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HomeMy WebLinkAboutDCPC0516BackupSt. Lucie County Deferred Compensation Plan Investment Performance Review 1st Quarter 2016 WWW.BOGDAHNGROUP.COM o7NTHE BOGDAHN GROUP. simplifying your investment and fiduciary decisions 1st Quarter 2016 Market Environment * THE { B©GDAHN GROUP ■ The 1st quarter of 2016 proved volatile as broad equity markets declined significantly through the first half of the period due to global economic growth concerns, low and falling energy prices, and the prospect of rising interest rates in the U.S. At its lowest point on February 11, 2016, the S&P 500 had fallen by-10.3%. However, equity prices recovered through the second half of the quarter as investors reacted to improving economic data, a recovery in commodity prices, and various central bank announcements of continued monetary policy easing. As a result, the S&P 500 appreciated 13.0% through the end of March and finished the quarter with a return of 1.3%. • Each of the U.S. stock market indices we track followed a similar pattern to the S&P 500 and were modestly positive through the 1st quarter with the exception of the Russell 2000, which returned -1.5% for the period. For the 1- year period, domestic large cap stock indices were the best performers, with the S&P 500 and Russell 1000 returning 1.8% and 0.5%, respectively, while domestic small- (-9.8%) and mid -capitalization (4.0%) indices posted negative results for the period. In U.S. dollar (USD) terms, the MSCI Emerging Market (EM) Index (net) surged in the back half of the period, returning a solid 5.7% for the quarter. Developed international markets did not fare as well with the MSCI EAFE Index (net) finishing the quarter with a return of -3.0%. Both international benchmarks were weak over the 1-year period with the MSCI EAFE Index returning -8.3% and the MSCI EM Index returning-12.0%. ■ The U.S. Treasury yield curve flattened throughout the 1st quarter. The drop in yields was primarily caused by U.S. Federal Reserve (Fed) indications they would likely be slowing their expected pace of future interest rate increases, as well as an increased demand for safe haven assets, as the volatility in the equity markets pushed investors away from risk assets. As a result, U.S. fixed income markets were positive across maturities and qualities for the period. The broad market Barclays U.S. Aggregate Index returned a solid 3.0% during the quarter. This broad market performance was led by investment grade corporates which benefitted from their higher duration as wells as interest rate spreads that declined significantly in the second half of the quarter. U.S. Treasury Inflation Protected Securities (TIPS) returned 4.5% for the quarter and were aided by higher inflation expectations (lower TIPS yields) and increased commodity prices. Global fixed income indices outperformed their U.S. counterparts in USD terms with a tailwind from both falling interest rates and a weakening USD. 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 Barclays NIBS Barclays Corp IG 3-Month T-Bill The Market Environment Major Market Index Performance As of March 31, 2016 Quarter Performance -0.4% -3.0% 5.7% 1.3% 1.0% 1.2% 2.2% -1.5% 3.0% 3.1 % 4.5% 2.0% 4.0% 0.1 % -4.0% -2.0% 1-Year Performance MSCI ACWxUS MSCI EAFE MSCI Emerg Mkts -12.0% S&P 500 Russell 3000 Russell 1000 Russell MidCap Russell 2000 Barclays US Agg Barclays US Govt Barclays US TIPS Barclays MBS Barclays Corp IG 3-Month T-Bill 0.0% 2.0% 4.0% 6.0% -9.2% -8.3% 1.8% -0.3% 0.5% -4.0% -9.8% 2.0% 2.4% 1.5% 2.4% 0.9% 0.1 % -14.0% -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% THE +7 /► i 7T Source: Investment Metrics 2� BOI(j�L��77/l�li�l7ly GRo l.J p. • U.S. macroeconomic data fueled domestic equity returns for the 1st quarter. Early on, concerns about U.S. GDP growth, growing initial jobless claims, weakness in U.S. manufacturing, low oil prices, and the potential for a steady pattern of interest rate hikes resulted in considerable downside momentum for U.S. equity indices. However, as the quarter progressed, employment and income data appeared stronger, moving to a post -recession low, and regional manufacturing surveys showed signs of improvement. In addition, oil prices rebounded from a low of $26/barrel in February to $38/barrel at the end of March, and, despite signs of rising inflation, the Fed lowered its median projection for the number of interest rate increases in 2016 from four to only two. ■ Domestic equity index performance was largely positive during the 1st quarter. Value stocks outperformed growth stocks across the capitalization spectrum reversing a persistent trend of growth style outperformance. This shift was likely due to investors seeking the relative safety and stability of value stocks given the turbulent start to the year. Mid cap value stocks were the best performers across the value spectrum, returning 3.9% during the period. Small cap value (1.7%) and large cap value (1.6%) benchmarks posted similar results but were up less than half of the MidCap Index's performance. Within the growth spectrum, large cap stocks were the best performers (0.7%), followed by mid cap stocks (0.6%). The Russell 2000 Growth Index was the largest underperformer, returning -4.7% for the quarter, substantially trailing other indices. • Large cap stocks, as represented by the Russell 1000's return of 0.5%, posted the only positive core index performance over the 1-year period. However, style bias was mixed. The Russell 1000 Growth Index was the best performer, returning 2.5% for the year. In contrast, the growth indices for both mid (- 4.7%) and small (-11.8%) cap stocks posted negative results and underperformed their respective value benchmarks. • Despite their underperformance over the 1-year period, from a valuation perspective, current Price/Earnings ratios (P/E) for value indices appear stretched relative to their long-term (20-year) averages. The mid cap value index appears most expensive at 122% of its long-term average. In contrast, current P/E valuations for the growth indices fall between 90% and 95% of their historical long-term averages. Source: Investment Metrics 3 The Market Environment Domestic Equity Style Index Performance As of March 31, 2016 Quarter Performance - Russell Style Series 3000 Value 3000 Index 3000 Growth 1000 Value 1000 Index 1000 Growth MidCap Value MidCap Index MidCap Growth 2000 Value 2000 Index 2000 Growth -4.7% _ -6.0% -4.0% -1.5% -2.0% 0.0% 1.6% 1.0% 0.3% 1.6% 1.2% 0.7% 3.9% 2.2% 0.6% 1-Year Performance - Russell Style Series 3000 Value 3000 Index 3000 Growth 1000 Value 1000 Index 1000 Growth MidCap Value MidCap Index MidCap Growth 2000 Value -7.7% 20001ndex -9.8% C 2000 Growth -11.8% - -3.4% -4.0% C -4.7% = 1.7% 2.0% 4.0% 1.3% 0.5% 2.5% -14.0% -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% THE BOGDAHN GROUP' ■ Large cap sector performance was generally positive for the 1st quarter with eight of the ten economic sectors within the Russell 1000 Index posting gains. The Health Care and Financials sectors were the only laggards returning -6.1 % and -4.3% respectively. Health Care losses were led by the struggling biotech industry as stock prices reacted to increased political discussion surrounding drug price reform. An increased likelihood of low interest rates in the near -term hurt the earnings outlook for Financials. The strongest performing sectors for the quarter were the relatively defensive Utilities (15.7%), Telecom Services (15.2%) and Consumer Staples (5.5%) sectors. These sectors benefitted from their lower perceived risk and higher dividend yields as investors sought shelter from the quarter's early volatility. Over the 1-year period, six of ten economic sectors in the large cap index had positive performance, with the defensive sectors, largely due to performance in the 1st quarter, posting the strongest returns. On the negative side, the oil price driven Energy sector was the worst performer by a sizable margin returning - 17.9% for the period. Health Care (-6.4%), Financials (4.0%), and Materials (-5.6%) were also negative for the 1-year period. ■ Small cap sector returns were, by and large, worse than corresponding large cap sector returns. Similar to large cap sectors, small cap sector performance was largely positive for the quarter. However, in contrast to the large cap benchmark's balanced sector results, only the small cap index's two most defensive sectors, Utilities (10.0%) and Telecom Services (6.1 %), managed to post positive returns over the 1-year period. Much like the Russell 1000, the Energy sector posted the Russell 2000's weakest 1-year sector performance, returning-44.0%. Health Care (-20.4%), Materials (-19.5%), Consumer Discretionary (-12.8%), and Industrials (-11.3%) also posted double-digit losses for the period. ■ Using the S&P 500 as a proxy, trailing P/E ratios for six GICS sectors were below their 20-year averages at quarter -end. The Telecom Services and Financials sectors were trading at the largest discount to their long-term average P/E ratios. Conversely, Energy and Utilities sector valuations were the most extended relative to their historical P/E ratios. Consumer Disc (13.6%) Consumer Staples (9.6%) Energy (6.3%) Financials (16.9%) Health Care (14.3%) Industrials (10.5%) Info Technology (20.0%) Materials (3.0%) Telecom Services (2.5%) Utilities (3.2%) The Market Environment GICS Sector Performance & (Sector Weight) As of March 31, 2016 Russell 1000 1 ■Quarter ❑1-Year 4.8% 10.1 % 3.6% -17.9% -4.3% -4.0% -6.1 % -6.4% 4.9% 1.6% 1.8% 6.0% 4.7% -5.6% 15.2% 16.9% 15.7% 15.2 % -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% Russell2000 1■Quarter Ell -Year Consumer Disc (13.9%) Consumer Staples (3.5%) Energy (2.5%) Financials (26.0%) Health Care (14.8%) Industrials (12.4%) Info Technology (18.1 %) Materials (3.6%) Telecom Services (0.9%) Utilities (4.1 %) 2.3% -12.8% 3.2% -0.1 % 87%. -44.0% 0.3% -1.5% -17.a% -20.4% 4.5% -11.3% -1.6% -3.8% 4.9% -19.5% 6.7% 6.1 % 12.0% 10.0% -46.0% -36.0% -26.0% -16.0% -6.0% 4.0% 14.0% THE +7 /► i 7T Source: Morningstar Direct 4 r� BOI(j�L��77/l�li�l7ly GRo l.J p. The Market Environment Russell 1000 Apple Inc Top i Weighted Weight 3.08% Stocks 1 -Qtr Return 4.1 % 1-Year Return -10.8% Sector Information Technology Microsoft Corp 2.19% 0.3% 39.5% Information Technology Exxon Mobil Corporation 1.71 % 8.2% 1.9% Energy Johnson & Johnson 1.47% 6.1 % 10.8% Health Care General Electric Cc 1.47% 2.9% 32.4% Industrials Berkshire Hathaway Inc B 1.29% 7.5% -1.7% Financials Facebook Inc A 1.21 % 9.0% 38.8% Information Technology AT&T Inc 1.17% 15.4% 26.9% Telecommunication Services Amazon.com Inc 1.11 % -12.2% 59.5% Consumer Discretionary Wells Fargo & Cc 1.10% -10.3% -8.6% Financials United States Steel Corp i Performing Weight 0.01% Stocks (by Quarter) 1 -Qtr 1-Year Return Return 102.5% -33.2% Sector Materials Cliffs Natural Resources Inc 0.00% 89.9% -37.6% Materials 3D Systems Corp 0.01% 78.0% -43.6% Information Technology JC Penney Cc Inc 0.02% 66.1 % 31.5% Consumer Discretionary SPX Corp 0.00% 1 61.0% -28.3% Industrials Freeport-McMoRan Inc 0.06% 52.7% -44.5% Materials Newmont Mining Corp 0.07% 47.9% 23.0% Materials Allegheny Technologies Inc 0.01% 45.6% -44.2% Materials Urban Outfitters Inc 0.01% 45.5% -27.5% Consumer Discretionary Kate Spade & Co 0.02% 43.6% -23.6% Consumer Discretionary Russell 1000 SunEdison Inc 10 Performing Weight 0.00% Stocks (by 1 Qtr Li.t'urn -89.4 % Quarter)Bottom 1-Year Return -97.7% Sector Information Technology Ultra Petroleum Corp 0.00% -80.1% -96.8% Energy SandRidge Energy Inc 0.00% -71.9% -96.8% Energy Peabody Energy Corp 0.00% -69.8% -96.9% Energy Ocwen Financial Corp 0.00% -64.6% -70.1 % Financials Puma Biotechnology Inc 0.00% -62.5% -87.6% Health Care Alkermes PLC 0.02% -56.9% -43.9% Health Care California Resources Corp 0.00% -55.8% -86.4% Energy Endo International PLC 0.03% -54.0% -68.6% Health Care SolarCity Corp 0.01% -51.8% -52.1 % Industrials Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of March 31, 2016 Russell 2000 STERIS PLC Top 10 Weighted Weight 0.37% Stocks e Return -5.3% -1 Return 2.6% Health Care CubeSmart 0.34% 9.4% 41.5% Financials West Pharmaceutical Services Inc 0.31% 15.4% 16.1% Health Care Treehouse Foods Inc 0.30% 10.6% 2.0% Consumer Staples Vail Resorts Inc 0.30% 5.1 % 32.3% Consumer Discretionary Piedmont Natural Gas Cc Inc 0.29% 5.5% 66.9% Utilities MarketAxess Holdings Inc 0.29% 12.1% 51.9% Financials Sovran Self Storage Inc 0.28% 10.8% 29.9% Financials Highwoods Properties Inc 0.28% 10.8% 8.7% Financials Casey's General Stores Inc 0.27% -5.7% 26.9% Consumer Staples Top 10 Performing Stocks (by Quarter) e tr 1-Year Sector Russell iii Weight Return Return Vantage Drilling Co 0.00% 551.4% -94.7% Energy American Eagle Energy Corp 0.00% 345.5% -97.3% Energy Walter Energy Inc 0.00% 177.7% -95.0% Materials Ultrapetrol Bahamas Ltd 0.00% 157.1% -81.4% Industrials Coeur Mining Inc 0.05% 126.6% 19.3% Materials Bio-Path Holdings Inc 0.00% 107.2% 43.9% Health Care EnerNOC Inc 0.01% 94.3% -34.4% Information Technology Cliffs Natural Resources Inc 0.03% 89.9% -37.6% Materials SunCoke Energy Inc 0.03% 87.3% -54.1% Materials Nanoviricides Inc 0.00% 85.6% 2.7% Health Care Quarter)op is Bottom 10 Performing Stocks (by L..ell 20 Weight 1-Qtr 1-Year Sector _ 0OAdL Return Return A RCS Capital Corp Class A 0.00% -96.5 % -99.9% Financials Horsehead Holding Corp 0.00% -92.7% -98.8% Materials Eagle Bulk Shipping Inc 0.00% -89.8% -95.1 % Industrials 6D Global Technologies Inc 0.00% -89.7% -96.2% Information Technology Eleven Biotherapeutics Inc 0.00% -89.4% -96.4% Health Care Speed Commerce Inc 0.00% -88.9% -98.9% Information Technology CHC Group Ltd 0.00% -85.0% -97.6% Energy Noranda Aluminum Holding Corp 0.00% -82.8% -99.7% Materials Midstates Petroleum Co Inc 0.00% -82.4% -95.8% Energy Carbylan Therapeutics Inc 0.00% -82.2% N/A Health Care TH F Source: Morningstar Direct 5 BOGDAHN GROUP • Like their domestic counterparts, the 1st quarter of the year was very volatile for international stocks. The beginning of the quarter was difficult across markets as investors struggled with