cra board of directors meeting may 21, 2021

CRA Board of Directors Meeting

May 21, 2021

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AGENDA

Colorado Retirement Association Board of Directors Meeting

May 21, 2021

9:00 A.M.

9:00 a.m. *ACTION ITEM - Call to Order and Acceptance of Minutes Chris Felton

9:05 a.m. Additions, Deletions and Modifications to the Agenda Chris Felton

9:10 a.m. Galliard – Update Galliard Team

9:35 a.m. Innovest – Quarterly Update, IPS Review Innovest Team

10:15 a.m. *ACTION ITEM – Approve Proposed IPS Changes Tim Mullen/Innovest

10:20 a.m. *ACTION ITEM – Approve 2021 Audit Engagement Letter Tim Mullen/Ed Krisor

10:25 a.m. FYE June 30, 2022 Budget Tim Mullen

10:50 a.m. CRA Activity Updates Tim Mullen

11:00 a.m. Expense Reports Chris Felton

11:05 a.m. Executive Session pursuant to 24-6-402(4)(f) C.R.S. for the purpose of

discussion of staff personnel matters.

11:45 a.m. Adjourn Chris Felton

1

MINUTES OF THE MEETING OF THE GOVERNING BOARD OF THE

COLORADO RETIREMENT ASSOCIATION

4-16-21

A meeting of the Governing Board of the Colorado Retirement Association was held on

April 16, 2021, at 9:00 a.m.

The following were present at the meeting: Chris Felton, Board Chairman Paul Danley, Vice Chairman Darius Allen, Board Member Tobe Allumbaugh, Board Member Adam Ford, Board Member Jerry DiTullio, Board Member Terri Schafer, Board Member Tim Mullen, Executive Director/Chief Financial Officer Ed Krisor, Legal Counsel Lois Kruse, Office Administrator

Chris Felton, Board Chairman, called the meeting to order at 9:03 a.m.

Chris Felton asked members of the Board if they reviewed the minutes from the March 19, 2021 meeting and if there were any comments. There being none, a motion was made by Jerry DiTullio to approve the minutes as presented. Adam Ford seconded the motion and it passed unanimously.

Chris Felton introduced and welcomed new board member Terri Schafer. Terri is the Finance Director with Mile High Flood District and represents the Municipalities and Special Districts Board position.

Legislative Update: CRA Lobbyist, Joan Green provided a legislative update.

Tim Mullen asked Joan to give a little background on herself for the benefit of the newer board members. Joan presented an overview of various bills that have been introduced for consideration in the 2021 legislative session. There are no bills that would impact Colorado Retirement Association and no FPPA bills have been introduced at this time.

Joan Green exited the meeting after concluding her presentation.

CRA Activity Update:

Tim Mullen noted a majority of meetings between CRA client service managers and employer groups are still being conducted on a virtual platform. Matt Benitez, CRA’s western slope client service manager has conducted a few in person meetings, still following all pandemic protocols.

Next, Tim noted that as of April 1st the CRA staff is in the office 60% of the time and as of September 1st, the office will return to 100%, pre-pandemic levels. CRA has various types of pandemic safety items available for staff safety and to comply with pandemic protocols. The Salesforce Participant Service Event project has had 1,300 events recorded since the roll-out on January 11th 2021. The Salesforce Employer Service Event project will be available in the near future with staff training to follow. South Park Ambulance District was approved to join the CRA Association at the March Board meeting. The employer is already up and running with CRA. Three separate new employee orientation events were held and the first retirement contributions were made on April 15th.

Mike Whalen and Tim Mullen met virtually with the Fremont County Sheriff to review the sheriff department’s current retirement benefits and to explore options available to enhance these benefit offerings that will help with recruitment and retention efforts.

Mike and Tim also met with the Clear Creek County Board of County Commissioners. The county would like to enhance their employee’s retirement and overall benefits package as well. Recruitment and retention appear to be driving their interest in additional benefit offerings. Employer matching into CRA’s 457 plan and wholesale annuities were discussed with the county.

Tim Mullen and Matt Benitez will be presenting to the Montezuma County Board of Commissioners. The county has two new commissioners. The presentation will introduce CRA and provide an overview of the county’s current retirement plan benefits. The presentation will also highlight differences between defined benefit and defined contribution plans, with an emphasis highlighting differences between CRA’s defined contribution plans and FPPA’s defined benefit plan structure. Chris Felton briefed the Board on recent public safety officer activity in the metro area, more specifically the shooting in Boulder. Multiple jurisdictions and organizations assisted in this event. As part of CRA’s ongoing support with sponsorships and memberships, a motion was made by Darius Allen and seconded by Adam Ford to reallocate a portion of the CRA’s operating budget, in the amount of $5,000, by donating to and increasing a donation to the Colorado Fallen Hero’s Foundation and the Fallen Heroes Memorial, respectively. The motion passed unanimously.

Mr. Mullen outlined recent personnel changes. A client service manager and retirement services coordinator have resigned. The retirement services coordinator position has been filled with a start date of May 3rd.

Tim Mullen updated the board on the 15th annual CRA Scholarship Awards. Sixty-eight applications were received this year. This is the second year utilizing the new format where a one-time scholarship of $2,000 is given to each of the six winners. A motion was made by Tobe Allumbaugh to approve the proposed scholarship award recipients. Jerry DiTullio seconded the motion and it passed unanimously.

Chris Felton gave a brief overview of the 2018-2021 CRA Strategic Plan. Over the last three years, various areas of the strategic focus established have been improved, completed, and redirected. It is now the time to revisit CRA’s strategic plan. The plan is to have a 2021 CRA Strategic Planning event on June 18, 2021. It is anticipated this event will follow a brief Board meeting, will be held offsite, and will be an all-day affair.

Expense Reports:

Chris Felton asked the members of the Board if there were any questions or concerns regarding the expense reports as presented. There being none, the reports were accepted.

At 10:28 a.m. a motion was made by Terri Schafer and seconded by Jerry DiTullio to go into Executive Session pursuant to 24-6-402(4)(f) C.R.S for the purpose of discussion of staff personnel matters. The motion passed unanimously. The Executive Session ended at 10:43 a.m. The public session of the CRA Board of Directors meeting resumed at 10:44 a.m. A motion was made by Chris Felton and seconded by Paul Danley to proceed as discussed in the Executive Session. The motion passed unanimously. The next meeting of the CRA Board of Directors will be held on Friday, May 21, 2021. There being no further business to come before the Board, Chris Felton adjourned the meeting at 10:45 a.m.

Colorado Retirement AssociationM A Y 2 1 , 2 0 2 1

SECTION I: Galliard Capital Management Firm Overview

SECTION II: Introduction to Stable ValueStable Value Market Update

SECTION III: Colorado Retirement Association Portfolio Review

APPENDIX: Professional Biographies

C O L O R A D O R E T I R E M E N T A S S O C I AT I O NT A B L E O F C O N T E N T S

S E C T I O N I

GALLIARD CAPITAL MANAGEMENTWHO WE ARE

Colorado Retirement Association 2

$77.8 B T O T A L S T A B L E V A L U E A U M

$94.2 B T O T A L A U M

210+I N S T I T U T I O N A L C L I E N T S

84S T A B L E V A L U E S E P A R A T E

A C C O U N T S

C L I E N T R E L A T I O N S H I P T E N U R E

~86% of our clients have worked

with Galliard for greater than 5 years

45 of those relationships exceed

15 years with Galliard

100E M P L O Y E E S O N S T A F F

Offer separate account and collective fund solutions for clients

21 Fortune 100 clients; 57 Fortune 500 clients

C L I E N T T Y P E S

2 5 Y E A R SO F E X C L U S I V E

F O C U S O N

FIXED INCOME & STABLE VALUE

F O R T U N E 1 0 0 / 5 0 0

Public EntitiesCorporate

Taft-Hartley Operating Funds

Healthcare Insurance Reserves

Foundations / Endowments

Galliard is one of the largest managers

of stable value assets1

1Pension & Investments June 2020 edition, data as of December 31, 2019; Total assets ‘ranked’ are managed by Galliard and reported under WFAM

Senior Professionals Average Years of Experience:

Stable value strategy and contract – 2 3Stable value and contract – 2 3

Fixed income portfolio management – 2 0

Data as of 3/31/2021

MARKETING & REPORTING

STABLE VALUE STRATEGY & CONTRACT TEAM

CLIENT PORTFOLIO TEAM

Chad FooteChief Operating Officer

Robert MalcomsonSenior Director

Carmen Rangel, CPASenior Director

Marylynn ShapiroSenior Director

Michael AmundsenDirector

Pete AndersonDirector

Brian BrooksDirector

GALLIARD CAPITAL MANAGEMENTORGANIZATION CHART

3Colorado Retirement Association

FIXED INCOME INVESTMENT TEAM

Structured Product

Ajay Mirza, CFASenior Managing PrincipalSector Head

Matt Robertson, CFASenior Principal

Mike MeerovichDirector

Tyler Wadsworth, CFAAssociate Director

Jimmie Wu, CFAAssociate Director

David QueSenior Associate

Sanhakorn RattanacheewornSenior Associate

Reporting

Jennifer MillerSenior Director

Trevor FletcherSenior Associate

Matt RemingtonSenior Associate

Natalia KolakowskaAssociate

Bre RichieAssociate

Rath ChakAssociate

Credit

Brandon Kanz, CFASenior PrincipalSector Head

Rene Hoogmoed, CFASenior Principal

Matt BentleyPrincipal

Chad CallahanPrincipal

Robert Barrett, CFASenior Director

John Kenley, CFASenior Director

Will Moeller, CFADirector

George Jones*Senior Director

Charlie Head*Associate Director

Will Ingle*Associate Director

Ben Modica*Associate Director

Mark Perzichilli*Senior Associate

Ahmed Taher*Senior Associate

Scott Lackey*Associate

Richard Nierengarten*Associate

Suresh Sankaranarayanan*Associate

CLIENT SUPPORT

Timothy NoelAssociate Director

Luke OlsonSenior Associate

Stephen PattersonAssociate

David RingAssociate

Jennifer LammersSenior Principal

Linh BuoenAssociate Director

Jeff HayAssociate Director

Jennifer Hopper, CFAAssociate Director

Andrea Johnson, CFASenior Principal

Tami PearsePrincipal

Robert Crandall, CFASenior Director

Paul Langanki, CFASenior Director

Jaime MorganSenior Director

Nick Gage, CFASenior Principal

David LuiPrincipal

Paula NovickPrincipal

Nicole BergerDirector

COMPLIANCE

Investment

Andrew McKessockDirector

Matt BrownAssociate Director

Firm

Brian Renelt*Chief Compliance Officer

Laurie Kern*Associate Director

Chris Benedict*Senior Associate

Ellen Rivard*Senior Associate

Marketing

Jacqueline BeckerSenior Associate

Carlie FrostSenior Associate

Desiree WrightAssociate

OPERATIONS TECHNOLOGY

Rasaan EllisonDirector

Jesse AhlbrechtAssociate Director

Michael BouskaAssociate Director

Shanna EllefsonAssociate Director

Stephanie RipleyAssociate Director

Stacie SandagerAssociate Director

Jason SkullAssociate Director

+17 additional professionals

Christopher SmithSenior Director

Lisa AndersonDirector

Joel GeisSenior Associate

Baber KhanSenior Associate

Christopher DahlAssociate

Joe OstrowskiAssociate

E X E C U T I V E M A N A G E M E N T T E A M : Ajay Mirza, CFASenior Managing Principal

Mike NormanSenior Managing Principal

Andrew Owen, CFASenior Managing Principal

*Partner resources to Galliard.

Human Resources Legal Department Trust Operations Technology Compliance/Risk Mgmt FinanceWells Fargo Resources

As of 5/10/2021

Jordan BewleyDirector

Christina BurtonDirector

Becky L’AllierAssociate Director

Kathryn TaguinodAssociate

Pete Schmit, CFASenior Director

Steve MoenSenior Director

Ryan OlsenDirector

Elizabeth SmithleyAssociate Director

GALLIARD CAPITAL MANAGEMENTWELLS FARGO ASSET MANAGEMENT SALE


G A L L I A R D A N D P A R E N T C O M P A N Y W E L L S F A R G O A S S E T M A N A G E M E N T I N T H E N E W S

• February 23rd – Wells Fargo announces it has reached an agreement to sell Wells Fargo Asset Management (WFAM) and all related legal entities (including Galliard)

• Buyers are 2 private equity firms: GTCR LLC and Reverence Capital Partners. Wells Fargo will also keep a 9.9% stake.

• Deal was valued at $2.1 billion and scheduled to close in 2nd half of 2021.

• Galliard brand, investment team and process, executive management and client experience will stay the same.

• Wells Fargo collective funds trustee team and funds also part of the sale.

C L I E N T I M P A C T ?

• Should be minimal – recently sent letters to clients to document a consent to the change in ownership.

S E C T I O N I I


Stable value funds are

designed to preserve

capital while providing a

steady rate of return

INTRODUCTION TO STABLE VALUEOBJECTIVES

O B J E C T I V E S O F S T A B L E V A L U E

• P R I N C I P A L P R E S E R V A T I O N option with ability to earn a R E A L R E T U R N

• Designed to provide:

‐ Day-to-day principal protection (i.e. no loss)

‐ Returns comparable to short/intermediate bonds with significantly less volatility

• Low correlation (especially downside) with other asset classes

• Stable value is exclusively accessed through tax-advantaged defined contribution savings plans

(i.e. 401(k), 403(b), 457, and 529 plans)

‐ Stable value investments are not available via individual retirement accounts (IRAs)

• Stable value is considered to be one of the lowest risk investment options available in

retirement plans

B E N E F I T R E S P O N S I V E S T A B L E V A L U E C O N T R A C T S

Provide principal preservation, low volatility of returns

• Each stable value contract accounted for at contract value – typically, principal + accrued interest

• Interest rate credited by each contract (i.e. crediting rate) resets periodically based on the characteristics of the underlying assets

• Contract issuer guarantees:

‐ Participants can transact at contract value regardless of underlying bond portfolio performance (under normal operations of the plan and stable value fund)

‐ Crediting rate ≥ 0%

U N D E R L Y I N G B O N D P O R T F O L I O

Source of return

• Underlying bond portfolio provides source of long-term total return

• Stable value contract smoothes return over time (amortizes gains/losses)

• Contract crediting rate typically set based on the market value, yield, and duration of the bond portfolio

• Underlying portfolio typically consists of short to intermediate duration bonds characterized by:

‐ Investment grade quality

‐ Diversified across sector and issuer


INTRODUCTION TO STABLE VALUECOMPONENTS OF SEPARATE ACCOUNT GICS & SYNTHETIC GICS

Contract 2

Contract 1

Contract 3

Contract 4

Liquidity Buffer

Short

Intermediate

Investment Contracts

Underlying Fixed Income


Book Value Protection Layer

Sovereign/Supranational

Residential Mortgage Backed

Securities

Commercial Mortgage Backed

Securities

Corporates

Taxable Municipal

Other U.S. Gov’t

U.S. Gov’t/ AgencyCash

TRADITIONAL GUARANTEED INVESTMENT CONTRACT (GIC)

SEPARATE ACCOUNT GIC SYNTHETIC GIC

Separate Account

X

Separate Account

Y

Separate Account

Z

Insurance Company General Account

ContractObligation

Z

ContractObligation

Y

ContractObligation

X

Stable Value Plan B Assets

StableValue PlanA Assets

GICs are obligations of the issuing insurance company’s general account backed by the creditworthiness of the Insurance Company.

Assets backing separate account GICs are owned by the issuing insurance company but segregated from the insurance company’s general account.

The synthetic GIC structure unbundles book value protection (wrap contract) from underlying investments. The contract is backed by bonds owned by the plan or trust.

C O N T R A C T O P T I O N S F O R S T A B L E V A L U E / B O O K V A L U E P R O T E C T I O N

INTRODUCTION TO STABLE VALUESTABLE VALUE INVESTMENT CONTRACT TYPES

Time

Asse

t Val

ue

Wrap contracts are

designed to help

preserve principal and

provide a stable return

pattern.

A wrap contract’s

crediting rate formula

tends to smooth the

impact of fluctuating

interest rates and their

effect on bond prices by

amortizing the gains or

losses over the duration

of the portfolio.


MECHANICS OF STABLE VALUETHE ROLE OF THE CREDITING RATE

Market value: value of underlying fixed income assets

Book value: participants’ principal + accrued interest

Difference between market value and book value

Crediting Rate Formula: Crediting Rate = (MV of portfolio/BV of portfolio)^(1/Duration)*(1 + YTM) - 1

B O O K V A L U E participant balances

M A R K E T V A L U E B O N D P R I C E Sas interest rates

fluctuate

Stable value contracts smooth the effects of market volatility

$95,000,000

$96,000,000

$97,000,000

$98,000,000

$99,000,000

$100,000,000

$101,000,000

$102,000,000

$103,000,000

$104,000,000

$105,000,000

$106,000,000

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35

Ass

et V

alue

s

Months

Market Value Book Value


MECHANICS OF STABLE VALUEHOW A CONTRACT CREDITING RATE WORKS

Simple Formula

BV=MV

Book Value $100,000,000 Gain/(Loss) (1.00%)

Market Value $99,000,000 Portfolio Yield 3.00%

Loss ($1,000,000) Portfolio Duration 3.0 Years

3.00% - (1.00%/3) = Estimated Crediting rate of 2.67%

The crediting rate formula spreads the 1% loss over a 3-year period,

from the rate reset data.

The crediting rate

amortizes gains/losses

over the duration of the

portfolio in order to

smooth the rate earned

by participants

Compound Formula

Gross Crediting Rate = (MV/BV)^(1/D)*(1+AYTM)-1

MV : Market Value

BV : Book Value

D : Duration

AYTM : Annualized Yield to Maturity which is equal to

(1+YTM/2)^2-1

S T A B L E V A L U E Y I E L D S I N A R I S I N G I N T E R E S T R A T E E N V I R O N M E N T

• If reinvestment rates are higher when cash flows are reinvested, the fund’s yield will increase (with a lag)…

• In a rapidly rising interest rate environment, stable value yields would likely lag market interest rates and money market funds

S T A B L E V A L U E Y I E L D S I N A F A L L I N G I N T E R E S T R A T E E N V I R O N M E N T

• If reinvestment rates are lower when cash flows are reinvested, the fund’s yield will decrease (with a lag)…

• In a stable or rapidly decreasing interest rate environment, stable value yields would likely outperform market interest rates and money market funds


MECHANICS OF STABLE VALUEIMPACT OF MARKET RATES ON STABLE VALUE YIELDS

Rising reinvestment rates

Crediting Rates will rise with a lag

Stable value yields will decline with a lag

Falling market rates

STABLE VALUE MARKET UPDATEAS OF MAY 2021

CONTRACT ISSUERS

G A L L I A R D V I E W G A L L I A R D P O S I T I O N I N G

PORTFOLIO


• Maintaining strong relationships with established wrap contract issuers

• No material credit risk concerns with our approved issuers, which all remain committed to stable value

• Continuing work with issuers to implement re-negotiated terms, fee reductions, and new market opportunities

• AIG has not yet determined how the split will be implemented; we are monitoring its potential impact on American General Life

• Diverse market of 16 active wrap contract issuers (3 banks, 13 insurance companies)

• Issuers are generally well capitalized with good stable value business risk controls; profitability will be pressured and could lead to rating agency downgrades

• Issuers continue to seek growth opportunities, and contract supply/demand dynamics continue to favor stable value investors

• In October 2020, AIG announced its intent to split its Life & Retirement business from its General Insurance business

• Maintaining neutral duration positioning

• At current valuation levels, a cautious and patient approach to allocation decisions is prudent

• Continue to favor front-end spread assets, with an emphasis on quality, diversification, and liquidity

• Currently positioned with slightly higher liquidity to protect against downside risks and provide “dry powder” for opportunistic purchases

• Measures of economic activity are signaling a robust rebound in 2021 fueled by pent up consumer demand, fiscal stimulus, and vaccine optimism

• The Fed’s forecasts indicate that policy rates will likely remain near zero for the next several years

• Buoyed by unprecedented fiscal stimulus, consumer spending is expected to accelerate inflation and fuel debate over longer-term inflation expectations

• With valuations in high quality risk assets somewhat stretched, any unanticipated changes in Fed or fiscal support or virus-related uncertainty could trigger volatility

• After net in-flows during 2020, most stable value accounts have seen modest out-flows in 2021

A S O F M A R C H 3 1 , 2 0 2 1

STABLE VALUE MARKET UPDATECONTRACT ISSUER SUMMARY


NAME MOODY'S CREDIT RATING S&P CREDIT RATING

AMERICAN GENERAL LIFE INS CO. A2 A+

MASSMUTUAL LIFE INS. CO. Aa3 AA+

METROPOLITAN LIFE INS. CO. Aa3 AA‐

NATIONWIDE LIFE INS. CO. A1 A+

PACIFIC LIFE INS. CO. A1 AA‐

PRUDENTIAL INS. CO. OF AMERICA Aa3 AA‐

ROYAL BANK OF CANADA Aa2 AA‐

STATE STREET BANK AND TRUST CO. Aa2 AA‐

TRANSAMERICA LIFE INS. CO. A1 A+

VOYA RETIREMENT INS. AND ANNUITY CO. A2 A+

S E C T I O N I I I


COLORADO RETIREMENT ASSOCIATION PORTFOLIO REVIEWANNUALIZED INVESTMENT PERFORMANCE

ANNUALIZED INVESTMENT PERFORMANCE AS OF 3/31/211

3.0

2.5

2.0

1.5

1.0

0.5

0.03 MO 1 YR 3 YR 5 YR 10 YR

3 Mo. 1 Yr. 3 Yr. 5 Yr. 10 Yr. Portfolio (before inv. mgmt. fees)2 0.48 2.33 2.53 2.38 2.32

Portfolio (net of all fees - NAV level)3 0.45 2.22 2.41 2.25 2.21

Linked Benchmark4 0.19 0.71 2.00 1.98 1.89

Value Added (before inv. mgmt. fees)5 0.29 1.62 0.54 0.39 0.43

1: Returns for periods of less than one year are not annualized. 2: Returns are net of book value contract fees only.3: Returns are net of all fees, including book value contract fees, Galliard investment management fees, and, if applicable, external manager fees, Wells Fargo collective fund administrative fees, and plan administrative reimbursement. 4: Linked benchmark:3 Year Constant Maturity Treasury Yield + 0.50%; Prior to 4/15/2016 was 5 Year Constant Maturity Treasury Yield+ 0.50%.5: May not add due to rounding.


COLORADO RETIREMENT ASSOCIATION PORTFOLIO REVIEWPORTFOLIO CHARACTERISTICS


ACCOUNT SUMMARY

Benchmark 3 Year Constant Maturity Treasury Yield + 0.50%

Galliard Inception Date September 30, 2004

Net Asset Value $588,439,715

HISTORICAL FUND ASSETS

$

$100

$200

$300

$400

$500

$600

$700

4Q'11 4Q'12 4Q'13 4Q'14 4Q'15 4Q'16 4Q'17 4Q'18 4Q'19 4Q'20 1Q'21

Mill

ions

1: Average holdings quality of the contracts and other book value assets in the portfolio. The Weighted Average Quality of the portfolio has NOT been assessed by a nationally recognized statistical rating organization. The Weighted Average Quality shown represents an average quality of the individual holdings' Composite Ratings, as rated by S&P, Moody's and Fitch.2: Average holdings quality of the underlying assets of the portfolio. The Weighted Average Quality of the portfolio has NOT been assessed by a nationally recognized statistical rating organization. The Weighted Average Quality shown represents an average quality of the individual holdings' Composite Ratings, as rated by S&P, Moody's and Fitch.3: Blended Yield is net of all fees, including book value contract fees, Galliard investment management fees, and, if applicable, external manager fees, Wells Fargo collective fund administrative fees, and plan administrative reimbursement.4: Includes Receivables and Payables.5: Total % of portfolio may not add to 100% due to rounding.

PORTFOLIO CHARACTERISTICS

Portfolio 3/31/20

Portfolio 3/31/21

Average Quality - Book Value1 AA- AA-

Average Quality - Market Value2 AA AA

Number of Contract Issuers 5 5

Blended Yield (after all fees)3 2.39% 1.81%

Yield to Maturity 1.89% 0.98%

Effective Duration 2.64 years 3.09 years

Market/Book Value Ratio 102.03% 102.65%

PORTFOLIO DISTRIBUTION

% Portfolio 3/31/20

% Portfolio 3/31/21

Liquidity Buffer: Cash & Equivalents4 10.8 2.7

Short Portfolio 36.0 40.1

Intermediate Portfolio 53.2 57.2

Total 100.0%5 100.0%5


COLORADO RETIREMENT ASSOCIATION PORTFOLIO REVIEWHISTORICAL CASHFLOWS

2017 2018 2019 2020 1Q'21 Beginning Assets $494.3 $508.3 $536.6 $531.3 $566.4

Net Cash Flow ($)1 -$12.15 -$2.84 -$18.9 $48.53 $19.4

Net Cash Flow (%) -2.45% -0.55% -3.53% 9.12% 3.42%

Estimated Investment Earnings $10.0 $11.9 $13.7 $12.9 $2.6

HISTORICAL CASHFLOWS

-$20.0

-$10.0

$0.0

$10.0

$20.0

$30.0

1: Contributions, Withdrawals and Investment Transfers2: Cashflows may not net to final assets due to rounding.3: Exludes outflow of approximately $27.2 million backed out for custom funds rebalancing.4: Excludes inflow of approximately $19.2 million due to the re-balance of the custom asset allocation funds on 5/1/18.5: Excludes inflow of approximately $16.1 million due to the re-balance of the custom asset allocation funds on 4/3/17.


COLORADO RETIREMENT ASSOCIATION PORTFOLIO REVIEWHISTORICAL STATS

HISTORICAL BLENDED YIELD1

2.58 2.64 2.66 2.65 2.39 2.51 2.38

2.02 1.81

0

1

2

3

4

5

1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21

Blen

ded Y

ield (

%)

HISTORICAL DURATION

3.02 2.94 2.91 2.92 2.64 2.84 2.93 2.93 3.09

0

1

2

3

4

5

1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21

Dura

tion (

Year

s)

HISTORICAL MARKET VALUE TO BOOK VALUE RATIO

100.12 101.58 102.00 101.80 102.03

104.60 104.48 104.37

102.65

94

97

100

103

106

109

1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21

MV/B

V Ra

tio (%

)

HISTORICAL UNDERLYING YIELD TO MATURITY

2.83 2.36

2.14 2.16 1.89

1.00 0.81 0.67 0.98

0

1

2

3

4

5

1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21

Unde

rlying

Yiel

d to M

aturity

(%)

1: Blended Yield is net of all fees, including book value contract fees, Galliard investment management fees, and, if applicable, external manager fees, Wells Fargo collective fund administrative fees, and plan administrative reimbursement.


COLORADO RETIREMENT ASSOCIATION PORTFOLIO REVIEWCONTRACT ISSUERS

CONTRACT ISSUER DISTRIBUTION & RATING SUMMARY1

Wrap fees (bps) 3/31/21

15

16

16

16

15

1: The quality rating shown represents the individual holdings' Composite Ratings, as rated by S&P, Moody's and Fitch. Ratings shown as NR/NA are not rated or not available security ratings.2: SBIC = Security Backed Investment Contract. SAGIC = Separate Account GIC

Wrap fees (bps) 3/31/20

16

17

16

17

16

Contract Type2

% Portfolio 3/31/20

% Portfolio 3/31/21

Rating 3/31/20

Rating 3/31/21

American General Life Ins. Co. SBIC 17.5 19.3 A+ A+

Pacific Life Ins. Co. SBIC 17.9 19.4 AA- AA-

Prudential Ins. Co. of America SBIC 17.4 19.3 AA- AA-

Royal Bank of Canada SBIC 17.5 19.1 AA AA

Transamerica Life Ins. Co. SBIC 18.9 20.2 A+A+


COLORADO RETIREMENT ASSOCIATION PORTFOLIO REVIEWMANAGER DISTRIBUTION

1: Total % of portfolio may not add to 100% due to rounding.2: Market Value. The external managers provide portfolio holdings and the securities are classified using Galliard's analytics methodology for comparability across managers.

MANAGER DISTRIBUTION

Strategy Benchmark

% of Portfolio 3/31/20

% of Portfolio 3/31/21

Liquidity Buffer: Cash & Equivalents STIF/Money Market 10.8 2.7

Galliard Short Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index 36.0 40.1

Galliard Intermediate Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index 25.6 27.6

Dodge & Cox Intermediate Bloomberg Barclays U.S. Intermediate Aggregate Bond Index 9.2 9.8

Payden & Rygel Intermediate Bloomberg Barclays U.S. Intermediate Aggregate Bond Index 9.2 9.8

TCW Intermediate Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index 9.2 9.9

Total 100%1 100%1

0%

UNDERLYING FIXED INCOME PORTFOLIOS2

70%

60%

50%

40%

30%

20%

10%

U.S. Tsy U.S. Agy Other U.S. Govt Corporate Tax Muni/Not forProfit

Agency MBS Non-Agy MBS CMBS ABS Sov/Sup Fut/Deriv Cash/Equiv

Galliard Short (GC3FDF) Galliard Int (IGCFDA) Dodge & Cox Int (EMDACFDJ) Payden & Rygel Int (EMPAYFDQ) TCW Int (EMTCWFDC)


COLORADO RETIREMENT ASSOCIATION PORTFOLIO REVIEWUNDERLYING DISTRIBUTIONS

1: Market Value. Total % of portfoli o ma y not add to 100% due to rou nding . The external managers provide holdings and the securities are classified using Galliard's analytics methodology for comparability across managers. The quality distribution shown represents the distribution of the individual holdings' Composite Ratings, as rated by S&P, Moody's and Fitch. Ratings shown as NR/NA are not rated or not available security ratings. Distributions represent the portfolio positions for reporting purposes only. Investment guideline compliance is reported in the appendix or separately through your Galliard relationship manager.

UNDERLYING FIXED INCOME ASSET ALLOCATION1

Portfolio 3/31/20 Portfolio 3/31/21

3.8%

0.1%

12.1%

3.9%

0.7%

17.6%

5.4%

27.3%

3.8%

25.4%

12.2%

0.1%

10.4%

4.3%

0.9%

19.5%

4.5%

29.2%

4.4%

14.4%

0.0% 10.0% 20.0% 30.0% 40.0%

Cash & Equivalents

Sovereign / Supranationals

Asset Backed

CMBS

Non-Agency MBS

Agency MBS

Taxable Muni/Not for Profit

Corporates

Other U.S. Government

U.S. Treasury

UNDERLYING QUALITY DISTRIBUTION1


UNDERLYING DURATION DISTRIBUTION


0.0%

0.6%

11.9%

13.3%

6.1%

68.1%

0.1%

0.6%

11.0%

15.2%

6.3%

66.8%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

NR/NA

<BBB

BBB

A

AA

AAA

15.8%

24.4%

40.8%

19.1%

11.8%

20.1%

43.4%

24.6%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

5+

3-5

0-1

1-3


COLORADO RETIREMENT ASSOCIATION PORTFOLIO REVIEWCALENDAR YEAR PERFORMANCE

1: Returns are net of book value contract fees only.2: Returns are net of all fees, including book value contract fees, Galliard investment management fees, and, if applicable, external manager fees, and plan administrative reimbursement.3: Linked benchmark:3 Year Constant Maturity Treasury Yield + 0.50%; Prior to 4/15/2016 was 5 Year Constant Maturity Treasury Yield + 0.50%.4: May not add due to rounding.

CALENDAR YEAR INVESTMENT PERFORMANCE

2016 2017 2018 2019 2020

Portfolio (before inv. mgmt. fees)1 2.11 2.12 2.42 2.74 2.51

Portfolio (net of all fees - NAV level)2 1.97 1.99 2.29 2.63 2.39

Linked Benchmark3 1.61 2.09 3.14 2.45 0.93

Value Added (before inv. mgmt. fees)4 0.50 0.03 (0.72) 0.29 1.58

MARKET INDICESICE BofA U.S. 3 Month Treasury Bill 0.33 0.86 1.87 2.28 0.67

Consumer Price Index 2.07 2.11 1.67 2.29 1.36

GUIDELINE COMPLIANCE

We have not become aware of any investment guideline compliance issues occurring in the portfolio during the quarter.


COLORADO RETIREMENT ASSOCIATION PORTFOLIO REVIEWEXPENSES

TOTAL ANNUAL FUND OPERATING EXPENSES

Total Annual Operating Expenses are deducted directly from the Fund’s net asset value and reduce the investment option’s rate of return.

Expense Expense Ratio 3/31/21

Investment Management Fees paid to Galliard 0.055%

Investment Management fees paid to Non-Affiliated Investment Advisors None

Investment Contract Fees*1 0.152%

Acquired Fund Fees2 0.055%

None -Investment Contract Fees

-Other Acquired Fund Fees and Non-Affiliated InvestmentManagement Fees paid to Non-Affiliated Investment Advisors3 0.055%

12b-1 Distribution Fee None

Other Expenses None

Total Annual Fund Operating Expenses4 0.262%

*Changes have occurred to the fee schedule structure since the prior period. Please contact your Galliard representative if you have additional questions.

1: These are fees paid to create and maintain the investments used by a stable value fund.2: These are fees borne indirectly by the Fund when it acquires an interest in another fund which pays its own separate fees.3: Includes audit fees for the cost of producing a report by a qualified auditor.4: Total Annual Fund Operating Expenses are reflected daily in the Fund's net asset value (NAV).

Excluding STIF or money market allocations, non-affiliated investment advisors include Dodge & Cox , Payden & Rygel, TCW.

Expense Ratio 3/31/18

0.059%

None

0.187%

0.077%

0.009%

0.068%

None

None

0.323%

A P P E N D I X


GALLIARD CAPITAL MANAGEMENTPROFESSIONALS

ResponsibilitiesMike is a senior managing principal and co-president of Galliard. He is responsible for day-to-day management of the firm, as well as oversight of the front office teams of client services, consultant relations, new business development, marketing, and stable value contract relationship management.

