july 15, 2019 joint legislative audit and review...

Joint Legislative Audit and Review CommissionMary G. Morris, Chief Executive Officer Michael Nguyen, Investment Director

July 15, 2019

Agenda

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• Mary MorrisVirginia529 Organization Overview

& Program Updates

• Mary MorrisPrepaid529 Review & New Program Update

• Michael NguyenInvestment Update

Chief Executive Officer

Chief Executive Officer

Investment Director

Overview and Program Update

Legacy defined benefit program

Direct Savings Advisor Savings FDIC Insured Direct Savings

Scholarship Program

Disability Savings

Virginia529 Sponsored Programs

4

• Sum sufficient appropriation

• Key assumptions: long term investment return and future tuition growth

• Final enrollment Spring 2019

• New defined benefit program launch: Fall 2020

• 21 Investment options including target date and static portfolios

• Open architecture strategy

• 43 American Funds mutual fund portfolios

• Advised by financial advisors

• Stand-alone program merged into Invest529 in 2017

• Legacy BB&T accounts remain

• Authorized by statute in 2009 -to inspire eligible high school students to reach post-secondary goals

• Partnership with college access providers

• Authorized by statute in 2015 -to assist individuals and families in saving to support individuals with disabilities.

• Program partners - ABLEnow – PNC- ABLEAmerica –

American Funds

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Education Savings Assets & Account Growth As of March 31, 2019

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Invest529 Savings Assets & Account Growth As of March 31, 2019

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Fiscal 2019 Performance Goals Fiscal 2019 Accomplishments

Weighted-Average Tuition legislation

Prepaid529 disbursement decentralization approved

Minimum Benefit Payout addressed

Invest529 Global Equity portfolio opened

Invest529 FDIC-Insured portfolio enhancement

Prepaid and operating cash management enhancements

Invest529 branded gift cards

Online Gifting platform enhancements

Financial Reporting Software Implemented

Online Travel & Expense Management System implemented

System Data Conversion Project

User Acceptance Testing (UAT) Process Improvements Implemented

Enhanced Legislative StrategyDevelop and execute an enhanced legislative strategy at the federal and state level with an emphasis on building grassroots and legislative champions for VA529 education and saving programs. Formalize use of data and outreach events as part of the champion-building process.

Revised Prepaid529 programContinue building and seek approval for revised Prepaid529 program benefit structure including assistance with legislative study. Design a marketing strategy and develop technical and operational procedures necessary to implement a revised Prepaid529 program.

Customer FunctionalityEnhance customer functionality to increase transaction efficiency and improve the customer experience. This includes continued enhancement of the web presence, enhancing gifting options, and improving ABLEnow online functionality.

Internal Process EfficiencyImprove cyber security and fraud detection systems, and streamline internal business processes to increase employee efficiency. This includes implementing fraud detection programs, enhancing EDM, Cardinal payroll, internal business process reviews and Banner 9 upgrades.

2014 Federal ABLE Act authorizes states to develop ABLE programs

2015 Virginia - first state to pass ABLE legislation

2016 December - ABLEnow opens for national enrollment

2017-2018

ABLEnow is one of the country’s fastest-growing ABLE programs

2018 July - ABLEAmerica opens – only advisor ABLE program

Today ABLEnow and ABLEAmerica form largest independent ABLE program

For too long, people with disabilities could not save for the future out of fear of losing essential benefits. Advocates fought hard to change this, resulting in the federal ABLE Act and Virginia’s ABLE program.

PROGRAM TIMELINE

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ABLE ASSETS & ACCOUNT GROWTHAs of March 31, 2019

Data through 1/19 | Confidential and unaudited

CUSTOMER SNAPSHOT

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ABLEnow participates in 100+ events each year, with partners on the national, state and local levels.

MARKETING & OUTREACH

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OUTREACH

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SOAR Virginia® Timeline

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18 months of Program Development &

Research

Statutory mandate to develop/implement

scholarship and/or matching grant programs

• 103 Scholars

• 7 Schools

• 5 School Districts

• 1 Access Provider (GRASP)

Growth from:

• 282 to 1,467 Scholars

• 13 to 57 Schools

• 10 to 40 School Districts

• 1 to 4 Access Provider (GRASP, VCCS, ACCESS &

Project Discovery)

Growth from:

• 3,715 to 5,890 Scholars

• 91 to 117 Schools

• 54 to 62 school districts

• 4 to 5 Access Providers(GRASP, VCCS, ACCESS, Project Discovery, and GMU Early Identification Program)

2008-09 2011-15 2015-16 2016-Present2010-11

Est. SOAR Pilot Program

• 2,778 Scholars

• 83 Schools

• 48 School Districts

• 4 Access Providers (GRASP, VCCS,

ACCESS & Project Discovery)

Pilot to Permanent

August 2015

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* As of 6/30/2019

Agency Re-Alignment – January 2019

Operations Policy

Board

Executive

Board

Executive

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Legacy Prepaid529

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Source: 2018 Virginia529 Annual Report, chart 4 in MD&A

2018 Actuarial Valuation Report - Key Actuarial Assumptions

100%108%

118% 122%109%

93%80%

89%96% 98%

107%97%

85% 90%

101% 103%110%

124% 126%129%

138%137%

0%

20%

40%

60%

80%

100%

120%

140%

160%

Prepaid529 Actuarially Funded Percentage as of June 30, 2018

Recession:Dec 2007 - Jun 2009

(18 months)

Recession:Mar 2001 - Nov 2001

(8 months)

Prepaid529 Long-term Investment Return

Assumptions

Year Return

1996 - 2000 8.0%

2001 7.5%

2002 7.0%

2003 6.75%

2004 - 2011 7.0%

2012 - 2014 6.75%

2015 - 2018 6.25%

2019 5.75%

1. Long-term investment return assumption 5.75%2. Future tuition growth assumption

o 6.5% for 2019-20 academic year and thereafter for four-year institutionso 6.0% for 2019-20 academic year and thereafter for two-year institutions

3. Review of assumptions August 2019

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Prepaid529 Semester Contracts Purchased by Type

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1997 1999 2002 2005 2007 2009 2011 2013 2015 2017**2018 2019

Contract Type as a Percent of Total Contracts by Enrollment Year

Other8 Semester Tier I4 Semester Tier I2 Semester Tier I1 Semester Tier I*4 Sem Tier II+ 4 Sem Tier I4 Semester Tier II2 Semester Tier II1 Semester Tier II*

Type of Contract0 1996 1997 1998 1999 2001 2002 2003 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017** 2018 20191 Semester Tier II* N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 1.0% 1.2% 2.0% 1.6% N/A N/A N/A

2 Semester Tier II 0.5% 1.0% 1.0% 1.1% 0.5% 0.4% 0.4% 1.0% 1.3% 2.2% 2.0% 1.9% 2.2% 1.9% 2.3% 1.0% 1.0% 0.7% 0.9% N/A N/A N/A

4 Semester Tier II 6.6% 7.6% 7.5% 4.3% 2.9% 2.2% 1.8% 2.7% 3.5% 3.4% 4.3% 3.5% 3.3% 3.5% 3.6% 2.2% 2.5% 1.8% 2.2% N/A N/A N/A4 Sem Tier II+ 4 Sem

Tier I 1.5% 2.0% 1.7% 4.9% 4.5% 4.1% 3.4% 3.7% 4.2% 5.5% 3.9% 2.7% 2.8% 1.9% 1.8% 1.2% 1.3% 1.1% 1.1% N/A N/A N/A

1 Semester Tier I* N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 10.5% 16.9% 22.6% 28.2% 31.3% 35.1% 31.1%

2 Semester Tier I 6.7% 9.5% 11.8% 10.4% 7.4% 6.3% 7.1% 10.2% 12.1% 14.6% 14.8% 18.1% 19.2% 19.8% 24.8% 22.3% 21.2% 20.7% 21.7% 22.6% 22.7% 22.5%

4 Semester Tier I 7.1% 8.3% 8.7% 10.8% 9.8% 10.7% 11.2% 14.2% 14.7% 14.3% 14.3% 17.3% 16.1% 17.4% 17.1% 16.1% 15.4% 13.9% 14.9% 15.2% 14.0% 17.0%

8 Semester Tier I 73.4% 65.4% 63.3% 59.2% 64.9% 67.5% 67.8% 59.2% 54.9% 53.0% 52.4% 48.5% 48.3% 48.6% 45.5% 35.8% 29.7% 24.6% 19.7% 20.5% 17.6% 17.2%

Other 4.1% 6.2% 6.0% 9.3% 9.9% 8.7% 8.4% 9.0% 9.3% 7.0% 8.3% 8.0% 8.1% 6.9% 4.9% 10.0% 10.9% 12.6% 9.8% 10.4% 12.2% 12.2%

*Beginning with the 2012/2013 enrollment period, contracts offered on a semester basis as opposed to a full year**Beginning with the 2016/2017 enrollment period, Tier II contracts were eliminated

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FY2019 Legacy Prepaid529 – Final Enrollment Period

Weighted Average Tuition (WAT) Program Planning

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2011

2014

2015

2016

2017

2018

2019• December: bills

introduced

• Unanimous adoption by GA

• Signed into law

• Program development commenced

• VA529 internal program review commenced

• Milliman Prepaid529 Experience Study

• VA529 finalized internal review and recommended formal study

• Board authorized formal Sustainability Study

• October -Sustainability Study presented to Board

• Board approved proposal development -WAT structure

• WAT proposal developed by staff

• Summer: Reviewed with higher education, General Assembly members and Administration

• October: Board approved legislative proposal for WAT changes

• December: new benefit structure introducedo SB656 passed o HB1199 carried overo Appropriation Act: -

JLARC Study

• November: JLARC Report

Sustainability Resiliency

Prepaid529Experience Sustainability

BillsIntroduced

WAT Program Timeline

BillsPassed

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WAT vs. Legacy Prepaid529 Program

Benefit WAT ProgramLegacy

Prepaid529 Program

Affordable-lower entry price

Reduces Virginia529’s risk profile

Benefits available for all qualified 529 expenses

Institutions receive funds before add-drop date

Increased flexibility for Account Owners and Beneficiaries

Virginia State Tax-Deduction

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WAT Program currently under development. Information provided is subject to change.

