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Home My WebLink AboutDeferred Comp Agenda 08 12 2014ST. LUGIE COUNTY DEF RRED COMPEIVS~4T'IOfV PLAN COMMITT'EE AGENDA August 12th, 2014 1:30 P.M. (Finance Conference Room - Administration Building - 2"d Floor) Approval of the April 2"d, 2014 Minutes II. Approval of St. Lucie County 457(b) Plan Investment Policy Statement III. Quarterly Investment Performance Review - Jacob Peacock/The Bogdahn Group IV. Discussion V. Adjourn Item I. DEFERRED COMPENSATION PLAN COMMITTEE ST. LUCIE COUNTY, FLORIDA * SUBJECT TO COMMITTEE APPROVAL* REGULAR MEETING DATE: April 2, 2014 Convened: 10:13 A.M. Adjourned: 10:28 A.M. Committee Members Present: Joseph E. Smith, Chairman and Clerk of the Circuit Court, Chris Craft, Tax Collector, Michelle Franklin, Designee for the Property Appraiser, Tara Raymore, Designee for the County Administrator and Dan Mclntyre, County Attorney "; , Others Present: Shai Francis, Chief Operating Officer of Fin~t~cial Services, Steve Gordon , The Bogdahn Group, Jacob Peacock, The Bogdahn Grou,~„~Georgia Ri~h, CFO- Tax Collector, Lorna Smart, Accounting Manager, Joyce Abramowicz, ~'ayroll Supervisor`~nd Sue Korunow, Deputy Clerk ~~ ~ `~ ~ °~~ , 4`,, ° I. MINUTES APPROVAL `~~,~; Approval of the minut~s~~rom~ ~h~ meet~f~g~held on October 3, 2013. It was moved by MichelC~~frankli~;~seconded by the Tax Collector to approve the minutes from ~kh~ ri`i~~ting~~h~ad, on Octo~~er 3, 2013 and; upon roll call, motion carried unanimouslUs'"~~ Steve Gordon provided ;Committee Members with a copy of his presentation titled "St. Lucie County, Florida Deferred Compensation Plan, Transition Update, 4/2/2014" and directed Members to turn to page 3 and 4 for the main discussion items. He thanked the Chief Operating Officer (COO) for all the work she's done and the Committee for all their tough decisions made on the transition. He then showed the Committee was the difference those decisions have made to the participants. He noted that things are now in place for the participants to have better outcomes. Mr. Gordon provided an illustrative example of the fee differential of the previous plan, as opposed to the new plan. The previous plans expense ratio was 2.25%, which equaled out to $1125 or 2.2% of the total $50,000 investment value in the illustrative example; but in the more transparent model, the expense ratio is 1.07% equaling $535. The 1 annual savings would then be $590 and over a 25 year period, assuming a 6% annualized return, would mean $34,324.60 additional savings. This is a great tool to show the employees how much they will be saving. Mr. Gordon offered a PDF version of the information on the two pages and the County Tax Collector requested a copy to place on his internal website for his staff to review. Mr. Gordon will send the document to the C00 for distribution to Committee Members. Page 5 is a snapshot of where the County Plan is currently and as part of the County contract with The Bogdahn Group they will regularly monitor the Plan Investments and report on them quarterly. In addition, they will also monitor TIAA CREF and will conduct regular plan benchmarl<s to ensure fees and services received are marl<et competitive. March 315t will be the 15t Quarter end and we thought.~of some ways to malce it easier for everyone, We thought perhaps a few quici< phci~r~'~~calls at Quarter-end and maybe once or twice a year we could get together ar~d;ta~lt.,about things in detail. Every 3 months you will receive a report and if we~ see anyt}~.ing that requires a change ~rve would of course communicate that and ~et~~tfl~ether and vot;e on it. III. DISCUSSION ON PAYMENT PROCEDURE FOR CONSULTING FE COO provided Committee members with a copy of The Bogdahn Group Statement in the amount of $52,500.00, it is the total owed for 7 Invoices over the past 7 quarters since September 15, 2012. Staff would lil<e to put a payment procedure in place to have approval authority given to COO once invoices are submitted and reviewed. If information submitted is as expected and no charges are out of the ordinary scope of the agreement, the COO will approve for payment as directed. Invoices will be presented at quarterly Committee Meetings for approval and any charges outside the normal scope of the agreement will be presented to the Committee for vote prior to payment. 2 Motion to approve invoice payment authority to Chief Operation Officer was made by the Tax Collector, seconded by Michelle Franl<lin and; upon roll call, motion carried unanimously. IV. V. TRANSFER OF TEMPORARY CHAIR AUTHORITY FROM CLERK SMITH TO COUNTY ADMINISTRATOR Discussion regarding the transfer of temporary Chair Authority from Clerl< Smith to County Administrator was entertained in the absence of the current County Administrator, Faye Outlaw. With direction from County Attorney it was clarified that the transfer of Chair authority will transfer to the County Administrator Position, not specifically to Ms. Outlaw who will be retiring. In the absence of a new Administrator being named, an interim Administrator will be appointed and will hold this position. Motion to transfer Temporary Chair Authorit;y;. Administrator Position was made by the Ta~c ,~oile and; upon roll call, motion carried unanimo,usly. ADJOURN There being no further business to be~brou,~ht b adjourned. ~~-'~~, Cleri< Smith to the County ~conded by Michelle Franl<lin the Committee, the meeting was 3 Item II. ST. LUCIE COUNTY 457(b) Deferred Compensation Plan Adopted / / 2014 Investment Policy Statement PURPOSE OF INVESTMENT POLICY STATEMENT Pension Committee (Committee) of the St Lucie County 457(b) Deferred Compensation Plan (Plan) has adopted this Investment Policy Statement (Policy), and directs that it apply to all Plan assets, the Plan administrator, investment managers and to all other fiduciaries acting on behalf of, or under the direction of the Committee. This Policy is intended to provide guidelines, limitations, and required actions on the part of the Committee and service providers for selecting, managing, and monitoring the investment options (Options) made available to participants and/or beneficiaries (Participants). This Policy is intended to provide an anchor of stability in times of rapidly changing economic, business and capital market conditions. However, the investment policies described in this statement are subject to change. Moreover, the existence of this Policy is not intended to in any way restrict or limit the discretion, control or authority of the Committee or any fiduciary to which such discretion, control, or authority has been delegated, to make decisions in the best interest of Plan Participants as circumstances may require. Periodically, but no less often than once a year, the Committee will meet to discuss the following: A. Adherence to this Policy. B. The effectiveness of Plan administration, Participant communications and other Participant services to Participant investment success including the evaluation of Participant concerns. C. Employee information including demographics, participation, contribution rates, and the efficiency of Participant investment portfolios. D. The fit and appropriateness of this Policy with the overall Plan objectives; and any changes that are needed to the Plan Options, Plan administration, or Participant services. E. The reasonableness of the fees incurred by the Plan and confirm that the Plan and its Participants are receiving a fair value in exchange for the fees rendered. In addition, the Committee may discuss all items within this section for each Option, the Service Provider/Record Keeper, and Consultants. Any party may call more frequent meetings if significant concerns arise about any Option, strategy, personnel, organizational structure, or any other factors relating to the welfare of the Plan. The minutes of the Committee's deliberations shall be recorded to provide a written record of the Committee's due diligence process. Adopted // 2014 - St. Lucie County 457(b) Deferred Compensation Plan Page 1 II. OBJECTIVES OF THE PLAN The Committee is charged with following the Policy in ali actions it takes involving the Plan and acts as the named fiduciary. The Trust is exempt from tax under Internal Revenue Code Section 501(a) and is maintained in conjunction with the Plan to hold assets for Participants for their retirement. The Plan permits all Participants to direct the investments for their individual Plan accounts among the Plan's Options. In addition, the Committee, with the assistance of the Investment Consultant, will select an appropriate Qualified Default Investment Option (QDIA) for the Plan (if applicable). The accounts of terminated Participants, in some instances, are distributed according to the terms of the Plan. The Participants bear the ultimate risk and responsibility for their individual Plan investment elections and investment performance over time. In order to conform with best-practice safe harbor provisions as specified in ERISA Section 404(c), the Plan shall: A. Provide Participants at least three Options with different risk/return profiles; B. Provide Participants with access to sufficient information so that the Participant can make an informed decision about the selection of Options; and C. Permit Participants to change Options on a daily basis. Investment success largely depends on following well established principles of portfolio investing, including the use of well diversified portfolios intended to maximize long term returns for the level of risk chosen by each individual Participant. The Plan will offer Participants a diverse set of Options, selected pursuant to the criteria in SECTION IV of this Policy. The objective is that each Participant will select a combination of Options that generally optimizes the Participant's overall investment portfolio consistent with their individual circumstances, goals, time horizons, risk capacity and risk tolerance. The name and description of the Options are identified in EXHIBIT A. Proxy voting for mutual fund shares shall be passed through to Participants in accordance with the Plan. Proxy voting for securities held in a portfolio managed by an investment manager subject to ERISA shall be handled by the investment manager consistent with its fiduciary responsibilities under ERISA and the investment guidelines governing the account. I11. RESPONSIBILITIES Participants: Each Plan Participant is best positioned to make decisions regarding the allocation of assets among the various Options offered by the Plan in order to best achieve his/her investment and retirement goals. As a result, the amount to be invested in each option, if any, shall be determined by each Plan Participant. In the absence of an election by a Plan Participant, the Participant's balance will be invested in the appropriate default Option as outlined in the Plan document. Each Participant has a responsibility to pursue the education necessary to make sound investment decisions. This education may include, but is not limited to, materials provided by the Plan, service provider/record keeper, investment managers and/or the consultant. The Participants bear the risk of the investment results from the Options chosen. Plan Sponsor: The Committee of the St Lucie County 457(b) Deferred Compensation Plan is responsible for establishing all policies governing the Plan and the selection of all professional service providers to the Plan, including, but not limited to, the following: Adopted // 2014 - St. Lucie County 457(b) Deferred Compensation Plan Page 2 A. Service provider / record keeper B. Investment managers / Options C. Investment consultant D. Legal counsel Service Provider/Record Keeper: The service provider/record keeper selected by the Plan is responsible for maintaining accurate and up-to-date account records for all individual Participants in the Plan. These records shall include daily valuations of each ParticipanYs aggregate investments and each Option. The service provider/record keeper shall also be responsible for providing each Plan Participant with access to sufficient information to manage their investments. The information and services provided shall include enroliment, education, exchanges, transfers, distributions, periodic statements and any other responsibilities that may be further defined in the agreement between the service provider/record keeper and St Lucie County. Investment Manaqers: The investment managers of the Options selected by the Plan shall be responsible for the selection, purchase and sale of the individual securities held in their respective portfolios. Each investment manager has a responsibility to discharge their portfolio management duties within the guidelines outlined in their fund prospectus or other governing document. Investment Consultant: The investment consultant shall assist the Plan in developing appropriate investment policies and guidelines for the Pian, the selection of Options to be offered to Plan Participants and the ongoing monitoring and review of those Options. The investment consultant shall provide periodic reports outlining the investment perFormance results of each Option and any further information or services that may be outlined in the agreement between the consultant and St Lucie County. IV. INVESTMENT OPTION SELECTION & EVALUATION The following characteristics shall be considered in selecting and monitoring Options, whether offered as a stand-alone Option, and/or as a fund included in a portfolio Option: A. Access to investment information. It is the intention of the Plan to offer Options that allow Participants to access readily available investment information via the internet, newspapers, or other written documentation. B. Manaqer tenure and corporate stability. It is the intention of the Plan to consider and evaluate an Option's manager tenure as well as the corporate stability of the company offering the Option before including a particular fund as a Participant option. At a minimum, the Option's manager must have a three-year track record with the particular fund under consideration to be a viable Participant option. C. Manaqer, stvle, asset and process consistencv. It is the intention of the Plan to consider and evaluate the manager, style, asset level and process consistency of current Options as well as new Options under consideration by the Plan. Any management turnover, substantial style drift, significant assets flows or investment process change at the fund level will result in a review of an existing Option's position in the Plan. Adopted // 2014 - St. Lucie County 457(b) Deferred Compensation Plan Page 3 D. Investment costs and manaqement fees. It is the intention of the Plan to consider and evaluate that the overall costs and ongoing management fees of current Options as well as new Options under consideration are reasonable when compared to other similar and comparable investment funds. E. Performance and risk measures. In addition to the qualitative criteria detailed above, it is the intention of the Plan to consider and evaluate the ongoing performance and risk profile of each Option using the following quantitative criteria: Plan Options are considered to be in compliance when, for the period of less than 4 consecutive quarters: 1. Return is greater than the appropriate benchmark and the rank is above the 75th percentile of the appropriate peer group. 2. PerFormance over the three and five-year trailing periods that exceeds the appropriate benchmark. 3. PerFormance over the three and five-year trailing periods that ranks in the top 50t" percentile of the appropriate peer group. 4. Sharpe ratio over the three and five-year trailing period that ranks in the top 50`h percentile of the appropriate peer group. The Sharpe ratio is defined as an investmenYs excess return (over the risk-free rate) divided by the standard deviation (risk) of the excess return. 