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HomeMy WebLinkAbout2019 06 12 Board of Trustees Regular Meeting Agenda B OARD OF TRUSTEES | REGULAR MEETING | WEDNESDAY, JUNE 1 2 , 2019 | PAGE 1 OF 2 BOARD OF TRUSTEES REGULAR MEETING AGENDA WEDNESDAY, JUNE 12, 2019 AT 5:30 PM [RESCHEDULED FROM THURSDAY, MAY 9, 2019] CITY HALL - COMMISSION CHAMBERS 1126 EAST STATE ROAD 434, WINTER SPRINGS, FLORIDA CALL TO ORDER Roll Call Invocation Pledge of Allegiance Approval of the Agenda AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA 200. Not Used PUBLIC INPUT Anyone who wishes to speak during Public Input on any Agenda Item or subject matter will need to fill out a “Public Input” form. Individuals will limit their comments to three (3) minutes, and representatives of groups or homeowners' associations shall limit their comments to five (5) minutes, unless otherwise determined by the City Commission. CONSENT AGENDA 300. Minutes from the Thursday, February 14, 2019 Board Of Trustees Regular Meeting Attachments: Minutes B OARD OF TRUSTEES | REGULAR MEETING | WEDNESDAY, JUNE 1 2 , 2019 | PAGE 2 OF 2 PUBLIC HEARINGS AGENDA 400. Not Used REGULAR AGENDA 500. Quarterly Investment Return Report From AndCo Consulting Attachments: Report REPORTS PUBLIC INPUT Anyone who wishes to speak during Public Input on any Agenda Item or subject matter will need to fill out a “Public Input” form. Individuals will limit their comments to three (3) minutes, and representatives of groups or homeowners' associations shall limit their comments to five (5) minutes, unless otherwise determined by the City Commission. ADJOURNMENT PUBLIC NOTICE This is a Public Meeting, and the public is invited to attend and this Agenda is subject to change. Please be advised that one (1) or more Members of any of the City's Advisory Boards and Committees may be in attendance at this Meeting, and may participate in discussions. Persons with disabilities needing assistance to participate in any of these proceedings should contact the City of Winter Springs at (407) 327-1800 "at least 48 hours prior to meeting, a written request by a physically handicapped person to attend the meeting, directed to the chairperson or director of such board, commission, agency, or authority" - per Section 286.26 Florida Statutes. “If a person decides to appeal any decision made by the board, agency, or commission with respect to any matter considered at such meeting or hearing, he or she will need a record of the proceedings, and that, for such purpose, he or she may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based” - per Section 286.0105 Florida Statutes. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING FEBRUARY 14, 2019 CALL TO ORDER The Regular Meeting of Tuesday, February 14, 2019 of the Board of Trustees was called to Order by Chairperson David Withee at 5:38 p.m. in the Commission Chambers of the Municipal Building (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairperson David Withee, present Vice-Chairperson Robin Paris, arrived at 5:51 p.m. Board Member Michael Blake, present Board Member Steven Krohn, absent Board Member Barbara Watkins, present Assistant to the City Clerk Antonia DeJesus, present A moment of silence was held followed by the Pledge of Allegiance. No changes to the Agenda were mentioned at this time.  AGENDA NOTE: THE AGENDA WAS DISCUSSED IN THE ORDER SHOWN IN THESE MINUTES.  AWARDS AND PRESENTATIONS AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA INFORMATIONAL 200. Not Used CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – FEBRUARY 14, 2019 PAGE 2 OF 6 PUBLIC INPUT Chairperson Withee opened “Public Input”. No one spoke. Chairperson Withee closed “Public Input”. REGULAR AGENDA – PART I REGULAR 500. Office Of The City Clerk The Office Of The City Clerk Is Requesting The Board Of Trustees Hold An Election For The Position Of Chairperson For Calendar Year 2019. REGULAR 501. Office Of The City Clerk The Office Of The City Clerk Is Requesting The Board Of Trustees Hold An Election For The Position Of Vice-Chairperson For Calendar Year 2018. With brief comments, Chairperson Withee summarized that REGULAR AGENDA – PART I would be addressed at the end of the meeting. CONSENT AGENDA CONSENT 300. Office Of The City Clerk The Office Of The City Clerk Is Requesting The Board Of Trustees Consider And Approve The Thursday, November 8, 2018 Board Of Trustees Regular Meeting Minutes. REFERRING TO THE MINUTES FROM THE LAST MEETING, “MOVE APPROVAL.” MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER WATKINS. DISCUSSION. VOTE: BOARD MEMBER WATKINS: AYE BOARD MEMBER BLAKE: AYE CHAIRPERSON WITHEE: AYE MOTION CARRIED. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – FEBRUARY 14, 2019 PAGE 3 OF 6 PUBLIC HEARINGS AGENDA PUBLIC HEARINGS 400. Not Used REGULAR AGENDA – PART II REGULAR 502. Finance And Administration Services Department The Finance And Administrative Services Department Is Requesting The Board Of Trustees Receive From AndCo Consulting The First Quarter Investment Return Report And To Enter Into Discussion. Mr. Dave West, Senior Consultant, AndCo Consulting, 4901 Vineland Road, Suite 600, Orlando, Florida: introduced Ms. Richelle Hayes with American Realty Advisors to provide an informational update. Ms. Richelle Hayes, Senior Vice President, Investor Relations, 1540 International Parkway, Suite 2000, Lake Mary, Florida: gave a brief background of the company and herself. Continuing, Ms. Hayes spoke about the core fund and its ability to stabilize a portfolio in a volatile environment. Then, referencing her presentation, Ms. Hayes explained the company’s cash flow and strategies when working with clients’ portfolios. Additional comments followed. Next, Ms. Hayes commented on structured debt instruments and gross returns. Vice-Chairperson Robin Paris arrived at 5:51 p.m. Ms. Hayes reviewed various financial forecasts and property purchases including location and construction and rehabilitation efforts. Ms. Hayes emphasized the diversity of the portfolio. Ms. Hayes was asked about a schedule of when leases were expiring to which Ms. Hayes responded, “I can get that to you all.” Further discussion ensued on leasing, retail real estate, and future market trends. Next Mr. West gave an administrative update regarding AndCo Consulting, Inc. and thanked the City for its business. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – FEBRUARY 14, 2019 PAGE 4 OF 6 Continuing, Mr. West commented on the investment environment over the last quarter and commented on the fiscal year end numbers, returns, and technology’s impact on stock trading. Mr. West then addressed year-to-date numbers for various funds, cash flow, asset allocation and noted, “I would suggest no rebalancing action is necessary at this time; we’re pretty close to the target.” Discussion ensued on rebalancing measures and market timing. “I MOVE ACCEPTANCE OF THE REPORT Q1 2019 AND APPROVAL OF THE RECOMMENDATION TO MAINTAIN THE PORTFOLIO POSITIONS.” MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER WITHEE. DISCUSSION FOLLOWED ON THE MOTION AND ITS PERTINENCE TO CREATING A RECORD OF THE BOARD’S ACTIONS. VOTE: BOARD MEMBER BLAKE: AYE VICE-CHAIRPERSON PARIS: AYE CHAIRPERSON WITHEE: AYE BOARD MEMBER WATKINS: AYE MOTION CARRIED. Brief comments followed on meeting procedures.  AGENDA NOTE: REGULAR – PART I AGENDA ITEMS “500” AND “501” WERE DISCUSSED NEXT AS DOCUMENTED NEXT AND AS MENTIONED EARLIER IN THE MEETING.  REGULAR AGENDA – PART I REGULAR 500. Office Of The City Clerk The Office Of The City Clerk Is Requesting The Board Of Trustees Hold An Election For The Position Of Chairperson For Calendar Year 2019. Discussion. REFERRING TO CHAIRPERSON WITHEE, “I MAKE A MOTION TO RETAIN CHAIRMANSHIP.” MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER WATKINS. DISCUSSION. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – FEBRUARY 14, 2019 PAGE 5 OF 6 VOTE: CHAIRPERSON WITHEE: AYE BOARD MEMBER WATKINS: AYE VICE-CHAIRPERSON PARIS: AYE BOARD MEMBER BLAKE: AYE MOTION CARRIED. REGULAR 501. Office Of The City Clerk The Office Of The City Clerk Is Requesting The Board Of Trustees Hold An Election For The Position Of Vice-Chairperson For Calendar Year 2018. FOR THE POSITION OF VICE-CHAIRPERSON, “I NOMINATE BARB (WATKINS).” MOTION BY VICE-CHAIRPERSON PARIS. SECONDED BY BOARD MEMBER BLAKE. DISCUSSION. VOTE: VICE-CHAIRPERSON PARIS: AYE BOARD MEMBER BLAKE: AYE CHAIRPERSON WITHEE: AYE BOARD MEMBER WATKINS: AYE MOTION CARRIED. 600. REPORTS No Reports were given. PUBLIC INPUT Chairperson Withee opened “Public Input”. No one spoke. Chairperson Withee closed “Public Input”. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – FEBRUARY 14, 2019 PAGE 6 OF 6 ADJOURNMENT Chairperson Withee adjourned the Regular Meeting at 6:44 p.m. RESPECTFULLY SUBMITTED: ________________________________ ANTONIA DEJESUS ASSISTANT TO THE CITY CLERK NOTE: These Minutes were Approved at the ________________________, 2019 Board of Trustees Regular Meeting. <CBDoc TenantId="2" EntityTypeId="3100" EntityId=”190" DocumentTypeId="1" EffectiveDate="03/31/2019" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending March 31, 2019 Winter Springs General Employees Plan and Trust 1st Quarter 2019 Market Environment1 After a difficult end to 2018, markets rebounded strongly during the 1stquarterof 2019 with higher risk assets posting the greatest returns. Broad internationaland domestic equity markets had double-digit gains during the period asinvestors overlooked signs of weakening global growth in favor of increasedaccommodation in global monetary policy and progress in global tradenegotiations. While muted relative toequities, fixed income returns werealsopositive during the quarter. Within equities, domestic stocks outperformedinternational markets. US markets pushed higher as the US Federal Reserve(Fed) shifted their stance on monetary policy toward a more accommodativeposture, the US and China moved closer to a resolution of their ongoing tradedispute and the partial government shutdown that began in December came toan end. The large cap S&P 500 Index returned 13.6% during the quarter whilethe small cap Russell 2000 Index gained 14.6% for the period. US equityreturns over the 1-year period are positive with the S&P 500 appreciating 9.5%while the Russell 2000 posted a more modest gain of 2.0%.Similar to US markets, international equity investors were encouraged byageneral easing in central bank monetary policy, including new stimulusmeasures in Europe and China, as well as the de-escalation of trade tensionswith the US. Despite the continued softening in global macroeconomic dataand the lack of certainty around Brexit, international equity index returnsfinished the quarter in positive territory with the MSCI ACWI ex US Indexreturning 10.3%. The developed market MSCI EAFE Index and the MSCIEmerging Markets Index had similar performance during the 1stquarterreturning 10.0% and 9.9% respectively. Despite the strong quarter, returnsover the 1-year period remain negative with developed markets falling -3.7%,outperforming emerging markets which fell -7.4%.Fixed income securities underperformed equities to start 2019 with the broadmarket Bloomberg Barclays Aggregate Index returning 2.9%. Interest ratesfellfor all maturities across the US Treasury Yield Curve as Fed guidancesignaled a pause in monetary policy tightening through 2019. Interest rates inthe middle of the curve saw the greatest declines causing the curve to invertwith shorter-term maturities paying higher interest rates than those in themiddle of the curve. This has historically preceded a recession by 6-24months. Investment grade corporate issues were the best performingsecurities this quarter, outperforming Treasury and securitized issues.TheBloomberg Barclays Corporate IG Index returned 5.1% for the period, ascorporate credit had tailwinds due to its greater interest rate sensitivity, higheryields and tightening credit spreads. Corporate issues also outperformedtheother