. RETURN (5 YEARS*)

Fund JPMorgan Funds 30.0 10.0 Family : Fund Inception : 07/02/1987 Portfolio Hart/Silberman/Brando 20.0 8.0 Manager : n

Total $10,581 Million 6.0 Assets : 10.0 Turnover : 23% 4.0 0.0 Return Investment Strategy: Return (%) The Fund focuses on high-quality U.S. 2.0 companies with sustainable dividends -10.0 and seeks to provide lower volatility compared to its peers. Management 0.0 focuses on attractive dividend yields (at -20.0 least 2% at purchase), but also places

equal attention on low payout ratios. -2.0 The team believes companies paying -30.0 4.0 8.0 12.0 16.0 20.0 24.0 out too much income can lack cash for Risk (Standard Deviation %) future growth. As such, management Last Year 1 3 5 7 10 Quarter To Date Year Years Years Years Years Standard invests in companies with durable Return franchises, consistent patterns of ¢£ JPMorgan Equity Income 13.20 (85) -14.05 (31) -6.06 (33) 4.89 (14) 6.73 (9) 8.52 (7) 11.88 (5) Deviation earnings, high return on invested S&P 500 Value 13.15 (86) -15.52 (54) -4.50 (15) 3.74 (24) 5.98 (18) 7.93 (17) 10.88 (18) ¢£ JPMorgan Equity Income 6.73 14.03 capital, conservative financials, and S&P 500 Value 5.98 15.42 strong management. In keeping with Median 15.42 -15.32 -7.67 2.13 4.28 6.68 9.72 ¾ Median 4.28 15.67 the approach to secure consistent dividends rather than maximize them, the Fund’s dividend yield has historically been in line with the index. CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS Stock appreciation of high-quality 2019 2018 2017 2016 2015 2014 2013 companies has accounted for the JPMorgan Equity Income 26.29 (49) -4.46 (9) 17.55 (33) 14.84 (38) -2.31 (29) 13.76 (8) 31.60 (61) outperformance compared to the index. S&P 500 Value 31.93 (4) -8.95 (49) 15.36 (61) 17.40 (18) -3.13 (42) 12.36 (20) 31.99 (55) IM U.S. Large Cap Value Equity (MF) Median 26.07 -9.08 16.29 13.82 -3.54 10.81 32.30

ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS

3 3 3 3 3 3 3 Years Years Years Years Years Years Years Ending Ending Ending Ending Ending Ending Ending Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016 Jun-2015 Jun-2014 JPMorgan Equity Income 4.89 (14) 12.06 (16) 9.77 (13) 8.00 (10) 10.27 (8) 15.96 (73) 16.88 (19) S&P 500 Value 3.74 (24) 10.64 (47) 8.82 (29) 7.79 (13) 9.66 (14) 16.84 (47) 16.25 (32) IM U.S. Large Cap Value Equity (MF) Median 2.13 10.52 7.96 6.63 8.20 16.71 15.38

*If less than 5 years, data is since inception of fund share class.

36 JPMorgan Equity Income 06/30/20 PORTFOLIO CHARACTERISTICS TOP 10 HOLDINGS Portfolio Benchmark Portfolio Benchmark Quarterly Wtd. Avg. Mkt. Cap $M $168,201 $121,704 Weight (%) Weight (%) Return (%) Median Mkt. Cap $M $54,055 $19,957 Bank of America Corp 2.62 1.78 12.62 Price/Earnings ratio 17.77 17.18 Johnson & Johnson 2.55 2.06 8.00 Price/Book ratio 3.07 2.44 Comcast Corp 2.52 0.75 14.05 5 Yr. EPS Growth Rate (%) 7.05 5.77 Bristol-Myers Squibb Co 2.50 0.57 6.35 Current Yield (%) 2.93 2.92 Microsoft Corp 2.50 0.00 29.40 Beta (5 Years, Monthly) 0.90 1.00 Blackrock Inc 2.38 0.39 24.49 % in Int'l Securities 4.77 4.42 Texas Instruments Inc 2.31 0.43 28.10 Active Share 60.78 N/A CME Group Inc 2.27 0.27 -5.58 Number of Stocks 90 390 Home Depot Inc. (The) 2.20 0.75 34.97 Chevron Corp 2.01 1.60 24.86

SECTOR ALLOCATION SECTOR PERFORMANCE% of Portfolio 23.86TOTAL SECTOR ATTRIBUTION8.60

4.3 Energy 5.7 29.030.7 -0.1 2.8 -0.1 Materials 2.8 24.3 28.6 11.8 1.3 Industrials 9.1 19.0 29.8 6.2 -0.4 Consumer Discretionary 4.9 18.7 29.9 -0.4 Consumer Staples 10.4 4.4 10.9 7.8 -0.3 16.6 8.4 Health Care 21.4 10.6 0.9 23.4 14.9 Financials 18.6 10.6 1.2 11.3 26.9 Information Technology 8.6 16.2 0.0 9.2 Communication Services 4.3 7.9 11.4 0.1 2.9 Utilities 6.16.9 2.6 0.1 13.2 Real Estate 2.73.2 11.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 0.0 8.0 16.0 24.0 32.0 0.0 8.0 16.0 24.0 32.0 40.0 JPMorgan Equity Income JPMorgan Equity Income S&P 500 Value JPMorgan Equity Income S&P 500 Value (Total: 2.3)

STYLE MAP (08/01/87 - 06/30/20) UP/DOWN CAPTURE (07/01/15 - 06/30/20)

150.0 Large Cap Value Large Cap Growth 125.0

100.0

Up CaptureUp 75.0 Capitalization 50.0 Small Cap Value Small Cap Growth 50.0 70.0 90.0 110.0 130.0 150.0 Manager Style Down Capture

Style History Jun-2020 Average Style Exposure JPMorgan Equity Income

37 Vanguard 500 Idx 06/30/20

FUND INFORMATION PEER GROUP ANALYSIS - IM U.S. Large Cap Core Equity (MF) RISK VS. RETURN (5 YEARS*)

Fund Vanguard Group Inc 40.0 15.0 Family : Fund Inception : 11/13/2000 30.0 Portfolio Butler/Louie Manager : 10.0 Total $286,954 Million 20.0 Assets :

Turnover : 4% 10.0 5.0 Return Return Return (%) Investment Strategy: 0.0 The core of this Fund's strategy is simple: It buys and holds the stocks that make up the S&P 500 Index. The -10.0 0.0 Fund attempts to add value on the margins by opportunistically buying futures contracts, among other -20.0 techniques, and actively tries to reduce trading costs. -5.0 -30.0 4.0 8.0 12.0 16.0 20.0 24.0 Risk (Standard Deviation %) Last Year 1 3 5 7 10 Quarter To Date Year Years Years Years Years Standard Return ¢£ Vanguard 500 Idx 20.54 (37) -3.10 (42) 7.47 (30) 10.69 (26) 10.69 (14) 12.09 (15) 13.95 (13) Deviation S&P 500 Index 20.54 (37) -3.08 (42) 7.51 (29) 10.73 (26) 10.73 (13) 12.13 (14) 13.99 (13) ¢£ Vanguard 500 Idx 10.69 14.64 S&P 500 Index 10.73 14.63 Median 19.44 -4.04 5.68 9.04 9.02 10.66 12.51 ¾ Median 9.02 14.76

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

2019 2018 2017 2016 2015 2014 2013 Vanguard 500 Idx 31.46 (30) -4.43 (31) 21.79 (39) 11.93 (27) 1.36 (33) 13.64 (17) 32.33 (40) S&P 500 Index 31.49 (30) -4.38 (30) 21.83 (38) 11.96 (26) 1.38 (33) 13.69 (16) 32.39 (38) IM U.S. Large Cap Core Equity (MF) Median 29.68 -5.61 21.17 10.07 0.26 11.41 31.77

ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS

3 3 3 3 3 3 3 Years Years Years Years Years Years Years Ending Ending Ending Ending Ending Ending Ending Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016 Jun-2015 Jun-2014 Vanguard 500 Idx 10.69 (26) 14.15 (27) 11.89 (15) 9.58 (17) 11.62 (15) 17.27 (36) 16.54 (19) S&P 500 Index 10.73 (26) 14.19 (26) 11.93 (14) 9.61 (17) 11.66 (15) 17.31 (36) 16.58 (19) IM U.S. Large Cap Core Equity (MF) Median 9.04 13.11 10.35 8.19 10.17 16.71 15.07

*If less than 5 years, data is since inception of fund share class.

38 Vanguard 500 Idx 06/30/20 PORTFOLIO CHARACTERISTICS TOP 10 HOLDINGS Portfolio Benchmark Portfolio Benchmark Quarterly Wtd. Avg. Mkt. Cap $M $385,369 $383,282 Weight (%) Weight (%) Return (%) Median Mkt. Cap $M $21,689 $21,806 Microsoft Corp 6.04 6.02 29.40 Price/Earnings ratio 23.09 23.16 Apple Inc 5.93 5.80 43.84 Price/Book ratio 4.04 4.03 Amazon.com Inc 4.47 4.51 41.50 5 Yr. EPS Growth Rate (%) 12.12 12.16 Facebook Inc 2.13 2.13 36.13 Current Yield (%) 1.85 1.85 Alphabet Inc 1.65 1.66 22.04 Beta (5 Years, Monthly) 1.00 1.00 Alphabet Inc 1.64 1.61 21.57 % in Int'l Securities 2.95 2.93 Johnson & Johnson 1.44 1.45 8.00 Active Share 0.79 N/A Berkshire Hathaway Inc 1.33 1.35 -2.36 Number of Stocks 510 505 Visa Inc 1.28 1.27 20.10 Procter & Gamble Co (The) 1.16 1.15 9.42

SECTOR ALLOCATION SECTOR PERFORMANCE% of Portfolio TOTAL27.07 SECTOR ATTRIBUTION26.95

2.9 Energy 2.9 30.5 0.0 2.5 0.0 Materials 2.5 26.026.1 8.1 0.0 Industrials 8.0 20.5 10.3 0.0 Consumer Discretionary 10.3 32.8 0.0 Consumer Staples 7.4 8.1 7.4 8.1 0.0 15.3 13.6 Health Care 15.3 13.6 0.0 10.6 12.2 Financials 10.7 12.2 0.0 25.8 30.5 Information Technology 25.8 30.5 0.0 20.2 Communication Services 10.9 20.2 0.0 2.7 Utilities 3.4 2.7 0.0 13.2 Real Estate 2.9 13.2 -0.2 -0.1 0.0 0.1 0.0 8.0 16.0 24.0 32.0 0.0 8.0 16.0 24.0 32.0 40.0 Vanguard 500 Idx Vanguard 500 Idx S&P 500 Index Vanguard 500 Idx S&P 500 Index (Total: 0.0)

STYLE MAP (12/01/00 - 06/30/20) UP/DOWN CAPTURE (07/01/15 - 06/30/20)

150.0 Large Cap Value Large Cap Growth 125.0

100.0

Up CaptureUp 75.0 Capitalization 50.0 Small Cap Value Small Cap Growth 50.0 70.0 90.0 110.0 130.0 150.0 Manager Style Down Capture

Style History Jun-2020 Average Style Exposure Vanguard 500 Idx

39 T Rowe Price Gro Stk 06/30/20

FUND INFORMATION PEER GROUP ANALYSIS - IM U.S. Large Cap Growth Equity (MF) RISK VS. RETURN (5 YEARS*)

Fund T. Rowe Price 50.0 20.0 Family : Associates Inc Fund Inception : 04/11/1950 Portfolio Joseph B. Fath 40.0 Manager : 16.0 Total $21,634 Million Assets : 30.0 Turnover : 27% 12.0 20.0 Return Return Return (%) Investment Strategy: T. Rowe Price Growth Stock is a 10.0 fundamental, bottom-up strategy and 8.0 looks for companies with strong management teams and sustainable competitive advantages that can 0.0 increase earnings or cash flow by 10% or more over a three- to five-year 4.0 period. Secular growers compromise -10.0 9.0 12.0 15.0 18.0 21.0 the top half of the portfolio while the Risk (Standard Deviation %) Last Year 1 3 5 7 10 bottom half is made up of more cyclical Quarter To Date Year Years Years Years Years Standard and defensive stocks. The portfolio Return ¢£ Deviation tends to have higher valuation metrics T Rowe Price Gro Stk 27.73 (49) 9.01 (67) 18.55 (73) 16.43 (69) 14.63 (47) 16.37 (33) 17.00 (23) than that of its index which can lead to S&P 500 Growth 26.23 (68) 7.93 (75) 17.75 (76) 16.75 (63) 14.63 (47) 15.66 (51) 16.62 (33) ¢£ T Rowe Price Gro Stk 14.63 16.34 more volatility. He will make sector S&P 500 Growth 14.63 14.83 bets, however, the portfolio is well- Median 27.69 10.21 21.05 18.03 14.47 15.69 15.98 ¾ Median 14.47 15.76 diversified with 100 plus holdings and has done an admirable job of navigating a choppy market during his tenure. CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS 2019 2018 2017 2016 2015 2014 2013 Innovest Assessment: T Rowe Price Gro Stk 30.82 (76) -1.03 (53) 33.63 (17) 1.41 (59) 10.85 (8) 8.83 (72) 39.20 (11) The strategy should be expected S&P 500 Growth 31.13 (74) -0.01 (41) 27.44 (70) 6.89 (10) 5.52 (56) 14.89 (6) 32.75 (63) outperform in bull markets and during IM U.S. Large Cap Growth Equity (MF) Median 33.38 -0.87 29.46 2.18 6.01 10.47 33.94 growth rallies as long as valuations don't become too disjointed from prices. The strategy should be expected to underperform in an ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS overheated market where valuations 3 3 3 3 3 3 3 have become completely detached Years Years Years Years Years Years Years from prices and in down markets where Ending Ending Ending Ending Ending Ending Ending allowing for valuations to be stretched Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016 Jun-2015 Jun-2014 leaves little room for error on the T Rowe Price Gro Stk 16.43 (69) 19.74 (24) 15.52 (14) 12.48 (8) 12.40 (32) 19.43 (18) 16.96 (11) downside. S&P 500 Growth 16.75 (63) 17.26 (57) 14.48 (31) 11.03 (22) 13.41 (13) 17.79 (47) 16.96 (11) IM U.S. Large Cap Growth Equity (MF) Median 18.03 17.70 13.53 9.77 11.62 17.67 14.57

*If less than 5 years, data is since inception of fund share class.

