Quarterly Investment Review - PDF Free Download

Fairfax County Public Schools Second Quarter 206 Quarterly Investment Review Visit the Aon Hewitt Retirement and Investment Blog (http://retirementandinvestmentblog.aon.com); sharing our best thinking.

Table of Contents I Executive Summary Page II Total Plan Page III U.S. Fixed Income Page 3 IV Target Date Page 23 V U.S. Equity Page 48 VI International Equity Page 65 VII Market Environment Page 70 VIII Fee Analysis Page 8 IX Appendix Page 83 X Disclaimers and Notes Page 90

Executive Summary Page

Making DC Plans Work for Participants To clients of Aon Hewitt Investment Consulting: Because of our professional backgrounds as investment consultants, it is common for friends and family to informally ask for investment advice. Many colleagues at our firm have had this happen, and while our firm does not provide investment advice to retail customers, we get first hand insights into the investment behaviors of the average American. Often the portfolios they ask us about are not well-diversified. Sometimes they are naïvely diversified say, by equally weighting every option in a defined contribution plan. Sometimes people simply chose not to save and invest because they didn t know how. We have seen plenty of research about how typical DC plan participants have difficulty making investment decisions, but it feels different seeing an individual experience it. Ultimately, confusion about investments can cause a significant decline in someone s quality of life. This is one reason why we are so passionate about using our knowledge of participant behavior to improve defined contribution plans. We know that plan sponsors can help participants use their plans more effectively by streamlining options, simplifying decisions and using automation to nudge participants toward sound investment and savings behaviors. Well-designed DC plans help our family, friends, and colleagues achieve financial success and improve their quality of life. Over the past year, we ve written a few white papers about how plan sponsors can do this: Customize DC Investments for Participant Success What s in a Name: White-Label Funds in DC Plans Real Deal Reviewing your investment structure with these strategies in mind can improve the efficiency of your DC plan, especially if you have not done a structure review in a while. Your Aon Hewitt investment team can assist you in determining the most appropriate path. Aon Hewitt Investment Consulting Aon Hewitt Retirement and Investment Proprietary and Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Page 2

AHIC Thought Leadership Highlights White Papers All Investors: The Small Cap Alpha Myth Revisited All Investors: Brexit All Investors ex-dc: Real Estate Beta: Understanding the Power of Core All Investors ex-dc: Risk Parity Looking at Risk Through a Different Lens DB & DC: Hot Topics in Retirement and Financial Well-Being DB & DC: Real Deal Study Private DB: Pension Funding Strategy DC: Stable Value in the Spotlight DC: If You Offer It, Participants Will Use It (Roth Usage in DC Plans) DC: Final Fiduciary Regulations Overview for Plan Sponsors Healthcare Industry: Redefining Retirement in the Health Care Industry (Part Five of Five Part Series) Link Link Link Link Link Link Link Link Link Link Link Current Topics of Interest Private DB: Bipartisan Budget Act of 205 Private DB: U.S. Corporate Pension Liability Hedging Views DC: 206 Universe Benchmarks Research Highlights DC: Mythbusters: The Case for Retirement Income in DC Plans Link Link Link Link Aon Hewitt Retirement and Investment Blog https://retirementandinvestmentblog.aon.com/ Events Replay recent webinars, including the most recent session on The Shifting Retirement Benefits Landscape. Link Aon Hewitt Retirement and Investment Proprietary and Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Page 3

Market Highlights Returns of the Major Capital Markets Periods Ending 06/30/206 Second Quarter -to- Date - 3-5- 0- Equity MSCI All Country World IMI.06%.36% -3.87% 6.3% 5.43% 4.48% MSCI All Country World 0.99%.23% -3.73% 6.03% 5.38% 4.26% Dow Jones U.S. Total Stock Market 2.6% 3.55% 2.04% 0.99%.54% 7.49% Russell 3000 2.63% 3.62% 2.4%.3%.60% 7.40% S&P 500 2.46% 3.84% 3.99%.66% 2.0% 7.42% Russell 2000 3.79% 2.22% -6.73% 7.09% 8.35% 6.20% MSCI All Country World ex-u.s. IMI -0.68% -0.9% -9.6%.65% 0.39% 2.6% MSCI All Country World ex-u.s. -0.64% -.02% -0.24%.6% 0.0%.87% MSCI EAFE -.46% -4.42% -0.7% 2.06%.68%.58% MSCI EAFE (Local Currency) -0.74% -7.2% -0.9% 5.78% 6.2% 2.0% MSCI Emerging Markets 0.66% 6.4% -2.06% -.56% -3.78% 3.54% Fixed Income Barclays Global Aggregate 2.89% 8.96% 8.87% 2.80%.77% 4.40% Barclays Aggregate 2.2% 5.3% 6.00% 4.06% 3.77% 5.4% Barclays Long Gov't 6.37% 4.94% 8.98% 0.38% 0.7% 8.69% Barclays Long Credit 6.65% 3.93% 3.76% 8.70% 8.45% 8.4% Barclays Long Gov't/Credit 6.55% 4.33% 5.72% 9.32% 9.8% 8.42% Barclays US TIPS.7% 6.24% 4.36% 2.32% 2.64% 4.75% Barclays High Yield 5.52% 9.06%.62% 4.9% 5.85% 7.56% Citi Group Non-U.S. WGBI 4.04% 3.50% 3.85% 2.36% 0.3% 3.97% JP Morgan EMBI Global (Emerging Markets) 5.40% 0.90% 0.32% 6.44% 6.25% 7.9% Commodities Bloomberg Commodity Index 2.78% 3.25% -3.32% -0.55% -0.82% -5.59% Goldman Sachs Commodity Index 2.67% 9.86% -26.08% -9.8% -4.03% -0.8% Hedge Funds HFRI Fund-Weighted Composite 2 2.25%.63% -.97% 3.05% 2.46% 3.62% HFRI Fund of Funds 2 0.75% -2.40% -5.23%.98%.67%.60% Real Estate NAREIT U.S. Equity REITS 6.96% 3.38% 24.04% 3.58% 2.60% 7.45% NCREIF NFI - ODCE 3 2.3% 4.36%.82% 3.00% 2.7% 6.7% Private Equity Burgiss Private iq Global Private Equity 4.26% 6.37% 6.37%.97%.22% 0.78% Infrastructure Macquarie Global Infrastructure - North America 8.45% 25.05% 6.26% 0.77%.02% 8.69% MSCI Indices show net returns. All other indices show total returns. Periods are annualized. 2 Latest 5 months of HFR data are estimated by HFR and may change in the future. 3 Second quarter results are preliminary. 4 Source: Burgiss Private iq. Benchmark is as of 2/3/205. Page 4

Market Highlights Page 5

Fairfax County Public Schools As of June 30, 206 Asset Allocation & Performance Allocation Market Value % ($000) Total 457(b) Plan 73,855.93 00.00 Quarter To Date Performance(%) 3 5 7 0 U.S. Fixed Income 48,273.67 27.77 Great West Portfolio Fund 28,765.04 6.55 0.50.00 2.00.88.97 2.20 2.53 50% BC Int. Agg/50% 90 day T-Bill 0.75.93 2.23.65.5.99 2.83 90 Day U.S. Treasury Bill 0.06 0.2 0.3 0.07 0.07 0.09.0 PIMCO Total Return Adm 9,403.06.6 2.0 (80) 3.80 (94) 4.05 (88) 3.23 (84) 3.45 (78) 5.08 (5) 6.00 (4) Barclays Aggregate Index 2.2 (63) 5.3 (39) 6.00 (6) 4.06 (33) 3.76 (48) 4.58 (66) 5.3 (48) PIMCO Inflation Response MultiAsst Inst 05.56 0.06 4.74 (6) 0.24 (8) 2.2 (26).32 (82) - - - PIMCO IRMA Benchmark 8.38 (3) 6.99 () 7.29 (6).84 (79) 0.2 (9) 4.07 (93) 2.98 (93) Target Date 2,294.33 7.07 TRP Retirement 2005 40.62 0.23 2.28 (36) 4.75 (26) 2.55 (28) 5.34 (6) 5.27 (2) 8.3 (4) 5.42 (26) TRP Retirement 2005 Index.8 (73) 3.87 (47) 2.45 (30) 5.42 (3) 5.37 (20) 7.59 (27) 5.0 (38) TRP Retirement 200 376.37 0.22 2.26 (8) 4.68 (2) 2.27 (22) 5.79 (6) 5.7 (7) 8.90 () 5.5 (-) TRP Retirement 200 Index.8 (83) 3.76 (36) 2.0 (24) 5.82 (5) 5.8 (3) 8.42 (3) 5.6 (-) TRP Retirement 205,605.36 0.92 2.08 (45) 4.09 (25).46 (43) 6.40 (4) 6.32 (5) 9.8 () 5.79 (-) TRP Retirement 205 Index.82 (88) 3.60 (6).63 (42) 6.4 (4) 6.44 (5) 9.36 (2) 5.42 (-) TRP Retirement 2020 3,5.7.79.95 (58) 3.45 (5) 0.56 (55) 6.9 (3) 6.84 (4) 0.56 () 5.92 () TRP Retirement 2020 Index.83 (78) 3.40 (53). (5) 6.88 (3) 6.93 (3) 0. () 5.56 (8) TRP Retirement 2025 2,346.32.35.72 (88) 2.88 (65) -0.28 (55) 7.33 (3) 7.24 (4).4 () 6.02 (-) TRP Retirement 2025 Index.84 (76) 3.22 (58) 0.6 (44) 7.30 (3) 7.35 (4) 0.75 () 5.68 (-) TRP Retirement 2030,02.3 0.59.59 (88) 2.38 (63) -0.95 (52) 7.68 (4) 7.60 (4).65 () 6.2 () TRP Retirement 2030 Index.84 (66) 3.05 (53) 0.3 (39) 7.6 (5) 7.70 (4).27 (4) 5.76 () TRP Retirement 2035,762.66.0.39 (93).84 (65) -.69 (48) 7.86 (3) 7.77 (5).93 () 6.5 (-) TRP Retirement 2035 Index.8 (6) 2.86 (48) -0.33 (24) 7.79 (3) 7.88 (4).60 () 5.8 (-) Page 6

Fairfax County Public Schools As of June 30, 206 Asset Allocation & Performance Allocation Market Value ($000) % Quarter To Date Performance(%) TRP Retirement 2040 64.00 0.37.24 (90).37 (79) -2.30 (54) 7.92 (3) 7.88 (6) 2.04 () 6.22 () TRP Retirement 2040 Index.78 (59) 2.70 (39) -0.75 (25) 7.87 (3) 8.02 (4).7 (3) 5.89 (8) TRP Retirement 2045 432.66 0.25.25 (87).39 (79) -2.29 (49) 7.94 (3) 7.9 (7) 2.03 () 6.22 (-) TRP Retirement 2045 Index.78 (5) 2.68 (38) -0.75 (20) 7.87 (3) 8.02 (5).7 () 5.89 (-) TRP Retirement 2050 33.87 0.8.25 (83).33 (77) -2.26 (49) 7.92 (5) 7.90 (9) 2.03 () - TRP Retirement 2050 Index.78 (56) 2.68 (4) -0.75 (22) 7.87 (6) 8.02 (4).7 () - TRP Retirement 2055 278.8 0.6.26 (80).34 (77) -2.29 (47) 7.94 (5) 7.9 (8) 2.04 (-) - TRP Retirement 2055 Index.78 (53) 2.68 (36) -0.75 (8) 7.87 (7) 8.02 (6).7 (-) - U.S. Equity 94,457.56 54.33 BlackRock S&P 500 Stock 22,686.92 3.05 2.44 (6) 3.80 (6) 3.92 (24).58 (2) 2.00 (24) 4.8 (6) 7.33 (22) S&P 500 Index 2.46 (0) 3.84 (7) 3.99 (3).66 () 2.0 () 4.92 () 7.42 (3) Dodge & Cox Stock 2,60.82 2.7.70 (60) 0.70 (77) -5.09 (94) 8.28 (82) 0.44 (58) 3.87 (44) 5.3 (93) S&P 500 Index 2.46 (33) 3.84 (29) 3.99 (24).66 (4) 2.0 (6) 4.92 (4) 7.42 (22) Vanguard Mid Cap Index 26,373.47 5.7 2.32 (54) 3.53 (40) -0.89 (3) 0.78 (23) 0.57 (2) 6.49 (0) 7.83 (26) Vanguard Spliced Mid Cap Index 2.34 (53) 3.52 (40) -0.87 (30) 0.82 (2) 0.6 (20) 6.53 (9) 7.84 (26) Baron Growth Inst 24,236.35 3.94 3.38 (2) 3.70 (5) -3.96 (3) 7.72 (63) 9.22 (37) 4.36 (45) - Baron Growth Rtl 3.3 (23) 3.57 (5) -4.9 (34) 7.44 (67) 8.94 (39) 4.06 (50) 7.00 (52) Russell Midcap Growth Index.56 (67) 2.5 (26) -2.4 (20) 0.52 (28) 9.98 (27) 5.82 (7) 8.2 (32) International Equity 7,323. 9.96 Artisan International Inv 7,323. 9.96 -.30 (57) -4.88 (70) -.87 (67) 2.27 (29) 4.39 (2) 8.42 (3) 3.58 (3) MSCI EAFE Index (Net) -.46 (60) -4.42 (65) -0.6 (42) 2.06 (36).68 (34) 5.97 (44).58 (57) MSCI AC World ex USA Index (Net) -0.64 (43) -.02 (25) -0.24 (43).6 (54) 0.0 (86) 5.35 (58).87 (42) 3 5 7 0 Page 7

