TD Ameritrade Trust Company Collective Investment Funds ... · Growth Fund, Managed Retirement Moderate Fund, and Managed Retirement Real Asset Fund (six of the funds constituting

TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans Managed Retirement Funds Financial Reports May 31, 2019

Contents

Independent auditor’s report 1-2 Financial statements

Statements of financial condition 3 Schedules of investments 4-6 Statements of operations 7 Statements of changes in participants’ interest 8 Financial highlights 9 Notes to financial statements 10-16

Other financial information (unaudited)

Summary schedules of monthly values (unaudited) 17 Summary schedules of investment changes (unaudited) 18-20

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Independent Auditor’s Report To the Trust Committee TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans Managed Retirement Funds Report on the Financial Statements We have audited the accompanying financial statements of the Managed Retirement Aggressive Fund, Managed Retirement Balanced Fund, Managed Retirement Conservative Fund, Managed Retirement Growth Fund, Managed Retirement Moderate Fund, and Managed Retirement Real Asset Fund (six of the funds constituting the TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans), which comprise the statements of financial condition, including the schedules of investments, as of May 31, 2019, and the related statements of operations, changes in participants’ interest and financial highlights for the year then ended, and the related notes to the financial statements. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Managed Retirement Aggressive Fund, Managed Retirement Balanced Fund, Managed Retirement Conservative Fund, Managed Retirement Growth Fund, Managed Retirement Moderate Fund, and Managed Retirement Real Asset Fund as of May 31, 2019, and the results of their operations and their financial highlights for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matter Our audits were conducted for the purpose of forming an opinion on the basic financial statements as a whole. The accompanying other financial information is presented for purposes of additional analysis and is not a required part of the financial statements. Such information has not been subjected to the auditing procedures applied in the audits of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it.

Denver, Colorado September 23, 2019

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TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans

Statements of Financial Condition

Managed Managed Managed Managed Managed ManagedRetirement Retirement Retirement Retirement Retirement RetirementAggressive Balanced Conservative Growth Moderate Real Asset

Fund Fund Fund Fund Fund FundAssets

Investments at fair value(1) 19,776,034 $ 69,547,792 $ 26,263,632 $ 51,744,009 $ 22,904,000 $ 5,513,291 $ Cash and cash equivalents - 397 249 - 273 173 Dividend receivable 13,392 83,264 39,319 44,205 32,431 3,174 Receivable for investments sold 27,812 - - 37,264 - -

Total assets 19,817,238 $ 69,631,453 $ 26,303,200 $ 51,825,478 $ 22,936,704 $ 5,516,638 $

Liabilities and Participants’ Interest

Liabilities:Trustee fees payable - Share Class I 1,280 $ 4,567 $ 1,740 $ 3,431 $ 1,499 $ 359 $ Trustee fees payable - Share Class II 91 221 55 168 58 17 Custodian fees payable - Share Class II 284 692 173 525 180 54 Audit fees payable 498 1,477 459 700 391 104 Payable for investments purchased 11,434 52,783 23,515 28,857 19,892 2,896 Payable to affiliate 26,544 - - 37,191 - -

Total liabilities 40,131 59,740 25,942 70,872 22,020 3,430

Participants’ interest:Participants’ interest - Share Class I 18,466,385 66,364,035 25,468,612 49,333,201 22,079,542 5,260,054 Participants’ interest - Share Class II 1,310,722 3,207,678 808,646 2,421,405 835,142 253,154

Total participants’ interest 19,777,107 69,571,713 26,277,258 51,754,606 22,914,684 5,513,208

Total liabilities and participants’ interest 19,817,238 $ 69,631,453 $ 26,303,200 $ 51,825,478 $ 22,936,704 $ 5,516,638 $

(1) Cost 18,885,267 $ 65,654,749 $ 25,369,229 $ 48,335,219 $ 22,064,475 $ 5,379,983 $

See notes to financial statements.

Managed Retirement Funds

May 31, 2019

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TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit PlansManaged Retirement Funds

Schedules of Investments May 31, 2019

Fair Value Fair Valueas a % of as a % of

Participants’ Number of Participants’ Number of

Interest(1) Shares Cost Fair Value Interest(1) Shares Cost Fair ValueShort-term money market fund:

Federated Treasury Obligation Fund 9.9% 1,956,616 1,956,616 $ 1,956,616 $ 10.7% 7,424,146 7,424,146 $ 7,424,146 $ Total short-term money market fund 9.9% 1,956,616 1,956,616 1,956,616 10.7% 7,424,146 7,424,146 7,424,146

Collective investment funds:Alternative:

AQR Diversifying STR Collective Trust 2.9% 59,171 582,774 578,139 2.9% 207,799 2,023,915 2,030,340 Total alternative 2.9% 59,171 582,774 578,139 2.9% 207,799 2,023,915 2,030,340

Fixed income: Galliard Wells Fargo Stable Value Fund D - - - - 11.3% 337,716 7,491,639 7,854,235

Total fixed income - - - - 11.3% 337,716 7,491,639 7,854,235

Total collective investment funds 2.9% 59,171 582,774 578,139 14.2% 545,515 9,515,554 9,884,575

Exchange traded fund:Commodities:

SPDR Gold Shares 3.0% 4,890 598,118 603,063 3.0% 17,153 2,083,205 2,115,420 Total commodities 3.0% 4,890 598,118 603,063 3.0% 17,153 2,083,205 2,115,420

Total exchange traded fund 3.0% 4,890 598,118 603,063 3.0% 17,153 2,083,205 2,115,420

Mutual funds:International stock:

DFA Emerg Mkts Core Equity Portfolio 1.1% 10,559 204,898 210,552 0.7% 24,501 452,743 488,550 DFA International Small Cap Value I 1.7% 19,897 411,737 342,818 0.9% 38,056 797,604 655,700 Hartford Intl Value 4.0% 57,198 997,568 788,187 2.2% 109,183 1,918,771 1,504,542 Invesco Oppenheimer Devel Markets Fund 2.8% 13,453 576,459 549,409 1.7% 28,387 1,211,338 1,159,331 Oppenheimer Int’l Small-Mid Cap I 5.1% 21,840 923,328 1,002,882 2.4% 36,496 1,513,036 1,675,913 TCW Emerging Markets Income I - - - - 2.7% 229,476 1,852,095 1,854,168 Vanguard Intl. Growth Fund 5.5% 12,634 1,219,567 1,097,532 4.1% 32,861 3,108,012 2,854,598

Total international stock 20.2% 135,581 4,333,557 3,991,380 14.7% 498,960 10,853,599 10,192,802

U.S. bond:DoubleLine Total Return Bond Fund 7.5% 138,610 1,463,283 1,473,423 14.7% 965,252 10,141,854 10,260,626 PIMCO Income Fund - - - - 7.0% 404,786 4,878,638 4,877,670

Total U.S. bond 7.5% 138,610 1,463,283 1,473,423 21.7% 1,370,038 15,020,492 15,138,296

U.S. stock:American Washington Mutual Investor Fund 10.5% 47,120 1,985,318 2,084,587 7.1% 112,194 4,728,776 4,963,444 DoubleLine Shiller Enhanced CAPE I 10.4% 142,099 1,886,881 2,054,748 7.0% 337,609 4,260,505 4,881,824 TRowe Price New Horizon 9.7% 32,432 1,621,738 1,911,528 5.0% 58,518 2,867,174 3,449,027 Vanguard Russell 1000 Growth Index Fund 16.8% 11,335 2,670,809 3,317,445 11.4% 27,099 5,456,022 7,931,189 Vanguard S&P Sml Cap 600 Value Index 9.1% 7,213 1,786,173 1,805,105 5.1% 14,253 3,445,276 3,567,069

Total U.S. stock 56.5% 240,199 9,950,919 11,173,413 35.6% 549,673 20,757,753 24,792,553

Total mutual funds 84.2% 514,390 15,747,759 16,638,216 72.0% 2,418,671 46,631,844 50,123,651

Total investments 100.0% 2,535,067 18,885,267 $ 19,776,034 $ 99.9% 10,405,485 65,654,749 $ 69,547,792 $

(1) Percentage of participants’ interest may not recompute as fair value and participants’ interest are rounded.

