The URL can be used to link to this page

Home My WebLink About2020 02 13 Board of Trustees Regular Meeting Agenda B O A R D O F T R U S T E E S | R E G U L A R M E E T I N G | T H U R S D A Y , F E B R U A R Y 1 3 , 2 0 2 0 | P A G E 1 OF 2 BOARD OF TRUSTEES REGULAR MEETING AGENDA THURSDAY, FEBRUARY 13, 2020 AT 5:30 PM 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 REGULAR AGENDA – PART I 500. Election for Chairperson of the Board of Trustees for Calendar Year 2020 501. Election for Vice-Chairperson of the Board of Trustees for Calendar Year 2020 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. Approval of Minutes from the Thursday, November 14, 2019 Board Of Trustees Regular Meeting Attachments: Minutes B O A R D O F T R U S T E E S | R E G U L A R M E E T I N G | T H U R S D A Y , F E B R U A R Y 1 3 , 2 0 2 0 | P A G E 2 OF 2 PUBLIC HEARINGS AGENDA 400. Not Used REGULAR AGENDA 502. Quarterly Investment Return Report From AndCo Consulting Attachments: (12/31/2019) Investment Return 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 NOVEMBER 14, 2019 CALL TO ORDER The Regular Meeting of Thursday, November 14, 2019 of the Board of Trustees was called to Order at 5:43 p.m. by Chairperson David Withee in the Commission Chambers (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairperson David Withee present Vice-Chairperson Barbara Watkins, present Board Member Michael Blake, present Board Member Steven Krohn, present Board Member Robin Paris, absent Assistant to the City Clerk, Christian Gowan, present A moment of silence was followed by the Pledge of Allegiance. Chairperson Withee asked if there were any changes to the agenda. Assistant to the City Clerk Christian Gowan mentioned that staff had requested Item 501 be pulled. Discussion followed and Board Members agreed to keep Item 501 on the agenda to discuss further. AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA 200. Not Used CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – NOVEMBER 14, 2019 PAGE 2 OF 6 P L A N N I N G A N D Z O N I N G B O A R D / L O C A L P L A N N I N G A G E N C Y R E G U L A R M E E T I N G | W E D N E S D A Y , J U N E 5 , 2 0 1 9 | P A G E 2 OF 6 PUBLIC INPUT Chairperson Withee opened “Public Input”. No one spoke. Chairperson Withee closed “Public Input”. CONSENT AGENDA 300. Minutes from the Thursday, August 8, 2019 Board of Trustees Regular Meeting Chairperson Withee asked for a motion to approve the August 8, 2019 Meeting Minutes. “I MAKE A MOTION TO APPROVE THEM.” MOTION BY VICE-CHAIRPERSON WATKINS. SECONDED BY BOARD MEMBER KROHN. DISCUSSION. VOTE: BOARD MEMBER BLAKE: AYE VICE CHAIRPERSON WATKINS: AYE BOARD MEMBER KROHN: AYE CHAIRPERSON WITHEE: AYE MOTION CARRIED. PUBLIC HEARINGS AGENDA 400. Not Used CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – NOVEMBER 14, 2019 PAGE 3 OF 6 P L A N N I N G A N D Z O N I N G B O A R D / L O C A L P L A N N I N G A G E N C Y R E G U L A R M E E T I N G | W E D N E S D A Y , J U N E 5 , 2 0 1 9 | P A G E 3 OF 6 REGULAR AGENDA 500. Quarterly Investment Return Report from AndCo Consulting Mr. Dave West, Senior Consultant, AndCo Consulting, 4901 Vineland Road, Suite 600, Orlando, Florida: discussed the investment environment over the last quarter and expanded on numbers for various funds, cash flow, and asset allocation. Continuing, Mr. West said, “Plan results were actually pretty solid given what transpired in the marketplace for the year. We did have one manager issue – a little underperformance there that caused us a little pain on the year but really had no impact on us for longer term.” Discussion followed on a manager issue with RBC and performance trends. Mr. West responded to Board Member’s concerns saying, “The plan is stay the course, by all means, with this manager.” Mr. West then referenced charts on pages thirty (30) and thirty-one (31) to show shorter- and longer-term impacts. Continuing, Mr. West said, “This manager, given reasonable time periods, the performance is amazing. They have outperformed – the benchmark consistently, and even with this one bad year - their peer group ranking is just off the charts, they are consistently top quartile.” Further discussion followed on emerging markets, percentage of holdings in stock, and liability driven investments. Mr. West recommended no changes. Chairperson Withee asked for a motion to accept the report “WE WILL ACCEPT THE REPORT WITH THE RECOMMENDATION TO NOT MAKE ANY CHANGES. I’LL MAKE THE MOTION.” MOTION BY BOARD MEMBER BLAKE. SECONDED BY VICE-CHAIRPERSON WATKINS. DISCUSSION. VOTE: BOARD MEMBER KROHN: AYE CHAIRPERSON WITHEE: AYE VICE CHAIRPERSON WATKINS: AYE BOARD MEMBER BLAKE: AYE MOTION CARRIED. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – NOVEMBER 14, 2019 PAGE 4 OF 6 P L A N N I N G A N D Z O N I N G B O A R D / L O C A L P L A N N I N G A G E N C Y R E G U L A R M E E T I N G | W E D N E S D A Y , J U N E 5 , 2 0 1 9 | P A G E 4 OF 6 501. Investment Advisor Cost Analysis Chairperson Withee asked staff to clarify what direction they were seeking. Discussion followed on the current contract, two (2) estimates that had been provided, the scope of services provided for in AndCo’s proposal. Ms. Holly Queen, Controller, Finance Department stated, “I reached out to PFM. We currently use PFM for our operational funds, just trying to test the water and see what other quotes, or what it was going to be, to determine if I needed to go out for an actual RFQ (Request for Qualifications) and when it came back I was a little shocked at what the price difference was. It is completely up to you on the direction…” Further discussion followed on the price difference and the desire for a third estimate. Ms. Queen said, “The reason I didn’t reach out to another one was because they were so vastly different and I didn’t know which direction I needed to go because of our Purchasing Policy. So if you would like me to informally reach out to another one, I am happy to do that.” Chairperson Withee referenced the minutes from the August 8, 2019 Regular Meeting in which Mr. Shawn Boyle, City Manager, stated that three (3) quotes were required. Ms. Queen said, “Three are required but due to the price difference it is a different set of operations as to how we proceed. If it is over fifty-thousand dollars (50,000 I would have to do a formal RFQ. I didn’t do that in either of these cases.” Discussion followed on requirements for specialized consulting services, the cost of a formal RFQ process, and the merits and drawbacks of putting a formal process in place. Board Member Blake, in reference to AndCo and their proposal said, “It’s a known entity, we know exactly what we’re getting, quite frankly we have excellent performance…” Continuing, Board Member Blake advised, “Mr. Chairman, I feel very strongly that it is in the best interests of the City, the pension plan, and the citizens to enter into – a new contract extending the one that is already there, but at the new rate of thirty- CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – NOVEMBER 14, 2019 PAGE 5 OF 6 P L A N N I N G A N D Z O N I N G B O A R D / L O C A L P L A N N I N G A G E N C Y R E G U L A R M E E T I N G | W E D N E S D A Y , J U N E 5 , 2 0 1 9 | P A G E 5 OF 6 one thousand dollars ($31,000), which is well below market rates and we know what we’re getting.” Board Members agreed about the value of AndCo’s services and discussion followed on the next steps the Board could take. Ms. Queen advised, “I will have to do one more quote but I can do it informally. With your guidance of wanting to accept Dave’s [AndCo’s]...that will suffice for the three (3) quotes and then we would bring it to Commission to finalize.” Chairperson Withee then suggested, “How about a motion, something like, the Board of Trustees recommends to the City Council [Commission] to renew the contract for AndCo based on the submitted proposal subject to – city compliance?” IN REFERENCE TO CHAIRPERSON WITHEE’S SUGGESTED MOTION, “I WILL MAKE THAT MOTION.” MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER KROHN. DISCUSSION. VOTE: CHAIRPERSON WITHEE: AYE VICE CHAIRPERSON WATKINS: AYE BOARD MEMBER KROHN: AYE BOARD MEMBER BLAKE: AYE MOTION CARRIED. Brief discussion followed on previous actions regarding the contract and the duration and terms of the contract. 600. REPORTS No reports were given. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – NOVEMBER 14, 2019 PAGE 6 OF 6 P L A N N I N G A N D Z O N I N G B O A R D / L O C A L P L A N N I N G A G E N C Y R E G U L A R M E E T I N G | W E D N E S D A Y , J U N E 5 , 2 0 1 9 | P A G E 6 OF 6 PUBLIC INPUT Chairperson Withee opened “Public Input”. No one spoke. Chairperson Withee closed “Public Input”. ADJOURNMENT Chairperson Withee adjourned the Regular Meeting at 7:01 p.m. RESPECTFULLY SUBMITTED: _____________________________________ CHRISTIAN GOWAN ASSISTANT TO THE CITY CLERK NOTE: These Minutes were Approved at the ____________________, 2019 Planning And Zoning Board/Local Planning Agency Regular Meeting. <CBDoc TenantId="2" EntityTypeId="3100" EntityId=”190" DocumentTypeId="1" EffectiveDate="12/31/2019" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending December 31, 2019 Winter Springs General Employees Plan and Trust AndCoFirm UpdateFirst and foremost, “Thank you” for giving AndCo the opportunity to serve you.On behalf of our entire organization, we are extremely grateful and appreciativeof our client partnerships and will continue working hard to maintain yourtrustand confidence. Our mission statement reads “To represent the sole interest ofour clients by redefining independence.” We’re happy to report that we remainsteadfast in this core belief and continue to build an organization with a servicemodel that is independent, singularly focused, customized and passionatelydelivered.2020 is a big year for AndCo. We are celebrating our 20-year anniversary ofserving our valuable clients. As we start 2020, we are 89 people strongadvising approximately $92 billion in client assets – a record high. In 2019wehired 9 new team members. All departments within AndCo have grown overthe years as we thoughtfully invest in our firm to provide the services youexpect. We have included our organizational chart in this report which yourconsultant will review to provide you a visualization of our continuedcommitment to service and quality.2020 will also represent another year of significant investment in theorganization. As a result, your feedback is invaluable as we continue to focusour reinvestment in areas that will enhance our services to clients. We wouldlike to thank everyone for their participation in our client survey last year. Yourhonesty and candor allowed us to accurately assess where we are strong andwhere there are opportunities for improvement. The areas where our clientsindicate potential room for improvement drive much of our investment andfocus.Thisisaprimaryreasonwhywehired7newteammembersinourresearch group last year to help promote investment ideas and support ourconsultants. Today, we have 19 dedicated research analysts. As 2020progresses, we are targeting additional investments within our finance,compliance, human resources, information technology, marketing and researchdepartments.Moreover, each January we have our annual firmwide retreat. This retreat isagreat time for all of our employees to spend time together and for