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Home My WebLink AboutReports - 2019.03.21 - 31856<CBDoc TenantId="2" EntityTypeId="3100" EntityId="2903" DocumentTypeId="1" EffectiveDate="03/31/2019" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending March 31, 2019 June 20, 2019 Oakland County ERS Defined Benefit Plan Executive Summary Page 1 Asset Allocation Vs. Policy Targets Page 12 Asset Allocation Pie Charts Page 14 Historical Asset Allocation Page 16 Financial Reconciliation Page 18 Performance Review Trailing Periods Page 21 Comparative Performance IRR Page 25 Total Fund Analysis Page 27 SSgA S&P 500 Page 29 SSgA S&P 500 Equal Weighted Page 31 T. Rowe Price Page 33 Wedge Capital Partners Page 35 TimesSquare Page 37 Lee Munder -LMCGl Page 39 Loomis Small Cap Page 41 Lazard Page 43 Pictet Page 45 Berkeley Street Page 47 ABS Global Page 49 CS McKee Page 51 Loomis Fixed Income Page 53 Franklin Templeton Page 55 Morgan Stanley Page 57 Prudential PRISA II Page 59 Benchmark History Page 61 Definitions & Disclosure Pages Page 63 Table Of Contents EXECUTIVE SUMMARY: 1Q 2019 Market Summary: With the Federal Reserve taking a more dovish tone the capital markets reversed course during the 1st quarter of 2019, recouping much of the losses suffered during the 4th quarter. Better than expected global economic news coupled with muted inflation expectations served to boost asset prices across a wide range of investment categories. Large cap stocks (S&P 500 Index) returned 13.7% in the first quarter, mid cap stocks (Russell Mid Cap) gained 16.5%, and small cap stocks (Russell 2000) appreciated 14.6%. Outside of the US, International stock markets also did very well, with the MSCI EAFE and MSCI Emerging Markets indexes both climbing 10.0% during the 1st quarter. The global markets were fueled by renewed optimism about the trade negotiations between the U.S. and China and solid global economic growth. Interest rates fell across the board as the Fed pressed pause on rate hikes during the quarter. The Bloomberg Barclays U.S. Aggregate Bond Index gained 2.9% in the 1st quarter, benefiting from the Fed’s policy change on additional rate hikes. Corporate investment grade bonds returned +5.1% and high yield rose +7.3% as recessionary fears subsided. Conclusions/Recommendations: 1. The Total Fund returned 8.09% during the quarter and ranked near the median fund in the public fund universe; however, the Fund trailed the Policy Index by 28 basis points. The Fund was hindered by relatively weak results from the active mid cap managers. 2. The Total Fund posted a return of 3.81% over the past year, under performing the Policy Index by 1.41% and ranking near the median fund in the peer group. Over the past five years the Fund has performed well, ranking in the top half of the universe and performing in line with the Policy Index. 3. Wedge and TimesSquare under performed their respective benchmarks and ranked in the bottom quartile of their universes. Wedge struggled with stock selection within Utilities, Energy, and Consumer Services. TimesSquare was hindered by an underweight to Technology. Both managers lag performance expectations over the longer-term. 4. Pictet rebounded strongly this quarter, out performing the index by 4.2% during the quarter. This quarter’s excess performance helps offset some of the under performance the manager suffered in 2018. Long-term the manager meets performance expectations. 5. C.S. McKee and Loomis, Sayles fixed income strategies out performed expectations this quarter as did most active fixed income managers. The portfolios benefited from an overweight to corporate bonds (and high yield exposure in the LS portfolio). Longer-term, the managers exceed performance expectations. 6. Managers currently on Watch: None. The Munder and Seizert mid cap portfolios were transitioned at quarter end to Reinhart Partners and Great Lakes Advisors (the assets were held in the Munder account). 7. At quarter end all allocations were within policy ranges and near target allocations. 8. AndCo does not have any recommendations at this time. Page 1 1st Quarter 2019 Market EnvironmentPage 2 After a difficult end to 2018, markets rebounded strongly during the 1stquarterof 2019 with higher risk assets posting the greatest returns. Broad internationaland domestic equity markets had double-digit gains during the period asinvestors overlooked signs of weakening global growth in favor of increasedaccommodation in global monetary policy and progress in global tradenegotiations. While muted relative toequities, fixed income returns werealsopositive during the quarter. Within equities, domestic stocks outperformedinternational markets. US markets pushed higher as the US Federal Reserve(Fed) shifted their stance on monetary policy toward a more accommodativeposture, the US and China moved closer to a resolution of their ongoing tradedispute and the partial government shutdown that began in December came toan end. The large cap S&P 500 Index returned 13.6% during the quarter whilethe small cap Russell 2000 Index gained 14.6% for the period. US equityreturns over the 1-year period are positive with the S&P 500 appreciating 9.5%while the Russell 2000 posted a more modest gain of 2.0%.Similar to US markets, international equity investors were encouraged byageneral easing in central bank monetary policy, including new stimulusmeasures in Europe and China, as well as the de-escalation of trade tensionswith the US. Despite the continued softening in global macroeconomic dataand the lack of certainty around Brexit, international equity index returnsfinished the quarter in positive territory with the MSCI ACWI ex US Indexreturning 10.3%. The developed market MSCI EAFE Index and the MSCIEmerging Markets Index had similar performance during the 1stquarterreturning 10.0% and 9.9% respectively. Despite the strong quarter, returnsover the 1-year period remain negative with developed markets falling -3.7%,outperforming emerging markets which fell -7.4%.Fixed income securities underperformed equities to start 2019 with the broadmarket Bloomberg Barclays Aggregate Index returning 2.9%. Interest ratesfellfor all maturities across the US Treasury Yield Curve as Fed guidancesignaled a pause in monetary policy tightening through 2019. Interest rates inthe middle of the curve saw the greatest declines causing the curve to invertwith shorter-term maturities paying higher interest rates than those in themiddle of the curve. This has historically preceded a recession by 6-24months. Investment grade corporate issues were the best performingsecurities this quarter, outperforming Treasury and securitized issues.TheBloomberg Barclays Corporate IG Index returned 5.1% for the period, ascorporate credit had tailwinds due to its greater interest rate sensitivity, higheryields and tightening credit spreads. Corporate issues also outperformedtheother major fixed income sectors over the 1-year period, returning 4.9% versusa 4.5% return for the Bloomberg Barclays Aggregate Index.Source: Investment MetricsThe Market EnvironmentMajor Market Index PerformanceAs of March 31, 20190.6%5.1%2.2%3.2%2.1%2.9%14.6%16.5%14.0%14.0%13.6%9.9%10.0%10.3%0.0% 5.0% 10.0% 15.0% 20.0%3-Month T-BillBbg Barclays Corp IGBbg Barclays MBSBbg Barclays US TIPSBbg Barclays US GovtBbg Barclays US AggRussell 2000Russell MidCapRussell 1000Russell 3000S&P 500MSCI Emerg MktsMSCI EAFEMSCI ACWxUSQuarter Performance2.1%4.9%4.4%2.7%4.2%4.5%2.0%6.5%9.3%8.8%9.5%-7.4%-3.7%-4.2%-10.0% -5.0% 0.0% 5.0% 10.0%3-Month T-BillBbg Barclays Corp IGBbg Barclays MBSBbg Barclays US TIPSBbg Barclays US GovtBbg Barclays US AggRussell 2000Russell MidCapRussell 1000Russell 3000S&P 500MSCI Emerg MktsMSCI EAFEMSCI ACWxUS1-Year PerformancePage 3 Source: Investment MetricsThe Market EnvironmentDomestic Equity Style Index PerformanceAs of March 31, 2019US equity index returns were strongly positive across the style and capitalizationspectrum to start the year with all indices posting double digit returns.Macroeconomic data released during the quarter was mixed with disappointingdata released late in the quarter for GDP and employment being particularlynotable. Even though earnings reported during the period were viewedfavorably, many companies provided negative forward earnings guidance due toslowing global growth, trade concerns and the fading effects of US tax reform.However, investor concerns over the economy were overshadowed by positivedevelopments in trade negotiations with China and an accommodative shiftinFed monetary policy. With regards to trade, President Trump delayed theimplementation of new Chinese tariffs scheduled for March 1stciting substantialprogress in ongoing discussions. Stocks also rallied on Fed guidance to putfurther monetary policy tightening on hold as they lowered projections forgrowthand inflation. Lastly, we saw the end of the partial government shutdown thatbegan in December due to a partisan disagreement over funds for theconstruction of a border wall with Mexico. While the spending bill that passeddid not budget for the wall, President Trump declared a national state ofemergency later in the quarter in order to secure the needed funding.During the quarter, mid cap stocks were the best performers while small capstocks outperformed large cap equities across growth, value and core indices.The Russell MidCap Index gained 16.5% during the period versus a 14.6%return for the small cap Russell 2000 Index and a 14.0% gain on the large capRussell 1000 Index. Part of the reason for strength in small cap names is theprojected hold on interest rate increases that occurred over 2018 as smallandmid-cap companies typically maintain higher percentages of debt than theirlarge cap peers. Small and mid-cap companies are usually more domesticallyfocused which will serve as a tailwind in periods where the US economy is onstronger footing than international markets. It is also not unusual for smallermarket cap stocks to outperform in risk-on market environments. When viewedover the most recent 1-year period, large cap stocks outperformed relativetosmall cap stocks. The Russell 1000 returned 9.3% for the year while the Russell2000 gained only 2.0%.Growth indices outperformed value indices across the market cap spectrumduring the 1stquarter. Growth stocks have outperformed value in all but onequarter over the last two years.The Russell MidCap Growth Index was the bestperforming style index for the period, returning 19.6% for the quarter. The largecap and small cap value indices had the lowest relative returns, both gaining11.9%. The trend of growth outperformance is also visible over the 1-year periodas growth indices have benefitted from larger exposures to technology whichhas been a large driver of index performance over the last year, as well as ameaningful underweight to financials which has been a relative detractor.17.1%14.6%11.9%19.6%16.5%14.4%16.1%14.0%11.9%16.2%14.0%11.9%0.0% 5.0% 10.0% 15.0% 20.