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Home My WebLink About2021 05 13 Board of Trustees Regular Meeting AgendaBOARD OF TRUSTEES REGULAR MEETING AGENDA THURSDAY, MAY 13, 2021 - 5:30 PM CITY HALL - COMMISSION CHAMBERS 1126 EAST STATE ROAD 434, WINTER SPRINGS, FLORIDA 1 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 the Thursday, February 11, 2021 Board of Trustees Regular Meeting Minutes. Minutes 301. Approval of the Tuesday, March 23, 2021 Board of Trustees Special Meeting Minutes. Minutes PUBLIC HEARINGS AGENDA 400. Not Used REGULAR AGENDA 500. Quarterly Investment Return Report from AndCO Consulting Winter Springs General (Quarterly Report) REPORTS PUBLIC INPUT Anyone who wishes to speak during Public Input on any Agenda Item or subject matter will need to fill out a 2 “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. 3 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING FEBRUARY 11, 2021 CALL TO ORDER Chairperson David Withee called the Regular Meeting of Thursday, February 11, 2021 of the Board of Trustees to order at 5:30 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, absent Board Member John Ripley, present City Clerk Christian Gowan, present A moment of silence was followed by the Pledge of Allegiance. Chairperson Withee noted that Item 503 would be moved before Item 502. There was no objection to this change. REGULAR AGENDA - PART I 500) Election for Chairperson of the Board of Trustees for Calendar Year 2021 “I MAKE A MOTION TO NOMINATE DAVID WITHEE TO SERVE AS CHAIRPERSON.” MOTION BY BOARD MEMBER BLAKE. SECONDED BY VICE-CHAIRPERSON WATKINS. DISCUSSION. NO OTHER NOMINATIONS WERE MADE. VOTE: BOARD MEMBER BLAKE: AYE BOARD MEMBER RIPLEY: AYE VICE-CHAIRPERSON WATKINS: AYE CHAIRPERSON WITHEE: AYE MOTION CARRIED. 4 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – FEBRUARY 11, 2021 PAGE 2 OF 5 PLANNING AND ZONING BOARD/LOCAL PLANNING AGENCY REGULAR MEETING | WEDNESDAY, JUNE 5, 2019 | PAGE 2 OF 5 501) Election for Vice-Chairperson of the Board of Trustees for Calendar Year 2021 “I MAKE A MOTION TO NOMINATE BARBARA WATKINS TO SERVE AS VICE- CHAIRPERSON.” MOTION BY BOARD MEMBER BLAKE. SECOND BY BOARD MEMBER RIPLEY. DISCUSSION. NO OTHER NOMINATIONS WERE MADE. VOTE: CHAIRPERSON WITHEE: AYE BOARD MEMBER RIPLEY: AYE BOARD MEMBER BLAKE: AYE VICE-CHAIRPERSON WATKINS: AYE MOTION CARRIED PUBLIC INPUT Chairperson Withee opened Public Input No one spoke Chairperson Withee closed Public Input CONSENT AGENDA 300) Approval of the Thursday, November 12th, 2020 Board of Trustees Regular Meeting Minutes Minutes REGULAR AGENDA - PART II * The following items were discussed in the order noted below* 5 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – FEBRUARY 11, 2021 PAGE 3 OF 5 PLANNING AND ZONING BOARD/LOCAL PLANNING AGENCY REGULAR MEETING | WEDNESDAY, JUNE 5, 2019 | PAGE 3 OF 5 503) Presentation from American Realty Advisors City of Winter Springs General Employee Retirement System -American Core Realty Fund 02.11.21 Mrs. Richelle Cook, Senior Vice President, Investor Relations, American Realty Advisors, 1540 International Parkway, Suite 2000, Lake Mary, FL 32746 introduced herself and CEO, Mr. Stanley Iezman. Mrs. Cook briefly reviewed the history of the company, the American Core Realty Fund snapshot, target markets, and the City’s investments related to the fund. Mr. Iezman continued the presentation and invited questions from the Board. Discussion followed on comparisons with 2009 markets, exposure to potential downturns, the classes of real estate that were being invested in, and recommendations about the previous redemption request. 502) Quarterly Investment Return Report from AndCO Consulting 2020-12-31 Winter Springs General (Quarterly Report) Mr. Dave West, Senior Consultant, AndCo Consulting, 4901 Vineland Road, Suite 600, Orlando, Florida noted that the City was outside of policy compliance, positively, and that he was required to recommend rebalancing. Mr. West recommended rebalancing to the long-term target with a five percent (5%) reduction in domestic equities, or $3.2 million which would be moved to the Galliard Bond portfolio to meet the minimum bond allocation. Mr. West noted this would be in intermediate rather than aggregate bonds. Breaking his recommendation down further, Mr. West proposed a proportional reduction of $1.6 million from Vanguard Total and $1.6 million from the Vanguard Value Index. Discussion followed on the duration of the bonds, potential derisking strategies, and clarifying if rebalancing was a requirement or there was time to consider at the next meeting. "MOTION TO ACCEPT INFORMATION PROVIDED BY INVESTMENT CONSULTANT AND REQUEST MANAGER BRING INVESTMENT POLICY STATEMENT TO NEXT MEETING TO EVALUATE RECOMMENDATION WITH THE INVESTMENT POLICY STATEMENT'S REQUIREMENTS." MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER RIPLEY. DISCUSSION. 6 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – FEBRUARY 11, 2021 PAGE 4 OF 5 PLANNING AND ZONING BOARD/LOCAL PLANNING AGENCY REGULAR MEETING | WEDNESDAY, JUNE 5, 2019 | PAGE 4 OF 5 VOTE: BOARD MEMBER BLAKE: AYE CHAIRPERSON WITHEE: AYE BOARD MEMBER RIPLEY: AYE VICE-CHAIRPERSON WATKINS: AYE MOTION CARRIED. Mr. West briefly discussed returns and then commented on the potential of rescinding the redemption request with American Realty noting that the City was unable to accomplish the purpose for which the redemption was put in. Mr. West recommended withdrawing the redemption request. Discussion followed on when action would need to be taken relative to the redemption request. Mrs. Cook noted that there was flexibility and a week’s notice would suffice if the Board later decided to rescind their redemption request. "MOTION TO RETAIN THE PLACE IN THE QUEUE BUT DON'T EXERCISE - REVISIT AT NEXT MEETING." MOTION BY BOARD MEMBER RIPLEY. SECONDED BY BOARD MEMBER BLAKE. DISCUSSION. VOTE: VICE-CHAIRPERSON WATKINS: AYE CHAIRPERSON WITHEE: AYE BOARD MEMBER BLAKE: AYE BOARD MEMBER RIPLEY: AYE MOTION CARRIED. PUBLIC INPUT Chairperson Withee opened Public Input No one spoke Chairperson Withee closed Public Input ADJOURNMENT Chairperson Withee adjourned the Regular Meeting at 7:16 p.m. 7 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – FEBRUARY 11, 2021 PAGE 5 OF 5 PLANNING AND ZONING BOARD/LOCAL PLANNING AGENCY REGULAR MEETING | WEDNESDAY, JUNE 5, 2019 | PAGE 5 OF 5 RESPECTFULLY SUBMITTED: _____________________________________ CHRISTIAN GOWAN CITY CLERK NOTE: These Minutes were approved at the _________, 2021 Board of Trustees Regular Meeting. 8 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES SPECIAL MEETING MARCH 23, 2021 CALL TO ORDER Chairperson David Withee called the Special Meeting of Tuesday, March 23, 2021 of the Board of Trustees to order at 5:30 pm in the City Hall West Conference Room (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairperson David Withee, present Vice-Chairperson Barbara Watkins, absent Board Member Michael Blake, present Board Member Stephen Krohn, present Board Member John Ripley, absent Assistant to the City Clerk Tristin Motter, present A moment of silence was followed by the Pledge of Allegiance. AWARDS ANF PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA 200. Not Used PUBLIC INPUT Chairperson Withee opened Public Input No one spoke Chairperson Withee closed Public Input CONSENT AGENDA 300. Not Used 9 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES SPECIAL MEETING – MARCH 23, 2021 PAGE 2 OF 3 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 3 PUBLIC HEARING AGENDA 400. Not Used REGULAR AGENDA 500. Portfolio Rebalancing Winter Springs General (Quarterly Report) REVISED Winter Springs General (Flash Report) Mr. Dave West, Senior Consultant, AndCo Consulting, 4901 Vineland Road, Suite 600, Orlando, Florida gave a quick background of the previous meeting requests from the City to create a more defensive portfolio for the Fiscal year end without disrupting the overall allocation. Andco previously purposed suggestion was to scale back the equity allocation to target and deploy a value bias to the portfolio. At previous meetings the Board made the decision through discussion to allocate half of the Vanguard total stock Core unbiased index fund to split in half and allocate into the actively managed Brandywine Global Dynamic Portfolio and the Vanguard Value index fund. Additionally, the Board decided to stay on course with the RBC Value fund in the hope that if International equity shifted they would have a good head wind. Discussion ensued on how those allocations benefited the City and reviewed the Flash Report with the Board. Mr. West gave the recommendation to liquidate all shares of the Vanguard Value index fund, 9.2 million dollars, purchase 3.9 million dollars of Core Stock Market index fund, and allocating the remainder liquidation proceeds to Galliard Fixed Income, 3.3 million dollars and the Vanguard Short Term bond fund, two (2) million dollars. Further discussion ensued on duration, the short term bond fund, and the direction the investment portfolio is going. "MOTION TO LIQUIDATE THE VANGARD VAULE INDEX FUND POSTION, TO PLACE FOUR (4) MILLION OF THE PROCEEDS INTO THE VANGARD TOTAL STOCK FUND, 3.3 MILLION TO GALYARD FIXED INCOME PORTFOLIO WITH THE REMAINDER TO THE VANGARD SHORT TERM BOND FUND." MOTION BY BOARD MEMBER BLAKE. SECONDED BY CHAIRPERSON WITHEE. DISCUSSION. 10 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES SPECIAL MEETING – MARCH 23, 2021 PAGE 3 OF 3 P L A N N I N G A N D Z O N I N G B O A R D / L O C A L P L A N N I N G A G E N C Y R E G U L A R M E E T I N G | W E D N E S D A Y , J U N E 5 , 2 0 1 9 | P A G E 3 OF 3 VOTE: BOARD MEMBER BLAKE: AYE CHAIRPERSON WITHEE: AYE BOARD MEMBER KROHN: AYE MOTION CARRIED. PUBLIC INPUT Chairperson Withee opened Public Input Staff gave thanks to the Board for their work and how far the Board has brought up the pension fund. Chairperson Withee closed Public Input ADJOURNMENT Chairperson Withee adjourned the Regular Meeting at 5:59 p.m. RESPECTFULLY SUBMITTED: _____________________________________ TRISTIN MOTTER ASSISTANT TO THE CITY CLERK NOTE: These Minutes were approved at the _________, 2021 Board of Trustees Regular Meeting. 