us toreinforce everyone’s understanding of AndCo’s primary purpose, share resultshighlighted by our strategic goals, and review areas of focus for the upcomingyear. Since the inception of AndCo, the idea has been to make the firm amultigenerational organization owned and operated by its employees. As aresult, since 2015, along with the strategic elements of our annual retreat, wealso announce new partners of the firm to support our succession plan and thelong-term sustainability of the organization. Today we have a total of 10partners controlling 100% of the company. This year we added two newpartners Kim Spurlin and Evan Scussel. Kim has been on our ExecutiveLeadership team for the past 7 years and currently serves as our CFO. Evanhas been on our research team for 7 years and was recently promoted to aResearch Director. We couldn’t be happier for both Kim and Evan.The evolution of our firm would not be possible without great client partners likeyou. Our name reminds us who we work for every day “Our Client” &Co. Youwill always be our first priority. As we continue to discuss strategic decisionsregarding our firm, please know every decision is filtered through the followingquestion “How does this benefit our clients?” and if it doesn’t benefit you,wedon’t do it, it’s that simple. We said this last year and we’ll say it again nextyear. If this commitment ever falters, you need to find a new consultant.We know each of our clients is facing many challenges and we want to bethere to help support you through all environments. We are honored andhumbled that you have chosen AndCo as your partner. We do not take thatrelationship and responsibility for granted and will continue to work tirelessly toexceed your expectations.On behalf of AndCo, thank you for your valued partnership and the opportunityto serve you.Mike Welker, CFA®CEO1 Organizational ChartPARTNERSHIPAustin Brewer, CFAPublic Fixed IncomeBen Baldridge, CFA, CAIAPrivate & Hedged Fixed IncomeDavid JulierReal Estate & Real AssetsElizabeth WolfeCapital Markets & Asset AllocationEvan Scussel, CFA, CAIAPrivate & Public EquityJeffrey KaranskyPublic EquityJeremy FischPublic Multi Assets & Fixed IncomeJoseph Ivaszuk Operational Due DiligenceJosue Christiansen, CIPMPublic EquityJulie Baker, CFAPrivate & Hedged EquityJustin Ellsesser, CFA, CAIAPrivate EquityKadmiel Onodje, CAIAHedged & Public Multi AssetsKai Petersen, CFAAsset Liability & Capital MarketsKevin Laake, CFAPrivate EquityMatthew OgrenPublic Fixed IncomePhilip Schmitt, CIMAFixed Income & Capital MarketsRob Mills, CAIAReal Estate & Real AssetsTim Kominiarek, CAIAPrivate Equity & InfrastructureZac Chichinski, CFA, CIPMPublic EquityRESEARCHDonna SullivanAlbert SauerlandAmy FosterAnnie LopezBrooke Wilson, CIPMDavid Gough, CPFADonnell LehrerGrace NiebrzydowskiJeff PruniskiJohn Rodak, CIPMJunyan PengKim HummelMary Ann JohnsonMeghan HainesMisha BellRosemarie KieskowskiYoon Lee-ChoiCLIENT SOLUTIONS Annette BidartBrad Hess, CFABrendon Vavrica, CFPBrian GreenBrian KingChris Kuhn, CFA, CAIAChristiaan Brokaw, CFADave West, CFADoug AndersonGwelda SwilleyIan JonesCONSULTINGJames RossJeff Kuchta, CFAJennifer BrozstekJennifer Gainfort, CFAJoe Carter, CPFAJohn McCann, CIMAJohn MellingerJohn Thinnes, CFA, CAIAJon Breth, CFPJustin Lauver, Esq.Kerry Richardville, CFAMary NyeMichael FleinerMichael Holycross, CIMAMike BostlerPaul Murray, CPFAPeter BrownTim NashTim WaltersTony KayTrevor JacksonTyler Grumbles, CFA, CIPM21 CFA5 CIPM8 CAIA33ADVANCEDDEGREES89EMPLOYEESOPERATIONSFINANCEBrandie RiveraOPERATIONSDan Osika, CFAJerry CamelI.T.Jamie UttMARKETINGBonnie BurgessKim GoodearlTala ChinMike Welker, CFABryan Bakardjiev, CFADavid RaySara SearleTroy Brown, CFAINVESTMENT POLICY COMMITTEEUpdated as of 01/13/20Mike Welker, CFABryan Bakardjiev, CFADan JohnsonDavid RayDonna SullivanEvan Scussel, CFA, CAIAJason PurdyKim Spurlin, CPA Steve GordonTroy Brown, CFALEADERSHIP & MANAGEMENTMike Welker, CFACEOBryan Bakardjiev, CFACOOKim Spurlin, CPA CFOSara SearleCCORachel Brignoni, MHRCHROSteve GordonPartnerTroy Brown, CFAExecutive DirectorDavid Ray Executive DirectorDan JohnsonConsulting DirectorDerek Tangeman, CFP, CIMAMarketing DirectorEvan Scussel, CFA, CAIAResearch DirectorJack EvattConsulting DirectorJacob PeacockConsulting DirectorJason PurdyI.T. DirectorPhilip Schmitt, CIMAResearch Director2 4th Quarter 2019 Market Environment3 Broad asset class returns were positive during the 4thquarter of 2019 with theexception of the US Gov’t bond index. Both US and international equitymarkets benefited from positive developments concerning trade disruptions.Generally, the dispersion between US and international developed equitieswas muted during the quarter. Emergingmarkets significantly outperformed aspreviously noted trade tensions between the US and China eased. Monetarypolicy remained supportive with the Federal Reserve (Fed) cutting rates onceduring the period in addition to providing liquidity to the market throughsecurity purchases which acted as a catalyst to risk assets. Within domesticequity markets, the performance dispersion between large cap and small capstocks reversed during the quarter with the S&P 500 Index returning 9.1%versus a return of 9.9% for the small cap Russell 2000 Index. 2019performance of US equity markets was the highest since 2013 with large andmid-cap stocks returning 31.5% and 30.5%, respectively, while small capstocks posted a return of 25.5%.International equity market returns were strong during the 4thquarter. Similarto US markets, international performance was impacted by continuedmonetary policy relief from the Bank of Japan and the European Central Bank,positive developments around global trade, and likely resolution on Brexit.International returns were also buoyed by a weakening US dollar (USD) whichdeclined against most major currencies during the period. Emerging marketsoutperformed relative to developed markets during the period with the MSCIEmerging Markets Index posting a gain of 11.8% compared to a return of 8.2%for the MSCI EAFE Index. Both developed and emerging markets postedstrong returns over the 1-year period, returning 22.0% and 18.4% respectively.Fixed income index performance was muted during the 4thquarter. The broadmarket Bloomberg Barclays Aggregate Index managed to gain 0.2% asinvestors favored equities and interest rates were generally flat duringthequarter as concerns over an immanent US recession eased. Investment gradecorporate bonds delivered solid performance for the 4thquarter returning 1.2%,which outperformed Treasury and securitized issues. Corporate bondsbenefitted from the same increased investor risk appetite that fueled equityreturns during the quarter. Overall, the bond market delivered strong trailing 1-year returns with the Bloomberg Barclays Aggregate posting a return of 8.7%.Source: Investment MetricsThe Market EnvironmentMajor Market Index PerformanceAs of December 31, 20190.5%1.2%0.7%0.8%-0.8%0.2%9.9%7.1%9.0%9.1%9.1%11.8%8.2%8.9%-2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%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 Performance2.3%14.5%6.4%8.4%6.8%8.7%25.5%30.5%31.4%31.0%31.5%18.4%22.0%21.5%0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%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 Performance4 Source: Investment MetricsThe Market EnvironmentDomestic Equity Style Index PerformanceAs of December 31, 2019Against the largely positive global economic backdrop detailed on the previouspage, the US equity market delivered strong gains across the capitalizationand style spectrum for the 4thquarter of 2019. Growth stocks outperformedvalue stocks for the full capitalization range during the period. Further,asisoften the case during periods of strong “risk-on” performance, small cap growthstocks outpaced large cap growth stocks due primarily to an expectation thatsmaller companies have accelerated earnings growth relative to largecompanies.The Russell 2000 Growth Index was the best performing style index for theperiod, returning 11.4%, while large cap and mid-cap growth returned a solid10.6% and 8.2% respectively. The outperformance of small cap stocks acrossthe style spectrum for the period represented a reversal from previousquarters. The small cap Russell 2000 Index gained 9.9% during the periodversus a 9.0% return for the large cap Russell 1000 Index.When viewed over the most recent 1-year period, large cap stocks significantlyoutperformed small cap stocks with the Russell 1000 posting a strong 31.4%gain while the Russell 2000 delivered a solid 25.5% return. Unsurprisingly,given the recent strong market environment, value stocks also trailed theirgrowth counterparts over the trailing 1-year period. The technology-heavyRussell 1000 Growth Index was the best performing index over the 1-yearperiod delivering a stellar 36.5% return compared to a return of 26.5% for theRussell 1000 Value Index11.4%9.9%8.5%8.2%7.1%6.4%10.6%9.0%7.4%10.7%9.1%7.5%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 ValueQuarter Performance - Russell Style Series28.5%25.5%22.4%35.5%30.5%27.1%36.4%31.4%26.5%35.8%31.0%26.3%0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 Value1-Year Performance - Russell Style Series5 Performance was positive across alleleven large cap economic sectors forthe 4th quarter but four outpaced the return of the broader Russell 1000Index. The more economically sensitive sectors, such as technology,financials and communication services posted returns of 14.1%, 9.9% and9.2%, respectively, as investors’ expectations of future economic growthimproved. Health care stocks ralliedas the cost and drug pricing rhetoricfromDemocratic Presidential candidates softened. Technology was also a leaderwith stocks such as Apple experiencing strong holiday sales and Microsoftmaking a strong earnings announcement. Not surprisingly, defensive sectorssuch as consumer staples, industrials and energy underperformed thebroader market during the period. All eleven economic sectors were alsopositive over the 1-year trailing period with each sector posting a returninexcess of 20% for the year. Similar to the quarter’s results, economicallysensitive sectors outpaced defensive ones by a considerable margin. Thetechnology sector was 2019’s standout performer, posting an impressive49.6% for the year. The sector was buoyed by Apple’s 89.0% return andMicrosoft’s 57.6% return for the year. The financial sector, which returned31.8% for the year, also experienced strong earnings as recessionary fearssubsided and the US yield curve moved toward a more normal, positivelyslope. The only other economic sector to outperform the broader Russell1000 index return of 31.4% for the 1-year period was the communicationservices sector, which posted a return of 32.9% for the year.Quarterly results for small cap sectors were mixed compared to their largecap counterparts with seven of the eleven economic sectors outpacing theircorresponding large cap equivalents. Ten of the eleven small cap sectorsproduced positive absolute returnsduring the quarter, but similar to large capperformance, only three sectors managed to outpace the broad Russell 2000Index. Economically sensitive sectors were also the strongest performersinthe small cap space as investors expressed an appetite for risk. The healthcare sector was the quarter’s standout, posting a return of 22.4% for thequarter. The technology and materials sectors also posted double-digitperformance for the period with returns of 11.7% and 11.5% respectively.While not a significant weight in the index, the utilities, which are considereddefensive, was the only negative sector, posting a loss of -1.6%. Over thetrailing 1-year period, returns were broadly positive with only the highlycyclical energy sector, largely tied to oil prices, producing negativeperformance with a return of -6.3%. Similar to large cap performance,technology led the way with the sector returning a stellar 42.7% for the year.Returns were also impressive in the industrials, health care and real estatesectors, which posted gains of 29.9%, 29.4% and 29.1%, respectively, andfinished ahead of the Russell 2000 index return of 25.5% for the year.The Market EnvironmentGICS Sector Performance & (Sector Weight)As of December 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. 