5. Positive Alpha over the three and five-year trailing period relative to the appropriate benchmark. Alpha is a measure of risk-adjusted performance that represents the portion of an investment's historical perFormance that is not explained by movements in the benchmark index. The Plan will monitor the results of the Plan's Options against the criteria contained in items A through E on a quarterly basis. These quarterly reviews will evaluate each Option's success in achieving its goals as well as its position in the overall menu of available Options. The purpose of these ongoing evaluations will be to determine if an Option is to be retained as an offering for Plan Participants. However, this framework is not intended to be an exhaustive set of criteria by which any investment manager or Option is evaluated. The review structure contained in items A through E above can be used for the evaluation of most Plan Options. However, there are several instances where Options offered to Participants may not fit into one or more portions of this framework. As such, the Committee may consider additional factors when evaluating certain Options such as index, money market, stable value and/or lifecycle funds. A current list of the Plan's Options, style objectives and benchmarks is contained in EXHIBIT A. Adopted // 2014 - St. Lucie County 457(b) Deferred Compensation Plan Page 4 EXHIBIT A - INVESTMENT OP710NS The following funds are current Options offered by the Plan to its Participants. . •~ ~ - •~ - Domestic Equity Funds Vanguard Windsor II Adm (VWNAX) Large Cap Value Russell 1000 Value Vanguard Total Stock Mkt Idx Signal (VTSSX) j Large Cap Blend CRSP U.S. Total Ma~ket I ~R intlex Wells Fargo Advantage Premier (EKJFX) Large Cap Growth Russell 1000 Growth Uanguard Mitl Cap lndex Signal (VMISXj Mid-Cap Blend CRSP U.S.'Mid Cap.TR Index Invesco Small Cap Value Y(VSMIX) Smali Cap Value Russell 2000 Value International / Global Equitv Funds American Funds Europacific Gr R6 Foreign Large Blend MSCI EAFE Ex USA (RERGX) Vanguartl Total intl Stock Index Signal Foreign Large Blentl Vanguard Total InYI Stock ' (UTSGX) Index Hybrid ? Fixed Income / Stable Value Funds PIMCO Total Return I(PTTRX) Intermediate-Term Bond garclays US Aggregate Vanguartl Total Bond Market Index Signal dnterrnediate-Term garclays US Aggregate (VBTSX) ; Bond Columbia Trust Stable Gov't Fund Stable Value Citigroup 3-Month T-Bill Index Real Estate ASTON/Harrison Street Real Estate I Real Estate MSCI U.S. REIT Index AARIX Risk Based / Lifecycle Funds Vanguard LifeStrategy Income Inv Risk Based Vanguard LifeStrategy ASIX Income Com osite Index Vanguartl LifeStrategy Cnsrv Gr Inv ' ' Risk Based Vanguard LifeStrategy VSCGX Conservatiae Growth Index Vanguard LifeStrategy Moderate Gr Irn Risk Based Vanguard LifeStrategy SMGX Moderate Growth Index Uanguard LifeStrategy Growth Inv Risk Based Vanguard LifeStrategy ASGX) GroWth Index Vanguard Retirement Income (VTINX) Lifecycle Vanguard Target Income Com osite Index Uanguard Target Retirement 2020 ' Lifecycle Uanguard Target 2020 UTWNX Com oSite lndex Vanguard Target Retirement 2030 Lifecycle Vanguard Target 2030 THRX Com osite Index Vanguard Target Retirement 2040 ` Lifecyele Vanguard Target 2040 ' FORX r Com osite Index Vanguard Target Retirement 2050 Lifecycle Vanguard Target 2050 VFIFX Com osite Index Vanguard Target Retirement 2060 ' ' Lifecycle Vangua[d Target 2060 TSX I Com osite lndex! Adopted // 2014 - St. Lucie County 457(b) Deferred Compensation Plan Page 5 Item III. St. Lucie County Deferred Compensation lan I nvestment Performance Review WWW.BOGDAHNGROUP.COM 2nd Quarter 2014 ~ 0 rcrzd frrlrrcirrr}~ decisiorts En~i~°~ ~~t 24~ 4 Market 2nd Qua~,er The Market Environment Major Market Index PerFormance As of June 30, 2014 ° It was a remarkably uneventful quarter across markets despite political concerns (Middle East discourse) and economic worries (-2.9% restated US GDP growth in the first quarter) that would seemingly have a larger impact on overall volatility. The CBOE Volatility Index (VIX) finished the quarter at 11.6, its lowest quarterly close since December 2006. The Q1 growth slowdown, largely weather related, benefitted both emerging markets and domestic fixed income in Q2 as it contributed to a flatter, lower yield curve. This naturally benefits bond holders, but also helped support emerging markets, which experienced a sell off earlier this year on lower liquidity and concerns regarding higher rates. As a result, all major markets were positive during the quarter. ^ The S&P 500 appreciated 5.2% during the period, which marked the sixth consecutive positive quarter for the index. This is the first time the S&P has had a quarterly run this strong since 1998. In addition, the index has appreciated in each of the past five months. The market seems to be shrugging off the significant decline in GDP growth in the first quarter, instead focusing on impressive job growth numbers (+500,000 new jobs added in April and May) and continued overall declines in the unemployment rate, which ended the quarter at 6.3%. Finally, the housing market continues to show improvement with a 5.1 % year-over-year gain in median home prices and continued tight supply (5.6 months of inventory). ^ Emerging market equities surged to the head of the asset classes during the second quarter, after struggling on a relative basis for a majority of the past year and a half. Developed international equity markets lagged domestic large cap equities slightly, but were up strongly on an absolute basis. For the trailing one-year period, emerging equities lagged their developed counterparts by 9.4%. ^ After a strong start to the year, domestic bonds continued to move higher in the second quarter, rising 2.0%. The strong perFormance pushed the trailing, one-year return back into positive territory (+4.4%). The quarterly performance was aided by positive returns from each major sector of the market, led by a 3.8% return from TIPS. After dropping 8.6% in 2013, TIPS have rebounded in 2014, moving their return over the past twelve months to 4.4%. Despite a number of economic and political concerns, Corporate Bonds also move sharply higher, followed by MBS and Government issues. MSCI ACWxUS MSCI EAFE MSCI Emerg Mkts S&P 500 Russell 3000 Russell 1000 Russell MidCap Russell 2000 Barclays US Agg Barclays US Govt Barclays US TIPS Barciays MBS Barclays Corp IG 3-Month T-Bill Quarter Pertormance 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 1-Year PerFormance MSCI ACWxUS MSCI EAFE MSCI Emerg Mkts S&P 500 Russeil 3000 Russell 1000 Russell MidCap Russell 2000 Barclays US Agg Barclays US Govt Barciays US TIPS Barclays MBS Barclays Corp IG 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 3-Month T-Bill Source: Investment Metrics The Market Environrnent Domestic Equity Style Index Performance As of June 30, 2014 The decline in overall volatility in the midst of a long-standing bull market would suggest that small cap stocks should outperForm their large cap brethren, but that was not the case during the quarter. On average, large caps were the best performing segment, but the dispersion across mid and large capitalizations was minimal. Mid Cap Value was the single best performing area. Small caps were largely hurt by the reemergence of investor preference towards higher yielding sectors, which favor larger, more established dividend paying companies. However, small cap stocks had a resurgence in June, which suggests market leadership could be changing. Value stocks outperFormed growth stocks in the mid and small capitalizations, but there was no similar skew in the larger cap segment. ^ As of June 2014, intra stock correlations (~028) continue to fall. While slightly above the long-term average (~0.26 since 1926), the current level is very favorable for stock picking and suggests the future success of actively managed strategies remains bright. Current valuations remain fair. As of June 30, 2014, the S&P 500 traded at 1,960. While this represents a 25% premium to the October 9, 2007 inflection point valuation of 1,565, the forward looking P/E multiples are virtually identical (15.2x in 2007, 15.6x in 2014). The current P/E multiple is in line with the 25-year average. On average, markets experience an intra-year pullback of approximately 14.4% (using S&P 500 data back to 1980). In 2013, the largest decline was 6%, which has been repeated so far in 2014. Despite many pundits continuing to speculate that we are overdue for a"typical" market correction of 10% or greater, relative valuations, generally positive economic growth, and benign macro factors continue to favor domestic equities over international and fixed income alternatives in the minds of most investors. ° On an absolute basis, small cap stocks are more expensive relative to their mid and large cap counterparts (18.5x PE versus 18.4x, and 15.6x, respectively). However, relative to their long term averages, small cap valuations are in-line with mid cap. Both are slightly expensive relative to large caps, especially on the value side. 3000 Value 3000 Index 3000 Growth 1000 Value 1000 Index 1000 Growth MidCap Value MidCap Index MidCap Growth 2000 Value 2000 Index 2000 Growth 3000 Value 3000 index 3000 Growth 1000 Value 1000 I nd ex 1000 Growth 2000 Value 2000 Index 2000 Growth MidCap Value MidCap Index MidCap Growth Quarter PerFormance - Russell Style Series 1-Year Performance - Russell Style Series Source: fnvestmentMetrics 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% The Market Environment GICS Sector Performance & (Sector VVeight) As of June 30, 2014 ^ During the quarter, the Commerce DepartmenYs downward revision of first quarter GDP to a surprising -2.9% had a strong impact on equity sector Consumer Disc (12.7%> returns. The lower economic growth number contributed to a surprising decline in interest rates across most points on the yield curve. Given a lower ConsumerStaples (6.9%) yield environment, investors again returned to higher yielding sectors such as Energy and especially Utilities. This preference for dividends, last seen to Energy (9.9%~ a significant degree in 2012, helped contribute to 12.3% and 6.8% quarterly Financials (16.9%) returns for these sectors, respectively. ° In this interest rate environment, it is no surprise that REITs also fared well, appreciating 7.2% during the quarter. This brings the sector's year-to-date gain to a robust 18.2% (as measured by the Dow Jones US Select REIT Index). However, this performance was not enough to buoy the Financials sector as a whole, as Financials were the worst performing sector within the S&P 500, appreciating a meager 2.3% during the period. ^ Similar to the first quarter, Consumer Discretionary was once again a relative underperformer in both the smali and large cap benchmarks during the period. Again, most of the impact could be weather related. Many analysts related the soft retail numbers to the effects of a brutal winter that extended well into the second quarter reporting period. Most analysts see brighter times ahead as they believe that the now lower inventory levels will promote accelerated growth in the second half of the year as retailers replenish depleted stock. ^ On an absolute valuation basis, when viewed across a ten-year trailing period ending June 30, 2014, Financials and Telecom were the most attractively valued areas within the S&P 500. Each sector traded at approximately 12.5x 14.Ox. Consumer Staples appear the most overvalued at the moment. Staples trade at approximately 17.5x on an absolute basis, which is very near the top of its ten-year range. Relative to the ten-year average, only two sectors currently trade at or below average valuations: Telecom and Information Technology. Health Care (12.9%) Industrials (11.3%) Info Technology (18.1 %) Materials (3.8%) Telecom Services (2.3%) Utilities (3.1 %) Russell 1000 ^ Quarter ^ 1-Year Consumer Disc (12.8%) Consumer Staples (3.8%) Energy (5.8%) Financials (23.5%) Health Care (13.1%) Industrials (14.7%) Info Technology (17.5%) Materials (4.9%) Telecom Services (0.7%) Utilities (3.3%) u.uro o.uro ~u.ura ~o.uro zu.uio z5.uio 3o.oio 35.oio Russell 2000 ^Quarter ^1-Year -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% Soarce: MomingstarDirect The Market Environment Top 10 Index Weights 8~ Quarterly Performance for the Russell 1000 & 2000 As of June 30, 2014 Source: MomingstarDirect The Market Environment International and Regional Market Index Performance (Country Count) As of June 30, 2014 s Volatility declined during the quarter, and monthly returns for all of the diversified non-US equity indexes were positive. This is very different from last quarter, when the final return appeared that nothing had happened, but the intra-quarter path resembled a roller coaster. ^ The range of returns for the individual countries outside of the U.S. was wide. The best developed return was Norway at +10.8% and the worst developed return was Ireland at -9%. On the emerging country side, Turkey was the strongest perFormer at +15.4% and Greece was the worst at -10.7%. AC World x US (45) Quarter Performance ^USD ^Local Currency 5.3% ,, ' 4.2% 4.9°/a j 3 9% ' . 4.3% ; 3 7% . 3.7% I I 3.4% ' ° 5.6 /a 5.3% ! i i 4 6.7% ` 5.3% ', 4.5% 4.3% I 7.3% 5.6% ' 11 ~ , ~ ~ ~.o io 52% I 4.0% 6.0% 8.0% ^USD ^LocalCurrency ~ Qatar and the UAE were added to the MSCI EM Index during the second quarter (May). Both countries' equities were down for the quarter, which seems counterintuitive given the likelihood that many index funds added capital to stocks within the two countries (or even more likely to ETFs). ^ Currency moves for the quarter were favorable for U.S. investors overseas, as the USD depreciated versus a majority of European, Asian and Latin American currencies. The few exceptions were France, Germany and India. " Energy (+11.6%) and Utilities (+7.1 %) were the top two performing sectors in developed equities, followed by defensive sectors, Consumer Staples (+6.3%) and Health Care (+5.7%). Within emerging equities, Information Technology (+11.2%) took top sector honors, followed closely by Utilities (+10.5%) and Energy (+10.2%). ^ Value again outperformed growth in developed equities. The trend reversed in emerging equities from last quarter and value outperformed growth there as well. Small cap stocks underperformed large caps among both developed and emerging market indices. WORLD x US (22) EAFE (21) Europe & ME (16) Pacific (5) Emerging Mkt (23) EM EMEA (10) EM Asia (8) EM Latin Amer (5) AC Worid x US (45) WORLD x US (22) 1-Year Pertormance 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% EAFE (21) Europe & ME (16) Pacific (5) Emerging Mkt (23) EM EMEA (10) EM Asia (8) EM Latin Amer (5) Source: MSC/ Globa/ Index Monitor (Returns are Gross) The Market Environment U.S. Dollar International Index Attribution ~ Country Detail As of June 30, 2014 Source: MSC/ Gfobal lndex Monitor (Retums are Gross rn USD) The Market Environment Domestic Bond Sector 8~ Broad/Global Bond Market PerFormance (Duration) As of June 30, 2014 Quarter Performance Amid lackluster economic news and geopolitical concerns in Ukraine, domestic bonds continued their strong perFormance in the second quarter, rising 2.0%. Bond markets began the quarter on a bullish note, moving higher on a surprisingly weak first quarter US GDP report and concerns over the Ukraine-Russia conflict. In May, weak economic news from China and Europe, along with lower revisions to first quarter GDP, pushed bonds higher, especially in maturities ten years or greater. Late in the quarter, volatility fell and credit spreads moved lower, resulting in a positive return for the month of June. Overall, it was a good quarter for bond investors, especially in light of the fact that the Federal Reserve remains on pace to end their quantitative easing program by year-end. ^ For the second consecutive quarter, all investment grade sectors posted positive returns. Though small in size, TIPS were the top performing area of the market (3.8%). Among the major sectors, Corporate Bond prices continued to grind higher and were the strongest perForming segment (2.7%), followed by MBS (2.4%) and Treasuries (1.4%). ^ The trend of lower quality bonds outperForming higher quality securities within investment grade credit continued for yet another quarter. Bonds rated Baa rose 3.4%, followed by A-rated (2.4%), AA-rated (1.9%), and AAA-rated (1.8%). e Amid the strong demand for longer-dated Treasuries, the broad-based Barclays Aggregate Index outperFormed short and intermediate bonds for the second consecutive quarter. The bullish sentiment in 2014, has benefitted The Barclays Aggregate Index, which has outpaced shorter- dated bonds by a wide margin over the past twelve months. ^ The continued appetite for income resulted in strong demand for Corporate Bonds, regardless of credit quality. For the first time in eight quarters, high yield issuers trailed investment grade credits, but remained well ahead over the past twelve months. ^ For the second consecutive quarter, International bonds, represented by the Barclays Global Aggregate ex US Index, surpassed their domestic bond counterparts (2.7% versus 2.0%). The strong showing pushed international bonds ahead of the US market by 5.0% on a trailing, one- year basis. Aaa ~s.os~ AA (5.67) A (7.11) Baa (7.44) U.S. High Yield (4.04) U.S. Treasury (5.26) U.S. Mortgage (5.06) U.S. Corporate IG (7.12) U.S. TIPS (7.22) Aggregate (5.60) IntermediateAgg (4.27) Globai Agg x US (6.93) Multiverse (6.24) aaa, (s.os~ a,a (s.s~) A (7.11) Baa (7.44) U.S. High Yield (4.04) U.S. Treasury (5.26) U.S. Mortgage (5.06) U.S. Corporate IG (7.12) U.S. TIPS (7.22) Aggregate (5.60) Intermediate Agg (4.27) Global Agg x US (6.93) Multiverse (6.24) 1-Year PerFormance Source: Barolays Capita/ Live 0.0% 1.0% 2.0% 3.0% 4.0% 0.0% 2.0% 4.0% 6.0°/a 8.0% 10.0% 12.0% The Marke~. Compar6son Y~e~d Curve Zo~~ 11Aarket Rate & AS of ,lune 30, 4.00 'tn 2Q~44, ~ erformance market ~,heir strong p tone of the markets continued bullish o~, oueralt pomestic bonds second qUarter. Th ua~er US GDP rep 2~p~/Q in the rising weak first q in Ukraine• retuming a~ to a surp and geoPolificat concems was due, ~n pGhina and EUr°pe' change in despite little {o end ifi.s weakness ~n e~ormanCe occur~ed on ~QUrse ear tadate F Wh~ch rema~ns ear end> ^'Che strong Y Reserve~ ove towards y the Federai ear-epd• AS We m ~he fim~n9 and policY by rogram bY `1 their attention o~ quanfi.