Oversight CommitteesOperating Committee, New Business & Fees Committee (Chair), Stable Value Strategy Committee, Investment Contract Review Sub-Committee, Client Contract Working Group, External Manager Oversight Working Group, System Governance Working Group, Investment Committee (non-voting)

Experience• Joined Galliard in 1996• Previously a securities lending trader and trust officer with Norwest Bank

EducationB.A., Economics, University of Notre DameMBA, Carlson School of Management at the University of Minnesota

MembershipsFormerly on the Board of Directors of the Stable Value Investment Association (SVIA)American Society of Pension Professionals & Actuaries (ASPPA)Association of Governmental Risk Pools (AGRIP)National Association of Government Defined Contribution Administrators (NAGDCA)National Association of Plan Advisors (NAPA)The Society of Professional Asset-Managers and Record Keepers (SPARK)

Mike NormanSenior Managing PrincipalCo-President612.667.3219

[email protected]

Jaime Morgan, CIMA®Senior Director612.667.0856

[email protected]

ResponsibilitiesJaime is a member of the Client Relationship team, working with Galliard’s clients and their consultants to develop and implement investment strategies in order to ensure relationship expectations and objectives are met. Jaime is responsible for assisting in the formulation of customized solutions for stable value clients. This includes determining the optimal portfolio structure and working directly with clients in order to meet their unique needs. With over 20 years of investment experience and 12 years in client service, Jaime brings to Galliard a deep understanding of providing superior and seamless client support.

Experience• Joined Galliard in 2019• Previously a Director of Institutional Sales & Relationship Management at

Principal Global Investors• Has worked in the investment industry since 1998

EducationB.S., Finance, Iowa State UniversityMBA, University of Iowa, Henry B. Tippie College of BusinessCIMA® Investments & Wealth Institute Certification

MembershipsChairperson, Central Iowa Free to BreatheWomen in Pensions Network

Colorado Retirement Association (CRA)

Wendy Dominguez, MBA | Principal, PresidentPeter Mustian, MBA | Principal, COOJared Martin, CFP®, AIF® | Principal

Report Prepared by: John Brock

Colorado • Arizona • California | www.innovestinc.com

Portfolio ReviewQ1 2021

1Q 2021 in Review

Innovest Published

• Dustin Roberts in TEXPERS, Gordon Tewell and KristinLee in 401k Specialist, Brett Minnick in AccountingToday, Steve Karsh in Articulator, and Richard Todd inDenver Business Journal

Awards

• Innovest was named a 2020 National Association ofPlan Advisors (NAPA) Top DC Advisor Team

Service in Our Local Community

• Published our Annual Giving Report; Innovestemployees volunteered 1369+ hours of service in 2020

• Employees volunteered at Project C.U.R.E. and HollyHeights Nursing Care Center

New professionals at Innovest:

• Courtney Lee, Sarah Newman, and Jack Schutzius

Promotions:

• John Brock, Joanne Cinalli, Joe Lemming,and Josh Shapiro

Dedication to Client • Hard Work • Honesty & Integrity

2

Innovest’s History with Colorado Retirement Association (CRA)1999 – 2001 • Developed a fiduciary process for trustees to manage

investment decisions• Recommended and designed CCOERA pension portfolios to

provide a professional asset allocation alternative to participants

• Developed custom watch list guidelines• Prepared initial quarterly performance report • Changed BlackRock Small Cap Growth from investor shares

(CSGEX) to service shares (PCGEX) to reduce expenses• Conducted an asset allocation study based on forward

looking capital market projections for the Pension Portfolios• Performed an analysis of record keeping software systems2002 – 2003 • Replaced Morgan Stanley Mid Cap Growth (MPEGX) with

Artisan Mid Cap Growth (ARTMX) on 4/10/2002 because of the departure of a lead portfolio manager and key analyst

• Replaced BlackRock Small Cap Growth (PSGIX) with VeredusAggressive Growth (VERDX) on 4/10/2002 because of inconsistent and disappointing relative performance

• Removed Fidelity Growth and Income (FGRIX) because of overlapping style and holdings with Fidelity Magellan (FMAGX) on 6/29/2000

• Replaced MS Mid Cap Value (MPMIX) with Cooke & Bieler Mid Cap Value (CBMSX) on 4/1/2003 because of significant investment team turnover

• Updated and revised Investment Policy Statement• Conducted an asset allocation study based on forward

looking capital market projections

2004 – 2005 • Replaced Janus Overseas (JAOSX) with Julius Baer

International (BJBIX) on 8/6/2003 because of the retirement of Portfolio Manager

• Updated and revised Investment Policy Statement• Conducted an asset allocation study based on forward looking

capital market projections and assigned new allocations to the pension portfolios

• In 2005 Great West was selected through an RFP process saving over $1 million per year

• Added a suite of index funds to offer participants low-cost investment options, effective 6/30/2005:

– Vanguard 500 Index Admin (VFIAX)– Vanguard Mid Cap Index Admin (VIMAX)– Vanguard Small Cap Index Admin (VSMAX)

• Updated and revised Investment Policy Statement• Replaced Fidelity Magellan (FMAGX) with Marsico Growth

(MGRIX) on 7/1/2005 because the Fidelity Magellan fund proved to be a core offering and its size mirrored the index

2006 – 2007• Replaced Pimco Stock Plus Admiral(PPLAX) with Davis NY

Venture (NYVTX) and Marsico Growth (MGRIX)(50/50 split) in the Pension Portfolio to reduce risk on 4/1/2006

• Replaced Veredus Aggressive Growth (VERDX) with UMB Scout Small Cap (UMBHX) on 12/29/2006 because of performance concerns and to reduce risk

• Conducted an asset allocation study based on forward looking capital market projections and assigned new allocations to the pension portfolios

3

Innovest’s History with Colorado Retirement Association (CRA)2006 – 2007 (continued)• Replaced the Vanguard Admiral shares with Signal shares to

reduce expenses • Updated and revised Investment Policy Statement• Performed an analysis of Hueler Annuity Shopping Service• Wells Fargo C&B MCV (CBMDX), Domini Social Equity (DSEFX),

PIMCO Total Return Adm (PTRAX), and PIMCO StocksPlus(PPLAX) were converted to institutional shares to reduce expenses (6/29/2007)

2008 – 2009 • Added Neuberger Berman Socially Responsive (NBSTX) to

replace Domini Social Equity (DSRFX) on 8/29/2008 because of style drift and underperformance

• Added Cohen & Steers Realty (CSRIX) on 8/29/2008 to provide real estate exposure

• Added PIMCO High Yield (PHIYX) to provide high yield exposure on 8/29/2008


• Replaced PIMCO StocksPLUS (PSTKX) with Vanguard 500 Index Sig (VIFSX) on 5/29/2009

• Replaced Marsico Growth (MGRIX) with Rainier Large Cap Institutional Equity (RAIEX) on 11/30/2009 because of organizational issues at Marsico Capital Management and disappointing performance

• Replaced the Vanguard 500 Index signal shares (VIFSX) with institutional shares (VINIX) to reduce expenses on 8/29/2009

2010 – 2012• Provided a comprehensive fund review• Updated and revised Investment Policy Statement• Removed UMB Scout Small Cap Growth (UMBHX) and Wells

Fargo Cook & Bieler Mid Cap Value (CBMSX) from fund menu because of persistent investment team turnover and instability (11/19/2010)


• Replaced the Vanguard mid cap index signal shares (VMISX) with institutional shares (VMCPX) and the Vanguard small cap index signal shares (VSISX) with institutional shares (VSCIX) to reduce expenses on 1/28/2011 and 4/1/2012, respectively

• Updated and revised Investment Policy Statement• Performed a search for a company to assist with the

liquidation of CCOERA’s Mortgage portfolio. Hired Debt X and saved CCOERA approximately $4.9 million


• Improved portfolio diversification within the Pension Portfolios by adding alternatives (11/1/2011 and 2/1/2012): J.P. Morgan Strategic Income Opportunities (JSORX), Driehaus Active Income (LCMAX), MainStay Floating Rate (MXFIX), Credit Suisse Commodity Return Strategy (CRSOX), Highbridge Dynamic Commodities Strategy (HDCRX), Absolute Strategies (ASFIX), Gateway Fund (GTEYX) & Arrow Managed Futures (MFTFX)

4

Innovest’s History with Colorado Retirement Association (CRA)2012 – 2013• Replaced Artio International Equity Fund (BJBIX) with

American Funds EuroPacific Growth Fund (RERGX) on2/23/2012 because of significant turnover within ArtioManagement and disappointing performance

• Performed an analysis of the Great West Secure FoundationGuaranteed Minimum Withdrawal Benefit product

• Replaced the Neuberger Berman Socially Responsible Trustfund (NBSTX) shares with NRSRX shares to reduce expenseson 6/26/2013

• Conducted RFP for a stable value manager• Conducted an asset allocation study based on forward

looking capital market projections and assigned newallocations to the pension portfolios

• Approved change to LLCH basket to add AQR ManagedFutures and Hatteras Diversified Fund – will be implementedin 3Q13.

• Prepared large cap equity style analysis presentation,resulting in an asset allocation change to the PensionPortfolios

• Began stable value implementation with allocation to PIMCO.New York Life was transitioned in two stages, the firstoccurred in January 2014.

2014 • The Dodge & Cox Stock fund (DODGX) fund was added on

April 4th to replace Davis NY Venture due to the departure ofthe portfolio manager and investments being made outsideof the intended mandate.

• The Harbor Capital Appreciation fund (HACAX) was alsoadded on April 4th to replace Rainier Large Cap Equity funddue to inconsistent performance

2014 (continued)• Provided education on emerging markets and direct real

estate• Presented annual asset allocation study• Delivered a watch list report on Harbor High Yield and

Mainstay Floating Rate• Replaced PIMCO Total Return Fund with Metropolitan West

Total Return Fund due to PIMCO portfolio manager andfounder, Bill Gross, departure.

2015 • Approved change to LLCH basket to add Litman Gregory

Masters Alternative Strategies in replacement of AbsoluteStrategies Fund, changes effective 2Q15

• Created and presented a custom target date portfoliostrategy

• Replaced the LLCH Basket with a 50/50 allocation to JohnHancock Global Absolute Return Strategy and Litman GregoryMasters Alternative Strategies. Changes effective 1Q16

• Added Custom Target Date Funds to the plan in replacementof Model Portfolios

2016 • Replaced Fidelity Money Market Fund with Vanguard Federal

Money Market Fund• Replaced Driehaus Active Income with BlackRock Strategic

Income• Presented CITs as investment options. The Board decided that

they are not appropriate at this time due to added complexityand reduced transparency.

• Moved to revenue sharing being refunded to participants thatgenerate it

5

Innovest’s History with Colorado Retirement Association (CRA)2017 - 2018• Presented annual asset allocation study resulting in

reallocated target date funds, effective April 1, 2017• Conducted RFI for recordkeeping services• Created annual fee review• Evaluated K share class availability for funds in the plan and

determined not to move participants as it would result in a feeincrease to them.

• Replaced the Vanguard Inst Index Instl shares (VINIX) with InstlPlus shares (VIIIX) to reduce expenses

• Reallocated target date funds, effective May 1, 2018:Removed High Yield, Commodities, and Real Estate

• The CCOERA Book Fund replaced New York Life with Payden &Rygel as a subadvisor.

• Reviewed and updated Investment Policy Statement• Conducted fiduciary education and member employer

webinars• Prepared FPPA analysis and CCOERA participant comparisons2019• Presented annual asset allocation study, reallocating target

date funds effective May 24, 2019• Removed John Hancock GARS and mapped assets to Litman

Gregory Masters Alternative Strategies effective May 24, 2019• Removed Cohen & Steers Realty Shares and map assets to

Vanguard Mid Cap Index effective May 24, 2019• Conducted Request for Information to assess fee structure and

market competitiveness• Replaced Invesco Opp Steelpath Alpha (OSPAX) with Invesco

Opp SteelPath MLP Select 40 (MLPTX) effective September 30,2019. This fund is only in the Target Date Series

2019 (continued)• Discussed CRA's fee and decision was made to increase

the fee cap to $400k effective January 1, 2020• Conducted fiduciary education and share class review to

evaluate investment cost savings opportunities2020• Approved replacing American Beacon International Eq Instl

(AAIEX) with the R6 share class (AAERX), American BeaconSmall Cap Value Instl (AVFIX) with the R6 share class (AASRX)and JPMorgan Strategic Income Opports R5 (JSORX) with theR6 share class (JSOZX), effective March 31, 2020

• Presented annual asset allocation study, no changes made totarget date allocations.

• Delivered a watch list report on Fidelity Low Price Stock• C.A.R.E.S. Act Discussion

– Implemented all three optional CARES Act provisions• Delivered a watch list report on Neuberger Berman as of

March 31, 2020• Presented annual share class review and advisory

benchmarking in 3Q20• Delivered a watch list report on DFA Emerging Markets as of

September 30, 2020• Approved replacing Fidelity® Contrafund® (FCNTX) to K6

(FLCNX), Metropolitan West Total Return Bd I (MWTIX) to Plan(MWTSX), Harbor Capital Appreciation Instl (HACAX) toRetirement (HNACX), Vanguard Federal Money Market Inv(VMFXX) to Vanguard Treasury Money Market Investor(VUSXX), MainStay Floating Rate I (MXFIX) to R6 (MXFEX),effective March 22, 2021

6

Innovest’s History with Colorado Retirement Association (CRA)2021• Delivered a Target Date Fund Deep Dive• Effective 4/22/21, replacing Invesco Steelpath MLP (MLPTX)

with Tortoise MLP (TORIX) in custom Target Dates

7

Retirement Plans Topics & Trends

Trends During COVID-19:

• “72% of plan sponsors saw an uptick in employee usage of financial wellness resources” and “28% of plansponsors saw a significant increase” in the use of financial wellness resources according to a 2020 survey byPrudential Financial1

• Going forward, 27% of the nearly 700 plan sponsors surveyed plan to add new financial wellness programs foremployees1

• Additionally, engaging participants in a digital world remains challenging and it’s imperative for plan sponsorsand retirement plan providers to leverage new and existing technologies to keep participants engaged

Benefits of Financial Wellness Programs:

• Participants that have access to financial wellness programs and resources, covering topics such as budgeting,debt management, and building emergency savings, are more likely to be prepared in times of hardship oremergency

o Budgeting, Debt Management, Emergency Savings, Estate Planning

o Having access to wellness tools and resources can help deter participants from overreacting during timesof crisis

• Effective financial wellness programs have the potential to help employees reach some of their most importantlife goals, such as buying a home or sending their children to college

o In turn, these programs can support the overall success of organizations by creating stronger employeeengagement and loyalty

o Plan design, integrated tools, and “nudges” can help encourage participants to take action to improve theirfinancial situations

Financial Wellness Programs:

What’s Next?

(1) https://news.prudential.com/content/1209/files/2020PSPulseSurveyCovid19.pdf

8

Broad Financial Wellness Topics:

• Creating a Budget

• The Importance of Saving Money

• Debt Management, Consolidation, and Reduction

• Saving and Planning for College

• Saving and Planning for Retirement

• Estate Planning - The Importance of Creating a Will

Emerging Topics Include:

• Student debt programs – The SECURE Act 2.0, which is still pending in Congress, includes a provision that wouldallow student loan repayments to be considered as elective deferrals for purposes of matching contributions madeby the employer

• Establishing emergency funds – employers are considering how they can assist employees in establishing anemergency savings solution

Consider a Companywide Financial Wellness Survey:

• In order to offer an effective financial wellness program, it’s important to know how the programs and toolsprovided to participants will be received and implemented

• A survey could focus on questions such as:

o Which of the following aspects of your life causes you the most stress?

o What are your top financial concerns?

o Do you feel on track in terms of saving for retirement?

Retirement Plans Topics & Trends (continued)

Financial Wellness Programs:

What’s Next?

9

Plan Benchmark*

1,505,333,926$ Similarly Sized0.56% 0.58%0.56% N/A

Provider Fee (in $) Fee (in %) Fee (in $) Fee (in %) Fee (in $) Fee (in %)Expense ratio retained by fund manager Fund Managers 5,661,756$ 0.38% 5,661,756$ 0.38%Revenue sharing sent to recordkeeper 667,539$ 0.04% 667,539$ 0.04%Gross Investment Management Fees 6,329,295$ 0.42% 6,329,295$ 0.42%

Revenue Sharing credited to participants (667,539)$ -0.04% (667,539)$ -0.04%Net Investment Management Fees 5,661,756$ 0.38% 5,661,756$ 0.38%

Per participant fee - Accounts under $11K CRA 249,593$ 0.02% 249,593$ 0.02%Per participant fee - Accounts $11K-400K CRA 674,511$ 0.04% 674,511$ 0.04%Per participant fee - Accounts over $400K CRA 1,908,169$ 0.13% 1,908,169$ 0.13%Recordkeeping/Trust and Custody Fee (0.087928%) Empower/Great West 1,303,401$ 0.09%Gross Recordkeeping and Administrative Fees 2,832,273$ 0.19% 2,832,273$ 0.19%

Total Investment, Recordkeeping and Administrative Costs 8,494,029$ 0.56% 8,494,029$ 0.56%

Professional FeesInvestment Consultant Innovest 74,331$ 0.00%

Total Plan Expenses 8,494,029$ 0.56% 8,494,029$ 0.56%

Selected Services FeesEmpower/Great West 121,016$ 0.01% 121,016$ 0.01%Empower/Great West 55,263$ 0.00% 55,263$ 0.00%

Managed Account Fees (Asset Based)Loan maintenance ($25 per loan)Brokerage Account Maintenance ($60 per participant) Charles Schwab 27,659$ 0.00% 27,659$ 0.00%Total Selected Services Fees 203,938$ 0.01% 203,938$ 0.01%

CRA Paid Participant Paid Total

CRA 401(a) Annual Fee Review

Investment, Recordkeeping and Administrative CostsPlan assets as of 7/31/2020

Estimated Total Plan Expenses

*The plan's estimated investment, recordkeeping and administrative costs of 0.56% as shown above, compare favorably to 401(k) Source data, a universe of 26 recordkeepers with similarly sized401(k) plans, with an average investment, recordkeeping and administrative cost of 0.58%. Published since 1995, the 401k Averages Book is one of the oldest and recognized resources forcomparative 401(k) average cost information in the industry.

This review illustrates estimated plan costs based on available data.

10

Plan Benchmark*

364,905,152$ Similarly Sized0.54% 0.62%0.54% N/A

Provider Fee (in $) Fee (in %) Fee (in $) Fee (in %) Fee (in $) Fee (in %)Expense ratio retained by fund manager Fund Managers 1,353,437$ 0.37% 1,353,437$ 0.37%Revenue sharing sent to recordkeeper 167,541$ 0.05% 167,541$ 0.05%Gross Investment Management Fees 1,520,978$ 0.42% 1,520,978$ 0.42%

Revenue Sharing credited to participants (167,541)$ -0.05% (167,541)$ -0.05%Net Investment Management Fees 1,353,437$ 0.37% 1,353,437$ 0.37%

Per participant fee - Accounts under $11K CRA 51,341$ 0.01% 51,341$ 0.01%Per participant fee - Accounts $11K-400K CRA 365,841$ 0.10% 365,841$ 0.10%Per participant fee - Accounts over $400K CRA 207,640$ 0.06% 207,640$ 0.06%Recordkeeping/Trust and Custody Fee (0.087928%) Empower/Great West 318,673$ 0.09%Gross Recordkeeping and Administrative Fees 624,822$ 0.17% 624,822$ 0.17%

Total Investment, Recordkeeping and Administrative Costs 1,978,259$ 0.54% 1,978,259$ 0.54%

Professional FeesInvestment Consultant Innovest 18,018$ 0.00%

Total Plan Expenses 1,978,259$ 0.54% 1,978,259$ 0.54%

Participant Paid Fees for Selected ServicesManaged Account Fees (Asset Based) Empower 22,378$ 0.01% 22,378$ 0.01%Loan maintenance ($25 per loan) Empower 5,113$ 0.00% 5,113$ 0.00%Brokerage Account Maintenance ($60 per participant) Charles Schwab 6,932$ 0.00% 6,932$ 0.00%Total Participant Paid Fees for Selected Services 34,423$ 0.01% 34,423$ 0.01%

CRA Paid Employee Paid Total

CRA 457 Annual Fee Review

Investment, Recordkeeping and Administrative CostsPlan assets as of 7/31/2020

Estimated Total Plan Expenses

*The plan's estimated investment, recordkeeping and administrative costs of 0.54% as shown above, compare favorably to 401(k) Source data, a universe of 26 recordkeepers withsimilarly sized 401(k) plans, with an average investment, recordkeeping and administrative cost of 0.62%. Published since 1995, the 401k Averages Book is one of the oldest andrecognized resources for comparative 401(k) average cost information in the industry.

This review illustrates estimated plan costs based on available data.

11

Average Number Investment Options 19 Number Investment Options 18

Average Contribution Rate* 6.2%/6.8%* Average Account Balance (401a) $68,041

Average Account Balance $157,535 Average Account Balance (457) $42,886

*Contribution rate for lower compensated/higher compensated employees as defined by ADP testsSource: PSCA's 62nd Annual Survey of Profit Sharing and 401(k) Plans (2018)

Uncommon Investment Menu Option

Value Core Growth

Cash & Equivalents

Vanguard Federal Money Market

CRA Book Value Vanguard SC Index

Vanguard MC Index

Core

Neuberger Berman Sustainable Equity

Socially Responsible

MetWest Total Return

Larg

e

Dodge & Cox StockJP Morgan Strategic

IncomeDFA Emerging Markets

Mid

Smal

l

Fidelity Low Priced StockArtisan MC Growth

PIMCO High Yield

Am Beacon SC

Stable Value

Retirement Plan Statistics and Menu CoveragePlan Averages

Menu Coverage

Industry Averages*

Fixed Income Domestic Equity

CRA Income, CRA 2010, CRA 2015, CRA 2020, CRA 2025, CRA 2030, CRA 2035, CRA 2040, CRA 2045, CRA 2050, CRA 2055, CRA 2060

Funds Available in Target Date Funds Only

CRA Target Date Funds

Self-Directed Brokerage Account

BlackRock Strategic Income MainStay Floating Rate

Inv. Steelpath MLP Select 40

PartnerSelect Alt. Strategies

Vanguard Institutional Index

Brokerage Window

Fidelity Contrafund

Harbor Capital Appreciation

Value

American Funds EuroPacific Growth

American Beacon International

International EquityGrowth

TIER

1TI

ER 2

TIER

3

12

Asset Allocation Asset Allocation

Dec-2020 Mar-2021($) % ($) %

Large Cap EquityDodge & Cox Stock 36,697,863 1.77 42,778,243 2.01Vanguard Institutional Index 74,042,443 3.58 76,774,639 3.60Neuberger Berman Sustainable Equity 10,888,966 0.53 13,598,362 0.64Harbor Capital Appreciation 58,416,148 2.82 51,906,868 2.44Total Large Cap Equity 180,045,419 8.70 185,058,112 8.69

General EquityFidelity Contrafund 91,326,590 4.41 91,218,317 4.28Fidelity Low Priced Stock 19,423,681 0.94 22,019,559 1.03Total General Equity 110,750,272 5.35 113,237,877 5.32

Mid Cap EquityVanguard Mid Cap Index 47,483,236 2.30 49,078,858 2.30Artisan Mid Cap Growth 37,936,679 1.83 36,900,337 1.73Total Mid Cap Equity 85,419,914 4.13 85,979,195 4.04

Small Cap EquityAmerican Beacon Small Cap Value 17,984,772 0.87 22,085,370 1.04Vanguard Small Cap Index 35,999,958 1.74 39,353,337 1.85Total Small Cap Equity 53,984,730 2.61 61,438,707 2.88

International EquityAmerican Beacon International 17,471,584 0.84 17,739,451 0.83American Funds EuroPacific Growth 29,201,083 1.41 27,421,369 1.29Total International Equity 46,672,667 2.26 45,160,820 2.12

Core Fixed IncomeMet West Total Return 44,334,632 2.14 44,172,750 2.07Total Core Fixed Income 44,334,632 2.14 44,172,750 2.07

CRA Total Fund 2,068,832,028 100.00 2,129,716,561 100.00

Dec-2020 Mar-2021($) % ($) %

Stable ValueCRA Book Value Net 388,824,007 18.79 388,209,945 18.23Total Stable Value 388,824,007 18.79 388,209,945 18.23

High YieldPIMCO High Yield 12,745,913 0.62 12,710,013 0.60Total High Yield 12,745,913 0.62 12,710,013 0.60

Other AssetsSDB Securities 36,800,860 1.78 38,168,601 1.79Vanguard Money Market Fund 17,147,629 0.83 16,870,699 0.79Total Other Assets 53,948,489 2.61 55,039,299 2.58

Target Date PortfoliosCRA Income Target Date Fund 35,082,790 1.70 34,722,129 1.63CRA 2010 Target Date Fund 39,726,574 1.92 40,333,073 1.89CRA 2015 Target Date Fund 76,095,460 3.68 77,816,577 3.65CRA 2020 Target Date Fund 147,305,967 7.12 147,085,303 6.91CRA 2025 Target Date Fund 177,993,798 8.60 185,723,790 8.72CRA 2030 Target Date Fund 141,269,141 6.83 146,145,549 6.86CRA 2035 Target Date Fund 140,708,755 6.80 147,232,531 6.91CRA 2040 Target Date Fund 107,834,924 5.21 116,151,017 5.45CRA 2045 Target Date Fund 97,029,473 4.69 101,893,313 4.78CRA 2050 Target Date Fund 71,641,221 3.46 76,264,686 3.58CRA 2055 Target Date Fund 39,626,506 1.92 42,898,898 2.01CRA 2060 Target Date Fund 17,791,377 0.86 22,442,978 1.05Total Target Date Funds 1,092,105,984 52.79 1,138,709,843 53.47

Total Assets 2,068,832,028 100.00 2,129,716,561 100.00

CRA Total Asset Allocation

13


Dec-2020 Mar-2021($) % ($) %







401(a) Total Fund 1,660,139,242 100.00 1,709,290,986 100.00

Dec-2020 Mar-2021($) % ($) %




Target Date PortfoliosCRA Income Target Date Fund 27,490,822 1.66 26,773,315 1.57CRA 2010 Target Date Fund 29,120,507 1.75 29,609,359 1.73CRA 2015 Target Date Fund 51,793,457 3.12 52,856,321 3.09CRA 2020 Target Date Fund 113,087,853 6.81 113,050,127 6.61CRA 2025 Target Date Fund 141,426,912 8.52 147,881,970 8.65CRA 2030 Target Date Fund 118,209,647 7.12 121,771,775 7.12CRA 2035 Target Date Fund 116,589,035 7.02 121,898,958 7.13CRA 2040 Target Date Fund 92,952,722 5.60 99,947,082 5.85CRA 2045 Target Date Fund 84,965,295 5.12 88,994,645 5.21CRA 2050 Target Date Fund 64,351,702 3.88 68,340,590 4.00CRA 2055 Target Date Fund 36,357,181 2.19 39,184,573 2.29CRA 2060 Target Date Fund 15,291,292 0.92 19,254,979 1.13Total Target Date Funds 891,636,426 53.71 929,563,692 54.38

401(a) Total Assets 1,660,139,242 100.00 1,709,290,986 100.00

CRA 401(a) Asset Allocation

14


Dec-2020 Mar-2021($) % ($) %







457 Total Fund 408,692,786 100.00 420,425,575 100.00

Dec-2020 Mar-2021($) % ($) %




Target Date PortfoliosCRA Income Target Date Fund 7,591,968 1.86 7,948,814 1.89CRA 2010 Target Date Fund 10,606,067 2.60 10,723,714 2.55CRA 2015 Target Date Fund 24,302,003 5.95 24,960,257 5.94CRA 2020 Target Date Fund 34,218,114 8.37 34,035,176 8.10CRA 2025 Target Date Fund 36,566,886 8.95 37,841,820 9.00CRA 2030 Target Date Fund 23,059,493 5.64 24,373,774 5.80CRA 2035 Target Date Fund 24,119,721 5.90 25,333,574 6.03CRA 2040 Target Date Fund 14,882,201 3.64 16,203,935 3.85CRA 2045 Target Date Fund 12,064,178 2.95 12,898,669 3.07CRA 2050 Target Date Fund 7,289,518 1.78 7,924,096 1.88CRA 2055 Target Date Fund 3,269,325 0.80 3,714,325 0.88CRA 2060 Target Date Fund 2,500,085 0.61 3,187,998 0.76Total Target Date Funds 200,469,559 49.05 209,146,151 49.75

457 Total Assets 408,692,786 100.00 420,425,575 100.00

CRA 457 Asset Allocation

15

March 31, 2021 : $2,129,716,561

Market Value($)

Allocation(%)

Harbor Capital Appreciation Instl 51,906,868 2.44

Vanguard Instl Index 76,774,639 3.60

Neuberger Berman SE 13,598,362 0.64

Dodge & Cox Stock 42,778,243 2.01

Fidelity Contrafund 91,218,317 4.28

Fidelity Low Price 22,019,559 1.03

Artisan Mid Cap Growth 36,900,337 1.73

Vanguard Mid Cap Index;Instl 49,078,858 2.30

Vanguard Small Cap Index;Instl 39,353,337 1.85

American Beacon Sm Cap 22,085,370 1.04

American Beacon Intl 17,739,451 0.83

American Funds EuroPacific Gr 27,421,369 1.29

Met West Total Return 44,172,750 2.07

CRA Book Value Net 388,209,945 18.23

PIMCO High Yield 12,710,013 0.60

SDB Securities 38,168,601 1.79

Vanguard Federal Money Market 16,870,699 0.79

Target Date Funds 1,138,709,843 53.47

Asset Allocation

16

2010 Target Date FundIncome Fund 2015 Target Date Fund

March 31, 2021 : $100

Allocation(%)

Vanguard Instl Indx;InsP (VIIIX) 6.00

Dodge & Cox Stock (DODGX) 3.00

Harbor:Cap Apprec;Ret (HNACX) 3.00

Vanguard Md-Cp I;Inst (VMCIX) 2.00

Artisan:Mid Cap;Inst (APHMX) 2.00

Vanguard S-C Id;Inst (VSCIX) 0.50

Am Beacon:SC Val;R6 (AASRX) 0.50

Am Beacon:Intl Eq;R6 (AAERX) 5.00

American Funds EuPc;R6 (RERGX) 5.00

DFA Emg Mkts Core Eq;I (DFCEX) 3.00

MetWest:Total Rtn;Plan (MWTSX) 10.00

JPMorgan:Str Inc Opp;R6 (JSOZX) 1.00

BlackRock:Str Inc Opp;I (BSIIX) 1.00

MainStay:Flt Rate;R6 (MXFEX) 6.00

CRA Book Value 42.00

Invesco SP MLP Sl;Y (MLPTX) 5.00

PartnerSel Alt Str;Inst (MASFX) 5.00

March 31, 2021 : $100

Allocation(%)

















March 31, 2021 : $100

Allocation(%)



















17

2025 Target Date Fund2020 Target Date Fund 2030 Target Date Fund

March 31, 2021 : $100

Allocation(%)


















March 31, 2021 : $100

Allocation(%)


















March 31, 2021 : $100

Allocation(%)



















18


March 31, 2021 : $100

Allocation(%)













CRA Book Value 4.00



March 31, 2021 : $100

Allocation(%)


















March 31, 2021 : $100

Allocation(%)













CRA Book Value 4.00




19


March 31, 2021 : $100

Allocation(%)













CRA Book Value 4.00


March 31, 2021 : $100

Allocation(%)













CRA Book Value 4.00


March 31, 2021 : $100

Allocation(%)













CRA Book Value 4.00



20

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

US Large Cap Stocks US Small Cap Stocks

Developed International Stocks Emerging Markets Stocks

Core Fixed Income Municipal Fixed Income

The Markets

Investment Returns as of March 31, 20211Q2021

6.2%

12.7%

3.5%2.3%

-3.4%

Returns for US Large Cap Stocks = S&P 500 TR, US Small Cap Stocks = Russell 2000 TR, Developed International Stocks = MSCI EAFE NR, Emerging Markets Stocks = MSCI EM NR, Core Fixed Income = BBgBarc US Agg Bond TR, Municipal Fixed Income = BBgBarc Municipal 5yr 4-6 TR

-0.3%

1st Quarter

56.4%

94.9%

44.6%58.4%

0.7%

5.1%

1-Year

21

COVID-19 Update - Curbing the Global Pandemic

Nationwide COVID-19 Metrics (7-Day Average Lines)

0

50,000

100,000

150,000

200,000

250,000

300,000Daily Cases

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Daily Deaths

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Currently Hospitalized

As of 3/23/2021. Sources: Litman Gregory, Our World in Data

• The U.S. has seen sharpdeclines in daily new cases,hospitalizations, and deathsover the last few months.

• Now administering over 2.5million COVID-19vaccinations per day.

• This should enable increasedeconomic activity,employment, consumerspending, economic growth,and corporate earnings.

22

The Economy – Expected to Grow at its Fastest Pace Since 1984

6.5%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

Real GDP Growth Rate by Year

Federal Reserve 2021 Real GDP Forecast

• We have seen strong jobrecovery since April 2020with ~13 million jobscreated. However, the U.S.economy is still ~9.5 millionjobs below its peak inFebruary 2020.

• With accelerating vaccinerollout and an additional$1.9 trillion in stimulus, theFederal Reserve nowexpects real GDP growth of6.5% in 2021.

• This would mark thestrongest real GDP growthin 37 years.

As of 3/17/2021. Sources: Litman Gregory, U.S. Bureau of Economic Analysis and Board of Governors of the Federal Reserve System

120

125

130

135

140

145

150

155

160

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

Recession

April 2020130.2 million jobs

February 2021143.0 million jobs

February 2020152.5 million jobs

22.3 million jobs lost

12.8 million jobs recovered

As of 2/28/2021. Sources: Litman Gregory, U.S. Bureau of Labor Statistics

23

Government Policy Response

• The U.S. has had the most aggressive fiscal response, five times more than the Global Financial Crisis.

• Fiscal stimulus since the onset of the pandemic equates to more than 25% of GDP, which should produce aboost to short-term GDP growth.

• From a monetary policy perspective, the Fed anticipates keeping rates low through 2022.

*Calculated as the absolute value of the change in overall balance (net lending/borrowing as % of GDP), excluded loan guarantees and quasi-fiscal stimulus.

