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Home My WebLink AboutReports - 2019.01.17 - 31312Plan Investment Review Oakland County 401a/457b Plans October 1 - December 31, 2018 Prepared By: Jason May 34901 Woodward Avenue, Suite 300 Birmingham, MI 48009 jason.may@msgraystone.com Institutional Consultant Investments and services offered through Morgan Stanley Smith Barney LLC. Member SIPC. For Plan Sponsor Use Only - Not For Use With Plan Participants Table of Contents Investors should consider the investment objectives, risks, charges and expenses of each mutual fund and exchange-traded fund carefully before investing. This and other information is found in the prospectus. For a prospectus, contact your Financial Advisor. Please read the prospectus carefully before investing. For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Section Page Investment Diversiﬁcation 3 Plan Composition 6 Historical Plan Investments-Quarterly 7 Monitoring Criteria for Investments 11 Historical Plan Watch List Summary 14 Executive Summary 12/31/2018 16 Performance Summary - PG Comparison 21 Fees and Expenses 27 Summary Showing Funds Approved and Not Approved by Morgan Stanley 29 Performance Summary with Risk Measures 31 Fund Proﬁles 42 Fund Proﬁle Disclosures 83 Glossary 84 Disclosures 92 Security Contact List 98 Oakland County 401a/457b Plans Investment Diversiﬁcation For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Money Market/Stable Value Target Date Balanced/Asset Allocation *‡§ TIAA-CREF Lifecycle Index Ret Inc Instl Columbia Income Builder Adv *‡§ TIAA-CREF Lifecycle Index 2010 Instl *‡ Fidelity® Puritan® § TIAA-CREF Lifecycle Index 2015 Instl Vanguard Balanced Index I *‡§ TIAA-CREF Lifecycle Index 2020 Instl *‡§ TIAA-CREF Lifecycle Index 2025 Instl § TIAA-CREF Lifecycle Index 2030 Instl § TIAA-CREF Lifecycle Index 2035 Instl § TIAA-CREF Lifecycle Index 2040 Instl § TIAA-CREF Lifecycle Index 2045 Instl § TIAA-CREF Lifecycle Index 2050 Instl § TIAA-CREF Lifecycle Index 2055 Instl § TIAA-CREF Lifecycle Index 2060 Instl Bonds Investment Grade Bonds Inflation Protection Bonds (TIPS)High Yield Bonds ¶ Fidelity® Interm Trs Bd Index *‡ PIMCO Real Return A PGIM High Yield Z PGIM Total Return Bond Z Emerging Market Bonds World Bonds Other Bonds Dreyfus/Standish Global Fixed Income I PIMCO Income A * Watch List Funds ‡ Funds Failing Monitoring Criteria ¶ Morgan Stanley Not Approved Funds §QDIA designated fund Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds. The investment diversification chart shows how Morgan Stanley assigns the funds in your plan across seven broad Morningstar asset classes. Morningstar compiles independent data for use by individual investors, financial advisors and institutional clients. Diversification does not assure profit or protect against loss in a declining market. 3 Oakland County 401a/457b Plans Investment Diversiﬁcation For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants US Equity Value Blend Growth LC JPMorgan Equity Income R5 Fidelity® 500 Index *‡ Fidelity® Contrafund® *‡ Fidelity® Growth Company MC Victory Sycamore Established Value A Fidelity® Mid Cap Index Eaton Vance Atlanta Capital SMID-Cap A T. Rowe Price New Horizons SC Fidelity Advisor® Small Cap Value I Fidelity® Small Cap Index LC = Large Cap MC = Mid Cap SC = Small Cap * Watch List Funds ‡ Funds Failing Monitoring Criteria ¶ Morgan Stanley Not Approved Funds §QDIA designated fund Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds. The investment diversification chart shows how Morgan Stanley assigns the funds in your plan across seven broad Morningstar asset classes. Morningstar compiles independent data for use by individual investors, financial advisors and institutional clients. Diversification does not assure profit or protect against loss in a declining market. 4 Oakland County 401a/457b Plans Investment Diversiﬁcation For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Foreign Equity Specialty/Other Fidelity® International Index *‡ Oppenheimer Senior Floating Rate Y MFS International Value R3 Dreyfus Natural Resources I American Funds Europacific Growth R5E Cohen & Steers Instl Realty Shares *‡ Vanguard International Explorer Inv Fidelity® Emerging Markets Idx American Funds New Perspective R6 * Watch List Funds ‡ Funds Failing Monitoring Criteria ¶ Morgan Stanley Not Approved Funds §QDIA designated fund Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds. The investment diversification chart shows how Morgan Stanley assigns the funds in your plan across seven broad Morningstar asset classes. Morningstar compiles independent data for use by individual investors, financial advisors and institutional clients. Diversification does not assure profit or protect against loss in a declining market. 5 Oakland County 401a/457b Plans Plan Composition Plan Asset Allocation By Category For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants December 31, 2018 September 30, 2018 Investment Category 100.00 % Target Date 31.76 US EQ Large Growth 13.33 Money Market/Stable Value 10.98 US EQ Large Core 7.72 Foreign Equity 6.27 US EQ Mid Growth 6.22 Balanced/Asset Allocation 5.09 US EQ Large Value 5.07 Investment Grade Bonds 4.85 US EQ Small Core 1.89 US EQ Mid Value 1.31 Specialty/Other 1.22 World Bonds 1.0 US EQ Small Value 0.98 HY Bonds 0.9 Other Bonds 0.84 Inﬂation Protection Bonds (TIPS)0.3 US EQ Mid Core 0.26 Investment Category 100.00 % Target Date 31.43 US EQ Large Growth 14.78 Money Market/Stable Value 9.64 US EQ Large Core 8.18 US EQ Mid Growth 6.78 Foreign Equity 6.04 Balanced/Asset Allocation 5.16 US EQ Large Value 4.95 Investment Grade Bonds 4.22 US EQ Small Core 2.28 US EQ Mid Value 1.36 Specialty/Other 1.23 US EQ Small Value 0.97 HY Bonds 0.89 World Bonds 0.8 Other Bonds 0.78 Inﬂation Protection Bonds (TIPS)0.26 US EQ Mid Core 0.25 Morgan Stanley has obtained the plan information shown from a third party (typically the plan's provider) believe to accurate and reliable. See the end of the report for further information. The information on this page does not include any Forfeitures, Self-Directed Brokerage, Company Stock and Participant loans. 6 Oakland County 401a/457b Plans Historical Plan Investments-Quarterly For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Morningstar Category/Investment Q1 2018 Q2 2018 Q3 2018 Q4 2018 Mkt. Value %Mkt. Value %Mkt. Value %Mkt. Value % Stable Value $ 75,865,776 9.1 %$ 79,128,112 9.3 %$ 81,884,388 9.3 %$ 84,069,822 10.6 % Stable Value 6,015,475 0.7 11,331,029 1.3 81,884,388 9.3 84,069,822 10.6 T. Rowe Price Stable Value Common Tr- A 26,974,651 3.2 26,679,677 3.1 0 0.0 0 0.0 Vantagepoint PLUS Fund R10 42,875,650 5.1 41,117,406 4.8 0 0.0 0 0.0 Bank Loan $ 1,840,561 0.2 %$ 2,111,637 0.2 %$ 2,256,832 0.3 %$ 2,217,170 0.3 % Oppenheimer Senior Floating Rate Y 1,840,561 0.2 2,111,637 0.2 2,256,832 0.3 2,217,170 0.3 Intermediate Government $ 5,929,885 0.7 %$ 3,113,060 0.4 %$ 2,662,503 0.3 %$ 3,033,135 0.4 % Fidelity® Interm Trs Bd Index 0 0.0 0 0.0 0 0.0 3,033,135 0.4 Fidelity® Intermediate Trs Bd Idx Prem 5,929,885 0.7 3,113,060 0.4 2,662,503 0.3 0 0.0 Intermediate-Term Bond $ 34,620,129 4.1 %$ 33,544,088 3.9 %$ 33,167,951 3.8 %$ 34,117,437 4.3 % PGIM Total Return Bond Z 34,620,129 4.1 33,544,088 3.9 33,167,951 3.8 34,117,437 4.3 Inﬂation-Protected Bond $ 2,289,894 0.3 %$ 2,134,653 0.2 %$ 2,213,485 0.2 %$ 2,276,755 0.3 % PIMCO Real Return A 2,289,894 0.3 2,134,653 0.2 2,213,485 0.2 2,276,755 0.3 Multisector Bond $ 5,327,628 0.6 %$ 5,379,456 0.6 %$ 6,663,888 0.8 %$ 6,466,674 0.8 % PIMCO Income A 5,327,628 0.6 5,379,456 0.6 6,663,888 0.8 6,466,674 0.8 High Yield Bond $ 6,968,317 0.8 %$ 7,040,453 0.8 %$ 7,514,197 0.8 %$ 6,917,082 0.9 % PGIM High Yield Z 6,968,317 0.8 7,040,453 0.8 7,514,197 0.8 6,917,082 0.9 World Bond $ 4,427,166 0.5 %$ 5,549,765 0.6 %$ 6,833,312 0.8 %$ 7,661,718 1.0 % Dreyfus/Standish Global Fixed Income I 4,427,166 0.5 5,549,765 0.6 6,833,312 0.8 7,661,718 1.0 Allocation--15% to 30% Equity $ 1,483,452 0.2 %$ 1,418,729 0.2 %$ 1,619,531 0.2 %$ 1,538,497 0.2 % Columbia Income Builder Adv 1,483,452 0.2 1,418,729 0.2 1,619,531 0.2 1,538,497 0.2 Allocation--50% to 70% Equity $ 40,957,776 4.9 %$ 41,321,131 4.8 %$ 42,167,194 4.8 %$ 37,430,074 4.7 % Fidelity® Puritan®26,649,791 3.2 26,573,029 3.1 27,239,814 3.1 23,301,825 2.9 Vanguard Balanced Index I 14,307,985 1.7 14,748,102 1.7 14,927,380 1.7 14,128,248 1.8 Target-Date Retirement $ 75,018,702 9.0 %$ 73,590,827 8.6 %$ 73,991,951 8.4 %$ 69,193,321 8.7 % TIAA-CREF Lifecycle Index Ret Inc Instl 75,018,702 9.0 73,590,827 8.6 73,991,951 8.4 69,193,321 8.7 Target-Date 2000-2010 $ 4,448,376 0.5 %$ 4,227,568 0.5 %$ 4,236,879 0.5 %$ 4,464,420 0.6 % TIAA-CREF Lifecycle Index 2010 Instl 4,448,376 0.5 4,227,568 0.5 4,236,879 0.5 4,464,420 0.6 7 Oakland County 401a/457b Plans Historical Plan Investments-Quarterly For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Morningstar Category/Investment Q1 2018 Q2 2018 Q3 2018 Q4 2018 Mkt. Value %Mkt. Value %Mkt. Value %Mkt. Value % Target-Date 2015 $ 5,742,943 0.7 %$ 5,727,153 0.7 %$ 5,611,299 0.6 %$ 4,894,433 0.6 % TIAA-CREF Lifecycle Index 2015 Instl 5,742,943 0.7 5,727,153 0.7 5,611,299 0.6 4,894,433 0.6 Target-Date 2020 $ 25,399,720 3.0 %$ 25,482,962 3.0 %$ 26,063,056 3.0 %$ 24,323,198 3.1 % TIAA-CREF Lifecycle Index 2020 Instl 25,399,720 3.0 25,482,962 3.0 26,063,056 3.0 24,323,198 3.1 Target-Date 2025 $ 44,903,411 5.4 %$ 43,942,281 5.1 %$ 44,241,065 5.0 %$ 38,355,546 4.8 % TIAA-CREF Lifecycle Index 2025 Instl 44,903,411 5.4 43,942,281 5.1 44,241,065 5.0 38,355,546 4.8 Target-Date 2030 $ 26,062,878 3.1 %$ 26,744,971 3.1 %$ 27,432,305 3.1 %$ 24,160,707 3.0 % TIAA-CREF Lifecycle Index 2030 Instl 26,062,878 3.1 26,744,971 3.1 27,432,305 3.1 24,160,707 3.0 Target-Date 2035 $ 37,544,781 4.5 %$ 37,341,840 4.4 %$ 38,376,891 4.4 %$ 35,247,061 4.4 % TIAA-CREF Lifecycle Index 2035 Instl 37,544,781 4.5 37,341,840 4.4 38,376,891 4.4 35,247,061 4.4 Target-Date 2040 $ 21,613,543 2.6 %$ 22,352,202 2.6 %$ 22,891,663 2.6 %$ 20,154,418 2.5 % TIAA-CREF Lifecycle Index 2040 Instl 21,613,543 2.6 22,352,202 2.6 22,891,663 2.6 20,154,418 2.5 Target-Date 2045 $ 17,520,261 2.1 %$ 17,362,427 2.0 %$ 18,146,877 2.1 %$ 16,118,857 2.0 % TIAA-CREF Lifecycle Index 2045 Instl 17,520,261 2.1 17,362,427 2.0 18,146,877 2.1 16,118,857 2.0 Target-Date 2050 $ 1,941,505 0.2 %$ 2,745,959 0.3 %$ 3,182,448 0.4 %$ 3,301,899 0.4 % TIAA-CREF Lifecycle Index 2050 Instl 1,941,505 0.2 2,745,959 0.3 3,182,448 0.4 3,301,899 0.4 Target-Date 2055 $ 866,054 0.1 %$ 1,432,098 0.2 %$ 1,881,731 0.2 %$ 2,204,778 0.3 % TIAA-CREF Lifecycle Index 2055 Instl 866,054 0.1 1,432,098 0.2 1,881,731 0.2 2,204,778 0.3 Target-Date 2060+$ 157,307 0.0 %$ 672,970 0.1 %$ 787,539 0.1 %$ 802,909 0.1 % TIAA-CREF Lifecycle Index 2060 Instl 157,307 0.0 672,970 0.1 787,539 0.1 802,909 0.1 Large Value $ 39,345,334 4.7 %$ 40,403,309 4.7 %$ 42,022,923 4.8 %$ 38,853,566 4.9 % JPMorgan Equity Income R5 39,345,334 4.7 40,403,309 4.7 42,022,923 4.8 38,853,566 4.9 Large Blend $ 68,875,823 8.2 %$ 66,948,835 7.8 %$ 69,455,330 7.9 %$ 59,086,784 7.4 % Fidelity® 500 Index 0 0.0 0 0.0 0 0.0 59,086,784 7.4 Fidelity® 500 Index Institutional 68,875,823 8.2 66,948,835 7.8 69,455,330 7.9 0 0.0 Large Growth $ 109,209,080 13.0 %$ 119,013,738 13.9 %$ 125,462,795 14.2 %$ 102,086,295 12.8 % Fidelity® Contrafund®63,150,550 7.5 64,576,390 7.6 64,500,383 7.3 51,786,275 6.5 Fidelity® Growth Company 46,058,530 5.5 54,437,348 6.4 60,962,412 6.9 50,300,021 6.3 8 Oakland County 401a/457b Plans Historical Plan Investments-Quarterly For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Morningstar Category/Investment Q1 2018 Q2 2018 Q3 2018 Q4 2018 Mkt. Value %Mkt. Value %Mkt. Value %Mkt. Value % Mid-Cap Value $ 10,671,099 1.3 %$ 10,992,024 1.3 %$ 11,585,174 1.3 %$ 10,026,953 1.3 % Victory Sycamore Established Value A 10,671,099 1.3 10,992,024 1.3 11,585,174 1.3 10,026,953 1.3 Mid-Cap Blend $ 956,194 0.1 %$ 1,628,941 0.2 %$ 2,100,420 0.2 %$ 2,028,491 0.3 % Fidelity® Mid Cap Index 0 0.0 0 0.0 0 0.0 2,028,491 0.3 Fidelity® Mid Cap Index Premium 956,194 0.1 1,628,941 0.2 2,100,420 0.2 0 0.0 Mid-Cap Growth $ 48,500,459 5.8 %$ 52,781,273 6.2 %$ 57,575,447 6.5 %$ 47,621,568 6.0 % Eaton Vance Atlanta Capital SMID-Cap A 30,503,321 3.6 30,998,598 3.6 32,351,944 3.7 26,976,908 3.4 T. Rowe Price New Horizons 17,997,138 2.2 21,782,675 2.6 25,223,503 2.9 20,644,660 2.6 Small Value $ 7,374,765 0.9 %$ 7,954,136 0.9 %$ 8,208,707 0.9 %$ 7,487,179 0.9 % Fidelity Advisor® Small Cap Value I 7,374,765 0.9 7,954,136 0.9 8,208,707 0.9 7,487,179 0.9 Small Blend $ 19,460,040 2.3 %$ 19,716,078 2.3 %$ 19,331,451 2.2 %$ 14,485,864 1.8 % Fidelity® Small Cap Index 0 0.0 0 0.0 0 0.0 14,485,864 1.8 Fidelity® Small Cap Index Institutional 19,460,040 2.3 19,716,078 2.3 19,331,451 2.2 0 0.0 Foreign Large Blend $ 10,799,680 1.3 %$ 16,383,823 1.9 %$ 18,011,140 2.0 %$ 19,214,132 2.4 % Fidelity® International Index 0 0.0 0 0.0 0 0.0 3,204,002 0.4 Fidelity® International Index Premium 2,003,535 0.2 4,280,038 0.5 3,893,516 0.4 0 0.0 MFS International Value R3 8,796,146 1.0 12,103,785 1.4 14,117,624 1.6 16,010,130 2.0 Foreign Large Growth $ 23,078,255 2.8 %$ 20,451,254 2.4 %$ 19,019,274 2.2 %$ 15,508,538 2.0 % American Funds Europaciﬁc Growth R5E 23,078,255 2.8 20,451,254 2.4 19,019,274 2.2 15,508,538 2.0 Foreign Small/Mid Growth $ 717,491 0.1 %$ 735,048 0.1 %$ 864,131 0.1 %$ 786,098 0.1 % Vanguard International Explorer Inv 717,491 0.1 735,048 0.1 864,131 0.1 786,098 0.1 Diversiﬁed Emerging Mkts $ 5,528,794 0.7 %$ 5,794,411 0.7 %$ 5,933,880 0.7 %$ 6,433,690 0.8 % Fidelity® Emerging Markets Idx 0 0.0 0 0.0 0 0.0 6,433,690 0.8 Fidelity® Emerging Markets Idx Instl 5,528,794 0.7 5,794,411 0.7 5,933,880 0.7 0 0.0 Natural Resources $ 1,814,877 0.2 %$ 1,765,202 0.2 %$ 1,576,186 0.2 %$ 1,184,205 0.2 % Dreyfus Natural Resources I 1,814,877 0.2 1,765,202 0.2 1,576,186 0.2 1,184,205 0.2 Real Estate $ 7,079,194 0.8 %$ 7,094,410 0.8 %$ 6,610,522 0.8 %$ 5,958,059 0.8 % Cohen & Steers Instl Realty Shares 7,079,194 0.8 7,094,410 0.8 6,610,522 0.8 5,958,059 0.8 9 Oakland County 401a/457b Plans Historical Plan Investments-Quarterly For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Morningstar Category/Investment Q1 2018 Q2 2018 Q3 2018 Q4 2018 Mkt. Value %Mkt. Value %Mkt. Value %Mkt. Value % World Large Stock $ 8,235,019 1.0 %$ 7,789,031 0.9 %$ 7,464,750 0.8 %$ 6,079,398 0.8 % American Funds New Perspective R6 8,235,019 1.0 7,789,031 0.9 7,464,750 0.8 6,079,398 0.8 Self-Directed Brokerage $ 22,619,219 2.7 %$ 22,305,240 2.6 %$ 22,161,323 2.5 %$ 18,372,869 2.3 % Self-Directed Brokerage 22,619,219 2.7 22,305,240 2.6 22,161,323 2.5 18,372,869 2.3 Participant Loans $ 12,531,727 1.5 %$ 10,453,719 1.2 %$ 10,830,564 1.2 %$ 10,386,274 1.3 % Participant Loans 12,531,727 1.5 10,453,719 1.2 10,830,564 1.2 10,386,274 1.3 Total $ 837,727,112 100.0 %$ 854,574,813 100.0 %$ 882,041,002 100.0 %$ 794,549,876 100.0 % Morgan Stanley has obtained the plan information shown from a third party (typically the plan's provider) believe to accurate and reliable. See the end of the report for further information. 10 Oakland County 401a/457b Plans Monitoring Criteria for Investments For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Monitoring Criteria Threshold Weightings Return 3 Months In top 50% of peer group This criteria carries a weighting of 33.33% 3Mo Returns Outperf. Index 1 out of 1 quarters This criteria carries a weighting of 33.33% Sharpe 3Yr Outperf. Index Greater than or Equal to 0%This criteria carries a weighting of 33.34% See the Glossary at the end of this report for deﬁnitions. Monitoring criteria set out above and used in the "Scorecard" section of this report are based on the plan's investment monitoring criteria as provided to Morgan Stanley by the plan sponsor. Please inform your Financial Advisor of any changes to the plan's investment policy. A fund in the plan meets the criteria if total score is >= 30 11 Oakland County 401a/457b Plans Monitoring Criteria for Investments For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Target Date Criteria Threshold Weightings Return 3 Months In top 50% of peer group This criteria carries a weighting of 33.33% 3Mo Returns Outperf. Index 1 out of 1 quarters This criteria carries a weighting of 33.33% Sharpe 3Yr Outperf. Index Greater than or Equal to 0%This criteria carries a weighting of 33.34% See the Glossary at the end of this report for deﬁnitions. Monitoring criteria set out above and used in the "Scorecard" section of this report are based on the plan's investment monitoring criteria as provided to Morgan Stanley by the plan sponsor. Please inform your Financial Advisor of any changes to the plan's investment policy. A fund in the plan meets the criteria if total score is >= 30 12 Oakland County 401a/457b Plans Monitoring Criteria for Investments For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Index Criteria Threshold Weightings Tracking Error 3Yr Less than or Equal to 2%This criteria carries a weighting of 33.33% R-Sqrd 3Yr Greater than or Equal to 90.0%This criteria carries a weighting of 33.34% Expense Ratio In bottom 50% of peer group This criteria carries a weighting of 33.33% See the Glossary at the end of this report for deﬁnitions. Monitoring criteria set out above and used in the "Scorecard" section of this report are based on the plan's investment monitoring criteria as provided to Morgan Stanley by the plan sponsor. Please inform your Financial Advisor of any changes to the plan's investment policy. A fund in the plan meets the criteria if total score is >= 60 13 Oakland County 401a/457b Plans Historical Plan Watch List Summary For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Q4 18 Q3 18 Q2 18 Q1 18 Q4 17 Q3 17 Q2 17 Q1 17 Q4 16 Q3 16 Q2 16 Q1 16 Date Fund Put On Watch Oppenheimer Senior Floating Rate Y ------------------------10/31/2018 Fidelity® Interm Trs Bd Index ---------------------------------Not on Watch PGIM Total Return Bond Z ------------------------Not on Watch PIMCO Real Return A ------------------------09/30/2018 PIMCO Income A ------------------------Not on Watch PGIM High Yield Z ------------------------Not on Watch Dreyfus/Standish Global Fixed Income I ------------------------Not on Watch Columbia Income Builder Adv ------------------------Not on Watch Fidelity® Puritan®------------------------11/30/2018 Vanguard Balanced Index I ------------------------Not on Watch TIAA-CREF Lifecycle Index Ret Inc Instl ------------------------10/31/2018 TIAA-CREF Lifecycle Index 2010 Instl ------------------------11/30/2018 TIAA-CREF Lifecycle Index 2015 Instl ------------------------Not on Watch TIAA-CREF Lifecycle Index 2020 Instl ------------------------12/31/2018 TIAA-CREF Lifecycle Index 2025 Instl ------------------------12/31/2018 TIAA-CREF Lifecycle Index 2030 Instl ------------------------Not on Watch TIAA-CREF Lifecycle Index 2035 Instl ------------------------Not on Watch TIAA-CREF Lifecycle Index 2040 Instl ------------------------Not on Watch TIAA-CREF Lifecycle Index 2045 Instl ------------------------Not on Watch TIAA-CREF Lifecycle Index 2050 Instl ------------------------Not on Watch TIAA-CREF Lifecycle Index 2055 Instl ------------------------Not on Watch TIAA-CREF Lifecycle Index 2060 Instl ------------------------Not on Watch JPMorgan Equity Income R5 ------------------------Not on Watch Fidelity® 500 Index ---------------------------------Not on Watch Fidelity® Contrafund®------------------------07/31/2018 Fidelity® Growth Company ------------------------10/31/2018 Funds Not on Plan Watch List Funds on Plan Watch List The "Historical Plan Watch List Summary" indicates funds that are on the Plan's Watch List, as based on investment monitoring criteria which is provided to Morgan Stanley by the plan sponsor. The plan sponsor should inform its Morgan Stanley Financial Advisor of any changes to the plan's investment policy. Morgan Stanley maintains a separate "Watch List" for products covered by Global Investment Manager Analysis ("GIMA"), which is not related to this section of this report, as described in the Disclosure section of this report. 14 Oakland County 401a/457b Plans Historical Plan Watch List Summary For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Q4 18 Q3 18 Q2 18 Q1 18 Q4 17 Q3 17 Q2 17 Q1 17 Q4 16 Q3 16 Q2 16 Q1 16 Date Fund Put On Watch Victory Sycamore Established Value A ------------------------Not on Watch Fidelity® Mid Cap Index ---------------------------------Not on Watch Eaton Vance Atlanta Capital SMID-Cap A ------------------------Not on Watch T. Rowe Price New Horizons ------------------------Not on Watch Fidelity Advisor® Small Cap Value I ------------------------Not on Watch Fidelity® Small Cap Index ---------------------------------Not on Watch Fidelity® International Index ---------------------------------Not on Watch MFS International Value R3 ------------------------Not on Watch American Funds Europaciﬁc Growth R5E ------------------------Not on Watch Vanguard International Explorer Inv ------------------------12/31/2018 Fidelity® Emerging Markets Idx ---------------------------------Not on Watch Dreyfus Natural Resources I ------------------------Not on Watch Cohen & Steers Instl Realty Shares ------------------------Not on Watch American Funds New Perspective R6 ------------------------Not on Watch Funds Not on Plan Watch List Funds on Plan Watch List The "Historical Plan Watch List Summary" indicates funds that are on the Plan's Watch List, as based on investment monitoring criteria which is provided to Morgan Stanley by the plan sponsor. The plan sponsor should inform its Morgan Stanley Financial Advisor of any changes to the plan's investment policy. Morgan Stanley maintains a separate "Watch List" for products covered by Global Investment Manager Analysis ("GIMA"), which is not related to this section of this report, as described in the Disclosure section of this report. 