(Continued)

Managed Retirement Aggressive Fund Managed Retirement Balanced Fund

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Schedules of Investments (Continued) May 31, 2019




Federated Treasury Obligation Fund 6.8% 1,799,716 1,799,716 $ 1,799,716 $ 8.4% 4,349,498 4,349,498 $ 4,349,498 $ Total short-term money market fund 6.8% 1,799,716 1,799,716 1,799,716 8.4% 4,349,498 4,349,498 4,349,498



Fixed income:Galliard Wells Fargo Stable Value Fund D 29.0% 327,258 7,265,595 7,611,010 5.7% 126,713 2,828,343 2,946,966

Total fixed income 29.0% 327,258 7,265,595 7,611,010 5.7% 126,713 2,828,343 2,946,966

Total collective investment funds 31.9% 404,628 8,006,184 8,366,963 8.6% 282,273 4,348,334 4,466,893

Exchange traded fund:Commodities:

SPDR Gold Shares 2.9% 6,224 763,439 767,598 2.9% 12,305 1,511,232 1,517,531 Total commodities 2.9% 6,224 763,439 767,598 2.9% 12,305 1,511,232 1,517,531

Total exchange traded fund 2.9% 6,224 763,439 767,598 2.9% 12,305 1,511,232 1,517,531


DFA Emerg Mkts Core Equity Portfolio 0.3% 3,594 65,302 71,670 0.9% 23,733 434,627 473,233 DFA International Small Cap Value I 0.3% 4,640 94,973 79,944 1.5% 44,245 920,481 762,340 Hartford Intl Value 1.1% 20,114 341,443 277,165 4.0% 151,970 2,648,839 2,094,150 Invesco Oppenheimer Devel Markets Fund 0.7% 4,359 187,101 178,026 2.3% 28,858 1,237,579 1,178,543 Oppenheimer Int’l Small-Mid Cap I 0.9% 4,889 201,697 224,515 3.9% 43,556 1,809,582 2,000,098 TCW Emerging Markets Income I 3.1% 101,045 818,036 816,444 1.3% 86,331 696,776 697,555

Vanguard Intl. Growth Fund 1.9% 5,781 553,046 502,203 4.8% 28,866 2,757,027 2,507,594 Total international stock 8.2% 144,422 2,261,598 2,149,967 18.8% 407,559 10,504,911 9,713,513

U.S. bond:DoubleLine Total Return Bond Fund 22.0% 542,906 5,699,124 5,771,088 8.0% 388,700 4,086,764 4,131,886 PIMCO Income Fund 11.9% 258,992 3,113,347 3,120,853 4.1% 174,500 2,101,726 2,102,719

Total U.S. bond 33.9% 801,898 8,812,471 8,891,941 12.1% 563,200 6,188,490 6,234,605

U.S. stock:American Washington Mutual Investor Fund 3.4% 20,322 855,329 899,061 9.2% 107,557 4,535,254 4,758,322 DoubleLine Shiller Enhanced CAPE I 3.4% 61,843 792,677 894,244 9.2% 330,220 4,236,121 4,774,979 TRowe Pr New Horizon 1.9% 8,387 432,744 494,327 7.5% 66,058 3,229,312 3,893,460 Vanguard Russell 1000 Growth Index Fund 5.5% 4,967 1,103,512 1,453,605 15.2% 26,839 5,503,345 7,854,851 Vanguard S&P Sml Cap 600 Value Index 2.1% 2,183 541,559 546,210 8.1% 16,704 3,928,722 4,180,357

Total U.S. stock 16.3% 97,702 3,725,821 4,287,447 49.2% 547,378 21,432,754 25,461,969

Total mutual funds 58.4% 1,044,022 14,799,890 15,329,355 80.1% 1,518,137 38,126,155 41,410,087

Total investments 100.1% 3,254,590 25,369,229 $ 26,263,632 $ 100.0% 6,162,213 48,335,219 $ 51,744,009 $


(Continued)

Managed Retirement Conservative Fund Managed Retirement Growth Fund

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Schedules of Investments (Continued)May 31, 2019




Federated Treasury Obligation Fund 8.8% 2,007,909 2,007,909 $ 2,007,909 $ 5.0% 273,868 273,868 $ 273,868 $ Total short-term money market fund 8.8% 2,007,909 2,007,909 2,007,909 5.0% 273,868 273,868 273,868



Fixed income:Galliard Wells Fargo Stable Value Fund D 22.7% 223,296 4,944,705 5,193,187 33.2% 78,730 1,780,378 1,831,010

Total fixed income 22.7% 223,296 4,944,705 5,193,187 33.2% 78,730 1,780,378 1,831,010

Total collective investment funds 25.5% 289,409 5,576,099 5,839,156 53.2% 191,668 2,897,741 2,934,496

Exchange traded funds:Commodities:

Aberdeen ST Physical Palladium ETF - - - - 2.8% 1,238 126,750 155,079 Invesco DB Agriculture Fund - - - - 2.4% 7,803 134,912 129,691 Invesco DB Base Metal ETF - - - - 1.1% 3,900 64,748 59,638 Invesco DB Commodity Index Fund - - - - 1.5% 5,463 87,796 82,657 Materials Select Sector SPDR Trust - - - - 1.5% 1,586 85,349 83,670 SPDR Gold Shares 2.8% 5,239 642,453 646,149 3.0% 1,331 157,248 164,150

Total commodities 2.8% 5,239 642,453 646,149 12.3% 21,321 656,803 674,885

U.S. Bond:iShares Lehman 20+Yr Treasury Bond Fund - - - - 3.1% 1,287 161,159 169,710

Total U.S. bond - - - - 3.1% 1,287 161,159 169,710

U.S. real estate:Vanguard REIT ETF - - - - 4.9% 3,117 241,861 270,838

Total U.S. real estate - - - - 4.9% 3,117 241,861 270,838

U.S. stock:Vanguard Utilities ETF - - - - 5.6% 2,403 269,683 311,404 Energy Select Sector SPDR Fund ETF - - - - 1.4% 1,331 87,208 78,209

Total U.S. stock - - - - 7.0% 3,734 356,891 389,613

Total exchange traded funds 2.8% 5,239 642,453 646,149 27.3% 29,459 1,416,714 1,505,046