** New stimulus plans revealed after October 2020, including: the US $2800 Bn Omnibus Bill & Biden Rescue Plan, Japan’s third relief package with $385 Bn in direct fiscal spending, Canada’s proposed $78 Bn stimulus plan over the next three years (assuming spend evenly), UK’s $6.2 Bn new lockdown stimulus, Italy’s $53.9 Bn business aid & stimulus, Spain’s $13 Bn small business aid, Brazil’s $8 Bn extended federal cash transfer program, and France’s $24.3 Bn business aid plan. Additionally, Italy, Spain, Germany, and France’s new stimulus also include commitments from the EU recovery grants (excluding loans).

As of 2/28/2021 Sources: Litman Gregory, IMF Fiscal Monitor (October 2020), and BCA Calculations

24

Rising Inflation Expectations

-2.5%

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

NBER-defined Recessions

5-Year Breakeven Inflation Rate

10-Year Breakeven Inflation Rate

• We have seen a recent uptick in inflation fears due to the combination of better-than-expected economicrecovery and accommodative monetary and fiscal response.

• Measures of short- to medium-term inflation expectations have shot up since year-end, with the 5-yearbreakeven inflation rate1 hitting a 13-year high.

As of 3/19/2021. Sources: Litman Gregory, Federal Reserve Bank of St. Louis. 1The difference between the 5-year nominal Treasury yield and the 5-year TIPS yield

25

Equity Performance as of March 31, 2021

Large Cap Equity = S&P 500 TR, S&P 500 Value TR, and S&P 500 Growth TR. Mid Cap Equity = Russell Mid Cap TR, Russell Mid Cap Value TR, and Russell Mid Cap Growth TR. Small Cap Equity = Russell 2000 TR, Russell 2000 Value TR, and Russell 2000 Growth TR. International and EM Equity = MSCI EAFE NR, MSCI EAFE Value NR, MSCI EAFE Growth NR, MSCI EM NR. Returns for time periods of 3 years or longer are annualized.

1st Quarter 2021 YTD as of March 31, 2021 1 yr Ending March 31, 2021

Domestic Equity Domestic Equity Domestic EquityValue Core Growth Value Core Growth Value Core Growth

10.8% 6.2% 2.1% 10.8% 6.2% 2.1% 50.4% 56.4% 59.4%Large Large Large

13.1% 8.1% -0.6% 13.1% 8.1% -0.6% 73.8% 73.6% 68.6%Mid Mid Mid

21.2% 12.7% 4.9% 21.2% 12.7% 4.9% 97.1% 94.8% 90.2%Small Small Small

Developed International Equity Developed International Equity Developed International EquityValue Core Growth Value Core Growth Value Core Growth7.4% 3.5% -0.6% 7.4% 3.5% -0.6% 45.7% 44.6% 42.6%

Emerging Markets Emerging Markets Emerging Markets

2.3% 2.3% 58.4%

3 Years Annualized 5 Years Annualized 10 Years Annualized

Domestic Equity Domestic Equity Domestic EquityValue Core Growth Value Core Growth Value Core Growth

11.8% 16.8% 20.6% 12.3% 16.3% 19.4% 11.1% 13.9% 16.2%Large Large Large

10.7% 14.7% 19.4% 11.6% 14.7% 18.4% 11.1% 12.5% 14.1%Mid Mid Mid

11.6% 14.8% 17.2% 13.6% 16.4% 18.6% 10.1% 11.7% 13.0%Small Small Small

Developed International Equity Developed International Equity Developed International EquityValue Core Growth Value Core Growth Value Core Growth1.8% 6.0% 9.8% 6.6% 8.8% 10.8% 3.7% 5.5% 7.2%

Emerging Markets Emerging Markets Emerging Markets

6.5% 12.1% 3.7%

26

Domestic Equity Sector Performance as of March 31, 2021

1.1%2.0%

2.8%3.1%

3.2%8.1%

9.0%9.1%

11.4%16.0%

30.9%

0% 5% 10% 15% 20% 25% 30% 35%

First Quarter 2021

Energy Financials Industrials MaterialsReal Estate Telecom Services Health Care Consumer DiscretionaryUtilities Info Technology Consumer Staples

19.4%28.4%

32.0%34.0%

60.9%66.6%

67.5%69.6%

70.3%75.2%

78.3%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0%

One Year Ending March 31, 2021

Materials Energy Consumer Discretionary IndustrialsFinancials Info Technology Telecom Services Health CareReal Estate Consumer Staples Utilities

27

Returns based off the following indices: Large Cap Value Stocks = S&P 500 Value TR, Large Cap Core Stocks = S&P 500 TR, Large Cap Growth Stocks = S&P 500 Growth TR, Mid Cap Value Stocks = Russell Mid Cap Value TR, Mid Cap Core Stocks = Russell Mid Cap TR, Small Cap Value Stocks = Russell 2000 Value TR, Small Cap Core Stocks = Russell 2000 TR, Small Cap Growth Stocks = Russell 2000 Growth TR, Developed International Value Stocks = MSCI EAFE Value NR, Developed International Core Stocks = MSCI EAFE NR, Developed International Growth Stocks = MSCI EAFE Growth NR, Emerging Markets Stocks = MSCI EM NR, Core Fixed Income = BBgBarc US Agg Bond TR, Defensive Fixed Income = BBgBarc 1-3 yr US Treasury TR, Municipal Fixed Income = BBgBarc Municipal 5 Yr 4-6 TR, Defensive Municipal Fixed Income = BBgBarc 1 Yr 1-2 TR, Floating Rate Corporate Loans = S&P/Leveraged Loan TR, High Yield Bonds = ICE BofA US High Yield TR, Low Correlated Hedge Funds = HFRI Fund of Funds Composite Index, Liquid Low Correlated Hedge Funds = Wilshire Liquid Alternatives Multi-Strategy Index, Commodities = Bloomberg Commodity TR, Midstream Energy = Alerian Midstream Energy TR, Global REITS = S&P Developed Property TR, Direct Real Estate (Current Quarter, YTD, and Annualized Returns are preliminary) = NCREIF ODCE, Reinsurance = Eurekahedge ILS Advisers NR LCL

Investment Returns Over Time

Periods Ended March 31, 2021

Calendar Year Returns Annualized Periods Ended March 31, 2021

Broad Market Indices QTD YTD 2020 2019 2018 2017 2016 1 yr 3 yrs 5 yrs 7 yrs 10 yrs 20 yrs

Domestic Equities

Large Cap Value Stocks 10.8 10.8 1.4 31.9 -9.0 15.4 17.4 50.4 11.8 12.3 10.0 11.1 7.0

Large Cap Core Stocks 6.2 6.2 18.4 31.5 -4.4 21.8 12.0 56.4 16.8 16.3 13.6 13.9 8.5

Large Cap Growth Stocks 2.1 2.1 33.5 31.1 0.0 27.4 6.9 59.4 20.6 19.4 16.5 16.2 9.6

Mid Cap Value Stocks 13.1 13.1 5.0 27.1 -12.3 13.3 20.0 73.8 10.7 11.6 9.3 11.1 10.1

Mid Cap Core Stocks 8.1 8.1 17.1 30.5 -9.1 18.5 13.8 73.6 14.7 14.7 11.7 12.5 10.5

Mid Cap Growth Stocks -0.6 -0.6 35.6 35.5 -4.8 25.3 7.3 68.6 19.4 18.4 14.4 14.1 10.5

Small Cap Value Stocks 21.2 21.2 4.6 22.4 -12.9 7.8 31.7 97.1 11.6 13.6 8.9 10.1 9.5

Small Cap Core Stocks 12.7 12.7 20.0 25.5 -11.0 14.6 21.3 94.8 14.8 16.4 11.0 11.7 9.8

Small Cap Growth Stocks 4.9 4.9 34.6 28.5 -9.3 22.2 11.3 90.2 17.2 18.6 12.8 13.0 9.7

International Equities

Developed International Value Stocks 7.4 7.4 -2.6 16.1 -14.8 21.4 5.0 45.7 1.8 6.6 2.2 3.7 4.8

Developed International Core Stocks 3.5 3.5 7.8 22.0 -13.8 25.0 1.0 44.6 6.0 8.8 4.8 5.5 5.5

Developed International Growth Stocks -0.6 -0.6 18.3 27.9 -12.8 28.9 -3.0 42.6 9.8 10.8 7.2 7.2 6.0

Emerging Markets Stocks 2.3 2.3 18.3 18.4 -14.6 37.3 11.2 58.4 6.5 12.1 6.6 3.7 10.02

Fixed Income

Core Fixed Income -3.4 -3.4 7.5 8.7 0.0 3.5 2.6 0.7 4.7 3.1 3.3 3.4 4.5

Defensive Fixed Income -0.1 -0.1 3.2 3.6 1.6 0.4 0.9 0.3 2.8 1.7 1.5 1.3 2.5

Municipal Fixed Income -0.3 -0.3 4.3 5.4 1.7 3.1 -0.4 5.1 3.9 2.5 2.6 2.9 3.8

Defensive Municipal Fixed Income 0.2 0.2 1.8 2.5 1.7 0.9 0.3 1.9 1.9 1.4 1.2 1.1 2.0

Floating Rate Corporate Loans 1.8 1.8 3.1 8.6 0.4 4.1 10.2 20.7 4.1 5.3 3.9 4.3 4.8

High Yield Fixed Income 0.9 0.9 6.2 14.4 -2.3 7.5 17.5 23.3 6.5 7.9 5.3 6.3 7.4

Diversifying Asset Classes

Low Correlated Hedge Funds 2.5 2.5 10.9 8.4 -4.0 7.8 0.5 24.6 5.6 5.7 4.0 3.5 -

Liquid Low Correlated Hedge Funds 2.2 2.2 3.2 6.7 -4.2 5.1 2.3 15.2 2.8 3.0 1.8 2.0 2.5

Commodities 6.9 6.9 -3.1 7.7 -11.2 1.7 11.8 35.0 -0.2 2.3 -5.8 -6.3 0.2

Midstream Energy 20.9 20.9 -23.4 24.1 -13.3 -2.4 33.8 74.5 4.2 4.8 -0.2 - -

Global REITs 5.6 5.6 -6.2 22.8 -6.1 13.2 5.4 35.9 6.1 5.2 6.2 7.1 9.0

Direct Real Estate - - 1.2 5.3 8.3 7.6 8.8 - - - - - -

Reinsurance 0.3 0.3 3.5 0.9 -3.9 -5.6 5.2 3.5 0.1 -0.2 1.1 2.6 -

28

Criteria

Organization People Philosophy &Process

StyleConsistency Asset Base Performance Expenses Overall

Costs

Exp Ratio(%)

MedianExp Ratio

(%)

Ratio ofExp to

Median (%)Dodge & Cox Stock (DODGX) 0.52 0.87 59.77Vanguard Instl Indx;InsP (VIIIX) 0.02 0.79 2.53Neuberger Sus Eqty;R6 (NRSRX) 0.59 0.80 73.75Harbor:Cap Apprec;Ret (HNACX) 0.59 0.92 64.13Fidelity Contrafund K6 (FLCNX) 0.45 0.90 50.00Fidelity Low-Prcd Stk (FLPSX) 0.78 0.92 84.78Vanguard Md-Cp I;Inst (VMCIX) 0.04 1.00 4.00Artisan:Mid Cap;Inst (APHMX) 0.96 1.06 90.57Am Beacon:SC Val;R6 (AASRX) 0.80 1.14 70.18Vanguard S-C Id;Inst (VSCIX) 0.04 1.08 3.70Am Beacon:Intl Eq;R6 (AAERX) 0.69 0.92 75.00American Funds EuPc;R6 (RERGX) 0.46 1.04 44.23MetWest:Total Rtn;Plan (MWTSX) 0.38 0.57 66.67PIMCO:High Yield;Inst (PHIYX) 0.57 0.87 65.52CRA Book Value -- Net 0.24 0.73 32.87Vanguard Trs MM;Inv (VUSXX) 0.09 0.40 22.50CRA 2030 Target Date Fund 0.49 0.70 70.00DFA Emg Mkts Core Eq;I (DFCEX) 0.39 1.20 32.50JPMorgan:Str Inc Opp;R6 (JSOZX) 0.53 1.27 41.73BlackRock:Str Inc Opp;I (BSIIX) 0.84 1.02 82.35MainStay:Flt Rate;R6 (MXFEX) 0.64 0.97 65.98Invesco SP MLP Sl;Y (MLPTX) 0.89 1.29 68.99PartnerSel Alt Str;Inst (MASFX) 1.35 1.85 72.97

Legend For Overall Criteria

No/Minimum ConcernsMinor ConcernMajor ConcernUnder Review

New No/Minimum ConcernsUpgrade to Minor ConcernDowngrade to Minor ConcernNew Major Concern

Manager Score Factor CommentsNeuberger Sus Eqty;R6 (NRSRX) Performance The portfolio's long-term performance is a result of a lack of bigger growth names. The fund has failed to outperform its benchmark over the 3-

and 5-year time periods. Going forward, we will continue to closely monitor the fund's performance, but remain confident in the manager’sabilities over the long term.

Manager Scorecard

The Expense Ratio and Median Expense Ratio for any Hedge Fund of Funds and Private Equity Fund of Funds exclude underlying fund expenses; the expenses shown are only at the Fund of Funds level. For additional disclosuresrelated to any non-mutual fund alternative investments, please see the full disclaimer in the appendix.

29

Manager ScorecardManager Score Factor CommentsFidelity Low-Prcd Stk (FLPSX) Style Consistency While the prospectus benchmark for Fidelity Low Priced Stock is the Russell 2000, the fund’s benchmark agnostic approach creates challenges

when comparing relative performance. Innovest will continue to closely monitor this strategy.PIMCO:High Yield;Inst (PHIYX) Expenses The expense ratio provided is the prospectus net expense ratio. PIMCO also includes an adjusted expense ratio that excludes certain

investment expenses that are incurred directly by the fund but not paid to PIMCO. The adjusted expense ratio is generally less than theprospectus net expense ratio. Innovest will continue to monitor the management expenses of this fund.

CRA Book Value -- Net Organization On February 23, 2021, WFAM and Galliard announced an agreement under which private equity firms GTCR LLC and Reverence CapitalPartners, L.P. will acquire WFAM and subsequently Galliard. As part of the transaction, Wells Fargo will continue to hold a 9.9% equity interest.A new company will be formed from this transition, with Joseph A. Sullivan, former CEO and chairman of Legg Mason, as Executive Chairman ofthe Board. Both Reverence Capital and GTCR have expressed their commitment to keep the current investment teams in place. We willcontinue to monitor the transition and formation of the new company, but we are confident in the management team’s abilities going forward.

Vanguard Trs MM;Inv (VUSXX) Performance The Innovest Due Dilligence team has determined that the performance of all money market mutual funds are under review given the currenteconomic environment. Given current interest rate sentiment, these funds are not expected to yield favorable returns but will continue toserve in a capital preservation capacity.

DFA Emg Mkts Core Eq;I (DFCEX) Performance This fund has underperformed the median and benchmark in the 3- and 5- year time periods. DFA has a value tilt which has been out of favorrecently. Innovest will continue to monitor performance going forward.

DFA Emg Mkts Core Eq;I (DFCEX) Expenses Effective February 2021 Dimensional Fund Advisors has reduced fees in 33 of their strategies including this one. Innovest sees this feededuction as a positive development for those invested as there is no change in investment philosophy and process.

BlackRock:Str Inc Opp;I (BSIIX) Overall Effective July 2018, certain funds that utilize derivatives and more opportunistic approaches are required to include investment-relatedexpenses in their net expense ratio. While the expense reporting requirements have been modified, funds' actual expenses have not changed.

Invesco SP MLP Sl;Y (MLPTX) Overall Due to the concern about the MLP universe, we have a minor concern for the strategy overall.Invesco SP MLP Sl;Y (MLPTX) Organization In May 2019, Invesco acquired a controlling stake in Oppenheimer Funds. The previous controlling parent company, MassMutual, still retains a

stake in Oppenheimer. After nearly two years, we have not identified any meaningful changes in the fund's investment strategy. We willmonitor continue to monitor the fund going forward, but we no longer have an organizational concern related to the transaction.

Invesco SP MLP Sl;Y (MLPTX) Style Consistency Although we remain confident in the underlying fundamentals of midstream energy assets, the universe of midstream MLP securities hascontinued to contract over the last few years. Many midstream energy businesses have elected to become normal taxable corporations,reducing the number of midstream MLPs. This change has impacted the way that MLP investment managers implement their strategies. As aresult, we will continue to monitor our investment managers and the midstream energy MLP industry.

Invesco SP MLP Sl;Y (MLPTX) Asset Base Assets have decreased by 52% in the past 12 months. However, the total AUM remains strong amongst peers.PartnerSel Alt Str;Inst (MASFX) Organization Effective July, 31st, 2020, the Masters Alternative Strategies Fund changed its name to PartnerSelect Alternative Strategies Fund. This change is

strictly related to the name and does not impact the philosophy or process of the strategy.iM Global Partner has acquired Litman Gregory, the deal is set to close in the second quarter of 2021.

PartnerSel Alt Str;Inst (MASFX) Overall Effective July 2018, certain funds that utilize derivatives and more opportunistic approaches are required to include investment-relatedexpenses in their net expense ratios. While the expense reporting requirements have been modified, funds’ actual expenses have not changed.

The Expense Ratio and Median Expense Ratio for any Hedge Fund of Funds and Private Equity Fund of Funds exclude underlying fund expenses; the expenses shown are only at the Fund of Funds level. For additional disclosuresrelated to any non-mutual fund alternative investments, please see the full disclaimer in the appendix.

30

Manager Equity Ownership: WATCHNot Reported - Information Confidential 2Q WATCH

NA - No Information to Collect 3Q WATCH4Q WATCH

5Q> WATCH5Q> WATCH 3Q WATCH

Dodge & Cox StockNeuberger Berman

Sust Equity R6Harbor Capital Appreciation

Fidelity® Contrafund®

Fidelity® Low-Priced Stock

Artisan Mid Cap Institutional

American Beacon Small Cap Value;

R6American Beacon

Int Equity; R6American Funds

Europacific Growth R6

DFA Emerging Markets Core

Equity I

Metropolitan West Total Return Bond

PlanPIMCO High Yield

Instl

Expense Ratio 0.52 0.59 0.59 0.45 0.78 0.96 0.80 0.69 0.46 0.39 0.38 0.57

Watch List Criteria DODGX NRSRX HNACX FLCNX FLPSX APHMX AASRX AAERX RERGX DFCEX MWTSX PHIYX

Changes in Ownership Structure or Material Litigation Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass

Investment Management Team Changes Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass

Significant Increase/Decrease in Assets Under Management Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass PassInvestment Style Stable/Consistent and Adherence to Investment Guidelines Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass

Performance Pass Fail Pass Pass Pass Pass Pass Pass Pass Fail Pass Pass

*Watchlist Date October-18 July-20

Manager Equity Ownership* Dodge & Cox StockHarbor Capital Appreciation #REF!

Fidelity® Contrafund®

Fidelity® Low-Priced Stock

Artisan Mid Cap Institutional

American Beacon Small Cap Value; R6

American Beacon Int Equity; R6

American Funds Europacific Growth R6

DFA Emerging Markets Core

Equity I

Metropolitan West Total Return Bond

PlanPIMCO High Yield

InstlPM 1 > $1Mln > $1Mln > $1Mln > $1Mln > $1Mln > $1Mln $100,001-$500,000 $100,001-$500,000 > $1Mln $50,001-$100,000 > $1Mln >$1MlnPM 2 > $1Mln > $1Mln > $1Mln NA $100,001-$500,000 > $1Mln $50,001-$100,000 $10,001-$50,000 > $1Mln < $10,000 > $1Mln $100,001-$500,000PM 3 > $1Mln > $1Mln NA NA $10,001-$50,000 > $1Mln $10,001-$50,000 $1-$10,000 > $1Mln $0 > $1Mln NAPM 4 > $1Mln $100,001-$500,000 NA NA $0 $100,001-$500,000 $10,001-$50,000 $1-$10,000 $100,001-$500,000 $0 $100,001-$500,000 NAPM 5 > $1Mln NA NA NA $0 NA $1-$10,000 $0 $100,001-$500,000 $0 NA NAPM 6 > $1Mln NA NA NA $0 NA $0 $0 $100,001-$500,000 NA NA NAPM 7 > $1Mln NA NA NA NA NA $0 $0 $100,001-$500,000 NA NA NAPM 8 > $1Mln NA NA NA NA NA $0 $0 $500,001-$1Mln NA NA NAPM 9 $500,000-$1Mln NA NA NA NA NA $0 $0 $500,001-$1Mln NA NA NASub Advisors (TOTAL) NA NA NA NA NA NA > $1Mln $0 NA NA NA NA*As of recent filings

5Q> WATCH

JPMorgan Strategic Iincome Opp; R6

BlackRock Strategic Income

Opp; IMainStay Floating

Rate R6Invesco SP MLP

Select 40PartnerSelect Alt

StrGalliard Book Value

Net (CRA)


InsPVanguard Mid Cap

Index IVanguard Small Cap

Index I

Expense Ratio 0.53 0.84 0.64 0.89 1.35 0.24 0.02 0.04 0.04

Watch List Criteria JSOZX BSIIX MXFEX MLPTX MASFX SV-CCOERA VIIIX VMCIX VSCIX

Changes in Ownership Structure or Material Litigation Pass Pass Pass Pass Pass Pass Pass Pass Pass

Investment Management Team Changes Pass Pass Pass Pass Pass Pass Pass Pass Pass

Significant Increase/Decrease in Assets Under Management Pass Pass Pass Fail Pass Pass Pass Pass PassInvestment Style Stable/Consistent and Adherence to Investment Guidelines Pass Pass Pass Fail Pass Pass Pass Pass Pass

Performance Pass Pass Pass Pass Pass Pass Pass Pass Pass

*Watchlist Date October-19

Manager Equity Ownership*JPMorgan Strategic

Iincome Opp; R6

BlackRock Strategic Income

Opp; IMainStay Floating

Rate R6Invesco SP MLP

Select 40PartnerSelect Alt

StrGalliard Book

Value Net (CRA)


InsPVanguard Mid Cap

Index IVanguard Small Cap

Index IPM 1 > $1Mln > $1Mln $10,001 - $50,000 $10,001-$50,000 $100,001-$500,000 $0 $0 $0 $0PM 2 $100,001-$500,000 $500,001-$1Mln $0 $0 $100,001-$500,000 $0 $0 $0 $0PM 3 $100,001-$500,000 $100,001 - $500,000 $0 NA $100,001-$500,000 $0 NA NA NAPM 4 NA NA NA NA $50,001-$100,000 $0 NA NA NAPM 5 NA NA NA NA $0 $0 NA NA NAPM 6 NA NA NA NA $0 $0 NA NA NAPM 7 NA NA NA NA $0 $0 NA NA NAPM 8 NA NA NA NA $0 NA NA NA NASub Advisors (TOTAL) NA NA NA NA NA NA NA NA NA*As of recent filings

Investment Policy Statement Watch List ‐ CRAPeriod Ending March 2021

Strategy has been on watchlist for 4 consecutive quartersStrategy has been on watchlist for 5 or more consecutive quarters

LegendStrategy has been on watchlist for 1 quarterStrategy has been on watchlist for 2 consecutive quartersStrategy has been on watchlist for 3 consecutive quarters

31

4Q20: Invesco Steelpath Watch List Report presented.

3Q20: Neuberger Berman Sustainable Equity and DFA Emerging Markets Core Equity Watch List Reports created.

1Q20: Neuberger Berman Watch List Report presented. Performance was reviewed and Board decided to continue to watch the fund.

4Q19: Fidelity Low Price Stock Watch List Report presented. Performance was reviewed and Board decided to continue to watch the fund.

4Q19: Investment Style: American Beacon International Equity, made the decision to replace Templeton Investment Counsel with American Century Investment Management on the International Equity strategy. Vhanges in Ownership and Investment Style: Invesco Oppenheimer SP MLP Select 40, Invesco acquired a controlling stake in Oppenheimer Funds. In addition, Although we remain confident in the underlying fundamentals of midstream energy assets, the universe of midstream MLP securities has contracted over the last few years. Many midstream energy businesses have elected to become normal taxable corporations, reducing the number of midstream MLPs.

3Q19: Performance: Invesco Opp. SteelPath MLP Alpha, The strategy has struggled to keep pace with peers over the short to intermediate term as it has failed to outperform both its benchmark and peers over the 3‐ and 5‐year period. Artisan Mid Cap Institutional, The strategy has struggled to keep pace with peers over the short to intermediate term as it has failed to outperform both its benchmark and peers over the 3‐ and 5‐year period. We remain confident in the team’s disciplined process and will continue to monitor the strategy closely.

3Q19: Investment Style/Consistency: DFA Emerging Market Core Equity Will no longer limit exposure to individual countries to 17.5%. This change was implemented as countries have gained larger weights in the index.

3Q19: Investment Management Team Changes: American Funds EuroPacific Growth Mark Denning, a senior comanager on the fund since 1991, abruptly left the firm in September. After an independent investigationtook place, there have been allegations that Denning was acquiring shares for his own benefit that were also owned in funds that he managed at Capital Group.

2Q19: Invesco Opp. SteelPath MLP Alpha Style/Consistency Fail triggered due to shrinking universe of eligible investments.

4Q18: Neuberger Berman Sustainable Equity Performance Fail triggered due to low exposure to growth holdings. Artisan Mid Cap Instituional Asset Fail triggered due to $725,986,227 outflow in the fourth quarter, which exceeded 10% of the fund's average assets over the quarter of $4,958,826,868. Oppenheimer SteelPath MLP Alpha Asset Fail triggered due to $264,005,218 outflow in the fourth quarter, which exceeded 10% of the fund's average assets over the quarter of $2,030,764,048. John Hancock Global Absolute Return Strategies Investment Management Team Fail triggered by Lead Portfolio Manager Guy Stern upcoming retirement in early 2019.

September 30, 2018: Watch List Report Generated: Harbor Capital Appreciation: Investment Style Stable/Consistent. The fund had a significant overweight to IT when compared to the benchmark and peers. Reviewed with the board and the board formally approved leaving them in the plan and on the watch list.

September 30, 2018: Watch List Report Generated: John Hancock GARS: Performance. Relative value trades favored certain sectors against others to the detriment of GARS’ positioning and currency trades dampened returns. Reviewed with the board and the board formally approved leaving them in the plan and on the watch list until annual asset allocation review.

3Q18: Oppenheimer SteelPath MLP Alpha Ownership Structure Fail triggered due to announced plans for Invesco to piurchase a controlling share in the company, expected to close 2Q 2019.

2Q18: American Beacon Small Cap Value Asset Fail triggered due to AUM near $7 billion. This AUM is larger than peers and may cause challenges in the small cap space.

2Q18: John Hancock Global Absolute Return Strats Asset Fail triggered due to $468,100,693 outflow in the second quarter, which exceeded 10% of the funds average assets over the quarter of $4,203,799,167.

March 31, 2018: Watch List Report Generated: Artisan Mid Cap: Performance. Artisan's emphasis on valuations can cause it to lag during strong growth periods, like the current market environment. Reviewed with the board and the board formally approved leaving them in the plan and on the watch list.

March 31, 2018: Watch List Report Generated: Fidelity Low Priced Stock: Performance. Due to the fund's defensive quality tilt, it is expected to underperform in markets where fundamentals are ignored or in rapidly rising markets. Reviewed with the board and the board formally approved leaving them in the plan and on the watch list.

1Q18: PIMCO High Yield Asset Fail triggered due to $2,092,202,655 outflow in the first quarter, which exceeded 10% of the fund's average assets over the quarter of $8,581,801,406.8

1Q17: John Hancock GARS Asset Fail triggered due to $693,105,367 outflow in the first quarter, which exceeded 10% of the fund's average assets over the quarter of $6,128,480,671.

4Q16: John Hancock GARS Asset Fail Triggered due to $1,398,697,427 outflow in the fourth quarter, which exceeded 10% of the fund's average assets over the quarter of $7,054,831,477.

3Q16: John Hancock GARS Asset Fail triggered due to $915,100,185 outflow in the third quarter, which exceeded 10% of the fund's average assets over the quarter of $8,241,541,663.

March 31, 2015: Watch List Report Generated: Liquid Low Correlated Hedge Fund Basket: Performance. The performance of the LLCH basket not only outperformed its peer median group but also was in line with the HFRI benchmark. Reviewed with the board and the board formally approved leaving them in the plan and on the watch list..March 31, 2015: Watch List Report Generated: American Beacon Small Cap Value: Performance. The performance of the American Beacon Small Cap Value Fund remained strong outpacing their peer median group and the benchmark even though there were organizational, philosophy, and asset base concerns. Reviewed with the board and the board formally approved leaving them in the plan and on the watch list.

32

LastQuarter

YearTo

Date

1Year

3Years

5Years

7Years

10Years

SinceInception

InceptionDate

Large Cap EquityDodge & Cox Stock (DODGX) 15.86 (9) 15.86 (9) 75.26 (7) 13.59 (11) 15.86 (3) 11.39 (6) 12.96 (2) 11.39 (6) 04/01/2014S&P 500 Value 10.77 (59) 10.77 (59) 50.37 (75) 11.83 (28) 12.31 (32) 9.96 (20) 11.15 (23) 9.96 (20)IM U.S. Large Cap Value Equity (MF) Median 11.24 11.24 56.45 10.62 11.61 8.92 10.27 8.92

Vanguard Institutional Index (VIIIX)* 6.18 (57) 6.18 (57) 56.37 (44) 16.78 (29) 16.29 (23) 13.59 (15) 13.91 (15) 14.52 (14) 10/01/2009S&P 500 Index 6.17 (57) 6.17 (57) 56.35 (44) 16.78 (29) 16.29 (23) 13.59 (15) 13.91 (15) 14.52 (14)IM U.S. Large Cap Core Equity (MF) Median 6.44 6.44 55.30 15.28 15.21 12.18 12.59 13.18

Neuberger Berman Sust. Equity (NRSRX) 7.52 (35) 7.52 (35) 63.96 (13) 15.14 (53) 14.87 (58) 12.01 (53) N/A 13.26 (53) 07/01/2013S&P 500 Index 6.17 (57) 6.17 (57) 56.35 (44) 16.78 (29) 16.29 (23) 13.59 (15) 13.91 (15) 14.68 (17)IM U.S. Large Cap Core Equity (MF) Median 6.44 6.44 55.30 15.28 15.21 12.18 12.59 13.38

Harbor Capital Appreciation (HNACX) -3.37 (99) -3.37 (99) 69.33 (15) 23.66 (16) 23.08 (10) N/A N/A N/A 04/01/2014S&P 500 Growth 2.12 (33) 2.12 (33) 59.43 (52) 20.58 (61) 19.35 (62) 16.49 (40) 16.16 (30) 16.49 (40)IM U.S. Large Cap Growth Equity (MF) Median 1.18 1.18 59.80 21.21 20.04 16.17 15.19 16.17

General EquityFidelity Contrafund K6(FLCNX) 2.01 (98) 2.01 (98) 54.62 (78) 18.41 (5) N/A N/A N/A N/A 01/01/1998Fidelity Contrafund (FCNTX) 2.49 (98) 2.49 (98) 57.26 (71) 18.79 (4) 19.12 (2) 15.49 (1) 15.12 (2) 10.98 (5)S&P Composite 1500 6.91 (69) 6.91 (69) 58.73 (67) 16.47 (18) 16.15 (18) 13.37 (9) 13.74 (9) 8.51 (42)IM U.S. Core Equity (MF) Median 9.19 9.19 64.97 13.45 14.07 10.76 11.53 8.26

Fidelity Low Priced Stock (FLPSX) 13.82 (13) 13.82 (13) 72.91 (21) 12.15 (67) 12.65 (69) 9.78 (69) 11.38 (62) 11.01 (10) 01/01/1998S&P Composite 1500 6.91 (45) 6.91 (45) 58.73 (60) 16.47 (37) 16.15 (38) 13.37 (26) 13.74 (24) 8.51 (45)IM U.S. Multi-Cap Equity (MF) Median 6.31 6.31 61.03 14.40 14.74 11.47 12.04 8.27

Mid Cap EquityVanguard Mid Cap Index Instl (VMCIX)* 7.19 (85) 7.19 (85) 70.65 (50) 14.67 (16) 14.62 (18) 11.75 (12) 12.32 (8) 12.87 (7) 01/01/2011CRSP U.S. Mid Cap TR Index 7.18 (86) 7.18 (86) 70.66 (50) 14.67 (16) 14.62 (18) 11.76 (12) 12.48 (7) 12.96 (7)IM U.S. Mid Cap Core Equity (MF) Median 10.41 10.41 70.62 11.98 12.24 9.07 10.23 10.73

Artisan Mid Cap (APHMX) -2.30 (91) -2.30 (91) 75.66 (39) 25.80 (12) 21.33 (28) 14.81 (37) 15.06 (13) 11.83 (8) 04/01/2002Russell Midcap Growth Index -0.57 (73) -0.57 (73) 68.61 (69) 19.41 (57) 18.39 (58) 14.37 (46) 14.11 (37) 10.78 (32)IM U.S. Mid Cap Growth Equity (MF) Median 1.15 1.15 72.52 20.17 18.75 14.17 13.74 10.23

Table of Returns

*Index FundMutual fund, ETF, and alternative investment returns are reported net of fees, unless otherwise stated, and are provided by the product manager.Numbers in parentheses represent the percentile rank of a return as compared to a universe of funds using similar investment strategies. Returns for periods longer than one year are annualized.