WAT Program StructureQuestion Answer

Units 100 Units = Annual WAT

Purchase Full or fractional units as determined by customer

Minimum 1 Unit to start; no minimum thereafter

Maximum 700 units

Cost One amount/unit – determined with actuary based on then current WAT and projections

Enrollment Period TBD – close to year-round with annual price reset in the fall

Age Limit TBD

WAT Calculated by VA529 with actuary – enrollment weighted

Benefits WAT * # of units - public or private eligible educational institution; postsecondary only

Distribution School, Account Owner, or Beneficiary

Covered Costs All Qualified 529 Expenses

Market research/focus groups Program internal systems

modifications Finalize key assumptions for

valuation /pricing purposes Draft program materials Select program name Develop and implement

branding and marketing campaigns

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WAT Program Development: 2019 - 2020

Investment Updates

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Investment Structure and Accountability

Prepaid529

Prepaid529 Investment Objectives

Attain an investment return which equals or exceeds the actuarial return assumptions, throughout the majority of economic cycles, taking into consideration cash flow demands and investment risks.

Prepaid529’s investment portfolio shall be invested and managed to provide sufficient liquidity to meet all reasonably anticipated operational requirements.

Prepaid529’s investment portfolio shall be invested prudently in order to meet or exceed the assumed targeted rate of return as determined by the Board.

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Source: Virginia529 Performance Reports 2009-2018

Year Return Assumptions Annual Returns2009 7.00% 26.40%

2010 7.00% 13.99%

2011 7.00% 0.41%

2012 6.75% 12.74%

2013 6.75% 7.94%

2014 6.75% 3.26%

2015 6.25% -0.99%

2016 6.25% 7.37%

2017 6.25% 12.13%

2018 5.75% -3.44%

Return Assumptions Annualized Return2009-2018 7.00% 7.70%

2010-2018 7.00% 5.76%

Prepaid529 Annual Returns

Prepaid529 Asset Allocations

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Group/Asset Class Targets Actual as of 3/31/19US Large Cap 7.5% 4.0%US Smid Cap 0.0% 8.5%US Small Cap 7.5% 2.1%Intl Developed 10.0% 9.7%Emerging Markets 7.5% 7.5%

Total Equities Group 32.5% 31.8%Real Estate - Private 2.5% 2.2%Private Equity 7.5% 9.1%Hedge Funds 5.0% 4.5%

Total Alternatives Group 15.0% 15.8%Convertibles 7.5% 7.5%High Yield 10.0% 9.1%Private Debt 0.0% 0.7%Emerging Market Debt 10.0% 10.0%Aggregate Fixed Income 15.0% 6.8%Bank Loans 0.0% 8.6%Inflation Index Bonds 5.0% 4.9%Stable Value 5.0% 4.8%

Total Fixed Income 52.5% 52.4%Total Prepaid529 Program 100.0% 100.0%

Prepaid529 Asset Liability Study

2009 – ALM study completed jointly by Mercer and Milliman• Target asset allocation revised

• Decreased domestic equity and core fixed income• Increased emerging market equity and high yield• Added emerging market debt and alternatives

2012 and 2016 – asset allocation reviewed • No changes to 2009 targets

2019 – updated study in progress - target completion summer 2019• Consider additional investment strategies• Risk/Return Optimization• Stochastic modeling using Monte Carlo simulation

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1. Total Fund Benchmark: 15% Russell 3000, 10% MSCI EAFE, 7.5% MSCI EM, 5% NCREIF ODCE (1Q in Arrears), 5% HFRI Fund of Funds Convervative, 5% Private Equity Benchmark 7.5% BofAML Global 300 Convertibles, 10% Bloomberg Barclays US High Yield, 5% JPMorgan EMBI Global Diversified, 5% JPMorgan GBI EM Global Diversified USD 15% Bloomberg Barclays U.S. Aggregate Bond Index, 5% Bloomberg Barclays TIPS Index, 5% Bloomberg Barclays Intermediate Credit

2. Total Equity Benchmark: 46.2% Russell 3000, 30.8% MSCI EAFE, 23.0% MSCI EM 3. Domestic Equity Benchmark: Russell 30004. International Equity Benchmark: 57% MSCI EAFE, 43% MSCI EM5. Fixed Income Benchmark: 52% Non-Core Fixed Income Benchmark, 48% Core Fixed Income Benchmark6. Non-Core Fixed Income Benchmark: 27.3% BofAML Global 300 Convertibles, 36.3% BB US High Yield, 18.2% JPMorgan EMBI Global Diversified, 18.2% JPMorgan GBI EM Global Div7. Core Fixed Income Benchmark: 60% Bloomberg Barclays U.S. Aggregate Bond Index, 20% Bloomberg Barclays TIPS Index, 20% Bloomberg Barclays

Intermediate Credit8. Alternatives Benchmark: 33.3% NCREIF ODCE (1Q in Arrears), 33.3% HFRI Fund of Funds Conservative Index, 33.4% Private Equity Benchmark Private

Equity Benchmark consists of actual returns for first 4 years of each partnership, then MSCI ACWI IMI + 3%. One quarter lag due to valuations.

Source: Bank of New York MellonNotes: Past performance is no guarantee of future results

Performance is presented net of investment management fees

Net of Fee Performance as of 3/31/2019

Performance

Prepaid529

Investment Performance Summary Results

as of March 31, 2019

15Net of Fees

NameSince Inception 10 Years5 Years3 Years1 YearCalendar YTD3 MonthInception Date

Prepaid529 Total Fund6.13%8.91%4.45%6.66%2.43%6.45%6.45%Oct-97

Total Fund Benchmark15.54%8.95%5.05%7.44%2.81%6.30%6.30%Oct-97

Prepaid529 Total Equity6.74%11.79%4.66%9.56%-2.22%11.67%11.67%Oct-97

Total Equity Benchmark25.65%12.00%6.68%11.31%1.38%11.89%11.89%Oct-97

Prepaid529 Total Domestic Equity7.67%14.53%6.77%11.05%2.30%13.70%13.70%Oct-97

Domestic Equity Benchmark37.31%16.00%10.36%13.49%8.77%14.04%14.04%Oct-97

Prepaid529 Total International Equity5.87%8.98%2.76%8.11%-6.20%10.07%10.07%Oct-97

International Equity Benchmark44.95%9.21%3.46%9.29%-4.83%10.06%10.06%Oct-97

Prepaid529 Total Fixed Income5.38%5.89%3.29%4.27%2.90%4.42%4.42%Oct-97

Fixed Income Benchmark55.25%5.36%3.39%4.86%3.27%4.83%4.83%Oct-97

Non-Core Fixed Income5.12%8.04%3.70%5.24%2.62%5.40%13.70%May-05

Non-Core Fixed Income Benchmark65.65%9.67%4.28%7.43%2.32%6.40%14.04%May-05

Core Fixed Income4.70%4.25%2.39%2.19%3.44%2.32%10.07%Oct-97

Core Fixed Income Benchmark74.57%3.27%2.37%2.10%4.23%3.11%10.06%Oct-97

Prepaid529 Total Alternatives5.46%12.48%7.74%8.53%10.92%3.07%3.07%May-05

Alternatives Benchmark85.45%14.51%6.66%7.56%3.26%-0.48%-0.48%May-05

Source: Bank of New York Mellon

Notes: Past performance is no guarantee of future results

Performance is presented net of investment management fees

1Total Fund Benchmark: 15% Russell 3000, 10% MSCI EAFE, 7.5% MSCI EM, 5% NCREIF ODCE (1Q in Arrears), 5% HFRI Fund of Funds Convervative, 5% Private Equity Benchmark

7.5% BofAML Global 300 Convertibles, 10% Bloomberg Barclays US High Yield, 5% JPMorgan EMBI Global Diversified, 5% JPMorgan GBI EM Global Diversified USD

15% Bloomberg Barclays U.S. Aggregate Bond Index, 5% Bloomberg Barclays TIPS Index, 5% Bloomberg Barclays Intermediate Credit

2Total Equity Benchmark: 46.2% Russell 3000, 30.8% MSCI EAFE, 23.0% MSCI EM

3Domestic Equity Benchmark: Russell 3000

4International Equity Benchmark: 57% MSCI EAFE, 43% MSCI EM

5Fixed Income Benchmark: 52% Non-Core Fixed Income Benchmark, 48% Core Fixed Income Benchmark

6Non-Core Fixed Income Benchmark: 27.3% BofAML Global 300 Convertibles, 36.3% BB US High Yield, 18.2% JPMorgan EMBI Global Diversified, 18.2% JPMorgan GBI EM Global Div

7Core Fixed Income Benchmark: 60% Bloomberg Barclays U.S. Aggregate Bond Index, 20% Bloomberg Barclays TIPS Index, 20% Bloomberg Barclays Intermediate Credit

8Alternatives Benchmark: 33.3% NCREIF ODCE (1Q in Arrears), 33.3% HFRI Fund of Funds Conservative Index, 33.4% Private Equity Benchmark

Private Equity Benchmark consists of actual returns for first 4 years of each partnership, then MSCI ACWI IMI + 3%. One quarter lag due to valuations.

