flexPATH Index Aggressive Retirement Fund Release Date: 09 ...Volatility Analysis 3-Yr Risk Measures as of 09-30-19 Port Avg Benchmark Standard Deviation 5.65 2.52 ... Performance

flexPATH Index Aggressive Retirement Fund Release Date: 09-30-2019

..........................................................................................................................................................................................................................................................................................................................................Benchmark Fee Class Overall Morningstar Rating™ Morningstar Return Morningstar RiskDJ Target Today TR USD M . . .

Out of 160 Target-Date Retirement investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.

Investment InformationInvestment Objective & Strategy

Each flexPATH strategy seeks to provide long-term investors with an asset allocation strategy designed to maximize assets for retirement consistent with the risk level and projected retirement date associated with each fund.

The Funds are designed to automatically adjust their risk over time in order to reduce the risk of investment inequity securities and shift from a focus on capital appreciation to one of capital preservation, while maintaining some exposure to capital appreciation asset classes.

Operations and Management

Inception Date 02-23-18Reactivation Date 12-31-18Trustee Wilmington Trust, N.A.Website www.wilmingtontrust.comTelephone 1-866-427-6885Sub-Advisor flexPATH Strategies, LLCSA Website www.flexpathstrategies.comCUSIP 97182V719

Portfolio Manager(s)

Management Team

Morningstar Category: Target-Date Retirement

Retirement income portfolios provide a mix of stocks, bonds,and cash for those investors already in or entering retirement.These portfolios tend to be managed to more of a conservativeasset-allocation strategy. These portfolios aim to provideinvestors with steady income throughout retirement.

Volatility Analysis3-Yr Risk Measures as of 09-30-19 Port Avg BenchmarkStandard Deviation 5.65 2.52Sharpe Ratio 0.80 0.54Information Ratio 0.85 .R-Squared 74.29 .Beta 1.96 .Alpha 1.88 .

Best 3 Month Return Worst 3 Month Return

7.63% -6.02%(Jan '19 - Mar '19) (Oct '18 - Dec '18)

Principal RisksFixed Income Securities, Foreign Securities, Market/MarketVolatility Risk, Small Cap, Target Date Funds, Underlying Fund/Fund of Funds

................................................................................................Please refer to the Additional Fund Information and PrincipalRisk Definitions document for more information.

NotesWilmington Trust, N.A. Collective Funds (WTNA Funds) aretrust company sponsored collective investment funds; they arenot mutual funds. For Use by Institutional Investors Only – Not Intendedfor Distribution to Retail Investors

Allocation of Assets

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% AllocationBondsU.S. StocksNon-U.S. StocksCashOther

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Total Return %as of 09-30-19

InvestmentBenchmark

Average annual, if greaterthan 1 year

QTD YTD 1 Year 3 Year 5 Year Since Inception1.21 12.41 5.65 6.13 . 6.87 Investment Return %0.96 6.57 5.23 2.96 . . Benchmark Return %1.31 10.11 5.90 4.78 . . Category Average %........................................................................................................................................................................................................... . . . . . Morningstar Rating™. . . . . . # of Funds in Category

Performance Disclosure: The performance data quoted represents past performance and does not guarantee futureresults. The investment return and principal value of an investment will fluctuate; thus an investor’s units, whenredeemed, may be worth more or less than their original cost. Current performance may be lower or higher thanreturn data quoted herein. Performance returns prior to inception are shown in italics and are based upon theperformance of the flexPATH Index Agg Retirement Fund Cl I1 from its inception date of 12-21-2015. Please refer tothe Performance section of the disclosure page for more information.

Portfolio Analysis

Composition as of 09-30-19 % Assets

U.S. Stocks 30.9Non-U.S. Stocks 17.1Bonds 47.2Cash 4.5Other 0.3

Morningstar Style Box™ as of 09-30-19(EQ) ; 09-30-19(F-I)

LargeM

idSm

all

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HighM

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Top 10 Holdings as of 09-30-19 % Assets

Short-Term Investment Fund 1.32Microsoft Corp 1.03Apple Inc 0.99Short-Term Investment Fund 0.85Amazon.com Inc 0.70..........................................................................................United States Treasury Notes 2.38% 08-15-24 0.43United States Treasury Notes 1.88% 04-30-22 0.43Facebook Inc A 0.42Berkshire Hathaway Inc B 0.40United States Treasury Notes 2.25% 02-15-27 0.38.......................................................................................................Total Number of Stock Holdings 9363Total Number of Bond Holdings 13459Annual Turnover Ratio % .Total Fund Assets ($mil) 2.34

Morningstar Equity Super Sectors as of 09-30-19 % Fund

h Cyclical 41.10j Sensitive 36.76k Defensive 22.13

©2019 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers areresponsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website atwww.morningstar.com.

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http://www.flexpathstrategies.com


https://www.wilmingtontrust.com/repositories/wtc_sitecontent/PDF/Principal_Risk_Definitions.pdf


Performance Performance data given represents past performance andshould not be considered indicative of future results of theflexPATH Index Aggressive Retirement Fund (the “Fund”). TheFund is not a mutual fund and is not registered as an investmentcompany under the Investment Company Act of 1940. The Fundis not FDIC-insured, may lose value and is not guaranteed by abank or other financial institution.

Performance data reflects a specific class of units. Other feeclasses may currently be available or may become available inthe future. Not all fee classes are available for investment byall plans. Fees vary across fee classes, and the net returnsinvestors earn will be different from one fee class to another.

Management of the Fund Trustee: Wilmington Trust, N.A. (the “Trustee”) serves as theTrustee of the Fund and maintains ultimate fiduciary authorityover the management of, and investments made in, the Fund.The Fund is part of the Wilmington Trust Collective InvestmentTrust (the “Trust”) operated by the Trustee.

Wilmington Trust is a registered service mark. Wilmington TrustCorporation is a wholly owned subsidiary of M&T BankCorporation. Wilmington Trust Company, operating in Delawareonly, Wilmington Trust, N.A., M&T Bank and certain otheraffiliates, provide various fiduciary and non-fiduciary services,including trustee, custodial, agency, investment managementand other services. Loans, retail and business deposits, andother personal and business banking services and products areoffered by M&T Bank, member FDIC. Wilmington TrustInvestment Advisors, Inc. is a SEC-registered investmentadvisor providing investment management services toWilmington Trust and M&T affiliates and clients.

Sub-Advisor: flexPATH Strategies, LLC (the “Sub-Advisor”) is aRegistered Investment Advisor utilizing Retirement PlanAdvisory Group’s institutional due diligence system responsiblefor over $150 billion in assets. Retirement Plan AdvisoryGroup™ (RPAG™) was created in 2004. Its proprietaryScorecard System™ uses quantitative and qualitative factorsto evaluate fund managers and their investment strategies.

Investment Process:The Fund employs flexPATH Strategies, LLC’s proprietaryinvestment due diligence model for selecting and monitoringthe Fund’s underlying managers, which includes styleattribution, risk, return, correlation and peer group rankinganalysis. The Fund utilizes a “fund of funds” structure, seekingto achieve its objective by investing in other funds (“UnderlyingFunds”) that represent a variety of fund managers, assetclasses and investment styles. Underlying Funds are scored onmultiple criteria; selection and removal of Underlying Funds willbe implemented following this process, incorporating additionalinvestment due diligence criteria subject to flexPATH’sassessment of the investment strategy or asset classinvolved.

The Fund follows glidepaths designed by BlackRock FinancialManagement, Inc. that seeks to target an asset allocationconsistent with the quantitatively measured level of risk thatwould be appropriate for an investor given his or her time

horizon. On a quarterly basis, the Sub-Advisor will update theconstruction of the glidepaths taking into account updatedasset class benchmark returns and risk profiles.

Benchmark: DJ Target Today TR USDThe Dow Jones Target Today Portfolio Index is rebalancedmonthly and maintains an allocation of stocks, bonds, and cashasset classes in a portfolio having 20% of the risk of the DowJones stock Composite Major Asset Class. Within the portfolio,bonds are represented by an equal weighting of the followingfour bond indexes: Barclay Capital U.S. Government Bond Index,Barclay Capital Corporate Bond Index, Barclay Capital U.S.Mortgage-backed Bond Index, and Barclay Capital Majors (exU.S.) Bond Index. Cash is represented by the 90-Day T-BillAverage.

Notes Regarding Return Information Return figures represent the total change in net assets withcapital gains and income dividends reinvested. Performanceinformation is presented net of any applicable trustee fees, sub-advisor and glidepath fees, or other fees or expenses which areborne by the Fund. See "Fees and Expenses" for moreinformation.

Morningstar Rating™ The Morningstar Rating™ for funds, or "star rating", iscalculated for managed portfolios (including mutual funds,variable annuity and variable life subaccounts, exchange-tradedfunds, close-end funds, and separate accounts) with at least athree-year history. Exchange-traded funds and open-endedmutual funds are considered a single population for comparativepurposes. It is calculated based on a Morningstar Risk-AdjustedReturn measure that accounts for variation in a managedproduct's monthly excess performance, placing more emphasison downward variations and rewarding consistentperformance. The Morningstar Rating does not include anyadjustment for sales load. The top 10% of products in eachproduct category receive 5 stars, the next 22.5% receive 4stars, the next 35% receive 3 stars, the next 22.5% receive 2stars, and the bottom 10% receive 1 star. The OverallMorningstar Rating for a managed product is derived from aweighted average of the performance figures associated withits three-, five-, and 10-year (if applicable) Morningstar Ratingmetrics.

For private funds, the Morningstar Rating presented ishypothetical, because Morningstar does not independentlyanalyze private funds. Rather, the rating is assigned as a meansto compare these funds with the universe of mutual funds thatMorningstar rates. The evaluation of this investment does notaffect the retail mutual fund data published by Morningstar.

