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HomeMy WebLinkAbout2022 02 10 Board of Trustees Regular Meeting AgendaBOARD OF TRUSTEES REGULAR MEETING AGENDA THURSDAY, FEBRUARY 10, 2022 - 5:30 PM CITY HALL - WEST CONFERENCE ROOM 1126 EAST STATE ROAD 434, WINTER SPRINGS, FLORIDA 1 CALL TO ORDER Roll Call Invocation Pledge of Allegiance Agenda Changes REGULAR AGENDA - PART I 500. Election for Chairperson of the Board of Trustees for Calendar Year 2022 501. Election for Vice-Chairperson of the Board of Trustees for Calendar Year 2022 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 Tuesday, November 30, 2021 Board of Trustee Regular Meeting Minutes Minutes PUBLIC HEARINGS AGENDA 400. Not Used REGULAR AGENDA - PART II 502. Quarterly Investment Return Report from AndCO Consulting Winter Springs General Quarterly Report REPORTS 2 PUBLIC INPUT Anyone who wishes to speak during Public Input on any Agenda Item or subject matter will need to fill out a “Public Input” form. Individuals will limit their comments to three (3) minutes, and representatives of groups or homeowners' associations shall limit their comments to five (5) minutes, unless otherwise determined by the City Commission. ADJOURNMENT PUBLIC NOTICE This is a Public Meeting, and the public is invited to attend and this Agenda is subject to change. Please be advised that one (1) or more Members of any of the City's Advisory Boards and Committees may be in attendance at this Meeting, and may participate in discussions. Persons with disabilities needing assistance to participate in any of these proceedings should contact the City of Winter Springs at (407) 327-1800 "at least 48 hours prior to meeting, a written request by a physically handicapped person to attend the meeting, directed to the chairperson or director of such board, commission, agency, or authority" - per Section 286.26 Florida Statutes. "If a person decides to appeal any decision made by the board, agency, or commission with respect to any matter considered at such meeting or hearing, he or she will need a record of the proceedings, and that, for such purpose, he or she may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based" - per Section 286.0105 Florida Statutes. 3 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING NOVEMBER 30, 2021 (RESCHEDULED FROM NOVEMBER 18, 2021) CALL TO ORDER Chairperson David Withee called the Regular Meeting of Tuesday, November 30, 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, absent Board Member Michael Blake, present Board Member John Ripley, present via phone Board Member Marco Santoro, present Assistant City Clerk Tristin Motter, present A moment of silence was followed by the Pledge of Allegiance. AWARDS AND PRESENTATIONS – NOT USED INFORMATIONAL AGENDA – NOT USED PUBLIC INPUT Chairperson Withee opened Public Input No one spoke Chairperson Withee closed Public Input CONSENT AGENDA 300) Approval of the Monday, August 23, 2021 Board of Trustee Regular Meeting Minutes. Minutes 4 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING –NOVEMBER 30, 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 OF 3 "MOVE FOR APPROVAL." MOTION BY BOARD MEMBER BLAKE. SECONDED BY BPARD MEMBER SANTORO. DISCUSSION. VOTE: BLAKE (AYE); RIPLEY (AYE); SANTORO (AYE); WITHEE (AYE) MOTION CARRIED. PUBLIC HEARINGS AGENDA – NOT USED REGULAR AGENDA 500) Quarterly Investment Return Report from AndCO Consulting Winter Springs General (Quarterly Report) Mr. Dave West, Senior Consultant, AndCo Consulting, 4901 Vineland Road, Suite 600, Orlando, Florida began with a review regarding asset value, the Vanguard index fund, and additionally relayed that the City has been statically unweight on fixed income. Mr. West gave a recommendation to move 1.2 million out of domestic equity, the Vanguard total stock market index fund, and reallocate to Vanguard inflation protection security bond fund. Chairperson Withee asked questions regarding equity and the amount in the recommended shift. Mr. West further explained the process behind the strategic shift suggested. Discussion on inflation, COVID, and its effecting the current World Market ensued. Additionally, further questions were asked from the Board on equity, TIPS, and the suggested recommendation from AndCo. "I WILL MAKE THE MOTION TO ACCEPT THE RECOMMENDATION FROM ANDCO TO MOVE 1.2 MILLION OUT VANGUARD TOTAL STOCK INDEX FUND AND INTO THE VANGUARD INFLATION PROTECTION BOND FUND." MOTION BY CHAIRPERSON WITHEE. SECONDED BY BOARD MEMBER SANTORO. DISCUSSION. VOTE: SANTORO (AYE); BLAKE (NAY); WITHEE (AYE); RIPLEY (AYE) MOTION CARRIED. A brief review of the funds and portfolios were given by Mr. West from the Winter Springs General Quarterly Investment performance review. Discussion ensued on the real estate benchmark, Cash flow, and the Investable Asset. REPORTS 5 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING –NOVEMBER 30, 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 PUBLIC INPUT Chairperson Withee opened Public Input No one spoke Chairperson Withee closed Public Input ADJOURNMENT Chairperson Withee adjourned the Regular Meeting at 6:39 p.m. RESPECTFULLY SUBMITTED: _____________________________________ TRISTIN MOTTER ASSISTANT CITY CLERK NOTE: These Minutes were approved at the _________, 2022 Board of Trustees Regular Meeting. 6 <CBDoc TenantId="2" EntityTypeId="3100" EntityId=”190" DocumentTypeId="1" EffectiveDate="12/31/2021" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending December 31, 2021 Winter Springs General Employees Plan and Trust 7 AndCoFirm Update While adding so many resources to a fi rm our size is a signifi cant investment, it is one we embrace due to the impact we believe it will have on our ability to continue serving our clients at a high level and push us closer to our vision of being a transformational organization viewed as the leader in our industry. At the beginning of each year, we discuss the AndCo partnership and, when earned, announce new partners. This year I am thrilled to share two new team members were named partners at AndCo – Brian Green and Kerry Richardville. Brian has been with the fi rm for over 6 years and is currently a consultant based out of our Detroit, Michigan offi ce. Kerry has been with AndCo for over 5 years and is a consultant based in Orlando. We could not be happier for both Brian and Kerry or more grateful for the contributions they have made to AndCo since joining the fi rm. Brian and Kerry represent what it means to be an AndCo team member, and we are honored and fortunate to have them serving our clients. With the addition of Brian and Kerry, we have 13 partners representing various departments at AndCo, which provides diverse perspectives and insight. Our growing partnership group continues to strengthen AndCo and reaffi rm our belief that 100% employee management is vital to protecting our mission, vision, values, and the long-term success of our organization. We enter 2022 with an unwavering commitment to serve you the best we possibly can. Coming off a year that provided many of our clients record returns, we recognize results going forward may be more challenging to obtain. Please know we will continue to invest and evolve our fi rm in aiming to meet these realities. We do not take any client relationship for granted and will continue to work tirelessly to serve, earn your trust, add value, and exceed your expectations. We are honored and humbled you have chosen AndCo as your partner. In closing, and as we have stated since our rebrand in 2017, our name, AndCo, reminds us of who we work for every day - “Our Client” &Co. You will always be fi rst in our service model. As we continue to discuss strategic decisions and reinvestments regarding our fi rm, please know that our decisions are fi ltered through the following question: “How does this keep our clients’ interests fi rst?” If it doesn’t meet this standard, we don’t do it - it’s that simple. Thank you again for your valued partnership and the opportunity to serve you. Happy New Year! Mike Welker, CFA CEO On behalf of everyone at AndCo, we want to Thank You for the opportunity to serve and the trust you place in us! 2021 marked another unique year as society continued to deal with the eff ects of the global pandemic. While this environment caused all organizations to reassess their business models and service approach, AndCo has remained steadfast in our belief and conviction that the best way to service our valued clients is within a model that is independent, singularly focused, customized, and passionately delivered. These four AndCo principles drive our service approach and desire to exceed your expectations. We take our role as your consultant and trusted advisor seriously and will continue working hard to maintain your confi dence. Looking back at 2021, we would like to provide a brief update on the fi rm. We advise on approximately $123 billion in client assets, as of June 30, 2021. 2021 also marked the 21st straight year of revenue growth for the fi rm. We continue to reinvest 100% of our net profi ts back into the organization so that we can continue to evolve and adapt within a market environment that is constantly changing and challenging. Put simply, stasis is not an eff ective strategy, and we are convicted in our belief that a fi rm not focused on moving forward in our industry is moving backward. To execute on our commitment, we continued to make personnel and technology investments within the fi rm. Our personnel investments focused on further enhancing departmental service levels and narrowing perceived gaps. We continued to invest in our proprietary software system to more eff ectively and effi ciently compile and share information across departments and ultimately better serve our clients. We also continued to build out our internal site (the intranet) so colleagues could stay connected with the fi rm and gain a deeper understanding of standard operating procedures and collectively service our clients the AndCo way. Our intranet also helped strengthen our internal brand and culture by pushing out a variety of daily fi rm updates, videos, and interactive posts to increase team member bonds to our values, core philosophies, and ultimately, brought the fi rm closer together. We believe these connections are increasingly important in the COVID environment when many team members remain wholly or partially remote and we will continue to explore innovative ways to be together in 2022. As we start 2022, we are 87 team members strong with plans to grow. We are targeting several new positions for the year as we thoughtfully continue to invest in our fi rm to provide the quality services you expect from AndCo. These talent enhancements cover multiple departments including Research and Client Solutions, which will strengthen our alternative and public market research as well as our client service. We are also looking to add team members to our Consulting, Finance, Marketing, and IT departments. Page 1 8 Organizational Chart PARTNERSHIP Ben Baldridge, CFA®, CAIA® Private & Hedged Fixed Income Chester Wyche Real Estate & Real Assets Dan Lomelino, CFA® Fixed Income David Julier Real Estate & Real Assets Elizabeth Wolfe Capital Markets & Asset Allocation Evan Scussel, CFA®, CAIA® Private & Public Equity Joseph Ivaszuk Operational Due Diligence Josue Christiansen, CFA®, CIPM® Public Equity Julie Baker, CFA®, CAIA® Private & Hedged Equity Justin Ellsesser, CFA®, CAIA® Private Equity Kevin Laake, CFA®, CAIA® Private Equity Michael Kosoff Hedge Funds Philip Schmitt Fixed Income & Capital Markets Ryan McCuskey Real Estate & Real Assets Zac Chichinski, CFA®, CIPM® Public Equity RESEARCH Donna Sullivan Albert Sauerland Amy Foster David Gough, CPFA Don Delaney Donnell Lehrer, CPFA Grace Niebrzydowski James Reno Jeff Pruniski Joe Carter, CPFA Julio Garcia Rengifo Kim Hummel Meghan Haines Misha Bell Yoon Lee-Choi CLIENT SOLUTIONS Annette Bidart Brad Hess, CFA®, CPFA Brendon Vavrica, CFP® Brian Green