Wisconsin Deferred Compensation Plan

Wisconsin Deferred Compensation Plan Second Quarter, 2015 This document has been produced by Advised Assets Group, LLC and is not intended as a solicitation or offering of securities by GWFS Equities, Inc. The purpose of this document is to provide investment related information for the Plan Sponsor in their role as a fiduciary to the Plan, not as investment advice for Plan Participants. Although the data contained in this report is from reliable sources, Advised Assets Group, LLC cannot guarantee it’s completeness or accuracy. Risks associated with the investment options can vary significantly with each particular investment category and the relative risks of categories change under certain economic conditions. Please research the risks associated with each option carefully. 2Section I. Executive Summary •••••Plan Compliance Report Card Rolling 3 year Quartile Rankings Assets Summary Expense Ratio Summary Weighted Average Return II. Fund Highlights and Observations III. Performance Benchmarking •Risk, Style Drift and Portfolio Construction IV. Lifecycle Options V. Economic Overview •Morningstar Pages VI. Investment Policy Statement and Benchmarks » Appendix: Glossary of Terms 3THIS PAGE LEFT BLANK 4EXECUTIVE SUMMARY 2Q2015 5FUND COMPLIANCE REPORT CARD – 6/30/15 Total Ret Total Ret Total Ret Total Ret Total Ret Total Net Expense Name <ul style="display: flex;"><li style="flex:1">3 Month </li><li style="flex:1">1 Yr </li></ul>0.97 -0.61 -4.22 -5.26 -4.07 -4.22 5.68 3.42 6.49 6.68 6.49 14.87 8.92 9.45 6.40 6.46 6.40 11.93 7.42 6.23 9.39 10.29 9.39 10.56 7.42 <ul style="display: flex;"><li style="flex:1">3 Yr </li><li style="flex:1">5 Yr </li><li style="flex:1">10 Yr </li></ul>7.57 5.97 5.12 5.54 5.32 5.12 8.52 7.91 8.40 8.48 8.40 11.59 8.89 9.69 9.74 9.78 9.74 8.53 7.89 7.29 8.26 9.85 8.26 9.10 7.89 <ul style="display: flex;"><li style="flex:1">Assets $M </li><li style="flex:1">Ratio </li></ul>0.49 1.25 -<ul style="display: flex;"><li style="flex:1">American Funds EuroPacific Gr R6 </li><li style="flex:1">1.12 </li><li style="flex:1">12.71 </li></ul>11.34 11.97 9.44 10.12 9.85 132,495 <ul style="display: flex;"><li style="flex:1">Morningstar Foreign Large Growth Average </li><li style="flex:1">1.46 </li><li style="flex:1">-</li></ul><ul style="display: flex;"><li style="flex:1">MSCI EAFE Index </li><li style="flex:1">0.62 </li><li style="flex:1">9.54 </li><li style="flex:1">-</li></ul><ul style="display: flex;"><li style="flex:1">MSCI ACWI ex U.S. </li><li style="flex:1">0.53 </li><li style="flex:1">7.76 </li><li style="flex:1">-</li><li style="flex:1">-</li></ul>Blackrock EAFE Equity Index Coll T DFA US Micro Cap I <ul style="display: flex;"><li style="flex:1">0.74 </li><li style="flex:1">12.15 </li></ul>11.97 19.33 16.72 17.81 18.02 17.81 20.92 17.53 19.24 18.60 18.64 18.60 17.28 17.31 16.53 17.48 17.42 17.48 17.99 17.31 10.01 9.54 <ul style="display: flex;"><li style="flex:1">-</li><li style="flex:1">0.12 </li></ul><ul style="display: flex;"><li style="flex:1">-</li><li style="flex:1">MSCI EAFE Index </li><li style="flex:1">0.62 </li><li style="flex:1">-</li></ul><ul style="display: flex;"><li