Morningstar Return The Morningstar Return rates a fund’s performance relative toother managed products in its Morningstar Category. It is anassessment of a product's excess return over a risk-free rate(the return of the 90-day Treasury Bill) in comparison with theproducts in its Morningstar category. In each Morningstarcategory, the top 10% of products earn a High MorningstarReturn (High), the next 22.5% Above Average (+Avg), themiddle 35% Average (Avg), the next 22.5% Below Average (-Avg), and the bottom 10% Low (Low). Morningstar Return is

measured for up to three time periods (three, five, and 10 years).These separate measures are then weighted and averaged toproduce an overall measure for the product. Products with lessthan three years of performance history are not rated.

Morningstar Risk Morningstar Risk evaluates a fund’s downside volatility relativeto that of other products in its Morningstar Category. It is anassessment of the variations in monthly returns, with anemphasis on downside variations, in comparison with theproducts in its Morningstar category. In each Morningstarcategory, the 10% of products with the lowest measured riskare described as Low Risk (Low), the next 22.5% BelowAverage (-Avg), the middle 35% Average (Avg), the next 22.5%Above Average (+Avg), and the top 10% High (High).Morningstar Risk is measured for up to three time periods(three, five, and 10 years). These separate measures are thenweighted and averaged to produce an overall measure for theproduct. Products with less than three years of performancehistory are not rated.

Morningstar Style Box™ For equity funds, the vertical axis shows the marketcapitalization of the long stocks owned and the horizontal axisshows investment style (value, blend, or growth).

For fixed-income funds, the vertical axis shows the credit qualityof the long bonds owned, and the horizontal axis shows interestrate sensitivity as measured by a bond’s effective duration.

Morningstar seeks credit rating information from fundcompanies on a periodic basis (e.g., quarterly). In compilingcredit rating information, Morningstar accepts credit ratingsreported by fund companies that have been issued by allNationally Recognized Statistical Rating Organizations(NRSROs). For a list of all NRSROs, please visit http://www.sec.gov/ocr/ratingagency.html. Additionally,Morningstar accepts foreign credit ratings from widelyrecognized or registered rating agencies. If two ratingorganizations/agencies have rated a security, fund companiesare to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to reportthe median rating, and in cases where there are more than twoorganization/agency ratings and a median rating does not exist,fund companies are to use the lower of the two middle ratings.PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor doesit issue a credit rating on the fund. An NRSRO or rating agencyratings can change from time-to-time.

For credit quality, Morningstar combines the credit ratinginformation provided by the fund companies with an averagedefault rate calculation to come up with a weighted-averagecredit quality. The weighted-average credit quality is currentlya letter that roughly corresponds to the scale used by a leadingNRSRO. Bond funds are assigned a style box placement of"low", "medium", or "high" based on their average credit quality.Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-";medium are those less than "AA-", but greater or equal to"BBB-"; and high are those with a weighted-average creditquality of "AA-" or higher. When classifying a bond portfolio,Morningstar first maps the NRSRO credit ratings of the

Disclosure

©2019 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. NeitherMorningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee offuture performance. Visit our investment website at www.morningstar.com.

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underlying holdings to their respective default rates (asdetermined by Morningstar’s analysis of actual historical defaultrates). Morningstar then averages these default rates todetermine the average default rate for the entire bond fund.Finally, Morningstar maps this average default rate to itscorresponding credit rating along a convex curve.

For interest-rate sensitivity, Morningstar obtains from fundcompanies the average effective duration. Generally,Morningstar classifies a fixed-income fund's interest-ratesensitivity based on the effective duration of the MorningstarCore Bond Index (MCBI), which is currently three years. Theclassification of Limited will be assigned to those funds whoseaverage effective duration is between 25% to 75% of MCBI'saverage effective duration; funds whose average effectiveduration is between 75% to 125% of the MCBI will be classifiedas Moderate; and those that are at 125% or greater of theaverage effective duration of the MCBI will be classified asExtensive. In addition, for non-US taxable and non-US domiciledfixed income funds, static duration breakpoints are used: (i)Limited: less than or equal to 3.5 years; (ii) Moderate: greaterthan 3.5 and less than equal to 6 years; (iii) Extensive: greaterthan 6 years.

Fees and Expenses The participant will incur fees for sub-advisory, glidepathmanagement and trustee services provided to the Fund andother operating expenses related to the Fund. Other operatingexpenses may include, but are not limited to, audit expenses,custody service fees, tax form preparation expenses, legal andother fees. Portions of the fees are paid by the Trustee to theFund’s Sub-Advisor and glidepath manager for their services tothe Fund.

All fees and expenses will be reimbursed from the Fund whenthey are incurred. Any expenses incurred in connection with theinvestment and reinvestment of Fund assets including, withoutlimitation, any transfer agency fees, brokerage commissionsand expenses, will be charged against the Fund.

Below is a breakdown of the fees on the Fund:

flexPATH Index Aggressive Retirement Fund Fee Class M

Sub-Advisor Fee % 0.030Trustee Fee % 0.020Service Provider Fee % 0.000Glidepath Fee % 0.045Underlying Fund Fees % 0.004Management Services Fee % 0.000Gross Fee % 0.099Net Fee % 0.099

For the flexPATH index series, the Glidepath fee also includesinvestment management fees.

Fees and expenses are only one of several factors thatparticipants and beneficiaries should consider when makinginvestment decisions.

The cumulative effect of fees and expenses can substantiallyreduce the growth of a participant’s or beneficiary’s retirement

account. Participants and beneficiaries can visit the EmployeeBenefit Security Administration’s website for an exampledemonstrating the long-term effect of fees and expenses.

The example in the following table is intended to explain theongoing costs of investing in the Fund and to compare thesecosts with the ongoing costs of investing in other collectivefunds. The table provides information about hypotheticalaccount values and hypothetical expenses based on the Fund’sactual expense ratio and an assumed rate of return of 0.00%per year, which is not the Fund’s actual return. The hypotheticalaccount values and expenses may not be used to estimate theactual account balance or expenses you paid for the period. Thisexample is based on an investment of $1,000 invested for oneyear:

flexPATH Index Aggressive Retirement Fund Fee Class M

Balance 09-30-2018 $1,000.00Hypothetical Balance 09-30-2019 $999.01

Hypothetical Expenses (1 year) $0.99

Risk ConsiderationsThe decision to invest in the Fund and the risks involved in doingso should be carefully considered. The Fund should beconsidered a long-term investment.

The Principal Risks that are listed on the first page are describedin the Additional Fund Information and Risk Definition bookletand should be read in connection with this profile.

The value of your investment in the Fund will increase anddecrease over time in accordance with changes in the value ofthe securities held in the Fund. When assets of the Fund areinvested in other investment vehicles (such as collective trustsor mutual funds), the Trustee does not have control over thetrading policies or strategies of such entities.

The Trustee of the Fund may change the investment objectiveof the Fund at any time without prior notice or approval.

Investments in the Fund are not insured or guaranteed by anybank, the FDIC, or any other governmental entity.

Basic Terms and Conditions This profile is only a summary of some of the key features ofthe Fund and should be carefully read in connection with theAdditional Fund Information and Principal Risk Definitions.Participation in the Fund is governed by the Trust Agreementand the terms of the participation materials, which must bereviewed and signed by the plan sponsor or plan fiduciary. Inthe event of a conflict between the provisions of this profile andthe Trust Agreement or participation materials, the TrustAgreement or participation materials control. Please carefullyreview the Trust Agreement and participation materials beforeinvesting in the Fund.

Investments in the WTNA Portfolios are not deposits orobligations of a guaranteed by Wilmington Trust, and are notinsured by the FDIC, the Federal Reserve, or any othergovernmental agency. The Portfolios are commingled

investment vehicles, and as such, the values of the underlyinginvestments will rise and fall according to market activity; it ispossible to lose money by investing in the Portfolios. Investorsshould consider the investment objectives, risks, charges andexpenses of any pooled investment company carefully beforeinvesting.

The Fund is maintained by the Trustee as part of the WilmingtonTrust Collective Investment Trust, which was established onOctober 6, 2005 and most recently amended on June 20, 2016.It is a “group trust” within the meaning of Internal RevenueService Revenue Ruling 81-100, as amended, and is exemptfrom registration under the Investment Company Act of 1940,as amended (the “1940 Act”).

For More Information: Please carefully review the Trust Agreement and participationmaterials prior to investing in the Fund. The Trust Agreementand participation materials provide limitations on liability andindemnifications in favor of Trustee. To learn more or obtainadditional materials governing the Fund, please contact yourplan sponsor or plan trustee. You may also obtain a copy of theTrust Agreement and participation materials, without charge,by contacting:

Wilmington Trust, N.A. c/o Collective Fund Client Services 1100 N. Market Street Wilmington, DE 19890 Tel. 1-866-427-6885 Email: [email protected]

You may also visit www.flexpathstrategies.com or call1-800-974-0188.

Disclosure


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flexPATH Index Moderate Retirement Fund Release Date: 09-30-2019









Management Team





6.70% -4.72%(Jan '19 - Mar '19) (Oct '18 - Dec '18)



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Performance Disclosure: The performance data quoted represents past performance and does not guarantee futureresults. The investment return and principal value of an investment will fluctuate; thus an investor’s units, whenredeemed, may be worth more or less than their original cost. Current performance may be lower or higher thanreturn data quoted herein. Performance returns prior to inception are shown in italics and are based upon theperformance of the flexPATH Index Mod Retirement Fund R1 from its inception date of 05-18-2015. Please refer tothe Performance section of the disclosure page for more information.

Portfolio Analysis




LargeM

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U.S. Debt Index Fund E 54.08Russell 1000 Index Fund 22.08BlackRock MSCI ACWI ex-US IMI Index Fd E 11.71U.S. TIPS Fund E 5.90Russell 2000 Index Fund 3.25.......................................................................................................Commodity Index Daily Fund E 1.60Developed Real Estate Index Fund E 1.37.......................................................................................................Total Number of Holdings 8Annual Turnover Ratio % .Total Fund Assets ($mil) 23.33



Principal Risks: Please refer to the Additional Fund Information and Principal Risk Definitions document for more information.

