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Home My WebLink AboutReports - 2020.07.16 - 33507Plan Investment Review Oakland County 401a/457b Plans April 1 - June 30, 2020 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 June 30, 2020 For Plan Sponsor Use Only - Not For Use With Plan Participants Section Page Investment Diversiﬁcation 3 Performance Summary 6 Historical Plan Investments-Quarterly 8 Monitoring Criteria for Investments 10 Historical Plan Watch List Summary 13 Executive Summary 06/30/2020 15 Performance Summary - PG Comparison 27 Morningstar Ratings 34 Fees and Expenses 36 Performance Summary with Risk Measures 38 Summary Showing Funds Approved and Not Approved by Morgan Stanley 50 Glossary 53 Disclosures 61 Security Contact List 67 Oakland County 401a/457b Plans Investment Diversiﬁcation For Oakland County 401a/457b Plans|Data as of June 30, 2020 For Plan Sponsor Use Only - Not For Use With Plan Participants Money Market/Stable Value Target Date Balanced/Asset Allocation ¶ Stable Value § TIAA-CREF Lifecycle Index 2010 Instl Columbia Income Builder Adv § TIAA-CREF Lifecycle Index 2015 Instl § TIAA-CREF Lifecycle Index Ret Inc Instl § TIAA-CREF Lifecycle Index 2020 Instl Fidelity® Puritan® § TIAA-CREF Lifecycle Index 2025 Instl Vanguard Balanced Index I § 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 DFA Inflation-Protected Securities I PGIM High Yield Z PGIM Total Return Bond Z Emerging Market Bonds World Bonds Other Bonds BNY Mellon Global Fixed Income - A 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 June 30, 2020 For Plan Sponsor Use Only - Not For Use With Plan Participants US Equity Value Blend Growth LC JPMorgan Equity Income R5 Fidelity® 500 Index ¶ Vanguard FTSE Social Index Admiral ¶ Fidelity® Growth Company K6 JPMorgan Large Cap Growth R6 MC Victory Sycamore Established Value A Fidelity® Mid Cap Index *‡ Eaton Vance Atlanta Capital SMID-Cap A BlackRock Mid-Cap Growth Equity K BNY Mellon Sm/Md Cp Gr Y Delaware Smid Cap Growth R6 MFS Mid Cap Growth R6 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 June 30, 2020 For Plan Sponsor Use Only - Not For Use With Plan Participants Foreign Equity Specialty/Other Fidelity® International Index ¶ Columbia Floating Rate Inst3 American Funds Europacific Growth R5E BNY Mellon Natural Resources I MFS International Intrinsic Value R3 Cohen & Steers Realty Shares L Goldman Sachs Intl Sm Cp Insghts Inv Fidelity® Emerging Markets Idx American Funds New Perspective R5 * 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 Performance Summary For Oakland County 401a/457b Plans|Data as of June 30, 2020 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Last Quarter YTD 1 Yr 3 Yr 5 Yr 10 Yr Exp.Ratio Gross/Net Stable Value ---------------------/--- Columbia Floating Rate Inst3 9.36 -6.19 -3.80 1.40 2.45 4.07 0.69/0.68 Fidelity® Interm Trs Bd Index 0.74 9.71 11.06 5.99 4.47 4.03 0.03/0.03 PGIM Total Return Bond Z 6.76 3.70 6.80 5.41 5.00 5.23 0.53/0.49 DFA Inﬂation-Protected Securities I 4.58 6.32 7.96 5.14 3.84 3.64 0.11/0.11 PIMCO Income A 6.37 -1.88 0.29 2.91 4.27 7.09 1.45/1.45 PGIM High Yield Z 10.64 -5.04 -0.59 3.64 5.11 6.74 0.54/0.54 BNY Mellon Global Fixed Income - A 6.15 3.59 5.31 3.92 3.25 3.69 0.78/0.78 Columbia Income Builder Adv 10.41 -0.55 3.23 4.75 5.04 6.32 0.73/0.73 TIAA-CREF Lifecycle Index Ret Inc Instl 9.67 1.36 6.35 6.09 5.56 6.78 0.28/0.10 Fidelity® Puritan®16.94 3.78 11.11 9.63 8.38 10.54 0.53/0.53 Vanguard Balanced Index I 14.24 1.00 8.22 8.59 8.05 9.95 0.06/0.06 TIAA-CREF Lifecycle Index 2010 Instl 9.67 1.31 6.29 6.14 5.67 7.28 0.25/0.10 TIAA-CREF Lifecycle Index 2015 Instl 10.51 0.83 6.22 6.34 5.94 7.82 0.23/0.10 TIAA-CREF Lifecycle Index 2020 Instl 11.49 0.28 6.06 6.57 6.25 8.43 0.21/0.10 TIAA-CREF Lifecycle Index 2025 Instl 12.91 -0.53 5.74 6.81 6.59 9.06 0.21/0.10 TIAA-CREF Lifecycle Index 2030 Instl 14.37 -1.44 5.42 7.02 6.91 9.69 0.20/0.10 TIAA-CREF Lifecycle Index 2035 Instl 15.79 -2.36 5.03 7.21 7.18 10.28 0.19/0.10 TIAA-CREF Lifecycle Index 2040 Instl 17.23 -3.32 4.46 7.32 7.41 10.59 0.19/0.10 TIAA-CREF Lifecycle Index 2045 Instl 18.66 -4.24 3.95 7.28 7.51 10.63 0.19/0.10 TIAA-CREF Lifecycle Index 2050 Instl 18.85 -4.40 3.89 7.29 7.58 10.67 0.19/0.10 TIAA-CREF Lifecycle Index 2055 Instl 19.15 -4.59 3.78 7.30 7.64 ---0.22/0.10 TIAA-CREF Lifecycle Index 2060 Instl 19.20 -4.73 3.65 7.31 7.71 ---0.33/0.10 JPMorgan Equity Income R5 13.23 -14.03 -5.98 5.04 6.91 12.07 0.60/0.59 Fidelity® 500 Index 20.53 -3.09 7.49 10.71 10.72 13.97 0.02/0.02 Vanguard FTSE Social Index Admiral 23.37 -1.24 11.20 12.66 11.62 14.85 0.14/0.14 Fidelity® Growth Company K6 40.26 23.91 39.24 ---------0.45/0.45 JPMorgan Large Cap Growth R6 36.29 20.53 30.75 24.47 18.33 18.84 0.54/0.44 Victory Sycamore Established Value A 20.41 -15.00 -8.25 2.46 5.89 11.16 0.92/0.92 Fidelity® Mid Cap Index 24.55 -9.13 -2.28 5.78 6.75 ---0.03/0.03 Eaton Vance Atlanta Capital SMID-Cap A 22.17 -11.22 -5.61 8.19 9.27 14.04 1.17/1.17 6 Oakland County 401a/457b Plans Performance Summary For Oakland County 401a/457b Plans|Data as of June 30, 2020 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Last Quarter YTD 1 Yr 3 Yr 5 Yr 10 Yr Exp.Ratio Gross/Net T. Rowe Price New Horizons 37.59 20.60 27.31 24.47 18.88 21.08 0.76/0.76 Fidelity Advisor® Small Cap Value I 17.40 -20.30 -14.66 -3.64 1.41 8.79 0.66/0.66 Fidelity® Small Cap Index 25.49 -12.94 -6.46 2.15 4.47 ---0.03/0.03 Fidelity® International Index 15.78 -10.87 -4.69 0.95 2.22 6.00 0.04/0.04 American Funds Europaciﬁc Growth R5E 22.70 -4.86 3.00 4.61 4.73 7.21 0.61/0.61 MFS International Intrinsic Value R3 16.59 0.80 8.30 7.86 8.79 10.95 0.98/0.98 Goldman Sachs Intl Sm Cp Insghts Inv 21.87 -12.58 -5.64 -0.84 3.10 8.45 1.07/1.00 Fidelity® Emerging Markets Idx 18.78 -9.56 -3.38 1.86 2.58 ---0.08/0.08 BNY Mellon Natural Resources I 26.66 -18.93 -16.00 -2.61 -1.96 2.89 0.98/0.98 Cohen & Steers Realty Shares L 12.75 -12.99 -4.61 4.48 6.75 10.20 0.96/0.89 American Funds New Perspective R5 23.87 1.31 11.08 11.24 10.47 12.32 0.47/0.47 7 Oakland County 401a/457b Plans Historical Plan Investments-Quarterly For Oakland County 401a/457b Plans|Data as of June 30, 2020 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Q3 2019 Q4 2019 Q1 2020 Q2 2020 Mkt. Value %Mkt. Value %Mkt. Value %Mkt. Value % Stable Value 96,556,200 10.6 103,365,629 10.7 113,574,482 13.6 115,030,778 11.7 Columbia Floating Rate Inst3 0 0.0 0 0.0 1,410,296 0.2 1,290,361 0.1 Invesco Oppenheimer Senior Fl Rate Y 7,295,164 0.8 1,801,986 0.2 0 0.0 0 0.0 Fidelity® Interm Trs Bd Index 3,387,786 0.4 3,723,251 0.4 5,684,352 0.7 5,828,134 0.6 PGIM Total Return Bond Z 42,274,483 4.6 44,859,180 4.6 43,471,331 5.2 46,251,332 4.7 DFA Inﬂation-Protected Securities I 2,021,424 0.2 1,822,930 0.2 2,439,591 0.3 2,208,460 0.2 PIMCO Income A 6,695,942 0.7 7,204,404 0.8 6,216,375 0.7 6,746,005 0.7 PGIM High Yield Z 6,900,148 0.8 7,083,949 0.7 5,602,001 0.7 6,164,508 0.6 BNY Mellon Global Fixed Income - A 0 0.0 0 0.0 12,873,800 1.5 13,520,115 1.4 BNY Mellon Global Fixed Income - I 9,721,375 1.1 13,124,118 1.4 0 0.0 0 0.0 Columbia Income Builder Adv 907,968 0.1 1,392,203 0.1 1,244,768 0.2 1,621,433 0.2 TIAA-CREF Lifecycle Index Ret Inc Instl 65,330,376 7.2 66,592,707 6.9 60,616,048 7.2 66,366,268 6.8 Fidelity® Puritan®22,579,383 2.5 23,157,270 2.4 19,599,729 2.3 23,129,820 2.4 Vanguard Balanced Index I 17,635,140 1.9 18,981,890 2.0 17,502,129 2.1 19,025,513 1.9 TIAA-CREF Lifecycle Index 2010 Instl 4,359,221 0.5 4,407,853 0.5 4,044,037 0.5 4,426,416 0.4 TIAA-CREF Lifecycle Index 2015 Instl 5,090,474 0.6 5,314,102 0.6 4,274,290 0.5 4,848,143 0.5 TIAA-CREF Lifecycle Index 2020 Instl 22,113,776 2.4 21,880,122 2.3 19,508,189 2.3 22,329,349 2.3 TIAA-CREF Lifecycle Index 2025 Instl 36,126,369 4.0 37,814,001 3.9 33,775,111 4.0 39,102,596 4.0 TIAA-CREF Lifecycle Index 2030 Instl 25,709,486 2.8 26,482,849 2.7 23,445,529 2.8 27,242,956 2.8 TIAA-CREF Lifecycle Index 2035 Instl 38,808,481 4.3 41,190,261 4.3 34,556,239 4.1 40,751,734 4.1 TIAA-CREF Lifecycle Index 2040 Instl 21,964,184 2.4 23,840,761 2.5 19,756,220 2.4 23,633,070 2.4 TIAA-CREF Lifecycle Index 2045 Instl 19,471,816 2.1 21,450,945 2.2 17,725,159 2.1 21,117,114 2.2 TIAA-CREF Lifecycle