uncertainty surrounding central bank policies, global economic growth, and commodity prices. As is usual, this uncertainty caused investors to flee risk assets, putting downward pressure on equity prices. Markets began to recover in the latter half of the quarter as the Bank of Japan (BoJ), People's Bank of China (PBoC), and European Central Bank (ECB) were just a few of those announcing new measures aimed at stimulating their economies. Developed markets struggled throughout the quarter while emerging markets managed to reverse their persistent trend of underperformance as commodity prices rebounded and the USD weakened. The weaker USD provided a boost to local currency returns across major international indices. For the 1-year period, USD performance for each of the international indices we track was negative. Developed markets returned a weak -8.3% for the 1-year period, but emerging markets fared even worse with a return of-12.0%. • Despite relief from the ECB's announcement of additional monetary policy easing, developed markets in Europe were negative for the quarter. Weak GDP growth, below target inflation, and security concerns stemming from the March terrorist attacks in Brussels all impacted returns. Stress was compounded when the U.K. called for a referendum to review the country's continued membership in the European economic bloc. Within the emerging and developed market indices, Greece and Italy were the worst performers posting USD returns of -12.2% and-11.7%, respectively, for the quarter. ■ Japanese equities, the developed market index's largest component, struggled for the quarter posting a return of -6.5% in USD and -12.5% in local currency. Investors weighed ongoing global macroeconomic uncertainty and began to lose faith in the ability of "Abenomics" to lift the country out of its growth malaise. Japanese market returns were also affected by the BoJ's unexpected move to a negative interest rate policy at the end of January, making it the sixth central bank to do so, in an attempt to stimulate economic growth and place upward pressure on inflation. Investors in Chinese markets had an exceptionally difficult start to the year as a new circuit breaking mechanism forced an early market close twice in January. The recent round of market turbulence stemmed from fears of the impending expiration of selling restrictions on major shareholders, which were later extended, and a weakening Chinese yuan. The Market Environment International and Regional Market Index Performance (Country Count) As of March 31, 2016 AC World x US (45) WORLD x US (22) EAFE (21) Europe & ME (16) Pacific (5) Emerging Mkt (23) EM EMEA (10) EM Asia (8) EM Latin Amer (5) Quarter Performance I■USD ❑Local Currency -0.4 % -4.1 % -2.0% -5.8% -3.0% -6.5% -z.6% -5.0% -3.8% -9.3% 5.7% 2.7% 12.9% 7.5% 1.9% 0.3 ° 19.1% 11.8% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 1-Year Performance I■USD ❑Local Currency AC World x US (45) WORLD x US (22) EAFE (21) Europe & ME (16) Pacific (5) Emerging Mkt (23) EM EMEA (10) EM Asia (8) EM Latin Amer (5) -10.3% -11.0% -8.3% -11.2% F -10.7% -8.0% -7.7% -11.5% -10.6% -9.2% _ -0.9% -14.0% -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% THE r /► 7T Source: MSCI Global Index Monitor (Returns are Net) 6 BO�GD77t�1i�171�1 GRo l.J p. MSCI-EAFE Consumer Discretionary Sector Weight 13.2% Quarter Return -4.3% 1 -Year Return -10.0% Consumer Staples 12.7% 3.3% 7.3% Energy 4.7% 4.7% -10.4% Financials 23.8% -9.6% -16.3% Health Care 11.5% -6.5% -8.0% Industrials 13.3% 1.7% -3.7% Information Technology 5.3% -4.1% -6.5% Materials 6.7% 2.6% -17.4% Telecommunication Services 5.1% 0.3% 1.3% Utilities Total 3.9% ii 0.4% -0.10/0 MSCI - ACWIxUS Consumer Discretionary Sector Weight 12.0% Quarter Return -2.6% 1 -Year Return -10.1% Consumer Staples 11.2% 4.1% 5.2% Energy 6.4% 9.8% -10.6% Financials 25.8% -5.0% -14.7% Health Care 8.8% -7.5% -11.3% Industrials 11.5% 2.3% -5.7% Information Technology 8.5% 0.7% -8.0% Materials 6.9% 7.2% -15.4% Telecommunication Services 5.3% 2.5% -3.6% Utilities Total 3.6% ii 2.4% i -2.6% - Emerging Mkt Consumer Discretionary Sector Weight 9.8% QuarterMSCI 3.1% -12.1% Consumer Staples 8.3% 6.3% -5.3% Energy 7.7% 14.9% -7.0% Financials 27.4% 3.4% -15.7% Health Care 2.7% -0.4% -11.6% Industrials 6.8% 3.1% -15.3% Information Technology 20.7% 4.9% -10.0% Materials 6.6% 15.4% -7.6% Telecommunication Services 6.9% 6.6% -15.4% Utilities Total 3.2% i0 i 9.2% -10.7% The Market Environment U.S. Dollar International Index Attribution & Country Detail As of March 31, 2016 Country Japan Weight 22.5% Weight 16.1 % Retur�llllllllllllllll�iReturn -6.5% -7.1 % United Kingdom 19.3% 13.8% -2.3% -8.9% France 10.0% 7.2% 0.1 % -4.5% Germany 9.2% 6.6% -2.5% -11.7% Switzerland 9.1 % 6.5% -5.5% -9.4% Australia 7.2% 5.1% 2.1% -10.8% Hong Kong 3.3% 2.4% -0.6% -6.706 Spain 3.2% 2.3% -4.1% -18.6% Netherlands 3.1% 2.2% 3.4% -0.2% Sweden 2.9% 2.1 % -0.2% -9.9% Italy 2.2% 1.6% -11.7% -15.4% Denmark 2.0% 1.4% -1.0% 5.5% Belgium 1.5% 1.0% -2.4% 3.2% Singapore 1.4% 1.0% 5.1% -11.9% Finland 1.0% 0.7% -5.2% -5.6% Israel 0.7% 0.5% -10.2% -9.0% Norway 0.6% 0.4% 1.7% -15.5% Ireland 0.5% 0.4% -4.2% 7.8% Austria 0.2% 0.1 % -0.5% -0.2% New Zealand 0.2% 0.1 % 11.6% 6.5% Portugal Total EAFE Countries 1 0.2% i0 i 0.1 % 1 3.2% 1 -2.9% Canada Total Developed 6.6% 11.3% -10.2% China 5.2% -4.8% -18.8% Korea 3.4% 5.1% -5.9% Taiwan 2.7% 7.7% -8.5% India 1.8% -2.5% -13.2% South Africa 1.6% 13.8% -17.8% Brazil 1.4% 28.5% -11.8% Mexico 1.0% 8.5% -5.3% Russia 0.8% 15.8% 1.7% Malaysia 0.8% 13.2% -8.0% Indonesia 0.6% 11.2% -12.5% Thailand 0.5% 16.9% -12.7% Turkey 0.3% 21.6% -1.6% Philippines 0.3% 7.0% -9.3% Poland 0.3% 13.9% -12.4% Chile 0.3% 12.9% -6.9% Qatar 0.2% 3.8% -13.7% United Arab Emirates 0.2% 8.6% -5.9% Colombia 0.1 % 22.5% -11.9% Peru 0.1 % 27.0% -7.7% Greece 0.1 % -12.2% -52.0% Hungary 0.1% 1 17.3% 1 40.2% Czech Republic 0.0% 5.1% -11.5% Egypt Total ACWIxUS Countries 0.0% ii0 -5.9% i- -29.1 % THE Source: MSCI Global Index Monitor (Returns are Net in USD) 7 [_ B O GDA�7 N - GROUP' ■ Due to a steady downward move in interest rates during the 1st quarter, fixed income index performance was positive for the period. Fixed income indices benefitted from Federal Reserve Chair Janet Yellen's dovish comments in February and March, which implied uncertainty underlying the U.S. economic outlook would likely mitigate the pace of future interest rate hikes. This information resulted in a consensus expectation for two rate increases this year versus the prior expectation of four. This rate news, coupled with early quarter volatility in risk assets, fueled investor demand for defensive investments such as U.S. Treasuries. This series of events resulted in yields falling throughout the period, especially at the longer -end of the yield curve. This curve flattening benefited longer duration indices with the 7.3 year duration Barclays U.S. Corporate Investment Grade Index returning a solid 4.0% for the quarter. Over the 1-year period, lower quality issues struggled, with Baa and high yield indices registering losses of -0.8% and -3.7%, respectively, as investors preferred the relative safety of high credit quality issues. ■ The Barclays Aggregate benchmark, which is a broad representation of U.S. fixed income markets, posted a return of 3.0% for the quarter. As detailed above, higher duration sectors within the broad Aggregate index outperformed lower duration sectors with investment grade corporates (4.0%) and Treasury securities (3.2%) posting the largest gains. Hurt by its relatively low duration, the Barclays U.S. Mortgage Index returned a lower 2.0% for the quarter. While the sector components of the Aggregate benchmark also posted positive returns for the 1-year period, Treasury and mortgage -backed issues were the strongest performing; each returning 2.4%. The Barclays U.S. Corporate Investment Grade Index returned 0.9%, negatively impacted by widening credit spreads throughout most of the period. ■ Due to higher average durations and credit spreads that declined in the second half of the quarter, lower credit quality investment grade securities outperformed higher quality issues during the 1st quarter. A and Baa rated securities returned 3.9% and 4.3%, respectively, versus a 2.7% return for AAA issues. High yield bonds also had a strong quarter with the Barclays U.S. High Yield Index returning 3.4%. As noted, high yield spreads rose dramatically in the first half of the quarter causing the index to trade down by as much as 5.0% through early February but quickly changed course as the quarter progressed to end the period lower than where they began 2016. Despite the strong quarter, the Barclays U.S. High Yield Index returned - 3.7% over the 1-year period. Source: Barclays Capital Live The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of March 31, 2016 AAA (4.8) AA (6.1) A (7.4) Baa (7.4) U.S. High Yield (4.2) U.S. Treasury (6.1) U.S. Mortgage (3.1) U.S. Corporate IG (7.3) U.S. TIPS (4.8) Aggregate (5.5) Intermediate Agg (3.7) Global Agg x US (7.7) Multiverse (6.6) Quarter Performance 2.7% 3.3% 3.9% 4.3% 3.4% 3.2% - 2.o°io 4.0% 4.5% 3.0% 2.3% 8.3% 5.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% AAA (4.8) AA (6.1) A (7.4) Baa (7.4) U.S. High Yield (4.2) U.S. Treasury (6.1) U.S. Mortgage (3.1) U.S. Corporate IG (7.3) U.S. TIPS (4.8) Aggregate (5.5) Intermediate Agg (3.7) Global Agg x US (7.7) Multiverse (6.6) 1-Year Performance 2.4% 2.4% 2.2% -0.8% -3.7% 2.4 2.4% 0.9% 1.5°ro 2.0% 2.2% 6.7% 4.4% -4.0% -2.0% 0.0% 2.0% 8 4.0% 6.0% 8.0% THE BOGDAHN GRo l.J p. • U.S. TIPS finished the 1st quarter with a solid 4.5% return as inflation expectations rose as the USD weakened and commodity prices started to rebound. TIPS returns for the 1-year period, while positive, were a more modest 1.5%. • In USD terms, international fixed income indices posted the largest gains for the quarter and 1-year period. Despite the relatively low interest rates in international markets, the Barclays Global Aggregate ex U.S. benchmark returned 8.3% for the quarter. The index benefitted from its higher duration, additional monetary policy easing and the weakening USD. Global bonds were also strong over the 1-year period, posting a return of 6.7%. • Many of the drivers of the index performance detailed in the bar graphs on the previous page is visible on a time series basis in the line graphs to the right. The 1-Year Trailing Market Rates' graph illustrates that the 10-year Treasury (green line) fell over the quarter, providing a boost to bond performance. The blue line illustrates changes in the BAA OAS (Option Adjusted Spread), which quantifies the additional yield premium that investors demand to purchase and hold non -Treasury issues. When spreads widen (tighten), it is equivalent to an interest rate increase (decrease) on corporate bonds. After falling below 2.0% early in 2015, this spread rose throughout the remainder of the calendar year. There was considerable movement in this spread from the start of 2016, as it widened to near term highs, before falling through the second half of the quarter, ending the period only slightly lower than it began. The interest rate paid on 10-year TIPS (orange line) has fallen since late last year as higher inflation expectations have increased demand for these securities. The bottom graph provides a snapshot of the U.S. Treasury yield curve at each of the last four calendar quarters. While rates stayed relatively flat at the short -end of the curve, maturities beyond 3-years saw yields fall to their lowest quarter -end levels in a year. ■ The Fed has stated future rate increases would be implemented at a measured pace and with ongoing assessment of current economic data. Geopolitical events and stimulus programs in other countries should keep demand for U.S. Treasury issues elevated and put downward pressure on how high domestic rates will rise in the short-term. 1-Year Trailing Market Rates 3.50 3.00 2.50 2.00 1.50 1.00 0.50 The Market Environment Market Rate & Yield Curve Comparison As of March 31, 2016 0.00 4- I I IT. I - r_ I I q Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 Treasury Yield Curve v6/30/2015 ---,--9/30/2015 ---(7-12/31/2015 ®0-3/31/2016 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr THE +7 /► i 7T Source: US Department of Treasury, FRED (Federal Reserve of St. Louis) 9 BOI(j�L��77/l�li�l7ly GRo l.J p. December 31, 2015 : $17,102,455 March 31, 2016 : $17,005,692 Asset Allocation by Segment Total Fund As of March 31, 2016 Asset Allocation by Segment Segments Market Value Allocation Asset Allocation by Segment Segments Market Value Allocation ■ Domestic Equity 6,103,703 35.7 ■ Domestic Equity 5,666,862 33.3 International Equity 1,351,241 7.9 International Equity 1,265,329 7.4 ® Domestic Fixed Income 1,792,935 10.5 ■ Domestic Fixed Income 2,153,657 12.7 Other Fixed Income 378,252 2.2 Other Fixed Income 418,100 2.5 ■ Real Estate 120,857 0.7 ■ Real Estate 135,893 0.8 ■ Stable Value 5,549,553 32.4 ■ Stable Value 5,562,536 32.7 Life Cycle 1,805,915 10.6 Life Cycle 1,803,316 10.6 THE 10 BoGDAHN Guoup. St. Lucie County Total Plan March 31, 2016 4-Consecutive 3 & 5 Year 3 & 5 Year Manager Asset Level Expense 3 & 5 Year Positive 3 & 5 Active Funds Ticker Style Consistency Qtr Return & Rank Sharpe Ratio Tenure (millions) Ratio Return > Index Year Alpha Rank < 50th %-tile < 50th %-tile Dodge & Cox Income DODIX 15.5 Intermediate Term $43,341 0.44 Yes Yes No Yes 29 56 15 32 0.6 1.24 Bond Wells Fargo Advantage EKJYX 6.0 Large Growth $1,228 0.70 Yes Yes No No 83 60 82 69 -3.53 -2.89 Prem LCG Vanguard Windsor Adm VWNAX 6.1 Large Value $28,287 0.26 Yes Yes No No 42 29 37 22 -0.67 -0.14 Invesco SC Value VSMIX 5.9 Small Value $1,328 0.89 Yes Yes Yes Yes 34 19 61 44 0.84 0.88 Europacfic Growth R6 RERGX 12.0 International Large $41,380 0.49 Yes Yes Yes Yes 11 18 11 18 1.63 0.65 Blend Columbia Trust Stable N/A N/A Stable Value N/A 0.42 Yes Yes Yes Yes 1 1 1 1 1.11 1.45 Style Tracking Error Passive Funds Ticker Manager Consistency Asset Level Expense +1/-1 Tenure (Universe) (Millions) Ratio 3 & 5 Year Vanguard Total Bond VBTLX 3.2 Intermediate -Term $63,296 0.07 