Fixed Income Securities, Foreign Securities, Market/Market Volatility Risk, Small Cap, Target Date Funds, Underlying Fund/Fund ofFunds


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Performance Performance data given represents past performance andshould not be considered indicative of future results of theflexPATH Index Moderate Retirement Fund (the “Fund”). TheFund is not a mutual fund and is not registered as an investmentcompany under the Investment Company Act of 1940. The Fundis not FDIC-insured, may lose value and is not guaranteed by abank or other financial institution.



















Disclosure


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flexPATH Index Moderate Retirement Fund Fee Class M







flexPATH Index Moderate Retirement Fund Fee Class M















Disclosure


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flexPATH Index Conservative Retirement Fund Release Date: 09-30-2019









Management Team





5.76% -3.33%(Jan '19 - Mar '19) (Oct '18 - Dec '18)



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Performance Disclosure: The performance data quoted represents past performance and does not guarantee futureresults. The investment return and principal value of an investment will fluctuate; thus an investor’s units, whenredeemed, may be worth more or less than their original cost. Current performance may be lower or higher thanreturn data quoted herein. Performance returns prior to inception are shown in italics and are based upon theperformance of the flexPATH Index Cnsrv Retirement Fund I3 from its inception date of 10-09-2015. Please refer tothe Performance section of the disclosure page for more information.

Portfolio Analysis




LargeM

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U.S. Debt Index Fund E 63.56Russell 1000 Index Fund 16.86U.S. TIPS Fund E 6.44BlackRock MSCI ACWI ex-US IMI Index Fd E 6.37Russell 2000 Index Fund 3.39.......................................................................................................Commodity Index Daily Fund E 1.76Developed Real Estate Index Fund E 1.62.......................................................................................................Total Number of Holdings 8Annual Turnover Ratio % .Total Fund Assets ($mil) 3.62






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Performance Performance data given represents past performance andshould not be considered indicative of future results of theflexPATH Index Conservative Retirement Fund (the “Fund”). TheFund is not a mutual fund and is not registered as an investmentcompany under the Investment Company Act of 1940. The Fundis not FDIC-insured, may lose value and is not guaranteed by abank or other financial institution.



















Disclosure


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flexPATH Index Conservative Retirement Fund Fee Class M







flexPATH Index Conservative Retirement Fund Fee Class M















Disclosure


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flexPATH Index Aggressive 2025 Fund Release Date: 09-30-2019

..........................................................................................................................................................................................................................................................................................................................................Benchmark Fee Class Overall Morningstar Rating™ Morningstar Return Morningstar RiskDJ Target 2025 TR USD M . . .

Out of 191 Target-Date 2025 investments. An investment's overall Morningstar Rating, based on its risk-adjustedreturn, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.







Management Team

Morningstar Category: Target-Date 2025

Target-date portfolios provide diversified exposure to stocks,bonds, and cash for those investors who have a specific datein mind (in this case, the years 2021-2025) for retirement. Theseportfolios aim to provide investors with an optimal level of returnand risk, based solely on the target date. Management adjuststhe allocation among asset classes to more-conservative mixesas the target date approaches, following a preset glide path. Atarget-date portfolio is part of a series of funds offering multipleretirement dates to investors.



9.72% -8.52%(Jan '19 - Mar '19) (Oct '18 - Dec '18)



NotesWilmington Trust, N.A. Collective Funds (WTNA Funds) aretrust company sponsored collective investment funds; they arenot mutual funds.For Use by Institutional Investors Only – Not Intendedfor Distribution to Retail Investors


045 35 25 15 5 -5 -15 -25 -30

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Performance Disclosure: The performance data quoted represents past performance and does not guarantee futureresults. The investment return and principal value of an investment will fluctuate; thus an investor’s units, whenredeemed, may be worth more or less than their original cost. Current performance may be lower or higher thanreturn data quoted herein. Performance returns prior to inception are shown in italics and are based upon theperformance of the flexPATH Index Agg 2025 Fund Cl I1 from its inception date of 12-21-2015. Please refer to thePerformance section of the disclosure page for more information.

Portfolio Analysis




LargeM

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HighM

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Ltd Mod Ext


Microsoft Corp 1.40Apple Inc 1.35Short-Term Investment Fund 1.07Amazon.com Inc 0.96Facebook Inc A 0.57..........................................................................................Berkshire Hathaway Inc B 0.54JPMorgan Chase & Co 0.50Alphabet Inc Class C 0.49Alphabet Inc A 0.49Johnson & Johnson 0.46.......................................................................................................Total Number of Stock Holdings 9363Total Number of Bond Holdings 13459Annual Turnover Ratio % .Total Fund Assets ($mil) 10.71




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Performance Performance data given represents past performance andshould not be considered indicative of future results of theflexPATH Index Aggressive 2025 Fund (the “Fund”). The Fundis not a mutual fund and is not registered as an investmentcompany under the Investment Company Act of 1940. The Fundis not FDIC-insured, may lose value and is not guaranteed by abank or other financial institution.








Benchmark: DJ Target 2025 TR USDThe index measures the performance of total portfolios ofstocks, bonds and cash that automatically adjust over time toreduce potential risk as an investor’s target maturity date of2025 approach.




Morningstar Return The Morningstar Return rates a fund’s performance relative toother managed products in its Morningstar Category. It is anassessment of a product's excess return over a risk-free rate(the return of the 90-day Treasury Bill) in comparison with theproducts in its Morningstar category. In each Morningstarcategory, the top 10% of products earn a High MorningstarReturn (High), the next 22.5% Above Average (+Avg), themiddle 35% Average (Avg), the next 22.5% Below Average (-Avg), and the bottom 10% Low (Low). Morningstar Return ismeasured for up to three time periods (three, five, and 10 years).These separate measures are then weighted and averaged toproduce an overall measure for the product. Products with lessthan three years of performance history are not rated.

Morningstar Risk

Morningstar Risk evaluates a fund’s downside volatility relativeto that of other products in its Morningstar Category. It is anassessment of the variations in monthly returns, with anemphasis on downside variations, in comparison with theproducts in its Morningstar category. In each Morningstarcategory, the 10% of products with the lowest measured riskare described as Low Risk (Low), the next 22.5% BelowAverage (-Avg), the middle 35% Average (Avg), the next 22.5%Above Average (+Avg), and the top 10% High (High).Morningstar Risk is measured for up to three time periods(three, five, and 10 years). These separate measures are thenweighted and averaged to produce an overall measure for theproduct. Products with less than three years of performancehistory are not rated.




For credit quality, Morningstar combines the credit ratinginformation provided by the fund companies with an averagedefault rate calculation to come up with a weighted-averagecredit quality. The weighted-average credit quality is currentlya letter that roughly corresponds to the scale used by a leadingNRSRO. Bond funds are assigned a style box placement of"low", "medium", or "high" based on their average credit quality.Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-";medium are those less than "AA-", but greater or equal to"BBB-"; and high are those with a weighted-average creditquality of "AA-" or higher. When classifying a bond portfolio,Morningstar first maps the NRSRO credit ratings of theunderlying holdings to their respective default rates (asdetermined by Morningstar’s analysis of actual historical defaultrates). Morningstar then averages these default rates todetermine the average default rate for the entire bond fund.Finally, Morningstar maps this average default rate to itscorresponding credit rating along a convex curve.

Disclosure


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flexPATH Index Aggressive 2025 Fund Fee Class M




The cumulative effect of fees and expenses can substantiallyreduce the growth of a participant’s or beneficiary’s retirementaccount. Participants and beneficiaries can visit the EmployeeBenefit Security Administration’s website for an exampledemonstrating the long-term effect of fees and expenses.

The example in the following table is intended to explain theongoing costs of investing in the Fund and to compare these

costs with the ongoing costs of investing in other collectivefunds. The table provides information about hypotheticalaccount values and hypothetical expenses based on the Fund’sactual expense ratio and an assumed rate of return of 0.00%per year, which is not the Fund’s actual return. The hypotheticalaccount values and expenses may not be used to estimate theactual account balance or expenses you paid for the period. Thisexample is based on an investment of $1,000 invested for oneyear:










Investments in the WTNA Portfolios are not deposits orobligations of a guaranteed by Wilmington Trust, and are notinsured by the FDIC, the Federal Reserve, or any othergovernmental agency. The Portfolios are commingledinvestment vehicles, and as such, the values of the underlyinginvestments will rise and fall according to market activity; it ispossible to lose money by investing in the Portfolios. Investorsshould consider the investment objectives, risks, charges andexpenses of any pooled investment company carefully beforeinvesting.





Disclosure


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flexPATH Index Moderate 2025 Fund Release Date: 09-30-2019









Management Team



Volatility Analysis3-Yr Risk Measures as of 09-30-19 Port Avg BenchmarkStandard Deviation 6.69 4.95Sharpe Ratio 0.75 0.79Information Ratio 0.42 .R-Squared 90.77 .Beta 1.29 .Alpha -0.04 .


8.33% -6.94%(Jan '19 - Mar '19) (Oct '18 - Dec '18)



045 35 25 15 5 -5 -15 -25 -30

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Performance Disclosure: The performance data quoted represents past performance and does not guarantee futureresults. The investment return and principal value of an investment will fluctuate; thus an investor’s units, whenredeemed, may be worth more or less than their original cost. Current performance may be lower or higher thanreturn data quoted herein. Performance returns prior to inception are shown in italics and are based upon theperformance of the flexPATH Index Mod 2025 Fund Cl R1 from its inception date of 05-18-2015. Please refer to thePerformance section of the disclosure page for more information.

Portfolio Analysis




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U.S. Debt Index Fund E 40.03Russell 1000 Index Fund 29.63BlackRock MSCI ACWI ex-US IMI Index Fd E 18.45U.S. TIPS Fund E 5.06Russell 2000 Index Fund 2.87.......................................................................................................Developed Real Estate Index Fund E 2.56Commodity Index Daily Fund E 1.40.......................................................................................................Total Number of Holdings 8Annual Turnover Ratio % .Total Fund Assets ($mil) 96.30






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Performance Performance data given represents past performance andshould not be considered indicative of future results of theflexPATH Index Moderate 2025 Fund (the “Fund”). The Fund isnot a mutual fund and is not registered as an investmentcompany under the Investment Company Act of 1940. The Fundis not FDIC-insured, may lose value and is not guaranteed by abank or other financial institution.













