PORTFOLIO REVIEW...— A client-centered, risk-focused, and performance-driven culture ... IRA’s. Previously, only advisors that charged a fee for service (hourly or as a percentage

4643 S Ulster Street | Suite 1040 | Denver, CO 80237 303.694.1900 | innovestinc.com

PORTFOLIO REVIEW

Boulder Fire & Police Money Purchase Pension Plan

Wendy Dominguez, MBA

Rick Rodgers, AIFA®

Jerry Huggins, MBA, CFP®, AIF®

Jared Martin, CFP®, AIF®

Prepared by: Abigail Thomas

2Q17

© 2017 INNOVEST PORTFOLIO SOLUTIONS, LLC

INNOVEST AT A GLANCE

Our History

— Founded in 1996 by Richard Todd and Wendy Dominguez who lead the firm today

— Independent, privately held and employee-owned— SEC Registered Investment Advisor— Currently more than $16 billion in firm assets*

Our Professionals

— 46 employees— Long-term relationships with top tier managers, vendors, and

service providers— 95% employee retention rate— Demonstrated ability to hire and retain top quality talent

Alignment of Interest with Our Clients

— 98% client retention— Conflict-free, independent and objective advocate— A consistent investment philosophy since the firm’s inception— A client-centered, risk-focused, and performance-driven culture— Year-over-year revenue growth 19 of the last 20 years— 2016 Client Survey Results: Overall Client Satisfaction 4.7 (5-point

Scale)

Award-Winning Team

— Innovest named one of the Best Places to Work in the nation, 2016, 2014, Pensions & Investments

— Innovest ranked Forbes #3 Fastest Growing RIA Firms— Ranked #1 among 2015 Investment Managers in Colorado**— Recognized for 403(b) Plan Conversion Campaign, 2016, The Eddy

Awards— Finalist for the Colorado Top Company Award, 2015, ColoradoBiz— Top 100 Wealth Managers in the nation, 2015, Forbes— 2014 Retirement Plan Adviser Team of the Year, PLANSPONSOR— 19th Fastest Growing RIA in the nation, 2015, Financial Advisor

Fiduciary Expertise

— One of the first investment firms in the Rocky Mountain region rooted in prudent fiduciary principles

— Accreditations through Investment Management Consultants Association and Center for Fiduciary Studies

— Process-oriented approach with a focus on investment and spending policies

— Expert Witness in nearly 60 cases involving fiduciary investment responsibilities

— Numerous fiduciary certifications: AIF™, AIFA ™, CIMA®, CFA , QPFC, RF™, RPS

Money Management Experience

— 16 member Investment Committee with median experience of more than 20 years

— Principals have more than 25 years of experience managing large pension and foundation portfolios

— Disciplined and opportunistic approach to forward-looking portfolio design

— Experts in many investment strategies: active, passive, hedge funds, and other alternatives

— Emphasis on downside risk quantification in developing portfolio design

Client Access and Transparency

— Direct access to Innovest’s investment and operational heads at all times

— Routine access to closed products, waived investment minimums, lower product fees, and socially responsible mandates

— Customized asset allocation, benchmarking and reporting

Diverse Client Base

— 250+ clients in 21 states— Retirement Plans— Foundations & Endowments— Wealthy Families*As of April 2017

** Denver Business Journal – assets under management as of 10/1/16

Privileged and Confidential

2

INNOVEST’S HISTORY WITH BOULDER FIRE & POLICE

2001 – 2003 • First quarterly performance report

• Replace the Putnam International Fund with the American Funds

Europacific Growth Fund

2004 – 2006 • Replace the One Group Mid Cap Growth Fund (OSGIX) with the Calamos

Growth Fund

• Presented on Alternative Investment Vehicles, Asset Classes & Strategies

• Added the PIMCO Commodity Real Return Strategy Fund

• Conducted asset allocation study and updated asset allocation


2007 – 2009 • Replace the Calamos Growth Fund with Allianz CCM Mid Cap Growth &

replace the Legg Mason Small Cap Value Fund with the ICM Small Cap

Value

• Replace 50% of the allocation to the Europacific Growth Fund (REREX) and

allocate it to the Dodge & Cox International Fund


• Coordinated the PIMCO share class change to reduce fees


• Add BlackRock High Yield Fund and Eaton Vance Floating Rate Fund

• Provided quarterly performance reports and research reports each quarter

and met with the Trustees

• Updated and reviewed the Investment Policy Statement

• Met with representatives from each investment strategy used in the plans

• Replaced Blackrock High Yield Fund (BHYSX) with JP Morgan High Yield

(OHYFX)

2010 – 2014• Replaced Managers Cadence MC Inst. (MCMYX) with Munder Mid

Cap Growth

• Coordinated the Eaton Vance share class change to reduce fees

• Provided quarterly performance reports and research reports each

quarter and met with the Administrative Committee

• Performed RFI for Administration and Record Keeping Services

and Audit Services.


• Conducted consultant fee review

• Presented core fixed income search

2015 - 2017• Replaced PIMCO Total Return with Metropolitan West Total Return

Bond Fund.

• Replaced PIMCO Commodity Real Return with Credit Suisse

Commodity Return.

• Created an automated, online, and permanent Fiduciary File

• Conducted asset allocation study

• Added MLP and Real Estate asset classes by adding Oppenheimer

SteelPath MLP and Principal U.S. Property Account

3

RETIREMENT PLAN TOPICS & TRENDSHighlighting the retirement plan regulatory and legislative environment

Second Quarter 2017

The US Department of Labor’s Fiduciary Rule took effect June 9, 2017.

The rule expands the circumstances under which an entity will be considered a Fiduciary under

the Employee Retirement Income Security Act of 1974 (ERISA) and related exemptions.

• There will be a transition period for the full application of the Fiduciary Rule. All entities must

be fully compliant by January 1, 2018.

• The rule is intended to protect plans and participants from Conflicts of Interest, Disloyalty, and

Imprudence. The Fiduciary Standard is a higher level of accountability than the Suitability

Standard, which was previously required of most impacted entities.

• We believe the greatest impact relates to IRA rollovers. The rule will expand the definition of

Fiduciary to include entities that make recommendations or solicitations to retirement plans and

IRA’s. Previously, only advisors that charged a fee for service (hourly or as a percentage of

assets) were considered fiduciaries.

• The DOL rule doesn't ban commissions or revenue sharing, but it requires advisers who do

accept them to have clients sign a best interest contract exemption, or BICE. It pledges the

adviser will act in the client's best interests and only earn “reasonable” compensation. The

exemption also must disclose information to clients about fees and potential conflicts of

interest.

• Education about retirement savings and general financial and investment information is not

considered fiduciary advice covered under the rule.

4

RETIREMENT PLAN TOPICS & TRENDS

1. How does this impact my Plan?

Any individuals or entities that provide advice to your plan participants will have to adhere to

the rule. This rule will impact Record-Keepers and Administrators that work with your plan

(Innovest has always been a fiduciary). It could impact how participant education is

conducted in some instances. The rule also requires full transparency for fees and

commissions, which could impact some expense statements and disclosures that you or your

participants receive.

2. What do I need to do?

Ask your providers if their processes are in line with the new provisions and if not, how they

plan to become compliant. Changes will depend on the level of service your current

providers are delivering and whether they are already operating as fiduciaries or not.

3. Is this permanent? Could it be changed?

On July 6, 2017 the DOL issued a request for input on a potential delay in the January 1, 2018

applicability date of certain provisions of the fiduciary rule. This is an ongoing examination

and could impact the rule in the future.

Highlighting the retirement plan regulatory and legislative environment

FAQs of the Fiduciary Rule

5

Performance Over Time

Risk and Return (Since Inception) Asset Allocation

Cumulative Performance over Time

Change in Account Value

LastQuarter

Year ToDate

1Year

3Years

5Years

7Years

SinceInception

InceptionDate

Boulder F & P Total Fund 2.95 7.25 13.61 4.75 8.99 9.68 9.17 01/01/1985Boulder F & P Custom Benchmark 2.80 7.08 12.95 4.73 9.06 9.88 9.60Difference 0.15 0.17 0.66 0.02 -0.07 -0.20 -0.43

Market ValueAs of

04/01/2017

Market ValueAs of

06/30/2017

Change$

Boulder F & P Total Fund 135,975,483 139,795,092 3,819,609

$0 $11,150,317 $22,300,634 $33,450,951 $44,601,268 $55,751,585

VT Retirement Income Advantage

JPMorgan High Yield Select

Eaton Vance Floating Rate

Steelpath MLP Alpha Fund

Vantage Trust Plus

Crdt Suis Comm Rtn Strat

Principal US Property Account

Met West Total Return

Victory Munder Mid Cap Core Growth

ICM Small Company

Boston Trust Fixed Income - Boulder F&P

Dodge & Cox Int'l

American Funds EuroPacific Gr

Boston Trust Equity - Boulder F&P

$938,465

$1,318,140

$5,313,633

$6,455,353

$6,501,511

$6,506,963

$6,672,935

$7,278,307

$8,634,279

$8,799,578

$10,680,960

$13,061,846

$13,314,285

$44,318,835

8.5

9.0

9.5

10.0

10.5

11.0

11.5

Re

turn

(%)

9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 17.0Risk (Standard Deviation %)

S&P 500 Index

Boulder F & P Total Fund

Boulder F & P Total Fund Boulder F & P Custom Benchmark

-700 %

0%

700%

1,400%

2,100%

2,800%

3/85 9/86 3/88 9/89 3/91 9/92 3/94 9/95 3/97 9/98 3/00 9/01 3/03 9/04 3/06 9/07 3/09 9/10 3/12 9/13 3/15 6/17

Executive SummaryJune 30, 2017

6

THE MARKETS

Investment Returns

First Half of 2017

c

1st Quarter 2nd Quarter

2Q17

13.81%

2.27%

9.34%

18.43%

4.99%

YTD

c

-5%

0%

5%

10%

15%

20%

25%

S&P 500

MSCI EAFE

MSCI EM

Russell 2000 TR

BBgBarc US Agg Bond

6.12%

1.45%

3.09%

6.27%

2.46%

7

GLOBAL ECONOMICS

• In 2007 the world economy grew by 5.6%, while

this year it is projected to grow by only 3.5%.

• India (7.2%) and China (6.6%) are the only two

large economies projected to grow rapidly in

2017, and the G7 is projected to grow by 1.9%

• Lower growth is a primary reason for lower

interest rates, lower inflation, and lower expected

investment returns.

Global Growth: Decelerating

Source: IMF. 2017 numbers are estimates.

Real GDP Growth: 2007 and 2017

• Inflation has fallen below the Fed’s target rate of

2.0%, despite a very low unemployment rate of

4.4%.

• Wages, salaries and benefits have risen a modest

2.5% in the last 12 months.

• June retail sales excluding gasoline were

moderately higher than a year ago—up 3.2%

Inflation: Below Target

Core rates exclude food and energy. CPI = Consumer Price Index. PCE = Personal Consumption Deflator.

Reported 7/6/17. Sources: BEA, BLS, Haver Analytics and Deutsche Bank Research.

US Core Inflation

0

2

4

6

8

10

12

14

16

China Germany India Japan United

Kingdom

United

States

World

2007 2017

8

GLOBAL ECONOMICS, CONTINUED

• In the next few months the US Federal Reserve

plans to begin trimming its $4.5 trillion balance

sheet, including its 20% ownership of US

government bonds.

• Central Banks purchased bonds in the credit crisis

to help reduce rates on mortgages and other debt.

• The unwinding of global quantitative easing is a

new phenomenon, the results of which are hard to

predict.

Percentage of Domestic Government Bonds Held by Central BanksFed: Time to Unwind

• Since the end of the housing market crisis, home

prices have recovered at a much faster pace than

wages.

• National home prices have appreciated about

5.5% in the last 12 months, while average hourly

earnings rose by 2.5% during the same period.

• The median price of an existing US home was

$252,800 in May (the highest on record), and

there is strong demand and limited supply for less

expensive housing.

Housing Prices and WagesUS Home Prices: Outpacing Wages

Shaded vertical area indicates recession. Sources: SLFR/FRED, BLS and FHFA. As of April 2017.

Sources: OECD and Deutsche Bank Global Markets Research

9

ASSET CLASS FUNDAMENTALS

Data are year-over-year changes in trailing twelve-month revenue and earnings per share, calculated quarterly.

The most recent twelve-month growth rates are through 3/31/2017. Source: S&P Capital IQ.

• Trailing four-quarter S&P 500 earnings as of

March 31 grew at the fastest year-over-year

rate in three years.

• Second quarter S&P 500 earnings are forecast

to have grown 6.5% from the same period a

year earlier, according to FactSet.

• Equities’ cash flow yields are notably more

attractive in Europe (9.3%) and Japan (12.3%),

as compared to the US (7.0%). The higher the

yield, the higher the potential future returns.

Corporate Earnings: Rebounding

• Since the Fed started raising short-term interest

rates in late 2015, longer term rates have

remained essentially unchanged.

• Low, or even negative, yields on non-US bonds

has fueled purchases of higher yielding US

Treasuries, helping to hold down US interest rates.

• A flattening yield curve tends to reduce banks’

lending profitability, due in part to banks paying

higher rates on deposits.

US Treasury Yield CurveThe Treasury Yield Curve: Flattening

The Fed began raising short-term rates on 12/16/2015. Sources: US Treasury and Morningstar.

S&P 500 Revenue and Earnings Growth

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

12/15/2015 6/30/2017

10

• Improvements in drilling and production

technology have significantly lowered break-even

costs for domestic oil drilling.

• The US rig count having doubled in the last year

and higher global production (despite OPEC’s

quotas) have pushed oil prices down by 20% since

February.

• Despite an improving outlook for MLPs’ volume

and distribution growth, retail investors have

reduced their exposures to the asset class.

• US high yield fixed income spreads have compressed

since early 2016.

• Annual default rates for US high yield bonds and

floating rate loans were recently 1.50% and 1.54%,

respectively, significantly below historic averages.

• Default rates on below-investment-grade paper are

expected to increase during the next recession.

Credit: Spreading it Thin

ASSET CLASS FUNDAMENTALS, CONTINUED

Energy: Supply Up, Prices Down

$60

$48

$60

$41 $46

$50

$30

$36 $38

$-

$20

$40

$60

$80

Permian (TX) Eagle Ford (TX) Bakken (ND)

2014 2015 2016

Assumes 10% IRR. Permian data represents an average of two primary plays in the region: the Permian Midland

Basin and the Permian Delaware Basin. Source: Wells Fargo Research as of March 2017.

High Yield Bond Spreads

Crude Oil: Break-Even Costs for Top-Producing US Regions

The spread is the yield-to-worst of the J.P. Morgan Domestic High Yield Index minus the yield on an equivalent-

maturity US Treasury. Reported 6/30/2017. Source: J.P. Morgan Asset Management.

