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HomeMy WebLinkAboutReports - 2019.09.19 - 32235<CBDoc TenantId="2" EntityTypeId="3100" EntityId="2903" DocumentTypeId="1" EffectiveDate="06/30/2019" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending June 30, 2019 September 19, 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: 2Q 2019 Market Summary: Broad asset class returns were positive during the 2nd quarter of 2019 with equity and fixed income markets building upon their 1st quarter gains. Equity indices rose during April as trade negotiations appeared to be improving; however, discussions between the US and China deteriorated in May, provoking additional tariffs and a sharp decline in equities. Softening economic data, stubbornly low inflation, and fear of a trade war induced global slowdown drove the Federal Reserve (Fed) to communicate a shift in their position, favoring more accommodative policies. This change in central bank posture caused the equity markets to rebound strongly, ending the quarter in positive territory. Fixed income returns were also positive during the quarter as the prospect of more accommodative monetary policies pushed interest rates lower and bond prices higher. Within the domestic equity markets, large caps out performed small caps during the quarter; the developed markets bested the emerging markets over this period. Fixed income also provided attractive returns as a more dovish stance from the Fed and other global central banks pushed interest rates lower across the yield curve. Over the past year all of the major asset classes generated positive returns with the exception of the US small caps, down 3.3% (Russell 2000). Conclusions/Recommendations: 1. The Total Fund returned 3.10% during the quarter, trailing the Policy Index by 22 basis points and ranking near the median fund in the public fund universe. 2. The Total Fund posted a return of 5.89% over the past year, under performing the Policy Index by 1.01% and ranking near the median fund in the peer group. The under performance may be partial attributed to weak performance from several of the active managers. 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 under performed for the fourth consecutive quarter; the manager trails the benchmark by 6.14% over this time period. Wedge struggled with stock selection within Energy, Healthcare and IT Services. This manager has been placed on “Watch” due to weak relative performance and will be closely monitored in the coming months. 4. TimesSquare rebounded this quarter, out performing their benchmark by 3.19% and ranking near the top of the peer group. The manager benefited from strong stock selection within the Producer Durables, Technology, and Financial Services sectors. This quarter’s results have improved the manager’s longer-term performance. 5. C.S. McKee and Loomis, Sayles fixed income strategies performed within 5 basis points of one another; CS and Loomis ranked in the bottom half of the peer group (very narrow universe this quarter). Longer-term, the managers exceed performance expectations. 6. Managers currently on Watch: Wedge Capital. 7. At quarter end all allocations were within policy ranges and near target allocations. 8. AndCo recommends no changes at this time. Page 1 2nd Quarter 2019 Market Environment Page 2 Broad asset class returns were positive during the 2nd quarter of 2019 with both equity and fixed income indices extending their year-to-date gains.US stocks outperformed international stocks during a very volatile quarter.Equity indices rose to start the period as progress in global trade negotiations outweighed signs of weakness in macroeconomic data.However,trade discussions between the US and China fell apart in May prompting increased tariffs and sharp declines in equity markets.The softening in economic data, stubbornly low inflation and the threat of slower future growth caused by ongoing disruption in trade led the Federal Reserve (Fed)to communicate a shift toward a more accommodative policy stance.This change in central bank posture caused markets to rebound strongly,ending the quarter higher for the period.Fixed income returns were also positive during the quarter as the prospect of more accommodative monetary policy pushed interest rates lower, increasing bond prices.Within domestic equity markets,large cap stocks outperformed small cap equities during the quarter with the S&P 500 Index returning 4.3%versus a 2.1%return on the small cap Russell 2000 Index.US equity returns over the 1-year period were positive within large and mid cap stocks,returning 10.4%and 7.8%respectively,but small cap stocks posted a loss,falling -3.3%. Similar to US markets,international markets were volatile during the 2nd quarter as investors reacted to mixed economic data,heightened geopolitical uncertainly,particularly around the outlook for global trade and Brexit,and increased accommodation in central bank policy with the European Central Bank (ECB)and People’s Bank of China (PBoC)pledging additional stimulus if needed.Developed markets outperformed emerging markets during the period with the MSCI EAFE Index returning 3.7%versus a 0.6%return on the MSCI Emerging Markets Index.Both developing and emerging markets posted modest gains over the 1-year period,returning 1.1%and 1.2%respectively. Fixed income returns were in line with equities during the 2nd quarter.The broad market Bloomberg Barclays Aggregate Index returned 3.1%as a more dovish stance from the Fed and other global central banks pushed interest rates lower across the US Treasury Yield Curve.The curve steepened but remained inverted with shorter-term maturities paying higher interest rates than those in the middle of the curve.Investment grade corporate issues were the best performing securities for the second quarter in a row,outperforming Treasury and securitized issues.The Bloomberg Barclays Corporate IG Index returned 4.5%for the period,as corporate credit had tailwinds due to greater interest rate sensitivity,higher yields and tightening credit spreads.Corporate issues also outperformed the other major fixed income sectors over the 1-year period,returning 10.7%versus a 7.9%return for the Bloomberg Barclays Aggregate Index. Source: Investment Metrics The Market Environment Major Market Index Performance As of June 30, 2019 0.6% 4.5% 2.0% 2.9% 3.0% 3.1% 2.1% 4.1% 4.2% 4.1% 4.3% 0.6% 3.7% 3.0% 0.0%1.0%2.0%3.0%4.0%5.0% 3-Month T-Bill Bbg Barclays Corp IG Bbg Barclays MBS Bbg Barclays US TIPS Bbg Barclays US Govt Bbg Barclays US Agg Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Quarter Performance 2.3% 10.7% 6.2% 4.8% 7.2% 7.9% -3.3% 7.8% 10.0% 9.0% 10.4% 1.2% 1.1% 1.3% -4.0%-2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0% 3-Month T-Bill Bbg Barclays Corp IG Bbg Barclays MBS Bbg Barclays US TIPS Bbg Barclays US Govt Bbg Barclays US Agg Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS 1-Year Performance Page 3 Source: Investment Metrics The Market Environment Domestic Equity Style Index Performance As of June 30, 2019 US equity index returns were modestly positive across the style and capitalization spectrum for the 2nd quarter.Corporate earnings reported during the quarter surprised to the upside,but economic data released during the period showed signs of slowing growth.Developments around global trade were particularly prominent during the period,heavily influencing market sentiment. Positive developments in trade negotiations with China came to an abrupt halt in May leading the US to increase tariffs on $200 billion of Chinese imports from 10%to 25%and announce that the US would consider tariffs on the remaining $300 billion in goods imported from China.China retaliated by increasing the tariff range on $60 billion of US goods from 5-10%to 5-25%.Additionally,the US instituted a ban on sales of technology equipment to Chinese telecommunications firm Huawei citing national security risks.China is expected to take similar action in retaliation although nothing has been announced.Trade talks are ready to resume and both sides have agreed to cease escalations following a meeting between President Trump and President Jinping at the G20 summit held at the end of the quarter.In addition,President Trump threatened a 5%tariff on all Mexican imports as a tact to reduce the level of illegal immigration at the US border with Mexico,and US waivers on sanctions for Iranian oil ended leading to increased tensions in the region that were further escalated after Iran downed a US drone.Despite these headwinds,markets rose following comments from an increasingly accommodative Fed as investors priced in greater odds of easy monetary policy going forward. During the quarter,higher market cap stocks outperformed lower market cap stocks across the style spectrum with the only exception being the outperformance of mid cap growth stocks relative to large cap growth stocks. The large cap Russell 1000 Index gained 4.2%during the period versus a 4.1% return for the Russell MidCap Index and a 2.1%gain on the small cap Russell 2000 Index as market participants may be moving toward the relative safety of large cap names as the economy continues to show growing signs of weakness. When viewed over the most recent 1-year period,large cap stocks outperformed relative to small cap stocks.The Russell 1000 returned 10.0%for the year while the Russell 2000 fell -3.3%. Growth indices outperformed value indices across the market cap spectrum during the 2nd quarter.Growth stocks have outperformed value in nine of the last ten quarters.The Russell MidCap Growth Index was the best performing style index for the period,returning 5.4%for the quarter with the small cap value index posting the lowest relative return,a gain of 1.4%.The trend of growth outperformance is also visible over the 1-year period as growth indices have benefitted from larger exposures to technology which has been a large driver of index performance over the last year,as well as a meaningful underweight to energy which has been a relative detractor. 