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flexPATH Index Moderate 2025 Fund Fee Class M





















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flexPATH Index Conservative 2025 Fund Release Date: 09-30-2019









Management Team





6.25% -4.46%(Jan '19 - Mar '19) (Oct '18 - Dec '18)



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Performance Disclosure: The performance data quoted represents past performance and does not guarantee futureresults. The investment return and principal value of an investment will fluctuate; thus an investor’s units, whenredeemed, may be worth more or less than their original cost. Current performance may be lower or higher thanreturn data quoted herein. Performance returns prior to inception are shown in italics and are based upon theperformance of the flexPATH Index Cnsrv 2025 Fund Cl I3 from its inception date of 10-09-2015. Please refer to thePerformance section of the disclosure page for more information.

Portfolio Analysis




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U.S. Debt Index Fund E 55.54Russell 1000 Index Fund 21.22BlackRock MSCI ACWI ex-US IMI Index Fd E 10.81U.S. TIPS Fund E 6.17Russell 2000 Index Fund 3.23.......................................................................................................Commodity Index Daily Fund E 1.65Developed Real Estate Index Fund E 1.39.......................................................................................................Total Number of Holdings 8Annual Turnover Ratio % .Total Fund Assets ($mil) 4.45






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Performance Performance data given represents past performance andshould not be considered indicative of future results of theflexPATH Index Conservative 2025 Fund (the “Fund”). The Fundis not a mutual fund and is not registered as an investmentcompany under the Investment Company Act of 1940. The Fundis not FDIC-insured, may lose value and is not guaranteed by abank or other financial institution.













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flexPATH Index Conservative 2025 Fund Fee Class M





















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Volatility Analysis3-Yr Risk Measures as of 09-30-19 Port Avg BenchmarkStandard Deviation 9.77 7.92Sharpe Ratio 0.75 0.77Information Ratio 0.55 .R-Squared 98.59 .Beta 1.22 .Alpha -0.13 .


11.77% -10.72%(Jan '19 - Mar '19) (Oct '18 - Dec '18)



NotesWilmington Trust, N.A. Collective Funds (WTNA Funds) aretrust company sponsored collective investment funds; they arenot mutual funds.For Use by Institutional Investors Only – Not Intendedfor Distribution to Retail Investors


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Microsoft Corp 1.81Apple Inc 1.74Amazon.com Inc 1.24Facebook Inc A 0.73Berkshire Hathaway Inc B 0.70..........................................................................................JPMorgan Chase & Co 0.64Alphabet Inc Class C 0.64Alphabet Inc A 0.63Johnson & Johnson 0.59Procter & Gamble Co 0.53.......................................................................................................Total Number of Stock Holdings 9363Total Number of Bond Holdings 13459Annual Turnover Ratio % .Total Fund Assets ($mil) 13.82




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10.55% -9.40%(Jan '19 - Mar '19) (Oct '18 - Dec '18)



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Russell 1000 Index Fund 41.59BlackRock MSCI ACWI ex-US IMI Index Fd E 29.74U.S. Debt Index Fund E 18.37Developed Real Estate Index Fund E 3.83U.S. TIPS Fund E 3.06.......................................................................................................Russell 2000 Index Fund 2.50Commodity Index Daily Fund E 0.91.......................................................................................................Total Number of Holdings 8Annual Turnover Ratio % .Total Fund Assets ($mil) 111.52






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Volatility Analysis3-Yr Risk Measures as of 09-30-19 Port Avg BenchmarkStandard Deviation 6.61 7.92Sharpe Ratio 0.77 0.77Information Ratio -0.54 .R-Squared 97.02 .Beta 0.82 .Alpha 0.08 .


8.60% -7.22%(Jan '19 - Mar '19) (Oct '18 - Dec '18)



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U.S. Debt Index Fund E 38.43Russell 1000 Index Fund 30.54BlackRock MSCI ACWI ex-US IMI Index Fd E 19.30U.S. TIPS Fund E 4.83Russell 2000 Index Fund 2.91.......................................................................................................Developed Real Estate Index Fund E 2.65Commodity Index Daily Fund E 1.34.......................................................................................................Total Number of Holdings 8Annual Turnover Ratio % .Total Fund Assets ($mil) 3.96






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12.51% -11.64%(Jan '19 - Mar '19) (Oct '18 - Dec '18)





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Microsoft Corp 1.97Apple Inc 1.89Amazon.com Inc 1.34Facebook Inc A 0.80Berkshire Hathaway Inc B 0.76..........................................................................................JPMorgan Chase & Co 0.70Alphabet Inc Class C 0.69Alphabet Inc A 0.68Johnson & Johnson 0.64Short-Term Investment Fund 0.64.......................................................................................................Total Number of Stock Holdings 9363Total Number of Bond Holdings 13459Annual Turnover Ratio % .Total Fund Assets ($mil) 12.05




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9.66% -9.78%(Jan '19 - Mar '19) (Oct '18 - Dec '18)



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Russell 1000 Index Fund 50.51BlackRock MSCI ACWI ex-US IMI Index Fd E 38.17Developed Real Estate Index Fund E 4.72U.S. Debt Index Fund E 3.42Russell 2000 Index Fund 2.07.......................................................................................................U.S. TIPS Fund E 0.81Commodity Index Daily Fund E 0.30.......................................................................................................Total Number of Holdings 8Annual Turnover Ratio % .Total Fund Assets ($mil) 116.78






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10.86% -9.89%(Jan '19 - Mar '19) (Oct '18 - Dec '18)



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Russell 1000 Index Fund 42.93BlackRock MSCI ACWI ex-US IMI Index Fd E 31.00U.S. Debt Index Fund E 16.24Developed Real Estate Index Fund E 3.98U.S. TIPS Fund E 2.62.......................................................................................................Russell 2000 Index Fund 2.43Commodity Index Daily Fund E 0.79.......................................................................................................Total Number of Holdings 8Annual Turnover Ratio % .Total Fund Assets ($mil) 2.57






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Target-date portfolios provide a diversified exposure to stocks,bonds, and cash for those investors who have a specific datein mind (in this case, the years 2051-2055) for retirement. Theseportfolios aim to provide investors with an optimal level of returnand risk, based solely on the target date. Management adjuststhe allocation among asset classes to more-conservative mixesas the target date approaches, following a preset glide path. Atarget-date portfolio is part of a series of funds offering multipleretirement dates to investors.



12.56% -11.69%(Jan '19 - Mar '19) (Oct '18 - Dec '18)



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QTD YTD 1 Year 3 Year 5 Year Since Inception0.33 16.53 2.91 9.18 . 9.57 Investment Return %

-0.09 15.70 1.16 9.24 . . Benchmark Return %0.20 15.86 1.84 9.04 . . Category Average %........................................................................................................................................................................................................... . . . . . Morningstar Rating™. . . . . . # of Funds in Category


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Russell 1000 Index Fund 52.10BlackRock MSCI ACWI ex-US IMI Index Fd E 39.89Developed Real Estate Index Fund E 4.88Russell 2000 Index Fund 2.04U.S. Debt Index Fund E 0.89.......................................................................................................U.S. TIPS Fund E 0.14Commodity Index Daily Fund E 0.07.......................................................................................................Total Number of Holdings 8Annual Turnover Ratio % .Total Fund Assets ($mil) 4.50






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Benchmark: DJ Target 2055 TR USDThe index measures the performance of total portfolios ofstocks, bonds and cash that automatically adjust over time toreduce potential risk as an investors target maturity date of2055 approach.





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Volatility Analysis3-Yr Risk Measures as of 09-30-19 Port Avg BenchmarkStandard Deviation 11.15 10.88Sharpe Ratio 0.67 0.72Information Ratio -0.17 .R-Squared 94.26 .Beta 0.99 .Alpha -0.34 .


12.52% -11.68%(Jan '19 - Mar '19) (Oct '18 - Dec '18)



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12.57% -11.69%(Jan '19 - Mar '19) (Oct '18 - Dec '18)



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Release Date: 09-30-2019

JPMorgan Equity Income R6 OIEJX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 1000 Value TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar Risk

QQQQQ High Below AverageOut of 1090 Large Value funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is aweighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Objective & StrategyFrom investment’s prospectus

The investment seeks capital appreciation and current income.

Under normal circumstances, at least 80% of the fund's assets will be invested in the equity securities of corporations that regularly pay dividends, including common stocks and debt securities and preferred stock convertible to common stock. "Assets" means net assets, plus the amount of borrowings for investment purposes. Although the fund invests primarily in securities of large cap companies, it may invest in equity investments of companies across all market capitalizations.

Fees and Expenses as of 12-03-18

Prospectus Net Expense Ratio 0.50%Total Annual Operating Expense 0.50%Maximum Sales Charge .12b-1 Fee .Redemption Fee/Term .

Waiver Data Type Exp. Date %

. . . .


Fund Inception Date 01-31-12Portfolio Manager(s) Clare Hart, CPA

Jonathan K.L. Simon, CPAName of Issuer JPMorganTelephone 800-480-4111Web Site www.jpmorganfunds.com

Benchmark Description: Russell 1000 Value TR USD

The index measures the performance of the large-cap valuesegment of the US equity securities. It includes the Russell1000 index companies with lower price-to-book ratios andlower expected growth values. It is market-capitalizationweighted. Russell Investment Group is the source and ownerof the trademarks, service marks and copyrights related tothe Russell Indexes. Russell® is a trademark of RussellInvestment Group.

Category Description: Large Value

Large-value portfolios invest primarily in big U.S. companiesthat are less expensive or growing more slowly than otherlarge-cap stocks. Stocks in the top 70% of the capitalizationof the U.S. equity market are defined as large cap. Value isdefined based on low valuations (low price ratios and highdividend yields) and slow growth (low growth rates forearnings, sales, book value, and cash flow).