11

MARKET PERFORMANCE AS OF 6/30/17

United States Equities

Short Term Annualized

QTD YTD 1 Year 3 Year 5 Year 7 Year 10 Year

S&P 500 3.09% 9.34% 17.90% 9.61% 14.63% 15.41% 7.18%

S&P 500 Value 1.51% 4.85% 15.86% 7.79% 13.82% 14.09% 5.25%

S&P 500 Growth 4.42% 13.33% 19.30% 11.03% 15.24% 16.57% 8.97%

Russell Mid Cap 2.70% 7.99% 16.48% 7.69% 14.72% 15.28% 7.67%

Russell Mid Cap Value 1.37% 5.18% 15.93% 7.46% 15.14% 15.29% 7.23%

Russell Mid Cap Growth 4.21% 11.40% 17.05% 7.83% 14.19% 15.24% 7.87%

Russell 2000 2.46% 4.99% 24.60% 7.36% 13.70% 14.35% 6.92%

Russell 2000 Value 0.67% 0.54% 24.86% 7.02% 13.39% 13.50% 5.92%

Russell 2000 Growth 4.39% 9.97% 24.40% 7.64% 13.98% 15.16% 7.82%

International Equities


MSCI EAFE 6.12% 13.81% 20.27% 1.15% 8.69% 7.91% 1.03%

MSCI EAFE Value 4.78% 11.12% 25.01% -0.59% 8.12% 7.15% -0.08%

MSCI EAFE Growth 7.52% 16.68% 15.70% 2.81% 9.19% 8.60% 2.06%

MSCI Japan 5.19% 9.92% 19.18% 5.54% 9.56% 7.46% 1.21%

MSCI AC Europe 7.56% 15.49% 21.72% 0.03% 8.92% 8.39% 0.97%

MSCI AC Asia Ex Japan 8.31% 22.81% 26.73% 5.02% 7.97% 6.92% 4.19%

MSCI EM 6.27% 18.43% 23.75% 1.07% 3.96% 3.87% 1.91%

MSCI EM Asia 8.74% 23.31% 28.26% 5.37% 8.11% 6.91% 4.18%

MSCI EM Europe 2.68% 4.11% 19.42% -7.53% -2.24% -0.65% -4.54%

MSCI EM Latin America -1.61% 10.32% 15.40% -6.33% -3.48% -2.03% -0.89%

Fixed Income


BBgBarc US Agg Bond 1.45% 2.27% -0.31% 2.48% 2.21% 3.19% 4.48%

BBgBarc US Corporate High Yield 2.17% 4.93% 12.70% 4.48% 6.89% 8.15% 7.67%

BBgBarc US Govt 1-3 Yr 0.20% 0.48% -0.07% 0.71% 0.65% 0.79% 2.01%

Credit Suisse Leveraged Loan 0.75% 1.96% 7.49% 3.49% 4.83% 5.29% 4.16%

BBgBarc Municipal 1.96% 3.57% -0.49% 3.33% 3.26% 4.21% 4.60%

S&P 500 Sector Performance

Short Term Annualized


S&P 500 Cons Disc 2.35% 11.00% 16.90% 12.21% 17.41% 19.45% 10.47%

S&P 500 Cons Staples 1.57% 8.03% 3.06% 10.19% 12.61% 14.82% 10.46%

S&P 500 Energy -6.36% -12.61% -4.14% -10.51% 1.64% 6.18% 1.28%

S&P 500 Financials 4.25% 6.88% 35.37% 12.36% 18.00% 14.06% 0.39%

S&P 500 Health Care 7.10% 16.07% 12.47% 11.02% 17.86% 18.13% 10.57%

S&P 500 Industrials 4.73% 9.51% 22.27% 10.24% 16.06% 16.27% 7.65%

S&P 500 Info Technology 4.14% 17.23% 33.89% 15.95% 17.18% 17.86% 10.70%

S&P 500 Materials 3.17% 9.21% 18.59% 4.74% 11.09% 12.51% 5.36%

S&P 500 Real Estate 2.76% 6.40% -0.42% 9.00% 9.79% 14.18% 5.70%

S&P 500 Telecom Services -7.05% -10.74% -11.71% 4.03% 5.85% 11.45% 3.69%

S&P 500 Utilities 2.21% 8.75% 2.47% 9.37% 11.17% 13.48% 6.97%

Returns for time periods of 1 year or longer are annualized.

Alternatives


Bloomberg Commodity -3.00% -5.26% -6.50% -14.81% -9.25% -5.68% -6.49%

Alerian MLP Infrastructure -6.90% -3.08% 1.17% -9.91% 2.89% 6.92% 6.62%

HFRI Fund of Fund Index 0.20% 2.59% 5.85% 1.35% 3.75% 2.93% 0.81%

12

FIXED INCOME MARKETS

As of 6/30/2017. Sources: Bloomberg, FactSet and Eaton Vance.

10-Year Government Bond Yields

Credit Spreads

Average spreads in basis points. Reported 6/30/2017. Corporate spreads are in basis points and measure option-adjusted yield spread to comparable maturity US Treasuries. Loan index spread represents the three-year spread over

LIBOR. Sources: JP Morgan, LCD and Eaton Vance.

13

THE CYCLICAL NATURE OF ASSET CLASS RETURNS

20%

15%

10%

5%

%

5%

10%

15%

20%

25%

30%

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Domestic vs. International Stocks

Rolling 3-Year Returns Ended December 31, 2016

Domestic Outperformed

30%

20%

10%

%

10%

20%

30%

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Stocks vs. Bonds


Stocks Outperformed

15%

10%

5%

%

5%

10%

15%

20%

25%

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

U.S. Large Cap vs. U.S. Small Cap Stocks


Large Outperformed

20%

15%

10%

5%

%

5%

10%

15%

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Growth vs. Value Stocks (U.S.)


Value Outperformed

International OutperformedBonds Outperformed

Small Outperformed

Growth Outperformed

14

Client Type: Money Purchase Pension Plan

Time Horizon: Greater than Five Years

Expected Return: 3.50% to 4.50% over CPI

Risk Tolerances: Expected downside of -17.1% to -20.1% per year based on a statistical confidence level of 95% (1)

Asset Allocation Performance Benchmarks

Strategic Asset Investment Primary Peer Group

Lower Limit Allocation Upper Limit Category Manager Index Universe

Domestic Equity Domestic Equity

Large Cap Equity* 27.00% 33.00% 39.00% Large Cap Boston Tr Eqty S&P 500 Core Equity

Mid Cap Growth 3.50% 6.50% 9.50% Mid Cap Growth Victory Munder MC Core Gr Russell Mid Cap Index Mid Cap Growth

Small Cap Value 3.50% 6.50% 9.50% Small Cap Value ICM Sm Cap Value Russell 2000 Index Small Cap Value

International Equity 17.00% 20.00% 23.00% International Equity Europacific R-4 MSCI EAFE International Growth

Dodge & Cox Intl MSCI EAFE International Value

Domestic Fixed Income* 2.50% 8.50% 14.50% Domestic Fixed Income Boston Tr Fixed Inc BC Aggregate Core Bond

2.50% 5.50% 8.50% MetWest Total Return BC Aggregate Core Bond

High Yield 0.00% 1.00% 4.00% High Yield JP Morgan HY BC:HY Credit High Yield

Floating Rate Corporate Loans 4.00% 4.00% 7.00% Floating Rate Corporate Loans Eaton Vance Floating CSFB Leveraged Loan Loan Participation

Commodities 2.00% 5.00% 8.00% Commodities Credit Suisse Commodity Bloomberg Commodity N/A

Master Limited Partnerships 2.00% 5.00% 8.00% Master Limited Partnerships Steelpath MLP Alpha N/A

Real Estate 2.00% 5.00% 8.00% Real Estate Principal US Property Acct NCREIF ODCE Real Estate

100.00%

Total Portfolio Strategic Benchmark: 41.50% 70% S&P 500/30% BC Aggregate

6.50% Russell Mid Cap Index

6.50% Russell 2000 Index

20.00% MSCI EAFE

5.50% BC Aggregate

1.00% BC:HY Credit

4.00% CSFB Leveraged Loan

5.00% Bloomberg Commodity

5.00% Alerian MLP Infrastructure (Tax-Adjusted)

5.00% NCREIF ODCE

100.00%

Total Portfolio Secondary Benchmark: CPI + 4.00%

*Balanced allocation to Boston Trust is 41.5% of the portfolio which is split 70% to large cap equity and 30% to domestic fixed income

BOULDER FIRE & POLICE INVESTMENT POLICY SUMMARY UPDATED JUNE 2017

Client Variables

Alerian MLP Infrastructure

(Tax-Adjusted)

(1) There is a 5% probability that the 1 year modeled loss of -17.10% to -20.10% will be exceeded. Risk tolerances are based on 2017 capital markets

assumptions. NOTE: The 1 year modeled loss will vary from year to year depending on future capital market assumptions.

15

Plan Benchmark*

123,024,832$ Similarly Sized

0.58% 1.11%

0.71% N/A

Provider Fee (in $) Fee (in %) Fee (in $) Fee (in %) Fee (in $) Fee (in %)

Expense ratio retained by fund manager Fund Managers 613,400$ 0.50% 613,400$ 0.50%

Revenue sharing sent to recordkeeper ICMA-RC 180,074$ 0.15% 180,074$ 0.15%

Gross Investment Management Fees -$ 0.00% 793,475$ 0.64% 793,475$ 0.64%

Revenue Sharing credited to admin. allowance account (75,503)$ -0.06% (75,503)$ -0.06%

Net Recordkeeping and Administrative Fees -$ 0.00% (75,503)$ -0.06% (75,503)$ -0.06%

Total Investment, Recordkeeping and Administrative Costs -$ 0.00% 717,972$ 0.58% 717,972$ 0.58%

Investment Consultant Innovest 76,489$ 0.06% 76,489$ 0.06%

Plan Administration & Fiduciary Support** 25,000$ 0.02% 25,000$ 0.02%

Trustee Education** 10,500$ 0.01% 10,500$ 0.01%

Insurance Fee** 9,000$ 0.01% 9,000$ 0.01%

Legal** 20,000$ 0.02% 20,000$ 0.02%

Audit** 9,000$ 0.01% 9,000$ 0.01%

Total Plan Expenses 73,500$ 0.06% 794,461$ 0.65% 867,961$ 0.71%

Employer Paid Employee Paid Total

Boulder Fire and Police 401(a) Annual Fee Review

Investment, Recordkeeping and Administrative Costs

Plan assets as of 6/30/2016

Estimated Total Plan Expenses

*The plan's estimated investment, recordkeeping and administrative costs of 0.58% as shown above, compare favorably to 401(k) Source data, a

universe of 49 similarly sized 401(k) plans with an average investment, recordkeeping and administrative cost of 1.11%.

**Budgeted expenses, not actual expenses.

This review illustrates estimated plan costs based on available data.

16

March 31, 2017

Allocation Differences

0.0% 4.0% 8.0% 12.0%-4.0 %-8.0 %-12.0 %

Commodities

Floating Rate Corporate Loans

High Yield

Fixed Income

International Equity

Small Cap Equity

Mid Cap Equity

Large Cap Equity

-0.3 %

-0.2 %

0.0%

-4.7 %

0.9%

-0.3 %

0.1%

4.4%

June 30, 2017

Allocation Differences

0.0% 0.5% 1.0%-0.5 %-1.0 %

Real Estate

Master Limited Partnerships

Commodities


High Yield

Fixed Income


Small Cap Equity

Mid Cap Equity

Large Cap Equity

0.0%

-0.1 %

-0.1 %

0.0%

0.0%

-0.4 %

-0.1 %

0.1%

0.0%

0.5%

March 31, 2017

Market Value($)

Allocation(%)

Target(%)

Large Cap Equity 50,492,627 39.36 35.00Mid Cap Equity 8,515,467 6.64 6.50Small Cap Equity 8,005,199 6.24 6.50International Equity 25,581,296 19.94 19.00Fixed Income 18,363,016 14.31 19.00High Yield 2,524,212 1.97 2.00Floating Rate Corporate Loans 8,767,084 6.83 7.00Commodities 6,051,342 4.72 5.00Total Fund 128,300,243 100.00 100.00

June 30, 2017

Market Value($)

Allocation(%)

Target(%)

Large Cap Equity 44,318,835 33.48 33.00Mid Cap Equity 8,634,279 6.52 6.50Small Cap Equity 8,799,578 6.65 6.50International Equity 26,376,131 19.93 20.00Fixed Income 17,959,267 13.57 14.00High Yield 1,318,140 1.00 1.00Floating Rate Corporate Loans 5,313,633 4.01 4.00Commodities 6,506,963 4.92 5.00Master Limited Partnerships 6,455,353 4.88 5.00Real Estate 6,672,935 5.04 5.00Total Fund 132,355,116 100.00 100.00

Asset Allocation vs. Target Allocation

17

Allocation

MarketValue

($)%

Performance(%)

LastQuarter

YearTo Date

1Year

3Years

5Years

10Years

SinceInnovestInception

SinceInception

InceptionDate

Large Cap Equity

Boston Trust Equity - Boulder F&P 44,318,835 31.70 3.66 (28) 8.74 (56) 16.23 (67) 9.29 (48) 13.63 (72) 7.91 (33) 7.38 (25) 10.61 (34) 07/01/1990S&P 500 Index 3.09 (42) 9.34 (42) 17.90 (45) 9.61 (38) 14.63 (46) 7.18 (64) 5.83 (90) 9.63 (83)IM U.S. Large Cap Core Equity (SA+CF) Median 2.92 8.98 17.53 9.22 14.54 7.53 6.67 10.06

Mid Cap Equity

Victory Munder Mid Cap Core Growth 8,634,279 6.18 4.13 (62) 11.17 (71) 17.49 (55) 6.15 (63) 12.39 (53) 6.53 (61) 8.54 (15) 12.56 (44) 01/01/2010Russell Midcap Growth Index 4.21 (61) 11.40 (67) 17.05 (59) 7.83 (33) 14.19 (26) 7.87 (25) 6.45 (49) 13.64 (21)IM U.S. Mid Cap Growth Equity (MF) Median 4.85 12.28 18.00 6.78 12.45 6.96 6.12 12.27

Small Cap Equity

ICM Small Company 8,799,578 6.29 1.90 (25) 2.48 (26) 25.27 (31) 8.84 (7) 14.65 (12) 7.32 (13) 10.43 (37) 8.52 (22) 01/01/2008Russell 2000 Value Index 0.67 (47) 0.54 (41) 24.86 (33) 7.02 (30) 13.39 (35) 5.92 (42) 9.24 (67) 7.82 (45)IM U.S. Small Cap Value Equity (MF) Median 0.58 -0.43 21.70 5.33 12.69 5.66 9.62 7.61


Dodge & Cox Int'l 13,061,846 9.34 4.75 (59) 14.51 (10) 30.37 (1) 0.64 (5) 10.23 (1) 2.34 (1) N/A 2.49 (1) 01/01/2008MSCI EAFE Value Index (Net) 4.78 (58) 11.12 (93) 25.01 (1) -0.59 (62) 8.12 (10) -0.08 (41) 4.28 (N/A) 0.27 (40)MSCI AC World ex USA Value (net) 4.08 (92) 11.03 (98) 23.62 (6) -1.00 (84) 6.35 (89) 0.31 (37) 5.13 (N/A) 0.24 (40)IM International Large Cap Value Equity (MF) Median 5.02 12.15 20.70 -0.38 7.30 -0.25 N/A -0.21

American Funds EuroPacific Gr 13,314,285 9.52 7.58 (37) 17.55 (25) 21.75 (16) 3.36 (32) 9.23 (13) 3.15 (23) N/A 7.20 (26) 04/01/2004MSCI EAFE Growth Index (Net) 7.52 (41) 16.68 (33) 15.70 (72) 2.81 (45) 9.19 (16) 2.06 (70) 3.79 (85) 5.85 (81)MSCI AC World ex USA Growth (Net) 7.56 (40) 17.38 (26) 17.38 (55) 2.55 (53) 8.04 (49) 1.89 (75) 4.31 (71) 6.14 (70)IM International Large Cap Growth Equity (MF) Median 7.26 16.26 17.77 2.59 7.97 2.36 5.01 6.75

Fixed Income

Boston Trust Fixed Income - Boulder F&P 10,680,960 7.64 0.81 (96) 1.71 (93) -1.25 (97) 2.28 (42) 1.78 (82) 4.17 (59) 4.85 (35) 5.77 (86) 07/01/1990Bloomberg Barclays U.S. Aggregate Index 1.45 (52) 2.27 (62) -0.31 (73) 2.48 (27) 2.21 (54) 4.48 (40) 4.81 (38) 6.10 (41)IM U.S. Broad Market Core Fixed Income (MF) Median 1.45 2.41 0.32 2.19 2.27 4.32 4.61 6.03

Met West Total Return 7,278,307 5.21 1.29 (75) 2.21 (67) 0.25 (54) 2.28 (42) 3.49 (4) 6.00 (1) 6.02 (1) 1.98 (61) 01/01/2015Bloomberg Barclays U.S. Aggregate Index 1.45 (52) 2.27 (62) -0.31 (73) 2.48 (27) 2.21 (54) 4.48 (40) 4.81 (38) 2.19 (43)IM U.S. Broad Market Core Fixed Income (MF) Median 1.45 2.41 0.32 2.19 2.27 4.32 4.61 2.13

High Yield

JPMorgan High Yield Select 1,318,140 0.94 1.71 (58) 4.03 (57) 10.25 (64) 3.30 (45) 5.95 (42) 6.59 (29) 7.60 (17) 7.13 (48) 01/01/2010Bloomberg Barclays U.S. Corporate High Yield 2.17 (20) 4.93 (18) 12.70 (19) 4.48 (10) 6.89 (13) 7.67 (5) 8.22 (8) 8.22 (10)IM U.S. High Yield Bonds (MF) Median 1.78 4.20 10.86 3.11 5.76 6.08 6.86 7.05

Table of ReturnsJune 30, 2017

Returns prior to 7/1990 provided by PMC

18

Table of ReturnsJune 30, 2017

Allocation

MarketValue

($)%

Performance(%)

LastQuarter

YearTo Date

1Year

3Years

5Years

10Years

SinceInnovestInception

SinceInception

InceptionDate


Eaton Vance Floating Rate 5,313,633 3.80 0.90 (12) 2.19 (16) 7.94 (26) 3.30 (17) 3.93 (43) 3.49 (39) N/A 7.95 (30) 04/01/2009Credit Suisse Leveraged Loan Index 0.76 (24) 1.97 (21) 7.47 (35) 3.48 (9) 4.82 (3) 4.16 (3) 4.74 (1) 8.78 (12)Loan Participation Mutual Funds Median 0.56 1.46 6.82 2.66 3.77 3.23 3.87 7.22