~tatN ~ill Sing easinglY focus ~nveS{ors of any p~t~ntia< <n{erest rate increases• Sent`mept in ~he magnitude concerns, adjUSted and ge~p°litical ~AA op~,ion erous macro resulting ~n s pespi~e num Cemained positive, credit mar~ets 17 basis points (bPs~' aturities ten h{ening i~t~ leueis for m Yietds on Spreads tig ua~er weakness in June, Y during modest ~ during the secondr~qSpeC~~vely, ^ Aside from 2a an~ ~.2 bps, ears and grea~.er declined aeC~ped Y 30_year m~{urities it still 10 and ua~teC, ~he period. Second q es eciattY ~atten in {he maturities, P ield cun+e continued ~ p fQr e~en~~ng e~n keY p,Ithough ~he Y ie1d g e-~he spraad betw ^ sizable y 1e1~ ~u~ ~fovide ntermed ate pa+~ of t h e Y in the {he yield curve is shown below• points on asurl 1'15 bps ^ ~ Year Trailing 1Narket Rates ~3 Month ~.~bor ~T~pSpread ~~,~oyrTIPS --.-._.___. ~Fed Funds Ra e ~10yrTreasuN _ __._~.. ~__._ BAA OAS _._.___---- -^ .50 3.0~ 2.so 2.00 ~.so ~ 1.00 0.50 o.oo -- -0.50 ---_-_- __-- ~~- Y Feb-14 Mar-'~a Apr_14 May 14 Jun-~4 13 Oct-13 Nov-~3 t~ea13 Jan-~4 -1.00 quJ-13 SeP- Jul-13 e ,;. TreasurY Y1e~d Gur~ ~12/31I2013 __ 4.00 - ~9130120~3 ~~13012fl14 " 3f3'I f2014 3~~ • _ _ 2-5 Year U-S• TTreasurl 91 bps ~q p Year U.S. g1 bps 10-30 Year U.S. Treasury ield curve 2013, the Y ieids in mid-talate haVe declined, {o more a~ractive y and ~p~erest rsteeSUlted in stron9 ,. Since rising Ve narrowed W~ile this ha ou~~ook g~~ng has ftat~eRed, spreads ha maturities. return ~Tedit ~~ ~o~ger-dated onths, we betieve ~ e~ds and narrow particularly ast twelve m inal y amount of ver the p or~, the 1ow n n ome ~o o{~Set the returns a oor. Fu~he~ ount ofi forvvard ~s p o n l y a modest am Spreads o~~r ed bY ~nves~ors. interest rate risk assum - - ~_ _ __ - 30 y~ 10 y~ 20 y~ 0.5D --" 5 Yr 7 Yf , r 2yr 3yT 3mo 6mo ~Y 0 00 ' ~ mo e a~ment of Treasury. FRED (Federa~ Reserve of Si. ~ouis) Source~ US D P Asset Allocation Summary Total Fund As of June 30. 2014 Asset Allocation By 5egment as of! i AssetAllocation By Segment as of March 31, 20~14 :$15,784,376 June 30, 2014 :$16,127,317; Segments Market Value Allocation Segments Market Value Domestic Equity 5,721,837 36.3 Domestic Equity 6,002,272 ~ International Equity 1,015,420 6.4 ~ International Equity 1,167,783 Domestic Fixed Income 1,200,279 7.6 Domestic Fixed Income 1,357,236 ;; Other Fixed Income 283,464 1.8 : Other Fixed Income 330,704 Real Estate 11,320 0.1 Real Estate 63,316 ~ Stable Value 6,261,598 39.7 ~ Stable Value 5,842,164 r. Life Cycle 1,290,459 8.2 >i Life Cycle 1,363,842 Allocation 37.2 7.2 8.4 2.1 0.4 362 8.5 Asset Allocation Summary Total Fund As of June 30, 2014 A(location Allocation ~ ~ Market Value Allocation ~ ~ ~ Market Value~ ~ Allocation Columbia Trust Stable Govt Fund I-0 ~ Wells Fargo Large Growth (EKJFX) Vanguard Mid Index Signal (VMISX) ; Vanguard Total Stock Idx (VTSSX) ^ PIMCO Total Return (PTTRX) ~ Vanguard LifeStrategy Mod Gr (VSMGX) ; Vanguard Windsor II (VWNAX) American Funds EuroPacific Gr (RERGX) irnesco SmaII value (VSMIX) Vanguard Total Bond Market Index (VBTSX) ^ Vanguard Total Intl Stock Index Signal (VTSGX) ? Loan Fund ^ Vanguard LifeStrategy Consrv Gr Inv (VSCGX) ~ Vanguard LifeStrategy Growth (VASGX) ~ Vanguard LifeStrategy Income (VASIX) _.. Vanguard Target Ret 2030 (VTHRX) ^ Vanguard Target Ret 2040 (VFORX) i Vanguard Target Ret 2060 (VTTSX) : Vanguard Target Ret 2020 (VTWNX) ASTON/Harrison Street RE (AARIX) Vanguard Target Ret 2050 (VFIFX) ~ Vanguard Target Retirement Income (VTINX) 6,261,598 39.7 Columbia Trust Stable Govt Fund I-0 5,842,164 36.2 2,207,515 14.0 ~ Welis Fargo Large Growth (EKJFX) 2,019,372 12.5 1,141,745 7.2 Vanguard Total Stock Idx (VTSSX) 1,214,603 7.5 966,990 6.1 Vanguard Mid Index Signal (VMISX) 1,179,130 7.3 894,337 5.7 ^ PIMCO Total Return (PTfRX) 996,740 6.2 827,378 5.2 : Vanguard Windsor II (VWNAX) 925,180 5.7 826,343 5.2 American Funds EuroPacific Gr (RERGX) 776,613 4.8 714,207 4.5 ~ Vanguard LifeStrategy Mod Gr (VSMGX) 764,485 4.7 579,243 3J ~" Invesco Smail Value (VSMIX) 663,987 4.1 305,942 1.9 i Vanguard Total Intl Stock Index Signal (VfSGX) 391,170 2.4 ' 301,213 1.9 Vanguard Total Bond Market Index (VBTSX) 360,497 2.2 283,464 1.8 a Loan Fund 330,704 2.1 200,012 1.3 ^ Vanguard LifeStrategy Consrv Gr Inv (VSCGX) 172,027 1.1 90,252 0.6 ~ Vanguard LifeStrategy Growth (VASGX) 97,184 0.6 72,635 0.5 Vanguard Target Ret 2020 (VTWNX) 84,893 0.5 49,526 0.3 ~ Vanguard LifeStrategy Income (VASIX) 72,339 0.4 16,356 0.1 ASTON/Harrison Street RE (AARIX) 63,316 0.4 16,122 0.1 Vanguard Target Ret 2040 (VFORX) 62,827 0.4 13,090 0.1 ;; Vanguard Target Ret 2030 (VTHRX) 49,480 0.3 11,320 0.1 ~ Vanguard Target Retirement Income (VTINX) 35,524 02 5,088 0.0 Vanguard Target Ret 2060 (VTTSX) 17,981 0.1 - 0.0 Vanguard Target Ret 2050 (VFIFX) 7,103 0.0 St. Lucie County Compliance Matrix As of June 30, 2014 *Asset Level provided by Morningstar ~ ~ ~ ~~ wx ~ H~ lF,,. t~i / ~~~ Comparative PerFormance Total Fund As of June 30, 2014 Comparative Performance Trailing Returns ~, ., .: .. QTR ;. < YTD 1 YR _ 2 YR 3 YR 4 YR 5 YR Domestic Equity ~._~ ~ '; , ~__ _._ ~_~_ ~ ~ . ~ ~ _ __~_. _. __ .__~ . . : . . ~~ ~ ~~ ~ ~~ ' ~ ~~~~~~~ ~~~ ~ ~~~ ~ ~ ~ ~~~ ~~ ' ~~~ ~ ~ ~~~ ~ ~~~ ~ ~~ ~ ~~ ~ _ __.~_ ~ ._y ~ II ._.._ _ ; .. ~ _.~ _.. _ ____ ~._ __ ~ . ~" ~ ~~ Vanguard Total Stock Idx (VTSSX) 4.87 (31) 6.98 (38) 25.18 40 ( ) 23.30 (50) 16.48 (26) 20.31 (23) 19.43 (25) CRSP U.S. Tot~! Market TR index 4.87 (31} 7.D0 {37} 25.21 (40) 23.31 (50) 16.43 (27) 20.25 (25) 19.3~ (2G} (M U.S. Multi-Cap Gor~ Equity (MF) Median 4.42 n",30 24.48 23.25 T4.69 ~8.49 17.77 Vanguard Mid Index Signal (VMISX) 4.51 (38) 7.91 (31) 26.23 (31) 25.61 (38) 15.33 (30) 20.77 (22) 21.97 (~ CRSP U.S. [~iid Cap TR index 4~53 (37) ;.97 (27} 26.32 {SO} 25.56 (39) 15.~a8 (22~ 21.91 (16} 21.83 (10} IM tJ.S. Mid Gap Core Equify (MFl Medi~n 3.7G 6.36 24.46 24.68 1426 19.19 19.36 Vanguard Windsor II (VWNAX) 4.60 (41) 7.65 (24) 22.61 (48) 22.72 (63) 16.48 (23) 19.63 (20) 18.32 (27) Russeil 1000 Vafue index 5.1CJ t26} 8_28 (90) 23.81 (3C} 24.5G (331 16.92 (13) 19_&1 (18) 9923 (1~f) IM ~!.S. Large Gap Vaiue Cquify (MF) Median 4.3~ 6.87 22.38 23.40 15.29 18.10 17.0& WelisFargo:Prem LCG;I (EKJYX) 3.39 (81) 3.10 (74) 26.03 (54) 20.40 (66) 15.22 (34) 20.54 (1~ 19.60 (11) P,ussei( 1000 Grov/fh Endex 5.13 (24} 6.31 {?3} 2F_g2 (40} 29.39 (34) 16.26 f17} 20.69 {15} 19.24 (95) IP~ U.S. Large G~p Gro~~~~h Ec~uity fP/iF) PJiedi~n 4.42 ~.41 26.28 2125 1G.44 18.6~7 17.40 Invesco Small Value (VSMIX) 4.02 (13) 8.57 (3) 31.02 (4) 32.56 (2) 19.81 (1) 22.83 (1) 22.98 (~ Russeli 2000 V~iue Index 2.38 (42~ 420 {43) 22.54 (~2) 23.6a (62) 14.65 (52) 18.01 ,65} 19.88 (54) IM U.S. Smaif Cap Val~~e ~quit}r (MF) Median 2_21 3.81 23.1~ ?_4.69 14.88 13.71 2Q11 International Equity; Vanguard Totai Intl Stock Index Signal (VTSGX) 5.02 (18) 5.82 (21) 22.34 (40) 17.83 (66) 5.83 (72) 11.61 (72) 11.01 (62) Vanguard Tatai internati~nat Stock gndex Hybrid 5.2~! (10) G24 (16) 22.84 (33) 1&.55 (60} 6.5~ {G1) i2.0`~ l62) 11.99 (~9) IPv1 lntemational Multi-Cap Care Equity (D.~F) Medi7n 3.97 4.16 21.44 19.5C1 7.13 1?_.62 11.64 American Funds EuroPacific Gr R6 (RERGX) 2.96 (81) 3.69 (53) 22.35 (33) 19.08 (39) 7.40 (31) 12.53 (44) 11.99 (25) MSC( EA~=E (n~Cj Index 4.D9 (45) 4.7& (33) 23.57 (98} 21.07 (~ 8.1t~ (1?1 9328 (23} 11.77 (30) IM EnYernationa[ Large Cap Equ`rty t~~9F} Nledian 4.00 3_7a 2Q.5& 18,30 6.61 1223 11.11 Domestic Fixetl Income ' ~_ _,~.~ _ ________~ ~___.w> > ..~_._._ ..W _~.~~~.~ ~_~~ ~~~~ ~~~~~_~~ ~ ~~~~ ~ ~ ~ ~ ~ ~~ ~~ ~ ~ ~ ~ ~ ~ ~ ~ PIMCO Total Return (PTTRX) ~ 2 37 (19) 3.71 (75)~ ~4.88~~~ ~~(48)~~~ 3.03 ~~ ~~(29) ~~ ~ ~4.32~ ~ (34)~ ~~ 4.72 (26)~ ~~~~~6.40~ ~~(32)~ ~ BarcEays Aggregate ind~x 204 (54) 3.93 (63) ~.37 (63 ) 1.89 1 (7 ) 3.a"6 (63} 3.T2 (6i) 4.85 (7£3j BM U.S. Broad Markei Care Fixed I~~come (PlIF) Median 2.06 4.Q9 4.81 2.44 3.~JQ 4.15 5.82 Vanguard Total Bond Market Index (VBTSX) 1.97 (66) 3.92 (63) 4.28 (68) 1.68 (74) 3.61 (64) 3.62 (70) 4.75 (80) Sarciays Aggregate lndex 2.04 (54) 3_~J3 (63) 4.37 (63) 1.81 t7'[) ~ 3.66 {63) .i.72 (67) 4.~5 (7&) IM iJ.S. Broad Market Core ~ixc-.d InGOme (l~I=) f~~ledian 2.OG 4.Q9 ~.61 2.44 3.90 4.15 5.82 Columbia Trust Stable Govt Fund I-0 0.33 (1) 0.66 (1) 1.33 (1) 1.58 (1) 1.90 (1) 2.25 (1) 2.48 (1) Citigroup3MpnthT-5il[lndex 0.01 (~) 0.01 (1&} p.02 (17} O.Q6 (7j 0.05 (1~} O.Q7 (1Q) 0.07 (11j IM U.S. ~i~ax~bie Pvioney Market {MF) ~,ledian O.OQ 0.00 O.Q1 Q.D1 0.01 0.01 0.01 Returns for periods greater than one year are annualized. .~.~ Returns are expressed as percentages. .~~~~~~~T t 1V ~~~J~~3~t. ~'sROtJI' Comparative Perforrnance Total Fund As of June 30, 2014 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR Life cle Funtls, , , Y.~ ~~ ~_~~~W_ ~ i _ _ _~ ,_ _ ~ ~ ! ~ __ ~~W _w _. _ ' ,., r._. i . ~ ` _ ~ ` _ _ _ _, ~ Vanguard LifeStrategy Consrv Gr inv (VSCGX) 3.12 (65) 5.08 (50) 12A7 (86) 9.43 (90) 7.06 (80) 9.04 (88) 9.70 (88) `J~nguard L.ifeStrategy Coneervative Growth index 32Q ~~1} 5.16 (~6) 12_33 (£34} 9.c~6 (89) ?_52 (?9} a22 (86) ~.65 (89} IM r~!"ix~d-Asset Target Alloc Moderate (N~~} l~ediar~ 3.37 5.05 14.75 12.5H 8.54 11.12 11.56 Vanguard LifeStrategy Mod Gr (VSMGX) 3.68 (56) 5.56 (44) 15.97 (84) 13.38 (87) 9.17 (74) 12.01 (82) 12.30 (75) Va~guard LifeStrategv MGd~rate Growth Inde~ 3.78 (4&) 5.71 (38) 16.30 (76) 13.69 (83} 9.~& (5&) 12_35 (74} 12_4~ (71) !M Mixed-Assek Target ADoc Gro~~th (P~iF) lVledian 3.75 5.41 17.~4 15.6a 1 Q.17 13.32 13.2~ Vanguard LifeStrategy Growth (VASGX) 4.28 (18) 6.09 (26) 20.08 (11) 17.44 (17) 10.99 (31) 14.73 (18) 14.63 (18) Vanguard ~ifeSkrategy Growth index 4.38 (1~) 6.2E (23) 20.38 (14) 17.7b (15j 11.?2 (19) 15.Q8 ~14} 14.7~ (15} lM P~?ixed-Asset Target Alloc Gro~uth (MF} P~i~dian - sJ5 5.41 17.~~ 15_65 10.17 1.~.32 13.24 Vanguard LifeStrategy Income (VASIX) 2.45 (75) 4.52 (45) 8.12 (81) 5.51 (85) 5.04 (76) 6.17 (83) 7.16 (86) Vanguard I~ifeStrateg;~ 1ncc~me Composiie index 26~ (60} 4.57 (44) 3.45 (79} 5.78 (82) 5.58 {68) 6.45 (E39) Z24 (85) IPu1 Mixed-Asset Target Alioc Consv (MF) N1~dian 2.72 4.37 10.~7 8.34 u.46 8.14 ~,96 Vanguard Target Ret 2020 (VTWNX) 3.73 (16) 5.61 (9) 16:43 (15) 13.95 (22) 9.73 (7) 12.71 (14) 12.88 (21) Vanguard Targ~t202Q Composite Index 3.83 {13) 5.76 (7} 16.76 (12) 14_27 (14} 10.Q5 (51 12.96 (9} 13_1~ (14'} IM Mixed-Asset Target 2020 (MF) l~ledian 3.32 4.8fi 13.85 11.5~ 8.01 i 1.10 11.64 Vanguard Target Ret 2030 (VTHRX) 4.20 (21) 6.01 (12) 19.49 (21) 17.00 (29) 11.09 (11) 14.77 (19) 14.63 (20) Vangaard Target2030 Composite lnc~ep 4.27 (18) 6.1C~ (1Q) 19.81 (18) 17.32 (21) 11~41 (3} 15.00 (13) 14_90 (14) 6PJi Mixed-F~sset Target 2030 (MF} P~iedian 3.82 5.31 17.84 15.26 9.54 13.30 13.55 Vanguard Target Ret 2040 (VFORX) 4.62 (12) 6.36 (11) 22.16 (11) 19.48 (17) 12.26 (10) 16.21 (13) 15.80 (13) Vanguard Target 204~ Camposite index ~.6? i12} 6.53 (II) 22.45 (9) 19.II1 (12) 12.60 (5} 16.46 (7j 16.09 (&) l~Jf Mix~d-Rsset Target 2040 (MF) Median 4.06 5.59 19.~7 17.77 10.55 14.62 14.59 Vanguard Target Ret 2050 (VFIFX) 4.61 (19) 6.35 (12) 22.14 (16) 19.46 (24) 12.26 (12) 16.21 (14) 15.79 (14) Vanguard Target 2Q50 Campasite Index ~.f~7 {15} 6.~3 (10} 22.45 (11j 19.&1 (18} 12.6Q (7) 1~.46 (5) i6.08 {5) 1M Mixed ;4sseiTarget2Q54 {MF) Mecian 4.96 5.~9 20_78 18.71 11.0~ 1528 1~.99 Vanguard Target Ret 2060 (VTTSX) 4.63 (1) 6.39 (1) 22.21 (1) 19.52 (1) N/A N/A N/A Vanguard Target 2Q60 Gamposite lndex 4.G7 (11 6.53 (1j 22.45 (1) 19.&1 (?) NIA N/A NIA 6Ni Mixed-Rsset Taraet Tociay (~~iF} Median 2.77 4.30 9.22 7.01 5.79 7.46 8.50 Vanguard Target Retirement Income (VTINX) 2.74 (55) 4.36 (45) 9.73 (44) 7.09 (47) 6.60 (23) 8.00 (30) 8.59 (46) Vanguard Target lncome Gomposite Index 2.83 (~5) 4.51 (34) 9.99 (42) 7.33 (42~ 6.73 (~18j 8.14 (27) 8.69 (40) IM Mired-Asset Target Today (Tv1F) 2.77 4.30 . 9.22 7.01 5.79 7.46 8.50 Returns for periods greater than one year are annualized. T~ Returns are expressed as percentages. ~'+p~ q~7~T LL~~11 V ~ O ~ ~~ , ~ 3 „, :~' ~~.-..~ ° ~~~ t/1=... Comparative Performance Total Fund As of June 30, 2014 QTR YTD 1 YR 2 YR 3 YR 4 YR 5 YR Real Estate ASTON/HarrisonStreetRE(AARIX)~~~~ ~~ ~ ~~ ~ ~~~~~5.19~~~~~~(92) ~ 12.62~~~~(92)~~ ~ ~~ 8.92 (98)~~ ~~~ 9.76~~~~~ (69) ~~ ~~ 10.30 ~(69)~~ ~16.80~~~~ (20) ~~~~ 23.12~~~~~~(33)~~ MSCI U.S. REfT[ndex 7.00 (39} 17.C~8 (19) 13.38 (37} 1i_19 {21} 1i.a5 (11) 1Z03 (10} 2°,.0"~ (12} IM Real Estate Sectar (P~1F) PJ~edian 6.&~ 17.03 12.91 10.19 10.69 15.97 22.62 Retums for periods greater than one year are annualized. .~.~ Returns are expressed as percentages. ~''+7~~g g~~7 f ~~~~` ~~iT_[.Jl'~L31e1 ~~.:~~~ ~~ou~ ~ '~ ~(~~~A~-IIV ~.`~ u, ~I~OLTP St. Lucie County Vanguard Total Stock Idx (VTSSX) Mutual Fund Info from',Lipper 5!ummary, Description Product Name : Vanguard TSM Idx;sig (vTSSX) Fund Family : vanguard Group Inc The investment seeks long-term capitai growth. The fund normally invests at least 80% of its net assets in equity securities of large-capitalization companies and up to 20% of the fund's total assets in equity securities of foreign issuers, including ADRs and Ticker : VTSSX similar investments. It invests principally in equity securities of large-capitalization companies, which the advisor defines as Peer Group : Inn U.S. Muiti-Cap Core Equity (MF) securities of companies with market capitalizations within the range of the Russeil 1000 Index. The fund may also invest in equity Benchmark : CRSP U.S. Total Market TR Index securities of foreign issuers including ADRs and similar investments. Fund Inception : 09/01/2006 Portfolio Manager : Gerard C. O'Reilly Total Assets : $11,165 Miilion Total Assets Date : 05/31/2014 Gross Expense : 0.05% Net Expense : 0.05% Turnover: 4% Peer Group Analysis - IM U 5. Multi-Cap Core Equity (MF) so.oo •- 40.00 - I ~ ° 20.00 ~- ~ ~.~0 ". -2~.~~ _~:. -40.OD ~ ~ ~ fih v.~..,~,...,..~e.,.. ~ . . ~ ._'.e. w ,u<~.v.,..... ,_.,.a:~ ...0~.,,..