charles county sorp

Charles County SORP

Investment Performance ReviewAs of June 30, 2021

1 Economic Review 1

2 Plan Highlights 7

3 Executive Summary 8

4 Manager Pages 20

5 Disclaimer 43

TABLE OF CONTENTS

Economic Review

1

↔Labor Recovery – Jobs gains in the leisure &

hospitality, education, and retail industries

continued throughout the second quarter. The

Unemployment Rate declined slightly from April

to June, beginning the quarter at 6.1% and ending

at 5.9%. At the end of the quarter, 14.4% of all

employed persons in the United States

teleworked at some point during the last four

weeks. Average hourly earnings on private

nonfarm payrolls rose by $0.43 throughout the

second quarter as workers’ reservation wage –

the lowest wage for which an employee will offer

their services – increased. Increased demand for

labor has also prompted businesses to offer

signing bonuses and other guaranteed monetary

incentives to attract employees in industries

ranging from food service to education.

P U L L I N G

Economic Commentary As of June 30, 2021

NEUTRAL

GDP in Dollars*

*Billions

Other Indicators

CPI Unemployment Sentiment Crude Oil

Q2: 2020 0.7% 11.1% 72.3 $41

Q1: 2021 2.6% 6.0% 84.9 $64

Q2: 2021 5.4% 5.9% 86.4 $77

←Inflation – The Consumer Price Index rose

5.32% year-over-year in June, with core CPI

(excluding food and energy) rose 4.45%

year-over-year. Inflation in the US economy

is primarily driven by constricted supply

chains coupled with surging demand for

goods and services. In addition to American

families facing higher prices at the pump and

in grocery aisles, increased lumber and

materials costs as well as a microchip

shortage have caused home and automobile

prices climbing far above pre-pandemic

levels. Economists differ in their opinions on

whether such supply issues will even out

soon or if inflation must be tackled with

monetary/fiscal action.

Estimate

16,000

16,500

17,000

17,500

18,000

18,500

19,000

19,500

2015 2016 2017 2018 2019 2020 2021

PUSHING

→Recovery – The US economic recovery

outlook remains strong, despite rising national

COVID-19 case counts amidst the rapid

spread of the Delta variant of the virus.

Around 70% of US GDP is comprised of

consumption, something Americans do well.

Retail sales rose again, 0.6% in June compared

to May, as Americans continue to spend

money at stores, restaurants, and bars. Local

legislators do not seem eager to re-introduce

lockdowns or gathering restrictions, especially

now that 49% of Americans are fully

vaccinated against the virus.

2

Second Quarter Market Review

Asset class returns are represented by the following indexes: Russell 1000 Growth and Value, and Russell 2000 Index (U.S. Stocks), MSCI EAFE Index (Non-U.S.

Developed Stocks), MSCI Emerging Markets Index (Emerging Market Stocks), Bloomberg Barclays U.S. Government Index (U.S. Bonds - Govt), and Bloomberg Barclays

US Corporate Bond Index (U.S. Bonds – Corp IG). The Blend is 60% S&P 500/40% US Aggregate.

U.S. stocks rose again in the second quarter as the S&P 500 continued to set new record high levels, closing at 4,297.

The S&P 500 rose 8.55% over the quarter. Large-Cap Growth stocks outperformed Value, reversing the trend of the prior two

quarters. The Small-Cap Russell 2000 Index rose only 4.29% and still leads Large-Cap year-to-date.

Within the S&P 500, the top sectors were a mix. Energy outperformed again, and Technology recovered as well. The top

contributors to the S&P 500’s return were the familiar mega-tech names: Microsoft, Apple, NVIDIA, Amazon and Facebook.

Energy prices generally have a larger effect on consumers than they do on investors, as the Energy sector is less than 3% of the

S&P 500.

Top detractors were mixed, including Intel, Disney, and Boeing.

• In the U.S., the trends of the prior

two quarters reversed, as large cap

and growth (and specifically

technology/internet related stocks)

outperformed.

• Outside the U.S., developed and

emerging markets were close to

even; developed markets lead

modestly year-to-date.

• Within U.S. fixed income markets,

interest rates on U.S. treasury

bonds declined, creating positive

returns. Most active core fixed

income managers have

outperformed U.S. Aggregate Index

funds so far this year.-5.0

0.0

5.0

10.0

15.0

20.0

U.S. Stocks

(Growth)

U.S. Stocks

(Value)

U.S. Stocks

(Small Cap)

Non-U.S.

Developed

Markets Stocks

Emerging

Stocks

U.S. Bonds –

U.S. Govt. U.S. Bonds –

Corp Inv

Grade

60/40

Blend

Q2 2021 YTD 2021

3

Interest Rates 0.28% ▪ The yield of a 10-year U.S. Treasury bond

declined from 1.74% on March 31 to 1.45%

on June 30.

Credit Spreads -0.01% ▪ The yield of a generic BBB-rated

corporate bond fell to129 basis

points from 130 basis points one

quarter ago. The yield spread

measures the yield of 10 – 15-year

corporate debt compared to

Treasury Bonds of equal maturities.

Returns to Owners

Inflation 5.4%▪ June’s CPI level was up 5.4%

from June of 2020. The CPI

declined modestly from February

through July of 2020, producing

an “easy” comparison in June of

2021. But the 2-year annualized

increase was still 3.0%, higher

than recent trends.

Fixed income investments are debt instruments typically issued by governments and

corporations. They pay a scheduled fixed amount of interest until maturity, at which time the

principal is repaid. Investors in fixed-income instruments are lenders.

Corporations can also raise capital by selling shares, also known as equity. Equity investors share

in a company’s success or failures over time. Investors in equity are owners.

Drivers of Capital Markets Returns

▪ The consensus estimate of 2021 earnings for the

S&P 500 rose 8.5% during the second quarter. The

estimate for 2022 was 11.4% above 2021.

2021E P/E 2022E P/E

22.5 20.2

▪ At June 30, the price of the S&P 500

was 22.5x its estimated 2021 earnings –

about the same ratio as March 31, as

earnings estimate increases matched

the rise in stock prices.

ValuationProfitability

1Q: 2021 2Q: 2021

4.3% 7.5%*

▪ Second quarter real growth of GDP will

likely continue to reflect the reopening of

many areas of the economy. The range of

current estimates is wide, reflecting

uncertainty about both nominal growth

and inflation.

Growth (GDP)

2021E 2022E %Change22E

$191.07 $212.82 11.4%

Returns to Lenders

The price of the S&P 500

Index as of June 30, 2021,

was 4,297.50.

* July 16, 2021 – Atlanta FED GDPNow4

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD

Best

Core Bonds7.8 %

Emerging Markets18.6 %

Small Growth43.3 %

Mid Value14.7 %

Large Growth5.7 %

Small Value31.7 %


Core Bonds0.0 %

Large Growth36.4 %

Large Growth38.5 %

Small Value26.7 %

5

Large Growth2.6 %

Mid Value18.5 %

Mid Growth35.7 %

Large Value13.5 %

Core Bonds0.5 %

Mid Value20.0 %

Large Growth30.2 %

Large Growth-1.5 %

Mid Growth35.5 %

Mid Growth35.6 %

Mid Value19.5 %

Large Value0.4 %

Small Value18.1 %

Small Value34.5 %

Large Growth13.1 %

Mid Growth-0.2 %

Large Value17.3 %

Mid Growth25.3 %

Mid Growth-4.8 %

Small Growth28.5 %

Small Growth34.6 %

Large Value17.0 %

Mid Value-1.4 %

Large Value17.5 %

Large Growth33.5 %

Mid Growth11.9 %

DevelopedInternational

-0.8 %



25.0 %

Large Value-8.3 %

Mid Value27.1 %


Large Growth13.0 %

Mid Growth-1.7 %


17.3 %

Mid Value33.5 %

Core Bonds6.0 %

Small Growth-1.4 %

Small Growth11.3 %

Small Growth22.2 %

Small Growth-9.3 %

Large Value26.5 %


7.8 %

Mid Growth10.4 %

Small Growth-2.9 %

Mid Growth15.8 %

Large Value32.5 %

Small Growth5.6 %

Large Value-3.8 %

Mid Growth7.3 %

Large Value13.7 %

Mid Value-12.3 %

Small Value22.4 %

Core Bonds7.5 %

Small Growth9.0 %

Small Value-5.5 %

Large Growth15.3 %


22.8 %

Small Value4.2 %

Mid Value-4.8 %

Large Growth7.1 %

Mid Value13.3 %

Small Value-12.9 %


22.0 %

Mid Value5.0 %


8.8 %

6


-12.1 %

Small Growth14.6 %

Core Bonds-2.0 %

Emerging Markets-1.8 %

Small Value-7.5 %

Core Bonds2.6 %

Small Value7.8 %


-13.8 %


Small Value4.6 %


Worst


Core Bonds4.2 %



-4.9 %



1.0 %

Core Bonds3.5 %


Core Bonds8.7 %

Large Value2.8 %

Core Bonds-1.6 %

Annual Asset Class PerformanceAs of June 30, 2021

5

Performance (%)