11 <CBDoc TenantId="2" EntityTypeId="3100" EntityId=”190" DocumentTypeId="1" EffectiveDate="03/31/2021" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending March 31, 2021 Winter Springs General Employees Plan and Trust 12 1st Quarter 2021 Market EnvironmentPage 113 Source: Investment MetricsThe Market EnvironmentMajor Market Index PerformanceAs of March 31, 2021Broad US equity markets produced positive returns for the 1stquarter of 2021.Performance during the period was largely driven by the effects of theAmerican Rescue Plan (the 3rdround of US fiscal stimulus) and the growingdeployment of COVID-19 vaccines. In March, President Biden signed the Planinto law providing an additional $1.9 trillion of economic stimulus to the USwhich only served to bolster investors’ optimism. As a result, for the 1stquarter,higher beta, small company stocks outperformed, returning 12.7% comparedto 8.1% for mid-caps and 5.9% for large company stocks. The FDA alsoapproved a third COVID-19 vaccine, a single dose treatment from Johnson &Johnson, for use. This approval created a better alignment of vaccine supplywith countywide demand. The equity market has grown immensely over thepast year as evidenced by the trailing 1-year chart which details the stellarrebound following a dramatic selloff in the 1stquarter of last year. Despite thesharp downturn at the onset of the pandemic, all broad US equity marketindexes have rebounded and are trading at near-record levels. Most notably,domestic small cap stocks have returned 94.9% while US large caps returned56.4% over the trailing 1-year period.Broad international equity markets also posted positive returns for the 1stquarter. Similar to US markets, a theme of optimism surrounding the outlookfor global growth and demand drove performance. In the 1stquarter, the MSCIEAFE Index (3.5%) modestly outperformed the MSCI Emerging Markets Index(2.3%) as a strengthening US dollar created headwinds for emerging markets.This trend is reversed over the trailing 1-year period with the MSCI EAFEIndex’s return of 44.6%, underperforming the MSCI Emerging Markets Indexreturn of 58.4%. While the European Union (EU) passed its largest-ever reliefbill at the end of 2020, unlike the relief bills passed in the US, the EU benefitswill take months to be dispersed through the economy. This delay most likelyplayed a part in why the MSCI EAFE Index underperformed US markets in the1stquarter.In contrast to equities, fixed income returns were negative during the 1stquarter as long-term interest rates rose and the yield curve noticeablysteepened. However, despite this, the Fed reiterated its intent to keep short-term rates low based on the expectation that inflation will not exceed theaverage 2% target. For the quarter, the Bloomberg Barclays (BB) USAggregate Index returned -3.4% driven by the underperformance in USGovernment (-4.1%) and Corporate Investment grade (-4.6%) bonds. For the1-year period, while not comparable to equity market advances, CorporateInvestment Grade credit proved to bean area of strength returning 8.7% andwas closely followed by US TIPS returning 7.5%.0.0%-4.6%-1.1%-1.5%-4.1%-3.4%12.7%8.1%5.9%6.3%6.2%2.3%3.5%3.5%-10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0%3-Month T-BillBbg Barclays Corp IGBbg Barclays MBSBbg Barclays US TIPSBbg Barclays US GovtBbg Barclays US AggRussell 2000Russell MidCapRussell 1000Russell 3000S&P 500MSCI Emerg MktsMSCI EAFEMSCI ACWxUSQuarter Performance0.1%8.7%-0.1%7.5%-4.3%0.7%94.8%73.6%60.6%62.5%56.4%58.4%44.6%49.4%-15.0% 0.0% 15.0% 30.0% 45.0% 60.0% 75.0% 90.0%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 PerformancePage 214 Source: Investment MetricsThe Market EnvironmentDomestic Equity Style Index PerformanceAs of March 31, 2021Continuing their recent trend, the majority of US equities posted their 4thstraight quarter of positive returns across both the style and marketcapitalization spectrums, with mid cap growth being the modestly negativeoutlier. During the quarter, small cap stocks outpaced both mid cap and largecap stocks as momentum related to vaccines and fiscal stimulus drove themarket. The Russell 2000 Index returned a strong 12.7% compared to 8.1% forthe Russell Mid Cap Index and 5.9% for the Russell 1000 Index.Value stocks outpaced growth stocks for the second consecutive quarter.Similar to the 4thquarter, the Russell 2000 Value Index was the bestperforming style index for the quarter with a return of 21.2%. While not asrobust as small cap value, both the mid cap (13.1%) and large cap (11.3%)value benchmarks posted double-digit gains. In contrast, growth-orientedcompanies lagged value-oriented companies at each capitalization level. Thewidest performance dispersion occurred in small cap with a span of 16.3%separating the growth and value index returns. Beneath the headline indexperformance, the growth and value differentials are also observable acrosseconomic sector returns since the value benchmarks are more heavilyweighted to sectors such as energy and financials, which led sector results,while growth indexes are dominated by their weights to technology andhealthcare, which lagged.Following one of the sharpest drawdowns in history, stock returns werestrongly positive over the trailing 1-year period across all styles and marketcapitalizations. Not surprisingly, higher beta, small cap stocks represented bythe Russell 2000 produced an outsized return of 94.8%. While not as strong assmall cap, performance in mid cap (73.6%) and large cap (60.6%) benchmarkswas also extremely impressive over the trailing year. Despite more than a 30%dispersion between market capitalization performance over the trailing 1-yearperiod, the difference between value and growth index results within eachcapitalization segment was much narrower. However, these style-basedresults do show how much value stockshave recovered relative to growthstocks in the recent quarter after lagging significantly following the onset of thepandemic.4.9%12.7%21.2%-0.6%8.1%13.1%0.9%5.9%11.3%1.2%6.3%11.9%-5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 ValueQuarter Performance - Russell Style Series90.2%94.8%97.1%68.6%73.6%73.8%62.7%60.6%56.1%64.3%62.5%58.4%0.0% 20.0% 40.0% 60.0% 80.0% 100.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 Value1-Year Performance - Russell Style SeriesPage 315 Sector performance was positive across all eleven large cap economic sectorsfor the 1stquarter. Six sectors outpaced the return of the broad index duringthe period. The pro-cyclical rotation that began during the latter part of 2020continued through the 1stquarter of 2021. Value-oriented sectors like energyand financials were some of the best performers for the quarter returning30.9% and 16.2%, respectively. The energy sector experienced strong returnsprimarily due to rising energy prices resulting from increased expectations ofeconomic growth and reduced supply. Financial stocks benefited from risinginterest rates which acted as a tailwind to earnings. While all sectorsexperienced positive returns, consumer staples (1.6%) and informationtechnology (1.3%) were significant laggards relative to their sector peers andthe broad index results.Over the trailing 1-year period, large cap consumer discretionary (91.1%),energy (79.6%), and materials (78.5%) were the best performing economicsectors. For the full year, seven sectors exceeded the return of the broadbenchmark: communication services, consumer discretionary, energy,financials, industrials, information technology, and materials. In contrast,sectors that were less impacted by COVID-19 such as consumer staples andutilities posted solid, but lower, returns for the trailing 1-year period. It isastonishing to observe that the weakest economic sector in the Russell 1000for the trailing year, utilities, still managed to produce a strong return of 19.8%.Similar to large cap stocks, all eleven small cap sectors posted positiveperformance for the recent quarter and seven of them posted returns greaterthan the Russell 2000 Index. The index was led higher by strength in theenergy sector, which returned 41.8% for the quarter. Consumer discretionarystocks also performed well during the period, returning 26.7%. Some of thesector’s absolute performance for the quarter can be partially attributed to the“Reddit-fueled” individual investor trading frenzy that took place in stocks likeGameStop (+907.5%) and AMC Entertainment (+223.1%) which experiencedsignificant positive performance and volatility.Small cap stocks significantly outperformed large cap across the majority ofeconomic sectors for the trailing 1-year period. While large cap sector returnswere impressive, small cap performance within the consumer discretionary(200.0%) and energy (150.0%) sectors were simply amazing. Consumerdiscretionary’s outsized performance is mainly attributable to the economicrecovery seen throughout 2020- multiple stimulus injections into the economyand investor confidence in the progress on vaccines. Like the large cap index,the bottom performing sector in the small cap benchmark was utilities (16.1%).This sector performance produced a staggering dispersion of more than 180%from the best to the worst-performing sector in the Russell 2000.The Market EnvironmentGICS Sector Performance & (Sector Weight)As of March 31, 2021Source: 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. 19.8%34.4%78.5%69.8%70.2%36.7%69.1%79.6%29.7%91.1%63.6%2.9%8.5%9.2%1.3%10.8%2.7%16.2%30.9%1.6%3.6%7.4%0.0% 20.0% 40.0% 60.0% 80.0% 100.0%Utilities (2.6%)Real Estate (3.0%)Materials (2.7%)Info Technology (27.8%)Industrials (8.9%)Health Care (13.5%)Financials (10.7%)Energy (2.3%)Consumer Staples (5.8%)Consumer Disc (12.3%)Comm Services (10.5%)Russell 1000Quarter1-Year16.1%55.8%130.5%88.0%110.7%82.7%74.5%150.0%84.2%200.0%70.6%3.3%10.0%20.2%5.3%16.0%0.7%18.3%41.8%15.5%26.7%11.3%0.0% 50.0% 100.0% 150.0% 200.0%Utilities (2.8%)Real Estate (6.0%)Materials (4.1%)Info Technology (13.7%)Industrials (15.7%)Health Care (20.9%)Financials (15.0%)Energy (2.3%)Consumer Staples (3.2%)Consumer Disc (13.9%)Comm Services (2.4%)Russell 2000Quarter1-YearPage 416 The Market EnvironmentTop 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000As of March 31, 2021Source: Morningstar DirectTop 10 Weighted StocksTop 10 Weighted StocksRussell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorApple Inc 5.15% -7.8% 93.6% Information Technology Penn National Gaming Inc 0.58% 21.4% 728.8% Consumer DiscretionaryMicrosoft Corp 4.70% 6.2% 51.0% Information Technology Caesars Entertainment Inc 0.56% 17.7% 507.3% Consumer DiscretionaryAmazon.com Inc 3.49% -5.0% 58.7% Consumer Discretionary Plug Power Inc 0.52% 5.7% 912.4% IndustrialsFacebook Inc A 1.88% 7.8% 76.6% Communication Services Darling Ingredients Inc 0.42% 27.6% 283.8% Consumer StaplesAlphabet Inc A 1.65% 17.7% 77.5% Communication Services Novavax Inc 0.39% 62.6% 1235.1% Health CareAlphabet Inc Class C 1.60% 18.1% 77.9% Communication Services GameStop Corp Class A 0.38% 907.5% 5323.4% Consumer DiscretionaryTesla Inc 1.36% -5.3% 537.3% Consumer Discretionary Lithia Motors Inc Class A 0.36% 33.4%379.8% Consumer DiscretionaryBerkshire Hathaway Inc Class B 1.28% 10.2% 39.7%Financials Sunrun Inc 0.34%-12.8% 498.8% IndustrialsJPMorgan Chase & Co 1.23% 20.7% 75.4% Financials Builders FirstSource Inc 0.33% 13.6% 279.1% IndustrialsJohnson & Johnson 1.15% 5.1% 28.7% Health Care RH 0.33% 33.3%493.8% Consumer DiscretionaryTop 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter)Russell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorUpstart Holdings Inc Ordinary Shares 0.00% 216.2% N/A FinancialsGameStop Corp Class A 0.38% 907.5% 5323.4% Consumer DiscretionaryTripAdvisor Inc 0.01% 86.9% 209.3% Communication ServicesCassava Sciences Inc 0.05% 559.1% 993.7% Health CareWilliams-Sonoma Inc 0.04% 76.7% 331.6% Consumer Discretionary AMC Entmt Holdings Inc Class A 0.14% 381.6% 223.1%Communication ServicesTeradata Corp 0.01% 71.5% 88.1% Information Technology Express, Inc. 0.01%341.8% 169.8% Consumer DiscretionaryCoherent Inc 0.02% 68.6% 137.7% Information Technology Pandion Therapeutics Inc Ord Shrs 0.03% 304.4% N/A Health CareSignature Bank 0.03% 67.7% 187.3%Financials Evolus Inc 0.01% 286.6% 213.0% Health CareL Brands Inc 0.04% 66.3% 435.1%Consumer Discretionary Immunome Inc Ordinary Shares 0.00% 250.0% N/A Health CareMarathon Oil Corp 0.02% 60.6% 227.4% Energy Rubius Therapeutics Inc 0.03%249.1% 495.5% Health CareCimarex Energy Co 0.02% 59.0% 263.0% EnergyThe ExOne Co 0.02% 230.5% 390.8% IndustrialsContinental Resources Inc 0.01% 58.7% 238.6% Energy Amyris Inc 0.07% 209.3% 646.1% MaterialsBottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter)Russell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorSarepta Therapeutics Inc 0.01%-56.3% -23.8% Health Care Odonate Therapeutics Inc 0.00% -82.2% -87.6% Health CareC3.ai Inc Ordinary Shares - Class A 0.00% -52.5% N/A Information Technology Graybug Vision Inc Ordinary Shares 