40 T Rowe Price Gro Stk 06/30/20 PORTFOLIO CHARACTERISTICS TOP 10 HOLDINGS Portfolio Benchmark Portfolio Benchmark Quarterly Wtd. Avg. Mkt. Cap $M $531,785 $562,188 Weight Weight Return (%) (%) (%) Median Mkt. Cap $M $48,012 $26,159 Amazon.com Inc 10.84 7.59 41.50 Price/Earnings ratio 33.90 30.20 Microsoft Corp 7.69 10.14 29.40 Price/Book ratio 6.00 6.73 Apple Inc 5.86 9.76 43.84 5 Yr. EPS Growth Rate (%) 19.68 16.93 Facebook Inc 5.78 3.59 36.13 Current Yield (%) 0.47 1.12 Visa Inc 3.72 2.14 20.10 Beta (5 Years, Monthly) 1.07 1.00 Mastercard Inc 3.47 1.72 22.59 % in Int'l Securities 12.08 1.91 Alphabet Inc 3.40 2.79 22.04 Active Share 55.94 N/A Alphabet Inc 2.93 2.72 21.57 Number of Stocks 71 279 Netflix Inc 2.72 1.31 21.18 Alibaba Group Holding Ltd 2.23 0.00 10.91 SECTOR ALLOCATION SECTOR PERFORMANCE TOTAL SECTOR ATTRIBUTION % of Portfolio 48.64 41.76

0.5 Energy 0.7 31.9 40.4 -0.1 0.6 0.0 Materials 2.2 23.223.6 6.7 0.1 Industrials 7.3 21.922.8 18.4 0.1 Consumer Discretionary 14.3 32.733.6 0.9 Consumer Staples 0.0 0.0 4.9 8.6 -1.1 13.7 12.1 Health Care 10.8 18.0 0.4 1.5 21.5 Financials 4.7 16.9 -0.4 39.2 31.8 Information Technology 38.7 32.9 1.9 35.5 Communication Services 13.1 18.8 24.3 0.0 4.7 Utilities 0.70.6 3.4 0.3 0.0 Real Estate 0.02.7 14.8 -2.4 -1.6 -0.8 0.0 0.8 1.6 2.4 3.2 0.0 15.0 30.0 45.0 60.0 0.0 10.0 20.0 30.0 40.0 50.0 T Rowe Price Gro Stk T Rowe Price Gro Stk S&P 500 Growth T Rowe Price Gro Stk S&P 500 Growth (Total: 2.3)

STYLE MAP (01/01/96 - 06/30/20) UP/DOWN CAPTURE (07/01/15 - 06/30/20)

150.0 Large Cap Value Large Cap Growth 125.0

100.0

Up CaptureUp 75.0 Capitalization 50.0 Small Cap Value Small Cap Growth 50.0 70.0 90.0 110.0 130.0 150.0 Manager Style Down Capture

Style History Jun-2020 Average Style Exposure T Rowe Price Gro Stk

41 Victory Syc:Estab Value 06/30/20

FUND INFORMATION PEER GROUP ANALYSIS - IM U.S. Mid Cap Value Equity (MF) RISK VS. RETURN (5 YEARS*)

Fund Victory Capital 50.0 9.0 Family : Management Inc Fund Inception : 03/01/2010 35.0 Portfolio Team Managed 6.0 Manager : 20.0 Total $2,960 Million 3.0 Assets :

Turnover : 34% 5.0 0.0 Investment Strategy: Return Return Return (%) The Fund employs a bottom-up, classic -10.0 value investment process to build a -3.0 diversified portfolio of mid cap companies that management believes -25.0 are undervalued and offer above- -6.0 average total return potential. The team utilizes elements of both deep and -40.0 relative value to exploit the -9.0 inefficiencies inherent in the mid cap asset class as well as the short-term -55.0 5.0 10.0 15.0 20.0 25.0 30.0 Risk (Standard Deviation %) nature of many market participants. Last Year 1 3 5 7 10 Quarter To Date Year Years Years Years Years Standard Return ¢£ Victory Syc:Estab Value 20.50 (39) -14.87 (9) -7.97 (9) 2.78 (1) 6.22 (1) 9.33 (1) 11.52 (1) Deviation Russell Midcap Value Index 19.95 (53) -18.09 (29) -11.81 (31) -0.54 (27) 3.32 (20) 6.55 (18) 10.29 (14) ¢£ Victory Syc:Estab Value 6.22 17.03 Russell Midcap Value Index 3.32 17.82 Median 20.13 -19.66 -13.42 -2.01 1.36 4.57 8.37 ¾ Median 1.36 18.51

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

2019 2018 2017 2016 2015 2014 2013 Victory Syc:Estab Value 28.77 (21) -9.96 (9) 16.01 (24) 21.00 (18) 1.00 (3) 12.37 (26) 34.88 (60) Russell MCV Idx 27.06 (30) -12.29 (27) 13.34 (50) 20.00 (28) -4.78 (51) 14.75 (11) 33.46 (75) IM U.S. Mid Cap Value Equity (MF) Median 24.92 -13.98 13.21 17.03 -4.76 10.68 35.67

ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS

3 3 3 3 3 3 3 Years Years Years Years Years Years Years Ending Ending Ending Ending Ending Ending Ending Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016 Jun-2015 Jun-2014 Victory Syc:Estab Value 2.78 (1) 11.09 (5) 11.56 (1) 10.24 (1) 13.96 (1) 18.73 (45) 15.22 (66) Russell MCV Idx -0.54 (27) 8.95 (37) 8.80 (24) 7.46 (18) 11.00 (11) 19.13 (38) 17.56 (16) IM U.S. Mid Cap Value Equity (MF) Median -2.01 8.41 6.98 6.16 8.83 18.59 15.87

*If less than 5 years, data is since inception of fund share class.

42 Victory Syc:Estab Value 06/30/20 PORTFOLIO CHARACTERISTICS TOP 10 HOLDINGS Portfolio Benchmark Portfolio Benchmark Quarterly Wtd. Avg. Mkt. Cap $M $13,052 $14,071 Weight Weight Return (%) (%) (%) Median Mkt. Cap $M $9,464 $6,997 Quest Diagnostics Inc 2.86 0.32 42.93 Price/Earnings ratio 17.34 16.61 Archer-Daniels-Midland Co 2.56 0.47 14.59 Price/Book ratio 2.33 2.26 Nuance Communications Inc 2.37 0.15 50.80 5 Yr. EPS Growth Rate (%) 5.90 7.79 Landstar System Inc 2.08 0.02 17.37 Current Yield (%) 2.23 2.32 Kroger Co. (The) 2.00 0.56 12.93 Beta (5 Years, Monthly) 0.94 1.00 Eastman Chemical Co 1.93 0.20 50.92 % in Int'l Securities 5.45 5.88 BorgWarner Inc 1.92 0.15 45.62 Active Share 88.04 N/A Darden Restaurants Inc. 1.83 0.21 39.13 Number of Stocks 77 687 Alleghany Corp 1.78 0.13 -11.44 Lamar Advertising Co 1.73 0.12 31.06 SECTOR ALLOCATION SECTOR PERFORMANCE TOTAL SECTOR ATTRIBUTION % of Portfolio 21.06 2.33

3.2 Energy 3.8 55.055.7 -0.2 10.2 -0.2 Materials 7.3 22.325.5 14.6 0.2 Industrials 12.0 23.624.1 30.8 -0.5 Consumer Discretionary 8.18.2 38.0 9.4 15.3 -0.1 Consumer Staples 5.5 13.0 0.2 8.3 22.5 Health Care 8.5 20.3 -1.1 16.3 11.6 Financials 16.5 18.1 0.2 15.5 Information Technology 7.9 24.226.4 -0.1 22.3 Communication Services 2.3 4.0 23.6 1.6 4.6 Utilities 3.6 12.9 3.7 0.4 11.5 Real Estate 7.2 13.6 12.4 0.0 20.0 Other 0.01.4 0.0 -2.4 -1.6 -0.8 0.0 0.8 1.6 2.4 0.0 5.0 10.0 15.0 20.0 25.0 0.0 15.0 30.0 45.0 60.0 75.0 Victory Syc:Estab Value Victory Syc:Estab Value Russell MCV Idx Victory Syc:Estab Value Russell MCV Idx (Total: 0.5)

STYLE MAP (04/01/10 - 06/30/20) UP/DOWN CAPTURE (07/01/15 - 06/30/20)

150.0 Large Cap Value Large Cap Growth 125.0

100.0

Up CaptureUp 75.0 Capitalization 50.0 Small Cap Value Small Cap Growth 50.0 70.0 90.0 110.0 130.0 150.0 Manager Style Down Capture

Style History Jun-2020 Average Style Exposure Victory Syc:Estab Value

43 Vanguard Md-Cp Idx 06/30/20

FUND INFORMATION PEER GROUP ANALYSIS - IM U.S. Mid Cap Core Equity (MF) RISK VS. RETURN (5 YEARS*)

Fund Vanguard Group Inc 50.0 12.0 Family : Fund Inception : 11/12/2001 35.0 Portfolio Butler/Johnson 8.0 Manager : Total $40,073 Million Assets : 20.0 4.0 Turnover : 15%

Investment Strategy: 5.0 Return Return Return (%) The Fund tracks the CRSP US Mid Cap 0.0 Index. The CRSP US Mid Cap Index targets inclusion of U.S. companies that -10.0 fall between the top 70%-80% of investable market capitalization. The -4.0

index includes securities traded on -25.0 NYSE, NYSE Market, NASDAQ or ARCA. -8.0 -40.0 -10.0 0.0 10.0 20.0 30.0 Risk (Standard Deviation %) Last Year 1 3 5 7 10 Quarter To Date Year Years Years Years Years Standard Return ¢£ Vanguard Md-Cp Idx 24.96 (22) -7.18 (15) -0.20 (16) 6.45 (12) 6.99 (13) 9.78 (8) 12.47 (5) Deviation CRSP U.S. Mid Cap TR Idx 24.97 (21) -7.20 (15) -0.20 (16) 6.47 (11) 7.01 (11) 9.82 (6) 12.62 (4) ¢£ Vanguard Md-Cp Idx 6.99 16.98 CRSP U.S. Mid Cap TR Idx 7.01 16.99 Median 20.77 -12.42 -6.15 2.34 3.60 6.45 9.53 ¾ Median 3.60 17.35

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

2019 2018 2017 2016 2015 2014 2013 Vanguard Md-Cp Idx 31.03 (20) -9.23 (23) 19.25 (19) 11.22 (75) -1.34 (24) 13.76 (11) 35.15 (49) CRSP US Md Cp TR Idx 31.09 (19) -9.22 (23) 19.30 (19) 11.25 (73) -1.28 (23) 13.83 (10) 35.27 (47) IM U.S. Mid Cap Core Equity (MF) Median 28.08 -11.52 15.44 14.23 -3.40 8.91 35.08

ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS

3 3 3 3 3 3 3 Years Years Years Years Years Years Years Ending Ending Ending Ending Ending Ending Ending Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016 Jun-2015 Jun-2014 Vanguard Md-Cp Idx 6.45 (12) 12.32 (22) 9.21 (32) 8.07 (15) 10.77 (15) 19.68 (19) 15.34 (30) CRSP US Md Cp TR Idx 6.47 (11) 12.36 (19) 9.25 (30) 8.12 (14) 10.82 (11) 19.66 (19) 15.68 (23) IM U.S. Mid Cap Core Equity (MF) Median 2.34 9.82 7.83 6.14 8.13 17.86 14.41

*If less than 5 years, data is since inception of fund share class.

44 Vanguard Md-Cp Idx 06/30/20 PORTFOLIO CHARACTERISTICS TOP 10 HOLDINGS Portfolio Benchmark Portfolio Benchmark Quarterly Wtd. Avg. Mkt. Cap $M $18,859 $18,726 Weight (%) Weight (%) Return (%) Median Mkt. Cap $M $11,945 $12,523 Newmont Corporation 1.24 0.58 36.96 Price/Earnings ratio 21.64 21.18 Centene Corp 0.91 0.85 6.97 Price/Book ratio 3.43 3.43 DexCom Inc 0.91 0.87 50.56 5 Yr. EPS Growth Rate (%) 12.48 12.29 lululemon athletica inc 0.89 0.86 64.60 Current Yield (%) 1.53 1.53 SBA Communications Corp 0.82 0.77 10.52 Beta (5 Years, Monthly) 1.00 1.00 Veeva Systems Inc 0.75 0.73 49.91 % in Int'l Securities 5.35 5.13 KLA Corp 0.75 0.70 35.99 Active Share 8.33 N/A Splunk Inc 0.75 0.73 57.41 Number of Stocks 339 354 Digital Realty Trust Inc 0.73 0.89 3.15 Synopsys Inc 0.72 0.68 51.41

SECTOR ALLOCATION SECTOR PERFORMANCE% of Portfolio TOTAL8.47 SECTOR ATTRIBUTION7.66

2.5 Energy 2.5 55.755.6 0.0 6.5 0.0 Materials 6.5 21.5 13.1 0.0 Industrials 13.4 26.326.2 10.4 0.0 Consumer Discretionary 10.4 40.7 0.0 Consumer Staples 3.8 13.8 3.9 13.6 0.0 13.1 27.4 Health Care 13.1 27.3 0.0 11.2 18.9 Financials 11.2 18.9 0.0 19.0 32.7 Information Technology 19.0 32.8 0.0 29.7 Communication Services 5.05.1 29.6 0.0 3.9 Utilities 6.96.9 3.9 0.0 12.7 Real Estate 8.2 12.7 -0.2 -0.1 0.0 0.1 0.0 6.0 12.0 18.0 24.0 0.0 15.0 30.0 45.0 60.0 75.0 Vanguard Md-Cp Idx Vanguard Md-Cp Idx CRSP US Md Cp TR Idx Vanguard Md-Cp Idx CRSP US Md Cp TR Idx (Total: 0.0)

STYLE MAP (12/01/01 - 06/30/20) UP/DOWN CAPTURE (07/01/15 - 06/30/20)