Index 2050 Instl 5,906,942 0.6 7,207,301 0.8 6,367,776 0.8 8,038,797 0.8 TIAA-CREF Lifecycle Index 2055 Instl 4,504,378 0.5 4,849,042 0.5 4,504,409 0.5 5,831,109 0.6 TIAA-CREF Lifecycle Index 2060 Instl 877,861 0.1 1,129,221 0.1 1,112,606 0.1 1,781,468 0.2 JPMorgan Equity Income R5 42,641,032 4.7 56,757,419 5.9 42,839,752 5.1 48,441,773 4.9 Fidelity® 500 Index 63,039,040 6.9 67,268,290 7.0 51,315,530 6.1 63,244,092 6.4 Vanguard FTSE Social Index Admiral 0 0.0 0 0.0 22,193 0.0 87,626 0.0 Fidelity® Contrafund®50,838,907 5.6 53,426,596 5.5 0 0.0 0 0.0 Fidelity® Growth Company 66,423,776 7.3 75,784,090 7.8 66,446,708 7.9 0 0.0 8 Oakland County 401a/457b Plans Historical Plan Investments-Quarterly For Oakland County 401a/457b Plans|Data as of June 30, 2020 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Q3 2019 Q4 2019 Q1 2020 Q2 2020 Mkt. Value %Mkt. Value %Mkt. Value %Mkt. Value % Fidelity® Growth Company K6 0 0.0 0 0.0 0 0.0 92,785,323 9.4 JPMorgan Large Cap Growth R6 0 0.0 0 0.0 43,667,071 5.2 59,995,147 6.1 Victory Sycamore Established Value A 14,220,725 1.6 15,210,406 1.6 10,842,940 1.3 13,113,229 1.3 Fidelity® Mid Cap Index 3,061,640 0.3 3,636,068 0.4 2,448,836 0.3 2,930,746 0.3 Eaton Vance Atlanta Capital SMID-Cap A 33,600,505 3.7 33,795,897 3.5 23,024,284 2.8 27,912,566 2.8 T. Rowe Price New Horizons 27,513,049 3.0 28,867,311 3.0 23,659,253 2.8 34,301,266 3.5 Fidelity Advisor® Small Cap Value I 11,160,340 1.2 12,176,755 1.3 8,201,136 1.0 9,566,305 1.0 Fidelity® Small Cap Index 14,340,326 1.6 15,680,708 1.6 10,014,758 1.2 12,355,163 1.3 Fidelity® International Index 3,510,799 0.4 3,940,756 0.4 2,955,987 0.4 3,522,444 0.4 American Funds Europaciﬁc Growth R5E 14,759,696 1.6 15,745,768 1.6 11,630,085 1.4 14,165,422 1.4 MFS International Intrinsic Value R3 27,872,271 3.1 35,586,323 3.7 31,350,151 3.7 36,749,820 3.7 Goldman Sachs Intl Sm Cp Insghts Inv 760,897 0.1 930,372 0.1 675,835 0.1 874,770 0.1 Fidelity® Emerging Markets Idx 11,259,668 1.2 13,224,290 1.4 10,184,581 1.2 12,233,898 1.2 BNY Mellon Natural Resources I 3,069,833 0.3 971,547 0.1 572,761 0.1 730,234 0.1 Cohen & Steers Instl Realty Shares 7,546,942 0.8 6,189,573 0.6 0 0.0 0 0.0 Cohen & Steers Realty Shares L 0 0.0 0 0.0 4,564,027 0.5 4,994,648 0.5 American Funds New Perspective R5 0 0.0 0 0.0 5,491,606 0.7 6,840,327 0.7 American Funds New Perspective R6 6,146,770 0.7 6,855,171 0.7 0 0.0 0 0.0 Self-Directed Brokerage 20,193,830 2.2 21,081,861 2.2 18,460,419 2.2 22,186,702 2.3 Participant Loans 20,608,711 2.3 10,318,531 1.1 10,086,430 1.2 9,865,827 1.0 Total $ 908,807,132 100.0 %$ 966,123,709 100.0 %$ 837,758,808 100.0 %$ 983,182,805 100.0 % Morgan Stanley has obtained the plan information shown from a third party (typically the plan's provider) believe to be accurate and reliable. See the end of the report for further information. 9 Oakland County 401a/457b Plans Monitoring Criteria for Investments For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 10 Oakland County 401a/457b Plans Monitoring Criteria for Investments For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 11 Oakland County 401a/457b Plans Monitoring Criteria for Investments For Oakland County 401a/457b Plans|Data as of June 30, 2020 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%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 12 Oakland County 401a/457b Plans Historical Plan Watch List Summary For Oakland County 401a/457b Plans|Data as of June 30, 2020 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Q2 20 Q1 20 Q4 19 Q3 19 Q2 19 Q1 19 Q4 18 Q3 18 Q2 18 Q1 18 Q4 17 Q3 17 Date Fund Put On Watch Stable Value ------Not on Watch Columbia Floating Rate Inst3 ------------------------------Not on Watch Fidelity® Interm Trs Bd Index ---------------Not on Watch PGIM Total Return Bond Z ------Not on Watch DFA Inﬂation-Protected Securities I ------------------------Not on Watch PIMCO Income A ------Not on Watch PGIM High Yield Z ------Not on Watch BNY Mellon Global Fixed Income - A ------------------------------Not on Watch Columbia Income Builder Adv ------Not on Watch TIAA-CREF Lifecycle Index Ret Inc Instl ------Not on Watch Fidelity® Puritan®------Not on Watch Vanguard Balanced Index I ------Not on Watch TIAA-CREF Lifecycle Index 2010 Instl ------Not on Watch TIAA-CREF Lifecycle Index 2015 Instl ------Not on Watch TIAA-CREF Lifecycle Index 2020 Instl ------Not on Watch TIAA-CREF Lifecycle Index 2025 Instl ------Not on Watch 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 Vanguard FTSE Social Index Admiral ------------------------------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. 13 Oakland County 401a/457b Plans Historical Plan Watch List Summary For Oakland County 401a/457b Plans|Data as of June 30, 2020 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Q2 20 Q1 20 Q4 19 Q3 19 Q2 19 Q1 19 Q4 18 Q3 18 Q2 18 Q1 18 Q4 17 Q3 17 Date Fund Put On Watch Fidelity® Growth Company K6 ---------------------------------Not on Watch JPMorgan Large Cap Growth R6 ------------------------------Not on Watch Victory Sycamore Established Value A ------Not on Watch Fidelity® Mid Cap Index ---------------Not on Watch Eaton Vance Atlanta Capital SMID-Cap A ------02/29/2020 T. Rowe Price New Horizons ------Not on Watch Fidelity Advisor® Small Cap Value I ------06/30/2020 Fidelity® Small Cap Index ---------------Not on Watch Fidelity® International Index ---------------Not on Watch American Funds Europaciﬁc Growth R5E ------Not on Watch MFS International Intrinsic Value R3 ------Not on Watch Goldman Sachs Intl Sm Cp Insghts Inv ------------------------Not on Watch Fidelity® Emerging Markets Idx ---------------Not on Watch BNY Mellon Natural Resources I ------Not on Watch Cohen & Steers Realty Shares L ------------------------------Not on Watch American Funds New Perspective R5 ------------------------------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. 14 OAKLAND COUNTY 401A / 457B / PTNE / RHS PLANS EXECUTIVE SUMMARY 15 Executive Summary - 401(a) / 457(b) Plan Performance 16 Executive Summary – Participant Fund Transfers & Distributions Participant Fund Transfers •401a Plan •The 2 largest funds that showed inflows were Prudential Guaranteed Income ($1,409,082) & PGIM Total Return Bond ($613,020) •The 2 largest funds that showed outflows were Prudential IncomeFlex ($828,539) & TIAA Lifecycle Index 2045 ($612,570) •The plan had rollover distributions of $3,417,870 and gross distributions of $1,986,723 •457b Plan •The 2 largest funds that showed inflows were TIAA Lifecycle Index 2025 ($551,053) & Prudential Guaranteed Income ($361,115) •The 2 largest funds that showed outflows were PGIM Total Return Bond ($636,525) & TIAA Lifecycle 2055 Index ($271,400) •The plan had rollover distributions of $897,500 and gross distributions of $964,243 17 Executive Summary – Participant Fund Transfers & Distributions Current RHS & PTNE Balances •RHS Plan – Currently $26,863,529.09 as of 06/30/2020 •PTNE Plan – Currently $11,113,382.65 as of 06/30/2020 18 Executive Summary – Educational Meetings 2nd Quarter Education to Employees •Obviously due to the COVID-19 Pandemic and office/building closures and limitation, we have not been having meetings in person with members from Oakland County •While the markets have seen a strong recovery in the 2nd quarter, we did see a drop in the average number of phone calls compared to the past quarter •We had 35 conversations with participants from the County covering a large rage of topics, primarily retirement planning and review of current asset allocations Educational Support by Graystone Consulting for the past year ending 03/31/2020 Type of Meetings # Participants Provided Education Departmental Meetings 5 50 Lunch & Learns 4 40 In Office Meetings 22 22 One-on-One EOB 12 70 New Employee Orientation 14 280 Phone Calls 225 225 Total 687 19 Executive Summary – Cost Effective Investment Review Investment Review •With the retirement landscape seeing plan’s start to utilize Collective Trust (CIT) products to help lower their overall costs structure, we did another review of the investments offered to the participants to make sure we were utilizing the lowest cost funds available to them •When looking at the