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June 30, 2018

Public Employees RetirementSystem of MississippiDefined Benefit PlanBoard Report

Investment Measurement Service

Quarterly Review

Information contained herein includes confidential, trade secret and proprietary information. Neither this Report nor any specific information contained herein is

to be used other than by the intended recipient for its intended purpose or disseminated to any other person without Callan’s permission. Certain information

herein has been compiled by Callan and is based on information provided by a variety of sources believed to be reliable for which Callan has not necessarily

verified the accuracy or completeness of or updated. This content may consist of statements of opinion, which are made as of the date they are expressed and

are not statements of fact. This content is for informational purposes only and should not be construed as legal or tax advice on any matter. Any decision you

make on the basis of this content is your sole responsibility. You should consult with legal and tax advisers before applying any of this information to your

particular situation. Past performance is no guarantee of future results. For further information, please see Appendix for Important Information and Disclosures.

Table of ContentsJune 30, 2018

Capital Market Review 1

Asset Allocation and Performance

Foreword 18

Actual vs. Target Asset Allocation 19

Asset Allocation Across Investment Managers 20

Investment Manager Returns - Quarter, 1, 3, 5 & 10 Years 23

Investment Manager Returns - Fiscal 27

Investment Manager Returns - 1/4 Years 31

Total Fund Attribution 35

Actual vs. Target Historical Asset Allocation 39

Asset Class Ranking 40

Total Fund vs. Very Lrg PF >10B 41

Domestic Equity

Domestic Equity 46

Eagle Capital 48

Wedgewood Partners 51

Northern Trust Russell 1000 Value 54

Northern Trust S&P 500 55

Boston Company 57

Wellington Mid Cap 60

Artisan Partners 63

Dimensional Fund Advisors 66

Wellington Small Cap 69

Riverbridge Partners 72

Global Equity

Global Equity 76

Acadian Global Equity 78

Epoch Investments 81

Harding-Loevner 83

Longview 85


International Equity

International Equity 87

Northern Trust EAFE 89

Mondrian 90

Fidelity 92

Arrowstreet Capital 94

Baillie Gifford 96

Marathon Asset Mgmt 98

Lazard Emerging Markets 99

Fisher Emerging Mkts 102

Total Fixed Income

Total Fixed Income 104

Domestic Fixed Income

Domestic Fixed Income 107

PIMCO 109

Manulife Asset Management 112

Northern Trust Aggregate Bond Fund 113

Loomis Sayles 114

Prudential Core Plus 117

Wellington EMD 119

Global Fixed Income

Global Fixed Income 123

PIMCO Global 125

AllianceBernstein Global 127

REITs

REIT Composite 130

Private Real Estate

Core Real Estate 133

Core Plus Real Estate 135

Non-Core Real Estate 137

Timber 139

Private Equity

Total Private Equity 142


Appendix

Gross of Fee Returns

Fiscal Years 145

Long-Term Returns 153

Calendar Years 156

Net of Fee Returns

Fiscal Years 172

Long-Term Returns 185

Calendar Years 188

Custom Benchmark Definitions 196

Index and Peer Group Definitions 198

Research and Education 206

Disclosures 209

Ca

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Capital Market Review

Languid Summer for

Private Markets

PRIVATE EQUITY

With the public market

zig-zagging sideways,

private equity activity

slowed modestly. Fundraising

picked up in the quarter but is

slightly behind last year’s irst half. Company investments and exits

trended down, with the venture-

backed IPO market a bright spot.

Trade Spat Rains on

Risk Parade

HEDGE FUNDS/MACs

Event-driven hedge

funds were the quarter’s steadier contributors.

Emerging market-focused hedge funds fell but avoided the big losses of underlying indices. Rising rates should be a tailwind for managers. Callan’s MAC Style Groups strug-

gled and trailed a 60/40 benchmark.

DC Plans Struggle in

Turbulent Market

DEFINED CONTRIBUTION

The Callan DC Index™

fell 0.2% in the irst quar-ter, although it performed

better than the Age 45 Target Date

Fund, which dropped 0.5%. DC plan balances grew slightly (+0.1%) in the quarter. The DC Index’s

equity allocation fell for the irst time in seven quarters.

Show Me the Money:

Income Helps Returns

REAL ESTATE

U.S. core real estate

returns are shift-ing toward income,

rather than appreciation. Spreads

between core and value-add strate-

gies remain tight. Industrial was the

best-performing sector in the quar-ter. Overseas markets are attracting

interest.

Tough Quarter but

Brighter in Long Term

FUND SPONSOR

The median fund sponsor in Callan’s database rose

0.9% in the quarter, while a 60% equity/40% ixed income benchmark increased 2%. Over a 15-year time period all plans, by

type and size, grew roughly in line

with the benchmark.

Knowledge. Experience. Integrity.

Second Quarter 2018

Is This It for the

Economic Recovery?

ECONOMY

GDP growth hit 4.1% in the second quarter,

the strongest rate since

2014. Many other economic indica-

tors corroborate a story of a thriving U.S. economy. But are imbalances

arising that mean we are reaching

the peak in the current cycle?

2P A G E

12P A G E

Another Gap Between

U.S. and Overseas

EQUITY

U.S. stocks rose on

strong earnings and

robust economic growth.

Small cap stocks outperformed large caps, which were held down

by trade worries. Trade woes also

hit non-U.S. stocks, with most major

indices in the red. Emerging market

stocks were hit particularly hard.

4P A G E

Trade Turbulence

Troubles Bonds

FIXED INCOME

U.S. rates rose in the

quarter, and the yield

curve continued to lat-ten. The Bloomberg Barclays US

Aggregate Bond Index fell 0.2%, while high yield rebounded. Most

non-U.S. indices fell in the quarter; emerging market bonds were the

biggest losers.

8P A G E

6P A G E

13P A G E

15P A G E

10P A G E

CALLAN

INSTITUTE Capital Market Review

Broad Market Quarterly Returns

-2.6% -0.2%+3.9% -4.8%

U.S. EquityRussell 3000

U.S. Fixed IncomeBloomberg Barclays Agg

Non-U.S. EquityMSCI ACWI ex USA

Non-U.S. Fixed IncomeBloomberg Barclays Gbl ex US

Sources: Bloomberg Barclays, MSCI, FTSE Russell

2

Is This It?

ECONOMY | Jay Kloepfer

02 0398 99 00 01 04 05 06 07 08 09 10 11 12 13 14 15 16 17

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

18

Quarterly Real GDP Growth (20 Years)

-15%

-10%

-5%

0%

5%

10%

15%

20%

PPI (All Commodities)CPI (All Urban Consumers)

02 0398 99 00 01 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

Inlation Year-Over-Year

Source: Bureau of Labor Statistics

Source: Bureau of Economic Analysis

Real GDP growth in the U.S. hit 4.1% in the second quarter of 2018, the strongest quarterly gain since 2014. Many indi-cators corroborate the story of a thriving American economy: low unemployment, robust consumer spending, elevated busi-

ness and consumer conidence, and growth in non-residential investment. However, a big contributor to growth was a surge in

exports, likely due to stockpiling ahead of tariffs imposed at the end of the quarter, which may not be sustained for long. Global growth is de-synchronizing, with signs of deceleration emerging in Europe, Japan, and China. Oil prices have rebounded from the lows of 2014, and inlationary pressures such as wages are gradually building. The Fed raised interest rates for the second time this year in June, and it is telegraphing two more hikes

before the end of 2018 and perhaps three in 2019. While the tax cuts at the end of 2017 (a form of stimulative spending by the federal government) are buoying consumer spending, we may be reaching a peak in the current cycle.

Expansions do not die of “old age”; elapsed time is not an eco-

nomic variable. In addition, the current expansion has seen one

of the slowest rates of GDP growth, an average of just 2.2%, compared to a typical expansion average of 3% or greater. That said, the current expansion is one of the longest on record, and it is the imbalances that can develop during long expansions

that ultimately lead to a correction. Diverging global growth, and

the resetting of monetary policy in the U.S. to return to “nor-mal” ahead of plans by other countries’ central banks, means higher interest rates in the economy with the strongest growth

and upward pressure on the U.S. dollar. A more expensive dol-

lar will make U.S. exports more costly, at a time of increased trade uncertainty following the imposition of tariffs. Higher inter-est rates mean higher borrowing costs, after a decade of cheap debt for those who could get it. The tight labor market poses another source of imbalance, with unemployment dipping to a generational low of 3.8% in May, employers facing challenges hiring talent, and wage pressures gradually building.

The second quarter was clearly another high point for the U.S. economy in the long rebound since 2009. U.S. exports surged 9.3% in the quarter, accounting for a fourth of total GDP growth. With growth weakening in American trading partners, the

increase in exports to them does not likely represent a surge in

demand but a shift in timing, which will show up in subsequent

3Knowledge. Experience. Integrity.

U.S. ECONOMY (Continued)

The Long-Term View

2018

2nd Qtr

Periods ended Dec. 31, 2017

Index Year 5 Yrs 10 Yrs 25 Yrs

U.S. Equity

Russell 3000 3.89 21.13 15.58 8.60 9.72

S&P 500 3.43 21.83 15.79 8.50 9.69

Russell 2000 7.75 14.65 14.12 8.71 9.54

Non-U.S. Equity

MSCI ACWI ex USA -2.61 27.19 6.80 1.84 –

MSCI Emerging Markets -7.96 37.28 4.35 1.68 –

MSCI ACWI ex USA Small Cap -2.60 31.65 10.03 4.69 –

Fixed Income

Bloomberg Barclays Agg -0.16 3.54 2.10 4.01 5.48

90-Day T-Bill 0.45 0.86 0.27 0.39 2.60

Bloomberg Barclays Long G/C -1.45 10.71 4.43 7.26 7.67

Bloomberg Barclays Gl Agg ex US -4.76 10.51 -0.20 2.40 5.02

Real Estate

NCREIF Property 1.76 6.96 10.19 6.08 9.12

FTSE NAREIT Equity 10.04 5.23 9.46 7.44 10.76

Alternatives

CS Hedge Fund 0.10 7.12 4.23 3.24 –

Cambridge PE* 3.03 19.33 13.86 9.09 15.62

Bloomberg Commodity 0.40 1.70 -8.45 -6.83 2.47

Gold Spot Price -5.48 13.68 -4.82 4.56 5.63

Inlation – CPI-U 0.98 2.11 1.43 1.61 2.23

*Data for most recent period lags by a quarter

Sources: Bloomberg Barclays, Bloomberg, Credit Suisse, FTSE, MSCI, NCREIF,

FTSE Russell, Standard & Poor’s, Thomson Reuters/Cambridge, Bureau of Economic

Analysis

Recent Quarterly Economic Indicators

2Q18 1Q18 4Q17 3Q17 2Q17 1Q17 4Q16 3Q16

Employment Cost–Total Compensation Growth 2.8% 2.7% 2.6% 2.5% 2.4% 2.4% 2.2% 2.3%

Nonfarm Business–Productivity Growth 3.6% 0.4% 0.3% 2.6% 1.7% 0.2% 1.1% 2.4%

GDP Growth 4.1% 2.2% 2.3% 2.8% 3.0% 1.8% 1.8% 1.9%

Manufacturing Capacity Utilization 75.4% 75.3% 75.2% 74.4% 74.9% 74.6% 74.4% 74.3%

Consumer Sentiment Index (1966=100) 98.3 98.9 98.4 95.1 96.4 97.2 93.2 90.3

Sources: Bureau of Economic Analysis, Bureau of Labor Statistics, Federal Reserve, IHS Economics, Reuters/University of Michigan

quarters. The tax cut represents a potentially large iscal stimu-

lus, and consumers have certainly responded, driving con-

sumption spending 4% during the quarter and accounting for two-thirds of GDP growth. Business investment of the tax cut is mixed; equipment spending grew more slowly in the irst half of the year compared to 2017, while investment in structures surged at an annual rate of more than 13% in each of the irst two quarters. One surprise in the quarter was a drop in inventory

investment, which actually subtracted 1 percentage point from GDP. The upshot is that GDP growth could have been as high

as 5%, and the economy now has greater capacity to rebuild inventory, suggesting a boost to future growth.

Another surprise in the GDP report was a drop in residential

investment. The housing market has been a bit of a riddle as this long recovery has unfolded. The inventory of existing sin-

gle-family homes reached its lowest reading on record for the month of May (1.65 million). Inventory levels keep dropping, reaching a supply of 4.1 months in June while a 6-month sup-

ply is considered normal. Yet home prices are high and rising everywhere. The FHA reported that home price indices rose

year-over-year in the irst quarter in all 50 states and in each of the 100 largest metro areas. The number of homes worth less than their mortgage has dropped by 80% since 2011, which should lead to an increase in potential inventory. Three factors have weighed on the inventory of homes for sale. A substan-

tial number of single-family homes were converted to rental units starting in 2006. Second, Americans don’t move as much; mobility in 2017 dropped to a post-World War II low. Third, starts have been hindered for 10 years on the supply side, with high

timber and construction costs, a shortage of building sites, and restricted access to credit. Demand may be there, but builders

have been unable to put up enough homes.

4

Tough Quarter, but Long-Term Results Are Brighter

FUND SPONSOR

– The median fund sponsor in Callan’s database gained 0.9% in the second quarter.

– By fund type, Taft-Hartley plans (+1.4%) were the top per-formers; corporate plans (+0.6%) came in last.

– The dispersion of returns for funds by size was quite nar-row; small plans (under $100 million) rose 0.94% while large plans (more than $1 billion) were up 0.89% and medium plans grew by 0.87%.

– All fund types and sizes lagged a benchmark consisting of 60% S&P 500/40% Bloomberg Barclays US Aggregate

Bond Index, which rose 2%. – Over the last year plans also trailed the benchmark, which

was up 8.3%. Endowments/foundations came close, while corporate plans (+6.7%) underperformed.

– Over longer time periods, plans advanced at rates closer

to that benchmark. The 60/40 benchmark rose 7.3% annu-

ally over the last 15 years. Endowments/foundations did best over that time period, up 7.6%, while Taft-Hartley plans were the laggards at 7.1%. Large plans (+7.7%) topped the benchmark, while medium and small plans reported returns

slightly below it.

-1%

0%

1%

2%

3%

Public Corporate Endow/Fndn Taft-Hartley Database Database Database Database

10th Percentile 1.60 1.41 1.74 2.22

25th Percentile 1.34 1.00 1.36 1.71

Median 0.95 0.63 0.94 1.35

75th Percentile 0.64 0.03 0.49 0.80

90th Percentile 0.13 -0.64 -0.10 0.22

Callan Fund Sponsor Returns for the Quarter

Source: Callan

U.S. Fixed

Non-U.S. Fixed

Real Estate

Hedge Funds

Other Alternatives

Cash

Balanced

U.S. Equity

Non-U.S. Equity

Global Equity

1.7%

Public

0.95%*

33.9%

18.5%

26.6%

2.7%

7.0%

1.0%

2.3%

5.5%

1.1%

Endowment/

Foundation

0.94%*

35.1%

20.0%

19.1%

2.0%

0.3%

6.2%

2.3%

10.0%

2.1%

Taft-Hartley

1.35%*

1.5%

Corporate

0.63%*

1.6%

2.2% 0.5%

37.2%

27.8%

12.3%

0.5%

3.5%

10.8%

3.6%

15.0%

1.7%

26.7%

40.0%

2.8%

0.7%

3.8%

4.4%

2.8%

3.0%

Callan Fund Sponsor Average Asset Allocation

*Latest median quarter return

Note: charts may not sum to 100% due to rounding

Source: Callan

– Plans continue to focus on managing an environment of ris-

ing interest rates, continued low return expectations, and the

desire for strong risk controls in anticipation of a late cycle market downturn.

– Some fund sponsors are looking for downside protection while others are seeking higher yield in less-eficient markets in order to reach return targets.


FUND SPONSOR (Continued)

0%

20%

40%

60%

80%

100%

08 09 10 11 12 13

U.S. Fixed

Non-U.S. Fixed

Real Estate

Hedge Funds

Other Alternatives

Cash

Balanced

U.S. Equity

Non-U.S. Equity

Global Equity

14 15 16 17 18

Callan Public Fund Database Average Asset Allocation (10 Years)

Source: Callan. Callan’s database includes the following groups: public deined beneit, corporate deined beneit, endowments/foundations, and Taft-Hartley plans.

Approximately 10% to 15% of the database constituents are Callan’s clients. All database group returns presented gross of fees. Past performance is no guarantee of future

results. Reference to or inclusion in this report of any product, service, or entity should not be construed as a recommendation, approval, ailiation, or endorsement of such

product, service, or entity by Callan.

– Still others want strong, transparent risk controls and lower

performance volatility while examining lower fee structures. – The debate continues about whether active or passive man-

agement provides investors with the right balance between

higher performance and lower costs. – Passive investing is primarily visible in equity asset classes,

including both large cap U.S. equity and non-U.S. equity.

– Some fund sponsors are considering new or additional investments in private assets including real estate, private

equity, and private credit.

– Topics that concern plan sponsors are rising interest rates

and the uncertain outcomes of tariffs with global trade partners. Despite these concerns, some plans will seek

enhanced returns at the expense of increased risk. – Corporate deined beneit (DB) plans are embracing de-risk-

ing (increasing ixed income and extending duration). They

are moving along their de-risking glidepath and working at

different stages of the process. Implementation of de-risking plans depends largely on interest rate movements this year.

– Return enhancement continues to be the focus of public plans and endowment and foundation funds. As endowments and foundations seek higher returns, asset classes such as global equity, non-U.S. equity, and real estate beneit. Risk and funded status for public plans are ongoing concerns.

– Deined contribution (DC) plans are evaluating different lev-

els of service offered by recordkeepers and shifting away from off-the-shelf target date funds (TDFs). Examination of managed account offerings on a standalone basis in order to improve participant outcomes and experiences is ongoing

and will continue into the future. – TDFs’ share of DC assets grew to 31.3% in the irst quar-

ter, marking another high for the category, according to the Callan DC Index™.

6

U.S. Equities

U.S. equities (S&P 500 Index: +3.4%) rose on a strong earn-

ings season and positive economic data. Energy was the best-

performing sector (+13.5%) as oil prices trended higher after the U.S. withdrew from the Iran nuclear accord.

Small cap (+7.8%) outperformed large cap (+3.6%) on trade war fears. Large cap companies derive a big portion of rev-

enues from foreign markets and are more negatively impacted by trade wars than domestically focused small cap irms.

Growth (+5.8%) continued to outperform value (+1.2%) due to the Consumer Discretionary (+8.2%) and Tech (+7.1%) sectors.

The concentration of returns within broad indices remains a concern. Excluding the performance of the FAANG stocks (Facebook, Amazon, Apple, Netlix, Google), S&P 500 perfor-mance was negative.

Large Cap Trails Small Cap Amid Trade War Concerns

– Retaliatory tariffs hit the U.S. agriculture, auto, and indus-

trial metals sectors, among others. The ongoing decline

of U.S. export market share is exacerbating the impact on large caps, which may continue to face macro headwinds in the coming quarters.

Global Equity

– Small cap (+7.7% YTD) is outperforming large cap (+2.9% YTD) as investors view small companies as more insulated against potential trade wars/looming tariffs. S&P 500 com-

panies generate 38% of revenue overseas versus 20% for the S&P SmallCap 600.

– The rising dollar and concerns over the divergence between

the strong U.S. economy and slower global growth are also

driving investors to the relative safety of smaller companies.

Large Growth Continues to Dominate

– Large value trailed large growth by nearly 900 bps in the irst half of 2018 (-1.7% vs. +7.3%), driven by ongoing outper-formance of the Tech sector and tech-exposed Consumer Discretionary companies.

Concentration Risk

– FAANG stocks continue to drive an outsized proportion of returns within equity indices.

– Biotech represents half of the Health Care sector’s weight of the Russell 2000 Growth Index (12% vs. 25%), and many small growth managers have struggled in selecting

biotech names given the binary outcomes of research and depth of resources needed to do it well.

Amazon Effect Continues

Amazon (+17%) increased in size by over 69% since last year’s Russell reconstitution, with continued market share expansion

Russell 1000 Russell 2000

Consumer

Staples

Producer

Durables

Financial

Services

Materials &

Processing

UtilitiesHealth CareTechnologyConsumer

Discretionary

Energy

13.9%

20.4%

7.2%

14.2%

10.1%

3.8%

9.8%

2.1%

8.5%

1.8%

6.8%

0.4%

6.6%

-1.9%

3.9%

-2.1%

2.7%

6.4%

Quarterly Performance of Select Sectors

Source: FTSE Russell


in the retailing space (including food) and now into Health Care.Active large cap managers with underweight positions to

Amazon will likely continue to lag their benchmarks given

Amazon’s looming presence in large cap indices.

Non-U.S. / Global Equity

Non-U.S. markets ended in the red as trade war talk moved into

action. Although initial tariffs levied by the U.S. were targeted, retaliatory actions and supply chain disruptions broadened their

effects. – Growth outpaced value—although no factor category

showed signiicant strength. – Cyclical sectors were hurt later in the quarter as the prospect

of slower growth led to reduced expectations. – The U.S. dollar was up, hurting non-U.S. returns. The euro

and British pound were hit especially hard with the rise of populism and Brexit turmoil.

– Frontier markets were singed by Argentina (-42%) on con-

tinuing political unrest, severe drought, and a devaluing

currency.

– Emerging markets were among the hardest hit, with Latin

America taking the brunt of the sell-off. In May, Brazil’s cen-

tral bank unexpectedly left rates unchanged, while a trucking strike and growing concern about October elections weighed

on markets. The Brazilian real fell 14% in the quarter versus the U.S. dollar.

– China reversed a ive-quarter rally on concerns surrounding growing debt burdens, slower growth, and trade uncertainty.

Russell 2000

Russell 2500

Russell Midcap

S&P 500

Russell 1000 Value

Russell 1000 Growth

Russell 1000

Russell 3000

6.8%

12.3%

14.5%

14.8%

14.4%

16.2%

22.5%

17.6%

Russell 2000

Russell 2500

Russell Midcap

S&P 500

Russell 1000 Value

Russell 1000 Growth

Russell 1000

Russell 3000

1.2%

2.8%

3.6%

3.9%

3.4%

5.7%

5.8%

7.8%

U.S. Equity: Quarterly Returns

U.S. Equity: One-Year Returns

Sources: FTSE Russell and Standard & Poor’s

Sources: FTSE Russell and Standard & Poor’s

GLOBAL EQUITY (Continued)

21.2%

7.3%

10.6%

11.9%

7.0%

10.7%

10.0%

3.5%

10.5%

8.2%

1.7%

8.7%

11.1%

5.6%

MSCI Pacific ex Japan

MSCI ACWI ex USA Small Cap

MSCI ACWI

MSCI ACWI ex USA

MSCI World ex USA Small Cap

MSCI World ex USA

MSCI World

MSCI Europe ex UK

MSCI UK

MSCI Japan

MSCI Emerging Markets

MSCI China

MSCI Frontier Markets

MSCI Emerging Market Small Cap

MSCI Pacific ex Japan

-3.5%

-2.6%

-2.6%

-0.9%

-0.7%

0.5%

2.9%

-2.9%

-2.8%

-8.0%

-15.2%

1.8%

MSCI ACWI ex USA Small Cap

MSCI ACWI

MSCI ACWI ex USA

MSCI World ex USA Small Cap

MSCI World ex USA

MSCI World

MSCI Europe ex UK

MSCI UK

MSCI Japan

MSCI Emerging Markets

MSCI China

MSCI Frontier Markets

1.7%

MSCI Emerging Market Small Cap-8.6%

Non-U.S. Equity: Quarterly Returns (U.S. Dollar) Non-U.S. Equity: One-Year Returns (U.S. Dollar)

Source: MSCI Source: MSCI

8

Global Fixed Income

U.S. Fixed Income

Fixed income markets grappled with multiple issues, resulting

in continued volatility. Trade conlicts due to the imposition of tariffs, emerging market elections, and the rising U.S. dollar con-

tributed to the unstable environment.

U.S. rates rose in the second quarter and the yield curve contin-

ued its lattening trend.

Treasury Spreads Tightened

– The spread between the 2-year and 10-year ended at its lowest level (33 bps) in more than 10 years.

– The Bloomberg Barclays US Aggregate Bond Index fell 0.2%.

– Investment-grade (IG) corporates faced increased head-

winds during the quarter, dragging returns lower. Concerns

over potential trade wars and rising rates increasingly

weighed on IG credit despite rising earnings and revenues.

– High yield corporates (Bloomberg Barclays High Yield

Index: +1.0%) rebounded in the second quarter, pushing year-to-date returns into positive territory.

– CCC-rated credits continued to outperform higher-rated credits within high yield.

– Earnings growth remains strong and defaults remain benign amid the positive economic outlook.

Yield Curve Nears Inversion

– The Fed’s preferred measure of inlation, personal consump-

tion expenditures (PCE), is on the precipice of its 2% target.

U.S. Treasury Yield Curves

0%

1%

2%

3%

4%

Maturity (Years)

June 30, 2018 March 31, 2018 June 30, 2017

302520151050

Source: Bloomberg

U.S. Fixed Income: Quarterly Returns U.S. Fixed Income: One-Year Returns

Bloomberg Barclays US TIPS

-1.4%

0.8%

0.0%

0.3%

-0.3%

1.0%

0.8%

-0.2%

Bloomberg Barclays Gov/Credit 1-3 Yr

Bloomberg Barclays Interm Gov/Credit

Bloomberg Barclays Aggregate

Bloomberg Barclays Long Gov/Credit

Bloomberg Barclays Universal

CS Leveraged Loans

Bloomberg Barclays Corp. High Yield

-0.8%

4.7%

-0.6%

0.2%

-0.3%

2.6%

2.1%

-0.4%

Bloomberg Barclays Gov/Credit 1-3 Yr

Bloomberg Barclays Interm Gov/Credit

Bloomberg Barclays Aggregate

Bloomberg Barclays Long Gov/Credit

Bloomberg Barclays Universal

CS Leveraged Loans

Bloomberg Barclays Corp. High Yield

Bloomberg Barclays US TIPS

Sources: Bloomberg Barclays and Credit Suisse Sources: Bloomberg Barclays and Credit Suisse


– The impact of increased tariffs and iscal policy may lead to even higher levels.

– Only the recent strength of the U.S. dollar and a drop in energy prices have curtailed the dramatic rise over the past

year.

– With two more hikes forecasted for this year and three more next year, the curve is inching closer to inversion.

– While not an immediate cause of recession, an inverted curve has been a reliable signal of recession in the past.

Non-U.S. Fixed Income

Most Indices Fell in Second Quarter

– The Bloomberg Barclays Global Aggregate Bond Index

dropped 2.8%. – The ex-U.S. version of the Index fell even more, declining

4.8%. – Emerging market (EM) indices were especially hard hit (JPM

GBI-EM Global Diversiied Index: -10.4%). – For the last year, broad indices were narrowly positive but

EM indices were lower.

Uncertainty of Trade War May Have Biggest Impact

– Announced tariffs are not expected to have a meaningful impact on growth; however, the extent of the costs ultimately depends on the degree to which other countries counter.

– An OECD study that looks at the far larger shock of a 10% across-the-board increase in tariffs by the U.S., euro zone, and China inds that global GDP would fall by 1.4%.

– The more impactful result may be an increase in uncertainty, which tends to precede weaker economic activity.

– These effects will take time to ultimately play out and are even more dificult to quantify.

Non-U.S. Fixed Income: Quarterly Returns

Non-U.S. Fixed Income: One-Year Returns

JPM GBI-EM Global Diversified

JPM EMBI Global Diversified

-4.8%

-10.4%

0.2%

-2.8%

-3.5%

-7.0%

-1.9%

-2.2%

Bloomberg Barclays Global Aggregate

Bloomberg Barclays Global Agg (hdg)

Bloomberg Barclays Global High Yield

Bloomberg Barclays Global Agg ex US

JPM EMBI Gl Div / JPM GBI-EM Gl Div

JPM CEMBI

Bloomberg Barclays Global Aggregate

Bloomberg Barclays Global High Yield

JPM GBI-EM Global Diversified

Bloomberg Barclays Global Agg (hdg)

-2.3%

1.7%

1.4%

-1.6%

-1.9%

-0.4%

1.1%

Bloomberg Barclays Global Agg ex US

JPM EMBI Global Diversified

JPM EMBI Gl Div / JPM GBI-EM Gl Div

JPM CEMBI

2.8%

Sources: Bloomberg Barclays and JPMorgan Chase

Sources: Bloomberg Barclays and JPMorgan Chase

12 bps

-20 bps

-7 bps

8 bps

-1 bps

Germany

U.S. Treasury

U.K.

Canada

Japan

Change in 10-year Global Government Bond Yields

1Q18 to 2Q18

Source: Bloomberg Barclays

GLOBAL FIXED INCOME (Continued)

10

U.S. Returns Moderate; Interest in Overseas Markets Is High

REAL ESTATE

– U.S. core real estate returns continue to moderate and shift toward income. The limited appreciation that did occur in

the second quarter came from net operating income growth rather than further cap rate compression.

– The NCREIF Open End Diversiied Core Equity Index

rose 1.8% in the second quarter, while the Callan Real

Estate ODCE Style Group gained 1.6%. – Spreads remain relatively tight between core and value-add

due to large amounts of capital in both strategies chasing fewer available deals, combined with many investors seek-

ing to create core assets by using their non-core buckets to

buy and stabilize non-core properties.

– As private real estate valuations continue to test historical

highs, investors are looking at other sectors such as real

estate debt and REITs to access the best risk-adjusted returns from real estate. Both U.S. and non-U.S. REITs are trading at discounts to net asset value, indicating relative

value for public market securities compared to private real estate valuations.

– The EPRA/NAREIT Developed Index jumped 5.1% in the second quarter, versus the +4.5% return for the Callan

Global Real Estate Style Group. The EPRA/NAREIT

Develeped ex US Index increased only 0.6%, compared to the 0.4% gain for the Callan Global ex-U.S. Real Estate

Style Group. The NAREIT Equity REITs Index spiked

10.0%; the Callan U.S. REIT Style Group nearly matched

that with a 8.6% return. – Supply and demand fundamentals are balanced but peak-

ing. Supply is in check and aided by strict commercial real

estate lending standards. Demand continues on the back of synchronized U.S. growth. Transaction volumes have begun

to take a step back in recent quarters from current cycle peak levels but have yet to substantially affect pricing, as property remains expensive.

– The industrial sector performed the strongest (+3.4%), ben-

eiting as structural shifts in the economy, property markets, and consumer habits continue to dampen demand for tra-

ditional retail space. Ofice is performing as expected late

in the cycle (+1.7%), and tenant improvements and other capital expenditures are increasingly eroding cash low. Multifamily remains strong due to positive demographic trends, except for the Class A luxury segment in prime mar-kets such as New York.

– European real estate markets (ex-U.K.) are gaining momen-

tum due to strong fundamentals in major European cities and despite continued political concerns across the region.

– Value-add and opportunistic real estate owners and opera-

tors continue to see signiicant prospects for creating and selling core product to a robust market of buyers. Paris, Berlin, Frankfurt, Amsterdam, Stockholm, and Madrid con-

tinue to see increased levels of investment activity. – Asian real estate products are seeing strong fundraising

momentum, with existing managers reaching target fund sizes and an increase in Asia-focused open-end funds.

– The Chinese government is implementing policies to

increase domestic growth and consumption, including sup-

port for the development of multi-family rental property, a rel-atively new concept in China. Over the summer, the Chinese

renminbi weakened against the dollar, due to monetary eas-

ing in China and global trade tensions, and more stringent

Rolling One-Year Returns

-60%

-30%

0%

30%

60%

90%

120%

REIT Style Global REIT StylePrivate Real Estate Database

02 0398 99 00 01 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

Source: Callan


capital controls have increased the amount of capital look-

ing to invest within the country; investment activity remains steady in China.

– Other major markets such as Japan, Australia, South Korea,

and India continue to see investment activity across multiple

sectors.

– Infrastructure strategies are raising signiicant capital. Open-end infrastructure managers have secured substan-

tial new commitments this year. Infrastructure managers have reported mixed impact to their portfolios following the implementation of the latest tax law changes. The variety of closed-end infrastructure products continues to increase with new offerings in debt and emerging markets-focused strategies.

REAL ESTATE (Continued)

NCREIF Transaction and Appraisal Capitalization Rates

Source: NCREIF

Note: Transaction capitalization rate is equal weighted.

NCREIF Capitalization Rates by Property Type

Source: NCREIF

Note: Capitalization rates are appraisal-based.

0%

3%

6%

9%

Appraisal Capitalization RatesTransaction Capitalization Rates

08 09 10 11 12 13 14 15 16 17 18

0%

3%

6%

9%

IndustrialApartment RetailOffice

08 09 10 11 12 13 14 15 16 17 18West

South

Midwest

East

2.2%

1.3%

1.9%

1.5%

Retail

Office

Industrial

Hotels

Apartments

1.3%

1.9%

1.5%

3.6%

1.5%

Sector Quarterly Returns by Property Type and Region

Private Real Assets Last Quarter Year to Date Last Year Last 3 Years Last 5 Years Last 10 Years Last 15 Years

Real Estate ODCE Style 1.60 3.67 7.55 8.85 10.19 4.53 7.18NFI-ODCE (value wt net) 1.81 3.82 7.47 8.38 10.03 4.33 7.29NCREIF Property 1.76 3.49 7.13 8.23 9.76 6.22 8.98NCREIF Farmland 1.13 2.46 6.55 7.58 10.25 11.73 14.61

NCREIF Timberland 0.48 1.41 3.57 3.43 6.00 4.00 7.45

Public Real Estate

Global Real Estate Style 4.50 0.75 7.53 6.73 7.58 6.61 10.38

EPRA/NAREIT Developed 5.12 0.36 5.64 5.71 5.97 4.88 –

Global ex-U.S. Real Estate Style 0.44 0.72 11.45 5.36 6.24 5.08 10.31EPRA/NAREIT Developed ex US 0.55 0.03 9.77 5.67 5.69 4.27 9.59

U.S. REIT Style 8.57 1.30 4.48 8.47 8.91 8.66 10.94

NAREIT Equity REITs 10.04 1.02 3.50 8.06 8.31 7.94 10.02

Source: NCREIF

Callan Database Median and Index Returns* for Periods ended June 30, 2018

*Returns less than one year are not annualized.

Sources: Callan, FTSE Russell, NAREIT, NCREIF

12

Private Equity Performance Database (%) (Pooled Horizon IRRs through December 31, 2017*)

Strategy 3 Months Year 3 Years 5 Years 10 Years 15 Years 20 Years

All Venture 3.68 12.97 9.23 16.18 9.51 9.70 17.90 Growth Equity 5.83 20.09 12.21 13.63 9.95 13.04 13.47 All Buyouts 5.38 22.64 13.65 14.41 8.83 14.59 12.43 Mezzanine 3.18 14.72 9.70 10.18 8.80 9.67 8.67 Distressed 2.45 10.99 6.72 9.52 9.49 10.77 10.34 All Private Equity 3.63 15.26 10.10 10.82 9.25 11.47 11.24

S&P 500 4.82 19.11 11.94 13.97 9.12 12.97 12.81

Private equity returns are net of fees.

Sources: Standard & Poor’s and Thomson Reuters/Cambridge

*Most recent data available at time of publication

Languid Summer Days

PRIVATE EQUITY | Gary Robertson

Funds Closed January 1 to June 30, 2018

Strategy No. of Funds Amt ($mm) Percent

Venture Capital 273 24,612 16%Buyouts 193 108,047 69%Private Debt 39 8,457 5%Secondary and Other 23 8,537 5%Fund-of-funds 43 7,140 5%Totals 571 156,793 100%

Source: Private Equity Analyst

Figures may not total due to rounding.

Note: Transaction count and dollar volume igures across all private equity measures are preliminary igures and are subject to update in subsequent versions of Capital Market

Review and other Callan publications.

– Second quarter private equity partnership commitments

totaled $90.3 billion, with 329 new partnerships formed. The dollar volumes and number of funds both rose 36% from $66.5 billion and 242 in the prior quarter. (Source: Private

Equity Analyst) – For the irst half, 2018 is running $9 billion or 5% behind a

year ago. This year’s fundraising should end up in the high $300 billion range, similar to the past two years. Some large fundraising events are slated to start in the fourth quarter.

– New buyout transactions fell although activity remained brisk overall. Funds closed 443 investments with $36.0 billion in disclosed deal value, a 26% dip in count and a 47% decline in value from the irst quarter’s very robust 597 investments and $67.9 billion of announced value. (Source: Buyouts)

– The $17.9 billion add-on of Toshiba Memory by Bain’s portfolio company KK Pangea was the quarter’s largest buyout. Nine acquisitions with announced values of $1 bil-lion or more closed in the quarter, the same as last quarter.

(Source: Buyouts) – New investments in venture capital companies totaled 1,895

rounds of inancing with $27.3 billion of announced value. Investments were down 10% from the prior quarter, and value fell 13%. The median pre-money valuations contin-

ued to increase across the board. The smallest and largest

increases were seed (+17%) and Series C (+44%). (Source: National Venture Capital Association)

– There were 132 private M&A exits of buyout-backed com-

panies with disclosed values totaling $24.5 billion. Both the count and dollar volume were down from the prior quarter’s 164 sales and $28.8 billion. (Source: Buyouts)

– Six buyout-backed IPOs raised an aggregate $2.5 bil-lion, down from 11 totaling $3.9 billion previously. (Source: Buyouts)

– Venture-backed M&A exits totaled 173 transactions with disclosed value of $8.8 billion, compared to 203 sales with values of $13.6 billion in the irst quarter. (Source: Buyouts)

– There were 28 VC-backed IPOs in the second quarter with a combined loat of $1.9 billion. The irst quarter had 15 IPOs and total issuance of $2.2 billion. (Source: Buyouts)

Please see our upcoming issue of Private Markets Trends for more in-depth coverage.


Callan Database Median and Index Returns* for Periods ended June 30, 2018

Hedge Fund Universe Quarter Year 3 Years 5 Years 10 Years 15 Years

Callan Fund-of-Funds Database 1.29 5.61 2.76 4.23 3.32 4.82

Callan Absolute Return FOF Style 1.36 4.99 2.71 4.07 3.09 4.49

Callan Core Diversiied FOF Style 1.06 5.05 2.22 4.18 3.25 5.03

Callan Long/Short Equity FOF Style 1.21 7.34 3.90 5.56 3.85 5.98

Credit Suisse Hedge Fund 0.10 4.74 2.02 3.60 3.24 5.51

CS Equity Market Neutral -0.64 5.89 1.88 2.05 -3.36 0.33CS Fixed Income Arb -0.27 3.96 4.02 3.92 4.27 4.02CS Distressed 0.51 4.15 2.95 3.73 4.08 6.61

CS Event-Driven Multi 2.02 3.69 -0.42 2.13 2.92 5.84CS Emerging Markets -4.34 5.69 4.68 4.77 3.43 7.46CS Managed Futures -0.29 4.00 -1.47 1.88 0.62 2.87CS Convertible Arbitrage -0.77 2.56 3.12 2.55 4.28 3.96CS Multi-Strategy 0.14 3.46 4.53 6.03 5.28 6.48CS Risk Arbitrage 0.80 1.98 3.26 2.74 2.72 4.08CS Long/Short Equity -0.35 7.06 3.31 5.80 4.12 6.56

CS Global Macro 1.27 5.65 1.71 2.76 3.63 6.67HFRI Asset Wtd Composite 0.87 5.31 2.68 4.17 3.52 –

90-Day T-Bill + 5% 1.66 6.36 5.68 5.42 5.35 6.29

*Gross of fees. Sources: Bloomberg Barclays, Callan, Credit Suisse, Hedge Fund Research, Societe Generale, and Standard & Poor’s

Trade Spat Rains on Risk Parade

HEDGE FUNDS/MACs | Jim McKee

Hedge Funds

– During the quarter, Trump’s tough talk on trade upset mar-

kets, particularly abroad, while positive momentum from tax cuts and corporate earnings growth lifted U.S. markets.

– Beneiting from a strong corporate environment, par-ticularly in the U.S., event-driven strategies (Event-Driven

Multi, Distressed, Risk Arb) were the quarter’s steadier contributors.

– As iscal and monetary policies diverged globally, Global Macro gained 1.3% with its discretionary bets; however, Managed Futures (-0.3%) lacked any meaningful systematic trends.

– Actively managing risks in foreign markets hurt by a stronger dollar, Emerging Markets (-4.3%) suffered fewer losses than the underlying market indices.

– Long/Short Equity (-0.3%) went nowhere, on average, amid turbulent markets across geographies and styles.

Absolute Core Long/Short

Return Diversified Equity

10th Percentile 2.7 2.4 5.1


Median 1.4 1.1 1.2


90th Percentile 0.7 -0.2 0.0

CS Hedge Fund 0.1 0.1 0.1

3-Mo T-Bill +5% 1.7 1.7 1.7

-2%

0%

2%

4%

6%

Hedge Fund-of-Funds Style Group Returns

Sources: Callan, Credit Suisse, Federal Reserve

14

Rates a Tailwind for Managers

– Rising short-term rates are now providing a tailwind to hedge fund performance with growing returns on cash and short-interest rebates.

– Higher rates, with accompanying inlation risks, are also likely to create more market volatility, leading to more trading

opportunities for active managers like hedge funds.

Multi-Asset Class (MAC) Strategies

Liquid alternatives to hedge funds have become popular among investors for their attractive risk-adjusted returns that are simi-larly uncorrelated with traditional stock and bond investments

but constructed at a lower cost.

– Callan’s Multi-Asset Class (MAC) style groups struggled with a tough top-down market environment, leading to lat or negative returns in the second quarter.

– CS Neuberger MARP (-0.5%) is an equal risk-weighted index of alternative risk factors (value, carry, momentum, and liquidity) across four capital markets (equity, ixed income, currency, and commodities) targeting 5% volatility.

– Equity Value (-4.6%) sank again after a similar loss in the irst quarter, relecting a continuing Tech-led growth story. Although Commodity Momentum (+9.5%) got traction, con-

licting economic signals around the world undermined other momentum factors.

Absolute Risk Long Risk

Return Premia Biased Parity

10th Percentile 2.1 -1.3 2.5 1.7

25th Percentile 1.7 -2.5 0.5 1.2

Median 0.3 -3.2 -0.7 0.2

75th Percentile -1.3 -5.0 -2.0 -0.4

90th Percentile -1.8 -9.6 -3.0 -2.6

CS NB MARP (5%v) -0.5 -0.5 -0.5 -0.5

60% S&P 500/

40% BB Barclays Agg 2.0 2.0 2.0 2.0

-10%

-5%

0%

5%

– The Risk Premia MAC Style Group (-3.2%) experienced systematic weakness, as noted above with the CS NB MARP. Normally diversifying exposures of value and momentum risk factors were key detractors again this quarter. Relecting different vol targets and factor exposures, returns of under-lying Risk Premia managers showed signiicant dispersion over the quarter.

– Other MAC group returns hovered around zero, trailing the

traditional 60/40 benchmark (+2.0%).

Convertible Arb

Distressed

Long/Short Equity

Managed Futures

0.1%

-0.6% -0.8%

-4.3%

0.8%

-0.3% -0.3% -0.3%

1.3%

0.5%

2.0%

Fixed Income Arb

Risk Arbitrage

Emerging Market

Equity Mkt Neutral

Multi-Strategy

Event-Driven Multi

Global Macro

Equity Carry

Fixed Carry

Currency Carry

Commodity Carry

-2.6%-2.2% -0.9%-0.3%

0.1%

-4.6%

2.8%1.7%

9.5%

0.3%

-4.1%

Equity Value

Fixed Value

Currency Value

MARP (5%v) Average

Equity Momentum

Fixed Momentum

Curr Momentum

Comm Momentum

MAC Style Group Returns

Credit Suisse Hedge Fund Strategy Returns Alternative Risk Factor Breakdown

Sources: Bloomberg Barclays, Callan, Credit Suisse, Neuberger Berman, Standard

& Poor’s

Source: Credit Suisse Sources: Credit Suisse, Neuberger Berman


The Callan DC Index is an equally weighted index tracking the cash lows and performance of nearly 90 plans, representing more than one million

DC participants and over $135 billion in assets. The Index is updated

quarterly and is available on Callan’s website, as is the quarterly DC

Observer newsletter.

– The Callan DC Index™ fell 0.2% in the irst quarter, relecting widespread declines in global markets.

– But the DC Index outpaced the Age 45 Target Date Fund,

which lost 0.5%. – Since inception, the DC Index’s annual return of 6.2% has

trailed the Age 45 TDF by 76 basis points. – Driven primarily by participant inlows, DC plan balances

slightly increased by 0.1% during the quarter. Inlows (par-ticipant and plan sponsor contributions) added 0.3% to total growth, overcoming the 0.2% drop in returns.

– Over the long term, participant balances have increased an

average of 8.1% annually, with market appreciation contrib-

uting 6.2% and net cash lows adding the remainder. – U.S. ixed income experienced net inlows of 13.1% dur-

ing the period. Riskier assets like U.S. equity and company stock experienced signiicant outlows.

– For the quarter, nearly 70 cents of every dollar that moved within DC plans lowed to TDFs.

– Turnover (i.e., net transfer activity levels within DC plans) in the DC Index of 0.3% came in well below the historical average at 0.6% and was at its lowest level since the irst quarter of 2011.

– The Callan DC Index’s overall equity allocation fell for the irst time in seven quarters, ending at 70%, still slightly above the Index’s historical average (68%).

– TDFs’ share of DC assets grew to 31.3% during the quarter, another all-time high. The allocation to U.S. large cap equity

declined slightly from last quarter, but U.S. large cap contin-

ues to be the second-highest allocation, at 23.3%. – When TDFs are available in a DC plan, they hold a much

greater portion of assets (34%) than any other option.

DC Plans Struggle in Turbulent Market

DEFINED CONTRIBUTION | Tom Szkwarla

Net Cash Flow Analysis (First Quarter 2018)

(Top Two and Bottom Two Asset Gatherers)

Asset Class

Flows as % of

Total Net Flows

Target Date Funds 69.83%

U.S. Fixed Income 13.13%

U.S. Smid Cap -32.65%

U.S. Large Cap -21.99%

Total Turnover** 0.31%

Data provided here is the most recent available at time of publication.

Source: Callan DC Index

Note: DC Index inception date is January 2006.

* The Age 45 Fund transitioned from the average 2030 TDF to the 2035 TDF in

June 2013.

** Total Index “turnover” measures the percentage of total invested assets (transfers

only, excluding contributions and withdrawals) that moved between asset classes.

Investment Performance

Growth Sources

First Quarter 2018

Age 45 Target Date* Total DC Index

-0.17%-0.49%

6.16%

Annualized Since

Inception

-0.49%-0.17%

6.92%

Year-to-Date

First Quarter 2018

% Net Flows % Return Growth% Total Growth

8.13%

Annualized Since

Inception

1.97%

0.30%0.30%

6.16%

0.13%

-0.17%

0.13%

-0.17%

Year-to-Date

Asse

t Allo

ca

tion

Asset Allocation

an

d P

erfo

rma

nce

and Performance

ASSET ALLOCATION AND PERFORMANCE

Asset Allocation and PerformanceThis section begins with an overview of the fund’s asset allocation at the broad asset class level. This is followed by a topdown performance attribution analysis which analyzes the fund’s performance relative to the performance of the fund’s policytarget asset allocation. The fund’s historical performance is then examined relative to funds with similar objectives.Performance of each asset class is then shown relative to the asset class performance of other funds. Finally, a summary ispresented of the holdings of the fund’s investment managers, and the returns of those managers over various recent periods.

18Public Employees Retirement System of Mississippi

Actual vs Target Asset AllocationAs of June 30, 2018

The top left chart shows the Fund’s asset allocation as of June 30, 2018. The top right chart shows the Fund’s target assetallocation as outlined in the investment policy statement. The bottom chart ranks the fund’s asset allocation and the targetallocation versus the Very Large Public Funds (>10B).

Actual Asset Allocation

Domestic Equity27%

Global Equity12%

International Equity22%

Total Fixed Income20%

Real Estate10%

Private Equity8%

Cash1%

Target Asset Allocation

Domestic Equity27%

Global Equity12%

International Equity22%

Total Fixed Income20%

Real Estate10%

Private Equity8%

Cash1%

$Millions Weight Percent $MillionsAsset Class Actual Actual Target Difference DifferenceDomestic Equity 7,689 27.3% 27.0% 0.3% 89Global Equity 3,416 12.1% 12.0% 0.1% 38International Equity 6,069 21.6% 22.0% (0.4%) (124)Total Fixed Income 5,721 20.3% 20.0% 0.3% 91Real Estate 2,846 10.1% 10.0% 0.1% 31Private Equity 2,151 7.6% 8.0% (0.4%) (101)Cash 257 0.9% 1.0% (0.1%) (25)Total 28,150 100.0% 100.0%

Asset Class Weights vs Very Large Public Funds (>10B)

We

igh

ts

(10%)

0%

10%

20%

30%

40%

50%

Domestic Total Cash Real International Intl Alternative Global PrivateEquity Fixed Income Estate Equity Fixed-Inc Equity Equity

(56)(57)

(58)(64)

(75)(65)

(28)(31)

(53)(51)

(67)(67)

(56)(54)

10th Percentile 43.97 38.07 5.79 12.29 28.43 5.32 32.10 43.89 14.1325th Percentile 33.72 26.44 4.27 10.89 26.41 4.93 21.99 39.69 10.70

Median 28.90 20.90 1.62 9.02 22.31 1.03 15.13 16.45 8.6275th Percentile 22.83 17.98 0.91 6.35 18.52 0.31 9.33 6.46 5.1590th Percentile 20.61 11.40 0.26 4.03 12.96 0.00 3.12 0.00 2.58

Fund 27.32 20.32 0.91 10.11 21.56 - - 12.14 7.64

Target 27.00 20.00 1.00 10.00 22.00 - - 12.00 8.00

% Group Invested 100.00% 100.00% 61.11% 94.44% 100.00% 27.78% 72.22% 27.78% 44.44%

* Current Quarter Target = 27.0% Russell 3000 Index, 22.0% MSCI ACWI ex US IMI, 20.0% Blmbg Aggregate, 12.0% MSCI ACWI IMI, 10.0% NCREIF Total

Index, 8.0% S&P 500 Index+3.0% and 1.0% Citi 1 Mo T-Bill.


Investment Manager Asset Allocation

The table below contrasts the distribution of assets across the Fund’s investment managers as of June 30, 2018, with thedistribution as of March 31, 2018. The change in asset distribution is broken down into the dollar change due to Net NewInvestment and the dollar change due to Investment Return.