150.0 Large Cap Value Large Cap Growth 125.0

100.0

Up CaptureUp 75.0 Capitalization 50.0 Small Cap Value Small Cap Growth 50.0 70.0 90.0 110.0 130.0 150.0 Manager Style Down Capture

Style History Jun-2020 Average Style Exposure Vanguard Md-Cp Idx

45 Buffalo:Discovery;Inv (BUFTX) 06/30/20

FUND INFORMATION PEER GROUP ANALYSIS - IM U.S. Mid Cap Growth Equity (MF) RISK VS. RETURN (5 YEARS*)

Fund Buffalo Mutual Funds 65.0 20.0 Family : Fund Inception : 04/16/2001 Portfolio Carlsen/Cuellar/Laudan 50.0 16.0 Manager :

Total $1,344 Million 12.0 Assets : 35.0 Turnover : 77% 8.0 20.0 Return Investment Strategy: Return (%) The Buffalo Mid Cap fund invests in 4.0 companies with market caps between 5.0 $1.5 - $10 Billion. They seek to identify fundamental trends that they believe 0.0 -10.0 will play out over the next three to five years. These trends must be well -4.0 defined and measurable. The second -25.0 8.0 12.0 16.0 20.0 24.0 step consists of identifying the Risk (Standard Deviation %) companies that can potentially benefit Last Year 1 3 5 7 10 Quarter To Date Year Years Years Years Years Standard from the continuation of these trends. Return ¢£ Buffalo:Discovery;Inv (BUFTX) 23.84 (88) 1.61 (71) 5.25 (80) 11.34 (77) 9.84 (67) 13.26 (36) 14.74 (30) Deviation Finally, a valuation and business model Russell Midcap Growth Index 30.26 (55) 4.16 (60) 11.91 (47) 14.76 (40) 11.60 (31) 13.24 (36) 15.09 (24) ¢£ Buffalo:Discovery;Inv (BUFTX) 9.84 15.52 analysis of each company is performed. Russell Midcap Growth Index 11.60 17.19 Median 30.58 5.22 11.63 14.08 10.50 12.68 14.05 ¾ Median 10.50 17.74

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

2019 2018 2017 2016 2015 2014 2013 Buffalo:Discovery;Inv (BUFTX) 31.63 (74) -6.54 (69) 25.44 (43) 5.56 (44) 5.64 (8) 10.68 (19) 36.61 (38) Russell MCG Index 35.47 (39) -4.75 (47) 25.27 (44) 7.33 (25) -0.20 (56) 11.90 (10) 35.74 (47) IM U.S. Mid Cap Growth Equity (MF) Median 34.41 -5.01 24.81 4.80 0.53 7.28 35.43

ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS

3 3 3 3 3 3 3 Years Years Years Years Years Years Years Ending Ending Ending Ending Ending Ending Ending Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016 Jun-2015 Jun-2014 Buffalo:Discovery;Inv (BUFTX) 11.34 (77) 16.47 (43) 10.33 (45) 9.16 (22) 12.86 (3) 20.25 (15) 16.81 (4) Russell MCG Index 14.76 (40) 16.49 (42) 10.73 (38) 7.83 (37) 10.52 (30) 19.24 (24) 14.54 (18) IM U.S. Mid Cap Growth Equity (MF) Median 14.08 16.04 9.93 7.02 9.11 17.77 12.49

*If less than 5 years, data is since inception of fund share class.

46 Buffalo:Discovery;Inv (BUFTX) 06/30/20 PORTFOLIO CHARACTERISTICS TOP 10 HOLDINGS Portfolio Benchmark Portfolio Benchmark Quarterly Wtd. Avg. Mkt. Cap $M $26,662 $18,297 Weight (%) Weight (%) Return (%) Median Mkt. Cap $M $18,929 $9,679 DexCom Inc 1.86 0.00 50.56 Price/Earnings ratio 34.99 34.76 Etsy Inc 1.81 0.49 176.35 Price/Book ratio 5.26 9.77 Bio-Techne Corp 1.81 0.37 39.43 5 Yr. EPS Growth Rate (%) 16.90 19.04 Twilio Inc 1.76 0.92 145.19 Current Yield (%) 0.58 0.54 ServiceNow Inc 1.72 0.00 41.34 Beta (5 Years, Monthly) 0.88 1.00 Align Technology Inc 1.72 0.84 57.77 % in Int'l Securities 3.86 5.07 CoStar Group Inc 1.67 1.07 21.02 Active Share 74.44 N/A IHS Markit Ltd 1.67 0.64 26.15 Number of Stocks 94 330 Take-Two Interactive 1.66 0.57 17.67 Global Payments Inc. 1.63 0.00 17.73

SECTOR ALLOCATION SECTOR PERFORMANCE% of Portfolio 17.31TOTAL SECTOR ATTRIBUTION4.90

0.0 0.0 Energy 0.8 38.1 -0.1 15.3 1.6 13.9 0.2 Materials 2.6 22.8 Industrials 19.8 22.5 -0.3 15.7 39.7 54.5 7.8 0.5 Consumer Discretionary 13.6 11.9 16.3 3.1 29.7 -0.1 Consumer Staples 3.4 32.2 16.6 -0.4 Health Care 20.2 27.3 17.0 32.0 -1.1 Financials 9.0 34.4 4.2 21.9 38.2 -0.9 31.6 Information Technology 35.6 10.013.1 -0.6 2.8 Communication Services 4.3 -0.1 4.2 0.0 15.0 30.0 45.0 60.0 75.0 Real Estate 2.8 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 0.0 10.0 20.0 30.0 40.0 50.0 Buffalo:Discovery;Inv (BUFTX) Buffalo:Discovery;Inv (BUFTX) Buffalo:Discovery;Inv (BUFTX) Russell MCG Index Russell MCG Index (Total: -2.9)

STYLE MAP (05/01/01 - 06/30/20) UP/DOWN CAPTURE (07/01/15 - 06/30/20)

150.0 Large Cap Value Large Cap Growth 125.0

100.0

Up CaptureUp 75.0 Capitalization 50.0 Small Cap Value Small Cap Growth 50.0 70.0 90.0 110.0 130.0 150.0 Manager Style Down Capture

Style History Jun-2020 Average Style Exposure Buffalo:Discovery;Inv (BUFTX)

47 Victory:Sm Co Opp 06/30/20

FUND INFORMATION PEER GROUP ANALYSIS - IM U.S. Small Cap Value Equity (MF) RISK VS. RETURN (5 YEARS*)

Fund Victory Capital 50.0 9.0 Family : Management Inc Fund Inception : 12/15/2015 35.0 Portfolio Team Managed 6.0 Manager : Total $300 Million 20.0 Assets : 3.0 Turnover : 34% 5.0 Investment Strategy: Return The Victory Sycamore Small Company -10.0 Return (%) Opp strategy is a well-diversified, 0.0 fundamental, bottom up strategy. The management team focuses on -25.0 investing in companies by identifying -3.0 the following characteristics: undervaluation, above-average -40.0 financial strength and the prospect for improving fundamentals. -6.0 -55.0 0.0 8.0 16.0 24.0 32.0 40.0 Last Year 1 3 5 7 10 Risk (Standard Deviation %) Quarter To Date Year Years Years Years Years Standard ¢£ Return Victory:Sm Co Opp;R6 (VSORX) 13.57 (97) -19.88 (16) -12.91 (19) 1.05 (5) N/A N/A N/A Deviation Russell 2000 Value Index 18.91 (81) -23.50 (52) -17.48 (49) -4.35 (34) 1.26 (27) 3.98 (27) 7.82 (28) ¢£ Victory:Sm Co Opp;R6 (VSORX) 7.03 17.87 Russell 2000 Value Index 3.34 21.07 Median 21.81 -23.41 -17.72 -5.45 -0.42 2.93 7.26 ¾ Median 1.41 22.23

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

2019 2018 2017 2016 2015 2014 2013 Victory:Sm Co Opp;R6 (VSORX) 27.02 (12) -8.24 (1) 11.88 (19) 29.93 (26) N/A N/A N/A Russell 2000 Value 22.39 (36) -12.86 (24) 7.84 (57) 31.74 (15) -7.47 (55) 4.22 (37) 34.52 (68) IM U.S. Small Cap Value Equity (MF) Median 21.26 -16.08 8.32 26.61 -7.10 3.36 36.11

ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS

3 3 3 3 3 3 3 Years Years Years Years Years Years Years Ending Ending Ending Ending Ending Ending Ending Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016 Jun-2015 Jun-2014 Victory:Sm Co Opp;R6 (VSORX) 1.05 (5) 13.92 (1) N/A N/A N/A N/A N/A Russell 2000 Value -4.35 (34) 9.81 (19) 11.22 (18) 7.02 (28) 6.36 (41) 15.50 (61) 14.65 (54) IM U.S. Small Cap Value Equity (MF) Median -5.45 7.56 9.19 5.43 5.90 16.22 14.93

*If less than 5 years, data is since inception of fund share class.

48 Victory:Sm Co Opp 06/30/20 PORTFOLIO CHARACTERISTICS TOP 10 HOLDINGS Portfolio Benchmark Portfolio Benchmark Quarterly Wtd. Avg. Mkt. Cap $M $2,676 $1,688 Weight (%) Weight (%) Return (%) Median Mkt. Cap $M $2,060 $548 Applied Industrial Technologies Inc 1.85 0.17 37.33 Price/Earnings ratio 18.00 12.53 Werner Enterprises Inc. 1.83 0.03 20.32 Price/Book ratio 1.92 1.62 Texas Roadhouse Inc 1.69 0.00 27.29 5 Yr. EPS Growth Rate (%) 7.28 6.14 Kemper Corp 1.57 0.00 -1.98 Current Yield (%) 1.75 2.30 Core Mark Holding Co Inc 1.40 0.01 -12.25 Beta (3 Years, Monthly) 0.83 1.00 UniFirst Corp 1.39 0.29 18.59 % in Int'l Securities 3.02 3.39 Independent Bank Corp. 1.36 0.24 5.00 Active Share 89.84 N/A Crane Co. 1.36 0.00 21.81 Number of Stocks 109 1,439 MKS Instruments Inc 1.33 0.00 39.31 ICU Medical Inc 1.32 0.00 -8.65

SECTOR ALLOCATION SECTOR PERFORMANCE% of Portfolio TOTAL15.10 SECTOR ATTRIBUTION0.74

50.5 Energy 1.63.9 26.3 0.1 7.0 26.530.8 0.0 Materials 4.4 19.0 23.6 21.3 -0.3 Industrials 12.5 19.8 60.6 11.7 -3.1 Consumer Discretionary 9.0 8.2 19.3 4.2 10.0 -0.5 Consumer Staples 3.4 34.8 -1.6 7.6 2.9 10.2 Health Care 6.4 16.5 -0.9 20.3 16.7 Financials 28.8 16.7 0.0 12.7 9.6 Information Technology 11.4 -6.3-4.7 0.2 1.9 Communication Services 0.82.1 13.6 0.9 19.3 Utilities 3.0 7.1 0.0 -0.5 Real Estate 6.4 0.0 11.1 -25.0 0.0 25.0 50.0 75.0 Other 0.01.2 -6.0 -4.0 -2.0 0.0 2.0 0.0 8.0 16.0 24.0 32.0 40.0 Victory:Sm Co Opp;R6 (VSORX) Victory:Sm Co Opp;R6 (VSORX) Victory:Sm Co Opp;R6 (VSORX) Russell 2000 Value Russell 2000 Value (Total: -5.6)

STYLE MAP (01/01/16 - 06/30/20) UP/DOWN CAPTURE (01/01/16 - 06/30/20)

150.0 Large Cap Value Large Cap Growth 125.0

100.0

Up CaptureUp 75.0 Capitalization 50.0 Small Cap Value Small Cap Growth 50.0 70.0 90.0 110.0 130.0 150.0 Manager Style Down Capture

Style History Jun-2020 Average Style Exposure Victory:Sm Co Opp;R6 (VSORX)

49 Vanguard Sm-Cp Idx 06/30/20

FUND INFORMATION PEER GROUP ANALYSIS - IM U.S. Small Cap Core Equity (MF) RISK VS. RETURN (5 YEARS*)

Fund Vanguard Group Inc 50.0 9.0 Family : Fund Inception : 11/13/2000 35.0 Portfolio Coleman/O'Reilly 6.0 Manager : Total $33,426 Million Assets : 20.0 3.0 Turnover : 16%

Investment Strategy: 5.0 Return Return Return (%) This fund tracks the CRSP U.S. Small 0.0 Cap Index, which is comprised of U.S. companies that fall in the bottom 2%- -10.0 15% of the investable market capitalization. There is no lower limit in -3.0

market capitalization, other than what is -25.0 specified by investability screens. -6.0 -40.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Last Year 1 3 5 7 10 Quarter To Date Year Years Years Years Years Standard Return ¢£ Vanguard Sm-Cp Idx 26.66 (20) -11.42 (14) -5.60 (15) 3.99 (6) 5.40 (7) 8.16 (6) 11.59 (4) Deviation CRSP U.S. Small Cap TR Index 26.66 (20) -11.44 (14) -5.65 (15) 3.98 (6) 5.38 (8) 8.15 (6) 11.78 (3) ¢£ Vanguard Sm-Cp Idx 5.40 19.29 CRSP U.S. Small Cap TR Index 5.38 19.29 Median 22.39 -17.68 -11.79 -0.91 2.33 5.37 9.00 ¾ Median 2.33 20.10

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

2019 2018 2017 2016 2015 2014 2013 Vanguard Sm-Cp Idx 27.37 (16) -9.31 (18) 16.24 (13) 18.30 (78) -3.64 (41) 7.50 (13) 37.81 (43) CRSP U.S. Sm Cp Idx 27.35 (16) -9.33 (18) 16.24 (13) 18.26 (78) -3.68 (42) 7.54 (12) 38.48 (38) IM U.S. Small Cap Core Equity (MF) Median 23.87 -12.68 12.38 21.34 -4.34 4.65 36.88

ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS

3 3 3 3 3 3 3 Years Years Years Years Years Years Years Ending Ending Ending Ending Ending Ending Ending Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016 Jun-2015 Jun-2014 Vanguard Sm-Cp Idx 3.99 (6) 12.38 (18) 10.45 (37) 6.78 (46) 8.94 (20) 18.73 (25) 16.20 (19) CRSP U.S. Sm Cp Idx 3.98 (6) 12.37 (18) 10.43 (37) 6.75 (48) 8.93 (20) 19.11 (19) 16.45 (16) IM U.S. Small Cap Core Equity (MF) Median -0.91 9.96 9.77 6.59 7.27 17.30 13.94

*If less than 5 years, data is since inception of fund share class.