major fixed income sectors over the 1-year period, returning 4.9% versusa 4.5% return for the Bloomberg Barclays Aggregate Index.Source: Investment MetricsThe Market EnvironmentMajor Market Index PerformanceAs of March 31, 20190.6%5.1%2.2%3.2%2.1%2.9%14.6%16.5%14.0%14.0%13.6%9.9%10.0%10.3%0.0%5.0%10.0%15.0%20.0%3-Month T-BillBbg Barclays Corp IGBbg Barclays MBSBbg Barclays US TIPSBbg Barclays US GovtBbg Barclays US AggRussell 2000Russell MidCapRussell 1000Russell 3000S&P 500MSCI Emerg MktsMSCI EAFEMSCI ACWxUSQuarter Performance2.1%4.9%4.4%2.7%4.2%4.5%2.0%6.5%9.3%8.8%9.5%-7.4%-3.7%-4.2%-10.0%-5.0%0.0%5.0%10.0%3-Month T-BillBbg Barclays Corp IGBbg Barclays MBSBbg Barclays US TIPSBbg Barclays US GovtBbg Barclays US AggRussell 2000Russell MidCapRussell 1000Russell 3000S&P 500MSCI Emerg MktsMSCI EAFEMSCI ACWxUS1-Year Performance2 Source: Investment MetricsThe Market EnvironmentDomestic Equity Style Index PerformanceAs of March 31, 2019US equity index returns were strongly positive across the style and capitalizationspectrum to start the year with all indices posting double digit returns.Macroeconomic data released during the quarter was mixed with disappointingdata released late in the quarter for GDP and employment being particularlynotable. Even though earnings reported during the period were viewedfavorably, many companies provided negative forward earnings guidance due toslowing global growth, trade concerns and the fading effects of US tax reform.However, investor concerns over the economy were overshadowed by positivedevelopments in trade negotiations with China and an accommodative shiftinFed monetary policy. With regards to trade, President Trump delayed theimplementation of new Chinese tariffs scheduled for March 1stciting substantialprogress in ongoing discussions. Stocks also rallied on Fed guidance to putfurther monetary policy tightening on hold as they lowered projections forgrowthand inflation. Lastly, we saw the end of the partial government shutdown thatbegan in December due to a partisan disagreement over funds for theconstruction of a border wall with Mexico. While the spending bill that passeddid not budget for the wall, President Trump declared a national state ofemergency later in the quarter in order to secure the needed funding.During the quarter, mid cap stocks were the best performers while small capstocks outperformed large cap equities across growth, value and core indices.The Russell MidCap Index gained 16.5% during the period versus a 14.6%return for the small cap Russell 2000 Index and a 14.0% gain on the large capRussell 1000 Index. Part of the reason for strength in small cap names is theprojected hold on interest rate increases that occurred over 2018 as smallandmid-cap companies typically maintain higher percentages of debt than theirlarge cap peers. Small and mid-cap companies are usually more domesticallyfocused which will serve as a tailwind in periods where the US economy is onstronger footing than international markets. It is also not unusual for smallermarket cap stocks to outperform in risk-on market environments. When viewedover the most recent 1-year period, large cap stocks outperformed relativetosmall cap stocks. The Russell 1000 returned 9.3% for the year while the Russell2000 gained only 2.0%.Growth indices outperformed value indices across the market cap spectrumduring the 1stquarter. Growth stocks have outperformed value in all but onequarter over the last two years.The Russell MidCap Growth Index was the bestperforming style index for the period, returning 19.6% for the quarter. The largecap and small cap value indices had the lowest relative returns, both gaining11.9%. The trend of growth outperformance is also visible over the 1-year periodas growth indices have benefitted from larger exposures to technology whichhas been a large driver of index performance over the last year, as well as ameaningful underweight to financials which has been a relative detractor.17.1%14.6%11.9%19.6%16.5%14.4%16.1%14.0%11.9%16.2%14.0%11.9%0.0%5.0%10.0%15.0%20.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 ValueQuarter Performance - Russell Style Series3.9%2.0%0.2%11.5%6.5%2.9%12.7%9.3%5.7%12.1%8.8%5.3%0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 Value1-Year Performance - Russell Style Series3 Sector performance was broadly positive across large cap sectors for the 1stquarter. There were strong gains for all sectors within the Russell 1000 Indexduring for the period with five sectorsoutpacing the return of the index. Whilethe rally was broad with nine of eleven sectors posting double digit returns,cyclical sectors such as technology, industrials and energy were some of thebest performers through the quarter returning 20.7%, 17.1% and 16.5%respectively. Technology stocks rose on strong earnings and attractivevaluations following their 4thquarter 2018 sell off. Energy companiesbenefitted from a large rebound in oil prices which increased by over 30%during the quarter following an OPEC led supply cut and US sanctions againstIran and Venezuela. Industrial stocks, among others, gained on hopes thattrade tensions between the US and China would continue to abate. REITs alsohad a particularly strong quarter, returning 17.3% as the prospect of lowerinterest rates acted as a tailwind. Financials and health care stocks weretheworst performers during the period returning 8.9% and 7.5% respectively.Health care stocks faced uncertainty around the potential for future regulationfollowing congressional hearings on drug pricing while the prospect of lowerearnings due to a muted interest rate environment weighed on financial stocks.Returns over the 1-year period were positive with nine out of eleven sectorsposting gains, six of which were over 10%. Utilities, REITs and informationtechnology were the best performers returning 20.4%, 20.0% and 18.0%respectively. Financials and materials posted negative results at -4.7%and -1.5% while energy was only slightly positive at 0.8%.Quarterly results for small cap sectors were mixed relative to their largecapitalization counterparts with six of eleven sectors outperforming theircorresponding large cap equivalents. Like large caps, all eleven sectorsproduced gains during the period with six of eleven economic sectorsoutpacing the Russell 2000 Index return for the quarter and nine returningover10.0%. Similar to large caps, cyclical sectors performed well with technology,energy and materials returning 22.7%, 19.9% and 17.1% respectively. Realestate also did well returning 17.5%. The largest detractors over the periodwere consumer staples, financials and utilities which still produced gains of7.2%, 8.5% and 10.5%. Over the trailing 1-year period, returns variedsignificantly with four sectors posting double digit gains and four losing value.Despite a very strong quarter, energy stocks were the worst performers overthe 1-year period, falling a considerable -17.2%, while the defensive utilitiessector produced the greatestgains, appreciating 21.7%.The Market EnvironmentGICS Sector Performance & (Sector Weight)As of March 31, 2019Source: Morningstar DirectAs a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. 20.4%20.0%-1.5%18.0%2.8%15.5%-4.7%0.8%9.5%11.1%10.2%11.5%17.3%11.1%20.7%17.1%7.5%8.9%16.5%11.8%14.8%14.0%-5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%Utilities (3.2%)Real Estate (3.7%)Materials (2.9%)Info Technology (20.5%)Industrials (9.8%)Health Care (14.7%)Financials (13.6%)Energy (5.1%)Consumer Staples (6.8%)Consumer Disc (10.2%)Comm Services (9.5%)Russell 1000Quarter1-Year21.7%13.7%-9.7%15.2%-5.2%2.7%-4.7%-17.2%2.9%2.7%17.6%10.5%17.5%17.1%22.7%12.1%16.8%8.5%19.9%7.2%13.2%15.1%-20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%Utilities (3.7%)Real Estate (7.4%)Materials (3.8%)Info Technology (14.9%)Industrials (14.8%)Health Care (15.5%)Financials (18.0%)Energy (3.6%)Consumer Staples (2.8%)Consumer Disc (12.2%)Comm Services (3.3%)Russell 2000Quarter1-Year4 The Market EnvironmentTop 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000As of March 31, 2019Source: Morningstar DirectTop 10 Weighted StocksTop 10 Weighted StocksRussell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorApple Inc3.42% 20.9% 14.9% Information TechnologyEtsy Inc0.40% 41.3% 139.6% Consumer DiscretionaryMicrosoft Corp3.39% 16.6% 30.8% Information TechnologyFive Below Inc0.33% 21.4% 69.4% Consumer DiscretionaryAmazon.com Inc2.78% 18.6% 23.0% Consumer DiscretionaryThe Trade Desk Inc A0.32% 70.6% 298.9% Information TechnologyFacebook Inc A1.50% 27.2%4.3% Communication ServicesIntegrated Device Technology Inc 0.31% 1.2%60.3% Information TechnologyBerkshire Hathaway Inc B1.48% -1.6% 0.7% FinancialsHubSpot Inc0.30% 32.2% 53.5% Information TechnologyJohnson & Johnson1.42% 9.0% 12.1% Health CarePlanet Fitness Inc A0.30% 28.2% 81.9% Consumer DiscretionaryAlphabet Inc C1.36% 13.3% 13.7% Communication ServicesCree Inc0.29% 33.8% 41.9% Information TechnologyAlphabet Inc A1.33% 12.6% 13.5% Communication ServicesCiena Corp0.26% 10.1% 44.2% Information TechnologyExxon Mobil Corp1.30% 19.8% 12.9% EnergyPrimerica Inc0.26% 25.4% 27.7% FinancialsJPMorgan Chase & Co1.27% 4.6% -5.6% FinancialsArray BioPharma Inc0.25% 71.1% 49.4% Health CareTop 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter)Russell 1000Weight1-Qtr Return1-Year ReturnSectorRussell 2000Weight1-Qtr Return1-Year ReturnSectorVersum Materials Inc0.02% 81.9% 34.7% Information TechnologyImmune Design Corp0.01% 350.0% 77.3% Health CareCoty Inc Class A0.02% 77.3% -34.3%Consumer StaplesDiebold Nixdorf Inc0.04% 344.6% -28.1% Information TechnologyNabors Industries Ltd0.00% 72.5% -48.7% EnergyConstellation Pharmaceuticals Inc 0.01% 237.9% N/A Health CareSage Therapeutics Inc0.03% 66.0% -1.3% Health CareFlotek Industries Inc0.01% 197.2% -46.9% MaterialsWayfair Inc Class A0.03% 64.8% 119.8% Consumer DiscretionarySpark Therapeutics Inc0.18% 191.0% 71.0% Health CareChipotle Mexican Grill Inc Class A 0.07% 64.5% 119.8%Consumer DiscretionaryMagenta Therapeutics Inc0.01% 188.9% N/A Health CareUniversal Display Corp0.02% 63.5%51.7% Information TechnologyION Geophysical Corp0.01% 178.8% -46.7% EnergyXerox Corp0.02% 63.1% 15.7% Information TechnologyCatalyst Pharmaceuticals Inc0.02% 165.6% 113.4% Health CareFloor & Decor Holdings Inc0.01% 59.2% -20.9% Consumer DiscretionaryVirnetX Holding Corp0.02% 163.8%60.3% Information Technologybluebird bio Inc0.03% 58.6% -7.9% Health CareRockwell Medical Inc0.01% 151.8% 9.2% Health CareBottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter)Russell 1000Weight1-Qtr Return1-Year ReturnSectorRussell 2000Weight1-Qtr Return1-Year ReturnSectorUniti Group Inc0.01% -27.8% -23.8% Real EstateZomedica Pharmaceuticals Corp 0.00% -77.0% -84.2% Health CarePG&E Corp0.03% -25.1% -59.5% UtilitiesAptinyx Inc0.00% -75.5% N/A Health CareThe Kraft Heinz Co0.07% -23.2% -45.1% Consumer StaplesAlta Mesa Resources Inc Class A 0.00% -73.5% -96.7% EnergyRealogy Holdings Corp0.01% -21.8% -57.3% Real EstateNovavax Inc0.01% -70.1% -73.8% Health CareNu Skin Enterprises Inc Class A0.01% -21.5% -33.7%Consumer StaplesMaxar Technologies Inc0.01% -66.3% -91.0% IndustrialsBiogen Inc0.18% -21.4% -13.7% Health CareSolid Biosciences Inc0.01% -65.7% 22.7% Health CareCentennial Resource Development A0.01% -20.2% -52.1% EnergyAchaogen Inc0.00% -62.9% -96.5% Health CareCenturyLink Inc0.04% -19.3% -19.0% Communication ServicesEP Energy Corp A0.00% -62.9% -80.6% EnergyQurate Retail Inc Class A0.03% -18.1% -36.5% Consumer DiscretionaryProteostasis Therapeutics Inc0.00% -61.1% -73.5% Health CareMacy's Inc0.03% -18.0% -15.2% Consumer DiscretionaryApproach Resources Inc0.00% -59.4% -86.4% Energy5 Source: MSCI Global Index Monitor (Returns are Net)Broad international equity returns were positive for the quarter in both localcurrency and USD terms. The MSCI ACWI ex US Index gained 10.5% in localcurrency terms and 10.3% in USD terms during the 1stquarter. Similar to USmarkets, international equity investors were encouraged by central bankresponses