25.6%29.1%22.9%49.6%30.0%21.4%31.8%10.6%26.9%27.9%32.9%0.5%0.3%6.4%14.1%5.7%14.4%9.9%5.8%3.5%5.5%9.2%0.0% 10.0% 20.0% 30.0% 40.0% 50.0%Utilities (3.3%)Real Estate (3.9%)Materials (2.8%)Info Technology (22.4%)Industrials (9.7%)Health Care (13.5%)Financials (13.2%)Energy (4.1%)Consumer Staples (6.9%)Consumer Disc (10.1%)Comm Services (9.9%)Russell 1000Quarter1-Year20.5%29.1%23.0%42.7%29.9%29.4%21.8%-6.3%15.9%21.5%9.4%-1.6%3.4%11.5%11.7%7.8%22.4%7.3%7.6%7.1%8.6%5.3%-10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0%Utilities (3.9%)Real Estate (8.2%)Materials (3.9%)Info Technology (13.6%)Industrials (16.2%)Health Care (16.7%)Financials (18.1%)Energy (3.1%)Consumer Staples (3.0%)Consumer Disc (11.0%)Comm Services (2.4%)Russell 2000Quarter1-Year6 The Market EnvironmentTop 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000As of December 31, 2019Source: Morningstar DirectTop 10 Weighted StocksTop 10 Weighted StocksRussell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorApple Inc 4.40% 31.5% 89.0% Information Technology NovoCure Ltd 0.35%12.7% 151.7% Health CareMicrosoft Corp 4.02% 13.8% 57.6% Information Technology The Medicines Co 0.30% 69.9% 343.8% Health CareAmazon.com Inc 2.57% 6.4% 23.0% Consumer Discretionary Generac Holdings Inc 0.29% 28.4% 102.4% IndustrialsFacebook Inc A 1.65% 15.3% 56.6% Communication Services Lumentum Holdings Inc 0.29% 48.1% 88.8%Information TechnologyBerkshire Hathaway Inc B 1.49% 8.9% 10.9% Financials Teladoc Health Inc 0.29% 23.6% 68.9% Health CareJPMorgan Chase & Co 1.46% 19.4% 47.3% Financials Arrowhead Pharmaceuticals Inc 0.28% 125.1% 410.7% Health CareAlphabet Inc A 1.35% 9.7% 28.2% Communication Services Haemonetics Corp0.28% -8.9% 14.8% Health CareAlphabet Inc Class C1.35% 9.7% 29.1% Communication ServicesMarriott Vacations Worldwide Corp 0.25%24.8% 85.9% Consumer DiscretionaryJohnson & Johnson1.31% 13.5% 16.2% Health CarePerformance Food Group Co0.25% 11.9% 59.5%Consumer StaplesVisa Inc Class A1.08% 9.4% 43.3% Information TechnologyTrex Co Inc0.25% -1.2% 51.4% IndustrialsTop 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter)Russell 1000Weight1-Qtr Return1-Year ReturnSectorRussell 2000Weight1-Qtr Return1-Year ReturnSectorTesla Inc0.20% 73.7% 25.7% Consumer DiscretionaryConstellation Pharmaceuticals Inc 0.03% 629.3% 1074.8% Health CareSarepta Therapeutics Inc0.03% 71.3% 18.2% Health CareForty Seven Inc0.04% 513.2% 150.4% Health CareUbiquiti Inc0.01% 60.1% 91.6% Information TechnologyChemoCentryx Inc0.08% 483.3% 262.5% Health CareAdvanced Micro Devices Inc0.16%58.2% 148.4% Information TechnologyAxsome Therapeutics Inc0.12% 410.7% 3565.2% Health CareQorvo Inc0.05% 56.8% 91.4% Information TechnologyKodiak Sciences Inc0.08% 400.3% 913.4% Health CareZillow Group Inc A0.01% 54.8% 45.5% Communication ServicesKaruna Therapeutics Inc0.02% 361.6% N/A Health CareAlign Technology Inc0.07% 54.2% 33.2%Health CareIntra-Cellular Therapies Inc0.07% 359.3% 201.2% Health CareZillow Group Inc C0.02% 54.1% 45.5%Communication ServicesSynthorx Inc0.03% 329.6% 302.1% Health CareTransocean Ltd0.01% 53.9% -0.9% EnergyMersana Therapeutics Inc0.01% 262.7% 40.4% Health CareSkyworks Solutions Inc0.07% 53.2%84.1% Information TechnologyVBI Vaccines Inc0.01% 192.9% -13.8% Health CareBottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter)Russell 1000Weight1-Qtr Return1-Year ReturnSectorRussell 2000Weight1-Qtr Return1-Year ReturnSectorBeyond Meat Inc0.01% -49.1% N/A Consumer StaplesresTORbio Inc0.00%-83.1% -82.7% Health CareSage Therapeutics Inc0.01% -48.5% -24.6% Health CareTransEnterix Inc0.00% -81.8% -95.0% Health CareChesapeake Energy Corp0.00% -41.4%-60.7% EnergyUnit Corp0.00% -79.4% -95.1% EnergyServiceMaster Global Holdings Inc 0.02% -30.8% 5.2% Consumer DiscretionaryCyclerion Therapeutics Inc Ord Shrs 0.00% -77.6% N/A Health CareTwitter Inc0.08% -22.2% 11.5% Communication ServicesWaitr Holdings Inc Class A0.00% -74.9% -97.1% Consumer DiscretionaryTaubman Centers Inc0.01% -22.1% -27.0% Real EstateIntelsat SA0.02%-69.2% -67.1% Communication ServicesElastic NV0.01% -21.9% -10.0% Information TechnologyContura Energy Inc0.01% -67.6% -86.2% EnergyEtsy Inc0.02% -21.6% -6.9% Consumer DiscretionaryMcDermott International Inc0.01% -66.5% -89.7% EnergySinclair Broadcast Group Inc0.01%-21.5% 29.0% Communication ServicesPareteum Corp0.00% -66.1%-74.1% Communication ServicesVentas Inc0.07% -19.9%3.4% Real EstateExela Technologies Inc0.00%-65.4% -89.5% Information Technology7 Source: MSCI Global Index Monitor (Returns are Net)Broad international equity returns were positive in both local currency and USDterms for the 4th quarter as investors benefited from a broad “risk-on”environment. US investors also benefited as the USD weakened relative tomost major developed and emerging market currencies during the period.Within the broader currency moves that boosted USD return, the British poundand the Euro appreciated relative to the USD during the quarter which actedasa headwind to holdings in those sub-markets. However, the macro impact ofthe USD weakness for the period was positive for US investors for the broadmarket international indexes. The MSCI EAFE and ACWI ex US Indexesreturned 8.2% and 7.9% respectively for the quarter. Similar to US markets,international equity markets were buoyed by loose central bank monetarypolicies which supplied the markets with liquidity. Christine Lagarde assumedthe presidency of the European Central Bank (ECB) and announced thatinterest rates would remain negative at -0.5% while the Bank of Japan’s keyrate also remains in negative territory at -0.1%. The People’s Bank of Chinaannounced during the quarter that it would continue with its prudent monetarypolicy with the goal of providing stimulus measures as needed.As previously noted, results for developed market indexes were stronglypositive for the 4th quarter. European stocks moved higher on expectationsofa trade resolution between China and the US. In the UK, Prime Minster BorisJohnson received a resounding mandate in recent elections resulting in a largemajority in Parliament. The results make it highly likely that the UK will leavethe European Union. The decrease in Brexit uncertainty led the British poundto rally against most major currencies. In contrast, the economy in Hong Kongfell into recession as continued political protests and the Chinese government’sresponse detracted from growth. While not as strong as US equity marketreturns, each of the broad, developed market benchmarks posted returns inexcess of 20% for the trailing 1-year period.For the 4th quarter, emerging markets reversed the recent trend and managedto outperform developed international markets. The MSCI Emerging MarketsIndex returned a strong USD return of 11.8%. As previously noted, theprospect of reduced trade tensions between the US and China stoked returnsin emerging markets. As a result, countries with greater sensitivities tocommodity prices and global trade activity performed well during the period. Asevidence, Russia and Brazil, both large energy exporters, returned 16.6%and15.6%, respectively, during the quarter. For the full year, emerging marketsdelivered strong returns in both local currency and USD terms. The MSCIEmerging Markets Index climbed 18.4%in local currency and 18.1% in USDterms. The narrow performance differential between local currency and USDemerging market returns is also observable across each of the internationalbenchmarks for the 1-year period as the year’s currency volatility largelybalanced out.The Market EnvironmentInternational and Regional Market Index Performance (Country Count)As December 31, 20197.0%10.8%5.7%9.5%6.4%4.5%5.2%5.0%8.0%10.5%12.5%9.9%11.8%7.0%8.8%8.2%7.9%8.9%0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%EM Latin Amer (6)EM Asia (9)EM EMEA (11)Emerging Mkt (26)Pacific (5)Europe & ME (16)EAFE (21)WORLD x US (22)AC World x US (48)Quarter PerformanceUSDLocal Currency19.7%19.1%12.7%18.1%18.5%23.6%21.7%21.6%26.8%17.5%19.2%15.5%18.4%19.3%23.6%22.0%22.5%26.9%0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%EM Latin Amer (6)EM Asia (9)EM EMEA (11)Emerging Mkt (26)Pacific (5)Europe & ME (16)EAFE (21)WORLD x US (22)AC World x US (48)1-Year PerformanceUSDLocal Currency8 The Market EnvironmentUS Dollar International Index Attribution & Country DetailAs of December 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 Services5.2%4.8%12.7%Consumer Discretionary11.6%9.4%24.8%Consumer Staples11.3%1.9%18.9%Energy4.9%3.8%7.6%Financials18.6%8.4%17.7%Health Care12.2%12.4%30.7%Industrials15.0%10.0%26.2%Information Technology7.1%12.6%37.7%Materials7.1%10.5%22.9%Real Estate3.5%4.2%14.8%Utilities3.7%5.3%19.2%Total100.0%8.2%22.0%MSCI - ACWIxUSSector Weight Quarter Return 1-Year ReturnCommunication Services6.7%7.0%12.1%Consumer Discretionary11.8%11.4%27.7%Consumer Staples9.4%1.9%17.5%Energy6.5%6.5%14.8%Financials21.4%8.1%17.2%Health Care8.9%12.5%27.7%Industrials11.9%9.6%24.0%Information Technology9.4%15.5%40.7%Materials7.4%10.8%18.6%Real Estate3.2%7.3%17.1%Utilities3.4%4.8%17.4%Total100.0%8.9%26.9%MSCI - Emerging MktSector WeightQuarter Return 1-Year ReturnCommunication Services11.0%9.8%11.2%Consumer Discretionary14.2%16.7%35.1%Consumer Staples6.3%2.6%10.7%Energy7.4%9.8%19.8%Financials24.2%9.8%12.6%Health Care2.8%14.7%3.7%Industrials5.3%7.8%7.1%Information Technology15.7%18.9%41.6%Materials7.4%12.3%5.9%Real Estate3.0%17.6%23.9%Utilities2.6%4.3%7.9%Total100.0%11.8%18.4%MSCI-EAFE MSCI-ACWIxUS Quarter1- YearCountryWeightWeightReturnReturnJapan24.5%16.1%7.6%19.6%United Kingdom16.5%10.8%10.0%21.1%France11.4%7.5%8.5%25.7%Switzerland9.3%6.1%7.6%32.3%Germany8.7%5.7%9.9%20.8%Australia6.8%4.5%4.3%22.9%Netherlands4.0%2.6%7.4%32.1%Hong Kong3.5%2.3%7.3%10.3%Spain2.8%1.9%6.0%12.0%Sweden2.7%1.8%13.1%21.2%Italy2.3%1.5%8.1%27.3%Denmark1.8%1.2%13.1%28.2%Singapore1.3%0.8%7.4%15.0%Belgium1.0%0.7%-1.1%20.3%Finland0.9%0.6%3.0%9.5%Norway0.6%0.4%4.3%10.4%Ireland0.6%0.4%18.5%37.5%Israel0.6%0.4%7.2%9.6%New Zealand0.3%0.2%17.4%38.2%Austria0.2%0.2%8.0%14.5%Portugal0.2%0.1%8.7%23.7%Total EAFE Countries100.0%65.8%8.2%22.0%Canada6.7%4.9%27.5%Total Developed Countries72.5%7.9%22.5%China9.4%14.7%23.5%Korea3.2%13.4%12.5%Taiwan3.2%17.9%36.4%India2.4%5.3%7.6%Brazil2.1%14.2%26.3%South Africa1.3%13.1%10.0%Russia1.1%16.8%50.9%Saudi Arabia0.7%2.7%7.2%Thailand0.7%-0.9%9.5%Mexico0.6%6.2%11.4%Indonesia0.5%7.0%9.1%Malaysia0.5%3.1%-2.0%Philippines0.3%2.9%10.5%Qatar0.3%2.2%-1.0%Poland0.2%4.1%-5.9%Chile0.2%-8.8%-16.9%United Arab