50 Vanguard Sm-Cp Idx 06/30/20 PORTFOLIO CHARACTERISTICS TOP 10 HOLDINGS Portfolio Benchmark Portfolio Benchmark Quarterly Wtd. Avg. Mkt. Cap $M $5,718 $5,332 Weight (%) Weight (%) Return (%) Median Mkt. Cap $M $2,141 $2,232 DocuSign Inc. 0.72 0.00 86.37 Price/Earnings ratio 19.91 19.63 Moderna Inc 0.52 0.00 114.39 Price/Book ratio 3.11 3.03 Coupa Software Inc 0.52 0.53 98.27 5 Yr. EPS Growth Rate (%) 12.29 11.78 West Pharmaceutical Services Inc. 0.50 0.24 49.35 Current Yield (%) 1.40 1.43 Trade Desk Inc (The) 0.48 0.24 110.62 Beta (5 Years, Monthly) 1.00 1.00 Teradyne Inc. 0.42 0.40 56.25 % in Int'l Securities 2.98 3.24 Teladoc Health Inc 0.41 0.41 23.11 Active Share 6.06 N/A Zebra Technologies Corp. 0.41 0.39 39.41 Number of Stocks 1,336 1,370 Tyler Technologies Inc. 0.40 0.20 16.97 Leidos Holdings Inc 0.39 0.19 2.56

SECTOR ALLOCATION SECTOR PERFORMANCE% of Portfolio TOTAL4.77 SECTOR ATTRIBUTION2.60

1.8 Energy 1.4 57.357.5 -0.2 4.6 0.0 Materials 4.6 27.327.2 14.9 0.0 Industrials 14.9 23.323.2 10.4 0.0 Consumer Discretionary 10.4 50.150.0 0.0 Consumer Staples 3.2 21.9 3.2 21.9 0.0 15.8 30.2 Health Care 15.9 30.2 0.0 13.3 15.9 Financials 13.4 15.9 0.0 20.4 35.2 Information Technology 20.4 35.2 0.0 21.9 Communication Services 2.8 21.6 0.0 -0.4 Utilities 3.83.7 -0.4 0.0 12.8 Real Estate 9.29.1 12.9 -0.3 -0.2 -0.1 0.0 0.1 0.0 6.0 12.0 18.0 24.0 30.0 -20.0 0.0 20.0 40.0 60.0 80.0 Vanguard Sm-Cp Idx Vanguard Sm-Cp Idx CRSP U.S. Sm Cp Idx Vanguard Sm-Cp Idx CRSP U.S. Sm Cp Idx (Total: -0.2)

STYLE MAP (12/01/00 - 06/30/20) UP/DOWN CAPTURE (07/01/15 - 06/30/20)

150.0 Large Cap Value Large Cap Growth 125.0

100.0

Up CaptureUp 75.0 Capitalization 50.0 Small Cap Value Small Cap Growth 50.0 70.0 90.0 110.0 130.0 150.0 Manager Style Down Capture

Style History Jun-2020 Average Style Exposure Vanguard Sm-Cp Idx

51 TRowe Price QM USSCG 06/30/20

FUND INFORMATION PEER GROUP ANALYSIS - IM U.S. Small Cap Growth Equity (MF) RISK VS. RETURN (5 YEARS*)

Fund T. Rowe Price 65.0 18.0 Family : Associates Inc Fund Inception : 06/30/1997 50.0 Portfolio Sudhir Nanda 12.0 Manager : Total $4,785 Million Assets : 35.0 6.0 Turnover : 22%

20.0 Return Return Return (%) Investment Strategy: 0.0 The fund seeks to invest in a broadly diversified portfolio of securities to 5.0 minimize the effects of individual security selection on fund performance. -6.0 The "QM" in the fund's name reflects -10.0 the concept that the fund employs a "quantitative management" strategy -12.0 relying on quantitative models -25.0 12.0 16.0 20.0 24.0 28.0 developed by T. Rowe Price to help Risk (Standard Deviation %) identify stocks that could be included in Last Year 1 3 5 7 10 Quarter To Date Year Years Years Years Years Standard the portfolio. Based on these models Return and fundamental research, the portfolio ¢£ TRowe Price QM USSCG 24.02 (93) -5.57 (73) 1.52 (63) 8.81 (57) 8.24 (53) 11.51 (31) 14.73 (20) Deviation is typically constructed in a "bottom up" Russell 2000 Grwth Idx 30.58 (52) -3.06 (61) 3.48 (55) 7.86 (64) 6.86 (68) 10.03 (60) 12.92 (57) ¢£ TRowe Price QM USSCG 8.24 17.91 manner which takes into consideration Russell 2000 Grwth Idx 6.86 20.38 various stock characteristics, such as Median 30.85 0.00 4.23 9.31 8.45 10.32 13.17 ¾ Median 8.45 20.30 projected earnings and sales growth rates, valuation, capital allocation, and earnings quality. CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

2019 2018 2017 2016 2015 2014 2013 TRowe Price QM USSCG 32.76 (33) -6.86 (64) 22.12 (41) 11.31 (41) 2.33 (14) 6.38 (14) 44.19 (39) Russell 2000 Grwth Idx 28.48 (47) -9.31 (79) 22.17 (41) 11.32 (41) -1.38 (37) 5.60 (21) 43.30 (47) IM U.S. Small Cap Growth Equity (MF) Median 27.70 -5.12 20.69 9.86 -2.35 2.79 42.88

ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS

3 3 3 3 3 3 3 Years Years Years Years Years Years Years Ending Ending Ending Ending Ending Ending Ending Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016 Jun-2015 Jun-2014 TRowe Price QM USSCG 8.81 (57) 15.48 (56) 11.06 (38) 9.33 (18) 11.09 (1) 21.59 (8) 15.87 (9) Russell 2000 Grwth Idx 7.86 (64) 14.69 (63) 10.60 (42) 7.64 (37) 7.74 (29) 20.11 (25) 14.49 (23) IM U.S. Small Cap Growth Equity (MF) Median 9.31 16.27 10.13 6.73 6.46 18.25 12.76

*If less than 5 years, data is since inception of fund share class.

52 TRowe Price QM USSCG 06/30/20 PORTFOLIO CHARACTERISTICS TOP 10 HOLDINGS Portfolio Benchmark Portfolio Benchmark Quarterly Wtd. Avg. Mkt. Cap $M $6,399 $2,491 Weight Weight Return (%) (%) (%) Median Mkt. Cap $M $3,847 $880 Cable One Inc 1.34 0.00 8.09 Price/Earnings ratio 26.80 28.15 Masimo Corp 1.16 0.00 28.72 Price/Book ratio 4.22 4.37 Molina Healthcare Inc. 1.06 0.00 27.39 5 Yr. EPS Growth Rate (%) 16.98 13.22 Fair Isaac Corp 1.00 0.00 35.86 Current Yield (%) 0.55 0.55 West Pharmaceutical Services Inc. 0.99 0.00 49.35 Beta (5 Years, Monthly) 0.86 1.00 Monolithic Power Systems Inc 0.99 0.00 41.83 % in Int'l Securities 2.52 2.05 Pool Corp 0.98 0.00 38.53 Active Share 79.68 N/A MarketAxess Holdings Inc 0.98 0.00 50.80 Number of Stocks 278 1,081 Entegris Inc 0.96 0.00 32.10 Horizon Therapeutics Public Ltd Co 0.94 0.00 87.64 SECTOR ALLOCATION SECTOR PERFORMANCE TOTAL SECTOR ATTRIBUTION % of Portfolio 10.40 0.00

0.7 Energy 0.3 45.8 55.9 0.1 3.7 0.0 Materials 2.7 27.027.0 16.6 -0.7 Industrials 17.2 23.7 28.2 11.8 -2.2 Consumer Discretionary 10.4 32.1 55.2 -0.2 Consumer Staples 4.1 17.0 3.3 19.9 -1.9 28.1 24.9 Health Care 34.0 31.5 0.4 4.5 23.7 Financials 5.6 18.0 -1.1 21.9 25.1 Information Technology 18.4 30.2 -0.3 18.9 Communication Services 2.33.7 24.2 0.3 0.6 Utilities 0.81.7 0.1 -0.5 7.4 Real Estate 4.14.0 18.7 -2.8 -2.1 -1.4 -0.7 0.0 0.7 1.4 0.0 10.0 20.0 30.0 40.0 50.0 0.0 15.0 30.0 45.0 60.0 75.0 TRowe Price QM USSCG TRowe Price QM USSCG Russell 2000 Grwth Idx TRowe Price QM USSCG Russell 2000 Grwth Idx (Total: -6.1)

STYLE MAP (07/01/97 - 06/30/20) UP/DOWN CAPTURE (07/01/15 - 06/30/20)

150.0 Large Cap Value Large Cap Growth 125.0

100.0

Up CaptureUp 75.0 Capitalization 50.0 Small Cap Value Small Cap Growth 50.0 70.0 90.0 110.0 130.0 150.0 Manager Style Down Capture

Style History Jun-2020 Average Style Exposure TRowe Price QM USSCG

53 Causeway Intl Value 06/30/20

FUND INFORMATION PEER GROUP ANALYSIS - IM International Large Cap Value Equity (MF) RISK VS. RETURN (5 YEARS*)

Fund Causeway Capital 35.0 1.0 Family : Management LLC Fund Inception : 10/26/2001 0.0 Portfolio Team Managed 20.0 Manager :

Total $4,608 Million -1.0 Assets : Turnover : 36% 5.0 -2.0 Return Return Return (%)

-10.0 Investment Strategy: -3.0 The investment seeks long-term growth of capital and income. The

fund invests primarily in common -25.0 -4.0 stocks of companies located in developed countries outside the U.S. Normally, it invests at least -5.0 80% of its total assets in stocks of -40.0 12.0 14.0 16.0 18.0 Risk (Standard Deviation %) companies located in at least ten Last Year 1 3 5 7 10 foreign countries and invests the Quarter To Date Year Years Years Years Years Standard Return majority of its total assets in ¢£ Causeway Intl Value 20.53 (1) -18.05 (57) -10.82 (49) -3.45 (37) -1.14 (35) 1.52 (15) 4.92 (1) Deviation companies that pay dividends or MSCI EAFE Value Idx 12.43 (88) -19.27 (61) -14.48 (70) -4.43 (63) -1.59 (54) 1.21 (28) 3.53 (32) ¢£ Causeway Intl Value -1.14 17.09 repurchase their shares. There is MSCI EAFE Value Idx -1.59 15.85 no limit on investments in any one Median 15.40 -16.01 -10.88 -3.94 -1.51 0.68 3.39 ¾ Median -1.51 15.35 country. The fund may invest up to 10% of its total assets in companies in emerging (less CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS developed) markets 2019 2018 2017 2016 2015 2014 2013 Causeway Intl Value 20.10 (18) -18.61 (86) 27.18 (11) 0.44 (64) -2.97 (70) -6.22 (20) 24.17 (2) MSCI EAFE Value Idx 16.09 (74) -14.78 (19) 21.44 (63) 5.02 (1) -5.68 (100) -5.39 (16) 22.95 (3) IM International Large Cap Value Equity (MF) Median 18.45 -17.83 22.09 1.18 -2.21 -9.55 21.34

ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS

3 3 3 3 3 3 3 Years Years Years Years Years Years Years Ending Ending Ending Ending Ending Ending Ending Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016 Jun-2015 Jun-2014 Causeway Intl Value -3.45 (37) 6.83 (5) 3.59 (12) 0.46 (7) 0.73 (33) 12.35 (1) 9.39 (3) MSCI EAFE Value Idx -4.43 (63) 8.46 (1) 3.30 (26) -0.59 (61) -0.10 (51) 11.80 (3) 8.46 (18) IM International Large Cap Value Equity (MF) Median -3.94 5.90 2.63 -0.44 -0.07 10.19 6.02

*If less than 5 years, data is since inception of fund share class.