to slowing global growth as they shifted towards moreaccommodative policies and the improvement in dialogue around global trade.Returns in local currency typically outperformed USD returns in the developedmarkets, as the USD continued to strengthen against most major developedcurrencies. While the currency effect was detrimental in developed markets, itacted as a slight tailwind in emerging markets. The USD strength is particularlynoticeable over the 1-year period where local currency returns on the MSCIACWI ex US Index were 1.9%, but after accounting for foreign exchange,translated to a loss of -4.2% for a USD investor.Fourth quarter results for developed market international indices were positivein both local currency and USD terms with the MSCI EAFE Index returning10.6% and 10.0% respectively. Ongoing weakness in global economicreporting pushed major central banks to move toward less restrictive posturesaround monetary policy. In Europe, the European Central Bank (ECB)announced plans for additional stimuluswhile putting any future interestrateincreases on hold until 2020. The Bank of England (BoE) left policy unchangedas uncertainties around Brexit coincided with a slowing economy. PrimeMinister Theresa May held two votes on her withdrawal plan, both of whichfailed, forcing her to request an extension to the March 29thwithdrawaldeadline. Data from Japan drew concerns that the country’s economy iscontracting as corporate earnings, exports, manufacturing, retail sales andinflation all hinted at an economic slowdown. The MSCI EAFE Index returned2.8% and -3.7% for the last twelve months in local currency and USD termsrespectively.Emerging markets slightly underperformed relative to developed marketsforthe 1stquarter, but still appreciated in both local currency and USD terms withthe MSCI Emerging Markets Index returning 9.8% and 9.9% respectively. Amajor tailwind for equity markets was the improvement in trade relationsbetween the US and China. As Chinese economic data appeared to beslowing, the Chinese government also announced continued stimulus in theform of tax cuts, infrastructure investment and lowered the reserverequirement for banks in order to encourage lending. We also saw commodityprices rise over the quarter which is generally beneficial to emerging marketcountries with rising oil prices helping Russian and Colombian equity returns.In Brazil, President Jair Bolsonaro officially took office. Bolsonaro announcedhis plan to reform the country’s debt laden pension system and promisedmarket friendly economic reforms. One year returns for the MSCI EmergingMarket Index were -1.9% in local currency terms and -7.4% in USD terms.The Market EnvironmentInternational and Regional Market Index Performance (Country Count)As March 31, 20197.5%11.3%4.9%9.8%9.0%11.6%10.6%10.8%10.5%7.9%11.1%5.5%9.9%8.5%10.8%10.0%10.5%10.3%0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%EM Latin Amer (5)EM Asia (9)EM EMEA (10)Emerging Mkt (24)Pacific (5)Europe & ME (16)EAFE (21)WORLD x US (22)AC World x US (46)Quarter PerformanceUSDLocal Currency5.3%-3.9%3.7%-1.9%0.3%4.4%2.8%3.2%1.9%-6.7%-6.8%-10.6%-7.4%-3.9%-3.6%-3.7%-3.1%-4.2%-12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0%EM Latin Amer (5)EM Asia (9)EM EMEA (10)Emerging Mkt (24)Pacific (5)Europe & ME (16)EAFE (21)WORLD x US (22)AC World x US (46)1-Year PerformanceUSDLocal Currency6 The Market EnvironmentUS Dollar International Index Attribution & Country DetailAs of March 31, 2019Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD)As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. MSCI - EAFESector Weight Quarter Return 1-Year ReturnCommunication Services5.4%4.3%-4.5%Consumer Discretionary11.0%7.5%-10.4%Consumer Staples11.8%12.4%3.3%Energy5.9%10.4%4.6%Financials18.9%6.9%-12.7%Health Care11.3%11.2%7.4%Industrials14.4%10.6%-5.4%Information Technology6.3%15.3%-3.8%Materials7.5%13.2%-3.0%Real Estate3.9%14.0%4.2%Utilities3.7%9.0%8.7%Total100.0%10.0%-3.7%MSCI - ACWIxUSSector Weight Quarter Return 1-Year ReturnCommunication Services7.1%6.9%-1.8%Consumer Discretionary11.1%11.2%-10.3%Consumer Staples9.9%11.2%1.6%Energy7.4%12.4%5.2%Financials21.6%7.7%-9.4%Health Care8.4%11.0%4.4%Industrials11.7%10.2%-4.9%Information Technology8.4%14.7%-7.3%Materials7.6%11.3%-3.6%Real Estate3.5%14.4%2.8%Utilities3.3%8.2%6.1%Total100.0%10.3%-4.2%MSCI - Emerging MktSector WeightQuarter Return 1-Year ReturnCommunication Services12.3%9.5%-3.3%Consumer Discretionary13.4%20.8%-13.2%Consumer Staples6.4%5.3%-8.4%Energy8.1%12.2%9.4%Financials24.2%7.2%-6.0%Health Care2.6%3.6%-23.4%Industrials5.4%4.8%-7.6%Information Technology14.6%12.8%-10.8%Materials7.4%6.9%-6.2%Real Estate3.2%15.6%-2.1%Utilities2.5%4.2%-2.7%Total100.0%9.9%-7.4%MSCI-EAFE MSCI-ACWIxUS Quarter1- YearCountryWeightWeightReturnReturnJapan24.0%16.1%6.7%-7.8%United Kingdom17.1%11.5%11.9%-0.1%France11.3%7.6%10.7%-3.7%Switzerland8.9%6.0%13.1%7.5%Germany8.6%5.8%6.9%-13.7%Australia6.9%4.7%11.4%4.5%Hong Kong4.1%2.8%15.6%8.0%Netherlands3.6%2.4%13.6%-2.3%Spain3.0%2.0%7.0%-8.8%Sweden2.6%1.8%7.4%-5.1%Italy2.4%1.6%14.6%-10.6%Denmark1.8%1.2%12.8%-3.2%Singapore1.3%0.9%6.2%-6.4%Finland1.0%0.7%8.0%-3.6%Belgium1.0%0.7%16.2%-15.5%Norway0.7%0.5%7.0%-4.4%Ireland0.5%0.4%11.4%-11.6%Israel0.5%0.4%10.1%9.9%Austria0.2%0.2%8.4%-23.0%New Zealand0.2%0.2%16.7%18.1%Portugal0.2%0.1%10.2%-4.9%Total EAFE Countries100.0%67.1%10.0%-3.7%Canada6.8%15.4%3.1%Total Developed Countries73.9%10.5%-3.1%China8.6%17.7%-6.2%Korea3.4%4.9%-16.7%Taiwan3.0%9.0%-6.1%India2.4%7.2%6.8%Brazil1.9%8.1%-4.2%South Africa1.5%4.4%-18.0%Russia1.0%12.2%2.2%Mexico0.7%5.5%-11.7%Thailand0.6%7.4%-6.9%Indonesia0.6%4.3%2.0%Malaysia0.6%0.3%-13.1%Poland0.3%-0.6%-5.7%Philippines0.3%7.9%1.8%Chile0.3%4.1%-17.5%Qatar0.2%-3.5%22.2%United Arab Emirates0.2%8.7%1.3%Turkey0.1%-3.2%-40.3%Colombia0.1%24.8%5.3%Peru0.1%11.0%2.2%Hungary0.1%6.0%0.5%Greece0.1%12.8%-23.6%Czech Republic0.0%3.8%-6.8%Egypt0.0%15.8%-10.2%Pakistan0.0%8.3%-36.6%Total Emerging Countries26.1%9.9%-7.4%Total ACWIxUS Countries100.0%10.3%-4.2%7 Source: BloombergThe Market EnvironmentDomestic Bond Sector & Broad/Global Bond Market Performance (Duration)As of March 31, 2019Broad fixed income benchmarks were positive to start 2019. Following the late2018 market volatility, the Federal Open Market Committee (FOMC) issueddovish guidance after their January meeting stating that they would be patientin determining future interest rate adjustments. The FOMC also commentedonthe ongoing balance sheet reduction program, stating that they would be opento changes to the program if market conditions warranted them. Later inMarch, Fed Chair Jerome Powell communicated that the FOMC is no longerprojecting any further interest rate increases through 2019. He also stated thatthey would begin tapering the roll off from the balance sheet reductionprogram in May with a plan to halt the program entirely in September. Thestoppage of the balance sheet reductionprogram represents an easing ofmonetary policy. Interest rates fell across all maturities on the US TreasuryYield Curve with the greatest declines occurring in the mid- and long-termissues. This caused continued inversion in the yield curve with short-termmaturities paying higher interest rates than issues in the mid- to long-endofthe curve. The difference in yields between the 2-year and 10-year Treasurynow sits at just 0.14% with the 30-day T-Bill yielding more than the 10-yearbond by 0.02%. Historically, an inverted yield curve has been a leadingindicator of a recession in the next 6-24 months. The bellwether BloombergBarclays US Aggregate Index posted positive returns for both the 1stquarterand the 1-year period, returning 2.9% and 4.5% respectively.Within investment grade credit, lower quality issues outperformed higherquality issues as investors gravitated toward higher risk securities during thequarter. Lower quality issues also benefitted from their higher durations. On anabsolute basis, without negating the duration differences in the sub-indices,Baa rated credit was the best performing investment grade credit qualitysegment returning 5.8% for the quarter, while AAA was the worst performing,returning 2.2%. Despite their relatively low durations, high yield securitiesposted very strong returns for the quarter, gaining 7.3%, as spreads tightenedby 135 basis points on these issues. When viewed over the 1-year period,returns for the various quality segments generally show lower quality securitiesoutperforming higher quality issues by a small margin.During the 1stquarter, investment grade corporates outperformed the moredefensive Treasury and mortgage backed sectors of the Bloomberg BarclaysUS Aggregate Index’s three broad sectors. Investment grade corporate creditreturned 5.1%, as the drop in interest rates benefitted these securities toagreater degree and credit spreads tightened considerably since the end of2018. This quarter’s performance carried through to the 1-year period ascorporate credit outperformed both Treasuries and mortgage backedsecurities. Corporate issues returned4.9% versus a 4.4% return for mortgagesand 4.2% gain on Treasury securities.2.4%1.5%2.3%2.9%3.2%5.1%2.2%2.1%7.3%5.8%4.6%3.4%2.2%0.0%2.0%4.0%6.0%8.0%Multiverse (6.9)Global Agg x US (8.1)Intermediate Agg (4.0)Aggregate (5.8)U.S. TIPS (5.2)U.S. Corporate IG (7.4)U.S. Mortgage (4.0)U.S. Treasury (6.2)U.S. High Yield (3.4)Baa (7.5)A (7.4)AA (6.2)AAA (5.3)Quarter Performance -0.3%-4.1%4.3%4.5%2.7%4.9%4.4%4.2%5.9%5.0%4.8%4.9%4.3%-5.0% -3.0% -1.0% 1.0% 3.0% 5.0% 7.0%Multiverse (6.9)Global Agg x US (8.1)Intermediate Agg (4.0)Aggregate (5.8)U.S. TIPS (5.2)U.S. Corporate IG (7.4)U.S. Mortgage (4.0)U.S. Treasury (6.2)U.S. High Yield (3.4)Baa (7.5)A (7.4)AA (6.2)AAA (5.3)1-Year Performance8 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)The Market EnvironmentMarket Rate & Yield Curve ComparisonAs of March 31, 2019Global fixed income indices continue to struggle relative to their domesticcounterparts, underperforming during the 1stquarter. These indices havelower, or in some cases (Germany, Japan), negative yields and the returns ofthese indices are also significantlyinfluenced by fluctuations in their currencydenomination relative to the USD. The USD has appreciated against mostother developed currencies, negatively impacting the returns on global bondindices. The return on global bonds, as represented by the BloombergBarclays Global Aggregate ex US Index, was 1.5% and -4.1% for the quarterand 1-year period respectively. As global growth has shown signs of stalling,several international central banks have started to step back from morerestrictive postures. Notably, the ECB announced a program to extend loanstoEuropean banks in an effort to increase lending and pledged to keep interestrates steady through the end of 2019. China also announced new stimulus tohelp spur its economy. The Bank of England and the Bank of Japan made nomajor policy changes during the quarter as they continue to reviewmacroeconomic data within their respective countries.Much of the index performance detailed in the bar graphs on the previouspage is visible on a time series basis by reviewing the line graphs to the right.The ‘1-Year Trailing Market Rates’ chart illustrates that the 10-year Treasuryyield (green line) fell from recent high’s greater than 3.0%, to yields below2.5% to end the first quarter. The blue line illustrates changes in the BAA OAS(Option Adjusted Spread). This measure quantifies the additional yieldpremium that investors require to purchase and hold non-Treasury issues.Thisline illustrates a relatively tight range in credit spreads throughout most of2018, but highlights an abrupt increase during the 4thquarter of 2018 asinvestors moved to higher quality assets during the quarter’s risk-offenvironment. Subsequently, spreads dropped steadily over the 1stquarter of2019. This spread tightening is equivalent to an interest rate decrease oncorporate bonds, which produces an additional tailwind for corporate bondindex returns. These credit spreads have tightened by about 34 basis