0.00% -80.9% N/A Health CareACADIA Pharmaceuticals Inc 0.01% -51.7% -38.9% Health Care Frequency Therapeutics Inc 0.01% -73.1% -46.7% Health CareBerkeley Lights Inc Ordinary Shares 0.00% -43.8% N/A Health Care Immunovant Inc 0.02% -65.3% 3.1% Health CareUnity Software Inc Ordinary Shares 0.01% -34.6% N/A Information Technology Imara Inc Ordinary Shares 0.00% -61.7% -47.3% Health CareAdaptive Biotechnologies Corp 0.01%-31.9% 44.9% Health Care Athenex Inc 0.01% -61.1% -44.4% Health CareAlteryx Inc Class A 0.01% -31.9% -12.8% Information Technology Concert Pharmaceuticals Inc 0.01% -60.5% -43.6% Health CareIovance Biotherapeutics Inc 0.01% -31.8% 5.8% Health Care Amicus Therapeutics Inc 0.09% -57.2% 6.9% Health CareAmerican Well Corp Ord Shrs - Class A 0.00% -31.4% N/A Health Care Oncorus Inc Ordinary Shares 0.00% -56.9% N/A Health CareArray Technologies Inc Ord Shares 0.01% -30.9% N/A Industrials Acutus Medical Inc Ordinary Shares 0.01% -53.6% N/A Health CarePage 517 Source: MSCI Global Index Monitor (Returns are Net)Nearly all broad international equity indexes the chart tracks posted positivereturns in both US dollar (USD) and local currency terms for the 1stquarter.Much like the trend seen in the US equity markets, international benchmarksbenefited from the optimism surrounding the continued roll-out of COVID-19vaccines. Fiscal and monetary stimulus also remained supportive throughoutthe Eurozone, UK, and Japan in the 1stquarter and benefited from the reboundin demand for global goods. For the period, developed markets outperformedemerging markets in both USD and local currency. The MSCI EAFE Indexreturned 3.5% in USD and 7.6% in local currency terms for the period whilethe MSCI Emerging Markets Index returned a lower 2.2% in USD and 3.5% inlocal currency terms. The performance of both broad international benchmarksfaced headwinds from currency conversion as the USD strengthened relativeto most major developed currencies and thus led to lower USD results. Duringthe 1stquarter, the only regional index component that had negativeperformance was EM Latin American. Thisregion’s -5.3% return was largelydriven by the negative performance of Columbia (-17.2%) and Brazil (-10.0%)during the period.The trailing 1-year results for international developed and emerging marketswere positive across all regions and currencies. The MSCI EAFE Indexreturned 44.6% in USD and 36.6% in local currency terms, while the MSCIEmerging Markets Index returned 58.4%in USD and 53.0% in local currencyterms. Like last quarter, performance within the emerging markets was led byAsian countries with the EM Asia Index region returning 60.1% in USD.The Market EnvironmentInternational and Regional Market Index Performance (Country Count)As of March 31, 20210.5%3.5%9.4%4.0%7.8%7.5%7.6%7.6%6.5%-5.3%2.2%8.1%2.3%2.5%4.0%3.5%4.0%3.5%-10.0% -5.0% 0.0% 5.0% 10.0% 15.0%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 Currency50.8%55.0%42.3%53.0%40.3%34.5%36.6%36.9%41.4%50.1%60.1%52.2%58.4%44.0%44.9%44.6%45.9%49.4%0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%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 618 The Market EnvironmentUS Dollar International Index Attribution & Country DetailAs of March 31, 2021Source: 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 5.2% 3.9% 42.6%Consumer Discretionary 12.8% 5.8% 67.3%Consumer Staples 10.3% -2.6% 19.0%Energy 3.3% 10.6% 25.6%Financials 17.3% 9.7% 54.1%Health Care 12.0% -3.9% 17.4%Industrials 15.5% 5.4% 58.9%Information Technology 9.0% 2.4% 59.8%Materials 8.0% 5.2% 73.3%Real Estate 3.1% 2.5% 31.8%Utilities 3.7% -2.6% 28.2%Total 100.0% 3.5% 44.6%MSCI - ACWIxUS Sector Weight Quarter Return 1-Year ReturnCommunication Services 7.1% 4.9% 45.2%Consumer Discretionary 13.7% 2.2% 65.5%Consumer Staples 8.4% -2.5% 22.0%Energy 4.5% 9.6% 36.3%Financials 18.9% 8.4% 50.0%Health Care 8.9% -3.8% 22.2%Industrials 11.8% 5.2% 57.9%Information Technology 12.8% 3.5% 82.3%Materials 8.2% 5.4% 76.2%Real Estate 2.6% 3.5% 28.9%Utilities 3.2% -1.3% 28.4%Total 100.0% 3.5% 49.4%MSCI - Emerging Mkt Sector Weight Quarter Return 1-Year ReturnCommunication Services 11.7% 5.6% 48.9%Consumer Discretionary 17.7% -3.1% 61.5%Consumer Staples 5.6% -2.8% 34.1%Energy 4.8% 2.8% 44.6%Financials 18.2% 3.2% 37.4%Health Care 4.5% -4.6% 59.4%Industrials 4.3% 2.7% 49.9%Information Technology 20.9% 4.7% 103.9%Materials 8.1% 9.1% 96.5%Real Estate 2.2% 5.9% 20.2%Utilities 2.0% 1.8% 30.4%Total 100.0% 2.3% 58.4%MSCI-EAFE MSCI-ACWIxUS Quarter 1- YearCountry Weight Weight Return ReturnJapan 24.8% 15.5% 1.6% 39.7%United Kingdom 14.3% 8.9% 6.2% 33.5%France 11.1% 7.0% 4.4% 50.0%Germany 9.5% 5.9% 4.2% 59.3%Switzerland 9.2% 5.7% -2.0% 23.7%Australia 7.0% 4.4% 3.4% 68.4%Netherlands 4.2% 2.6% 11.2% 74.0%Sweden 3.6% 2.3% 11.3% 75.2%Hong Kong 3.4% 2.1% 7.3% 37.3%Italy 2.5% 1.6% 6.3% 53.0%Spain 2.4% 1.5% 1.0% 36.9%Denmark 2.4% 1.5% -3.0% 51.6%Singapore 1.1% 0.7% 8.9% 40.3%Finland 1.0% 0.6% -1.4% 46.8%Belgium 0.9% 0.6% -2.6% 32.8%Ireland 0.7% 0.5% 5.3% 63.1%Norway 0.6% 0.4% 11.0% 63.5%Israel 0.6% 0.4% -0.3% 40.0%New Zealand 0.3% 0.2% -10.6% 28.2%Austria 0.2% 0.1% 9.3% 85.1%Portugal 0.2% 0.1% -4.3% 26.1%Total EAFE Countries 100.0% 62.4% 3.5% 44.6%Canada 6.7% 9.6% 59.3%Total Developed Countries 68.8% 15.9% 7.6%China 11.7% -0.4% 43.6%Taiwan 4.3% 10.9% 93.2%Korea 4.1% 1.6% 89.5%India 3.0% 5.1% 76.4%Brazil 1.4% -10.0% 46.5%South Africa 1.2% 12.1% 80.5%Russia 1.0% 4.9% 44.3%Saudi Arabia 0.9% 16.5% 54.4%Thailand 0.6% 4.3% 39.1%Mexico 0.5% 4.2% 58.5%Malaysia 0.4% -5.8% 20.8%Indonesia 0.4% -7.6% 40.6%Qatar 0.2% 2.4% 20.8%Philippines 0.2% -10.6% 27.2%Poland 0.2% -7.5% 29.0%Chile 0.2% 16.9% 66.2%United Arab Emirates 0.2% 15.1% 56.5%Turkey 0.1% -20.4% 3.8%Peru 0.1% -10.6% 32.6%Hungary 0.1% 0.4% 45.4%Colombia 0.1% -17.2% 33.4%Argentina 0.0% -6.0% 74.7%Czech Republic 0.0% 5.5% 64.8%Greece 0.0% 1.5% 35.3%Egypt 0.0% -4.0% 2.1%Pakistan 0.0% 0.1% 37.8%Total Emerging Countries 30.7% 2.3% 58.4%Total ACWIxUS Countries 100.0% 3.5% 49.4%Page 719 Source: BloombergThe Market EnvironmentDomestic Bond Sector & Broad/Global Bond Market Performance (Duration)As of March 31, 2021Fixed income markets declined sharply during the 1stquarter primarily due torising interest rates which acted as a drag on bond benchmark performance.The Bloomberg Barclays (BB) US Aggregate Bond Index returned -3.4% forthe period. Digging deeper into the investment grade index’s segments,while each component was negative, the US Treasury (-4.3%) and USCorporate Investment Grade (-4.6%) segments drove the results. Althoughyields on issues of less than 2-years declined during the quarter, yields onlonger-dated issues rose substantially as the term to maturity increased.Notably, US High Yield (non-investment grade) was the only benchmarktracked on the chart to produce a positive result, adding 0.9% for thequarter. High yield bonds generally have a shorter duration compared toeither US Treasury or US investmentgrade corporate bonds, and as such,are less affected by rising interest rates. Importantly, credit spreads alsocontinued to decline during the period which acted as an additional tailwindfor high yield issues. Outside of domestic markets, the BB Global Aggregateex US Index posted a -5.3% return for the quarter. Like international stocks,global bonds were negatively impacted by the strengthening USD. Alsonotable was the revision in quality’s performance in the 1stquarter relative tothe previous three quarters. BBB rated credit (-4.3%) underperformed AAA(-2.9%) issues by 1.4%. In contrast, over the trailing 1-year period, BBBissues (13.1%) outpaced AAA issues (-2.3%) by a sizable margin.Over the trailing 1-year period, domestic bonds performance was small butpositive while global bonds posted solid results. The BB Global Aggregateex US Index return of 7.2% easilyoutpaced the domestic BB US AggregateIndex’s return of 0.7%. A steepening yield curve, combined with a fallingUSD, were the primary contributors to the relative outperformance of globalbonds. Results for the year were split beneath the headline performance ofthe BB US Aggregate Index with theUS Corporate Investment Gradesegment returning 8.7% and the US Treasury segment returning -4.4%. TheUS High Yield Index’s return of 23.7% was a positive outlier in fixed incomefor the 1-year period. High Yield issues likely benefited both from narrowingof credit spreads as well as capital appreciation following the pandemic’seconomic shock during the 1stquarter of 2020.-4.3%-5.3%-1.6%-3.4%-1.5%-4.6%-1.1%-4.3%0.9%-4.3%-4.9%-4.3%-2.9%-6.0% -4.0% -2.0% 0.0% 2.0%Multiverse (7.2)Global Agg x US (8.1)Intermediate Agg (4.2)Aggregate (6.4)U.S. TIPS (8.1)U.S. Corporate IG (8.5)U.S. Mortgage (4.1)U.S. Treasury (6.8)U.S. High Yield (3.9)Baa (8.5)A (8.2)AA (8.0)AAA (5.6)Quarter Performance 5.5%7.2%1.4%0.7%7.5%8.7%-0.1%-4.4%23.7%13.1%5.2%2.3%-2.3%-5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%Multiverse (7.2)Global Agg x US (8.1)Intermediate Agg (4.2)Aggregate (6.4)U.S. TIPS (8.1)U.S. Corporate IG (8.5)U.S. Mortgage (4.1)U.S. Treasury (6.8)U.S. High Yield (3.9)Baa (8.5)A (8.2)AA (8.0)AAA (5.6)1-Year PerformancePage 820 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)The Market EnvironmentMarket Rate & Yield Curve ComparisonAs of March 31, 2021Much of the index performance detailed in the bar graphs on the previouspage is visible on a time series basis in the yield graph to the right. The “1-Year Trailing Market Rates” chart illustrates that throughout 2020 the US 10-year Treasury (green line) stayed between 0.5% and 1.0% but beganincreasing rapidly at the beginning of 2021, reaching a high of 1.74% duringthe 1stquarter of 2021. At the start of 2020, US interest rates declinedsignificantly following the onset of the pandemic and the response from theUS Federal Reserve Bank (Fed) to lower rates back near zero. 2021’sacceleration in longer-term rates is due to an increase in investorexpectations of stronger economic growth and inflation concerns over thecontinued issuance of new Treasury bonds by the government to fundstimulus. The blue line illustrates changes in the BAA OAS (Option AdjustedSpread). This measure quantifies the additional yield premium that investorsrequire to purchase and hold non-Treasury investment grade issues. Theline illustrates the normalization in credit spreads following the substantialwidening at the onset of the pandemic. Credit spreads continued their steadydecline through the 1stquarter as concerns over corporate defaultssubsided. The green band across the graph illustrates the Fed Funds Rate.Over the past year, the Fed’s target rate range has remained unchanged at0.00% - 0.25%. During its March meeting, the Federal Open MarketCommittee (FOMC) upgraded its projections for the US economy in 2021 butvowed to keep interest rates near zero while also maintaining its assetpurchasing measures aimed at supplying the market with liquidity.The lower graph provides a snapshot of the US Treasury yield curve at theend of each of the last four quarters. Beginning in the 4thquarter of 2020,longer-term interest rates began tomove higher as investors’ optimismimproved. This trend continued through the 1stquarter. Short term interestrates, primarily those under two years, fell modestly while all long-term ratesincreased. The combination of additional fiscal stimulus, higher expectedeconomic growth, and inflation concerns all contributed to higher long-termrates. The 10-year Treasury ended the quarter at 1.74%, more in line withpre-pandemic levels, compared to 0.52% at its lowest point in 2020 and0.93% at the beginning of 2021.0.000.501.001.502.002.501 