54 Causeway Intl Value 06/30/20 PORTFOLIO CHARACTERISTICS TOP 10 HOLDINGS Portfolio Benchmark Portfolio Benchmark Quarterly Wtd. Avg. Mkt. Cap $M $77,583 $49,464 Weight (%) Weight (%) Return (%) Median Mkt. Cap $M $28,298 $8,908 China Mobile Ltd 10.56 0.00 -7.91 Price/Earnings ratio 13.89 12.86 Volkswagen AG 4.48 0.43 29.36 Price/Book ratio 2.10 1.72 BASF SE 3.71 0.78 26.08 5 Yr. EPS Growth Rate (%) 1.20 1.03 Fanuc Corp 3.65 0.34 31.18 Current Yield (%) 3.00 4.00 ABB Ltd 3.54 0.63 27.62 Beta (5 Years, Monthly) 1.04 1.00 Siemens AG 3.46 1.37 38.50 % in Emerging Market 8.00 0.09 Unicredit SPA 3.22 0.30 17.34 Active Share 85.12 N/A Novartis AG 3.01 2.84 5.02 Number of Stocks 60 548 Samsung Electronics Co Ltd 2.96 0.00 12.84 British American Tobacco 2.88 1.34 13.27

REGION ALLOCATION REGION PERFORMANCE% of Portfolio TOTAL41.47 REGION ATTRIBUTION8.03

7.5 17.0 EM Asia 0.0 53.0 0.3 0.0 0.0 0.0 EM Europe 0.0 23.8 0.3 24.4 0.0 EM Latin America 0.0 0.0 44.2 22.7 2.5 Europe ex UK 43.3 17.1 10.5 22.4 2.3 Japan 27.2 7.8 0.0 Middle East 0.0 0.0 0.6 8.3 0.2 1.7 22.7 North America 0.0 -0.1 -3.6 12.9 -7.8 Pacific ex Japan 11.3 20.5 0.9 22.9 11.4 United Kingdom 17.0 5.7 0.0 0.0 0.0 Other 0.5 8.2 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 0.0 15.0 30.0 45.0 60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 Causeway Intl Value Causeway Intl Value MSCI EAFE Value Idx Causeway Intl Value MSCI EAFE Value Idx (Total: 2.7) SECTOR ALLOCATION SECTOR PERFORMANCE TOTAL SECTOR ATTRIBUTION

2.3 Energy 7.3 -2.6 4.1 1.0 9.1 0.3 Materials 8.7 24.527.1 23.0 1.7 Industrials 12.3 16.1 22.2 4.8 0.3 Consumer Discretionary 10.7 14.9 24.3 0.0 Consumer Staples 5.2 10.3 4.1 8.9 -0.8 9.4 7.1 Health Care 8.6 16.3 1.1 17.1 18.7 Financials 26.8 12.6 1.1 9.1 24.7 Information Technology 1.6 11.3 -2.3 0.4 Communication Services 8.0 18.8 11.5 0.1 15.7 Utilities 1.3 7.7 11.4 0.2 0.0 Real Estate 0.0 4.2 8.3 -4.0 -2.0 0.0 2.0 4.0 0.0 8.0 16.0 24.0 32.0 40.0 -10.0 0.0 10.0 20.0 30.0 40.0 Causeway Intl Value Causeway Intl Value MSCI EAFE Value Idx Causeway Intl Value MSCI EAFE Value Idx (Total: 2.7)

55 Vanguard Total Int'l Stk Idx 06/30/20

FUND INFORMATION PEER GROUP ANALYSIS - IM International Multi-Cap Core Equity (MF) RISK VS. RETURN (5 YEARS*)

Fund Vanguard Group Inc 30.0 6.0 Family : Fund Inception : 11/29/2010 Portfolio Perre/Franquin 20.0 4.0 Manager :

Total $63,140 Million 2.0 Assets : 10.0 Turnover : 4% 0.0 0.0 Return Investment Strategy: Return (%) The Fund seeks to track the FTSE -2.0 Global All Cap ex US Index, which -10.0 measures the investment return of stocks issued by companies located in -4.0 developed and emerging markets, -20.0 excluding the United States. The Fund offers broad exposure to non-U.S. -6.0 equity markets, while remaining fully invested and minimizing tracking error. -30.0 6.0 9.0 12.0 15.0 18.0 21.0 Risk (Standard Deviation %) Last Year 1 3 5 7 10 Quarter To Date Year Years Years Years Years Standard Return ¢£ Vanguard Total Int'l Stk Idx 18.11 (20) -10.59 (36) -4.09 (38) 1.09 (25) 2.42 (25) 4.01 (31) N/A Deviation FTSE Gbl ex USA All Cap Idx 17.15 (36) -10.91 (45) -4.16 (38) 1.39 (15) 2.71 (16) 4.32 (19) 5.60 (42) ¢£ Vanguard Total Int'l Stk Idx 2.42 14.78 FTSE Gbl ex USA All Cap Idx 2.71 14.84 Median 16.22 -11.12 -5.11 0.07 1.49 3.57 5.36 ¾ Median 1.49 14.55

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

2019 2018 2017 2016 2015 2014 2013 Vanguard Total Int'l Stk Idx 21.51 (44) -14.43 (44) 27.55 (19) 4.67 (15) -4.26 (83) -4.17 (35) 15.14 (82) FTSE Global ex USA All Cap Index 22.19 (26) -14.36 (42) 27.77 (16) 5.04 (11) -4.03 (81) -3.12 (23) 15.90 (77) IM International Multi-Cap Core Equity (MF) Median 21.24 -14.88 25.23 1.11 -0.90 -5.02 20.47

ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS

3 3 3 3 3 3 3 Years Years Years Years Years Years Years Ending Ending Ending Ending Ending Ending Ending Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016 Jun-2015 Jun-2014 Vanguard Total Int'l Stk Idx 1.09 (25) 8.94 (25) 5.33 (27) 1.35 (47) 2.02 (50) 9.89 (70) 5.89 (71) FTSE Global ex USA All Cap Index 1.39 (15) 9.51 (12) 5.77 (19) 1.65 (39) 2.24 (43) 10.43 (62) 6.24 (66) IM International Multi-Cap Core Equity (MF) Median 0.07 8.17 4.50 1.27 2.02 11.27 6.88

*If less than 5 years, data is since inception of fund share class.

56 Vanguard Total Int'l Stk Idx 06/30/20

PORTFOLIO CHARACTERISTICS ASSET ALLOCATION TOP 10 HOLDINGS Total Securities 7,409 Alibaba Group Holding Ltd DR 1.64 % Avg. Market Cap $67,662 Million Equities 96.7% Nestle SA ORD 1.41 % P/E 21.97 Cash 2.8% Tencent Holdings Ltd ORD 1.38 % P/B 3.47 Taiwan Semiconductor Manufacturing 1.12 % Other Div. Yield 3.56% 0.3% Roche Holding AG Par 1.11 % Annual EPS 6.64 Fixed Income 0.2% Samsung Electronics Co Ltd ORD 0.89 % TOP 5 COUNTRIES 5Yr EPS 8.48 Convertibles 0.0% Novartis AG ORD 0.84 % 3YrJapan EPS Growth 12.49 17.08 % Toyota Motor Corp ORD 0.70 % China 9.22 % 0.0% 50.0% 100.0% 150.0% AstraZeneca PLC ORD 0.63 % United Kingdom 8.66 % ASML Holding NV ORD 0.54 % 3 Years 5 Years Switzerland 6.43 % Canada 6.40 % vs. FTSE Global ex USA All Cap Index Beta 1.02 0.99

REGION ALLOCATION SECTOR ALLOCATION

EM Asia Communication Services EM Europe Consumer Discretionary EM Latin America Consumer Staples North America Energy EM Mid East+Africa Financials Pacific ex Japan Health Care Japan Industrials Europe ex UK Information Technology United Kingdom Materials Middle East Real Estate Frontier Markets Utilities Other Other 0.0 6.0 12.0 18.0 24.0 30.0 36.0 42.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0

Vanguard Total Int'l Stk Idx FTSE Global ex USA All Cap Index Vanguard Total Int'l Stk Idx FTSE Global ex USA All Cap Index

STYLE MAP (12/01/10 - 06/30/20) UP/DOWN CAPTURE (07/01/15 - 06/30/20)

150.0 MSCI EAFE Value Index MSCI EAFE Growth Index 125.0

100.0

Up CaptureUp 75.0 Capitalization 50.0 MSCI EAFE Small Cap MSCI Emerging Markets Index 50.0 70.0 90.0 110.0 130.0 150.0 Manager Style Down Capture

Style History Jun-2020 Average Style Exposure Vanguard Total Int'l Stk Idx

57 Fidelity Dvsd Intl 06/30/20

FUND INFORMATION PEER GROUP ANALYSIS - IM International Large Cap Growth Equity (MF) RISK VS. RETURN (5 YEARS*)

Fund Fidelity Management & 30.0 12.0 Family : Research Company Fund Inception : 12/27/1991

Portfolio William Bower 20.0 9.0 Manager : Total $8,530 Million Assets : 6.0 Turnover : 37% 10.0 Return Investment Strategy: Return (%) 3.0 Seeks capital growth. The fund 0.0 represents a diversified international mandate with the majority of its assets invested in the major markets 0.0 represented by the MSCI Europe, -10.0 Australasia and the Far East. The fund is constructed through a bottom-up approach in which sector and country -3.0 -20.0 weightings are primarily the byproduct 9.0 12.0 15.0 18.0 21.0 of individual stock selection. In Last Year 1 3 5 7 10 Risk (Standard Deviation %) analyzing securities, the manager Quarter To Date Year Years Years Years Years Standard focuses on a company's earnings ¢£ Return Fidelity Dvsd Intl 21.46 (23) -2.02 (20) 7.94 (9) 5.47 (35) 4.50 (37) 6.60 (18) 7.88 (18) Deviation growth prospects, its cash flow MSCI EAFE Growth Index (Net) 16.95 (76) -3.53 (30) 4.15 (32) 5.91 (32) 5.52 (26) 6.49 (22) 7.78 (20) ¢£ Fidelity Dvsd Intl 4.50 14.29 multiples, balance sheet leverage and MSCI EAFE Growth Index (Net) 5.52 13.58 valuations relative to global peers and Median 18.13 -5.09 2.00 3.99 3.30 4.99 6.44 Median 3.30 14.81 historic levels. The manager also seeks ¾ to assess the quality of management and the alignment of management with shareholders' interests. CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

Innovest's Assessment: 2019 2018 2017 2016 2015 2014 2013 The fund should outperform when high Fidelity Dvsd Intl 29.70 (11) -15.24 (58) 26.65 (67) -3.73 (69) 3.12 (13) -3.20 (28) 25.19 (4) quality growth stocks are leading. It MSCI EAFE Gr Idx (Net) 27.90 (30) -12.83 (35) 28.86 (53) -3.04 (66) 4.09 (12) -4.43 (41) 22.55 (8) should underperform the broad market IM International Large Cap Growth Equity (MF) Median 27.03 -14.98 29.50 -0.87 -0.02 -4.98 18.48 in periods driven by thematic trends/sector rotation as well as strong value driven markets. The fund has ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS historically been underweight Japan relative to its benchmark and should be 3 3 3 3 3 3 3 expected to perform accordingly. Years Years Years Years Years Years Years Ending Ending Ending Ending Ending Ending Ending Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016 Jun-2015 Jun-2014 Fidelity Dvsd Intl 5.47 (35) 8.65 (64) 4.05 (62) 2.73 (46) 4.16 (16) 14.09 (5) 8.75 (10) MSCI EAFE Gr Idx (Net) 5.91 (32) 9.68 (50) 6.41 (29) 2.81 (44) 4.17 (16) 12.11 (22) 7.68 (29) IM International Large Cap Growth Equity (MF) Median 3.99 9.68 4.96 2.52 2.65 10.73 6.89

*If less than 5 years, data is since inception of fund share class.

58 Fidelity Dvsd Intl 06/30/20 PORTFOLIO CHARACTERISTICS TOP 10 HOLDINGS Portfolio Benchmark Portfolio Benchmark Quarterly Wtd. Avg. Mkt. Cap $M $106,249 $75,784 Weight Weight Return (%) (%) (%) Median Mkt. Cap $M $24,562 $10,808 Roche Holding AG 2.87 3.73 6.38 Price/Earnings ratio 24.76 25.84 ASML Holding NV 2.72 2.40 41.37 Price/Book ratio 3.39 3.86 SAP AG 2.68 2.24 25.69 5 Yr. EPS Growth Rate (%) 10.79 8.49 Keyence Corp 1.94 1.17 29.05 Current Yield (%) 1.47 1.69 Astrazeneca PLC 1.78 2.10 N/A Beta (5 Years, Monthly) 1.02 1.00 AIA Group Ltd 1.71 1.73 4.44 % in Emerging Market 9.75 0.05 Sanofi 1.68 0.00 19.98 Active Share 69.23 N/A Hoya Corp 1.59 0.55 11.32 Number of Stocks 164 446 Louis Vuitton Moet Hennessy 1.46 1.87 18.17 London Stock Exchange Group PLC 1.43 0.50 14.29 REGION ALLOCATION REGION PERFORMANCE TOTAL REGION ATTRIBUTION % of Portfolio 19.86 16.29

9.5 20.2 EM Asia 0.1 53.0 0.2 0.2 7.6 0.0 EM Europe 0.0 23.8 0.0 0.0 0.0 EM Mid East+Africa 0.0 -99.5 45.5 22.6 2.1 Europe ex UK 53.7 17.8 18.9 19.4 1.1 Japan 25.5 14.5 -0.1 Middle East 0.0 0.0 0.6 33.0 0.9 8.1 28.1 North America 0.0 0.0 -0.3 5.9 19.1 Pacific ex Japan 10.9 20.6 0.1 11.1 15.5 United Kingdom 9.1 13.9 0.2 0.7 43.3 Other 0.2 22.9 -1.2 -0.6 0.0 0.6 1.2 1.8 2.4 3.0 0.0 15.0 30.0 45.0 60.0 75.0 -200.0 -100.0 0.0 100.0 Fidelity Dvsd Intl Fidelity Dvsd Intl MSCI EAFE Gr Idx (Net) Fidelity Dvsd Intl MSCI EAFE Gr Idx (Net) (Total: 4.2) SECTOR ALLOCATION SECTOR PERFORMANCE TOTAL SECTOR ATTRIBUTION

1.8 Energy 0.7 28.5 32.9 0.2 6.1 0.2 Materials 5.3 24.0 26.6 16.4 0.5 Industrials 16.1 19.2 22.6 9.3 0.0 Consumer Discretionary 11.9 19.720.9 1.0 Consumer Staples 8.2 11.5 19.4 9.6 0.6 16.4 16.6 Health Care 19.6 13.5 -0.2 16.4 16.6 Financials 7.2 19.1 1.1 18.1 28.8 Information Technology 13.0 24.9 0.6 31.2 Communication Services 3.34.4 17.3 0.0 18.7 Utilities 1.11.9 22.9 0.2 15.3 Real Estate 1.02.5 9.9 -0.8 -0.4 0.0 0.4 0.8 1.2 1.6 0.0 6.0 12.0 18.0 24.0 0.0 8.0 16.0 24.0 32.0 40.0 Fidelity Dvsd Intl Fidelity Dvsd Intl MSCI EAFE Gr Idx (Net) Fidelity Dvsd Intl MSCI EAFE Gr Idx (Net) (Total: 4.2)

59 American Funds CWGI 06/30/20

FUND INFORMATION PEER GROUP ANALYSIS - IM Global Equity (MF) RISK VS. RETURN (5 YEARS*)

Fund American Funds 65.0 24.0 Family : Fund Inception : 05/01/2009 50.0 Portfolio Team Managed 18.0 Manager : 35.0 Total $18,553 Million 12.0 Assets :

Turnover : 23% 20.0 6.0 Return Return Return (%) Investment Strategy: 5.0 This Fund's managers are focused on 0.0 long-term growth while providing income. They invest in many blue-chip -10.0 stocks issued by companies in the -6.0 world’s largest stock markets that also have healthy dividends. They usually -25.0

try to purchase stocks when they are -12.0 cheaply priced and hold them for the -40.0 -10.0 0.0 10.0 20.0 30.0 40.0 long term, giving the portfolio low price Risk (Standard Deviation %) multiples relative to peers. The Last Year 1 3 5 7 10 managers use cash to moderate Quarter To Date Year Years Years Years Years Standard Return volatility, typically holding 5-10% of ¢£ American Funds CWGI 18.35 (58) -5.70 (46) 2.55 (45) 5.66 (43) 6.31 (38) 7.90 (40) 9.59 (41) Deviation assets in cash. The fund may also have MSCI AC World Index 19.39 (53) -5.99 (48) 2.64 (44) 6.70 (38) 7.03 (32) 8.39 (36) 9.74 (38) ¢£ American Funds CWGI 6.31 13.57 a stake in emerging-markets MSCI AC World Index 7.03 14.38 companies and will sometimes hold Median 20.18 -6.43 1.02 4.56 5.06 7.04 9.01 ¾ Median 5.06 14.92 limited amounts of preferred stock, convertible debt, and traditional debt securities. CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

2019 2018 2017 2016 2015 2014 2013 American Funds CWGI 25.74 (54) -9.97 (53) 25.08 (33) 6.85 (46) -1.88 (53) 4.36 (36) 25.28 (49) MSCI AC World Index 27.30 (45) -8.93 (40) 24.62 (36) 8.49 (33) -1.84 (53) 4.71 (33) 23.44 (58) IM Global Equity (MF) Median 26.37 -9.72 22.33 6.34 -1.65 2.57 24.98

ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS

3 3 3 3 3 3 3 Years Years Years Years Years Years Years Ending Ending Ending Ending Ending Ending Ending Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016 Jun-2015 Jun-2014 American Funds CWGI 5.66 (43) 10.97 (42) 8.58 (32) 5.22 (42) 6.70 (42) 14.49 (38) 11.87 (34) MSCI AC World Index 6.70 (38) 12.22 (31) 8.78 (29) 5.39 (39) 6.60 (44) 13.61 (49) 10.85 (48) IM Global Equity (MF) Median 4.56 9.87 6.91 4.56 6.24 13.47 10.75

*If less than 5 years, data is since inception of fund share class.