Commodities

Crdt Suis Comm Rtn Strat 6,506,963 4.65 -3.21 (21) -4.93 (27) -5.86 (28) -14.46 (41) -9.20 (50) -6.42 (48) N/A -8.45 (50) 01/01/2015Bloomberg Commodity Index Total Return -3.00 (15) -5.26 (31) -6.50 (38) -14.81 (46) -9.25 (50) -6.49 (50) -0.59 (N/A) -8.65 (54)IM Commodities General (MF) Median -4.01 -5.91 -7.21 -15.19 -9.29 -6.54 N/A -8.45

Master Limited Partnerships

Steelpath MLP Alpha Fund 6,455,353 4.62 -5.39 -3.11 1.81 -7.41 3.43 N/A N/A -5.39 04/01/2017Alerian MLP Infrastructure (Tax Adjusted) -4.34 -1.88 0.84 -5.84 1.79 4.36 9.22 -4.34

Real Estate

Principal US Property Account 6,672,935 4.77 2.32 (22) 4.47 (27) 9.82 (27) 12.83 (34) 12.88 (41) 5.63 (31) 8.18 (N/A) 2.32 (22) 04/01/2017NCREIF ODCE 1.71 (72) 3.51 (64) 7.88 (65) 11.34 (58) 11.79 (64) 5.25 (41) 7.97 (N/A) 1.71 (72)IM U.S. Open End Private Real Estate (SA+CF) Median 1.91 3.77 8.31 11.81 12.39 5.05 N/A 1.91

Balanced Account

Boston Trust Balanced - Boulder F&P 54,999,796 39.34 3.01 (27) 7.19 (33) 12.30 (41) 7.72 (6) 11.01 (17) 7.36 (10) 7.20 (26) 10.04 (14) 07/01/199070% S&P/30% BC Aggr 2.59 (42) 7.19 (33) 12.18 (45) 7.56 (7) 10.88 (17) 6.64 (42) 5.79 (66) 8.80 (59)IM U.S. Balanced (SA+CF) Median 2.28 6.30 11.38 5.13 9.54 6.05 6.39 9.07

VT Retirement Income Advantage 938,465 0.67 2.45 (44) 6.52 (48) 9.32 (70) 3.63 (87) 6.95 (86) N/A N/A 5.76 (88) 04/01/2013VT Retirement Income Advantage Custom Index 2.54 (43) 6.70 (45) 10.89 (57) 5.17 (49) 8.46 (67) N/A N/A 7.28 (62)IM U.S. Balanced (SA+CF) Median 2.28 6.30 11.38 5.13 9.54 6.05 6.39 7.97

Stable Value

Vantage Trust Plus (gross) 6,501,511 4.65 0.60 (4) 1.18 (3) 2.36 (1) 2.34 (1) 2.46 (1) 3.31 (4) 3.99 (12) 3.31 (4) 07/01/2007Vantage Trust Plus (net) 0.46 (4) 0.90 (3) 1.79 (1) 1.77 (1) 1.89 (1) 2.75 (4) N/A (12) 2.75 (4)Ryan 3 Yr GIC Master Index 0.39 (94) 0.77 (94) 1.48 (91) 1.28 (100) 1.21 (100) 2.44 (76) 3.26 (89) 2.44 (76)IM U.S. GIC/Stable Value (SA+CF) Median 0.46 0.90 1.79 1.82 1.78 2.66 3.52 2.66

Total Fund

Boulder Fire and Police 139,795,092 100.00 2.95 7.25 13.61 4.75 8.99 6.09 6.71 9.17 01/01/1985Boulder Fire & Police Custom Benchmark 2.80 7.08 12.95 4.73 9.06 5.25 5.87 9.60CPI + 4% 1.46 3.47 5.70 4.95 5.37 5.70 6.18 6.74

Returns prior to 7/1990 provided by PMC

19

Plan Sponsor TF Asset Allocation - Public Plan Sponsors (< $100 mm AUM)

Plan Sponsor Peer Group Analysis - Public Plan Sponsors (< $100 mm AUM)

-25.0

0.0

25.0

50.0

75.0A

llo

ca

tio

n (%

)

US Equity Intl. Equity US Fixed Income Intl. Fixed Income Alternative Inv. Real Estate Cash

Boulder Fire and Police 56.95 (7) 19.94 (21) 23.11 (79) 0.00 N/A 0.00 0.00�

5th Percentile 57.55 23.55 44.61 6.77 18.23 13.14 7.431st Quartile 50.85 17.56 35.98 5.12 8.72 9.94 2.39

Median 45.28 14.33 30.61 4.80 4.81 7.74 1.503rd Quartile 40.76 11.40 23.85 4.17 3.13 4.98 0.7795th Percentile 29.08 7.60 16.02 2.05 1.59 2.72 0.10

0.0

4.0

8.0

12.0

16.0

Re

turn

3.44.1

8.59.8

4.25.06.37.2 6.87.5

4.55.4

LastQuarter

1Year

3Years

5Years

7Years

10Years

Boulder Fire and Police 4.17 (72) 12.97 (6) 4.87 (81) 7.59 (58) 8.14 (42) 6.30 (18)¢£

Boulder Fire & Police Custom Benchmark 4.16 (73) 12.47 (13) 4.99 (74) 7.96 (40) 8.26 (35) 5.36 (78)pr

5th Percentile 5.44 12.99 6.92 9.13 9.13 6.701st Quartile 4.84 11.82 6.03 8.24 8.43 6.09Median 4.48 10.74 5.49 7.71 7.99 5.683rd Quartile 4.08 9.79 4.98 7.15 7.53 5.4095th Percentile 3.43 8.52 4.20 6.33 6.76 4.52

Population 394 380 365 354 339 297

Plan Sponsor Peer Group AnalysisAs of March 31,2017

20

Plan Sponsor TF Asset Allocation - Public Plan Sponors ($100mm - $1 Bln AUM)

Plan Sponsor Peer Group Analysis - All Public Plans ($100mm - $500mm AUM)

-25.0

0.0

25.0

50.0

75.0A

llo

ca

tio

n (%

)

US Equity Intl. Equity US Fixed Income Intl. Fixed Income Alternative Inv. Real Estate Cash

Boulder Fire and Police 56.95 (8) 19.94 (36) 23.11 (48) 0.00 N/A 0.00 0.00�

5th Percentile 60.35 26.64 38.60 16.01 27.63 12.84 3.711st Quartile 45.59 21.70 30.04 7.61 15.95 10.50 1.73

Median 40.90 16.11 22.62 4.94 11.25 8.43 0.973rd Quartile 32.38 13.50 17.17 3.82 4.56 5.89 0.6095th Percentile 21.03 6.03 9.92 1.70 1.25 3.05 0.05

0.04.08.0

12.016.020.0

Re

turn

3.44.0

8.710.7

3.44.9 6.17.3 6.47.6

4.55.4

LastQuarter

1Year

3Years

5Years

7Years

10Years

Boulder Fire and Police 4.17 (70) 12.97 (13) 4.87 (75) 7.59 (68) 8.14 (63) 6.30 (29)¢£

Boulder Fire & Police Custom Benchmark 4.16 (72) 12.47 (23) 4.99 (74) 7.96 (55) 8.26 (56) 5.36 (76)pr

5th Percentile 5.52 14.29 6.90 9.47 9.80 6.781st Quartile 4.81 12.13 6.11 8.64 8.82 6.36Median 4.45 11.47 5.74 8.03 8.34 5.833rd Quartile 4.03 10.65 4.86 7.34 7.63 5.3795th Percentile 3.39 8.73 3.37 6.09 6.40 4.48

Population 129 126 124 122 122 104

Plan Sponsor Peer Group AnalysisAs of March 31,2017

21

Cumulative Performance Over Time

Risk and Return

Boulder Fire and Police Boulder Fire & Police Custom Benchmark CPI + 4.75%

-600 %

0%

600%

1,200%

1,800%

2,400%

3/85 9/86 3/88 9/89 3/91 9/92 3/94 9/95 3/97 9/98 3/00 9/01 3/03 9/04 3/06 9/07 3/09 9/10 3/12 9/13 3/15 6/17

8

9

10

11

12

Re

turn

(%)

7 8 9 10 11 12 13 14 15 16 17 18 19Risk (Standard Deviation %)

Boulder Fire and Police

S&P 500 Index

Total Portfolio Performance AnalysisAs of June 30,2017

22

Criteria

Organization PeoplePhilosophy& Process

StyleConsistency

Asset Base Performance Expenses Overall

Costs

Exp Ratio(%)

MedianExp Ratio

(%)

Ratio ofExp to

Median (%)

Boston Trust Balanced - Boulder F&P 0.64 1.15 55.00Victory:MC Core Gr;Y (MGOYX) 1.06 1.27 84.25ICM Small Company;Inst (ICSCX) 0.95 1.29 73.64Dodge & Cox Intl Stock (DODFX) 0.64 1.18 54.24American Funds EuPc;R4 (REREX) 0.85 1.19 71.43Met West:Total Return;I (MWTIX) 0.44 0.76 57.89Eaton Vance Flt Rt;A (EVBLX) 1.03 1.12 91.96JPMorgan:High Yield;I (OHYFX) 0.77 1.07 74.77Crdt Suis Cmdty Rtn;Inst (CRSOX) 0.79 1.27 62.20Oppenheimer SP MLP Alp;I (OSPAX) 1.19 1.69 70.41Principal US Property Account 0.85 1.10 77.27Vantage Trust Plus 0.56 0.73 76.71VT Retirement Income Advantage 1.72 1.72 100.00

Legend For Overall Criteria

No/Minimum ConcernsMinor ConcernMajor ConcernUnder Review

New No/Minimum ConcernsUpgrade to Minor ConcernDowngrade to Minor ConcernNew Major Concern

Manager Score Factor Comments

Victory:MC Core Gr;Y (MGOYX) Asset Base Outflows relative to strategy AUM warrants increased monitoring and diligence. If performance continues to improve, flows shouldresolve quickly.

Manager Score Card

The Expense Ratio and Median Expense Ratio for Hedge Fund of Funds and Private Equity Fund of Funds excludes underlying fund expenses; the expenses shown are only at the Fund of Funds level.

23

THIS PAGE LEFT INTENTIONALLY BLANK

24

STRATEGY INFORMATION

ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS

PEER GROUP ANALYSIS - IM U.S. Balanced (SA+CF)

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

RISK VS. RETURN (5 YEARS*)

*If less than 5 years, data is since account inception.

Firm and Management:Domenic Colasacco is a portfoliomanager and president of the Adviser.Mr. Colasacco is also the president ofBoston Trust & InvestmentManagement Company and has servedas its Chief Investment Officer since1980. Mr. Colasacco managesportfolios for individual and institutionalclients and also manages the BostonTrust Equity Fund. Mr. Colasacco is aholder of the Chartered FinancialAnalyst (CFA) designation and amember of the Boston SecurityAnalysts Society.

Investment Strategy:The strategy strives to provide long-term growth of capital through adiversified portfolio of stocks, bondsand money market investments. Theallocation among these assets isactively managed based both on theirrelative values and the changingeconomic outlook. By forecastingfinancial market returns across a widerange of possible economic scenarios,they vary the allocation in a mannerthat is designed to provide protectionagainst falling markets in unfavorableeconomic environments, while alsoproviding opportunity to participate inrising markets. The strategy providesbroad diversification across stockmarket sectors; individual equityselections focus on companies withsuperior financial track records.

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Boston Tr Bal - Boulder F&P 3.01 (27) 7.19 (33) 12.30 (41) 7.72 (6) 11.01 (17) 11.50 (13) 7.36 (10)¢£

70% S&P/30% BC Aggr 2.59 (42) 7.19 (33) 12.18 (45) 7.56 (7) 10.88 (17) 11.79 (9) 6.64 (42)��

Median 2.28 6.30 11.38 5.13 9.54 9.90 6.05

-4.0

0.0

4.0

8.0

12.0

16.0

Ret

urn

(%)

0.0 5.0 10.0 15.0Risk (Standard Deviation %)

ReturnStandardDeviation

Boston Tr Bal - Boulder F&P 11.01 5.38¢£

70% S&P/30% BC Aggr 10.88 5.17��

Median 9.54 5.91¾

2016 2015 2014 2013 2012 2011 2010

Boston Tr Bal - Boulder F&P 10.75 (30) -0.59 (38) 11.13 (11) 23.02 (21) 10.04 (74) 3.45 (23) 14.13 (30)IM U.S. Balanced (SA+CF) Median 8.53 -1.52 6.92 19.17 11.33 1.32 12.63

70% S&P/30% BC Aggr 9.23 (42) 1.34 (17) 11.39 (10) 21.12 (27) 12.49 (39) 4.08 (20) 12.92 (43)IM U.S. Balanced (SA+CF) Median 8.53 -1.52 6.92 19.17 11.33 1.32 12.63

3Years

EndingJun-2017

3Years

EndingJun-2016

3Years

EndingJun-2015

3Years

EndingJun-2014

3Years

EndingJun-2013

3Years

EndingJun-2012

3Years

EndingJun-2011

Boston Tr Bal - Boulder F&P 7.72 (6) 9.53 (8) 12.12 (38) 11.72 (32) 13.23 (26) 12.79 (29) 6.13 (21)IM U.S. Balanced (SA+CF) Median 5.13 6.26 11.39 10.88 11.92 12.02 4.90

70% S&P/30% BC Aggr 7.56 (7) 9.48 (9) 12.55 (24) 12.76 (19) 14.02 (16) 13.82 (12) 4.74 (54)IM U.S. Balanced (SA+CF) Median 5.13 6.26 11.39 10.88 11.92 12.02 4.90

Boston Tr Bal - Boulder F&P 06/30/17

25



PEER GROUP ANALYSIS - IM U.S. Large Cap Core Equity (SA+CF)





Investment Strategy:The portfolio consists of stocks from allmarket capitalizations; small, mediumand large. The portfolio is constructedwith a bottom up approach to securityselection, however, macro themes areconsidered in deciding which sectorslook most attractive. Each potentialholding is put through a number ofscreens which consider earningsgrowth and relative valuation.

-4.0

4.0

12.0

20.0

28.0

36.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Boston TrEq - Boulder F&P 3.66 (28) 8.74 (56) 16.23 (67) 9.29 (48) 13.63 (72) 14.02 (81) 7.91 (33)¢£

S&P 500 Index 3.09 (42) 9.34 (42) 17.90 (45) 9.61 (38) 14.63 (46) 15.41 (48) 7.18 (64)��

Median 2.92 8.98 17.53 9.22 14.54 15.32 7.53

0.0

4.0

8.0

12.0

16.0

20.0

24.0

Ret

urn

(%)



Boston TrEq - Boulder F&P 13.63 6.88¢£

S&P 500 Index 14.63 7.49��

Median 14.54 7.93¾

2016 2015 2014 2013 2012 2011 2010

Boston TrEq - Boulder F&P 13.23 (19) -0.95 (76) 13.00 (57) 30.44 (77) 12.03 (83) 1.56 (57) 16.91 (24)IM U.S. Large Cap Core Equity (SA+CF) Median 10.52 1.32 13.42 32.94 15.68 2.03 14.80

S&P 500 Index 11.96 (33) 1.38 (50) 13.69 (44) 32.39 (59) 16.00 (46) 2.11 (50) 15.06 (44)IM U.S. Large Cap Core Equity (SA+CF) Median 10.52 1.32 13.42 32.94 15.68 2.03 14.80

3Years

EndingJun-2017

3Years

EndingJun-2016

3Years

EndingJun-2015

3Years

EndingJun-2014

3Years

EndingJun-2013

3Years

EndingJun-2012

3Years

EndingJun-2011

Boston TrEq - Boulder F&P 9.29 (48) 11.11 (57) 15.12 (85) 13.81 (88) 16.26 (78) 15.30 (58) 5.80 (17)IM U.S. Large Cap Core Equity (SA+CF) Median 9.22 11.25 17.91 16.54 18.38 15.80 3.88

S&P 500 Index 9.61 (38) 11.66 (41) 17.31 (64) 16.58 (49) 18.45 (49) 16.40 (38) 3.34 (64)IM U.S. Large Cap Core Equity (SA+CF) Median 9.22 11.25 17.91 16.54 18.38 15.80 3.88

Boston TrEq - Boulder F&P 06/30/17

26

TOP TEN HOLDINGS PORTFOLIO CHARACTERISTICS

DISTRIBUTION OF MARKET CAP

SECTOR DISTRIBUTION PERFORMANCE - 1 Quarter

TOTAL ATTRIBUTION - 1 Quarter

PortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)

Apple Inc 3.82 3.62 0.20 0.66Alphabet Inc 3.49 1.31 2.18 9.543M Co 3.09 0.60 2.49 9.47Microsoft Corp 3.08 2.56 0.52 5.25Johnson & Johnson 2.66 1.72 0.94 6.91JPMorgan Chase & Co 2.60 1.56 1.04 4.65Oracle Corp 2.40 0.73 1.67 12.88Comcast Corp 2.32 0.89 1.43 4.39PNC Financial Services Inc. 2.20 0.29 1.91 4.34U.S. Bancorp 2.16 0.40 1.76 1.36

% of Portfolio 27.82 13.68

Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($) 163,586,284,871 166,645,550,370Median Mkt. Cap ($) 65,478,510,090 20,641,192,680Price/Earnings ratio 22.49 21.58Price/Book ratio 3.41 3.325 Yr. EPS Growth Rate (%) 6.70 11.34Current Yield (%) 1.82 2.01Beta (5 Years, Monthly) 0.95 1.00Number of Stocks 65 505

Boston Trust Equity - Composite S&P 500 Index

0.0 5.0 10.0 15.0 20.0 25.0 30.0

UtilitiesTelecommunication Services

Real EstateMaterials

Information TechnologyIndustrials

Health CareFinancials

EnergyConsumer Staples

Consumer Discretionary

3.00.00.0

4.121.5

11.815.8

18.44.4

10.210.7

3.22.1

2.92.8

22.310.3

14.514.5

6.09.0

12.3


0.0 6.0 12.0 18.0-6.0-12.0







1.9-7.3

0.08.1

4.91.6

12.04.2

-6.22.2

-1.6

2.2-7.1

2.83.2

4.14.8

7.14.3

-6.41.6

2.4


0.0

15.0

30.0

45.0

60.0

>100 Bil 75 Bil - 100 Bil

25 Bil - 75 Bil

15 Bil - 25 Bil

2 Bil - 15 Bil

45.2

10.7

26.1

9.0 8.9

41.0

13.823.2

15.06.9

0.0 0.3 0.6 0.9 1.2-0.3-0.6-0.9







0.00.2

0.00.2

0.2-0.4

0.80.0

0.20.0

-0.4

Boston Trust Equity - Composite 06/30/17

27



PEER GROUP ANALYSIS - IM U.S. Fixed Income (SA+CF)





Investment Strategy:Boston Trust's approach to fixedincome investing combines top downeconomic scenario forecasts withbottom up fundamental research. Usingmacroeconomic-based quantitativetools, the investment team forecastsinterest rate changes for a range ofpossible economic outcomes. Theseforecasts contribute to portfoliostrategies with respect to interest ratesand the yield curve. In selectingindividual securities, Boston Trustapplies long-held standards for superiorfinancial quality, appropriate risk, anddiversification.