Asset Distribution Across Investment Managers

June 30, 2018 March 31, 2018

Market Value Weight Net New Inv. Inv. Return Market Value WeightDomestic Equity $7,689,207,468 27.32% $(6,168,040) $293,345,996 $7,402,029,513 26.42%

Large Cap Equity $5,206,868,049 18.50% $(2,870,782) $171,537,376 $5,038,201,455 17.98%

Managed Large Cap Equity $2,199,384,322 7.81% $(2,775,353) $72,111,384 $2,130,048,291 7.60%Eagle Capital 995,908,602 3.54% (1,583,160) 34,970,334 962,521,428 3.44%Wedgewood Partners 629,007,396 2.23% (524,159) 30,492,191 599,039,364 2.14%Northern Trust 1000 Value 574,468,204 2.04% (11,968) 6,645,288 567,834,884 2.03%SSGA Russell 1000 Value 119 0.00% (656,065) 3,570 652,614 0.00%

Northern Trust S&P 500 $3,007,483,727 10.68% $(95,429) $99,425,992 $2,908,153,164 10.38%

Mid Cap Equity $1,407,249,626 5.00% $(1,631,083) $46,224,683 $1,362,656,026 4.86%Boston Company 470,957,436 1.67% (576,292) 15,064,472 456,469,256 1.63%Wellington Mid Cap 462,941,597 1.64% (520,145) 12,292,630 451,169,111 1.61%Artisan Partners 473,350,593 1.68% (534,646) 18,867,580 455,017,659 1.62%

Small Cap Equity $1,075,089,794 3.82% $(1,666,175) $75,583,937 $1,001,172,032 3.57%Dimensional Fund Advisors 298,388,073 1.06% (343,441) 21,232,743 277,498,771 0.99%Wellington Small Cap 471,221,598 1.67% (686,057) 31,202,158 440,705,497 1.57%Riverbridge Partners SCG 305,480,122 1.09% (636,677) 23,149,036 282,967,764 1.01%

Global Equity $3,416,457,439 12.14% $(4,695,873) $70,593,768 $3,350,559,544 11.96%Acadian Global Equity 836,884,164 2.97% (788,036) 4,457,345 833,214,855 2.97%Epoch Investments 859,566,658 3.05% (1,141,626) 30,434,486 830,273,798 2.96%Harding-Loevner 878,958,009 3.12% (1,733,419) 13,911,721 866,779,707 3.09%Longview 841,048,608 2.99% (1,032,791) 21,790,216 820,291,183 2.93%

International Equity $6,069,038,857 21.56% $(109,999,573) $(205,794,076) $6,384,832,505 22.79%

Developed Markets $2,705,822,539 9.61% $(2,777,942) $(25,128,769) $2,733,729,250 9.76%

EAFE Composite $2,087,992,344 7.42% $(1,672,609) $(21,905,991) $2,111,570,944 7.54%BlackRock EAFE Index 6,019,595 0.02% (163,373) (270,726) 6,453,693 0.02%Northern Trust EAFE 2,079,341,228 7.39% (51,627) (21,564,426) 2,100,957,281 7.50%Dimensional Fund Advisors 486,906 0.00% 0 (24,588) 511,494 0.00%Jarislowsky Fraser 630,584 0.00% 0 (30,822) 661,405 0.00%NS Partners 283,624 0.00% 0 (13,536) 297,160 0.00%Lazard Asset-Intl Transition 1,230,408 0.00% (1,457,609) (1,894) 2,689,911 0.01%

Regional Mandate $2,767 0.00% $0 $(148) $2,914 0.00%AllianceBernstein 2,767 0.00% 0 (148) 2,914 0.00%

Small Cap $617,827,429 2.19% $(1,105,333) $(3,222,630) $622,155,392 2.22%Mondrian 324,994,151 1.15% (548,508) 7,229,868 318,312,790 1.14%Fidelity 292,833,278 1.04% (556,825) (10,452,499) 303,842,601 1.08%

All Country ex US $2,109,843,122 7.50% $(2,539,558) $(33,963,461) $2,146,346,142 7.66%Arrowstreet Capital 740,917,330 2.63% (870,416) (25,135,111) 766,922,857 2.74%Baillie Gifford 739,459,465 2.63% (709,673) 3,996,322 736,172,815 2.63%Marathon Asset Mgmt 629,466,327 2.24% (959,469) (12,824,673) 643,250,469 2.30%

Emerging Markets $1,253,373,195 4.45% $(104,682,073) $(146,701,846) $1,504,757,114 5.37%Lazard 609,582,980 2.17% (50,598,850) (89,503,751) 749,685,580 2.68%Fisher Investments 643,790,215 2.29% (54,083,223) (57,198,095) 755,071,533 2.70%

Total Equity $17,174,703,764 61.01% $(120,863,486) $158,145,688 $17,137,421,562 61.17%

NOTE: Net New Inv. column includes contributions, withdrawals, transfers, and manager fee payments. Inv. Return column

does not include manager fees.





June 30, 2018 March 31, 2018

Market Value Weight Net New Inv. Inv. Return Market Value WeightDomestic Fixed-Income $3,705,629,637 13.16% $(1,239,921) $(5,159,644) $3,712,029,201 13.25%

Core Fixed Income $1,708,182,825 6.07% $(476,886) $152,455 $1,708,507,257 6.10%PIMCO 570,063,754 2.03% (200,541) 705,462 569,558,833 2.03%BlackRock 0 0.00% (46,362) (36,172) 82,533 0.00%Northern Trust BB Agg 566,840,088 2.01% (29,673) (873,285) 567,743,047 2.03%Manulife Asset Management 571,278,983 2.03% (200,311) 356,450 571,122,844 2.04%

Core Plus $1,997,446,811 7.10% $(763,035) $(5,312,098) $2,003,521,944 7.15%Loomis Sayles 999,796,495 3.55% (424,408) (2,765,322) 1,002,986,225 3.58%Prudential Core Plus 997,650,316 3.54% (338,627) (2,546,776) 1,000,535,719 3.57%

Emerging Markets Debt $556,196,071 1.98% $(645,977) $(18,151,270) $574,993,319 2.05%Wellington EMD 556,196,071 1.98% (645,977) (18,151,270) 574,993,319 2.05%

Global Fixed Income $1,459,034,990 5.18% $(800,186) $(465,559) $1,460,300,735 5.21%PIMCO Global 727,432,032 2.58% (402,882) 837,047 726,997,867 2.59%AllianceBernstein Global 731,602,958 2.60% (397,303) (1,302,606) 733,302,868 2.62%

Total Fixed Income $5,720,860,698 20.32% $(2,686,083) $(23,776,473) $5,747,323,254 20.51%







June 30, 2018 March 31, 2018

Market Value Weight Net New Inv. Inv. Return Market Value WeightREIT Composite $439,613,396 1.56% $(516,171) $27,028,827 $413,100,740 1.47%

Centersquare 231,995,543 0.82% (209,250) 19,871,128 212,333,666 0.76%Cohen & Steers 207,617,852 0.74% (306,921) 7,157,699 200,767,074 0.72%

Core Real Estate $1,824,471,201 6.48% $(4,804,670) $38,680,313 $1,790,595,557 6.39%Principal Capital 811,461,901 2.88% 173,545,156 19,413,234 618,503,510 2.21%UBS Trumbull Property 410,744,758 1.46% (177,115,652) 7,680,400 580,180,010 2.07%JPMCB Strategic Property 602,264,542 2.14% (1,234,174) 11,586,679 591,912,037 2.11%

Core Plus Real Estate $193,586,996 0.69% $(918,865) $3,941,886 $190,563,976 0.68%UBS Trumbull Property G&I 193,586,996 0.69% (918,865) 3,941,886 190,563,976 0.68%

Non-Core Real Estate $285,848,762 1.02% $(15,077,334) $9,423,976 $291,502,120 1.04%AEW Partners V 174,063 0.00% 0 (15,230) 189,293 0.00%AEW Partners VI 20,321,713 0.07% (116,181) 390,917 20,046,977 0.07%AEW Partners VII 34,796,391 0.12% (5,335,434) 1,006,783 39,125,041 0.14%AEW Partners VIII 8,563,890 0.03% 1,526,414 74,681 6,962,795 0.02%Heitman VP II 87,062 0.00% (250,000) (2,149) 339,211 0.00%Heitman VP III 37,334,532 0.13% (11,777,009) 1,442,794 47,668,746 0.17%AG Core Plus II 1,546,791 0.01% (2,459) (17,172) 1,566,422 0.01%AG Core Plus III 13,408,039 0.05% (800,960) 835,987 13,373,012 0.05%AG Core Plus IV 30,359,881 0.11% 2,067,094 1,764,979 26,527,808 0.09%Invesco VA Fund IV 34,396,873 0.12% (391,994) 1,090,836 33,698,031 0.12%TA Associates Realty Fund X 31,443,210 0.11% (2,324,984) 1,006,301 32,761,893 0.12%TA Associates Realty Fund XI 52,504,804 0.19% (163,981) 1,038,610 51,630,176 0.18%Westbrook RE Fund X 20,911,512 0.07% 2,492,160 806,639 17,612,713 0.06%

Timber Composite $102,678,643 0.36% $(1,980,257) $6,962,674 $97,696,226 0.35%Hancock Timber Portfolio 102,678,643 0.36% (1,980,257) 6,962,674 97,696,226 0.35%

Total Real Estate $2,846,198,997 10.11% $(23,297,297) $86,037,676 $2,783,458,618 9.94%

Private Equity $2,151,275,013 7.64% $14,786,229 $87,643,658 $2,048,845,127 7.31%Pathway PEF XXIII 606,933,670 2.16% (30,909,035) 19,480,881 618,361,823 2.21%Pathway PEF SRS 2013 599,809,860 2.13% 7,653,968 36,561,940 555,593,953 1.98%Pathway PEF 2016 102,769,277 0.37% 34,256,447 4,455,965 64,056,866 0.23%GCM Grosvenor Private Markets 551,315,088 1.96% (50,558,901) 18,253,127 583,620,862 2.08%GCM Grosvenor 2014 290,447,118 1.03% 54,343,750 8,891,745 227,211,623 0.81%

Cash $256,704,605 0.91% $(44,255,619) $1,419,262 $299,540,962 1.07%

Total Fund $28,149,743,077 100.0% $(176,316,257) $309,469,811 $28,016,589,523 100.0%




Investment Manager Returns and Peer Group Rankings

The table below details the rates of return and peer group rankings for the Fund’s investment managers over various timeperiods ended June 30, 2018. Negative returns are shown in red, positive returns in black. Returns for one year or greaterare annualized. The first set of returns for each asset class represents the composite returns for all the fund’s accounts forthat asset class.

Returns and Rankings for Periods Ended June 30, 2018

Last Last LastLast Last 3 5 10

Quarter Year Years Years YearsDomestic Equity 59 57 75 71 293.96% 14.84% 10.86% 12.70% 10.49%

Russell 3000 Index 63 58 39 37 443.89% 14.78% 11.58% 13.29% 10.23% Domestic Eq Custom Benchmark (1) 54 53 51 53 364.12% 14.97% 11.41% 13.07% 10.43%Pub Pln- Dom Equity 4.20% 15.02% 11.41% 13.14% 10.14%

Large Cap Equity 48 51 51 603.40% 14.38% 11.18% 12.73% - Russell 1000 Index 43 50 44 52 533.57% 14.54% 11.64% 13.37% 10.20%Callan Large Cap 3.29% 14.59% 11.20% 13.46% 10.23%

Managed Large Cap Equity 40 43 72 853.38% 14.62% 10.12% 11.84% -Callan Large Cap Core 3.11% 14.09% 11.14% 13.42% 10.21%

Eagle Capital** 26 19 14 15 13.63% 16.58% 12.54% 14.26% 12.73% S&P 500 Index 38 45 27 49 543.43% 14.37% 11.93% 13.42% 10.17%Callan Large Cap Core 3.11% 14.09% 11.14% 13.42% 10.21%

Wedgewood Partners 62 71 1005.09% 19.45% 8.84% - - Russell 1000 Growth Index 50 51 32 49 375.76% 22.51% 14.98% 16.36% 11.83%Callan Large Cap Growth 5.76% 22.56% 13.98% 16.33% 11.46%

Northern Trust 1000 Value 601.17% - - - - Russell 1000 Value Index 60 84 72 80 691.18% 6.77% 8.26% 10.34% 8.49%Callan Large Cap Value 1.51% 9.63% 9.24% 11.17% 9.14%

Northern Trust S&P 500 39 46 29 51 553.42% 14.23% 11.85% 13.36% 10.14% S&P 500 Index 38 45 27 49 543.43% 14.37% 11.93% 13.42% 10.17%Callan Large Cap Core 3.11% 14.09% 11.14% 13.42% 10.21%

Mid Cap Equity 39 60 75 66 203.39% 12.86% 8.06% 11.71% 11.85% Russell MidCap Index 50 65 49 57 602.82% 12.33% 9.58% 12.22% 10.23%Callan Mid Capitalization 2.81% 13.92% 9.43% 12.45% 10.61%

Boston Company 30 57 88 83 193.30% 13.59% 7.31% 11.01% 11.95% Russell MidCap Index 43 71 64 79 772.82% 12.33% 9.58% 12.22% 10.23%Callan Mid Cap Core 2.47% 13.99% 10.47% 13.08% 10.99%

Wellington Mid Cap 40 38 71 53 382.72% 11.01% 7.66% 11.35% 11.33% Russell MidCap Value Idx 45 73 48 54 702.41% 7.60% 8.80% 11.27% 10.06%Callan Mid Cap Value 2.38% 9.59% 8.62% 11.54% 10.68%

Artisan Partners 30 82 64 55 74.15% 13.98% 8.89% 12.56% 12.17% Russell MidCap Growth Idx 62 40 30 40 413.16% 18.52% 10.73% 13.37% 10.45%Callan Mid Cap Growth 3.59% 17.97% 9.72% 12.80% 10.05%

Small Cap Equity 40 40 19 37 507.55% 20.37% 13.08% 14.05% 11.91% Russell 2000 Index 38 48 55 64 797.75% 17.57% 10.96% 12.46% 10.60%Callan Small Cap 7.17% 17.18% 11.20% 13.43% 11.93%

Dimensional Fund Advisors 16 24 66 74 687.65% 15.33% 10.11% 11.47% 11.27% Russell 2000 Value Index 12 41 44 79 898.30% 13.10% 11.22% 11.18% 9.88%Callan Small Cap Value 6.00% 12.52% 10.53% 12.31% 11.90%

Wellington Small Cap 41 16 23 8 127.08% 21.61% 12.70% 16.20% 13.99% Russell 2000 Index 30 38 56 71 777.75% 17.57% 10.96% 12.46% 10.60%Callan Small Cap Core 6.86% 16.71% 11.14% 13.63% 11.50%

Riverbridge Partners 68 68 158.19% 24.00% 16.33% - - Russell 2000 Growth Index 81 82 68 69 697.23% 21.86% 10.60% 13.65% 11.24%Callan Small Cap Growth 9.27% 27.96% 12.29% 14.58% 12.74%

(1) Domestic Eq Custom Benchmark: 65% S&P 500 Index and 35% Russell 2500 Index through 9/30/2015; then70% S&P 500 Index and 30% Russell 2500 thereafter.**Benchmark changed to S&P 500 as of 1Q 2014.






Quarter Year Years Years Years

Global Equity 26 34 36 41 902.11% 13.34% 9.64% 11.13% 5.49%Acadian Global Equity 56 63 68 65 930.53% 10.27% 7.81% 9.92% 5.09%

Epoch Investments 7 28 59 543.67% 14.56% 8.29% 10.36% -

Harding-Loevner 32 16 8 91.61% 17.36% 13.77% 13.71% -

Longview 18 552.66% 11.02% - - -

Global Equity Benchmark (2) 54 53 58 73 840.72% 11.14% 8.40% 9.54% 5.88%

Callan Global Equity 0.88% 11.43% 8.77% 10.63% 7.47%

International Equity 76 75 43 52 59(3.28%) 6.99% 6.38% 6.92% 3.55% International Equity Benchmark (3) 50 55 69 74 83(2.61%) 7.75% 5.46% 6.39% 2.73%

International Eq Custom BM (4) 10 40 50 55 81(1.37%) 8.36% 6.21% 6.84% 2.95%

Pub Pln- Intl Equity (2.61%) 8.05% 6.22% 7.12% 3.64%

Developed Markets 31 55 49 70 78(0.92%) 6.88% 5.91% 7.23% 3.66% MSCI EAFE Index 43 55 78 84 89(1.24%) 6.84% 4.90% 6.44% 2.84%

Callan NonUS Dev Core Eq (1.43%) 7.60% 5.73% 7.80% 4.19%

EAFE Composite 39 69 63 76 79(1.04%) 5.53% 5.31% 6.79% 3.62%Northern Trust EAFE Index 39(1.03%) - - - -

MSCI EAFE Index 43 55 78 84 89(1.24%) 6.84% 4.90% 6.44% 2.84%

Callan NonUS Dev Core Eq (1.43%) 7.60% 5.73% 7.80% 4.19%

Small Cap 17 56 75 84(0.52%) 11.95% 8.96% 9.49% -Mondrian 2 38 61 822.27% 13.45% 9.67% 9.61% -

MSCI World Small Cap x US 20 58 68 75 97(0.94%) 11.87% 9.45% 10.28% 6.09%

Fidelity 80 72 82 85(3.45%) 10.33% 8.20% 9.36% -

MSCI ACWI Sm Cap ex US 58 71 86 90 98(2.60%) 10.57% 7.94% 8.98% 5.77%

Callan Intl Small Cap (1.94%) 12.34% 10.02% 12.07% 8.40%

All Country ex US 50 47 40 41(1.58%) 8.87% 7.37% 8.65% -Arrowstreet Capital 81 50 43 45(3.28%) 8.54% 7.07% 8.36% -

Baillie Gifford 18 36 310.54% 10.52% 8.43% - -

Marathon Asset Mgmt 58 68(2.00%) 7.10% - - -

MSCI ACWI ex US IMI Index 69 59 66 82 87(2.61%) 7.75% 5.46% 6.39% 2.93%

Non-U.S. Equity Database (1.56%) 8.52% 6.55% 8.12% 4.81%

Emerging Markets 87 81 75 88 71(10.30%) 4.09% 5.63% 4.56% 2.92%Lazard Emerging Markets 98 93 87 92 59(12.64%) 1.44% 4.76% 3.83% 3.26%

Fisher Investments 47 64(7.97%) 6.59% - - -

MSCI Emerging Mkts Idx 46 53 75 76 92(7.96%) 8.20% 5.60% 5.01% 2.26%

Callan Emerging Broad (8.19%) 8.41% 7.08% 6.37% 3.79%

Total Equity 47 49 45 51 370.92% 11.58% 9.13% 10.49% 7.93% MSCI ACWI IMI Index 54 53 58 72 810.72% 11.14% 8.34% 9.60% 6.14%

Total Equity Custom Benchmark (5) 48 50 50 57 640.92% 11.53% 8.80% 10.20% 6.97%

Callan Global Equity 0.88% 11.43% 8.77% 10.63% 7.47%

(2) Global Eqty Benchmark: MSCI World Idx through 6/30/2012; MSCI ACWI through 9/30/2015; then MSCI ACWI IMI thereafter.

(3) International Equity Benchmark: MSCI ACWI exUS through 6/30/2013; then MSCI ACWI exUS IMI thereafter.

(4) International Eq Custom BM: MSCI ACWI ex US through 6/30/13; MSCI ACWI ex US IMI Index through

9/30/2015; then 35% MSCI EAFE Hedged, 35% MSCI ACWI ex US IMI, 20% MSCI Emerging Mkts,

5% MSCI ACWI ex US Small Cap, and 5% MSCI World ex US Small Cap thereafter.

(5) Total Equity Custom Benchmark: 49% Russell 3000 Idx, 36% MSCI ACWI ex US IMI Idx, and 15% MSCI AC World Idx

through 9/30/2015; then 44% Russell 3000 Idx, 36% MSCI ACWI xUS IMI Idx, and 20% MSCI ACWI IMI thereafter.






Quarter Year Years Years Years

Domestic Fixed-Income 78 44 37 35 37(0.14%) 0.57% 2.76% 3.16% 4.70% Blmbg Aggregate Index 80 89 77 76 72(0.16%) (0.40%) 1.72% 2.27% 3.72%Pub Pln- Dom Fixed 0.06% 0.26% 2.39% 2.82% 4.42%

Core Fixed Income 16 38 45 38 580.01% 0.03% 2.15% 2.74% 4.34% Blmbg Aggregate Index 65 86 91 93 97(0.16%) (0.40%) 1.72% 2.27% 3.72%Callan Core Bond FI (0.12%) (0.04%) 2.11% 2.67% 4.39%

PIMCO 7 15 44 42 180.12% 0.34% 2.16% 2.72% 4.86%Manulife Asset Management 11 230.06% 0.19% - - -Northern Trust Blmbg Aggregate 62(0.15%) - - - - Blmbg Aggregate Index 65 86 91 93 97(0.16%) (0.40%) 1.72% 2.27% 3.72%Callan Core Bond FI (0.12%) (0.04%) 2.11% 2.67% 4.39%

Core Plus 63 13 9 9(0.27%) 1.02% 3.30% 3.86% -Loomis Sayles 65 6 21 16(0.28%) 1.22% 3.05% 3.67% -Prudential Core Plus 60 21 6 7(0.25%) 0.82% 3.55% 4.00% - Blmbg Aggregate Index 47 87 98 99 99(0.16%) (0.40%) 1.72% 2.27% 3.72%Callan Core Plus FI (0.18%) 0.30% 2.56% 3.15% 5.15%

Emerging Markets Debt 17 19 10 5(3.16%) (0.01%) 6.01% 5.94% -Wellington EMD 17 19 10 5(3.16%) (0.01%) 6.01% 5.94% - EMBI Global Dvsfd Index 23 53 36 22 39(3.54%) (1.60%) 4.63% 5.15% 6.75%Emerging Debt Database (5.79%) (1.44%) 3.93% 3.84% 6.13%

Global Fixed Income 33 48 18 26(0.03%) 1.53% 3.61% 3.92% -PIMCO Global 30 31 17 230.12% 2.06% 3.63% 4.05% -AllianceBernstein Global 46 75 18 34(0.18%) 1.00% 3.60% 3.79% - Blmbg Global Agg (Hedged) 26 43 60 75 740.19% 1.66% 2.82% 3.31% 4.16%Callan Global FI (Hedged) (0.19%) 1.52% 2.99% 3.68% 4.71%

Total Fixed Income 91 37 23 20 25(0.41%) 0.75% 3.30% 3.62% 5.04% Blmbg Aggregate Index 80 89 77 76 72(0.16%) (0.40%) 1.72% 2.27% 3.72% Total Fixed Inc Custom Benchmark (6) 91 67 60 59 62(0.41%) (0.00%) 2.21% 2.71% 4.06%Pub Pln- Dom Fixed 0.06% 0.26% 2.39% 2.82% 4.42%

(6) Total Fixed Inc Custom Benchmark: 55% Barclays Aggregate Index, 25% Barclays Global Aggregate Index Hedged,10% Barclays US TIPS Index, and 10% EMBI Global Diversified through 9/30/2015; then65% Barclays Aggregate Index, 25% Barclays Global Aggregate Index Hedged, and 10% EMBI Global Diversified thereafter.






Quarter Year Years Years YearsREIT Composite 4 80 20 25 596.55% 6.35% 8.05% 8.34% 6.37%

REIT Comp Custom Benchmark (7) 1 91 38 48 387.71% 5.51% 7.24% 7.64% 6.82%Callan Global REITs 4.50% 7.53% 6.73% 7.58% 6.61%

Centersquare 23 229.36% 5.93% - - - FTSE NAREIT Equity Index 14 84 55 73 7410.04% 3.50% 8.06% 8.31% 7.94%Callan Real Estate REIT 8.57% 4.48% 8.47% 8.91% 8.66%

Cohen & Steers 79 67 20 263.57% 6.82% 7.95% 8.32% - EPRA/NAREIT Dev REIT Idx 17 68 52 67 795.45% 6.70% 6.70% 6.90% 5.74%Callan Global REITs 4.50% 7.53% 6.73% 7.58% 6.61%

Core Real Estate (Net) 43 43 68 681.93% 7.56% 8.30% 9.67% -Principal Capital (Net) 25 20 22 23 292.29% 8.48% 9.62% 10.89% 4.91%UBS Trumbull Property (Net) 63 63 91 92 431.54% 6.92% 7.09% 8.46% 4.65%JPMCB Strategic Property (Net) 46 62 73 611.75% 7.04% 8.10% 9.97% - NFI-ODCE Equal Weight Net 44 35 61 56 761.89% 7.68% 8.70% 10.21% 4.17% NFI-ODCE Value Weight Net 45 44 67 60 691.81% 7.47% 8.38% 10.03% 4.33%Callan OE Core Cmngld RE 1.70% 7.26% 8.85% 10.40% 4.53%

Core Plus Real Estate (Net) 60 29 10 81.59% 7.92% 11.54% 14.09% -UBS Trumbull Property G&I (Net) 60 29 10 81.59% 7.92% 11.54% 14.09% -Callan OE Core Cmngld RE 1.70% 7.26% 8.85% 10.40% 4.53%

Non-Core Real Estate 12 7 2 14 233.36% 14.27% 14.02% 14.12% 5.28%AEW Partners VI 57 35 1 81.95% 9.24% 15.42% 14.96% -AEW Partners VII 23 1 12.73% 21.58% 14.20% - -AEW Partners VIII 82 851.07% 0.41% - - -Heitman VP III 10 4 13.86% 16.13% 17.44% - -AG Core Plus II 94 97 95 98 80(1.10%) (18.70%) (4.13%) 0.23% 2.22%AG Core Plus III 1 76 8 66.58% 3.72% 12.89% 17.84% -AG Core Plus IV 1 86.13% 13.35% - - -Invesco VA Fund IV 12 7 353.24% 13.98% 11.19% - -TA Associates Realty Fund X 13 1 1 273.09% 18.44% 14.96% 13.34% -TA Associates Realty Fund XI 56 262.02% 10.04% - - -Westbrook RE Fund X 7 14.52% 21.91% - - - NCREIF Total Index 62 61 67 72 211.81% 7.19% 8.25% 9.77% 6.22%Callan Real Est Val Add 2.13% 7.82% 10.11% 11.30% 3.87%

Timber Composite 7.14% 14.43% 11.11% 9.97% 4.42%Hancock Timber Portfolio 7.14% 14.43% 11.11% 9.97% 4.42% NCREIF Timberland Index 0.48% 3.57% 3.43% 6.00% 4.00%

Total Real Estate 16 36 40 46 223.12% 8.92% 9.63% 10.40% 5.61% Real Estate Benchmark (8) 58 57 61 53 301.81% 7.19% 8.25% 9.77% 4.97%Callan Total Real Est DB 2.04% 7.59% 9.08% 10.05% 4.39%

Private Equity 20 9 1 14.35% 16.66% 15.73% 16.39% -Pathway PEF XXIII 22 8 1 13.30% 17.39% 17.34% 17.54% -Pathway PEF SRS 2013 17 2 1 106.54% 23.05% 16.14% 8.01% -Pathway PEF 2016 17 395.82% 5.52% - - -GCM Grosvenor Private Markets 23 13 1 13.28% 11.66% 14.41% 16.08% -GCM Grosvenor 2014 21 9 53.79% 16.12% 7.65% - - Private Equity Benchmark (9) 20 8 1 1 54.11% 17.39% 14.96% 16.45% 14.42%Callan Alterntive Inv DB 0.65% 3.16% (0.45%) 0.49% (1.69%)

Cash 99 74 97 90 960.41% 1.37% 0.69% 0.51% 0.41% 1mo T-Bill 99 84 99 100 990.42% 1.27% 0.60% 0.37% 0.26%Callan Cash Database 0.53% 1.56% 1.01% 0.76% 0.87%

Total Fund 31 28 14 14 141.11% 9.48% 8.38% 9.32% 7.45%Policy Benchmark* 36 38 35 28 481.04% 9.05% 7.84% 9.04% 6.87%Very Lg Pub Fds (>10B) 0.89% 8.89% 7.56% 8.71% 6.82%

* Current Quarter Target = 27.0% Russell 3000 Index, 22.0% MSCI ACWI ex US IMI, 20.0% Blmbg Aggregate, 12.0% MSCIACWI IMI, 10.0% NCREIF Total Index, 8.0% S&P 500 Index+3.0% and 1.0% Citi 1 Mo T-Bill.(7) REIT Comp Custom Benchmark:s 50% US Select REIT Index and 50% EPRA/NAREIT Developed REIT Index.(8) RE Bnmk: NFI-ODCE Eql Wgt Net to 5/31/99; No Bench to 9/30/03; 50% NFI-ODCE EqlWght Net and 50% US Select REIT Idx to 6/30/06; 80% NFI-ODCE Eql Wght Net and 20% US Select REIT Idx to 6/30/10;20% NAREIT RE 50 Idx, 15% NCREIF Property Idx, 10% NCREIF Timberland Idx, 55% NFI-ODCE Eql Wgt Net to 6/30/12;15% NAREIT RE 50 Idx, 15% NCREIF Property Idx, 10% NCREIF Timberland Idx, 60% NFI-ODCE Eql Wgt Net to 6/30/13;then NCREIF Property Idx thereafter.(9) Private Equity Benchmark: S&P 500 Index + 5% through 3/31/13; then S&P 500 Index + 3% thereafter.



The table below details the rates of return and peer group rankings for the Fund’s investment managers over various timeperiods ended June 30. Negative returns are shown in red, positive returns in black. Returns for one year or greater areannualized. The first set of returns for each asset class represents the composite returns for all the fund’s accounts for thatasset class.

FYTD FY 2017 FY 2016 FY 2015 FY 2014

Domestic Equity 57 44 69 73 4314.84% 19.08% (0.37%) 6.71% 25.07% Russell 3000 Index 58 61 30 52 3714.78% 18.51% 2.14% 7.29% 25.22%

Domestic Eq Custom Benchmark (1) 53 59 42 63 4714.97% 18.53% 1.46% 6.96% 24.99%

Pub Pln- Dom Equity 15.02% 18.82% 0.77% 7.33% 24.91%

Large Cap Equity 51 60 34 60 7614.38% 18.04% 1.80% 6.81% 24.03%Russell 1000 Index 50 60 20 54 6114.54% 18.03% 2.93% 7.37% 25.35%

Callan Large Cap 14.59% 19.13% 0.02% 7.78% 25.87%

Managed Large Cap Equity 43 49 76 75 9214.62% 18.66% (1.83%) 6.08% 23.51%Callan Large Cap Core 14.09% 18.62% 0.35% 7.84% 25.83%

Eagle Capital 19 3 81 26 8416.58% 25.72% (2.74%) 9.63% 24.63%

S&P 500 Index 45 56 19 58 8414.37% 17.90% 3.99% 7.42% 24.61%

Callan Large Cap Core 14.09% 18.62% 0.35% 7.84% 25.83%

Wedgewood Partners 71 96 8719.45% 12.61% (4.14%) - -

Russell 1000 Growth Index 51 55 15 70 6222.51% 20.42% 3.02% 10.56% 26.92%

Callan Large Cap Growth 22.56% 20.68% (0.13%) 11.88% 28.02%

Northern Trust S&P 500 46 57 19 57 8414.23% 17.76% 4.03% 7.48% 24.46% S&P 500 Index 45 56 19 58 8414.37% 17.90% 3.99% 7.42% 24.61%


Mid Cap Equity 60 50 68 53 3912.86% 18.11% (5.35%) 7.43% 28.33% Russell MidCap Index 65 66 25 59 4612.33% 16.48% 0.56% 6.63% 26.85%

Callan Mid Capitalization 13.92% 18.21% (3.65%) 7.69% 26.70%

Boston Company 57 55 85 73 4413.59% 19.37% (8.86%) 5.99% 28.70%

Russell MidCap Index 71 84 31 61 5912.33% 16.48% 0.56% 6.63% 26.85%

Callan Mid Cap Core 13.99% 20.00% (1.67%) 7.49% 28.13%

Wellington Mid Cap 38 69 65 34 2711.01% 16.05% (3.15%) 6.05% 29.35%

Russell MidCap Value Idx 73 71 21 62 407.60% 15.93% 3.25% 3.67% 27.76%

Callan Mid Cap Value 9.59% 17.21% (0.62%) 4.46% 26.68%

Artisan Partners 82 48 36 54 4613.98% 18.25% (4.21%) 10.33% 26.86%

Russell MidCap Growth Idx 40 61 18 62 5418.52% 17.05% (2.14%) 9.45% 26.04%

Callan Mid Cap Growth 17.97% 18.03% (5.70%) 10.82% 26.55%

Small Cap Equity 40 21 50 64 4620.37% 27.04% (5.44%) 6.04% 25.84% Russell 2000 Index 48 39 61 62 6217.57% 24.60% (6.73%) 6.49% 23.64%

Callan Small Cap 17.18% 23.16% (5.42%) 7.87% 25.22%

Dimensional Fund Advisors 24 62 84 77 4015.33% 22.79% (5.73%) 1.84% 26.58%

Russell 2000 Value Index 41 37 51 82 7713.10% 24.86% (2.58%) 0.78% 22.54%

Callan Small Cap Value 12.52% 24.04% (2.43%) 4.31% 25.33%

Wellington Small Cap 16 8 86 31 121.61% 28.63% (8.50%) 9.43% 35.26%

Russell 2000 Index 38 26 75 68 7317.57% 24.60% (6.73%) 6.49% 23.64%

Callan Small Cap Core 16.71% 22.17% (4.76%) 8.17% 26.08%

Riverbridge Partners 68 13 13 8324.00% 29.52% (1.97%) 6.71% -

Russell 2000 Growth Index 82 47 46 44 4621.86% 24.40% (10.75%) 12.34% 24.73%

Callan Small Cap Growth 27.96% 24.06% (12.40%) 11.71% 23.79%




FYTD FY 2017 FY 2016 FY 2015 FY 2014

Global Equity 34 49 40 28 6613.34% 20.25% (3.31%) 4.88% 22.62%Acadian Global Equity 63 56 59 65 3610.27% 19.67% (5.04%) 1.68% 25.93%Epoch Investments 28 73 64 8 9014.56% 17.67% (5.80%) 8.66% 18.64%Harding-Loevner 16 21 14 29 6217.36% 24.09% 1.13% 4.66% 23.36%Longview 55 6111.02% 19.26% - - - Global Equity Benchmark (2) 53 63 44 74 6511.14% 19.01% (3.72%) 0.71% 22.95%Callan Global Equity 11.43% 20.14% (4.50%) 3.13% 24.44%

International Equity 75 33 34 86 356.99% 22.30% (7.99%) (5.27%) 22.53% International Equity Benchmark (3) 55 58 59 81 387.75% 20.43% (9.61%) (4.97%) 22.28% International Eq Custom BM (4) 40 33 59 81 388.36% 22.29% (9.59%) (4.97%) 22.28%Pub Pln- Intl Equity 8.05% 20.84% (8.99%) (3.48%) 21.78%

Developed Markets 55 37 45 74 576.88% 22.68% (9.40%) (3.50%) 23.67% MSCI EAFE Index 55 69 54 79 576.84% 20.27% (10.16%) (4.22%) 23.57%Callan NonUS Dev Core Eq 7.60% 21.53% (9.85%) (2.23%) 24.49%

EAFE Composite 69 24 59 77 565.53% 23.64% (10.47%) (3.94%) 23.80% MSCI EAFE Index 55 69 54 79 576.84% 20.27% (10.16%) (4.22%) 23.57%Callan NonUS Dev Core Eq 7.60% 21.53% (9.85%) (2.23%) 24.49%

Small Cap 56 73 42 70 7711.95% 19.05% (2.93%) (0.87%) 22.70%Mondrian 38 70 39 75 8113.45% 19.30% (2.55%) (1.75%) 22.09% MSCI World Small Cap x US 58 61 45 84 4711.87% 21.26% (3.35%) (3.96%) 29.55%Fidelity 72 74 45 63 7610.33% 18.78% (3.34%) 0.09% 23.36% MSCI ACWI Sm Cap ex US 71 67 64 81 7510.57% 20.32% (5.46%) (3.07%) 26.09%Callan Intl Small Cap 12.34% 23.35% (3.64%) 0.81% 29.30%

All Country ex US 47 43 37 62 278.87% 21.46% (6.40%) (3.16%) 26.33%Arrowstreet Capital 50 39 46 65 278.54% 22.26% (7.49%) (3.63%) 26.33%Baillie Gifford 36 47 2710.52% 20.93% (4.61%) - -Marathon Asset Mgmt 68 477.10% 20.96% - - - MSCI ACWI ex US IMI Index 59 55 63 77 597.75% 20.43% (9.61%) (4.97%) 22.28%Non-U.S. Equity Database 8.52% 20.75% (8.13%) (1.83%) 23.38%

Emerging Markets 81 76 41 91 184.09% 22.63% (7.68%) (10.52%) 18.52%Lazard Emerging Markets 93 80 27 95 161.44% 21.64% (6.82%) (12.16%) 19.47%Fisher Investments 64 646.59% 24.49% - - - MSCI Emerging Mkts Idx 53 69 77 52 578.20% 23.75% (12.05%) (5.12%) 14.31%Callan Emerging Broad 8.41% 25.70% (8.80%) (4.56%) 14.62%

Total Equity 49 46 39 61 5611.58% 20.45% (3.31%) 2.21% 23.97% MSCI ACWI IMI 53 63 46 74 6211.14% 19.01% (3.87%) 0.81% 23.35% Total Equity Custom Benchmark (5) 50 59 39 63 5711.53% 19.36% (3.24%) 1.86% 23.87%Callan Global Equity 11.43% 20.14% (4.50%) 3.13% 24.44%




FYTD FY 2017 FY 2016 FY 2015 FY 2014

Domestic Fixed-Income 44 49 23 58 410.57% 1.85% 5.93% 1.52% 6.06% Blmbg Aggregate Index 89 89 21 39 77(0.40%) (0.31%) 6.00% 1.86% 4.37%Pub Pln- Dom Fixed 0.26% 1.80% 4.95% 1.68% 5.58%

Core Fixed Income 38 49 55 29 520.03% 0.39% 6.13% 2.24% 5.05% Blmbg Aggregate Index 86 89 62 69 85(0.40%) (0.31%) 6.00% 1.86% 4.37%Callan Core Bond FI (0.04%) 0.37% 6.21% 2.07% 5.11%

PIMCO 15 58 63 36 550.34% 0.27% 5.97% 2.17% 4.97%Manulife Asset Management 230.19% - - - - Blmbg Aggregate Index 86 89 62 69 85(0.40%) (0.31%) 6.00% 1.86% 4.37%Callan Core Bond FI (0.04%) 0.37% 6.21% 2.07% 5.11%

Core Plus 13 19 38 89 41.02% 3.14% 5.80% 0.90% 8.64%Loomis Sayles 6 12 88 97 21.22% 3.61% 4.34% (0.07%) 9.51%Prudential Core Plus 21 28 3 51 140.82% 2.69% 7.24% 1.89% 7.54% Blmbg Aggregate Index 87 99 27 52 96(0.40%) (0.31%) 6.00% 1.86% 4.37%Callan Core Plus FI 0.30% 2.22% 5.59% 1.90% 6.20%

Emerging Markets Debt 19 38 13 18 23(0.01%) 8.63% 9.69% 0.46% 11.50%Wellington EMD 19 38 13 18 23(0.01%) 8.63% 9.69% 0.46% 11.50% EMBI Global Dvsfd Index 53 82 13 18 22(1.60%) 6.04% 9.79% 0.51% 11.64%Emerging Debt Database (1.44%) 7.97% 4.73% (4.28%) 9.55%

Global Fixed Income 48 33 16 62 601.53% 1.37% 8.08% 2.67% 6.10%PIMCO Global 31 37 25 56 412.06% 1.15% 7.82% 3.02% 6.38%AllianceBernstein Global 75 29 15 77 651.00% 1.58% 8.38% 2.31% 5.89% Blmbg Global Agg (Hedged) 43 77 34 58 821.66% (0.41%) 7.37% 2.96% 5.17%Callan Global FI (Hedged) 1.52% 0.79% 7.12% 3.10% 6.29%

Total Fixed Income 37 41 7 49 330.75% 2.39% 6.84% 1.70% 6.56% Blmbg Aggregate Index 89 89 21 39 77(0.40%) (0.31%) 6.00% 1.86% 4.37% Total Fixed Inc Custom Benchmark (6) 67 69 11 52 56(0.00%) 0.29% 6.48% 1.64% 5.29%Pub Pln- Dom Fixed 0.26% 1.80% 4.95% 1.68% 5.58%




FYTD FY 2017 FY 2016 FY 2015 FY 2014REIT Composite 80 69 6 20 726.35% 0.87% 17.57% 3.74% 14.10%

REIT Comp Custom Benchmark (7) 91 87 6 40 755.51% (0.64%) 17.65% 2.86% 13.91%Callan Global REITs 7.53% 1.63% 11.08% 2.31% 15.15%

Centersquare 225.93% - - - - FTSE NAREIT Equity Index 84 67 23 83 853.50% (1.70%) 24.04% 4.33% 13.21%Callan Real Estate REIT 4.48% (0.46%) 22.73% 5.57% 14.92%

Cohen & Steers 67 7 49 50 296.82% 5.95% 11.16% 2.29% 15.88% EPRA/NAREIT Dev REIT Idx 68 59 33 79 696.70% 1.14% 12.57% 0.41% 14.43%Callan Global REITs 7.53% 1.63% 11.08% 2.31% 15.15%

Core Real Estate (Net) 43 65 77 62 697.56% 6.87% 10.50% 12.82% 10.74%Principal Capital (Net) 20 24 48 41 528.48% 8.88% 11.52% 14.19% 11.45%UBS Trumbull Property (Net) 63 87 86 78 836.92% 4.67% 9.73% 11.70% 9.43%JPMCB Strategic Property (Net) 62 55 79 71 247.04% 7.13% 10.16% 12.55% 13.14% NFI-ODCE Equal Weight Net 35 54 57 51 547.68% 7.23% 11.24% 13.64% 11.37% NFI-ODCE Value Weight Net 44 61 71 53 497.47% 6.90% 10.80% 13.38% 11.74%Callan OE Core Cmngld RE 7.26% 7.42% 11.48% 13.80% 11.53%

Core Plus Rea Estate (Net) 29 23 1 19 17.92% 9.05% 17.90% 16.07% 20.04%UBS Trumbull Property G&I (Net) 29 23 1 19 17.92% 9.05% 17.90% 16.07% 20.04%Callan OE Core Cmngld RE 7.26% 7.42% 11.48% 13.80% 11.53%

Non-Core Real Estate 7 35 37 47 4214.27% 10.68% 17.22% 15.41% 13.12%AEW Partners VI 35 12 45 63 379.24% 21.79% 15.56% 13.24% 15.30%AEW Partners VII 1 47 60 6021.58% 9.07% 12.30% 13.77% -AEW Partners VIII 850.41% - - - -Heitman VP III 4 18 27 3916.13% 17.18% 19.01% 19.35% -AG Core Plus II 97 92 14 82 62(18.70%) (13.26%) 24.93% 4.97% 9.39%AG Core Plus III 76 64 8 23 153.72% 5.83% 31.08% 26.43% 24.92%AG Core Plus IV 8 4513.35% 9.78% - - -Invesco VA Fund IV 7 64 5113.98% 5.84% 13.95% - -TA Associates Realty Fund X 1 33 45 66 6118.44% 11.23% 15.32% 12.39% 9.52%TA Associates Realty Fund XI 26 6510.04% 5.24% - - -Westbrook RE Fund X 1 1021.91% 23.69% - - - NCREIF Total Index 61 58 66 64 497.19% 6.97% 10.64% 12.98% 11.21%Callan Real Est Val Add 7.82% 8.76% 14.22% 15.00% 11.15%



Private Equity 9 3 13 6 1916.66% 20.12% 10.62% 14.87% 19.95%Pathway PEF XXIII 8 2 15 6 1817.39% 25.37% 9.78% 13.94% 21.86%Pathway PEF SRS 2013 2 5 17 41 9123.05% 17.13% 8.68% (7.39%) 1.36%Pathway PEF 2016 395.52% - - - -GCM Grosvenor Private Markets 13 4 10 4 2211.66% 18.69% 13.00% 18.58% 18.66%GCM Grosvenor 2014 9 25 36 3216.12% 6.44% 0.93% (3.58%) - Private Equity Benchmark (9) 8 3 20 10 1617.39% 20.90% 7.05% 10.43% 27.63%Callan Alterntive Inv DB 3.16% (0.75%) (3.53%) (12.98%) 10.31%



* Current Quarter Target = 27.0% Russell 3000 Index, 22.0% MSCI ACWI ex US IMI, 20.0% Blmbg Aggregate, 12.0% MSCIACWI IMI, 10.0% NCREIF Total Index, 8.0% S&P 500 Index+3.0% and 1.0% Citi 1 Mo T-Bill.



The table below details the rates of return and peer group rankings for the Fund’s investment managers over various timeperiods. Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The firstset of returns for each asset class represents the composite returns for all the fund’s accounts for that asset class.

