HomeMy WebLinkAbout2020 08 13 Board of Trustees Regular Meeting AgendaBOARD OF TRUSTEES
REGULAR MEETING AGENDA
THURSDAY, AUGUST 13, 2020 - 5:30 PM
CITY HALL - COMMISSION CHAMBERS
1126 EAST STATE ROAD 434, WINTER SPRINGS, FLORIDA
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CALL TO ORDER
Roll Call
Invocation
Pledge of Allegiance
Agenda Changes
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, May 14, 2020 Board Of Trustees
Regular Meeting
Minutes
PUBLIC HEARINGS AGENDA
400. Not Used
REGULAR AGENDA
500. Quarterly Investment Return Report From AndCo Consulting
Winter Springs General Quarterly Report (June 30, 2020)
501. Discussion on Active Management of Equities
502. Discussion on Asset Allocation of Liquidated Real Estate Funds
503. Discussion on Alternative Investments
504. Update on Investment Policies Changes
REPORTS
PUBLIC INPUT
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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.
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CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING
MAY 14, 2020
CALL TO ORDER
Chairperson David Withee called the Regular Meeting of Thursday, May 14, 2020 of
the Board of Trustees to order at 5:33 pm 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 Stephen Krohn, present
Assistant to the City Clerk, Tristin Motter, present
A moment of silence was followed by the Pledge of Allegiance.
No changes were made to the agenda.
AWARDS AND PRESENTATIONS
100. Not Used
INFORMATIONAL AGENDA
200. Not Used
PUBLIC INPUT
Chairperson Withee opened “Public Input”.
No one spoke.
Chairperson Withee closed “Public Input”.
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CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING – MAY 14, 2020
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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 O F 4
CONSENT AGENDA
300. Minutes from the Thursday, February 13, 2020 Board of Trustees Regular Meeting
Chairperson Withee asked for a motion to approve the February 13th Board of
Trustees Regular Meeting Minutes.
“MOTION FOR APPROVAL.” MOTION BY BOARD MEMBER BLAKE. SECONDED BY
VICE-CHAIRPERSON WATKINS. DISCUSSION.
VOTE:
CHAIRPERSON WITHEE: AYE
BOARD MEMBER KROHN: AYE
VICE-CHAIRPERSON WATKINS: AYE
BOARD MEMBER BLAKE: AYE
MOTION CARRIED.
301. Minutes from the Thursday, April 23, 2020 Board of Trustees Special Meeting
Chairperson Withee asked for a motion to approve the April 23rd Board of Trustees
Special Meeting Minutes.
“I MAKE A MOTION TO APPROVE THE MINUTES.” MOTION BY VICE-CHAIRPERSON
WAKTINS. SECONDED BY BOARD MEMBER BLAKE. DISCUSSION.
VOTE:
BOARD MEMBER KROHN: AYE
BOARD MEMBER BLAKE: AYE
VICE-CHAIRPERSON WATKINS: AYE
CHAIRPERSON WITHEE: AYE
MOTION CARRIED.
PUBLIC HEARINGS AGENDA
400. Not Used
REGULAR AGENDA
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CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING – MAY 14, 2020
PAGE 3 OF 4
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
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500. Quarterly Investment Return Report from AndCo Consulting
Mr. Dave West, Senior Consultant, AndCo Consulting, 4901 Vineland Road, Suite 600,
Orlando, Florida discussed and reviewed the investment environment over the last
quarter and additional “April Flash Report.” Mr. West expanded on net depreciation,
benchmarks analyzation, and value managers. Discussion and questions continued
about cash flow, contact with the Manager, responsibility and assignment of the
benchmarks, and the virtue of having international stocks.
Mr. West’s recommendation was to continue with the current value manager, RBC.
Discussion continued on consideration of adding a growth-oriented manager to
accompany the current value manager.
501. Discussion on Capital Market Assumptions and Observations
Mr. West redirected and reviewed the “Capital Market Assumptions and
Observations.” Mr. West suggested an annual review be done on the Investment
Policy Statement and recommended that some policy adjustments would need to
be made for clarity.
502. Discussion on Private Debt Review
Mr. West continued into the Private Debt discussion explaining how complimentary
it could be to the current existing portfolio with lower volatility than private equity or
value ad real estate as reviewed in “Introduction to Private Debt.” Mr. West further
explains and summarizes the categories, history, risk premiums and strategies of
Private Debt and a Private Debt Manager. Concluding, Mr. West gave AndCo’s
recommended allocation percentage of five (5) to ten (10) percent to help maintain
a diversified portfolio.
Discussion ensued on the Crescent fund and available report avenues and levels
regarding the fund. It was concluded that if the Board found interest in the Managers
the discussion would be brought back for a more in depth analyzation of the
Managers and the nature of the investments. Continuing, questions ensued on TIPS
allocations. The Board requested Mr. West follow up at the next meeting with a
specific recommendation for consideration of closing out the TIPS allocations.
503. Manager Review Discussion
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CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING – MAY 14, 2020
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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
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The Board concluded with reviewing and setting up what will be expected for
discussion at the next meeting. The points to be brought back were RBC, Galliard
TIPS, PIMCO fund, Investment Policy Statement and the asset allocations.
600. REPORTS
No reports were given.
PUBLIC INPUT
Chairperson Withee opened “Public Input”.
No one spoke.
Chairperson Withee closed “Public Input”.
Chairperson Withee thanked the Board for their effort and work.
ADJOURNMENT
Chairperson Withee adjourned the Regular Meeting at 7:39 p.m.
RESPECTFULLY SUBMITTED:
_____________________________________
TRISTIN MOTTER
ASSISTANT TO THE CITY CLERK
NOTE: These Minutes were approved at the ____________________, 2020 Board of Trustees Regular Meeting.
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Investment Performance Review
Period Ending June 30, 2020
Winter Springs General
Employees Plan and Trust
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2nd Quarter 2020 Market EnvironmentPage 19
Source: Investment MetricsThe Market EnvironmentMajor Market Index PerformanceAs of June 30, 20200.0%9.0%0.7%4.2%0.5%2.9%25.4%24.6%21.8%22.0%20.5%18.1%14.9%16.1%0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%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 Performance1.7%9.5%5.7%8.3%10.3%8.7%-6.6%-2.2%7.5%6.5%7.5%-3.4%-5.1%-4.8%-10.0% -5.0% 0.0% 5.0% 10.0% 15.0%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 PerformanceBroad asset class returns rebounded sharply in the 2nd quarter following theirharsh drawdown during the 1st quarter. The US government and FederalReserve Bank (Fed) implemented a myriad of programs designed to providethe economy with liquidity while also mitigating the affects from the shelter-in-place response to the COVID-19 (Coronavirus) pandemic. Despite havingofficially entered a recession in February, US economic data began to showimprovement in May with regards to manufacturing, housing and employmentas many States began the process of re-opening. Geopolitical tensions roseduring the quarter following the vote by China to impose security measures inHong Kong. Despite these risks, markets reacted positively to continuedmonetary easing from the Fed which supported markets directly through bondpurchases and a variety of lending facilities. Within domestic equity markets,higher beta small cap stocks outperformed large cap stocks during the quarterwith the Russell 2000 Index returning 25.4% versus a 20.5% return for theS&P 500 Index. US stocks also outperformed international stocks during theperiod. US equity results over the trailing 1-year period tell a different storywith large cap stocks, returning 7.5% while mid- and small cap stocks werenegative, returning -2.2% and -6.6%, respectively.Broad international equity markets posted positive returns for the 2nd quarter.Similar to US markets, international markets benefited from coordinated centralbank policies which provided liquidity following the onset of the pandemic andsubsequent re-opening of local economies. International returns also benefitedfrom a weakening US dollar (USD) which declined against both the Euro andBritish pound during the period. Emerging markets outperformed relative todeveloped markets during the period with the MSCI Emerging Market Indexreturning 18.1% compared to 14.9% for the MSCI EAFE Index. Both developedand emerging market indices were negative over the 1-year period with thedeveloped market index returning -5.1% and the emerging market indexreturning -3.4%.Fixed income returns remained strong during the 2nd quarter as investorsbenefited from declining interest ratesglobally. The broad market BloombergBarclays (BB) Aggregate Index gained 2.9% for the quarter as the Fed rampedup its purchases of US Treasury and Agency securities to boost marketliquidity. In addition, the Fed announced that it would begin purchasing UScorporate bonds to keep borrowing costs low and further support liquidity. Forthe quarter, the BB Corporate Investment Grade Index returned 9.0% asinvestors continued to seek out higher yielding assets. Over the trailing 1-yearperiod, the bond market outperformed stocks with the BB Aggregate posting asolid return of 8.7%, while corporate bonds posted a higher 9.5%. US TIPS,which have been a laggard for some time, posted a respectable 8.3% over thetrailing 1-year period despite low expectations for inflation.Page 210