15 OAKLAND COUNTY 401A / 457B / PTNE / RHS PLANSEXECUTIVE SUMMARY16 Executive Summary - 401(a) / 457(b) /PTNE / RHS PlansRecommended Changes due to Underperformance•TERMINATION•No funds are up for TERMINATION•ON WATCH•PIMCO Real Return has triggered the UMP for 3 out of the last 4 quarters and is currently ON WATCH•ON NOTICE•Fidelity Contrafund has triggered the UMP for 2 straight quarters and is currently ON NOTICE•American Funds EuroPacific Growth R5E has triggered the UMP for 2 out of 3 quarters and is currently ON NOTICE•Vanguard International Explorer has triggered the UMP for 2 straight quarters and is currently ON NOTICE17 Executive Summary – Participant Fund Transfers & DistributionsParticipant Fund Transfers•401a Plan•The 2 largest funds that showed inflows were Fidelity Growth Company ($2,563,588) & MFS International Value ($2,340,389)•The 2 largest funds that showed outflows were Fidelity Contrafund ($2,251,892) & TIAA Lifecycle 2025 Index ($1,913,555)•The plan had rollover distributions of $3,483,992 and gross distributions of $3,040,407•Rollover distributions were down from last quarter of approximately $9.3 million•457b Plan•The 2 largest funds that showed inflows were MFS International Value ($997,376) & Prudential Guaranteed Income ($731,195)•The 2 largest funds that showed outflows were American Funds EuroPacific ($430,787) & TIAA Lifecycle 2025 Index ($423,013)•The plan had rollover distributions of $1,814,190 and gross distributions of $1,296,725•Rollover distributions were down from last quarter of approximately $2.5 million18 Executive Summary – Participant Fund Transfers & DistributionsParticipant Fund Transfers•RHS Plan – Currently $20,474,647.96 as of 12/31/2018•The 2 largest funds that showed inflows were Fidelity MMKT ($52,513) & T. Rowe Price New Horizons ($15,039)•The 2 largest funds that showed outflows were JPMorgan Equity Income ($24,792) & TIAA Lifecycle 2040 ($23,576) •The plan had total disbursements of $71,038•PTNE Plan – Currently $9,012,740.61 as of 12/31/2018•The 2 largest funds that showed inflows were TIAA Lifecycle 2040 ($27,309) & Prudential Guaranteed Income ($17,699)•The 2 largest funds that showed outflows were TIAA Lifecycle Retirement ($34,539) & TIAA Lifecycle 2045 ($13,462)•The plan had rollover distributions of $36,093 and gross distributions of $191,163•Rollover distributions were down from last quarter of approximately $110,00019 Executive Summary – Educational Meetings4thQuarter Education to Employees•New Employee Orientation Meetings - Monthly•3 done in the quarter with an average attendance of 25 per meeting•On Site Employee Educational Meetings•One-On-One Meetings held at EOB in October, November & December•Met with 32 employees throughout those 3 dates•Meetings in our Graystone Birmingham Office•Held meetings during the day or early evening with 8 individuals/couples for retirement planning during 4thquarter1Q Meetings set or completed•One-on-One Meetings at EOB – January was full (16) & February 26this approximately ¼ full•NEO in January completed & we have one upcoming on February 25th•Have already completed or scheduled 4 meetings with individuals for 1Q at our office•January 2nd– New Deputy Education at Jail with approximately 30 employees•February 21st– Scheduled date at 52/3 District Courthouse20 Oakland County 401a/457b Plans Performance Summary For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment/Peer Group/Benchmark Ticker Assets Last Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr ITD Inception Date 12 Mo Yield Exp.Ratio Gross/Net Oppenheimer Senior Floating Rate Y OOSYX $ 2,217,170 -4.22 (91) -0.78 (73) -0.78 (73) 5.31 (9) 2.94 (12) 8.43 (13)4.76 09/08/1999 5.62 0.89/0.88 Bank Loan -3.35 -0.24 -0.24 3.89 2.28 7.28 4.78 1.18/1.08 S&P/LSTA Leveraged Loan TR -3.45 0.44 0.44 4.83 3.05 8.57 --- Fidelity® Interm Trs Bd Index FUAMX $ 3,033,135 3.49 (1) 1.23 (8) 1.23 (8) 1.46 (16) 2.48 (3) 2.65 (42)4.23 10/04/2017 2.73 0.03/0.03 Intermediate Government 1.95 0.51 0.51 1.05 1.76 2.46 2.33 0.86/0.79 BBgBarc US Government TR USD 2.54 0.88 0.88 1.41 1.99 2.12 --- PGIM Total Return Bond Z PDBZX $ 34,117,437 1.27 (38) -0.73 (60) -0.73 (60) 3.52 (5) 3.50 (3) 6.27 (8)5.97 01/10/1995 3.41 0.53/0.51 Intermediate-Term Bond 0.87 -0.5 -0.5 2.15 2.27 4.31 3.1 1.77/0.74 BBgBarc US Agg Bond TR USD 1.64 0.01 0.01 2.06 2.52 3.48 --- PIMCO Real Return A PRTNX $ 2,276,755 -1.03 (68) -2.36 (82) -2.36 (82) 1.88 (48) 1.08 (50) 3.92 (10)5.06 01/29/1997 1.91 1.28/1.28 Inﬂation-Protected Bond -0.95 -1.64 -1.64 1.86 1.14 3.11 2.06 0.9/0.7 BBgBarc US Treasury US TIPS TR USD -0.42 -1.26 -1.26 2.11 1.69 3.64 --- PIMCO Income A PONAX $ 6,466,675 0.63 (11) 0.18 (24) 0.18 (24) 5.48 (11) 5.08 (4) 9.40 (2)7.82 03/30/2007 3.59 1.14/1.14 Multisector Bond -1.48 -1.49 -1.49 3.76 2.51 6.19 4.23 1.35/1.08 BBgBarc US Agg Bond TR USD 1.64 0.01 0.01 2.06 2.52 3.48 --- PGIM High Yield Z PHYZX $ 6,917,082 -4.16 (38) -1.29 (22) -1.29 (22) 7.04 (12) 4.20 (4) 10.40 (17)7.98 03/29/1979 6.81 0.55/0.55 High Yield Bond -4.33 -2.59 -2.59 5.59 2.72 9.24 5.87 2.38/1.01 ICE BofAML US High Yield TR USD -4.67 -2.26 -2.26 7.27 3.82 10.99 --- Dreyfus/Standish Global Fixed Income I SDGIX $ 7,661,718 0.14 (59) -0.79 (43) -0.79 (43) 1.96 (72) 2.66 (18) 4.73 (32)5.61 12/31/1993 2.49 0.53/0.53 World Bond 0.29 -1.48 -1.48 2.74 1.01 3.63 2.56 5.85/0.88 FTSE WGBI NonUSD USD 1.31 -1.82 -1.82 3.32 0.28 1.27 --- Returns are shown in percentage ITD - Inception to Date 21 Oakland County 401a/457b Plans Performance Summary For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment/Peer Group/Benchmark Ticker Assets Last Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr ITD Inception Date 12 Mo Yield Exp.Ratio Gross/Net Columbia Income Builder Adv CNMRX $ 1,538,497 -3.75 (70) -2.18 (29) -2.18 (29) 5.02 (4) 3.73 (8) 7.12 (19)5.21 02/16/2006 3.46 0.75/0.75 Allocation--15% to 30% Equity -3.23 -3.14 -3.14 3.05 2.19 5.6 2.73 1.21/1.0 Morningstar Con Tgt Risk TR USD -1.24 -1.20 -1.20 3.43 2.54 4.37 --- Fidelity® Puritan®FPURX $ 23,301,825 -11.26 (90) -4.16 (27) -4.16 (27) 6.13 (16) 6.14 (6) 10.37 (7)10.79 04/16/1947 1.82 0.54/0.54 Vanguard Balanced Index I VBAIX 14,128,248 -8.06 (39) -2.82 (11) -2.82 (11) 6.38 (13) 5.89 (10) 9.56 (19)7.85 11/09/1992 2.45 0.06/0.06 Allocation--50% to 70% Equity -8.64 -5.76 -5.76 4.71 3.67 8.33 1.85 1.69/1.12 Morningstar Mod Agg Tgt Risk TR USD -9.67 -6.74 -6.74 6.91 4.60 9.48 --- TIAA-CREF Lifecycle Index Ret Inc Instl TRILX $ 69,193,321 -4.62 (72) -2.65 (32) -2.65 (32) 4.31 (9) 3.79 (1)---5.76 09/30/2009 1.29 0.31/0.10 Target-Date Retirement -3.79 -3.16 -3.16 3.44 2.62 5.74 2.44 3.19/0.77 Morningstar Lifetime Mod Incm TR USD -4.12 -2.20 -2.20 4.01 2.94 5.88 --- TIAA-CREF Lifecycle Index 2010 Instl TLTIX $ 4,464,420 -4.89 (75) -2.87 (29) -2.87 (29) 4.51 (33) 3.94 (4)---6.20 09/30/2009 ---0.25/0.10 Target-Date 2000-2010 -4.3 -3.25 -3.25 4.11 3.22 6.96 1.15 2.81/0.71 Morningstar Lifetime Mod 2010 TR USD -4.63 -2.97 -2.97 4.47 3.37 6.96 --- TIAA-CREF Lifecycle Index 2015 Instl TLFIX $ 4,894,433 -5.57 (49) -3.29 (31) -3.29 (31) 4.83 (24) 4.14 (8)---6.61 09/30/2009 ---0.23/0.10 Target-Date 2015 -5.41 -3.86 -3.86 4.39 3.36 7.49 1.59 4.64/0.73 Morningstar Lifetime Mod 2015 TR USD -5.20 -3.54 -3.54 4.79 3.61 7.55 --- TIAA-CREF Lifecycle Index 2020 Instl TLWIX $ 24,323,198 -6.40 (53) -3.75 (22) -3.75 (22) 5.27 (22) 4.41 (5)---7.13 09/30/2009 ---0.21/0.10 Target-Date 2020 -6.14 -4.49 -4.49 4.54 3.41 7.73 1.51 1.61/0.79 Morningstar Lifetime Mod 2020 TR USD -5.95 -4.16 -4.16 5.18 3.87 8.27 --- Returns are shown in percentage ITD - Inception to Date 22 Oakland County 401a/457b Plans Performance Summary For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment/Peer Group/Benchmark Ticker Assets Last Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr ITD Inception Date 12 Mo Yield Exp.Ratio Gross/Net TIAA-CREF Lifecycle Index 2025 Instl TLQIX $ 38,355,546 -7.60 (53) -4.42 (20) -4.42 (20) 5.76 (15) 4.70 (3)---7.65 09/30/2009 ---0.20/0.10 Target-Date 2025 -7.47 -5.34 -5.34 5.05 3.71 8.55 1.31 1.7/0.77 Morningstar Lifetime Mod 2025 TR USD -7.01 -4.90 -4.90 5.69 4.16 9.05 --- TIAA-CREF Lifecycle Index 2030 Instl TLHIX $ 24,160,707 -8.68 (39) -5.04 (13) -5.04 (13) 6.23 (17) 4.97 (3)---8.17 09/30/2009 ---0.20/0.10 Target-Date 2030 -8.82 -6.25 -6.25 5.45 3.94 8.86 1.29 1.5/0.81 Morningstar Lifetime Mod 2030 TR USD -8.44 -5.82 -5.82 6.26 4.44 9.74 --- TIAA-CREF Lifecycle Index 2035 Instl TLYIX $ 35,247,061 -9.87 (36) -5.73 (11) -5.73 (11) 6.68 (8) 5.22 (3)---8.65 09/30/2009 ---0.19/0.10 Target-Date 2035 -10.13 -7.04 -7.04 5.83 4.14 9.44 1.11 2.27/0.78 Morningstar Lifetime Mod 2035 TR USD -9.95 -6.82 -6.82 6.72 4.61 10.17 --- TIAA-CREF Lifecycle Index 2040 Instl TLZIX $ 20,154,418 -11.00 (47) -6.36 (11) -6.36 (11) 7.11 (3) 5.45 (2)---8.95 09/30/2009 ---0.19/0.10 Target-Date 2040 -11.01 -7.74 -7.74 5.96 4.23 9.48 1.26 1.79/0.82 Morningstar Lifetime Mod 2040 TR USD -11.09 -7.65 -7.65 6.98 4.65 10.32 --- TIAA-CREF Lifecycle Index 2045 Instl TLXIX $ 16,118,857 -11.89 (55) -6.92 (12) -6.92 (12) 7.23 (3) 5.52 (2)---8.99 09/30/2009 ---0.20/0.10 Target-Date 2045 -11.71 -8.14 -8.14 6.13 4.3 9.78 1.02 2.42/0.79 Morningstar Lifetime Mod 2045 TR USD -11.67 -8.17 -8.17 7.05 4.60 10.32 --- TIAA-CREF Lifecycle Index 2050 Instl TLLIX $ 3,301,899 -12.03 (58) -7.01 (9) -7.01 (9) 7.35 (3) 5.59 (2)---9.03 09/30/2009 ---0.20/0.10 Target-Date 2050 -11.91 -8.41 -8.41 6.11 4.33 9.6 1.23 1.74/0.82 Morningstar Lifetime Mod 2050 TR USD -11.81 -8.41 -8.41 7.05 4.51 10.27 --- TIAA-CREF Lifecycle Index 2055 Instl TTIIX $ 2,204,778 -12.25 (63) -7.14 (11) -7.14 (11) 7.44 (2) 5.64 (3)---7.37 04/29/2011 ---0.24/0.10 Target-Date 2055 -12.12 -8.44 -8.44 6.21 4.42 10.41 0.98 3.25/0.79 Morningstar Lifetime Mod 2055 TR USD -11.84 -8.57 -8.57 7.04 4.42 10.19 --- Returns are shown in percentage ITD - Inception to Date 23 Oakland County 401a/457b Plans Performance Summary For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment/Peer Group/Benchmark Ticker Assets Last Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr ITD Inception Date 12 Mo Yield Exp.Ratio Gross/Net TIAA-CREF Lifecycle Index 2060 Instl TVIIX $ 802,909 -12.41 (59) -7.13 (10) -7.13 (10) 7.53 (4)------5.67 09/26/2014 ---0.48/0.10 Target-Date 2060+-12.27 -8.52 -8.52 6.31 4.16 ---0.86 7.94/0.8 Morningstar Lifetime Mod 2060 TR USD -11.81 -8.69 -8.69 7.02 4.34 10.22 --- JPMorgan Equity Income R5 OIERX $ 38,853,566 -9.52 (14) -4.33 (11) -4.33 (11) 9.03 (12) 7.67 (10) 12.56 (14)8.91 07/02/1987 2.27 0.58/0.58 Large Value -12.47 -8.52 -8.52 6.85 5.38 10.91 1.98 1.16/0.96 Russell 1000 Value TR USD -11.72 -8.27 -8.27 6.95 5.95 11.18 --- Fidelity® 500 Index FXAIX $ 59,086,784 -13.53 (43) -4.40 (25) -4.40 (25) 9.25 (14) 8.48 (9) 13.10 (19)9.77 05/04/2011 ---0.02/0.02 Large Blend -13.53 -6.27 -6.27 7.65 6.66 11.99 1.26 2.5/0.9 S&P 500 TR USD -13.52 -4.38 -4.38 9.26 8.49 13.12 --- Fidelity® Contrafund®FCNTX $ 51,786,275 -16.24 (66) -2.13 (50) -2.13 (50) 10.18 (33) 9.30 (36) 13.89 (47)12.27 05/17/1967 ---0.74/0.74 Fidelity® Growth Company FDGRX 50,300,021 -20.85 (99) -4.53 (74) -4.53 (74) 11.45 (14) 11.30 (7) 16.91 (7)12.93 01/17/1983 ---0.85/0.85 Large Growth -15.42 -2.09 -2.09 8.94 8.12 13.71 0.29 1.73/1.06 Russell 1000 Growth TR USD -15.89 -1.51 -1.51 11.15 10.40 15.29 --- Victory Sycamore Established Value A VETAX $ 10,026,953 -15.29 (46) -10.23 (24) -10.23 (24) 7.80 (14) 7.13 (5) 13.26 (15)11.40 08/16/1983 1.07 0.90/0.90 Mid-Cap Value -15.7 -12.84 -12.84 5.42 3.88 11.66 1.23 2.25/1.07 Russell Mid Cap Value TR USD -14.95 -12.29 -12.29 6.06 5.44 13.03 --- Fidelity® Mid Cap Index FSMDX $ 2,028,491 -15.32 (35) -9.05 (29) -9.05 (29) 7.05 (40) 6.25 (14)---12.85 09/08/2011 ---0.03/0.03 Mid-Cap Blend -16.19 -11.15 -11.15 5.54 4.0 11.92 0.82 1.22/1.01 Russell Mid Cap TR USD -15.37 -9.06 -9.06 7.04 6.26 14.03 --- Eaton Vance Atlanta Capital SMID-Cap A EAASX $ 26,976,908 -16.40 (37) -5.57 (45) -5.57 (45) 9.24 (25) 8.40 (12) 15.25 (11)10.17 04/30/2002 ---1.19/1.19 Returns are shown in percentage ITD - Inception to Date 24 Oakland County 401a/457b Plans Performance Summary For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment/Peer Group/Benchmark Ticker Assets Last Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr ITD Inception Date 12 Mo Yield Exp.Ratio Gross/Net T. Rowe Price New Horizons PRNHX 20,644,660 -17.04 (48) 4.04 (4) 4.04 (4) 13.82 (3) 10.33 (3) 19.33 (1)11.52 06/03/1960 0.00 0.78/0.78 Mid-Cap Growth -17.57 -6.65 -6.65 7.25 5.6 13.16 0.12 2.45/1.17 Russell Mid Cap Growth TR USD -15.99 -4.75 -4.75 8.59 7.42 15.12 --- Fidelity Advisor® Small Cap Value I FCVIX $ 7,487,179 -16.91 (21) -14.97 (46) -14.97 (46) 5.01 (50) 3.96 (16) 12.67 (17)8.74 11/03/2004 ---0.91/0.91 Small Value -19.16 -15.46 -15.46 5.12 1.86 11.0 1.13 2.54/1.21 Russell 2000 Value TR USD -18.67 -12.86 -12.86 7.37 3.61 10.40 --- Fidelity® Small Cap Index FSSNX $ 14,485,864 -20.17 (65) -10.88 (33) -10.88 (33) 7.58 (25) 4.63 (21)---12.43 09/08/2011 ---0.03/0.03 Small Blend -19.37 -12.69 -12.69 5.9 3.2 11.6 0.59 2.9/1.13 Russell 2000 TR USD -20.20 -11.01 -11.01 7.36 4.41 11.97 --- Fidelity® International Index FSPSX $ 3,204,002 -12.41 (42) -13.52 (29) -13.52 (29) 3.19 (40) 0.65 (33) 6.16 (42)4.38 09/08/2011 ---0.05/0.05 MFS International Value R3 MINGX 16,010,130 -10.90 (16) -9.22 (6) -9.22 (6) 6.17 (2) 5.23 (1) 9.76 (2)7.57 10/24/1995 ---0.98/0.98 Foreign Large Blend -12.66 -14.58 -14.58 2.64 0.1 5.89 1.92 2.27/0.99 MSCI ACWI Ex USA NR USD -11.46 -14.20 -14.20 4.48 0.68 6.57 --- American Funds Europaciﬁc Growth R5E RERHX $ 15,508,538 -12.62 (34) -15.01 (59) -15.01 (59) 3.92 (34) 1.63 (41) 7.40 (47)10.19 04/16/1984 1.48 0.64/0.64 Foreign Large Growth -13.87 -14.08 -14.08 3.21 1.38 7.4 0.5 1.45/1.13 MSCI ACWI Ex USA Growth NR USD -12.20 -14.43 -14.43 4.19 1.69 7.15 --- Vanguard International Explorer Inv VINEX $ 786,098 -19.03 (63) -23.02 (79) -23.02 (79) 1.62 (60) 2.05 (53) 9.42 (68)8.44 11/04/1996 ---0.38/0.38 Foreign Small/Mid Growth -17.67 -18.34 -18.34 2.73 2.11 10.79 0.35 2.07/1.38 MSCI World Ex USA SMID NR USD -15.72 -17.34 -17.34 3.45 1.95 8.77 --- Returns are shown in percentage ITD - Inception to Date 25 Oakland County 401a/457b Plans Performance Summary For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment/Peer Group/Benchmark Ticker Assets Last Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr ITD Inception Date 12 Mo Yield Exp.Ratio Gross/Net Fidelity® Emerging Markets Idx FPADX $ 6,433,690 -7.41 (50) -14.63 (35) -14.63 (35) 9.35 (20) 2.05 (16)---3.63 09/08/2011 ---0.08/0.08 Diversiﬁed Emerging Mkts -7.46 -16.07 -16.07 6.99 0.53 7.58 1.67 2.82/1.3 MSCI EM NR USD -7.47 -14.58 -14.58 9.25 1.65 8.02 --- Dreyfus Natural Resources I DLDRX $ 1,184,205 -20.82 (70) -17.60 (46) -17.60 (46) 6.38 (49) -2.04 (51) 5.76 (46)7.13 10/31/2003 ---1.05/1.05 Natural Resources -17.86 -19.01 -19.01 6.2 -3.17 5.88 1.41 1.33/1.21 S&P North American Natural Resources TR -23.47 -21.07 -21.07 1.50 -6.50 2.99 --- Cohen & Steers Instl Realty Shares CSRIX $ 5,958,059 -6.63 (45) -3.99 (21) -3.99 (21) 3.00 (30) 8.40 (11) 12.44 (15)11.25 02/14/2000 ---0.77/0.75 Real Estate -7.18 -5.96 -5.96 2.45 6.92 11.5 2.14 2.27/1.11 FTSE Nareit All Equity REITs TR USD -6.06 -4.04 -4.04 4.24 8.32 12.53 --- American Funds New Perspective R6 RNPGX $ 6,079,398 -13.15 (50) -5.56 (18) -5.56 (18) 7.66 (19) 6.42 (11) 11.76 (11)11.97 03/13/1973 1.28 0.45/0.45 World Large Stock -12.94 -9.64 -9.64 5.69 3.72 9.33 1.5 2.15/1.15 MSCI ACWI Large Cap NR USD -12.35 -8.63 -8.63 6.92 4.41 9.28 --- Returns are shown in percentage ITD - Inception to Date 26 Oakland County 401a/457b Plans Fees and Expenses For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Peer Group Expense Cat Avg Gross/Net Expense Ratio Gross/Net Funds In Category Rank in Cat Gross/Net 12b-1 Fee Fee Waiver Date Oppenheimer Senior Floating Rate Y Bank Loan 1.18/1.08 0.89/0.88 250 37/43 ---09/28/20191 Fidelity® Interm Trs Bd Index Intermediate Government 0.86/0.79 0.03/0.03 242 2/2 ------ PGIM Total Return Bond Z Intermediate-Term Bond 1.77/0.74 0.53/0.51 1092 24/34 ---02/29/20201 PIMCO Real Return A Inﬂation-Protected Bond 0.90/0.70 1.28/1.28 243 78/88 0.25 --- PIMCO Income A Multisector Bond 1.35/1.08 1.14/1.14 348 52/67 0.25 --- PGIM High Yield Z High Yield Bond 2.38/1.01 0.55/0.55 732 10/12 ------ Dreyfus/Standish Global Fixed Income I World Bond 5.85/0.88 0.53/0.53 339 10/15 ------ Columbia Income Builder Adv Allocation--15% to 30% Equity 1.21/1.00 0.75/0.75 206 22/31 0.00 --- Fidelity® Puritan®Allocation--50% to 70% Equity 1.69/1.12 0.54/0.54 791 8/10 ------ Vanguard Balanced Index I Allocation--50% to 70% Equity 1.69/1.12 0.06/0.06 791 2/2 ------ TIAA-CREF Lifecycle Index Ret Inc Instl Target-Date Retirement 3.19/0.77 0.31/0.10 201 5/2 ---09/30/20191 TIAA-CREF Lifecycle Index 2010 Instl Target-Date 2000-2010 2.81/0.71 0.25/0.10 165 5/4 ---09/30/20191 TIAA-CREF Lifecycle Index 2015 Instl Target-Date 2015 4.64/0.73 0.23/0.10 157 4/4 ---09/30/20191 TIAA-CREF Lifecycle Index 2020 Instl Target-Date 2020 1.61/0.79 0.21/0.10 267 3/2 ---09/30/20191 TIAA-CREF Lifecycle Index 2025 Instl Target-Date 2025 1.70/0.77 0.20/0.10 245 3/3 ---09/30/20191 TIAA-CREF Lifecycle Index 2030 Instl Target-Date 2030 1.50/0.81 0.20/0.10 256 3/2 ---09/30/20191 TIAA-CREF Lifecycle Index 2035 Instl Target-Date 2035 2.27/0.78 0.19/0.10 240 3/3 ---09/30/20191 TIAA-CREF Lifecycle Index 2040 Instl Target-Date 2040 1.79/0.82 0.19/0.10 256 2/2 ---09/30/20191 TIAA-CREF Lifecycle Index 2045 Instl Target-Date 2045 2.42/0.79 0.20/0.10 240 3/3 ---09/30/20191 TIAA-CREF Lifecycle Index 2050 Instl Target-Date 2050 1.74/0.82 0.20/0.10 256 3/2 ---09/30/20191 TIAA-CREF Lifecycle Index 2055 Instl Target-Date 2055 3.25/0.79 0.24/0.10 240 4/3 ---09/30/20191 TIAA-CREF Lifecycle Index 2060 Instl Target-Date 2060+7.94/0.80 0.48/0.10 225 8/3 ---09/30/20191 JPMorgan Equity Income R5 Large Value 1.16/0.96 0.58/0.58 1275 15/18 ------ Fidelity® 500 Index Large Blend 2.50/0.90 0.02/0.02 1486 2/2 ------ Fidelity® Contrafund®Large Growth 1.73/1.06 0.74/0.74 1449 21/26 ------ Fidelity® Growth Company Large Growth 1.73/1.06 0.85/0.85 1449 32/39 ------ Victory Sycamore Established Value A Mid-Cap Value 2.25/1.07 0.90/0.90 427 31/37 0.25 --- Fidelity® Mid Cap Index Mid-Cap Blend 1.22/1.01 0.03/0.03 478 2/2 ------ 1-Fee waiver is contractual, 2-Fee waiver is voluntary 27 Oakland County 401a/457b Plans Fees and Expenses For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Peer Group Expense Cat Avg Gross/Net Expense Ratio Gross/Net Funds In Category Rank in Cat Gross/Net 12b-1 Fee Fee Waiver Date Eaton Vance Atlanta Capital SMID-Cap A Mid-Cap Growth 2.45/1.17 1.19/1.19 629 50/61 0.25 --- T. Rowe Price New Horizons Mid-Cap Growth 2.45/1.17 0.78/0.78 629 14/17 ------ Fidelity Advisor® Small Cap Value I Small Value 2.54/1.21 0.91/0.91 435 18/24 ------ Fidelity® Small Cap Index Small Blend 2.90/1.13 0.03/0.03 790 2/2 ------ Fidelity® International Index Foreign Large Blend 2.27/0.99 0.05/0.05 797 2/2 ------ MFS International Value R3 Foreign Large Blend 2.27/0.99 0.98/0.98 797 41/53 0.25 --- American Funds Europaciﬁc Growth R5E Foreign Large Growth 1.45/1.13 0.64/0.64 462 9/10 ------ Vanguard International Explorer Inv Foreign Small/Mid Growth 2.07/1.38 0.38/0.38 142 2/2 ------ Fidelity® Emerging Markets Idx Diversiﬁed Emerging Mkts 2.82/1.30 0.08/0.08 906 2/2 ------ Dreyfus Natural Resources I Natural Resources 1.33/1.21 1.05/1.05 136 44/49 ------ Cohen & Steers Instl Realty Shares Real Estate 2.27/1.11 0.77/0.75 268 22/22 ------ American Funds New Perspective R6 World Large Stock 2.15/1.15 0.45/0.45 966 3/4 ------ Averages 2.14/0.94 0.46/0.41 14/16 1-Fee waiver is contractual, 2-Fee waiver is voluntary The expense ratio is a fund's total annual operating expenses(including management fees, distribution fees and other expenses)revealed as a percentage of the fund's average net assets. The calculation of the averages illustrated herein only include the values for Current funds in the plan. The values for Proposed and Replacement fund(s) are not part of the calculation for the average values illustrated. 