Emirates0.2%-1.5%4.0%Turkey0.1%-0.1%11.1%Colombia0.1%14.4%30.8%Peru0.1%6.0%4.8%Greece0.1%12.7%43.2%Hungary0.1%22.2%19.4%Argentina0.0%15.4%-20.8%Czech Republic0.0%8.9%4.2%Egypt0.0%5.6%41.8%Pakistan0.0%26.5%9.7%Total Emerging Countries27.5%11.8%18.4%Total ACWIxUS Countries100.0%8.9%26.9%9 Source: BloombergThe Market EnvironmentDomestic Bond Sector & Broad/Global Bond Market Performance (Duration)As of December 31, 2019Fixed income markets extended their gains in the 4th quarter, except for USTreasury bonds which declined during the period. Interest rates rose modestlyacross the US Treasury Yield Curve through the quarter as investors’confidence generally improved which resulted in bond prices falling. TheFedcontinued to provide liquidity by cutting short-term interest rates by 25basispoints to between 1.50% and 1.75% in October. The Fed began expanding itsbalance sheet by purchasing securities to provide the market with liquiditywhich is another form of monetary easing. The Fed made no changes tomonetary policy at their December meeting and signaled that they wouldremain on hold but would continue to monitor the economy closely for anyfurther deterioration. Importantly, the US Treasury Yield Curve normalizedbetween the 2-year and 10-year issues which suggests that the threat of animminent recession has been reduced. An inverted yield curve has historicallypreceded a recession within the next 6-24 months. The bellwether BloombergBarclays US Aggregate Index added0.2% during the 4th quarter whilereturning 8.7% for the 1-year period ending in December.Within investment grade credit, lower quality issues resumed theiroutperformance over higher quality issues as investors’ appetites for riskincreased during the quarter. Bonds rated Baa were the best performinginvestment grade credit quality segment returning 1.7% for the quarter, whileAAA was the worst performing, returning -0.2%. High yield corporate bondsoutpaced all other credit sectors during the quarter returning 2.6%. For the fullyear both investment grade and high yield bonds delivered strong performancereturning 14.5% and 14.3% respectively.Performance across defensive sectorssuch as US Treasury bonds, mortgagebacked securities and TIPS were mixed during the quarter mostly due to theirduration profiles. Rising interest rates during the quarter acted as a headwindto performance. As a result, US Treasury bonds, mortgage bonds and TIPSreturned -0.8%, 0.7% and 0.8% respectively. Overall, fears of rising inflationremain relatively low while expectations for a positive economic environmentremain strong. As a result, for the full 1-year period, US Treasury, mortgagesand TIPS returned 6.9%, 6.4% and 8.4% respectively, trailing all corporatecredit sectors significantly over the full year.0.6%0.7%0.5%0.2%0.8%1.2%0.7%-0.8%2.6%1.7%0.7%0.0%-0.2%-1.0%0.0%1.0%2.0%3.0%Multiverse (7.0)Global Agg x US (8.2)Intermediate Agg (3.7)Aggregate (5.9)U.S. TIPS (4.7)U.S. Corporate IG (7.9)U.S. Mortgage (3.2)U.S. Treasury (6.5)U.S. High Yield (3.0)Baa (8.0)A (7.8)AA (6.8)AAA (5.1)Quarter Performance 7.1%5.1%6.7%8.7%8.4%14.5%6.4%6.9%14.3%16.4%13.0%9.5%6.7%0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0%Multiverse (7.0)Global Agg x US (8.2)Intermediate Agg (3.7)Aggregate (5.9)U.S. TIPS (4.7)U.S. Corporate IG (7.9)U.S. Mortgage (3.2)U.S. Treasury (6.5)U.S. High Yield (3.0)Baa (8.0)A (7.8)AA (6.8)AAA (5.1)1-Year Performance10 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)The Market EnvironmentMarket Rate & Yield Curve ComparisonAs of December 31, 2019Global fixed income returns were positive during the 4th quarter. Generally,global central bank monetary policy remains supportive as low economicgrowth persists in much of the world outside of the US. As a result, negativeinterest rates persist in much of Europe and Japan. However, the number ofbonds with negative yields declined in recent months as future expectations foreconomic growth improved. As mentioned previously, we saw currencyvolatility increase during the quarter with the USD moving lower against mostmajor developed and emerging market currencies. The depreciation of theUSD acted as a catalyst for US investors compared to local investors. Globalbonds, as represented by the Bloomberg Barclays Global Aggregate ex USIndex, returned was 0.7% during the quarter which outperformed US bondsrepresented by the Bloomberg Barclays Aggregate Index. For the full 1-yearperiod, global bonds underperformed domestic bonds 5.1% versus 8.7%respectively.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 over the last year, the10-year Treasury yield (green line) fell from highs near 2.8%, to yields below1.5% before ending the quarter at 1.92%. The blue line illustrates changesinthe BAA OAS (Option Adjusted Spread). This measure quantifies theadditional yield premium that investors require to purchase and hold non-Treasury issues. This line illustrates the continued decline from nearly2.5% inthe 1st quarter of 2019 to less than 1.6% in 4th quarter as investors sought outhigher yielding assets and concerns regarding trade and the potential forarecession in the US declined. Spreads tightened by about 24 basis pointsduring the quarter. Spread tightening is equivalent to an interest rate decreaseon corporate bonds, which produces an additional tailwind for corporate bondindex returns. The green band across the graph illustrates the decrease intheFederal Funds Rate due to the recent easing in US monetary policy. The Fedcut the Fed Funds Rate three times during the year on fears that economicgrowth was decelerating.The lower graph provides a snapshot of the US Treasury Yield Curve at theend of each of the last four calendar quarters. Interest rates were broadlylower over the full year as the Fed cut interest rates and expectations of futureeconomic growth declined. During the year, the US Treasury curve wasinverted between 2-year and 10-year rates. After multiple rate cuts, the curvefinished the year with a more normalized shape with the long end of the curvehigher than the short end.0.000.501.001.502.002.503.003.501 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yrTreasury Yield Curve3/31/20196/30/20199/30/201912/31/20190.000.501.001.502.002.503.003.504.00Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-191-Year Trailing Market RatesFed Funds RateTED Spread3-Month LiborBAA OAS10yr Treasury10yr TIPS11 Asset Allocation By Segment as of September 30, 2019 : $54,120,798 Asset Allocation By Segment as of December 31, 2019 : $57,766,442 Allocation Segments Market Value Allocation Domestic Equity 27,889,255 51.5¢ International Equity 8,419,165 15.6¢ Domestic Fixed Income 7,450,777 13.8¢ Global Fixed Income 1,870,457 3.5¢ Other Fixed Income 2,339,264 4.3¢ Real Estate 5,596,231 10.3¢ Cash Equivalent 555,648 1.0¢ Allocation Segments Market Value Allocation Domestic Equity 30,401,569 52.6¢ International Equity 9,282,631 16.1¢ Domestic Fixed Income 7,489,193 13.0¢ Global Fixed Income 1,870,457 3.2¢ Other Fixed Income 2,453,896 4.2¢ Real Estate 5,691,654 9.9¢ Cash Equivalent 577,043 1.0¢ Asset Allocation Summary Total Fund As of December 31, 2019 NONE 12 Asset Allocation By Manager as ofSeptember 30, 2019 : $54,120,798 Asset Allocation By Manager as ofDecember 31, 2019 : $57,766,442 Allocation Market Value Allocation Vanguard Total Stock Market (VITSX)27,889,255 51.5¢ RBC Global (Voyageur)8,419,165 15.6¢ Galliard Core Fixed Income 5,095,727 9.4¢ Intercontinental 3,541,188 6.5¢ American Core Realty Fund 2,080,151 3.8¢ PIMCO Diversified Income Fund Instl (PDIIX) 1,875,993 3.5¢ Galliard TIPS 1,282,666 2.4¢ Crescent Direct Lending Fund 1,191,186 2.2¢ Crescent Direct Lending II Fund 1,148,078 2.1¢ Vanguard Inflation-Protected Secs (VAIPX)1,059,563 2.0¢ Receipt & Disbursement 519,926 1.0¢ Vanguard Short Term Bond Index (VSCSX)17,900 0.0¢ Allocation Market Value Allocation Vanguard Total Stock Market (VITSX)30,401,569 52.6¢ RBC Global (Voyageur)9,282,631 16.1¢ Galliard Core Fixed Income 5,112,961 8.9¢ Intercontinental 3,637,406 6.3¢ American Core Realty Fund 2,079,340 3.6¢ PIMCO Diversified Income Fund Instl (PDIIX) 1,876,496 3.2¢ Crescent Direct Lending II Fund 1,383,530 2.4¢ Galliard TIPS 1,295,284 2.2¢ Crescent Direct Lending Fund 1,070,366 1.9¢ Vanguard Inflation-Protected Secs (VAIPX)1,065,451 1.8¢ Receipt & Disbursement 543,313 0.9¢ Vanguard Short Term Bond Index (VSCSX)18,096 0.0¢ Asset Allocation Summary Total Fund As of December 31, 2019 NONE 13 Asset Allocation vs. Target Allocation Allocation Differences 0.0%0.9%1.8%2.7%3.6%4.5%5.4%-0.9 %-1.8 %-2.7 %-3.6 %-4.5 % Receipt & Disbursement Total Other Fixed Income Total Real Estate Total Global FI Total Domestic Fixed Income Total International Equity Total Domestic Equity 0.9% -0.8 % -0.1 % -1.8 % -2.0 % 1.1% 2.6% Asset Allocation vs. Target Allocation Market Value $Allocation (%)Target (%) Total Domestic Equity 30,401,569 52.6 50.0 Total International Equity 9,282,631 16.1 15.0 Total Domestic Fixed Income 7,491,792 13.0 15.0 Total Global FI 1,876,496 3.2 5.0 Total Real Estate 5,716,746 9.9 10.0 Total Other Fixed Income 2,453,896 4.2 5.0 Receipt & Disbursement 543,313 0.9 0.0 Total Fund 57,766,442 100.0 100.0 Asset Allocation vs. Target Allocation Total Fund As of December 31, 2019 14 Historical Asset Allocation by Portfolio Dec-2019 Sep-2019 Jun-2019 Mar-2019 Dec-2018 ($)%($)%($)%($)%($)% Total Equity 39,684,200 68.70 36,308,421 67.09 36,223,113 67.19 34,932,094 66.67 30,887,422 64.25 Total Domestic Equity 30,401,569 52.63 27,889,255 51.53 27,588,328 51.18 26,503,976 50.58 23,240,343 48.34 Vanguard Total Stock Market (VITSX)30,401,569 52.63 27,889,255 51.53 27,588,328 51.18 26,503,976 50.58 23,240,343 48.34 Total International Equity 9,282,631 16.07 8,419,165 15.56 8,634,785 16.02 8,428,118 16.09 7,647,079 15.91 RBC Global (Voyageur)9,282,631 16.07 8,419,165 15.56 8,634,785 16.02 8,428,118 16.09 7,647,079 15.91 Total Fixed Income 11,822,184 20.47 11,671,112 21.56 11,482,636 21.30 11,111,072 21.21 10,857,897 22.59 Total Domestic Fixed Income 7,491,792 12.97 7,455,856 13.78 7,362,930 13.66 7,173,941 13.69 6,991,729 14.54 Galliard Core Fixed Income 5,112,961 8.85 5,095,727 9.42 5,025,853 9.32 4,896,369 9.34 4,777,469 9.94 Galliard TIPS 1,295,284 2.24 1,282,666 2.37 1,274,609 2.36 1,243,747 2.37 1,212,270 2.52 Vanguard Short Term Bond Index (VSCSX) 18,096 0.03 17,900 0.03 17,691 0.03 17,386 0.03 16,937 0.04 Vanguard Inflation-Protected Secs (VAIPX) 1,065,451 1.84 1,059,563 1.96 1,044,777 1.94 1,016,439 1.94 985,053 2.05 Total Global FI 1,876,496 3.25 1,875,993 3.47 1,872,973 3.47 1,828,686 3.49 1,748,164 3.64 PIMCO Diversified Income Fund Instl (PDIIX) 1,876,496 3.25 1,875,993 3.47 1,872,973 3.47 1,828,686 3.49 1,748,164 3.64 Total Other Fixed Income 2,453,896 4.25 2,339,264 4.32 2,246,733 4.17 2,108,445 4.02 2,118,004 4.41 Crescent Direct Lending Fund 1,070,366 1.85 1,191,186 2.20 1,255,176 2.33 1,354,747 2.59 1,385,457 2.88 Crescent Direct Lending II Fund 1,383,530 2.40 1,148,078 2.12 991,557 1.84 753,698 1.44 732,547 1.52 Total Real Estate 5,716,746 9.90 5,621,339 10.39 5,541,229 10.28 5,496,273 10.49 5,430,039 11.30 American Core Realty Fund 2,079,340 3.60 2,080,151 3.84 2,081,376 3.86 2,080,769 3.97 2,075,780 4.32 Intercontinental 3,637,406 6.30 3,541,188 6.54 3,459,853 6.42 3,415,504 6.52 3,354,259 6.98 Receipt & Disbursement 543,313 0.94 519,926 0.96 661,720 1.23 856,414 1.63 896,624 1.87 Total Fund Portfolio 57,766,442 100.00 54,120,798 100.00 53,908,698 100.00 