2.7% 2.1% 1.4% 5.4% 4.1% 3.2% 4.6% 4.2% 3.8% 4.5% 4.1% 3.7% 0.0%2.0%4.0%6.0% 2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value Quarter Performance -Russell Style Series -0.5% -3.3% -6.2% 13.9%7.8% 3.7% 11.6% 10.0% 8.5% 10.6% 9.0% 7.3% -10.0%-5.0%0.0%5.0%10.0%15.0% 2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value 1-Year Performance -Russell Style Series Page 4 Sector performance was broadly positive across large cap sectors for the 2nd quarter.There were gains for ten out of eleven sectors within the Russell 1000 Index during the period with four sectors outpacing the return of the index. Cyclical sectors such as technology,industrials and consumer discretionary were some of the best performers through the quarter returning 5.8%,4.2% and 5.1%respectively.Financials also outperformed,returning 7.9%,as investors weighed the benefits of continued economic expansion due to easing monetary policy against the effects of lower interest rates on bank earnings. More defensive higher yielding sectors such as consumer staples,real estate and utilities underperformed for the quarter returning 3.5%,1.8%and 3.4% respectively.The energy sector was the only large cap sector to post a negative return during the quarter,falling -3.6%,as headwinds from weakening economic data and low oil and natural gas prices weighed on 1st quarter earnings.Health care stocks also lagged as continued discussions in Washington around the potential for increased regulation on drug pricing acted as a headwind.Returns over the 1-year period were positive with nine out of eleven sectors posting gains,six of which were over 10%.Defensive sectors such as utilities,REITs and consumer staples performed well returning 19.5%, 13.9%and 15.5%respectively.Technology returns were also strong gaining 18.6%.Energy and materials were the only sectors to post negative results over the 1-year period with energy falling -14.9%and materials returning - 0.1%. Quarterly results for small cap sectors were generally worse than their large capitalization counterparts with only two of eleven sectors (industrials and utilities)outperforming their corresponding large cap equivalents.Five of eleven sectors produced gains during the period with four of eleven economic sectors outpacing the Russell 2000 Index return for the quarter.Similar to large caps,cyclical sectors performed well on hopes that any Fed policy easing would counteract the recent weakness in economic growth.The industrials sector performed particularly well returning 8.2%,financials posted a 5.1%gain and technology returned 3.1%.Utilities also outperformed returning 5.2%.The largest detractors over the period were energy and communication services which returned -8.7%and -6.0%respectively.Over the trailing 1-year period,returns were broadly negative.Utilities and technology were relative bright spots returning 18.2%and 11.1%.The energy sector was an outlier in terms of negative returns losing -37.6%during the period.There were also notable losses in materials and consumer staples with materials losing -13.0%and consumer staples falling -11.1%. The Market Environment GICS Sector Performance & (Sector Weight) As of June 30, 2019 Source: Morningstar Direct As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. 19.5% 13.9% -0.1% 18.6% 10.1% 12.9% 6.1% -14.9% 15.5% 8.9% 5.0% 3.4% 1.8% 4.1% 5.8% 4.2% 1.6% 7.9% -3.6% 3.5% 5.1% 4.6% -20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%25.0% Utilities (3.2%) Real Estate (3.8%) Materials (2.9%) Info Technology (21.7%) Industrials (9.8%) Health Care (13.8%) Financials (13.2%) Energy (4.9%) Consumer Staples (6.8%) Consumer Disc (10.3%) Comm Services (9.7%) Russell 1000 Quarter 1-Year 18.2% 1.7% -13.0% 11.1% -0.8% -6.7% -3.8% -37.6% -11.1% -6.8% -1.3% 5.2% 1.1% -0.4% 3.1% 8.2% -0.2% 5.1% -8.7% -3.2% -0.6% -6.0% -40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0% Utilities (3.8%) Real Estate (7.6%) Materials (3.8%) Info Technology (15.5%) Industrials (14.6%) Health Care (15.6%) Financials (17.6%) Energy (3.5%) Consumer Staples (2.8%) Consumer Disc (12.0%) Comm Services (3.3%) Russell 2000 Quarter 1-Year Page 5 The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of June 30, 2019 Source: Morningstar Direct Top 10 Weighted Stocks Top 10 Weighted Stocks Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Microsoft Corp 3.71%14.0%37.5%Information Technology Array BioPharma Inc 0.48%90.0%176.1%Health Care Apple Inc 3.44%4.6%8.6%Information Technology The Trade Desk Inc A 0.37%15.1%142.8%Information Technology Amazon.com Inc 2.85%6.3%11.4%Consumer Discretionary Etsy Inc 0.36%-8.7%45.5%Consumer Discretionary Facebook Inc A 1.68%15.8%-0.7%Communication Services Coupa Software Inc 0.35%39.2%103.4%Information Technology Berkshire Hathaway Inc B 1.51%6.1%14.2%Financials Five Below Inc 0.32%-3.4%22.8%Consumer Discretionary Johnson & Johnson 1.37%0.3%17.9%Health Care Planet Fitness Inc A 0.31%5.4%64.9%Consumer Discretionary JPMorgan Chase & Co 1.35%11.3%10.3%Financials HubSpot Inc 0.31%2.6%36.0%Information Technology Alphabet Inc Class C 1.20%-7.9%-3.1%Communication Services Haemonetics Corp 0.30%37.6%34.2%Health Care Exxon Mobil Corp 1.19%-4.1%-3.3%Energy Woodward Inc 0.30%19.4%48.0%Industrials Alphabet Inc A 1.18%-8.0%-4.1%Communication Services Ciena Corp 0.29%10.1%55.1%Information Technology Top 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter) Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Russell 2000 Weight 1-Qtr Return 1-Year Return Sector Adient PLC 0.01%87.3%-50.0%Consumer Discretionary Iovance Biotherapeutics Inc 0.13%157.8%91.6%Health Care Anadarko Petroleum Corp 0.13%55.8%-1.6%Energy Arqule Inc 0.06%129.9%99.1%Health Care Cypress Semiconductor Corp 0.03%49.8%46.9%Information Technology Adverum Biotechnologies Inc 0.03%126.9%124.3%Health Care Okta Inc A 0.04%49.3%145.2%Information Technology Chimerix Inc 0.01%105.7%-9.2%Health Care Erie Indemnity Co Class A 0.02%43.2%122.5%Financials Enphase Energy Inc 0.08%97.5%170.9%Information Technology Heico Corp 0.02%41.1%83.9%Industrials Maxar Technologies Inc 0.02%94.8%-84.0%Industrials Legg Mason Inc-LeggMason RETAIL 0.01%39.9%14.4%Financials Array BioPharma Inc 0.48%90.0%176.1%Health Care Exact Sciences Corp 0.05%36.3%97.4%Health Care Melinta Therapeutics Inc 0.00%87.3%-79.1%Health Care Caesars Entertainment Corp 0.02%36.0%10.5%Consumer Discretionary G1 Therapeutics Inc 0.03%84.7%-29.5%Health Care Ardagh Group SA 0.00%35.9%9.6%Materials Foundation Building Materials Inc 0.01%80.7%15.6%Industrials Bottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter) Russell 1000 Weight 1-Qtr Return 1-Year Return Sector Russell 2000 Weight 1-Qtr Return 1-Year Return Sector 2U Inc 0.01%-46.9%-55.0%Information Technology FuelCell Energy Inc 0.00%-94.0%-98.9%Industrials Alkermes PLC 0.01%-38.2%-45.2%Health Care Halcon Resources Corp 0.00%-86.9%-96.0%Energy Range Resources Corp 0.01%-37.7%-58.0%Energy Pioneer Energy Services Corp 0.00%-85.7%-95.7%Energy Antero Resources Corp 0.00%-37.4%-74.1%Energy Eros International PLC 0.00%-85.2%-89.6%Communication Services Chesapeake Energy Corp 0.01%-37.1%-62.8%Energy Superior Energy Services Inc 0.01%-72.2%-86.7%Energy RPC Inc 0.00%-36.5%-48.8%Energy electroCore Inc 0.00%-71.4%-87.9%Health Care Realogy Holdings Corp 0.00%-35.8%-67.4%Real Estate Ultra Petroleum Corp 0.00%-70.5%-92.2%Energy The Chemours Co 0.02%-34.7%-44.2%Materials Nuvectra Corp 0.00%-69.6%-83.7%Health Care United Therapeutics Corp 0.01%-33.5%-31.0%Health Care Dean Foods Co 0.00%-69.5%-91.1%Consumer Staples Mylan NV 0.04%-32.8%-47.3%Health Care Kirkland's Inc 0.00%-67.9%-80.6%Consumer Discretionary Page 6 Source: MSCI Global Index Monitor (Returns are Net) Broad international equity returns were positive for the quarter in both local currency and USD terms.The MSCI ACWI ex US Index gained 2.1%in local currency terms and 3.0%in US dollar (USD)terms during the 2nd quarter. Similar to US markets,international equity investors balanced difficulties around global trade with central bank shifts toward more accommodative policies as a response to slowing global growth.Notably the ECB President Mario Draghi stated that further monetary policy action may need to be taken if inflation remains below target and the PBoC launched stimulus measures designed to encourage growth following the deterioration of trade negotiations with the US.Returns in USD largely outperformed those in local currency during the quarter as the USD depreciated against most major developed currencies following dovish Fed comments in June.However,the recent USD strength can still be seen over the 1-year period with USD returns trailing most local currency returns.Returns for the MSCI ACWI ex US Index were 2.2%in local currency terms and 1.3%in USD terms for the trailing year. Results for developed market international indices were positive in both local currency and USD terms during the 2nd quarter,with the MSCI EAFE Index returning 2.8%and 3.7%respectively.Outside of central bank policy and trade,there was notable news out of the UK with Prime Minister Theresa May resigning from her post after her Brexit withdrawal plan failed to gain parliamentary approval and a new vote for the office is currently underway.UK markets were pressured by continued uncertainty around Brexit with the UK having until October to strike an agreement with the European Union (EU)or withdraw with no agreement in place.Despite the growing uncertainty,the Bank of England (BoE)left monetary policy unchanged.Japan also underperformed as the yen appreciated due to its perceived safe haven status and trade headwinds were expected to affect its export driven economy.The MSCI EAFE Index returned 2.2%and 1.1%for the last twelve months in local currency and USD terms respectively. Emerging markets underperformed relative to developed markets for the 2nd quarter,slightly appreciating in both local currency and USD terms.The MSCI Emerging Markets Index gained 0.2%and 0.6%respectively.As expected, geopolitical tensions around trade put pressure on emerging market stocks, with Chinese equities underperforming relative to most countries.Latin American stocks performed well with Brazil and Argentina posting strong returns as commodity prices appreciated from recent lows at the end of 2018 and interest rates fell.Russian equities also performed well,benefiting from increasing commodity prices,but also had a tailwind from a decrease in the likelihood of future US sanctions.One year returns for the MSCI Emerging Market Index were 1.8%in local currency terms and 1.2%in USD terms. The Market Environment International and Regional Market Index Performance (Country Count) As June 30, 2019 3.2% -1.2% 5.1% 0.2% 0.8% 4.0% 2.8% 2.8% 2.1% 4.4% -1.3% 7.2% 0.6% 2.4% 4.4% 3.7% 3.8% 3.0% -2.0%0.0%2.0%4.0%6.0%8.0% EM Latin Amer (6) EM Asia (9) EM EMEA (11) Emerging Mkt (26) Pacific (5) Europe & ME (16) EAFE (21) WORLD x US (22) AC World x US (48) Quarter Performance USD Local Currency 18.1% -1.7% 9.3% 1.8% -1.1% 4.2% 2.2% 2.2% 2.2% 18.5% -2.3% 6.7% 1.2% -0.2% 1.8% 1.1% 1.3% 1.3% -5.0%0.0%5.0%10.0%15.0%20.0% EM Latin Amer (6) EM Asia (9) EM EMEA (11) Emerging Mkt (26) Pacific (5) Europe & ME (16) EAFE (21) WORLD x US (22) AC World x US (48) 1-Year Performance USD Local Currency Page 7 The Market Environment US Dollar International Index Attribution & Country Detail As of June 30, 2019 Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD) As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. MSCI -EAFE Sector Weight Quarter Return 1-Year Return Communication Services 5.4%4.0%4.3% Consumer Discretionary 11.1%5.9%-2.6% Consumer Staples 11.7%1.9%4.8% Energy 5.6%0.4%-5.5% Financials 18.9%4.3%-2.9% Health Care 11.2%2.0%7.5% Industrials 14.8%5.9%2.4% Information Technology 6.7%6.6%2.7% Materials 7.4%3.9%0.2% Real Estate 3.6%-2.2%2.3% Utilities 