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InvestmentBenchmark

Average annual, if greaterthan 1 year.

YTD 1 Year 3 Year 5 Year 10 Year Since Inception18.61 7.34 12.58 9.98 . 12.74 Fund Return %18.61 7.34 12.58 9.98 . 12.74 Load-Adj. Return %17.81 4.00 9.43 7.79 . 11.86 Benchmark Return %16.43 1.93 9.43 7.30 . 10.56 Category Average %..........................................................................................................................................................................................................

. . QQQQQ QQQQQ . . Morningstar Rating™

. . 1090 944 . . # of Funds in Category

Quarter End Returns as of 09-30-19 YTD 1 Year 3 Year 5 Year 10 Year Since Inception

Fund Return % 18.61 7.34 12.58 9.98 . 12.74Standardized Return % 18.61 7.34 12.58 9.98 . 12.74

Performance Disclosure: The performance data quoted represents past performance and does not guarantee futureresults. The investment return and principal value of an investment will fluctuate; thus an investor’s shares, whenredeemed, may be worth more or less than their original cost. Current performance may be lower or higher thanreturn data quoted herein. For performance data current to the most recent month-end please visit the websitelisted under Operations and Management on this page.

Portfolio Analysis as of 08-31-19Composition as of 08-31-19 % Assets


Morningstar Equity Style Box™ as of 08-31-19 % Mkt Cap

LargeM

idSm

all

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Giant 42.12........................................................Large 48.92Medium 8.96Small 0.00........................................................Micro 0.00


Jpmorgan Prime Money Market Fund, Clas 12-31-49

4.10

Chevron Corp 3.00CME Group Inc Class A 2.89Bank of America Corporation 2.77Microsoft Corp 2.73.......................................................................................................PNC Financial Services Group Inc 2.05Comcast Corp Class A 2.02Texas Instruments Inc 1.99BlackRock Inc 1.89General Dynamics Corp 1.88

.......................................................................................................Total Number of Stock Holdings 88Total Number of Bond Holdings 0Annual Turnover Ratio % 23.00Total Fund Assets ($mil) 26,718.56

Morningstar Sectors as of 08-31-19 % Fund S&P 500 %

h Cyclical 41.69 33.06........................................................................................................r Basic Materials 4.11 2.40t Consumer Cyclical 7.99 11.76y Financial Services 26.10 15.68u Real Estate 3.49 3.22

j Sensitive 32.89 41.65........................................................................................................i Communication Services 3.85 3.41o Energy 7.05 4.52p Industrials 12.89 10.39a Technology 9.10 23.33

k Defensive 25.43 25.28........................................................................................................s Consumer Defensive 8.10 8.12d Healthcare 11.32 13.57f Utilities 6.01 3.59

Principal Risks as of 08-31-19Loss of Money, Not FDIC Insured, Value Investing, Market/Market Volatility, Equity Securities, Industry and Sector Investing,Derivatives, Suitability, Shareholder Activity, Management, Small Cap, Large Cap, Real Estate/REIT Sector

©2019 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use ofinformation. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com ß

®


Fidelity® 500 Index FXAIX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 1000 TR USD


QQQQ Above Average AverageOut of 1222 Large Blend funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, isa weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks to provide investment results that correspond to the total return performance of common stocks publicly traded in the United States.

The fund normally invests at least 80% of assets in common stocks included in the S&P 500® Index, which broadly represents the performance of common stocks publicly traded in the United States. It lends securities to earn income.




. . . .


Fund Inception Date 05-04-11Portfolio Manager(s) Louis Bottari

Peter MatthewName of Issuer Fidelity InvestmentsTelephone 800-835-5092Web Site www.institutional.fidelity.com

Benchmark Description: Russell 1000 TR USD

The index measures the performance of the large-capsegment of the US equity securities. It is a subset of theRussell 3000 index and includes approximately 1000 of thelargest securities based on a combination of their market capand current index membership.

Category Description: Large Blend

Large-blend portfolios are fairly representative of the overallUS stock market in size, growth rates and price. Stocks in thetop 70% of the capitalization of the US equity market aredefined as large cap. The blend style is assigned to portfolioswhere neither growth nor value characteristics predominate.These portfolios tend to invest across the spectrum of USindustries, and owing to their broad exposure, the portfolios'returns are often similar to those of the S&P 500 Index.

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. . QQQQ QQQQ . . Morningstar Rating™








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Microsoft Corp 4.31Apple Inc 3.72Amazon.com Inc 3.00Facebook Inc A 1.82Berkshire Hathaway Inc B 1.61.......................................................................................................Alphabet Inc Class C 1.49Alphabet Inc A 1.45JPMorgan Chase & Co 1.45Johnson & Johnson 1.39Visa Inc Class A 1.28






Principal Risks as of 08-31-19Lending, Loss of Money, Not FDIC Insured, Index Correlation/Tracking Error, Issuer, Market/Market Volatility, Equity Securities,Passive Management


®


Brown Advisory Sustainable Growth I BAFWX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 1000 Growth TR USD


QQQQQ High Below AverageOut of 1243 Large Growth funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, isa weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks capital appreciation.The fund invests at least 80% of its net assets (plus any

borrowings for investment purposes) in equity securities of sustainable domestic companies. It invests primarily in the securities of medium and large capitalization companies that Brown Advisory LLC (the "Adviser") believes (1) have prospects for above average earnings growth in the future, and (2) effectively implement sustainable business strategies to drive their earnings growth. Medium and large capitalization companies are those companies with market capitalizations generally greater than $2 billion at time of purchase.


Prospectus Net Expense Ratio 0.73%Total Annual Operating Expense 0.73%Maximum Sales Charge .12b-1 Fee .Redemption Fee/Term 1.00%/14 days


. . . .


Fund Inception Date 06-29-12Portfolio Manager(s) David B. Powell, CFA

Karina Funk, CFAName of Issuer Brown Advisory FundsTelephone 800-540-6807Web Site www.brownadvisoryfunds.com

Benchmark Description: Russell 1000 Growth TR USD

The index measures the performance of the large-cap growthsegment of the US equity securities. It includes the Russell1000 index companies with higher price-to-book ratios andhigher forecasted growth values. It is market-capitalizationweighted. Russell Investment Group is the source and ownerof the trademarks, service marks and copyrights related tothe Russell Indexes. Russell® is a trademark of RussellInvestment Group.

Category Description: Large Growth

Large-growth portfolios invest primarily in big U.S. companiesthat are projected to grow faster than other large-cap stocks.Stocks in the top 70% of the capitalization of the U.S. equitymarket are defined as large cap. Growth is defined based onfast growth (high growth rates for earnings, sales, bookvalue, and cash flow) and high valuations (high price ratiosand low dividend yields). Most of these portfolios focus oncompanies in rapidly expanding industries.

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Microsoft Corp 5.06American Tower Corp 4.96Danaher Corp 4.70Visa Inc Class A 4.50Intuit Inc 4.46.......................................................................................................Amazon.com Inc 4.03Thermo Fisher Scientific Inc 3.84Verisk Analytics Inc 3.81Alphabet Inc A 3.67First American Government Obligs Z 12-31-31 3.64






Principal Risks as of 08-31-19Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing, Market/Market Volatility, DepositaryReceipts, Equity Securities, Socially Conscious, Management, Small Cap, Mid-Cap, Large Cap, Real Estate/REIT Sector


®


Victory Sycamore Established Value R6 VEVRX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell Mid Cap Value TR USD


QQQQQ High Below AverageOut of 366 Mid-Cap Value funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, isa weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks long-term capital growth by investing primarily in common stocks.

The fund pursues its investment objective by investing, under normal circumstances, at least 80% of its assets in equity securities of companies with market capitalizations, at the time of purchase, within the range of companies comprising the Russell MidCap® Value Index. The fund may invest a portion of its assets in equity securities of foreign companies traded in the U.S., including American Depositary Receipts and Global Depositary Receipts (ADRs and GDRs).


Prospectus Net Expense Ratio 0.57%Total Annual Operating Expense 0.57%Maximum Sales Charge .12b-1 Fee 0.00%Redemption Fee/Term .


. . . .


Fund Inception Date 03-04-14Portfolio Manager(s) Gary H. Miller

Gregory M. ConnersName of Issuer VictoryTelephone 800-539-3863Web Site www.VictoryFunds.com

Benchmark Description: Russell Mid Cap Value TR USD

The index measures the performance of the mid-cap valuesegment of the US equity universe. It includes Russell midcapindex companies with lower price-to-book ratios and lowerforecasted growth values. It is market-capitalizationweighted.

Category Description: Mid-Cap Value

Some mid-cap value portfolios focus on medium-sizecompanies while others land here because they own a mix ofsmall-, mid-, and large-cap stocks. All look for U.S. stocksthat are less expensive or growing more slowly than themarket. The U.S. mid-cap range for market capitalizationtypically falls between $1 billion and $8 billion and represents20% of the total capitalization of the U.S. equity market. Valueis defined based on low valuations (low price ratios and highdividend yields) and slow growth (low growth rates forearnings, sales, book value, and cash flow).

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YTD 1 Year 3 Year 5 Year 10 Year Since Inception21.64 3.14 10.23 10.90 . 10.06 Fund Return %21.64 3.14 10.23 10.90 . 10.06 Load-Adj. Return %19.47 1.60 7.82 7.55 . 7.43 Benchmark Return %16.26 -2.14 7.04 6.26 . 5.82 Category Average %..........................................................................................................................................................................................................