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Boston Tr FI - Boulder F&P 0.81 (77) 1.71 (74) -1.25 (98) 2.28 (68) 1.78 (81) 2.92 (73) 4.17 (71)¢£

Barclays Agg 1.45 (52) 2.27 (60) -0.31 (89) 2.48 (62) 2.21 (70) 3.19 (67) 4.48 (63)��

Median 1.48 2.58 1.14 2.83 3.05 3.94 4.91

-3.0

0.0

3.0

6.0

9.0

Ret

urn

(%)

-4.0 0.0 4.0 8.0 12.0 16.0Risk (Standard Deviation %)


Boston Tr FI - Boulder F&P 1.78 2.93¢£

Barclays Agg 2.21 3.03��

Median 3.05 3.04¾

2016 2015 2014 2013 2012 2011 2010

Boston Tr FI - Boulder F&P 2.19 (72) 1.68 (16) 3.71 (58) -2.15 (84) 4.08 (75) 7.76 (33) 6.55 (65)IM U.S. Fixed Income (SA+CF) Median 3.72 0.72 4.45 -0.19 6.88 6.41 7.60

Barclays Agg 2.65 (64) 0.55 (56) 5.97 (36) -2.02 (81) 4.21 (74) 7.84 (32) 6.54 (65)IM U.S. Fixed Income (SA+CF) Median 3.72 0.72 4.45 -0.19 6.88 6.41 7.60

3Years

EndingJun-2017

3Years

EndingJun-2016

3Years

EndingJun-2015

3Years

EndingJun-2014

3Years

EndingJun-2013

3Years

EndingJun-2012

3Years

EndingJun-2011

Boston Tr FI - Boulder F&P 2.28 (68) 3.64 (60) 1.41 (84) 3.11 (77) 3.64 (70) 6.48 (71) 5.74 (71)IM U.S. Fixed Income (SA+CF) Median 2.83 4.06 2.80 4.76 4.73 8.38 7.05

Barclays Agg 2.48 (62) 4.06 (50) 1.83 (75) 3.66 (68) 3.51 (72) 6.93 (66) 6.46 (62)IM U.S. Fixed Income (SA+CF) Median 2.83 4.06 2.80 4.76 4.73 8.38 7.05

Boston Tr FI - Boulder F&P 06/30/17

28

TOP TEN HOLDINGS

PORTFOLIO CHARACTERISTICS vs. Bloomberg Barclays U.S. AggregateIndex

CREDIT QUALITY DISTRIBUTION vs. Bloomberg Barclays U.S. AggregateIndex

SECTOR DISTRIBUTION vs. Bloomberg Barclays U.S. Aggregate Index

MATURITY DISTRIBUTION vs. Bloomberg Barclays U.S. Aggregate Index

Portfolio Benchmark

Effective Duration 5.31 5.83Avg. Maturity 6.24 7.72Avg. Quality AA AAYield To Maturity (%) 2.15 2.48Holdings Count 26 9,355

Boston Trust Fixed Income - Boulder F&P Bloomberg Barclays U.S. Aggregate Index

0.0

15.0

30.0

45.0

60.0

75.0

US Tr e

asurie

s

A gencie

sM BS

C redi t

0.0 0.0 0.0 0.0

6.7

58.5

2.1

32.7


Company %

FED HOME LN BKS 2.875% 06/14/24 2.40FED FARM CR BKS 3.500% 12/20/23 2.00FED NATL MTG ASSN 2.625% 09/06/24 1.90FED HOME LN BKS 2.375% 03/13/26 1.60TREASURY INFL IDX 0.625% 01/15/24 1.30FED HOME LN BKS 2.250% 03/11/22 0.90FED HOME LN BKS 2.750% 12/13/24 0.90HUBBELL INC 5.950% 06/01/18 0.80FED NATL MTG ASSN 2.125% 04/24/26 0.70AMERICAN EXPRESS CO 7.000% 03/19/18 0.70


Bloomberg Barclays U.S. Aggregate Index

0.0

20.0

40.0

60.0

80.0

100.0

A AA AA AB BB NR

0.0 0.0 0.0 0.0 0.01.5

70.2

20.6

5.62.1


Bloomberg Barclays U.S. Aggregate Index

0.0

20.0

40.0

60.0

80.0

100.0

0 to

3 Y ea

rs

3 to

5 Y ea

rs

6 to

10 Y ea

rs

11 to

20 Y ea

rs

20+ Y ea

rs

0.0 0.0 0.0 0.0 0.0

18.1

7.2

72.7

0.0 2.0

Boston Trust Fixed Income - Boulder F&P 06/30/17

29

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Mid Cap Growth Equity (MF)



*If less than 5 years, data is since inception of fund share class.

Investment Strategy:The Munder team seek companies thattrade cheaply relative to their growthprospects, using a broad range ofvaluation measures. They keep theFund's sector weightings within 3percentage points of the fund'sbenchmark, the S&P Midcap 400 Index.They'll typically hold 70-100 stocks andcap position sizes at 3%. They'rerelatively patient investors; portfolioturnover has averaged around 50%.

Innovest's Assessment:Munder’s low beta bias is likely tooutperform during market drawdownsand when quality growth companies arein favor. Underperformance is expectedwhen low quality, high beta companiesoutpace high quality securities andduring speculative growth rallies.

-4.0

2.0

8.0

14.0

20.0

26.0

32.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Victory Munder MC Gr 4.13 (62) 11.17 (71) 17.49 (55) 6.15 (63) 12.39 (53) 13.69 (48) 6.53 (61)¢£

Russell Midcap Growth Index 4.21 (61) 11.40 (67) 17.05 (59) 7.83 (33) 14.19 (26) 15.24 (19) 7.87 (25)��

Median 4.85 12.28 18.00 6.78 12.45 13.59 6.96

3.0

6.0

9.0

12.0

15.0

18.0

Ret

urn

(%)

6.0 9.0 12.0 15.0 18.0Risk (Standard Deviation %)


Victory Munder MC Gr 12.39 10.82¢£

Russell Midcap Growth Index 14.19 10.83��

Median 12.45 11.42¾

FundFamily :

Victory CapitalManagement Inc

Fund Inception : 06/24/1998PortfolioManager :

Tony Y. Dong

TotalAssets :

$2,349 Million

Turnover : 40%

2016 2015 2014 2013 2012 2011 2010

Victory Munder MC Gr 7.37 (25) -4.36 (84) 10.17 (22) 33.71 (61) 16.01 (29) -0.77 (24) 25.48 (49)Russell MCG 7.33 (25) -0.20 (49) 11.90 (11) 35.74 (44) 15.81 (32) -1.65 (29) 26.38 (43)IM U.S. Mid Cap Growth Equity (MF) Median 4.93 -0.34 7.24 35.23 14.19 -4.71 25.29

3Years

EndingJun-2017

3Years

EndingJun-2016

3Years

EndingJun-2015

3Years

EndingJun-2014

3Years

EndingJun-2013

3Years

EndingJun-2012

3Years

EndingJun-2011

Victory Munder MC Gr 6.15 (63) 7.65 (65) 18.26 (43) 13.99 (28) 18.76 (21) 18.54 (30) 4.53 (56)Russell MCG 7.83 (33) 10.52 (24) 19.24 (26) 14.54 (21) 19.53 (13) 19.01 (22) 6.58 (36)IM U.S. Mid Cap Growth Equity (MF) Median 6.78 8.58 17.76 12.44 16.94 17.23 5.21

Victory Munder MC Gr 06/30/17

30

SECTOR ALLOCATION

STYLE MAP (07/01/98 - 06/30/17)

SECTOR PERFORMANCE

TOP 10 HOLDINGSPORTFOLIO CHARACTERISTICS

UP/DOWN CAPTURE (07/01/12 - 06/30/17)

TOTAL SECTOR ATTRIBUTION

PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)

Broadcom Ltd 2.53 0.00 6.89Bard (C.R.) Inc 2.33 0.82 27.30Reinsurance Group of Amer. 2.30 0.00 1.44Fidelity Natioal Info Serv Inc. 2.19 0.57 7.62SVB Financial Group 2.12 0.24 -5.53Ross Stores Inc 2.00 0.79 -12.14SBA Communications Corp 1.99 0.58 12.07Microchip Technology Inc 1.92 0.59 5.08Baxter International Inc 1.91 0.00 17.05Northern Trust Corp 1.88 0.00 12.76


Portfolio Benchmark

Wtd. Avg. Mkt. Cap $M $17,630 $13,598Median Mkt. Cap $M $10,811 $7,748Price/Earnings ratio 24.65 27.07Price/Book ratio 3.04 5.515 Yr. EPS Growth Rate (%) 13.15 13.03Current Yield (%) 1.20 1.06Beta (5 Years, Monthly) 0.96 1.00% in Int'l Securities 4.53 4.14Active Share 86.32 N/ANumber of Stocks 78 426

Victory Munder MC Gr Russell MCG

0.0 8.0 16.0 24.0 32.0


Real EstateOther

MaterialsInformation Technology

IndustrialsHealth Care

FinancialsEnergy

Consumer StaplesConsumer Discretionary

4.40.0

9.01.0

6.319.4

12.110.2

13.63.64.2

16.1

0.00.2

5.30.0

5.222.9

14.516.0

5.31.2

6.722.7

Victory Munder MC Gr

0.0 0.5 1.0 1.5-0.5-1.0-1.5

-0.10.0

0.00.0

-0.6-0.1

0.4-0.1

-0.7-0.4

0.50.9

Victory Munder MC Gr Russell MCG

0.0 10.0 20.0 30.0-10.0-20.0

2.60.0

4.31.8

-2.88.6

3.414.8

-0.3-11.6

5.03.4

0.0-6.1

4.60.0

6.18.4

1.111.2

6.0-8.8

-1.9-0.4

Style History Jun-2017 Average Style Exposure

Ca

pit

ali

za

tio

n

Manager Style

Large Cap Growth

Small Cap GrowthSmall Cap Value

Large Cap Value

Victory Munder MC Gr

50.0

75.0

100.0

125.0

150.0

Up

Ca

ptu

re

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Victory Munder MC Gr 06/30/17

31

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Small Cap Value Equity (MF)




Investment Strategy:The management team starts with auniverse of stocks with market capsaround $1 billion and narrows the listthrough screens and company analysis.The team favors well-managedcompanies with good growth prospectsthat are trading at attractive valuations.It employs a strict sell-discipline whenvaluations get too high or when acompany doesn't meet expectations.

Innovest's Assessment:The strategy should outperform in downand stable markets and when lessercapitalized companies are leading. Thefund should underperform duringmomentum environments wherefundamentals aren’t rewarded. Thefund should also underperform whenfinancials and utilities lead due tomanagement's perpetual aversion tothe sectors.

-20.0

-10.0

0.0

10.0

20.0

30.0

40.0

50.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

ICM Small Company 1.90 (25) 2.48 (26) 25.27 (31) 8.84 (7) 14.65 (12) 14.49 (15) 7.32 (13)¢£

Russell 2000 Value Index 0.67 (47) 0.54 (41) 24.86 (33) 7.02 (30) 13.39 (35) 13.50 (29) 5.92 (42)��

Median 0.58 -0.43 21.70 5.33 12.69 12.66 5.66

0.0

4.0

8.0

12.0

16.0

20.0

Ret

urn

(%)



ICM Small Company 14.65 13.61¢£

Russell 2000 Value Index 13.39 13.57��

Median 12.69 13.60¾

FundFamily :

InvestmentCounselors ofMaryland


Heaphy/Merwitz

TotalAssets :

$716 Million

Turnover : 32%

2016 2015 2014 2013 2012 2011 2010

ICM Small Company 31.36 (26) -3.20 (10) 2.87 (50) 36.16 (41) 16.93 (34) -4.85 (57) 22.73 (73)Russell 2000 Value 31.74 (25) -7.47 (50) 4.22 (33) 34.52 (54) 18.05 (27) -5.50 (59) 24.50 (56)IM U.S. Small Cap Value Equity (MF) Median 28.86 -7.56 2.86 35.08 15.35 -3.28 24.84

3Years

EndingJun-2017

3Years

EndingJun-2016

3Years

EndingJun-2015

3Years

EndingJun-2014

3Years

EndingJun-2013

3Years

EndingJun-2012

3Years

EndingJun-2011

ICM Small Company 8.84 (7) 8.75 (12) 16.12 (39) 14.74 (40) 16.98 (57) 16.97 (46) 6.10 (74)Russell 2000 Value 7.02 (30) 6.36 (31) 15.50 (47) 14.65 (42) 17.33 (50) 17.43 (39) 7.09 (61)IM U.S. Small Cap Value Equity (MF) Median 5.33 4.79 15.28 14.19 17.27 16.61 7.85

ICM Small Company 06/30/17

32

SECTOR ALLOCATION

STYLE MAP (05/01/89 - 06/30/17)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (07/01/12 - 06/30/17)

TOTAL SECTOR ATTRIBUTION

PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)

Rogers Corp. 1.88 0.00 26.49Novanta Inc 1.76 0.00 35.59McDermott International Inc. 1.45 0.21 6.22Sterling Bancorp 1.44 0.32 -1.61US Concrete Inc 1.39 0.00 21.69Bryn Mawr Bank Corp 1.38 0.07 8.12Ameris Bancorp 1.36 0.04 4.77Heritage Financial Corp 1.30 0.08 7.62Quanex Building Products Corp 1.28 0.07 4.64Orbotech Ltd 1.27 0.00 1.15


Portfolio Benchmark

Wtd. Avg. Mkt. Cap $M $1,809 $1,862Median Mkt. Cap $M $1,468 $676Price/Earnings ratio 23.38 18.06Price/Book ratio 2.00 1.665 Yr. EPS Growth Rate (%) 12.86 8.81Current Yield (%) 1.31 1.94Beta (5 Years, Monthly) 0.99 1.00% in Int'l Securities 4.29 3.33Active Share 89.58 N/ANumber of Stocks 110 1,399

ICM Small Company Russell 2000 Value

0.0 15.0 30.0 45.0







3.50.0

8.27.1

16.825.1

3.624.5

2.60.8

7.8

6.50.6

10.24.7

10.313.0

4.732.2

5.02.8

9.9

ICM Small Company

0.0 0.4 0.8 1.2-0.4-0.8

0.00.0

0.30.2

0.8-0.3

0.2-0.3

0.50.1

0.0

ICM Small Company Russell 2000 Value

0.0 15.0 30.0-15.0-30.0

4.20.0

5.42.3

5.01.1

15.00.2

-18.0-13.7

4.8

2.62.3

1.3-1.4

0.04.1

6.01.2

-19.0-7.2

3.4


Ca

pit

ali

za

tio

n

Manager Style

Large Cap Growth

Small Cap GrowthSmall Cap Value

Large Cap Value

ICM Small Company

50.0

75.0

100.0

125.0

150.0

Up

Ca

ptu

re

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

ICM Small Company 06/30/17

33

FUND INFORMATION


PEER GROUP ANALYSIS - IM International Large Cap Value Equity (MF)




Investment StrategyThe Fund invests primarily in adiversified portfolio of equity securitiesissued by non-U.S. companies from atleast three different countries, includingemerging markets. The Fund focuseson countries whose economic andpolitical systems appear more stableand are believed to provide someprotection to foreign shareholders. TheFund invests primarily in medium-to-large well established companiesbased on standards of the applicablemarket. In selecting investments, theFund invests primarily in companiesthat, in Dodge & Cox’s opinion, appearto be temporarily undervalued by thestock market but have a favorableoutlook for long-term growth.