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 ValueQuarter Performance - Russell Style Series3.9%2.0%0.2%11.5%6.5%2.9%12.7%9.3%5.7%12.1%8.8%5.3%0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 Value1-Year Performance - Russell Style SeriesPage 4 Sector performance was broadly positive across large cap sectors for the 1stquarter. There were strong gains for all sectors within the Russell 1000 Indexduring for the period with five sectorsoutpacing the return of the index. Whilethe rally was broad with nine of eleven sectors posting double digit returns,cyclical sectors such as technology, industrials and energy were some of thebest performers through the quarter returning 20.7%, 17.1% and 16.5%respectively. Technology stocks rose on strong earnings and attractivevaluations following their 4thquarter 2018 sell off. Energy companiesbenefitted from a large rebound in oil prices which increased by over 30%during the quarter following an OPEC led supply cut and US sanctions againstIran and Venezuela. Industrial stocks, among others, gained on hopes thattrade tensions between the US and China would continue to abate. REITs alsohad a particularly strong quarter, returning 17.3% as the prospect of lowerinterest rates acted as a tailwind. Financials and health care stocks weretheworst performers during the period returning 8.9% and 7.5% respectively.Health care stocks faced uncertainty around the potential for future regulationfollowing congressional hearings on drug pricing while the prospect of lowerearnings due to a muted interest rate environment weighed on financial stocks.Returns over the 1-year period were positive with nine out of eleven sectorsposting gains, six of which were over 10%. Utilities, REITs and informationtechnology were the best performers returning 20.4%, 20.0% and 18.0%respectively. Financials and materials posted negative results at -4.7%and -1.5% while energy was only slightly positive at 0.8%.Quarterly results for small cap sectors were mixed relative to their largecapitalization counterparts with six of eleven sectors outperforming theircorresponding large cap equivalents. Like large caps, all eleven sectorsproduced gains during the period with six of eleven economic sectorsoutpacing the Russell 2000 Index return for the quarter and nine returningover10.0%. Similar to large caps, cyclical sectors performed well with technology,energy and materials returning 22.7%, 19.9% and 17.1% respectively. Realestate also did well returning 17.5%. The largest detractors over the periodwere consumer staples, financials and utilities which still produced gains of7.2%, 8.5% and 10.5%. Over the trailing 1-year period, returns variedsignificantly with four sectors posting double digit gains and four losing value.Despite a very strong quarter, energy stocks were the worst performers overthe 1-year period, falling a considerable -17.2%, while the defensive utilitiessector produced the greatestgains, appreciating 21.7%.The Market EnvironmentGICS Sector Performance & (Sector Weight)As of March 31, 2019Source: Morningstar DirectAs a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. 20.4%20.0%-1.5%18.0%2.8%15.5%-4.7%0.8%9.5%11.1%10.2%11.5%17.3%11.1%20.7%17.1%7.5%8.9%16.5%11.8%14.8%14.0%-5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%Utilities (3.2%)Real Estate (3.7%)Materials (2.9%)Info Technology (20.5%)Industrials (9.8%)Health Care (14.7%)Financials (13.6%)Energy (5.1%)Consumer Staples (6.8%)Consumer Disc (10.2%)Comm Services (9.5%)Russell 1000Quarter1-Year21.7%13.7%-9.7%15.2%-5.2%2.7%-4.7%-17.2%2.9%2.7%17.6%10.5%17.5%17.1%22.7%12.1%16.8%8.5%19.9%7.2%13.2%15.1%-20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%Utilities (3.7%)Real Estate (7.4%)Materials (3.8%)Info Technology (14.9%)Industrials (14.8%)Health Care (15.5%)Financials (18.0%)Energy (3.6%)Consumer Staples (2.8%)Consumer Disc (12.2%)Comm Services (3.3%)Russell 2000Quarter1-YearPage 5 The Market EnvironmentTop 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000As of March 31, 2019Source: Morningstar DirectTop 10 Weighted StocksTop 10 Weighted StocksRussell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorApple Inc 3.42% 20.9% 14.9% Information Technology Etsy Inc 0.40% 41.3% 139.6% Consumer DiscretionaryMicrosoft Corp 3.39% 16.6% 30.8% Information Technology Five Below Inc 0.33% 21.4% 69.4% Consumer DiscretionaryAmazon.com Inc 2.78% 18.6% 23.0% Consumer Discretionary The Trade Desk Inc A 0.32% 70.6% 298.9% Information TechnologyFacebook Inc A 1.50% 27.2%4.3% Communication Services Integrated Device Technology Inc 0.31% 1.2%60.3% Information TechnologyBerkshire Hathaway Inc B 1.48% -1.6% 0.7% Financials HubSpot Inc 0.30% 32.2% 53.5% Information TechnologyJohnson & Johnson1.42% 9.0% 12.1% Health Care Planet Fitness Inc A 0.30% 28.2% 81.9% Consumer DiscretionaryAlphabet Inc C 1.36% 13.3% 13.7% Communication Services Cree Inc 0.29% 33.8% 41.9% Information TechnologyAlphabet Inc A 1.33% 12.6% 13.5% Communication Services Ciena Corp 0.26% 10.1% 44.2% Information TechnologyExxon Mobil Corp 1.30% 19.8% 12.9% Energy Primerica Inc 0.26% 25.4% 27.7% FinancialsJPMorgan Chase & Co 1.27% 4.6% -5.6% Financials Array BioPharma Inc 0.25% 71.1% 49.4% Health CareTop 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter)Russell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorVersum Materials Inc0.02% 81.9% 34.7% Information Technology Immune Design Corp 0.01% 350.0% 77.3% Health CareCoty Inc Class A 0.02% 77.3% -34.3%Consumer Staples Diebold Nixdorf Inc 0.04% 344.6% -28.1% Information TechnologyNabors Industries Ltd 0.00% 72.5% -48.7% Energy Constellation Pharmaceuticals Inc 0.01% 237.9% N/A Health CareSage Therapeutics Inc 0.03% 66.0% -1.3% Health Care Flotek Industries Inc 0.01% 197.2% -46.9% MaterialsWayfair Inc Class A 0.03% 64.8% 119.8% Consumer Discretionary Spark Therapeutics Inc 0.18% 191.0% 71.0% Health CareChipotle Mexican Grill Inc Class A 0.07% 64.5% 119.8%Consumer Discretionary Magenta Therapeutics Inc 0.01% 188.9% N/A Health CareUniversal Display Corp 0.02% 63.5%51.7% Information Technology ION Geophysical Corp 0.01% 178.8% -46.7% EnergyXerox Corp 0.02% 63.1% 15.7% Information Technology Catalyst Pharmaceuticals Inc 0.02% 165.6% 113.4% Health CareFloor & Decor Holdings Inc 0.01% 59.2% -20.9% Consumer Discretionary VirnetX Holding Corp 0.02% 163.8%60.3% Information Technologybluebird bio Inc 0.03% 58.6% -7.9% Health Care Rockwell Medical Inc 0.01% 151.8% 9.2% Health CareBottom 10 Performing Stocks (by Quarter) Bottom 10 Performing Stocks (by Quarter)Russell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorUniti Group Inc 0.01% -27.8% -23.8%Real Estate Zomedica Pharmaceuticals Corp 0.00% -77.0% -84.2% Health CarePG&E Corp 0.03% -25.1% -59.5% Utilities Aptinyx Inc 0.00% -75.5% N/A Health CareThe Kraft Heinz Co 0.07% -23.2% -45.1% Consumer Staples Alta Mesa Resources Inc Class A 0.00% -73.5% -96.7% EnergyRealogy Holdings Corp 0.01% -21.8% -57.3% Real Estate Novavax Inc 0.01% -70.1% -73.8% Health CareNu Skin Enterprises Inc Class A 0.01% -21.5% -33.7%Consumer Staples Maxar Technologies Inc 0.01% -66.3% -91.0% IndustrialsBiogen Inc 0.18% -21.4% -13.7% Health Care Solid Biosciences Inc 0.01% -65.7% 22.7% Health CareCentennial Resource Development A0.01% -20.2% -52.1% Energy Achaogen Inc 0.00% -62.9% -96.5% Health CareCenturyLink Inc 0.04% -19.3% -19.0% Communication Services EP Energy Corp A 0.00% -62.9% -80.6% EnergyQurate Retail Inc Class A 0.03% -18.1% -36.5% Consumer Discretionary Proteostasis Therapeutics Inc 0.00% -61.1% -73.5% Health CareMacy's Inc 0.03% -18.0% -15.2% Consumer Discretionary Approach Resources Inc 0.00% -59.4% -86.4% EnergyPage 6 Source: MSCI Global Index Monitor (Returns are Net)Broad international equity returns were positive for the quarter in both localcurrency and USD terms. The MSCI ACWI ex US Index gained 10.5% in localcurrency terms and 10.3% in USD terms during the 1stquarter. Similar to USmarkets, international equity investors were encouraged by central bankresponses to slowing global growth as they shifted towards moreaccommodative policies and the improvement in dialogue around global trade.Returns in local currency typically outperformed USD returns in the developedmarkets, as the USD continued to strengthen against most major developedcurrencies. While the currency effect was detrimental in developed markets, itacted as a slight tailwind in emerging markets. The USD strength is particularlynoticeable over the 1-year period where local currency returns on the MSCIACWI ex US Index were 1.9%, but after accounting for foreign exchange,translated to a loss of -4.2% for a USD investor.Fourth quarter results for developed market international indices were positivein both local currency and USD terms with the MSCI EAFE Index returning10.6% and 10.0% respectively. Ongoing weakness in global economicreporting pushed major central banks to move toward less restrictive posturesaround monetary policy. In Europe, the European Central Bank (ECB)announced plans for additional stimuluswhile putting any future interestrateincreases on hold until 2020. The Bank of England (BoE) left policy unchangedas uncertainties around Brexit coincided with a slowing economy. PrimeMinister Theresa May held two votes on her withdrawal plan, both of whichfailed, forcing her to request an extension to the March 29thwithdrawaldeadline. Data from Japan drew concerns that the country’s economy iscontracting as corporate earnings, exports, manufacturing, retail sales andinflation all hinted at an economic slowdown. The MSCI EAFE Index returned2.8% and -3.7% for the last twelve months in local currency and USD termsrespectively.Emerging markets slightly underperformed relative to developed marketsforthe 1stquarter, but still appreciated in both local currency and USD terms withthe MSCI Emerging Markets Index returning 9.8% and 9.9% respectively. Amajor tailwind for equity markets was the improvement in trade relationsbetween the US and China. As Chinese economic data appeared to beslowing, the Chinese government also announced continued stimulus in theform of tax cuts, infrastructure investment and lowered the reserverequirement for banks in order to encourage lending. We also saw commodityprices rise over the quarter which is generally beneficial to emerging marketcountries with rising oil prices helping Russian and Colombian equity returns.In Brazil, President Jair Bolsonaro officially took office. Bolsonaro announcedhis plan to reform the country’s debt laden pension system and promisedmarket friendly economic reforms. One year returns for the MSCI EmergingMarket Index were -1.9% in local currency terms and -7.4% in USD terms.The Market EnvironmentInternational and Regional Market Index Performance (Country Count)As March 31, 20197.5%11.3%4.9%9.8%9.0%11.6%10.6%10.8%10.5%7.9%11.1%5.5%9.9%8.5%10.8%10.0%10.5%10.3%0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%EM Latin Amer (5)EM Asia (9)EM EMEA (10)Emerging Mkt (24)Pacific (5)Europe & ME (16)EAFE (21)WORLD x US (22)AC World x US (46)Quarter PerformanceUSDLocal Currency5.3%-3.9%3.7%-1.9%0.3%4.4%2.8%3.2%1.9%-6.7%-6.8%-10.6%-7.4%-3.9%-3.6%-3.7%-3.1%-4.2%-12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0%EM Latin Amer (5)EM Asia (9)EM EMEA (10)Emerging Mkt (24)Pacific (5)Europe & ME (16)EAFE (21)WORLD x US (22)AC World x US (46)1-Year PerformanceUSDLocal CurrencyPage 7 The Market EnvironmentUS Dollar International Index Attribution & Country DetailAs of March 31, 2019Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD)As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. MSCI - EAFE Sector Weight Quarter Return 1-Year ReturnCommunication Services 5.4% 4.3% -4.5%Consumer Discretionary 11.0% 7.5% -10.4%Consumer Staples 11.8% 12.4% 3.3%Energy 5.9% 10.4% 4.6%Financials 18.9% 6.9% -12.7%Health Care 11.3% 11.2% 7.4%Industrials 14.4% 10.6% -5.4%Information Technology 6.3% 15.3% -3.8%Materials 7.5% 13.2% -3.0%Real Estate 3.9% 14.0% 4.2%Utilities 3.7% 9.0% 8.7%Total 100.0% 10.0% -3.7%MSCI - ACWIxUS Sector Weight Quarter Return 1-Year ReturnCommunication Services 7.1% 6.9% -1.8%Consumer Discretionary 11.1% 11.2% -10.3%Consumer Staples 9.9% 11.2% 1.6%Energy 7.4% 12.4% 5.2%Financials 21.6% 7.7% -9.4%Health Care 8.4% 11.0% 4.4%Industrials 11.7% 10.2% -4.9%Information Technology 8.4% 14.7% -7.3%Materials 7.6% 11.3% -3.6%Real Estate 3.5% 14.4% 2.8%Utilities 3.3% 8.2% 6.1%Total 100.0% 10.3% -4.2%MSCI - Emerging Mkt Sector WeightQuarter Return 1-Year ReturnCommunication Services 12.3% 9.5% -3.3%Consumer Discretionary 13.4% 20.8% -13.2%Consumer Staples 6.4% 5.3% -8.4%Energy 8.1% 12.2% 9.4%Financials 24.2% 7.2% -6.0%Health Care 2.6% 3.6% -23.4%Industrials 5.4% 4.8% -7.6%Information Technology 14.6% 12.8% -10.8%Materials 7.4% 6.9% -6.2%Real Estate 3.2% 15.6% -2.1%Utilities 2.5% 4.2% -2.7%Total 100.0% 9.9% -7.4%MSCI-EAFE MSCI-ACWIxUS Quarter 1- YearCountry Weight Weight Return ReturnJapan 24.0% 16.1% 6.7% -7.8%United Kingdom 17.1% 11.5% 11.9% -0.1%France 11.3% 7.6% 10.7% -3.7%Switzerland 8.9% 6.0% 13.1% 7.5%Germany 8.6% 5.8% 6.9% -13.7%Australia 6.9% 4.7% 11.4% 4.5%Hong Kong 4.1% 2.8% 15.6% 8.0%Netherlands 3.6% 2.4% 13.6% -2.3%Spain 3.0% 2.0% 7.0% -8.8%Sweden 2.6% 1.8% 7.4% -5.1%Italy 2.4% 1.6% 14.6% -10.6%Denmark 1.8% 1.2% 12.8% -3.2%Singapore 1.3% 0.9% 6.2% -6.4%Finland 1.0% 0.7% 8.0% -3.6%Belgium 1.0% 0.7% 16.2% -15.5%Norway 0.7% 0.5% 7.0% -4.4%Ireland 0.5% 0.4% 11.4% -11.6%Israel 0.5% 0.4% 10.1% 9.9%Austria 0.2% 0.2% 8.4% -23.0%New Zealand 0.2% 0.2% 16.7% 18.1%Portugal 0.2% 0.1% 10.2% -4.9%Total EAFE Countries 100.0% 67.1% 10.0% -3.7%Canada 6.8% 15.4% 3.1%Total Developed Countries 73.9% 10.5% -3.1%China 8.6% 17.7% -6.2%Korea 3.4% 4.9% -16.7%Taiwan 3.0% 9.0% -6.1%India 2.4% 7.2% 6.8%Brazil 1.9% 8.1% -4.2%South Africa 1.5% 4.4% -18.0%Russia 1.0% 12.2% 2.2%Mexico 0.7% 5.5% -11.7%Thailand 0.6% 7.4% -6.9%Indonesia 0.6% 4.3% 2.0%Malaysia 0.6% 0.3% -13.1%Poland 