Fairfax County Public Schools As of June 30, 206 Calendar Performance 2006 2007 2008 2009 200 20 202 203 204 205 U.S. Fixed Income Great West Portfolio Fund 2.88 3.26 3.42 3.37 2.67 2.55 2..53.86 2.00 50% BC Int. Agg/50% 90 day T-Bill 4.67 5.97 3.50 3.28 3. 2.99.80-0.48 2.06 0.62 90 Day U.S. Treasury Bill 4.76 4.9 2.0 0.7 0.3 0.08 0.08 0.05 0.04 0.03 PIMCO Total Return Adm 3.74 (85) 8.82 () 4.56 (23) 3.53 (30) 8.57 (6) 3.9 (95) 0.0 (3) -2.6 (72) 4.43 (82) 0.47 (36) Barclays Aggregate Index 4.34 (4) 6.97 (9) 5.24 (9) 5.93 (84) 6.54 (68) 7.84 (5) 4.2 (76) -2.02 (64) 5.97 (33) 0.55 (27) IM U.S. Broad Market Core Fixed Income (MF) Median 4.24 6.6 0.6 0.77 7.08 6.98 6.06 -.64 5.76 0.32 PIMCO Inflation Response MultiAsst Inst - - - - - - 9.56 (65) -9.29 (00).57 (73) -6.77 (78) PIMCO IRMA Benchmark 5.27 (98) 0.35 (30) -4.42 (4) 7.32 (89) 3.49 (42) 3.82 (4) 4.83 (92) -.77 (00) -0.46 (82) -7.2 (79) IM Flexible Portfolio (MF) Median 2. 7.5-28.8 25.2 2.56 -.55.02.99 3.80-3.39 Target Date TRP Retirement 2005.50 (7) 6.67 (25) -22.24 (82) 24.55 (7).5 (7).43 (65).35 (7) 9.74 (22) 4.72 (40) -0.75 (37) TRP Retirement 2005 Index.29 (2) 6.79 (23) -9.0 (68) 6.9 (63) 0.22 (42) 2.38 (43) 9.52 (42) 9.86 (2) 5.48 (25) -0.0 (9) IM Mixed-Asset Target Alloc Consv (MF) Median 8.02 5.65-7.05 8.88 9.92 2.07 9.06 7.5 4.2 -.3 TRP Retirement 200 2.84 (0) 6.65 (48) -26.7 (80) 27.95 (4) 2.70 (4) 0.54 (55) 2.44 (6).93 (8) 4.99 (23) -0.76 (59) TRP Retirement 200 Index 2.52 (25) 6.82 (46) -23.9 (34) 9.64 (67).42 (30).8 (25) 0.6 (26) 2.00 (7) 5.77 (2) -0.7 (4) IM Mixed-Asset Target 200 (MF) Median 2.02 6.42-24.07 22.97 0.88 0.90 9.64 9.24 4.49-0.67 TRP Retirement 205 3.73 (-) 6.75 (-) -30.22 (86) 3.35 () 3.79 (4) -0.32 (8) 3.8 () 5.8 (2) 5.37 (3) -0.58 (33) TRP Retirement 205 Index 3.44 (-) 6.85 (-) -26.6 (33) 22.08 (65) 2.57 (27).09 (42).94 (25) 4.97 (3) 6.30 (6) -0.28 (7) IM Mixed-Asset Target 205 (MF) Median - - -27.68 25.09.75 0.93.02.50 4.87-0.74 TRP Retirement 2020 4.66 (9) 6.73 (50) -33.48 (82) 34.9 () 4.74 (3) -.20 (84) 5.0 () 8.05 (2) 5.63 (37) -0.3 (25) TRP Retirement 2020 Index 4.37 () 6.84 (49) -29.72 (62) 24.20 (58) 3.47 (22) 0.48 (45) 3.04 (20) 7.56 (3) 6.70 (5) -0.4 (32) IM Mixed-Asset Target 2020 (MF) Median 2.34 6.68-28.49 24.76 2.79 0.9.78 2.98 5.3-0.80 TRP Retirement 2025 5.44 (-) 6.8 (-) -35.90 (87) 36.29 () 5.37 () -2.06 (7) 6.00 () 20.78 (3) 5.84 (38) -0.7 (3) TRP Retirement 2025 Index 5.2 (-) 6.84 (-) -32.24 (36) 26.5 (66) 4.2 (26) -0.22 (25) 4.00 (22) 20.0 (4) 7.06 (9) -0.56 (3) IM Mixed-Asset Target 2025 (MF) Median - - -33.66 27.7 3.67 -.05 3.27 6.08 5.52 -.4 TRP Retirement 2030 6.4 (-) 6.83 (56) -37.79 (74) 37.99 () 6.0 (3) -2.70 (70) 6.82 () 23.09 (4) 6.05 (36) -0.02 (6) TRP Retirement 2030 Index 6.2 (-) 6.80 (56) -34.6 (45) 27.43 (70) 4.72 (32) -0.79 (2) 4.85 (20) 22.3 (8) 7.29 (7) -0.73 (40) IM Mixed-Asset Target 2030 (MF) Median - 7.46-36.24 28.9 3.90-2.9 4.02 8.20 5.66 -.05 TRP Retirement 2035 6.8 (-) 6.8 (-) -38.88 (7) 39.04 () 6.34 () -3.26 (6) 7.35 () 24.86 (3) 6.07 (38) 0.3 (4) TRP Retirement 2035 Index 6.24 (-) 6.74 (-) -35.35 (28) 28.59 (70) 5.0 (42) -.37 (0) 5.45 (39) 23.76 (2) 7.37 (5) -0.87 (35) IM Mixed-Asset Target 2035 (MF) Median - - -37.76 30.96 4.59-3.4 5.3 20.82 5.69 -.45 TRP Retirement 2040 6.24 (-) 6.77 (63) -38.85 (72) 39.07 () 6.5 (9) -3.49 (43) 7.55 () 25.93 (8) 6.8 (38) 0.7 (3) TRP Retirement 2040 Index 6.36 (-) 6.74 (64) -35.35 (4) 28.59 (84) 5.7 (38) -.46 (9) 5.66 (40) 24.73 (20) 7.43 (7) -.0 (40) IM Mixed-Asset Target 2040 (MF) Median - 7.33-37.62 30.66 4.70-3.7 5.9 2.74 5.85 -.23 TRP Retirement 2045 6.5 (-) 6.84 (-) -38.83 (53) 39.0 () 6.44 (0) -3.47 (3) 7.62 () 25.93 (5) 6.4 (35) 0.7 (3) TRP Retirement 2045 Index 6.24 (-) 6.74 (-) -35.35 (8) 28.59 (9) 5.7 (44) -.46 () 5.66 (53) 24.73 (22) 7.43 (7) -0.98 (36) IM Mixed-Asset Target 2045 (MF) Median - - -38.75 3.04 5.0-3.86 5.69 23.08 5.76 -.56 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 8

Fairfax County Public Schools As of June 30, 206 Calendar Performance 2006 2007 2008 2009 200 20 202 203 204 205 TRP Retirement 2050-6.82 (-) -38.80 (58) 38.92 () 6.4 (5) -3.36 (26) 7.55 (4) 25.90 (2) 6.9 (36) 0.9 (4) TRP Retirement 2050 Index - 6.74 (-) -35.35 (6) 28.59 (85) 5.7 (39) -.46 (5) 5.66 (40) 24.73 (28) 7.43 (8) -0.98 (40) IM Mixed-Asset Target 2050 (MF) Median - - -38.76 3.0 4.94-3.96 5.58 23.26 5.95 -.33 TRP Retirement 2055-6.82 (-) -38.89 (-) 38.97 (-) 6.4 (-) -3.35 (6) 7.60 () 25.86 (2) 6.8 (40) 0.8 (5) TRP Retirement 2055 Index - 6.74 (-) -35.35 (-) 28.59 (-) 5.7 (-) -.46 () 5.66 (60) 24.73 (29) 7.43 (0) -0.98 (47) IM Mixed-Asset Target 2055+ (MF) Median - - - - - -4.33 5.73 23.8 5.72 -.24 U.S. Equity BlackRock S&P 500 Stock 5.60 (46) 5.36 (36) -37.0 (30) 26.49 (8) 4.92 (36).98 (4) 5.84 (33) 32.2 (28) 3.6 (4).35 (9) S&P 500 Index 5.79 () 5.49 () -37.00 (29) 26.46 (23) 5.06 () 2. (8) 6.00 (3) 32.39 (3) 3.69 ().38 (9) IM S&P 500 Index (MF) Median 5.56 5.28-37.06 26.39 4.82.96 5.77 32. 3.47.23 Dodge & Cox Stock 8.53 (5) 0.4 (93) -43.3 (9) 3.27 (26) 3.49 (54) -4.08 (89) 22.0 (3) 40.55 () 0.40 (7) -4.49 (94) S&P 500 Index 5.79 (29) 5.49 (6) -37.00 (55) 26.46 (55) 5.06 (34) 2. (30) 6.00 (44) 32.39 (47) 3.69 (20).38 (29) IM U.S. Large Cap Core Equity (MF) Median 4.42 6.32-36.60 27.05 3.83.00 5.50 32.26.86-0.2 Vanguard Mid Cap Index 3.78 (40) 6.22 (60) -4.76 (68) 40.5 (33) 25.67 (33) -.96 (40) 6.0 (43) 35.7 (49) 3.78 () -.33 (38) Vanguard Spliced Mid Cap Index 3.75 (40) 6.9 (60) -4.80 (68) 40.49 (33) 25.69 (33) -.9 (39) 6.04 (42) 35.2 (49) 3.83 (0) -.28 (38) IM U.S. Mid Cap Equity (MF) Median 2.49 8.99-39.5 35.02 23.83-3.28 5.32 34.76 8. -2.43 Baron Growth Inst - - - - 24.32 (53).5 (4) 6.74 (23) 38.69 (26) 4.66 (80) -4.06 (80) Baron Growth Rtl 5.50 (9) 6.59 (84) -39.8 (28) 34.24 (65) 24.0 (54).24 (5) 6.43 (27) 38.32 (27) 4.40 (82) -4.3 (8) Russell Midcap Growth Index 0.66 (44).43 (74) -44.32 (66) 46.29 (30) 26.38 (4) -.65 (35) 5.8 (35) 35.74 (49).90 (4) -0.20 (47) IM U.S. Mid Cap Growth Equity (MF) Median 9.46 7.27-4.54 4.03 24.38-2.80 4.6 35.64 7.37-0.52 International Equity Artisan International Inv 25.56 (6) 9.73 (0) -46.96 (98) 39.77 (2) 5.9 (73) -7.26 (3) 25.39 (5) 25.8 (9) -0.97 (0) -3.85 (78) MSCI EAFE Index (Net) 26.34 (42).7 (69) -43.38 (63) 3.78 (53) 7.75 (57) -2.4 (47) 7.32 (66) 22.78 (7) -4.90 (36) -0.8 (39) MSCI AC World ex USA Index (Net) 26.65 (4) 6.65 (9) -45.53 (83) 4.45 (7).5 (23) -3.7 (76) 6.83 (7) 5.29 (83) -3.87 (24) -5.66 (86) IM International Large Cap Equity (MF) Median 26.03 2.3-42.37 32.08 8.69-2.43 8.62 20.03-5.37 -.69 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Page 9

Fairfax County Public Schools 3 Ending June 30, 206 Risk Profile 6.0 4.0 2.0 0.0 Annualized Return 8.0 6.0 4.0 2.0 0.0-2.0-4.0 0.0 2.0 4.0 6.0 8.0 0.0 2.0 4.0 6.0 8.0 Annualized Standard Deviation Great West Portfolio Fund PIMCO Total Return Adm PIMCO Inflation Response MultiAsst Inst TRP Retirement 2005 TRP Retirement 200 TRP Retirement 205 TRP Retirement 2020 TRP Retirement 2025 TRP Retirement 2030 TRP Retirement 2035 TRP Retirement 2040 TRP Retirement 2045 TRP Retirement 2050 TRP Retirement 2055 BlackRock S&P 500 Stock Dodge & Cox Stock Vanguard Mid Cap Index Baron Growth Inst Artisan International Inv Page 0

Total Plan Page

Fairfax County Public Schools Total Plan As of June 30, 206 Asset Allocation by Asset Class June 30, 206 : $73,855,928 March 3, 206 : $68,049,544 Market Value ($M) Allocation (%) U.S. Fixed Income 48.3 27.8 Target Date 2.3 7. U.S. Equity 94.5 54.3 International Equity 7.3 0.0 Loan Fund.5 0.9 Market Value ($M) Allocation (%) U.S. Fixed Income 47. 28.0 Target Date.0 6.5 U.S. Equity 9.0 54.2 International Equity 7.4 0.4 Loan Fund.5 0.9 Page 2