Innovest's AssessmentWe believe this collaborative researchapproach will continue generatingshareholder value over full marketcycles; however, performance maysuffer during periods driven by moremacroeconomic events or a disregardfor company specific fundamentals.The strategy’s notable allocation todeveloping countries also suggests thatrelative performance may be partiallydictated by the market’s preference foremerging market securities.

-12.0

-4.0

4.0

12.0

20.0

28.0

36.0

44.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Dodge & Cox Intl 4.92 (54) 14.87 (10) 31.19 (1) 1.29 (1) 10.93 (1) 9.47 (1) 3.00 (1)¢£

MSCI EAFE Value Idx 4.78 (58) 11.12 (93) 25.01 (1) -0.59 (62) 8.12 (10) 7.15 (51) -0.08 (41)��

Median 5.02 12.15 20.70 -0.38 7.30 7.18 -0.25

4.0

6.0

8.0

10.0

12.0

Ret

urn

(%)



Dodge & Cox Intl 10.93 13.32¢£

MSCI EAFE Value Idx 8.12 12.57��

Median 7.30 11.60¾

FundFamily :

Dodge & Cox


Team Managed

TotalAssets :

$61,542 Million

Turnover : 17%

2016 2015 2014 2013 2012 2011 2010

Dodge & Cox Intl 8.95 (2) -10.78 (99) 0.72 (1) 27.11 (1) 21.80 (5) -15.42 (85) 14.41 (1)MSCI EAFE Val Idx 5.02 (3) -5.68 (90) -5.39 (16) 22.95 (13) 17.69 (44) -12.17 (29) 3.25 (74)IM International Large Cap Value Equity (MF) Median 1.98 -2.86 -9.83 21.38 17.29 -13.53 5.39

3Years

EndingJun-2017

3Years

EndingJun-2016

3Years

EndingJun-2015

3Years

EndingJun-2014

3Years

EndingJun-2013

3Years

EndingJun-2012

3Years

EndingJun-2011

Dodge & Cox Intl 1.29 (1) 1.01 (22) 16.18 (1) 11.11 (1) 11.69 (5) 8.52 (5) 1.99 (2)MSCI EAFE Val Idx -0.59 (62) -0.10 (46) 11.80 (14) 8.46 (28) 9.17 (60) 4.24 (73) -1.74 (19)IM International Large Cap Value Equity (MF) Median -0.38 -0.33 10.13 6.34 9.53 5.39 -3.48

Dodge & Cox Intl 06/30/17

34

REGION ALLOCATION

STYLE MAP (06/01/01 - 06/30/17)

REGION PERFORMANCE


TOTAL SECTOR ATTRIBUTION (04/01/17 - 06/30/17)

TOTAL REGION ATTRIBUTION

PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)

Naspers Ltd 4.06 0.00 12.62Sanofi 3.92 1.62 9.00Icici Bank Ltd 2.91 0.00 16.53BNP Paribas 2.55 1.18 12.29Samsung Electronics Co Ltd 2.50 0.00 12.71Schneider Electric SA 2.47 0.41 7.54Bayer AG 2.32 0.00 14.45Itau Unibanco Holding SA 2.27 0.00 -6.94Standard Chartered PLC 2.27 0.00 5.80Roche Holding AG 2.21 0.00 -0.24


Portfolio Benchmark

Wtd. Avg. Mkt. Cap $M $62,217 $65,759Median Mkt. Cap $M $33,277 $10,071Price/Earnings ratio 17.66 14.58Price/Book ratio 2.20 1.675 Yr. EPS Growth Rate (%) 2.55 1.45Current Yield (%) 2.43 4.12Beta (5 Years, Monthly) 1.00 1.00% in Emerging Market 25.91 N/AActive Share 84.32 N/ANumber of Stocks 76 489

Dodge & Cox Intl MSCI EAFE Val Idx

0.0 15.0 30.0 45.0 60.0

United KingdomPacific ex Japan

OtherNorth America

Middle EastJapan

Europe ex UKEM Mid East+Africa

EM Latin AmericaEM Europe

EM Asia

12.41.1

0.06.2

0.011.1

42.85.8

7.11.2

12.3

19.111.9

0.40.40.6

23.344.3

0.00.00.00.0

Dodge & Cox Intl

0.0 0.6 1.2 1.8-0.6-1.2-1.8

-0.50.6

0.0-0.8

0.00.8

-0.60.1

-0.80.0

1.1

Dodge & Cox Intl MSCI EAFE Val Idx

0.0 8.0 16.0 24.0-8.0-16.0

0.5-2.0

0.0-8.2

0.07.27.17.5

-5.81.3

13.9

4.8-0.5

-4.3-1.5

6.92.8

8.30.00.00.00.0


Ca

pit

ali

za

tio

n

Manager Style

MSCI EAFE Growth Index

MSCI Emerging Markets IndexMSCI EAFE Small Cap

MSCI EAFE Value Index

0.0 0.5 1.0-0.5-1.0-1.5-2.0







-0.10.1

0.00.3

0.40.1

0.4-0.2

-1.3-0.1

0.3

Dodge & Cox Intl 06/30/17

35

FUND INFORMATION


PEER GROUP ANALYSIS - IM International Large Cap Growth Equity (MF)




Investment Strategy:This fund's managers are focused onlong term capital growth. They primarilyinvest in common stocks of Europeanand Pacific Basin issuers that haveprospects of above average capitalappreciation. The managers may usecash to moderate volatility, typicallyholding 5-10% of fund assets in cash.The Fund usually has a stake inemerging-markets companies and willsometimes hold preferred stock andconvertible debt.

Innovest's Assessment:The fund’s propensity to focus intenselyon bottom-up, fundamental factors canlead to periods of underperformancewhen the market is less concernedabout company fundamentals and moredriven by thematic and macroeconomicfactors. Additionally, the fund is likely tolag when highly cyclical stocks andlower quality companies significantlyoutperform the overall market. Finally,the fund’s immense asset base is likelyto present some challenges in thefund’s ability to build meaningfulpositions in smaller companies and toopportunistically trade in less liquidmarkets.

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

32.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Amer Funds EuPc 7.69 (27) 17.78 (18) 22.18 (9) 3.72 (24) 9.61 (4) 8.67 (22) N/A¢£

MSCI EAFE Gr Idx 7.52 (41) 16.68 (33) 15.70 (72) 2.81 (45) 9.19 (16) 8.60 (24) 2.06 (70)��

Median 7.26 16.26 17.77 2.59 7.97 7.97 2.36

2.0

4.0

6.0

8.0

10.0

12.0

Ret

urn

(%)

8.0 9.0 10.0 11.0 12.0 13.0Risk (Standard Deviation %)


Amer Funds EuPc 9.61 10.44¢£

MSCI EAFE Gr Idx 9.19 11.24��

Median 7.97 10.98¾

FundFamily :

American Funds


Team Managed

TotalAssets :

$56,265 Million

Turnover : 36%

2016 2015 2014 2013 2012 2011 2010

Amer Funds EuPc 1.01 (16) -0.48 (53) -2.29 (19) 20.58 (22) 19.64 (34) -13.31 (45) 9.76 (58)MSCI EAFE Gr Idx Net -3.04 (77) 4.09 (11) -4.43 (46) 22.55 (11) 16.86 (68) -12.11 (32) 12.25 (41)IM International Large Cap Growth Equity (MF) Median -0.86 -0.44 -4.69 19.14 18.97 -13.58 11.10

3Years

EndingJun-2017

3Years

EndingJun-2016

3Years

EndingJun-2015

3Years

EndingJun-2014

3Years

EndingJun-2013

3Years

EndingJun-2012

3Years

EndingJun-2011

Amer Funds EuPc 3.72 (24) 3.76 (20) 12.71 (7) 7.40 (38) 9.44 (43) 7.50 (44) N/AMSCI EAFE Gr Idx Net 2.81 (45) 4.17 (14) 12.11 (23) 7.68 (31) 10.85 (22) 7.62 (43) -1.85 (63)IM International Large Cap Growth Equity (MF) Median 2.59 2.58 11.06 7.07 9.33 7.15 -1.05

Amer Funds EuPc 06/30/17

36

REGION ALLOCATION

STYLE MAP (06/01/09 - 06/30/17)

REGION PERFORMANCE


TOTAL SECTOR ATTRIBUTION (04/01/17 - 06/30/17)

TOTAL REGION ATTRIBUTION

PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)

British American Tobacco 3.24 1.86 2.33Alibaba Group Holding Ltd 3.01 0.00 30.67AIA Group Ltd 2.86 1.29 17.26Taiwan Semiconductor 2.60 0.00 13.93Tencent Holdings LTD 2.41 0.00 25.05Softbank Group Corp 2.41 0.98 14.80H D F C Bank Ltd 2.27 0.00 15.63Nintendo Co Ltd 2.09 0.36 44.70Sony Corp 1.98 0.71 12.91Reliance Industries Ltd 1.96 0.00 4.79


Portfolio Benchmark

Wtd. Avg. Mkt. Cap $M $74,851 $51,222Median Mkt. Cap $M $22,297 $10,070Price/Earnings ratio 20.39 21.54Price/Book ratio 2.86 2.875 Yr. EPS Growth Rate (%) 11.83 9.02Current Yield (%) 1.48 2.20Beta (5 Years, Monthly) 0.88 1.00% in Emerging Market 25.71 N/AActive Share 80.35 N/ANumber of Stocks 236 563

Amer Funds EuPc MSCI EAFE Gr Idx Net

0.0 15.0 30.0 45.0 60.0

United KingdomPacific ex Japan

OtherNorth America

Middle EastJapan

Europe ex UKEM Mid East+Africa

EM Latin AmericaEM Europe

EM Asia

14.510.5

0.85.0

0.515.8

27.11.32.2

0.521.8

17.012.0

0.20.10.7

23.046.9

0.00.00.00.0

Amer Funds EuPc

0.0 0.5 1.0 1.5-0.5-1.0-1.5

-0.30.9

0.0-0.7

0.00.6

-0.70.0

-0.30.0

0.8

Amer Funds EuPc MSCI EAFE Gr Idx Net

0.0 10.0 20.0 30.0-10.0-20.0

2.111.8

-8.3-5.3

4.711.6

8.710.6

-3.717.0

11.2

4.73.7

0.6-0.7

7.27.8

9.70.00.00.00.0


Ca

pit

ali

za

tio

n

Manager Style

MSCI EAFE Growth Index

MSCI Emerging Markets IndexMSCI EAFE Small Cap

MSCI EAFE Value Index

0.0 0.5 1.0 1.5 2.0-0.5-1.0







0.20.10.1

-0.21.2

0.1-0.2

0.0-0.5

-0.30.0

Amer Funds EuPc 06/30/17

37

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Broad Market Core Fixed Income (MF)




Investment Strategy:The core tenant of MetWest’s fixedincome philosophy is a disciplinedimplementation of their value-basedprocess. The “value” concept is thatregardless of factor (duration, yieldcurve, sector selection, or issue) thestrategic decisions, and buy and selldecisions should be determined bywhether the factor or security is cheapor rich to fair value. Further, theirinvestment approach is designed totake advantage of the fact that fixedincome pricing is extremely volatile inthe short run, but over the long term thepricing risks tend to mean revert.Hence, they tend to only overweightinterest rates, yield curve, credit /spread risk when prices move out ofline with the long term fundamentals.

Innovest Assessment:The fund is expected to outperformwhen its sector allocation and securityselection in undervalued or undersponsored assets move towardmanagement’s view of intrinsic value.The strategy will underperform whenmarket psychology and investorsentiment cause temporary dislocationsleading to mispriced securities. Theseshort-term disruptions should lead tolong-term opportunities.

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Met West:Total Return 1.29 (75) 2.21 (67) 0.25 (54) 2.28 (42) 3.49 (4) 4.57 (3) 6.00 (1)¢£

BC Aggregate Idx 1.45 (52) 2.27 (62) -0.31 (73) 2.48 (27) 2.21 (54) 3.19 (57) 4.48 (40)��

Median 1.45 2.41 0.32 2.19 2.27 3.30 4.32

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

Ret

urn

(%)



Met West:Total Return 3.49 2.80¢£

BC Aggregate Idx 2.21 2.84��

Median 2.27 2.90¾

FundFamily :

Metropolitan WestAsset ManagementLLC


Team Managed

TotalAssets :

$47,960 Million

Turnover : 313%

2016 2015 2014 2013 2012 2011 2010

Met West:Total Return 2.46 (70) 0.29 (35) 5.99 (25) 0.50 (2) 11.55 (1) 5.52 (81) 11.66 (2)Bloomberg Barclays U.S. Aggregate Index 2.65 (60) 0.55 (18) 5.97 (26) -2.02 (53) 4.21 (80) 7.84 (11) 6.54 (69)IM U.S. Broad Market Core Fixed Income (MF) Median 2.85 -0.01 5.55 -1.99 5.98 6.65 7.24

3Years

EndingJun-2017

3Years

EndingJun-2016

3Years

EndingJun-2015

3Years

EndingJun-2014

3Years

EndingJun-2013

3Years

EndingJun-2012

3Years

EndingJun-2011

Met West:Total Return 2.28 (42) 4.17 (18) 4.18 (2) 6.15 (1) 6.46 (1) 11.34 (3) 10.31 (1)Bloomberg Barclays U.S. Aggregate Index 2.48 (27) 4.06 (22) 1.83 (57) 3.66 (61) 3.51 (64) 6.93 (75) 6.46 (55)IM U.S. Broad Market Core Fixed Income (MF) Median 2.19 3.71 1.98 3.89 3.89 8.02 6.55

Met West:Total Return 06/30/17

38

TOP SECTOR ALLOCATIONSPORTFOLIO CHARACTERISTICS

STYLE MAP (04/01/00 - 06/30/17)

QUALITY ALLOCATION

ASSET ALLOCATION

MATURITY DISTRIBUTION

UP/DOWN CAPTURE (07/01/12 - 06/30/17)

GNMA and Other Mtg Backed 34.44 %Corporate Notes/Bonds 30.44 %Government Agency Securities 25.59 %Asset Backed Securities 6.53 %

Avg. Coupon 3.09 %Nominal Maturity 7.24 YearsEffective Maturity N/ADuration 5.61 YearsSEC 30 Day Yield 3.85Avg. Credit Quality AA

0.0% 50.0% 100.0% 150.0%-50.0 %

Other

Convertibles

Equities

Cash

Fixed Income

-0.1 %

0.0%

0.0%

3.1%

97.0%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Government/AAAA Rated

BBB RatedAA Rated

BB AND B Rated

CCC, CC AND C ratedD Rated

Not RatedEquities/Other

65.3%

15.2%

9.5%

4.8%

2.7%

2.5%

0.1%

0.0%

0.0% 15.0% 30.0% 45.0% 60.0%-15.0 %

Other

>30Yrs

10-20Yrs

20-30Yrs

1-3Yrs

<1Yr

3-5Yrs

5-10Yrs

-0.1 %

0.0%

5.6%

9.1%

10.4%

11.5%

21.1%

42.4%

Style History Jun-2017

Average Style Exposure

Ca

pit

ali

za

tio

n

Manager Style

Barclays Capital Long Term Govt Bond

Barclays Capital Long U.S. CreditBarclays Capital U.S. Credit 1-5 Year Index

Barclays Capital 1-5 Yr Gov

Met West:Total Return

50.0

75.0

100.0

125.0

150.0U

p C

ap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Met West:Total Return 06/30/17

39

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. High Yield Bonds (MF)




Investment Strategy:The team utilizes a flexible approachthat seeks to generate excess return byutilizing the full range of opportunitiespresented by the high yield market,from investment grade credits trading athigh yield spreads to distressed anddefaulted securities and post-reorganization debt securities.

Innovest's Assessment:The JPMorgan High Yield Fund hashistorically had an overweight allocationto BB and B-rated credits; therefore it islikely to underperform in markets wherelower-rated high yield credits (CCC andlower) perform well. The strategy islikely to outperform when higher qualityhigh yield credits are in favor or wheninvestors generally favor less riskyassets. Additionally, the strategy shouldperform well in market environmentswhere bottom-up fundamental creditresearch is rewarded.