LargeM

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Reliance Steel & Aluminum Co 2.53Archer-Daniels Midland Co 2.27Eastman Chemical Co 2.21Alleghany Corp 2.09Carter's Inc 2.05.......................................................................................................Quest Diagnostics Inc 2.05Allstate Corp 1.91Aflac Inc 1.89The Travelers Companies Inc 1.78Textron Inc 1.76






Principal Risks as of 06-30-19Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Market/Market Volatility, EquitySecurities, Restricted/Illiquid Securities, Management, Mid-Cap


®


Fidelity® Mid Cap Index FSMDX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell Mid Cap TR USD


QQQQ Above Average Below AverageOut of 369 Mid-Cap Blend funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, isa weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks to provide investment results that correspond to the total return of stocks of mid-capitalization United States companies.

The fund invests normally at least 80% of its assets in securities included in the Russell Midcap® Index. It lends securities to earn income.




. . . .




Benchmark Description: Russell Mid Cap TR USD

The index measures the performance of the mid-cap segmentof the US equity universe. It is a subset of Russell 1000 indexand includes approximately 800 of the smallest securitiesbased on a combination of their market cap and current indexmembership. The index represents approximately 31% of thetotal market capitalization of the Russell 1000 companies.

Category Description: Mid-Cap Blend

The typical mid-cap blend portfolio invests in U.S. stocks ofvarious sizes and styles, giving it a middle-of-the-road profile.Most shy away from high-priced growth stocks but aren't soprice-conscious that they land in value territory. The U.S. mid-cap range for market capitalization typically falls between $1billion and $8 billion and represents 20% of the totalcapitalization of the U.S. equity market. The blend style isassigned to portfolios where neither growth nor valuecharacteristics predominate.

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YTD YTD YTD YTD YTD


InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception21.90 3.23 10.67 9.09 . 13.23 Fund Return %21.90 3.23 10.67 9.09 . 13.23 Load-Adj. Return %21.93 3.19 10.69 9.10 . 13.26 Benchmark Return %17.73 -1.36 8.47 6.61 . 10.88 Category Average %..........................................................................................................................................................................................................

. . QQQQ QQQQ . . Morningstar Rating™








LargeM

idSm

all

Value Blend Growth



Fiserv Inc 0.81L3Harris Technologies Inc 0.62Dollar General Corp 0.54Sempra Energy 0.52Welltower Inc 0.49.......................................................................................................Newmont Goldcorp Corp 0.44Xcel Energy Inc 0.44Twitter Inc 0.43Advanced Micro Devices Inc 0.42Lam Research Corp 0.42






Principal Risks as of 08-31-19Lending, Loss of Money, Not FDIC Insured, Index Correlation/Tracking Error, Issuer, Market/Market Volatility, Equity Securities,Passive Management, Mid-Cap


®


MFS Mid Cap Growth R6 OTCKX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell Mid Cap Growth TR USD


QQQQQ High Below AverageOut of 544 Mid-Cap Growth funds. An investment's overall Morningstar Rating, based on its risk-adjusted return,is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks capital appreciation.The fund invests at least 80% of the fund's net assets in

issuers with medium market capitalizations. MFS generally defines medium market capitalization issuers as issuers with market capitalizations similar to those of issuers included in the Russell Midcap® Growth Index over the last 13 months at the time of purchase.




. . . .


Fund Inception Date 01-02-13Portfolio Manager(s) Eric B. Fischman, CFA

Paul J. GordonName of Issuer MFSTelephone 800-225-2606Web Site http://www.mfs.com

Benchmark Description: Russell Mid Cap Growth TR USD

The index measures the performance of the mid-cap growthsegment of the US equity universe. It includes Russell midcapindex companies with higher price-to-book ratios and higherforecasted growth values. It is market-capitalizationweighted. Russell Investment Group is the source and ownerof the trademarks, service marks and copyrights related tothe Russell Indexes. Russell® is a trademark of RussellInvestment Group.

Category Description: Mid-Cap Growth

Some mid-cap growth portfolios invest in stocks of all sizes,thus leading to a mid-cap profile, but others focus on midsizecompanies. Mid-cap growth portfolios target U.S. firms thatare projected to grow faster than other mid-cap stocks,therefore commanding relatively higher prices. The U.S. mid-cap range for market capitalization typically falls between $1billion and $8 billion and represents 20% of the totalcapitalization of the U.S. equity market. Growth is definedbased on fast growth (high growth rates for earnings, sales,book value, and cash flow) and high valuations (high priceratios and low dividend yields).

Performance

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InvestmentBenchmark











LargeM

idSm

all

Value Blend Growth



Bright Horizons Family Solutions Inc 4.00Fidelity National Information Services Inc 2.77Global Payments Inc 2.58Verisk Analytics Inc 2.33Fiserv Inc 2.23.......................................................................................................PerkinElmer Inc 2.20Steris PLC 2.17Cadence Design Systems Inc 2.14Copart Inc 2.05AMETEK Inc 2.04






Principal Risks as of 08-31-19Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing, Issuer, Market/Market Volatility, Equity Securities,Restricted/Illiquid Securities, Management, Portfolio Diversification, Mid-Cap


®


Victory Sycamore Small Company Opp R6 VSORX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 2000 Value TR USD


QQQQQ High Below AverageOut of 384 Small Value funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is aweighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks capital appreciation.The fund invests primarily in the equity securities of

smaller companies that the Adviser believes to be undervalued relative to the underlying earnings potential of the company. Under normal circumstances, the fund will invest at least 80% of its assets in equity securities of small companies. "Small companies" are companies that at the time of purchase have market capitalizations within the range of companies comprising the Russell 2000® Value Index.


Prospectus Net Expense Ratio 0.87%Total Annual Operating Expense 0.87%Maximum Sales Charge .12b-1 Fee 0.00%Redemption Fee/Term .


. . . .


Fund Inception Date 12-15-15Portfolio Manager(s) Gary H. Miller

Gregory M. ConnersName of Issuer VictoryTelephone 800-539-3863Web Site www.VictoryFunds.com

Benchmark Description: Russell 2000 Value TR USD

The index measures the performance of small-cap valuesegment of the US equity universe. It includes those Russell2000 companies with lower price-to-book ratios and lowerforecasted growth values. It is market-capitalizationweighted. Russell Investment Group is the source and ownerof the trademarks, service marks and copyrights related tothe Russell Indexes. Russell® is a trademark of RussellInvestment Group.

Category Description: Small Value

Small-value portfolios invest in small U.S. companies withvaluations and growth rates below other small-cap peers.Stocks in the bottom 10% of the capitalization of the U.S.equity market are defined as small cap. Value is definedbased on low valuations (low price ratios and high dividendyields) and slow growth (low growth rates for earnings, sales,book value, and cash flow).

Performance

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InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception19.06 1.38 11.62 . . 12.91 Fund Return %19.06 1.38 11.62 . . 12.91 Load-Adj. Return %12.82 -8.24 6.54 . . 9.37 Benchmark Return %12.30 -9.38 4.92 . . 7.34 Category Average %..........................................................................................................................................................................................................

. . QQQQQ . . . Morningstar Rating™

. . 384 . . . # of Funds in Category


Fund Return % 19.06 1.38 11.62 . . 12.91Standardized Return % 19.06 1.38 11.62 . . 12.91





LargeM

idSm

all

Value Blend Growth



EMCOR Group Inc 1.62Avanos Medical Inc 1.58UniFirst Corp 1.53Axis Capital Holdings Ltd 1.46Pinnacle Financial Partners Inc 1.45.......................................................................................................Bank of Hawaii Corp 1.43Washington REIT 1.41First American Financial Corp 1.40Horace Mann Educators Corp 1.40South State Corp 1.39






Principal Risks as of 06-30-19Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Market/Market Volatility, EquitySecurities, Industry and Sector Investing, Restricted/Illiquid Securities, Management, Small Cap, Financials Sector


®


Fidelity® Small Cap Index FSSNX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 2000 TR USD


QQQQ Above Average Above AverageOut of 640 Small Blend funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is aweighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks to provide investment results that correspond to the total return of stocks of small-capitalization United States companies.

The fund invests normally at least 80% of its assets in securities included in the Russell 2000® Index. It lends securities to earn income.




. . . .




Benchmark Description: Russell 2000 TR USD

The index measures the performance of the small-capsegment of the US equity universe. It is a subset of theRussell 3000 and includes approximately 2000 of the smallestsecurities based on a combination of their market cap andcurrent index membership. Russell Investment Group is thesource and owner of the trademarks, service marks andcopyrights related to the Russell Indexes. Russell® is atrademark of Russell Investment Group.

Category Description: Small Blend

Small-blend portfolios favor U.S. firms at the smaller end ofthe market-capitalization range. Some aim to own an array ofvalue and growth stocks while others employ a discipline thatleads to holdings with valuations and growth rates close tothe small-cap averages. Stocks in the bottom 10% of thecapitalization of the U.S. equity market are defined as smallcap. The blend style is assigned to portfolios where neithergrowth nor value characteristics predominate.

Performance

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InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception14.27 -8.79 8.39 8.39 . 11.94 Fund Return %14.27 -8.79 8.39 8.39 . 11.94 Load-Adj. Return %14.18 -8.89 8.23 8.19 . 11.78 Benchmark Return %14.25 -7.72 7.21 6.89 . 10.57 Category Average %..........................................................................................................................................................................................................

. . QQQ QQQQ . . Morningstar Rating™



Fund Return % 14.27 -8.79 8.39 8.39 . 11.94Standardized Return % 14.27 -8.79 8.39 8.39 . 11.94





LargeM

idSm

all

Value Blend Growth



Fidelity Revere Str Tr 1.10E-mini Russell 2000 Index Futures 09-20-19 0.70NovoCure Ltd 0.35Haemonetics Corp 0.31HealthEquity Inc 0.27.......................................................................................................Chegg Inc 0.26Science Applications International Corp 0.25Blueprint Medicines Corp 0.24First Industrial Realty Trust Inc 0.24Portland General Electric Co 0.24






Principal Risks as of 07-31-19Lending, Loss of Money, Not FDIC Insured, Index Correlation/Tracking Error, Issuer, Market/Market Volatility, Equity Securities,Passive Management, Small Cap


®


AB Small Cap Growth Z QUAZX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 2000 Growth TR USD


QQQQQ High Above AverageOut of 584 Small Growth funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, isa weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks long-term growth of capital.The fund invests primarily in a diversified portfolio of

equities with relatively smaller capitalizations as compared to the overall U.S. market. It invests at least 80% of its net assets in equities of smaller companies. For these purposes, "smaller companies" are those that, at the time of investment, fall within the lowest 20% of the total U.S. equity market capitalization (excluding, for purposes of this calculation, companies with market capitalizations of less than $10 million). The fund may invest in any company and industry and in any type of equity security with potential for capital appreciation.