style="flex:1">1.02 </li><li style="flex:1">18.29 </li></ul>15.95 17.08 17.24 17.08 19.35 16.81 18.69 17.82 17.84 17.82 16.79 17.34 15.59 16.96 17.11 16.96 18.59 17.34 <ul style="display: flex;"><li style="flex:1">5,263 </li><li style="flex:1">0.53 </li></ul>1.27 -= Actively <ul style="display: flex;"><li style="flex:1">Morningstar Small Cap Blend Average -0.12 </li><li style="flex:1">-</li></ul>managed options which have trailed their respective benchmarks over a five year period. <ul style="display: flex;"><li style="flex:1">Russell 2000 Index </li><li style="flex:1">0.42 </li></ul>0.45 0.42 1.29 0.44 - Blackrock Russell 2000 Index Coll T T. Rowe Price Mid-Cap Growth <ul style="display: flex;"><li style="flex:1">-</li><li style="flex:1">0.07 </li></ul><ul style="display: flex;"><li style="flex:1">-</li><li style="flex:1">Russell 2000 Index </li><li style="flex:1">-</li></ul><ul style="display: flex;"><li style="flex:1">26,081 </li><li style="flex:1">0.77 </li></ul>1.32 -<ul style="display: flex;"><li style="flex:1">Morningstar Mid Cap Growth Avg </li><li style="flex:1">-</li></ul><ul style="display: flex;"><li style="flex:1">Russell Mid Cap Growth Index -1.14 </li><li style="flex:1">-</li></ul><ul style="display: flex;"><li style="flex:1">S&P Midcap 400 Index -1.06 </li><li style="flex:1">-</li><li style="flex:1">-</li></ul>Gray bars indicate fund benchmarks; white indicates current funds Blackrock Midcap Equity Index Coll F Calvert Equity I -1.05 S&P MidCap 400 Index -1.06 0.93 <ul style="display: flex;"><li style="flex:1">-</li><li style="flex:1">0.04 </li></ul><ul style="display: flex;"><li style="flex:1">-</li><li style="flex:1">-</li></ul><ul style="display: flex;"><li style="flex:1">2,826 </li><li style="flex:1">0.66 </li></ul><ul style="display: flex;"><li style="flex:1">-</li><li style="flex:1">S&P 500 Index </li><li style="flex:1">0.28 </li></ul>0.12 0.50 1.00 0.50 0.12 0.28 - Morningstar Socially Resp Large Cap Average* Morningstar Large Cap Growth Avg <ul style="display: flex;"><li style="flex:1">-</li><li style="flex:1">1.06 </li></ul>1.20 0.64 1.20 -DATA SOURCE: Morningstar 6/30/2015 -<ul style="display: flex;"><li style="flex:1">Fidelity Contrafund </li><li style="flex:1">111,797 </li></ul>Morningstar Large Cap Growth Average Russell 1000 Growth Index S&P 500 Index --<ul style="display: flex;"><li style="flex:1">-</li><li style="flex:1">-</li></ul>*This index is a compilation of all Large Cap Socially Conscious Funds in the Morningstar Data Base 6FUND COMPLIANCE REPORT CARD – 6/30/15 Total Ret Total Ret Total Ret Total Ret Total Ret Total Net Expense Name <ul style="display: flex;"><li style="flex:1">3 Month </li><li style="flex:1">1 Yr </li><li style="flex:1">3 Yr </li><li style="flex:1">5 Yr </li><li style="flex:1">10 Yr </li><li style="flex:1">Assets $M </li><li style="flex:1">Ratio </li></ul><ul style="display: flex;"><li style="flex:1">Vanguard Institutional Index Instl Pl </li><li style="flex:1">0.28 </li></ul>0.28 -0.51 7.43 7.42 3.58 2.06 5.48 17.30 17.31 11.78 10.08 11.89 17.34 17.34 12.17 10.38 12.44 7.92 7.89 7.98 5.98 6.68 <ul style="display: flex;"><li style="flex:1">195,289 </li><li style="flex:1">0.02 </li></ul><ul