>. ~.'1.. ~:~.:..::.. QTR YTD 1 YR 3 YR 5 YR ~ ;~ 2013 2012 2011 2010 2009 ~ Vanguard Total Stock Idx (VTSSX) 4.87 (31) 6.98 (38) 25.18 (40) 16.48 (26) 19.43 (25) 33.51 (48) 16.39 (33) 1.09 (18) 17.23 (32) 28.85 (61) ~ CRSP U.S. Totai MarketTR Index 4.87 (31) 7.00 (37) 25.21 (40) 16.43 (27) 19.38 (26) 33.64 (47) 16.22 (37) 0.70 (21) 17.87 (28) 28.87 (61) Median 4.42 6.30 24.48 14.69 17.77 33.37 15.02 -2.30 15.02 30.49 Comparative Performance ~ ~ ~ ~ ~ ~ 1 Qtr 1 Qtr 1 Qtr ~ 1 Qtr ~ 1 Qtr~ ~ 1 Qtr Ending Ending Ending Ending Ending Ending Mar-2014 Dec-2013 Sep-2013 Jun-2013 Mar-2013 Dec-2012 Vanguard Total Stock Idx (VTSSX) 2.02 (43) 10.08 (31) 6.29 (64) 2.77 (44) 11.02 (49) 0.19 ~~9) CRSP U.S. Total Markei TR Inder. 2.p4 142j ~p.p~J ;30} 62~J (G5j 2.81 (~13j 11.09 t46j Q.1G ~&Oj !M U.S. Multi-Cap Core Equity (M~ Mediar~ 1.77 9.45 6'.85 2~7 11.Q1 1.51 °. THE ~~ ~ ~ ~Y~~l 11 e! ~~~~~~~~ ~~ ~~~ dJ A >~ St. Lucie County Vanguard Total Stock Idx (VTSSX) 3iYr Rnlling percentile Ranking - 5 Years h ~ 40.0 ~Y Over r ? i Performance x ~-° 20.0 ~ Y U N OA ~- m F ~o -2DA ~; ~ `m -30.0 -20.0 -10.0 0.0 10.0 20.0 CRSP U.S. ToYal Market TR Index (%) OverPerformance UnderPertormance ~ Earliest Date ~ Latest Date 30.0 40.0 17.11 ,.., '16.52 ° - 0 ~ 15.93 ~ d 15.34 =. ~ 1475 -,° 14.16 - 12.35 ~ 12.54 12.73 12.92 13.11 Risk (Standard Deviation % ) Return 13.30 13.49 13.68 Standard Deviation Y O.OO ~ d 25.00 C w ~ 50.00 a ti 75.00 ~ v K 1D0.00 • Vanguard Total Stock Idx (VTSSX) 20 ~ CRSP U.S. Total Market TR Index 20 19.60 ,.., 1925 -~- ~ ~ '16.70 :,.,. ~ 18.15 -- z 17.60 ~, 17.05 - 13.60 13.60 14.00 Risk (Standard Deviation % ) Return 1420 14.40 Standard Deviation ~ Vanguard Total Stock Idx (VTSSX) 16.48 12.69 • Vanguard Total Stock Idx (VTSSX) 19.43 13.85 ~ CRSP U.S. Total Market TR index 16.43 12.66 ~ CRSP U.S. Total Market TR Index 19.38 13.79 - Median 14.69 13.46 - Median 17.77 14.27 Historical Statistics - 3 Years . Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Total Stock Idx (VTSSX) 0.10 100.14 99.86 0.00 0.51 1.27 1.00 7.37 CRSP U.S. Tetal Market TR index 0.00 100.00 100.00 O.QD N/H 1.27 1.00 ;.35 Historicai Statistics - 5 Years ~ _ Tracking , , , Up Market Down Market Information Alpha Sharpe Beta Downside Error Capture Capture Ratio Ratio Risk Vanguard Total Stock Idx (VTSSX) 0.21 100.35 100.48 -0.04 0.23 1.35 1.00 7.80 CRSP U.S. Total MarketTR Index 0.00 900.OC 9p0.00 0.00 fJ/A 1.36 9.d0 '.75 7 (35%) 13 (65%) 0 (0%) 0 (0%) 5 (25%) 15 (75%) 0 (0%) 0 (0%) THE ~ ~~ ~~t7S1~~11V ~~~~;.. ~d\~.J~, 9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 6/14 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count St. Lucie County Vanguard Mid Index Signal (VMISX) As of June 30. 2014 Mutual'Fund Info from Lipper ' ~ ~ Summary description Product Name : Vanguard Md-Cp Idx;Sig (vMISX) e ~ n Fund Family : Vanguard Group Inc The investment seeks long-t rm capital growth. The fund normally invests at least 80% of its et assets in equity securities of large-capitalization companies and up to 20% of the fund's total assets in equity securities of foreign issuers, including ADRs and Ticker : vMiSX similar investments. It invests principally in equity securities of large-capitalization companies, which the advisor defines as Peer Group : IM U.S. Mid Cap Core Equity (MF) securities of companies with market capitalizations within the range of the Russeil 1000 Index. The fund may also invest in equity Benchmark : CRSP U.S. Mid Cap TR Index Fund Inception : 03/30/2007 securities of foreign issuers including ADRs and similar investments. Portfolio Manager : Donald M. Butler Total Assets : $6,775 Million Total Assets Date : 05/31/2014 Gross F~cpense : 0.09% Net Expense : 0.09% Turnover: 32% Peer Group Analysis - IM U.S. Mitl Cap Gore Equity (MF)i 80.00 ~.o. ~ ...r._..~...~. _,_.~......~...._.___ ~_~_..__.. 60.00 ~~~- - , 40.00 -~,' : ~ ~ ~ ~ ~ Q-.... . ~ ' ~ ~ ~ ~ ~ O b,M~ ~ rs ~~ ~ Q ^,~5~~z' . ~ 20.00 ~i .~~_u,~> .~, ~ O ~ ~~ y ` ~ ~ ~, w"a ..au~v~.i...,..m ~.~, O . a, ~. , .. u.1c,~, .,aauw. i l ~ ~ " X~*.-..... 3.:.....t:`y « .,F..,,~.~m~..v~...,..w~ uvw~ Qr.v.~d .x. a. :< ,. u ~u-a~ ~.00 ' .. . : ., . ~.....~0. ~` '1 v~. ...v,ae ' -2~.~~ '= -40 00 -..--_ ~ , : . . .._ ._ .._.~_._ , . QTR YTD 1 YR 3 YR 5 YR 2013 2012 2011 2010 2009 ~ Vanguard Mid IndexSignal (VMISX) 4.51 (38) 7.91 (31) 26.23 (31) 15.33 (30) 21.97 (7) 35.15 (46) 16.02 (43) -1.99 (36) 25.62 (19) 40.43 (16) ~ CRSP U.S. Mid Cap TR Index 4.53 (37) 7.97 (27) 26.32 (30) 15.68 (22) 21.83 (10) 35.27 (44) 16.70 (37) -1.79 (34) 26.16 (16) 36.90 (29) Median 3.76 6.35 24.46 14.26 19.36 34.76 15.39 -3.81 23.19 33.15 Comparative PerFormance ; q Qtr 1 Qtr 1 Qtr 1 Qtr ; ~ Qtr ; 1 Qtr < . Ending Ending Ending Ending Ending Ending Mar-2014 Dec-2013 Sep-2013 Jun-2013 Mar-2013 Dec-2012 Vanguard Mid Index Signal (VMISX) 3.26 (31) 8.62 (53) 7.69 (55) 2.37 (39) 12.86 (42) 2.84 (46) CRSP U.S. Mid Cap TR Index 3.3p (Z8; 8.63 (52i 7.71 (541 2.4p {361 12.90 (39) 2.£35 {4Sj IM U.S. Mid Cap Core ~quity rMFI Median 2.58 8J8 7.97 297 12.59 2.77 ~ THE ~~~~ ~~~319~111V ~~ , ,;~. ~A~~ V i t St. Lucie County Vanguard Mid Index Signal (VMISX) As of June 30. 2014 CRSP U.S. Mid Cap TR Index (%) Over Pertormance Under Pertormance ~ Earliest Date ~ Latest Date 15.98 ,.., 15.51 ~, ~ 'I5.04 ° ~ 14.57 - z 14.10 -- 13.63 - 13.63 13.92 142'I 14.50 14.79 Risk (Standard Deviation % ) Return 15.33 15.68 14.26 15.08 15.37 15.66 ~ Vanguard Mid Index Signal (VMISX) ~ CRSP U.S. Mid Cap TR Index - Median Risk (Standard Deviation % ) Standard Standard Deviation Retum Deviation 14.55 ~ Vanguard Mid Index Signal (VMISX) 21.97 15.58 14.11 ~ CRSP U.S. Mid Cap TR Index 21.83 15.12 15.37 - Median 19.36 15.86 Tracking Up Market Down Market Alpha Information Sharpe Beta Downside Error Capture Capture Ratio Ratio Risk Vanguard Mid Index Signal (VMISX) 0.73 100.20 102.38 -0.71 -0.32 1.05 1.03 8.70 CRSP IJ.S. Ntid Cap TR Index 0.00 100.00 160.00 0.00 N/A 1.10 1.00 829 Historical Statistics - 5 Years ' Tracking Up Market Down Market Aipha Information Sharpe Beta Downside Error Capture Capture Ratio Ratio Risk Vanguard Mid Index Signal (VMISX) 0.94 101.76 103.18 -0.42 0.20 1.36 1.03 8.67 CRSP U.S. Mid Cap TR index Q.00 100.D0 10Q.40 0.00 P1IA 1.39 9.00 8.30 • Vanguard Mid Index Signal (VMISX) 18 7(39%) 10 (56%) 1(6%) 0(0%) ~ CRSP U.S. Mid Cap TR Index 20 10 (50%) 6(30%) 4(20%) 0(0%) Peer Group Scattergram = 5 Years 2322 ~._........._. ___...~_.._.._.~............ ~ 22.36 - , ~ 21.50 - ~ ~ 20.64 .~- ; z 19.78 ~ 16.92 14.94 15.12 15.30 15.48 15.66 15.64 16.02 ~ia = THE ~ '„ ~OC-~I~~4HIoI ~~...:~:~~~ . GI~OIJP 9/09 3/10 9/10 3/1'I 9/11 3/12 9/12 3/13 9/13 6/14 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count St. Lucie County Vanguard Windsor 11 (VWNAX) As of June 30. 2014 Mutuaf Funtl Info from Lipper ' Summary'Description Product Name : vanguard vVndsor II;Adm (VVVN,NC) The investment seeks long-term capital appreciation and income. The fund invests mainly in large- and mid-capitalization Fund Family : Vanguard Group Inc companies whose stocks are considered by an advisor to be undervalued. Undervalued stocks are generally those that are out of Ticker : wVNAX favor with investors and that the advisor feels are trading at prices that are below average in relation to measures such as Peer Group : IM U.S. Large Cap Value Equity (MF) Benchmark : Russell 1000 Value Index earnings and book value. These stocks often have above-average dividend yields. The fund uses multiple investment advisors. Fund Inception : 05/14/2001 Portfolio Manager : Team Managed Total Assets : $31,528 Million Total Assets Date : OS/31/2014 Gross F~cpense : 0.28% Net Expense : 0.28% Turnover: 27% Peer Group Anatysis ~ IM U.S. Large Cap Value Equity (MF) 50.00 ...... .._.w..__w__ a...~~.~....._._.. _.___~_..,._...~._~_...._........__..__._._ ~ -25.00 ~ ~__ .._.____. , ~____._ ..... . ~._._,_..._.._...._...._. . QTR VTD 1 YR 3 YR 5 YR 2013 2012 2011 2010 2009 ~ Vanguard Windsor ll (VWNAX) 4.60 (41) 7.65 (24) 22.61 (48) 16.48 (23) 18.32 (27) 30.80 (71) 16.80 (33) 2.78 (12) 10.70 (85) 27.17 (31) p Russeli 1000 Value Index 5.10 (26) 8.28 (10) 23.81 (30) 16.92 (13) 19.23 (11) 32.53 (46) 17.51 (25) 0.39 (23) 15.51 (19) 19.69 (74) Median 4.39 6.87 22.38 15.29 17.08 32.18 15.55 -2.28 12.82 24.17 Comparative P~rFormance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Mar-2014 Dec-2013 Sep-2013 Jun-2013 Mar-2013 Dec-2012 Vanguard Windsor II (VWNAX) 2.91 (19) 9.54 (57) 3.99 (75) 4.07 (36) 10.34 (85) 1.20 (54) Russell 90pQ Value Index 3.02 (12) 9409 (44; 3.~4 {77i 320 (68) ~~_31 (14) 1_52 (3~} IM U.S. Large Gap Value Equity (U(F) Median 2.27 9.7f 4.52 3.7Q 11.29 ~.27 , THE t ~~ ~~~a.1.91'~i~1V ~~~-=~,n. ~J~~dJ1: St. Lucie County Vanguard Windsor II (VWNAX) As of June 30. 2014 Russe111000 Value Index ( % ) Over Performance Under Performance ~ Earliest Date ~ Latest Date Peer Group Scatfergram - 3 Ysars 17.28 ~ ~ 16.74 ° ~ v ~ 16.20 ~ ~ 15.66 >- z 15.12 ~• 14.58 11.89 12.18 12.47 12.76 13.05 13.34 13.63 Risk (Standard Deviation %) Return Standard Deviation ~ Vanguard Windsor II (VWNAX) 16.48 ~ Russeli 1000 Value Index 16.92 - Median 15.29 Hisforical Statistics -3Years • Vanguard Windsor II (VWNAX) 20 11 (55%) 9(45%) 0(0%) 0(0%) O Russell 1000 Value Index 20 10 (50%) 1(5%) 9(45%) 0(0%) 19.68 ... 19.17 v, `~ e~.°. L 18.46 -- ~ 1775 ° ~ 17.04 ~, 16.33 13.40 13.60 13.80 14.00 Risk (Standard Deviation % ) Return 14.20 14.40 Standard Deviation 12.13 • Vanguard Windsor II (VWNAX) 18.32 12.82 p Russell 1000 Value lndex 19.23 13.41 - Median 17.08 13.59 13.88 14.25 Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Windsor II (VWNAX) 1.82 95.46 92.87 0.57 -0.25 1.32 0.94 7.05 Russei1900dlialuelndex D.QO 1Q0.00 900.00 O.OD N!A 929 9.00 7.54 Historical Statistics - 5 Years ' Tracking Up Down ~ Information Sharpe ~ Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Windsor ii (VWNAX) 2.27 95.58 95.49 -0.18 -0.36 1.31 0.97 7.61 f~ussell 9000 Value Index 0_L~0 100.00 1~J0.00 0.00 N(A 9.34 1.00 7.89 ~! THE ~ ~~<S1JL'lil1V ~ r ~7~ ~~.~xuw s ~~~ V i -, 9/~9 3/10 9/10 3/11 9/11 3/12 9/'12 3/13 9/13 6/14 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count St. Lucie County WeIlsFargo:Prem LCG;1 (EKJYX) Mutual',Fund Info from Lipper Product Name : WeIlsFargo:Prem LCG;I (EKJYX) Fund Family : Weiis Fargo Funds Management LLC Ticker : EKJYX Peer Group : IM U.S. Large Cap Growth Equity (MF) Benchmark : Russell 1000 Growth Index Fund Inception : 06/30/1999 Portfolio Manager : Olson/Ognar/Eberhardy Total Assets : $976 Million Totai Assets Date : 06/30/2014 Gross Expense : 0.77% Net Expense : 0.71 % Tumover : 32% Summary Description The investment seeks long-term capitai growth. The fund normally invests at least 80% of its net assets in equity securities of large-capitalization companies and up to 20% of the fund's total assets in equity securities of foreign issuers, including ADRs and similar investments. It invests principally in equity securities of large-capitalization companies, which the advisor defines as securities of companies with market capitalizations within the range of the Russeil 1000 Index. The fund may also invest in equity securities of foreign issuers including ADRs and similar investments. Peer Group Analysis -1M 11.S. Large Cap Growth Equity (MF) B0.00 60.00 40.OD ti ~ 20.00 K ~ ~ _...~ ~ ~, ~u...,~.. .h~ ~ ...~d=.:~~:.. 0.00 .~~.,~,...:,,.~,.m.~. a>~. ~ ~ ~,....~ -20.00 =-1 . ~0.00 -~-- ---°--- QTR YTD 1 YR 3 YR 5 YR _ ~ ~,~.~ ~..~,~.~ss~ ~ ~. ~..,.,~ ~ Q µw ~w; 2013 2012 2011 2010 2009 ~ WelisFargo:Prem LCG;I (EKJYX) 3.39 (81) 3.10 (74) 26.03 (54) 15.22 (34) 19.60 (11) 33.61 (50) 16.90 (32) 2.98 (9) 15.32 (50) 40.11 (28) ~ Russell 1000 Growth Index 5.13 (24) 6.31 (13) 26.92 (40) 16.26 (17) 19.24 (15) 33.48 (51) 15.26 (48) 2.64 (11) 16.71 (32) 37.21 (38) Median 4.42 4.41 26.28 14.44 17.40 33.55 14.94 -1.76 15.26 34.77 Comparati~e Pertormance ~ ~ ~ ~ 1 Qtr 1 Qtr 1 4tr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Mar-2014 Dec-2013 Sep-2013 Jun-2013 Mar-2013 Dec-2012 WeIlsFargo:Prem LCG;I (EKJYX) -0.28 (59) 6.77 (94) 12.38 (10) 1.89 (42) 7.27 (79) -1.54 (58) R~~ssell 9Q00 Growth Index 1.12 (1~} 90.44~ (GO) 6_91 (74) 2.Q6 (36) 9,5a (1a) -1.32 f50) fM U.S. Large Cap Growth Equity (MF) Median -0.05 16JG 9.56 1.70 8.54 -1.33 ~ THE ~ ~ ~~~~~~~ ``~-~,.~::, GI~O~T~? St. Lucie County WeIlsFargo:Prem LCG;I (EKJYX) As of June 30. 2014 3 Yr Rolling Percentile Ranking - 5 Years Y O.DO c m ~ d 25.00 C N ~ ` SO.OO w a ~ ~ 75.00 d ~ ~- -1 D.0 ~ I Under Perfortnance . 9/09 3/10 9/10 3l11 9/11 3/12 9/12 3/13 9/13 6/14 -15.0 -10.0 -5.0 0.0 5.Q 10.0 15.0 20.0 25.0 30~.0 35~.0 40.0 Total Period 5-25 25-Median Median-75 75-95 Russeli 100o Growth Index (%) Count Count Count Count Ov P rfo c ~ E li t Date p~ Latest Dat • WelisFargo:Prem LCG;I (EKJYX) 20 19 (95%) 1(5%) 0(0%) o(o%) er e rman e ar es ljp e p Russell 1D00 Grov/th Index 20 14 (70%) 6(3D%) 0(0%) 0(0%) Peer Group 5cattergram - 3 Years Peer Group Scattergram - 5 Years 17.08 20.44 ~ - .--.----- - .. ,.., ~6.47 ,.., 19.71 ~i ~ O ~ 15.86 ~ 18.98 ,- ~, ~ 15.25 ~ 18.25 -- ~, ~ ~; K 14.64 K 17.52 --- 6 ~ 14.03 .79 1 11.78 12.4D 13.D2 13.64 14.26 14.68 15.50 16.12 13.12 13.53 13.94 14.35 14.76 15.17 15.58 15.99 Risk (Standard Deviation %) Risk (Standard Deviation %) Return Standard Retum Standard Deviation Deviation • WeIlsFargo:Prem LCG;I (EKJYX) 1522 15.13 ~ WeIlsFargo:Prem LCG;I (EKJYX) 19.60 15.35 ~ Russell 1000 Growth Index 16.26 12.43 p Russell 1000 Growth Index 19.24 13.64 _ Median 14.44 13.99 - Median 17.40 14.82 Historical Statistics - 3 Years Tracking Up Market Down Market Information Alpha Sharpe Beta Downside Error Capture Capture Ratio Ratio Risk WeIlsFargo:Prem LCG;I (EKJY~ 4.67 107.49 124.38 -3.22 -0.12 1.01 1.17 8.45 Russell 90Q0 Grov~~th Index O.GO 100.00 9Q0.00 0.00 N,'A t28 ~.0~ 7.0~ Historical Statistics - 5 Years ' Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture WeIlsFargo:Prem LCG;I (EKJYX) 4.14 104.95 10822 -1.07 0.13 1.24 1.09 8.43 Russell 1000 Growth index O.OD 9pQ.OQ 100.00 O.~JO NIP~. 1.3C~ 'f.00 ?.52 Tt-~ ~~~~~~~ ~ 00 100 ~~.~_-<` ~~~~.. St. Lucie County Invesco Small Value (VSMIX) Product Name : invesco SC Value;Y (VSMIX) Fund Family : Invesco Funds Ticker: VSMIX Peer Group : IM U.S. Small Cap Value Equity (MF) Benchmark : Russell 2000 Value Index Fund Inception : 08/12/2005 Portfolio Manager: R. Canon Coleman II Total Assets : $1,460 Million Total Assets Date : 06/30/2014 Gross F~cpense : 0.90% Net Expense : 0.90% Turnover: 35% 100.00 75.00 - 50.00 i ~ 25 00 ~ ~ ~ ~, ~ O o.oo ~. ~~ .~v e .,.N ,.~ ..~, The investment seeks long-term capital growth. The fund normally invests at least 80% of its net assets in equity securities of large-capitalization companies and up to 20% of the fund's total assets in equity securities of foreign issuers, including ADRs and similar investments. It invests principally in equity securities of large-capitalization companies, which the advisor defines as securities of companies with market capitalizations within the range of the Russell 1000 Index. The fund may also invest in equity securities of foreign issuers including ADRs and similar investments. ~ ....~ ~ ~~ ~' _.,wa..,.. ~,._~~ _~w._~..,:..,~.._,,. .,w~~.,ea~.~,~._ ..:..... .........s,... ~ ~w~~~_~u ~ ~~~~~~~w>,4 x~~~~ ~ ~_k. ~ -25.00 ~i -50.00 QTR YTD 1 YR 3 YR 5 YR 2013 2012 2011 2010 2009 ~ Invesco SmaII Value (VSMIX) 4.02 (13) 8.57 (3) 31.02 (4) 19.81 (1) 22.98 (7) 44.55 (8) 22.91 (2) -8.00 (78) 29.77 (17) 30.14 (40) ~ Russell 2000 Value Index 2.38 (42) 4.20 (43) 22.54 (62) 14.65 (52) 19.88 (54) 34.52 (70) 18.05 (28) -5.50 (57) 24.50 (60) 20.58 (78) Median 2.21 3.81 23.16 14.86 20.11 36.50 15.91 -4.73 25.29 28.27 Comparati~e Performance , , 1 Qtr 1 Qtr ~ Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Mar-2014 Dec-2013 Sep-2013 Jun-2D13 Mar-2013 Dec-2012 Invesco Small Value (VSMIX) 4.38 (3) 11.11 (19) 8.61 (46) 3.52 (53) 15.71 (4) 5.92 (4) Russel( 2Q00 Value !ntlex 1J8 (43) 9_30 (58; 7.59 (G9) 2.47 !7Bj 19.fi3 (S6j .',22 (STj 1~9 U.S. Smali Cap Value Ec~uity (MF~ Median 'f_GO J.51 3.26 3.57 11.93 3.39 ~ THE ~ <, ~~~TtJ1~111V ~~` ~~~ V 1 » St. Lucie County Invesco Small Value (VSM9X) ~, y4 0 _. T_---- -- __ _..._ ~. x ' over ~ ' Pertormance ~ 33.0 ^ ~ 0 ~ ~O ' ~ ~ 11.0 --!. ~ - m y 0.0 --- . ~o ~ o ° Under y -11A ~ Pertormance -10.0 0.0 10:0 20.0 30.0 40.0 Russell 2000 Value Index (%) OverPertortnance Under Performance 3 Yr Rolling Percentile Ranking - 5 Years Y O.OD c R K d . 