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yrTreasury Yield Curve6/30/20209/30/202012/31/20203/31/2021-2.00-1.000.001.002.003.004.005.00Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-211-Year Trailing Market RatesFed Funds RateTED Spread3-Month LiborBAA OAS10yr Treasury10yr TIPSPage 921 Executive Summary Policy Target In Policy Outside Policy 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0% Receipt & Disbursement $868,214.0 (1.3%) Direct Real Estate $5,500,535.1 (8.1%) Non-Core Fixed Income$8,301,048.8 (12.2%) Broad Mkt Fixed Income $8,659,138.6 (12.7%) Foreign Equity Securities $10,620,683.7 (15.6%) Domestic Equity Securities $34,119,946.9 (50.1%) Asset Allocation Compliance Asset Allocation $ Current Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Target Allocation (%) Total Fund Portfolio 68,069,567 100.0 N/A N/A 100.0 Domestic Equity Securities 34,119,947 50.1 45.0 55.0 50.0 Foreign Equity Securities 10,620,684 15.6 10.0 20.0 15.0 Broad Mkt Fixed Income 8,659,139 12.7 10.0 30.0 15.0 Non-Core Fixed Income 8,301,049 12.2 0.0 20.0 10.0 Direct Real Estate 5,500,535 8.1 0.0 15.0 10.0 Receipt & Disbursement 868,214 1.3 0.0 5.0 0.0 Asset Allocation Compliance Total Fund Portfolio As of March 31, 2021 Page 10 22 Asset Allocation By Segment as of December 31, 2020 : $64,319,590 Asset Allocation By Segment as of March 31, 2021 : $68,069,567 Allocation Segments Market Value Allocation Domestic Equity 35,700,879 55.5¢ Foreign Equity 9,695,415 15.1¢ Broad Mkt Fixed Income 5,463,341 8.5¢ Non-Core Fixed Income 7,180,278 11.2¢ Real Estate 5,386,487 8.4¢ Cash Equivalent 893,189 1.4¢ Allocation Segments Market Value Allocation Domestic Equity 34,119,947 50.1¢ Foreign Equity 10,620,684 15.6¢ Broad Mkt Fixed Income 8,659,139 12.7¢ Non-Core Fixed Income 8,301,049 12.2¢ Real Estate 5,313,417 7.8¢ Cash Equivalent 1,055,332 1.6¢ Asset Allocation Summary Total Fund As of March 31, 2021 NONE Page 11 23 Asset Allocation By Manager as ofDecember 31, 2020 : $64,319,590 Asset Allocation By Manager as ofMarch 31, 2021 : $68,069,567 Allocation Market Value Allocation Vanguard Total Stock Market (VITSX)18,840,168 29.3¢ RBC Global (Voyageur)9,695,415 15.1¢ Brandywine GLBL Dynamic (LMBGX)8,462,679 13.2¢ Vanguard Value Index Fund (VIVIX)8,398,033 13.1¢ Galliard Core Fixed Income 5,463,341 8.5¢ Intercontinental 3,682,138 5.7¢ Vanguard Inflation-Protected Secs (VAIPX)2,573,303 4.0¢ PIMCO Diversified Income Fund Instl (PDIIX)1,964,364 3.1¢ American Core Realty Fund 1,840,897 2.9¢ Crescent Direct Lending II Fund 1,591,091 2.5¢ Crescent Direct Lending Fund 1,032,510 1.6¢ Receipt & Disbursement 756,641 1.2¢ Vanguard Short Term Bond Index (VSCSX)19,010 0.0¢ Allocation Market Value Allocation Vanguard Total Stock Market (VITSX)24,145,711 35.5¢ RBC Global (Voyageur)10,620,684 15.6¢ Brandywine GLBL Dynamic (LMBGX)9,923,378 14.6¢ Galliard Core Fixed Income 8,659,139 12.7¢ Intercontinental 3,769,165 5.5¢ Vanguard Inflation-Protected Secs (VAIPX)2,532,414 3.7¢ PIMCO Diversified Income Fund Instl (PDIIX)1,915,348 2.8¢ American Core Realty Fund 1,731,370 2.5¢ Vanguard Short Term Bond Index (VSCSX)1,715,081 2.5¢ Crescent Direct Lending II Fund 1,290,828 1.9¢ Receipt & Disbursement 868,214 1.3¢ Crescent Direct Lending Fund 847,378 1.2¢ Vanguard Value Index Fund (VIVIX)50,857 0.1¢ Asset Allocation Summary Total Fund As of March 31, 2021 NONE Page 12 24 Historical Asset Allocation by Segment Domestic Equity Foreign Equity Broad Mkt Fixed Income Global Fixed Income Non-Core 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 6/08 3/09 12/09 9/10 6/11 3/12 12/12 9/13 6/14 3/15 12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 Historical Asset Allocation by Segment Total Fund October 1, 2007 To March 31, 2021 Page 13 25 -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 Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & Equivalents Total Fund Portfolio 50.13 (32)15.60 (43)2.81 (77)18.96 (73)3.14 (84)8.08 (42)1.28 (47) 5th Percentile 62.45 25.26 9.23 56.46 39.38 13.04 6.99 1st Quartile 51.63 18.25 4.60 32.58 19.81 8.95 2.23 Median 44.35 14.98 3.94 25.28 9.37 7.36 1.13 3rd Quartile 34.64 11.55 2.95 18.25 4.38 5.03 0.49 95th Percentile 18.07 5.62 1.82 12.20 1.42 2.34 0.06 Plan Sponsor TF Asset Allocation Total Fund Portfolio Vs. All Public Plans-Total Fund As of March 31, 2021 Page 14 26 Historical Asset Allocation by Portfolio Mar-2021 Dec-2020 Sep-2020 Jun-2020 Mar-2020 ($)%($)%($)%($)%($)% Total Equity 44,740,631 65.73 45,396,294 70.58 38,703,803 66.93 36,763,130 67.30 30,292,142 62.83 Domestic Equity Securities 34,119,947 50.13 35,700,879 55.51 31,063,563 53.72 29,374,470 53.77 24,058,669 49.90 Vanguard Total Stock Market (VITSX)24,145,711 35.47 18,840,168 29.29 16,427,142 28.41 29,374,470 53.77 24,058,669 49.90 Brandywine GLBL Dynamic (LMBGX)9,923,378 14.58 8,462,679 13.16 7,302,966 12.63 -0.00 -0.00 Vanguard Value Index Fund (VIVIX)50,857 0.07 8,398,033 13.06 7,333,455 12.68 -0.00 -0.00 Foreign Equity Securities 10,620,684 15.60 9,695,415 15.07 7,640,240 13.21 7,388,660 13.53 6,233,473 12.93 RBC Global (Voyageur)10,620,684 15.60 9,695,415 15.07 7,640,240 13.21 7,388,660 13.53 6,233,473 12.93 Total Fixed Income 16,960,187 24.92 12,643,619 19.66 13,021,291 22.52 11,846,108 21.69 11,759,354 24.39 Galliard Core Fixed Income 8,659,139 12.72 5,463,341 8.49 5,429,323 9.39 5,374,168 9.84 5,167,678 10.72 Galliard TIPS -0.00 -0.00 -0.00 1,348,971 2.47 1,301,057 2.70 Vanguard Short Term Bond Index (VSCSX)1,715,081 2.52 19,010 0.03 18,779 0.03 18,611 0.03 17,620 0.04 Vanguard Inflation-Protected Secs (VAIPX)2,532,414 3.72 2,573,303 4.00 2,870,558 4.96 450,437 0.82 1,083,977 2.25 PIMCO Diversified Income Fund Instl (PDIIX)1,915,348 2.81 1,964,364 3.05 1,879,490 3.25 1,830,780 3.35 1,712,768 3.55 Crescent Direct Lending Fund 847,378 1.24 1,032,510 1.61 1,120,876 1.94 1,120,876 2.05 996,256 2.07 Crescent Direct Lending II Fund 1,290,828 1.90 1,591,091 2.47 1,702,265 2.94 1,702,265 3.12 1,479,998 3.07 Direct Real Estate 5,500,535 8.08 5,523,035 8.59 5,588,364 9.66 5,669,986 10.38 5,721,960 11.87 American Core Realty Fund 1,731,370 2.54 1,840,897 2.86 1,925,600 3.33 2,034,371 3.72 2,080,218 4.31 Intercontinental 3,769,165 5.54 3,682,138 5.72 3,662,764 6.33 3,635,615 6.66 3,641,742 7.55 Receipt & Disbursement 868,214 1.28 756,641 1.18 515,204 0.89 346,463 0.63 442,462 0.92 Total Fund Portfolio 68,069,567 100.00 64,319,590 100.00 57,828,662 100.00 54,625,687 100.00 48,215,918 100.00 Asset Allocation Asset Allocation History By Portfolio As of March 31, 2021 Page 15 27 Historical Asset Allocation by Portfolio Domestic Equity Foreign Equity Broad Mkt Fixed Income Non-Core Fixed Income Real Estate Cash Equivalent Total Fund ($)%($)%($)%($)%($)%($)%($)% Total Equity 34,119,947 76.26 10,620,684 23.74 --------44,740,631 65.73 Domestic Equity Securities 34,119,947 100.00 ----------34,119,947 50.13 Vanguard Total Stock Market (VITSX)24,145,711 100.00 ----------24,145,711 35.47 Brandywine GLBL Dynamic (LMBGX)9,923,378 100.00 ----------9,923,378 14.58 Vanguard Value Index Fund (VIVIX)50,857 100.00 ----------50,857 0.07 Foreign Equity Securities --10,620,684 100.00 --------10,620,684 15.60 RBC Global (Voyageur)--10,620,684 100.00 --------10,620,684 15.60 Total Fixed Income ----8,659,139 51.06 8,301,049 48.94 ----16,960,187 24.92 Galliard Core Fixed Income ----8,659,139 100.00 ------8,659,139 12.72 Vanguard Short Term Bond Index (VSCSX)------1,715,081 100.00 ----1,715,081 2.52 Vanguard Inflation-Protected Secs (VAIPX)------2,532,414 100.00 ----2,532,414 3.72 PIMCO Diversified Income Fund Instl (PDIIX)------1,915,348 100.00 ----1,915,348 2.81 Crescent Direct Lending Fund ------847,378 100.00 ----847,378 1.24 Crescent Direct Lending II Fund ------1,290,828 100.00 ----1,290,828 1.90 Direct Real Estate --------5,313,417 96.60 187,118 3.40 5,500,535 8.08 American Core Realty Fund --------1,544,252 89.19 187,118 10.81 1,731,370 2.54 Intercontinental --------3,769,165 100.00 --3,769,165 5.54 Receipt & Disbursement ----------868,214 100.00 868,214 1.28 Total Fund Portfolio 34,119,947 50.13 10,620,684 15.60 8,659,139 12.72 8,301,049 12.19 5,313,417 7.81 1,055,332 1.55 68,069,567 100.00 Asset Allocation Asset Allocation History By Portfolio As of March 31, 2021 Page 16 28 Schedule of Investable Assets Total Fund Portfolio Net Cash Flow $0.0 $7,000,000.0 $14,000,000.0 $21,000,000.0 $28,000,000.0 $35,000,000.0 $42,000,000.0 $49,000,000.0 $56,000,000.0 $63,000,000.0 $70,000,000.0 $77,000,000.0 $84,000,000.0 ($7,000,000.0)Market Value7/07 4/08 1/09 10/09 7/10 4/11 1/12 10/12 7/13 4/14 1/15 10/15 7/16 4/17 1/18 10/18 7/19 4/20 3/21 $2 1,857,973 .8 $68,069,567.1 Schedule of Investable Assets Periods Ending Beginning Market Value $ Net Cash Flow $ Gain/Loss $ Ending Market Value $ Aug-2007 To Mar-2021 16,259,673 5,598,301 46,211,593 68,069,567 Schedule of Investable Assets Total Fund Portfolio August 1, 2007 To March 31, 2021 Page 17 29 Comparative Performance Trailling Returns QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Fund (Net)6.96 (1)19.92 (2)45.35 (4)12.40 (5)12.25 (4)9.79 (3)9.96 (4)6.96 (27)11/01/2000 Total Fund Policy 3.70 (26)14.43 (35)37.40 (29)11.71 (14)11.40 (14)9.39 (6)9.79 (5)6.55 (52) Difference 3.26 5.49 7.95 0.69 0.85 0.40 0.17 0.41 All Public Plans-Total Fund Median 3.02 13.72 33.23 9.64 10.05 7.88 8.12 6.57 Total Fund (Gross)6.99 20.07 45.62 12.73 12.58 10.12 10.39 7.54 11/01/2000 Total Fund Policy 3.70 14.43 37.40 11.71 11.40 9.39 9.79 6.55 Difference 3.29 5.64 8.22 1.02 1.18 0.73 0.60 0.99 Total Equity 9.96 28.98 69.50 15.88 15.99 12.30 12.58 8.22 01/01/2001 Total Equity Policy 5.69 21.77 58.73 14.73 15.03 11.60 12.03 6.99 Difference 4.27 7.21 10.77 1.15 0.96 0.70 0.55 1.23 Domestic Equity Securities 10.07 (23)26.50 (19)69.16 (10)18.67 (14)17.62 (20)14.13 (27)13.84 (47)8.59 (28)11/01/2000 Domestic Equity Securities Policy 6.35 (61)21.96 (35)62.53 (27)17.12 (34)16.64 (38)13.44 (45)13.79 (50)7.26 (88) Difference 3.72 4.54 6.63 1.55 0.98 0.69 0.05 1.33 IM U.S. Large Cap Core Equity (SA+CF) Median 6.74 20.34 57.18 16.15 16.14 13.25 13.77 8.08 Foreign Equity Securities 9.56 (11)39.06 (6)70.50 (9)7.14 (29)10.80 (26)6.64 (20)8.70 (9)6.90 (47)11/01/2000 Foreign Equity Securities Policy 3.49 (80)21.10 (72)46.30 (70)6.82 (36)9.55 (42)5.42 (46)6.10 (55)5.07 (98) Difference 6.07 17.96 24.20 0.32 1.25 1.22 2.60 1.83 IM International Large Cap Value Equity (SA+CF) Median 6.07 25.64 52.00 5.68 8.95 5.18 6.23 6.80 Total Fixed Income -0.82 1.30 6.97 5.64 4.73 4.20 4.09 5.03 11/01/2000 Total Fixed Policy -1.14 0.24 2.91 4.69 2.97 3.04 3.04 4.52 Difference 0.32 1.06 4.06 0.95 1.76 1.16 1.05 0.51 Broad Mkt Fixed Income -1.78 (8)-1.16 (22)4.57 (30)4.74 (83)3.25 (82)3.19 (97)3.22 (99)4.60 (99)11/01/2000 Broad Mkt Fixed Income Policy -1.61 (7)-1.20 (23)1.38 (82)4.17 (100)2.66 (100)2.82 (100)2.88 (100)4.45 (99) Difference -0.17 0.04 3.19 0.57 0.59 0.37 0.34 0.15 IM U.S. Broad Market Core Fixed Income (SA+CF) Median -3.18 -2.07 3.43 5.27 3.76 3.82 3.98 5.19 Non-Core Fixed Income -0.07 3.17 5.44 7.04 9.91 N/A N/A 9.86 10/01/2014 Non-Core Fixed Policy -0.44 2.42 13.75 5.03 5.32 N/A N/A 4.17 Difference 0.37 0.75 -8.31 2.01 4.59 N/A N/A 5.69 Direct Real Estate 2.31 (38)3.12 (71)3.20 (52)6.46 (40)7.84 (34)9.49 (38)10.94 (42)6.11 (30)10/01/2007 NCREIF Fund Index-OEDC (EW)2.25 (39)3.64 (57)2.91 (62)5.29 (67)6.52 (62)8.51 (61)9.81 (69)5.09 (72) Difference 0.06 -0.52 0.29 1.17 1.32 0.98 1.13 1.02 IM U.S. Open End Private Real Estate (SA+CF) Median 2.10 3.80 3.35 5.93 6.90 8.96 10.31 5.53 Comparative Performance Trailing Returns Total Fund As of March 31, 2021 