Source: Investment MetricsThe Market EnvironmentDomestic Equity Style Index PerformanceAs of June 30, 202030.6%25.4%18.9%30.3%24.6%19.9%27.8%21.8%14.3%28.0%22.0%14.6%0.0% 10.0% 20.0% 30.0% 40.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 ValueQuarter Performance - Russell Style Series3.5%-6.6%-17.5%11.9%-2.2%-11.8%23.3%7.5%-8.8%21.9%6.5%-9.4%-20.0% -10.0% 0.0% 10.0% 20.0% 30.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 Value1-Year Performance - Russell Style SeriesUS equity returns were strongly positive during the 2nd quarter, but resultsvaried considerably across the style andcapitalization spectrum. Following oneof the sharpest drawdowns in history during the previous quarter, variouscapitalization and style indices experienced their strongest quarterlyperformance in over 20-years. The US labor market showed dramaticimprovement in May and June with more than 7 million jobs added for theperiod. However, the unemployment rate remained high at 11.1% in June withmore than 14.7 million people unemployed. While States have taken steps tore-open by loosening stay-at-home orders, several States such as Florida,Texas, and Arizona, have experienced significant increases in Coronaviruscases since the orders were eased causing many States to consider rollbacks.Several potential treatments and vaccines are in various stages ofdevelopment that will hopefully prove effective in treating the virus.During the quarter, small capitalization (cap) stocks broadly outperformed largecap stocks across the style spectrum. The small cap Russell 2000 Indexgained a stellar 25.4% for the quarter versus a return of 21.8% for the largecap Russell 1000 Index. Investors were attracted to potentially faster growingsmall cap stocks which were disproportionately sold during the 1st quarter’sdrawdown. Small cap stocks have historically outperformed when the marketenters a recovery phase. When viewed over the most recent 1-year period thetrend has reversed with large cap stocks far outpacing their small capcounterparts. The Russell 1000 posted a return of 7.5% over the trailing 1-yearrelative to a negative return of -6.6% for the Russell 2000.Value stocks continued their recent trend of underperformance relative togrowth stocks during the 2nd quarter recovery as investors gravitated towardcompanies perceived to have the potential to grow revenue and earningsfaster. Within large cap, growth significantly outperformed value due tofavorable weightings to the strong-performing technology and consumerdiscretionary sectors. The small cap Russell 2000 Growth Index was the bestperforming style index for the quarter, returning an outsized 30.6%. At theother extreme, the large cap value index posted the quarter’s weakest relativestyle performance with a still solid 14.3% return. Results over the 1-year periodalso reflect the strength of the “growth over value” trend with valuebenchmarks posting negative results across the capitalization spectrum with arange of relative underperformance to growth of greater than 20% at eachlevel.Page 311
All eleven economic sectors within the large cap Russell 1000 Index werepositive for the 2nd quarter with four sectors outpacing the return of the broadindex. Growth-oriented sectors such as consumer discretionary andtechnology were some of the best performers for the quarter returning 36.4%and 32.5%, respectively. The energy sector, which had lagged considerablyduring the 1st quarter sell-off, also posted a strong return of 32.5% for thequarter as oil prices recovered on expectations of future economic growth.Defensive sectors such as consumer staples and utilities were the lowestperformers during the period, but still posted positive returns of 8.6% and2.8%, respectively. Traditional growthsectors also showed their dominance inthe trailing 1-year period. The technology, consumer discretionary, health careand communication services sectors returned 35.2%, 16.1%, 15.4% and11.4%, respectively, versus the coreRussell 1000 index return of 7.5%. Incontrast, traditional value sectorssuch as energy and financials, postedreturns of -36.5% and -14.7%, respectively, for the trailing 1-year period.Ten of eleven small cap sectors posted results of greater than 10% for the 2ndquarter with only the utilities sector falling into negative territory with a return of-3.6%. In addition, seven of eleven economic sectors in the small cap indexoutpaced their respective large cap sector performance. While ten small capsectors posting returns of more than 10% would be impressive in any period,six of them managed to exceed the 25.4% return of the broad Russell 2000index. Like large caps, sectors sensitive to the consumer and economic growthwere the strongest performers as investors gravitated toward those companieswith the highest growth potential. Performance in consumer discretionary andhealth care sectors was particularly impressive with returns of 57.4% and32.2% respectively for the quarter. Within the health care sector, manybiotechnology stocks rose on hopes and speculation regarding potentiallyviable treatments or vaccines for the Coronavirus. Over the trailing 1-yearperiod, the majority of small cap sector returns were negative with only threesectors contributing positive absolute performance. The traditional growthsectors also led the small cap index’s performance over the trailing 1-yearperiod with health care posting 18.5% and the technology sector returning10%. On the opposite end of the spectrum, while the energy sector’s 28.0%return for the quarter is certainly an impressive recovery, the sector led the 1-year trailing sector performance declines with the return of -57.8%.The Market EnvironmentGICS Sector Performance & (Sector Weight)As of June 30, 2020Source: 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. -3.9%-5.6%-2.3%35.2%-8.9%12.3%-14.7%-36.5%3.4%16.1%11.4%2.8%13.4%25.9%31.9%17.7%15.4%12.8%32.5%8.6%36.4%21.1%-40.0% -20.0% 0.0% 20.0% 40.0%Utilities (3.3%)Real Estate (3.5%)Materials (2.6%)Info Technology (25.5%)Industrials (8.4%)Health Care (15.1%)Financials (10.8%)Energy (2.7%)Consumer Staples (7.0%)Consumer Disc (10.7%)Comm Services (10.4%)Russell 1000Quarter1-Year-12.9%-16.5%-17.7%10.0%-9.3%18.5%-22.1%-57.8%4.8%-4.6%-20.5%-3.6%14.8%29.4%25.7%25.6%32.2%11.7%28.0%19.6%57.4%17.9%-60.0% -40.0% -20.0% 0.0% 20.0% 40.0% 60.0%Utilities (4.1%)Real Estate (7.1%)Materials (3.4%)Info Technology (15.2%)Industrials (15.1%)Health Care (21.7%)Financials (15.9%)Energy (1.9%)Consumer Staples (3.4%)Consumer Disc (9.8%)Comm Services (2.2%)Russell 2000Quarter1-YearPage 412
The Market EnvironmentTop 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000As of June 30, 2020Source: Morningstar DirectTop 10 Weighted StocksTop 10 Weighted StocksRussell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorMicrosoft Corp 5.30% 29.4% 53.8% Information Technology Deckers Outdoor Corp 0.31% 46.6% 11.6% Consumer DiscretionaryApple Inc 5.19% 43.8% 86.5% Information Technology LHC Group Inc 0.30% 24.3% 45.8% Health CareAmazon.com Inc 4.07% 41.5% 45.7% Consumer Discretionary BJ's Wholesale Club Holdings Inc 0.29% 46.3% 41.2% Consumer StaplesFacebook Inc A 1.90% 36.1% 17.7% Communication Services Churchill Downs Inc 0.29% 29.3% 16.2% Consumer DiscretionaryAlphabet Inc A 1.48% 22.0% 31.0% Communication Services Novavax Inc 0.27% 513.8% 1322.4% Health CareAlphabet Inc Class C 1.46% 21.6% 30.8% Communication Services MyoKardia Inc 0.27% 106.1% 92.7% Health CareJohnson & Johnson 1.29% 8.0% 3.8% Health Care Helen Of Troy Ltd 0.27% 30.9% 44.4% Consumer DiscretionaryBerkshire Hathaway Inc Class B 1.21% -2.4% -16.3% Financials SiteOne Landscape Supply Inc 0.27% 54.8% 64.5% IndustrialsVisa Inc Class A 1.13% 20.1% 12.0% Information Technology EastGroup Properties Inc 0.26% 14.3% 4.9% Real EstateProcter & Gamble Co 1.01% 9.4% 11.8% Consumer Staples Ultragenyx Pharmaceutical Inc 0.25% 76.1% 23.2% Health CareTop 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter)Russell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorFastly Inc 0.02% 348.5% 319.8% Information Technology Workhorse Group Inc 0.06% 860.8% 491.5% Consumer DiscretionaryWayfair Inc Class A 0.05% 269.8% 35.3% Consumer Discretionary Veritone Inc 0.02% 537.8% 77.8% Information TechnologyApache Corp 0.02% 223.9% -51.9% Energy Novavax Inc 0.27% 513.8% 1322.4% Health CareTarga Resources Corp 0.02% 192.7% -44.7% Energy Overstock.com Inc 0.06% 469.7% 109.0% Consumer DiscretionaryEtsy Inc 0.04% 176.4% 73.1% Consumer Discretionary Vaxart Inc 0.02% 400.0% 1220.7% Health CareBill.com Holdings Inc Ordinary Shares 0.01% 163.8% N/A Information Technology U.S. Auto Parts Network Inc 0.01% 394.9% 592.8% Consumer DiscretionaryLivongo Health Inc 0.01% 163.5% N/A Health Care Camping World Holdings Inc Class A 0.05% 380.5% 131.4% Consumer DiscretionaryImmunomedics Inc 0.03% 162.9% 155.5% Health Care Macrogenics Inc 0.08% 379.7% 64.5% Health CareAntero Midstream Corp 0.01% 159.5% -45.7% Energy Aspira Womens Health Inc 0.01% 361.3% 331.5% Health CareThor Industries Inc 0.02% 156.2% 87.0% Consumer Discretionary Retractable Technologies Inc 0.01% 350.0% 868.9% Health CareBottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter)Russell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorEmpire State Realty Trust Inc Class A 0.00% -20.7% -50.8%Real Estate Chesapeake Energy Corp 0.00% -85.8% -98.7% EnergyXerox Holdings Corp 0.01% -18.0% -54.8% Information Technology Hertz Global Holdings Inc 0.01% -77.2% -91.2% IndustrialsHawaiian Electric Industries Inc 0.01% -15.5% -14.7% Utilities SeaChange International Inc 0.00% -59.4% 5.6% Information TechnologyBiogen Inc 0.15% -15.4% 14.4% Health Care CorEnergy Infrastructure Trust Inc 0.01% -50.0% -75.6% Real EstateCincinnati Financial Corp 0.03% -14.3% -36.6% Financials Evofem Biosciences Inc 0.01% -46.8% -57.4% Health CareGeneral Electric Co 0.21% -13.8% -34.7% Industrials Recro Pharma Inc 0.00% -44.3% -48.6% Health CareCoty Inc Class A 0.00% -13.4% -65.5% Consumer Staples NextCure Inc 0.02% -42.2% 43.1% Health CareEchoStar Corp 0.00% -12.5% -24.3% Information Technology NeuroBo Pharmaceuticals Inc 0.00% -42.1% -60.2% Health CareNovoCure Ltd 0.02% -11.9% -6.2% Health Care LendingClub Corp 0.02% -42.0% -72.3% FinancialsMolson Coors Beverage Co B 0.02% -11.9% -36.5% Consumer Staples ProAssurance Corp 0.04% -41.9% -58.6% FinancialsPage 513
Source: MSCI Global Index Monitor (Returns are Net)Broad international equity index returns were positive in US dollar (USD) andlocal currency terms for the 2nd quarter as international markets reboundedfollowing the meaningful drawdown during the previous period. USDdenominated international equity indexperformance also benefited from aweakening USD which fell against most major currencies during the period.The MSCI ACWI ex US Index posted a return of 15.4% in USD and a slightlylower 13.2% in local currency terms. Like US equity market performance,international equity benchmarks also benefited from a strong monetary policyresponse from central banks in reaction to the Coronavirus. Since the virusravaged Asia and Europe earlier than the US, many countries also began theprocess of re-opening their respective economies earlier than the US, resultingin improving economic datapoints. Both the ECB and Bank of Japan committedto significant lending programs designedto provide the capital markets withliquidity while continuing to purchase bonds under their existing economicrecovery programs.Results for developed market international indices were strongly positive inboth USD and local currency terms during the 2nd quarter. The MSCI EAFEIndex returned 14.2% in USD and 11.0% in local currency terms. The spreadof the pandemic slowed in Europe during the quarter allowing countries likeAustria and Italy to begin the process of re-opening. ECB President ChristineLagarde announced that the bank was expanding its bond purchase programto $1.5 trillion, and in the UK, the Bank of England increased its bondpurchasing program by roughly $125 billion. Both measures were targeted atproviding the capital markets with liquidity.Emerging markets outperformed developed markets by just over 3% during the2nd quarter. The MSCI Emerging Markets Index rose by 17.3% in USD termsand 15.9% in local currency. Emerging markets benefited relative to developedmarkets during the quarter as global economic activity increased despiteincreased geopolitical tensions fromChina’s new security measures in HongKong. The rebound in commodity prices inanticipation of future economicgrowth was particularly beneficial to the emerging countries dependent onexport demand.In contrast to the strong 2nd quarter returns, the 1-year trailing performance ofinternational equity indices was broadly negative with only the EmergingMarket Asia Index posting a positive return of 2.7% in USD for the period. The1-year trailing currency impact on international index performance alsocontrasts with the 2nd quarter’s USD weakness. Persistent strength of theUSD over the 1-year period was a drag on the results realized by domesticholders of international equities for each of the indices tracked in the graph.This USD strength is particularly visible in the Emerging Market Middle East &Africa (EMEA) Index and Emerging Market Latin America Index.The Market EnvironmentInternational and Regional Market Index Performance (Country Count)As June 30, 202021.4%15.8%14.0%15.9%11.3%12.3%11.9%12.1%13.2%18.4%17.1%17.8%17.3%13.8%14.4%14.2%14.6%15.4%0.0% 10.0% 20.0%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 Currency-12.6%3.6%-14.0%-1.0%-4.3%-7.7%-6.5%-6.5%-5.0%-34.4%2.7%-22.6%-5.7%-5.0%-8.8%-7.4%-7.7%-7.1%-40.0% -30.0% -20.0% -10.0% 0.0% 10.0%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 CurrencyPage 614