25.00 C d ~ ` 50.00 v a ti 75.00 m K 100.00 ~ Earliest Date ~ tatest Date ~ Invesco Small Value (VSMIX) 20 16 (80%) 3(15%) 1(5%) 0(0%) p Russell 2000 Value Index 20 ' 0(0%) 4(20%) 14 (70%) 2(10%) Peer Group 5cattergram - 3 Years Peer Group 5cattergram - 5 Ye~rs _. ~ __~ z2.oo , _ 2a.oo _____._. . _ ___ .., zo.oo ~ ° ~ zz.oo ~ ~ 18.00 ~_--, c w 16.00 ~ .~. ~ '~' ~ 20.D0 ° 1400 ° . 12 00 . 18.00 - 14.00 16.00 18.00 20.00 22.00 17.15 17.64 18,13 18.62 19.11 19.60 20.09 2D.58 Risk (Standard Devi ation % ) Risk (Standard Deviation %) Return _ Standard Return Standard Deviation Deviation O Invesco SmaI1 Value (VSMIX) 19.81 20.66 ~ Invesco Small Value (VSMIX) 22.98 19.91 ~ Russell 2000 Value Index 14.65 16.06 ~ Russell 2000 Value Index 19.88 17.93 _ Median 14.86 16.50 _ Median 20.11 17.84 Historical 5tatistics - 3 Years Tracking Up Market Down Market Information Alpha Sharpe Beta Downside Error Capture Capture Ratio Ratio Risk Invesco Small Value (VSMIX) 7.37 127.43 119.65 1.96 0.72 0.98 1.22 11.84 RusseE! 2000 Value Index D.QQ 1G0.00 160.Q4 0.60 N,'!~, p.J3 1G0 ~3.SG Historical Statistics - 5 Years " Tracking Up Market Down Market Information Alpha Sharpe Be~ Downside Error Capture Capture Ratio Ratio Risk Invesco Small Value (VSMI~ 6.58 109.97 104.13 2.00 0.45 1.14 1.05 11.13 RusseE! 2QOCJ Value lndex 0.60 90G.00 700,00 0.00 N;A 1.10 1.00 90.56 i THE ~ ~ ~Y~9L'~Y ~1 ~ ~~~.; ~' ~5~~ dJ A :-. 9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 6/14 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count St. Lucie County Vanguard Total Intl Stock Index Signal (VTSGX) As of June 30, 2014 Mutuai ~und Info from Lipper Summary Description Product Name : Vanguard Tot I Stk;sig (vTSGx) The investment seeks long-term capital growth. The fund normally invests at least 80% of its net assets in equity securities of Fund Family : Van9uard Group Inc large-capitalization companies and up to 20% of the fund's total assets in equity securities of foreign issuers, including ADRs and Ticker : vTSGx similar investments. It invests principally in equity securities of large-capitalization companies, which the advisor defines as Peer Group : IM International Multi-Cap Core Equity (MF) securities of companies with market capitalizations within the range of the Russeil 1000 Index. The fund may also invest in equity Benchmark : vanguard Totai international Stock Index Hybrid securities of foreign issuers including ADRs and similar investments. Fund Inception : 11/30/2010 Pottfolio Manager: Michael Perre Total Assets : $5,339 Million Total Assets Date : 05/31/2014 Gross Expense : 0.14% Net Expense : 0.14% Turnover: 5% 60.00 ^ ~ 40.00 ~ ~ f~ ~ ~ ~ ~ ' 20.00 w ~..-..,...~..<..»..._.,.,.. ~ ~ ~ ~ " ~...._, .~ . . ~ .~~..,.,..+, ~ ~..~e .,.... _.~.. 3m ~..; e E....~..i.._. ~ ,. ~ ~ ~: u< <_ ... ~ ~ .,..,~,~w.~:Q ~.u„e - . ...,,.,.w'a~ ~u;;g; ~ . 0.00 ~. w_..~ _.,,. a:~ 0 -20.00 = >~~ ~. L ~~.~ , . _ __ " , .._.._...__ _ ._..._~._.~~ ._ _. ~____~_._.~... _~ .. ~. -40.00 __ _ _ . . QTR YTD 1 YR 3 YR 5 YR 2013 2012 2011 2010 2009 p Vanguard Total Intl Stock Index Signal (VTSGX) 5.02 (19) 5.87 (20) 22.44 (39) 5.88 (70) N/A 15.14 (84) 18.21 (45) -14.52 (62) N/A N/A p Vanguard Total International Stock Index Hybrid 5.21 (10) 6.24 (16) 22.84 (33) 6.36 (61) 11.99 (41) 16.20 (75) 17.58 (56) -13.94 (53) 13.17 (20) 44.28 (12) Median 3.97 4.16 21.44 7.13 11.64 20.43 17.92 -13.65 10.37 31.37 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Mar-2014 Dec-2013 Sep-2013 Jun-2013 Mar-2013 Dec-2012 Vanguard Total Intl Stock Index Signal (VTSGX) 0.82 (35) 4.87 (79) 10.27 (47) -3.24 (90) 2.90 (72) 6.69 (47) Vznguard TpTal Intemationai Stock Index Hybrid 0.98 (31) ~k.80 (83) 90.32 t45) -.",.OS (~7) 3.06 l54j S.7B {69j kM International~Multl-Cap Core Fquiry {MF) Median 0.39 5.86 10.13 -1.0? 3.90 6.62 THE ~~~~~~~ ~~""~r~ ~~.~~ St. Lucie County Vanguard Total Intl Stock Index Signal (VTSGX) As of June 30, 2014 R c 6.5 a x 6.0 v c 5.5 s 0 5.0 N ~ 4.5 R 4.0 0 F- 4.0 ~ Under Performance eer Group 5cattergram ~ 7.36 -~__.___"'."' ~ 6.97 d> v ~ 6.56 = d 6.15 --; ~ 5.74 ~ 16.00 16.10 ~ ~ Under ' 9/D9 3I10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 6/14 Pertormance ~ ~ ~ ~~ Total 5-25 2~" Median- ~5-95 4.5 5.0 5.5 6.0 6.5 Period Count Median 75 Count Vanguard Total International Stock lndex Hybrid (%) Count Count ~ Eariiest Date ~ Latest Date ~ Vanguard Total Intl Stock Index Signal (VTSGX) 3 0(0%) 0(0%) 1(33% 2(67% p Vanguard Total International Stock Index Hybrid 20 10 (50% 5(25% 4(20% 1(5%) • 3 Years Peer Group Scattergram'- 5 Years _____ ~.....__-~___ ~z.zo _._ ~ ~ ~ ~ 12.00 O v ~ ~ 11.80 ~-. ~ v ~ 11.60 -~ ~ 11.40 - ~ 1620 16.30 16.40 16.50 16.60 16.64 1672 16.80 16.88 16.96 17.04 17.12 Risk (Standard Deviation %) Risk (Standard Deviation %) Return Standard Return Standard Deviation Deviation • Vanguard Total Intl Stock Index Signal (VTSGX) 5.88 16.47 • Vanguard Total Intl Stock Index Signal (VTSGX) N/A N/A 0 Vanguard Total International Stock index Hybrid 6.36 16.3D ~ Vanguard Total International Stock Index Hybrid 11.99 16.73 _ Median 7.13 16.07 - Median 11.64 17.04 Historical Statistics - 3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Be~ Risk Capture Capture Vanguard Total Intl Stock Index Signal (VTSGX) 2.17 100.33 102.82 -0.44 -0.20 0.43 1.00 11.~8 Vanguard Tota9 International Stock Index Hybricf 0_00 100.OQ 10Q.00 0.00 NiA 0.46 ~.OQ 19.G0 Historical Statistics - 5 Ye~rs ! ~~ ~ Tracking Up Market Down Market , Alpha Information Sharpe Beta Downside Error Ratio Ratio Risk Capture Capture Vanguard Total Intl Stock Index Signal (VTSGX) N/A N/A N/A N/A N/A N/A N/A N/A Vanguard Totaf Intem~iional Stock Index Nybrid 0.00 9QOAD ~QC.00 0_00 Nl~a 0.76 1.06 10.67 THE ~ ~ ~lz~~~ l~l ~-.~:~.,a',a ~110 tJ i =. St. Lucie County American Funds EuroPacific Gr (RERGX) As of June 30. 2014 Mutual FUnd Infio from Lipper Product Name : American Funds EuPc;R-6 (RERGX) Fund Family : American Funds Ticker: RERGX Peer Group : IM Intemational Large Cap Equity (MF) Benchmark : MSCI EAFE (net) Index Fund Inception : O5/01/2009 Portfolio Manager: Team Managed Total Assets : $34,030 Million Total Assets Date : O5/31 /2014 Gross Expense : 0.49% Net Expense : 0.49% Turnover: 28% The investment seeks long-term capital growth. The fund normaliy invests at least 80% of its net assets in equity securities of large-capitalization companies and up to 20% of the fund's total assets in equity securities of foreign issuers, including ADRs and similar investments. It invests principally in equity securities of large-capitalization companies, which the advisor defines as securities of companies with market capitalizations within the range of the Russeli 1000 Index. The fund may also invest in equity securities of foreign issuers including ADRs and similar investments. Peer Group Analysis - IM lnternational Large Cap Equity (MF) so.oo ao.oo 20.00 - ~ ~ ~ ~ E ;~~~ ~~ O a ,_ .~~~ ~ o b p _ ~ ~ ~a~~~_ ~w~_~x~ .~,_ ~ .. w~a., ~_~ a..a, ~ o.oo , w ~~~~~ -20.00 -ao.oo , ~ d b~~.~~.~.~µ, _.1t~ ~ ..~ .w.~,. QTR YTD 1 YR 3 YR 5 YR 2013 2012 2011 2010 2009 ~ AmericanFundsEuroPacificGr(RERGX) 2.96 (81) 3.69 (53) 22.35 (33) 7.40 (31) 11.99 (25) 20.58 (36) 19.64 (24) -13.31 (54) 9.76 (42) N/A p MSCI EAFE (net) Index 4.09 (45) 4.78 (33) 23.57 (18) 8.10 (17) 11.77 (30) 22.78 (8) 17.32 (61) -12.14 (36) 7.75 (56) 31.78 (41) Median 4.00 3.78 20.58 6.61 11.11 19.79 17.95 -13.18 8.52 30.30 Comparative PerFormance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Mar-2014 Dec-2013 Sep-2013 Jun-2013 Mar-2013 Dec-2012 Ametican Funds EuroPacific Gr (RERGX) 0.71 (24) 7.71 (2) 9.55 (68) -0.73 (36) 2.94 (64) 5.65 (73) MSCf EAFE (net} [ndex 0_66 (271 5.79 (46) 1'L56 (14) -0.98 (50) 5.93 (7~ 6.57 ~~~) IM Internafional Large Cap Equity (MF) Median p.09 5.63 10.3Q -p.9& 3.40 6.G4 ~' THE .,~ ~~l.F~L'~Yi1V ~~-;,:~u = ~~~ LJ 1 .., St. Lucie County American Funds EuroPacific Gr (RERGX) ~ 12A :, ---' ~ Over ~ 10.0 ~~ Performance ~ u •= BA ° ~ ~V ~ ~ 0 6.0 ..~,.~ . ~ o w 4.0 -s, o N ~ 2.D .-°~,I Under ~, ' Performance ' u' OA ~ ---- - - 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11~.0 12.0 MSCI EAFE (net) Index (%) . Over PerFormance Under Performance ~ Earliest Date ljp Latest Date Peer Group Scattergram - 3 Years 8.62 '~°"~' ,.., 8.33 - e ~ ~ 7.84 - ~ 7.35 w ~~.. C 6.86 °~ 6.37 15.40 15.60 15.~80 16.00 16.20 16.40 Risk (Standard Deviation % ) Return Standard Deviation y 0.00 c K d 25.00 .~ ~ 50.00 m` a ~ 75.00 ' K 100.00 9/09 ~ American Funds EuroPacific Gr (RERGX) 9 ~ MSCI EAFE (net) Index 20 12.18 .., 11.89 - e~.°, ~ 11.60 =~ d 11.31 ~•• ~ ~ 11.02 •^°~ 10.73 - 16.15 0 (0%) 7 (78%) 2 (22%) 0 (0%) a ~2o~i~ s ~2s~ro) 11 (55%~ o ~o~ro> ~~ 16.34 16.53 16.72 16.91 17.10 Risk (Standard Deviation % ) Return • American Funds EuroPaciFc Gr (RERGX) 7.40 15.55 ~ American Funds EuroPacific Gr (RERGX) 11.99 ~ MSCI EAFE (net) Index 8.10 16.11 ~ MSCI EAFE (net) Index 11.77 - Median 6.61 16.12 - Median 11.11 1729 . 17.48 Standard Deviation 16.33 16.90 17.16 Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture American Funds EuroPacific Gr (RERGX) 3.49 93.39 94.13 -0.21 -021 0.54 0.94 10.97 NISCI cAFE (~et} (ndex D.DO 1QQ.D0 10Q.Q0 p.00 N;A Q.S6 1.00 1'I. ~5 Historical Statistics - 5 Years Trecking Up Market Down Market Alpha Information Sharpe Be~ Downside Error Capture Capture Ratio Ratio Risk American Funds EuroPacific Gr (RERGX) 3.82 95.19 91.15 0.85 0.03 0.77 0.94 10.29 MSCI ~NFE (retj lnctex 0.06 1Q0.00 100.0~ Q.Op NfA O.fiA 1.Op iQ_7B THE .~, ~~~I1.91-~~il~! ~~,...k~ ~ G~oU~. 3/'10 9/10 3/1'I 9/11 3/'12 9/12 3/'13 9/13 6/14 Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count St. Lucie County PIMCO Total Return (PTTRX) As of June 30. 2014 Mutual Funtl Inf~ from Lipper ; ~ , . .: . „ . ~, e . . . Summary'Description ~ v ~: ~ , ~ > , ~ Product Name : PIMCO:Tot Rtn;lnst (PTTRX) The investment seeks the pertormance of a broad, market-weighted bond index. The fund employs an indexing investment Fund Family : PIMCO approach designed to track the perFormance of the Barclays U.S. Aggregate Float Adjusted Index. This index represents a wide Ticker: PTTRX spectrum of public, investment-grade, taxable, fixed income securities in the United States-including government, corporate, and Peer Group : IM U.S. Broad Market Core Fixed Income (MF) international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities-ail with maturities of more than Benchmark : Barclays Aggregate Index 1 year. All of the fund's investments will be selected through the sampling process, and at least 80% of the fund's assets will be Fund Inception : os/11/1sa7 invested in bonds held in the index. Portfolio Manager: William H. Gross Total Assets : $144,453 Million Total Assets Date : 06/30/2014 Gross F~cpense : 0.46% Net F~cpense : 0.46% Turnover: 227% Peer Group Analysis - IM U.S. Broatl Market Core Fixed Income (MF) 26.00 ...~.~... ....._,._ _..._~.._......v....~,....~... 20.00 °° 12.00 -~: : ~ ~ ~ w ~ a ~ ~ ~ ....:.. ,. ~:r.,ue .4,.~,.,..v.d~~..~~ 4.00 ~ ~ ~ ~~ fl ~ Q ,...a ,y;.~ ~...~.., P~w,a~:..~,~~.h..,~ ~ ,...~._:r..,...,.~~~ „ ~.~ .,~:.~,:».~ ` „ . ... .,...~.~,a ... ~~.,,~... ~ - ~ ~ , ~...,. ~. M.,....n.~ ~; ^ M ~ w ~~ -4.00 °_- .~, . 12 00 -....__.w.~. _ - . . _.____._._....M. ..~.... QTR YTD 1 YR 3 YR 5 YR 2013 2012 2011 2010 2009 ~ PIMCO Total Retum (PTTRX) 2.37 (19) 3.71 (75) 4.88 (48) 4.32 (34) 6.40 (32) -1.92 (50) 10.35 (1) 4.16 (94) 8.86 (18) 13.87 (41) p BarclaysAggregatelndex 2.04 (54) 3.93 (63) 4.37 (63) 3.66 (63) 4.85 (78) -2.02 (55) 4.21 (81) 7.84 (11) 6.54 (69) 5.93 (90) Median 2.06 4.D9 4.81 3.90 5.82 -1.94 6.04 6.65 7.25 12.21 Comparati~e PerFormance _. ,. , 1 Qtr ~ Qtr 9 Qtr 1 Qtr ~ Qtr ~ Qtr Ending Ending Ending Ending Ending Ending Mar-2014 Dec-2013 Sep-2013 Jun-2013 Mar-2013 Dec-2012 PIMCO Total Return (PTTRX) 1.31 (91) -0.04 (63) 1.17 (4) -3.60 (98) 0.61 (6) 1.16 (10) B~rcEays AggregaYe Index 1.&4 (68) -p.14 (72} 0.57 (4~5} -2.32 (15) -p.12 (74} 0.?9 (7~) IM U.S. Broad Market Care Fix.ed lncame (MF} Median 1.99 0.14 p.SA -2.64 p.03 0.52 ~ THE ~ ~~~Ll'~~1V ~~~~u ~~~~,: St. Lucie County PIMCO Total Return (PTTRX) ~ 15.0 ; __.~._..__ ...~.,_..,..._..____.____-v._ 1 Over X ' Pertormance ~ 12A ~ ' ~ j a ~ _~ ~ ° 9A ' m °' d ~ ~ ~ 6.0 .:;j m t°- ~ 0 3.0 ...,i. ~ Under ~ i Performance - 0.0 - - 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Bardays Aggregatelndex(%) Over Performance ~ Earliest Date ~ Latest Date Peer Group Scattergram - 3 Years 4.50 ~. ~'"' ~ 420 -~; e. L 3.90 =- 0 ~ ~4. ~ 3.60 -~ 3.30 2.30 2.53 2.76 2.99 322 3.45 3.68 3.91 4.14 . Risk (Standard Deviation %) Retum Standard Deviation Y o.oo c K d 25.00 .c ~ 50.00 a ~ 75.00 ~ m ~ 100.00 O PIMCO Total Return (PTTRX) 20 p Barclays Aggregate Index 20 6.89 - ,_, 6.36 ~ e~°! ~ 5.83 -- d 5.30 =•~~, ~ 4.77 ~' 4.24 ~:'~'_ 2.55 ~ 14 (70%) 6 (30%) 0 (0%) 0 (0%) 1 (5%) 5 (25%) 11 (55%) 3 (15%) 2.72 2.89 3.06 3.23 3.40 Risk (Standard Deviation %) Return 3.57 3.74 3.91 Standard Deviation • PIMCO Total Return (PTiRX) 4.32 3.86 • PIMCO Total Return (PTTRX) 6.40 3.68 ~ Barclays Aggregate lndex 3.66 2.73 ~ Barciays Aggregate lndex 4.85 2.83 _ Median 3.90 2.81 - Median 5.82 3.03 Historical Statistics -3'Years Tracking Up Market Down Market Information Alpha Sharpe Beta Downside Error Capture Capture Ratio Ratio Risk PIMCO Total Retum (PTTRX) 2.65 120.57 124.17 0.56 D.25 1.10 1.03 2.46 6arclays AggrFgate index 0.00 9QO.OD 900.00 Q00 N/A 1.3 i 1.00 9.54 Historical Statistics - SiYears Tracking Up Market Down Market Information Alpha Sharpe Be~ Downside Error Capture Capture Ratio Ratio Risk PIMCO Total Retum (PTTRX) 2.32 123.23 104.27 1.45 0.64 1.68 1.01 2.07 Barclays?~ggregate 9ndex Q.00 100.00 T6Q.00 Q.00 N/A 1.66 1.06 1.5d Tt~tE ~ ~~~~~~~ ~~-=}~ ~~ou~ 9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 6/'14 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count St. Lucie County Vanguard Total Bond Market Index (VBTSX) As of June 30. 2014 Mutiual Fund Info from Lipper r. S~rrnmary ~escription _;.. . . . r __ , ~ ., Y. .. ~ ~. . ~ , Product Name : vanguard Tot Bd;Sig (veTSx) The investment seeks the performance of a broad, market-weighted bond index. The fund employs an indexing investment Fund Famiiy : vanquard ~roup inc approach designed to track the performance of the Barclays U.S. Aggregate Float Adjusted Index. This Index represents a wide Ticker : vBTSX spectrum of public, investment-grade, taxable, fixed income securities in the United States-inciuding government, corporate, and Peer Group : IM U.S. Broad Market Core Fixed Income (MF) international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities-aii with maturities of more than Benchmark : Barciays Aggregate Index 1 year. All of the fund's investments will be selected through the sampling process, and at least 80% of the fund's assets will be Fund Inception : 09/01/2006 invested in bonds held in the index. Portfolio Manager : Joshua C. Barrickman Total Assets : $9,851 Million Total Assets Date : OS/31/2014 Gross Expense : 0.08% Net Expense : 0.08% Turnover: 73% 26.00 . _ ~ . _ .._._.. ~~.~... - . __.~ .. . _...r.~ ~ . . z~. .~._.__...__.. .W__._._._......~..__ ~. 20.00 ° 12.00 -~ ° ~ ~ fl y,~ ~ ~~ l'SV l.* ~i'1 ~ a oo - .~w ~ p ~ ~~ ; ~~ ~. ~,..a~ ..~ ,~ n~ O .q t ' " ,v.4 w..a,~.-....~= aL ~,..,.,.d..,,..... ~ ~ ~ .~ w, ~..,~_,., ~ ~a,~ ,w w,,. \ . ~ „~ ~~ w~ ~.,. ....a~,: ~,.:,.... s,,:,iau s;..,. .,..i.... »..z.~...._~...,...,.>. ~ O~.k 'i:i . -4.~0 s. -12.00 --------------.-. __ _____._...... .__. _..~_____. ____._.e...~~..t. _.._. ~.._._.....~._.