menu, there were only a handful of options where the investment manager had a CIT available •While there were managers that had CIT products with assets in them, none of fee structures inside of those CITs were at a lower cost structure than we were already getting through the mutual fund vehicles after the revenue sharing that is credited back to the participants •There was (1) investment manager, TIAA-CREF, that did have a CIT structure that was 0.02% less expensive than the current mutual fund that we are using •The CIT structure was for the TIAA Lifecycle Target Date Index Funds •The mutual fund expense ratio is 0.10% and the CIT structure is currently at a cost of 0.08% •Unfortunately, the TIAA-CREF CIT currently has no assets invested into their product at this time •While there are cost savings that could be harvested, we are uncomfortable being the first plan to fund this CIT because there is no track record of performance to show us that the performance of the current mutual fund will match the performance of the CIT structure •Once TIAA-CREF does have assets in the CIT structure, we will then follow the performance and calculate the tracking error compared to the mutual fund to see if it will be a viable option down the road for Oakland County 20 Executive Summary - 401(a) / 457(b) /PTNE / RHS Plans Recommended Changes due to Underperformance •TERMINATION •Eaton Vance SMID has triggered the UMP For 4 out of 6 quarters and is up for TERMINATION •The following pages will highlight the potential options for replacement •ON WATCH •No funds are currently ON WATCH •ON NOTICE •No funds are currently ON NOTICE 21 Executive Summary – Mid Cap Growth Screen Candidates for the Mid Cap Growth Screen •BlackRock Mid Cap Growth Equity •BNY/Mellon Small/Mid Cap Growth •Delaware Smid Cap Growth •MFS Mid Cap Growth 22 Manager Style Single Computation July 2010 - June 2020 rvalue rgrowth r2value r2growth Small -1 0 1 Large Value -1 0 1 Growth BlackRock Mid-Cap Growth Equity K BNY Mellon Sm/Md Cp Gr I Delaware Smid Cap Growth R6 MFS Mid Cap Growth R6 Morningstar Mid-Cap Growth Russell Generic Corners Source: Zephyr STYLEAdvisor 23 Zephyr StyleADVISOR Zephyr StyleADVISOR: Morgan Stanley - Birmingham, MI Risk / Return July 2010 - June 2020 (Single Computation)Return0% 5% 10% 15% 20% Standard Deviation 0% 5% 10% 15% 20% 25% 30% BlackRock Mid-Cap Growth Equity K BNY Mellon Sm/Md Cp Gr I Delaware Smid Cap Growth R6 MFS Mid Cap Growth R6 Market Benchmark: Russell Midcap Growth Morningstar Mid-Cap Growth Cash Equivalent: Citigroup 3-month T-bill Risk / Return Table Annualized Summary Statistics: July 2010 - June 2020 BlackRock Mid-Cap Growth Equity K BNY Mellon Sm/Md Cp Gr I Delaware Smid Cap Growth R6 Return (%) Std Dev (%) Downside Risk (%) Beta vs. Market Alpha vs. Market (%) Sharpe Ratio Observs. 17.42 19.33 14.39 0.9936 2.33 0.8699 40 18.02 22.42 15.04 1.1450 0.92 0.7770 40 18.61 23.28 15.61 1.1469 1.60 0.7731 40 MFS Mid Cap Growth R6 15.83 16.99 12.63 0.8980 2.03 0.8958 40 Russell Midcap Growth 15.09 18.58 13.70 1.0000 0.00 0.7798 40 Source: Zephyr STYLEAdvisor Past Performance is No Guarantee of Future Results 24 Zephyr StyleADVISOR Zephyr StyleADVISOR: Morgan Stanley - Birmingham, MI Upside / Downside July 2010 - June 2020 (Single Computation)Upside%80 85 90 95 100 105 110 115 120 Downside% 80 85 90 95 100 105 110 115 120 BlackRock Mid-Cap Growth Equity K BNY Mellon Sm/Md Cp Gr I Delaware Smid Cap Growth R6 MFS Mid Cap Growth R6 Russell Midcap Growth Upside / Downside Table July 2010 - June 2020 (Single Computation) # of Quarters Average Return (%)Average Return (%) vs. Market 1-Year (%)Market Benchmark (%) BlackRock Mid-Cap Growth Equity K BNY Mellon Sm/Md Cp Gr I Delaware Smid Cap Growth R6 Up Down Up Down Up Market Down Market Best Worst Up Capture Down Capture R-Squared 31 9 8.48 -8.98 7.91 -8.89 47.17 -8.82 110.2 99.2 91.16 31 9 8.83 -9.04 8.42 -9.66 41.37 -8.54 116.7 106.4 90.03 30 10 9.57 -8.77 8.40 -8.67 57.74 -5.69 114.9 97.8 83.73 MFS Mid Cap Growth R6 31 9 7.32 -7.04 6.97 -7.43 37.93 -6.12 96.2 85.2 96.35 Russell Midcap Growth 32 8 7.23 -8.94 7.23 -8.94 43.25 -9.45 100.0 100.0 100.00 Source: Zephyr STYLEAdvisor Past Performance is No Guarantee of Future Results 25 Zephyr StyleADVISOR Zephyr StyleADVISOR: Morgan Stanley - Birmingham, MI Manager Performance July 2010 - June 2020 (Single Computation) 100 200 300 400 500 600 Q2 2010 Q4 2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q2 2020 BlackRock Mid-Cap Growth Equity K BNY Mellon Sm/Md Cp Gr I Delaware Smid Cap Growth R6 MFS Mid Cap Growth R6 Russell Midcap Growth Manager vs Benchmark: Return July 2010 - June 2020 (not annualized if less than 1 year) BlackRock Mid-Cap Growth Equity K BNY Mellon Sm/Md Cp Gr I Delaware Smid Cap Growth R6 MFS Mid Cap Growth R6 YTD 1 year 3 years 5 years 7 years 10 years 10.63%12.78%19.97%15.21%17.56%17.42% 24.26%32.51%23.83%16.44%16.62%18.02% 28.20%32.37%28.67%17.60%17.38%18.61% 5.90%12.50%17.73%13.93%15.19%15.83% Russell Midcap Growth 4.16%11.91%14.76%11.60%13.24%15.09% Source: Zephyr STYLEAdvisor Past Performance is No Guarantee of Future Results 26 Oakland County 401a/457b Plans Performance Summary For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 Stable Value ---$ 115,030,778 ------------------------------/--- US SA Stable Value 0.45 0.95 2.06 1.94 1.75 1.77 ---0.63/0.63 USTREAS T-Bill Auction Ave 3 Mon 0.04 0.33 1.26 1.70 1.17 0.62 --- Columbia Floating Rate Inst3 CFRYX $ 1,290,361 9.36 (23) -6.19 (76) -3.80 (70) 1.40 (41) 2.45 (25) 4.07 (13)3.47 02/16/2006 7.03 0.69/0.68 Bank Loan 8.0 -5.5 -3.3 1.0 1.93 3.34 4.18 1.19/1.07 S&P/LSTA Leveraged Loan TR 9.70 -4.61 -1.99 2.07 2.89 4.17 --- Fidelity® Interm Trs Bd Index FUAMX $ 5,828,134 0.74 (63) 9.71 (1) 11.06 (1) 5.99 (1) 4.47 (1) 4.03 (1)4.95 10/04/2017 0.51 0.03/0.03 Intermediate Government 0.91 5.16 6.71 3.9 2.88 2.68 0.93 0.87/0.77 BBgBarc US Government TR USD 0.49 8.61 10.34 5.54 4.05 3.34 --- PGIM Total Return Bond Z PDBZX $ 46,251,332 6.76 (22) 3.70 (68) 6.80 (61) 5.41 (16) 5.00 (5) 5.23 (7)6.20 01/10/1995 3.40 0.53/0.49 Intermediate Core-Plus Bond 5.54 4.37 6.83 4.58 3.98 4.16 2.09 1.09/0.78 BBgBarc US Agg Bond TR USD 2.90 6.14 8.74 5.32 4.30 3.82 --- DFA Inﬂation-Protected Securities I DIPSX $ 2,208,460 4.58 (45) 6.32 (16) 7.96 (34) 5.14 (14) 3.84 (10) 3.64 (8)4.40 09/18/2006 -0.66 0.11/0.11 Inﬂation-Protected Bond 4.88 4.7 6.78 4.27 3.09 2.9 -1.9 1.95/0.7 BBgBarc US Treasury US TIPS TR USD 4.24 6.01 8.28 5.05 3.75 3.52 --- PIMCO Income A PONAX $ 6,746,005 6.37 (72) -1.88 (58) 0.29 (61) 2.91 (48) 4.27 (16) 7.09 (2)7.35 03/30/2007 2.71 1.45/1.45 Multisector Bond 7.78 -2.04 0.69 2.63 3.3 4.44 3.45 1.56/1.06 BBgBarc US Agg Bond TR USD 2.90 6.14 8.74 5.32 4.30 3.82 --- Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds Returns are shown in percentage ITD - Inception to Date 27 Oakland County 401a/457b Plans Performance Summary For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 PGIM High Yield Z PHYZX $ 6,164,508 10.64 (22) -5.04 (55) -0.59 (36) 3.64 (8) 5.11 (4) 6.74 (5)7.93 03/29/1979 8.04 0.54/0.54 High Yield Bond 8.62 -5.16 -1.87 2.05 3.42 5.5 5.53 2.36/0.97 ICE BofA US High Yield TR USD 9.61 -4.78 -1.10 2.94 4.58 6.48 --- BNY Mellon Global Fixed Income - A DHGAX $ 13,520,115 6.15 (28) 3.59 (26) 5.31 (38) 3.92 (59) 3.25 (77) 3.69 (52)5.63 12/31/1993 1.31 0.78/0.78 World Bond-USD Hedged 4.65 2.61 4.76 4.1 3.67 3.49 1.32 2.97/0.73 BBgBarc Global Aggregate TR Hdg USD 2.42 3.90 6.07 5.14 4.44 4.07 --- Columbia Income Builder Adv CNMRX $ 1,621,433 10.41 (10) -0.55 (60) 3.23 (46) 4.75 (11) 5.04 (7) 6.32 (12)5.57 02/16/2006 3.16 0.73/0.73 Allocation--15% to 30% Equity 8.02 -0.73 2.62 3.37 3.54 4.95 1.91 1.19/0.96 Morningstar Con Tgt Risk TR USD 6.48 2.89 6.40 5.28 4.65 4.72 --- TIAA-CREF Lifecycle Index Ret Inc Instl TRILX $ 66,366,268 9.67 (61) 1.36 (14) 6.35 (12) 6.09 (9) 5.56 (9) 6.78 (20)6.48 09/30/2009 2.28 0.28/0.10 Allocation--30% to 50% Equity 10.57 -2.66 1.77 3.74 3.96 6.0 2.62 1.22/1.05 Morningstar Mod Con Tgt Risk TR USD 9.74 0.78 5.74 5.89 5.58 6.43 --- Fidelity® Puritan®FPURX $ 23,129,820 16.94 (9) 3.78 (4) 11.11 (3) 9.63 (6) 8.38 (7) 10.54 (4)10.90 04/16/1947 0.98 0.53/0.53 Vanguard Balanced Index I VBAIX 19,025,513 