1Month

1Quarter

1Year

3Years

5Years

10Years

S&P 500 Index 2.33 8.55 40.79 18.67 17.65 14.84

S&P 500 Industrials -2.21 4.48 51.45 15.02 14.40 12.80

Dow Jones Industrial Average 0.02 5.08 36.34 15.02 16.66 13.44

Russell 3000 Index 2.47 8.24 44.16 18.73 17.89 14.70

Russell 3000 Growth Index 6.17 11.38 42.99 24.47 23.31 17.54

Russell 3000 Value Index -1.11 5.16 45.40 12.23 11.99 11.54

Russell 1000 Index 2.51 8.54 43.07 19.16 17.99 14.90



Russell Midcap Index 1.47 7.50 49.80 16.45 15.62 13.24

Russell Midcap Growth Index 6.80 11.07 43.77 22.39 20.52 15.13

Russell Midcap Value Index -1.16 5.66 53.06 11.86 11.79 11.75

Russell 2000 Index 1.94 4.29 62.03 13.52 16.47 12.34



MSCI EAFE Index -1.10 5.38 32.92 8.77 10.79 6.38

MSCI Emerging Markets Index 0.21 5.12 41.36 11.67 13.43 4.65

MSCI AC World ex-US -0.62 5.64 36.29 9.88 11.59 5.93

Blmbg. Barc. U.S. Aggregate Index 0.70 1.83 -0.34 5.34 3.03 3.39

Blmbg. Barc. U.S. Government 0.62 1.71 -3.10 4.66 2.19 2.78

Blmbg. Barc. U.S. Credit Index 1.50 3.32 2.99 7.42 4.63 4.92

Blmbg. Barc. U.S. Mortgage Backed Securities -0.04 0.33 -0.42 3.78 2.27 2.64

Blmbg. Barc. U.S. TIPS Index 0.61 3.25 6.51 6.53 4.17 3.40

Blmbg. Barc. U.S. Corp High Yield 1.34 2.74 15.37 7.45 7.48 6.66

Blmbg. Barc. Global High Yield 0.20 3.06 14.59 6.57 6.49 6.10

Blmbg. Barc. Global Aggregate -0.88 1.31 2.63 4.23 2.34 2.05

Blmbg. Barc. Global Aggregate Credit -0.06 2.34 5.14 6.03 4.16 3.63

FTSE 3 Month T-Bill 0.00 0.01 0.08 1.31 1.14 0.60

90 Day U.S. Treasury Bill 0.00 0.00 0.09 1.34 1.16 0.61

Index ReturnsJune 30, 2021

* Peer group is inclusive of all share classes.

6

Plan Highlights

7

• As of June 30, 2021, the value of Plan assets, including the Prudential Investor Contract, was $377,820,933 up from $361,120,057 at the beginning of the quarter and $352,018,798 at the beginning of the calendar year.

• Note that the Prudential Investor Contract value reflected in this report may differ from what is shown on PNC’s system.

• The Plan’s quarterly return of 5.53% was ahead of the 4.72% quarterly return of the policy benchmark.

• The Plan’s return for the past 12 months was 26.95%, ahead of the 24.31% quarterly return for the policy benchmark by 264 basis points.

• Both asset allocation, the overweight to equities, and strong manager performance in large cap equites and fixed income drove the outperformance of the Fund.

• The contribution that was made in July is not reflected in this report.

• Fixed Income returns rebounded in the quarter, but the benchmark remains negative for the 12 months ending June 30. Both activemanagers continue to outperform the benchmark over all time periods.

• In July ICM merged with William Blair. ICM is the fund adviser to the ICM Small Company Fund. Due to the merger of the fund adviser with William Blair, we have placed the Fund on the Watch List. This reflects a higher level of scrutiny and we expect to have further calls with the fund’s managers later this year. Bolton Investment does not have any significant concerns at this time.

PLAN NOTES & WATCHLISTJune 30, 2021

Summary of Funds on Watch List Status

Page Fund Reason(s) Date Added To W/LOn Watch List

PreviouslyRemains On W/L?

33-34 ICM Small Company Change in Ownership 6/30/2021 No Yes

Executive Summary

8

March 31, 2021 : $361,120,057 June 30, 2021 : $377,820,933

SegmentsMarket Value

($)Allocation

(%)

Domestic Equity 197,369,892 54.65¢

International Equity 39,366,227 10.90¢

Domestic Fixed Income 109,872,515 30.43¢

Cash 14,511,422 4.02¢

SegmentsMarket Value

($)Allocation

(%)

Domestic Equity 211,983,790 56.11¢

International Equity 41,785,812 11.06¢

Domestic Fixed Income 112,116,619 29.67¢

Cash 11,934,711 3.16¢

Asset Allocation by Segment

Total Fund

June 30, 2021

9

Compliance Summary

Policy Target In Policy Outside Policy

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0%

Cash0.0% - 15.0%

Fixed Income20.0% - 40.0%

International Equity5.0% - 15.0%

Small Cap0.0% - 10.0%

Mid Cap5.0% - 15.0%

Large Cap30.0% - 40.0%

AssetAllocation

($)

AssetAllocation

(%)

MinimumAllocation

(%)

MaximumAllocation

(%)

Range(%)

TargetAllocation

(%)

Differences(%)

WithinRange

Total Fund 377,820,933 100.00 - - 100.00 0.00

Large Cap 142,797,804 37.80 30.00 40.00 30.00 - 40.00 35.00 2.80 Yes

Mid Cap 44,320,809 11.73 5.00 15.00 5.00 - 15.00 10.00 1.73 Yes

Small Cap 24,886,883 6.59 0.00 10.00 0.00 - 10.00 5.00 1.59 Yes

International Equity 41,785,812 11.06 5.00 15.00 5.00 - 15.00 10.00 1.06 Yes

Fixed Income 112,208,968 29.70 20.00 40.00 20.00 - 40.00 35.00 -5.30 Yes

Cash 11,820,657 3.13 0.00 15.00 0.00 - 15.00 5.00 -1.87 Yes

Asset Allocation ComplianceJune 30, 2021

10

Total Fund Performance

0.00% 2.00% 4.00% 6.00% 8.00%

Total Fund

Total Fund Benchmark

Total Value Added

5.53%

4.72%

0.81%

Total Value Added: 0.81%

0.00% 0.20% 0.40% 0.60% 0.80%

Other

Manager Value Added

Asset Allocation

0.01%

0.56%

0.23%

Total Asset Allocation: 0.23%

Average Active Weight

0.00% 4.00%-4.00 %-8.00 %

Cash

Fixed Income

International Equity

Small Cap

Mid Cap

Large Cap

Wei

ght

(%

)

-1.29 %

-5.05 %

1.00%

1.57%

1.71%

2.06%

Asset Allocation Value Added: 0.23%

Asset Allocation Value Added

0.00% 0.10% 0.20%-0.10 %

0.06%

0.14%

0.00%

-0.01 %

-0.02 %

0.07%

Total Manager Value Added: 0.56%

Manager Value Added

0.00% 0.20% 0.40% 0.60%-0.20 %

0.01%

0.06%

0.11%

0.10%

0.31%

-0.03 %

Total Fund AttributionTotal Fund vs. Charles SORP Policy1 Quarter Ending June 30, 2021

11

Total Fund Performance

0.00% 10.00% 20.00% 30.00% 40.00%

Total Fund

Total Fund Benchmark

Total Value Added

26.95%

24.31%

2.64%

Total Value Added: 2.64%

0.00% 1.00% 2.00% 3.00%-1.00 %

Other

Manager Value Added

Asset Allocation

-0.16 %

1.19%

1.60%

Total Asset Allocation: 1.60%

Average Active Weight

0.00% 2.00% 4.00%-2.00 %-4.00 %

Cash

Fixed Income


Small Cap

Mid Cap

Large Cap

Wei

ght

(%

)

-1.83 %

-2.49 %

0.61%

0.73%

0.90%

2.08%

Asset Allocation Value Added: 1.60%

Asset Allocation Value Added

0.00% 0.20% 0.40% 0.60% 0.80%

0.48%

0.51%

0.01%

0.18%

0.19%

0.24%

Total Manager Value Added: 1.19%

Manager Value Added

0.00% 0.97% 1.94%-0.97 %-1.94 %

0.05%

1.12%

0.34%

-0.04 %

-0.85 %

0.56%

Total Fund AttributionTotal Fund vs. Charles SORP Policy1 Year Ending June 30, 2021

12

Allocation

MarketValue($)

Actual(%)

Performance(%)