1/4 Year 1/4 Year 1/4 Year 1/4 YearEnded Ended Ended Ended6/2018 3/2018 12/2017 9/2017

Domestic Equity 59 34 49 833.96% (0.00%) 6.16% 4.06% Russell 3000 Index 63 63 30 513.89% (0.64%) 6.34% 4.57% Domestic Eq Custom Benchmark (1) 54 59 40 514.12% (0.58%) 6.22% 4.57%Pub Pln- Dom Equity 4.20% (0.43%) 6.13% 4.58%

Large Cap Equity 48 59 41 633.40% (0.70%) 6.93% 4.17%Russell 1000 Index 43 59 56 583.57% (0.69%) 6.59% 4.48%Callan Large Cap 3.29% (0.31%) 6.76% 4.74%

Managed Large Cap Equity 40 60 26 793.38% (0.52%) 7.35% 3.82%Callan Large Cap Core 3.11% (0.42%) 6.78% 4.58%

Eagle Capital 26 11 12 803.63% 0.71% 7.66% 3.76% S&P 500 Index 38 67 56 563.43% (0.76%) 6.64% 4.48%Callan Large Cap Core 3.11% (0.42%) 6.78% 4.58%

Wedgewood Partners 62 98 3 655.09% (0.57%) 8.92% 4.96% Russell 1000 Growth Index 50 79 15 325.76% 1.42% 7.86% 5.90%Callan Large Cap Growth 5.76% 3.01% 6.92% 5.40%

Northern Trust 1000 Value 60 661.17% (2.83%) - - Russell 1000 Value Index 60 66 79 801.18% (2.83%) 5.33% 3.11%Callan Large Cap Value 1.51% (2.23%) 6.52% 4.09%

Northern Trust S&P 500 39 68 56 573.42% (0.80%) 6.63% 4.41% S&P 500 Index 38 67 56 563.43% (0.76%) 6.64% 4.48%Callan Large Cap Core 3.11% (0.42%) 6.78% 4.58%

Mid Cap Equity 39 47 78 583.39% 0.36% 4.87% 3.72% Russell MidCap Index 50 57 45 672.82% (0.46%) 6.07% 3.47%Callan Mid Capitalization 2.81% (0.07%) 5.89% 4.09%

Boston Company 30 69 61 373.30% (1.32%) 6.49% 4.64% Russell MidCap Index 43 52 70 752.82% (0.46%) 6.07% 3.47%Callan Mid Cap Core 2.47% (0.37%) 6.64% 4.14%

Wellington Mid Cap 40 28 83 202.72% (1.26%) 4.52% 4.71% Russell MidCap Value Idx 45 76 46 862.41% (2.50%) 5.50% 2.14%Callan Mid Cap Value 2.38% (1.82%) 5.42% 3.49%

Artisan Partners 30 35 91 944.15% 3.82% 3.57% 1.78% Russell MidCap Growth Idx 62 65 27 313.16% 2.17% 6.81% 5.28%Callan Mid Cap Growth 3.59% 2.98% 6.02% 4.53%

Small Cap Equity 40 27 40 837.55% 3.05% 4.56% 3.87% Russell 2000 Index 38 54 66 457.75% (0.08%) 3.34% 5.67%Callan Small Cap 7.17% 0.22% 3.94% 5.46%

Dimensional Fund Advisors 16 46 53 377.65% (2.14%) 3.25% 6.03% Russell 2000 Value Index 12 64 74 568.30% (2.64%) 2.05% 5.11%Callan Small Cap Value 6.00% (2.20%) 3.33% 5.29%

Wellington Small Cap 41 5 6 777.08% 2.96% 5.93% 4.14% Russell 2000 Index 30 55 58 327.75% (0.08%) 3.34% 5.67%Callan Small Cap Core 6.86% 0.25% 3.40% 5.22%

Riverbridge Partners 68 4 84 958.19% 8.86% 3.75% 1.48% Russell 2000 Growth Index 81 77 75 507.23% 2.30% 4.59% 6.22%Callan Small Cap Growth 9.27% 4.32% 5.29% 6.22%





Global Equity 26 52 36 532.11% (0.58%) 6.00% 5.33%Acadian Global Equity 56 81 25 650.53% (1.68%) 6.38% 4.87%Epoch Investments 7 90 33 173.67% (2.52%) 6.07% 6.88%Harding-Loevner 32 12 13 471.61% 2.32% 7.03% 5.47%Longview 18 46 81 832.66% (0.42%) 4.52% 3.91% Global Equity Benchmark (2) 54 63 47 530.72% (0.89%) 5.72% 5.32%Callan Global Equity 0.88% (0.50%) 5.60% 5.40%

International Equity 76 47 36 85(3.28%) (0.02%) 5.16% 5.22% International Equity Benchmark (3) 50 87 34 45(2.61%) (1.06%) 5.23% 6.27% International Eq Custom BM (4) 10 95 30 68(1.37%) (1.43%) 5.35% 5.80%Pub Pln- Intl Equity (2.61%) (0.06%) 4.87% 6.16%

Developed Markets 31 46 29 87(0.92%) (1.02%) 4.61% 4.19% MSCI EAFE Index 43 68 45 68(1.24%) (1.53%) 4.23% 5.40%Callan NonUS Dev Core Eq (1.43%) (1.06%) 4.15% 5.69%

EAFE Composite 39 61 45 89(1.04%) (1.36%) 4.21% 3.73%Northern Trust EAFE 39 61(1.03%) (1.37%) - - MSCI EAFE Index 43 68 45 68(1.24%) (1.53%) 4.23% 5.40%Callan NonUS Dev Core Eq (1.43%) (1.06%) 4.15% 5.69%

Small Cap 17 52 50 85(0.52%) 0.13% 6.06% 5.97%Mondrian 2 85 43 842.27% (1.43%) 6.15% 6.02% MSCI World Small Cap x US 20 68 54 72(0.94%) (0.50%) 5.83% 7.26%Fidelity 80 27 52 86(3.45%) 1.81% 5.95% 5.93% MSCI ACWI Sm Cap ex US 58 63 27 74(2.60%) (0.35%) 6.56% 6.90%Callan Intl Small Cap (1.94%) 0.21% 6.07% 8.60%

All Country ex US 50 36 48 64(1.58%) (0.12%) 4.94% 5.55%Arrowstreet Capital 81 22 45 48(3.28%) 0.59% 5.01% 6.24%Baillie Gifford 18 47 39 770.54% (0.60%) 5.25% 5.07%Marathon Asset Mgmt 58 45 58 75(2.00%) (0.54%) 4.47% 5.18% MSCI ACWI ex-US IMI Index 69 60 39 47(2.61%) (1.06%) 5.23% 6.27%Non-U.S. Equity Database (1.56%) (0.73%) 4.86% 6.16%

Emerging Markets 87 41 63 78(10.30%) 2.03% 6.53% 6.75%Lazard Emerging Markets 98 40 54 79(12.64%) 2.04% 6.75% 6.60%Fisher Investments 47 41 69 77(7.97%) 2.00% 6.31% 6.80% MSCI Emerging Mkts Idx 46 57 42 54(7.96%) 1.42% 7.44% 7.89%Callan Emerging Broad (8.19%) 1.64% 6.98% 7.98%

Total Equity 47 39 44 700.92% (0.12%) 5.78% 4.64% MSCI ACWI IMI 54 63 47 530.72% (0.89%) 5.72% 5.32% Total Equity Custom Benchmark (5) 48 61 42 530.92% (0.85%) 5.81% 5.33%Callan Global Equity 0.88% (0.50%) 5.60% 5.40%





Domestic Fixed-Income 78 74 30 39(0.14%) (1.18%) 0.71% 1.19% Blmbg Aggregate Index 80 88 68 75(0.16%) (1.46%) 0.39% 0.85%Pub Pln- Dom Fixed 0.06% (0.93%) 0.54% 1.06%

Core Fixed Income 16 49 62 410.01% (1.36%) 0.44% 0.95% Blmbg Aggregate Index 65 76 74 82(0.16%) (1.46%) 0.39% 0.85%Callan Core Bond FI (0.12%) (1.36%) 0.52% 0.92%

PIMCO 7 38 61 120.12% (1.33%) 0.46% 1.11%Manulife Asset Management 11 28 60 520.06% (1.24%) 0.47% 0.91%Northern Trust Blmbg Aggregate 62 85(0.15%) (1.50%) - - Blmbg Aggregate Index 65 76 74 82(0.16%) (1.46%) 0.39% 0.85%Callan Core Bond FI (0.12%) (1.36%) 0.52% 0.92%

Core Plus 63 25 6 13(0.27%) (1.04%) 0.94% 1.40%Loomis Sayles 65 6 13 23(0.28%) (0.67%) 0.83% 1.35%Prudential Core Plus 60 73 3 9(0.25%) (1.39%) 1.05% 1.44% Blmbg Aggregate Index 47 81 82 95(0.16%) (1.46%) 0.39% 0.85%Callan Core Plus FI (0.18%) (1.20%) 0.62% 1.12%

Emerging Markets Debt 17 78 27 63(3.16%) (1.22%) 1.36% 3.12%Wellington EMD 17 78 27 63(3.16%) (1.22%) 1.36% 3.12% EMBI Global Dvsfd Index 23 94 40 82(3.54%) (1.74%) 1.16% 2.63%Emerging Debt Database (5.79%) 0.09% 1.00% 3.35%

Global Fixed Income 33 55 79 50(0.03%) (0.01%) 0.52% 1.04%PIMCO Global 30 56 68 290.12% (0.03%) 0.65% 1.32%AllianceBernstein Global 46 49 87 83(0.18%) 0.02% 0.39% 0.77% Blmbg Global Agg (Hedged) 26 68 49 810.19% (0.12%) 0.80% 0.78%Callan Global FI (Hedged) (0.19%) 0.01% 0.80% 1.05%

Total Fixed Income 91 48 30 20(0.41%) (0.91%) 0.73% 1.35% Blmbg Aggregate Index 80 88 68 75(0.16%) (1.46%) 0.39% 0.85% Total Fixed Inc Custom Benchmark (6) 91 70 47 53(0.41%) (1.15%) 0.57% 1.01%Pub Pln- Dom Fixed 0.06% (0.93%) 0.54% 1.06%





REIT Composite 4 98 93 746.55% (5.26%) 3.77% 1.52% REIT Comp Custom Benchmark (7) 1 100 98 937.71% (5.86%) 2.90% 1.11%Callan Global REITs 4.50% (3.59%) 4.65% 1.95%

Centersquare 23 82 23 329.36% (7.49%) 3.33% 1.33% FTSE NAREIT Equity Index 14 96 88 5310.04% (8.20%) 1.51% 0.94%Callan Real Estate REIT 8.57% (6.70%) 2.49% 1.06%

Cohen & Steers 79 17 62 583.57% (2.77%) 4.27% 1.74% EPRA/NAREIT Dev REIT Idx 17 85 86 545.45% (4.30%) 3.83% 1.84%Callan Global REITs 4.50% (3.59%) 4.65% 1.95%

Core Real Estate (Net) 43 45 51 471.93% 1.89% 1.88% 1.66%Principal Capital (Net) 25 42 53 212.29% 1.94% 1.87% 2.12%UBS Trumbull Property (Net) 63 65 16 701.54% 1.73% 2.18% 1.31%JPMCB Strategic Property (Net) 46 31 67 541.75% 2.00% 1.59% 1.52% NFI-ODCE Equal Weight Net 44 39 47 461.89% 1.96% 1.94% 1.68% NFI-ODCE Value Weight Net 45 37 56 481.81% 1.97% 1.85% 1.64%Callan OE Core Cmngld RE 1.70% 1.84% 1.89% 1.59%

Core Plus Real Estate (Net) 60 24 8 831.59% 2.09% 2.86% 1.17%UBS Trumbull Property G&I (Net) 60 24 8 831.59% 2.09% 2.86% 1.17%Callan OE Core Cmngld RE 1.70% 1.84% 1.89% 1.59%

Non-Core Real Estate 12 58 21 243.36% 2.11% 5.11% 3.01%AEW Partners VI 57 72 29 361.95% 1.10% 3.47% 2.43%AEW Partners VII 23 72 8 52.73% 1.14% 10.44% 5.96%AEW Partners VIII 82 90 14 951.07% (0.69%) 7.38% (6.84%)Heitman VP III 10 41 16 423.86% 2.74% 6.63% 2.07%AG Core Plus II 94 90 98 92(1.10%) (0.69%) (15.21%) (2.38%)AG Core Plus III 1 88 85 896.58% (0.41%) (0.91%) (1.39%)AG Core Plus IV 1 76 65 106.13% 0.90% 1.29% 4.50%Invesco VA Fund IV 12 50 20 373.24% 2.30% 5.55% 2.24%TA Associates Realty Fund X 13 20 21 93.09% 4.11% 5.20% 4.90%TA Associates Realty Fund XI 56 69 23 382.02% 1.44% 4.07% 2.18%Westbrook RE Fund X 7 12 22 114.52% 7.29% 4.29% 4.25% NCREIF Total Index 62 66 54 491.81% 1.70% 1.80% 1.70%Callan Real Est Val Add 2.13% 2.35% 1.93% 1.64%

Timber Composite 7.14% 2.62% 1.23% 2.82%Hancock Timber Portfolio 7.14% 2.62% 1.23% 2.82% NCREIF Timberland Index 0.48% 0.92% 1.52% 0.60%

Total Real Estate 16 73 33 433.12% 1.00% 2.67% 1.86% Real Estate Benchmark (8) 58 59 56 481.81% 1.70% 1.80% 1.70%Callan Total Real Est DB 2.04% 1.97% 1.98% 1.60%

Private Equity 20 5 45 194.35% 3.29% 3.87% 4.21%Pathway PEF XXIII 22 5 46 73.30% 3.16% 3.62% 6.30%Pathway PEF SRS 2013 17 4 37 86.54% 4.39% 4.57% 5.81%Pathway PEF 2016 17 21 98 615.82% 0.77% (2.85%) 1.86%GCM Grosvenor Private Markets 23 5 46 773.28% 3.32% 3.81% 0.80%GCM Grosvenor 2014 21 16 44 73.79% 1.53% 3.97% 5.99% Private Equity Benchmark (9) 20 33 12 134.11% (0.00%) 7.26% 5.13%Callan Alterntive Inv DB 0.65% (0.67%) 2.68% 2.53%

Cash 99 38 57 690.41% 0.37% 0.27% 0.32% 1mo T-Bill 99 49 58 940.42% 0.35% 0.26% 0.24%Callan Cash Database 0.53% 0.34% 0.29% 0.34%

Total Fund 31 47 6 441.11% 0.10% 4.34% 3.68%Policy Benchmark* 36 87 2 101.04% (0.57%) 4.37% 4.00%Very Lg Pub Fds (>10B) 0.89% 0.07% 3.92% 3.65%



Quarterly Total Fund Relative Attribution - June 30, 2018

The following analysis approaches Total Fund Attribution from the perspective of relative return. Relative return attributionseparates and quantifies the sources of total fund excess return relative to its target. This excess return is separated into tworelative attribution effects: Asset Allocation Effect and Manager Selection Effect. The Asset Allocation Effect represents theexcess return due to the actual total fund asset allocation differing from the target asset allocation. Manager Selection Effectrepresents the total fund impact of the individual managers excess returns relative to their benchmarks.

Asset Class Under or Overweighting

(1.0%) (0.8%) (0.6%) (0.4%) (0.2%) 0.0% 0.2% 0.4% 0.6%

Domestic Equity (0.34 )

Total Fixed Income 0.37

Real Estate (0.10 )

International Equity 0.36

Global Equity 0.03

Private Equity (0.69 )

Cash Composite 0.37

Domestic Equity

Total Fixed Income

Real Estate


Global Equity

Private Equity

Cash Composite

Total

Actual vs Target Returns

(6%) (4%) (2%) 0% 2% 4% 6%

3.963.89

(0.41 )(0.16 )

3.121.81

(3.28 )(2.61 )

2.110.72

4.354.11

0.410.42

1.111.04

Actual Target

Relative Attribution by Asset Class

(0.30%) (0.20%) (0.10%) 0.00% 0.10% 0.20% 0.30%

Manager Effect Asset Allocation Total

Relative Attribution Effects for Quarter ended June 30, 2018

Effective Effective TotalActual Target Actual Target Manager Asset Relative

Asset Class Weight Weight Return Return Effect Allocation ReturnDomestic Equity 27% 27% 3.96% 3.89% 0.02% (0.01%) 0.01%Total Fixed Income 20% 20% (0.41%) (0.16%) (0.05%) (0.01%) (0.06%)Real Estate 10% 10% 3.12% 1.81% 0.13% (0.00%) 0.13%International Equity 22% 22% (3.28%) (2.61%) (0.16%) (0.01%) (0.17%)Global Equity 12% 12% 2.11% 0.72% 0.17% (0.00%) 0.17%Private Equity 7% 8% 4.35% 4.11% 0.02% (0.02%) (0.00%)Cash Composite 1% 1% 0.41% 0.42% (0.00%) (0.00%) (0.00%)

Total = + +1.11% 1.04% 0.11% (0.05%) 0.07%




Cumulative Total Fund Relative Attribution - June 30, 2018

The charts below accumulate the Total Fund Attribution Analysis (shown earlier) over multiple periods to examine thecumulative sources of excess total fund performance relative to target. These cumulative results quantify the longer-termsources of total fund excess return relative to target by asset class. These relative attribution effects separate the cumulativesources of total fund excess return into Asset Allocation Effect and Manager Selection Effect.

One Year Relative Attribution Effects

(0.4%) (0.2%) 0.0% 0.2% 0.4% 0.6%

Domestic Equity

Total Fixed Income

Real Estate


Global Equity

Private Equity

Cash Composite

Total


Cumulative Relative Attribution Effects

(0.6%)

(0.4%)

(0.2%)

0.0%

0.2%

0.4%

0.6%

2017 2018

Manager Effect

Asset Allocation

Total

One Year Relative Attribution Effects


Asset Class Weight Weight Return Return Effect Allocation ReturnDomestic Equity 29% 27% 14.84% 14.78% (0.01%) 0.05% 0.03%Total Fixed Income 19% 20% 0.75% (0.40%) 0.21% 0.14% 0.35%Real Estate 10% 10% 8.92% 7.19% 0.18% (0.02%) 0.16%International Equity 23% 22% 6.99% 7.75% (0.17%) (0.02%) (0.18%)Global Equity 12% 12% 13.34% 11.14% 0.26% (0.04%) 0.23%Private Equity 7% 8% 16.66% 17.39% (0.05%) (0.07%) (0.13%)Cash Composite 1% 1% 1.37% 1.27% 0.00% (0.02%) (0.02%)

Total = + +9.48% 9.05% 0.42% 0.01% 0.43%






Three Year Annualized Relative Attribution Effects

(0.4%) (0.2%) 0.0% 0.2% 0.4% 0.6% 0.8%

Domestic Equity

Total Fixed Income

Real Estate


Global Equity

Private Equity

Cash Composite

Total



(0.5%)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

2015 2016 2017 2018

Manager Effect

Asset Allocation

Total

Three Year Annualized Relative Attribution Effects


Asset Class Weight Weight Return Return Effect Allocation ReturnDomestic Equity 31% 27% 10.86% 11.58% (0.24%) 0.13% (0.11%)Total Fixed Income 20% 20% 3.30% 1.72% 0.31% 0.05% 0.36%Real Estate 10% 10% 9.63% 8.25% 0.14% (0.02%) 0.12%International Equity 22% 22% 6.38% 5.46% 0.19% 0.01% 0.20%Global Equity 9% 12% 9.64% 8.40% 0.14% (0.05%) 0.09%Private Equity 7% 8% 15.73% 14.96% 0.01% (0.09%) (0.08%)Cash Composite 1% 1% 0.69% 0.60% 0.00% (0.03%) (0.03%)

Total = + +8.38% 7.84% 0.54% 0.01% 0.54%






Five Year Annualized Relative Attribution Effects

(0.4%) (0.2%) 0.0% 0.2% 0.4% 0.6%

Domestic Equity

Total Fixed Income

Real Estate


Global Equity

Private Equity

Cash Composite

Total



(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

2013 2014 2015 2016 2017 2018

Manager Effect

Asset Allocation

Total

Five Year Annualized Relative Attribution Effects


Asset Class Weight Weight Return Return Effect Allocation ReturnDomestic Equity 34% 28% 12.70% 13.29% (0.20%) 0.20% 0.00%Total Fixed Income 20% 20% 3.62% 2.27% 0.27% (0.04%) 0.24%Real Estate 10% 10% 10.40% 9.77% 0.06% 0.00% 0.06%International Equity 22% 22% 6.92% 6.39% 0.11% (0.02%) 0.09%Global Equity 8% 11% 11.13% 9.54% 0.13% (0.05%) 0.09%Private Equity 6% 8% 16.39% 16.45% (0.00%) (0.18%) (0.18%)Cash Composite 1% 1% 0.51% 0.37% 0.00% (0.03%) (0.03%)

Total = + +9.32% 9.04% 0.37% (0.10%) 0.27%




Actual vs Target Historical Asset Allocation

The Historical asset allocation for a fund is by far the largest factor explaining its performance. The charts below show thefund’s historical actual asset allocation, the fund’s historical target asset allocation, and the historical asset allocation of theaverage fund in the Callan Public Fund Sponsor - Large (>1B).

Actual Historical Asset Allocation

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

08 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Cash

Absolute Return

Private Equity

Real Estate

Total Fixed Income


Global Equity

Domestic Equity

Target Historical Asset Allocation

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

08 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Cash

Absolute Return

Private Equity

Real Estate

Total Fixed Income


Global Equity

Domestic Equity

Average Callan Public Fund Sponsor - Large (>1B) Historical Asset Allocation

0% 0%

10% 10%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

90% 90%

100% 100%

08 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Private Equity

Real Assets

Cash Equiv

Global Balanced

Global Equity Broad

Hedge Funds

Intl Fixed-Inc

Other Alternatives

Real Estate

Intl Equity

Domestic Fixed

Domestic Broad Eq




Asset Class Rankings

The charts below show the rankings of each asset class component of the Total Fund relative to appropriate comparativedatabases. In the upper right corner of each graph is the weighted average of the rankings across the different asset classes.The weights of the fund’s actual asset allocation are used to make this calculation. The weighted average ranking can beviewed as a measure of the fund’s overall success in picking managers and structuring asset classes.

Total Asset Class PerformanceOne Year Ended June 30, 2018

Re

turn

s

(10%)

(5%)

0%

5%

10%

15%

20%

25%

Pub Pln- Callan Global Pub Pln- Intl Pub Pln- Pub Pln- Real Callan Alterntive CallanDom Equity Equity Equity Dom Fixed Estate Inv DB Cash

(57)(58)(34)

(53)

(75)(55)

(37)(89)

(10)(82)

(9)(8)

(74)(84)

10th Percentile 18.49 20.42 10.17 2.34 8.92 13.95 1.7725th Percentile 16.30 15.06 9.02 1.36 8.60 8.79 1.64

Median 15.02 11.43 8.05 0.26 8.25 3.16 1.5675th Percentile 13.92 8.42 6.99 (0.09) 7.91 0.10 1.3690th Percentile 12.82 5.59 6.03 (0.42) 5.11 (4.22) 1.08

Asset Class Composite 14.84 13.34 6.99 0.75 8.92 16.66 1.37

Composite Benchmark 14.78 11.14 7.75 (0.40) 7.19 17.39 1.27

WeightedRanking

47

Total Asset Class PerformanceFive Years Ended June 30, 2018

Re

turn

s

(10%)

(5%)

0%

5%

10%

15%

20%

Pub Pln- Callan Global Pub Pln- Intl Pub Pln- Pub Pln- Real Callan Alterntive CallanDom Equity Equity Equity Dom Fixed Estate Inv DB Cash

(71)(37)

(41)(73)

(52)(74)

(20)(76)

(50)(65)

(1)(1)

(90)(100)


Median 13.14 10.63 7.12 2.82 10.40 0.49 0.7675th Percentile 12.64 9.38 6.28 2.30 9.37 (5.25) 0.6690th Percentile 11.82 8.09 4.96 1.67 9.00 (6.53) 0.51

Asset Class Composite 12.70 11.13 6.92 3.62 10.40 16.39 0.51

Composite Benchmark 13.29 9.54 6.39 2.27 9.77 16.45 0.37

WeightedRanking

48




Total FundPeriod Ended June 30, 2018

Investment Philosophy*Current Total Fund Target is 27.0% Russell 3000 Index, 22.0% MSCI ACWI ex US IMI, 20.0% Blmbg AggregateIndex,12.0% MSCI ACWI IMI, 10.0% NCREIF Total Index, 8.0% S&P 500 Index+3.0% and 1.0% Citi 1 Mo T-Bill.

Quarterly Summary and HighlightsTotal Fund’s portfolio posted a 1.11% return for the quarterplacing it in the 31 percentile of the Very Large Public Funds(>10B) group for the quarter and in the 28 percentile for thelast year.

Total Fund’s portfolio outperformed the Policy Benchmark*by 0.07% for the quarter and outperformed the PolicyBenchmark* for the year by 0.43%.

Quarterly Asset Growth

Beginning Market Value $28,016,589,523

Net New Investment $-176,316,257

Investment Gains/(Losses) $309,469,811

Ending Market Value $28,149,743,077

Performance vs Very Large Public Funds (>10B) (Gross)

0%

2%

4%

6%

8%

10%

12%

Last Quarter FYTD Last 3 Years Last 5 Years Last 7 Years Last 10 Years Last 15 Years

(31)(36)

(28)(38)

(14)(35)

(14)(28)

(23)(47)

(14)(48)

(65)(86)


Median 0.89 8.89 7.56 8.71 8.12 6.82 8.0475th Percentile 0.71 8.31 7.24 8.27 7.58 6.54 7.8690th Percentile 0.11 7.26 7.09 8.04 7.35 6.23 7.56

Total Fund 1.11 9.48 8.38 9.32 8.59 7.45 7.88

Policy Benchmark* 1.04 9.05 7.84 9.04 8.15 6.87 7.61

Relative Return vs Policy Benchmark*

Rela

tive

Re

turn

s

(0.6%)

(0.4%)

(0.2%)

0.0%

0.2%

0.4%

0.6%

0.8%

2013 2014 2015 2016 2017 2018

Total Fund

Very Large Public Funds (>10B) (Gross)Annualized Five Year Risk vs Return

3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.06.5%

7.0%

7.5%

8.0%

8.5%

9.0%

9.5%

10.0%

Total Fund

Policy Benchmark*

Standard Deviation

Re

turn

s


Total FundReturn Analysis Summary

Return AnalysisThe graphs below analyze the manager’s return on both a risk-adjusted and unadjusted basis. The first chart illustrates themanager’s ranking over different periods versus the appropriate style group. The second chart shows the historical quarterlyand cumulative manager returns versus the appropriate market benchmark. The last chart illustrates the manager’s rankingrelative to their style using various risk-adjusted return measures.

Performance vs Very Large Public Funds (>10B) (Gross)

(5%)

0%

5%

10%

15%

20%

25%

30%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011 2010 2009

3779

2012

1456

4843

5053

2248 441

8566

855

14

50

10th Percentile 2.00 18.07 9.46 2.16 8.65 19.50 14.75 2.75 14.41 24.3425th Percentile 1.32 17.31 8.63 1.34 7.95 17.33 14.16 1.46 13.95 22.86

Median 0.91 16.24 8.23 0.50 6.92 15.25 13.57 0.56 13.36 20.2175th Percentile 0.59 14.46 7.88 (0.20) 6.10 13.74 12.65 (0.11) 12.33 17.3090th Percentile (0.36) 13.26 6.66 (1.76) 5.32 9.77 11.62 (0.94) 11.39 12.63

Total Fund 1.20 17.40 9.24 0.57 6.93 17.86 15.17 (0.64) 14.63 24.15

PolicyBenchmark* 0.46 17.77 8.07 0.81 6.90 15.62 13.79 0.18 12.97 20.22

Cumulative and Quarterly Relative Return vs Policy Benchmark*

Re

lative

Re

turn

s

(5%)

(4%)

(3%)

(2%)

(1%)

0%

1%

2%

2013 2014 2015 2016 2017 2018

Total Fund Very Lg Pub Fds (>10B)

Risk Adjusted Return Measures vs Policy Benchmark*Rankings Against Very Large Public Funds (>10B) (Gross)Five Years Ended June 30, 2018

(1.5)

(1.0)

(0.5)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Alpha Sharpe Excess ReturnRatio Ratio

(64)

(59)

(5)

10th Percentile 2.23 2.16 0.3125th Percentile 1.58 1.86 0.05

Median 0.83 1.71 (0.25)75th Percentile 0.24 1.58 (0.44)90th Percentile (0.68) 1.40 (0.73)

Total Fund 0.41 1.66 0.49


Total EquityPeriod Ended June 30, 2018

Quarterly Summary and HighlightsTotal Equity’s portfolio posted a 0.92% return for the quarterplacing it in the 47 percentile of the Callan Global Equitygroup for the quarter and in the 49 percentile for the lastyear.

Total Equity’s portfolio outperformed the MSCI ACWI IMI by0.20% for the quarter and outperformed the MSCI ACWI IMIfor the year by 0.44%.






Performance vs Callan Global Equity (Gross)

(5%)

0%

5%

10%

15%

20%

25%

Last Quarter Fiscal Year Last 3 Years Last 5 Years Last 7 Years Last 10 Years Last 15 Years

A(47)B(48)(54)

A(49)B(50)(53)

A(45)B(50)(58)

A(51)B(57)(72) A(48)

B(62)(81) A(37)

B(64)(81)

B(69)A(73)(80)


Median 0.88 11.43 8.77 10.63 9.63 7.47 9.2875th Percentile (0.46) 8.42 7.35 9.38 8.48 6.47 8.8290th Percentile (1.76) 5.59 6.07 8.09 7.36 5.40 8.23

Total Equity A 0.92 11.58 9.13 10.49 9.71 7.93 8.87Total Equity

Custom Benchmark (5) B 0.92 11.53 8.80 10.20 9.01 6.97 8.92

MSCI ACWI IMI 0.72 11.14 8.34 9.60 8.09 6.14 8.54

Relative Return vs MSCI ACWI IMI

Rela

tive

Re

turn

s

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2.0%

2013 2014 2015 2016 2017 2018

Total Equity

Callan Global Equity (Gross)Annualized Five Year Risk vs Return

0 5 10 15 200%

5%

10%

15%

20%

25%

30%

Total Equity Custom Benchmark (5)

MSCI ACWI IMITotal Equity

Standard Deviation

Re

turn

s


Total EquityReturn Analysis Summary



(30%)(20%)(10%)

0%10%20%30%40%50%60%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011 2010 2009

A(41)B(50)54

B(61)A(69)

62A(16)B(25)28

B(71)A(73)74

B(40)A(41)57

A(53)B(65)78 A(40)

B(61)64

A(34)B(47)65

A(21)B(34)38

B(43)A(56)

37

10th Percentile 5.69 34.08 11.31 5.64 8.14 34.42 22.95 1.00 19.59 51.1425th Percentile 2.32 29.20 8.91 2.75 6.59 30.87 19.82 (2.86) 16.14 40.82

Median 0.10 25.37 6.20 0.17 4.57 27.96 17.49 (6.04) 13.21 33.4375th Percentile (1.71) 22.33 3.22 (2.50) 2.17 23.95 15.41 (9.20) 11.02 28.5390th Percentile (3.60) 18.68 0.72 (4.97) 0.38 19.78 13.38 (12.92) 8.73 24.38

Total Equity A 0.80 23.00 10.10 (2.04) 5.18 27.69 18.36 (4.45) 16.86 32.73Total Equity

Custom Benchmark (5) B 0.06 24.08 8.85 (1.85) 5.23 25.45 16.66 (5.91) 14.82 34.75

MSCI ACWI IMI (0.18) 23.95 8.36 (2.19) 3.84 23.55 16.38 (7.89) 14.34 36.42

Cumulative and Quarterly Relative Return vs MSCI ACWI IMI

Re

lative

Re

turn

s

(2%)

(1%)

0%

1%

2%

3%

4%

5%

6%

2013 2014 2015 2016 2017 2018

Total Equity Total Equity Custom Benchmark (5) Callan Global Equity

Risk Adjusted Return Measures vs MSCI ACWI IMIRankings Against Callan Global Equity (Gross)Five Years Ended June 30, 2018

(3)

(2)

(1)

0

1

2

3

4

5

6


A(52)B(56)

A(37)B(40)

B(4)A(16)


Median 1.04 1.15 0.3375th Percentile (0.13) 0.99 (0.07)90th Percentile (1.66) 0.84 (0.45)

Total Equity A 1.00 1.23 0.79Total Equity Custom Benchmark (5) B 0.76 1.21 1.36


Do

me

stic

Eq

uity

Domestic Equity

Domestic EquityPeriod Ended June 30, 2018

Quarterly Summary and HighlightsDomestic Equity’s portfolio posted a 3.96% return for thequarter placing it in the 59 percentile of the Public Fund -Domestic Equity group for the quarter and in the 57percentile for the last year.

Domestic Equity’s portfolio outperformed the Russell 3000Index by 0.07% for the quarter and outperformed the Russell3000 Index for the year by 0.06%.






Performance vs Public Fund - Domestic Equity (Gross)

0%

5%

10%

15%

20%

25%


B(54)A(59)(63)

B(53)A(57)(58)

B(51)A(75)

(39)

B(53)A(71)

(37) B(45)A(51)

(26)

A(29)B(36)(44) B(34)

A(40)(62)



Domestic Equity A 3.96 14.84 10.86 12.70 12.67 10.49 9.83Domestic Eq Custom

Benchmark (1) B 4.12 14.97 11.41 13.07 12.80 10.43 9.94

Russell 3000 Index 3.89 14.78 11.58 13.29 13.01 10.23 9.61

Relative Return vs Russell 3000 Index

Rela

tive

Re

turn

s

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

2013 2014 2015 2016 2017 2018

Domestic Equity

Public Fund - Domestic Equity (Gross)Annualized Five Year Risk vs Return

5 6 7 8 9 10 119%

10%

11%

12%

13%

14%

15%

16%

Domestic Eq Custom Benchmark (1)

Domestic Equity

Russell 3000 Index

Standard Deviation

Re

turn

s


Domestic EquityReturn Analysis Summary


Performance vs Public Fund - Domestic Equity (Gross)

(10%)

0%

10%

20%

30%

40%

50%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011 2010 2009

A(43)B(59)67

B(55)A(66)

39B(34)A(57)54

B(55)A(76)

39

B(48)A(48)

14

A(35)B(58)65

A(19)B(27)38

A(38)B(47)

36

A(30)B(32)74

A(50)B(52)66


Median 3.81 20.50 12.86 0.19 11.32 34.39 16.08 0.33 17.92 29.5175th Percentile 2.92 19.06 11.63 (1.03) 10.05 33.11 15.15 (1.19) 16.90 27.3590th Percentile 2.10 18.20 9.85 (2.49) 8.41 31.95 14.16 (2.61) 15.71 25.69

Domestic Equity A 3.96 19.82 12.66 (1.10) 11.38 35.06 16.99 0.97 19.17 29.51Domestic Eq Custom

Benchmark (1) B 3.51 20.33 13.67 0.09 11.40 33.94 16.68 0.53 19.06 29.31

Russell3000 Index 3.22 21.13 12.74 0.48 12.56 33.55 16.42 1.03 16.93 28.34

Cumulative and Quarterly Relative Return vs Russell 3000 Index

Re

lative

Re

turn

s

(4%)

(3%)

(2%)

(1%)

0%

1%

2%

2013 2014 2015 2016 2017 2018

Domestic Equity Domestic Eq Custom Benchmark (1) Pub Pln- Dom Equity

Risk Adjusted Return Measures vs Russell 3000 IndexRankings Against Public Fund - Domestic Equity (Gross)Five Years Ended June 30, 2018

(2.5)(2.0)(1.5)(1.0)(0.5)

0.00.51.01.52.02.5


B(62)A(78)

B(50)A(66)

B(64)A(85)


Median (0.30) 1.70 (0.11)75th Percentile (0.80) 1.59 (0.39)90th Percentile (1.80) 1.44 (0.82)

Domestic Equity A (0.87) 1.64 (0.63)Domestic Eq Custom Benchmark (1) B (0.49) 1.70 (0.28)


Eagle CapitalPeriod Ended June 30, 2018

Investment PhilosophyEagle believes that a team driven process adds value via stock selection. The team emphasizes undervalued growthstocks, focusing on companies that are expected to grow for at least five years at rates well above those implicit in thecurrent stock price. The Fund’s inception date is January 2005. *Benchmark was changed to S&P 500 in 1Q 2014.

Quarterly Summary and HighlightsEagle Capital’s portfolio posted a 3.63% return for thequarter placing it in the 26 percentile of the Callan LargeCap Core group for the quarter and in the 19 percentile forthe last year.

Eagle Capital’s portfolio outperformed the S&P 500 Index by0.20% for the quarter and outperformed the S&P 500 Indexfor the year by 2.21%.


Beginning Market Value $962,521,428



Ending Market Value $995,908,602

Performance vs Callan Large Cap Core (Gross)

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Last Quarter Last Last 3 Years Last 5 Years Last 7 Years Last 10 Years Last 13-1/4Year Years

(26)(38)

(19)

(45)

(14)(27)

(15)(49)

(9)(43)

(1)

(54)

(2)

(68)



Eagle Capital 3.63 16.58 12.54 14.26 14.30 12.73 11.43

S&P 500 Index 3.43 14.37 11.93 13.42 13.23 10.17 8.75

Relative Return vs S&P 500 Index

Rela

tive

Re

turn

s

(6%)

(4%)

(2%)

0%

2%

4%

6%

2013 2014 2015 2016 2017 2018

Eagle Capital

Callan Large Cap Core (Gross)Annualized Five Year Risk vs Return

6 7 8 9 10 118%

9%

10%

11%

12%

13%

14%

15%

16%

17%

Eagle Capital

S&P 500 Index

Standard Deviation

Re

turn

s


Eagle CapitalReturn Analysis Summary



(10%)

0%

10%

20%

30%

40%

50%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011 2010 2009

1050

1748

2421

5251

8148

1177

1648

1036

1

42

7

50



Eagle Capital 4.36 24.12 11.79 1.35 12.30 37.51 17.81 6.17 21.86 35.47

S&P 500 Index 2.65 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.47

Cumulative and Quarterly Relative Return vs S&P 500 Index

Re

lative

Re

turn

s

(6%)

(4%)

(2%)

0%

2%

4%

6%

2013 2014 2015 2016 2017 2018

Eagle Capital Callan Large Cap Core

Risk Adjusted Return Measures vs S&P 500 IndexRankings Against Callan Large Cap Core (Gross)Five Years Ended June 30, 2018

(4)

(3)

(2)

(1)

0

1

2

3


(24)

(38)

(20)



Eagle Capital 0.72 1.77 0.25


Eagle CapitalHistorical Consistency Analysis

Consistency of Excess Return and Relative Std. Dev.The first chart below illustrates the consistency of excess return over rolling three year periods versus the S&P 500 Index.The gray area represents the range of excess return for the 10th through 90th percentile for the Callan Large Cap Core. Thesecond chart below illustrates the consistency of relative std. dev. over rolling three year periods. The tables providesummary statistics for the median manager of the group and the portfolio.

Rolling Three Year Excess Return Relative to S&P 500 IndexFive Years Ended June 30, 2018

Exce

ss R

etu

rn

-4

-3

-2

-1

0

1

2

3

4

5

2013 2014 2015 2016 2017 2018

Eagle Capital

Rolling Three Year Period Analysis Median Portfolio

Average Annual Excess Return (0.02) 0.99%% Positive Periods 50% 75%Average Ranking 50 28

Rolling Three Year Relative Std. Dev. Relative to S&P 500 IndexFive Years Ended June 30, 2018

Re

lative

Std

. D

ev.

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2013 2014 2015 2016 2017 2018

Eagle Capital


Average Annual Relative Std. Dev. 1.07% 1.04%% Positive Periods 100% 100%Average Ranking 50 58


Wedgewood PartnersPeriod Ended June 30, 2018

Investment PhilosophyWedgewood employs a contrarian and valuation-focused growth investment approach. The team looks for businesses inthe large-cap growth space that possess a superior product or superior service. They seek businesses that have a historyof significant and consistent profitability levels over the course of full economic cycles. The investment mindset of the teammembers is solidly focused on investing as ’owners’ of businesses rather than traders of pieces of stock certificate paper.The Fund’s inception date is November 2014.

Quarterly Summary and HighlightsWedgewood Partners’s portfolio posted a 5.09% return forthe quarter placing it in the 62 percentile of the Callan LargeCap Growth group for the quarter and in the 71 percentile forthe last year.

Wedgewood Partners’s portfolio underperformed the Russell1000 Growth Index by 0.67% for the quarter andunderperformed the Russell 1000 Growth Index for the yearby 3.06%.



Net New Investment $-524,159



Performance vs Callan Large Cap Growth (Gross)

0%

5%

10%

15%

20%

25%

30%

35%

Last Quarter Last Year Last 3 Years Last 3-1/2 Years

(62)(50)

(71)

(51)

(100)

(32)

(99)

(36)

10th Percentile 7.83 29.07 16.72 16.1625th Percentile 6.78 27.23 15.43 14.80

Median 5.76 22.56 13.98 13.1475th Percentile 4.48 19.01 12.44 11.9790th Percentile 3.27 16.27 11.61 11.17

WedgewoodPartners 5.09 19.45 8.84 7.40

Russell 1000Growth Index 5.76 22.51 14.98 13.96

Relative Return vs Russell 1000 Growth Index

Rela

tive

Re

turn

s

(6%)

(5%)

(4%)

(3%)

(2%)

(1%)

0%

1%

2%

3%

2015 2016 2017 2018

Wedgewood Partners

Callan Large Cap Growth (Gross)Annualized Three and One-Half Year Risk vs Return

4 6 8 10 12 14 16 186%

8%

10%

12%

14%

16%

18%

20%

22%

Wedgewood Partners

Russell 1000 Growth Index

Standard Deviation

Re

turn

s


Wedgewood PartnersReturn Analysis Summary


Performance vs Callan Large Cap Growth (Gross)

(20%)

(10%)

0%

10%

20%

30%

40%

50%

12/17- 6/18 2017 2016 2015

(91)(65)

(98)

(44)

(9)(8)

(99)

(60)


Median 8.83 28.84 3.39 6.4375th Percentile 6.26 27.06 1.66 3.7690th Percentile 4.51 24.59 (2.03) 2.18

Wedgewood Partners 4.49 21.10 6.90 (5.09)


Cumulative and Quarterly Relative Return vs Russell 1000 Growth Index

Re

lative

Re

turn

s

(25%)

(20%)

(15%)

(10%)

(5%)

0%

5%

2015 2016 2017 2018

Wedgewood Partners Callan Large Cap Growth

Risk Adjusted Return Measures vs Russell 1000 Growth IndexRankings Against Callan Large Cap Growth (Gross)Three and One-Half Years Ended June 30, 2018

(6)

(5)

(4)

(3)

(2)

(1)

0

1

2

3


(92)

(96)

(99)



Wedgewood Partners (4.38) 0.87 (1.64)


Wedgewood PartnersHistorical Consistency Analysis

Consistency of Excess Return and Relative Std. Dev.The first chart below illustrates the consistency of excess return over rolling one year periods versus the Russell 1000Growth Index. The gray area represents the range of excess return for the 10th through 90th percentile for the Callan LargeCap Growth. The second chart below illustrates the consistency of relative std. dev. over rolling one year periods. The tablesprovide summary statistics for the median manager of the group and the portfolio.

Rolling One Year Excess Return Relative to Russell 1000 Growth IndexTwo and One-Half Years Ended June 30, 2018

Exce

ss R

etu

rn

-15

-10

-5

0

5

10

15

2016 2017 2018

Wedgewood Partners

Rolling One Year Period Analysis Median Portfolio

Average Annual Excess Return (1.31) (6.11)% Positive Periods 30% 0%Average Ranking 50 83

Rolling One Year Relative Std. Dev. Relative to Russell 1000 Growth IndexTwo and One-Half Years Ended June 30, 2018

Re

lative

Std

. D

ev.

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

2016 2017 2018

Wedgewood Partners




Northern Trust 1000 ValuePeriod Ended June 30, 2018

Investment PhilosophyNorthern Trust believes that a passive approach to portfolio management will provide index-like returns with minimaltransaction costs. The Fund’s inception date is December 2017.

Quarterly Summary and HighlightsNorthern Trust 1000 Value’s portfolio posted a 1.17% returnfor the quarter placing it in the 60 percentile of the CallanLarge Cap Value group for the quarter and in the 63percentile for the last one-half year.

Northern Trust 1000 Value’s portfolio underperformed theRussell 1000 Value Index by 0.01% for the quarter andunderperformed the Russell 1000 Value Index for theone-half year by 0.00%.






Performance vs Callan Large Cap Value (Gross)

(4%)

(3%)

(2%)

(1%)

0%

1%

2%

3%

4%

5%

Last Quarter Last 1/2 Year

(60)(60)

(63)(63)

10th Percentile 3.45 1.2525th Percentile 2.51 0.64

Median 1.51 (0.95)75th Percentile 0.69 (2.05)90th Percentile (0.07) (2.74)

NorthernTrust 1000 Value 1.17 (1.69)

Russell 1000Value Index 1.18 (1.69)

Relative Return vs Russell 1000 Value Index

Rela

tive

Re

turn

s

(0.01%)

0.00%

0.01%

2018

Northern Trust 1000 Value

Cumulative Returns vsRussell 1000 Value Index

Cum

ula

tive

Re

lative

Re

turn

s

(0.2%)

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

2018

Northern Trust 1000 Value

Callan Large Cap Value


Northern Trust S&P 500Period Ended June 30, 2018

Investment PhilosophyNorthern Trust seeks to replicate the risk and returns of the S&P 500 equity index and believes that a passive approach toportfolio management will provide index-like returns with minimal transaction costs. The Fund’s inception date is June1985.

Quarterly Summary and HighlightsNorthern Trust S&P 500’s portfolio posted a 3.42% return forthe quarter placing it in the 39 percentile of the Callan LargeCap Core group for the quarter and in the 46 percentile forthe last year.

Northern Trust S&P 500’s portfolio underperformed the S&P500 Index by 0.01% for the quarter and underperformed theS&P 500 Index for the year by 0.15%.







0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Last Quarter Last Last 3 Years Last 5 Years Last 7 Years Last 10 Years Last 15 YearsYear

(39)(38)

(46)(45)

(29)(27)

(51)(49) (44)(43)

(55)(54)(83)(81)



NorthernTrust S&P 500 3.42 14.23 11.85 13.36 13.19 10.14 9.29

S&P 500 Index 3.43 14.37 11.93 13.42 13.23 10.17 9.30

Relative Return vs S&P 500 Index

Rela

tive

Re

turn

s

(0.15%)

(0.10%)

(0.05%)

0.00%

0.05%

0.10%

0.15%

2013 2014 2015 2016 2017 2018

Northern Trust S&P 500

Callan Large Cap Core (Gross)Annualized Five Year Risk vs Return

6 7 8 9 10 118%

9%

10%

11%

12%

13%

14%

15%

16%

17%

S&P 500 Index

Northern Trust S&P 500

Standard Deviation

Re

turn

s


Northern Trust S&P 500Return Analysis Summary



(10%)

0%

10%

20%

30%

40%

50%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011 2010 2009

5450

4948

2321

4951

4848

7777

5348

3536

4142

5050



NorthernTrust S&P 500 2.59 21.72 11.84 1.43 13.69 32.42 15.76 2.21 15.21 26.26

S&P 500 Index 2.65 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.47

Cumulative and Quarterly Relative Return vs S&P 500 Index

Re

lative

Re

turn

s

(2.0%)

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

2013 2014 2015 2016 2017 2018

Northern Trust S&P 500 Callan Large Cap Core

Risk Adjusted Return Measures vs S&P 500 IndexRankings Against Callan Large Cap Core (Gross)Five Years Ended June 30, 2018

(4)

(3)

(2)

(1)

0

1

2

3


(49)

(28)

(90)



Northern Trust S&P 500 (0.09) 1.84 (0.69)


Boston CompanyPeriod Ended June 30, 2018

Investment PhilosophyBoston Company Asset Management uses a bottom up investment approach to identify mid cap stocks that areundervalued, possess strong fundamentals, improving momentum, and are underfollowed by Wall Street analysts. TheFund’s inception date is October 2001.

Quarterly Summary and HighlightsBoston Company’s portfolio posted a 3.30% return for thequarter placing it in the 30 percentile of the Callan Mid CapCore group for the quarter and in the 57 percentile for thelast year.

Boston Company’s portfolio outperformed the RussellMidCap Index by 0.48% for the quarter and outperformedthe Russell MidCap Index for the year by 1.26%.






Performance vs Callan Mid Cap Core (Gross)

0%

5%

10%

15%

20%

25%


(30)(43)

(57)(71)

(88)

(64)

(83)(79)

(87)(74) (19)

(77)

(21)

(66)



Boston Company 3.30 13.59 7.31 11.01 11.27 11.95 12.66

Russell MidCap Index 2.82 12.33 9.58 12.22 11.89 10.23 11.17

Relative Return vs Russell MidCap Index

Rela

tive

Re

turn

s

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

2013 2014 2015 2016 2017 2018

Boston Company

Callan Mid Cap Core (Gross)Annualized Five Year Risk vs Return

6 7 8 9 10 118%

9%

10%

11%

12%

13%

14%

15%

16%

17%

Boston Company

Russell MidCap Index

Standard Deviation

Re

turn

s


Boston CompanyReturn Analysis Summary


Performance vs Callan Mid Cap Core (Gross)

(20%)(10%)

0%10%20%30%40%50%60%70%80%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011 2010 2009

5835

9251 2249

9669

6435

2163

2060

6247

2944

4

22


Median 2.06 18.55 13.58 0.11 12.55 35.89 18.23 (2.09) 24.67 35.0875th Percentile 1.15 17.06 11.00 (2.89) 7.87 32.97 13.39 (6.72) 21.59 31.7390th Percentile (0.99) 16.17 8.52 (5.88) 5.71 30.49 10.95 (8.14) 17.04 25.73

BostonCompany 1.94 15.95 17.76 (9.36) 10.65 41.69 20.73 (4.65) 26.31 63.79

RussellMidCap Index 2.35 18.52 13.80 (2.44) 13.22 34.76 17.28 (1.55) 25.48 40.48

Cumulative and Quarterly Relative Return vs Russell MidCap Index

Re

lative

Re

turn

s

(12%)

(10%)

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

2013 2014 2015 2016 2017 2018

Boston Company Callan Mid Cap Core

Risk Adjusted Return Measures vs Russell MidCap IndexRankings Against Callan Mid Cap Core (Gross)Five Years Ended June 30, 2018

(6)

(4)

(2)

0

2

4

6


(96)

(96)

(83)


Median 0.50 1.51 0.2475th Percentile (0.45) 1.34 0.1490th Percentile (1.96) 1.11 (0.64)

Boston Company (4.29) 1.01 (0.25)


Boston CompanyHistorical Consistency Analysis

Consistency of Excess Return and Relative Std. Dev.The first chart below illustrates the consistency of excess return over rolling three year periods versus the Russell MidCapIndex. The gray area represents the range of excess return for the 10th through 90th percentile for the Callan Mid Cap Core.The second chart below illustrates the consistency of relative std. dev. over rolling three year periods. The tables providesummary statistics for the median manager of the group and the portfolio.

Rolling Three Year Excess Return Relative to Russell MidCap IndexFive Years Ended June 30, 2018

Exce

ss R

etu

rn

-8

-6

-4

-2

0

2

4

6

8

2013 2014 2015 2016 2017 2018

Boston Company


Average Annual Excess Return 0.98% (0.55)% Positive Periods 100% 40%Average Ranking 50 65

Rolling Three Year Relative Std. Dev. Relative to Russell MidCap IndexFive Years Ended June 30, 2018

Re

lative

Std

. D

ev.

0.80

1.00

1.20

1.40

1.60

1.80

2.00

2013 2014 2015 2016 2017 2018

Boston Company




Wellington Mid CapPeriod Ended June 30, 2018

Investment PhilosophyWellington Management Company, LLP aims to add value through bottom-up, fundamentally driven security selection.The approach employs a contrarian perspective - favoring securities that appear to be misunderstood or undervalued in themarketplace. The Fund’s inception date is October 2001.

Quarterly Summary and HighlightsWellington Mid Cap’s portfolio posted a 2.72% return for thequarter placing it in the 40 percentile of the Callan Mid CapValue group for the quarter and in the 38 percentile for thelast year.

Wellington Mid Cap’s portfolio outperformed the RussellMidCap Value Idx by 0.32% for the quarter andoutperformed the Russell MidCap Value Idx for the year by3.41%.






Performance vs Callan Mid Cap Value (Gross)

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


(40)(45)

(38)

(73) (71)

(48)

(53)(54) (54)(54) (38)

(70)

(56)(74)



Wellington Mid Cap 2.72 11.01 7.66 11.35 11.66 11.33 11.43

Russell MidCapValue Idx 2.41 7.60 8.80 11.27 11.70 10.06 11.04

Relative Return vs Russell MidCap Value Idx

Rela

tive

Re

turn

s

(5%)

(4%)

(3%)

(2%)

(1%)

0%

1%

2%

3%

4%

5%

2013 2014 2015 2016 2017 2018

Wellington Mid Cap

Callan Mid Cap Value (Gross)Annualized Five Year Risk vs Return

6 7 8 9 10 11 126%

8%

10%

12%

14%

16%

18%

Russell MidCap Value Idx

Wellington Mid Cap

Standard Deviation

Re

turn

s


Wellington Mid CapReturn Analysis Summary


Performance vs Callan Mid Cap Value (Gross)

(20%)

(10%)

0%

10%

20%

30%

40%

50%

60%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011 2010 2009

3265

6067 8039

2565

4818

47738

43

8850

3333

3147

10th Percentile 4.00 19.55 24.79 1.12 15.87 44.28 22.84 4.83 27.07 51.1625th Percentile 1.91 16.70 21.98 (0.60) 13.64 39.96 20.03 2.48 25.48 40.89

Median 0.35 14.42 17.31 (2.74) 10.84 34.99 17.82 (1.38) 23.13 34.1075th Percentile (0.96) 12.47 15.13 (6.42) 7.05 33.21 15.01 (4.73) 20.55 30.8590th Percentile (3.24) 9.22 12.32 (9.52) 4.28 31.01 11.40 (7.52) 19.83 25.42

WellingtonMid Cap 1.43 13.83 14.18 (0.62) 11.20 35.63 24.53 (6.56) 24.70 38.96

Russell MidCapValue Idx (0.16) 13.34 20.00 (4.78) 14.75 33.46 18.51 (1.38) 24.75 34.21

Cumulative and Quarterly Relative Return vs Russell MidCap Value Idx

Re

lative

Re

turn

s

(6%)

(4%)

(2%)

0%

2%

4%

6%

2013 2014 2015 2016 2017 2018

Wellington Mid Cap Callan Mid Cap Value

Risk Adjusted Return Measures vs Russell MidCap Value IdxRankings Against Callan Mid Cap Value (Gross)Five Years Ended June 30, 2018

(3)

(2)

(1)

0

1

2

3

4


(62)

(62)

(53)



Wellington Mid Cap (0.28) 1.22 0.02


Wellington Mid CapHistorical Consistency Analysis

Consistency of Excess Return and Relative Std. Dev.The first chart below illustrates the consistency of excess return over rolling three year periods versus the Russell MidCapValue Idx. The gray area represents the range of excess return for the 10th through 90th percentile for the Callan Mid CapValue. The second chart below illustrates the consistency of relative std. dev. over rolling three year periods. The tablesprovide summary statistics for the median manager of the group and the portfolio.

Rolling Three Year Excess Return Relative to Russell MidCap Value IdxFive Years Ended June 30, 2018

Exce

ss R

etu

rn

-8

-6

-4

-2

0

2

4

6

2013 2014 2015 2016 2017 2018

Wellington Mid Cap



Rolling Three Year Relative Std. Dev. Relative to Russell MidCap Value IdxFive Years Ended June 30, 2018

Re

lative

Std

. D

ev.

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2013 2014 2015 2016 2017 2018

Wellington Mid Cap




Artisan PartnersPeriod Ended June 30, 2018

Investment PhilosophyThe Artisan U.S. Mid-Cap Growth strategy employs a fundamental investment process to construct a diversified portfolio ofU.S. mid-cap growth companies. The team attempts to identify companies that possess franchise characteristics that areselling at attractive valuations. The Fund’s inception date is September 2002.

Quarterly Summary and HighlightsArtisan Partners’s portfolio posted a 4.15% return for thequarter placing it in the 30 percentile of the Callan Mid CapGrowth group for the quarter and in the 82 percentile for thelast year.

Artisan Partners’s portfolio outperformed the RussellMidCap Growth Idx by 0.99% for the quarter andunderperformed the Russell MidCap Growth Idx for the yearby 4.54%.