U.S. Fixed Income Page 3

Great West Portfolio Fund As of June 30, 206 Peer Group Analysis IM U.S. GIC/Stable Value (SA+CF) 4.8 4.0 3.2 2.4 Return.6 0.8 0.0-0.8 -.6 Quarter To Date Great West Portfolio Fund 0.50 (3).00 (25) 2.00 (23).88 (42).97 (5) 2.53 (94) 50% BC Int. Agg/50% 90 day T-Bill 0.75 (4).93 (3) 2.23 (4).65 (57).5 (75) 2.83 (65) p 90 Day U.S. Treasury Bill 0.06 (00) 0.2 (00) 0.3 (00) 0.07 (00) 0.07 (00).0 (00) 5th Percentile 0.66.9 2.8 2.28 2.5 3.50 st Quartile 0.50 0.99.98 2.0 2.28 3.33 Median 0.47 0.93.86.78.98 2.93 3rd Quartile 0.35 0.69.36.34.49 2.76 95th Percentile 0.35 0.66.26.9.4 2.46 3 5 0 Population 3 3 3 3 3 28 Parentheses contain percentile rankings. Page 4

PIMCO Total Return Adm As of June 30, 206 PIMCO Total Return Adm Performance Summary Account Information Return Summary Product Name : PIMCO:Tot Rtn;Admn (PTRAX) Fund Family : PIMCO Ticker : PTRAX Peer Group : IM U.S. Broad Market Core Fixed Income (MF) Benchmark : Barclays Aggregate Index Fund Inception : 09/08/994 Portfolio Manager : Mather/Kiesel/Worah Total Assets : $5,469.0 Million Total Assets Date : 06/30/206 Gross Expense : 0.7% Net Expense : 0.7% Turnover : 478% Return 9.0 6.0 3.0 0.0 2.0 2.2 Quarter 3.8 5.3 To Date 4. 6.0 3.2 4. 3 3.4 3.8 5 6.0 5. 0 PIMCO Total Return Adm Barclays Aggregate Index Quarterly Excess Performance Ratio of Cumulative Wealth - 5 8.0%.08 4.0%.04 0.0% -4.0 %.00 0.96 0.98-8.0 % 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 6/ 2/ 6/2 2/2 6/3 2/3 6/4 2/4 6/5 2/5 6/6 Quarterly Out Performance Quarterly Under Performance PIMCO Total Return Adm Benchmark Page 5

PIMCO Total Return Adm As of June 30, 206 Peer Group Analysis IM U.S. Broad Market Core Fixed Income (MF) 9.0 8.0 7.0 6.0 5.0 Return 4.0 3.0 2.0.0 0.0 -.0 Quarter To Date PIMCO Total Return Adm 2.0 (80) 3.80 (94) 4.05 (88) 3.23 (84) 3.45 (78) 6.00 (4) Barclays Aggregate Index 2.2 (63) 5.3 (39) 6.00 (6) 4.06 (33) 3.76 (48) 5.3 (48) 5th Percentile 2.94 6.02 6.47 4.74 4.62 5.94 st Quartile 2.58 5.49 5.86 4.8 4.2 5.48 Median 2.36 5.2 5.34 3.93 3.76 5.06 3rd Quartile 2.2 4.77 4.82 3.49 3.48 4.73 95th Percentile.53 3.44 2.65 2.49 2.53 3.27 3 5 0 Page 6

PIMCO Total Return Adm 5 Ending June 30, 206 PIMCO Total Return Adm Risk Profile Annualized Return vs. Annualized Standard Deviation 5 Rolling 5 Standard Deviation 6.0 7.2 5.0 6.3 4.0 5.4 Return (%) 3.0 2.0.0 0.0 4.5 3.6 2.7 -.0.8-2.0 0.0 0.7.4 2. 2.8 3.5 4.2 4.9 5.6 Risk (Standard Deviation %) PIMCO Total Return Adm Barclays Aggregate Index 0.9 0.0 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 Citigroup 3 Month T-Bill PIMCO Total Return Adm Barclays Aggregate Index Active Return Tracking Error Information Ratio 5 Historical Statistics R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation PIMCO Total Return Adm -0.28 2.36-0.2 0.58 0.93-0.29.00 3.45 3.65 0.76 Barclays Aggregate Index 0.00 0.00 N/A.00.33 0.00.00 3.76 2.77.00 Citigroup 3 Month T-Bill -3.67 2.77 -.33 0.0 N/A 0.06 0.00 0.06 0.02 0.0 Page 7

PIMCO Total Return Fund As of June 30, 206 Mutual Fund Attributes Credit Quality Allocation As of 06/30/206 Fixed Income Characteristics As of 06/30/206 AAA AA 4% 66% Average Coupon 3.7% Effective Maturity 9.08 Yield-to-Maturity 3.7% Effective Duration 5.77 Holdings Count 4,505 Average Credit Quality AA- A 9% BBB % <BBB 0% 0% 20% 40% 60% 80% Maturity Distribution As of 06/30/206 Sector Allocation As of 06/30/206 < -4% Mortgage 48% -3 7% U.S. Government-Related 40% 3-5 42% Credit 9% 5-0 0-20 0% 30% Emerging Markets Other Non-U.S. Developed 0% 6% 9% 20+ 5% Net Cash Equivalents -20% -25% -5% -5% 5% 5% 25% 35% 45% 55% -35% -5% 5% 25% 45% Page 8

PIMCO Inflation Response MultiAsst Inst As of June 30, 206 PIMCO Inflation Response MultiAsst Inst Performance Summary Account Information Return Summary Product Name : PIMCO:Infl Rsp MA;Inst (PIRMX) Fund Family : PIMCO Ticker : PIRMX Peer Group : IM Flexible Portfolio (MF) Benchmark : PIMCO IRMA Benchmark Fund Inception : 08/3/20 Portfolio Manager : Mihir Worah/Johnson Total Assets : $959.40 Million Total Assets Date : 06/30/206 Gross Expense :.0% Net Expense : 0.77% Turnover : 290% Return 24.0 8.0 2.0 6.0 0.0 4.7 8.4 Quarter 0.2 7.0 To Date 2.2 7.3.3.8 3 0. 5 3.0 0 PIMCO Inflation Response MultiAsst Inst PIMCO IRMA Benchmark Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception 6.0%.20 3.0%.4.08 0.0%.02.04-3.0 % 0.96 8/ 2/2 8/2 2/3 8/3 2/4 8/4 2/5 8/5 6/6-6.0 % 2/ 6/2 2/2 6/3 2/3 6/4 2/4 6/5 2/5 6/6 PIMCO Inflation Response MultiAsst Inst Quarterly Out Performance Quarterly Under Performance Benchmark Page 9

PIMCO Inflation Response MultiAsst Inst As of June 30, 206 Peer Group Analysis IM Flexible Portfolio (MF) 32.0 26.0 20.0 4.0 Return 8.0 2.0-4.0-0.0-6.0-22.0 Quarter To Date PIMCO Inflation Response MultiAsst Inst 4.74 (6) 0.24 (8) 2.2 (26).32 (82) N/A N/A PIMCO IRMA Benchmark 8.38 (3) 6.99 () 7.29 (6).84 (79) 0.2 (9) 2.98 (93) 5th Percentile 6.2 0.47 7.36 8.08 8.28 7.25 st Quartile 3.8 5.99 2.27 5.6 6.43 5.6 Median 2.35 3.43 -.07 4.2 4.24 4.67 3rd Quartile.03.06-4.6 2.8 2.66 3.84 95th Percentile -2.44-3.77-0.20-2.95-0.89 2.9 3 5 0 Page 20

PIMCO Inflation Response MultiAsst Inst 3 Ending June 30, 206 PIMCO Inflation Response MultiAsst Inst Risk Profile Annualized Return vs. Annualized Standard Deviation 3 Rolling Standard Deviation 3.0 5.0 2.4.8 2.0 Return (%).2 0.6 9.0 0.0 6.0-0.6 3.0 -.2 0.0 2.0 4.0 6.0 8.0 0.0 2.0 4.0 Risk (Standard Deviation %) PIMCO Inflation Response MultiAsst Inst PIMCO IRMA Benchmark Citigroup 3 Month T-Bill 0.0 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 PIMCO Inflation Response MultiAsst Inst PIMCO IRMA Benchmark Active Return Tracking Error 3 Historical Statistics Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation PIMCO Inflation Response MultiAsst Inst -0.59 3.44-0.7 0.84 0.2-0.4 0.79.32 7.30 0.9 PIMCO IRMA Benchmark 0.00 0.00 N/A.00 0.25 0.00.00.84 8.43.00 Citigroup 3 Month T-Bill -2.0 8.42-0.25 0.23 N/A 0.06 0.00 0.06 0.02 0.48 Page 2

PIMCO Inflation Response MultiAsst Inst As of June 30, 206 Mutual Fund Attributes Asset Allocation As of 2/3/205 Fixed Income 02.5% Other 4.4% Equities 8.7% Convertibles 0.0% Cash -25.6 % -00.0 % -50.0 % 0.0% 50.0% 00.0% 50.0% 200.0% Fund Characteristics As of 2/3/205 Total Securities 489 Avg. Market Cap $28,955.62 Million P/E 40.22 P/B 3.6 Div. Yield 5.64% Annual EPS 2.32 5Yr EPS 6.37 3Yr EPS Growth 28.96 Top Ten Securities As of 2/3/205 PIMCO Emerging Markets Currency Fund;Institutional.3 % Vanguard REIT Index Fund;ETF.25 % American Capital Agency Corp.00 % Vanguard FTSE Emerging Markets Fund ETF 0.57 % Simon Property Group Inc ORD 0.37 % Public Storage ORD 0.34 % Annaly Capital Management Inc ORD 0.33 % Essex Property Trust Inc 0.30 % Equity Residential ORD 0.30 % AvalonBay Communities Inc ORD 0.27 % Page 22

Target Date Page 23

As of June 30, 206 Asset Allocation for T. Rowe Price Retirement Funds 00% 80% 60% 40% 20% 0% Target Balanced Target 2005 Target 200 Target 205 Target 2020 Target 2025 Target 2030 Target 2035 Target 2040 Target 2045 Target 2050 Target 2055 Target 2060 Fixed Income US Equity Non-US Equity Specialty Funds* * Specialty Funds include T. Rowe Price Real Assets Fund Page 24

As of June 30, 206 Asset Allocation: T. Rowe Price Retirement Funds Balanced Fund 2005 Fund 200 Fund 205 Fund 2020 Fund Fixed Income 60.2% 6.3% 55.4% 46.9% 37.3% 29.4% 22.3% 6.3%.2% 0.3% 0.3% 0.2% 0.3% T. Rowe Price Inflation Focused Bond 30.% 8.0% 5.5%.5% 6.6% 3.5%.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% T. Rowe Price New Income 2.0% 30.2% 27.8% 24.7% 2.5% 8.% 4.5%.4% 7.9% 7.2% 7.2% 7.% 7.2% T. Rowe Price High Yield 3.0% 4.3% 4.0% 3.5% 3.% 2.6% 2.%.6%.%.0%.0%.0%.0% T. Rowe Price Intl Bond 3.% 4.4% 4.0% 3.6% 3.% 2.6% 2.%.6%.%.0%.0%.0%.0% T. Rowe Price EM Bond 3.% 4.4% 4.% 3.6% 3.2% 2.7% 2.%.7%.%.0%.0%.0%.0% U.S. Equity 25.6% 24.9% 28.7% 34.3% 40.4% 45.6% 50.0% 53.8% 57.% 57.7% 57.7% 57.8% 57.7% T. Rowe Price Value 0.0% 0.0% 0.0% 2.4% 6.6% 0.4% 3.5% 6.4% 8.7% 9.% 9.% 9.% 9.% T. Rowe Price Equity Index 500 20.4% 9.9% 23.0% 22.0% 8.5% 5.% 2.4% 9.6% 7.5% 7.3% 7.3% 7.3% 7.3% T. Rowe Price Growth Stock 0.0% 0.0% 0.0% 3.0% 7.2% 0.9% 4.0% 7.0% 9.3% 9.7% 9.7% 9.6% 9.7% T. Rowe Price Mid-Cap Value.5%.4%.6%.9% 2.3% 2.6% 2.8% 3.0% 3.2% 3.2% 3.2% 3.2% 3.3% T. Rowe Price Mid-Cap Growth.3%.3%.4%.7% 2.0% 2.3% 2.5% 2.7% 2.9% 2.9% 2.9% 3.% 2.9% T. Rowe Price Small-Cap Value 0.8% 0.8% 0.9%.2%.4%.6%.7%.9% 2.0% 2.0% 2.0% 2.0% 2.0% T. Rowe Price Small-Cap Stock.0% 0.9%.%.2%.4%.6%.8%.9% 2.0% 2.0% 2.0% 2.0% 2.0% T. Rowe Price New Horizons 0.6% 0.6% 0.7% 0.8%.0%.%.2%.4%.4%.4%.4%.4%.4% Non-U.S. Equity 2.7% 2.4% 4.3% 6.9% 9.9% 22.5% 24.8% 26.8% 28.5% 28.7% 28.8% 28.8% 28.7% T. Rowe Price Intl Growth & Income 3.6% 3.5% 4.% 4.8% 5.7% 6.4% 7.0% 7.5% 8.0% 8.0% 8.0% 8.0% 8.0% T. Rowe Price Overseas Stock 3.7% 3.6% 4.2% 4.9% 5.9% 6.6% 7.3% 7.9% 8.4% 8.5% 8.5% 8.5% 8.5% T. Rowe Price International Stock 3.3% 3.2% 3.7% 4.4% 5.2% 5.8% 6.4% 6.9% 7.3% 7.4% 7.4% 7.4% 7.4% T. Rowe Price Emerging Markets Stock 2.2% 2.% 2.3% 2.8% 3.2% 3.6% 4.% 4.5% 4.8% 4.9% 4.9% 4.9% 4.8% Real Assets.5%.4%.6%.9% 2.3% 2.6% 2.8% 3.0% 3.2% 3.3% 3.3% 3.3% 3.3% T. Rowe Price Real Assets.5%.4%.6%.9% 2.3% 2.6% 2.8% 3.0% 3.2% 3.3% 3.3% 3.3% 3.3% MM/Short Term Investment 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Summit Cash Reserves 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total 00.0% 00.0% 00.0% 00.0% 00.0% 00.0% 00.0% 00.0% 00.0% 00.0% 00.0% 00.0% 00.0% 2025 Fund 2030 Fund 2035 Fund 2040 Fund 2045 Fund 2050 Fund 2055 Fund 2060 Fund Page 25