28 Oakland County 401a/457b Plans Summary Showing Funds Approved and Not Approved by Morgan Stanley For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Ticker MS Status GIMA GIMA Watch High AAA IWI Reason for Fund Not Being Approved by Morgan Stanley Oppenheimer Senior Floating Rate Y OOSYX Approved Fidelity® Interm Trs Bd Index FUAMX The following criteria failed: Fund Product History PGIM Total Return Bond Z PDBZX Focus PIMCO Real Return A PRTNX Focus PIMCO Income A PONAX Focus PGIM High Yield Z PHYZX Approved Dreyfus/Standish Global Fixed Income I SDGIX Focus Columbia Income Builder Adv CNMRX Screened Fidelity® Puritan®FPURX Screened Vanguard Balanced Index I VBAIX Screened TIAA-CREF Lifecycle Index Ret Inc Instl TRILX Screened TIAA-CREF Lifecycle Index 2010 Instl TLTIX Screened TIAA-CREF Lifecycle Index 2015 Instl TLFIX Screened TIAA-CREF Lifecycle Index 2020 Instl TLWIX Screened TIAA-CREF Lifecycle Index 2025 Instl TLQIX Screened TIAA-CREF Lifecycle Index 2030 Instl TLHIX Screened TIAA-CREF Lifecycle Index 2035 Instl TLYIX Screened TIAA-CREF Lifecycle Index 2040 Instl TLZIX Screened TIAA-CREF Lifecycle Index 2045 Instl TLXIX Screened TIAA-CREF Lifecycle Index 2050 Instl TLLIX Screened TIAA-CREF Lifecycle Index 2055 Instl TTIIX Screened TIAA-CREF Lifecycle Index 2060 Instl TVIIX Screened JPMorgan Equity Income R5 OIERX Focus Fidelity® 500 Index FXAIX Screened Approved using MS GIMA Process Approved using the MS Proprietary screening Process Not MS Approved Fund Category Not Screened by MS ---Data Not Available High AAA- Adverse Active AlphaSM IWI- Investing with Impact See the disclosure pages at the end of this report for an explanation of how Morgan Stanley approves and classiﬁes funds for the Institutional Services Program. 29 Oakland County 401a/457b Plans Summary Showing Funds Approved and Not Approved by Morgan Stanley For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Ticker MS Status GIMA GIMA Watch High AAA IWI Reason for Fund Not Being Approved by Morgan Stanley Fidelity® Contrafund®FCNTX Screened Fidelity® Growth Company FDGRX Screened Victory Sycamore Established Value A VETAX Screened Fidelity® Mid Cap Index FSMDX Screened Eaton Vance Atlanta Capital SMID-Cap A EAASX Screened T. Rowe Price New Horizons PRNHX Screened Fidelity Advisor® Small Cap Value I FCVIX Screened Fidelity® Small Cap Index FSSNX Screened Fidelity® International Index FSPSX Screened MFS International Value R3 MINGX Focus American Funds Europaciﬁc Growth R5E RERHX Approved Vanguard International Explorer Inv VINEX Screened Fidelity® Emerging Markets Idx FPADX Screened Dreyfus Natural Resources I DLDRX Approved Cohen & Steers Instl Realty Shares CSRIX Screened American Funds New Perspective R6 RNPGX Approved Approved using MS GIMA Process Approved using the MS Proprietary screening Process Not MS Approved Fund Category Not Screened by MS ---Data Not Available High AAA- Adverse Active AlphaSM IWI- Investing with Impact See the disclosure pages at the end of this report for an explanation of how Morgan Stanley approves and classiﬁes funds for the Institutional Services Program. 30 Oakland County 401a/457b Plans Performance with Risk Measures For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment/Peer Group/ Benchmark Current Period Returns (%)Annualized Returns (%)Risk (5 Yr)Yield(%) 3 Mos YTD 1 Yr 3 Yr 5 Yr 10 Yr ITD Inception Date Alpha Beta Sharpe Ratio Std Dev 7 Day Oppenheimer Senior Floating Rate Y -4.22 -0.78 -0.78 (73) 5.31 (9) 2.94 (12) 8.43 (13)4.76 09/08/1999 -0.43 1.14 0.72 3.20 --- Bank Loan -3.35 -0.24 -0.24 3.89 2.28 7.28 -0.67 0.96 0.63 2.72 --- S&P/LSTA Leveraged Loan TR -3.45 0.44 0.44 4.83 3.05 8.57 0.88 2.71 Funds in Peer Group 241 213 196 84 Fidelity® Interm Trs Bd Index 3.49 1.23 1.23 (8) 1.46 (16) 2.48 (3) 2.65 (42)4.23 10/04/2017 0.06 1.33 0.45 4.23 --- Intermediate Government 1.95 0.51 0.51 1.05 1.76 2.46 0.14 0.72 0.48 2.44 --- BBgBarc US Government TR USD 2.54 0.88 0.88 1.41 1.99 2.12 0.44 3.14 Funds in Peer Group 235 209 194 150 PGIM Total Return Bond Z 1.27 -0.73 -0.73 (60) 3.52 (5) 3.50 (3) 6.27 (8)5.97 01/10/1995 0.78 1.10 0.88 3.24 --- Intermediate-Term Bond 0.87 -0.5 -0.5 2.15 2.27 4.31 0.03 0.86 0.63 2.65 --- BBgBarc US Agg Bond TR USD 1.64 0.01 0.01 2.06 2.52 3.48 0.68 2.79 Funds in Peer Group 1019 876 767 560 PIMCO Real Return A -1.03 -2.36 -2.36 (82) 1.88 (48) 1.08 (50) 3.92 (10)5.06 01/29/1997 -0.70 1.09 0.13 4.03 --- Inﬂation-Protected Bond -0.95 -1.64 -1.64 1.86 1.14 3.11 -0.42 0.89 0.12 3.48 --- BBgBarc US Treasury US TIPS TR USD -0.42 -1.26 -1.26 2.11 1.69 3.64 0.31 3.57 Funds in Peer Group 228 203 167 106 Performance data quoted is historical. Past performance does not guarantee future results. ITD = Inception To Date 31 Oakland County 401a/457b Plans Performance with Risk Measures For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment/Peer Group/ Benchmark Current Period Returns (%)Annualized Returns (%)Risk (5 Yr)Yield(%) 3 Mos YTD 1 Yr 3 Yr 5 Yr 10 Yr ITD Inception Date Alpha Beta Sharpe Ratio Std Dev 7 Day PIMCO Income A 0.63 0.18 0.18 (24) 5.48 (11) 5.08 (4) 9.40 (2)7.82 03/30/2007 3.74 0.33 1.86 2.29 --- Multisector Bond -1.48 -1.49 -1.49 3.76 2.51 6.19 1.02 0.47 0.63 3.33 --- BBgBarc US Agg Bond TR USD 1.64 0.01 0.01 2.06 2.52 3.48 0.68 2.79 Funds in Peer Group 326 292 218 132 PGIM High Yield Z -4.16 -1.29 -1.29 (22) 7.04 (12) 4.20 (4) 10.40 (17)7.98 03/29/1979 0.59 0.93 0.75 4.82 --- High Yield Bond -4.33 -2.59 -2.59 5.59 2.72 9.24 -0.62 0.86 0.51 4.78 --- ICE BofAML US High Yield TR USD -4.67 -2.26 -2.26 7.27 3.82 10.99 0.63 5.14 Funds in Peer Group 696 605 508 328 Dreyfus/Standish Global Fixed Income I 0.14 -0.79 -0.79 (43) 1.96 (72) 2.66 (18) 4.73 (32)5.61 12/31/1993 2.05 0.15 0.79 2.53 --- World Bond 0.29 -1.48 -1.48 2.74 1.01 3.63 0.54 0.47 0.24 4.7 --- FTSE WGBI NonUSD USD 1.31 -1.82 -1.82 3.32 0.28 1.27 -0.01 7.06 Funds in Peer Group 310 260 244 138 Columbia Income Builder Adv -3.75 -2.18 -2.18 (29) 5.02 (4) 3.73 (8) 7.12 (19)5.21 02/16/2006 0.60 1.32 0.71 4.43 0.00 Allocation--15% to 30% Equity -3.23 -3.14 -3.14 3.05 2.19 5.6 -0.56 1.13 0.47 3.86 --- Morningstar Con Tgt Risk TR USD -1.24 -1.20 -1.20 3.43 2.54 4.37 0.68 2.80 Funds in Peer Group 200 177 152 87 Performance data quoted is historical. Past performance does not guarantee future results. ITD = Inception To Date 32 Oakland County 401a/457b Plans Performance with Risk Measures For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment/Peer Group/ Benchmark Current Period Returns (%)Annualized Returns (%)Risk (5 Yr)Yield(%) 3 Mos YTD 1 Yr 3 Yr 5 Yr 10 Yr ITD Inception Date Alpha Beta Sharpe Ratio Std Dev 7 Day Fidelity® Puritan®-11.26 -4.16 -4.16 (27) 6.13 (16) 6.14 (6) 10.37 (7)10.79 04/16/1947 1.88 0.90 0.70 8.09 --- Vanguard Balanced Index I -8.06 -2.82 -2.82 (11) 6.38 (13) 5.89 (10) 9.56 (19)7.85 11/09/1992 2.16 0.75 0.80 6.63 --- Allocation--50% to 70% Equity -8.64 -5.76 -5.76 4.71 3.67 8.33 -0.18 0.81 0.46 7.31 --- Morningstar Mod Agg Tgt Risk TR USD -9.67 -6.74 -6.74 6.91 4.60 9.48 0.50 8.50 Funds in Peer Group 775 698 611 440 TIAA-CREF Lifecycle Index Ret Inc Instl -4.62 -2.65 -2.65 (32) 4.31 (9) 3.79 (1)---5.76 09/30/2009 0.58 1.11 0.71 4.48 --- Target-Date Retirement -3.79 -3.16 -3.16 3.44 2.62 5.74 -0.23 0.97 0.51 4.01 --- Morningstar Lifetime Mod Incm TR USD -4.12 -2.20 -2.20 4.01 2.94 5.88 0.59 3.94 Funds in Peer Group 187 164 129 93 TIAA-CREF Lifecycle Index 2010 Instl -4.89 -2.87 -2.87 (29) 4.51 (33) 3.94 (4)---6.20 09/30/2009 0.46 1.03 0.69 4.85 --- Target-Date 2000-2010 -4.3 -3.25 -3.25 4.11 3.22 6.96 -0.12 0.99 0.56 4.73 --- Morningstar Lifetime Mod 2010 TR USD -4.63 -2.97 -2.97 4.47 3.37 6.96 0.61 4.60 Funds in Peer Group 137 118 93 76 Performance data quoted is historical. Past performance does not guarantee future results. ITD = Inception To Date 33 Oakland County 401a/457b Plans Performance with Risk Measures For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment/Peer Group/ Benchmark Current Period Returns (%)Annualized Returns (%)Risk (5 Yr)Yield(%) 3 Mos YTD 1 Yr 3 Yr 5 Yr 10 Yr ITD Inception Date Alpha Beta Sharpe Ratio Std Dev 7 Day TIAA-CREF Lifecycle Index 2015 Instl -5.57 -3.29 -3.29 (31) 4.83 (24) 4.14 (8)---6.61 09/30/2009 0.45 1.03 0.67 5.33 --- Target-Date 2015 -5.41 -3.86 -3.86 4.39 3.36 7.49 -0.3 1.03 0.52 5.4 --- Morningstar Lifetime Mod 2015 TR USD -5.20 -3.54 -3.54 4.79 3.61 7.55 0.59 5.11 Funds in Peer Group 142 118 82 49 TIAA-CREF Lifecycle Index 2020 Instl -6.40 -3.75 -3.75 (22) 5.27 (22) 4.41 (5)---7.13 09/30/2009 0.42 1.04 0.64 6.06 --- Target-Date 2020 -6.14 -4.49 -4.49 4.54 3.41 7.73 -0.36 0.98 0.5 5.8 --- Morningstar Lifetime Mod 2020 TR USD -5.95 -4.16 -4.16 5.18 3.87 8.27 0.58 5.76 Funds in Peer Group 250 206 165 107 TIAA-CREF Lifecycle Index 2025 Instl -7.60 -4.42 -4.42 (20) 5.76 (15) 4.70 (3)---7.65 09/30/2009 0.45 1.02 0.61 6.90 --- Target-Date 2025 -7.47 -5.34 -5.34 5.05 3.71 8.55 -0.44 1.0 0.48 6.83 --- Morningstar Lifetime Mod 2025 TR USD -7.01 -4.90 -4.90 5.69 4.16 9.05 0.55 6.66 Funds in Peer Group 226 189 146 73 TIAA-CREF Lifecycle Index 2030 Instl -8.68 -5.04 -5.04 (13) 6.23 (17) 4.97 (3)---8.17 09/30/2009 0.54 0.99 0.58 7.75 --- Target-Date 2030 -8.82 -6.25 -6.25 5.45 3.94 8.86 -0.4 0.98 0.46 7.77 --- Morningstar Lifetime Mod 2030 TR USD -8.44 -5.82 -5.82 6.26 4.44 9.74 0.52 7.75 Funds in Peer Group 239 196 155 97 Performance data quoted is historical. Past performance does not guarantee future results. ITD = Inception To Date 34 Oakland County 401a/457b Plans Performance with Risk Measures For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment/Peer Group/ Benchmark Current Period Returns (%)Annualized Returns (%)Risk (5 Yr)Yield(%) 3 Mos YTD 1 Yr 3 Yr 5 Yr 10 Yr ITD Inception Date Alpha Beta Sharpe Ratio Std Dev 7 Day TIAA-CREF Lifecycle Index 2035 Instl -9.87 -5.73 -5.73 (11) 6.68 (8) 5.22 (3)---8.65 09/30/2009 0.68 0.97 0.56 8.58 --- Target-Date 2035 -10.13 -7.04 -7.04 5.83 4.14 9.44 -0.37 0.98 0.44 8.7 --- Morningstar Lifetime Mod 2035 TR USD -9.95 -6.82 -6.82 6.72 4.61 10.17 0.49 8.77 Funds in Peer Group 221 184 141 68 TIAA-CREF Lifecycle Index 2040 Instl -11.00 -6.36 -6.36 (11) 7.11 (3) 5.45 (2)---8.95 09/30/2009 0.80 0.99 0.54 9.43 --- Target-Date 2040 -11.01 -7.74 -7.74 5.96 4.23 9.48 -0.23 0.95 0.43 9.19 --- Morningstar Lifetime Mod 2040 TR USD -11.09 -7.65 -7.65 6.98 4.65 10.32 0.46 9.45 Funds in Peer Group 239 196 155 97 TIAA-CREF Lifecycle Index 2045 Instl -11.89 -6.92 -6.92 (12) 7.23 (3) 5.52 (2)---8.99 09/30/2009 0.93 0.99 0.54 9.69 --- Target-Date 2045 -11.71 -8.14 -8.14 6.13 4.3 9.78 -0.19 0.98 0.42 9.66 --- Morningstar Lifetime Mod 2045 TR USD -11.67 -8.17 -8.17 7.05 4.60 10.32 0.45 9.76 Funds in Peer Group 221 184 141 67 TIAA-CREF Lifecycle Index 2050 Instl -12.03 -7.01 -7.01 (9) 7.35 (3) 5.59 (2)---9.03 09/30/2009 1.10 0.98 0.54 9.76 --- Target-Date 2050 -11.91 -8.41 -8.41 6.11 4.33 9.6 -0.04 0.97 0.42 9.71 --- Morningstar Lifetime Mod 2050 TR USD -11.81 -8.41 -8.41 7.05 4.51 10.27 0.43 9.85 Funds in Peer Group 239 196 155 79 Performance data quoted is historical. Past performance does not guarantee future results. ITD = Inception To Date 35 Oakland County 401a/457b Plans Performance with Risk Measures For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment/Peer Group/ Benchmark Current Period Returns (%)Annualized Returns (%)Risk (5 Yr)Yield(%) 3 Mos YTD 1 Yr 3 Yr 5 Yr 10 Yr ITD Inception Date Alpha Beta Sharpe Ratio Std Dev 7 Day TIAA-CREF Lifecycle Index 2055 Instl -12.25 -7.14 -7.14 (11) 7.44 (2) 5.64 (3)---7.37 04/29/2011 1.23 0.98 0.54 9.81 --- Target-Date 2055 -12.12 -8.44 -8.44 6.21 4.42 10.41 0.06 0.98 0.42 9.88 --- Morningstar Lifetime Mod 2055 TR USD -11.84 -8.57 -8.57 7.04 4.42 10.19 0.42 9.89 Funds in Peer Group 221 182 115 9 TIAA-CREF Lifecycle Index 2060 Instl -12.41 -7.13 -7.13 (10) 7.53 (4)------5.67 09/26/2014 --------------- Target-Date 2060+-12.27 -8.52 -8.52 6.31 4.16 ----0.04 0.96 0.41 9.64 --- Morningstar Lifetime Mod 2060 TR USD -11.81 -8.69 -8.69 7.02 4.34 10.22 0.41 9.91 Funds in Peer Group 201 99 9 0 JPMorgan Equity Income R5 -9.52 -4.33 -4.33 (11) 9.03 (12) 7.67 (10) 12.56 (14)8.91 07/02/1987 1.92 0.94 0.70 10.38 --- Large Value -12.47 -8.52 -8.52 6.85 5.38 10.91 -0.4 0.98 0.48 11.25 --- Russell 1000 Value TR USD -11.72 -8.27 -8.27 6.95 5.95 11.18 0.53 10.85 Funds in Peer Group 1244 1100 937 693 Fidelity® 500 Index -13.53 -4.40 -4.40 (25) 9.25 (14) 8.48 (9) 13.10 (19)9.77 05/04/2011 -0.01 1.00 0.74 10.94 --- Large Blend -13.53 -6.27 -6.27 7.65 6.66 11.99 -1.68 0.99 0.58 11.28 --- S&P 500 TR USD -13.52 -4.38 -4.38 9.26 8.49 13.12 0.74 10.94 Funds in Peer Group 1402 1209 1072 808 Fidelity® Contrafund®-16.24 -2.13 -2.13 (50) 10.18 (33) 9.30 (36) 13.89 (47)12.27 05/17/1967 -0.68 0.97 0.75 11.92 --- Performance data quoted is historical. Past performance does not guarantee future results. ITD = Inception To Date 36 Oakland County 401a/457b Plans Performance with Risk Measures For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment/Peer Group/ Benchmark Current Period Returns (%)Annualized Returns (%)Risk (5 Yr)Yield(%) 3 Mos YTD 1 Yr 3 Yr 5 Yr 10 Yr ITD Inception Date Alpha Beta Sharpe Ratio Std Dev 7 Day Fidelity® Growth Company -20.85 -4.53 -4.53 (74) 11.45 (14) 11.30 (7) 16.91 (7)12.93 01/17/1983 -0.67 1.19 0.75 14.94 --- Large Growth -15.42 -2.09 -2.09 8.94 8.12 13.71 -1.93 0.99 0.64 12.59 --- Russell 1000 Growth TR USD -15.89 -1.51 -1.51 11.15 10.40 15.29 0.84 11.96 Funds in Peer Group 1410 1256 1115 809 Victory Sycamore Established Value A -15.29 -10.23 -10.23 (24) 7.80 (14) 7.13 (5) 13.26 (15)11.40 08/16/1983 1.75 0.97 0.60 11.54 --- Mid-Cap Value -15.7 -12.84 -12.84 5.42 3.88 11.66 -1.52 1.02 0.33 12.39 --- Russell Mid Cap Value TR USD -14.95 -12.29 -12.29 6.06 5.44 13.03 0.47 11.42 Funds in Peer Group 417 363 306 218 Fidelity® Mid Cap Index -15.32 -9.05 -9.05 (29) 7.05 (40) 6.25 (14)---12.85 09/08/2011 0.00 1.00 0.53 11.61 --- Mid-Cap Blend -16.19 -11.15 -11.15 5.54 4.0 11.92 -2.12 1.01 0.33 12.48 --- Russell Mid Cap TR USD -15.37 -9.06 -9.06 7.04 6.26 14.03 0.53 11.65 Funds in Peer Group 464 382 335 235 Eaton Vance Atlanta Capital SMID-Cap A -16.40 -5.57 -5.57 (45) 9.24 (25) 8.40 (12) 15.25 (11)10.17 04/30/2002 1.47 0.93 0.66 12.55 --- T. Rowe Price New Horizons -17.04 4.04 4.04 (4) 13.82 (3) 10.33 (3) 19.33 (1)11.52 06/03/1960 2.60 1.04 0.73 13.99 0.00 Mid-Cap Growth -17.57 -6.65 -6.65 7.25 5.6 13.16 -1.62 1.0 0.43 13.48 --- Russell Mid Cap Growth TR USD -15.99 -4.75 -4.75 8.59 7.42 15.12 0.58 12.51 Funds in Peer Group 605 543 490 341 Performance data quoted is historical. Past performance does not guarantee future results. ITD = Inception To Date 37 Oakland County 401a/457b Plans Performance with Risk Measures For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment/Peer Group/ Benchmark Current Period Returns (%)Annualized Returns (%)Risk (5 Yr)Yield(%) 3 Mos YTD 1 Yr 3 Yr 5 Yr 10 Yr ITD Inception Date Alpha Beta Sharpe Ratio Std Dev 7 Day Fidelity Advisor® Small Cap Value I -16.91 -14.97 -14.97 (46) 5.01 (50) 3.96 (16) 12.67 (17)8.74 11/03/2004 0.83 0.80 0.32 12.68 --- Small Value -19.16 -15.46 -15.46 5.12 1.86 11.0 -1.45 0.94 0.16 15.26 --- Russell 2000 Value TR USD -18.67 -12.86 -12.86 7.37 3.61 10.40 0.27 15.18 Funds in Peer Group 417 373 327 228 Fidelity® Small Cap Index -20.17 -10.88 -10.88 (33) 7.58 (25) 4.63 (21)---12.43 09/08/2011 0.21 1.00 0.33 15.42 --- Small Blend -19.37 -12.69 -12.69 5.9 3.2 11.6 -0.86 0.91 0.25 14.72 --- Russell 2000 TR USD -20.20 -11.01 -11.01 7.36 4.41 11.97 0.32 15.43 Funds in Peer Group 768 643 540 392 Fidelity® International Index -12.41 -13.52 -13.52 (29) 3.19 (40) 0.65 (33) 6.16 (42)4.38 09/08/2011 -0.03 0.94 0.06 11.45 --- MFS International Value R3 -10.90 -9.22 -9.22 (6) 6.17 (2) 5.23 (1) 9.76 (2)7.57 10/24/1995 4.44 0.75 0.49 10.17 --- Foreign Large Blend -12.66 -14.58 -14.58 2.64 0.1 5.89 -0.56 0.93 0.02 11.63 --- MSCI ACWI Ex USA NR USD -11.46 -14.20 -14.20 4.48 0.68 6.57 0.06 11.91 Funds in Peer Group 741 639 508 380 American Funds Europaciﬁc Growth R5E -12.62 -15.01 -15.01 (59) 3.92 (34) 1.63 (41) 7.40 (47)10.19 04/16/1984 0.01 0.93 0.14 11.36 --- Foreign Large Growth -13.87 -14.08 -14.08 3.21 1.38 7.4 -0.22 0.96 0.12 12.0 --- MSCI ACWI Ex USA Growth NR USD -12.20 -14.43 -14.43 4.19 1.69 7.15 0.15 11.79 Funds in Peer Group 439 364 315 235 Performance data quoted is historical. Past performance does not guarantee future results. ITD = Inception To Date 38 Oakland County 401a/457b Plans Performance with Risk Measures For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment/Peer Group/ Benchmark Current Period Returns (%)Annualized Returns (%)Risk (5 Yr)Yield(%) 3 Mos YTD 1 Yr 3 Yr 5 Yr 10 Yr ITD Inception Date Alpha Beta Sharpe Ratio Std Dev 7 Day Vanguard International Explorer Inv -19.03 -23.02 -23.02 (79) 1.62 (60) 2.05 (53) 9.42 (68)8.44 11/04/1996 0.19 1.00 0.17 12.49 --- Foreign Small/Mid Growth -17.67 -18.34 -18.34 2.73 2.11 10.79 0.34 0.93 0.19 12.31 --- MSCI World Ex USA SMID NR USD -15.72 -17.34 -17.34 3.45 1.95 8.77 0.17 11.85 Funds in Peer Group 136 109 95 62 Fidelity® Emerging Markets Idx -7.41 -14.63 -14.63 (35) 9.35 (20) 2.05 (16)---3.63 09/08/2011 0.41 0.99 0.17 15.21 --- Diversiﬁed Emerging Mkts -7.46 -16.07 -16.07 6.99 0.53 7.58 -0.97 0.89 0.06 14.44 --- MSCI EM NR USD -7.47 -14.58 -14.58 9.25 1.65 8.02 0.14 15.19 Funds in Peer Group 836 708 533 239 Dreyfus Natural Resources I -20.82 -17.60 -17.60 (46) 6.38 (49) -2.04 (51) 5.76 (46)7.13 10/31/2003 2.35 0.70 -0.09 15.67 --- Natural Resources -17.86 -19.01 -19.01 6.2 -3.17 5.88 1.87 0.75 -0.09 18.49 --- S&P North American Natural Resources TR -23.47 -21.07 -21.07 1.50 -6.50 2.99 -0.28 19.58 Funds in Peer Group 129 120 114 81 Cohen & Steers Instl Realty Shares -6.63 -3.99 -3.99 (21) 3.00 (30) 8.40 (11) 12.44 (15)11.25 02/14/2000 0.01 1.01 0.62 13.37 --- Real Estate -7.18 -5.96 -5.96 2.45 6.92 11.5 -1.04 0.97 0.54 13.16 --- FTSE Nareit All Equity REITs TR USD -6.06 -4.04 -4.04 4.24 8.32 12.53 0.63 13.10 Funds in Peer Group 251 223 193 139 Performance data quoted is historical. Past performance does not guarantee future results. ITD = Inception To Date 39 Oakland County 401a/457b Plans Performance with Risk Measures For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment/Peer Group/ Benchmark Current Period Returns (%)Annualized Returns (%)Risk (5 Yr)Yield(%) 3 Mos YTD 1 Yr 3 Yr 5 Yr 10 Yr ITD Inception Date Alpha Beta Sharpe Ratio Std Dev 7 Day American Funds New Perspective R6 -13.15 -5.56 -5.56 (18) 7.66 (19) 6.42 (11) 11.76 (11)11.97 03/13/1973 2.04 0.98 0.56 11.11 --- World Large Stock -12.94 -9.64 -9.64 5.69 3.72 9.33 -0.47 0.96 0.33 11.25 --- MSCI ACWI Large Cap NR USD -12.35 -8.63 -8.63 6.92 4.41 9.28 0.39 10.84 Funds in Peer Group 901 732 621 365 Performance data quoted is historical. Past performance does not guarantee future results. ITD = Inception To Date 40 Oakland County 401a/457b Plans Performance with Risk Measures For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Money Market: Investments in a money market fund are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund by calling the toll-free number indicated on each fund's proﬁle in the Fund Proﬁles section of this report. The investment return and principal value of an investment will ﬂuctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fund fees and expenses. Performance ﬁgures are based on Net Asset Value (NAV) within a qualiﬁed retirement plan. If an individual were to purchase shares outside of a qualiﬁed plan, they would likely be subject to all, or a portion of, any applicable sales charges. These charges would lower the performance indicated above. For plans that include exchange-traded funds: Market returns are based on the closing market price of an exchange-traded fund (ETF) whereas returns based on NAV are calculated by dividing an ETF's total net assets by its number of shares outstanding. Due to the fact that ETFs trade intraday in the market, they may be available for purchase at a premium or a discount to NAV. Each fund's performance may, from time to time, have been affected signiﬁcantly by material market and economic conditions, including interest rates, market trends, and general business and economic cycles, which may or may not be repeated in the future. Also, keep in mind that any double-digit returns are highly unusual and cannot be sustained. Such returns are primarily achieved during favorable market conditions. Refer to the Disclosures section for primary risk deﬁnitions. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the fund's return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-inception Returns disclosure information. 