Performance vs Callan Mid Cap Growth (Gross)

0%

5%

10%

15%

20%

25%

30%


(30)(62)

(82)

(40)

(64)

(30)

(55)(40)

(40)(36) (7)(41)

(20)(41)



Artisan Partners 4.15 13.98 8.89 12.56 12.06 12.17 13.18

Russell MidCapGrowth Idx 3.16 18.52 10.73 13.37 12.16 10.45 12.35

Relative Return vs Russell MidCap Growth Idx

Rela

tive

Re

turn

s

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

10%

2013 2014 2015 2016 2017 2018

Artisan Partners

Callan Mid Cap Growth (Gross)Annualized Five Year Risk vs Return

5 10 156%

8%

10%

12%

14%

16%

18%

20%

22%

Russell MidCap Growth Idx

Artisan Partners

Standard Deviation

Re

turn

s


Artisan PartnersReturn Analysis Summary


Performance vs Callan Mid Cap Growth (Gross)

(20%)

(10%)

0%

10%

20%

30%

40%

50%

60%

70%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011 2010 2009

3167

7959

8719 1557

6623

2357

739

3941

865

1334


Median 6.88 25.94 4.14 0.05 8.77 36.34 14.77 (2.69) 28.47 42.0575th Percentile 4.04 22.53 2.36 (1.35) 5.99 34.12 12.16 (6.19) 25.34 36.2190th Percentile 2.34 19.72 (3.32) (3.57) 3.19 31.07 7.61 (8.98) 21.02 26.78

Artisan Partners 8.12 22.10 0.25 3.52 7.03 39.05 20.96 (1.15) 33.17 51.60

Russell MidCapGrowth Idx 5.40 25.27 7.33 (0.20) 11.90 35.74 15.81 (1.65) 26.38 46.29

Cumulative and Quarterly Relative Return vs Russell MidCap Growth Idx

Re

lative

Re

turn

s

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

2013 2014 2015 2016 2017 2018

Artisan Partners Callan Mid Cap Growth

Risk Adjusted Return Measures vs Russell MidCap Growth IdxRankings Against Callan Mid Cap Growth (Gross)Five Years Ended June 30, 2018

(5)

(4)

(3)

(2)

(1)

0

1

2

3


(56)

(81)

(55)



Artisan Partners (1.30) 1.18 (0.13)


Artisan PartnersHistorical Consistency Analysis

Consistency of Excess Return and Relative Std. Dev.The first chart below illustrates the consistency of excess return over rolling three year periods versus the Russell MidCapGrowth Idx. The gray area represents the range of excess return for the 10th through 90th percentile for the Callan Mid CapGrowth. The second chart below illustrates the consistency of relative std. dev. over rolling three year periods. The tablesprovide summary statistics for the median manager of the group and the portfolio.

Rolling Three Year Excess Return Relative to Russell MidCap Growth IdxFive Years Ended June 30, 2018

Exce

ss R

etu

rn

-8

-6

-4

-2

0

2

4

6

2013 2014 2015 2016 2017 2018

Artisan Partners


Average Annual Excess Return (0.92) (0.17)% Positive Periods 0% 40%Average Ranking 50 40

Rolling Three Year Relative Std. Dev. Relative to Russell MidCap Growth IdxFive Years Ended June 30, 2018

Re

lative

Std

. D

ev.

0.80

1.00

1.20

1.40

1.60

1.80

2.00

2013 2014 2015 2016 2017 2018

Artisan Partners




Dimensional Fund AdvisorsPeriod Ended June 30, 2018

Investment PhilosophyDFA’s investment philosophy stems from academic research conducted by Professors Eugene Fama and Kenneth Frenchthat finds that high book/market value stocks have higher expected returns than growth stocks. DFA’s quantitativeinvestment strategy in highly diversified portfolios of small companies with "deep" value characteristics is designed tocapture the returns of small value stocks The Fund’s inception date is July 2002.

Quarterly Summary and HighlightsDimensional Fund Advisors’s portfolio posted a 7.65% returnfor the quarter placing it in the 16 percentile of the CallanSmall Cap Value group for the quarter and in the 24percentile for the last year.

Dimensional Fund Advisors’s portfolio underperformed theRussell 2000 Value Index by 0.65% for the quarter andoutperformed the Russell 2000 Value Index for the year by2.23%.






Performance vs Callan Small Cap Value (Gross)

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


(16)(12)

(24)

(41)

(66)(44) (74)(79) (72)

(81) (68)

(89)

(54)

(94)



DimensionalFund Advisors 7.65 15.33 10.11 11.47 11.60 11.27 12.27

Russell 2000Value Index 8.30 13.10 11.22 11.18 11.10 9.88 10.83

Relative Return vs Russell 2000 Value Index

Rela

tive

Re

turn

s

(4%)

(3%)

(2%)

(1%)

0%

1%

2%

3%

2013 2014 2015 2016 2017 2018

Dimensional Fund Advisors

Callan Small Cap Value (Gross)Annualized Five Year Risk vs Return

8 9 10 11 12 13 14 154%

6%

8%

10%

12%

14%

16%

18%

Russell 2000 Value Index


Standard Deviation

Re

turn

s


Dimensional Fund AdvisorsReturn Analysis Summary


Performance vs Callan Small Cap Value (Gross)

(20%)(10%)

0%10%20%30%40%50%60%70%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011 2010 2009

2423 6965

3114

8383

8482

2281

3350

8565

1876

44

77

10th Percentile 6.79 15.38 32.58 (0.16) 10.62 47.16 23.97 3.20 34.18 54.9625th Percentile 5.23 12.28 31.17 (2.23) 8.75 42.51 21.27 (0.13) 31.06 46.07

Median 3.71 9.19 27.86 (3.73) 5.81 38.72 18.12 (3.72) 27.38 33.6175th Percentile 2.10 7.41 24.91 (5.95) 4.85 35.78 14.93 (6.40) 24.79 23.3790th Percentile 0.45 6.00 21.44 (11.23) 2.31 33.27 10.98 (9.65) 21.82 15.28

DimensionalFund Advisors 5.35 7.54 29.92 (7.31) 3.89 43.29 20.65 (8.35) 33.19 35.38

Russell 2000Value Index 5.44 7.84 31.74 (7.47) 4.22 34.52 18.05 (5.50) 24.50 20.58

Cumulative and Quarterly Relative Return vs Russell 2000 Value Index

Re

lative

Re

turn

s

(5%)

0%

5%

10%

2013 2014 2015 2016 2017 2018

Dimensional Fund Advisors Callan Small Cap Value

Risk Adjusted Return Measures vs Russell 2000 Value IndexRankings Against Callan Small Cap Value (Gross)Five Years Ended June 30, 2018

(1)

0

1

2

3

4

5


(93)

(85)

(71)


Median 2.13 1.07 0.3275th Percentile 1.27 0.97 0.0690th Percentile 0.67 0.88 (0.18)

Dimensional Fund Advisors 0.31 0.90 0.11


Dimensional Fund AdvisorsHistorical Consistency Analysis

Consistency of Excess Return and Relative Std. Dev.The first chart below illustrates the consistency of excess return over rolling three year periods versus the Russell 2000Value Index. The gray area represents the range of excess return for the 10th through 90th percentile for the Callan SmallCap Value. The second chart below illustrates the consistency of relative std. dev. over rolling three year periods. The tablesprovide summary statistics for the median manager of the group and the portfolio.

Rolling Three Year Excess Return Relative to Russell 2000 Value IndexFive Years Ended June 30, 2018

Exce

ss R

etu

rn

-5

0

5

10

2013 2014 2015 2016 2017 2018



Average Annual Excess Return 1.85% 1.12%% Positive Periods 95% 60%Average Ranking 50 65

Rolling Three Year Relative Std. Dev. Relative to Russell 2000 Value IndexFive Years Ended June 30, 2018

Re

lative

Std

. D

ev.

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2013 2014 2015 2016 2017 2018





Wellington Small CapPeriod Ended June 30, 2018

Investment PhilosophyThe investment objective of the Small Cap 2000 Portfolio is to achieve long-term total return in excess of the Russell 2000Index by focusing on adding value through security selection. The Portfolio invests in equity securities of US companies,emphasizing those that have above-average potential for capital appreciation. The Fund’s inception date is July 2002.

Quarterly Summary and HighlightsWellington Small Cap’s portfolio posted a 7.08% return forthe quarter placing it in the 41 percentile of the Callan SmallCap Core group for the quarter and in the 16 percentile forthe last year.

Wellington Small Cap’s portfolio underperformed the Russell2000 Index by 0.68% for the quarter and outperformed theRussell 2000 Index for the year by 4.05%.






Performance vs Callan Small Cap Core (Gross)

0%

5%

10%

15%

20%

25%

30%


(41)(30)

(16)

(38)

(23)

(56)

(8)

(71)

(8)

(73)

(12)

(77)

(4)

(79)



WellingtonSmall Cap 7.08 21.61 12.70 16.20 15.37 13.99 14.36

Russell 2000 Index 7.75 17.57 10.96 12.46 11.83 10.60 11.55

Relative Return vs Russell 2000 Index

Rela

tive

Re

turn

s

(3%)

(2%)

(1%)

0%

1%

2%

3%

4%

5%

6%

7%

2013 2014 2015 2016 2017 2018

Wellington Small Cap

Callan Small Cap Core (Gross)Annualized Five Year Risk vs Return

6 7 8 9 10 11 12 136%

8%

10%

12%

14%

16%

18%

20%

22%

Russell 2000 Index


Standard Deviation

Re

turn

s


Wellington Small CapReturn Analysis Summary


Performance vs Callan Small Cap Core (Gross)

(20%)(10%)

0%10%20%30%40%50%60%70%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011 2010 2009

1546

541 7541

6080

3175

1

65

5655

7585

8552

4

58


Median 7.00 13.36 20.61 (1.80) 7.41 40.02 16.91 (0.36) 27.41 28.4175th Percentile 4.85 11.46 18.69 (3.79) 4.75 37.27 14.78 (3.13) 24.47 22.8890th Percentile 2.50 8.15 15.48 (7.93) 0.26 34.69 12.15 (6.67) 21.94 18.06

WellingtonSmall Cap 10.24 20.59 18.66 (2.26) 8.33 56.53 16.13 (3.14) 22.75 47.95

Russell2000 Index 7.66 14.65 21.31 (4.41) 4.89 38.82 16.35 (4.18) 26.85 27.17

Cumulative and Quarterly Relative Return vs Russell 2000 Index

Re

lative

Re

turn

s

(5%)

0%

5%

10%

15%

20%

25%

2013 2014 2015 2016 2017 2018

Wellington Small Cap Callan Small Cap Core

Risk Adjusted Return Measures vs Russell 2000 IndexRankings Against Callan Small Cap Core (Gross)Five Years Ended June 30, 2018

(2)

(1)

0

1

2

3

4

5


(24)

(37)(14)


Median 2.31 1.24 0.3075th Percentile 0.92 1.11 (0.08)90th Percentile 0.18 0.99 (0.47)

Wellington Small Cap 3.23 1.29 0.92


Wellington Small CapHistorical Consistency Analysis

Consistency of Excess Return and Relative Std. Dev.The first chart below illustrates the consistency of excess return over rolling three year periods versus the Russell 2000Index. The gray area represents the range of excess return for the 10th through 90th percentile for the Callan Small CapCore. The second chart below illustrates the consistency of relative std. dev. over rolling three year periods. The tablesprovide summary statistics for the median manager of the group and the portfolio.

Rolling Three Year Excess Return Relative to Russell 2000 IndexFive Years Ended June 30, 2018

Exce

ss R

etu

rn

-5

0

5

10

2013 2014 2015 2016 2017 2018




Rolling Three Year Relative Std. Dev. Relative to Russell 2000 IndexFive Years Ended June 30, 2018

Re

lative

Std

. D

ev.

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2013 2014 2015 2016 2017 2018





Riverbridge PartnersPeriod Ended June 30, 2018

Investment PhilosophyRiverbridge believes earnings power determines the value of a franchise. They focus on companies that are buildingearnings power and intrinsic value of the company over long periods of time. They also look for high-quality growthcompanies that demonstrate the ability to sustain strong secular earnings growth, regardless of overall economicconditions. The Fund’s inception date is December 2013.

Quarterly Summary and HighlightsRiverbridge Partners’s portfolio posted a 8.19% return forthe quarter placing it in the 68 percentile of the Callan SmallCap Growth group for the quarter and in the 68 percentile forthe last year.

Riverbridge Partners’s portfolio outperformed the Russell2000 Growth Index by 0.95% for the quarter andoutperformed the Russell 2000 Growth Index for the year by2.14%.






Performance vs Callan Small Cap Growth (Gross)

0%

5%

10%

15%

20%

25%

30%

35%

40%


(68)(81)

(68)(82)

(15)

(68) (40)(65)


Median 9.27 27.96 12.29 10.8975th Percentile 7.57 22.98 9.95 9.4690th Percentile 6.79 19.48 8.43 7.27

Riverbridge Partners 8.19 24.00 16.33 11.43


Relative Return vs Russell 2000 Growth Index

Rela

tive

Re

turn

s

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

2014 2015 2016 2017 2018

Riverbridge Partners

Callan Small Cap Growth (Gross)Annualized Four and One-Half Year Risk vs Return

6 8 10 12 14 16 184%

6%

8%

10%

12%

14%

16%

18%


Russell 2000 Growth Index

Standard Deviation

Re

turn

s


Riverbridge PartnersReturn Analysis Summary


Performance vs Callan Small Cap Growth (Gross)

(20%)

(10%)

0%

10%

20%

30%

40%

12/17- 6/18 2017 2016 2015 2014

(20)

(82)

(56)(70)

(20)(36)

(62)(50) (71)(32)

10th Percentile 19.10 32.41 16.12 5.28 10.4225th Percentile 17.40 29.36 12.41 1.96 7.20

Median 14.16 25.76 8.62 (1.29) 3.4075th Percentile 10.42 21.58 5.55 (4.36) (0.64)90th Percentile 8.54 16.51 1.59 (7.38) (7.54)

Riverbridge Partners 17.77 24.25 14.17 (2.57) (0.02)

Russell 2000Growth Index 9.70 22.17 11.32 (1.38) 5.60

Cumulative and Quarterly Relative Return vs Russell 2000 Growth Index

Re

lative

Re

turn

s

(15%)

(10%)

(5%)

0%

5%

10%

2014 2015 2016 2017 2018

Riverbridge Partners Callan Small Cap Growth

Risk Adjusted Return Measures vs Russell 2000 Growth IndexRankings Against Callan Small Cap Growth (Gross)Four and One-Half Years Ended June 30, 2018

(4)

(3)

(2)

(1)

0

1

2

3

4

5

6


(17)

(26)(45)



Riverbridge Partners 2.97 0.98 0.17


Riverbridge PartnersHistorical Consistency Analysis

Consistency of Excess Return and Relative Std. Dev.The first chart below illustrates the consistency of excess return over rolling one year periods versus the Russell 2000Growth Index. The gray area represents the range of excess return for the 10th through 90th percentile for the Callan SmallCap Growth. The second chart below illustrates the consistency of relative std. dev. over rolling one year periods. The tablesprovide summary statistics for the median manager of the group and the portfolio.

Rolling One Year Excess Return Relative to Russell 2000 Growth IndexThree and One-Half Years Ended June 30, 2018

Exce

ss R

etu

rn

-20

-15

-10

-5

0

5

10

15

20

2015 2016 2017 2018




Rolling One Year Relative Std. Dev. Relative to Russell 2000 Growth IndexThree and One-Half Years Ended June 30, 2018

Re

lative

Std

. D

ev.

0

1

2

3

4

5

6

2015 2016 2017 2018





Glo

ba

l Eq

uity

Global Equity

Global EquityPeriod Ended June 30, 2018

Quarterly Summary and HighlightsGlobal Equity’s portfolio posted a 2.11% return for thequarter placing it in the 26 percentile of the Callan GlobalEquity group for the quarter and in the 34 percentile for thelast year.

Global Equity’s portfolio outperformed the Global EquityBenchmark (2) by 1.38% for the quarter and outperformedthe Global Equity Benchmark (2) for the year by 2.20%.







(5%)

0%

5%

10%

15%

20%

25%

Last Quarter FYTD Last 3 Years Last 5 Years Last 7 Years Last 10 Years Last 12-3/4Years

(26)

(54)

(34)

(53)

(36)

(58)

(41)

(73) (48)

(79)

(90)(84)(77)

(88)



Global Equity 2.11 13.34 9.64 11.13 9.71 5.49 6.64

Global EquityBenchmark (2) 0.72 11.14 8.40 9.54 8.29 5.88 6.14

Relative Returns vsGlobal Equity Benchmark (2)

Rela

tive

Re

turn

s

(2.0%)

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

2013 2014 2015 2016 2017 2018

Global Equity


0 5 10 15 200%

5%

10%

15%

20%

25%

30%

Global Equity

Global Equity Benchmark (2)

Standard Deviation

Re

turn

s


Global EquityReturn Analysis Summary



(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

50%

60%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011 2010 2009

3454

3162

53286575

2853

5581

6964

1544

807195

69



Global Equity 1.51 27.95 5.90 (1.02) 6.04 27.32 15.84 (1.49) 10.18 21.15

Global EquityBenchmark (2) (0.18) 23.95 8.36 (2.48) 4.16 22.80 16.41 (5.54) 11.76 29.99

Cumulative and Quarterly Relative Return vs Global Equity Benchmark (2)

Re

lative

Re

turn

s

(4%)

(2%)

0%

2%

4%

6%

8%

10%

2013 2014 2015 2016 2017 2018

Global Equity Callan Global Equity

Risk Adjusted Return Measures vs Global Equity Benchmark (2)Rankings Against Callan Global Equity (Gross)Five Years Ended June 30, 2018

(3)

(2)

(1)

0

1

2

3

4

5

6


(37) (28)(18)



Global Equity 1.58 1.28 0.76


Acadian Global EquityPeriod Ended June 30, 2018

Investment PhilosophyAcadian’s Global Equity Strategy uses a disciplined, multi-factor approach to uncover attractively valued stocks with strongearnings prospects in both the US and non-US markets. Global Equity Benchmark is MSCI World Index through 6/30/2012and MSCI AC World Index thereafter. The Fund’s inception date is August 2005.

Quarterly Summary and HighlightsAcadian Global Equity’s portfolio posted a 0.53% return forthe quarter placing it in the 56 percentile of the Callan GlobalEquity group for the quarter and in the 63 percentile for thelast year.

Acadian Global Equity’s portfolio underperformed the GlobalEquity Benchmark (2) by 0.19% for the quarter andunderperformed the Global Equity Benchmark (2) for theyear by 0.87%.







(5%)

0%

5%

10%

15%

20%

25%


(56)(54)

(63)(53)

(68)(58)(65)(73) (58)

(79)

(93)(84) (85)(88)



AcadianGlobal Equity 0.53 10.27 7.81 9.92 9.12 5.09 6.32

Global EquityBenchmark (2) 0.72 11.14 8.40 9.54 8.29 5.88 6.14


Rela

tive

Re

turn

s

(4%)

(3%)

(2%)

(1%)

0%

1%

2%

3%

4%

2013 2014 2015 2016 2017 2018

Acadian Global Equity


0 5 10 15 200%

5%

10%

15%

20%

25%

30%



Standard Deviation

Re

turn

s


Acadian Global EquityReturn Analysis Summary



(30%)(20%)(10%)

0%10%20%30%40%50%60%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011 2010 2009

7154

5862

2628

85751253

5681

5364

1544

807195

69



AcadianGlobal Equity (1.16) 24.40 8.67 (4.30) 7.70 27.10 17.16 (1.49) 10.18 21.15

Global EquityBenchmark (2) (0.18) 23.95 8.36 (2.48) 4.16 22.80 16.41 (5.54) 11.76 29.99


Re

lative

Re

turn

s

(4%)

(2%)

0%

2%

4%

6%

8%

2013 2014 2015 2016 2017 2018

Acadian Global Equity Callan Global Equity


(3)

(2)

(1)

0

1

2

3

4

5

6


(64)(59)

(65)



Acadian Global Equity 0.31 1.11 0.15


Acadian Global EquityHistorical Consistency Analysis

Consistency of Excess Return and Relative Std. Dev.The first chart below illustrates the consistency of excess return over rolling three year periods versus the Global EquityBenchmark. The gray area represents the range of excess return for the 10th through 90th percentile for the Callan GlobalEquity. The second chart below illustrates the consistency of relative std. dev. over rolling three year periods. The tablesprovide summary statistics for the median manager of the group and the portfolio.

Rolling Three Year Excess Return Relative to Global Equity BenchmarkFive Years Ended June 30, 2018

Exce

ss R

etu

rn

-4

-2

0

2

4

6

8

2013 2014 2015 2016 2017 2018




Rolling Three Year Relative Std. Dev. Relative to Global Equity BenchmarkFive Years Ended June 30, 2018

Re

lative

Std

. D

ev.

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2013 2014 2015 2016 2017 2018





Epoch InvestmentsPeriod Ended June 30, 2018

Investment PhilosophyEpoch seeks to produce superior risk adjusted returns by building portfolios of businesses with outstanding risk/rewardprofiles without running a high degree of capital risk. They analyze businesses in the same manner private investors wouldin looking to purchase the entire company. The strategy only invests in businesses that are understood and where theyhave confidence in the financial statements. They seek businesses that generate "free cash flow" and securities that haveunrecognized potential yet possess a combination of above average yield, above average free cash flow growth, and/orbelow average valuation. Global Choice is a "best ideas" portfolio at Epoch with every stock held in other strategiesmanaged by the firm. Global Equity Benchmark is MSCI World Index through 6/30/2012 and MSCI AC World Indexthereafter. The Fund’s inception date is February 2012.

Quarterly Summary and HighlightsEpoch Investments’s portfolio posted a 3.67% return for thequarter placing it in the 7 percentile of the Callan GlobalEquity group for the quarter and in the 28 percentile for thelast year.

Epoch Investments’s portfolio outperformed the GlobalEquity Benchmark (2) by 2.94% for the quarter andoutperformed the Global Equity Benchmark (2) for the yearby 3.42%.







(5%)

0%

5%

10%

15%

20%

25%

Last Quarter Last Year Last 3 Years Last 5 Years Last 6-1/4 Years

(7)

(54)

(28)

(53)

(59)(58)(54)(73)

(50)(79)


Median 0.88 11.43 8.77 10.63 10.7375th Percentile (0.46) 8.42 7.35 9.38 9.6190th Percentile (1.76) 5.59 6.07 8.09 8.48

Epoch Investments 3.67 14.56 8.29 10.36 10.70

Global EquityBenchmark (2) 0.72 11.14 8.40 9.54 9.32


Rela

tive

Re

turn

s

(5%)

(4%)

(3%)

(2%)

(1%)

0%

1%

2%

3%

4%

5%

2013 2014 2015 2016 2017 2018

Epoch Investments


0 5 10 15 200%

5%

10%

15%

20%

25%

30%

Epoch Investments


Standard Deviation

Re

turn

s


Epoch InvestmentsReturn Analysis Summary



(10%)(5%)

0%5%

10%15%20%25%30%35%40%

12/17- 6/18 2017 2016 2015 2014 2013

(38)(54)

(17)

(62)

(94)

(28)

(45)(75)

(59)(53)

(14)

(81)

10th Percentile 5.69 34.08 11.31 5.64 8.14 34.4225th Percentile 2.32 29.20 8.91 2.75 6.59 30.87

Median 0.10 25.37 6.20 0.17 4.57 27.9675th Percentile (1.71) 22.33 3.22 (2.50) 2.17 23.9590th Percentile (3.60) 18.68 0.72 (4.97) 0.38 19.78

Epoch Investments 1.05 31.01 (0.46) 0.51 3.57 33.49

Global EquityBenchmark (2) (0.18) 23.95 8.36 (2.48) 4.16 22.80


Re

lative

Re

turn

s

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

2013 2014 2015 2016 2017 2018

Epoch Investments Callan Global Equity


(3)

(2)

(1)

0

1

2

3

4

5

6


(57)(68)

(62)



Epoch Investments 0.61 1.05 0.18


Harding-LoevnerPeriod Ended June 30, 2018

Investment PhilosophyHarding Loevner believes that investing in the shares of high-quality growth businesses at reasonable prices leads tosuperior risk-adjusted returns over the long term. The firm has defined four key criteria that a company must exhibit beforeit will be considered for investment: Competitive Advantage: a strong position within an industry with favorable globalcompetitive structure, as manifested by high and/or improving margins; Quality Management: track record of successfulmanagement (especially regarding capital allocation), with a clearly articulated business strategy and a consistent regardfor shareholders; Financial Strength: business-appropriate balance sheet and borrowing capacity availability, internal freecash flow generation capability; and Sustainable Growth: prospective growth of revenues, earnings, and cash flows. TheFund’s inception date is February 2012.

Quarterly Summary and HighlightsHarding-Loevner’s portfolio posted a 1.61% return for thequarter placing it in the 32 percentile of the Callan GlobalEquity group for the quarter and in the 16 percentile for thelast year.

Harding-Loevner’s portfolio outperformed the Global EquityBenchmark (2) by 0.88% for the quarter and outperformedthe Global Equity Benchmark (2) for the year by 6.21%.







(5%)

0%

5%

10%

15%

20%

25%


(32)(54)

(16)

(53)(8)

(58)

(9)

(73)(22)

(79)


Median 0.88 11.43 8.77 10.63 10.7375th Percentile (0.46) 8.42 7.35 9.38 9.6190th Percentile (1.76) 5.59 6.07 8.09 8.48

Harding-Loevner 1.61 17.36 13.77 13.71 11.97

Global EquityBenchmark (2) 0.72 11.14 8.40 9.54 9.32


Rela

tive

Re

turn

s

(4%)

(3%)

(2%)

(1%)

0%

1%

2%

3%

4%

5%

2013 2014 2015 2016 2017 2018

Harding-Loevner


0 5 10 15 200%

5%

10%

15%

20%

25%

30%

Harding-Loevner


Standard Deviation

Re

turn

s


Harding-LoevnerReturn Analysis Summary



(10%)(5%)

0%5%

10%15%20%25%30%35%40%

12/17- 6/18 2017 2016 2015 2014 2013

(18)(54)

(11)

(62)

(39)(28)

(25)(75)

(20)(53)

(86)(81)


Median 0.10 25.37 6.20 0.17 4.57 27.9675th Percentile (1.71) 22.33 3.22 (2.50) 2.17 23.9590th Percentile (3.60) 18.68 0.72 (4.97) 0.38 19.78

Harding-Loevner 3.96 33.45 7.44 2.65 6.89 21.39

Global EquityBenchmark (2) (0.18) 23.95 8.36 (2.48) 4.16 22.80


Re

lative

Re

turn

s

(10%)

(5%)

0%

5%

10%

15%

20%

25%

2013 2014 2015 2016 2017 2018

Harding-Loevner Callan Global Equity


(3)

(2)

(1)

0

1

2

3

4

5

6


(13)

(8) (3)



Harding-Loevner 4.00 1.55 1.51


LongviewPeriod Ended June 30, 2018

Investment PhilosophyLongview Global Equity seeks to consistently generate alpha by investing in a concentrated portfolio of global companies,within an absolute return framework. Their bottom-up approach invests in companies with strong business fundamentalsand attractive cash-based valuations. The Fund’s inception date is August 2015.

Quarterly Summary and HighlightsLongview’s portfolio posted a 2.66% return for the quarterplacing it in the 18 percentile of the Callan Global Equitygroup for the quarter and in the 55 percentile for the lastyear.

Longview’s portfolio outperformed the MSCI ACWI by 2.12%for the quarter and outperformed the MSCI ACWI for theyear by 0.29%.







(5%)

0%

5%

10%

15%

20%

25%

Last Quarter Last Year Last 2-3/4 Years

(18)

(56)

(55)(59)

(54)(58)


Median 0.88 11.43 13.4475th Percentile (0.46) 8.42 11.9190th Percentile (1.76) 5.59 10.45

Longview 2.66 11.02 13.24

MSCI ACWI 0.53 10.73 12.97

Relative Return vs MSCI ACWI

Rela

tive

Re

turn

s

(3%)

(2%)

(1%)

0%

1%

2%

3%

4%

5%

2015 2016 2017 2018

Longview

Cumulative Returns vs MSCI ACWI

Cum

ula

tive

Re

lative

Re

turn

s

(3.0%)

(2.5%)

(2.0%)

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2.0%

2015 2016 2017 2018

Longview

Callan Global Equity


Inte

rna

tion

al E

quity


International EquityPeriod Ended June 30, 2018

Quarterly Summary and HighlightsInternational Equity’s portfolio posted a (3.28)% return forthe quarter placing it in the 76 percentile of the Public Fund -International Equity group for the quarter and in the 75percentile for the last year.

International Equity’s portfolio underperformed theInternational Equity Benchmark (3) by 0.67% for the quarterand underperformed the International Equity Benchmark (3)for the year by 0.76%.




Investment Gains/(Losses) $-205,794,076


Performance vs Public Fund - International Equity (Gross)

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

10%

12%


B(10)

A(76)(50)

B(40)

A(75)(55)

A(43)B(50)

(69)

A(52)B(55)(74)

A(64)B(73)(79)

A(59)B(81)(83)

B(64)A(70)(68)

10th Percentile (1.36) 10.17 7.56 8.34 6.53 5.21 9.5625th Percentile (2.06) 9.02 6.87 7.84 6.00 4.59 8.93

Median (2.61) 8.05 6.22 7.12 5.15 3.64 8.3075th Percentile (3.28) 6.99 5.16 6.28 4.24 3.10 7.6390th Percentile (4.24) 6.03 4.62 4.96 2.71 2.15 6.86

International Equity A (3.28) 6.99 6.38 6.92 4.86 3.55 7.84Intl Eq Custom BM (4) B (1.37) 8.36 6.21 6.84 4.40 2.95 8.03

InternationalEquity Benchmark (3) (2.61) 7.75 5.46 6.39 4.08 2.73 7.87

Relative Returns vsInternational Equity Benchmark (3)

Re

lative

Re

turn

s

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

2013 2014 2015 2016 2017 2018


Public Fund - International Equity (Gross)Annualized Five Year Risk vs Return

8 9 10 11 12 13 14 15 160%

2%

4%

6%

8%

10%

12%

Intl Eq Custom BM (4)


International Equity Benchmark (3)

Standard Deviation

Re

turn

s


International EquityReturn Analysis Summary


Performance vs Public Fund - International Equity (Gross)

(30%)(20%)(10%)

0%10%20%30%40%50%60%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011 2010 2009

B(41)A(70)81

B(87)A(89)

71

A(10)B(17)43 A(51)

B(53)61B(67)A(76)

67

A(61)B(68)68

A(13)B(79)79

B(57)A(59)57

A(50)B(62)62

B(28)A(32)

28

10th Percentile (1.41) 34.03 7.72 (0.26) 0.08 23.34 21.00 (9.81) 16.23 49.7125th Percentile (2.33) 31.14 5.58 (1.61) (1.75) 20.55 20.07 (11.83) 14.28 41.83

Median (2.89) 29.12 4.09 (3.83) (3.17) 17.91 18.60 (13.40) 12.11 37.3975th Percentile (3.48) 27.55 2.57 (6.46) (4.32) 14.50 17.09 (15.01) 9.72 32.0590th Percentile (4.46) 25.75 0.31 (10.70) (5.48) 8.51 15.58 (17.58) 8.52 27.81

InternationalEquity A (3.30) 25.77 7.73 (3.98) (4.33) 16.00 20.71 (13.83) 12.04 40.46

Intl Eq CustomBenchmark (4) B (2.78) 26.06 6.52 (4.02) (3.89) 15.56 16.83 (13.71) 11.15 41.45

InternationalEquity Benchmark (3) (3.65) 27.81 4.41 (4.60) (3.89) 15.56 16.83 (13.71) 11.15 41.45

Cumulative and Quarterly Relative Return vs International Equity Benchmark (3)

Re

lative

Re

turn

s

(2%)

(1%)

0%

1%

2%

3%

4%

5%

2013 2014 2015 2016 2017 2018

International Equity Intl Eq Custom Benchmark (4) Pub Pln- Intl Equity

Risk Adjusted Return Measures vs International Equity Benchmark (3)Rankings Against Public Fund - International Equity (Gross)Five Years Ended June 30, 2018

(2.0)

(1.5)

(1.0)

(0.5)

0.0

0.5

1.0

1.5

2.0

2.5


B(55)A(60)

B(53)A(57) A(48)

B(49)


Median 0.73 0.63 0.3075th Percentile 0.02 0.55 (0.02)90th Percentile (1.33) 0.39 (0.31)

International Equity A 0.50 0.60 0.34Intl Eq Custom Benchmark (4) B 0.60 0.62 0.32


Northern Trust EAFEPeriod Ended June 30, 2018

Investment PhilosophyNTGI’s philosophy in managing EAFE index fund portfolios is to create a portfolio which replicates the risk and total returncharacteristics of the MSCI EAFE Index while minimizing transaction costs in a model-driven optimization approach. Thissystem seeks to achieve lower transaction costs, as well as low tracking error. By limiting the number of stocks in theirtrade lists, the model-driven optimization strategy generally attempts to bear lower costs and increased potential forimproved returns relative to replication strategies. The Fund’s inception date is December 2017.

Quarterly Summary and HighlightsNorthern Trust EAFE’s portfolio posted a (1.03)% return forthe quarter placing it in the 42 percentile of the CallanNon-US Developed Broad Equity group for the quarter andin the 50 percentile for the last one-half year.

Northern Trust EAFE’s portfolio outperformed the MSCIEAFE by 0.21% for the quarter and outperformed the MSCIEAFE for the one-half year by 0.37%.






Performance vs Callan Non-US Developed Broad Equity (Gross)

(7%)

(6%)

(5%)

(4%)

(3%)

(2%)

(1%)

0%

1%

2%


(42)(45)

(50)(56)

10th Percentile 0.74 0.7725th Percentile (0.27) (0.76)

Median (1.47) (2.38)75th Percentile (2.58) (4.11)90th Percentile (3.51) (5.39)

NorthernTrust EAFE (1.03) (2.38)

MSCI EAFE (1.24) (2.75)

Relative Return vs MSCI EAFE

Rela

tive

Re

turn

s

0.00%

0.05%

0.10%

0.15%

0.20%

0.25%

2018

Northern Trust EAFE

Cumulative Returns vs MSCI EAFE

Cum

ula

tive

Re

lative

Re

turn

s

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

0.70%

0.80%

2018

Northern Trust EAFE

Callan NonUS Dev Broad Eq


MondrianPeriod Ended June 30, 2018

Investment PhilosophyMondrian believes that the value of any investment lies in the future cash stream that they will receive as long terminvestors. In the case of equities, the cash stream is from inflation-adjusted dividends. Analysis undertaken with anobjective to determine the present value of expected dividend streams can provide a consistent basis of comparison forsecurities in multiple countries and sectors, and denominated in multiple currencies. The Fund’s inception date is May2011.

Quarterly Summary and HighlightsMondrian’s portfolio posted a 2.27% return for the quarterplacing it in the 2 percentile of the Callan International SmallCap group for the quarter and in the 38 percentile for the lastyear.

Mondrian’s portfolio outperformed the MSCI World ex USSm Cap by 3.21% for the quarter and outperformed theMSCI World ex US Sm Cap for the year by 1.57%.






Performance vs Callan International Small Cap (Gross)

(10%)

(5%)

0%

5%

10%

15%

20%

25%

Last Quarter Last Year Last 3 Years Last 5 Years Last 7 Years

(2)

(20)

(38)(58)

(61)(68) (82)(75)

(88)(94)

10th Percentile (0.11) 20.29 13.17 14.73 11.8225th Percentile (1.03) 14.89 12.32 13.52 11.20

Median (1.94) 12.34 10.02 12.07 9.9175th Percentile (3.11) 9.88 8.91 10.17 8.9990th Percentile (4.13) 6.81 7.07 9.02 7.83

Mondrian 2.27 13.45 9.67 9.61 7.92

MSCI Worldex US Sm Cap (0.94) 11.87 9.45 10.28 7.13

Relative Return vs MSCI World ex US Sm Cap

Rela

tive

Re

turn

s

(5%)

(4%)

(3%)

(2%)

(1%)

0%

1%

2%

3%

4%

5%

2013 2014 2015 2016 2017 2018

Mondrian

Callan International Small Cap (Gross)Annualized Five Year Risk vs Return

10.0 10.5 11.0 11.5 12.0 12.5 13.0 13.5 14.07%

8%

9%

10%

11%

12%

13%

14%

15%

16%

17%

MSCI World ex US Sm Cap

Mondrian

Standard Deviation

Re

turn

s


MondrianReturn Analysis Summary



(20%)

(10%)

0%

10%

20%

30%

40%

50%

12/17- 6/18 2017 2016 2015 2014 2013 2012

(15)(73)

(70)(83)

(37)(25) (86)(93)(59)(59)

(98)(97)(20)

(84)

10th Percentile 1.85 42.12 7.72 16.29 (0.42) 37.19 28.1825th Percentile 0.03 38.77 4.00 13.03 (1.85) 34.19 25.54

Median (1.72) 35.25 (0.03) 10.09 (3.42) 31.13 23.4175th Percentile (3.00) 32.85 (2.51) 6.62 (6.43) 28.47 20.8490th Percentile (5.72) 29.08 (4.66) 3.40 (9.15) 23.74 15.92

Mondrian 0.81 33.46 1.13 3.84 (4.13) 18.36 25.76

MSCI ACWI exUS Small Cap (2.94) 31.65 3.91 2.60 (4.03) 19.73 18.52

Cumulative and Quarterly Relative Return vs MSCI ACWI ex US Small Cap

Re

lative

Re

turn

s

(10%)

(5%)

0%

5%

10%

15%

20%

25%

30%

2011 2012 2013 2014 2015 2016 2017 2018

Mondrian Callan Intl Small Cap

Risk Adjusted Return Measures vs MSCI ACWI ex US Small CapRankings Against Callan International Small Cap (Gross)Five Years Ended June 30, 2018

0

1

2

3

4

5

6

7


(82) (80)(81)


Median 3.09 0.99 0.7675th Percentile 1.71 0.85 0.2290th Percentile 0.50 0.75 0.02

Mondrian 1.01 0.80 0.17


FidelityPeriod Ended June 30, 2018

Investment PhilosophyFIAM’s philosophy is based on the premise that international small-cap is an inefficient, under-covered, asset class, whichpresents frequent opportunities to purchase equities at a significant discount to their long-term, fundamental fair value.Combined with this thesis, they also believe that fundamental, bottom-up, forward-looking, stock-specific research is thehighest conviction approach to exploiting these inefficiencies. The Fund’s inception date is April 2011.

Quarterly Summary and HighlightsFidelity’s portfolio posted a (3.45)% return for the quarterplacing it in the 80 percentile of the Callan InternationalSmall Cap group for the quarter and in the 72 percentile forthe last year.

Fidelity’s portfolio underperformed the MSCI ACWI ex USSmall Cap by 0.85% for the quarter and underperformed theMSCI ACWI ex US Small Cap for the year by 0.23%.







(10%)

(5%)

0%

5%

10%

15%

20%

25%


(80)(58)

(72)(71)

(82)(86)(85)(90)

(95)(99)

10th Percentile (0.11) 20.29 13.17 14.73 11.8225th Percentile (1.03) 14.89 12.32 13.52 11.20

Median (1.94) 12.34 10.02 12.07 9.9175th Percentile (3.11) 9.88 8.91 10.17 8.9990th Percentile (4.13) 6.81 7.07 9.02 7.83

Fidelity (3.45) 10.33 8.20 9.36 7.00

MSCI ACWI exUS Small Cap (2.60) 10.57 7.94 8.98 5.86

Relative Returns vsMSCI ACWI ex US Small Cap

Rela

tive

Re

turn

s

(3%)

(2%)

(1%)

0%

1%

2%

3%

4%

2013 2014 2015 2016 2017 2018

Fidelity

Callan International Small Cap (Gross)Annualized Five Year Risk vs Return

10.0 10.5 11.0 11.5 12.0 12.5 13.0 13.5 14.07%

8%

9%

10%

11%

12%

13%

14%

15%

16%

17%

Fidelity

MSCI ACWI ex US Small Cap

Standard Deviation

Re

turn

s


FidelityReturn Analysis Summary



(20%)

(10%)

0%

10%

20%

30%

40%

50%

12/17- 6/18 2017 2016 2015 2014 2013 2012

(48)(73)

(87)(83)

(31)(25) (84)(93)(25)(59)

(97)(97) (64)(84)

10th Percentile 1.85 42.12 7.72 16.29 (0.42) 37.19 28.1825th Percentile 0.03 38.77 4.00 13.03 (1.85) 34.19 25.54

Median (1.72) 35.25 (0.03) 10.09 (3.42) 31.13 23.4175th Percentile (3.00) 32.85 (2.51) 6.62 (6.43) 28.47 20.8490th Percentile (5.72) 29.08 (4.66) 3.40 (9.15) 23.74 15.92

Fidelity (1.69) 30.92 2.32 4.95 (1.84) 19.41 22.51

MSCI ACWI exUS Small Cap (2.94) 31.65 3.91 2.60 (4.03) 19.73 18.52

Cumulative and Quarterly Relative Return vs MSCI ACWI ex US Small Cap

Re

lative

Re

turn

s

(10%)

(5%)

0%

5%

10%

15%

20%

25%

30%

2011 2012 2013 2014 2015 2016 2017 2018

Fidelity Callan Intl Small Cap

Risk Adjusted Return Measures vs MSCI ACWI ex US Small CapRankings Against Callan International Small Cap (Gross)Five Years Ended June 30, 2018

0

1

2

3

4

5

6

7


(85) (79)

(81)



Fidelity 0.84 0.82 0.16


Arrowstreet CapitalPeriod Ended June 30, 2018

Investment PhilosophyArrowstreet’s strategy seeks to outperform international equity benchmarks through a risk-controlled core approach thathas risk characteristics similar to the benchmark. The firm combines investment intuition with rigorous quantitative researchtools in an effort to identify mispriced stocks around the world. They believe the key to generating alpha involves evaluatingthe prospects of a security considering both the characteristics of the stock (direct effects) as well as characteristics ofother related stocks (indirect effects). The Fund’s inception date is June 2013.

Quarterly Summary and HighlightsArrowstreet Capital’s portfolio posted a (3.28)% return forthe quarter placing it in the 81 percentile of the Non-U.S.Equity Database group for the quarter and in the 50percentile for the last year.

Arrowstreet Capital’s portfolio underperformed the MSCIACWI ex US IMI by 0.67% for the quarter and outperformedthe MSCI ACWI ex US IMI for the year by 0.79%.






Performance vs Non-U.S. Equity Database (Gross)

(10%)

(5%)

0%

5%

10%

15%

20%

Last Quarter Last Year Last 3 Years Last 5 Years

(81)(69)

(50)(59) (43)(66)

(45)(82)

10th Percentile 1.54 16.11 11.54 12.2625th Percentile (0.24) 12.24 8.88 10.01

Median (1.56) 8.52 6.55 8.1275th Percentile (2.87) 6.33 5.11 6.7090th Percentile (4.29) 4.04 3.87 5.73

Arrowstreet Capital (3.28) 8.54 7.07 8.36

MSCI ACWIex US IMI (2.61) 7.75 5.46 6.39

Relative Return vs MSCI ACWI ex US IMI

Rela

tive

Re

turn

s

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

2013 2014 2015 2016 2017 2018

Arrowstreet Capital

Non-U.S. Equity Database (Gross)Annualized Five Year Risk vs Return

0 5 10 15 20 250%

5%

10%

15%

20%

25%

Arrowstreet Capital

MSCI ACWI ex US IMI

Standard Deviation

Re

turn

s


Arrowstreet CapitalReturn Analysis Summary


Performance vs Callan Non-US Equity (Gross)

(20%)

(10%)

0%

10%

20%

30%

40%

12/17- 6/18 2017 2016 2015 2014

(51)(66)

(38)(55)

(9)(19)

(80)(89) (47)(50)

10th Percentile 1.04 33.99 6.26 4.92 (0.31)25th Percentile (0.95) 30.84 3.40 2.72 (2.06)

Median (2.69) 28.18 1.50 0.47 (3.88)75th Percentile (4.35) 25.03 (0.39) (2.53) (5.71)90th Percentile (5.50) 23.32 (3.77) (4.74) (7.82)

Arrowstreet Capital (2.71) 29.10 6.70 (3.12) (3.67)

MSCI ACWI ex US IMI (3.65) 27.81 4.41 (4.60) (3.89)

Cumulative and Quarterly Relative Return vs MSCI ACWI ex US IMI

Re

lative

Re

turn

s

(4%)

(2%)

0%

2%

4%

6%

8%

10%

12%

2013 2014 2015 2016 2017 2018

Arrowstreet Capital Callan NonUS Eq

Risk Adjusted Return Measures vs MSCI ACWI ex US IMIRankings Against Callan Non-US Equity (Gross)Five Years Ended June 30, 2018

(1)

0

1

2

3

4

5


(48)

(44) (10)


Median 1.54 0.68 0.3375th Percentile 0.57 0.58 0.0990th Percentile (0.41) 0.50 (0.23)

Arrowstreet Capital 1.61 0.70 0.91


Baillie GiffordPeriod Ended June 30, 2018

Investment PhilosophyBaillie Gifford believes that companies with superior and sustainable earnings growth outperform in the long term. As activemanagers, they believe in being different from the index and in utilizing bottom-up stock selection to exploit inefficiencies.By taking a long-term view (3-5 years) and selecting companies with sustainable earnings growth, they believe they canoutperform in an environment of increasing short-termism. The Fund’s inception date is September 2014.

Quarterly Summary and HighlightsBaillie Gifford’s portfolio posted a 0.54% return for thequarter placing it in the 18 percentile of the Non-U.S. EquityDatabase group for the quarter and in the 36 percentile forthe last year.

Baillie Gifford’s portfolio outperformed the MSCI ACWI exUS IMI by 3.15% for the quarter and outperformed the MSCIACWI ex US IMI for the year by 2.77%.







(10%)

(5%)

0%

5%

10%

15%

20%


(18)

(69)

(36)

(59) (31)

(66)

(29)

(78)


Median (1.56) 8.52 6.55 6.3975th Percentile (2.87) 6.33 5.11 4.6790th Percentile (4.29) 4.04 3.87 3.45

Baillie Gifford 0.54 10.52 8.43 8.30

MSCI ACWIex US IMI (2.61) 7.75 5.46 4.49


Rela

tive

Re

turn

s

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

6%

14 2015 2016 2017 2018

Baillie Gifford

Non-U.S. Equity Database (Gross)Annualized Three and Three-Quarter Year Risk vs Return

0 5 10 15 20 25 30(5%)

0%

5%

10%

15%

20%

25%

30%

Baillie Gifford

MSCI ACWI ex US IMI

Standard Deviation

Re

turn

s


Baillie GiffordReturn Analysis Summary



(20%)

(10%)

0%

10%

20%

30%

40%

50%

12/17- 6/18 2017 2016 2015

(22)(73)

(26)(52)

(64)(34) (43)

(83)


Median (2.33) 27.98 2.20 0.6375th Percentile (3.77) 24.68 (0.19) (2.96)90th Percentile (5.33) 20.44 (3.32) (6.59)

Baillie Gifford (0.06) 32.49 0.96 1.92

MSCI ACWI ex US IMI (3.65) 27.81 4.41 (4.60)

Cumulative and Quarterly Relative Return vs MSCI ACWI ex US IMI

Re

lative

Re

turn

s

(10%)

(5%)

0%

5%

10%

15%

20%

2014 2015 2016 2017 2018

Baillie Gifford Non-U.S. Equity Database

Risk Adjusted Return Measures vs MSCI ACWI ex US IMIRankings Against Non-U.S. Equity Database (Gross)Three and Three-Quarter Years Ended June 30, 2018

(2)

0

2

4

6

8

10


(34)

(37) (30)



Baillie Gifford 3.52 0.63 0.80


Marathon Asset MgmtPeriod Ended June 30, 2018

Investment PhilosophyAt the heart of Marathon’s investment philosophy is the "capital cycle" approach to investment. This is based on the ideathat the prospect of high returns will attract excessive capital (and hence competition), and vice versa. In addition, theassessment of how management responds to the forces of the capital cycle - particularly whether they curtail investmentwhen returns have been poor - and how they are incentivized are critical to the investment outcome. Given the contrarianand long-term nature of the capital cycle, the investment philosophy results in strong views versus the market and longholding periods (5 years plus). The attractiveness of an individual security, therefore, should be evaluated within thistimeframe. The Fund’s inception date is May 2016.

Quarterly Summary and HighlightsMarathon Asset Mgmt’s portfolio posted a (2.00)% return forthe quarter placing it in the 58 percentile of the Non-U.S.Equity Database group for the quarter and in the 68percentile for the last year.

Marathon Asset Mgmt’s portfolio outperformed the MSCIACWI ex US IMI by 0.61% for the quarter andunderperformed the MSCI ACWI ex US IMI for the year by0.64%.







(10%)

(5%)

0%

5%

10%

15%

20%

25%

Last Quarter Last Year Last 2 Years

(58)(69)

(68)(59)

(63)(61)

10th Percentile 1.54 16.11 20.4825th Percentile (0.24) 12.24 17.42

Median (1.56) 8.52 14.8075th Percentile (2.87) 6.33 13.0090th Percentile (4.29) 4.04 10.44

MarathonAsset Mgmt (2.00) 7.10 13.82

MSCI ACWIex US IMI (2.61) 7.75 13.91


Rela

tive

Re

turn

s

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2016 2017 2018

Marathon Asset Mgmt

Cumulative Returns vsMSCI ACWI ex US IMI

Cum

ula

tive

Re

lative

Re

turn

s

(2.0%)

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

2016 2017 2018

Marathon Asset Mgmt

Non-U.S. Equity Database


Lazard Emerging MarketsPeriod Ended June 30, 2018

Investment PhilosophyLazard employs a bottom-up stock selection process focusing on companies which are financially productive yetinexpensively priced. Lazard’s relative value investment philosophy is based on value creation through the process ofbottom-up stock selection. This philosophy is implemented by assessing the trade-off between valuation and financialproductivity for an individual security. Lazard believes financial productivity determines appropriate valuation; thereforeassessing a company’s financial productivity is an important part of Lazard’s research process. Lazard’s analysts,organized into sector teams, seek to provide a global perspective on companies, conforming to Lazard’s belief that whereand how a company does business is more important than where it is domiciled. Measures of financial productivity that areused include Return on Equity, Return on Assets, Cash Return on Equity, and operating margin. Valuation measuresinclude Price/Book, Price/Earnings, Price/Cash Flow, and Price/Sales. The Fund’s inception date is April 1998.

Quarterly Summary and HighlightsLazard Emerging Markets’s portfolio posted a (12.64)%return for the quarter placing it in the 98 percentile of theCallan Emerging Broad group for the quarter and in the 93percentile for the last year.

Lazard Emerging Markets’s portfolio underperformed theMSCI EM by 4.68% for the quarter and underperformed theMSCI EM for the year by 6.76%.