pointsover the last three months. The green band across the graph illustrates thegradual increase in the Federal Funds Rate due to the tightening of USmonetary policy during 2018. As mentioned, the Fed’s current guidance is forzero rate increases in 2019.The lower graph provides a snapshot of the US Treasury yield curve at the endof each of the last four calendar quarters. The downward shift of interest ratesas well as a general flattening of the yield curve are clearly visible over the lastquarter. As mentioned, the yield curve continues to invert as yields on shorter-term maturities fell less than interest rates in the middle- to long-end ofthecurve.1.001.502.002.503.003.501 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yrTreasury Yield Curve6/30/20189/30/201812/31/20183/31/20190.000.501.001.502.002.503.003.50Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-191-Year Trailing Market RatesFed Funds RateTED Spread3-Month LiborBAA OAS10yr Treasury10yr TIPS9 Asset Allocation By Segment as of December 31, 2018 : $48,071,982 Asset Allocation By Segment as of March 31, 2019 : $52,348,890 Allocation Segments Market Value Allocation Domestic Equity 23,240,343 48.3¢ International Equity 7,647,079 15.9¢ Domestic Fixed Income 6,986,087 14.5¢ Global Fixed Income 1,741,286 3.6¢ Other Fixed Income 2,118,004 4.4¢ Real Estate 5,405,134 11.2¢ Cash Equivalent 934,049 1.9¢ Allocation Segments Market Value Allocation Domestic Equity 26,503,976 50.6¢ International Equity 8,428,118 16.1¢ Domestic Fixed Income 7,165,575 13.7¢ Global Fixed Income 1,821,808 3.5¢ Other Fixed Income 2,061,483 3.9¢ Real Estate 5,471,251 10.5¢ Cash Equivalent 896,679 1.7¢ Asset Allocation Summary Total Fund As of March 31, 2019 NONE 10 Asset Allocation By Manager as ofDecember 31, 2018 : $48,071,982 Asset Allocation By Manager as ofMarch 31, 2019 : $52,348,890 Allocation Market Value Allocation Vanguard Total Stock Market (VITSX)23,240,343 48.3¢ RBC Global (Voyageur)7,647,079 15.9¢ Galliard Core Fixed Income 4,777,469 9.9¢ Intercontinental 3,354,259 7.0¢ American Core Realty Fund 2,075,780 4.3¢ PIMCO Diversified Income Fund Instl (PDIIX) 1,748,164 3.6¢ Crescent Direct Lending Fund 1,385,457 2.9¢ Galliard TIPS 1,212,270 2.5¢ Vanguard Inflation-Protected Secs (VAIPX)985,053 2.0¢ Receipt & Disbursement 896,624 1.9¢ Crescent Direct Lending II Fund 732,547 1.5¢ Vanguard Short Term Bond Index (VSCSX)16,937 0.0¢ Allocation Market Value Allocation Vanguard Total Stock Market (VITSX)26,503,976 50.6¢ RBC Global (Voyageur)8,428,118 16.1¢ Galliard Core Fixed Income 4,896,369 9.4¢ Intercontinental 3,415,504 6.5¢ American Core Realty Fund 2,080,769 4.0¢ PIMCO Diversified Income Fund Instl (PDIIX) 1,828,686 3.5¢ Crescent Direct Lending Fund 1,328,936 2.5¢ Galliard TIPS 1,243,747 2.4¢ Vanguard Inflation-Protected Secs (VAIPX)1,016,439 1.9¢ Receipt & Disbursement 856,414 1.6¢ Crescent Direct Lending II Fund 732,547 1.4¢ Vanguard Short Term Bond Index (VSCSX)17,386 0.0¢ Asset Allocation Summary Total Fund As of March 31, 2019 NONE 11 Asset Allocation vs. Target Allocation Allocation Differences 0.0%0.6%1.2%1.8%2.4%3.0%-0.6 %-1.2 %-1.8 %-2.4 %-3.0 % Receipt & Disbursement Total Other Fixed Income Total Real Estate Total Global FI Total Domestic Fixed Income Total International Equity Total Domestic Equity 1.6% -1.1 % 0.5% -1.5 % -1.3 % 1.1% 0.6% Asset Allocation vs. Target Allocation Market Value $Allocation (%)Target (%) Total Domestic Equity 26,503,976 50.6 50.0 Total International Equity 8,428,118 16.1 15.0 Total Domestic Fixed Income 7,173,941 13.7 15.0 Total Global FI 1,828,686 3.5 5.0 Total Real Estate 5,496,273 10.5 10.0 Total Other Fixed Income 2,061,483 3.9 5.0 Receipt & Disbursement 856,414 1.6 0.0 Total Fund 52,348,890 100.0 100.0 Asset Allocation vs. Target Allocation Total Fund As of March 31, 2019 12 Historical Asset Allocation by Portfolio Mar-2019 Dec-2018 Sep-2018 Jun-2018 Mar-2018 ($)%($)%($)%($)%($)% Total Equity 34,932,094 66.73 30,887,422 64.25 36,006,659 68.00 34,218,124 67.00 33,146,350 66.40 Total Domestic Equity 26,503,976 50.63 23,240,343 48.34 27,105,008 51.19 25,449,555 49.83 24,492,747 49.06 Vanguard Total Stock Market (VITSX)26,503,976 50.63 23,240,343 48.34 27,105,008 51.19 25,449,555 49.83 24,492,747 49.06 Total International Equity 8,428,118 16.10 7,647,079 15.91 8,901,652 16.81 8,768,569 17.17 8,653,602 17.33 RBC Global (Voyageur)8,428,118 16.10 7,647,079 15.91 8,901,652 16.81 8,768,569 17.17 8,653,602 17.33 Total Fixed Income 11,064,110 21.14 10,857,897 22.59 10,943,086 20.67 10,723,877 21.00 10,699,049 21.43 Total Domestic Fixed Income 7,173,941 13.70 6,991,729 14.54 6,930,015 13.09 6,931,946 13.57 6,917,001 13.86 Galliard Core Fixed Income 4,896,369 9.35 4,777,469 9.94 4,709,841 8.90 4,698,915 9.20 4,699,798 9.41 Galliard TIPS 1,243,747 2.38 1,212,270 2.52 1,213,425 2.29 1,218,462 2.39 1,210,986 2.43 Vanguard Short Term Bond Index (VSCSX) 17,386 0.03 16,937 0.04 16,774 0.03 16,663 0.03 16,616 0.03 Vanguard Inflation-Protected Secs (VAIPX) 1,016,439 1.94 985,053 2.05 989,974 1.87 997,905 1.95 989,601 1.98 Total Global FI 1,828,686 3.49 1,748,164 3.64 1,790,613 3.38 1,774,837 3.48 1,806,710 3.62 PIMCO Diversified Income Fund Instl (PDIIX) 1,828,686 3.49 1,748,164 3.64 1,790,613 3.38 1,774,837 3.48 1,806,710 3.62 Total Other Fixed Income 2,061,483 3.94 2,118,004 4.41 2,222,458 4.20 2,017,094 3.95 1,975,338 3.96 Crescent Direct Lending Fund 1,328,936 2.54 1,385,457 2.88 1,572,728 2.97 1,538,918 3.01 1,615,799 3.24 Crescent Direct Lending II Fund 732,547 1.40 732,547 1.52 649,730 1.23 478,176 0.94 359,539 0.72 Total Real Estate 5,496,273 10.50 5,430,039 11.30 5,372,247 10.15 5,281,755 10.34 5,183,738 10.38 American Core Realty Fund 2,080,769 3.97 2,075,780 4.32 2,066,672 3.90 2,052,496 4.02 2,040,417 4.09 Intercontinental 3,415,504 6.52 3,354,259 6.98 3,305,575 6.24 3,229,259 6.32 3,143,321 6.30 Receipt & Disbursement 856,414 1.64 896,624 1.87 625,858 1.18 846,678 1.66 893,528 1.79 Total Fund Portfolio 52,348,890 100.00 48,071,982 100.00 52,947,850 100.00 51,070,434 100.00 49,922,665 100.00 Asset Allocation Asset Allocation History By Portfolio As of March 31, 2019 13 Historical Asset Allocation by Segment Domestic Equity International Equity Domestic Fixed Income Global Fixed Income Other Fixed Income Real Estate Cash Equivalent 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 Allocation (%)9/07 3/08 9/08 3/09 9/09 3/10 9/10 3/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 Historical Asset Allocation by Segment Total Fund October 1, 2007 To March 31, 2019 14 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 52.0 60.0 68.0 76.0 Allocation (%)US Equity Intl. Equity US Fixed Income Intl. Fixed Income Alternative Inv.Real Estate Cash Total Fund Portfolio 50.63 (20)16.10 (38)13.70 (96)3.49 (71)3.94 (86)10.50 (25)1.64 (39)˜ 5th Percentile 60.42 26.34 48.61 9.26 32.48 14.40 7.25 1st Quartile 48.80 19.50 34.08 4.94 17.85 10.46 2.35 Median 41.60 14.59 26.88 4.37 10.55 8.33 1.16 3rd Quartile 31.70 12.15 20.42 2.88 5.39 5.36 0.48 95th Percentile 18.06 6.93 13.94 0.15 1.66 3.00 0.07 Plan Sponsor TF Asset Allocation Total Fund Portfolio Vs. All Public Plans-Total Fund As of March 31, 2019 15 Financial Reconciliation Quarter to Date Market Value 01/01/2019 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 03/31/2019 Total Equity 30,887,422 18,820 -- -18,820 -1,395 232,500 3,813,567 34,932,094 Total Domestic Equity 23,240,343 ----- 140,565 3,123,068 26,503,976 Vanguard Total Stock Market (VITSX)23,240,343 ----- 140,565 3,123,068 26,503,976 Total International Equity 7,647,079 18,820 -- -18,820 -1,395 91,935 690,499 8,428,118 RBC Global (Voyageur)7,647,079 18,820 -- -18,820 -1,395 91,935 690,499 8,428,118 Total Fixed Income 10,857,897 -77,085 ---3,441 -152 21,704 265,187 11,064,110 Total Domestic Fixed Income 6,991,729 ----3,441 -152 1,139 184,666 7,173,941 Galliard Core Fixed Income 4,777,469 ----3,441 -- 122,340 4,896,369 Galliard TIPS 1,212,270 -----152 1,017 30,611 1,243,747 Vanguard Short Term Bond Index (VSCSX)16,937 -----122 328 17,386 Vanguard Inflation-Protected Secs (VAIPX) 985,053 ------31,386 1,016,439 Total Global FI 1,748,164 -20,564 ---- 20,564 80,522 1,828,686 PIMCO Diversified Income Fund Instl (PDIIX) 1,748,164 -20,564 ---- 20,564 80,522 1,828,686 Total Other Fixed Income 2,118,004 -56,521 ------ 2,061,483 Crescent Direct Lending Fund 1,385,457 -56,521 ------ 1,328,936 Crescent Direct Lending II Fund 732,547 ------- 732,547 Total Real Estate 5,430,039 -24,905 -- -10,896 - 57,093 44,942 5,496,273 American Core Realty Fund 2,075,780 -24,905 ---5,738 - 30,760 4,872 2,080,769 Intercontinental 3,354,259 ----5,158 - 26,333 40,070 3,415,504 Receipt & Disbursement 896,624 83,171 713,175 -565,022 - -276,417 4,883 - 856,414 Total Fund Portfolio 48,071,982 - 713,175 -565,022 -33,157 -277,964 316,180 4,123,697 52,348,890 Financial Reconciliation Quarter to Date Total Fund 1 Quarter Ending March 31, 2019 16 Financial Reconciliation Fiscal Year to Date Market Value 10/01/2018 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 03/31/2019 Total Equity 36,006,659 39,903 -- -39,903 -2,786 388,116 -1,459,896 34,932,094 Total Domestic Equity 27,105,008 ----- 270,565 -871,596 26,503,976 Vanguard Total Stock Market (VITSX)27,105,008 ----- 270,565 -871,596 26,503,976 Total International Equity 8,901,652 39,903 -- -39,903 -2,786 117,551 -588,300 8,428,118 RBC Global (Voyageur)8,901,652 39,903 -- -39,903 -2,786 117,551 -588,300 8,428,118 Total Fixed Income 10,943,086 -243,132 -- -14,119 -2,882 57,069 324,088 11,064,110 Total Domestic Fixed Income 6,930,015 --- -6,839 -302 15,123 235,944 7,173,941 Galliard Core Fixed Income 4,709,841 --- -6,839 --193,367 4,896,369 Galliard TIPS 1,213,425 -----302 1,918 28,705 1,243,747 Vanguard Short Term Bond Index (VSCSX)16,774 -----284 328 17,386 Vanguard Inflation-Protected Secs (VAIPX) 989,974 ----- 12,922 13,543 1,016,439 Total Global FI 1,790,613 -40,549 ---- 41,716 36,906 1,828,686 PIMCO Diversified Income Fund Instl (PDIIX) 1,790,613 -40,549 ---- 41,716 36,906 1,828,686 Total Other Fixed Income 2,222,458 -202,583 -- -7,280 -2,580 230 51,238 2,061,483 Crescent Direct Lending Fund 1,572,728 -269,307 -- -6,984 -1,604 -34,103 1,328,936 Crescent Direct Lending II Fund 649,730 66,724 ---296 -976 230 17,135 732,547 Total Real Estate 5,372,247 -49,624 -- -38,710 - 118,883 93,477 5,496,273 American Core Realty Fund 2,066,672 -49,624 -- -11,462 - 61,389 13,794 2,080,769 Intercontinental 3,305,575 --- -27,248 - 57,494 79,683 3,415,504 Receipt & Disbursement 625,858 252,853 1,606,015 -1,333,727 - -303,433 8,848 - 856,414 Total Fund Portfolio 52,947,850 - 1,606,015 -1,333,727 -92,732 -309,100 572,916 -1,042,331 52,348,890 Financial Reconciliation Fiscal Year to Date Total Fund October 1, 2018 To March 31, 2019 17 Comparative Performance Trailling Returns QTR FYTD 1 YR 3 YR 5 YR Inception Inception Date Total Fund (Net)9.18 -1.07 5.62 9.84 7.42 6.02 11/01/2000 Total Fund Policy 9.33 0.00 6.12 9.29 7.32 5.71 Total Fund (New Mgrs) (Net)9.18 -1.07 5.62 9.84 7.42 6.10 10/01/2007 Total Fund Policy 9.33 0.00 6.12 9.29 7.32 6.59 Total Fund (Gross)9.25 (27)-0.89 (88)5.98 (6)10.19 (4)7.76 (2)6.63 (11)11/01/2000 Total Fund Policy 9.33 (24)0.00 (58)6.12 (5)9.29 (15)7.32 (4)5.71 (61) All Public Plans-Total Fund Median 8.49 0.21 4.12 8.41 6.02 5.89 Total Fund (New Mgrs) (Gross)9.25 (27)-0.89 (88)5.98 (6)10.19 (4)7.76 (2)6.61 (3)10/01/2007 Total Fund Policy 9.33 (24)0.00 (58)6.12 (5)9.29 (15)7.32 (4)6.59 (4) All Public Plans-Total Fund Median 8.49 0.21 4.12 8.41 6.02 5.54 Total Equity 13.10 -2.98 5.86 12.61 8.90 6.88 01/01/2001 Total Equity Policy 13.13 -2.56 5.97 12.22 8.63 5.71 Total Domestic Equity 14.04 (30)-2.22 (46)8.83 (35)13.60 (28)10.43 (47)7.04 (35)11/01/2000 Total Domestic Equity Policy 14.04 (30)-2.27 (48)8.77 (36)13.49 (34)10.36 (51)5.82 (93) IM U.S. Large Cap Core Equity (SA+CF) Median 13.23 -2.40 7.74 12.88 10.38 6.71 Total International Equity 10.23 (33)-5.29 (62)-2.54 (27)9.78 (17)4.44 (18)6.33 (52)11/01/2000 MSCI EAFE Index 10.13 (35)-3.64 (48)-3.22 (34)7.80 (41)2.81 (47)4.32 (97) IM International Large Cap Value Equity (SA+CF) Median 9.41 -3.88 -4.68 7.35 2.60 6.35 Total Fixed Income 2.65 3.56 5.16 3.97 3.54 4.94 11/01/2000 Total Fixed Policy 2.28 4.12 4.33 1.71 2.31 4.48 Total Domestic Fixed Income 2.66 (24)3.63 (74)3.93 (85)2.00 (54)2.41 (54)4.54 (59)11/01/2000 Total Domestic Fixed Policy 2.28 (72)4.12 (19)4.33 (56)1.71 (85)2.31 (68)4.48 (66) IM U.S. Intermediate Duration (SA+CF) Median 2.45 3.90 4.36 2.04 2.43 4.59 Total Global FI 5.82 (1)4.49 (13)5.63 (1)N/A N/A 5.63 (1)04/01/2018 Blmbg. Barc. Global Credit (Hedged)4.71 (6)4.51 (13)5.07 (1)4.54 (10)4.14 (1)5.07 (1) IM Global Fixed Income (MF) Median 3.10 3.22 0.24 2.25 1.31 0.24 Total Real Estate 1.89 (54)3.99 (29)9.22 (29)9.70 (29)11.29 (37)6.28 (19)10/01/2007 NCREIF Fund Index-ODCE (VW)1.42 (70)3.20 (80)7.52 (76)7.97 (76)10.17 (71)5.41 (57) IM U.S. Open End Private Real Estate (SA+CF) Median 1.93 3.68 8.23 8.56 10.54 5.56 Comparative Performance Trailing Returns Total Fund As of March 31, 2019 Returns for periods greater than one year are annualized. Returns are expressed as percentages. 