Allocation

Investment Details as of March 31, 2019

Prepaid529

Hedge Funds4.5%

Private Equity9.1%

Private Real Estate2.2%

Emerging Markets Equity7.5%

International Equity9.7%

Domestic Equity14.6%

Convertibles7.5%

Emerging Markets Debt10.0%

Private Fixed Income0.7%

High Yield Bonds9.1%

Bank Loans8.7%

Intermediate Corporate Bonds3.0%

Mortgage-Backed Securities3.2%

Stable Value4.8%

US TIPS4.9%

Cash0.5%

Total1.00000000

Control Check (should =0)0.000

Asset Category% of Fund% Target

Alternatives15.8%15.0%

Equities31.7%32.5%

Fixed Income52.4%52.5%

1May not total 100% due to rounding

Hedge FundsPrivate EquityPrivate Real EstateEmerging Markets EquityInternational EquityDomestic EquityConvertiblesEmerging Markets DebtPrivate Fixed IncomeHigh Yield BondsBank LoansIntermediate Corporate BondsMortgage-Backed SecuritiesStable ValueUS TIPSCash4.5311365272139963E-29.071224156481271E-22.2084261843506606E-27.5035047062973786E-29.686706707136436E-20.145561479719031247.5108817029377703E-20.100097200762208156.8440515562200373E-39.0703567173630179E-28.6917266518649464E-23.0435625394880296E-23.2395288114967467E-24.80945929110606E-24.902571697008503E-24.8064110350925634E-3

Balances

Investment Details as of March 31, 2019

Prepaid529

Investment ManagerAsset ClassMutual Fund(s) (if applicable)Aggregate Fair Value% of Total Fund1

EquitiesOriginal OrderUpdate - Then sort (leave J alone)

The Vanguard Group, Inc.Large Cap Domestic BlendInstitutional Index$ 108,139,1754.0%77Donald Smith55,573,643.30

Westfield Capital Management Co., LPMid Cap GrowthN/A141,464,0715.3%99Van 500 (prePAID)102,363,032.55

Donald Smith & Co.Small Cap ValueN/A55,292,0122.1%2222Credit Suisse Trans669,524.45

Thompson, Siegel & Walmsley, LLCSmall/Mid Cap ValueN/A85,910,1253.2%1010TSW72,674,761.29

Capital Research & Management Co.International CoreAmerican Funds EuroPacific Growth133,081,1655.0%1515BlackRock T-Fund525,937.84

Franklin Templeton InvestmentsInternational ValueTempleton International Equity Series126,988,8164.7%1111Westfield99,894,431.06

Aberdeen Asset Management, Inc.Emerging MarketEmerging Markets Equity134,636,1605.0%3737Aventura Holdings7,200,062.53

Dimensional Fund Advisors, LPEmerging MarketEmerging Markets Core Equity66,818,9252.5%

Total Equities$ 852,330,44931.7%1919BlackRock Int. Corportate Bond73,654,328.53

3636Aurora Offshore Ltd. II86,733,328.45

Fixed Income3939Harmonic Capital Partners91,351,779.36

VA529 Transition AccountN/AN/A$ 323,2630.0%2020Brookfield70,834,809.63

Shenkman Capital Management, Inc.Senior Secured Bank LoansN/A233,356,6258.7%2828Prudential High Yield224,350,059.57

BlackRock, Inc.Intermediate Corporate BondsIntermediate-Term Corporate Bond Index81,713,9693.0%1818SSGA Tips116,572,815.64

Schroders Investment ManagementMortgage-Backed SecuritiesMortgage-Backed Securities Index86,652,0353.2%2929Stone Harbor59,254,692.16

Dreyfus, Inc.Cash EquivalentsCash Management3,323,4830.1%2626Advent Capital104,804,766.77

Treasurer of VirginiaCash EquivalentsN/A9,580,8330.4%1717Shenkman Capital210,420,064.13

State Street Global AdvisorsInflation Protected SecuritiesN/A131,624,8924.9%3030Wellington Emg Debt165,286,125.42

Invesco Advisers, Inc.Stable ValueN/A129,124,9984.8%2727Ferox Capital69,806,480.55

Advent Capital Management, LLCConvertible BondsN/A123,938,0894.6%1616INVESCO (prePAID)121,700,494.52

Ferox Capital, LLPConvertible BondsN/A77,715,0552.9%3535Adams Street Partners53,884,355.00

PGIM Fixed IncomeHigh Yield BondsN/A243,522,1359.1%4040Private Advisors32,705,369.94

Golub Capital PartnersPrivate DebtN/A18,375,0000.7%

Wellington Management Co., LLPEmerging Markets DebtN/A189,611,0647.1%3434Aether Investment Parnters3,288,159.00

Stone Harbor Investment Partners LPEmerging Markets Debt BlendEmerging Markets Debt & Local Markets79,131,2222.9%3838Commonfund6,815,443.00

Total Fixed Income$ 1,407,992,66352.4%4141UBS Trumbull Fund77,921,651.26

Alternative Investments2,282,354,127.97

Aurora Investment Management, LLCHedge Fund of FundsN/A$ 42,2020.0%2,282,354,127.97

Blackstone Alternative Asset ManagementHedge Fund of FundsN/A121,610,3504.5%

Aventura Holdings, LLC2Private Real EstateN/A8,137,3650.3%

Aether Investment Partners, LLCPrivate Equity Fund of FundsN/A26,326,7051.0%21213,567,678.28

Private Advisors, LLCPrivate Equity Fund of FundsN/A34,243,5291.3%

Adams Street PartnersPrivate Equity Fund of FundsN/A141,107,7965.3%

Commonfund Capital, Inc.Private Equity Fund of FundsN/A19,424,1530.7%

LGT Capital PartnersPrivate Equity Fund of FundsN/A3,311,5740.1%

Neuberger BermanPrivate Equity Fund of FundsN/A19,131,6670.7%

UBS Realty Investors, LLCPrivate Real EstateN/A51,154,7531.9%

Total Alternative Investments$ 424,490,09415.8%

Grand Total$ 2,684,813,206100.0%

1May not total 100% due to rounding

2Aventura Holdings, LLC is a limited liability company formed in 2008 by Virginia529 for the purpose of aquiring and owning real estate.

The Plan is the sole member of Aventura. Aventura's sole investment is an office building in Chesterfield County, VA, occupied by Virginia529.

JLARC 2018 Prepaid529 Program Benchmarking Review

34

JLARC Recommendations Addressed

All investment portfolios are best analyzed relative to their benchmarks at three attribution levels: Fund Level, Asset Level and Manager Level

Use the portfolio asset classes and their weights modeled in the 2016 asset-liability study to construct the Total Fund Level benchmark

Delineate between Core-Fixed Income and Non-Core Fixed Income

At the Asset Class level, investment benchmarks weights should be static to preserve attribution information resulting from investment manager tilts away from their respective benchmarks

At the Investment Manager level, investment benchmarks weights should be static to preserve asset allocation effects arising from investment manager rebalancing or the Asset Allocation Effect

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12/31/2018 to

03/31/2019

Portfolio Style Bench Policy Bench Macro Attribution

Actual Weight

Actual Return

Actual Weight

Total Return

Target Weight

Total Return

Asset Allocation

Effect

Style Selection

Effect

Manager Selection

Effect

Total Effect

Total Fund 100.00 6.45 100.00 5.64 100.00 6.30 -0.49 -0.17 0.78 0.13

Total Equity 31.84 11.67 31.84 12.35 32.50 11.89 -0.06 0.17 -0.21 -0.10Total Domestic Equity 14.37 13.70 14.37 15.12 15.00 14.04 -0.01 0.14 -0.19 -0.06Total International Equity 17.47 10.07 17.47 10.15 17.50 10.06 -0.00 0.02 -0.02 -0.00

Total Fixed Income 52.21 4.42 52.21 4.18 52.50 4.83 0.00 -0.33 0.13 -0.20Non-Core Fixed Income 35.75 5.40 35.75 5.05 35.50 6.40 0.00 -0.21 0.12 -0.08Core Fixed Income 16.46 2.32 16.46 2.31 17.00 3.11 0.01 -0.13 0.00 -0.12

Alternatives 15.96 3.07 15.96 -2.32 15.00 -0.48 -0.09 -0.00 0.86 0.77Hedge Funds 4.76 1.74 4.76 3.58 5.00 3.58 -0.00 -- -0.10 -0.10Core Real Estate 2.23 1.57 2.23 1.50 5.00 1.52 -0.06 -0.00 0.00 -0.05Private Equity 1 8.97 4.26 8.97 -6.41 5.00 -6.41 -0.24 -- 0.96 0.72

1. Private Equity Benchmark consists of actual returns for first 4 years of each partnership, then MSCI ACWI IMI + 3%. One quarter lag due to valuations.