Performance vs Callan Emerging Broad (Gross)

(20%)

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%


(98)

(46)

(93)

(53)(87)(75)

(92)(76)(79)(87)

(59)(92)

(42)(95)

10th Percentile (6.47) 13.12 9.70 8.58 5.09 5.95 14.1525th Percentile (7.03) 11.38 8.72 7.47 4.46 4.82 13.39

Median (8.19) 8.41 7.08 6.37 3.28 3.79 12.3775th Percentile (9.45) 5.62 5.83 5.03 2.05 2.77 11.7190th Percentile (10.58) 2.67 4.53 4.09 1.25 2.48 11.23

LazardEmerging Markets (12.64) 1.44 4.76 3.83 1.91 3.26 12.64

MSCI EM (7.96) 8.20 5.60 5.01 1.43 2.26 10.70

Relative Return vs MSCI EM

Rela

tive

Re

turn

s

(6%)

(4%)

(2%)

0%

2%

4%

6%

2013 2014 2015 2016 2017 2018

Lazard Emerging Markets

Callan Emerging Broad (Gross)Annualized Five Year Risk vs Return

11 12 13 14 15 16 171%

2%

3%

4%

5%

6%

7%

8%

9%

10%

11%


MSCI EM

Standard Deviation

Re

turn

s


Lazard Emerging MarketsReturn Analysis Summary



(40%)

(20%)

0%

20%

40%

60%

80%

100%

120%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011 2010 2009

9644

9360

454

92677068 4470

1153

3247

1262

5539

10th Percentile (4.13) 49.16 19.08 (7.71) 2.95 4.56 23.58 (11.08) 25.57 86.8925th Percentile (5.66) 43.73 14.68 (10.41) 0.57 1.76 22.06 (15.97) 21.88 81.50

Median (6.94) 39.25 11.55 (13.71) (1.09) 0.25 19.59 (18.53) 19.36 77.2775th Percentile (8.15) 34.79 8.94 (15.34) (3.04) (3.29) 16.61 (21.24) 17.72 73.1690th Percentile (9.43) 28.78 5.64 (17.92) (5.42) (4.70) 14.90 (23.43) 14.12 69.91

LazardEmerging Markets (10.85) 28.41 22.70 (19.08) (2.51) 0.73 23.24 (16.90) 24.51 76.20

MSCI EM (6.66) 37.28 11.19 (14.92) (2.19) (2.60) 18.23 (18.42) 18.88 78.51

Cumulative and Quarterly Relative Return vs MSCI EM

Re

lative

Re

turn

s

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

2013 2014 2015 2016 2017 2018

Lazard Emerging Markets Callan Emerging Broad

Risk Adjusted Return Measures vs MSCI EMRankings Against Callan Emerging Broad (Gross)Five Years Ended June 30, 2018

(2)

(1)

0

1

2

3

4

5


(93)

(93)(91)



Lazard Emerging Markets (1.23) 0.22 (0.24)


Lazard Emerging MarketsHistorical Consistency Analysis

Consistency of Excess Return and Relative Std. Dev.The first chart below illustrates the consistency of excess return over rolling three year periods versus the MSCI EM. Thegray area represents the range of excess return for the 10th through 90th percentile for the Callan Emerging Broad. Thesecond chart below illustrates the consistency of relative std. dev. over rolling three year periods. The tables providesummary statistics for the median manager of the group and the portfolio.

Rolling Three Year Excess Return Relative to MSCI EMFive Years Ended June 30, 2018

Exce

ss R

etu

rn

-4

-2

0

2

4

6

8

2013 2014 2015 2016 2017 2018




Rolling Three Year Relative Std. Dev. Relative to MSCI EMFive Years Ended June 30, 2018

Re

lative

Std

. D

ev.

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2013 2014 2015 2016 2017 2018





Fisher InvestmentsPeriod Ended June 30, 2018

Investment PhilosophySince inception, FI’s investment philosophy has been guided by the principles of capitalism and an analysis of free capitalmarkets. The firm believes that supply and demand of securities are the sole determinants of securities pricing and thatcapital markets are highly effective discounters of all widely recognized information. Therefore, to add value through activemanagement, FI seeks to identify public information not widely recognized or interpret widely recognized informationdifferently and correctly from other market participants to ultimately develop themes and manage stock selection. TheFund’s inception date is April 2016.

Quarterly Summary and HighlightsFisher Investments’s portfolio posted a (7.97)% return forthe quarter placing it in the 47 percentile of the CallanEmerging Broad group for the quarter and in the 64percentile for the last year.

Fisher Investments’s portfolio underperformed the MSCI EMby 0.01% for the quarter and underperformed the MSCI EMfor the year by 1.62%.







(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

25%

Last Quarter Last Year Last 2 Years

(47)(46)

(64)(53)

(65)(62)

10th Percentile (6.47) 13.12 19.3825th Percentile (7.03) 11.38 18.55

Median (8.19) 8.41 17.0375th Percentile (9.45) 5.62 14.0890th Percentile (10.58) 2.67 10.95

Fisher Investments (7.97) 6.59 15.19

MSCI EM (7.96) 8.20 15.71

Relative Return vs MSCI EM

Rela

tive

Re

turn

s

(3%)

(2%)

(1%)

0%

1%

2%

3%

4%

2016 2017 2018

Fisher Investments

Cumulative Returns vs MSCI EM

Cum

ula

tive

Re

lative

Re

turn

s

(4%)

(3%)

(2%)

(1%)

0%

1%

2%

2016 2017 2018

Fisher Investments

Callan Emerging Broad


To

tal F

ixe

d In

co

me

Total Fixed Income

Total Fixed IncomePeriod Ended June 30, 2018

Quarterly Summary and HighlightsTotal Fixed Income’s portfolio posted a (0.41)% return forthe quarter placing it in the 91 percentile of the Public Fund -Domestic Fixed group for the quarter and in the 37percentile for the last year.

Total Fixed Income’s portfolio underperformed the BlmbgAggregate by 0.26% for the quarter and outperformed theBlmbg Aggregate for the year by 1.15%.






Performance vs Public Fund - Domestic Fixed (Gross)

(2%)

(1%)

0%

1%

2%

3%

4%

5%

6%

7%


B(91)A(91)

(80)

A(37)

B(67)

(89)

A(23)

B(60)

(77)

A(20)

B(59)

(76)

A(22)

B(60)

(75)

A(25)

B(62)(72)

A(36)

B(56)

(68)


Median 0.06 0.26 2.39 2.82 3.25 4.42 4.3275th Percentile (0.12) (0.09) 1.78 2.30 2.55 3.45 3.5790th Percentile (0.39) (0.42) 1.32 1.67 2.11 2.86 3.05

Total Fixed Income A (0.41) 0.75 3.30 3.62 3.96 5.04 4.58Total Fixed Inc

Custom Benchmark (6) B (0.41) (0.00) 2.21 2.71 3.00 4.06 4.21

Blmbg Aggregate (0.16) (0.40) 1.72 2.27 2.57 3.72 3.77

Relative Return vs Blmbg Aggregate

Rela

tive

Re

turn

s

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2.0%

2013 2014 2015 2016 2017 2018

Total Fixed Income

Public Fund - Domestic Fixed (Gross)Annualized Five Year Risk vs Return

1 2 3 4 5 60%

1%

2%

3%

4%

5%

6%

Total Fixed Inc Custom Benchmark (6)

Total Fixed Income

Blmbg Aggregate

Standard Deviation

Re

turn

s


Total Fixed IncomeReturn Analysis Summary



(10%)(5%)

0%5%

10%15%20%25%30%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011 2010 2009

A(71)B(86)88

A(29)B(58)76

A(29)B(58)76 B(38)

A(52)38

A(14)B(27)36

A(82)B(87)

77

A(33)B(65)85

A(18)B(36)34 A(51)

B(80)81A(62)B(68)79

10th Percentile 0.04 6.80 7.34 1.26 7.82 1.85 11.27 9.66 11.47 23.8625th Percentile (0.46) 5.66 6.02 0.80 6.33 0.14 9.14 8.11 9.80 17.41

Median (0.87) 4.49 4.28 0.33 5.56 (1.02) 7.21 7.19 8.60 12.3975th Percentile (1.38) 3.58 2.71 (0.50) 4.30 (1.96) 5.17 5.94 6.85 6.6690th Percentile (1.65) 2.26 1.98 (2.11) 2.87 (2.92) 3.84 4.44 5.36 1.77

TotalFixed Income A (1.32) 5.38 5.83 0.27 7.06 (2.21) 8.41 8.64 8.57 9.89

Total Fixed IncCustom Benchmark (6) B (1.56) 4.07 3.71 0.54 6.29 (2.54) 6.14 7.76 6.61 8.52

Blmbg Aggregate (1.62) 3.54 2.65 0.55 5.97 (2.02) 4.21 7.84 6.54 5.93

Cumulative and Quarterly Relative Return vs Blmbg Aggregate

Re

lative

Re

turn

s

(4%)

(2%)

0%

2%

4%

6%

8%

2013 2014 2015 2016 2017 2018

Total Fixed Income Total Fixed Inc Custom Benchmark (6) Pub Pln- Dom Fixed

Risk Adjusted Return Measures vs Blmbg AggregateRankings Against Public Fund - Domestic Fixed (Gross)Five Years Ended June 30, 2018

(1.0)

(0.5)

0.0

0.5

1.0

1.5

2.0

2.5

3.0


A(30)

B(65)

A(31)B(65)

A(9)B(26)



Total Fixed Income A 1.30 1.01 1.31Total Fixed Inc

Custom Benchmark (6) B 0.41 0.76 0.88


Do

me

stic

Fix

ed

Inco

me


Domestic Fixed IncomePeriod Ended June 30, 2018

Quarterly Summary and HighlightsDomestic Fixed Income’s portfolio posted a (0.14)% returnfor the quarter placing it in the 78 percentile of the PublicFund - Domestic Fixed group for the quarter and in the 44percentile for the last year.

Domestic Fixed Income’s portfolio outperformed the BlmbgAggregate by 0.02% for the quarter and outperformed theBlmbg Aggregate for the year by 0.97%.







(2%)

(1%)

0%

1%

2%

3%

4%

5%

6%

7%


(78)(80)

(44)

(89)

(37)

(77)

(35)

(76)

(37)

(75)

(37)

(72)

(48)

(68)


Median 0.06 0.26 2.39 2.82 3.25 4.42 4.3275th Percentile (0.12) (0.09) 1.78 2.30 2.55 3.45 3.5790th Percentile (0.39) (0.42) 1.32 1.67 2.11 2.86 3.05

DomesticFixed Income (0.14) 0.57 2.76 3.16 3.55 4.70 4.35

Blmbg Aggregate (0.16) (0.40) 1.72 2.27 2.57 3.72 3.77


Rela

tive

Re

turn

s

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2013 2014 2015 2016 2017 2018


Public Fund - Domestic Fixed (Gross)Annualized Five Year Risk vs Return

1 2 3 4 5 60%

1%

2%

3%

4%

5%

6%


Blmbg Aggregate

Standard Deviation

Re

turn

s


Domestic Fixed IncomeReturn Analysis Summary



(10%)

(5%)

0%

5%

10%

15%

20%

25%

30%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011 2010 2009

7288

3476 3876

6638

1936

8377

4485

1634 538162

79

10th Percentile 0.04 6.80 7.34 1.26 7.82 1.85 11.27 9.66 11.47 23.8625th Percentile (0.46) 5.66 6.02 0.80 6.33 0.14 9.14 8.11 9.80 17.41

Median (0.87) 4.49 4.28 0.33 5.56 (1.02) 7.21 7.19 8.60 12.3975th Percentile (1.38) 3.58 2.71 (0.50) 4.30 (1.96) 5.17 5.94 6.85 6.6690th Percentile (1.65) 2.26 1.98 (2.11) 2.87 (2.92) 3.84 4.44 5.36 1.77

DomesticFixed Income (1.32) 5.07 4.99 (0.20) 6.57 (2.25) 7.48 8.73 8.16 9.89

Blmbg Aggregate (1.62) 3.54 2.65 0.55 5.97 (2.02) 4.21 7.84 6.54 5.93


Re

lative

Re

turn

s

(2%)

(1%)

0%

1%

2%

3%

4%

5%

6%

2013 2014 2015 2016 2017 2018

Domestic Fixed Income Pub Pln- Dom Fixed

Risk Adjusted Return Measures vs Blmbg AggregateRankings Against Public Fund - Domestic Fixed (Gross)Five Years Ended June 30, 2018

(1.0)

(0.5)

0.0

0.5

1.0

1.5

2.0

2.5

3.0


(48) (45) (20)



Domestic Fixed Income 0.88 0.89 1.01


PIMCOPeriod Ended June 30, 2018

Investment PhilosophyPIMCO seeks to add value through the use of top-down strategies, such as exposure to interest rates or duration, yieldcurve positioning and sector rotation. The firm looks to incorporate bottom-up security selection into their process. TheFund’s inception date is July 1983.

Quarterly Summary and HighlightsPIMCO’s portfolio posted a 0.12% return for the quarterplacing it in the 7 percentile of the Callan Core Bond FixedIncome group for the quarter and in the 15 percentile for thelast year.

PIMCO’s portfolio outperformed the Blmbg Aggregate by0.28% for the quarter and outperformed the BlmbgAggregate for the year by 0.74%.




Investment Gains/(Losses) $705,462


Performance vs Callan Core Bond Fixed Income (Gross)

(2%)

(1%)

0%

1%

2%

3%

4%

5%

6%


(7)(65)

(15)

(86)

(44)

(91)

(42)

(93)

(31)

(97)

(18)

(97)

(11)

(93)

10th Percentile 0.08 0.46 2.63 3.18 3.63 4.98 4.7525th Percentile (0.05) 0.16 2.39 2.93 3.37 4.71 4.52

Median (0.12) (0.04) 2.11 2.67 3.07 4.39 4.2875th Percentile (0.19) (0.29) 1.91 2.46 2.82 4.11 4.0390th Percentile (0.28) (0.55) 1.73 2.32 2.71 3.91 3.91

PIMCO 0.12 0.34 2.16 2.72 3.29 4.86 4.72

Blmbg Aggregate (0.16) (0.40) 1.72 2.27 2.57 3.72 3.77


Rela

tive

Re

turn

s

(0.6%)

(0.4%)

(0.2%)

0.0%

0.2%

0.4%

0.6%

2013 2014 2015 2016 2017 2018

PIMCO

Callan Core Bond Fixed Income (Gross)Annualized Five Year Risk vs Return

2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.41.5%

2.0%

2.5%

3.0%

3.5%

4.0%

PIMCO

Blmbg Aggregate

Standard Deviation

Re

turn

s


PIMCOReturn Analysis Summary



(5%)

0%

5%

10%

15%

20%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011 2010 2009

1373

3585 60863772

4169

7285

14

97

6759 1990

26

96

10th Percentile (1.18) 4.79 4.34 1.51 7.21 (0.66) 8.11 8.79 9.35 17.4425th Percentile (1.29) 4.34 3.79 1.13 6.64 (1.10) 7.37 8.21 8.39 13.73

Median (1.46) 3.96 3.14 0.84 6.19 (1.47) 6.16 7.88 7.56 10.7175th Percentile (1.62) 3.65 2.80 0.52 5.88 (1.84) 5.43 7.22 6.88 8.7590th Percentile (1.81) 3.31 2.59 (0.03) 5.36 (2.32) 4.74 6.43 6.57 7.10

PIMCO (1.21) 4.16 3.01 0.97 6.37 (1.75) 7.68 7.57 8.53 13.47

Blmbg Aggregate (1.62) 3.54 2.65 0.55 5.97 (2.02) 4.21 7.84 6.54 5.93


Re

lative

Re

turn

s

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

2013 2014 2015 2016 2017 2018

PIMCO Callan Core Bond FI

Risk Adjusted Return Measures vs Blmbg AggregateRankings Against Callan Core Bond Fixed Income (Gross)Five Years Ended June 30, 2018

0.0

0.5

1.0

1.5

2.0

2.5


(45)

(46)

(37)



PIMCO 0.50 0.80 1.17


PIMCOHistorical Consistency Analysis

Consistency of Excess Return and Relative Std. Dev.The first chart below illustrates the consistency of excess return over rolling three year periods versus the Blmbg Aggregate.The gray area represents the range of excess return for the 10th through 90th percentile for the Callan Core Bond FI. Thesecond chart below illustrates the consistency of relative std. dev. over rolling three year periods. The tables providesummary statistics for the median manager of the group and the portfolio.

Rolling Three Year Excess Return Relative to Blmbg AggregateFive Years Ended June 30, 2018

Exce

ss R

etu

rn

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

2013 2014 2015 2016 2017 2018

PIMCO



Rolling Three Year Relative Std. Dev. Relative to Blmbg AggregateFive Years Ended June 30, 2018

Re

lative

Std

. D

ev.

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2013 2014 2015 2016 2017 2018

PIMCO




Manulife Asset ManagementPeriod Ended June 30, 2018

Investment PhilosophyManulife believes strong performance can be generated through bottom-up active management of sector allocation, issueselection and yield curve positioning. The team’s disciplined investment process seeks to add value by: following a relativevalue approach to sector allocation and issue selection, engaging in intensive fundamental credit research and identifyingpoints on the yield curve with the greatest return potential. Additionally the team seeks to maintain a yield that is above thebenchmark yield in order to reduce portfolio volatility. The Fund’s inception date is March 2017.

Quarterly Summary and HighlightsManulife Asset Management’s portfolio posted a 0.06%return for the quarter placing it in the 11 percentile of theCallan Core Bond Fixed Income group for the quarter and inthe 23 percentile for the last year.

Manulife Asset Management’s portfolio outperformed theBlmbg Aggregate by 0.22% for the quarter andoutperformed the Blmbg Aggregate for the year by 0.59%.







(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2.0%

Last Quarter Last Year Last 1-1/4 Years

(11)

(65)

(23)

(86)

(26)

(86)

10th Percentile 0.08 0.46 1.6125th Percentile (0.05) 0.16 1.44

Median (0.12) (0.04) 1.2075th Percentile (0.19) (0.29) 1.0190th Percentile (0.28) (0.55) 0.75

ManulifeAsset Management 0.06 0.19 1.44

Blmbg Aggregate (0.16) (0.40) 0.83


Rela

tive

Re

turn

s

0.00%

0.05%

0.10%

0.15%

0.20%

0.25%

2017 2018

Manulife Asset Management

Cumulative Returns vs Blmbg Aggregate

Cum

ula

tive

Re

lative

Re

turn

s

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

0.70%

0.80%

0.90%

2017 2018

Manulife Asset Management

Callan Core Bond FI


Northern Trust Aggregate Bond FundPeriod Ended June 30, 2018

Investment PhilosophyThe objective of Northern Trust’s index trade generation process is to maximize liquidity and minimize market impact, whileutilizing a multi-dimensional risk management process. The result of their INTELLIGENT INDEXING approach is a fullyrepresentative portfolio which seeks to control trading costs and eliminate the erosion of economic value. They payparticular attention to variances between market prices and index prices to control transaction costs. The Fund’s inceptiondate is December 2017.

Quarterly Summary and HighlightsNorthern Trust Aggregate Bond Fund’s portfolio posted a(0.15)% return for the quarter placing it in the 62 percentileof the Callan Core Bond Fixed Income group for the quarterand in the 78 percentile for the last one-half year.

Northern Trust Aggregate Bond Fund’s portfoliooutperformed the Blmbg Aggregate by 0.00% for the quarterand underperformed the Blmbg Aggregate for the one-halfyear by 0.04%.




Investment Gains/(Losses) $-873,285



(2.5%)

(2.0%)

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%


(62)(65)

(78)(73)

10th Percentile 0.08 (1.18)25th Percentile (0.05) (1.29)

Median (0.12) (1.46)75th Percentile (0.19) (1.62)90th Percentile (0.28) (1.81)

Northern TrustAggregate Bond Fund (0.15) (1.65)

Blmbg Aggregate (0.16) (1.62)


Rela

tive

Re

turn

s

(0.05%)

(0.04%)

(0.03%)

(0.02%)

(0.01%)

0.00%

0.01%

2018

Northern Trust Aggregate Bond Fund

Cumulative Returns vs Blmbg Aggregate

Cum

ula

tive

Re

lative

Re

turn

s

(0.10%)

(0.05%)

0.00%

0.05%

0.10%

0.15%

0.20%

2018

Northern Trust Aggregate Bond Fund

Callan Core Bond FI


Loomis SaylesPeriod Ended June 30, 2018

Investment PhilosophyLoomis’ Core Plus strategy is a top-down, benchmark-aware portfolio that actively manages sector allocations within aconservative risk framework and seeks to add value over a market cycle. "Plus" sector allocations can include high yield,non-US dollar and emerging market exposures. The foundation of the investment process is the Core Plus managers’continuous assessment of the investment cycle and the drivers of the global capital markets. This encompasses weighinginvestor risk tolerance, market liquidity and security price transparency within sectors. Based on this examination, themanagers determine a balance between the goals of return maximization and capital preservation and position the portfoliorelative to the benchmark accordingly. The portfolio managers base their security selection on bottom-up analysis thatincorporates a focus on valuation, volatility and liquidity. The Fund’s inception date is September 2009.

Quarterly Summary and HighlightsLoomis Sayles’s portfolio posted a (0.28)% return for thequarter placing it in the 65 percentile of the Callan Core PlusFixed Income group for the quarter and in the 6 percentilefor the last year.

Loomis Sayles’s portfolio underperformed the BlmbgAggregate by 0.12% for the quarter and outperformed theBlmbg Aggregate for the year by 1.62%.






Performance vs Callan Core Plus Fixed Income (Gross)

(2%)

(1%)

0%

1%

2%

3%

4%

5%

6%

7%

Last Quarter Last Last 3 Years Last 5 Years Last 7 Years Last 8-3/4Year Years

(65)(47)

(6)

(87)

(21)

(98)

(16)

(99)

(12)

(100)

(12)

(100)


Median (0.18) 0.30 2.56 3.15 3.61 4.6275th Percentile (0.39) (0.04) 2.22 2.86 3.35 4.2790th Percentile (0.81) (0.56) 2.01 2.73 3.17 3.92

Loomis Sayles (0.28) 1.22 3.05 3.67 4.39 5.47

Blmbg Aggregate (0.16) (0.40) 1.72 2.27 2.57 3.13


Rela

tive

Re

turn

s

(5%)

(4%)

(3%)

(2%)

(1%)

0%

1%

2%

3%

2013 2014 2015 2016 2017 2018

Loomis Sayles

Callan Core Plus Fixed Income (Gross)Annualized Five Year Risk vs Return

2.0 2.5 3.0 3.5 4.02.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

Loomis Sayles

Blmbg Aggregate

Standard Deviation

Re

turn

s


Loomis SaylesReturn Analysis Summary



(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

10%

12%

14%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011 2010

(14)(65)

(16)

(95)

(4)

(100)

(99)

(38)

(19)(61)

(30)(96)

(6)

(100)

(22)(39)

(25)

(100)

10th Percentile (0.69) 6.10 6.64 1.05 7.34 1.10 11.56 8.25 11.7925th Percentile (1.11) 5.46 5.39 0.76 6.88 (0.13) 9.75 8.08 10.72

Median (1.45) 4.97 4.67 0.34 6.18 (0.67) 8.66 7.62 9.2675th Percentile (1.71) 4.41 3.73 (0.36) 5.70 (1.07) 7.08 6.44 8.1190th Percentile (2.11) 3.95 3.22 (1.08) 5.36 (1.66) 6.13 5.54 7.58

Loomis Sayles (0.94) 5.66 7.80 (3.21) 7.00 (0.33) 11.86 8.12 10.72

Blmbg Aggregate (1.62) 3.54 2.65 0.55 5.97 (2.02) 4.21 7.84 6.54


Re

lative

Re

turn

s

(10%)

(5%)

0%

5%

10%

15%

20%

25%

09 2010 2011 2012 2013 2014 2015 2016 2017 2018

Loomis Sayles Callan Core Plus FI

Risk Adjusted Return Measures vs Blmbg AggregateRankings Against Callan Core Plus Fixed Income (Gross)Eight and Three-Quarter Years Ended June 30, 2018

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5


(18)

(58)

(52)



Loomis Sayles 2.63 1.34 0.86


Loomis SaylesHistorical Consistency Analysis

Consistency of Excess Return and Relative Std. Dev.The first chart below illustrates the consistency of excess return over rolling three year periods versus the Blmbg Aggregate.The gray area represents the range of excess return for the 10th through 90th percentile for the Callan Core Plus FI. Thesecond chart below illustrates the consistency of relative std. dev. over rolling three year periods. The tables providesummary statistics for the median manager of the group and the portfolio.

Rolling Three Year Excess Return Relative to Blmbg AggregateFive and Three-Quarter Years Ended June 30, 2018

Exce

ss R

etu

rn

-1

0

1

2

3

4

5

2013 2014 2015 2016 2017 2018

Loomis Sayles



Rolling Three Year Relative Std. Dev. Relative to Blmbg AggregateFive and Three-Quarter Years Ended June 30, 2018

Re

lative

Std

. D

ev.

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2013 2014 2015 2016 2017 2018

Loomis Sayles




Prudential Core PlusPeriod Ended June 30, 2018

Investment PhilosophyPGIM Fixed Income’s Core Plus Strategy is an actively-managed strategy that seeks +150 bps over the BloombergBarclays U.S. Aggregate Bond Index or similar benchmark annualized over a market cycle (three to five years.) TheStrategy seeks about half of its excess return from active sector allocation and up to one-third each from subsector/securityselection and duration/yield curve/currencies, depending on market opportunities. The Fund’s inception date is January2012.

Quarterly Summary and HighlightsPrudential Core Plus’s portfolio posted a (0.25)% return forthe quarter placing it in the 60 percentile of the Callan CorePlus Fixed Income group for the quarter and in the 21percentile for the last year.

Prudential Core Plus’s portfolio underperformed the BlmbgAggregate by 0.10% for the quarter and outperformed theBlmbg Aggregate for the year by 1.22%.







(2%)

(1%)

0%

1%

2%

3%

4%

5%


(60)(47)

(21)

(87)

(6)

(98)

(7)

(99)

(9)

(99)


Median (0.18) 0.30 2.56 3.15 3.1575th Percentile (0.39) (0.04) 2.22 2.86 2.9190th Percentile (0.81) (0.56) 2.01 2.73 2.63

Prudential Core Plus (0.25) 0.82 3.55 4.00 4.04

Blmbg Aggregate (0.16) (0.40) 1.72 2.27 2.03


Rela

tive

Re

turn

s

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2.0%

2013 2014 2015 2016 2017 2018

Prudential Core Plus

Callan Core Plus Fixed Income (Gross)Annualized Five Year Risk vs Return

2.0 2.5 3.0 3.5 4.02.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

Prudential Core Plus

Blmbg Aggregate

Standard Deviation

Re

turn

s


Prudential Core PlusReturn Analysis Summary



(4%)

(2%)

0%

2%

4%

6%

8%

10%

12%

14%

12/17- 6/18 2017 2016 2015 2014 2013 2012

(67)(65)

(7)

(95)

(25)

(100)(7)(38)

(30)(61)

(17)

(96)

(51)

(100)

10th Percentile (0.69) 6.10 6.64 1.05 7.34 1.10 11.5625th Percentile (1.11) 5.46 5.39 0.76 6.88 (0.13) 9.75

Median (1.45) 4.97 4.67 0.34 6.18 (0.67) 8.6675th Percentile (1.71) 4.41 3.73 (0.36) 5.70 (1.07) 7.0890th Percentile (2.11) 3.95 3.22 (1.08) 5.36 (1.66) 6.13

Prudential Core Plus (1.64) 6.32 5.39 1.08 6.58 0.21 8.50

Blmbg Aggregate (1.62) 3.54 2.65 0.55 5.97 (2.02) 4.21


Re

lative

Re

turn

s

(2%)

0%

2%

4%

6%

8%

10%

2013 2014 2015 2016 2017 2018

Prudential Core Plus Callan Core Plus FI

Risk Adjusted Return Measures vs Blmbg AggregateRankings Against Callan Core Plus Fixed Income (Gross)Five Years Ended June 30, 2018

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0


(13)

(13)

(6)



Prudential Core Plus 1.62 1.11 1.81


Wellington EMDPeriod Ended June 30, 2018

Investment PhilosophyThe investment objective of the Emerging Markets Debt investment approach is to outperform an emerging markets debtindex such as the J. P. Morgan Emerging Markets Bond Index Plus ("EMBI+") or J. P. Morgan Emerging Markets BondIndex Global Diversified ("EMBI Global Diversified") through investment in a diversified portfolio of emerging markets fixedincome instruments. Wellington Management’s approach to emerging markets debt is based upon the following philosophy:1) emerging markets must be approached from a global perspective 2) market inefficiencies can be exploited through theuse of proprietary, fundamental research integrated into a disciplined investment process 3) the risks associated withinvesting in emerging markets debt must be managed across multiple dimensions. The Fund’s inception date is May 2010.

Quarterly Summary and HighlightsWellington EMD’s portfolio posted a (3.16)% return for thequarter placing it in the 17 percentile of the Emerging DebtDatabase group for the quarter and in the 19 percentile forthe last year.

Wellington EMD’s portfolio outperformed the JPM EMBIGlobal Dvsfd by 0.39% for the quarter and outperformed theJPM EMBI Global Dvsfd for the year by 1.59%.






Performance vs Emerging Debt Database (Gross)

(15%)

(10%)

(5%)

0%

5%

10%

Last Quarter Last Last 3 Years Last 5 Years Last 7 Years Last 8 YearsYear

(17)(23)

(19)(53)

(10)(36)

(5)(22)(8)

(29)(11)

(39)

10th Percentile (2.30) 0.84 6.03 5.65 5.92 7.1825th Percentile (3.66) (0.24) 5.19 5.04 5.38 6.38

Median (5.79) (1.44) 3.93 3.84 4.06 5.4175th Percentile (9.91) (2.46) 2.51 0.00 (0.05) 2.2890th Percentile (11.50) (3.52) 1.58 (1.32) (1.07) 1.27

Wellington EMD (3.16) (0.01) 6.01 5.94 6.13 7.07

JPM EMBIGlobal Dvsfd (3.54) (1.60) 4.63 5.15 5.21 5.96

Relative Return vs JPM EMBI Global Dvsfd

Rela

tive

Re

turn

s

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2013 2014 2015 2016 2017 2018

Wellington EMD

Emerging Debt Database (Gross)Annualized Five Year Risk vs Return

2 4 6 8 10 12 14 16(4%)

(2%)

0%

2%

4%

6%

8%

Wellington EMD

JPM EMBI Global Dvsfd

Standard Deviation

Re

turn

s


Wellington EMDReturn Analysis Summary


Performance vs Emerging Debt Database (Gross)

(20%)

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

25%

30%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011

(23)(38)

(65)(80)(30)

(60)

(20)(14)

(4)(6)

(30)(42)

(51)(73)

(15)(17)

10th Percentile (3.09) 17.10 15.21 1.51 6.82 (0.28) 22.76 8.3225th Percentile (4.45) 15.20 12.99 (0.13) 5.48 (2.75) 20.80 6.86

Median (5.71) 12.81 10.83 (3.15) 1.50 (5.97) 18.97 3.0175th Percentile (6.64) 10.68 9.27 (13.11) (3.66) (7.89) 17.21 (1.95)90th Percentile (7.51) 8.92 6.63 (15.38) (5.58) (9.61) 14.04 (3.88)

Wellington EMD (4.34) 11.58 12.25 0.36 8.12 (3.97) 18.79 7.63

JPM EMBI Global Dvsfd (5.23) 10.26 10.15 1.18 7.43 (5.24) 17.44 7.35

Cumulative and Quarterly Relative Return vs JPM EMBI Global Dvsfd

Re

lative

Re

turn

s

(20%)

(15%)

(10%)

(5%)

0%

5%

10%

2013 2014 2015 2016 2017 2018

Wellington EMD Emerging Debt Database

Risk Adjusted Return Measures vs JPM EMBI Global DvsfdRankings Against Emerging Debt Database (Gross)Five Years Ended June 30, 2018

(10)

(8)

(6)

(4)

(2)

0

2

4


(12) (9) (3)

10th Percentile 0.93 0.98 0.2125th Percentile (0.08) 0.77 (0.05)

Median (1.83) 0.49 (0.48)75th Percentile (6.55) (0.04) (0.75)90th Percentile (8.21) (0.16) (0.86)

Wellington EMD 0.78 0.99 0.79


Wellington EMDHistorical Consistency Analysis

Consistency of Excess Return and Relative Std. Dev.The first chart below illustrates the consistency of excess return over rolling one year periods versus the JPM EMBI GlobalDvsfd. The gray area represents the range of excess return for the 10th through 90th percentile for the Emerging DebtDatabase. The second chart below illustrates the consistency of relative std. dev. over rolling one year periods. The tablesprovide summary statistics for the median manager of the group and the portfolio.

Rolling One Year Excess Return Relative to JPM EMBI Global DvsfdFive Years Ended June 30, 2018

Exce

ss R

etu

rn

-25

-20

-15

-10

-5

0

5

10

15

2013 2014 2015 2016 2017 2018

Wellington EMD



Rolling One Year Relative Std. Dev. Relative to JPM EMBI Global DvsfdFive Years Ended June 30, 2018

Re

lative

Std

. D

ev.

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

2013 2014 2015 2016 2017 2018

Wellington EMD




Glo

ba

l Fix

ed

Inco

me

Global Fixed Income

Global Fixed IncomePeriod Ended June 30, 2018

Quarterly Summary and HighlightsGlobal Fixed Income’s portfolio posted a (0.03)% return forthe quarter placing it in the 33 percentile of the Callan GlobalFixed Income (Hedged) group for the quarter and in the 48percentile for the last year.

Global Fixed Income’s portfolio underperformed the BlmbgGlob Agg Hedged by 0.22% for the quarter andunderperformed the Blmbg Glob Agg Hedged for the year by0.13%.




Investment Gains/(Losses) $-465,559


Performance vs Callan Global Fixed Income (Hedged) (Gross)

(4%)

(3%)

(2%)

(1%)

0%

1%

2%

3%

4%

5%

6%

Last Quarter FYTD Last 3 Years Last 5 Years Last 5-1/4 Years

(33)(26)

(48)(43)

(18)

(60)

(26)

(75) (35)(74)


Median (0.19) 1.52 2.99 3.68 2.9875th Percentile (0.98) 1.04 2.45 3.33 2.8090th Percentile (2.39) (0.24) 1.85 2.01 1.84

Global Fixed Income (0.03) 1.53 3.61 3.92 3.17

Blmbg GlobAgg Hedged 0.19 1.66 2.82 3.31 2.81

Relative Return vs Blmbg Glob Agg Hedged

Rela

tive

Re

turn

s

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2013 2014 2015 2016 2017 2018

Global Fixed Income

Callan Global Fixed Income (Hedged) (Gross)Annualized Five and One-Quarter Year Risk vs Return

0 2 4 6 8 10(2%)

(1%)

0%

1%

2%

3%

4%

5%

Global Fixed Income

Blmbg Glob Agg Hedged

Standard Deviation

Re

turn

s


Global Fixed IncomeReturn Analysis Summary



(4%)

(2%)

0%

2%

4%

6%

8%

10%

12%

12/17- 6/18 2017 2016 2015 2014

(48)(46)

(59)(93)

(20)(53)

(17)(31)

(49)(69)


Median (0.17) 4.24 4.02 0.79 7.8875th Percentile (0.68) 3.25 2.96 0.30 7.1990th Percentile (2.28) 3.09 2.26 (0.94) 6.78

Global Fixed Income (0.04) 3.76 5.59 1.38 7.94


Cumulative and Quarterly Relative Return vs Blmbg Glob Agg Hedged

Re

lative

Re

turn

s

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

2013 2014 2015 2016 2017 2018

Global Fixed Income Callan Global FI (Hedged)

Risk Adjusted Return Measures vs Blmbg Glob Agg HedgedRankings Against Callan Global Fixed Income (Hedged) (Gross)Five Years Ended June 30, 2018

(2.5)

(2.0)

(1.5)

(1.0)

(0.5)

0.0

0.5

1.0

1.5

2.0


(32)

(29) (6)



Global Fixed Income 0.54 1.22 1.07


PIMCO GlobalPeriod Ended June 30, 2018

Investment PhilosophyThe Fund’s inception date is February 2013.

Quarterly Summary and HighlightsPIMCO Global’s portfolio posted a 0.12% return for thequarter placing it in the 30 percentile of the Callan GlobalFixed Income (Hedged) group for the quarter and in the 31percentile for the last year.

PIMCO Global’s portfolio underperformed the Blmbg GlobAgg Hedged by 0.07% for the quarter and outperformed theBlmbg Glob Agg Hedged for the year by 0.41%.







(4%)

(3%)

(2%)

(1%)

0%

1%

2%

3%

4%

5%

6%


(30)(26)

(31)(43)

(17)

(60)

(23)

(75) (32)(74)



PIMCO Global 0.12 2.06 3.63 4.05 3.24



Rela

tive

Re

turn

s

(2.0%)

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2013 2014 2015 2016 2017 2018

PIMCO Global


0 2 4 6 8 10(2%)

(1%)

0%

1%

2%

3%

4%

5%

PIMCO Global


Standard Deviation

Re

turn

s


PIMCO GlobalReturn Analysis Summary



(4%)

(2%)

0%

2%

4%

6%

8%

10%

12%

12/17- 6/18 2017 2016 2015 2014

(45)(46)

(63)(93)

(21)(53)

(7)(31)

(27)(69)



PIMCO Global 0.08 3.69 5.42 1.77 8.46



Re

lative

Re

turn

s

(1%)

0%

1%

2%

3%

4%

5%

2013 2014 2015 2016 2017 2018

PIMCO Global Callan Global FI (Hedged)


(2.5)

(2.0)

(1.5)

(1.0)

(0.5)

0.0

0.5

1.0

1.5

2.0


(22)

(23)(6)



PIMCO Global 0.70 1.26 1.02


AllianceBernstein GlobalPeriod Ended June 30, 2018

Investment PhilosophyAB utitlizes a combination of both Quantitative and Fundamental (Economic, Credit and Securitized) Research to identifyand exploit Global Debt Market inefficiencies. The Fund’s inception date is February 2013.

Quarterly Summary and HighlightsAllianceBernstein Global’s portfolio posted a (0.18)% returnfor the quarter placing it in the 46 percentile of the CallanGlobal Fixed Income (Hedged) group for the quarter and inthe 75 percentile for the last year.

AllianceBernstein Global’s portfolio underperformed theBlmbg Glob Agg Hedged by 0.36% for the quarter andunderperformed the Blmbg Glob Agg Hedged for the year by0.65%.







(4%)

(3%)

(2%)

(1%)

0%

1%

2%

3%

4%

5%

6%


(46)(26)

(75)

(43)

(18)

(60)

(34)(75) (38)

(74)



AllianceBernsteinGlobal (0.18) 1.00 3.60 3.79 3.12



Rela

tive

Re

turn

s

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2013 2014 2015 2016 2017 2018

AllianceBernstein Global


0 2 4 6 8 10(2%)

(1%)

0%

1%

2%

3%

4%

5%

AllianceBernstein Global


Standard Deviation

Re

turn

s


AllianceBernstein GlobalReturn Analysis Summary



(4%)

(2%)

0%

2%

4%

6%

8%

10%

12%

12/17- 6/18 2017 2016 2015 2014

(50)(46)

(57)(93)

(19)(53)

(33)(31)

(70)(69)



AllianceBernsteinGlobal (0.16) 3.83 5.79 0.99 7.49



Re

lative

Re

turn

s

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

2013 2014 2015 2016 2017 2018

AllianceBernstein Global Callan Global FI (Hedged)


(2.5)

(2.0)

(1.5)

(1.0)

(0.5)

0.0

0.5

1.0

1.5

2.0


(47)

(38)

(24)



AllianceBernstein Global 0.39 1.15 0.65


RE

ITs

REITs

REIT CompositePeriod Ended June 30, 2018

Investment PhilosophyThe Real Estate Investment Trust managers invest in companies that own, operate and dispose of commercial real estateproperties. These companies provide high current yields and the potential for capital appreciation through increases inproperty values.

Quarterly Summary and HighlightsREIT Composite’s portfolio posted a 6.55% return for thequarter placing it in the 4 percentile of the Callan RealEstate Global REIT group for the quarter and in the 80percentile for the last year.

REIT Composite’s portfolio underperformed the REIT CompCustom Benchmark (7) by 1.16% for the quarter andoutperformed the REIT Comp Custom Benchmark (7) for theyear by 0.84%.






Performance vs Callan Real Estate Global REIT (Gross)

2%

4%

6%

8%

10%

12%

14%


(4)

(1)

(80)

(91)

(20)

(38)

(25)

(48)(34)(36)

(59)(38)

(71)(65)



REIT Composite 6.55 6.35 8.05 8.34 8.34 6.37 9.72

REIT Comp CustomBenchmark (7) 7.71 5.51 7.24 7.64 8.13 6.82 9.89

Relative Returns vsREIT Comp Custom Benchmark (7)

Rela

tive

Re

turn

s

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2013 2014 2015 2016 2017 2018

REIT Composite

Callan Real Estate Global REIT (Gross)Annualized Five Year Risk vs Return

5 6 7 8 9 10 11 12 135%

6%

7%

8%

9%

10%

11%

12%

13%

REIT Composite

REIT Comp Custom Benchmark (7)

Standard Deviation

Re

turn

s


REIT CompositeReturn Analysis Summary


Performance vs Callan Real Estate Global REIT (Gross)

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

50%

60%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011 2010 2009

39228898 2413 1134

55

8978

9494

1514

510 9585


Median 0.75 13.10 3.84 1.24 16.57 4.79 29.51 (4.82) 19.83 39.3475th Percentile 0.22 11.11 1.84 0.18 14.42 3.31 27.66 (6.47) 17.90 35.1290th Percentile (0.61) 9.67 0.97 (0.61) 12.45 2.18 24.88 (12.77) 8.73 31.81

REIT Composite 0.95 9.97 5.00 4.25 23.62 2.31 23.13 1.26 26.00 26.50

REIT Comp CustomBenchmark (7) 1.40 7.54 5.87 2.31 23.74 2.84 22.85 1.53 24.31 33.89

Cumulative and Quarterly Relative Return vs REIT Comp Custom Benchmark (7)

Re

lative

Re

turn

s

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

6%

2013 2014 2015 2016 2017 2018

REIT Composite Callan Global REITs

Risk Adjusted Return Measures vs REIT Comp Custom Benchmark (7)Rankings Against Callan Real Estate Global REIT (Gross)Five Years Ended June 30, 2018

(1.0)

(0.5)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0


(70) (62) (8)


Median 1.62 0.87 (0.02)75th Percentile 0.79 0.77 (0.23)90th Percentile 0.05 0.68 (0.36)

REIT Composite 0.90 0.81 0.65


Priv

ate

Re

al E

sta

te

Private Real Estate

Core Real Estate (Net)Period Ended June 30, 2018

Investment Philosophy*Valuation data provided by PERS custodian, BNY Mellon.

Quarterly Summary and HighlightsCore Real Estate (Net)’s portfolio posted a 1.93% return forthe quarter placing it in the 43 percentile of the Callan OpenEnd Core Cmmingled Real Est group for the quarter and inthe 43 percentile for the last year.

Core Real Estate (Net)’s portfolio outperformed the NCREIFNFI-ODCE Eq Wt Net by 0.04% for the quarter andunderperformed the NCREIF NFI-ODCE Eq Wt Net for theyear by 0.13%.






Performance vs Callan Open End Core Cmmingled Real Est (Net)

0%

2%

4%

6%

8%

10%

12%

14%

16%


(43)(44)

(43)(35)(68)

(61)

(68)(56) (55)

(40)


Median 1.70 7.26 8.85 10.40 10.1375th Percentile 1.46 6.79 7.90 9.56 9.4990th Percentile 1.33 5.78 7.16 8.91 8.76

Core RealEstate (Net) 1.93 7.56 8.30 9.67 10.09

NCREIF NFI-ODCEEq Wt Net 1.89 7.68 8.70 10.21 10.47

Relative Returns vsNCREIF NFI-ODCE Eq Wt Net

Rela

tive

Re

turn

s

(0.8%)

(0.6%)

(0.4%)

(0.2%)

0.0%

0.2%

0.4%

0.6%

2013 2014 2015 2016 2017 2018

Core Real Estate (Net)

Callan Open End Core Cmmingled Real Est (Net)Annualized Five Year Risk vs Return

0 1 2 3 4 5 67%

8%

9%

10%

11%

12%

13%

14%

15%

16%

NCREIF NFI-ODCE Eq Wt Net

Core Real Estate (Net)

Standard Deviation

Re

turn

s

133Mississippi Public Employees Retirement System

Core Real Estate (Net)Return Analysis Summary

Return Analysis*Valuation data provided by PERS custodian, BNY Mellon.

Performance vs Callan Open End Core Cmmingled Real Est (Gross)

0%

5%

10%

15%

20%

25%

12/17- 6/18 2017 2016 2015 2014 2013

(56)(55)

(81)(72) (87)(83)

(73)(67)

(79)(78) (66)(64)


Median 4.05 7.54 9.46 15.23 13.11 13.9875th Percentile 3.54 6.82 8.86 12.97 11.62 10.8290th Percentile 3.36 5.52 7.19 10.79 10.91 9.93

Core Real Estate (Net) 3.85 6.71 7.63 13.16 11.36 11.85

NCREIF NFI-ODCEEq Wt Net 3.89 6.92 8.36 14.18 11.42 12.36

Cumulative and Quarterly Relative Return vs NCREIF NFI-ODCE Eq Wt Net

Re

lative

Re

turn

s

(1.5%)

(1.0%)

(0.5%)

0.0%

0.5%

1.0%

1.5%

2015 2016 2017 2018

Core Real Estate (Net) Callan OE Core Cmngld RE

Risk Adjusted Return Measures vs NCREIF NFI-ODCE Eq Wt NetRankings Against Callan Open End Core Cmmingled Real Est (Gross)Three Years Ended June 30, 2018

(4)

(2)

0

2

4

6

8

10

12

14

16


(61)

(35)

(89)



Core Real Estate (Net) (0.02) 6.51 (1.44)


Core Plus Real Estate (Net)Period Ended June 30, 2018

Investment PhilosophyThe Trumbull Property Growth & Income Fund seeks to operate as a tactical real estate investor that: Utilizesresearch-driven market selection to guide acquisition and disposition activity; Provides acquisition sourcing through UBSRealty as well as its existing and prospective joint venture partners; Incorporates active value creation strategies in itsacquisition and asset management activity; Implements a broad range of value-added strategies that allow the Fund torespond to changing market conditions; Actively pursues joint venture relationships with regional and national operatingpartners; and Provides Investors with both the benefit of growth in net asset value as well as the regular income that willcome from holding stabilized properties that have the benefit of completed value creation activity and positive leverage.The Fund’s inception date is January 2011.

Quarterly Summary and HighlightsCore Plus Real Estate (Net)’s portfolio posted a 1.59%return for the quarter placing it in the 60 percentile of theCallan Open End Core Cmmingled Real Est group for thequarter and in the 29 percentile for the last year.

Core Plus Real Estate (Net)’s portfolio underperformed theNCREIF NFI-ODCE Eq Wt Net by 0.30% for the quarter andoutperformed the NCREIF NFI-ODCE Eq Wt Net for theyear by 0.24%.



Net New Investment $0




0%

2%

4%

6%

8%

10%

12%

14%

16%


(60)(44)

(29)(35)

(10)

(61)

(8)

(56)

(11)

(46)


Median 1.70 7.26 8.85 10.40 10.5875th Percentile 1.46 6.79 7.90 9.56 9.4490th Percentile 1.33 5.78 7.16 8.91 8.94

Core Plus RealEstate (Net) 1.59 7.92 11.54 14.09 14.13

NCREIF NFI-ODCEEq Wt Net 1.89 7.68 8.70 10.21 10.74

Relative Returns vsNCREIF NFI-ODCE Eq Wt Net

Rela

tive

Re

turn

s

(4%)

(2%)

0%

2%

4%

6%

8%

2011 2012 2013 2014 2015 2016 2017 18

Core Plus Real Estate (Net)

Callan Open End Core Cmmingled Real Est (Net)Annualized Five Year Risk vs Return

0 1 2 3 4 5 67%

8%

9%

10%

11%

12%

13%

14%

15%

16%

Core Plus Real Estate (Net)

NCREIF NFI-ODCE Eq Wt Net

Standard Deviation

Re

turn

s


Core Plus Real Estate (Net)Return Analysis Summary

Return Analysis*Valuation data provided by PERS custodian, BNY Mellon.


0%

5%

10%

15%

20%

25%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011

(44)(28)(51)(46)

(1)

(56)

(10)

(53)(17)

(64)

(8)

(51)

(6)

(65)(93)

(58)

10th Percentile 4.86 10.06 12.55 18.57 16.81 16.41 12.79 19.1525th Percentile 4.06 7.76 9.54 16.00 13.53 14.30 11.66 16.29

Median 3.68 6.71 8.67 14.26 12.18 12.66 10.80 15.3375th Percentile 3.38 6.09 7.95 13.11 10.53 10.03 8.95 13.9190th Percentile 3.21 4.62 6.13 10.28 9.38 8.65 5.67 12.22

Core Plus RealEstate (Net) 3.71 6.66 15.51 18.66 15.76 17.00 18.79 11.70

NCREIF NFI-ODCEEq Wt Net 3.89 6.92 8.36 14.18 11.42 12.36 9.93 14.99

Cumulative and Quarterly Relative Return vs NCREIF NFI-ODCE Eq Wt Net

Re

lative

Re

turn

s

(5%)

0%

5%

10%

15%

20%

25%

2013 2014 2015 2016 2017 2018

Core Plus Real Estate (Net) Callan OE Core Cmngld RE

Risk Adjusted Return Measures vs NCREIF NFI-ODCE Eq Wt NetRankings Against Callan Open End Core Cmmingled Real Est (Net)Five Years Ended June 30, 2018

(5)

0

5

10


(47)

(66)

(8)


Median (0.41) 5.63 0.1475th Percentile (1.05) 4.92 (0.62)90th Percentile (2.77) 2.98 (1.35)

Core Plus Real Estate (Net) (0.21) 5.12 1.99


Non-Core Real Estate (Net)Period Ended June 30, 2018

Investment Philosophy*Valuation data provided by PERS custodian, BNY Mellon.

Quarterly Summary and HighlightsNon-Core Real Estate (Net)’s portfolio posted a 2.98%return for the quarter placing it in the 14 percentile of theCallan Real Estate Value Added group for the quarter and inthe 16 percentile for the last year.

Non-Core Real Estate (Net)’s portfolio outperformed theNCREIF Total Index by 1.17% for the quarter andoutperformed the NCREIF Total Index for the year by4.75%.