0.29 0.27 Market Index Bond Vanguard Mid Cap VIMAX 9 Mid Blend $23,779 0.09 0.03 0.61 Index Vanguard Total Int'I VTIAX 4.0 Foreign Large Blend $35,814 0.12 1.71 2.05 Stock Index Vanguard Total Stock VTSAX 10.7 Large Blend $121,425 0.05 0.04 0.10 Mkt Index Vanguard REIT Index VGSLX 20.0 Real Estate $14,973 0.12 0.03 0.03 �\ THE 1� \ BOGDAHN GROUP' St. Lucie County Total Plan March 31, 2016 Style 3 & 5 Year 3 & 5 Year Target Funds Ticker Manager Consistency Asset Level Expense Rank Sharpe Ratio Tenure (Universe) (Millions) Ratio < 50th %-tile < 50th %-tile Vanguard Target VTINX 3.2 Lifecycle $10,118 0.14 16 10 1 2 Retirement Income Vanguard Target 2020 VTWNX 3.2 Lifecycle $25,210 0.14 4 5 7 13 Vanguard Target 2030 VTHRX 3.2 Lifecycle $21,816 0.15 10 10 13 13 Vanguard Target 2040 VFORX 3.2 Lifecycle $14,880 0.16 10 9 13 18 Vanguard Target 2050 VFIFX 3.2 Lifecycle $7,846 0.16 12 14 14 16 Vanguard Target 2060 VTTSX 3.2 Lifecycle $834 0.16 19 N/A 18 N/A Vanguard Life Strategy VASIX 21.6 Conservative $3,357 0.12 20 38 2 2 Income Allocation Vanguard Life Strat VSCGX 21.6 Conservative $7,406 0.13 38 43 7 9 Conservative Growth Allocation Vanguard Life Strat VSMGX 21.6 Moderate Allocation $11,837 0.14 49 49 29 27 Moderate Growth Vanguard LifeStrat VASGX 21.6 Aggressive :$10,669 0.15 28 35 41 43 Growth Allocation Fund meets criteria Fund does not currently meet criteria Fund has not met criteria for more than 4 gtrs r THE 12 l BOGDAHN Guoup. Asset Allocation Attributes Stable Value Columbia Trust Stable Govt Fund 1-0 Total Fixed Income Vanguard Total Bond Market Index (VBTLX) Dodge & Cox Income Fund (DODIX) Total Domestic Equity Vanguard Total Stock Idx (VTSAX) Wells Fargo Large Growth (EKJFX) Vanguard Mid Index Admiral (VIMAX) Invesco Small Value (VSMIX) Vanguard Windsor II (VWNAX) Total International Equity American Funds EuroPacific Gr (RERGX) Vanguard Total Intl Stock Index Admiral (VTIAX) Total Lifecycle Funds Vanguard Target Ret 2020 (VTWNX) Vanguard Target Ret 2030 (VTHRX) Vanguard Target Ret 2040 (VFORX) Vanguard Target Ret 2050 (VFIFX) Vanguard Target Ret 2060 (VTTSX) Vanguard Target Retirement Income (VTINX) Vanguard LifeStrategy Income (VASIX) Vanguard LifeStrategy Consry Gr Inv (VSCGX) Vanguard LifeStrategy Mod Gr (VSMGX) Vanguard LifeStrategy Growth (VASGX) Real Estate ASTON/Harrison Street RE (AARIX) Vanguard REIT Index (VGSLX) Loan Balances Loan Fund Total Fund Asset Allocation Total Fund As of March 31, 2016 Mar-2016 Dec-2015 Sep-2015 Jun-2015 5,562,536 32.71 5,549,553 32.45 5,461,446 33.52 5,522,811 31.42 2,153,657 12.66 1,792,935 10.48 1,727,981 10.61 1,664,267 9.47 507,981 2.99 555,726 3.25 551,189 3.38 509,573 2.90 1,645,676 9.68 1,237,209 7.23 1,176,791 7.22 1,154,694 6.57 5,666,862 33.32 6,103,703 35.69 5,648,497 34.67 6,546,705 37.24 1,346,366 7.92 1,340,869 7.84 1,211,750 7.44 1,493,055 8.49 1,641,279 9.65 1,903,622 11.13 1,718,921 10.55 1,800,314 10.24 1,072,779 6.31 1,209,465 7.07 1,142,970 7.02 1,298,892 7.39 672,035 3.95 712,548 4.17 689,678 4.23 907,879 5.16 934,402 5.49 937,200 5.48 885,177 5.43 1,046,566 5.95 1,265,329 7.44 1,351,241 7.90 1,261,801 7.75 1,624,439 9.24 905,537 5.32 977,006 5.71 905,441 5.56 1,211,559 6.89 359,792 2.12 374,235 2.19 356,360 2.19 412,880 2.35 1,803,316 10.60 1,805,915 10.56 1,686,557 10.35 1,689,537 9.61 99,037 0.58 98,141 0.57 123,853 0.76 148,018 0.84 169,315 1.00 149,714 0.88 115,576 0.71 108,078 0.61 228,593 1.34 147,259 0.86 102,176 0.63 101,572 0.58 28,318 0.17 25,492 0.15 20,819 0.13 18,751 0.11 25,862 0.15 24,244 0.14 21,918 0.13 22,711 0.13 29,820 0.18 114,669 0.67 113,132 0.69 71,732 0.41 57,786 0.34 54,517 0.32 52,171 0.32 48,836 0.28 228,876 1.35 234,101 1.37 225,949 1.39 230,036 1.31 817,395 4.81 795,224 4.65 759,422 4.66 782,633 4.45 118,313 0.70 162,554 0.95 151,539 0.93 157,170 0.89 - 0.00 - 0.00 107,104 0.66 132,608 0.75 135,893 0.80 120,857 0.71 - 0.00 - 0.00 418,100 2.46 378,252 2.21 397,708 2.44 398,217 2.27 17,005,692 100.00 17,102,455 100.00 16,291,093 100.00 17,578,584 100.00 13 �\ THE 1 \ BOGDAHN Guoup. Comparative Performance Total Fund As of March 31, 2016 Comparative Performance Trailing Returns QTR 1 YR 3 YR 5 YR 8 YR 10 YR Domestic Equity Vanguard Total Stock Idx (VTSAX) 0.94 (38) -0.45 (18) 11.11 (24) 10.99 (18) 8.24 (19) 7.04 (19) CRSP U.S. Total Market TR Index 0.95 (38) -0.45 (18) 11.14 (23) 10.95 (20) 8.25 (18) 7.08 (17) IM U.S. Multi -Cap Core Equity (MF) Median 0.34 -3.48 9.70 9.36 6.94 5.86 Vanguard Mid Index Admiral (VIMAX) 1.17 (53) -4.29 (36) 10.78 (9) 10.03 (13) 9.07 (17) 7.24 (20) CRSP U.S. Mid Cap TR Index 1.16 (55) -4.27 (36) 10.84 (8) 10.37 (6) 8.84 (22) 7.35 (16) IM U.S. Mid Cap Core Equity (MF) Median 1.25 -5.69 8.38 7.88 7.38 5.89 Vanguard Windsor II (VWNAX) 0.22 (48) -2.87 (40) 8.58 (42) 9.75 (29) 6.88 (20) 5.87 (28) Russell 1000 Value Index 1.64 (20) -1.54 (24) 9.38 (23) 10.25 (15) 6.53 (29) 5.72 (32) IM U.S. Large Cap Value Equity (MF) Median 0.15 -3.55 8.32 8.62 5.69 5.04 WellsFargo:Prem LCG;I (EKJYX) -4.35 (75) -5.18 (91) 10.07 (83) 10.16 (60) 10.49 (6) 8.61 (9) Russell 1000 Growth Index 0.74 (7) 2.52 (10) 13.61 (21) 12.38 (14) 9.63 (13) 8.28 (14) IM U.S. Large Cap Growth Equity (MF) Median -2.74 -1.25 11.83 10.51 8.03 6.90 Invesco Small Value (VSMIX) -0.48 (85) -13.43 (92) 6.86 (34) 8.45 (19) 9.67 (4) 8.33 (1) Russell 2000 Value Index 1.70 (59) -7.72 (65) 5.73 (62) 6.67 (50) 6.70 (58) 4.42 (58) IM U.S. Small Cap Value Equity (MF) Median 2.25 -7.07 6.25 6.63 7.06 4.64 International Equity Vanguard Total Intl Stock Index Admiral (VTIAX) -0.17 (25) -8.18 (49) 0.82 (76) 0.67 (85) N/A N/A Vanguard Total International Stock Index Hybrid -0.29 (29) -7.95 (45) 1.07 (72) 0.95 (79) 0.69 (32) 2.62 (25) IM International Multi -Cap Core Equity (MF) Median -2.14 -8.28 2.08 1.91 0.08 1.37 American Funds EuroPacific Gr (RERGX) -2.32 (40) -8.26 (42) 3.62 (11) 2.78 (18) N/A N/A MSCI EAFE (net) Index -3.01 (61) -8.27 (42) 2.23 (33) 2.29 (28) 0.27 (46) 1.80 (55) IM International Large Cap Equity (MF) Median -2.53 -8.68 1.44 1.29 0.09 1.93 Domestic Fixed Income Dodge & Cox Income Fund (DODIX) 2.37 (63) 0.47 (45) 2.42 (29) 3.80 (56) 5.26 (27) 5.25 (50) Barclays Aggregate Index 3.03 (22) 1.96 (5) 2.50 (26) 3.78 (56) 4.34 (75) 4.90 (61) IM U.S. Broad Market Core+ Fixed Income (MF) Median 2.56 0.32 2.01 3.93 4.84 5.23 Vanguard Total Bond Market Index (VBTLX) 3.09 (15) 1.82 (17) 2.38 (23) 3.71 (39) 4.28 (52) 4.86 (33) Barclays Aggregate Index 3.03 (20) 1.96 (11) 2.50 (15) 3.78 (34) 4.34 (49) 4.90 (31) IM U.S. Broad Market Core Fixed Income (MF) Median 2.73 1.07 1.99 3.58 4.31 4.58 Columbia Trust Stable Govt Fund 1-0 0.27 (1) 1.10 (1) 1.14 (1) 1.51 (1) 2.23 (1) 2.74 (1) Citigroup 3 Month T-Bill Index 0.05 (18) 0.08 (20) 0.05 (16) 0.06 (12) 0.21 (46) 1.07 (49) IM U.S. Taxable Money Market (MF) Median 0.01 0.02 0.01 0.01 0.20 1.06 Returns for periods greater than one year are annualized. Returns are expressed as percentages. 14 THE �BOGDAHN --� GRoup Life Cycle Funds Vanguard LifeStrategy Consry Gr Inv (VSCGX) Vanguard LifeStrategy Conservative Growth Index IM Mixed -Asset Target Alloc Moderate (MF) Median Vanguard LifeStrategy Mod Gr (VSMGX) Vanguard LifeStrategy Moderate Growth Index IM Mixed -Asset Target Alloc Growth (MF) Median Vanguard LifeStrategy Growth (VASGX) Vanguard LifeStrategy Growth Index IM Mixed -Asset Target Alloc Growth (MF) Median Vanguard LifeStrategy Income (VASIX) Vanguard LifeStrategy Income Composite Index IM Mixed -Asset Target Alloc Consv (MF) Median Vanguard Target Ret 2020 (VTWNX) Vanguard Target 2020 Composite Index IM Mixed -Asset Target 2020 (MF) Median Vanguard Target Ret 2030 (VTHRX) Vanguard Target 2030 Composite Index IM Mixed -Asset Target 2030 (MF) Median Vanguard Target Ret 2040 (VFORX) Vanguard Target 2040 Composite Index IM Mixed -Asset Target 2040 (MF) Median Vanguard Target Ret 2050 (VFIFX) Vanguard Target 2050 Composite Index IM Mixed -Asset Target 2050 (MF) Median Vanguard Target Ret 2060 (VTTSX) Vanguard Target 2060 Composite Index IM Mixed -Asset Target Today (MF) Median Vanguard Target Retirement Income (VTINX) Vanguard Target Income Composite Index IM Mixed -Asset Target Today (MF) Median Returns for periods greater than one year are annualized. Returns are expressed as percentages. Comparative Performance Total Fund As of March 31, 2016 QTR 1 YR 3 YR 5 YR 8 YR 10 YR 2.26 (19) 0.02 (12) 4.83 (38) 5.21 (43) 4.67 (52) 4.81 (43) 2.23 (19) 0.24 (10) 5.06 (34) 5.57 (37) 5.27 (31) 5.31 (24) 1.10 -2.31 4.42 4.97 4.75 4.62 1.69 (12) -1.06 (24) 5.82 (49) 6.15 (49) 5.09 (55) 5.08 (41) 1.70 (12) -0.88 (24) 6.06 (43) 6.64 (37) 5.77 (30) 5.62 (27) 0.59 -3.06 5.78 6.08 5.20 4.81 1.14 (32) -2.32 (38) 6.73 (28) 6.78 (35) 5.13 (54) 4.98 (44) 1.14 (32) -2.08 (34) 6.99 (23) 7.30 (25) 5.85 (28) 5.54 (28) 0.59 -3.06 5.78 6.08 5.20 4.81 2.75 (12) 1.03 (3) 3.78 (20) 4.35 (38) 4.28 (51) 4.60 (30) 2.74 (12) 1.27 (2) 4.02 (16) 4.75 (24) 4.93 (28) 5.16 (14) 1.64 -1.53 2.75 4.03 4.29 4.21 1.73 (43) -1.12 (28) 5.98 (4) 6.45 (6) 5.48 (4) N/A 1.72 (43) -0.86 (21) 6.23 (3) 6.71 (3) 5.63 (3) N/A 1.56 -2.10 3.90 4.69 4.18 3.89 1.30 (41) -2.01 (25) 6.68 (10) 6.93 (10) 5.54 (12) N/A 1.31 (41) -1.74 (19) 6.94 (7) 7.20 (6) 5.71 (9) N/A 1.12 -2.99 5.13 5.42 4.42 3.85 0.84 (37) -3.07 (27) 7.11 (10) 7.28 (9) 5.79 (11) N/A 0.88 (36) -2.68 (19) 7.45 (5) 7.60 (6) 5.96 (9) N/A 0.57 -3.94 5.71 5.81 4.56 3.99 0.77 (38) -3.10 (26) 7.09 (12) 7.26 (14) 5.78 (16) N/A 0.84 (34) -2.71 (18) 7.43 (8) 7.59 (7) 5.95 (13) N/A 0.48 -4.20 5.99 6.13 4.77 4.08 0.77 (100) -3.22 (91) 7.05 (1) N/A N/A N/A 0.84 (100) -2.71 (88) 7.43 (1) N/A N/A N/A 1.79 -1.17 2.43 3.69 3.91 3.98 2.35 (10) 0.41 (4) 3.64 (16) 4.95 (10) 4.83 (12) 5.22 (7) 2.25 (19) 0.59 (3) 3.86 (11) 5.10 (9) 4.90 (11) 5.26 (6) 1.79 -1.17 2.43 3.69 3.91 3.98 15 THE BOGDAHN GROUP',. Comparative Performance Total Fund As of March 31, 2016 QTR 1 YR 3 YR 5 YR 8 YR 10 YR Real Estate Vanguard REIT Index (VGSLX) 6.27 (7) 3.91 (36) 10.35 (35) 11.76 (19) 8.42 (22) 6.74 (18) MSCI U.S. REIT Index 6.31 (6) 4.05 (31) 10.45 (30) 11.85 (15) 8.14 (32) 6.49 (30) IM Real Estate Sector (MF) Median 4.81 3.36 9.84 10.92 7.52 5.95 Returns for periods greater than one year are annualized. THE Returns are expressed as percentages. 16 BoGDAHN �'-�' Guoup. Mutual Fund Info from Lipper Product Name : Vanguard TSM Idx;Adm (VTSAX) Fund Family: Vanguard Group Inc Ticker: VTSAX Peer Group : IM U.S. Multi -Cap Core Equity (MF) Benchmark : CRSP U.S. Total Market TR Index Fund Inception : 11/13/2000 Portfolio Manager: Gerard C. O'Reilly Total Assets : $121,425 Million Total Assets Date : 02/29/2016 Gross Expense : 0.05% Net Expense : 0.05% Turnover: 3% Peer Group Analysis - IM U.S. Multi -Cap Core Equity (MF) 60.00 40.00 20.00 E d 0.00 • O • O -20.00 St. Lucie County Vanguard Total Stock Idx (VTSAX) As of March 31. 2016 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 • O • O • O • O • O • O • O LIM -40.00 QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011 • Vanguard Total Stock Idx (VTSAX) 0.94 (38) 0.94 (38) -0.45 (18) 11.11 (24) 10.99 (18) 0.39 (27) 12.56 (27) 33.52 (53) 16.38 (36) 1.08 (20) O CRSP U.S. Total Market TR Index 0.95 (38) 0.95 (38) -0.45 (18) 11.14 (23) 10.95 (20) 0.40 (27) 12.58 (27) 33.64 (52) 16.22 (39) 0.70 (25) Median 0.34 0.34 -3.48 9.70 9.36 -1.38 10.85 33.79 15.61 -1.37 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 Vanguard Total Stock Idx (VTSAX) 6.26 (15) -7.27 (36) 0.08 (40) 1.79 (58) 5.24 (35) -0.03 (33) CRSP U.S. Total Market TR Index 6.25 (15) -7.26 (35) 0.08 (40) 1.81 (57) 5.24 (35) -0.02 (33) IM U.S. Multi -Cap Core Equity (MF) Median 4.86 -8.11 -0.13 2.14 4.56 -0.73 THE 17 BOGDAHN -� GRoup 3 Yr Rolling Under/Over Performance - 5 Years N 32.0 F- Over > Performance x 24.0 a u 16.0 0 rn 8.0 ii 0 0.0 a -8.0 -8.0 0.0 8.0 16.0 CRSP U.S. Total Market TR Index (% ) ® Over Performance 0 Under Performance Earliest Date X Latest Date Peer Group Scattergram - 3 Years 11.75 11.28 Q 10.81 a 10.34 K 9.87 9.40 11.25 11.34 11.43 11.52 11.61 Risk (Standard Deviation %) Return St. Lucie County Vanguard Total Stock Idx (VTSAX) As of March 31. 2016 3 Yr Rolling Percentile Ranking - 5 Years x 0.00 v 25.00 •eeeeae©•� c ��•� ••• u 50.00 `w a E 75.00 Under w Performance Of 100.00 24.0 32.0 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12114 6/15 3/16 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 11.70 Standard Deviation 11.79 • Vanguard Total Stock Idx (VTSAX) 20 O CRSP U.S. Total Market TR Index 20 Peer Group Scattergram - 5 Years 11.34 10.80 0111111, 10.26 v 9.72 9.18 8.64 12.40 12.60 12.80 Risk (Standard Deviation %) Return 7 (35%) 13 (65%) 0 (0%) 0 (0%) 6 (30%) 14 (70%) 0 (0%) 0 (0%) 13.00 13.20 Standard Deviation • Vanguard Total Stock Idx (VTSAX) 11.11 11.37 • Vanguard Total Stock Idx (VTSAX) 10.99 12.57 O CRSP U.S. Total Market TR Index 11.14 11.37 O CRSP U.S. Total Market TR Index 10.95 12.55 - Median 9.70 11.73 - Median 9.36 13.11 Historical Statistics - 3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Total Stock Idx (VTSAX) 0.04 99.97 100.13 -0.02 -0.59 0.98 1.00 6.32 CRSP U.S. Total Market TR Index 0.00 100.00 100.00 0.00 N/A 0.98 1.00 6.31 Historical Statistics - 5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Total Stock Idx (VTSAX) 0.10 100.11 99.85 0.03 0.47 0.89 1.00 7.32 CRSP U.S. Total Market TR Index 0.00 100.00 100.00 0.00 N/A 0.89 1.00 7.31 18 THE r BOGDAHN GROUP',. St. Lucie County Vanguard Mid Index Admiral (VIMAX) As of March 31. 