The Market EnvironmentUS Dollar International Index Attribution & Country DetailAs of June 30, 2020Source: 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 - EAFE Sector Weight Quarter Return 1-Year ReturnCommunication Services 5.4% 12.3% -6.5%Consumer Discretionary 11.3% 17.6% -6.9%Consumer Staples 12.0% 8.5% -3.8%Energy 3.4% -1.5% -41.3%Financials 16.1% 12.6% -20.4%Health Care 14.5% 13.8% 17.6%Industrials 14.5% 17.5% -8.0%Information Technology 8.3% 23.0% 12.4%Materials 7.3% 22.7% -8.6%Real Estate 3.2% 7.9% -21.4%Utilities 4.0% 11.4% 2.4%Total 100.0% 14.2% -7.4%MSCI - ACWIxUS Sector Weight Quarter Return 1-Year ReturnCommunication Services 7.6% 16.9% 2.6%Consumer Discretionary 12.6% 19.8% -0.6%Consumer Staples 10.0% 9.4% -4.8%Energy 4.8% 8.5% -34.5%Financials 18.1% 10.3% -22.4%Health Care 10.7% 16.0% 18.3%Industrials 11.4% 17.1% -8.9%Information Technology 11.0% 24.1% 19.2%Materials 7.6% 24.6% -8.7%Real Estate 2.8% 6.8% -21.4%Utilities 3.5% 10.3% -3.2%Total 100.0% 15.4% -7.1%MSCI - Emerging Mkt Sector Weight Quarter Return 1-Year ReturnCommunication Services 13.5% 22.6% 14.2%Consumer Discretionary 17.4% 22.1% 12.7%Consumer Staples 6.5% 12.6% -9.1%Energy 6.0% 21.6% -25.3%Financials 19.1% 6.6% -27.4%Health Care 4.3% 37.1% 33.5%Industrials 4.7% 16.0% -15.9%Information Technology 16.9% 19.9% 21.3%Materials 6.9% 23.3% -16.2%Real Estate 2.6% 3.6% -20.3%Utilities 2.3% 9.2% -20.3%Total 100.0% 17.3% -5.7%MSCI-EAFE MSCI-ACWIxUS Quarter 1- YearCountry Weight Weight Return ReturnJapan 25.4% 16.5% 11.5% 0.9%United Kingdom 14.1% 9.1% 7.4% -20.8%France 10.9% 7.1% 15.3% -11.4%Switzerland 10.3% 6.7% 9.7% 3.8%Germany 9.3% 6.0% 24.5% -4.4%Australia 6.7% 4.4% 28.6% -14.6%Netherlands 4.3% 2.8% 24.0% 7.1%Hong Kong 3.4% 2.2% 7.7% -17.4%Sweden 3.1% 2.0% 19.5% 0.8%Spain 2.4% 1.6% 9.6% -22.5%Denmark 2.3% 1.5% 18.8% 20.7%Italy 2.3% 1.5% 15.0% -13.1%Singapore 1.1% 0.7% 7.3% -23.8%Finland 1.0% 0.7% 18.6% -3.6%Belgium 0.9% 0.6% 11.9% -23.3%Ireland 0.6% 0.4% 19.6% 3.6%Israel 0.6% 0.4% 20.0% 0.8%Norway 0.5% 0.3% 13.2% -25.1%New Zealand 0.3% 0.2% 28.0% 19.6%Austria 0.2% 0.1% 20.6% -28.2%Portugal 0.2% 0.1% 9.2% 4.2%Total EAFE Countries 100.0% 64.9% 14.2% -7.4%Canada 6.5% 19.4% -10.5%Total Developed Countries 71.4% 14.6% -7.7%China 11.7% 14.2% 11.2%Taiwan 3.5% 20.8% 17.8%Korea 3.3% 19.3% -1.4%India 2.3% 20.4% -18.2%Brazil 1.5% 22.6% -35.3%South Africa 1.1% 25.8% -26.9%Russia 0.9% 17.6% -17.7%Saudi Arabia 0.8% 12.2% -22.7%Thailand 0.7% 22.4% -25.8%Malaysia 0.5% 12.6% -14.8%Mexico 0.5% 10.6% -26.8%Indonesia 0.4% 22.4% -26.0%Philippines 0.2% 19.3% -21.4%Qatar 0.2% 6.7% -13.1%Poland 0.2% 20.8% -31.2%Chile 0.2% 13.5% -36.9%United Arab Emirates 0.2% 14.4% -21.7%Turkey 0.1% 18.3% -8.5%Peru 0.1% 5.5% -35.7%Hungary 0.1% 14.1% -18.3%Colombia 0.1% 7.2% -43.6%Argentina 0.0% 43.7% -47.0%Greece 0.0% 9.6% -35.1%Czech Republic 0.0% 24.1% -26.8%Egypt 0.0% 4.9% -13.7%Pakistan 0.0% 11.7% -17.3%Total Emerging Countries 28.6% 17.3% -5.7%Total ACWIxUS Countries 100.0% 15.4% -7.1%Page 715
Source: BloombergThe Market EnvironmentDomestic Bond Sector & Broad/Global Bond Market Performance (Duration)As of June 30, 2020Broad fixed income benchmarks rose sharply in the 2nd quarter as interestrates fell globally in response to the economic implications of the pandemic.The Fed continued purchasing bonds under programs announced during thefirst quarter to support capital markets and mitigate the damage to theeconomy. With US interest rates already near zero, the Fed announcedseveral additional lending facilities to bridge the gap until economic activitypicks up. These combined programs swelled the Fed’s balance sheet to $7.0trillion, an increase of more than $3 trillion since the beginning of the year.Late in the quarter the Fed commented that the economy faces a number offuture challenges and expects interest rates to remain low for a prolongedperiod of time. Last August, the US Treasury yield curve inverted with the 2-year yield briefly surpassing the 10-yearyield. Historically, a 2-10 inversionin the yield curve has preceded a US recession within the next 6-24 months.Recently, the National Bureau of Economic Research reported that the USeconomy entered a recession in February. While long-term US interest rateshave moved lower recently, the Treasury yield curve has actually steepenedwhich historically portends better economic growth.During the quarter, the Bloomberg Barclays (BB) US Aggregate Indexreturned 2.9%. Within the broad BB US Aggregate index, the US Treasuryand mortgage-backed segments dramatically underperformed the corporatebond sector during the 2nd quarter. Investment grade corporate creditreturned a strong 9.0% due to narrowing credit spreads and a high demandfor yield. In contrast, over the 1-year period, US Treasuries outpaced bothcorporate and mortgage-backed issueswith US Treasuries posting 10.4%versus returns of 9.5% and 5.7% for corporate and mortgage bonds,respectively. Outside of domestic markets, the BB Global Aggregate ex USIndex increased by 3.4% for the quarter and 0.7% for the year.Within investment grade credit, lower quality issues outperformed higherquality issues during the 2nd quarter. Lower quality issues benefitted fromboth spread compression and investors seeking out higher yields whencompared to US Treasury or mortgage bonds. On an absolute basis withoutadjusting for the duration differencesin the sub-indices, Baa rated credit wasthe best performing investment grade (IG) segment, returning 11.2% for thequarter. AAA issues were the worst performing IG credit segment, returningjust 0.7%. Despite a much lower duration, the high yield index returned10.2% for the quarter. These issues benefited from credit spreadsnarrowing significantly following the drawdown in the first quarter. Outside ofhigh yield performance, which was flaton the year, credit returns were allimpressive with each segment returning greater than 8% for the period.3.7%3.4%2.1%2.9%4.2%9.0%0.7%0.5%10.2%11.2%7.0%4.5%0.7%0.0% 5.0% 10.0% 15.0%Multiverse (7.2)Global Agg x US (8.3)Intermediate Agg (3.4)Aggregate (6.0)U.S. TIPS (4.3)U.S. Corporate IG (8.5)U.S. Mortgage (2.1)U.S. Treasury (7.2)U.S. High Yield (3.9)Baa (8.4)A (8.5)AA (8.0)AAA (5.0)Quarter Performance 3.8%0.7%6.6%8.7%8.3%9.5%5.7%10.4%0.0%8.2%10.3%8.8%8.5%0.0% 5.0% 10.0% 15.0%Multiverse (7.2)Global Agg x US (8.3)Intermediate Agg (3.4)Aggregate (6.0)U.S. TIPS (4.3)U.S. Corporate IG (8.5)U.S. Mortgage (2.1)U.S. Treasury (7.2)U.S. High Yield (3.9)Baa (8.4)A (8.5)AA (8.0)AAA (5.0)1-Year PerformancePage 816
Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)The Market EnvironmentMarket Rate & Yield Curve ComparisonAs of June 30, 2020Much of the index performance detailed in the bar graphs on the previouspage is visible on a time series basis by reviewing the yield graph to theright. The ‘1-Year Trailing Market Rates’ chart illustrates that over the lastyear, the 10-year Treasury yield (green line) fell from yields of greater than2.0%, to a low of roughly 0.5% before ending the quarter at 0.66%. Adecrease in yields provides a boost to bond performance. The blue lineillustrates changes in the BAA OAS (Option Adjusted Spread). This measurequantifies the additional yield premium that investors require to purchaseand hold non-Treasury investment grade issues. This line illustrates anabrupt increase in credit spreads beginning in early 2020 as investorsmoved to higher quality assets during the quarter’s risk-off environment.Spreads increased dramatically in February following the US onset of thepandemic, reaching a high of 4.88% on March 23rd. Since then, spreadshave steadily declined as markets stabilized following the aggressive actionstaken by the Treasury and Fed. During the quarter, the BAA OAS spread fellby 1.98%. Similar to Treasury yield declines, spread tightening in corporatebonds is equivalent to an interest ratedecrease, which causes bond pricesto rise. This compression produces an additional tailwind for corporate bondindex returns. The green band across the graph illustrates the decrease inthe Fed Funds Rate range due to the recent US monetary policy easing. TheFed began the year with a rate range of 1.50%-1.75%, which it aggressivelycut to a range of 0.00%-0.25% during the 1st quarter, where it remained atthe end of the quarter.The lower graph provides a snapshot ofthe US Treasury yield curve at theend of each of the last four calendar quarters. The higher yields and curveinversion experienced in the 2nd half of 2019 have given way to 2020’sextremely low interest rate environment. The curve continued to flattenduring the 2nd quarter, particularly between the 1- and 5-year maturities. Onthe longer end of the curve, rates rose slightly during the period as the USTreasury issued longer-dated bonds to lock in low borrowing costs. Anincrease in Treasury supply, in conjunction with concerns about the potentialfor rising inflation, resulted in slightly higher yields during the quarter.0.000.501.001.502.002.503.003.504.001 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yrTreasury Yield Curve9/30/201912/31/20193/31/20206/30/2020-1.00-0.500.000.501.001.502.002.503.003.504.004.505.00Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-201-Year Trailing Market RatesFed Funds RateTED Spread3-Month LiborBAA OAS10yr Treasury10yr TIPSPage 917
Asset Allocation By Segment as of
March 31, 2020 : $48,214,886
Asset Allocation By Segment as of
June 30, 2020 : $54,556,367
Allocation
Segments Market Value Allocation
Domestic Equity 24,058,669 49.9¢
International Equity 6,233,473 12.9¢
Domestic Fixed Income 7,556,875 15.7¢
Global Fixed Income 1,712,768 3.6¢
Other Fixed Income 2,476,254 5.1¢
Real Estate 5,707,154 11.8¢
Cash Equivalent 469,692 1.0¢
Allocation
Segments Market Value Allocation
Domestic Equity 29,374,470 53.8¢
International Equity 7,388,660 13.5¢