60 American Funds CWGI 06/30/20 PORTFOLIO CHARACTERISTICS TOP 10 HOLDINGS Portfolio Benchmark Portfolio Benchmark Quarterly Wtd. Avg. Mkt. Cap $M $221,708 $243,204 Weight Weight Return (%) (%) (%) Median Mkt. Cap $M $38,072 $9,464 Microsoft Corp 3.96 3.09 29.40 Price/Earnings ratio 21.70 19.78 Broadcom Inc 3.04 0.26 34.54 Price/Book ratio 3.67 3.40 Netflix Inc 2.44 0.42 21.18 5 Yr. EPS Growth Rate (%) 12.70 10.16 Facebook Inc 2.10 1.15 36.13 Current Yield (%) 2.18 2.22 Unitedhealth Group Inc 1.98 0.59 18.78 Beta (5 Years, Monthly) 0.93 1.00 Amazon.com Inc 1.97 2.45 41.50 % in Emerging Market 9.77 10.20 Nestle SA 1.80 0.69 9.93 Active Share 67.19 N/A Taiwan Semiconductor 1.74 0.55 18.29 Number of Stocks 314 2,988 ASML Holding NV 1.48 0.33 38.79 Abbott Laboratories 1.42 0.34 16.33 REGION ALLOCATION REGION PERFORMANCE TOTAL REGION ATTRIBUTION % of Portfolio 21.93 9.87

6.1 EM Asia 7.5 15.416.9 -0.1 1.0 0.0 EM Europe 0.6 18.318.8 2.1 0.3 EM Latin America 1.0 23.7 38.1 0.4 0.0 EM Mid East+Africa 0.9 18.5 24.9 0.0 Europe ex UK 20.5 18.0 15.0 17.4 1.1 5.9 27.5 Japan 7.3 11.3 0.0 0.1 37.3 Middle East 0.2 21.0 -0.7 50.1 20.9 North America 58.4 21.9 -0.7 10.6 Pacific ex Japan 4.96.3 20.9 0.5 20.9 United Kingdom 4.17.4 10.7 0.0 13.3 Other 0.1 13.5 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 0.0 15.0 30.0 45.0 60.0 75.0 0.0 10.0 20.0 30.0 40.0 50.0 American Funds CWGI American Funds CWGI MSCI AC World Index American Funds CWGI MSCI AC World Index (Total: 0.5) SECTOR ALLOCATION SECTOR PERFORMANCE TOTAL SECTOR ATTRIBUTION

3.8 Energy 3.8 10.3 18.4 -0.3 3.3 0.0 Materials 4.5 25.928.0 7.5 -0.1 Industrials 9.5 18.019.3 12.4 0.5 Consumer Discretionary 11.2 28.4 31.5 0.1 Consumer Staples 7.9 10.1 8.5 9.3 -0.1 15.4 15.3 Health Care 13.3 15.3 0.4 13.5 15.2 Financials 14.0 12.3 -0.3 15.3 30.5 Information Technology 19.3 29.9 0.6 25.6 Communication Services 9.410.6 19.9 0.0 11.6 Utilities 3.5 5.7 7.0 -0.3 8.4 Real Estate 3.1 4.5 11.4 -0.9 -0.6 -0.3 0.0 0.3 0.6 0.9 0.0 6.0 12.0 18.0 24.0 0.0 8.0 16.0 24.0 32.0 40.0 American Funds CWGI American Funds CWGI MSCI AC World Index American Funds CWGI MSCI AC World Index (Total: 0.5)

61 Invesco Oppenheimer Dev Mkts 06/30/20

FUND INFORMATION PEER GROUP ANALYSIS - IM Emerging Markets Equity (MF) RISK VS. RETURN (5 YEARS*)

Fund Invesco Funds 50.0 12.0 Family : Fund Inception : 11/18/1996 Portfolio Justin Leverenz 35.0 8.0 Manager : Total $3,867 Million 4.0 Assets : 20.0 Turnover : 28%

Investment Strategy: 5.0 0.0 Return The portfolio manager invests in Return (%) emerging market businesses that appear likely to grow at a faster pace -10.0 -4.0 than world GDP and may benefit from distinctive structural global growth -8.0 themes. They rely on fundamental -25.0 analysis to search for exceptional businesses with sustainable competitive advantages, strong -12.0 -40.0 management and high return on 0.0 5.0 10.0 15.0 20.0 25.0 30.0 capital. They maintain a country and Last Year 1 3 5 7 10 Risk (Standard Deviation %) sector agnostic approach. Quarter To Date Year Years Years Years Years Standard ¢£ Invesco Oppenheimer Dev Mkts 18.16 (74) -8.87 (47) -2.09 (45) 4.10 (23) 4.33 (28) 4.04 (32) 5.15 (20) Return Innovest Assessment: Deviation MSCI Emerging Mkts (Net) Index 18.08 (75) -9.78 (55) -3.39 (53) 1.90 (44) 2.86 (46) 3.22 (44) 3.27 (49) ¢£ Invesco Oppenheimer Dev Mkts 4.33 16.78 This fund will tend to outperform when “ MSCI Emerging Mkts (Net) Index 2.86 17.71 rational” markets prevail (i.e., when Median 20.27 -9.44 -3.04 1.15 2.57 3.03 3.16 ¾ Median 2.57 17.80 earnings and stock price are positively correlated and when the relationship between security valuations and stock performance matter). It has also CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS performed well in down-markets due to 2019 2018 2017 2016 2015 2014 2013 investments in companies with a strong downside position resulting from Invesco Oppenheimer Dev Mkts 23.99 (28) -12.14 (14) 34.77 (54) 6.89 (57) -14.06 (55) -4.81 (73) 8.35 (16) favorable balance sheets, solid cash MSCI EM (Net) Index 18.44 (62) -14.58 (31) 37.28 (42) 11.19 (30) -14.92 (63) -2.19 (43) -2.60 (58) flows, and some competitive advantage IM Emerging Markets Equity (MF) Median 20.08 -16.40 35.37 8.35 -13.66 -2.92 -1.42 in their industry. In irrational markets (e.g., when low-quality companies outperform in the short-term), the ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS strategy may lag behind its peers. 3 3 3 3 3 3 3 Years Years Years Years Years Years Years Ending Ending Ending Ending Ending Ending Ending Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016 Jun-2015 Jun-2014 Invesco Oppenheimer Dev Mkts 4.10 (23) 12.10 (12) 7.13 (20) -0.68 (74) -1.47 (55) 4.69 (37) 4.82 (12) MSCI EM (Net) Index 1.90 (44) 10.66 (31) 5.60 (44) 1.07 (44) -1.56 (58) 3.71 (44) -0.39 (52) IM Emerging Markets Equity (MF) Median 1.15 9.20 5.07 0.77 -1.30 3.18 -0.21

*If less than 5 years, data is since inception of fund share class.

62 Invesco Oppenheimer Dev Mkts 06/30/20 PORTFOLIO CHARACTERISTICS TOP 10 HOLDINGS Portfolio Benchmark Portfolio Benchmark Quarterly Wtd. Avg. Mkt. Cap $M $135,466 $130,266 Weight Weight Return (%) (%) (%) Median Mkt. Cap $M $18,095 $5,124 Tencent Holdings LTD 8.74 6.37 31.53 Price/Earnings ratio 20.85 14.57 Taiwan Semiconductor 6.91 4.52 18.29 Price/Book ratio 3.54 2.87 Kering 6.32 0.00 5.16 5 Yr. EPS Growth Rate (%) 14.96 12.46 Alibaba Group Holding Ltd 5.70 6.99 10.91 Current Yield (%) 1.44 2.55 AIA Group Ltd 4.60 0.00 4.44 Beta (5 Years, Monthly) 0.92 1.00 Novatek JSC 4.30 0.22 25.39 % in Emerging Market 66.62 82.97 Yum China Holdings Inc 4.16 0.30 12.76 Active Share 75.90 N/A HDFC 3.94 0.66 7.11 Number of Stocks 65 1,385 ZTO Express (Cayman) Inc 3.65 0.24 40.15 Huazhu Group Ltd 3.28 0.08 22.00 REGION ALLOCATION REGION PERFORMANCE TOTAL REGION ATTRIBUTION % of Portfolio 51.60 19.38

18.4 EM Asia 43.1 63.7 16.8 1.0 9.0 EM Europe 4.9 17.018.8 0.0 14.6 23.8 EM Latin America 7.8 19.2 0.8 2.1 2.9 EM Mid East+Africa 7.9 18.9 -0.4 9.1 Europe ex UK 0.3 13.4 4.9 0.0 -1.2 North America 0.1 0.0 56.5 28.9 0.0 Pacific ex Japan 15.117.5 21.5 0.0 1.4 United Kingdom 0.1 0.0 17.0 20.1 Other 0.10.3 18.0 0.0 0.0 0.0 20.0 40.0 60.0 80.0 100.0 0.0 15.0 30.0 45.0 60.0 75.0 -2.1 -1.4 -0.7 0.0 0.7 1.4 2.1 Invesco Oppenheimer Dev Mkts Invesco Oppenheimer Dev Mkts Invesco Oppenheimer Dev Mkts MSCI EM (Net) Index MSCI EM (Net) Index (Total: 1.5) SECTOR ALLOCATION SECTOR PERFORMANCE TOTAL SECTOR ATTRIBUTION

4.8 Energy 6.1 22.723.4 -0.1 4.4 21.6 Materials 6.9 24.1 -0.3 25.2 Industrials 5.06.1 17.0 27.0 0.5 Consumer Discretionary 15.5 20.021.5 7.2 0.0 Consumer Staples 6.6 3.0 13.3 59.7 -0.8 Health Care 3.7 37.3 6.9 0.7 Financials 20.9 24.1 7.5 27.4 Information Technology 11.1 16.9 20.7 -0.5 10.2 Communication Services 13.0 23.4 33.6 0.6 0.0 Utilities 2.5 0.0 11.0 0.9 13.5 Real Estate 1.52.8 6.6 0.2 0.3 0.0 8.0 16.0 24.0 32.0 40.0 0.0 15.0 30.0 45.0 60.0 75.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 Invesco Oppenheimer Dev Mkts Invesco Oppenheimer Dev Mkts Invesco Oppenheimer Dev Mkts MSCI EM (Net) Index MSCI EM (Net) Index (Total: 1.5)

63 PIMCO Tot Rtn Inst 06/30/20

FUND INFORMATION PEER GROUP ANALYSIS - IM U.S. Broad Market Core Fixed Income (MF) RISK VS. RETURN (5 YEARS*)

Fund PIMCO 14.0 6.0 Family : Fund Inception : 05/11/1987 12.0 Portfolio Mather/Kiesel/Mittal 4.5 Manager : Total $52,222 Million 10.0 Assets : 3.0 Turnover : 554% 8.0 Return Return Return (%) Investment Strategy: 6.0 1.5 The fund aims to provide investors with a combination of income and capital appreciation potential. It emphasizes 4.0 higher-quality, intermediate-term bonds 0.0 and aims to avoid concentration risk by being more globally diversified than 2.0 many core bond funds. It also has -1.5 considerable flexibility to respond to 0.0 0.0 1.5 3.0 4.5 6.0 changing economic conditions, helping Risk (Standard Deviation %) to manage risk and increase total return Last Year 1 3 5 7 10 Quarter To Date Year Years Years Years Years Standard potential. Major shifts in portfolio Return strategy are driven by secular and ¢£ PIMCO Tot Rtn Inst 3.88 (77) 6.17 (31) 8.34 (41) 5.22 (32) 4.41 (21) 4.03 (29) 4.22 (23) Deviation cyclical outlooks as opposed to short- BC Aggregate Idx 2.90 (90) 6.14 (32) 8.74 (28) 5.32 (24) 4.30 (30) 3.96 (34) 3.82 (51) ¢£ PIMCO Tot Rtn Inst 4.41 3.23 term market events or aberrations in BC Aggregate Idx 4.30 3.05 interest rates. Median 4.97 5.56 8.07 4.91 4.05 3.79 3.83 ¾ Median 4.05 3.38

Innovest's Assessment: The fund attempts to add value through top-down positioning and by CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS aggressively pursuing relatively 2019 2018 2017 2016 2015 2014 2013 attractive sectors of the bond market. PIMCO Tot Rtn Inst 8.26 (72) -0.26 (31) 5.14 (4) 2.59 (63) 0.72 (14) 4.69 (78) -1.92 (48) The fund's total return approach allows them to diversify from heavily weighted Blmbg. Barc. U.S. Aggregate Index 8.72 (53) 0.01 (18) 3.54 (54) 2.65 (61) 0.55 (20) 5.97 (26) -2.02 (53) sectors in the benchmark. Historically, IM U.S. Broad Market Core Fixed Income (MF) Median 8.76 -0.63 3.59 2.86 0.09 5.55 -1.98 their sector allocation decisions have resulted in strong relative outperformance; however, it is ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS important to note that the fund’s intermediate duration mandate could 3 3 3 3 3 3 3 Years Years Years Years Years Years Years become a headwind to performance in Ending Ending Ending Ending Ending Ending Ending a rising interest rate environment. Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016 Jun-2015 Jun-2014 PIMCO also has the potential to PIMCO Tot Rtn Inst 5.22 (32) 3.17 (9) 2.09 (20) 2.57 (20) 3.49 (65) 2.45 (26) 4.32 (32) underperform when its macroeconomic forecast is materially wrong, either from Blmbg. Barc. U.S. Aggregate Index 5.32 (24) 2.31 (55) 1.72 (37) 2.48 (27) 4.06 (24) 1.83 (58) 3.66 (61) a timing perspective or a fundamental IM U.S. Broad Market Core Fixed Income (MF) Median 4.91 2.39 1.60 2.20 3.72 1.99 3.89 perspective. PIMCO's approach will not always be lockstep with the broad bond market index.