1Quarter

Jul-2020To

Jun-2021

1Year

3Years

5Years

10Years

Total Fund 377,820,933 100.00 5.53 (26) 26.95 (43) 26.95 (43) 12.44 (25) 11.47 (35) 9.36 (26)

Charles SORP Policy 4.72 (66) 24.31 (63) 24.31 (63) 11.74 (43) 10.80 (50) 9.08 (36)

Performance Difference 0.81 2.64 2.64 0.70 0.67 0.28

Domestic Equity 212,005,496 56.11 7.70 44.63 44.63 17.43 17.20 14.14

Russell 3000 Index 8.24 44.16 44.16 18.73 17.89 14.70

Performance Difference -0.54 0.47 0.47 -1.30 -0.69 -0.56

Large Cap 142,797,804 37.80 8.47 42.47 42.47 - - -

AB Large Cap Growth I 22,451,383 5.94 13.90 (5) 39.09 (65) 39.09 (65) 25.00 (28) 23.94 (29) 18.62 (11)

Russell 1000 Growth Index 11.93 (25) 42.50 (37) 42.50 (37) 25.14 (26) 23.66 (33) 17.87 (22)

Performance Difference 1.97 -3.41 -3.41 -0.14 0.28 0.75

T. Rowe Price Lrg Cp Va I 24,781,873 6.56 4.65 (77) 48.74 (23) 48.74 (23) 12.13 (47) 12.43 (43) 11.83 (26)

Russell 1000 Value Index 5.21 (57) 43.68 (45) 43.68 (45) 12.42 (42) 11.87 (56) 11.61 (33)

Performance Difference -0.56 5.06 5.06 -0.29 0.56 0.22

Vanguard Institutional Index I 95,564,548 25.29 8.54 (24) 40.77 (46) 40.77 (46) 18.65 (26) 17.62 (26) 14.81 (13)

S&P 500 Index 8.55 (22) 40.79 (45) 40.79 (45) 18.67 (25) 17.65 (24) 14.84 (11)

Performance Difference -0.01 -0.02 -0.02 -0.02 -0.03 -0.03

Mid Cap 44,320,809 11.73 6.32 44.25 44.25 - - -

T. Rowe Price Mid-Cap Growth I 21,302,046 5.64 6.62 (66) 39.08 (81) 39.08 (81) 18.87 (70) 18.25 (74) 15.05 (34)

Russell Midcap Growth Index 11.07 (4) 43.77 (53) 43.77 (53) 22.39 (37) 20.52 (39) 15.13 (31)

Performance Difference -4.45 -4.69 -4.69 -3.52 -2.27 -0.08

Wells Fargo Special Mid Cap Value Inst 23,018,763 6.09 6.05 (19) 49.20 (74) 49.20 (74) 13.62 (14) 12.35 (35) 12.46 (5)

Russell Midcap Value Index 5.66 (27) 53.06 (47) 53.06 (47) 11.86 (32) 11.79 (46) 11.75 (15)

Performance Difference 0.39 -3.86 -3.86 1.76 0.56 0.71

Asset Allocation & PerformanceJune 30, 2021


13


Allocation

MarketValue($)

Actual(%)

Performance(%)

1Quarter

Jul-2020To

Jun-2021

1Year

3Years

5Years

10Years

Small Cap 24,886,883 6.59 5.84 60.96 60.96 - - -

Wasatch Core Growth Institutional 11,873,196 3.14 8.63 (4) 54.83 (32) 54.83 (32) 22.07 (28) 23.01 (32) 16.35 (14)

Russell 2000 Growth Index 3.92 (67) 51.36 (51) 51.36 (51) 15.94 (68) 18.76 (60) 13.52 (63)


ICM Small Company 13,013,688 3.44 3.41 (69) 65.85 (65) 65.85 (65) 9.22 (53) 14.08 (16) 11.63 (18)

Russell 2000 Value Index 4.56 (43) 73.28 (38) 73.28 (38) 10.27 (36) 13.62 (24) 10.85 (30)

Performance Difference -1.15 -7.43 -7.43 -1.05 0.46 0.78

International Equity 41,785,812 11.06 6.15 36.08 36.08 11.03 12.41 7.33

MSCI EAFE Index 5.38 32.92 32.92 8.77 10.79 6.38


American Funds Europacific Growth R5 21,674,161 5.74 6.95 (6) 40.03 (12) 40.03 (12) 13.72 (4) 14.45 (3) 8.28 (3)

MSCI AC World ex USA (Net) 5.48 (36) 35.72 (37) 35.72 (37) 9.38 (37) 11.08 (29) 5.45 (68)


Fidelity® International Index 20,111,652 5.32 5.29 (46) 32.21 (64) 32.21 (64) 8.45 (57) 10.29 (53) 5.97 (39)

MSCI EAFE IMI 5.25 (49) 34.13 (48) 34.13 (48) 8.77 (48) 11.03 (30) 6.70 (15)

Performance Difference 0.04 -1.92 -1.92 -0.32 -0.74 -0.73


14


Allocation

MarketValue($)

Actual(%)

Performance(%)

1Quarter

Jul-2020To

Jun-2021

1Year

3Years

5Years

10Years

Fixed Income 112,208,968 29.70 2.04 2.44 2.44 5.28 3.29 3.22

Blmbg. Barc. U.S. Aggregate Index 1.83 -0.34 -0.34 5.34 3.03 3.39

Performance Difference 0.21 2.78 2.78 -0.06 0.26 -0.17

Dodge & Cox Income 56,500,001 14.95 1.98 (66) 3.39 (34) 3.39 (34) 6.42 (28) 4.54 (19) 4.26 (29)

Blmbg. Barc. U.S. Aggregate Index 1.83 (79) -0.34 (99) -0.34 (99) 5.34 (75) 3.03 (88) 3.39 (80)


PIMCO Total Return Instl 55,708,967 14.74 2.09 (54) 1.47 (81) 1.47 (81) 5.77 (59) 3.84 (49) 3.77 (59)

Blmbg. Barc. U.S. Aggregate Index 1.83 (79) -0.34 (99) -0.34 (99) 5.34 (75) 3.03 (88) 3.39 (80)


Cash 11,820,657 3.13 0.26 1.35 1.35 - - -

Federated Hermes Govt Obl Select 7,704,260 2.04 0.01 (-) 0.03 (-) 0.03 (-) 0.81 (-) 0.54 (-) -

90 Day U.S. Treasury Bill 0.00 (-) 0.09 (-) 0.09 (-) 1.34 (-) 1.16 (-) -

Performance Difference 0.01 -0.06 -0.06 -0.53 -0.62 -

Prudential Investor Contract (Book Value) 4,116,397 1.09 0.78 3.18 3.18 3.17 3.38 -

90 Day U.S. Treasury Bill 0.00 0.09 0.09 1.34 1.16 -

Performance Difference 0.78 3.09 3.09 1.83 2.22 -


15

Performance(%)

2020 2019 2018 2017 2016

Total Fund 14.79 (46) 19.96 (57) -4.21 (45) 14.65 (57) 6.88 (49)

Charles SORP Policy 13.18 (67) 20.18 (52) -4.25 (47) 13.51 (71) 8.41 (19)

Performance Difference 1.61 -0.22 0.04 1.14 -1.53

All Public Plans-Total Fund Median 14.55 20.26 -4.37 15.00 6.85

Domestic Equity 17.70 30.95 -6.28 21.57 11.96

Russell 3000 Index 20.89 31.02 -5.24 21.13 12.74

Performance Difference -3.19 -0.07 -1.04 0.44 -0.78

Large Cap

AB Large Cap Growth I 34.35 (55) 34.12 (37) 2.17 (16) 31.72 (29) 3.09 (49)

Russell 1000 Growth Index 38.49 (37) 36.39 (19) -1.51 (49) 30.21 (39) 7.08 (21)

Performance Difference -4.14 -2.27 3.68 1.51 -3.99

Large Growth Median 35.50 32.67 -1.61 29.04 2.83

T. Rowe Price Lrg Cp Va I 3.03 (47) 26.69 (35) -9.35 (60) 16.83 (41) 16.20 (33)

Russell 1000 Value Index 2.80 (51) 26.54 (39) -8.27 (41) 13.66 (80) 17.34 (23)

Performance Difference 0.23 0.15 -1.08 3.17 -1.14

Large Value Median 2.81 25.61 -8.87 16.23 14.54

Vanguard Institutional Index I 18.39 (37) 31.46 (24) -4.42 (25) 21.79 (32) 11.93 (28)

S&P 500 Index 18.40 (37) 31.49 (23) -4.38 (22) 21.83 (30) 11.96 (27)

Performance Difference -0.01 -0.03 -0.04 -0.04 -0.03

Large Blend Median 17.72 30.28 -5.47 21.22 11.05

Mid Cap

T. Rowe Price Mid-Cap Growth I 24.32 (84) 31.68 (66) -1.91 (22) 25.02 (45) 6.45 (43)

Russell Midcap Growth Index 35.59 (47) 35.47 (36) -4.75 (41) 25.27 (43) 7.33 (33)