41 Oakland County 401a/457b Plans Oppenheimer Senior Floating Rate Y |OOSYX Bank Loan | Scorecard Monitoring Detail: Watch For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings Arch Coal Inc 1.70 % T/L Murray Energy Tl B2 1l 1.63 T/L Centurylink Inc Tl B 1l 1.29 T/L Western Express Tl 2l 1.19 T/L Avaya Inc Tl B-Exit 1l 1.12 T/L Univision Comm Tl C5 1l 1.02 T/L Caesars Resort Tl 1l 0.97 T/L Sprint Comms Tl B 1l 0.97 T/L Uniti 1l Tl 0.76 T/L Regency Entertainment Tl 0.76 Total 11.41 % Portfolio Data Inception Date 11/28/2005 Fund Assets 13.47 b MStar Category Bank Loan Net Exp Ratio 0.88 Gross Exp Ratio 0.89 No. Of Holdings 495 Bond Avg Duration 0.20 Avg Mgr Tenure 11.21 Yrs Longest Mgr Tenure 19.25 Yrs Manager Name Joseph Welsh Phone No +1 8002255677 Credit Quality Rating (%) AAA 4.37 AA 0.00 A 0.00 BBB 1.72 BB 36.09 B 50.30 Below B 2.21 Not Rated 5.32 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr S&P/LSTA Leveraged Loan TR Morningstar Bank Loan Oppenheimer Senior Floating Rate YReturns %6 4 2 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 S&P/LSTA Leveraged Loan TR Oppenheimer Senior Floating Rate YReturns %20 10 0 -10 Std Deviation % 20100-10 S&P/LSTA Leveraged Loan TR Morningstar Bank Loan Oppenheimer Senior Floating Rate YUpside%120 100 80 60 Downside% 14012010080 Fund data provided by MorningStar 42 Oakland County 401a/457b Plans Fidelity® Interm Trs Bd Index |FUAMX Intermediate Government | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Monitoring Criteria Tracking Error 3Yr R-Sqrd 3Yr Expense Ratio Total Possible Score Score Total Score 33.33 33.34 33.33 100 Fidelity® Interm Trs Bd Index 1.13 97.15 0.03 100 100 Morningstar Intermediate Government 1.22 88.44 0.70 BBgBarc US Government TR USD --------- Top 10 Holdings United States Treasury Note...3.64 % United States Treasury Note...3.51 United States Treasury Note...3.36 United States Treasury Note...3.24 United States Treasury Note...3.21 United States Treasury Note...3.14 United States Treasury Note...3.14 United States Treasury Note...3.12 United States Treasury Note...3.10 United States Treasury Note...3.08 Total 32.54 % Portfolio Data Inception Date 10/04/2017 Fund Assets 1.98 b MStar Category Intermediate Government Net Exp Ratio 0.03 Gross Exp Ratio 0.03 No. Of Holdings 55 Bond Avg Duration 6.28 Avg Mgr Tenure 4.13 Yrs Longest Mgr Tenure 4.59 Yrs Manager Name Brandon Bettencourt Phone No 416-307-5200 Credit Quality Rating (%) AAA 100.00 AA 0.00 A 0.00 BBB 0.00 BB 0.00 B 0.00 Below B 0.00 Not Rated 0.00 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr BBgBarc US Government TR USD Morningstar Intermediate Government Fidelity® Interm Trs Bd IndexReturns %4 2 0 -2 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 BBgBarc US Government TR USD Fidelity® Interm Trs Bd IndexReturns %20 10 0 -10 Std Deviation % 20100-10 BBgBarc US Government TR USD Morningstar Intermediate Government Fidelity® Interm Trs Bd IndexUpside%150 100 50 Downside% 15010050 Fund data provided by MorningStar 43 Oakland County 401a/457b Plans PGIM Total Return Bond Z |PDBZX Intermediate-Term Bond | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings US 5 Year Note (CBT) Mar19 23.63 % US 10 Year Note (CBT) Mar19 17.15 2 Year US Treasury Note Fut...-14.77 Recv Cmm 102 Fra 12/13/18 9.70 Payb 7 Yr Cmt Fra 121318 -9.70 Recv 7 Yr Cmt Fra 121318 9.69 Payb Cmm 102 Fra 12/13/18 -9.69 Recv Cmm 102 Fra 7.37 Payb 7 Yr Cmt Fra -7.37 Payb Cmm 102 Fra -7.37 Total 116.44 % Portfolio Data Inception Date 09/16/1996 Fund Assets 35.93 b MStar Category Intermediate-Term Bond Net Exp Ratio 0.51 Gross Exp Ratio 0.53 No. Of Holdings 2,649 Bond Avg Duration 6.58 Avg Mgr Tenure 9.00 Yrs Longest Mgr Tenure 16.17 Yrs Manager Name Robert Tipp Phone No --- Credit Quality Rating (%) AAA 41.74 AA 6.60 A 13.96 BBB 19.91 BB 6.62 B 4.09 Below B 0.38 Not Rated 6.70 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr BBgBarc US Agg Bond TR USD Morningstar Intermediate-Term Bond PGIM Total Return Bond ZReturns %5 4 3 2 1 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 BBgBarc US Agg Bond TR USD PGIM Total Return Bond ZReturns %20 10 0 -10 Std Deviation % 20100-10 BBgBarc US Agg Bond TR USD Morningstar Intermediate-Term Bond PGIM Total Return Bond ZUpside%150 100 50 Downside% 1201008060 Fund data provided by MorningStar 44 Oakland County 401a/457b Plans PIMCO Real Return A |PRTNX Inﬂation-Protected Bond | Scorecard Monitoring Detail: Watch For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings United States Treasury Note...9.49 % United States Treasury Bond...9.47 Federal National Mortgage A...7.58 United States Treasury Bond...7.27 US 10 Year Ultra Future Dec18 -6.41 United States Treasury Bond...6.14 United States Treasury Note...5.90 Federal National Mortgage A...5.51 United States Treasury Note...5.00 United States Treasury Bond...4.73 Total 67.50 % Portfolio Data Inception Date 01/29/1997 Fund Assets 9.92 b MStar Category Inﬂation-Protected Bond Net Exp Ratio 1.28 Gross Exp Ratio 1.28 No. Of Holdings 1,062 Bond Avg Duration 7.28 Avg Mgr Tenure 7.46 Yrs Longest Mgr Tenure 11.00 Yrs Manager Name Mihir Worah Phone No +1 8667462602 Credit Quality Rating (%) AAA - AA - A - BBB - BB - B - Below B - Not Rated - Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr BBgBarc US Treasury US TIPS TR USD Morningstar Inﬂation-Protected Bond PIMCO Real Return AReturns %3 2 1 0 -1 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 BBgBarc US Treasury US TIPS TR USD PIMCO Real Return AReturns %20 10 0 -10 Std Deviation % 20100-10 BBgBarc US Treasury US TIPS TR USD Morningstar Inﬂation-Protected Bond PIMCO Real Return AUpside%120 100 80 60 Downside% 14012010080 Fund data provided by MorningStar 45 Oakland County 401a/457b Plans PIMCO Income A |PONAX Multisector Bond | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings Irs Usd 2.75000 12/19/18-5y...-16.75 % Irs Jpy 0.45000 03/20/19-10...-14.00 Cirs Usd 5.25y Mat 3.21% M ...8.82 Cirs Usd 5.25y Mat 3.14% M ...8.81 Cirs Usd 5.25y Mat 3.18% M ...8.81 Cirs Usd 4y Mat 3.85/2.00% ...8.75 Cirs Usd 4y Mat 3.82/2.00% ...8.74 Cirs Usd 4y Mat 3.82/2.00% ...8.74 Cirs Usd 5.25y Mat 3.14% M ...6.91 US 10 Year Note (CBT) Dec18 5.75 Total 96.08 % Portfolio Data Inception Date 03/30/2007 Fund Assets 109.91 b MStar Category Multisector Bond Net Exp Ratio 1.14 Gross Exp Ratio 1.14 No. Of Holdings 7,347 Bond Avg Duration 2.86 Avg Mgr Tenure 5.98 Yrs Longest Mgr Tenure 11.75 Yrs Manager Name Daniel Ivascyn Phone No +1 8667462602 Credit Quality Rating (%) AAA 36.00 AA 3.00 A 7.00 BBB 13.00 BB 12.00 B 18.00 Below B 11.00 Not Rated - Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr BBgBarc US Agg Bond TR USD Morningstar Multisector Bond PIMCO Income AReturns %10 5 0 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 BBgBarc US Agg Bond TR USD PIMCO Income AReturns %20 10 0 -10 Std Deviation % 20100-10 BBgBarc US Agg Bond TR USD Morningstar Multisector Bond PIMCO Income AUpside%120 100 80 60 Downside% 150100500-50 Fund data provided by MorningStar 46 Oakland County 401a/457b Plans PGIM High Yield Z |PHYZX High Yield Bond | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings 2 Year US Treasury Note Fut...3.52 % US 10 Year Note (CBT) Mar19 3.34 First Data Corporation 7%1.68 US 5 Year Note (CBT) Mar19 1.63 DISH DBS Corporation 7.75%1.35 Wind Tre S.p.A. 5%1.11 Calpine Corporation 5.75%1.03 Bombardier Inc. 7.5%0.99 Wand Merger Corporation 9.12%0.84 Clear Channel Worldwide Hol...0.79 Total 16.28 % Portfolio Data Inception Date 03/01/1996 Fund Assets 7.3 b MStar Category High Yield Bond Net Exp Ratio 0.55 Gross Exp Ratio 0.55 No. Of Holdings 509 Bond Avg Duration 3.88 Avg Mgr Tenure 6.60 Yrs Longest Mgr Tenure 11.17 Yrs Manager Name Robert Spano Phone No --- Credit Quality Rating (%) AAA 10.26 AA 0.00 A 0.00 BBB 4.45 BB 32.71 B 39.86 Below B 11.70 Not Rated 1.03 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr ICE BofAML US High Yield TR USD Morningstar High Yield Bond PGIM High Yield ZReturns %10 5 0 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 ICE BofAML US High Yield TR USD PGIM High Yield ZReturns %20 10 0 -10 Std Deviation % 20100-10 ICE BofAML US High Yield TR USD Morningstar High Yield Bond PGIM High Yield ZUpside%120 100 80 60 Downside% 1201008060 Fund data provided by MorningStar 47 Oakland County 401a/457b Plans Dreyfus/Standish Global Fixed Income I |SDGIX World Bond | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings Us 5yr Note (Cbt) Mar19 5.40 % Euro-Bobl Future Dec18 -4.74 Can 10yr Bond Fut Mar19 -4.74 Japan (Government Of) 0.1%4.20 United States Treasury Note...3.40 Us Ultra Bond Cbt Mar19 3.03 New Zealand (Government Of) 2%2.89 Germany (Federal Republic O...2.85 Japan (Government Of) 0.1%2.72 Aust 3yr Bond Fut Dec18 2.22 Total 36.19 % Portfolio Data Inception Date 12/31/1993 Fund Assets 3.07 b MStar Category World Bond Net Exp Ratio 0.53 Gross Exp Ratio 0.53 No. Of Holdings 484 Bond Avg Duration 6.89 Avg Mgr Tenure 6.92 Yrs Longest Mgr Tenure 12.33 Yrs Manager Name David Leduc Phone No +1 8006456561 Credit Quality Rating (%) AAA 23.12 AA 13.16 A 32.74 BBB 22.80 BB 2.47 B 4.94 Below B 0.16 Not Rated 0.61 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr FTSE WGBI NonUSD USD Morningstar World Bond Dreyfus/Standish Global Fixed Income IReturns %10 5 0 -5 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 FTSE WGBI NonUSD USD Dreyfus/Standish Global Fixed Income IReturns %20 10 0 -10 Std Deviation % 20100-10 FTSE WGBI NonUSD USD Morningstar World Bond Dreyfus/Standish Global Fixed Income IUpside%150 100 50 0 Downside% 150100500-50 Fund data provided by MorningStar 48 Oakland County 401a/457b Plans Columbia Income Builder Adv |CNMRX Allocation--15% to 30% Equity | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings Columbia Quality Income Inst3 18.41 % Columbia Corporate Income I...11.60 Columbia High Yield Bond Inst3 11.04 Columbia Mortgage Opportuni...9.43 Columbia Emerging Markets B...9.17 Columbia Floating Rate Inst3 6.89 Columbia Dividend Income Inst3 5.62 Columbia Small Cap Value I ...5.21 Columbia Convertible Securi...5.15 Columbia Dividend Opportuni...4.88 Total 87.40 % Portfolio Data Inception Date 11/08/2012 Fund Assets 1.17 b MStar Category Allocation--15% to 30% Equity Net Exp Ratio 0.75 Gross Exp Ratio 0.75 No. Of Holdings 18 Median Market Cap 23140.21 Avg Mgr Tenure 10.71 Yrs Longest Mgr Tenure 12.84 Yrs Manager Name Colin Lundgren Phone No +1 8003456611 Portfolio Proﬁle Investment 100.00 % Domestic 19.05 Foreign 2.06 Fixed Income 58.37 Cash 20.29 Other 0.22 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Morningstar Con Tgt Risk TR USD Morningstar Allocation--15% to 30% Equity Columbia Income Builder AdvReturns %8 6 4 2 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Morningstar Con Tgt Risk TR USD Columbia Income Builder AdvReturns %20 10 0 -10 Std Deviation % 20100-10 Morningstar Con Tgt Risk TR USD Morningstar Allocation--15% to 30% Equity Columbia Income Builder AdvUpside%200 150 100 50 Downside% 15010050 Fund data provided by MorningStar 49 Oakland County 401a/457b Plans Fidelity® Puritan® |FPURX Allocation--50% to 70% Equity | Scorecard Monitoring Detail: Watch For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings Alphabet Inc Class C 3.39 % Apple Inc 3.11 United States Treasury Note...2.97 Microsoft Corp 2.73 Amazon.com Inc 2.15 Facebook Inc A 1.44 JPMorgan Chase & Co 1.43 Visa Inc Class A 1.42 UnitedHealth Group Inc 1.31 Bank of America Corporation 1.29 Total 21.24 % Portfolio Data Inception Date 04/16/1947 Fund Assets 25.4 b MStar Category Allocation--50% to 70% Equity Net Exp Ratio 0.54 Gross Exp Ratio 0.54 No. Of Holdings 1,621 Median Market Cap 92419.44 Avg Mgr Tenure 6.39 Yrs Longest Mgr Tenure 15.34 Yrs Manager Name Harley Lank Phone No 416-307-5200 Portfolio Proﬁle Investment 100.00 % Domestic 61.18 Foreign 4.08 Fixed Income 29.08 Cash 5.67 Other 0.0 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Morningstar Mod Agg Tgt Risk TR USD Morningstar Allocation--50% to 70% Equity Fidelity® Puritan®Returns %15 10 5 0 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Morningstar Mod Agg Tgt Risk TR USD Fidelity® Puritan®Returns %20 10 0 -10 Std Deviation % 20100-10 Morningstar Mod Agg Tgt Risk TR USD Morningstar Allocation--50% to 70% Equity Fidelity® Puritan®Upside%120 100 80 60 Downside% 1201008060 Fund data provided by MorningStar 50 Oakland County 401a/457b Plans Vanguard Balanced Index I |VBAIX Allocation--50% to 70% Equity | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Monitoring Criteria Tracking Error 3Yr R-Sqrd 3Yr Expense Ratio Total Possible Score Score Total Score 33.33 33.34 33.33 100 Vanguard Balanced Index I 2.65 93.21 0.06 100 67 Morningstar Allocation--50% to 70% Equity 2.97 89.43 1.02 Morningstar Mod Agg Tgt Risk TR USD --------- Top 10 Holdings Microsoft Corp 1.79 % Apple Inc 1.64 Amazon.com Inc 1.48 Berkshire Hathaway Inc B 0.83 Johnson & Johnson 0.83 JPMorgan Chase & Co 0.79 Facebook Inc A 0.72 Exxon Mobil Corp 0.71 Alphabet Inc Class C 0.70 Alphabet Inc A 0.69 Total 10.18 % Portfolio Data Inception Date 12/01/2000 Fund Assets 36.47 b MStar Category Allocation--50% to 70% Equity Net Exp Ratio 0.06 Gross Exp Ratio 0.06 No. Of Holdings 13,442 Median Market Cap 59241.71 Avg Mgr Tenure 3.73 Yrs Longest Mgr Tenure 5.84 Yrs Manager Name Joshua Barrickman Phone No +1 8776627447 Portfolio Proﬁle Investment 100.00 % Domestic 58.37 Foreign 0.49 Fixed Income 39.3 Cash 1.83 Other 0.01 51 Oakland County 401a/457b Plans Vanguard Balanced Index I |VBAIX Allocation--50% to 70% Equity | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Morningstar Mod Agg Tgt Risk TR USD Morningstar Allocation--50% to 70% Equity Vanguard Balanced Index IReturns %15 10 5 0 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Morningstar Mod Agg Tgt Risk TR USD Vanguard Balanced Index IReturns %20 10 0 -10 Std Deviation % 20100-10 Morningstar Mod Agg Tgt Risk TR USD Morningstar Allocation--50% to 70% Equity Vanguard Balanced Index IUpside%120 100 80 60 Downside% 15010050 Fund data provided by MorningStar 52 Oakland County 401a/457b Plans TIAA-CREF Lifecycle Index Ret Inc Instl |TRILX Target-Date Retirement | Scorecard Monitoring Detail: Watch For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings TIAA-CREF Bond Index W 39.78 % TIAA-CREF Equity Index W 28.06 TIAA-CREF Inﬂation Link Bd W 9.93 TIAA-CREF Short-Term Bond I...9.93 TIAA-CREF International Eq ...8.66 TIAA-CREF Emerging Markets ...3.26 Total 99.62 % Portfolio Data Inception Date 09/30/2009 Fund Assets 303.04 m MStar Category Target-Date Retirement Net Exp Ratio 0.10 Gross Exp Ratio 0.31 No. Of Holdings 7 Bond Avg Duration 5.20 Avg Mgr Tenure 6.22 Yrs Longest Mgr Tenure 9.25 Yrs Manager Name Hans Erickson Phone No 877-518-9161 Portfolio Proﬁle Investment 100.00 % Domestic 28.11 Foreign 11.67 Fixed Income 59.08 Cash 1.06 Other 0.07 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Morningstar Lifetime Mod Incm TR USD Morningstar Target-Date Retirement TIAA-CREF Lifecycle Index Ret Inc InstlReturns %8 6 4 2 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Morningstar Lifetime Mod Incm TR USD TIAA-CREF Lifecycle Index Ret Inc InstlReturns %20 10 0 -10 Std Deviation % 20100-10 Morningstar Lifetime Mod Incm TR USD Morningstar Target-Date Retirement TIAA-CREF Lifecycle Index Ret Inc InstlUpside%140 120 100 80 Downside% 1201101009080 Fund data provided by MorningStar 53 Oakland County 401a/457b Plans TIAA-CREF Lifecycle Index 2010 Instl |TLTIX Target-Date 2000-2010 | Scorecard Monitoring Detail: Watch For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings TIAA-CREF Bond Index W 39.47 % TIAA-CREF Equity Index W 29.22 TIAA-CREF Inﬂation Link Bd W 9.30 TIAA-CREF Short-Term Bond I...9.29 TIAA-CREF International Eq ...9.03 TIAA-CREF Emerging Markets ...3.39 Total 99.70 % Portfolio Data Inception Date 09/30/2009 Fund Assets 406.02 m MStar Category Target-Date 2000-2010 Net Exp Ratio 0.10 Gross Exp Ratio 0.25 No. Of Holdings 7 Bond Avg Duration 5.23 Avg Mgr Tenure 6.22 Yrs Longest Mgr Tenure 9.25 Yrs Manager Name Hans Erickson Phone No 877-518-9161 Portfolio Proﬁle Investment 100.00 % Domestic 29.27 Foreign 12.16 Fixed Income 57.51 Cash 0.98 Other 0.07 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Morningstar Lifetime Mod 2010 TR USD Morningstar Target-Date 2000-2010 TIAA-CREF Lifecycle Index 2010 InstlReturns %8 6 4 2 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Morningstar Lifetime Mod 2010 TR USD TIAA-CREF Lifecycle Index 2010 InstlReturns %20 10 0 -10 Std Deviation % 20100-10 Morningstar Lifetime Mod 2010 TR USD Morningstar Target-Date 2000-2010 TIAA-CREF Lifecycle Index 2010 InstlUpside%120 110 100 90 80 Downside% 1101009080 Fund data provided by MorningStar 54 Oakland County 401a/457b Plans TIAA-CREF Lifecycle Index 2015 Instl |TLFIX Target-Date 2015 | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings TIAA-CREF Bond Index W 38.51 % TIAA-CREF Equity Index W 32.80 TIAA-CREF International Eq ...10.13 TIAA-CREF Inﬂation Link Bd W 7.31 TIAA-CREF Short-Term Bond I...7.31 TIAA-CREF Emerging Markets ...3.80 Total 99.86 % Portfolio Data Inception Date 09/30/2009 Fund Assets 795.89 m MStar Category Target-Date 2015 Net Exp Ratio 0.10 Gross Exp Ratio 0.23 No. Of Holdings 7 Bond Avg Duration 5.35 Avg Mgr Tenure 6.22 Yrs Longest Mgr Tenure 9.25 Yrs Manager Name Hans Erickson Phone No 877-518-9161 Portfolio Proﬁle Investment 100.00 % Domestic 32.86 Foreign 13.65 Fixed Income 52.64 Cash 0.8 Other 0.07 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Morningstar Lifetime Mod 2015 TR USD Morningstar Target-Date 2015 TIAA-CREF Lifecycle Index 2015 InstlReturns %8 6 4 2 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Morningstar Lifetime Mod 2015 TR USD TIAA-CREF Lifecycle Index 2015 InstlReturns %20 10 0 -10 Std Deviation % 20100-10 Morningstar Lifetime Mod 2015 TR USD Morningstar Target-Date 2015 TIAA-CREF Lifecycle Index 2015 InstlUpside%120 110 100 90 80 Downside% 1201101009080 Fund data provided by MorningStar 55 Oakland County 401a/457b Plans TIAA-CREF Lifecycle Index 2020 Instl |TLWIX Target-Date 2020 | Scorecard Monitoring Detail: Watch For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings TIAA-CREF Equity Index W 36.85 % TIAA-CREF Bond Index W 36.49 TIAA-CREF International Eq ...11.38 TIAA-CREF Inﬂation Link Bd W 5.32 TIAA-CREF Short-Term Bond I...5.32 TIAA-CREF Emerging Markets ...4.27 Total 99.63 % Portfolio Data Inception Date 09/30/2009 Fund Assets 1.87 b MStar Category Target-Date 2020 Net Exp Ratio 0.10 Gross Exp Ratio 0.21 No. Of Holdings 7 Bond Avg Duration 5.47 Avg Mgr Tenure 6.22 Yrs Longest Mgr Tenure 9.25 Yrs Manager Name Hans Erickson Phone No 877-518-9161 Portfolio Proﬁle Investment 100.00 % Domestic 36.92 Foreign 15.34 Fixed Income 46.69 Cash 0.99 Other 0.06 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Morningstar Lifetime Mod 2020 TR USD Morningstar Target-Date 2020 TIAA-CREF Lifecycle Index 2020 InstlReturns %10 5 0 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Morningstar Lifetime Mod 2020 TR USD TIAA-CREF Lifecycle Index 2020 InstlReturns %20 10 0 -10 Std Deviation % 20100-10 Morningstar Lifetime Mod 2020 TR USD Morningstar Target-Date 2020 TIAA-CREF Lifecycle Index 2020 InstlUpside%120 100 80 Downside% 1101009080 Fund data provided by MorningStar 56 Oakland County 401a/457b Plans TIAA-CREF Lifecycle Index 2025 Instl |TLQIX Target-Date 2025 | Scorecard Monitoring Detail: Watch For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings TIAA-CREF Equity Index W 42.43 % TIAA-CREF Bond Index W 32.51 TIAA-CREF International Eq ...13.10 TIAA-CREF Emerging Markets ...4.92 TIAA-CREF Inﬂation Link Bd W 3.34 TIAA-CREF Short-Term Bond I...3.34 Total 99.64 % Portfolio Data Inception Date 09/30/2009 Fund Assets 2.3 b MStar Category Target-Date 2025 Net Exp Ratio 0.10 Gross Exp Ratio 0.20 No. Of Holdings 7 Bond Avg Duration 5.61 Avg Mgr Tenure 6.22 Yrs Longest Mgr Tenure 9.25 Yrs Manager Name Hans Erickson Phone No 877-518-9161 Portfolio Proﬁle Investment 100.00 % Domestic 42.5 Foreign 17.65 Fixed Income 38.83 Cash 0.96 Other 0.06 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Morningstar Lifetime Mod 2025 TR USD Morningstar Target-Date 2025 TIAA-CREF Lifecycle Index 2025 InstlReturns %10 5 0 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Morningstar Lifetime Mod 2025 TR USD TIAA-CREF Lifecycle Index 2025 InstlReturns %20 10 0 -10 Std Deviation % 20100-10 Morningstar Lifetime Mod 2025 TR USD Morningstar Target-Date 2025 TIAA-CREF Lifecycle Index 2025 InstlUpside%120 110 100 90 80 Downside% 1101009080 Fund data provided by MorningStar 57 Oakland County 401a/457b Plans TIAA-CREF Lifecycle Index 2030 Instl |TLHIX Target-Date 2030 | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings TIAA-CREF Equity Index W 48.03 % TIAA-CREF Bond Index W 28.53 TIAA-CREF International Eq ...14.83 TIAA-CREF Emerging Markets ...5.57 TIAA-CREF Inﬂation Link Bd W 1.35 TIAA-CREF Short-Term Bond I...1.35 Total 99.66 % Portfolio Data Inception Date 09/30/2009 Fund Assets 2.41 b MStar Category Target-Date 2030 Net Exp Ratio 0.10 Gross Exp Ratio 0.20 No. Of Holdings 7 Bond Avg Duration 5.83 Avg Mgr Tenure 6.22 Yrs Longest Mgr Tenure 9.25 Yrs Manager Name Hans Erickson Phone No 877-518-9161 Portfolio Proﬁle Investment 100.00 % Domestic 48.11 Foreign 19.98 Fixed Income 30.96 Cash 0.89 Other 0.06 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Morningstar Lifetime Mod 2030 TR USD Morningstar Target-Date 2030 TIAA-CREF Lifecycle Index 2030 InstlReturns %15 10 5 0 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Morningstar Lifetime Mod 2030 TR USD TIAA-CREF Lifecycle Index 2030 InstlReturns %20 10 0 -10 Std Deviation % 20100-10 Morningstar Lifetime Mod 2030 TR USD Morningstar Target-Date 2030 TIAA-CREF Lifecycle Index 2030 