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. * Intercontinental shows a positive fee for the 4th quarter 2020, this fee was forfeited by the manager as a result of the clawback portion of the performance based fee. Page 18 30 Comparative Performance Trailing Returns Total Fund As of March 31, 2021 QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Domestic Equity Securities 10.07 26.50 69.16 18.67 17.62 14.13 13.84 8.59 11/01/2000 Domestic Equity Securities Policy 6.35 21.96 62.53 17.12 16.64 13.44 13.79 7.26 Difference 3.72 4.54 6.63 1.55 0.98 0.69 0.05 1.33 Vanguard Total Stock Market (VITSX)6.43 (54)22.07 (45)62.73 (34)17.14 (14)16.66 (14)13.43 (8)N/A 14.95 (10)02/01/2013 Vanguard Total Stock Market Index Hybrid 6.43 (54)22.07 (45)62.75 (34)17.14 (14)16.67 (14)13.44 (7)13.81 (8)14.97 (9) Difference 0.00 0.00 -0.02 0.00 -0.01 -0.01 N/A -0.02 IM U.S. Multi-Cap Core Equity (MF) Median 6.63 21.33 59.81 14.05 14.35 11.20 11.95 13.20 Brandywine GLBL Dynamic (LMBGX)17.26 (6)35.88 (18)N/A N/A N/A N/A N/A 32.99 (12)09/01/2020 Russell 1000 Value Index 11.26 (50)29.34 (47)56.09 (53)10.96 (43)11.74 (46)9.40 (34)10.99 (29)26.16 (43) Difference 6.00 6.54 N/A N/A N/A N/A N/A 6.83 IM U.S. Large Cap Value Equity (MF) Median 11.24 28.88 56.45 10.62 11.61 8.92 10.27 25.24 Vanguard Value Index Fund (VIVIX)10.99 (55)27.10 (62)N/A N/A N/A N/A N/A 24.31 (58)09/01/2020 CRSP U.S. Large Cap Value TR Index 10.99 (55)27.11 (62)51.35 (72)11.41 (34)12.74 (25)10.58 (11)11.88 (10)24.32 (58) Difference 0.00 -0.01 N/A N/A N/A N/A N/A -0.01 IM U.S. Large Cap Value Equity (MF) Median 11.24 28.88 56.45 10.62 11.61 8.92 10.27 25.24 Foreign Equity Securities 9.56 39.06 70.50 7.14 10.80 6.64 8.70 6.90 11/01/2000 Foreign Equity Securities Policy 3.49 21.10 46.30 6.82 9.55 5.42 6.10 5.07 Difference 6.07 17.96 24.20 0.32 1.25 1.22 2.60 1.83 RBC Global (Voyageur)9.56 (11)39.06 (6)70.50 (9)7.14 (29)10.80 (26)6.64 (20)8.70 (9)5.31 (13)11/01/2007 MSCI EAFE Index 3.60 (77)20.27 (75)45.15 (72)6.54 (39)9.37 (45)5.30 (48)6.02 (57)2.71 (67) Difference 5.96 18.79 25.35 0.60 1.43 1.34 2.68 2.60 MSCI EAFE Value 7.60 (27)28.32 (36)46.48 (70)2.45 (83)7.21 (76)2.77 (93)4.25 (87)1.16 (95) Difference 1.96 10.74 24.02 4.69 3.59 3.87 4.45 4.15 IM International Large Cap Value Equity (SA+CF) Median 6.07 25.64 52.00 5.68 8.95 5.18 6.23 3.63 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. * Intercontinental shows a positive fee for the 4th quarter 2020, this fee was forfeited by the manager as a result of the clawback portion of the performance based fee. Page 19 31 Comparative Performance Trailing Returns Total Fund As of March 31, 2021 QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Fixed Income -0.82 1.30 6.97 5.64 4.73 4.20 4.09 5.03 11/01/2000 Total Fixed Policy -1.14 0.24 2.91 4.69 2.97 3.04 3.04 4.52 Difference 0.32 1.06 4.06 0.95 1.76 1.16 1.05 0.51 Galliard Core Fixed Income -1.78 (69)-1.16 (74)3.99 (44)4.77 (41)3.18 (47)3.28 (32)3.38 (38)3.93 (65)10/01/2007 Bloomberg Barclays Intermed Aggregate Index -1.61 (51)-1.20 (77)1.38 (97)4.17 (82)2.66 (90)2.82 (82)2.88 (84)3.68 (86) Difference -0.17 0.04 2.61 0.60 0.52 0.46 0.50 0.25 IM U.S. Intermediate Duration (SA+CF) Median -1.61 -0.83 3.68 4.63 3.16 3.09 3.29 4.05 Vanguard Inflation-Protected Secs (VAIPX)-1.36 (58)0.23 (65)7.57 (68)5.64 (22)N/A N/A N/A 4.41 (28)01/01/2017 Bloomberg Barclays U.S. TIPS Index -1.47 (62)0.12 (67)7.54 (69)5.68 (20)3.86 (29)3.42 (12)3.44 (8)4.51 (20) Difference 0.11 0.11 0.03 -0.04 N/A N/A N/A -0.10 IM U.S. TIPS (MF) Median -1.19 0.71 8.43 4.97 3.44 2.63 2.78 3.92 Vanguard Short Term Bond Index (VSCSX)-0.60 (39)0.51 (30)7.12 (23)4.34 (16)3.04 (20)N/A N/A 2.88 (18)01/01/2015 Blmbg. Barc. U.S. Corporate 1-5 Year Index -0.59 (38)0.54 (29)7.13 (23)4.49 (10)3.25 (14)2.93 (6)3.11 (13)3.08 (10) Difference -0.01 -0.03 -0.01 -0.15 -0.21 N/A N/A -0.20 IM U.S. Intermediate Investment Grade (MF) Median -0.73 0.00 4.66 3.56 2.41 2.19 2.37 2.26 PIMCO Diversified Income Fund Instl (PDIIX)-2.50 (41)1.91 (18)12.29 (22)5.35 (8)N/A N/A N/A 5.35 (8)04/01/2018 Blmbg. Barc. Global Credit (Hedged)-2.64 (42)0.39 (46)10.14 (37)5.59 (4)5.06 (6)4.63 (1)5.10 (1)5.59 (4) Difference 0.14 1.52 2.15 -0.24 N/A N/A N/A -0.24 IM Global Fixed Income (MF) Median -3.20 0.25 8.33 3.16 3.30 2.40 2.72 3.16 Direct Real Estate 2.31 3.12 3.20 6.46 7.84 9.49 10.94 6.11 10/01/2007 NCREIF Fund Index-Open End Diversified Core (EW)2.25 3.64 2.91 5.29 6.52 8.51 9.81 5.09 Difference 0.06 -0.52 0.29 1.17 1.32 0.98 1.13 1.02 American Core Realty Fund 1.87 (57)3.31 (61)1.90 (69)5.37 (67)6.17 (78)8.12 (75)9.39 (82)5.00 (81)10/01/2007 American Core Realty Policy 2.25 (39)3.64 (57)2.91 (62)5.29 (67)6.52 (62)8.51 (61)9.81 (69)6.74 (16) Difference -0.38 -0.33 -1.01 0.08 -0.35 -0.39 -0.42 -1.74 IM U.S. Open End Private Real Estate (SA+CF) Median 2.10 3.80 3.35 5.93 6.90 8.96 10.31 5.53 Intercontinental *2.52 (35)3.01 (74)3.92 (44)7.11 (22)8.96 (18)10.34 (27)11.82 (29)12.09 (33)10/01/2010 NCREIF Fund Index-OEDC (EW)2.25 (39)3.64 (57)2.91 (62)5.29 (67)6.52 (62)8.51 (61)9.81 (69)10.22 (70) Difference 0.27 -0.63 1.01 1.82 2.44 1.83 2.01 1.87 IM U.S. Open End Private Real Estate (SA+CF) Median 2.10 3.80 3.35 5.93 6.90 8.96 10.31 10.99 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. * Intercontinental shows a positive fee for the 4th quarter 2020, this fee was forfeited by the manager as a result of the clawback portion of the performance based fee. Page 20 32 Comparative Performance - IRR QTR 1 YR 3 YR 5 YR 7 YR Inception Inception Date Crescent Direct Lending Fund 3.07 8.32 6.08 7.56 N/A 7.33 10/14/2014 Crescent Direct Lending II Fund 3.81 10.39 7.77 N/A N/A 7.81 03/13/2018 Comparative Performance - IRR As of March 31, 2021 Page 21 33 Financial Reconciliation Quarter to Date Market Value 01/01/2021 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 03/31/2021 Total Equity 45,396,294 -5,083,845 ----1,902 200,170 4,229,913 44,740,631 Domestic Equity Securities 35,700,879 -5,083,845 ----114,855 3,388,057 34,119,947 Vanguard Total Stock Market (VITSX)18,840,168 4,000,000 ----65,021 1,240,523 24,145,711 Brandywine GLBL Dynamic (LMBGX)8,462,679 ------1,460,700 9,923,378 Vanguard Value Index Fund (VIVIX)8,398,033 -9,083,845 ----49,834 686,835 50,857 Foreign Equity Securities 9,695,415 -----1,902 85,315 841,856 10,620,684 RBC Global (Voyageur)9,695,415 -----1,902 85,315 841,856 10,620,684 Total Fixed Income 12,643,619 4,433,277 ---7,087 -16,779 -126,401 16,960,187 Galliard Core Fixed Income 5,463,341 3,300,000 ---7,087 ---97,115 8,659,139 Vanguard Short Term Bond Index (VSCSX)19,010 1,700,000 ----53 -3,982 1,715,081 Vanguard Inflation-Protected Secs (VAIPX)2,573,303 -------40,889 2,532,414 PIMCO Diversified Income Fund Instl (PDIIX)1,964,364 -----16,727 -65,743 1,915,348 Crescent Direct Lending Fund 1,032,510 -212,784 -----27,652 847,378 Crescent Direct Lending II Fund 1,591,091 -353,939 -----53,676 1,290,828 Direct Real Estate 5,523,035 -136,548 ---10,440 -39,579 84,909 5,500,535 American Core Realty Fund 1,840,897 -136,548 ---4,774 -17,044 14,752 1,731,370 Intercontinental 3,682,138 ----5,666 -22,536 70,157 3,769,165 Receipt & Disbursement 756,641 787,115 378,673 -1,022,321 --31,973 78 -868,214 Total Fund Portfolio 64,319,590 -378,673 -1,022,321 -17,527 -33,874 256,606 4,188,421 68,069,567 Financial Reconciliation Quarter to Date Total Fund 1 Quarter Ending March 31, 2021 Page 22 34 Financial Reconciliation Fiscal Year to Date Market Value 10/01/2020 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 03/31/2021 Total Equity 38,703,803 -5,030,309 ---53,526 -3,443 789,238 10,334,868 44,740,631 Domestic Equity Securities 31,063,563 -5,083,845 ----672,707 7,467,522 34,119,947 Vanguard Total Stock Market (VITSX)16,427,142 4,000,000 ----140,354 3,578,216 24,145,711 Brandywine GLBL Dynamic (LMBGX)7,302,966 -----427,212 2,193,200 9,923,378 Vanguard Value Index Fund (VIVIX)7,333,455 -9,083,845 ----105,141 1,696,106 50,857 Foreign Equity Securities 7,640,240 53,536 ---53,526 -3,443 116,531 2,867,346 10,620,684 RBC Global (Voyageur)7,640,240 53,536 ---53,526 -3,443 116,531 2,867,346 10,620,684 Total Fixed Income 13,021,291 3,789,063 ---11,295 -3,005 70,055 94,078 16,960,187 Galliard Core Fixed Income 5,429,323 3,300,000 ---7,087 ---63,097 8,659,139 Vanguard Short Term Bond Index (VSCSX)18,779 1,700,000 ----175 -3,873 1,715,081 Vanguard Inflation-Protected Secs (VAIPX)2,870,558 -350,000 ----35,232 -23,377 2,532,414 PIMCO Diversified Income Fund Instl (PDIIX)1,879,490 -----34,648 1,210 1,915,348 Crescent Direct Lending Fund 1,120,876 -333,127 ---4,208 -1,496 -65,333 847,378 Crescent Direct Lending II Fund 1,702,265 -527,810 ----1,509 -117,882 1,290,828 Direct Real Estate 5,588,364 -241,997 ---13,703 -86,020 81,851 5,500,535 American Core Realty Fund 1,925,600 -241,997 ---9,851 -35,245 22,374 1,731,370 Intercontinental 3,662,764 ----3,852 -50,775 59,478 3,769,165 Receipt & Disbursement 515,204 1,483,243 956,750 -2,039,748 --47,337 102 -868,214 Total Fund Portfolio 57,828,662 -956,750 -2,039,748 -78,524 -53,785 945,415 10,510,797 68,069,567 Financial Reconciliation Fiscal Year to Date Total Fund October 1, 2020 To March 31, 2021 Page 23 35 Comparative Performance Fiscal Year Returns Oct-2019 To Sep-2020 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 Total Fund (Net)7.92 (45)2.78 (84)11.28 (4)14.16 (13)11.15 (12)0.33 (21)11.85 (9)15.72 (8)18.95 (25)-1.17 (85) Total Fund Policy 10.06 (18)4.31 (49)9.85 (11)12.90 (32)10.79 (18)0.59 (17)11.39 (16)14.95 (12)19.64 (16)2.20 (22) Difference -2.14 -1.53 1.43 1.26 0.36 -0.26 0.46 0.77 -0.69 -3.37 All Public Plans-Total Fund Median 7.62 4.27 7.64 12.00 9.76 -0.85 9.89 12.46 17.57 0.42 Total Fund (Gross)8.16 3.16 11.63 14.52 11.51 0.63 12.21 16.33 19.81 -0.45 Total Fund Policy 10.06 4.31 9.85 12.90 10.79 0.59 11.39 14.95 19.64 2.20 Difference -1.90 -1.15 1.78 1.62 0.72 0.04 0.82 1.38 0.17 -2.65 Total Equity 9.65 0.85 15.01 19.50 14.20 -1.52 15.46 23.09 27.08 -4.58 Total Equity Policy 11.69 2.09 14.18 19.00 13.13 -2.28 14.65 22.30 26.46 -1.66 Difference -2.04 -1.24 0.83 0.50 1.07 0.76 0.81 0.79 0.62 -2.92 Domestic Equity Securities 15.35 (35)2.89 (54)17.88 (42)18.64 (51)15.21 (26)-0.59 (63)17.58 (69)21.85 (34)27.76 (62)-3.30 (90) Domestic Equity Securities Policy 15.00 (38)2.92 (54)17.58 (47)18.71 (51)14.96 (30)-0.49 (62)17.76 (67)21.60 (37)30.20 (44)0.55 (59) Difference 0.35 -0.03 0.30 -0.07 0.25 -0.10 -0.18 0.25 -2.44 -3.85 IM U.S. Large Cap Core Equity (SA+CF) Median 12.62 3.35 17.33 18.71 13.41 0.12 19.21 20.55 29.63 1.18 Foreign Equity Securities -9.19 (87)-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) Foreign Equity Securities Policy 1.03 (33)-0.82 (31)3.25 (29)19.65 (55)7.06 (63)-8.27 (42)4.70 (64)24.29 (41)14.33 (57)-8.94 (55) Difference -10.22 -4.54 3.51 3.04 3.68 3.91 5.38 3.25 10.41 0.19 IM International Large Cap Value Equity (SA+CF) Median -4.87 -3.22 1.47 20.93 8.45 -9.46 5.75 22.93 15.50 -8.61 Total Fixed Income 5.44 8.69 2.41 3.59 4.93 1.40 3.23 -0.59 6.34 4.67 Total Fixed Policy 5.71 8.08 -0.93 0.25 3.57 2.95 2.74 -0.71 4.31 4.22 Difference -0.27 0.61 3.34 3.34 1.36 -1.55 0.49 0.12 2.03 0.45 Broad Mkt Fixed Income 7.53 (50)7.81 (97)-0.21 (17)0.61 (52)4.21 (98)2.31 (86)2.61 (99)-1.30 (53)5.88 (77)4.67 (76) Broad Mkt Fixed Income Policy 5.66 (96)8.08 (97)-0.93 (62)0.25 (70)3.57 (100)2.95 (61)2.74 (99)-0.71 (25)4.31 (99)4.22 (90) Difference 1.87 -0.27 0.72 0.36 0.64 -0.64 -0.13 -0.59 1.57 0.45 IM U.S. Broad Market Core Fixed Income (SA+CF) Median 7.53 10.43 -0.74 0.63 5.66 3.02 4.49 -1.25 6.61 5.26 Non-Core Fixed Income 0.92 10.83 14.15 13.06 13.88 8.65 N/A N/A N/A N/A Non-Core Fixed