Chris Kuhn, CFA®, CAIA® Christiaan Brokaw, CFA® Dave West, CFA® Doug Anderson Gwelda Swilley Ian Jones James Ross Jeff Kuchta, CFA®, CPFA Jennifer Brozstek CONSULTING Jennifer Gainfort, CFA®, CPFA John Mellinger John Thinnes, CFA®, CAIA® Jon Breth, CFP® Justin Lauver, Esq. Kevin Vandolder, CFA® Kerry Richardville, CFA® Mary Nye Michael Fleiner Michael Holycross, CIMA® Mike Bostler Oleg Sydyak, CFA®, FSA, EA Paul Murray, CPFA Peter Brown Tim Nash Tim Walters Tony Kay Tyler Grumbles, CFA®, CIPM®, CAIA® 8 CPFA 6 CIPM®8 CAIA®38ADVANCED DEGREES87EMPLOYEES INVESTMENT POLICY COMMITTEE FINANCE Kahjeelia Pope Robert Marquetti COMPLIANCE Allen Caldwell Thay Arroyo H.R. Sara Schmedinghoff OPERATIONS Jerry Camel Updated as of 01/12/2022 Mike Welker, CFA® Brian Green Bryan Bakardjiev, CFA® Dan Johnson Dan Osika, CFA® Donna Sullivan Evan Scussel, CFA®, CAIA® Jacob Peacock, CPFA Jason Purdy Kerry Richardville, CFA® Kim Spurlin, CPA Steve Gordon Troy Brown, CFA® LEADERSHIP & MANAGEMENT Mike Welker, CFA® CEO Bryan Bakardjiev, CFA® COO Kim Spurlin, CPA CFO Sara Searle CCO Stacie Runion CHRO Steve Gordon Partner Troy Brown, CFA® Executive Director Brooke Wilson, CIPM® Client Solutions Director Dan Johnson Consulting Director Daniel Kwasny, CIPM® Client Solutions Director Evan Scussel, CFA®, CAIA® Research Director Jack Evatt Consulting Director Jacob Peacock, CPFA Consulting Director Jason Purdy I.T. Director Molly Halcom Marketing Director Philip Schmitt Research Director Rachel Brignoni, MHR People & Culture Director 23 CFA® OPERATIONS MARKETING Dan Osika, CFA® John Rodak, CIPM® Kayleigh Greaser Kim Goodearl Lauren Kaufmann Mike Welker, CFA® Bryan Bakardjiev, CFA® Troy Brown, CFA® Sara Searle Page 2 9 4th Quarter 2021 Market Environment Page 3 10 The Market Environment Executive Summary As of December 31, 2021 The Economy The US economy faced headwinds from the Omicron variant during the quarter which likely had a negative impact on economic growth.Fortunately,despite higher transmission rates,the variant appears to be less likely to result in hospitalizations or significant health risks. Even with the variant,the demand for goods and services remained strong during the quarter and market expectations for 4th quarter US GDP growth range from 4%to 7%. The US labor market is nearing full employment with the unemployment rate falling to 3.9%in December.The pace of job growth slowed during the quarter with a three-month average of roughly +365,000.Despite the continued improvement in the labor market,workers are continuing to leave their employers in record numbers.This condition means the number of jobs available exceeds the number of unemployed workers.As a result,wage growth remains strong as employers compete to fill job openings. Persistently higher inflation readings forced the Fed to announce it was planning to end its bond purchase program earlier than expected.In addition,the Fed’s December statement suggested that it could also begin raising short-term interest rates sooner than expected. Equity (Domestic and International) US equities rose to all-time highs during the 4th quarter as investors expressed optimism about future economic growth and continued monetary support from the Fed.Large cap growth was the best performing domestic segment of the equity market relative to other US market capitalizations and styles. International equities lagged far behind their US counterparts during the 4th quarter.A key contributor to the muted performance was US dollar strength,which rose against both the Euro and Yen developed market currencies and most emerging market currencies.Emerging markets came under pressure as the Chinese property developer Evergrande defaulted during the quarter. Fixed Income The combination of concerns related to the potential for rising US interest rates and persistent inflation acted as headwinds for fixed income performance during the quarter.US interest rates moved modestly higher during the quarter with the US 10-Year Treasury bond rising 2 basis points to close at 1.51%. Generally,performance across most bond markets sectors was positive during the quarter,led by US high yield corporate bonds and US Treasury Inflation-Protected Securities (TIPS). High yield bond’s combination of higher coupons and a shorter maturity profile relative to high quality government bonds was the primary driver of their performance during the period. TIPS outperformed all other sectors during the quarter.US inflation remained substantially higher than the Fed’s stated 2%long-term target average,and as a result,investors’expectations of future inflation increased. Market Themes Global central bank monetary policy diverged somewhat during the quarter as the Fed stated its intention to taper its bond purchases and potentially being raising interest rates in 2022.Both the European Central Bank and the Bank of Japan reiterated their intent to remain accommodative as localized inflation remains low. While US economic growth remained strong,overall global economic growth slowed during the quarter primarily due to the rise in pandemic-related cases and shutdowns.It is likely that economic growth could face headwinds in 2022 as central bank stimulus begins to wear off. US equity markets –as measured by the S&P 500 Index –experienced their third consecutive year of double-digit positive performance led by large,growth- oriented companies.While equities have historically performed well during periods of rising inflation due to their links with strong economic growth,companies may face headwinds if they are unable to pass along price increases,which would result in lower profit margins. Longer-dated fixed income markets were negatively impacted by rising interest rates during the year.Despite the potential for increasing risks due to deteriorating credit conditions,corporate bonds could outperform given their higher coupons and shorter maturity profiles compared to higher quality,longer duration bonds. Page 4 11 The Market Environment Major Market Index Performance As of December 31, 2021 Broad US equity markets experienced strong returns during the 4th quarter of 2021.There were a variety of factors that contributed to performance including improving corporate earnings,increased consumer spending and demand, and continued accommodative monetary support from the Fed.For the period, the S&P 500 large cap benchmark returned 11.0%,compared to 6.4%for the mid-cap and 2.1%for small cap indices. Similar to domestic markets,developed market international equities also posted positive results for the 4th quarter,albeit more muted.Europe and the UK were negatively affected by the increase in COVID cases related to the Omicron variant.Emerging markets declined primarily due to concerns related to future economic growth in China and the default of property developer Evergrande.China is the second largest country in the developed market index (9.4%)and its weight dominates the emerging markets index (32.5%). During the period,the MSCI EAFE Index returned of 2.7%while the MSCI Emerging Markets Index declined by -1.3% For the quarter,bond market performance was generally muted as concerns about higher interest rates and rising inflation acted as sizable headwinds.The outlier during the period was TIPS,which are highly sensitive to future inflation expectations and posted a return of 2.4%.The Bloomberg Barclays (BB)US Aggregate Index returned 0.0%,for the period,trailing Investment Grade Corporate bonds,which returned 0.2%. Developed equity markets were sharply higher over the trailing 1-year period. The combination of Improving economic fundamentals,continued support from the Fed,and improving investor expectations all combined to drive equity markets higher.All broad US equity market indexes traded at near-record levels during the quarter.The S&P 500 large cap stock index led equity market performance for the year with a return of 28.7%.The Russell 2000 small cap index returned a lower,but still strong,14.8%for the year. Over the trailing 1-year period the developed market MSCI EAFE Index return of 11.3%outpaced the MSCI Emerging Markets Index return of -2.5%.While growth in developed markets improved throughout the year,emerging markets were negatively impacted from concerns related to index’s dominant county weight to China. Bond market returns over the trailing 1-year period were broadly negative as rising interest rates and concerns regarding inflation detracted from performance.TIPS were the lone bright spot in the bond market with the TIPS Index returning 6.0%for the year. 0.0% 0.2% -0.4% 2.4% 0.2% 0.0% -1.3% 2.7% 1.8% 2.1% 6.4% 9.8% 9.3% 11.0% -5.0%0.0%5.0%10.0%15.0% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 Quarter Performance 0.0% -1.0% -1.0% 6.0% -2.3% -1.5% -2.5% 11.3% 7.8% 14.8% 22.6% 26.5% 25.7% 28.7% -5.0%5.0%15.0%25.0%35.0% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 1-Year Performance Source: Investment Metrics Page 5 12 Source: Investment Metrics The Market Environment Domestic Equity Style Index Performance As of December 31, 2021 The equity market resumed its solid momentum during the 4th quarter as nearly all US equity benchmarks posted positive returns across both the style and market capitalization spectrums.Large cap stocks continued their leadership followed by mid and small cap issues.The Russell 1000 Index returned a strong 9.8%for the quarter and outpaced a 6.4%return of the Russell Mid Cap Index and a Russell 2000 Index return of 2.1%. Performance across styles and market capitalizations was disparate during the quarter.Large cap growth stocks sizably outpaced their value counterparts while mid and small cap value stocks outperformed growth stocks by an even wider margin.For the period,the Russell 1000 Growth Index was the best performing style index,posting a return of 11.6%.Mid cap value index performance was the next best performing segment,returning 8.5%for the quarter.Small cap growth stocks were the laggards during the period with the Russell 2000 Growth Index returning 0.0%. Performance across all market capitalizations and styles was broadly robust over the trailing 1-year period.Much like the 4th quarter,the outlier for the year was small cap growth stocks.The Russell 2000 Growth Index return of 2.8%for the year significantly lagged both its mid and large cap growth index counterparts and Russell 2000 Value index return of 28.3%. While large cap style returns were relatively similar for the year,there was wide dispersion across mid and small style-based index performance.For the year,the Russell 1000 Growth Index rose by 27.6%compared to a still robust 25.2%return for the Russell 1000 Value Index.Within mid and small cap benchmark performance,value dominated growth by double digits.The Russell 2000 Value Index and Russell Mid Cap Value Index both returned 28.3%for the period.In comparison,the Russell Mid Cap Growth Index returned 12.7%,while the Russell 2000 Growth Index returned only 2.8%. 