0.3% -0.6% -5.7%Philippines 0.3% 7.9% 1.8%Chile 0.3% 4.1% -17.5%Qatar 0.2% -3.5% 22.2%United Arab Emirates 0.2% 8.7% 1.3%Turkey 0.1% -3.2% -40.3%Colombia 0.1% 24.8% 5.3%Peru 0.1% 11.0% 2.2%Hungary 0.1% 6.0% 0.5%Greece 0.1% 12.8% -23.6%Czech Republic 0.0% 3.8% -6.8%Egypt 0.0% 15.8% -10.2%Pakistan 0.0% 8.3% -36.6%Total Emerging Countries 26.1% 9.9% -7.4%Total ACWIxUS Countries 100.0% 10.3% -4.2%Page 8 Source: BloombergThe Market EnvironmentDomestic Bond Sector & Broad/Global Bond Market Performance (Duration)As of March 31, 2019Broad fixed income benchmarks were positive to start 2019. Following the late2018 market volatility, the Federal Open Market Committee (FOMC) issueddovish guidance after their January meeting stating that they would be patientin determining future interest rate adjustments. The FOMC also commentedonthe ongoing balance sheet reduction program, stating that they would be opento changes to the program if market conditions warranted them. Later inMarch, Fed Chair Jerome Powell communicated that the FOMC is no longerprojecting any further interest rate increases through 2019. He also stated thatthey would begin tapering the roll off from the balance sheet reductionprogram in May with a plan to halt the program entirely in September. Thestoppage of the balance sheet reductionprogram represents an easing ofmonetary policy. Interest rates fell across all maturities on the US TreasuryYield Curve with the greatest declines occurring in the mid- and long-termissues. This caused continued inversion in the yield curve with short-termmaturities paying higher interest rates than issues in the mid- to long-endofthe curve. The difference in yields between the 2-year and 10-year Treasurynow sits at just 0.14% with the 30-day T-Bill yielding more than the 10-yearbond by 0.02%. Historically, an inverted yield curve has been a leadingindicator of a recession in the next 6-24 months. The bellwether BloombergBarclays US Aggregate Index posted positive returns for both the 1stquarterand the 1-year period, returning 2.9% and 4.5% respectively.Within investment grade credit, lower quality issues outperformed higherquality issues as investors gravitated toward higher risk securities during thequarter. Lower quality issues also benefitted from their higher durations. On anabsolute basis, without negating the duration differences in the sub-indices,Baa rated credit was the best performing investment grade credit qualitysegment returning 5.8% for the quarter, while AAA was the worst performing,returning 2.2%. Despite their relatively low durations, high yield securitiesposted very strong returns for the quarter, gaining 7.3%, as spreads tightenedby 135 basis points on these issues. When viewed over the 1-year period,returns for the various quality segments generally show lower quality securitiesoutperforming higher quality issues by a small margin.During the 1stquarter, investment grade corporates outperformed the moredefensive Treasury and mortgage backed sectors of the Bloomberg BarclaysUS Aggregate Index’s three broad sectors. Investment grade corporate creditreturned 5.1%, as the drop in interest rates benefitted these securities toagreater degree and credit spreads tightened considerably since the end of2018. This quarter’s performance carried through to the 1-year period ascorporate credit outperformed both Treasuries and mortgage backedsecurities. Corporate issues returned4.9% versus a 4.4% return for mortgagesand 4.2% gain on Treasury securities.2.4%1.5%2.3%2.9%3.2%5.1%2.2%2.1%7.3%5.8%4.6%3.4%2.2%0.0% 2.0% 4.0% 6.0% 8.0%Multiverse (6.9)Global Agg x US (8.1)Intermediate Agg (4.0)Aggregate (5.8)U.S. TIPS (5.2)U.S. Corporate IG (7.4)U.S. Mortgage (4.0)U.S. Treasury (6.2)U.S. High Yield (3.4)Baa (7.5)A (7.4)AA (6.2)AAA (5.3)Quarter Performance -0.3%-4.1%4.3%4.5%2.7%4.9%4.4%4.2%5.9%5.0%4.8%4.9%4.3%-5.0% -3.0% -1.0% 1.0% 3.0% 5.0% 7.0%Multiverse (6.9)Global Agg x US (8.1)Intermediate Agg (4.0)Aggregate (5.8)U.S. TIPS (5.2)U.S. Corporate IG (7.4)U.S. Mortgage (4.0)U.S. Treasury (6.2)U.S. High Yield (3.4)Baa (7.5)A (7.4)AA (6.2)AAA (5.3)1-Year PerformancePage 9 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)The Market EnvironmentMarket Rate & Yield Curve ComparisonAs of March 31, 2019Global fixed income indices continue to struggle relative to their domesticcounterparts, underperforming during the 1stquarter. These indices havelower, or in some cases (Germany, Japan), negative yields and the returns ofthese indices are also significantlyinfluenced by fluctuations in theircurrencydenomination relative to the USD. The USD has appreciated against mostother developed currencies, negatively impacting the returns on global bondindices. The return on global bonds, as represented by the BloombergBarclays Global Aggregate ex US Index, was 1.5% and -4.1% for the quarterand 1-year period respectively. As global growth has shown signs of stalling,several international central banks have started to step back from morerestrictive postures. Notably, the ECB announced a program to extend loanstoEuropean banks in an effort to increase lending and pledged to keep interestrates steady through the end of 2019. China also announced new stimulus tohelp spur its economy. The Bank of England and the Bank of Japan made nomajor policy changes during the quarter as they continue to reviewmacroeconomic data within their respective countries.Much of the index performance detailed in the bar graphs on the previouspage is visible on a time series basis by reviewing the line graphs to the right.The ‘1-Year Trailing Market Rates’ chart illustrates that the 10-year Treasuryyield (green line) fell from recent high’s greater than 3.0%, to yields below2.5% to end the first quarter. The blue line illustrates changes in the BAA OAS(Option Adjusted Spread). This measure quantifies the additional yieldpremium that investors require to purchase and hold non-Treasury issues.Thisline illustrates a relatively tight range in credit spreads throughout most of2018, but highlights an abrupt increase during the 4thquarter of 2018 asinvestors moved to higher quality assets during the quarter’s risk-offenvironment. Subsequently, spreads dropped steadily over the 1stquarter of2019. This spread tightening is equivalent to an interest rate decrease oncorporate bonds, which produces anadditional tailwind for corporate bondindex returns. These credit spreads have tightened by about 34 basis pointsover the last three months. The greenband across the graph illustrates thegradual increase in the Federal Funds Rate due to the tightening of USmonetary policy during 2018. As mentioned, the Fed’s current guidance is forzero rate increases in 2019.The lower graph provides a snapshot of the US Treasury yield curve at the endof each of the last four calendar quarters. The downward shift of interest ratesas well as a general flattening of the yield curve are clearly visible over the lastquarter. As mentioned, the yield curve continues to invert as yields on shorter-term maturities fell less than interest rates in the middle- to long-end ofthecurve.1.001.502.002.503.003.501 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yrTreasury Yield Curve6/30/20189/30/201812/31/20183/31/20190.000.501.001.502.002.503.003.50Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-191-Year Trailing Market RatesFed Funds RateTED Spread3-Month LiborBAA OAS10yr Treasury10yr TIPSPage 10 Page Intentionally Left Blank Page 11 Executive Summary Policy Target In Policy Outside Policy 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%60.0% Total Cash Composite (0.4%) Total Real Asset (9.9%) Total Fixed Income Composite (35.4%) Total Long/Short Equity Composite (5.9%) Total International Equity (14.0%) Total Domestic Equity (34.6%) Asset Allocation Compliance Asset Allocation $ Current Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Target Allocation (%) Min. Rebal. ($000) Max. Rebal. ($000) Target Rebal. ($000) Total Fund Composite 741,934,017 100.0 N/A N/A 100.0 --- Total Domestic Equity 256,607,159 34.6 10.0 50.0 37.5 -182,413,757 114,359,850 21,618,098 Total International Equity 103,801,045 14.0 5.0 20.0 12.5 -66,704,345 44,585,758 -11,059,293 Total Long/Short Equity Composite 43,424,418 5.9 0.0 7.5 5.0 -43,424,418 12,220,633 -6,327,717 Total Fixed Income Composite 262,301,846 35.4 10.0 55.0 35.0 -188,108,444 145,761,863 -2,624,940 Total Real Asset 73,119,184 9.9 0.0 15.0 10.0 -73,119,184 38,170,919 1,074,218 Total Cash Composite 2,680,365 0.4 0.0 5.0 0.0 -2,680,365 34,416,336 -2,680,365 Asset Allocation Compliance Oakland County Employees' Retirement System Total Fund Composite As of March 31, 2019 Page 12 Executive Summary Policy Target In Policy Outside Policy 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%60.0% Total Cash Composite (0.4%) Total Real Asset (9.9%) Total Fixed Income Composite (35.4%) Total Long/Short Equity Composite (5.9%) Total International Equity (14.0%) Total Small Cap Equity Composite (6.4%) Total Mid Cap Equity Composite (7.5%) Total Large Cap Equity Composite (20.7%) Asset Allocation Compliance Asset Allocation $ Current Allocation (%) Target Allocation (%) Target Rebal. ($000) Total Fund Composite 741,934,017 100.0 100.0 - Total Large Cap Equity Composite 153,414,386 20.7 25.0 32,069,119 Total Mid Cap Equity Composite 55,942,763 7.5 6.3 -9,571,887 Total Small Cap Equity Composite 47,250,009 6.4 6.3 -879,133 Total International Equity 103,801,045 14.0 12.5 -11,059,293 Total Long/Short Equity Composite 43,424,418 5.9 5.0 -6,327,717 Total Fixed Income Composite 262,301,846 35.4 35.0 -2,624,940 Total Real Asset 73,119,184 9.9 10.0 1,074,218 Total Cash Composite 2,680,365 0.4 0.0 -2,680,365 Asset Allocation Compliance Oakland County Employees' Retirement System Total Fund Composite As of March 31, 2019 Page 13 Asset Allocation By Segment as of December 31, 2018 : $706,294,991 Asset Allocation By Segment as of March 31, 2019 : $741,934,017 Allocation Segments Market Value Allocation Domestic Equity 227,002,306 32.1¢ International Equity 90,131,688 12.8¢ Domestic Fixed Income 202,044,700 28.6¢ Global Fixed Income 42,731,158 6.1¢ Real Estate 69,907,399 9.9¢ Hedge Fund 41,083,053 5.8¢ Private Equity 14,896,609 2.1¢ Cash Equivalent 18,498,078 2.6¢ Allocation Segments Market Value Allocation Domestic Equity 252,756,939 34.1¢ International Equity 100,627,407 13.6¢ Domestic Fixed Income 201,139,793 27.1¢ Global Fixed Income 36,690,403 4.9¢ Real Estate 70,922,843 9.6¢ Hedge Fund 43,424,418 5.9¢ Private Equity 14,907,623 2.0¢ Cash Equivalent 21,464,592 2.9¢ Asset Allocation Summary Total Fund Composite As of March 31, 2019 NONE Page 14 Asset Allocation By Manager as of December 31, 2018 : $706,294,991 Asset Allocation By Manager as of March 31, 2019 : $741,934,017 Allocation Market Value Allocation CS McKee 135,264,868 19.2¢ Loomis Fixed Income 77,660,400 11.0¢ T. Rowe Price 72,495,546 10.3¢ Morgan Stanley 42,875,404 6.1¢ Franklin Templeton 42,731,158 6.1¢ Pictet 41,580,643 5.9¢ ABS Global 41,083,053 5.8¢ Lazard 33,626,699 4.8¢ SSgA S&P 500 31,216,390 4.4¢ SSgA S&P 500 Equal Weighted Index 30,325,699 4.3¢ Loomis Small Cap 25,673,276 3.6¢ Lee Munder (LMCG)21,624,390 3.1¢ Prudential PRISA II 18,492,320 2.6¢ Berkeley Street 16,800,139 2.4¢ Seizert Capital Partners 14,081,495 2.0¢ Churchill Senior Loan Fund 12,774,191 1.8¢ Wedge Capital Partners 12,432,194 1.8¢ Munder Capital 11,716,933 1.7¢ TimesSquare 11,088,467 1.6¢ Alidade Capital Fund IV 3,666,960 0.5¢ Walton Street Real Estate 3,280,813 0.5¢ ValStone Opportunity Fund V 2,122,418 0.3¢ Private Markets Cash 2,009,284 0.3¢ AEW Real Estate 1,441,330 0.2¢ JPM Euro Property 150,572 0.0¢ Cash and Equivalents Account 80,351 0.0¢ Allocation Market Value Allocation CS McKee 132,495,660 17.9¢ T. Rowe Price 83,072,251 11.2¢ Loomis Fixed Income 80,404,502 10.8¢ Pictet 47,434,093 6.4¢ ABS Global 43,424,418 5.9¢ Morgan Stanley 43,419,565 5.9¢ Lazard 37,211,429 5.0¢ Franklin Templeton 36,690,403 4.9¢ SSgA S&P 500 35,472,927 4.8¢ SSgA S&P 500 Equal Weighted Index 34,869,208 4.7¢ Munder Capital 28,944,011 3.9¢ Lee Munder (LMCG)24,585,456 3.3¢ Loomis Small Cap 22,664,554 3.1¢ Berkeley Street 19,155,524 2.6¢ Prudential PRISA II 18,804,197 2.5¢ Wedge Capital Partners 14,025,189 1.9¢ TimesSquare 12,959,863 1.7¢ Churchill Senior Loan Fund 12,711,282 1.7¢ Alidade Capital Fund IV 3,441,195 0.5¢ Walton Street Real Estate 3,343,270 0.5¢ Private Markets Cash 2,599,812 0.4¢ ValStone Opportunity Fund V 2,196,341 0.3¢ AEW Real Estate 1,764,044 0.2¢ JPM Euro Property 150,572 0.0¢ Cash and Equivalents Account 80,553 0.0¢ Seizert Capital Partners 13,700 0.0¢ Asset Allocation Summary Total Fund Composite As of March 31, 2019 NONE Page 15 Asset Allocation Attributes Mar-2019 Dec-2018 Sep-2018 Jun-2018 Mar-2018 ($)%($)%($)%($)%($)% Total Fund Composite 741,934,017 100.00 706,294,991 100.00 760,349,975 100.00 784,033,262 100.00 777,405,429 100.00 Total Equity Composite 403,832,622 54.43 363,744,922 51.50 422,897,242 55.62 424,878,496 54.19 418,066,631 53.78 Total Domestic Equity 256,607,159 34.59 230,654,389 32.66 272,380,948 35.82 262,721,954 33.51 253,127,646 32.56 Total Large Cap Equity Composite 153,414,386 20.68 134,037,634 18.98 155,284,989 20.42 150,859,062 19.24 145,813,968 18.76 SSgA S&P 500 35,472,927 4.78 31,216,390 4.42 36,091,569 4.75 33,502,886 4.27 32,393,935 4.17 SSgA S&P 500 Equal Weighted Index 34,869,208 4.70 30,325,699 4.29 35,301,653 4.64 33,483,563 4.27 32,548,457 4.19 T. Rowe Price 83,072,251 11.20 72,495,546 10.26 83,891,767 11.03 83,872,613 10.70 80,871,576 10.40 Total Mid Cap Equity Composite 55,942,763 7.54 49,319,089 6.98 58,711,307 7.72 56,258,859 7.18 55,242,503 7.11 Seizert Capital Partners 13,700 0.00 14,081,495 1.99 16,465,395 2.17 15,883,438 2.03 15,823,000 2.04 Wedge Capital Partners 14,025,189 1.89 12,432,194 1.76 15,095,855 1.99 14,650,987 1.87 14,227,024 1.83 TimesSquare 12,959,863 1.75 11,088,467 1.57 13,055,234 1.72 12,205,156 1.56 11,824,171 1.52 Munder Capital 28,944,011 3.90 11,716,933 1.66 14,094,823 1.85 13,519,278 1.72 13,368,308 1.72 Total Small Cap Equity Composite 47,250,009 6.37 47,297,666 6.70 58,384,652 7.68 55,604,033 7.09 52,071,175 6.70 Lee Munder (LMCG)24,585,456 3.31 21,624,390 3.06 26,669,123 3.51 26,198,668 3.34 24,365,068 3.13 RBC Global -0.00 -0.00 1,131 0.00 1,126 0.00 15,950,409 2.05 Loomis Small Cap 22,664,554 3.05 25,673,276 3.63 31,714,398 4.17 29,404,240 3.75 11,755,698 1.51 Total International Equity 103,801,045 13.99 92,007,481 13.03 105,845,250 13.92 117,818,923 15.03 120,750,170 15.53 Lazard 37,211,429 5.02 33,626,699 4.76 37,429,973 4.92 47,985,775 6.12 49,712,368 6.39 Pictet 47,434,093 6.39 41,580,643 5.89 50,247,950 6.61 51,067,427 6.51 51,057,000 6.57 Berkeley Street 19,155,524 2.58 16,800,139 2.38 18,167,327 2.39 18,765,721 2.39 19,980,802 2.57 Total Long/Short Equity Composite 43,424,418 5.85 41,083,053 5.82 44,671,044 5.88 44,337,619 5.66 44,188,815 5.68 ABS Global 43,424,418 5.85 41,083,053 5.82 44,671,044 5.88 44,337,619 5.66 44,188,815 5.68 Total Fixed Income Composite 262,301,846 35.35 268,430,617 38.01 263,164,570 34.61 263,108,512 33.56 268,207,593 34.50 Total Domestic Fixed Income 212,900,161 28.70 212,925,268 30.15 210,999,380 27.75 212,401,805 27.09 217,912,050 28.03 CS McKee 132,495,660 17.86 135,264,868 19.15 133,488,785 17.56 135,328,592 17.26 140,338,815 18.05 Loomis Fixed Income 80,404,502 10.84 77,660,400 11.00 77,510,594 10.19 77,073,213 9.83 77,573,235 9.98 Total Global Fixed 36,690,403 4.95 42,731,158 6.05 42,133,494 5.54 41,590,352 5.30 42,675,256 5.49 Franklin Templeton 36,690,403 4.95 42,731,158 6.05 42,133,494 5.54 41,590,352 5.30 42,675,256 5.49 Private Fixed Income 12,711,282 1.71 12,774,191 1.81 10,031,696 1.32 9,116,354 1.16 7,620,287 0.98 Churchill Senior Loan Fund 12,711,282 1.71 12,774,191 1.81 10,031,696 1.32 9,116,354 1.16 7,620,287 0.98 Historical Asset Allocation Total Fund As of March 31, 2019 Page 16 Historical Asset Allocation Total Fund As of March 31, 2019 Mar-2019 Dec-2018 Sep-2018 Jun-2018 Mar-2018 ($)%($)%($)%($)%($)% Total Real Asset 73,119,184 9.86 72,029,817 10.20 69,523,111 9.14 91,001,642 11.61 88,943,151 11.44 Total Real Estate 70,922,843 9.56 69,907,399 9.90 67,458,896 8.87 88,966,356 11.35 86,849,298 11.17 Morgan Stanley 43,419,565 5.85 42,875,404 6.07 42,048,803 5.53 64,142,593 8.18 62,998,472 8.10 JPM Euro Property 150,572 0.02 150,572 0.02 291,306 0.04 278,549 0.04 563,880 0.07 Prudential PRISA II 18,804,197 2.53 18,492,320 2.62 18,280,851 2.40 17,922,443 2.29 17,578,263 2.26 Alidade Capital Fund IV 3,441,195 0.46 3,666,960 0.52 2,680,656 0.35 3,409,341 0.43 3,165,625 0.41 Walton Street Real Estate 3,343,270 0.45 3,280,813 0.46 3,006,105 0.40 2,439,846 0.31 1,883,746 0.24 AEW Real Estate 1,764,044 0.24 1,441,330 0.20 1,151,175 0.15 773,585 0.10 659,312 0.08 Private Investments 2,196,341 0.30 2,122,418 0.30 2,064,215 0.27 2,035,286 0.26 2,093,853 0.27 ValStone Opportunity Fund V 2,196,341 0.30 2,122,418 0.30 2,064,215 0.27 2,035,286 0.26 2,093,853 0.27 Total Cash Composite 2,680,365 0.36 2,089,635 0.30 4,765,052 0.63 5,044,612 0.64 2,188,054 0.28 Cash and Equivalents Account 80,553 0.01 80,351 0.01 46,673 0.01 3,299,348 0.42 741,614 0.10 Private Markets Cash 2,599,812 0.35 2,009,284 0.28 4,718,379 0.62 1,745,264 0.22 1,446,440 0.19 Page 17 Financial Reconciliation Market Value 01/01/2019 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 03/31/2019 Total Fund Composite 706,294,991 -601,550 -21,000,000 -724,117 -4,058 3,559,261 53,206,391 741,934,017 Total Equity Composite 363,744,922 -7,000,000 236,403 --325,019 -2,927 1,310,668 45,868,575 403,832,622 Total Domestic Equity 230,654,389 -7,000,000 143,862 --152,009 -1,477 860,193 32,102,201 256,607,159 Total Large Cap Equity Composite 134,037,634 ----8,147 -118 465,681 18,919,336 153,414,386 SSgA S&P 500 31,216,390 ----2,176 --4,258,714 35,472,927 SSgA S&P 500 Equal Weighted Index 30,325,699 ----5,970 --4,549,480 34,869,208 T. Rowe Price 72,495,546 -----118 465,681 10,111,143 83,072,251 Total Mid Cap Equity Composite 49,319,089 -56,326 --56,326 -685 239,892 6,384,467 55,942,763 Seizert Capital Partners 14,081,495 -14,631,543 ----270 68,949 495,068 13,700 Wedge Capital Partners 12,432,194 -21,701 --21,701 -232 86,472 1,506,755 14,025,189 TimesSquare 11,088,467 -14,275 --14,275 -104 38,407 1,833,093 12,959,863 Munder Capital 11,716,933 14,631,543 20,350 --20,350 -80 46,064 2,549,551 28,944,011 Total Small Cap Equity Composite 47,297,666 -7,000,000 87,536 --87,536 -674 154,620 6,798,397 47,250,009 Lee Munder (LMCG)21,624,390 -39,777 --39,777 -213 111,649 2,849,630 24,585,456 Loomis Small Cap 25,673,276 -7,000,000 47,759 --47,759 -461 42,971 3,948,767 22,664,554 Total International Equity 92,007,481 -92,541 --173,010 -1,450 450,475 11,425,009 103,801,045 Lazard 33,626,699 -49,935 --49,935 -1,450 198,518 3,387,662 37,211,429 Pictet 41,580,643 ----80,469 -251,957 5,681,962 47,434,093 Berkeley Street 16,800,139 -42,606 --42,606 --2,355,385 19,155,524 Total Long/Short Equity Composite 41,083,053 ------2,341,365 43,424,418 ABS Global 41,083,053 ------2,341,365 43,424,418 Total Fixed Income Composite 268,430,617 -14,313,060 110,533 --177,488 -1,112 1,822,664 6,429,693 262,301,846 Total Domestic Fixed Income 212,925,268 -7,000,000 110,533 --110,533 -1,112 1,822,664 5,153,341 212,900,161 CS McKee 135,264,868 -7,000,000 55,460 --55,460 -502 1,173,001 3,058,293 132,495,660 Loomis Fixed Income 77,660,400 -55,073 --55,073 -610 649,663 2,095,048 80,404,502 Total Global Fixed 42,731,158 -7,000,000 -----959,245 36,690,403 Franklin Templeton 42,731,158 -7,000,000 -----959,245 36,690,403 Private Fixed Income 12,774,191 -313,060 ---66,955 --317,106 12,711,282 Churchill Senior Loan Fund 12,774,191 -313,060 ---66,955 --317,106 12,711,282 Financial Reconciliation Total Fund 1 Quarter Ending March 31, 2019 Page 18 Financial Reconciliation Total Fund 1 Quarter Ending March 31, 2019 Market Value 01/01/2019 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 03/31/2019 Total Real Asset 72,029,817 -42,390 10,652 --221,610 -423,019 919,696 73,119,184 Total Real Estate 69,907,399 -42,390 10,652 --221,610 -423,019 845,773 70,922,843 Morgan Stanley 42,875,404 ----126,991 -423,019 248,134 43,419,565 JPM Euro Property 150,572 -------150,572 Prudential PRISA II 18,492,320 ----54,471 --366,348 18,804,197 Alidade Capital Fund IV 3,666,960 -286,352 ---13,871 --74,458 3,441,195 Walton Street Real Estate 3,280,813 -10,652 --10,652 --62,457 3,343,270 AEW Real Estate 1,441,330 243,962 ---15,625 --94,377 1,764,044 Private Investments 2,122,418 ------73,923 2,196,341 ValStone Opportunity Fund V 2,122,418 ------73,923 2,196,341 Total Cash Composite 2,089,635 21,355,450 243,962 -21,000,000 --19 2,911 -11,574 2,680,365 Cash and Equivalents Account 80,351 20,756,038 243,962 -21,000,000 --19 173 49 80,553 Private Markets Cash 2,009,284 599,412 ----2,738 -11,622 2,599,812 Page 19 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 52.0 60.0 68.0 76.0 Allocation (%)US Equity Intl. Equity US Fixed Income Intl. Fixed Income Alternative Inv.Real Estate Cash Total Fund Composite 34.59 (69)13.99 (59)28.70 (41)4.95 (28)7.86 (62)9.56 (42)0.36 (83) 5th Percentile 60.56 26.27 48.60 9.52 37.16 14.37 7.04 1st Quartile 49.92 19.22 33.72 5.03 19.49 10.44 2.42 Median 41.93 14.54 25.88 4.37 10.55 8.97 1.19 3rd Quartile 31.06 11.84 19.64 2.84 5.14 5.45 0.58 95th Percentile 17.20 7.03 12.38 0.26 1.61 2.96 0.07 Plan Sponsor TF Asset Allocation Total Fund Composite Vs. All Public Plans-Total Fund As of March 31, 2019 Page 20 Asset Allocation & Performance Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Fund Composite (Gross)741,934,017 100.0 8.09 (59)0.31 (44)8.09 (59)3.81 (59)8.23 (57)6.35 (34)7.77 (33)10.42 (29)8.34(34)10/01/1986 Total Fund Policy Index 8.37 (51)0.79 (27)8.37 (51)5.22 (21)8.16 (60)6.45 (27)7.95 (26)10.99 (11)8.80(14) Difference -0.28 -0.48 -0.28 -1.41 0.07 -0.10 -0.18 -0.57 -0.46 All Public Plans-Total Fund Median 8.38 0.21 8.38 4.10 8.40 5.97 7.32 9.77 8.18 Total Fund Composite (Net)741,934,017 100.0 7.99 0.11 7.99 3.36 7.77 6.06 7.55 10.26 8.30 10/01/1986 Total Fund Policy Index 8.37 0.79 8.37 5.22 8.16 6.45 7.95 10.99 8.80 Difference -0.38 -0.68 -0.38 -1.86 -0.39 -0.39 -0.40 -0.73 -0.50 Total Equity Composite 403,832,622 54.4 12.99 -2.79 12.99 2.62 10.81 7.41 10.01 13.81 9.54 10/01/1986 Total Equity Index 13.30 -2.69 13.30 4.42 11.80 8.95 11.51 15.01 9.92 Difference -0.31 -0.10 -0.31 -1.80 -0.99 -1.54 -1.50 -1.20 -0.38 Total Fixed Income Composite 262,301,846 35.4 3.16 4.22 3.16 4.28 3.22 3.05 3.19 5.14 6.35 10/01/1986 Total Fixed Income Index 2.99 4.41 2.99 3.72 1.93 2.51 2.24 3.59 6.12 Difference 0.17 -0.19 0.17 0.56 1.29 0.54 0.95 1.55 0.23 Total Real Asset 73,119,184 9.9 1.87 4.08 1.87 8.56 9.14 11.27 10.73 7.91 4.85 07/01/2008 NCREIF Fund Index-ODCE (VW)1.42 3.20 1.42 7.52 7.97 10.18 10.77 8.74 5.43 Difference 0.45 0.88 0.45 1.04 1.17 1.09 -0.04 -0.83 -0.58 Total Cash Composite 2,680,365 0.4 Asset Allocation & Performance Total Fund Composite (Gross) As of March 31, 2019 Page 21 Asset Allocation & Performance Total Fund Composite (Gross) As of March 31, 2019 Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Domestic Equity 256,607,159 34.6 Total Large Cap Equity Composite 153,414,386 20.7 14.46 (30)-1.20 (30)14.46 (30)9.29 (38)13.62 (36)11.11 (33)13.00 (36)15.68 (54)10.21(40)07/01/2008 IM U.S. Large Cap Equity (SA+CF) Median 13.29 -2.28 13.29 7.91 12.94 10.33 12.62 15.83 10.02 SSgA S&P 500 (1.5 bps)35,472,927 4.8 13.64 (39)-1.71 (36)13.64 (39)9.51 (25)13.56 (32)10.97 (32)12.92 (40)N/A 13.35(40)10/01/2009 S&P 500 Index 13.65 (39)-1.72 (37)13.65 (39)9.50 (25)13.51 (34)10.91 (36)12.85 (44)15.92 (41)13.28(46) Difference -0.01 0.01 -0.01 0.01 0.05 0.06 0.07 N/A 0.07 IM U.S. Large Cap Core Equity (SA+CF) Median 13.23 -2.40 13.23 7.74 12.92 10.38 12.75 15.63 13.23 SSgA S&P 500 Equal Weighted Index (4bps)34,869,208 4.7 15.00 (11)-1.21 (29)15.00 (11)7.16 (56)N/A N/A N/A N/A 1.31(54)02/01/2018 S&P 500 Equal Weighted 14.91 (13)-1.07 (27)14.91 (13)7.22 (55)12.03 (65)9.52 (72)12.68 (53)17.75 (5)1.37(54) Difference 0.09 -0.14 0.09 -0.06 N/A N/A N/A N/A -0.06 IM U.S. Large Cap Core Equity (SA+CF) Median 13.23 -2.40 13.23 7.74 12.92 10.38 12.75 15.63 1.56 T. Rowe Price (25 bps)83,072,251 11.2 14.59 (17)-0.98 (26)14.59 (17)10.09 (19)14.80 (14)11.88 (16)13.58 (19)N/A 13.82(23)10/01/2009 S&P 500 Index 13.65 (39)-1.72 (37)13.65 (39)9.50 (25)13.51 (34)10.91 (36)12.85 (44)15.92 (41)13.28(46) Difference 0.94 0.74 0.94 0.59 1.29 0.97 0.73 N/A 0.54 IM U.S. Large Cap Core Equity (SA+CF) Median 13.23 -2.40 13.23 7.74 12.92 10.38 12.75 15.63 13.23 Total Mid Cap Equity Composite 55,942,763 7.5 13.43 (86)-4.71 (69)13.43 (86)1.27 (76)10.74 (66)7.26 (73)10.70 (82)15.55 (79)9.12(86)07/01/2008 IM U.S. Mid Cap Equity (SA+CF) Median 15.66 -2.80 15.66 5.78 12.17 8.98 12.00 16.63 10.27 Wedge Capital Partners (75 