Performance vs Callan Real Estate Value Added (Net)

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%


(14)(62)

(16)

(61)

(18)

(67)

(31)

(72)

(24)(21)


Median 2.13 7.82 10.11 11.30 3.8775th Percentile 1.38 4.13 5.98 8.84 3.2290th Percentile 0.29 (4.55) (3.11) 4.73 (10.19)

Non-Core RealEstate (Net) 2.98 11.94 12.13 12.80 4.67

NCREIF Total Index 1.81 7.19 8.25 9.77 6.22

Relative Return vs NCREIF Total Index

Rela

tive

Re

turn

s

(3%)

(2%)

(1%)

0%

1%

2%

3%

4%

5%

2013 2014 2015 2016 2017 2018

Non-Core Real Estate (Net)

Callan Real Estate Value Added (Net)Annualized Five Year Risk vs Return

0 5 10 150%

5%

10%

15%

20%

25%

Non-Core Real Estate (Net)

NCREIF Total Index

Standard Deviation

Re

turn

s


Non-Core Real Estate (Net)Return Analysis Summary


Performance vs Callan Real Estate Value Added (Net)

(15%)(10%)

(5%)0%5%

10%15%20%25%30%35%

12/17- 6/18 2017 2016 2015 2014 2013

(45)(69)

(32)(56)

(44)(56)

(44)(69) (58)(63)

(33)

(56)


Median 4.30 8.20 9.36 16.91 14.33 12.1375th Percentile 3.07 2.79 0.12 9.00 9.59 6.4390th Percentile 0.49 (7.23) (4.52) (0.45) (4.71) (3.58)

Non-Core RealEstate (Net) 4.62 10.52 10.37 18.30 13.34 17.61

NCREIF Total Index 3.54 6.96 7.97 13.33 11.82 10.98

Cumulative and Quarterly Relative Return vs NCREIF Total Index

Re

lative

Re

turn

s

(2%)

0%

2%

4%

6%

8%

10%

12%

14%

2015 2016 2017 2018

Non-Core Real Estate (Net) Callan Real Est Val Add

Risk Adjusted Return Measures vs NCREIF Total IndexRankings Against Callan Real Estate Value Added (Net)Three Years Ended June 30, 2018

(50)

(40)

(30)

(20)

(10)

0

10

20


(42)(42) (29)


Median (3.00) 2.50 0.5575th Percentile (15.87) 1.11 (0.56)90th Percentile (34.74) (0.34) (1.22)

Non-Core Real Estate (Net) (1.40) 3.63 1.45


Hancock Timber PortfolioPeriod Ended June 30, 2018

Investment PhilosophyHancock Timber Resource Group manages the Great River Timber LLC which invests directly into timberland investmentson a global basis. The portfolio has exposure to the U.S. and New Zealand timberland markets. The Fund’s inception dateis March 2008.

Quarterly Summary and HighlightsHancock Timber Portfolio’s portfolio outperformed theNCREIF Timberland Index by 6.65% for the quarter andoutperformed the NCREIF Timberland Index for the year by10.87%.






0%

5%

10%

15%

20%

Last Quarter

7.14

0.48

LastYear

14.43

3.57

Last 3 Years

11.11

3.43

Last 5 Years

9.97

6.00

Last 7 Years

7.78

5.76

Last 10-1/4Years

4.15 4.01

Re

turn

s

Hancock Timber Portfolio NCREIF Timberland Index

Relative Return vs NCREIF Timberland Index

Re

lative

Re

turn

s

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

10%

2013 2014 2015 2016 2017 2018

Hancock Timber Portfolio

Cumulative Returns vsNCREIF Timberland Index

Cum

ula

tive

Re

lative

Re

turn

s

(10%)

(5%)

0%

5%

10%

15%

20%

25%

2013 2014 2015 2016 2017 2018

Hancock Timber Portfolio


Hancock Timber PortfolioPeriod Ended June 30, 2018

0%

5%

10%

15%

20%

12/2017- 6/2018

9.94

1.41

2017

13.74

3.63

2016

5.64

2.59

2015

2.70

4.97

2014

4.46

10.48

Re

turn

s

Hancock Timber Portfolio NCREIF Timberland Index


Priv

ate

Eq

uity

Private Equity

Private EquityPeriod Ended June 30, 2018

Investment PhilosophyDatabase group representing managers within the alternative investments asset class.

Quarterly Summary and HighlightsPrivate Equity’s portfolio posted a 4.35% return for thequarter placing it in the 20 percentile of the CallanAlternative Investments DB group for the quarter and in the9 percentile for the last year.

Private Equity’s portfolio outperformed the Private EquityBenchmark (9) by 0.24% for the quarter andunderperformed the Private Equity Benchmark (9) for theyear by 0.74%.



Net New Investment $14,786,229



Performance vs Callan Alternative Investments DB (Gross)

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

25%

Last Quarter Last Last 3 Years Last 5 Years Last 7 Years Last 9-1/2Year Years

(20)(20)

(9)(8)(1)(1)

(1)(1)

(1)

(1)

(76)

(2)


Median 0.65 3.16 (0.45) 0.49 (1.41) 2.8875th Percentile (0.88) 0.10 (4.46) (5.25) (6.64) (0.60)90th Percentile (4.37) (4.22) (6.28) (6.53) (7.85) (3.27)

Private Equity 4.35 16.66 15.73 16.39 13.58 (1.01)

Private EquityBenchmark (9) 4.11 17.39 14.96 16.45 16.84 18.76

Relative Returns vsPrivate Equity Benchmark (9)

Rela

tive

Re

turn

s

(10%)

(5%)

0%

5%

10%

15%

2013 2014 2015 2016 2017 2018

Private Equity

Callan Alternative Investments DB (Gross)Annualized Five Year Risk vs Return

0 5 10 15 20 25 30 35(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

Private Equity Benchmark (9)

Private Equity

Standard Deviation

Re

turn

s


Private EquityReturn Analysis Summary


Performance vs Callan Alternative Investments DB (Gross)

(100%)

(50%)

0%

50%

100%

150%

12/17- 6/18 2017 2016 2015 2014 2013 2012 2011 2010 2009

81342 2121 518

510 197

262

2423 9744

100

45


Median 0.11 4.85 10.65 (20.31) (2.44) (0.19) 2.82 (6.14) 19.54 25.4175th Percentile (2.90) 1.29 5.55 (25.13) (16.25) (8.40) 0.07 (10.22) 11.85 12.8790th Percentile (7.95) (4.59) (2.61) (31.10) (18.22) (10.58) (3.69) (13.57) 7.79 (1.89)

Private Equity 7.77 17.66 14.73 12.81 19.66 16.14 9.19 5.20 2.29 (66.13)

Private EquityBenchmark (9) 4.10 24.84 14.96 4.44 16.70 35.85 21.13 7.51 20.44 31.97

Cumulative and Quarterly Relative Return vs Private Equity Benchmark (9)

Re

lative

Re

turn

s

(70%)

(60%)

(50%)

(40%)

(30%)

(20%)

(10%)

0%

10%

20%

2013 2014 2015 2016 2017 2018

Private Equity Callan Alterntive Inv DB

Risk Adjusted Return Measures vs Private Equity Benchmark (9)Rankings Against Callan Alternative Investments DB (Gross)Five Years Ended June 30, 2018

(25)

(20)

(15)

(10)

(5)

0

5

10

15

20

25


(2)

(1)(1)

10th Percentile 4.23 1.07 (0.73)25th Percentile 0.87 0.63 (1.03)

Median (8.81) 0.00 (1.47)75th Percentile (11.72) (0.40) (1.63)90th Percentile (19.22) (0.49) (2.19)

Private Equity 16.15 4.40 (0.01)


Ap

pe

nd

ix

Appendix



FY 2018 FY 2017 FY 2016 FY 2015 FY 2014





Callan Large Cap 14.59% 19.13% 0.02% 7.78% 25.87%

Managed Large Cap Equity 43 49 76 75 9214.62% 18.66% (1.83%) 6.08% 23.51%Eagle Capital 19 3 81 26 8416.58% 25.72% (2.74%) 9.63% 24.63%

S&P 500 Index 45 56 19 58 8414.37% 17.90% 3.99% 7.42% 24.61%


Wedgewood LCG 71 96 8719.45% 12.61% (4.14%) - -







Boston Company 57 55 85 73 4413.59% 19.37% (8.86%) 5.99% 28.70%










Callan Small Cap 17.18% 23.16% (5.42%) 7.87% 25.22%





Russell 2000 Index 38 26 75 68 7317.57% 24.60% (6.73%) 6.49% 23.64%


Riverbridge Partners SCG 68 13 13 8324.00% 29.52% (1.97%) 6.71% -






FY 2018 FY 2017 FY 2016 FY 2015 FY 2014

Global Equity 34 49 40 28 6613.34% 20.25% (3.31%) 4.88% 22.62%Acadian Global Equity 63 56 59 65 3610.27% 19.67% (5.04%) 1.68% 25.93%Epoch Investments 28 73 64 8 9014.56% 17.67% (5.80%) 8.66% 18.64%Harding-Loevner 16 21 14 29 6217.36% 24.09% 1.13% 4.66% 23.36%Longview 55 6111.02% 19.26% - - - Global Equity Benchmark (2) 53 63 42 71 5911.14% 19.01% (3.59%) 1.23% 23.58% MSCI ACWI Idx 59 65 44 74 6510.73% 18.78% (3.73%) 0.71% 22.95%Callan Global Equity 11.43% 20.14% (4.50%) 3.13% 24.44%

International Equity 75 33 34 86 356.99% 22.30% (7.99%) (5.27%) 22.53% International Equity Benchmark (3) 55 58 59 81 387.75% 20.43% (9.61%) (4.97%) 22.28%Pub Pln- Intl Equity 8.05% 20.84% (8.99%) (3.48%) 21.78%



Small Cap 56 73 42 70 7711.95% 19.05% (2.93%) (0.87%) 22.70%Mondrian 38 70 39 75 8113.45% 19.30% (2.55%) (1.75%) 22.09% MSCI World Small Cap x US 58 61 45 84 4711.87% 21.26% (3.35%) (3.96%) 29.55%Fidelity 72 74 45 63 7610.33% 18.78% (3.34%) 0.09% 23.36% MSCI ACWI Sm Cap ex US 71 67 64 81 7510.57% 20.32% (5.46%) (3.07%) 26.09%Callan Intl Small Cap 12.34% 23.35% (3.64%) 0.81% 29.30%

All Country ex US 47 43 37 62 278.87% 21.46% (6.40%) (3.16%) 26.33%Arrowstreet Capital 50 39 46 65 278.54% 22.26% (7.49%) (3.63%) 26.33%Baillie Gifford 36 47 2710.52% 20.93% (4.61%) - -Marathon Asset Mgmt 68 477.10% 20.96% - - - MSCI ACWI ex-US IMI Index 59 55 63 77 597.75% 20.43% (9.61%) (4.97%) 22.28%Non-U.S. Equity Database 8.52% 20.75% (8.13%) (1.83%) 23.38%

Emerging Markets 81 76 41 91 184.09% 22.63% (7.68%) (10.52%) 18.52%Lazard Emerging Markets 93 80 27 95 161.44% 21.64% (6.82%) (12.16%) 19.47%Fisher Investments 64 646.59% 24.49% - - - MSCI Emerging Mkts Idx 53 69 77 52 578.20% 23.75% (12.05%) (5.12%) 14.31%Callan Emerging Broad 8.41% 25.70% (8.80%) (4.56%) 14.62%





FY 2018 FY 2017 FY 2016 FY 2015 FY 2014


Core Fixed Income 38 49 55 29 520.03% 0.39% 6.13% 2.24% 5.05% Blmbg Aggregate Index 86 89 62 69 85(0.40%) (0.31%) 6.00% 1.86% 4.37%Callan Core Bond FI (0.04%) 0.37% 6.21% 2.07% 5.11%



Emerging Markets Debt 19 38 13 18 23(0.01%) 8.63% 9.69% 0.46% 11.50%Wellington EMD 19 38 13 18 23(0.01%) 8.63% 9.69% 0.46% 11.50% EMBI Global Dvsfd Index 53 82 13 18 22(1.60%) 6.04% 9.79% 0.51% 11.64%Emerging Debt Database (1.44%) 7.97% 4.73% (4.28%) 9.55%






FY 2018 FY 2017 FY 2016 FY 2015 FY 2014REIT Composite 80 69 6 20 726.35% 0.87% 17.57% 3.74% 14.10%

REIT Comp Custom Benchmark (7) 91 87 6 40 755.51% (0.64%) 17.65% 2.86% 13.91%Callan Global REITs 7.53% 1.63% 11.08% 2.31% 15.15%



Core Real Estate 20 34 37 52 508.48% 7.90% 11.83% 13.51% 11.56%Principal Capital (Net) 20 24 48 41 528.48% 8.88% 11.52% 14.19% 11.45%UBS Trumbull Property (Net) 63 87 86 78 836.92% 4.67% 9.73% 11.70% 9.43%UBS Trumbull Property G&I (Net) 29 23 1 19 17.92% 9.05% 17.90% 16.07% 20.04%JPMCB Strategic Property (Net) 62 55 79 71 247.04% 7.13% 10.16% 12.55% 13.14% NFI-ODCE Equal Weight Net 35 54 57 51 547.68% 7.23% 11.24% 13.64% 11.37%Callan OE Core Cmngld RE 7.26% 7.42% 11.48% 13.80% 11.53%

Non-Core Real Estate 7 35 37 47 4214.27% 10.68% 17.22% 15.41% 13.12%AEW Partners VI 35 12 45 63 379.24% 21.79% 15.56% 13.24% 15.30%AEW Partners VII 1 47 60 6021.58% 9.07% 12.30% 13.77% -AEW Partners VIII 850.41% - - - -Heitman VP III 4 18 27 3916.13% 17.18% 19.01% 19.35% -AG Core Plus II 97 92 14 82 62(18.70%) (13.26%) 24.93% 4.97% 9.39%AG Core Plus III 76 64 8 23 153.72% 5.83% 31.08% 26.43% 24.92%AG Core Plus IV 8 4513.35% 9.78% - - -Invesco VA Fund IV 7 64 5113.98% 5.84% 13.95% - -TA Associates Realty Fund X 1 33 45 66 6118.44% 11.23% 15.32% 12.39% 9.52%TA Associates Realty Fund XI 26 6510.04% 5.24% - - -Westbrook RE Fund X 1 1021.91% 23.69% - - - NCREIF Total Index 61 58 66 64 497.19% 6.97% 10.64% 12.98% 11.21%Callan Real Est Val Add 7.82% 8.76% 14.22% 15.00% 11.15%



Private Equity 9 3 13 6 1916.66% 20.12% 10.62% 14.87% 19.95%Pathway PEF XXIII 8 2 15 6 1817.39% 25.37% 9.78% 13.94% 21.86%Pathway PEF SRS 2013 2 5 17 41 9123.05% 17.13% 8.68% (7.39%) 1.36%Pathway PEF 2016 395.52% - - - -GCM Grosvenor Private Markets 13 4 10 4 2211.66% 18.69% 13.00% 18.58% 18.66%GCM Grosvenor Div. Partners LP 2014-1 9 25 36 3216.12% 6.44% 0.93% (3.58%) - Private Equity Benchmark (9) 8 3 20 10 1617.39% 20.90% 7.05% 10.43% 27.63%Callan Alterntive Inv DB 3.16% (0.75%) (3.53%) (12.98%) 10.31%







FY 2013 FY 2012 FY 2011 FY 2010 FY 2009

Domestic Equity 25 27 30 34 2522.86% 3.19% 34.39% 17.27% (25.34%) Russell 3000 Index 66 15 69 61 5521.46% 3.84% 32.37% 15.72% (26.56%) Domestic Eq Custom Benchmark (1) 49 28 51 34 4922.10% 3.12% 33.24% 17.32% (26.28%)Pub Pln- Dom Equity 22.09% 2.05% 33.27% 16.39% (26.32%)

Managed Large Cap EquityEagle Capital 13 38 6 1 2525.21% 4.49% 37.15% 23.95% (23.51%) S&P 500 Index 67 26 70 33 6020.60% 5.45% 30.69% 14.43% (26.21%)Callan Large Cap Core 21.97% 3.83% 32.10% 12.76% (25.47%)

Northern Trust S&P 500 66 26 66 34 5720.63% 5.41% 30.87% 14.31% (26.19%) S&P 500 Index 67 26 70 33 6020.60% 5.45% 30.69% 14.43% (26.21%)Callan Large Cap Core 21.97% 3.83% 32.10% 12.76% (25.47%)

Mid Cap Equity 24 49 26 45 827.85% (2.14%) 43.80% 23.29% (20.54%) Russell MidCap Index 39 42 57 25 5625.41% (1.65%) 38.47% 25.13% (30.36%)Callan Mid Capitalization 23.15% (2.19%) 39.05% 22.65% (29.94%)

Boston Company 5 74 26 13 233.06% (5.85%) 42.95% 26.48% (18.99%) Russell MidCap Index 66 31 58 21 5025.41% (1.65%) 38.47% 25.13% (30.36%)Callan Mid Cap Core 26.66% (2.35%) 39.16% 22.84% (30.20%)

Wellington Mid Cap 32 59 26 65 1428.90% (1.89%) 38.07% 23.31% (20.66%) Russell MidCap Value Idx 52 37 59 20 7627.65% (0.37%) 34.28% 28.91% (30.52%)Callan Mid Cap Value 27.81% (1.43%) 35.11% 24.27% (26.56%)

Artisan Partners 36 19 15 49 1121.68% 0.89% 49.02% 21.04% (21.23%) Russell MidCap Growth Idx 17 52 51 46 4522.88% (2.99%) 43.25% 21.30% (30.33%)Callan Mid Cap Growth 19.69% (2.35%) 43.41% 20.83% (30.80%)

Small Cap Equity 22 61 61 29 4729.19% (3.12%) 38.16% 24.95% (26.07%) Russell 2000 Index 65 52 65 56 4024.21% (2.08%) 37.41% 21.48% (25.01%)Callan Small Cap 25.65% (1.71%) 41.03% 22.33% (26.38%)

Dimensional Fund Advisors 25 85 17 19 5431.37% (4.64%) 38.47% 32.14% (26.23%) Russell 2000 Value Index 80 56 70 62 4824.76% (1.44%) 31.35% 25.07% (25.24%)Callan Small Cap Value 26.97% (0.99%) 34.42% 26.56% (25.83%)

Wellington Small Cap 12 60 74 19 1631.34% (2.25%) 36.48% 25.53% (20.48%) Russell 2000 Index 72 60 70 48 3624.21% (2.08%) 37.41% 21.48% (25.01%)Callan Small Cap Core 25.82% (0.45%) 40.93% 20.78% (26.18%)




FY 2013 FY 2012 FY 2011 FY 2010 FY 2009

Global Equity 71 38 24 94 9417.71% (4.12%) 34.43% 7.56% (38.32%)Acadian Global Equity 47 39 24 94 9419.91% (4.26%) 34.43% 7.56% (38.32%)Epoch Investments 3520.80% - - - -Harding-Loevner 9412.33% - - - - Global Equity Benchmark (2) 75 48 59 65 5617.21% (4.98%) 30.51% 10.20% (29.50%) MSCI ACWI Idx 80 61 62 50 5416.57% (6.49%) 30.14% 11.76% (29.32%)Callan Global Equity 19.77% (5.31%) 31.44% 11.79% (28.43%)

International Equity 64 35 42 40 5014.24% (12.66%) 30.66% 11.85% (30.44%) International Equity Benchmark (3) 72 68 59 54 5513.63% (14.57%) 29.73% 10.42% (30.92%)Pub Pln- Intl Equity 15.48% (13.52%) 30.22% 10.85% (30.39%)

Developed Markets 64 36 49 52 4818.41% (12.36%) 32.08% 7.69% (31.57%) MSCI EAFE Index 64 63 71 76 4718.62% (13.83%) 30.36% 5.92% (31.35%)Callan NonUS Dev Core Eq 19.61% (13.12%) 32.04% 7.79% (31.94%)

EAFE Composite 64 33 54 42 4518.37% (12.05%) 31.48% 8.66% (30.90%) MSCI EAFE Index 64 63 71 76 4718.62% (13.83%) 30.36% 5.92% (31.35%)Callan NonUS Dev Core Eq 19.61% (13.12%) 32.04% 7.79% (31.94%)

Small Cap 90 3418.69% (11.32%) - - -Mondrian 92 1317.65% (8.40%) - - - MSCI World Small Cap x US 91 77 75 46 4017.82% (15.75%) 37.05% 15.70% (29.64%)Fidelity 86 7119.84% (14.35%) - - - MSCI ACWI Sm Cap ex US 94 88 88 28 2715.94% (16.43%) 34.24% 19.98% (26.97%)Callan Intl Small Cap 23.75% (13.04%) 40.79% 15.33% (33.15%)

Emerging Markets 77 32 79 15 313.86% (13.03%) 25.35% 28.44% (26.60%)Lazard Emerging Markets 60 17 48 15 315.20% (10.06%) 28.06% 28.44% (26.60%) MSCI Emerging Mkts Idx 80 54 49 61 422.87% (15.94%) 27.80% 23.15% (28.07%)Callan Emerging Broad 6.03% (15.60%) 27.73% 23.46% (29.79%)

Total Equity 53 25 33 23 4319.38% (2.68%) 33.20% 15.54% (27.16%) MSCI ACWI IMI 76 65 55 38 5317.08% (6.91%) 31.00% 13.07% (28.90%) Total Equity Custom Benchmark (5) 67 44 51 36 4918.10% (4.68%) 31.33% 13.62% (28.16%)Callan Global Equity 19.77% (5.31%) 31.44% 11.79% (28.43%)




FY 2013 FY 2012 FY 2011 FY 2010 FY 2009

Domestic Fixed-Income 67 16 49 59 430.18% 9.09% 5.90% 12.11% 4.41% Blmbg Aggregate Index 87 52 82 80 23(0.69%) 7.47% 3.90% 9.50% 6.05%Pub Pln- Dom Fixed 0.88% 7.54% 5.84% 12.93% 3.82%

Core Fixed Income 63 25 53 47 590.19% 8.52% 4.88% 12.13% 4.45% Blmbg Aggregate Index 91 86 90 92 42(0.69%) 7.47% 3.90% 9.50% 6.05%Callan Core Bond FI 0.48% 8.04% 4.91% 11.97% 5.33%

PIMCO 30 17 24 22 370.84% 8.74% 5.75% 13.70% 6.64% Blmbg Aggregate Index 91 86 90 92 42(0.69%) 7.47% 3.90% 9.50% 6.05%Callan Core Bond FI 0.48% 8.04% 4.91% 11.97% 5.33%

Core Plus 19 6 92.81% 9.50% 9.23% - -Loomis Sayles 23 4 92.69% 9.88% 9.23% - -Prudential Core Plus 192.99% - - - - Blmbg Aggregate Index 99 77 98 99 32(0.69%) 7.47% 3.90% 9.50% 6.05%Callan Core Plus FI 1.88% 8.06% 6.99% 16.07% 3.60%

Emerging Markets Debt 43 19 623.10% 10.23% 13.87% - -Wellington Emerging Market Debt 43 19 623.10% 10.23% 13.87% - - EMBI Global Dvsfd 82 24 90 78 301.12% 9.77% 11.39% 18.44% 2.10%Emerging Debt Database 2.88% 4.93% 14.60% 21.99% (0.22%)

Total Fixed Income 57 16 37 59 430.61% 9.19% 6.54% 12.02% 4.41% Blmbg Aggregate Index 87 52 82 80 23(0.69%) 7.47% 3.90% 9.50% 6.05% Total Fixed Inc Custom Benchmark (6) 76 37 72 76 32(0.30%) 7.95% 4.56% 9.93% 5.32%Pub Pln- Dom Fixed 0.88% 7.54% 5.84% 12.93% 3.82%




FY 2013 FY 2012 FY 2011 FY 2010 FY 2009

REIT Composite 90 7 87 2 9810.64% 6.03% 31.47% 47.58% (45.43%) REIT Comp Custom Benchmark (7) 89 4 52 5 9310.97% 7.78% 34.21% 39.78% (40.31%)Callan Global REITs 14.54% 2.63% 34.36% 24.73% (33.35%)

Cohen & Steers 56 8914.30% (1.40%) - - - EPRA/NAREIT Dev REIT Idx 57 52 63 47 6814.27% 2.36% 33.36% 25.05% (35.86%)Callan Global REITs 14.54% 2.63% 34.36% 24.73% (33.35%)

Core Real Estate 44 59 62 34 3511.67% 11.21% 17.97% (4.46%) (26.97%)Principal Capital (Net) 26 26 31 66 6212.98% 12.71% 20.95% (8.81%) (31.43%)UBS Trumbull Property (Net) 79 75 85 29 88.84% 10.18% 16.20% (1.48%) (23.57%)UBS Trumbull Property G&I (Net) 7 7217.38% 10.43% - - -JPMCB Strategic Property (Net) 1113.87% - - - - NFI-ODCE Equal Weight Net 46 58 48 64 6110.80% 11.46% 19.33% (8.47%) (31.36%)Callan OE Core Cmngld RE 10.41% 12.02% 18.29% (7.14%) (30.31%)

Non-Core Real Estate 28 43 61 43 5716.54% 12.58% 10.69% (8.50%) (34.98%)AEW Partners VI 15 43 9421.41% 12.81% (10.39%) - -AG Core Plus II 40 47 51 34 1612.94% 11.36% 16.29% (4.09%) (12.27%)AG Core Plus III 4810.53% - - - - NCREIF Total Index 48 44 50 27 2810.72% 12.04% 16.73% (1.48%) (19.57%)Callan Real Est Val Add 10.08% 10.86% 16.95% (10.86%) (31.56%)

Timber Composite 12.70% (6.81%) 12.66% (8.80%) (11.18%)Hancock Timber Portfolio 12.70% (6.81%) 12.66% (8.80%) (11.18%) NCREIF Timberland Index 9.35% 1.13% 0.51% (3.60%) 3.26%

Total Real Estate 46 63 36 18 5911.91% 8.24% 21.06% 5.11% (31.72%) Real Estate Benchmark (8) 54 45 40 23 6010.15% 11.11% 19.88% 2.58% (32.32%)Callan Total Real Est DB 10.63% 10.70% 17.07% (7.21%) (28.28%)

Private Equity 26 30 85 9410.56% 3.26% 8.43% (7.76%) -Pathway PEF XXIII 27 31 80 9710.31% 3.11% 10.95% (13.07%) -GCM Grosvenor Private Markets 25 30 90 6411.07% 3.45% 5.19% 2.98% - Private Equity Benchmark (9) 14 7 14 29 3325.12% 10.95% 35.76% 19.82% (20.49%)Callan Alterntive Inv DB 1.32% (4.75%) 26.89% 5.58% (38.76%)


Total Fund 25 63 8 31 6813.37% 0.59% 25.40% 14.08% (19.43%)Policy Benchmark* 70 57 51 71 4611.36% 0.78% 21.96% 12.51% (18.15%)Very Lg Pub Fds (>10B) 12.42% 0.93% 22.02% 13.46% (18.61%)

* Current Quarter Target = 26.5% MSCI ACWI ex US, 19.0% Blmbg Aggregate, 18.5% Russell 3000 Index, 8.0% MSCI ACWI,8.0% JPM EMBI Global Dvsfd, 6.0% NCREIF NFI-ODCE Eq Wt Net, 5.0% S&P 500 Index+3.0%, 5.0% Assumed LT Bench, 1.5%FTSE NAREIT 50, 1.5% NCREIF Total Index and 1.0% NCREIF Timberland Index.





Last Last Last Last 15 20 25 30

Years Years Years Years

Domestic Equity 40 67 26 229.83% 7.00% 9.90% 10.66% Russell 3000 Index 62 75 44 339.61% 6.82% 9.65% 10.38% Domestic Eq Custom Benchmark (1) 34 24 23 219.94% 7.48% 10.08% 10.70%Pub Pln- Dom Equity 9.70% 7.22% 9.63% 10.11%

Northern Trust S&P 500 83 87 78 769.29% 6.49% 9.65% 10.40% S&P 500 Index 81 88 81 789.30% 6.46% 9.60% 10.35%Callan Large Cap Core 9.73% 7.31% 10.15% 11.31%

Mid Cap Equity 27 8412.21% 8.38% - -Boston Company 1412.66% - - - Russell MidCap Index 64 75 79 7611.17% 9.16% 11.00% 11.56%Wellington Small Cap 713.18% - - - Russell MidCap Value Idx 68 73 78 6811.04% 9.25% 11.12% 11.64%Artisan Partners 1712.44% - - - Russell MidCap Growth Idx 68 87 89 9011.07% 8.02% 10.02% 10.71%Callan Mid Capitalization 11.54% 10.06% 12.21% 12.18%

Small Cap Equity 71 9111.32% 8.27% - -Dimensional Fund Advisors 7811.04% - - - Russell 2000 Value Index 95 85 84 899.93% 8.67% 10.49% 10.82%Wellington Small Cap 1713.18% - - - Russell 2000 Index 84 92 92 9110.50% 8.03% 9.59% 9.85%Callan Small Cap 11.92% 10.65% 12.31% 12.69%







International Equity 70 897.84% 4.80% - - International Equity Benchmark (3) 68 80 97 1007.87% 5.02% 5.71% 5.36%Pub Pln- Intl Equity 8.30% 5.84% 6.79% 7.12%

Developed Markets 92 97 957.28% 4.33% 6.16% - MSCI EAFE Index 92 97 98 947.26% 4.33% 5.44% 5.14%Callan NonUS Dev Core Eq 8.52% 5.74% 7.37% 7.61%

EAFE Composite 98 97 597.00% 4.36% 6.92% - MSCI EAFE Index 92 97 98 947.26% 4.33% 5.44% 5.14%Callan NonUS Dev Core Eq 8.52% 5.74% 7.37% 7.61%

Emerging Markets 49 9212.39% 9.23% - -Lazard Emerging Markets 42 9012.64% 9.41% - - MSCI Emerging Mkts Idx 9510.70% - - -Callan Emerging Broad 12.37% 10.21% 8.71% -

Total Equity 73 838.87% 6.12% - - MSCI ACWI IMI 80 898.54% 5.77% - - Total Equity Custom Benchmark (5) 698.92% - - -Callan Global Equity 9.28% 7.18% 9.28% 10.01%







Domestic Fixed-Income 48 49 66 674.35% 5.19% 5.56% 6.53% Blmbg Aggregate Index 68 79 91 983.77% 4.70% 5.13% 6.13%Pub Pln- Dom Fixed 4.32% 5.18% 5.73% 6.71%

Core Fixed Income 63 52 57 664.11% 5.11% 5.49% 6.47% Blmbg Aggregate Index 93 93 93 943.77% 4.70% 5.13% 6.13%Callan Core Bond FI 4.28% 5.12% 5.55% 6.52%

PIMCO 11 11 5 94.72% 5.51% 5.98% 6.94% Blmbg Aggregate Index 93 93 93 943.77% 4.70% 5.13% 6.13%Callan Core Bond FI 4.28% 5.12% 5.55% 6.52%

Total Fixed Income 36 36 43 504.58% 5.46% 5.78% 6.71% Blmbg Aggregate Index 68 79 91 983.77% 4.70% 5.13% 6.13% Total Fixed Inc Custom Benchmark (6) 56 504.21% 5.18% - -Pub Pln- Dom Fixed 4.32% 5.18% 5.73% 6.71%

Cash 85 76 891.48% 2.27% 2.86% - Citi 1 Mo T-Bill 100 93 99 1001.16% 1.77% 2.32% 2.88%Callan Cash Database 1.66% 2.40% 3.04% 3.56%

Total Fund 65 89 78 667.88% 6.28% 7.84% 8.55% Policy Benchmark* 86 100 89 807.61% 6.03% 7.61% 8.33%Very Lg Pub Fds (>10B) 8.04% 6.71% 8.19% 8.75%





Year Year Year Year YearEnded Ended Ended Ended Ended

12/2017 12/2016 12/2015 12/2014 12/2013




Large Cap Equity 57 35 62 42 7821.03% 11.90% (0.32%) 13.17% 32.13%Russell 1000 Index 52 35 53 41 6821.69% 12.05% 0.92% 13.24% 33.11%

Callan Large Cap 22.15% 10.20% 1.43% 12.73% 34.62%

Managed Large Cap Equity 75 21 91 77 7820.00% 12.00% (2.97%) 12.62% 31.95%Eagle Capital 17 24 52 81 1124.12% 11.79% 1.35% 12.30% 37.51%

S&P 500 Index 48 21 51 48 7721.83% 11.96% 1.38% 13.69% 32.39%




Callan Large Cap Growth 28.84% 3.39% 6.43% 11.82% 35.60%



Mid Cap Equity 63 52 65 51 3017.34% 10.61% (2.22%) 9.67% 38.78% Russell MidCap Index 55 42 67 23 6318.52% 13.80% (2.44%) 13.22% 34.76%


Boston Company 92 22 96 64 2115.95% 17.76% (9.36%) 10.65% 41.69%

Russell MidCap Index 51 49 69 35 6318.52% 13.80% (2.44%) 13.22% 34.76%

Callan Mid Cap Core 18.55% 13.58% 0.11% 12.55% 35.89%


Russell MidCap Value Idx 67 39 65 18 7313.34% 20.00% (4.78%) 14.75% 33.46%


Artisan Partners 79 87 15 66 2322.10% 0.25% 3.52% 7.03% 39.05%


Callan Mid Cap Growth 25.94% 4.14% 0.05% 8.77% 36.34%


Callan Small Cap 15.22% 19.97% (2.32%) 5.65% 42.43%





Russell 2000 Index 41 41 80 75 6514.65% 21.31% (4.41%) 4.89% 38.82%


Riverbridge Partners SCG 56 20 62 7124.25% 14.17% (2.57%) (0.02%) -







12/2017 12/2016 12/2015 12/2014 12/2013

Global Equity 31 53 65 28 5527.95% 5.90% (1.02%) 6.04% 27.32%Acadian Global Equity 58 26 85 12 5624.40% 8.67% (4.30%) 7.70% 27.10%Epoch Investments 17 94 45 59 1431.01% (0.46%) 0.51% 3.57% 33.49%Harding-Loevner 11 39 25 20 8633.45% 7.44% 2.65% 6.89% 21.39%Longview 76 1922.22% 9.60% - - - Global Equity Benchmark (2) 62 28 73 47 7823.95% 8.36% (2.06%) 4.71% 23.44% MSCI ACWI Idx 62 33 74 53 8123.97% 7.86% (2.36%) 4.16% 22.80%Callan Global Equity 25.37% 6.20% 0.17% 4.57% 27.96%


Developed Markets 97 5 59 58 7120.24% 6.24% 0.70% (5.05%) 22.21% MSCI EAFE Index 62 49 76 57 6625.03% 1.00% (0.81%) (4.90%) 22.78%Callan NonUS Dev Core Eq 26.32% 0.94% 1.15% (4.45%) 24.76%

EAFE Composite 98 3 69 68 6717.42% 7.79% 0.06% (5.34%) 22.68% MSCI EAFE Index 62 49 76 57 6625.03% 1.00% (0.81%) (4.90%) 22.78%Callan NonUS Dev Core Eq 26.32% 0.94% 1.15% (4.45%) 24.76%

Small Cap 81 35 85 44 9732.23% 1.70% 4.37% (3.04%) 18.86%Mondrian 70 37 86 59 9833.46% 1.13% 3.84% (4.13%) 18.36% MSCI World Small Cap x US 87 24 82 68 8231.04% 4.32% 5.46% (5.35%) 25.55%Fidelity 87 31 84 25 9730.92% 2.32% 4.95% (1.84%) 19.41% MSCI ACWI Sm Cap ex US 83 25 93 59 9731.65% 3.91% 2.60% (4.03%) 19.73%Callan Intl Small Cap 35.25% (0.03%) 10.09% (3.42%) 31.13%

All Country ex US 37 37 60 5129.77% 3.80% (0.62%) (3.68%) -Arrowstreet Capital 41 19 76 5129.10% 6.70% (3.12%) (3.67%) -Baillie Gifford 26 64 4332.49% 0.96% 1.92% - -Marathon Asset Mgmt 6326.10% - - - - MSCI ACWI ex US IMI 52 34 83 55 8327.81% 4.41% (4.60%) (3.89%) 15.82%Non-U.S. Equity Database 27.98% 2.20% 0.63% (3.61%) 22.95%

Emerging Markets 85 14 88 70 5332.03% 17.06% (17.05%) (2.44%) (0.15%)Lazard Emerging Markets 93 4 92 70 4428.41% 22.70% (19.08%) (2.51%) 0.73%Fisher Investments Emerging Mkts 5339.07% - - - - MSCI Emerging Mkts Idx 60 54 67 68 7037.28% 11.19% (14.92%) (2.19%) (2.60%)Callan Emerging Broad 39.25% 11.55% (13.71%) (1.09%) 0.25%

Total Equity 69 16 73 41 5323.00% 10.10% (2.04%) 5.18% 27.69% MSCI ACWI IMI 62 28 74 57 7823.95% 8.36% (2.19%) 3.84% 23.55% Total Equity Custom Benchmark (5) 61 25 71 40 6524.08% 8.85% (1.85%) 5.23% 25.45%Callan Global Equity 25.37% 6.20% 0.17% 4.57% 27.96%





12/2017 12/2016 12/2015 12/2014 12/2013

Domestic Fixed-Income 34 38 66 19 835.07% 4.99% (0.20%) 6.57% (2.25%) Blmbg Aggregate Index 76 76 38 36 773.54% 2.65% 0.55% 5.97% (2.02%)Pub Pln- Dom Fixed 4.49% 4.28% 0.33% 5.56% (1.02%)

Core Fixed Income 48 44 54 25 763.98% 3.27% 0.82% 6.63% (1.88%) Blmbg Aggregate Index 85 86 72 69 853.54% 2.65% 0.55% 5.97% (2.02%)Callan Core Bond FI 3.96% 3.14% 0.84% 6.19% (1.47%)

PIMCO 35 60 37 41 724.16% 3.01% 0.97% 6.37% (1.75%) Blmbg Aggregate Index 85 86 72 69 853.54% 2.65% 0.55% 5.97% (2.02%)Callan Core Bond FI 3.96% 3.14% 0.84% 6.19% (1.47%)

Core Plus 11 11 90 24 255.99% 6.57% (1.06%) 6.90% (0.11%)Loomis Sayles 16 4 99 19 305.66% 7.80% (3.21%) 7.00% (0.33%)Prudential Core Plus 7 25 7 30 176.32% 5.39% 1.08% 6.58% 0.21% Blmbg Aggregate Index 95 100 38 61 963.54% 2.65% 0.55% 5.97% (2.02%)Callan Core Plus FI 4.97% 4.67% 0.34% 6.18% (0.67%)

Emerging Markets Debt 65 30 20 4 3011.58% 12.25% 0.36% 8.12% (3.97%)Wellington EMD 65 30 20 4 3011.58% 12.25% 0.36% 8.12% (3.97%) EMBI Global Dvsfd Index 80 60 14 6 4210.26% 10.15% 1.18% 7.43% (5.24%)Emerging Debt Database 12.81% 10.83% (3.15%) 1.50% (5.97%)

Global Fixed Income 59 20 17 493.76% 5.59% 1.38% 7.94% -PIMCO Global 63 21 7 273.69% 5.42% 1.77% 8.46% -AllianceBernstein Global 57 19 33 703.83% 5.79% 0.99% 7.49% - Blmbg Global Agg (Hedged) 93 53 31 69 453.04% 3.95% 1.02% 7.59% (0.14%)Callan Global FI (Hedged) 4.24% 4.02% 0.79% 7.88% (0.16%)

Total Fixed Income 29 29 52 14 825.38% 5.83% 0.27% 7.06% (2.21%) Blmbg Aggregate Index 76 76 38 36 773.54% 2.65% 0.55% 5.97% (2.02%) Total Fixed Inc Custom Benchmark (6) 58 58 38 27 874.07% 3.71% 0.54% 6.29% (2.54%)Pub Pln- Dom Fixed 4.49% 4.28% 0.33% 5.56% (1.02%)





12/2017 12/2016 12/2015 12/2014 12/2013

REIT Composite 88 24 11 5 899.97% 5.00% 4.25% 23.62% 2.31% REIT Comp Custom Benchmark (7) 98 13 34 5 787.54% 5.87% 2.31% 23.74% 2.84%

Callan Global REITs 13.10% 3.84% 1.24% 16.57% 4.79%

Cohen & Steers 35 27 12 72 2914.15% 4.84% 3.60% 15.11% 5.89%

EPRA/NAREIT Dev REIT Idx 71 24 77 58 6111.42% 4.99% 0.05% 15.89% 4.43%

Callan Global REITs 13.10% 3.84% 1.24% 16.57% 4.79%

Core Real Estate 36 39 55 58 517.51% 9.11% 14.09% 11.93% 12.33%Principal Capital (Net) 19 38 63 27 338.22% 9.14% 13.77% 12.96% 13.72%

UBS Trumbull Property (Net) 86 89 80 72 855.46% 6.28% 11.95% 10.69% 9.44%

UBS Trumbull Property G&I (Net) 51 1 10 17 86.66% 15.51% 18.66% 15.76% 17.00%

JPMCB Strategic Property (Net) 58 82 50 81 146.42% 7.46% 14.27% 10.37% 14.91%

NFI-ODCE Equal Weight Net 46 56 53 64 516.92% 8.36% 14.18% 11.42% 12.36%

Callan OE Core Cmngld RE 6.71% 8.67% 14.26% 12.18% 12.66%

Non-Core Real Estate 26 38 32 54 3312.87% 12.13% 19.40% 13.70% 17.61%AEW Partners VI 31 21 31 45 710.89% 17.18% 19.76% 15.73% 27.35%

AEW Partners VII 8 41 76 5420.71% 11.06% 8.20% 13.77% -

Heitman VP III 18 18 6916.23% 18.83% 13.33% - -

AG Core Plus II 97 81 53 84 75(18.08%) (1.71%) 16.25% 6.22% 6.65%

AG Core Plus III 80 38 4 37 170.28% 12.11% 41.41% 16.92% 23.70%

AG Core Plus IV 25 6513.00% 4.86% - - -

Invesco VA Fund IV 32 6010.50% 6.57% - - -

TA Associates Realty Fund X 18 38 59 61 8016.03% 12.81% 15.53% 12.40% 2.84%

TA Associates Realty Fund XI 3510.30% - - - -

Westbrook RE Fund X 2114.61% - - - -

NCREIF Total Index 56 56 69 63 566.96% 7.97% 13.33% 11.82% 10.98%

Callan Real Est Val Add 8.20% 9.36% 16.91% 14.33% 12.13%

Timber Composite 13.74% 5.64% 2.70% 4.46% 10.54%Hancock Timber Portfolio 13.74% 5.64% 2.70% 4.46% 10.54%

NCREIF Timberland Index 3.63% 2.59% 4.97% 10.48% 9.68%

Total Real Estate 40 55 63 41 658.65% 8.37% 11.45% 14.70% 9.92% Real Estate Benchmark (8) 56 59 54 57 606.96% 7.97% 13.33% 11.82% 10.69%

Callan Total Real Est DB 7.59% 8.91% 14.16% 13.27% 11.85%

Private Equity 4 21 5 5 1917.66% 14.73% 12.81% 19.66% 16.14%Pathway PEF XXIII 2 27 5 7 1926.04% 13.73% 13.07% 18.98% 15.89%

Pathway PEF SRS 2013 3 49 24 5720.23% 10.93% 3.35% (7.62%) -

GCM Grosvenor Private Markets 19 14 5 3 199.57% 18.53% 14.87% 22.45% 16.41%

GCM Grosvenor Div. Partners LP 2014-1 5 81 2814.78% 2.41% (0.58%) - -

Private Equity Benchmark (9) 2 21 18 10 724.84% 14.96% 4.44% 16.70% 35.85%

Callan Alterntive Inv DB 4.85% 10.65% (20.31%) (2.44%) (0.19%)

Cash 88 97 58 85 920.91% 0.34% 0.37% 0.13% 0.07% 1mo T-Bill 91 97 97 95 930.80% 0.21% 0.02% 0.02% 0.03%

Callan Cash Database 1.18% 0.95% 0.40% 0.37% 0.37%

Total Fund 20 14 48 50 2217.40% 9.24% 0.57% 6.93% 17.86%Policy Benchmark* 12 56 43 53 4817.77% 8.07% 0.81% 6.90% 15.62%

Very Lg Pub Fds (>10B) 16.24% 8.23% 0.50% 6.92% 15.25%

* Current Quarter Target = 27.0% Russell 3000 Index, 22.0% MSCI ACWI ex US IMI, 20.0% Blmbg Aggregate, 12.0% MSCI

ACWI IMI, 10.0% NCREIF Total Index, 8.0% S&P 500 Index+3.0% and 1.0% Citi 1 Mo T-Bill.





12/2012 12/2011 12/2010 12/2009 12/2008


Managed Large Cap EquityEagle Capital 16 10 1 7 2217.81% 6.17% 21.86% 35.47% (33.87%) S&P 500 Index 48 36 42 50 6516.00% 2.11% 15.06% 26.47% (37.00%)Callan Large Cap Core 15.89% 1.46% 14.20% 26.51% (36.37%)





Artisan Partners 7 39 8 13 4620.96% (1.15%) 33.17% 51.60% (42.99%) Russell MidCap Growth Idx 39 41 65 34 5515.81% (1.65%) 26.38% 46.29% (44.32%)Callan Mid Cap Growth 14.77% (2.69%) 28.47% 42.05% (43.90%)








12/2012 12/2011 12/2010 12/2009 12/2008

Global Equity 69 15 80 95 7915.84% (1.49%) 10.18% 21.15% (45.37%)Acadian Global Equity 53 15 80 95 7917.16% (1.49%) 10.18% 21.15% (45.37%) Global Equity Benchmark (2) 61 44 71 69 4516.70% (5.54%) 11.76% 29.99% (40.71%) MSCI ACWI Idx 66 62 58 43 5916.13% (7.35%) 12.67% 34.63% (42.20%)Callan Global Equity 17.49% (6.04%) 13.21% 33.43% (41.20%)




Small Cap 4324.20% - - - -Fidelity 6422.51% - - - - MSCI ACWI ex US Small Cap 84 95 41 16 7018.52% (18.50%) 25.20% 62.91% (50.23%)Mondrian 2025.76% - - - - MSCI World ex US Sm Cap 87 78 49 43 4817.48% (15.81%) 24.51% 50.82% (48.03%)Callan Intl Small Cap 23.41% (13.65%) 24.29% 48.29% (48.22%)







12/2012 12/2011 12/2010 12/2009 12/2008

Domestic Fixed-Income 44 16 53 62 417.48% 8.73% 8.16% 9.89% 0.78% Blmbg Aggregate Index 85 34 81 79 234.21% 7.84% 6.54% 5.93% 5.24%Pub Pln- Dom Fixed 7.21% 7.19% 8.60% 12.39% (1.76%)

Core Fixed Income 49 32 38 72 516.18% 8.10% 7.88% 9.72% 0.78% Blmbg Aggregate Index 97 59 90 96 224.21% 7.84% 6.54% 5.93% 5.24%Callan Core Bond FI 6.16% 7.88% 7.56% 10.71% 0.96%

PIMCO 14 67 19 26 457.68% 7.57% 8.53% 13.47% 1.52% Blmbg Aggregate Index 97 59 90 96 224.21% 7.84% 6.54% 5.93% 5.24%Callan Core Bond FI 6.16% 7.88% 7.56% 10.71% 0.96%

Core Plus 11 22 2511.37% 8.12% 10.72% - -Loomis Sayles 6 22 2511.86% 8.12% 10.72% - -Prudential Core Plus 518.50% - - - - Blmbg Aggregate Index 100 39 100 99 54.21% 7.84% 6.54% 5.93% 5.24%Callan Core Plus FI 8.66% 7.62% 9.26% 17.42% (5.17%)

Emerging Markets Debt 51 1518.79% 7.63% - - -Wellington Emerging Market Debt 51 1518.79% 7.63% - - - EMBI Global Dvsfd 73 17 88 66 4317.44% 7.35% 12.24% 29.82% (12.03%)Emerging Debt Database 18.97% 3.01% 14.62% 32.11% (13.83%)

Total Fixed Income 33 18 51 62 418.41% 8.64% 8.57% 9.89% 0.78% Blmbg Aggregate Index 85 34 81 79 234.21% 7.84% 6.54% 5.93% 5.24% Total Fixed Inc Custom Benchmark (6) 65 36 80 68 346.14% 7.76% 6.61% 8.52% 2.79%Pub Pln- Dom Fixed 7.21% 7.19% 8.60% 12.39% (1.76%)



The table below details the rates of return and peer group rankings for the Fund’s investment managers over various timeperiods ended December 31, 2012. Negative returns are shown in red, positive returns in black. Returns for one year orgreater are annualized. The first set of returns for each asset class represents the composite returns for all the fund’saccounts for that asset class.


12/2012 12/2011 12/2010 12/2009 12/2008

REIT Composite 94 15 5 95 1223.13% 1.26% 26.00% 26.50% (41.67%) REIT Comp Custom Benchmark (7) 94 14 10 85 2422.85% 1.53% 24.31% 33.89% (43.32%)Callan Global REITs 29.51% (4.82%) 19.83% 39.34% (45.90%)

Cohen & Steers 79 7926.33% (8.07%) - - - EPRA/NAREIT Dev REIT Idx 60 64 42 58 6228.65% (5.82%) 20.40% 38.26% (47.72%)Callan Global REITs 29.51% (4.82%) 19.83% 39.34% (45.90%)

Core Real Estate 43 78 25 31 5111.35% 13.46% 15.96% (26.40%) (10.37%)Principal Capital (Net) 19 42 24 66 6011.86% 15.66% 16.17% (31.45%) (13.06%)UBS Trumbull Property (Net) 72 90 24 12 369.16% 12.20% 16.09% (22.73%) (8.31%)UBS Trumbull Property G&I (Net) 6 9318.79% 11.70% - - - NFI-ODCE Equal Weight Net 65 58 52 65 549.93% 14.99% 15.12% (31.30%) (11.09%)Callan OE Core Cmngld RE 10.80% 15.33% 15.14% (28.89%) (10.25%)

Non-Core Real Estate 44 48 58 49 8710.83% 13.83% 5.77% (29.12%) (38.52%)AEW Partners V 35 51 55 68 5013.56% 12.99% 7.74% (41.42%) (16.27%)AEW Partners VI 64 696.37% 7.83% - - -Heitman VP II 32 23 95 54 7214.52% 22.01% (13.15%) (32.64%) (26.18%)AG Core Plus II 40 44 41 25 1512.52% 14.44% 17.17% (14.35%) (3.73%)AG Core Plus III 646.30% - - - - NCREIF Total Index 46 44 49 27 2210.54% 14.26% 13.11% (16.86%) (6.46%)Callan Real Est Val Add 9.63% 13.05% 12.47% (29.48%) (16.45%)

Timber Composite 16.78% (2.06%) 6.95% (16.80%) -Hancock Timber Portfolio 16.78% (2.06%) 6.95% (16.80%) - NCREIF Timberland Index 7.75% 1.58% (0.16%) (4.76%) 9.52%

Total Real Estate 67 34 34 6214.96% 8.42% 16.90% (15.53%) (20.76%) Real Estate Benchmark (8) 51 36 47 5311.57% 12.72% 16.28% (20.57%) (16.02%)Callan Total Real Est DB - 12.80% 13.00% (22.89%) (15.06%)

Private Equity 26 24 97 1009.19% 5.20% 2.29% (66.13%) -Pathway PEF XXIII 35 24 97 1007.55% 6.51% 1.00% (67.72%) -GCM Grosvenor Private Markets 19 28 9211.09% 3.69% 7.06% - - Private Equity Benchmark (9) 2 23 44 45 3621.13% 7.51% 20.44% 31.97% (31.73%)Callan Alterntive Inv DB 2.82% (6.14%) 19.54% 25.41% (36.17%)


Total Fund 4 85 8 14 9615.17% (0.64%) 14.63% 24.15% (29.82%)Policy Benchmark* 41 66 55 50 3813.79% 0.18% 12.97% 20.22% (26.15%)Very Lg Pub Fds (>10B) 13.57% 0.56% 13.36% 20.21% (26.79%)

* Current Quarter Target = 26.5% MSCI ACWI ex US, 19.0% Blmbg Aggregate, 18.5% Russell 3000 Index, 8.0% MSCI ACWI,8.0% JPM EMBI Global Dvsfd, 6.0% NCREIF NFI-ODCE Eq Wt Net, 5.0% S&P 500 Index+5.0%, 5.0% Assumed LT Bench, 1.5%FTSE NAREIT 50, 1.5% NCREIF Total Index and 1.0% NCREIF Timberland Index.