3.6%1.5%9.8% Total 100.0%3.7%1.1% MSCI -ACWIxUS Sector Weight Quarter Return 1-Year Return Communication Services 6.9%1.0%5.6% Consumer Discretionary 11.3%3.8%-3.6% Consumer Staples 9.8%2.2%4.6% Energy 7.2%0.5%-1.4% Financials 21.9%4.4%2.0% Health Care 8.3%1.2%4.2% Industrials 11.9%5.2%2.9% Information Technology 8.5%4.0%-0.7% Materials 7.6%2.9%-0.5% Real Estate 3.3%-1.6%4.3% Utilities 3.3%2.2%10.1% Total 100.0%3.0%1.3% MSCI -Emerging Mkt Sector Weight Quarter Return 1-Year Return Communication Services 11.7%-2.4%4.5% Consumer Discretionary 13.5%-1.2%-7.6% Consumer Staples 6.6%3.3%0.9% Energy 7.9%1.2%16.3% Financials 25.2%4.0%11.9% Health Care 2.6%-6.6%-24.7% Industrials 5.3%0.0%4.1% Information Technology 13.9%-0.1%-6.1% Materials 7.6%-1.2%-1.9% Real Estate 3.0%-0.2%10.1% Utilities 2.7%2.9%9.0% Total 100.0%0.6%1.2% MSCI-EAFE MSCI-ACWIxUS Quarter 1-Year Country Weight Weight Return Return Japan 23.7%15.8%1.0%-4.2% United Kingdom 16.8%11.2%0.9%-2.1% France 11.4%7.6%6.5%3.0% Switzerland 9.3%6.2%8.4%19.8% Germany 8.8%5.9%7.1%-3.8% Australia 7.1%4.8%7.3%6.6% Hong Kong 4.0%2.7%1.0%10.4% Netherlands 3.6%2.4%5.8%5.3% Spain 3.0%2.0%2.6%-2.1% Sweden 2.7%1.8%4.9%3.4% Italy 2.3%1.6%2.9%-0.7% Denmark 1.7%1.1%1.6%5.8% Singapore 1.4%0.9%7.0%8.3% Finland 1.0%0.7%0.2%-4.7% Belgium 1.0%0.7%1.2%-9.1% Norway 0.7%0.5%2.4%-4.3% Israel 0.6%0.4%-3.6%-4.5% Ireland 0.5%0.4%4.7%-9.2% New Zealand 0.3%0.2%3.9%16.0% Austria 0.2%0.2%0.8%-13.1% Portugal 0.2%0.1%1.6%-4.6% Total EAFE Countries 100.0%66.8%3.7%1.1% Canada 6.8%4.9%3.3% Total Developed Countries 73.6%3.8%1.3% China 8.3%-4.0%-6.7% Korea 3.3%-1.0%-9.1% Taiwan 2.9%0.9%1.1% India 2.4%0.5%7.9% Brazil 2.0%7.2%39.4% South Africa 1.6%6.6%-0.8% Russia 1.1%16.9%27.1% Thailand 0.8%9.3%19.8% Saudi Arabia 0.8%0.6%11.0% Mexico 0.7%1.1%-7.4% Indonesia 0.6%3.2%20.3% Malaysia 0.6%1.2%-0.8% Philippines 0.3%4.4%19.7% Poland 0.3%3.5%10.5% Qatar 0.3%0.6%18.8% Chile 0.2%-5.6%-12.1% United Arab Emirates 0.2%-2.7%3.0% Turkey 0.1%2.8%-17.1% Colombia 0.1%-2.4%-3.7% Peru 0.1%-1.9%3.5% Argentina 0.1%31.7%15.8% Greece 0.1%16.2%-9.2% Hungary 0.1%-4.1%12.7% Czech Republic 0.0%2.6%1.1% Egypt 0.0%7.8%5.4% Pakistan 0.0%-20.8%-36.7% Total Emerging Countries 26.4%0.6%1.2% Total ACWIxUS Countries 100.0%3.0%1.3% Page 8 Source: Bloomberg The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of June 30, 2019 Broad fixed income benchmarks built on their early 2019 gains during the 2nd quarter.During the 1st quarter,the Federal Open Market Committee (FOMC) reacted to a difficult end to 2018 by issuing guidance that the FOMC is no longer projecting any further interest rate increases through 2019.Federal Reserve Chair Jerome Powell also stated that the Fed would begin tapering the roll off from the planned balance sheet reduction program in May with a plan to halt the program entirely in September.The stoppage of the balance sheet reduction program represents an easing of monetary policy.The Fed took an increasingly dovish stance during the 2nd quarter reacting to softening economic data,tepid inflation and increased risks around global trade.While the committee left interest rates unchanged,the minutes from the June FOMC meeting indicate that the committee felt “downside risks to the outlook for economic activity had risen materially”during the quarter with several participants noting that a “near-term cut in the target range for the Federal Funds Rate could help cushion the effects of possible future adverse shocks to the economy”.These comments led market participants to forecast greater odds of an interest rate cut this year,pushing markets higher.Interest rates fell across all maturities on the US Treasury Yield Curve with the greatest declines occurring in the mid-and long-term issues.The curve remains inverted with short-term maturities paying higher interest rates than issues in the mid-to long-end of the curve.The bellwether Bloomberg Barclays US Aggregate Index posted positive returns for both the 1st quarter and the 1-year period,returning 3.1%and 7.9%respectively. Within investment grade credit,lower quality issues outperformed higher quality issues as investors gravitated toward higher risk securities during the quarter.Lower quality issues also benefitted from their higher durations.On an absolute basis,without negating the duration differences in the sub-indices, Baa rated credit was the best performing investment grade credit quality segment returning 4.8%for the quarter,while AAA was the worst performing, returning 2.6%.High yield issues returned 2.5%for the quarter as these issues did not commensurately benefit from the drop in interest rates due to their lower durations.Returns over the 1-year period generally show lower quality securities outperforming higher quality issues. Investment grade corporates outperformed the more defensive Treasury and mortgage backed sectors of the Bloomberg Barclays US Aggregate Index’s three broad sectors during the 2nd quarter.Investment grade corporate credit returned 4.5%,as falling interest rates benefitted these securities to a greater degree and credit spreads have continued to tighten since the end of 2018. When viewed over the 1-year period,corporate credit outperformed both Treasuries and mortgage backed securities.Corporate issues returned 10.7% versus a 6.2%return for mortgages and 7.2%gain on Treasury securities. 3.3% 3.4% 2.4% 3.1% 2.9% 4.5% 2.0% 3.0% 2.5% 4.8%4.2% 3.3% 2.6% 0.0%1.0%2.0%3.0%4.0%5.0% Multiverse (6.9) Global Agg x US (8.2) Intermediate Agg (3.7) Aggregate (5.7) U.S. TIPS (1.1) U.S. Corporate IG (7.6) U.S. Mortgage (3.2) U.S. Treasury (6.4) U.S. High Yield (3.2) Baa (7.7) A (7.6) AA (6.4) AAA (5.0) Quarter Performance 6.0% 4.1% 6.7% 7.9% 4.8% 10.7% 6.2% 7.2% 7.5% 11.4%10.1% 8.5% 6.9% 0.0%2.0%4.0%6.0%8.0%10.0%12.0% Multiverse (6.9) Global Agg x US (8.2) Intermediate Agg (3.7) Aggregate (5.7) U.S. TIPS (1.1) U.S. Corporate IG (7.6) U.S. Mortgage (3.2) U.S. Treasury (6.4) U.S. High Yield (3.2) Baa (7.7) A (7.6) AA (6.4) AAA (5.0) 1-Year Performance Page 9 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis) The Market Environment Market Rate & Yield Curve Comparison As of June 30, 2019 Global fixed income returns were in line with their domestic counterparts, slightly outperforming during the 2nd quarter.These indices have lower,or in some cases (Germany,Japan),negative yields,but have higher durations. The returns of these indices are also significantly influenced by fluctuations in their currency denomination relative to the USD.The USD depreciated against most other developed currencies,acting as a tailwind to global bond indices. The return on global bonds,as represented by the Bloomberg Barclays Global Aggregate ex US Index,was 3.4%.Global bonds still trail over the 1-year period with the Global Aggregate ex US Index returning 4.1%versus a 7.9% return on the domestically focused Barclays Aggregate Index.As global growth has shown signs of stalling,several international central banks have started to step back from more restrictive postures.The ECB and the PBoC have moved toward an easing of monetary policy and implemented various stimulus programs designed to support their respective economies.The Bank of England and the Bank of Japan made no major policy changes during the quarter as they continue to review macroeconomic data within their respective countries. Much of the index performance detailed in the bar graphs on the previous page 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 Treasury yield (green line)fell from recent high’s greater than 3.0%,to 2.0%to end the quarter.The blue line illustrates changes in the BAA OAS (Option Adjusted Spread).This measure quantifies the additional yield premium that investors require to purchase and hold non-Treasury issues.This line illustrates an abrupt increase in credit spreads during the 4th quarter of 2018 as investors moved to higher quality assets during the quarter’s risk-off environment. Subsequently,spreads dropped steadily until they rose again in May and then later declined in June.This spread tightening is equivalent to an interest rate decrease on corporate bonds,which produces an additional tailwind for corporate bond index returns.These credit spreads have tightened by about 6 basis points over the last three months.The green band across the graph illustrates the gradual increase in the Federal Funds Rate due to the tightening of US monetary policy during 2018.There have been no changes to the Federal Funds Rate in 2019. The lower graph provides a snapshot of the US Treasury yield curve at the end of each of the last four calendar quarters.The downward shift in interest rates as well as a general steepening of the yield curve are clearly visible over the last quarter.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 of the curve. 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 1-Year Trailing Market Rates Fed Funds Rate TED Spread 3-Month Libor BAA OAS 10yr Treasury 10yr TIPS 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Treasury Yield Curve 9/30/2018 12/31/2018 3/31/2019 6/30/2019 Page 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 (10.0%) Total Fixed Income Composite (35.9%) Total Long/Short Equity Composite (5.9%) Total International Equity (14.2%) Total Domestic Equity (33.6%) 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 749,027,934 100.0 N/A N/A 100.0 --- Total Domestic Equity 251,399,273 33.6 10.0 50.0 37.5 -176,496,479 123,114,694 29,486,203 Total International Equity 106,501,431 14.2 5.0 20.0 12.5 -69,050,034 43,304,156 -12,872,939 Total Long/Short Equity Composite 44,307,310 5.9 0.0 7.5 5.0 -44,307,310 11,869,785 -6,855,914 Total Fixed Income Composite 269,176,115 35.9 10.0 55.0 35.0 -194,273,322 142,789,248 -7,016,339 Total Real Asset 74,709,676 10.0 0.0 15.0 10.0 -74,709,676 37,644,514 193,118 Total Cash Composite 2,934,129 0.4 0.0 5.0 0.0 -2,934,129 34,517,268 -2,934,129 Asset Allocation Compliance Oakland County Employees' Retirement System Total Fund Composite As of June 30, 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 (10.0%) Total Fixed Income Composite (35.9%) Total Long/Short Equity Composite (5.9%) Total International Equity (14.2%) Total Small Cap Equity Composite (6.5%) Total Mid Cap Equity Composite (7.8%) Total Large Cap Equity Composite (19.2%) Asset Allocation Compliance Asset Allocation $ Current Allocation (%) Target Allocation (%) Target Rebal. ($000) Total Fund Composite 749,027,934 100.0 100.0 - Total Large Cap Equity Composite 144,157,488 19.2 20.0 5,648,099 Total Mid Cap Equity Composite 58,230,007 7.8 7.5 -2,052,912 Total Small Cap Equity Composite 49,011,778 6.5 7.5 7,165,317 Total International Equity 106,501,431 14.2 15.0 5,852,760 Total Long/Short Equity Composite 44,307,310 5.9 5.0 -6,855,914 Total Fixed Income Composite 269,176,115 35.9 35.0 -7,016,339 Total Real Asset 74,709,676 10.0 10.0 193,118 Total Cash Composite 2,934,129 0.4 0.0 -2,934,129 Asset Allocation Compliance