Attribution Report

36

0.0% 2.0% 4.0% 6.0% 8.0%

Total Value Added

Total Fund Benchmark

Total Fund

Total Fund Performance

-0.6% -0.4% -0.2% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0%

Asset Allocation

Style Selection

Manager Selection

Total Value Added: 0.15%

-0.4%-0.2%0.0%0.2%0.4%0.6%0.8%1.0%1.2%

Domestic EquityInternational Equity

Non-Core Fixed IncomeCore Fixed Income

Hedge FundsCore Real Estate

Private Equity

Total Manager Selection Effect: .78%

-0.3% -0.2% -0.1% 0.0% 0.1% 0.2%

Domestic Equity

International Equity

Non-Core Fixed Income

Core Fixed Income

Hedge Funds

Core Real Estate

Private Equity

Total Style Selection Effect: -0.17%

Attribution Report

Q1 2019

VA529 - Total Fund vs. Total Fund Benchmark

USD

Attribution

12/31/2018 to 03/31/2019PortfolioStyle BenchPolicy BenchMacro AttributionStyle Benchmark

Actual WeightActual ReturnActual WeightTotal ReturnTarget WeightTotal ReturnAsset Allocation EffectStyle Selection EffectManager Selection EffectTotal EffectBlended Benchmark Name

Total Fund100.006.45100.005.64100.006.30-0.49-0.170.780.13Total Value Added0.00

Total Fund Benchmark0.06

Total Equity31.8411.6731.8412.3532.5011.89-0.060.17-0.21-0.10Total Fund 0.06

Total Domestic Equity14.3713.7014.3715.1215.0014.04-0.010.14-0.19-0.06

VP VANGUARD 5003.8513.653.8513.65-------0.010.00-0.01S&P 500 - Total Return

Russell 3000 - Total Return--------15.0014.04--------

VP WESTFIELD CAPITAL5.0416.295.0418.99------0.22-0.120.10Russell 2500 Growth - Total Return

VP TS&W3.1412.643.1413.12-------0.03-0.01-0.04TSW Custom Benchmark

VP DONALD SMITH2.349.582.3411.93-------0.04-0.05-0.09Russell 2000 Value - Total Return

Total International Equity17.4710.0717.4710.1517.5010.06-0.000.02-0.02-0.00Asset Allocation-0.00

Developed Markets Equity9.7910.019.7910.3110.0010.130.000.02-0.03-0.01Style Selection-0.00

MSCI EAFE - Net Return--------10.0010.13--------

VP AMERICAN EUROPACIFIC GROWTH5.0413.205.0410.31------0.010.140.14MSCI AC World Index ex USA Growth - Net Return

VP TEMPLETON4.756.644.7510.31------0.01-0.16-0.16MSCI ACWI Ex US (Custom) Benchmark

Emerging Markets Equity7.6810.217.689.957.509.95-0.00--0.010.01Manager Selection0.01

MSCI EMF (Emerging Markets) - Net Return--------7.509.95--------

VP ABERDEEN EM EQUITY4.9710.844.979.95--------0.040.04MSCI EMF (Emerging Markets) - Net Return

VP DFA EMERGING MARKETS2.718.612.719.95---------0.04-0.04MSCI EMF (Emerging Markets) - Net Return

Total Fixed Income52.214.4252.214.1852.504.830.00-0.330.13-0.20

Non-Core Fixed Income35.755.4035.755.0535.506.400.00-0.210.12-0.08Manager Selection EffectStyle Selection Effect

Bank Loans8.734.008.733.788.003.78-0.02--0.02-0.00Domestic Equity-0.00Domestic Equity0.1%

Credit Suisse Leveraged Loan Index--------8.003.78--------0.00

VP SHENKMAN CAPITAL8.734.008.733.78--------0.020.02Credit Suisse Leveraged Loan Index--

High Yield8.947.308.947.2310.007.26-0.01-0.000.01-0.00International Equity-0.00International Equity0.0%

VP PGIM HY8.947.308.947.23-------0.000.010.00Bloomberg Barclays US Aggregate Credit - Corporate - High Yield (BA-B) 1% Issuer Cap -0.00

Bloomberg Barclays US Aggregate Credit - Corporate - High Yield (1983)--------10.007.26---------0.00

Emerging Markets Debt9.995.879.996.3510.004.93-0.000.13-0.040.09Non-Core Fixed Income-0.00Non-Core Fixed Income-0.2%

JP Morgan GBI-EMGD--------5.00-6.21---------0.00

JP Morgan EMBI GD--------5.006.95----------

VP WELLINGTON EMD7.035.957.036.95------0.13-0.070.07JP Morgan EMBI GD0.00

VP STONE HARBOR EMD BLEND2.975.662.974.93--------0.020.02Stone Harbor Custom Benchmark-0.00

Convertible Bonds7.504.597.502.977.507.23-0.00-0.310.12-0.19Core Fixed Income0.00Core Fixed Income-0.1%

ICE BofAML Global 300 Convertible Index (VG00)--------7.507.23----------

VP ADVENT CAPITAL4.604.854.602.97------0.140.080.22TR Global Defensive Inv Grade USDH0.00

VP FEROX CAPITAL2.904.182.902.97------0.090.030.12TR Global Defensive Inv Grade USDH-0.00

Private Debt0.600.280.60-3.45-------0.020.030.00Hedge Funds0.00Hedge Funds0.0%

VP GOLUB CAPITAL0.600.280.60-3.45-------0.020.030.00S&P LSTA Lev Loan 3 Month Lag0.00

Core Fixed Income16.462.3216.462.3117.003.110.01-0.130.00-0.12Core Real Estate0.00Core Real Estate0.0%

TIPS4.953.214.953.195.003.190.00--0.000.00Private Equity0.01Private Equity0.0%

Bloomberg Barclays US Treasury Inflation Protected Notes (TIPS)--------5.003.19--------0.00

VP SSGA TIPS4.953.214.953.19--------0.000.00Bloomberg Barclays US Treasury Inflation Protected Notes (TIPS)0.00

Intermediate Credit3.043.603.043.555.003.55-0.01--0.00-0.01

Bloomberg Barclays US Intermediate Government/Credit--------5.003.55--------

VP BLACKROCK INTERMEDIATE BOND3.043.603.043.55--------0.000.00Bloomberg Barclays US Intermediate Government/Credit

Core Bonds8.471.338.471.367.002.94-0.00-0.13-0.00-0.14Equity-0.00Equity0.2%

VP SCHRODERS3.242.473.242.22-------0.020.01-0.02Bloomberg Barclays US Aggregate Securitized - MBS

VP INVESCO BV4.890.614.890.84-------0.10-0.01-0.11Stable Value Custom Benchmark

VP Prepaid Cash0.330.620.330.60-------0.010.00-0.01FTSE (3 M) Treasury Bill (LOC)

Bloomberg Barclays US Aggregate--------7.002.94--------

Alternatives15.963.0715.96-2.3215.00-0.48-0.09-0.000.860.77Fixed Income0.00Fixed Income-0.3%

Hedge Funds4.761.744.763.585.003.58-0.00---0.10-0.10Alternatives0.01Alternatives0.0%

VP BLACKSTONE HEDGE FUND4.761.744.763.58---------0.10-0.10HFRI Fund of Funds: Conservative

HFRI Fund of Funds: Conservative--------5.003.58--------

Core Real Estate2.231.572.231.505.001.52-0.06-0.000.00-0.05

VP AVENTURA LLC0.311.790.311.37-------0.000.000.00NCREIF Property 1Q in Arrears M^

VP UBS TRUMBULL1.921.531.921.52--------0.000.00NCREIF NFI ODCE Net 1Qtr in Arrears Index^

NCREIF NFI ODCE Net 1Qtr in Arrears Index^--------5.001.52----0.000.00

Private Equity 18.974.268.97-6.415.00-6.41-0.24--0.960.72

VP Private Equity accounts9.04.39.0-6.4--------1.01.0Seasoned/Unseasoned PE

Seasoned/Unseasoned PE--------5.0-6.4--------

1. Private Equity Benchmark consists of actual returns for first 4 years of each partnership, then MSCI ACWI IMI + 3%. One quarter lag due to valuations.

Total Fund Attribution First Quarter Ending March 31, 2019

Total Fund Performance

Total Value AddedTotal Fund BenchmarkTotal Fund 1.2552463514894363E-36.3E-26.4500000000000002E-2

Total Value Added: 0.15%

Asset Allocation-4.8610200744310106E-3

Total Manager Selection Effect: .78%

Core Real Estate1.9478215765378337E-4

Total Style Selection Effect: -0.17%

Core Real Estate0

Jan2019


USD

Total Fund Attribution

12/31/2018 to 01/31/2019

PortfolioStyle BenchPolicy BenchMacro AttributionStyle Benchmark

Actual Weight End of JanuaryActual WeightActual ReturnActual WeightTotal ReturnTarget WeightTotal ReturnAsset Allocation EffectStyle Selection EffectManager Selection EffectTotal EffectBlended Benchmark Name

Total FundVP TOTALVHEG00080000Prepaid529 Total Fund BMVHEGX0903008100.00100.004.42100.003.97100.004.14-0.270.090.450.28

4.420.450.28

Total EquityVP TOTAL EQUITYVHEG00070000Total Equity BMVHEGX090300732.3731.018.8331.019.1832.508.01-0.060.37-0.110.20

Total Domestic EquityVP DOMESTIC EQUITYVHEG00040000Domestic Equity BMVHEGX090300414.5613.7410.4813.7410.5315.008.58-0.010.27-0.010.25

VP VANGUARD 500VP VANGUARD 500VHEF26000002S&P 500 - Total Return IndexIX1F000794883.873.738.013.738.01-----0.02-0.00-0.02S&P 500 - Total Return

Russell 3000 - Total Return--15.00--------

VP WESTFIELD CAPITALVP WESTFIELD CAPITALVHEF21100002Russell 2500 Growth Index Perf OnlyIX1G003140485.084.7710.954.7711.91----0.16-0.050.11Russell 2500 Growth - Total Return

VP TS&WVP TS&WVHEF21300002TSW Custom BenchmarkVHEGX0903TSW3.212.9911.942.9911.18----0.080.020.10TSW Custom Benchmark

