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HomeMy WebLinkAboutDCPC0516BackupSt. Lucie County Deferred Compensation Plan Investment Performance Review 1st Quarter 2016 1s t Q u a r t e r 2 0 1 6 M a r k e t E n v i r o n m e n t 1  Th e 1 s t q u a r t e r o f 2 0 1 6 p r o v e d v o l a t i l e a s b r o a d e q u i t y m a r k e t s d e c l i n e d si g n i f i c a n t l y t h r o u g h t h e f i r s t h a l f o f t h e p e r i o d d u e t o g l o b a l e c o n o m i c g r o w t h co n c e r n s , l o w a n d f a l l i n g e n e r g y p r i c e s , a n d t h e p r o s p e c t o f r i s i n g i n t e r e s t ra t e s i n t h e U . S . A t i t s l o w e s t p o i n t o n F e b r u a r y 1 1 , 2 0 1 6 , t h e S & P 5 0 0 h a d fa l l e n b y - 1 0 . 3 % . H o w e v e r , e q u i t y p r i c e s r e c o v e r e d t h r o u g h t h e s e c o n d h a l f o f th e q u a r t e r a s i n v e s t o r s r e a c t e d t o i m p r o v i n g e c o n o m i c d a t a , a r e c o v e r y i n co m m o d i t y p r i c e s , a n d v a r i o u s c e n t r a l b a n k a n n o u n c e m e n t s o f c o n t i n u e d mo n e t a r y p o l i c y e a s i n g . A s a r e s u l t , t h e S & P 5 0 0 a p p r e c i a t e d 1 3 . 0 % t h r o u g h th e e n d o f M a r c h a n d f i n i s h e d t h e q u a r t e r w i t h a r e t u r n o f 1 . 3 % .  Ea c h o f t h e U . S . s t o c k m a r k e t i n d i c e s w e t r a c k f o l l o w e d a s i m i l a r p a t t e r n t o t h e S& P 5 0 0 a n d w e r e m o d e s t l y p o s i t i v e t h r o u g h t h e 1 s t q u a r t e r w i t h t h e ex c e p t i o n o f t h e R u s s e l l 2 0 0 0 , w h i c h r e t u r n e d - 1 . 5 % f o r t h e p e r i o d . F o r t h e 1 - ye a r p e r i o d , d o m e s t i c l a r g e c a p s t o c k i n d i c e s w e r e t h e b e s t p e r f o r m e r s , w i t h th e S & P 5 0 0 a n d R u s s e l l 1 0 0 0 r e t u r n i n g 1 . 8 % a n d 0 . 5 % , r e s p e c t i v e l y , w h i l e do m e s t i c s m a l l - ( - 9 . 8 % ) a n d m i d - c a p i t a l i z a t i o n ( - 4 . 0 % ) i n d i c e s p o s t e d n e g a t i v e re s u l t s f o r t h e p e r i o d . I n U . S . d o l l a r ( US D ) t e r m s , t h e M S C I E m e r g i n g M a r k e t (E M ) I n d e x ( n e t ) s u r g e d i n t h e b a c k h a l f o f t h e p e r i o d , r e t u r n i n g a s o l i d 5 . 7 % fo r t h e q u a r t e r . D e v e l o p e d i n t e r n a t i o n a l m a r k e t s d i d n o t f a r e a s w e l l w i t h t h e MS C I E A F E I n d e x ( n e t ) f i n i s h i n g t h e q u a r t e r w i t h a r e t u r n o f - 3 . 0 % . B o t h in t e r n a t i o n a l b e n c h m a r k s w e r e w e a k o v e r t h e 1 - y e a r p e r i o d w i t h t h e M S C I EA F E I n d e x r e t u r n i n g - 8 . 3 % a n d t h e M S C I E M I n d e x r e t u r n i n g - 1 2 . 0 % .  Th e U . S . T r e a s u r y y i e l d c u r v e f l a t t e n e d t h r o u g h o u t t h e 1 s t q u a r t e r . T h e d r o p in y i e l d s w a s p r i m a r i l y c a u s e d b y U . S . F e d e r a l R e s e r v e ( F e d ) i n d i c a t i o n s t h e y wo u l d l i k e l y b e s l o w i n g t h e i r e x p e c t e d p a c e o f f u t u r e i n t e r e s t r a t e i n c r e a s e s , a s we l l a s a n i n c r e a s e d d e m a n d f o r s a f e h a v e n a s s e t s , a s t h e v o l a t i l i t y i n t h e eq u i t y m a r k e t s p u s h e d i n v e s t o r s a w a y f r o m r i s k a s s e t s . A s a r e s u l t , U . S . f i x e d in c o m e m a r k e t s w e r e p o s i t i v e a c r o s s m a t ur i t i e s a n d q u a l i t i e s f o r t h e p e r i o d . Th e b r o a d m a r k e t B a r c l a y s U . S . A g g r e g a t e I n d e x r e t u r n e d a s o l i d 3 . 0 % d u r i n g th e q u a r t e r . T h i s b r o a d m a r k e t p e r f o r m a n c e w a s l e d b y i n v e s t m e n t g r a d e co r p o r a t e s w h i c h b e n e f i t t e d f r o m t h e i r h i g h e r d u r a t i o n a s w e l l s a s i n t e r e s t r a t e sp r e a d s t h a t d e c l i n e d s i g n i f i c a n t l y i n t h e s e c o n d h a l f o f t h e q u a r t e r . U . S . Tr e a s u r y I n f l a t i o n P r o t e c t e d S e c u r i t i e s ( T I P S ) r e t u r n e d 4 . 5 % f o r t h e q u a r t e r an d w e r e a i d e d b y h i g h e r i n f l a t i o n e x p e c t a t i o n s ( l o w e r T I P S y i e l d s ) a n d in c r e a s e d c o m m o d i t y p r i c e s . G l o b a l f i x e d i n c o m e i n d i c e s o u t p e r f o r m e d t h e i r U. S . c o u n t e r p a r t s i n U S D t er m s w i t h a t a i l w i n d f r o m b o t h f a l l i n g i n t e r e s t r a t e s an d a w e a k e n i n g U S D . So u r c e : I n v e s t m e n t M e t r i c s The Market Environment Major Market Index Performance As of March 31, 2016 0. 1 % 4.0%2.0%4.5%3.1%3.0% -1 . 5 % 2.2%1.2%1.0%1.3%5.7% -3 . 0 % -0 . 4 % -4 . 0 % -2 . 0 % 0. 0 % 2.0%4.0%6.0% 3- M o n t h T - B i l l Ba r c l a y s C o r p I G Ba r c l a y s M B S Ba r c l a y s U S T I P S Ba r c l a y s U S G o v t Ba r c l a y s U S A g g Ru s s e l l 2 0 0 0 Ru s s e l l M i d C a p Ru s s e l l 1 0 0 0 Ru s s e l l 3 0 0 0 S& P 5 0 0 MS C I E m e r g M k t s MS C I E A F E MS C I A C W x U S Qu a r t e r P e r f o r m a n c e 0.1%0.9%2.4%1.5%2.4%2.0% -9 . 8 % -4 . 0 % 0.5%-0.3%1.8% -1 2 . 0 % -8 . 3 % -9 . 2 % -1 4 . 0 % - 1 2 . 0 % - 1 0 . 0 % - 8 . 0 % - 6 . 0 % - 4 . 0 % - 2 . 0 % 0 . 0 % 2 . 0 % 4 . 0 % 3- M o n t h T - B i l l Ba r c l a y s C o r p I G Ba r c l a y s M B S Ba r c l a y s U S T I P S Ba r c l a y s U S G o v t Ba r c l a y s U S A g g Ru s s e l l 2 0 0 0 Ru s s e l l M i d C a p Ru s s e l l 1 0 0 0 Ru s s e l l 3 0 0 0 S& P 5 0 0 MS C I E m e r g M k t s MS C I E A F E MS C I A C W x U S 1- Y e a r P e r f o r m a n c e 2 So u r c e : I n v e s t m e n t M e t r i c s The Market Environment Do m e s t i c E q u i t y S t y l e I n d e x P e r f o r m a n c e As of March 31, 2016  U. S . m a c r o e c o n o m i c d a t a f u e l e d d o m e s t i c e q u i t y r e t u r n s f o r t h e 1 s t q u a r t e r . Ea r l y o n , c o n c e r n s a b o u t U . S . G D P g r o w t h , g r o w i n g i n i t i a l j o b l e s s c l a i m s , we a k n e s s i n U . S . m a n u f a c t u r i n g , l o w o i l p r i c e s , a n d t h e p o t e n t i a l f o r a s t e a d y pa t t e r n o f i n t e r e s t r a t e h i k e s r e s u l t e d i n c o n s i d e r a b l e d o w n s i d e m o m e n t u m f o r U. S . e q u i t y i n d i c e s . H o w e v e r , a s t h e q u a r t e r p r o g r e s s e d , e m p l o y m e n t a n d in c o m e d a t a a p p e a r e d s t r o n g e r , m o v i n g t o a p o s t - r e c e s s i o n l o w , a n d r e g i o n a l ma n u f a c t u r i n g s u r v e y s s h o w e d s i g n s o f i m p r o v e m e n t . I n a d d i t i o n , o i l p r i c e s re b o u n d e d f r o m a l o w o f $ 2 6 / b a r r e l i n F e b r u a r y t o $ 3 8 / b a r r e l a t t h e e n d o f Ma r c h , a n d , d e s p i t e s i g n s o f r i s i n g i n f l a t i o n , t h e F e d l o w e r e d i t s m e d i a n pr o j e c t i o n f o r t h e n u m b e r o f i n t e r e s t r a t e i n c r e a s e s i n 2 0 1 6 f r o m f o u r t o o n l y tw o .  Do m e s t i c e q u i t y i n d e x p e r f o r m a n c e w a s l a r g e l y p o s i t i v e d u r i n g t h e 1 s t q u a r t e r . Va l u e s t o c k s o u t p e r f o r m e d g r o w t h s t o c k s a c r o s s t h e c a p i t a l i z a t i o n s p e c t r u m re v e r s i n g a p e r s i s t e n t t r e n d o f g r o w t h s t y l e o u t p e r f o r m a n c e . T h i s s h i f t w a s li k e l y d u e t o i n v e s t o r s s e e k i n g t h e r e l a t i v e s a f e t y a n d s t a b i l i t y o f v a l u e s t o c k s gi v e n t h e t u r b u l e n t s t a r t t o t h e y e a r . M i d c a p v a l u e s t o c k s w e r e t h e b e s t pe r f o r m e r s a c r o s s t h e v a l u e s p e c t r u m , r e t u r n i n g 3 . 9 % d u r i n g t h e p e r i o d . Sm a l l c a p v a l u e ( 1 . 7 % ) a n d l a r g e c a p v a l u e ( 1 . 6 % ) b e n c h m a r k s p o s t e d s i m i l a r re s u l t s b u t w e r e u p l e s s t h a n h a l f o f t h e M i d C a p I n d e x ’ s p e r f o r m a n c e . W i t h i n th e g r o w t h s p e c t r u m , l a r g e c a p s t o c k s w e r e t h e b e s t p e r f o r m e r s ( 0 . 7 % ) , fo l l o w e d b y m i d c a p s t o c k s ( 0 . 6 % ) . T h e R u s s e l l 2 0 0 0 G r o w t h I n d e x w a s t h e la r g e s t u n d e r p e r f o r m e r , r e t u r n i n g - 4 . 7 % f o r t h e q u a r t e r , s u b s t a n t i a l l y t r a i l i n g ot h e r i n d i c e s .  La r g e c a p s t o c k s , a s r e p r e s e n t e d b y t h e R u s s e l l 1 0 0 0 ’ s r e t u r n o f 0 . 5 % , p o s t e d th e o n l y p o s i t i v e c o r e i n d e x p e r f o r m a n c e o v e r t h e 1 - y e a r p e r i o d . H o w e v e r , st y l e b i a s w a s m i x e d . T h e R u s s e l l 1 0 0 0 G r o w t h I n d e x w a s t h e b e s t p e r f o r m e r , re t u r n i n g 2 . 5 % f o r t h e y e a r . I n c o n t r a s t , t h e g r o w t h i n d i c e s f o r b o t h m i d ( - 4. 7 % ) a n d s m a l l ( - 1 1 . 8 % ) c a p s t o c k s p o s t e d n e g a t i v e r e s u l t s a n d un d e r p e r f o r m e d t h e i r r e s p e c t i v e v a l u e b e n c h m a r k s .  De s p i t e t h e i r u n d e r p e r f o r m a n c e o v e r t h e 1 - y e a r p e r i o d , f r o m a v a l u a t i o n pe r s p e c t i v e , c u r r e n t P r i c e / E a r n i n g s r a t i o s ( P / E ) f o r v a l u e i n d i c e s a p p e a r st r e t c h e d r e l a t i v e t o t h e i r l o n g - t e r m ( 2 0 - y e a r ) a v e r a g e s . T h e m i d c a p v a l u e in d e x a p p e a r s m o s t e x p e n s i v e a t 1 2 2 % o f i t s l o n g - t e r m a v e r a g e . I n c o n t r a s t , cu r r e n t P / E v a l u a t i o n s f o r t h e g r o w t h i n d i c e s f a l l b e t w e e n 9 0 % a n d 9 5 % o f th e i r h i s t o r i c a l l o n g - t e r m a v e r a g e s . -4 . 7 % -1 . 5 % 1.7%0.6%2.2%3.9%0.7%1.2%1.6%0.3%1.0%1.6% -6 . 0 % -4 . 0 % -2 . 0 % 0.0%2.0%4.0% 20 0 0 G r o w t h 20 0 0 I n d e x 20 0 0 V a l u e Mi d C a p G r o w t h Mi d C a p I n d e x Mi d C a p V a l u e 10 0 0 G r o w t h 10 0 0 I n d e x 10 0 0 V a l u e 30 0 0 G r o w t h 30 0 0 I n d e x 30 0 0 V a l u e Qu a r t e r P e r f o r m a n c e - R u s s e l l S t y l e S e r i e s -1 1 . 8 % -9 . 8 % -7 . 7 % -4 . 7 % -4 . 0 % -3.4%2.5%0.5%-1.5%1.3%-0.3%-2.1% -1 4 . 0 % - 1 2 . 0 % - 1 0 . 0 % - 8 . 0 % - 6 . 0 % - 4 . 0 % - 2 . 0 % 0 . 0 % 2 . 0 % 4 . 0 % 20 0 0 G r o w t h 20 0 0 I n d e x 20 0 0 V a l u e Mi d C a p G r o w t h Mi d C a p I n d e x Mi d C a p V a l u e 10 0 0 G r o w t h 10 0 0 I n d e x 10 0 0 V a l u e 30 0 0 G r o w t h 30 0 0 I n d e x 30 0 0 V a l u e 1- Y e a r P e r f o r m a n c e - R u s s e l l S t y l e S e r i e s 3 The Market Environment GI C S S e c t o r P e r f o r m a n c e & ( S e c t o r W e i g h t ) As of March 31, 2016 So u r c e : M o r n i n g s t a r D i r e c t  La r g e c a p s e c t o r p e r f o r m a n c e w a s g e n e r a l l y p o s i t i v e f o r t h e 1 s t q u a r t e r w i t h ei g h t o f t h e t e n e c o n o m i c s e c t o r s w i t h i n t h e R u s s e l l 1 0 0 0 I n d e x p o s t i n g g a i n s . Th e H e a l t h C a r e a n d F i n a n c i a l s s e c t o r s w e r e t h e o n l y l a g g a r d s r e t u r n i n g -6 . 1 % a n d - 4 . 3 % r e s p e c t i v e l y . H e a l t h C a r e l o s s e s w e r e l e d b y t h e s t r u g g l i n g bi o t e c h i n d u s t r y a s s t o c k p r i c e s r e a c t e d t o i n c r e a s e d p o l i t i c a l d i s c u s s i o n su r r o u n d i n g d r u g p r i c e r e f o r m . A n i n c r e a s e d l i k e l i h o o d o f l o w i n t e r e s t r a t e s i n th e n e a r - t e r m h u r t t h e e a r n i n g s o u t l o o k f o r F i n a n c i a l s . T h e s t r o n g e s t pe r f o r m i n g s e c t o r s f o r t h e q u a r t e r w e r e t h e r e l a t i v e l y d e f e n s i v e U t i l i t i e s (1 5 . 7 % ) , T e l e c o m S e r v i c e s ( 1 5 . 2 % ) a n d C o n s u m e r S t a p l e s ( 5 . 5 % ) s e c t o r s . Th e s e s e c t o r s b e n e f i t t e d f r o m t h e i r l o w e r p e r c e i v e d r i s k a n d h i g h e r d i v i d e n d yi e l d s a s i n v e s t o r s s o u g h t s h e l t e r f r o m t h e q u a r t e r ’ s e a r l y v o l a t i l i t y . O v e r t h e 1- y e a r p e r i o d , s i x o f t e n e c o n o m i c s e c t o r s i n t h e l a r g e c a p i n d e x h a d p o s i t i v e pe r f o r m a n c e , w i t h t h e d e f e n s i v e s e c t o r s , l a r g e l y d u e t o p e r f o r m a n c e i n t h e 1 s t qu a r t e r , p o s t i n g t h e s t r o n g e s t r e t u r n s . O n t h e n e g a t i v e s i d e , t h e o i l p r i c e dr i v e n E n e r g y s e c t o r w a s t h e w o r s t p e r f o r m e r b y a s i z a b l e m a r g i n r e t u r n i n g - 17 . 9 % f o r t h e p e r i o d . H e a l t h C a r e ( - 6 . 4 % ) , F i n a n c i a l s ( - 4 . 0 % ) , a n d M a t e r i a l s (- 5 . 6 % ) w e r e a l s o n e g a t i v e f o r t h e 1 - y e a r p e r i o d .  Sm a l l c a p s e c t o r r e t u r n s w e r e , b y a n d l a r g e , w o r s e t h a n c o r r e s p o n d i n g l a r g e ca p s e c t o r r e t u r n s . S i m i l a r t o l a r g e c a p s e c t o r s , s m a l l c a p s e c t o r p e r f o r m a n c e wa s l a r g e l y p o s i t i v e f o r t h e q u a r t e r . H o w e v e r , i n c o n t r a s t t o t h e l a r g e c a p be n c h m a r k ’ s b a l a n c e d s e c t o r r e s u l t s , o n l y t h e s m a l l c a p i n d e x ’ s t w o m o s t de f e n s i v e s e c t o r s , U t i l i t i e s ( 1 0 . 0 % ) a n d T e l e c o m S e r v i c e s ( 6 . 1 % ) , m a n a g e d t o po s t p o s i t i v e r e t u r n s o v e r t h e 1 - y e a r p e r i o d . M u c h l i k e t h e R u s s e l l 1 0 0 0 , t h e En e r g y s e c t o r p o s t e d t h e R u s s e l l 2 0 0 0 ’ s w e a k e s t 1 - y e a r s e c t o r p e r f o r m a n c e , re t u r n i n g - 4 4 . 