Domestic Fixed Income 7,181,196 13.2¢
Global Fixed Income 1,830,780 3.4¢
Other Fixed Income 2,754,854 5.0¢
Real Estate 5,569,183 10.2¢
Cash Equivalent 457,225 0.8¢
Asset Allocation Summary
Total Fund
As of June 30, 2020
NONE
Page 10 18
Asset Allocation By Manager as ofMarch 31, 2020 : $48,214,886 Asset Allocation By Manager as ofJune 30, 2020 : $54,556,367
Allocation
Market Value Allocation
Vanguard Total Stock Market (VITSX)24,058,669 49.9¢
RBC Global (Voyageur)6,233,473 12.9¢
Galliard Core Fixed Income 5,167,678 10.7¢
Intercontinental 3,641,742 7.6¢
American Core Realty Fund 2,080,218 4.3¢
PIMCO Diversified Income Fund Instl (PDIIX)1,712,768 3.6¢
Crescent Direct Lending II Fund 1,479,998 3.1¢
Galliard TIPS 1,301,057 2.7¢
Vanguard Inflation-Protected Secs (VAIPX)1,083,977 2.2¢
Crescent Direct Lending Fund 996,256 2.1¢
Receipt & Disbursement 441,430 0.9¢
Vanguard Short Term Bond Index (VSCSX)17,620 0.0¢
Allocation
Market Value Allocation
Vanguard Total Stock Market (VITSX)29,374,470 53.8¢
RBC Global (Voyageur)7,388,660 13.5¢
Galliard Core Fixed Income 5,374,168 9.9¢
Intercontinental 3,635,615 6.7¢
American Core Realty Fund 2,034,371 3.7¢
PIMCO Diversified Income Fund Instl (PDIIX)1,830,780 3.4¢
Crescent Direct Lending II Fund 1,658,855 3.0¢
Galliard TIPS 1,348,971 2.5¢
Crescent Direct Lending Fund 1,095,999 2.0¢
Vanguard Inflation-Protected Secs (VAIPX)450,437 0.8¢
Receipt & Disbursement 345,430 0.6¢
Vanguard Short Term Bond Index (VSCSX)18,611 0.0¢
Asset Allocation Summary
Total Fund
As of June 30, 2020
NONE
Page 11 19
Asset Allocation vs. Target Allocation
Allocation Differences
0.0%2.0%4.0%6.0%8.0%-2.0 %-4.0 %
Receipt & Disbursement
Total Other Fixed Income
Total Real Estate
Total Global FI
Total Domestic Fixed Income
Total International Equity
Total Domestic Equity
0.6%
0.0%
0.4%
-1.6 %
-1.8 %
-1.5 %
3.8%
Asset Allocation vs. Target Allocation
Market Value
$Allocation (%)Target (%)
Total Domestic Equity 29,374,470 53.8 50.0
Total International Equity 7,388,660 13.5 15.0
Total Domestic Fixed Income 7,192,187 13.2 15.0
Total Global FI 1,830,780 3.4 5.0
Total Real Estate 5,669,986 10.4 10.0
Total Other Fixed Income 2,754,854 5.0 5.0
Receipt & Disbursement 345,430 0.6 0.0
Total Fund 54,556,367 100.0 100.0
Asset Allocation vs. Target Allocation
Total Fund
As of June 30, 2020
Page 12 20
Historical Asset Allocation by Portfolio
Jun-2020 Mar-2020 Dec-2019 Sep-2019 Jun-2019
($)%($)%($)%($)%($)%
Total Equity 36,763,130 67.39 30,292,142 62.83 39,684,200 68.61 36,308,421 67.09 36,223,113 67.19
Total Domestic Equity 29,374,470 53.84 24,058,669 49.90 30,401,569 52.56 27,889,255 51.53 27,588,328 51.18
Vanguard Total Stock Market (VITSX)29,374,470 53.84 24,058,669 49.90 30,401,569 52.56 27,889,255 51.53 27,588,328 51.18
Total International Equity 7,388,660 13.54 6,233,473 12.93 9,282,631 16.05 8,419,165 15.56 8,634,785 16.02
RBC Global (Voyageur)7,388,660 13.54 6,233,473 12.93 9,282,631 16.05 8,419,165 15.56 8,634,785 16.02
Total Fixed Income 11,777,821 21.59 11,759,354 24.39 11,899,287 20.57 11,671,112 21.56 11,482,636 21.30
Total Domestic Fixed Income 7,192,187 13.18 7,570,332 15.70 7,491,792 12.95 7,455,856 13.78 7,362,930 13.66
Galliard Core Fixed Income 5,374,168 9.85 5,167,678 10.72 5,112,961 8.84 5,095,727 9.42 5,025,853 9.32
Galliard TIPS 1,348,971 2.47 1,301,057 2.70 1,295,284 2.24 1,282,666 2.37 1,274,609 2.36
Vanguard Short Term Bond Index (VSCSX)18,611 0.03 17,620 0.04 18,096 0.03 17,900 0.03 17,691 0.03
Vanguard Inflation-Protected Secs (VAIPX)450,437 0.83 1,083,977 2.25 1,065,451 1.84 1,059,563 1.96 1,044,777 1.94
Total Global FI 1,830,780 3.36 1,712,768 3.55 1,876,496 3.24 1,875,993 3.47 1,872,973 3.47
PIMCO Diversified Income Fund Instl (PDIIX)1,830,780 3.36 1,712,768 3.55 1,876,496 3.24 1,875,993 3.47 1,872,973 3.47
Total Other Fixed Income 2,754,854 5.05 2,476,254 5.14 2,530,999 4.38 2,339,264 4.32 2,246,733 4.17
Crescent Direct Lending Fund 1,095,999 2.01 996,256 2.07 1,092,687 1.89 1,191,186 2.20 1,255,176 2.33
Crescent Direct Lending II Fund 1,658,855 3.04 1,479,998 3.07 1,438,312 2.49 1,148,078 2.12 991,557 1.84
Total Real Estate 5,669,986 10.39 5,721,960 11.87 5,716,746 9.88 5,621,339 10.39 5,541,229 10.28
American Core Realty Fund 2,034,371 3.73 2,080,218 4.31 2,079,340 3.59 2,080,151 3.84 2,081,376 3.86
Intercontinental 3,635,615 6.66 3,641,742 7.55 3,637,406 6.29 3,541,188 6.54 3,459,853 6.42
Receipt & Disbursement 345,430 0.63 441,430 0.92 543,313 0.94 519,926 0.96 661,720 1.23
Total Fund Portfolio 54,556,367 100.00 48,214,886 100.00 57,843,545 100.00 54,120,798 100.00 53,908,698 100.00
Asset Allocation
Asset Allocation History By Portfolio
As of June 30, 2020
Page 13 21
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 9/19 6/20
Historical Asset Allocation by Segment
Total Fund
October 1, 2007 To June 30, 2020
Page 14 22
-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 53.84 (12)13.54 (63)13.18 (95)3.36 (59)5.05 (74)10.39 (23)0.63 (71)
5th Percentile 60.12 25.99 60.04 9.03 38.44 13.98 7.01
1st Quartile 49.82 19.57 34.36 4.73 19.93 10.21 2.03
Median 40.29 14.75 26.67 3.81 10.88 8.57 1.12
3rd Quartile 30.07 11.68 20.10 2.24 4.91 5.27 0.56
95th Percentile 15.37 6.75 12.65 0.14 1.38 2.47 0.07
Plan Sponsor TF Asset Allocation
Total Fund Portfolio Vs. All Public Plans-Total Fund
As of June 30, 2020
Page 15 23
Financial Reconciliation Quarter to Date
Market Value
04/01/2020
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
06/30/2020
Total Equity 30,292,142 -----1,205 196,572 6,275,621 36,763,130
Total Domestic Equity 24,058,669 -----130,567 5,185,234 29,374,470
Vanguard Total Stock Market (VITSX)24,058,669 -----130,567 5,185,234 29,374,470
Total International Equity 6,233,473 -----1,205 66,005 1,090,386 7,388,660
RBC Global (Voyageur)6,233,473 -----1,205 66,005 1,090,386 7,388,660
Total Fixed Income 11,759,354 -402,407 ---3,718 -162 19,566 405,188 11,777,821
Total Domestic Fixed Income 7,570,332 -675,000 ---3,718 -162 1,541 299,194 7,192,187
Galliard Core Fixed Income 5,167,678 ----3,718 --210,208 5,374,168
Galliard TIPS 1,301,057 -----162 991 47,085 1,348,971
Vanguard Short Term Bond Index (VSCSX)17,620 -----122 870 18,611
Vanguard Inflation-Protected Secs (VAIPX)1,083,977 -675,000 ----428 41,032 450,437
Total Global FI 1,712,768 -6,007 ----18,026 105,993 1,830,780
PIMCO Diversified Income Fund Instl (PDIIX)1,712,768 -6,007 ----18,026 105,993 1,830,780
Total Other Fixed Income 2,476,254 278,600 ------2,754,854
Crescent Direct Lending Fund 996,256 99,743 ------1,095,999
Crescent Direct Lending II Fund 1,479,998 178,857 ------1,658,855
Total Real Estate 5,721,960 -14,806 ---11,023 -52,218 -78,363 5,669,986
American Core Realty Fund 2,080,218 -14,806 ---5,610 -20,654 -46,085 2,034,371
Intercontinental 3,641,742 ----5,413 -31,564 -32,278 3,635,615
Receipt & Disbursement 441,430 417,213 474,692 -974,914 --13,048 56 -345,430
Total Fund Portfolio 48,214,886 -474,692 -974,914 -14,741 -14,414 268,412 6,602,445 54,556,367
Financial Reconciliation Quarter to Date
Total Fund
1 Quarter Ending June 30, 2020
Page 16 24
Financial Reconciliation Fiscal Year to Date
Market Value
10/01/2019
Net
Transfers Contributions Distributions Management
Fees
Other
Expenses Income Apprec./
Deprec.
Market Value
06/30/2020
Total Equity 36,308,421 40,924 ---40,924 -4,141 611,930 -153,079 36,763,130
Total Domestic Equity 27,889,255 -----408,101 1,077,114 29,374,470
Vanguard Total Stock Market (VITSX)27,889,255 -----408,101 1,077,114 29,374,470
Total International Equity 8,419,165 40,924 ---40,924 -4,141 203,829 -1,230,193 7,388,660
RBC Global (Voyageur)8,419,165 40,924 ---40,924 -4,141 203,829 -1,230,193 7,388,660
Total Fixed Income 11,671,112 -272,812 ---16,662 -4,890 77,223 323,849 11,777,821
Total Domestic Fixed Income 7,455,856 -675,000 ---11,065 -485 16,395 406,487 7,192,187
Galliard Core Fixed Income 5,095,727 ----11,065 --289,506 5,374,168
Galliard TIPS 1,282,666 -----485 3,203 63,588 1,348,971
Vanguard Short Term Bond Index (VSCSX)17,900 -----370 341 18,611
Vanguard Inflation-Protected Secs (VAIPX)1,059,563 -675,000 ----12,822 53,052 450,437
Total Global FI 1,875,993 -54,346 ----60,829 -51,695 1,830,780
PIMCO Diversified Income Fund Instl (PDIIX)1,875,993 -54,346 ----60,829 -51,695 1,830,780
Total Other Fixed Income 2,339,264 456,534 ---5,597 -4,405 --30,942 2,754,854
Crescent Direct Lending Fund 1,191,186 -78,262 ---5,597 -2,340 --8,988 1,095,999
Crescent Direct Lending II Fund 1,148,078 534,796 ----2,065 --21,954 1,658,855
Total Real Estate 5,621,339 -65,006 ---45,750 -156,927 2,476 5,669,986
American Core Realty Fund 2,080,151 -65,006 ---17,080 -72,022 -35,716 2,034,371
Intercontinental 3,541,188 ----28,669 -84,905 38,191 3,635,615
Receipt & Disbursement 519,926 296,894 2,396,696 -2,826,018 --45,130 3,062 -345,430
Total Fund Portfolio 54,120,798 -2,396,696 -2,826,018 -103,336 -54,161 849,143 173,246 54,556,367
Financial Reconciliation Fiscal Year to Date
Total Fund
October 1, 2019 To June 30, 2020
Page 17 25
Comparative Performance Trailling Returns
QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Fund (Net)14.30 (18)1.77 (63)2.38 (65)6.49 (27)7.07 (9)8.24 (7)9.47 (7)5.93 (38)11/01/2000
Total Fund Policy 13.79 (24)4.78 (12)5.73 (13)7.50 (5)7.42 (3)8.51 (4)9.95 (3)5.82 (48)
Difference 0.51 -3.01 -3.35 -1.01 -0.35 -0.27 -0.48 0.11
All Public Plans-Total Fund Median 12.23 2.44 3.26 5.70 5.90 6.86 8.02 5.78
Total Fund (New Mgrs) (Net)14.30 (18)1.77 (63)2.38 (65)6.49 (27)7.07 (9)8.24 (7)9.47 (7)5.95 (18)10/01/2007
Total Fund Policy 13.79 (24)4.78 (12)5.73 (13)7.50 (5)7.42 (3)8.51 (4)9.95 (3)6.67 (4)
Difference 0.51 -3.01 -3.35 -1.01 -0.35 -0.27 -0.48 -0.72
All Public Plans-Total Fund Median 12.23 2.44 3.26 5.70 5.90 6.86 8.02 5.36
Total Fund (Gross)14.33 1.96 2.69 6.83 7.41 8.58 9.94 6.52 11/01/2000
Total Fund Policy 13.79 4.78 5.73 7.50 7.42 8.51 9.95 5.82
Difference 0.54 -2.82 -3.04 -0.67 -0.01 0.07 -0.01 0.70
Total Fund (New Mgrs) (Gross)14.33 1.96 2.69 6.83 7.41 8.58 9.94 6.44 10/01/2007
Total Fund Policy 13.79 4.78 5.73 7.50 7.42 8.51 9.95 6.67
Difference 0.54 -2.82 -3.04 -0.67 -0.01 0.07 -0.01 -0.23
Total Equity 21.37 1.26 1.51 7.23 8.09 9.99 12.02 6.71 01/01/2001
Total Equity Policy 20.43 3.19 3.89 8.02 8.32 10.02 12.01 5.76
Difference 0.94 -1.93 -2.38 -0.79 -0.23 -0.03 0.01 0.95
Total Domestic Equity 22.10 (24)5.33 (37)6.47 (39)10.13 (44)10.12 (44)11.70 (53)13.25 (70)7.14 (41)11/01/2000
Total Domestic Equity Policy 22.03 (26)5.31 (37)6.53 (38)10.04 (46)10.03 (47)11.68 (54)13.72 (53)6.00 (93)
Difference 0.07 0.02 -0.06 0.09 0.09 0.02 -0.47 1.14
IM U.S. Large Cap Core Equity (SA+CF) Median 20.19 3.54 5.29 9.71 9.73 11.73 13.83 6.93
Total International Equity 18.55 (19)-12.19 (90)-14.37 (90)-1.87 (57)1.59 (40)4.73 (33)8.20 (20)5.21 (65)11/01/2000
MSCI EAFE Index 15.08 (54)-3.76 (33)-4.73 (35)1.30 (29)2.54 (31)4.42 (35)6.22 (45)3.99 (94)
Difference 3.47 -8.43 -9.64 -3.17 -0.95 0.31 1.98 1.22
IM International Large Cap Value Equity (SA+CF) Median 15.40 -7.23 -8.27 -1.19 1.20 3.39 5.97 5.65
Comparative Performance Trailing Returns
Total Fund
As of June 30, 2020
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.