2016 Mutual Fund Info from Lipper Summary Description Product Name : Vanguard Md-Cp Idx;Adm (VIMAX) 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: VIMAX 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 Russell 1000 Index. The fund may also invest in equity Benchmark : CRSP U.S. Mid Cap TR Index securities of foreign issuers including ADRs and similar investments. Fund Inception : 11/12/2001 Portfolio Manager: Donald M. Butler Total Assets : $23,779 Million Total Assets Date : 02/29/2016 Gross Expense : 0.09% Net Expense : 0.09% Turnover: 15% Peer Group Analysis - IM U.S. Mid Cap Core Equity (MF) 60.00 40.00 0 20.00 3 N 0 0 0.00 • 0 • 0 0 -20.00 -40.00 QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011 • Vanguard Mid Index Admiral (VIMAX) 1.17 (53) 1.17 (53) -4.29 (36) 10.78 (9) 10.03 (13) -1.34 (22) 13.76 (9) 35.15 (44) 15.99 (50) -1.97 (33) O CRSP U.S. Mid Cap TR Index 1.16 (55) 1.16 (55) -4.27 (36) 10.84 (8) 10.37 (6) -1.28 (21) 13.83 (8) 35.27 (41) 16.70 (41) -1.79 (31) Median 1.25 1.25 -5.69 8.38 7.88 -3.78 9.31 34.50 15.95 -3.29 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 Vanguard Mid Index Admiral (VIMAX) 3.44 (35) -7.45 (27) -1.18 (60) 4.28 (26) 6.64 (28) -1.16 (13) CRSP U.S. Mid Cap TR Index 3.46 (34) -7.44 (26) -1.18 (60) 4.32 (25) 6.65 (27) -1.15 (12) IM U.S. Mid Cap Core Equity (MF) Median 2.91 -8.66 -0.82 3.42 5.59 -2.85 THE 19 BOGDAHN �� GRoup 3 Yr Rolling Under/Over Performance - 5 Years 40.0 > Over 30.0 Performance E 20.0 x a 10.0 v 0.0 v -10.0 -10.0 0.0 10.0 20.0 CRSP U.S. Mid Cap TR Index (% ) ® Over Performance • Under Performance Earliest Date X Latest Date Peer Group Scattergram - 3 Years 11.34 ,.., 10.53 CD 9.72 a 8.91 K 8.10 T29 11.84 11.92 12.00 12.08 12.16 Risk (Standard Deviation %) Return St. Lucie County Vanguard Mid Index Admiral (VIMAX) As of March 31. 2016 3 Yr Rolling Percentile Ranking - 5 Years x 0.00 • • e 25.00 Q Q O v • • � d a � `w 50.00 IL E 75.00 Under w Performance Of 100.00 30.0 40.0 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12114 6/15 3/16 Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count • Vanguard Mid Index Admiral (VIMAX) 20 O CRSP U.S. Mid Cap TR Index 20 Peer Group Scattergram - 5 Years 11.34 10.53 O ems` � 9.72 v 8.91 8.10 T29 15 (75%) 5 (25%) 0 (0%) 0 (0%) 16 (80%) 4 (20%) 0 (0%) 0 (0%) Ll 12.24 12.32 13.40 13.60 13.80 14.00 14.20 Risk (Standard Deviation %) Standard Return Standard Deviation Deviation • Vanguard Mid Index Admiral (VIMAX) 10.78 11.90 • Vanguard Mid Index Admiral (VIMAX) 10.03 13.92 O CRSP U.S. Mid Cap TR Index 10.84 11.91 O CRSP U.S. Mid Cap TR Index 10.37 13.65 - Median 8.38 12.24 - Median 7.88 14.27 Historical Statistics - 3 Years 14.40 Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Mid Index Admiral (VIMAX) 0.03 99.82 100.14 -0.05 -2.23 0.92 1.00 6.82 CRSP U.S. Mid Cap TR Index 0.00 100.00 100.00 0.00 N/A 0.92 1.00 6.82 Historical Statistics - 5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Mid Index Admiral (VIMAX) 0.61 99.73 101.55 -0.48 -0.45 0.75 1.02 8.47 CRSP U.S. Mid Cap TR Index 0.00 100.00 100.00 0.00 N/A 0.79 1.00 8.20 20 THE (� BOGDAHN `� GRoup Mutual Fund Info from Lipper Product Name : Vanguard Windsor II;Adm (VWNAX) Fund Family: Vanguard Group Inc Ticker: VWNAX Peer Group : IM U.S. Large Cap Value Equity (MF) Benchmark : Russell 1000 Value Index Fund Inception : 05/14/2001 Portfolio Manager: Team Managed Total Assets : $28,287 Million Total Assets Date : 02/29/2016 Gross Expense : 0.26% Net Expense : 0.26% Turnover: 26% Peer Group Analysis - IM U.S. Large Cap Value Equity (MF) 50.00 35.00 20.00 c 3 5.00 • 0 • 0 -10.00 -25.00 QTR YTD St. Lucie County Vanguard Windsor II (VWNAX) As of March 31. 2016 Summary Description The investment seeks long-term capital appreciation and income. The fund invests mainly in large- and mid -capitalization companies whose stocks are considered by an advisor to be undervalued. Undervalued stocks are generally those that are out of favor with investors and that the advisor feels are trading at prices that are below average in relation to measures such as earnings and book value. These stocks often have above -average dividend yields. The fund uses multiple investment advisors. 0 0 1YR 3YR O O p 5 YR 2015 2014 0 0 0 2013 2012 2011 • Vanguard Windsor II (VWNAX) 0.22 (48) 0.22 (48) -2.87 (40) 8.58 (42) 9.75 (29) -3.14 (33) 11.26 (40) 30.80 (76) 16.80 (28) 2.78 (14) O Russell 1000 Value Index 1.64 (20) 1.64 (20) -1.54 (24) 9.38 (23) 10.25 (15) -3.83 (51) 13.45 (8) 32.53 (51) 17.51 (22) 0.39 (25) Median 0.15 0.15 -3.55 8.32 8.62 -3.81 10.88 32.67 15.32 -2.32 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 Vanguard Windsor II (VWNAX) 4.46 (73) -8.16 (38) 1.02 (22) -0.06 (43) 3.56 (64) -0.20 (58) Russell 1000 Value Index 5.64 (25) -8.40 (45) 0.11 (64) -0.72 (74) 4.98 (22) -0.19 (56) IM U.S. Large Cap Value Equity (MF) Median 5.11 -8.76 0.43 -0.24 4.11 -0.11 21 THE BOGDAHN -� GRoup 3 Yr Rolling Under/Over Performance - 5 Years 30.0 Z Over Performance > 20.0 vo 10.0 E 0.0 a 10.0 -10.0 0.0 10.0 Russell 1000 Value Index (%) ® Over Performance • Under Performance Earliest Date X Latest Date Peer Group Scattergram - 3 Years 9.72 9.36 O 9.00 8.64 • K St. Lucie County Vanguard Windsor II (VWNAX) As of March 31. 2016 3 Yr Rolling Percentile Ranking - 5 Years x 0.00 ®0 0 0 e o v 25.00 0 0 0 0 •• 0 _ 0 0 u 50.00 0 0 • • • • a E 75.00 Under w Performance Of 100.00 20.0 30.0 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12114 6/15 3/16 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 8.28 7.92 11.00 11.20 11.40 11.60 11.80 Risk (Standard Deviation %) Return Standard Deviation • Vanguard Windsor II (VWNAX) 20 O Russell 1000 Value Index 20 Peer Group Scattergram - 5 Years 10.60 10.07 ems` 9.54 9.01 8.48 7.95 11 (55%) 5 (25%) 4 (20%) 0 (0%) 15 (75%) 4 (20%) 1 (5%) 0 (0%) u 12.00 11.97 12.16 12.35 12.54 12.73 Risk (Standard Deviation %) Return 12.92 13.11 Standard Deviation 13.30 • Vanguard Windsor II (VWNAX) 8.58 11.33 • Vanguard Windsor II (VWNAX) 9.75 12.28 O Russell 1000 Value Index 9.38 11.25 O Russell 1000 Value Index 10.25 12.57 - Median 8.32 11.85 - Median 8.62 13.07 Historical Statistics - 3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Windsor II (VWNAX) 1.80 98.64 103.66 -0.67 -0.40 0.78 0.99 6.72 Russell 1000 Value Index 0.00 100.00 100.00 0.00 N/A 0.85 1.00 6.65 Historical Statistics - 5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Windsor II (VWNAX) 1.84 97.08 98.55 -0.14 -0.27 0.82 0.97 7.29 Russell 1000 Value Index 0.00 100.00 100.00 0.00 N/A 0.84 1.00 7.50 22 THE `BOGDAHN - GROUP' Mutual Fund Info from Lipper Product Name : WellsFargo:Prem LCG;I (EKJYX) Fund Family: Wells 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 : $1,228 Million Total Assets Date : 03/31/2016 Gross Expense : 0.78% Net Expense : 0.70% Turnover: 44% Peer Group Analysis - IM U.S. Large Cap Growth Equity (MF) 65.00 50.00 35.00 c 3 20.00 a 5.00 O O -10.00 -25.00 QTR YTD St. Lucie County WellsFargo:Prem LCG;I (EKJYX) As of March 31. 2016 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 • O 0 0 0 • 0 O 1 YR 3 YR 5 YR 2015 2014 2013 • 0 • O 2012 2011 • WellsFargo:Prem LCG;I (EKJYX) -4.35 (75) -4.35 (75) -5.18 (91) 10.07 (83) 10.16 (60) 2.69 (78) 9.00 (72) 33.61 (56) 16.90 (33) 2.98 (9) O Russell 1000 Growth Index 0.74 (7) 0.74 (7) 2.52 (10) 13.61 (21) 12.38 (14) 5.67 (48) 13.05 (22) 33.48 (57) 15.26 (48) 2.64 (11) Median -2.74 -2.74 -1.25 11.83 10.51 5.47 10.54 34.12 14.95 -1.76 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 WellsFargo:Prem LCG;I (EKJYX) 6.02 (86) -6.27 (55) -0.25 (77) 3.59 (44) 4.95 (43) 0.74 (72) Russell 1000 Growth Index 7.32 (62) -5.29 (29) 0.12 (68) 3.84 (39) 4.78 (48) 1.49 (53) IM U.S. Large Cap Growth Equity (MF) Median 7.68 -6.09 0.71 3.34 4.73 1.58 23 THE r BOGDAHN �-� GRoup 3 Yr Rolling Under/Over Performance - 5 Years 5� 40.0 Over Y w Performance _ 30.0 (9 U £ 20.0 0 a1 0 10.0 rn ' `m 0.0 0.0 10.0 20.0 Russell 1000 Growth Index (% ) ® Over Performance Under Performance Earliest Date X Latest Date Peer Group Scattergram - 3 Years 16.00 14.00 O 12.00 a 10.00 8.00 11.34 11.61 11.88 12.15 12.42 Risk (Standard Deviation %) Return St. Lucie County WelisFargo:Prem LCG;I (EKJYX) As of March 31. 2016 3 Yr Rolling Percentile Ranking - 5 Years x 0.00 . m 0 e a e•• 0 v 25.00 0 0 o 0 0 0 0 0 ` p O Od a 50.00 • • • E 75.00 • • Under w Performance Of 100.00 30.0 40.0 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12114 6/15 3/16 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 40 12.69 12.96 Standard Deviation • WellsFargo:Prem LCG;I (EKJYX) 20 O Russell 1000 Growth Index 20 Peer Group Scattergram - 5 Years 12.75 0 12.00 e., E 11.25 v 10.50 9.75 12 (60%) 1 (5%) 3 (15%) 4 (20%) 13 (65%) 7 (35%) 0 (0%) 0 (0%) 13.23 12.09 12.48 12.87 13.26 13.65 Risk (Standard Deviation %) Return 40 14.04 14.43 Standard Deviation • WellsFargo:Prem LCG;I (EKJYX) 10.07 12.78 • WelisFargo:Prem LCG;I (EKJYX) 10.16 14.21 O Russell 1000 Growth Index 13.61 11.64 O Russell 1000 Growth Index 12.38 12.50 - Median 11.83 12.57 - Median 10.51 13.67 Historical Statistics - 3 Years 14.82 Tracking Up Market Down Market Alpha Information Sharpe Beta Downside Error Capture Capture Ratio Ratio Risk WellsFargo:Prem LCG;I (EKJYX) 4.15 94.01 115.33 -3.53 -0.73 0.81 1.04 7.55 Russell 1000 Growth Index 0.00 100.00 100.00 0.00 N/A 1.16 1.00 5.89 Historical Statistics - 5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture WellsFargo:Prem LCG;I (EKJYX) 4.15 100.45 116.44 -2.89 -0.43 0.75 1.09 8.41 Russell 1000 Growth Index 0.00 100.00 100.00 0.00 N/A 1.00 1.00 6.93 24 THE �BOGDAHN � GROUP St. Lucie County Invesco Small Value (VSMIX) As of March 31. 2016 Mutual Fund Info from Lipper Summary Description Product Name : Invesco SC Value;Y (VSMIX) The investment seeks long-term capital growth. The fund normally invests at least 80% of its net assets in equity securities of Fund Family: Invesco Funds large -capitalization companies and up to 20% of the fund's total assets in equity securities of foreign issuers, including ADRs and Ticker: VSMIX similar investments. It invests principally in equity securities of large -capitalization companies, which the advisor defines as Peer Group : IM U.S. Small Cap Value Equity (MF) securities of companies with market capitalizations within the range of the Russell 1000 Index. The fund may also invest in equity Benchmark: Russell 2000 Value Index securities of foreign issuers including ADRs and similar investments. Fund Inception : 08/12/2005 Portfolio Manager: R. Canon Coleman II Total Assets : $1,328 Million Total Assets Date : 03/31/2016 Gross Expense: 0.89% Net Expense : 0.89% Turnover: 44% Peer Group Analysis - IM U.S. Small Cap Value Equity (MF) 60.00 • 40.00 • 20.00 K • O j MINN -20.00 -40.00 QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011 • Invesco Small Value (VSMIX) -0.48 (85) -0.48 (85) -13.43 (92) 6.86 (34) 8.45 (19) -8.64 (67) 7.43 (9) 44.55 (7) 22.91 (4) -8.00 (87) • Russell 2000 Value Index 1.70 (59) 1.70 (59) -7.72 (65) 5.73 (62) 6.67 (50) -7.47 (58) 4.22 (35) 34.52 (62) 18.05 (32) -5.50 (66) Median 2.25 2.25 -7.07 6.25 6.63 -6.89 3.34 35.62 16.06 -3.82 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 Invesco Small Value (VSMIX) 1.54 (77) -13.98 (84) -0.42 (46) 5.04 (1) 6.42 (62) -7.02 (48) Russell 2000 Value Index 2.88 (44) -10.73 (51) -1.20 (65) 1.98 (58) 9.40 (28) -8.58 (77) IM U.S. Small Cap Value Equity (MF) Median 2.62 -10.72 -0.54 2.11 7.49 -7.24 >� THE 25 BOGDAHN -� GRoup 3 Yr Rolling Under/Over Performance - 5 Years X 45.0 Over N Performance > 30.069 ® m v so j 15.0 m y 0.0 0 -15.0 -15.0 0.0 15.0 Russell 2000 Value Index (%) ® Over Performance • Under Performance Earliest Date X Latest Date Peer Group Scattergram - 3 Years 7.20 6.80 0 c 6.40 6.00 K O 5.60 5.20 13.68 14.44 15.20 15.96 16.72 Risk (Standard Deviation %) Return St. Lucie County Invesco Small Value (VSMIX) As of March 31. 2016 3 Yr Rolling Percentile Ranking - 5 Years 0.00 c K • v 25.00 • • • O 2 50.00 p p p p p O O a Q • • 0 0 0 O p E 75.00 O Under m O Performance Q 100.00 30.0 45.0 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12114 6/15 3/16 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 17.48 Standard Deviation 18.24 • Invesco Small Value (VSMIX) 20 O Russell 2000 Value Index 20 Peer Group Scattergram - 5 Years 9.30 8.68 c 8.06 7.44 6.82 6.20 14.00 16.00 14 (70%) 4 (20%) 2 (10%) 0 (0%) 0 (0%) 3 (15%) 14 (70%) 3 (15%) 18.00 Risk (Standard Deviation %) Return 20.00 22.00 Standard Deviation • Invesco Small Value (VSMIX) 6.86 17.60 • Invesco Small Value (VSMIX) 8.45 20.28 O Russell 2000 Value Index 5.73 14.32 O Russell 2000 Value Index 6.67 15.79 - Median 6.25 14.46 - Median 6.63 16.08 Historical Statistics - 3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Invesco Small Value (VSMIX) 7.61 113.56 109.68 0.84 0.21 0.46 1.11 11.39 Russell 2000 Value Index 0.00 100.00 100.00 0.00 N/A 0.46 1.00 9.35 Historical Statistics - 5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Invesco Small Value (VSMIX) 7.72 123.31 119.69 0.88 0.32 0.50 1.20 12.63 Russell 2000 Value Index 0.00 100.00 100.00 0.00 N/A 0.48 1.00 10.21 26 THE �BOGDAHN , GROUP',. Mutual Fund Info from Lipper Product Name : Vanguard Tot I Stk;Adm (VTIAX) Fund Family: Vanguard Group Inc Ticker: VTIAX Peer Group : IM International Multi -Cap Core Equity (MF) Benchmark: Vanguard Total International Stock Index Hybrid Fund Inception : 11/29/2010 Portfolio Manager: Michael Perre Total Assets : $35,814 Million Total Assets Date : 02/29/2016 Gross Expense: 0.12% Net Expense : 0.12% Turnover: 3% Peer Group Analysis - IM International Multi -Cap Core Equity (MF) 50.00 35.00 20.00 c m 5.00 • O O O i -10.00 -25.00 -40.00 QTR YTD St. Lucie County Vanguard Total Intl Stock Index Admiral (VTIAX) As of March 31. 2016 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. ® O 1 YR 3 YR 5 YR minim 2015 2014 2013 2012 EVIUM 2011 • Vanguard Total Intl Stock Index Admiral (VTIAX) -0.17 (25) -0.17 (25) -8.18 (49) 0.82 (76) 0.67 (85) -4.26 (79) -4.17 (35) 15.14 (85) 18.21 (47) -14.52 (64) • Vanguard Total International Stock Index Hybrid -0.29 (29) -0.29 (29) -7.95 (45) 1.07 (72) 0.95 (79) -4.29 (79) -3.39 (22) 16.07 (78) 17.58 (62) -13.94 (56) Median -2.14 -2.14 -8.28 2.08 1.91 -0.94 -5.00 20.53 18.04 -13.42 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 Vanguard Total Intl Stock Index Admiral (VTIAX) 2.74 (75) -11.61 (80) 1.28 (43) 4.09 (73) -4.19 (70) -5.55 (42) Vanguard Total International Stock Index Hybrid 3.61 (48) -11.88 (84) 1.11 (49) 3.68 (80) -3.77 (49) -5.33 (31) IM International Multi -Cap Core Equity (MF) Median 3.55 -9.95 1.05 4.78 -3.81 -5.66 27 THE BOGDAHN -� GROUP 3 Yr Rolling Under/Over Performance - 5 Years 16.0 E Over 12.0 Performance x a c 8.0 Y 0 4.0 y 0.0 m -4.0 0.0 4.0 8.0 Vanguard Total International Stock Index Hybrid (% ) ® Over Performance 0 Under Performance Earliest Date X Latest Date Peer Group Scattergram - 3 Years 2.50 2.00 1.50 a 1.00 • 0.50 12.78 12.87 12.96 13.05 13.14 Risk (Standard Deviation %) Return St. Lucie County Vanguard Total Intl Stock Index Admiral (VTIAX) As of March 31. 