Performance Difference -11.27 -3.79 2.84 -0.25 -0.88

Mid-Cap Growth Median 34.52 33.40 -5.47 24.74 5.76



16


Performance(%)

2020 2019 2018 2017 2016

Wells Fargo Special Mid Cap Value Inst 3.28 (49) 35.53 (2) -13.10 (45) 11.16 (78) 21.59 (19)

Russell Midcap Value Index 4.96 (35) 27.06 (46) -12.29 (34) 13.34 (53) 20.00 (34)

Performance Difference -1.68 8.47 -0.81 -2.18 1.59

Mid-Cap Value Median 3.14 26.70 -13.40 13.41 17.24

Small Cap

Wasatch Core Growth Institutional 36.76 (50) 33.43 (29) -3.46 (31) 24.47 (37) 10.71 (50)

Russell 2000 Growth Index 34.63 (57) 28.48 (50) -9.31 (73) 22.17 (49) 11.32 (44)

Performance Difference 2.13 4.95 5.85 2.30 -0.61

Small Growth Median 36.64 28.42 -5.69 21.96 10.53

ICM Small Company 2.80 (58) 26.16 (18) -13.96 (37) 13.13 (14) 31.36 (11)

Russell 2000 Value Index 4.63 (39) 22.39 (44) -12.86 (26) 7.84 (63) 31.74 (9)

Performance Difference -1.83 3.77 -1.10 5.29 -0.38

Small Value Median 3.54 21.76 -15.16 8.91 25.59


American Funds Europacific Growth R5 25.19 (2) 27.37 (8) -14.95 (55) 31.09 (5) 1.00 (51)

MSCI AC World ex USA (Net) 10.65 (42) 21.51 (62) -14.20 (42) 27.19 (32) 4.50 (16)

Performance Difference 14.54 5.86 -0.75 3.90 -3.50

Foreign Large Blend Median 9.20 21.90 -14.64 25.49 1.04

Fidelity® International Index 8.17 (63) 22.00 (48) -13.53 (22) 25.35 (53) 1.30 (46)

MSCI EAFE IMI 8.92 (52) 23.06 (32) -13.99 (35) 26.73 (37) 1.64 (41)

Performance Difference -0.75 -1.06 0.46 -1.38 -0.34

Foreign Large Blend Median 9.20 21.90 -14.64 25.49 1.04

Fixed Income

Dodge & Cox Income 9.45 (25) 9.73 (37) -0.31 (29) 4.36 (50) 5.61 (17)

Blmbg. Barc. U.S. Aggregate Index 7.51 (73) 8.72 (69) 0.01 (20) 3.54 (78) 2.65 (82)

Performance Difference 1.94 1.01 -0.32 0.82 2.96

Intermediate Core-Plus Bond Median 8.54 9.32 -0.77 4.34 3.95


17


Performance(%)

2020 2019 2018 2017 2016

PIMCO Total Return Instl 8.88 (24) 8.26 (64) -0.26 (46) 5.13 (4) 2.60 (53)

Blmbg. Barc. U.S. Aggregate Index 7.51 (60) 8.72 (41) 0.01 (27) 3.54 (44) 2.65 (50)

Performance Difference 1.37 -0.46 -0.27 1.59 -0.05

Intermediate Core Bond Median 7.73 8.58 -0.32 3.46 2.64

Cash

Federated Hermes Govt Obl Select 0.38 (-) 1.52 (-) 0.76 (-) 0.02 (-) -

90 Day U.S. Treasury Bill 0.67 (-) 2.28 (-) 1.87 (-) 0.86 (-) -

Performance Difference -0.29 -0.76 -1.11 -0.84 -

Lipper U.S. Govt Money Market Funds Median - - - - -

Prudential Investor Contract (Book Value) 3.19 3.17 3.22 3.72 4.07

90 Day U.S. Treasury Bill 0.67 2.28 1.87 0.86 0.25

Performance Difference 2.52 0.89 1.35 2.86 3.82


18

Market Value01/01/2021

($)

Contributions($)

Distributions($)

NetTransfers

($)

Expenses($)

Income($)

InvestmentEarnings

($)

Market Value06/30/2021

($)

Total Fund 352,025,743 1,428,440 -7,114,363 - -139,859 58,727 31,562,245 377,820,933

Domestic Equity 193,046,044 - - -10,559,797 - 14,761 29,504,488 212,005,496

Large Cap 133,392,719 - - -10,559,797 - - 19,964,882 142,797,804

AB Large Cap Growth I - - - 21,000,000 - - 1,451,383 22,451,383

Fidelity® Contrafund® 19,943,235 - - -21,559,797 - - 1,616,562 -

T. Rowe Price Lrg Cp Va I 20,995,259 - - - - - 3,786,613 24,781,873

Vanguard Institutional Index I 92,454,225 - - -10,000,000 - - 13,110,323 95,564,548

Mid Cap 38,911,439 - - - - - 5,409,370 44,320,809

T. Rowe Price Mid-Cap Growth I 19,385,427 - - - - - 1,916,619 21,302,046

Wells Fargo Special Mid Cap Value Inst 19,526,012 - - - - - 3,492,751 23,018,763

Small Cap 20,741,886 - - - - 14,761 4,130,236 24,886,883

Wasatch Core Growth Institutional 10,349,130 - - - - - 1,524,065 11,873,196

ICM Small Company 10,392,756 - - - - 14,761 2,606,171 13,013,688

International Equity 38,817,857 - - - - - 2,967,956 41,785,812

American Funds Europacific Growth R5 20,356,656 - - - - - 1,317,505 21,674,161

Fidelity® International Index 18,461,201 - - - - - 1,650,451 20,111,652

Fixed Income 113,140,538 - - - - -20,560 -911,010 112,208,968

Dodge & Cox Income 56,831,913 - - - - - -331,912 56,500,001

PIMCO Total Return Instl 56,308,625 - - - - -20,560 -579,098 55,708,967

Vanguard Short Term Bond Index - - - - - - - -

Cash 7,021,305 1,428,440 -7,114,363 10,559,797 -139,859 64,526 811 11,820,657

Federated Hermes Govt Obl Select 2,746,989 1,428,440 -6,578,129 10,239,797 -133,785 137 811 7,704,260

PNC Money Market - - - - - - - -

Prudential Investor Contract (Book Value) 4,274,316 - -536,233 320,000 -6,075 64,389 - 4,116,397

Financial Reconciliation

($)

June 30, 2021

19

Manager Pages

20

Trailing Returns Calendar Year Returns

Over/Under Benchmark Performance

Trailing Periods: 3 Years | Time Span: 10 Years

Manager Benchmark

0.0

15.0

30.0

45.0

60.0

Ret

urn

%

1 Quarter 1 Year 3 Years 5 Years 10 Years

11.9

42.5

25.1 23.717.9

13.9

39.1

25.0 23.918.6

Manager Benchmark

0.0

15.0

30.0

45.0

60.0

-15.0

Ret

urn

%

2020 2019 2018 2017 2016

38.5 36.4

-1.5

30.2

7.1

34.4 34.1

2.2

31.7

3.1


Manager 13.9 (5) 39.1 (65) 25.0 (28) 23.9 (29) 18.6 (11)

Benchmark 11.9 (25) 42.5 (37) 25.1 (26) 23.7 (33) 17.9 (22)

Peer Group 10.8 40.7 23.0 22.4 16.4

2020 2019 2018 2017 2016

Manager 34.4 (55) 34.1 (37) 2.2 (16) 31.7 (29) 3.1 (49)

Benchmark 38.5 (37) 36.4 (19) -1.5 (49) 30.2 (39) 7.1 (21)

Peer Group 35.5 32.7 -1.6 29.0 2.8

Over Performance Under Performance Sep-2011 Jun-2021

0.0

10.0

20.0

30.0

AB

Larg

e C

ap G

row

th I

0.0 10.0 20.0 30.0

Russell 1000 Growth Index

OverPerformance

UnderPerformance

AB Large Cap Growth I


5th Percentile

1st Quartile

Median

3rd Quartile

95th Percentile


June 30, 2021

Peer Group: Large Growth

Benchmark: Russell 1000 Growth Index

* Peer group is inclusive of all share classes.21

Risk & Return

Rolling Percentile Ranking

Peer Group: Large GrowthTime Period: 5 Years (or Since Inception)