__. , QTR YTD 1 YR 3 YR 5 YR 2073 2012 2011 2010 2009 ~ Vanguard Total Bond Market Index (VBTSX) 1.97 (66) 3.92 (63) 4.28 (68) 3.61 (64) 4.75 (80) -2.14 (60) 4.15 (82) 7.69 (14) 6.54 (7D) 6.04 (89) p Barclays Aggregate Index 2.04 (54) 3.93 (63) 4.37 (63) 3.66 (63) 4.85 (78) -2.02 (55) 4.21 (81) 7.84 (11) 6.54 (69) 5.93 (90) Median 2.06 4.09 4.81 3.90 5.82 -1.94 6.04 6.65 7.25 12.21 1 Qtr Ending Mar-2014 1 Qtr Ending Dec-2013 1 Qtr Ending Sep-2013 1 Qtr Ending Jun-2013 1 Qtr Ending Mar-2013 1 Qtr Ending Dec-2012 Vanguard Total Bond Market index (VBTSX) 1.91 (60) -0.19 (78) 0.54 (50) -2.42 (24) -0.06 (65) 0.13 (83) BarclaysAggraaate IndPx 1_S4~ l68) -0_94 (72) 0.57 (45) -2.32 ?15) -0.92 (74) t~.21 (7G~ IM U.S. Broad Market Core Fixed Income (MF) Median 1.99 0.94 0.54 -2.64 0.63 0.52 TiiE ~`` . ~ ~O~LL'S~1~i ~ ~,....-,~~~' ~ ~~~ V 1":, St. Lucie County Vanguard Total Bond Market Index (VBTSX) 3 Yr Rolling Percentile Ranking - 5 Years ~- 10.0 x Over m ~ 8 ~ ,~' Performance v " 6.0 = R ~ v 4.0 ~' ~ 0 m 2.0 °`: o / 0.0 0.0 1.0 2.0 Over Pertormance Under ~ ~ ~ Pertormance 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 Barclays Aggregatelndex(%) UnderPerformance Y O.OO m ~ y 25.00 .~ ~ ` 50.00 m a ~ 75.00 ~ d K 100.00 ~ Earliest Date ~ Latest Date • Vanguard Total Bond Market Index (VBTSX) 20 3(15%; 3(15%; 11 (55%' 3(15%' p Barclays Aggregate Index 20 1(5%) 5(25%; 11 (55%: 3(15%; Peer Group Scattergram - 3 Years Peer Group Scattergram - 5 Years '~"" ~ °--~-°-- °- 4.00 6.12 „ 3.90 ~ ~ 5.76 ~ o ~ ~ 3.80 =~ ~ 5.40 -, . ~ 370 Q ~ 5.04 ~ ~ 3.60 °~~j ~ ~ 4.68 - ~~,,. ~ . 3 50 --- ~~' . .- 2.70 2.72 2.74 2.76 2.78 2.80 2.62 2.84 2.76 2.80 2.84 2.68 2.92 2.96 3.D0 3.04 3.08 Risk (Standard Deviation %) Risk (Standard Deviation %) Return Standard Return Standard Deviation Deviation • Vanguard Total Bond Market Index (VBTSX) 3.61 2.78 • Vanguard Total Bond Market Index (VBTSX) 4.75 2.90 ~ Barclays Aggregate Index 3.66 2.73 p Barclays P,ggregate Index 4.85 2.83 _ Median 3.90 2.81 - Median 5.82 3.03 Historical 5tatistics - 3'Years _ Tracking Up Market Down Market Information Alpha Sharpe Downside Be~ Error Capture Capture Ratio Ratio Risk Vanguard Total Bond Market Index (VBTSX) 024 101.60 106.69 -0.10 -0.22 1.27 1.01 1.58 6arclays Aggregate Index 0.00 90D.00 100.00 Q.00 N/A 1_31 'I.DO 1.5~? Wistorical Statistics - 5 Years Tracking ~ Up Market Down ~ Market ~ Information ~ Alpha Sharpe ~ ~ Downside Be~ Error Capture Capture Ratio Ratio Risk Vanguard Total Bond Market index (VBTSX) 0.27 100.43 106.04 -0.21 -0.34 1.59 1.02 1.55 BarciaysPggregatelndex Q.QO ~G0.00 160.6Q Q.00 ;~1lA 1.66 t.Od 1.5~ THE ~ ~~~t3~1'illl~ ~ ~A~O V S ;. ~~~~~~ 9/09 3/10 9/10 3/11 9/1'I 3/12 9/12 3/13 9l13 6/'14 Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count St. Lucie County Vanguard LifeStrategy Consrv Gr Inv (VSCGX) As of June 30. 2014 Product Name : Vanguard LS Cons Gro;lnv (VSCGX) Fund Family : Vanguard Group Inc Ticker: VSCGX Peer Group : IM Mixed-Asset Target Alloc Moderate (MF) Benchmark : Vanguard LifeStrategy Conservative Growth Index Fund Inception : 09/30/1994 Portfolio Manager : Team Managed Total Assets : $6,915 Million Total Assets Date : 05/31/2014 Gross Expense : 0.15% Net Expense : 0.15% Turnover: 19% Summary Description The investment seeks long-term capital growth. The fund normally invests at least 80% of its net assets in equity securities of large-capitalization companies and up to 20% of the fund's total assets in equity securities of foreign issuers, including ADRs and similar investments. It invests principally in equity securities of large-capitalization companies, which the advisor defines as securities of companies with market capitalizations within the range of the Russeil 1000 Index. The fund may also invest in equiry securities of foreign issuers including ADRs and similar investments. 50.OD ._..~........._._._._.....~.._...._...._°___. 35.00 -T 20.00 m c ~ d z 5.00 ' ~ ~~~.t~,>a .~.a ~ ~~.~~ -10.D0 ~..ti b .. ,µ ~ ~~, b ~ .~ ; ~ . U~,.~ ~. ~ ~~? ~ ~, > s ,?~ .~~ u .w .~ ~.il~.~.~.~ w w, ~ _ ~ O -25.00 - QTR YTD . 1 YR 3 YR ._ 5 YR _____ ...__ 2013 ~._..__._._._....... 2012 2011 2010 2009 • Vanguard LifeStrategy Consrv Gr Inv (VSCGX) 3.12 (65) 5.08 (50) 12.07 (86) 7.06 (80) 9.70 (88) 9.08 (89) 9.19 (88) 1.76 (25) 11.14 (59) 17.06 (88) ~ Vanguard LifeStrategy Conservative Growth Index 320 (61) 5.16 (46) 12.33 (84) 7.52 (71) 9.65 (89) 9.39 (88) 9.33 (86) 2.44 (19) 10.33 (72) 16.51 (90) Median 3.37 5.05 14.75 8.54 11.56 14.21 11.53 022 11.48 23.39 1 Qtr Ending Mar-2014 1 Qtr Ending Dec-2013 1 Qtr Ending Sep-2013 1 Qtr Ending Jun-2013 1 Qtr Ending Mar-2013 1 Qtr Ending Dec-2012 Vanguard LifeStrategy Consrv Gr Inv (VSCGX) 1.90 (37) 323 (91) 3.32 (72) -1.06 (74) 3.37 (92) 0.92 (72) V~nguard t~ifeStrategy Canse~vative Grov~th Index 1.90 (37) 3.37 (90) 3,54 (71} -Q~5 (71j 3.39 {91) 0.&9 ~74) fM Mixed-P,sset Targe±Alloc Moderate (MFj PAedian 1.G9 4.8& 4.C8 -0.3H 4_89 9.33 THE ~~13~~A Y1~! ~«~. ~A~~ U 1;. St. Lucie County Vanguard LifeStrategy Consrv Gr Inv (VSCGX) As of June 30, 2014 3 Yr Rolling UnderlO~er PerFormance - 5 Years 3 Yr Rolling Percentile Ranking - 5' Years ' ~ _______ ~_ ~ _ro__ _. ~ _ _ ~ o.oo ~ 16.0 - Over ~ i Performance °' ~ 12.0 -~ 25.00 ~ N c BA °- 0 ~ 50.00 U ~, 4.0 ° s d rn • y 75.D0 ~ 0.0 - m ° Under ,v 100 00 d -4•~ ° Performance . ` , _ , . 9/D9 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 6/14 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 ~ B.0 '10.0 12.0 14.0 16.0 18.0 Vanguard LifeStrategy Conservative Growth Index (% ) ' Total 5-25 25- MOdian- 75-95 Over Pertormance Under Pertormance Period Count Median Count 75 Count Count ~ Earliest Date ~ Latest Date O Vanguard LifeStrategy Consrv Gr Inv (VSCGX) p Van uard LifeStrate Co se fve G owth I d 20 20 5(25% 7 35°/ 4(20% 2 10°/ 4(20% 5 25°/ 7(35% 6 30°/ g gy n rva i r n ex ( ~ ( c ( c ( ~ Peer Group Scattergram - 3 Years Peer Group Scat~ergram - 5 Years 8.82 `w°m"~"° _"r" 11.97 -~--°-°--° - ,... 8.33 -- ' ~ 11.34 -°~ ~ o ~ ~ 7.84 .~: ' ~ 10.71 = ,. ~ ~ 7.35 - ~ ~ 1D.D8 -- ~ 6.86 °^~ ~ 9.45 ~ ~ 6.37 8.82 --- 4.50 5.D0 5.50 6.00 6.50 7.00 7.50 6.00 8.50 5.22 5.80 6.38 6.96 7.54 6.12 8.70 928 9.86 Risk (Standard Deviation %) Risk (Standard Deviation %) Return Standard Return Standard Deviation Deviation • Vanguard LifeStrategy Consrv Gr Inv (VSCGX) 7.06 5.53 ~ Vanguard LifeStrategy Consrv Gr Inv (VSCGX) 9.70 6.02 ~ Vanguard LifeStrategy Consenrative Growth Index 7.52 5.40 p Vanguard LifeStrategy Conservative Growth Ind ex 9.65 5.77 _ Median 8.54 8.07 - Median 11.56 8.83 Historical Statistics - 3 Years Tracking Up Market Down Market Information Alpha Sharpe Be~ Downside Error Capture Capture Ratio Ratio Risk Vanguard LifeStrategy Consrv Gr Inv (VSCGX) 0.41 98.75 106.16 -0.58 -1.03 1.25 1.02 3.27 Vanguard lifeStrategy Conservative Growth Index 0.00 100.Op 1Q0.00 0_00 N~'A 1.36 1,D0 3.Q7 Historical Statistics - 5 Years . ~ Tracking Up Market Down Market Information Alpha Sharpe Be~ Downside Error Capture Capture Ratio Ratio Risk Vanguard LifeStrategy Consrv Gr Inv (VSCGX) 0.53 102.00 104.86 -0.31 0.12 1.56 1.04 3.03 Vanc~uard ~ifeStrategy Conservative Growth Index O.CO 700.00 100.00 0.00 NiA 1.81 1.D0 2.92 k~ THE ~~ ~~~~~i11V ~~ ~~~ V A ,: St. Lucie County Vanguard LifeStrategy Mod Gr (VSMGX) As of June 30. 2014 Mutual Funtl Info from Lipper 5ummary bescription Product Name : vanguard LS Mod Gro;lnv (vSMGx) The investment seeks long-term capital growth. The fund normally invests at least 80% of its net assets in equity securities of Fund Family : Vanguard Group Inc large-capitalization companies and up to 20% of the fund's totai assets in equity securities of foreign issuers, including ADRs and Ticker: VSMGX similar investments. It invests principally in equity securities of large-capitalization companies, which the advisor defines as Peer Group : IM Mixed-Asset Target Alloc Growth (MF) securities of companies with market capitalizations within the range of the Russell 1000 Index. The fund may also invest in equity Benchmark : Vanguard LifeStrategy Moderate Growth Index securities of foreign issuers including ADRs and similar investments. Fund Inception : 09/30/1994 Portfolio Manager: Team Managed , Total Assets : $11,421 Million Total Assets Date : 05/31/2014 Gross Expense : 0.16% Net Expense : 0.16% Turnover: 15% Peer Group Analysis - IM Mixetl~Asset 7arget Alloc Growth (MF)'! 50.D0 , ~....._._.. . a....._.~. ... ..~ _ a_~.w.__ . ._._._. _ . 35.D0 20.00 - : ~ K 5.00 °- ~ :~~.Q..,~_~,,.: . ~.~.w~~. -10.00 =_- -25.00 QTR YTD ~ ~ ~ ~ `~ ~ ,...:~.~ .,.~ ..._:... . ,.,,a~ .a;~~ ,..~_ "` "~. ` t.~~ (~ ,~. 1 YR 3 YR 5 YR 2013 2012 ~. ~ ~., ~ ~~... ~` ~ 2011 2010 2009 0 Vanguard LifeStrategy Mod Gr (VSMGX) 3.68 (56) 5.56 (44) 15.97 (84) 9.17 (74) . 12.30 (75) 15.04 (88) 11.76 (70) 0.26 (33) 13.31 (38) 20.33 (82) ~ Vanguard LifeStrategy Moderate Growth Index 3.78 (48) 5.71 (38) 16.30 (76) 9.88. (58) 12.44 (71) 15.37 (86) 11.88 (67) 1.55 (24) 12.58 (54) 20.05 (85) Median 3.75 5.41 17.44 10.17 13.24 19.34 12.74 -1.83 12.73 25.99 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Mar-2014 Dec-2013 Sep-2013 Jun-2013 Mar-2013 Dec-2012 Vanguard LifeStrategy Mod Gr (VSMGX) 1.82 (35) 4.98 (87) 4.65 (59) -D.37 ,(79) 5.11 (86) 1.26 (60) V~rguard LifeStrategy Moderate Groti~th lncfex 1.SE (33} 5A6 (8S) 4.72 !59) -427 (75} 5,15 (85) t25 (~1) IM Mixed-P.sset Target Ailoc Grov~th (MF; Median 9.55 6.29 5.09 0.33 8.33 1.45 ~, THE '~, ~VtT~J'rilllel ~~'~s= ~~O tJ 1-. St. Lucie County Vanguard LifeStrategy Mod Gr (VSMGX) 3 Yr Rolling Under/Over Performance - 5 Years " 3; Yr Roll ~, __.._._w~______~._......_ Y o.oo ~ Zp ~ ~ Over c ~ !! Pertormance 1Q ~ y 25.00 9 ~ ~~.~ ~ C d ~ U ~ ~ 5~.0~ m 0.0 ~ • °' ~ , a ~ m ` N 75.00 ~ _ -10.0 -~ ~ Under ~ ;, -~ ~ Performance '~~ ~ 100.00 -16.0 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 Vanguard LifeStrategy Moderate Growth Index (%) Over Performance Under Pertormance ~ Earfiest Date ~ Latest Date 10.54 -""" _______.___m_m."""' ,.., 1020 ~> ~ 9.86 - ~ ° 9.52 °-~ m ~ 9.18 ~ 8.84 ' 726 7.59 7.92 6.25 6.56 8.91 Risk (Standard Deviation %) Return , 9.24 9.57 9.90 Standard Deviation ~ Vanguard LifeStrategy Mod Gr (VSMGX) 20 m Vanguard LifeStrategy Moderate Growth Index 20 13.44 ,.., 13.12 - e~.°. ~ 12.80 °- d 12.48 =u z 12.16 ~ 11.84 - 8.00 8.40 8.80 920 9.60 Risk (Standard Deviation %) Return 10.00 10.40 10.80 Standard Deviation ~ Vanguard LifeStrategy Mod Gr (VSMGX) 9.17 ~ Vanguard LifeStrategy Moderate Growth Index 9.88 _ Median 10.17 Historical Statistics - 3 Years 8.01 • Vanguard LifeStrategy Mod Gr (VSMGX) 12.30 8.69 7.86 B Vanguard LifeStrategy Moderate Growth Index 12.44 8.43 9.58 _ Median 13.24 10.32 Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard LifeStrategy Mod Gr (VSMGX) 0.53 98.52 105.88 -0.80 -1.20 1.13 1.02 4.89 ~/anguard [.iieStrategy PJloderate Growth index 0.00 1p0.00 100.00 0.00 t~I/A 1.23 1.OD 4.64 Historical5tatistics - 5 Years Tracking Up Down Information ~ Sharpe~ ~ Downside ~ Error Market Market Aipha Ratio Ratio Beta Risk Capture Capture Vanguard LifeStrategy Mod Gr (VSMG~ 0.63 101.13 104.70 -0.46 -0.17 1.37 1.03 4.69 Vanguzrd LifeStrategy Moderate Gro~vth Index G.QO '!OD.60 9~Q.00 D.OQ NLA 1.43 9.C0 4.54 0 (0%) 11 (55% 8 (40% 1 (5%) 8 (40% 4 (20% 8 (40% 0 (0%) THE z ~~~YAl~YYl~! ~~ ~ ~:Y~ ~d~~ lJ 1 ~ 9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 6/14 Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count St. Lucie County Vanguard LifeStrategy Growth (VASGX) Mutual Fund fnfo from Lipper Summary Description ; Product Name : Vanguard LS Growth;lnv (vASGX) The investment seeks long-term capital growth. The fund normally invests at least 80% of its net assets in equity securities of Fund Family : Vanguard Group inc large-capitalization companies and up to 20% of the fund's totai assets in equity securities of foreign issuers, including ADRs and Ticker: vASGX similar investments. it invests principally in equity securities of large-capitalization companies, which the advisor defines as Peer Group : IM Mixed-Asset Target Alloc Growth (MF) securities of companies with market capitalizations within the range of the Russell 1000 Index. The fund may also invest in equity Benchmark : Vanguard LifeStrategy Growth Index securities of foreign issuers including ADRs and similar investments. Fund Inception : 09/30/1994 PortFolio Manager: Team Managed Total Assets : $10,271 Million Totai Assets Date : 05/31 /2014 Gross Expense : 0.17% Net Expense : 0.17% Turnover: 9% Peer Group Anatysis - IM Mixetl'-Asset Target Alloc Growth (MF) 50.00 35.00 ~~, .. ~ f,yu 20.00 .,; ~; p ~ O ~ ~ ~ ~ ~ ~ ~ ~ y.w,~~ .u ~ . , .~ ~ m ~ ~ ~ p d v~ ~ ~ ~ , ~ .~ ~. -~ ~ ~ ~ ~~ x.~;~r,._, _v w~~~ .~ti. ~ i ~ ~ 5.00 °"~ ~~~ti.~,~_..,~~~.w. . ~r .~~.._ ~ ~ 1 ~ ~ ~ a..m ~.. ~ ~ ~~ , ~ s.v~ ~,~ N ; ~ ~ ~ ~ ~ ~~~v~ -10.D0 °° i 00 ~ ._.__.._____~. 25 _ ~ - . ~ ____ _ ~_._.. QTR YTD 1 YR 3 YR 5 YR 2013 2012 2011 2010 2009 ~ Vanguard LifeStrategy Growth (VASGX) 4.28 (18) 6.09 (26) 20.08 (11) 10.99 (31) 14.63 (18) 2120 (28) 14.38 (22) -2.28 (59) 15.06 (15) 24.99 (53) ~ Vanguard LifeStrategy Growth Index 4.38 (15) 6.26 (23) 20.38 (10) 11.72 (19) 14.74 (15) 21.58 (24) 14.36 (22) -0.90 (40) 14.07 (26) 24.77 (54) Median 3.75 5.41 17.44 10.17 13.24 19.34 12.74 -1.83 12.73 25.99 Comparative Performance _ 1 4tr , ~ q Qtr q Qtr 1 4tr q Qtr ~ ~ Qtr _ Ending Ending Ending Ending Ending Ending Mar-2014 Dec-2013 Sep-2013 Jun-2013 Mar-2013 Dec-2012 Vanguard LifeStrategy Growth (VASGX) 1.74 (39) 6.70 (31) 6.07 (25) 0.28 (52 ) 6.78 (35) 1.71 (38) VanguarJ LifeSt~-ategy 6rowth Index 9.81 (35j 6.78 (2~J) 6.10 (^S) 436 (49) 6.9~ (30j 9.55 (4~) fM Mixed-AssetTargetAlloc Grovuth (MF) Median 1.55 6.29 5A9 Q.33 G33 1.45 ~ T~ ' ~~~'a~~i.~~ ~~ `""''Y~ ~a~~~- St. Lucie County Vanguard LifeStrategy Growth (VASGX) As of June 30. 2014 Vanguard LifeStrategy Growth Index (%) OverPertormance UnderPerformance ~ EarliestDate ~ Latest.Date 1224 ..., 1173 ^ v ~ 1122 -R ~ 10.71 ~ ~ 10.20 ~° 9.69 9.25 9.50 9.75 10.00 1025 10.50 1 D.75 11.00 Risk (Standard Deviation % ) Return Standard Deviation Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count • Vanguard LifeStrategy Growth (VASGX) 20 4(20%) 7(35%) 5(25%) 4(20%) ~ Vanguard LifeStrategy Growth Index 20 10 (50%) 3(15%) 7(35%) 0(0%) Peer Group Scattergram -5 Years 15.00 - ~-°--°----- °- ~ ~ ~ 14.50 ~. e. , ~ 14.00 --~~, ~ ~ m ~ 13.50 --~_ 13 00 . 9.66 10.15 10.44 10.73 11.02 11.31 11.60 11.89 Risk (Standard Deviation % ) Return Standard Deviation O Vanguard LifeStrategy Growth (VASGX) 10.99 10.78 ~ Vanguard LifeStrategy Growth (VASGX) 14.63 11.64 ~ Vanguard LifeStrategy Growth Index 11.72 10.61 ~ Vanguard LifeStrategy Growth Index 14.74 11.35 - Median 10.17 9.58 _ Median 13.24 10.32 WisYorical Sfatistics - 3 Years Tracking Up Market ~ Down ~ Market Information ~ Alpha Sharpe ~ ~ Beta ~ Downside ~~ Error Capture Capture Ratio Ratio Risk Vanguard LifeStrategy Growth (VASGX) 0.64 98.51 103.43 -0.80 -0.99 1.02 1.01 6.80 Van~uard ~ifeStrategy Grouvth Index O.pO 1Dp.00 100.60 O.OQ NIR 9.10 1_60 6.51 Historical Statistics - 5~'Years ~ , .,„ ,.,,. . Tracking Up Market Down Market Information Alpha Sharpe ~ Beta Downside Error Capture Capture Ratio Ratio Risk Vanguard LifeStrategy Growth (VASGX) 0.71 100.98 103.09 -0.41 -0.09 1.23 1.02 6.65 Vanguard ~ifeStrategy Gov~th Index 0.00 100.00 100.DC 0.00 N/A 1.~7 t00 6.~7 ~ THE ~; ~~~~~~~ ~~.:;;w.:~~ ~~~~, St. Lucie County Vanguard LifeStrategy Income (VASIX) Mutual Fund Info from Lipper Product Name :~ Vanguard LS Income;lnv (VASIX) Fund Family : Vanguard Group Inc Ticker: VASIX Peer Group : IM Mixed-Asset Target Alloc Consv (MF) Benchmark : Vanguard LifeStrategy Income Composite Index Fund Inception : 09/30/1994 Portfolio Manager: Team Managed Total Assets : $2,922 Million Total Assets Date : 05/31/2014 Gross Expense : 0.14% Net Expense : 0.14% Turnover: 25% Summary;Description The investment seeks long-term capital growth. The fund normally invests at least 80% of its net assets in equity securities of large-capitalization companies and up to 20% of the fund's total assets in equity securities of foreign issuers, including ADRs and similar investments. It invests principally in equity securities of large-capitalization companies, which the advisor defines as securities of companies with market capitalizations within the range of the Russeil 1000 Index. The fund may also invest in equity securities of foreign issuers including ADRs and similar investments. Peer Gro~p Analysis - IM Mixed Asset 7arget Ailoc Consv (MF) 40.00 30.00 °= 20.00 =•= c ~ d K 10.00 ~. ~~~k 0.00 °° -10.00 ~--~°-~~ ~ Vanguard LifeStrategy Income (VASIX) ~ Vanguard LifeStrategy Income Composite Index Median Comparative Performance ~ ~ C~ ~ ~ ..