0 % . H e a l t h C a r e ( - 2 0 . 4 % ) , M a t e r i a l s ( - 1 9 . 5 % ) , C o n s u m e r Di s c r e t i o n a r y ( - 1 2 . 8 % ) , a n d I n d u s t r i a l s ( - 1 1 . 3 % ) a l s o p o s t e d d o u b l e - d i g i t lo s s e s f o r t h e p e r i o d .  Us i n g t h e S & P 5 0 0 a s a p r o x y , t r a i l i n g P / E r a t i o s f o r s i x G I C S s e c t o r s w e r e be l o w t h e i r 2 0 - y e a r a v e r a g e s a t q u a r t e r - e n d . T h e T e l e c o m S e r v i c e s a n d Fi n a n c i a l s s e c t o r s w e r e t r a d i n g a t t h e l a r g e s t d i s c o u n t t o t h e i r l o n g - t e r m av e r a g e P / E r a t i o s . C o n v e r s e l y , E n e r g y a n d U t i l i t i e s s e c t o r v a l u a t i o n s w e r e th e m o s t e x t e n d e d r e l a t i v e t o t h e i r h i s t o r i c a l P / E r a t i o s . 15.2%16.9% -5 . 6 % 6.0%1.6% -6 . 4 % -4 . 0 % -1 7 . 9 % 10.1%4.8%15.7%15.2%4.7%1.8%4.9% -6 . 1 % -4 . 3 % 3.6%5.5%1.8% -2 0 . 0 % - 1 5 . 0 % - 1 0 . 0 % - 5 . 0 % 0 . 0 % 5 . 0 % 1 0 . 0 % 1 5 . 0 % 2 0 . 0 % Ut i l i t i e s ( 3 . 2 % ) Te l e c o m S e r v i c e s ( 2 . 5 % ) Ma t e r i a l s ( 3 . 0 % ) In f o T e c h n o l o g y ( 2 0 . 0 % ) In d u s t r i a l s ( 1 0 . 5 % ) He a l t h C a r e ( 1 4 . 3 % ) Fi n a n c i a l s ( 1 6 . 9 % ) En e r g y ( 6 . 3 % ) Co n s u m e r S t a p l e s ( 9 . 6 % ) Co n s u m e r D i s c ( 1 3 . 6 % ) Ru s s e l l 1 0 0 0 Quarter 1-Year 10.0%6.1% -1 9 . 5 % -3.8% -1 1 . 3 % -2 0 . 4 % -1.5% -4 4 . 0 % -0.1% -1 2 . 8 % 12.0%6.7%4.9%-1.6%4.5% -1 7 . 4 % 0.3%-8.2%3.2%2.3% -4 6 . 0 % - 3 6 . 0 % - 2 6 . 0 % - 1 6 . 0 % - 6 . 0 % 4 . 0 % 1 4 . 0 % Ut i l i t i e s ( 4 . 1 % ) Te l e c o m S e r v i c e s ( 0 . 9 % ) Ma t e r i a l s ( 3 . 6 % ) In f o T e c h n o l o g y ( 1 8 . 1 % ) In d u s t r i a l s ( 1 2 . 4 % ) He a l t h C a r e ( 1 4 . 8 % ) Fi n a n c i a l s ( 2 6 . 0 % ) En e r g y ( 2 . 5 % ) Co n s u m e r S t a p l e s ( 3 . 5 % ) Co n s u m e r D i s c ( 1 3 . 9 % ) Ru s s e l l 2 0 0 0 Quarter 1-Year 4 The Market Environment To p 1 0 I n d e x W e i g h t s & Q u a r t e r l y P e r f o r m a n c e f o r t h e R u s s e l l 1 0 0 0 & 2 0 0 0 As of March 31, 2016 So u r c e : M o r n i n g s t a r D i r e c t To p 1 0 W e i g h t e d S t o c k s To p 1 0 W e i g h t e d S t o c k s Ru s s e l l 1 0 0 0 W e i g h t 1- Q t r Re t u r n 1- Y e a r Re t u r n Se c t o r R u s s e l l 2 0 0 0 W e i g h t 1- Q t r Re t u r n 1-Year Return Sector Ap p l e I n c 3 . 0 8 % 4 . 1 % - 1 0 . 8 % I n f o r m a t i o n T e c hn o l o g y S T E R I S P L C 0 . 3 7 % - 5 . 3 % 2 . 6 % H e a l t h C a r e Mi c r o s o f t C o r p 2 . 1 9 % 0 . 3 % 3 9 . 5 % I n f o r m a t i o n Te c h n o l o g y C u b e S m a r t 0 . 34 % 9 . 4 % 4 1 . 5 % F i n a n c i a l s Ex x o n M o b i l C o r p o r a t i o n 1 . 7 1 % 8 . 2 % 1 . 9% E n e r g y W e s t P h a r m a c e u t i c a l S e r v ic e s I n c 0 . 3 1 % 1 5 . 4 % 1 6 . 1 % H e a l t h C a r e Jo h n s o n & J o h n s o n 1 . 4 7 % 6. 1 % 1 0 . 8 % H e a l t h C a r e T r e e h o u s e F o o d s In c 0 . 3 0 % 1 0 . 6 % 2 . 0 % Consumer Staples Ge n e r a l E l e c t r i c C o 1 . 4 7 % 2. 9 % 3 2 . 4 % I n d u s t r i a l s V a i l R e s o r t s I n c 0 .3 0 % 5 . 1 % 3 2 . 3 % C o n s u m er Discretionary Be r k s h i r e H a t h a w a y I n c B 1 . 2 9 % 7 . 5 % - 1 . 7 % F i n a n c i a l s P i ed m o n t N a t u r a l G a s C o I n c 0 . 2 9 % 5 . 5 % 6 6 . 9 % U t i l i t i e s Fa c e b o o k I n c A 1 . 2 1 % 9 . 0 % 3 8 . 8 % I n f o r m at i o n T e c h n o l o g y M a r k e t A x e s s H o l d in g s I n c 0 . 2 9 % 1 2 . 1 % 5 1 . 9 % F i n a n c i a l s AT & T I n c 1 . 1 7 % 1 5 . 4 % 2 6 . 9 % T e l e c o m m u n i c a t i o n S e r v i c es S o v r a n S e l f S t o r a g e I n c 0 . 2 8 % 1 0 . 8 % 2 9 . 9 % F i n a n c i a l s Am a z o n . c o m I n c 1 . 1 1 % - 1 2 . 2 % 59 . 5 % C o n s u m e r D i s c r e t i o n a r y H i g h w o o d s P r op e r t i e s I n c 0 . 2 8 % 1 0 . 8 % 8 . 7 % F i n a n c i a l s We l l s F a r g o & C o 1 . 1 0 % - 1 0 . 3 % - 8 . 6 % F i n a n c i a l s C a s e y ' s G en e r a l S t o r e s I n c 0 . 2 7 % - 5 .7 % 2 6 . 9 % C o n s u m e r S t a p l e s To p 1 0 P e r f o r m i n g S t o c k s ( b y Q u a r t e r ) To p 1 0 P e r f o r m i n g S t o c k s ( b y Q u a r t e r ) Ru s s e l l 1 0 0 0 W e i g h t 1- Q t r Re t u r n 1- Y e a r Re t u r n Se c t o r R u s s e l l 2 0 0 0 W e i g h t 1- Q t r Re t u r n 1-Year Return Sector Un i t e d S t a t e s S t e e l C o r p 0 . 0 1 % 1 0 2 . 5 % - 3 3 . 2 % M a t e r i a l s V a n t ag e D r i l l i n g C o 0 . 0 0 % 5 5 1 . 4 % - 9 4 . 7 % E n e r g y Cl i f f s N a t u r a l R e s o u r c e s I n c 0 . 0 0 % 8 9 . 9 % - 3 7 . 6 % M a t e r i al s A m e r i c a n E a g l e E n e r g y C o r p 0 . 0 0 % 3 4 5 . 5 % - 9 7 . 3 % E n e r g y 3D S y s t e m s C o r p 0 . 0 1 % 7 8 . 0 % - 4 3 . 6 % I n fo r m a t i o n T e c h n o l o g y W a l t e r E n e r g y I n c 0 . 0 0 % 1 7 7 . 7 % - 9 5 . 0 % M a t e r i a l s JC P e n n e y C o I n c 0 . 0 2 % 6 6 . 1 % 3 1 . 5 % C o n s um e r D i s c r e t i o n a r y U l t r a p e t r o l B a h a m as L t d 0 . 0 0 % 1 5 7 . 1 % -81.4% Industrials SP X C o r p 0 . 0 0 % 6 1 . 0 % - 2 8 . 3 % I nd u s t r i a l s C o e u r M i n i n g I n c 0 . 0 5 % 1 2 6 . 6 % 1 9 . 3 % M a t e r i a l s Fr e e p o r t - M c M o R a n I n c 0 . 0 6 % 5 2 . 7 % - 4 4 . 5 % M a t e r i a l s B i o -P a t h H o l d i n g s I n c 0 . 0 0 % 1 0 7 . 2 % 4 3 . 9 % H e a l t h C a r e Ne w m o n t M i n i n g C o r p 0 . 0 7 % 4 7 . 9 % 2 3 . 0 % Ma t e r i a l s E n e r N O C I n c 0 . 0 1 % 9 4 . 3 % -34.4% Information Technology Al l e g h e n y T e c h n o l o g i e s I n c 0 . 0 1 % 4 5 . 6 % - 4 4 . 2 % M a t e r i a l s C l i ff s N a t u r a l R e s o u r c e s I n c 0 . 0 3 % 8 9 . 9 % - 3 7 . 6 % M a t e r i a l s Ur b a n O u t f i t t e r s I n c 0 . 0 1 % 4 5 . 5 % - 2 7 . 5 % C on s u m e r D i s c r e t i o n a r y S u n C o k e E n e r gy I n c 0 . 0 3 % 8 7 . 3 % - 5 4 . 1 % M a t e r i a l s Ka t e S p a d e & C o 0 . 0 2 % 4 3 . 6 % - 2 3 . 6 % C o n s um e r D i s c r e t i o n a r y N a n o v i r i c i d e s I n c 0 . 0 0 % 8 5 . 6 % - 2 . 7 % H e a l t h C a r e Bo t t o m 1 0 P e r f o r m i n g S t o c k s ( b y Q u a r t e r ) Bo t t o m 1 0 P e r f o r m i n g S t o c k s ( b y Q u a r t e r ) Ru s s e l l 1 0 0 0 W e i g h t 1- Q t r Re t u r n 1- Y e a r Re t u r n Se c t o r R u s s e l l 2 0 0 0 W e i g h t 1- Q t r Re t u r n 1-Year Return Sector Su n E d i s o n I n c 0 . 0 0 % - 8 9 . 4 % - 9 7 . 7 % I n f o r m a t i o n T e c h n o l o g y RC S C a p i t a l C o r p C l a s s A 0 .0 0 % - 9 6 . 5 % - 9 9 . 9 % F i n a n c i a l s Ul t r a P e t r o l e u m C o r p 0 . 0 0 % - 8 0 . 1 % - 9 6 . 8 % E n e r g y H o rs e h e a d H o l d i n g C o r p 0 . 0 0 % - 9 2 . 7 % - 9 8 . 8 % M a t e r i a l s Sa n d R i d g e E n e r g y I n c 0. 0 0 % - 7 1 . 9 % - 9 6 . 8 % E n e r g y Ea g l e Bu l k S h i p p i n g I n c 0. 00 % - 8 9 . 8 % - 9 5 . 1 % I n d u s t r i a l s Pe a b o d y E n e r g y C o r p 0. 0 0 % - 6 9 . 8 % - 9 6 . 9 % E n e r g y 6D G l o b a l T e ch n o l o g i e s I n c 0. 0 0 % - 8 9 . 7 % - 96.2% Information Technology Oc w e n F i n a n c i a l C o r p 0. 0 0 % - 6 4 . 6 % - 7 0 . 1% F i n a n c i a l s El e v e n B i o t h e r a p e u t i c s I n c 0. 0 0 % - 8 9 . 4 % - 9 6 . 4 % H e a l t h C a r e Pu m a B i o t e c h n o l o g y I n c 0. 0 0 % - 6 2 . 5 % - 87 . 6 % H e a l t h C a r e Sp e e d C o m m e r c e I n c 0. 0 0 % -8 8 . 9 % - 9 8 . 9 % I n f o r m a t i o n T e c h n o l o g y Al k e r m e s P L C 0. 0 2 % - 5 6 . 9 % - 4 3 . 9 % H e a l t h C a r e CH C G r o u p L t d 0. 0 0 % - 8 5 . 0 % - 9 7 . 6 % E n e r g y Ca l i f o r n i a R e s o u r c e s C o r p 0. 0 0 % - 5 5 . 8 % -8 6 . 4 % E n e r g y No r a n d a A l u m i n u m H o l d i n g C o r p 0 . 0 0 % - 8 2 . 8 % - 9 9 . 7 % M a t e r i a l s En d o I n t e r n a t i o n a l P L C 0. 0 3 % - 5 4 . 0 % - 6 8 . 6 % H e a l t h C a r e Mi d s t a t e s P e t r o l e u m C o I n c 0. 0 0 % - 8 2 . 4 % - 9 5 . 8 % E n e r g y So l a r C i t y C o r p 0. 0 1 % - 5 1 . 8 % - 5 2 . 1 % In d u s t r i a l s Ca r b y l a n T h e r a p e u t i c s In c 0. 0 0 % - 8 2 . 2 % N / A H e a l t h C a r e 5 So u r c e : M S C I G l o b a l I n d e x M o n i t o r ( R e t u r n s a r e N e t )  Li k e t h e i r d o m e s t i c c o u n t e r p a r t s , t h e 1 s t q u a r t e r o f t h e y e a r w a s v e r y v o l a t i l e fo r i n t e r n a t i o n a l s t o c k s . T h e b e g i n n i n g o f t h e q u a r t e r w a s d i f f i c u l t a c r o s s ma r k e t s a s i n v e s t o r s s t r u g g l e d w i t h u n c e r t a i n t y s u r r o u n d i n g c e n t r a l b a n k po l i c i e s , g l o b a l e c o n o m i c g r o w t h , a n d c o m m o d i t y p r i c e s . A s i s u s u a l , t h i s un c e r t a i n t y c a u s e d i n v e s t o r s t o f l e e r i s k a s s e t s , p u t t i n g d o w n w a r d p r e s s u r e o n eq u i t y p r i c e s . M a r k e t s b e g a n t o r e c o v e r i n t h e l a t t e r h a l f o f t h e q u a r t e r a s t h e Ba n k o f J a p a n ( B o J ) , P e o p l e ’ s B a n k o f C h i n a ( P B o C ) , a n d E u r o p e a n C e n t r a l Ba n k ( E C B ) w e r e j u s t a f e w o f t h o s e a n n o u n c i n g n e w m e a s u r e s a i m e d a t st i m u l a t i n g t h e i r e c o n o m i e s . D e v e l o p e d m a r k e t s s t r u g g l e d t h r o u g h o u t t h e qu a r t e r w h i l e e m e r g i n g m a r k e t s m a n a g e d t o r e v e r s e t h e i r p e r s i s t e n t t r e n d o f un d e r p e r f o r m a n c e a s c o m m o d i t y p r i c e s r e b o u n d e d a n d t h e U S D w e a k e n e d . Th e w e a k e r U S D p r o v i d e d a b o o s t t o l o c a l c u r r e n c y r e t u r n s a c r o s s m a j o r in t e r n a t i o n a l i n d i c e s . F o r t h e 1 - y e a r p e r i o d , U S D p e r f o r m a n c e f o r e a c h o f t h e in t e r n a t i o n a l i n d i c e s w e t r a c k w a s n e g a t i v e . D e v e l o p e d m a r k e t s r e t u r n e d a we a k - 8 . 3 % f o r t h e 1 - y e a r p e r i o d , b u t e m e r g i n g m a r k e t s f a r e d e v e n w o r s e w i t h a r e t u r n o f - 1 2 . 0 % .  De s p i t e r e l i e f f r o m t h e E C B ’ s a n n o u n c e m e n t o f a d d i t i o n a l m o n e t a r y p o l i c y ea s i n g , d e v e l o p e d m a r k e t s i n E u r o p e w e r e n e g a t i v e f o r t h e q u a r t e r . W e a k GD P g r o w t h , b e l o w t a r g e t i n f l a t i o n , a n d s e c u r i t y c o n c e r n s s t e m m i n g f r o m t h e Ma r c h t e r r o r i s t a t t a c k s i n B r u s s e l s a l l i m p a c t e d r e t u r n s . S t r e s s w a s co m p o u n d e d w h e n t h e U . K . c a l l e d f o r a r e f e r e n d u m t o r e v i e w t h e c o u n t r y ’ s co n t i n u e d m e m b e r s h i p i n t h e E u r o p e a n e c o n o m i c b l o c . W i t h i n t h e e m e r g i n g an d d e v e l o p e d m a r k e t i n d i c e s , G r e e c e a n d I t a l y w e r e t h e w o r s t p e r f o r m e r s po s t i n g U S D r e t u r n s o f - 1 2 . 2 % a n d - 1 1 . 7 % , r e s p e c t i v e l y , f o r t h e q u a r t e r .  Ja p a n e s e e q u i t i e s , t h e d e v e l o p e d m a r k e t i n d e x ’ s l a r g e s t c o m p o n e n t , s t r u g g l e d fo r t h e q u a r t e r p o s t i n g a r e t u r n o f - 6 . 5 % i n U S D a n d - 1 2 . 5 % i n l o c a l c u r r e n c y . In v e s t o r s w e i g h e d o n g o i n g g l o b a l m a c r o e c o n o m i c u n c e r t a i n t y a n d b e g a n t o lo s e f a i t h i n t h e a b i l i t y o f “ A b e n o m i c s ” t o l i f t t h e c o u n t r y o u t o f i t s g r o w t h ma l a i s e . J a p a n e s e m a r k e t r e t u r n s w e r e a l s o a f f e c t e d b y t h e B o J ’ s un e x p e c t e d m o v e t o a n e g a t i v e i n t e r e s t r a t e p o l i c y a t t h e e n d o f J a n u a r y , ma k i n g i t t h e s i x t h c e n t r a l b a n k t o d o s o , i n a n a t t e m p t t o s t i m u l a t e e c o n o m i c gr o w t h a n d p l a c e u p w a r d p r e s s u r e o n i n f l a t i o n . I n v e s t o r s i n C h i n e s e m a r k e t s ha d a n e x c e p t i o n a l l y d i f f i c u l t s t a r t t o t h e y e a r a s a n e w c i r c u i t b r e a k i n g me c h a n i s m f o r c e d a n e a r l y m a r k e t c l o s e t w i c e i n J a n u a r y . T h e r e c e n t r o u n d of m a r k e t t u r b u l e n c e s t e m m e d f r o m f e a r s o f t h e i m p e n d i n g e x p i r a t i o n o f s e l l i n g re s t r i c t i o n s o n m a j o r s h a r e h o l d e r s , w h i c h w e r e l a t e r e x t e n d e d , a n d a we a k e n i n g C h i n e s e y u a n . The Market Environment In t e r n a t i o n a l a n d R e g i o n a l M a r k e t In d e x P e r f o r m a n c e ( C o u n t r y C o u n t ) As of March 31, 2016 11.8% 0. 3 % 7.5% 2. 7 % -9 . 3 % -5 . 0 % -6 . 5 % -5 . 8 % -4 . 1 % 19.1% 1. 9 % 12.9%5.7% -3 . 8 % -2 . 6 % -3 . 0 % -2 . 0 % -0 . 4 % -1 0 . 0 % - 5 . 0 % 0 . 0 % 5 . 0 % 1 0 . 0 % 1 5 . 0 % 2 0 . 0 % EM L a t i n A m e r ( 5 ) EM A s i a ( 8 ) EM E M E A ( 1 0 ) Em e r g i n g M k t ( 2 3 ) Pa c i f i c ( 5 ) Eu r o p e & M E ( 1 6 ) EA F E ( 2 1 ) WO R L D x U S ( 2 2 ) AC W o r l d x U S ( 4 5 ) Qu a r t e r P e r f o r m a n c e USD Local Currency 0.8% -1 0 . 6 % -0.9% -7 . 7 % -1 2 . 2 % -1 0 . 7 % -1 1 . 2 % -1 1 . 0 % -1 0 . 3 % -9 . 2 % -1 2 . 6 % -1 1 . 5 % -1 2 . 0 % -8 . 0 % -8 . 5 % -8 . 3 % -8 . 4 % -9 . 2 % -1 4 . 0 % - 1 2 . 0 % - 1 0 . 0 % - 8 . 0 % - 6 . 0 % - 4 . 0 % - 2 . 0 % 0 . 0 % 2 . 