TRP Retirement 2005 As of June 30, 206 TRP Retirement 2005 Performance Summary Account Information Return Summary Product Name : T Rowe Price Ret:2005 (TRRFX) Fund Family : T Rowe Price Associates Inc Ticker : TRRFX Peer Group : IM Mixed-Asset Target Alloc Consv (MF) Benchmark : TRP Retirement 2005 Index Fund Inception : 02/27/2004 Portfolio Manager : Clark/Lee Total Assets : $,598.70 Million Total Assets Date : 06/30/206 Gross Expense : 0.58% Net Expense : 0.58% Turnover : 4% Return 8.0 6.0 4.0 2.0 0.0 2.3.8 Quarter 4.7 3.9 To Date 2.5 2.5 5.3 5.4 5.3 5.4 5.4 3 5 5.0 0 TRP Retirement 2005 TRP Retirement 2005 Index Quarterly Excess Performance Ratio of Cumulative Wealth - 5 4.0%.02 2.0% 0.0%.00.00-2.0 % 0.98-4.0 % 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 0.96 6/ 2/ 6/2 2/2 6/3 2/3 6/4 2/4 6/5 2/5 6/6 Quarterly Out Performance Quarterly Under Performance TRP Retirement 2005 Benchmark Page 26

TRP Retirement 2005 As of June 30, 206 Mutual Fund Attributes Asset Allocation As of 03/3/206 Fixed Income Equities Cash 2.% 38.9% 58.9% Fund Characteristics As of 03/3/206 Total Securities 8 Avg. Market Cap $33,620.65 Million P/E 0.3 P/B.83 Div. Yield.06% Annual EPS 3.0 5Yr EPS 3.47 3Yr EPS Growth 4.24 Other 0.% Convertibles 0.0% 0.0% 20.0% 40.0% 60.0% 80.0% 00.0% Top Ten Securities As of 03/3/206 T Rowe Price New Income Fund 29.24 % T Rowe Price Equity Index 500 Fund 20.37 % T Rowe Price Limited Duration Inflation Foc Bd 7.6 % T Rowe Price High Yield Fund 4.48 % T Rowe Price Emerging Markets Bond Fund 4.48 % T Rowe Price International Bond Fund 4.35 % T Rowe Price Overseas Stock Fund 3.72 % T Rowe Price International Growth & Income Fd 3.69 % T Rowe Price International Stock Fund 3.28 % T Rowe Price Emerging Markets Stock Fund 2.30 % Sector/Quality Allocation As of 03/3/206 Financials Consumer Discretionary 5.% Information Technology 5.0% Industrials 4.9% Health Care 4.5% Consumer Staples 4.3% Energy 2.2% 8.4% Materials Telecommunication Services Utilities.7%.3%.2% 0.0% 5.0% 0.0% 5.0% 20.0% Page 27

TRP Retirement 200 As of June 30, 206 TRP Retirement 200 Performance Summary Account Information Return Summary Product Name : T Rowe Price Ret:200 (TRRAX) Fund Family : T Rowe Price Associates Inc Ticker : TRRAX Peer Group : IM Mixed-Asset Target 200 (MF) Benchmark : TRP Retirement 200 Index Fund Inception : 09/30/2002 Portfolio Manager : Clark/Lee Total Assets : $4,760.80 Million Total Assets Date : 06/30/206 Gross Expense : 0.58% Net Expense : 0.58% Turnover : 4% Return 9.0 6.0 3.0 0.0 2.3.8 Quarter 4.7 3.8 To Date 2.3 2. 5.8 5.8 5.7 5.8 3 5 5.5 5.2 0 TRP Retirement 200 TRP Retirement 200 Index Quarterly Excess Performance Ratio of Cumulative Wealth - 5 4.0%.02 2.0% 0.0%.00.00-2.0 % 0.98-4.0 % 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 0.96 6/ 2/ 6/2 2/2 6/3 2/3 6/4 2/4 6/5 2/5 6/6 Quarterly Out Performance Quarterly Under Performance TRP Retirement 200 Benchmark Page 28

TRP Retirement 200 As of June 30, 206 Mutual Fund Attributes Asset Allocation As of 03/3/206 Fixed Income Equities Cash 2.3% 44.8% 53.0% Fund Characteristics As of 03/3/206 Total Securities 8 Avg. Market Cap $38,745.77 Million P/E.66 P/B 2.0 Div. Yield.23% Annual EPS 3.45 5Yr EPS 3.99 3Yr EPS Growth 4.87 Convertibles 0.0% Other -0. % -25.0 % 0.0% 25.0% 50.0% 75.0% Top Ten Securities As of 03/3/206 T Rowe Price New Income Fund 26.84 % T Rowe Price Equity Index 500 Fund 23.50 % T Rowe Price Limited Duration Inflation Foc Bd 5.3 % T Rowe Price Overseas Stock Fund 4.28 % T Rowe Price International Growth & Income Fd 4.26 % T Rowe Price High Yield Fund 4.0 % T Rowe Price Emerging Markets Bond Fund 4.09 % T Rowe Price International Bond Fund 3.98 % T Rowe Price International Stock Fund 3.78 % T Rowe Price Emerging Markets Stock Fund 2.6 % Sector/Quality Allocation As of 03/3/206 Financials Consumer Discretionary 5.9% Information Technology 5.8% Industrials 5.6% Health Care 5.% Consumer Staples 4.9% Energy 2.5% 9.6% Materials Telecommunication Services Utilities 2.0%.5%.4% 0.0% 5.0% 0.0% 5.0% 20.0% Page 29

TRP Retirement 205 As of June 30, 206 TRP Retirement 205 Performance Summary Account Information Return Summary Product Name : T Rowe Price Ret:205 (TRRGX) Fund Family : T Rowe Price Associates Inc Ticker : TRRGX Peer Group : IM Mixed-Asset Target 205 (MF) Benchmark : TRP Retirement 205 Index Fund Inception : 02/27/2004 Portfolio Manager : Clark/Lee Total Assets : $8,366.0 Million Total Assets Date : 06/30/206 Gross Expense : 0.62% Net Expense : 0.62% Turnover : 4% Return 2.0 9.0 6.0 3.0 0.0 2..8 Quarter 4. 3.6 To Date.5.6 6.4 6.4 6.3 6.4 3 5 5.8 5.4 0 TRP Retirement 205 TRP Retirement 205 Index Quarterly Excess Performance Ratio of Cumulative Wealth - 5 4.0%.02 2.0% 0.0%.00 0.99-2.0 % 0.98-4.0 % 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 0.96 6/ 2/ 6/2 2/2 6/3 2/3 6/4 2/4 6/5 2/5 6/6 Quarterly Out Performance Quarterly Under Performance TRP Retirement 205 Benchmark Page 30

TRP Retirement 205 As of June 30, 206 Mutual Fund Attributes Asset Allocation As of 03/3/206 Equities Fixed Income Cash 2.3% 44.5% 53.2% Fund Characteristics As of 03/3/206 Total Securities 20 Avg. Market Cap $44,898.5 Million P/E 4.04 P/B 2.49 Div. Yield.43% Annual EPS 4.57 5Yr EPS 4.79 3Yr EPS Growth 5.98 Convertibles 0.0% Other 0.0% -25.0 % 0.0% 25.0% 50.0% 75.0% Top Ten Securities As of 03/3/206 T Rowe Price New Income Fund 23.59 % T Rowe Price Equity Index 500 Fund 22.3 % T Rowe Price Limited Duration Inflation Foc Bd 0.96 % T Rowe Price Overseas Stock Fund 5.05 % T Rowe Price International Growth & Income Fd 5.03 % T Rowe Price International Stock Fund 4.44 % T Rowe Price Emerging Markets Bond Fund 3.66 % T Rowe Price High Yield Fund 3.66 % T Rowe Price International Bond Fund 3.56 % T Rowe Price Emerging Markets Stock Fund 3.07 % Sector/Quality Allocation As of 03/3/206 Financials Consumer Discretionary 7.2% Information Technology 6.9% Industrials 6.6% Health Care 6.4% Consumer Staples 5.7% Energy 2.8%.3% Materials Utilities Telecommunication Services 2.4%.7%.6% 0.0% 6.0% 2.0% 8.0% 24.0% Page 3

TRP Retirement 2020 As of June 30, 206 TRP Retirement 2020 Performance Summary Account Information Return Summary Product Name : T Rowe Price Ret:2020 (TRRBX) Fund Family : T Rowe Price Associates Inc Ticker : TRRBX Peer Group : IM Mixed-Asset Target 2020 (MF) Benchmark : TRP Retirement 2020 Index Fund Inception : 09/30/2002 Portfolio Manager : Clark/Lee Total Assets : $20,07.20 Million Total Assets Date : 06/30/206 Gross Expense : 0.66% Net Expense : 0.66% Turnover : 0% Return 2.0 9.0 6.0 3.0 0.0 2.0.8 Quarter 3.5 3.4 To Date 0.6. 6.9 6.9 6.8 6.9 3 5 5.9 5.6 0 TRP Retirement 2020 TRP Retirement 2020 Index Quarterly Excess Performance Ratio of Cumulative Wealth - 5 4.0%.02 2.0% 0.0%.00.00-2.0 % 0.98-4.0 % 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 0.96 6/ 2/ 6/2 2/2 6/3 2/3 6/4 2/4 6/5 2/5 6/6 Quarterly Out Performance Quarterly Under Performance TRP Retirement 2020 Benchmark Page 32

TRP Retirement 2020 As of June 30, 206 Mutual Fund Attributes Asset Allocation As of 03/3/206 Equities Fixed Income Cash 2.2% 35.3% 62.3% Fund Characteristics As of 03/3/206 Total Securities 20 Avg. Market Cap $50,929.43 Million P/E 6.67 P/B 2.9 Div. Yield.65% Annual EPS 5.97 5Yr EPS 5.66 3Yr EPS Growth 7.25 Other 0.2% Convertibles 0.0% 0.0% 20.0% 40.0% 60.0% 80.0% 00.0% Top Ten Securities As of 03/3/206 T Rowe Price New Income Fund 20.24 % T Rowe Price Equity Index 500 Fund 8.36 % T Rowe Price Growth Stock Fund 7.59 % T Rowe Price Value Fund 6.98 % T Rowe Price Limited Duration Inflation Foc Bd 6.47 % T Rowe Price Overseas Stock Fund 5.94 % T Rowe Price International Growth & Income Fd 5.9 % T Rowe Price International Stock Fund 5.2 % T Rowe Price Emerging Markets Stock Fund 3.56 % T Rowe Price Emerging Markets Bond Fund 3.4 % Sector/Quality Allocation As of 03/3/206 Financials Consumer Discretionary 8.7% Information Technology 8.% Health Care 8.0% Industrials 7.6% Consumer Staples 6.6% Energy 2.9% 3.% Materials Utilities Telecommunication Services 2.8% 2.%.8% 0.0% 8.0% 6.0% 24.0% 32.0% Page 33

TRP Retirement 2025 As of June 30, 206 TRP Retirement 2025 Performance Summary Account Information Return Summary Product Name : T Rowe Price Ret:2025 (TRRHX) Fund Family : T Rowe Price Associates Inc Ticker : TRRHX Peer Group : IM Mixed-Asset Target 2025 (MF) Benchmark : TRP Retirement 2025 Index Fund Inception : 02/27/2004 Portfolio Manager : Clark/Lee Total Assets : $6,270.20 Million Total Assets Date : 06/30/206 Gross Expense : 0.69% Net Expense : 0.69% Turnover : 9% Return 2.0 8.0 4.0 0.0-4.0.7.8 Quarter 2.9 3.2 To Date -0.3 0.6 7.3 7.3 7.2 7.4 3 5 6.0 5.7 0 TRP Retirement 2025 TRP Retirement 2025 Index Quarterly Excess Performance Ratio of Cumulative Wealth - 5 4.0%.04 2.0%.02 0.0%.00 0.99-2.0 % 0.98-4.0 % 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 0.96 6/ 2/ 6/2 2/2 6/3 2/3 6/4 2/4 6/5 2/5 6/6 Quarterly Out Performance Quarterly Under Performance TRP Retirement 2025 Benchmark Page 34