InstlUpside%120 110 100 90 80 Downside% 1101009080 Fund data provided by MorningStar 58 Oakland County 401a/457b Plans TIAA-CREF Lifecycle Index 2035 Instl |TLYIX Target-Date 2035 | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings TIAA-CREF Equity Index W 53.56 % TIAA-CREF Bond Index W 23.27 TIAA-CREF International Eq ...16.53 TIAA-CREF Emerging Markets ...6.21 Total 99.57 % Portfolio Data Inception Date 09/30/2009 Fund Assets 2.21 b MStar Category Target-Date 2035 Net Exp Ratio 0.10 Gross Exp Ratio 0.19 No. Of Holdings 5 Bond Avg Duration 6.05 Avg Mgr Tenure 6.22 Yrs Longest Mgr Tenure 9.25 Yrs Manager Name Hans Erickson Phone No 877-518-9161 Portfolio Proﬁle Investment 100.00 % Domestic 53.65 Foreign 22.26 Fixed Income 23.08 Cash 0.94 Other 0.06 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Morningstar Lifetime Mod 2035 TR USD Morningstar Target-Date 2035 TIAA-CREF Lifecycle Index 2035 InstlReturns %15 10 5 0 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Morningstar Lifetime Mod 2035 TR USD TIAA-CREF Lifecycle Index 2035 InstlReturns %20 10 0 -10 Std Deviation % 20100-10 Morningstar Lifetime Mod 2035 TR USD Morningstar Target-Date 2035 TIAA-CREF Lifecycle Index 2035 InstlUpside%120 110 100 90 80 Downside% 1101009080 Fund data provided by MorningStar 59 Oakland County 401a/457b Plans TIAA-CREF Lifecycle Index 2040 Instl |TLZIX Target-Date 2040 | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings TIAA-CREF Equity Index W 59.16 % TIAA-CREF International Eq ...18.26 TIAA-CREF Bond Index W 15.34 TIAA-CREF Emerging Markets ...6.86 Total 99.62 % Portfolio Data Inception Date 09/30/2009 Fund Assets 2.33 b MStar Category Target-Date 2040 Net Exp Ratio 0.10 Gross Exp Ratio 0.19 No. Of Holdings 5 Bond Avg Duration 6.05 Avg Mgr Tenure 6.22 Yrs Longest Mgr Tenure 9.25 Yrs Manager Name Hans Erickson Phone No 877-518-9161 Portfolio Proﬁle Investment 100.00 % Domestic 59.27 Foreign 24.6 Fixed Income 15.23 Cash 0.83 Other 0.07 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Morningstar Lifetime Mod 2040 TR USD Morningstar Target-Date 2040 TIAA-CREF Lifecycle Index 2040 InstlReturns %15 10 5 0 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Morningstar Lifetime Mod 2040 TR USD TIAA-CREF Lifecycle Index 2040 InstlReturns %20 10 0 -10 Std Deviation % 20100-10 Morningstar Lifetime Mod 2040 TR USD Morningstar Target-Date 2040 TIAA-CREF Lifecycle Index 2040 InstlUpside%120 110 100 90 80 Downside% 1101009080 Fund data provided by MorningStar 60 Oakland County 401a/457b Plans TIAA-CREF Lifecycle Index 2045 Instl |TLXIX Target-Date 2045 | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings TIAA-CREF Equity Index W 63.13 % TIAA-CREF International Eq ...19.45 TIAA-CREF Bond Index W 9.51 TIAA-CREF Emerging Markets ...7.31 Total 99.40 % Portfolio Data Inception Date 09/30/2009 Fund Assets 1.5 b MStar Category Target-Date 2045 Net Exp Ratio 0.10 Gross Exp Ratio 0.20 No. Of Holdings 5 Bond Avg Duration 6.05 Avg Mgr Tenure 6.22 Yrs Longest Mgr Tenure 9.25 Yrs Manager Name Hans Erickson Phone No 877-518-9161 Portfolio Proﬁle Investment 100.00 % Domestic 63.24 Foreign 26.21 Fixed Income 9.47 Cash 1.0 Other 0.08 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Morningstar Lifetime Mod 2045 TR USD Morningstar Target-Date 2045 TIAA-CREF Lifecycle Index 2045 InstlReturns %15 10 5 0 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Morningstar Lifetime Mod 2045 TR USD TIAA-CREF Lifecycle Index 2045 InstlReturns %20 10 0 -10 Std Deviation % 20100-10 Morningstar Lifetime Mod 2045 TR USD Morningstar Target-Date 2045 TIAA-CREF Lifecycle Index 2045 InstlUpside%120 110 100 90 80 Downside% 1101009080 Fund data provided by MorningStar 61 Oakland County 401a/457b Plans TIAA-CREF Lifecycle Index 2050 Instl |TLLIX Target-Date 2050 | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings TIAA-CREF Equity Index W 63.93 % TIAA-CREF International Eq ...19.70 TIAA-CREF Bond Index W 8.26 TIAA-CREF Emerging Markets ...7.40 Total 99.29 % Portfolio Data Inception Date 09/30/2009 Fund Assets 1.11 b MStar Category Target-Date 2050 Net Exp Ratio 0.10 Gross Exp Ratio 0.20 No. Of Holdings 5 Bond Avg Duration 6.05 Avg Mgr Tenure 6.22 Yrs Longest Mgr Tenure 9.25 Yrs Manager Name Hans Erickson Phone No 877-518-9161 Portfolio Proﬁle Investment 100.00 % Domestic 64.04 Foreign 26.55 Fixed Income 8.25 Cash 1.1 Other 0.08 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Morningstar Lifetime Mod 2050 TR USD Morningstar Target-Date 2050 TIAA-CREF Lifecycle Index 2050 InstlReturns %15 10 5 0 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Morningstar Lifetime Mod 2050 TR USD TIAA-CREF Lifecycle Index 2050 InstlReturns %20 10 0 -10 Std Deviation % 20100-10 Morningstar Lifetime Mod 2050 TR USD Morningstar Target-Date 2050 TIAA-CREF Lifecycle Index 2050 InstlUpside%120 110 100 90 80 Downside% 1101009080 Fund data provided by MorningStar 62 Oakland County 401a/457b Plans TIAA-CREF Lifecycle Index 2055 Instl |TTIIX Target-Date 2055 | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings TIAA-CREF Equity Index W 64.98 % TIAA-CREF International Eq ...20.03 TIAA-CREF Emerging Markets ...7.53 TIAA-CREF Bond Index W 7.05 Total 99.59 % Portfolio Data Inception Date 04/29/2011 Fund Assets 434.12 m MStar Category Target-Date 2055 Net Exp Ratio 0.10 Gross Exp Ratio 0.24 No. Of Holdings 5 Bond Avg Duration 6.05 Avg Mgr Tenure 5.17 Yrs Longest Mgr Tenure 7.67 Yrs Manager Name Hans Erickson Phone No 877-518-9161 Portfolio Proﬁle Investment 100.00 % Domestic 65.1 Foreign 26.99 Fixed Income 7.04 Cash 0.8 Other 0.08 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Morningstar Lifetime Mod 2055 TR USD Morningstar Target-Date 2055 TIAA-CREF Lifecycle Index 2055 InstlReturns %15 10 5 0 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Morningstar Lifetime Mod 2055 TR USD TIAA-CREF Lifecycle Index 2055 InstlReturns %20 10 0 -10 Std Deviation % 20100-10 Morningstar Lifetime Mod 2055 TR USD Morningstar Target-Date 2055 TIAA-CREF Lifecycle Index 2055 InstlUpside%120 110 100 90 80 Downside% 1101009080 Fund data provided by MorningStar 63 Oakland County 401a/457b Plans TIAA-CREF Lifecycle Index 2060 Instl |TVIIX Target-Date 2060+ | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings TIAA-CREF Equity Index W 65.76 % TIAA-CREF International Eq ...20.26 TIAA-CREF Emerging Markets ...7.61 TIAA-CREF Bond Index W 5.80 Total 99.43 % Portfolio Data Inception Date 09/26/2014 Fund Assets 106.53 m MStar Category Target-Date 2060+ Net Exp Ratio 0.10 Gross Exp Ratio 0.48 No. Of Holdings 5 Bond Avg Duration 6.05 Avg Mgr Tenure 2.89 Yrs Longest Mgr Tenure 4.25 Yrs Manager Name Hans Erickson Phone No 877-518-9161 Portfolio Proﬁle Investment 100.00 % Domestic 65.88 Foreign 27.31 Fixed Income 5.8 Cash 0.94 Other 0.08 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Morningstar Lifetime Mod 2060 TR USD Morningstar Target-Date 2060+ TIAA-CREF Lifecycle Index 2060 InstlReturns %15 10 5 Time Dec 18Oct 18Jul 18Apr 18Jan 18Sep 17 Morningstar Lifetime Mod 2060 TR USDReturns %20 10 0 -10 Std Deviation % 20100-10 Morningstar Lifetime Mod 2060 TR USD Morningstar Target-Date 2060+Upside%150 100 50 0 -50 Downside% 150100500-50 Fund data provided by MorningStar 64 Oakland County 401a/457b Plans JPMorgan Equity Income R5 |OIERX Large Value | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings Chevron Corp 3.21 % Bank of America Corporation 2.92 Merck & Co Inc 2.90 CME Group Inc Class A 2.58 Microsoft Corp 2.33 Johnson & Johnson 2.25 ConocoPhillips 2.13 PNC Financial Services Grou...2.09 Pﬁzer Inc 1.96 BlackRock Inc 1.85 Total 24.22 % Portfolio Data Inception Date 02/28/2011 Fund Assets 17.89 b MStar Category Large Value Net Exp Ratio 0.58 Gross Exp Ratio 0.58 No. Of Holdings 90 Median Market Cap 76106.41 Avg Mgr Tenure 14.33 Yrs Longest Mgr Tenure 14.33 Yrs Manager Name Jonathan Simon Phone No 1-800-480-4111 Portfolio Proﬁle Investment 100.00 % Domestic 96.21 Foreign 0.86 Fixed Income 0.0 Cash 2.93 Other 0.0 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Russell 1000 Value TR USD Morningstar Large Value JPMorgan Equity Income R5Returns %15 10 5 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Russell 1000 Value TR USD JPMorgan Equity Income R5Returns %20 10 0 -10 Std Deviation % 3020100 Russell 1000 Value TR USD Morningstar Large Value JPMorgan Equity Income R5Upside%120 110 100 90 80 Downside% 1201008060 Fund data provided by MorningStar 65 Oakland County 401a/457b Plans Fidelity® 500 Index |FXAIX Large Blend | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Monitoring Criteria Tracking Error 3Yr R-Sqrd 3Yr Expense Ratio Total Possible Score Score Total Score 33.33 33.34 33.33 100 Fidelity® 500 Index 0.02 100.00 0.01 100 100 Morningstar Large Blend 2.78 93.11 0.81 S&P 500 TR USD --------- Top 10 Holdings Microsoft Corp 3.61 % Apple Inc 3.47 Amazon.com Inc 2.94 Berkshire Hathaway Inc B 1.80 Johnson & Johnson 1.67 JPMorgan Chase & Co 1.58 Facebook Inc A 1.44 Alphabet Inc Class C 1.43 Exxon Mobil Corp 1.43 Alphabet Inc A 1.41 Total 20.78 % Portfolio Data Inception Date 05/04/2011 Fund Assets 153.36 b MStar Category Large Blend Net Exp Ratio 0.02 Gross Exp Ratio 0.02 No. Of Holdings 506 Median Market Cap 102441.09 Avg Mgr Tenure 7.47 Yrs Longest Mgr Tenure 14.84 Yrs Manager Name Patrick Waddell Phone No 416-307-5200 Portfolio Proﬁle Investment 100.00 % Domestic 98.42 Foreign 0.79 Fixed Income 0.0 Cash 0.78 Other 0.0 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr S&P 500 TR USD Morningstar Large Blend Fidelity® 500 IndexReturns %20 15 10 5 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 S&P 500 TR USD Fidelity® 500 IndexReturns %20 10 0 -10 Std Deviation % 3020100 S&P 500 TR USD Morningstar Large Blend Fidelity® 500 IndexUpside%110 100 90 80 Downside% 12011010090 Fund data provided by MorningStar 66 Oakland County 401a/457b Plans Fidelity® Contrafund® |FCNTX Large Growth | Scorecard Monitoring Detail: Watch For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings Amazon.com Inc 6.86 % Berkshire Hathaway Inc A 5.58 Facebook Inc A 5.38 Microsoft Corp 4.24 UnitedHealth Group Inc 3.83 Salesforce.com Inc 3.19 Visa Inc Class A 3.14 Alphabet Inc A 3.03 Alphabet Inc Class C 2.71 Adobe Inc 2.58 Total 40.54 % Portfolio Data Inception Date 05/17/1967 Fund Assets 108.26 b MStar Category Large Growth Net Exp Ratio 0.74 Gross Exp Ratio 0.74 No. Of Holdings 320 Median Market Cap 136800.30 Avg Mgr Tenure 28.25 Yrs Longest Mgr Tenure 28.25 Yrs Manager Name William Danoff Phone No 416-307-5200 Portfolio Proﬁle Investment 100.00 % Domestic 89.35 Foreign 4.74 Fixed Income 1.47 Cash 4.45 Other 0.0 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Russell 1000 Growth TR USD Morningstar Large Growth Fidelity® Contrafund®Returns %25 20 15 10 5 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Russell 1000 Growth TR USD Fidelity® Contrafund®Returns %30 20 10 0 -10 Std Deviation % 3020100 Russell 1000 Growth TR USD Morningstar Large Growth Fidelity® Contrafund®Upside%110 100 90 80 Downside% 1201101009080 Fund data provided by MorningStar 67 Oakland County 401a/457b Plans Fidelity® Growth Company |FDGRX Large Growth | Scorecard Monitoring Detail: Watch For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings Amazon.com Inc 6.79 % Apple Inc 5.23 NVIDIA Corp 4.98 Alphabet Inc A 4.08 Salesforce.com Inc 3.44 Microsoft Corp 3.29 Facebook Inc A 2.43 Lululemon Athletica Inc 2.34 Alphabet Inc Class C 2.14 adidas AG 1.72 Total 36.44 % Portfolio Data Inception Date 01/17/1983 Fund Assets 37.23 b MStar Category Large Growth Net Exp Ratio 0.85 Gross Exp Ratio 0.85 No. Of Holdings 399 Median Market Cap 63578.78 Avg Mgr Tenure 21.91 Yrs Longest Mgr Tenure 21.91 Yrs Manager Name Steven Wymer Phone No 416-307-5200 Portfolio Proﬁle Investment 100.00 % Domestic 90.74 Foreign 6.8 Fixed Income 2.36 Cash 0.11 Other 0.0 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Russell 1000 Growth TR USD Morningstar Large Growth Fidelity® Growth CompanyReturns %30 20 10 0 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Russell 1000 Growth TR USD Fidelity® Growth CompanyReturns %30 20 10 0 Std Deviation % 3020100 Russell 1000 Growth TR USD Morningstar Large Growth Fidelity® Growth CompanyUpside%140 120 100 80 Downside% 14012010080 Fund data provided by MorningStar 68 Oakland County 401a/457b Plans Victory Sycamore Established Value A |VETAX Mid-Cap Value | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings Archer-Daniels Midland Co 2.52 % National Retail Properties Inc 2.39 Alleghany Corp 2.34 SunTrust Banks Inc 2.29 Hasbro Inc 2.08 Textron Inc 1.98 Quest Diagnostics Inc 1.88 WR Berkley Corp 1.88 Reliance Steel & Aluminum Co 1.85 Cinemark Holdings Inc 1.68 Total 20.89 % Portfolio Data Inception Date 05/05/2000 Fund Assets 9.61 b MStar Category Mid-Cap Value Net Exp Ratio 0.90 Gross Exp Ratio 0.90 No. Of Holdings 76 Median Market Cap 12176.86 Avg Mgr Tenure 12.18 Yrs Longest Mgr Tenure 20.42 Yrs Manager Name Gary Miller Phone No +1 8005393863 Portfolio Proﬁle Investment 100.00 % Domestic 95.55 Foreign 1.22 Fixed Income 0.0 Cash 3.23 Other 0.0 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Russell Mid Cap Value TR USD Morningstar Mid-Cap Value Victory Sycamore Established Value AReturns %15 10 5 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Russell Mid Cap Value TR USD Victory Sycamore Established Value AReturns %20 10 0 -10 Std Deviation % 3020100 Russell Mid Cap Value TR USD Morningstar Mid-Cap Value Victory Sycamore Established Value AUpside%120 110 100 90 80 Downside% 1201008060 Fund data provided by MorningStar 69 Oakland County 401a/457b Plans Fidelity® Mid Cap Index |FSMDX Mid-Cap Blend | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Monitoring Criteria Tracking Error 3Yr R-Sqrd 3Yr Expense Ratio Total Possible Score Score Total Score 33.33 33.34 33.33 100 Fidelity® Mid Cap Index 0.09 100.00 0.03 100 100 Morningstar Mid-Cap Blend 4.21 88.90 0.97 Russell Mid Cap TR USD --------- Top 10 Holdings Fidelity National Informati...0.50 % Edwards Lifesciences Corp 0.48 Analog Devices Inc 0.47 Fiserv Inc 0.45 Ross Stores Inc 0.45 ServiceNow Inc 0.45 Autodesk Inc 0.44 Red Hat Inc 0.44 Sempra Energy 0.44 Williams Companies Inc 0.43 Total 4.55 % Portfolio Data Inception Date 09/08/2011 Fund Assets 6.67 b MStar Category Mid-Cap Blend Net Exp Ratio 0.03 Gross Exp Ratio 0.03 No. Of Holdings 790 Median Market Cap 12506.06 Avg Mgr Tenure 4.96 Yrs Longest Mgr Tenure 7.25 Yrs Manager Name Patrick Waddell Phone No 416-307-5200 Portfolio Proﬁle Investment 100.00 % Domestic 98.75 Foreign 0.77 Fixed Income 0.0 Cash 0.48 Other 0.0 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Russell Mid Cap TR USD Morningstar Mid-Cap Blend Fidelity® Mid Cap IndexReturns %15 10 5 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Russell Mid Cap TR USD Fidelity® Mid Cap IndexReturns %20 10 0 -10 Std Deviation % 3020100 Russell Mid Cap TR USD Morningstar Mid-Cap Blend Fidelity® Mid Cap IndexUpside%110 100 90 80 Downside% 1201101009080 Fund data provided by MorningStar 70 Oakland County 401a/457b Plans Eaton Vance Atlanta Capital SMID-Cap A |EAASX Mid-Cap Growth | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings WR Berkley Corp 4.60 % Teleﬂex Inc 4.29 TransUnion 3.92 ServiceMaster Global Holdin...3.73 Henry Schein Inc 3.54 Aramark 3.53 CDW Corp 3.38 JB Hunt Transport Services Inc 2.82 AptarGroup Inc 2.77 Lennox International Inc 2.63 Total 35.21 % Portfolio Data Inception Date 11/28/2003 Fund Assets 10.55 b MStar Category Mid-Cap Growth Net Exp Ratio 1.19 Gross Exp Ratio 1.19 No. Of Holdings 53 Median Market Cap 7646.79 Avg Mgr Tenure 15.00 Yrs Longest Mgr Tenure 16.67 Yrs Manager Name Charles Reed Phone No +1 8008362414 Portfolio Proﬁle Investment 100.00 % Domestic 95.53 Foreign 0.0 Fixed Income 0.0 Cash 4.47 Other 0.0 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Russell Mid Cap Growth TR USD Morningstar Mid-Cap Growth Eaton Vance Atlanta Capital SMID-Cap AReturns %20 15 10 5 0 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Russell Mid Cap Growth TR USD Eaton Vance Atlanta Capital SMID-Cap AReturns %20 10 0 -10 Std Deviation % 3020100 Russell Mid Cap Growth TR USD Morningstar Mid-Cap Growth Eaton Vance Atlanta Capital SMID-Cap AUpside%110 100 90 80 Downside% 12010080 Fund data provided by MorningStar 71 Oakland County 401a/457b Plans T. Rowe Price New Horizons |PRNHX Mid-Cap Growth | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings Vail Resorts Inc 3.24 % Burlington Stores Inc 2.27 Bright Horizons Family Solu...2.27 TransUnion 2.16 Gartner Inc A 1.95 CoStar Group Inc 1.86 Black Knight Inc A 1.84 Waste Connections Inc 1.69 Tableau Software Inc A 1.65 GCI Liberty Inc A 1.60 Total 20.53 % Portfolio Data Inception Date 06/03/1960 Fund Assets 21.93 b MStar Category Mid-Cap Growth Net Exp Ratio 0.78 Gross Exp Ratio 0.78 No. Of Holdings 202 Median Market Cap 7221.10 Avg Mgr Tenure 8.75 Yrs Longest Mgr Tenure 8.75 Yrs Manager Name Henry Ellenbogen Phone No 971-55-922-3080 Portfolio Proﬁle Investment 100.00 % Domestic 81.6 Foreign 12.72 Fixed Income 0.14 Cash 5.49 Other 0.04 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Russell Mid Cap Growth TR USD Morningstar Mid-Cap Growth T. Rowe Price New HorizonsReturns %30 20 10 0 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Russell Mid Cap Growth TR USD T. Rowe Price New HorizonsReturns %30 20 10 0 -10 Std Deviation % 3020100 Russell Mid Cap Growth TR USD Morningstar Mid-Cap Growth T. Rowe Price New HorizonsUpside%140 120 100 80 Downside% 1201101009080 Fund data provided by MorningStar 72 Oakland County 401a/457b Plans Fidelity Advisor® Small Cap Value I |FCVIX Small Value | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings Rexford Industrial Realty Inc 2.87 % Standard Motor Products Inc 2.71 Popular Inc 2.70 STORE Capital Corp 2.69 Evertec Inc 2.61 Shawcor Ltd Class A 2.52 Enstar Group Ltd 2.49 Prestige Consumer Healthcar...2.49 CBIZ Inc 2.47 Moog Inc A 2.33 Total 25.88 % Portfolio Data Inception Date 11/03/2004 Fund Assets 1.97 b MStar Category Small Value Net Exp Ratio 0.91 Gross Exp Ratio 0.91 No. Of Holdings 79 Median Market Cap 2314.43 Avg Mgr Tenure 3.88 Yrs Longest Mgr Tenure 5.91 Yrs Manager Name Derek Janssen Phone No 416-307-5200 Portfolio Proﬁle Investment 100.00 % Domestic 84.74 Foreign 12.96 Fixed Income 0.44 Cash 1.86 Other 0.0 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Russell 2000 Value TR USD Morningstar Small Value Fidelity Advisor® Small Cap Value IReturns %20 15 10 5 0 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Russell 2000 Value TR USD Fidelity Advisor® Small Cap Value IReturns %20 10 0 -10 Std Deviation % 3020100 Russell 2000 Value TR USD Morningstar Small Value Fidelity Advisor® Small Cap Value IUpside%120 100 80 60 Downside% 1201008060 Fund data provided by MorningStar 73 Oakland County 401a/457b Plans Fidelity® Small Cap Index |FSSNX Small Blend | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Monitoring Criteria Tracking Error 3Yr R-Sqrd 3Yr Expense Ratio Total Possible Score Score Total Score 33.33 33.34 33.33 100 Fidelity® Small Cap Index 0.10 100.00 0.03 100 100 Morningstar Small Blend 4.20 92.32 1.10 Russell 2000 TR USD --------- Top 10 Holdings Five Below Inc 0.31 % Integrated Device Technolog...0.30 E-Mini Russ 2000 Dec18 Rtyz8 0.27 LivaNova PLC 0.27 Haemonetics Corp 0.27 HealthEquity Inc 0.25 Etsy Inc 0.25 HubSpot Inc 0.24 Primerica Inc 0.23 Idacorp Inc 0.23 Total 2.62 % Portfolio Data Inception Date 09/08/2011 Fund Assets 6.07 b MStar Category Small Blend Net Exp Ratio 0.03 Gross Exp Ratio 0.03 No. Of Holdings 2,030 Median Market Cap 1769.57 Avg Mgr Tenure 4.96 Yrs Longest Mgr Tenure 7.25 Yrs Manager Name Patrick Waddell Phone No 416-307-5200 Portfolio Proﬁle Investment 100.00 % Domestic 98.75 Foreign 0.84 Fixed Income 0.0 Cash 0.41 Other 0.0 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr Russell 2000 TR USD Morningstar Small Blend Fidelity® Small Cap IndexReturns %20 15 10 5 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 Russell 2000 TR USD Fidelity® Small Cap IndexReturns %20 10 0 -10 Std Deviation % 3020100 Russell 2000 TR USD Morningstar Small Blend Fidelity® Small Cap IndexUpside%120 100 80 60 Downside% 1101009080 Fund data provided by MorningStar 74 Oakland County 401a/457b Plans Fidelity® International Index |FSPSX Foreign Large Blend | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Monitoring Criteria Tracking Error 3Yr R-Sqrd 3Yr Expense Ratio Total Possible Score Score Total Score 33.33 33.34 33.33 100 Fidelity® International Index 2.44 95.61 0.04 100 67 Morningstar Foreign Large Blend 3.61 90.02 0.95 MSCI ACWI Ex USA NR USD --------- Top 10 Holdings Msci Eafe Fut Dec18 Mfsz8 5.11 % Nestle SA 1.80 Novartis AG 1.36 Roche Holding AG Dividend R...1.25 HSBC Holdings PLC 1.18 Royal Dutch Shell PLC Class A 0.96 Toyota Motor Corp 0.95 Total SA 0.92 BP PLC 0.91 Royal Dutch Shell PLC B 0.79 Total 15.23 % Portfolio Data Inception Date 09/08/2011 Fund Assets 22.13 b MStar Category Foreign Large Blend Net Exp Ratio 0.05 Gross Exp Ratio 0.05 No. Of Holdings 935 Bond Avg Duration --- Avg Mgr Tenure 7.47 Yrs