12/2007 12/2006 12/2005 12/2004 12/2003

Domestic Equity 53 15 65 60 545.02% 15.86% 6.19% 12.31% 31.28% Russell 3000 Index 51 21 68 70 585.14% 15.72% 6.12% 11.95% 31.06% Domestic Eq Custom Benchmark (1) 74 12 70 35 154.06% 15.99% 6.06% 13.48% 34.43%Pub Pln- Dom Equity 5.18% 14.60% 6.79% 12.71% 31.49%

Managed Large Cap EquityEagle Capital 17 92 2510.51% 11.83% 8.91% - - S&P 500 Index 62 51 82 40 395.49% 15.79% 4.91% 10.88% 28.68%Callan Large Cap Core 6.42% 15.85% 7.19% 10.15% 27.29%


Mid Cap Equity 42 52 60 48 912.68% 13.03% 10.38% 17.51% 46.08% Russell MidCap Index 66 33 38 25 245.60% 15.26% 12.65% 20.22% 40.06%Callan Mid Capitalization 10.12% 13.40% 11.38% 17.28% 35.26%

Boston Company 52 72 74 47 26.86% 10.72% 10.06% 19.47% 71.41% Russell MidCap Index 63 24 37 27 155.60% 15.26% 12.65% 20.22% 40.06%Callan Mid Cap Core 7.49% 12.89% 11.94% 19.22% 34.03%

Wellington Mid Cap 27 28 40 63 84.74% 18.43% 10.93% 17.76% 44.48% Russell MidCap Value Idx 76 9 25 24 28(1.42%) 20.22% 12.65% 23.71% 38.07%Callan Mid Cap Value 1.99% 16.77% 9.87% 19.55% 34.33%

Artisan Partners 32 35 76 22 5722.34% 10.84% 10.21% 16.07% 33.73% Russell MidCap Growth Idx 85 38 57 25 2411.43% 10.66% 12.10% 15.48% 42.71%Callan Mid Cap Growth 19.47% 8.33% 12.93% 12.14% 35.97%

Small Cap Equity 65 37 49 60 20(2.39%) 16.43% 7.65% 17.27% 50.69% Russell 2000 Index 60 26 82 51 30(1.57%) 18.37% 4.55% 18.33% 47.25%Callan Small Cap 1.38% 14.59% 7.55% 18.56% 43.84%

Dimensional Fund Advisors 80 16 59 35 6(12.99%) 21.88% 7.36% 24.34% 60.45% Russell 2000 Value Index 59 12 83 56 26(9.78%) 23.48% 4.71% 22.25% 46.03%Callan Small Cap Value (8.59%) 18.75% 9.23% 22.78% 42.36%

Wellington Small Cap 49 29 35 91 4(1.35%) 17.83% 9.44% 13.68% 57.41% Russell 2000 Index 50 21 86 62 21(1.57%) 18.37% 4.55% 18.33% 47.25%Callan Small Cap Core (1.52%) 15.30% 8.04% 20.25% 42.69%





12/2007 12/2006 12/2005 12/2004 12/2003

Global Equity 45 1212.74% 28.58% - - -Acadian Global Equity 45 1212.74% 28.58% - - - Global Equity Benchmark (2) 64 68 81 64 609.04% 20.07% 9.49% 14.72% 33.11% MSCI ACWI 51 62 71 59 5511.66% 20.95% 10.84% 15.23% 33.99%Callan Global Equity 11.78% 22.18% 13.11% 16.13% 34.94%

International Equity 64 43 59 30 7813.39% 26.80% 15.77% 20.54% 32.03% International Equity Benchmark (3) 30 48 42 22 1416.65% 26.65% 16.62% 20.91% 40.83%Pub Pln- Intl Equity 14.82% 26.46% 16.14% 19.20% 36.21%

Developed Markets 58 58 74 50 9110.06% 26.20% 12.81% 19.24% 30.30% MSCI EAFE Index 46 57 72 44 3611.17% 26.34% 13.54% 20.25% 38.59%Callan NonUS Dev Core Eq 10.76% 27.30% 14.73% 19.16% 35.79%

EAFE Composite 71 69 82 51 788.98% 24.61% 11.86% 18.98% 32.45% MSCI EAFE Index 46 57 72 44 3611.17% 26.34% 13.54% 20.25% 38.59%Callan NonUS Dev Core Eq 10.76% 27.30% 14.73% 19.16% 35.79%

Emerging Markets 70 67 9 12 6636.33% 31.18% 42.86% 32.43% 56.78%Lazard Emerging Markets 70 67 9 12 6636.33% 31.18% 42.86% 32.43% 56.78% MSCI Emerging Mkts Idx 48 62 62 55 7239.38% 32.17% 34.00% 25.55% 55.82%Callan Emerging Broad 39.08% 34.33% 35.54% 26.14% 58.04%

Total Equity 73 81 84 66 717.50% 18.86% 8.76% 14.40% 31.47% MSCI ACWI IMI 53 64 63 47 4711.16% 20.91% 11.57% 16.40% 35.44% Total Equity Custom Benchmark (5) 60 66 70 53 479.99% 20.33% 10.95% 16.00% 35.56%Callan Global Equity 11.78% 22.18% 13.11% 16.13% 34.94%





12/2007 12/2006 12/2005 12/2004 12/2003

Domestic Fixed-Income 50 53 40 61 716.57% 4.55% 2.87% 4.44% 4.06% Blmbg Aggregate Index 39 72 76 66 706.97% 4.33% 2.43% 4.34% 4.10%Pub Pln- Dom Fixed 6.56% 4.61% 2.74% 4.75% 4.91%

Core Fixed Income 49 51 39 58 726.57% 4.55% 2.87% 4.44% 4.06% Blmbg Aggregate Index 22 80 87 71 716.97% 4.33% 2.43% 4.34% 4.10%Callan Core Bond FI 6.46% 4.58% 2.76% 4.52% 4.55%

PIMCO 15 4 1 64 487.20% 5.70% 3.57% 4.40% 4.61% Blmbg Aggregate Index 22 80 87 71 716.97% 4.33% 2.43% 4.34% 4.10%Callan Core Bond FI 6.46% 4.58% 2.76% 4.52% 4.55%

Total Fixed Income 50 53 40 61 716.57% 4.55% 2.87% 4.44% 4.06% Blmbg Aggregate Index 39 72 76 66 706.97% 4.33% 2.43% 4.34% 4.10% Total Fixed Inc Custom Benchmark (6) 41 75 10 24 416.93% 4.31% 3.70% 5.62% 6.00%Pub Pln- Dom Fixed 6.56% 4.61% 2.74% 4.75% 4.91%





12/2007 12/2006 12/2005 12/2004 12/2003

REIT Composite 91 74 81 66(16.46%) 39.25% 14.80% 37.98% - REIT Comp Custom Benchmark (7) 82 74 82 78 68(12.34%) 39.20% 14.68% 35.62% 38.46%Callan Global REITs (7.17%) 43.08% 18.62% 39.58% 42.42%

Core Real Estate 66 49 33 3713.10% 15.35% 19.40% 12.92% -Principal Capital (Net) 55 48 36 3813.65% 15.37% 18.67% 12.75% -UBS Trumbull Property (Net) 75 38 24 3412.83% 15.57% 20.05% 13.43% - NFI-ODCE Equal Weight Net 47 58 35 49 4214.99% 15.10% 19.04% 11.51% 8.16%Callan OE Core Cmngld RE 14.59% 15.31% 17.86% 11.42% 7.30%

Non-Core Real Estate 45 8015.63% 3.17% - - - NCREIF Total Index 43 49 59 50 5515.85% 16.59% 20.06% 14.48% 8.99%Callan Real Est Val Add 13.34% 15.62% 22.36% 14.34% 9.64%

Total Real Estate 87 28 67 180.99% 25.28% 16.78% 25.99% - Real Estate Benchmark (8) 73 36 67 228.00% 21.38% 16.76% 22.56% -Callan Total Real Est DB 13.20% 17.39% 21.08% 14.30% 8.85%



* Current Quarter Target = 43.0% Russell 3000 Index, 23.0% Blmbg Aggregate, 16.0% MSCI ACWI ex US, 5.6% NCREIFNFI-ODCE Eq Wt Net, 5.0% S&P 500 Index+5.0%, 5.0% Assumed LT Bench, 1.4% S&P DJ US Select REIT and 1.0% 3-monthTreasury Bill.





12/2002 12/2001 12/2000 12/1999 12/1998

Domestic Equity 41 66 46 70 30(20.86%) (10.59%) (4.22%) 17.94% 22.31% Russell 3000 Index 61 79 79 47 22(21.54%) (11.46%) (7.46%) 20.90% 24.14% Domestic Eq Custom Benchmark (1) 38 40 52 33 45(20.73%) (8.04%) (4.81%) 22.14% 19.51%Pub Pln- Dom Equity (21.17%) (9.11%) (4.75%) 20.81% 18.56%

Managed Large Cap Equity S&P 500 Index 34 53 58 45 39(22.10%) (11.89%) (9.11%) 21.04% 28.58%Callan Large Cap Core (23.47%) (11.40%) (8.83%) 20.73% 27.53%

Northern Trust S&P 500 33 53 57 44 38(21.96%) (11.80%) (8.98%) 21.11% 28.81% S&P 500 Index 34 53 58 45 39(22.10%) (11.89%) (9.11%) 21.04% 28.58%Callan Large Cap Core (23.47%) (11.40%) (8.83%) 20.73% 27.53%

Mid Cap Equity 73 75 77 35(26.33%) (16.50%) (3.95%) 29.79% - Russell MidCap Index 45 58 59 51 44(16.19%) (5.62%) 8.25% 18.23% 10.09%Callan Mid Capitalization (17.63%) (1.68%) 12.41% 19.21% 8.97%

Boston Company 97(38.81%) - - - - Russell MidCap Index 71 89 83 34(16.19%) (5.62%) 8.25% 18.23% 10.09%Callan Mid Cap Core (13.55%) (0.67%) 17.23% 14.69% -

Wellington Mid Cap 56(11.63%) - - - - Russell MidCap Value Idx 43 61 51 58 32(9.64%) 2.33% 19.18% (0.11%) 5.08%Callan Mid Cap Value (10.83%) 9.46% 19.43% 1.03% 0.46%

Small Cap Equity 56 74 93 24(17.17%) (6.57%) (16.48%) 42.94% - Russell 2000 Index 65 57 75 41 53(20.48%) 2.49% (3.02%) 21.26% (2.55%)Callan Small Cap (15.13%) 4.29% 9.70% 14.95% (1.15%)





12/2002 12/2001 12/2000 12/1999 12/1998

International Equity 41 94 94 24 51(13.56%) (22.87%) (20.42%) 44.37% 13.19% International Equity Benchmark (3) 57 69 68 81 34(14.79%) (19.58%) (15.91%) 30.63% 14.98%Pub Pln- Intl Equity (14.19%) (17.80%) (13.49%) 38.61% 13.21%

Developed Markets 54 80 90 19 75(14.41%) (23.60%) (19.98%) 43.67% 15.78% MSCI EAFE Index 69 66 57 72 32(15.94%) (21.44%) (14.17%) 26.96% 20.00%Callan NonUS Dev Core Eq (14.18%) (19.57%) (13.61%) 31.09% 18.00%

EAFE Composite 19 79 29 74 77(9.41%) (23.37%) (9.38%) 25.92% 15.37% MSCI EAFE Index 69 66 57 72 32(15.94%) (21.44%) (14.17%) 26.96% 20.00%Callan NonUS Dev Core Eq (14.18%) (19.57%) (13.61%) 31.09% 18.00%

Emerging Markets 21 94 41 890.48% (8.58%) (27.73%) 54.80% -Lazard Emerging Markets 21 94 41 890.48% (8.58%) (27.73%) 54.80% - MSCI Emerging Mkts Idx 76 67(6.16%) (2.61%) - - -Callan Emerging Broad (3.80%) (1.30%) (28.50%) 70.31% (26.02%)

Total Equity 64 49 61 68 41(19.11%) (13.47%) (8.33%) 23.05% 20.44% MSCI ACWI IMI 54 62 88 41 49(17.56%) (15.64%) (15.27%) 30.92% 17.76% Total Equity Custom Benchmark (5) 59 59(18.07%) (15.22%) - - -Callan Global Equity (17.26%) (13.80%) (6.43%) 28.19% 17.66%





12/2002 12/2001 12/2000 12/1999 12/1998

Domestic Fixed-Income 11 21 28 74 3610.77% 8.75% 12.07% (1.43%) 9.14% Blmbg Aggregate Index 23 41 46 60 5410.26% 8.43% 11.63% (0.83%) 8.67%Pub Pln- Dom Fixed 9.47% 8.29% 11.44% (0.42%) 8.76%

Core Fixed Income 19 41 33 75 110.77% 8.75% 12.07% (1.43%) 11.25% Blmbg Aggregate Index 43 61 56 43 5310.26% 8.43% 11.63% (0.83%) 8.67%Callan Core Bond FI 9.92% 8.59% 11.73% (0.96%) 8.73%

PIMCO 51 5 11 78 229.85% 10.20% 12.79% (1.56%) 9.40% Blmbg Aggregate Index 43 61 56 43 5310.26% 8.43% 11.63% (0.83%) 8.67%Callan Core Bond FI 9.92% 8.59% 11.73% (0.96%) 8.73%

Total Fixed Income 11 21 28 74 410.77% 8.75% 12.07% (1.43%) 11.25% Blmbg Aggregate Index 23 41 46 60 5410.26% 8.43% 11.63% (0.83%) 8.67% Total Fixed Inc Custom Benchmark (6) 11 53 48 14 9010.83% 8.24% 11.58% 1.83% 7.04%Pub Pln- Dom Fixed 9.47% 8.29% 11.44% (0.42%) 8.76%

Cash 53 51 26 9 202.12% 5.00% 7.21% 5.53% 6.07% Citi 1 Mo T-Bill 92 96 98 86 971.65% 3.70% 5.65% 4.43% 4.53%Callan Cash Database 2.18% 5.06% 6.70% 5.13% 5.78%

Total Fund 36 84 86 68 27(8.57%) (6.52%) (2.79%) 15.31% 16.31%Policy Benchmark* 85 93 92 59 12(11.32%) (7.21%) (3.66%) 16.30% 18.50%Very Lg Pub Fds (>10B) (8.94%) (5.23%) (0.59%) 16.56% 14.80%

* Current Quarter Target = 50.0% Russell 3000 Index, 35.0% Blmbg Aggregate and 15.0% MSCI ACWI ex US.


Ne

t of F

ee

Re

turn

s

Net of Fee Returns

Investment Manager Returns

The table below details the rates of return for the Fund’s investment managers over various time periods ended June 30.Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The first set ofreturns for each asset class represents the composite returns for all the fund’s accounts for that asset class.

FY 2018 FY 2017

Net IRRTotal Fund - IRR 9.17% 14.53%





Net Returns and Rankings

Domestic Equity 63 36 55 883.89% (0.08%) 6.08% 3.98% Russell 3000 Index 63 63 30 513.89% (0.64%) 6.34% 4.57% Domestic Eq Custom Benchmark (1) 54 59 40 514.12% (0.58%) 6.22% 4.57%Pub Pln- Dom Equity 4.20% (0.43%) 6.13% 4.58%

Large Cap Equity 48 59 44 663.36% (0.74%) 6.88% 4.13%Russell 1000 Index 43 59 56 583.57% (0.69%) 6.59% 4.48%Callan Large Cap 3.29% (0.31%) 6.76% 4.74%

Managed Large Cap Equity 45 65 28 813.28% (0.62%) 7.25% 3.71%Eagle Capital 34 18 16 833.47% 0.55% 7.49% 3.60% S&P 500 Index 38 67 56 563.43% (0.76%) 6.64% 4.48%Callan Large Cap Core 3.11% (0.42%) 6.78% 4.58%

Wedgewood Partners 65 98 3 695.00% (0.66%) 8.83% 4.85% Russell 1000 Growth Index 50 79 15 325.76% 1.42% 7.86% 5.90%Callan Large Cap Growth 5.76% 3.01% 6.92% 5.40%

Northern Trust 1000 Value 60 661.17% (2.83%) - - Russell 1000 Value Index 60 66 79 801.18% (2.83%) 5.33% 3.11%Callan Large Cap Value 1.51% (2.23%) 6.52% 4.09%

Northern Trust S&P 500 39 68 56 573.42% (0.80%) 6.63% 4.41% S&P 500 Index 38 67 56 563.43% (0.76%) 6.64% 4.48%Callan Large Cap Core 3.11% (0.42%) 6.78% 4.58%

Mid Cap Equity 42 48 82 623.27% 0.22% 4.74% 3.59% Russell MidCap Index 50 57 45 672.82% (0.46%) 6.07% 3.47%Callan Mid Capitalization 2.81% (0.07%) 5.89% 4.09%

Boston Company 32 74 67 403.17% (1.46%) 6.35% 4.51% Russell MidCap Index 43 52 70 752.82% (0.46%) 6.07% 3.47%Callan Mid Cap Core 2.47% (0.37%) 6.64% 4.14%

Wellington Mid Cap 43 31 84 232.61% (1.39%) 4.40% 4.59% Russell MidCap Value Idx 45 76 46 862.41% (2.50%) 5.50% 2.14%Callan Mid Cap Value 2.38% (1.82%) 5.42% 3.49%

Artisan Partners 31 39 93 944.03% 3.68% 3.45% 1.65% Russell MidCap Growth Idx 62 65 27 313.16% 2.17% 6.81% 5.28%Callan Mid Cap Growth 3.59% 2.98% 6.02% 4.53%

Small Cap Equity 44 28 42 857.38% 2.86% 4.38% 3.68% Russell 2000 Index 38 54 66 457.75% (0.08%) 3.34% 5.67%Callan Small Cap 7.17% 0.22% 3.94% 5.46%

Dimensional Fund Advisors 17 56 54 407.53% (2.27%) 3.11% 5.87% Russell 2000 Value Index 12 64 74 568.30% (2.64%) 2.05% 5.11%Callan Small Cap Value 6.00% (2.20%) 3.33% 5.29%

Wellington Small Cap 47 6 8 806.92% 2.78% 5.79% 4.00% Russell 2000 Index 30 55 58 327.75% (0.08%) 3.34% 5.67%Callan Small Cap Core 6.86% 0.25% 3.40% 5.22%

Riverbridge Partners SCG 69 5 90 957.96% 8.59% 3.49% 1.18% Russell 2000 Growth Index 81 77 75 507.23% 2.30% 4.59% 6.22%Callan Small Cap Growth 9.27% 4.32% 5.29% 6.22%






Global Equity 28 53 40 551.97% (0.67%) 5.89% 5.23%Acadian Global Equity 58 84 28 670.44% (1.77%) 6.28% 4.78%Epoch Investments 8 91 38 183.53% (2.66%) 5.95% 6.77%Harding-Loevner 34 12 14 511.41% 2.32% 6.93% 5.37%Longview 20 52 83 842.53% (0.55%) 4.40% 3.81% Global Equity Benchmark (2) 54 63 47 530.72% (0.89%) 5.72% 5.32% MSCI ACWI Idx 56 66 46 560.53% (0.96%) 5.73% 5.18%Callan Global Equity 0.88% (0.50%) 5.60% 5.40%

International Equity 77 52 38 86(3.37%) (0.13%) 5.10% 5.14% International Equity Benchmark (3) 50 87 34 45(2.61%) (1.06%) 5.23% 6.27%Pub Pln- Intl Equity (2.61%) (0.06%) 4.87% 6.16%

Developed Markets 35 52 30 88(0.97%) (1.09%) 4.59% 4.15% MSCI EAFE Index 43 68 45 68(1.24%) (1.53%) 4.23% 5.40%Callan NonUS Dev Core Eq (1.43%) (1.06%) 4.15% 5.69%

EAFE Composite 39 61 45 89(1.05%) (1.37%) 4.21% 3.72%Northern Trust EAFE 39 61(1.03%) (1.37%) - - MSCI EAFE Index 43 68 45 68(1.24%) (1.53%) 4.23% 5.40%Callan NonUS Dev Core Eq (1.43%) (1.06%) 4.15% 5.69%

Small Cap 19 56 52 87(0.70%) (0.13%) 5.96% 5.79%Mondrian 3 88 52 862.10% (1.60%) 5.97% 5.84% MSCI World Small Cap x US 20 68 54 72(0.94%) (0.50%) 5.83% 7.26%Fidelity 85 32 52 87(3.62%) 1.46% 5.95% 5.74% MSCI ACWI Sm Cap ex US 58 63 27 74(2.60%) (0.35%) 6.56% 6.90%Callan Intl Small Cap (1.94%) 0.21% 6.07% 8.60%

All Country ex US 52 37 51 68(1.70%) (0.25%) 4.83% 5.45%Arrowstreet Capital 82 24 49 51(3.39%) 0.48% 4.90% 6.13%Baillie Gifford 19 49 42 790.45% (0.69%) 5.15% 4.97%Marathon Asset Mgmt 60 49 60 77(2.14%) (0.69%) 4.34% 5.09% MSCI ACWI ex-US IMI Index 69 60 39 47(2.61%) (1.06%) 5.23% 6.27%Non-U.S. Equity Database (1.56%) (0.73%) 4.86% 6.16%

Emerging Markets 88 42 64 79(10.41%) 1.87% 6.47% 6.64%Lazard Emerging Markets 98 42 54 80(12.72%) 1.89% 6.75% 6.50%Fisher Investments 48 43 74 79(8.12%) 1.86% 6.18% 6.68% MSCI Emerging Mkts Idx 46 57 42 54(7.96%) 1.42% 7.44% 7.89%Callan Emerging Broad (8.19%) 1.64% 6.98% 7.98%

Total Equity 52 42 47 720.83% (0.22%) 5.71% 4.56% MSCI ACWI IMI 54 63 47 530.72% (0.89%) 5.72% 5.32% Total Equity Custom Benchmark (5) 48 61 42 530.92% (0.85%) 5.81% 5.33%Callan Global Equity 0.88% (0.50%) 5.60% 5.40%






Domestic Fixed-Income 81 75 32 40(0.17%) (1.21%) 0.68% 1.16% Blmbg Aggregate Index 80 88 68 75(0.16%) (1.46%) 0.39% 0.85%Pub Pln- Dom Fixed 0.06% (0.93%) 0.54% 1.06%

Core Fixed Income 18 55 69 49(0.02%) (1.38%) 0.42% 0.93% Blmbg Aggregate Index 65 76 74 82(0.16%) (1.46%) 0.39% 0.85%Callan Core Bond FI (0.12%) (1.36%) 0.52% 0.92%

PIMCO 10 50 68 200.09% (1.36%) 0.42% 1.07%Manulife Asset Management 14 29 62 760.03% (1.28%) 0.44% 0.87%Northern Trust Blmbg Aggregate 66 85(0.16%) (1.50%) - - Blmbg Aggregate Index 65 76 74 82(0.16%) (1.46%) 0.39% 0.85%Callan Core Bond FI (0.12%) (1.36%) 0.52% 0.92%

Core Plus 67 31 7 22(0.30%) (1.08%) 0.90% 1.35%Loomis Sayles 69 7 17 26(0.32%) (0.71%) 0.78% 1.30%Prudential Core Plus 66 79 3 10(0.29%) (1.43%) 1.01% 1.41% Blmbg Aggregate Index 47 81 82 95(0.16%) (1.46%) 0.39% 0.85%Callan Core Plus FI (0.18%) (1.20%) 0.62% 1.12%

Emerging Markets Debt 18 83 36 71(3.27%) (1.33%) 1.24% 3.01%Wellington EMD 18 83 36 71(3.27%) (1.33%) 1.24% 3.01% EMBI Global Dvsfd Index 23 94 40 82(3.54%) (1.74%) 1.16% 2.63%Emerging Debt Database (5.79%) 0.09% 1.00% 3.35%

Global Fixed Income 34 64 81 55(0.09%) (0.07%) 0.46% 0.98%PIMCO Global 32 66 75 300.06% (0.09%) 0.59% 1.26%AllianceBernstein Global 59 57 87 87(0.23%) (0.04%) 0.33% 0.72% Blmbg Global Agg (Hedged) 26 68 49 810.19% (0.12%) 0.80% 0.78%Callan Global FI (Hedged) (0.19%) 0.01% 0.80% 1.05%

Total Fixed Income 92 54 32 25(0.46%) (0.96%) 0.68% 1.30% Blmbg Aggregate Index 80 88 68 75(0.16%) (1.46%) 0.39% 0.85% Total Fixed Inc Custom Benchmark (6) 91 70 47 53(0.41%) (1.15%) 0.57% 1.01%Pub Pln- Dom Fixed 0.06% (0.93%) 0.54% 1.06%






REIT Composite 6 99 94 826.42% (5.43%) 3.70% 1.43% REIT Comp Custom Benchmark (7) 1 100 98 937.71% (5.86%) 2.90% 1.11%Callan Global REITs 4.50% (3.59%) 4.65% 1.95%

Centersquare 25 90 23 349.26% (7.68%) 3.33% 1.30% FTSE NAREIT Equity Index 14 96 88 5310.04% (8.20%) 1.51% 0.94%Callan Real Estate REIT 8.57% (6.70%) 2.49% 1.06%

Cohen & Steers 84 21 73 703.41% (2.92%) 4.11% 1.59% EPRA/NAREIT Dev REIT Idx 17 85 86 545.45% (4.30%) 3.83% 1.84%Callan Global REITs 4.50% (3.59%) 4.65% 1.95%

Core Real Estate 44 44 46 491.89% 1.91% 1.97% 1.61%Principal Capital (Net) 25 42 53 212.29% 1.94% 1.87% 2.12%UBS Trumbull Property (Net) 63 65 16 701.54% 1.73% 2.18% 1.31%UBS Trumbull Property G&I (Net) 60 24 8 831.59% 2.09% 2.86% 1.17%JPMCB Strategic Property (Net) 46 31 67 541.75% 2.00% 1.59% 1.52% NFI-ODCE Equal Weight Net 44 39 47 461.89% 1.96% 1.94% 1.68%Callan OE Core Cmngld RE 1.70% 1.84% 1.89% 1.59%

Non-Core Real Estate 14 67 22 372.98% 1.59% 4.64% 2.25%AEW Partners VI 65 76 31 371.71% 0.87% 3.22% 2.26%AEW Partners VII 32 76 9 102.56% 0.97% 10.09% 4.47%AEW Partners VIII 92 95 18 95(0.35%) (2.09%) 5.86% (7.69%)Heitman VP III 11 47 17 443.65% 2.55% 6.42% 1.85%AG Core Plus II 94 91 99 92(1.47%) (1.06%) (15.82%) (2.58%)AG Core Plus III 1 90 89 906.21% (0.76%) (1.72%) (1.64%)AG Core Plus IV 1 79 78 175.69% 0.44% 0.87% 3.61%Invesco VA Fund IV 15 62 21 442.90% 1.94% 5.22% 1.89%TA Associates Realty Fund X 33 24 22 162.53% 3.53% 4.60% 3.68%TA Associates Realty Fund XI 65 76 28 691.73% 0.84% 3.60% 1.11%Westbrook RE Fund X 11 19 31 243.74% 4.45% 3.23% 2.96% NCREIF Total Index 62 66 54 491.81% 1.70% 1.80% 1.70%Callan Real Est Val Add 2.13% 2.35% 1.93% 1.64%

Timber Composite 6.85% 2.33% 0.94% 2.54%Hancock Timber Portfolio 6.85% 2.33% 0.94% 2.54% NCREIF Timberland Index 0.48% 0.92% 1.52% 0.60%

Total Real Estate 19 75 37 492.86% 0.73% 2.47% 1.68% Real Estate Benchmark (8) 58 59 56 481.81% 1.70% 1.80% 1.70%Callan Total Real Est DB 2.04% 1.97% 1.98% 1.60%

Private Equity 20 5 46 224.18% 3.12% 3.69% 4.00%Pathway PEF XXIII 23 5 47 73.15% 3.01% 3.46% 6.13%Pathway PEF SRS 2013 17 4 42 106.38% 4.22% 4.39% 5.61%Pathway PEF 2016 17 30 100 815.29% 0.18% (3.53%) 0.36%GCM Grosvenor Private Markets 23 5 46 783.19% 3.23% 3.69% 0.62%GCM Grosvenor Div. Partners LP 2014-1 22 17 46 93.52% 1.24% 3.67% 5.68% Private Equity Benchmark (9) 20 33 12 134.11% (0.00%) 7.26% 5.13%Callan Alterntive Inv DB 0.65% (0.67%) 2.68% 2.53%

Cash 99 38 57 690.41% 0.37% 0.27% 0.32% 1mo T-Bill 99 49 58 940.42% 0.35% 0.26% 0.24%Callan Cash Database 0.53% 0.34% 0.29% 0.34%

Total Fund 38 59 10 591.01% (0.01%) 4.25% 3.58%Policy Benchmark* 36 87 2 101.04% (0.57%) 4.37% 4.00%Very Lg Pub Fds (>10B) 0.89% 0.07% 3.92% 3.65%





FY 2018 FY 2017 FY 2016 FY 2015 FY 2014






Callan Large Cap 14.59% 19.13% 0.02% 7.78% 25.87%

Managed Large Cap Equity 49 54 80 83 9314.17% 18.24% (2.20%) 5.76% 23.18%Eagle Capital 25 3 83 39 9115.85% 24.94% (3.39%) 8.93% 23.81%

S&P 500 Index 45 56 19 58 8414.37% 17.90% 3.99% 7.42% 24.61%









Boston Company 59 60 87 82 5213.00% 18.76% (9.35%) 5.43% 28.03%










Callan Small Cap 17.18% 23.16% (5.42%) 7.87% 25.22%





Russell 2000 Index 38 26 75 68 7317.57% 24.60% (6.73%) 6.49% 23.64%


Riverbridge Partners SCG 78 22 17 8822.75% 28.43% (2.88%) 5.75% -






FY 2018 FY 2017 FY 2016 FY 2015 FY 2014


Global Equity 37 56 44 31 6912.86% 19.68% (3.77%) 4.41% 22.02%Acadian Global Equity 65 62 63 71 409.86% 19.15% (5.47%) 1.24% 25.37%Epoch Investments 29 76 68 9 9414.00% 17.05% (6.32%) 8.10% 18.00%Harding-Loevner 17 25 15 33 6516.90% 23.57% 0.68% 4.21% 22.79%Longview 61 6510.51% 18.61% - - - Global Equity Benchmark (2) 53 63 42 71 5911.14% 19.01% (3.59%) 1.23% 23.58% MSCI ACWI Idx 59 65 44 74 6510.73% 18.78% (3.73%) 0.71% 22.95%Callan Global Equity 11.43% 20.14% (4.50%) 3.13% 24.44%




Small Cap 65 78 50 74 8311.18% 18.21% (3.64%) (1.57%) 21.83%Mondrian 46 75 45 79 8812.68% 18.49% (3.24%) (2.44%) 21.25% MSCI World Small Cap x US 58 61 45 84 4711.87% 21.26% (3.35%) (3.96%) 29.55%Fidelity 77 79 54 69 779.55% 17.92% (4.07%) (0.64%) 22.47% MSCI ACWI Sm Cap ex US 71 67 64 81 7510.57% 20.32% (5.46%) (3.07%) 26.09%Callan Intl Small Cap 12.34% 23.35% (3.64%) 0.81% 29.30%

All Country ex US 51 47 40 64 318.39% 20.94% (6.76%) (3.54%) 25.87%Arrowstreet Capital 55 42 49 69 318.07% 21.73% (7.89%) (4.08%) 25.87%Baillie Gifford 39 54 2910.11% 20.48% (4.97%) - -Marathon Asset Mgmt 74 576.56% 20.27% - - - MSCI ACWI ex-US IMI Index 59 55 63 77 597.75% 20.43% (9.61%) (4.97%) 22.28%Non-U.S. Equity Database 8.52% 20.75% (8.13%) (1.83%) 23.38%

Emerging Markets 83 78 44 92 233.63% 22.16% (8.07%) (10.88%) 18.02%Lazard Emerging Markets 93 82 31 97 171.09% 21.28% (7.11%) (12.41%) 19.12%Fisher Investments Emerging Mkts 72 696.02% 23.80% - - - MSCI Emerging Mkts Idx 53 69 77 52 578.20% 23.75% (12.05%) (5.12%) 14.31%Callan Emerging Broad 8.41% 25.70% (8.80%) (4.56%) 14.62%





FY 2018 FY 2017 FY 2016 FY 2015 FY 2014



Core Fixed Income 56 58 62 43 59(0.07%) 0.27% 6.01% 2.13% 4.92% Blmbg Aggregate Index 86 89 62 69 85(0.40%) (0.31%) 6.00% 1.86% 4.37%Callan Core Bond FI (0.04%) 0.37% 6.21% 2.07% 5.11%



Emerging Markets Debt 29 47 15 21 30(0.47%) 8.11% 9.18% (0.00%) 10.99%Wellington EMD 29 47 15 21 30(0.47%) 8.11% 9.18% (0.00%) 10.99% EMBI Global Dvsfd Index 53 82 13 18 22(1.60%) 6.04% 9.79% 0.51% 11.64%Emerging Debt Database (1.44%) 7.97% 4.73% (4.28%) 9.55%






FY 2018 FY 2017 FY 2016 FY 2015 FY 2014Net Returns and Rankings

REIT Composite 87 77 8 32 795.86% 0.30% 17.02% 3.27% 13.54% REIT Comp Custom Benchmark (7) 91 87 6 40 755.51% (0.64%) 17.65% 2.86% 13.91%Callan Global REITs 7.53% 1.63% 11.08% 2.31% 15.15%



Core Real Estate 39 57 58 59 507.59% 7.07% 11.16% 13.10% 11.56%Principal Capital (Net) 20 24 48 41 528.48% 8.88% 11.52% 14.19% 11.45%UBS Trumbull Property (Net) 63 87 86 78 836.92% 4.67% 9.73% 11.70% 9.43%UBS Trumbull Property G&I (Net) 29 23 1 19 17.92% 9.05% 17.90% 16.07% 20.04%JPMCB Strategic Property (Net) 62 55 79 71 247.04% 7.13% 10.16% 12.55% 13.14% NFI-ODCE Equal Weight Net 35 54 57 51 547.68% 7.23% 11.24% 13.64% 11.37%Callan OE Core Cmngld RE 7.26% 7.42% 11.48% 13.80% 11.53%

Non-Core Real Estate 16 50 44 55 4211.94% 8.80% 15.77% 14.51% 13.12%AEW Partners VI 44 13 50 66 378.29% 20.66% 14.33% 12.33% 15.30%AEW Partners VII 1 53 65 6619.10% 7.89% 10.93% 12.17% -AEW Partners VIII 90(4.66%) - - - -Heitman VP III 6 18 35 4415.20% 16.00% 17.68% 16.92% -AG Core Plus II 98 94 18 83 62(20.05%) (14.35%) 23.09% 4.34% 9.39%AG Core Plus III 79 66 8 24 151.89% 4.92% 30.08% 25.15% 24.92%AG Core Plus IV 18 5310.95% 7.91% - - -Invesco VA Fund IV 12 66 5712.44% 4.82% 12.76% - -TA Associates Realty Fund X 6 49 53 67 6115.12% 9.00% 13.71% 11.77% 9.52%TA Associates Realty Fund XI 57 717.46% 2.04% - - -Westbrook RE Fund X 6 5915.16% 6.66% - - - NCREIF Total Index 61 58 66 64 497.19% 6.97% 10.64% 12.98% 11.21%Callan Real Est Val Add 7.82% 8.76% 14.22% 15.00% 11.15%

Timber Composite 13.17% 10.30% 6.06% (0.31%) 16.49%Hancock Timber Portfolio 13.17% 10.30% 6.06% (0.31%) 16.49% NCREIF Timberland Index 3.57% 3.35% 3.39% 10.02% 9.92%


Private Equity 9 4 15 6 1915.85% 19.28% 9.74% 14.00% 19.95%Pathway PEF XXIII 9 2 17 7 1816.67% 24.54% 8.98% 13.26% 21.86%Pathway PEF SRS 2013 3 5 21 49 9122.24% 15.87% 6.47% (10.90%) 1.36%Pathway PEF 2016 562.12% - - - -GCM Grosvenor Private Markets 14 4 10 4 2211.14% 18.27% 12.54% 17.98% 18.66%GCM Grosvenor Div. Partners LP 2014-1 10 32 46 4414.82% 4.65% (1.47%) (8.77%) - Private Equity Benchmark (9) 8 3 20 10 1617.39% 20.90% 7.05% 10.43% 27.63%Callan Alterntive Inv DB 3.16% (0.75%) (3.53%) (12.98%) 10.31%







FY 2013 FY 2012 FY 2011 FY 2010 FY 2009



Large Cap Equity 58 1720.45% 5.47% - - -Russell 1000 Index 51 30 49 31 5521.24% 4.37% 31.93% 15.24% (26.69%)Callan Large Cap 21.39% 2.67% 31.85% 13.43% (26.19%)

Managed Large Cap Equity 69 2620.38% 5.51% - - -Eagle Capital 17 51 8 1 3424.33% 3.74% 36.19% 23.02% (24.08%) S&P 500 Index 67 26 70 33 6020.60% 5.45% 30.69% 14.43% (26.21%)Callan Large Cap Core 21.97% 3.83% 32.10% 12.76% (25.47%)





Artisan Partners 38 24 16 51 1321.11% 0.40% 48.13% 20.47% (21.60%) Russell MidCap Growth Idx 17 52 51 46 4522.88% (2.99%) 43.25% 21.30% (30.33%)Callan Mid Cap Growth 19.69% (2.35%) 43.41% 20.83% (30.80%)







FY 2013 FY 2012 FY 2011 FY 2010 FY 2009


Global Equity 76 42 28 94 9417.14% (4.53%) 33.78% 7.07% (38.65%)Acadian Global Equity 54 44 28 94 9419.36% (4.72%) 33.78% 7.07% (38.65%)Epoch Investments 4320.15% - - - -Harding-Loevner 9611.80% - - - - Global Equity Benchmark (2) 75 48 59 65 5617.21% (4.98%) 30.51% 10.20% (29.50%) MSCI ACWI Idx 80 61 62 50 5416.57% (6.49%) 30.14% 11.76% (29.32%)Callan Global Equity 19.77% (5.31%) 31.44% 11.79% (28.43%)




Small Cap 91 4317.84% (11.93%) - - -Mondrian 93 1616.84% (9.01%) - - - MSCI World Small Cap x US 91 77 75 46 4017.82% (15.75%) 37.05% 15.70% (29.64%)Fidelity 89 7318.97% (14.98%) - - - MSCI ACWI Sm Cap ex US 94 88 88 28 2715.94% (16.43%) 34.24% 19.98% (26.97%)Callan Intl Small Cap 23.75% (13.04%) 40.79% 15.33% (33.15%)






FY 2013 FY 2012 FY 2011 FY 2010 FY 2009


Domestic Fixed-Income 70 17 51 59 440.07% 8.99% 5.80% 12.03% 4.32% Blmbg Aggregate Index 87 52 82 80 23(0.69%) 7.47% 3.90% 9.50% 6.05%Pub Pln- Dom Fixed 0.88% 7.54% 5.84% 12.93% 3.82%

Core Fixed Income 70 30 60 49 610.08% 8.42% 4.77% 12.04% 4.36% Blmbg Aggregate Index 91 86 90 92 42(0.69%) 7.47% 3.90% 9.50% 6.05%Callan Core Bond FI 0.48% 8.04% 4.91% 11.97% 5.33%

PIMCO 37 24 27 22 380.68% 8.57% 5.60% 13.53% 6.48% Blmbg Aggregate Index 91 86 90 92 42(0.69%) 7.47% 3.90% 9.50% 6.05%Callan Core Bond FI 0.48% 8.04% 4.91% 11.97% 5.33%

Core Plus 25 7 102.62% 9.32% 9.12% - -Loomis Sayles 28 5 102.49% 9.68% 9.12% - -Prudential Core Plus 192.81% - - - - Blmbg Aggregate Index 99 77 98 99 32(0.69%) 7.47% 3.90% 9.50% 6.05%Callan Core Plus FI 1.88% 8.06% 6.99% 16.07% 3.60%

Emerging Markets Debt 53 25 662.62% 9.72% 13.61% - -Wellington EMD 53 25 662.62% 9.72% 13.61% - - EMBI Global Dvsfd Index 82 24 90 78 301.12% 9.77% 11.39% 18.44% 2.10%Emerging Debt Database 2.88% 4.93% 14.60% 21.99% (0.22%)

Total Fixed Income 61 17 38 59 440.46% 9.04% 6.43% 11.95% 4.32% Blmbg Aggregate Index 87 52 82 80 23(0.69%) 7.47% 3.90% 9.50% 6.05% Total Fixed Inc Custom Benchmark (6) 76 37 72 76 32(0.30%) 7.95% 4.56% 9.93% 5.32%Pub Pln- Dom Fixed 0.88% 7.54% 5.84% 12.93% 3.82%




FY 2013 FY 2012 FY 2011 FY 2010 FY 2009


REIT Composite 92 11 88 3 9810.09% 5.48% 30.87% 46.78% (45.75%) REIT Comp Custom Benchmark (7) 89 4 52 5 9310.97% 7.78% 34.21% 39.78% (40.31%)

US Select REIT Index 95 4 48 1 987.69% 13.29% 34.95% 55.68% (45.35%)

Callan Global REITs 14.54% 2.63% 34.36% 24.73% (33.35%)

Cohen & Steers 73 9013.54% (2.08%) - - -

EPRA/NAREIT Dev REIT Idx 57 52 63 47 6814.27% 2.36% 33.36% 25.05% (35.86%)

Callan Global REITs 14.54% 2.63% 34.36% 24.73% (33.35%)

Core Real Estate (Net) 45 5911.11% 11.19% - - -Principal Capital (Net) 26 26 31 66 6212.98% 12.71% 20.95% (8.81%) (31.43%)

UBS Trumbull Property (Net) 79 75 85 29 88.84% 10.18% 16.20% (1.48%) (23.57%)

JPMCB Strategic Property (Net) 1113.87% - - - -

NFI-ODCE Equal Weight Net 46 58 48 64 6110.80% 11.46% 19.33% (8.47%) (31.36%)

Callan OE Core Cmngld RE 10.41% 12.02% 18.29% (7.14%) (30.31%)

Core Plus Real Estate (Net) 7 7217.38% 10.43% - - -UBS Trumbull Property G&I (Net) 7 7217.38% 10.43% - - -

Callan OE Core Cmngld RE 10.41% 12.02% 18.29% (7.14%) (30.31%)

Non-Core Real Estate 28 43 61 43 5716.54% 12.58% 10.69% (8.50%) (34.98%)AEW Partners VI 15 43 9421.41% 12.81% (10.39%) - -

Heitman VP II 15 60 69 9 7821.29% 9.08% 7.69% 7.12% (51.35%)

AG Core Plus II 40 47 51 34 1612.94% 11.36% 16.29% (4.09%) (12.27%)

AG Core Plus III 4810.53% - - - -

NCREIF Total Index 48 44 50 27 2810.72% 12.04% 16.73% (1.48%) (19.57%)

Callan Real Est Val Add 10.08% 10.86% 16.95% (10.86%) (31.56%)

Timber Composite 12.70% (6.81%) 12.66% (8.80%) (11.18%)Hancock Timber Portfolio 12.70% (6.81%) 12.66% (8.80%) (11.18%)

NCREIF Timberland Index 9.35% 1.13% 0.51% (3.60%) 3.26%

Total Real Estate 46 63 36 18 5911.75% 8.07% 20.86% 4.94% (31.80%) Real Estate Benchmark (8) 54 45 40 23 6010.15% 11.11% 19.88% 2.58% (32.32%)

Callan Total Real Est DB 10.63% 10.70% 17.07% (7.21%) (28.28%)

Private Equity 26 30 85 9410.56% 3.26% 8.43% (7.76%) -Pathway PEF XXIII 27 31 80 9710.31% 3.11% 10.95% (13.07%) -

GCM Grosvenor Private Markets 25 30 90 6411.07% 3.45% 5.19% 2.98% -

Private Equity Benchmark (9) 14 7 14 29 3325.12% 10.95% 35.76% 19.82% (20.49%)

Callan Alterntive Inv DB 1.32% (4.75%) 26.89% 5.58% (38.76%)

Cash 86 88 94 93 770.14% 0.11% 0.14% 0.14% 1.05% 1mo T-Bill 93 94 96 97 820.05% 0.04% 0.11% 0.09% 0.50%

Callan Cash Database 0.37% 0.46% 0.53% 0.98% 1.94%

Total Fund 31 74 10 36 7313.12% 0.37% 25.14% 13.86% (19.57%)Policy Benchmark* 70 57 51 71 4611.36% 0.78% 21.96% 12.51% (18.15%)

Very Lg Pub Fds (>10B) 12.42% 0.93% 22.02% 13.46% (18.61%)

* Current Quarter Target = 26.5% MSCI ACWI ex US, 19.0% Blmbg Aggregate, 18.5% Russell 3000 Index, 8.0% MSCI ACWI,

8.0% JPM EMBI Global Dvsfd, 6.0% NCREIF NFI-ODCE Eq Wt Net, 5.0% S&P 500 Index+3.0%, 5.0% Assumed LT Bench, 1.5%

FTSE NAREIT 50, 1.5% NCREIF Total Index and 1.0% NCREIF Timberland Index.