bps)14,025,189 1.9 12.82 (77)-7.09 (85)12.82 (77)-1.41 (74)8.96 (76)7.16 (54)11.47 (52)17.26 (22)7.71(59)05/01/2007 Russell Midcap Value Index 14.37 (45)-2.73 (33)14.37 (45)2.89 (43)9.50 (64)7.22 (52)11.30 (53)16.39 (42)6.78(88) Difference -1.55 -4.36 -1.55 -4.30 -0.54 -0.06 0.17 0.87 0.93 IM U.S. Mid Cap Value Equity (SA+CF) Median 14.11 -4.21 14.11 1.68 9.97 7.30 11.57 16.18 8.04 TimesSquare (80 bps)12,959,863 1.7 16.88 (77)-0.73 (50)16.88 (77)9.61 (60)14.74 (58)10.01 (63)13.09 (34)N/A 14.44(63)09/01/2009 Russell Midcap Growth Index 19.62 (44)0.49 (39)19.62 (44)11.51 (46)15.06 (52)10.89 (42)12.97 (35)17.60 (43)14.86(54) Difference -2.74 -1.22 -2.74 -1.90 -0.32 -0.88 0.12 N/A -0.42 IM U.S. Mid Cap Growth Equity (SA+CF) Median 19.13 -0.81 19.13 10.58 15.16 10.52 12.44 17.18 14.95 Total Small Cap Equity Composite 47,250,009 6.4 14.51 (46)-7.23 (38)14.51 (46)5.96 (32)12.44 (53)6.99 (64)10.15 (80)15.09 (83)9.86(64)07/01/2008 IM U.S. Small Cap Equity (SA+CF) Median 14.20 -8.30 14.20 2.08 12.62 7.78 11.54 16.83 10.43 Lee Munder (70 bps)24,585,456 3.3 13.69 (38)-7.81 (35)13.69 (38)0.91 (27)9.03 (65)7.03 (34)9.80 (74)15.18 (70)8.99(36)09/01/2005 Russell 2000 Value Index 11.93 (72)-8.97 (53)11.93 (72)0.17 (34)10.86 (37)5.59 (67)9.61 (79)14.12 (86)6.64(92) Difference 1.76 1.16 1.76 0.74 -1.83 1.44 0.19 1.06 2.35 IM U.S. Small Cap Value Equity (SA+CF) Median 12.98 -8.81 12.98 -1.59 9.83 6.29 10.70 16.14 8.46 Page 22 Asset Allocation & Performance Total Fund Composite (Gross) As of March 31, 2019 Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Loomis Small Cap (90 bps)22,664,554 3.1 15.40 (68)-6.58 (45)15.40 (68)10.92 (43)18.58 (45)10.31 (42)N/A N/A 15.24(38)09/01/2012 Russell 2000 Growth Index 17.14 (53)-8.22 (66)17.14 (53)3.85 (79)14.87 (71)8.41 (75)11.79 (76)16.52 (79)12.96(75) Difference -1.74 1.64 -1.74 7.07 3.71 1.90 N/A N/A 2.28 IM U.S. Small Cap Growth Equity (SA+CF) Median 17.42 -7.12 17.42 9.63 17.45 9.65 13.32 17.72 14.51 Total International Equity 103,801,045 14.0 12.91 (20)-1.77 (46)12.91 (20)-4.96 (43)8.40 (52)3.91 (51)6.46 (50)10.70 (52)3.74(58)07/01/2008 Total International Equity Index 10.44 (51)-2.16 (49)10.44 (51)-3.74 (34)8.61 (50)3.05 (68)5.22 (71)8.82 (88)2.30(87) Difference 2.47 0.39 2.47 -1.22 -0.21 0.86 1.24 1.88 1.44 IM International Equity (SA+CF) Median 10.55 -2.29 10.55 -5.69 8.48 3.96 6.45 10.73 4.10 Lazard (75 bps)37,211,429 5.0 10.66 (49)-0.57 (38)10.66 (49)-3.37 (30)8.15 (56)4.43 (41)7.49 (33)11.51 (36)5.58(42)09/01/2006 MSCI AC World ex USA 10.44 (51)-2.16 (49)10.44 (51)-3.74 (34)8.61 (50)3.05 (68)5.21 (71)9.35 (80)3.59(80) Difference 0.22 1.59 0.22 0.37 -0.46 1.38 2.28 2.16 1.99 IM International Equity (SA+CF) Median 10.55 -2.29 10.55 -5.69 8.48 3.96 6.45 10.73 5.12 Pictet (65 bps)47,434,093 6.4 14.28 (7)-5.26 (81)14.28 (7)-6.28 (77)7.41 (49)2.97 (62)6.38 (59)10.59 (41)1.26(92)01/01/2008 MSCI EAFE Index 10.13 (71)-3.64 (49)10.13 (71)-3.22 (34)7.80 (43)2.81 (68)6.13 (64)9.47 (80)1.73(81) Difference 4.15 -1.62 4.15 -3.06 -0.39 0.16 0.25 1.12 -0.47 IM International Large Cap Core Equity (SA+CF) Median 10.85 -3.69 10.85 -4.62 7.37 3.33 6.63 10.32 2.37 Berkeley Street (95 bps)19,155,524 2.6 14.02 (13)5.44 (17)14.02 (13)-4.13 (17)12.65 (22)5.46 (26)N/A N/A 4.91(43)11/01/2012 MSCI Emerging Markets Index 9.97 (55)1.83 (59)9.97 (55)-7.06 (41)11.09 (40)4.06 (57)3.06 (78)9.31 (84)3.70(72) Difference 4.05 3.61 4.05 2.93 1.56 1.40 N/A N/A 1.21 IM Emerging Markets Equity (SA+CF) Median 10.15 2.56 10.15 -7.98 10.44 4.28 4.29 10.57 4.61 Total Long/Short Equity Composite 43,424,418 5.9 5.70 (56)-2.79 (48)5.70 (56)-1.73 (70)4.61 (57)2.99 (59)4.04 (74)N/A 3.99(80)10/01/2010 IM Long/Short Equity (MF) Median 6.37 -2.91 6.37 1.83 5.27 3.37 5.12 7.71 6.26 ABS Global (100 bps)43,424,418 5.9 5.70 (56)-2.79 (48)5.70 (56)-1.73 (70)4.61 (57)3.14 (56)5.20 (50)N/A 4.89(72)10/01/2010 HFRI FOF: Strategic Index 6.30 (51)-0.57 (23)6.30 (51)-1.19 (69)4.85 (55)2.35 (69)3.43 (80)4.00 (89)2.92(89) Difference -0.60 -2.22 -0.60 -0.54 -0.24 0.79 1.77 N/A 1.97 IM Long/Short Equity (MF) Median 6.37 -2.91 6.37 1.83 5.27 3.37 5.12 7.71 6.26 Page 23 Asset Allocation & Performance Total Fund Composite (Gross) As of March 31, 2019 Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Domestic Fixed Income 212,900,161 28.7 3.34 (35)4.28 (91)3.34 (35)4.48 (80)N/A N/A N/A N/A 2.02(25)08/01/2016 IM U.S. Broad Market Core Fixed Income (SA+CF) Median 3.22 4.65 3.22 4.70 2.54 3.10 2.94 4.64 1.67 CS McKee (35 bps)132,495,660 17.9 3.23 (50)4.61 (59)3.23 (50)4.72 (48)2.26 (69)3.09 (52)2.78 (65)N/A 3.65(66)02/01/2010 Blmbg. Barc. U.S. Aggregate Index 2.94 (82)4.63 (55)2.94 (82)4.48 (80)2.03 (88)2.74 (89)2.48 (95)3.77 (93)3.30(93) Difference 0.29 -0.02 0.29 0.24 0.23 0.35 0.30 N/A 0.35 IM U.S. Broad Market Core Fixed Income (SA+CF) Median 3.22 4.65 3.22 4.70 2.54 3.10 2.94 4.64 3.87 Loomis Fixed Income (30 bps)80,404,502 10.8 3.53 (15)3.74 (96)3.53 (15)4.06 (96)4.22 (4)3.37 (25)4.20 (5)N/A 5.44(3)04/01/2010 Blmbg. Barc. U.S. Aggregate Index 2.94 (82)4.63 (55)2.94 (82)4.48 (80)2.03 (88)2.74 (89)2.48 (95)3.77 (93)3.34(93) Difference 0.59 -0.89 0.59 -0.42 2.19 0.63 1.72 N/A 2.10 IM U.S. Broad Market Core Fixed Income (SA+CF) Median 3.22 4.65 3.22 4.70 2.54 3.10 2.94 4.64 3.86 Total Global Fixed 36,690,403 4.9 2.04 (89)3.49 (32)2.04 (89)2.17 (47)N/A N/A N/A N/A 4.83(27)08/01/2016 IM Global Fixed Income (SA+CF) Median 3.83 2.79 3.83 1.85 3.77 2.53 3.34 5.00 3.02 Franklin Templeton (60 bps)36,690,403 4.9 2.04 (89)3.49 (32)2.04 (89)2.17 (47)4.07 (48)1.64 (68)2.67 (58)N/A 3.05(69)04/01/2010 JPM Global Government Bond Index 1.82 (91)3.86 (25)1.82 (91)-1.00 (76)0.93 (97)0.94 (87)0.71 (90)2.43 (96)2.05(90) Difference 0.22 -0.37 0.22 3.17 3.14 0.70 1.96 N/A 1.00 IM Global Fixed Income (SA+CF) Median 3.83 2.79 3.83 1.85 3.77 2.53 3.34 5.00 3.88 Total Real Estate 70,922,843 9.6 1.82 (72)4.01 (35)1.82 (72)8.47 (50)N/A N/A N/A N/A 9.72(N/A)09/01/2016 IM U.S. Open End Private Real Estate (SA+CF) Median 1.99 3.72 1.99 8.37 8.68 10.64 11.43 9.65 N/A Morgan Stanley (84 bps)43,419,565 5.9 1.57 (80)3.84 (46)1.57 (80)8.32 (52)9.44 (33)11.74 (33)12.45 (38)9.56 (52)6.55(14)01/01/2008 NCREIF Fund Index-ODCE (VW)1.42 (81)3.20 (84)1.42 (81)7.52 (86)7.97 (72)10.18 (68)10.77 (69)8.74 (73)5.34(71) Difference 0.15 0.64 0.15 0.80 1.47 1.56 1.68 0.82 1.21 IM U.S. Open End Private Real Estate (SA+CF) Median 1.99 3.72 1.99 8.37 8.68 10.64 11.43 9.65 5.63 Prudential PRISA II (85 bps)18,804,197 2.5 1.98 (53)3.46 (74)1.98 (53)8.22 (58)9.10 (40)11.55 (35)12.25 (40)N/A 12.51(39)10/01/2011 NCREIF Property Index 1.80 (74)3.20 (84)1.80 (74)6.83 (93)7.07 (88)9.13 (93)9.62 (94)8.51 (81)9.74(93) Difference 0.18 0.26 0.18 1.39 2.03 2.42 2.63 N/A 2.77 IM U.S. Open End Private Real Estate (SA+CF) Median 1.99 3.72 1.99 8.37 8.68 10.64 11.43 9.65 11.61 JPM Euro Property 150,572 0.0 0.00 (100)-0.19 (100)0.00 (100)3.73 (100)6.03 (100)7.67 (100)3.53 (100)1.22 (100)1.22(100)04/01/2009 NCREIF Property Index 1.80 (74)3.20 (84)1.80 (74)6.83 (93)7.07 (88)9.13 (93)9.62 (94)8.51 (81)8.51(81) Difference -1.80 -3.39 -1.80 -3.10 -1.04 -1.46 -6.09 -7.29 -7.29 IM U.S. Open End Private Real Estate (SA+CF) Median 1.99 3.72 1.99 8.37 8.68 10.64 11.43 9.65 9.65 Total Cash Composite 2,680,365 0.4 Cash and Equivalents Account (No fee)80,553 0.0 Private Markets Cash 2,599,812 0.4 Page 24 Comparative Performance - IRR QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date ValStone Opportunity Fund V 3.48 6.40 3.48 9.57 8.32 N/A N/A N/A 8.25 08/27/2014 Alidade Capital Fund IV 1.76 1.99 1.76 3.17 N/A N/A N/A N/A 3.69 04/20/2017 Walton Street Real Estate 1.58 4.51 1.58 9.40 N/A N/A N/A N/A 13.24 05/24/2017 AEW Real Estate 5.20 16.29 5.20 19.99 N/A N/A N/A N/A 6.66 09/28/2017 Churchill Senior Loan Fund 1.98 3.51 1.98 6.34 N/A N/A N/A N/A 7.85 12/07/2017 Comparative Performance - IRR Alternative Investments As of March 31, 2019 Page 25 Page Intentionally Left Blank Page 26 Plan Sponsor Peer Group Analysis - All Public Plans-Total Fund Comparative Performance -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Total Fund Composite 8.09 (59)0.31 (44)3.81 (59)6.66 (65)8.23 (57)6.15 (35)6.35 (34) Total Fund Policy Index 8.37 (51)0.79 (27)5.22 (21)7.20 (45)8.16 (60)6.17 (34)6.45 (27) Median 8.38 0.21 4.10 7.05 8.40 5.80 5.97 -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 Return2018 2017 2016 2015 2014 Total Fund Composite -3.86 (44)14.09 (70)8.21 (31)1.40 (15)6.38 (54) Total Fund Policy Index -3.32 (32)13.78 (74)8.17 (33)0.67 (31)7.26 (29) Median -4.32 15.21 7.59 -0.06 6.52 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 1 Qtr Ending Mar-2018 1 Qtr Ending Dec-2017 1 Qtr Ending Sep-2017 Total Fund Composite -7.20 (39)2.39 (70)1.07 (58)0.11 (28)3.13 (82)3.06 (78) Total Fund Policy Index -6.99 (35)2.99 (35)1.36 (43)-0.43 (63)3.42 (63)3.19 (70) All Public Plans-Total Fund Median -7.74 2.71 1.19 -0.28 3.64 3.45 As of March 31, 2019 Performance Review Total Fund Composite NONE Page 27 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 18.0 Total Fund Composite (%)3.0 6.0 9.0 12.0 15.0 18.0 Total Fund Policy Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Total Fund Composite 20 4 (20%)14 (70%)2 (10%)0 (0%) Total Fund Policy Index 20 9 (45%)9 (45%)2 (10%)0 (0%) 8.16 8.24 8.32 8.40 8.48 Return (%)5.20 5.40 5.60 5.80 6.00 6.20 6.40 Risk (Standard Deviation %) Return Standard Deviation Total Fund Composite 8.23 5.46 Total Fund Policy Index 8.16 5.70 Median 8.40 6.17¾ 5.80 6.00 6.20 6.40 6.60 Return (%)5.8 6.0 6.2 6.4 6.6 6.8 Risk (Standard Deviation %) Return Standard Deviation Total Fund Composite 6.35 6.02 Total Fund Policy Index 6.45 6.13 Median 5.98 6.63¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Total Fund Composite 1.02 95.66 86.13 0.52 0.05 1.26 0.94 3.63 Total Fund Policy Index 0.00 100.00 100.00 0.00 N/A 1.20 1.00 3.76 90 Day U.S. Treasury Bill 5.72 7.88 -4.80 1.19 -1.20 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Total Fund Composite 0.94 96.19 93.37 0.10 -0.10 0.94 0.97 3.76 Total Fund Policy Index 0.00 100.00 100.00 0.00 N/A 0.94 1.00 3.81 90 Day U.S. Treasury Bill 6.12 5.07 -2.47 0.71 -0.94 N/A 0.00 0.01 As of March 31, 2019 Performance Review Total Fund Composite NONE Page 28 Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF) Comparative Performance -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR SSgA S&P 500 13.64 (39)-1.71 (36)9.51 (25)11.75 (34)13.56 (32)10.53 (23)10.97 (32) S&P 500 Index 13.65 (39)-1.72 (37)9.50 (25)11.72 (35)13.51 (34)10.46 (25)10.91 (36) Median 13.23 -2.40 7.74 10.94 12.92 9.57 10.38 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 Return2018 2017 2016 2015 2014 SSgA S&P 500 -4.35 (36)21.86 (49)12.07 (31)1.47 (49)13.73 (43) S&P 500 Index -4.38 (37)21.83 (50)11.96 (34)1.38 (52)13.69 (44) Median -5.23 21.83 10.52 1.43 13.42 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 1 Qtr Ending Mar-2018 1 Qtr Ending Dec-2017 1 Qtr Ending Sep-2017 SSgA S&P 500 -13.51 (43)7.73 (32)3.42 (35)-0.74 (62)6.65 (51)4.49 (57) S&P 500 Index -13.52 (44)7.71 (34)3.43 (33)-0.76 (64)6.64 (51)4.48 (59) IM U.S. Large Cap Core Equity (SA+CF) Median -13.84 7.15 2.90 -0.44 6.66 4.63 Performance Review As of March 31, 2019 SSgA S&P 500 NONE Page 29 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 5.0 10.0 15.0 20.0 25.0 30.0 SSgA S&P 500 (%)5.0 10.0 15.0 20.0 25.0 30.0 S&P 500 Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count SSgA S&P 500 20 0 (0%)14 (70%)6 (30%)0 (0%) S&P 500 Index 20 0 (0%)14 (70%)6 (30%)0 (0%) 12.60 12.90 13.20 13.50 13.80 Return (%)12.15 12.20 12.25 12.30 12.35 12.40 12.45 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 13.56 12.21 S&P 500 Index 13.51 12.21 Median 12.92 12.40¾ 10.20 10.40 10.60 10.80 11.00 11.20 Return (%)10.68 10.74 10.80 10.86 10.92 10.98 11.04 11.10 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 10.97 10.77 S&P 500 Index 10.91 10.77 Median 10.38 11.01¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk SSgA S&P 500 0.03 100.17 99.89 0.04 1.48 1.15 1.00 7.11 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 1.15 1.00 7.11 90 Day U.S. Treasury Bill 10.59 4.54 -2.54 1.19 -1.15 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk SSgA S&P 500 0.05 100.24 99.92 0.05 1.26 0.93 1.00 6.93 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.93 1.00 6.93 90 Day U.S. Treasury Bill 11.09 2.82 -1.42 0.72 -0.93 N/A 0.00 0.01 Performance Review As of March 31, 2019 SSgA S&P 500 NONE Page 30 Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF) Comparative