Longest Mgr Tenure 14.84 Yrs Manager Name Patrick Waddell Phone No 416-307-5200 Top 10 Countries (%) Japan 24.80 United Kingdom 16.41 France 10.21 Switzerland 9.07 Germany 8.88 Australia 6.74 Hong Kong 3.19 Netherlands 3.12 Spain 3.03 Sweden 2.42 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr MSCI ACWI Ex USA NR USD Morningstar Foreign Large Blend Fidelity® International IndexReturns %10 5 0 -5 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 MSCI ACWI Ex USA NR USD Fidelity® International IndexReturns %20 10 0 -10 Std Deviation % 3020100 MSCI ACWI Ex USA NR USD Morningstar Foreign Large Blend Fidelity® International IndexUpside%120 100 80 60 Downside% 1101009080 Fund data provided by MorningStar 75 Oakland County 401a/457b Plans MFS International Value R3 |MINGX Foreign Large Blend | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings Nestle SA 4.51 % Givaudan SA 3.17 Henkel AG & Co KGaA Partici...2.80 Pernod Ricard SA 2.53 Reckitt Benckiser Group PLC 2.43 Cadence Design Systems Inc 2.42 Diageo PLC 2.32 Deutsche Wohnen SE 2.21 Kao Corp 2.19 Amadeus IT Group SA A 2.15 Total 26.73 % Portfolio Data Inception Date 10/01/2008 Fund Assets 25.64 b MStar Category Foreign Large Blend Net Exp Ratio 0.98 Gross Exp Ratio 0.98 No. Of Holdings 111 Bond Avg Duration --- Avg Mgr Tenure 7.17 Yrs Longest Mgr Tenure 10.08 Yrs Manager Name Benjamin Stone Phone No +1 8779606077 Top 10 Countries (%) Japan 21.76 United Kingdom 14.92 Germany 13.73 United States 12.80 Switzerland 12.76 France 11.64 Spain 2.28 Taiwan 2.24 Canada 1.69 Netherlands 1.63 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr MSCI ACWI Ex USA NR USD Morningstar Foreign Large Blend MFS International Value R3Returns %15 10 5 0 -5 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 MSCI ACWI Ex USA NR USD MFS International Value R3Returns %20 10 0 -10 Std Deviation % 3020100 MSCI ACWI Ex USA NR USD Morningstar Foreign Large Blend MFS International Value R3Upside%120 100 80 60 Downside% 150100500 Fund data provided by MorningStar 76 Oakland County 401a/457b Plans American Funds Europaciﬁc Growth R5E |RERHX Foreign Large Growth | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings AIA Group Ltd 2.70 % Airbus SE 2.49 Nintendo Co Ltd 2.35 Samsung Electronics Co Ltd 2.34 Reliance Industries Ltd 2.32 HDFC Bank Ltd 1.95 Alibaba Group Holding Ltd ADR 1.81 Sony Corp 1.66 ASML Holding NV 1.59 Taiwan Semiconductor Manufa...1.58 Total 20.79 % Portfolio Data Inception Date 11/20/2015 Fund Assets 138.71 b MStar Category Foreign Large Growth Net Exp Ratio 0.64 Gross Exp Ratio 0.64 No. Of Holdings 392 Bond Avg Duration --- Avg Mgr Tenure 14.56 Yrs Longest Mgr Tenure 27.00 Yrs Manager Name Mark Denning Phone No (800) 421-4225 Top 10 Countries (%) Japan 15.78 United Kingdom 11.54 India 8.19 China 7.95 South Korea 7.17 France 5.89 Hong Kong 4.91 Switzerland 4.56 Netherlands 4.17 Canada 3.99 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr MSCI ACWI Ex USA Growth NR USD Morningstar Foreign Large Growth American Funds Europaciﬁc Growth R5EReturns %15 10 5 0 -5 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 MSCI ACWI Ex USA Growth NR USD American Funds Europaciﬁc Growth R5EReturns %20 10 0 -10 Std Deviation % 3020100 MSCI ACWI Ex USA Growth NR USD Morningstar Foreign Large Growth American Funds Europaciﬁc Growth R5EUpside%110 100 90 80 Downside% 1101009080 Fund data provided by MorningStar 77 Oakland County 401a/457b Plans Vanguard International Explorer Inv |VINEX Foreign Small/Mid Growth | Scorecard Monitoring Detail: Watch For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings Nippon Shinyaku Co Ltd 1.08 % Dalata Hotel Group PLC 1.02 OCI NV 0.89 Altran Technologies 0.88 Befesa SA Bearer Shares 0.86 Elis SA 0.86 Anima Holding SpA 0.83 NCsoft Corp 0.81 SPIE SA 0.80 Cerved Group SpA 0.77 Total 8.80 % Portfolio Data Inception Date 11/04/1996 Fund Assets 3.13 b MStar Category Foreign Small/Mid Growth Net Exp Ratio 0.38 Gross Exp Ratio 0.38 No. Of Holdings 353 Bond Avg Duration --- Avg Mgr Tenure 9.58 Yrs Longest Mgr Tenure 18.92 Yrs Manager Name Matthew Dobbs Phone No +1 8776627447 Top 10 Countries (%) Japan 28.11 United Kingdom 14.35 Italy 7.60 France 7.41 Australia 4.91 Germany 4.42 Netherlands 3.79 Ireland 2.97 Switzerland 2.89 China 2.53 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr MSCI World Ex USA SMID NR USD Morningstar Foreign Small/Mid Growth Vanguard International Explorer InvReturns %20 10 0 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 MSCI World Ex USA SMID NR USD Vanguard International Explorer InvReturns %20 10 0 -10 Std Deviation % 3020100 MSCI World Ex USA SMID NR USD Morningstar Foreign Small/Mid Growth Vanguard International Explorer InvUpside%120 100 80 60 Downside% 1201008060 Fund data provided by MorningStar 78 Oakland County 401a/457b Plans Fidelity® Emerging Markets Idx |FPADX Diversiﬁed Emerging Mkts | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Monitoring Criteria Tracking Error 3Yr R-Sqrd 3Yr Expense Ratio Total Possible Score Score Total Score 33.33 33.34 33.33 100 Fidelity® Emerging Markets Idx 1.58 98.87 0.08 100 100 Morningstar Diversiﬁed Emerging Mkts 5.23 86.87 1.25 MSCI EM NR USD --------- Top 10 Holdings Msci Emgmkt Fut Dec18 Mesz8 5.33 % Tencent Holdings Ltd 4.13 Alibaba Group Holding Ltd ADR 3.37 Taiwan Semiconductor Manufa...3.30 Samsung Electronics Co Ltd 3.26 Naspers Ltd Class N 1.59 China Construction Bank Corp H 1.49 China Mobile Ltd 1.11 Baidu Inc ADR 0.94 Ping An Insurance (Group) C...0.94 Total 25.46 % Portfolio Data Inception Date 09/08/2011 Fund Assets 1.88 b MStar Category Diversiﬁed Emerging Mkts Net Exp Ratio 0.08 Gross Exp Ratio 0.08 No. Of Holdings 1,138 Bond Avg Duration --- Avg Mgr Tenure 5.42 Yrs Longest Mgr Tenure 7.25 Yrs Manager Name Patrick Waddell Phone No 416-307-5200 Top 10 Countries (%) China 30.10 South Korea 13.85 Taiwan 11.30 India 9.18 Brazil 7.52 South Africa 5.83 Russia 3.67 Mexico 2.59 Thailand 2.42 Malaysia 2.35 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr MSCI EM NR USD Morningstar Diversiﬁed Emerging Mkts Fidelity® Emerging Markets IdxReturns %20 10 0 -10 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 MSCI EM NR USD Fidelity® Emerging Markets IdxReturns %20 10 0 -10 Std Deviation % 3020100 MSCI EM NR USD Morningstar Diversiﬁed Emerging Mkts Fidelity® Emerging Markets IdxUpside%120 100 80 60 Downside% 1201101009080 Fund data provided by MorningStar 79 Oakland County 401a/457b Plans Dreyfus Natural Resources I |DLDRX Natural Resources | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings Total SA 6.59 % Vale SA ADR 6.23 Nutrien Ltd 6.13 Archer-Daniels Midland Co 5.30 Rio Tinto Ltd 4.76 The Mosaic Co 4.58 Occidental Petroleum Corp 3.87 EOG Resources Inc 3.03 Fibria Celulose SA ADR 3.02 Freeport-McMoRan Inc 2.91 Total 46.42 % Portfolio Data Inception Date 10/31/2003 Fund Assets 322.66 m MStar Category Natural Resources Net Exp Ratio 1.05 Gross Exp Ratio 1.05 No. Of Holdings 42 Median Market Cap 23963.87 Avg Mgr Tenure 8.79 Yrs Longest Mgr Tenure 9.91 Yrs Manager Name Robin Wehbe Phone No +1 8006456561 Portfolio Proﬁle Investment 100.00 % Domestic 53.92 Foreign 46.03 Fixed Income 0.0 Cash 0.06 Other 0.0 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr S&P North American Natural Resources TR Morningstar Natural Resources Dreyfus Natural Resources IReturns %20 10 0 -10 -20 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 S&P North American Natural Resources TR Dreyfus Natural Resources IReturns %10 0 -10 -20 Std Deviation % 3020100 S&P North American Natural Resources TR Morningstar Natural Resources Dreyfus Natural Resources IUpside%120 100 80 60 Downside% 1201008060 Fund data provided by MorningStar 80 Oakland County 401a/457b Plans Cohen & Steers Instl Realty Shares |CSRIX Real Estate | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings Prologis Inc 5.83 % Essex Property Trust Inc 5.62 UDR Inc 5.52 Welltower Inc 5.21 Digital Realty Trust Inc 4.54 Equinix Inc 4.47 Apartment Investment & Mana...4.01 Simon Property Group Inc 3.42 Extra Space Storage Inc 3.24 Park Hotels & Resorts Inc 3.06 Total 44.92 % Portfolio Data Inception Date 02/14/2000 Fund Assets 2.95 b MStar Category Real Estate Net Exp Ratio 0.75 Gross Exp Ratio 0.77 No. Of Holdings 45 Median Market Cap 10721.89 Avg Mgr Tenure 7.58 Yrs Longest Mgr Tenure 11.17 Yrs Manager Name John Cheigh Phone No +1 212 8323232 Portfolio Proﬁle Investment 100.00 % Domestic 97.32 Foreign 0.0 Fixed Income 0.0 Cash 2.68 Other 0.0 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr FTSE Nareit All Equity REITs TR USD Morningstar Real Estate Cohen & Steers Instl Realty SharesReturns %15 10 5 0 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 FTSE Nareit All Equity REITs TR USD Cohen & Steers Instl Realty SharesReturns %20 10 0 -10 Std Deviation % 3020100 FTSE Nareit All Equity REITs TR USD Morningstar Real Estate Cohen & Steers Instl Realty SharesUpside%120 110 100 90 80 Downside% 1201101009080 Fund data provided by MorningStar 81 Oakland County 401a/457b Plans American Funds New Perspective R6 |RNPGX World Large Stock | Scorecard Monitoring Detail: Maintain For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Top 10 Holdings Amazon.com Inc 5.22 % Taiwan Semiconductor Manufa...2.24 Facebook Inc A 2.14 Microsoft Corp 2.12 Broadcom Inc 1.64 Mastercard Inc A 1.58 JPMorgan Chase & Co 1.56 Netﬂix Inc 1.49 Naspers Ltd Class N 1.48 Visa Inc Class A 1.42 Total 20.89 % Portfolio Data Inception Date 05/01/2009 Fund Assets 74.42 b MStar Category World Large Stock Net Exp Ratio 0.45 Gross Exp Ratio 0.45 No. Of Holdings 340 Bond Avg Duration --- Avg Mgr Tenure 11.58 Yrs Longest Mgr Tenure 18.00 Yrs Manager Name Robert Lovelace Phone No (800) 421-4225 Top 10 Countries (%) United States 55.87 United Kingdom 6.46 Japan 5.85 France 4.76 Switzerland 3.11 South Korea 3.11 Taiwan 3.04 Netherlands 2.11 Hong Kong 1.87 South Africa 1.78 Return/Time(Rolling 3 yr Return)5 Yr Risk/Return 5 Yr Up/Down Capture 5 Yr MSCI ACWI Large Cap NR USD Morningstar World Large Stock American Funds New Perspective R6Returns %20 15 10 5 0 Time Dec 18Oct 18Jul 18Apr 18Jan 18Oct 17Jul 17Apr 17Dec 16 MSCI ACWI Large Cap NR USD American Funds New Perspective R6Returns %20 10 0 -10 Std Deviation % 3020100 MSCI ACWI Large Cap NR USD Morningstar World Large Stock American Funds New Perspective R6Upside%120 110 100 90 80 Downside% 1201008060 Fund data provided by MorningStar 82 Oakland County 401a/457b Plans Fund Proﬁle Disclosures For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund by calling the toll-free number indicated on each fund's proﬁle in the Fund Proﬁles section of this report. The investment return and principal value of an investment will ﬂuctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. For historical returns over various time periods, please refer to the Performance Summary section at the front of this report. Performance ﬁgures are based on Net Asset Value (NAV) within a qualiﬁed retirement plan. If an individual were to purchase shares outside of a qualiﬁed plan, they would likely be subject to all, or a portion of, any applicable sales charges. These charges would lower the performance indicated above. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index. Refer to the Disclosures section for primary risk deﬁnitions. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-inception Returns disclosure information. 83 Oakland County 401a/457b Plans Glossary For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Glossary of Terms 12b-1 The maximum annual charge deducted from fund assets to pay for distribution and marketing costs. Alpha Alpha is a measure of the difference between a holding’s actual returns and its level of risk as measured by beta. Morningstar bases alpha on a least-squares regression of the holding’s (or hypothetical portfolio’s) excess return over the 90 day Treasury-bill compared with the excess return of the fund’s benchmark index (the S&P 500 for equity and the Barclays Aggregate as the benchmark index for bond funds). A positive alpha indicates that the fund has performed better than its beta predicts. A negative alpha indicates underperformance given the holding’s beta. Balanced / Asset Allocation A mutual fund that has an investment mandate of "balancing" or mixing the investment classes—equities, ﬁxed income and cash—in its portfolio holdings. The appropriate balance is based on the anticipated return and relative risk of each asset category as well as the investor’s personal factors such as risk tolerance, age, current asset allocation and asset level, or according to the fund's investment outlook. Batting Average A statistical calculation used to measure an investment manager's ability to meet or beat an index. Batting average is calculated by dividing the number of months (or days, quarters, etc.) in which the manager beats or matches the index by the total time period being referenced and multiplying that factor by 100. Benchmark Index (abbreviated BM) A benchmark index gives the investor a point of reference for evaluating a fund's performance. A benchmark can be a broad or market segment of the stock or ﬁxed income markets and is a statically indicator or standard against which the performance or value of individual investments can be measured against. (Description of benchmark indices can be found in the Benchmark Deﬁnitions section of report). For more information about the benchmarks used in this report please contact your Financial Advisor for a copy of the Benchmark Deﬁnitions. Beta Beta measures the fund’s market risk. Morningstar calculates beta using the same regression equation as the one used for alpha, which regresses excess return for the fund against the benchmark index. The beta of the market is 1.00. Accordingly, a fund with a 1.10 beta is expected to perform 10% better than the market in up markets and 10 % worse in down markets. Conversely, a beta of 0.85 indicates that the fund is expected to perform 15% worse than the market in up markets and 15% better in down markets. Note: A low beta does not imply a low level of volatility; rather, it means that the holding’s market-related risk is low. Bonds At their most basic, bonds are loans. A bond is a debt instrument with period of greater than one year. The purpose is to raise capital. All bonds require the repayment of the principal (issued amount) at a speciﬁed date. Most bonds, but not all, require the payment of interest. Unlike equities the bond does not confer ownership rights from the issuer to holder (investor). There are two basic types of bonds: government bonds and corporate bonds. U.S. government bonds (also known as T-bills or Treasuries) are issued and guaranteed by the US government. They usually offer a lower return with low risk. Municipal and state governments also issue bonds. Corporate bonds are issued by companies and carry a higher degree of risk (should the company default) as well as return. Interest rate sensitivity and credit risk inﬂuence the pricing and performance of bonds and bond funds. Cash/Cash Equivalent Cash refers to short-term, safe investments that can be converted to cash relatively quickly. Examples include savings accounts, money-market accounts, commercial paper, short-term CDs, Treasury bills, short-term commercial paper and short-term municipal and corporate bonds and notes. Receivables are also considered a cash equivalent. While safe, investments in cash or cash equivalents typically do not earn as much as stocks or bonds. Cash is the most liquid form of an investment. Risks: Returns may barely keep up with inﬂation, making them poor vehicles for long-term growth. 84 Oakland County 401a/457b Plans Glossary For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Glossary of Terms Category The category or group a fund has been assigned based on what it owns, as well as by its prospectus objectives and styles. Also known as peer group. A fund’s category identiﬁes funds based on their actual investment styles as measured by their underlying portfolio holdings. By assigning funds to appropriate buckets for use in grouping similar funds, more appropriate “apples to apples” comparisons can be made. Closed to All Investment Funds accepting no investments whatsoever, even from current shareholders. Closed to New Investment If funds are closed to new investments, they are not accepting new shareholder investments. This does not, however, restrict current shareholders from increasing their investment amount. Collective Investment Trust A Collective Investment Trust (“CIT”) is an investment vehicle similar to a US mutual fund but that is available only to qualiﬁed retirement plans, such as 401(k) plans and governmental plans. CITs are sponsored by bank or trust companies under the supervision of the Ofﬁce of the Comptroller of the Currency (“OCC”) or state banking regulators. CITs are institutional products sold only to plan sponsors and/or plan ﬁduciaries. CITs consist solely of assets of retirement, pension, proﬁt sharing, stock bonus or other tax-qualiﬁed retirement accounts and governmental plans that are exempt from federal income tax. CITs are excluded from the deﬁnition of a registered security and an investment company under various securities laws, but are subject to the Ofﬁce of the Comptroller of the Currency (OCC) Regulation 12 CFR 9.18, state banking rules or both. Common Stock Securities representing shares of ownership of a corporation (see Stock). Core Investment Options Your core line-up provides you with a variety of investments from which to choose, ranging in objective from capital preservation to growth. Each of the core investments consists primarily of one of the different building blocks, which are usually referred to as asset classes (equities, bonds and cash equivalents). Derivatives A ﬁnancial instrument, traded on or off an exchange, the price of which is directly dependent upon the value of one or more underlying securities, equity indices, debt instruments, commodities, other derivative instruments, or any agreed upon pricing index or arrangement. Derivatives involve the trading of rights or obligations based on the underlying product but do not directly transfer property. They are used to hedge risk or to exchange a ﬂoating rate of return for a ﬁxed rate of return. They are often more volatile than other investments and may magnify a fund’s gains or losses. Diversiﬁcation Diversiﬁcation is investing in multiple investments to help limit risk. The concept of “not putting all your eggs into one basket”. Diversiﬁcation does not ensure a proﬁt nor protect against loss in declining markets. ETF ETF or exchange traded fund describes the broad class of funds, excluding closed-end funds, which trade throughout the day over an exchange. Compared to open-end mutual funds, ETFs have lower annual expenses, but they are purchased like equities - commissions are paid to trade them. ETFs do not need to sell securities (possibly realizing capital gains) to pay investors who redeem their shares and thus are typically more tax-efﬁcient than mutual funds. ETFs market prices usually closely track their NAVs. Most ETFs are index funds. 