Page 18 26
Comparative Performance Trailing Returns
Total Fund
As of June 30, 2020
QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Total Fixed Income 3.60 3.45 5.05 5.25 4.58 4.04 4.07 5.05 11/01/2000
Total Fixed Policy 2.13 5.15 6.60 4.28 3.40 3.19 3.14 4.66
Difference 1.47 -1.70 -1.55 0.97 1.18 0.85 0.93 0.39
Total Domestic Fixed Income 4.05 (40)5.75 (41)7.14 (46)4.66 (38)3.73 (45)3.36 (59)3.48 (51)4.75 (59)11/01/2000
Total Domestic Fixed Policy 2.13 (96)5.15 (66)6.60 (71)4.28 (77)3.40 (82)3.19 (78)3.14 (83)4.66 (76)
Difference 1.92 0.60 0.54 0.38 0.33 0.17 0.34 0.09
IM U.S. Intermediate Duration (SA+CF) Median 3.72 5.53 7.09 4.57 3.71 3.41 3.48 4.84
Total Global FI 7.26 (31)0.87 (76)2.08 (72)N/A N/A N/A N/A 5.04 (12)04/01/2018
Blmbg. Barc. Global Credit (Hedged)7.60 (26)3.23 (30)5.67 (18)5.22 (3)5.18 (2)5.03 (1)5.28 (3)6.41 (7)
Difference -0.34 -2.36 -3.59 N/A N/A N/A N/A -1.37
IM Global Fixed Income (MF) Median 5.56 2.11 3.18 3.43 3.32 2.60 2.99 3.22
Total Real Estate -0.46 (41)2.85 (25)5.01 (16)7.71 (18)9.17 (27)10.50 (37)11.94 (40)6.18 (15)10/01/2007
NCREIF Fund Index-ODCE (VW)-1.56 (69)0.91 (66)2.22 (67)5.66 (69)7.31 (71)9.07 (59)10.80 (66)5.13 (68)
Difference 1.10 1.94 2.79 2.05 1.86 1.43 1.14 1.05
IM U.S. Open End Private Real Estate (SA+CF) Median -1.14 1.76 2.78 6.54 8.15 9.77 11.32 5.46
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.
Page 19 27
Comparative Performance Trailing Returns
Total Fund
As of June 30, 2020
QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception
Date
Vanguard Total Stock Market (VITSX)22.10 (38)5.33 (24)6.47 (23)10.04 (19)10.03 (11)11.66 (12)N/A 12.10 (13)03/01/2013
Vanguard Total Stock Market Index Hybrid 22.09 (38)5.30 (24)6.47 (24)10.04 (19)10.03 (11)11.67 (12)13.75 (10)12.11 (12)
Difference 0.01 0.03 0.00 0.00 0.00 -0.01 N/A -0.01
IM U.S. Multi-Cap Core Equity (MF) Median 21.53 1.87 3.05 7.28 7.45 9.61 11.76 10.14
RBC Global (Voyageur)18.55 (19)-12.19 (90)-14.37 (90)-1.87 (57)1.59 (40)4.73 (33)8.20 (20)2.64 (30)11/01/2007
MSCI EAFE Index 15.08 (54)-3.76 (33)-4.73 (35)1.30 (29)2.54 (31)4.42 (35)6.22 (45)1.01 (62)
Difference 3.47 -8.43 -9.64 -3.17 -0.95 0.31 1.98 1.63
IM International Large Cap Value Equity (SA+CF) Median 15.40 -7.23 -8.27 -1.19 1.20 3.39 5.97 1.60
Galliard Core Fixed Income 4.07 (39)5.69 (44)7.23 (40)4.79 (24)3.87 (27)3.58 (31)3.67 (32)4.17 (65)10/01/2007
Bloomberg Barclays Intermed Aggregate Index 2.13 (96)5.15 (66)6.60 (71)4.28 (77)3.40 (82)3.19 (78)3.14 (83)3.96 (83)
Difference 1.94 0.54 0.63 0.51 0.47 0.39 0.53 0.21
IM U.S. Intermediate Duration (SA+CF) Median 3.72 5.53 7.09 4.57 3.71 3.41 3.48 4.27
Galliard TIPS 3.70 (95)5.21 (85)5.89 (85)4.00 (89)3.02 (91)2.41 (88)2.65 (97)3.40 (97)10/01/2007
Blmbg. Barc. U.S. TIPS 1-10 Year 3.76 (86)5.11 (89)5.75 (93)3.94 (97)2.97 (97)2.34 (97)2.66 (97)3.43 (97)
Difference -0.06 0.10 0.14 0.06 0.05 0.07 -0.01 -0.03
IM U.S. TIPS (SA+CF) Median 4.28 6.77 8.22 5.06 3.75 3.05 3.52 4.19
Vanguard Inflation-Protected Secs (VAIPX)4.18 (69)6.62 (23)8.13 (21)4.86 (19)N/A N/A N/A 4.42 (20)01/01/2017
Bloomberg Barclays U.S. TIPS Index 4.24 (67)6.84 (19)8.28 (18)5.05 (13)3.75 (11)3.05 (6)3.52 (5)4.56 (14)
Difference -0.06 -0.22 -0.15 -0.19 N/A N/A N/A -0.14
IM U.S. TIPS (MF) Median 4.99 5.19 6.49 3.96 2.93 2.15 2.66 3.58
Vanguard Short Term Bond Index (VSCSX)5.63 (20)3.97 (46)5.20 (41)3.70 (23)3.19 (13)N/A N/A 3.05 (13)01/01/2015
Blmbg. Barc. U.S. Corporate 1-5 Year Index 5.59 (20)4.26 (42)5.48 (30)3.94 (14)3.35 (8)3.12 (6)3.31 (15)3.24 (7)
Difference 0.04 -0.29 -0.28 -0.24 -0.16 N/A N/A -0.19
IM U.S. Intermediate Investment Grade (MF) Median 3.60 3.89 4.84 3.15 2.45 2.28 2.47 2.37
PIMCO Diversified Income Fund Instl (PDIIX)7.26 (31)0.87 (76)2.08 (72)N/A N/A N/A N/A 5.04 (12)04/01/2018
Blmbg. Barc. Global Credit (Hedged)7.60 (26)3.23 (30)5.67 (18)5.22 (3)5.18 (2)5.03 (1)5.28 (3)6.41 (7)
Difference -0.34 -2.36 -3.59 N/A N/A N/A N/A -1.37
IM Global Fixed Income (MF) Median 5.56 2.11 3.18 3.43 3.32 2.60 2.99 3.22
American Core Realty Fund -1.23 (62)1.76 (50)3.22 (45)6.31 (61)7.39 (65)9.04 (59)10.42 (75)5.05 (79)10/01/2007
American Core Realty Policy -1.27 (67)1.16 (55)2.56 (63)5.99 (66)7.63 (63)9.25 (57)10.72 (67)6.80 (7)
Difference 0.04 0.60 0.66 0.32 -0.24 -0.21 -0.30 -1.75
IM U.S. Open End Private Real Estate (SA+CF) Median -1.14 1.76 2.78 6.54 8.15 9.77 11.32 5.46
Intercontinental -0.02 (28)3.48 (12)6.07 (12)8.58 (11)10.40 (12)11.42 (23)N/A 12.63 (24)10/01/2010
NCREIF Fund Index-ODCE -1.56 (69)0.91 (66)2.22 (67)5.66 (69)7.31 (71)9.07 (59)10.80 (66)10.49 (61)
Difference 1.54 2.57 3.85 2.92 3.09 2.35 N/A 2.14
IM U.S. Open End Private Real Estate (SA+CF) Median -1.14 1.76 2.78 6.54 8.15 9.77 11.32 11.17
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.
Page 20 28
Comparative Performance - IRR
QTR 1 YR 3 YR 5 YR 7 YR Inception Inception
Date
Crescent Direct Lending Fund 0.00 0.28 6.04 7.33 N/A 6.96 10/14/2014
Crescent Direct Lending II Fund 0.00 0.21 N/A N/A N/A 4.53 03/13/2018
Comparative Performance - IRR
As of June 30, 2020
Page 21 29
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)1.77 (63)2.78 (85)11.28 (3)14.16 (11)11.15 (17)0.33 (25)11.85 (15)15.72 (7)18.95 (24)-1.17 (85)10.67 (32)
Total Fund Policy 4.78 (12)4.35 (49)9.81 (10)12.89 (31)10.64 (26)0.55 (21)11.38 (23)15.00 (10)19.61 (16)2.51 (19)9.13 (69)
Difference -3.01 -1.57 1.47 1.27 0.51 -0.22 0.47 0.72 -0.66 -3.68 1.54
All Public Plans-Total Fund Median 2.44 4.31 7.14 11.84 9.74 -0.78 9.93 12.05 17.58 0.68 9.90
Total Fund (New Mgrs) (Net)1.77 (63)2.78 (85)11.28 (3)14.16 (11)11.15 (17)0.33 (25)11.85 (15)15.72 (7)18.95 (24)-1.17 (85)10.66 (32)
Total Fund Policy 4.78 (12)4.35 (49)9.81 (10)12.89 (31)10.64 (26)0.55 (21)11.38 (23)15.00 (10)19.61 (16)2.51 (19)9.13 (69)
Difference -3.01 -1.57 1.47 1.27 0.51 -0.22 0.47 0.72 -0.66 -3.68 1.53
All Public Plans-Total Fund Median 2.44 4.31 7.14 11.84 9.74 -0.78 9.93 12.05 17.58 0.68 9.90
Total Fund (Gross)1.96 3.16 11.63 14.52 11.51 0.63 12.21 16.33 19.81 -0.45 11.40
Total Fund Policy 4.78 4.35 9.81 12.89 10.64 0.55 11.38 15.00 19.61 2.51 9.13
Difference -2.82 -1.19 1.82 1.63 0.87 0.08 0.83 1.33 0.20 -2.96 2.27
Total Fund (New Mgrs) (Gross)1.96 3.16 11.63 14.52 11.51 0.63 12.21 16.33 19.81 -0.45 11.40
Total Fund Policy 4.78 4.35 9.81 12.89 10.64 0.55 11.38 15.00 19.61 2.51 9.13
Difference -2.82 -1.19 1.82 1.63 0.87 0.08 0.83 1.33 0.20 -2.96 2.27
Total Equity 1.26 0.85 15.01 19.50 14.20 -1.52 15.46 23.09 27.08 -4.58 13.61
Total Equity Policy 3.19 2.09 14.18 19.00 13.13 -2.28 14.65 22.30 26.46 -1.66 9.34
Difference -1.93 -1.24 0.83 0.50 1.07 0.76 0.81 0.79 0.62 -2.92 4.27
Total Domestic Equity 5.33 (37)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 5.31 (37)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 0.02 -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 3.54 3.20 17.23 18.74 13.26 0.12 19.19 20.55 29.61 1.18 9.55
Total International Equity -12.19 (90)-5.36 (70)6.76 (5)22.69 (38)10.74 (29)-4.36 (21)10.08 (8)27.54 (18)24.74 (3)-8.75 (53)11.69 (16)
MSCI EAFE Index -3.76 (33)-0.82 (32)3.25 (29)19.65 (56)7.06 (62)-8.27 (43)4.70 (63)24.29 (41)14.33 (57)-8.94 (55)3.71 (66)
Difference -8.43 -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 -7.23 -3.15 1.47 20.98 8.42 -9.40 5.75 22.94 15.46 -8.61 5.00
Total Fixed Income 3.45 8.69 2.41 3.59 4.93 1.40 3.23 -0.59 6.34 4.67 9.27
Total Fixed Policy 5.15 8.08 -0.93 0.25 3.57 2.95 2.74 -0.71 4.31 4.22 7.52
Difference -1.70 0.61 3.34 3.34 1.36 -1.55 0.49 0.12 2.03 0.45 1.75
Total Domestic Fixed Income 5.75 (41)7.81 (67)-0.21 (35)0.61 (59)4.21 (30)2.31 (73)2.61 (63)-1.30 (95)5.88 (43)4.67 (13)9.27 (21)
Total Domestic Fixed Policy 5.15 (66)8.08 (45)-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 0.60 -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 5.53 8.01 -0.39 0.68 3.90 2.70 2.88 -0.27 5.56 3.61 8.25
Comparative Performance Fiscal Year Returns
Total Fund
As of June 30, 2020
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
Page 22 30
Comparative Performance Fiscal Year Returns
Total Fund
As of June 30, 2020
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 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 3.72 (21)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 2.11 7.65 -1.29 1.02 7.42 -3.85 3.37 -1.81 7.17 1.74 7.68
Total Global FI 0.87 (76)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)3.23 (30)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 -2.36 -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 2.11 7.65 -1.29 1.02 7.42 -3.85 3.37 -1.81 7.17 1.74 7.68
Total Real Estate 2.85 (25)7.75 (30)10.25 (28)10.01 (18)11.44 (49)14.27 (66)13.47 (38)16.42 (21)12.81 (52)15.82 (70)2.71 (75)
NCREIF Fund Index-ODCE 0.91 (66)5.59 (77)8.68 (62)7.66 (59)10.08 (81)14.93 (60)12.40 (67)13.04 (56)11.61 (65)18.27 (42)6.97 (42)
Difference 1.94 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 1.76 6.89 9.04 8.05 11.32 15.45 12.78 13.28 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
Page 23 31
Comparative Performance Fiscal Year Returns
Total Fund
As of June 30, 2020
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 21.48 (37)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 19.50 3.84 24.41 20.83 11.69 3.50 18.20 20.26 27.71 1.40 11.28
RBC Global (Voyageur)-12.19 (90)-5.36 (70)6.76 (5)22.69 (38)10.74 (29)-4.36 (21)10.08 (8)27.54 (18)24.74 (3)-8.75 (53)11.69 (16)