0 % EM L a t i n A m e r ( 5 ) EM A s i a ( 8 ) EM E M E A ( 1 0 ) Em e r g i n g M k t ( 2 3 ) Pa c i f i c ( 5 ) Eu r o p e & M E ( 1 6 ) EA F E ( 2 1 ) WO R L D x U S ( 2 2 ) AC W o r l d x U S ( 4 5 ) 1- Y e a r P e r f o r m a n c e USD Local Currency 6 The Market Environment U. S . D o l l a r I n t e r n a t i o n a l I n d e x A t t r i b u t i o n & C o u n t r y D e t a i l As of March 31, 2016 So u r c e : M S C I G l o b a l I n d e x M o n i t o r ( R e t u r n s a r e N e t i n U S D ) MS C I - E A F E M S C I - A C W I x U S Q u a r t e r 1- Year Co u n t r y We i g h t We i g h t Return Return Ja p a n 22 . 5 % 16 . 1 % -6.5%-7.1% Un i t e d K i n g d o m 19 . 3 % 13 . 8 % -2.3%-8.9% Fr a n c e 10 . 0 % 7. 2 % 0.1%-4.5% Ge r m a n y 9. 2 % 6. 6 % -2.5%-11.7% Sw i t z e r l a n d 9. 1 % 6. 5 % -5.5%-9.4% Au s t r a l i a 7. 2 % 5. 1 % 2.1%-10.8% Ho n g K o n g 3. 3 % 2. 4 % -0.6%-6.7% Sp a i n 3. 2 % 2. 3 % -4.1%-18.6% Ne t h e r l a n d s 3. 1 % 2. 2 % 3.4%-0.2% Sw e d e n 2. 9 % 2. 1 % -0.2%-9.9% It a l y 2. 2 % 1. 6 % -11.7%-15.4% De n m a r k 2. 0 % 1. 4 % -1.0%5.5% Be l g i u m 1. 5 % 1. 0 % -2.4%3.2% Si n g a p o r e 1. 4 % 1. 0 % 5.1%-11.9% Fi n l a n d 1. 0 % 0. 7 % -5.2%-5.6% Is r a e l 0. 7 % 0. 5 % -10.2%-9.0% No r w a y 0. 6 % 0. 4 % 1.7%-15.5% Ir e l a n d 0. 5 % 0. 4 % -4.2%7.8% Au s t r i a 0. 2 % 0. 1 % -0.5%-0.2% Ne w Z e a l a n d 0. 2 % 0. 1 % 11.6%6.5% Po r t u g a l 0. 2 % 0. 1 % 3.2%-2.9% To t a l E A F E C o u n t r i e s 10 0 . 0 % 71 . 6 % -3.0%-8.3% Ca n a d a 6. 6 % 11.3%-10.2% To t a l D e v e l o p e d C o u n t r i e s 78 . 2 % -2.0%-8.4% Ch i n a 5. 2 % -4.8%-18.8% Ko r e a 3. 4 % 5.1%-5.9% Ta i w a n 2. 7 % 7.7%-8.5% In d i a 1. 8 % -2.5%-13.2% So u t h A f r i c a 1. 6 % 13.8%-17.8% Br a z i l 1. 4 % 28.5%-11.8% Me x i c o 1. 0 % 8.5%-5.3% Ru s s i a 0. 8 % 15.8%1.7% Ma l a y s i a 0. 8 % 13.2%-8.0% In d o n e s i a 0. 6 % 11.2%-12.5% Th a i l a n d 0. 5 % 16.9%-12.7% Tu r k e y 0. 3 % 21.6%-1.6% Ph i l i p p i n e s 0. 3 % 7.0%-9.3% Po l a n d 0. 3 % 13.9%-12.4% Ch i l e 0. 3 % 12.9%-6.9% Qa t a r 0. 2 % 3.8%-13.7% Un i t e d A r a b E m i r a t e s 0. 2 % 8.6%-5.9% Co l o m b i a 0. 1 % 22.5%-11.9% Pe r u 0. 1 % 27.0%-7.7% Gr e e c e 0. 1 % -12.2%-52.0% Hu n g a r y 0. 1 % 17.3%40.2% Cz e c h R e p u b l i c 0. 0% 5.1%-11.5% Eg y p t 0. 0 % -5.9%-29.1% To t a l E m e r g i n g C o u n t r i e s 21 . 9 % 5.7%-12.0% To t a l A C W I x U S C o u n t r i e s 10 0 . 0 % -0.4%-9.2% MS C I - E A F E Se c t o r W e i g h t Q u ar t e r R e t u r n 1 - Y e a r R e t u r n Co n s u m e r D i s c r e t i o n a r y 13 . 2 % -4 . 3 % -1 0 . 0 % Co n s u m e r S t a p l es 12 . 7 % 3. 3 % 7. 3 % En e r g y 4. 7 % 4. 7 % -1 0 . 4 % Fi n a n c i a l s 23 . 8 % -9 . 6 % -1 6 . 3 % He a l t h C a r e 11 . 5 % -6 . 5 % -8 . 0 % In d u s t r i a l s 13 . 3 % 1. 7 % -3 . 7 % In f o r m a t i o n T e c h n o l o g y 5. 3 % -4 . 1 % -6 . 5 % Ma t e r i a l s 6. 7 % 2. 6 % -1 7 . 4 % Te l e c o m m u n i c a t i o n S e r v i c e s 5. 1 % 0. 3 % 1. 3 % Ut i l i t i e s 3. 9 % 0. 4 % -0 . 1 % To t a l 10 0 . 0 % -3 . 0 % -8 . 3 % MS C I - A C W I x U S Se c t o r W e i g h t Qu a r t e r R e t u r n 1 - Y e a r R e t u r n Co n s u m e r D i s c r e t i o n a r y 12 . 0 % -2 . 6 % -1 0 . 1 % Co n s u m e r S t a p l es 11 . 2 % 4. 1 % 5. 2 % En e r g y 6. 4 % 9. 8 % -1 0 . 6 % Fi n a n c i a l s 25 . 8 % -5 . 0 % -1 4 . 7 % He a l t h C a r e 8. 8 % -7 . 5 % -1 1 . 3 % In d u s t r i a l s 11 . 5 % 2. 3 % -5 . 7 % In f o r m a t i o n T e c h n o l o g y 8. 5 % 0. 7 % -8 . 0 % Ma t e r i a l s 6. 9 % 7. 2 % -1 5 . 4 % Te l e c o m m u n i c a t i o n S e r v i c e s 5. 3 % 2. 5 % -3 . 6 % Ut i l i t i e s 3. 6 % 2. 4 % -2 . 6 % To t a l 10 0 . 0 % -0 . 4 % -9 . 2 % MS C I - E m e r g i n g M k t Se c t o r W e i gh t Q u a r t e r R e t u r n 1 - Y e a r R e t u r n Co n s u m e r D i s c r e t i o na r y 9. 8 % 3. 1 % -1 2 . 1 % Co n s u m e r S t a p l e s 8. 3 % 6. 3 % -5 . 3 % En e r g y 7. 7 % 14 . 9 % -7 . 0 % Fi n a n c i a l s 27 . 4 % 3. 4 % -1 5 . 7 % He a l t h C a r e 2. 7 % -0 . 4 % -1 1 . 6 % In d u s t r i a l s 6. 8 % 3. 1 % -1 5 . 3 % In f o r m a t i o n T e c h n o l o g y 20 . 7 % 4. 9 % -1 0 . 0 % Ma t e r i a l s 6. 6 % 15 . 4 % -7 . 6 % Te l e c o m m u n i c a t i o n S e r v i c e s 6. 9 % 6. 6 % -1 5 . 4 % Ut i l i t i e s 3. 2 % 9. 2 % -1 0 . 7 % To t a l 10 0 . 0 % 5. 7 % -1 2 . 0 % 7 So u r c e : B a r c l a y s C a p i t a l L i v e The Market Environment Do m e s t i c B o n d S e c t o r & B r o a d / G l o b a l Bo n d M a r k e t P e r f o r m a n c e ( D u r a t i o n ) As of March 31, 2016  Du e t o a s t e a d y d o w n w a r d m o v e i n i n t e r e s t r a t e s d u r i n g t h e 1 s t q u a r t e r , fi x e d i n c o m e i n d e x p e r f o r m a n c e w a s p o s i t i v e f o r t h e p e r i o d . F i x e d i n c o m e in d i c e s b e n e f i t t e d f r o m F e d e r a l R e s e r v e C h a i r J a n e t Y e l l e n ’ s d o v i s h co m m e n t s i n F e b r u a r y a n d M a r c h , w h i c h i m p l i e d u n c e r t a i n t y u n d e r l y i n g t h e U. S . e c o n o m i c o u t l o o k w o u l d l i k e l y m i t i g a t e t h e p a c e o f f u t u r e i n t e r e s t r a t e hi k e s . T h i s i n f o r m a t i o n r e s u l t e d i n a c o n s e n s u s e x p e c t a t i o n f o r t w o r a t e in c r e a s e s t h i s y e a r v e r s u s t h e p r i o r e x p e c t a t i o n o f f o u r . T h i s r a t e n e w s , co u p l e d w i t h e a r l y q u a r t e r v o l a t i l i t y i n r i s k a s s e t s , f u e l e d i n v e s t o r d e m a n d f o r de f e n s i v e i n v e s t m e n t s s u c h a s U . S . T r e a s u r i e s . T h i s s e r i e s o f e v e n t s re s u l t e d i n y i e l d s f a l l i n g t h r o u g h o u t t h e p e r i o d , e s p e c i a l l y a t t h e l o n g e r - e n d of t h e y i e l d c u r v e . T h i s c u r v e f l a t t e n i n g b e n e f i t e d l o n g e r d u r a t i o n i n d i c e s wi t h t h e 7 . 3 y e a r d u r a t i o n B a r c l a y s U . S . C o r p o r a t e I n v e s t m e n t G r a d e I n d e x re t u r n i n g a s o l i d 4 . 0 % f o r t h e q u a r t e r . O v e r t h e 1 - y e a r p e r i o d , l o w e r q u a l i t y is s u e s s t r u g g l e d , w i t h B a a a n d h i g h y i e l d i n d i c e s r e g i s t e r i n g l o s s e s o f - 0 . 8 % an d - 3 . 7 % , r e s p e c t i v e l y , a s i n v e s t o r s p r e f e r r e d t h e r e l a t i v e s a f e t y o f h i g h cr e d i t q u a l i t y i s s u e s .  Th e B a r c l a y s A g g r e g a t e b e n c h m a r k , w h i c h i s a b r o a d r e p r e s e n t a t i o n o f U . S . fi x e d i n c o m e m a r k e t s , p o s t e d a r e t u r n o f 3 . 0 % f o r t h e q u a r t e r . A s d e t a i l e d ab o v e , h i g h e r d u r a t i o n s e c t o r s w i t h i n t h e b r o a d A g g r e g a t e i n d e x ou t p e r f o r m e d l o w e r d u r a t i o n s e c t o r s w i t h i n v e s t m e n t g r a d e c o r p o r a t e s (4 . 0 % ) a n d T r e a s u r y s e c u r i t i e s ( 3 . 2 % ) p o s t i n g t h e l a r g e s t g a i n s . H u r t b y i t s re l a t i v e l y l o w d u r a t i o n , t h e B a r c l a y s U . S . M o r t g a g e I n d e x r e t u r n e d a l o w e r 2. 0 % f o r t h e q u a r t e r . W h i l e t h e s e c t o r c o m p o n e n t s o f t h e A g g r e g a t e be n c h m a r k a l s o p o s t e d p o s i t i v e r e t u r n s f o r t h e 1 - y e a r p e r i o d , T r e a s u r y a n d mo r t g a g e - b a c k e d i s s u e s w e r e t h e s t r o n g e s t p e r f o r m i n g ; e a c h r e t u r n i n g 2. 4 % . T h e B a r c l a y s U . S . C o r p o r a t e I n v e s t m e n t G r a d e I n d e x r e t u r n e d 0 . 9 % , ne g a t i v e l y i m p a c t e d b y w i d e n i n g c r e d i t s p r e a d s t h r o u g h o u t m o s t o f t h e pe r i o d .  Du e t o h i g h e r a v e r a g e d u r a t i o n s a n d c r e d i t s p r e a d s t h a t d e c l i n e d i n t h e se c o n d h a l f o f t h e q u a r t e r , l o w e r c r e d i t q u a l i t y i n v e s t m e n t g r a d e s e c u r i t i e s ou t p e r f o r m e d h i g h e r q u a l i t y i s s u e s d u r i n g t h e 1 s t q u a r t e r . A a n d B a a r a t e d se c u r i t i e s r e t u r n e d 3 . 9 % a n d 4 . 3 % , r e s p e c t i v e l y , v e r s u s a 2 . 7 % r e t u r n f o r AA A i s s u e s . H i g h y i e l d b o n d s a l s o h a d a s t r o n g q u a r t e r w i t h t h e B a r c l a y s U. S . H i g h Y i e l d I n d e x r e t u r n i n g 3 . 4 % . A s n o t e d , h i g h y i e l d s p r e a d s r o s e dr a m a t i c a l l y i n t h e f i r s t h a l f o f t h e q u a r t e r c a u s i n g t h e i n d e x t o t r a d e d o w n b y as m u c h a s 5 . 0 % t h r o u g h e a r l y F e b r u a r y b u t q u i c k l y c h a n g e d c o u r s e a s t h e qu a r t e r p r o g r e s s e d t o e n d t h e p e r i o d l o w e r t h a n w h e r e t h e y b e g a n 2 0 1 6 . De s p i t e t h e s t r o n g q u a r t e r , t h e B a r c l a y s U . S . H i g h Y i e l d I n d e x r e t u r n e d - 3. 7 % o v e r t h e 1 - y e a r p e r i o d . 5.9%8.3% 2. 3 % 3. 0 % 4. 5 % 4. 0 % 2. 0 % 3. 2 % 3. 4 % 4. 3 % 3. 9 % 3. 3 % 2. 7 % 0. 0 % 2. 0 % 4. 0 % 6.0%8.0%10.0% Mu l t i v e r s e ( 6 . 6 ) Gl o b a l A g g x U S ( 7 . 7 ) In t e r m e d i a t e A g g ( 3 . 7 ) Ag g r e g a t e ( 5 . 5 ) U. S . T I P S ( 4 . 8 ) U. S . C o r p o r a t e I G ( 7 . 3 ) U. S . M o r t g a g e ( 3 . 1 ) U. S . T r e a s u r y ( 6 . 1 ) U. S . H i g h Y i e l d ( 4 . 2 ) Ba a ( 7 . 4 ) A ( 7 . 4 ) AA ( 6 . 1 ) AA A ( 4 . 8 ) Qu a r t e r P e r f o r m a n c e 4.4%6.7%2.2%2.0% 1. 5 % 0. 9 % 2.4%2.4% -3 . 7 % -0 . 8 % 2.2%2.4%2.4% -4 . 0 % - 2 . 0 % 0 . 0 % 2 . 0 % 4 . 0 % 6 . 0 % 8 . 0 % Mu l t i v e r s e ( 6 . 6 ) Gl o b a l A g g x U S ( 7 . 7 ) In t e r m e d i a t e A g g ( 3 . 7 ) Ag g r e g a t e ( 5 . 5 ) U. S . T I P S ( 4 . 8 ) U. S . C o r p o r a t e I G ( 7 . 3 ) U. S . M o r t g a g e ( 3 . 1 ) U. S . T r e a s u r y ( 6 . 1 ) U. S . H i g h Y i e l d ( 4 . 2 ) Ba a ( 7 . 4 ) A ( 7 . 4 ) AA ( 6 . 1 ) AA A ( 4 . 8 ) 1- Y e a r P e r f o r m a n c e 8 So u r c e : U S D e p a r t m e n t o f T r e a s u r y , F R E D ( F e d e r a l R e s e r v e o f S t . L o u i s ) The Market Environment Ma r k e t R a t e & Y i e l d C u r v e C o m p a r i s o n As of March 31, 2016  U. S . T I P S f i n i s h e d t h e 1 s t q u a r t e r w i t h a s o l i d 4 . 5 % r e t u r n a s i n f l a t i o n ex p e c t a t i o n s r o s e a s t h e U S D w e a k e n e d a n d c o m m o d i t y p r i c e s s t a r t e d t o re b o u n d . T I P S r e t u r n s f o r t h e 1 - y e a r p e r i o d , w h i l e p o s i t i v e , w e r e a m o r e mo d e s t 1 . 5 % .  In U S D t e r m s , i n t e r n a t i o n a l f i x e d i n c o m e i n d i c e s p o s t e d t h e l a r g e s t g a i n s f o r th e q u a r t e r a n d 1 - y e a r p e r i o d . D e s p i t e t h e r e l a t i v e l y l o w i n t e r e s t r a t e s i n in t e r n a t i o n a l m a r k e t s , t h e B a r c l a y s G l o b a l A g g r e g a t e e x U . S . b e n c h m a r k re t u r n e d 8 . 3 % f o r t h e q u a r t e r . T h e i n d e x b e n e f i t t e d f r o m i t s h i g h e r d u r a t i o n , ad d i t i o n a l m o n e t a r y p o l i c y e a s i n g a n d t h e w e a k e n i n g U S D . G l o b a l b o n d s we r e a l s o s t r o n g o v e r t h e 1 - y e a r p e r i o d , p o s t i n g a r e t u r n o f 6 . 7 % .  Ma n y o f t h e d r i v e r s o f t h e i n d e x p e r f o r m a n c e d e t a i l e d i n t h e b a r g r a p h s o n th e p r e v i o u s p a g e i s v i s i b l e o n a t i m e s e r i e s b a s i s i n t h e l i n e g r a p h s t o t h e ri g h t . T h e ‘ 1 - Y e a r T r a i l i n g M a r k e t R a t e s ’ g r a p h i l l u s t r a t e s t h a t t h e 1 0 - y e a r Tr e a s u r y ( g r e e n l i n e ) f e l l o v e r t h e q u a r t e r , p r o v i d i n g a b o o s t t o b o n d pe r f o r m a n c e . T h e b l u e l i n e i l l u s t r a t e s c h a n g e s i n t h e B A A O A S ( O p t i o n Ad j u s t e d S p r e a d ) , w h i c h q u a n t i f i e s t h e a d d i t i o n a l y i e l d p r e m i u m t h a t in v e s t o r s d e m a n d t o p u r c h a s e a n d h o l d n o n - T r e a s u r y i s s u e s . W h e n sp r e a d s w i d e n ( t i g h t e n ) , i t i s e q u i v a l e n t t o a n i n t e r e s t r a t e i n c r e a s e (d e c r e a s e ) o n c o r p o r a t e b o n d s . A f t e r f a l l i n g b e l o w 2 . 0 % e a r l y i n 2 0 1 5 , t h i s sp r e a d r o s e t h r o u g h o u t t h e r e m a i n d e r o f t h e c a l e n d a r y e a r . T h e r e w a s co n s i d e r a b l e m o v e m e n t i n t h i s s p r e a d f r o m t h e s t a r t o f 2 0 1 6 , a s i t w i d e n e d to n e a r t e r m h i g h s , b e f o r e f a l l i n g t h r o u g h t h e s e c o n d h a l f o f t h e q u a r t e r , en d i n g t h e p e r i o d o n l y s l i g h t l y l o w e r t h a n i t b e g a n . T h e i n t e r e s t r a t e p a i d o n 10 - y e a r T I P S ( o r a n g e l i n e ) h a s f a l l e n s i n c e l a t e l a s t y e a r a s h i g h e r i n f l a t i o n ex p e c t a t i o n s h a v e i n c r e a s e d d e m a n d f o r t h e s e s e c u r i t i e s . T h e b o t t o m g r a p h pr o v i d e s a s n a p s h o t o f t h e U . S . T r e a s u r y y i e l d c u r v e a t e a c h o f t h e l a s t f o u r ca l e n d a r q u a r t e r s . W h i l e r a t e s s t a y e d r e l a t i v e l y f l a t a t t h e s h o r t - e n d o f t h e cu r v e , m a t u r i t i e s b e y o n d 3 - y e a r s s a w y i e l d s f a l l t o t h e i r l o w e s t q u a r t e r - e n d le v e l s i n a y e a r .  Th e F e d h a s s t a t e d f u t u r e r a t e i n c r e a s e s w o u l d b e i m p l e m e n t e d a t a me a s u r e d p a c e a n d w i t h o n g o i n g a s s e s s m e n t o f c u r r e n t e c o n o m i c d a t a . Ge o p o l i t i c a l e v e n t s a n d s t i m u l u s p r o g r a m s i n o t h e r c o u n t r i e s s h o u l d k e e p de m a n d f o r U . S . T r e a s u r y i s s u e s e l e v a t e d a n d p u t d o w n w a r d p r e s s u r e o n ho w h i g h d o m e s t i c r a t e s w i l l r i s e i n t h e s h o r t - t e r m . 0. 0 0 0. 5 0 1. 