85 Oakland County 401a/457b Plans Glossary For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Glossary of Terms Expense Ratio The expense ratio is the annual fee that all funds or ETFs charge their shareholders. It expresses the percentage of assets deducted each ﬁscal year for fund expenses, including 12b-1 fees, management fees, administrative fees, operating costs, and all other asset-based costs incurred by the fund. Portfolio transaction fees, or brokerage costs, as well as initial or deferred sales charges are not included in the expense ratio. The expense ratio, which is deducted from the fund's average net assets, is accrued on a daily basis. If the fund's assets are small, its expense ratio can be quite high because the fund must meet its expenses from a restricted asset base. Conversely, as the net assets of the fund grow, the expense percentage should ideally diminish as expenses are spread across the wider base. Funds may also opt to waive all or a portion of the expenses that make up their overall expense ratio. Extended Performance Rating Morningstar provides adjusted historical returns and an Extended Performance Rating for some mutual funds in its universe. This means that any share class that doesn't have a 1, 3-, 5-, or 10-year performance history may receive a hypothetical Morningstar Rating based on the oldest surviving share class of the fund. First, Morningstar computes the funds' new return stream by appending an adjusted return history of the oldest share class. Next, the Extended Performance Rating is determined by comparing the adjusted-historical returns to the current open-end mutual fund universe to identify placement in the bell curve used to assign the Morningstar Rating. Star ratings are displayed in gray (*****). Fiduciary Fiduciary indicates the relationship of trust and conﬁdence where one person (the ﬁduciary) holds or controls property for the beneﬁt of another person, for example, the relationship between a trustee and the beneﬁciaries of the trust. Under ERISA, ﬁduciaries must discharge their duties solely in the interest of the participants and beneﬁciaries of an employee beneﬁt plan. Fixed Income Securities/Bonds Fixed income securities/bonds are securities that pay a ﬁxed rate of interest or a ﬁxed dividend. There are many different types of ﬁxed income securities or bonds, including: corporate bonds or notes, mortgage-backed securities, asset-backed securities, convertible securities, government obligations, “junk” or below investment grade bonds, investment grade securities, and foreign bond securities. Risks: Return of principal is not guaranteed. Bond funds have the same interest rate, inﬂation, and credit risks that are associated with the underlying bonds owned by the fund. Generally, the value of bond funds rises when prevailing interest rates fall and falls when interest rates rise. There are ongoing fees and expenses associated with owning shares of bond funds. Important note on Junk Bonds: Non-investment grade debt securities, commonly referred to as high-yield or “junk” bonds, may be subject to greater market ﬂuctuations and risk of loss of income and principal than securities in higher rating categories. Fixed Income Blend Fixed income securities that are not classiﬁed by maturity. Foreign Equity Securities trading primarily in markets outside the United States that represent equity ownership in a company. Risks: Investments in foreign securities involve special risks, including foreign currency risk and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are magniﬁed for investments made in emerging markets. Gross Expense Ratio The gross expense ratio is the fund’s expense ratio before taking into account any fee waivers or expense reimbursements. Growth of 10,000 The Growth of $10,000 graph shows a fund’s performance based on how $10,000 invested in the fund would have grown over time. The growth of $10,000 begins at the fund’s inception, or the ﬁrst year listed on the graph, whichever is appropriate. Located alongside the fund’s graph line are lines that represent the growth of $10,000 in the fund’s category and its market benchmark. The growth is a hypothetical valuation based on the average return for the fund’s Morningstar category over the displayed time periods. 86 Oakland County 401a/457b Plans Glossary For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Glossary of Terms Inception Date The Inception date is the date the fund was formed and became available for sale to investors. Information Ratio A measure of the consistency of excess return. This value is determined by taking the annualized excess return over a benchmark (style benchmark by default) and dividing it by the standard deviation of excess return (tracking error). The measure relates the magnitude and consistency with which an investment outperformed its benchmark. The higher the information ratio, the better. Management Fee Taken from the fund's prospectus, this represents the cost of the fund’s manager’s services and other fund administration costs. It is usually represented as a percentage of assets. Although management costs are listed in a fund's prospectus, these are maximum amounts and funds may waive a portion, or possibly all, of those fees. Actual fees thus represent a closer approximation of the true costs to shareholders. Management Style —Growth vs. Value Growth Funds Growth funds hold stocks of companies that the fund manager believes will have signiﬁcantly better revenue and proﬁt growth than the overall market. Value Funds Value funds concentrate on stocks of companies that the fund manager believes to be currently undervalued in the markets. The managers buy the stock at what they believe to be less than the true value, with the expectation that the price will rise. Blend Funds Blend funds represent a blend of growth and value styles. Manager Tenure This represents the number of years that the current manager has been the portfolio manager of the fund. A fund may be managed by more than one manager. For funds with more than one manager, the average tenure is shown. If the fund designates the manager as a Management Team and does not disclose the names of the portfolio manager or co-portfolio managers to Morningstar, Manager Tenure will appear as a dash for the fund. Market Capitalization One way to classify equity funds is by market capitalization, which is the market value of the company. This is calculated by multiplying the total number of a company’s shares by the current price per share. Generally, market capitalization is associated with the size of the company1. Large Cap This generally refers to the stock of companies with market capitalizations over $5 billion. These seasoned companies, sometimes referred to as “blue- chips” in the U.S., often have long histories of solid returns. While large cap stocks tend to be relatively stable compared with other stocks, they do carry a degree of risk. Mid Cap With market capitalizations that generally range between $2 billion and $5 billion, these stocks can be more volatile than large cap stocks, but have the potential for higher relative returns. Because mid-capitalization stock prices have experienced a greater degree of market volatility than large-capitalization stock prices, investors should consider the fund for long-term investment and should bear in mind that the higher return potential of mid- capitalization stocks is accompanied by additional business risk, signiﬁcant stock price ﬂuctuations and illiquidity. 1 Please note that the deﬁnitions of small, mid, and large cap companies illustrated here are generalizations only, and are subject to change. In addition, individual mutual fund managers may use different deﬁnitions for speciﬁc funds. You are encouraged to read the prospectus carefully to determine the market capitalization speciﬁcations of any individual mutual fund. 87 Oakland County 401a/457b Plans Glossary For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Glossary of Terms Small Cap With market capitalizations of less than $2 billion, companies in this category often are new companies with short histories. Because small-capitalization stock prices have experienced a greater degree of market volatility than those of large-capitalization stocks, investors should consider funds that invest in small-cap stocks for long-term investment and should bear in mind that the higher return potential of small-capitalization stocks is accompanied by higher risk. Maximum Sales Charge The sales charge, or load as it is also called, is a fee the investor may pay when purchasing shares of a mutual fund from a broker as compensation for their advice. The rate varies from fund company to fund company and is detailed in the fund’s prospectus. The maximum sales charge is the highest amount that an investor may pay for a particular fund. Money Market Fund Mutual fund that invests primarily in low-risk, short-term investments such as treasury bills, government securities, certiﬁcates of deposit and other highly liquid, safe securities. Money Market Securities Securities that seek to maintain a $1 NAV. However the achievement of that objective cannot be guaranteed. Max DrawDown Is the maximum loss incurred by a portfolio during a speciﬁed time period. It is used to measure the 'worst case scenario' of investing in a portfolio at the worst possible time. Morningstar Rating The Morningstar Risk-Adjusted Rating, commonly referred to as the Star Rating, relates the risk-adjusted performance of a fund to its peers in the category. Morningstar calculates ratings only for categories with at least 20 funds. To determine a fund's rating, the fund and its peers are ranked by their MRARs. If a fund scores in the top 10% of its fund category, it receives ﬁve stars (High); if it falls in the next 22.5%, it receives four stars (Above Average); a place in the middle 35% earns a fund three stars (Neutral or Average); those in the next 22.5% receive two stars (Below Average); and the lowest 10% get one star (Low). Morningstar also accounts for instances where a fund is sold in multiple versions, whether multi-class, both trust and segregated, etc. In order to prevent one fund from unfairly taking up many places in a portion of the ratings scale, Morningstar treats multiple versions of a fund as "fractional funds". The multiple versions of a fund are all rated, but they collectively count as one and so leave more room for other deserving funds. The overall Star Rating for a fund is a weighted combination of its three, ﬁve, and ten year ratings. If a fund has less than three years' performance history, it is not rated. If it has at least three but less than ﬁve years' history, its overall rating is equal to its three-year rating. If it has at least ﬁve but less than ten years' history, its overall rating is equal to 60% ﬁve-year rating and 40% three-year rating. If it has at least ten years' history, its overall rating is equal to 50% ten-year rating, 30% ﬁve-year rating and 20% three-year rating. Morningstar Risk-Adjusted Ratings are recalculated monthly. Also see (Extended Performance Rating). Net Expense Ratio The net expense ratio is the fund’s expense ratio less any expense waivers or reimbursements provided by the fund’s manager. Because the expense ratio is calculated by dividing the total costs of the fund by its total assets, funds with relatively small total assets will have higher expense ratios than larger funds. As a result, fund managers will offer expense waivers or reimburse costs to the fund for a predetermined length of time so that the fund is not at a competitive disadvantage when its expense ratio is compared to its peers. Non-Core Investment Options Your non-core investment options are intended to provide additional investment ﬂexibility to investors who desire a wider range of choices. The choices also range in asset classes allowing more opportunity for diversiﬁcation. Non-Diversiﬁed Funds Some funds are non-diversiﬁed, which means that they may invest more of their assets in fewer companies than if they were diversiﬁed funds. By concentrating in a smaller number of investments, the fund’s risk is increased because each investment has a greater effect on the fund’s performance. 88 Oakland County 401a/457b Plans Glossary For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Glossary of Terms Peers in the Category (See Morningstar Rating) Percentile/Percentile Rank A percentile is a value on a scale of one hundred that indicates the percent of a distribution that is equal to or below it. So if we calculate a 50th percentile, 50% of the time the returns are below that resulting value and 50% of the time they are above that value. A 50th percentile is the same as a "median." An average, or "mean," is similar but a weighted result. Plan Watch List Funds can be placed on the plan’s watch list at the discretion of the plan advisor usually for failing to meet or adhere to the Investment Policy Statement of the plan. Pre-Inception Returns Morningstar provides adjusted historical returns for periods prior to the fund’s actual inception for some mutual funds in its universe. These calculated returns reﬂect the historical performance of the oldest share class of the fund, adjusted to reﬂect the fees and expenses of this share class. While the inclusion of pre-inception data provides valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself. Prospectus The fund’s written statement, generally issued on an annual basis. In this statement the fund sets forth its proposed purposes and goals, and other facts (e.g., history and investment objective) that an investor should know in order to make an informed decision. Information pertaining to management fees and other charges and expenses are in the prospectus. R-Squared The percentage of a fund’s movements that are explained by movements in its benchmark index. An R-Squared of 100 means that all movements of a fund are explained by movements in its benchmark index. Index funds often will have an R-Squared very close to 100. Real Estate Funds Because these funds concentrate their investments in securities of companies operating in the real estate industry, they are susceptible to the risks associated with the real estate industry. These include: ﬂuctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; property taxes; capital expenditures or operating expenses; and other economic, political, or regulatory occurrences affecting the real estate industry. Redemption Fee The redemption fee is an amount charged when money is withdrawn from a fund. This fee does not go back into the pockets of the fund company but rather into the fund itself and does not represent a net cost to shareholders. Also, unlike contingent deferred sales charges, redemption fees typically operate only in short, speciﬁc time periods, commonly 30, 180, or 365 days. However, some redemption fees exist for up to ﬁve years. Charges are not imposed after the stated time has passed. These fees are typically imposed to discourage market-timers, whose quick movements into and out of funds can be disruptive. The charge is normally imposed on the ending share value, appreciated or depreciated from the original value. Sector Funds A distinct subset of a market, society, industry, or economy, whose components share similar characteristics. Stocks are often grouped into different sectors depending upon the company's business. Risks: Funds that emphasize certain market sectors are subject to additional risks and may be more volatile than an investment with greater diversiﬁcation. 89 Oakland County 401a/457b Plans Glossary For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Glossary of Terms Sharpe Ratio A risk-adjusted measure developed by Nobel Laureate William Sharpe. It is calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the fund’s historical risk-adjusted performance. The Sharpe Ratio is calculated for the past 36-month period by dividing a fund’s annualized excess return by the standard deviation of the fund’s annualized excess returns. Specialty / Other The "Specialty/Other" category includes sector, industry-based and other non-diversiﬁed funds. Stable Value Fund A unique asset class offering deﬁned contribution plan participants intermediate term returns and liquidity (subject to plan rules) with low market value risk. This is typically accomplished through a wrap contract or investment contract that guarantees the payment of plan-related beneﬁts at book value (cost plus accrued interest) which enables the entire investment to be carried at its book value. Standard Deviation A statistical measure of the range of performance within which the total returns have fallen. The standard deviation shown in this report is an annualized statistic based on returns over the past 36 months. When a fund has a high deviation ﬁgure, the range of performance is very wide, indicating a greater potential for volatility. Approximately 68% of the time, the fund’s total return will be within plus or minus one deviation from the fund’s 3-year return. Also, 95% of the time the fund’s total return will be within plus or minus two times the standard deviation (sometimes described as being within “two standard deviations”) from the average return. Standard deviation is also a component in the Sharpe Ratio, which assesses risk-adjusted performance. Stocks (Equities) Stocks, or “equities,” are essentially ownership shares in a company. The more shares you own, the greater your stake in that company. Risks: While stocks generally provide the most growth potential, they tend to experience greater volatility in price. For this reason, stocks are generally considered to be riskier investments. If you choose to invest in stocks, be sure you understand and are willing to accept these risks, including a possible loss of principal. Style The description of the type of approach and strategy utilized by an investment manager to manage funds. The style is determined by, as an example for equities, portfolio characteristics such as: market capitalization of issues, price to earnings ratio and dividend yield. Some equity styles include Growth, Value, Yield, Core and Small Cap. Style Drift The propensity of some mutual funds to migrate from one Morningstar classiﬁcation to another. Style drift happens when an active manager drifts from a speciﬁc style, asset class, or index that is described as the fund’s investment purpose. Target Date Funds An investment in a target date fund is subject to the risks attendant to the underlying funds in which it invests. A target date fund is geared to investors who will retire and/or require income at an approximate year. The fund is managed to meet the investor's goals by the pre-established year or "target date"; hence, the name target date fund. A target date fund will transition its invested assets from a more aggressive portfolio to a more conservative portfolio as the target date draws closer. An investment in the Target Retirement Fund is not guaranteed at any time, including, before or after the target date is reached. Technology Funds Technology securities in general tend to be relatively volatile as compared with other types of investments. While volatility may create investment opportunities, it does entail risk. Funds that invest exclusively in one sector of the economy carry additional risk resulting from lack of industry diversiﬁcation. The fund should not be considered as a balanced investment program. Top 10 Holdings The ten largest investments in the entire fund’s portfolio. 90 Oakland County 401a/457b Plans Glossary For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Glossary of Terms Treynor Ratio (or Index) Similar to Sharpe Ratio, the Treynor Ratio is a measurement of efﬁciency utilizing the relationship between annualized risk-adjusted return and risk. It is a measure of a portfolio's excess return per unit of risk. Unlike Sharpe Ratio, the Treynor Ratio utilizes "market" risk (beta) instead of total risk (standard deviation). Good performance efﬁciency is measured by a high ratio risk premium earned per unit of risk taken. Turnover Ratio A measure of the fund's trading activity, which is computed by taking the lesser of purchases or sales and dividing by average monthly net assets. Securities with maturities of less than one year are excluded. The ﬁgure is gathered from the ﬁnancial highlights of the fund's annual report. A low turnover ﬁgure (20% to 30%) generally indicate a buy-and-hold strategy. Higher turnover (more than 100%) would indicate a more active investment strategy involving considerable buying and selling of securities. Upside and Downside Capture Ratio A statistical measure used to demonstrate whether a given fund has outperformed or underperformed more than-a broad market benchmark during periods of market strength and weakness. Upside capture ratios for funds are calculated by taking the fund's monthly return during months when the benchmark had a positive return and dividing it by the benchmark return during that same month. Downside capture ratios are calculated by taking the fund's monthly return during the periods of negative benchmark performance and dividing it by the benchmark return.A statistical measure used to demonstrate whether a given fund has outperformed or underperformed more than-a broad market benchmark during periods of market strength and weakness. Upside capture ratios for funds are calculated by taking the fund's monthly return during months when the benchmark had a positive return and dividing it by the benchmark return during that same month. Downside capture ratios are calculated by taking the fund's monthly return during the periods of negative benchmark performance and dividing it by the benchmark return. 