14.24 (36) 1.00 (14) 8.22 (11) 8.59 (10) 8.05 (8) 9.95 (8)8.22 11/09/1992 1.61 0.06/0.06 Allocation--50% to 70% Equity 13.05 -3.58 2.3 5.04 5.22 7.88 1.62 1.19/1.09 Morningstar Mod Agg Tgt Risk TR USD 15.93 -5.62 1.46 5.77 6.29 8.97 --- TIAA-CREF Lifecycle Index 2010 Instl TLTIX $ 4,426,416 9.67 (34) 1.31 (20) 6.29 (9) 6.14 (1) 5.67 (1) 7.28 (8)6.87 09/30/2009 ---0.25/0.10 Target-Date 2000-2010 9.03 0.5 4.87 5.16 4.87 6.49 1.09 0.7/0.59 Morningstar Lifetime Mod 2010 TR USD 9.36 0.61 5.18 5.73 5.19 6.79 --- Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds Returns are shown in percentage ITD - Inception to Date 28 Oakland County 401a/457b Plans Performance Summary For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 2015 Instl TLFIX $ 4,848,143 10.51 (39) 0.83 (17) 6.22 (9) 6.34 (5) 5.94 (2) 7.82 (6)7.27 09/30/2009 ---0.23/0.10 Target-Date 2015 10.15 -0.17 4.65 5.42 5.12 7.1 1.68 5.19/0.65 Morningstar Lifetime Mod 2015 TR USD 10.18 0.54 5.50 6.11 5.57 7.38 --- TIAA-CREF Lifecycle Index 2020 Instl TLWIX $ 22,329,349 11.49 (29) 0.28 (20) 6.06 (5) 6.57 (6) 6.25 (1) 8.43 (9)7.77 09/30/2009 ---0.21/0.10 Target-Date 2020 10.22 -0.81 4.07 5.26 5.03 7.14 1.2 1.92/0.73 Morningstar Lifetime Mod 2020 TR USD 11.13 0.04 5.44 6.36 5.90 8.04 --- TIAA-CREF Lifecycle Index 2025 Instl TLQIX $ 39,102,596 12.91 (39) -0.53 (13) 5.74 (8) 6.81 (9) 6.59 (4) 9.06 (9)8.28 09/30/2009 ---0.21/0.10 Target-Date 2025 12.01 -1.63 3.95 5.59 5.46 7.98 1.16 1.53/0.72 Morningstar Lifetime Mod 2025 TR USD 12.32 -1.00 4.87 6.49 6.17 8.73 --- TIAA-CREF Lifecycle Index 2030 Instl TLHIX $ 27,242,956 14.37 (42) -1.44 (17) 5.42 (8) 7.02 (11) 6.91 (7) 9.69 (10)8.79 09/30/2009 ---0.20/0.10 Target-Date 2030 13.72 -2.51 3.59 5.78 5.79 8.35 1.21 1.43/0.76 Morningstar Lifetime Mod 2030 TR USD 13.84 -2.76 3.66 6.40 6.32 9.28 --- TIAA-CREF Lifecycle Index 2035 Instl TLYIX $ 40,751,734 15.79 (51) -2.36 (17) 5.03 (11) 7.21 (8) 7.18 (8) 10.28 (4)9.25 09/30/2009 ---0.19/0.10 Target-Date 2035 15.58 -3.58 3.18 5.93 6.03 8.98 1.1 1.97/0.74 Morningstar Lifetime Mod 2035 TR USD 15.45 -5.00 1.91 6.03 6.28 9.56 --- TIAA-CREF Lifecycle Index 2040 Instl TLZIX $ 23,633,070 17.23 (51) -3.32 (16) 4.46 (9) 7.32 (6) 7.41 (4) 10.59 (4)9.53 09/30/2009 ---0.19/0.10 Target-Date 2040 16.73 -4.63 2.41 5.78 6.06 9.04 1.08 1.93/0.78 Morningstar Lifetime Mod 2040 TR USD 16.74 -6.94 0.32 5.59 6.12 9.57 --- Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds Returns are shown in percentage ITD - Inception to Date 29 Oakland County 401a/457b Plans Performance Summary For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 2045 Instl TLXIX $ 21,117,114 18.66 (39) -4.24 (23) 3.95 (11) 7.28 (6) 7.51 (5) 10.63 (4)9.57 09/30/2009 ---0.19/0.10 Target-Date 2045 17.83 -5.3 2.1 5.82 6.16 9.32 1.03 2.12/0.75 Morningstar Lifetime Mod 2045 TR USD 17.46 -8.10 -0.69 5.23 5.94 9.45 --- TIAA-CREF Lifecycle Index 2050 Instl TLLIX $ 8,038,797 18.85 (42) -4.40 (23) 3.89 (11) 7.29 (6) 7.58 (5) 10.67 (4)9.61 09/30/2009 ---0.19/0.10 Target-Date 2050 18.08 -5.62 1.78 5.7 6.13 9.21 1.03 1.68/0.79 Morningstar Lifetime Mod 2050 TR USD 17.69 -8.56 -1.13 5.03 5.81 9.32 --- TIAA-CREF Lifecycle Index 2055 Instl TTIIX $ 5,831,109 19.15 (34) -4.59 (27) 3.78 (11) 7.30 (6) 7.64 (5)---8.31 04/29/2011 ---0.22/0.10 Target-Date 2055 18.42 -5.76 1.8 5.77 6.19 9.37 1.0 2.89/0.75 Morningstar Lifetime Mod 2055 TR USD 17.75 -8.72 -1.32 4.92 5.72 9.20 --- TIAA-CREF Lifecycle Index 2060 Instl TVIIX $ 1,781,468 19.20 (31) -4.73 (21) 3.65 (10) 7.31 (7) 7.71 (5)---7.60 09/26/2014 ---0.33/0.10 Target-Date 2060+18.53 -6.11 1.61 5.83 6.41 ---0.84 3.99/0.74 Morningstar Lifetime Mod 2060 TR USD 17.76 -8.83 -1.46 4.82 5.63 9.06 --- JPMorgan Equity Income R5 OIERX $ 48,441,773 13.23 (77) -14.03 (38) -5.98 (37) 5.04 (18) 6.91 (12) 12.07 (4)8.76 07/02/1987 2.26 0.60/0.59 Large Value 15.67 -15.18 -7.59 2.21 4.45 9.75 2.14 1.19/0.94 Russell 1000 Value TR USD 14.29 -16.26 -8.84 1.82 4.64 10.41 --- Fidelity® 500 Index FXAIX $ 63,244,092 20.53 (46) -3.09 (31) 7.49 (23) 10.71 (17) 10.72 (10) 13.97 (8)10.12 05/04/2011 ---0.02/0.02 Vanguard FTSE Social Index Admiral VFTAX 87,626 23.37 (10) -1.24 (13) 11.20 (6) 12.66 (3) 11.62 (3) 14.85 (1)5.35 01/14/2003 1.49 0.14/0.14 Large Blend 19.61 -5.45 3.76 8.15 8.34 12.22 1.08 1.38/0.86 S&P 500 TR USD 20.54 -3.08 7.51 10.73 10.73 13.99 --- Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds Returns are shown in percentage ITD - Inception to Date 30 Oakland County 401a/457b Plans Performance Summary For Oakland County 401a/457b Plans|Data as of June 30, 2020 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® Growth Company K6 FGKFX $ 92,785,323 40.26 (4) 23.91 (5) 39.24 (4)---------39.24 06/13/2019 ---0.45/0.45 JPMorgan Large Cap Growth R6 JLGMX 59,995,147 36.29 (8) 20.53 (8) 30.75 (8) 24.47 (5) 18.33 (6) 18.84 (6)10.33 02/28/1992 ---0.54/0.44 Large Growth 27.43 7.85 17.36 15.94 12.79 15.08 0.13 1.4/1.03 Russell 1000 Growth TR USD 27.84 9.81 23.28 18.99 15.89 17.23 --- Victory Sycamore Established Value A VETAX $ 13,113,229 20.41 (42) -15.00 (13) -8.25 (15) 2.46 (7) 5.89 (5) 11.16 (3)11.17 08/16/1983 1.30 0.92/0.92 Mid-Cap Value 19.39 -19.78 -13.56 -1.59 2.1 8.86 1.61 1.24/1.03 Russell Mid Cap Value TR USD 19.95 -18.09 -11.81 -0.54 3.32 10.29 --- Fidelity® Mid Cap Index FSMDX $ 2,930,746 24.55 (29) -9.13 (20) -2.28 (20) 5.78 (16) 6.75 (15)---12.71 09/08/2011 ---0.03/0.03 Mid-Cap Blend 22.12 -12.55 -6.2 2.41 3.86 10.02 0.91 1.23/0.96 Russell Mid Cap TR USD 24.61 -9.13 -2.24 5.79 6.76 12.35 --- Eaton Vance Atlanta Capital SMID-Cap A EAASX $ 27,912,566 22.17 (92) -11.22 (95) -5.61 (95) 8.19 (81) 9.27 (64) 14.04 (44)10.34 04/30/2002 ---1.17/1.17 BlackRock Mid-Cap Growth Equity K BMGKX 0 29.70 (49) 10.63 (23) 12.78 (34) 19.97 (8) 15.21 (7) 17.42 (4)10.58 12/27/1996 ---0.76/0.75 BNY Mellon Sm/Md Cp Gr Y DBMYX 0 45.28 (5) 24.28 (4) 32.63 (2) 23.92 (4) 16.56 (3) 18.10 (3)13.18 01/04/1988 ---0.64/0.64 Delaware Smid Cap Growth R6 DFZRX 0 44.92 (5) 28.20 (2) 32.37 (3) 28.67 (1) 17.60 (3) 18.61 (1)14.13 03/27/1986 -0.56 0.80/0.80 MFS Mid Cap Growth R6 OTCKX 0 26.14 (68) 5.90 (34) 12.50 (34) 17.73 (17) 13.93 (12) 15.83 (13)8.62 12/01/1993 ---0.74/0.74 Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds Returns are shown in percentage ITD - Inception to Date 31 Oakland County 401a/457b Plans Performance Summary For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 34,301,266 37.59 (14) 20.60 (5) 27.31 (6) 24.47 (4) 18.88 (3) 21.08 (1)12.16 06/03/1960 0.00 0.76/0.76 Mid-Cap Growth 30.29 3.66 9.71 12.64 9.96 13.57 0.06 1.52/1.13 Russell Mid Cap Growth TR USD 30.26 4.16 11.91 14.76 11.60 15.09 --- Fidelity Advisor® Small Cap Value I FCVIX $ 9,566,305 17.40 (84) -20.30 (18) -14.66 (22) -3.64 (27) 1.41 (21) 8.79 (11)7.60 11/03/2004 ---0.66/0.66 Small Value 22.34 -22.9 -17.27 -5.13 -0.32 7.05 1.49 2.0/1.19 Russell 2000 Value TR USD 18.91 -23.50 -17.48 -4.35 1.26 7.82 --- Fidelity® Small Cap Index FSSNX $ 12,355,163 25.49 (30) -12.94 (21) -6.46 (16) 2.15 (16) 4.47 (15)---11.33 09/08/2011 ---0.03/0.03 Small Blend 22.95 -16.88 -11.41 -0.64 2.49 9.32 0.71 1.21/1.05 Russell 2000 TR USD 25.42 -12.98 -6.63 2.01 4.29 10.50 --- Fidelity® International Index FSPSX $ 3,522,444 15.78 (59) -10.87 (50) -4.69 (51) 0.95 (41) 2.22 (39) 6.00 (24)4.47 09/08/2011 ---0.04/0.04 Foreign Large Blend 16.24 -10.92 -4.65 0.31 1.8 5.36 1.63 5.28/0.94 MSCI ACWI Ex USA NR USD 16.12 -11.00 -4.80 1.13 2.26 4.97 --- American Funds Europaciﬁc Growth R5E RERHX $ 14,165,422 22.70 (30) -4.86 (69) 3.00 (63) 4.61 (59) 4.73 (56) 7.21 (62)10.33 04/16/1984 0.79 0.61/0.61 MFS International Intrinsic Value R3 MINGX 36,749,820 16.59 (86) 0.80 (19) 8.30 (26) 7.86 (22) 8.79 (10) 10.95 (6)8.12 10/24/1995 ---0.98/0.98 Foreign Large Growth 21.42 -1.6 6.44 6.05 5.58 7.78 0.39 1.85/1.1 MSCI ACWI Ex USA Growth NR USD 19.11 -2.62 5.80 6.07 5.61 7.04 --- Goldman Sachs Intl Sm Cp Insghts Inv GIRLX $ 874,770 21.87 (32) -12.58 (31) -5.64 (40) -0.84 (33) 3.10 (23) 8.45 (9)3.77 09/28/2007 ---1.07/1.00 Foreign Small/Mid Blend 20.8 -13.74 -6.36 -1.58 1.94 6.36 1.22 1.43/1.2 MSCI World Ex USA SMID NR USD 19.99 -12.57 -4.11 0.49 3.11 6.75 --- Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds Returns are shown in percentage ITD - Inception to Date 32 Oakland County 401a/457b Plans Performance Summary For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 $ 12,233,898 18.78 (59) -9.56 (44) -3.38 (45) 1.86 (38) 2.58 (45)---3.79 09/08/2011 ---0.08/0.08 Diversiﬁed Emerging Mkts 20.64 -9.72 -3.59 1.2 2.48 3.27 1.33 1.91/1.24 MSCI EM NR USD 18.08 -9.78 -3.39 1.90 2.86 3.27 --- BNY Mellon Natural Resources I DLDRX $ 730,234 26.66 (31) -18.93 (72) -16.00 (66) -2.61 (54) -1.96 (63) 2.89 (47)6.11 10/31/2003 ---0.98/0.98 Natural Resources 26.24 -15.15 -12.78 -2.86 -1.29 1.6 1.95 1.27/1.13 S&P North American Natural Resources TR 31.31 -26.33 -24.37 -8.02 -6.47 -0.69 --- Cohen & Steers Realty Shares L CSRSX $ 4,994,648 12.75 (48) -12.99 (22) -4.61 (16) 4.48 (12) 6.75 (12) 10.20 (13)11.17 07/02/1991 2.41 0.96/0.89 Real Estate 13.66 -16.19 -9.81 0.6 3.98 8.86 2.32 1.45/1.1 FTSE Nareit All Equity REITs TR USD 13.25 -13.30 -6.47 3.51 6.56 10.39 --- American Funds New Perspective R5 RNPFX $ 6,840,327 23.87 (21) 1.31 (22) 11.08 (18) 11.24 (16) 10.47 (13) 12.32 (12)12.26 03/13/1973 0.79 0.47/0.47 World Large Stock 20.09 -5.23 1.96 5.52 6.01 8.99 1.49 2.44/1.11 MSCI ACWI Large Cap NR USD 18.56 -5.52 3.17 6.76 6.86 9.28 --- Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds Returns are shown in percentage ITD - Inception to Date 33 Oakland County 401a/457b Plans Morningstar Ratings Morningstar Rating / Number of Peers in Category For Oakland County 401a/457b Plans|Data as of June 30, 2020 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Peer Group Overall 3 Yr 5 Yr 10 Yr Stable Value US SA Stable Value ---/0 ---/0 ---/0 ---/0 Columbia Floating Rate Inst3 Bank Loan /225 /225 /203 /88 Fidelity® Interm Trs Bd Index Intermediate Government /222 /222 /197 /162 PGIM Total Return Bond Z Intermediate Core-Plus Bond /534 /534 /455 /333 DFA Inﬂation-Protected Securities I Inﬂation-Protected Bond /196 /196 /170 /115 PIMCO Income A Multisector Bond /283 /283 /235 /128 PGIM High Yield Z High Yield Bond /639 /639 /546 /346 BNY Mellon Global Fixed Income - A World Bond-USD Hedged /80 /80 /58 /37 Columbia Income Builder Adv Allocation--15% to 30% Equity /175 /175 /157 /94 TIAA-CREF Lifecycle Index Ret Inc Instl Allocation--30% to 50% Equity /511 /511 /427 /277 Fidelity® Puritan®Allocation--50% to 70% Equity /636 /636 /558 /412 Vanguard Balanced Index I Allocation--50% to 70% Equity /636 /636 /558 /412 TIAA-CREF Lifecycle Index 2010 Instl Target-Date 2000-2010 /93 /93 /76 /59 TIAA-CREF Lifecycle Index 2015 Instl Target-Date 2015 /98 /98 /72 /48 TIAA-CREF Lifecycle Index 2020 Instl Target-Date 2020 /195 /195 /149 /95 TIAA-CREF Lifecycle Index 2025 Instl Target-Date 2025 /200 /200 /159 /94 TIAA-CREF Lifecycle Index 2030 Instl Target-Date 2030 /209 /209 /164 /103 TIAA-CREF Lifecycle Index 2035 Instl Target-Date 2035 /197 /197 /156 /91 TIAA-CREF Lifecycle Index 2040 Instl Target-Date 2040 /209 /209 /164 /103 TIAA-CREF Lifecycle Index 2045 Instl Target-Date 2045 /197 /197 /156 /90 TIAA-CREF Lifecycle Index 2050 Instl Target-Date 2050 /209 /209 /164 /83 TIAA-CREF Lifecycle Index 2055 Instl Target-Date 2055 /195 /195 /153 ---/0 TIAA-CREF Lifecycle Index 2060 Instl Target-Date 2060+/165 /165 /63 ---/0 JPMorgan Equity Income R5 Large Value /1109 /1109 /970 /703 Fidelity® 500 Index Large Blend /1230 /1230 /1058 /806 Vanguard FTSE Social Index Admiral Large Blend /1230 /1230 /1058 /806 Fidelity® Growth Company K6 Large Growth ---/0 ---/0 ---/0 ---/0 Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds 34 Oakland County 401a/457b Plans Morningstar Ratings Morningstar Rating / Number of Peers in Category For Oakland County 401a/457b Plans|Data as of June 30, 2020 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Peer Group Overall 3 Yr 5 Yr 10 Yr JPMorgan Large Cap Growth R6 Large Growth /1237 /1237 /1084 /809 Victory Sycamore Established Value A Mid-Cap Value /386 /386 /346 /245 Fidelity® Mid Cap Index Mid-Cap Blend /370 /370 /296 ---/0 Eaton Vance Atlanta Capital SMID-Cap A Mid-Cap Growth /558 /558 /500 /381 BlackRock Mid-Cap Growth Equity K Mid-Cap Growth /558 /558 /500 /381 BNY Mellon Sm/Md Cp Gr Y Mid-Cap Growth /558 /558 /500 /381 Delaware Smid Cap Growth R6 Mid-Cap Growth /558 /558 /500 /381 MFS Mid Cap Growth R6 Mid-Cap Growth /558 /558 /500 /381 T. Rowe Price New Horizons Mid-Cap Growth /558 /558 /500 /381 Fidelity Advisor® Small Cap Value I Small Value /413 /413 /373 /258 Fidelity® Small Cap Index Small Blend /615 /615 /495 ---/0 Fidelity® International Index Foreign Large Blend /648 /648 /519 /364 American Funds Europaciﬁc Growth R5E Foreign Large Growth /421 /421 /344 /246 MFS International Intrinsic Value R3 Foreign Large Growth /421 /421 /344 /246 Goldman Sachs Intl Sm Cp Insghts Inv Foreign Small/Mid Blend /96 /96 /81 /54 Fidelity® Emerging Markets Idx Diversiﬁed Emerging Mkts /704 /704 /595 ---/0 BNY Mellon Natural Resources I Natural Resources /106 /106 /98 /80 Cohen & Steers Realty Shares L Real Estate /225 /225 /199 /140 American Funds New Perspective R5 World Large Stock /761 /761 /626 /367 Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (Including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive ﬁve stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. For mutual funds, each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. The overall Morningstar Rating for a fund is derived from a weighted average of the performance ﬁgures associated with a fund's three-,ﬁve-,and ten-year (If applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. Data on exchange-traded funds may not be available. 35 Oakland County 401a/457b Plans Fees and Expenses For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 Stable Value US SA Stable Value 0.63/0.63 ---/---323 ---/--------- Columbia Floating Rate Inst3 Bank Loan 1.19/1.07 0.69/0.68 253 11/15 0.00 11/30/20201 Fidelity® Interm Trs Bd Index Intermediate Government 0.87/0.77 0.03/0.03 240 2/2 ------ PGIM Total Return Bond Z Intermediate Core-Plus Bond 1.09/0.78 0.53/0.49 625 20/26 ---02/28/20211 DFA Inﬂation-Protected Securities I Inﬂation-Protected Bond 1.95/0.70 0.11/0.11 213 6/9 ------ PIMCO Income A Multisector Bond 1.56/1.06 1.45/1.45 352 67/78 0.25 --- PGIM High Yield Z High Yield Bond 2.36/0.97 0.54/0.54 732 10/14 ------ BNY Mellon Global Fixed Income - A World Bond-USD Hedged 2.97/0.73 0.78/0.78 108 45/64 ------ Columbia Income Builder Adv Allocation--15% to 30% Equity 1.19/0.96 0.73/0.73 200 26/39 0.00 --- TIAA-CREF Lifecycle Index Ret Inc Instl Allocation--30% to 50% Equity 1.22/1.05 0.28/0.10 570 2/2 ---09/30/20201 Fidelity® Puritan®Allocation--50% to 70% Equity 1.19/1.09 0.53/0.53 713 11/12 ------ Vanguard Balanced Index I Allocation--50% to 70% Equity 1.19/1.09 0.06/0.06 713 2/2 ------ TIAA-CREF Lifecycle Index 2010 Instl Target-Date 2000-2010 0.70/0.59 0.25/0.10 131 7/6 ---09/30/20201 TIAA-CREF Lifecycle Index 2015 Instl Target-Date 2015 5.19/0.65 0.23/0.10 127 6/4 ---09/30/20201 TIAA-CREF Lifecycle Index 2020 Instl Target-Date 2020 1.92/0.73 0.21/0.10 235 3/3 ---09/30/20201 TIAA-CREF Lifecycle Index 2025 Instl Target-Date 2025 1.53/0.72 0.21/0.10 235 4/3 ---09/30/20201 TIAA-CREF Lifecycle Index 2030 Instl Target-Date 2030 1.43/0.76 0.20/0.10 246 4/3 ---09/30/20201 TIAA-CREF Lifecycle Index 2035 Instl Target-Date 2035 1.97/0.74 0.19/0.10 228 4/4 ---09/30/20201 TIAA-CREF Lifecycle Index 2040 Instl Target-Date 2040 1.93/0.78 0.19/0.10 240 4/3 ---09/30/20201 TIAA-CREF Lifecycle Index 2045 Instl Target-Date 2045 2.12/0.75 0.19/0.10 228 4/4 ---09/30/20201 TIAA-CREF Lifecycle Index 2050 Instl Target-Date 2050 1.68/0.79 0.19/0.10 240 4/3 ---09/30/20201 TIAA-CREF Lifecycle Index 2055 Instl Target-Date 2055 2.89/0.75 0.22/0.10 228 4/4 ---09/30/20201 TIAA-CREF Lifecycle Index 2060 Instl Target-Date 2060+3.99/0.74 0.33/0.10 300 7/5 ---09/30/20201 JPMorgan Equity Income R5 Large Value 1.19/0.94 0.60/0.59 1237 19/21 ---10/31/20201 Fidelity® 500 Index Large Blend 1.38/0.86 0.02/0.02 1480 2/2 ------ Vanguard FTSE Social Index Admiral Large Blend 1.38/0.86 0.14/0.14 1480 6/7 ------ Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds 1-Fee waiver is contractual, 2-Fee waiver is voluntary 36 Oakland County 401a/457b Plans Fees and Expenses For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 