52,395,852 100.00 48,071,982 100.00 Asset Allocation Asset Allocation History By Portfolio As of December 31, 2019 15 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 12/19 Historical Asset Allocation by Segment Total Fund October 1, 2007 To December 31, 2019 16 -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 52.63 (16)16.07 (41)12.97 (95)3.25 (68)4.25 (82)9.90 (24)0.94 (61) 5th Percentile 60.97 27.16 57.21 9.34 39.82 13.89 6.88 1st Quartile 50.02 19.90 32.72 4.77 19.67 9.85 2.37 Median 40.92 15.20 25.53 3.95 10.01 8.51 1.37 3rd Quartile 29.39 12.41 19.47 2.46 4.86 5.35 0.60 95th Percentile 16.13 7.44 12.58 0.07 1.55 3.48 0.06 Plan Sponsor TF Asset Allocation Total Fund Portfolio Vs. All Public Plans-Total Fund As of December 31, 2019 17 Financial Reconciliation Quarter to Date Market Value 10/01/2019 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 12/31/2019 Total Equity 36,308,421 19,743 -- -19,743 -1,436 249,255 3,127,960 39,684,200 Total Domestic Equity 27,889,255 ----- 163,557 2,348,757 30,401,569 Vanguard Total Stock Market (VITSX)27,889,255 ----- 163,557 2,348,757 30,401,569 Total International Equity 8,419,165 19,743 -- -19,743 -1,436 85,699 779,202 9,282,631 RBC Global (Voyageur)8,419,165 19,743 -- -19,743 -1,436 85,699 779,202 9,282,631 Total Fixed Income 11,671,112 110,944 ---3,666 -160 44,555 -601 11,822,184 Total Domestic Fixed Income 7,455,856 ----3,666 -160 13,600 26,163 7,491,792 Galliard Core Fixed Income 5,095,727 ----3,666 --20,900 5,112,961 Galliard TIPS 1,282,666 -----160 1,035 11,744 1,295,284 Vanguard Short Term Bond Index (VSCSX)17,900 -----171 25 18,096 Vanguard Inflation-Protected Secs (VAIPX) 1,059,563 -----12,394 -6,506 1,065,451 Total Global FI 1,875,993 -30,452 ----30,955 - 1,876,496 PIMCO Diversified Income Fund Instl (PDIIX) 1,875,993 -30,452 ----30,955 - 1,876,496 Total Other Fixed Income 2,339,264 141,396 ------26,764 2,453,896 Crescent Direct Lending Fund 1,191,186 -120,820 ------ 1,070,366 Crescent Direct Lending II Fund 1,148,078 262,216 ------26,764 1,383,530 Total Real Estate 5,621,339 -25,108 -- -23,550 -61,608 82,457 5,716,746 American Core Realty Fund 2,080,151 -25,108 ---5,734 -30,826 -795 2,079,340 Intercontinental 3,541,188 --- -17,816 -30,782 83,252 3,637,406 Receipt & Disbursement 519,926 -105,579 1,033,020 -894,788 - -11,122 1,857 - 543,313 Total Fund Portfolio 54,120,798 - 1,033,020 -894,788 -46,959 -12,718 357,274 3,209,815 57,766,442 Financial Reconciliation Quarter to Date Total Fund 1 Quarter Ending December 31, 2019 18 Financial Reconciliation Fiscal Year to Date Market Value 10/01/2019 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 12/31/2019 Total Equity 36,308,421 19,743 -- -19,743 -1,436 249,255 3,127,960 39,684,200 Total Domestic Equity 27,889,255 ----- 163,557 2,348,757 30,401,569 Vanguard Total Stock Market (VITSX)27,889,255 ----- 163,557 2,348,757 30,401,569 Total International Equity 8,419,165 19,743 -- -19,743 -1,436 85,699 779,202 9,282,631 RBC Global (Voyageur)8,419,165 19,743 -- -19,743 -1,436 85,699 779,202 9,282,631 Total Fixed Income 11,671,112 110,944 ---3,666 -160 44,555 -601 11,822,184 Total Domestic Fixed Income 7,455,856 ----3,666 -160 13,600 26,163 7,491,792 Galliard Core Fixed Income 5,095,727 ----3,666 --20,900 5,112,961 Galliard TIPS 1,282,666 -----160 1,035 11,744 1,295,284 Vanguard Short Term Bond Index (VSCSX)17,900 -----171 25 18,096 Vanguard Inflation-Protected Secs (VAIPX) 1,059,563 -----12,394 -6,506 1,065,451 Total Global FI 1,875,993 -30,452 ----30,955 - 1,876,496 PIMCO Diversified Income Fund Instl (PDIIX) 1,875,993 -30,452 ----30,955 - 1,876,496 Total Other Fixed Income 2,339,264 141,396 ------26,764 2,453,896 Crescent Direct Lending Fund 1,191,186 -120,820 ------ 1,070,366 Crescent Direct Lending II Fund 1,148,078 262,216 ------26,764 1,383,530 Total Real Estate 5,621,339 -25,108 -- -23,550 -61,608 82,457 5,716,746 American Core Realty Fund 2,080,151 -25,108 ---5,734 -30,826 -795 2,079,340 Intercontinental 3,541,188 --- -17,816 -30,782 83,252 3,637,406 Receipt & Disbursement 519,926 -105,579 1,033,020 -894,788 - -11,122 1,857 - 543,313 Total Fund Portfolio 54,120,798 - 1,033,020 -894,788 -46,959 -12,718 357,274 3,209,815 57,766,442 Financial Reconciliation Fiscal Year to Date Total Fund October 1, 2019 To December 31, 2019 19 Comparative Performance Trailling Returns QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Fund (Net)6.51 6.51 20.70 10.66 8.62 10.19 9.71 6.34 11/01/2000 Total Fund Policy 6.07 6.07 20.99 10.50 8.26 9.83 9.73 6.04 Difference 0.44 0.44 -0.29 0.16 0.36 0.36 -0.02 0.30 Total Fund (New Mgrs) (Net)6.51 6.51 20.70 10.66 8.62 10.19 9.71 6.59 10/01/2007 Total Fund Policy 6.07 6.07 20.99 10.50 8.26 9.83 9.73 7.06 Difference 0.44 0.44 -0.29 0.16 0.36 0.36 -0.02 -0.47 Total Fund (Gross)6.60 (7)6.60 (7)21.08 (14)11.00 (6)8.97 (2)10.56 (2)10.20 (1)6.93 (10)11/01/2000 Total Fund Policy 6.07 (15)6.07 (15)20.99 (16)10.50 (14)8.26 (5)9.83 (4)9.73 (4)6.04 (51) Difference 0.53 0.53 0.09 0.50 0.71 0.73 0.47 0.89 All Public Plans-Total Fund Median 5.19 5.19 18.49 9.36 7.03 7.97 8.16 6.05 Total Fund (New Mgrs) (Gross)6.60 (7)6.60 (7)21.08 (14)11.00 (6)8.97 (2)10.56 (2)10.20 (1)7.09 (4)10/01/2007 Total Fund Policy 6.07 (15)6.07 (15)20.99 (16)10.50 (14)8.26 (5)9.83 (4)9.73 (4)7.06 (4) Difference 0.53 0.53 0.09 0.50 0.71 0.73 0.47 0.03 All Public Plans-Total Fund Median 5.19 5.19 18.49 9.36 7.03 7.97 8.16 5.84 Total Equity 9.30 9.30 28.50 13.57 10.46 13.18 12.22 7.32 01/01/2001 Total Equity Policy 8.90 8.90 29.08 13.58 10.11 12.66 11.73 6.21 Difference 0.40 0.40 -0.58 -0.01 0.35 0.52 0.49 1.11 Total Domestic Equity 9.01 (34)9.01 (34)30.81 (41)14.64 (47)11.30 (46)14.40 (58)13.06 (64)7.52 (35)11/01/2000 Total Domestic Equity Policy 9.10 (29)9.10 (29)31.02 (38)14.57 (50)11.24 (49)14.38 (58)13.42 (50)6.35 (91) Difference -0.09 -0.09 -0.21 0.07 0.06 0.02 -0.36 1.17 IM U.S. Large Cap Core Equity (SA+CF) Median 8.20 8.20 29.96 14.32 11.17 14.59 13.39 7.16 Total International Equity 10.27 (36)10.27 (36)21.47 (43)10.67 (27)7.98 (18)9.61 (9)9.79 (8)6.61 (54)11/01/2000 MSCI EAFE Index 8.21 (80)8.21 (80)22.66 (35)10.11 (36)6.18 (40)6.85 (44)6.00 (63)4.73 (97) Difference 2.06 2.06 -1.19 0.56 1.80 2.76 3.79 1.88 IM International Large Cap Value Equity (SA+CF) Median 9.61 9.61 21.09 9.08 5.74 6.55 6.63 6.67 Total Fixed Income 0.37 0.37 7.60 4.76 4.09 3.18 4.23 5.00 11/01/2000 Total Fixed Policy 0.47 0.47 6.67 3.26 2.59 2.28 3.15 4.53 Difference -0.10 -0.10 0.93 1.50 1.50 0.90 1.08 0.47 Total Domestic Fixed Income 0.53 (33)0.53 (33)7.37 (26)3.42 (54)2.88 (46)2.26 (74)3.48 (42)4.60 (56)11/01/2000 Total Domestic Fixed Policy 0.47 (46)0.47 (46)6.67 (64)3.26 (76)2.59 (82)2.28 (70)3.15 (75)4.53 (67) Difference 0.06 0.06 0.70 0.16 0.29 -0.02 0.33 0.07 IM U.S. Intermediate Duration (SA+CF) Median 0.44 0.44 6.93 3.45 2.83 2.47 3.40 4.65 Comparative Performance Trailing Returns Total Fund As of December 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.20 Comparative Performance Trailing Returns Total Fund As of December 31, 2019 QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Global FI 1.66 (14)1.66 (14)12.78 (6)N/A N/A N/A N/A 7.00 (5)04/01/2018 Blmbg. Barc. Global Credit (Hedged)0.93 (32)0.93 (32)12.08 (7)5.59 (9)4.75 (1)4.42 (1)5.52 (2)6.94 (5) Difference 0.73 0.73 0.70 N/A N/A N/A N/A 0.06 IM Global Fixed Income (MF) Median 0.68 0.68 8.12 4.04 2.46 1.70 3.04 3.15 Total Real Estate 2.57 (15)2.57 (15)8.29 (29)8.90 (27)10.38 (31)11.51 (31)12.19 (48)6.41 (22)10/01/2007 NCREIF Fund Index-ODCE (VW)1.51 (67)1.51 (67)5.34 (82)7.09 (76)8.97 (74)10.17 (69)11.42 (70)5.39 (69) Difference 1.06 1.06 2.95 1.81 1.41 1.34 0.77 1.02 IM U.S. Open End Private Real Estate (SA+CF) Median 1.63 1.63 7.02 7.91 9.58 10.63 12.09 5.70 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.21 Comparative Performance Trailing Returns Total Fund As of December 31, 2019 QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Vanguard Total Stock Market (VITSX)9.01 (29)9.01 (29)30.81 (26)14.55 (19)11.21 (9)N/A N/A 13.61 (12)03/01/2013 Vanguard Total Stock Market Index Hybrid 9.00 (30)9.00 (30)30.84 (26)14.56 (19)11.21 (8)14.36 (11)13.45 (7)13.63 (11) Difference 0.01 0.01 -0.03 -0.01 0.00 N/A N/A -0.02 IM U.S. Multi-Cap Core Equity (MF) Median 8.07 8.07 28.19 12.73 9.25 12.85 11.69 12.00 RBC Global (Voyageur)10.27 (36)10.27 (36)21.47 (43)10.67 (27)7.98 (18)9.61 (9)9.79 (8)4.69 (14)11/01/2007 MSCI EAFE Index 8.21 (80)8.21 (80)22.66 (35)10.11 (36)6.18 (40)6.85 (44)6.00 (63)2.03 (68) Difference 2.06 2.06 -1.19 0.56 1.80 2.76 3.79 2.66 IM International Large Cap Value Equity (SA+CF) Median 9.61 9.61 21.09 9.08 5.74 6.55 6.63 3.00 Galliard Core Fixed Income 0.41 (57)0.41 (57)7.33 (28)3.64 (31)2.99 (30)2.58 (38)3.71 (22)3.91 (64)10/01/2007 Bloomberg Barclays Intermed Aggregate Index 0.47 (46)0.47 (46)6.67 (64)3.26 (76)2.59 (82)2.28 (70)3.15 (75)3.73 (84) Difference -0.06 -0.06 0.66 0.38 0.40 0.30 0.56 0.18 IM U.S. Intermediate Duration (SA+CF) Median 0.44 0.44 6.93 3.45 2.83 2.47 3.40 4.02 Galliard TIPS 1.00 (26)1.00 (26)6.90 (80)2.90 (79)2.47 (75)1.04 (83)2.52 (100)3.20 (100)10/01/2007 Blmbg. Barc. U.S. TIPS 1-10 Year 1.00 (26)1.00 (26)6.85 (88)2.79 (94)2.36 (94)0.98 (93)2.57 (100)3.24 (100) Difference 0.00 0.00 0.05 0.11 0.11 0.06 -0.05 -0.04 IM U.S. TIPS (SA+CF) Median 0.80 0.80 8.43 3.34 2.62 1.10 3.36 3.88 Vanguard Inflation-Protected Secs (VAIPX)0.56 (86)0.56 (86)8.16 (32)3.14 (26)N/A N/A N/A 3.14 (26)01/01/2017 Bloomberg Barclays U.S. TIPS Index 0.79 (64)0.79 (64)8.43 (19)3.32 (14)2.62 (14)1.08 (16)3.36 (7)3.32 (14) Difference -0.23 -0.23 -0.27 -0.18 N/A N/A N/A -0.18 IM U.S. TIPS (MF) Median 0.97 0.97 7.53 2.65 2.05 0.61 2.65 2.65 Vanguard Short Term Bond Index (VSCSX)1.09 (5)1.09 (5)6.84 (11)3.30 (10)2.78 (12)N/A N/A 2.78 (12)01/01/2015 Blmbg. Barc. U.S. Corporate 1-5 Year Index 0.95 (8)0.95 (8)6.99 (7)3.47 (4)2.90 (7)2.58 (3)3.32 (18)2.90 (7) Difference 0.14 0.14 -0.15 -0.17 -0.12 N/A N/A -0.12 IM U.S. Intermediate Investment Grade (MF) Median 0.49 0.49 5.00 2.52 1.98 1.62 2.48 1.98 PIMCO Diversified Income Fund Instl (PDIIX)1.66 (14)1.66 (14)12.77 (6)N/A N/A N/A N/A 7.00 (5)04/01/2018 Blmbg. Barc. Global Credit (Hedged)0.93 (32)0.93 (32)12.08 (7)5.59 (9)4.75 (1)4.42 (1)5.52 (2)6.94 (5) Difference 0.73 0.73 0.69 N/A N/A N/A N/A 0.06 IM Global Fixed Income (MF) Median 0.68 0.68 8.12 4.04 2.46 1.70 3.04 3.15 American Core Realty Fund 1.46 (74)1.46 (74)6.31 (69)7.70 (56)9.07 (72)9.90 (78)10.67 (83)5.23 (77)10/01/2007 American Core Realty Policy 1.53 (64)1.53 (64)6.08 (78)7.37 (70)9.27 (62)10.27 (68)11.21 (72)7.12 (10) Difference -0.07 -0.07 0.23 0.33 -0.20 -0.37 -0.54 -1.89 IM U.S. Open End Private Real Estate (SA+CF) Median 1.63 1.63 7.02 7.91 9.58 10.63 12.09 5.70 Intercontinental 3.22 (11)3.22 (11)9.46 (21)9.63 (16)11.34 (21)12.51 (22)N/A 13.33 (26)10/01/2010 NCREIF Fund Index-ODCE 1.51 (67)1.51 (67)5.34 (82)7.09 (76)8.97 (74)10.17 (69)11.42 (70)11.16 (72) Difference 1.71 1.71 4.12 2.54 2.37 2.34 N/A 2.17 IM U.S. Open End Private Real Estate (SA+CF) Median 1.63 1.63 7.02 7.91 9.58 10.63 12.09 11.71 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.22 Comparative Performance - IRR QTR 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Crescent Direct Lending Fund 0.00 5.70 7.60 8.25 N/A N/A 7.70 10/14/2014 Crescent Direct Lending II Fund -2.12 4.56 N/A N/A N/A N/A 6.82 03/13/2018 Comparative Performance - IRR As of December 31, 2019 23 Comparative