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

JPMorgan High Yield 1.71 (58) 4.03 (57) 10.25 (64) 3.30 (45) 5.95 (42) 7.10 (44) 6.59 (29)¢£

BC US Corp: High Yield 2.17 (20) 4.93 (18) 12.70 (19) 4.48 (10) 6.89 (13) 8.15 (9) 7.67 (5)��

Median 1.78 4.20 10.86 3.11 5.76 7.03 6.08

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

Ret

urn

(%)

-3.0 0.0 3.0 6.0 9.0Risk (Standard Deviation %)


JPMorgan High Yield 5.95 4.91¢£

BC US Corp: High Yield 6.89 5.23��

Median 5.76 4.97¾

FundFamily :

JPMorgan Funds


Morgan/Shanahan/Gibson

TotalAssets :

$5,531 Million

Turnover : 52%

2016 2015 2014 2013 2012 2011 2010

JPMorgan High Yield 13.75 (46) -4.54 (60) 2.67 (19) 6.94 (42) 14.81 (48) 2.65 (63) 14.67 (36)Bloomberg Barclays U.S. Corporate High Yield 17.13 (6) -4.47 (59) 2.45 (23) 7.44 (30) 15.81 (29) 4.98 (16) 15.12 (28)IM U.S. High Yield Bonds (MF) Median 13.39 -3.89 1.48 6.61 14.72 3.32 14.04

3Years

EndingJun-2017

3Years

EndingJun-2016

3Years

EndingJun-2015

3Years

EndingJun-2014

3Years

EndingJun-2013

3Years

EndingJun-2012

3Years

EndingJun-2011

JPMorgan High Yield 3.30 (45) 3.42 (41) 6.55 (29) 8.33 (50) 9.84 (44) 14.31 (55) 11.79 (12)Bloomberg Barclays U.S. Corporate High Yield 4.48 (10) 4.18 (18) 6.81 (20) 9.48 (13) 10.74 (16) 16.28 (14) 12.68 (7)IM U.S. High Yield Bonds (MF) Median 3.11 3.14 6.00 8.33 9.67 14.43 9.72

JPMorgan High Yield 06/30/17

40


STYLE MAP (12/01/98 - 06/30/17)

QUALITY ALLOCATION

ASSET ALLOCATION


UP/DOWN CAPTURE (07/01/12 - 06/30/17)

Corporate Notes/Bonds 81.35 %US$ Denominated Fgn. Gvt. 15.15 %Common Stock 0.54 %Preferred Stock-Non Convertible 0.34 %Convertible Securities 0.02 %Asset Backed Securities 0.01 %

Avg. Coupon N/ANominal Maturity N/AEffective Maturity 6.30 YearsDuration 4.44 YearsSEC 30 Day Yield 7.26Avg. Credit Quality B

0.0% 50.0% 100.0% 150.0%

Convertibles

Other

Equities

Cash

Fixed Income

0.0%

0.0%

0.5%

2.6%

96.9%

0.0% 25.0% 50.0% 75.0% 100.0%

BB AND B Rated

CCC, CC AND C rated

Government/AAA

Not Rated

BBB Rated

Equities/Other

A Rated

79.8%

14.1%

2.6%

1.5%

1.0%

0.9%

0.1%

0.0% 15.0% 30.0% 45.0% 60.0% 75.0%

20-30Yrs

10-20Yrs

1-3Yrs

Other

<1Yr

>30Yrs

3-5Yrs

5-10Yrs

0.0%

0.0%

0.0%

0.9%

4.0%

6.0%

37.3%

51.8%



Ca

pit

ali

za

tio

n

Manager Style




JPMorgan High Yield

50.0

75.0

100.0

125.0

150.0U

p C

ap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

JPMorgan High Yield 06/30/17

41

FUND INFORMATION


PEER GROUP ANALYSIS - Loan Participation Mutual Funds




Investment Strategy:The Eaton Vance Floating Rate Fundinvests in senior, secured floating-ratebank loans, most of which are ratedbelow investment grade. It is a bottom-up strategy that focuses on capitalpreservation and giving shareholderslow volatility exposure to the floatingrate loan asset class. Due to the largesize of the strategy’s asset base, it isdifficult for incremental gains fromcredit selection to be significant enoughto generate meaningful alpha. Instead,the team focuses on only the largestissues of the highest rated creditsavailable and leaves the "diamond inthe rough" finds to smaller, morenimble strategies.

Innovest's Assessment:The strategy should be expected tooutperform slightly during more difficultcredit environments where higherquality, broad portfolio diversificationtactics will protect the portfolio fromwidespread credit deterioration. Thestrategy should underperform whenlower quality credits (B- and lower)lead, the largest issues selloff, and insituations when smaller issuesoutperform. Still, because of the fund’ssize, it will often track the benchmarkrelatively closely.

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Eaton Vance Flt Rt 0.96 (11) 2.44 (11) 8.23 (23) 3.58 (5) 4.19 (27) 4.81 (26) 3.76 (13)¢£

CSFB Leveraged Loan Idx 0.76 (24) 1.97 (21) 7.47 (35) 3.48 (9) 4.82 (3) 5.28 (9) 4.16 (3)��

Median 0.56 1.46 6.82 2.66 3.77 4.41 3.23

0.0

1.5

3.0

4.5

6.0

Ret

urn

(%)

0.0 0.8 1.6 2.4 3.2 4.0 4.8Risk (Standard Deviation %)


Eaton Vance Flt Rt 4.19 2.60¢£

CSFB Leveraged Loan Idx 4.82 2.35��

Median 3.77 2.60¾

FundFamily :

Eaton VanceManagement


Page/Russ

TotalAssets :

$5,950 Million

Turnover : 27%

2016 2015 2014 2013 2012 2011 2010

Eaton Vance Flt Rt 11.07 (29) -1.63 (53) 0.63 (29) 4.82 (51) 8.27 (67) 2.44 (9) 9.55 (43)Credit Suisse Leveraged Loan Index 9.84 (56) -0.39 (22) 2.06 (1) 6.15 (4) 9.42 (33) 1.80 (29) 9.97 (39)Loan Participation Mutual Funds Median 10.00 -1.53 0.25 4.86 8.89 1.43 9.17

3Years

EndingJun-2017

3Years

EndingJun-2016

3Years

EndingJun-2015

3Years

EndingJun-2014

3Years

EndingJun-2013

3Years

EndingJun-2012

3Years

EndingJun-2011

Eaton Vance Flt Rt 3.58 (5) 2.26 (28) 3.90 (50) 4.67 (54) 6.29 (51) 9.57 (30) 5.24 (32)Credit Suisse Leveraged Loan Index 3.48 (9) 3.04 (2) 5.28 (1) 5.67 (8) 6.84 (26) 10.07 (16) 5.97 (16)Loan Participation Mutual Funds Median 2.66 1.89 3.90 4.74 6.29 8.64 4.79

Eaton Vance Flt Rt 06/30/17

42


STYLE MAP (02/01/01 - 06/30/17)

QUALITY ALLOCATION

ASSET ALLOCATION


UP/DOWN CAPTURE (07/01/12 - 06/30/17)

Corporate Notes/Bonds 93.48 %Avg. Coupon 4.56 %Nominal Maturity N/AEffective Maturity 4.98 YearsDuration 0.26 YearsSEC 30 Day Yield 3.84Avg. Credit Quality BB

0.0% 50.0% 100.0% 150.0%

Convertibles

Equities

Other

Cash

Fixed Income

0.0%

0.0%

1.3%

5.2%

93.5%

0.0% 25.0% 50.0% 75.0% 100.0%

BB AND B Rated

BBB Rated

Government/AAA

CCC, CC AND C rated

Not Rated

Equities/Other

D Rated

79.6%

5.9%

5.2%

3.6%

3.1%

1.3%

1.2%

0.0% 15.0% 30.0% 45.0% 60.0%

>30Yrs

20-30Yrs

10-20Yrs

Other

<1Yr

1-3Yrs

3-5Yrs

5-10Yrs

0.0%

0.0%

0.0%

1.3%

5.5%

15.4%

29.3%

48.4%



Ca

pit

ali

za

tio

n

Manager Style




Eaton Vance Flt Rt

50.0

75.0

100.0

125.0

150.0U

p C

ap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Eaton Vance Flt Rt 06/30/17

43

FUND INFORMATION

SECTOR ALLOCATIONS

PERFORMANCE OVER TIME

INVESTMENT STATISTICS (5 YEARS*)


*If less than 5 years, since inception time period was used.

Investment Strategy:The fund uses a wholly-ownedsubsidiary to invest in derivatives thatprovide exposure to the BloombergCommodity Index. It primarily usesswaps but can also hold futures andstructured notes. The goal is to trackthe benchmark without much trackingerror. Management tries to modestlyoutpace the benchmark by executing atfavorable prices and employing low-riskcash management.

Innovest Assessment:The fund should outperform thebenchmark in periods wherefundamental supply and demandfactors are driving commodity marketreturns. In addition, due to the Team’sconservative cash managementstrategy, the Fund may outperform themarket during environments whereinterest rates are rising or creditspreads are widening. Periods of eventdriven risk can increase the volatility inthe spread between an underlyingcontract of one maturity versus thesame underlying instrument expiring ata different time. This environment oftenbe challenging and cause increased

tracking error.

Crdt Suis Comm Rtn Strat Bloomberg Commodity Index Total Return

-20.0

-16.0

-12.0

-8.0

-4.0

0.0

Ret

urn

(%)

LastQuarter

YTD 1Year

3Years

5Years

7Years

10Years

-3.0

-5.3-6.5

-14.8

-9.3

-5.7-6.5

-3.2

-4.9-5.9

-14.5

-9.2

-5.6-6.4

Crdt Suis Comm Rtn Strat

Bloomberg Commodity Index Total Return

-9.4

-9.3

-9.2

-9.1

Ret

urn

(%)

12.0 12.2 12.4Risk (Standard Deviation %)

LastQuarter

YearTo

Date

1Year

3Years

5Years

7Years

10Years

Crdt Suis Comm Rtn Strat -3.21 -4.93 -5.86 -14.46 -9.20 -5.60 -6.42Bloomberg Commodity Index Total Return -3.00 -5.26 -6.50 -14.81 -9.25 -5.68 -6.49

2016 2015 2014 2013 2012 2011 2010 2009 2008 2007

Crdt Suis Comm Rtn Strat 12.42 -24.96 -16.87 -9.96 -1.83 -12.29 16.93 20.12 -35.47 14.78Bloomberg Commodity Index Total Return 11.74 -24.66 -17.01 -9.52 -1.06 -13.32 16.83 18.91 -35.65 16.23

Alpha BetaActual

Correlation

UpMarket

Capture

DownMarket

Capture

InceptionDate

Crdt Suis Comm Rtn Strat -0.11 0.98 1.00 98.22 98.80 01/01/2006Bloomberg Commodity Index Total Return 0.00 1.00 1.00 100.00 100.00 01/01/2006

0.0

10.0

20.0

30.0

40.0

Engery

Precious

M eta ls

Industr ia

ls M et

a ls

L iv esto

ck

A gri cu

lture

29.1

16.518.5

6.3

29.6

Crdt Suis Comm Rtn Strat 06/30/17

44

FUND INFORMATION

SECTOR ALLOCATION

PERFORMANCE OVER TIME

INVESTMENT STATISTICS (5 YEARS*)


*If less than 5 years, since inception time period was used.

TOP HOLDINGS

Investment Strategy:The fund invests in energyinfrastructure with a primary focus onmaster limited partnership interest(MLPs) that own and operate hardassets like pipelines. The fund focuseson the 20 U.S. midstream MLPs withthe strongest projected distributiongrowth or the greatest potential forsignificant upward revaluation.SteelPath uses a private-equity styleapproach to investing with emphasis oncost of capital and valuation and basesinvestment decisions on long-termholding period expectations. No singlesecurity comprises more than 10% ofthe portfolio. Given the firm’s rigorousdue diligence, the fund is expected tohave fairly low turnover.

Innovest Assessment:The portfolio’s strategy is to achieve abalance between yield and distributiongrowth. Consequently, the fund is likelyto outperform when investors arelooking for both growth and incomefrom midstream MLPs. Conversely, thefund is likely to underperform wheninvestors are chasing yield.

Steelpath MLP Alpha Fund Alerian MLP Infrastructure (Tax Adjusted)

0.0

5.0

10.0

-5.0

-10.0

Ret

urn

(%)

LastQuarter

YTD 1Year

3Years

5Years

7Years

10Years

-4.3

-1.9

0.8

-5.8

1.8

4.3 4.4

-5.4

-3.1

1.8

-7.4

3.44.8


Alerian MLP Infrastructure (Tax Adjusted)

1.2

1.8

2.4

3.0

3.6

4.2

Ret

urn

(%)


LastQuarter

YearTo

Date

1Year

3Years

5Years

7Years

10Years

Steelpath MLP Alpha Fund -5.39 -3.11 1.81 -7.41 3.43 4.82 N/AAlerian MLP Infrastructure (Tax Adjusted) -4.34 -1.88 0.84 -5.84 1.79 4.34 4.36

2016 2015 2014 2013 2012 2011 2010 2009 2008 2007

Steelpath MLP Alpha Fund 18.20 -25.52 7.07 23.35 4.62 6.19 N/A N/A N/A N/AAlerian MLP Infrastructure (Tax Adjusted) 11.95 -20.64 4.94 17.83 0.83 10.57 20.92 48.27 -25.50 7.20

Alpha BetaActual

Correlation

UpMarket

Capture

DownMarket

Capture

InceptionDate

Steelpath MLP Alpha Fund 1.50 1.23 0.94 127.29 116.41 04/01/2010Alerian MLP Infrastructure (Tax Adjusted) 0.00 1.00 1.00 100.00 100.00 04/01/2010


Alerian MLP Infrastructure (Tax Adjusted)

0.0

15.0

30.0

45.0

60.0

P etro leum

Trans.

Natu ra

l Gas

Trans.

Ga the rin

g /Pr o

c essin

g

D ivers ifie

d

Cash/

Other

Sh ipping

44.0

31.224.8

0.0 0.0 0.0

40.0

27.4

11.015.2

6.40.0

Energy Transfer Ptnrs LP 10.80Energy Transfer Equity LP 8.60Enterprise Products Ptnrs LP 8.20TC Pipelines LP 7.40Magellan Midstream Partners 7.20MLPX LP 6.90Targa Resources Corp. 6.70Tallgrass Energy GP LP 4.90Williams Partners LP 4.80Buckeye Partners LP 4.00

Steelpath MLP Alpha Fund 06/30/17

Alerian Tax-Adjusted Infrastructure Index returns reflect a 37.5% reduction in performance to account for corporate and state taxation that the mutual fund incurs.

45

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Open End Private Real Estate (SA+CF)




Investment StrategyThe Principal U.S. Property Account isa core, commingled real estateaccount. The portfolio is diversifiedamong the five core real estate sectors:Retail, Industrial, Apartment, Office,and Hotel. Addtionally, the portfolio isdiversified across geographic regions.The main objective of the portfolio is toacquire well leased properties in anumber of favorable markets.Leverage on the fund is expected to below to moderate depending on themarket environment.

Innovest Assessment:We should expect The Principal U.S.Property Account to outperform whenthe economy is strong and growing asrents tend to increase more in largermetropolitan markets where a majorityof the assets are located. The fund hasslightly lower than average levels ofleverage and may will lag in timeswhere competitors are being rewardedfor their use of leverage. Conversely,in times when credit dries up, the fundmay outperform as leverage tends tobe penalized.