Oakland County Employees' Retirement System Total Fund Composite As of June 30, 2019 Page 13 Asset Allocation By Segment as of March 31, 2019 : $741,903,342 Asset Allocation By Segment as of June 30, 2019 : $749,027,934 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 70,892,168 9.6¢ Hedge Fund 43,424,418 5.9¢ Private Equity 14,907,623 2.0¢ Cash Equivalent 21,464,592 2.9¢ Allocation Segments Market Value Allocation Domestic Equity 247,801,455 33.1¢ International Equity 104,210,174 13.9¢ Domestic Fixed Income 212,082,124 28.3¢ Global Fixed Income 37,166,498 5.0¢ Real Estate 72,518,864 9.7¢ Hedge Fund 44,307,310 5.9¢ Private Equity 14,796,239 2.0¢ Cash Equivalent 16,145,270 2.2¢ Asset Allocation Summary Total Fund Composite As of June 30, 2019 NONE Page 14 Asset Allocation By Manager as of March 31, 2019 : $741,903,342 Asset Allocation By Manager as of June 30, 2019 : $749,027,934 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 119,897 0.0¢ Cash and Equivalents Account 80,553 0.0¢ Seizert Capital Partners 13,700 0.0¢ Great Lakes SmidCap -0.0¢ Reinhart Partners -0.0¢ Allocation Market Value Allocation CS McKee 136,516,563 18.2¢ Loomis Fixed Income 82,887,627 11.1¢ T. Rowe Price 70,932,407 9.5¢ Pictet 48,554,976 6.5¢ ABS Global 44,307,310 5.9¢ Morgan Stanley 44,209,752 5.9¢ Lazard 38,473,964 5.1¢ Franklin Templeton 37,166,498 5.0¢ SSgA S&P 500 37,000,840 4.9¢ SSgA S&P 500 Equal Weighted Index 36,224,241 4.8¢ Lee Munder (LMCG)25,191,156 3.4¢ Loomis Small Cap 23,820,622 3.2¢ Berkeley Street 19,472,491 2.6¢ Prudential PRISA II 19,025,075 2.5¢ Reinhart Partners 15,149,183 2.0¢ Great Lakes SmidCap 14,719,327 2.0¢ Wedge Capital Partners 14,289,184 1.9¢ TimesSquare 14,072,313 1.9¢ Churchill Senior Loan Fund 12,605,427 1.7¢ Alidade Capital Fund IV 3,462,874 0.5¢ Walton Street Real Estate 3,402,665 0.5¢ Private Markets Cash 3,301,507 0.4¢ AEW Real Estate 2,300,906 0.3¢ ValStone Opportunity Fund V 2,190,812 0.3¢ JPM Euro Property 117,592 0.0¢ Cash and Equivalents Account -367,378 0.0¢ Seizert Capital Partners -0.0¢ Munder Capital -0.0¢ Asset Allocation Summary Total Fund Composite As of June 30, 2019 NONE Page 15 Asset Allocation Attributes Jun-2019 Mar-2019 Dec-2018 Sep-2018 Jun-2018 ($)%($)%($)%($)%($)% Total Fund Composite 749,027,934 100.00 741,903,342 100.00 706,294,991 100.00 760,349,975 100.00 784,033,262 100.00 Total Equity Composite 402,208,014 53.70 403,832,622 54.43 363,744,922 51.50 422,897,242 55.62 424,878,496 54.19 Total Domestic Equity 251,399,273 33.56 256,607,159 34.59 230,654,389 32.66 272,380,948 35.82 262,721,954 33.51 Total Large Cap Equity Composite 144,157,488 19.25 153,414,386 20.68 134,037,634 18.98 155,284,989 20.42 150,859,062 19.24 SSgA S&P 500 37,000,840 4.94 35,472,927 4.78 31,216,390 4.42 36,091,569 4.75 33,502,886 4.27 SSgA S&P 500 Equal Weighted Index 36,224,241 4.84 34,869,208 4.70 30,325,699 4.29 35,301,653 4.64 33,483,563 4.27 T. Rowe Price 70,932,407 9.47 83,072,251 11.20 72,495,546 10.26 83,891,767 11.03 83,872,613 10.70 Total Mid Cap Equity Composite 58,230,007 7.77 55,942,763 7.54 49,319,089 6.98 58,711,307 7.72 56,258,859 7.18 Seizert Capital Partners -0.00 13,700 0.00 14,081,495 1.99 16,465,395 2.17 15,883,438 2.03 Wedge Capital Partners 14,289,184 1.91 14,025,189 1.89 12,432,194 1.76 15,095,855 1.99 14,650,987 1.87 TimesSquare 14,072,313 1.88 12,959,863 1.75 11,088,467 1.57 13,055,234 1.72 12,205,156 1.56 Munder Capital -0.00 28,944,011 3.90 11,716,933 1.66 14,094,823 1.85 13,519,278 1.72 Great Lakes SmidCap 14,719,327 1.97 -0.00 -0.00 -0.00 -0.00 Reinhart Partners 15,149,183 2.02 -0.00 -0.00 -0.00 -0.00 Total Small Cap Equity Composite 49,011,778 6.54 47,250,009 6.37 47,297,666 6.70 58,384,652 7.68 55,604,033 7.09 Lee Munder (LMCG)25,191,156 3.36 24,585,456 3.31 21,624,390 3.06 26,669,123 3.51 26,198,668 3.34 RBC Global -0.00 -0.00 -0.00 1,131 0.00 1,126 0.00 Loomis Small Cap 23,820,622 3.18 22,664,554 3.05 25,673,276 3.63 31,714,398 4.17 29,404,240 3.75 Total International Equity 106,501,431 14.22 103,801,045 13.99 92,007,481 13.03 105,845,250 13.92 117,818,923 15.03 Lazard 38,473,964 5.14 37,211,429 5.02 33,626,699 4.76 37,429,973 4.92 47,985,775 6.12 Pictet 48,554,976 6.48 47,434,093 6.39 41,580,643 5.89 50,247,950 6.61 51,067,427 6.51 Berkeley Street 19,472,491 2.60 19,155,524 2.58 16,800,139 2.38 18,167,327 2.39 18,765,721 2.39 Total Long/Short Equity Composite 44,307,310 5.92 43,424,418 5.85 41,083,053 5.82 44,671,044 5.88 44,337,619 5.66 ABS Global 44,307,310 5.92 43,424,418 5.85 41,083,053 5.82 44,671,044 5.88 44,337,619 5.66 Total Fixed Income Composite 269,176,115 35.94 262,301,846 35.36 268,430,617 38.01 263,164,570 34.61 263,108,512 33.56 Total Domestic Fixed Income 219,404,190 29.29 212,900,161 28.70 212,925,268 30.15 210,999,380 27.75 212,401,805 27.09 CS McKee 136,516,563 18.23 132,495,660 17.86 135,264,868 19.15 133,488,785 17.56 135,328,592 17.26 Loomis Fixed Income 82,887,627 11.07 80,404,502 10.84 77,660,400 11.00 77,510,594 10.19 77,073,213 9.83 Total Global Fixed 37,166,498 4.96 36,690,403 4.95 42,731,158 6.05 42,133,494 5.54 41,590,352 5.30 Franklin Templeton 37,166,498 4.96 36,690,403 4.95 42,731,158 6.05 42,133,494 5.54 41,590,352 5.30 Historical Asset Allocation Total Fund As of June 30, 2019 Page 16 Historical Asset Allocation Total Fund As of June 30, 2019 Jun-2019 Mar-2019 Dec-2018 Sep-2018 Jun-2018 ($)%($)%($)%($)%($)% Private Fixed Income 12,605,427 1.68 12,711,282 1.71 12,774,191 1.81 10,031,696 1.32 9,116,354 1.16 Churchill Senior Loan Fund 12,605,427 1.68 12,711,282 1.71 12,774,191 1.81 10,031,696 1.32 9,116,354 1.16 Total Real Asset 74,709,676 9.97 73,088,509 9.85 72,029,817 10.20 69,523,111 9.14 91,001,642 11.61 Total Real Estate 72,518,864 9.68 70,892,168 9.56 69,907,399 9.90 67,458,896 8.87 88,966,356 11.35 Morgan Stanley 44,209,752 5.90 43,419,565 5.85 42,875,404 6.07 42,048,803 5.53 64,142,593 8.18 JPM Euro Property 117,592 0.02 119,897 0.02 150,572 0.02 291,306 0.04 278,549 0.04 Prudential PRISA II 19,025,075 2.54 18,804,197 2.53 18,492,320 2.62 18,280,851 2.40 17,922,443 2.29 Alidade Capital Fund IV 3,462,874 0.46 3,441,195 0.46 3,666,960 0.52 2,680,656 0.35 3,409,341 0.43 Walton Street Real Estate 3,402,665 0.45 3,343,270 0.45 3,280,813 0.46 3,006,105 0.40 2,439,846 0.31 AEW Real Estate 2,300,906 0.31 1,764,044 0.24 1,441,330 0.20 1,151,175 0.15 773,585 0.10 Private Investments 2,190,812 0.29 2,196,341 0.30 2,122,418 0.30 2,064,215 0.27 2,035,286 0.26 ValStone Opportunity Fund V 2,190,812 0.29 2,196,341 0.30 2,122,418 0.30 2,064,215 0.27 2,035,286 0.26 Total Cash Composite 2,934,129 0.39 2,680,365 0.36 2,089,635 0.30 4,765,052 0.63 5,044,612 0.64 Cash and Equivalents Account -367,378 -0.05 80,553 0.01 80,351 0.01 46,673 0.01 3,299,348 0.42 Private Markets Cash 3,301,507 0.44 2,599,812 0.35 2,009,284 0.28 4,718,379 0.62 1,745,264 0.22 Page 17 Financial Reconciliation Market Value 04/01/2019 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 06/30/2019 Total Fund Composite 741,903,342 -436,710 -15,006,343 -713,440 -5,961 2,759,611 19,654,015 749,027,934 Total Equity Composite 403,832,622 -15,241,790 316,836 --403,892 -3,135 1,007,644 12,699,729 402,208,014 Total Domestic Equity 256,607,159 -15,241,790 222,149 --226,900 -1,555 735,668 9,304,543 251,399,273 Total Large Cap Equity Composite 153,414,386 -15,000,000 49,475 --54,226 -131 373,319 5,374,665 144,157,488 SSgA S&P 500 35,472,927 ----1,733 --1,529,646 37,000,840 SSgA S&P 500 Equal Weighted Index 34,869,208 ----3,018 --1,358,051 36,224,241 T. Rowe Price 83,072,251 -15,000,000 49,475 --49,475 -131 373,319 2,486,968 70,932,407 Total Mid Cap Equity Composite 55,942,763 -38,488 82,097 --82,097 -785 230,420 2,096,097 58,230,007 Seizert Capital Partners 13,700 -13,700 ----83 83 -- Wedge Capital Partners 14,025,189 -22,029 --22,029 -256 90,150 174,102 14,289,184 TimesSquare 12,959,863 -16,822 --16,822 -196 23,990 1,088,655 14,072,313 Munder Capital 28,944,011 -29,139,369 ----51 5,347 190,062 - Great Lakes SmidCap -14,580,627 18,631 --18,631 -36 63,386 75,350 14,719,327 Reinhart Partners -14,533,954 24,615 --24,615 -162 47,464 567,927 15,149,183 Total Small Cap Equity Composite 47,250,009 -203,302 90,577 --90,577 -639 131,929 1,833,780 49,011,778 Lee Munder (LMCG)24,585,456 -40,683 --40,683 -226 108,323 497,604 25,191,156 Loomis Small Cap 22,664,554 -203,302 49,894 --49,894 -413 23,607 1,336,177 23,820,622 Total International Equity 103,801,045 -94,688 --176,993 -1,580 271,976 2,512,294 106,501,431 Lazard 37,211,429 -51,634 --51,634 -1,580 271,976 992,139 38,473,964 Pictet 47,434,093 ----82,305 --1,203,188 48,554,976 Berkeley Street 19,155,524 -43,053 --43,053 --316,967 19,472,491 Total Long/Short Equity Composite 43,424,418 ------882,892 44,307,310 ABS Global 43,424,418 ------882,892 44,307,310 Total Fixed Income Composite 262,301,846 -325,738 113,522 --113,522 -2,738 1,749,693 5,453,052 269,176,115 Total Domestic Fixed Income 212,900,161 -113,522 --113,522 -2,738 1,749,693 4,757,074 219,404,190 CS McKee 132,495,660 -57,019 --57,019 -1,058 1,104,885 2,917,077 136,516,563 Loomis Fixed Income 80,404,502 -56,503 --56,503 -1,680 644,808 1,839,997 82,887,627 Total Global Fixed 36,690,403 ------476,095 37,166,498 Franklin Templeton 36,690,403 ------476,095 37,166,498 Financial Reconciliation Total Fund 1 Quarter Ending June 30, 2019 Page 18 Financial Reconciliation Total Fund 1 Quarter Ending June 30, 2019 Market Value 04/01/2019 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 06/30/2019 Private Fixed Income 12,711,282 -325,738 -----219,883 12,605,427 Churchill Senior Loan Fund 12,711,282 -325,738 -----219,883 12,605,427 Total Real Asset 73,088,509 357,271 ---196,026 --1,459,922 74,709,676 Total Real Estate 70,892,168 357,271 ---196,026 --1,465,451 72,518,864 Morgan Stanley 43,419,565 ----127,243 --917,429 44,209,752 JPM Euro Property 119,897 -------2,305 117,592 Prudential PRISA II 18,804,197 ----55,367 --276,245 19,025,075 Alidade Capital Fund IV 3,441,195 -44,273 -----65,952 3,462,874 Walton Street Real Estate 3,343,270 -36,933 ---13,416 --109,744 3,402,665 AEW Real Estate 1,764,044 438,477 -----98,385 2,300,906 Private Investments 2,196,341 -------5,529 2,190,812 ValStone Opportunity Fund V 2,196,341 -------5,529 2,190,812 Total Cash Composite 2,680,365 15,210,257 6,352 -15,006,343 --88 2,274 41,313 2,934,129 Cash and Equivalents Account 80,553 14,550,565 6,352 -15,006,343 --88 1,583 --367,378 Private Markets Cash 2,599,812 659,692 ----691 41,313 3,301,507 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 33.56 (74)14.22 (56)29.29 (41)4.96 (27)7.89 (61)9.68 (36)0.39 (83)˜ 5th Percentile 60.72 26.24 49.73 9.22 32.46 13.66 7.04 1st Quartile 50.36 18.87 33.93 4.99 18.61 10.20 2.22 Median 42.90 14.57 26.17 4.30 10.17 8.89 1.13 3rd Quartile 32.94 11.63 19.73 2.67 5.21 5.56 0.54 95th Percentile 18.70 7.35 13.54 0.39 1.87 2.41 0.07 Plan Sponsor TF Asset Allocation Total Fund Composite Vs. All Public Plans-Total Fund As of June 30, 