Performance Fiscal Year Returns FYTD Oct-2018 To Sep-2019 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 Total Fund (Net)6.51 (8)2.69 (86)11.28 (3)14.16 (11)11.15 (17)0.33 (25)11.85 (15)15.72 (7)18.95 (25)-1.17 (85)10.67 (32) Total Fund Policy 6.07 (15)4.35 (49)9.81 (10)12.89 (30)10.64 (25)0.55 (21)11.38 (23)15.00 (10)19.61 (16)2.51 (19)9.13 (70) Difference 0.44 -1.66 1.47 1.27 0.51 -0.22 0.47 0.72 -0.66 -3.68 1.54 All Public Plans-Total Fund Median 5.19 4.31 7.09 11.82 9.74 -0.78 9.93 11.99 17.55 0.68 9.90 Total Fund (New Mgrs) (Net)6.51 (8)2.69 (86)11.28 (3)14.16 (11)11.15 (17)0.33 (25)11.85 (15)15.72 (7)18.95 (25)-1.17 (85)10.66 (32) Total Fund Policy 6.07 (15)4.35 (49)9.81 (10)12.89 (30)10.64 (25)0.55 (21)11.38 (23)15.00 (10)19.61 (16)2.51 (19)9.13 (70) Difference 0.44 -1.66 1.47 1.27 0.51 -0.22 0.47 0.72 -0.66 -3.68 1.53 All Public Plans-Total Fund Median 5.19 4.31 7.09 11.82 9.74 -0.78 9.93 11.99 17.55 0.68 9.90 Total Fund (Gross)6.60 (7)3.05 (81)11.63 (2)14.52 (8)11.51 (13)0.63 (20)12.21 (11)16.33 (5)19.81 (13)-0.45 (75)11.40 (18) Total Fund Policy 6.07 (15)4.35 (49)9.81 (10)12.89 (30)10.64 (25)0.55 (21)11.38 (23)15.00 (10)19.61 (16)2.51 (19)9.13 (70) Difference 0.53 -1.30 1.82 1.63 0.87 0.08 0.83 1.33 0.20 -2.96 2.27 All Public Plans-Total Fund Median 5.19 4.31 7.09 11.82 9.74 -0.78 9.93 11.99 17.55 0.68 9.90 Total Fund (New Mgrs) (Gross)6.60 (7)3.05 (81)11.63 (2)14.52 (8)11.51 (13)0.63 (20)12.21 (11)16.33 (5)19.81 (13)-0.45 (75)11.40 (18) Total Fund Policy 6.07 (15)4.35 (49)9.81 (10)12.89 (30)10.64 (25)0.55 (21)11.38 (23)15.00 (10)19.61 (16)2.51 (19)9.13 (70) Difference 0.53 -1.30 1.82 1.63 0.87 0.08 0.83 1.33 0.20 -2.96 2.27 All Public Plans-Total Fund Median 5.19 4.31 7.09 11.82 9.74 -0.78 9.93 11.99 17.55 0.68 9.90 Total Equity 9.30 0.85 15.01 19.50 14.20 -1.52 15.46 23.09 27.08 -4.58 13.61 Total Equity Policy 8.90 2.09 14.18 19.00 13.13 -2.28 14.65 22.30 26.46 -1.66 9.34 Difference 0.40 -1.24 0.83 0.50 1.07 0.76 0.81 0.79 0.62 -2.92 4.27 Total Domestic Equity 9.01 (34)2.89 (52)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) Total Domestic Equity Policy 9.10 (29)2.92 (52)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) Difference -0.09 -0.03 0.30 -0.07 0.25 -0.10 -0.18 0.25 -2.44 -3.85 3.23 IM U.S. Large Cap Core Equity (SA+CF) Median 8.20 3.20 17.25 18.75 13.30 0.11 19.19 20.61 29.63 1.17 9.57 Total International Equity 10.27 (36)-5.36 (69)6.76 (6)22.69 (37)10.74 (29)-4.36 (20)10.08 (8)27.54 (18)24.74 (3)-8.75 (53)11.69 (16) MSCI EAFE Index 8.21 (80)-0.82 (29)3.25 (28)19.65 (55)7.06 (60)-8.27 (42)4.70 (63)24.29 (41)14.33 (57)-8.94 (55)3.71 (66) Difference 2.06 -4.54 3.51 3.04 3.68 3.91 5.38 3.25 10.41 0.19 7.98 IM International Large Cap Value Equity (SA+CF) Median 9.61 -3.33 1.44 20.93 8.36 -9.45 5.75 22.93 15.46 -8.61 5.00 Total Fixed Income 0.37 8.15 2.41 3.59 4.93 1.40 3.23 -0.59 6.34 4.67 9.27 Total Fixed Policy 0.47 8.08 -0.93 0.25 3.57 2.95 2.74 -0.71 4.31 4.22 7.52 Difference -0.10 0.07 3.34 3.34 1.36 -1.55 0.49 0.12 2.03 0.45 1.75 Comparative Performance Fiscal Year Returns Total Fund As of December 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 24 Comparative Performance Fiscal Year Returns Total Fund As of December 31, 2019 FYTD Oct-2018 To Sep-2019 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 Total Domestic Fixed Income 0.53 (33)7.81 (67)-0.21 (35)0.61 (60)4.21 (31)2.31 (73)2.61 (63)-1.30 (95)5.88 (44)4.67 (13)9.27 (21) Total Domestic Fixed Policy 0.47 (46)8.08 (44)-0.93 (95)0.25 (86)3.57 (73)2.95 (31)2.74 (58)-0.71 (77)4.31 (84)4.22 (23)7.52 (77) Difference 0.06 -0.27 0.72 0.36 0.64 -0.64 -0.13 -0.59 1.57 0.45 1.75 IM U.S. Intermediate Duration (SA+CF) Median 0.44 7.99 -0.39 0.70 3.90 2.70 2.88 -0.27 5.57 3.61 8.25 Total Global Fixed Income N/A N/A N/A N/A 0.81 (100)-7.63 (93)6.31 (12)3.53 (2)N/A N/A N/A Total Global Fixed Income Policy -0.35 (82)8.13 (39)-1.54 (55)-2.69 (94)9.71 (20)-3.83 (50)-0.07 (96)-4.60 (82)N/A N/A N/A Difference N/A N/A N/A N/A -8.90 -3.80 6.38 8.13 N/A N/A N/A IM Global Fixed Income (MF) Median 0.68 7.65 -1.29 1.02 7.42 -3.85 3.37 -1.81 7.17 1.74 7.68 Total Global FI 1.66 (14)9.53 (19)N/A N/A N/A N/A N/A N/A N/A N/A N/A Blmbg. Barc. Global Credit (Hedged)0.93 (32)10.83 (12)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) Difference 0.73 -1.30 N/A N/A N/A N/A N/A N/A N/A N/A N/A IM Global Fixed Income (MF) Median 0.68 7.65 -1.29 1.02 7.42 -3.85 3.37 -1.81 7.17 1.74 7.68 Total Real Estate 2.57 (15)7.75 (31)10.25 (25)10.01 (18)11.44 (48)14.27 (65)13.47 (36)16.42 (19)12.81 (52)15.82 (70)2.71 (75) NCREIF Fund Index-ODCE 1.51 (67)5.59 (80)8.68 (61)7.66 (60)10.08 (81)14.93 (59)12.40 (65)13.04 (55)11.61 (65)18.27 (42)6.97 (42) Difference 1.06 2.16 1.57 2.35 1.36 -0.66 1.07 3.38 1.20 -2.45 -4.26 IM U.S. Open End Private Real Estate (SA+CF) Median 1.63 6.97 9.01 8.17 11.14 15.39 12.66 13.22 12.89 16.62 6.41 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. Intercontinental Returns are preliminary Parenthesized number represents pertinent peer group ranking: 1-100, best to worst 25 Comparative Performance Fiscal Year Returns Total Fund As of December 31, 2019 FYTD Oct-2018 To Sep-2019 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 Lateef Asset Mgmt.Equity N/A N/A N/A N/A N/A N/A N/A N/A 33.21 (9)-1.17 (76)11.93 (44) Russell 1000 Growth Index 10.62 (26)3.71 (53)26.30 (37)21.94 (38)13.76 (23)3.17 (54)19.15 (40)19.27 (64)29.19 (39)3.78 (30)12.65 (36) Difference N/A N/A N/A N/A N/A N/A N/A N/A 4.02 -4.95 -0.72 IM U.S. Large Cap Growth Equity (SA+CF) Median 9.62 3.84 24.44 20.82 11.64 3.53 18.19 20.25 27.69 1.38 11.29 RBC Global (Voyageur)10.27 (36)-5.36 (69)6.76 (6)22.69 (37)10.74 (29)-4.36 (20)10.08 (8)27.54 (18)24.74 (3)-8.75 (53)11.69 (16) MSCI EAFE Index 8.21 (80)-0.82 (29)3.25 (28)19.65 (55)7.06 (60)-8.27 (42)4.70 (63)24.29 (41)14.33 (57)-8.94 (55)3.71 (66) Difference 2.06 -4.54 3.51 3.04 3.68 3.91 5.38 3.25 10.41 0.19 7.98 IM International Large Cap Value Equity (SA+CF) Median 9.61 -3.33 1.44 20.93 8.36 -9.45 5.75 22.93 15.46 -8.61 5.00 Vanguard Total Stock Market (VITSX)9.01 (29)2.89 (38)17.62 (18)18.64 (38)15.00 (16)-0.59 (35)17.77 (32)N/A N/A N/A N/A Vanguard Total Stock Market Index Hybrid 9.00 (30)2.92 (37)17.62 (18)18.64 (37)14.99 (16)-0.55 (34)17.77 (32)21.60 (59)30.28 (16)0.71 (26)11.16 (26) Difference 0.01 -0.03 0.00 0.00 0.01 -0.04 0.00 N/A N/A N/A N/A IM U.S. Multi-Cap Core Equity (MF) Median 8.07 1.47 14.71 17.56 11.62 -1.81 16.35 22.62 27.03 -1.53 9.25 Galliard Core Fixed Income 0.41 (57)8.50 (16)-0.43 (57)0.44 (72)4.36 (26)3.04 (26)3.15 (38)-0.64 (74)5.82 (45)4.16 (28)9.63 (17) Bloomberg Barclays Intermed Aggregate Index 0.47 (46)8.08 (44)-0.93 (95)0.25 (86)3.57 (73)2.95 (31)2.74 (58)-0.71 (77)4.31 (84)4.22 (23)7.52 (77) Difference -0.06 0.42 0.50 0.19 0.79 0.09 0.41 0.07 1.51 -0.06 2.11 IM U.S. Intermediate Duration (SA+CF) Median 0.44 7.99 -0.39 0.70 3.90 2.70 2.88 -0.27 5.57 3.61 8.25 Galliard TIPS 1.00 5.76 0.39 -0.23 4.75 -0.38 0.59 -3.71 6.01 6.73 7.28 Blmbg. Barc. U.S. TIPS 1-10 Year 1.00 5.75 0.33 -0.14 4.83 -0.82 0.61 -3.90 6.32 7.19 7.40 Difference 0.00 0.01 0.06 -0.09 -0.08 0.44 -0.02 0.19 -0.31 -0.46 -0.12 Templeton Global Bond Fund (FBNRX)N/A N/A N/A N/A 0.83 -7.63 6.33 3.54 N/A N/A N/A FTSE World Government Bond Index -0.35 8.13 -1.54 -2.69 9.71 -3.83 -0.07 -4.60 3.29 4.61 4.99 Difference N/A N/A N/A N/A -8.88 -3.80 6.40 8.14 N/A N/A N/A PIMCO Diversified Income Fund Instl (PDIIX)1.66 (14)9.52 (19)N/A N/A N/A N/A N/A N/A N/A N/A N/A Blmbg. Barc. Global Credit (Hedged)0.93 (32)10.83 (12)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) Difference 0.73 -1.31 N/A N/A N/A N/A N/A N/A N/A N/A N/A IM Global Fixed Income (MF) Median 0.68 7.65 -1.29 1.02 7.42 -3.85 3.37 -1.81 7.17 1.74 7.68 Vanguard Inflation-Protected Secs (VAIPX)0.56 (86)7.03 (13)0.23 (55)N/A N/A N/A N/A N/A N/A N/A N/A Bloomberg Barclays U.S. TIPS Index 0.79 (64)7.13 (9)0.41 (41)-0.73 (61)6.58 (27)-0.83 (7)1.59 (19)-6.10 (46)9.10 (19)9.87 (6)8.89 (43) Difference -0.23 -0.10 -0.18 N/A N/A N/A N/A N/A N/A N/A N/A IM U.S. TIPS (MF) Median 0.97 5.71 0.29 -0.41 5.77 -1.90 0.95 -6.17 8.21 8.10 8.72 Vanguard Short Term Bond Index (VSCSX)1.09 (5)6.71 (12)-0.14 (41)1.55 (27)3.40 (20)N/A N/A N/A N/A N/A N/A Blmbg. Barc. U.S. Corporate 1-5 Year Index 0.95 (8)6.78 (11)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) Difference 0.14 -0.07 -0.25 -0.27 0.07 N/A N/A N/A N/A N/A N/A IM U.S. Intermediate Investment Grade (MF) Median 0.49 5.40 -0.38 0.85 2.56 1.21 1.64 -0.52 4.93 1.99 7.52 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 26 Comparative Performance Fiscal Year Returns Total Fund As of December 31, 2019 FYTD Oct-2018 To Sep-2019 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 American Core Realty Fund 1.46 (74)6.81 (54)8.50 (63)7.52 (65)9.04 (94)13.98 (67)12.49 (62)12.27 (71)11.56 (66)16.11 (64)2.71 (75) American Core Realty Policy 1.53 (64)6.17 (75)8.82 (57)7.81 (58)10.62 (67)14.71 (60)12.39 (66)12.47 (68)11.77 (64)18.03 (43)5.84 (55) Difference -0.07 0.64 -0.32 -0.29 -1.58 -0.73 0.10 -0.20 -0.21 -1.92 -3.13 IM U.S. Open End Private Real Estate (SA+CF) Median 1.63 6.97 9.01 8.17 11.14 15.39 12.66 13.22 12.89 16.62 6.41 Intercontinental 3.22 (11)8.32 (23)11.40 (8)11.82 (7)13.30 (22)13.96 (67)14.10 (29)18.21 (9)13.38 (42)15.68 (71)N/A NCREIF Fund Index-ODCE 1.51 (67)5.59 (80)8.68 (61)7.66 (60)10.08 (81)14.93 (59)12.40 (65)13.04 (55)11.61 (65)18.27 (42)6.97 (42) Difference 1.71 2.73 2.72 4.16 3.22 -0.97 1.70 5.17 1.77 -2.59 N/A IM U.S. Open End Private Real Estate (SA+CF) Median 1.63 6.97 9.01 8.17 11.14 15.39 12.66 13.22 12.89 16.62 6.41 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. Intercontinental Returns are preliminary Parenthesized number represents pertinent peer group ranking: 1-100, best to worst 27 Plan Sponsor Peer Group Analysis - All Public Plans-Total Fund Comparative Performance -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 23.00 26.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Total Fund Portfolio 6.60 (7)6.60 (7)21.08 (14)8.30 (3)11.00 (6)10.73 (2)8.97 (2) Total Fund Policy 6.07 (15)6.07 (15)20.99 (16)8.06 (6)10.50 (14)9.90 (11)8.26 (5) Median 5.19 5.19 18.49 6.57 9.36 8.93 7.03 -10.00 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 ReturnOct-2018 To Sep-2019 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 Total Fund Portfolio 3.05 (81)11.63 (2)14.52 (8)11.51 (13)0.63 (20)12.21 (11) Total Fund Policy 4.35 (49)9.81 (10)12.89 (30)10.64 (25)0.55 (21)11.38 (23) Median 4.31 7.09 11.82 9.74 -0.78 9.93 1 QtrEndingSep-2019 1 QtrEndingJun-2019 1 QtrEndingMar-2019 1 QtrEndingDec-2018 1 QtrEndingSep-2018 1 QtrEndingJun-2018 Total Fund Portfolio 0.61 (66)3.24 (53)9.36 (21)-9.28 (89)4.26 (4)2.57 (4) Total Fund Policy 0.91 (44)3.40 (33)9.33 (22)-8.53 (75)3.96 (7)2.07 (11) All Public Plans-Total Fund Median 0.83 3.26 8.41 -7.54 2.59 1.03 As of December 31, 2019 Performance Review Total Fund Portfolio 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 3.0 6.0 9.0 12.0 15.0 Total Fund Portfolio (%)3.0 6.0 9.0 12.0 15.0 Total Fund Policy (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19 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%) 8.64 9.18 9.72 10.26 10.80 11.34 Return (%)7.00 7.25 7.50 7.75 8.00 8.25 8.50 8.75 9.00 Risk (Standard Deviation %) Return StandardDeviation Total Fund Portfolio 11.00 8.68 Total Fund Policy 10.50 8.22 Median 9.36 7.39¾ 6.40 7.04 7.68 8.32 8.96 9.60 Return (%)6.4 6.6 6.8 7.0 7.2 7.4 7.6 7.8 Risk (Standard Deviation %) Return StandardDeviation Total Fund Portfolio 8.97 7.62 Total Fund Policy 8.26 7.23 Median 7.03 6.67¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Total Fund Portfolio 0.74 104.58 103.63 -0.05 0.69 1.06 1.05 5.36 Total Fund Policy 0.00 100.00 100.00 0.00 N/A 1.06 1.00 4.93 90 Day U.S. Treasury Bill 8.27 10.03 -10.09 1.72 -1.06 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Total Fund Portfolio 0.84 106.94 102.72 0.30 0.82 1.04 1.05 4.65 Total Fund Policy 0.00 100.00 100.00 0.00 N/A 1.00 1.00 4.35 90 Day U.S. Treasury Bill 7.20 7.84 -6.82 1.01 -1.00 N/A 0.01 0.00 As of December 31, 2019 Performance Review Total Fund Portfolio NONE 29 Peer Group Analysis - IM U.S. Multi-Cap Core Equity (MF) Comparative Performance -10.00 -4.00 2.00 8.00 14.00 20.00 26.00 32.00 38.00 44.