Performance -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR SSgA S&P 500 Equal Weighted Index 15.00 (11)-1.21 (29)7.16 (56)N/A N/A N/A N/A S&P 500 Equal Weighted 14.91 (13)-1.07 (27)7.22 (55)9.41 (76)12.03 (65)8.61 (70)9.52 (72) Median 13.23 -2.40 7.74 10.94 12.92 9.57 10.38 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 Return2018 2017 2016 2015 2014 SSgA S&P 500 Equal Weighted Index N/A N/A N/A N/A N/A S&P 500 Equal Weighted -7.64 (82)18.90 (80)14.80 (13)-2.20 (84)14.49 (32) Median -5.23 21.83 10.52 1.43 13.42 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 1 Qtr Ending Mar-2018 1 Qtr Ending Dec-2017 1 Qtr Ending Sep-2017 SSgA S&P 500 Equal Weighted Index -14.10 (56)5.43 (83)2.88 (53)N/A N/A N/A S&P 500 Equal Weighted -13.90 (54)5.42 (83)2.80 (56)-1.01 (69)6.22 (66)3.60 (82) IM U.S. Large Cap Core Equity (SA+CF) Median -13.84 7.15 2.90 -0.44 6.66 4.63 Performance Review As of March 31, 2019 SSgA S&P 500 Equal Weighted Index NONE Page 31 Page Intentionally Left Blank Page 32 Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF) Comparative Performance -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR T. Rowe Price 14.59 (17)-0.98 (26)10.09 (19)13.18 (15)14.80 (14)11.58 (9)11.88 (16) S&P 500 Index 13.65 (39)-1.72 (37)9.50 (25)11.72 (35)13.51 (34)10.46 (25)10.91 (36) Median 13.23 -2.40 7.74 10.94 12.92 9.57 10.38 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 Return2018 2017 2016 2015 2014 T. Rowe Price -3.96 (29)24.38 (22)10.94 (46)3.61 (25)12.91 (59) S&P 500 Index -4.38 (37)21.83 (50)11.96 (34)1.38 (52)13.69 (44) Median -5.23 21.83 10.52 1.43 13.42 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 1 Qtr Ending Mar-2018 1 Qtr Ending Dec-2017 1 Qtr Ending Sep-2017 T. Rowe Price -13.58 (45)7.19 (50)3.71 (23)-0.03 (35)6.60 (55)4.73 (46) S&P 500 Index -13.52 (44)7.71 (34)3.43 (33)-0.76 (64)6.64 (51)4.48 (59) IM U.S. Large Cap Core Equity (SA+CF) Median -13.84 7.15 2.90 -0.44 6.66 4.63 Performance Review As of March 31, 2019 T. Rowe Price NONE Page 33 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date 0.0 6.0 12.0 18.0 24.0 30.0 T. Rowe Price (%)0.0 6.0 12.0 18.0 24.0 30.0 S&P 500 Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count T. Rowe Price 20 9 (45%)9 (45%)2 (10%)0 (0%) S&P 500 Index 20 0 (0%)14 (70%)6 (30%)0 (0%) 12.40 13.02 13.64 14.26 14.88 15.50 Return (%)12.12 12.18 12.24 12.30 12.36 12.42 12.48 12.54 Risk (Standard Deviation %) Return Standard Deviation T. Rowe Price 14.80 12.46 S&P 500 Index 13.51 12.21 Median 12.92 12.40¾ 10.00 10.50 11.00 11.50 12.00 12.50 Return (%)10.68 10.74 10.80 10.86 10.92 10.98 11.04 11.10 Risk (Standard Deviation %) Return Standard Deviation T. Rowe Price 11.88 11.03 S&P 500 Index 10.91 10.77 Median 10.38 11.01¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk T. Rowe Price 1.14 104.43 97.28 1.00 1.01 1.23 1.01 7.09 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 1.15 1.00 7.11 90 Day U.S. Treasury Bill 10.59 4.54 -2.54 1.19 -1.15 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk T. Rowe Price 1.08 103.91 98.99 0.71 0.84 0.99 1.02 6.99 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.93 1.00 6.93 90 Day U.S. Treasury Bill 11.09 2.82 -1.42 0.72 -0.93 N/A 0.00 0.01 Performance Review As of March 31, 2019 T. Rowe Price NONE Page 34 Peer Group Analysis - IM U.S. Mid Cap Value Equity (SA+CF) Comparative Performance -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Wedge Capital 12.82 (77)-7.09 (85)-1.41 (74)3.55 (79)8.96 (76)4.72 (81)7.16 (54) Russell Midcap Value 14.37 (45)-2.73 (33)2.89 (43)4.68 (53)9.50 (64)6.13 (62)7.22 (52) Median 14.11 -4.21 1.68 5.03 9.97 6.59 7.30 -36.00 -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 Return2018 2017 2016 2015 2014 Wedge Capital -15.51 (77)19.55 (16)15.12 (79)-5.78 (77)18.52 (2) Russell Midcap Value -12.29 (50)13.34 (75)20.00 (44)-4.78 (61)14.75 (18) Median -12.36 15.65 18.21 -3.19 11.79 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 1 Qtr Ending Mar-2018 1 Qtr Ending Dec-2017 1 Qtr Ending Sep-2017 Wedge Capital -17.64 (N/A)3.04 (N/A)2.98 (N/A)-3.32 (N/A)5.50 (N/A)3.02 (N/A) Russell Midcap Value Index -14.95 (N/A)3.30 (N/A)2.41 (N/A)-2.50 (N/A)5.50 (N/A)2.14 (N/A) IM U.S. Mid Cap Value Equity (SA+CF) Median N/A N/A N/A N/A N/A N/A Performance Review As of March 31, 2019 Wedge Capital NONE Page 35 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 8.0 16.0 24.0 32.0 Wedge Capital (%)0.0 8.0 16.0 24.0 32.0 Russell Midcap Value Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Wedge Capital 20 5 (25%)7 (35%)6 (30%)2 (10%) Russell Midcap Value 20 0 (0%)7 (35%)13 (65%)0 (0%) 8.50 8.84 9.18 9.52 9.86 10.20 Return (%)11.44 11.66 11.88 12.10 12.32 12.54 12.76 12.98 Risk (Standard Deviation %) Return Standard Deviation Wedge Capital 8.96 12.21 Russell Midcap Value 9.50 11.78 Median 9.97 12.75¾ 7.10 7.15 7.20 7.25 7.30 7.35 Return (%)11.66 11.88 12.10 12.32 12.54 12.76 12.98 13.20 Risk (Standard Deviation %) Return Standard Deviation Wedge Capital 7.16 12.90 Russell Midcap Value 7.22 11.94 Median 7.30 12.85¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Wedge Capital 2.86 96.98 98.46 -0.52 -0.15 0.67 1.01 8.92 Russell Midcap Value Index 0.00 100.00 100.00 0.00 N/A 0.73 1.00 8.10 90 Day U.S. Treasury Bill 11.80 4.64 -2.75 1.19 -0.73 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Wedge Capital 3.49 102.44 103.45 -0.24 0.02 0.55 1.04 8.95 Russell Midcap Value Index 0.00 100.00 100.00 0.00 N/A 0.58 1.00 7.79 90 Day U.S. Treasury Bill 11.95 2.87 -1.47 0.73 -0.58 N/A 0.00 0.01 Performance Review As of March 31, 2019 Wedge Capital NONE Page 36 Peer Group Analysis - IM U.S. Mid Cap Growth Equity (SA+CF) Comparative Performance -16.00 -10.00 -4.00 2.00 8.00 14.00 20.00 26.00 32.00 38.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR TimesSquare 16.88 (77)-0.73 (50)9.61 (60)14.25 (56)14.74 (58)9.55 (52)10.01 (63) Russell Midcap Growth 19.62 (44)0.49 (39)11.51 (46)15.55 (44)15.06 (52)9.75 (49)10.89 (42) Median 19.13 -0.81 10.58 14.91 15.16 9.67 10.52 -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 52.00 Return2018 2017 2016 2015 2014 TimesSquare -3.59 (45)23.71 (62)8.62 (24)1.57 (43)6.52 (71) Russell Midcap Growth -4.75 (51)25.27 (53)7.33 (36)-0.20 (59)11.90 (23) Median -4.68 25.42 5.64 1.04 8.69 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 1 Qtr Ending Mar-2018 1 Qtr Ending Dec-2017 1 Qtr Ending Sep-2017 TimesSquare -15.06 (N/A)6.97 (N/A)3.22 (N/A)2.81 (N/A)6.15 (N/A)4.65 (N/A) Russell Midcap Growth Index -15.99 (N/A)7.57 (N/A)3.16 (N/A)2.17 (N/A)6.81 (N/A)5.28 (N/A) IM U.S. Mid Cap Growth Equity (SA+CF) Median N/A N/A N/A N/A N/A N/A Performance Review As of March 31, 2019 TimesSquare NONE Page 37 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 0.0 8.0 16.0 24.0 32.0 TimesSquare (%)0.0 8.0 16.0 24.0 32.0 Russell Midcap Growth Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count TimesSquare 20 2 (10%)13 (65%)5 (25%)0 (0%) Russell Midcap Growth 20 0 (0%)15 (75%)5 (25%)0 (0%) 14.60 14.80 15.00 15.20 15.40 Return (%)11.20 11.60 12.00 12.40 12.80 13.20 13.60 14.00 Risk (Standard Deviation %) Return Standard Deviation TimesSquare 14.74 11.82 Russell Midcap Growth 15.06 13.10 Median 15.16 13.61¾ 9.60 9.90 10.20 10.50 10.80 11.10 Return (%)11.84 12.21 12.58 12.95 13.32 13.69 14.06 Risk (Standard Deviation %) Return Standard Deviation TimesSquare 10.01 12.03 Russell Midcap Growth 10.89 13.15 Median 10.52 13.69¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk TimesSquare 2.98 91.40 82.32 1.35 -0.15 1.13 0.88 7.42 Russell Midcap Growth Index 0.00 100.00 100.00 0.00 N/A 1.05 1.00 8.33 90 Day U.S. Treasury Bill 13.10 3.43 -3.55 1.17 -1.05 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk TimesSquare 2.74 89.08 86.70 0.21 -0.35 0.80 0.90 7.44 Russell Midcap Growth Index 0.00 100.00 100.00 0.00 N/A 0.80 1.00 8.30 90 Day U.S. Treasury Bill 13.13 2.20 -1.81 0.71 -0.80 N/A 0.00 0.01 Performance Review As of March 31, 2019 TimesSquare NONE Page 38 Peer Group Analysis - IM U.S. Small Cap Value Equity (SA+CF) Comparative Performance -25.00 -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Lee Munder (LMCG)13.69 (38)-7.81 (35)0.91 (27)1.93 (68)9.03 (65)6.77 (39)7.03 (34) Russell 2000 Value 11.93 (72)-8.97 (53)0.17 (34)2.62 (56)10.86 (37)5.89 (53)5.59 (67) Median 12.98 -8.81 -1.59 3.04 9.83 6.03 6.29 -40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 Return2018 2017 2016 2015 2014 Lee Munder (LMCG)-14.62 (52)8.71 (68)27.80 (40)0.41 (12)5.23 (55) Russell 2000 Value -12.86 (36)7.84 (75)31.74 (16)-7.47 (78)4.22 (65) Median -14.39 11.60 26.17 -4.28 5.66 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 1 Qtr Ending Mar-2018 1 Qtr Ending Dec-2017 1 Qtr Ending Sep-2017 Lee Munder (LMCG)-18.92 (N/A)1.80 (N/A)7.53 (N/A)-3.80 (N/A)3.16 (N/A)3.32 (N/A) Russell 2000 Value Index -18.67 (N/A)1.60 (N/A)8.30 (N/A)-2.64 (N/A)2.05 (N/A)5.11 (N/A) IM U.S. Small Cap Value Equity (SA+CF) Median N/A N/A N/A N/A N/A N/A Performance Review As of March 31, 2019 Lee Munder (LMCG) NONE Page 39 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 0.0 6.0 12.0 18.0 24.0 Lee Munder (LMCG) (%)0.0 6.0 12.0 18.0 24.0 Russell 2000 Value Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Lee Munder (LMCG)20 3 (15%)9 (45%)4 (20%)4 (20%) Russell 2000 Value 20 0 (0%)5 (25%)9 (45%)6 (30%) 8.58 9.24 9.90 10.56 11.22 11.88 Return (%)15.20 15.40 15.60 15.80 16.00 Risk (Standard Deviation %) Return Standard Deviation Lee Munder (LMCG)9.03 15.44 Russell 2000 Value 10.86 15.89 Median 9.83 15.77¾ 5.17 5.64 6.11 6.58 7.05 7.52 Return (%)14.49 14.70 14.91 15.12 15.33 15.54 15.75 15.96 Risk (Standard Deviation %) Return Standard Deviation Lee Munder (LMCG)7.03 14.83 Russell 2000 Value 5.59 15.68 Median 6.29 15.42¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Lee Munder (LMCG)2.90 89.01 92.27 -1.22 -0.60 0.56 0.96 10.04 Russell 2000 Value Index 0.00 100.00 100.00 0.00 N/A 0.66 1.00 9.91 90 Day U.S. Treasury Bill 15.93 3.02 -2.71 1.20 -0.66 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Lee Munder (LMCG)3.05 94.34 85.21 1.72 0.40 0.48 0.93 9.57 Russell 2000 Value Index 0.00 100.00 100.00 0.00 N/A 0.38 1.00 10.22 90 Day U.S. Treasury Bill 15.69 1.97 -1.39 0.73 -0.38 N/A 0.00 0.01 Performance Review As of March 31, 2019 Lee Munder (LMCG) NONE Page 40 Peer Group Analysis - IM U.S. Small Cap Growth Equity (SA+CF) Comparative Performance -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Loomis Small Cap 15.40 (68)-6.58 (45)10.92 (43)17.20 (39)18.58 (45)11.13 (35)10.31 (42) Russell 2000 Growth 17.14 (53)-8.22 (66)3.85 (79)11.00 (71)14.87 (71)7.52 (78)8.41 (75) Median 17.42 -7.12 9.63 15.18 17.45 9.95 9.65 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 Return2018 2017 2016 2015 2014 Loomis Small Cap 0.85 (22)27.83 (32)6.87 (80)2.78 (22)1.74 (67) Russell 2000 Growth -9.31 (77)22.17 (57)11.32 (52)-1.38 (55)5.60 (35) Median -4.27 23.71 11.40 -0.75 4.22 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 1 Qtr Ending Mar-2018 1 Qtr Ending Dec-2017 1 Qtr Ending Sep-2017 Loomis Small Cap -19.05 (N/A)8.54 (N/A)9.39 (N/A)4.92 (N/A)4.72 (N/A)6.54 (N/A) Russell 2000 Growth Index -21.65 (N/A)5.52 (N/A)7.23 (N/A)2.30 (N/A)4.59 (N/A)6.22 (N/A) IM U.S. Small Cap Growth Equity (SA+CF) Median N/A N/A N/A N/A N/A N/A Performance Review As of March 31, 2019 Loomis Small Cap NONE Page 41 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 0.0 10.0 20.0 30.0 Loomis Small Cap (%)0.0 10.0 20.0 30.0 Russell 2000 Growth Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Loomis Small Cap 15 0 (0%)11 (73%)4 (27%)0 (0%) Russell 2000 Growth 20 0 (0%)4 (20%)15 (75%)1 (5%) 14.00 16.00 18.00 20.00 Return (%)14.75 15.00 15.25 15.50 15.75 16.00 16.25 16.50 Risk (Standard Deviation %) Return Standard Deviation Loomis Small Cap 18.58 15.13 Russell 2000 Growth 14.87 16.05 Median 17.45 16.21¾ 7.92 8.58 9.24 9.90 10.56 11.22 Return (%)16.48 16.56 16.64 16.72 16.80 16.88 16.96 17.04 Risk (Standard Deviation %) Return Standard Deviation Loomis Small Cap 10.31 16.58 Russell 2000 Growth 8.41 16.91 Median 9.65 16.58¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Small Cap 3.60 101.37 79.12 4.39 0.85 1.13 0.92 9.70 Russell 2000 Growth Index 0.00 100.00 100.00 0.00 N/A 0.88 1.00 10.83 90 Day U.S. Treasury Bill 16.07 2.93 -2.67 1.20 -0.88 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Small Cap 4.44 100.92 92.11 2.22 0.38 0.63 0.95 11.09 Russell 2000 Growth Index 0.00 100.00 100.00 0.00 N/A 0.52 