MSCI EAFE Index -3.76 (33)-0.82 (32)3.25 (29)19.65 (56)7.06 (62)-8.27 (43)4.70 (63)24.29 (41)14.33 (57)-8.94 (55)3.71 (66)
Difference -8.43 -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 -7.23 -3.15 1.47 20.98 8.42 -9.40 5.75 22.94 15.46 -8.61 5.00
Vanguard Total Stock Market (VITSX)5.33 (24)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 5.30 (24)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 0.03 -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 1.87 1.47 14.71 17.56 11.62 -1.80 16.35 22.62 27.03 -1.53 9.25
Galliard Core Fixed Income 5.69 (44)8.50 (16)-0.43 (57)0.44 (71)4.36 (25)3.04 (26)3.15 (37)-0.64 (74)5.82 (44)4.16 (28)9.63 (17)
Bloomberg Barclays Intermed Aggregate Index 5.15 (66)8.08 (45)-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 0.54 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 5.53 8.01 -0.39 0.68 3.90 2.70 2.88 -0.27 5.56 3.61 8.25
Galliard TIPS 5.21 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 5.11 5.75 0.33 -0.14 4.83 -0.82 0.61 -3.90 6.32 7.19 7.40
Difference 0.10 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 3.72 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)0.87 (76)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)3.23 (30)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 -2.36 -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 2.11 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)6.62 (23)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 6.84 (19)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 -0.22 -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 5.19 5.72 0.29 -0.43 5.77 -1.90 0.95 -6.17 8.21 8.10 8.72
Vanguard Short Term Bond Index (VSCSX)3.97 (46)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 4.26 (42)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 -0.29 -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 3.89 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
Page 24 32
Comparative Performance Fiscal Year Returns
Total Fund
As of June 30, 2020
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 1.76 (50)6.81 (52)8.50 (65)7.52 (63)9.04 (94)13.98 (68)12.49 (64)12.27 (72)11.56 (66)16.11 (64)2.71 (75)
American Core Realty Policy 1.16 (55)6.17 (72)8.82 (59)7.81 (56)10.62 (68)14.71 (61)12.39 (67)12.47 (69)11.77 (64)18.03 (43)5.84 (55)
Difference 0.60 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 1.76 6.89 9.04 8.05 11.32 15.45 12.78 13.28 12.89 16.62 6.41
Intercontinental 3.48 (12)8.32 (23)11.40 (11)11.82 (6)13.30 (22)13.96 (68)14.10 (31)18.21 (12)13.38 (42)15.68 (71)N/A
NCREIF Fund Index-ODCE 0.91 (66)5.59 (77)8.68 (62)7.66 (59)10.08 (81)14.93 (60)12.40 (67)13.04 (56)11.61 (65)18.27 (42)6.97 (42)
Difference 2.57 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 1.76 6.89 9.04 8.05 11.32 15.45 12.78 13.28 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
Page 25 33
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
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Total Fund Portfolio 14.30 (31)1.77 (70)2.38 (71)4.37 (69)6.49 (36)8.51 (15)7.07 (12)
Total Fund Policy 13.79 (39)4.78 (16)5.73 (17)6.61 (14)7.50 (10)8.83 (9)7.42 (6)
Median 13.16 2.87 3.71 5.01 5.98 7.42 5.94
-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 2.78 (84)11.28 (7)14.16 (8)11.15 (6)0.33 (25)11.85 (10)
Total Fund Policy 4.35 (40)9.81 (17)12.89 (22)10.64 (12)0.55 (22)11.38 (16)
Median 4.05 7.88 11.60 9.27 -0.60 9.58
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
1 QtrEndingDec-2018
Total Fund Portfolio -16.52 (94)6.65 (5)0.60 (74)3.19 (69)9.27 (37)-9.39 (83)
Total Fund Policy -13.18 (48)6.07 (19)0.91 (44)3.40 (38)9.33 (34)-8.53 (57)
All Public Plans-Total Fund Median -13.33 5.48 0.84 3.34 8.90 -8.30
As of June 30, 2020
Performance Review (Net)
Total Fund Portfolio
NONE
Page 26 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 Under Performance
Earliest Date Latest Date
0.0
4.0
8.0
12.0
16.0
Total Fund Portfolio (%)0.0 4.0 8.0 12.0 16.0
Total Fund Policy (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Total Fund Portfolio 20 18 (90%)2 (10%)0 (0%)0 (0%)
Total Fund Policy 20 20 (100%)0 (0%)0 (0%)0 (0%)
5.61
6.12
6.63
7.14
7.65
8.16
Return (%)13.20 13.60 14.00 14.40 14.80 15.20 15.60 16.00
Risk (Standard Deviation %)
Return StandardDeviation
Total Fund Portfolio 6.49 15.50
Total Fund Policy 7.50 13.79
Median 5.98 13.71¾
5.39
5.88
6.37
6.86
7.35
7.84
Return (%)10.8 11.2 11.6 12.0 12.4 12.8 13.2
Risk (Standard Deviation %)
Return StandardDeviation
Total Fund Portfolio 7.07 12.52
Total Fund Policy 7.42 11.21
Median 5.94 11.19¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
Total Fund Portfolio 2.07 103.84 117.28 -1.66 -0.33 0.37 1.12 10.97
Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.47 1.00 9.07
90 Day U.S. Treasury Bill 13.97 8.02 -6.70 1.87 -0.47 N/A -0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Total Fund Portfolio 1.74 104.78 114.72 -1.03 -0.09 0.52 1.11 8.76
Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.59 1.00 7.33
90 Day U.S. Treasury Bill 11.33 6.54 -5.61 1.25 -0.59 N/A -0.01 0.00
As of June 30, 2020
Performance Review (Net)
Total Fund Portfolio
NONE
Page 27 35
Peer Group Analysis - IM U.S. Multi-Cap Core Equity (MF)
Comparative Performance
-28.00
-20.00
-12.00
-4.00
4.00
12.00
20.00
28.00
36.00
44.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Vanguard Total Stk Mkt (VITSX)22.10 (38)5.33 (24)6.47 (23)7.73 (20)10.04 (19)12.10 (21)10.03 (11)
Vanguard Total Stk Mkt Index Hyb 22.09 (38)5.30 (24)6.47 (24)7.72 (21)10.04 (19)12.10 (21)10.03 (11)
Median 21.53 1.87 3.05 4.61 7.28 9.82 7.45
-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 Stk Mkt (VITSX)2.89 (38)17.62 (18)18.64 (38)15.00 (16)-0.59 (35)17.77 (32)
Vanguard Total Stk Mkt Index Hyb 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 -1.80 16.35
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
1 QtrEndingDec-2018
Vanguard Total Stk Mkt (VITSX)-20.86 (38)9.01 (29)1.09 (47)4.09 (41)14.04 (31)-14.26 (47)
Vanguard Total Stock Market Index Hybrid -20.88 (39)9.00 (30)1.11 (45)4.08 (43)14.06 (31)-14.26 (47)
IM U.S. Multi-Cap Core Equity (MF) Median -21.69 8.07 1.00 3.87 13.29 -14.37
Performance Review
As of June 30, 2020
Vanguard Total Stk Mkt (VITSX)
NONE
Page 28 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
Under Performance Earliest Date Latest Date
0.0
5.0
10.0
15.0
20.0
Vanguard Total Stk Mkt (VITSX) (%)0.0 5.0 10.0 15.0 20.0
Vanguard Total Stock Market Index Hybrid (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Vanguard Total Stk Mkt (VITSX)18 17 (94%)1 (6%)0 (0%)0 (0%)
Vanguard Total Stk Mkt Index Hyb 20 17 (85%)3 (15%)0 (0%)0 (0%)
6.37
7.28
8.19
9.10
10.01
10.92
Return (%)17.44 17.46 17.48 17.50 17.52 17.54
Risk (Standard Deviation %)
Return StandardDeviation
Vanguard Total Stk Mkt (VITSX)10.04 17.45
Vanguard Total Stk Mkt Index Hyb 10.04 17.46
Median 7.28 17.52¾
6.80
7.65
8.50
9.35
10.20
11.05
Return (%)15.12 15.20 15.28 15.36 15.44 15.52 15.60
Risk (Standard Deviation %)
Return StandardDeviation
Vanguard Total Stk Mkt (VITSX)10.03 15.23
Vanguard Total Stk Mkt Index Hyb 10.03 15.23
Median 7.45 15.55¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
Vanguard Total Stk Mkt (VITSX)0.03 99.96 99.94 0.00 -0.03 0.54 1.00 12.39
Vanguard Total Stock Market Index Hybrid 0.00 100.00 100.00 0.00 N/A 0.54 1.00 12.40
90 Day U.S. Treasury Bill 17.55 4.24 -3.02 1.83 -0.54 N/A -0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard Total Stk Mkt (VITSX)0.03 99.99 99.98 0.00 -0.04 0.63 1.00 10.45
Vanguard Total Stock Market Index Hybrid 0.00 100.00 100.00 0.00 N/A 0.63 1.00 10.45
90 Day U.S. Treasury Bill 15.29 3.30 -2.35 1.22 -0.63 N/A 0.00 0.01
Performance Review
As of June 30, 2020
Vanguard Total Stk Mkt (VITSX)
NONE
Page 29 37
Peer Group Analysis - IM International Large Cap Value Equity (SA+CF)
Comparative Performance
-28.00
-22.00
-16.00
-10.00
-4.00
2.00
8.00
14.00
20.00
26.00
32.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
RBC Global (Voyageur)18.55 (20)-12.19 (90)-14.37 (90)-8.14 (82)-1.87 (57)5.29 (33)1.59 (41)
MSCI EAFE Index 15.08 (54)-3.76 (33)-4.73 (35)-1.61 (30)1.30 (30)5.86 (29)2.54 (31)
Median 15.40 -7.23 -8.27 -5.08 -1.21 3.98 1.21
-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 (70)6.76 (5)22.69 (38)10.74 (29)-4.36 (21)10.08 (8)
MSCI EAFE Index -0.82 (32)3.25 (29)19.65 (56)7.06 (62)-8.27 (43)4.70 (63)
Median -3.15 1.47 20.98 8.42 -9.40 5.75
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
1 QtrEndingDec-2018
RBC Global (Voyageur)-32.83 (94)10.27 (36)-2.48 (78)2.47 (51)10.23 (34)-14.08 (71)
MSCI EAFE Index -22.72 (26)8.21 (80)-1.00 (36)3.97 (18)10.13 (37)-12.50 (44)
IM International Large Cap Value Equity (SA+CF) Median -25.92 9.65 -1.44 2.57 9.58 -12.99
Performance Review
As of June 30, 2020
RBC Global (Voyageur)
NONE
Page 30 38
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
-16.0
-8.0
0.0
8.0
16.0
24.0
RBC Global (Voyageur) (%)-16.0 -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 Rank9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
RBC Global (Voyageur)20 14 (70%)4 (20%)2 (10%)0 (0%)
MSCI EAFE Index 20 0 (0%)10 (50%)10 (50%)0 (0%)
-4.00
-2.00
0.00
2.00
Return (%)14.00 16.00 18.00 20.00 22.00
Risk (Standard Deviation %)
Return StandardDeviation