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Principal US Property Account 2.32 (22) 4.47 (27) 9.82 (27) 12.83 (34) 12.88 (41) 14.21 (48) 5.63 (31)¢£

NCREIF ODCE 1.71 (72) 3.51 (64) 7.88 (65) 11.34 (58) 11.79 (64) 13.08 (74) 5.25 (41)��

Median 1.91 3.77 8.31 11.81 12.39 13.98 5.05

6.0

9.0

12.0

15.0

18.0

21.0

Ret

urn

(%)

0.0 1.0 2.0 3.0 4.0 5.0Risk (Standard Deviation %)


Principal US Property Account 12.88 1.39¢£

NCREIF ODCE 11.79 1.35��

Median 12.39 1.80¾

2016 2015 2014 2013 2012 2011 2010

Principal US Property Account 11.23 (27) 14.68 (59) 13.56 (53) 14.63 (51) 12.42 (53) 16.66 (36) 17.27 (32)NCREIF ODCE 8.76 (81) 15.01 (51) 12.49 (79) 13.94 (59) 10.94 (77) 15.99 (43) 16.36 (45)IM U.S. Open End Private Real Estate (SA+CF) Median 9.47 15.01 13.66 14.63 12.45 15.78 15.76

3Years

EndingJun-2017

3Years

EndingJun-2016

3Years

EndingJun-2015

3Years

EndingJun-2014

3Years

EndingJun-2013

3Years

EndingJun-2012

3Years

EndingJun-2011

Principal US Property Account 12.83 (34) 13.59 (53) 13.67 (55) 13.07 (53) 16.35 (52) 8.39 (43) -8.03 (51)NCREIF ODCE 11.34 (58) 12.99 (70) 13.11 (68) 12.45 (64) 14.96 (70) 8.39 (43) -7.67 (40)IM U.S. Open End Private Real Estate (SA+CF) Median 11.81 13.77 13.78 13.11 16.54 8.21 -8.00

Principal US Property Account 06/30/17

46

PROPERTY TYPE DIVERSIFICATION REGIONAL DIVERSIFICATION

CHARACTERISTICS TOP 5 HOLDINGS

Principal US Property Account NCREIF ODCE

0.0

15.0

30.0

45.0

60.0

Office

Indus

trial

Apartm

ent

Retail

Hotel

Other

38.4

12.9

25.1

20.3

0.62.8

41.0

19.021.0

16.0

0.03.0

Principal US Property Account NCREIF ODCE

0.0

15.0

30.0

45.0

60.0

West

East

South

Midwes

t

38.0

33.0

20.0

9.0

44.0

25.0 25.0

6.0

Portfolio Characteristics

Portfolio

Total Fund Assets $7,050,000,000# Properties 140# Investors N/ALeverage % 21.60

Name Location Type %

1370 Avenue of the Americas New York Office 5%112th at 12 Street Seattle Office 4%Burbank Empire Center Los Angeles Retail 4%J.W. Marriott San Antonio Hotel 3%Watermark Cambridge Apartment 3%

Principal US Property Account 06/30/17

47

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. GIC/Stable Value (SA+CF)




Investment StrategyThe PLUS Fund's investment strategiesare based on a structured anddiversified multi-product, multi-managerapproach. The PLUS Fund investsprimarily in a diversified portfolio ofstable value investment contracts andfixed income securities that backcertain stable value investmentcontracts. Cash equivalents are held, inpart, to provide liquidity for payouts.The composition of the PLUS Fundportfolio and its allocations to variousstable value investments and fixedincome investment sectors isdetermined based on prevailingeconomic and capital marketconditions, relative value analysis, andother factors.

-0.8

0.0

0.8

1.6

2.4

3.2

4.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vantage Trust Plus 0.60 (4) 1.18 (3) 2.36 (1) 2.34 (1) 2.46 (1) 2.74 (1) 3.31 (4)¢£

Ryan 3 Yr GIC Mstr 0.39 (94) 0.77 (94) 1.48 (91) 1.28 (100) 1.21 (100) 1.56 (100) 2.44 (76)��

Median 0.46 0.90 1.79 1.82 1.78 2.16 2.66

0.8

1.2

1.6

2.0

2.4

2.8

Ret

urn

(%)

0.0 0.1 0.2Risk (Standard Deviation %)


Vantage Trust Plus 2.46 0.10¢£

Ryan 3 Yr GIC Mstr 1.21 0.09��

Median 1.78 0.10¾

No data found.

2016 2015 2014 2013 2012 2011 2010

Vantage Trust Plus 2.29 (1) 2.34 (1) 2.39 (3) 2.59 (1) 3.03 (8) 3.50 (19) 3.85 (29)Ryan 3 Yr GIC Mstr 1.39 (94) 1.16 (95) 1.03 (95) 1.06 (93) 1.48 (99) 2.44 (63) 3.53 (40)IM U.S. GIC/Stable Value (SA+CF) Median 1.83 1.81 1.74 1.74 2.41 2.92 3.39

3Years

EndingJun-2017

3Years

EndingJun-2016

3Years

EndingJun-2015

3Years

EndingJun-2014

3Years

EndingJun-2013

3Years

EndingJun-2012

3Years

EndingJun-2011

Vantage Trust Plus 2.34 (1) 2.36 (3) 2.55 (1) 2.84 (3) 3.26 (4) 3.64 (30) 4.09 (22)Ryan 3 Yr GIC Mstr 1.28 (100) 1.13 (98) 1.10 (100) 1.38 (99) 2.03 (91) 2.98 (60) 3.93 (27)IM U.S. GIC/Stable Value (SA+CF) Median 1.82 1.79 1.78 2.12 2.64 3.04 3.57

Vantage Trust Plus 06/30/17

48

Financial Strength:

Vantage Trust PLUS

AA+

% of Wrapped Assets

6.8% Aaa

Moody's S&P

5.4% Aa3 AA-

Pacific Life Ins. Co.

Principal Life Ins. Co.

Prudential Ins. Co. of America

Transamerica Premier Life Ins. Co

Investment Contract Issuers

New York Life Ins. Co.

Bank of Tokyo-Mitsubishi

A+

A+

AA-

AA-

17.6%

5.0%

12.6%

13.0%

Aa3

A1

Aa2

Aa2

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Market-to-Book 99.88% 95.18% 99.74% 101.37% 102.42% 103.22% 100.60% 101.45% 100.20% 100.29%

90%

95%

100%

105%

HISTORIC MARKET-TO-BOOK VALUES

Organization:Founded in 1972, ICMA-RC's mission is to help building retirement security for public employees.

Description:The PLUS Fund's investment strategies are based on a structured and diversified multi-product, multi-manager approach. The PLUS Fund invests primarily in a diversified portfolio of stable value investment contracts and fixed income securities that back certain stable value investment contracts. Cash equivalents are held, in part, to provide liquidity for payouts. The compostion of the PLUS fund and its allocations to vaious stable value investments and fixed income invesment sectors is determined based on prevailing economic and capital market condtions, relative value analysis, and other factors. Current sub-advisors include: BlackRock, Dodge & Cox, Loomis Sayles, NYL Investors, Facific Asset Management, Pacific Investment Management, Principal Global Investors, Prudential Investment Management, Wellington Management, and Western Asset Management.

Cash & Equivalents

10%

Traditional GICs22%

Agencies1%

Treasuries12%

Credits28%

Mortgage-Backed22%

Municipals1%

ABS4%

PORTFOLIO ALLOCATION

49

Passive Portfolios Weight (%)

Jan-1985

Bloomberg Barclays U.S. Aggregate Index 35.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 15.00S&P 500 Index 35.00

Jul-1990


Apr-2001


Jan-2002

70% S&P/30% BC Aggr 50.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 10.00Bloomberg Barclays U.S. Aggregate Index 15.00Russell Midcap Index 10.00

Apr-2002

Bloomberg Barclays U.S. Aggregate Index 15.00MSCI EAFE (Net) Index 15.00Russell 2000 Index 10.00Russell Midcap Index 10.0070% S&P/30% BC Aggr 50.00

Oct-2005

Bloomberg Barclays U.S. Aggregate Index 15.00MSCI EAFE (Net) Index 15.00Bloomberg Commodity Index Total Return 2.00Russell Midcap Index 7.00Russell 2000 Index 7.0070% S&P/30% BC Aggr 54.00

Passive Portfolios Weight (%)

Jan-2006

Bloomberg Barclays U.S. Aggregate Index 13.50MSCI EAFE (Net) Index 15.00Russell Midcap Index 7.00Russell 2000 Index 7.00Bloomberg Commodity Index Total Return 3.5070% S&P/30% BC Aggr 54.00

Apr-2006

Bloomberg Barclays U.S. Aggregate Index 12.00MSCI EAFE (Net) Index 15.00Bloomberg Commodity Index Total Return 5.00Russell Midcap Index 7.00Russell 2000 Index 7.0070% S&P/30% BC Aggr 54.00

Oct-2007

70% S&P/30% BC Aggr 54.00Russell Midcap Index 7.00Russell 2000 Index 7.00MSCI EAFE (Net) Index 15.00Bloomberg Barclays U.S. Aggregate Index 12.00Bloomberg Commodity Index Total Return 5.00

Apr-2010

70% S&P/30% BC Aggr 52.00Russell Midcap Index 7.00Russell 2000 Index 7.00MSCI EAFE (Net) Index 15.00Bloomberg Barclays U.S. Aggregate Index 4.00Bloomberg Barclays U.S. Corporate High Yield 3.00CSFB Leveraged Loan 7.00Bloomberg Commodity Index Total Return 5.00

Apr-2012


Custom Benchmark Allocations Over Time

50

Custom Benchmark Allocations Over TimePassive Portfolios Weight (%)

Sep-2014


51

GlossaryAlpha measures a portfolio’s return in excess of the market return adjusted for risk. It is a measure of the manager’s contribution to performance with reference to security selection. A positive alpha indicates that a portfolio was positively rewarded for the residual risk that was taken for that level of market exposure.

Beta measures the sensitivity of rates of portfolio return to movements in the market. A portfolio’s beta measures the expected change in return per 1% change in the return on the market. If the beta of a portfolio is 1.5, a 1 percent increase in the return of the market will result, on average, in a 1.5 percent increase in the return on the portfolio. The converse would also be true.

Dividend Yield - The total amount of dividends paid out for a stock over the preceding twelve months divided by the closing price of a share of the common stock.

Down Capture Ratio - The Down Capture Ratio is a measure of the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when the Benchmark was down. The smaller the value, the better.

Duration - A time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

Forecasted Long-Term Earnings Growth - This growth rate is a measure of a company’s expected long-term success in generating future year-over-year earnings growth. This growth rate is a market value weighted average of the consensus (mean) analysts’ long-term earnings growth rate forecast for each company in the portfolio. The definition of long-term varies by analyst but is limited to a 3-8 year range. This value is expressed as the expected average annual growth of earnings in percent.

Information Ratio measures the excess return per unit of residual “non market” risk in a portfolio. The ratio is equal to the Alpha divided by the Residual Risk.

Market Capitalization - The market value of a company’s outstanding shares of common stock at a specific point in time, computed as the product of the number of outstanding shares times the stock’s closing price per share.

P/E ratio relates the price of the stock to the per-share earnings of the company. A high P/E generally indicates that the market will pay more to obtain the company because it has confidence in the company’s ability to increase its earnings. Conversely, a low P/E indicates that the market has less confidence that the company’s earnings will increase, and therefore will not pay as much for its stock. In most cases a fund with a high average P/E ratio has paid a premium for stocks that have a high potential for increased earnings. If the fund’s average P/E ratio is low, the manager may believe that the stocks have an overlooked or undervalued potential for appreciation.

P/B ratio of a company relates the per-share market price of the company’s stock to its per-share book value, the historical accounting value of the company’s tangible assets. A high P/B ratio indicates that the price of the stock exceeds the actual worth of the company’s assets. A low P/B ratio would indicate that the stock is a bargain, priced below what the company’s assets could be worth if liquidated.

P/CF ratio compares the total market value of the portfolio to the portfolio’s share of the underlying stocks’ earnings (or book value, cash flow, sales or dividends).

Alpha measures a portfolio’s return in excess of the market return adjusted for risk. It is a measure of the manager’s contribution to performance with reference to security selection. A positive alpha indicates that a portfolio was positively rewarded for the residual risk that was taken for that level of market exposure.











R-Squared indicates the extent to which the variability of the portfolio returns is explained by market action. It can also be thought of as measuring the diversification relative to the appropriate benchmark. An R-Squared value of .75 indicates that 75% of the fluctuation in a portfolio return is explained by market action. An R-Squared of 1.0 indicates that a portfolio’s returns are entirely related to the market and it is not influenced by other factors. An R-Squared of zero indicates that no relationship exists between the portfolio’s return and the market.

Residual Risk is the unsystematic risk of a fund, or the portion of the total risk unique to the manager and not related to the overall market. This reflects the “bets” which the manager places in that particular asset class. These bets reflect emphasis in particular sectors, maturities (for bonds), or other issue specific factors which the manager considers a good investment opportunity. Diversification of the portfolio will reduce the residual risk of that portfolio.

Sharpe Ratio is a measure of risk-adjusted return. It is calculated by subtracting the risk-free return (90 day T-Bills) from the portfolio return and dividing the resulting “excess return” by the portfolio’s total risk level (standard deviation). The result is a measure of returned gained per unit of total risk taken.

Standard Deviation is a statistical measure of portfolio risk. It reflects the average deviation of observations from their sample mean. Standard Deviation is used as an estimate of risk since it measures how wide the range of returns typically is. The wider the typical range of returns, the higher the standard deviation of returns, and the higher the portfolio risk. If returns are normally distributed (i.e. as a bell shaped curve distribution) then approximately 66% of 2/3 of the returns would occur within plus or minus one standard deviation of the sample mean.

Style Exposure Chart indicates a portfolio’s exposure to a particular capitalization (large, medium or small) and style (value or growth). Based on Sharpe’s return based style analysis, a style map will attempt to correlate a manager to a particular style of investing (i.e. Large Cap Growth).

Turnover Ratio - This is a measure of the fund’s trading activity which is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly net assets.

Up Capture Ratio - The Up Capture Ratio is a measure of the Investment’s compound return when the Benchmark was up divided by the Benchmark’s compound return when the Benchmark was up. The greater the value, the better.


Alpha measures a portfolio’s return in excess of the market return adjusted for risk. It is a measure of the manager’s contribution to performance with reference to security selection. A positive alpha indicates that a portfolio was positively rewarded for the residual risk that was taken for that level of market exposure.











R-Squared indicates the extent to which the variability of the portfolio returns is explained by market action. It can also be thought of as measuring the diversification relative to the appropriate benchmark. An R-Squared value of .75 indicates that 75% of the fluctuation in a portfolio return is explained by market action. An R-Squared of 1.0 indicates that a portfolio’s returns are entirely related to the market and it is not influenced by other factors. An R-Squared of zero indicates that no relationship exists between the portfolio’s return and the market.

Residual Risk is the unsystematic risk of a fund, or the portion of the total risk unique to the manager and not related to the overall market. This reflects the “bets” which the manager places in that particular asset class. These bets reflect emphasis in particular sectors, maturities (for bonds), or other issue specific factors which the manager considers a good investment opportunity. Diversification of the portfolio will reduce the residual risk of that portfolio.

Sharpe Ratio is a measure of risk-adjusted return. It is calculated by subtracting the risk-free return (90 day T-Bills) from the portfolio return and dividing the resulting “excess return” by the portfolio’s total risk level (standard deviation). The result is a measure of returned gained per unit of total risk taken.

Standard Deviation is a statistical measure of portfolio risk. It reflects the average deviation of observations from their sample mean. Standard Deviation is used as an estimate of risk since it measures how wide the range of returns typically is. The wider the typical range of returns, the higher the standard deviation of returns, and the higher the portfolio risk. If returns are normally distributed (i.e. as a bell shaped curve distribution) then approximately 66% of 2/3 of the returns would occur within plus or minus one standard deviation of the sample mean.

Style Exposure Chart indicates a portfolio’s exposure to a particular capitalization (large, medium or small) and style (value or growth). Based on Sharpe’s return based style analysis, a style map will attempt to correlate a manager to a particular style of investing (i.e. Large Cap Growth).

Turnover Ratio - This is a measure of the fund’s trading activity which is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly net assets.

Up Capture Ratio - The Up Capture Ratio is a measure of the Investment’s compound return when the Benchmark was up divided by the Benchmark’s compound return when the Benchmark was up. The greater the value, the better.


52

Organization Asset BasePct. Owned by Employees CurrentBoutique vs. Institutional Growth of AUMRecent Changes in Ownership Capacity ConstraintsManagement Investment in Firm’s Products Soft ClosedSpecialized vs. All in One Re-opening of Products

People PerformanceSize of Team Short Term vs. Benchmark and Style GroupStructure of Team Long Term vs. Benchmark and Style GroupExperience of Team Consistency – Relative/Absolute/Risk AdjustedTurnover of Key MembersGrowth of Team with Assets

Philosophy/Process ExpensesStyle Consistency (Growth/Value, Market Cap) Cost vs. CompetitorsDomestic/Int’l drift

Examples of things that would cause concern resulting in a YELLOW or RED box include but not limited to:

6) EXPENSES - A fund or product that is substantially above the median expense ratio or management fee would be a cause for concern.

Fund Analysis Overview Key

1) ORGANIZATION - A change in ownership whereby it is unclear what the structure of the new organization will be, how will key personnel be compensated, and what type of employment contracts are in place to keep key decision makers.

2) PEOPLE - A change in portfolio manager would be a cause for concern. We would assess the new talent taking over. Is the new portfolio manager a current member of the team or is it someone new from outside the group or organization.

3) PHILOSOPHY/PROCESS - A change in portfolio characteristics would be a cause for concern. For example, if a growth style manager suddenly starts investing in value names during a value rally or if a small cap portfolio was migrating into midcap names due to asset growth.

4) ASSET BASE - A small cap fund with more than $3 billion in assets would be a cause for concern or a fund that continues to add assets as it becomes clear the portfolio management team can not handle the inflows. A sign of this would be a large increase in the cash position of the portfolio.

5) PERFORMANCE - A product that fails to outperform either the index and/or the median manager on a consistent basis (at least 50% of the time) would be a cause for concern. Short term and long term performance is considered both on an absolute basis and relative basis in addition to risk-adjusted measures.

Each of the 6 criteria are evaluated on an individual basis and subjective based on Innovest’s assessment. Below are examples of the many factors under each category we consider when making an assessment.