Time Period: 5 Years

Fund Information

Ticker ALLIX

Fund Inception 03/01/2005

Fund Assets 17,898 Million

Gross Expense(%) 0.64 %

Net Expense(%) 0.63 %

Portfolio Manager Caruso,F/Fogarty,J/Thapar,V

PM Tenure 9 Years 4 Months

Turnover 32.00 %

Closed to New Investors Open

Total Number of Holdings 51

Top Holdings (%) as of 06/30/21

Alphabet Inc Class C 8.40

Microsoft Corp 7.64

Facebook Inc A 5.58

Amazon.com Inc 5.55

UnitedHealth Group Inc 4.85

Visa Inc Class A 4.83

AB Government Money Market AB 3.88

Zoetis Inc Class A 3.63

Monster Beverage Corp 3.14

The Home Depot Inc 3.05

AB Large Cap Growth I Russell 1000 Growth Index

10.0

15.0

20.0

25.0

30.0

35.0

Ret

urn

(%)

12.0 14.0 16.0 18.0 20.0 22.0

Risk (Standard Deviation %)

ReturnStandardDeviation

SharpeRatio

AB Large Cap Growth I 23.94 (30) 14.03 (98) 1.52 (3)

Russell 1000 Growth Index 23.66 (33) 15.98 (51) 1.34 (29)

Large Growth Median 22.44 15.98 1.27

AB Large Cap Growth I Russell 1000 Growth Index

0.0

25.0

50.0

75.0

100.0

Ret

urn

Perc

enti

le R

ank

2016 2017 2017 2018 2018 2019 2019 2020 2020 2021

Fund Investment Policy

The investment seeks long-term growth of capital.The fund invests primarily in equity securities of a limited number of large,carefully selected, high-quality U.S. companies. It invests primarily in thedomestic equity securities of companies selected by the fund's Adviser fortheir growth potential within various market sectors. The fund emphasizesinvestments in large, seasoned companies. Under normal circumstances, thefund will invest at least 80% of its net assets in common stocks of large-capitalization companies. It may, at times, invest in shares of exchange-traded funds in lieu of making direct investments in securities.

June 30, 2021


22




Manager Benchmark

0.0

15.0

30.0

45.0

60.0

Ret

urn

%


5.2

43.7

12.4 11.9 11.6

4.7

48.7

12.1 12.4 11.8

Manager Benchmark

0.0

15.0

30.0

45.0

-15.0

-30.0

Ret

urn

%

2020 2019 2018 2017 2016

2.8

26.5

-8.3

13.717.3

3.0

26.7

-9.3

16.8 16.2


Manager 4.7 (77) 48.7 (23) 12.1 (47) 12.4 (43) 11.8 (26)

Benchmark 5.2 (57) 43.7 (45) 12.4 (42) 11.9 (56) 11.6 (33)

Peer Group 5.4 42.9 11.9 12.1 11.1

2020 2019 2018 2017 2016

Manager 3.0 (47) 26.7 (35) -9.3 (60) 16.8 (41) 16.2 (33)

Benchmark 2.8 (51) 26.5 (39) -8.3 (41) 13.7 (80) 17.3 (23)

Peer Group 2.8 25.6 -8.9 16.2 14.5


0.0

10.0

20.0

30.0

-10.0

T.

R

ow

e Pr

ice

Lrg

C

p V

a

I

0.0 10.0 20.0 30.0-10.0

Russell 1000 Value Index

OverPerformance

UnderPerformance

T. Rowe Price Lrg Cp Va I


5th Percentile

1st Quartile

Median

3rd Quartile

95th Percentile


June 30, 2021

Peer Group: Large Value

Benchmark: Russell 1000 Value Index


Risk & Return


Peer Group: Large ValueTime Period: 5 Years (or Since Inception)


Fund Information

Ticker TILCX





Portfolio Manager Finn,M/Linehan,J/McPherson,H


Turnover 31.50 %




Wells Fargo & Co 3.55

General Electric Co 3.45

United Parcel Service Inc Class 2.91

American International Group Inc 2.41

International Paper Co 2.38

Microsoft Corp 2.33

Southern Co 2.26

Morgan Stanley 2.25

TotalEnergies SE ADR 2.20

Applied Materials Inc 2.09

T. Rowe Price Lrg Cp Va I Russell 1000 Value Index

6.0

9.0

12.0

15.0

18.0

Ret

urn

(%)

8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0



SharpeRatio

T. Rowe Price Lrg Cp Va I 12.43 (43) 16.59 (38) 0.72 (49)

Russell 1000 Value Index 11.87 (56) 16.06 (51) 0.71 (53)

Large Value Median 12.09 16.07 0.72

T. Rowe Price Lrg Cp Va I Russell 1000 Value Index

0.0

25.0

50.0

75.0

100.0

Ret

urn

Perc

enti

le R

ank

2016 2017 2017 2018 2018 2019 2019 2020 2020 2021


The investment seeks long-term capital appreciation; income is a secondaryobjective.The fund will normally invest at least 80% of its net assets (including anyborrowings for investment purposes) in securities of large-cap companiesthat the portfolio manager regards as undervalued. The manager defines alarge-cap company as having a market capitalization that, at the time ofpurchase, is either (i) larger than the current median market capitalizationof companies in the Russell 1000® Value Index or (ii) larger than the threeyear average median market capitalization of companies in the index as ofDecember 31 of the three preceding years.

June 30, 2021


24




Manager Benchmark

0.0

15.0

30.0

45.0

60.0

Ret

urn

%


8.5

40.8

18.7 17.614.8

8.5

40.8

18.7 17.614.8

Manager Benchmark

0.0

15.0

30.0

45.0

-15.0

Ret

urn

%

2020 2019 2018 2017 2016

18.4

31.5

-4.4

21.8

12.0

18.4

31.5

-4.4

21.8

11.9


Manager 8.5 (24) 40.8 (46) 18.7 (26) 17.6 (26) 14.8 (13)

Benchmark 8.5 (22) 40.8 (45) 18.7 (25) 17.6 (24) 14.8 (11)

Peer Group 8.1 40.6 17.6 16.8 13.8

2020 2019 2018 2017 2016

Manager 18.4 (37) 31.5 (24) -4.4 (25) 21.8 (32) 11.9 (28)

Benchmark 18.4 (37) 31.5 (23) -4.4 (22) 21.8 (30) 12.0 (27)

Peer Group 17.7 30.3 -5.5 21.2 11.1


0.0

8.0

16.0

24.0

32.0

-8.0Van

guar

d In

stit

utio

nal

In

dex

I

0.0 8.0 16.0 24.0 32.0-8.0

S&P 500 Index

OverPerformance

UnderPerformance

Vanguard Institutional Index I

S&P 500 Index

5th Percentile

1st Quartile

Median

3rd Quartile

95th Percentile


June 30, 2021

Peer Group: Large Blend

Benchmark: S&P 500 Index


Risk & Return


Peer Group: Large BlendTime Period: 5 Years (or Since Inception)


Fund Information

Ticker VINIX





Portfolio Manager Butler,D/Louie,M


Turnover 4.00 %




Apple Inc 5.92

Microsoft Corp 5.62

Amazon.com Inc 4.06

Facebook Inc Class A 2.29

Alphabet Inc Class A 2.02

Alphabet Inc Class C 1.97

Berkshire Hathaway Inc Class B 1.45

Tesla Inc 1.44

NVIDIA Corp 1.37

JPMorgan Chase & Co 1.30

Vanguard Institutional Index I S&P 500 Index

9.0

12.0

15.0

18.0

21.0

Ret

urn

(%)

11.0 12.0 13.0 14.0 15.0 16.0 17.0 18.0 19.0



SharpeRatio

Vanguard Institutional Index I 17.62 (25) 14.86 (58) 1.09 (19)

S&P 500 Index 17.65 (24) 14.86 (58) 1.09 (18)

Large Blend Median 16.81 14.91 1.03

Vanguard Institutional Index I S&P 500 Index

0.0

25.0

50.0

75.0

100.0

Ret

urn

Perc

enti

le R

ank

2016 2017 2017 2018 2018 2019 2019 2020 2020 2021


The investment seeks to track the performance of the S&P 500 Index thatmeasures the investment return of large-capitalization stocks.The fund employs an indexing investment approach designed to track theperformance of the S&P 500 Index, a widely recognized benchmark of U.S.stock market performance that is dominated by the stocks of large U.S.companies. The advisor attempts to replicate the target index by investingall, or substantially all, of its assets in the stocks that make up the index,holding each stock in approximately the same proportion as its weighting inthe index.

June 30, 2021


26




Manager Benchmark

0.0

15.0

30.0

45.0

60.0

Ret

urn

%


11.1

43.8

22.4 20.515.1

6.6

39.1

18.9 18.215.0

Manager Benchmark

0.0

15.0

30.0

45.0

-15.0

Ret

urn

%

2020 2019 2018 2017 2016

35.6 35.5

-4.8

25.3

7.3

24.3

31.7

-1.9

25.0

6.5


Manager 6.6 (66) 39.1 (81) 18.9 (70) 18.2 (74) 15.0 (34)

Benchmark 11.1 (4) 43.8 (53) 22.4 (37) 20.5 (39) 15.1 (31)

Peer Group 7.6 44.1 21.0 19.9 14.5

2020 2019 2018 2017 2016

Manager 24.3 (84) 31.7 (66) -1.9 (22) 25.0 (45) 6.5 (43)

Benchmark 35.6 (47) 35.5 (36) -4.8 (41) 25.3 (43) 7.3 (33)

Peer Group 34.5 33.4 -5.5 24.7 5.8


0.0

10.0

20.0

30.0

40.0

T.