RBC Global (Voyageur)-1.87 20.01
MSCI EAFE Index 1.30 14.94
Median -1.21 16.66¾
0.88
1.32
1.76
2.20
2.64
3.08
Return (%)13.60 14.40 15.20 16.00 16.80 17.60 18.40
Risk (Standard Deviation %)
Return StandardDeviation
RBC Global (Voyageur)1.59 17.79
MSCI EAFE Index 2.54 14.30
Median 1.21 15.33¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
RBC Global (Voyageur)6.64 115.34 128.79 -2.88 -0.33 -0.07 1.30 16.27
MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.05 1.00 11.70
90 Day U.S. Treasury Bill 15.04 4.15 -4.51 1.78 -0.05 N/A -0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
RBC Global (Voyageur)6.16 111.48 115.51 -0.95 -0.05 0.12 1.18 13.90
MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.17 1.00 10.67
90 Day U.S. Treasury Bill 14.36 2.83 -3.10 1.19 -0.17 N/A 0.00 0.01
Performance Review
As of June 30, 2020
RBC Global (Voyageur)
NONE
Page 31 39
Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF)
Comparative Performance
-0.01
0.98
1.97
2.96
3.95
4.94
5.93
6.92
7.91
8.90
9.89
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Galliard Core Fixed Inc 4.07 (39)5.69 (44)7.23 (40)7.25 (30)4.79 (24)3.56 (38)3.87 (27)
Barclays Int Agg Index 2.13 (96)5.15 (66)6.60 (71)6.67 (72)4.28 (77)3.15 (88)3.40 (82)
Median 3.72 5.53 7.09 6.98 4.57 3.48 3.71
-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 (71)4.36 (25)3.04 (26)3.15 (37)
Barclays Int Agg Index 8.08 (45)-0.93 (95)0.25 (86)3.57 (73)2.95 (31)2.74 (58)
Median 8.01 -0.39 0.68 3.90 2.70 2.88
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
1 QtrEndingDec-2018
Galliard Core Fixed Inc 1.14 (54)0.41 (58)1.46 (36)2.72 (14)2.56 (34)1.51 (34)
Barclays Int Agg Index 2.49 (20)0.47 (47)1.38 (58)2.39 (69)2.28 (70)1.80 (9)
IM U.S. Intermediate Duration (SA+CF) Median 1.30 0.44 1.42 2.51 2.45 1.38
Performance Review
As of June 30, 2020
Galliard Core Fixed Inc
NONE
Page 32 40
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
0.0
1.5
3.0
4.5
6.0
Galliard Core Fixed Inc (%)0.0 1.5 3.0 4.5 6.0
Barclays Int Agg Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Galliard Core Fixed Inc 20 3 (15%)17 (85%)0 (0%)0 (0%)
Barclays Int Agg Index 20 0 (0%)2 (10%)8 (40%)10 (50%)
4.20
4.40
4.60
4.80
5.00
Return (%)2.00 2.20 2.40 2.60 2.80 3.00
Risk (Standard Deviation %)
Return StandardDeviation
Galliard Core Fixed Inc 4.79 2.78
Barclays Int Agg Index 4.28 2.20
Median 4.57 2.42¾
3.20
3.40
3.60
3.80
4.00
Return (%)2.00 2.08 2.16 2.24 2.32 2.40 2.48 2.56 2.64
Risk (Standard Deviation %)
Return StandardDeviation
Galliard Core Fixed Inc 3.87 2.54
Barclays Int Agg Index 3.40 2.14
Median 3.71 2.29¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
Galliard Core Fixed Inc 1.32 117.99 138.15 0.01 0.38 1.06 1.12 1.33
Barclays Int Agg Index 0.00 100.00 100.00 0.00 N/A 1.14 1.00 0.84
90 Day U.S. Treasury Bill 2.17 20.67 -48.13 1.69 -1.14 N/A 0.02 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Galliard Core Fixed Inc 1.04 115.56 119.21 0.19 0.46 1.05 1.08 1.31
Barclays Int Agg Index 0.00 100.00 100.00 0.00 N/A 1.05 1.00 1.04
90 Day U.S. Treasury Bill 2.10 16.26 -28.71 1.08 -1.05 N/A 0.03 0.01
Performance Review
As of June 30, 2020
Galliard Core Fixed Inc
NONE
Page 33 41
Peer Group Analysis - IM U.S. TIPS (SA+CF)
Comparative Performance
1.37
2.30
3.23
4.16
5.09
6.02
6.95
7.88
8.81
9.74
10.67
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Galliard TIPS 3.70 (95)5.21 (85)5.89 (85)5.27 (85)4.00 (89)2.91 (88)3.02 (91)
Barclays US TIPS 1-10 Yr 3.76 (86)5.11 (89)5.75 (93)5.21 (89)3.94 (97)2.87 (94)2.97 (97)
Median 4.28 6.77 8.22 6.46 5.06 3.61 3.75
-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 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
1 QtrEndingDec-2018
Galliard TIPS 0.46 (74)1.00 (25)0.64 (84)2.49 (87)2.61 (85)-0.08 (21)
Barclays US TIPS 1-10 Yr 0.31 (78)1.00 (25)0.60 (90)2.53 (77)2.57 (98)-0.05 (6)
IM U.S. TIPS (SA+CF) Median 1.53 0.80 1.30 2.86 3.20 -0.42
Performance Review
As of June 30, 2020
Galliard TIPS
NONE
Page 34 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
-4.0
-2.0
0.0
2.0
4.0
6.0
Galliard TIPS (%)-4.0 -2.0 0.0 2.0 4.0 6.0
Barclays US TIPS 1-10 Yr (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Galliard TIPS 20 3 (15%)0 (0%)3 (15%)14 (70%)
Barclays US TIPS 1-10 Yr 20 2 (10%)0 (0%)1 (5%)17 (85%)
3.70
4.07
4.44
4.81
5.18
5.55
Return (%)2.47 2.66 2.85 3.04 3.23 3.42 3.61 3.80
Risk (Standard Deviation %)
Return StandardDeviation
Galliard TIPS 4.00 2.63
Barclays US TIPS 1-10 Yr 3.94 2.64
Median 5.06 3.63¾
2.60
2.86
3.12
3.38
3.64
3.90
Return (%)2.55 2.72 2.89 3.06 3.23 3.40 3.57 3.74
Risk (Standard Deviation %)
Return StandardDeviation
Galliard TIPS 3.02 2.65
Barclays US TIPS 1-10 Yr 2.97 2.60
Median 3.75 3.48¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
Galliard TIPS 0.15 100.76 99.69 0.06 0.35 0.82 1.00 1.43
Barclays US TIPS 1-10 Yr 0.00 100.00 100.00 0.00 N/A 0.80 1.00 1.45
90 Day U.S. Treasury Bill 2.69 20.88 -22.72 1.84 -0.80 N/A -0.02 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Galliard TIPS 0.36 100.10 97.93 0.02 0.15 0.69 1.01 1.44
Barclays US TIPS 1-10 Yr 0.00 100.00 100.00 0.00 N/A 0.69 1.00 1.44
90 Day U.S. Treasury Bill 2.61 15.79 -14.47 1.17 -0.69 N/A 0.00 0.01
Performance Review
As of June 30, 2020
Galliard TIPS
NONE
Page 35 43
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)5.63 (20)3.97 (46)5.20 (41)5.68 (24)3.70 (23)3.11 (16)3.19 (13)
Barclays US Corp 1-5 Yr Index 5.59 (20)4.26 (42)5.48 (30)5.89 (17)3.94 (14)3.35 (8)3.35 (8)
Median 3.60 3.89 4.84 5.02 3.15 2.50 2.45
-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 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
1 QtrEndingDec-2018
VG ST Bond Index (VSCSX)-2.63 (76)1.09 (6)1.19 (12)1.75 (57)2.66 (13)0.97 (44)
Barclays US Corp 1-5 Yr Index -2.19 (69)0.95 (9)1.17 (14)2.09 (20)2.61 (17)0.76 (54)
IM U.S. Intermediate Investment Grade (MF) Median -0.68 0.49 0.87 1.79 1.88 0.80
Performance Review
As of June 30, 2020
VG ST Bond Index (VSCSX)
NONE
Page 36 44
Peer Group Analysis - IM U.S. TIPS (MF)
Comparative Performance
-7.00
-4.00
-1.00
2.00
5.00
8.00
11.00
14.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
Vanguard Infl-Protected Secs (VAIPX)4.18 (69)6.62 (23)8.13 (21)6.40 (19)4.86 (19)N/A N/A
Bloomberg Barclays U.S. TIPS Index 4.24 (67)6.84 (19)8.28 (18)6.54 (16)5.05 (13)3.60 (15)3.75 (11)
Median 4.99 5.19 6.49 5.17 3.96 2.83 2.93
-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 Infl-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 5.72 0.29 -0.43 5.77 -1.90 0.95
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
1 QtrEndingDec-2018
Vanguard Infl-Protected Secs (VAIPX)1.78 (14)0.56 (86)1.42 (14)2.79 (17)3.19 (45)-0.50 (30)
Bloomberg Barclays U.S. TIPS Index 1.69 (17)0.79 (64)1.35 (19)2.86 (11)3.19 (44)-0.42 (24)
IM U.S. TIPS (MF) Median -0.10 0.97 0.81 2.50 3.16 -0.84
Performance Review
As of June 30, 2020
Vanguard Infl-Protected Secs (VAIPX)
NONE
Page 37 45
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
2.8
3.5
4.2
4.9
5.6
Vanguard Infl-Protected Secs (VAIPX) (%)2.8 3.5 4.2 4.9 5.6
Bloomberg Barclays U.S. TIPS Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20
Total
Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
Vanguard Infl-Protected Secs (VAIPX)3 2 (67%)1 (33%)0 (0%)0 (0%)
Bloomberg Barclays U.S. TIPS Index 20 17 (85%)3 (15%)0 (0%)0 (0%)
3.60
3.96
4.32
4.68
5.04
5.40
Return (%)3.30 3.36 3.42 3.48 3.54 3.60 3.66 3.72 3.78
Risk (Standard Deviation %)
Return StandardDeviation
Vanguard Infl-Protected Secs (VAIPX)4.86 3.40
Bloomberg Barclays U.S. TIPS Index 5.05 3.61
Median 3.96 3.71¾
2.70
2.97
3.24
3.51
3.78
4.05
Return (%)3.44 3.46 3.48 3.50 3.52 3.54
Risk (Standard Deviation %)
Return StandardDeviation
Vanguard Infl-Protected Secs (VAIPX)N/A N/A
Bloomberg Barclays U.S. TIPS Index 3.75 3.47
Median 2.93 3.52¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
Vanguard Infl-Protected Secs (VAIPX)0.52 95.31 93.75 0.14 -0.36 0.89 0.93 1.68
Bloomberg Barclays U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A 0.89 1.00 1.86
90 Day U.S. Treasury Bill 3.64 15.66 -18.08 1.81 -0.89 N/A -0.01 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Vanguard Infl-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 0.74 1.00 1.87
90 Day U.S. Treasury Bill 3.46 11.69 -11.83 1.16 -0.74 N/A 0.00 0.01
Performance Review
As of June 30, 2020
Vanguard Infl-Protected Secs (VAIPX)
NONE
Page 38 46
Peer Group Analysis - IM Global Fixed Income (MF)
Comparative Performance
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR
PIMCO Diversified Inc Fd Instl (PDIIX)7.26 (31)0.87 (76)2.08 (72)6.17 (17)N/A N/A N/A
Blmbg. Barc. Global Credit (Hedged)7.60 (26)3.23 (30)5.67 (18)7.48 (9)5.22 (3)4.90 (2)5.18 (2)
Median 5.56 2.11 3.18 4.92 3.43 2.77 3.32
-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 Inc Fd 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 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
1 QtrEndingDec-2018
PIMCO Diversified Inc Fd Instl (PDIIX)-7.49 (83)1.66 (10)1.20 (46)3.59 (37)5.81 (1)-1.26 (91)
Blmbg. Barc. Global Credit (Hedged)-4.95 (62)0.93 (33)2.36 (10)3.60 (36)4.71 (6)-0.19 (66)
IM Global Fixed Income (MF) Median -3.20 0.74 1.01 3.37 3.10 0.35
Performance Review
As of June 30, 2020
PIMCO Diversified Inc Fd Instl (PDIIX)
NONE
Page 39 47
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