10/1/2007 inception date represents the date new managers were hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Crescent presented on IRR page.18 Comparative Performance Trailing Returns Total Fund As of March 31, 2019 QTR FYTD 1 YR 3 YR 5 YR Inception Inception Date Vanguard Total Stock Market (VITSX)14.04 (31)-2.22 (35)8.81 (16)13.52 (11)10.34 (9)12.84 (13)03/01/2013 Vanguard Total Stock Market Index Hybrid 14.06 (31)-2.20 (34)8.82 (16)13.53 (10)10.35 (8)12.86 (12) IM U.S. Multi-Cap Core Equity (MF) Median 13.30 -3.12 5.52 11.47 8.21 11.20 RBC Global (Voyageur)10.23 (33)-5.29 (62)-2.54 (27)9.78 (17)4.44 (18)4.12 (11)11/01/2007 MSCI EAFE Index 10.13 (35)-3.64 (48)-3.22 (34)7.80 (41)2.81 (47)1.20 (72) IM International Large Cap Value Equity (SA+CF) Median 9.41 -3.88 -4.68 7.35 2.60 2.25 Galliard Core Fixed Income 2.56 (34)4.11 (21)4.48 (34)2.05 (50)2.64 (28)3.75 (66)10/01/2007 Bloomberg Barclays Intermed Aggregate Index 2.28 (72)4.12 (19)4.33 (56)1.71 (85)2.31 (68)3.60 (82) IM U.S. Intermediate Duration (SA+CF) Median 2.45 3.90 4.36 2.04 2.43 3.92 Galliard TIPS 2.61 (84)2.52 (82)2.76 (42)1.55 (94)1.57 (86)3.04 (100)10/01/2007 Blmbg. Barc. U.S. TIPS 1-10 Year 2.57 (98)2.51 (83)2.72 (54)1.53 (97)1.50 (97)3.09 (100) IM U.S. TIPS (SA+CF) Median 3.20 2.77 2.73 1.77 1.95 3.74 Vanguard Inflation-Protected Secs (VAIPX)3.19 (45)2.67 (20)2.71 (12)N/A N/A 2.04 (30)01/01/2017 Bloomberg Barclays U.S. TIPS Index 3.19 (44)2.76 (14)2.70 (12)1.70 (33)1.94 (9)2.17 (21) IM U.S. TIPS (MF) Median 3.15 2.25 2.13 1.51 1.23 1.71 Vanguard Short Term Bond Index (VSCSX)2.66 (13)3.65 (7)4.63 (1)2.28 (21)N/A 2.32 (11)01/01/2015 Blmbg. Barc. U.S. Corporate 1-5 Year Index 2.61 (17)3.39 (12)4.42 (2)2.41 (16)2.30 (6)2.41 (8) IM U.S. Intermediate Investment Grade (MF) Median 1.88 2.87 3.30 1.61 1.57 1.60 PIMCO Diversified Income Fund Instl (PDIIX)5.81 (1)4.48 (13)5.63 (1)N/A N/A 5.63 (1)04/01/2018 Blmbg. Barc. Global Credit (Hedged)4.71 (6)4.51 (13)5.07 (1)4.54 (10)4.14 (1)5.07 (1) IM Global Fixed Income (MF) Median 3.10 3.22 0.24 2.25 1.31 0.24 American Core Realty Fund 1.74 (65)3.71 (48)8.20 (53)7.65 (82)9.82 (81)5.18 (87)10/01/2007 American Core Realty Policy 1.69 (66)3.33 (75)7.74 (69)8.17 (63)10.34 (62)7.21 (4) IM U.S. Open End Private Real Estate (SA+CF) Median 1.93 3.68 8.23 8.56 10.54 5.56 Intercontinental 1.98 (45)4.16 (24)9.87 (24)11.15 (11)12.24 (25)13.64 (35)10/01/2010 NCREIF Fund Index-ODCE 1.42 (70)3.20 (80)7.52 (76)7.97 (76)10.17 (71)11.70 (69) IM U.S. Open End Private Real Estate (SA+CF) Median 1.93 3.68 8.23 8.56 10.54 12.41 Returns for periods greater than one year are annualized. Returns are expressed as percentages. 10/1/2007 inception date represents the date new managers were hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Crescent presented on IRR page.19 Comparative Performance - IRR QTR 1 YR 3 YR 5 YR Inception Inception Date Crescent Direct Lending Fund 0.00 5.70 8.10 N/A 7.67 10/14/2014 Crescent Direct Lending II Fund 0.00 8.00 N/A N/A 8.21 03/13/2018 Comparative Performance - IRR As of March 31, 2019 20 Comparative Performance Fiscal Year Returns FYTD Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Oct-2012 To Sep-2013 Oct-2011 To Sep-2012 Oct-2010 To Sep-2011 Oct-2009 To Sep-2010 Oct-2008 To Sep-2009 Total Fund (Net)-1.07 (91)11.28 (3)14.16 (14)11.15 (11)0.33 (23)11.85 (8)15.72 (7)18.95 (23)-1.17 (84)10.67 (37)0.70 (62) Total Fund Policy 0.00 (58)9.81 (11)12.89 (33)10.64 (19)0.55 (20)11.38 (17)15.00 (10)19.61 (14)2.51 (18)9.13 (77)0.33 (66) All Public Plans-Total Fund Median 0.21 7.59 12.01 9.72 -0.78 9.83 12.45 17.45 0.50 10.23 1.33 Total Fund (New Mgrs) (Net)-1.07 (91)11.28 (3)14.16 (14)11.15 (11)0.33 (23)11.85 (8)15.72 (7)18.95 (23)-1.17 (84)10.66 (37)0.68 (62) Total Fund Policy 0.00 (58)9.81 (11)12.89 (33)10.64 (19)0.55 (20)11.38 (17)15.00 (10)19.61 (14)2.51 (18)9.13 (77)0.33 (66) All Public Plans-Total Fund Median 0.21 7.59 12.01 9.72 -0.78 9.83 12.45 17.45 0.50 10.23 1.33 Total Fund (Gross)-0.89 (88)11.63 (2)14.52 (10)11.51 (7)0.63 (19)12.21 (6)16.33 (5)19.81 (11)-0.45 (72)11.40 (23)1.43 (49) Total Fund Policy 0.00 (58)9.81 (11)12.89 (33)10.64 (19)0.55 (20)11.38 (17)15.00 (10)19.61 (14)2.51 (18)9.13 (77)0.33 (66) All Public Plans-Total Fund Median 0.21 7.59 12.01 9.72 -0.78 9.83 12.45 17.45 0.50 10.23 1.33 Total Fund (New Mgrs) (Gross)-0.89 (88)11.63 (2)14.52 (10)11.51 (7)0.63 (19)12.21 (6)16.33 (5)19.81 (11)-0.45 (72)11.40 (23)1.39 (49) Total Fund Policy 0.00 (58)9.81 (11)12.89 (33)10.64 (19)0.55 (20)11.38 (17)15.00 (10)19.61 (14)2.51 (18)9.13 (77)0.33 (66) All Public Plans-Total Fund Median 0.21 7.59 12.01 9.72 -0.78 9.83 12.45 17.45 0.50 10.23 1.33 Total Equity -2.98 15.01 19.50 14.20 -1.52 15.46 23.09 27.08 -4.58 13.61 -1.09 Total Equity Policy -2.56 14.18 19.00 13.13 -2.28 14.65 22.30 26.46 -1.66 9.34 -6.91 Total Domestic Equity -2.22 (46)17.88 (41)18.64 (52)15.21 (25)-0.59 (62)17.58 (69)21.85 (34)27.76 (61)-3.30 (90)14.19 (9)-4.29 (38) Total Domestic Equity Policy -2.27 (48)17.58 (46)18.71 (51)14.96 (29)-0.49 (61)17.76 (67)21.60 (37)30.20 (44)0.55 (58)10.96 (32)-6.91 (64) IM U.S. Large Cap Core Equity (SA+CF) Median -2.40 17.31 18.74 13.26 0.09 19.21 20.66 29.63 1.16 9.53 -5.79 Total International Equity -5.29 (62)6.76 (5)22.69 (36)10.74 (29)-4.36 (19)10.08 (8)27.54 (18)24.74 (3)-8.75 (53)11.69 (15)11.87 (19) MSCI EAFE Index -3.64 (48)3.25 (28)19.65 (55)7.06 (61)-8.27 (42)4.70 (63)24.29 (40)14.33 (57)-8.94 (55)3.71 (66)3.80 (66) IM International Large Cap Value Equity (SA+CF) Median -3.88 1.44 20.70 8.41 -9.45 5.75 22.93 15.45 -8.62 5.00 6.49 Total Fixed Income 3.56 2.41 3.59 4.93 1.40 3.23 -0.59 6.34 4.67 9.27 10.53 Total Fixed Policy 4.12 -0.93 0.25 3.57 2.95 2.74 -0.71 4.31 4.22 7.52 9.69 Total Domestic Fixed Income 3.63 (74)-0.21 (34)0.61 (60)4.21 (31)2.31 (73)2.61 (63)-1.30 (95)5.88 (43)4.67 (13)9.27 (22)10.53 (70) Total Domestic Fixed Policy 4.12 (19)-0.93 (96)0.25 (87)3.57 (73)2.95 (32)2.74 (58)-0.71 (77)4.31 (84)4.22 (23)7.52 (77)9.69 (81) IM U.S. Intermediate Duration (SA+CF) Median 3.90 -0.38 0.69 3.90 2.70 2.88 -0.27 5.56 3.60 8.25 11.53 Total Global Fixed Income N/A N/A N/A 0.81 (100)-7.63 (93)6.31 (12)3.53 (2)N/A N/A N/A N/A Total Global Fixed Income Policy 3.53 (40)-1.54 (55)-2.69 (94)9.71 (20)-3.83 (50)-0.07 (96)-4.60 (82)N/A N/A N/A N/A IM Global Fixed Income (MF) Median 3.22 -1.29 1.02 7.42 -3.85 3.37 -1.81 7.17 1.74 7.68 13.54 Total Global FI 4.49 (13)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Blmbg. Barc. Global Credit (Hedged)4.51 (13)0.39 (17)3.04 (27)9.19 (25)0.86 (18)6.83 (9)1.46 (8)11.61 (5)1.69 (53)11.05 (28)15.99 (27) IM Global Fixed Income (MF) Median 3.22 -1.29 1.02 7.42 -3.85 3.37 -1.81 7.17 1.74 7.68 13.54 Comparative Performance Fiscal Year Returns Total Fund As of March 31, 2019 Returns for periods greater than one year are annualized. Returns are expressed as percentages. 10/1/2007 inception date represents the date new managers were hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. Intercontinental Returns are preliminary Parenthesized number represents pertinent peer group ranking: 1-100, best to worst 21 Comparative Performance Fiscal Year Returns Total Fund As of March 31, 2019 FYTD Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Oct-2012 To Sep-2013 Oct-2011 To Sep-2012 Oct-2010 To Sep-2011 Oct-2009 To Sep-2010 Oct-2008 To Sep-2009 Total Real Estate 3.99 (29)10.25 (26)10.01 (19)11.44 (49)14.27 (67)13.47 (38)16.42 (19)12.81 (51)15.82 (72)2.71 (77)-32.42 (32) NCREIF Fund Index-ODCE 3.20 (80)8.68 (63)7.66 (62)10.08 (83)14.93 (61)12.40 (68)13.04 (53)11.61 (64)18.27 (43)6.97 (43)-35.19 (49) IM U.S. Open End Private Real Estate (SA+CF) Median 3.68 9.04 8.29 11.32 15.45 12.78 13.18 12.87 16.96 6.43 -35.32 Returns for periods greater than one year are annualized. Returns are expressed as percentages. 10/1/2007 inception date represents the date new managers were hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. Intercontinental Returns are preliminary Parenthesized number represents pertinent peer group ranking: 1-100, best to worst 22 Comparative Performance Fiscal Year Returns Total Fund As of March 31, 2019 FYTD Oct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Oct-2012 To Sep-2013 Oct-2011 To Sep-2012 Oct-2010 To Sep-2011 Oct-2009 To Sep-2010 Oct-2008 To Sep-2009 Lateef Asset Mgmt.Equity N/A N/A N/A N/A N/A N/A N/A 33.21 (8)-1.17 (76)11.93 (44)0.53 (23) Russell 1000 Growth Index -2.34 (61)26.30 (36)21.94 (37)13.76 (23)3.17 (55)19.15 (40)19.27 (63)29.19 (39)3.78 (30)12.65 (35)-1.85 (37) IM U.S. Large Cap Growth Equity (SA+CF) Median -1.57 24.38 20.82 11.64 3.61 18.18 20.25 27.65 1.38 11.27 -3.00 RBC Global (Voyageur)-5.29 (62)6.76 (5)22.69 (36)10.74 (29)-4.36 (19)10.08 (8)27.54 (18)24.74 (3)-8.75 (53)11.69 (15)11.87 (19) MSCI EAFE Index -3.64 (48)3.25 (28)19.65 (55)7.06 (61)-8.27 (42)4.70 (63)24.29 (40)14.33 (57)-8.94 (55)3.71 (66)3.80 (66) IM International Large Cap Value Equity (SA+CF) Median -3.88 1.44 20.70 8.41 -9.45 5.75 22.93 15.45 -8.62 5.00 6.49 Vanguard Total Stock Market (VITSX)-2.22 (35)17.62 (19)18.64 (38)15.00 (16)-0.59 (35)17.77 (32)N/A N/A N/A N/A N/A Vanguard Total Stock Market Index Hybrid -2.20 (34)17.62 (19)18.64 (38)14.99 (16)-0.55 (34)17.77 (32)21.60 (59)30.28 (16)0.71 (26)11.16 (26)-6.03 (54) IM U.S. Multi-Cap Core Equity (MF) Median -3.12 14.74 17.59 11.75 -1.81 16.34 22.72 27.01 -1.53 9.27 -5.60 Galliard Core Fixed Income 4.11 (21)-0.43 (57)0.44 (73)4.36 (25)3.04 (26)3.15 (38)-0.64 (74)5.82 (45)4.16 (27)9.63 (17)12.08 (38) Bloomberg Barclays Intermed Aggregate Index 4.12 (19)-0.93 (96)0.25 (87)3.57 (73)2.95 (32)2.74 (58)-0.71 (77)4.31 (84)4.22 (23)7.52 (77)9.69 (81) IM U.S. Intermediate Duration (SA+CF) Median 3.90 -0.38 0.69 3.90 2.70 2.88 -0.27 5.56 3.60 8.25 11.53 Galliard TIPS 2.52 0.39 -0.23 4.75 -0.38 0.59 -3.71 6.01 6.73 7.28 3.97 Blmbg. Barc. U.S. TIPS 1-10 Year 2.51 0.33 -0.14 4.83 -0.82 0.61 -3.90 6.32 7.19 7.40 4.02 Templeton Global Bond Fund (FBNRX)N/A N/A N/A 0.83 -7.63 6.33 3.54 N/A N/A N/A N/A FTSE World Government Bond Index 3.53 -1.54 -2.69 9.71 -3.83 -0.07 -4.60 3.29 4.61 4.99 13.78 PIMCO Diversified Income Fund Instl (PDIIX)4.48 (13)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Blmbg. Barc. Global Credit (Hedged)4.51 (13)0.39 (17)3.04 (27)9.19 (25)0.86 (18)6.83 (9)1.46 (8)11.61 (5)1.69 (53)11.05 (28)15.99 (27) IM Global Fixed Income (MF) Median 3.22 -1.29 1.02 7.42 -3.85 3.37 -1.81 7.17 1.74 7.68 13.54 Vanguard Inflation-Protected Secs (VAIPX)2.67 (20)0.23 (55)N/A N/A N/A N/A N/A N/A N/A N/A N/A Bloomberg Barclays U.S. TIPS Index 2.76 (14)0.41 (40)-0.73 (61)6.58 (27)-0.83 (7)1.59 (19)-6.10 (46)9.10 (19)9.87 (6)8.89 (43)5.67 (41) IM U.S. TIPS (MF) Median 2.25 0.29 -0.43 5.77 -1.90 0.95 -6.17 8.21 8.10 8.72 5.16 Vanguard Short Term Bond Index (VSCSX)3.65 (7)-0.14 (41)1.55 (27)3.40 (20)N/A N/A N/A N/A N/A N/A N/A Blmbg. Barc. U.S. Corporate 1-5 Year Index 3.39 (12)0.11 (28)1.82 (20)3.33 (21)1.98 (8)2.46 (25)1.47 (16)6.29 (29)1.83 (58)8.25 (37)16.02 (2) IM U.S. Intermediate Investment Grade (MF) Median 2.87 -0.38 0.85 2.56 1.21 1.64 -0.52 4.93 1.99 7.52 10.46 American Core Realty Fund 3.71 (48)8.50 (66)7.52 (67)9.04 (97)13.98 (69)12.49 (64)12.27 (70)11.56 (65)16.11 (66)2.71 (77)-32.42 (32) American Core Realty Policy 3.33 (75)8.82 (59)7.81 (60)10.62 (69)14.71 (62)12.39 (68)12.47 (67)11.77 (63)18.03 (44)5.84 (56)-22.09 (5) IM U.S. Open End Private Real Estate (SA+CF) Median 3.68 9.04 8.29 11.32 15.45 12.78 13.18 12.87 16.96 6.43 -35.32 Intercontinental 4.16 (24)11.40 (8)11.82 (7)13.30 (23)13.96 (69)14.10 (30)18.21 (10)13.38 (40)15.68 (73)N/A N/A NCREIF Fund Index-ODCE 3.20 (80)8.68 (63)7.66 (62)10.08 (83)14.93 (61)12.40 (68)13.04 (53)11.61 (64)18.27 (43)6.97 (43)-35.19 (49) IM U.S. Open End Private Real Estate (SA+CF) Median 3.68 9.04 8.29 11.32 15.45 12.78 13.18 12.87 16.96 6.43 -35.32 Returns for periods greater than one year are annualized. Returns are expressed as percentages. 