TRP Retirement 2025 As of June 30, 206 Mutual Fund Attributes Asset Allocation As of 03/3/206 Equities Fixed Income 27.7% Cash 2.0% 69.8% Fund Characteristics As of 03/3/206 Total Securities 20 Avg. Market Cap $55,96. Million P/E 8.85 P/B 3.25 Div. Yield.83% Annual EPS 7.3 5Yr EPS 6.39 3Yr EPS Growth 8.3 Other 0.5% Convertibles 0.0% 0.0% 20.0% 40.0% 60.0% 80.0% 00.0% Top Ten Securities As of 03/3/206 T Rowe Price New Income Fund 7.09 % T Rowe Price Equity Index 500 Fund 5.05 % T Rowe Price Growth Stock Fund.32 % T Rowe Price Value Fund 0.72 % T Rowe Price Overseas Stock Fund 6.66 % T Rowe Price International Growth & Income Fd 6.6 % T Rowe Price International Stock Fund 5.84 % T Rowe Price Emerging Markets Stock Fund 4.02 % T Rowe Price Limited Duration Inflation Foc Bd 3.33 % T Rowe Price Real Assets Fund 2.99 % Sector/Quality Allocation As of 03/3/206 Financials Consumer Discretionary 0.0% Health Care 9.3% Information Technology 9.2% Industrials 8.4% Consumer Staples 7.3% Materials 3.% 4.7% Energy Utilities Telecommunication Services 3.0% 2.4%.9% 0.0% 8.0% 6.0% 24.0% 32.0% Page 35

TRP Retirement 2030 As of June 30, 206 TRP Retirement 2030 Performance Summary Account Information Return Summary Product Name : T Rowe Price Ret:2030 (TRRCX) Fund Family : T Rowe Price Associates Inc Ticker : TRRCX Peer Group : IM Mixed-Asset Target 2030 (MF) Benchmark : TRP Retirement 2030 Index Fund Inception : 09/30/2002 Portfolio Manager : Clark/Lee Total Assets : $9,485.00 Million Total Assets Date : 06/30/206 Gross Expense : 0.72% Net Expense : 0.72% Turnover : 9% Return 2.0 8.0 4.0 0.0-4.0-8.0.6.8 Quarter 2.4 3. To Date -0.9 0. 7.7 7.6 7.6 7.7 3 5 6. 5.8 0 TRP Retirement 2030 TRP Retirement 2030 Index Quarterly Excess Performance Ratio of Cumulative Wealth - 5 4.0%.04 2.0%.02 0.0%.00.00-2.0 % 0.98-4.0 % 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 0.96 6/ 2/ 6/2 2/2 6/3 2/3 6/4 2/4 6/5 2/5 6/6 Quarterly Out Performance Quarterly Under Performance TRP Retirement 2030 Benchmark Page 36

TRP Retirement 2030 As of June 30, 206 Mutual Fund Attributes Asset Allocation As of 03/3/206 Equities Fixed Income 2.0% Cash.9% 76.4% Fund Characteristics As of 03/3/206 Total Securities 20 Avg. Market Cap $60,322.4 Million P/E 20.75 P/B 3.54 Div. Yield.99% Annual EPS 8.3 5Yr EPS 7.0 3Yr EPS Growth 9.22 Other 0.7% Convertibles 0.0% 0.0% 25.0% 50.0% 75.0% 00.0% 25.0% Top Ten Securities As of 03/3/206 T Rowe Price Growth Stock Fund 4.58 % T Rowe Price Value Fund 3.82 % T Rowe Price New Income Fund 3.72 % T Rowe Price Equity Index 500 Fund 2.22 % T Rowe Price Overseas Stock Fund 7.28 % T Rowe Price International Growth & Income Fd 7.24 % T Rowe Price International Stock Fund 6.40 % T Rowe Price Emerging Markets Stock Fund 4.38 % T Rowe Price Real Assets Fund 3.26 % T Rowe Price Mid-Cap Value Fund 2.86 % Sector/Quality Allocation As of 03/3/206 Financials Consumer Discretionary.0% Health Care 0.5% Information Technology 0.0% Industrials 9.2% Consumer Staples 7.9% Materials 3.4% 6.0% Energy Utilities Telecommunication Services 3.% 2.7%.9% 0.0% 8.0% 6.0% 24.0% 32.0% Page 37

TRP Retirement 2035 As of June 30, 206 TRP Retirement 2035 Performance Summary Account Information Return Summary Product Name : T Rowe Price Ret:2035 (TRRJX) Fund Family : T Rowe Price Associates Inc Ticker : TRRJX Peer Group : IM Mixed-Asset Target 2035 (MF) Benchmark : TRP Retirement 2035 Index Fund Inception : 02/27/2004 Portfolio Manager : Clark/Lee Total Assets : $,84.50 Million Total Assets Date : 06/30/206 Gross Expense : 0.74% Net Expense : 0.74% Turnover : 8% Return 5.0 0.0 5.0 0.0-5.0-0.0.4.8 Quarter.8 2.9 To Date -.7-0.3 7.9 7.8 7.8 7.9 3 5 6. 5.8 0 TRP Retirement 2035 TRP Retirement 2035 Index Quarterly Excess Performance Ratio of Cumulative Wealth - 5 4.0%.04 2.0%.02 0.0%.00 0.99-2.0 % 0.98-4.0 % 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 0.96 6/ 2/ 6/2 2/2 6/3 2/3 6/4 2/4 6/5 2/5 6/6 Quarterly Out Performance Quarterly Under Performance TRP Retirement 2035 Benchmark Page 38

TRP Retirement 2035 As of June 30, 206 Mutual Fund Attributes Asset Allocation As of 03/3/206 Equities Fixed Income 5.3% Cash.8% 82.% Fund Characteristics As of 03/3/206 Total Securities 20 Avg. Market Cap $63,864.32 Million P/E 22.42 P/B 3.80 Div. Yield 2.3% Annual EPS 9.03 5Yr EPS 7.56 3Yr EPS Growth 0.02 Other 0.9% Convertibles 0.0% 0.0% 50.0% 00.0% 50.0% Top Ten Securities As of 03/3/206 T Rowe Price Growth Stock Fund 7.65 % T Rowe Price Value Fund 6.72 % T Rowe Price New Income Fund 0.32 % T Rowe Price Equity Index 500 Fund 9.20 % T Rowe Price Overseas Stock Fund 7.85 % T Rowe Price International Growth & Income Fd 7.78 % T Rowe Price International Stock Fund 6.87 % T Rowe Price Emerging Markets Stock Fund 4.72 % T Rowe Price Real Assets Fund 3.49 % T Rowe Price Mid-Cap Value Fund 3.7 % Sector/Quality Allocation As of 03/3/206 Financials Consumer Discretionary 2.0% Health Care.5% Information Technology 0.8% Industrials 9.8% Consumer Staples 8.4% Materials 3.6% 7.% Energy Utilities Telecommunication Services 3.2% 2.9% 2.0% 0.0% 0.0% 20.0% 30.0% 40.0% Page 39

TRP Retirement 2040 As of June 30, 206 TRP Retirement 2040 Performance Summary Account Information Return Summary Product Name : T Rowe Price Ret:2040 (TRRDX) Fund Family : T Rowe Price Associates Inc Ticker : TRRDX Peer Group : IM Mixed-Asset Target 2040 (MF) Benchmark : TRP Retirement 2040 Index Fund Inception : 09/30/2002 Portfolio Manager : Clark/Lee Total Assets : $3,64.90 Million Total Assets Date : 06/30/206 Gross Expense : 0.75% Net Expense : 0.75% Turnover : 8% Return 5.0 0.0 5.0 0.0-5.0-0.0.2.8.4 Quarter 2.7 To Date -2.3-0.8 7.9 7.9 7.9 8.0 3 5 6.2 5.9 0 TRP Retirement 2040 TRP Retirement 2040 Index Quarterly Excess Performance Ratio of Cumulative Wealth - 5 4.0%.04 2.0%.02 0.0%.00 0.99-2.0 % 0.98-4.0 % 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 0.96 6/ 2/ 6/2 2/2 6/3 2/3 6/4 2/4 6/5 2/5 6/6 Quarterly Out Performance Quarterly Under Performance TRP Retirement 2040 Benchmark Page 40

TRP Retirement 2040 As of June 30, 206 Mutual Fund Attributes Asset Allocation As of 03/3/206 Equities Fixed Income 0.5% Cash.7% 86.8% Fund Characteristics As of 03/3/206 Total Securities 20 Avg. Market Cap $67,054.38 Million P/E 23.76 P/B 4.0 Div. Yield 2.24% Annual EPS 9.74 5Yr EPS 7.99 3Yr EPS Growth 0.66 Other.0% Convertibles 0.0% 0.0% 50.0% 00.0% 50.0% Top Ten Securities As of 03/3/206 T Rowe Price Growth Stock Fund 9.83 % T Rowe Price Value Fund 9.03 % T Rowe Price Overseas Stock Fund 8.26 % T Rowe Price International Growth & Income Fd 8.22 % T Rowe Price Equity Index 500 Fund 7.35 % T Rowe Price International Stock Fund 7.27 % T Rowe Price New Income Fund 6.96 % T Rowe Price Emerging Markets Stock Fund 5.00 % T Rowe Price Real Assets Fund 3.62 % T Rowe Price Mid-Cap Value Fund 3.36 % Sector/Quality Allocation As of 03/3/206 Financials Consumer Discretionary 2.8% Health Care 2.3% Information Technology.4% Industrials 0.3% Consumer Staples 8.9% Materials 3.8% 8.0% Energy Utilities Telecommunication Services 3.3% 3.% 2.% 0.0% 0.0% 20.0% 30.0% 40.0% Page 4

TRP Retirement 2045 As of June 30, 206 TRP Retirement 2045 Performance Summary Account Information Return Summary Product Name : T Rowe Price Ret:2045 (TRRKX) Fund Family : T Rowe Price Associates Inc Ticker : TRRKX Peer Group : IM Mixed-Asset Target 2045 (MF) Benchmark : TRP Retirement 2045 Index Fund Inception : 05/3/2005 Portfolio Manager : Clark/Lee Total Assets : $6,95.70 Million Total Assets Date : 06/30/206 Gross Expense : 0.75% Net Expense : 0.75% Turnover : 8% Return 5.0 0.0 5.0 0.0-5.0-0.0.3.8.4 Quarter 2.7 To Date -2.3-0.7 7.9 7.9 7.9 8.0 3 5 6.2 5.9 0 TRP Retirement 2045 TRP Retirement 2045 Index Quarterly Excess Performance Ratio of Cumulative Wealth - 5 4.0%.04 2.0%.02 0.0%.00 0.99-2.0 % 0.98-4.0 % 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 0.96 6/ 2/ 6/2 2/2 6/3 2/3 6/4 2/4 6/5 2/5 6/6 Quarterly Out Performance Quarterly Under Performance TRP Retirement 2045 Benchmark Page 42

TRP Retirement 2045 As of June 30, 206 Mutual Fund Attributes Asset Allocation As of 03/3/206 Equities Fixed Income 9.9% Cash.7% 87.4% Fund Characteristics As of 03/3/206 Total Securities 20 Avg. Market Cap $67,436.8 Million P/E 23.94 P/B 4.04 Div. Yield 2.26% Annual EPS 9.82 5Yr EPS 8.05 3Yr EPS Growth 0.74 Other.0% Convertibles 0.0% 0.0% 50.0% 00.0% 50.0% Top Ten Securities As of 03/3/206 T Rowe Price Growth Stock Fund 20.03 % T Rowe Price Value Fund 9.30 % T Rowe Price Overseas Stock Fund 8.29 % T Rowe Price International Growth & Income Fd 8.26 % T Rowe Price International Stock Fund 7.3 % T Rowe Price Equity Index 500 Fund 7.7 % T Rowe Price New Income Fund 6.47 % T Rowe Price Emerging Markets Stock Fund 5.06 % T Rowe Price Real Assets Fund 3.67 % T Rowe Price Mid-Cap Value Fund 3.38 % Sector/Quality Allocation As of 03/3/206 Financials Consumer Discretionary 2.9% Health Care 2.4% Information Technology.5% Industrials 0.4% Consumer Staples 8.9% Materials 3.8% 8.2% Energy Utilities Telecommunication Services 3.3% 3.2% 2.% 0.0% 0.0% 20.0% 30.0% 40.0% Page 43