0.0% 2.1% 4.4% 2.8% 6.4% 8.5% 11.6% 9.8% 7.8% 10.9% 9.3% 7.5% 0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0% 2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value Quarter Performance -Russell Style Series 2.8% 14.8% 28.3% 12.7% 22.6% 28.3% 27.6% 26.5% 25.2% 25.8% 25.7% 25.4% 0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0% 2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value 1-Year Performance -Russell Style Series Page 6 13 The Market Environment GICS Sector Performance & (Sector Weight) As of December 31, 2021 Source: Morningstar Direct 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. Economic sector performance was positive across ten of the eleven large cap economic sectors for the 4th quarter.Six sectors outpaced the return of the broad index during the period. Economically sensitive sectors like real estate (15.6%),materials (14.4%), information technology (14.2%),and utilities (13.2%)were the best performing sectors for the quarter.In general,companies in sectors with the ability to grow earnings and either guard against,or pass along, inflation experienced the strongest returns.While nearly all sectors experienced positive results,the communication services sector (-0.5%) lagged its peers and was the sole negative performer for the quarter. For the full year,four sectors exceeded the return of the broad large cap benchmark:energy (55.9%),real estate (40.5%),financials (35.5%),and information technology (30.5%).The weakest economic sector performance in the Russell 1000 for the year was utilities,which still managed to post a solid return of 17.6%. Small cap sector performance was more mixed with eight of the eleven economic sectors posting positive performance for the quarter and seven of them outpacing the return of the broader Russell 2000 Index.Utilities were the best performing sector during the quarter,returning 12.6%.The real estate (10.3%),industrials (9.6%),and consumer staples (8.3%) sectors also performed well during the period. For the trailing 1-year period,nine of the eleven sectors outpaced the broad benchmark’s return.Outperforming sectors included energy (67.8%),real estate (29.4%),financials (28.1%),consumer discretionary (27.0%),industrials (25.4%),materials (24.8%),consumer staples (21.4%),communication services (17.0%),and information technology (15.9%).The combination of a steadily improving economy,improving corporate fundamentals,easy monetary policy,and rising inflationary pressures were all tailwinds for the robust performance in these sectors. 11.0% 29.4% 24.8% 15.9% 25.4% -16.2% 28.1% 67.8% 21.4% 27.0% 17.0% 12.6% 10.3% 5.2% 6.1% 9.6% -10.1% 5.8% -4.0% 8.3% 1.6% -10.4% -20.0%0.0%20.0%40.0%60.0%80.0% Utilities (2.5%) Real Estate (7.0%) Materials (3.8%) Info Technology (14.2%) Industrials (14.9%) Health Care (19.4%) Financials (15.7%) Energy (4.5%) Consumer Staples (3.2%) Consumer Disc (11.4%) Comm Services (3.5%) Russell 2000 Quarter 1-Year 17.6% 40.5% 25.0% 30.5% 19.3% 24.2% 35.5% 55.9% 17.8% 21.7% 18.7% 13.2% 15.6% 14.4% 14.2% 8.2% 9.5% 4.9% 7.8% 12.7% 10.6% -0.5% -10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0% Utilities (2.3%) Real Estate (3.2%) Materials (2.3%) Info Technology (28.6%) Industrials (8.6%) Health Care (12.8%) Financials (11.5%) Energy (2.6%) Consumer Staples (5.3%) Consumer Disc (12.6%) Comm Services (10.1%) Russell 1000 Quarter 1-Year Page 7 14 The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of December 31, 2021 Source: Morningstar Direct Top 10 Weighted Stocks Top 10 Weighted Stocks Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Apple Inc 6.11%25.7%34.6%Information Technology AMC Entmt Hldgs Inc Class A 0.47%-28.5%1,183.0%Communication Services Microsoft Corp 5.65%19.5%52.5%Information Technology Synaptics Inc 0.38%61.1%200.3%Information Technology Amazon.com Inc 3.23%1.5%2.4%Consumer Discretionary Lattice Semiconductor Corp 0.35%19.2%68.2%Information Technology Alphabet Inc Class A 1.94%8.4%65.3%Communication Services EastGroup Properties Inc 0.31%37.4%68.4%Real Estate Tesla Inc 1.91%36.3%49.8%Consumer Discretionary BJ's Wholesale Club Holdings Inc 0.31%21.9%79.6%Consumer Staples Alphabet Inc Class C 1.81%8.6%65.2%Communication Services Tetra Tech Inc 0.31%13.8%47.5%Industrials Meta Platforms Inc Class A 1.77%-0.9%23.1%Communication Services Saia Inc 0.30%41.6%86.4%Industrials NVIDIA Corp 1.57%42.0%125.5%Information Technology Ovintiv Inc 0.30%3.0%138.4%Energy Berkshire Hathaway Inc Class B 1.22%9.5%29.0%Financials Tenet Healthcare Corp 0.29%23.0%104.6%Health Care UnitedHealth Group Inc 1.05%28.9%45.2%Health Care WillScot Mobile Mini Holdings Corp 0.29%28.8%76.3%Industrials Top 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter) Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Arista Networks Inc 0.08%67.3%97.9%Information Technology Adicet Bio Inc Ordinary Shares 0.01%123.1%24.5%Health Care Builders FirstSource Inc 0.04%65.7%110.0%Industrials Yellow Corp Ordinary Shares 0.02%122.9%184.3%Industrials New Relic Inc 0.01%53.2%68.1%Information Technology R.R.Donnelley & Sons Co 0.03%119.1%398.2%Industrials Teradyne Inc 0.06%49.9%36.8%Information Technology ChemoCentryx Inc 0.07%112.9%-41.2%Health Care Ciena Corp 0.03%49.9%45.6%Information Technology iRhythm Technologies Inc 0.12%101.0%-50.4%Health Care ON Semiconductor Corp 0.06%48.4%107.5%Information Technology BlueLinx Holdings Inc 0.03%95.9%227.3%Industrials Ford Motor Co 0.18%47.4%137.5%Consumer Discretionary Kezar Life Sciences Inc 0.02%93.5%220.3%Health Care Dollar Tree Inc 0.07%46.8%30.1%Consumer Discretionary Alpha & Omega Semiconductor Ltd 0.04%93.1%156.2%Information Technology Marvell Technology Inc 0.16%45.2%84.6%Information Technology Protagonist Therapeutics Inc 0.05%93.0%69.6%Health Care Rexford Industrial Realty Inc 0.03%43.4%67.8%Real Estate Clearfield Inc 0.03%91.2%241.5%Information Technology Bottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter) Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Peloton Interactive Inc 0.02%-58.9%-76.4%Consumer Discretionary Allakos Inc 0.01%-90.8%-93.0%Health Care Everbridge Inc 0.01%-55.4%-54.8%Information Technology Cortexyme Inc 0.01%-86.2%-54.6%Health Care Chegg Inc 0.01%-54.9%-66.0%Consumer Discretionary Rafael Hldgs Inc Ord Shares -B 0.00%-83.4%-78.1%Real Estate Upstart Holdings Inc Ordinary Shares 0.02%-52.2%271.3%Financials Adagio Therapeutics Inc Ord Shares 0.01%-82.8%N/A Health Care StoneCo Ltd Class A 0.01%-51.4%-79.9%Information Technology Atea Pharmaceuticals Inc Ord Shs 0.02%-74.5%-78.6%Health Care Vroom Inc Ordinary Shares 0.00%-51.1%-73.7%Consumer Discretionary Eros STX Global Corp 0.00%-73.9%-86.8%Communication Services Paysafe Ltd Ord Shares -Class A 0.01%-49.5%N/A Information Technology Reata Pharmaceuticals Inc A 0.02%-73.8%-78.7%Health Care Virgin Galactic Holdings Inc Shs A 0.01%-47.1%-43.6%Industrials Generation Bio Co Ordinary Shares 0.01%-71.8%-75.0%Health Care DraftKings Inc Ord Shares -Class A 0.02%-43.0%-41.0%Consumer Discretionary BeyondSpring Inc 0.00%-71.3%-62.9%Health Care DocuSign Inc 0.07%-40.8%-31.5%Information Technology Deciphera Pharmaceuticals Inc 0.01%-71.2%-82.9%Health Care Page 8 15 Source: MSCI Global Index Monitor (Returns are Net) The Market Environment International and Regional Market Index Performance (Country Count) As of December 31, 2021 Most developed market international equity indexes tracked in the chart posted positive returns in both US dollar (USD)and local currency terms for the 4th quarter.The provincial outlier during the period was the Pacific region which declined during the period on concerns about China and the country’s future economic growth.The developed market MSCI EAFE Index returned 2.7%in USD and 3.9%in local currency (LC)terms for the period,while the MSCI Emerging Markets Index declined by -1.3%in USD and -0.9%in local currency terms. The trailing 1-year results for international developed markets were positive across all regions and currencies.The MSCI EAFE Index returned 11.3%in USD for the year and 18.7%in LC.Returns across emerging markets were more polarized by geography.While the MSCI Emerging Markets Index returned -2.5%in USD and -0.2%in LC,the EMEA (Europe,Middle East,and Africa)regional index’s return of 18.0%in USD and 22.5%in LC,rivaled developed regional benchmark performance.In contrast,performance within the Latin America and Asia regional benchmarks detracted from emerging market index performance with the EM Latin America Index returning -8.1%in USD and -2.2%in LC,while EM Asia posted a return of -5.1%in USD and - 3.3%in LC. -1.1% -1.1% 0.5% -0.9% -0.8% 6.5% 3.9% 4.2% 2.7% -2.7% -1.0% -2.4% -1.3% -2.7% 5.7% 2.7% 3.1% 1.8% -4.0%-2.0%0.0%2.0%4.0%6.0%8.0% 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 Performance USD Local Currency -2.2% -3.3% 22.5% -0.2% 12.0% 22.5% 18.7% 19.3% 13.0% -8.1% -5.1% 18.0% -2.5% 2.6% 16.3% 11.3% 12.6% 7.8% -15.0%-5.0%5.0%15.0%25.0% 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 Performance USD Local Currency Page 9 16 The Market Environment US Dollar International Index Attribution & Country Detail As of December 31, 2021 Source: 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 Return Communication Services 4.5%-5.6%-5.7% Consumer Discretionary 12.5%2.9%10.7% Consumer Staples 10.3%5.2%7.3% Energy 3.4%-0.5%22.9% Financials 16.9%1.2%16.6% Health Care 12.8%3.0%8.6% Industrials 16.2%2.6%13.6% Information Technology 9.7%3.8%20.9% Materials 7.6%5.9%10.4% Real Estate 2.8%-0.5%4.1% Utilities 3.4%8.8%0.0% Total 100.0%2.7%11.3% MSCI –ACWIxUS Sector Weight Quarter Return 1-Year Return Communication Services 6.1%-2.8%-6.9% Consumer Discretionary 12.1%-0.9%-6.0% Consumer Staples 8.6%3.8%5.3% Energy 4.8%-0.4%26.0% Financials 19.2%1.9%16.4% Health Care 9.4%0.1%3.7% Industrials 12.6%2.6%12.9% Information Technology 13.6%5.2%15.4% Materials 8.1%3.6%9.7% Real Estate 2.4%-2.3%-2.2% Utilities 3.1%6.8%3.1% Total 100.0%1.8%7.8% MSCI -Emerging Mkt Sector Weight Quarter Return 1-Year Return Communication Services 10.7%-0.5%-9.1% Consumer Discretionary 13.5%-8.2%-29.1% Consumer Staples 5.9%-2.1%-4.9% Energy 5.6%-3.8%21.0% Financials 19.4%-0.4%8.2% Health Care 4.2%-15.4%-19.8% Industrials 5.1%-0.3%8.4% Information Technology 22.7%7.4%9.9% Materials 8.6%-2.9%9.3% Real Estate 2.0%-8.5%-21.8% Utilities 2.4%0.7%12.4% Total 100.0%-1.3%-2.5% MSCI-EAFE MSCI-ACWIxUS Quarter 1-Year Country Weight Weight Return Return Japan 22.5%14.3%-4.0%1.7% United Kingdom 14.6%9.3%5.6%18.5% France 11.7%7.5%7.1%19.5% Switzerland 10.5%6.7%12.8%19.3% Germany 8.9%5.6%0.8%5.3% Australia 6.9%4.4%2.1%9.4% Netherlands 4.9%3.1%3.5%27.6% Sweden 4.0%2.5%6.1%21.9% Hong Kong 2.8%1.8%-3.6%-3.9% Denmark 2.7%1.7%5.8%19.1% Italy 2.5%1.6%5.6%15.0% Spain 2.2%1.4%-1.4%1.4% Singapore 1.2%0.8%-3.4%5.7% Finland 1.0%0.7%3.0%9.0% Belgium 0.9%0.6%1.7%2.2% Israel 0.7%0.5%7.0%15.2% Ireland 0.7%0.4%0.6%8.5% Norway 0.7%0.4%-0.3%22.0% Austria 0.2%0.2%5.2%41.5% New Zealand 0.2%0.1%-4.0%-17.1% Portugal 0.2%0.1%1.9%0.2% Total EAFE Countries 100.0%63.6%2.7%11.3% Canada 7.5%7.2%26.0% Total Developed Countries 71.1%3.1%12.6% China 9.4%-6.1%-21.7% Taiwan 4.7%8.4%26.1% Korea 3.7%-0.9%-8.4% India 3.6%-0.2%26.2% Brazil 1.2%-6.5%-17.4% Russia 1.0%-9.2%19.0% Saudi Arabia 1.0%-0.7%37.7% South Africa 0.9%-0.5%3.6% Mexico 0.6%6.2%22.5% Thailand 0.5%3.0%-1.4% Indonesia 0.4%6.4%2.1% Malaysia 0.4%1.8%-6.2% United Arab Emirates 0.3%10.3%50.2% Poland 0.2%-2.4%8.5% Qatar 0.2%2.6%15.2% Philippines 0.2%3.7%-3.9% Kuwait 0.2%2.3%30.9% Chile 0.1%-10.5%-17.3% Hungary 0.1%-9.7%12.1% Turkey 0.1%-11.2%-28.4% Peru 0.1%10.4%-19.9% Greece 0.1%-3.6%8.0% Colombia 0.1%-2.7%-13.8% Czech Republic 0.0%12.3%55.0% Egypt 0.0%18.3%7.5% Argentina 0.0%-0.4%21.0% Pakistan 0.0%-2.7%-24.9% Total Emerging Countries 28.9%-1.3%-2.5% Total ACWIxUS Countries 100.0%1.8%7.8% Page 10 17 Source: Bloomberg The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of December 31, 2021 Fixed income market results were mixed during the 4th quarter.While the Fed remained supportive with bond purchases,concerns about rising inflation and potentially higher interest rates detracted from performance. US Treasury yields were mixed across the maturity curve but remained low. The return for the Bloomberg US Aggregate Bond Index,the bellwether investment grade benchmark,was flat for the period at 0.0%. Performance across the investment grade index’s segments was mixed during the period with the US Corporate Investment Grade bonds returning 0.2%while the US Mortgage index component fell -0.4%. US TIPS posted the quarter’s strongest bond performance with a return of 2.4%.High yield issues were also positive,posting a return of 0.7%. Outside of domestic markets,the BB Global Aggregate ex US Index posted a return of -1.2%for the quarter.Like international stocks,global bond index performance was negatively impacted by the strengthening USD,which acted as a drag on domestic index returns. Over the trailing 1-year period,domestic investment grade benchmark performance was skewed lower by higher quality government bonds (- 2.3%)as