style="display: flex;"><li style="flex:1">-</li><li style="flex:1">S&P 500 Index </li><li style="flex:1">-</li></ul><ul style="display: flex;"><li style="flex:1">Vanguard Wellington Admiral </li><li style="flex:1">88,973 </li><li style="flex:1">0.18 </li></ul>1.24 -<ul style="display: flex;"><li style="flex:1">Morningstar Moderate Allocation Average -0.53 </li><li style="flex:1">-</li></ul>-= Actively Composite 65% S&P 500 / 35% Barclay's Aggregate -0.41 managed options which have trailed their respective benchmarks over a five year period. Composite 65% S&P 500 / 35% Barclay's U.S. Credit A or Better -0.87 Index <ul style="display: flex;"><li style="flex:1">5.31 </li><li style="flex:1">12.32 </li><li style="flex:1">13.02 </li><li style="flex:1">6.80 </li><li style="flex:1">-</li><li style="flex:1">-</li></ul><ul style="display: flex;"><li style="flex:1">Vanguard Long-Term Investment-Grade Admiral </li><li style="flex:1">-7.61 </li><li style="flex:1">1.22 </li></ul>1.38 0.34 1.94 1.86 0.48 0.70 2.12 2.10 0.01 0.01 0.03 0.00 3.80 3.05 3.38 1.92 1.83 0.06 0.36 1.11 1.11 0.01 0.02 0.05 0.00 7.16 5.00 5.28 3.42 3.35 1.11 0.89 2.26 2.22 0.01 0.02 0.07 0.00 6.04 4.77 5.07 4.49 4.44 3.21 2.52 4.01 3.98 1.34 1.36 1.36 1.04 <ul style="display: flex;"><li style="flex:1">14,966 </li><li style="flex:1">0.12 </li></ul>Barclay's LT Corporate A -3.01 Morningstar Corp Bond -2.63 -1.67 <ul style="display: flex;"><li style="flex:1">-</li><li style="flex:1">-</li></ul>0.87 0.05 - -<ul style="display: flex;"><li style="flex:1">Blackrock US Debt Index Fund Coll W </li><li style="flex:1">-</li></ul>Gray bars indicate fund benchmarks; white indicates current funds <ul style="display: flex;"><li style="flex:1">BarCap US Agg Bond TR USD -1.68 </li><li style="flex:1">-</li></ul><ul style="display: flex;"><li style="flex:1">Federated US Government 2-5 Yr Instl </li><li style="flex:1">-0.61 </li></ul>Morningstar Short Government Average -0.11 Barclay's US Treas/Agency 3-5 Yr -0.20 BofA Merrill Lynch US Treas 3-5 Yr -0.15 <ul style="display: flex;"><li style="flex:1">521 </li><li style="flex:1">0.58 </li></ul>0.81 - --<ul style="display: flex;"><li style="flex:1">-</li><li style="flex:1">-</li></ul>DATA SOURCE: Morningstar 6/30/2015 <ul style="display: flex;"><li style="flex:1">Vanguard Admiral Treasury Money Market Inv </li><li style="flex:1">0.00 </li></ul>0.00 0.01 0.00 <ul style="display: flex;"><li style="flex:1">9,542 </li><li style="flex:1">0.09 </li></ul>0.55 - Morningstar Taxable Money Market Average U.S. Treasury 90-Day T-Bill --<ul style="display: flex;"><li style="flex:1">-</li><li style="flex:1">iMoney Net Average Treasury MM </li><li style="flex:1">-</li></ul>73 YEAR QUARTILE RANKINGS – 6/30/15 2015 2015 2014 2014 2014 2014 2013 2013 2013 2013 2012 2012 <ul style="display: flex;"><li style="flex:1">Name </li><li style="flex:1">Q2 </li><li style="flex:1">Q1 </li><li style="flex:1">Q4 </li><li style="flex:1">Q3 </li><li style="flex:1">Q2 </li><li style="flex:1">Q1 </li><li style="flex:1">Q4 </li><li style="flex:1">Q3 </li><li style="flex:1">Q2 </li><li style="flex:1">Q1 </li><li style="flex:1">Q4 </li><li style="flex:1">Q3 </li></ul>American Funds