DFA Emerg Mkts Core Equity Portfolio 0.4% 4,599 85,258 91,700 - - - - DFA International Small Cap Value I 0.5% 6,640 134,689 114,412 - - - - Hartford Intl Val 1.5% 25,346 442,511 349,273 - - - - Invesco Oppenheimer Devel Markets Fund 1.0% 5,661 240,765 231,202 - - - - Oppenheimer Int’l Small-Mid Cap I 1.3% 6,326 266,902 290,479 - - - - TCW Emerging Markets Income I 3.6% 100,839 813,868 814,779 4.4% 30,289 244,713 244,736 Vanguard Intl. Growth Fund 2.7% 7,214 675,082 626,687 - - - -

Total international stock 11.0% 156,625 2,659,075 2,518,532 4.4% 30,289 244,713 244,736

U.S. bond:DoubleLine Total Return Bond Fund 19.2% 412,942 4,337,471 4,389,577 10.1% 52,224 546,947 555,145 PIMCO Income Fund 10.2% 193,440 2,326,085 2,330,952 - - - -

Total U.S. bond 29.4% 606,382 6,663,556 6,720,529 10.1% 52,224 546,947 555,145

U.S. stock:American Washington Mutual Investor Fund 4.6% 23,892 1,006,403 1,056,999 - - - - DoubleLine Shiller Enhanced CAPE I 4.6% 73,480 961,190 1,062,524 - - - - TRowe Pr New Horizon 2.8% 10,801 561,793 636,603 - - - - Vanguard Russell 1000 Growth Index Fund 7.5% 5,906 1,322,446 1,728,654 - - - - Vanguard S&P Sml Cap 600 Value Index 3.0% 2,745 663,551 686,945 - - - -

Total U.S. stock 23.5% 116,824 4,515,383 5,171,725 - - - -

Total mutual funds 63.9% 879,831 13,838,014 14,410,786 14.5% 82,513 791,660 799,881

Total investments 100.0% 3,182,388 22,064,475 $ 22,904,000 $ 100.0% 577,508 5,379,983 $ 5,513,291 $



Managed Retirement Real Asset FundManaged Retirement Moderate Fund

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Statements of Operations


Fund Fund Fund Fund Fund FundInvestment income:

Dividends 281,648 $ 1,193,334 $ 457,250 $ 851,021 $ 372,553 $ 79,954 $ Total investment income 281,648 1,193,334 457,250 851,021 372,553 79,954

Expenses:Custodian fees - Share Class II 3,188 8,070 1,544 6,908 2,178 649 Audit fees 2,500 9,360 3,364 7,172 2,694 763 Trustee fees - Share Class I 14,083 53,141 19,929 40,202 15,896 4,305 Trustee fees - Share Class II 1,020 2,582 494 2,211 697 208

Total expenses 20,791 73,153 25,331 56,493 21,465 5,925

Net investment income 260,857 1,120,181 431,919 794,528 351,088 74,029

Realized and unrealized gain on investments:Net realized gain on investments 241,900 408,168 25,846 907,951 133,613 26,085 Net change in unrealized appreciation on investments (1,435,641) (2,573,038) (207,877) (3,335,642) (350,293) (95,810) Distributions of realized gains by underlying investment

companies 609,472 1,392,838 227,787 1,446,025 257,228 -

Net gain (loss) on investments (584,269) (772,032) 45,756 (981,666) 40,548 (69,725)

Net increase (decrease) in participants’interest resulting from operations (323,412) $ 348,149 $ 477,675 $ (187,138) $ 391,636 $ 4,304 $



Year Ended May 31, 2019

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Statements of Changes in Participants’ Interest

Units Amount Units Amount Units Amount Units Amount Units Amount Units Amount

Participants’ interest as of May 31, 2018 1,001,519 18,010,582$ 3,739,271 69,154,284$ 1,313,961 22,842,844$ 2,949,500 54,380,606$ 1,090,561 19,294,681$ 474,803 5,827,414$

Net investment income 260,857 1,120,181 431,919 794,528 351,088 74,029 Net realized gain on investments 241,900 408,168 25,846 907,951 133,613 26,085 Net change in unrealized appreciation on investments (1,435,641) (2,573,038) (207,877) (3,335,642) (350,293) (95,810) Distributions of realized gains by underlying investment companies 609,472 1,392,838 227,787 1,446,025 257,228 -

Net increase (decrease) in participants’ interest resulting from operations (323,412) 348,149 477,675 (187,138) 391,636 4,304

participating unit transactions:

Issuance of units - Share Class I 288,104 5,148,261 579,788 10,692,983 445,044 7,757,471 475,488 8,602,292 440,460 7,767,694 37,802 460,274 Issuance of units - Share Class II 34,344 631,061 58,529 1,178,606 72,632 1,290,016 22,156 456,730 19,281 332,198 12,901 152,648 Redemption of units - Share Class I (186,569) (3,228,367) (605,616) (11,104,822) (284,038) (4,953,209) (579,832) (10,554,500) (254,819) (4,518,951) (61,712) (752,497) Redemption of units - Share Class II (24,591) (461,018) (34,578) (697,487) (64,043) (1,137,539) (47,837) (943,384) (20,266) (352,574) (15,058) (178,935)

Net increase (decrease) in participants’ interest resulting from participating unit transactions 111,288 2,089,937 (1,877) 69,280 169,595 2,956,739 (130,025) (2,438,862) 184,656 3,228,367 (26,067) (318,510)

Participants’ interest as of May 31, 2019 1,112,807 19,777,107 $ 3,737,394 69,571,713 $ 1,483,556 26,277,258 $ 2,819,475 51,754,606 $ 1,275,217 22,914,684 $ 448,736 5,513,208 $


Increase (decrease) in participants’ interest resulting from

Increase (decrease) in participants' interest resulting from operations:

Real Asset Fund



Moderate FundGrowth FundConservative FundBalanced FundAggressive FundManaged Retirement Managed Retirement Managed Retirement Managed Retirement Managed Retirement Managed Retirement

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Financial Highlights


Fund Class I Fund Class I Fund Class I Fund Class I Fund Class I Fund Class ISelected per unit data:

Unit value beginning of year 17.93 $ 18.44 $ 17.37 $ 18.33 $ 17.71 $ 12.28 $

Increase (decrease) from investment operations(b):Net investment income(a) 0.25 0.30 0.30 0.28 0.30 0.16 Net gain (loss) on investments (0.46) (0.19) 0.02 (0.35) (0.02) (0.14)

Total from investment operations (0.21) 0.11 0.32 (0.07) 0.28 0.02

Unit value end of year 17.72 $ 18.55 $ 17.69 $ 18.26 $ 17.99 $ 12.30 $

Total return(b) (1.17)% 0.60% 1.84% (0.38)% 1.58% 0.16%

Ratios and supplemental data:Participants’ interest, end of year 18,466,385 $ 66,364,035 $ 25,468,612 $ 49,333,201 $ 22,079,542 $ 5,260,054 $ Ratio of net investment income to average participants’ interest 1.40% 1.62% 1.70% 1.51% 1.70% 1.32%Ratio of expenses to average participants’ interest 0.09% 0.09% 0.09% 0.09% 0.09% 0.09%