well as negative performance from investment grade corporate (- 1.0%)and mortgage-backed (-1.0%)bonds.Aided by higher inflation,only US TIPS managed to generate positive returns during the year with a return of 6.0%.The bellwether Bloomberg US Aggregate Bond Index declined by -1.5%for the year. Lower quality high yield bonds delivered solid performance during the year supported by both higher coupons and a lower maturity profile,which acted as tailwinds.The Bloomberg US High Yield Index returned of 5.3% for the period. Performance for non-US bonds was broadly negative for the year with the developed market Bloomberg Global Aggregate ex US Index declining by -7.0%.The combination of rising interest rates overseas,a longer maturity profile,and USD strength for the year hindered index performance. -0.7% -1.2% -0.5% 0.0% 0.3% 0.1% 0.2% -0.1% 2.4% 0.7% 0.2% -0.4% 0.2% -2.0%-1.0%0.0%1.0%2.0%3.0%4.0% Multiverse (7.4) Global Agg x US (8.2) Intermediate Agg (4.4) Aggregate (6.8) Baa (8.7) A (8.4) AA (8.5) AAA (6.1) U.S. TIPS (4.4) U.S. High Yield (3.8) U.S. Corporate IG (8.7) U.S. Mortgage (4.8) U.S. Treasury (7.1) Quarter Performance -4.5% -7.0% -1.3% -1.5% -0.4% -1.8% -1.2% -1.7% 6.0% 5.3% -1.0% -1.0% -2.3% -10.0%-8.0%-6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%10.0% Multiverse (7.4) Global Agg x US (8.2) Intermediate Agg (4.4) Aggregate (6.8) Baa (8.7) A (8.4) AA (8.5) AAA (6.1) U.S. TIPS (4.4) U.S. High Yield (3.8) U.S. Corporate IG (8.7) U.S. Mortgage (4.8) U.S. Treasury (7.1) 1-Year Performance Page 11 18 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis) The Market Environment Market Rate & Yield Curve Comparison As of December 31, 2021 The gray band across the graph illustrates the range of the current Fed Funds Rate.Over the past year,the Fed’s target rate range has remained unchanged at 0.00%to 0.25%.During its recent December meeting,the Federal Open Market Committee (FOMC)stated its intent to keep interest rates unchanged in the near-term,while also signaling that it would end its bond purchase program earlier than expected and foreshadowing that interest rates could begin to rise early next year. The yield on the US 10-year Treasury (green line)ended the year higher as economic growth accelerated in anticipation of the Fed beginning the process of normalizing interest rates.After reaching a high of 1.74%during the 1st quarter of 2021,interest rates traded within a narrow range for the remainder of the year.The yield on the US 10-year Treasury was 1.52%on December 31st. The blue line illustrates changes in the BAA OAS (Option Adjusted Spread). This measure quantifies the additional yield premium that investors require to purchase and hold non-US Treasury investment grade issues.For the full year,the spread narrowed slightly from 1.30%to 1.21%.A narrowing of the premium measured by the High Yield OAS showed investors’willingness to take on credit risk during the year as the spread tightened from 3.86%to 3.10%over the course of the year. The lower graph provides a snapshot of the US Treasury yield curve at the end of each of the last four quarters.While short-term rates are largely pinned to the Fed Funds Rate,beginning in the 1st quarter of 2021,intermediate-term interest rates began to move higher as investors expectations for higher future interest rates increased.In contrast,longer-term interest rates declined throughout the year over concerns that future economic growth may slow due to rising interest rates. 0.00 0.50 1.00 1.50 2.00 2.50 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Treasury Yield Curve 3/31/2021 6/30/2021 9/30/2021 12/31/2021 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 1-Year Trailing Market Rates Fed Funds Rate BAA OAS 10yr Treasury High Yield OAS Page 12 19 Page Intentionally Left Blank Page 1320 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 $2,399,842.2 (3.2%) Direct Real Estate $5,642,074.3 (7.5%) Non-Core Fixed Income$9,265,128.9 (12.3%) Broad Mkt Fixed Income $8,672,718.6 (11.5%) Foreign Equity Securities $10,757,115.1 (14.2%) Domestic Equity Securities $38,772,228.9 (51.3%) Asset Allocation Compliance Asset Allocation $ Current Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Target Allocation (%) Total Fund Portfolio 75,509,108 100.0 N/A N/A 100.0 Domestic Equity Securities 38,772,229 51.3 45.0 55.0 50.0 Foreign Equity Securities 10,757,115 14.2 10.0 20.0 15.0 Broad Mkt Fixed Income 8,672,719 11.5 10.0 30.0 15.0 Non-Core Fixed Income 9,265,129 12.3 0.0 20.0 10.0 Direct Real Estate 5,642,074 7.5 0.0 15.0 10.0 Receipt & Disbursement 2,399,842 3.2 0.0 5.0 0.0 Asset Allocation Compliance Total Fund Portfolio As of December 31, 2021 Page 14 21 Asset Allocation By Segment as of September 30, 2021 : $71,942,663 Asset Allocation By Segment as of December 31, 2021 : $75,509,108 Allocation Segments Market Value Allocation Domestic Equity 36,838,977 51.2¢ Foreign Equity 10,646,804 14.8¢ Broad Mkt Fixed Income 8,725,741 12.1¢ Non-Core Fixed Income 8,159,531 11.3¢ Real Estate 5,270,055 7.3¢ Cash Equivalent 2,301,554 3.2¢ Allocation Segments Market Value Allocation Domestic Equity 38,772,229 51.3¢ Foreign Equity 10,757,115 14.2¢ Broad Mkt Fixed Income 8,672,719 11.5¢ Non-Core Fixed Income 9,265,129 12.3¢ Real Estate 5,634,255 7.5¢ Cash Equivalent 2,407,661 3.2¢ Asset Allocation Summary Total Fund As of December 31, 2021 NONE Page 15 22 Asset Allocation By Manager as ofSeptember 30, 2021 : $71,942,663 Asset Allocation By Manager as ofDecember 31, 2021 : $75,509,108 Allocation Market Value Allocation Vanguard Total Stock Market (VITSX)31,326,995 43.5¢ RBC Global (Voyageur)10,646,804 14.8¢ Galliard Core Fixed Income 8,725,741 12.1¢ Brandywine GLBL Dynamic (LMBGX)5,511,982 7.7¢ Intercontinental 4,154,287 5.8¢ Vanguard Inflation-Protected Secs (VAIPX)2,612,563 3.6¢ Receipt & Disbursement 2,293,986 3.2¢ PIMCO Diversified Income Fund Instl (PDIIX)1,971,106 2.7¢ Vanguard Short Term Bond Index (VSCSX)1,729,888 2.4¢ Crescent Direct Lending II Fund 1,141,157 1.6¢ ARA Core Property Fund 1,123,336 1.6¢ Crescent Direct Lending Fund 704,817 1.0¢ Allocation Market Value Allocation Vanguard Total Stock Market (VITSX)32,952,039 43.6¢ RBC Global (Voyageur)10,757,115 14.2¢ Galliard Core Fixed Income 8,672,719 11.5¢ Brandywine GLBL Dynamic (LMBGX)5,820,189 7.7¢ Intercontinental 4,431,299 5.9¢ Vanguard Inflation-Protected Secs (VAIPX)3,921,475 5.2¢ Receipt & Disbursement 2,399,842 3.2¢ PIMCO Diversified Income Fund Instl (PDIIX)1,970,137 2.6¢ Vanguard Short Term Bond Index (VSCSX)1,720,475 2.3¢ ARA Core Property Fund 1,210,775 1.6¢ Crescent Direct Lending II Fund 976,718 1.3¢ Crescent Direct Lending Fund 676,324 0.9¢ Asset Allocation Summary Total Fund As of December 31, 2021 NONE Page 16 23 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 12/21 Historical Asset Allocation by Segment Total Fund October 1, 2007 To December 31, 2021 Page 17 24 -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 51.35 (25)14.25 (53)2.61 (80)18.96 (74)2.19 (93)7.47 (54)3.18 (20)˜ 5th Percentile 60.40 25.19 11.96 56.40 41.98 13.74 8.38 1st Quartile 51.24 17.49 4.97 32.36 19.54 9.79 2.67 Median 43.20 14.53 3.98 24.47 10.82 7.82 1.35 3rd Quartile 33.38 11.92 2.90 18.64 4.86 5.42 0.62 95th Percentile 18.24 7.12 1.61 12.27 1.34 2.11 0.08 Plan Sponsor TF Asset Allocation Total Fund Portfolio Vs. All Public Plans-Total Fund As of December 31, 2021 Page 18 25 Historical Asset Allocation by Portfolio Dec-2021 Sep-2021 Jun-2021 Mar-2021 Dec-2020 ($)%($)%($)%($)%($)% Total Equity 49,529,344 65.59 47,485,781 66.01 47,690,473 66.18 44,740,631 65.73 45,396,294 70.58 Domestic Equity Securities 38,772,229 51.35 36,838,977 51.21 36,890,961 51.19 34,119,947 50.13 35,700,879 55.51 Vanguard Total Stock Market (VITSX)32,952,039 43.64 31,326,995 43.54 31,346,870 43.50 24,145,711 35.47 18,840,168 29.29 Brandywine GLBL Dynamic (LMBGX)5,820,189 7.71 5,511,982 7.66 5,544,091 7.69 9,923,378 14.58 8,462,679 13.16 Vanguard Value Index Fund (VIVIX)-0.00 -0.00 -0.00 50,857 0.07 8,398,033 13.06 Foreign Equity Securities 10,757,115 14.25 10,646,804 14.80 10,799,512 14.99 10,620,684 15.60 9,695,415 15.07 RBC Global (Voyageur)10,757,115 14.25 10,646,804 14.80 10,799,512 14.99 10,620,684 15.60 9,695,415 15.07 Total Fixed Income 17,937,847 23.76 16,885,273 23.47 17,005,019 23.60 16,960,187 24.92 12,643,619 19.66 Galliard Core Fixed Income 8,672,719 11.49 8,725,741 12.13 8,730,085 12.11 8,659,139 12.72 5,463,341 8.49 Vanguard Short Term Bond Index (VSCSX)1,720,475 2.28 1,729,888 2.40 1,728,860 2.40 1,715,081 2.52 19,010 0.03 Vanguard Inflation-Protected Secs (VAIPX)3,921,475 5.19 2,612,563 3.63 2,591,034 3.60 2,532,414 3.72 2,573,303 4.00 PIMCO Diversified Income Fund Instl (PDIIX)1,970,137 2.61 1,971,106 2.74 1,968,611 2.73 1,915,348 2.81 1,964,364 3.05 Crescent Direct Lending Fund 676,324 0.90 704,817 0.98 791,425 1.10 847,378 1.24 1,032,510 1.61 Crescent Direct Lending II Fund 976,718 1.29 1,141,157 1.59 1,195,004 1.66 1,290,828 1.90 1,591,091 2.47 Direct Real Estate 5,642,074 7.47 5,277,623 7.34 5,531,340 7.68 5,500,535 8.08 5,523,035 8.59 ARA Core Property Fund 1,210,775 1.60 1,123,336 1.56 1,602,079 2.22 1,731,370 2.54 1,840,897 2.86 Intercontinental 4,431,299 5.87 4,154,287 5.77 3,929,261 5.45 3,769,165 5.54 3,682,138 5.72 Receipt & Disbursement 2,399,842 3.18 2,293,986 3.19 1,836,393 2.55 868,214 1.28 756,641 1.18 Total Fund Portfolio 75,509,108 100.00 71,942,663 100.00 72,063,226 100.00 68,069,567 100.00 64,319,590 100.00 Asset Allocation Asset Allocation History By Portfolio As of December 31, 2021 Page 19 26 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 38,772,229 78.28 10,757,115 21.72 --------49,529,344 65.59 Domestic Equity Securities 38,772,229 100.00 ----------38,772,229 51.35 Vanguard Total Stock Market (VITSX)32,952,039 100.00 ----------32,952,039 43.64 Brandywine GLBL Dynamic (LMBGX)5,820,189 100.00 ----------5,820,189 7.71 Foreign Equity Securities --10,757,115 100.00 --------10,757,115 14.25 RBC Global (Voyageur)--10,757,115 100.00 --------10,757,115 14.25 Total Fixed Income ----8,672,719 48.35 9,265,129 51.65 ----17,937,847 23.76 Galliard Core Fixed Income ----8,672,719 100.00 ------8,672,719 11.49 Vanguard Short Term Bond Index (VSCSX)------1,720,475 100.00 ----1,720,475 2.28 Vanguard Inflation-Protected Secs (VAIPX)------3,921,475 100.00 ----3,921,475 5.19 PIMCO Diversified Income Fund Instl (PDIIX)------1,970,137 100.00 ----1,970,137 2.61 Crescent Direct Lending Fund ------676,324 100.00 ----676,324 0.90 Crescent Direct Lending II Fund ------976,718 100.00 ----976,718 1.29 Direct Real Estate --------5,634,255 99.86 7,819 0.14 5,642,074 7.47 ARA Core Property Fund --------1,202,956 99.35 7,819 0.65 1,210,775 1.60 Intercontinental --------4,431,299 100.00 --4,431,299 5.87 Receipt & Disbursement ----------2,399,842 100.00 2,399,842 3.18 Total Fund Portfolio 38,772,229 51.35 10,757,115 14.25 8,672,719 11.49 9,265,129 12.27 5,634,255 7.46 2,407,661 3.19 75,509,108 100.00 Asset Allocation Asset Allocation History By Portfolio As of December 31, 2021 Page 20 27 Schedule of Investable Assets Total Fund Portfolio Net Cash Flow $0.0 $8,000,000.0 $16,000,000.0 $24,000,000.0 $32,000,000.0 $40,000,000.0 $48,000,000.0 $56,000,000.0 $64,000,000.0 $72,000,000.0 $80,000,000.0 $88,000,000.0 $96,000,000.0 ($8,000,000.0)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 1/21 12/21 $2 1,793,654 .3 $75,509,107.9 Schedule of Investable Assets Periods Ending Beginning Market Value $ Net Cash Flow $ Gain/Loss $ Ending Market Value $ Aug-2007 To Dec-2021 16,259,673 5,533,982 53,715,454 75,509,108 Schedule of Investable Assets Total Fund Portfolio August 1, 2007 To December 31, 2021 Page 21 28 Comparative Performance Trailling Returns QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Fund (Net)5.02 (21)5.02 (21)18.26 (8)17.52 (7)12.75 (5)10.67 (2)11.70 (2)7.21 (30)11/01/2000 Total Fund Policy 5.67 (6)5.67 (6)16.19 (20)17.23 (10)12.41 (9)10.27 (5)11.26 (4)6.88 (47) Difference -0.65 -0.65 2.07 0.29 0.34 0.40 0.44 0.33 