TRP Retirement 2050 As of June 30, 206 TRP Retirement 2050 Performance Summary Account Information Return Summary Product Name : T Rowe Price Ret:2050 (TRRMX) Fund Family : T Rowe Price Associates Inc Ticker : TRRMX Peer Group : IM Mixed-Asset Target 2050 (MF) Benchmark : TRP Retirement 2050 Index Fund Inception : 2/29/2006 Portfolio Manager : Clark/Lee Total Assets : $4,862.30 Million Total Assets Date : 06/30/206 Gross Expense : 0.75% Net Expense : 0.75% Turnover : 7% Return 5.0 0.0 5.0 0.0-5.0-0.0.3.8.3 Quarter 2.7 To Date -2.3-0.7 7.9 7.9 7.9 8.0 3 5 0 TRP Retirement 2050 TRP Retirement 2050 Index Quarterly Excess Performance Ratio of Cumulative Wealth - 5 4.0%.04 2.0%.02 0.0%.00 0.99-2.0 % 0.98-4.0 % 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 0.96 6/ 2/ 6/2 2/2 6/3 2/3 6/4 2/4 6/5 2/5 6/6 Quarterly Out Performance Quarterly Under Performance TRP Retirement 2050 Benchmark Page 44

TRP Retirement 2050 As of June 30, 206 Mutual Fund Attributes Asset Allocation As of 03/3/206 Equities Fixed Income 9.9% Cash.7% 87.4% Fund Characteristics As of 03/3/206 Total Securities 20 Avg. Market Cap $67,53.6 Million P/E 23.93 P/B 4.04 Div. Yield 2.26% Annual EPS 9.82 5Yr EPS 8.05 3Yr EPS Growth 0.74 Other.0% Convertibles 0.0% 0.0% 50.0% 00.0% 50.0% Top Ten Securities As of 03/3/206 T Rowe Price Growth Stock Fund 20.04 % T Rowe Price Value Fund 9.33 % T Rowe Price Overseas Stock Fund 8.29 % T Rowe Price International Growth & Income Fd 8.25 % T Rowe Price International Stock Fund 7.32 % T Rowe Price Equity Index 500 Fund 7.2 % T Rowe Price New Income Fund 6.48 % T Rowe Price Emerging Markets Stock Fund 5.06 % T Rowe Price Real Assets Fund 3.69 % T Rowe Price Mid-Cap Value Fund 3.37 % Sector/Quality Allocation As of 03/3/206 Financials Consumer Discretionary 2.9% Health Care 2.4% Information Technology.5% Industrials 0.4% Consumer Staples 8.9% Materials 3.8% 8.2% Energy Utilities Telecommunication Services 3.3% 3.2% 2.% 0.0% 0.0% 20.0% 30.0% 40.0% Page 45

TRP Retirement 2055 As of June 30, 206 TRP Retirement 2055 Performance Summary Account Information Return Summary Product Name : T Rowe Price Ret:2055 (TRRNX) Fund Family : T Rowe Price Associates Inc Ticker : TRRNX Peer Group : IM Mixed-Asset Target 2055+ (MF) Benchmark : TRP Retirement 2055 Index Fund Inception : 2/29/2006 Portfolio Manager : Clark/Lee Total Assets : $,998.80 Million Total Assets Date : 06/30/206 Gross Expense : 0.75% Net Expense : 0.75% Turnover : 8% Return 5.0 0.0 5.0 0.0-5.0-0.0.3.8.3 Quarter 2.7 To Date -2.3-0.7 7.9 7.9 7.9 8.0 3 5 0 TRP Retirement 2055 TRP Retirement 2055 Index Quarterly Excess Performance Ratio of Cumulative Wealth - 5 4.0%.04 2.0%.02 0.0%.00 0.99-2.0 % 0.98-4.0 % 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 0.96 6/ 2/ 6/2 2/2 6/3 2/3 6/4 2/4 6/5 2/5 6/6 Quarterly Out Performance Quarterly Under Performance TRP Retirement 2055 Benchmark Page 46

TRP Retirement 2055 As of June 30, 206 Mutual Fund Attributes Asset Allocation As of 03/3/206 Equities Fixed Income 0.% Cash.7% 87.3% Fund Characteristics As of 03/3/206 Total Securities 20 Avg. Market Cap $67,49.53 Million P/E 23.90 P/B 4.04 Div. Yield 2.25% Annual EPS 9.8 5Yr EPS 8.04 3Yr EPS Growth 0.73 Other.0% Convertibles 0.0% 0.0% 50.0% 00.0% 50.0% Top Ten Securities As of 03/3/206 T Rowe Price Growth Stock Fund 20.09 % T Rowe Price Value Fund 9.20 % T Rowe Price Overseas Stock Fund 8.30 % T Rowe Price International Growth & Income Fd 8.25 % T Rowe Price International Stock Fund 7.3 % T Rowe Price Equity Index 500 Fund 7.25 % T Rowe Price New Income Fund 6.62 % T Rowe Price Emerging Markets Stock Fund 5.04 % T Rowe Price Real Assets Fund 3.66 % T Rowe Price Mid-Cap Value Fund 3.35 % Sector/Quality Allocation As of 03/3/206 Financials Consumer Discretionary 2.9% Health Care 2.3% Information Technology.5% Industrials 0.4% Consumer Staples 8.9% Materials 3.8% 8.% Energy Utilities Telecommunication Services 3.3% 3.% 2.% 0.0% 0.0% 20.0% 30.0% 40.0% Page 47

U.S. Equity Page 48

BlackRock S&P 500 Stock As of June 30, 206 BlackRock S&P 500 Stock Performance Summary Account Information Return Summary Product Name : BlackRock:S&P500 Idx;K (WFSPX) Fund Family : BlackRock Fund Advisors Ticker : WFSPX Peer Group : IM S&P 500 Index (MF) Benchmark : S&P 500 Index Fund Inception : 07/02/993 Portfolio Manager : Team Managed Total Assets : $,540.80 Million Total Assets Date : 06/30/206 Gross Expense : 0.04% Net Expense : 0.04% Turnover : 2% Return 20.0 5.0 0.0 5.0 0.0 2.4 2.5 Quarter 3.8 3.8 3.9 4.0 To Date.6.7 3 2.0 2. 5 7.3 7.4 0 BlackRock S&P 500 Stock S&P 500 Index Quarterly Excess Performance Ratio of Cumulative Wealth - 5 0.%.0 0.0%.00-0. %.00-0.2 % 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 0.99 6/ 2/ 6/2 2/2 6/3 2/3 6/4 2/4 6/5 2/5 6/6 Quarterly Out Performance Quarterly Under Performance BlackRock S&P 500 Stock Benchmark Page 49

BlackRock S&P 500 Stock As of June 30, 206 Peer Group Analysis IM S&P 500 Index (MF) 6.0 4.0 2.0 0.0 Return 8.0 6.0 4.0 2.0 0.0-2.0 Quarter To Date BlackRock S&P 500 Stock 2.44 (6) 3.80 (6) 3.92 (24).58 (2) 2.00 (24) 7.33 (22) S&P 500 Index 2.46 (0) 3.84 (7) 3.99 (3).66 () 2.0 () 7.42 (3) 5th Percentile 2.47 3.85 3.99.62 2.07 7.40 st Quartile 2.43 3.79 3.9.54.99 7.3 Median 2.40 3.73 3.83.44.90 7.23 3rd Quartile 2.37 3.67 3.68.3.77 7.3 95th Percentile 2.24 3.5 3.3.06.52 6.87 3 5 0 Page 50

BlackRock S&P 500 Stock 5 Ending June 30, 206 BlackRock S&P 500 Stock Risk Profile Annualized Return vs. Annualized Standard Deviation 5 Rolling 5 Standard Deviation 20.0 32.0 6.0 28.0 2.0 24.0 Return (%) 8.0 4.0 20.0 6.0 0.0 2.0-4.0 8.0-8.0 0.0 3.0 6.0 9.0 2.0 5.0 8.0 Risk (Standard Deviation %) BlackRock S&P 500 Stock S&P 500 Index 4.0 0.0 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 Citigroup 3 Month T-Bill BlackRock S&P 500 Stock S&P 500 Index Active Return Tracking Error Information Ratio 5 Historical Statistics R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation BlackRock S&P 500 Stock -0.09 0.03-3.30.00 0.99-0.0.00 2.00 2..00 S&P 500 Index 0.00 0.00 N/A.00.00 0.00.00 2.0 2.0.00 Citigroup 3 Month T-Bill -2.3 2.0 -.00 0.00 N/A 0.06 0.00 0.06 0.02 0.03 Page 5

BlackRock S&P 500 Stock As of June 30, 206 Mutual Fund Attributes Asset Allocation As of 04/30/206 Equities Other 4.4% Fixed Income 2.% 95.7% Fund Characteristics As of 04/30/206 Total Securities 50 Avg. Market Cap $26,259.7 Million P/E 25.88 P/B 5.69 Div. Yield 2.56% Annual EPS 8.65 5Yr EPS 8.90 3Yr EPS Growth.38 Convertibles 0.0% Cash -2. % -50.0 % 0.0% 50.0% 00.0% 50.0% Top Ten Securities As of 04/30/206 BlackRock Cash Funds: Institutional;SL Agency 4.0 % Apple Inc ORD 2.76 % Microsoft Corp ORD 2.09 % Exxon Mobil Corp ORD.95 % Johnson & Johnson ORD.64 % General Electric Co ORD.52 % Berkshire Hathaway Inc ORD.45 % Facebook Inc ORD.43 % Amazon.com Inc ORD.35 % AT&T Inc ORD.27 % Sector/Quality Allocation As of 04/30/206 Financials 6.8% Information Technology 5.2% Consumer Discretionary 3.5% Health Care 3.3% Industrials.0% Consumer Staples 0.5% Energy 7.0% Utilities Telecommunication Services Materials 3.2% 2.6% 2.2% 0.0% 0.0% 20.0% 30.0% 40.0% Page 52

Dodge & Cox Stock As of June 30, 206 Dodge & Cox Stock Performance Summary Account Information Return Summary Product Name : Dodge & Cox Stock (DODGX) Fund Family : Dodge & Cox Ticker : DODGX Peer Group : IM U.S. Large Cap Core Equity (MF) Benchmark : S&P 500 Index Fund Inception : 0/04/965 Portfolio Manager : Team Managed Total Assets : $53,76.50 Million Total Assets Date : 06/30/206 Gross Expense : 0.52% Net Expense : 0.52% Turnover : 5% Return 24.0 6.0 8.0 0.0-8.0-6.0.7 2.5 Quarter 0.7 To Date 3.8 4.0-5. 8.3 3.7 2. 0.4 5 5. 7.4 0 Dodge & Cox Stock S&P 500 Index Quarterly Excess Performance Ratio of Cumulative Wealth - 5 8.0%.4 4.0%.08 0.0%.02-4.0 % 0.96-8.0 % 0.90 0.93-2.0 % 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 6/ 2/ 6/2 2/2 6/3 2/3 6/4 2/4 6/5 2/5 6/6 Quarterly Out Performance Quarterly Under Performance Dodge & Cox Stock Benchmark Page 53

Dodge & Cox Stock As of June 30, 206 Peer Group Analysis IM U.S. Large Cap Core Equity (MF) 20.0 6.0 2.0 8.0 Return 4.0 0.0-4.0-8.0-2.0-6.0 Quarter To Date Dodge & Cox Stock.70 (60) 0.70 (77) -5.09 (94) 8.28 (82) 0.44 (58) 5.3 (93) S&P 500 Index 2.46 (33) 3.84 (29) 3.99 (24).66 (4) 2.0 (6) 7.42 (22) 5th Percentile 4.00 7.06 8.27 2.49 2.69 8.65 st Quartile 2.7 4.07 3.94.5.76 7.32 Median 2.04 2.48.36 9.96 0.72 6.64 3rd Quartile.20 0.80 -.38 8.57 9.53 5.95 95th Percentile -0.7-2.34-5.76 6.68 7.60 4.99 3 5 0 Page 54

Dodge & Cox Stock 5 Ending June 30, 206 Dodge & Cox Stock Risk Profile Annualized Return vs. Annualized Standard Deviation 5 Rolling 5 Standard Deviation 20.0 40.0 6.0 35.0 2.0 30.0 Return (%) 8.0 4.0 25.0 20.0 0.0 5.0-4.0 0.0-8.0 0.0 3.0 6.0 9.0 2.0 5.0 8.0 2.0 Risk (Standard Deviation %) Dodge & Cox Stock S&P 500 Index 5.0 0.0 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 Citigroup 3 Month T-Bill Dodge & Cox Stock S&P 500 Index Active Return Tracking Error Information Ratio 5 Historical Statistics R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Dodge & Cox Stock -.24 3.84-0.32 0.94 0.77-2.73.2 0.44 4.06 0.97 S&P 500 Index 0.00 0.00 N/A.00.00 0.00.00 2.0 2.0.00 Citigroup 3 Month T-Bill -2.3 2.0 -.00 0.00 N/A 0.06 0.00 0.06 0.02 0.03 Page 55