Policy 4.45 6.91 2.69 4.05 5.34 1.34 N/A N/A N/A N/A Difference -3.53 3.92 11.46 9.01 8.54 7.31 N/A N/A N/A N/A Direct Real Estate 3.40 (20)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) NCREIF Fund Index-OEDC (EW)1.74 (60)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) Difference 1.66 1.58 1.43 2.20 0.82 -0.44 1.08 3.95 1.04 -2.21 IM U.S. Open End Private Real Estate (SA+CF) Median 1.90 6.89 9.04 8.05 11.32 15.45 12.78 13.28 12.89 16.62 Comparative Performance Fiscal Year Returns Total Fund As of March 31, 2021 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Page 24 36 Comparative Performance Fiscal Year Returns Total Fund As of March 31, 2021 Oct-2019 To Sep-2020 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 Domestic Equity Securities 15.35 2.89 17.88 18.64 15.21 -0.59 17.58 21.85 27.76 -3.30 Lateef Asset Mgmt.Equity N/A N/A N/A N/A N/A N/A N/A N/A 33.21 (8)-1.17 (76) Russell 1000 Growth Index 37.53 (28)3.71 (52)26.30 (36)21.94 (38)13.76 (23)3.17 (55)19.15 (40)19.27 (64)29.19 (39)3.78 (30) Difference N/A N/A N/A N/A N/A N/A N/A N/A 4.02 -4.95 IM U.S. Large Cap Growth Equity (SA+CF) Median 33.28 3.82 24.44 20.83 11.72 3.61 18.18 20.30 27.71 1.40 Vanguard Total Stock Market (VITSX)15.01 (22)2.89 (38)17.62 (18)18.64 (38)15.00 (16)-0.59 (35)17.77 (32)N/A N/A N/A Vanguard Total Stock Market Index Hybrid 14.99 (23)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) Difference 0.02 -0.03 0.00 0.00 0.01 -0.04 0.00 N/A N/A N/A IM U.S. Multi-Cap Core Equity (MF) Median 10.21 1.47 14.71 17.56 11.62 -1.80 16.35 22.62 27.03 -1.53 Brandywine GLBL Dynamic (LMBGX)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Russell 1000 Value Index -5.03 (54)4.00 (30)9.45 (61)15.12 (72)16.19 (18)-4.42 (41)18.89 (19)22.30 (52)30.92 (15)-1.89 (30) Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A IM U.S. Large Cap Value Equity (MF) Median -4.55 1.87 10.42 16.74 12.49 -4.90 17.21 22.35 28.44 -3.39 Vanguard Value Index Fund (VIVIX)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A CRSP U.S. Large Cap Value TR Index -3.34 (41)3.57 (34)13.59 (18)17.76 (34)16.33 (17)-2.94 (17)19.19 (15)21.75 (59)29.54 (37)-0.16 (17) Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A IM U.S. Large Cap Value Equity (MF) Median -4.55 1.87 10.42 16.74 12.49 -4.90 17.21 22.35 28.44 -3.39 Foreign Equity Securities -9.19 -5.36 6.76 22.69 10.74 -4.36 10.08 27.54 24.74 -8.75 RBC Global (Voyageur)-9.19 (87)-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) MSCI EAFE Index 0.93 (33)-0.82 (31)3.25 (29)19.65 (55)7.06 (63)-8.27 (42)4.70 (64)24.29 (41)14.33 (57)-8.94 (55) Difference -10.12 -4.54 3.51 3.04 3.68 3.91 5.38 3.25 10.41 0.19 MSCI EAFE Value -11.45 (94)-4.31 (61)0.24 (73)23.22 (33)4.16 (89)-12.18 (79)6.18 (43)24.91 (39)13.34 (66)-9.46 (63) Difference 2.26 -1.05 6.52 -0.53 6.58 7.82 3.90 2.63 11.40 0.71 IM International Large Cap Value Equity (SA+CF) Median -4.87 -3.22 1.47 20.93 8.45 -9.46 5.75 22.93 15.50 -8.61 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Page 25 37 Comparative Performance Fiscal Year Returns Total Fund As of March 31, 2021 Oct-2019 To Sep-2020 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 Total Fixed Income 5.44 8.69 2.41 3.59 4.93 1.40 3.23 -0.59 6.34 4.67 Galliard Core Fixed Income 6.85 (31)8.50 (16)-0.43 (56)0.44 (71)4.36 (25)3.04 (26)3.15 (37)-0.64 (74)5.82 (44)4.16 (28) Bloomberg Barclays Intermed Aggregate Index 5.66 (82)8.08 (45)-0.93 (94)0.25 (86)3.57 (73)2.95 (31)2.74 (57)-0.71 (77)4.31 (84)4.22 (23) Difference 1.19 0.42 0.50 0.19 0.79 0.09 0.41 0.07 1.51 -0.06 IM U.S. Intermediate Duration (SA+CF) Median 6.47 8.01 -0.39 0.69 3.90 2.70 2.87 -0.27 5.57 3.60 Galliard TIPS 7.46 5.76 0.39 -0.23 4.75 -0.38 0.59 -3.71 6.01 6.73 Blmbg. Barc. U.S. TIPS 1-10 Year 7.75 5.75 0.33 -0.14 4.83 -0.82 0.61 -3.90 6.32 7.19 Difference -0.29 0.01 0.06 -0.09 -0.08 0.44 -0.02 0.19 -0.31 -0.46 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 FTSE World Government Bond Index 6.77 8.13 -1.54 -2.69 9.71 -3.83 -0.07 -4.60 3.29 4.61 Difference N/A N/A N/A N/A -8.88 -3.80 6.40 8.14 N/A N/A PIMCO Diversified Income Fund Instl (PDIIX)3.63 (72)9.52 (19)N/A N/A N/A N/A N/A N/A N/A N/A Blmbg. Barc. Global Credit (Hedged)5.26 (53)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) Difference -1.63 -1.31 N/A N/A N/A N/A N/A N/A N/A N/A IM Global Fixed Income (MF) Median 5.39 7.65 -1.29 1.02 7.42 -3.85 3.37 -1.81 7.17 1.74 Vanguard Inflation-Protected Secs (VAIPX)9.84 (26)7.03 (13)0.23 (55)N/A N/A N/A N/A N/A N/A N/A Bloomberg Barclays U.S. TIPS Index 10.08 (20)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) Difference -0.24 -0.10 -0.18 N/A N/A N/A N/A N/A N/A N/A IM U.S. TIPS (MF) Median 8.47 5.72 0.29 -0.43 5.77 -1.90 0.95 -6.17 8.21 8.10 Vanguard Short Term Bond Index (VSCSX)4.91 (48)6.71 (12)-0.14 (41)1.55 (27)3.40 (20)N/A N/A N/A N/A N/A Blmbg. Barc. U.S. Corporate 1-5 Year Index 5.21 (39)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) Difference -0.30 -0.07 -0.25 -0.27 0.07 N/A N/A N/A N/A N/A IM U.S. Intermediate Investment Grade (MF) Median 4.84 5.40 -0.38 0.85 2.56 1.21 1.64 -0.52 4.93 1.99 Direct Real Estate 3.40 7.75 10.25 10.01 11.44 14.27 13.47 16.42 12.81 15.82 American Core Realty Fund 1.62 (65)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) American Core Realty Policy 1.74 (60)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) Difference -0.12 0.64 -0.32 -0.29 -1.58 -0.73 0.10 -0.20 -0.21 -1.92 IM U.S. Open End Private Real Estate (SA+CF) Median 1.90 6.89 9.04 8.05 11.32 15.45 12.78 13.28 12.89 16.62 Intercontinental 4.41 (14)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) NCREIF Fund Index-OEDC (EW)1.74 (60)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) Difference 2.67 2.15 2.58 4.01 2.68 -0.75 1.71 5.74 1.61 -2.35 IM U.S. Open End Private Real Estate (SA+CF) Median 1.90 6.89 9.04 8.05 11.32 15.45 12.78 13.28 12.89 16.62 Returns for periods greater than one year are annualized. Returns are expressed as percentages. Total Fund Policy represents new policy beginning 9/1/2020. Old policy geometrically linked to new policy. See benchmark history for details. Parenthesized number represents pertinent peer group ranking: 1-100, best to worst. Page 26 38 Plan Sponsor Peer Group Analysis - All Public Plans-Total Fund Comparative Performance -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 52.00 60.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Total Fund Portfolio 6.96 (1)19.92 (2)45.35 (3)15.91 (7)12.40 (7)12.08 (5)12.25 (4) Total Fund Policy 3.70 (25)14.43 (36)37.40 (39)14.71 (26)11.71 (19)11.31 (21)11.40 (17) Median 3.13 13.85 35.80 13.46 10.30 10.24 10.26 -10.00 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 ReturnOct-2019 To Sep-2020 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 Total Fund Portfolio 7.92 (61)2.78 (83)11.28 (7)14.16 (8)11.15 (6)0.33 (25) Total Fund Policy 10.06 (37)4.31 (40)9.85 (17)12.90 (23)10.79 (12)0.59 (20) Median 8.85 4.01 7.98 11.65 9.29 -0.61 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 1 QtrEndingMar-2020 1 QtrEndingDec-2019 1 QtrEndingSep-2019 Total Fund Portfolio 12.12 (10)5.90 (31)14.45 (24)-16.52 (94)6.65 (5)0.60 (72) Total Fund Policy 10.35 (44)5.72 (37)13.58 (45)-13.55 (53)6.02 (20)0.94 (40) All Public Plans-Total Fund Median 10.14 5.44 13.19 -13.43 5.43 0.82 As of March 31, 2021 Performance Review (Net) Total Fund Portfolio NONE Page 27 39 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance 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 Rank6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Total Fund Portfolio 20 16 (80%)3 (15%)1 (5%)0 (0%) Total Fund Policy 20 20 (100%)0 (0%)0 (0%)0 (0%) 10.35 11.04 11.73 12.42 13.11 Return (%)11.40 11.78 12.16 12.54 12.92 13.30 13.68 14.06 Risk (Standard Deviation %) Return StandardDeviation Total Fund Portfolio 12.40 13.50 Total Fund Policy 11.71 11.92 Median 10.31 11.80¾ 9.75 10.40 11.05 11.70 12.35 13.00 Return (%)9.3 9.6 9.9 10.2 10.5 10.8 11.1 11.4 Risk (Standard Deviation %) Return StandardDeviation Total Fund Portfolio 12.25 10.86 Total Fund Policy 11.40 9.63 Median 10.27 9.52¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Total Fund Portfolio 2.14 110.76 114.84 -0.64 0.39 0.82 1.12 8.84 Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.86 1.00 7.62 90 Day U.S. Treasury Bill 12.05 4.52 -4.33 1.62 -0.86 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 1.74 109.84 112.75 -0.45 0.51 1.01 1.12 7.01 Total Fund Policy 0.00 100.00 100.00 0.00 N/A 1.04 1.00 6.07 90 Day U.S. Treasury Bill 9.73 4.49 -4.42 1.29 -1.04 N/A -0.01 0.00 As of March 31, 2021 Performance Review (Net) Total Fund Portfolio NONE Page 28 40 Peer Group Analysis - IM U.S. Multi-Cap Core Equity (MF) Comparative Performance -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 80.00 95.00 110.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Vanguard Total Stk Mkt (VITSX)6.43 (54)22.07 (45)62.73 (34)21.54 (22)17.14 (14)16.31 (17)16.66 (14) Vanguard Total Stk Mkt Index Hyb 6.43 (54)22.07 (45)62.75 (34)21.54 (22)17.14 (14)16.31 (17)16.67 (14) Median 6.63 21.33 59.81 18.47 14.05 13.86 14.35 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 ReturnOct-2019 To Sep- 2020 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 Vanguard Total Stk Mkt (VITSX)15.01 (22)2.89 (38)17.62 (18)18.64 (38)15.00 (16)-0.59 (35) Vanguard Total Stk Mkt Index Hyb 14.99 (23)2.92 (37)17.62 (18)18.64 (37)14.99 (16)-0.55 (34) Median 10.21 1.47 14.71 17.56 11.62 -1.80 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 1 QtrEndingMar-2020 1 QtrEndingDec-2019 1 QtrEndingSep-2019 Vanguard Total Stk Mkt (VITSX)14.69 (39)9.19 (30)22.10 (38)-20.86 (38)9.01 (29)1.09 (47) Vanguard Total Stock Market Index Hybrid 14.70 (38)9.20 (29)22.09 (38)-20.88 (39)9.00 (30)1.11 (45) IM U.S. Multi-Cap Core Equity (MF) Median 13.84 7.96 21.51 -21.69 8.07 1.00 Performance Review As of March 31, 2021 Vanguard Total Stk Mkt (VITSX) NONE Page 29 41 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 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 Rank6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Vanguard Total Stk Mkt (VITSX)20 20 (100%)0 (0%)0 (0%)0 (0%) Vanguard Total Stk Mkt Index Hyb 20 20 (100%)0 (0%)0 (0%)0 (0%) 12.00 14.00 16.00 18.00 Return (%)19.02 19.03 19.04 19.05 Risk (Standard Deviation %) Return StandardDeviation Vanguard Total Stk Mkt (VITSX)17.14 19.04 Vanguard Total Stk Mkt Index Hyb 17.14 19.04 Median 14.05 19.04¾ 13.68 14.44 15.20 15.96 16.72 17.48 Return (%)15.40 15.44 15.48 15.52 15.56 15.60 Risk (Standard Deviation %) Return StandardDeviation Vanguard Total Stk Mkt (VITSX)16.66 15.42 Vanguard Total Stk Mkt Index Hyb 16.67 15.42 Median 14.35 15.55¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Vanguard Total Stk Mkt (VITSX)0.03 99.98 99.96 0.00 -0.06 0.85 1.00 12.38 Vanguard Total Stock Market Index Hybrid 0.00 100.00 100.00 0.00 N/A 0.85 1.00 12.39 90 Day U.S. Treasury Bill 19.17 2.87 -2.62 1.61 -0.85 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 99.97 99.96 0.00 -0.17 1.00 1.00 9.83 Vanguard Total Stock Market Index Hybrid 0.00 100.00 100.00 0.00 N/A 1.00 1.00 9.83 90 Day U.S. Treasury Bill 15.52 2.91 -2.69 1.28 -1.00 N/A -0.01 0.00 Performance Review As of March 31, 2021 Vanguard Total Stk Mkt (VITSX) NONE Page 30 42 Peer Group Analysis - IM U.S. Large Cap Value Equity (MF) Comparative Performance -10.00 5.00 20.00 35.00 50.00 65.00 80.00 95.