33

Table of ReturnsLast

Quarter

YearTo

Date

1Year

3Years

5Years

7Years

10Years

SinceInception

InceptionDate

Small Cap EquityAmerican Beacon Small Cap Value (AASRX) 19.66 (69) 19.66 (69) 102.11 (44) 9.81 (52) N/A N/A N/A N/A 10/01/2004Am Beacon:SC Val;R5 (AVFIX) 19.61 (69) 19.61 (69) 102.13 (44) 9.79 (52) 11.76 (47) 8.30 (33) 9.85 (30) 9.00 (25)Russell 2000 Value Index 21.17 (52) 21.17 (52) 97.05 (60) 11.57 (26) 13.56 (23) 8.93 (25) 10.06 (23) 8.63 (38)IM U.S. Small Cap Value Equity (MF) Median 21.38 21.38 100.51 9.89 11.67 7.64 9.08 8.30

Vanguard Small Cap Index Instl (VSCIX)* 10.23 (92) 10.23 (92) 87.78 (57) 14.98 (13) 15.61 (16) 11.23 (11) 12.16 (11) 13.47 (11) 04/01/2012CRSP U.S. Small Cap TR Index 10.21 (92) 10.21 (92) 87.68 (57) 14.94 (14) 15.58 (17) 11.20 (12) 12.26 (10) 13.51 (11)IM U.S. Small Cap Core Equity (MF) Median 15.25 15.25 90.34 11.95 13.38 9.47 10.28 11.54

International EquityAmerican Beacon Intl Equity R6 (AAERX) 6.47 (70) 6.47 (70) 53.68 (53) 3.13 (49) N/A N/A N/A N/A 10/01/1998Am Beacon:Intl Eq;R5 (AAIEX) 6.43 (70) 6.43 (70) 53.56 (54) 3.07 (50) 6.78 (24) 2.95 (23) 4.56 (1) 6.03 (N/A)MSCI EAFE Value Index (Net) 7.44 (51) 7.44 (51) 45.71 (92) 1.85 (69) 6.57 (29) 2.19 (61) 3.65 (33) 5.35 (N/A)IM International Large Cap Value Equity (MF) Median 7.48 7.48 53.97 3.02 5.94 2.35 3.37 N/A

American Funds EuroPacific Gr (RERGX) -0.43 (81) -0.43 (81) 60.79 (11) 10.20 (35) 12.90 (16) 8.14 (18) 7.72 (14) 10.47 (10) 01/01/2012MSCI EAFE Growth Index (Net) -0.57 (86) -0.57 (86) 42.59 (74) 9.84 (41) 10.84 (55) 7.21 (42) 7.21 (30) 9.60 (29)IM International Large Cap Growth Equity (MF) Median 0.80 0.80 49.92 9.27 11.12 6.67 6.46 8.85

Core Fixed IncomeMet West Total Return (MWTSX) -2.91 (40) -2.91 (40) 3.65 (62) 5.56 (14) 3.76 (27) 3.67 (22) N/A 3.44 (26) 01/01/2015Blmbg. Barc. U.S. Aggregate Index -3.38 (74) -3.38 (74) 0.71 (91) 4.65 (60) 3.10 (67) 3.31 (49) 3.44 (56) 3.06 (56)IM U.S. Broad Market Core Fixed Income (MF) Median -3.04 -3.04 4.37 4.80 3.40 3.29 3.51 3.16

High YieldPIMCO High Yield Instl (PHIYX) 0.10 (87) 0.10 (87) 18.49 (81) 6.22 (30) 6.75 (48) 4.99 (16) 5.82 (25) 7.97 (19) 10/01/2008Blmbg. Barc. U.S. Corp High Yield 0.85 (53) 0.85 (53) 23.72 (37) 6.84 (12) 8.06 (9) 5.42 (7) 6.48 (7) 8.93 (3)IM U.S. High Yield Bonds (MF) Median 0.91 0.91 22.24 5.64 6.70 4.21 5.34 7.34

Other AssetsVanguard Federal Money Market Fund (VUSXX) 0.01 0.01 0.12 1.35 1.08 0.78 0.55 1.08 04/01/2016FTSE 3 Month T-Bill 0.02 0.02 0.21 1.45 1.15 0.84 0.60 1.15


34


Quarter

YearTo

Date

1Year

3Years

5Years

7Years

10Years

SinceInception

InceptionDate

Funds Available in Target Date Funds Only

Emerging MarketsDFA Emerging Markets Core Equity (DFCEX) 5.31 (21) 5.31 (21) 67.25 (34) 5.06 (64) 11.02 (64) 6.13 (58) N/A 11.02 (64) 04/01/2016MSCI Emerging Markets (Net) Index 2.29 (57) 2.29 (57) 58.39 (66) 6.48 (47) 12.07 (45) 6.58 (47) 3.65 (53) 12.07 (45)IM Emerging Markets Equity (MF) Median 2.86 2.86 63.01 6.19 11.71 6.39 3.73 11.71

Opportunistic Fixed IncomeJPMorgan Strategic Income Opps R6 (JSOZX) 0.35 (53) 0.35 (53) 6.02 (59) 2.34 (54) N/A N/A N/A N/A 10/01/2011JPMorgan:Str Inc Opp;R5 (JSORX) 0.23 (54) 0.23 (54) 5.92 (59) 2.21 (55) 3.70 (13) 2.45 (33) 2.75 (30) 3.38 (24)Blmbg. Barc. U.S. Aggregate Index -3.38 (77) -3.38 (77) 0.71 (70) 4.65 (23) 3.10 (17) 3.31 (30) 3.44 (26) 2.97 (28)IM Specialty Fixed Income (MF) Median 0.88 0.88 10.30 3.00 0.75 -1.92 -4.06 -0.57

BlackRock:Str Inc Opp I (BSIIX) 0.30 (54) 0.30 (54) 14.08 (44) 4.67 (23) 4.70 (8) 3.53 (28) 3.77 (26) 4.66 (5) 07/01/2016Blmbg. Barc. U.S. Aggregate Index -3.38 (77) -3.38 (77) 0.71 (70) 4.65 (23) 3.10 (17) 3.31 (30) 3.44 (26) 2.79 (20)IM Specialty Fixed Income (MF) Median 0.88 0.88 10.30 3.00 0.75 -1.92 -4.06 -0.18

Floating Rate Corporate LoansMainStay Floating Rate R6 (MXFEX) 1.02 (84) 1.02 (84) 17.89 (53) N/A N/A N/A N/A N/A 01/01/2012MainStay:Flt Rate;I (MXFIX) 0.97 (86) 0.97 (86) 17.51 (59) 3.41 (29) 4.38 (47) 3.37 (23) 3.67 (31) 3.92 (43)CSFB Leveraged Loan 2.01 (16) 2.01 (16) 20.77 (17) 4.14 (7) 5.33 (12) 4.03 (1) 4.40 (1) 4.86 (1)Loan Participation Mutual Funds Median 1.60 1.60 18.15 2.98 4.19 2.99 3.39 3.76

Other Real AssetsInvesco SP MLP Select 40 (MLPTX) 18.17 18.17 115.56 -1.08 0.61 -3.70 0.37 -6.56 09/01/2019Alerian MLP Infrastructure (Tax Adjusted) 16.56 16.56 73.64 -0.70 -0.47 -3.51 -0.02 -6.22

Low Correlated Hedge FundsPartnerSelect Alt Str Inst (MASFX) 2.44 (36) 2.44 (36) 20.14 (27) 5.07 (33) 5.16 (30) 3.93 (18) N/A 4.12 (34) 07/01/2015Wilshire Liquid Alternative Multi-Strategy Index 2.52 (36) 2.52 (36) 15.51 (38) 2.03 (71) 2.88 (67) 1.50 (68) 1.65 (67) 1.64 (72)IM Absolute Return (MF) Median 1.24 1.24 11.84 3.62 4.15 2.38 2.13 3.35


35

LastQuarter

YearTo

Date

1Year

3Years

5Years

7Years

10Years

SinceInception

InceptionDate

Stable ValueGalliard BV Net 0.45 0.45 2.22 2.41 2.25 2.13 2.21 3.22 10/01/2004

CRA Book Value Net 0.45 0.45 2.22 2.41 2.25 2.13 2.21 4.16 01/01/1998

Galliard Stable Val Mgmt 0.49 0.49 2.30 2.49 2.32 2.20 2.30 4.06 01/01/1998

Ryan 3 Yr GIC Master Index 0.51 0.51 2.24 2.25 1.97 1.73 1.66 3.46 01/01/1998

Treasury 5 Yr CMT + 50 bps 0.15 0.15 0.41 1.59 1.66 1.63 1.48 2.87 01/01/1998

Treasury 3 Yr CMT + 50bps 0.06 0.06 0.22 2.50 4.27 4.80 5.17 5.56 12/01/1998

Blmbg. Barc. 1-3 Year Credit -0.02 -0.02 4.39 3.54 2.57 2.21 2.23 3.97 01/01/1998

Table of Returns

Quarterly returns for the custom target date funds have been sourced from Empower. Since inception returns for the peer group are shown as of 6/1/2016. Since inception returns for the target date funds and custom benchmark areshown as of 6/24/2016.

Numbers in parentheses represent the percentile rank of a return compared to a universe of funds using similar investment strategies. Returns for periods longer than one year are annualized.

36


Quarter

YearTo

Date

1Year

3Years

5Years

7Years

10Years

SinceInception

InceptionDate

Target Date FundsCRA Income Target Date Fund 5.08 06/24/2016

CRA Income Target Date Fund 1.03 (13) 1.03 (13) 15.58 (75) 5.58 (90) 5.05 (85) N/A N/A 4.97 (85) 07/01/2016CRA Income Benchmark 0.88 (21) 0.88 (21) 13.16 (84) 4.79 (96) 4.25 (92) N/A N/A 4.24 (91)IM Mixed-Asset Target Today (MF) Median 0.43 0.43 19.24 6.65 6.43 4.85 5.05 6.32

CRA 2010 Target Date Fund 6.61 06/24/2016

CRA 2010 Target Date Fund 2.48 (1) 2.48 (1) 26.34 (11) 7.02 (72) 6.72 (74) N/A N/A 6.45 (77) 07/01/2016CRA 2010 Benchmark 2.35 (1) 2.35 (1) 21.82 (38) 5.68 (99) 5.61 (92) N/A N/A 5.43 (92)IM Mixed-Asset Target 2010 (MF) Median 0.55 0.55 20.60 7.50 7.26 5.70 5.87 7.11









Quarterly returns for the custom target date funds have been sourced from Empower. Since inception returns for the peer group are shown as of 6/1/2016. Since inception returns for the target date funds and custom benchmark are shown as of 6/24/2016.


37


Quarter

YearTo

Date

1Year

3Years

5Years

7Years

10Years

SinceInception

InceptionDate












CRA 2060 Target Date Fund 5.11 (63) 5.11 (63) 59.87 (2) 11.61 (59) 12.95 (47) N/A N/A 12.72 (73) 07/01/2016CRA 2060 Benchmark 5.06 (66) 5.06 (66) 50.61 (79) 10.56 (88) 11.56 (89) N/A N/A 11.58 (92)IM Mixed-Asset Target 2060+ (MF) Median 5.27 5.27 54.14 11.93 12.91 N/A N/A 13.23



38


Quarter

YearTo

Date

1Year

3Years

5Years

7Years

10Years

SinceInception

InceptionDate

IndicesS&P 500 Index 6.17 6.17 56.35 16.78 16.29 13.59 13.91 10.33 01/01/1926

Blmbg. Barc. U.S. Aggregate Index -3.38 -3.38 0.71 4.65 3.10 3.31 3.44 7.19 01/01/1976

Russell 2000 Index 12.70 12.70 94.85 14.76 16.35 11.05 11.68 11.86 01/01/1979

Russell 3000 Index 6.35 6.35 62.53 17.12 16.64 13.44 13.79 12.22 01/01/1979

MSCI EAFE (Net) Index 3.48 3.48 44.57 6.02 8.85 4.80 5.52 8.69 01/01/1970



39

Colorado Retirement Association (CRA)

Wendy Dominguez, MBA | Principal, PresidentPeter Mustian, MBA | Principal, COOJared Martin, CFP®, AIF® | Principal

Report Prepared by: John Brock

Colorado • Arizona • California | www.innovestinc.com

Q1 2021

Product Analysis

FUND INFORMATION

ROLLING 3 YEAR RETURNS AND PERCENTILE RANKINGS

PEER GROUP ANALYSIS - IM Mixed-Asset Target Today (MF)

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

RISK VS. RETURN (5 YEARS*)

*If less than 5 years, data is since inception of fund share class.


Diversification - Each target datefund is a well-diversified mix ofunderlying stock and bondinvestments. The investment mixbecomes more conservative (fewerstocks and more bonds) as thetarget date is approached. Bychoosing a target date fund forretirement savings, you gain thebenefit of investment diversificationin a single option.

Automatic Reallocation - Targetdate funds automatically reducestock holdings and increase bondholdings over time to ensure thatthe allocation remains on track tohelp you achieve your long-terminvestment strategy for yourprojected retirement year.

Portfolio Rebalancing - Targetdate funds are automaticallyrebalanced quarterly to ensurethey maintain their target assetallocations even as markets mayshift.

CRA Inception:6/24/2016

-12.0

-4.0

4.0

12.0

20.0

28.0

36.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

CRA Income Target Date Fund 1.03 (13) 1.03 (13) 15.58 (75) 5.58 (90) 5.05 (85) N/A N/A

CRA Income Benchmark 0.88 (21) 0.88 (21) 12.74 (87) 4.79 (96) 4.25 (92) N/A N/A

Median 0.43 0.43 19.24 6.65 6.43 4.85 5.05

0.0

2.0

4.0

6.0

8.0

10.0

Retu

rn (%

)

0.0 2.0 4.0 6.0 8.0 10.0 12.0

Risk (Standard Deviation %)

Return StandardDeviation

CRA Income Target Date Fund 4.97 4.69

CRA Income Benchmark 4.24 4.03

Median 6.32 6.88

2020 2019 2018 2017 2016 2015 2014CRA Income Target Date Fund 8.20 (75) 8.22 (99) -0.44 (2) 4.92 (98) N/A N/A N/ACRA Income Benchmark 6.75 (87) 7.77 (100) -0.42 (2) 4.52 (98) N/A N/A N/AIM Mixed-Asset Target Today (MF) Median 9.49 13.31 -3.57 8.85 5.07 -1.42 3.87

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

CRA Income Target Date Fund 5.58 (90) 1.78 (68) 3.72 (84) N/A N/A N/A N/ACRA Income Benchmark 4.79 (96) 1.71 (70) 3.13 (92) N/A N/A N/A N/AIM Mixed-Asset Target Today (MF) Median 6.65 2.12 4.70 3.28 2.86 2.41 4.97

CRA Income Target Date Fund 03/31/21

2

FUND INFORMATION


PEER GROUP ANALYSIS - IM Mixed-Asset Target 2010 (MF)









-12.0

-4.0

4.0

12.0

20.0

28.0

36.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

CRA 2010 Target Date Fund 2.48 (1) 2.48 (1) 26.34 (11) 7.02 (72) 6.72 (74) N/A N/A

CRA 2010 Benchmark 2.36 (1) 2.36 (1) 20.53 (52) 5.68 (99) 5.61 (92) N/A N/A

Median 0.55 0.55 20.60 7.50 7.26 5.70 5.87

2.0

4.0

6.0

8.0

10.0

Retu

rn (%

)

2.0 4.0 6.0 8.0 10.0 12.0



CRA 2010 Target Date Fund 6.45 8.52

CRA 2010 Benchmark 5.43 7.20

Median 7.11 7.52

2020 2019 2018 2017 2016 2015 2014CRA 2010 Target Date Fund 10.09 (58) 10.70 (100) -2.39 (7) 6.73 (97) N/A N/A N/ACRA 2010 Benchmark 7.60 (100) 10.27 (100) -1.92 (2) 6.26 (99) N/A N/A N/AIM Mixed-Asset Target 2010 (MF) Median 10.43 14.19 -3.58 10.24 6.06 -1.20 4.11

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

CRA 2010 Target Date Fund 7.02 (72) 0.16 (100) 5.28 (70) N/A N/A N/A N/ACRA 2010 Benchmark 5.68 (99) 0.42 (100) 4.72 (90) N/A N/A N/A N/AIM Mixed-Asset Target 2010 (MF) Median 7.50 2.30 5.66 4.04 3.75 3.62 6.44

CRA 2010 Target Date Fund 03/31/21

3

FUND INFORMATION











-12.0

-4.0

4.0

12.0

20.0

28.0

36.0

44.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years



Median 1.30 1.30 24.70 7.95 7.91 6.25 6.62

4.0

6.0

8.0

10.0

Retu

rn (%

)

4.0 6.0 8.0 10.0 12.0





Median 7.80 8.39


3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015



4

FUND INFORMATION











-10.0

0.0

10.0

20.0

30.0

40.0

50.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years



Median 1.66 1.66 24.89 8.29 8.47 6.45 7.02

2.0

4.0

6.0

8.0

10.0

12.0

Retu

rn (%

)

4.0 6.0 8.0 10.0 12.0 14.0





Median 8.42 9.21


3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015



5

FUND INFORMATION











-10.0

0.0

10.0

20.0

30.0

40.0

50.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years



Median 1.80 1.80 30.22 8.80 9.16 6.90 7.46

0.0

2.5

5.0

7.5

10.0

12.5

Retu

rn (%

)

-5.0 0.0 5.0 10.0 15.0 20.0





Median 9.25 10.68


3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

CRA 2025 Target Date Fund 9.08 (42) -0.04 (100) 8.36 (16) N/A N/A N/A N/ACRA 2025 Benchmark 7.75 (79) 0.53 (99) 7.21 (61) N/A N/A N/A N/AIM Mixed-Asset Target 2025 (MF) Median 8.80 2.33 7.47 5.54 4.29 4.94 9.02


6

FUND INFORMATION











-10.0

5.0

20.0

35.0

50.0

65.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years



Median 2.65 2.65 35.56 9.64 10.27 7.68 8.13

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Retu

rn (%

)

0.0 4.0 8.0 12.0 16.0 20.0





Median 10.37 12.31


3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015



7

FUND INFORMATION











-10.0

5.0

20.0

35.0

50.0

65.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years



Median 3.60 3.60 43.29 10.47 11.25 8.45 8.64

6.0

8.0

10.0

12.0

14.0

16.0

Retu

rn (%

)

6.0 9.0 12.0 15.0 18.0 21.0





Median 11.49 14.07


3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015



8

FUND INFORMATION











-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years



Median 4.42 4.42 47.84 11.07 11.92 8.83 9.05

6.0

8.0

10.0

12.0

14.0

16.0

Retu

rn (%

)

9.0 12.0 15.0 18.0 21.0





Median 12.19 15.60


3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015



9

FUND INFORMATION











-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years



Median 4.96 4.96 51.22 11.47 12.34 9.09 9.26

8.0

10.0

12.0

14.0

16.0

Retu

rn (%

)

12.0 15.0 18.0 21.0





Median 12.62 16.59


3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015



10

FUND INFORMATION











-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years



Median 5.11 5.11 52.25 11.65 12.56 9.27 9.41

8.0

10.0

12.0

14.0

16.0

Retu

rn (%

)

12.0 14.0 16.0 18.0 20.0 22.0





Median 12.82 16.79


3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015



11

FUND INFORMATION











-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years



Median 5.21 5.21 53.19 11.67 12.65 9.33 9.46

10.0

11.0

12.0

13.0

14.0

15.0

Retu

rn (%

)

12.0 14.0 16.0 18.0 20.0 22.0





Median 12.91 16.82


3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015



12

FUND INFORMATION


PEER GROUP ANALYSIS - IM Mixed-Asset Target 2060+ (MF)









-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years



Median 5.27 5.27 54.14 11.93 12.91 N/A N/A

8.0

10.0

12.0

14.0

16.0

Retu

rn (%

)

12.0 14.0 16.0 18.0 20.0 22.0





Median 13.23 16.81

2020 2019 2018 2017 2016 2015 2014CRA 2060 Target Date Fund 17.09 (34) 23.33 (88) -9.07 (62) 20.37 (75) N/A N/A N/ACRA 2060 Benchmark 12.90 (83) 23.37 (88) -8.15 (40) 19.08 (90) N/A N/A N/AIM Mixed-Asset Target 2060+ (MF) Median 15.99 25.08 -8.66 21.30 7.86 -1.01 N/A

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

CRA 2060 Target Date Fund 11.61 (59) -0.77 (99) 10.73 (22) N/A N/A N/A N/ACRA 2060 Benchmark 10.56 (88) 0.16 (84) 9.84 (70) N/A N/A N/A N/AIM Mixed-Asset Target 2060+ (MF) Median 11.93 1.17 10.27 8.25 4.84 N/A N/A


13

FUND INFORMATION

ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS

PEER GROUP ANALYSIS - IM International Large Cap Value Equity (MF)




Investment Strategy:The fund seeks undervalued securitiesprimarily in developed countries anddivides assets among three value-oriented subadvisors. The CausewayCapital team focuses on dividend andearnings yields. Lazard’s team focuseson dividend and earnings yields.American Century's management teamseeks stocks that are cheap relative totheir assets or earnings with a focus ondeep value.

Innovest Assessment:Due to its strict value mandate, the fundgenerates its best return premium overa passive benchmark during slightlyrising, stable or declining markets. Thestrategy will typically underperformwhen Japan stocks are rallying or U.K.stocks are lagging, due to theunderweightings and overweightings,respectively, compared to itsbenchmark.

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Am Beacon Intl 6.43 (70) 6.43 (70) 53.56 (54) 3.07 (50) 6.78 (24) 2.95 (23) 4.56 (1)

MSCI EAFE Value Idx 7.44 (51) 7.44 (51) 45.71 (92) 1.85 (69) 6.57 (29) 2.19 (61) 3.65 (33)

Median 7.48 7.48 53.97 3.02 5.94 2.35 3.37

4.2

4.9

5.6

6.3

7.0

7.7

8.4

Retu

rn (%

)

14.0 16.0 18.0 20.0



Am Beacon Intl 6.78 17.94

MSCI EAFE Value Idx 6.57 16.96

Median 5.94 17.14

FundFamily :

American BeaconAdvisors Inc

Fund Inception : 08/07/1991PortfolioManager :

Team Managed

TotalAssets :

$1,026 Million

Turnover : 36%

2020 2019 2018 2017 2016 2015 2014Am Beacon Intl 1.06 (56) 19.45 (31) -16.37 (27) 24.81 (15) 0.30 (66) -1.78 (41) -7.00 (23)MSCI EAFE Val Idx -2.63 (61) 16.09 (74) -14.78 (19) 21.44 (63) 5.02 (1) -5.68 (100) -5.39 (16)IM International Large Cap Value Equity (MF) Median 2.50 18.45 -17.83 22.09 1.18 -2.21 -9.55

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

Am Beacon Intl 3.07 (50) -6.54 (50) 5.83 (10) 4.65 (36) -0.76 (27) 2.48 (12) 9.80 (1)MSCI EAFE Val Idx 1.85 (69) -6.65 (51) 6.90 (1) 4.29 (48) -0.61 (23) 0.59 (57) 9.03 (20)IM International Large Cap Value Equity (MF) Median 3.02 -6.55 4.26 4.28 -1.00 0.74 7.20

Am Beacon Intl 03/31/21

14

REGION ALLOCATION REGION PERFORMANCE

TOP 10 HOLDINGSPORTFOLIO CHARACTERISTICS

TOTAL REGION ATTRIBUTION

SECTOR ALLOCATION SECTOR PERFORMANCE TOTAL SECTOR ATTRIBUTION

PortfolioWeight (%)

BenchmarkWeight (%)

QuarterlyReturn (%)

Volkswagen AG 4.56 0.61 50.20Sanofi 2.71 1.32 2.72Samsung Electronics Co Ltd 2.61 0.00 -2.60Novartis AG 2.59 2.24 -5.89ABB Ltd 2.53 0.43 11.55Enel Ente Nazionale Per L'Energia 2.04 0.95 0.47Rolls Royce Holdings PLC 1.85 0.07 -1.56Prudential PLC 1.82 0.65 15.97Infineon Technologies 1.76 0.00 11.19Unicredit SPA 1.69 0.26 13.07

Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $75,014 $58,563Median Mkt. Cap $M $35,278 $12,043Price/Earnings ratio 21.97 17.49Price/Book ratio 2.54 1.785 Yr. EPS Growth Rate (%) 0.14 -1.76Current Yield (%) 2.34 3.29Beta (5 Years, Monthly) 1.04 1.00% in Emerging Market 3.65 0.05Active Share 74.86 N/ANumber of Stocks 100 533

Am Beacon Intl MSCI EAFE Val Idx

0.0 20.0 40.0 60.0 80.0

OtherUnited KingdomPacific ex JapanNorth America

Middle EastJapan

Europe ex UKEM Latin America

EM EuropeEM Asia

1.5

13.5

1.6

2.5

0.613.7

62.0

0.7

0.0

4.0

0.4

16.5

12.10.0

0.6

24.4

45.9

0.0

0.0

0.0

Am Beacon Intl(Total: -2.0)

0.0 0.4 0.8-0.4-0.8-1.2-1.6

0.2-0.1

0.00.2

0.0-1.1

-0.7-0.1

0.0-0.3


0.0 15.0 30.0 45.0-15.0-30.0

21.2

5.9

13.214.5

13.6

1.2

5.9

-8.70.0

0.2

12.8

6.98.4

0.0

9.8

8.4

6.90.0

28.3

0.0


0.0 8.0 16.0 24.0 32.0

Real EstateUtilities

Communication ServicesInformation Technology

FinancialsHealth Care

Consumer StaplesConsumer Discretionary

IndustrialsMaterials

Energy

1.74.95.5

11.318.5

10.27.0

9.022.9

5.93.2

4.96.87.1

2.525.6

7.38.88.8

13.19.7

5.4

Am Beacon Intl(Total: -2.0)

0.0 0.6 1.2-0.6-1.2-1.8-2.4

-0.10.0

-0.3-0.6

0.0-0.3

0.00.7

-1.2-0.1

0.0


0.0 10.0 20.0 30.0-10.0-20.0

-3.4-5.0

3.01.9

13.6-1.6

-3.320.1

3.28.1

16.5

4.9-1.2

7.76.9

11.9-1.5

-0.712.3

9.19.0

12.8

Am Beacon Intl 03/31/21

15

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Small Cap Value Equity (MF)




Investment Strategy:American Beacon employs a value-based philosophy to identifyundervalued companies with above-average growth expectations. The funddivides its assets among differentmanagement teams with specific, value-driven expertise. Each of thesesubadvisors have displayed strongdiscipline in their value-basedinvestment process and have deep andstrong investment teams.

Innovest Assessment:The fund’s value investment strategiestend to outperform during slightly rising,stable or declining markets. The fundwill also outperform after a recessionperiod when small cap stocks tend torally. American Beacon’s strict valuemandate may lag during more growth-oriented markets such as the "techbubble" in which a small, highly valuedgroup of stocks drove the market toexcessive levels. Further, the dip inperformance after the addition of thefourth and fifth sub-advisors has apossibility of happening once again withthe increase to six advisors, potentiallyperforming more like an index.

-50.0

0.0

50.0

100.0

150.0

200.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Am Beacon SC Val 19.61 (69) 19.61 (69) 102.13 (44) 9.79 (52) 11.76 (47) 8.30 (33) 9.85 (30)

Russell 2000 Val Idx 21.17 (52) 21.17 (52) 97.05 (60) 11.57 (26) 13.56 (23) 8.93 (25) 10.06 (23)

Median 21.38 21.38 100.51 9.89 11.67 7.64 9.08

3.0

6.0

9.0

12.0

15.0

18.0

21.0

Retu

rn (%

)

0.0 8.0 16.0 24.0 32.0 40.0



Am Beacon SC Val 11.76 23.81

Russell 2000 Val Idx 13.56 22.11

Median 11.67 23.17

FundFamily :

American BeaconAdvisors Inc


Team Managed

TotalAssets :

$2,733 Million

Turnover : 48%

2020 2019 2018 2017 2016 2015 2014Am Beacon SC Val 4.05 (47) 23.51 (25) -15.63 (46) 8.68 (45) 26.73 (48) -5.04 (30) 4.72 (31)Russell 2000 Val Idx 4.63 (42) 22.39 (36) -12.86 (24) 7.84 (57) 31.74 (15) -7.47 (55) 4.22 (37)IM U.S. Small Cap Value Equity (MF) Median 3.84 21.26 -16.08 8.32 26.61 -7.10 3.36

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

Am Beacon SC Val 9.79 (52) -11.63 (57) 8.39 (45) 7.52 (36) 7.80 (23) 7.86 (21) 16.13 (20)Russell 2000 Val Idx 11.57 (26) -9.51 (26) 10.86 (15) 7.87 (29) 7.62 (27) 5.73 (61) 14.79 (45)IM U.S. Small Cap Value Equity (MF) Median 9.89 -11.13 8.19 6.70 6.30 6.31 14.46

Am Beacon SC Val 03/31/21

16

SECTOR ALLOCATION

STYLE MAP (01/01/99 - 03/31/21)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/16 - 03/31/21)

TOTAL SECTOR ATTRIBUTION

PortfolioWeight (%)

BenchmarkWeight (%)

QuarterlyReturn (%)

Diodes Inc 1.43 0.19 13.25KBR Inc 1.30 0.33 24.12Enstar Group Ltd 1.00 0.20 20.42Greenbrier Cos Inc (The) 0.97 0.10 30.76Stifel Financial Corp. 0.92 0.44 27.25Evercore Inc 0.92 0.00 20.77MGIC Investment Corp 0.91 0.00 10.88Popular Inc 0.90 0.00 24.86Primoris Services Corp 0.79 0.05 20.21Umpqua Holdings Corp 0.77 0.00 17.42

Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $3,740 $3,155Median Mkt. Cap $M $2,074 $907Price/Earnings ratio 16.41 17.42Price/Book ratio 2.08 1.985 Yr. EPS Growth Rate (%) 10.92 7.58Current Yield (%) 1.38 1.46Beta (5 Years, Monthly) 1.07 1.00% in Int'l Securities 5.52 3.19Active Share 66.55 N/ANumber of Stocks 673 1,507

Am Beacon SC Val Russell 2000 Val Idx

0.0 10.0 20.0 30.0 40.0

OtherReal Estate

UtilitiesCommunication ServicesInformation Technology




Energy

0.24.8

2.51.7

13.327.4

4.13.2

13.019.7

4.85.4

0.08.7

4.12.5

6.527.0

6.73.5

13.916.6

5.94.6

Am Beacon SC Val(Total: -1.0)

0.0 0.5 1.0-0.5-1.0-1.5-2.0

0.00.4

0.4-0.1

-0.30.4

-0.20.1

-1.10.0

-0.2-0.4

Am Beacon SC Val Russell 2000 Val Idx

0.0 20.0 40.0 60.0-20.0

-6.812.3

11.916.9

15.021.9

8.720.1

27.819.519.4

29.9

0.012.4

5.420.9

13.720.6

16.318.7

35.819.4

23.142.0

Style History Mar-2021 Average Style Exposure

Capi

taliz

atio

n

Manager Style

Large Cap Growth

Small Cap GrowthSmall Cap Value

Large Cap Value

Am Beacon SC Val

50.0

75.0

100.0

125.0

150.0Up

Capt

ure

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Am Beacon SC Val 03/31/21

17

FUND INFORMATION


PEER GROUP ANALYSIS - IM International Large Cap Growth Equity (MF)




Investment Strategy:This fund's managers are focused onlong term capital growth. They primarilyinvest in common stocks of Europeanand Pacific Basin issuers that haveprospects of above average capitalappreciation. The managers may usecash to moderate volatility, typicallyholding 5-10% of fund assets in cash.The Fund has a stake in emerging-markets companies and will sometimeshold preferred stock and convertibledebt.

Innovest's Assessment:The fund’s focus on bottom-up,fundamental factors can lead to periodsof underperformance when the marketis less concerned about companyfundamentals and more driven byextreme volatility (a flight to quality)associated with geopolitical shocks tothe financial system or in momentum-driven markets.. By allowing managersto operate autonomously, the fundbenefits from varied investmentapproaches and styles, giving it thecapability to outperform in differentmarket environments. Finally, the fund’simmense asset base is likely to presentsome challenges in the fund’s ability tobuild meaningful positions in smallercompanies and to opportunisticallytrade in less liquid markets.