Dodge & Cox Stock As of June 30, 206 Mutual Fund Attributes Asset Allocation As of 03/3/206 Equities Cash 0.8% Fixed Income 0.% 99.2% Fund Characteristics As of 03/3/206 Total Securities 67 Avg. Market Cap $9,743.63 Million P/E 22.9 P/B 2.80 Div. Yield 2.35% Annual EPS -3.75 5Yr EPS 6.2 3Yr EPS Growth 4.87 Convertibles 0.0% Other 0.0% -50.0 % 0.0% 50.0% 00.0% 50.0% Top Ten Securities As of 03/3/206 Time Warner Cable Inc ORD 4.5 % Capital One Financial Corp ORD 3.84 % Wells Fargo & Co ORD 3.66 % Charles Schwab Corp ORD 3.22 % Bank of America Corp ORD 3.2 % Microsoft Corp ORD 3.20 % Hewlett Packard Enterprise Co ORD 3.7 % Time Warner Inc ORD 3.00 % Comcast Corp ORD 2.9 % EMC Corp ORD 2.80 % Sector/Quality Allocation As of 03/3/206 Financials 25.5% Information Technology 9.3% Consumer Discretionary 7.6% Health Care 6.0% Energy 7.9% Industrials 6.9% Non Classified Equity 3.2% Consumer Staples Materials Telecommunication Services.3% 0.9% 0.7% 0.0% 5.0% 30.0% 45.0% 60.0% Page 56

Vanguard Mid Cap Index As of June 30, 206 Vanguard Mid Cap Index Performance Summary Account Information Return Summary Product Name : Vanguard Md-Cp Idx;Inst (VMCIX) Fund Family : Vanguard Group Inc Ticker : VMCIX Peer Group : IM U.S. Mid Cap Equity (MF) Benchmark : Vanguard Spliced Mid Cap Index Fund Inception : 05/20/998 Portfolio Manager : Donald M. Butler Total Assets : $2,937.80 Million Total Assets Date : 06/30/206 Gross Expense : 0.07% Net Expense : 0.07% Turnover : 5% Return 8.0 2.0 6.0 0.0-6.0 2.3 2.3 Quarter 3.5 3.5 To Date -0.9-0.9 0.8 0.8 0.6 0.6 3 5 7.8 7.8 0 Vanguard Mid Cap Index Vanguard Spliced Mid Cap Index Quarterly Excess Performance Ratio of Cumulative Wealth - 5 0.%.0 0.0% -0. %.00.00-0.2 % 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 0.99 6/ 2/ 6/2 2/2 6/3 2/3 6/4 2/4 6/5 2/5 6/6 Quarterly Out Performance Quarterly Under Performance Vanguard Mid Cap Index Benchmark Page 57

Vanguard Mid Cap Index As of June 30, 206 Peer Group Analysis IM U.S. Mid Cap Equity (MF) 26.0 20.0 4.0 8.0 Return 2.0-4.0-0.0-6.0-22.0-28.0 Quarter To Date Vanguard Mid Cap Index 2.32 (54) 3.53 (40) -0.89 (3) 0.78 (23) 0.57 (2) 7.83 (26) Vanguard Spliced Mid Cap Index 2.34 (53) 3.52 (40) -0.87 (30) 0.82 (2) 0.6 (20) 7.84 (26) 5th Percentile 5.24 9.69 6.9 2.65.74 9.54 st Quartile 3.46 5.48-0.3 0.69 0.40 7.86 Median 2.44 2.35-4.25 8.7 8.65 6.72 3rd Quartile 0.8-0.35-8.23 6.88 7.0 5.48 95th Percentile -.53-4.34-4.20 3.32 3.62 4.06 3 5 0 Page 58

Vanguard Mid Cap Index 5 Ending June 30, 206 Vanguard Mid Cap Index Risk Profile Annualized Return vs. Annualized Standard Deviation 5 Rolling 5 Standard Deviation 6.0 42.0 2.0 36.0 Return (%) 8.0 4.0 30.0 24.0 8.0 0.0 2.0-4.0 0.0 3.0 6.0 9.0 2.0 5.0 8.0 2.0 Risk (Standard Deviation %) Vanguard Mid Cap Index Vanguard Spliced Mid Cap Index Citigroup 3 Month T-Bill 6.0 0.0 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 Vanguard Mid Cap Index Vanguard Spliced Mid Cap Index Active Return Tracking Error 5 Historical Statistics Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Mid Cap Index -0.04 0.07-0.57.00 0.79-0.04.00 0.57 3.94.00 Vanguard Spliced Mid Cap Index 0.00 0.00 N/A.00 0.79 0.00.00 0.6 3.94.00 Citigroup 3 Month T-Bill -.02 3.93-0.79 0.00 N/A 0.06 0.00 0.06 0.02 0.05 Page 59

Vanguard Mid Cap Index As of June 30, 206 Mutual Fund Attributes Asset Allocation As of 04/30/206 Equities Fixed Income 0.0% Other 0.0% 00.0% Fund Characteristics As of 04/30/206 Total Securities 356 Avg. Market Cap $,968.55 Million P/E 27.97 P/B 4.79 Div. Yield 2.26% Annual EPS 4.8 5Yr EPS 2.08 3Yr EPS Growth 0.75 Cash 0.0% Convertibles 0.0% 0.0% 50.0% 00.0% 50.0% Top Ten Securities As of 04/30/206 Ross Stores Inc ORD 0.74 % Edwards Lifesciences Corp ORD 0.73 % Fiserv Inc ORD 0.70 % Equinix Inc ORD 0.66 % Newell Brands Inc ORD 0.64 % ConAgra Foods Inc ORD 0.62 % Tyson Foods Inc ORD 0.62 % Fidelity National Information Services Inc ORD 0.60 % Newmont Mining Corp ORD 0.60 % WEC Energy Group Inc ORD 0.59 % Sector/Quality Allocation As of 04/30/206 Financials 9.2% Industrials 6.8% Consumer Staples 4.3% Consumer Discretionary 3.8% Information Technology 0.8% Health Care 8.7% Energy 5.2% Utilities Materials 5.% 4.8% Telecommunication Services.2% 0.0% 0.0% 20.0% 30.0% 40.0% Page 60

Baron Growth Inst As of June 30, 206 Baron Growth Inst Performance Summary Account Information Return Summary Product Name : Baron Growth;Inst (BGRIX) Fund Family : Baron Funds Ticker : BGRIX Peer Group : IM U.S. Mid Cap Growth Equity (MF) Benchmark : Russell Midcap Growth Index Fund Inception : 05/29/2009 Portfolio Manager : Ronald Baron Total Assets : $3,038.70 Million Total Assets Date : 06/30/206 Gross Expense :.04% Net Expense :.04% Turnover : 7% Return 24.0 6.0 8.0 0.0-8.0-6.0 3.4 3.7.6 2.2 Quarter To Date -4.0-2. 7.7 3 0.5 9.2 0.0 5 8. 0 Baron Growth Inst Russell Midcap Growth Index Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception 0.0%.4 5.0%.08 0.0% -5.0 %.02 0.96 0.90 0.93-0.0 % 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 5/09 2/0 /0 8/ 5/2 2/3 /3 8/4 5/5 6/6 Quarterly Out Performance Quarterly Under Performance Baron Growth Inst Benchmark Page 6

Baron Growth Inst As of June 30, 206 Peer Group Analysis IM U.S. Small Cap Growth Equity (MF) 28.0 20.0 2.0 Return 4.0-4.0-2.0-20.0-28.0 Quarter To Date Baron Growth Inst 3.38 (2) 3.70 (5) -3.96 (3) 7.72 (63) 9.22 (37) N/A Baron Growth Rtl* 3.3 (23) 3.57 (5) -4.9 (34) 7.44 (67) 8.94 (39) 7.00 (52) p Russell Midcap Growth Index.56 (67) 2.5 (26) -2.4 (20) 0.52 (28) 9.98 (27) 8.2 (32) 5th Percentile 4.47 5.74 3.07 2.84.64 0.2 st Quartile 3.25 2.20-2.72 0.73 0.05 8.34 Median 2.33 0.44-6.70 8.49 7.74 7. 3rd Quartile 0.98 -.47-9.69 6.64 6.46 5.48 95th Percentile -0.7-6.2-6.66 3.09 3. 4. *Alternate share class shown for a historical perspective. 3 5 0 Page 62

Baron Growth Inst 5 Ending June 30, 206 Baron Growth Inst Risk Profile Annualized Return vs. Annualized Standard Deviation 5 Rolling 5 Standard Deviation 5.0 40.0 2.0 35.0 9.0 30.0 Return (%) 6.0 3.0 25.0 20.0 0.0-3.0-6.0 0.0 3.0 6.0 9.0 2.0 5.0 8.0 2.0 Risk (Standard Deviation %) 5.0 0.0 5.0 Baron Growth Inst Russell Midcap Growth Index 0.0 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 Citigroup 3 Month T-Bill Baron Growth Inst Russell Midcap Growth Index Active Return Tracking Error 5 Historical Statistics Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Baron Growth Inst -0.8 4.50-0.8 0.90 0.72 0.3 0.89 9.22 3.5 0.95 Russell Midcap Growth Index 0.00 0.00 N/A.00 0.73 0.00.00 9.98 4.36.00 Citigroup 3 Month T-Bill -0.50 4.36-0.73 0.00 N/A 0.06 0.00 0.06 0.02 0.03 Page 63

Baron Growth Inst As of June 30, 206 Mutual Fund Attributes Asset Allocation As of 03/3/206 Equities Cash 3.4% Other.6% 95.0% Fund Characteristics As of 03/3/206 Total Securities 65 Avg. Market Cap $5,572.22 Million P/E 37.7 P/B 6.28 Div. Yield 2.0% Annual EPS 8.0 5Yr EPS 2.95 3Yr EPS Growth 8.4 Convertibles 0.0% Fixed Income 0.0% 0.0% 50.0% 00.0% 50.0% Top Ten Securities As of 03/3/206 Under Armour Inc ORD 4.9 % Arch Capital Group Ltd ORD 4.62 % Vail Resorts Inc ORD 4.54 % Gartner Inc ORD 4.5 % FactSet Research Systems Inc ORD 3.98 % Middleby Corp ORD 3.90 % SS&C Technologies Holdings Inc ORD 3.22 % CoStar Group Inc ORD 3.09 % ANSYS Inc ORD 2.72 % Choice Hotels International Inc ORD 2.67 % Sector/Quality Allocation As of 03/3/206 Consumer Discretionary 27.8% Financials 9.0% Industrials 4.2% Information Technology 3.3% Consumer Staples 3.2% Health Care 6.% Telecommunication Services Non Classified Equity.2% 0.2% 0.0% 5.0% 30.0% 45.0% 60.0% 75.0% Page 64

International Equity Page 65

Artisan International Inv As of June 30, 206 Artisan International Inv Performance Summary Account Information Product Name : Artisan:Internatl;Inv (ARTIX) Fund Family : Artisan Partners LP Ticker : ARTIX Peer Group : IM International Large Cap Equity (MF) Benchmark : MSCI EAFE Index (Net) Fund Inception : 2/28/995 Portfolio Manager : Yockey/Euretig/Hamker Total Assets : $8,77.00 Million Total Assets Date : 05/3/206 Gross Expense :.7% Net Expense :.7% Turnover : 45% Return 6.0 8.0 0.0-8.0-6.0-24.0 -.3 -.5-0.6 -.0-4.9-4.4 Quarter To Date Artisan International Inv MSCI EAFE Index (Net) Return Summary -0.2-0.2 -.9 MSCI AC World ex USA Index (Net) 4.4 2.3 3.6 2..2.7.6.9 0. 3 5 0 Quarterly Excess Performance Ratio of Cumulative Wealth - 5 5.0%.30 0.0%.20 5.0% 0.0% -5.0 %.0.00.4-0.0 % 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 0.90 6/ 2/ 6/2 2/2 6/3 2/3 6/4 2/4 6/5 2/5 6/6 Quarterly Out Performance Quarterly Under Performance Artisan International Inv Benchmark Page 66

Artisan International Inv As of June 30, 206 Peer Group Analysis IM International Large Cap Equity (MF) 2.0 8.0 4.0 0.0 Return -4.0-8.0-2.0-6.0-20.0-24.0 Quarter To Date Artisan International Inv -.30 (57) -4.88 (70) -.87 (67) 2.27 (29) 4.39 (2) 3.58 (3) MSCI EAFE Index (Net) -.46 (60) -4.42 (65) -0.6 (42) 2.06 (36).68 (34).58 (57) 5th Percentile 2.94 3.68-2.87 4.40 3.22 3.86 st Quartile 0.40 -. -8.97 2.3.97 2.54 Median -. -3.57-0.53.32.2.68 3rd Quartile -.94-5. -2.23 0.5 0.45.8 95th Percentile -3.20-7.09-6.0 -.23 -.52-0.70 3 5 0 Page 67

Artisan International Inv 5 Ending June 30, 206 Artisan International Inv Risk Profile Annualized Return vs. Annualized Standard Deviation 5 Rolling 5 Standard Deviation 6.0 40.0 35.0 4.0 30.0 Return (%) 2.0 25.0 20.0 0.0 5.0 0.0-2.0 0.0 4.0 8.0 2.0 6.0 20.0 24.0 Risk (Standard Deviation %) Artisan International Inv MSCI EAFE Index (Net) 5.0 0.0 9/ 3/2 9/2 3/3 9/3 3/4 9/4 3/5 9/5 6/6 Citigroup 3 Month T-Bill Artisan International Inv MSCI EAFE Index (Net) Active Return Tracking Error Information Ratio 5 Historical Statistics R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Artisan International Inv 2.69 5.57 0.48 0.88 0.35 2.85 0.96 4.39 5.70 0.94 MSCI EAFE Index (Net) 0.00 0.00 N/A.00 0.8 0.00.00.68 5.37.00 Citigroup 3 Month T-Bill -2.77 5.37-0.8 0.00 N/A 0.06 0.00 0.06 0.02 0.06 Page 68