Fidelity® Growth Company K6 Large Growth 1.40/1.03 0.45/0.45 1384 7/9 ------ JPMorgan Large Cap Growth R6 Large Growth 1.40/1.03 0.54/0.44 1384 10/8 ---10/31/20201 Victory Sycamore Established Value A Mid-Cap Value 1.24/1.03 0.92/0.92 429 36/46 0.25 --- Fidelity® Mid Cap Index Mid-Cap Blend 1.23/0.96 0.03/0.03 430 2/2 ------ Eaton Vance Atlanta Capital SMID-Cap A Mid-Cap Growth 1.52/1.13 1.17/1.17 618 54/61 0.25 --- BlackRock Mid-Cap Growth Equity K Mid-Cap Growth 1.52/1.13 0.76/0.75 618 14/15 ---01/31/20211 BNY Mellon Sm/Md Cp Gr Y Mid-Cap Growth 1.52/1.13 0.64/0.64 618 8/9 ------ Delaware Smid Cap Growth R6 Mid-Cap Growth 1.52/1.13 0.80/0.80 618 17/20 ------ MFS Mid Cap Growth R6 Mid-Cap Growth 1.52/1.13 0.74/0.74 618 12/14 ------ T. Rowe Price New Horizons Mid-Cap Growth 1.52/1.13 0.76/0.76 618 14/17 ------ Fidelity Advisor® Small Cap Value I Small Value 2.00/1.19 0.66/0.66 451 8/10 ------ Fidelity® Small Cap Index Small Blend 1.21/1.05 0.03/0.03 693 2/2 ------ Fidelity® International Index Foreign Large Blend 5.28/0.94 0.04/0.04 796 2/2 ------ American Funds Europaciﬁc Growth R5E Foreign Large Growth 1.85/1.10 0.61/0.61 501 7/9 ------ MFS International Intrinsic Value R3 Foreign Large Growth 1.85/1.10 0.98/0.98 501 34/44 0.25 --- Goldman Sachs Intl Sm Cp Insghts Inv Foreign Small/Mid Blend 1.43/1.20 1.07/1.00 110 28/28 ---02/28/20211 Fidelity® Emerging Markets Idx Diversiﬁed Emerging Mkts 1.91/1.24 0.08/0.08 864 2/2 ------ BNY Mellon Natural Resources I Natural Resources 1.27/1.13 0.98/0.98 119 49/52 ------ Cohen & Steers Realty Shares L Real Estate 1.45/1.10 0.96/0.89 262 35/38 ---06/30/20211 American Funds New Perspective R5 World Large Stock 2.44/1.11 0.47/0.47 934 4/5 ------ Averages 1.45/0.91 0.43/0.38 12/14 Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds 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. 37 Oakland County 401a/457b Plans Performance with Risk Measures For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 Stable Value --------------------------------------- US SA Stable Value 0.45 0.95 2.06 1.94 1.75 1.77 0.56 0.71 2.54 0.09 --- USTREAS T-Bill Auction Ave 3 Mon 0.04 0.33 1.26 1.70 1.17 0.62 -0.18 0.25 Funds in Peer Group 299 267 248 179 Columbia Floating Rate Inst3 9.36 -6.19 -3.80 (70) 1.40 (41) 2.45 (25) 4.07 (13)3.47 02/16/2006 -0.46 1.03 0.21 7.17 3.02 Bank Loan 8.0 -5.5 -3.3 1.0 1.93 3.34 -0.84 0.93 0.15 6.55 --- S&P/LSTA Leveraged Loan TR 9.70 -4.61 -1.99 2.07 2.89 4.17 0.27 6.93 Funds in Peer Group 247 225 203 91 Fidelity® Interm Trs Bd Index 0.74 9.71 11.06 (1) 5.99 (1) 4.47 (1) 4.03 (1)4.95 10/04/2017 -0.03 1.16 0.74 4.50 --- Intermediate Government 0.91 5.16 6.71 3.9 2.88 2.68 -0.07 0.62 0.67 2.62 --- BBgBarc US Government TR USD 0.49 8.61 10.34 5.54 4.05 3.34 0.77 3.81 Funds in Peer Group 234 222 197 162 PGIM Total Return Bond Z 6.76 3.70 6.80 (61) 5.41 (16) 5.00 (5) 5.23 (7)6.20 01/10/1995 -0.05 1.26 0.79 4.79 3.13 Intermediate Core-Plus Bond 5.54 4.37 6.83 4.58 3.98 4.16 -0.16 0.96 0.76 3.78 --- BBgBarc US Agg Bond TR USD 2.90 6.14 8.74 5.32 4.30 3.82 1.01 3.08 Funds in Peer Group 601 534 455 333 Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds 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 June 30, 2020 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 DFA Inﬂation-Protected Securities I 4.58 6.32 7.96 (34) 5.14 (14) 3.84 (10) 3.64 (8)4.40 09/18/2006 -0.01 1.04 0.71 3.72 --- Inﬂation-Protected Bond 4.88 4.7 6.78 4.27 3.09 2.9 -0.47 0.94 0.51 3.72 --- BBgBarc US Treasury US TIPS TR USD 4.24 6.01 8.28 5.05 3.75 3.52 0.73 3.50 Funds in Peer Group 212 196 170 115 PIMCO Income A 6.37 -1.88 0.29 (61) 2.91 (48) 4.27 (16) 7.09 (2)7.35 03/30/2007 1.90 0.39 0.67 4.54 --- Multisector Bond 7.78 -2.04 0.69 2.63 3.3 4.44 0.12 0.7 0.41 6.0 --- BBgBarc US Agg Bond TR USD 2.90 6.14 8.74 5.32 4.30 3.82 1.01 3.08 Funds in Peer Group 321 283 235 128 PGIM High Yield Z 10.64 -5.04 -0.59 (36) 3.64 (8) 5.11 (4) 6.74 (5)7.93 03/29/1979 0.46 1.02 0.50 8.19 5.30 High Yield Bond 8.62 -5.16 -1.87 2.05 3.42 5.5 -0.81 0.91 0.34 7.59 --- ICE BofA US High Yield TR USD 9.61 -4.78 -1.10 2.94 4.58 6.48 0.45 7.98 Funds in Peer Group 705 641 550 347 BNY Mellon Global Fixed Income - A 6.15 3.59 5.31 (38) 3.92 (59) 3.25 (77) 3.69 (52)5.63 12/31/1993 -1.37 1.08 0.56 3.66 0.00 World Bond-USD Hedged 4.65 2.61 4.76 4.1 3.67 3.49 -0.75 1.01 0.69 3.57 --- BBgBarc Global Aggregate TR Hdg USD 2.42 3.90 6.07 5.14 4.44 4.07 1.17 2.75 Funds in Peer Group 105 80 58 37 Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds 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 June 30, 2020 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 Columbia Income Builder Adv 10.41 -0.55 3.23 (46) 4.75 (11) 5.04 (7) 6.32 (12)5.57 02/16/2006 -1.50 1.59 0.59 6.62 0.00 Allocation--15% to 30% Equity 8.02 -0.73 2.62 3.37 3.54 4.95 -2.15 1.35 0.48 5.64 --- Morningstar Con Tgt Risk TR USD 6.48 2.89 6.40 5.28 4.65 4.72 0.90 3.78 Funds in Peer Group 192 178 159 95 TIAA-CREF Lifecycle Index Ret Inc Instl 9.67 1.36 6.35 (12) 6.09 (9) 5.56 (9) 6.78 (20)6.48 09/30/2009 0.02 0.99 0.71 6.14 --- Allocation--30% to 50% Equity 10.57 -2.66 1.77 3.74 3.96 6.0 -2.29 1.19 0.41 7.83 --- Morningstar Mod Con Tgt Risk TR USD 9.74 0.78 5.74 5.89 5.58 6.43 0.71 6.17 Funds in Peer Group 552 514 428 277 Fidelity® Puritan®16.94 3.78 11.11 (3) 9.63 (6) 8.38 (7) 10.54 (4)10.90 04/16/1947 2.67 0.84 0.71 10.41 --- Vanguard Balanced Index I 14.24 1.00 8.22 (11) 8.59 (10) 8.05 (8) 9.95 (8)8.22 11/09/1992 2.72 0.76 0.75 9.23 --- Allocation--50% to 70% Equity 13.05 -3.58 2.3 5.04 5.22 7.88 -0.22 0.82 0.45 10.16 --- Morningstar Mod Agg Tgt Risk TR USD 15.93 -5.62 1.46 5.77 6.29 8.97 0.47 11.86 Funds in Peer Group 684 636 559 412 Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds 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 June 30, 2020 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 2010 Instl 9.67 1.31 6.29 (9) 6.14 (1) 5.67 (1) 7.28 (8)6.87 09/30/2009 0.40 1.02 0.71 6.38 --- Target-Date 2000-2010 9.03 0.5 4.87 5.16 4.87 6.49 -0.11 0.95 0.62 6.07 --- Morningstar Lifetime Mod 2010 TR USD 9.36 0.61 5.18 5.73 5.19 6.79 0.65 6.21 Funds in Peer Group 123 93 76 59 TIAA-CREF Lifecycle Index 2015 Instl 10.51 0.83 6.22 (9) 6.34 (5) 5.94 (2) 7.82 (6)7.27 09/30/2009 0.28 1.02 0.68 7.04 --- Target-Date 2015 10.15 -0.17 4.65 5.42 5.12 7.1 -0.43 1.0 0.58 6.98 --- Morningstar Lifetime Mod 2015 TR USD 10.18 0.54 5.50 6.11 5.57 7.38 0.65 6.85 Funds in Peer Group 123 98 72 48 TIAA-CREF Lifecycle Index 2020 Instl 11.49 0.28 6.06 (5) 6.57 (6) 6.25 (1) 8.43 (9)7.77 09/30/2009 0.25 1.02 0.65 7.89 --- Target-Date 2020 10.22 -0.81 4.07 5.26 5.03 7.14 -0.61 0.95 0.53 7.48 --- Morningstar Lifetime Mod 2020 TR USD 11.13 0.04 5.44 6.36 5.90 8.04 0.63 7.66 Funds in Peer Group 223 195 149 95 TIAA-CREF Lifecycle Index 2025 Instl 12.91 -0.53 5.74 (8) 6.81 (9) 6.59 (4) 9.06 (9)8.28 09/30/2009 0.30 1.02 0.62 9.03 --- Target-Date 2025 12.01 -1.63 3.95 5.59 5.46 7.98 -0.67 1.0 0.51 8.91 --- Morningstar Lifetime Mod 2025 TR USD 12.32 -1.00 4.87 6.49 6.17 8.73 0.59 8.77 Funds in Peer Group 229 200 159 94 Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds Performance data quoted is historical. Past performance does not guarantee future results. ITD = Inception To Date 41 Oakland County 401a/457b Plans Performance with Risk Measures For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 2030 Instl 14.37 -1.44 5.42 (8) 7.02 (11) 6.91 (7) 9.69 (10)8.79 09/30/2009 0.60 0.99 0.59 10.18 --- Target-Date 2030 13.72 -2.51 3.59 5.78 5.79 8.35 -0.44 0.99 0.48 10.21 --- Morningstar Lifetime Mod 2030 TR USD 13.84 -2.76 3.66 6.40 6.32 9.28 0.53 10.22 Funds in Peer Group 238 209 164 103 TIAA-CREF Lifecycle Index 2035 Instl 15.79 -2.36 5.03 (11) 7.21 (8) 7.18 (8) 10.28 (4)9.25 09/30/2009 1.03 0.96 0.56 11.32 --- Target-Date 2035 15.58 -3.58 3.18 5.93 6.03 8.98 -0.13 0.98 0.46 11.59 --- Morningstar Lifetime Mod 2035 TR USD 15.45 -5.00 1.91 6.03 6.28 9.56 0.47 11.75 Funds in Peer Group 226 197 156 91 TIAA-CREF Lifecycle Index 2040 Instl 17.23 -3.32 4.46 (9) 7.32 (6) 7.41 (4) 10.59 (4)9.53 09/30/2009 1.38 0.96 0.54 12.48 --- Target-Date 2040 16.73 -4.63 2.41 5.78 6.06 9.04 0.16 0.95 0.44 12.44 --- Morningstar