1.00 11.79 90 Day U.S. Treasury Bill 16.90 1.80 -1.25 0.72 -0.52 N/A 0.00 0.01 Performance Review As of March 31, 2019 Loomis Small Cap NONE Page 42 Peer Group Analysis - IM International Equity (SA+CF) Comparative Performance -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Lazard 10.66 (49)-0.57 (38)-3.37 (30)9.03 (22)8.15 (56)4.85 (46)4.43 (41) MSCI AC World ex USA (Net)10.31 (54)-2.33 (51)-4.22 (37)5.65 (53)8.09 (57)3.48 (74)2.57 (77) Median 10.56 -2.29 -5.69 5.85 8.48 4.56 3.95 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 Return2018 2017 2016 2015 2014 Lazard -11.01 (17)28.22 (62)0.35 (74)-0.80 (48)-0.52 (35) MSCI AC World ex USA (Net)-14.20 (43)27.19 (68)4.50 (47)-5.66 (66)-3.87 (64) Median -14.87 30.53 3.77 -1.67 -2.53 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 1 Qtr Ending Mar-2018 1 Qtr Ending Dec-2017 1 Qtr Ending Sep-2017 Lazard -10.16 (37)0.68 (40)-3.47 (60)1.92 (22)6.61 (32)5.58 (65) MSCI AC World ex USA (Net)-11.46 (47)0.71 (39)-2.61 (50)-1.18 (72)5.00 (60)6.16 (54) IM International Equity (SA+CF) Median -11.81 0.11 -2.67 -0.09 5.52 6.39 Performance Review As of March 31, 2019 Lazard NONE Page 43 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 -8.0 0.0 8.0 16.0 24.0 Lazard (%)-8.0 0.0 8.0 16.0 24.0 MSCI AC World ex USA (Net) (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Lazard 20 3 (15%)8 (40%)9 (45%)0 (0%) MSCI AC World ex USA (Net)20 0 (0%)0 (0%)14 (70%)6 (30%) 8.00 8.20 8.40 8.60 Return (%)9.62 9.99 10.36 10.73 11.10 11.47 11.84 12.21 Risk (Standard Deviation %) Return Standard Deviation Lazard 8.15 10.08 MSCI AC World ex USA (Net)8.09 10.41 Median 8.48 11.88¾ 1.95 2.60 3.25 3.90 4.55 5.20 Return (%)10.85 11.20 11.55 11.90 12.25 12.60 12.95 Risk (Standard Deviation %) Return Standard Deviation Lazard 4.43 10.97 MSCI AC World ex USA (Net)2.57 11.91 Median 3.95 12.52¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Lazard 2.73 95.06 91.02 0.58 0.01 0.71 0.93 6.41 MSCI AC World ex USA (Net)0.00 100.00 100.00 0.00 N/A 0.69 1.00 6.78 90 Day U.S. Treasury Bill 10.45 4.07 -3.59 1.20 -0.69 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Lazard 3.08 94.59 81.82 2.07 0.55 0.39 0.89 7.18 MSCI AC World ex USA (Net)0.00 100.00 100.00 0.00 N/A 0.21 1.00 8.06 90 Day U.S. Treasury Bill 11.91 2.67 -1.67 0.72 -0.21 N/A 0.00 0.01 Performance Review As of March 31, 2019 Lazard NONE Page 44 Peer Group Analysis - IM International Large Cap Core Equity (SA+CF) Comparative Performance -16.00 -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Pictet 14.28 (7)-5.26 (81)-6.28 (77)4.01 (76)7.41 (49)5.25 (18)2.97 (62) MSCI EAFE Index 10.13 (71)-3.64 (49)-3.22 (34)5.65 (48)7.80 (43)3.65 (65)2.81 (68) Median 10.85 -3.69 -4.62 5.51 7.37 3.92 3.33 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 Return2018 2017 2016 2015 2014 Pictet -19.45 (96)29.12 (30)3.50 (22)6.24 (9)-11.26 (100) MSCI EAFE Index -13.36 (36)25.62 (62)1.51 (50)-0.39 (57)-4.48 (58) Median -14.66 26.48 1.38 0.25 -3.72 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 1 Qtr Ending Mar-2018 1 Qtr Ending Dec-2017 1 Qtr Ending Sep-2017 Pictet -17.10 (97)-1.42 (97)0.35 (11)-1.78 (79)4.20 (54)4.46 (88) MSCI EAFE Index -12.50 (31)1.42 (36)-0.97 (33)-1.41 (69)4.27 (49)5.47 (69) IM International Large Cap Core Equity (SA+CF) Median -13.18 1.01 -1.83 -0.86 4.25 5.95 Performance Review As of March 31, 2019 Pictet NONE Page 45 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -6.0 0.0 6.0 12.0 18.0 Pictet (%)-6.0 0.0 6.0 12.0 18.0 MSCI EAFE Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Pictet 20 6 (30%)3 (15%)7 (35%)4 (20%) MSCI EAFE Index 20 0 (0%)3 (15%)17 (85%)0 (0%) 7.20 7.40 7.60 7.80 8.00 Return (%)9.88 10.26 10.64 11.02 11.40 11.78 12.16 12.54 Risk (Standard Deviation %) Return Standard Deviation Pictet 7.41 11.92 MSCI EAFE Index 7.80 10.33 Median 7.37 11.00¾ 2.60 2.80 3.00 3.20 3.40 3.60 Return (%)11.34 11.55 11.76 11.97 12.18 12.39 12.60 12.81 Risk (Standard Deviation %) Return Standard Deviation Pictet 2.97 12.62 MSCI EAFE Index 2.81 11.69 Median 3.33 11.73¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Pictet 3.59 109.74 118.72 -1.03 -0.05 0.56 1.10 7.95 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.67 1.00 6.81 90 Day U.S. Treasury Bill 10.37 3.44 -4.74 1.21 -0.67 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Pictet 3.59 103.95 103.09 0.14 0.07 0.24 1.04 8.32 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.23 1.00 8.00 90 Day U.S. Treasury Bill 11.69 2.24 -2.23 0.73 -0.23 N/A 0.00 0.01 Performance Review As of March 31, 2019 Pictet NONE Page 46 Peer Group Analysis - IM Emerging Markets Equity (SA+CF) Comparative Performance -25.00 -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Berkeley Street 14.02 (13)5.44 (17)-4.13 (17)8.70 (28)12.65 (22)7.45 (12)5.46 (26) MSCI Emerging Markets 9.97 (55)1.83 (59)-7.06 (41)7.94 (35)11.09 (40)4.89 (51)4.06 (57) Median 10.15 2.56 -7.98 6.32 10.44 4.92 4.28 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 Return2018 2017 2016 2015 2014 Berkeley Street -14.36 (39)37.00 (49)13.42 (26)-11.62 (42)-3.83 (83) MSCI Emerging Markets -14.25 (37)37.75 (43)11.60 (39)-14.60 (67)-1.82 (70) Median -15.23 36.84 10.12 -12.62 -0.09 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 1 Qtr Ending Mar-2018 1 Qtr Ending Dec-2017 1 Qtr Ending Sep-2017 Berkeley Street -7.53 (N/A)-3.19 (N/A)-6.08 (N/A)1.86 (N/A)4.24 (N/A)9.29 (N/A) MSCI Emerging Markets Index -7.40 (N/A)-0.95 (N/A)-7.86 (N/A)1.47 (N/A)7.50 (N/A)8.04 (N/A) IM Emerging Markets Equity (SA+CF) Median N/A N/A N/A N/A N/A N/A Performance Review As of March 31, 2019 Berkeley Street NONE Page 47 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date -16.0 -8.0 0.0 8.0 16.0 24.0 Berkeley Street (%)-16.0 -8.0 0.0 8.0 16.0 24.0 MSCI Emerging Markets Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Berkeley Street 14 4 (29%)8 (57%)2 (14%)0 (0%) MSCI Emerging Markets 20 0 (0%)3 (15%)14 (70%)3 (15%) 9.62 10.36 11.10 11.84 12.58 13.32 Return (%)12.82 12.84 12.86 12.88 12.90 12.92 Risk (Standard Deviation %) Return Standard Deviation Berkeley Street 12.65 12.91 MSCI Emerging Markets 11.09 12.85 Median 10.44 12.86¾ 3.43 3.92 4.41 4.90 5.39 5.88 Return (%)14.40 14.60 14.80 15.00 15.20 15.40 Risk (Standard Deviation %) Return Standard Deviation Berkeley Street 5.46 14.73 MSCI Emerging Markets 4.06 15.12 Median 4.28 14.54¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Berkeley Street 6.10 92.56 74.52 2.68 0.23 0.90 0.89 7.62 MSCI Emerging Markets Index 0.00 100.00 100.00 0.00 N/A 0.79 1.00 7.72 90 Day U.S. Treasury Bill 12.88 2.82 -3.93 1.20 -0.79 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Berkeley Street 5.19 93.58 84.64 1.73 0.25 0.39 0.92 9.34 MSCI Emerging Markets Index 0.00 100.00 100.00 0.00 N/A 0.29 1.00 9.78 90 Day U.S. Treasury Bill 15.11 1.81 -1.69 0.72 -0.29 N/A 0.00 0.01 Performance Review As of March 31, 2019 Berkeley Street NONE Page 48 Peer Group Analysis - IM Long/Short Equity (MF) Comparative Performance -16.00 -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR ABS Global 5.70 (56)-2.79 (48)-1.73 (70)3.48 (53)4.61 (57)1.96 (69)3.14 (56) HFRI FOF: Strategic Index 6.30 (51)-0.57 (23)-1.19 (69)3.10 (57)4.85 (55)1.68 (75)2.35 (69) Median 6.37 -2.91 1.83 3.80 5.27 3.09 3.37 -28.00 -22.00 -16.00 -10.00 -4.00 2.00 8.00 14.00 20.00 26.00 32.00 Return2018 2017 2016 2015 2014 ABS Global -6.49 (56)12.86 (37)-3.38 (87)4.00 (18)4.85 (44) HFRI FOF: Strategic Index -6.67 (57)11.22 (50)-0.05 (75)-0.54 (53)3.08 (59) Median -5.80 11.21 4.58 -0.31 3.97 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 1 Qtr Ending Mar-2018 1 Qtr Ending Dec-2017 1 Qtr Ending Sep-2017 ABS Global -8.03 (N/A)0.75 (N/A)0.34 (N/A)0.57 (N/A)2.03 (N/A)3.41 (N/A) HFRI FOF: Strategic Index -6.47 (N/A)-0.62 (N/A)0.00 (N/A)0.41 (N/A)2.49 (N/A)2.77 (N/A) IM Long/Short Equity (MF) Median N/A N/A N/A N/A N/A N/A Performance Review As of March 31, 2019 ABS Global NONE Page 49 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -4.0 0.0 4.0 8.0 12.0 16.0 ABS Global (%)-4.0 0.0 4.0 8.0 12.0 16.0 HFRI FOF: Strategic Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count ABS Global 20 0 (0%)9 (45%)10 (50%)1 (5%) HFRI FOF: Strategic Index 20 0 (0%)0 (0%)15 (75%)5 (25%) 4.50 4.80 5.10 5.40 Return (%)3.78 4.32 4.86 5.40 5.94 6.48 7.02 7.56 8.10 Risk (Standard Deviation %) Return Standard Deviation ABS Global 4.61 5.82 HFRI FOF: Strategic Index 4.85 4.60 Median 5.27 7.51¾ 2.04 2.38 2.72 3.06 3.40 3.74 Return (%)4.24 4.77 5.30 5.83 6.36 6.89 7.42 7.95 8.48 Risk (Standard Deviation %) Return Standard Deviation ABS Global 3.14 6.11 HFRI FOF: Strategic Index 2.35 5.02 Median 3.37 7.84¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk ABS Global 2.47 111.30 129.61 -0.93 -0.07 0.60 1.16 4.01 HFRI FOF: Strategic Index 0.00 100.00 100.00 0.00 N/A 0.79 1.00 3.04 90 Day U.S. Treasury Bill 4.64 8.90 -9.95 1.22 -0.79 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk ABS Global 2.78 116.12 108.20 0.61 0.30 0.42 1.09 4.40 HFRI FOF: Strategic Index 0.00 100.00 100.00 0.00 N/A 0.35 1.00 3.70 90 Day U.S. Treasury Bill 5.02 6.02 -4.52 0.72 -0.35 N/A 0.00 0.01 Performance Review As of March 31, 2019 ABS Global NONE Page 50 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF) Comparative Performance 0.80 1.36 1.92 2.48 3.04 3.60 4.16 4.72 5.28 5.84 6.40 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR CS McKee 3.23 (50)4.61 (59)4.72 (48)3.13 (54)2.26 (69)2.42 (50)3.09 (52) Bl. Barclays U.S. Aggregate 2.94 (82)4.63 (55)4.48 (80)2.83 (89)2.03 (88)2.01 (91)2.74 (89) Median 3.22 4.65 4.70 3.16 2.54 2.42 3.10 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 Return2018 2017 2016 2015 2014 CS McKee 0.09 (47)3.77 (66)2.90 (63)1.50 (11)6.02 (63) Bl. Barclays U.S. Aggregate 0.01 (61)3.54 (85)2.65 (77)0.55 (74)5.97 (67) Median 0.07 4.06 3.11 0.82 6.16 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 1 Qtr Ending Mar-2018 1 Qtr Ending Dec-2017 1 Qtr Ending Sep-2017 CS McKee 1.33 (58)0.12 (62)-0.01 (29)-1.33 (43)0.64 (20)0.88 (65) Blmbg. Barc. U.S. Aggregate Index 1.64 (23)0.02 (83)-0.16 (73)-1.46 (68)0.39 (80)0.85 (77) IM U.S. Broad Market Core Fixed Income (SA+CF) Median 1.40 0.18 -0.09 -1.37 0.51 0.93 Performance Review As of March 31, 2019 CS McKee Composite Return Data NONE Page 51 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date 0.0 1.5 3.0 4.5 6.0 CS McKee (%)0.0 1.5 3.0 4.5 6.0 Blmbg. Barc. U.S. Aggregate Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count CS McKee 20 0 (0%)9 (45%)10 (50%)1 (5%) Bl. Barclays U.S. Aggregate 20 0 (0%)0 (0%)0 (0%)20 (100%) 1.80 2.00 2.20 2.40 2.60 2.80 Return (%)2.58 2.64 2.70 2.76 2.82 2.88 2.94 3.00 Risk (Standard Deviation %) Return Standard Deviation CS McKee 2.26 2.68 Bl. Barclays U.S. Aggregate 2.03 2.93 Median 2.54 2.88¾ 2.60 2.80 3.00 3.20 Return (%)2.55 2.60 2.65 2.70 2.75 2.80 2.85 2.90 Risk (Standard Deviation %) Return Standard Deviation CS McKee 3.09 2.60 Bl. Barclays U.S. Aggregate 2.74 2.83 Median 3.10 2.81¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk CS McKee 0.40 97.04 87.24 0.41 0.54 0.42 0.91 1.64 Blmbg. Barc. U.S. Aggregate Index 0.00 100.00 100.00 0.00 N/A 0.31 1.00 1.85 90 Day U.S. Treasury Bill 2.88 14.56 -16.03 1.13 -0.31 N/A 0.02 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk CS McKee 0.41 98.48 84.02 0.58 0.80 0.91 0.91 1.42 Blmbg. Barc. U.S. Aggregate Index 0.00 100.00 100.00 0.00 N/A 0.72 1.00 1.63 90 Day U.S. Treasury Bill 2.82 8.34 -10.95 0.70 -0.72 N/A 0.01 0.01 Performance Review As of March 31, 2019 CS McKee Composite Return Data NONE Page 52 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF) Comparative Performance 0.80 1.36 1.92 2.48 3.04 3.60 4.16 4.72 5.28 5.84 6.40 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Loomis Fixed Income 3.53 (15)3.74 (96)4.06 (96)3.53 (18)4.22 (4)3.08 (7)3.37 (25) Bl. Barclays U.S. Aggregate 2.94 (82)4.63 (55)4.48 (80)2.83 (89)2.03 (88)2.01 (91)2.74 (89) Median 3.22 4.65 4.70 3.16 2.54 2.42 3.10 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 Return2018 2017 2016 2015 2014 Loomis Fixed Income -0.15 (77)5.76 (3)7.45 (2)-2.80 (100)7.18 (12) Bl. Barclays U.S. Aggregate 0.01 (61)3.54 (85)2.65 (77)0.55 (74)5.97 (67) Median 0.07 4.06 3.11 0.82 6.16 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 1 Qtr Ending Mar-2018 1 Qtr Ending Dec-2017 1 Qtr Ending Sep-2017 Loomis Fixed Income 0.19 (97)0.57 (7)-0.26 (90)-0.65 (8)0.78 (10)1.42 (3) Blmbg. Barc. U.S. Aggregate Index 1.64 (23)0.02 (83)-0.16 (73)-1.46 (68)0.39 (80)0.85 (77) IM U.S. Broad Market Core Fixed Income (SA+CF) Median 1.40 0.18 -0.09 -1.37 0.51 0.93 Performance Review As of March 31, 2019 Loomis Fixed Income NONE Page 53 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 2.5 5.0 7.5 10.0 Loomis Fixed Income (%)0.0 2.5 5.0 7.5 10.0 Blmbg. Barc. U.S. Aggregate Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Loomis Fixed Income 20 14 (70%)2 (10%)2 (10%)2 (10%) Bl. Barclays U.S. Aggregate 20 0 (0%)0 (0%)0 (0%)20 (100%) 1.50 2.25 3.00 3.75 4.50 5.25 Return (%)2.86 2.88 2.90 2.92 2.94 2.96 Risk (Standard Deviation %) Return Standard Deviation Loomis Fixed Income 4.22 2.90 Bl. Barclays U.S. Aggregate 2.03 2.93 Median 2.54 2.88¾ 2.40 2.70 3.00 3.30 3.60 Return (%)2.70 2.80 2.90 3.00 3.10 3.20 3.30 3.40 Risk (Standard Deviation %) Return Standard Deviation Loomis Fixed Income 3.37 3.30 Bl. Barclays U.S. Aggregate 2.74 2.83 Median 3.10 2.81¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Fixed Income 1.46 114.66 50.33 2.43 1.46 1.04 0.87 1.64 Blmbg. Barc. U.S. Aggregate Index 0.00 100.00 100.00 0.00 N/A 0.31 1.00 1.85 90 Day U.S. Treasury Bill 2.88 14.56 -16.03 1.13 -0.31 N/A 0.02 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Fixed Income 2.25 101.94 79.77 1.00 0.28 0.80 0.86 1.83 Blmbg. Barc. U.S. Aggregate Index 0.00 100.00 100.00 0.00 N/A 0.72 1.00 1.63 90 Day U.S. Treasury Bill 2.82 8.34 -10.95 0.70 -0.72 N/A 0.01 0.01 Performance Review As of March 31, 2019 Loomis Fixed Income NONE Page 54 Peer Group Analysis - IM Global Fixed Income (SA+CF) Comparative Performance -10.00 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Franklin Templeton 2.04 (89)3.49 (32)2.17 (47)0.76 (96)4.07 (48)1.71 (85)1.64 (68) JPM Global Government Bond 1.82 (91)3.86 (25)-1.00 (76)3.21 (68)0.93 (97)2.14 (77)0.94 (87) Median 3.83 2.79 1.85 3.67 3.77 2.95 2.53 -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 Return2018 2017 2016 2015 2014 Franklin Templeton 1.72 (5)2.22 (96)6.19 (47)-4.75 (80)1.83 (59) JPM Global Government Bond -0.65 (28)6.83 (60)1.57 (89)-2.61 (53)0.67 (76) Median -1.86 7.62 5.77 -2.33 2.51 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 1 Qtr Ending Mar-2018 1 Qtr Ending Dec-2017 1 Qtr Ending Sep-2017 Franklin Templeton 1.42 (N/A)1.31 (N/A)-2.54 (N/A)1.58 (N/A)-1.42 (N/A)0.80 (N/A) JPM Global Government Bond Index 2.01 (N/A)-1.70 (N/A)-3.04 (N/A)2.18 (N/A)0.99 (N/A)1.65 (N/A) IM Global Fixed Income (SA+CF) Median N/A N/A N/A N/A N/A N/A Performance Review As of March 31, 2019 Franklin Templeton NONE Page 55 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -4.0 0.0 4.0 8.0 12.0 Franklin Templeton (%)-4.0 0.0 4.0 8.0 12.0 JPM Global Government Bond Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Franklin Templeton 20 0 (0%)5 (25%)8 (40%)7 (35%) JPM Global Government Bond 20 0 (0%)1 (5%)4 (20%)15 (75%) 0.00 1.50 3.00 4.50 6.00 Return (%)4.18 4.37 4.56 4.75 4.94 5.13 5.32 5.51 5.70 Risk (Standard Deviation %) Return Standard Deviation Franklin Templeton 4.07 5.45 JPM Global Government Bond 0.93 5.27 Median 3.77 4.44¾ 0.60 1.20 1.80 2.40 3.00 Return (%)4.37 4.60 4.83 5.06 5.29 5.52 5.75 5.98 6.21 Risk (Standard Deviation %) Return Standard Deviation Franklin Templeton 1.64 5.83 JPM Global Government Bond 0.94 4.98 Median 2.53 4.62¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Franklin Templeton 8.45 12.33 -48.87 4.50 0.36 0.54 -0.25 3.09 JPM Global Government Bond Index 0.00 100.00 100.00 0.00 N/A -0.02 1.00 3.81 90 Day U.S. Treasury Bill 5.23 7.76 -8.79 1.17 0.02 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Franklin Templeton 8.35 -6.88 -37.08 2.05 0.09 0.18 -0.22 3.80 JPM Global Government Bond Index 0.00 100.00 100.00 0.00 N/A 0.07 1.00 3.58 90 Day U.S. Treasury Bill 4.96 5.26 -5.52 0.72 -0.07 N/A 0.01 0.01 Performance Review As of March 31, 2019 Franklin Templeton NONE Page 56 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) Comparative Performance -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Morgan Stanley 1.57 (80)3.84 (46)8.32 (52)9.12 (38)9.44 (33)10.72 (36)11.74 (33) NCREIF Fund Index-ODCE 1.42 (81)3.20 (84)7.52 (86)7.79 (74)7.97 (72)9.37 (70)10.18 (68) Median 1.99 3.72 8.37 8.27 8.68 9.75 10.64 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 28.00 Return2018 2017 2016 2015 2014 Morgan Stanley 9.05 (41)9.86 (13)9.98 (47)15.93 (37)15.49 (26) NCREIF Fund Index-ODCE 8.35 (55)7.62 (63)8.77 (81)15.02 (52)12.50 (76) Median 8.55 8.08 9.63 15.23 13.59 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 1 Qtr Ending Mar-2018 1 Qtr Ending Dec-2017 1 Qtr Ending Sep-2017 Morgan Stanley 2.23 (14)2.22 (46)2.06 (67)2.25 (45)2.32 (44)2.48 (19) NCREIF Fund Index-ODCE (VW)1.76 (53)2.09 (54)2.05 (67)2.20 (52)2.07 (68)1.87 (43) IM U.S. Open End Private Real Estate (SA+CF) Median 1.76 2.10 2.22 2.21 2.25 1.75 Performance Review As of March 31, 2019 Morgan Stanley NONE Page 57 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date 6.0 9.0 12.0 15.0 18.0 Morgan Stanley (%)6.0 9.0 12.0 15.0 18.0 NCREIF Fund Index-ODCE (VW) (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Morgan Stanley 20 3 (15%)17 (85%)0 (0%)0 (0%) NCREIF Fund Index-ODCE 20 0 (0%)0 (0%)20 (100%)0 (0%) 7.28 7.80 8.32 8.84 9.36 9.88 Return (%)0.20 0.40 0.60 0.80 1.00 1.20 Risk (Standard Deviation %) Return Standard Deviation Morgan Stanley 9.44 0.54 NCREIF Fund Index-ODCE 7.97 0.45 Median 8.68 1.01¾ 9.52 10.08 10.64 11.20 11.76 12.32 Return (%)1.36 1.44 1.52 1.60 1.68 1.76 1.84 1.92 Risk (Standard Deviation %) Return Standard Deviation Morgan Stanley 11.74 1.67 NCREIF Fund Index-ODCE 10.18 1.44 Median 10.64 1.82¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Morgan Stanley 0.47 117.79 N/A 3.86 2.92 9.23 0.69 0.00 NCREIF Fund Index-ODCE (VW)0.00 100.00 N/A 0.00 N/A 9.50 1.00 0.00 90 Day U.S. Treasury Bill 0.69 15.09 N/A 3.86 -9.50 N/A -0.34 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Morgan Stanley 0.68 114.78 N/A 0.88 2.14 5.35 1.06 0.00 NCREIF Fund Index-ODCE (VW)0.00 100.00 N/A 0.00 N/A 5.22 1.00 0.00 90 Day U.S. Treasury Bill 1.74 7.38 N/A 2.62 -5.22 N/A -0.19 0.00 Performance Review As of March 31, 2019 Morgan Stanley NONE Page 58 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) Comparative Performance -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Prudential PRISA II 1.98 (53)3.46 (74)8.22 (58)9.14 (38)9.10 (40)10.82 (35)11.55 (35) NCREIF Property Index 1.80 (74)3.20 (84)6.83 (93)6.97 (85)7.07 (88)8.24 (91)9.13 (93) Median 1.99 3.72 8.37 8.27 8.68 9.75 10.64 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 28.00 Return2018 2017 2016 2015 2014 Prudential PRISA II 9.43 (30)8.05 (54)10.37 (40)17.35 (28)14.21 (30) NCREIF Property Index 6.72 (84)6.96 (82)7.97 (88)13.33 (75)11.82 (82) Median 8.55 8.08 9.63 15.23 13.59 1 Qtr Ending Dec-2018 1 Qtr Ending Sep-2018 1 Qtr Ending Jun-2018 1 Qtr Ending Mar-2018 1 Qtr Ending Dec-2017 1 Qtr Ending Sep-2017 Prudential PRISA II 1.45 (76)2.29 (43)2.25 (48)3.12 (8)2.53 (24)1.75 (51) NCREIF Property Index 1.37 (78)1.67 (81)1.81 (87)1.70 (87)1.80 (81)1.70 (59) IM U.S. Open End Private Real Estate (SA+CF) Median 1.76 2.10 2.22 2.21 2.25 1.75 Performance Review As of March 31, 2019 Prudential PRISA II NONE Page 59 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 Prudential PRISA II (%)3.0 6.0 9.0 12.0 15.0 18.0 NCREIF Property Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Prudential PRISA II 19 3 (16%)16 (84%)0 (0%)0 (0%) NCREIF Property Index 20 0 (0%)0 (0%)1 (5%)19 (95%) 6.21 6.90 7.59 8.28 8.97 9.66 Return (%)0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 Risk (Standard Deviation %) Return Standard Deviation Prudential PRISA II 9.10 1.05 NCREIF Property Index 7.07 0.30 Median 8.68 1.01¾ 8.20 9.02 9.84 10.66 11.48 12.30 Return (%)1.20 1.30 1.40 1.50 1.60 1.70 1.80 1.90 2.00 Risk (Standard Deviation %) Return Standard Deviation Prudential PRISA II 11.55 1.82 NCREIF Property Index 9.13 1.30 Median 10.64 1.82¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Prudential PRISA II 0.90 127.83 N/A -5.55 2.14 6.49 2.10 0.00 NCREIF Property Index 0.00 100.00 N/A 0.00 N/A 10.15 1.00 0.00 90 Day U.S. Treasury Bill 0.56 16.96 N/A 4.25 -10.15 N/A -0.44 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Prudential PRISA II 1.03 125.52 N/A 0.80 2.19 4.97 1.16 0.00 NCREIF Property Index 0.00 100.00 N/A 0.00 N/A 5.06 1.00 0.00 90 Day U.S. Treasury Bill 1.60 8.20 N/A 2.61 -5.06 N/A -0.21 0.00 Performance Review As of March 31, 2019 Prudential PRISA II NONE Page 60 Total Policy Historical Hybrid Composition Allocation Mandate Weight (%) Oct-1986 Oakland County Historical Policy Data 100.00 Oct-2013 S&P 500 Index 25.00 Russell Midcap Index 7.50 Russell 2000 Index 7.50 MSCI AC World ex USA 15.00 Blmbg. Barc. U.S. Aggregate Index 30.00 JPM Global Government Bond Index 5.00 NCREIF Fund Index-ODCE (VW) (Net)10.00 Jul-2017 S&P 500 Index 27.50 Russell Midcap Index 6.25 Russell 2000 Index 6.25 MSCI AC World ex USA 12.50 Blmbg. Barc. U.S. Aggregate Index 27.50 JPM Global Government Bond Index 5.00 NCREIF Fund Index-ODCE (VW)10.00 Blmbg. Barc. U.S. Corp High Yield 5.00 Total Equity Historical Hybrid Composition Allocation Mandate Weight (%) Jan-1979 Russell 3000 Index 90.00 MSCI EAFE Index 10.00 Jul-2017 S&P 500 Index 45.00 Russell Midcap Index 13.75 Russell 2000 Index 13.75 MSCI AC World ex USA 27.50 Total International Equity Historical Hybrid Composition Allocation Mandate Weight (%) Jan-1970 MSCI EAFE Index 100.00 Oct-2012 MSCI AC World ex USA 100.00 Benchmark History Investment Policy Benchmarks As of March 31, 2019 Page 61 Total Fixed Income Historical Hybrid Composition Allocation Mandate Weight (%) Jan-1986 Blmbg. Barc. U.S. Aggregate Index 85.00 JPM Global Government Bond Index 15.00 Jul-2017 Blmbg. Barc. U.S. Aggregate Index 80.00 JPM Global Government Bond Index 15.00 Blmbg. Barc. U.S. Corp High Yield 5.00 Benchmark History Investment Policy Benchmarks As of March 31, 2019 Page 62 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 63 Disclosures AndCo compiled this report for the sole use of the client for which it was prepared. AndCo is responsible for evaluating the performance results of the Total Fund along with the investment advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. AndCo uses the results from this evaluation to make observations and recommendations to the client. AndCo uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from custodians. AndCo analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides AndCo with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides AndCo with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause AndCo to believe that the information presented is significantly misstated. This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various asset positions. The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management services. Additional information included in this document may contain data provided by from index databases, public economic sources and the managers themselves. This document may contain data provided by Bloomberg Barclays. Bloomberg Barclays Index data provided by way of Barclays Live. This document may contain data provided by Standard and Poor’s. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where S&P Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance provided within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results. This document may contain data provided by MSCI, Inc. Copyright MSCI, 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of this information assumes the entire risk of any use it may make or permit to be made of this information. Neither MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information makes any express or implied warranties or representations with respect to such information or the results to be obtained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warranties (including, without limitation, all warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punitive, consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages. This document may contain data provided by Russell Investment Group. Russell Investment Group is the source owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a user presentation of the data. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in presentation thereof. This document may contain data provided by Morningstar. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is not guarantee of future results. Page 64