Fund Class II Fund Class II Fund Class II Fund Class II Fund Class II Fund Class IISelected per unit data:

Unit value beginning of year 18.87 $ 19.97 $ 18.05 $ 20.61 $ 17.30 $ 12.09 $

Increase (decrease) from investment operations(b):Net investment income(a) 0.20 0.28 0.28 0.28 0.25 0.13 Net gain (loss) on investments (0.47) (0.21) 0.02 (0.41) (0.02) (0.15)

Total from investment operations (0.27) 0.07 0.30 (0.13) 0.23 (0.02)

Unit value end of year 18.60 $ 20.04 $ 18.35 $ 20.48 $ 17.53 $ 12.07 $

Total return(b) (1.43)% 0.35% 1.66% (0.63)% 1.33% (0.17)%

Ratios and supplemental data:Participants’ interest, end of year 1,310,722 $ 3,207,678 $ 808,646 $ 2,421,405 $ 835,142 $ 253,154 $ Ratio of net investment income to average participants’ interest 1.09% 1.43% 1.52% 1.35% 1.46% 1.10%Ratio of expenses to average participants’ interest 0.34% 0.34% 0.35% 0.34% 0.34% 0.34%

(a)Net investment income per unit was calculated using the average shares method.

as presented on the statements of operations.



These financial highlights are calculated based on a unit holder’s account that is outstanding for the entire period and may not be indicative of the future performance of the Funds.

(b)Due to timing of participant unit transactions, the per unit amounts and total return presented may not agree with the change in aggregate gains and

TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans Managed Retirement Funds Notes to Financial Statements

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Note 1. Organization

The Managed Retirement Funds (the Funds) are collective investment funds established under the Declaration of Trust establishing the TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans (Declaration of Trust) to provide for the collective investment and reinvestment of assets of qualified employer sponsored retirement plans. TD Ameritrade Trust Company (TDATC, referred to herein as the Trustee) serves as the trustee, custodian, transfer agent, and record-keeper for the Funds. Axia Advisory Corporation (referred to herein as the Sub-Advisor) provides investment sub- advisory services for the Funds. Each fund offers two share classes, Share Class I and Share Class II, which differ by their allocation of class specific expenses as outlined in Note 5. The following describes the individual Funds, as set forth in the Declaration of Trust: Managed Retirement Aggressive Fund: The Aggressive Fund is an asset allocation fund whose primary objective is capital growth. The Fund is invested in a diversified mix of underlying vehicles including mutual funds, exchange-traded funds (ETF), stable value and other pooled funds. The Aggressive Fund typically invests 90% of its assets in equities, a portion of which is allocated to international equities and real estate, and 10% in bonds, a portion of which is allocated to international bonds, stable value funds and cash vehicles. Tactical changes may be made to take advantage of valuation opportunities from time to time. To ensure the Fund’s strategy remains consistent, the allocation may be rebalanced when it deviates significantly from strategic targets. Investors in this fund should be willing to accept significant fluctuation in value and be able to tolerate the market risk that comes from the volatility of capital markets. The underlying investments will use a combination of passive and active strategies and will be evaluated on a regular basis. Managed Retirement Balanced Fund: The Balanced Fund is an asset allocation fund whose primary objective is a combination of growth of capital and income. The Fund is invested in a diversified mix of underlying vehicles including mutual funds, ETFs, stable value and other pooled funds. The Balanced Fund typically invests 60% of its assets in equities, a portion of which is allocated to international equities and real estate, and 40% in bonds, a portion of which is allocated to international bonds, stable value funds, and cash vehicles. Tactical changes may be made to take advantage of valuation opportunities from time to time. To ensure the Fund’s strategy remains consistent, the allocation may be rebalanced when it deviates significantly from strategic targets. Investors in this fund should be willing to accept fluctuation in value and be able to tolerate the market risk that comes from the volatility of capital markets. The underlying investments will use a combination of passive and active strategies and will be evaluated on a regular basis. Managed Retirement Conservative Fund: The Conservative Fund is an asset allocation fund whose primary objective is income and stability. It is designed for investors near or already in retirement. The Fund is invested in a diversified mix of vehicles including mutual funds, ETFs, stable value and other pooled funds. The Conservative Fund typically invests 30% of its assets in equities, a portion of which is allocated to international equities and real estate, and 70% in bonds, a portion of which is allocated to international bonds, stable value funds and cash vehicles. Tactical changes may be made to take advantage of valuation opportunities from time to time. To ensure the Fund’s strategy remains consistent, the allocation may be rebalanced when it deviates significantly from strategic targets. Investors in this fund should be willing to accept fluctuation in value and be able to tolerate the market risk that comes from the volatility of capital markets.


11

Note 1. Organization (Continued)

The underlying investments will use a combination of passive and active strategies and will be evaluated on a regular basis. Managed Retirement Growth Fund: The Growth Fund is an asset allocation fund whose primary objective is growth of capital with some consideration for income. The Fund is invested in a diversified mix of underlying vehicles including mutual funds, ETFs, stable value and other pooled funds. The Growth Fund typically invests 75% of its assets in equities, a portion of which is allocated to international equities and real estate, and 25% in bonds, a portion of which is allocated to international bonds, stable value funds, and cash vehicles. Tactical changes may be made to take advantage of valuation opportunities from time to time. To ensure the Fund’s strategy remains consistent, the allocation may be rebalanced when it deviates significantly from strategic targets. Investors in this fund should be willing to accept fluctuation in value and be able to tolerate the market risk that comes from the volatility of capital markets. The underlying investments will use a combination of passive and active strategies and will be evaluated on a regular basis. Managed Retirement Moderate Fund: The Moderate Fund is an asset allocation fund whose primary objective is a combination of current income and growth of capital. The Fund is invested in a diversified mix of underlying vehicles including mutual funds, ETFs, stable value and other pooled funds. The Moderate Fund typically invests 40% of its assets in equities, a portion of which is allocated to international equities and real estate, and 60% in bonds, a portion of which is allocated to international bonds, stable value funds, and cash vehicles. Tactical changes may be made to take advantage of valuation opportunities from time to time. To ensure the Fund’s strategy remains consistent, the allocation may be rebalanced when it deviates significantly from strategic targets. Investors in this fund should be willing to accept modest fluctuation in value and be able to tolerate the market risk that comes from the volatility of capital markets. The underlying investments will use a combination of passive and active strategies and will be evaluated on a regular basis. Managed Retirement Real Asset Fund: The Real Asset Fund is an asset allocation fund whose primary objective is income and stability. It is designed for investors concerned about the prospect of rising inflation. The Fund is invested in a diversified mix of underlying vehicles including mutual funds, ETFs, stable value and other pooled funds. The Real Asset Fund will allocate its investments among stable value investments, domestic and international fixed income, real estate and REITs, commodities and natural resources, and other alternative investment strategies. Allocations will be monitored and tactically adjusted to take advantage of valuation opportunities from time to time. The fund may be rebalanced when it deviates significantly from strategic targets. Investors in this fund should be willing to accept fluctuation in value and be able to tolerate the market risk that comes from the volatility of capital markets. The underlying investments will use a combination of passive and active strategies and will be evaluated on a regular basis.