Lifetime Mod 2040 TR USD 16.74 -6.94 0.32 5.59 6.12 9.57 0.43 12.94 Funds in Peer Group 238 209 164 103 TIAA-CREF Lifecycle Index 2045 Instl 18.66 -4.24 3.95 (11) 7.28 (6) 7.51 (5) 10.63 (4)9.57 09/30/2009 1.58 0.97 0.52 13.28 --- Target-Date 2045 17.83 -5.3 2.1 5.82 6.16 9.32 0.35 0.97 0.43 13.21 --- Morningstar Lifetime Mod 2045 TR USD 17.46 -8.10 -0.69 5.23 5.94 9.45 0.40 13.57 Funds in Peer Group 226 197 156 90 Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds Performance data quoted is historical. Past performance does not guarantee future results. ITD = Inception To Date 42 Oakland County 401a/457b Plans Performance with Risk Measures For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 2050 Instl 18.85 -4.40 3.89 (11) 7.29 (6) 7.58 (5) 10.67 (4)9.61 09/30/2009 1.79 0.97 0.52 13.42 --- Target-Date 2050 18.08 -5.62 1.78 5.7 6.13 9.21 0.47 0.96 0.42 13.36 --- Morningstar Lifetime Mod 2050 TR USD 17.69 -8.56 -1.13 5.03 5.81 9.32 0.39 13.78 Funds in Peer Group 238 209 164 83 TIAA-CREF Lifecycle Index 2055 Instl 19.15 -4.59 3.78 (11) 7.30 (6) 7.64 (5)---8.31 04/29/2011 1.90 0.98 0.52 13.61 --- Target-Date 2055 18.42 -5.76 1.8 5.77 6.19 9.37 0.54 0.97 0.42 13.58 --- Morningstar Lifetime Mod 2055 TR USD 17.75 -8.72 -1.32 4.92 5.72 9.20 0.38 13.85 Funds in Peer Group 226 195 153 36 TIAA-CREF Lifecycle Index 2060 Instl 19.20 -4.73 3.65 (10) 7.31 (7) 7.71 (5)---7.60 09/26/2014 2.02 0.98 0.52 13.74 --- Target-Date 2060+18.53 -6.11 1.61 5.83 6.41 ---0.85 0.97 0.44 13.56 --- Morningstar Lifetime Mod 2060 TR USD 17.76 -8.83 -1.46 4.82 5.63 9.06 0.38 13.88 Funds in Peer Group 254 165 63 0 JPMorgan Equity Income R5 13.23 -14.03 -5.98 (37) 5.04 (18) 6.91 (12) 12.07 (4)8.76 07/02/1987 2.40 0.90 0.46 14.16 --- Large Value 15.67 -15.18 -7.59 2.21 4.45 9.75 -0.06 0.98 0.29 15.87 --- Russell 1000 Value TR USD 14.29 -16.26 -8.84 1.82 4.64 10.41 0.29 15.65 Funds in Peer Group 1194 1110 971 709 Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds Performance data quoted is historical. Past performance does not guarantee future results. ITD = Inception To Date 43 Oakland County 401a/457b Plans Performance with Risk Measures For Oakland County 401a/457b Plans|Data as of June 30, 2020 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® 500 Index 20.53 -3.09 7.49 (23) 10.71 (17) 10.72 (10) 13.97 (8)10.12 05/04/2011 -0.01 1.00 0.68 14.76 --- Vanguard FTSE Social Index Admiral 23.37 -1.24 11.20 (6) 12.66 (3) 11.62 (3) 14.85 (1)5.35 01/14/2003 0.59 1.03 0.72 15.27 --- Large Blend 19.61 -5.45 3.76 8.15 8.34 12.22 -2.12 1.0 0.53 15.13 --- S&P 500 TR USD 20.54 -3.08 7.51 10.73 10.73 13.99 0.68 14.76 Funds in Peer Group 1378 1229 1057 804 Fidelity® Growth Company K6 40.26 23.91 39.24 (4)---------39.24 06/13/2019 --------------- JPMorgan Large Cap Growth R6 36.29 20.53 30.75 (8) 24.47 (5) 18.33 (6) 18.84 (6)10.33 02/28/1992 0.98 1.10 0.97 17.79 --- Large Growth 27.43 7.85 17.36 15.94 12.79 15.08 -2.7 1.0 0.75 16.25 --- Russell 1000 Growth TR USD 27.84 9.81 23.28 18.99 15.89 17.23 0.95 15.49 Funds in Peer Group 1343 1246 1093 816 Victory Sycamore Established Value A 20.41 -15.00 -8.25 (15) 2.46 (7) 5.89 (5) 11.16 (3)11.17 08/16/1983 2.52 0.94 0.35 17.17 --- Mid-Cap Value 19.39 -19.78 -13.56 -1.59 2.1 8.86 -1.09 1.02 0.15 18.93 --- Russell Mid Cap Value TR USD 19.95 -18.09 -11.81 -0.54 3.32 10.29 0.21 17.98 Funds in Peer Group 420 386 346 245 Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds Performance data quoted is historical. Past performance does not guarantee future results. ITD = Inception To Date 44 Oakland County 401a/457b Plans Performance with Risk Measures For Oakland County 401a/457b Plans|Data as of June 30, 2020 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® Mid Cap Index 24.55 -9.13 -2.28 (20) 5.78 (16) 6.75 (15)---12.71 09/08/2011 0.00 1.00 0.40 17.37 --- Mid-Cap Blend 22.12 -12.55 -6.2 2.41 3.86 10.02 -2.65 1.0 0.24 18.04 --- Russell Mid Cap TR USD 24.61 -9.13 -2.24 5.79 6.76 12.35 0.40 17.39 Funds in Peer Group 410 370 296 216 Eaton Vance Atlanta Capital SMID-Cap A 22.17 -11.22 -5.61 (95) 8.19 (81) 9.27 (64) 14.04 (44)10.34 04/30/2002 -1.43 0.94 0.53 17.17 --- BlackRock Mid-Cap Growth Equity K 29.70 10.63 12.78 (34) 19.97 (8) 15.21 (7) 17.42 (4)10.58 12/27/1996 3.61 0.97 0.82 17.74 0.00 BNY Mellon Sm/Md Cp Gr Y 45.28 24.28 32.63 (2) 23.92 (4) 16.56 (3) 18.10 (3)13.18 01/04/1988 3.31 1.16 0.78 21.07 0.00 Delaware Smid Cap Growth R6 44.92 28.20 32.37 (3) 28.67 (1) 17.60 (3) 18.61 (1)14.13 03/27/1986 4.59 1.15 0.78 22.40 --- MFS Mid Cap Growth R6 26.14 5.90 12.50 (34) 17.73 (17) 13.93 (12) 15.83 (13)8.62 12/01/1993 3.10 0.89 0.83 15.79 --- T. Rowe Price New Horizons 37.59 20.60 27.31 (6) 24.47 (4) 18.88 (3) 21.08 (1)12.16 06/03/1960 6.58 0.99 0.99 17.92 0.00 Mid-Cap Growth 30.29 3.66 9.71 12.64 9.96 13.57 -1.4 1.0 0.55 18.25 --- Russell Mid Cap Growth TR USD 30.26 4.16 11.91 14.76 11.60 15.09 0.65 17.34 Funds in Peer Group 601 557 499 381 Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds Performance data quoted is historical. Past performance does not guarantee future results. ITD = Inception To Date 45 Oakland County 401a/457b Plans Performance with Risk Measures For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 17.40 -20.30 -14.66 (22) -3.64 (27) 1.41 (21) 8.79 (11)7.60 11/03/2004 -0.05 0.84 0.10 17.90 --- Small Value 22.34 -22.9 -17.27 -5.13 -0.32 7.05 -1.33 1.02 0.05 21.82 --- Russell 2000 Value TR USD 18.91 -23.50 -17.48 -4.35 1.26 7.82 0.11 20.74 Funds in Peer Group 436 412 372 258 Fidelity® Small Cap Index 25.49 -12.94 -6.46 (16) 2.15 (16) 4.47 (15)---11.33 09/08/2011 0.18 1.00 0.26 20.27 --- Small Blend 22.95 -16.88 -11.41 -0.64 2.49 9.32 -1.59 0.97 0.17 20.24 --- Russell 2000 TR USD 25.42 -12.98 -6.63 2.01 4.29 10.50 0.25 20.27 Funds in Peer Group 669 615 495 359 Fidelity® International Index 15.78 -10.87 -4.69 (51) 0.95 (41) 2.22 (39) 6.00 (24)4.47 09/08/2011 -0.01 0.94 0.14 14.20 --- Foreign Large Blend 16.24 -10.92 -4.65 0.31 1.8 5.36 -0.37 0.96 0.12 14.73 --- MSCI ACWI Ex USA NR USD 16.12 -11.00 -4.80 1.13 2.26 4.97 0.14 14.85 Funds in Peer Group 762 651 522 369 American Funds Europaciﬁc Growth R5E 22.70 -4.86 3.00 (63) 4.61 (59) 4.73 (56) 7.21 (62)10.33 04/16/1984 -0.90 1.04 0.30 15.13 --- MFS International Intrinsic Value R3 16.59 0.80 8.30 (26) 7.86 (22) 8.79 (10) 10.95 (6)8.12 10/24/1995 3.86 0.77 0.68 11.57 --- Foreign Large Growth 21.42 -1.6 6.44 6.05 5.58 7.78 0.08 0.99 0.36 14.81 --- MSCI ACWI Ex USA Growth NR USD 19.11 -2.62 5.80 6.07 5.61 7.04 0.37 14.25 Funds in Peer Group 477 421 344 249 Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds Performance data quoted is historical. Past performance does not guarantee future results. ITD = Inception To Date 46 Oakland County 401a/457b Plans Performance with Risk Measures For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 Goldman Sachs Intl Sm Cp Insghts Inv 21.87 -12.58 -5.64 (40) -0.84 (33) 3.10 (23) 8.45 (9)3.77 09/28/2007 0.05 1.00 0.20 16.37 --- Foreign Small/Mid Blend 20.8 -13.74 -6.36 -1.58 1.94 6.36 -1.05 1.01 0.14 16.7 --- MSCI World Ex USA SMID NR USD 19.99 -12.57 -4.11 0.49 3.11 6.75 0.20 16.06 Funds in Peer Group 106 95 81 54 Fidelity® Emerging Markets Idx 18.78 -9.56 -3.38 (45) 1.86 (38) 2.58 (45)---3.79 09/08/2011 -0.25 1.00 0.16 17.87 --- Diversiﬁed Emerging Mkts 20.64 -9.72 -3.59 1.2 2.48 3.27 -0.2 0.95 0.16 17.95 --- MSCI EM NR USD 18.08 -9.78 -3.39 1.90 2.86 3.27 0.18 17.85 Funds in Peer Group 815 704 594 247 BNY Mellon Natural Resources I 26.66 -18.93 -16.00 (66) -2.61 (54) -1.96 (63) 2.89 (47)6.11 10/31/2003 2.29 0.75 -0.03 21.93 0.00 Natural Resources 26.24 -15.15 -12.78 -2.86 -1.29 1.6 3.12 0.72 0.03 23.18 --- S&P North American Natural Resources TR 31.31 -26.33 -24.37 -8.02 -6.47 -0.69 -0.15 27.49 Funds in Peer Group 115 106 98 80 Cohen & Steers Realty Shares L 12.75 -12.99 -4.61 (16) 4.48 (12) 6.75 (12) 10.20 (13)11.17 07/02/1991 0.26 0.98 0.42 15.82 --- Real Estate 13.66 -16.19 -9.81 0.6 3.98 8.86 -2.25 1.01 0.27 16.87 --- FTSE Nareit All Equity REITs TR USD 13.25 -13.30 -6.47 3.51 6.56 10.39 0.40 15.95 Funds in Peer Group 253 225 199 140 Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds Performance data quoted is historical. Past performance does not guarantee future results. ITD = Inception To Date 47 Oakland County 401a/457b Plans Performance with Risk Measures For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 R5 23.87 1.31 11.08 (18) 11.24 (16) 10.47 (13) 12.32 (12)12.26 03/13/1973 3.35 1.01 0.67 14.72 --- World Large Stock 20.09 -5.23 1.96 5.52 6.01 8.99 -0.69 0.99 0.39 14.95 --- MSCI ACWI Large Cap NR USD 18.56 -5.52 3.17 6.76 6.86 9.28 0.45 14.21 Funds in Peer Group 864 763 630 371 Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds Performance data quoted is historical. Past performance does not guarantee future results. ITD = Inception To Date 48 Oakland County 401a/457b Plans Performance with Risk Measures For Oakland County 401a/457b Plans|Data as of June 30, 2020 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. 