2016 3 Yr Rolling Percentile Ranking - 5 Years 0.00 p O O 25.00 0 0 Q O c Q u 50.00 N a. 75.00 O OUnder Q Q • • m 100.00 Performance 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 12.0 16.0 25- Median- Total 5-25 75-95 Period Count Median 75 Count Count Count O 13.23 Standard Deviation • Vanguard Total Intl Stock Index Admiral (VTIAX) 10 O Vanguard Total International Stock Index Hybrid 20 Peer Group Scattergram - 5 Years 2.50 2.00 c 1.50 Z 1.00 0 (0%) 0 (0%) 4 (40% 6 (60% 6 (30% 2 (10% 7 (35% 5 (25% 0.50 0.00 13.32 15.12 15.19 15.26 15.33 15.40 Risk (Standard Deviation %) Return N 15.47 15.54 Standard Deviation • Vanguard Total Intl Stock Index Admiral (VTIAX) 0.82 13.06 • Vanguard Total Intl Stock Index Admiral (VTIAX) 0.67 15.41 O Vanguard Total International Stock Index Hybrid 1.07 13.24 O Vanguard Total International Stock Index Hybrid 0.95 15.46 - Median 2.08 12.89 - Median 1.91 15.18 Historical Statistics - 3 Years Tracking Up Market Down Market Alpha Information Sharpe Beta Downside Error Capture Capture Ratio Ratio Risk Vanguard Total Intl Stock Index Admiral (VTIAX) 1.71 98.90 100.34 -0.23 -0.16 0.12 0.98 8.39 Vanguard Total International Stock Index Hybrid 0.00 100.00 100.00 0.00 N/A 0.14 1.00 8.57 Historical Statistics - 5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Total Intl Stock Index Admiral (VTIAX) 2.05 99.38 100.74 -0.26 -0.14 0.12 0.99 10.85 Vanguard Total International Stock Index Hybrid 0.00 100.00 100.00 0.00 N/A 0.14 1.00 10.86 28 THE r BOGDAHN �-� GROUP Mutual Fund Info from Lipper Product Name : American Funds EuPc;R-6 (RERGX) Fund Family: American Funds Ticker: RERGX Peer Group : IM International Large Cap Equity (MF) Benchmark : MSCI EAFE (net) Index Fund Inception : 05/01/2009 Portfolio Manager: Team Managed Total Assets : $41,380 Million Total Assets Date : 03/31/2016 Gross Expense : 0.49% Net Expense : 0.49% Turnover: 28% Peer Group Analysis - IM International Large Cap Equity (MF) 35.00 20.00 St. Lucie County American Funds EuroPacific Gr (RERGX) As of March 31. 2016 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 • 0 O 5.00 0 0 • O O -10.00 • O -25.00 -40.00 QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011 • American Funds EuroPacific Gr (RERGX) -2.32 (40) -2.32 (40) -8.26 (42) 3.62 (11) 2.78 (18) -0.48 (28) -2.29 (17) 20.58 (38) 19.64 (27) -13.31 (52) O MSCI EAFE (net) Index -3.01 (61) -3.01 (61) -8.27 (42) 2.23 (33) 2.29 (28) -0.81 (35) -4.90 (35) 22.78 (12) 17.32 (55) -12.14 (37) Median -2.53 -2.53 -8.68 1.44 1.29 -1.75 -5.79 19.38 17.84 -13.24 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 American Funds EuroPacific Gr (RERGX) 2.97 (53) -9.81 (32) 1.12 (42) 5.97 (11) -1.63 (19) -4.21 (17) MSCI EAFE (net) Index 4.71 (23) -10.23 (45) 0.62 (67) 4.88 (51) -3.57 (51) -5.88 (66) IM International Large Cap Equity (MF) Median 3.12 -10.42 0.99 4.88 -3.53 -5.21 29 THE �BOGDAHN � GRoup 3 Yr Rolling Under/Over Performance - 5 Years 20.0 Over Performance .2 15.0 a 10.0 Uj 5.0 e c 0.0 0.0 5.0 10.0 MSCI EAFE (net) Index (% ) ® Over Performance Under Performance Earliest Date X Latest Date Peer Group Scattergram - 3 Years 4.44 3.70 • 0 2.96 a 2.22 K 1.48 0.74 St. Lucie County American Funds EuroPacific Gr (RERGX) As of March 31. 2016 3 Yr Rolling Percentile Ranking - 5 Years x 0.00 • • • • E . v 25.00 • • o i • ° ° ° ° ° e ° ° o u 50.00 0 00 •• a o o° E 75.00 Under w Performance Of 100.00 15.0 20.0 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12114 6/15 3/16 Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count • American Funds EuroPacific Gr (RERGX) 16 7 (44%; 7 (44%; 2 (13%; 0 (0%) O MSCI EAFE (net) Index 20 7 (35%; 8 (40%; 5 (25%; 0 (0%) Peer Group Scattergram - 5 Years 3.43 - 2.94 2.45 O O 1.96 1.47 0.98 11.84 12.21 12.58 12.95 13.32 13.69 14.06 14.00 14.25 14.50 14.75 15.00 15.25 15.50 15.75 Risk (Standard Deviation %) Risk (Standard Deviation %) Return Standard Return Standard Deviation Deviation • American Funds EuroPacific Gr (RERGX) 3.62 11.86 • American Funds EuroPacific Gr (RERGX) 2.78 14.36 O MSCI EAFE (net) Index 2.23 13.42 O MSCI EAFE (net) Index 2.29 15.40 - Median 1.44 12.96 - Median 1.29 15.13 Historical Statistics - 3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture American Funds EuroPacific Gr (RERGX) 3.71 88.60 79.90 1.63 0.31 0.35 0.85 7.52 MSCI EAFE (net) Index 0.00 100.00 100.00 0.00 N/A 0.23 1.00 8.56 Historical Statistics - 5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture American Funds EuroPacific Gr (RERGX) 3.68 90.53 87.19 0.65 0.09 0.26 0.91 10.09 MSCI EAFE (net) Index 0.00 100.00 100.00 0.00 N/A 0.22 1.00 10.64 30 THE BOGDAHN GROUP',. St. Lucie County Dodge & Cox Income Fund (DODIX) As of March 31. 2016 Mutual Fund Info from Lipper Summary Description Product Name : Dodge & Cox Income (DODIX) The investment seeks a high and stable rate of current income, consistent with long-term preservation of capital. The fund invests Fund Family: Dodge & Cox in a diversified portfolio of high -quality bonds and other debt securities. Normally, the fund will invest at least 80% of its total Ticker: DODIX assets in the following categories: debt obligations issued or guaranteed by the U.S. government, its agencies or GSEs; Peer Group : IM U.S. Broad Market Core+ Fixed Income (MF) investment -grade debt securities; unrated securities if deemed to be of investment -grade quality by Dodge & Cox; and Benchmark: Barclays Aggregate Index bankers&#39; acceptances, bank certificates of deposit, repurchase agreements, and commercial paper. Fund Inception : 01/03/1989 Portfolio Manager: Team Managed Total Assets : $43,341 Million Total Assets Date : 02/29/2016 Gross Expense: 0.44% Net Expense : 0.44% Turnover: 27% Peer Group Analysis - IM U.S. Broad Market Core+ Fixed Income (MF) 15.00 10.00 5.00 E © O Oi O ® u ® ® O 0.00 O O • EL Endo -5.00 -10.00 QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011 • Dodge & Cox Income Fund (DODIX) 2.37 (63) 2.37 (63) 0.47 (45) 2.42 (29) 3.80 (56) -0.59 (57) 5.48 (49) 0.64 (12) 7.94 (59) 4.76 (76) • Barclays Aggregate Index 3.03 (22) 3.03 (22) 1.96 (5) 2.50 (26) 3.78 (56) 0.55 (11) 5.97 (35) -2.02 (78) 4.21 (98) 7.84 (12) Median 2.56 2.56 0.32 2.01 3.93 -0.46 5.42 -1.06 8.22 6.19 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 Dodge & Cox Income Fund (DODIX) 0.13 (8) -0.81 (80) -1.19 (17) 1.29 (86) 0.89 (71) 0.00 (36) Barclays Aggregate Index -0.57 (57) 1.23 (2) -1.68 (51) 1.61 (59) 1.79 (6) 0.17 (26) IM U.S. Broad Market Core+ Fixed Income (MF) Median -0.50 0.01 -1.67 1.71 1.18 -0.19 THE 31 BOGDAHN �� GRoup 3 Yr Rolling Under/Over Performance - 5 Years ^_ 15.0 o Over U Performance 0 0 10.0 • E 5.0 0 u c 0 0.0 U od w - -5.0 -5.0 0.0 5.0 Barclays Aggregate Index (% ) ® Over Performance + Earliest Date X Latest Date Peer Group Scattergram - 3 Years 2.60 2.40 O 2.20 a St. Lucie County Dodge & Cox Income Fund (DODIX) As of March 31. 2016 3 Yr Rolling Percentile Ranking - 5 Years x c 0.00 v25.00 • • • • d 50.00 • Q ® ® ® 75.00 Q Q ®® o Q Q Q Q Q Q Q O Q Q Q Q Q Q Under 100.00 Performance 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 10.0 15.0 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 1.80 2.60 2.80 3.00 3.20 3.40 3.60 Risk (Standard Deviation %) Return Standard Deviation • Dodge & Cox Income Fund (DODIX) 20 O Barclays Aggregate Index 20 Peer Group Scattergram - 5 Years 4.02 3.96 ee`. c 3.90 3.84 3.78 3.72 1 (5%) 14 (70%) 4 (20%) 1 (5%) 0 (0%) 2 (10%) 1 (5%) 17 (85%) 2.66 2.73 2.80 2.87 2.94 Risk (Standard Deviation %) Return 3.01 3.08 Standard Deviation • Dodge & Cox Income Fund (DODIX) 2.42 2.75 • Dodge & Cox Income Fund (DODIX) 3.80 2.74 O Barclays Aggregate Index 2.50 2.96 O Barclays Aggregate Index 3.78 2.75 - Median 2.01 3.34 - Median 3.93 3.06 Historical Statistics - 3 Years 3.15 Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Dodge & Cox Income Fund (DODIX) 1.88 86.02 77.22 0.60 -0.04 0.87 0.73 1.54 Barclays Aggregate Index 0.00 100.00 100.00 0.00 N/A 0.83 1.00 1.76 Historical Statistics - 5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Dodge & Cox Income Fund (DODIX) 2.19 89.54 70.60 1.24 0.01 1.36 0.68 1.37 Barclays Aggregate Index 0.00 100.00 100.00 0.00 N/A 1.35 1.00 1 A3 32 THE BOGDAHN GROUP',. Mutual Fund Info from Lipper No data found. Peer Group Analysis - IM U.S. Taxable Money Market (MF) 3.95 3.18 2.41 m 1.64 o: 0.87 0.10 0 0 -0.67 QTR YTD St. Lucie County Columbia Trust Stable Govt Fund 1-0 As of March 31. 2016 Summary Description The investment seeks the performance of a broad, market -weighted bond index. The fund employs an indexing investment approach designed to track the performance of the Barclays U.S. Aggregate Float Adjusted Index. This Index represents a wide spectrum of public, investment -grade, taxable, fixed income securities in the United States -including government, corporate, and international dollar -denominated bonds, as well as mortgage -backed and asset -backed securities -all with maturities of more than 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 invested in bonds held in the index. • • • • 0 0 0 0 0 0 0 0 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011 • Columbia Trust Stable Govt Fund 1-0 0.28 (1) 0.28 (1) 1.11 (1) 1.25 (1) 1.67 (1) 1.11 (1) 1.27 (1) 1.52 (1) 2.24 (1) 2.70 (1) O Citigroup 3 Month T-Bill Index 0.05 (18) 0.05 (18) 0.08 (20) 0.05 (16) 0.06 (12) 0.03 (24) 0.02 (17) 0.06 (7) 0.09 (10) 0.06 (10) Median 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 Columbia Trust Stable Govt Fund 1-0 0.28 (1) 0.28 (1) 0.28 (1) 0.27 (1) 0.27 (1) 0.33 (1) Citigroup 3 Month T-Bill Index 0.01 (20) 0.01 (21) 0.00 (24) 0.01 (18) 0.00 (24) 0.01 (11) IM U.S. Taxable Money Market (MF) Median 0.00 0.00 0.00 0.00 0.00 0.00 33 THE !� BOGDAHN GROUP' 3 Yr Rolling Under/Over Performance - 5 Years - 4.5 o Over = Performance 3.0 d a 1.5 49 N y 0.0 F m rF -1.5 -1.5 0.0 1.5 Citigroup 3 Month T-Bill Index (%) • Over Performance + Earliest Date X Latest Date Peer Group Scattergram - 3 Years 1.50 1.00 0.50 E a 0.00 -0.50 -0.02 0.00 0.02 0.04 Risk (Standard Deviation %) Return St. Lucie County Columbia Trust Stable Govt Fund 1-0 As of March 31. 2016 3 Yr Rolling Percentile Ranking - 5 Years x0.0000000088888808888000 O O 0 v 25.00 O = 0 u O d 50.00 a = 75.00 W K 100.00 Under Performance 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 3.0 4.5 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count 40 • Columbia Trust Stable Govt Fund 1-0 20 O Citigroup 3 Month T-Bill Index 20 Peer Group Scattergram - 5 Years 2.40 1.80 = 1.20 a0.60 s 0.00 -0.60 20 (100% 0 (0%) 0 (0%) 0 (0%) 18 (90%) 2 (10%) 0 (0%) 0 (0%) • 0.06 0.08 -0.04 0.00 0.04 0.08 0.12 0.16 0.20 Risk (Standard Deviation %) Standard Return Standard Deviation Deviation 0.24 • Columbia Trust Stable Govt Fund 1-0 1.25 0.06 • Columbia Trust Stable Govt Fund 1-0 1.67 0.18 O Citigroup 3 Month T-Bill Index 0.05 0.02 O Citigroup 3 Month T-Bill Index 0.06 0.02 - Median 0.01 0.00 - Median 0.01 0.00 Historical Statistics - 3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Columbia Trust Stable Govt Fund 1-0 0.07 2,680.32 N/A 1.23 18.14 15.47 0.30 0.00 Citigroup 3 Month T-Bill Index 0.00 100.00 N/A 0.00 N/A -0.25 1.00 0.00 Historical Statistics - 5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Columbia Trust Stable Govt Fund 1-0 0.18 2,970.08 N/A 1.60 8.93 8.66 1.14 0.00 Citigroup 3 Month T-Bill Index 0.00 100.00 N/A 0.00 N/A -0.14 1.00 0.00 THE 34 L BOGDAHN �-�` GRoup Mutual Fund Info from Lipper Product Name : Vanguard Tot Bd;Adm (VBTLX) Fund Family: Vanguard Group Inc Ticker: VBTLX Peer Group : IM U.S. Broad Market Core Fixed Income (MF) Benchmark : Barclays Aggregate Index Fund Inception : 11/12/2001 Portfolio Manager: Joshua C. Barrickman Total Assets : $63,296 Million Total Assets Date : 02/29/2016 Gross Expense : 0.07% Net Expense : 0.07% Turnover: 84% Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (MF) 16.00 12.00 8.00 c 4.00 • O • O 0.00 -4.00 -8.00 QTR YTD St. Lucie County Vanguard Total Bond Market Index (VBTLX) As of March 31. 2016 Summary Description The investment seeks the performance of a broad, market -weighted bond index. The fund employs an indexing investment approach designed to track the performance of the Barclays U.S. Aggregate Float Adjusted Index. This Index represents a wide spectrum of public, investment -grade, taxable, fixed income securities in the United States -including government, corporate, and international dollar -denominated bonds, as well as mortgage -backed and asset -backed securities -all with maturities of more than 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 invested in bonds held in the index. • O • 0 • 0 • O • O • O • O • O 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011 • Vanguard Total Bond Market Index (VBTLX) 3.09 (15) 3.09 (15) 1.82 (17) 2.38 (23) 3.71 (39) 0.40 (29) 5.89 (32) -2.14 (59) 4.15 (82) 7.69 (14) O Barclays Aggregate Index 3.03 (20) 3.03 (20) 1.96 (11) 2.50 (15) 3.78 (34) 0.55 (20) 5.97 (28) -2.02 (54) 4.21 (81) 7.84 (11) Median 2.73 2.73 1.07 1.99 3.58 0.00 5.55 -1.97 6.04 6.66 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 Vanguard Total Bond Market Index (VBTLX) -0.60 (43) 1.18 (13) -1.79 (62) 1.65 (39) 1.72 (14) 0.17 (20) Barclays Aggregate Index -0.57 (37) 1.23 (10) -1.68 (43) 1.61 (46) 1.79 (8) 0.17 (21) IM U.S. Broad Market Core Fixed Income (MF) Median -0.64 0.71 -1.72 1.58 1.36 -0.06 35 THE r BOGDAHN �-� GRoup 3 Yr Rolling Under/Over Performance - 5 Years > 10.0 Over x Performance N 'o 7.5 c N -� 5.0 m g 9 2.5 m 6 0.0 0 t- -2.5 -2.5 0.0 2.5 5.0 Barclays Aggregate Index (%) Under Performance + Earliest Date X Latest Date Peer Group Scattergram - 3 Years 2.60 O 2.40 2.20 a 2.00 1.80 St. Lucie County Vanguard Total Bond Market Index (VBTLX) As of March 31. 