All Public Plans-Total Fund Median 4.23 4.23 13.46 15.04 10.94 8.79 9.58 6.82 Total Fund (Gross)5.35 5.35 18.73 17.90 13.11 11.02 12.12 7.79 11/01/2000 Total Fund Policy 5.67 5.67 16.19 17.23 12.41 10.27 11.26 6.88 Difference -0.32 -0.32 2.54 0.67 0.70 0.75 0.86 0.91 Total Equity 6.94 6.94 24.97 23.63 16.59 13.45 15.27 8.57 01/01/2001 Total Equity Policy 7.54 7.54 21.39 22.79 16.01 12.79 14.46 7.44 Difference -0.60 -0.60 3.58 0.84 0.58 0.66 0.81 1.13 Domestic Equity Securities 8.63 (77)8.63 (77)29.30 (31)27.18 (22)18.83 (31)15.16 (29)16.58 (39)9.10 (32)11/01/2000 Domestic Equity Securities Policy 9.28 (68)9.28 (68)25.66 (67)25.79 (43)17.97 (53)14.55 (47)16.30 (52)7.84 (97) Difference -0.65 -0.65 3.64 1.39 0.86 0.61 0.28 1.26 IM U.S. Large Cap Core Equity (SA+CF) Median 10.24 10.24 27.83 25.23 18.03 14.45 16.33 8.70 Foreign Equity Securities 1.05 (59)1.05 (59)11.03 (55)12.13 (48)9.48 (36)7.91 (27)11.24 (12)6.72 (58)11/01/2000 Foreign Equity Securities Policy 1.82 (40)1.82 (40)7.82 (76)13.05 (39)9.48 (36)6.85 (43)8.24 (54)5.09 (99) Difference -0.77 -0.77 3.21 -0.92 0.00 1.06 3.00 1.63 IM International Large Cap Value Equity (SA+CF) Median 1.57 1.57 11.56 11.96 8.38 6.62 8.31 6.99 Total Fixed Income 0.50 0.50 2.01 5.78 4.81 4.31 3.88 4.98 11/01/2000 Total Fixed Policy 0.09 0.09 0.72 4.66 3.42 2.89 2.68 4.45 Difference 0.41 0.41 1.29 1.12 1.39 1.42 1.20 0.53 Broad Mkt Fixed Income -0.55 (99)-0.55 (99)-1.46 (65)4.42 (96)3.25 (99)2.91 (97)2.70 (99)4.45 (99)11/01/2000 Broad Mkt Fixed Income Policy -0.51 (97)-0.51 (97)-1.29 (54)3.60 (100)2.79 (100)2.45 (100)2.37 (100)4.30 (99) Difference -0.04 -0.04 -0.17 0.82 0.46 0.46 0.33 0.15 IM U.S. Broad Market Core Fixed Income (SA+CF) Median -0.04 -0.04 -1.23 5.47 4.10 3.51 3.51 5.09 Non-Core Fixed Income 1.60 1.60 5.49 5.92 8.96 9.88 N/A 9.61 10/01/2014 Non-Core Fixed Policy 0.99 0.99 3.81 6.55 4.63 4.53 N/A 4.33 Difference 0.61 0.61 1.68 -0.63 4.33 5.35 N/A 5.28 Direct Real Estate 9.55 (15)9.55 (15)23.71 (38)10.82 (34)10.17 (26)10.87 (29)11.90 (29)7.20 (23)10/01/2007 NCREIF Fund Index-OEDC (EW)7.70 (36)7.70 (36)22.99 (44)9.84 (54)9.11 (54)9.98 (51)10.64 (62)6.19 (69) Difference 1.85 1.85 0.72 0.98 1.06 0.89 1.26 1.01 IM U.S. Open End Private Real Estate (SA+CF) Median 7.09 7.09 21.47 10.07 9.25 9.98 11.04 6.57 Comparative Performance Trailing Returns Total Fund As of December 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 22 29 Comparative Performance Trailing Returns Total Fund As of December 31, 2021 QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Domestic Equity Securities 8.63 8.63 29.30 27.18 18.83 15.16 16.58 9.10 11/01/2000 Domestic Equity Securities Policy 9.28 9.28 25.66 25.79 17.97 14.55 16.30 7.84 Difference -0.65 -0.65 3.64 1.39 0.86 0.61 0.28 1.26 Vanguard Total Stock Market (VITSX)9.16 (41)9.16 (41)25.73 (42)25.78 (21)17.99 (17)14.55 (8)N/A 15.75 (10)02/01/2013 Vanguard Total Stock Market Index Hybrid 9.16 (41)9.16 (41)25.72 (43)25.79 (21)18.00 (17)14.55 (8)16.31 (10)15.77 (10) Difference 0.00 0.00 0.01 -0.01 -0.01 0.00 N/A -0.02 IM U.S. Multi-Cap Core Equity (MF) Median 8.65 8.65 25.27 22.83 15.81 12.30 14.68 13.96 Brandywine GLBL Dynamic (LMBGX)5.59 (91)5.59 (91)29.17 (18)N/A N/A N/A N/A 33.16 (23)09/01/2020 Russell 1000 Value Index 7.77 (58)7.77 (58)25.16 (62)17.64 (54)11.16 (62)9.73 (47)12.97 (33)30.03 (54) Difference -2.18 -2.18 4.01 N/A N/A N/A N/A 3.13 IM U.S. Large Cap Value Equity (MF) Median 8.23 8.23 26.24 17.86 11.60 9.66 12.54 30.34 Foreign Equity Securities 1.05 1.05 11.03 12.13 9.48 7.91 11.24 6.72 11/01/2000 Foreign Equity Securities Policy 1.82 1.82 7.82 13.05 9.48 6.85 8.24 5.09 Difference -0.77 -0.77 3.21 -0.92 0.00 1.06 3.00 1.63 RBC Global (Voyageur)1.05 (59)1.05 (59)11.03 (55)12.13 (48)9.48 (36)7.91 (27)11.24 (12)5.12 (18)11/01/2007 MSCI EAFE Index 2.74 (22)2.74 (22)11.78 (49)14.08 (34)10.07 (31)7.26 (35)8.53 (44)3.12 (59) Difference -1.69 -1.69 -0.75 -1.95 -0.59 0.65 2.71 2.00 MSCI EAFE Value 1.25 (56)1.25 (56)11.58 (50)8.47 (92)5.97 (90)4.25 (93)6.42 (91)1.36 (95) Difference -0.20 -0.20 -0.55 3.66 3.51 3.66 4.82 3.76 IM International Large Cap Value Equity (SA+CF) Median 1.57 1.57 11.56 11.96 8.38 6.62 8.31 3.84 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 23 30 Comparative Performance Trailing Returns Total Fund As of December 31, 2021 QTR FYTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Fixed Income 0.50 0.50 2.01 5.78 4.81 4.31 3.88 4.98 11/01/2000 Total Fixed Policy 0.09 0.09 0.72 4.66 3.42 2.89 2.68 4.45 Difference 0.41 0.41 1.29 1.12 1.39 1.42 1.20 0.53 Galliard Core Fixed Income -0.55 (58)-0.55 (58)-1.19 (66)4.33 (41)3.33 (41)2.96 (38)2.90 (48)3.76 (66)10/01/2007 Bloomberg Intermed Aggregate Index -0.51 (43)-0.51 (43)-1.29 (76)3.60 (86)2.79 (85)2.45 (88)2.37 (86)3.50 (86) Difference -0.04 -0.04 0.10 0.73 0.54 0.51 0.53 0.26 IM U.S. Intermediate Duration (SA+CF) Median -0.52 -0.52 -0.97 4.18 3.23 2.83 2.84 3.90 Vanguard Inflation-Protected Secs (VAIPX)2.18 (20)2.18 (20)5.68 (34)8.26 (25)5.17 (23)N/A N/A 5.17 (23)01/01/2017 Bloomberg U.S. TIPS Index 2.36 (11)2.36 (11)5.96 (26)8.44 (18)5.34 (14)4.25 (13)3.09 (12)5.34 (14) Difference -0.18 -0.18 -0.28 -0.18 -0.17 N/A N/A -0.17 IM U.S. TIPS (MF) Median 1.71 1.71 5.29 7.50 4.56 3.46 2.48 4.56 Vanguard Short Term Bond Index (VSCSX)-0.66 (65)-0.66 (65)-0.41 (33)3.74 (25)2.87 (21)2.60 (20)N/A 2.60 (20)01/01/2015 Blmbg. U.S. Corporate 1-5 Year Index -0.68 (69)-0.68 (69)-0.47 (37)3.92 (16)3.05 (11)2.76 (9)2.91 (12)2.76 (9) Difference 0.02 0.02 0.06 -0.18 -0.18 -0.16 N/A -0.16 IM U.S. Intermediate Investment Grade (MF) Median -0.57 -0.57 -0.64 3.20 2.41 2.05 2.07 2.05 PIMCO Diversified Income Fund Instl (PDIIX)0.11 (6)0.11 (6)0.45 (6)6.47 (6)N/A N/A N/A 5.09 (4)04/01/2018 Blmbg. Global Credit (Hedged)-0.03 (11)-0.03 (11)-0.41 (12)6.27 (7)4.74 (9)4.38 (3)4.93 (1)5.08 (4) Difference 0.14 0.14 0.86 0.20 N/A N/A N/A 0.01 IM Global Fixed Income (MF) Median -0.69 -0.69 -2.71 4.27 3.37 2.46 2.41 2.55 Direct Real Estate 9.55 9.55 23.71 10.82 10.17 10.87 11.90 7.20 10/01/2007 NCREIF Fund Index-Open End Diversified Core (EW)7.70 7.70 22.99 9.84 9.11 9.98 10.64 6.19 Difference 1.85 1.85 0.72 0.98 1.06 0.89 1.26 1.01 American Core Realty Fund 8.81 (24)8.81 (24)21.79 (48)9.56 (55)9.10 (54)9.68 (56)10.30 (68)6.06 (72)10/01/2007 American Core Realty Policy 7.70 (36)7.70 (36)22.99 (44)9.84 (54)9.11 (54)9.98 (51)10.64 (62)7.76 (12) Difference 1.11 1.11 -1.20 -0.28 -0.01 -0.30 -0.34 -1.70 IM U.S. Open End Private Real Estate (SA+CF) Median 7.09 7.09 21.47 10.07 9.25 9.98 11.04 6.57 Intercontinental *9.75 (11)9.75 (11)24.38 (26)11.43 (21)10.74 (16)11.65 (21)12.79 (22)13.17 (24)10/01/2010 NCREIF Fund Index-OEDC (EW)7.70 (36)7.70 (36)22.99 (44)9.84 (54)9.11 (54)9.98 (51)10.64 (62)11.32 (63) Difference 2.05 2.05 1.39 1.59 1.63 1.67 2.15 1.85 IM U.S. Open End Private Real Estate (SA+CF) Median 7.09 7.09 21.47 10.07 9.25 9.98 11.04 11.82 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 24 31 Comparative Performance - IRR QTR 1 YR 3 YR 5 YR 7 YR Inception Inception Date Crescent Direct Lending Fund -0.63 7.17 5.35 6.90 7.62 7.19 10/14/2014 Crescent Direct Lending II Fund 3.14 14.68 8.56 N/A N/A 8.92 03/13/2018 Comparative Performance - IRR As of December 31, 2021 Page 25 32 Financial Reconciliation Quarter to Date Market Value 10/01/2021 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 12/31/2021 Total Equity 47,485,781 -1,103,624 ---96,376 -1,780 978,089 2,267,253 49,529,344 Domestic Equity Securities 36,838,977 -1,200,000 ----924,211 2,209,040 38,772,229 Vanguard Total Stock Market (VITSX)31,326,995 -1,200,000 ----116,783 2,708,261 32,952,039 Brandywine GLBL Dynamic (LMBGX)5,511,982 -----807,428 -499,221 5,820,189 Foreign Equity Securities 10,646,804 96,376 ---96,376 -1,780 53,878 58,213 10,757,115 RBC Global (Voyageur)10,646,804 96,376 ---96,376 -1,780 53,878 58,213 10,757,115 Total Fixed Income 16,885,273 978,660 ---9,560 -2,065 157,564 -72,025 17,937,847 Galliard Core Fixed Income 8,725,741 ----5,454 ---47,569 8,672,719 Vanguard Short Term Bond Index (VSCSX)1,729,888 -----12,241 -21,655 1,720,475 Vanguard Inflation-Protected Secs (VAIPX)2,612,563 1,200,000 ----126,842 -17,930 3,921,475 PIMCO Diversified Income Fund Instl (PDIIX)1,971,106 -----18,481 -19,450 1,970,137 Crescent Direct Lending Fund 704,817 -24,099 ---2,156 -1,092 --1,146 676,324 Crescent Direct Lending II Fund 1,141,157 -197,241 ---1,950 -973 -35,725 976,718 Direct Real Estate 5,277,623 -7,567 ---130,811 -47,452 455,378 5,642,074 ARA Core Property Fund 1,123,336 -7,567 ---3,339 -11,158 87,188 1,210,775 Intercontinental 4,154,287 ----127,472 -36,294 368,190 4,431,299 Receipt & Disbursement 2,293,986 132,531 1,076,951 -1,079,663 --24,102 139 -2,399,842 Total Fund Portfolio 71,942,663 -1,076,951 -1,079,663 -236,747 -27,947 1,183,245 2,650,606 75,509,108 Financial Reconciliation Quarter to Date Total Fund 1 Quarter Ending December 31, 2021 Page 26 33 Financial Reconciliation Fiscal Year to Date Market Value 10/01/2021 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 12/31/2021 Total Equity 47,485,781 -1,103,624 ---96,376 -1,780 978,089 2,267,253 49,529,344 Domestic Equity Securities 36,838,977 -1,200,000 ----924,211 2,209,040 38,772,229 Vanguard Total Stock Market (VITSX)31,326,995 -1,200,000 ----116,783 2,708,261 32,952,039 Brandywine GLBL Dynamic (LMBGX)5,511,982 -----807,428 -499,221 5,820,189 Foreign Equity Securities 10,646,804 96,376 ---96,376 -1,780 53,878 58,213 10,757,115 RBC Global (Voyageur)10,646,804 96,376 ---96,376 -1,780 53,878 58,213 10,757,115 Total Fixed Income 16,885,273 978,660 ---9,560 -2,065 157,564 -72,025 17,937,847 Galliard Core Fixed Income 8,725,741 ----5,454 ---47,569 8,672,719 Vanguard Short Term Bond Index (VSCSX)1,729,888 -----12,241 -21,655 1,720,475 Vanguard Inflation-Protected Secs (VAIPX)2,612,563 1,200,000 ----126,842 -17,930 3,921,475 PIMCO Diversified Income Fund Instl (PDIIX)1,971,106 -----18,481 -19,450 1,970,137 Crescent Direct Lending Fund 704,817 -24,099 ---2,156 -1,092 --1,146 676,324 Crescent Direct Lending II Fund 1,141,157 -197,241 ---1,950 -973 -35,725 976,718 Direct Real Estate 5,277,623 -7,567 ---130,811 -47,452 455,378 5,642,074 ARA Core Property Fund 1,123,336 -7,567 ---3,339 -11,158 87,188 1,210,775 Intercontinental 4,154,287 ----127,472 -36,294 368,190 4,431,299 Receipt & Disbursement 2,293,986 132,531 1,076,951 -1,079,663 --24,102 139 -2,399,842 Total Fund Portfolio 71,942,663 -1,076,951 -1,079,663 -236,747 -27,947 1,183,245 2,650,606 75,509,108 Financial Reconciliation Fiscal Year to Date Total Fund October 1, 2021 To December 31, 2021 Page 27 34 Comparative Performance Fiscal Year Returns Oct-2020 To Sep-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 Total Fund (Net)26.26 (5)7.92 (44)2.78 (85)11.28 (3)14.16 (13)11.15 (12)0.33 (20)11.85 (9)15.72 (8)18.95 (24) Total Fund Policy 21.33 (41)10.06 (17)4.31 (49)9.85 (10)12.90 (31)10.79 (19)0.59 (17)11.39 (16)14.95 (12)19.64 (15) Difference 4.93 -2.14 -1.53 1.43 1.26 0.36 -0.26 0.46 0.77 -0.69 All Public Plans-Total Fund Median 20.65 7.53 4.28 7.46 11.85 9.77 -0.87 9.87 12.44 17.44 Total Fund (Gross)26.48 8.16 3.16 11.63 14.52 11.51 0.63 12.21 16.33 19.81 Total Fund Policy 21.33 10.06 4.31 9.85 12.90 10.79 0.59 11.39 14.95 19.64 Difference 5.15 -1.90 -1.15 1.78 1.62 0.72 0.04 0.82 1.38 0.17 Total Equity 37.06 9.65 0.85 15.01 19.50 14.20 -1.52 15.46 23.09 27.08 Total Equity Policy 30.05 11.69 2.09 14.18 19.00 13.13 -2.28 14.65 22.30 26.46 Difference 7.01 -2.04 -1.24 0.83 0.50 1.07 0.76 0.81 0.79 0.62 Domestic Equity Securities 36.79 (14)15.35 (36)2.89 (53)17.88 (42)18.64 (52)15.21 (25)-0.59 (63)17.58 (69)21.85 (34)27.76 (61) Domestic Equity Securities Policy 31.88 (37)15.00 (39)2.92 (53)17.58 (47)18.71 (51)14.96 (29)-0.49 (61)17.76 (67)21.60 (37)30.20 (44) Difference 4.91 0.35 -0.03 0.30 -0.07 0.25 -0.10 -0.18 0.25 -2.44 IM U.S. Large Cap Core Equity (SA+CF) Median 30.44 12.77 3.20 17.33 18.74 13.41 0.11 19.21 20.54 29.63 Foreign Equity Securities 39.45 (13)-9.19 (87)-5.36 (70)6.76 (5)22.69 (38)10.74 (29)-4.36 (21)10.08 (7)27.54 (18)24.74 (4) Foreign Equity Securities Policy 23.92 (78)1.03 (32)-0.82 (31)3.25 (30)19.65 (55)7.06 (63)-8.27 (43)4.70 (64)24.29 (40)14.33 (58) Difference 15.53 -10.22 -4.54 3.51 3.04 3.68 3.91 5.38 3.25 10.41 IM International Large Cap Value Equity (SA+CF) Median 29.48 -4.82 -3.26 1.51 20.82 8.45 -9.46 5.75 22.90 15.55 Total Fixed Income 3.66 5.44 8.69 2.41 3.59 4.93 1.40 3.23 -0.59 6.34 Total Fixed Policy 2.04 5.71 8.08 -0.93 0.25 3.57 2.95 2.74 -0.71 4.31 Difference 1.62 -0.27 0.61 3.34 3.34 1.36 -1.55 0.49 0.12 2.03 Broad Mkt Fixed Income -0.30 (59)7.53 (50)7.81 (97)-0.21 (17)0.61 (52)4.21 (98)2.31 (86)2.61 (99)-1.30 (54)5.88 (77) Broad Mkt Fixed Income Policy -0.38 (60)5.66 (97)8.08 (97)-0.93 (62)0.25 (70)3.57 (100)2.95 (61)2.74 (99)-0.71 (25)4.31 (99) Difference 0.08 1.87 -0.27 0.72 0.36 0.64 -0.64 -0.13 -0.59 1.57 IM U.S. Broad Market Core Fixed Income (SA+CF) Median -0.04 7.52 10.43 -0.75 0.63 5.66 3.02 4.47 -1.24 6.62 Non-Core Fixed Income 7.18 0.92 10.83 14.15 13.06 13.88 8.65 N/A N/A N/A Non-Core Fixed Policy 5.75 4.45 6.91 2.69 4.05 5.34 1.34 N/A N/A N/A Difference 1.43 -3.53 3.92 11.46 9.01 8.54 7.31 N/A N/A N/A Direct Real Estate 13.82 (73)3.40 (18)7.75 (28)10.25 (26)10.01 (17)11.44 (48)14.27 (63)13.47 (36)16.42 (20)12.81 (50) NCREIF Fund Index-OEDC (EW)15.75 (53)1.74 (51)6.17 (67)8.82 (58)7.81 (53)10.62 (67)14.71 (58)12.39 (66)12.47 (68)11.77 (63) Difference -1.93 1.66 1.58 1.43 2.20 0.82 -0.44 1.08 3.95 1.04 IM U.S. Open End Private Real Estate (SA+CF) Median 16.11 1.74 6.80 8.98 7.88 11.26 15.32 12.68 13.28 12.64 Comparative Performance Fiscal Year Returns Total Fund As of December 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 28 35 Comparative Performance Fiscal Year Returns Total Fund As of December 31, 2021 Oct-2020 To Sep-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 Domestic Equity Securities 36.79 15.35 2.89 17.88 18.64 15.21 -0.59 17.58 21.85 27.76 Lateef Asset Mgmt.Equity N/A N/A N/A N/A N/A N/A N/A N/A N/A 33.21 (8) Russell 1000 Growth Index 27.32 (52)37.53 (29)3.71 (52)26.30 (36)21.94 (39)13.76 (23)3.17 (55)19.15 (40)19.27 (64)29.19 (39) Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A 4.02 IM U.S. Large Cap Growth Equity (SA+CF) Median 27.52 33.32 3.81 24.46 20.86 11.75 3.61 18.18 20.31 27.82 Vanguard Total Stock Market (VITSX)32.10 (39)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 Vanguard Total Stock Market Index Hybrid 32.11 (39)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) Difference -0.01 0.02 -0.03 0.00 0.00 0.01 -0.04 0.00 N/A N/A IM U.S. Multi-Cap Core Equity (MF) Median 30.90 10.21 1.47 14.71 17.56 11.62 -1.80 16.35 22.62 27.03 Brandywine GLBL Dynamic (LMBGX)41.75 (19)N/A N/A N/A N/A N/A N/A N/A N/A N/A Russell 1000 Value Index 35.01 (53)-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) Difference 6.74 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 35.64 -4.55 1.87 10.42 16.74 12.49 -4.90 17.21 22.35 28.44 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 32.53 (68)-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) 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 35.64 -4.55 1.87 10.42 16.74 12.49 -4.90 17.21 22.35 28.44 Foreign Equity Securities 39.45 -9.19 -5.36 6.76 22.69 10.74 -4.36 10.08 27.54 24.74 RBC Global (Voyageur)39.45 (13)-9.19 (87)-5.36 (70)6.76 (5)22.69 (38)10.74 (29)-4.36 (21)10.08 (7)27.54 (18)24.74 (4) MSCI EAFE Index 26.29 (69)0.93 (33)-0.82 (31)3.25 (30)19.65 (55)7.06 (63)-8.27 (43)4.70 (64)24.29 (40)14.33 (58) Difference 13.16 -10.12 -4.54 3.51 3.04 3.68 3.91 5.38 3.25 10.41 MSCI EAFE Value 31.43 (42)-11.45 (93)-4.31 (61)0.24 (74)23.22 (34)4.16 (88)-12.18 (79)6.18 (43)24.91 (38)13.34 (66) Difference 8.02 2.26 -1.05 6.52 -0.53 6.58 7.82 3.90 2.63 11.40 IM International Large Cap Value Equity (SA+CF) Median 29.48 -4.82 -3.26 1.51 20.82 8.45 -9.46 5.75 22.90 15.55 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 29 36 Comparative Performance Fiscal Year Returns Total Fund As of December 31, 2021 Oct-2020 To Sep-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 Total Fixed Income 3.66 5.44 8.69 2.41 3.59 4.93 1.40 3.23 -0.59 6.34 Galliard Core Fixed Income -0.02 (68)6.85 (30)8.50 (17)-0.43 (57)0.44 (71)4.36 (25)3.04 (26)3.15 (37)-0.64 (75)5.82 (44) Bloomberg Intermed Aggregate Index -0.38 (88)5.66 (81)8.08 (46)-0.93 (94)0.25 (86)3.57 (72)2.95 (32)2.74 (57)-0.71 (77)4.31 (83) Difference 0.36 1.19 0.42 0.50 0.19 0.79 0.09 0.41 0.07 1.51 IM U.S. Intermediate Duration (SA+CF) Median 0.25 6.45 8.01 -0.39 0.68 3.89 2.70 2.87 -0.27 5.56 Galliard TIPS N/A 7.46 5.76 0.39 -0.23 4.75 -0.38 0.59 -3.71 6.01 Blmbg. U.S. TIPS 1-10 Year 5.75 7.75 5.75 0.33 -0.14 4.83 -0.82 0.61 -3.90 6.32 Difference N/A -0.29 0.01 0.06 -0.09 -0.08 0.44 -0.02 0.19 -0.31 Templeton Global Bond Fund (FBNRX)N/A N/A N/A N/A N/A 0.83 -7.63 6.33 3.54 N/A FTSE World Government Bond Index -3.33 6.77 8.13 -1.54 -2.69 9.71 -3.83 -0.07 -4.60 3.29 Difference N/A N/A N/A N/A N/A -8.88 -3.80 6.40 8.14 N/A PIMCO Diversified Income Fund Instl (PDIIX)4.87 (6)3.63 (72)9.52 (19)N/A N/A N/A N/A N/A N/A N/A Blmbg. Global Credit (Hedged)2.72 (22)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) Difference 2.15 -1.63 -1.31 N/A N/A N/A N/A N/A N/A N/A IM Global Fixed Income (MF) Median 0.91 5.39 7.65 -1.29 1.02 7.42 -3.85 3.37 -1.81 7.17 Vanguard Inflation-Protected Secs (VAIPX)5.09 (59)9.84 (26)7.03 (13)0.23 (55)N/A N/A N/A N/A N/A N/A Bloomberg U.S. TIPS Index 5.19 (56)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) Difference -0.10 -0.24 -0.10 -0.18 N/A N/A N/A N/A N/A N/A IM U.S. TIPS (MF) Median 5.37 8.47 5.72 0.29 -0.43 5.77 -1.90 0.95 -6.17 8.21 Vanguard Short Term Bond Index (VSCSX)1.37 (23)4.91 (48)6.71 (12)-0.14 (41)1.55 (27)3.40 (20)N/A N/A N/A N/A Blmbg. U.S. Corporate 1-5 Year Index 1.35 (24)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) Difference 0.02 -0.30 -0.07 -0.25 -0.27 0.07 N/A N/A N/A N/A IM U.S. Intermediate Investment Grade (MF) Median 0.55 4.84 5.40 -0.38 0.85 2.56 1.21 1.64 -0.52 4.93 Direct Real Estate 13.82 3.40 7.75 10.25 10.01 11.44 14.27 13.47 16.42 12.81 ARA Core Property Fund 13.51 (76)1.62 (58)6.81 (49)8.50 (64)7.52 (59)9.04 (92)13.98 (64)12.49 (63)12.27 (71)11.56 (65) American Core Realty Policy 15.75 (53)1.74 (51)6.17 (67)8.82 (58)7.81 (53)10.62 (67)14.71 (58)12.39 (66)12.47 (68)11.77 (63) Difference -2.24 -0.12 0.64 -0.32 -0.29 -1.58 -0.73 0.10 -0.20 -0.21 IM U.S. Open End Private Real Estate (SA+CF) Median 16.11 1.74 6.80 8.98 7.88 11.26 15.32 12.68 13.28 12.64 Intercontinental 13.87 (71)4.41 (13)8.32 (21)11.40 (10)11.82 (6)13.30 (20)13.96 (64)14.10 (29)18.21 (12)13.38 (40) NCREIF Fund Index-OEDC (EW)15.75 (53)1.74 (51)6.17 (67)8.82 (58)7.81 (53)10.62 (67)14.71 (58)12.39 (66)12.47 (68)11.77 (63) Difference -1.88 2.67 2.15 2.58 4.01 2.68 -0.75 1.71 5.74 1.61 IM U.S. Open End Private Real Estate (SA+CF) Median 16.11 1.74 6.80 8.98 7.88 11.26 15.32 12.68 13.28 12.64 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 30 37 Plan Sponsor Peer Group Analysis - All Public Plans-Total Fund Comparative Performance -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 23.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Total Fund Portfolio 5.02 (24)5.02 (24)18.26 (4)15.83 (7)17.52 (10)11.88 (8)12.75 (8)˜ Total Fund Policy 5.67 (9)5.67 (9)16.19 (13)15.37 (13)17.23 (15)11.65 (11)12.41 (13)˜ Median 4.33 4.33 13.47 13.47 15.40 10.06 11.09 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 28.00 32.00 ReturnOct-2020 To Sep-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 Total Fund Portfolio 26.26 (3)7.92 (58)2.78 (82)11.28 (6)14.16 (8)11.15 (6)˜ Total Fund Policy 21.33 (29)10.06 (35)4.31 (39)9.85 (16)12.90 (23)10.79 (13)˜ Median 19.78 8.67 4.00 7.86 11.64 9.31 1 QtrEndingSep-2021 1 QtrEndingJun-2021 1 QtrEndingMar-2021 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 Total Fund Portfolio 0.23 (23)5.04 (74)6.96 (1)12.12 (11)5.90 (30)14.45 (24) Total Fund Policy 0.34 (19)5.67 (35)3.70 (29)10.35 (46)5.72 (37)13.58 (44) All Public Plans-Total Fund Median -0.16 5.46 3.10 10.19 5.42 13.14 As of December 31, 2021 Performance Review (Net) Total Fund Portfolio NONE Page 31 38 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -10.0 0.0 10.0 20.0 30.0 Total Fund Portfolio (%)-10.0 0.0 10.0 20.0 30.0 Total Fund Policy (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Total Fund Portfolio 20 16 (80%)4 (20%)0 (0%)0 (0%)˜ Total Fund Policy 20 20 (100%)0 (0%)0 (0%)0 (0%)˜ 14.49 15.18 15.87 16.56 17.25 17.94 Return (%)10.92 11.31 11.70 12.09 12.48 12.87 13.26 Risk (Standard Deviation %) Return StandardDeviation Total Fund Portfolio 17.52 12.87˜ Total Fund Policy 17.23 11.28˜ Median 15.41 11.21¾ 10.45 11.00 11.55 12.10 12.65 13.20 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 12.75 11.07˜ Total Fund Policy 12.41 9.86˜ Median 11.08 9.78¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Total Fund Portfolio 2.25 108.33 119.19 -1.71 0.20 1.24 1.13 7.95 Total Fund Policy 0.00 100.00 100.00 0.00 N/A 1.37 1.00 6.63 90 Day U.S. Treasury Bill 11.39 2.53 -4.07 1.16 -1.37 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 1.79 107.80 114.42 -0.96 0.24 1.03 1.11 7.11 Total Fund Policy 0.00 100.00 100.00 0.00 N/A 1.11 1.00 6.14 90 Day U.S. Treasury Bill 9.96 4.02 -4.18 1.27 -1.11 N/A -0.01 0.00 As of December 31, 2021 Performance Review (Net) Total Fund Portfolio NONE Page 32 39 Peer Group Analysis - IM U.S. Multi-Cap Core Equity (MF) Comparative Performance -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 Total Stk Mkt (VITSX)9.16 (41)9.16 (41)25.73 (42)23.34 (22)25.78 (21)17.21 (17)17.99 (17)˜ Vanguard Total Stk Mkt Index Hyb 9.16 (41)9.16 (41)25.72 (43)23.34 (22)25.79 (21)17.21 (17)18.00 (17)˜ Median 8.65 8.65 25.27 20.39 22.83 14.74 15.81 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 60.00 ReturnOct-2020 To Sep- 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 Vanguard Total Stk Mkt (VITSX)32.10 (39)15.01 (22)2.89 (38)17.62 (18)18.64 (38)15.00 (16)˜ Vanguard Total Stk Mkt Index Hyb 32.11 (39)14.99 (23)2.92 (37)17.62 (18)18.64 (37)14.99 (16)˜ Median 30.90 10.21 1.47 14.71 17.56 11.62 1 QtrEndingSep-2021 1 QtrEndingJun-2021 1 QtrEndingMar-2021 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 Vanguard Total Stk Mkt (VITSX)-0.06 (43)8.29 (28)6.43 (54)14.69 (39)9.19 (30)22.10 (38) Vanguard Total Stock Market Index Hybrid -0.06 (42)8.29 (28)6.43 (54)14.70 (38)9.20 (29)22.09 (38) IM U.S. Multi-Cap Core Equity (MF) Median -0.22 7.52 6.63 13.84 7.96 21.51 Performance Review As of December 31, 2021 Vanguard Total Stk Mkt (VITSX) NONE Page 33 40 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -10.0 0.0 10.0 20.0 30.0 Vanguard Total Stk Mkt (VITSX) (%)-10.0 0.0 10.0 20.0 30.0 Vanguard Total Stock Market Index Hybrid (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 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%)˜ 22.31 23.28 24.25 25.22 26.19 27.16 Return (%)17.90 17.91 17.92 17.93 17.94 Risk (Standard Deviation %) Return StandardDeviation Vanguard Total Stk Mkt (VITSX)25.78 17.91˜ Vanguard Total Stk Mkt Index Hyb 25.79 17.91˜ Median 22.83 17.93¾ 15.12 15.84 16.56 17.28 18.00 18.72 Return (%)15.78 15.81 15.84 15.87 15.90 15.93 15.96 Risk (Standard Deviation %) Return StandardDeviation Vanguard Total Stk Mkt (VITSX)17.99 15.81˜ Vanguard Total Stk Mkt Index Hyb 18.00 15.81˜ Median 15.81 15.91¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Vanguard Total Stk Mkt (VITSX)0.02 99.98 99.97 0.00 -0.10 1.32 1.00 10.67 Vanguard Total Stk Mkt Index Hyb 0.00 100.00 100.00 0.00 N/A 1.32 1.00 10.68 90 Day U.S. Treasury Bill 18.03 1.64 -2.47 1.15 -1.32 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 -0.15 1.05 1.00 10.00 Vanguard Total Stk Mkt Index Hyb 0.00 100.00 100.00 0.00 N/A 1.05 1.00 10.01 90 Day U.S. Treasury Bill 15.91 2.61 -2.53 1.26 -1.05 N/A -0.01 0.00 Performance Review As of December 31, 2021 Vanguard Total Stk Mkt (VITSX) NONE Page 34 41 Page Intentionally Left Blank Page 3542 Peer Group Analysis - IM U.S. Large Cap Value Equity (MF) Comparative Performance -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 Brandywine GLBL Dynamic 5.59 (91)5.59 (91)29.17 (18)N/A N/A N/A N/A˜ Russell 1000 Value Index 7.77 (58)7.77 (58)25.16 (62)13.43 (63)17.64 (54)10.55 (49)11.16 (62)˜ Median 8.23 8.23 26.24 14.21 17.86 10.49 11.60 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 ReturnOct-2020 To Sep-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 Brandywine GLBL Dynamic 41.75 (19)N/A N/A N/A N/A N/A˜ Russell 1000 Value Index 35.01 (53)-5.03 (54)4.00 (30)9.45 (61)15.12 (72)16.19 (18)˜ Median 35.64 -4.55 1.87 10.42 16.74 12.49 1 QtrEndingSep-2021 1 QtrEndingJun-2021 1 QtrEndingMar-2021 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 Brandywine GLBL Dynamic -0.58 (47)4.93 (64)17.26 (6)15.88 (48)N/A N/A Russell 1000 Value Index -0.78 (54)5.21 (53)11.26 (50)16.25 (43)5.59 (34)14.29 (68) IM U.S. Large Cap Value Equity (MF) Median -0.68 5.25 11.24 15.77 4.82 15.47 Performance Review As of December 31, 2021 Brandywine GLBL Dynamic NONE Page 36 43 Peer Group Analysis - IM International Large Cap Value Equity (SA+CF) Comparative Performance -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 28.