R

ow

e Pr

ice

Mid

-Cap

Gro

wth

I

0.0 10.0 20.0 30.0 40.0

Russell Midcap Growth Index

OverPerformance

UnderPerformance

T. Rowe Price Mid-Cap Growth I

Russell Midcap Growth Index

5th Percentile

1st Quartile

Median

3rd Quartile

95th Percentile


June 30, 2021

Peer Group: Mid-Cap Growth

Benchmark: Russell Midcap Growth Index


Risk & Return


Peer Group: Mid-Cap GrowthTime Period: 5 Years (or Since Inception)


Fund Information

Ticker RPTIX





Portfolio Manager Berghuis,B

PM Tenure 29 Years

Turnover 23.00 %

Closed to New Investors Closed



Reserve Invt Fds 2.70

Hologic Inc 2.29

Microchip Technology Inc 2.20

Teleflex Inc 2.18

Agilent Technologies Inc 2.13

Textron Inc 2.09

Catalent Inc 2.05

Aggregate Miscellaneous Equity 2.00

Ball Corp 1.95

Bruker Corp 1.86

T. Rowe Price Mid-Cap Growth I Russell Midcap Growth Index

10.0

15.0

20.0

25.0

30.0

35.0

Ret

urn

(%)

12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0



SharpeRatio

T. Rowe Price Mid-Cap Growth I 18.25 (74) 16.42 (86) 1.03 (58)

Russell Midcap Growth Index 20.52 (39) 17.46 (61) 1.09 (39)

Mid-Cap Growth Median 19.88 17.82 1.06

T. Rowe Price Mid-Cap Growth I Russell Midcap Growth Index

0.0

25.0

50.0

75.0

100.0

Ret

urn

Perc

enti

le R

ank

2016 2017 2017 2018 2018 2019 2019 2020 2020 2021


The investment seeks long-term capital appreciation.The fund normally invests at least 80% of its net assets (including anyborrowings for investment purposes) in a diversified portfolio of commonstocks of mid-cap companies whose earnings T. Rowe Price expects togrow at a faster rate than the average company. The advisor defines mid-cap companies as those whose market capitalization falls within the range ofeither the S&P MidCap 400® Index or the Russell Midcap® Growth Index.While most assets will typically be invested in U.S. common stocks, thefund may invest in foreign stocks in keeping with the fund's objectives.

June 30, 2021


28




Manager Benchmark

0.0

20.0

40.0

60.0

80.0

Ret

urn

%


5.7

53.1

11.9 11.8 11.76.0

49.2

13.6 12.4 12.5

Manager Benchmark

0.0

20.0

40.0

60.0

-20.0

-40.0

Ret

urn

%

2020 2019 2018 2017 2016

5.0

27.1

-12.3

13.320.0

3.3

35.5

-13.1

11.221.6


Manager 6.0 (19) 49.2 (74) 13.6 (14) 12.4 (35) 12.5 (5)

Benchmark 5.7 (27) 53.1 (47) 11.9 (32) 11.8 (46) 11.7 (15)

Peer Group 4.8 52.6 10.8 11.6 10.5

2020 2019 2018 2017 2016

Manager 3.3 (49) 35.5 (2) -13.1 (45) 11.2 (78) 21.6 (19)

Benchmark 5.0 (35) 27.1 (46) -12.3 (34) 13.3 (53) 20.0 (34)

Peer Group 3.1 26.7 -13.4 13.4 17.2


0.0

15.0

30.0

45.0

-15.0

Wel

ls Fa

rgo

Spec

ial

M

id C

ap V

alue

Inst

0.0 15.0 30.0 45.0-15.0

Russell Midcap Value Index

OverPerformance

UnderPerformance

Wells Fargo Special Mid Cap Value Inst

Russell Midcap Value Index

5th Percentile

1st Quartile

Median

3rd Quartile

95th Percentile


June 30, 2021

Peer Group: Mid-Cap Value

Benchmark: Russell Midcap Value Index


Risk & Return


Peer Group: Mid-Cap ValueTime Period: 5 Years (or Since Inception)


Fund Information

Ticker WFMIX





Portfolio Manager Tringas,J/VanCronkhite,B/Zweck,S


Turnover 51.00 %




Carlisle Companies Inc 3.19

CBRE Group Inc Class A 2.91

AerCap Holdings NV 2.90

Stanley Black & Decker Inc 2.73

Arch Capital Group Ltd 2.63

Amdocs Ltd 2.52

Republic Services Inc 2.46

Euronet Worldwide Inc 2.38

Brown & Brown Inc 2.37

Reynolds Consumer Products Inc 2.23

Wells Fargo Special Mid Cap Value Inst Russell Midcap Value Index

6.0

9.0

12.0

15.0

18.0

Ret

urn

(%)

14.0 16.0 18.0 20.0 22.0 24.0 26.0



SharpeRatio

Wells Fargo Special Mid Cap Value Inst 12.35 (35) 18.15 (67) 0.67 (21)

Russell Midcap Value Index 11.79 (46) 18.45 (61) 0.64 (40)

Mid-Cap Value Median 11.55 19.02 0.62

Wells Fargo Special Mid Cap Value Inst Russell Midcap Value Index

0.0

25.0

50.0

75.0

100.0

Ret

urn

Perc

enti

le R

ank

2016 2017 2017 2018 2018 2019 2019 2020 2020 2021


The investment seeks long-term capital appreciation.The fund normally invests at least 80% of its net assets in equity securitiesof medium-capitalization companies. It invests principally in equity securitiesof medium-capitalization companies, which the manager defines as securitiesof companies with market capitalizations within the range of the RussellMidcap® Index at the time of purchase.

June 30, 2021


30




Manager Benchmark

0.0

20.0

40.0

60.0

80.0

Ret

urn

%


3.9

51.4

15.9 18.813.5

8.6

54.8

22.1 23.016.3

Manager Benchmark

0.0

20.0

40.0

60.0

-20.0

Ret

urn

%

2020 2019 2018 2017 2016

34.628.5

-9.3

22.2

11.3

36.8 33.4

-3.5

24.5

10.7


Manager 8.6 (4) 54.8 (32) 22.1 (28) 23.0 (32) 16.3 (14)

Benchmark 3.9 (67) 51.4 (51) 15.9 (68) 18.8 (60) 13.5 (63)

Peer Group 4.8 51.5 17.7 20.0 14.0

2020 2019 2018 2017 2016

Manager 36.8 (50) 33.4 (29) -3.5 (31) 24.5 (37) 10.7 (50)

Benchmark 34.6 (57) 28.5 (50) -9.3 (73) 22.2 (49) 11.3 (44)

Peer Group 36.6 28.4 -5.7 22.0 10.5


0.0

15.0

30.0

45.0

-15.0

Was

atch

Co

re G

row

th In

stit

utio

nal

0.0 15.0 30.0 45.0-15.0


OverPerformance

UnderPerformance

Wasatch Core Growth Institutional


5th Percentile

1st Quartile

Median

3rd Quartile

95th Percentile


June 30, 2021

Peer Group: Small Growth

Benchmark: Russell 2000 Growth Index


Risk & Return


Peer Group: Small GrowthTime Period: 5 Years (or Since Inception)


Fund Information

Ticker WIGRX





Portfolio Manager Lambert,P/Taylor,J/Valentine,M


Turnover 38.00 %

Closed to New Investors Closed



Bank OZK 3.05

Medpace Holdings Inc 3.04

Ensign Group Inc 2.94

Hamilton Lane Inc Class A 2.86

Icon PLC 2.85

Trex Co Inc 2.72

Morningstar Inc 2.71

Kadant Inc 2.49

Pool Corp 2.45

Altra Industrial Motion Corp 2.45

Wasatch Core Growth Institutional Russell 2000 Growth Index

8.0

16.0

24.0

32.0

40.0

Ret

urn

(%)

14.0 16.0 18.0 20.0 22.0 24.0 26.0



SharpeRatio

Wasatch Core Growth Institutional 23.01 (32) 19.37 (77) 1.11 (26)

Russell 2000 Growth Index 18.76 (60) 20.63 (38) 0.88 (68)

Small Growth Median 19.99 20.29 0.96

Wasatch Core Growth Institutional Russell 2000 Growth Index

0.0

25.0

50.0

75.0

100.0

Ret

urn

Perc

enti

le R

ank

2016 2017 2017 2018 2018 2019 2019 2020 2020 2021


The investment seeks long-term growth of capital; income is a secondaryconsideration.The fund normally invests at least 65% of its net assets in the equitysecurities of growing companies. It may invest up to 20% of its total assetsat the time of purchase in securities issued by foreign companies indeveloped markets, emerging markets, or frontier markets. Securitiesissued by companies incorporated outside the United States whosesecurities are principally traded in the United States are not defined asforeign companies and are not subject to this limitation.