0 0 1. 5 0 2. 0 0 2. 5 0 3. 0 0 3. 5 0 1 m o 3 m o 6 m o 1 y r 2 y r 3 y r 5 y r 7 y r 1 0 y r 2 0 y r 3 0 y r Tr e a s u r y Y i e l d C u r v e 6/ 3 0 / 2 0 1 5 9/ 3 0 / 2 0 1 5 12 / 3 1 / 2 0 1 5 3/31/2016 0. 0 0 0. 5 0 1. 0 0 1. 5 0 2. 0 0 2. 5 0 3. 0 0 3. 5 0 Ma r - 1 5 A p r - 1 5 M a y - 1 5 J u n - 1 5 J u l - 1 5 A u g - 1 5 S e p - 1 5 O c t - 1 5 N o v - 1 5 D e c - 1 5 J a n - 1 6 F e b - 1 6 M a r - 1 6 1- Y e a r T r a i l i n g M a r k e t R a t e s Fe d F u n d s R a t e TE D S p r e a d 3-Month Libor BA A O A S 10 y r T r e a s u r y 10yr TIPS 9 December 31, 2015 : $17,102,455 March 31, 2016 : $17,005,692 Asset Allocation by Segment Segments Market Value Allocation Domestic Equity 6,103,703 35.7¢ International Equity 1,351,241 7.9¢ Domestic Fixed Income 1,792,935 10.5¢ Other Fixed Income 378,252 2.2¢ Real Estate 120,857 0.7¢ Stable Value 5,549,553 32.4¢ Life Cycle 1,805,915 10.6¢ Asset Allocation by Segment Segments Market Value Allocation Domestic Equity 5,666,862 33.3¢ International Equity 1,265,329 7.4¢ Domestic Fixed Income 2,153,657 12.7¢ Other Fixed Income 418,100 2.5¢ Real Estate 135,893 0.8¢ Stable Value 5,562,536 32.7¢ Life Cycle 1,803,316 10.6¢ Asset Allocation by Segment Total Fund As of March 31, 2016 10 St. Lucie County Total Plan March 31, 2016 Ac t i v e F u n d s T i c k e r Ma n a g e r Te n u r e St y l e C o n s i s t e n c y As s e t L e v e l (m i l l i o n s ) Ex p e n s e Ra t i o Do d g e & C o x I n c o m e D O D I X 1 5 . 5 In t e r m e d i a t e T e r m Bo n d $4 3 , 3 4 1 0 . 4 4 Y e s Y e s N o Y e s 2 9 5 6 1 5 3 2 0 . 6 1 . 2 4 We l l s F a r g o A d v a n t a g e Pr e m L C G EK J Y X 6 . 0 L a r g e G r o w t h $ 1 , 2 2 8 0 . 7 0 Y e s Y e s N o N o 8 3 6 0 8 2 6 9 - 3 . 5 3 - 2 . 8 9 Va n g u a r d W i n d s o r A d m V W N A X 6 . 1 L a r g e V a l u e $ 2 8 , 2 8 7 0 . 2 6 Y e s Y e s N o N o 4 2 2 9 3 7 2 2 - 0 . 6 7 - 0 . 1 4 In v e s c o S C V a l u e V S M I X 5 . 9 S m a l l V a l u e $ 1 , 3 2 8 0 . 8 9 Y e s Y e s Y e s Y e s 3 4 1 9 6 1 4 4 0 . 8 4 0 . 8 8 Eu r o p a c f i c G r o w t h R 6 R E R G X 1 2 . 0 In t e r n a t i o n a l L a r g e Bl e n d $4 1 , 3 8 0 0 . 4 9 Y e s Y e s Y e s Y e s 1 1 1 8 1 1 1 8 1 . 6 3 0 . 6 5 C o l u m b i a T r u s t S t a b l e N / A N / A S t a b l e V a l u e N / A 0 . 4 2 Y e s Y e s Y e s Y e s 1 1 1 1 1 . 1 1 1 . 4 5 Pa s s i v e F u n d s T i c k e r Ma n a g e r Te n u r e St y l e Co n s i s t e n c y (U n i v e r s e ) As s e t L e v e l (M i l l i o n s ) Ex p e n s e Ra t i o Va n g u a r d T o t a l B o n d Ma r k e t I n d e x VB T L X 3 . 2 In t e r m e d i a t e - T e r m Bo n d $6 3 , 2 9 6 0 . 0 7 0 . 2 9 0 . 2 7 Va n g u a r d M i d C a p In d e x VI M A X 9 M i d B l e n d $ 2 3 , 7 7 9 0 . 0 9 0 . 0 3 0 . 6 1 Va n g u a r d T o t a l I n t ' l St o c k I n d e x VT I A X 4 . 0 F o r e i g n L a r g e B l e n d $ 3 5 , 8 1 4 0 . 1 2 1 . 7 1 2 . 0 5 Va n g u a r d T o t a l S t o c k Mk t I n d e x VT S A X 1 0 . 7 L a r g e B l e n d $ 1 2 1 , 4 2 5 0 . 0 5 0 . 0 4 0 . 1 0 Va n g u a r d R E I T I n d e x V G S L X 2 0 . 0 R e a l E s t a t e $ 1 4 , 9 7 3 0 . 1 2 0 . 0 3 0 . 0 3 Positive 3 & 5 Year Alpha Tr a c k i n g E r r o r +1 / - 1 3 & 5 Y e a r 4- C o n s e c u t i v e Qt r R e t u r n & Ra n k 3 & 5 Y e a r Re t u r n > I n d e x 3 & 5 Y e a r Ra n k < 5 0 t h % - t i l e 3 & 5 Year Sharpe Ratio < 50th %-tile 11 St. Lucie County Total Plan March 31, 2016 Ta r g e t F u n d s T i c k e r Ma n a g e r Te n u r e St y l e Co n s i s t e n c y (U n i v e r s e ) As s e t L e v e l (M i l l i o n s ) Ex p e n s e Ra t i o Va n g u a r d T a r g e t Re t i r e m e n t I n c o m e VT I N X 3 . 2 Li f e c y c l e $ 1 0 , 1 1 8 0 . 1 4 1 6 1 0 1 2 Va n g u a r d T a r g e t 2 0 2 0 V T W N X 3 . 2 Li f e c y c l e $ 2 5 , 2 1 0 0 . 1 4 4 5 7 1 3 Va n g u a r d T a r g e t 2 0 3 0 V T H R X 3 . 2 Li f e c y c l e $ 2 1 , 8 1 6 0 . 1 5 1 0 1 0 1 3 1 3 Va n g u a r d T a r g e t 2 0 4 0 V F O R X 3 . 2 Li f e c y c l e $ 1 4 , 8 8 0 0 . 1 6 1 0 9 1 3 1 8 Va n g u a r d T a r g e t 2 0 5 0 V F I F X 3 . 2 Li f e c y c l e $ 7 , 8 4 6 0 . 1 6 1 2 1 4 1 4 1 6 Va n g u a r d T a r g e t 2 0 6 0 V T T S X 3 . 2 Li f e c y c l e $8 3 4 0 . 1 6 1 9 N / A 1 8 N / A Va n g u a r d L i f e S t r a t e g y In c o m e VA S I X 2 1 . 6 Co n s e r v a t i v e Al l o c a t i o n $3 , 3 5 7 0 . 1 2 2 0 3 8 2 2 Va n g u a r d L i f e S t r a t Co n s e r v a t i v e G r o w t h VS C G X 2 1 . 6 Co n s e r v a t i v e Al l o c a t i o n $7 , 4 0 6 0 . 1 3 3 8 4 3 7 9 Va n g u a r d L i f e S t r a t Mo d e r a t e G r o w t h VS M G X 2 1 . 6 M o d e r a t e A l l o c a t i o n $ 1 1 , 8 3 7 0 . 1 4 4 9 4 9 2 9 2 7 Va n g u a r d L i f e S t r a t Gr o w t h VA S G X 2 1 . 6 Ag g r e s s i v e Al l o c a t i o n $1 0 , 6 6 9 0 . 1 5 2 8 3 5 4 1 4 3 Fu n d h a s n o t m e t c r i t e r i a f o r m o r e t h a n 4 q t r s 3 & 5 Y e a r Ra n k < 5 0 t h % - t i l e 3 & 5 Y e a r Sh a r p e R a t i o < 5 0 t h % - t i l e Fu n d m e e t s c r i t e r i a Fu n d d o e s n o t c u r r e n t l y m e e t c r i t e r i a 12 Asset Allocation Attributes Mar-2016 Dec-2015 Sep-2015 Jun-2015 ($)%($)%($)%($)% Stable Value Columbia Trust Stable Govt Fund I-0 5,562,536 32.71 5,549,553 32.45 5,461,446 33.52 5,522,811 31.42 Total Fixed Income 2,153,657 12.66 1,792,935 10.48 1,727,981 10.61 1,664,267 9.47 Vanguard Total Bond Market Index (VBTLX)507,981 2.99 555,726 3.25 551,189 3.38 509,573 2.90 Dodge & Cox Income Fund (DODIX)1,645,676 9.68 1,237,209 7.23 1,176,791 7.22 1,154,694 6.57 Total Domestic Equity 5,666,862 33.32 6,103,703 35.69 5,648,497 34.67 6,546,705 37.24 Vanguard Total Stock Idx (VTSAX)1,346,366 7.92 1,340,869 7.84 1,211,750 7.44 1,493,055 8.49 Wells Fargo Large Growth (EKJFX)1,641,279 9.65 1,903,622 11.13 1,718,921 10.55 1,800,314 10.24 Vanguard Mid Index Admiral (VIMAX)1,072,779 6.31 1,209,465 7.07 1,142,970 7.02 1,298,892 7.39 Invesco Small Value (VSMIX)672,035 3.95 712,548 4.17 689,678 4.23 907,879 5.16 Vanguard Windsor II (VWNAX)934,402 5.49 937,200 5.48 885,177 5.43 1,046,566 5.95 Total International Equity 1,265,329 7.44 1,351,241 7.90 1,261,801 7.75 1,624,439 9.24 American Funds EuroPacific Gr (RERGX)905,537 5.32 977,006 5.71 905,441 5.56 1,211,559 6.89 Vanguard Total Intl Stock Index Admiral (VTIAX) 359,792 2.12 374,235 2.19 356,360 2.19 412,880 2.35 Total Lifecycle Funds 1,803,316 10.60 1,805,915 10.56 1,686,557 10.35 1,689,537 9.61 Vanguard Target Ret 2020 (VTWNX)99,037 0.58 98,141 0.57 123,853 0.76 148,018 0.84 Vanguard Target Ret 2030 (VTHRX)169,315 1.00 149,714 0.88 115,576 0.71 108,078 0.61 Vanguard Target Ret 2040 (VFORX)228,593 1.34 147,259 0.86 102,176 0.63 101,572 0.58 Vanguard Target Ret 2050 (VFIFX)28,318 0.17 25,492 0.15 20,819 0.13 18,751 0.11 Vanguard Target Ret 2060 (VTTSX)25,862 0.15 24,244 0.14 21,918 0.13 22,711 0.13 Vanguard Target Retirement Income (VTINX)29,820 0.18 114,669 0.67 113,132 0.69 71,732 0.41 Vanguard LifeStrategy Income (VASIX)57,786 0.34 54,517 0.32 52,171 0.32 48,836 0.28 Vanguard LifeStrategy Consrv Gr Inv (VSCGX) 228,876 1.35 234,101 1.37 225,949 1.39 230,036 1.31 Vanguard LifeStrategy Mod Gr (VSMGX)817,395 4.81 795,224 4.65 759,422 4.66 782,633 4.45 Vanguard LifeStrategy Growth (VASGX)118,313 0.70 162,554 0.95 151,539 0.93 157,170 0.89 Real Estate ASTON/Harrison Street RE (AARIX)-0.00 -0.00 107,104 0.66 132,608 0.75 Vanguard REIT Index (VGSLX)135,893 0.80 120,857 0.71 -0.00 -0.00 Loan Balances Loan Fund 418,100 2.46 378,252 2.21 397,708 2.44 398,217 2.27 Total Fund 17,005,692 100.00 17,102,455 100.00 16,291,093 100.00 17,578,584 100.00 Asset Allocation Total Fund As of March 31, 2016 13 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 I-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 Comparative Performance Total Fund As of March 31, 2016 Returns for periods greater than one year are annualized. Returns are expressed as percentages. 14 Comparative Performance Total Fund As of March 31, 2016 QTR 1 YR 3 YR 5 YR 8 YR 10 YR Life Cycle Funds Vanguard LifeStrategy Consrv Gr Inv (VSCGX)2.26 (19)0.02 (12)4.83 (38)5.21 (43)4.67 (52)4.81 (43) Vanguard LifeStrategy Conservative Growth Index 2.23 (19)0.24 (10)5.06 (34)5.57 (37)5.27 (31)5.31 (24) IM Mixed-Asset Target Alloc Moderate (MF) Median 1.10 -2.31 4.42 4.97 4.75 4.62 Vanguard LifeStrategy Mod Gr (VSMGX)1.69 (12)-1.06 (24)5.82 (49)6.15 (49)5.09 (55)5.08 (41) Vanguard LifeStrategy Moderate Growth Index 1.70 (12)-0.88 (24)6.06 (43)6.64 (37)5.77 (30)5.62 (27) IM Mixed-Asset Target Alloc Growth (MF) Median 0.59 -3.06 5.78 6.08 5.20 4.81 Vanguard LifeStrategy Growth (VASGX)1.14 (32)-2.32 (38)6.73 (28)6.78 (35)5.13 (54)4.98 (44) Vanguard LifeStrategy Growth Index 1.14 (32)-2.08 (34)6.99 (23)7.30 (25)5.85 (28)5.54 (28) IM Mixed-Asset Target Alloc Growth (MF) Median 0.59 -3.06 5.78 6.08 5.20 4.81 Vanguard LifeStrategy Income (VASIX)2.75 (12)1.03 (3)3.78 (20)4.35 (38)4.28 (51)4.60 (30) Vanguard LifeStrategy Income Composite Index 2.74 (12)1.27 (2)4.02 (16)4.75 (24)4.93 (28)5.16 (14) IM Mixed-Asset Target Alloc Consv (MF) Median 1.64 -1.53 2.75 4.03 4.29 4.21 Vanguard Target Ret 2020 (VTWNX)1.73 (43)-1.12 (28)5.98 (4)6.45 (6)5.48 (4)N/A Vanguard Target 2020 Composite Index 1.72 (43)-0.86 (21)6.23 (3)6.71 (3)5.63 (3)N/A IM Mixed-Asset Target 2020 (MF) Median 1.56 -2.10 3.90 4.69 4.18 3.89 Vanguard Target Ret 2030 (VTHRX)1.30 (41)-2.01 (25)6.68 (10)6.93 (10)5.54 (12)N/A Vanguard Target 2030 Composite Index 1.31 (41)-1.74 (19)6.94 (7)7.20 (6)5.71 (9)N/A IM Mixed-Asset Target 2030 (MF) Median 1.12 -2.99 5.13 5.42 4.42 3.85 Vanguard Target Ret 2040 (VFORX)0.84 (37)-3.07 (27)7.11 (10)7.28 (9)5.79 (11)N/A Vanguard Target 2040 Composite Index 0.88 (36)-2.68 (19)7.45 (5)7.60 (6)5.96 (9)N/A IM Mixed-Asset Target 2040 (MF) Median 0.57 -3.94 5.71 5.81 4.56 3.99 Vanguard Target Ret 2050 (VFIFX)0.77 (38)-3.10 (26)7.09 (12)7.26 (14)5.78 (16)N/A Vanguard Target 2050 Composite Index 0.84 (34)-2.71 (18)7.43 (8)7.59 (7)5.95 (13)N/A IM Mixed-Asset Target 2050 (MF) Median 0.48 -4.20 5.99 6.13 4.77 4.08 Vanguard Target Ret 2060 (VTTSX)0.77 (100)-3.22 (91)7.05 (1)N/A N/A N/A Vanguard Target 2060 Composite Index 0.84 (100)-2.71 (88)7.43 (1)N/A N/A N/A IM Mixed-Asset Target Today (MF) Median 1.79 -1.17 2.43 3.69 3.91 3.98 Vanguard Target Retirement Income (VTINX)2.35 (10)0.41 (4)3.64 (16)4.95 (10)4.83 (12)5.22 (7) Vanguard Target Income Composite Index 2.25 (19)0.59 (3)3.86 (11)5.10 (9)4.90 (11)5.26 (6) IM Mixed-Asset Target Today (MF) Median 1.79 -1.17 2.43 3.69 3.91 3.98 Returns for periods greater than one year are annualized. Returns are expressed as percentages. 15 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. Returns are expressed as percentages. 16 Peer Group Analysis - IM U.S. Multi-Cap Core Equity (MF) Comparative Performance Mutual Fund Info from Lipper 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. 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% -40.00 -20.00 0.00 20.00 40.00 60.00 R e t u r n 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)˜ 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending 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 As of March 31, 2016 St. Lucie County Vanguard Total Stock Idx (VTSAX) NONE 17 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -8.0 0.0 8.0 16.0 24.0 32.0 V a n g u a r d T o t a l S t o c k I d x (V T S A X ) (% ) -8.0 0.0 8.0 16.0 24.0 32.0 CRSP U.S. Total Market TR Index (%) Over Performance Under Performance 0.00 25.00 50.00 75.00 100.00R e t u r n P e r c e n t i l e R a n k 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Vanguard Total Stock Idx (VTSAX) 20 7 (35%)13 (65%)0 (0%)0 (0%)˜ CRSP U.S. Total Market TR Index 20 6 (30%)14 (70%)0 (0%)0 (0%)˜ 8.64 9.18 9.72 10.26 10.80 11.34 R e t u r n (% ) 12.40 12.60 12.80 13.00 13.20 Risk (Standard Deviation %) Return Standard Deviation Vanguard Total Stock Idx (VTSAX)10.99 12.57˜ CRSP U.S. Total Market TR Index 10.95 12.55˜ Median 9.36 13.11¾ 9.40 9.87 10.34 10.81 11.28 11.75 R e t u r n (% ) 11.25 11.34 11.43 11.52 11.61 11.70 11.79 Risk (Standard Deviation %) Return Standard Deviation Vanguard Total Stock Idx (VTSAX)11.11 11.37˜ CRSP U.S. Total Market TR Index 11.14 11.37˜ Median 9.70 11.73¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 11.37 0.08 -0.32 0.06 -0.98 N/A 0.00 0.02 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 12.55 0.13 -0.25 0.06 -0.89 N/A 0.00 0.01 As of March 31, 2016 St. Lucie County Vanguard Total Stock Idx (VTSAX) NONE 18 Peer Group Analysis - IM U.S. Mid Cap Core Equity (MF) Comparative Performance Mutual Fund Info from Lipper 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. Product Name :Vanguard Md-Cp Idx;Adm (VIMAX) Fund Family :Vanguard Group Inc Ticker :VIMAX Peer Group :IM U.S. Mid Cap Core Equity (MF) Benchmark :CRSP U.S. Mid Cap TR Index 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% -40.00 -20.00 0.00 20.00 40.00 60.00 R e t u r n 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)˜ 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending 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 As of March 31, 2016 St. Lucie County Vanguard Mid Index Admiral (VIMAX) NONE 19 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -10.0 0.0 10.0 20.0 30.0 40.0 V a n g u a r d M i d I n d e x A d m i r a l (V I M A X ) (% ) -10.0 0.0 10.0 20.0 30.0 40.0 CRSP U.S. Mid Cap TR Index (%) Over Performance Under Performance 0.00 25.00 50.00 75.00 100.00R e t u r n P e r c e n t i l e R a n k 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Vanguard Mid Index Admiral (VIMAX) 20 15 (75%)5 (25%)0 (0%)0 (0%)˜ CRSP U.S. Mid Cap TR Index 20 16 (80%)4 (20%)0 (0%)0 (0%)˜ 7.29 8.10 8.91 9.72 10.53 11.34 R e t u r n (% ) 13.40 13.60 13.80 14.00 14.20 14.40 Risk (Standard Deviation %) Return Standard Deviation Vanguard Mid Index Admiral (VIMAX)10.03 13.92˜ CRSP U.S. Mid Cap TR Index 10.37 13.65˜ Median 7.88 14.27¾ 7.29 8.10 8.91 9.72 10.53 11.34 R e t u r n (% ) 11.84 11.92 12.00 12.08 12.16 12.24 12.32 Risk (Standard Deviation %) Return Standard Deviation Vanguard Mid Index Admiral (VIMAX)10.78 11.90˜ CRSP U.S. Mid Cap TR Index 10.84 11.91˜ Median 8.38 12.24¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 11.91 0.09 -0.28 0.05 -0.92 N/A 0.00 0.02 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 13.65 0.12 -0.22 0.06 -0.79 N/A 0.00 0.01 As of March 31, 2016 St. Lucie County Vanguard Mid Index Admiral (VIMAX) NONE 20 Peer Group Analysis - IM U.S. Large Cap Value Equity (MF) Comparative Performance Mutual Fund Info from Lipper 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. 