91 Oakland County 401a/457b Plans Disclosures For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Disclosures from Morgan Stanley Two Different Processes for Evaluating Funds Funds available in Morgan Stanley’s Institutional Services Program are evaluated under either of the following two processes. Funds that meet the criteria under either of these processes are described in this report as "approved" for the program. Funds offered by the Plan that do not appear in this report will be considered "non approved". This report may also show funds that are not approved under either of these two evaluation processes. Morgan Stanley does not recommend, evaluate or monitor any such funds, nor is Morgan Stanley acting as a ﬁduciary (under ERISA, the Internal Revenue Code or otherwise) with respect to such funds and investors have the sole and exclusive responsibility for selecting and/or retaining any such fund in the program. (1) Morgan Stanley Global Investment Manager Analysis ("GIMA") Evaluation Process GIMA evaluates certain investment products for the purposes of some – but not all – of Morgan Stanley Smith Barney LLC's investment advisory programs (as described in more detail in the applicable Form ADV Disclosure Document). If you do not invest through one of these investment advisory programs, Morgan Stanley is not obligated to provide you notice of any GIMA status changes even though it may give notice to clients in other programs. Focus List and Approved List; Watch Policy GIMA uses two methods to evaluate investment products in applicable advisory programs: Focus (and investment products meeting this standard are described as being on the Focus List) and Approved (and investment products meeting this standard are described as being on the Approved List). In general, Focus entails a more thorough evaluation of an investment product than Approved. Sometimes an investment product may be evaluated using the Focus List process but then placed on the Approved List instead of the Focus List Investment products may move from the Focus List to the Approved List, or vice versa. GIMA may also determine that an investment product no longer meets the criteria under either process and will no longer be recommended in investment advisory programs (in which case the investment product is given a "Not Approved" status). GIMA has a "Watch" policy and may describe a Focus List or Approved List investment product as being on “Watch” if GIMA identiﬁes speciﬁc areas that (a) merit further evaluation by GIMA and (b) may, but are not certain to, result in the investment product becoming "Not Approved." The Watch period depends on the length of time needed for GIMA to conduct its evaluation and for the investment manager or fund to address any concerns. For more information on the Focus List and Approved List and Watch processes, please see the applicable Form ADV Disclosure Document. Your Financial Advisor can also provide upon request a copy of a publication entitled "Manager Selection Process." 92 Oakland County 401a/457b Plans Disclosures For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Disclosures from Morgan Stanley In addition to the mutual funds and ETFs that appear on the Focus and Approved Lists of GIMA described above, for clients in the Institutional Services program for participant directed deﬁned contribution plans, mutual fund, ETFs and Collective Investment Trusts may be "approved" for the program in an alternate manner, as well. MSSB applies a proprietary screening process to funds in the Morningstar mutual fund database, which it applies in part using third party software. The screening algorithm, applied quarterly, is based on factors such as performance, ranking, stewardship grade, fees and manager tenure. Funds subject to this process are either approved or not approved for use in the Institutional Services program for participant directed deﬁned contribution plans. MSSB does not maintain a Watch List for these funds equivalent to GIMA's Watch List. (2) Deﬁned Contribution Investment Consulting Fund Screening Process Many fund families offer multiple versions of the same fund that may have variations on the sales fees that are charged and/or the investor qualiﬁcations. When screening certain types of funds that may have multiple share classes within a fund family, we rely on the aforementioned factors of the oldest share classes for screening results and apply those results to all versions of the fund family offered. Where the oldest share class otherwise passes the screening process other share classes will pass as well unless such share has an expense ratio in the top quartile. Global Investment Manager Analysis (GIMA) deﬁnes Adverse Active Alpha (AAA) as follows: High Adverse Active Alpha rankings are generally deﬁned as falling into the top two quintiles (~40%). Separately Managed Account and mutual fund rankings could differ. In some cases where the separately managed account product and mutual fund are substantially similar, the separately managed account rating may be applied to the mutual fund and vice versa. Adverse refers to the demonstrated ability to outperform in a variety of market environments and when conditions were difﬁcult for active manager relative performance. “Difﬁcult” periods were times when active management did not perform well relative to the index, as opposed to down market periods. At various times, active management has experienced difﬁcult relative performance periods in up, down, and ﬂat markets. We developed a set of factors to help discern which periods were more difﬁcult for active managers that we utilize to identify managers that were able to overcome these headwinds and outperformed in the face of adversity. Active refers to managers with portfolios that looked different from the index and had moderate to low tracking error. For equity products, we utilize active share to measure the degree of differentiation from the benchmark, while the ﬁxed income model uses r2. By using these measures in conjunction with tracking error, the ranking seeks to ﬁnd managers that were active, but not taking outsized bets, and that had some degree of style consistency. The combination of high active share and low tracking error is fairly uncommon among active managers, but we believe these traits may point toward managers with strong stock picking skills. Alpha refers to the demonstrated ability to add value relative to an index and/or peers. Back tests indicate that highly ranked managers as a group outperformed the index and style peer group over subsequent periods and relative to active share alone. By combining the “adverse” component with the “active” component, we believe we increase the odds of ﬁnding some of the most proﬁcient stock pickers. 93 Oakland County 401a/457b Plans Disclosures For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Disclosures from Morgan Stanley Important Considerations Regarding the Adverse Active Alpha ranking process: Global Investment Manager Analysis, formerly Consulting Group Investment Advisor Research (CG IAR), provides comprehensive manager analysis for Morgan Stanley's investment advisory platforms on a wide range of investment products, including separately managed accounts, mutual funds and exchange-traded funds in the equity, ﬁxed income and alternative investment categories. In our view, the Adverse Active Alpha manager ranking model is an important part of evaluating managers for consideration. However, we do recognize that AAA cannot, in and of itself, tell us which managers’ strategies to invest in or when to buy or sell the strategies. While highly ranked managers historically performed well as a group in our analysis, past performance is not a guarantee of future results for any manager or strategy. Index returns assume reinvestment of dividends and, unlike fund or strategy returns, do not reﬂect any fees or expenses. Indices are unmanaged and not available for direct investment. It is also important to keep in mind that just because a manager has high active share (top two deciles), a portfolio that looks different than the index (benchmark) doesn't necessarily mean the portfolio had or will have better performance than the index. Being different than the index does not consider factors such as: the timeliness of data provided by the manager, the appropriateness of the benchmark used for comparison to the portfolio, the relevancy of the period(s) being analyzed between the portfolio and the benchmark, knowing the difference between the securities and their concentration in a manager’s portfolio vs. the benchmark and the potential that the data provided by the manager looked signiﬁcantly different in periods before and after the performance snapshot(s) used for analysis. While the preceding considerations are not part of the AAA ranking model, GIMA's strives to evaluate other material and forward looking factors as part of the overall manager evaluation process. Factors such as but not limited to manager turnover and changes to investment process can partially or fully negate a positive Adverse Active Alpha ranking. Additionally, highly ranked managers can have differing risk proﬁles that might not be suitable for all investors. For more information on AAA, please see the Adverse Active AlphaSM: Adding Value Through Manager Selection and Adding Value to Fixed Income Manager Selection With Adverse Active AlphaSM whitepapers. The whitepapers are available from your Financial Advisor or Private Wealth Advisor. ADVERSE ACTIVE ALPHA is a registered service mark of Morgan Stanley and/or its afﬁliates. U.S. Pat. No. 8,756,098 applies to the Adverse Active Alpha system and/or methodology. Investment with Impact Morgan Stanley deﬁnes Investing with Impact as an investing approach that aims to generate competitive market-rate returns in addition to positive environmental and/or social impact. These strategies will incorporate value-based, ESG, thematic, and impact oriented approaches to their investment process. Type of Investing With Impact Descriptions Values Alignment – Screen by interests and values. Avoid investments in potentially "objectionable" companies and industries. Not actively seeking environmental and social impact Environment, Social & Governance (ESG) Integration – Target companies whose approach to environmental, social or governance issues creates value differentiation Sector Exposure – Focus on themes and sector 94 Oakland County 401a/457b Plans Disclosures For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Disclosures from Morgan Stanley Other Purpose of Report. This report is provided for educational and informational purposes only. It is not intended to be an offer, solicitation or recommendation with respect to the purchase or sale of any security. Sources of Information. Material in this report has been obtained from sources that we believe to be reliable, but we do not guarantee its accuracy, completeness or timeliness. No Obligation to Notify. Morgan Stanley has no obligation to notify you when any information in this report changes. No Tax or Legal Advice. Morgan Stanley and its afﬁliates do not render advice on tax or tax accounting matters to clients. Further, neither Morgan Stanley nor its afﬁliates may provide legal or tax advice, with respect to the qualiﬁcation of, or any other tax or related legal issues with respect to the maintenance or operation of any retirement plan. Clients are urged to consult their personal tax and/or legal adviser to learn about any potential tax or other implications of their actions in connection with such matters. Please note that if any investments in this report are described as "tax free", such designation may only be relevant for taxable investors, and not investors holding and investing assets within a qualiﬁed retirement plan. For taxable investors, income from these investments may be subject to state and local taxes and (if applicable) the federal Alternative Minimum Tax. Realized capital gains on these investments may be subject to federal, state and local capital gains tax. For taxdeferred investors, such as qualiﬁed retirement plans or IRAs, such income, gains, and losses are generally not recognized by such investors if the assets are held within the plan, unless special tax rules applicable to "unrelated business taxable income" or UBTI apply to the terms of a particular investment. Please consult your personal tax and/or legal advisor to learn about these and any potential tax or other implications that may result from acting on a particular recommendation. Envestnet. This report was created by Morgan Stanley using Envestnet, an analytical tool created and maintained by Envestnet. Morgan Stanley is not afﬁliated with Envestnet. To produce the report, Morgan Stanley Financial Advisors input certain information acquired from third party sources, such as the plan’s provider, recordkeeper and/or custodian. This information is played back to you in this report; you are responsible for immediately notifying your Financial Advisor of any inaccuracies and of anything which should be included but is not. Key Asset Class Risk Disclosures To the extent the investments depicted herein represent international securities, you should be aware that there may be additional risks associated with international investing, including foreign economic, political, monetary and/or legal factors, changing currency exchange rates, foreign taxes, and differences in ﬁnancial and accounting standards. These risks may be magniﬁed in emerging markets. International investing may not be for everyone. Small and mid-capitalization companies may lack the ﬁnancial resources, product diversiﬁcation and competitive strengths of larger companies. In addition, the securities of small capitalization companies may not trade as readily as, and be subject to higher volatility than, those of larger, more established companies. 95 Oakland County 401a/457b Plans Disclosures For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Disclosures from Morgan Stanley Bonds are affected by a number of risks, including ﬂuctuations in interest rates, credit risk and prepayment risk. In general, as prevailing interest rates rise, ﬁxed income securities prices will fall. Bonds face credit risk if a decline in an issuer's credit rating, or credit worthiness, causes a bond's price to decline. High yield bonds are subject to additional risks such as increased risk of default and greater volatility because of the lower credit quality of the issues. Finally, bonds can be subject to prepayment risk. When interest rates fall, an issuer may choose to borrow money at a lower interest rate, while paying off its previously issued bonds. As a consequence, underlying bonds will lose the interest payments from the investment and will be forced to reinvest in a market where prevailing interest rates are lower than when the initial investment was made. Inﬂation-protected securities coupon payments and underlying principal are automatically increased to compensate for inﬂation by tracking the consumer price index (CPI). While the real rate of return is guaranteed, inﬂation-protected securities tend to offer a low relative return. Because the return is linked to inﬂation, inﬂation- protected securities may signiﬁcantly under perform versus conventional US Treasuries in times of low inﬂation. Ultra-short ﬁxed income in our managed account programs at Morgan Stanley is primarily limited to open-end mutual funds and exchange-traded funds. Ultra-short bond funds generally invest in ﬁxed income securities with very short maturities, typically less than one year. They are not money market funds. While money market funds attempt to maintain a stable net asset value, an ultra-short bond fund’s net asset value will ﬂuctuate, which may result in the loss of the principal amount invested. They are therefore subject to the risks associated with debt securities such as credit and interest rate risk. REITs investing risks are similar to those associated with direct investments in real estate: lack of liquidity, limited diversiﬁcation, and sensitivity to economic factors such as interest rate changes and market recessions. Investing in commodities entails signiﬁcant risks. Commodity prices may be affected by a variety of factors at any time, including but not limited to, (i) changes in supply and demand relationships, (ii) governmental programs and policies, (iii) national and international political and economic events, war and terrorist events, (iv) changes in interest and exchange rates, (v) trading activities in commodities and related contracts, (vi) pestilence, technological change and weather, and (vii) the price volatility of a commodity. In addition, the commodities markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government intervention. Individual funds will have speciﬁc risks related to their investment programs that will vary from fund to fund. Mutual Fund, ETF and Collective Investment Trust Performance Data ©2018 Morningstar, Inc. All Rights Reserved. The mutual fund performance information in this report: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed to plan participants; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Please note if your plan invests in a stable value fund not all third parties sponsoring stable value funds provide information to Morningstar. If you invest in a stable value fund that does not provide information to Morningstar the information in this report was provided directly from the third party sponsoring the fund. Morgan Stanley Wealth Management believes such information to be reliable as of the date hereof but is not responsible or liable for the accuracy of such information and for any error or miscalculation made by the Fund or its sponsor, or for any loss, liability, claim, damage or expense arising out of such error or miscalculation. If you have questions about how the information in this report was determined please contact third party sponsoring the stable value fund directly. 96 Oakland County 401a/457b Plans Disclosures For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Disclosures from Morgan Stanley PERFORMANCE: Performance results illustrated herein do not reﬂect a deduction of any investment advisory fees or program fees charged by Morgan Stanley or any Sub-Manager but do include the fund’s internal expenses. The underlying fund’s internal expenses (also known as the expense ratio) generally covers investment management fees, marketing and distribution fees (also known as 12b-1 fees) and other operating expenses of the fund. The expense ratios being displayed for mutual funds reﬂect each fund's prospectus "net" expenses as provided by Morningstar. Such "net" expenses are subject to change and may increase at any time. As fees are deducted quarterly, the compounding effect will be to increase the impact of the fees by an amount directly related to the gross account performance. For example, for an account with an initial value of $100,000 and a 1.00% annual fee, if the gross performance is 5% per year over a three year period, the compounding effect of the fees will result in a net annual compound rate of return of approximately 3.95% per year over a three year period, and the total value of the client’s portfolio at the end of the three year period would be approximately $115,762.50 without the fees and $112,336.98 with the fees. To learn more about the Institutional Services Program, please see the applicable Morgan Stanley Smith Barney LLC ADV Part II Brochure for more information including a description of the fee schedule. It is available at HYPERLINK www.morganstanley.com/ADV or from your Financial Advisor. ALL MUTUAL FUND PRODUCTS AND EXCHANGE-TRADED FUNDS ARE SOLD BY PROSPECTUS, WHICH CONTAINS MORE COMPLETE INFORMATION ABOUT THE FUND. PLEASE CONTACT YOUR FINANCIAL ADVISOR FOR COPIES. PLEASE READ THE PROSPECTUS AND CONSIDER THE FUND’S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE PROSPECTUS CONTAINS THIS AND OTHER INFORMATION ABOUT THE FUND © 2018 Morgan Stanley Smith Barney LLC, Member SIPC.Consulting Group and Graystone Consulting are businesses of Morgan Stanley Smith Barney LLC. 97 Oakland County 401a/457b Plans Security Contact List For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Phone Number Stable Value --- Oppenheimer Senior Floating Rate Y +1 8002255677 Fidelity® Interm Trs Bd Index 416-307-5200 PGIM Total Return Bond Z --- PIMCO Real Return A +1 8667462602 PIMCO Income A +1 8667462602 PGIM High Yield Z --- Dreyfus/Standish Global Fixed Income I +1 8006456561 Columbia Income Builder Adv +1 8003456611 Fidelity® Puritan®416-307-5200 Vanguard Balanced Index I +1 8776627447 TIAA-CREF Lifecycle Index Ret Inc Instl 877-518-9161 TIAA-CREF Lifecycle Index 2010 Instl 877-518-9161 TIAA-CREF Lifecycle Index 2015 Instl 877-518-9161 TIAA-CREF Lifecycle Index 2020 Instl 877-518-9161 TIAA-CREF Lifecycle Index 2025 Instl 877-518-9161 TIAA-CREF Lifecycle Index 2030 Instl 877-518-9161 TIAA-CREF Lifecycle Index 2035 Instl 877-518-9161 TIAA-CREF Lifecycle Index 2040 Instl 877-518-9161 TIAA-CREF Lifecycle Index 2045 Instl 877-518-9161 TIAA-CREF Lifecycle Index 2050 Instl 877-518-9161 TIAA-CREF Lifecycle Index 2055 Instl 877-518-9161 TIAA-CREF Lifecycle Index 2060 Instl 877-518-9161 JPMorgan Equity Income R5 1-800-480-4111 Fidelity® 500 Index 416-307-5200 Fidelity® Contrafund®416-307-5200 Fidelity® Growth Company 416-307-5200 Victory Sycamore Established Value A +1 8005393863 Fidelity® Mid Cap Index 416-307-5200 Eaton Vance Atlanta Capital SMID-Cap A +1 8008362414 T. Rowe Price New Horizons 971-55-922-3080 98 Oakland County 401a/457b Plans Security Contact List For Oakland County 401a/457b Plans| Data as of December 31, 2018 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Phone Number Fidelity Advisor® Small Cap Value I 416-307-5200 Fidelity® Small Cap Index 416-307-5200 Fidelity® International Index 416-307-5200 MFS International Value R3 +1 8779606077 American Funds Europaciﬁc Growth R5E (800) 421-4225 Vanguard International Explorer Inv +1 8776627447 Fidelity® Emerging Markets Idx 416-307-5200 Dreyfus Natural Resources I +1 8006456561 Cohen & Steers Instl Realty Shares +1 212 8323232 American Funds New Perspective R6 (800) 421-4225 99