49 Oakland County 401a/457b Plans Summary Showing Funds Approved and Not Approved by Morgan Stanley For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 Stable Value Fund Category is not screened by Morgan Stanley Columbia Floating Rate Inst3 CFRYX Fund Category is not screened by Morgan Stanley Fidelity® Interm Trs Bd Index FUAMX The following criteria failed: Fund Product History PGIM Total Return Bond Z PDBZX Focus DFA Inﬂation-Protected Securities I DIPSX Screened PIMCO Income A PONAX Focus PGIM High Yield Z PHYZX Focus BNY Mellon Global Fixed Income - A DHGAX Focus Columbia Income Builder Adv CNMRX Screened TIAA-CREF Lifecycle Index Ret Inc Instl TRILX Approved Fidelity® Puritan®FPURX Screened Vanguard Balanced Index I VBAIX Screened TIAA-CREF Lifecycle Index 2010 Instl TLTIX Approved TIAA-CREF Lifecycle Index 2015 Instl TLFIX Approved TIAA-CREF Lifecycle Index 2020 Instl TLWIX Approved TIAA-CREF Lifecycle Index 2025 Instl TLQIX Approved TIAA-CREF Lifecycle Index 2030 Instl TLHIX Approved TIAA-CREF Lifecycle Index 2035 Instl TLYIX Approved TIAA-CREF Lifecycle Index 2040 Instl TLZIX Approved TIAA-CREF Lifecycle Index 2045 Instl TLXIX Approved TIAA-CREF Lifecycle Index 2050 Instl TLLIX Approved TIAA-CREF Lifecycle Index 2055 Instl TTIIX 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 Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds 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. 50 Oakland County 401a/457b Plans Summary Showing Funds Approved and Not Approved by Morgan Stanley For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 TIAA-CREF Lifecycle Index 2060 Instl TVIIX Approved JPMorgan Equity Income R5 OIERX Focus Fidelity® 500 Index FXAIX Screened Vanguard FTSE Social Index Admiral VFTAX The following criteria failed: Fund Product History Fidelity® Growth Company K6 FGKFX The following criteria failed: Prod Hist Funds performance rank has not met requirements JPMorgan Large Cap Growth R6 JLGMX Focus Victory Sycamore Established Value A VETAX Screened Fidelity® Mid Cap Index FSMDX Screened Eaton Vance Atlanta Capital SMID-Cap A EAASX Screened BlackRock Mid-Cap Growth Equity K BMGKX Approved BNY Mellon Sm/Md Cp Gr Y DBMYX Approved Delaware Smid Cap Growth R6 DFZRX Approved MFS Mid Cap Growth R6 OTCKX Focus 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 American Funds Europaciﬁc Growth R5E RERHX Approved MFS International Intrinsic Value R3 MINGX Focus Goldman Sachs Intl Sm Cp Insghts Inv GIRLX Approved Fidelity® Emerging Markets Idx FPADX 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 Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds 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. 51 Oakland County 401a/457b Plans Summary Showing Funds Approved and Not Approved by Morgan Stanley For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 BNY Mellon Natural Resources I DLDRX Approved Cohen & Steers Realty Shares L CSRSX Approved American Funds New Perspective R5 RNPFX 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 Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds 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. 52 Oakland County 401a/457b Plans Glossary For Oakland County 401a/457b Plans|Data as of June 30, 2020 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. 53 Oakland County 401a/457b Plans Glossary For Oakland County 401a/457b Plans|Data as of June 30, 2020 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. 54 Oakland County 401a/457b Plans Glossary For Oakland County 401a/457b Plans|Data as of June 30, 2020 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. 55 Oakland County 401a/457b Plans Glossary For Oakland County 401a/457b Plans|Data as of June 30, 2020 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. 56 Oakland County 401a/457b Plans Glossary For Oakland County 401a/457b Plans|Data as of June 30, 2020 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. 57 Oakland County 401a/457b Plans Glossary For Oakland County 401a/457b Plans|Data as of June 30, 2020 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. 58 Oakland County 401a/457b Plans Glossary For Oakland County 401a/457b Plans|Data as of June 30, 2020 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. 59 Oakland County 401a/457b Plans Glossary For Oakland County 401a/457b Plans|Data as of June 30, 2020 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. 60 Oakland County 401a/457b Plans Disclosures For Oakland County 401a/457b Plans|Data as of June 30, 2020 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." 61 Oakland County 401a/457b Plans Disclosures For Oakland County 401a/457b Plans|Data as of June 30, 2020 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. 62 Oakland County 401a/457b Plans Disclosures For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 63 Oakland County 401a/457b Plans Disclosures For Oakland County 401a/457b Plans|Data as of June 30, 2020 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. 64 Oakland County 401a/457b Plans Disclosures For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 ©2020 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. 65 Oakland County 401a/457b Plans Disclosures For Oakland County 401a/457b Plans|Data as of June 30, 2020 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 © 2020 Morgan Stanley Smith Barney LLC, Member SIPC.Consulting Group and Graystone Consulting are businesses of Morgan Stanley Smith Barney LLC. 66 Oakland County 401a/457b Plans Security Contact List For Oakland County 401a/457b Plans|Data as of June 30, 2020 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Phone Number Stable Value --- Columbia Floating Rate Inst3 +1 8003456611 Fidelity® Interm Trs Bd Index 416-307-5200 PGIM Total Return Bond Z (800) 225-1852 DFA Inﬂation-Protected Securities I +1 512 3067400 PIMCO Income A +1 8667462602 PGIM High Yield Z (800) 225-1852 BNY Mellon Global Fixed Income - A --- Columbia Income Builder Adv +1 8003456611 TIAA-CREF Lifecycle Index Ret Inc Instl 877-518-9161 Fidelity® Puritan®416-307-5200 Vanguard Balanced Index I +1 8776627447 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 Vanguard FTSE Social Index Admiral +1 8776627447 Fidelity® Growth Company K6 416-307-5200 Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds 67 Oakland County 401a/457b Plans Security Contact List For Oakland County 401a/457b Plans|Data as of June 30, 2020 For Plan Sponsor Use Only - Not For Use With Plan Participants Investment Phone Number JPMorgan Large Cap Growth R6 1-800-480-4111 Victory Sycamore Established Value A 210-694-9700 Fidelity® Mid Cap Index 416-307-5200 Eaton Vance Atlanta Capital SMID-Cap A +1 8008362414 BlackRock Mid-Cap Growth Equity K +1 8004417762 BNY Mellon Sm/Md Cp Gr Y --- Delaware Smid Cap Growth R6 --- MFS Mid Cap Growth R6 +1 8779606077 T. Rowe Price New Horizons 971-55-922-3080 Fidelity Advisor® Small Cap Value I 416-307-5200 Fidelity® Small Cap Index 416-307-5200 Fidelity® International Index 416-307-5200 American Funds Europaciﬁc Growth R5E (800) 421-4225 MFS International Intrinsic Value R3 +1 8779606077 Goldman Sachs Intl Sm Cp Insghts Inv (312) 362 3000 Fidelity® Emerging Markets Idx 416-307-5200 BNY Mellon Natural Resources I --- Cohen & Steers Realty Shares L +1 212 8323232 American Funds New Perspective R5 (800) 421-4225 Funds Listed in Green are Proposed Funds Funds Listed in Blue are Proposed Replacement Funds 68