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% -25.00 -10.00 5.00 20.00 35.00 50.00 R e t u r n QTR YTD 1 YR 3 YR 5 YR 2015 2014 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)˜ 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending 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 As of March 31, 2016 St. Lucie County Vanguard Windsor II (VWNAX) NONE 21 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -10.0 0.0 10.0 20.0 30.0 V a n g u a r d W i n d s o r I I (V W N A X ) (% ) -10.0 0.0 10.0 20.0 30.0 Russell 1000 Value Index (%) Over Performance Under Performance 0.00 25.00 50.00 75.00 100.00R e t u r n P e r c e n t i l e R a n k 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Vanguard Windsor II (VWNAX) 20 11 (55%)5 (25%)4 (20%)0 (0%)˜ Russell 1000 Value Index 20 15 (75%)4 (20%)1 (5%)0 (0%)˜ 7.95 8.48 9.01 9.54 10.07 10.60 R e t u r n (% ) 11.97 12.16 12.35 12.54 12.73 12.92 13.11 13.30 Risk (Standard Deviation %) Return Standard Deviation Vanguard Windsor II (VWNAX)9.75 12.28˜ Russell 1000 Value Index 10.25 12.57˜ Median 8.62 13.07¾ 7.92 8.28 8.64 9.00 9.36 9.72 R e t u r n (% ) 11.00 11.20 11.40 11.60 11.80 12.00 Risk (Standard Deviation %) Return Standard Deviation Vanguard Windsor II (VWNAX)8.58 11.33˜ Russell 1000 Value Index 9.38 11.25˜ Median 8.32 11.85¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 11.25 0.09 -0.30 0.06 -0.85 N/A 0.00 0.02 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 12.57 0.11 -0.26 0.06 -0.84 N/A 0.00 0.01 As of March 31, 2016 St. Lucie County Vanguard Windsor II (VWNAX) NONE 22 Peer Group Analysis - IM U.S. Large Cap Growth Equity (MF) Comparative Performance Mutual Fund Info from Lipper 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. 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% -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 R e t u r n QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 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)˜ 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending 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 As of March 31, 2016 St. Lucie County WellsFargo:Prem LCG;I (EKJYX) NONE 23 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 0.0 10.0 20.0 30.0 40.0 W e l l s F a r g o :P r e m L C G ;I (E K J Y X ) (% ) 0.0 10.0 20.0 30.0 40.0 Russell 1000 Growth Index (%) Over Performance Under Performance 0.00 25.00 50.00 75.00 100.00R e t u r n P e r c e n t i l e R a n k 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count WellsFargo:Prem LCG;I (EKJYX) 20 12 (60%)1 (5%)3 (15%)4 (20%)˜ Russell 1000 Growth Index 20 13 (65%)7 (35%)0 (0%)0 (0%)˜ 9.75 10.50 11.25 12.00 12.75 R e t u r n (% ) 12.09 12.48 12.87 13.26 13.65 14.04 14.43 14.82 Risk (Standard Deviation %) Return Standard Deviation WellsFargo:Prem LCG;I (EKJYX)10.16 14.21˜ Russell 1000 Growth Index 12.38 12.50˜ Median 10.51 13.67¾ 8.00 10.00 12.00 14.00 16.00 R e t u r n (% ) 11.34 11.61 11.88 12.15 12.42 12.69 12.96 13.23 Risk (Standard Deviation %) Return Standard Deviation WellsFargo:Prem LCG;I (EKJYX)10.07 12.78˜ Russell 1000 Growth Index 13.61 11.64˜ Median 11.83 12.57¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside 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 90 Day U.S. Treasury Bill 11.64 0.07 -0.35 0.06 -1.16 N/A 0.00 0.02 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 12.50 0.11 -0.29 0.06 -1.00 N/A 0.00 0.01 As of March 31, 2016 St. Lucie County WellsFargo:Prem LCG;I (EKJYX) NONE 24 Peer Group Analysis - IM U.S. Small Cap Value Equity (MF) Comparative Performance Mutual Fund Info from Lipper 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. Product Name :Invesco SC Value;Y (VSMIX) Fund Family :Invesco Funds Ticker :VSMIX Peer Group :IM U.S. Small Cap Value Equity (MF) Benchmark :Russell 2000 Value Index Fund Inception :08/12/2005 Portfolio Manager :R. Canon Coleman II Total Assets :$1,328 Million Total Assets Date :03/31/2016 Gross Expense :0.89% Net Expense :0.89% Turnover :44% -40.00 -20.00 0.00 20.00 40.00 60.00 R e t u r n 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending 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 As of March 31, 2016 St. Lucie County Invesco Small Value (VSMIX) NONE 25 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -15.0 0.0 15.0 30.0 45.0 I n v e s c o S m a l l V a l u e (V S M I X ) (% ) -15.0 0.0 15.0 30.0 45.0 Russell 2000 Value Index (%) Over Performance Under Performance 0.00 25.00 50.00 75.00 100.00R e t u r n P e r c e n t i l e R a n k 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Invesco Small Value (VSMIX) 20 14 (70%)4 (20%)2 (10%)0 (0%)˜ Russell 2000 Value Index 20 0 (0%)3 (15%)14 (70%)3 (15%)˜ 6.20 6.82 7.44 8.06 8.68 9.30 R e t u r n (% ) 14.00 16.00 18.00 20.00 22.00 Risk (Standard Deviation %) Return Standard Deviation Invesco Small Value (VSMIX)8.45 20.28˜ Russell 2000 Value Index 6.67 15.79˜ Median 6.63 16.08¾ 5.20 5.60 6.00 6.40 6.80 7.20 R e t u r n (% ) 13.68 14.44 15.20 15.96 16.72 17.48 18.24 Risk (Standard Deviation %) Return Standard Deviation Invesco Small Value (VSMIX)6.86 17.60˜ Russell 2000 Value Index 5.73 14.32˜ Median 6.25 14.46¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 14.32 0.10 -0.17 0.05 -0.46 N/A 0.00 0.02 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 15.80 0.12 -0.16 0.06 -0.48 N/A 0.00 0.01 As of March 31, 2016 St. Lucie County Invesco Small Value (VSMIX) NONE 26 Peer Group Analysis - IM International Multi-Cap Core Equity (MF) Comparative Performance Mutual Fund Info from Lipper 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. 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% -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 R e t u r n QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending 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 As of March 31, 2016 St. Lucie County Vanguard Total Intl Stock Index Admiral (VTIAX) NONE 27 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -4.0 0.0 4.0 8.0 12.0 16.0 V a n g u a r d T o t a l I n t l S t o c k I n d e x A d m i r a l (V T I A X ) (% ) -4.0 0.0 4.0 8.0 12.0 16.0 Vanguard Total International Stock Index Hybrid (%) Over Performance Under Performance 0.00 25.00 50.00 75.00 100.00R e t u r n P e r c e n t i l e R a n k 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total Period 5-25 Count 25- Median Count Median- 75 Count 75-95 Count Vanguard Total Intl Stock Index Admiral (VTIAX) 10 0 (0%)0 (0%)4 (40%)6 (60%)˜ Vanguard Total International Stock Index Hybrid 20 6 (30%)2 (10%)7 (35%)5 (25%)˜ 0.00 0.50 1.00 1.50 2.00 2.50 R e t u r n (% ) 15.12 15.19 15.26 15.33 15.40 15.47 15.54 Risk (Standard Deviation %) Return Standard Deviation Vanguard Total Intl Stock Index Admiral (VTIAX)0.67 15.41˜ Vanguard Total International Stock Index Hybrid 0.95 15.46˜ Median 1.91 15.18¾ 0.50 1.00 1.50 2.00 2.50 R e t u r n (% ) 12.78 12.87 12.96 13.05 13.14 13.23 13.32 Risk (Standard Deviation %) Return Standard Deviation Vanguard Total Intl Stock Index Admiral (VTIAX)0.82 13.06˜ Vanguard Total International Stock Index Hybrid 1.07 13.24˜ Median 2.08 12.89¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside 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 90 Day U.S. Treasury Bill 13.24 0.13 -0.17 0.05 -0.14 N/A 0.00 0.02 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 15.46 0.15 -0.14 0.06 -0.14 N/A 0.00 0.01 As of March 31, 2016 St. Lucie County Vanguard Total Intl Stock Index Admiral (VTIAX) NONE 28 Peer Group Analysis - IM International Large Cap Equity (MF) Comparative Performance Mutual Fund Info from Lipper 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. 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% -40.00 -25.00 -10.00 5.00 20.00 35.00 R e t u r n 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)˜ 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending 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 As of March 31, 2016 St. Lucie County American Funds EuroPacific Gr (RERGX) NONE 29 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 0.0 5.0 10.0 15.0 20.0 A m e r i c a n F u n d s E u r o P a c i f i c G r (R E R G X ) (% ) 0.0 5.0 10.0 15.0 20.0 MSCI EAFE (net) Index (%) Over Performance Under Performance 0.00 25.00 50.00 75.00 100.00R e t u r n P e r c e n t i l e R a n k 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count American Funds EuroPacific Gr (RERGX) 16 7 (44%)7 (44%)2 (13%)0 (0%)˜ MSCI EAFE (net) Index 20 7 (35%)8 (40%)5 (25%)0 (0%)˜ 0.98 1.47 1.96 2.45 2.94 3.43 R e t u r n (% ) 14.00 14.25 14.50 14.75 15.00 15.25 15.50 15.75 Risk (Standard Deviation %) Return Standard Deviation American Funds EuroPacific Gr (RERGX)2.78 14.36˜ MSCI EAFE (net) Index 2.29 15.40˜ Median 1.29 15.13¾ 0.74 1.48 2.22 2.96 3.70 4.44 R e t u r n (% ) 11.84 12.21 12.58 12.95 13.32 13.69 14.06 Risk (Standard Deviation %) Return Standard Deviation American Funds EuroPacific Gr (RERGX)3.62 11.86˜ MSCI EAFE (net) Index 2.23 13.42˜ Median 1.44 12.96¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 13.42 0.11 -0.19 0.05 -0.23 N/A 0.00 0.02 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 15.40 0.14 -0.15 0.06 -0.22 N/A 0.00 0.01 As of March 31, 2016 St. Lucie County American Funds EuroPacific Gr (RERGX) NONE 30 Peer Group Analysis - IM U.S. Broad Market Core+ Fixed Income (MF) Comparative Performance Mutual Fund Info from Lipper Summary Description The investment seeks a high and stable rate of current income, consistent with long-term preservation of capital. The fund invests in a diversified portfolio of high-quality bonds and other debt securities. Normally, the fund will invest at least 80% of its total assets in the following categories: debt obligations issued or guaranteed by the U.S. government, its agencies or GSEs; investment-grade debt securities; unrated securities if deemed to be of investment-grade quality by Dodge & Cox; and bankers&#39; acceptances, bank certificates of deposit, repurchase agreements, and commercial paper. Product Name :Dodge & Cox Income (DODIX) Fund Family :Dodge & Cox Ticker :DODIX Peer Group :IM U.S. Broad Market Core+ Fixed Income (MF) Benchmark :Barclays Aggregate Index 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% -10.00 -5.00 0.00 5.00 10.00 15.00 R e t u r n 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending 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 As of March 31, 2016 St. Lucie County Dodge & Cox Income Fund (DODIX) NONE 31 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date -5.0 0.0 5.0 10.0 15.0 D o d g e & C o x I n c o m e F u n d (D O D I X ) (%) -5.0 0.0 5.0 10.0 15.0 Barclays Aggregate Index (%) Over Performance Under Performance 0.00 25.00 50.00 75.00 100.00R e t u r n P e r c e n t i l e R a n k 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Dodge & Cox Income Fund (DODIX) 20 1 (5%)14 (70%)4 (20%)1 (5%)˜ Barclays Aggregate Index 20 0 (0%)2 (10%)1 (5%)17 (85%)˜ 3.72 3.78 3.84 3.90 3.96 4.02 R e t u r n (% ) 2.66 2.73 2.80 2.87 2.94 3.01 3.08 3.15 Risk (Standard Deviation %) Return Standard Deviation Dodge & Cox Income Fund (DODIX)3.80 2.74˜ Barclays Aggregate Index 3.78 2.75˜ Median 3.93 3.06¾ 1.80 2.00 2.20 2.40 2.60 R e t u r n (% ) 2.60 2.80 3.00 3.20 3.40 3.60 Risk (Standard Deviation %) Return Standard Deviation Dodge & Cox Income Fund (DODIX)2.42 2.75˜ Barclays Aggregate Index 2.50 2.96˜ Median 2.01 3.34¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 2.96 0.63 -0.63 0.05 -0.83 N/A 0.00 0.02 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 1.43 90 Day U.S. Treasury Bill 2.74 0.70 -0.81 0.06 -1.35 N/A 0.00 0.01 As of March 31, 2016 St. Lucie County Dodge & Cox Income Fund (DODIX) NONE 32 Peer Group Analysis - IM U.S. Taxable Money Market (MF) Comparative Performance Mutual Fund Info from Lipper 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. No data found. -0.67 0.10 0.87 1.64 2.41 3.18 3.95 R e t u r n QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011 Columbia Trust Stable Govt Fund I-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)˜ 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending Sep-2014 Columbia Trust Stable Govt Fund I-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 As of March 31, 2016 St. Lucie County Columbia Trust Stable Govt Fund I-0 NONE 33 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date -1.5 0.0 1.5 3.0 4.5 C o l u m b i a T r u s t S t a b l e G o v t F u n d I -0 (% ) -1.5 0.0 1.5 3.0 4.5 Citigroup 3 Month T-Bill Index (%) Over Performance Under Performance 0.00 25.00 50.00 75.00 100.00R e t u r n P e r c e n t i l e R a n k 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Columbia Trust Stable Govt Fund I-0 20 20 (100%)0 (0%)0 (0%)0 (0%)˜ Citigroup 3 Month T-Bill Index 20 18 (90%)2 (10%)0 (0%)0 (0%)˜ -0.60 0.00 0.60 1.20 1.80 2.40 R e t u r n (% ) -0.04 0.00 0.04 0.08 0.12 0.16 0.20 0.24 Risk (Standard Deviation %) Return Standard Deviation Columbia Trust Stable Govt Fund I-0 1.67 0.18˜ Citigroup 3 Month T-Bill Index 0.06 0.02˜ Median 0.01 0.00¾ -0.50 0.00 0.50 1.00 1.50 R e t u r n (% ) -0.02 0.00 0.02 0.04 0.06 0.08 Risk (Standard Deviation %) Return Standard Deviation Columbia Trust Stable Govt Fund I-0 1.25 0.06˜ Citigroup 3 Month T-Bill Index 0.05 0.02˜ Median 0.01 0.00¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Columbia Trust Stable Govt Fund I-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 90 Day U.S. Treasury Bill 0.03 117.88 N/A -0.01 0.25 N/A 1.42 0.02 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Columbia Trust Stable Govt Fund I-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 90 Day U.S. Treasury Bill 0.03 107.57 N/A 0.00 0.14 N/A 1.05 0.01 As of March 31, 2016 St. Lucie County Columbia Trust Stable Govt Fund I-0 NONE 34 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (MF) Comparative Performance Mutual Fund Info from Lipper 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. 