-20.0

0.0

20.0

40.0

60.0

80.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Amer Funds EuPc -0.43 (81) -0.43 (81) 60.79 (11) 10.20 (35) 12.90 (16) 8.14 (18) 7.72 (14)

MSCI EAFE Growth Index (Net) -0.57 (86) -0.57 (86) 42.59 (74) 9.84 (41) 10.84 (55) 7.21 (42) 7.21 (30)

Median 0.80 0.80 49.92 9.27 11.12 6.67 6.46

0.0

3.0

6.0

9.0

12.0

15.0

18.0

Retu

rn (%

)

9.0 12.0 15.0 18.0 21.0



Amer Funds EuPc 12.90 15.34

MSCI EAFE Growth Index (Net) 10.84 13.36

Median 11.12 14.59

FundFamily :

American Funds


Team Managed

TotalAssets :

$77,041 Million

Turnover : 38%

2020 2019 2018 2017 2016 2015 2014Amer Funds EuPc 25.27 (10) 27.40 (41) -14.91 (48) 31.17 (23) 1.01 (25) -0.48 (56) -2.29 (18)MSCI EAFE Gr Idx Net 18.29 (48) 27.90 (30) -12.83 (35) 28.86 (53) -3.04 (66) 4.09 (12) -4.43 (40)IM International Large Cap Growth Equity (MF) Median 16.71 27.04 -14.99 29.44 -0.86 -0.09 -4.98

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

Amer Funds EuPc 10.20 (35) 0.28 (47) 9.33 (21) 7.93 (19) 2.17 (28) 3.62 (22) 9.95 (8)MSCI EAFE Gr Idx Net 9.84 (41) 2.98 (26) 7.61 (48) 6.73 (42) 1.50 (44) 3.80 (19) 8.96 (26)IM International Large Cap Growth Equity (MF) Median 9.27 0.15 7.33 6.37 1.12 2.47 7.92

Amer Funds EuPc 03/31/21

18





PortfolioWeight (%)

BenchmarkWeight (%)

QuarterlyReturn (%)

ASML Holding NV 3.25 3.32 24.78Reliance Industries Ltd 2.69 0.00 0.71AIA Group Ltd 2.36 1.89 -1.01MercadoLibre Inc 2.11 0.00 -12.12Taiwan Semiconductor ORD 2.02 0.00 9.66Louis Vuitton 1.98 2.38 6.83Sea Ltd 1.88 0.00 12.15Daiichi Sankyo Company Ltd 1.84 0.42 -14.52H D F C Bank Ltd 1.78 0.00 3.80Alibaba Group Holding Ltd 1.77 0.00 -5.68

Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $125,309 $85,108Median Mkt. Cap $M $27,462 $12,886Price/Earnings ratio 32.92 32.22Price/Book ratio 4.18 4.135 Yr. EPS Growth Rate (%) 13.21 8.76Current Yield (%) 1.04 1.35Beta (5 Years, Monthly) 1.08 1.00% in Emerging Market 31.26 N/AActive Share 73.09 N/ANumber of Stocks 344 437

Amer Funds EuPc MSCI EAFE Gr Idx Net

0.0 15.0 30.0 45.0 60.0 75.0


Middle EastJapan

Europe ex UKEM Mid East+Africa

EM Latin AmericaEM Europe

EM Asia

0.26.57.6

4.40.8

13.633.5

0.39.0

0.623.4

0.38.5

11.10.00.6

26.353.1

0.00.10.00.0

Amer Funds EuPc(Total: -0.1)

0.0 0.4 0.8-0.4-0.8-1.2-1.6

-0.1-0.1

0.30.4

0.0-0.1

0.10.0

-0.90.0

0.3


0.0 10.0 20.0 30.0-10.0-20.0

-11.63.0

4.79.8

-8.7-9.5

1.76.5

-10.15.2

0.6

15.93.1

0.60.0

-10.2-4.8

0.70.0

-8.70.00.0


0.0 6.0 12.0 18.0 24.0






Energy

0.93.0

7.216.5

14.913.4

4.717.7

8.86.9

6.1

1.30.7

3.315.8

7.218.2

12.416.4

17.66.2

1.0

Amer Funds EuPc(Total: -0.1)

0.0 0.3 0.6-0.3-0.6-0.9

0.10.0

0.3-0.4

0.2-0.3

0.4-0.4

-0.30.4

0.0


0.0 8.0 16.0-8.0-16.0-24.0

-0.8-4.6

1.9-1.1

1.7-8.3

-2.5-0.4

2.85.6

-0.1

-6.2-15.9

-4.31.61.9

-4.7-4.2

2.12.8

-0.70.0

Amer Funds EuPc 03/31/21

19

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Mid Cap Growth Equity (MF)




Investment Strategy:The strategy is a bottom-up, growthinvestment strategy that focuses on twodistinct areas: security selection andcapital allocation. The team attemptsto identify companies with franchisecharacteristics, at attractive valuations,preferably early on in an acceleratingprofit cycle. The capital allocationelement involves dividing the portfoliointo three sequential parts. Initial"garden" investments have a smallerallocation. "Crop" investments receive alarger allocation and are thoseinvestments that are reaping rewards."Harvest" investments have reachedtheir full valuation and are beingtrimmed or exiting the portfolio.

Innovest's Assessment:The strategy should outperform inperiods of strong earnings growth,when the market is focused onfundamentals and also on the down-side, both due to its focus onfundamentals and valuations.Likewise, the strategy shouldunderperform when marketsexperience a significant andpronounced low quality rally or whencommodities lead due to the strategiesperpetual bias against commodity-driven securities.

-50.0

0.0

50.0

100.0

150.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Artisan:Mid Cap;Inst -2.30 (91) -2.30 (91) 75.66 (39) 25.80 (12) 21.33 (28) 14.81 (37) 15.06 (13)

Russell Midcap Growth Index -0.57 (73) -0.57 (73) 68.61 (69) 19.41 (57) 18.39 (58) 14.37 (46) 14.11 (37)

Median 1.15 1.15 72.52 20.17 18.75 14.17 13.74

5.0

10.0

15.0

20.0

25.0

30.0

Retu

rn (%

)

9.0 12.0 15.0 18.0 21.0 24.0



Artisan:Mid Cap;Inst 21.33 17.25

Russell Midcap Growth Index 18.39 17.19

Median 18.75 17.71

FundFamily :

Artisan Partners LP


Matthew H. Kamm

TotalAssets :

$3,984 Million

Turnover : 48%

2020 2019 2018 2017 2016 2015 2014Artisan:Mid Cap;Inst 59.10 (14) 38.45 (16) -3.78 (40) 20.75 (92) -0.64 (98) 2.42 (29) 5.96 (66)Russell Midcap Grth Idx 35.59 (54) 35.47 (39) -4.75 (47) 25.27 (44) 7.33 (25) -0.20 (56) 11.90 (10)IM U.S. Mid Cap Growth Equity (MF) Median 36.44 34.41 -5.01 24.81 4.80 0.53 7.28

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

Artisan:Mid Cap;Inst 25.80 (12) 9.66 (16) 14.15 (59) 7.16 (72) 4.31 (87) 9.09 (54) 14.52 (59)Russell Midcap Grth Idx 19.41 (57) 6.53 (38) 15.06 (46) 9.17 (43) 7.88 (27) 10.99 (21) 17.41 (17)IM U.S. Mid Cap Growth Equity (MF) Median 20.17 5.87 14.70 8.55 6.27 9.27 15.21

Artisan:Mid Cap;Inst 03/31/21

20

SECTOR ALLOCATION

STYLE MAP (08/01/00 - 03/31/21)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/16 - 03/31/21)


PortfolioWeight (%)

BenchmarkWeight (%)

QuarterlyReturn (%)

Global Payments Inc. 4.89 0.00 -6.34Atlassian Corp Plc 3.43 0.00 -9.88HubSpot Inc 3.38 0.55 14.57Zynga Inc 3.24 0.22 3.45Veeva Systems Inc 3.19 1.04 -4.04EXACT Sciences Corp 2.55 0.50 -0.54Catalent Inc 2.52 0.00 1.19Match Group Inc 2.42 0.91 -9.13DexCom Inc 2.38 0.00 -2.79Genmab A/S 2.33 0.00 -18.64

Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $24,902 $23,955Median Mkt. Cap $M $20,289 $12,078Price/Earnings ratio 47.07 39.95Price/Book ratio 6.02 9.675 Yr. EPS Growth Rate (%) 15.91 22.45Current Yield (%) 0.17 0.47Beta (5 Years, Monthly) 0.95 1.00% in Int'l Securities 14.99 5.20Active Share 81.64 N/ANumber of Stocks 68 358

Artisan:Mid Cap;Inst Russell Midcap Grth Idx

0.0 15.0 30.0 45.0 60.0






Energy

0.01.0

10.334.7

3.725.8

1.311.6

10.51.1

0.0

1.50.1

6.838.8

3.422.0

3.310.411.3

2.00.4

Artisan:Mid Cap;Inst(Total: -2.1)

0.0 0.7 1.4 2.1-0.7-1.4-2.1-2.8

-0.30.0

-0.1-0.4

0.4-1.7

0.2-0.7

0.7-0.1-0.1

Artisan:Mid Cap;Inst

Russell Midcap Grth Idx

0.0 10.0 20.0 30.0-10.0-20.0

0.01.1

-3.6-4.8

10.2-7.4

16.9-0.1

7.9-8.9

0.0

21.91.3

-4.2-3.3

-1.8-0.9

0.96.9

0.91.0

19.6


Capi

taliz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Artisan:Mid Cap;Inst

50.0

75.0

100.0

125.0

150.0Up

Capt

ure

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Artisan:Mid Cap;Inst 03/31/21

21

FUND INFORMATION


PEER GROUP ANALYSIS - IM Specialty Fixed Income (MF)


RISK VS. RETURN (5 Years)

Investment StrategyThe BlackRock Strategic IncomeOpportunities Fund (SIOF) is anunconstrained bond portfolio thatblends traditional and non-traditional investment strategies.Unlike traditional bond funds, theBlackRock SIOF has the flexibilityto invest across the entire bondmarket without maturity, sector,quality and geography limitations.Under normal market conditions,the SIOF will invest in acombination of fixed incomesecurities, including, but not limitedto: high yield securities,international securities, emergingmarkets debt and mortgages.

Innovest AssessmentThe fund is expected to outperformtraditional fixed income products involatile market environments, asthe fund’s flexibility can helpmanage both interest rate andcredit risk. Conversely, the fundmay face performance headwindsduring periods of spreadcompressions and low volatility.

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

BlackRock Strat Inc Opp. 0.30 (54) 0.30 (54) 14.08 (44) 4.67 (23) 4.70 (8) 3.53 (28) 3.77 (26)

Blbg BC U.S. Agg. Index -3.38 (77) -3.38 (77) 0.71 (70) 4.65 (23) 3.10 (17) 3.31 (30) 3.44 (26)

Median 0.88 0.88 10.30 3.00 0.75 -1.92 -4.06

-12.0

-8.0

-4.0

0.0

4.0

8.0

Retu

rn (%

)

-15.0 0.0 15.0 30.0 45.0



BlackRock Strat Inc Opp. 4.70 3.94

Blbg BC U.S. Agg. Index 3.10 3.29

Median 0.75 9.75

2020 2019 2018 2017 2016 2015 2014BlackRock Strat Inc Opp. 7.19 (23) 7.62 (30) -0.46 (55) 4.88 (29) 3.61 (23) -0.30 (31) 3.89 (34)Blmbg. Barc. U.S. Aggregate Index 7.51 (22) 8.72 (23) 0.01 (53) 3.54 (36) 2.65 (31) 0.55 (26) 5.97 (33)IM Specialty Fixed Income (MF) Median 3.38 2.69 0.24 2.27 -0.69 -2.35 -6.63

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

BlackRock Strat Inc Opp. 4.67 (23) 1.44 (26) 3.64 (14) 2.32 (17) 2.31 (35) 1.71 (36) 4.91 (33)Blmbg. Barc. U.S. Aggregate Index 4.65 (23) 4.82 (15) 2.03 (30) 1.20 (34) 2.68 (31) 2.50 (33) 3.10 (42)IM Specialty Fixed Income (MF) Median 3.00 -0.97 -0.23 -1.18 -4.38 -4.35 -3.86

BlackRock Strat Inc Opp. 03/31/21

22

TOP TEN HOLDINGS AS OF 03/31/21PORTFOLIO CHARACTERISTICS AS OF 03/31/21

QUALITY BREAKDOWN VS, BARCLAYS AGGREGATE AS OF 03/31/21

STRATEGY ALLOCATION (Net) AS OF 03/31/21 AVERAGE LIFE VS. BARCLAYS AGGREGATE AS OF 03/31/21

UP/DOWN CAPTURE (04/01/16 - 03/31/21)

iShares iBoxx $ High Yield Corporate 1.52 %BlackRock Liquidity T-Fund;Institutional 1.40 %BlackRock Liquid Environmentally 1.16 %Invesco QQQ Trust Series 1 0.85 %iShares iBoxx $ Inv Grade Corporate 0.21 %Taiwan Semiconductor Manufacturing 0.18 %Apple Inc ORD 0.17 %Industrial Select Sector SPDR Fund 0.14 %iShares MSCI Emerging Markets ETF 0.13 %Financial Select Sector SPDR Fund 0.13 %

Portfolio BenchmarkEffective Duration 3.41 N/AAvg. Maturity 6.80 N/AAvg. Quality BBB N/AYield To Maturity (%) 3.64 N/AHoldings Count 3,927 N/A

0.0

20.0

40.0

60.0

-20.0

-40.0

C ash

Net Der ivati v

es

Em erging

Ma rkets

No n-Agen cy

Mort gages

Co mmer cial M

ort gages

As set B acked

Secur iti es

CLOs

High Yie ld

High Yield

C red it

Der ivati ves

Non -US

Sover eig n R elate

d

No n-US

Cr edi t R el ate

dOt her

-13.5

32.2

14.57.0 4.9 4.6 6.8 7.4

1.2 2.98.8

23.2

BlackRock Strat Inc Opp. Blmbg. Barc. U.S. Aggregate Index

0.0

15.0

30.0

45.0

60.0

0 to

3 Yrs

3 to

5 Yrs

5 to

10 Yrs

10 to

20 Yrs

Gre ater th

an 20

Yrs

0.0 0.0 0.0 0.0 0.0

42.1

13.9

32.9

5.4 5.7

BlackRock Strat Inc Opp. Blmbg. Barc. U.S. Aggregate Index

0.0

8.0

16.0

24.0

32.0

Ca sh &

Eq ui vale ntsAAA AA A

B BB BB B

C CC &

B elow

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.02.0

19.2

4.0

10.3

17.2 15.6

8.7

23.0

BlackRock Strat Inc Opp.

78.0

84.0

90.0

96.0

102.0

108.0U

p M

arke

t Ca

ptur

e Ra

tio (%

)

-25.0 0.0 25.0 50.0 75.0 100.0 125.0 150.0

Down Market Capture Ratio (%)

BlackRock Strat Inc Opp. 03/31/21

23

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. GIC/Stable Value (SA+CF)




Investment Strategy:The CRA Book Value strategy primarilyseeks to preserve principal bymaintaining book value, with asecondary objective of incomegeneration. The portfolio is managed toa specified investment mandate. 100%of the Fund level assets will be investedin a combination of Liquidity, GICs, andManaged Synthetics (‘wrap’ contracts -either Insurance Separate Accounts orSecurity Backed Investment Contracts).Synthetic GICs may include a variety offixed income securities, such as USgovernment securities, MBS, CMBS,ABS, and corporate bonds amongothers; however, portfolio duration islimited to 3.5 years with a minimumaverage credit quality of Aa2/AA.

CRA Inception Date:01/01/1998

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

CRA Book Value -- Net 0.45 (37) 0.45 (37) 2.22 (28) 2.41 (27) 2.25 (31) 2.13 (27) 2.21 (32)

Ryan 3 Yr GIC Master Index 0.51 (7) 0.51 (7) 2.24 (26) 2.25 (44) 1.97 (76) 1.73 (84) 1.66 (97)

Median 0.41 0.41 1.98 2.22 2.07 1.96 1.94

1.5

1.8

2.1

2.4

2.7

3.0

3.3

Retu

rn (%

)

-0.8 0.0 0.8 1.6 2.4 3.2



CRA Book Value -- Net 2.25 0.13

Ryan 3 Yr GIC Master Index 1.97 0.19

Median 2.07 0.15

2020 2019 2018 2017 2016 2015 2014CRA Book Value -- Net 2.39 (17) 2.63 (27) 2.29 (23) 2.02 (25) 1.97 (25) 1.87 (34) 1.71 (42)Ryan 3 Yr GIC Master Index 2.34 (23) 2.38 (76) 1.96 (86) 1.60 (94) 1.39 (93) 1.16 (94) 1.03 (94)IM U.S. GIC/Stable Value (SA+CF) Median 2.11 2.48 2.13 1.81 1.80 1.70 1.53

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

CRA Book Value -- Net 2.41 (27) 2.35 (26) 2.14 (26) 1.98 (22) 1.88 (36) 1.85 (39) 2.02 (37)Ryan 3 Yr GIC Master Index 2.25 (44) 2.06 (90) 1.73 (93) 1.44 (93) 1.23 (96) 1.10 (95) 1.13 (97)IM U.S. GIC/Stable Value (SA+CF) Median 2.22 2.21 1.98 1.78 1.70 1.59 1.68

CRA Book Value -- Net 03/31/21

24

9/30/2004Team ManagedSince Inception$566,426,583.81

$79,609,046,236.00Separate Account Stable

ValueN/AN/A

2.934 years 5 2.02%

Financial Strength:Wrap Provider % of Wrapped Assets Moody's S&P

American General Life Ins. Co.

19% A2 A+

Pacific Life Ins. Co. 19% A1 AA-Prudential Ins. Co. of America

19% Aa3 AA-

Royal Bank of Canada 19% Aa2 AA-Transamerica Life Ins. Co.

20% A1 A+

Investment Type:Investment Type % of Portfolio

Cash Investments 2%

Security-Backed Investment Contracts

98%

Portfolio Quality:Portfolio Quality % of Overall Portfolio

AAA 68% Historical Market-To-Book ValuesAA 6%A 14%BBB 12%BB 1%Below B 0%Not Rated 0%

Number of Contract Issuers

Current Crediting Rate

Portfolio Allocation as of: 12/31/2020

Average Duration


Organization:

Description:

Galliard Capital Management specializes in fixed income and stable value management for institutional investors. The firm started with less than $2 billion of assets under management in 1995 and has grown to $91.89 billion of assets under management and more than 230 clients. An independently operated wholly owned subsidiary of Wells Fargo Asset Management Holdings, LLC, itself a subsidiary of

Wells Fargo & Company, Galliard is located in Minneapolis, MN.

The CRA Book Value Fund (the "Fund") seeks safety of principal and consistency of returns with minimal volatility. The Fund is also managed to provide adequate liquidity for daily transfers and withdrawal requests.

Inception DateInvestment Manager(s)

Manager(s) TenureTotal Portfolio AssetsTotal Strategy Assets

Investment Vehicle (Pooled or Separate Account)

Plan Sponsor Level Termination ProvisionsParticipant Level Termination Provisions

24.67%

0.00%

11.54%

4.03%

27.99%

19.19%

5.52%4.22%

2.84%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

Treasury Agency ABS CMBS Corporate MBS Municipal U.S Gov't Cash

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20Market-to-Book 98.9% 101.5% 102.3% 103.0% 100.7% 101.4% 100.4% 100.2% 99.4% 98.8% 100.1% 101.6% 102.0% 101.8% 102.0% 104.6% 104.5% 104.4%

94.0%

96.0%

98.0%

100.0%

102.0%

104.0%

106.0%

25

FUND INFORMATION


PEER GROUP ANALYSIS - IM Emerging Markets Equity (MF)




Investment Strategy:The Emerging Markets Core Equitystrategy is designed to capture thereturn and diversification benefits of abroad cross-section of emergingmarkets companies. The EmergingMarkets Core Equity strategy combinesa broad market capitalization approach,with a bias to small cap and valuestocks as a means to generate long-term return premiums.

Innovest Assessment:The DFA Emerging Markets Core Fundwill tend to outperform during more “riskon” periods, favoring small and mid capselections compared to its peersweighted in large cap. The strategy islikely to underperform under riskadverse periods where large caps arein higher favor.

-25.0

0.0

25.0

50.0

75.0

100.0

125.0

Retu

rnLast

QuarterYear

To Date1

Year3

Years5

Years7

Years10

YearsDFA Emg Mkts Core Eq 5.31 (21) 5.31 (21) 67.25 (34) 5.06 (64) 11.02 (64) 6.13 (58) 3.51 (56)

MSCI Emerging Markets (Net) Idx 2.29 (57) 2.29 (57) 58.39 (66) 6.48 (47) 12.07 (45) 6.58 (47) 3.65 (53)

Median 2.86 2.86 63.01 6.19 11.71 6.39 3.73

-5.0

0.0

5.0

10.0

15.0

20.0

Retu

rn (%

)

0.0 10.0 20.0 30.0



DFA Emg Mkts Core Eq 11.02 17.45

MSCI Emerging Markets (Net) Idx 12.07 16.27

Median 11.71 16.81

FundFamily :

Dimensional FundAdvisors LP


Team Managed

TotalAssets :

$24,889 Million

Turnover : 4%

2020 2019 2018 2017 2016 2015 2014DFA Emg Mkts Core Eq 13.86 (68) 16.04 (77) -15.25 (40) 36.55 (45) 12.35 (21) -14.86 (63) -0.91 (31)MSCI Emg Mkts Idx 18.31 (46) 18.44 (62) -14.58 (30) 37.28 (42) 11.19 (30) -14.92 (63) -2.19 (43)IM Emerging Markets Equity (MF) Median 17.49 20.06 -16.39 35.37 8.35 -13.66 -2.92

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

DFA Emg Mkts Core Eq 5.06 (64) -5.39 (79) 9.60 (49) 9.22 (41) 2.31 (26) -3.85 (39) 0.98 (40)MSCI Emg Mkts Idx 6.48 (47) -1.62 (32) 10.68 (31) 8.81 (47) 1.18 (49) -4.50 (51) 0.31 (51)IM Emerging Markets Equity (MF) Median 6.19 -3.01 9.46 8.59 1.12 -4.45 0.32

DFA Emg Mkts Core Eq 03/31/21

26





PortfolioWeight (%)

BenchmarkWeight (%)

QuarterlyReturn (%)

Tencent Holdings LTD 4.60 5.60 7.85Samsung Electronics Co Ltd 4.20 4.28 -2.60Taiwan Semiconductor ORD 2.91 6.30 9.66Alibaba Group Holding Ltd 1.95 5.33 -2.58Taiwan Semiconductor DR 1.82 6.30 8.87Ping An Insurance Group 1.22 0.88 -2.85Vale SA 1.03 0.80 7.30China Construction Bank Corp 0.95 1.00 10.72Reliance Industries Ltd 0.84 0.97 0.71SK Hynix Inc 0.72 0.80 7.91

Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $115,089 $167,146Median Mkt. Cap $M $874 $6,705Price/Earnings ratio 15.65 18.97Price/Book ratio 2.65 3.065 Yr. EPS Growth Rate (%) 14.34 11.63Current Yield (%) 2.24 1.92Beta (5 Years, Monthly) 1.05 1.00% in Emerging Market 94.98 95.29Active Share 43.50 N/ANumber of Stocks 5,482 1,392

DFA Emg Mkts Core Eq MSCI Emg Mkts Idx

0.0 25.0 50.0 75.0 100.0


Frontier MarketsEurope ex UK

EM Mid East+AfricaEM Latin America

EM EuropeEM Asia

0.1

0.0

4.6

0.1

0.00.1

6.2

8.6

2.9

77.4

0.3

0.1

3.10.1

0.5

0.4

7.2

7.3

3.7

77.2

DFA Emg Mkts Core Eq(Total: 2.1)

0.0 0.6 1.2 1.8 2.4 3.0-0.6-1.2

0.10.0

0.20.0

0.00.0

-0.10.1

0.01.9


0.0 15.0 30.0-15.0-30.0

-0.3

7.3

8.221.2

0.0

-11.5

13.3

-2.41.2

4.9

-13.4

-10.44.7

5.1

6.8

-10.6

13.8-4.5

2.7

2.4


0.0 8.0 16.0 24.0 32.0

OtherReal Estate

UtilitiesCommunication ServicesInformation Technology




Energy

0.03.9

2.79.5

21.715.4

3.76.0

13.68.0

10.84.7

0.02.02.0

12.120.8

17.54.6

5.718.8

4.37.6

4.8

DFA Emg Mkts Core Eq(Total: 2.1)

0.0 0.3 0.6 0.9 1.2-0.3-0.6

0.00.0

0.1-0.2

0.30.10.1

0.00.8

0.30.5

-0.1


0.0 8.0 16.0 24.0-8.0-16.0-24.0

-11.35.2

6.15.1

6.34.3

-3.0-0.8

0.86.7

12.11.3

0.06.3

1.95.8

5.03.4

-4.4-1.9

-3.03.2

9.83.1

DFA Emg Mkts Core Eq 03/31/21

27

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Large Cap Value Equity (MF)




Investment Strategy:The Fund invests primarily in adiversified portfolio of common stocks.In selecting investments, the Fundinvests in companies that, in Dodge &Cox’s opinion, appear to be temporarilyundervalued by the stock market buthave a favorable outlook for long-termgrowth. The Fund focuses on theunderlying financial condition andprospects of individual companies,including future earnings, cash flow anddividends. Various other factors,including financial strength, economiccondition, competitive advantage,quality of the business franchise andthe reputation, experience andcompetence of a company'smanagement are weighed againstvaluation in selecting individualsecurities.

Innovest's Assessment:Dodge & Cox’s collaborative,fundamental research approach isexpected to generate shareholder valueover full market cycles and whenmarkets reward the firm’s contrarianstyle. Conversely, performance maysuffer during periods driven by moremacroeconomic events, or a disregardfor company specific valuation andfundamentals.

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Dodge & Cox Stock 15.86 (9) 15.86 (9) 75.26 (7) 13.59 (11) 15.86 (3) 11.39 (6) 12.96 (2)

S&P 500 Value 10.77 (59) 10.77 (59) 50.37 (75) 11.83 (28) 12.31 (32) 9.96 (20) 11.15 (23)

Median 11.24 11.24 56.45 10.62 11.61 8.92 10.27

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

Retu

rn (%

)

4.0 8.0 12.0 16.0 20.0 24.0



Dodge & Cox Stock 15.86 18.95

S&P 500 Value 12.31 15.87

Median 11.61 16.10

FundFamily :

Dodge & Cox


Team Managed

TotalAssets :

$63,591 Million

Turnover : 17%

2020 2019 2018 2017 2016 2015 2014Dodge & Cox Stock 7.16 (18) 24.83 (66) -7.07 (24) 18.33 (24) 21.28 (4) -4.49 (68) 10.40 (62)S&P 500 Value 1.36 (71) 31.93 (4) -8.95 (49) 15.36 (61) 17.40 (18) -3.13 (42) 12.36 (20)IM U.S. Large Cap Value Equity (MF) Median 2.62 26.07 -9.08 16.29 13.82 -3.54 10.81

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

Dodge & Cox Stock 13.59 (11) -2.52 (59) 14.10 (3) 10.88 (1) 9.44 (6) 9.51 (23) 18.20 (3)S&P 500 Value 11.83 (28) 0.05 (19) 10.62 (39) 8.40 (31) 8.88 (10) 9.45 (24) 15.34 (42)IM U.S. Large Cap Value Equity (MF) Median 10.62 -1.92 10.24 7.64 7.41 8.48 15.08

Dodge & Cox Stock 03/31/21

28

SECTOR ALLOCATION

STYLE MAP (01/01/79 - 03/31/21)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/16 - 03/31/21)


PortfolioWeight (%)

BenchmarkWeight (%)

QuarterlyReturn (%)

Capital One Financial Corp. 4.82 0.36 29.14Schwab (Charles) Corp 4.26 0.59 23.28Wells Fargo & Co 4.26 0.98 29.85HP Inc 3.58 0.24 29.95Alphabet Inc 3.41 0.00 18.08Bank of America Corp 3.19 1.79 28.28Metlife Inc. 3.17 0.28 30.63Comcast Corp 3.02 0.84 3.74Johnson Controls Intl 2.98 0.26 28.65Cigna Corp 2.93 0.52 16.61


Dodge & Cox Stock S&P 500 Value

0.0 10.0 20.0 30.0 40.0






Energy

0.00.0

12.819.4

29.415.7

1.22.8

9.21.4

8.2

4.05.1

7.311.6

19.615.1

9.47.6

11.53.5

5.3

Dodge & Cox Stock (Total: 5.4)

0.0 0.9 1.8 2.7 3.6-0.9-1.8

0.00.4

0.21.0

2.6-0.2

0.8-0.1

0.20.1

0.4

Dodge & Cox Stock S&P 500 Value

0.0 8.0 16.0 24.0 32.0 40.0

0.00.0

9.115.5

24.63.6

13.212.5

14.715.5

28.3

10.43.2

4.710.3

17.84.8

2.712.312.4

10.931.1


Capi

taliz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Dodge & Cox Stock

50.0

75.0

100.0

125.0

150.0Up

Capt

ure

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Dodge & Cox Stock 03/31/21

29

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Core Equity (MF)




Investment StrategyContrafund seeks capital appreciationby investing in companies with durable,multi-year earnings growth. Morespecifically, Portfolio Manager WillDanoff looks for companies withopportunities to take advantage of newproduct cycles, turnaround situations,transformative acquisitions, andchanges in industry dynamics. Whilethe fund mainly focuses on large capUS growth stocks, the mandate is veryflexible, investing in companies acrossall market capitalizations, styles andgeographies.

Innovest's AssessmentThe fund will tend to outperform inmarkets that reward companies withstrong organic growth that beatexpectations. In addition, due to thefund's bias towards higher qualitycompanies, it may underperform whenlow quality companies lead the market.The fund will tend to underperformwhen strong fundamental valuationtechniques are rewarded, and due to itshigh asset base, it may lag duringstrong growth rallies among mid andsmall cap stocks.

-25.0

0.0

25.0

50.0

75.0

100.0

125.0

150.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Fidelity Contrafund 2.49 (98) 2.49 (98) 57.26 (71) 18.79 (4) 19.12 (2) 15.49 (1) 15.12 (2)

S&P Composite 1500 6.91 (69) 6.91 (69) 58.73 (67) 16.47 (18) 16.15 (18) 13.37 (9) 13.74 (9)

Median 9.19 9.19 64.97 13.45 14.07 10.76 11.53

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

Retu

rn (%

)

-8.0 0.0 8.0 16.0 24.0 32.0



Fidelity Contrafund 19.12 15.50

S&P Composite 1500 16.15 15.06

Median 14.07 17.07

FundFamily :

Fidelity Management &Research Company


William Danoff

TotalAssets :

$108,102 Million

Turnover : 26%

2020 2019 2018 2017 2016 2015 2014Fidelity Contrafund 32.50 (3) 29.98 (28) -2.13 (5) 32.21 (1) 3.35 (98) 6.46 (2) 9.56 (46)S&P Composite 1500 17.92 (32) 30.90 (22) -4.96 (18) 21.13 (26) 13.03 (52) 1.01 (19) 13.08 (15)IM U.S. Core Equity (MF) Median 13.46 27.13 -9.26 17.41 13.29 -2.37 8.98

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

Fidelity Contrafund 18.79 (4) 9.68 (1) 15.89 (2) 12.95 (1) 9.72 (13) 12.15 (7) 15.64 (47)S&P Composite 1500 16.47 (18) 4.22 (17) 13.34 (15) 10.63 (10) 10.25 (7) 11.59 (11) 16.23 (37)IM U.S. Core Equity (MF) Median 13.45 -1.44 11.02 8.26 7.70 9.02 15.47

Fidelity Contrafund 03/31/21

30

SECTOR ALLOCATION

STYLE MAP (11/01/94 - 03/31/21)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/16 - 03/31/21)


PortfolioWeight (%)

BenchmarkWeight (%)

QuarterlyReturn (%)

Apple Inc 0.00 5.22 N/AMicrosoft Corp 0.00 4.82 N/AAmazon.com Inc 0.00 3.59 N/AFacebook Inc 0.00 1.92 N/AAlphabet Inc 0.00 1.68 N/AAlphabet Inc 0.00 1.62 N/ATesla Inc 0.00 1.39 N/ABerkshire Hathaway Inc 0.00 1.32 N/AJPMorgan Chase & Co 0.00 1.26 N/AJohnson & Johnson 0.00 1.17 N/A

Portfolio BenchmarkWtd. Avg. Mkt. Cap $M - $420,708Median Mkt. Cap $M - $4,901Price/Earnings ratio N/A 29.49Price/Book ratio N/A 4.285 Yr. EPS Growth Rate (%) N/A 16.79Current Yield (%) N/A 1.45Beta (5 Years, Monthly) 0.96 1.00% in Int'l Securities N/A 3.09Active Share 50.00 N/ANumber of Stocks 0 1,506

Fidelity Contrafund S&P Composite 1500

0.0 10.0 20.0 30.0 40.0 50.0






Energy

0.10.3

19.734.3

9.213.1

2.914.2

3.72.2

0.3

3.02.7

10.126.5

11.113.3

6.012.9

9.12.9

2.5

Fidelity Contrafund(Total: -4.8)

0.0 0.5-0.5-1.0-1.5-2.0-2.5

-0.10.1

-0.1-1.7

-0.5-0.3

0.1-0.8

-0.6-0.3

-0.5

Fidelity Contrafund S&P Composite 1500

0.0 15.0 30.0 45.0-15.0

2.6-2.6

6.7-1.6

12.21.2

0.00.1

3.5-3.1

7.9

8.93.4

8.12.3

16.33.4

1.95.3

11.910.3

31.7


Capi

taliz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Fidelity Contrafund

50.0

75.0

100.0

125.0

150.0Up

Capt

ure

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Fidelity Contrafund 03/31/21

31

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Multi-Cap Equity (MF)




Investment Strategy:Seeks capital appreciation by normallyinvesting at least 80% of its assets instocks that are priced at or below $35per share currently, or at the time oftheir purchase. The firm views that low-priced stocks tend to have a greaternumber of instances where the currentshare prices of companies aredisconnected from their underlyingworth. Joel consistently leveragesFidelity's research capabilities andfrequent company contact to ferret outprospective purchase candidates,which are typically companies that offerstable and growing earnings at below-market valuations. While the fundmainly focuses on U.S. stocks, it doeshave the flexibility to consideropportunities in foreign companies.

Innovest's Assessment:Because the companies they invest incompanies that typically have strongcompetitive advantages and strongbalance sheets, it can give the fund adefensive quality stance. It is likely tooutperform in flat to down markets, andwill likely underperform in marketswhere fundamentals are ignored or inrapidly rising markets.