12

Note 2. Summary of Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in the preparation of the financial statements. Principles of accounting: The financial statements have been prepared in accordance with generally accepted accounting principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition and results of operations. The Funds each meet the definition of an investment company and therefore follow the investment company guidance in FASB Accounting Standards Codification (ASC) 946. Use of estimates: The preparation of financial statements in conformity with GAAP requires the Funds’ Trustee to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported results of operations during the reporting period. Estimates include determination of fair value of investments. Actual results could differ from those estimates. Cash and cash equivalents: The Funds consider all highly liquid instruments with original maturities of three months or less at the acquisition date to be cash equivalents. Cash balances of the Funds pending investment or disbursement may be placed overnight into a deposit account provided by an affiliate of the Trustee. The balance held on behalf of a Fund in the deposit account may be in excess of federally insured limits; however, management of the Funds does not believe the Funds are exposed to any significant credit risk. Investment valuation: The Funds record investments at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds utilize valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. The three levels of the fair value hierarchy are described below: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds

have the ability to access at the measurement date. The Funds do not adjust the quoted price for these investments, even in situations where the Funds hold a large position and a sale could reasonably impact the quoted price.

Level 2: Inputs other than quoted prices within Level 1 that are observable for the asset or liability,

either directly or indirectly. A significant adjustment to a Level 2 input could result in the Level 2 measurement becoming a Level 3 measurement.

Level 3: Inputs are unobservable for the asset or liability and include situations where there is little, if

any, market activity for the asset or liability. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation.

Investments valued using net asset value as a practical expedient are excluded from the fair value hierarchy.


13

Note 2. Summary of Significant Accounting Policies (Continued)

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Funds’ assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and takes into consideration factors specific to the investment. A description of the valuation techniques applied to the Funds’ major categories of assets measured at fair value on a recurring basis follows: Short-term money market funds, mutual funds and exchange traded funds: Short-term money market funds, mutual funds, and exchange traded funds are measured at fair value on a recurring basis using Level 1 inputs based on quoted prices for identical assets in active markets as of the measurement date. The inputs or methodology used for valuing investments are not necessarily an indication of the risks associated with investing in those investments. Collective investment funds: As a practical expedient, the valuation of investments in other funds is generally equal to the reported net asset value (NAV) of the investment fund, without adjustment, as the reported NAV represents fair value based on observable data such as ongoing redemption or subscription activity. The Trustee may adjust the valuation obtained from the investment fund if it is aware of information indicating that a value reported does not accurately reflect the value of the investment fund. In determining fair value the Trustee may consider various factors, including the financial statements of the investment fund as well as any other relevant valuation information to determine if any adjustments should be made to the NAV reported by the investment fund. The fair value of the Funds’ investments in the investment funds generally represents the amount the Funds would expect to receive if they were to liquidate their investments in the funds. However, certain funds may provide the manager of the fund with the ability to suspend or postpone redemptions (a gate), or a (lock-in period) upon initial subscription, within which the Funds may not redeem in a timely manner. If there is an imposition of a gate, if a “lock-in period” in excess of three months is remaining at the fair value measurement date, or if the Funds may not redeem its holding in the fund within three months or less, the Trustee’s ability to validate or verify the NAV through redeeming may be impaired. The Funds assess the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Funds’ accounting policies regarding the recognition of transfers between levels of the fair value hierarchy. For the year ended May 31, 2019, there were no transfers between levels. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. Investment transactions and dividends: Investment transactions are recorded on the trade date. Realized gains and losses on investment transactions are determined on the average lot cost method and are included as net realized gain (loss) on investments in the accompanying statements of operations. The difference between the cost and the fair value of open investments is reflected as unrealized appreciation (depreciation) on investments, and any change in that amount from the prior period is reflected in the accompanying statements of operations. Dividend income is recognized on the ex- dividend date. Capital gain dividends from Underlying Investment Companies are recorded as distributions of realized gains from Underlying Investment Companies.


14

Note 2. Summary of Significant Accounting Policies (Continued)

Allocation of income and expenses: Income, audit fee expenses, and the gains/losses of each Fund are allocated on a pro-rata basis to each class of shares, except for trustee, sub-advisor, and if applicable, custodian fees, which are unique to each class of shares. Federal income taxes: Each of the Funds qualify as a “group trust” and the Funds as established under the trust are exempt from taxation. Accordingly, the financial results of the Funds contain no provision for income taxes. The FASB provides guidance for how uncertain tax positions should be recognized, measured, disclosed and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more likely than not” to be sustained “when challenged” or “when examined” by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and liability in the current year. As of May 31, 2019, and for the year then ended, management has determined that there are no material uncertain tax positions. The Funds file income tax returns in U.S. federal jurisdiction. The current and prior three tax years generally remain subject to examination by U.S. federal tax authorities. Statement of cash flows: The Funds have elected not to provide a statement of cash flows as permitted by GAAP accounting standards as all of the following conditions have been met: a. During the period, substantially all of the entity's investments were carried at fair value and

classified as Level 1 or Level 2 measurements, or were measured using the practical expedient and are redeemable in the near term;

b. The Funds had little or no debt during the period; and

c. The Funds’ financial statements include statements of changes in participants’ interest. Participant transactions: The unit values of the Funds are determined at the close of each business day that the New York Stock Exchange is open for business. Units may be issued and redeemed on any business day at the daily unit value. All earnings, gains, and losses of the Funds are reflected in the computation of the daily unit value and are realized by the participants upon redemption from the Funds. Net investment income and net realized gains are reinvested, and thus, there are no distributions of net investment income or net realized gains to participants. Recent accounting pronouncements: In August 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements for fair value measurements. The effect of adopting this ASU will result in the removal or modification of certain fair value disclosures presented in the Funds’ financial statements. This ASU is effective for fiscal years ending after December 15, 2019. Subsequent events: The Trustee, as manager of the Funds, has evaluated the period after the financial statement date through September 23, 2019, the date the financial statements were available to be issued. On June 28, 2019, Matrix Trust Company, a Colorado state-chartered non-depository trust company, acquired Trustee’s retirement plan custody and trust business. This included the TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans. On June 28, 2019, Matrix Trust Company assumed the Declaration of Trust establishing the TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans and became Trustee for the Funds.