EuroPacific Gr R6 Calvert Equity I DFA U.S. Micro Cap Federated U.S. Govt: 2-5 Yr Instl Fidelity Contrafund T. Rowe Price Mid-Cap Growth Vanguard Institutional Index Instl Pl Vanguard Long-Term Inv Grade Adm Vanguard Wellington Adm 76 42 79 25 44 91 64 61 82 82 38 78 32 58 92 72 95 88 73 43 82 23 47 86 74 95 85 79 21 77 17 50 74 71 77 89 65 16 87 69 75 85 82 93 93 67 30 86 73 71 78 79 94 94 69 40 90 78 67 75 80 94 91 42 23 92 59 53 78 79 50 88 47 46 87 68 52 76 84 58 88 59 63 86 86 81 75 86 73 88 64 69 89 84 74 77 84 67 84 69 51 83 80 78 72 85 60 83 76-100 51-75 26-50 1-25 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile DATA SOURCE: Morningstar 6/30/2015 8PLAN ASSET SUMMARY – 6/30/15 Percentage of WDC <ul style="display: flex;"><li style="flex:1">WDC as a </li><li style="flex:1">Fund as a </li><li style="flex:1">Participants </li></ul>Utilizing WDC Assets Participants Fund Plan Inception Date WDC Assets in Percentage of Percentage of Number of Fund Net Assets $132,495,270,745 N/A <ul style="display: flex;"><li style="flex:1">Fund </li><li style="flex:1">Fund Assets </li></ul>0.13% N/A 4.26% 2.28% 5.90% 1.48% 10.44% 3.97% 1.16% 14.18% 9.39% 10.54% 2.79% 2.36% 0.81% 1.02% 2.67% 3.65% 2.29% 1.25% 0.23% 0.73% 14.76% 1.64% 2.20% 19,884 14,413 22,473 4,963 34.85% 25.26% 39.39% 8.70% American Funds EuroPacific Gr R6 BlackRock EAFE Equity Index Fund W DFA U.S. Micro Cap 1/28/2005 2/1/2001 $172,891,594 $92,609,549 $239,653,368 $59,977,622 $424,113,201 $161,041,719 $47,187,871 $575,586,595 $381,326,236 $428,172,540 $113,408,606 $95,862,557 $32,727,097 $41,429,747 $108,500,805 $148,093,633 $93,080,033 $50,716,917 $9,207,631 4.55% N/A <ul style="display: flex;"><li style="flex:1">2/1/1997 </li><li style="flex:1">$5,263,050,018 </li></ul>N/A BlackRock Russell 2000 Index Fd T. Rowe Price Mid-Cap Growth BlackRock Mid Cap Equity Index Fund W Calvert Equity I 2/20/2004 2/1/1998 1.63% N/A 18,163 16,440 3,186 31.83% 28.81% 5.58% $26,081,291,062 <ul style="display: flex;"><li style="flex:1">N/A </li><li style="flex:1">2/1/2001 </li></ul>1.67% 0.51% 0.20% 0.48% 0.76% N/A 4/18/2003 1/31/1994 9/9/1990 $2,825,915,377 $111,796,786,453 $195,289,451,004 $88,972,949,974 $14,965,789,871 N/A 24,230 22,547 23,214 11,446 11,963 6,787 42.47% 39.52% 40.69% 20.06% 20.97% 11.90% 2.29% Fidelity Contrafund Vanguard Inst Index Plus Vanguard Wellington Adm Vanguard Long-Term Invt-Grade Adm BlackRock US Debt Index Federated U.S. Govt: 2-5 Yr Instl Vanguard Target Ret Income Vanguard Target Ret 2015 Vanguard Target Ret 2025 Vanguard Target Ret 2035 Vanguard Target Ret 2045 Vanguard Target Ret 2055 Vanguard Adm Money Market Stable Value Fund 10/26/2001 10/26/2001 2/1/2001 6.28% 0.36% 0.49% 0.42% 0.35% 0.30% 0.37% 0.31% N/A <ul style="display: flex;"><li style="flex:1">2/3/1992 </li><li style="flex:1">$520,817,573 </li></ul>$11,636,570,004 $22,141,737,240 $35,271,819,614 $26,926,407,586 $16,748,906,787 $2,501,195,410 $9,541,700,000 N/A 1,309 7/29/2005 7/29/2005 7/29/2005 7/29/2005 7/29/2005 8/18/2010 10/1/1993 9/1/1996 <ul style="display: flex;"><li style="flex:1">2,965 </li><li style="flex:1">5.20% </li></ul><ul style="display: flex;"><li style="flex:1">5,808 </li><li