~~~~0,...;';: ... ..~,~._. ,. ~.~,4~",~ ~.,:a~', ~ ~~ ~ ~~ QTR YTD 1 YR 3 YR 5 YR 2.45 (75) 4.52 (45) 8.12 (81) 5.04 (76) 7.16 (86) 2.60 (6D) 4.57 (44) 8.45 (79) 5.58 (68) 7.24 (85) 2.72 4.37 10.47 6.46 8.96 .~... ~ .~., ~:;~?: ~.~ ~ ~,~.w.~:' ~ 2013 2012 2011 2010 2009 3.40 (84) 6.54 (91) 3.77 (12) 9.22 (64) 12.08 (92) 3.72 (81) 6.83 (90) 4.69 (6) 8.53 (75) 11.7D (93) 6.99 9.51 1.73 9.94 19.97 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Mar-2014 Dec-2013 Sep-2013 Jun-2013 Mar-2013 Dec-2012 Vanguard LifeStrategy Income (VASIX) 2.02 (34) 1.52 (91) 1.90 (1) -1.72 (71) 1.70 (85) 0.45 (68) Vanguard LifeStrategy Income Com~c~site Index 1.92 (39j 9.70 (86} 9.98 (1) -1.6p (661 1.63 (871 0.56 (S~) IM Mixed-Asset Target Hllac Consv tMF) Median 1.5a 2.94 -1.34 -1.34 2.93 ~.10 ' THE { ~~ ~.... ~~~19riY.l1V ~~=~~ G~o~ St. Lucie County Vanguard LifeStrategy Income (VASIX) As of June 30. 2014 3 Yr Rolling Untler/O~er Performance - 5 Years ' 3 Yr RoUing Percentile Ranking - 5 Years ~______ .m._._.~_~_.....__ _____......~_._..~ - j 12.0 ~ 0.00 - ( Over R ~ 10.0 «i Performance ~ °f 25.00 o " BA ° C ~ ~ ~ 50.00 rn 6A ., d ~ ~ m a .,R`~, 4.0 =''; ~ 75.00 y ~° ~ ' . ~ ~ 2.D , Under ~ "' 100.00 , Performance o OA ° ~ ~ 9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 6/14 0.0 1.0 2.0 3.0 4.D 5.0 6.0 7.0 8.0 9.0 10.0 11 .0 ~ 12.0 Vanguard LifeStrategy Income Composite Index (%) Total 5-25 25- Median- ~5-95 Over Performance Under Pertormance Period Count Median Count 75 Count Count ~ Earliest Date ~ Latest Date • Vanguard LifeStrategy Income (VASIX) 20 2(10% 4(20% 7(35% 7.(35% p Vanguard LifeStrategy Income Composite Index 20 7(35% 2(10% 7(35% 4(20% Peer Group Scattergram - 3 Years Peer Group Scattergram - 5 Years' 7.D5 9.44 . ~ „ 6.56 =1 ,... 6.85 ~~ ~~ > E~,°, ~ 6.11 ° ~ 6.26 ^- . d 5.64 - ~;~ ~ 7.67 u ~ 5.17 --'~. ~ ~ 7.08 ~- ~. ~ . 4.70 ~ 6.49 ~ 2.52 2.94 3.36 3.78 4.20 4.62 5.04 5.46 5.68 2.76 322 3.68 4.14 4.60 5.06 5.52 5.96 6.44 Risk (Standard Devi ation %) Risk (Stand ard Deviation %) Retum Standard Return Standard Deviation Deviation ~ Vanguard LifeStrategy Income (VASIX) 5.04 3.22 • Vanguard LifeStrategy Income (VASIX) 7.16 3.53 ~ Vanguard LifeStrategy Income Composite Index 5.58 3.14 ~ Vanguard LifeStrategy Income Composite Index 7.24 3.29 - Median 6.46 5.38 - Median 8.96 5.76 Wistorical Statistics - 3 Years Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Vanguard LifeStrategy Income (VASIX) 0.40 97.27 112.70 -0.61 -1.29 1.52 1.02 1.78 Van~uard LifeStrategy lncome Compc~site Inder, D.00 100.00 1GQOD O.DO NiA 1.i3 1.60 7.63 Historical Statistics - 5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard LifeStrategy Income (VASIX) 0.50 102.30 114.09 -0.50 -0.13 1.96 1.06 1.55 Vanguard LifeStrat~gy Ineome Composite lndex 0.00 100.00 1 DC.00 o.oe NiA 2.12 1.p0 1.41 ~~; THE ~~~ ~~~~1'~Y~l~l ~~-~ z a,`~;°"' ~1~~ V 1. St. Lucie County Vanguard Target Ret 2020 (VTWNX) As of June 30. 2014 Mutual Fund Info from Lipper ~~ ~. _. , _ _~ Product Name : Vanguard Tgt Ret2020;1nv (VTWNX) Fund Family : Vanguard Group Inc Ticker : VTWNX Peer Group : IM Mixed-Asset Target 2020 (MF) Benchmark : Vanguard Target 2020 Composite Index Fund Inception : 06/07/2006 Portfolio Manager: Buek/Coleman/Nejman Total Assets : $26,572 Million Total Assets Date : 05/31 /2014 Gross Expense : D.16% Net Expense : 0.16% Turnover: 17% Summary Description The investment seeks long-term capital growth. The fund normally invests at least 80% of its net assets in equity securities of large-capitalization companies and up to 20% of the fund's total assets in equity securities of foreign issuers, including ADRs and similar investments. It invests principally in equity securities of large-capitalization companies, which the advisor defines as securities of companies with market capitalizations within the range of the Russell 1000 index. The fund may also invest in equity securities of foreign issuers including ADRs and similar investments. Peer Group Analysis - IM Mixed-Asset Target 2020 (MF) ; 30.00 _ ~a__..._. ~ ~ ~ ~._._ __ __ __~__ __ __~ _ ____ 35.00 °- ~ ~ 20.00 _ ~" ~ ~ ~ ~ ~ ~ ~ d i ` : ~ ~ . w~_..~. „~ ~ ~~~ ~ K ~ ~ k,~ ~. ...~...~w.,,..,,.. ~ ~ . ~,` i ,,,.w.~4 ~a , ~.. ~-~„~., .a.~ _ ~~u, .~,.:.~.. 5.00 „ ~ ~ a~a.~ ~_~..,...._ .~..~„~~.~..,. ~~ti~. ; ..,. h.~ ~._.M ...~... ,,..~,,.Mw ~ ~.. ~ s k ~.~.. .~.. -10.00 ° 25 00 --.- _w___~_~_______ . - ~. _____ QTR YTD 1 YR 3 YR 5 YR 2013 2012 2011 2010 2009 ~ Vanguard Target Ret 2020 (VTWNX). 3.73 (16) 5.61 (9) 16.43 (15) 9.73 (7) ~ Vanguard Target 2020 Composite Index 3.83 (13) 5.76 (7) 16.76 (12) 10.05 (5) Median Comparative PerFormance 3.32 4.88 13.85 12.88 (21) 15.85 (18) 12.35 (37) 13.14 (14) 16.21 (14) 12.47 (36) 0.60 (33) 13.12 (36) 23.10 (71) 0.99 (26) 13.27 (34) 23.28 (69) 8.01 11.64 12.03 11.53 -0.51 12.27 25.92 1 Qtr 7 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Mar-2014 Dec-2013 Sep-2013 Jun-2013 Mar-2013 Dec-2012 VanguardTargetRet2020(VTWNX) 1.81 (15) 5.13 (26) 4.87 (21) -0.24 (1D) 5.33 (17) 1.37 (51) Vanguard Target?_020 Composite tnder. 1.36 (92'~ 525 (20) 4.90 (20) -p.18 (6j 5.45 (19j 1.31 (5G} IM Mixed-AssetTarget2Q20 (MF} Median 1.54 4.40 428 -1.13 4.22 1.37 ~' TItE ~ '. $O~DAI~N ~~.~~::~y GRO~ St. Lucie County Vanguard Target Ret 2020 (VTWNX) As of June 30. 2014 3 Yr Rolling Untler/Over Performance - 5 Years 3 Yr Rolling Percentile Ranking - 5iYeers : --- Over ~ --- Y o.oo ~ 20A ~~~ performance . ~ ~ ~ o N '~ d 25.00 ~°,i 10A ~- ~. c m cdi 50.00 ~ ~ ~ d ~ OA =- a O1 ~ ~. : 75.00 F' -10.0 = Under d 9 ~ Perfortnance ~ 100.00 -16.0 -12.0 -B.0 -4 .0 D.0 4.0 6.0 12A ~16A 20.0 24.0 9/09 3/10 9/10 3/11 9/11 3/12 9/'12 3/13 9/13 6/14 Vanguard Target 2020 Composite Index (%) Total 5-25 25-Median Median-75 75-95 OverPertormance UnderPerFormance Period Count Count Count Count ~ Earliest Date ~ Latest Date O Vanguard Target Ret 2020 (V7WNX) 20 15 (75%) 4(20%) 1(5%) 0(0%) p Vanguard Target 2020 Composite Index 20 16 (80%) 4(20%) 0(0%) 0(0%) Peer Group 5cattergram - 3 Years Peer Group 5cattergram - 5 Years 10.72 ~' ~ 1372 ~ " -`°""~""'~' ,.., 10.05 4~° ,... 1323 -- ~ e y ~ 9.38 , c 12.74 ~ ~ 8.71 - ~ 1225 ,• ~ 8.04 m° !', ~ I 11.76 ~I 7.37 1127 ~~~ -: 8.12 8.19 6.26 8.33 8.40 8.47 8.54 9.00 9.06 9.12 9.18 924 9.30 9.36 9.42 Risk (Standard Deviation %) Risk (Standard Deviation %) Return Standard Return Standard Deviation Deviation ~ Vanguard Target Ret 202D (VTWNX) 9.73 8.48 • Vanguard Target Ret 2020 (VTWNX) 12.88 ' 9.35 ~ Vanguard Target 2020 Composite Index 10.05 8.48 p Vanguard Target 2020 Composite Index 13.14 9.28 _ Median 8.01 8.15 - Median 11.64 9.06 Historieal Statistics - 3 Years Tracking Up Market Down Market Information Alpha Sharpe Be~ Downside Error Capture Capture Ratio Ratio Risk Vanguard Target Ret 2020 (VTWNX) 0.40 98.58 100.63 -028 -0.72 1.13 1.00 5.14 Vanguard Target 2420 Coinposite (nder, o.co 100.00 100.00 0.00 N!A 1.17 1.60 5.10 Historical 5tatistics - 5 Years ~ Tracking Up ~ Down ~ ~ ~nformation Sharpe Downsitle ~ Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Target Ret 2020 (VTWNX) 0.36 99.45 101.47 -0.31 -0.62 1.34 1.01 5.14 Vanauard Target2020 Composite Irdex 4.00 1C~0.00 10G.60 0.00 N1A 1,3? 1.00 5.OS ~ T~ ~ ~ ~~~~~ ~~ ~w ~~~~~. St. Lucie County Vanguard Target Ret 2030 (VTHRX) As of June 30. 2014 Mutual Fund lnfo from Lipper ~ Summary Description ~ Product Name : Vanguard Tgt Ret2o3o;lnv (VTHR~ The investment seeks long-term capital growth. The fund~normally invests at least 80% of its net assets in equity securities of Fund Family : Vanguard Group Inc large-capitalization companies and up to 20% of the fund's total assets in equity securities of foreign issuers, including ADRs and Ticker : VTHRX similar investments. It invests principaliy in equity securities of large-capitalization companies, which the advisor defines as Peer Group : IM Mixed-Asset Target 2030 (MF) securities of companies with market capitalizations within the range of the Russell 1000 index. The fund may aiso invest in equity Benchmark : Vanguard Target 2030 Composite Index securities of foreign issuers including ADRs and similar investments. Fund Inception : 06/07/2006 Portfolio Manager: Buek/Coleman/Nejman Total Assets : $22,065 Million Total Assets Date : OS/31/2014 Gross Expense : 0.17% Net Expense : 0.17% Turnover: 14% Peer Group Analysis -1M Mixetl=Assef Target2030 (IVIF) ; 50.00 ~ . -_- ~ ~~- _ 35.00 ° ~ '~. 20.00 -~° ~ : ~ ~.~ ~ . ,...~, . W.uv.,.., ~ „_~ ~.w..n~~w~. ~ {~ ~ ' ~ fl ~ ~ ~ „ ~ ~ ~~._a~~ ~ >~~M~~v,~,, .~ ~ ~~v~ w~~. , ~ ~ ~ ~ .s~.,~ ..~ ..:.~,..~. ~ ~ 5.00 ~. ~... Q .~w ~ ,~_,,.~. .....~,..,.~... ~,~ ~ ~ -10.00 ~ ~ ~,,~,~,.~,..~ ,~ ~ 00 _._ 25 _. . __~~._~ - . ~___.._ QTR YTD 1 YR 3 YR 5 YR 2013 2012 2011 2010 2009 ~ Vanguard Target Ret2030 (VTHRX) 4.20 (21) 6.01 (12) 19.49 (21) 11.09 (11) 14.63 (20) 20.49 (29) 14.24 (40) ~ Vanguard Target 2D30 Composite Index 4.27 (18) 6.16 (10) 19.81 (18) 11.41 (8) 14.90 (14) 20.88 (25) 14.31 (38) Median Comparative Performance 3.62 5.31 17.84 9.54 13.55 18.02 13.66 -1.27 (23) 14.43 (34) 26.72 (74) -0.89 (17) 14.58 (30) 27.02 (71) -2.57 13.6D 26.79 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Mar-2014 Dec-2013 Sep-2013 Jun-2013 Mar-2013 Dec-2012 Vanguard Target Ret 2030 (VTHRX) 1.74 (18) 6.46 (26) 5.88 (35) 0.24 (22) 6.63 (23) 1.66 (60) Varauard T~rget 2030 Composi±a (ndex ~;.82 (92j 6.54 (23} 5.93 (33} 029 {93j C.79 (171 1.5A (67} IM ft9ixed-P.sset Target 2_P30 (MF) fvledian 1.aG a.00 5.68 -0.30 5.52 1.83 T~ ~ ~~~~~~N ~ ~~ou~ St. Lucie County Vanguard Target Ret 2030 (VTHRX) Vanguard Target 2030 Composite Index (%) OverPertormance UnderPerformance ~j Eadiest Date ~ Latest Date Peer Group Scattergram - 3 Years ~ i.~a __- __ .~ _..~ ~ ~ 11.16 ~ s~.`, ~ 10.54 - d 9.92 ~ ~ 9.30 ~'~ 8.68 10.53 10.54 10.55 10.56 10.57 10.58 Risk (Standard Deviation % ) Return Standard Deviation Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count • Vanguard Target Ret 2030 (VTHRX) 20 p Vanguard Target 2030 Composite Index 20 15.30 ,.., 14.65 - ~~ ~ ~ 14.40 --~,. d 13.95 v ~ 13.50 ~ 13.05 - 11.36 0 11.44 11.52 11.60 11.68 Risk (Standard Deviation %) ~ Vanguard Target Ret 2030 (VTHRX) 11.09 10.57 • Vanguard Target Ret 2030 (VTHRX) ~ Vanguard Target 2030 Composite Index 11.41 10.54 ~ Vanguard Target 2030 Composite Index _ Median 9.54 10.54 - Median Historical Statistics - 3 Years Return 14.63 14.90 13.55 11.76 11.84 11.92 Standard Deviation 11.57 11.49 11.80 Tracking Up Market Down Market Alpha Information Sharpe Beta Downside Error Capture Capture Ratio Ratio Risk Vanguard Target Ret 2030 (VTHRX) 0.46 98.62 100.01 -0.31 -0.62 1.05 ~.DO 6.58 Vanguard Target 2036 Cemposite lr.dex Q.Ot~ 90G.DQ 100.D0 0.06 Nlh 9.OS 1.00 6.5 i Historical St~tistics - 5 Years Tracking Up Market ~ Down ~ Market ~ Alpha Information Sharpe Beta Downside Error Ratio Ratio Risk Capture Capture Vanguard Target Ret2030 (VTHRX) 0.41 99.49 101.02 -0.33 -0.55 1.24 1.01 6.60 VanguardTarget2030 Composite Index 0.06 1QQ00 100.00 0.00 N/A 1.27 1.00 6.52 17 (85%) 3 (15%) 0 (0%) 0 (0%) 18 (90%) 2 (10%) 0 (0%) 0 (0%) ~ THE ~ ~ ~BLL'~d~l l V ~°~~~ '4 GROLTP. St. Lucie County Vanguard Target Ret 2040 (VFORX) Product Name : Vanguard Tgt Ret2040;inv (vFORx) The investment seeks long-term capital growth. The fund normally invests at least 80% of its net assets in equity securities of Fund Family : Vanguard Group Inc large-capitalization companies and up to 20% of the fund's totai assets in equity securities of foreign issuers, including ADRs and Ticker: vFORX similar investments. It invests principally in equity securities of large-capitalization companies, which the advisor defines as Peer Group : IM Mixed-Asset Target 2040 (MF) securities of companies with market capitalizations within the range of the Russeil 1000 Index. The fund may also invest in equity Benchmark : vanguard Target 2oao Composite Index securities of foreign issuers including ADRs and similar investments. Fund Inception : 06/07/2006 Portfolio Manager: Buek/Coleman/Nejman Total Assets : $15,207 Million Total Assets Date : 05/31/2014 Gross F~cpense : 0.18% Net Expense : 0.18% Turnover : 9% Peer Group Analysis - IM Mixed-Asset Target 2040 (MF) ao.oo _~ ~ ____~~_~_m __~m____~_~. ~.W. __ 35.00 20.00 °°~ ~ 4 i m ~ 5.00 I ~ ~,..~,. .~.~; ~_. . ~.,<, w. ~ 0 ~.~~.,.~ ...v.:.,...~ ~ Q : ~ . ~ ~, ~ ~w.~~.3...~~..m,_ ~ ~ ~ ~ _~...,... .~a~..,v., ,,,~~ '~........~,~b~. u ~~ ~`t ; '.: ~ ~ -10.00 -25.00 u ____ .,..._.~._.., __..._.._....~..~ ~.. . QTR YTD 1 YR 3 YR 5 YR 2013 2012 2011 2010 2009 ~ Vanguard Target Ret 2040 (VFORX) 4.62 (12) 6.36 (11) 22.16 (11) 12.26 (10) 15.80 (13) 24.37 (18) 15.56 (33) -2.55 (21) 15.17 (37) 28.32 (76) ~ Vanguard Target 2040 Composite Index 4.67 (12) 6.53 (8) 22.45 (9) 12.60 (5) 16.09 (8) 24.79 (13) 15.58 (32) -2.11 (16) 15.33 (30) 28.67 (68) Median 4.06 5.59 19.87 10.55 14.59 21.68 14.92 -3.93 14.63 30.70 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Mar-2014 Dec-2013 Sep-2013 Jun-2013 Mar-2013 Dec-2012 Vanguard Target Ret 2040 (VFORX) 1.66 (24) 7.57 (17) 6.77 (36) 0.60 (20) 7.64 (19) 1.65 (64) Vanguard Target2040 Composite lndex tJ7 ~17) 7.63 (96) 6.79 (S6) 0.67 (98) 7.84 (13} 1.7 i (70} IM Mixed-Asset Target 2R40 (MF) vledian 1.41 6.73 6.a4 G.13 G.67 2.p3 ~ Ti-rE ~ ~ ~~~~~~~ ~~`~f ~. GI~O~JI? St. Lucie County Vanguard Target Ret 2040 (VFORX) As of June 30, 2014 3 Yr Rolling Ur~tler/Over Performance - 5 Years ' ~ 30.0 ; _.._...._..._..__..._. ._ ,~~. u, ~ Over ~ Pertormance ~' 20.0 -! ~ ~.. °v 0 `~ 10A = m ~ ' d 0.0 ~ rn F -10.0 -_~~ . Under ~ Performance '° -20A ~ . ~ .. . . . . -20.0 -15.0 -10.0 Over Performance ~ Earliest Date -5.0 0.0 5.0 10.0 Vanguard Target 2040 Composite Index (%) UnderPertormance ~ Latest Date 15.0 20.0 25.0 30.0 12.92 ~ 12.24 e.. 3 Yr Rolling percentile Ranking - 5 Years c K y 25.00 .~ ~ 50.00 a i 75.00 m ~ 100.00 Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count • Vanguard Target Ret 2040 (VFORX) 20 1 B(90%) 2(10%) 0(0%) 0(0%) p Vanguard Target 2040 Composite Index 20 16 (90%) 2(10%) 0(0%) 0(0%) Peer Croup Scattergram - 5 Years 16.50 ,., 16.D0 ~ ~ - ~ ~ 15.50 x d 15.00 -° ~~ ~ 14.50 --n 14.00 - - 12.74 12.81 ~ 12.88 12.95 13.02 13.09 13.16 _ Risk (Standard Deviation %) ~ 11.56 v ~ 10.88 1020 11.97 12.D0 12.03 12.06 Risk (Standard Deviation %) 12.09 12.12 Return Standard Deviation ~ Vanguard Target Ret 2040 (VFORX) 12.26 ~ Vanguard Target 2040 Composite Index 12.60 - Median 10.55 Histoncal Statistics - 3' Years 12.02 • Vanguard Target Ret 2040 (VFOR~ 12.00 ~ Vanguard Target 2040 Composite Index 12.09 _ Median Return Standard Deviation 15.80 12.91 16.09 12.82 14.59 13.09 Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Vanguard Target Ret 2040 (VFORX) 0.56 98.58 99.76 -0.31 -0.55 1.02 1.00 7.54 V"anguard Tar~et 2~40 Composite €ndex O.QQ i QQ.uG 100.00 O.OQ NlA 1.p5 1_00 Z46 HistoricalStatistics-5'Years i ~ ~ ~ Tracking Up ~ Market Down Market Alpha Information ~ Sharpe ~ ~ Beta Downside Error Ratio Ratio Risk Capture Capture Vanguard Target Ret 2040 (VFORX) 0.49 99.45 100.82 -0.34 -0.49 1.20 1.01 7.49 Vanguard Target2040 Composite index 0.06 900.06 1~0.00 0.06 N!R 1.23 9.00 7.40 TI~E ~ ~~ ~~~~1'riill~l ~~~"~`~°1 ~~~~ 9/09 3/10 9/10 3/11 9/11 . 3/12 9/12 3/13 9/13 6/14 St. Lucie County Vanguard Target Ret 2050 (VFIFX) As of June 30. 