10/1/2007 inception date represents the date new managers were hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. Intercontinental Returns are preliminary Parenthesized number represents pertinent peer group ranking: 1-100, best to worst 23 Plan Sponsor Peer Group Analysis - All Public Plans-Total Fund Comparative Performance -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Total Fund Portfolio 9.25 (27)-0.89 (88)5.98 (6)8.67 (4)10.19 (4)7.89 (1)7.76 (2)˜ Total Fund Policy 9.33 (24)0.00 (58)6.12 (5)8.08 (11)9.29 (15)7.05 (5)7.32 (4)˜ Median 8.49 0.21 4.12 7.13 8.41 5.83 6.02 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 ReturnOct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Oct-2012 To Sep-2013 Total Fund Portfolio 11.63 (2)14.52 (10)11.51 (7)0.63 (19)12.21 (6)16.33 (5)˜ Total Fund Policy 9.81 (11)12.89 (33)10.64 (19)0.55 (20)11.38 (17)15.00 (10)˜ Median 7.59 12.01 9.72 -0.78 9.83 12.45 1 QtrEndingDec-2018 1 QtrEndingSep-2018 1 QtrEndingJun-2018 1 QtrEndingMar-2018 1 QtrEndingDec-2017 1 QtrEndingSep-2017 Total Fund Portfolio -9.28 (85)4.26 (4)2.57 (5)-0.15 (43)4.54 (7)3.83 (26) Total Fund Policy -8.53 (67)3.96 (7)2.07 (15)-0.57 (72)4.07 (20)3.48 (48) All Public Plans-Total Fund Median -7.75 2.70 1.19 -0.27 3.64 3.46 As of March 31, 2019 Performance Review Total Fund Portfolio NONE 24 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date 4.0 8.0 12.0 16.0 20.0 Total Fund P ortfolio (%) 4.0 8.0 12.0 16.0 20.0 Total Fund Policy (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Total Fund Portfolio 20 20 (100%)0 (0%)0 (0%)0 (0%)˜ Total Fund Policy 20 20 (100%)0 (0%)0 (0%)0 (0%)˜ 7.67 8.26 8.85 9.44 10.03 10.62 Return (%)7.00 7.20 7.40 7.60 7.80 8.00 8.20 8.40 8.60 Risk (Standard Deviation %) Return StandardDeviation Total Fund Portfolio 10.19 8.36˜ Total Fund Policy 9.29 7.93˜ Median 8.41 7.30¾ 5.70 6.27 6.84 7.41 7.98 8.55 Return (%)6.4 6.6 6.8 7.0 7.2 7.4 7.6 Risk (Standard Deviation %) Return StandardDeviation Total Fund Portfolio 7.76 7.43˜ Total Fund Policy 7.32 7.10˜ Median 6.02 6.71¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Total Fund Portfolio 0.99 108.01 103.63 0.43 0.89 1.07 1.05 5.36 Total Fund Policy 0.00 100.00 100.00 0.00 N/A 1.02 1.00 4.93 90 Day U.S. Treasury Bill 7.99 7.00 -10.09 1.23 -1.02 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Total Fund Portfolio 0.90 105.77 105.40 0.15 0.49 0.96 1.04 4.67 Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.94 1.00 4.36 90 Day U.S. Treasury Bill 7.10 5.22 -6.60 0.72 -0.94 N/A 0.00 0.00 As of March 31, 2019 Performance Review Total Fund Portfolio NONE 25 Peer Group Analysis - IM U.S. Multi-Cap Core Equity (MF) Comparative Performance -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Vanguard Total Stock Market (VITSX)14.04 (31)-2.22 (35)8.81 (16)11.30 (18)13.52 (11)9.85 (8)10.34 (9)˜ Vanguard Total Stock Market Index Hybrid 14.06 (31)-2.20 (34)8.82 (16)11.31 (18)13.53 (10)9.86 (8)10.35 (8)˜ Median 13.30 -3.12 5.52 9.21 11.47 7.67 8.21 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 ReturnOct- 2017 To Sep- 2018 Oct- 2016 To Sep- 2017 Oct- 2015 To Sep- 2016 Oct- 2014 To Sep- 2015 Oct- 2013 To Sep- 2014 Oct- 2012 To Sep- 2013 Vanguard Total Stock Market (VITSX)17.62 (19)18.64 (38)15.00 (16)-0.59 (35)17.77 (32)N/A˜ Vanguard Total Stock Market Index Hybrid17.62 (19)18.64 (38)14.99 (16)-0.55 (34)17.77 (32)21.60 (59)˜ Median 14.74 17.59 11.75 -1.81 16.34 22.72 1 QtrEndingDec-2018 1 QtrEndingSep-2018 1 QtrEndingJun-2018 1 QtrEndingMar-2018 1 QtrEndingDec-2017 1 QtrEndingSep-2017 Vanguard Total Stock Market (VITSX)-14.26 (47)7.09 (23)3.91 (18)-0.60 (48)6.34 (42)4.54 (43) Vanguard Total Stock Market Index Hybrid -14.26 (47)7.08 (24)3.91 (17)-0.60 (48)6.34 (41)4.55 (42) IM U.S. Multi-Cap Core Equity (MF) Median -14.37 5.83 2.65 -0.62 6.10 4.35 Performance Review As of March 31, 2019 Vanguard Total Stock Market (VITSX) NONE 26 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Under Performance Earliest Date Latest Date 6.0 9.0 12.0 15.0 18.0 21.0 Vanguard Total Stock Market (VITSX) (%)6.0 9.0 12.0 15.0 18.0 21.0 Vanguard Total Stock Market Index Hybrid (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Vanguard Total Stock Market (VITSX) 13 12 (92%)1 (8%)0 (0%)0 (0%)˜ Vanguard Total Stock Market Index Hybrid 20 12 (60%)8 (40%)0 (0%)0 (0%)˜ 10.72 11.39 12.06 12.73 13.40 14.07 Return (%)10.85 10.92 10.99 11.06 11.13 11.20 11.27 Risk (Standard Deviation %) Return StandardDeviation Vanguard Total Stock Market (VITSX)13.52 10.95˜ Vanguard Total Stock Market Index Hybrid 13.53 10.96˜ Median 11.47 11.22¾ 7.70 8.40 9.10 9.80 10.50 11.20 Return (%)11.35 11.40 11.45 11.50 11.55 11.60 11.65 11.70 Risk (Standard Deviation %) Return StandardDeviation Vanguard Total Stock Market (VITSX)10.34 11.41˜ Vanguard Total Stock Market Index Hybrid 10.35 11.41˜ Median 8.21 11.63¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Vanguard Total Stock Market (VITSX)0.03 99.93 99.95 -0.01 -0.34 1.11 1.00 7.38 Vanguard Total Stock Market Index Hybrid 0.00 100.00 100.00 0.00 N/A 1.11 1.00 7.39 90 Day U.S. Treasury Bill 10.97 4.48 -2.47 1.19 -1.11 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Vanguard Total Stock Market (VITSX)0.03 99.95 99.98 -0.01 -0.29 0.86 1.00 7.27 Vanguard Total Stock Market Index Hybrid 0.00 100.00 100.00 0.00 N/A 0.86 1.00 7.27 90 Day U.S. Treasury Bill 11.40 2.83 -1.36 0.72 -0.86 N/A 0.00 0.01 Performance Review As of March 31, 2019 Vanguard Total Stock Market (VITSX) NONE 27 Peer Group Analysis - IM International Large Cap Value Equity (SA+CF) Comparative Performance -20.00 -16.00 -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR RBC Global (Voyageur) 10.23 (33)-5.29 (62)-2.54 (27)6.99 (16)9.78 (17)5.85 (15)4.44 (18)˜ MSCI EAFE Index 10.13 (35)-3.64 (48)-3.22 (34)5.65 (30)7.80 (41)3.65 (44)2.81 (47)˜ Median 9.41 -3.88 -4.68 4.47 7.35 3.39 2.60 -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 ReturnOct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Oct-2012 To Sep-2013 RBC Global (Voyageur) 6.76 (5)22.69 (36)10.74 (29)-4.36 (19)10.08 (8)27.54 (18)˜ MSCI EAFE Index 3.25 (28)19.65 (55)7.06 (61)-8.27 (42)4.70 (63)24.29 (40)˜ Median 1.44 20.70 8.41 -9.45 5.75 22.93 1 QtrEndingDec-2018 1 QtrEndingSep-2018 1 QtrEndingJun-2018 1 QtrEndingMar-2018 1 QtrEndingDec-2017 1 QtrEndingSep-2017 RBC Global (Voyageur)-14.08 (73)1.54 (31)1.35 (3)-1.41 (58)5.22 (27)6.53 (31) MSCI EAFE Index -12.50 (45)1.42 (33)-0.97 (17)-1.41 (58)4.27 (51)5.47 (57) IM International Large Cap Value Equity (SA+CF) Median -12.88 0.88 -2.19 -1.26 4.27 5.65 Performance Review As of March 31, 2019 RBC Global (Voyageur) NONE 28 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date -8.0 0.0 8.0 16.0 24.0 32.0 RBC Glob al (Vo yag eur) (%) -8.0 0.0 8.0 16.0 24.0 32.0 MSCI EAFE Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count RBC Global (Voyageur) 20 17 (85%)3 (15%)0 (0%)0 (0%)˜ MSCI EAFE Index 20 0 (0%)9 (45%)11 (55%)0 (0%)˜ 6.40 7.20 8.00 8.80 9.60 10.40 Return (%)9.88 10.26 10.64 11.02 11.40 11.78 12.16 12.54 Risk (Standard Deviation %) Return StandardDeviation RBC Global (Voyageur)9.78 11.99˜ MSCI EAFE Index 7.80 10.33˜ Median 7.35 10.89¾ 1.86 2.48 3.10 3.72 4.34 4.96 Return (%)11.40 11.59 11.78 11.97 12.16 12.35 12.54 12.73 Risk (Standard Deviation %) Return StandardDeviation RBC Global (Voyageur)4.44 12.52˜ MSCI EAFE Index 2.81 11.69˜ Median 2.60 12.04¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk RBC Global (Voyageur)4.53 111.62 101.67 1.41 0.45 0.74 1.08 7.85 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.67 1.00 6.81 90 Day U.S. Treasury Bill 10.37 3.44 -4.74 1.21 -0.67 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk RBC Global (Voyageur)4.35 104.71 94.26 1.67 0.38 0.35 1.00 8.38 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.23 1.00 8.00 90 Day U.S. Treasury Bill 11.69 2.24 -2.23 0.73 -0.23 N/A 0.00 0.01 Performance Review As of March 31, 2019 RBC Global (Voyageur) NONE 29 Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF) Comparative Performance 0.70 1.23 1.76 2.29 2.82 3.35 3.88 4.41 4.94 5.47 6.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Galliard Core Fixed Inc 2.56 (34)4.11 (21)4.48 (34)2.74 (30)2.05 (50)2.20 (36)2.64 (28)˜ Barclays Int Agg Index 2.28 (72)4.12 (19)4.33 (56)2.40 (79)1.71 (85)1.83 (83)2.31 (68)˜ Median 2.45 3.90 4.36 2.59 2.04 2.11 2.43 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 ReturnOct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Oct-2012 To Sep-2013 Galliard Core Fixed Inc -0.43 (57)0.44 (73)4.36 (25)3.04 (26)3.15 (38)-0.64 (74)˜ Barclays Int Agg Index -0.93 (96)0.25 (87)3.57 (73)2.95 (32)2.74 (58)-0.71 (77)˜ Median -0.38 0.69 3.90 2.70 2.88 -0.27 1 QtrEndingDec-2018 1 QtrEndingSep-2018 1 QtrEndingJun-2018 1 QtrEndingMar-2018 1 QtrEndingDec-2017 1 QtrEndingSep-2017 Galliard Core Fixed Inc 1.51 (35)0.30 (66)0.05 (73)-0.90 (54)0.11 (31)0.79 (34) Barclays Int Agg Index 1.80 (10)0.11 (95)0.09 (61)-1.05 (82)-0.07 (77)0.72 (49) IM U.S. Intermediate Duration (SA+CF) Median 1.39 0.37 0.12 -0.90 0.02 0.72 Performance Review As of March 31, 2019 Galliard Core Fixed Inc NONE 30 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date 0.0 1.0 2.0 3.0 4.0 5.0 Galliard Core Fixed Inc (%)0.0 1.0 2.0 3.0 4.0 5.0 Barclays Int Agg Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Galliard Core Fixed Inc 20 0 (0%)20 (100%)0 (0%)0 (0%)˜ Barclays Int Agg Index 20 0 (0%)1 (5%)11 (55%)8 (40%)˜ 1.60 1.80 2.00 2.20 Return (%)1.98 2.01 2.04 2.07 2.10 2.13 2.16 2.19 Risk (Standard Deviation %) Return StandardDeviation Galliard Core Fixed Inc 2.05 2.10˜ Barclays Int Agg Index 1.71 2.16˜ Median 2.04 2.02¾ 2.20 2.40 2.60 2.80 Return (%)1.94 1.96 1.98 2.00 2.02 2.04 2.06 2.08 2.10 Risk (Standard Deviation %) Return StandardDeviation Galliard Core Fixed Inc 2.64 2.07˜ Barclays Int Agg Index 2.31 2.06˜ Median 2.43 1.97¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Galliard Core Fixed Inc 0.29 103.37 89.77 0.39 1.13 0.43 0.97 1.25 Barclays Int Agg Index 0.00 100.00 100.00 0.00 N/A 0.26 1.00 1.32 90 Day U.S. Treasury Bill 2.10 19.01 -23.01 1.12 -0.26 N/A 0.03 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Galliard Core Fixed Inc 0.32 104.42 91.60 0.34 1.02 0.93 0.99 1.08 Barclays Int Agg Index 0.00 100.00 100.00 0.00 N/A 0.77 1.00 1.12 90 Day U.S. Treasury Bill 2.05 11.01 -16.26 0.69 -0.77 N/A 0.01 0.01 Performance Review As of March 31, 2019 Galliard Core Fixed Inc NONE 31 Peer Group Analysis - IM U.S. TIPS (SA+CF) Comparative Performance 0.70 1.08 1.46 1.84 2.22 2.60 2.98 3.36 3.74 4.12 4.50 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Galliard TIPS 2.61 (84)2.52 (82)2.76 (42)1.55 (97)1.55 (94)1.57 (92)1.57 (86)˜ Barclays US TIPS 1-10 Yr 2.57 (98)2.51 (83)2.72 (54)1.57 (97)1.53 (97)1.61 (90)1.50 (97)˜ Median 3.20 2.77 2.73 1.84 1.77 1.70 1.95 -10.00 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 ReturnOct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Oct-2012 To Sep-2013 Galliard TIPS 0.39 (76)-0.23 (38)4.75 (95)-0.38 (19)0.59 (86)-3.71 (10)˜ Barclays US TIPS 1-10 Yr 0.33 (91)-0.14 (35)4.83 (95)-0.82 (56)0.61 (81)-3.90 (18)˜ Median 0.43 -0.52 6.53 -0.79 1.57 -5.73 1 QtrEndingDec-2018 1 QtrEndingSep-2018 1 QtrEndingJun-2018 1 QtrEndingMar-2018 1 QtrEndingDec-2017 1 QtrEndingSep-2017 Galliard TIPS -0.08 (23)-0.40 (19)0.63 (81)-0.39 (18)0.55 (89)0.70 (90) Barclays US TIPS 1-10 Yr -0.05 (7)-0.42 (23)0.61 (86)-0.40 (18)0.53 (92)0.70 (90) IM U.S. TIPS (SA+CF) Median -0.42 -0.77 0.76 -0.73 1.26 0.89 Performance Review As of March 31, 2019 Galliard TIPS NONE 32 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -4.0 -2.0 0.0 2.0 4.0 Galliard TIPS (%)-4.0 -2.0 0.0 2.0 4.0 Barclays US TIPS 1-10 Yr (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Galliard TIPS 20 2 (10%)2 (10%)5 (25%)11 (55%)˜ Barclays US TIPS 1-10 Yr 20 2 (10%)0 (0%)2 (10%)16 (80%)˜ 1.44 1.53 1.62 1.71 1.80 1.89 Return (%)2.00 2.20 2.40 2.60 2.80 3.00 3.20 Risk (Standard Deviation %) Return StandardDeviation Galliard TIPS 1.55 2.33˜ Barclays US TIPS 1-10 Yr 1.53 2.24˜ Median 1.77 2.99¾ 1.40 1.60 1.80 2.00 2.20 Return (%)2.56 2.72 2.88 3.04 3.20 3.36 3.52 3.68 Risk (Standard Deviation %) Return StandardDeviation Galliard TIPS 1.57 2.83˜ Barclays US TIPS 1-10 Yr 1.50 2.75˜ Median 1.95 3.55¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Galliard TIPS 0.42 100.01 99.25 -0.02 0.04 0.17 1.02 1.37 Barclays US TIPS 1-10 Yr 0.00 100.00 100.00 0.00 N/A 0.17 1.00 1.37 90 Day U.S. Treasury Bill 2.20 19.51 -16.07 1.14 -0.17 N/A 0.02 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Galliard TIPS 0.44 99.85 97.28 0.05 0.17 0.31 1.02 1.64 Barclays US TIPS 1-10 Yr 0.00 100.00 100.00 0.00 N/A 0.30 1.00 1.64 90 Day U.S. Treasury Bill 2.73 10.73 -8.25 0.71 -0.30 N/A 0.01 0.01 Performance Review As of March 31, 2019 Galliard TIPS NONE 33 Peer Group Analysis - IM U.S. Intermediate Investment Grade (MF) Comparative Performance -0.64 0.05 0.74 1.43 2.12 2.81 3.50 4.19 4.88 5.57 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR VG ST Bond Index (VSCSX) 2.66 (13)3.65 (7)4.63 (1)2.52 (10)2.28 (21)2.20 (9)N/A˜ Barclays US Corp 1-5 Yr Index 2.61 (17)3.39 (12)4.42 (2)2.59 (8)2.41 (16)2.24 (8)2.30 (6)˜ Median 1.88 2.87 3.30 1.82 1.61 1.43 1.57 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 ReturnOct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Oct-2012 To Sep-2013 VG ST Bond Index (VSCSX)-0.14 (41)1.55 (27)3.40 (20)N/A N/A N/A˜ Barclays US Corp 1-5 Yr Index 0.11 (28)1.82 (20)3.33 (21)1.98 (8)2.46 (25)1.47 (16)˜ Median -0.38 0.85 2.56 1.21 1.64 -0.52 1 QtrEndingDec-2018 1 QtrEndingSep-2018 1 QtrEndingJun-2018 1 QtrEndingMar-2018 1 QtrEndingDec-2017 1 QtrEndingSep-2017 VG ST Bond Index (VSCSX)0.97 (44)0.67 (15)0.28 (21)-1.03 (91)-0.05 (38)0.66 (24) Barclays US Corp 1-5 Yr Index 0.76 (54)0.71 (8)0.29 (21)-0.80 (65)-0.09 (43)0.76 (13) IM U.S. Intermediate Investment Grade (MF) Median 0.80 0.34 0.12 -0.72 -0.13 0.53 Performance Review As of March 31, 2019 VG ST Bond Index (VSCSX) NONE 34 Peer Group Analysis - IM U.S. TIPS (MF) Comparative Performance -1.20 -0.44 0.32 1.08 1.84 2.60 3.36 4.12 4.88 5.64 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Vanguard Inflation-Protected Secs (VAIPX) 3.19 (45)2.67 (20)2.71 (12)1.59 (34)N/A N/A N/A˜ Bloomberg Barclays U.S. TIPS Index 3.19 (44)2.76 (14)2.70 (12)1.81 (19)1.70 (33)1.65 (19)1.94 (9)˜ Median 3.15 2.25 2.13 1.34 1.51 1.25 1.23 -13.00 -10.00 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 ReturnOct- 2017 To Sep- 2018 Oct- 2016 To Sep- 2017 Oct- 2015 To Sep- 2016 Oct- 2014 To Sep- 2015 Oct- 2013 To Sep- 2014 Oct- 2012 To Sep- 2013 Vanguard Inflation-Protected Secs (VAIPX)0.23 (55)N/A N/A N/A N/A N/A˜ Bloomberg Barclays U.S. TIPS Index 0.41 (40)-0.73 (61)6.58 (27)-0.83 (7)1.59 (19)-6.10 (46)˜ Median 0.29 -0.43 5.77 -1.90 0.95 -6.17 1 QtrEndingDec-2018 1 QtrEndingSep-2018 1 QtrEndingJun-2018 1 QtrEndingMar-2018 1 QtrEndingDec-2017 1 QtrEndingSep-2017 Vanguard Inflation-Protected Secs (VAIPX)-0.50 (30)-0.79 (58)0.84 (19)-0.99 (76)1.19 (44)0.79 (49) Bloomberg Barclays U.S. TIPS Index -0.42 (24)-0.82 (60)0.77 (27)-0.79 (54)1.26 (31)0.86 (34) IM U.S. TIPS (MF) Median -0.84 -0.72 0.63 -0.75 1.11 0.79 Performance Review As of March 31, 2019 Vanguard Inflation-Protected Secs (VAIPX) NONE 35 Peer Group Analysis - IM Global Fixed Income (MF) Comparative Performance -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR PIMCO Diversified Income Fund Instl (PDIIX) 5.81 (1)4.48 (13)5.63 (1)N/A N/A N/A N/A˜ Blmbg. Barc. Global Credit (Hedged) 4.71 (6)4.51 (13)5.07 (1)4.08 (8)4.54 (10)3.61 (4)4.14 (1)˜ Median 3.10 3.22 0.24 2.78 2.25 1.96 1.31 -16.00 -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 ReturnOct- 2017 To Sep- 2018 Oct- 2016 To Sep- 2017 Oct- 2015 To Sep- 2016 Oct- 2014 To Sep- 2015 Oct- 2013 To Sep- 2014 Oct- 2012 To Sep- 2013 PIMCO Diversified Income Fund Instl (PDIIX)N/A N/A N/A N/A N/A N/A˜ Blmbg. Barc. Global Credit (Hedged)0.39 (17)3.04 (27)9.19 (25)0.86 (18)6.83 (9)1.46 (8)˜ Median -1.29 1.02 7.42 -3.85 3.37 -1.81 1 QtrEndingDec-2018 1 QtrEndingSep-2018 1 QtrEndingJun-2018 1 QtrEndingMar-2018 1 QtrEndingDec-2017 1 QtrEndingSep-2017 PIMCO Diversified Income Fund Instl (PDIIX)-1.26 (91)2.03 (1)-0.92 (32)N/A N/A N/A Blmbg. Barc. Global Credit (Hedged)-0.19 (66)0.98 (8)-0.44 (13)-1.15 (97)1.02 (18)1.44 (61) IM Global Fixed Income (MF) Median 0.35 -0.39 -2.29 0.80 0.66 1.59 Performance Review As of March 31, 2019 PIMCO Diversified Income Fund Instl (PDIIX) NONE 36 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) Comparative Performance -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR American Core RE 1.74 (65)3.71 (48)8.20 (53)8.12 (59)7.65 (82)9.05 (82)9.82 (81)˜ American Core RE Policy 1.69 (66)3.33 (75)7.74 (69)7.95 (69)8.17 (63)9.62 (58)10.34 (62)˜ Median 1.93 3.68 8.23 8.25 8.56 9.65 10.54 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 23.00 26.00 ReturnOct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Oct-2012 To Sep-2013 American Core RE 8.50 (66)7.52 (67)9.04 (97)13.98 (69)12.49 (64)12.27 (70)˜ American Core RE Policy 8.82 (59)7.81 (60)10.62 (69)14.71 (62)12.39 (68)12.47 (67)˜ Median 9.04 8.29 11.32 15.45 12.78 13.18 1 QtrEndingDec-2018 1 QtrEndingSep-2018 1 QtrEndingJun-2018 1 QtrEndingMar-2018 1 QtrEndingDec-2017 1 QtrEndingSep-2017 American Core RE 1.94 (28)2.19 (47)2.09 (66)2.23 (45)1.73 (87)1.88 (42) American Core RE Policy 1.62 (65)2.09 (54)2.13 (61)2.17 (55)2.15 (57)1.89 (42) IM U.S. Open End Private Real Estate (SA+CF) Median 1.76 2.10 2.22 2.21 2.25 1.75 Performance Review As of March 31, 2019 American Core RE NONE 37 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Under Performance Earliest Date Latest Date 6.0 8.0 10.0 12.0 14.0 16.0 American Core RE (%)6.0 8.0 10.0 12.0 14.0 16.0 American Core RE Policy (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count American Core RE 20 0 (0%)0 (0%)7 (35%)13 (65%)˜ American Core RE Policy 20 0 (0%)1 (5%)18 (90%)1 (5%)˜ 7.50 7.80 8.10 8.40 8.70 Return (%)0.20 0.40 0.60 0.80 1.00 1.20 Risk (Standard Deviation %) Return StandardDeviation American Core RE 7.65 0.66˜ American Core RE Policy 8.17 0.42˜ Median 8.56 1.00¾ 9.60 9.90 10.20 10.50 10.80 Return (%)1.26 1.35 1.44 1.53 1.62 1.71 1.80 1.89 1.98 Risk (Standard Deviation %) Return StandardDeviation American Core RE 9.82 1.65˜ American Core RE Policy 10.34 1.41˜ Median 10.54 1.83¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk American Core RE 0.87 93.78 N/A 11.06 -0.57 10.28 -0.40 0.00 American Core RE Policy 0.00 100.00 N/A 0.00 N/A 9.93 1.00 0.00 90 Day U.S. Treasury Bill 0.68 14.73 N/A 4.33 -9.93 N/A -0.39 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk American Core RE 1.01 95.22 N/A 0.26 -0.47 4.73 0.93 0.00 American Core RE Policy 0.00 100.00 N/A 0.00 N/A 5.40 1.00 0.00 90 Day U.S. Treasury Bill 1.71 7.27 N/A 2.70 -5.40 N/A -0.20 0.00 Performance Review As of March 31, 2019 American Core RE NONE 38 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) Comparative Performance -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Intercontinental 1.98 (45)4.16 (24)9.87 (24)9.86 (24)11.15 (11)12.04 (23)12.24 (25)˜ NCREIF Fund Index 1.42 (70)3.20 (80)7.52 (76)7.79 (73)7.97 (76)9.37 (73)10.18 (71)˜ Median 1.93 3.68 8.23 8.25 8.56 9.65 10.54 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 23.00 26.00 ReturnOct-2017 To Sep-2018 Oct-2016 To Sep-2017 Oct-2015 To Sep-2016 Oct-2014 To Sep-2015 Oct-2013 To Sep-2014 Oct-2012 To Sep-2013 Intercontinental 11.40 (8)11.82 (7)13.30 (23)13.96 (69)14.10 (30)18.21 (10)˜ NCREIF Fund Index 8.68 (63)7.66 (62)10.08 (83)14.93 (61)12.40 (68)13.04 (53)˜ Median 9.04 8.29 11.32 15.45 12.78 13.18 1 QtrEndingDec-2018 1 QtrEndingSep-2018 1 QtrEndingJun-2018 1 QtrEndingMar-2018 1 QtrEndingDec-2017 1 QtrEndingSep-2017 Intercontinental 2.14 (20)2.52 (23)2.89 (27)2.79 (14)2.75 (14)2.53 (13) NCREIF Fund Index 1.76 (53)2.09 (54)2.05 (67)2.20 (52)2.07 (68)1.87 (43) IM U.S. Open End Private Real Estate (SA+CF) Median 1.76 2.10 2.22 2.21 2.25 1.75 Performance Review As of March 31, 2019 Intercontinental NONE 39 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date 6.0 9.0 12.0 15.0 18.0 Interco ntin ental (%) 6.0 9.0 12.0 15.0 18.0 NCREIF Fund Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Intercontinental 20 9 (45%)11 (55%)0 (0%)0 (0%)˜ NCREIF Fund Index 20 0 (0%)0 (0%)19 (95%)1 (5%)˜ 6.00 8.00 10.00 12.00 Return (%)0.00 0.40 0.80 1.20 1.60 2.00 2.40 2.80 Risk (Standard Deviation %) Return StandardDeviation Intercontinental 11.15 2.21˜ NCREIF Fund Index 7.97 0.45˜ Median 8.56 1.00¾ 9.36 10.08 10.80 11.52 12.24 12.96 Return (%)1.00 1.25 1.50 1.75 2.00 2.25 2.50 2.75 3.00 Risk (Standard Deviation %) Return StandardDeviation Intercontinental 12.24 2.70˜ NCREIF Fund Index 10.18 1.44˜ Median 10.54 1.83¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Intercontinental 2.02 138.59 N/A -8.40 1.48 4.05 2.51 0.00 NCREIF Fund Index 0.00 100.00 N/A 0.00 N/A 9.50 1.00 0.00 90 Day U.S. Treasury Bill 0.69 15.09 N/A 3.86 -9.50 N/A -0.34 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Intercontinental 2.48 119.63 N/A 4.13 0.78 3.85 0.78 0.00 NCREIF Fund Index 0.00 100.00 N/A 0.00 N/A 5.22 1.00 0.00 90 Day U.S. Treasury Bill 1.74 7.38 N/A 2.62 -5.22 N/A -0.19 0.00 Performance Review As of March 31, 2019 Intercontinental NONE 40 Fund Information Type of Fund:Direct Vintage Year:2014 Strategy Type:Other Management Fee:1.35% of invested equity capital Size of Fund:-Preferred Return:7.00% Inception:09/05/2014 General Partner:CDL Levered General Partner, Ltd. Final Close:9/5/2015 expected Number of Funds: Investment Strategy:High Current income while focusing on preservation of capital through investment primarily in senior secured loans of private U.S. lower-middle-market companies. The Fund will seek to enhance returns on its investments through the use of leverage. Fund size is $250 million/ $500 million with leverage. Cash Flow Summary Capital Committed:$2,000,000 Capital Invested:$2,955,307 Management Fees:$32,255 Expenses:$191,047 Interest:- Total Contributions:$2,955,307 Remaining Capital Commitment:$282,673 Total Distributions:$2,023,508 Market Value:$1,328,936 Inception Date:10/14/2014 Inception IRR:7.7 TVPI:1.1 Cash Flow Analysis Net Asset Value Distribution Contributions $0.0 $780,000.0 $1,560,000.0 $2,340,000.0 $3,120,000.0 $3,900,000.0 ($780,000.0) 10/14 4/15 10/15 4/16 10/16 4/17 10/17 4/18 10/18 3/19 Private Equity Fund Overview Crescent Direct Lending Fund As of March 31, 2019 41 Fund Information Type of Fund:Direct Vintage Year:2017 Strategy Type:Other Management Fee:75.