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)749,027,934 100.0 3.10 (64)3.42(51)11.44(64)5.89(65)8.73 (57)6.34 (35)8.47 (42)9.52(35)8.38(40)10/01/1986 Total Fund Policy Index 3.32 (42)4.08(27)11.85(54)6.90(32)8.41 (67)6.28 (37)8.65 (34)10.00(17)8.83(8) Difference -0.22 -0.66 -0.41 -1.01 0.32 0.06 -0.18 -0.48 -0.45 All Public Plans-Total Fund Median 3.24 3.42 12.04 6.36 8.90 5.99 8.23 9.14 8.24 Total Fund Composite (Net)749,027,934 100.0 3.00 3.10 11.22 5.45 8.27 6.02 8.24 9.35 8.33 10/01/1986 Total Fund Policy Index 3.32 4.08 11.85 6.90 8.41 6.28 8.65 10.00 8.83 Difference -0.32 -0.98 -0.63 -1.45 -0.14 -0.26 -0.41 -0.65 -0.50 Total Equity Composite 402,208,014 53.7 3.62 0.73 17.08 4.39 11.64 7.39 11.20 12.30 9.59 10/01/1986 Total Equity Index 3.68 0.89 17.47 5.80 12.32 8.71 12.66 13.56 9.96 Difference -0.06 -0.16 -0.39 -1.41 -0.68 -1.32 -1.46 -1.26 -0.37 Total Fixed Income Composite 269,176,115 35.9 2.75 7.08 5.99 7.64 3.46 3.13 3.32 4.85 6.39 10/01/1986 Total Fixed Income Index 3.12 7.66 6.20 7.53 2.16 2.72 2.41 3.71 6.18 Difference -0.37 -0.58 -0.21 0.11 1.30 0.41 0.91 1.14 0.21 Total Real Asset 74,709,676 10.0 1.99 6.11 3.85 8.48 9.01 10.95 11.10 8.87 4.93 07/01/2008 NCREIF Fund Index-ODCE (VW)1.00 4.23 2.43 6.41 7.57 9.76 10.52 9.88 5.40 Difference 0.99 1.88 1.42 2.07 1.44 1.19 0.58 -1.01 -0.47 Total Cash Composite 2,934,129 0.4 Asset Allocation & Performance Total Fund Composite (Gross) As of June 30, 2019 Page 21 Asset Allocation & Performance Total Fund Composite (Gross) As of June 30, 2019 Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Domestic Equity 251,399,273 33.6 Total Large Cap Equity Composite 144,157,488 19.2 4.42 (42)3.17(32)19.53(34)10.31(38)14.33 (39)10.92 (36)14.19 (38)14.66(49)10.40(39)07/01/2008 IM U.S. Large Cap Equity (SA+CF) Median 4.22 1.99 18.28 9.01 13.81 10.25 13.84 14.62 10.20 SSgA S&P 500 (1.5 bps)37,000,840 4.9 4.31 (47)2.53(37)18.54(43)10.45(32)14.25 (33)10.77 (36)14.06 (45)N/A 13.48(39)10/01/2009 S&P 500 Index 4.30 (49)2.51(38)18.54(44)10.42(34)14.19 (40)10.71 (39)13.98 (49)14.70(46)13.41(45) Difference 0.01 0.02 0.00 0.03 0.06 0.06 0.08 N/A 0.07 IM U.S. Large Cap Core Equity (SA+CF) Median 4.23 1.95 18.12 8.90 13.70 10.34 13.97 14.57 13.33 SSgA S&P 500 Equal Weighted Index (4bps)36,224,241 4.8 3.89 (61)2.64(35)19.48(28)8.21(58)N/A N/A N/A N/A 3.84(58)02/01/2018 S&P 500 Equal Weighted 3.72 (66)2.62(35)19.19(32)8.18(58)12.41 (72)9.14 (76)13.94 (52)15.56(18)3.77(59) Difference 0.17 0.02 0.29 0.03 N/A N/A N/A N/A 0.07 IM U.S. Large Cap Core Equity (SA+CF) Median 4.23 1.95 18.12 8.90 13.70 10.34 13.97 14.57 4.43 T. Rowe Price (25 bps)70,932,407 9.5 4.50 (40)3.48(26)19.75(25)10.93(26)15.54 (18)11.68 (16)14.83 (19)N/A 13.96(22)10/01/2009 S&P 500 Index 4.30 (49)2.51(38)18.54(44)10.42(34)14.19 (40)10.71 (39)13.98 (49)14.70(46)13.41(45) Difference 0.20 0.97 1.21 0.51 1.35 0.97 0.85 N/A 0.55 IM U.S. Large Cap Core Equity (SA+CF) Median 4.23 1.95 18.12 8.90 13.70 10.34 13.97 14.57 13.33 Total Mid Cap Equity Composite 58,230,007 7.8 4.16 (54)-0.75(65)18.15(67)3.58(66)11.63 (64)7.36 (72)12.10 (82)13.81(83)9.31(87)07/01/2008 IM U.S. Mid Cap Equity (SA+CF) Median 4.61 1.65 20.71 7.20 13.06 8.91 13.64 15.23 10.52 Wedge Capital Partners (75 bps)14,289,184 1.9 1.88 (80)-5.34(81)14.94(83)-2.46(77)8.35 (85)6.68 (61)12.09 (65)14.76(41)7.71(65)05/01/2007 Russell Midcap Value Index 3.19 (62)0.37(44)18.02(53)3.68(45)8.95 (77)6.72 (59)12.34 (62)14.56(44)6.91(89) Difference -1.31 -5.71 -3.08 -6.14 -0.60 -0.04 -0.25 0.20 0.80 IM U.S. Mid Cap Value Equity (SA+CF) Median 3.38 -0.89 18.17 2.14 10.45 6.94 12.82 14.32 8.11 TimesSquare (80 bps)14,072,313 1.9 8.59 (17)7.79(37)26.91(54)15.30(42)16.75 (49)11.23 (56)15.24 (36)N/A 15.00(55)09/01/2009 Russell Midcap Growth Index 5.40 (70)5.92(53)26.08(58)13.94(55)16.49 (54)11.10 (58)14.76 (46)16.02(51)15.07(54) Difference 3.19 1.87 0.83 1.36 0.26 0.13 0.48 N/A -0.07 IM U.S. Mid Cap Growth Equity (SA+CF) Median 6.39 5.95 27.14 14.28 16.57 11.31 14.55 16.07 15.24 Great Lakes SmidCap 14,719,327 2.0 N/A N/A N/A N/A N/A N/A N/A N/A -2.33(77)05/01/2019 Russell 2500 Index 2.96 (39)-2.80(24)19.25(22)1.77(17)12.34 (21)7.66 (18)12.51 (15)14.44(9)-0.52(24) Difference N/A N/A N/A N/A N/A N/A N/A N/A -1.81 IM U.S. SMID Cap Core Equity (MF) Median 2.62 -5.36 16.85 -2.86 10.10 5.97 11.01 12.85 -1.39 Reinhart Partners 15,149,183 2.0 N/A N/A N/A N/A N/A N/A N/A N/A 2.82(1)05/01/2019 Russell 2500 Index 2.96 (39)-2.80(24)19.25(22)1.77(17)12.34 (21)7.66 (18)12.51 (15)14.44(9)-0.52(24) Difference N/A N/A N/A N/A N/A N/A N/A N/A 3.34 IM U.S. SMID Cap Core Equity (MF) Median 2.62 -5.36 16.85 -2.86 10.10 5.97 11.01 12.85 -1.39 Page 22 Asset Allocation & Performance Total Fund Composite (Gross) As of June 30, 2019 Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Small Cap Equity Composite 49,011,778 6.5 4.17 (31)-3.36(37)19.29(37)1.82(33)12.78 (45)7.73 (52)11.45 (78)13.31(85)10.03(60)07/01/2008 IM U.S. Small Cap Equity (SA+CF) Median 2.99 -5.24 17.36 -1.94 12.40 7.82 12.81 14.71 10.48 Lee Munder (70 bps)25,191,156 3.4 2.46 (47)-5.54(43)16.50(43)-3.84(46)8.72 (65)6.89 (34)11.28 (66)13.20(73)9.01(39)09/01/2005 Russell 2000 Value Index 1.38 (73)-7.72(66)13.47(78)-6.24(63)9.81 (52)5.39 (67)10.31 (84)12.40(87)6.62(91) Difference 1.08 2.18 3.03 2.40 -1.09 1.50 0.97 0.80 2.39 IM U.S. Small Cap Value Equity (SA+CF) Median 2.32 -6.18 15.80 -4.33 9.91 6.24 11.84 14.13 8.51 Loomis Small Cap (90 bps)23,820,622 3.2 6.04 (34)-0.93(42)22.38(51)7.52(39)19.73 (38)12.25 (31)N/A N/A 15.63(34)09/01/2012 Russell 2000 Growth Index 2.75 (81)-5.70(74)20.36(62)-0.49(77)14.69 (70)8.63 (78)12.87 (81)14.41(83)12.91(79) Difference 3.29 4.77 2.02 8.01 5.04 3.62 N/A N/A 2.72 IM U.S. Small Cap Growth Equity (SA+CF) Median 4.57 -2.07 22.55 5.23 18.12 10.65 14.84 15.98 14.58 Total International Equity 106,501,431 14.2 2.68 (49)0.87(49)15.94(29)-0.12(56)9.51 (53)3.65 (49)7.79 (54)8.30(52)3.90(58)07/01/2008 Total International Equity Index 3.22 (40)0.99(48)14.00(47)1.80(39)9.91 (48)2.65 (66)6.78 (69)6.68(85)2.54(85) Difference -0.54 -0.12 1.94 -1.92 -0.40 1.00 1.01 1.62 1.36 IM International Equity (SA+CF) Median 2.59 0.79 13.59 0.59 9.75 3.58 7.98 8.38 4.19 Lazard (75 bps)38,473,964 5.1 3.40 (37)2.80(33)14.42(43)3.50(24)9.48 (54)4.02 (42)8.87 (33)9.54(28)5.74(41)09/01/2006 MSCI AC World ex USA 3.22 (40)0.99(48)14.00(47)1.80(39)9.91 (48)2.65 (66)6.85 (69)7.03(78)3.78(79) Difference 0.18 1.81 0.42 1.70 -0.43 1.37 2.02 2.51 1.96 IM International Equity (SA+CF) Median 2.59 0.79 13.59 0.59 9.75 3.58 7.98 8.38 5.18 Pictet (65 bps)48,554,976 6.5 2.54 (79)-2.86(83)17.18(21)-4.24(95)9.10 (50)3.12 (54)7.75 (69)7.75(74)1.45(89)01/01/2008 MSCI EAFE Index 3.97 (32)0.18(44)14.49(58)1.60(39)9.65 (39)2.74 (61)7.81 (68)7.40(81)2.03(77) Difference -1.43 -3.04 2.69 -5.84 -0.55 0.38 -0.06 0.35 -0.58 IM International Large Cap Core Equity (SA+CF) Median 3.59 -0.38 14.74 0.86 9.09 3.18 8.09 8.29 2.57 Berkeley Street (95 bps)19,472,491 2.6 1.65 (48)7.18(25)15.91(19)3.77(33)11.66 (32)4.55 (24)N/A N/A 4.98(44)11/01/2012 MSCI Emerging Markets Index 0.74 (75)2.58(66)10.78(62)1.61(52)11.06 (42)2.87 (59)4.53 (76)6.17(85)3.67(77) Difference 0.91 4.60 5.13 2.16 0.60 1.68 N/A N/A 1.31 IM Emerging Markets Equity (SA+CF) Median 1.50 4.21 12.13 1.82 10.55 3.26 5.61 7.42 4.71 Total Long/Short Equity Composite 44,307,310 5.9 2.03 (47)-0.81(48)7.85(51)-0.07(64)6.07 (46)3.03 (59)4.62 (70)N/A 4.11(79)10/01/2010 IM Long/Short Equity (MF) Median 1.87 -1.08 7.94 1.91 5.77 3.40 5.77 6.78 6.34 ABS Global (100 bps)44,307,310 5.9 2.03 (47)-0.81(48)7.85(51)-0.07(64)6.07 (46)3.16 (56)6.17 (44)N/A 4.99(68)10/01/2010 HFRI FOF: Strategic Index 1.29 (62)0.63(33)7.58(53)0.00(64)5.00 (60)2.25 (68)4.08 (78)3.50(88)2.97(88) Difference 0.74 -1.44 0.27 -0.07 1.07 0.91 2.09 N/A 2.02 IM Long/Short Equity (MF) Median 1.87 -1.08 7.94 1.91 5.77 3.40 5.77 6.78 6.34 Page 23 Asset Allocation & Performance Total Fund Composite (Gross) As of June 30, 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 219,404,190 29.3 3.06 (73)7.47(90)6.50(45)7.78(84)N/A N/A N/A N/A 2.90(27)08/01/2016 IM U.S. Broad Market Core Fixed Income (SA+CF) Median 3.14 7.92 6.43 8.10 2.80 3.28 3.09 4.60 2.62 CS McKee (35 bps)136,516,563 18.2 3.04 (76)7.78(72)6.37(57)7.91(74)2.66 (59)3.33 (45)2.94 (66)N/A 3.88(66)02/01/2010 Blmbg. Barc. U.S. Aggregate Index 3.08 (70)7.85(65)6.11(79)7.87(79)2.31 (89)2.95 (90)2.62 (93)3.90(93)3.55(94) Difference -0.04 -0.07 0.26 0.04 0.35 0.38 0.32 N/A 0.33 IM U.S. Broad Market Core Fixed Income (SA+CF) Median 3.14 7.92 6.43 8.10 2.80 3.28 3.09 4.60 4.08 Loomis Fixed Income (30 bps)82,887,627 11.1 3.09 (65)6.94(96)6.73(28)7.55(92)4.09 (4)3.33 (45)4.20 (4)N/A 5.63(3)04/01/2010 Blmbg. Barc. U.S. Aggregate Index 3.08 (70)7.85(65)6.11(79)7.87(79)2.31 (89)2.95 (90)2.62 (93)3.90(93)3.59(93) Difference 0.01 -0.91 0.62 -0.32 1.78 0.38 1.58 N/A 2.04 IM U.S. Broad Market Core Fixed Income (SA+CF) Median 3.14 7.92 6.43 8.10 2.80 3.28 3.09 4.60 4.09 Total Global Fixed 37,166,498 5.0 1.30 (92)4.83(67)3.36(93)6.20(54)N/A N/A N/A N/A 4.87(36)08/01/2016 IM Global Fixed Income (SA+CF) Median 3.10 6.11 6.84 6.38 4.06 2.86 3.75 4.91 3.73 Franklin Templeton (60 bps)37,166,498 5.0 1.30 (92)4.83(67)3.36(93)6.20(54)4.51 (45)1.39 (79)2.98 (61)N/A 3.11(73)04/01/2010 JPM Global Government Bond Index 3.49 (33)7.49(25)5.37(82)5.66(59)0.90 (95)1.17 (87)1.01 (91)2.48(96)2.38(92) Difference -2.19 -2.66 -2.01 0.54 3.61 0.22 1.97 N/A 0.73 IM Global Fixed Income (SA+CF) Median 3.10 6.11 6.84 6.38 4.06 2.86 3.75 4.91 4.14 Total Real Estate 72,518,864 9.7 2.06 (4)6.10(16)3.87(31)8.50(18)N/A N/A N/A N/A 9.59(N/A)09/01/2016 IM U.S. Open End Private Real Estate (SA+CF) Median 1.46 5.12 3.45 7.59 8.26 10.41 11.13 10.59 N/A Morgan Stanley (84 bps)44,209,752 5.9 2.11 (4)6.03(16)3.71(35)8.38(21)9.27 (27)11.48 (30)12.35 (35)11.35(32)6.59(12)01/01/2008 NCREIF Fund Index-ODCE (VW)1.00 (90)4.23(92)2.43(86)6.41(92)7.57 (79)9.76 (67)10.52 (73)9.88(73)5.31(70) Difference 1.11 1.80 1.28 1.97 1.70 1.72 1.83 1.47 1.28 IM U.S. Open End Private Real Estate (SA+CF) Median 1.46 5.12 3.45 7.59 8.26 10.41 11.13 10.59 5.56 Prudential PRISA II (85 bps)19,025,075 2.5 1.47 (42)4.99(62)3.48(40)7.39(64)8.67 (40)11.11 (35)11.91 (38)N/A 12.29(37)10/01/2011 NCREIF Property Index 1.51 (34)4.76(78)3.34(61)6.51(92)6.89 (83)8.83 (93)9.44 (93)9.25(83)9.63(94) Difference -0.04 0.23 0.14 0.88 1.78 2.28 2.47 N/A 2.66 IM U.S. Open End Private Real Estate (SA+CF) Median 1.46 5.12 3.45 7.59 8.26 10.41 11.13 10.59 11.39 JPM Euro Property 117,592 0.0 -1.92 (99)-22.05(100)-21.90(100)-18.48(100)0.17 (100)1.68 (100)1.42 (100)-1.48(100)-1.22(100)04/01/2009 NCREIF Property Index 1.51 (34)4.76(79)3.34(61)6.51(92)6.89 (83)8.83 (93)9.43 (93)9.25(83)8.45(76) Difference -3.43 -26.81 -25.24 -24.99 -6.72 -7.15 -8.01 -10.73 -9.67 IM U.S. Open End Private Real Estate (SA+CF) Median 1.46 5.12 3.45 7.59 8.26 10.41 11.13 10.59 9.35 Total Cash Composite 2,934,129 0.4 Cash and Equivalents Account (No fee)-367,378 0.0 Private Markets Cash 3,301,507 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 -0.25 6.13 3.22 7.64 4.24 N/A N/A N/A 7.72 08/27/2014 Alidade Capital Fund IV 1.93 3.99 3.72 5.49 N/A N/A N/A N/A 4.26 04/20/2017 Walton Street Real Estate 2.88 7.53 4.51 10.09 N/A N/A N/A N/A 13.05 05/24/2017 AEW Real Estate 4.99 21.41 10.42 24.79 N/A N/A N/A N/A 10.03 09/28/2017 Churchill Senior Loan Fund 1.75 5.33 3.77 7.36 N/A N/A N/A N/A 7.73 12/07/2017 Comparative Performance - IRR Alternative Investments As of June 30, 2019 Page 25 Page Intentionally Left Blank Page 26 Plan Sponsor Peer Group Analysis - All Public Plans-Total Fund Comparative Performance 0.00 2.00 4.00 6.00 8.00 10.00 12.