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Vanguard Total Stock Market (VITSX) 9.01 (29)9.01 (29)30.81 (26)11.38 (19)14.55 (19)14.08 (11)11.21 (9) Vanguard Total Stock Market Index Hybrid 9.00 (30)9.00 (30)30.84 (26)11.39 (19)14.56 (19)14.09 (11)11.21 (8) Median 8.07 8.07 28.19 9.11 12.73 11.78 9.25 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 ReturnOct- 2018 To Sep- 2019 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 Vanguard Total Stock Market (VITSX)2.89 (38)17.62 (18)18.64 (38)15.00 (16)-0.59 (35)17.77 (32) Vanguard Total Stock Market Index Hybrid 2.92 (37)17.62 (18)18.64 (37)14.99 (16)-0.55 (34)17.77 (32) Median 1.47 14.71 17.56 11.62 -1.81 16.35 1 QtrEndingSep-2019 1 QtrEndingJun-2019 1 QtrEndingMar-2019 1 QtrEndingDec-2018 1 QtrEndingSep-2018 1 QtrEndingJun-2018 Vanguard Total Stock Market (VITSX)1.09 (47)4.09 (41)14.04 (31)-14.26 (47)7.09 (23)3.91 (18) Vanguard Total Stock Market Index Hybrid 1.11 (45)4.08 (43)14.06 (31)-14.26 (47)7.08 (24)3.91 (17) IM U.S. Multi-Cap Core Equity (MF) Median 1.00 3.87 13.29 -14.37 5.84 2.66 Performance Review As of December 31, 2019 Vanguard Total Stock Market (VITSX) 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 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 Rank3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Vanguard Total Stock Market (VITSX) 16 15 (94%)1 (6%)0 (0%)0 (0%) Vanguard Total Stock Market Index Hybrid 20 15 (75%)5 (25%)0 (0%)0 (0%) 12.00 12.60 13.20 13.80 14.40 15.00 Return (%)12.16 12.20 12.24 12.28 12.32 12.36 12.40 Risk (Standard Deviation %) Return StandardDeviation Vanguard Total Stock Market (VITSX)14.55 12.20 Vanguard Total Stock Market Index Hybrid 14.56 12.21 Median 12.73 12.34¾ 9.60 10.24 10.88 11.52 Return (%)12.04 12.11 12.18 12.25 12.32 12.39 12.46 Risk (Standard Deviation %) Return StandardDeviation Vanguard Total Stock Market (VITSX)11.21 12.12 Vanguard Total Stock Market Index Hybrid 11.21 12.12 Median 9.25 12.39¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Vanguard Total Stock Market (VITSX)0.03 99.94 99.95 -0.01 -0.34 1.04 1.00 8.25 Vanguard Total Stock Market Index Hybrid 0.00 100.00 100.00 0.00 N/A 1.05 1.00 8.25 90 Day U.S. Treasury Bill 12.22 5.31 -3.32 1.68 -1.05 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 99.99 100.00 -0.01 -0.12 0.86 1.00 7.77 Vanguard Total Stock Market Index Hybrid 0.00 100.00 100.00 0.00 N/A 0.86 1.00 7.76 90 Day U.S. Treasury Bill 12.11 3.68 -2.02 1.04 -0.86 N/A 0.00 0.01 Performance Review As of December 31, 2019 Vanguard Total Stock Market (VITSX) NONE 31 Peer Group Analysis - IM International Large Cap Value Equity (SA+CF) Comparative Performance -10.00 -4.00 2.00 8.00 14.00 20.00 26.00 32.00 38.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR RBC Global (Voyageur) 10.27 (36)10.27 (36)21.47 (43)2.90 (37)10.67 (27)9.69 (21)7.98 (18) MSCI EAFE Index 8.21 (80)8.21 (80)22.66 (35)3.09 (32)10.11 (36)7.89 (51)6.18 (40) Median 9.61 9.61 21.09 2.01 9.08 7.91 5.74 -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 ReturnOct-2018 To Sep-2019 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 RBC Global (Voyageur) -5.36 (69)6.76 (6)22.69 (37)10.74 (29)-4.36 (20)10.08 (8) MSCI EAFE Index -0.82 (29)3.25 (28)19.65 (55)7.06 (60)-8.27 (42)4.70 (63) Median -3.33 1.44 20.93 8.36 -9.45 5.75 1 QtrEndingSep-2019 1 QtrEndingJun-2019 1 QtrEndingMar-2019 1 QtrEndingDec-2018 1 QtrEndingSep-2018 1 QtrEndingJun-2018 RBC Global (Voyageur)-2.48 (77)2.47 (49)10.23 (34)-14.08 (72)1.54 (31)1.35 (4) MSCI EAFE Index -1.00 (35)3.97 (14)10.13 (36)-12.50 (44)1.42 (33)-0.97 (18) IM International Large Cap Value Equity (SA+CF) Median -1.47 2.38 9.56 -12.88 0.88 -2.12 Performance Review As of December 31, 2019 RBC Global (Voyageur) 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 Earliest Date Latest Date -8.0 0.0 8.0 16.0 24.0 RBC Global (Voyageur) (%)-8.0 0.0 8.0 16.0 24.0 MSCI EAFE Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count RBC Global (Voyageur) 20 18 (90%)2 (10%)0 (0%)0 (0%) MSCI EAFE Index 20 0 (0%)10 (50%)10 (50%)0 (0%) 8.48 9.01 9.54 10.07 10.60 11.13 Return (%)9.88 10.40 10.92 11.44 11.96 12.48 13.00 13.52 Risk (Standard Deviation %) Return StandardDeviation RBC Global (Voyageur)10.67 12.97 MSCI EAFE Index 10.11 10.80 Median 9.08 12.06¾ 5.18 5.92 6.66 7.40 8.14 8.88 Return (%)11.55 11.88 12.21 12.54 12.87 13.20 13.53 13.86 Risk (Standard Deviation %) Return StandardDeviation RBC Global (Voyageur)7.98 13.56 MSCI EAFE Index 6.18 12.14 Median 5.74 12.65¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk RBC Global (Voyageur)3.99 110.83 113.89 -0.80 0.19 0.72 1.15 8.38 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.79 1.00 7.05 90 Day U.S. Treasury Bill 10.84 4.51 -6.33 1.71 -0.79 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)4.57 110.41 102.04 1.53 0.41 0.56 1.05 8.83 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.47 1.00 7.97 90 Day U.S. Treasury Bill 12.14 2.92 -3.16 1.05 -0.47 N/A 0.00 0.01 Performance Review As of December 31, 2019 RBC Global (Voyageur) NONE 33 Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF) Comparative Performance -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 Galliard Core Fixed Inc 0.41 (57)0.41 (57)7.33 (28)4.09 (23)3.64 (31)3.34 (37)2.99 (30) Barclays Int Agg Index 0.47 (46)0.47 (46)6.67 (64)3.76 (71)3.26 (76)2.93 (83)2.59 (82) Median 0.44 0.44 6.93 3.89 3.45 3.20 2.83 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 ReturnOct-2018 To Sep-2019 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 Galliard Core Fixed Inc 8.50 (16)-0.43 (57)0.44 (72)4.36 (26)3.04 (26)3.15 (38) Barclays Int Agg Index 8.08 (44)-0.93 (95)0.25 (86)3.57 (73)2.95 (31)2.74 (58) Median 7.99 -0.39 0.70 3.90 2.70 2.88 1 QtrEndingSep-2019 1 QtrEndingJun-2019 1 QtrEndingMar-2019 1 QtrEndingDec-2018 1 QtrEndingSep-2018 1 QtrEndingJun-2018 Galliard Core Fixed Inc 1.46 (36)2.72 (13)2.56 (35)1.51 (34)0.30 (67)0.05 (73) Barclays Int Agg Index 1.38 (58)2.39 (68)2.28 (71)1.80 (9)0.11 (96)0.09 (61) IM U.S. Intermediate Duration (SA+CF) Median 1.42 2.50 2.45 1.38 0.37 0.12 Performance Review As of December 31, 2019 Galliard Core Fixed Inc NONE 34 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 Rank3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Galliard Core Fixed Inc 20 0 (0%)19 (95%)1 (5%)0 (0%) Barclays Int Agg Index 20 0 (0%)1 (5%)10 (50%)9 (45%) 3.00 3.20 3.40 3.60 3.80 Return (%)1.89 1.92 1.95 1.98 2.01 2.04 2.07 Risk (Standard Deviation %) Return StandardDeviation Galliard Core Fixed Inc 3.64 2.03 Barclays Int Agg Index 3.26 2.04 Median 3.45 1.92¾ 2.40 2.60 2.80 3.00 3.20 Return (%)2.07 2.10 2.13 2.16 2.19 2.22 2.25 Risk (Standard Deviation %) Return StandardDeviation Galliard Core Fixed Inc 2.99 2.20 Barclays Int Agg Index 2.59 2.13 Median 2.83 2.09¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Galliard Core Fixed Inc 0.32 104.55 88.31 0.42 1.15 0.99 0.98 0.76 Barclays Int Agg Index 0.00 100.00 100.00 0.00 N/A 0.80 1.00 0.85 90 Day U.S. Treasury Bill 1.97 24.20 -40.33 1.54 -0.80 N/A 0.04 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Galliard Core Fixed Inc 0.34 107.30 94.43 0.34 1.15 0.90 1.02 1.08 Barclays Int Agg Index 0.00 100.00 100.00 0.00 N/A 0.74 1.00 1.10 90 Day U.S. Treasury Bill 2.08 17.00 -21.04 0.97 -0.74 N/A 0.03 0.01 Performance Review As of December 31, 2019 Galliard Core Fixed Inc NONE 35 Peer Group Analysis - IM U.S. TIPS (SA+CF) Comparative Performance -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 Galliard TIPS 1.00 (26)1.00 (26)6.90 (80)3.26 (81)2.90 (79)3.12 (90)2.47 (75) Barclays US TIPS 1-10 Yr 1.00 (26)1.00 (26)6.85 (88)3.24 (84)2.79 (94)3.09 (95)2.36 (94) Median 0.80 0.80 8.43 3.47 3.34 3.69 2.62 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 ReturnOct-2018 To Sep-2019 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 Galliard TIPS 5.76 (85)0.39 (78)-0.23 (36)4.75 (95)-0.38 (18)0.59 (86) Barclays US TIPS 1-10 Yr 5.75 (87)0.33 (92)-0.14 (33)4.83 (95)-0.82 (53)0.61 (82) Median 7.09 0.42 -0.55 6.56 -0.80 1.57 1 QtrEndingSep-2019 1 QtrEndingJun-2019 1 QtrEndingMar-2019 1 QtrEndingDec-2018 1 QtrEndingSep-2018 1 QtrEndingJun-2018 Galliard TIPS 0.64 (84)2.49 (87)2.61 (85)-0.08 (21)-0.40 (18)0.63 (82) Barclays US TIPS 1-10 Yr 0.60 (90)2.53 (77)2.57 (98)-0.05 (6)-0.42 (22)0.61 (87) IM U.S. TIPS (SA+CF) Median 1.30 2.86 3.20 -0.42 -0.80 0.77 Performance Review As of December 31, 2019 Galliard TIPS NONE 36 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 Rank3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Galliard TIPS 20 3 (15%)1 (5%)4 (20%)12 (60%) Barclays US TIPS 1-10 Yr 20 2 (10%)0 (0%)2 (10%)16 (80%) 2.60 2.80 3.00 3.20 3.40 3.60 Return (%)1.87 2.04 2.21 2.38 2.55 2.72 2.89 3.06 3.23 Risk (Standard Deviation %) Return StandardDeviation Galliard TIPS 2.90 2.11 Barclays US TIPS 1-10 Yr 2.79 2.06 Median 3.34 2.95¾ 2.25 2.34 2.43 2.52 2.61 2.70 Return (%)2.55 2.72 2.89 3.06 3.23 3.40 3.57 Risk (Standard Deviation %) Return StandardDeviation Galliard TIPS 2.47 2.63 Barclays US TIPS 1-10 Yr 2.36 2.53 Median 2.62 3.42¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Galliard TIPS 0.36 102.13 99.25 0.09 0.31 0.60 1.01 1.11 Barclays US TIPS 1-10 Yr 0.00 100.00 100.00 0.00 N/A 0.56 1.00 1.09 90 Day U.S. Treasury Bill 2.01 26.52 -23.94 1.58 -0.56 N/A 0.03 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Galliard TIPS 0.42 100.67 96.60 0.05 0.27 0.55 1.03 1.30 Barclays US TIPS 1-10 Yr 0.00 100.00 100.00 0.00 N/A 0.53 1.00 1.30 90 Day U.S. Treasury Bill 2.49 16.22 -11.53 1.00 -0.53 N/A 0.02 0.01 Performance Review As of December 31, 2019 Galliard TIPS NONE 37 Peer Group Analysis - IM U.S. Intermediate Investment Grade (MF) Comparative Performance -2.00 0.00 2.00 4.00 6.00 8.00 10.