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% -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 R e t u r n QTR YTD 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)˜ 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending 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 As of March 31, 2016 St. Lucie County Vanguard Total Bond Market Index (VBTLX) NONE 35 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Under Performance Earliest Date Latest Date -2.5 0.0 2.5 5.0 7.5 10.0 V a n g u a r d T o t a l B o n d M a r k e t I n d e x (V B T L X ) (% ) -2.5 0.0 2.5 5.0 7.5 10.0 Barclays Aggregate Index (%) Over Performance Under Performance 0.00 25.00 50.00 75.00 100.00R e t u r n P e r c e n t i l e R a n k 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Vanguard Total Bond Market Index (VBTLX) 20 1 (5%)2 (10%)13 (65%)4 (20%)˜ Barclays Aggregate Index 20 1 (5%)2 (10%)14 (70%)3 (15%)˜ 3.57 3.64 3.71 3.78 3.85 R e t u r n (% ) 2.73 2.76 2.79 2.82 2.85 2.88 Risk (Standard Deviation %) Return Standard Deviation Vanguard Total Bond Market Index (VBTLX)3.71 2.85˜ Barclays Aggregate Index 3.78 2.75˜ Median 3.58 2.82¾ 1.80 2.00 2.20 2.40 2.60 R e t u r n (% ) 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)2.38 3.06˜ Barclays Aggregate Index 2.50 2.96˜ Median 1.99 3.03¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 2.96 0.63 -0.63 0.05 -0.83 N/A 0.00 0.02 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 2.74 0.70 -0.81 0.06 -1.35 N/A 0.00 0.01 As of March 31, 2016 St. Lucie County Vanguard Total Bond Market Index (VBTLX) NONE 36 Peer Group Analysis - IM Mixed-Asset Target Alloc Moderate (MF) Comparative Performance Mutual Fund Info from Lipper 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. Product Name :Vanguard LS Cons Gro;Inv (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% -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 R e t u r n QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 2011 Vanguard LifeStrategy Consrv 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)˜ 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending Sep-2014 Vanguard LifeStrategy Consrv 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 As of March 31, 2016 St. Lucie County Vanguard LifeStrategy Consrv Gr Inv (VSCGX) NONE 37 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 3.0 6.0 9.0 12.0 15.0 V a n g u a r d L i f e S t r a t e g y C o n s r v G r I n v (V S C G X ) (% ) 3.0 6.0 9.0 12.0 15.0 Vanguard LifeStrategy Conservative Growth Index (%) Over Performance Under Performance 0.00 25.00 50.00 75.00 100.00R e t u r n P e r c e n t i l e R a n k 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total Period 5-25 Count 25- Median Count Median- 75 Count 75-95 Count Vanguard LifeStrategy Consrv Gr Inv (VSCGX) 20 0 (0%)3 (15%)7 (35%)10 (50%)˜ Vanguard LifeStrategy Conservative Growth Index 20 2 (10%)1 (5%)8 (40%)9 (45%)˜ 4.80 5.00 5.20 5.40 5.60 5.80 R e t u r n (% ) 4.59 5.10 5.61 6.12 6.63 7.14 7.65 8.16 8.67 Risk (Standard Deviation %) Return Standard Deviation Vanguard LifeStrategy Consrv Gr Inv (VSCGX)5.21 5.43˜ Vanguard LifeStrategy Conservative Growth Index 5.57 5.36˜ Median 4.97 8.09¾ 4.50 4.80 5.10 5.40 R e t u r n (% ) 4.30 4.73 5.16 5.59 6.02 6.45 6.88 7.31 7.74 Risk (Standard Deviation %) Return Standard Deviation Vanguard LifeStrategy Consrv Gr Inv (VSCGX)4.83 4.99˜ Vanguard LifeStrategy Conservative Growth Index 5.06 5.03˜ Median 4.42 7.31¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Vanguard LifeStrategy Consrv 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 90 Day U.S. Treasury Bill 5.03 0.33 -0.43 0.05 -1.00 N/A 0.00 0.02 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Vanguard LifeStrategy Consrv 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 90 Day U.S. Treasury Bill 5.36 0.37 -0.43 0.06 -1.03 N/A 0.00 0.01 As of March 31, 2016 St. Lucie County Vanguard LifeStrategy Consrv Gr Inv (VSCGX) NONE 38 Peer Group Analysis - IM Mixed-Asset Target Alloc Growth (MF) Comparative Performance Mutual Fund Info from Lipper 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. Product Name :Vanguard LS Mod Gro;Inv (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% -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 R e t u r n 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)˜ 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending 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 As of March 31, 2016 St. Lucie County Vanguard LifeStrategy Mod Gr (VSMGX) NONE 39 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 0.0 5.0 10.0 15.0 20.0 V a n g u a r d L i f e S t r a t e g y M o d G r (V S M G X ) (% ) 0.0 5.0 10.0 15.0 20.0 Vanguard LifeStrategy Moderate Growth Index (%) Over Performance Under Performance 0.00 25.00 50.00 75.00 100.00R e t u r n P e r c e n t i l e R a n k 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Vanguard LifeStrategy Mod Gr (VSMGX) 20 0 (0%)5 (25%)8 (40%)7 (35%)˜ Vanguard LifeStrategy Moderate Growth Index 20 2 (10%)4 (20%)11 (55%)3 (15%)˜ 5.80 6.00 6.20 6.40 6.60 6.80 R e t u r n (% ) 7.48 7.82 8.16 8.50 8.84 9.18 9.52 9.86 Risk (Standard Deviation %) Return Standard Deviation Vanguard LifeStrategy Mod Gr (VSMGX)6.15 7.83˜ Vanguard LifeStrategy Moderate Growth Index 6.64 7.77˜ Median 6.08 9.56¾ 5.70 5.80 5.90 6.00 6.10 6.20 R e t u r n (% ) 6.75 7.00 7.25 7.50 7.75 8.00 8.25 8.50 8.75 Risk (Standard Deviation %) Return Standard Deviation Vanguard LifeStrategy Mod Gr (VSMGX)5.82 7.02˜ Vanguard LifeStrategy Moderate Growth Index 6.06 7.09˜ Median 5.78 8.36¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 7.09 0.23 -0.33 0.05 -0.86 N/A 0.00 0.02 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 7.77 0.26 -0.31 0.06 -0.86 N/A 0.00 0.01 As of March 31, 2016 St. Lucie County Vanguard LifeStrategy Mod Gr (VSMGX) NONE 40 Peer Group Analysis - IM Mixed-Asset Target Alloc Growth (MF) Comparative Performance Mutual Fund Info from Lipper 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. Product Name :Vanguard LS Growth;Inv (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% -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 R e t u r n QTR YTD 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)˜ 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending 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 As of March 31, 2016 St. Lucie County Vanguard LifeStrategy Growth (VASGX) NONE 41 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -8.0 0.0 8.0 16.0 24.0 V a n g u a r d L i f e S t r a t e g y G r o w t h (V A S G X ) (% ) -8.0 0.0 8.0 16.0 24.0 Vanguard LifeStrategy Growth Index (%) Over Performance Under Performance 0.00 25.00 50.00 75.00 100.00R e t u r n P e r c e n t i l e R a n k 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Vanguard LifeStrategy Growth (VASGX) 20 7 (35%)11 (55%)2 (10%)0 (0%)˜ Vanguard LifeStrategy Growth Index 20 15 (75%)4 (20%)1 (5%)0 (0%)˜ 5.60 6.00 6.40 6.80 7.20 7.60 R e t u r n (% ) 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)6.78 10.46˜ Vanguard LifeStrategy Growth Index 7.30 10.41˜ Median 6.08 9.56¾ 5.20 5.60 6.00 6.40 6.80 7.20 R e t u r n (% ) 8.10 8.28 8.46 8.64 8.82 9.00 9.18 9.36 9.54 Risk (Standard Deviation %) Return Standard Deviation Vanguard LifeStrategy Growth (VASGX)6.73 9.21˜ Vanguard LifeStrategy Growth Index 6.99 9.31˜ Median 5.78 8.36¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 9.31 0.15 -0.30 0.05 -0.77 N/A 0.00 0.02 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 10.41 0.18 -0.25 0.06 -0.72 N/A 0.00 0.01 As of March 31, 2016 St. Lucie County Vanguard LifeStrategy Growth (VASGX) NONE 42 Peer Group Analysis - IM Mixed-Asset Target Alloc Consv (MF) Comparative Performance Mutual Fund Info from Lipper 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. Product Name :Vanguard LS Income;Inv (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% -10.00 -4.00 2.00 8.00 14.00 20.00 R e t u r n 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)˜ 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending 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 As of March 31, 2016 St. Lucie County Vanguard LifeStrategy Income (VASIX) NONE 43 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 0.0 3.0 6.0 9.0 12.0 V a n g u a r d L i f e S t r a t e g y I n c o m e (V A S I X ) (% ) 0.0 3.0 6.0 9.0 12.0 Vanguard LifeStrategy Income Composite Index (%) Over Performance Under Performance 0.00 25.00 50.00 75.00 100.00R e t u r n P e r c e n t i l e R a n k 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total Period 5-25 Count 25- Median Count Median- 75 Count 75-95 Count Vanguard LifeStrategy Income (VASIX)20 1 (5%)2 (10%)9 (45%)8 (40%)˜ Vanguard LifeStrategy Income Composite Index 20 2 (10%)3 (15%)10 (50%)5 (25%)˜ 3.90 4.20 4.50 4.80 5.10 R e t u r n (% ) 2.80 3.20 3.60 4.00 4.40 4.80 5.20 5.60 6.00 Risk (Standard Deviation %) Return Standard Deviation Vanguard LifeStrategy Income (VASIX)4.35 3.31˜ Vanguard LifeStrategy Income Composite Index 4.75 3.23˜ Median 4.03 5.34¾ 2.52 2.94 3.36 3.78 4.20 4.62 R e t u r n (% ) 2.88 3.20 3.52 3.84 4.16 4.48 4.80 5.12 5.44 Risk (Standard Deviation %) Return Standard Deviation Vanguard LifeStrategy Income (VASIX)3.78 3.41˜ Vanguard LifeStrategy Income Composite Index 4.02 3.39˜ Median 2.75 5.08¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside 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 1.17 1.00 1.88 90 Day U.S. Treasury Bill 3.38 0.48 -0.67 0.05 -1.17 N/A 0.00 0.02 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 3.23 0.49 -0.92 0.06 -1.44 N/A 0.00 0.01 As of March 31, 2016 St. Lucie County Vanguard LifeStrategy Income (VASIX) NONE 44 Peer Group Analysis - IM Mixed-Asset Target 2020 (MF) Comparative Performance Mutual Fund Info from Lipper 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. Product Name :Vanguard Tgt Ret2020;Inv (VTWNX) Fund Family :Vanguard Group Inc Ticker :VTWNX Peer Group :IM Mixed-Asset Target 2020 (MF) Benchmark :Vanguard Target 2020 Composite Index Fund Inception :06/07/2006 Portfolio Manager :Buek/Coleman/Nejman Total Assets :$25,210 Million Total Assets Date :02/29/2016 Gross Expense :0.14% Net Expense :0.14% Turnover :25% -12.00 -4.00 4.00 12.00 20.00 28.00 R e t u r n 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)˜ 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending 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 As of March 31, 2016 St. Lucie County Vanguard Target Ret 2020 (VTWNX) NONE 45 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Under Performance Earliest Date Latest Date 0.0 10.0 20.0 30.0 V a n g u a r d T a r g e t R e t 2 0 2 0 (V T W N X ) (% ) 0.0 10.0 20.0 30.0 Vanguard Target 2020 Composite Index (%) Over Performance Under Performance 0.00 25.00 50.00 75.00 100.00R e t u r n P e r c e n t i l e R a n k 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Vanguard Target Ret 2020 (VTWNX) 20 16 (80%)3 (15%)1 (5%)0 (0%)˜ Vanguard Target 2020 Composite Index 20 17 (85%)3 (15%)0 (0%)0 (0%)˜ 3.96 4.62 5.28 5.94 6.60 7.26 R e t u r n (% ) 7.20 7.40 7.60 7.80 8.00 8.20 8.40 Risk (Standard Deviation %) Return Standard Deviation Vanguard Target Ret 2020 (VTWNX)6.45 8.12˜ Vanguard Target 2020 Composite Index 6.71 8.15˜ Median 4.69 7.44¾ 3.08 3.85 4.62 5.39 6.16 6.93 R e t u r n (% ) 6.40 6.60 6.80 7.00 7.20 7.40 Risk (Standard Deviation %) Return Standard Deviation Vanguard Target Ret 2020 (VTWNX)5.98 7.06˜ Vanguard Target 2020 Composite Index 6.23 7.11˜ Median 3.90 6.50¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Vanguard Target Ret 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 90 Day U.S. Treasury Bill 7.11 0.23 -0.33 0.05 -0.88 N/A 0.00 0.02 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Vanguard Target Ret 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 90 Day U.S. Treasury Bill 8.15 0.25 -0.29 0.06 -0.83 N/A 0.00 0.01 As of March 31, 2016 St. Lucie County Vanguard Target Ret 2020 (VTWNX) NONE 46 Peer Group Analysis - IM Mixed-Asset Target 2030 (MF) Comparative Performance Mutual Fund Info from Lipper 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. Product Name :Vanguard Tgt Ret2030;Inv (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% -20.00 -10.00 0.00 10.00 20.00 30.00 R e t u r n QTR YTD 1 YR 3 YR 5 YR 2015 2014 2013 2012 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)˜ 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending 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 As of March 31, 2016 St. Lucie County Vanguard Target Ret 2030 (VTHRX) NONE 47 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Under Performance Earliest Date Latest Date -10.0 0.0 10.0 20.0 30.0 V a n g u a r d T a r g e t R e t 2 0 3 0 (V T H R X ) (%) -10.0 0.0 10.0 20.0 30.0 Vanguard Target 2030 Composite Index (%) Over Performance Under Performance 0.00 25.00 50.00 75.00 100.00R e t u r n P e r c e n t i l e R a n k 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Vanguard Target Ret 2030 (VTHRX) 20 17 (85%)3 (15%)0 (0%)0 (0%)˜ Vanguard Target 2030 Composite Index 20 18 (90%)2 (10%)0 (0%)0 (0%)˜ 4.72 5.31 5.90 6.49 7.08 7.67 R e t u r n (% ) 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)6.93 10.10˜ Vanguard Target 2030 Composite Index 7.20 10.13˜ Median 5.42 10.22¾ 4.80 5.40 6.00 6.60 7.20 7.80 R e t u r n (% ) 8.56 8.60 8.64 8.68 8.72 8.76 8.80 8.84 Risk (Standard Deviation %) Return Standard Deviation Vanguard Target Ret 2030 (VTHRX)6.68 8.68˜ Vanguard Target 2030 Composite Index 6.94 8.78˜ Median 5.13 8.61¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 8.78 0.15 -0.32 0.05 -0.80 N/A 0.00 0.02 