June 30, 2021


32




Manager Benchmark

0.0

25.0

50.0

75.0

100.0

Ret

urn

%


4.6

73.3

10.3 13.6 10.83.4

65.9

9.214.1 11.6

Manager Benchmark

0.0

15.0

30.0

45.0

-15.0

-30.0

Ret

urn

%

2020 2019 2018 2017 2016

4.6

22.4

-12.9

7.8

31.7

2.8

26.2

-14.0

13.1

31.4


Manager 3.4 (69) 65.9 (65) 9.2 (53) 14.1 (16) 11.6 (18)

Benchmark 4.6 (43) 73.3 (38) 10.3 (36) 13.6 (24) 10.8 (30)

Peer Group 4.2 70.6 9.4 12.2 10.3

2020 2019 2018 2017 2016

Manager 2.8 (58) 26.2 (18) -14.0 (37) 13.1 (14) 31.4 (11)

Benchmark 4.6 (39) 22.4 (44) -12.9 (26) 7.8 (63) 31.7 (9)

Peer Group 3.5 21.8 -15.2 8.9 25.6


0.0

15.0

30.0

45.0

-15.0

-30.0

ICM

Smal

l

Co

mpa

ny

0.0 15.0 30.0 45.0-15.0-30.0


OverPerformance

UnderPerformance

ICM Small Company


5th Percentile

1st Quartile

Median

3rd Quartile

95th Percentile

ICM Small Company

June 30, 2021

Peer Group: Small Value

Benchmark: Russell 2000 Value Index


Risk & Return


Peer Group: Small ValueTime Period: 5 Years (or Since Inception)


Fund Information

Ticker ICSCX





Portfolio Manager Heaphy,W/Merwitz,G


Turnover 27.00 %




Matador Resources Co 1.84

Lantheus Holdings Inc 1.74

Kulicke & Soffa Industries Inc 1.54

Oxford Industries Inc 1.53

Tri Pointe Homes Inc 1.47

Dreyfus Treasury Secs Cash Mgmt 1.46

Designer Brands Inc 1.41

Regal Beloit Corp 1.35

Group 1 Automotive Inc 1.34

John Wiley & Sons Inc Class A 1.33

ICM Small Company Russell 2000 Value Index

4.0

8.0

12.0

16.0

20.0

Ret

urn

(%)

15.0 18.0 21.0 24.0 27.0 30.0 33.0



SharpeRatio

ICM Small Company 14.08 (16) 22.58 (46) 0.65 (16)

Russell 2000 Value Index 13.62 (24) 22.13 (55) 0.64 (23)

Small Value Median 12.25 22.45 0.58

ICM Small Company Russell 2000 Value Index

0.0

25.0

50.0

75.0

100.0

Ret

urn

Perc

enti

le R

ank

2016 2017 2017 2018 2018 2019 2019 2020 2020 2021


The investment seeks maximum, long-term total return, consistent withreasonable risk to principal, by investing primarily in common stocks ofsmaller companies measured in terms of revenues and assets and, moreimportantly, in terms of market capitalization.Under normal circumstances, the fund seeks to achieve its investmentobjective by investing at least 80% of its net assets, plus any borrowings forinvestment purposes, in common stocks of companies that have marketcapitalizations within the range of the Russell 2000® Value Index at thetime of purchase.

June 30, 2021

ICM Small Company

34




Manager Benchmark

0.0

15.0

30.0

45.0

60.0

Ret

urn

%


5.5

35.7

9.4 11.15.47.0

40.0

13.7 14.48.3

Manager Benchmark

0.0

20.0

40.0

-20.0

-40.0

Ret

urn

%

2020 2019 2018 2017 2016

10.7

21.5

-14.2

27.2

4.5

25.2 27.4

-15.0

31.1

1.0


Manager 7.0 (6) 40.0 (12) 13.7 (4) 14.4 (3) 8.3 (3)

Benchmark 5.5 (36) 35.7 (37) 9.4 (37) 11.1 (29) 5.4 (68)

Peer Group 5.2 33.9 8.7 10.4 5.8

2020 2019 2018 2017 2016

Manager 25.2 (2) 27.4 (8) -15.0 (55) 31.1 (5) 1.0 (51)

Benchmark 10.7 (42) 21.5 (62) -14.2 (42) 27.2 (32) 4.5 (16)

Peer Group 9.2 21.9 -14.6 25.5 1.0


0.0

8.0

16.0

24.0

-8.0

Am

eric

an Fu

nds

Eu

ropa

cific

Gro

wth

R5

0.0 8.0 16.0 24.0-8.0

MSCI AC World ex USA (Net)

OverPerformance

UnderPerformance

American Funds Europacific Growth R5

MSCI AC World ex USA (Net)

5th Percentile

1st Quartile

Median

3rd Quartile

95th Percentile


June 30, 2021

Peer Group: Foreign Large Blend

Benchmark: MSCI AC World ex USA (Net)


Risk & Return


Peer Group: Foreign Large BlendTime Period: 5 Years (or Since Inception)


Fund Information

Ticker RERFX





Portfolio Manager Team Managed

PM Tenure 20 Years

Turnover 32.00 %




ASML Holding NV 3.40

Taiwan Semiconductor Manufacturing 2.28

AIA Group Ltd 2.22

Reliance Industries Ltd Shs De 2.19

MercadoLibre Inc 2.09

LVMH Moet Hennessy Louis Vuitton 2.09

Vale SA ADR 1.91

Sea Ltd ADR 1.87

Airbus SE 1.69

WuXi Biologics (Cayman) Inc Re 1.60

American Funds Europacific Growth R5 MSCI AC World ex USA (Net)

3.0

6.0

9.0

12.0

15.0

18.0

Ret

urn

(%)

11.0 12.0 13.0 14.0 15.0 16.0 17.0 18.0 19.0



SharpeRatio

American Funds Europacific Growth R5 14.45 (3) 15.34 (28) 0.88 (3)

MSCI AC World ex USA (Net) 11.08 (29) 14.47 (70) 0.72 (22)

Foreign Large Blend Median 10.36 14.71 0.66

American Funds Europacific Growth R5 MSCI AC World ex USA (Net)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Perc

enti

le R

ank

2016 2017 2017 2018 2018 2019 2019 2020 2020 2021


The investment seeks long-term growth of capital.The fund invests primarily in common stocks of issuers in Europe and thePacific Basin that the investment adviser believes have the potential forgrowth. Growth stocks are stocks that the investment adviser believes havethe potential for above-average capital appreciation. It normally will investat least 80% of its net assets in securities of issuers in Europe and the PacificBasin. The fund may invest a portion of its assets in common stocks andother securities of companies in emerging markets.

June 30, 2021


36




Manager Benchmark

0.0

15.0

30.0

45.0

Ret

urn

%


5.2

34.1

8.811.0

6.75.3

32.2

8.5 10.36.0

Manager Benchmark

0.0

15.0

30.0

45.0

-15.0

-30.0

Ret

urn

%

2020 2019 2018 2017 2016

8.9

23.1

-14.0

26.7

1.68.2

22.0

-13.5

25.4

1.3


Manager 5.3 (46) 32.2 (64) 8.5 (57) 10.3 (53) 6.0 (39)

Benchmark 5.2 (49) 34.1 (48) 8.8 (48) 11.0 (30) 6.7 (15)

Peer Group 5.2 33.9 8.7 10.4 5.8

2020 2019 2018 2017 2016

Manager 8.2 (63) 22.0 (48) -13.5 (22) 25.4 (53) 1.3 (46)

Benchmark 8.9 (52) 23.1 (32) -14.0 (35) 26.7 (37) 1.6 (41)

Peer Group 9.2 21.9 -14.6 25.5 1.0

Under Performance Sep-2011 Jun-2021

0.0

8.0

16.0

24.0

-8.0Fide

lity®

Inte

rnat

iona

l

Inde

x

0.0 8.0 16.0 24.0-8.0

MSCI EAFE IMI

OverPerformance

UnderPerformance

Fidelity® International Index

MSCI EAFE IMI

5th Percentile

1st Quartile

Median

3rd Quartile

95th Percentile


June 30, 2021

Peer Group: Foreign Large Blend

Benchmark: MSCI EAFE IMI


Risk & Return


Peer Group: Foreign Large BlendTime Period: 5 Years (or Since Inception)