2016 3 Yr Rolling Percentile Ranking - 5 Years x 0.00 c K v 25.00 O C W o • • 50.00 • w K 100.00 Under Performance 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 7.5 10.0 Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count 40 2.94 2.96 2.98 3.00 3.02 3.04 3.06 3.08 Risk (Standard Deviation %) Return Standard Deviation • Vanguard Total Bond Market Index (VBTLX) 20 O Barclays Aggregate Index 20 Peer Group Scattergram - 5 Years 3.85 3.78 O e- c 3.71 v 3.64 3.57 1 (5%) 2 (10% 13 (65% 4 (20% 1 (5%) 2 (10% 14 (70% 3 (15% 2.73 2.76 2.79 2.82 2.85 Risk (Standard Deviation %) Return Standard Deviation • Vanguard Total Bond Market Index (VBTLX) 2.38 3.06 • Vanguard Total Bond Market Index (VBTLX) 3.71 2.85 O Barclays Aggregate Index 2.50 2.96 O Barclays Aggregate Index 3.78 2.75 - Median 1.99 3.03 - Median 3.58 2.82 Historical Statistics - 3 Years 2.88 Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Total Bond Market Index (VBTLX) 0.29 101.85 107.02 -0.19 -0.38 0.77 1.03 1.82 Barclays Aggregate Index 0.00 100.00 100.00 0.00 N/A 0.83 1.00 1.76 Historical Statistics - 5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Total Bond Market Index (VBTLX) 0.27 102.37 109.34 -0.19 -0.24 1.28 1.03 1.48 Barclays Aggregate Index 0.00 100.00 100.00 0.00 N/A 1.35 1.00 1.43 36 THE BOGDAHN GROUP' Mutual Fund Info from Lipper 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 : $7,406 Million Total Assets Date : 02/29/2016 Gross Expense : 0.13% Net Expense : 0.13% Turnover: 16% Peer Group Analysis - IM Mixed -Asset Target Alloc Moderate (MF) 28.00 20.00 St. Lucie County Vanguard LifeStrategy Consry Gr Inv (VSCGX) As of March 31. 2016 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 12.00 © O 0 4.00 � • O • O • O • O O -4.00 -12.00 -20.00 QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011 • Vanguard LifeStrategy Consry Gr Inv (VSCGX) 2.26 (19) 2.26 (19) 0.02 (12) 4.83 (38) 5.21 (43) -0.17 (14) 6.93 (23) 9.08 (91) 9.19 (89) 1.76 (25) O Vanguard LifeStrategy Conservative Growth Index 2.23 (19) 2.23 (19) 0.24 (10) 5.06 (34) 5.57 (37) 0.08 (10) 7.12 (22) 9.40 (89) 9.33 (87) 2.45 (19) Median 1.10 1.10 -2.31 4.42 4.97 -1.61 4.98 14.31 11.58 0.05 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 Vanguard LifeStrategy Consry Gr Inv (VSCGX) 1.67 (74) -2.77 (3) -1.07 (82) 2.07 (37) 2.14 (28) -0.36 (13) Vanguard LifeStrategy Conservative Growth Index 1.96 (63) -2.87 (4) -1.00 (79) 2.08 (37) 2.20 (27) -0.33 (12) IM Mixed -Asset Target Alloc Moderate (MF) Median 2.35 -5.30 -0.58 1.86 1.51 -1.38 37 THE r BOGDAHN �-� GRoup 3 Yr Rolling Under/Over Performance - 5 Years > 15.0 Over Performance 12.0 0 9.0 U M rn 6.0 a 3.0 3.0 6.0 9.0 12.0 Vanguard LifeStrategy Conservative Growth Index (% ) ® Over Performance 0 Under Performance Earliest Date X Latest Date Peer Group Scattergram - 3 Years 5.40 5.10 O 4.80 a 4.50 St. Lucie County Vanguard LifeStrategy Consry Gr Inv (VSCGX) As of March 31. 2016 3 Yr Rolling Percentile Ranking - 5 Years 0.00 92 0 2 25.00 Q d 50.00 • d a e 75.00Under � � � � Q � • m e 100.00 Performance 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 15.0 25- Median- Total 5-25 75-95 Period Count Median 75 Count Count Count • Vanguard LifeStrategy Consry Gr Inv (VSCGX) 20 O Vanguard LifeStrategy Conservative Growth Index 20 Peer Group Scattergram - 5 Years 5.80 5.60 O E 5.40 5.20 • 4.80 0 (0%) 3 (15% 7 (35°/< 10 (50°/< 2 (109/, 1 (5%) 8 (40% 9 (45°/< 4.30 4.73 5.16 5.59 6.02 6.45 6.88 7.31 7.74 4.59 5.10 5.61 6.12 6.63 7.14 7.65 8.16 8.67 Risk (Standard Deviation %) Risk (Standard Deviation %) Return Standard Return Standard Deviation Deviation • Vanguard LifeStrategy Consry Gr Inv (VSCGX) 4.83 4.99 • Vanguard LifeStrategy Consry Gr Inv (VSCGX) 5.21 5.43 O Vanguard LifeStrategy Conservative Growth Index 5.06 5.03 O Vanguard LifeStrategy Conservative Growth Index 5.57 5.36 - Median 4.42 7.31 - Median 4.97 8.09 Historical Statistics - 3 Years Tracking Up Market Down Market Alpha Information Sharpe Beta Downside Error Capture Capture Ratio Ratio Risk Vanguard LifeStrategy Consry Gr Inv (VSCGX) 0.33 97.92 100.44 -0.18 -0.69 0.96 0.99 2.74 Vanguard LifeStrategy Conservative Growth Index 0.00 100.00 100.00 0.00 N/A 1.00 1.00 2.74 Historical Statistics - 5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard LifeStrategy Consry Gr Inv (VSCGX) 0.42 98.71 104.06 -0.39 -0.81 0.95 1.01 3.16 Vanguard LifeStrategy Conservative Growth Index 0.00 100.00 100.00 0.00 N/A 1.03 1.00 3.03 38 THE �$OGDAHN -�` GROUP Mutual Fund Info from Lipper Product Name : Vanguard LS Mod Gro;lnv (VSMGX) Fund Family: Vanguard Group Inc Ticker: VSMGX Peer Group : IM Mixed -Asset Target Alloc Growth (MF) Benchmark : Vanguard LifeStrategy Moderate Growth Index Fund Inception : 09/30/1994 Portfolio Manager: Team Managed Total Assets : $11,837 Million Total Assets Date : 02/29/2016 Gross Expense : 0.14% Net Expense : 0.14% Turnover: 16% Peer Group Analysis - IM Mixed -Asset Target Alloc Growth (MF) 40.00 30.00 St. Lucie County Vanguard LifeStrategy Mod Gr (VSMGX) As of March 31. 2016 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 20.00 • O 10.00 • • O • O • O 0.00 • O • O • O • O • O -10.00 -20.00 QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011 • Vanguard LifeStrategy Mod Gr (VSMGX) 1.69 (12) 1.69 (12) -1.06 (24) 5.82 (49) 6.15 (49) -0.57 (36) 7.08 (40) 15.04 (94) 11.76 (72) 0.26 (32) O Vanguard LifeStrategy Moderate Growth Index 1.70 (12) 1.70 (12) -0.88 (24) 6.06 (43) 6.64 (37) -0.39 (32) 7.35 (37) 15.36 (93) 11.89 (70) 1.67 (22) Median 0.59 0.59 -3.06 5.78 6.08 -1.25 6.33 19.76 12.98 -1.88 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 Vanguard LifeStrategy Mod Gr (VSMGX) 2.77 (71) -4.83 (21) -0.54 (65) 2.20 (47) 2.28 (52) -0.83 (37) Vanguard LifeStrategy Moderate Growth Index 3.06 (60) -4.94 (22) -0.52 (63) 2.20 (47) 2.32 (51) -0.76 (35) IM Mixed -Asset Target Alloc Growth (MF) Median 3.33 -6.42 -0.35 2.10 2.32 -1.29 39 THE r BOGDAHN �-� GRoup 3 Yr Rolling Under/Over Performance - 5 Years v> 20.0 Over Performance 15.0 O 10.0 m y 5.0 w J 0.0 0.0 5.0 10.0 15.0 Vanguard LifeStrategy Moderate Growth Index (% ) ® Over Performance 0 Under Performance Earliest Date X Latest Date Peer Group Scattergram - 3 Years 6.20 6.10 Q 6.00 5.90 K • 5.80 5.70 6.75 7.00 7.25 7.50 7.75 8.00 8.25 Risk (Standard Deviation %) Return St. Lucie County Vanguard LifeStrategy Mod Gr (VSMGX) As of March 31. 2016 3 Yr Rolling Percentile Ranking - 5 Years x 0.00 c / O v 25.00 0 O O 2 50.00 O a O O Q E 75.00 • Under w Performance Of 100.00 20.0 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12114 6/15 3/16 Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count • Vanguard LifeStrategy Mod Gr (VSMGX) 20 O Vanguard LifeStrategy Moderate Growth Index 20 Peer Group Scattergram - 5 Years 6.80 6.60 O c 6.40 6.20 6.00 5.80 0 (0%) 5 (25% 8 (40% 7 (35% 2 (10% 4 (20% 11 (55% 3 (15% 8.50 8.75 7.48 7.82 8.16 8.50 8.84 9.18 9.52 9.86 Risk (Standard Deviation %) Standard Return Standard Deviation Deviation • Vanguard LifeStrategy Mod Gr (VSMGX) 5.82 7.02 • Vanguard LifeStrategy Mod Gr (VSMGX) 6.15 7.83 O Vanguard LifeStrategy Moderate Growth Index 6.06 7.09 O Vanguard LifeStrategy Moderate Growth Index 6.64 7.77 - Median 5.78 8.36 - Median 6.08 9.56 Historical Statistics - 3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard LifeStrategy Mod Gr (VSMGX) 0.41 98.22 99.94 -0.16 -0.57 0.84 0.99 3.91 Vanguard LifeStrategy Moderate Growth Index 0.00 100.00 100.00 0.00 N/A 0.86 1.00 3.97 Historical Statistics - 5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard LifeStrategy Mod Gr (VSMGX) 0.53 98.52 103.31 -0.50 -0.88 0.79 1.01 4.71 Vanguard LifeStrategy Moderate Growth Index 0.00 100.00 100.00 0.00 N/A 0.86 1.00 4.58 40 THE `BOGDAHN _ '' GROUP' Mutual Fund Info from Lipper Product Name : Vanguard LS Growth;lnv (VASGX) Fund Family: Vanguard Group Inc Ticker: VASGX Peer Group : IM Mixed -Asset Target Alloc Growth (MF) Benchmark : Vanguard LifeStrategy Growth Index Fund Inception : 09/30/1994 Portfolio Manager: Team Managed Total Assets : $10,669 Million Total Assets Date : 02/29/2016 Gross Expense : 0.15% Net Expense : 0.15% Turnover: 13% Peer Group Analysis - IM Mixed -Asset Target Alloc Growth (MF) 40.00 30.00 20.00 c m 10.00 0.00 0 0 0 0 -10.00 -20.00 QTR YTD St. Lucie County Vanguard LifeStrategy Growth (VASGX) As of March 31. 2016 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 0 0 • O • O • O • O O O O 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011 • Vanguard LifeStrategy Growth (VASGX) 1.14 (32) 1.14 (32) -2.32 (38) 6.73 (28) 6.78 (35) -1.17 (50) 7.17 (39) 21.20 (29) 14.38 (24) -2.28 (58) O Vanguard LifeStrategy Growth Index 1.14 (32) 1.14 (32) -2.08 (34) 6.99 (23) 7.30 (25) -0.94 (42) 7.54 (34) 21.58 (24) 14.36 (24) -0.81 (37) Median 0.59 0.59 -3.06 5.78 6.08 -1.25 6.33 19.76 12.98 -1.88 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 Vanguard LifeStrategy Growth (VASGX) 3.77 (29) -6.89 (63) -0.05 (28) 2.33 (43) 2.32 (51) -1.28 (49) Vanguard LifeStrategy Growth Index 4.16 (19) -7.00 (65) -0.05 (28) 2.31 (43) 2.42 (47) -1.19 (46) IM Mixed -Asset Target Alloc Growth (MF) Median 3.33 -6.42 -0.35 2.10 2.32 -1.29 41 THE r BOGDAHN �� GRoup 3 Yr Rolling Under/Over Performance - 5 Years j 24.0 Over Performance c 16.0 s 8.0 a m rn 0.0 Under J Performance r -8.0 -8.0 0.0 8.0 16.0 24.0 Vanguard LifeStrategy Growth Index (% ) ® Over Performance 0 Under Performance Earliest Date X Latest Date Peer Group Scattergram - 3 Years 7.20 ,.., 6.80 • 0 6.40 a 6.00 K 5.60 5.20 8.10 8.28 8.46 8.64 8.82 9.00 9.18 9.36 9.54 Risk (Standard Deviation %) Return Standard Deviation St. Lucie County Vanguard LifeStrategy Growth (VASGX) As of March 31. 2016 3 Yr Rolling Percentile Ranking - 5 Years x 0.00 v25.00 • ° o 0 0 o Q u 50.00 0 a • E 75.00 • w 100.00 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count • Vanguard LifeStrategy Growth (VASGX) 20 O Vanguard LifeStrategy Growth Index 20 Peer Group Scattergram - 5 Years 7.60 7.20 � 6.80 v 6.40 o! 6.00 5.60 7 (35%) 11 (55%) 2 (10%) 0 (0%) 15 (75%) 4 (20%) 1 (5%) 0 (0%) 9.31 9.50 9.69 9.88 10.07 10.26 10.45 10.64 Risk (Standard Deviation %) Return Standard Deviation • Vanguard LifeStrategy Growth (VASGX) 6.73 9.21 • Vanguard LifeStrategy Growth (VASGX) 6.78 10.46 O Vanguard LifeStrategy Growth Index 6.99 9.31 O Vanguard LifeStrategy Growth Index 7.30 10.41 - Median 5.78 8.36 - Median 6.08 9.56 Historical Statistics - 3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard LifeStrategy Growth (VASGX) 0.52 99.02 100.91 -0.17 -0.49 0.75 0.99 5.29 Vanguard LifeStrategy Growth Index 0.00 100.00 100.00 0.00 N/A 0.77 1.00 5.36 Historical Statistics - 5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard LifeStrategy Growth (VASGX) 0.64 98.94 102.70 -0.51 -0.75 0.67 1.00 6.51 Vanguard LifeStrategy Growth Index 0.00 100.00 100.00 0.00 N/A 0.72 1.00 6.36 42 THE ( BOGDAHN 'e�, GRoup 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 : $3,357 Million Total Assets Date : 02/29/2016 Gross Expense : 0.12% Net Expense : 0.12% Turnover: 14% Peer Group Analysis - IM Mixed -Asset Target Alloc Consv (MF) 20.00 14.00 St. Lucie County Vanguard LifeStrategy Income (VASIX) As of March 31. 2016 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 8.00 • O O O O 2.00 O © -4.00 -10.00 QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011 • Vanguard LifeStrategy Income (VASIX) 2.75 (12) 2.75 (12) 1.03 (3) 3.78 (20) 4.35 (38) 0.22 (7) 6.76 (11) 3.40 (84) 6.54 (91) 3.77 (12) O Vanguard LifeStrategy Income Composite Index 2.74 (12) 2.74 (12) 1.27 (2) 4.02 (16) 4.75 (24) 0.47 (4) 6.84 (11) 3.71 (81) 6.83 (89) 4.69 (6) Median 1.64 1.64 -1.53 2.75 4.03 -1.52 4.01 6.89 9.42 1.73 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 Vanguard LifeStrategy Income (VASIX) 0.65 (61) -0.79 (1) -1.53 (84) 1.93 (30) 2.04 (10) 0.09 (1) Vanguard LifeStrategy Income Composite Index 0.86 (49) -0.80 (1) -1.49 (82) 1.93 (29) 2.07 (10) 0.09 (1) IM Mixed -Asset Target Alloc Consv (MF) Median 0.82 -3.28 -0.82 1.67 0.97 -1.08 43 THE r BOGDAHN �-� GRoup 3 Yr Rolling Under/Over Performance - 5 Years 12.0 Over w Performance E o 9.0 u c s 6.0 w 3.0 J V 0.0 0.0 3.0 6.0 9.0 Vanguard LifeStrategy Income Composite Index (% ) ® Over Performance 0 Under Performance Earliest Date X Latest Date Peer Group Scattergram - 3 Years 4.62 4.20 00 3.78 a 3.36 K 2.94 St. Lucie County Vanguard LifeStrategy Income (VASIX) As of March 31. 2016 3 Yr Rolling Percentile Ranking - 5 Years 0.00 p Q 25.00 O c m Q • 50.00 • • d o. 75.00 • Q • • Under 100.00 Performance 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 12.0 25- Median- Total 5-25 75-95 Period Count Median 75 Count Count Count • Vanguard LifeStrategy Income (VASIX) 20 O Vanguard LifeStrategy Income Composite Index 20 Peer Group Scattergram - 5 Years 5.10 Z 4.80 O e., 4.50 v 4.20 1 (5%) 2 (10% 9 (45% 8 (40% 2 (10% 3 (15% 10 (50% 5 (25% 2.52 i 3.90 2.88 3.20 3.52 3.84 4.16 4.48 4.80 5.12 5.44 2.80 3.20 3.60 4.00 4.40 4.80 5.20 5.60 6.00 Risk (Standard Deviation %) Risk (Standard Deviation %) Return Standard Return Standard Deviation Deviation • Vanguard LifeStrategy Income (VASIX) 3.78 3.41 • Vanguard LifeStrategy Income (VASIX) 4.35 3.31 O Vanguard LifeStrategy Income Composite Index 4.02 3.39 O Vanguard LifeStrategy Income Composite Index 4.75 3.23 - Median 2.75 5.08 - Median 4.03 5.34 Historical Statistics - 3 Years Tracking Up Market Down Market Alpha Information Sharpe Beta Downside Error Capture Capture Ratio Ratio Risk Vanguard LifeStrategy Income (VASIX) 0.28 97.98 102.85 -0.24 -0.82 1.09 1.00 1.95 Vanguard LifeStrategy Income Composite Index 0.00 100.00 100.00 0.00 N/A 1.00 1.88 Historical Statistics - 5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard LifeStrategy Income (VASIX) 0.39 97.61 107.85 -0.47 -0.98 1.29 1.02 1.80 Vanguard LifeStrategy Income Composite Index 0.00 100.00 100.00 0.00 N/A 1.44 1.00 1.68 44 THE BOGDAHN -� GROUP St. Lucie County Vanguard Target Ret 2020 (VTWNX) As of March 31. 