Domestic Equity 65 769.55% 6.77% - - Russell 3000 Index 62 75 44 339.61% 6.82% 9.65% 10.38% Domestic Eq Custom Benchmark(1) 38 34 24 239.86% 7.34% 10.02% 10.65%Pub Pln- Dom Equity 9.70% 7.22% 9.63% 10.11%

Northern Trust S&P 500 83 100 96 979.28% 5.60% 8.92% 9.78% S&P 500 Index 81 88 81 789.30% 6.46% 9.60% 10.35%Callan Large Cap Core 9.73% 7.31% 10.15% 11.31%

Mid Cap Equity 49 9011.62% 7.74% - -Boston Company 3611.98% - - - Russell MidCap Index 64 75 79 7611.17% 9.16% 11.00% 11.56%Wellington Small Cap 1712.44% - - - Russell MidCap Growth Idx 68 87 89 9011.07% 8.02% 10.02% 10.71%Artisan Partners 3911.89% - - - Russell MidCap Growth Idx 68 87 89 9011.07% 8.02% 10.02% 10.71%Callan Mid Capitalization 11.54% 10.06% 12.21% 12.18%

Small Cap Equity 83 8910.61% 8.39% - -Dimensional Fund Advisors 8510.49% - - - Russell 2000 Value Index 95 85 84 899.93% 8.67% 10.49% 10.82%Wellington Small Cap 3212.44% - - - Russell 2000 Index 84 92 92 9110.50% 8.03% 9.59% 9.85%Callan Small Cap 11.92% 10.65% 12.31% 12.69%








International Equity 82 997.52% 4.49% - - International Equity Benchmark (3) 68 80 97 1007.87% 5.02% 5.71% 5.36%Pub Pln- Intl Equity 8.30% 5.84% 6.79% 7.12%

Developed Markets 98 987.00% 4.05% - - MSCI EAFE Index 92 97 98 947.26% 4.33% 5.44% 5.14%Callan NonUS Dev Core Eq 8.52% 5.74% 7.37% 7.61%

EAFE Composite 99 996.77% 3.65% - - MSCI EAFE Index 92 97 98 947.26% 4.33% 5.44% 5.14%Callan NonUS Dev Core Eq 8.52% 5.74% 7.37% 7.61%

Emerging Markets 65 9512.07% 8.91% - -Lazard Emerging Markets 50 9312.38% 9.13% - - MSCI Emerging Mkts Idx 9510.70% - - -Callan Emerging Broad 12.37% 10.21% 8.71% -

Total Equity 80 878.58% 5.86% - - MSCI ACWI IMI 80 898.54% 5.77% - - Total Equity Custom Benchmark (5) 698.92% - - -Callan Global Equity 9.28% 7.18% 9.28% 10.01%








Domestic Fixed-Income 564.25% - - - Blmbg Aggregate Index 68 79 91 983.77% 4.70% 5.13% 6.13%Pub Pln- Dom Fixed 4.32% 5.18% 5.73% 6.71%

Core Fixed Income 784.02% - - - Blmbg Aggregate Index 93 93 93 943.77% 4.70% 5.13% 6.13%Callan Core Bond FI 4.28% 5.12% 5.55% 6.52%

PIMCO 22 184.56% 5.44% - - Blmbg Aggregate Index 93 93 93 943.77% 4.70% 5.13% 6.13%Callan Core Bond FI 4.28% 5.12% 5.55% 6.52%

Total Fixed Income 424.45% - - - Blmbg Aggregate Index 68 79 91 983.77% 4.70% 5.13% 6.13% Total Fixed Inc Custom Benchmark (6) 56 504.21% 5.18% - -Pub Pln- Dom Fixed 4.32% 5.18% 5.73% 6.71%

Cash 85 76 891.48% 2.27% 2.86% - 1mo T-Bill 100 93 99 1001.16% 1.77% 2.32% 2.88%Callan Cash Database 1.66% 2.40% 3.04% 3.56%

Total Fund 86 1007.60% 6.08% - -Policy Benchmark* 86 100 89 807.61% 6.03% 7.61% 8.33%Very Lg Pub Fds (>10B) 8.04% 6.71% 8.19% 8.75%





2013 2012 2011 2010 2009


Domestic Equity 43 26 43 35 5434.73% 16.71% 0.73% 18.87% 29.23% Russell 3000 Index 65 38 36 74 6633.55% 16.42% 1.03% 16.93% 28.34% Domestic Eq Custom Benchmark (1) 63 32 42 43 5633.72% 16.58% 0.75% 18.48% 28.91%Pub Pln- Dom Equity 34.39% 16.08% 0.33% 17.92% 29.51%

Large Cap Equity 79 5931.96% 15.72% - - -Russell 1000 Index 68 46 39 38 4433.11% 16.42% 1.50% 16.10% 28.43%Callan Large Cap 34.62% 16.19% 0.36% 14.91% 26.85%

Managed Large Cap Equity 84 5431.59% 15.64% - - -Eagle Capital 18 29 15 1 1736.60% 16.94% 5.45% 20.94% 34.45% S&P 500 Index 77 48 36 42 5032.39% 16.00% 2.11% 15.06% 26.47%Callan Large Cap Core 34.49% 15.89% 1.46% 14.20% 26.51%


Mid Cap Equity 32 8 63 29 1238.12% 21.47% (4.52%) 28.04% 50.36% Russell MidCap Index 63 41 46 51 3934.76% 17.28% (1.55%) 25.48% 40.48%Callan Mid Capitalization 35.84% 16.26% (1.92%) 25.49% 36.99%

Boston Company 30 27 70 45 440.97% 20.09% (5.17%) 25.43% 62.64% Russell MidCap Index 63 60 47 44 2234.76% 17.28% (1.55%) 25.48% 40.48%Callan Mid Cap Core 35.89% 18.23% (2.09%) 24.67% 35.08%

Wellington Mid Cap 50 9 89 42 3235.01% 23.94% (7.01%) 24.13% 38.31% Russell MidCap Value Idx 73 43 50 33 4733.46% 18.51% (1.38%) 24.75% 34.21%Callan Mid Cap Value 34.99% 17.82% (1.38%) 23.13% 34.10%

Artisan Partners 29 9 41 9 1638.40% 20.40% (1.69%) 32.46% 50.89% Russell MidCap Growth Idx 57 39 41 65 3435.74% 15.81% (1.65%) 26.38% 46.29%Callan Mid Cap Growth 36.34% 14.77% (2.69%) 28.47% 42.05%

Small Cap Equity 26 57 70 67 4946.70% 15.48% (4.92%) 26.10% 34.06% Russell 2000 Index 69 51 67 64 6938.82% 16.35% (4.18%) 26.85% 27.17%Callan Small Cap 42.43% 16.47% (1.76%) 28.25% 33.93%

Dimensional Fund Advisors 24 36 87 20 4542.62% 20.05% (8.83%) 32.54% 34.71% Russell 2000 Value Index 81 50 65 76 7734.52% 18.05% (5.50%) 24.50% 20.58%Callan Small Cap Value 38.72% 18.12% (3.72%) 27.38% 33.61%

Wellington Small Cap 1 65 84 91 555.58% 15.37% (3.79%) 21.87% 47.00% Russell 2000 Index 65 55 85 52 5838.82% 16.35% (4.18%) 26.85% 27.17%Callan Small Cap Core 40.02% 16.91% (0.36%) 27.41% 28.41%




2013 2012 2011 2010 2009


Global Equity 58 77 19 84 9626.71% 15.35% (1.96%) 9.68% 20.53%Acadian Global Equity 60 62 19 84 9626.54% 16.61% (1.96%) 9.68% 20.53%Epoch Investments 1632.79% - - - -Harding-Loevner 8920.82% - - - - Global Equity Benchmark (2) 78 61 44 71 6923.44% 16.70% (5.54%) 11.76% 29.99% MSCI ACWI Idx 81 66 62 58 4322.80% 16.13% (7.35%) 12.67% 34.63%Callan Global Equity 27.96% 17.49% (6.04%) 13.21% 33.43%

International Equity 66 18 66 55 3415.66% 20.33% (14.06%) 11.72% 40.11% International Equity Benchmark (3) 68 79 57 62 2815.56% 16.83% (13.71%) 11.15% 41.45%Pub Pln- Intl Equity 17.91% 18.60% (13.40%) 12.11% 37.39%

Developed Markets 74 41 57 71 4821.90% 20.33% (12.00%) 8.45% 33.12% MSCI EAFE Index 66 68 58 81 5222.78% 17.32% (12.14%) 7.75% 31.78%Callan NonUS Dev Core Eq 24.76% 18.70% (11.49%) 9.98% 32.75%

EAFE Composite 69 47 40 66 4922.45% 19.41% (11.07%) 8.82% 32.96% MSCI EAFE Index 66 68 58 81 5222.78% 17.32% (12.14%) 7.75% 31.78%Callan NonUS Dev Core Eq 24.76% 18.70% (11.49%) 9.98% 32.75%

Small Cap 98 5118.02% 23.31% - - -Mondrian 98 3417.55% 24.89% - - - MSCI World Small Cap x US 82 87 78 49 4325.55% 17.48% (15.81%) 24.51% 50.82%Fidelity 98 7418.54% 21.60% - - - MSCI ACWI Sm Cap ex US 97 84 95 41 1619.73% 18.52% (18.50%) 25.20% 62.91%Callan Intl Small Cap 31.13% 23.41% (13.65%) 24.29% 48.29%

Emerging Markets 59 38 71 14 47(0.58%) 21.15% (20.74%) 24.06% 77.62%Lazard Emerging Markets 45 14 36 14 470.44% 22.88% (17.14%) 24.06% 77.62% MSCI Emerging Mkts Idx 70 53 47 62 39(2.60%) 18.23% (18.42%) 18.88% 78.51%Callan Emerging Broad 0.25% 19.59% (18.53%) 19.36% 77.27%





2013 2012 2011 2010 2009


Domestic Fixed-Income 85 45 19 54 62(2.37%) 7.36% 8.61% 8.09% 9.80% Blmbg Aggregate Index 77 85 34 81 79(2.02%) 4.21% 7.84% 6.54% 5.93%Pub Pln- Dom Fixed (1.02%) 7.21% 7.19% 8.60% 12.39%

Core Fixed Income 84 55 43 39 73(1.99%) 6.08% 7.99% 7.78% 9.62% Blmbg Aggregate Index 85 97 59 90 96(2.02%) 4.21% 7.84% 6.54% 5.93%Callan Core Bond FI (1.47%) 6.16% 7.88% 7.56% 10.71%

PIMCO 77 24 70 25 27(1.91%) 7.51% 7.41% 8.37% 13.30% Blmbg Aggregate Index 85 97 59 90 96(2.02%) 4.21% 7.84% 6.54% 5.93%Callan Core Bond FI (1.47%) 6.16% 7.88% 7.56% 10.71%

Core Plus 28 12 37 25(0.30%) 11.19% 7.91% 10.72% -Loomis Sayles 43 7 37 25(0.51%) 11.65% 7.91% 10.72% -Prudential Core Plus 23 520.03% 8.37% - - - Blmbg Aggregate Index 96 100 39 100 99(2.02%) 4.21% 7.84% 6.54% 5.93%Callan Core Plus FI (0.67%) 8.66% 7.62% 9.26% 17.42%

Emerging Markets Debt 35 63 19(4.42%) 18.24% 7.12% - -Wellington EMD 35 63 19(4.42%) 18.24% 7.12% - - EMBI Global Dvsfd Index 42 73 17 88 66(5.24%) 17.44% 7.35% 12.24% 29.82% Blmbg Global Agg (Hedged) 9 97 38 97 100(0.14%) 5.72% 5.40% 4.61% 5.09%Emerging Debt Database (5.97%) 18.97% 3.01% 14.62% 32.11%

Total Fixed Income 85 35 20 51 62(2.37%) 8.27% 8.49% 8.51% 9.80% Blmbg Aggregate Index 77 85 34 81 79(2.02%) 4.21% 7.84% 6.54% 5.93% Total Fixed Inc Custom Benchmark (6) 87 65 36 80 68(2.54%) 6.14% 7.76% 6.61% 8.52%Pub Pln- Dom Fixed (1.02%) 7.21% 7.19% 8.60% 12.39%




2013 2012 2011 2010 2009Net Returns and Rankings

REIT Composite 94 94 16 5 951.80% 22.51% 0.73% 25.41% 25.75% REIT Comp Custom Benchmark (7) 78 94 14 10 852.84% 22.85% 1.53% 24.31% 33.89%Callan Global REITs 4.79% 29.51% (4.82%) 19.83% 39.34%

Cohen & Steers 36 88 835.18% 25.48% (8.70%) - - EPRA/NAREIT Dev REIT Idx 61 60 64 42 584.43% 28.65% (5.82%) 20.40% 38.26%Callan Global REITs 4.79% 29.51% (4.82%) 19.83% 39.34%

Core Real Estate (Net) 53 52 7711.85% 10.61% 13.59% - -Principal Capital (Net) 33 19 42 24 6613.72% 11.86% 15.66% 16.17% (31.45%)UBS Trumbull Property (Net) 85 72 90 24 129.44% 9.16% 12.20% 16.09% (22.73%)JPMCB Strategic Property (Net) 1414.91% - - - - NFI-ODCE Equal Weight Net 51 65 58 52 6512.36% 9.93% 14.99% 15.12% (31.30%)Callan OE Core Cmngld RE 12.66% 10.80% 15.33% 15.14% (28.89%)

Core Plus Real Estate (Net) 8 6 9317.00% 18.79% 11.70% - -UBS Trumbull Property G&I (Net) 8 6 9317.00% 18.79% 11.70% - -Callan OE Core Cmngld RE 12.66% 10.80% 15.33% 15.14% (28.89%)

Non-Core Real Estate 33 44 48 58 4917.61% 10.83% 13.83% 5.77% (29.12%)AEW Partners VI 7 64 6927.35% 6.37% 7.83% - -AG Core Plus II 75 40 44 41 256.65% 12.52% 14.44% 17.17% (14.35%)AG Core Plus III 17 6423.70% 6.30% - - -TA Associates Realty Fund X 802.84% - - - - NCREIF Total Index 56 46 44 49 2710.98% 10.54% 14.26% 13.11% (16.86%)Callan Real Est Val Add 12.13% 9.63% 13.05% 12.47% (29.48%)

Timber Composite 10.54% 16.78% (2.06%) 6.95% (16.80%)Hancock Timber Portfolio 10.54% 16.78% (2.06%) 6.95% (16.80%) NCREIF Timberland Index 9.68% 7.75% 1.58% (0.16%) (4.76%)

Total Real Estate 66 68 34 359.77% 14.79% 8.24% 16.72% (15.64%) Real Estate Benchmark (8) 60 51 36 4710.69% 11.57% 12.72% 16.28% (20.57%)Callan Total Real Est DB 11.85% - 12.80% 13.00% (22.89%)

Private Equity 19 26 24 97 10016.14% 9.19% 5.20% 2.29% (66.13%)Pathway PEF XXIII 19 35 24 97 10015.89% 7.55% 6.51% 1.00% (67.72%)GCM Grosvenor Private Markets 19 19 28 9216.41% 11.09% 3.69% 7.06% - Private Equity Benchmark (9) 7 2 23 44 4535.85% 21.13% 7.51% 20.44% 31.97%Callan Alterntive Inv DB (0.19%) 2.82% (6.14%) 19.54% 25.41%


Total Fund 23 5 89 10 1517.59% 14.91% (0.86%) 14.39% 23.92%Policy Benchmark* 48 41 66 55 5015.62% 13.79% 0.18% 12.97% 20.22%Very Lg Pub Fds (>10B) 15.25% 13.57% 0.56% 13.36% 20.21%

* Current Quarter Target = 30.0% Russell 3000 Index, 22.0% MSCI ACWI ex US IMI, 20.0% Blmbg Aggregate, 10.0%NCREIF Total Index, 9.0% MSCI ACWI, 8.0% S&P 500 Index+3.0% and 1.0% Citi 1 Mo T-Bill.




12/2017-6/2018 2017 2016 2015 2014


Domestic Equity 50 69 66 81 563.80% 19.48% 12.36% (1.37%) 11.10% Russell 3000 Index 67 39 54 39 143.22% 21.13% 12.74% 0.48% 12.56%



Managed Large Cap Equity 50 78 25 92 812.64% 19.55% 11.59% (3.30%) 12.30%Eagle Capital 10 25 31 59 864.03% 23.36% 11.06% 0.69% 11.57%

S&P 500 Index 50 48 21 51 482.65% 21.83% 11.96% 1.38% 13.69%


Wedgewood Partners 94 99 17 1004.31% 20.66% 6.51% (5.37%) -


Callan Large Cap Growth 8.83% 28.84% 3.39% 6.43% 11.82%

Northern Trust 1000 Value 63(1.70%) - - - -

Russell 1000 Value Index 63 90 26 70 31(1.69%) 13.66% 17.34% (3.83%) 13.45%

Callan Large Cap Value (0.95%) 17.09% 15.25% (2.56%) 12.54%



Mid Cap Equity 44 66 54 69 553.50% 16.78% 10.07% (2.70%) 9.13% Russell MidCap Index 52 55 42 67 232.35% 18.52% 13.80% (2.44%) 13.22%

Callan Mid Capitalization 2.46% 19.58% 12.23% (0.80%) 9.88%

Boston Company 64 94 26 97 661.67% 15.36% 17.15% (9.85%) 10.06%

Russell MidCap Index 35 51 49 69 352.35% 18.52% 13.80% (2.44%) 13.22%

Callan Mid Cap Core 2.06% 18.55% 13.58% 0.11% 12.55%

Wellington Mid Cap 34 67 84 28 541.18% 13.30% 13.65% (1.09%) 10.67%

Russell MidCap Value Idx 65 67 39 65 18(0.16%) 13.34% 20.00% (4.78%) 14.75%

Callan Mid Cap Value 0.35% 14.42% 17.31% (2.74%) 10.84%


Russell MidCap Growth Idx 67 59 19 57 235.40% 25.27% 7.33% (0.20%) 11.90%

Callan Mid Cap Growth 6.88% 25.94% 4.14% 0.05% 8.77%

Small Cap Equity 29 41 50 72 6810.45% 16.82% 19.93% (4.70%) 3.67% Russell 2000 Index 49 53 42 70 587.66% 14.65% 21.31% (4.41%) 4.89%

Callan Small Cap 7.41% 15.22% 19.97% (2.32%) 5.65%

Dimensional Fund Advisors 27 79 32 85 855.08% 6.98% 29.29% (7.78%) 3.36%

Russell 2000 Value Index 23 65 14 83 825.44% 7.84% 31.74% (7.47%) 4.22%

Callan Small Cap Value 3.71% 9.19% 27.86% (3.73%) 5.81%

Wellington Small Cap 20 8 85 67 469.89% 19.89% 17.92% (2.89%) 7.59%

Russell 2000 Index 46 41 41 80 757.66% 14.65% 21.31% (4.41%) 4.89%

Callan Small Cap Core 7.00% 13.36% 20.61% (1.80%) 7.41%

Riverbridge Partners SCG 26 66 23 68 7517.23% 23.06% 13.14% (3.46%) (0.56%)

Russell 2000 Growth Index 82 70 36 50 329.70% 22.17% 11.32% (1.38%) 5.60%

Callan Small Cap Growth 14.16% 25.76% 8.62% (1.29%) 3.40%




12/2017-6/2018 2017 2016 2015 2014


Global Equity 36 35 57 68 341.28% 27.41% 5.37% (1.46%) 5.54%Acadian Global Equity 72 62 30 88 15(1.34%) 23.91% 8.19% (4.73%) 7.23%Epoch Investments 41 20 96 54 660.78% 30.38% (1.02%) (0.03%) 3.02%Harding-Loevner 19 13 43 30 273.76% 32.92% 6.96% 2.23% 6.39%Longview 27 78 251.97% 21.66% 8.93% - - Global Equity Benchmark (2) 54 62 28 73 47(0.18%) 23.95% 8.36% (2.06%) 4.71% MSCI ACWI Idx 60 62 33 74 53(0.43%) 23.97% 7.86% (2.36%) 4.16%Callan Global Equity 0.10% 25.37% 6.20% 0.17% 4.57%

International Equity 75 92 12 58 82(3.49%) 25.42% 7.38% (4.28%) (4.62%) International Equity Benchmark (3) 81 71 43 61 67(3.65%) 27.81% 4.41% (4.60%) (3.89%)Pub Pln- Intl Equity (2.89%) 29.12% 4.09% (3.83%) (3.17%)

Developed Markets 40 97 5 66 67(2.05%) 20.06% 5.98% 0.44% (5.29%) MSCI EAFE Index 57 62 49 76 57(2.75%) 25.03% 1.00% (0.81%) (4.90%)Callan NonUS Dev Core Eq (2.58%) 26.32% 0.94% 1.15% (4.45%)

EAFE Composite 47 98 3 71 71(2.40%) 17.39% 7.66% (0.12%) (5.52%)Northern Trust EAFE 47(2.39%) - - - - MSCI EAFE Index 57 62 49 76 57(2.75%) 25.03% 1.00% (0.81%) (4.90%)Callan NonUS Dev Core Eq (2.58%) 26.32% 0.94% 1.15% (4.45%)

Small Cap 37 86 37 89 58(0.82%) 31.44% 0.96% 3.64% (3.74%)Mondrian 20 77 45 91 660.47% 32.58% 0.41% 3.13% (4.80%) MSCI World Small Cap x US 42 87 24 82 68(1.44%) 31.04% 4.32% 5.46% (5.35%)Fidelity 64 89 36 86 37(2.22%) 30.23% 1.55% 4.18% (2.57%) MSCI ACWI Sm Cap ex US 73 83 25 93 59(2.94%) 31.65% 3.91% 2.60% (4.03%)Callan Intl Small Cap (1.72%) 35.25% (0.03%) 10.09% (3.42%)

All Country ex US 44 41 39 64 58(1.94%) 29.24% 3.41% (1.04%) (4.09%)Arrowstreet Capital 61 45 21 79 59(2.92%) 28.56% 6.26% (3.56%) (4.13%)Baillie Gifford 24 28 69 44(0.25%) 32.01% 0.59% 1.52% -Marathon Asset Mgmt 60 69(2.82%) 25.44% - - - MSCI ACWI ex US IMI 73 52 34 83 55(3.65%) 27.81% 4.41% (4.60%) (3.89%)Non-U.S. Equity Database (2.33%) 27.98% 2.20% 0.63% (3.61%)

Emerging Markets 83 85 15 89 73(8.73%) 31.57% 16.59% (17.40%) (2.84%)Lazard Emerging Markets 97 95 5 93 72(11.07%) 28.11% 22.32% (19.32%) (2.79%) MSCI Emerging Mkts Idx 44 60 54 67 68(6.66%) 37.28% 11.19% (14.92%) (2.19%)Callan Emerging Broad (6.94%) 39.25% 11.55% (13.71%) (1.09%)

Total Equity 43 72 18 74 440.62% 22.62% 9.76% (2.34%) 4.88% MSCI ACWI IMI 54 62 28 74 57(0.18%) 23.95% 8.36% (2.19%) 3.84% Total Equity Custom Benchmark (5) 50 61 25 71 400.06% 24.08% 8.85% (1.85%) 5.23%Callan Global Equity 0.10% 25.37% 6.20% 0.17% 4.57%




12/2017-6/2018 2017 2016 2015 2014


Domestic Fixed-Income 77 36 42 71 22(1.38%) 4.92% 4.84% (0.34%) 6.42% Blmbg Aggregate Index 88 76 76 38 36(1.62%) 3.54% 2.65% 0.55% 5.97%Pub Pln- Dom Fixed (0.87%) 4.49% 4.28% 0.33% 5.56%

Core Fixed Income 40 61 49 64 34(1.40%) 3.87% 3.15% 0.71% 6.51% Blmbg Aggregate Index 73 85 86 72 69(1.62%) 3.54% 2.65% 0.55% 5.97%Callan Core Bond FI (1.46%) 3.96% 3.14% 0.84% 6.19%

PIMCO 24 47 73 54 49(1.28%) 4.01% 2.85% 0.82% 6.20%Manulife Asset Management 20(1.25%) - - - -Northern Trust Blmbg Aggregate 78(1.66%) - - - - Blmbg Aggregate Index 73 85 86 72 69(1.62%) 3.54% 2.65% 0.55% 5.97%Callan Core Bond FI (1.46%) 3.96% 3.14% 0.84% 6.19%

Core Plus 46 12 12 91 29(1.38%) 5.82% 6.39% (1.23%) 6.73%Loomis Sayles 19 23 5 99 28(1.03%) 5.47% 7.60% (3.39%) 6.81%Prudential Core Plus 75 9 33 17 35(1.71%) 6.17% 5.23% 0.93% 6.43% Blmbg Aggregate Index 65 95 100 38 61(1.62%) 3.54% 2.65% 0.55% 5.97%Callan Core Plus FI (1.45%) 4.97% 4.67% 0.34% 6.18%

Emerging Markets Debt 26 72 39 25 4(4.56%) 11.07% 11.70% (0.11%) 7.63%Wellington EMD 26 72 39 25 4(4.56%) 11.07% 11.70% (0.11%) 7.63% EMBI Global Dvsfd Index 38 80 60 14 6(5.23%) 10.26% 10.15% 1.18% 7.43%Emerging Debt Database (5.71%) 12.81% 10.83% (3.15%) 1.50%

Global Fixed Income 50 68 22 28 67(0.15%) 3.51% 5.32% 1.14% 7.71%PIMCO Global 48 69 24 11 43(0.03%) 3.44% 5.15% 1.52% 8.23%AllianceBernstein Global 55 66 21 51 74(0.27%) 3.58% 5.53% 0.75% 7.27% Blmbg Global Agg (Hedged) 46 93 53 31 690.07% 3.04% 3.95% 1.02% 7.59%Callan Global FI (Hedged) (0.17%) 4.24% 4.02% 0.79% 7.88%

Total Fixed Income 80 33 31 59 16(1.41%) 5.18% 5.62% 0.07% 6.87% Blmbg Aggregate Index 88 76 76 38 36(1.62%) 3.54% 2.65% 0.55% 5.97% Total Fixed Inc Custom Benchmark (6) 86 58 58 38 27(1.56%) 4.07% 3.71% 0.54% 6.29%Pub Pln- Dom Fixed (0.87%) 4.49% 4.28% 0.33% 5.56%




12/2017-6/2018 2017 2016 2015 2014


REIT Composite 60 92 35 11 70.64% 9.47% 4.45% 3.80% 23.04% REIT Comp Custom Benchmark (7) 22 98 13 34 51.40% 7.54% 5.87% 2.31% 23.74%Callan Global REITs 0.75% 13.10% 3.84% 1.24% 16.57%

Centersquare 690.87% - - - - FTSE NAREIT Equity Index 65 72 41 71 701.02% 5.23% 8.52% 3.20% 30.14%Callan Real Estate REIT 1.30% 6.79% 7.05% 4.52% 31.48%


Core Real Estate (Net) 34 50 81 74 653.85% 6.71% 7.63% 13.16% 11.36%Principal Capital (Net) 17 19 38 63 274.28% 8.22% 9.14% 13.77% 12.96%UBS Trumbull Property (Net) 84 86 89 80 723.29% 5.46% 6.28% 11.95% 10.69%JPMCB Strategic Property (Net) 38 58 82 50 813.78% 6.42% 7.46% 14.27% 10.37% NFI-ODCE Equal Weight Net 28 46 56 53 643.89% 6.92% 8.36% 14.18% 11.42%Callan OE Core Cmngld RE 3.68% 6.71% 8.67% 14.26% 12.18%

Core Plus Real Estate (Net) 44 51 1 10 173.71% 6.66% 15.51% 18.66% 15.76%UBS Trumbull Property G&I (Net) 44 51 1 10 173.71% 6.66% 15.51% 18.66% 15.76%Callan OE Core Cmngld RE 3.68% 6.71% 8.67% 14.26% 12.18%

Non-Core Real Estate 45 32 44 44 584.62% 10.52% 10.37% 18.30% 13.34%AEW Partners VI 77 38 22 42 472.59% 9.98% 15.98% 18.57% 15.30%AEW Partners VII 68 15 47 81 603.56% 18.03% 9.76% 6.82% 12.90%AEW Partners VIII 92(2.44%) - - - -Heitman VP III 6 20 20 716.30% 15.20% 17.53% 11.42% -AG Core Plus II 92 97 86 64 84(2.52%) (19.31%) (3.13%) 14.94% 6.04%AG Core Plus III 22 85 40 5 415.40% (1.25%) 11.27% 40.16% 16.29%AG Core Plus IV 7 35 706.15% 10.32% 2.46% - -Invesco VA Fund IV 38 44 634.89% 9.22% 5.70% - -TA Associates Realty Fund X 7 26 43 67 616.15% 12.84% 10.68% 14.35% 12.40%TA Associates Realty Fund XI 77 572.59% 6.80% - - -Westbrook RE Fund X 1 518.35% 8.16% - - - NCREIF Total Index 69 56 56 69 633.54% 6.96% 7.97% 13.33% 11.82%Callan Real Est Val Add 4.30% 8.20% 9.36% 16.91% 14.33%



Private Equity 8 5 27 6 67.42% 16.76% 13.95% 11.86% 19.28%Pathway PEF XXIII 9 2 33 6 76.26% 25.25% 12.93% 12.21% 18.73%Pathway PEF SRS 2013 1 3 55 28 5910.88% 19.25% 9.27% 0.38% (9.56%)Pathway PEF 2016 95.48% - - - -GCM Grosvenor Private Markets 9 20 15 5 36.52% 8.96% 18.19% 14.36% 22.12%GCM Grosvenor Div. Partners LP 2014-1 9 9 83 354.80% 12.75% 0.76% (4.49%) - Private Equity Benchmark (9) 13 2 21 18 104.10% 24.84% 14.96% 4.44% 16.70%Callan Alterntive Inv DB 0.11% 4.85% 10.65% (20.31%) (2.44%)





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Custom Benchmark Definitions

Public Employees Retirement System of Mississippi

1) Domestic Equity Custom Benchmark: 65% S&P 500 Index and 35% Russell 2500 Index through 9/30/2015; then 70% S&P 500 Index and 30% Russell 2500 thereafter.

2) Global Equity Benchmark: MSCI World Index through 6/30/2012; MSCI ACWI through 9/30/2015; then MSCI ACWI IMI thereafter.

3) International Equity Benchmark: MSCI ACWI ex US through 6/30/2013; then MSCI ACWI ex US IMI thereafter.

4) International Equity Custom Benchmark: MSCI ACWI ex US through 6/30/13; MSCI ACWI ex US IMI Index through 9/30/2015; then 35% MSCI EAFE Hedged; 35% MSCI ACWI ex US IMI; 20% MSCI Emerging Markets; 5% MSCI ACWI ex US Small Cap; and 5% MSCI World ex US Small Cap thereafter.

5) Total Equity Custom Benchmark : 49% Russell 3000 Index, 36% MSCI ACWI ex US IMI Index, and 15% MSCI AC World Index through 9/30/2015; then 44% Russell 3000 Index, 36% MSCI ACWI ex US IMI Index, and 20% MSCI ACWI IMI thereafter

6) Total Fixed Income Custom Benchmark : 55% Barclays Aggregate Index, 25% Barclays Global Aggregate Index Hedged, 10% Barclays US TIPS Index, and 10% EMBI Global Diversified through 9/30/2015; then 65% Barclays Aggregate Index, 25% Barclays Global Aggregate Index Hedged, and 10% EMBI Global Diversified thereafter.

7) REIT Composite Custom Benchmark : 50% US Select REIT Index and 50% EPRA/NAREIT Developed REIT Index.

8) Real Estate Benchmark: NFI-ODCE Equal Weight Net to 5/31/99; No Benchmark to 9/30/03; 50% NFI-ODCE Equal Weight Net and 50% US Select REIT Index to 6/30/06; 80% NFI-ODCE Equal Weight Net and 20% US Select REIT Index to 6/30/10; 20% NAREIT RE 50 Index, 15% NCREIF Property Index, 10% NCREIF Timberland Index, 55% NFI-ODCE Equal Weight Net to 6/30/12;15% NAREIT RE 50 Index, 15% NCREIF Property Index, 10% NCREIF Timberland Index, and 60% NFI-ODCE Equal Weight Net to 6/30/13; then NCREIF Property Index thereafter.

9) Private Equity Benchmark: S&P 500 Index + 5% through 3/31/13; then S&P 500 Index + 3% thereafter.

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Equity Market Indicators

The market indicators included in this report are regarded as measures of equity or fixed income performance results. The

returns shown reflect both income and capital appreciation.

Russell 1000 Growth measures the performance of those Russell 1000 companies with higher price-to-book ratios and

higher forecasted growth values.

Russell 1000 Index is composed of the top 1000 domestic equities, representing 88% of the U.S. equity market

capitalization.

Russell 1000 Value measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower

forecasted growth values.

Russell 2000 Growth contains those Russell 2000 securities with a greater than average growth orientation. Securities in

this index tend to exhibit higher price-to-book and price-earning ratios, lower dividend yields and higher forecasted growth

values than the Value universe.

Russell 2000 Index is composed of the 2000 smallest stocks in the Russell 3000 Index, representing approximately 11% of

the U.S. equity market capitalization.

Russell 2000 Value contains those Russell 2000 securities with a less than average growth orientation. Securities in this

index tend to exhibit lower price-to-book and price-earning ratios, higher dividend yields and lower forecasted growth values

than the Growth universe.

Russell 3000 Index is a composite of 3,000 of the largest U.S. companies by market capitalization. The smallest company’s

market capitalization is roughly $20 million and the largest is $72.5 billion. The index is capitalization-weighted.

Russell Mid Cap Growth measures the performance of those Russell Mid Cap Companies with higher price-to-book ratios

and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index.

Russell MidCap Value Index The Russell MidCap Value index contains those Russell MidCap securities with a less than

average growth orientation. Securities in this index tend to exhibit lower price-to-book and price-earnings ratio, higher

dividend yields and lower forecasted growth values than the Growth universe.

Standard & Poor’s 500 Index is designed to measure performance of the broad domestic economy through changes in the

aggregate market value of 500 stocks representing all major industries. The index is capitalization-weighted, with each stock

weighted by its proportion of the total market value of all 500 issues. Thus, larger companies have a greater effect on the

index.

Standard & Poor’s/Citi Growth Index is a composite of the firms in the S&P 500 Index which, based on three growth and

four value factors, exhibit stronger growth characteristics. The index is designed so that it represents roughly fifty percent of

the market capitalization of the S&P 500 Index. Generally, companies in the Growth Index have higher growth rates of

earnings, sales and return on equity than those in the Value Index. Like the full S&P 500 Index, the Growth Index is

capitalization-weighted.

199

Fixed Income Market Indicators

Bloomberg Barclays Aggregate Bond Index is a combination of the Mortgage Backed Securities Index and the

intermediate and long-term components of the Government/Credit Bond Index.

200

International Equity Market Indicators

Morgan Stanley Capital International (MSCI) EAFE Index is composed of approximately 1000 equity securities

representing the stock exchanges of Europe, Australia, New Zealand and the Far East. The index is capitalization-weighted

and is expressed in terms of U.S. dollars.

201

Real Estate Market Indicators

NCREIF Open Ended Diversified Core Equity The NFI-ODCE is an equally-weighted, net of fee, time-weighted return

index with an inception date of December 31, 1977. Equally-weighting the funds shows what the results would be if all funds

were treated equally, regardless of size. Open-end Funds are generally defined as infinite-life vehicles consisting of multiple

investors who have the ability to enter or exit the fund on a periodic basis, subject to contribution and/or redemption

requests, thereby providing a degree of potential investment liquidity. The term Diversified Core Equity style typically reflects

lower risk investment strategies utilizing low leverage and generally represented by equity ownership positions in stable U.S.

operating properties.

NCREIF Total Index is an index composed of existing, investment grade, wholly owned and joint venture investments that is

limited to non-agricultural, income-producing properties including apartments, hotels, office, retail, R&D, and warehouses.

The current quarter’s index returns are subject to revision and therefore are considered preliminary until next quarter’s

returns are released.

202

Callan Databases

In order to provide comparative investment results for use in evaluating a fund’s performance, Callan gathers rate of return

data from investment managers. These data are then grouped by type of assets managed and by the type of investment

manager. Except for mutual funds, the results are for tax-exempt fund assets. The databases, excluding mutual funds,

represent investment managers who handle over 80% of all tax-exempt fund assets.

Equity Funds

Equity funds concentrate their investments in common stocks and convertible securities. The funds included maintain

well-diversified portfolios.

Core Broad International Equity Style This is a hybrid group incorporating the Core, Core Growth and Core Value style

groups. It incorporates managers having Core, Core Growth, or Core Value mandates. Portfolios are broadly diversified and

exposure to emerging markets and smaller capitalization stocks is limited.

Core Equity - Managers whose portfolio holdings and characteristics are similar to that of the broader market as

represented by the Standard & Poor’s 500 Index, with the objective of adding value over and above the index, typically from

sector or issue selection. The core portfolio exhibits similar risk characteristics to the broad market as measured by low

residual risk with Beta and R-Squared values close to 1.00 and combined growth and value z-score values close to 0.00.

International Equity - Non-U.S. - The Non-U.S. International Equity Database consists of separate account international

equity products that do not generally invest in U.S. equities.

Large Cap Growth - Managers who invest mainly in large companies that are expected to have above average prospects

for long-term growth in earnings and profitability. Future growth prospects take precedence over valuation levels in the stock

selection process. Invests in companies with P/E ratios, Price-to-Book values, Return-on-Assets values, Growth-in-Earnings

values above the broader market. The companies typically have zero dividends or dividend yields below the broader market.

Invests in securities which exhibit greater volatility than the broader market as measured by the securities’ Beta and

Standard Deviation. Portfolios have high growth z-scores and low value z-scores.

Large Cap Value - Managers who invest primarily in large companies believed to be currently undervalued in the general

market and whose shares are priced below the market compared to their peers. Valuation issues take precedence over near

term earnings prospects in the stock selection process. The Large Cap Value Style invests in companies with P/E ratios,

Return-on-Equity values, and Price-to-Book values below the broader market and the middle capitalization segment. This

style invests in securities with risk/reward profiles in the lower risk range of the medium capitalization market. Portfolios have

low growth z-scores and high value z-scores.

Middle Capitalization (Growth) - Managers who invest primarily in mid-range companies that are expected to have above

average prospects for long-term growth in earnings and profitability. Future growth prospects take precedence over valuation

levels in the stock selection process. The average market capitalization is approximately $7 billion with market

capitalizations between core equity companies and small capitalization companies. Invests in companies with P/E ratios,

Price-to-Book values, and Growth-in-Earnings values above the broader market as well as the middle capitalization market

segment. Invests in securities with greater volatility than the broader market and the middle capitalization segment as

measured by the risk statistics Beta and Standard Deviation.

203

Callan Databases

Middle Capitalization (Value) - Managers who invest primarily in mid-range companies believed to be currently

undervalued in the general market. Valuation issues take precedence over near-term earnings prospects in the stock

selection process. The average market capitalization is approximately $7 billion with market capitalizations between core

equity companies and small capitalization companies. Invests in companies with P/E ratios, Return-on-Equity values, and

Price-to-Book value below the broader market and the middle capitalization segment. Invests in securities with risk/reward

profiles in the lower risk range of the medium capitalization market.

Non-U.S. Equity A broad array of active managers who employ various strategies to invest assets in a well-diversified

portfolio of non-U.S. equity securities. This group consists of all Core, Core Plus, Growth, and Value international products,

as well as products using various mixtures of these strategies. Region-specific, index, emerging market, or small cap

products are excluded.

Small Capitalization Generally benchmarked to an international small cap index (like MSCI EAFE Small or MSCI ACWI

ex-US Small or S&P/Citigroup EMI), International Small Cap managers focus on selecting smaller capitalization stocks.

They may pursue any combination of Growth, Value, or Core, or "Plus" strategies. Portfolios are diversified across countries,

and may have significant exposure to emerging markets.

Small Capitalization (Growth) - Managers who invest mainly in small companies that are expected to have above average

prospects for long-term growth in earnings and profitability. Future growth prospects take precedence over valuation levels in

the stock selection process. The Small Cap Growth Style invests in companies with P/E ratios, Price-to Book values, and

Growth-in Earnings values above the broader market, in addition to the small capitalization market segment. The companies

typically have zero dividends or dividend yields below the broader market. The securities exhibit greater volatility than the

broader market as well as the small capitalization market segment as measured by the risk statistics values Beta and

Standard Deviation. Portfolios have high growth z-scores and low value z-scores.

Small Capitalization (Value) - Managers who invest in small capitalization companies that are believed to be currently

undervalued in the general market. Valuation issues take precedence over near-term earnings prospects in the stock

selection process. The companies are expected to have a near-term earnings rebound and eventual realization of expected

value. The Small Cap Value Style invests in companies with P/E ratios, Return-on-Equity values, and Price-to-Book values

below the broader market in addition to the small capitalization market segment. This style invests in securities with dividend

yields in the high range for the small capitalization market. The Small Cap Value Style invests in securities with risk/reward

profiles in the lower risk range of the small capitalization market. Portfolios have low growth z-scores and high value

z-scores.

Special Equity (Small Capitalization) - Managers who hold portfolios with characteristics similar to that of the broader

market as represented by the Standard & Poor’s 600 or the Russell 2000 indices. Their objective is to add value over and

above the index, typically from sector or issue selection.

Fixed Income Funds

Fixed Income funds concentrate their investments in bonds, preferred stocks, and money market securities. The funds

included maintain well-diversified portfolios.

Core Bond - Managers who construct portfolios to approximate the investment results of the Bloomberg Barclays Capital

Government/Credit Bond Index or the Bloomberg Barclays Capital Aggregate Bond Index with a modest amount of variability

in duration around the index. The objective is to achieve value added from sector and/or issue selection.

204

Callan Databases

Core Plus Bond - Active managers whose objective is to add value by tactically allocating significant portions of their

portfolios among non-benchmark sectors (e.g. high yield corporate, non-US$ bonds, etc.) while maintaining majority

exposure similar to the broad market.

International Emerging Markets Fixed Income - The International Emerging Market Fixed-Income Database consists of all

separate account international fixed-income products that concentrate on newly emerging second and third world countries

in the regions of the Far East, Africa, Europe, and Central and South America.

Real Estate Funds

Real estate funds consist of open or closed-end commingled funds. The returns are net of fees and represent the overall

performance of commingled institutional capital invested in real estate properties.

Real Estate Open-End Commingled Funds - The Open-End Funds Database consists of all open-end commingled real

estate funds.

Other Funds

CAI Alternative Investments DB Database group representing managers within the alternative investments asset class.

This includes, but is not limited to, commodities and private equity.

205

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Research and Education

Research and Educational Programs

The Callan Institute provides research to update clients on the latest industry trends and carefully structured educational programs

to enhance the knowledge of industry professionals. Visit www.callan.com/library to see all of our publications, and www.callan.com/blog

to view our blog “Perspectives.” For more information contact Corry Walsh at 312.346.3536 / [email protected].

New Research from Callan’s Experts

Handle With Extreme Care: Callan’s

Take on Cryptocurrencies | In this paper,

author Mark Wood provides a brief over-

view of cryptocurrencies and addresses

primary considerations for potential investors.

He describes why Callan does not currently recommend our clients

allocate to cryptocurrency investment strategies, and where we see

the greatest future potential in this space.

Risk Parity: Silver Bullet or a Bridge Too Far? | In this chapter

from the CFA Institute’s book “Multi-Asset Strategies: The Future of

Investment Management,” Callan’s Greg Allen describes risk parity

strategies, a category of investment strategies in which capital is

allocated across asset classes so that each contributes an equal

amount of volatility to the portfolio’s total volatility.

China A-Shares: Key Issues for Investors to Consider | China is

opening up its securities markets to more non-Chinese institutional

investors. In particular, expanded access to China A-shares creates

new opportunities for investors. But investing in China presents a

set of risks that range from the country’s slowing GDP growth to

stock trading suspensions. Although China A-shares present an

attractive opportunity, implementation is challenged by a shallow

manager universe and high fees.

June 2018 Regional Workshop Summary: Governance

Alpha | Investment committees face complex challenges oversee-

ing institutional investment funds. They must navigate myriad laws

and regulations, select the right managers and strategies, monitor

their portfolios, and ensure their funds can deliver the returns needed

for their beneiciaries. Governance describes the policies and prac-

tices established to guide these decisions. What if implementing the

astute governance required to meet these challenges also resulted

in better portfolio performance? At this workshop, Callan experts

described the most effective institutional fund governance practices

and explored new research that connects strong plan governance

with performance (i.e., governance alpha), and reviewed how in-

vestment managers it into this framework.

Quarterly Periodicals

Private Markets Trends | This newsletter offers the latest data on

activity in private equity fundraising, buyouts, venture capital, and

returns for this asset class.

Market Pulse Flipbook | A quarterly market reference guide cover-

ing investment and fund sponsor trends in the U.S. economy, U.S.

and non-U.S. equities and ixed income, alternatives, and deined contribution.

Capital Market Review | This quarterly publication provides analy-

sis and a broad overview of the economy and public and private

market activity each quarter across a wide range of asset classes.

Active vs. Passive Report | This series of charts maps active man-

agers alongside relevant benchmarks over the last two decades.

Real Estate Indicators: Too Hot to

Touch or Cool Enough to Handle? |

Callan’s Real Assets Consulting group

identiies seven indicators—based on spreads in real estate and ixed income markets—that, combined with

an understanding of prevailing market dynamics, have helped sig-

nal when the institutional real estate market is overheated or cooled.

CALLAN INSTITUTE

Education

2nd Quarter 2018

NARROW SPREAD: red blocks are periods when spreads were narrowest or inverted (fourth quartile)

2nd Quartile: green blocks define quarters when spreads were less wide

3rd Quartile: yellow blocks mark quarters when spreads narrowed

2013 20142000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Three years of primarily cool indicators from 2001 to 2004

Indicators heated up in 2006 and 2007, prior to a dive in NCREIF

https://www.callan.com/blog

Events

Miss out on a Callan conference or workshop? Event summa-

ries and speakers’ presentations are available on our website:

www.callan.com/library/

Callan’s October Regional Workshops will be held on October 16

in New York and October 18 in Atlanta. Please visit the Events page

on our website (www.callan.com/events/) for additional information.

Callan’s 2019 National Conference will be held January 28-30,

2019. Mark your calendars for this upcoming event!

For more information about events, please contact Barb

Gerraty: 415.274.3093 / [email protected]

The Center for Investment Training Educational Sessions

The Center for Investment Training, better known as the “Callan

College,” provides a foundation of knowledge for industry profes-

sionals who are involved in the investment decision-making pro-

cess. It was founded in 1994 to provide clients and non-clients alike

with basic- to intermediate-level instruction. Our next sessions are:

Introduction to Investments

Chicago, October 2-3, 2018

Atlanta, October 23-24, 2018

This program familiarizes fund sponsor trustees, staff, and asset

management advisers with basic investment theory, terminology,

and practices. It lasts one-and-a-half days and is designed for in-

dividuals who have less than two years of experience with asset-

management oversight and/or support responsibilities. Tuition for

the Introductory “Callan College” session is $2,350 per person.

Tuition includes instruction, all materials, breakfast and lunch on

each day, and dinner on the irst evening with the instructors.

Customized Sessions

The “Callan College” is equipped to customize a curriculum to

meet the training and educational needs of a speciic organization. These tailored sessions range from basic to advanced and can

take place anywhere—even at your ofice.

Learn more at www.callan.com/events/callan-college-intro or

contact Kathleen Cunnie: 415.274.3029 / [email protected]

Unique pieces of research the

Institute generates each year50+

Total attendees of the “Callan

College” since 19943,700 Year the Callan Institute

was founded1980

Attendees (on average) of the

Institute’s annual National Conference525

Education: By the Numbers

@CallanLLC Callan

“Research is the foundation of all we do at Callan, and sharing our

best thinking with the investment community is our way of helping

to foster dialog to raise the bar across the industry.”

Greg Allen, CEO and CRO

https://www.callan.com/library

https://www.callan.com/events/callan-college-intro

Dis

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Disclosures

List of Callan’s Investment Manager Clients

Confidential – For Callan Client Use Only Callan takes its fiduciary and disclosure responsibilities to clients very seriously. We recognize that there are numerous potential conflicts of interest encountered in the investment consulting industry and that it is our responsibility to manage those conflicts effectively and in the best interest of our clients. At Callan, we employ a robust process to identify, manage, monitor and disclose potential conflicts on an on-going basis. The list below is an important component of our conflicts management and disclosure process. It identifies those investment managers that pay Callan fees for educational, consulting, software, database or reporting products and services. We update the list quarterly because we believe that our fund sponsor clients should know the investment managers that do business with Callan, particularly those investment manager clients that the fund sponsor clients may be using or considering using. Please note that if an investment manager receives a product or service on a complimentary basis (e.g. attending and educational event), they are not included in the list below. Callan is committed to ensuring that we do not consider an investment manager’s business relationship with Callan, or lack thereof, in performing evaluations for or making suggestions or recommendations to its other clients. Please refer to Callan’s ADV Part 2A for a more detailed description of the services and products that Callan makes available to investment manager clients through our Institutional Consulting Group, Independent Adviser Group and Fund Sponsor Consulting Group. Due to the complex corporate and organizational ownership structures of many investment management firms, parent and affiliate firm relationships are not indicated on our list. Fund sponsor clients may request a copy of the most currently available list at any time. Fund sponsor clients may also request specific information regarding the fees paid to Callan by particular fund manager clients. Per company policy, information requests regarding fees are handled exclusively by Callan’s Compliance Department.

Quarterly List as of June 30, 2018

Knowledge. Experience. Integrity. Page 1 of 2

Manager Name Acadian Asset Management LLC AEGON USA Investment Management Affiliated Managers Group, Inc. Alcentra AllianceBernstein Allianz Global Investors Allianz Life Insurance Company of North America American Century Investments Apollo Global Management AQR Capital Management Ares Management LLC Ariel Investments, LLC Atlanta Capital Management Co., LLC Aviva Investors Americas AXA Investment Managers Baillie Gifford International, LLC Baird Advisors Baron Capital Management, Inc. Barrow, Hanley, Mewhinney & Strauss, LLC BlackRock BMO Global Asset Management BNP Paribas Asset Management BNY Mellon Asset Management Boston Partners Brandes Investment Partners, L.P. Brandywine Global Investment Management, LLC BrightSphere Investment Group (FKA Old Mutual Asset) Brown Brothers Harriman & Company Cambiar Investors, LLC Capital Group Carillon Tower Advisers CastleArk Management, LLC Causeway Capital Management Chartwell Investment Partners

Manager Name ClearBridge Investments, LLC Cohen & Steers Capital Management, Inc. Columbia Threadneedle Investments Columbus Circle Investors Credit Suisse Asset Management DePrince, Race & Zollo, Inc. Deutsche Asset Management Diamond Hill Capital Management, Inc. Dimensional Fund Advisors LP Doubleline Duff & Phelps Investment Management Co. EARNEST Partners, LLC Eaton Vance Management Epoch Investment Partners, Inc. Fayez Sarofim & Company Federated Investors Fidelity Institutional Asset Management Fiera Capital Corporation First Eagle Investment Management, LLC First Hawaiian Bank Wealth Management Division Fisher Investments Franklin Templeton Fred Alger Management, Inc. GAM (USA) Inc. Global Evolution USA GlobeFlex Capital, L.P. GMO Goldman Sachs Asset Management Green Square Capital LLC Guggenheim Investments GW&K Investment Management Harbor Capital Group Trust Hartford Funds Hartford Investment Management Co.

Knowledge. Experience. Integrity. June 30, 2018 Page 2 of 2

Manager Name Heitman LLC Henderson Global Investors Hotchkis & Wiley Capital Management, LLC HSBC Global Asset Management Income Research + Management, Inc. Insight Investment Management Limited Intech Investment Management, LLC Invesco Investec Asset Management Ivy Investments J.P. Morgan Janus Henderson Investors Jennison Associates LLC Jensen Investment Management Jobs Peak Advisors KeyCorp Lazard Asset Management Legal & General Investment Management America Lincoln National Corporation LMCG Investments, LLC Longview Partners Loomis, Sayles & Company, L.P. Lord Abbett & Company Los Angeles Capital Management LSV Asset Management MacKay Shields LLC Macquarie Investment Management (MIM) Manulife Asset Management McKinley Capital Management, LLC MFS Investment Management MidFirst Bank Mondrian Investment Partners Limited Montag & Caldwell, LLC Morgan Stanley Investment Management Mountain Lake Investment Management LLC MUFG Union Bank, N.A. Natixis Investment Managers Neuberger Berman Newton Investment Management Nikko Asset Management Co., Ltd. Northern Trust Asset Management Nuveen Investments, Inc. OFI Global Asset Management O’Shaughnessy Asset Management, LLC P/E Investments Pacific Investment Management Company Pathway Capital Management Peregrine Capital Management, Inc. Perkins Investment Management

Manager Name PGIM PGIM Fixed Income PineBridge Investments Pioneer Investments PNC Capital Advisors, LLC

Principal Global Investors Private Advisors, LLC Putnam Investments, LLC QMA RBC Global Asset Management Regions Financial Corporation Robeco Institutional Asset Management, US Inc. Rockefeller & Co., Inc. Rothschild Asset Management, Inc. Russell Investments Santander Global Facilities Schroder Investment Management North America Inc. Smith Graham & Co. Investment Advisors, L.P. Smith Group Asset Management South Texas Money Management, Ltd. Standard Life Investments Limited State Street Global Advisors Stone Harbor Investment Partners, L.P. Sun Life Investment Management T. Rowe Price Associates, Inc. The Boston Company Asset Management, LLC The London Company The TCW Group, Inc. Thompson, Siegel & Walmsley LLC Thornburg Investment Management, Inc. Tri-Star Trust Bank UBS Asset Management VanEck Velanne Asset Management Ltd. Versus Capital Group Victory Capital Management Inc. Virtus Investment Partners, Inc. Vontobel Asset Management, Inc. Voya WCM Investment Management WEDGE Capital Management Wellington Management Company, LLP Wells Capital Management Western Asset Management Company Westfield Capital Management Company, LP Westwood Holdings Group William Blair & Company

CLIENT: Public Employees Retirement System of Mississippi REPORT TYPE: SUM

ORGID: 2474 REPORT ID: 66 REPORT DATE: Jun 30, 2018

CONSULTANT OFFICE MAILING DUE DATE

John Jackson IL Aug 14 2018

BINDING: GBC Binding PRINT PAGE: DOUBLE

TOTAL COPIES CLIENT COPIES CONSULT COPIES

40 40 0

DATE MAILED:

TAB POS#: 1 PAGE NUMBER: 5

















END COPY INSERT PAGE NUMBER: 231

CLIENT: Public Employees Retirement System of Mississippi

Ms. Lorrie Tingle

CIO

Mississippi Public Employees’ Retirement System

429 Mississippi Street

Jackson, MS 39201-1005

Number of Reports

40

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