-25.0

0.0

25.0

50.0

75.0

100.0

125.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Fidelity Low-Prcd Stk 13.82 (13) 13.82 (13) 72.91 (21) 12.15 (67) 12.65 (69) 9.78 (69) 11.38 (62)

S&P Composite 1500 6.91 (45) 6.91 (45) 58.73 (60) 16.47 (37) 16.15 (38) 13.37 (26) 13.74 (24)

Median 6.31 6.31 61.03 14.40 14.74 11.47 12.04

-10.0

0.0

10.0

20.0

30.0

Retu

rn (%

)

0.0 5.0 10.0 15.0 20.0 25.0 30.0



Fidelity Low-Prcd Stk 12.65 16.19

S&P Composite 1500 16.15 15.06

Median 14.74 16.18

FundFamily :

Fidelity Management &Research Company


Joel Tillinghast

TotalAssets :

$19,710 Million

Turnover : 17%

2020 2019 2018 2017 2016 2015 2014Fidelity Low-Prcd Stk 9.32 (70) 25.66 (73) -10.75 (79) 20.67 (51) 8.79 (53) -0.56 (47) 7.65 (72)S&P Composite 1500 17.92 (48) 30.90 (31) -4.96 (33) 21.13 (47) 13.03 (29) 1.01 (33) 13.08 (21)IM U.S. Multi-Cap Equity (MF) Median 16.78 28.56 -6.92 20.75 9.30 -1.04 10.46

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

Fidelity Low-Prcd Stk 12.15 (67) -2.26 (75) 8.60 (87) 8.26 (55) 5.99 (75) 9.57 (52) 15.23 (56)S&P Composite 1500 16.47 (37) 4.22 (35) 13.34 (31) 10.63 (18) 10.25 (9) 11.59 (21) 16.23 (39)IM U.S. Multi-Cap Equity (MF) Median 14.40 2.16 11.60 8.59 7.57 9.72 15.50

Fidelity Low-Prcd Stk 03/31/21

32

SECTOR ALLOCATION

STYLE MAP (01/01/90 - 03/31/21)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/16 - 03/31/21)


PortfolioWeight (%)

BenchmarkWeight (%)

QuarterlyReturn (%)

Unitedhealth Group Inc 4.65 0.95 6.47Next PLC 4.09 0.00 7.78Metro Inc 3.53 0.00 2.93Ross Stores Inc 2.97 0.12 -2.14AutoZone Inc 2.86 0.08 18.46Seagate Technology Plc 2.72 0.04 24.61Metlife Inc. 2.72 0.12 30.63Anthem Inc 2.12 0.24 12.17Hon Hai Precision Industry 2.02 0.00 32.90Barratt Developments PLC 1.96 0.00 12.47

Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $38,962 $420,708Median Mkt. Cap $M $1,109 $4,901Price/Earnings ratio 16.96 29.49Price/Book ratio 2.49 4.285 Yr. EPS Growth Rate (%) 4.37 16.79Current Yield (%) 1.68 1.45Beta (5 Years, Monthly) 1.01 1.00% in Int'l Securities 41.25 3.09Active Share 93.00 N/ANumber of Stocks 811 1,506

Fidelity Low-Prcd Stk S&P Composite 1500

0.0 8.0 16.0 24.0 32.0 40.0






Energy

0.22.1

1.715.7

13.812.312.8

25.87.7

4.13.9

3.02.7

10.126.5

11.113.3

6.012.9

9.12.92.5

Fidelity Low-Prcd Stk(Total: 9.0)

0.0 2.0 4.0 6.0-2.0

-0.1-0.1

0.02.8

0.80.3

0.04.9

-0.20.0

0.4

Fidelity Low-Prcd Stk S&P Composite 1500

0.0 15.0 30.0 45.0-15.0

11.9-1.0

16.917.1

19.95.9

4.425.2

10.710.5

35.0

8.93.4

8.12.3

16.33.4

1.95.3

11.910.3

31.7


Capi

taliz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Fidelity Low-Prcd Stk

50.0

75.0

100.0

125.0

150.0Up

Capt

ure

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Fidelity Low-Prcd Stk 03/31/21

33

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Large Cap Growth Equity (MF)




Investment Strategy:The fund seeks large cap companiesthat are growing revenues faster thanthe S&P 500 average and have durablegrowth prospects driven by strongbalance sheets, strong R&Dcapabilities, and defensible franchises.Mr. Segalas also prefers revenuegrowth resulting from strong increasesin unit sales. In addition, because Mr.Segalas is willing to pay a premium forstrong growth prospects, the fund'svaluation metrics tend to be aboveaverage.

Innovest's Assessment:The fund will tend to outperform duringperiods of average earnings growthbecause portfolio companies will bemore apt to experience earnings growththat exceeds the average. In contrast,during periods when earnings for mostcompanies are contracting, the fundmay underperform the benchmark.Likewise, the fund may underperformwhen strong fundamental value isrewarded and secondary growthmeasurements are overlooked.

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Harbor Cap Apprec -3.39 (99) -3.39 (99) 69.22 (15) 23.56 (17) 22.99 (10) 18.33 (11) 17.39 (9)

S&P 500 Growth 2.12 (33) 2.12 (33) 59.43 (52) 20.58 (61) 19.35 (62) 16.49 (40) 16.16 (30)

Median 1.18 1.18 59.80 21.21 20.04 16.17 15.19

5.0

10.0

15.0

20.0

25.0

30.0

Retu

rn (%

)

9.0 12.0 15.0 18.0 21.0



Harbor Cap Apprec 22.99 18.03

S&P 500 Growth 19.35 14.93

Median 20.04 15.69

FundFamily :

Harbor Capital AdvisorsInc


Team Managed

TotalAssets :

$27,505 Million

Turnover : 40%

2020 2019 2018 2017 2016 2015 2014Harbor Cap Apprec 54.43 (9) 33.28 (51) -1.03 (53) 36.59 (5) -1.07 (81) 10.99 (7) 9.93 (58)S&P 500 Growth 33.47 (66) 31.13 (74) -0.01 (41) 27.44 (70) 6.89 (10) 5.52 (56) 14.89 (6)IM U.S. Large Cap Growth Equity (MF) Median 36.17 33.38 -0.85 29.46 2.19 6.00 10.47

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

Harbor Cap Apprec 23.56 (17) 12.81 (20) 18.49 (17) 14.02 (10) 10.17 (32) 14.08 (15) 15.78 (36)S&P 500 Growth 20.58 (61) 9.59 (65) 15.91 (54) 12.66 (28) 11.53 (9) 13.96 (16) 16.85 (18)IM U.S. Large Cap Growth Equity (MF) Median 21.21 10.65 16.07 11.51 9.33 12.04 15.02

Harbor Cap Apprec 03/31/21

34

SECTOR ALLOCATION

STYLE MAP (01/01/88 - 03/31/21)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/16 - 03/31/21)


PortfolioWeight (%)

BenchmarkWeight (%)

QuarterlyReturn (%)

Amazon.com Inc 7.53 7.71 -5.00Apple Inc 7.04 11.22 -7.81Tesla Inc 6.50 2.98 -5.35Facebook Inc 4.36 4.12 7.82Microsoft Corp 4.29 10.35 6.25Shopify Inc 3.48 0.00 -2.25Netflix Inc 3.15 1.34 -3.53NVIDIA Corporation 3.07 1.93 2.28PayPal Holdings Inc 3.04 1.65 3.69Adobe Inc 2.98 1.33 -4.95


Harbor Cap Apprec S&P 500 Growth

0.0 15.0 30.0 45.0 60.0






Energy

0.00.0

14.646.0

1.04.6

2.827.1

3.90.00.0

1.00.5

14.141.9

2.611.9

3.417.2

5.41.8

0.0

Harbor Cap Apprec(Total: -4.6)

0.0 0.6-0.6-1.2-1.8-2.4

0.00.0

-0.9-1.7

0.0-0.3

0.2-1.3

-0.3-0.1

0.0

Harbor Cap Apprec S&P 500 Growth

0.0 15.0 30.0 45.0-15.0-30.0

0.00.0

2.7-3.5

7.6-6.9

1.9-4.3

4.10.00.0

4.3-0.3

9.70.0

4.61.4

-2.6-0.3

9.55.2

34.5


Capi

taliz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Harbor Cap Apprec

50.0

75.0

100.0

125.0

150.0Up

Capt

ure

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Harbor Cap Apprec 03/31/21

35

FUND INFORMATION


PEER GROUP ANALYSIS - IM Specialty Fixed Income (MF)


RISK VS. RETURN (5 Years)

Investment Strategy:The Fund has as an absolute-returnorientation, which means that it is notmanaged relative to an index. As such,it may invest in a wide range of debtsecurities of issuers from the U.S. andother markets, both developed andemerging, and in securities rated belowinvestment grade. It attempts toachieve a positive total return in diversemarket environments by using bothsecurity selection and derivatives toadjust allocations amongstrategies/sectors.

Innovest Assessment:Management expects to perform well inall types of markets, with returnsvarying based on the opportunitiesavailable. Due to the flexible nature ofthe product, outperformance will beseen when the spread between marketconditions and the fund’s expectationsnarrow. Conversely, relativeunderperformance will be seen whenthat spread widens. Historically, thefund has displayed relatively highcorrelation to the high yield market and,as such, should be expected to out orunderperform accordingly.

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

JPMorgan Str Inc Opp 0.29 (54) 0.29 (54) 5.77 (59) 2.09 (56) 3.53 (14) 2.27 (36) 2.57 (31)

Barclays U.S. Aggregate Index -3.38 (77) -3.38 (77) 0.71 (70) 4.65 (23) 3.10 (17) 3.31 (30) 3.44 (26)

Median 0.88 0.88 10.30 3.00 0.75 -1.92 -4.06

-12.0

-8.0

-4.0

0.0

4.0

8.0

Retu

rn (%

)

-15.0 0.0 15.0 30.0 45.0



JPMorgan Str Inc Opp 3.53 2.56

Barclays U.S. Aggregate Index 3.10 3.29

Median 0.75 9.75

2020 2019 2018 2017 2016 2015 2014JPMorgan Str Inc Opp 1.55 (59) 3.97 (48) 0.76 (44) 3.34 (39) 9.18 (3) -2.20 (50) 0.13 (43)Barclays U.S. Aggregate Index 7.51 (22) 8.72 (23) 0.01 (53) 3.54 (36) 2.65 (31) 0.55 (26) 5.97 (33)IM Specialty Fixed Income (MF) Median 3.38 2.69 0.24 2.27 -0.69 -2.35 -6.63

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

JPMorgan Str Inc Opp 2.09 (56) 0.93 (27) 4.68 (11) 3.19 (11) 2.47 (33) 0.19 (42) 3.05 (42)Barclays U.S. Aggregate Index 4.65 (23) 4.82 (15) 2.03 (30) 1.20 (34) 2.68 (31) 2.50 (33) 3.10 (42)IM Specialty Fixed Income (MF) Median 3.00 -0.97 -0.23 -1.18 -4.38 -4.35 -3.86

JPMorgan Str Inc Opp 03/31/21

36

TOP TEN HOLDINGS AS OF 03/31/21PORTFOLIO CHARACTERISTICS AS OF 03/31/21

QUALITY BREAKDOWN VS, BARCLAYS AGGREGATE AS OF 03/31/21

STRATEGY ALLOCATION (Net) AS OF 03/31/21 AVERAGE LIFE VS. BARCLAYS AGGREGATE AS OF 03/31/21

UP/DOWN CAPTURE (04/01/16 - 03/31/21)

JPMorgan US Government Money Market 47.22 %BlackRock Corporate High Yield 0.34 %Blackstone / GSO Strategic Credit 0.14 %PGIM Global High Yield Fund 0.10 %REICHHOLD LTD COM ORD 0.10 %Nuveen Credit Strategies Income 0.09 %Eaton Vance Floating-Rate Income 0.06 %Invesco Dynamic Credit Opportunities 0.05 %Eaton Vance Senior Income Trust 0.04 %VICI Properties Inc ORD 0.04 %

Portfolio BenchmarkEffective Duration 0.64 N/AAvg. Maturity 1.54 N/AAvg. Quality AA N/AYield To Maturity (%) 2.28 N/AHoldings Count 782 N/A

0.0

15.0

30.0

45.0

60.0

C ash

H igh Yi eld

Credi t

N on -Age ncy

M B S

Cr edi t Lo

ng /Sh or t

Ban k Lo ans

C om merc i al R E

C MB S/A

B S

Inve stment

Gra de

Co rpora

teOt her

49.4

2.8

11.2

1.9 4.60.3 0.9

28.0

0.9

JPMorgan Str Inc Opp Barclays U.S. Aggregate Index

0.0

50.0

100.0

150.0

0 to

3 Yrs

3 to

5 Yrs

5 to

10 Yrs

10 to

20 Yrs

Gre ater th

an 20

Yrs

0.0 0.0 0.0 0.0 0.0

89.0

4.6 4.1 2.2 0.1

JPMorgan Str Inc Opp Barclays U.S. Aggregate Index

0.0

15.0

30.0

45.0

60.0

AAA AA AB BB BB B

C CC &

B elow

0.0 0.0 0.0 0.0 0.0 0.0 0.0

44.0

11.8

21.1

6.1 5.7 4.7 6.6

JPMorgan Str Inc Opp

40.0

60.0

80.0

100.0

120.0U

p M

arke

t Ca

ptur

e Ra

tio (%

)

-100.0 -50.0 0.0 50.0 100.0 150.0

Down Market Capture Ratio (%)

JPMorgan Str Inc Opp 03/31/21

37

FUND INFORMATION


PEER GROUP ANALYSIS - Loan Participation Mutual Funds




Investment Strategy:MainStay Floating Rate is a team-managed, bottom up, fundamentalstrategy with a strong high quality bias.The well-tenured team relies on their in-depth credit analysis and on amplediversification across both issuers andindustries. The strategy is designed toavoid loss of principal due to creditdeterioration and issues are purchasedwith the expectation they will be held tomaturity. The uniqueness of theirprocess lies in the sources of data theyutilize. The team accesses all dataavailable to the investor communityand, more importantly, their internalsources throughout all of New York LifeInvestments.

Innovest Assessment:Relative to other floating rate corporateloan strategies the strategy shouldoutperform in down markets as its highquality bias should buffer the portfolioand underperform when managers arenot being punished for bad creditdecisions. The strategy should alsooutperform relative to other fixedincome strategies in a rising interestrate environment. The strategy shouldexperience absolute underperformancein extreme risk-off environments andwhen defaults are on the rise due to thespeculative nature of the asset class.

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

32.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

MainStay Floating Rate 0.97 (86) 0.97 (86) 17.51 (59) 3.41 (29) 4.38 (47) 3.37 (23) 3.67 (31)

CSFB Leveraged Loan Idx 2.01 (16) 2.01 (16) 20.77 (17) 4.14 (7) 5.33 (12) 4.03 (1) 4.40 (2)

Median 1.60 1.60 18.15 2.98 4.19 2.99 3.39

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Retu

rn (%

)

2.0 4.0 6.0 8.0 10.0



MainStay Floating Rate 4.38 6.14

CSFB Leveraged Loan Idx 5.33 6.78

Median 4.19 6.58

FundFamily :

MainStay Funds


Dial/Campellone/Torrey

TotalAssets :

$447 Million

Turnover : 19%

2020 2019 2018 2017 2016 2015 2014MainStay Floating Rate 2.63 (18) 8.44 (25) -0.43 (49) 4.05 (25) 8.55 (71) -0.03 (12) 0.61 (30)Credit Suisse Leveraged Loan Index 2.80 (14) 8.17 (34) 1.14 (3) 4.26 (18) 9.84 (56) -0.39 (22) 2.06 (1)Loan Participation Mutual Funds Median 1.36 7.67 -0.45 3.53 10.04 -1.55 0.25

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

MainStay Floating Rate 3.41 (29) -0.68 (10) 4.67 (61) 3.83 (37) 3.08 (35) 1.68 (15) 3.83 (56)Credit Suisse Leveraged Loan Index 4.14 (7) -0.72 (11) 5.86 (18) 4.32 (15) 3.71 (5) 2.22 (2) 5.35 (1)Loan Participation Mutual Funds Median 2.98 -1.62 5.00 3.53 2.76 0.95 3.90

MainStay Floating Rate 03/31/21

38

TOP SECTOR ALLOCATIONSPORTFOLIO CHARACTERISTICS

STYLE MAP (06/01/04 - 03/31/21)

QUALITY ALLOCATION

ASSET ALLOCATION

MATURITY DISTRIBUTION

UP/DOWN CAPTURE (04/01/16 - 03/31/21)

Corporate Notes/Bonds 85.77 %Fgn. Currency Denominated Bonds 9.93 %Common Stock 0.38 %

Avg. Coupon N/ANominal Maturity N/AEffective Maturity N/ADuration 3.77 YearsSEC 30 Day Yield N/AAvg. Credit Quality BB

0.0% 50.0% 100.0% 150.0%

Convertibles

Equities

Other

Cash

Fixed Income

0.0%

0.4%

0.9%

3.1%

95.7%

No data found.

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

BB AND B Rated

Foreign Securities

BBB Rated

Government/AAA

CCC, CC AND C rated

Equities/Other

D Rated

Not Rated

76.1%

9.9%

7.2%

3.1%

1.6%

1.2%

0.5%

0.5%

0.0% 15.0% 30.0% 45.0% 60.0%

>30Yrs

20-30Yrs

10-20Yrs

Other

<1Yr

1-3Yrs

3-5Yrs

5-10Yrs

0.0%

0.0%

0.0%

1.2%

3.1%

6.6%

42.3%

46.7%

Style History Mar-2021

Average Style Exposure

Capi

taliz

atio

n

Manager Style

Barclays Capital Long Term Govt Bond

Barclays Capital Long U.S. CreditBarclays Capital U.S. Credit 1-5 Year Index

Barclays Capital 1-5 Yr Gov

MainStay Floating Rate

50.0

75.0

100.0

125.0

150.0Up

Capt

ure

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

MainStay Floating Rate 03/31/21

39

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Broad Market Core Fixed Income (MF)




Investment Strategy:The core tenant of MetWest’s fixedincome philosophy is a disciplinedimplementation of their value-basedprocess. The “value” concept is thatregardless of factor (duration, yieldcurve, sector selection, or issue) thestrategic decisions, and buy and selldecisions should be determined bywhether the factor or security is cheapor rich to fair value. Further, theirinvestment approach is designed totake advantage of the fact that fixedincome pricing is extremely volatile inthe short run, but over the long term thepricing risks tend to mean revert.Hence, they tend to only overweightinterest rates, yield curve, credit /spread risk when prices move out ofline with the long term fundamentals.

Innovest Assessment:The fund is expected to outperformwhen its sector allocation and securityselection in undervalued or undersponsored assets move towardmanagement’s view of intrinsic value.The strategy will underperform whenmarket psychology and investorsentiment cause temporary dislocationsleading to mispriced securities. Theseshort-term disruptions should lead tolong-term opportunities.

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Met West:Total Return;Pl -2.91 (40) -2.91 (40) 3.65 (62) 5.56 (14) 3.76 (27) 3.67 (22) N/A

BC Aggregate Idx -3.38 (74) -3.38 (74) 0.71 (91) 4.65 (60) 3.10 (67) 3.31 (49) 3.44 (56)

Median -3.04 -3.04 4.37 4.80 3.40 3.29 3.51

-1.5

0.0

1.5

3.0

4.5

6.0

Retu

rn (%

)

-1.5 0.0 1.5 3.0 4.5 6.0 7.5



Met West:Total Return;Pl 3.76 3.28

BC Aggregate Idx 3.10 3.29

Median 3.40 3.63

FundFamily :

Metropolitan WestAsset Management LLC


Team Managed

TotalAssets :

$25,703 Million

Turnover : 405%

2020 2019 2018 2017 2016 2015 2014Met West:Total Return;Pl 9.17 (24) 9.23 (35) 0.29 (9) 3.49 (56) 2.56 (65) 0.25 (40) 6.16 (20)Blmbg. Barc. U.S. Aggregate Index 7.51 (72) 8.72 (53) 0.01 (18) 3.54 (54) 2.65 (61) 0.55 (20) 5.97 (26)IM U.S. Broad Market Core Fixed Income (MF) Median 8.19 8.76 -0.63 3.59 2.86 0.09 5.55

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

Met West:Total Return;Pl 5.56 (14) 4.71 (11) 2.32 (39) 1.18 (42) 2.64 (35) 2.73 (9) 5.49 (2)Blmbg. Barc. U.S. Aggregate Index 4.65 (60) 4.82 (7) 2.03 (57) 1.20 (41) 2.68 (29) 2.50 (15) 3.10 (55)IM U.S. Broad Market Core Fixed Income (MF) Median 4.80 3.76 2.13 1.11 2.44 2.00 3.20

Met West:Total Return;Pl 03/31/21

40


STYLE MAP (08/01/11 - 03/31/21)

QUALITY ALLOCATION

ASSET ALLOCATION


UP/DOWN CAPTURE (04/01/16 - 03/31/21)

GNMA and Other Mtg Backed 42.40 %Corporate Notes/Bonds 31.15 %Government Agency Securities 14.86 %Asset Backed Securities 3.87 %

Avg. Coupon 2.60 %Nominal Maturity 7.59 YearsEffective Maturity N/ADuration 5.40 YearsSEC 30 Day Yield N/AAvg. Credit Quality AA

0.0% 50.0% 100.0% 150.0%

Other

Convertibles

Equities

Cash

Fixed Income

0.0%

0.0%

0.0%

7.7%

92.3%

Current Yield 2.54

0.0% 20.0% 40.0% 60.0% 80.0%

Government/AAA

BBB Rated

A Rated

BB AND B Rated

AA Rated

CCC, CC AND C rated

D Rated

62.7%

18.6%

8.4%

3.9%

3.7%

2.3%

0.4%

0.0% 8.0% 16.0% 24.0% 32.0% 40.0% 48.0%

Other

>30Yrs

10-20Yrs

<1Yr

20-30Yrs

1-3Yrs

5-10Yrs

3-5Yrs

0.0%

0.0%

4.9%

9.9%

12.2%

17.0%

21.8%

34.1%



Capi

taliz

atio

n

Manager Style




Met West:Total Return;Pl

50.0

75.0

100.0

125.0

150.0Up

Capt

ure

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Met West:Total Return;Pl 03/31/21

41

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Large Cap Core Equity (MF)




Investment Strategy:The managers favor well-positionedcompanies that have sufferedtemporary setbacks and are trading atreasonable price multiples. However,the team will only buy if the downside ofthese companies appears limited and areasonable turnaround scenario is insight. Although the fund will not investin firms with ties to tobacco, gambling,alcohol, weapons, or nuclear power, ittakes a relative approach to screeningin other respects. For example, theteam will invest in the least-offensivefirms in sectors such as energy andmaterials, which are often de-emphasized or excluded in other SRIfunds.

Innovest's Assessment:While the SRI team has proven theirability to capitalize on marketopportunities, their willingness todiverge from the benchmark through aconcentrated, high conviction portfoliocan increase tracking error. As a result,investors should expect performance totrail if the portfolio is significantlyunderweight a sector or industry that isfavoring momentum factors in lieu ofvaluation metrics.

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Neuberger Sustainable Eq 7.49 (35) 7.49 (35) 63.76 (13) 15.03 (53) 14.77 (59) 11.92 (55) 11.97 (70)

S&P 500 Index 6.17 (57) 6.17 (57) 56.35 (44) 16.78 (29) 16.29 (23) 13.59 (15) 13.91 (15)

Median 6.44 6.44 55.30 15.28 15.21 12.18 12.59

0.0

4.0

8.0

12.0

16.0

20.0

24.0

Retu

rn (%

)

4.0 8.0 12.0 16.0 20.0 24.0



Neuberger Sustainable Eq 14.77 15.08

S&P 500 Index 16.29 14.76

Median 15.21 14.80

FundFamily :

Neuberger BermanManagement LLC


Dyott/Ladiwala

TotalAssets :

$677 Million

Turnover : 20%

2020 2019 2018 2017 2016 2015 2014Neuberger Sustainable Eq 19.61 (31) 26.09 (81) -5.63 (51) 18.76 (80) 10.31 (48) -0.24 (58) 10.70 (63)S&P 500 Index 18.40 (40) 31.49 (29) -4.38 (30) 21.83 (38) 11.96 (26) 1.38 (33) 13.69 (16)IM U.S. Large Cap Core Equity (MF) Median 16.00 29.68 -5.61 21.17 10.06 0.25 11.39

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

Neuberger Sustainable Eq 15.03 (53) 1.31 (86) 11.18 (74) 8.92 (65) 8.90 (46) 10.14 (55) 16.14 (25)S&P 500 Index 16.78 (29) 5.10 (29) 13.51 (22) 10.78 (16) 10.37 (12) 11.82 (16) 16.11 (25)IM U.S. Large Cap Core Equity (MF) Median 15.28 3.80 12.37 9.49 8.77 10.31 14.94

Neuberger Sustainable Eq 03/31/21

42

SECTOR ALLOCATION

STYLE MAP (12/01/07 - 03/31/21)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/16 - 03/31/21)


PortfolioWeight (%)

BenchmarkWeight (%)

QuarterlyReturn (%)

Microsoft Corp 5.12 5.29 6.25Texas Instruments Inc 4.90 0.52 15.86Alphabet Inc 4.36 1.84 17.68JPMorgan Chase & Co 3.73 1.38 20.66United Rentals Inc. 3.72 0.07 42.00Comcast Corp 3.68 0.74 3.74Cigna Corp 3.43 0.25 16.61Advance Auto Parts Inc. 3.06 0.04 16.65Zebra Technologies Corp. 3.01 0.08 26.24Mastercard Inc 2.98 0.93 -0.12


Neuberger Sustainable Eq S&P 500 Index

0.0 10.0 20.0 30.0 40.0






Energy

0.02.5

10.927.8

10.516.8

4.710.4

14.81.8

0.0

2.42.7

10.927.6

10.713.5

6.212.7

8.32.62.5

Neuberger Sustainable Eq (Total: 1.5)

0.0 0.6 1.2 1.8 2.4-0.6-1.2-1.8

-0.10.0

1.21.4

-0.70.1

-0.30.6

-0.1-0.2

-0.6

Neuberger Sustainable Eq

S&P 500 Index

0.0 15.0 30.0 45.0-15.0

0.00.8

19.96.9

9.54.6

-6.78.89.1

0.70.0

9.02.8

8.12.0

16.03.2

1.23.2

11.48.7

31.2


Capi

taliz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Neuberger Sustainable Eq

50.0

75.0

100.0

125.0

150.0Up

Capt

ure

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Neuberger Sustainable Eq 03/31/21

43

FUND INFORMATION


PEER GROUP ANALYSIS - IM Absolute Return (MF)




Investment Strategy:Litman Gregory believes that it ispossible to identify highly skilled andexperienced investment managers whocan successfully execute variousinvestment approaches that targetmaterially lower volatility than the stockmarket or that have a low correlation orlow sensitivity to traditional investmentstrategies. Litman Gregory also feelsthat allocating to multiple investmentmanagers with different butcomplementary strategies can furtherenhance the risk-adjusted potential ofan overall portfolio over a full marketcycle. The return objective over a fullmarket cycle is 4% to 8% above the 3-month Libor rate and to outperform a40/60 stock bond portfolio. LitmanGregory offers additional flexibility thatcomes from a multi-manager structureand in some cases invest in ways thatonly accredited investors would be ableto access.

Innovest Assessment:The Litman Gregory PartnerSelect Alternative Strategies fund seeks absoluteand relative long-term returns withlower risk and volatility than the stockmarket with relatively low correlation tostock and bond market indices. With amajority of assets in fixed incomefunds, the strategy should outperformwhen fixed income markets performwell. However, with relatively lowallocations to long/short equity, the fundmay lag in periods when long/shortequity leads other hedge fundstrategies

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Retu

rnLast

QuarterYear

To Date1

Year3

Years5

Years7

Years10

YearsPartnerSelect Alt Str 2.44 (36) 2.44 (36) 20.14 (27) 5.07 (33) 5.16 (30) 3.93 (18) N/A

Wilshire Liq.Alt. Multi-Strat. Index 2.52 (36) 2.52 (36) 15.51 (38) 2.03 (71) 2.88 (67) 1.50 (68) 1.65 (67)

Median 1.24 1.24 11.84 3.62 4.15 2.38 2.13

-8.0

-4.0

0.0

4.0

8.0

12.0

Retu

rn (%

)

-5.0 0.0 5.0 10.0 15.0 20.0



PartnerSelect Alt Str 5.16 5.49

Wilshire Liq.Alt. Multi-Strat. Index 2.88 5.38

Median 4.15 6.05

FundFamily :

Litman/Gregory FundAdvisors LLC


Team Managed

TotalAssets :

$1,379 Million

Turnover : 190%

2020 2019 2018 2017 2016 2015 2014PartnerSelect Alt Str 6.30 (38) 8.52 (39) -2.08 (36) 4.51 (50) 6.87 (19) -0.80 (36) 3.60 (32)Wilshire Liq.Alt. Multi-Strat. Index 1.04 (72) 6.74 (53) -4.93 (57) 7.14 (30) 1.30 (68) -3.01 (63) 0.61 (71)IM Absolute Return (MF) Median 4.08 7.11 -4.34 4.47 2.98 -2.16 2.19

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

PartnerSelect Alt Str 5.07 (33) -0.19 (56) 4.19 (35) 2.72 (33) 3.12 (24) 2.17 (34) 5.70 (11)Wilshire Liq.Alt. Multi-Strat. Index 2.03 (71) -1.51 (70) 2.70 (57) 0.69 (68) 0.20 (74) -0.05 (73) 3.15 (54)IM Absolute Return (MF) Median 3.62 0.23 3.10 2.02 1.84 1.39 3.44

PartnerSelect Alt Str 03/31/21

44

THIS PAGE LEFT INTENTIONALLY BLANK

45

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. High Yield Bonds (MF)




Investment Strategy:By concentrating on higher creditqualities within the non-investment-grade bond universe and avoiding theriskier, more speculative lower tiers,PIMCO High Yield Fund is designed toprovide an attractive risk/rewardtradeoff for high yield investors. Theportfolio construction is based on a totalreturn strategy (income plus capitalappreciation) that begins with PIMCO’ssecular and cyclical macroeconomicoutlook, followed by analyzing thefundamental credit quality to marketprice.

Innovest's Assessment:The fund should achieve strongperformance relative to other high yieldmanagers in more difficult marketconditions, such as periods ofeconomic uncertainty, excessivevolatility or illiquidity. In periods that areextremely favorable to credit,expectations for relative performanceare discounted to reflect the fact thatmore speculative securities that thefund does not hold may outperform..

-12.0

-4.0

4.0

12.0

20.0

28.0

36.0

44.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

PIMCO High Yield Inst 0.10 (87) 0.10 (87) 18.49 (81) 6.22 (30) 6.75 (48) 4.99 (16) 5.82 (25)

BC US Corp: High Yield 0.85 (53) 0.85 (53) 23.72 (37) 6.84 (12) 8.06 (9) 5.42 (7) 6.48 (7)

Median 0.91 0.91 22.24 5.64 6.70 4.21 5.34

0.0

2.0

4.0

6.0

8.0

10.0

Retu

rn (%

)

-4.0 0.0 4.0 8.0 12.0 16.0



PIMCO High Yield Inst 6.75 6.65

BC US Corp: High Yield 8.06 7.50

Median 6.70 7.47

FundFamily :

PIMCO


Jessop/Pier

TotalAssets :

$9,743 Million

Turnover : 34%

2020 2019 2018 2017 2016 2015 2014PIMCO High Yield Inst 5.31 (49) 14.94 (21) -2.49 (36) 7.02 (38) 12.68 (64) -1.88 (24) 3.31 (12)Blmbg. Barc. U.S. Corp High Yield 7.11 (19) 14.32 (34) -2.08 (28) 7.50 (24) 17.13 (7) -4.47 (62) 2.45 (24)IM U.S. High Yield Bonds (MF) Median 5.28 13.51 -2.91 6.65 13.49 -3.85 1.49

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

PIMCO High Yield Inst 6.22 (30) 1.40 (8) 7.14 (45) 4.42 (32) 4.41 (15) 2.52 (18) 6.87 (34)Blmbg. Barc. U.S. Corp High Yield 6.84 (12) 0.77 (21) 8.56 (9) 5.17 (15) 4.56 (12) 1.84 (36) 7.46 (17)IM U.S. High Yield Bonds (MF) Median 5.64 -0.11 6.99 3.93 3.25 1.41 6.45

PIMCO High Yield Inst 03/31/21

46


STYLE MAP (01/01/93 - 03/31/21)

QUALITY ALLOCATION

ASSET ALLOCATION


UP/DOWN CAPTURE (04/01/16 - 03/31/21)

Corporate Notes/Bonds 94.27 %Treasury Notes/Bonds 3.35 %Fgn. Currency Denominated Bonds 0.55 %Convertible Securities 0.11 %GNMA and Other Mtg Backed 0.02 %

Avg. Coupon 4.98 %Nominal Maturity 5.39 YearsEffective Maturity N/ADuration 3.46 YearsSEC 30 Day Yield 6.30Avg. Credit Quality BB

0.0% 50.0% 100.0% 150.0%

Other

Equities

Convertibles

Cash

Fixed Income

0.0%

0.0%

0.1%

1.7%

98.2%

Current Yield 4.85

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

BB AND B Rated

AA Rated

BBB Rated

Government/AAA

CCC, CC AND C rated

D Rated

Not Rated

Foreign Securities

71.1%

10.7%

7.8%

5.1%

2.9%

1.0%

1.0%

0.6%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0%

Other

>30Yrs

20-30Yrs

<1Yr

10-20Yrs

1-3Yrs

3-5Yrs

5-10Yrs

0.0%

0.0%

2.0%

3.0%

4.0%

15.0%

37.0%

39.0%



Capi

taliz

atio

n

Manager Style




PIMCO High Yield Inst

50.0

75.0

100.0

125.0

150.0Up

Capt

ure

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

PIMCO High Yield Inst 03/31/21

47

FUND INFORMATION

SECTOR ALLOCATION

PERFORMANCE OVER TIME

INVESTMENT STATISTICS (5 YEARS*)


*If less than 5 years, since inception time period was used.

TOP HOLDINGS

Fund Family: OFI Steelpath IncFund Inception: 03/31/2010Portfolio Manager: Cartner/WatsonTotal Assets: $1.8 BillionTurnover: 24%

Investment StrategyThe investment seeks to provideinvestors long-term capital appreciationand attractive levels of current incomethrough diversified exposure to theenergy industry through energyinfrastructure Master LimitedPartnerships (MLPs). These MLPsprimarily derive their revenue fromenergy infrastructure assets and energyrelated assets or activities. Undernormal circumstances, the fund seeksto achieve its investment objective byinvesting at least 80% of its net assetsin the equity securities of a minimum offorty MLPs.

Innovest AssessmentThis fund tends to be more diversifiedthan its peers in the MLP sector. As aresult, returns have historically tendedto be less volatile than peers. This fundalso has historically been less sensitiveto significant major price changes in theindex's largest constituents.