53

Holdings Based Attribution Key

A. Buy and Hold Portfolio – Return for the portfolio assuming no securities were traded during the quarter B. Portfolio Trading = (C – A) or (Actual Return ‐ Buy and Hold Portfolio) C. Actual Return – return the client experienced D. Benchmark Return – return for benchmark E. Actual Active Return – (C – D) or ( Actual Return minus Benchmark Return ) F. Stock Selection – Is the contribution to return based upon the active stock selection by the manager with in a sector compared to the benchmark. G. Sector Selection – Is the contribution to return based upon the active overweight or underweight of a sector compared to the benchmark by the

manager. H. Interaction – Is the impact of contribution to return that are a combination of both Stock and Security selection also sometimes referred to as the

unexplained. I. Total Selection – Is the Sum of all the selection affects (F,G,H) J. Portfolio Trading – Same as B. K. Benchmark Trading – Benchmark B/H return – Actual Benchmark Return L. Total Trading – Portfolio Trading plus Benchmark Trading M. Buy & Hold Active Return – I + L

54

Disclaimer The preceding statistical analysis was prepared by Innovest Portfolio Solutions LLC with data provided by Investment Metrics (IM), Lipper and Morningstar, Inc. All Rights Reserved. The investment products discussed are not insured by the FDIC and involve investment risk including the possible loss of all principal. The information contained herein: (1) is proprieta ry to the v endors listed above and/or its content providers; (2) may not be c opied or distributed; and (3) is not w arranted to be accurate, complete or timely. None of the vendors nor its content providers are respons ible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Innovest compiles the information utilizing secondary data from statements provided by the plan trustee and/or custodian/ This report may also contain returns and valuations from outside sources as directed b y the client. Innovest assumes no respons ibility for the accuracy of these valuations or return methodologies. Reasonable care has been take n to assure the accuracy of the computer software and databases. Innovest disclaims responsibility, financial or ot herwise for t he accuracy and completeness of this report. Copyright 2017 by Innovest Portfolio Solutions LLC Inc. Note: Actual client mutual fund returns are reflected on the table of returns page. Fund pages subsequent to the table of returns reflect the representative mutual fund with the longest track record and may not be the actual share class held by the client. “Copyright 2017, Standard & Poor’s Financial Services LLC. Reproduction of S&P Index Services in any form is prohibited except with the prior written permission of S&P. S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for an y errors or omissions, regardless of the cause or for the r esults obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PAR TICULAR PURPOSE OR USE. In no event shall S&P be liable f or any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P Index Services (2017) Copyright MSCI 2017. Unpublished. All Rights R eserved. This information may only be used for your internal use, may not be reproduced or re-disseminated in any form and m ay not be used to create any financial instruments or products or an y indices. This information is provided on an “as is” basis and the user of this informa tion assumes the entire risk of any use it ma y make or permit t o be made of thi s information. Neither MSCI, an y or its affiliates o r any other person involved in or related to compiling, computing or creating this information makes any express or implied warranties or representations with respect to such information or the results to be ob tained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warr anties (including, without limitation, all warranties of o riginality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without lim iting any of the foregoing, in no ev ent shall MSCI, any of its affiliat es or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punit ive, consequential or an y other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages.

55

Packing Your Bags for R

etirement?

The location decision should go beyond financial

considerations of cost of living and taxes?

One of the natural consequences of baby boom

ers getting older is an intense interest in exploring new

living options. In 2020, som

e 71 million A

mericans w

ill be 55 or older —

the time w

hen most begin to think

seriously about when and w

here they’d like to retire.

Certainly, choosing a location inside or outside the U

.S. w

ith lower cost of living is an im

portant consideration, as your incom

e downshifts, and living expenses begin

to be consumed by higher healthcare costs. Taxes also

can have a limiting effect on your lifestyle. But focusing

solely on these costs may be a disservice to how

you w

ant to spend your time in your later years. H

ere’s a brief checklist to keep in m

ind as you weigh your

options:

B

eing

close (en

ou

gh

) to fam

ily. Not surprisingly,

this factor ranks up there with cost of living as am

ong the m

ost important factors for pre-retirees exploring

location options. Being within a 20-m

inute or two-hour

drive/flight can be an important consideration for

retirees with extended fam

ilies.

Su

nn

y and

82 tod

ay. Most “top 25 best places to

retire” lists tend to cluster around warm

or moderate

climates, reflecting research that show

s that baby boom

ers favor sunnier weather w

hen they move.

No surprise that Florida, Texas and N

orth Carolina

tend to attract lots of retirees, according to Forbes. 1 H

owever, for those w

ho don’t mind hardy w

inters, North

Dakota, Pennsylvania and M

ichigan offer comm

unities w

ith growing econom

ies, pleasant shoulder seasons and plenty to do in the sum

mer. M

ore adventurous types m

ay want to look internationally at C

entral/South A

merica, the M

editerranean or Europe to find a retirem

ent locale that matches their clim

ate preferences.

W

hat’s yo

ur view

from

the kitch

en w

ind

ow

? A

nother popular way to narrow

your geography decision is to decide w

hether you prefer to be in an urban or rural setting, near m

ountains for hiking or skiing, or w

ater for boating and swim

ming —

or some

combination of these features.

H

om

e sweet h

om

e. Retirem

ent homes in the

Northeast and C

alifornia tend to be more expensive

than those in the Sunbelt or Midw

est. According to the

U.S. C

ensus, the median national sale price of a new

single-fam

ily home w

as $305,400 in Novem

ber 2016, a 27%

increase from a decade earlier. 2

W

hen

’s you

r next ch

eckup

? Measuring the ratio

of doctors to the general population is a good way

to benchmark the general level of healthcare in a

given comm

unity, but don’t forget to factor wellness,

transportation, air quality and living arrangements into

the mix. The M

ilken Institute regularly publishes a report on the Best C

ities for Successful Aging, w

hich can be a useful resource.

Strap

on

tho

se walkin

g sh

oes. A

ctive lifestyles are im

portant to your physical and mental w

ell-being as you age, and your ability to run errands or shop by w

alking a modest or short distance m

ay be one of the m

ost important non-financial factors to a successful

retirement.

G

et ou

t and

abo

ut. Som

e retirees are perfectly happy spending every free day on the golf course, or fishing. O

thers may have a taste for theatre, arts, food culture

or volunteering. For that reason, college towns have

become very popular destinations for retirees w

ho seek cultural or lifelong learning opportunities.

For those who seek it, retirem

ent offers the opportunity for change. W

hile it also can mean less incom

e, it also suggests m

ore time to do w

hat you want to do. Picking

a place to live that mirrors your goals can be the golden

ticket to new-found freedom

.

Sum

mer 2017

1

1 W

illiam P. Barrett, “Best places to retire in 2016,” Forbes.com

, April 4, 2016. http://w

ww

.forbes.

com/sites/w

illiampbarrett/2016/04/04/the-best-places-to-retire-in-2016/#3e36bea6703e

2 U

.S. Census Bureau, “M

edian and Average Sale Prices of N

ew H

omes Sold in U

nited States.”

https://ww

w.census.gov/construction/nrs/pdf/uspricem

on.pdf

2

Pu

blish

ed

by In

no

ve

st Po

rtfolio

So

lutio

ns

4643 S. U

lster Stre

et, Su

ite 1

040 |

De

nve

r, CO

80237 |

303.6

94.1

900 |

ww

w.in

no

ve

stinc

.co

m

A g

rowing

numb

er of parents ap

pear to w

ant to help,

as young-ad

ult children strug

gle to p

ay off deb

t in an era w

hen wag

es are not grow

ing and

rents are high.

But parents need

to be careful not to jeop

ardize their

nest egg

if they use it to help their kid

s. Paying d

own

deb

t can quickly d

eplete saving

s, and b

orrowers w

ho end

up d

efaulting on school loans risk losing

some of

their Social Security income.

Overshad

owing

this prob

lem is the fact that the

fastest grow

ing seg

ment of b

orrowers b

urdened

by

student d

ebt are not recent colleg

e grad

uates or m

illennials, but A

mericans over 60. Since 2005, this

group

has quad

rupled

in size, from 700,000 to 2.8

million, accord

ing to the C

onsumer Financial Protection

Bureau. 1

For Am

ericans aged

40 and old

er, total college d

ebt

ballooned

by nearly 42%

betw

een 2004 and 2015. But

this amount is d

warfed

by the 200%

increase in deb

t levels for b

orrowers und

er age 40.

The imp

ulse to help stud

ents who are strug

gling

to p

ay for college is ad

mirab

le, but in m

any cases, older

borrow

ers are trying to p

ay dow

n their own school

loans. Borrowers p

aying d

own ed

ucation deb

t also need

to consider that as they ag

e, their incomes likely

beg

in to flatten or decline just as their healthcare

costs beg

in to rise — a financial sq

ueeze that makes

repaying

school loans that much m

ore difficult.

No m

atter the circumstances, here are three g

eneral g

uidelines to help

borrow

ers manag

e student d

ebt:

• For borrow

ers with m

ultiple loans, it m

ay make sense

to pay off the ones w

ith the highest interest rate first.

• Contrib

utions to a child’s stud

ent loan that’s in the child

’s name only is sub

ject to a gift tax if it’s m

ore than $14,000 (in 2017).

• Parents may not b

e able to claim

a ded

uction on the am

ount contributed

if the loan is only in the child’s

name.

Accord

ing to a 2016 research stud

y, nine in 10 families

agree a colleg

e deg

ree is more im

portant now

than it used

to be. Interesting

ly, about the sam

e percentag

e of fam

ilies elected to self-fund

two-third

s of college

expenses for their child

ren. The balance of p

ayments

(that is, the remaining

one-third) cam

e from m

ultiple

sources such as state and fed

eral governm

ents, colleg

es, comm

unity and nonp

rofit organizations. 2 A

s the vast m

ajority of families stretch them

selves to meet

rising colleg

e costs, and as the share of the financial

burd

en for parents g

rows, the need

to have a plan for

paying

for college b

ecomes even m

ore imp

ortant.

Student Lo

an Deb

t Gro

wing

for O

lder A

mericans

For p

arents who

want to

help their child

ren pay o

ff loans, a no

te of cautio

n

TOTA

L CO

LLEGE D

EBT

Overall co

llege d

ebt co

ntin

ues to

rise for all ag

e gro

up

s.(IN

BILLIO

NS)

‘04‘05

‘06‘07

‘08‘09

‘10‘11

‘12‘13

‘14‘15

Under 30

30 to 39

40 to 49

50 to 59

60 and over

$400

$300

$200

$100$0

$408.4

$376.3

$229.6

$149.7

$66.7

$146

$114$49.2$30.9

$6.1

Source: Federal Reserve Bank of N

ew York C

onsumer C

redit Panel/Equifax

1 Boston G

lobe, January 22, 2017. http://ww

w.bostonglobe.com

/business/2017/01/22/seniordebt/

I5QcuG

ws5vR

OW

4qfhWLPfP/story.htm

l

2 “H

ow A

merica Pays for C

ollege 2016,” Sallie Mae and Ipsos Public A

ffairs. Telephone interviews

conducted in March-A

pril 2016 of 799 parents with children ages 18 to 24 enrolled as under-

graduates, and 799 undergraduate students aged 18 to 24. http://news.salliem

ae.com/files/

doc_library/file/How

Am

ericaPaysforCollege2016FN

L.pdf

Wh

om

do

I call for h

elp?

Acco

un

t Info

rmatio

n>

Balances>

> C

hange personal info

Contact : IC

MA

-RC

800.669.7400 | ww

w.icm

arc.org

The P

lan’s In

vestmen

t Co

nsu

ltant

Innovest Portfolio Solutions

4643 S. Ulster St., Suite 1040D

enver, CO

80237

303.694.1900 | ww

w.innovestinc.com

The pie chart and accompanying data show

n for each portfolio illustrates the percentage allocated to each fund.H

ow is the portfolio diversified?

Investment perform

ance results shown above represent past perform

ance and are not indicative of future results. Please read the

information contained in the applicable fund prospectuses carefully before investing m

oney.

Past P

erformance

Ris

k L

ev

el:The am

ount of expected risk in the Portfolio. R

isk is measured by the potential loss over a 12-m

onth period that an investorm

ight expect in the Portfolio, and is calculated via a statistical process consistent w

ith 95% probability.

Mo

de

rate

:-1

7.0

% to

-19

.0%

Ex

pe

cte

d R

etu

rn: The level of expected investm

ent return from the P

ortfolio. The range of returns shown below

indicates the potentialgain that an investor m

ight expect each year, on average, over a 5-year period. This is also referred to as the "mean" return, and is

calculated using a statistical process to determine a range of probabilities.

Mo

de

rate

:6

.5%

to 8

.5%

Who typically uses this portfolio?

Un

de

rsta

nd

ing

Yo

ur P

rofe

ss

ion

ally

-Ma

na

ge

d P

ortfo

lios

Portfolio A

llocation (%)

Who typically uses this portfolio?

Th

e fu

nd

see

ks the

hig

he

st tota

l retu

rn o

ver

time

con

sisten

t with

an

em

ph

asis o

n b

oth

cap

ital a

pp

recia

tion

an

d in

com

e.

Th

e fu

nd

pu

rsue

s its ob

jective

by in

vestin

g in

a d

iversifie

d p

ortfo

lio. U

nd

er n

orm

al

con

ditio

ns, th

e p

ortfo

lio’s a

lloca

tion

to th

eb

roa

d a

sset cla

sses w

ill be

with

in th

efo

llow

ing

ran

ge

s: stocks (5

0-7

0%

); bo

nd

s (20

-40

%); a

nd

mo

ne

y ma

rkets (0

-20

%).

Do

me

stic stocks a

re d

raw

n fro

m th

e o

vera

llU

.S. m

arke

t. Inte

rna

tion

al sto

cks are

sele

cted

prim

arily fro

m la

rge

com

pa

nie

s ind

eve

lop

ed

ma

rkets b

ut m

ay a

lso in

clud

ein

vestm

en

ts in e

me

rgin

g m

arke

ts. Bo

nd

s,w

hich

can

inclu

de

fore

ign

issue

s, are

prim

arily in

vestm

en

t gra

de

(i.e., a

ssign

ed

on

e o

f the

fou

r hig

he

st cred

it ratin

gs) a

nd

are

cho

sen

acro

ss the

en

tire g

ove

rnm

en

t,co

rpo

rate

, an

d a

sset- a

nd

mo

rtga

ge

-ba

cked

bo

nd

ma

rkets. M

atu

rities re

flect th

em

an

ag

er’s o

utlo

ok fo

r inte

rest ra

tes.

Past P

erformance (%

)**

Exp

en

se R

atio

:0

.69

%*

Ju

ne

30

, 20

17

: $1

32

,35

5,1

16

Boston Trust E

quity - Boulder F&

P33.48

¢£

Victory M

under Mid C

ap Core G

rowth

6.52¢£

ICM

Sm

all Com

pany6.65

¢£

Dodge &

Cox Int'l

9.87¢£

Am

erican Funds EuroP

acific Gr

10.06¢£

Boston Trust Fixed Incom

e - Boulder F&

P8.07

¢£

Met W

est Total Return

5.50¢£

Eaton V

ance Floating Rate

4.01¢£

JPM

organ High Y

ield Select

1.00¢£

Crdt S

uis Com

m R

tn Strat

4.92¢£

Steelpath M

LP A

lpha Fund4.88

¢£

Principal U

S P

roperty Account

5.04¢£

La

st

Qu

arte

r

Ye

ar

To

Da

te

1Y

ea

r3

Ye

ars

5Y

ea

rs1

0Y

ea

rsS

inc

e In

ce

ptio

nJ

uly

-19

90

Boulder Fire and P

olice2.95

7.2513.61

4.758.99

6.098.42

Bo

uld

er F

ire a

nd

Po

lice

06

/30

/17

* The expense ratio provided is the weighted average of each underlying m

anager’s net expense ratio and market value at the end of the quarter.

** Perform

ance shown is calculated using the portfolio’s target allocations (not the portfolio's actual m

arket value allocations); and includes separateaccount perform

ance gross of fees, while the m

utual fund performance is net of fees. R

eturns shown are not m

eant to reflect actual past performance of

the portfolio, but are provided as a close approximation. A

ll investment returns are calculated by a 3rd party. P

eriods greater than one year areannualized.R

eturns from July 1990 - February 2007 are based on inform

ation received from a prior consultant.

***This portfolio includes the Principal U

.S. P

roperty Account, a real estate account that could instate redem

ption restrictions. In the event that theserestrictions are placed on the account, the B

oulder FIre and Police B

oard of Trustees will instruct IC

MA

-RC

to fulfill redemptions from

an alternate fundw

ithin the portfolio.

Documents

PORTFOLIO REVIEW...— A client-centered, risk-focused, and performance-driven culture ... IRA’s. Previously, only advisors that charged a fee for service (hourly or as a percentage