VP DONALD SMITHVP DONALD SMITHVHEF21200002Russell 2000 Value Index Perf OnlyIX1G003138482.412.2511.652.2510.94----0.050.020.07Russell 2000 Value - Total Return

Total International EquityVP INTERNATIONAL EQUITYVHEG00050000International Equity BMVHEGX090300517.8117.277.5217.278.1017.507.520.000.10-0.10-0.00

Developed Markets EquityVP Developed Markets EqVHEG40070000MSCI EAFE IndexIX1F000363689.859.567.409.567.5610.006.590.000.09-0.010.08

MSCI EAFE - Net Return----10.00--------

VP AMERICAN EUROPACIFIC GROWTHVP AMERICAN EUROPACIFIC GROWTHVHEF40100002MSCI All Country World Ex United States Net IndexIX1F0000114C5.074.898.184.897.56----0.050.030.08MSCI AC World Index ex USA Growth - Net Return

VP TEMPLETONVP TEMPLETONVHEF40200002CUSTOM ACWI ex US netVHEGX0903ACW4.784.676.594.677.56----0.05-0.050.00MSCI ACWI Ex US (Custom) Benchmark

Emerging Markets EquityVP Emerging Markets EqVHEG40080000MSCI Emerging Markets IndexIX1F000460087.977.717.667.718.767.508.760.00---0.09-0.08

MSCI EMF (Emerging Markets) - Net Return----7.50--------

VP ABERDEEN EM EQUITYVP ABERDEEN EM EQUITYVHEF40400002MSCI Emerging Markets IndexIX1F000460085.094.947.374.948.76-------0.07-0.07MSCI EMF (Emerging Markets) - Net Return

VP DFA EMERGING MARKETSVP DFA EMERGING MARKETSVHEF40600002MSCI Emerging Markets IndexIX1F000460082.882.778.162.778.76-------0.02-0.02MSCI EMF (Emerging Markets) - Net Return

Total Fixed IncomeVP FIXED INCOMEVHEG00060000Total Fixed Income BMVHEGX090300652.0052.372.8652.372.5352.503.050.00-0.270.17-0.10

Non-Core Fixed IncomeVP NON-CORE FIXED INCOMEVHEG00110000Non-Core Fixed Income BMVHEGX090301135.6935.693.7435.693.2635.504.740.00-0.290.17-0.12

Bank LoansBank LoansVHEF34010002Credit Suisse Leveraged Loan IndexIX1F0001346C8.668.802.618.802.308.002.30-0.02--0.030.01

Credit Suisse Leveraged Loan Index--8.00------

VP SHENKMAN CAPITALVP SHENKMAN CAPITALVHEF34010002Credit Suisse Leveraged Loan IndexIX1F0001346C8.668.802.618.802.30----0.030.03Credit Suisse Leveraged Loan Index

High YieldHigh YieldVHEF30700002Bloomberg Barclays U.S. Corporate High YieldIX1F000783188.928.904.468.904.3510.004.520.00-0.010.01-0.00

VP PGIM HYVP PGIM HYVHEF30700002Bloomberg Barclays US High Yield Ba/B 1% Issuer Cap IndexIX1F002640178.928.904.468.904.35---0.010.01-0.01Bloomberg Barclays US Aggregate Credit - Corporate - High Yield (BA-B) 1% Issuer Cap

Bloomberg Barclays US Aggregate Credit - Corporate - High Yield (1983)----10.00------

Emerging Markets DebtVP Emerging Markets DebtVHEG40060000Stone Harbor Blend Custom BencVHEGX0903GDI10.059.955.299.954.5710.004.93-0.00-0.040.070.04

JP Morgan GBI-EMGD----5.00------

JP Morgan EMBI GD----5.00------

VP WELLINGTON EMDVP WELLINGTON EMDVHEF30800002JP Morgan Emerging Markets Bond Index GDIX1F0000195C7.067.024.887.024.41---0.040.03-0.00JP Morgan EMBI GD

VP STONE HARBOR EMD BLENDVP STONE HARBOR EMD BLENDVHEF30930002Stone Harbor Blend Custom BencVHEGX0903GDI2.992.946.272.944.93----0.040.04Stone Harbor Custom Benchmark

Convertible BondsVP Convertible BondsVHEG40040000ICE BofAML Global 300 Convertible Index (VG00)IX1F0005077C7.437.562.467.561.597.504.760.00-0.240.07-0.17

ICE BofAML Global 300 Convertible Index (VG00)----7.50------

VP ADVENT CAPITALVP ADVENT CAPITALVHEF30310002Thomson Reuters Global Defensive Investment Grade USDH IndexIX1F003698474.554.642.374.641.59--0.070.040.11TR Global Defensive Inv Grade USDH

VP FEROX CAPITALVP FEROX CAPITALVHEF30320002Thomson Reuters Global Defensive Investment Grade USDH IndexIX1F003698472.882.932.612.931.59--0.050.030.08TR Global Defensive Inv Grade USDH

Private DebtPrivate DebtVHEF35010002S&P LSTA Lev Loan 3 Month LagVHEGX0903GOL0.620.48--0.48-0.03---0.000.00--

VP GOLUB CAPITALVP GOLUB CAPITALVHEF35010002S&P LSTA Lev Loan 3 Month LagVHEGX0903GOL0.620.48--0.48-0.03-----0.000.00--S&P LSTA Lev Loan 3 Month Lag

Core Fixed IncomeVP CORE FIXED INCOMEVHEG00100000Core Fixed Income BMVHEGX090300116.3116.670.9516.670.9617.001.230.01-0.04-0.00-0.04

TIPSVP TIPSVHEG40050000Bloomberg Barclays U.S. Treasury: US TIPS IndexIX1F002815484.865.161.395.161.355.001.350.00--0.000.00

Bloomberg Barclays US Treasury Inflation Protected Notes (TIPS)--5.00------

VP SSGA TIPSVP SSGA TIPSVHEF30900002Bloomberg Barclays U.S. Treasury: US TIPS IndexIX1F002815484.865.161.395.161.35--0.000.00Bloomberg Barclays US Treasury Inflation Protected Notes (TIPS)

Intermediate CreditVP Intermediate CreditVHEG40030000Bloomberg Barclays U.S. Credit-Intermediate IndexIX1F000018783.023.091.633.091.605.001.60-0.01--0.00-0.01

Bloomberg Barclays US Intermediate Government/Credit--5.00------

VP BLACKROCK INTERMEDIATE BONDVP BLACKROCK INTERMEDIATE BONDVHEF26027002Bloomberg Barclays U.S. Credit-Intermediate IndexIX1F000018783.023.091.633.091.60----0.000.00Bloomberg Barclays US Intermediate Government/Credit

Core BondsVP Core BondsVHEG40020000Bloomberg Barclays U.S. Aggregate Bond IndexIX1F000038488.438.420.458.420.497.001.06-0.00-0.05-0.00-0.05

VP SCHRODERSVP SCHRODERSVHEF34020002Bloomberg Barclays US Securitized IndexIX1F001808273.213.320.813.320.80-----0.010.00-0.01Bloomberg Barclays US Aggregate Securitized - MBS

VP INVESCO BVVP INVESCO BVVHEF52000002Stable Value Port BenchmarkVHEGX0903VH74.845.030.215.030.28-----0.04-0.00-0.04Stable Value Custom Benchmark

VP Prepaid CashVP Prepaid CashVHEF10500002FTSE Treasury Bill-3 MonthIX1F000016680.380.060.190.060.20-----0.00-0.00-0.00FTSE (3 M) Treasury Bill (LOC)

Bloomberg Barclays US Aggregate----7.00--------

AlternativesVP ALTERNATIVE INVESTMENTSVHEG00090000Alternatives BMVHEGX090300915.6216.621.1416.62-1.1915.00-0.48-0.080.000.390.31

Hedge FundsVP Hedge FundsVHEG40010000HFRI Fund of Funds Conservative IndexIX1F0000608C4.475.28-0.785.281.895.001.890.01---0.14-0.13

VP BLACKSTONE HEDGE FUNDVP BLACKSTONE HEDGE FUNDVHEF28030002HFRI Fund of Funds Conservative IndexIX1F0000608C4.465.28-0.785.281.89-----0.14-0.14HFRI Fund of Funds: Conservative

HFRI Fund of Funds: Conservative----5.00------

Core Real EstateVP Core Real EstateVHEG40000000NCREIF NFI ODCE Net 1Qtr in Arrears IndexÎX1G003692072.202.290.082.290.065.00---0.010.000.00-0.01

VP AVENTURA LLCVP AVENTURA LLCVHEF10200002NCREIF Property 1Q in Arrears MÎX1F000786280.310.320.600.320.46--0.000.000.00NCREIF Property 1Q in Arrears M^

VP UBS TRUMBULLVP UBS TRUMBULLVHEF80100002NCREIF NFI ODCE Net 1Qtr in Arrears IndexÎX1G003692071.901.98--1.98----------NCREIF NFI ODCE Net 1Qtr in Arrears Index^

NCREIF NFI ODCE Net 1Qtr in Arrears Index^VP AURORA OFFSHOREVHEF28010002HFRI Fund of Funds Conservative IndexIX1F0000608C0.000.00--0.005.00------

Private EquityVP Private Equity accountsVHEG00190000Seasoned/Unseasoned PEVHEGX0903PRE8.959.052.519.05-3.315.00-3.31-0.11--0.530.41

VP Private Equity accountsVP Private Equity accountsVHEG00190000Seasoned/Unseasoned PEVHEGX0903PRE8.959.052.519.05-3.31------0.530.53Seasoned/Unseasoned PE