CRA Inception Date:9/30/2019

Invesco Steelpath MLP Select Alerian MLP Infrastructure (Tax Adjusted)

0.0

50.0

100.0

150.0

-50.0

Retu

rn (%

)

LastQuarter

YTD 1Year

3Years

5Years

7Years

10Years

16.6 16.6

73.6

-0.7 -0.5 -3.5 0.0

18.2 18.2

115.6

-1.10.6

-3.7

0.4

Invesco Steelpath MLP Select

Alerian MLP Infrastructure (Tax Adjusted)

-0.8

-0.4

0.0

0.4

0.8

1.2

Retu

rn (%

)

24.0 28.0 32.0 36.0 40.0


LastQuarter

YearTo

Date

1Year

3Years

5Years

7Years

10Years

Invesco Steelpath MLP Select 18.17 18.17 115.56 -1.08 0.61 -3.70 0.37Alerian MLP Infrastructure (Tax Adjusted) 16.56 16.56 73.64 -0.70 -0.47 -3.51 -0.02

2020 2019 2018 2017 2016 2015 2014 2013 2012 2011Invesco Steelpath MLP Select -25.18 9.55 -11.68 -3.69 19.06 -23.69 6.51 22.93 3.10 6.70Alerian MLP Infrastructure (Tax Adjusted) -20.24 5.44 -8.94 -5.46 11.95 -20.64 4.94 17.83 0.83 10.57

Alpha Beta ActualCorrelation

UpMarketCapture

DownMarketCapture

InceptionDate

Invesco Steelpath MLP Select 3.08 1.24 0.99 125.34 114.06 04/01/2010Alerian MLP Infrastructure (Tax Adjusted) 0.00 1.00 1.00 100.00 100.00 04/01/2010

No data found.

No data found.

Invesco Steelpath MLP Select 03/31/21

Prior to April 1, 2010, performance reflects that of Separate Account less annualized mutual fund expenses.Prior to 2018, the Alerian Tax-Adjusted Infrastructure Index return reflects a 37.5% reduction in performance to account for corporate and state taxation that the mutual fund incurs. From 2018 thereafter, the index return reflects a 23%reduction in performance to account for corporate and state taxation that the mutual fund incurs. 48

THIS PAGE LEFT INTENTIONALLY BLANK

49

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Large Cap Core Equity (MF)




Investment Strategy:The Fund seeks to track theperformance of the Standard & Poor’s500 Index, a U.S. large-cap equityindex diversified across growth andvalue styles. It is passively managedand takes a full-replication approach.The Fund attempts to remain fullyinvested and its low expenses helpminimize net tracking error. -20.0

0.0

20.0

40.0

60.0

80.0

100.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Inst'l Index 6.18 (57) 6.18 (57) 56.34 (44) 16.76 (29) 16.27 (24) 13.57 (16) 13.89 (15)

S&P 500 Index 6.17 (57) 6.17 (57) 56.35 (44) 16.78 (29) 16.29 (23) 13.59 (15) 13.91 (15)

Median 6.44 6.44 55.30 15.28 15.21 12.18 12.59

0.0

4.0

8.0

12.0

16.0

20.0

24.0

Retu

rn (%

)

4.0 8.0 12.0 16.0 20.0 24.0



Vanguard Inst'l Index 16.27 14.76

S&P 500 Index 16.29 14.76

Median 15.21 14.80

FundFamily :

Vanguard Group Inc


Butler/Louie

TotalAssets :

$116,844 Million

Turnover : 4%

2020 2019 2018 2017 2016 2015 2014Vanguard Inst'l Index 18.39 (40) 31.46 (30) -4.42 (31) 21.79 (39) 11.93 (27) 1.37 (33) 13.65 (17)S&P 500 Index 18.40 (40) 31.49 (29) -4.38 (30) 21.83 (38) 11.96 (26) 1.38 (33) 13.69 (16)IM U.S. Large Cap Core Equity (MF) Median 16.00 29.68 -5.61 21.17 10.06 0.25 11.39

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

Vanguard Inst'l Index 16.76 (29) 5.08 (29) 13.48 (22) 10.75 (17) 10.34 (13) 11.79 (17) 16.08 (26)S&P 500 Index 16.78 (29) 5.10 (29) 13.51 (22) 10.78 (16) 10.37 (12) 11.82 (16) 16.11 (25)IM U.S. Large Cap Core Equity (MF) Median 15.28 3.80 12.37 9.49 8.77 10.31 14.94

Vanguard Inst'l Index 03/31/21

50

SECTOR ALLOCATION

STYLE MAP (08/01/90 - 03/31/21)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/16 - 03/31/21)


PortfolioWeight (%)

BenchmarkWeight (%)

QuarterlyReturn (%)

Apple Inc 5.82 5.73 -7.81Microsoft Corp 5.32 5.29 6.25Amazon.com Inc 3.94 3.94 -5.00Facebook Inc 2.11 2.11 7.82Alphabet Inc 1.85 1.84 17.68Alphabet Inc 1.79 1.77 18.08Tesla Inc 1.51 1.53 -5.35Berkshire Hathaway Inc 1.48 1.45 10.18JPMorgan Chase & Co 1.38 1.38 20.66Johnson & Johnson 1.29 1.29 5.08


Vanguard Inst'l Index S&P 500 Index

0.0 10.0 20.0 30.0 40.0






Energy

2.42.7

10.927.6

10.713.5

6.212.7

8.32.62.5

2.42.7

10.927.6

10.713.5

6.212.7

8.32.62.5

Vanguard Inst'l Index(Total: 0.0)

0.0 0.1-0.1-0.2

0.00.00.0

0.00.00.0

0.00.0

0.00.0

0.0

Vanguard Inst'l Index S&P 500 Index

0.0 8.0 16.0 24.0 32.0 40.0

9.02.8

8.12.0

16.03.2

1.23.2

11.48.7

31.3

9.02.8

8.12.0

16.03.2

1.23.2

11.48.7

31.2


Capi

taliz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Vanguard Inst'l Index

50.0

75.0

100.0

125.0

150.0Up

Capt

ure

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Vanguard Inst'l Index 03/31/21

51

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Mid Cap Core Equity (MF)




Investment Strategy:The Fund tracks the CRSP US Mid CapIndex. The CRSP US Mid Cap Indextargets inclusion of U.S. companies thatfall between the top 70%-80% ofinvestable market capitalization. Theindex includes securities traded onNYSE, NYSE Market, NASDAQ orARCA. -25.0

0.0

25.0

50.0

75.0

100.0

125.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Mid-Cap Index 7.18 (85) 7.18 (85) 70.62 (51) 14.65 (17) 14.60 (19) 11.72 (14) 12.29 (10)

CRSP U.S. Mid Cap Index 7.18 (86) 7.18 (86) 70.66 (50) 14.67 (16) 14.62 (18) 11.76 (12) 12.48 (7)

Median 10.41 10.41 70.62 11.98 12.24 9.07 10.23

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

Retu

rn (%

)

-10.0 0.0 10.0 20.0 30.0



Vanguard Mid-Cap Index 14.60 17.07

CRSP U.S. Mid Cap Index 14.62 17.07

Median 12.24 17.67

FundFamily :

Vanguard Group Inc


Butler/Johnson

TotalAssets :

$46,874 Million

Turnover : 15%

2020 2019 2018 2017 2016 2015 2014Vanguard Mid-Cap Index 18.24 (19) 31.03 (20) -9.23 (23) 19.25 (19) 11.22 (75) -1.34 (24) 13.76 (11)CRSP U.S. Md Cp Idx 18.24 (19) 31.09 (19) -9.22 (23) 19.30 (19) 11.25 (73) -1.28 (23) 13.83 (10)IM U.S. Mid Cap Core Equity (MF) Median 9.97 28.07 -11.52 15.44 14.23 -3.40 8.91

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

Vanguard Mid-Cap Index 14.65 (17) -0.26 (14) 11.59 (23) 7.86 (33) 8.68 (19) 10.78 (13) 17.93 (22)CRSP U.S. Md Cp Idx 14.67 (16) -0.25 (13) 11.63 (22) 7.90 (32) 8.73 (16) 10.84 (11) 18.18 (16)IM U.S. Mid Cap Core Equity (MF) Median 11.98 -3.64 9.33 6.41 6.97 8.70 16.18

Vanguard Mid-Cap Index 03/31/21

52

SECTOR ALLOCATION

STYLE MAP (12/01/01 - 03/31/21)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/16 - 03/31/21)


PortfolioWeight (%)

BenchmarkWeight (%)

QuarterlyReturn (%)

KLA Corp 0.82 0.40 27.96Twitter Inc 0.81 0.38 17.51Freeport-McMoran Cpr & Gld 0.77 0.38 26.56IDEXX Laboratories Inc 0.67 0.66 -2.11Microchip Technology Inc 0.65 0.66 12.66Chipotle Mexican Grill Inc 0.64 0.63 2.46Digital Realty Trust Inc 0.63 0.62 1.83Align Technology Inc 0.61 0.30 1.34Cadence Design Systems Inc 0.61 0.60 0.41Pinterest Inc 0.61 0.31 12.34


Vanguard Mid-Cap Index CRSP U.S. Md Cp Idx

0.0 6.0 12.0 18.0 24.0 30.0






Energy

7.55.5

7.320.6

10.912.8

3.210.6

12.35.8

3.3

7.55.6

7.420.6

10.912.8

3.310.6

12.35.8

3.3

Vanguard Mid-Cap Index(Total: 0.0)

0.0 0.1-0.1-0.2

0.00.00.0

0.00.0

0.00.00.0

0.00.00.0

Vanguard Mid-Cap Index

CRSP U.S. Md Cp Idx

0.0 8.0 16.0 24.0 32.0 40.0

9.63.1

7.80.8

14.40.7

3.912.6

6.612.8

29.1

9.63.0

7.70.8

14.40.7

3.912.6

6.612.9

29.0


Capi

taliz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Vanguard Mid-Cap Index

50.0

75.0

100.0

125.0

150.0Up

Capt

ure

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Vanguard Mid-Cap Index 03/31/21

53

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Small Cap Core Equity (MF)




Investment Strategy:This fund tracks the CRSP U.S. SmallCap Index, which is comprised of U.S.companies that fall between the bottom2%-15% of the investable marketcapitalization. There is no lower limit inmarket capitalization, other than what isspecified by investable screens.

-50.0

0.0

50.0

100.0

150.0

Retu

rn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Sm Cp Idx 10.22 (92) 10.22 (92) 87.72 (57) 14.97 (13) 15.60 (17) 11.22 (11) 12.15 (11)

CRSP U.S. Small Cap TR Index 10.21 (92) 10.21 (92) 87.68 (57) 14.94 (14) 15.58 (17) 11.20 (12) 12.26 (10)

Median 15.25 15.25 90.34 11.95 13.38 9.47 10.28

0.0

4.0

8.0

12.0

16.0

20.0

Retu

rn (%

)

5.0 10.0 15.0 20.0 25.0 30.0



Vanguard Sm Cp Idx 15.60 19.67

CRSP U.S. Small Cap TR Index 15.58 19.68

Median 13.38 20.84

FundFamily :

Vanguard Group Inc


Coleman/O'Reilly

TotalAssets :

$38,852 Million

Turnover : 16%

2020 2019 2018 2017 2016 2015 2014Vanguard Sm Cp Idx 19.11 (18) 27.37 (16) -9.31 (18) 16.24 (13) 18.30 (78) -3.64 (41) 7.50 (13)CRSP U.S. Sm Cp Idx 19.07 (18) 27.35 (16) -9.33 (18) 16.24 (13) 18.26 (78) -3.68 (42) 7.54 (12)IM U.S. Small Cap Core Equity (MF) Median 10.36 23.89 -12.66 12.38 21.34 -4.34 4.65

3Years

EndingMar-2021

3Years

EndingMar-2020

3Years

EndingMar-2019

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

Vanguard Sm Cp Idx 14.97 (13) -3.27 (10) 12.78 (15) 8.06 (41) 7.41 (43) 8.51 (28) 17.57 (16)CRSP U.S. Sm Cp Idx 14.94 (14) -3.28 (11) 12.77 (16) 8.03 (42) 7.39 (43) 8.51 (28) 17.78 (15)IM U.S. Small Cap Core Equity (MF) Median 11.95 -6.88 9.90 7.69 7.08 7.28 15.29

Vanguard Sm Cp Idx 03/31/21

54

SECTOR ALLOCATION

STYLE MAP (12/01/00 - 03/31/21)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/16 - 03/31/21)


PortfolioWeight (%)

BenchmarkWeight (%)

QuarterlyReturn (%)

Generac Holdings Inc 0.39 0.20 43.99Horizon Therapeutics Public Ltd Co 0.38 0.20 25.82Enphase Energy Inc 0.35 0.18 -7.58Plug Power Inc 0.34 0.00 5.69Catalent Inc 0.33 0.17 1.19Caesars Entertainment Inc 0.33 0.16 17.75ON Semiconductor Corp 0.32 0.16 27.13Steris Plc 0.31 0.31 0.73IDEX Corp 0.30 0.30 5.34Zendesk Inc 0.29 0.15 -7.34

Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $7,350 $6,866Median Mkt. Cap $M $3,503 $3,449Price/Earnings ratio 24.94 24.83Price/Book ratio 3.13 3.095 Yr. EPS Growth Rate (%) 11.39 10.82Current Yield (%) 1.12 1.13Beta (5 Years, Monthly) 1.00 1.00% in Int'l Securities 3.33 3.25Active Share 4.02 N/ANumber of Stocks 1,429 1,445

Vanguard Sm Cp Idx CRSP U.S. Sm Cp Idx

0.0 6.0 12.0 18.0 24.0






Energy

8.12.4

2.118.6

13.416.0

3.212.9

16.34.6

2.3

8.12.4

2.218.5

13.416.0

3.212.9

16.34.6

2.4

Vanguard Sm Cp Idx(Total: 0.0)

0.0 0.1-0.1-0.2

0.00.0

0.00.0

0.00.0

0.00.0

0.00.0

0.0

Vanguard Sm Cp Idx CRSP U.S. Sm Cp Idx

0.0 15.0 30.0 45.0 60.0-15.0

9.96.6

7.81.3

18.3-1.6

14.120.7

14.116.3

38.2

9.96.67.6

1.318.3

-1.614.2

20.614.1

16.336.2


Capi

taliz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Vanguard Sm Cp Idx

50.0

75.0

100.0

125.0

150.0Up

Capt

ure

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Vanguard Sm Cp Idx 03/31/21

55

Passive Portfolios Weight (%)Apr-2016Vanguard Instl Indx;Inst (VINIX) 2.00Dodge & Cox Stock (DODGX) 1.00Harbor:Cap Apprec;Inst (HACAX) 1.00Vanguard Md-Cp I;Inst (VMCIX) 0.67Artisan:Mid Cap;Inst (APHMX) 0.67Vanguard S-C Id;Inst (VSCIX) 0.33Am Beacon:SC Val;R5 (AVFIX) 0.33Am Beacon:Intl Eq;R5 (AAIEX) 1.50American Funds EuPc;R6 (RERGX) 1.50DFA Emg Mkts Core Eq;I (DFCEX) 1.00MetWest:Total Rtn;I (MWTIX) 12.00JPMorgan:Str Inc Opp;R5 (JSORX) 1.50Driehaus:Active Income (LCMAX) 1.50PIMCO:High Yield;Inst (PHIYX) 2.00MainStay:Flt Rate;I (MXFIX) 7.00Cohen&Steers Inst RS (CSRIX) 1.00PartnerSel Alt Str;Inst (MASFX) 5.00J Hancock II:MA AR;I (JHAIX) 5.00CRA Book Value -- Models 55.00

Sep-2016Vanguard Instl Indx;Inst (VINIX) 2.00Dodge & Cox Stock (DODGX) 1.00Harbor:Cap Apprec;Inst (HACAX) 1.00Vanguard Md-Cp I;Inst (VMCIX) 0.67Artisan:Mid Cap;Inst (APHMX) 0.67Vanguard S-C Id;Inst (VSCIX) 0.33Am Beacon:SC Val;R5 (AVFIX) 0.33Am Beacon:Intl Eq;R5 (AAIEX) 1.50American Funds EuPc;R6 (RERGX) 1.50DFA Emg Mkts Core Eq;I (DFCEX) 1.00MetWest:Total Rtn;I (MWTIX) 12.00JPMorgan:Str Inc Opp;R5 (JSORX) 1.50BlackRock:Str Inc Opp;I (BSIIX) 1.50PIMCO:High Yield;Inst (PHIYX) 2.00MainStay:Flt Rate;I (MXFIX) 7.00Cohen&Steers Inst RS (CSRIX) 1.00CRA Book Value -- Models 55.00PartnerSel Alt Str;Inst (MASFX) 5.00J Hancock II:MA AR;I (JHAIX) 5.00

Passive Portfolios Weight (%)May-2018Vanguard Instl Indx;Inst (VINIX) 2.50Dodge & Cox Stock (DODGX) 1.25Harbor:Cap Apprec;Inst (HACAX) 1.25Vanguard Md-Cp I;Inst (VMCIX) 0.67Artisan:Mid Cap;Inst (APHMX) 0.67Vanguard S-C Id;Inst (VSCIX) 0.33Am Beacon:SC Val;R5 (AVFIX) 0.33Am Beacon:Intl Eq;R5 (AAIEX) 2.00American Funds EuPc;R6 (RERGX) 2.00DFA Emg Mkts Core Eq;I (DFCEX) 2.00MetWest:Total Rtn;I (MWTIX) 12.00JPMorgan:Str Inc Opp;R5 (JSORX) 1.50BlackRock:Str Inc Opp;I (BSIIX) 1.50MainStay:Flt Rate;I (MXFIX) 7.00CRA Book Value -- Models 55.00PartnerSel Alt Str;Inst (MASFX) 5.00J Hancock II:MA AR;I (JHAIX) 5.00

May-2019Vanguard Instl Indx;InsP (VIIIX) 4.00Dodge & Cox Stock (DODGX) 2.00Harbor:Cap Apprec;Inst (HACAX) 2.00Vanguard Md-Cp I;Inst (VMCIX) 1.00Artisan:Mid Cap;Inst (APHMX) 1.00Vanguard S-C Id;Inst (VSCIX) 0.50Am Beacon:SC Val;R5 (AVFIX) 0.50Am Beacon:Intl Eq;R5 (AAIEX) 3.50American Funds EuPc;R6 (RERGX) 3.50DFA Emg Mkts Core Eq;I (DFCEX) 2.00MetWest:Total Rtn;I (MWTIX) 15.00JPMorgan:Str Inc Opp;R5 (JSORX) 2.00BlackRock:Str Inc Opp;I (BSIIX) 2.00MainStay:Flt Rate;I (MXFIX) 6.00CRA Book Value -- Models 50.00PartnerSel Alt Str;Inst (MASFX) 5.00

Historical Custom Portfolio Allocations - CRA Income Fund

56

Historical Custom Portfolio Allocations - CRA Income FundPassive Portfolios Weight (%)Mar-2020Vanguard Instl Indx;InsP (VIIIX) 4.00Dodge & Cox Stock (DODGX) 2.00Harbor:Cap Apprec;Inst (HACAX) 2.00Vanguard Md-Cp I;Inst (VMCIX) 1.00Artisan:Mid Cap;Inst (APHMX) 1.00Vanguard S-C Id;Inst (VSCIX) 0.50Am Beacon:SC Val;R6 (AASRX) 0.50Am Beacon:Intl Eq;R6 (AAERX) 3.50American Funds EuPc;R6 (RERGX) 3.50DFA Emg Mkts Core Eq;I (DFCEX) 2.00MetWest:Total Rtn;I (MWTIX) 15.00JPMorgan:Str Inc Opp;R6 (JSOZX) 2.00BlackRock:Str Inc Opp;I (BSIIX) 2.00MainStay:Flt Rate;I (MXFIX) 6.00CRA Book Value -- Models 50.00PartnerSel Alt Str;Inst (MASFX) 5.00

Jan-2021Vanguard Instl Indx;InsP (VIIIX) 4.00Dodge & Cox Stock (DODGX) 2.00Harbor:Cap Apprec;Ret (HNACX) 2.00Vanguard Md-Cp I;Inst (VMCIX) 1.00Artisan:Mid Cap;Inst (APHMX) 1.00Vanguard S-C Id;Inst (VSCIX) 0.50Am Beacon:SC Val;R6 (AASRX) 0.50Am Beacon:Intl Eq;R6 (AAERX) 3.50American Funds EuPc;R6 (RERGX) 3.50DFA Emg Mkts Core Eq;I (DFCEX) 2.00MetWest:Total Rtn;I (MWTIX) 15.00JPMorgan:Str Inc Opp;R6 (JSOZX) 2.00BlackRock:Str Inc Opp;I (BSIIX) 2.00MainStay:Flt Rate;R6 (MXFEX) 6.00CRA Book Value -- Models 50.00PartnerSel Alt Str;Inst (MASFX) 5.00

57

Passive Portfolios Weight (%)Jun-2016CCOERA Target Date 2010 Empower 100.00

Jul-2016Vanguard Instl Indx;Inst (VINIX) 5.50Dodge & Cox Stock (DODGX) 2.75Harbor:Cap Apprec;Inst (HACAX) 2.75Vanguard Md-Cp I;Inst (VMCIX) 1.34Artisan:Mid Cap;Inst (APHMX) 1.34Vanguard S-C Id;Inst (VSCIX) 0.66Am Beacon:SC Val;R5 (AVFIX) 0.66Am Beacon:Intl Eq;R5 (AAIEX) 3.50American Funds EuPc;R6 (RERGX) 3.50DFA Emg Mkts Core Eq;I (DFCEX) 3.00PIMCO:High Yield;Inst (PHIYX) 3.00MainStay:Flt Rate;I (MXFIX) 9.00Crdt Suis Cmdty Rtn;Inst (CRSOX) 4.00Cohen&Steers Inst RS (CSRIX) 1.00CRA Book Value -- Models 43.00Invesco SP MLP Al;R6 (OSPAX) 5.00PartnerSel Alt Str;Inst (MASFX) 5.00J Hancock II:MA AR;I (JHAIX) 5.00

Apr-2017Vanguard Instl Indx;Inst (VINIX) 4.00Dodge & Cox Stock (DODGX) 2.00Harbor:Cap Apprec;Inst (HACAX) 2.00Vanguard Md-Cp I;Inst (VMCIX) 1.00Artisan:Mid Cap;Inst (APHMX) 1.00Vanguard S-C Id;Inst (VSCIX) 0.50Am Beacon:SC Val;R5 (AVFIX) 0.50Am Beacon:Intl Eq;R5 (AAIEX) 2.50American Funds EuPc;R6 (RERGX) 2.50DFA Emg Mkts Core Eq;I (DFCEX) 2.00MetWest:Total Rtn;I (MWTIX) 4.00JPMorgan:Str Inc Opp;R5 (JSORX) 0.50BlackRock:Str Inc Opp;I (BSIIX) 0.50PIMCO:High Yield;Inst (PHIYX) 3.00MainStay:Flt Rate;I (MXFIX) 9.00Crdt Suis Cmdty Rtn;Inst (CRSOX) 4.00Cohen&Steers Inst RS (CSRIX) 1.00CRA Book Value -- Models 45.00Invesco SP MLP Al;R6 (OSPAX) 5.00PartnerSel Alt Str;Inst (MASFX) 5.00J Hancock II:MA AR;I (JHAIX) 5.00

Passive Portfolios Weight (%)May-2018Vanguard Instl Indx;Inst (VINIX) 5.00Dodge & Cox Stock (DODGX) 2.50Harbor:Cap Apprec;Inst (HACAX) 2.50Vanguard Md-Cp I;Inst (VMCIX) 1.33Artisan:Mid Cap;Inst (APHMX) 1.33Vanguard S-C Id;Inst (VSCIX) 0.67Am Beacon:SC Val;R5 (AVFIX) 0.67Am Beacon:Intl Eq;R5 (AAIEX) 4.00American Funds EuPc;R6 (RERGX) 4.00DFA Emg Mkts Core Eq;I (DFCEX) 3.00MetWest:Total Rtn;I (MWTIX) 6.40JPMorgan:Str Inc Opp;R5 (JSORX) 0.80BlackRock:Str Inc Opp;I (BSIIX) 0.80MainStay:Flt Rate;I (MXFIX) 7.00CRA Book Value -- Models 45.00Invesco SP MLP Al;R6 (OSPAX) 5.00PartnerSel Alt Str;Inst (MASFX) 5.00J Hancock II:MA AR;I (JHAIX) 5.00

May-2019Vanguard Instl Indx;Inst (VINIX) 6.00Dodge & Cox Stock (DODGX) 3.00Harbor:Cap Apprec;Inst (HACAX) 3.00Vanguard Md-Cp I;Inst (VMCIX) 2.00Artisan:Mid Cap;Inst (APHMX) 2.00Vanguard S-C Id;Inst (VSCIX) 0.50Am Beacon:SC Val;R5 (AVFIX) 0.50Am Beacon:Intl Eq;R5 (AAIEX) 5.00American Funds EuPc;R6 (RERGX) 5.00DFA Emg Mkts Core Eq;I (DFCEX) 3.00MetWest:Total Rtn;I (MWTIX) 10.00JPMorgan:Str Inc Opp;R5 (JSORX) 1.00BlackRock:Str Inc Opp;I (BSIIX) 1.00MainStay:Flt Rate;I (MXFIX) 6.00CRA Book Value -- Models 42.00Invesco SP MLP Al;R6 (OSPAX) 5.00PartnerSel Alt Str;Inst (MASFX) 5.00

Historical Custom Portfolio Allocations - CRA 2010 Target Date Fund

58

Historical Custom Portfolio Allocations - CRA 2010 Target Date FundPassive Portfolios Weight (%)Sep-2019Vanguard Instl Indx;InsP (VIIIX) 6.00Dodge & Cox Stock (DODGX) 3.00Harbor:Cap Apprec;Inst (HACAX) 3.00Vanguard Md-Cp I;Inst (VMCIX) 2.00Artisan:Mid Cap;Inst (APHMX) 2.00Vanguard S-C Id;Inst (VSCIX) 0.50Am Beacon:SC Val;R5 (AVFIX) 0.50Am Beacon:Intl Eq;R5 (AAIEX) 5.00American Funds EuPc;R6 (RERGX) 5.00DFA Emg Mkts Core Eq;I (DFCEX) 3.00MetWest:Total Rtn;I (MWTIX) 10.00JPMorgan:Str Inc Opp;R5 (JSORX) 1.00BlackRock:Str Inc Opp;I (BSIIX) 1.00MainStay:Flt Rate;I (MXFIX) 6.00CRA Book Value -- Models 42.00Invesco SP MLP Sl;Y (MLPTX) 5.00PartnerSel Alt Str;Inst (MASFX) 5.00

Mar-2020Vanguard Instl Indx;InsP (VIIIX) 6.00Dodge & Cox Stock (DODGX) 3.00Harbor:Cap Apprec;Inst (HACAX) 3.00Vanguard Md-Cp I;Inst (VMCIX) 2.00Artisan:Mid Cap;Inst (APHMX) 2.00Vanguard S-C Id;Inst (VSCIX) 0.50Am Beacon:SC Val;R6 (AASRX) 0.50Am Beacon:Intl Eq;R6 (AAERX) 5.00American Funds EuPc;R6 (RERGX) 5.00DFA Emg Mkts Core Eq;I (DFCEX) 3.00MetWest:Total Rtn;I (MWTIX) 10.00JPMorgan:Str Inc Opp;R6 (JSOZX) 1.00BlackRock:Str Inc Opp;I (BSIIX) 1.00MainStay:Flt Rate;I (MXFIX) 6.00CRA Book Value -- Models 42.00Invesco SP MLP Sl;Y (MLPTX) 5.00PartnerSel Alt Str;Inst (MASFX) 5.00

Passive Portfolios Weight (%)Jan-2021Vanguard Instl Indx;InsP (VIIIX) 6.00Dodge & Cox Stock (DODGX) 3.00Harbor:Cap Apprec;Ret (HNACX) 3.00Vanguard Md-Cp I;Inst (VMCIX) 2.00Artisan:Mid Cap;Inst (APHMX) 2.00Vanguard S-C Id;Inst (VSCIX) 0.50Am Beacon:SC Val;R6 (AASRX) 0.50Am Beacon:Intl Eq;R6 (AAERX) 5.00American Funds EuPc;R6 (RERGX) 5.00DFA Emg Mkts Core Eq;I (DFCEX) 3.00MetWest:Total Rtn;I (MWTIX) 10.00JPMorgan:Str Inc Opp;R6 (JSOZX) 1.00BlackRock:Str Inc Opp;I (BSIIX) 1.00MainStay:Flt Rate;R6 (MXFEX) 6.00CRA Book Value -- Models 42.00Invesco SP MLP Sl;Y (MLPTX) 5.00PartnerSel Alt Str;Inst (MASFX) 5.00

59

Passive Portfolios Weight (%)Apr-2016Vanguard Instl Indx;Inst (VINIX) 6.00Dodge & Cox Stock (DODGX) 3.00Harbor:Cap Apprec;Inst (HACAX) 3.00Vanguard Md-Cp I;Inst (VMCIX) 1.68Artisan:Mid Cap;Inst (APHMX) 1.67Vanguard S-C Id;Inst (VSCIX) 0.83Am Beacon:SC Val;R5 (AVFIX) 0.82Am Beacon:Intl Eq;R5 (AAIEX) 4.00American Funds EuPc;R6 (RERGX) 4.00DFA Emg Mkts Core Eq;I (DFCEX) 3.00PIMCO:High Yield;Inst (PHIYX) 3.00MainStay:Flt Rate;I (MXFIX) 9.00Crdt Suis Cmdty Rtn;Inst (CRSOX) 5.00Cohen&Steers Inst RS (CSRIX) 2.00CRA Book Value -- Models 39.00Invesco SP MLP Al;R6 (OSPAX) 5.00PartnerSel Alt Str;Inst (MASFX) 4.50J Hancock II:MA AR;I (JHAIX) 4.50

Apr-2017Vanguard Instl Indx;Inst (VINIX) 5.50Dodge & Cox Stock (DODGX) 2.75Harbor:Cap Apprec;Inst (HACAX) 2.75Vanguard Md-Cp I;Inst (VMCIX) 1.34Artisan:Mid Cap;Inst (APHMX) 1.34Vanguard S-C Id;Inst (VSCIX) 0.66Am Beacon:SC Val;R5 (AVFIX) 0.66Am Beacon:Intl Eq;R5 (AAIEX) 3.50American Funds EuPc;R6 (RERGX) 3.50DFA Emg Mkts Core Eq;I (DFCEX) 3.00MetWest:Total Rtn;I (MWTIX) 4.00JPMorgan:Str Inc Opp;R5 (JSORX) 0.50BlackRock:Str Inc Opp;I (BSIIX) 0.50PIMCO:High Yield;Inst (PHIYX) 3.00MainStay:Flt Rate;I (MXFIX) 9.00Crdt Suis Cmdty Rtn;Inst (CRSOX) 4.00Cohen&Steers Inst RS (CSRIX) 1.00CRA Book Value -- Models 39.00Invesco SP MLP Al;R6 (OSPAX) 5.00PartnerSel Alt Str;Inst (MASFX) 4.50J Hancock II:MA AR;I (JHAIX) 4.50

Passive Portfolios Weight (%)May-2018Vanguard Instl Indx;Inst (VINIX) 6.00Dodge & Cox Stock (DODGX) 3.00Harbor:Cap Apprec;Inst (HACAX) 3.00Vanguard Md-Cp I;Inst (VMCIX) 1.67Artisan:Mid Cap;Inst (APHMX) 1.67Vanguard S-C Id;Inst (VSCIX) 0.83Am Beacon:SC Val;R5 (AVFIX) 0.83Am Beacon:Intl Eq;R5 (AAIEX) 4.50American Funds EuPc;R6 (RERGX) 4.50DFA Emg Mkts Core Eq;I (DFCEX) 3.00MetWest:Total Rtn;I (MWTIX) 6.40JPMorgan:Str Inc Opp;R5 (JSORX) 0.80BlackRock:Str Inc Opp;I (BSIIX) 0.80MainStay:Flt Rate;I (MXFIX) 7.00CRA Book Value -- Models 41.00Invesco SP MLP Al;R6 (OSPAX) 5.00PartnerSel Alt Str;Inst (MASFX) 5.00J Hancock II:MA AR;I (JHAIX) 5.00

May-2019Vanguard Instl Indx;Inst (VINIX) 6.00Dodge & Cox Stock (DODGX) 3.00Harbor:Cap Apprec;Inst (HACAX) 3.00Vanguard Md-Cp I;Inst (VMCIX) 2.00Artisan:Mid Cap;Inst (APHMX) 2.00Vanguard S-C Id;Inst (VSCIX) 0.50Am Beacon:SC Val;R5 (AVFIX) 0.50Am Beacon:Intl Eq;R5 (AAIEX) 5.50American Funds EuPc;R6 (RERGX) 5.50DFA Emg Mkts Core Eq;I (DFCEX) 4.00MetWest:Total Rtn;I (MWTIX) 10.00JPMorgan:Str Inc Opp;R5 (JSORX) 1.00BlackRock:Str Inc Opp;I (BSIIX) 1.00MainStay:Flt Rate;I (MXFIX) 6.00CRA Book Value -- Models 40.00Invesco SP MLP Al;R6 (OSPAX) 5.00PartnerSel Alt Str;Inst (MASFX) 5.00


60

Historical Custom Portfolio Allocations - CRA 2015 Target Date FundPassive Portfolios Weight (%)Sep-2019Vanguard Instl Indx;InsP (VIIIX) 6.00Dodge & Cox Stock (DODGX) 3.00Harbor:Cap Apprec;Inst (HACAX) 3.00Vanguard Md-Cp I;Inst (VMCIX) 2.00Artisan:Mid Cap;Inst (APHMX) 2.00Vanguard S-C Id;Inst (VSCIX) 0.50Am Beacon:SC Val;R5 (AVFIX) 0.50Am Beacon:Intl Eq;R5 (AAIEX) 5.50American Funds EuPc;R6 (RERGX) 5.50DFA Emg Mkts Core Eq;I (DFCEX) 4.00MetWest:Total Rtn;I (MWTIX) 10.00JPMorgan:Str Inc Opp;R5 (JSORX) 1.00BlackRock:Str Inc Opp;I (BSIIX) 1.00MainStay:Flt Rate;I (MXFIX) 6.00CRA Book Value -- Models 40.00Invesco SP MLP Sl;Y (MLPTX) 5.00PartnerSel Alt Str;Inst (MASFX) 5.00