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Total Fund Composite 3.10 (64)3.42 (51)5.89 (65)6.71 (71)8.73 (57)6.86 (46)6.34 (35)˜ Total Fund Policy Index 3.32 (42)4.08 (27)6.90 (32)7.22 (53)8.41 (67)6.94 (41)6.28 (37)˜ Median 3.24 3.42 6.36 7.30 8.90 6.76 5.99 -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 (68)8.21 (32)1.40 (12)6.38 (57)˜ Total Fund Policy Index -3.67 (41)13.76 (73)8.17 (34)0.67 (29)7.26 (36)˜ Median -4.15 15.22 7.47 -0.16 6.62 1 Qtr Ending Mar-2019 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 Total Fund Composite 8.09 (60)-7.20 (43)2.39 (63)1.07 (49)0.11 (28)3.13 (77) Total Fund Policy Index 8.26 (55)-6.94 (37)2.70 (45)1.24 (42)-0.44 (59)3.36 (65) All Public Plans-Total Fund Median 8.43 -7.55 2.58 1.03 -0.32 3.62 As of June 30, 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 Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Total Fund Composite 20 4 (20%)12 (60%)4 (20%)0 (0%)˜ Total Fund Policy Index 20 6 (30%)10 (50%)4 (20%)0 (0%)˜ 8.20 8.40 8.60 8.80 9.00 Return (%)6.00 6.15 6.30 6.45 6.60 6.75 6.90 7.05 Risk (Standard Deviation %) Return Standard Deviation Total Fund Composite 8.73 6.16˜ Total Fund Policy Index 8.41 6.38˜ Median 8.90 6.92¾ 5.80 6.00 6.20 6.40 Return (%)6.0 6.2 6.4 6.6 6.8 7.0 7.2 Risk (Standard Deviation %) Return Standard Deviation Total Fund Composite 6.34 6.37˜ Total Fund Policy Index 6.28 6.49˜ Median 5.99 7.07¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Total Fund Composite 1.00 97.97 89.03 0.68 0.29 1.17 0.95 3.97 Total Fund Policy Index 0.00 100.00 100.00 0.00 N/A 1.09 1.00 4.07 90 Day U.S. Treasury Bill 6.39 7.70 -6.47 1.38 -1.09 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 0.92 97.60 94.24 0.22 0.05 0.87 0.97 3.96 Total Fund Policy Index 0.00 100.00 100.00 0.00 N/A 0.84 1.00 4.00 90 Day U.S. Treasury Bill 6.47 5.30 -3.57 0.83 -0.84 N/A 0.00 0.01 As of June 30, 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 4.31 (47)2.53 (37)10.45 (32)12.41 (37)14.25 (33)11.62 (26)10.77 (36)˜ S&P 500 Index 4.30 (49)2.51 (38)10.42 (34)12.38 (39)14.19 (40)11.55 (29)10.71 (39)˜ Median 4.23 1.95 8.90 11.63 13.70 10.73 10.34 -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 (32)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 -5.17 21.83 10.52 1.43 13.42 1 Qtr Ending Mar-2019 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 SSgA S&P 500 13.64 (39)-13.51 (44)7.73 (32)3.42 (35)-0.74 (62)6.65 (51) S&P 500 Index 13.65 (39)-13.52 (45)7.71 (34)3.43 (33)-0.76 (64)6.64 (51) IM U.S. Large Cap Core Equity (SA+CF) Median 13.23 -13.82 7.15 2.90 -0.44 6.65 Performance Review As of June 30, 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 Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 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%)˜ 13.60 13.80 14.00 14.20 14.40 Return (%)12.16 12.20 12.24 12.28 12.32 12.36 12.40 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 14.25 12.20˜ S&P 500 Index 14.19 12.21˜ Median 13.70 12.37¾ 10.20 10.40 10.60 10.80 11.00 Return (%)10.68 10.74 10.80 10.86 10.92 10.98 11.04 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 10.77 10.73˜ S&P 500 Index 10.71 10.74˜ Median 10.34 10.99¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk SSgA S&P 500 0.03 100.18 99.94 0.05 1.70 1.06 1.00 8.00 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 1.06 1.00 8.00 90 Day U.S. Treasury Bill 12.04 4.48 -2.76 1.38 -1.06 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 0.05 100.23 99.94 0.05 1.26 0.85 1.00 7.49 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.85 1.00 7.49 90 Day U.S. Treasury Bill 11.93 3.03 -1.67 0.84 -0.85 N/A 0.00 0.01 Performance Review As of June 30, 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 3.89 (61)2.64 (35)8.21 (58)N/A N/A N/A N/A˜ S&P 500 Equal Weighted 3.72 (66)2.62 (35)8.18 (58)10.06 (73)12.41 (72)9.91 (66)9.14 (76)˜ Median 4.23 1.95 8.90 11.63 13.70 10.73 10.34 -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 -5.17 21.83 10.52 1.43 13.42 1 Qtr Ending Mar-2019 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 SSgA S&P 500 Equal Weighted Index 15.00 (11)-14.10 (57)5.43 (83)2.88 (52)N/A N/A S&P 500 Equal Weighted 14.91 (13)-13.90 (54)5.42 (83)2.80 (55)-1.01 (69)6.22 (66) IM U.S. Large Cap Core Equity (SA+CF) Median 13.23 -13.82 7.15 2.90 -0.44 6.65 Performance Review As of June 30, 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 4.50 (40)3.48 (26)10.93 (26)13.31 (22)15.54 (18)12.60 (12)11.68 (16)˜ S&P 500 Index 4.30 (49)2.51 (38)10.42 (34)12.38 (39)14.19 (40)11.55 (29)10.71 (39)˜ Median 4.23 1.95 8.90 11.63 13.70 10.73 10.34 -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 -5.17 21.83 10.52 1.43 13.42 1 Qtr Ending Mar-2019 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 T. Rowe Price 14.59 (18)-13.58 (46)7.19 (50)3.71 (23)-0.03 (35)6.60 (54) S&P 500 Index 13.65 (39)-13.52 (45)7.71 (34)3.43 (33)-0.76 (64)6.64 (51) IM U.S. Large Cap Core Equity (SA+CF) Median 13.23 -13.82 7.15 2.90 -0.44 6.65 Performance Review As of June 30, 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 Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count T. Rowe Price 20 10 (50%)9 (45%)1 (5%)0 (0%)˜ S&P 500 Index 20 0 (0%)14 (70%)6 (30%)0 (0%)˜ 13.42 14.03 14.64 15.25 15.86 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 15.54 12.44˜ S&P 500 Index 14.19 12.21˜ Median 13.70 12.37¾ 9.90 10.35 10.80 11.25 11.70 12.15 Return (%)10.64 10.71 10.78 10.85 10.92 10.99 11.06 Risk (Standard Deviation %) Return Standard Deviation T. Rowe Price 11.68 11.00˜ S&P 500 Index 10.71 10.74˜ Median 10.34 10.99¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk T. Rowe Price 1.07 103.88 97.37 1.15 1.12 1.15 1.00 7.94 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 1.06 1.00 8.00 90 Day U.S. Treasury Bill 12.04 4.48 -2.76 1.38 -1.06 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 1.05 103.55 98.85 0.77 0.86 0.91 1.01 7.52 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.85 1.00 7.49 90 Day U.S. Treasury Bill 11.93 3.03 -1.67 0.84 -0.85 N/A 0.00 0.01 Performance Review As of June 30, 2019 T. Rowe Price NONE Page 34 Peer Group Analysis - IM U.S. Mid Cap Value 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 Wedge Capital 1.88 (80)-5.34 (81)-2.46 (77)2.74 (89)8.35 (85)5.66 (81)6.68 (61)˜ Russell Midcap Value 3.19 (62)0.37 (44)3.68 (45)5.62 (59)8.95 (77)7.49 (57)6.72 (59)˜ Median 3.38 -0.89 2.14 6.04 10.45 7.72 6.94 -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 (76)19.55 (16)15.12 (79)-5.78 (76)18.52 (2)˜ Russell Midcap Value -12.29 (46)13.34 (74)20.00 (44)-4.78 (61)14.75 (18)˜ Median -12.58 15.64 18.22 -3.21 11.86 1 Qtr Ending Mar-2019 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 Wedge Capital 12.82 (76)-17.64 (76)3.04 (66)2.98 (34)-3.32 (90)5.50 (51) Russell Midcap Value Index 14.37 (44)-14.95 (34)3.30 (58)2.41 (45)-2.50 (82)5.50 (50) IM U.S. Mid Cap Value Equity (SA+CF) Median 13.98 -16.36 3.53 2.31 -1.60 5.50 Performance Review As of June 30, 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 Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Wedge Capital 20 5 (25%)6 (30%)7 (35%)2 (10%)˜ Russell Midcap Value 20 0 (0%)6 (30%)13 (65%)1 (5%)˜ 7.59 8.28 8.97 9.66 10.35 11.04 Return (%)12.69 12.96 13.23 13.50 13.77 14.04 14.31 14.58 Risk (Standard Deviation %) Return Standard Deviation Wedge Capital 8.35 13.30˜ Russell Midcap Value 8.95 13.00˜ Median 10.45 14.16¾ 6.57 6.66 6.75 6.84 6.93 7.02 Return (%)12.22 12.48 12.74 13.00 13.26 13.52 13.78 14.04 Risk (Standard Deviation %) Return Standard Deviation Wedge Capital 6.68 13.49˜ Russell Midcap Value 6.72 12.64˜ Median 6.94 13.76¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Wedge Capital 2.85 97.44 99.65 -0.49 -0.18 0.57 1.00 9.73 Russell Midcap Value Index 0.00 100.00 100.00 0.00 N/A 0.62 1.00 8.91 90 Day U.S. Treasury Bill 13.02 4.80 -2.89 1.38 -0.62 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Wedge Capital 3.39 102.71 103.61 -0.17 0.02 0.49 1.03 9.44 Russell Midcap Value Index 0.00 100.00 100.00 0.00 N/A 0.51 1.00 8.30 90 Day U.S. Treasury Bill 12.63 3.14 -1.68 0.85 -0.51 N/A 0.00 0.01 Performance Review As of June 30, 2019 Wedge Capital NONE Page 36 Peer Group Analysis - IM U.S. Mid Cap Growth Equity (SA+CF) Comparative Performance -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR TimesSquare 8.59 (17)7.79 (37)15.30 (42)16.59 (45)16.75 (49)11.99 (45)11.23 (56)˜ Russell Midcap Growth 5.40 (70)5.92 (53)13.94 (55)16.21 (50)16.49 (54)11.52 (49)11.10 (58)˜ Median 6.39 5.95 14.28 16.08 16.57 11.37 11.31 -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 (46)23.71 (62)8.62 (24)1.57 (43)6.52 (71)˜ Russell Midcap Growth -4.75 (53)25.27 (53)7.33 (36)-0.20 (59)11.90 (23)˜ Median -4.30 25.42 5.64 1.04 8.69 1 Qtr Ending Mar-2019 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 TimesSquare 16.88 (77)-15.06 (22)6.97 (63)3.22 (62)2.81 (56)6.15 (49) Russell Midcap Growth Index 19.62 (43)-15.99 (34)7.57 (49)3.16 (63)2.17 (66)6.81 (36) IM U.S. Mid Cap Growth Equity (SA+CF) Median 19.06 -16.68 7.48 3.86 2.98 6.00 Performance Review As of June 30, 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 Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count TimesSquare 20 1 (5%)14 (70%)5 (25%)0 (0%)˜ Russell Midcap Growth 20 0 (0%)14 (70%)6 (30%)0 (0%)˜ 16.40 16.50 16.60 16.70 16.80 Return (%)12.00 12.40 12.80 13.20 13.60 14.00 14.40 14.80 Risk (Standard Deviation %) Return Standard Deviation TimesSquare 16.75 12.67˜ Russell Midcap Growth 16.49 14.19˜ Median 16.57 14.38¾ 11.04 11.12 11.20 11.28 11.36 Return (%)12.16 12.48 12.80 13.12 13.44 13.76 14.08 14.40 Risk (Standard Deviation %) Return Standard Deviation TimesSquare 11.23 12.58˜ Russell Midcap Growth 11.10 13.75˜ Median 11.31 13.97¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk TimesSquare 3.05 91.68 79.43 2.07 0.01 1.19 0.88 7.67 Russell Midcap Growth Index 0.00 100.00 100.00 0.00 N/A 1.06 1.00 8.96 90 Day U.S. Treasury Bill 14.19 3.51 -3.46 1.37 -1.06 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk TimesSquare 2.90 91.58 84.29 1.15 -0.02 0.85 0.90 7.58 Russell Midcap Growth Index 0.00 100.00 100.00 0.00 N/A 0.78 1.00 8.67 90 Day U.S. Treasury Bill 13.72 2.43 -2.03 0.83 -0.78 N/A 0.00 0.01 Performance Review As of June 30, 2019 TimesSquare NONE Page 38 Peer Group Analysis - IM U.S. Small 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 