*If less than 5 years, data is since inception of fund share class.

64 PIMCO Tot Rtn Inst 06/30/20

PORTFOLIO CHARACTERISTICS TOP SECTOR ALLOCATIONS ASSET ALLOCATION Avg. Coupon 2.99 % Treasury Notes/Bonds 36.57 % Nominal Maturity 8.91 Years GNMA and Other Mtg Backed 32.24 % Fixed Income 114.6% Effective Maturity N/A Corporate Notes/Bonds 29.63 % Other 1.4% Duration 6.57 Years Government Agency Securities 10.87 % SEC 30 Day Yield 2.44 Fgn. Currency Denominated Bonds 5.29 % Equities 0.0% Avg. Credit Quality AA Current Yield 3.41 Convertibles 0.0%

Cash -16.0 %

-100.0 % 0.0% 100.0% 200.0%

MATURITY DISTRIBUTION QUALITY ALLOCATION

3-5Yrs 29.0% D Rated 0.6% 5-10Yrs 28.6% Equities/Other 1.4% CCC, CC AND C rated 1-3Yrs 1.7% 26.0% Foreign Securities 5.3% 20-30Yrs 16.0% BB AND B Rated 7.7% Other 1.4% A Rated 10.9% <1Yr 0.0% AA Rated 14.2% >30Yrs 0.0% BBB Rated 16.4% 10-20Yrs -1.0 % Government/AAA 41.9%

-8.0 % 0.0% 8.0% 16.0% 24.0% 32.0% 40.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

STYLE MAP (06/01/87 - 06/30/20) UP/DOWN CAPTURE (07/01/15 - 06/30/20)

150.0 Barclays Capital 1-5 Yr Gov Barclays Capital Long Term Govt Bond 125.0

100.0

Up CaptureUp 75.0 Capitalization 50.0 Barclays Capital U.S. Credit 1-5 Year Index Barclays Capital Long U.S. Credit 50.0 70.0 90.0 110.0 130.0 150.0 Manager Style Down Capture

Style History Jun-2020 Average Style Exposure PIMCO Tot Rtn Inst

65 Vanguard Total Bond Mkt 06/30/20

FUND INFORMATION PEER GROUP ANALYSIS - IM U.S. Broad Market Core Fixed Income (MF) RISK VS. RETURN (5 YEARS*)

Fund Vanguard Group Inc 14.0 6.0 Family : Fund Inception : 11/12/2001 12.0 Portfolio Joshua C. Barrickman 4.5 Manager : Total $112,678 Million 10.0 Assets : 3.0 Turnover : 31% 8.0 Return Return Return (%) Investment Strategy: 6.0 1.5 The Fund seeks to track the performance of a broad, market- weighted bond index. The Fund will 4.0 provide diversified exposure to 0.0 investment-grade U.S. bonds by sampling the index. 2.0

-1.5 0.0 0.0 1.5 3.0 4.5 6.0 Risk (Standard Deviation %) Last Year 1 3 5 7 10 Quarter To Date Year Years Years Years Years Standard Return ¢£ Vanguard Total Bond Mkt 2.98 (88) 6.35 (24) 8.96 (22) 5.34 (23) 4.31 (29) 3.93 (36) 3.78 (54) Deviation BC Aggregate Index 2.90 (90) 6.14 (32) 8.74 (28) 5.32 (24) 4.30 (30) 3.96 (34) 3.82 (51) ¢£ Vanguard Total Bond Mkt 4.31 3.16 BC Aggregate Index 4.30 3.05 Median 4.97 5.56 8.07 4.91 4.05 3.79 3.83 ¾ Median 4.05 3.38

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

2019 2018 2017 2016 2015 2014 2013 Vanguard Total Bond Mkt 8.71 (53) -0.03 (20) 3.56 (53) 2.60 (63) 0.40 (31) 5.89 (31) -2.14 (58) Blmbg. Barc. U.S. Aggregate Index 8.72 (53) 0.01 (18) 3.54 (54) 2.65 (61) 0.55 (20) 5.97 (26) -2.02 (53) IM U.S. Broad Market Core Fixed Income (MF) Median 8.76 -0.63 3.59 2.86 0.09 5.55 -1.98

ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS

3 3 3 3 3 3 3 Years Years Years Years Years Years Years Ending Ending Ending Ending Ending Ending Ending Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016 Jun-2015 Jun-2014 Vanguard Total Bond Mkt 5.34 (23) 2.22 (61) 1.67 (43) 2.43 (33) 4.03 (28) 1.70 (66) 3.61 (63) Blmbg. Barc. U.S. Aggregate Index 5.32 (24) 2.31 (55) 1.72 (37) 2.48 (27) 4.06 (24) 1.83 (58) 3.66 (61) IM U.S. Broad Market Core Fixed Income (MF) Median 4.91 2.39 1.60 2.20 3.72 1.99 3.89

*If less than 5 years, data is since inception of fund share class.

66 Vanguard Total Bond Mkt 06/30/20

PORTFOLIO CHARACTERISTICS TOP SECTOR ALLOCATIONS ASSET ALLOCATION Avg. Coupon 3.13 % Treasury Notes/Bonds 42.67 % Nominal Maturity N/A Corporate Notes/Bonds 28.17 % Fixed Income 99.2% Effective Maturity 8.02 Years GNMA and Other Mtg Backed 24.27 % Cash 1.3% Duration 5.98 Years Government Agency Securities 2.42 % SEC 30 Day Yield 2.65 US$ Denominated Fgn. Gvt. 1.23 % Equities 0.0% Avg. Credit Quality AA Asset Backed Securities 0.44 % Current Yield 2.56 Fgn. Currency Denominated Bonds 0.05 % Convertibles 0.0%

Other -0.5 %

-50.0 % 0.0% 50.0% 100.0% 150.0%

MATURITY DISTRIBUTION QUALITY ALLOCATION

3-5Yrs 30.5% Equities/Other

27.3% 1-3Yrs Foreign Securities 0.1% 5-10Yrs 21.5% BB AND B Rated 0.1% 20-30Yrs 14.6% AA Rated 4.0% 10-20Yrs 4.6% BBB Rated 11.1% <1Yr 1.4% >30Yrs 0.7% A Rated 12.4%

Other -0.5 % Government/AAA 72.8%

-8.0 % 0.0% 8.0% 16.0% 24.0% 32.0% 40.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

STYLE MAP (12/01/01 - 06/30/20) UP/DOWN CAPTURE (07/01/15 - 06/30/20)

150.0 Barclays Capital 1-5 Yr Gov Barclays Capital Long Term Govt Bond 125.0

100.0

Up CaptureUp 75.0 Capitalization 50.0 Barclays Capital U.S. Credit 1-5 Year Index Barclays Capital Long U.S. Credit 50.0 70.0 90.0 110.0 130.0 150.0 Manager Style Down Capture

Style History Jun-2020 Average Style Exposure Vanguard Total Bond Mkt

67 Putnam Stable Value 06/30/20

FUND INFORMATION PERFORMANCE OVER TIME RISK VS. RETURN (5 YEARS*)

Investment Strategy: 3.2 2.24 The Putnam Stable Value Fund's investment objective is to preserve principal and achieve high current 2.5 2.4 2.16 2.4 2.3 2.3 income through a diversified portfolio of 2.1 2.1 high-quality investment contracts while 2.0 1.8 1.7 2.08 utilizing the full opportunity set within 1.6 the stable value universe, including 1.6

cash alternatives, GICs, managed Return (%) 1.2 1.2 synthetics, and constant duration 2.00 synthetics 0.8 0.6 0.6

Return Return (%) 1.92

0.0 Last YTD 1 3 5 7 10 1.84 Quarter Year Years Years Years Years

Putnam Stable Value Ryan 3 Yr GIC Master Index 1.76

Year Last 1 3 5 7 10 To 1.68 Quarter Year Years Years Years Years Date 0.06 0.08 0.10 0.12 0.14 0.16 Putnam Stable Value 0.59 1.20 2.47 2.35 2.14 2.03 2.29 Risk (Standard Deviation %) Ryan 3 Yr GIC Master Index 0.60 1.21 2.44 2.13 1.83 1.61 1.73 Putnam Stable Value

Ryan 3 Yr GIC Master Index

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

2019 2018 2017 2016 2015 2014 2013 Putnam Stable Value 2.51 (49) 2.30 (29) 2.00 (31) 1.79 (54) 1.78 (50) 1.75 (50) 1.76 (47) Ryan 3 Yr GIC Master Index 2.38 (70) 1.96 (84) 1.60 (95) 1.39 (94) 1.16 (95) 1.03 (95) 1.06 (92) IM U.S. GIC/Stable Value (SA+CF) Median 2.51 2.14 1.86 1.85 1.76 1.74 1.66

ROLLING 3 YEAR RETURNS AND PERCENTILE RANKINGS

3 3 3 3 3 3 3 Years Years Years Years Years Years Years Ending Ending Ending Ending Ending Ending Ending Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016 Jun-2015 Jun-2014 Putnam Stable Value 2.35 (N/A) 2.15 (37) 1.93 (41) 1.82 (50) 1.75 (51) 1.81 (49) 2.16 (49) Ryan 3 Yr GIC Master Index 2.13 (N/A) 1.81 (92) 1.50 (92) 1.28 (100) 1.13 (98) 1.10 (100) 1.38 (99) IM U.S. GIC/Stable Value (SA+CF) Median N/A 2.06 1.85 1.82 1.78 1.72 2.10

*If less than 5 years, data is since inception of fund share class.

68 Putnam Stable Value Fund

Organization: Inception Date 2/28/1991 Putnam traces its roots to 1937, when George Putnam launched one of the world’s first stock and bond mutual funds. In the 1960s, Putnam entered the institutional Investment Manager(s) Putnam Investmenst marketplace with a defined benefit program while also becoming one of the first architects of defined contribution plans. Today, Putnam provides investment services Average Manager(s) Tenure 18 Years across equity, fixed income, absolute return, and alternative strategies with offices in Boston, London, Frankfurt, Tokyo, Singapore, and Sydney. They are a Total Portfolio Assets $8,232 million sophisticated active manager that emphasizes innovative investment solutions and the pursuit of efficient returns. Their clients include endowments, foundations, Total Strategy Assets $8,821 million retirement plans, and sovereign entities worldwide. Investment Vehicle (Pooled or Separate Pooled Stable Value Account) Description: Plan Sponsor Level Termination 12 Month Put Putnam’s Stable Value strategy seeks to deliver returns similar to intermediate-term bonds while maintaining a stable net asset value. The strategy is focused on Plan Sponsor Level Termination Bona fide payments liquidity management, which Putnam believes is critical to effective management of a capital preservation strategy.

Weighted Average Number of Current Crediting Average Effective Duration Expense Ratio Maturity Contract Issuers Rate 2.61 years 3.13 years 5 2.71% (Gross) 0.40% Portfolio Allocation as of: 12/31/2019 40.00% Financial Strength: 34.64% Wrap Provider % of Wrapped Assets Fitch Moody's S&P 35.00% Prudential Life 17% AA- Aa3 AA- 30.00% Pacific Life 17% AA- A1 AA- Transamerica 13% A+ A1 AA- 25.00% Metropolitan Life 2% AA- Aa3 AA- J.P. Morgan Chase Bank 2% AA- A2 A- 20.00% 18.86% 15.13% 15.00% 13.93% 11.79%

10.00% 5.30% 5.00% 0.28% 0.07% 0.00% Treasury MBS ABS CMBS Corporate Traditional Cash Other

Investment Type: Historical Market-To-Book Values Investment Type % of Portfolio 106.00% 105.00% Traditional Investment Contracts 35% 104.00% Security-Backed Investment 103.00% 51% Contracts 102.00% Cash Investments 15% 101.00% 100.00% 99.00% 98.00% 97.00% 96.00% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 Market-to-Book 103.23% 104.68% 102.29% 102.11% 100.72% 101.43% 100.56% 100.44% 100.45% 99.35% 100.28% 101.15% 101.39% 101.26%

69 GW:SecureFnd Bal 06/30/20

FUND INFORMATION PEER GROUP ANALYSIS - IM All Balanced (MF) RISK VS. RETURN (5 YEARS*)

Fund GW Capital 28.0 12.0 Family : Management LLC Fund Inception : 11/13/2009 Portfolio Team Managed 20.0 8.0 Manager : Total $310 Million 4.0 Assets : 12.0 Turnover : 18%

Investment Strategy: 4.0 0.0 Return The fund seeks long-term capital Return (%) appreciation and income. Typically, the fund will invest 50-70% of its net assets -4.0 -4.0 in underlying funds. These underlying funds are primarily invested in equity -8.0 securities. The remaining 30-50% of -12.0 the fund invests in underlying funds that are primarily invested in fixed income. -12.0 This low-risk, team managed strategy is -20.0 well diversified and consistent. -5.0 0.0 5.0 10.0 15.0 20.0 Last Year 1 3 5 7 10 Risk (Standard Deviation %) Quarter To Date Year Years Years Years Years Standard ¢£ Return GW:SecureFnd Bal 13.29 (51) -1.50 (32) 4.19 (30) 5.39 (40) 5.66 (35) 6.61 (39) 7.86 (45) Deviation SecureFoundation Custom Index 13.05 (53) -3.25 (50) 2.64 (53) 5.47 (38) 5.93 (29) 6.94 (32) 8.29 (38) ¢£ GW:SecureFnd Bal 5.66 8.98 SecureFoundation Custom Index 5.93 9.37 Median 13.30 -3.28 2.84 4.98 5.07 6.04 7.53 ¾ Median 5.07 9.80

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

2019 2018 2017 2016 2015 2014 2013 GW:SecureFnd Bal 17.79 (58) -5.32 (40) 12.94 (59) 8.79 (19) -0.66 (26) 6.13 (26) 16.09 (47) SecureFoundation Custom Index 19.07 (49) -4.75 (32) 13.56 (55) 9.28 (15) -0.12 (14) 6.72 (19) 16.58 (45) IM All Balanced (MF) Median 18.86 -6.24 14.21 6.80 -1.59 4.73 15.23

ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS

3 3 3 3 3 3 3 Years Years Years Years Years Years Years Ending Ending Ending Ending Ending Ending Ending Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016 Jun-2015 Jun-2014 GW:SecureFnd Bal 5.39 (40) 7.56 (51) 6.48 (36) 5.05 (25) 6.49 (27) 9.96 (44) 9.52 (41) SecureFoundation Custom Index 5.47 (38) 8.38 (41) 7.05 (27) 5.56 (15) 6.97 (17) 10.33 (41) 9.95 (34) IM All Balanced (MF) Median 4.98 7.64 5.64 3.97 5.49 9.29 8.87

*If less than 5 years, data is since inception of fund share class.