15

Note 3. Investments

As of May 31, 2019, investments in collective investment funds fair valued using the practical expedient are as follows:

% of

TD Ameritrade Collective Participants’ Investment Redemptions

Investment Fund Investee Fund Interest Objective Permitted*

Managed Retirement Balanced Fund Galliard Wells Fargo Stable Value Fund D 11.3% Fixed Income Daily

Managed Retirement Conservative Fund Galliard Wells Fargo Stable Value Fund D 29.0% Fixed Income Daily

Managed Retirement Growth Fund Galliard Wells Fargo Stable Value Fund D 5.7% Fixed Income Daily

Managed Retirement Moderate Fund Galliard Wells Fargo Stable Value Fund D 22.7% Fixed Income Daily

Managed Retirement Real Asset Fund Galliard Wells Fargo Stable Value Fund D 33.2% Fixed Income Daily

Managed Retirement Aggressive Fund AQR Diversifying STR Collective Trust 2.9% Alternative Daily

Managed Retirement Balanced Fund AQR Diversifying STR Collective Trust 2.9% Alternative Daily

Managed Retirement Conservative Fund AQR Diversifying STR Collective Trust 2.9% Alternative Daily

Managed Retirement Growth Fund AQR Diversifying STR Collective Trust 2.9% Alternative Daily

Managed Retirement Moderate Fund AQR Diversifying STR Collective Trust 2.8% Alternative Daily

Managed Retirement Real Asset Fund AQR Diversifying STR Collective Trust 20.0% Alternative Daily

*The general partner or sponsor of the respective investment fund reserves the right to require a 12-month notice for withdrawal of assets from the investment fund by the Trustee. Requests for redemptions by the Funds’ participants are not subject to this restriction. There are no current plans to sell the investments in the investment fund as of May 31, 2019. Information about the investment fund’s portfolio as of the date of these financial statements is not available to the Funds and therefore, disclosure of the Funds’ proportionate ownership is not being disclosed.

Note 4. Related-Party Transactions

For liquidity and administrative purposes, the Funds seek to maintain at least 3% of their assets in cash or cash equivalent. The cash component for the Funds could have been composed of a bank depository account provided by an affiliate of the Trustee or a short-term money market fund. The short-term money market fund option provided is the Federated Treasury Obligation Fund, which is not an affiliate of the Trustee. In the event the audit fee impacts the Funds’ unit values as determined on a daily basis, by an amount greater than $0.005 per unit, the Trustee will assume such excess audit fees. In addition, if the audit fees caused the Funds’ total expenses, including the expenses of the underlying assets, to exceed 2% of average participants’ interest annually, the Trustee will assume such excess audit fees. For the year ended May 31, 2019, the Trustee did not assume any fees. As of May 31, 2019, certain funds had a payable to affiliate relating to overnight advances of cash from the Trustee, which are included on the statements of financial condition: Managed Retirement Aggressive Fund 26,544 $ Managed Retirement Growth Fund 37,191


16

Note 5. Fees

The Trustee charges the Funds a fee equal to 0.08% for Share Class I and 0.33% for Share Class II per annum of total assets applicable to each respective share class. This fee accrues on a daily basis and is payable monthly in arrears. For Share Class II, a portion of the Trustee Fee, 0.25%, is paid to the Sub-Advisor for sub-advisory services provided to the Funds or to a qualified custodian for unit holder servicing and administrative services, which is presented on the statements of operations as Custodian fees—Share Class II. The Trustee may serve as a qualified custodian, in which case the 0.25% will be paid directly to the participating trust account.

Note 6. Risks and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties that provide indemnifications under certain circumstances. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. The Funds expect the risk of future obligation under these indemnifications to be remote. The managers of underlying collective investment funds in which the Funds may invest, may utilize derivative instruments with off-balance-sheet risk. The Funds’ exposure to risk is limited to the amount of their investment in the underlying collective investment funds.

Other Financial Information (Unaudited)

17


Summary Schedules of Monthly Values (Unaudited)Year Ended May 31, 2019

Units Unit Units Unit Units Unit Units Unit Units Unit Units Unit

Month End Outstanding Value Outstanding Value Outstanding Value Outstanding Value Outstanding Value Outstanding Value

May 31, 2018 940,795 17.93 $ 3,603,140 18.44 $ 1,278,469 17.37 $ 2,805,609 18.33 $ 1,041,930 17.71 $ 451,671 12.28 $

June 30, 2018 951,864 17.93 3,613,555 18.43 1,277,525 17.37 2,811,174 18.33 1,047,532 17.71 451,976 12.24

July 31, 2018 962,368 18.32 3,569,605 18.71 1,359,078 17.51 2,807,188 18.68 1,051,356 17.90 448,967 12.22

August 31, 2018 980,582 18.70 3,630,738 18.94 1,440,151 17.62 2,738,621 19.01 1,017,313 18.05 445,301 12.26

September 30, 2018 984,313 18.64 3,639,814 18.93 1,443,923 17.64 2,744,017 18.97 1,022,101 18.06 441,151 12.25

October 31, 2018 999,076 17.27 3,665,015 18.07 1,458,599 17.28 2,719,411 17.80 1,087,403 17.54 440,636 12.09

November 30, 2018 1,019,761 17.43 3,629,686 18.19 1,445,087 17.34 2,734,074 17.94 1,101,890 17.61 441,446 12.09

December 31, 2018 961,468 16.15 3,567,890 17.38 1,440,811 17.00 2,746,577 16.85 1,166,402 17.14 436,334 11.89

January 31, 2019 981,683 17.37 3,575,435 18.22 1,461,207 17.41 2,758,433 17.95 1,179,841 17.67 438,214 12.15

February 28, 2019 982,507 17.93 3,586,352 18.59 1,463,778 17.58 2,772,774 18.43 1,190,380 17.91 436,567 12.26

March 31, 2019 1,004,814 18.03 3,570,816 18.72 1,462,327 17.69 2,718,645 18.55 1,187,878 18.03 436,412 12.34

April 30, 2019 1,021,724 18.61 3,557,203 19.11 1,487,003 17.88 2,701,590 19.07 1,208,693 18.29 437,614 12.37

May 31, 2019 1,042,330 17.72 3,577,312 18.55 1,439,476 17.69 2,701,265 18.26 1,227,571 17.99 427,762 12.30

Units Unit Units Unit Units Unit Units Unit Units Unit Units Unit

Month End Outstanding Value Outstanding Value Outstanding Value Outstanding Value Outstanding Value Outstanding Value

May 31, 2018 60,724 18.87 $ 136,131 19.97 $ 35,492 18.05 $ 143,891 20.61 $ 48,631 17.30 $ 23,132 12.09 $

June 30, 2018 62,294 18.87 137,306 19.96 26,344 18.05 145,592 20.60 44,323 17.30 23,180 12.04

July 31, 2018 64,190 19.27 136,447 20.25 26,309 18.19 147,018 21.00 50,437 17.48 23,218 12.02

August 31, 2018 65,343 19.67 166,365 20.50 26,445 18.30 147,729 21.36 50,658 17.63 25,476 12.05

September 30, 2018 65,221 19.61 166,436 20.48 27,634 18.32 148,258 21.31 50,879 17.63 25,917 12.04

October 31, 2018 63,920 18.16 169,648 19.55 27,855 17.95 145,737 19.99 51,081 17.12 20,919 11.88

November 30, 2018 65,837 18.33 170,997 19.67 27,797 18.00 144,028 20.15 50,918 17.19 20,979 11.88

December 31, 2018 65,794 16.97 168,460 18.80 76,681 17.65 140,621 18.92 55,610 16.72 13,558 11.68

January 31, 2019 80,693 18.25 165,943 19.69 29,311 18.06 118,247 20.14 56,216 17.24 20,634 11.94

February 28, 2019 76,595 18.83 171,333 20.09 43,333 18.24 117,603 20.69 47,062 17.47 20,679 12.04

March 31, 2019 69,345 18.94 176,709 20.22 43,776 18.35 118,613 20.82 47,591 17.58 20,727 12.12

April 30, 2019 69,621 19.54 159,647 20.65 44,049 18.54 117,469 21.40 47,880 17.83 20,912 12.14