Lee Munder (LMCG)2.46 (47)-5.54 (43)-3.84 (46)2.97 (62)8.72 (65)7.22 (40)6.89 (34)˜ Russell 2000 Value 1.38 (73)-7.72 (66)-6.24 (63)2.98 (62)9.81 (52)6.57 (50)5.39 (67)˜ Median 2.32 -6.18 -4.33 3.98 9.91 6.57 6.24 -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 (53)8.71 (68)27.80 (39)0.41 (12)5.23 (55)˜ Russell 2000 Value -12.86 (36)7.84 (75)31.74 (16)-7.47 (78)4.22 (66)˜ Median -14.28 11.56 26.14 -4.29 5.71 1 Qtr Ending Mar-2019 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 Lee Munder (LMCG)13.69 (37)-18.92 (47)1.80 (48)7.53 (21)-3.80 (87)3.16 (68) Russell 2000 Value Index 11.93 (70)-18.67 (43)1.60 (51)8.30 (16)-2.64 (67)2.05 (81) IM U.S. Small Cap Value Equity (SA+CF) Median 12.82 -19.14 1.62 5.59 -1.79 3.70 Performance Review As of June 30, 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 Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Lee Munder (LMCG)20 3 (15%)9 (45%)5 (25%)3 (15%)˜ Russell 2000 Value 20 0 (0%)5 (25%)9 (45%)6 (30%)˜ 8.19 8.58 8.97 9.36 9.75 10.14 Return (%)16.60 16.80 17.00 17.20 17.40 Risk (Standard Deviation %) Return Standard Deviation Lee Munder (LMCG)8.72 16.69˜ Russell 2000 Value 9.81 17.08˜ Median 9.91 17.18¾ 4.77 5.30 5.83 6.36 6.89 7.42 Return (%)15.30 15.48 15.66 15.84 16.02 16.20 16.38 16.56 Risk (Standard Deviation %) Return Standard Deviation Lee Munder (LMCG)6.89 15.54˜ Russell 2000 Value 5.39 16.28˜ Median 6.24 16.19¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Lee Munder (LMCG)2.89 91.92 92.98 -0.66 -0.37 0.50 0.96 11.02 Russell 2000 Value Index 0.00 100.00 100.00 0.00 N/A 0.55 1.00 10.97 90 Day U.S. Treasury Bill 17.12 3.23 -2.73 1.40 -0.55 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 95.29 86.63 1.73 0.43 0.45 0.94 10.17 Russell 2000 Value Index 0.00 100.00 100.00 0.00 N/A 0.35 1.00 10.79 90 Day U.S. Treasury Bill 16.28 2.21 -1.54 0.85 -0.35 N/A 0.00 0.01 Performance Review As of June 30, 2019 Lee Munder (LMCG) NONE Page 40 Peer Group Analysis - IM U.S. Small Cap Growth Equity (SA+CF) Comparative Performance -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 6.04 (34)-0.93 (42)7.52 (39)17.35 (38)19.73 (38)11.54 (40)12.25 (31)˜ Russell 2000 Growth 2.75 (81)-5.70 (74)-0.49 (77)10.12 (75)14.69 (70)7.72 (76)8.63 (78)˜ Median 4.57 -2.07 5.23 14.25 18.12 10.66 10.65 -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 (23)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 4.32 1 Qtr Ending Mar-2019 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 Loomis Small Cap 15.40 (69)-19.05 (22)8.54 (35)9.39 (40)4.92 (23)4.72 (55) Russell 2000 Growth Index 17.14 (53)-21.65 (66)5.52 (73)7.23 (73)2.30 (60)4.59 (59) IM U.S. Small Cap Growth Equity (SA+CF) Median 17.43 -20.69 7.71 8.78 2.97 4.86 Performance Review As of June 30, 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 Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Loomis Small Cap 16 0 (0%)12 (75%)4 (25%)0 (0%)˜ Russell 2000 Growth 20 0 (0%)4 (20%)15 (75%)1 (5%)˜ 12.00 14.00 16.00 18.00 20.00 22.00 Return (%)15.60 15.90 16.20 16.50 16.80 17.10 17.40 17.70 Risk (Standard Deviation %) Return Standard Deviation Loomis Small Cap 19.73 15.99˜ Russell 2000 Growth 14.69 17.20˜ Median 18.12 17.23¾ 8.00 10.00 12.00 14.00 Return (%)16.06 16.28 16.50 16.72 16.94 17.16 17.38 17.60 Risk (Standard Deviation %) Return Standard Deviation Loomis Small Cap 12.25 16.29˜ Russell 2000 Growth 8.63 17.23˜ Median 10.65 16.87¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Small Cap 3.77 102.74 78.19 5.69 1.10 1.13 0.91 10.12 Russell 2000 Growth Index 0.00 100.00 100.00 0.00 N/A 0.81 1.00 11.64 90 Day U.S. Treasury Bill 17.22 3.14 -2.67 1.39 -0.81 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 4.09 102.25 86.57 4.00 0.77 0.74 0.92 10.69 Russell 2000 Growth Index 0.00 100.00 100.00 0.00 N/A 0.52 1.00 12.03 90 Day U.S. Treasury Bill 17.23 2.04 -1.45 0.85 -0.52 N/A 0.00 0.01 Performance Review As of June 30, 2019 Loomis Small Cap NONE Page 42 Peer Group Analysis - IM International 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 Lazard 3.40 (37)2.80 (33)3.50 (24)7.06 (21)9.48 (54)5.10 (48)4.02 (42)˜ MSCI AC World ex USA (Net)2.98 (44)0.58 (52)1.29 (44)4.24 (49)9.39 (56)4.11 (66)2.16 (77)˜ Median 2.59 0.79 0.57 4.14 9.75 4.93 3.56 -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 (75)-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 -14.88 30.54 3.88 -1.70 -2.53 1 Qtr Ending Mar-2019 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 Lazard 10.66 (49)-10.16 (37)0.68 (40)-3.47 (60)1.92 (22)6.61 (32) MSCI AC World ex USA (Net)10.31 (55)-11.46 (47)0.71 (39)-2.61 (50)-1.18 (72)5.00 (60) IM International Equity (SA+CF) Median 10.53 -11.81 0.10 -2.67 -0.09 5.52 Performance Review As of June 30, 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 Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Lazard 20 2 (10%)8 (40%)10 (50%)0 (0%)˜ MSCI AC World ex USA (Net)20 0 (0%)0 (0%)14 (70%)6 (30%)˜ 9.20 9.40 9.60 9.80 10.00 Return (%)10.40 10.80 11.20 11.60 12.00 12.40 12.80 Risk (Standard Deviation %) Return Standard Deviation Lazard 9.48 10.68˜ MSCI AC World ex USA (Net)9.39 11.24˜ Median 9.75 12.46¾ 1.32 1.98 2.64 3.30 3.96 4.62 Return (%)11.02 11.40 11.78 12.16 12.54 12.92 13.30 13.68 Risk (Standard Deviation %) Return Standard Deviation Lazard 4.02 11.33˜ MSCI AC World ex USA (Net)2.16 12.44˜ Median 3.56 13.05¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Lazard 2.83 94.88 90.40 0.80 0.01 0.78 0.92 6.79 MSCI AC World ex USA (Net)0.00 100.00 100.00 0.00 N/A 0.73 1.00 7.34 90 Day U.S. Treasury Bill 11.29 4.31 -3.91 1.40 -0.73 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 93.45 81.65 2.03 0.54 0.33 0.88 7.43 MSCI AC World ex USA (Net)0.00 100.00 100.00 0.00 N/A 0.17 1.00 8.41 90 Day U.S. Treasury Bill 12.43 2.99 -1.84 0.85 -0.17 N/A 0.00 0.01 Performance Review As of June 30, 2019 Lazard NONE Page 44 Peer Group Analysis - IM International Large Cap Core Equity (SA+CF) Comparative Performance -10.00 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Pictet 2.54 (79)-2.86 (83)-4.24 (95)1.36 (84)9.10 (50)5.05 (32)3.12 (54)˜ MSCI EAFE Index 3.97 (32)0.18 (44)1.60 (39)4.45 (44)9.65 (39)4.45 (53)2.74 (61)˜ Median 3.59 -0.38 0.86 4.17 9.09 4.49 3.18 -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 (23)6.24 (9)-11.26 (100)˜ MSCI EAFE Index -13.36 (36)25.62 (62)1.51 (51)-0.39 (56)-4.48 (58)˜ Median -14.64 26.48 1.52 0.25 -3.70 1 Qtr Ending Mar-2019 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 Pictet 14.28 (7)-17.10 (97)-1.42 (97)0.35 (10)-1.78 (79)4.20 (55) MSCI EAFE Index 10.13 (71)-12.50 (31)1.42 (37)-0.97 (33)-1.41 (69)4.27 (50) IM International Large Cap Core Equity (SA+CF) Median 10.85 -13.17 1.01 -1.81 -0.87 4.25 Performance Review As of June 30, 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 Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Pictet 20 6 (30%)4 (20%)6 (30%)4 (20%)˜ MSCI EAFE Index 20 0 (0%)3 (15%)17 (85%)0 (0%)˜ 9.00 9.20 9.40 9.60 9.80 Return (%)10.32 10.75 11.18 11.61 12.04 12.47 12.90 13.33 Risk (Standard Deviation %) Return Standard Deviation Pictet 9.10 12.74˜ MSCI EAFE Index 9.65 10.92˜ Median 9.09 11.59¾ 2.60 2.80 3.00 3.20 3.40 Return (%)12.00 12.24 12.48 12.72 12.96 13.20 13.44 Risk (Standard Deviation %) Return Standard Deviation Pictet 3.12 13.26˜ MSCI EAFE Index 2.74 12.19˜ Median 3.18 12.26¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Pictet 3.68 110.24 121.95 -1.49 -0.08 0.64 1.12 8.52 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.77 1.00 7.05 90 Day U.S. Treasury Bill 10.96 3.75 -5.22 1.41 -0.77 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Pictet 3.59 106.79 105.03 0.34 0.14 0.23 1.05 8.79 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.21 1.00 8.27 90 Day U.S. Treasury Bill 12.18 2.55 -2.39 0.85 -0.21 N/A 0.00 0.01 Performance Review As of June 30, 2019 Pictet NONE Page 46 Peer Group Analysis - IM Emerging Markets Equity (SA+CF) Comparative Performance -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 Berkeley Street 1.65 (48)7.18 (25)3.77 (33)6.34 (27)11.66 (32)7.43 (17)4.55 (24)˜ MSCI Emerging Markets 0.74 (75)2.58 (66)1.61 (52)5.04 (40)11.06 (42)4.87 (54)2.87 (59)˜ Median 1.50 4.21 1.82 4.37 10.55 5.20 3.26 -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 (42)11.60 (39)-14.60 (67)-1.82 (70)˜ Median -15.23 36.81 10.27 -12.61 -0.10 1 Qtr Ending Mar-2019 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 Berkeley Street 14.02 (13)-7.53 (57)-3.19 (61)-6.08 (15)1.86 (49)4.24 (92) MSCI Emerging Markets Index 9.97 (54)-7.40 (53)-0.95 (34)-7.86 (42)1.47 (57)7.50 (34) IM Emerging Markets Equity (SA+CF) Median 10.12 -7.26 -2.31 -8.27 1.77 6.90 Performance Review As of June 30, 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 Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Berkeley Street 15 4 (27%)9 (60%)2 (13%)0 (0%)˜ MSCI Emerging Markets 20 0 (0%)4 (20%)13 (65%)3 (15%)˜ 10.36 10.73 11.10 11.47 11.84 Return (%)13.40 13.60 13.80 14.00 14.20 14.40 Risk (Standard Deviation %) Return Standard Deviation Berkeley Street 11.66 14.14˜ MSCI Emerging Markets 11.06 13.67˜ Median 10.55 13.60¾ 2.36 2.95 3.54 4.13 4.72 5.31 Return (%)14.80 15.00 15.20 15.40 15.60 15.80 Risk (Standard Deviation %) Return Standard Deviation Berkeley Street 4.55 15.51˜ MSCI Emerging Markets 2.87 15.65˜ Median 3.26 14.98¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Berkeley Street 6.06 92.51 81.84 1.34 0.10 0.76 0.94 8.83 MSCI Emerging Markets Index 0.00 100.00 100.00 0.00 N/A 0.74 1.00 8.51 90 Day U.S. Treasury Bill 13.71 3.15 -4.15 1.41 -0.74 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Berkeley Street 5.22 95.86 86.72 1.89 0.31 0.31 0.94 10.02 MSCI Emerging Markets Index 0.00 100.00 100.00 0.00 N/A 0.20 1.00 10.30 90 Day U.S. Treasury Bill 15.63 2.12 -1.80 0.85 -0.20 N/A 0.00 0.01 Performance Review As of June 30, 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 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR ABS Global 2.03 (47)-0.81 (48)-0.07 (64)3.15 (56)6.07 (46)2.34 (74)3.16 (56)˜ HFRI FOF: Strategic Index 1.29 (62)0.63 (33)0.00 (64)2.84 (59)5.00 (60)1.67 (81)2.25 (68)˜ Median 1.87 -1.08 1.91 3.93 5.77 3.78 3.40 -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 Mar-2019 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 ABS Global 5.70 (56)-8.03 (42)0.75 (83)0.34 (60)0.57 (25)2.03 (67) HFRI FOF: Strategic Index 6.21 (52)-6.47 (28)-0.62 (90)0.00 (66)0.41 (28)2.49 (58) IM Long/Short Equity (MF) Median 6.37 -9.13 2.96 0.95 -0.77 2.91 Performance Review As of June 30, 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 Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 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%)16 (80%)4 (20%)˜ 4.68 5.04 5.40 5.76 6.12 6.48 Return (%)3.84 4.48 5.12 5.76 6.40 7.04 7.68 8.32 8.96 Risk (Standard Deviation %) Return Standard Deviation ABS Global 6.07 6.10˜ HFRI FOF: Strategic Index 5.00 4.81˜ Median 5.77 8.21¾ 1.90 2.28 2.66 3.04 3.42 3.80 Return (%)4.56 5.13 5.70 6.27 6.84 7.41 7.98 8.55 9.12 Risk (Standard Deviation %) Return Standard Deviation ABS Global 3.16 6.27˜ HFRI FOF: Strategic Index 2.25 5.11˜ Median 3.40 8.13¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk ABS Global 2.36 121.63 121.48 0.18 0.46 0.77 1.18 4.08 HFRI FOF: Strategic Index 0.00 100.00 100.00 0.00 N/A 0.75 1.00 3.17 90 Day U.S. Treasury Bill 4.86 9.83 -10.58 1.41 -0.75 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk ABS Global 2.84 117.63 108.14 0.72 0.34 0.39 1.10 4.51 HFRI FOF: Strategic Index 0.00 100.00 100.00 0.00 N/A 0.30 1.00 3.76 90 Day U.S. Treasury Bill 5.10 6.96 -5.15 0.85 -0.30 N/A 0.00 0.01 Performance Review As of June 30, 2019 ABS Global NONE Page 50 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF) Comparative Performance 0.00 2.00 4.00 6.00 8.00 10.00 12.