No data found.0.0
25.0
50.0
75.0
100.0Return Percentile Rank9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20
Total
Period
5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
PIMCO Diversified Inc Fd Instl (PDIIX)0 0 0 0 0
Blmbg. Barc. Global Credit (Hedged)20 19 (95%)1 (5%)0 (0%)0 (0%)
2.95
3.54
4.13
4.72
5.31
5.90
Return (%)4.50 4.68 4.86 5.04 5.22 5.40 5.58 5.76
Risk (Standard Deviation %)
Return StandardDeviation
PIMCO Diversified Inc Fd Instl (PDIIX)N/A N/A
Blmbg. Barc. Global Credit (Hedged)5.22 5.56
Median 3.43 4.65¾
2.44
3.05
3.66
4.27
4.88
5.49
Return (%)4.76 4.80 4.84 4.88 4.92 4.96 5.00
Risk (Standard Deviation %)
Return StandardDeviation
PIMCO Diversified Inc Fd Instl (PDIIX)N/A N/A
Blmbg. Barc. Global Credit (Hedged)5.18 4.76
Median 3.32 4.95¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
PIMCO Diversified Inc Fd Instl (PDIIX)N/A N/A N/A N/A N/A N/A N/A N/A
Blmbg. Barc. Global Credit (Hedged)0.00 100.00 100.00 0.00 N/A 0.62 1.00 4.19
90 Day U.S. Treasury Bill 5.66 13.52 -15.72 1.85 -0.62 N/A -0.02 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
PIMCO Diversified Inc Fd Instl (PDIIX)N/A N/A N/A N/A N/A N/A N/A N/A
Blmbg. Barc. Global Credit (Hedged)0.00 100.00 100.00 0.00 N/A 0.83 1.00 3.41
90 Day U.S. Treasury Bill 4.82 9.55 -12.27 1.23 -0.83 N/A -0.01 0.01
Performance Review
As of June 30, 2020
PIMCO Diversified Inc Fd Instl (PDIIX)
NONE
Page 40 48
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
-7.00
-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
American Core RE -1.23 (62)1.76 (50)3.22 (45)5.39 (39)6.31 (61)6.60 (65)7.39 (65)
American Core RE Policy -1.27 (67)1.16 (55)2.56 (63)4.71 (61)5.99 (66)6.52 (66)7.63 (63)
Median -1.14 1.76 2.78 5.30 6.54 7.15 8.15
-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 (52)8.50 (65)7.52 (63)9.04 (94)13.98 (68)12.49 (64)
American Core RE Policy 6.17 (72)8.82 (59)7.81 (56)10.62 (68)14.71 (61)12.39 (67)
Median 6.89 9.04 8.05 11.32 15.45 12.78
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
1 QtrEndingDec-2018
American Core RE 1.54 (31)1.46 (66)1.44 (71)1.53 (30)1.74 (72)1.94 (25)
American Core RE Policy 0.92 (67)1.53 (58)1.39 (75)1.34 (61)1.69 (76)1.62 (58)
IM U.S. Open End Private Real Estate (SA+CF) Median 1.31 1.61 1.75 1.44 1.99 1.73
Performance Review
As of June 30, 2020
American Core RE
NONE
Page 41 49
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
3.0
6.0
9.0
12.0
15.0
American Core RE (%)3.0 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 Rank9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20
Total Period 5-25
Count
25-Median
Count
Median-75
Count
75-95
Count
American Core RE 20 0 (0%)0 (0%)9 (45%)11 (55%)
American Core RE Policy 20 0 (0%)1 (5%)19 (95%)0 (0%)
5.80
6.00
6.20
6.40
6.60
6.80
Return (%)1.60 1.70 1.80 1.90 2.00 2.10 2.20 2.30 2.40
Risk (Standard Deviation %)
Return StandardDeviation
American Core RE 6.31 1.76
American Core RE Policy 5.99 1.82
Median 6.54 2.26¾
7.20
7.50
7.80
8.10
8.40
Return (%)1.60 1.80 2.00 2.20 2.40 2.60
Risk (Standard Deviation %)
Return StandardDeviation
American Core RE 7.39 1.76
American Core RE Policy 7.63 1.90
Median 8.15 2.34¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
American Core RE 0.47 104.55 96.65 0.69 0.64 2.82 0.93 0.71
American Core RE Policy 0.00 100.00 100.00 0.00 N/A 2.45 1.00 0.74
90 Day U.S. Treasury Bill 1.68 27.74 -1.81 1.23 -2.45 N/A 0.09 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
American Core RE 0.79 96.92 96.65 0.94 -0.29 3.29 0.84 0.55
American Core RE Policy 0.00 100.00 100.00 0.00 N/A 3.05 1.00 0.57
90 Day U.S. Treasury Bill 2.06 15.12 -1.81 1.62 -3.05 N/A -0.06 0.00
Performance Review
As of June 30, 2020
American Core RE
NONE
Page 42 50
Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)
Comparative Performance
-7.00
-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
Intercontinental -0.02 (28)3.48 (12)6.07 (12)7.19 (11)8.58 (11)9.74 (6)10.40 (12)
NCREIF Fund Index -1.56 (69)0.91 (66)2.22 (67)4.30 (66)5.66 (69)6.21 (69)7.31 (71)
Median -1.14 1.76 2.78 5.30 6.54 7.15 8.15
-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 (11)11.82 (6)13.30 (22)13.96 (68)14.10 (31)
NCREIF Fund Index 5.59 (77)8.68 (62)7.66 (59)10.08 (81)14.93 (60)12.40 (67)
Median 6.89 9.04 8.05 11.32 15.45 12.78
1 QtrEndingMar-2020
1 QtrEndingDec-2019
1 QtrEndingSep-2019
1 QtrEndingJun-2019
1 QtrEndingMar-2019
1 QtrEndingDec-2018
Intercontinental 0.27 (81)3.22 (8)2.50 (19)1.45 (49)1.98 (52)2.14 (18)
NCREIF Fund Index 0.98 (67)1.51 (61)1.31 (77)1.00 (88)1.42 (78)1.76 (47)
IM U.S. Open End Private Real Estate (SA+CF) Median 1.31 1.61 1.75 1.44 1.99 1.73
Performance Review
As of June 30, 2020
Intercontinental
NONE
Page 43 51
Peer Group Scattergram - 3 Years
3 Yr Rolling Under/Over Performance - 5 Years
Peer Group Scattergram - 5 Years
3 Yr Rolling Percentile Ranking - 5 Years
Historical Statistics - 3 Years
Historical Statistics - 5 Years
Over Performance Earliest Date Latest Date
4.0
8.0
12.0
16.0
20.0
Intercontinental (%)4.0 8.0 12.0 16.0 20.0
NCREIF Fund Index (%)
Over
Performance
Under
Performance
0.0
25.0
50.0
75.0
100.0Return Percentile Rank9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20
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%)
5.88
6.86
7.84
8.82
9.80
Return (%)1.86 1.92 1.98 2.04 2.10 2.16 2.22 2.28 2.34
Risk (Standard Deviation %)
Return StandardDeviation
Intercontinental 8.58 1.97
NCREIF Fund Index 5.66 1.95
Median 6.54 2.26¾
6.00
8.00
10.00
12.00
Return (%)1.80 1.98 2.16 2.34 2.52 2.70 2.88 3.06 3.24
Risk (Standard Deviation %)
Return StandardDeviation
Intercontinental 10.40 2.91
NCREIF Fund Index 7.31 1.99
Median 8.15 2.34¾
TrackingError
UpMarketCapture
DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk
Intercontinental 1.19 137.23 1.26 3.83 2.34 3.40 0.82 0.01
NCREIF Fund Index 0.00 100.00 100.00 0.00 N/A 2.09 1.00 0.90
90 Day U.S. Treasury Bill 1.82 28.75 -1.48 1.31 -2.09 N/A 0.08 0.00
Tracking
Error
Up
Market
Capture
Down
Market
Capture
Alpha Information
Ratio
Sharpe
Ratio Beta Downside
Risk
Intercontinental 2.15 135.09 1.26 3.04 1.36 2.89 0.99 0.01
NCREIF Fund Index 0.00 100.00 100.00 0.00 N/A 2.79 1.00 0.70
90 Day U.S. Treasury Bill 2.14 15.62 -1.48 1.56 -2.79 N/A -0.05 0.00
Performance Review
As of June 30, 2020
Intercontinental
NONE
Page 44 52
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:$3,055,050
Management Fees:$56,290
Expenses:$197,540
Interest:-
Total Contributions:$3,055,050
Remaining Capital Commitment:$182,930
Total Distributions:$2,408,510
Market Value:$1,095,999
Inception Date:10/14/2014
Inception IRR:7.0
TVPI:1.1
Cash Flow Analysis
Net Asset Value Distribution Contributions
$0.0
$806,000.0
$1,612,000.0
$2,418,000.0
$3,224,000.0
$4,030,000.0
($806,000.0)
10/14 4/15 10/15 4/16 10/16 4/17 10/17 4/18 10/18 4/19 10/19 6/20
Private Equity Fund Overview
Crescent Direct Lending Fund
As of June 30, 2020
Page 45 53
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:$1,882,413
Management Fees:$11,301
Expenses:$13,526
Interest:-
Total Contributions:$1,882,413
Remaining Capital Commitment:$310,356
Total Distributions:$315,217
Market Value:$1,658,855
Inception Date:03/13/2018
Inception IRR:4.5
TVPI:1.0
Cash Flow Analysis
Net Asset Value Distribution Contributions
$0.0
$520,000.0
$1,040,000.0
$1,560,000.0
$2,080,000.0
$2,600,000.0
($520,000.0)
3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20
Private Equity Fund Overview
Crescent Direct Lending II Fund
As of June 30, 2020
Page 46 54
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 June 30, 2020
Page 47 55
Compliance ChecklistTotal FundAs of June 30, 2020Winter 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.~~ 0.51 of bonds is rated BB, since this is below the threshold of #3. 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 REPage 4856
Estimated
Annual Fee
(%)
Market Value
($)
Estimated
Annual Fee
($)
Fee Schedule
Vanguard Total Stock Market (VITSX)0.04 29,374,470 11,750 0.04 % of Assets
Total Domestic Equity 0.04 29,374,470 11,750
RBC Global (Voyageur)0.95 7,388,660 70,192 0.95 % of Assets
Total International Equity 0.95 7,388,660 70,192
Galliard Core Fixed Income 0.25 5,374,168 13,435 0.25 % of Assets
Galliard TIPS 0.15 1,348,971 2,023 0.15 % of Assets
Vanguard Inflation-Protected Secs (VAIPX)0.10 450,437 450 0.10 % of Assets
Vanguard Short Term Bond Index (VSCSX)0.12 18,611 22 0.12 % of Assets
Total Domestic Fixed Income 0.22 7,192,187 15,932
PIMCO Diversified Income Fund Instl (PDIIX)0.75 1,830,780 13,731 0.75 % of Assets
Total Global FI 0.75 1,830,780 13,731
Crescent Direct Lending Fund 1.35 1,095,999 14,796 1.35 % of Assets
Crescent Direct Lending II Fund 0.75 1,658,855 12,441 0.75 % of Assets
Total Other Fixed Income 0.99 2,754,854 27,237
Intercontinental 1.10 3,635,615 39,992 1.10 % of Assets
American Core Realty Fund 1.10 2,034,371 22,378 1.10 % of Assets
Total Real Estate 1.10 5,669,986 62,370
Receipt & Disbursement 345,430 -
Total Fund 0.37 54,556,367 201,212
Winter Springs General Employees General Plan and Trust
Fee Analysis
As of June 30, 2020
Page 49 57
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 June 30, 2020
Page 50 58
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. Page 5159
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. Page 5260
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