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Brandywine GLBL Dynamic 17.26 (6)35.88 (18)N/A N/A N/A N/A N/A Russell 1000 Value Index 11.26 (50)29.34 (47)56.09 (53)13.71 (56)10.96 (43)9.95 (54)11.74 (46) Median 11.24 28.88 56.45 14.04 10.62 10.13 11.61 -22.00 -16.00 -10.00 -4.00 2.00 8.00 14.00 20.00 26.00 32.00 ReturnOct-2019 To Sep-2020 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 Brandywine GLBL Dynamic N/A N/A N/A N/A N/A N/A Russell 1000 Value Index -5.03 (54)4.00 (30)9.45 (61)15.12 (72)16.19 (18)-4.42 (41) Median -4.55 1.87 10.42 16.74 12.49 -4.90 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 1 QtrEndingMar-2020 1 QtrEndingDec-2019 1 QtrEndingSep-2019 Brandywine GLBL Dynamic 15.88 (48)N/A N/A N/A N/A N/A Russell 1000 Value Index 16.25 (43)5.59 (34)14.29 (68)-26.73 (53)7.41 (54)1.36 (53) IM U.S. Large Cap Value Equity (MF) Median 15.77 4.82 15.47 -26.62 7.54 1.41 Performance Review As of March 31, 2021 Brandywine GLBL Dynamic NONE Page 31 43 Peer Group Analysis - IM U.S. Large Cap Value Equity (MF) Comparative Performance -10.00 5.00 20.00 35.00 50.00 65.00 80.00 95.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Vanguard Value Index Fund 10.99 (55)27.10 (62)N/A N/A N/A N/A N/A CRSP U.S. LC Value TR Index 10.99 (55)27.11 (62)51.35 (72)13.56 (58)11.41 (34)11.27 (24)12.74 (25) Median 11.24 28.88 56.45 14.04 10.62 10.13 11.61 -22.00 -16.00 -10.00 -4.00 2.00 8.00 14.00 20.00 26.00 32.00 ReturnOct-2019 To Sep-2020 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 Vanguard Value Index Fund N/A N/A N/A N/A N/A N/A CRSP U.S. LC Value TR Index -3.34 (41)3.57 (34)13.59 (18)17.76 (34)16.33 (17)-2.94 (17) Median -4.55 1.87 10.42 16.74 12.49 -4.90 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 1 QtrEndingMar-2020 1 QtrEndingDec-2019 1 QtrEndingSep-2019 Vanguard Value Index Fund 14.52 (68)N/A N/A N/A N/A N/A CRSP U.S. LC Value TR Index 14.53 (67)5.62 (33)12.73 (92)-25.01 (28)8.25 (39)1.13 (61) IM U.S. Large Cap Value Equity (MF) Median 15.77 4.82 15.47 -26.62 7.54 1.41 Performance Review As of March 31, 2021 Vanguard Value Index Fund NONE Page 32 44 Peer Group Analysis - IM International Large Cap Value Equity (SA+CF) Comparative Performance -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 80.00 95.00 110.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR RBC Global (Voyageur)9.56 (11)39.06 (6)70.50 (9)12.34 (41)7.14 (29)9.63 (33)10.80 (27) MSCI EAFE Index 3.60 (76)20.27 (75)45.15 (73)11.78 (46)6.54 (39)8.67 (41)9.37 (45) Median 6.00 25.64 52.00 11.37 5.68 7.76 8.99 -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 ReturnOct-2019 To Sep-2020 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 RBC Global (Voyageur)-9.19 (87)-5.36 (70)6.76 (5)22.69 (38)10.74 (29)-4.36 (21) MSCI EAFE Index 0.93 (33)-0.82 (31)3.25 (29)19.65 (55)7.06 (63)-8.27 (42) Median -4.87 -3.22 1.47 20.93 8.45 -9.46 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 1 QtrEndingMar-2020 1 QtrEndingDec-2019 1 QtrEndingSep-2019 RBC Global (Voyageur)26.92 (8)3.42 (67)18.55 (20)-32.83 (93)10.27 (35)-2.48 (79) MSCI EAFE Index 16.09 (69)4.88 (46)15.08 (53)-22.72 (25)8.21 (80)-1.00 (36) IM International Large Cap Value Equity (SA+CF) Median 18.17 4.51 15.39 -25.93 9.61 -1.38 Performance Review As of March 31, 2021 RBC Global (Voyageur) NONE Page 33 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 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 Rank6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count RBC Global (Voyageur)20 11 (55%)6 (30%)3 (15%)0 (0%) MSCI EAFE Index 20 0 (0%)11 (55%)9 (45%)0 (0%) 5.28 5.76 6.24 6.72 7.20 7.68 Return (%)14.00 16.00 18.00 20.00 22.00 24.00 26.00 Risk (Standard Deviation %) Return StandardDeviation RBC Global (Voyageur)7.14 23.94 MSCI EAFE Index 6.54 17.47 Median 5.68 19.39¾ 8.26 8.85 9.44 10.03 10.62 11.21 Return (%)12.00 14.00 16.00 18.00 20.00 22.00 Risk (Standard Deviation %) Return StandardDeviation RBC Global (Voyageur)10.80 19.69 MSCI EAFE Index 9.37 14.60 Median 8.99 16.14¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk RBC Global (Voyageur)8.05 127.08 128.00 -0.66 0.24 0.35 1.33 16.30 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.36 1.00 11.70 90 Day U.S. Treasury Bill 17.60 2.64 -3.90 1.55 -0.36 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)6.91 123.68 124.89 -0.78 0.32 0.56 1.30 13.25 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.60 1.00 9.53 90 Day U.S. Treasury Bill 14.70 2.50 -3.78 1.24 -0.60 N/A -0.01 0.00 Performance Review As of March 31, 2021 RBC Global (Voyageur) NONE Page 34 46 Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF) Comparative Performance -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Galliard Core Fixed Inc -1.78 (69)-1.16 (74)3.99 (44)4.91 (42)4.77 (41)3.82 (40)3.18 (47) Barclays Int Agg Index -1.61 (51)-1.20 (77)1.38 (97)4.10 (86)4.17 (82)3.24 (86)2.66 (90) Median -1.61 -0.83 3.68 4.76 4.63 3.69 3.16 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 ReturnOct-2019 To Sep-2020 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 Galliard Core Fixed Inc 6.85 (31)8.50 (16)-0.43 (56)0.44 (71)4.36 (25)3.04 (26) Barclays Int Agg Index 5.66 (82)8.08 (45)-0.93 (94)0.25 (86)3.57 (73)2.95 (31) Median 6.47 8.01 -0.39 0.69 3.90 2.70 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 1 QtrEndingMar-2020 1 QtrEndingDec-2019 1 QtrEndingSep-2019 Galliard Core Fixed Inc 0.63 (60)1.10 (31)4.07 (38)1.14 (54)0.41 (59)1.46 (36) Barclays Int Agg Index 0.42 (87)0.48 (90)2.13 (95)2.49 (19)0.47 (48)1.38 (59) IM U.S. Intermediate Duration (SA+CF) Median 0.70 0.86 3.73 1.29 0.44 1.42 Performance Review As of March 31, 2021 Galliard Core Fixed Inc NONE Page 35 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 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 Rank6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Galliard Core Fixed Inc 20 3 (15%)16 (80%)1 (5%)0 (0%) Barclays Int Agg Index 20 0 (0%)1 (5%)6 (30%)13 (65%) 4.00 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 4.77 2.83 Barclays Int Agg Index 4.17 2.17 Median 4.63 2.48¾ 2.40 2.60 2.80 3.00 3.20 3.40 Return (%)2.07 2.16 2.25 2.34 2.43 2.52 2.61 2.70 Risk (Standard Deviation %) Return StandardDeviation Galliard Core Fixed Inc 3.18 2.60 Barclays Int Agg Index 2.66 2.17 Median 3.16 2.34¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Galliard Core Fixed Inc 1.34 122.96 153.03 -0.07 0.44 1.14 1.16 1.37 Barclays Int Agg Index 0.00 100.00 100.00 0.00 N/A 1.26 1.00 0.77 90 Day U.S. Treasury Bill 2.09 18.99 -40.10 1.31 -1.26 N/A 0.04 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Galliard Core Fixed Inc 1.05 119.04 117.98 0.26 0.50 0.78 1.10 1.41 Barclays Int Agg Index 0.00 100.00 100.00 0.00 N/A 0.71 1.00 1.13 90 Day U.S. Treasury Bill 2.10 17.82 -24.66 1.07 -0.71 N/A 0.04 0.00 Performance Review As of March 31, 2021 Galliard Core Fixed Inc NONE Page 36 48 Peer Group Analysis - IM U.S. Intermediate Investment Grade (MF) Comparative Performance -6.00 -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 VG ST Bond Index (VSCSX)-0.60 (39)0.51 (30)7.12 (23)4.19 (32)4.34 (16)3.36 (15)3.04 (20) Barclays US Corp 1-5 Yr Index -0.59 (38)0.54 (29)7.13 (23)4.53 (16)4.49 (10)3.55 (8)3.25 (14) Median -0.73 0.00 4.66 3.76 3.56 2.78 2.41 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 ReturnOct-2019 To Sep-2020 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 VG ST Bond Index (VSCSX)4.91 (48)6.71 (12)-0.14 (41)1.55 (27)3.22 (27)N/A Barclays US Corp 1-5 Yr Index 5.21 (39)6.78 (11)0.11 (28)1.82 (20)3.33 (21)1.98 (8) Median 4.84 5.40 -0.38 0.85 2.56 1.21 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 1 QtrEndingMar-2020 1 QtrEndingDec-2019 1 QtrEndingSep-2019 VG ST Bond Index (VSCSX)1.12 (28)0.90 (39)5.63 (20)-2.63 (76)1.09 (6)1.19 (12) Barclays US Corp 1-5 Yr Index 1.14 (27)0.92 (38)5.59 (20)-2.19 (69)0.95 (9)1.17 (14) IM U.S. Intermediate Investment Grade (MF) Median 0.79 0.81 3.60 -0.68 0.49 0.87 Performance Review As of March 31, 2021 VG ST Bond Index (VSCSX) NONE Page 37 49 Peer Group Analysis - IM U.S. TIPS (MF) Comparative Performance -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Vanguard Infl-Protected Secs (VAIPX)-1.36 (58)0.23 (65)7.57 (68)7.13 (27)5.64 (22)4.32 (28)N/A Bloomberg Barclays U.S. TIPS Index -1.47 (62)0.12 (67)7.54 (69)7.19 (23)5.68 (20)4.47 (20)3.86 (29) Median -1.19 0.71 8.43 6.43 4.97 3.88 3.44 -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 ReturnOct- 2019 To Sep- 2020 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 Vanguard Infl-Protected Secs (VAIPX)9.84 (26)7.03 (13)0.23 (55)N/A N/A N/A Bloomberg Barclays U.S. TIPS Index 10.08 (20)7.13 (9)0.41 (41)-0.73 (61)6.58 (27)-0.83 (7) Median 8.47 5.72 0.29 -0.43 5.77 -1.90 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 1 QtrEndingMar-2020 1 QtrEndingDec-2019 1 QtrEndingSep-2019 Vanguard Infl-Protected Secs (VAIPX)1.62 (65)3.02 (49)4.18 (69)1.78 (14)0.56 (86)1.42 (14) Bloomberg Barclays U.S. TIPS Index 1.62 (64)3.03 (48)4.24 (67)1.69 (17)0.79 (64)1.35 (19) IM U.S. TIPS (MF) Median 1.78 3.01 4.97 -0.10 0.97 0.81 Performance Review As of March 31, 2021 Vanguard Infl-Protected Secs (VAIPX) NONE Page 38 50 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 2.0 3.0 4.0 5.0 6.0 7.0 Vanguard Infl-Protected Secs (VAIPX) (%)2.0 3.0 4.0 5.0 6.0 7.0 Bloomberg Barclays U.S. TIPS Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Vanguard Infl-Protected Secs (VAIPX)6 5 (83%)1 (17%)0 (0%)0 (0%) Bloomberg Barclays U.S. TIPS Index 20 17 (85%)3 (15%)0 (0%)0 (0%) 4.80 5.10 5.40 5.70 6.00 Return (%)3.60 3.68 3.76 3.84 3.92 4.00 4.08 4.16 Risk (Standard Deviation %) Return StandardDeviation Vanguard Infl-Protected Secs (VAIPX)5.64 3.66 Bloomberg Barclays U.S. TIPS Index 5.68 3.85 Median 4.97 4.04¾ 3.20 3.40 3.60 3.80 4.00 Return (%)3.54 3.57 3.60 3.63 3.66 3.69 Risk (Standard Deviation %) Return StandardDeviation Vanguard Infl-Protected Secs (VAIPX)N/A N/A Bloomberg Barclays U.S. TIPS Index 3.86 3.57 Median 3.44 3.67¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Vanguard Infl-Protected Secs (VAIPX)0.53 96.76 92.18 0.27 -0.08 1.10 0.94 1.80 Bloomberg Barclays U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A 1.06 1.00 1.96 90 Day U.S. Treasury Bill 3.89 12.23 -14.46 1.53 -1.06 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 0.75 1.00 1.95 90 Day U.S. Treasury Bill 3.57 11.38 -11.39 1.17 -0.75 N/A 0.00 0.00 Performance Review As of March 31, 2021 Vanguard Infl-Protected Secs (VAIPX) NONE Page 39 51 Peer Group Analysis - IM Global Fixed Income (MF) Comparative Performance -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR PIMCO Diversified Inc Fd Instl (PDIIX)-2.50 (41)1.91 (18)12.29 (22)5.22 (42)5.35 (8)N/A N/A Blmbg. Barc. Global Credit (Hedged)-2.64 (42)0.39 (46)10.14 (37)5.86 (23)5.59 (4)4.97 (9)5.06 (6) Median -3.20 0.25 8.33 4.96 3.16 3.86 3.30 -16.00 -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 ReturnOct- 2019 To Sep- 2020 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 PIMCO Diversified Inc Fd Instl (PDIIX)3.63 (72)9.52 (19)N/A N/A N/A N/A Blmbg. Barc. Global Credit (Hedged)5.26 (53)10.83 (12)0.39 (17)3.04 (27)9.19 (25)0.86 (18) Median 5.39 7.65 -1.29 1.02 7.42 -3.85 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 1 QtrEndingMar-2020 1 QtrEndingDec-2019 1 QtrEndingSep-2019 PIMCO Diversified Inc Fd Instl (PDIIX)4.52 (27)2.73 (41)7.26 (30)-7.49 (83)1.66 (11)1.20 (46) Blmbg. Barc. Global Credit (Hedged)3.11 (59)1.97 (68)7.60 (26)-4.95 (62)0.93 (33)2.36 (10) IM Global Fixed Income (MF) Median 3.63 2.41 5.53 -3.19 0.73 1.04 Performance Review As of March 31, 2021 PIMCO Diversified Inc Fd Instl (PDIIX) NONE Page 40 52 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Earliest Date Latest Date 5.3 5.4 5.5 5.6 5.7 PIMCO Diversified Inc Fd Instl (PDIIX) (%)5.3 5.4 5.5 5.6 5.7 Blmbg. Barc. Global