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR RBC Global (Voyageur)1.05 (59)1.05 (59)11.03 (55)7.73 (58)12.13 (48)5.29 (45)9.48 (37)˜ MSCI EAFE Index 2.74 (22)2.74 (22)11.78 (49)10.01 (32)14.08 (34)6.49 (31)10.07 (31)˜ Median 1.57 1.57 11.56 8.15 11.96 4.62 8.42 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 60.00 ReturnOct-2020 To Sep-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 RBC Global (Voyageur)39.45 (13)-9.19 (87)-5.36 (70)6.76 (5)22.69 (38)10.74 (29)˜ MSCI EAFE Index 26.29 (69)0.93 (33)-0.82 (31)3.25 (30)19.65 (55)7.06 (63)˜ Median 29.48 -4.82 -3.26 1.51 20.82 8.45 1 QtrEndingSep-2021 1 QtrEndingJun-2021 1 QtrEndingMar-2021 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 RBC Global (Voyageur)-1.40 (47)1.70 (100)9.56 (12)26.92 (8)3.42 (67)18.55 (20) MSCI EAFE Index -0.35 (21)5.38 (29)3.60 (78)16.09 (70)4.88 (47)15.08 (53) IM International Large Cap Value Equity (SA+CF) Median -1.53 4.54 6.13 18.32 4.57 15.32 Performance Review As of December 31, 2021 RBC Global (Voyageur) NONE Page 37 44 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance 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 Rank3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count RBC Global (Voyageur)20 9 (45%)6 (30%)5 (25%)0 (0%)˜ MSCI EAFE Index 20 0 (0%)14 (70%)6 (30%)0 (0%)˜ 11.20 11.90 12.60 13.30 14.00 14.70 Return (%)14.00 16.00 18.00 20.00 22.00 24.00 26.00 Risk (Standard Deviation %) Return StandardDeviation RBC Global (Voyageur)12.13 23.73˜ MSCI EAFE Index 14.08 16.89˜ Median 11.96 19.03¾ 8.64 9.18 9.72 10.26 10.80 Return (%)12.00 14.00 16.00 18.00 20.00 22.00 Risk (Standard Deviation %) Return StandardDeviation RBC Global (Voyageur)9.48 19.67˜ MSCI EAFE Index 10.07 14.70˜ Median 8.42 16.63¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk RBC Global (Voyageur)8.21 121.14 141.99 -5.56 -0.04 0.56 1.37 15.78 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.81 1.00 10.73 90 Day U.S. Treasury Bill 16.99 1.87 -2.51 1.08 -0.81 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)6.61 116.78 126.67 -2.78 0.05 0.50 1.29 13.23 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.65 1.00 9.64 90 Day U.S. Treasury Bill 14.80 2.34 -3.68 1.22 -0.65 N/A -0.01 0.00 Performance Review As of December 31, 2021 RBC Global (Voyageur) NONE Page 38 45 Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF) Comparative Performance -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Galliard Core Fixed Inc -0.55 (58)-0.55 (58)-1.19 (66)2.86 (48)4.33 (40)3.48 (38)3.33 (40)˜ Barclays Int Agg Index -0.51 (43)-0.51 (43)-1.29 (76)2.10 (90)3.60 (86)2.92 (87)2.79 (85)˜ Median -0.52 -0.52 -0.97 2.83 4.18 3.38 3.22 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 ReturnOct-2020 To Sep-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 Galliard Core Fixed Inc -0.02 (68)6.85 (30)8.50 (17)-0.43 (57)0.44 (71)4.36 (25)˜ Barclays Int Agg Index -0.38 (88)5.66 (81)8.08 (46)-0.93 (94)0.25 (86)3.57 (72)˜ Median 0.25 6.45 8.01 -0.39 0.68 3.89 1 QtrEndingSep-2021 1 QtrEndingJun-2021 1 QtrEndingMar-2021 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 Galliard Core Fixed Inc 0.01 (77)1.14 (38)-1.78 (70)0.63 (60)1.10 (31)4.07 (38) Barclays Int Agg Index 0.05 (58)0.78 (86)-1.61 (52)0.42 (86)0.48 (90)2.13 (95) IM U.S. Intermediate Duration (SA+CF) Median 0.07 1.05 -1.60 0.70 0.86 3.73 Performance Review As of December 31, 2021 Galliard Core Fixed Inc NONE Page 39 46 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 Rank3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Galliard Core Fixed Inc 20 2 (10%)18 (90%)0 (0%)0 (0%)˜ Barclays Int Agg Index 20 0 (0%)1 (5%)3 (15%)16 (80%)˜ 3.30 3.60 3.90 4.20 4.50 Return (%)1.80 1.95 2.10 2.25 2.40 2.55 2.70 2.85 3.00 Risk (Standard Deviation %) Return StandardDeviation Galliard Core Fixed Inc 4.33 2.81˜ Barclays Int Agg Index 3.60 2.04˜ Median 4.18 2.45¾ 2.60 2.80 3.00 3.20 3.40 3.60 Return (%)1.90 2.00 2.10 2.20 2.30 2.40 2.50 2.60 Risk (Standard Deviation %) Return StandardDeviation Galliard Core Fixed Inc 3.33 2.44˜ Barclays Int Agg Index 2.79 1.99˜ Median 3.22 2.16¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Galliard Core Fixed Inc 1.34 131.14 164.89 -0.10 0.54 1.18 1.23 1.40 Barclays Int Agg Index 0.00 100.00 100.00 0.00 N/A 1.34 1.00 0.75 90 Day U.S. Treasury Bill 1.92 16.38 -19.21 0.75 -1.34 N/A 0.07 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Galliard Core Fixed Inc 1.05 120.09 122.03 0.21 0.50 0.89 1.11 1.22 Barclays Int Agg Index 0.00 100.00 100.00 0.00 N/A 0.86 1.00 0.87 90 Day U.S. Treasury Bill 1.92 17.49 -27.82 1.02 -0.86 N/A 0.04 0.00 Performance Review As of December 31, 2021 Galliard Core Fixed Inc NONE Page 40 47 Peer Group Analysis - IM U.S. Intermediate Investment Grade (MF) Comparative Performance -3.40 -2.48 -1.56 -0.64 0.28 1.20 2.12 3.04 3.96 4.88 5.80 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR VG ST Bond Index (VSCSX)-0.66 (65)-0.66 (65)-0.41 (33)2.23 (46)3.74 (25)3.02 (21)2.87 (21)˜ Barclays US Corp 1-5 Yr Index -0.68 (69)-0.68 (69)-0.47 (37)2.43 (39)3.92 (16)3.17 (15)3.05 (11)˜ Median -0.57 -0.57 -0.64 2.13 3.20 2.59 2.41 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 ReturnOct-2020 To Sep-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 VG ST Bond Index (VSCSX)1.37 (23)4.91 (48)6.71 (12)-0.14 (41)1.55 (27)3.22 (27)˜ Barclays US Corp 1-5 Yr Index 1.35 (24)5.21 (39)6.78 (11)0.11 (28)1.82 (20)3.33 (21)˜ Median 0.55 4.84 5.40 -0.38 0.85 2.56 1 QtrEndingSep-2021 1 QtrEndingJun-2021 1 QtrEndingMar-2021 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 VG ST Bond Index (VSCSX)0.06 (56)0.79 (17)-0.60 (39)1.12 (28)0.90 (39)5.63 (20) Barclays US Corp 1-5 Yr Index 0.11 (42)0.70 (27)-0.59 (38)1.14 (27)0.92 (38)5.59 (20) IM U.S. Intermediate Investment Grade (MF) Median 0.08 0.50 -0.73 0.79 0.81 3.60 Performance Review As of December 31, 2021 VG ST Bond Index (VSCSX) NONE Page 41 48 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Under Performance Earliest Date Latest Date 0.0 1.5 3.0 4.5 6.0 VG ST Bond Index (VSCSX) (%)0.0 1.5 3.0 4.5 6.0 Barclays US Corp 1-5 Yr Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count VG ST Bond Index (VSCSX)17 12 (71%)5 (29%)0 (0%)0 (0%)˜ Barclays US Corp 1-5 Yr Index 20 19 (95%)1 (5%)0 (0%)0 (0%)˜ 3.00 3.30 3.60 3.90 4.20 Return (%)2.34 2.52 2.70 2.88 3.06 3.24 3.42 3.60 Risk (Standard Deviation %) Return StandardDeviation VG ST Bond Index (VSCSX)3.74 3.35˜ Barclays US Corp 1-5 Yr Index 3.92 3.26˜ Median 3.20 2.42¾ 2.40 2.70 3.00 3.30 Return (%)2.00 2.20 2.40 2.60 2.80 3.00 Risk (Standard Deviation %) Return StandardDeviation VG ST Bond Index (VSCSX)2.87 2.72˜ Barclays US Corp 1-5 Yr Index 3.05 2.64˜ Median 2.41 2.14¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk VG ST Bond Index (VSCSX)0.30 98.39 104.18 -0.27 -0.57 0.80 1.03 2.37 Barclays US Corp 1-5 Yr Index 0.00 100.00 100.00 0.00 N/A 0.88 1.00 2.22 90 Day U.S. Treasury Bill 3.31 15.20 -6.02 1.04 -0.88 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk VG ST Bond Index (VSCSX)0.27 97.68 104.96 -0.26 -0.65 0.62 1.03 1.87 Barclays US Corp 1-5 Yr Index 0.00 100.00 100.00 0.00 N/A 0.71 1.00 1.75 90 Day U.S. Treasury Bill 2.69 18.95 -19.80 1.19 -0.71 N/A -0.01 0.00 Performance Review As of December 31, 2021 VG ST Bond Index (VSCSX) NONE Page 42 49 Peer Group Analysis - IM U.S. TIPS (MF) Comparative Performance -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Vanguard Infl-Protected Secs (VAIPX)2.18 (20)2.18 (20)5.68 (34)8.31 (29)8.26 (25)5.75 (21)5.17 (23)˜ Bloomberg U.S. TIPS Index 2.36 (11)2.36 (11)5.96 (26)8.45 (22)8.44 (18)5.93 (10)5.34 (14)˜ Median 1.71 1.71 5.29 7.56 7.50 5.11 4.56 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 ReturnOct- 2020 To Sep- 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 Vanguard Infl-Protected Secs (VAIPX)5.09 (59)9.84 (26)7.03 (13)0.23 (55)N/A N/A˜ Bloomberg U.S. TIPS Index 5.19 (56)10.08 (20)7.13 (9)0.41 (41)-0.73 (61)6.58 (27)˜ Median 5.37 8.47 5.72 0.29 -0.43 5.77 1 QtrEndingSep-2021 1 QtrEndingJun-2021 1 QtrEndingMar-2021 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 Vanguard Infl-Protected Secs (VAIPX)2.71 (1)2.08 (71)-1.36 (58)1.62 (65)3.02 (49)4.18 (69) Bloomberg U.S. TIPS Index 1.75 (24)3.25 (19)-1.47 (62)1.62 (64)3.03 (48)4.24 (67) IM U.S. TIPS (MF) Median 1.59 2.71 -1.19 1.78 3.01 4.97 Performance Review As of December 31, 2021 Vanguard Infl-Protected Secs (VAIPX) NONE Page 43 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 4.0 6.0 8.0 10.0 Vanguard Infl-Protected Secs (VAIPX) (%)2.0 4.0 6.0 8.0 10.0 Bloomberg U.S. TIPS Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Vanguard Infl-Protected Secs (VAIPX)9 7 (78%)2 (22%)0 (0%)0 (0%)˜ Bloomberg U.S. TIPS Index 20 17 (85%)3 (15%)0 (0%)0 (0%)˜ 7.13 7.44 7.75 8.06 8.37 8.68 Return (%)3.81 3.84 3.87 3.90 3.93 3.96 3.99 4.02 Risk (Standard Deviation %) Return StandardDeviation Vanguard Infl-Protected Secs (VAIPX)8.26 3.90˜ Bloomberg U.S. TIPS Index 8.44 3.84˜ Median 7.50 3.99¾ 4.42 4.68 4.94 5.20 5.46 Return (%)3.50 3.52 3.54 3.56 3.58 3.60 3.62 3.64 Risk (Standard Deviation %) Return StandardDeviation Vanguard Infl-Protected Secs (VAIPX)5.17 3.54˜ Bloomberg U.S. TIPS Index 5.34 3.52˜ Median 4.56 3.61¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Vanguard Infl-Protected Secs (VAIPX)0.91 96.21 89.89 -0.06 -0.18 1.79 0.99 1.54 Bloomberg U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A 1.86 1.00 1.70 90 Day U.S. Treasury Bill 3.87 7.25 -10.12 1.03 -1.86 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Vanguard Infl-Protected Secs (VAIPX)0.73 96.14 94.34 -0.08 -0.21 1.11 0.99 1.64 Bloomberg U.S. TIPS Index 0.00 100.00 100.00 0.00 N/A 1.16 1.00 1.74 90 Day U.S. Treasury Bill 3.56 9.87 -13.15 1.19 -1.16 N/A -0.01 0.00 Performance Review As of December 31, 2021 Vanguard Infl-Protected Secs (VAIPX) NONE Page 44 51 Peer Group Analysis - IM Global Fixed Income (MF) Comparative Performance -10.00 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR PIMCO Diversified Inc Fd Instl (PDIIX)0.11 (6)0.11 (6)0.45 (6)3.45 (18)6.47 (5)N/A N/A˜ Blmbg. Global Credit (Hedged)-0.03 (11)-0.03 (11)-0.41 (12)3.48 (18)6.27 (7)4.46 (6)4.74 (9)˜ Median -0.69 -0.69 -2.71 2.38 4.27 2.69 3.37 -10.00 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 ReturnOct- 2020 To Sep- 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 PIMCO Diversified Inc Fd Instl (PDIIX)4.87 (6)3.63 (72)9.52 (19)N/A N/A N/A˜ Blmbg. Global Credit (Hedged)2.72 (22)5.26 (53)10.83 (12)0.39 (17)3.04 (27)9.19 (25)˜ Median 0.91 5.39 7.65 -1.29 1.02 7.42 1 QtrEndingSep-2021 1 QtrEndingJun-2021 1 QtrEndingMar-2021 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 PIMCO Diversified Inc Fd Instl (PDIIX)0.13 (17)2.78 (3)-2.50 (41)4.52 (27)2.73 (41)7.26 (30) Blmbg. Global Credit (Hedged)0.08 (22)2.24 (14)-2.64 (42)3.11 (59)1.97 (68)7.60 (26) IM Global Fixed Income (MF) Median -0.35 1.33 -3.20 3.63 2.41 5.53 Performance Review As of December 31, 2021 PIMCO Diversified Inc Fd Instl (PDIIX) NONE Page 45 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 Over Performance Under Performance Earliest Date Latest Date 5.0 5.5 6.0 6.5 7.0 PIMCO Diversified Inc Fd Instl (PDIIX) (%)5.0 5.5 6.0 6.5 7.0 Blmbg. Global Credit (Hedged) (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count PIMCO Diversified Inc Fd Instl (PDIIX)4 4 (100%)0 (0%)0 (0%)0 (0%)˜ Blmbg. Global Credit (Hedged)20 19 (95%)1 (5%)0 (0%)0 (0%)˜ 3.60 4.32 5.04 5.76 6.48 7.20 Return (%)4.62 4.95 5.28 5.61 5.94 6.27 6.60 6.93 7.26 Risk (Standard Deviation %) Return StandardDeviation PIMCO Diversified Inc Fd Instl (PDIIX)6.47 6.87˜ Blmbg. Global Credit (Hedged)6.27 5.87˜ Median 4.27 5.16¾ 3.15 3.60 4.05 4.50 4.95 5.40 Return (%)4.59 4.62 4.65 4.68 4.71 4.74 4.77 Risk (Standard Deviation %) Return StandardDeviation PIMCO Diversified Inc Fd Instl (PDIIX)N/A N/A˜ Blmbg. Global Credit (Hedged)4.74 4.74˜ Median 3.37 4.60¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk PIMCO Diversified Inc Fd Instl (PDIIX)2.24 106.89 111.52 -0.45 0.11 0.80 1.11 5.20 Blmbg. Global Credit (Hedged)0.00 100.00 100.00 0.00 N/A 0.89 1.00 4.26 90 Day U.S. Treasury Bill 5.93 7.97 -4.42 1.05 -0.89 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. Global Credit (Hedged)0.00 100.00 100.00 0.00 N/A 0.75 1.00 3.36 90 Day U.S. Treasury Bill 4.80 9.87 -12.12 1.19 -0.75 N/A -0.01 0.00 Performance Review As of December 31, 2021 PIMCO Diversified Inc Fd Instl (PDIIX) NONE Page 46 53 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) Comparative Performance -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR American Core RE 8.81 (24)8.81 (24)21.79 (48)11.23 (54)9.56 (55)9.35 (54)9.10 (54)˜ American Core RE Policy 7.70 (36)7.70 (36)22.99 (44)11.77 (43)9.84 (54)9.44 (54)9.11 (54)˜ Median 7.09 7.09 21.47 11.45 10.07 9.80 9.25 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 ReturnOct-2020 To Sep-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 American Core RE 13.51 (76)1.62 (58)6.81 (49)8.50 (64)7.52 (59)9.04 (92)˜ American Core RE Policy 15.75 (53)1.74 (51)6.17 (67)8.82 (58)7.81 (53)10.62 (67)˜ Median 16.11 1.74 6.80 8.98 7.88 11.26 1 QtrEndingSep-2021 1 QtrEndingJun-2021 1 QtrEndingMar-2021 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 American Core RE 5.62 (76)4.03 (56)1.87 (56)1.42 (58)-0.14 (81)-1.23 (51) American Core RE Policy 6.96 (31)4.39 (41)2.28 (40)1.36 (59)0.57 (48)-1.27 (55) IM U.S. Open End Private Real Estate (SA+CF) Median 6.19 4.17 2.10 1.63 0.49 -1.23 Performance Review As of December 31, 2021 American Core RE NONE Page 47 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 Rank3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count American Core RE 20 0 (0%)1 (5%)14 (70%)5 (25%)˜ American Core RE Policy 20 0 (0%)1 (5%)19 (95%)0 (0%)˜ 9.40 9.60 9.80 10.00 10.20 Return (%)4.97 5.04 5.11 5.18 5.25 5.32 5.39 5.46 Risk (Standard Deviation %) Return StandardDeviation American Core RE 9.56 5.12˜ American Core RE Policy 9.84 5.05˜ Median 10.07 5.37¾ 9.06 9.12 9.18 9.24 9.30 Return (%)3.92 4.00 4.08 4.16 4.24 4.32 4.40 Risk (Standard Deviation %) Return StandardDeviation American Core RE 9.10 3.99˜ American Core RE Policy 9.11 3.94˜ Median 9.25 4.34¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk American Core RE 1.19 97.32 96.48 -0.08 -0.21 1.30 0.98 0.71 American Core RE Policy 0.00 100.00 100.00 0.00 N/A 1.34 1.00 0.74 90 Day U.S. Treasury Bill 6.45 9.82 -1.02 1.06 -1.34 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk American Core RE 0.99 99.78 96.48 0.09 -0.01 1.43 0.99 0.55 American Core RE Policy 0.00 100.00 100.00 0.00 N/A 1.44 1.00 0.57 90 Day U.S. Treasury Bill 5.40 12.40 -1.02 1.20 -1.44 N/A -0.01 0.00 Performance Review As of December 31, 2021 American Core RE NONE Page 48 55 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) Comparative Performance -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Intercontinental 9.75 (11)9.75 (11)24.38 (26)12.43 (21)11.43 (21)11.26 (11)10.74 (16)˜ NCREIF Fund Index-OEDC (EW)7.70 (36)7.70 (36)22.99 (44)11.77 (43)9.84 (54)9.44 (54)9.11 (54)˜ Median 7.09 7.09 21.47 11.45 10.07 9.80 9.25 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 ReturnOct-2020 To Sep-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 Intercontinental 13.87 (71)4.41 (13)8.32 (21)11.40 (10)11.82 (6)13.30 (20)˜ NCREIF Fund Index-OEDC (EW)15.75 (53)1.74 (51)6.17 (67)8.82 (58)7.81 (53)10.62 (67)˜ Median 16.11 1.74 6.80 8.98 7.88 11.26 1 QtrEndingSep-2021 1 QtrEndingJun-2021 1 QtrEndingMar-2021 1 QtrEndingDec-2020 1 QtrEndingSep-2020 1 QtrEndingJun-2020 Intercontinental 5.88 (68)4.40 (40)2.52 (36)0.48 (85)0.90 (28)-0.02 (27) NCREIF Fund Index-OEDC (EW)6.96 (31)4.39 (41)2.28 (40)1.36 (59)0.57 (48)-1.27 (55) IM U.S. Open End Private Real Estate (SA+CF) Median 6.19 4.17 2.10 1.63 0.49 -1.23 Performance Review As of December 31, 2021 Intercontinental NONE Page 49 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 Rank3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Intercontinental 20 18 (90%)2 (10%)0 (0%)0 (0%)˜ NCREIF Fund Index-OEDC (EW)20 0 (0%)1 (5%)19 (95%)0 (0%)˜ 9.52 10.08 10.64 11.20 11.76 Return (%)4.97 5.04 5.11 5.18 5.25 5.32 5.39 5.46 Risk (Standard Deviation %) Return StandardDeviation Intercontinental 11.43 5.37˜ NCREIF Fund Index-OEDC (EW)9.84 5.05˜ Median 10.07 5.37¾ 8.40 8.96 9.52 10.08 10.64 11.20 Return (%)3.92 4.00 4.08 4.16 4.24 4.32 4.40 Risk (Standard Deviation %) Return StandardDeviation Intercontinental 10.74 4.23˜ NCREIF Fund Index-OEDC (EW)9.11 3.94˜ Median 9.25 4.34¾ TrackingError UpMarketCapture DownMarketCapture Alpha InformationRatio SharpeRatio Beta DownsideRisk Intercontinental 1.90 110.71 1.54 1.54 0.79 1.82 1.00 0.01 NCREIF Fund Index-OEDC (EW)0.00 100.00 100.00 0.00 N/A 1.64 1.00 0.74 90 Day U.S. Treasury Bill 5.27 9.80 -1.81 1.38 -1.64 N/A -0.04 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Intercontinental 1.54 114.01 1.54 1.55 0.99 2.12 1.00 0.01 NCREIF Fund Index-OEDC (EW)0.00 100.00 100.00 0.00 N/A 1.88 1.00 0.57 90 Day U.S. Treasury Bill 4.13 12.40 -1.81 1.51 -1.88 N/A -0.04 0.00 Performance Review As of December 31, 2021 Intercontinental NONE Page 50 57 Private Equity Summary of Partnership Partnerships Valuation Date Vintage Year Investment Strategy Capital Commitment $ Drawn Down $ Market Value $ Distributed $ IRR (%) TVPI Multiple ICM/PME Crescent Direct Lending Fund 12/31/2021 2014 Other 2,000,000 3,055,050 676,324 2,939,510 7.2 1.2 2.3 Crescent Direct Lending II Fund 12/31/2021 2017 Other 2,000,000 2,110,851 976,718 1,499,192 8.9 1.2 3.5 Private Equity Summary of Partnership Crescent Direct Lending Fund As of December 31, 2021 Page 51 58 Comparative Performance - IRR 1 Quarter Ending Sep-2021 1 Year Ending Sep-2021 2 Years Ending Sep-2021 3 Years Ending Sep-2021 4 Years Ending Sep-2021 5 Years Ending Sep-2021 Since Inception Ending Sep-2021 Inception Date Crescent Direct Lending Fund 3.48 10.70 4.97 5.96 6.65 7.29 7.37 10/14/2014 ICM/PME (Bloomberg Intermed Aggregate Index)0.10 -0.31 2.90 4.95 2.83 2.10 2.35 Crescent Direct Lending II Fund 3.81 15.54 7.57 8.34 N/A N/A 8.69 03/13/2018 ICM/PME (Bloomberg Intermed Aggregate Index)0.08 -0.37 2.89 4.10 N/A N/A 3.85 Winter Springs General Employees General Plan and Trust Comparative Performance - IRR As of December 31, 2021 Page 52 59 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:$70,322 Expenses:$203,423 Interest:- Total Contributions:$3,055,050 Remaining Capital Commitment:$182,930 Total Distributions:$2,939,510 Market Value:$676,324 Inception Date:10/14/2014 Inception IRR:7.2 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 4/21 12/21 Private Equity Fund Overview Crescent Direct Lending Fund As of December 31, 2021 Page 53 60 Fund Information Type of Fund:Direct Vintage Year:2017 Strategy Type:Other Management Fee:.75% 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:$2,110,851 Management Fees:$13,251 Expenses:$19,342 Interest:- Total Contributions:$2,110,851 Remaining Capital Commitment:$1,012,404 Total Distributions:$1,499,192 Market Value:$976,718 Inception Date:03/13/2018 Inception IRR:8.9 TVPI:1.2 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 9/18 3/19 9/19 3/20 9/20 3/21 12/21 Private Equity Fund Overview Crescent Direct Lending II Fund As of December 31, 2021 Page 54 61 Total Fund Policy Allocation Mandate Weight (%) Jan-1976 S&P 500 Index 65.00 Blmbg. U.S. Aggregate Index 30.00 MSCI EAFE Index 5.00 Oct-2003 S&P 500 Index 60.00 Blmbg. U.S. Aggregate Index 30.00 MSCI EAFE Index 10.00 Sep-2006 S&P 500 Index 60.00 Bloomberg Intermed Aggregate Index 40.00 Oct-2009 Russell 3000 Index 50.00 Bloomberg Intermed Aggregate Index 25.00 MSCI EAFE Index 15.00 Bloomberg U.S. TIPS Index 5.00 NCREIF Property Index 5.00 Oct-2010 Russell 3000 Index 50.00 Bloomberg Intermed Aggregate Index 20.00 MSCI EAFE Index 15.00 Bloomberg 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 Intermed Aggregate Index 15.00 Credit Suisse Leveraged Loan Index 4.00 Blmbg. U.S. TIPS 1-5 Year 3.00 Blmbg. 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 December 31, 2021 Page 55 62 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 December 31, 2021 Page 56 63 Total Fixed Policy Allocation Mandate Weight (%) Nov-2000 Blmbg. U.S. Aggregate Index 100.00 Sep-2006 Bloomberg Intermed Aggregate Index 100.00 Sep-2020 Bloomberg Intermed Aggregate Index 60.00 Credit Suisse Leveraged Loan Index 16.00 Bloomberg U.S. TIPS Index 12.00 Blmbg. Global Credit (Hedged)12.00 Broad Mkt Fixed Income Allocation Mandate Weight (%) Nov-2000 Blmbg. U.S. Aggregate Index 100.00 Sep-2006 Bloomberg 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 U.S. TIPS Index 50.00 Mar-2018 Credit Suisse Leveraged Loan Index 41.00 Bloomberg U.S. TIPS Index 20.00 Blmbg. Global Credit (Hedged)39.00 Sep-2020 Credit Suisse Leveraged Loan Index 40.00 Bloomberg U.S. TIPS Index 30.00 Blmbg. Global Credit (Hedged)30.00 Benchmark History Investment Policy Benchmarks As of December 31, 2021 Page 57 64 Compliance ChecklistTotal FundAs of December 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.~~ 0.31 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. Manager Compliance:Vanguard Total RBC Global GalliardBrandywineVG Short BDIntercontinental PIMCO-3Manager Compliance:Vanguard Infl-prot.American REPage 5865 Estimated Annual Fee (%) Market Value ($) Estimated Annual Fee ($) Fee Schedule Vanguard Total Stock Market (VITSX)0.03 32,952,039 9,886 0.03 % of Assets Brandywine GLBL Dynamic (LMBGX)0.65 5,820,189 37,831 0.65 % of Assets Domestic Equity Securities 0.12 38,772,229 47,717 RBC Global (Voyageur)0.95 10,757,115 102,193 0.95 % of Assets Foreign Equity Securities 0.95 10,757,115 102,193 Galliard Core Fixed Income 0.25 8,672,719 21,682 0.25 % of Assets Vanguard Inflation-Protected Secs (VAIPX)0.10 3,921,475 3,921 0.10 % of Assets Vanguard Short Term Bond Index (VSCSX)0.07 1,720,475 1,204 0.07 % of Assets PIMCO Diversified Income Fund Instl (PDIIX)0.79 1,970,137 15,564 0.79 % of Assets Crescent Direct Lending Fund 1.35 676,324 9,130 1.35 % of Assets Crescent Direct Lending II Fund 0.75 976,718 7,325 0.75 % of Assets Total Fixed Income 0.33 17,937,847 58,827 Intercontinental 1.10 4,431,299 48,744 1.10 % of Assets ARA Core Property Fund 1.10 1,210,775 13,319 1.10 % of Assets Direct Real Estate 1.10 5,642,074 62,063 Receipt & Disbursement 2,399,842 - Total Fund 0.36 75,509,108 270,800 Winter Springs General Employees General Plan and Trust Fee Analysis As of December 31, 2021 Page 59 66 Disclosures Neither AndCo, nor any covered associates have made political contributions to any official associated with the Winter Springs General Employees General Plan and Trust, in excess of the permitted amount. Disclosures Total Fund As of December 31, 2021 Page 60 67 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 6168 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. 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