70 Glossary

Active Share measures the percentage of a product’s holdings that differ from the product’s benchmark index, based on portfolio weightings. An Active Share of 60% or higher is generally considered to be active management and less than 20% is generally considered to be passive management. Active Share allows investors to distinguish between products that do and do not engage in a large amount of stock selection. Products with high Active Share may experience significant deviation from the performance of benchmarks over time. Alpha measures a portfolio’s return in excess of the market return adjusted for risk. It is a measure of the manager’s contribution to performance with reference to security selection. A positive alpha indicates that a portfolio was positively rewarded for the residual risk that was taken for that level of market exposure. Beta measures the sensitivity of rates of portfolio return to movements in the market. A portfolio’s beta measures the expected change in return per 1% change in the return on the market. If the beta of a portfolio is 1.5, a 1 percent increase in the return of the market will result, on average, in a 1.5 percent increase in the return on the portfolio. The converse would also be true. Dividend Yield - The total amount of dividends paid out for a stock over the preceding twelve months divided by the closing price of a share of the common stock. Down Capture Ratio - The Down Capture Ratio is a measure of the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when the Benchmark was down. The smaller the value, the better. Duration - A time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder. Forecasted Long-Term Earnings Growth -Thisgrowthrateisameasureofacompany’sexpectedlong-termsuccessin generating future year-over-year earnings growth. This growth rate is a market value weighted average of the consensus (mean) analysts’ long-term earnings growth rate forecast for each company in the portfolio. The definition of long-term varies by analyst but is limited to a 3-8 year range. This value is expressed as the expected average annual growth of earnings in percent. Information Ratio measures the excess return per unit of residual “non market” risk in a portfolio. The ratio is equal to the Alpha divided by the Residual Risk. Market Capitalization - The market value of a company’s outstanding shares of common stock at a specific point in time, computed as the product of the number of outstanding shares times the stock’s closing price per share. P/E ratio relates the price of the stock to the per-share earnings of the company. A high P/E generally indicates that the market will pay more to obtain the company because it has confidence in the company’s ability to increase its earnings. Conversely, a low P/E indicates that the market has less confidence that the company’s earnings will increase, and therefore will not pay as much for its stock. In most cases a fund with a high average P/E ratio has paid a premium for stocks that have a high potential for increased earnings. If the fund’s average P/E ratio is low, the manager may believe that the stocks have an overlooked or undervalued potential for appreciation. P/B ratio of a company relates the per-share market price of the company’s stock to its per -share book value, the historical accounting value of the company’s tangible assets. A high P/B ratio indicates that the price of the stock exceeds the actual worth of the company’s assets. A low P/B ratio would indicate that the stock is a bargain, priced below what the company’s assets could be worth if liquidated. P/CF ratio compares the total market value of the portfolio to the portfolio’s share of the underlying stocks’ earnings (or book value, cash flow, sales or dividends). R-Squared indicates the extent to which the variability of the portfolio returns is explained by market action. It can also be thought of as measuring the diversification relative to the appropriate benchmark. An R-Squared value of .75 indicates that 75% of the fluctuation in a portfolio return is explained by market action. An R-Squared of 1.0 indicates that a portfolio’s returns are entirely related to the market and it is not influenced by other factors. An R-Squared of zero indicates that no relationship exists between the portfolio’s return and the market. Residual Risk is the unsystematic risk of a fund, or the portion of the total risk unique to the manager and not related to the overall market. This reflects the “bets” which the manager places in that particular asset class. These bets reflect emphasis in particular sectors, maturities (for bonds), or other issue specific factors which the manager considers a good investment opportunity. Diversification of the portfolio will reduce the residual risk of that portfolio. Sharpe Ratio is a measure of risk-adjusted return. It is calculated by subtracting the risk-free return (90 day T-Bills) from the portfolio return and dividing the resulting “excess return” by the portfolio’s total risk level (standard deviation). The result is a measure of returned gained per unit of total risk taken. Standard Deviation is a statistical measure of portfolio risk. It reflects the average deviation of observations from their sample mean. Stand ard Deviation is used as an estimate of risk since it measures how wide the range of returns typically is. The wider the typical range of returns, the higher the standard deviation of returns, and the higher the portfolio risk. If returns are normally distributed (i.e. as a bell shaped curve distribution) then approximately 66% of 2/3 of the returns would occur within plus or minus one standard deviation of the sample mean. Style Exposure Chart indicates a portfolio’s exposure to a particular capitalization (large, medium or small) and style (value or growth). Based on Sharpe’s return based style analysis, a style map will attempt to correlate a manager to a particular style of investing (i.e. Large Cap Growth). Turnover Ratio - This is a measure of the fund’s trading activity which is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly net assets. Up Capture Ratio - The Up Capture Ratio is a measure of the Investment’s compound return when the Benchmark was up divided by the Benchmark’s co mpound return when the Benchmark was up. The greater the value, the better. Down Capture Ratio - The Down Capture Ratio is a measure of the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when the Benchmark was down. The smaller the value, the better.

71 Fund Analysis Overview Key

Each of the 6 criteria are evaluated on an individual basis and subjective based on Innovest’s assessment. Below are examples of the many factors under each category we consider when making an assessment. Organization Asset Base Pct. Owned by Employee Current Boutique vs. Institutional Growth of AUM Recent Changes in Ownership Capacity Constraints Management Investment in Firms Products Soft Closed Specialized vs. All in One Re-opening of Products People Performance Size of Team Short Term vs Benchmark and Style Group Structure of Team Long Term vs. Benchmark and Style Group Experience ofTeam Consistency – Relative/Absolute/Risk Adjusted Turnover of Key Members Expenses Growth of Team withAssets Cost vs. Competitors Philosophy/Process Style Consistency(Growth/Value, Market Cap) Domestic/Int’l drift

Examples of things that would cause concern resulting in a YELLOW or RED box include but not limited to:

1)ORGANIZATION - A change in ownership whereby it is unclear what the structure of the new organization will be, how will key personnel be compensated, and what type of employment contracts are in place to keep key decision makers.

2)PEOPLE - A change in portfolio manager would be a cause for concern. We would assess the new talent taking over. Is the new portfolio manager a current member of the team or is it someone new from outside the group or organization.

3)PHILOSOPHY/PROCESS - A change in portfolio characteristics would be a cause for concern. For example, if a growth style manager suddenly starts investing in value names during a value rally or if a small cap portfolio was migrating into midcap names due to asset growth.

4)ASSET BASE - A small cap fund with more than $3 billion in assets would be a cause for concern or a fund that continues to add assets as it becomes clear the portfolio management team can not handle the inflows. A sign of this would be a large increase in the cash position of the portfolio.

5)PERFORMANCE - A product that fails to outperform either the index and/or the median manager on a consistent basis (at least 50% of the time) would be a cause for concern. Short term and long term performance is considered both on an absolute basis and relative basis in addition to risk-adjusted measures.

6)EXPENSES - A fund or product that is substantially above the median expense ratio or management fee would be a cause for concern.

72 Disclaimer

Unless explicitly stated to the contrary, the material herein is not intended to provide and should not be relied on for investment advice. Under no circumstances does Innovest ever provide tax, accounting, or legal advice. The statistical analysis contained herein was prepared by Innovest Portfolio Solutions LLC and may contain data provided by Investment Metrics, LLC, Thomson Reuters Lipper, Morningstar, Inc., and other sources. These materials may also include information, returns, and valuations that were compiled, computed or created by Standard & Poor's Financial Services LLC, MSCI Inc., and other sources. These materials and the information that they contain are intended solely for the use of the intended recipient(s). They may not be reproduced or distributed without written consent. Reasonable care has been taken to ensure the accuracy of the computer software, databases, and information described in the preceding paragraph. Innovest assumes no responsibility for the accuracy of these computer software, databases or informatio . All are provided on an "as is" basis and the user assumes all risk related to using it. There is no guarantee of accuracy, adequacy, or completeness. All entities identified in this disclaimer hereby expressly disclaim any and all express or implied warranties. None of these entities, nor any affiliate or other person involved in compiling, computing, or creating this information, may be held liable for damages of any type or any other costs or fees related to any person's use of the data. Certain material in this work is proprietary to and copyrighted by Litman Gregory Analytics and is used by Innovest with permission. Reproduction or distribution of this material is prohibited, and all rights are reserved. Returns included in these materials may represent mutual funds share classes or vehicles other than those in which clients are or may be invested. Typically, any differences are the result of efforts to present the longest track record of the investment strategies. Innovest has performed investment due diligence on all recommended alternative investment funds (hedge funds, private equity funds, private real estate funds, and funds of these funds) and their managers, including a general review of the business terms. However, Innovest's investment advice does not encompass a legal review or opinion on the funds' offering and other documents. For a full legal review of the fund's offering and other documents, clients are encouraged to engage legal counsel. Assumptions, opinions, and forecasts herein constitute Innovest's judgment and are subject to change without notice. Past performance is no guarantee of future results. The investment products discussed are not insured by the FDIC and involve investment risk including the possible loss of all principal. Innovest is an independent Registered Investment Adviser registered with the Securities and Exchange Commission. Copyright 2020 by Innovest Portfolio Solutions LLC Inc.

73 BENEFITS | August 3, 2020  EBRI Says CARES Act Distributions Could Have Lasting Consequences

The report highlights how a loan or distribution option under the CARES Act can affect employees.

Reported by AMANDA UMPIERREZ

An Employee Benefit Research Institute (EBRI) study has found that taking withdrawals under the Coronavirus Aid, Relief and Economic Security Act (CARES) Act can have damaging effects on workers who fail to repay them, especially those in older age groups.

While those who fully refund their coronavirus-related distributions (CRDs) are projected to see minimal impact on their future retirement security, those who do not repay the distribution face the possibility of significant reductions in their retirement balance.

The report offers four scenarios, each painting a different impact in taking out a CRD.

The first includes a one-time full withdrawal—up to $100,000—with a three-year payback, which resulted in a median reduction rate in retirement balances of 2.3%. However, that figure more than doubles, to 5.8%, for older workers ages 60 to 64.

The second scenario is one in which a worker takes a full distribution but instead of repaying it over the course of three years, does not pay back the withdrawal at all. In this scenario, the EBRI report finds the median reduction skyrockets to 20%, and again more than doubles for older workers, at a 45% reduction rate in retirement balances. This rate is cut in half to 10% for younger workers, most of whom have account balances that are too small for a full distribution.

In the third setting, the report assumes that every dollar used to repay the CRD will result in a dollar reduction toward new contributions to the defined contribution (DC) plan account. This results in a median reduction of 5.9% overall, and an 8.8% reduction for workers ages 55 to 59, and 5.5% for those 60 to 64.

The last situation shows a more draconian scenario, as the report notes, in that an employee takes on a full CRD in 2020 and further does so every 10 years thereafter with no payback. This scenario represents a potential national or global crisis, such as the current pandemic or the 2008 recession, that occurs every 10 years. In response to these crises, policymakers would relax withdrawal provisions within DC plans, says the report. Such a scenario concludes with the highest reduction rate of the four scenarios, at 54%—a loss of more than half of retirement account balances. According to EBRI, at this point, the median reduction rate no longer increases with age as with the other scenarios, since the number of withdrawals is larger for younger participants.

Jack VanDerhei, EBRI’s director of research and author of the report, explains that the study warns about the consequences of using DC plans as an emergency savings account, all while highlighting further examination of the loan provisions. “While the CARES Act provisions provide much-needed liquidity for cash-strapped workers during the current pandemic, this study strives to assess how using defined contribution plans as emergency savings impacts the future retirement security of American workers,” he states. “However, further examination is needed. Under a scenario in which estimated actual implementation and utilization of CARES Act provisions is low, the aggregate impact is estimated to be less than one-half a percent in the scenario in which employees fail to pay back CRDs. But that could change if more employers choose to implement provisions or if allowing access to retirement funds with no penalty becomes a more commonplace and relied-upon response to emergencies.”  The report makes it a point to add that employers would have had to offer these provisions in  their plan, with employees requiring approval before taking out such a distribution. The CARES Act distribution and loan provisions have been met with several reviews since their introduction. And plan sponsors have considerations to understand before implementing loan options.

Tags CARES Act, COVID-19, retirement plan distributions

Reported by Amanda Umpierrez

Reprints Please contact the PLANSPONSOR Reprint Manager, Michelle Judkins.