May 31, 2019 70,477 18.60 160,082 20.04 44,080 18.35 118,210 20.48 47,646 17.53 20,974 12.07

Real Asset Fund

Class II

Class I

Class II Class II Class II

Class IClass IClass IClass I

Class II Class II

Aggressive Fund Balanced Fund Conservative Fund Growth Fund Moderate Fund

Aggressive Fund Balanced Fund Conservative Fund Growth Fund Moderate Fund

Managed Retirement

Managed Retirement Managed Retirement Managed Retirement Managed Retirement Managed Retirement Managed Retirement

Managed Retirement Managed Retirement Managed Retirement Managed Retirement Managed Retirement

Class I

Real Asset Fund

18


Summary Schedules of Investment Changes (Unaudited)Year Ended May 31, 2019

Shares Cost of Shares Realized

Purchased Purchases Redeemed Gain (Loss)

Managed Retirement Aggressive Fund Managed Retirement Aggressive Fund

American Washington Mutual Investor Fund 47,442 (1,998,873) $ American Washington Mutual Investor Fund 322 790 $

DFA Emerging Markets Core Equity Portfolio 6,931 (135,957) DFA Emerging Markets Core Equity Portfolio 42,420 68,121

DFA International Small Cap Value I 19,193 (384,029) DFA International Small Cap Value I 35,785 (57,740)

DoubleLine Shiller Enhanced CAPE I 53,641 (789,187) DoubleLine Shiller Enhanced CAPE I 7,808 15,615

DoubleLine Total Return Bond Fund 138,610 (1,463,283) Fed Treasury Obligation Fund 15,812,636 -

Fed Treasury Obligation Fund 16,622,901 (16,622,901) Galliard Wells Fargo Stable Value Fund D 71,977 38,345

Galliard Wells Fargo Stable Value Fund D 27,787 (637,693) LSV Value Equity Fund 74,546 (288,826)

LSV Value Equity Fund 24,137 (693,170) Oppenheimer Int’l Small-Mid Cap I 6,233 46,690

Oppenheimer Int’l Small-Mid Cap I 12,314 (554,773) SPDR Gold Shares 2,200 3,194

SPDR Gold Shares 4,997 (613,020) TRowe Pr New Horizon 19,243 184,294

TRowe Pr New Horizon 14,158 (794,787) Vanguard Russell 1000 Growth Index Fund 6,244 326,580

Vanguard Russell 1000 Growth Index Fund 8,288 (2,265,097) Vanguard S&P Small Cap 600 Value Index 3,269 112,937

Vanguard S&P Small Cap 600 Value Index 2,879 (831,731) Catalyst Hedge Strategy 9,631 (10,858)

Vanguard Intl. Growth Fund 4,935 (439,799) Vanguard Intl. Growth Fund 4,674 (31,206)

AQR Diversifying STR Collective Trust 61,356 (604,328) AQR Diversifying STR Collective Trust 2,185 (1,191)

Invesco DB Commodity Index 13,462 (239,625) Hartford Intl Value 59,189 (142,948)

Hartford Intl Value 33,122 (525,376) Invesco DB Commodity Index 13,462 (14,967)

Invesco Open Devel Markets Fund 15,476 (663,841) Invesco Open Devel Markets Fund 2,023 (6,930)

241,900 $



Managed Retirement Balanced Fund Managed Retirement Balanced Fund

American Washington Mutual Investor Fund 118,181 (4,980,966) $ American Washington Mutual Investor Fund 5,988 12,008 $



DoubleLine Shiller Enhanced CAPE I 103,121 (1,466,851) DoubleLine Shiller Enhanced CAPE I 40,461 86,205



Galliard Wells Fargo Stable Value Fund D 73,483 (1,689,930) LSV Value Equity Fund 186,363 (706,094)

LSV Value Equity Fund 41,749 (1,181,510) Oppenheimer Int’l Small-Mid Cap I 8,879 99,188


SPDR Gold Shares 16,502 (2,005,662) TCW Emerging Markets Income I 22,331 2,229

TCW Emerging Markets Income I 251,807 (2,032,311) TRowe Pr New Horizon 36,973 329,924

TRowe Pr New Horizon 27,885 (1,558,311) Vanguard Russell 1000 Growth Index Fund 8,928 735,827


Vanguard S&P Small Cap 600 Value Index 4,775 (1,304,914) Catalyst Hedge Strategy 42,409 (56,548)

Vanguard Intl. Growth Fund 17,019 (1,497,422) Doubleline Low Duration Bond Fund 656,293 (83,163)

VanEck Vect Fallen Angel High Yield Bond 502 (14,490) VanEck Vect Fallen Angel High Yield Bond 13,164 (6,239)

Doubleline Low Duration Bond Fund 29,230 (290,712) Vanguard Intl. Growth Fund 16,837 (82,020)

AQR Diversifying STR Collective Trust 207,799 (2,023,915) Hartford Intl Value 167,902 (450,011)

Invesco DB Commodity Index 61,693 (1,098,139) Invesco DB Commodity Index 61,693 (68,589)

Hartford Intl Value 56,773 (882,175) Invesco Open Devel Markets Fund 5,090 (11,160)

Invesco Open Devel Markets Fund 33,478 (1,430,294) Gugghm Macro Opp Fund 114,143 (58,953)

Gugghm Macro Opp Fund 114,143 (3,030,288) PIMCO Income Fund 202,872 (31,543)

PIMCO Income Fund 215,517 (2,576,127) Vanguard Short Term Infl Prot Sec Index 7,753 386 Vanguard Short Term Infl Prot Sec Index 7,753 (377,492) 408,168 $

(Continued)

19


Summary Schedules of Investment Changes (Unaudited) (Continued)Year Ended May 31, 2019



Managed Retirement Conservative Fund Managed Retirement Conservative Fund

American Washington Mutual Investor Fund 20,322 (855,329) $ DFA Emerging Markets Core Equity Portfolio 15,108 47,356 $

DFA Emerging Markets Core Equity Portfolio 1,535 (29,712) DFA International Small Cap Value I 7,086 (14,401)

DFA International Small Cap Value I 4,565 (89,933) DoubleLine Shiller Enhanced CAPE I 4,451 6,783

DoubleLine Shiller Enhanced CAPE I 18,934 (275,214) DoubleLine Total Return Bond Fund 19,120 (190)






SPDR Gold Shares 6,350 (778,513) TRowe Pr New Horizon 6,233 41,058

TCW Emerging Markets Income I 101,045 (818,036) Vanguard Russell 1000 Growth Index Fund 2,521 178,964

TRowe Pr New Horizon 6,674 (382,274) Vanguard S&P Small Cap 600 Value Index 478 17,053

Vanguard Russell 1000 Growth Index Fund 3,179 (878,604) Catalyst Hedge Strategy 13,279 (15,893)

Vanguard S&P Small Cap 600 Value Index 1,073 (297,601) Doubleline Low Duration Bond Fund 441,807 (50,416)

Vanguard Intl. Growth Fund 2,096 (179,646) VanEck Vect Fallen Angel High Yield Bond 7,532 (3,904)

VanEck Vect Fallen Angel High Yield Bond 96 (2,762) Vanguard Intl. Growth Fund 1,675 (15,907)