Seasoned/Unseasoned PE--------5.00--------

Feb2019


USD


01/31/2019 to 02/28/2019


Actual Weight End of FebruaryActual WeightActual ReturnActual WeightTotal ReturnTarget WeightTotal ReturnAsset Allocation EffectStyle Selection EffectManager Selection EffectTotal EffectBlended Benchmark Name

Total FundVP TOTALVHEG00080000Prepaid529 Total Fund BMVHEGX0903008100.00100.001.06100.001.46100.001.230.020.21-0.4051-0.18

1.06-0.4052-0.17

Total EquityVP TOTAL EQUITYVHEG00070000Total Equity BMVHEGX090300732.1332.371.7432.372.6732.502.47-0.000.07-0.30-0.23

Total Domestic EquityVP DOMESTIC EQUITYVHEG00040000Domestic Equity BMVHEGX090300414.8114.562.5014.564.4815.003.52-0.000.14-0.29-0.15

VP VANGUARD 500VP VANGUARD 500VHEF26000002S&P 500 - Total Return IndexIX1F000794883.963.873.213.873.21-----0.01-0.00-0.01S&P 500 - Total Return

Russell 3000 - Total Return--15.00--------

VP WESTFIELD CAPITALVP WESTFIELD CAPITALVHEF21100002Russell 2500 Growth Index Perf OnlyIX1G003140485.265.084.375.086.59----0.16-0.110.04Russell 2500 Growth - Total Return

VP TS&WVP TS&WVHEF21300002TSW Custom BenchmarkVHEGX0903TSW3.233.211.283.213.12-----0.01-0.06-0.07TSW Custom Benchmark

VP DONALD SMITHVP DONALD SMITHVHEF21200002Russell 2000 Value Index Perf OnlyIX1G003138482.362.41-0.972.413.89----0.01-0.12-0.11Russell 2000 Value - Total Return

Total International EquityVP INTERNATIONAL EQUITYVHEG00050000International Equity BMVHEGX090300517.3217.811.1217.811.1817.501.56-0.00-0.07-0.01-0.08

Developed Markets EquityVP Developed Markets EqVHEG40070000MSCI EAFE IndexIX1F000363689.969.851.949.851.9510.002.56-0.00-0.06-0.00-0.06

MSCI EAFE - Net Return----10.00--------

VP AMERICAN EUROPACIFIC GROWTHVP AMERICAN EUROPACIFIC GROWTHVHEF40100002MSCI All Country World Ex United States Net IndexIX1F0000114C5.165.072.535.071.95-----0.030.03-0.00MSCI AC World Index ex USA Growth - Net Return

VP TEMPLETONVP TEMPLETONVHEF40200002CUSTOM ACWI ex US netVHEGX0903ACW4.804.781.324.781.95-----0.03-0.03-0.06MSCI ACWI Ex US (Custom) Benchmark

Emerging Markets EquityVP Emerging Markets EqVHEG40080000MSCI Emerging Markets IndexIX1F000460087.367.970.117.970.237.500.23-0.01-0.00-0.01-0.02

MSCI EMF (Emerging Markets) - Net Return----7.50--------

VP ABERDEEN EM EQUITYVP ABERDEEN EM EQUITYVHEF40400002MSCI Emerging Markets IndexIX1F000460084.895.090.345.090.23------0.010.01MSCI EMF (Emerging Markets) - Net Return

VP DFA EMERGING MARKETSVP DFA EMERGING MARKETSVHEF40600002MSCI Emerging Markets IndexIX1F000460082.472.88-0.622.880.23-------0.02-0.02MSCI EMF (Emerging Markets) - Net Return

Total Fixed IncomeVP FIXED INCOMEVHEG00060000Total Fixed Income BMVHEGX090300652.2552.000.7852.000.8652.500.600.000.13-0.040.10

Non-Core Fixed IncomeVP NON-CORE FIXED INCOMEVHEG00110000Non-Core Fixed Income BMVHEGX090301135.8735.691.0835.691.1935.501.120.00-0.00-0.04-0.04

Bank LoansBank LoansVHEF34010002Credit Suisse Leveraged Loan IndexIX1F0001346C8.738.661.588.661.578.001.570.00--0.000.00

Credit Suisse Leveraged Loan Index--8.00------

VP SHENKMAN CAPITALVP SHENKMAN CAPITALVHEF34010002Credit Suisse Leveraged Loan IndexIX1F0001346C8.738.661.588.661.57----0.000.00Credit Suisse Leveraged Loan Index

High YieldHigh YieldVHEF30700002Bloomberg Barclays U.S. Corporate High YieldIX1F000783188.998.921.528.921.6610.001.66-0.01-0.00-0.01-0.02

VP PGIM HYVP PGIM HYVHEF30700002Bloomberg Barclays US High Yield Ba/B 1% Issuer Cap IndexIX1F002640178.998.921.528.921.66---0.00-0.01-0.01Bloomberg Barclays US Aggregate Credit - Corporate - High Yield (BA-B) 1% Issuer Cap

Bloomberg Barclays US Aggregate Credit - Corporate - High Yield (1983)----10.00------

Emerging Markets DebtVP Emerging Markets DebtVHEG40060000Stone Harbor Blend Custom BencVHEGX0903GDI9.9710.05-0.0710.050.6910.00-0.05-0.000.07-0.08-0.00

JP Morgan GBI-EMGD----5.00------

JP Morgan EMBI GD----5.00------

VP WELLINGTON EMDVP WELLINGTON EMDVHEF30800002JP Morgan Emerging Markets Bond Index GDIX1F0000195C7.007.06-0.047.061.00--0.07-0.070.00JP Morgan EMBI GD

VP STONE HARBOR EMD BLENDVP STONE HARBOR EMD BLENDVHEF30930002Stone Harbor Blend Custom BencVHEGX0903GDI2.972.99-0.132.99-0.05-----0.00-0.00Stone Harbor Custom Benchmark

Convertible BondsVP Convertible BondsVHEG40040000ICE BofAML Global 300 Convertible Index (VG00)IX1F0005077C7.507.431.647.431.027.501.96-0.00-0.070.05-0.02

ICE BofAML Global 300 Convertible Index (VG00)----7.50------


VP FEROX CAPITALVP FEROX CAPITALVHEF30320002Thomson Reuters Global Defensive Investment Grade USDH IndexIX1F003698472.902.881.402.881.02--0.030.010.04TR Global Defensive Inv Grade USDH

Private DebtPrivate DebtVHEF35010002S&P LSTA Lev Loan 3 Month LagVHEGX0903GOL0.680.62--0.62-0.90---0.010.01--

VP GOLUB CAPITALVP GOLUB CAPITALVHEF35010002S&P LSTA Lev Loan 3 Month LagVHEGX0903GOL0.680.62--0.62-0.90-----0.010.01--S&P LSTA Lev Loan 3 Month Lag

Core Fixed IncomeVP CORE FIXED INCOMEVHEG00100000Core Fixed Income BMVHEGX090300116.3816.310.1216.310.1317.000.030.000.02-0.000.02

TIPSVP TIPSVHEG40050000Bloomberg Barclays U.S. Treasury: US TIPS IndexIX1F002815484.834.86-0.034.86-0.015.00-0.010.00---0.00-0.00

Bloomberg Barclays US Treasury Inflation Protected Notes (TIPS)--5.00------

VP SSGA TIPSVP SSGA TIPSVHEF30900002Bloomberg Barclays U.S. Treasury: US TIPS IndexIX1F002815484.834.86-0.034.86-0.01---0.00-0.00Bloomberg Barclays US Treasury Inflation Protected Notes (TIPS)

Intermediate CreditVP Intermediate CreditVHEG40030000Bloomberg Barclays U.S. Credit-Intermediate IndexIX1F000018783.003.020.343.020.345.000.34-0.01--0.00-0.01

Bloomberg Barclays US Intermediate Government/Credit--5.00------


Core BondsVP Core BondsVHEG40020000Bloomberg Barclays U.S. Aggregate Bond IndexIX1F000038488.558.430.128.430.147.00-0.06-0.000.02-0.000.01

VP SCHRODERSVP SCHRODERSVHEF34020002Bloomberg Barclays US Securitized IndexIX1F001808273.183.210.033.21-0.05----0.000.000.00Bloomberg Barclays US Aggregate Securitized - MBS

VP INVESCO BVVP INVESCO BVVHEF52000002Stable Value Port BenchmarkVHEGX0903VH74.814.840.184.840.26----0.02-0.000.01Stable Value Custom Benchmark

VP Prepaid CashVP Prepaid CashVHEF10500002FTSE Treasury Bill-3 MonthIX1F000016680.540.380.210.380.19----0.000.000.00FTSE (3 M) Treasury Bill (LOC)

Bloomberg Barclays US Aggregate----7.00--------

AlternativesVP ALTERNATIVE INVESTMENTSVHEG00090000Alternatives BMVHEGX090300915.6215.620.5515.620.9915.000.72-0.000.00-0.07-0.07

Hedge FundsVP Hedge FundsVHEG40010000HFRI Fund of Funds Conservative IndexIX1F0000608C4.524.472.074.470.885.000.88-0.00--0.050.05

VP BLACKSTONE HEDGE FUNDVP BLACKSTONE HEDGE FUNDVHEF28030002HFRI Fund of Funds Conservative IndexIX1F0000608C4.524.462.074.460.88----0.050.05HFRI Fund of Funds: Conservative

HFRI Fund of Funds: Conservative----5.00------

Core Real EstateVP Core Real EstateVHEG40000000NCREIF NFI ODCE Net 1Qtr in Arrears IndexÎX1G003692072.192.200.082.200.065.00--0.020.000.000.02