2014 Mutual Fund Info from Lipper ! Summary Description Product Name : vanguard Tgt Ret2o5o;lnv (VFIFx) The investment seeks long-term capital growth. The fund normally invests at least 80% of its net assets in equity securities of Fund Famiiy : vanguard Group Inc large-capitalization companies and up to 20% of the fund's total assets in equity securities of foreign issuers, including ADRs and Ticker: VFIFX similar investments. it invests principally in equity securities of large-capitalization companies, which the advisor defines as Peer Group : IM Mixed-Asset Target 205D (MF) securities of companies with market capitalizations within the range of the Russell 1000 Index. The fund may also invest in equity Benchmark : Vanguard Target 2050 Composite Index securities of foreign issuers including ADRs and similar investments. Fund Inception : 06/07/2006 Portfolio Manager: Buek/ColemaNNejman Total Assets : $7,015 Million Totai Assets Date : 05/31 /2014 Gross Expense : 0.18% Net Expense : 0.18% Turnover: 9% Peer Group Analysis - IM Mixed'-Asset 7arget 2050 (MF) ; so.oo , _. __~___~____ __._. 35.00 ~ ,M; s 20.00 - ~~. ~ ~ ~ ^ ~ ~ ~ _ . ,...w,.~ u ,~.~,~~: . ~ !I` ~ c, ~ J..:..~n: • 'Y4 • ~ Q ~ 5.00 ww.,,~:,.-., Q ~-._.. ..~~~ _..~ v.a.. ..~~.w,~ ..~„a ,..~~~~, ~......~~„ „.,~,,, ~~,..~,~..,~,.~ -10.00 -25.00 _ _.__~.__._.~ _~._.__. .._... _ ____m. _ QTR YTD 1 YR 3 YR 5 YR 2013 2012 O Vanguard Target Ret 2050 (VFIF~ 4.61 (19) 6.35 (12) 22.14 (16) 12.26 (12) 15.79 (14) 24.34 (33) 15.58 (47) ~ Vanguard Target 2050 Composite Index 4.67 (15) 6.53 (10) 22.45 (11) 12.60 (7) 16.08 (5) 24.79 (27) 15.58 (48) Median 4.16 5.69 20.78 11.05 14.99 23.08 15.47 Comparative Performance ..u;.,~,,.,.a.~ .~.... ~ .au~~.....~..~ 2011 2010 2009 -2.54 (14) 15.20 (37) 28.31 (92) -2.11 (12) 15.33 (33) 28.67 (85) -4.36 14.60 31.42 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Mar-2014 Dec-2013 Sep-2013 Jun-2013 Mar-2013 Dec-2012 Vanguard Target Ret 2050 (VFIFX) 1.67 (25) 7.57 (23) 6.76 (57) 0.60 (32) 7.62 (23) 1.66 (68) Vanguard-ar~et20SOCompositelndex 1_77 ;19j 7_63 (2,) 6.79 (55j 0.67 (?_5? 7.~i~+ (~8; 9.71 (72'~ IM MixEd-HssGt Target 2050 (MF) Niedian 1.39 7.07 6.84 0.23 6.99 2.12 TH~ .~~~ ~OO.Y~~~lai ~~~,:~:::;;~~ ~~~ V R =.. St. Lucie County Vanguard Target Ret 2050 (VFIFX) As of June 30. 2014 3 Yr Rolling Under/O~er PerPormance = 3 Years LL 30.0 , ~ ~..__w~.__...~. _._ u. Over ~ ~ Performance 0 20.0 .- ~ 0 ~ 10.0 -• m ~ d OA ~i m ~ -10.0 ~° Under ~ ~o " -20.0 ' --- Performance ~~. -20.0 -15.0 -10.0 -5.0 - 0.0 5.0 10A ~ 15.~ 20.0 25.0 30.0 Vanguard Target 2050 Composite Index (%) Over Pertortnance Under Pertormance ~ Earliest Date ~ Latest Date 1326 . ~ 12.75 ---... ~ 1224 -- ~ 11.73 ~ ~ 11.22 -~, 10.71 - 11.80 ~ 12.00 12.20 12.40 Risk (Standard Deviation % ) Return 12.60 12.80 Standard Deviation Y O.OO c K d 25.00 .~ ~ 50.00 `w a ~ 75.00 z 100.00 9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/'13 9/13 6/14 Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count • Vanguard Target Ret 2050 (VFIFX) 20 17 (85%) 3(15%) 0(0%) 0(0%) ~ Vanguard Target 2050 Composite Index 20 17 (85%) 3(15%) 0(0%) 0(0%) Peer Group Scaftergram - 5 Years 1628 """'_ _ , ,~~? ~ 15.91 "u ' z ~ ° 15.54 ~~~ ~ d ~ 15.17 ~ 14.80 12.60 12.81 13.02 1323 13.44 13.65 13.86 Risk (Standard Deviation % ) Return Standard Deviation O Vanguard Target Ret 2050 (VFIFX) 12.26 ~ Vanguard Target 2050 Composite Index 12.60 _ Median 11.05 Historical Statistics - 3 Years 12.01 • Vanguard Target Ret 2050 (VFIFX) 15.79 12.00 ~ Vanguard Target 2050 Composite Index 16.08 12.64 - Median 14.99 12.90 12.82 13.72 Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Be~ Risk Capture Capture Vanguard Target Ret 2050 (VFIFX) 0.59 98.57 99.68 -0.30 -D.51 1.02 1.00 7.54 Vanguard Target 2050 Coittposite (ndex 0.00 90Q~0 100.OC 0.00 N/A 1.p5 ~.Op Z46 Historicai StatisYics - 5 Years' Trecking Up Market Down Market Alpha information Sharpe Be~ Downside Error Ratio Ratio Risk Capture Capture Vanguard Target Ret 2050 (VFIFX) 0.50 99.40 100.75 -0.33 -0.49 1.20 1.01 7.48 Van~uard Target 2050 Composite IndFx 0.06 900.D0 1C~0.00 G.00 N!r1 1,23 1.60 7.~4Q ~ THE .::~~~ ~~~Y.iJ~~1V ~ ~~~~' ~i~.~ V 1=.. St. Lucie County Vanguard Target Retirement Income (VTINX) As of June 30. 2014 Product Name : Vanguard Tgt Ret Inc;lnv (vTINX) The investment seeks long-term capital growth. The fund normally invests at least 80% of its net assets in equity securities of Fund Family : Vanguard Group Inc large-capitalization companies and up to 20% of the fund's total assets in equity securities of foreign issuers, including ADRs and Ticker : VTINX similar investments. It invests principally in equity securities of large-capitalization companies, which the advisor defines as Peer Group : IM Mixed-Asset Target Today (MF) securities of companies with market capitalizations within the range of the Russell 1000 Index. The fund may also invest in equity Benchmark : Vanguard Target Income Composite Index securities of foreign issuers including ADRs and similar investments. Fund Inception : 10/27/2003 Portfolio Manager: Buek/Coleman/Nejman Total Assets : $11,039 Million Total Assets Date : 05/31/2014 Gross F~cpense : 0.16% Net Expense : 0.16% Turnover: 40% Peer Group Analysis - IM Mixed-Asset Target Today (MF) 36.00 , _ ..~._..~..._._.._~__..___._....._ ..._ ~~..~...,~.~,m..____.r....__._._~...._..~~. . 28.00 = 20.D0 - ~ ~~ ~~, ., ,., ° 12.00 ,. ~`~ „~~. - ~ ~ ~ ~: ~ ~ ~ , ....E«>_~.,,.,.,._a. ~ ~ oU~. .~ ~ ~ ' .,,...~.~.>y.~:a~.~.,.~ ~ ~ .,~,.:~,>,,.~.,~..~,..b 4 00 ~` ; ~ . .~. ...«,..~ ~ Q+ . ~..~.,,.~..w.,._ .~.. .~. .~.~,... ~.~. .~. __~ ~ , ~ .~ .~..:.,aa..~..~.. ~.. ,.,~.W -4.00 - -12.D0 _______ ..~.._._~ . . ._._..m., ____. .. QTR YTD 1 YR 3 YR 5 YR 2013 2012 2011 2010 2009 ~ Vanguard Target Retirement Income (VTINX) 2.74 (55) 4.36 (45) 9.73 (44) 6.60 (23) 8.59 (46) 5.87 (37) 8.23 (67) 5.25 (7) 9.39 (52) 1428 (80) O Vanguard Target Income Composite Index 2.83 (45) 4.51 (30) 9.99 (42) 6.73 (18) 8.69 (40) 6.03 (36) 8.42 (63) 5.30 (6) 9.42 (51) 14.33 (79) Median 2.77 4.30 9.22 5.79 8.50 5.39 8.90 2.84 9.51 18.05 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Mar-2014 Dec-2013 Sep-2013 Jun-2013 Mar-2013 Dec-2012 Vanguard Target Retirement Income (VTINX) 1.59 (39) 2.41 (45) 2.67 (46) -1.60 (46) 2.54 (32) 0.72 (69) Vanauard Target Income Compcsite Inde>: ~.63 (31? ?.51 (40) 2_06 (47) -~.(iS (371 2.47 (3~) 0.80 (S3) IM Mixed-Asset i argeY Todzy (~J~F) Median 1.52 2.35 2.84 -~,H9 ~ 2.29 0.94 { Tt~tE ~ ~ ~~~i~~~~ ~~~ ~ ~~ou~ St. Lucie County Vanguard Target Retirement Income (VTINX) m 15.0 , __. ~___ _. __..___ _. E Over ° ! Performance ~ 12.0 .,~ .. m 9A u= E m .~ - 6.0 = ~ ~ d 3.0 = ~ Under " Pertormance OA ~ mm ; 0.0 2.0 4.0 6.0 8.0 10.0 '12.0 14.0 Vanguard Target Income Composite Index (%) Over Performance Under Performance ~ Earliest Date ljp Latest Date Peer Group Scattergram - 3 Years ______...u._._~__m._ 7.13 ~-°--_.~ ,.., 6.82 ~ ~„ v ~ 6.51 -. ~ 620 - ~ 5.89 r- 5.58 4.08 4.25 4.42 4.59 4.76 4.93 5.10 527 Risk (Standard Deviation %) Return Standard Deviation ~ Vanguard Target Retirement Income (VTIN~ 6.60 4.23 ~ Vanguard Target income Composite Index 6.73 4.23 _ Median 5.79 5.12 y o.oo c K d 25.00 .~ ~ 50.00 i ° 75.D0 3 ~ 100.00 ~ Vanguard Target Retirement Income (VTINX) 20 13 (65% 5(25% 2(10% 0(0%) p Vanguard Target Income Composite Index 20 14 (70% 4(20% 2(10% 0(0%) 8.75 ^ 8.66 °i c. L 8.61 °. ^ v ~ 8.54 =K 8.47 - 4.32 4.48 4.64 4.80 4.96 5.'12 528 5.44 5.60 Risk (Standard Deviation %) Return Standard Deviation ~ Vanguard Target Retirement Income (VTINX) ~ Vanguard Target Income Composite Index _ Median 8.59 4.50 8.69 4.50 8.50 5.33 Tracking Up Market Down Market Alpha Information Sharpe Be~ Downside Error Capture Capture Ratio Ratio Risk Vanguard Target Retirement Income (VTINX) 020 99.08 100.93 -0.11 -0.61 1.52 1.00 2.24 Vanguard Targei Ir.come ComposiEe Index Q00 900.00 100.00 0.00 N;A 1.55 1.00 2.25 Historical Statistics - 5 Years Trecking Up Market Down Market Alpha Information Sharpe Beta Downside Error Capture Capture Ratio Ratio Risk Vanguard Target Retirement Income (VTINX) 0.20 99.34 100.58 -0.09 -0.46 1.84 1.00 2.05 Vanguard Target income ~omposite Index QAC 100.00 900.00 J.00 N/A 1.&5 9.06 2.66 0 ~ THE ~ .'~~~t,~ ~O~T1l~iY1~l ~~~~~~ ~~~~-. 9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 6/14 Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count St. Lucie County ASTON/Harrison Street RE (AARIX) Mutual Frand lnfo from Lipper Summary'Description Product Name : Aston:Harrison St RE;I (AARIX) Fund Family : Aston Asset Management LP The investment seeks long-term capital growth. The fund normaily invests at least 80% of its net assets in equity securities of large-capitalization companies and up to 20% of the fund's total assets in equity securities of foreign issuers, including ADRs and Ticker : AARIX similar investments. It invests principally in equity securities of large-capitalization companies, which the advisor defines as Peer Group : IM Real Estate Sector (MF) securities of companies with market capitalizations within the range of the Russell 1000 Index. The fund may also invest in equity Benchmark : MSCI U.S. REIT Index securities of foreign issuers including ADRs and similar investments. Fund Inception : 09/20/2005 Portfolio Manager : Team Managed Total Assets : $1 Million Total Assets Date : 06/30/2014 Gross F~cpense : 1.97°/a Net Expense : 1.12% Turnover: 159% Peer Group Analysis - IM Real Estate Sector (MF) 65 00 ~ ..~°°~-.~ e..a.._..,_~____. ._.. ._.. .~.~._.._ . . . _ .__...._~ _~._._._ 50.00 35. W ~ ~ ~ ~ ~ ~ ~ ~ ~', u ~w ~.,, ~~:k;>~ : ` < ~ ~ w ~. .. 20.00 K ~ :,. w ,., ,.. ., a . . . ~ ~ ~,~ M~r.~ .~,~.~~ ~ ~, ..: .~, ..n-~u, .a~,.. ~ ~~,~,_..~~~ ~~.~'~~,,t • fl oo ~ ,~ ~ ,.. a . ;:_~~~~, ~ ~a ~ ~ ~ ; z„ ~~:z_ -10.00 ~- i -25 00 - -----... _ ~_____ . _ .._ QTR YTD 1 YR 3 YR 5 YR 2013 2012 2011 2010 2D09 ~ ASTON/Harrison Street RE (AARIX) 5.19 (92) 12.62 (92) 8.92 (98) 10.30 (69) 23.12 (33) 1.64 (50) 22.18 (10) 8.98 (30) 29.50 (20) 29.22 (49) O MSCI U.S. REIT Index 7.00 (39) 17.68 (19) 13.38 (37) 11.85 (11) 23.84 (12) 2.47 (28) 17.78 (28) 8.68 (38) 28.47 (32) 28.61 (55) Median 6.86 17.03 12.91 10.69 22,62 1.63 16.83 7.89 27.45 29.03 _ Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Mar-2014 Dec-2013 Sep-2013 Jun-2D13 Mar-2013 Dec-2012 ASTON/Harrison Street RE (AARIX) 7.06 (92) -0.06 (34) -3.23 (80) -2.28 (80) 7.55 (20) 3.14 (7) PJISCI U.S. REIT Index 9.~9 (21) -Q.68 (G51 -3.~D {59j -1.59 (47) 3.0? (13) 2S1 (25} !A4 f~eal ~state Sector (MF) Median 9.46 -0.35 -2.87 -1.62 6.62 2.25 f TIIE ~~~~~~~ ~~ r~.4~ ~~~~~ St. Lucie County ASTON/Harrison Street RE (AARIX) As of June 30. 2014 3 Yr Rolting Percentile Ranking -5 Years ~ 60.0 W 40A ^-, ~ v 209 ~, ~ ^ 0.0 .«I 0 y i -20A ~. R x ~ -40.0 ~ Over Pertormance Under Pertormance -40.C -30.0 -20.0 Over Perfortnance ~ Earliest Date 12.48 ~ 11.96 ~~ ~ ~ 11.44 ° ~ 10.92 -° ~ 10.40 ~°- 9.88 - 16.00 -10.0 0.0 10.0 20.0 . MSCI U.S. REIT lndex (%) UnderPerformance ~ Latest Date 30.0 40.0 50.0 ' 60.0 Q 16.04 16.08 16.12 16.16 Risk (Standard Deviation %) Return Y O.OO K d . 25.D0 ~ ~ 50.00 a ~ ~ ~5.~~ ~ 100.00 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count • ASTON/Harrison Street RE (AARIX) 20 8(40%) 5(25%) 4(20%) 3(15%) ~ MSCI U.S. REIT Index 20 10 (50%) 10 (50%) 0(0%) 0(0%) 24.19 ~., 23.78 y e~.°. ` 23.37 ~-, d 22.96 C 22.55 ~ 22.14 1620 1624 17.120 Standard 17.40 17.60 Risk (Standard Deviation %) Return ~``~;is '~~. 17.80 18.00 Standard Deviation ~ ASTON/Harrison Street RE (AARIX) 10.30 ~ MSCI U.S. REIT Index 11.85 - Median 10.69 Historica( Statistics - 3 Years 16.10 ~ ASTON/Harrison Street RE (AARIX) 23.12 16.17 ~ MSCI U.S. REIT Index 23.84 16.04 - Median 22.62 17.32 17.81 17.56 Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture ASTON/Harrison Street RE (AARIX) 2.30 91.87 94.25 -1.22 -0.61 0.69 0.99 10.35 MSCI U.S. REIT Index 0.0(3 100.OD 100.00 Q00 N/A 0.77 1.00 10.p6 Historical 5tatistics - 5 Years i Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture ASTON/Harrison Street RE (AARIX) 2.44 95.29 92.53 0,18 -0.27 1.29 0.96 9.30 MSCI U.S. REIT Index 0.00 100.00 100.00 0.00 NIA 129 1.00 9.26 THE ~~~~~~~ ~~=~~}~ ~~o~ 9/09 3/10 9/'10 3/11 9/11 3/12 9/12 3/13 9/13 6/14 pefinitions and DesGript-on~ ~` over a specified {ime Peri°d• b beta. it determines the po~olio's ark retum eC{oc[nance and the designated benchm aeterm«ed Y anage~'S p based on tts }eve~ °f nsk as a~ performan~ and rts expe~ed retum - Arithmetic difference between the arket. pctive Return ~en a po~{olio's a~ ~ained by movements °{ the m ~ E~{ormance not exP of the po~o1io 5 Systemafic risk. ore to the ~ a~ffecence betw ef has contributed m Atpha . p, measure of ~ o~ ~{s historica P arket. It is a measure nan-sYstem~~ retum, indicates the mana9 ortfolio to the m~ v e ments in the m a~k. ~4~ h e r c~nsister~cY o{ a p th~t o{ its benchm ance h~ y,er than roduct per~orm geta - A measure of the sensitivi a rate of retum 9 tes better p roduct achieved A ~o,~~ value indica n~a9e of quarte~s that a p ative returns. ~ive _ The pet~ e~ormance. ~uring periods of ne9 deviation o{ the n~9 Cansistency ~yroduc~.'S p takin9 the standatd e designated benchmark {~utated by erformance over ~ ~eries. iti'S c~ ortfoU° p ents of the retUrn . The ratio of average P onl the ne9ative mavem arket Capture roduct- DoWn ~ viation that u~i~e5 eriod. A~~~hef ~~or ~S indicative of a risweT p over a specified tame p Risk - A measuree{~o~'Cetumsandard de {ree retum pownside quarterly e~o~ance and the risk- e~ the managePs P her the of the po~olio by th~ {ra°k~ng error. She h~9 _ A~metic di{ferencz be~ e~qrmance te~a~~ve to trie risk free retum• Excess Return Qctfolio s p viation of a p b d~viding the active rate of retu e standard de o~{olio's pe~ormance has . p measure of th anager and is derived Y eans the P Excess Risk octfolio. h~ h R-gquared m valus-added contribe~~has aa~ea value to the p lculates the pte the manag ~iate henchmark. A g .-~his ~, Ratio, ~e m {~e behavior oi the approp Information Ratio tn{orma~on n be exPiained by ortfolio's pe~ormanceh aap rp op~iate benchma~ ntage ~f a p e duection as er unit of risk. A er~ f2-Sq~ared ~ h stocicat~Y m°Ve~ ~n ~e sam absotute rate of retum ~a~~on of the excess retucn• ~e resuft ~S an _ CQmpounded rate of return for the period. the standard ~e ecrfted time Period• Return Qver the risk free retue~o ~~a~ e Y e~etum over a sp usted p the averag . Represents the exc~ss rate of retum pf ~eturns around onstrates bettet ~is~orical risk adl v~riapitity 5harpe Ratio h~gher value dem ance.1t repTesents the mark. ortfolids P~~om1 ~ated mat~et benc~'~ risk ftee range of a p e~formance o~ its desig easure of the taking usted Pe~oimanCe~ . p sta6stica1 t~ {he exces i~Sk-adje~rn above t e peviation o~{oGo's returns in relation to th~ ~ lt'S ~~~~ated by 5tandard a~~1e~Qd bet~er historica easure of the standard dev~ation of a p ~~~ by standard d~ ~es a product has _ Shis is a m eterm roduct pe~ormance. E r r o r e c t h a n exces er u t o~~ sk. A h~gher `r~~Ue ~ndr~ Tracking h} her v a l u e i ndicates better p T~ ~ - 5imilar to S h a~ P e r a~o but utilizes beta ta t h ~~~~~,T~ b~~ to derive t h e a b s o lute rate of return P erio d s o{ p ositive returns• A g ~ R nor Rat~o ark during P ~ ~~~~9z Trey rate divided bY e designated benchm erformance over th ~ "'"`", .-me catio of avera9e P~~Olio p Ur Nlarket Capture Disclosures The Bogdahn Group compiled this report for the sole use of the client for which it was prepared. The Bogdahn Group is responsible for evaluating the pertormance results of the Total Fund along with the investment advisors by comparing their perFormance with indices and other related peer universe data that is deemed appropriate. The Bogdahn group uses the resuits from this evaluation to make observations and recommendations to the client. The Bogdahn Group uses time-weighted calculations which are founded on standards recommended by the CFA institute. The calculations and values shown are based on information that is received from custodians. The Bogdahn Group analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides The Bogdahn Group with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides The Bogdahn Group with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause The Bogdahn Group to believe that the information presented is significantly misstated. The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future performance. 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