Fund Information

Ticker FSPSX







Turnover 7.00 %




MSCI EAFE Index TAS Future June 3.00

Nestle SA 1.97

Fidelity Revere Str Tr 1.88

ASML Holding NV 1.57

Roche Holding AG 1.36

LVMH Moet Hennessy Louis Vuitton 1.23

Novartis AG 1.09

Toyota Motor Corp 0.97

AIA Group Ltd 0.89

Unilever PLC 0.87

Fidelity® International Index MSCI EAFE IMI

3.0

6.0

9.0

12.0

15.0

Ret

urn

(%)

11.0 12.0 13.0 14.0 15.0 16.0 17.0 18.0 19.0



SharpeRatio

Fidelity® International Index 10.29 (52) 14.53 (67) 0.67 (46)

MSCI EAFE IMI 11.03 (30) 14.75 (47) 0.70 (27)

Foreign Large Blend Median 10.36 14.71 0.66

Fidelity® International Index MSCI EAFE IMI

0.0

25.0

50.0

75.0

100.0

Ret

urn

Perc

enti

le R

ank

2016 2017 2017 2018 2018 2019 2019 2020 2020 2021


The investment seeks to provide investment results that correspond to thetotal return of foreign stock markets.The fund normally invests at least 80% of assets in common stocks includedin the MSCI EAFE Index, which represents the performance of foreign stockmarkets. The manager uses statistical sampling techniques based on suchfactors as capitalization, industry exposures, dividend yield, price/earnings(P/E) ratio, price/book (P/B) ratio, earnings growth, and country weightingsto attempt to replicate the returns of the MSCI EAFE Index.

June 30, 2021


38




Manager Benchmark

0.0

3.0

6.0

9.0

-3.0

Ret

urn

%


1.8

-0.3

5.3

3.0 3.4

2.0

3.4

6.4

4.5 4.3

Manager Benchmark

0.0

4.0

8.0

12.0

-4.0

Ret

urn

%

2020 2019 2018 2017 2016

7.58.7

0.0

3.52.6

9.5 9.7

-0.3

4.45.6


Manager 2.0 (34) 3.4 (6) 6.4 (7) 4.5 (2) 4.3 (5)

Benchmark 1.8 (51) -0.3 (77) 5.3 (54) 3.0 (57) 3.4 (49)

Peer Group 1.8 0.7 5.4 3.1 3.4

2020 2019 2018 2017 2016

Manager 9.5 (12) 9.7 (10) -0.3 (49) 4.4 (12) 5.6 (1)

Benchmark 7.5 (60) 8.7 (41) 0.0 (27) 3.5 (44) 2.6 (50)

Peer Group 7.7 8.6 -0.3 3.5 2.6


0.0

5.0

10.0

15.0

-5.0

Do

dge

& C

ox

Inco

me

0.0 5.0 10.0 15.0-5.0

Blmbg. Barc. U.S. Aggregate Index

OverPerformance

UnderPerformance

Dodge & Cox Income


5th Percentile

1st Quartile

Median

3rd Quartile

95th Percentile

Dodge & Cox Income

June 30, 2021

Peer Group: Intermediate Core Bond

Benchmark: Blmbg. Barc. U.S. Aggregate Index


Risk & Return

Peer Group: Intermediate Core BondTime Period: 5 Years (or Since Inception)

Fund Information

Ticker DODIX







Turnover 94.00 %



% Assets in Top 10 Holdings 20.65 %

Average Effective Duration 5 Years

Average Effective Maturity 9 Years

Average Credit Quality A

Average Weighted Coupon 2.98 %

Yield To Maturity 1.83 %

Dodge & Cox Income Blmbg. Barc. U.S. Aggregate Index

1.0

2.0

3.0

4.0

5.0

6.0

Ret

urn

(%)

1.6 2.0 2.4 2.8 3.2 3.6 4.0 4.4 4.8 5.2



SharpeRatio

Dodge & Cox Income 4.54 (2) 3.23 (74) 1.02 (1)

Blmbg. Barc. U.S. Aggregate Index 3.03 (57) 3.23 (76) 0.59 (49)

Intermediate Core Bond Median 3.09 3.34 0.59

Sector Allocation as of 06/30/21

0.0%

15.0%

30.0%

45.0%

60.0%

Oth

er

Munic

ipal

Cash &

Equiva

lents

Govern

men

t

Corpora

te

Secu

ritize

d

0.0% 1.9% 2.6%

24.4%

33.6%37.6%


The investment seeks a high and stable rate of current income, consistentwith long-term preservation of capital.The fund invests in a diversified portfolio of bonds and other debt securities.Under normal circumstances, the fund will invest at least 80% of its totalassets in (1) investment-grade debt securities and (2) cash equivalents. "Investment grade" means securities rated Baa3 or higher by Moody'sInvestors Service, or BBB- or higher by Standard & Poor's Ratings Group orFitch Ratings, or equivalently rated by any nationally recognized statisticalrating organization, or, if unrated, deemed to be of similar quality by Dodge &Cox.

Credit Quality (%) as of 06/30/21

AAA 56.50

AA 4.60

A 5.40

BBB 22.70

BB 10.70

B 0.10

Below B 0.01

Not Rated 0.00

June 30, 2021

Dodge & Cox Income

40




Manager Benchmark

0.0

3.0

6.0

9.0

-3.0

Ret

urn

%


1.8

-0.3

5.3

3.0 3.4

2.11.5

5.8

3.8 3.8

Manager Benchmark

0.0

4.0

8.0

12.0

-4.0

Ret

urn

%

2020 2019 2018 2017 2016

7.58.7

0.0

3.52.6

8.9 8.3

-0.3

5.1

2.6


Manager 2.1 (24) 1.5 (28) 5.8 (30) 3.8 (11) 3.8 (22)

Benchmark 1.8 (51) -0.3 (77) 5.3 (54) 3.0 (57) 3.4 (49)

Peer Group 1.8 0.7 5.4 3.1 3.4

2020 2019 2018 2017 2016

Manager 8.9 (24) 8.3 (64) -0.3 (46) 5.1 (4) 2.6 (53)

Benchmark 7.5 (60) 8.7 (41) 0.0 (27) 3.5 (44) 2.6 (50)

Peer Group 7.7 8.6 -0.3 3.5 2.6


0.0

5.0

10.0

15.0

-5.0

PIM

CO

To

tal

R

etur

n In

stl

0.0 5.0 10.0 15.0-5.0


OverPerformance

UnderPerformance

PIMCO Total Return Instl


5th Percentile

1st Quartile

Median

3rd Quartile

95th Percentile


June 30, 2021

Peer Group: Intermediate Core Bond

Benchmark: Blmbg. Barc. U.S. Aggregate Index


Risk & Return

Peer Group: Intermediate Core BondTime Period: 5 Years (or Since Inception)

Fund Information

Ticker PTTRX





Portfolio Manager Kiesel,M/Mather,S/Mittal,M


Turnover 430.00 %



% Assets in Top 10 Holdings 41.89 %

Average Effective Duration 5 Years

Average Effective Maturity 7 Years

Average Credit Quality

Average Weighted Coupon 2.83 %

Yield To Maturity 2.69 %

PIMCO Total Return Instl Blmbg. Barc. U.S. Aggregate Index

0.8

1.6

2.4

3.2

4.0

4.8

Ret

urn

(%)

1.6 2.0 2.4 2.8 3.2 3.6 4.0 4.4 4.8 5.2



SharpeRatio

PIMCO Total Return Instl 3.84 (10) 3.31 (55) 0.81 (7)

Blmbg. Barc. U.S. Aggregate Index 3.03 (57) 3.23 (76) 0.59 (49)

Intermediate Core Bond Median 3.09 3.34 0.59

Sector Allocation as of 03/31/21

0.0%

15.0%

30.0%

45.0%

Munic

ipal

Cash &

Equiva

lents

Oth

er

Corpora

te

Secu

ritize

d

Govern

men

t

0.3%

13.3%15.9% 17.0%

20.8%

32.7%


The investment seeks maximum total return, consistent with preservation ofcapital and prudent investment management.The fund invests at least 65% of its total assets in a diversified portfolio ofFixed Income Instruments of varying maturities, which may be represented byforwards or derivatives such as options, futures contracts, or swapagreements. It invests primarily in investment-grade debt securities, but mayinvest up to 20% of its total assets in high yield securities. It may invest up to30% of its total assets in securities denominated in foreign currencies, andmay invest beyond this limit in U.S. dollar-denominated securities of foreignissuers.

No data found.

June 30, 2021


42

The information presented herein has been obtained with the greatest care from sources believed to be reliable, but is not guaranteed asto its accuracy and does not purport to be complete. Past performance is no guarantee of future results.

Investment advice is provided by Bolton Partners Investment Consulting Group, Inc., a Registered Investment Advisor.

BoltonUSA.com1-800-394-0263

Portfolio Status Disclaimer

43

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