2016 Mutual Fund Info from Lipper Summary Description Product Name : Vanguard Tgt Ret202O;lnv (VTWNX) 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: VTWNX similar investments. It invests principally in equity securities of large -capitalization companies, which the advisor defines as Peer Group : IM Mixed -Asset Target 2020 (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 2020 Composite Index securities of foreign issuers including ADRs and similar investments. Fund Inception : 06/07/2006 Portfolio Manager: Buek/Coleman/Nejman Total Assets : $25,210 Million Total Assets Date : 02/29/2016 Gross Expense : 0.14% Net Expense : 0.14% Turnover: 25% Peer Group Analysis - IM Mixed -Asset Target 2020 (MF) 28.00 20.00 • 0 12.00 • 0 • 0 • 0 • O 4.00 • o • 0 0 • o • o • -4.00 -12.00 QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011 • Vanguard Target Ret 2020 (VTWNX) 1.73 (43) 1.73 (43) -1.12 (28) 5.98 (4) 6.45 (5) -0.68 (23) 7.12 (1) 15.85 (18) 12.35 (37) 0.60 (33) O Vanguard Target 2020 Composite Index 1.72 (43) 1.72 (43) -0.86 (21) 6.23 (3) 6.71 (3) -0.40 (14) 7.37 (1) 16.21 (14) 12.47 (36) 0.99 (26) Median 1.56 1.56 -2.10 3.90 4.69 -1.46 4.71 12.03 11.53 -0.51 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 Vanguard Target Ret 2020 (VTWNX) 2.71 (21) -4.81 (51) -0.58 (49) 2.18 (37) 2.25 (9) -0.80 (13) Vanguard Target 2020 Composite Index 3.01 (4) -4.90 (53) -0.52 (43) 2.20 (34) 2.33 (8) -0.78 (13) IM Mixed -Asset Target 2020 (MF) Median 2.14 -4.80 -0.62 2.03 1.45 -1.49 45 THE r BOGDAHN �-� GRoup St. Lucie County Vanguard Target Ret 2020 (VTWNX) As of March 31. 2016 3 Yr Rolling Under/Over Performance - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years X 30.0 Z Over x 0.00 Q Performance e ® Q � o v 25.00 Q c 20.0 2 "+ 50.00 d � w a m E 75.00 10.0 w O Under 100.00 Performance 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 0.0 0.0 10.0 20.0 30.0 Total 5-25 25-Median Median-75 75-95 Vanguard Target 2020 Composite Index (%) Period Count Count Count Count Under Performance Earliest Date Latest Date • Vanguard Target Ret 2020 (VTWNX) 20 16 (80%) 3 (15%) 1 (5%) 0 (0%) O Vanguard Target 2020 Composite Index 20 17 (85%) 3 (15%) 0 (0%) 0 (0%) Peer Group Scattergram - 3 Years Peer Group Scattergram - 5 Years 6.93 7.26 6.16 • 0 \ 6.60 0 e 5.39 5.94 a 4.62 5.28 as K 3.85 K 4.62 3.08 3.96 6.40 6.60 6.80 7.00 7.20 7.40 7.20 7.40 7.60 7.80 8.00 8.20 8.40 Risk (Standard Deviation %) Risk (Standard Deviation %) Return Standard Return Standard Deviation Deviation • Vanguard Target Ret 2020 (VTWNX) 5.98 7.06 • Vanguard Target Rat 2020 (VTWNX) 6.45 8.12 O Vanguard Target 2020 Composite Index 6.23 7.11 O Vanguard Target 2020 Composite Index 6.71 8.15 - Median 3.90 6.50 - Median 4.69 7.44 Historical Statistics - 3 Years Tracking Up Market Down Market Information Alpha Sharpe Beta Downside Error Capture Capture Ratio Ratio Risk Vanguard Target Rat 2020 (VTWNX) 0.42 98.20 100.02 -0.18 -0.58 0.85 0.99 3.91 Vanguard Target 2020 Composite Index 0.00 100.00 100.00 0.00 N/A 0.88 1.00 3.96 Historical Statistics - 5 Years Tracking Up Market Down Market Information Alpha Sharpe Beta Downside Error Capture Capture Ratio Ratio Risk Vanguard Target Rat 2020 (VTWNX) 0.44 98.35 99.99 -0.21 -0.56 0.81 0.99 4.85 Vanguard Target 2020 Composite Index 0.00 100.00 100.00 0.00 N/A 0.83 1.00 4.86 46 "O\ THE �\ BOGDAHN - GROUP Mutual Fund Info from Lipper Product Name : Vanguard Tgt Ret203O;lnv (VTHRX) Fund Family: Vanguard Group Inc Ticker: VTHRX Peer Group : IM Mixed -Asset Target 2030 (MF) Benchmark : Vanguard Target 2030 Composite Index Fund Inception : 06/07/2006 Portfolio Manager: Buek/Coleman/Nejman Total Assets : $21,816 Million Total Assets Date : 02/29/2016 Gross Expense : 0.15% Net Expense : 0.15% Turnover: 24% Peer Group Analysis - IM Mixed -Asset Target 2030 (MF) 30.00 20.00 10.00 c m 0.00 • O 10.00 -20.00 QTR St. Lucie County Vanguard Target Ret 2030 (VTHRX) As of March 31. 2016 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 • O • O 0 O YTD 1 YR 3 YR O • 0 • 0 • O • O 5 YR 2015 2014 2013 2012 • 0 2011 • Vanguard Target Ret 2030 (VTHRX) 1.30 (41) 1.30 (41) -2.01 (25) 6.68 (10) 6.93 (10) -1.03 (30) 7.17 (5) 20.49 (28) 14.24 (40) -1.27 (23) O Vanguard Target 2030 Composite Index 1.31 (41) 1.31 (41) -1.74 (19) 6.94 (7) 7.20 (6) -0.79 (23) 7.51 (3) 20.88 (25) 14.31 (38) -0.89 (17) Median 1.12 1.12 -2.99 5.13 5.42 -1.61 5.16 18.02 13.66 -2.57 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 Vanguard Target Ret 2030 (VTHRX) 3.49 (28) -6.31 (46) -0.24 (44) 2.31 (54) 2.32 (16) -1.19 (17) Vanguard Target 2030 Composite Index 3.84 (21) -6.45 (54) -0.16 (40) 2.29 (58) 2.40 (13) -1.10 (13) IM Mixed -Asset Target 2030 (MF) Median 3.10 -6.41 -0.34 2.36 1.75 -1.80 47 THE �BOGDAHN � GROUP 3 Yr Rolling Under/Over Performance - 5 Years x 30.0 Over = Performance c 20.0 M O N 10.0 w rn 0.0 a `m " -10.0 -10.0 0.0 10.0 20A Vanguard Target 2030 Composite Index (% ) Under Performance + Earliest Date X Latest Date Peer Group Scattergram - 3 Years 7.80 7.20 6.60 a 6.00 K 5.40 4.80 8.56 8.60 8.64 8.68 8.72 8.76 Risk (Standard Deviation %) Return N St. Lucie County Vanguard Target Ret 2030 (VTHRX) As of March 31. 2016 3 Yr Rolling Percentile Ranking - 5 Years / x c m 0.00 /y-�� ! Y K Q ! : v 25.00 O • u W 50.00 a E 75.00 K 100.00 Under Performance 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 30.0 Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count 8.80 Standard Deviation 8.84 • Vanguard Target Ret 2030 (VTHRX) 20 O Vanguard Target 2030 Composite Index 20 Peer Group Scattergram - 5 Years 7.67 7.08 • O � 6.49 v 5.90 5.31 4.72 17 (85%) 3 (15%) 0 (0%) 0 (0%) 18 (90%) 2 (10%) 0 (0%) 0 (0%) 10.08 10.11 10.14 10.17 10.20 10.23 10.26 Risk (Standard Deviation %) Return Standard Deviation • Vanguard Target Ret 2030 (VTHRX) 6.68 8.68 • Vanguard Target Ret 2030 (VTHRX) 6.93 10.10 O Vanguard Target 2030 Composite Index 6.94 8.78 O Vanguard Target 2030 Composite Index 7.20 10.13 - Median 5.13 8.61 - Median 5.42 10.22 Historical Statistics - 3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Target Ret 2030 (VTHRX) 0.48 98.89 100.86 -0.17 -0.54 0.78 0.99 4.93 Vanguard Target 2030 Composite Index 0.00 100.00 100.00 0.00 N/A 0.80 1.00 5.00 Historical Statistics - 5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Target Ret 2030 (VTHRX) 0.51 98.80 100.39 -0.22 -0.50 0.71 1.00 6.21 Vanguard Target 2030 Composite Index 0.00 100.00 100.00 0.00 N/A 0.73 1.00 6.20 48 THE ( BOGDAHN 'e� GRoup Mutual Fund Info from Lipper Product Name : Vanguard Tgt Ret204O;lnv (VFORX) Fund Family: Vanguard Group Inc Ticker: VFORX Peer Group : IM Mixed -Asset Target 2040 (MF) Benchmark : Vanguard Target 2040 Composite Index Fund Inception : 06/07/2006 Portfolio Manager: Buek/Coleman/Nejman Total Assets : $14,880 Million Total Assets Date : 02/29/2016 Gross Expense : 0.16% Net Expense : 0.16% Turnover: 21% Peer Group Analysis - IM Mixed -Asset Target 2040 (MF) 40.00 30.00 20.00 St. Lucie County Vanguard Target Ret 2040 (VFORX) As of March 31. 2016 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 c 10.00 O O 0.00 0 0 0 -10.00 • O -20.00 QTR YTD 1 YR 3 YR 5 YR 2015 2014 0 • O 0 2013 2012 2011 • Vanguard Target Ret 2040 (VFORX) 0.84 (37) 0.84 (37) -3.07 (27) 7.11 (10) 7.28 (9) -1.59 (44) 7.15 (12) 24.37 (17) 15.56 (33) -2.55 (21) O Vanguard Target 2040 Composite Index 0.88 (36) 0.88 (36) -2.68 (19) 7.45 (5) 7.60 (6) -1.25 (36) 7.61 (7) 24.79 (12) 15.58 (32) -2.11 (16) Median 0.57 0.57 -3.94 5.71 5.81 -1.74 5.38 21.68 14.92 -3.93 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 Vanguard Target Ret 2040 (VFORX) 4.26 (34) -7.93 (59) 0.13 (38) 2.39 (22) 2.31 (27) -1.53 (20) Vanguard Target 2040 Composite Index 4.66 (11) -7.99 (61) 0.18 (33) 2.36 (24) 2.46 (20) -1.41 (16) IM Mixed -Asset Target 2040 (MF) Median 3.83 -7.76 -0.13 1.98 1.98 -2.01 49 THE BOGDAHN -� GRoup 3 Yr Rolling Under/Over Performance - 5 Years X 32.0 W Over 0 Performance u. > 24.0 O a N 16.0 d n: m 8.0 s ~ 0.0 v m -8.0 -8.0 0.0 8.0 16.0 Vanguard Target 2040 Composite Index (% ) Under Performance + Earliest Date X Latest Date Peer Group Scattergram - 3 Years 7.98 7.41 6.84 • a 6.27 K 5.70 5.13 10.00 10.08 10.16 10.24 10.32 Risk (Standard Deviation %) Return St. Lucie County Vanguard Target Ret 2040 (VFORX) As of March 31. 2016 3 Yr Rolling Percentile Ranking - 5 Years x v 0.00 25.00 C u `w 50.00 IL E 75.00 w K 100.00 Under Performance 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 24.0 32.0 Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count u • Vanguard Target Ret 2040 (VFORX) 20 O Vanguard Target 2040 Composite Index 20 Peer Group Scattergram - 5 Years 8.26 7.67 � 7.08 v 6.49 5.90 5.31 18 (90%) 2 (10%) 0 (0%) 0 (0%) 18 (90%) 2 (10%) 0 (0%) 0 (0%) 10.40 10.48 11.58 11.61 11.64 11.67 11.70 11.73 Risk (Standard Deviation %) Standard Return Standard Deviation Deviation • Vanguard Target Ret 2040 (VFORX) 7.11 10.31 • Vanguard Target Ret 2040 (VFORX) 7.28 11.67 O Vanguard Target 2040 Composite Index 7.45 10.39 O Vanguard Target 2040 Composite Index 7.60 11.72 - Median 5.71 10.06 - Median 5.81 11.61 Historical Statistics - 3 Years 11.76 Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Target Ret 2040 (VFORX) 0.57 99.05 101.34 -0.25 -0.58 0.71 0.99 5.99 Vanguard Target 2040 Composite Index 0.00 100.00 100.00 0.00 N/A 0.74 1.00 6.04 Historical Statistics - 5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Target Ret 2040 (VFORX) 0.60 98.74 100.40 -0.26 -0.51 0.66 0.99 7.26 Vanguard Target 2040 Composite Index 0.00 100.00 100.00 0.00 N/A 0.68 1.00 7.25 50 THE ( BOGDAHN GRoup Mutual Fund Info from Lipper Product Name : Vanguard Tgt Ret205O;lnv (VFIFX) Fund Family: Vanguard Group Inc Ticker: VFIFX Peer Group : IM Mixed -Asset Target 2050 (MF) Benchmark : Vanguard Target 2050 Composite Index Fund Inception : 06/07/2006 Portfolio Manager: Buek/Coleman/Nejman Total Assets : $7,846 Million Total Assets Date : 02/29/2016 Gross Expense : 0.16% Net Expense : 0.16% Turnover: 18% Peer Group Analysis - IM Mixed -Asset Target 2050 (MF) 40.00 30.00 20.00 St. Lucie County Vanguard Target Ret 2050 (VFIFX) As of March 31. 2016 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 c 10.00 O O 0.00 0 0 0 -10.00 • O -20.00 QTR YTD 1 YR 3 YR 5 YR 2015 2014 0 • O 0 2013 2012 2011 • Vanguard Target Ret 2050 (VFIFX) 0.77 (38) 0.77 (38) -3.10 (26) 7.09 (12) 7.26 (14) -1.58 (46) 7.18 (17) 24.34 (31) 15.58 (47) -2.54 (14) O Vanguard Target 2050 Composite Index 0.84 (34) 0.84 (34) -2.71 (18) 7.43 (8) 7.59 (7) -1.25 (37) 7.61 (11) 24.79 (26) 15.58 (48) -2.11 (12) Median 0.48 0.48 -4.20 5.99 6.13 -1.76 5.61 23.08 15.47 -4.38 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 Vanguard Target Ret 2050 (VFIFX) 4.31 (41) -7.94 (52) 0.13 (40) 2.36 (79) 2.31 (31) -1.50 (19) Vanguard Target 2050 Composite Index 4.70 (16) -8.03 (53) 0.18 (38) 2.36 (79) 2.46 (24) -1.41 (16) IM Mixed -Asset Target 2050 (MF) Median 4.04 -7.92 0.00 2.68 2.04 -1.98 51 THE r BOGDAHN �-� GRoup 3 Yr Rolling Under/Over Performance - 5 Years X 32.0 LL Over u- Performance 24.0 O N 16.0 v K m 8.0 rn `- a 0.0 `m -8.0 -8.0 0.0 8.0 16.0 Vanguard Target 2050 Composite Index (% ) Under Performance + Earliest Date X Latest Date Peer Group Scattergram - 3 Years 7.68 O 0 7.20 6.72 a 6.24 St. Lucie County Vanguard Target Ret 2050 (VFIFX) As of March 31. 2016 3 Yr Rolling Percentile Ranking - 5 Years x 0.00 c O Y v 25.00 • O : • .0 O u 50.00 � `w IL c 75.00 w K 100.00 Under Performance 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 24.0 32.0 Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count 5.76 10.28 10.32 10.36 10.40 10.44 10.48 10.52 Risk (Standard Deviation %) Return Standard Deviation • Vanguard Target Ret 2050 (VFIFX) 20 O Vanguard Target 2050 Composite Index 20 Peer Group Scattergram - 5 Years 8.16 7.68 O v c 7.20 v 6.72 6.24 5.76 16 (80%) 4 (20%) 0 (0%) 0 (0%) 18 (90%) 2 (10%) 0 (0%) 0 (0%) 10.56 11.60 11.70 11.80 11.90 12.00 Risk (Standard Deviation %) Return 12.10 12.20 Standard Deviation • Vanguard Target Ret 2050 (VFIFX) 7.09 10.35 • Vanguard Target Ret 2050 (VFIFX) 7.26 11.70 O Vanguard Target 2050 Composite Index 7.43 10.44 O Vanguard Target 2050 Composite Index 7.59 11.75 - Median 5.99 10.51 - Median 6.13 12.11 Historical Statistics - 3 Years Tracking Up Market Down Market Alpha Information Sharpe Beta Downside Error Capture Capture Ratio Ratio Risk Vanguard Target Ret 2050 (VFIFX) 0.57 99.02 101.32 -0.25 -0.58 0.71 0.99 6.02 Vanguard Target 2050 Composite Index 0.00 100.00 100.00 0.00 N/A 0.74 1.00 6.08 Historical Statistics - 5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Target Ret 2050 (VFIFX) 0.62 98.75 100.45 -0.26 -0.50 0.65 0.99 7.28 Vanguard Target 2050 Composite Index 0.00 100.00 100.00 0.00 N/A 0.68 1.00 7.27 52 THE lBOGDAHN `� GROUP',. Mutual Fund Info from Lipper Product Name : Vanguard Tgt Ret206O;lnv (VTTSX) Fund Family: Vanguard Group Inc Ticker: VTTSX Peer Group : IM Mixed -Asset Target 2055+ (MF) Benchmark : Vanguard Target 2060 Composite Index Fund Inception : 01/19/2012 Portfolio Manager: Buek/Coleman/Nejman Total Assets : $834 Million Total Assets Date : 02/29/2016 Gross Expense : 0.16% Net Expense : 0.16% Turnover: 21% Peer Group Analysis - IM Mixed -Asset Target 2055+ (MF) 40.00 30.00 20.00 c 10.00 m 0 O 0 O 0.00 -10.00 -20.00 St. Lucie County Vanguard Target Ret 2060 (VTTSX) As of March 31. 2016 Summary Description The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2060 (the target year). The funds asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. • O • O QTR YTD 1 YR 3 YR • O • O • 0 n 5 YR 2015 2014 2013 2012 2011 • Vanguard Target Ret 2060 (VTTSX) 0.77 (34) 0.77 (34) -3.22 (31) 7.05 (19) N/A -1.68 (52) 7.16 (17) 24.35 (37) N/A N/A O Vanguard Target 2060 Composite Index 0.84 (31) 0.84 (31) -2.71 (20) 7.43 (10) N/A -1.25 (39) 7.61 (13) 24.79 (31) 15.58 (51) N/A Median 0.34 0.34 -3.88 6.26 6.42 -1.63 5.44 23.26 15.58 -4.66 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 Vanguard Target Ret 2060 (VTTSX) 4.31 (41) -8.00 (48) 0.07 (58) 2.38 (79) 2.27 (28) -1.51 (17) Vanguard Target 2060 Composite Index 4.70 (20) -8.03 (50) 0.18 (44) 2.36 (80) 2.46 (17) -1.41 (13) IM Mixed -Asset Target 2055+ (MF) Median 4.23 -8.04 0.10 2.71 2.05 -1.90 53 THE �BOGDAHN � GRoup 3 Yr Rolling Under/Over Performance - 5 Years X 18.0 N Over r Performance 15.0 O 12.0 w w 9.0 m `m H .0 6.0 `m 3 3.0 3.0 6.0 9.0 12.0 Vanguard Target 2060 Composite Index (% ) Under Performance + Earliest Date X Latest Date Peer Group Scattergram - 3 Years 7.80 - 7.41 O 7.02 a 6.63 K St. Lucie County Vanguard Target Ret 2060 (VTTSX) As of March 31. 