Artisan International Inv As of June 30, 206 Mutual Fund Attributes Asset Allocation As of 03/3/206 Equities Cash 4.4% Fixed Income.4% 94.3% Fund Characteristics As of 03/3/206 Total Securities 76 Avg. Market Cap $65,807.64 Million P/E 25.94 P/B 4.58 Div. Yield 2.29% Annual EPS 5.95 5Yr EPS 8.74 3Yr EPS Growth 0.88 Convertibles 0.0% Other 0.0% 0.0% 50.0% 00.0% 50.0% Top Ten Securities As of 03/3/206 Medtronic PLC ORD 4.92 % Bayer AG ORD 4.83 % Nestle SA ORD 4.29 % Japan Tobacco Inc ORD 3.7 % AIA Group Ltd ORD 3.9 % Liberty Global PLC ORD 2.88 % Deutsche Boerse AG ORD 2.54 % Cognizant Technology Solutions Corp ORD 2.52 % Aon PLC ORD 2.5 % Linde AG ORD 2.34 % Regional Allocation As of 03/3/206 Europe Pacific Basin 3.8% North America 6.4% Other 5.5% 70.9% Emerging Asia 3.4% 0.0% 25.0% 50.0% 75.0% 00.0% Page 69

Market Environment Page 70

Global Equity Markets Global equities rebounded somewhat after a volatile first quarter. Despite falling on the news of Brexit (the decision by the UK public to leave the EU), central banks responded to the market s negative reaction to Brexit by reassuring markets that they would maintain accommodative monetary policy helping markets recover quickly; however, much uncertainty remains. Global equity markets returned.06% in Q2 206 with notable differences in regional returns. Canada continued to be the best performer with a return of 4.72% in Q2 206. Page 7

Global Equity Markets MSCI ALL COUNTRY WORLD IMI INDEX GEOGRAPHIC ALLOCATION AS OF 06/30/206 Canada 3.2% UK 6.3% Pacific ex-japan 4.0% Japan 8.% Europe ex-uk 4.2% Israel 0.3% Latin America.3% MSCI ALL COUNTRY WORLD EX-U.S. IMI INDEX GEOGRAPHIC ALLOCATION AS OF 06/30/206 Europe ex-uk 30.4% Israel 0.6% Latin America 2.9% Emerging Markets 0.6% Asia 7.6% Japan 7.3% Emerging Markets 22.6% Asia 6.3% Source: MSCI USA 53.3% Eastern Europe, Middle East & Africa.6% Pacific ex-japan 8.6% Source: MSCI Canada 6.9% UK 3.6% Eastern Europe, Middle East & Africa 3.5% The two exhibits on this slide illustrate the percentage that each country/region represents of the global equity market as measured by the MSCI All Country World IMI Index and the MSCI All Country World ex-u.s. IMI Index. Page 72

U.S. Equity Markets RUSSELL STYLE RETURNS AS OF 06/30/206 Second Quarter 206 0% One- 0% -0% -20% 2.63% 2.4% 4.5% 2.69% Russell 3000 32.% Large Value Source: Russell Indexes 0.24% 5.24% 34.0% Large Growth 4.77% 3.25% 4.4% Medium Value.56% 2.2% Medium Growth 4.3% -2.4% -2.58% 3.7% Small Value 3.24% -0.75% 3.7% Small Growth RUSSELL RGS SECTOR RETURNS AS OF 06/30/206 40% 30% 20% 0% 0% -0% 2.63% 2.4% 2.44% Russell 3000 Source: Russell Indexes -2.06% 6.2% Technology 6.04% -5.23% 4.0% Healthcare -0.88% 0.99% 4.% Cons. Disc 4.94% 8.3% 8.4% Cons. Staples 0.94% -8.7% 6.8% Energy 4.70%.0%.28% 0.7% Materials & Processing Second Quarter 206 One- 4.35% 2.36% 9.5% Producer Durables -.30% 6.3% Financial Services 7.34% 6.3% Utilities 28.37% The Russell 3000 Index returned 2.63% during the second quarter and returned 2.4% over the one-year period. During the second quarter, the energy sector was the strongest performer, posting returns of 0.94%. The technology and consumer discretionary sectors were the weakest performers, producing returns of -2.06% and -0.88%, respectively. Performance across the market capitalization spectrum was positive over the quarter. Medium cap stocks outperformed both the larger and smaller segments in Value stocks. Small cap stocks outperformed the other segments in Growth stocks. Value stocks outperformed Growth stocks across the capitalizations. Page 73

U.S. Fixed Income Markets BARCLAYS AGGREGATE RETURNS BY SECTOR AS OF 6/30/206 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0%.0% 0.0% 2.2% Barclays Agg. Bond 6.00% 6.04% 2.04% 44.3% Gov't 3.57% 25.6% Corp. 7.94% Second Quarter One- 4.34%.%.7% 27.8% MBS 0.5% ABS 2.72% 2.24% 6.22%.7% CMBS BARCLAYS AGGREGATE RETURNS BY QUALITY AND HIGH YIELD RETURNS AS OF 6/30/206 0% Second Quarter 9% 8.6% One- 8% 7% 6% 5% 4% 3% 2% % 0%.67% 5.35% 2.6% 7.08% 3.% 4.30% 6.9% 5.52% Aaa Aa A Baa High Yield.62% Source: Barclays Live Source: Barclays Live The Barclays Aggregate Bond Index returned 2.2% in the second quarter. Corporate bonds were the strongest performing index segment, returning the most at 3.57%. High yield bonds outperformed all the other investment grade corporate bonds in all different credit qualities. Longer duration bonds outperformed shorter duration bonds. BARCLAYS AGGREGATE RETURNS BY MATURITY AS OF 6/30/206 8.0% 6.0% 4.0% 2.0% 0.0% 8.0% 6.0% 4.0% 2.0% 0.0% Source: Barclays Live 5.70% Second Quarter One- 7.88% 6.55% 4.97% 3.72% 2.72%.60%.20%.55% 0.68% -3 Yr. 3-5 Yr. 5-7 Yr. 7-0 Yr. >0 Yr. Page 74

U.S. Fixed Income Markets U.S. TREASURY YIELD CURVE 3.5% 2/3/205 3.0% 03/3/206 2.5% 06/30/206 2.0%.5%.0% 0.5% U.S. 0-YEAR TREASURY AND TIPS YIELDS 6.0% 5.0% 4.0% 3.0% 2.0%.0% 0.0% -.0% 0Y TIPS Yield 0Y Treasury Yield 0.0% 0 5 0 5 20 25 30 Source: U.S. Department of Treasury Maturity () -2.0% Jun 06 Jun 07 Jun 08 Jun 09 Jun 0 Jun Jun 2 Jun 3 Jun 4 Jun 5 Jun 6 Source: U.S. Department of Treasury The Treasury yield curve shifted downwards over the second quarter with yields falling across most maturities. The yield curve flattened over the quarter, driven by long maturity bonds falling. The results of the Brexit referendum were the main drivers behind the collapse of yields over the quarter. The 0-year U.S. Treasury yield ended the quarter at.49%, 29 basis points lower than its level at the beginning of the quarter. The 0-year TIPS yield fell by 7 basis points over the quarter and ended the period at 0.09%. Page 75

European Fixed Income Markets EUROZONE PERIPHERAL BOND SPREADS (0-YEAR SPREADS OVER GERMAN BUNDS) 45% 40% 35% 30% 25% 20% 5% 0% 5% 0% Spain Portugal Ireland Italy Greece Source: DataStream In the Eurozone, bond spreads widened during the second quarter of 206 with core bond yields falling and the peripheral bond yields being mixed. German bund yields fell to negative territory towards the end of the quarter as investors sought safe haven bonds amid growth concerns caused by Brexit. Italian government bond yields rose sharply in the beginning of the quarter driven by the country s troubled banking sector due to a heavy load of non-performing loans on their balance sheets. Portuguese bond yields rose over concerns of the country s sovereign debt losing its last investment grade credit rating, which would result in the country s debt being disqualified from the European Central Bank s asset-purchase program. Page 76

Credit Spreads Spread (bps) 03/3/206 06/30/206 2/3/205 03/3/206 03/3/205 06/30/205 Quarterly Change (bps) - Change (bps) U.S. Aggregate 55 56 56 46 5-0 0 4 Long Gov't 43 4 43-0 - Long Credit 223 25 225 223 87 202-2 -8 36 3 Long Gov't/Credit 36 30 38 36 8 28-2 -6 8 2 MBS 27 22 24 22 20 26-2 5 2 CMBS 09 98 2 09 0 95-2 - 4-3 ABS 6 74 72 74 62-3 2 2 - Corporate 63 56 65 63 29 45-2 -7 34 High Yield 656 594 660 656 466 476-62 -4 90 8 Global Emerging Markets 382 345 389 382 354 328-37 -7 28 7 Source: Barclays Live During the second quarter, credit spreads fell across all the areas of the bond market with the exception of MBS spreads. High yield spreads (-62 basis points) fell by the most over the quarter, followed by Global Emerging Markets spreads (-37 basis points) and ABS (-3 basis points). Page 77

Commodities The Bloomberg Commodity Index rose during the second quarter returning 2.78%. Over the quarter, the best performing segment was softs with a return 20.46%. Livestock was the worst performing sector during the quarter with a return of -.86%. Page 78

Currency TRADE WEIGHTED U.S. DOLLAR INDEX (997 = 00) 30 25 20 5 0 05 00 95 90 U.S. DOLLAR RELATIVE TO EUR, GBP AND JPY REBASED TO 00 AT 06/30/20 60 50 40 30 20 0 00 90 80 70 Stronger Dollar Weaker Dollar EUR/USD GBP/USD JPY/USD Source: Federal Reserve Source: DataStream As measured through the broad trade weighted U.S. dollar index, the U.S. dollar strengthened during the quarter. The US dollar appreciated sharply against the pound and the euro but depreciated against the yen. The pound weakened on confirmation of Brexit and ensuing speculation over a cut by the Bank of England (BOE). The yen appreciated sharply against the dollar as the Bank of Japan (BOJ) kept the monetary policy unchanged over the quarter, contrary to expectations. Page 79

U.S. Commercial Real Estate Markets CRE TRANSACTION VOLUME - QUARTERLY SOURCE:RCA, AON HEWITT 3/3/206 U.S. real estate is now in a fairly mature stage of its cycle, with sector returns expected to be roughly in line with long-term averages this year. That said, real estate fundamentals remain positive and are expected to continue to support above average income growth across most property types. Pricing, meanwhile, is experiencing investor uncertainty due to current pricing levels and multiple global events. Attractive relative net operating income growth is expected to be the leading driver of returns at this point in the U.S. cycle. U.S. Core real estate returned 2.3%* this quarter, which is roughly in line with first quarter but down 26 bps on a year-over-year (YOY) basis. to date performance is now more closely aligned with the sector s long run average. The income return (.2%) again outpaced appreciation (.0%), illustrating our expectation that net income growth will be a larger driver of returns at this mature point in the real estate cycle. Non-Core investments with vintage years of 2009 or more recent are generally performing in line with initial projections. Return expectations for new capital deployed, meanwhile, continue to decline slightly as the real estate cycle matures further. The U.S. REIT sector gained 7.0% in second quarter (FTSE NAREIT Equity REIT Index); marking a 3.4% gain year-to-date (YTD). Operating fundamentals and asset values remained strong, with U.S. REITs ending the quarter trading at premiums to NAVs. This represents an abrupt turnaround from Q, when REITs trading at dis count to NAVs were signaling a disconnect with private market fundamentals. The lower global yields following Brexit has made the U.S. property market a favorable place for stability and yield. Significant volatility is expected to remain in public market pricing. U.S. pricing uncertainty remains elevated as evident by declining property transactions YTD. In second quarter U.S. sales volumes continued to post declines (data available through May), at similar levels to first quarter. While still elevated volume wise, sales are down on average 35% YOY. Pricing, however, continues to hold f airly steady, with cap rates rising only slightly from Q. The decline in volume demonstrates differing price expectations between buyers and sellers, which is likely to eventually drive pricing lower. Capital remains plentiful, however, with numerous sources available for debt and equity capital. The long term impact of Brexit on U.S. real estate remains uncertain. To date, the fallout from Brexit for the U.S. has been minimal besides the declining risk of rising U.S. interest rates. Brexit could potentially spur the growth of foreign investment in U.S. real estate, attracted to the market for its perceived stability and liquidity. The UK market, meanwhile, is struggling with uncertainty that has driven several open-end real estate funds to suspend redemption requests. At this point in the real estate cycle it is important to incorporate risk mitigation strategies into a portfolio structure. Preferred equity and debt structures are important considerations to help mitigate medium term cyclical risks. *Indicates preliminary NFI-ODCE data gross of fees Page 80