style="flex:1">10.18% </li></ul><ul style="display: flex;"><li style="flex:1">9.67% </li><li style="flex:1">5,516 </li></ul><ul style="display: flex;"><li style="flex:1">4,850 </li><li style="flex:1">8.50% </li></ul><ul style="display: flex;"><li style="flex:1">1,691 </li><li style="flex:1">2.96% </li></ul><ul style="display: flex;"><li style="flex:1">7,330 </li><li style="flex:1">12.85% </li></ul>36.25% 2.38% $29,672,594 $599,319,744 $66,662,308 $89,322,264 20,681 <ul style="display: flex;"><li style="flex:1">1,360 </li><li style="flex:1">N/A </li></ul>Schwab PCRA 2/17/2000 12/31/1996 N/A <ul style="display: flex;"><li style="flex:1">N/A </li><li style="flex:1">3,373 </li><li style="flex:1">5.91% </li></ul>FDIC Option N/A 254,592 $4,060,564,232 9ASSET CHART – 6/30/15 2.2% 1.6% FDIC Option Schwab PCRA 14.8% Total WDC Assets Stable Value Fund 0.7% 0.2% 1.2% 2.3% 3.6% 2.7% 1.0% 0.8% 2.4% 2.8% Vanguard Adm Money Market Vanguard Target Ret 2055 Vanguard Target Ret 2045 Vanguard Target Ret 2035 Vanguard Target Ret 2025 Vanguard Target Ret 2015 Vanguard Target Ret Income Federated U.S. Govt: 2-5 Yr Instl BlackRock US Debt Index Vanguard Long-Term Invt-Grade… Vanguard Wellington Adm Vanguard Inst Index Plus Fidelity Contrafund (as of 6/30/2015) $4,060,564,232 Domestic Equity Intl Equity Asset Allocation Fixed Income Cash Equiv. $1,888,886,612 $265,501,143 $879,201,307 $241,998,260 $718,314,601 $66,662,308 47% 7% 22% 6% 18% 2% 10.5% 9.4% Self-Directed Brok. 14.2% 1.2% Calvert Equity I 4.0% BlackRock Mid Cap Equity Index… T. Rowe Price Mid-Cap Growth BlackRock Russell 2000 Index Fd DFA U.S. Micro Cap 10.4% 1.5% 5.9% 2.3% BlackRock EAFE Equity Index… American Funds EuroPacific Gr R6 4.3% <ul style="display: flex;"><li style="flex:1">5.0% </li><li style="flex:1">0.0% </li><li style="flex:1">10.0% </li><li style="flex:1">15.0% </li></ul>10 PARTICIPANT ACCOUNT CHART – 6/30/15 1.3% 0.5% FDIC Option Schwab PCRA 8.1% Stable Value Fund Total WDC Participant 2.9% Vanguard Adm Money Market Vanguard Target Ret 2055 Vanguard Target Ret 2045 Vanguard Target Ret 2035 Vanguard Target Ret 2025 Vanguard Target Ret 2015 Vanguard Target Ret Income Federated U.S. Govt: 2-5 Yr Instl BlackRock US Debt Index Vanguard Long-Term Invt-Grade Adm Vanguard Wellington Adm Vanguard Inst Index Plus Fidelity Contrafund 0.7% 1.9% Accounts (as of 6/30/2015) 2.2% 2.3% 1.2% 0.5% 254,592 2.7% 4.7% 4.5% Total # Of WDC 9.1% 8.9% 9.5% Participants (as of 6/30/2015) 1.3% Calvert Equity I 6.5% 7.1% BlackRock Mid Cap Equity Index… T. Rowe Price Mid-Cap Growth BlackRock Russell 2000 Index Fd DFA U.S. Micro Cap 1.9% 57,054 8.8% 5.7% BlackRock EAFE Equity Index Fund… American Funds EuroPacific Gr R6 7.8% <ul style="display: flex;"><li style="flex:1">10.0% </li><li style="flex:1">0.0% </li><li style="flex:1">5.0% </li><li style="flex:1">15.0% </li></ul>11 FUND EXPENSE VS. CATEGORY – 6/30/15 <ul style="display: flex;"><li style="flex:1">Expense </li><li style="flex:1">Expense </li></ul><ul style="display: flex;"><li style="flex:1">Ratio </li><li style="flex:1">Name </li><li style="flex:1">Ratio </li></ul>

Wisconsin Deferred Compensation Plan

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