. . . .


Fund Inception Date 06-30-15Portfolio Manager(s) Bruce K. Aronow, CFA

N. Kumar Kirpalani, CFAName of Issuer AllianceBernsteinTelephone 800-227-4618Web Site www.abglobal.com

Benchmark Description: Russell 2000 Growth TR USD

The index measures the performance of small-cap growthsegment of the US equity universe. It includes those Russell2000 companies with higher price-to-value ratios and higherforecasted growth values. It is market-capitalizationweighted. Russell Investment Group is the source and ownerof the trademarks, service marks and copyrights related tothe Russell Indexes. Russell® is a trademark of RussellInvestment Group.

Category Description: Small Growth

Small-growth portfolios focus on faster-growing companieswhose shares are at the lower end of the market-capitalization range. These portfolios tend to favor companiesin up-and-coming industries or young firms in their earlygrowth stages. Because these businesses are fast-growingand often richly valued, their stocks tend to be volatile.Stocks in the bottom 10% of the capitalization of the U.S.equity market are defined as small cap. Growth is definedbased on fast growth (high growth rates for earnings, sales,book value, and cash flow) and high valuations (high priceratios and low dividend yields).

Performance

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InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception21.02 -6.01 18.59 . . 10.98 Fund Return %21.02 -6.01 18.59 . . 10.98 Load-Adj. Return %15.34 -9.63 9.79 . . 6.18 Benchmark Return %16.80 -7.52 11.52 . . 7.20 Category Average %..........................................................................................................................................................................................................

. . QQQQQ . . . Morningstar Rating™



Fund Return % 21.02 -6.01 18.59 . . 10.98Standardized Return % 21.02 -6.01 18.59 . . 10.98





LargeM

idSm

all

Value Blend Growth



Chegg Inc 1.74Strategic Education Inc 1.74Silicon Laboratories Inc 1.70Mercury Systems Inc 1.65LHC Group Inc 1.63.......................................................................................................iShares Russell 2000 Growth ETF 1.62Tetra Tech Inc 1.61Bright Horizons Family Solutions Inc 1.59HubSpot Inc 1.57The Chefs' Warehouse Inc 1.56






Principal Risks as of 08-31-19Foreign Securities, Loss of Money, Not FDIC Insured, Capitalization, Active Management, Market/Market Volatility, Industry andSector Investing, Derivatives


®


Fidelity Advisor® Intl Capital App Z FIDZX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMSCI ACWI Ex USA Growth NR USD


. . .


The investment seeks capital appreciation.The fund invests primarily in non-U.S. securities, including

securities of issuers located in emerging markets. It invests primarily in common stocks. The fund allocates investments across different countries and regions. It uses fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.




. . . .


Fund Inception Date 02-01-17Portfolio Manager(s) Sammy SimnegarName of Issuer Fidelity InvestmentsTelephone 877-208-0098Web Site www.institutional.fidelity.com

Benchmark Description: MSCI ACWI Ex USA Growth NR USD

The index measures the performance of the growth large andmid cap segments of the particular regions, excluding USAequity securities, including developed and emerging market.It is free float-adjusted market-capitalization weighted.

Category Description: Foreign Large Growth

Foreign large-growth portfolios focus on high-priced growthstocks, mainly outside of the United States. Most of theseportfolios divide their assets among a dozen or moredeveloped markets, including Japan, Britain, France, andGermany. These portfolios primarily invest in stocks that havemarket caps in the top 70% of each economically integratedmarket (such as Europe or Asia ex-Japan). Growth is definedbased on fast growth (high growth rates for earnings, sales,book value, and cash flow) and high valuations (high priceratios and low dividend yields). These portfolios typically willhave less than 20% of assets invested in U.S. stocks.

Performance

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InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception22.87 7.71 . . . 13.43 Fund Return %22.87 7.71 . . . 13.43 Load-Adj. Return %16.21 2.03 . . . 9.11 Benchmark Return %16.79 0.61 . . . 9.15 Category Average %........................................................................................................................................................................................................... . . . . . Morningstar Rating™. . . . . . # of Funds in Category


Fund Return % 22.87 7.71 . . . 13.43Standardized Return % 22.87 7.71 . . . 13.43





LargeM

idSm

all

Value Blend Growth



Fidelity Revere Str Tr 3.89Nestle SA 2.45Alibaba Group Holding Ltd ADR 2.06Tencent Holdings Ltd 1.91Unilever NV 1.61.......................................................................................................SAP SE 1.36AIA Group Ltd 1.35LVMH Moet Hennessy Louis Vuitton SE 1.34Diageo PLC 1.32Naspers Ltd Class N 1.29


Morningstar World Regions as of 08-31-19 % Fund S&P 500

Americas 29.03 99.01........................................................................................................North America 25.58 99.01Latin America 3.45 0.00

Greater Europe 52.47 0.94........................................................................................................United Kingdom 7.90 0.55Europe Developed 41.45 0.35Europe Emerging 0.83 0.04Africa/Middle East 2.28 0.00

Greater Asia 18.50 0.05........................................................................................................Japan 6.37 0.00Australasia 0.00 0.00Asia Developed 1.41 0.05Asia Emerging 10.73 0.00

Principal Risks as of 08-31-19Foreign Securities, Loss of Money, Not FDIC Insured, Issuer, Market/Market Volatility, Equity Securities


®


Fidelity® International Index FSPSX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkMSCI ACWI Ex USA NR USD


QQQQ Above Average AverageOut of 611 Foreign Large Blend funds. An investment's overall Morningstar Rating, based on its risk-adjustedreturn, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks to provide investment results that correspond to the total return of foreign stock markets.

The fund normally invests at least 80% of assets in common stocks included in the MSCI EAFE Index, which represents the performance of foreign stock markets. The manager uses statistical sampling techniques based on such factors as capitalization, industry exposures, dividend yield, price/earnings (P/E) ratio, price/book (P/B) ratio, earnings growth, and country weightings to attempt to replicate the returns of the MSCI EAFE Index.




. . . .




Benchmark Description: MSCI ACWI Ex USA NR USD

The index measures the performance of the large and midcap segments of the particular regions, excluding USA equitysecurities, including developed and emerging market. It isfree float-adjusted market-capitalization weighted.

Category Description: Foreign Large Blend

Foreign large-blend portfolios invest in a variety of biginternational stocks. Most of these portfolios divide theirassets among a dozen or more developed markets, includingJapan, Britain, France, and Germany. These portfoliosprimarily invest in stocks that have market caps in the top70% of each economically integrated market (such as Europeor Asia ex-Japan). The blend style is assigned to portfolioswhere neither growth nor value characteristics predominate.These portfolios typically will have less than 20% of assetsinvested in U.S. stocks.

Performance

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InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception13.04 -0.99 6.54 3.43 . 6.53 Fund Return %13.04 -0.99 6.54 3.43 . 6.53 Load-Adj. Return %11.56 -1.23 6.33 2.90 . 5.03 Benchmark Return %12.13 -2.04 5.55 2.92 . 5.50 Category Average %........................................................................................................................................................................................................... . QQQQ QQQQ . . Morningstar Rating™. . 611 489 . . # of Funds in Category


Fund Return % 13.04 -0.99 6.54 3.43 . 6.53Standardized Return % 13.04 -0.99 6.54 3.43 . 6.53





LargeM

idSm

all

Value Blend Growth



Nestle SA 2.50mini MSCI EAFE Index Futures Sept19 09-20-19 1.63Novartis AG 1.41Roche Holding AG Dividend Right Cert. 1.39Toyota Motor Corp 1.09.......................................................................................................HSBC Holdings PLC 1.06Fidelity Revere Str Tr 0.97BP PLC 0.90Royal Dutch Shell PLC Class A 0.88Total SA 0.87


Morningstar World Regions as of 08-31-19 % Fund S&P 500

Americas 1.69 99.01........................................................................................................North America 1.65 99.01Latin America 0.04 0.00

Greater Europe 61.95 0.94........................................................................................................United Kingdom 15.56 0.55Europe Developed 45.92 0.35Europe Emerging 0.03 0.04Africa/Middle East 0.44 0.00

Greater Asia 36.35 0.05........................................................................................................Japan 24.03 0.00Australasia 7.03 0.00Asia Developed 4.65 0.05Asia Emerging 0.64 0.00

Principal Risks as of 08-31-19Foreign Securities, Loss of Money, Not FDIC Insured, Index Correlation/Tracking Error, Issuer, Market/Market Volatility, EquitySecurities, Passive Management


®


Voya Intermediate Bond R6 IIBZX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkBBgBarc US Universal TR USD


QQQQQ High AverageOut of 539 Intermediate Core-Plus Bond funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks to maximize total return through income and capital appreciation.

Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in a portfolio of bonds, including but not limited to corporate, government and mortgage bonds, which, at the time of purchase, are rated investment-grade (e.g., rated at least BBB- by S&P Global Ratings or Baa3 by Moody's Investors Service, Inc.) or have an equivalent rating by a nationally recognized statistical rating organization ("NRSRO"), or are of comparable quality if unrated.




. . . .


Fund Inception Date 05-31-13Portfolio Manager(s) Matthew Toms, CFA

Randall Parrish, CFAName of Issuer VoyaTelephone 800-992-0180Web Site www.voyainvestments.com

Benchmark Description: BBgBarc US Universal TR USD

The index measures the performance of USD-denominated,taxable bonds that are rated either investment grade or high-yield. It represents the union of the U.S. Aggregate Index,U.S. Corporate High Yield Index, Investment Grade 144AIndex, Eurodollar Index, U.S. Emerging Markets Index, and thenon-ERISA eligible portion of the CMBS Index.