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 10.13 0.19 -0.26 0.06 -0.73 N/A 0.00 0.01 As of March 31, 2016 St. Lucie County Vanguard Target Ret 2030 (VTHRX) NONE 48 Peer Group Analysis - IM Mixed-Asset Target 2040 (MF) Comparative Performance Mutual Fund Info from Lipper 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. Product Name :Vanguard Tgt Ret2040;Inv (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% -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 R e t u r n QTR YTD 1 YR 3 YR 5 YR 2015 2014 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)˜ 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending 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 As of March 31, 2016 St. Lucie County Vanguard Target Ret 2040 (VFORX) NONE 49 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Under Performance Earliest Date Latest Date -8.0 0.0 8.0 16.0 24.0 32.0 V a n g u a r d T a r g e t R e t 2 0 4 0 (V F O R X ) (% ) -8.0 0.0 8.0 16.0 24.0 32.0 Vanguard Target 2040 Composite Index (%) Over Performance Under Performance 0.00 25.00 50.00 75.00 100.00R e t u r n P e r c e n t i l e R a n k 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Vanguard Target Ret 2040 (VFORX) 20 18 (90%)2 (10%)0 (0%)0 (0%)˜ Vanguard Target 2040 Composite Index 20 18 (90%)2 (10%)0 (0%)0 (0%)˜ 5.31 5.90 6.49 7.08 7.67 8.26 R e t u r n (% ) 11.58 11.61 11.64 11.67 11.70 11.73 11.76 Risk (Standard Deviation %) Return Standard Deviation Vanguard Target Ret 2040 (VFORX)7.28 11.67˜ Vanguard Target 2040 Composite Index 7.60 11.72˜ Median 5.81 11.61¾ 5.13 5.70 6.27 6.84 7.41 7.98 R e t u r n (% ) 10.00 10.08 10.16 10.24 10.32 10.40 10.48 Risk (Standard Deviation %) Return Standard Deviation Vanguard Target Ret 2040 (VFORX)7.11 10.31˜ Vanguard Target 2040 Composite Index 7.45 10.39˜ Median 5.71 10.06¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 10.39 0.13 -0.27 0.05 -0.74 N/A 0.00 0.02 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 11.72 0.16 -0.22 0.06 -0.68 N/A 0.00 0.01 As of March 31, 2016 St. Lucie County Vanguard Target Ret 2040 (VFORX) NONE 50 Peer Group Analysis - IM Mixed-Asset Target 2050 (MF) Comparative Performance Mutual Fund Info from Lipper 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. Product Name :Vanguard Tgt Ret2050;Inv (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% -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 R e t u r n QTR YTD 1 YR 3 YR 5 YR 2015 2014 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)˜ 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending 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 As of March 31, 2016 St. Lucie County Vanguard Target Ret 2050 (VFIFX) NONE 51 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Under Performance Earliest Date Latest Date -8.0 0.0 8.0 16.0 24.0 32.0 V a n g u a r d T a r g e t R e t 2 0 5 0 (V F I F X ) (%) -8.0 0.0 8.0 16.0 24.0 32.0 Vanguard Target 2050 Composite Index (%) Over Performance Under Performance 0.00 25.00 50.00 75.00 100.00R e t u r n P e r c e n t i l e R a n k 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Vanguard Target Ret 2050 (VFIFX) 20 16 (80%)4 (20%)0 (0%)0 (0%)˜ Vanguard Target 2050 Composite Index 20 18 (90%)2 (10%)0 (0%)0 (0%)˜ 5.76 6.24 6.72 7.20 7.68 8.16 R e t u r n (% ) 11.60 11.70 11.80 11.90 12.00 12.10 12.20 Risk (Standard Deviation %) Return Standard Deviation Vanguard Target Ret 2050 (VFIFX)7.26 11.70˜ Vanguard Target 2050 Composite Index 7.59 11.75˜ Median 6.13 12.11¾ 5.76 6.24 6.72 7.20 7.68 R e t u r n (% ) 10.28 10.32 10.36 10.40 10.44 10.48 10.52 10.56 Risk (Standard Deviation %) Return Standard Deviation Vanguard Target Ret 2050 (VFIFX)7.09 10.35˜ Vanguard Target 2050 Composite Index 7.43 10.44˜ Median 5.99 10.51¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside 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 90 Day U.S. Treasury Bill 10.44 0.13 -0.27 0.05 -0.74 N/A 0.00 0.02 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 11.75 0.16 -0.22 0.06 -0.68 N/A 0.00 0.01 As of March 31, 2016 St. Lucie County Vanguard Target Ret 2050 (VFIFX) NONE 52 Peer Group Analysis - IM Mixed-Asset Target 2055+ (MF) Comparative Performance Mutual Fund Info from Lipper 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. Product Name :Vanguard Tgt Ret2060;Inv (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% -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 R e t u r n QTR YTD 1 YR 3 YR 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˜ 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending 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 As of March 31, 2016 St. Lucie County Vanguard Target Ret 2060 (VTTSX) NONE 53 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Under Performance Earliest Date Latest Date 3.0 6.0 9.0 12.0 15.0 18.0 V a n g u a r d T a r g e t R e t 2 0 6 0 (V T T S X ) (% ) 3.0 6.0 9.0 12.0 15.0 18.0 Vanguard Target 2060 Composite Index (%) Over Performance Under Performance 0.00 25.00 50.00 75.00 100.00R e t u r n P e r c e n t i l e R a n k 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Vanguard Target Ret 2060 (VTTSX) 5 2 (40%)3 (60%)0 (0%)0 (0%)˜ Vanguard Target 2060 Composite Index 6 6 (100%)0 (0%)0 (0%)0 (0%)˜ 6.00 6.30 6.60 6.90 R e t u r n (% ) 11.61 11.88 12.15 12.42 12.69 12.96 13.23 13.50 Risk (Standard Deviation %) Return Standard Deviation Vanguard Target Ret 2060 (VTTSX)N/A N/A˜ Vanguard Target 2060 Composite Index N/A N/A˜ Median 6.42 12.43¾ 5.85 6.24 6.63 7.02 7.41 7.80 R e t u r n (% ) 10.30 10.35 10.40 10.45 10.50 10.55 Risk (Standard Deviation %) Return Standard Deviation Vanguard Target Ret 2060 (VTTSX)7.05 10.35˜ Vanguard Target 2060 Composite Index 7.43 10.44˜ Median 6.26 10.52¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside 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 90 Day U.S. Treasury Bill 10.44 0.13 -0.27 0.05 -0.74 N/A 0.00 0.02 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill N/A N/A N/A N/A N/A N/A N/A 0.01 As of March 31, 2016 St. Lucie County Vanguard Target Ret 2060 (VTTSX) NONE 54 Peer Group Analysis - IM Mixed-Asset Target Today (MF) Comparative Performance Mutual Fund Info from Lipper 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. Product Name :Vanguard Tgt Ret Inc;Inv (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% -10.00 -5.00 0.00 5.00 10.00 15.00 R e t u r n QTR YTD 1 YR 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)˜ 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending 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 As of March 31, 2016 St. Lucie County Vanguard Target Retirement Income (VTINX) NONE 55 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 0.0 3.0 6.0 9.0 12.0 15.0 V a n g u a r d T a r g e t R e t i r e m e n t I n c o m e (V T I N X ) (% ) 0.0 3.0 6.0 9.0 12.0 15.0 Vanguard Target Income Composite Index (%) Over Performance Under Performance 0.00 25.00 50.00 75.00 100.00R e t u r n P e r c e n t i l e R a n k 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 3/16 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Vanguard Target Retirement Income (VTINX) 20 9 (45%)9 (45%)2 (10%)0 (0%)˜ Vanguard Target Income Composite Index 20 12 (60%)6 (30%)2 (10%)0 (0%)˜ 3.76 4.23 4.70 5.17 5.64 R e t u r n (% ) 4.00 4.20 4.40 4.60 4.80 5.00 5.20 Risk (Standard Deviation %) Return Standard Deviation Vanguard Target Retirement Income (VTINX)4.95 4.23˜ Vanguard Target Income Composite Index 5.10 4.24˜ Median 3.69 4.90¾ 1.88 2.35 2.82 3.29 3.76 4.23 R e t u r n (% ) 3.84 4.00 4.16 4.32 4.48 4.64 4.80 4.96 5.12 Risk (Standard Deviation %) Return Standard Deviation Vanguard Target Retirement Income (VTINX)3.64 4.09˜ Vanguard Target Income Composite Index 3.86 4.10˜ Median 2.43 4.94¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 4.10 0.41 -0.52 0.05 -0.93 N/A 0.00 0.02 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk 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 90 Day U.S. Treasury Bill 4.24 0.42 -0.62 0.06 -1.18 N/A 0.00 0.01 As of March 31, 2016 St. Lucie County Vanguard Target Retirement Income (VTINX) NONE 56 Peer Group Analysis - IM Real Estate Sector (MF) Comparative Performance Mutual Fund Info from Lipper 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. 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% -25.00 -10.00 5.00 20.00 35.00 50.00 R e t u r n 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)˜ 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 1 Qtr Ending Dec-2015 1 Qtr Ending Sep-2015 1 Qtr Ending Jun-2015 1 Qtr Ending Mar-2015 1 Qtr Ending Dec-2014 1 Qtr Ending 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 As of March 31, 2016 Performance Review Vanguard REIT Idx;Adm (VGSLX) NONE 57 20 1 6  Fi d u c i a r y  Do c u m e n t a t i o n 1 st Qt r 2 nd Qt r 3 rd Qtr 4 th Qtr  Qu a r t e r l y Re v i e w  of  pl a n  in v e s t m e n t s  an d c o m p l i a n c e  wi t h  in v e s t m e n t  po l i c y  st a t e m e n t Fo l l o w  re q u i r e d  pr o c e d u r e s ,  in c l u d i n g  do c u m e n t a t i o n  of  al l  me e t i n g s  an d  de c i s i o n s Re v i e w  pe r f o r m a n c e  of  pr o v i d e r s Re g u l a r l y Re v i e w  QD I A  se l e c t i o n   Al l o c a t i o n  fu n d  (T a r g e t  Da t e  or  Ri s k ‐ba s e d )  an a l y s i s In v e s t m e n t  po l i c y  st a t e m e n t  re v i e w Em p l o y e e  ed u c a t i o n  re v i e w Pl a n  re c o r d k e e p i n g  & ad m i n i s t r a t i o n  se r v i c e s  re v i e w Fe e  an a l y s i s Ot h e r  Pr o j e c t s 58 Gr o w t h  of  Ta r g e t  Da t e  Fu n d s Ta r g e t D a t e F u n d s ( T D F s ) ar e a s i n g l e i n v e s t m e n t o p t i o n t h a t p r o v i d e a d i v e r s i f i e d , p r o f e s s i o n a l l y ma n a g e d m i x o f i n v e s t m e n t s d e s i g n e d t o g i v e p a r t i c i p a n t s a l o n g t e r m a s s e t a l l o c a t i o n s t r a t e g y b u i l t ar o u n d t h e i r a n t i c i p a t e d r e t i r e m e n t d a t e . T h e s e i n v e s t m e n t s a u t o m a t i c a l l y b e c o m e m o r e co n s e r v a t i v e o v e r t i m e a s t h e d u r a t i o n o f t h e p a r t i c i p a n t ’ s i n v e s t m e n t h o r i z o n d e c r e a s e s . Fi r s t i n t r o d u c e d i n t h e e a r l y 1 9 9 0 s , t h e p o p u l a r i t y o f T D F s h a s i n c r e a s e d d r a m a t i c a l l y d u e t o t h e a u t o ‐ en r o l l m e n t l e g i s l a t i o n e s t a b l i s h e d i n t h e P e n s i o n P r o t e c t i o n A c t o f 2 0 0 6 , w h i c h c r e a t e d t h e n e e d f o r a sa f e ‐ha r b o r Q u a l i f y i n g D e f a u l t I n v e s t m e n t A l t e r n a t i v e ( Q D I A ) w i t h i n 4 0 1 ( k ) p l a n s . T h e U . S . D e p t . o f La b o r a p p r o v e d T D F s a s o n e o f t h r e e t y p e s o f Q D I A s . • In 2 0 1 5 , o v e r 5 0 % o f n e w c o n t r i b u t i o n s f l o w e d in t o T D F s . 1 • TD F s n o w a c c o u n t f o r $ 7 0 0 b i l l i o n i n r e t i r e m e n t pl a n s , m o r e t h a n f o u r t i m e s t h e t o t a l a t t h e e n d of 2 0 0 8 . 1 • By t h e e n d o f 2 0 1 9 , i t i s e s t i m a t e d t h a t T D F s w i l l at t r a c t n e a r l y 9 0 % o f n e w c o n t r i b u t i o n s . 1 1 “R e t i r e m e n t  Ma r k e t s  20 1 4 :  Si z i n g  Op p o r t u n i t i e s  in  Pr i v a t e  an d  Pu b l i c  Re t i r e m e n t  Pl a n s ”  Ce r u l l i A s s o c i a t e s 59 Ho w  Ta r g e t  Da t e  Fu n d s  Wo r k  Gl i d e p a t h ‐ A g l i d e p a t h r e p r e s e n t s t h e s h i f t i n a s s e t a l l o c a t i o n ( b e c o m i n g m o r e c o n s e r v a t i v e ) a s ti m e p a s s e s . I n g e n e r a l t h e r e a r e t w o d i s t i n c t g l i d e p a t h s t r a t e g i e s :  To ‐ A ‘ t o ’ a p p r o a c h r e f l e c t s a t a r g e t d a t e f u n d w h o s e a s s e t a l l o c a t i o n b e c o m e s m o s t co n s e r v a t i v e a t t h e t a r g e t r e t i r e m e n t d a t e .  Th r o u g h ‐ A ‘ t h r o u g h ’ a p p r o a c h r e f l e c t s a t a r g e t d a t e f u n d w h o s e a s s e t a l l o c a t i o n t y p i c a l l y co n t a i n s a h i g h e r a l l o c a t i o n t o e q u i t i e s a t t a r g e t r e t i r e m e n t d a t e a n d c o n t i n u e s r e d u c i n g eq u i t y e x p o s u r e u n t i l a f u t u r e d a t e d u r i n g r e t i r e m e n t . 