Doubleline Low Duration Bond Fund 78,849 (782,723) AQR Diversifying STR Collective Trust 4,108 (693)

AQR Diversifying STR Collective Trust 81,478 (779,915) Hartford Intl Value 36,048 (82,517)

Invesco DB Commodity Index 21,816 (388,334) Invesco DB Commodity Index 21,816 (24,255)

Hartford Intl Value 19,268 (296,350) Invesco Open Devel Markets Fund 861 (2,952)

Invesco Open Devel Markets Fund 5,220 (224,154) Gugghm Macro Opp Fund 75,737 (37,587)





Managed Retirement Growth Fund Managed Retirement Growth Fund




DoubleLine Shiller Enhanced CAPE I 83,145 (1,173,964) DoubleLine Shiller Enhanced CAPE I 31,278 88,741





Oppenheimer Int’l Small-Mid Cap I 14,215 (645,376) SPDR Gold Shares 7,822 (2,018)

SPDR Gold Shares 12,247 (1,504,714) TCW Emerging Markets Income I 14,322 1,430

TCW Emerging Markets Income I 100,653 (812,355) TRowe Pr New Horizon 49,527 539,736

TRowe Pr New Horizon 27,270 (1,509,846) Vanguard Russell 1000 Growth Index Fund 9,298 807,822


Vanguard S&P Small Cap 600 Value Index 4,815 (1,280,891) Catalyst Hedge Strategy 35,788 (39,710)

Vanguard Intl. Growth Fund 11,554 (1,000,239) Doubleline Low Duration Bond Fund 255,733 (31,873)



AQR Diversifying STR Collective Trust 158,906 (1,552,687) AQR Diversifying STR Collective Trust 3,346 (174)

Invesco DB Commodity Index 49,859 (887,500) Hartford Intl Value 138,099 (311,547)

Hartford Intl Value 60,873 (920,217) Invesco DB Commodity Index 49,859 (50,621)

Invesco Open Devel Markets Fund 36,175 (1,552,822) Invesco Open Devel Markets Fund 7,318 (19,059)

Gugghm Macro Opp Fund 45,835 (1,216,221) Gugghm Macro Opp Fund 45,835 (21,702)

PIMCO Income Fund 98,055 (1,171,797) PIMCO Income Fund 89,543 (17,046)

Vanguard Short Term Infl Prot Sec Index 3,072 (149,575) Vanguard Short Term Infl Prot Sec Index 3,072 153

907,951 $

(Continued)

20


Summary Schedules of Investment Changes (Unaudited) (Continued)Year Ended May 31, 2019



Managed Retirement Moderate Fund Managed Retirement Moderate Fund




DoubleLine Shiller Enhanced CAPE I 35,901 (509,912) DoubleLine Shiller Enhanced CAPE I 14,639 39,079

DoubleLine Total Return Bond Fund 433,557 (4,553,997) DoubleLine Total Return Bond Fund 20,615 960

Fed Treasury Obligation Fund 17,541,342 (17,541,342) Fed Treasury Obligation Fund 16,540,217 -

Galliard Wells Fargo Stable Value Fund D 64,887 (1,494,225) Galliard Wells Fargo Stable Value Fund D 114,329 116,882

LSV Value Equity Fund 9,541 (265,684) LSV Value Equity Fund 37,254 (126,998)

Oppenheimer Int’l Small-Mid Cap I 2,874 (128,174) Oppenheimer Int’l Small-Mid Cap I 1,467 14,133

SPDR Gold Shares 5,294 (649,686) SPDR Gold Shares 3,138 656

TCW Emerging Markets Income I 100,839 (813,868) TRowe Pr New Horizon 7,847 68,206

TRowe Pr New Horizon 8,031 (463,711) Vanguard Russell 1000 Growth Index Fund 1,997 171,874

Vanguard Russell 1000 Growth Index Fund 3,033 (847,995) Vanguard S&P Small Cap 600 Value Index 522 19,734

Vanguard S&P Small Cap 600 Value Index 1,135 (304,044) Catalyst Hedge Strategy 11,970 (14,596)

Vanguard Intl. Growth Fund 4,150 (362,516) Doubleline Low Duration Bond Fund 281,686 (34,693)



AQR Diversifying STR Collective Trust 66,113 (631,394) Hartford Intl Value 28,001 (71,127)

Invesco DB Commodity Index 19,630 (349,409) Invesco DB Commodity Index 19,630 (17,756)

Hartford Intl Value 14,142 (223,288) Invesco Open Devel Markets Fund 749 (1,562)

Invesco Open Devel Markets Fund 6,410 (272,818) Gugghm Macro Opp Fund 54,956 (25,576)





Managed Retirement Real Asset Fund Managed Retirement Real Asset Fund

DoubleLine Total Return Bond Fund 66,565 (697,090) $ DoubleLine Total Return Bond Fund 14,340 (143) $

Energy Select Sector SPDR Fund ETF 515 (33,491) Energy Select Sector SPDR Fund ETF 1,221 7,134

Fed Treasury Obligation Fund 5,735,155 (5,735,155) Fed Treasury Obligation Fund 6,193,935 -

Galliard Wells Fargo Stable Value Fund D 60,728 (1,397,522) Galliard Wells Fargo Stable Value Fund D 82,635 60,390

Materials Select Sector SPDR Trust 338 (18,798) Materials Select Sector SPDR Trust 1,100 59

PIMCO 15+ Year US TIPS Index ETF 7 (441) PIMCO 15+ Year US TIPS Index ETF 2,328 1,877

SPDR Gold Shares 2,172 (254,795) SPDR Gold Shares 2,241 (3,618)

TCW Emerging Markets Income I 54,920 (443,708) TCW Emerging Markets Income I 24,631 19

Vanguard Utilities ETF 877 (108,171) Vanguard Utilities ETF 441 6,037

Vanguard REIT ETF 3,063 (252,717) Vanguard REIT ETF 4,231 13,481

Doubleline Low Duration Bond Fund 73,682 (733,351) Doubleline Low Duration Bond Fund 73,682 (4,137)

AQR Diversifying STR Collective Trust 42,377 (409,641) AQR Diversifying STR Collective Trust 29,439 (4,469)

Invesco DB Commodity Index 9,024 (155,005) Invesco DB Commodity Index 22,424 17,205

Vanguard Short Term Infl Prot Sec Index 22,869 (1,115,448) Vanguard Short Term Infl Prot Sec Index 22,869 (10,970)

Invesco DB Ag Fund 10,254 (177,287) Aberdeen ST Physical Palladium ETF 1,167 10,889

Invesco DB Base Meta 13,300 (220,277) Invesco DB Ag Fund 9,768 (12,334)

Aberdeen ST Physical Palladium ETF 2,405 (232,758) Invesco DB Base Meta 16,815 (1,065)

iShares Lehman 20+Yr Treasury Bond Fund 1,287 (161,159) United States Natural Gas 3,444 (54,270) United States Natural Gas 3,444 (135,461) 26,085 $

Documents

TD Ameritrade Trust Company Collective Investment Funds ... · Growth Fund, Managed Retirement Moderate Fund, and Managed Retirement Real Asset Fund (six of the funds constituting