Credit (Hedged) (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count PIMCO Diversified Inc Fd Instl (PDIIX)1 1 (100%)0 (0%)0 (0%)0 (0%) Blmbg. Barc. Global Credit (Hedged)20 19 (95%)1 (5%)0 (0%)0 (0%) 3.20 4.00 4.80 5.60 6.40 Return (%)4.80 5.10 5.40 5.70 6.00 6.30 6.60 6.90 7.20 Risk (Standard Deviation %) Return StandardDeviation PIMCO Diversified Inc Fd Instl (PDIIX)5.35 6.90 Blmbg. Barc. Global Credit (Hedged)5.59 5.89 Median 3.16 5.32¾ 2.90 3.48 4.06 4.64 5.22 5.80 Return (%)4.86 4.88 4.90 4.92 4.94 4.96 4.98 5.00 Risk (Standard Deviation %) Return StandardDeviation PIMCO Diversified Inc Fd Instl (PDIIX)N/A N/A Blmbg. Barc. Global Credit (Hedged)5.06 4.90 Median 3.30 4.98¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk PIMCO Diversified Inc Fd Instl (PDIIX)2.26 99.84 103.50 -0.79 -0.07 0.57 1.11 5.20 Blmbg. Barc. Global Credit (Hedged)0.00 100.00 100.00 0.00 N/A 0.69 1.00 4.26 90 Day U.S. Treasury Bill 5.97 10.61 -10.81 1.57 -0.69 N/A -0.01 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 0.79 1.00 3.45 90 Day U.S. Treasury Bill 4.96 9.44 -11.38 1.23 -0.79 N/A -0.01 0.00 Performance Review As of March 31, 2021 PIMCO Diversified Inc Fd Instl (PDIIX) NONE Page 41 53 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 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR American Core RE 1.87 (57)3.31 (61)1.90 (69)3.98 (71)5.37 (67)6.03 (66)6.17 (78) American Core RE Policy 2.25 (39)3.64 (57)2.91 (62)4.08 (70)5.29 (67)6.00 (66)6.52 (62) Median 2.10 3.80 3.35 4.50 5.93 6.58 6.90 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 28.00 ReturnOct-2019 To Sep-2020 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 American Core RE 1.62 (65)6.81 (52)8.50 (65)7.52 (63)9.04 (94)13.98 (68) American Core RE Policy 1.74 (60)6.17 (72)8.82 (59)7.81 (56)10.62 (68)14.71 (61) Median 1.90 6.89 9.04 8.05 11.32 15.45 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 1 QtrEndingMar-2020 1 QtrEndingDec-2019 1 QtrEndingSep-2019 American Core RE 1.42 (59)-0.14 (87)-1.23 (55)1.54 (31)1.46 (66)1.44 (71) American Core RE Policy 1.36 (60)0.57 (48)-1.27 (59)0.92 (67)1.53 (58)1.39 (75) IM U.S. Open End Private Real Estate (SA+CF) Median 1.63 0.49 -1.22 1.31 1.61 1.75 Performance Review As of March 31, 2021 American Core RE NONE Page 42 54 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 Rank6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count American Core RE 20 0 (0%)0 (0%)12 (60%)8 (40%) American Core RE Policy 20 0 (0%)1 (5%)19 (95%)0 (0%) 5.10 5.40 5.70 6.00 6.30 Return (%)1.80 1.89 1.98 2.07 2.16 2.25 2.34 Risk (Standard Deviation %) Return StandardDeviation American Core RE 5.37 1.91 American Core RE Policy 5.29 1.81 Median 5.93 2.24¾ 6.00 6.30 6.60 6.90 7.20 Return (%)1.52 1.60 1.68 1.76 1.84 1.92 2.00 2.08 Risk (Standard Deviation %) Return StandardDeviation American Core RE 6.17 1.62 American Core RE Policy 6.52 1.59 Median 6.90 2.01¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk American Core RE 0.64 101.11 96.48 0.04 0.12 1.35 1.01 0.71 American Core RE Policy 0.00 100.00 100.00 0.00 N/A 1.35 1.00 0.74 90 Day U.S. Treasury Bill 2.75 26.29 -1.02 1.39 -1.35 N/A 0.02 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk American Core RE 0.84 94.81 96.48 0.11 -0.40 1.67 0.93 0.55 American Core RE Policy 0.00 100.00 100.00 0.00 N/A 1.72 1.00 0.57 90 Day U.S. Treasury Bill 3.04 17.61 -1.02 1.12 -1.72 N/A 0.01 0.00 Performance Review As of March 31, 2021 American Core RE NONE Page 43 55 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 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Intercontinental 2.52 (35)3.01 (74)3.92 (44)5.75 (22)7.11 (22)7.79 (22)8.96 (18) NCREIF Fund Index-OEDC (EW)2.25 (39)3.64 (57)2.91 (62)4.08 (70)5.29 (67)6.00 (66)6.52 (62) Median 2.10 3.80 3.35 4.50 5.93 6.58 6.90 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 28.00 ReturnOct-2019 To Sep-2020 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 Intercontinental 4.41 (14)8.32 (23)11.40 (11)11.82 (6)13.30 (22)13.96 (68) NCREIF Fund Index-OEDC (EW)1.74 (60)6.17 (72)8.82 (59)7.81 (56)10.62 (68)14.71 (61) Median 1.90 6.89 9.04 8.05 11.32 15.45 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 1 QtrEndingMar-2020 1 QtrEndingDec-2019 1 QtrEndingSep-2019 Intercontinental 0.48 (88)0.90 (26)-0.02 (30)0.27 (81)3.22 (8)2.50 (19) NCREIF Fund Index-OEDC (EW)1.36 (60)0.57 (48)-1.27 (59)0.92 (67)1.53 (58)1.39 (75) IM U.S. Open End Private Real Estate (SA+CF) Median 1.63 0.49 -1.22 1.31 1.61 1.75 Performance Review As of March 31, 2021 Intercontinental NONE Page 44 56 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date 3.0 6.0 9.0 12.0 15.0 18.0 Intercontinental (%)3.0 6.0 9.0 12.0 15.0 18.0 NCREIF Fund Index-OEDC (EW) (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Intercontinental 20 13 (65%)7 (35%)0 (0%)0 (0%) NCREIF Fund Index-OEDC (EW)20 0 (0%)1 (5%)19 (95%)0 (0%) 4.55 5.20 5.85 6.50 7.15 7.80 Return (%)1.80 1.89 1.98 2.07 2.16 2.25 2.34 Risk (Standard Deviation %) Return StandardDeviation Intercontinental 7.11 2.09 NCREIF Fund Index-OEDC (EW)5.29 1.81 Median 5.93 2.24¾ 5.74 6.56 7.38 8.20 9.02 9.84 Return (%)1.33 1.52 1.71 1.90 2.09 2.28 2.47 2.66 2.85 Risk (Standard Deviation %) Return StandardDeviation Intercontinental 8.96 2.55 NCREIF Fund Index-OEDC (EW)6.52 1.59 Median 6.90 2.01¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Intercontinental 1.40 123.55 1.54 2.45 1.24 2.81 0.87 0.01 NCREIF Fund Index-OEDC (EW)0.00 100.00 100.00 0.00 N/A 2.22 1.00 0.74 90 Day U.S. Treasury Bill 1.68 26.28 -1.81 0.92 -2.22 N/A 0.11 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Intercontinental 1.91 131.32 1.54 1.92 1.22 2.90 1.07 0.01 NCREIF Fund Index-OEDC (EW)0.00 100.00 100.00 0.00 N/A 3.23 1.00 0.57 90 Day U.S. Treasury Bill 1.61 17.60 -1.81 1.00 -3.23 N/A 0.03 0.00 Performance Review As of March 31, 2021 Intercontinental NONE Page 45 57 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:$62,733 Expenses:$200,165 Interest:- Total Contributions:$3,055,050 Remaining Capital Commitment:$182,930 Total Distributions:$2,741,637 Market Value:$847,378 Inception Date:10/14/2014 Inception IRR:7.3 TVPI:1.2 Cash Flow Analysis Net Asset Value Distribution Contributions $0.0 $900,000.0 $1,800,000.0 $2,700,000.0 $3,600,000.0 ($900,000.0) 10/14 4/15 10/15 4/16 10/16 4/17 10/17 4/18 10/18 4/19 10/19 4/20 10/20 3/21 Private Equity Fund Overview Crescent Direct Lending Fund As of March 31, 2021 Page 46 58 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:$2,051,690 Management Fees:$11,301 Expenses:$16,229 Interest:- Total Contributions:$2,051,690 Remaining Capital Commitment:$651,599 Total Distributions:$1,012,304 Market Value:$1,290,828 Inception Date:03/13/2018 Inception IRR:7.8 TVPI:1.1 Cash Flow Analysis Net Asset Value Distribution Contributions $0.0 $600,000.0 $1,200,000.0 $1,800,000.0 $2,400,000.0 $3,000,000.0 ($600,000.0) 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 Private Equity Fund Overview Crescent Direct Lending II Fund As of March 31, 2021 Page 47 59 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 Sep-2020 Russell 3000 Index 50.00 MSCI AC World ex USA (Net)15.00 Bloomberg Barclays Intermed Aggregate Index 15.00 Credit Suisse Leveraged Loan Index 4.00 Blmbg. Barc. U.S. TIPS 1-5 Year 3.00 Blmbg. Barc. Global Credit (Hedged)3.00 NCREIF Fund Index-Open End Diversified Core (EW)10.00 American Core Realty Policy Allocation Mandate Weight (%) Oct-2007 NCREIF Property Index 100.00 Oct-2010 NCREIF Fund Index-Open End Diversified Core (EW)100.00 Vanguard 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 Benchmark History Investment Policy Benchmarks As of March 31, 2021 Page 48 60 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 Sep-2020 Russell 3000 Index 77.00 MSCI AC World ex USA (Net)23.00 Domestic Equity Securities Policy Allocation Mandate Weight (%) Jan-1926 S&P 500 Index 100.00 Oct-2009 Russell 3000 Index 100.00 Foreign Equity Policy Allocation Mandate Weight (%) Nov-2000 MSCI EAFE Index 100.00 Sep-2020 MSCI AC World ex USA (Net)100.00 Benchmark History Investment Policy Benchmarks As of March 31, 2021 Page 49 61 Total Fixed Policy Allocation Mandate Weight (%) Nov-2000 Blmbg. Barc. U.S. Aggregate Index 100.00 Sep-2006 Bloomberg Barclays Intermed Aggregate Index 100.00 Sep-2020 Bloomberg Barclays Intermed Aggregate Index 60.00 Credit Suisse Leveraged Loan Index 16.00 Bloomberg Barclays U.S. TIPS Index 12.00 Blmbg. Barc. Global Credit (Hedged)12.00 Broad Mkt Fixed Income Allocation Mandate Weight (%) Nov-2000 Blmbg. Barc. U.S. Aggregate Index 100.00 Sep-2006 Bloomberg Barclays Intermed Aggregate Index 100.00 Non-Core Fixed Policy Allocation Mandate Weight (%) Oct-2014 Credit Suisse Leveraged Loan Index 100.00 Dec-2016 Credit Suisse Leveraged Loan Index 50.00 Bloomberg Barclays U.S. TIPS Index 50.00 Mar-2018 Credit Suisse Leveraged Loan Index 41.00 Bloomberg Barclays U.S. TIPS Index 20.00 Blmbg. Barc. Global Credit (Hedged)39.00 Sep-2020 Credit Suisse Leveraged Loan Index 40.00 Bloomberg Barclays U.S. TIPS Index 30.00 Blmbg. Barc. Global Credit (Hedged)30.00 Benchmark History Investment Policy Benchmarks As of March 31, 2021 Page 50 62 Compliance ChecklistTotal FundAs of March 31, 2021Winter Springs GETotal Fund Compliance:Yes No N/A1. The Total Plan return equaled or exceeded the 7.4% 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 market.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.~~ 0.42 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/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 and five year down-market capture ratio less than the index.Yes No N/A 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 and five year down-market capture ratio less than the index. VG Short BDIntercontinental PIMCO-3Manager Compliance:Vanguard Infl-prot.American REManager Compliance:Vanguard Total VG Value RBC Global GalliardBrandywinePage 5163 Estimated Annual Fee (%) Market Value ($) Estimated Annual Fee ($) Fee Schedule Vanguard Total Stock Market (VITSX)0.03 24,145,711 7,244 0.03 % of Assets Brandywine GLBL Dynamic (LMBGX)0.65 9,923,378 64,502 0.65 % of Assets Vanguard Value Index Fund (VIVIX)0.04 50,857 20 0.04 % of Assets Domestic Equity Securities 0.21 34,119,947 71,766 RBC Global (Voyageur)0.95 10,620,684 100,897 0.95 % of Assets Foreign Equity Securities 0.95 10,620,684 100,897 Galliard Core Fixed Income 0.25 8,659,139 21,648 0.25 % of Assets Vanguard Inflation-Protected Secs (VAIPX)0.10 2,532,414 2,532 0.10 % of Assets Vanguard Short Term Bond Index (VSCSX)0.07 1,715,081 1,201 0.07 % of Assets PIMCO Diversified Income Fund Instl (PDIIX)0.79 1,915,348 15,131 0.79 % of Assets Crescent Direct Lending Fund 1.35 847,378 11,440 1.35 % of Assets Crescent Direct Lending II Fund 0.75 1,290,828 9,681 0.75 % of Assets Total Fixed Income 0.36 16,960,187 61,633 Intercontinental 1.10 3,769,165 41,461 1.10 % of Assets American Core Realty Fund 1.10 1,731,370 19,045 1.10 % of Assets Direct Real Estate 1.10 5,500,535 60,506 Receipt & Disbursement 868,214 - Total Fund 0.43 68,069,567 294,801 Winter Springs General Employees General Plan and Trust Fee Analysis As of March 31, 2021 Page 52 64 Disclosures Neither AndCo, nor any covered associates have made political contributions to any official associated with the Winter Springs General Employees General Plan and Trust, in excess of the permitted amount. Disclosures Total Fund As of March 31, 2021 Page 53 65 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 5466 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 5567 CHICAGO | CLEVELAND | DALLAS | DETROIT | ORLANDO | PITTSBURGH | RENOClients first.68