60 Gu i d e l i n e s  fo r  Se l e c t i o n  an d  Re v i e w  of  Ta r g e t  Da t e  Fu n d s  Es t a b l i s h  a  pr o c e s s  fo r  co m p a r i n g  an d  se l e c t i n g  th a t  co n s i d e r s  em p l o y e e  de m o g r a p h i c s  and   co m p l i e s  wi t h  th e  In v e s t m e n t  Po l i c y  St a t e m e n t  Es t a b l i s h  a  pr o c e s s  fo r  th e  pe r i o d i c  re v i e w    Un d e r s t a n d  th e  fu n d ’ s  in v e s t m e n t s  –t h e  al l o c a t i o n  in  di f f e r e n t  as s e t  cl a s s e s  (stocks, bonds,  ca s h ) ,  in d i v i d u a l  in v e s t m e n t s ,  an d  ho w  th e s e  wi l l  ch a n g e  ov e r  ti m e  Re v i e w  th e  fu n d ’ s  f ee s  an d  in v e s t m e n t  ex p e n s e s  In q u i r e  ab o u t  wh e t h e r  a  cu s t o m  or  no n ‐pr o p r i e t a r y  ta r g e t  da t e  fu n d  wo u l d  be  a  better  fit   fo r  yo u r  pl a n  De v e l o p  ef f e c t i v e  em p l o y e e  co m m u n i c a t i o n s  Ta k e  ad v a n t a g e  of  av a i l a b l e  so u r c e s  of  in f o r m a t i o n  to  ev a l u a t e  th e  fu n d  re c o m m e n d a t i o n s   yo u  re c e i v e d  re g a r d i n g  th e  se l e c t i o n  pr o c e s s  Do c u m e n t  th e  pr o c e s s Ex c e r p t s  fr o m  Ta r g e t  Da t e  Re t i r e m e n t  Fu n d s  –T i p s  fo r  ER I S A  Pl a n  Fi d u c i a r i e s , DO L  Fe b r u a r y  20 1 3 61 Report Statistics Definitions and Descriptions A c t i v e R e t u r n - Ar i t h m e t i c d i f f e r e n c e b e t w e e n t h e m a n a g e r ’ s p e r f o r m a n c e a n d t h e d e s i g n a t e d b e n c h m a r k r e t u r n o v er a s p e c i f i e d t i m e p e r i o d . A l p h a - A m e a s u r e o f t h e d i f f e r e n c e b e t w e e n a p o r t f o li o ' s a c t u a l p e r f o r m a n c e a n d i t s e x p e c t e d r e tu r n b a s e d o n i t s l e v e l o f r i s k a s d e t e rmined by beta. It determines the portfolio's no n - s y s t e m i c r e t u r n , o r i t s h i s t o r i c a l p e r f o r m a n ce n o t e x p l a i n e d b y m o v e m e n t s o f t h e m a r k e t . B e t a - A m e a s u r e o f t h e s e n s i t i v i t y o f a p o r t f o l i o t o t h e m o v e m e n t s i n th e m a r k e t . I t i s a m e a s u r e o f th e p o r t f o l i o ' s s y s t e m a t i c r i s k . C o n s i s t e n c y - Th e p e r c e n t a g e o f q u a r t e r s t h a t a p r o d u c t a c h i e v e d a r a t e o f r e t u rn h i g h e r t h a n t h a t o f i t s b e n c h m ar k . H i g h e r c o n s i s t e n c y i n d i c ates the manager has contributed more to the pr o d u c t ’ s p e r f o r m a n c e . D o w n M a r k e t C a p t u r e - Th e r a t i o o f a v e r a g e p o r t f o l i o p e r f o r m a n c e o v e r t h e d e s i g n a t e d b e n ch m a r k d u r i n g p e r i o d s o f n e g a t i v e r e t u r n s . A l o w e r v a l u e i n d i cates better product performance D o w n s i d e R i s k - A m e a s u r e s i m i l a r t o s t a n d a r d d e v i a t i o n t h a t u t i l i z e s o n l y t h e n e g a t iv e m o v e m e n t s o f t h e r e t u r n s e r i e s . I t i s c a l c u l a t e d b y t a k in g t h e s t a n d a r d d e v i a t i o n o f t h e n e g a t i v e qu a r t e r l y s e t o f r e t u r n s . A h i g h e r f a c t o r i s i n d i c a t i v e o f a r i s k i e r p r o d u c t . E x c e s s R e t u r n - Ar i t h m e t i c d i f f e r e n c e b e t w e e n t h e m a n a g e r ’ s p e r f o r m a n c e a n d t h e r i s k - f r e e r e t u r n o v e r a s p e c i f i e d t i m e p e r i o d . E x c e s s R i s k - A m e a s u r e o f t h e s t a n d a r d d e v i a t i o n o f a p o r t f o l i o ' s p e r f o r m a n c e r e l a t i v e t o t h e r i s k f r e e r e t u r n . I n f o r m a t i o n R a t i o - Th i s c a l c u l a t e s t h e v a l u e - a d d e d c o n t r i b u t i o n o f th e m a n a g e r a n d i s d e r i v e d b y d i v i d i n g t h e a c t i ve r a t e o f r e t u r n o f t h e p o r t f o l i o b y the tracking error. The higher the In f o r m a t i o n R a t i o , t h e m o r e t h e m a n a g e r h a s a d d e d v a l u e t o t h e p o r t f o l i o . R - S q u a r e d - Th e p e r c e n t a g e o f a p o r t f o l i o ' s p e r f o r m a n c e t h a t c a n b e e x p l a i ne d b y t h e b e h a v i o r o f t h e a p p r o p r i a t e b e n c h m a r k . A h i g h R - S q u a r e d means the portfolio's performance has hi s t o r i c a l l y m o v e d i n t h e s a m e d i r e ct i o n a s t h e a p p r o p r i a t e b e n c h m a r k . R e t u r n - Co m p o u n d e d r a t e o f r e t u r n f o r t h e p e r i o d . S h a r p e R a t i o - Re p r e s e n t s t h e e x c e s s r a t e o f r e t u r n o v e r t h e r i s k f r e e r e t u r n d i v i d e d b y t h e s t a n d a r d d e v i a t i o n o f t h e e x c e s s r e t u r n . T h e r e s u lt i s a n a b s o l u t e r a t e o f r e t u r n p e r u n i t o f r i s k . A hi g h e r v a l u e d e m o n s t r a t e s b e t t e r h i s t or i c a l r i s k - a d j us t e d p e r f o r m a n c e . S t a n d a r d D e v i a t i o n - A s t a t i s t i c a l m e a s u r e o f t h e r a n g e o f a p o r t f o l i o ' s p e r f o r m a n c e. I t r e p r e s e n t s t h e v a r i a b i l i t y o f r e t u r n s a r o u n d t h e a v e r a g e r e tu r n o v e r a s p e c i f i e d t i m e p e r i o d . T r a c k i n g E r r o r - Th i s i s a m e a s u r e o f t h e s t a n d a r d d e v i a t i o n o f a p o r t f o l i o ' s r e t u r n s i n r e l a t i o n t o t h e p e r f o r m a n c e o f i t s d e s i g n a t e d m a r k e t b e n c h m a r k . T r e y n o r R a t i o - Si m i l a r t o S h a r p e r a t i o b u t u t i l i z e s b e t a r a t h e r t h a n e x c e s s r i sk a s d e t e r m i n e d b y s t a n d a r d d e v i a t i o n . I t i s c a l c u l a t e d b y t a k i ng t h e e x c e s s r a t e o f r e t u r n a b o v e t h e r i s k f r e e ra t e d i v i d e d b y b e t a t o d e r i v e t h e a b s o l u t e r a t e o f r e t u r n p e r u n i t o f r i s k . A h i g h e r v a l u e i n d i c a t e s a p r o d u c t h a s a c h i e v e d b e tt e r h i s t o r i c a l r i s k - adjust ed performance. Up M a r k e t C a p t u r e - Th e r a t i o o f a v e r a g e p o r t f o l i o p e r f o r m a n c e o v e r t h e d e s i g n a t e d b e n ch m a r k d u r i n g p e r i o d s o f p o s i t i v e r e t u r n s . A h i g h e r v a l u e i n d icates better product performance. 62 Disclosures Th e B o g d a h n G r o u p c o m p i l e d t h i s r e p o r t f o r t h e s o l e u s e o f t h e c li e n t f o r w h i c h i t w a s p r e p a r e d . T h e B o g d a h n G r o u p i s r e s p o n s i b l e f o r e v a l u a t i n g t h e p e r f o r m a n c e r e s u l t s o f t h e T o t a l F u n d a l o n g w i t h t h e in v e s t m e n t a d v i s o r s b y c o m p a r i n g t h e i r p e r f o r m a n c e w i t h i n d i c e s a n d o t h e r r e l a t e d p e e r u n i v e r s e d a t a t h a t i s d e e m e d a p p r o p r i a t e . T h e B o g d a h n g r o u p u s e s t h e r e s u l t s f r o m this evaluation to make observations an d r e c o m m e n d a t i o n s t o t h e c l i e n t . Th e B o g d a h n G r o u p u s e s t i m e - w e i g h t e d c a l c u l a t io n s w h i c h a r e f o u n d e d o n s t a n d a r d s r e c o m m e n d e d b y t h e C F A I n s t i t u t e . T h e c a l c u l a ti o n s a n d v a l u e s s h o w n a r e b a s e d o n i n formation that is received from cu s t o d i a n s . T h e B o g d a h n G r o u p a n a l y z e s t r a n s a c t i on s a s i n d i c a t e d o n t h e c u s t o d i a n s t a t e m en t s a n d r e v i e w s t h e c u s t o d i a l m a r k e t va l u e s o f t h e p o r t f o l i o . A s a r e s u l t, t h i s p r o v i d e s T h e B o g d a h n G r o u p w i t h a re a s o n a b l e b a s i s t h a t t h e i n v e s t m e n t i n f o r m at i o n p r e s e n t e d i s f r e e f r o m m a t e r i a l m i s s t at e m e n t . T h i s m e t h o d o l o g y o f e v a l u a t i n g an d m e a s u r i n g p e r f o r m a n c e p r o v i d e s T h e Bogdahn Group with a practical foundation fo r o u r o b s e r v a t i o n s a n d r e c o m m e n d a t i o n s . N o t h i n g c a m e t o o u r a tt e n t i o n t h a t w o u l d c a u s e T h e B o g d a h n G r o u p t o b e l i e v e t h a t t h e i n f o r m a t i o n p r e s e n t e d i s s i g n i f i c a n t l y m i s s t a t e d . Th i s p e r f o r m a n c e r e p o r t i s b a s e d o n d a t a o b t a i n e d b y t h e c l i e n t ’ s c u s t o d i a n ( s ) , i n v e s t m e n t f u n d a d m in i s t r a t o r , o r o t h e r s o u r c e s b e l i e v e d t o b e r e l i a b l e . W h i l e t h e s e s o u r c e s a r e b e l i e v e d t o b e r e l i a b l e , t h e d a t a pr o v i d e r s a r e r e s p o n s i b l e f o r t h e a c c u r a c y a n d c o m p l e t e n e s s o f th e i r s t a t e m e n t s . C l i e n t s a r e e n c o u r a g e d t o c o m p a r e t h e r e c o r d s o f t h e i r c u s t o d i a n ( s ) t o e n s u r e t h i s r e p o r t fairly and accurately reflects their various as s e t p o s i t i o n s . Th e s t r a t e g i e s l i s t e d m a y n o t b e s u i t a b l e f o r a l l i n v e s t o r s . W e b e l i e v e t h e i n f o r m a t i o n p r o v i d e d h e r e i s r e l i a b l e , b u t d o n o t wa r r a n t i t s a c c u r a c y o r c o m p l e t e n e s s . P a s t p e r f o r m a n c e i s n o t a n i n d i c a t i o n o f f u t u r e pe r f o r m a n c e . A n y i n f o r m a t i o n c o n t a i n e d i n t h i s r e p o r t i s f o r i n f o r m a t i o n a l p u r p o s e s o n l y a n d s h o u l d n o t b e c o n s t r u e d t o b e a n of f e r t o b u y o r s e l l a n y s e c u r i t i e s , i n v e s t m e n t c o n s u l t i n g , o r i n v e s t m e n t m a n a g e m e n t se r v i c e s . Ad d i t i o n a l i n f o r m a t i o n i n c l u d e d i n t h i s d o c um e n t m a y c o n t a i n d a t a p r o v i d e d b y f r o m in d e x d a t a b a s e s , p u b l i c e c o n o m i c s o u r c e s a n d t h e m a n a g e r s t h e m s e l v e s . Th i s d o c u m e n t m a y c o n t a i n d a t a p r o v i d e d b y B a r c l a y s . B a r c l a y s I n d e x d a t a p r o v i d e d b y w a y o f B a r c l a y s L i v e . Th i s d o c u m e n t m a y c o n t a i n d a t a p r o v i d e d b y St a n d a r d a n d P o o r ’ s . N o t h i n g c o n t a i n e d w i th i n a n y d o c u m e n t , a d v e r t i s e m e n t o r p r e s e n ta t i o n f r o m S & P I n d i c e s c o n s t i t u t e s a n o f f e r of services in jurisdictions where S& P I n d i c e s d o e s n o t h a v e t h e n e c e s s a r y l i c e n s e s . A l l i n f o r m a t i o n pr o v i d e d b y S & P I n d i c e s i s i m p e r s o n a l a n d i s n o t t a i l o r e d t o th e n e e d s o f a n y p e r s o n , e n t i t y o r g r o u p o f p e r s o n s . A n y r e t u r n s o r p e r f o r m a n c e pr o v i d e d w i t h i n a n y d o c u m e n t i s p r o v i d e d f o r i l l u s t r a t i v e p u r p o s es o n l y a n d d o e s n o t d e m o n s t r a t e a c tu a l p e r f o r m a n c e . P a s t p e r f o rm a n c e i s n o t a g u a r a n t e e o f f u t u r e i n v e s t m e n t r e s u l t s . Th i s d o c u m e n t m a y c o n t a i n d a t a p r o v i d e d b y M S C I , I n c . C o p y r i g h t M S C I , 2 0 1 2 . U n p u b l i s h e d . A l l R i g h t s R e s e r v e d . T h i s i n f o r m a t io n m a y o n l y b e u s e d f o r y o u r i n t e r n a l u s e , m a y n o t b e r e p r o d u c e d o r re d i s s e m i n a t e d i n a n y f o r m a n d m a y n o t b e u s e d t o c r e a t e a n y f i n a n c i a l i n s t r u m e n t s o r p r o d u c t s o r a n y i n d i c e s . T h i s i n f o r m a t i o n i s p r o v i d e d o n a n “ a s i s ” b a s i s a n d t h e u s e r of this information assumes the entire ri s k o f a n y u s e i t m a y m a k e o r p e r m i t t o b e m a d e o f t h i s i n f o r m at i o n . N e i t h e r M S C I , a n y o f i t s a f f i l i a t e s o r a n y o t h e r p e r s o n in v o l v e d i n o r r e l a t e d t o c o m p i l i n g , c o m p u t i n g o r c r e a t i n g t h i s i n f o r m a t i o n m a k e s a n y ex p r e s s o r i m p l i e d w a r r a n t i e s o r r e p r e s e n t a t io n s w i t h r e s p e c t t o s u c h i n f o r m a t i o n o r t h e r e s u l t s t o b e o b t a i n e d b y t h e u s e t h e r eo f , a n d M S C I , i t s a f f i l i a t e s a n d e a c h s u c h o t her person hereby expressly disclaim all wa r r a n t i e s ( i n c l u d i n g , w i t h o u t l i m i t a t i o n , a l l w a r r a n t i e s o f o r ig i n a l i t y , a c c u r a c y , c o m p l e t e n e ss , t i m e l i n e s s , n o n - i n f r i n g e m e n t , m e r c h a n t a b i l i t y a n d f i t n e s s f o r a p a r t i c u l a r p u r p o s e ) w i t h r e s p e c t t o t h i s i n f o r m a t i o n . Wi t h o u t l i m i t i n g a n y o f t h e f o r e g o i n g , i n n o e v e n t s h a l l M S C I , a n y o f i t s a f f i l i a t e s o r a n y o t h e r p e r s o n i n v o l v e d i n o r r e l a t e d t o c o m p i l i n g , c o m p u t i n g o r c r e a t i n g t h i s i n f o r m ation have any liability fo r any direct, indirect, sp e c i a l , i n c i d e n t a l , p u n i t i v e , c o n s e q u e n t i a l o r a n y o t h e r d a m a g e s ( i n c l u d i n g , w i t h o u t l i m it a t i o n , l o s t p r o f i t s ) e v e n i f n o t i f i e d o f , o r i f i t m i g h t o t h e r w i s e h a v e a n t i c i p a t e d , t h e p o s s i b i l i t y o f s u c h d a m a g e s . Th i s d o c u m e n t m ay c o n t a i n d a t a p r o v i d e d b y R u s s e l l I n v e s t m e n t G r ou p . R u s s e l l I n v e s t m e n t G r o u p i s t h e s o u r c e o w n e r o f t h e d a t a co n t a i n e d o r r e f l e c t e d i n t h i s m a t e r i al and all trademarks and copyrights related th e r e t o . T h e m a t e r i a l m a y c o n t a i n c o n f i d e n t i a l i n f o r m a t i o n a n d un a u t h o r i z e d u s e , d i s c l o s u r e , c o p y i n g , d i s s e m i n a t i o n o r r e d i s t r ib u t i o n i s s t r i c t l y p r o h i b i t e d . T h i s i s a u s er p r e s e n t a t i o n o f t h e d a t a . R u s s e l l I n v e s t m e n t Gr o u p i s n o t r e s p o n s i b l e f o r t h e f o r m a t t i n g o r c o n f i g u r a t i o n o f th i s m a t e r i a l o r f o r a n y i n a c c u r a c y i n p r e s e n t a t i o n t h e r e o f . Th i s d o c u m e n t m a y c o n t a i n d a t a p r o v i d e d b y M o r n in g s t a r . A l l r i g h t s r e s e r v e d . U s e o f t h is c o n t e n t r e q u i r e s e x p e r t k n o w l e d g e . It i s t o b e u s e d b y s p e c i a l i s t i n s t i t u t i o n s o n ly. The information contained herein: (1) is pr o p r i e t a r y t o M o r n i n g s t a r a n d / o r i t s c o n t e n t p r o v i d e r s ; ( 2 ) m a y n o t b e c o p i e d , a d a p t e d o r d i s t r i b u t e d ; a n d ( 3 ) i s n o t w a r r a n t e d t o b e a c c u r a t e , c o m p l e t e o r t i m e l y . N e i t h e r M o r n i n g s t a r n o r i t s c o n t e n t p r o v i d e r s a r e re s p o n s i b l e f o r a n y d a m a g e s o r l o s s e s a r i s i n g f r o m a n y u s e o f t h is i n f o r m a t i o n , e x c e p t w h e r e s u c h d a m a g e s o r l o s s e s c a n n o t b e l im i t e d o r e x c l u d e d b y l a w i n y o u r j u r i s d i c tion. Past financial performance is not gu a r a n t e e o f f u t u r e r e s u l t s . 63