VP AVENTURA LLCVP AVENTURA LLCVHEF10200002NCREIF Property 1Q in Arrears MÎX1F000786280.310.310.590.310.46--0.000.000.00NCREIF Property 1Q in Arrears M^

VP UBS TRUMBULLVP UBS TRUMBULLVHEF80100002NCREIF NFI ODCE Net 1Qtr in Arrears IndexÎX1G003692071.881.90--1.90----------NCREIF NFI ODCE Net 1Qtr in Arrears Index^

NCREIF NFI ODCE Net 1Qtr in Arrears Index^VP AURORA OFFSHOREVHEF28010002HFRI Fund of Funds Conservative IndexIX1F0000608C0.000.004.090.005.00--0.000.00

Private EquityVP Private Equity accountsVHEG00190000Seasoned/Unseasoned PEVHEGX0903PRE8.918.95-0.088.951.275.001.270.02---0.12-0.10

VP Private Equity accountsVP Private Equity accountsVHEG00190000Seasoned/Unseasoned PEVHEGX0903PRE8.918.95-0.088.951.27-------0.12-0.12Seasoned/Unseasoned PE


Mar2019


USD


02/28/2019 to 03/31/2019


Actual Weight End of Period Actual WeightActual ReturnActual WeightTotal ReturnTarget WeightTotal ReturnAsset Allocation EffectStyle Selection EffectManager Selection EffectTotal EffectBlended Benchmark Name

Total FundVP TOTALVHEG00080000Prepaid529 Total Fund BMVHEGX0903008100.00100.000.87100.000.14100.000.84-0.24-0.470.730.03

0.870.730.03

Total EquityVP TOTAL EQUITYVHEG00070000Total Equity BMVHEGX090300731.8532.130.8632.130.2332.501.10-0.00-0.270.20-0.07

Total Domestic EquityVP DOMESTIC EQUITYVHEG00040000Domestic Equity BMVHEGX090300414.6014.810.4114.81-0.3215.001.46-0.00-0.260.11-0.16

VP VANGUARD 500VP VANGUARD 500VHEF26000002S&P 500 - Total Return IndexIX1F000794884.043.961.953.961.94----0.020.000.02S&P 500 - Total Return

Russell 3000 - Total Return----15.00--------

VP WESTFIELD CAPITALVP WESTFIELD CAPITALVHEF21100002Russell 2500 Growth Index Perf OnlyIX1G003140485.295.260.435.26-0.25-----0.090.04-0.05Russell 2500 Growth - Total Return

VP TS&WVP TS&WVHEF21300002TSW Custom BenchmarkVHEGX0903TSW3.213.23-0.643.23-1.33-----0.090.02-0.07TSW Custom Benchmark

VP DONALD SMITHVP DONALD SMITHVHEF21200002Russell 2000 Value Index Perf OnlyIX1G003138482.072.36-0.892.36-2.88-----0.100.05-0.06Russell 2000 Value - Total Return

Total International EquityVP INTERNATIONAL EQUITYVHEG00050000International Equity BMVHEGX090300517.2417.321.2417.320.7117.500.790.00-0.010.090.08

Developed Markets EquityVP Developed Markets EqVHEG40070000MSCI EAFE IndexIX1F000363689.729.960.489.960.6010.000.740.00-0.01-0.01-0.03

MSCI EAFE - Net Return------10.00--------

VP AMERICAN EUROPACIFIC GROWTHVP AMERICAN EUROPACIFIC GROWTHVHEF40100002MSCI All Country World Ex United States Net IndexIX1F0000114C4.975.162.065.160.60-----0.010.080.07MSCI AC World Index ex USA Growth - Net Return

VP TEMPLETONVP TEMPLETONVHEF40200002CUSTOM ACWI ex US netVHEGX0903ACW4.744.80-1.264.800.60-----0.01-0.09-0.10MSCI ACWI Ex US (Custom) Benchmark

Emerging Markets EquityVP Emerging Markets EqVHEG40080000MSCI Emerging Markets IndexIX1F000460087.537.362.267.360.867.500.86-0.00--0.100.10

MSCI EMF (Emerging Markets) - Net Return------7.50--------

VP ABERDEEN EM EQUITYVP ABERDEEN EM EQUITYVHEF40400002MSCI Emerging Markets IndexIX1F000460085.034.892.874.890.86------0.100.10MSCI EMF (Emerging Markets) - Net Return

VP DFA EMERGING MARKETSVP DFA EMERGING MARKETSVHEF40600002MSCI Emerging Markets IndexIX1F000460082.502.471.052.470.86------0.000.00MSCI EMF (Emerging Markets) - Net Return

Total Fixed IncomeVP FIXED INCOMEVHEG00060000Total Fixed Income BMVHEGX090300652.2552.250.7352.250.7552.501.12-0.00-0.19-0.01-0.20

Non-Core Fixed IncomeVP NON-CORE FIXED INCOMEVHEG00110000Non-Core Fixed Income BMVHEGX090301136.0835.870.5135.870.5435.500.46-0.000.09-0.010.07

Bank LoansBank LoansVHEF34010002Credit Suisse Leveraged Loan IndexIX1F0001346C8.728.73-0.228.73-0.128.00-0.12-0.00---0.01-0.01

Credit Suisse Leveraged Loan Index----8.00------

VP SHENKMAN CAPITALVP SHENKMAN CAPITALVHEF34010002Credit Suisse Leveraged Loan IndexIX1F0001346C8.728.73-0.228.73-0.12-----0.01-0.01Credit Suisse Leveraged Loan Index

High YieldHigh YieldVHEF30700002Bloomberg Barclays U.S. Corporate High YieldIX1F000783189.108.991.188.991.0810.000.94-0.000.010.010.02

VP PGIM HYVP PGIM HYVHEF30700002Bloomberg Barclays US High Yield Ba/B 1% Issuer Cap IndexIX1F002640179.108.991.188.991.08--0.010.010.02Bloomberg Barclays US Aggregate Credit - Corporate - High Yield (BA-B) 1% Issuer Cap

Bloomberg Barclays US Aggregate Credit - Corporate - High Yield (1983)------10.00------

Emerging Markets DebtVP Emerging Markets DebtVHEG40060000Stone Harbor Blend Custom BencVHEGX0903GDI10.049.970.629.971.0110.000.050.000.10-0.040.06

JP Morgan GBI-EMGD------5.00------

JP Morgan EMBI GD------5.00------

VP WELLINGTON EMDVP WELLINGTON EMDVHEF30800002JP Morgan Emerging Markets Bond Index GDIX1F0000195C7.087.001.077.001.42--0.10-0.020.07JP Morgan EMBI GD

VP STONE HARBOR EMD BLENDVP STONE HARBOR EMD BLENDVHEF30930002Stone Harbor Blend Custom BencVHEGX0903GDI2.962.97-0.442.970.05-----0.01-0.01Stone Harbor Custom Benchmark

Convertible BondsVP Convertible BondsVHEG40040000ICE BofAML Global 300 Convertible Index (VG00)IX1F0005077C7.537.500.437.500.337.500.380.00-0.000.010.00

ICE BofAML Global 300 Convertible Index (VG00)------7.50------


VP FEROX CAPITALVP FEROX CAPITALVHEF30320002Thomson Reuters Global Defensive Investment Grade USDH IndexIX1F003698472.902.900.132.900.33--0.01-0.010.00TR Global Defensive Inv Grade USDH

Private DebtPrivate DebtVHEF35010002S&P LSTA Lev Loan 3 Month LagVHEGX0903GOL0.690.680.290.68-2.54---0.020.020.00

VP GOLUB CAPITALVP GOLUB CAPITALVHEF35010002S&P LSTA Lev Loan 3 Month LagVHEGX0903GOL0.690.680.290.68-2.54-----0.020.020.00S&P LSTA Lev Loan 3 Month Lag

Core Fixed IncomeVP CORE FIXED INCOMEVHEG00100000Core Fixed Income BMVHEGX090300116.1716.381.2316.381.2117.001.83-0.00-0.100.00-0.10

TIPSVP TIPSVHEG40050000Bloomberg Barclays U.S. Treasury: US TIPS IndexIX1F002815484.924.831.824.831.845.001.84-0.00---0.00-0.00

Bloomberg Barclays US Treasury Inflation Protected Notes (TIPS)----5.00------

VP SSGA TIPSVP SSGA TIPSVHEF30900002Bloomberg Barclays U.S. Treasury: US TIPS IndexIX1F002815484.924.831.824.831.84---0.00-0.00Bloomberg Barclays US Treasury Inflation Protected Notes (TIPS)

Intermediate CreditVP Intermediate CreditVHEG40030000Bloomberg Barclays U.S. Credit-Intermediate IndexIX1F000018783.053.001.593.001.575.001.570.01--0.000.01

Bloomberg Barclays US Intermediate Government/Credit----5.00------


Core BondsVP Core BondsVHEG40020000Bloomberg Barclays U.S. Aggregate Bond IndexIX1F000038488.208.550.768.550.727.001.920.00-0.100.00-0.10

VP SCHRODERSVP SCHRODERSVHEF34020002Bloomberg Barclays US Securitized IndexIX1F001808273.243.181.613.181.46-----0.010.00-0.01Bloomberg Barclays US Aggregate Securitized - MBS

VP INVESCO BVVP INVESCO BVVHEF52000002Stable Value Port BenchmarkVHEGX0903VH74.824.810.224.810.29-----0.08-0.00-0.08Stable Value Custom Benchmark