Category Description: Intermediate Core-Plus Bond

Intermediate-term core-plus bond portfolios invest primarily ininvestment-grade U.S. fixed-income issues includinggovernment, corporate, and securitized debt, but generallyhave greater flexibility than core offerings to hold non-coresectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Theirdurations (a measure of interest-rate sensitivity) typicallyrange between 75% and 125% of the three-year average ofthe effective duration of the Morningstar Core Bond Index.

Performance

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InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception9.81 11.08 3.85 4.09 . 3.93 Fund Return %9.81 11.08 3.85 4.09 . 3.93 Load-Adj. Return %8.80 10.07 3.23 3.62 . 3.38 Benchmark Return %8.49 9.16 3.19 3.28 . 3.12 Category Average %........................................................................................................................................................................................................... . QQQQ QQQQQ . . Morningstar Rating™. . 539 448 . . # of Funds in Category




Portfolio Analysis as of 06-30-19Composition as of 06-30-19 % Net


..........................................................................................-100 -50 0 50 100 Total 100.0

Morningstar Fixed Income Style Box™ as of 06-30-19

HighM

edLow

Ltd Mod Ext

Avg Eff Duration 5.53Avg Eff Maturity 7.86Avg Wtd Price 103.56


2 Year US Treasury Note Future Sept19 09-30-19 5.94US 5 Year Note (CBT) Sept19 09-30-19 3.58US 10 Year Note (CBT) Sept19 09-19-19 3.52United States Treasury Notes 2.38% 05-15-29 3.47United States Treasury Bonds 3% 02-15-49 2.74.......................................................................................................Government National Mortgage Associa 0% 08-20-49

2.28

U.S. Treasury Bond Sept19 09-19-19 2.13US Ultra Bond (CBT) Sept19 09-19-19 1.97Federal National Mortgage Associatio 0% 08-25-49 1.78Federal National Mortgage Associat 3.5% 05-01-49 1.46


Morningstar Sectors as of 06-30-19 % Fund % Category

⁄ Government 19.90 24.64› Corporate 23.95 25.99€ Securitized 53.22 34.20‹ Municipal 0.00 1.28fi Cash/Cash Equivalents 2.93 7.56± Other 0.00 6.33

Credit Analysis as of 06-30-19 % Bonds

-100 -50 0 50 100

AAA 58AA 5A 13BBB 19BB 4B 4Below B 2Not Rated -6

Principal Risks as of 06-30-19Lending, Credit and Counterparty, Extension, Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Loss of Money,Not FDIC Insured, Capitalization, Quantitative Investing, Active Management, Issuer, Interest Rate, Market/Market Volatility, BankLoans, High-Yield Securities, Mortgage-Backed and Asset-Backed Securities, Municipal Obligations, Leases, and AMT-SubjectBonds, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, U.S. Government Obligations, Derivatives, Fixed-IncomeSecurities, China Region, Credit Default Swaps, Financials Sector


®


Artisan High Income Institutional APHFX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkICE BofAML US High Yield TR USD


. . .


The investment seeks to provide total return through a combination of current income and capital appreciation.

Under normal circumstances, the fund will invest primarily in instruments that are rated, at the time of purchase, below investment grade (below BBB- by Standard & Poor's Rating Services ("S&P") or Fitch, Inc. ("Fitch") or below Baa3 by Moody's Investors Service, Inc. ("Moody's")), or comparably rated by another nationally recognized statistical rating organization ("NRSRO"), or unrated but determined by Artisan Partners to be of comparable quality.


Prospectus Net Expense Ratio 0.75%Total Annual Operating Expense 0.75%Maximum Sales Charge .12b-1 Fee .Redemption Fee/Term 2.00%/90 days


. . . .


Fund Inception Date 10-03-16Portfolio Manager(s) Bryan C. Krug, CFAName of Issuer ArtisanTelephone 800-344-1770Web Site www.artisanfunds.com

Benchmark Description: ICE BofAML US High Yield TR USD

The index measures the performance of short-term US dollardenominated below investment grade corporate debt publiclyissued in the US domestic market. Qualifying securities musthave at least 18 months to final maturity at the time ofissuance, at least one year remaining term to final maturity asof the rebalancing date, a fixed coupon schedule and aminimum amount outstanding of $100 million. It iscapitalization-weighted.

Category Description: High Yield Bond

High-yield bond portfolios concentrate on lower-qualitybonds, which are riskier than those of higher-qualitycompanies. These portfolios generally offer higher yields thanother types of portfolios, but they are also more vulnerable toeconomic and credit risk. These portfolios primarily invest inU.S. high-income debt securities where at least 65% or moreof bond assets are not rated or are rated by a major agencysuch as Standard & Poor's or Moody's at the level of BB(considered speculative for taxable bonds) and below.

Performance

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InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception10.86 5.08 . . . 6.68 Fund Return %10.86 5.08 . . . 6.68 Load-Adj. Return %11.50 6.30 . . . 6.05 Benchmark Return %9.98 5.27 . . . 4.96 Category Average %........................................................................................................................................................................................................... . . . . . Morningstar Rating™. . . . . . # of Funds in Category


Fund Return % 10.86 5.08 . . . 6.68Standardized Return % 10.86 5.08 . . . 6.68




Morningstar Fixed Income Style Box™ as of 06-30-19

HighM

edLow

Ltd Mod Ext

Avg Eff Duration 2.53Avg Eff Maturity .Avg Wtd Price 101.57


US 10 Year Note (CBT) Sept19 09-19-19 4.14General Electric Company 6.75% 03-15-32 4.06CCO Holdings, LLC/ CCO Holdings Ca 5.5% 05-01-26 2.46KIRS Midco 3 plc 8.62% 07-15-23 2.37NFP Corp. 6.88% 07-15-25 2.18.......................................................................................................Vertafore, Inc. - Lx1737310 07-02-26 1.92Tutor Perini Corporation 6.88% 05-01-25 1.82CCO Holdings, LLC/ CCO Holdings C 5.12% 05-01-27 1.76Ferrellgas, L.P. / Ferrellgas Fina 6.5% 05-01-21 1.74ACRISURE LLC / ACRISURE FIN INC 7% 11-15-25 1.65


Morningstar Sectors as of 06-30-19 % Fund % Category

⁄ Government 0.00 3.97› Corporate 90.87 83.06€ Securitized 0.00 2.92‹ Municipal 0.00 0.43fi Cash/Cash Equivalents 9.13 4.68± Other 0.00 4.93

Credit Analysis as of 06-30-19 % Bonds

-100 -50 0 50 100

AAA 0AA 0A 1BBB 9BB 18B 51Below B 22Not Rated 0

Principal Risks as of 06-30-19Lending, Credit and Counterparty, Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, InterestRate, Market/Market Volatility, Distressed Investments, High-Yield Securities, Other, Restricted/Illiquid Securities, Leverage,Pricing, Fixed-Income Securities, Shareholder Activity, Credit Default Swaps, Management, Portfolio Diversification


®


Cohen & Steers Real Estate Securities Z CSZIX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkS&P United States REIT TR USD


QQQQ Above Average AverageOut of 223 Real Estate funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is aweighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.


The investment seeks total return through investment in real estate securities.

The fund invests at least 80% of its total assets in income-producing common stocks and other equity securities issued by real estate companies, such as real estate investment trusts ("REITs"). It may invest up to 20% of its total assets in securities of foreign issuers (including emerging market issuers) which meet the same criteria for investment as domestic companies, including investments in such companies in the form of American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs"). The fund is non-diversified.




. . . .


Fund Inception Date 10-01-14Portfolio Manager(s) Thomas N. Bohjalian, CFA

Jason YablonName of Issuer Cohen & SteersTelephone 800-437-9912Web Site www.cohenandsteers.com

Benchmark Description: S&P United States REIT TR USD

The index measures the performance of investable universeof pubilcly traded real estate investment trusts domiciled inthe United States.

Category Description: Real Estate

Real estate portfolios invest primarily in real estateinvestment trusts of various types. REITs are companies thatdevelop and manage real estate properties. There are severaldifferent types of REITs, including apartment, factory-outlet,health-care, hotel, industrial, mortgage, office, and shoppingcenter REITs. Some portfolios in this category also invest inreal estate operating companies.

Performance

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60

0

-15

-30

-45

YTD YTD YTD YTD


InvestmentBenchmark


YTD 1 Year 3 Year 5 Year 10 Year Since Inception30.19 21.71 9.35 . . 12.73 Fund Return %30.19 21.71 9.35 . . 12.73 Load-Adj. Return %25.45 17.81 6.91 . . 9.87 Benchmark Return %26.60 17.47 7.22 . . 9.11 Category Average %..........................................................................................................................................................................................................

. . QQQQ . . . Morningstar Rating™



Fund Return % 30.19 21.71 9.35 . . 12.73Standardized Return % 30.19 21.71 9.35 . . 12.73





LargeM

idSm

all

Value Blend Growth



American Tower Corp 7.88Public Storage 6.54Equinix Inc 6.11Welltower Inc 5.75SBA Communications Corp 5.11.......................................................................................................Prologis Inc 4.81VICI Properties Inc Ordinary Shares 4.36Essex Property Trust Inc 3.53UDR Inc 3.48Equity Residential 3.40






Principal Risks as of 06-30-19Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Nondiversification, Active Management, Market/MarketVolatility, Equity Securities, Options, Other, Preferred Stocks, Underlying Fund/Fund of Funds, Fixed-Income Securities, Regulation/Government Intervention, Shareholder Activity, Small Cap, Mid-Cap, Real Estate/REIT Sector


®

Documents

flexPATH Index Aggressive Retirement Fund Release Date: 09 ...Volatility Analysis 3-Yr Risk Measures as of 09-30-19 Port Avg Benchmark Standard Deviation 5.65 2.52 ... Performance