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR VG ST Bond Index (VSCSX) 1.09 (5)1.09 (5)6.84 (11)3.82 (7)3.30 (10)3.18 (15)2.78 (12) Barclays US Corp 1-5 Yr Index 0.95 (8)0.95 (8)6.99 (7)3.93 (2)3.47 (4)3.32 (10)2.90 (7) Median 0.49 0.49 5.00 2.90 2.52 2.41 1.98 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 ReturnOct-2018 To Sep-2019 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 VG ST Bond Index (VSCSX) 6.71 (12)-0.14 (41)1.55 (27)3.40 (20)N/A N/A Barclays US Corp 1-5 Yr Index 6.78 (11)0.11 (28)1.82 (20)3.33 (21)1.98 (8)2.46 (25) Median 5.40 -0.38 0.85 2.56 1.21 1.64 1 QtrEndingSep-2019 1 QtrEndingJun-2019 1 QtrEndingMar-2019 1 QtrEndingDec-2018 1 QtrEndingSep-2018 1 QtrEndingJun-2018 VG ST Bond Index (VSCSX)1.19 (12)1.75 (57)2.66 (13)0.97 (44)0.67 (15)0.28 (21) Barclays US Corp 1-5 Yr Index 1.17 (14)2.09 (20)2.61 (17)0.76 (54)0.71 (8)0.29 (21) IM U.S. Intermediate Investment Grade (MF) Median 0.87 1.79 1.88 0.80 0.34 0.12 Performance Review As of December 31, 2019 VG ST Bond Index (VSCSX) NONE 38 Peer Group Analysis - IM U.S. TIPS (MF) Comparative Performance -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 Vanguard Inflation-Protected Secs (VAIPX) 0.56 (86)0.56 (86)8.16 (32)3.25 (21)3.14 (26)N/A N/A Bloomberg Barclays U.S. TIPS Index 0.79 (64)0.79 (64)8.43 (19)3.47 (8)3.32 (14)3.66 (17)2.62 (14) Median 0.97 0.97 7.53 2.79 2.65 3.03 2.05 -13.00 -10.00 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 ReturnOct- 2018 To Sep- 2019 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 Vanguard Inflation-Protected Secs (VAIPX)7.03 (13)0.23 (55)N/A N/A N/A N/A Bloomberg Barclays U.S. TIPS Index 7.13 (9)0.41 (41)-0.73 (61)6.58 (27)-0.83 (7)1.59 (19) Median 5.71 0.29 -0.41 5.77 -1.90 0.95 1 QtrEndingSep-2019 1 QtrEndingJun-2019 1 QtrEndingMar-2019 1 QtrEndingDec-2018 1 QtrEndingSep-2018 1 QtrEndingJun-2018 Vanguard Inflation-Protected Secs (VAIPX)1.42 (14)2.79 (17)3.19 (45)-0.50 (30)-0.79 (59)0.84 (19) Bloomberg Barclays U.S. TIPS Index 1.35 (19)2.86 (11)3.19 (44)-0.42 (24)-0.82 (61)0.77 (27) IM U.S. TIPS (MF) Median 0.80 2.50 3.16 -0.84 -0.72 0.63 Performance Review As of December 31, 2019 Vanguard Inflation-Protected Secs (VAIPX) 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 Earliest Date Latest Date 3.1 3.2 3.3 3.4 Vanguard Inflation-Protected Secs (VAIPX) (%)3.1 3.2 3.3 3.4 Bloomberg Barclays U.S. TIPS Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Vanguard Inflation-Protected Secs (VAIPX) 1 0 (0%)1 (100%)0 (0%)0 (0%) Bloomberg Barclays U.S. TIPS Index 20 16 (80%)4 (20%)0 (0%)0 (0%) 2.40 2.70 3.00 3.30 3.60 Return (%)2.72 2.76 2.80 2.84 2.88 2.92 2.96 3.00 Risk (Standard Deviation %) Return StandardDeviation Vanguard Inflation-Protected Secs (VAIPX)3.14 2.90 Bloomberg Barclays U.S. TIPS Index 3.32 2.96 Median 2.65 2.77¾ 1.80 2.00 2.20 2.40 2.60 2.80 Return (%)3.28 3.30 3.32 3.34 3.36 3.38 3.40 3.42 3.44 Risk (Standard Deviation %) Return StandardDeviation Vanguard Inflation-Protected Secs (VAIPX)N/A N/A Bloomberg Barclays U.S. TIPS Index 2.62 3.41 Median 2.05 3.32¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Vanguard Inflation-Protected Secs (VAIPX)0.37 95.87 97.36 -0.08 -0.47 0.52 0.97 1.59 Bloomberg Barclays U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A 0.57 1.00 1.66 90 Day U.S. Treasury Bill 2.91 19.87 -17.94 1.60 -0.57 N/A 0.02 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Vanguard Inflation-Protected Secs (VAIPX)N/A N/A N/A N/A N/A N/A N/A N/A Bloomberg Barclays U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A 0.47 1.00 1.88 90 Day U.S. Treasury Bill 3.37 12.18 -8.97 1.01 -0.47 N/A 0.02 0.01 Performance Review As of December 31, 2019 Vanguard Inflation-Protected Secs (VAIPX) NONE 40 Peer Group Analysis - IM Global Fixed Income (MF) Comparative Performance -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR PIMCO Diversified Income Fund Instl (PDIIX) 1.66 (14)1.66 (14)12.77 (6)N/A N/A N/A N/A Blmbg. Barc. Global Credit (Hedged) 0.93 (32)0.93 (32)12.08 (7)5.44 (4)5.59 (9)6.02 (4)4.75 (1) Median 0.68 0.68 8.12 3.11 4.04 3.96 2.46 -16.00 -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 ReturnOct- 2018 To Sep- 2019 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 PIMCO Diversified Income Fund Instl (PDIIX)9.52 (19)N/A N/A N/A N/A N/A Blmbg. Barc. Global Credit (Hedged)10.83 (12)0.39 (17)3.04 (27)9.19 (25)0.86 (18)6.83 (9) Median 7.65 -1.29 1.02 7.42 -3.85 3.37 1 QtrEndingSep-2019 1 QtrEndingJun-2019 1 QtrEndingMar-2019 1 QtrEndingDec-2018 1 QtrEndingSep-2018 1 QtrEndingJun-2018 PIMCO Diversified Income Fund Instl (PDIIX)1.20 (46)3.59 (37)5.81 (1)-1.26 (91)2.03 (1)-0.92 (32) Blmbg. Barc. Global Credit (Hedged)2.36 (10)3.60 (36)4.71 (6)-0.19 (66)0.98 (8)-0.44 (13) IM Global Fixed Income (MF) Median 1.01 3.37 3.10 0.35 -0.39 -2.29 Performance Review As of December 31, 2019 PIMCO Diversified Income Fund Instl (PDIIX) NONE 41 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 1.46 (74)1.46 (74)6.31 (69)7.51 (63)7.70 (56)7.55 (73)9.07 (72) American Core RE Policy 1.53 (64)1.53 (64)6.08 (78)7.16 (75)7.37 (70)7.84 (66)9.27 (62) Median 1.63 1.63 7.02 7.90 7.91 8.38 9.58 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 23.00 26.00 ReturnOct-2018 To Sep-2019 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 American Core RE 6.81 (54)8.50 (63)7.52 (65)9.04 (94)13.98 (67)12.49 (62) American Core RE Policy 6.17 (75)8.82 (57)7.81 (58)10.62 (67)14.71 (60)12.39 (66) Median 6.97 9.01 8.17 11.14 15.39 12.66 1 QtrEndingSep-2019 1 QtrEndingJun-2019 1 QtrEndingMar-2019 1 QtrEndingDec-2018 1 QtrEndingSep-2018 1 QtrEndingJun-2018 American Core RE 1.44 (74)1.53 (27)1.74 (73)1.94 (26)2.19 (45)2.09 (63) American Core RE Policy 1.39 (77)1.34 (59)1.69 (78)1.62 (60)2.09 (52)2.13 (59) IM U.S. Open End Private Real Estate (SA+CF) Median 1.79 1.43 1.99 1.75 2.09 2.20 Performance Review As of December 31, 2019 American Core RE NONE 42 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 6.0 9.0 12.0 15.0 American Core RE (%)6.0 9.0 12.0 15.0 American Core RE Policy (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count American Core RE 20 0 (0%)0 (0%)12 (60%)8 (40%) American Core RE Policy 20 0 (0%)1 (5%)19 (95%)0 (0%) 7.20 7.40 7.60 7.80 8.00 Return (%)0.45 0.54 0.63 0.72 0.81 0.90 0.99 1.08 1.17 Risk (Standard Deviation %) Return StandardDeviation American Core RE 7.70 0.57 American Core RE Policy 7.37 0.57 Median 7.91 1.02¾ 8.80 9.00 9.20 9.40 9.60 9.80 Return (%)1.40 1.47 1.54 1.61 1.68 1.75 1.82 1.89 Risk (Standard Deviation %) Return StandardDeviation American Core RE 9.07 1.67 American Core RE Policy 9.27 1.48 Median 9.58 1.82¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk American Core RE 0.42 104.32 N/A 2.33 0.74 7.39 0.72 0.00 American Core RE Policy 0.00 100.00 N/A 0.00 N/A 7.08 1.00 0.00 90 Day U.S. Treasury Bill 0.78 23.09 N/A 3.62 -7.08 N/A -0.27 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk American Core RE 0.88 97.94 N/A 0.19 -0.21 3.98 0.96 0.00 American Core RE Policy 0.00 100.00 N/A 0.00 N/A 4.32 1.00 0.00 90 Day U.S. Treasury Bill 1.83 11.72 N/A 3.10 -4.32 N/A -0.22 0.00 Performance Review As of December 31, 2019 American Core RE NONE 43 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 3.22 (11)3.22 (11)9.46 (21)10.10 (6)9.63 (16)10.50 (17)11.34 (21) NCREIF Fund Index 1.51 (67)1.51 (67)5.34 (82)6.83 (80)7.09 (76)7.51 (78)8.97 (74) Median 1.63 1.63 7.02 7.90 7.91 8.38 9.58 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 23.00 26.00 ReturnOct-2018 To Sep-2019 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 Intercontinental 8.32 (23)11.40 (8)11.82 (7)13.30 (22)13.96 (67)14.10 (29) NCREIF Fund Index 5.59 (80)8.68 (61)7.66 (60)10.08 (81)14.93 (59)12.40 (65) Median 6.97 9.01 8.17 11.14 15.39 12.66 1 QtrEndingSep-2019 1 QtrEndingJun-2019 1 QtrEndingMar-2019 1 QtrEndingDec-2018 1 QtrEndingSep-2018 1 QtrEndingJun-2018 Intercontinental 2.50 (20)1.45 (47)1.98 (52)2.14 (19)2.52 (22)2.89 (26) NCREIF Fund Index 1.31 (79)1.00 (87)1.42 (80)1.76 (49)2.09 (52)2.05 (65) IM U.S. Open End Private Real Estate (SA+CF) Median 1.79 1.43 1.99 1.75 2.09 2.20 Performance Review As of December 31, 2019 Intercontinental NONE 44 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 3.0 6.0 9.0 12.0 15.0 18.0 Intercontinental (%)3.0 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 Rank3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Intercontinental 20 10 (50%)10 (50%)0 (0%)0 (0%) NCREIF Fund Index 20 0 (0%)0 (0%)19 (95%)1 (5%) 6.16 7.04 7.92 8.80 9.68 10.56 Return (%)0.63 0.72 0.81 0.90 0.99 1.08 1.17 1.26 Risk (Standard Deviation %) Return StandardDeviation Intercontinental 9.63 1.11 NCREIF Fund Index 7.09 0.70 Median 7.91 1.02¾ 8.20 9.02 9.84 10.66 11.48 12.30 Return (%)1.26 1.47 1.68 1.89 2.10 2.31 2.52 2.73 2.94 Risk (Standard Deviation %) Return StandardDeviation Intercontinental 11.34 2.55 NCREIF Fund Index 8.97 1.53 Median 9.58 1.82¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Intercontinental 0.99 134.60 N/A 4.06 2.42 6.72 0.77 0.00 NCREIF Fund Index 0.00 100.00 N/A 0.00 N/A 5.79 1.00 0.00 90 Day U.S. Treasury Bill 0.91 23.98 N/A 3.36 -5.79 N/A -0.24 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Intercontinental 2.44 125.56 N/A 5.67 0.91 3.62 0.62 0.00 NCREIF Fund Index 0.00 100.00 N/A 0.00 N/A 4.05 1.00 0.00 90 Day U.S. Treasury Bill 1.89 12.09 N/A 2.97 -4.05 N/A -0.22 0.00 Performance Review As of December 31, 2019 Intercontinental NONE 45 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:$50,693 Expenses:$195,200 Interest:- Total Contributions:$2,955,307 Remaining Capital Commitment:$282,673 Total Distributions:$2,351,325 Market Value:$1,070,366 Inception Date:10/14/2014 Inception IRR:7.7 TVPI:1.2 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 4/19 12/19 Private Equity Fund Overview Crescent Direct Lending Fund As of December 31, 2019 46 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:$1,593,736 Management Fees:$11,301 Expenses:$11,461 Interest:- Total Contributions:$1,593,736 Remaining Capital Commitment:$599,033 Total Distributions:$299,120 Market Value:$1,383,530 Inception Date:03/13/2018 Inception IRR:6.8 TVPI:1.1 Cash Flow Analysis Net Asset Value Distribution Contributions $0.0 $450,000.0 $900,000.0 $1,350,000.0 $1,800,000.0 $2,250,000.0 ($450,000.0) 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 Private Equity Fund Overview Crescent Direct Lending II Fund As of December 31, 2019 47 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 December 31, 2019 48 Compliance Checklist Total FundAs of December 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.Manager Compliance:Vanguard Total Galliard TIPS VG Short BDRBC GlobalIntercontinental PIMCOManager Compliance:Vanguard Infl-prot.American RE49 Estimated Annual Fee (%) Market Value ($) Estimated Annual Fee ($) Fee Schedule Vanguard Total Stock Market (VITSX)0.04 30,401,569 12,161 0.04 % of Assets Total Domestic Equity 0.04 30,401,569 12,161 RBC Global (Voyageur)0.95 9,282,631 88,185 0.95 % of Assets Total International Equity 0.95 9,282,631 88,185 Galliard Core Fixed Income 0.25 5,112,961 12,782 0.25 % of Assets Galliard TIPS 0.15 1,295,284 1,943 0.15 % of Assets Vanguard Inflation-Protected Secs (VAIPX)0.10 1,065,451 1,065 0.10 % of Assets Vanguard Short Term Bond Index (VSCSX)0.12 18,096 22 0.12 % of Assets Total Domestic Fixed Income 0.21 7,491,792 15,812 PIMCO Diversified Income Fund Instl (PDIIX)0.75 1,876,496 14,074 0.75 % of Assets Total Global FI 0.75 1,876,496 14,074 Crescent Direct Lending Fund 1.35 1,070,366 14,450 1.35 % of Assets Crescent Direct Lending II Fund 0.75 1,383,530 10,376 0.75 % of Assets Total Other Fixed Income 1.01 2,453,896 24,826 Intercontinental 1.10 3,637,406 40,011 1.10 % of Assets American Core Realty Fund 1.10 2,079,340 22,873 1.10 % of Assets Total Real Estate 1.10 5,716,746 62,884 Receipt & Disbursement 543,313 - Total Fund 0.38 57,766,442 217,942 Winter Springs General Employees General Plan and Trust Fee Analysis As of December 31, 2019 50 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 December 31, 2019 51 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. 52 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. 53 CHICAGO | CLEVELAND | DALLAS | DETROIT | ORLANDO | PITTSBURGH | RENO