VP Prepaid CashVP Prepaid CashVHEF10500002FTSE Treasury Bill-3 MonthIX1F000016680.120.540.220.540.21-----0.010.00-0.01FTSE (3 M) Treasury Bill (LOC)

Bloomberg Barclays US Aggregate------7.00--------

AlternativesVP ALTERNATIVE INVESTMENTSVHEG00090000Alternatives BMVHEGX090300915.9015.621.3515.62-2.1115.00-0.71-0.01-0.000.540.53

Hedge FundsVP Hedge FundsVHEG40010000HFRI Fund of Funds Conservative IndexIX1F0000608C4.554.520.464.520.775.000.77-0.01---0.01-0.02

VP BLACKSTONE HEDGE FUNDVP BLACKSTONE HEDGE FUNDVHEF28030002HFRI Fund of Funds Conservative IndexIX1F0000608C4.544.520.464.520.77-----0.01-0.01HFRI Fund of Funds: Conservative

HFRI Fund of Funds: Conservative------5.00------

Core Real EstateVP Core Real EstateVHEG40000000NCREIF NFI ODCE Net 1Qtr in Arrears IndexÎX1G003692072.222.191.402.191.375.001.52-0.06-0.000.00-0.07

VP AVENTURA LLCVP AVENTURA LLCVHEF10200002NCREIF Property 1Q in Arrears MÎX1F000786280.300.310.590.310.46---0.000.00-0.00NCREIF Property 1Q in Arrears M^

VP UBS TRUMBULLVP UBS TRUMBULLVHEF80100002NCREIF NFI ODCE Net 1Qtr in Arrears IndexÎX1G003692071.911.881.531.881.52----0.000.00NCREIF NFI ODCE Net 1Qtr in Arrears Index^

NCREIF NFI ODCE Net 1Qtr in Arrears Index^VP AURORA OFFSHOREVHEF28010002HFRI Fund of Funds Conservative IndexIX1F0000608C0.00------5.00------

Private EquityVP Private Equity accountsVHEG00190000Seasoned/Unseasoned PEVHEGX0903PRE9.148.911.798.91-4.425.00-4.42-0.14--0.550.41

VP Private Equity accountsVP Private Equity accountsVHEG00190000Seasoned/Unseasoned PEVHEGX0903PRE9.148.911.798.91-4.42------0.550.55Seasoned/Unseasoned PE


April 2019

May2019

May-19

June2019

July2019

Jul-19

Aug2019

Sep2019

Oct2019

Nov2019

Dec2019

Invest529 andCollegeAmerica

38

Investment Structure

Conservative

Aggressive

Do it for me

Tier I Lifecycle Funds

Diversified InflationUS Equity

Total Stock Market US REIT SEC

FDIC-Insured Portfolio

Global Equity

US ALL Cap Equity

Socially Targeted

Target Date Funds Age-Based Evolving

Portfolios

Target Risk Funds Static Index Portfolios

Target Risk Funds Static Non-Index Portfolios

Core Fixed Income Total Bond Market

Inflation Protection Sec

Core Plus Fixed Income

World ex-US Equity Total International Stock

Guide me

Tier III Active Core

Stable ValueCapital Preservation

Tier II Passive Core

Let me do it

Tier IV Speciality

Global Equity

Do it for me Guide me Let me do it

39

Options v. Morningstar Universe Low Expense Ratio

2019 Direct-Sold Investment Options' Expense Ratio

Straight Average

Asset-Weighted Average

Morningstar Invest529 Morningstar Invest529

Target Date1

Active 0.79% N/A 0.78% N/A

Blend 0.60% 0.36% 0.62% 0.36%

Passive 0.32% N/A 0.26% N/A

Static2

Active 0.76% 0.46% 0.87% 0.32%

Blend 0.69% 0.44% 0.61% 0.48%

Passive 0.36% 0.15% 0.23% 0.13%Source: Morningstar, Inc.1. Morningstar straight averages from “What’s New with 529 Plans” as of April 1, 2017. Asset-weighted averages from page 23 of 2016 College Savings Plan Landscape Report.2. Morningstar straight and asset-weighted averages from page 23 of 2016 College Savings Plan Landscape Report.

Virginia529 expenses as of 3/31/2019

Morningstar Categories: Active: > 80% ActiveBlend: > 20%, < 80% ActivePassive: < 20% Active

Invest529 Target Date1: 73% Active Management

40

• Provides a defined contribution saving vehicle as a complement to Prepaid529

• Consistent returns – long-term outperformance relative to benchmarks

• Institutional share class fees – no minimum investment beyond $25 opening balance

• Periodic review of offerings – leverage research and analysis of Prepaid529 portfolio

• Low-cost mix of passively and actively-managed static portfolios and target date portfolios

• Two-year transition step prior to final evolution in target date portfolios

o 100% Fixed-Income (65% stable value, 20% bond index, 10% emerging debt, 5% high-yield bonds) transitioning to 100% stable value

o Maintain conservative mix while recognizing continued tuition increases while in college

• Flexible glide path entry based on participant’s risk tolerance, with suggested age bands

o Beneficiary age ranges are suggestions only – allows for a more conservative or aggressive track depending on investor preference

• Progressive glide path – Target Date Rebalancing Policy provides for interim changes to smooth the evolution between three-year stages

41

CollegeAmerica offers a 529 education savings optionthrough financial advisors and brokers

Investment options: American Funds mutual funds (closed architecture)

• Performance reviewed quarterly by IAC and Board• American Funds mutual fund investment options approved annually• Annual investment and operations due diligence reviews by staff

and Board• Daily operations interactions and monthly

marketing/legislative/industry calls• Investment management by Capital Research & Management Co.

Account Information as of March 31, 2019• 2,368,054 unique active accounts• 1,368,566 unique account owners• $64.88 billion – assets under management

(partnership between Virginia529 and Capital Research Group)

42

2018

RATINGS

PARENT

POSITIVE

PROCESS

POSITIVE

PRICE

POSITIVE

PERFORMANCE

POSITIVE

PEOPLE

POSITIVE

Rating: Identify plans with an ability to outperform their respective benchmarks and peer group on a risk-adjusted basis over a full market cycle.Morningstar rates plans/programs that utilize mutual funds by forward, qualitative ratings using medalist categories: gold, silver, bronze, neutral,

and negative.

Morningstar Analysis

“Virginia, the state with the most 529 plan assets, has the scale and resources to run its own plan through its Virginia529 organization.

“Virgina529 takes a broad approach, cosponsoring Reading Makes Cents, a program that introduces financial literacy to elementary school-aged students. Virginia529 also partners with community organizations to advise residents on college savings options and grants up to $2,000 in scholarship accounts to qualified students who face financial obstacles.”

“The plan has long included a strong investment lineup, and in 2016, it trimmed the program management fee to 0.10% from 0.15%. In 2018, the plan’s overseers switched to lower-cost share classes for certain offerings, which reduced fees by 0.02 percentage points.”

“American Funds’ impressive equity and multi-asset lineup are well-established, and it’s made substantial improvements to its bond funds, warranting two upgrades to Bronze in late 2017. CollegeAmerica’smedal count now stands at an impressive 19, solidifying the plan’s Silver rating.”

“The plan offers some of the lowest-priced investments in the advisor-sold space, which gives investors a discernible head start over the competition.”

“The equity options are a diverse bunch, but they're all united by a long-term outlook and multimanager structure that have produced low-turnover and well-diversified portfolios.”

“The plan remains a strong advisor-sold college savings plan [with] about $59 billion in assets as of year-end 2018.”

“Silver-rated CollegeAmerica—the largest 529 plan by roughly $36 billion—is advisor-sold. ”

“Virginia has long been a leader in the 529 industry and a strong steward. Its independent state agency, Virginia529, works closely with a consultant to serve as both the sponsor and program administrator of its Gold-rated direct-sold Invest529.”

43

- Morningstar 2019 529 College-Savings Plan Landscape

44

FY2019 Investment Highlights

Prepaid529 and Invest529

New Portfolio Launch: Global Equity

Portfolio Enhancement: Enhanced rate on FDIC-Insured Portfolio by 60 basis points through negotiations and addition of CD products to monetize excess liquidity

Enhanced Performance Reporting and Monitoring:

• Implemented Performance Monitoring system• Macro Attribution Approach to portfolio evaluation• Expanded Manager Due Diligence Program

Virginia529.comToll-Free 1.888.567.0540

[email protected]

45

able-now.comToll-Free 1.844.669.2253

[email protected]

Facebook.com/VA529

@Virginia529

Facebook.com/ABLEnowVA

@ABLEnowVA

Joint Legislative Audit and Review Commission�Slide Number 2Slide Number 3Virginia529 Sponsored ProgramsSlide Number 5Slide Number 6Slide Number 7Slide Number 8Slide Number 9Slide Number 10Slide Number 11Slide Number 12Slide Number 13SOAR Virginia® TimelineSlide Number 15Slide Number 16Slide Number 17Slide Number 18Slide Number 19Slide Number 20Slide Number 21Slide Number 22Slide Number 23Slide Number 24Slide Number 25Slide Number 26Slide Number 27Slide Number 28Prepaid529 Investment ObjectivesSlide Number 30Prepaid529 Asset AllocationsPrepaid529 Asset Liability StudySlide Number 33JLARC 2018 �Prepaid529 Program Benchmarking ReviewSlide Number 35Slide Number 36Slide Number 37Slide Number 38Slide Number 39Slide Number 40Slide Number 41Slide Number 42Slide Number 43Slide Number 44Slide Number 45

july 15, 2019 joint legislative audit and review...

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