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR CS McKee 3.04 (76)7.78 (72)7.91 (74)3.96 (51)2.66 (59)3.54 (56)3.33 (45)˜ Bl. Barclays U.S. Aggregate 3.08 (70)7.85 (65)7.87 (79)3.65 (86)2.31 (89)3.22 (90)2.95 (90)˜ Median 3.14 7.92 8.10 3.97 2.80 3.62 3.28 -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 (64)˜ 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 3.12 0.82 6.17 1 Qtr Ending Mar-2019 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 CS McKee 3.23 (49)1.33 (58)0.12 (62)-0.01 (28)-1.33 (43)0.64 (20) Blmbg. Barc. U.S. Aggregate Index 2.94 (83)1.64 (23)0.02 (84)-0.16 (73)-1.46 (68)0.39 (80) IM U.S. Broad Market Core Fixed Income (SA+CF) Median 3.21 1.40 0.18 -0.09 -1.37 0.51 Performance Review As of June 30, 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 Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 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%)˜ 2.20 2.40 2.60 2.80 3.00 Return (%)2.70 2.75 2.80 2.85 2.90 2.95 3.00 3.05 Risk (Standard Deviation %) Return Standard Deviation CS McKee 2.66 2.78˜ Bl. Barclays U.S. Aggregate 2.31 2.99˜ Median 2.80 2.94¾ 2.80 3.00 3.20 3.40 Return (%)2.60 2.65 2.70 2.75 2.80 2.85 2.90 2.95 3.00 Risk (Standard Deviation %) Return Standard Deviation CS McKee 3.33 2.68˜ Bl. Barclays U.S. Aggregate 2.95 2.91˜ Median 3.28 2.88¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk CS McKee 0.35 99.39 87.24 0.51 0.95 0.49 0.92 1.64 Blmbg. Barc. U.S. Aggregate Index 0.00 100.00 100.00 0.00 N/A 0.34 1.00 1.85 90 Day U.S. Treasury Bill 2.89 17.50 -16.03 1.29 -0.34 N/A 0.03 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk CS McKee 0.41 99.19 84.02 0.62 0.90 0.94 0.91 1.42 Blmbg. Barc. U.S. Aggregate Index 0.00 100.00 100.00 0.00 N/A 0.73 1.00 1.63 90 Day U.S. Treasury Bill 2.87 10.30 -10.95 0.79 -0.73 N/A 0.02 0.01 Performance Review As of June 30, 2019 CS McKee Composite Return Data NONE Page 52 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF) Comparative Performance 0.00 2.00 4.00 6.00 8.00 10.00 12.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Loomis Fixed Income 3.09 (65)6.94 (96)7.55 (92)4.37 (17)4.09 (4)4.19 (8)3.33 (45)˜ Bl. Barclays U.S. Aggregate 3.08 (70)7.85 (65)7.87 (79)3.65 (86)2.31 (89)3.22 (90)2.95 (90)˜ Median 3.14 7.92 8.10 3.97 2.80 3.62 3.28 -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 3.12 0.82 6.17 1 Qtr Ending Mar-2019 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 Loomis Fixed Income 3.53 (15)0.19 (97)0.57 (7)-0.26 (89)-0.65 (8)0.78 (10) Blmbg. Barc. U.S. Aggregate Index 2.94 (83)1.64 (23)0.02 (84)-0.16 (73)-1.46 (68)0.39 (80) IM U.S. Broad Market Core Fixed Income (SA+CF) Median 3.21 1.40 0.18 -0.09 -1.37 0.51 Performance Review As of June 30, 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 Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 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%)˜ 1.77 2.36 2.95 3.54 4.13 4.72 Return (%)2.70 2.75 2.80 2.85 2.90 2.95 3.00 3.05 Risk (Standard Deviation %) Return Standard Deviation Loomis Fixed Income 4.09 2.77˜ Bl. Barclays U.S. Aggregate 2.31 2.99˜ Median 2.80 2.94¾ 2.80 3.00 3.20 3.40 Return (%)2.79 2.88 2.97 3.06 3.15 3.24 3.33 3.42 Risk (Standard Deviation %) Return Standard Deviation Loomis Fixed Income 3.33 3.30˜ Bl. Barclays U.S. Aggregate 2.95 2.91˜ Median 3.28 2.88¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Fixed Income 1.38 105.91 50.33 2.15 1.24 0.99 0.82 1.64 Blmbg. Barc. U.S. Aggregate Index 0.00 100.00 100.00 0.00 N/A 0.34 1.00 1.85 90 Day U.S. Treasury Bill 2.89 17.50 -16.03 1.29 -0.34 N/A 0.03 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Fixed Income 2.25 97.48 79.77 0.84 0.17 0.76 0.85 1.83 Blmbg. Barc. U.S. Aggregate Index 0.00 100.00 100.00 0.00 N/A 0.73 1.00 1.63 90 Day U.S. Treasury Bill 2.87 10.30 -10.95 0.79 -0.73 N/A 0.02 0.01 Performance Review As of June 30, 2019 Loomis Fixed Income NONE Page 54 Peer Group Analysis - IM Global Fixed Income (SA+CF) Comparative Performance -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Franklin Templeton 1.30 (92)4.83 (67)6.20 (54)2.21 (89)4.51 (45)2.18 (89)1.39 (79)˜ JPM Global Government Bond 3.49 (33)7.49 (25)5.66 (59)3.67 (63)0.90 (95)3.46 (72)1.17 (87)˜ Median 3.10 6.11 6.38 4.11 4.06 4.12 2.86 -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 (7)2.22 (96)6.19 (47)-4.75 (80)1.83 (59)˜ JPM Global Government Bond -0.65 (30)6.83 (59)1.57 (89)-2.61 (54)0.67 (76)˜ Median -1.82 7.59 5.80 -2.32 2.73 1 Qtr Ending Mar-2019 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 Franklin Templeton 2.04 (89)1.42 (10)1.31 (34)-2.54 (68)1.58 (25)-1.42 (99) JPM Global Government Bond Index 1.82 (92)2.01 (4)-1.70 (96)-3.04 (76)2.18 (15)0.99 (43) IM Global Fixed Income (SA+CF) Median 3.83 -1.07 0.56 -0.87 0.24 0.89 Performance Review As of June 30, 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 Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Franklin Templeton 20 0 (0%)6 (30%)7 (35%)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 (%)4.14 4.37 4.60 4.83 5.06 5.29 5.52 5.75 Risk (Standard Deviation %) Return Standard Deviation Franklin Templeton 4.51 5.54˜ JPM Global Government Bond 0.90 5.02˜ Median 4.06 4.33¾ 0.60 1.20 1.80 2.40 3.00 3.60 Return (%)4.40 4.62 4.84 5.06 5.28 5.50 5.72 5.94 6.16 Risk (Standard Deviation %) Return Standard Deviation Franklin Templeton 1.39 5.87˜ JPM Global Government Bond 1.17 5.11˜ Median 2.86 4.72¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Franklin Templeton 8.56 8.44 -62.53 5.04 0.41 0.58 -0.35 3.15 JPM Global Government Bond Index 0.00 100.00 100.00 0.00 N/A -0.07 1.00 3.76 90 Day U.S. Treasury Bill 4.94 9.83 -10.10 1.35 0.07 N/A 0.02 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Franklin Templeton 8.50 -13.22 -40.66 1.86 0.03 0.12 -0.22 3.86 JPM Global Government Bond Index 0.00 100.00 100.00 0.00 N/A 0.09 1.00 3.59 90 Day U.S. Treasury Bill 5.05 6.17 -6.02 0.84 -0.09 N/A 0.01 0.01 Performance Review As of June 30, 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 2.11 (4)6.03 (16)8.38 (21)8.90 (34)9.27 (27)10.08 (35)11.48 (30)˜ NCREIF Fund Index-ODCE 1.00 (90)4.23 (92)6.41 (92)7.42 (77)7.57 (79)8.62 (74)9.76 (67)˜ Median 1.46 5.12 7.59 8.15 8.26 9.34 10.41 -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 (40)9.86 (13)9.98 (47)15.93 (37)15.49 (26)˜ NCREIF Fund Index-ODCE 8.35 (52)7.62 (63)8.77 (81)15.02 (52)12.50 (76)˜ Median 8.42 8.08 9.63 15.23 13.59 1 Qtr Ending Mar-2019 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 Morgan Stanley 1.57 (82)2.23 (14)2.22 (46)2.06 (67)2.25 (45)2.32 (44) NCREIF Fund Index-ODCE (VW)1.42 (84)1.76 (51)2.09 (54)2.05 (67)2.20 (52)2.07 (68) IM U.S. Open End Private Real Estate (SA+CF) Median 1.99 1.76 2.10 2.22 2.21 2.25 Performance Review As of June 30, 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 Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 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%)19 (95%)1 (5%)˜ 7.08 7.67 8.26 8.85 9.44 10.03 Return (%)0.40 0.50 0.60 0.70 0.80 0.90 1.00 1.10 Risk (Standard Deviation %) Return Standard Deviation Morgan Stanley 9.27 0.52˜ NCREIF Fund Index-ODCE 7.57 0.67˜ Median 8.26 1.02¾ 8.85 9.44 10.03 10.62 11.21 11.80 Return (%)1.54 1.61 1.68 1.75 1.82 1.89 1.96 Risk (Standard Deviation %) Return Standard Deviation Morgan Stanley 11.48 1.68˜ NCREIF Fund Index-ODCE 9.76 1.56˜ Median 10.41 1.89¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Morgan Stanley 0.64 121.70 N/A 6.57 2.51 9.07 0.35 0.00 NCREIF Fund Index-ODCE (VW)0.00 100.00 N/A 0.00 N/A 6.38 1.00 0.00 90 Day U.S. Treasury Bill 0.94 18.50 N/A 3.77 -6.38 N/A -0.32 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Morgan Stanley 0.75 116.99 N/A 1.94 2.12 5.07 0.97 0.00 NCREIF Fund Index-ODCE (VW)0.00 100.00 N/A 0.00 N/A 4.51 1.00 0.00 90 Day U.S. Treasury Bill 1.90 9.01 N/A 2.83 -4.51 N/A -0.21 0.00 Performance Review As of June 30, 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 1.47 (42)4.99 (62)7.39 (64)8.69 (41)8.67 (40)10.26 (33)11.11 (35)˜ NCREIF Property Index 1.51 (34)4.76 (79)6.51 (92)6.85 (90)6.89 (83)7.81 (91)8.83 (93)˜ Median 1.46 5.12 7.59 8.15 8.26 9.34 10.41 -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 (29)8.05 (54)10.37 (40)17.35 (28)14.21 (30)˜ NCREIF Property Index 6.72 (85)6.96 (82)7.97 (88)13.33 (75)11.82 (82)˜ Median 8.42 8.08 9.63 15.23 13.59 1 Qtr Ending Mar-2019 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 Prudential PRISA II 1.98 (54)1.45 (73)2.29 (43)2.25 (48)3.12 (8)2.53 (24) NCREIF Property Index 1.80 (73)1.37 (76)1.67 (80)1.81 (87)1.70 (87)1.80 (81) IM U.S. Open End Private Real Estate (SA+CF) Median 1.99 1.76 2.10 2.22 2.21 2.25 Performance Review As of June 30, 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 Rank9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Prudential PRISA II 20 3 (15%)17 (85%)0 (0%)0 (0%)˜ NCREIF Property Index 20 0 (0%)0 (0%)0 (0%)20 (100%)˜ 6.30 6.93 7.56 8.19 8.82 9.45 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 8.67 1.08˜ NCREIF Property Index 6.89 0.26˜ Median 8.26 1.02¾ 7.90 8.69 9.48 10.27 11.06 11.85 Return (%)1.00 1.20 1.40 1.60 1.80 2.00 Risk (Standard Deviation %) Return Standard Deviation Prudential PRISA II 11.11 1.87˜ NCREIF Property Index 8.83 1.29˜ Median 10.41 1.89¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Prudential PRISA II 0.93 125.22 N/A -9.06 1.81 5.72 2.65 0.00 NCREIF Property Index 0.00 100.00 N/A 0.00 N/A 9.94 1.00 0.00 90 Day U.S. Treasury Bill 0.54 20.29 N/A 4.65 -9.94 N/A -0.48 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Prudential PRISA II 1.06 124.92 N/A 0.34 2.01 4.52 1.21 0.00 NCREIF Property Index 0.00 100.00 N/A 0.00 N/A 4.74 1.00 0.00 90 Day U.S. Treasury Bill 1.63 9.93 N/A 2.86 -4.74 N/A -0.23 0.00 Performance Review As of June 30, 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 23.00 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 Blmbg. Barc. U.S. Corp High Yield 2.00 NCREIF Fund Index-ODCE (VW)10.00 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 June 30, 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 June 30, 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 CHICAGO | CLEVELAND | DALLAS | DETROIT | ORLANDO | PITTSBURGH | RENO