2016 3 Yr Rolling Percentile Ranking - 5 Years x 0.00 v 25.00 O : • C • W � 50.00 `w IL c 75.00 w K Under 100.00 Performance 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 15.0 18.0 Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count O.L4 5.85 10.30 10.35 10.40 10.45 10.50 10.55 Risk (Standard Deviation %) Return Standard Deviation • Vanguard Target Ret 2060 (VTTSX) 5 O Vanguard Target 2060 Composite Index 6 Peer Group Scattergram - 5 Years 6.90 ems` 6.60 c 2 (40%) 3 (60%) 0 (0%) 0 (0%) 6 (100°/ 0 (0%) 0 (0%) 0 (0%) 6.30 6.00 11.61 11.88 12.15 12.42 12.69 Risk (Standard Deviation %) Return 12.96 13.23 Standard Deviation 13.50 • Vanguard Target Ret 2060 (VTTSX) 7.05 10.35 • Vanguard Target Ret 2060 (VTTSX) N/A N/A O Vanguard Target 2060 Composite Index 7.43 10.44 O Vanguard Target 2060 Composite Index N/A N/A - Median 6.26 10.52 - Median 6.42 12.43 Historical Statistics - 3 Years Tracking Up Market Down Market Information Alpha Sharpe Beta Downside Error Capture Capture Ratio Ratio Risk Vanguard Target Ret 2060 (VTTSX) 0.55 98.83 101.32 -0.29 -0.66 0.71 0.99 6.01 Vanguard Target 2060 Composite Index 0.00 100.00 100.00 0.00 N/A 0.74 1.00 6.08 Historical Statistics - 5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Target Ret 2060 (VTTSX) N/A N/A N/A N/A N/A N/A N/A N/A Vanguard Target 2060 Composite Index N/A N/A N/A N/A N/A N/A N/A N/A 54 "O\ THE `\ BOGDAHN - GROUP Mutual Fund Info from Lipper Product Name : Vanguard Tgt Ret Inc;lnv (VTINX) Fund Family: Vanguard Group Inc Ticker: VTINX Peer Group : IM Mixed -Asset Target Today (MF) Benchmark : Vanguard Target Income Composite Index Fund Inception : 10/27/2003 Portfolio Manager: Buek/Coleman/Nejman Total Assets : $10,118 Million Total Assets Date : 02/29/2016 Gross Expense : 0.14% Net Expense : 0.14% Turnover: 14% Peer Group Analysis - IM Mixed -Asset Target Today (MF) 15.00 10.00 5.00 c y Q K 0.00 -5.00 -10.00 QTR • O YTD St. Lucie County Vanguard Target Retirement Income (VTINX) As of March 31. 2016 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 • O 1 YR • O p • O • 0 • O 0 O 3 YR 5 YR 2015 2014 2013 2012 2011 • Vanguard Target Retirement Income (VTINX) 2.35 (10) 2.35 (10) 0.41 (4) 3.64 (16) 4.95 (10) -0.17 (7) 5.54 (10) 5.87 (38) 8.23 (67) 5.25 (8) O Vanguard Target Income Composite Index 2.25 (19) 2.25 (19) 0.59 (3) 3.86 (11) 5.10 (9) 0.13 (2) 5.76 (8) 6.03 (37) 8.42 (63) 5.30 (8) Median 1.79 1.79 -1.17 2.43 3.69 -1.45 3.87 5.39 8.91 2.84 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 Vanguard Target Retirement Income (VTINX) 1.16 (34) -2.11 (9) -0.93 (62) 1.75 (38) 1.52 (14) -0.39 (2) Vanguard Target Income Composite Index 1.40 (24) -2.16 (11) -0.85 (46) 1.79 (35) 1.58 (13) -0.38 (2) IM Mixed -Asset Target Today (MF) Median 0.87 -3.15 -0.89 1.65 1.04 -1.33 55 THE BOGDAHN -� GRoup 3 Yr Rolling Under/Over Performance - 5 Years y 15.0 E Over o Performance 12.0 a 9.0 d 6.0 5 3.0 rn 0 0.0 0.0 3.0 6.0 9.0 Vanguard Target Income Composite Index (% ) ® Over Performance 0 Under Performance Earliest Date X Latest Date Peer Group Scattergram - 3 Years 4.23 3.76 p 3.29 a 2.82 K 2.35 1.88 3.84 4.00 4.16 4.32 4.48 4.64 Risk (Standard Deviation %) Return St. Lucie County Vanguard Target Retirement Income (VTINX) As of March 31. 2016 3 Yr Rolling Percentile Ranking - 5 Years x 0.00 25.00 C 50.00 `w IL • E 75.00 Under w Performance Of 100.00 12.0 15.0 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12114 6/15 3/16 Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count • Vanguard Target Retirement Income (VTINX) 20 O Vanguard Target Income Composite Index 20 Peer Group Scattergram - 5 Years 5.64 5.17 � 4.70 v 4.23 vF 9 (45% 9 (45% 2 (10% 0 (0%) 12 (60% 6 (30% 2 (10% 0 (0%) - 4.80 4.96 5.12 4.00 4.20 4.40 4.60 4.80 5.00 5.20 Risk (Standard Deviation %) Standard Return Standard Deviation Deviation • Vanguard Target Retirement Income (VTINX) 3.64 4.09 • Vanguard Target Retirement Income (VTINX) 4.95 4.23 O Vanguard Target Income Composite Index 3.86 4.10 O Vanguard Target Income Composite Index 5.10 4.24 - Median 2.43 4.94 - Median 3.69 4.90 Historical Statistics - 3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Target Retirement Income (VTINX) 0.31 97.94 101.11 -0.19 -0.68 0.88 0.99 2.31 Vanguard Target Income Composite Index 0.00 100.00 100.00 0.00 N/A 0.93 1.00 2.30 Historical Statistics - 5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Vanguard Target Retirement Income (VTINX) 0.27 98.62 100.47 -0.12 -0.51 1.15 1.00 2.26 Vanguard Target Income Composite Index 0.00 100.00 100.00 0.00 N/A 1.18 1.00 2.27 56 THE BOGDAHN GROUP',. Mutual Fund Info from Lipper Product Name : Vanguard REIT Idx;Adm (VGSLX) Fund Family: Vanguard Group Inc Ticker: VGSLX Peer Group : IM Real Estate Sector (MF) Benchmark : MSCI U.S. REIT Index Fund Inception : 11/12/2001 Portfolio Manager: Gerard C. O'Reilly Total Assets : $14,973 Million Total Assets Date : 02/29/2016 Gross Expense : 0.12% Net Expense : 0.12% Turnover: 8% Peer Group Analysis - IM Real Estate Sector (MF) 50.00 35.00 20.00 c � 0 05.00 -10.00 Performance Review Vanguard REIT Idx;Adm (VGSLX) As of March 31. 2016 Summary Description The investment seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the performance of publicly traded equity REITs. The fund employs an indexing investment approach designed to track the performance of the MSCI U.S. REIT Index. The index is composed of stocks of publicly traded equity real estate investment trusts (known as REITs). The fund attempts to replicate the index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. O O 0 0 0 0 0 0 -25.00 QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011 • Vanguard REIT Idx;Adm (VGSLX) 6.27 (7) 6.27 (7) 3.91 (36) 10.35 (35) 11.76 (19) 2.39 (61) 30.32 (32) 2.42 (30) 17.69 (30) 8.62 (40) O MSCI U.S. REIT Index 6.31 (6) 6.31 (6) 4.05 (31) 10.45 (30) 11.85 (15) 2.52 (57) 30.38 (29) 2.47 (28) 17.78 (29) 8.68 (38) Median 4.81 4.81 3.36 9.84 10.92 2.89 29.43 1.62 16.84 7.89 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2015 Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014 Vanguard REIT Idx;Adm (VGSLX) 7.04 (46) 2.01 (56) -10.46 (79) 4.72 (38) 14.30 (38) -3.13 (54) MSCI U.S. REIT Index 7.08 (44) 2.06 (51) -10.44 (77) 4.75 (36) 14.34 (36) -3.11 (50) IM Real Estate Sector (MF) Median 6.97 2.07 -9.86 4.43 14.11 -3.11 THE 57 BOGDAHN �� GRoup 2016 Fiduciary Documentation FQuar e Review of plan investments and compliance with investment policy statement Follow required procedures, including documentation of all meetings and decisions Review performance of providers Review QDIA selection Allocation fund (Target Date or Risk -based) analysis Investment policy statement review Employee education review Plan recordkeeping & administration services review Fee analysis =fther Projects 7 19 J a Ti e 58 r BOGDAHN �'-� GROuP Growth of Target Date Funds Target Date Funds (TDFs) are a single investment option that provide a diversified, professionally managed mix of investments designed to give participants a long term asset allocation strategy built around their anticipated retirement date. These investments automatically become more conservative over time as the duration of the participant's investment horizon decreases. First introduced in the early 1990s, the popularity of TDFs has increased dramatically due to the auto - enrollment legislation established in the Pension Protection Act of 2006, which created the need for a safe -harbor Qualifying Default Investment Alternative (QDIA) within 401(k) plans. The U.S. Dept. of Labor approved TDFs as one of three types of QDIAs. • In 2015, over 50% of new contributions flowed into TDFs.1 • TDFs now account for $700 billion in retirement plans, more than four times the total at the end of 2008.1 • By the end of 2019, it is estimated that TDFs will attract nearly 90% of new contributions.' 1 "Retirement Markets 2014: Sizing Opportunities in Private and Public Retirement Plans" Cerulli Associates Target -Date Funds Are Getting Popular ■..., 600 400 a 20R5 2006 2007 2005 2009 Ma ng.. hie. TH F: 59 BOGDAHN GROUP How Target Date Funds Work ■ Glide path - A glide path represents the shift in asset allocation (becoming more conservative) as time passes. In general there are two distinct glide path strategies: ■ To - A 'to' approach reflects a target date fund whose asset allocation becomes most conservative at the target retirement date. ■ Through - A 'through' approach reflects a target date fund whose asset allocation typically contains a higher allocation to equities at target retirement date and continues reducing equity exposure until a future date during retirement. 9 I I 25 30 35 40 45 50 55 60 65 70 75 80 85 90 Age PIN THE 1/ BOGDAHN so GROUP',. Guidelines for Selection and Review of Target Date Funds ❑ Establish a process for comparing and selecting that considers employee demographics and complies with the Investment Policy Statement ❑ Establish a process for the periodic review ❑ Understand the fund's investments —the allocation in different asset classes (stocks, bonds, cash), individual investments, and how these will change over time ❑ Review the fund's fees and investment expenses ❑ Inquire about whether a custom or non-proprietary target date fund would be a better fit for your plan ❑ Develop effective employee communications ❑ Take advantage of available sources of information to evaluate the fund recommendations you received regarding the selection process ❑ Document the process Excerpts from Target Date Retirement Funds — Tips for ERISA Plan Fiduciaries, DOL February 2013 _:T%� THE 61 BOGDAHN GROUP Report Statistics Definitions and Descriptions Active Return - Arithmetic difference between the manager's performance and the designated benchmark return over a specified time period. Alpha - A measure of the difference between a portfolio's actual performance and its expected return based on its level of risk as determined by beta. It determines the portfolio's non -systemic return, or its historical performance not explained by movements of the market. Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of the portfolio's systematic risk. Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. Higher consistency indicates the manager has contributed more to the product's performance. Down Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance Downside Risk - A measure similar to standard deviation that utilizes only the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. A higher factor is indicative of a riskier product. Excess Return - Arithmetic difference between the manager's performance and the risk -free return over a specified time period. Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk free return. Information Ratio - This calculates the value-added contribution of the manager and is derived by dividing the active rate of return of the portfolio by the tracking error. The higher the Information Ratio, the more the manager has added value to the portfolio. R-Squared - The percentage of a portfolio's performance that can be explained by the behavior of the appropriate benchmark. A high R-Squared means the portfolio's performance has historically moved in the same direction as the appropriate benchmark. Return - Compounded rate of return for the period. Sharpe Ratio - Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is an absolute rate of return per unit of risk. A higher value demonstrates better historical risk -adjusted performance. Standard Deviation - A statistical measure of the range of a portfolio's performance. It represents the variability of returns around the average return over a specified time period. Tracking Error - This is a measure of the standard deviation of a portfolio's returns in relation to the performance of its designated market benchmark. Treynor Ratio - Similar to Sharpe ratio but utilizes beta rather than excess risk as determined by standard deviation. It is calculated by taking the excess rate of return above the risk free rate divided by beta to derive the absolute rate of return per unit of risk. A higher value indicates a product has achieved better historical risk -adjusted performance. Up Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance. 62 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 performance 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 results 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. This performance report is based on data obtained by the client's custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various asset positions. 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. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management services. Additional information included in this document may contain data provided by from index databases, public economic sources and the managers themselves. This document may contain data provided by Barclays. Barclays Index data provided by way of Barclays Live. This document may contain data provided by Standard and Poor's. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where S&P Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance provided within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results. This document may contain data provided by MSCI, Inc. Copyright MSCI, 2012. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an "as is" basis and the user of this information assumes the entire risk of any use it may make or permit to be made of this information. 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Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punitive, consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages. This document may contain data provided by Russell Investment Group. Russell Investment Group is the source owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a user presentation of the data. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in presentation thereof. This document may contain data provided by Morningstar. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in yourjurisdiction. Past financial performance is not guarantee of future results. 63 THE BOGDAHN ..,GRoup. simplifi�ing y mp investmem caul frclaciary decisions Orlando 4901 Vineland Road, Suite 600 Orlando, Florida 32811 866.240.7932 Chicago Cleveland Detroit Pittsburgh Tulsa