% of invested equity capital Size of Fund:1,500,000,000 Preferred Return:7.00% Inception:09/27/2017 General Partner:Crescent Direct Lending II GP, LLC Final Close:Number of Funds: Investment Strategy:Crescent Direct Lending Levered Fund II intends to invest in directly originated senior secured loans (including primarily first lien and unitranche loans and to a lesser extent second lien loans) of private U.S. lower-middle-market companies, primarily in conjunction with private equity investment firms. Cash Flow Summary Capital Committed:$2,000,000 Capital Invested:$739,209 Management Fees:$3,644 Expenses:$8,936 Interest:- Total Contributions:$739,209 Remaining Capital Commitment:$1,302,715 Total Distributions:$53,432 Market Value:$732,547 Inception Date:03/13/2018 Inception IRR:8.2 TVPI:1.1 Cash Flow Analysis Net Asset Value Distribution Contributions $0.0 $230,000.0 $460,000.0 $690,000.0 $920,000.0 ($230,000.0) 3/18 6/18 9/18 12/18 3/19 Private Equity Fund Overview Crescent Direct Lending II Fund As of March 31, 2019 42 Total Fund Policy Allocation Mandate Weight (%) Jan-1976 S&P 500 Index 65.00 Blmbg. Barc. U.S. Aggregate Index 30.00 MSCI EAFE Index 5.00 Oct-2003 S&P 500 Index 60.00 Blmbg. Barc. U.S. Aggregate Index 30.00 MSCI EAFE Index 10.00 Sep-2006 S&P 500 Index 60.00 Bloomberg Barclays Intermed Aggregate Index 40.00 Oct-2009 Russell 3000 Index 50.00 Bloomberg Barclays Intermed Aggregate Index 25.00 MSCI EAFE Index 15.00 Bloomberg Barclays U.S. TIPS Index 5.00 NCREIF Property Index 5.00 Oct-2010 Russell 3000 Index 50.00 Bloomberg Barclays Intermed Aggregate Index 20.00 MSCI EAFE Index 15.00 Bloomberg Barclays U.S. TIPS Index 5.00 NCREIF Fund Index-Open End Diversified Core (EW)10.00 Total Equity Policy Allocation Mandate Weight (%) Jan-1970 S&P 500 Index 90.00 MSCI EAFE Index 10.00 Oct-2003 S&P 500 Index 85.00 MSCI EAFE Index 15.00 Sep-2006 S&P 500 Index 100.00 Oct-2009 Russell 3000 Index 77.00 MSCI EAFE Index 23.00 Total Domestic Equity Policy Allocation Mandate Weight (%) Jan-1926 S&P 500 Index 100.00 Oct-2009 Russell 3000 Index 100.00 Total Fixed Income Policy Allocation Mandate Weight (%) Nov-2000 Blmbg. Barc. U.S. Aggregate Index 100.00 Sep-2006 Bloomberg Barclays Intermed Aggregate Index 100.00Vanguard Total Stock Market Policy Allocation Mandate Weight (%) Jun-2003 MSCI US Broad Market Index 100.00 Feb-2013 CRSP U.S. Total Market TR Index 100.00 American Realty Policy Allocation Mandate Weight (%) Oct-2007 NCREIF Property Index 100.00 Oct-2010 NCREIF Fund Index-Open End Diversified Core (EW)100.00 Benchmark Historical Hybrid Compositions Total Fund As of March 31, 2019 43 Compliance ChecklistTotal FundAs of March 31, 2019Winter Springs GETotal Fund Compliance:Yes No N/A1. The Total Plan return equaled or exceeded the 7.75% actuarial earnings assumption over the trailing three and five year periods.2. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three and five year periods.3. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three and five year periods.Equity Compliance:Yes No N/A1. Total domestic equity returns meet or exceed the benchmark over the trailing three and five year periods.2. Total foreign equity returns meet or exceed the benchmark over the trailing three and five year periods.3. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing three year period.4. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing five year period.5. The total equity allocation was less than 75% of the total plan assets at market.6. Total foreign equity was less than 25% of the total plan assets at cost.Fixed Income Compliance:Yes No N/A1. Total fixed income returns meet or exceed the benchmark over the trailing three and five year periods.2. Total fixed income returns ranked within the top 40th percentile of its peer group over the trailing three and five year periods.3. All separately managed fixed income investments have a minimum rating of investment grade or higher.~~ 0.41 of bonds is rated BB, since this is below the threshold of 1. marked in complianceYes No N/A Yes No N/A Yes No N/A Yes No N/A1. Manager outperformed the index over the trailing three year period.2. Manager outperformed the index over the trailing five year period.3. Manager ranked within the top 40th percentile over the trailing three year period.4. Manager ranked within the top 40th percentile over the trailing five year period.5. Less than four consecutive quarters of under performance relative to the benchmark.6. Three year down-market capture ratio less than the index. Yes No N/A Yes No N/A Yes No N/A Yes No N/A1. Manager outperformed the index over the trailing three year period. 2. Manager outperformed the index over the trailing five year period. 3. Manager ranked within the top 40th percentile over the trailing three year period. 4. Manager ranked within the top 40th percentile over the trailing five year period. 5. Less than four consecutive quarters of under performance relative to the benchmark.6. Three year down-market capture ratio less than the index.Intercontinental PIMCOManager Compliance:Vanguard Infl-prot.American REManager Compliance:Vanguard TotalGalliard TIPS VG Short BDRBC Global44 Estimated Annual Fee (%) Market Value ($) Estimated Annual Fee ($) Fee Schedule Vanguard Total Stock Market (VITSX)0.04 26,503,976 10,602 0.04 % of Assets Total Domestic Equity 0.04 26,503,976 10,602 RBC Global (Voyageur)0.95 8,428,118 80,067 0.95 % of Assets Total International Equity 0.95 8,428,118 80,067 Galliard Core Fixed Income 0.25 4,896,369 12,241 0.25 % of Assets Galliard TIPS 0.15 1,243,747 1,866 0.15 % of Assets Vanguard Inflation-Protected Secs (VAIPX)0.10 1,016,439 1,016 0.10 % of Assets Vanguard Short Term Bond Index (VSCSX)0.12 17,386 21 0.12 % of Assets Total Domestic Fixed Income 0.21 7,173,941 15,144 PIMCO Diversified Income Fund Instl (PDIIX)0.75 1,828,686 13,715 0.75 % of Assets Total Global FI 0.75 1,828,686 13,715 Crescent Direct Lending Fund 1.35 1,328,936 17,941 1.35 % of Assets Crescent Direct Lending II Fund 0.75 732,547 5,494 0.75 % of Assets Total Other Fixed Income 1.14 2,061,483 23,435 Intercontinental 1.10 3,415,504 37,571 1.10 % of Assets American Core Realty Fund 1.10 2,080,769 22,888 1.10 % of Assets Total Real Estate 1.10 5,496,273 60,459 Receipt & Disbursement 856,414 - Total Fund 0.39 52,348,890 203,421 Winter Springs General Employees General Plan and Trust Fee Analysis As of March 31, 2019 45 Disclosures Neither AndCo, nor any covered associates have made political contributions to any official associated with the Winter Springs General Employees General Plan and Trust, in excess of the permitted amount. Disclosures Total Fund As of March 31, 2019 46 Report Statistics Definitions and Descriptions Active Return - Arithmetic difference between the manager’s performance and the designated benchmark return over a specified time period. Alpha - A measure of the difference between a portfolio's actual performance and its expected return based on its level of risk as determined by beta. It determines the portfolio's non-systemic return, or its historical performance not explained by movements of the market. Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of the portfolio's systematic risk. Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. Higher consistency indicates the manager has contributed more to the product’s performance. Distributed to Paid In (DPI) - The ratio of money distributed to Limited Partners by the fund, relative to contributions. It is calculated by dividing cumulative distributions by paid in capital. This multiple shows the investor how much money they got back. It is a good measure for evaluating a fund later in its life because there are more distributions to measure against. Down Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance Downside Risk - A measure similar to standard deviation that utilizes only the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. A higher factor is indicative of a riskier product. Excess Return - Arithmetic difference between the manager’s performance and the risk-free return over a specified time period. Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk free return. Information Ratio - This calculates the value-added contribution of the manager and is derived by dividing the active rate of return of the portfolio by the tracking error. The higher the Information Ratio, the more the manager has added value to the portfolio. Public Market Equivalent (PME) - Designs a set of analyses used in the Private Equity Industry to evaluate the performance of a Private Equity Fund against a public benchmark or index. R-Squared - The percentage of a portfolio's performance that can be explained by the behavior of the appropriate benchmark. A high R-Squared means the portfolio's performance has historically moved in the same direction as the appropriate benchmark. Return - Compounded rate of return for the period. Sharpe Ratio - Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is an absolute rate of return per unit of risk. A higher value demonstrates better historical risk-adjusted performance. Standard Deviation - A statistical measure of the range of a portfolio's performance. It represents the variability of returns around the average return over a specified time period. Total Value to Paid In (TVPI) - The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund to date. It is a good measure of performance before the end of a fund’s life Tracking Error - This is a measure of the standard deviation of a portfolio's returns in relation to the performance of its designated market benchmark. Treynor Ratio - Similar to Sharpe ratio but utilizes beta rather than excess risk as determined by standard deviation. It is calculated by taking the excess rate of return above the risk free rate divided by beta to derive the absolute rate of return per unit of risk. A higher value indicates a product has achieved better historical risk-adjusted performance. Up Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance. 47 Disclosures AndCo compiled this report for the sole use of the client for which it was prepared. AndCo is responsible for evaluating the performance results of the Total Fund along with the investment advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. AndCo uses the results from this evaluation to make observations and recommendations to the client. AndCo uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from custodians. AndCo analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides AndCo with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides AndCo with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause AndCo to believe that the information presented is significantly misstated. This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various asset positions. The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management services. Additional information included in this document may contain data provided by from index databases, public economic sources and the managers themselves. This document may contain data provided by Bloomberg Barclays. Bloomberg Barclays Index data provided by way of Barclays Live. This document may contain data provided by Standard and Poor’s. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where S&P Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance provided within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results. This document may contain data provided by MSCI, Inc. Copyright MSCI, 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of this information assumes the entire risk of any use it may make or permit to be made of this information. Neither MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information makes any express or implied warranties or representations with respect to such information or the results to be obtained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warranties (including, without limitation, all warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punitive, consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages. This document may contain data provided by Russell Investment Group. Russell Investment Group is the source owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a user presentation of the data. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in presentation thereof. This document may contain data provided by Morningstar. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is not guarantee of future results. 48