Mar-2020Vanguard Instl Indx;InsP (VIIIX) 6.00Dodge & Cox Stock (DODGX) 3.00Harbor:Cap Apprec;Inst (HACAX) 3.00Vanguard Md-Cp I;Inst (VMCIX) 2.00Artisan:Mid Cap;Inst (APHMX) 2.00Vanguard S-C Id;Inst (VSCIX) 0.50Am Beacon:SC Val;R6 (AASRX) 0.50Am Beacon:Intl Eq;R6 (AAERX) 5.50American Funds EuPc;R6 (RERGX) 5.50DFA Emg Mkts Core Eq;I (DFCEX) 4.00MetWest:Total Rtn;I (MWTIX) 10.00JPMorgan:Str Inc Opp;R6 (JSOZX) 1.00BlackRock:Str Inc Opp;I (BSIIX) 1.00MainStay:Flt Rate;I (MXFIX) 6.00CRA Book Value -- Models 40.00Invesco SP MLP Sl;Y (MLPTX) 5.00PartnerSel Alt Str;Inst (MASFX) 5.00

Passive Portfolios Weight (%)Jan-2021Vanguard Instl Indx;InsP (VIIIX) 6.00Dodge & Cox Stock (DODGX) 3.00Harbor:Cap Apprec;Ret (HNACX) 3.00Vanguard Md-Cp I;Inst (VMCIX) 2.00Artisan:Mid Cap;Inst (APHMX) 2.00Vanguard S-C Id;Inst (VSCIX) 0.50Am Beacon:SC Val;R6 (AASRX) 0.50Am Beacon:Intl Eq;R6 (AAERX) 5.50American Funds EuPc;R6 (RERGX) 5.50DFA Emg Mkts Core Eq;I (DFCEX) 4.00MetWest:Total Rtn;I (MWTIX) 10.00JPMorgan:Str Inc Opp;R6 (JSOZX) 1.00BlackRock:Str Inc Opp;I (BSIIX) 1.00MainStay:Flt Rate;R6 (MXFEX) 6.00CRA Book Value -- Models 40.00Invesco SP MLP Sl;Y (MLPTX) 5.00PartnerSel Alt Str;Inst (MASFX) 5.00

61

Passive Portfolios Weight (%)Apr-2016Vanguard Instl Indx;Inst (VINIX) 9.00Dodge & Cox Stock (DODGX) 4.50Harbor:Cap Apprec;Inst (HACAX) 4.50Vanguard Md-Cp I;Inst (VMCIX) 2.35Artisan:Mid Cap;Inst (APHMX) 2.34Vanguard S-C Id;Inst (VSCIX) 1.16Am Beacon:SC Val;R5 (AVFIX) 1.15Am Beacon:Intl Eq;R5 (AAIEX) 5.50American Funds EuPc;R6 (RERGX) 5.50DFA Emg Mkts Core Eq;I (DFCEX) 5.00MetWest:Total Rtn;I (MWTIX) 5.60JPMorgan:Str Inc Opp;R5 (JSORX) 0.70Driehaus:Active Income (LCMAX) 0.70PIMCO:High Yield;Inst (PHIYX) 3.00MainStay:Flt Rate;I (MXFIX) 9.00Crdt Suis Cmdty Rtn;Inst (CRSOX) 5.00Cohen&Steers Inst RS (CSRIX) 2.00CRA Book Value -- Models 21.00Invesco SP MLP Al;R6 (OSPAX) 5.00PartnerSel Alt Str;Inst (MASFX) 3.50J Hancock II:MA AR;I (JHAIX) 3.50

Sep-2016Vanguard Instl Indx;Inst (VINIX) 9.00Dodge & Cox Stock (DODGX) 4.50Harbor:Cap Apprec;Inst (HACAX) 4.50Vanguard Md-Cp I;Inst (VMCIX) 2.35Artisan:Mid Cap;Inst (APHMX) 2.34Vanguard S-C Id;Inst (VSCIX) 1.16Am Beacon:SC Val;R5 (AVFIX) 1.15Am Beacon:Intl Eq;R5 (AAIEX) 5.50American Funds EuPc;R6 (RERGX) 5.50DFA Emg Mkts Core Eq;I (DFCEX) 5.00MetWest:Total Rtn;I (MWTIX) 5.60JPMorgan:Str Inc Opp;R5 (JSORX) 0.70BlackRock:Str Inc Opp;I (BSIIX) 0.70PIMCO:High Yield;Inst (PHIYX) 3.00MainStay:Flt Rate;I (MXFIX) 9.00Crdt Suis Cmdty Rtn;Inst (CRSOX) 5.00Cohen&Steers Inst RS (CSRIX) 2.00CRA Book Value -- Models 21.00Invesco SP MLP Al;R6 (OSPAX) 5.00PartnerSel Alt Str;Inst (MASFX) 3.50J Hancock II:MA AR;I (JHAIX) 3.50

Passive Portfolios Weight (%)Apr-2017Vanguard Instl Indx;Inst (VINIX) 7.50Dodge & Cox Stock (DODGX) 3.75Harbor:Cap Apprec;Inst (HACAX) 3.75Vanguard Md-Cp I;Inst (VMCIX) 2.00Artisan:Mid Cap;Inst (APHMX) 2.00Vanguard S-C Id;Inst (VSCIX) 1.00Am Beacon:SC Val;R5 (AVFIX) 1.00Am Beacon:Intl Eq;R5 (AAIEX) 4.50American Funds EuPc;R6 (RERGX) 4.50DFA Emg Mkts Core Eq;I (DFCEX) 4.00MetWest:Total Rtn;I (MWTIX) 7.20JPMorgan:Str Inc Opp;R5 (JSORX) 0.90BlackRock:Str Inc Opp;I (BSIIX) 0.90PIMCO:High Yield;Inst (PHIYX) 3.00MainStay:Flt Rate;I (MXFIX) 9.00Crdt Suis Cmdty Rtn;Inst (CRSOX) 4.00Cohen&Steers Inst RS (CSRIX) 2.00CRA Book Value -- Models 26.00Invesco SP MLP Al;R6 (OSPAX) 5.00PartnerSel Alt Str;Inst (MASFX) 4.00J Hancock II:MA AR;I (JHAIX) 4.00

May-2018Vanguard Instl Indx;Inst (VINIX) 7.50Dodge & Cox Stock (DODGX) 3.75Harbor:Cap Apprec;Inst (HACAX) 3.75Vanguard Md-Cp I;Inst (VMCIX) 2.00Artisan:Mid Cap;Inst (APHMX) 2.00Vanguard S-C Id;Inst (VSCIX) 1.00Am Beacon:SC Val;R5 (AVFIX) 1.00Am Beacon:Intl Eq;R5 (AAIEX) 6.00American Funds EuPc;R6 (RERGX) 6.00DFA Emg Mkts Core Eq;I (DFCEX) 4.00MetWest:Total Rtn;I (MWTIX) 8.80JPMorgan:Str Inc Opp;R5 (JSORX) 1.10BlackRock:Str Inc Opp;I (BSIIX) 1.10MainStay:Flt Rate;I (MXFIX) 7.00CRA Book Value -- Models 30.00Invesco SP MLP Al;R6 (OSPAX) 5.00PartnerSel Alt Str;Inst (MASFX) 5.00J Hancock II:MA AR;I (JHAIX) 5.00


62

Historical Custom Portfolio Allocations - CRA 2020 Target Date FundPassive Portfolios Weight (%)May-2019Vanguard Instl Indx;Inst (VINIX) 7.00Dodge & Cox Stock (DODGX) 4.00Harbor:Cap Apprec;Inst (HACAX) 4.00Vanguard Md-Cp I;Inst (VMCIX) 2.00Artisan:Mid Cap;Inst (APHMX) 2.00Vanguard S-C Id;Inst (VSCIX) 1.00Am Beacon:SC Val;R5 (AVFIX) 1.00Am Beacon:Intl Eq;R5 (AAIEX) 6.50American Funds EuPc;R6 (RERGX) 6.50DFA Emg Mkts Core Eq;I (DFCEX) 4.00MetWest:Total Rtn;I (MWTIX) 14.00JPMorgan:Str Inc Opp;R5 (JSORX) 1.00BlackRock:Str Inc Opp;I (BSIIX) 1.00MainStay:Flt Rate;I (MXFIX) 6.00CRA Book Value -- Models 30.00Invesco SP MLP Al;R6 (OSPAX) 5.00PartnerSel Alt Str;Inst (MASFX) 5.00

Sep-2019Vanguard Instl Indx;InsP (VIIIX) 7.00Dodge & Cox Stock (DODGX) 4.00Harbor:Cap Apprec;Inst (HACAX) 4.00Vanguard Md-Cp I;Inst (VMCIX) 2.00Artisan:Mid Cap;Inst (APHMX) 2.00Vanguard S-C Id;Inst (VSCIX) 1.00Am Beacon:SC Val;R5 (AVFIX) 1.00Am Beacon:Intl Eq;R5 (AAIEX) 6.50American Funds EuPc;R6 (RERGX) 6.50DFA Emg Mkts Core Eq;I (DFCEX) 4.00MetWest:Total Rtn;I (MWTIX) 14.00JPMorgan:Str Inc Opp;R5 (JSORX) 1.00BlackRock:Str Inc Opp;I (BSIIX) 1.00MainStay:Flt Rate;I (MXFIX) 6.00CRA Book Value -- Models 30.00Invesco SP MLP Sl;Y (MLPTX) 5.00PartnerSel Alt Str;Inst (MASFX) 5.00

Passive Portfolios Weight (%)Mar-2020Vanguard Instl Indx;InsP (VIIIX) 7.00Dodge & Cox Stock (DODGX) 4.00Harbor:Cap Apprec;Inst (HACAX) 4.00Vanguard Md-Cp I;Inst (VMCIX) 2.00Artisan:Mid Cap;Inst (APHMX) 2.00Vanguard S-C Id;Inst (VSCIX) 1.00Am Beacon:SC Val;R6 (AASRX) 1.00Am Beacon:Intl Eq;R6 (AAERX) 6.50American Funds EuPc;R6 (RERGX) 6.50DFA Emg Mkts Core Eq;I (DFCEX) 4.00MetWest:Total Rtn;I (MWTIX) 14.00JPMorgan:Str Inc Opp;R6 (JSOZX) 1.00BlackRock:Str Inc Opp;I (BSIIX) 1.00MainStay:Flt Rate;I (MXFIX) 6.00CRA Book Value -- Models 30.00Invesco SP MLP Sl;Y (MLPTX) 5.00PartnerSel Alt Str;Inst (MASFX) 5.00

Jan-2021Vanguard Instl Indx;InsP (VIIIX) 7.00Dodge & Cox Stock (DODGX) 4.00Harbor:Cap Apprec;Ret (HNACX) 4.00Vanguard Md-Cp I;Inst (VMCIX) 2.00Artisan:Mid Cap;Inst (APHMX) 2.00Vanguard S-C Id;Inst (VSCIX) 1.00Am Beacon:SC Val;R6 (AASRX) 1.00Am Beacon:Intl Eq;R6 (AAERX) 6.50American Funds EuPc;R6 (RERGX) 6.50DFA Emg Mkts Core Eq;I (DFCEX) 4.00MetWest:Total Rtn;I (MWTIX) 14.00JPMorgan:Str Inc Opp;R6 (JSOZX) 1.00BlackRock:Str Inc Opp;I (BSIIX) 1.00MainStay:Flt Rate;R6 (MXFEX) 6.00CRA Book Value -- Models 30.00Invesco SP MLP Sl;Y (MLPTX) 5.00PartnerSel Alt Str;Inst (MASFX) 5.00

63






64





65






66




Jan-2021Vanguard Instl Indx;InsP (VIIIX) 12.00Dodge & Cox Stock (DODGX) 6.00Harbor:Cap Apprec;Ret (HNACX) 6.00Vanguard Md-Cp I;Inst (VMCIX) 3.00Artisan:Mid Cap;Inst (APHMX) 3.00Vanguard S-C Id;Inst (VSCIX) 2.00Am Beacon:SC Val;R6 (AASRX) 2.00Am Beacon:Intl Eq;R6 (AAERX) 10.00American Funds EuPc;R6 (RERGX) 10.00DFA Emg Mkts Core Eq;I (DFCEX) 7.00MainStay:Flt Rate;R6 (MXFEX) 6.00JPMorgan:Str Inc Opp;R6 (JSOZX) 1.00BlackRock:Str Inc Opp;I (BSIIX) 1.00MainStay:Flt Rate;I (MXFIX) 6.00CRA Book Value -- Models 15.00Invesco SP MLP Sl;Y (MLPTX) 5.00PartnerSel Alt Str;Inst (MASFX) 5.00

67






68





69



Passive Portfolios Weight (%)May-2019Vanguard Instl Indx;Inst (VINIX) 16.00Dodge & Cox Stock (DODGX) 8.00Harbor:Cap Apprec;Inst (HACAX) 8.00Vanguard Md-Cp I;Inst (VMCIX) 4.50Artisan:Mid Cap;Inst (APHMX) 4.50Vanguard S-C Id;Inst (VSCIX) 2.00Am Beacon:SC Val;R5 (AVFIX) 2.00Am Beacon:Intl Eq;R5 (AAIEX) 13.00American Funds EuPc;R6 (RERGX) 13.00DFA Emg Mkts Core Eq;I (DFCEX) 9.00MetWest:Total Rtn;I (MWTIX) 3.00MainStay:Flt Rate;I (MXFIX) 5.00CRA Book Value -- Models 4.00Invesco SP MLP Al;R6 (OSPAX) 5.00PartnerSel Alt Str;Inst (MASFX) 3.00

Sep-2019Vanguard Instl Indx;InsP (VIIIX) 16.00Dodge & Cox Stock (DODGX) 8.00Harbor:Cap Apprec;Inst (HACAX) 8.00Vanguard Md-Cp I;Inst (VMCIX) 4.50Artisan:Mid Cap;Inst (APHMX) 4.50Vanguard S-C Id;Inst (VSCIX) 2.00Am Beacon:SC Val;R5 (AVFIX) 2.00Am Beacon:Intl Eq;R5 (AAIEX) 13.00American Funds EuPc;R6 (RERGX) 13.00DFA Emg Mkts Core Eq;I (DFCEX) 9.00MetWest:Total Rtn;I (MWTIX) 3.00MainStay:Flt Rate;I (MXFIX) 5.00CRA Book Value -- Models 4.00Invesco SP MLP Sl;Y (MLPTX) 5.00PartnerSel Alt Str;Inst (MASFX) 3.00

Mar-2020Vanguard Instl Indx;InsP (VIIIX) 16.00Dodge & Cox Stock (DODGX) 8.00Harbor:Cap Apprec;Inst (HACAX) 8.00Vanguard Md-Cp I;Inst (VMCIX) 4.50Artisan:Mid Cap;Inst (APHMX) 4.50Vanguard S-C Id;Inst (VSCIX) 2.00Am Beacon:SC Val;R6 (AASRX) 2.00Am Beacon:Intl Eq;R6 (AAERX) 13.00American Funds EuPc;R6 (RERGX) 13.00DFA Emg Mkts Core Eq;I (DFCEX) 9.00MetWest:Total Rtn;I (MWTIX) 3.00MainStay:Flt Rate;I (MXFIX) 5.00CRA Book Value -- Models 4.00Invesco SP MLP Sl;Y (MLPTX) 5.00PartnerSel Alt Str;Inst (MASFX) 3.00


70

Historical Custom Portfolio Allocations - CRA 2040 Target Date FundPassive Portfolios Weight (%)Jan-2021Vanguard Instl Indx;InsP (VIIIX) 16.00Dodge & Cox Stock (DODGX) 8.00Harbor:Cap Apprec;Ret (HNACX) 8.00Vanguard Md-Cp I;Inst (VMCIX) 4.50Artisan:Mid Cap;Inst (APHMX) 4.50Vanguard S-C Id;Inst (VSCIX) 2.00Am Beacon:SC Val;R6 (AASRX) 2.00Am Beacon:Intl Eq;R6 (AAERX) 13.00American Funds EuPc;R6 (RERGX) 13.00DFA Emg Mkts Core Eq;I (DFCEX) 9.00MetWest:Total Rtn;I (MWTIX) 3.00MainStay:Flt Rate;R6 (MXFEX) 5.00CRA Book Value -- Models 4.00Invesco SP MLP Sl;Y (MLPTX) 5.00PartnerSel Alt Str;Inst (MASFX) 3.00

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May-2018Vanguard Instl Indx;Inst (VINIX) 16.50Dodge & Cox Stock (DODGX) 8.25Harbor:Cap Apprec;Inst (HACAX) 8.25Vanguard Md-Cp I;Inst (VMCIX) 4.35Artisan:Mid Cap;Inst (APHMX) 4.35Vanguard S-C Id;Inst (VSCIX) 2.15Am Beacon:SC Val;R5 (AVFIX) 2.15Am Beacon:Intl Eq;R5 (AAIEX) 13.50American Funds EuPc;R6 (RERGX) 13.50DFA Emg Mkts Core Eq;I (DFCEX) 9.00MainStay:Flt Rate;I (MXFIX) 5.00CRA Book Value -- Models 4.00Invesco SP MLP Al;R6 (OSPAX) 7.00PartnerSel Alt Str;Inst (MASFX) 1.00J Hancock II:MA AR;I (JHAIX) 1.00

Passive Portfolios Weight (%)May-2019Vanguard Instl Indx;Inst (VINIX) 16.00Dodge & Cox Stock (DODGX) 8.00Harbor:Cap Apprec;Inst (HACAX) 8.00Vanguard Md-Cp I;Inst (VMCIX) 4.50Artisan:Mid Cap;Inst (APHMX) 4.50Vanguard S-C Id;Inst (VSCIX) 2.00Am Beacon:SC Val;R5 (AVFIX) 2.00Am Beacon:Intl Eq;R5 (AAIEX) 13.00American Funds EuPc;R6 (RERGX) 13.00DFA Emg Mkts Core Eq;I (DFCEX) 9.00MetWest:Total Rtn;I (MWTIX) 3.00MainStay:Flt Rate;I (MXFIX) 5.00CRA Book Value -- Models 4.00Invesco SP MLP Al;R6 (OSPAX) 5.00PartnerSel Alt Str;Inst (MASFX) 3.00

Sep-2019Vanguard Instl Indx;InsP (VIIIX) 16.00Dodge & Cox Stock (DODGX) 8.00Harbor:Cap Apprec;Inst (HACAX) 8.00Vanguard Md-Cp I;Inst (VMCIX) 4.50Artisan:Mid Cap;Inst (APHMX) 4.50Vanguard S-C Id;Inst (VSCIX) 2.00Am Beacon:SC Val;R5 (AVFIX) 2.00Am Beacon:Intl Eq;R5 (AAIEX) 13.00American Funds EuPc;R6 (RERGX) 13.00DFA Emg Mkts Core Eq;I (DFCEX) 9.00MetWest:Total Rtn;I (MWTIX) 3.00MainStay:Flt Rate;I (MXFIX) 5.00CRA Book Value -- Models 4.00Invesco SP MLP Sl;Y (MLPTX) 5.00PartnerSel Alt Str;Inst (MASFX) 3.00

Mar-2020Vanguard Instl Indx;InsP (VIIIX) 16.00Dodge & Cox Stock (DODGX) 8.00Harbor:Cap Apprec;Inst (HACAX) 8.00Vanguard Md-Cp I;Inst (VMCIX) 4.50Artisan:Mid Cap;Inst (APHMX) 4.50Vanguard S-C Id;Inst (VSCIX) 2.00Am Beacon:SC Val;R6 (AASRX) 2.00Am Beacon:Intl Eq;R6 (AAERX) 13.00American Funds EuPc;R6 (RERGX) 13.00DFA Emg Mkts Core Eq;I (DFCEX) 9.00MetWest:Total Rtn;I (MWTIX) 3.00MainStay:Flt Rate;I (MXFIX) 5.00CRA Book Value -- Models 4.00Invesco SP MLP Sl;Y (MLPTX) 5.00PartnerSel Alt Str;Inst (MASFX) 3.00


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Historical Custom Portfolio Allocations - CRA 2045 Target Date FundPassive Portfolios Weight (%)Jan-2021Vanguard Instl Indx;InsP (VIIIX) 16.00Dodge & Cox Stock (DODGX) 8.00Harbor:Cap Apprec;Ret (HNACX) 8.00Vanguard Md-Cp I;Inst (VMCIX) 4.50Artisan:Mid Cap;Inst (APHMX) 4.50Vanguard S-C Id;Inst (VSCIX) 2.00Am Beacon:SC Val;R6 (AASRX) 2.00Am Beacon:Intl Eq;R6 (AAERX) 13.00American Funds EuPc;R6 (RERGX) 13.00DFA Emg Mkts Core Eq;I (DFCEX) 9.00MetWest:Total Rtn;I (MWTIX) 3.00MainStay:Flt Rate;R6 (MXFEX) 5.00CRA Book Value -- Models 4.00Invesco SP MLP Sl;Y (MLPTX) 5.00PartnerSel Alt Str;Inst (MASFX) 3.00

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Passive Portfolios Weight (%)May-2019Vanguard Instl Indx;Inst (VINIX) 17.00Dodge & Cox Stock (DODGX) 8.00Harbor:Cap Apprec;Inst (HACAX) 8.00Vanguard Md-Cp I;Inst (VMCIX) 4.50Artisan:Mid Cap;Inst (APHMX) 4.50Vanguard S-C Id;Inst (VSCIX) 2.00Am Beacon:SC Val;R5 (AVFIX) 2.00Am Beacon:Intl Eq;R5 (AAIEX) 14.00American Funds EuPc;R6 (RERGX) 14.00DFA Emg Mkts Core Eq;I (DFCEX) 9.00MetWest:Total Rtn;I (MWTIX) 3.00MainStay:Flt Rate;I (MXFIX) 5.00CRA Book Value -- Models 4.00Invesco SP MLP Al;R6 (OSPAX) 5.00

Sep-2019Vanguard Instl Indx;InsP (VIIIX) 17.00Dodge & Cox Stock (DODGX) 8.00Harbor:Cap Apprec;Inst (HACAX) 8.00Vanguard Md-Cp I;Inst (VMCIX) 4.50Artisan:Mid Cap;Inst (APHMX) 4.50Vanguard S-C Id;Inst (VSCIX) 2.00Am Beacon:SC Val;R5 (AVFIX) 2.00Am Beacon:Intl Eq;R5 (AAIEX) 14.00American Funds EuPc;R6 (RERGX) 14.00DFA Emg Mkts Core Eq;I (DFCEX) 9.00MetWest:Total Rtn;I (MWTIX) 3.00MainStay:Flt Rate;I (MXFIX) 5.00CRA Book Value -- Models 4.00Invesco SP MLP Sl;Y (MLPTX) 5.00

Mar-2020Vanguard Instl Indx;InsP (VIIIX) 17.00Dodge & Cox Stock (DODGX) 8.00Harbor:Cap Apprec;Inst (HACAX) 8.00Vanguard Md-Cp I;Inst (VMCIX) 4.50Artisan:Mid Cap;Inst (APHMX) 4.50Vanguard S-C Id;Inst (VSCIX) 2.00Am Beacon:SC Val;R6 (AASRX) 2.00Am Beacon:Intl Eq;R6 (AAERX) 14.00American Funds EuPc;R6 (RERGX) 14.00DFA Emg Mkts Core Eq;I (DFCEX) 9.00MetWest:Total Rtn;I (MWTIX) 3.00MainStay:Flt Rate;I (MXFIX) 5.00CRA Book Value -- Models 4.00Invesco SP MLP Sl;Y (MLPTX) 5.00


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Historical Custom Portfolio Allocations - CRA 2050 Target Date FundPassive Portfolios Weight (%)Jan-2021Vanguard Instl Indx;InsP (VIIIX) 17.00Dodge & Cox Stock (DODGX) 8.00Harbor:Cap Apprec;Ret (HNACX) 8.00Vanguard Md-Cp I;Inst (VMCIX) 4.50Artisan:Mid Cap;Inst (APHMX) 4.50Vanguard S-C Id;Inst (VSCIX) 2.00Am Beacon:SC Val;R6 (AASRX) 2.00Am Beacon:Intl Eq;R6 (AAERX) 14.00American Funds EuPc;R6 (RERGX) 14.00DFA Emg Mkts Core Eq;I (DFCEX) 9.00MetWest:Total Rtn;I (MWTIX) 3.00MainStay:Flt Rate;R6 (MXFEX) 5.00CRA Book Value -- Models 4.00Invesco SP MLP Sl;Y (MLPTX) 5.00

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Passive Portfolios Weight (%)May-2019Vanguard Instl Indx;Inst (VINIX) 17.00Dodge & Cox Stock (DODGX) 8.00Harbor:Cap Apprec;Inst (HACAX) 8.00Vanguard Md-Cp I;Inst (VMCIX) 4.50Artisan:Mid Cap;Inst (APHMX) 4.50Vanguard S-C Id;Inst (VSCIX) 2.00Am Beacon:SC Val;R5 (AVFIX) 2.00Am Beacon:Intl Eq;R5 (AAIEX) 14.00American Funds EuPc;R6 (RERGX) 14.00DFA Emg Mkts Core Eq;I (DFCEX) 9.00MetWest:Total Rtn;I (MWTIX) 3.00MainStay:Flt Rate;I (MXFIX) 5.00CRA Book Value -- Models 4.00Invesco SP MLP Al;R6 (OSPAX) 5.00

Sep-2019Vanguard Instl Indx;InsP (VIIIX) 17.00Dodge & Cox Stock (DODGX) 8.00Harbor:Cap Apprec;Inst (HACAX) 8.00Vanguard Md-Cp I;Inst (VMCIX) 4.50Artisan:Mid Cap;Inst (APHMX) 4.50Vanguard S-C Id;Inst (VSCIX) 2.00Am Beacon:SC Val;R5 (AVFIX) 2.00Am Beacon:Intl Eq;R5 (AAIEX) 14.00American Funds EuPc;R6 (RERGX) 14.00DFA Emg Mkts Core Eq;I (DFCEX) 9.00MetWest:Total Rtn;I (MWTIX) 3.00MainStay:Flt Rate;I (MXFIX) 5.00CRA Book Value -- Models 4.00Invesco SP MLP Sl;Y (MLPTX) 5.00



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Historical Custom Portfolio Allocations - CRA 2055 Target Date FundPassive Portfolios Weight (%)Jan-2021Vanguard Instl Indx;InsP (VIIIX) 17.00Dodge & Cox Stock (DODGX) 8.00Harbor:Cap Apprec;Ret (HNACX) 8.00Vanguard Md-Cp I;Inst (VMCIX) 4.50Artisan:Mid Cap;Inst (APHMX) 4.50Vanguard S-C Id;Inst (VSCIX) 2.00Am Beacon:SC Val;R6 (AASRX) 2.00Am Beacon:Intl Eq;R6 (AAERX) 14.00American Funds EuPc;R6 (RERGX) 14.00DFA Emg Mkts Core Eq;I (DFCEX) 9.00MetWest:Total Rtn;I (MWTIX) 3.00MainStay:Flt Rate;R6 (MXFEX) 5.00CRA Book Value -- Models 4.00Invesco SP MLP Sl;Y (MLPTX) 5.00

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Passive Portfolios Weight (%)Apr-2016Vanguard Instl Indx;Inst (VINIX) 17.50Dodge & Cox Stock (DODGX) 8.75Harbor:Cap Apprec;Inst (HACAX) 8.75Vanguard Md-Cp I;Inst (VMCIX) 4.69Artisan:Mid Cap;Inst (APHMX) 4.69Vanguard S-C Id;Inst (VSCIX) 2.31Am Beacon:SC Val;R5 (AVFIX) 2.31Am Beacon:Intl Eq;R5 (AAIEX) 11.00American Funds EuPc;R6 (RERGX) 11.00DFA Emg Mkts Core Eq;I (DFCEX) 9.00MainStay:Flt Rate;I (MXFIX) 1.00Crdt Suis Cmdty Rtn;Inst (CRSOX) 5.00Cohen&Steers Inst RS (CSRIX) 5.00CRA Book Value -- Models 3.00Invesco SP MLP Al;R6 (OSPAX) 5.00PartnerSel Alt Str;Inst (MASFX) 0.50J Hancock II:MA AR;I (JHAIX) 0.50


May-2019Vanguard Instl Indx;Inst (VINIX) 17.00Dodge & Cox Stock (DODGX) 8.00Harbor:Cap Apprec;Inst (HACAX) 8.00Vanguard Md-Cp I;Inst (VMCIX) 4.50Artisan:Mid Cap;Inst (APHMX) 4.50Vanguard S-C Id;Inst (VSCIX) 2.00Am Beacon:SC Val;R5 (AVFIX) 2.00Am Beacon:Intl Eq;R5 (AAIEX) 14.00American Funds EuPc;R6 (RERGX) 14.00DFA Emg Mkts Core Eq;I (DFCEX) 9.00MetWest:Total Rtn;I (MWTIX) 3.00MainStay:Flt Rate;I (MXFIX) 5.00CRA Book Value -- Models 4.00Invesco SP MLP Al;R6 (OSPAX) 5.00

Passive Portfolios Weight (%)Sep-2019Vanguard Instl Indx;InsP (VIIIX) 17.00Dodge & Cox Stock (DODGX) 8.00Harbor:Cap Apprec;Inst (HACAX) 8.00Vanguard Md-Cp I;Inst (VMCIX) 4.50Artisan:Mid Cap;Inst (APHMX) 4.50Vanguard S-C Id;Inst (VSCIX) 2.00Am Beacon:SC Val;R5 (AVFIX) 2.00Am Beacon:Intl Eq;R5 (AAIEX) 14.00American Funds EuPc;R6 (RERGX) 14.00DFA Emg Mkts Core Eq;I (DFCEX) 9.00MetWest:Total Rtn;I (MWTIX) 3.00MainStay:Flt Rate;I (MXFIX) 5.00CRA Book Value -- Models 4.00Invesco SP MLP Sl;Y (MLPTX) 5.00


Jan-2021Vanguard Instl Indx;InsP (VIIIX) 17.00Dodge & Cox Stock (DODGX) 8.00Harbor:Cap Apprec;Ret (HNACX) 8.00Vanguard Md-Cp I;Inst (VMCIX) 4.50Artisan:Mid Cap;Inst (APHMX) 4.50Vanguard S-C Id;Inst (VSCIX) 2.00Am Beacon:SC Val;R6 (AASRX) 2.00Am Beacon:Intl Eq;R6 (AAERX) 14.00American Funds EuPc;R6 (RERGX) 14.00DFA Emg Mkts Core Eq;I (DFCEX) 9.00MetWest:Total Rtn;I (MWTIX) 3.00MainStay:Flt Rate;R6 (MXFEX) 5.00CRA Book Value -- Models 4.00Invesco SP MLP Sl;Y (MLPTX) 5.00


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Glossary

Active Share measures the percentage of a product’s holdings that differ from the product’s benchmark index, based on portfolio weightings. An Active Share of 60% or higher is generallyconsidered to be active management and less than 20% is generally considered to be passive management. Active Share allows investors to distinguish between products that do and do notengage in a large amount of stock selection. Products with high Active Share may experience significant deviation from the performance of benchmarks over time.Alpha measures a portfolio’s return in excess of the market return adjusted for risk. It is a measure of the manager’s contribution to performance with reference to security selection. A positivealpha indicates that a portfolio was positively rewarded for the residual risk that was taken for that level of market exposure.Beta measures the sensitivity of rates of portfolio return to movements in the market. A portfolio’s beta measures the expected change in return per 1% change in the return on the market. If thebeta of a portfolio is 1.5, a 1 percent increase in the return of the market will result, on average, in a 1.5 percent increase in the return on the portfolio. The converse would also be true.Dividend Yield ‐ The total amount of dividends paid out for a stock over the preceding twelve months divided by the closing price of a share of the common stock.Down Capture Ratio ‐ The Down Capture Ratio is a measure of the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when theBenchmark was down. The smaller the value, the better.Duration ‐ A time measure of a bond’s interest‐rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.Forecasted Long‐Term Earnings Growth ‐ This growth rate is a measure of a company’s expected long‐term success in generating future year‐over‐year earnings growth. This growth rate is amarket value weighted average of the consensus (mean) analysts’ long‐term earnings growth rate forecast for each company in the portfolio. The definition of long‐term varies by analyst but islimited to a 3‐8 year range. This value is expressed as the expected average annual growth of earnings in percent.Information Ratiomeasures the excess return per unit of residual “non market” risk in a portfolio. The ratio is equal to the Alpha divided by the Residual Risk.Market Capitalization ‐ The market value of a company’s outstanding shares of common stock at a specific point in time, computed as the product of the number of outstanding shares times thestock’s closing price per share.P/E ratio relates the price of the stock to the per‐share earnings of the company. A high P/E generally indicates that the market will pay more to obtain the company because it has confidence inthe company’s ability to increase its earnings. Conversely, a low P/E indicates that the market has less confidence that the company’s earnings will increase, and therefore will not pay as much forits stock. In most cases a fund with a high average P/E ratio has paid a premium for stocks that have a high potential for increased earnings. If the fund’s average P/E ratio is low, the manager maybelieve that the stocks have an overlooked or undervalued potential for appreciation.P/B ratio of a company relates the per‐share market price of the company’s stock to its per ‐share book value, the historical accounting value of the company’s tangible assets. A high P/B ratioindicates that the price of the stock exceeds the actual worth of the company’s assets. A low P/B ratio would indicate that the stock is a bargain, priced below what the company’s assets could beworth if liquidated.P/CF ratio compares the total market value of the portfolio to the portfolio’s share of the underlying stocks’ earnings (or book value, cash flow, sales or dividends).R‐Squared indicates the extent to which the variability of the portfolio returns is explained by market action. It can also be thought of as measuring the diversification relative to the appropriatebenchmark. An R‐Squared value of .75 indicates that 75% of the fluctuation in a portfolio return is explained by market action. An R‐Squared of 1.0 indicates that a portfolio’s returns are entirelyrelated to the market and it is not influenced by other factors. An R‐Squared of zero indicates that no relationship exists between the portfolio’s return and the market.Residual Risk is the unsystematic risk of a fund, or the portion of the total risk unique to the manager and not related to the overall market. This reflects the “bets” which the manager places inthat particular asset class. These bets reflect emphasis in particular sectors, maturities (for bonds), or other issue specific factors which the manager considers a good investment opportunity.Diversification of the portfolio will reduce the residual risk of that portfolio.Sharpe Ratio is a measure of risk‐adjusted return. It is calculated by subtracting the risk‐free return (90 day T‐Bills) from the portfolio return and dividing the resulting “excess return” by theportfolio’s total risk level (standard deviation). The result is a measure of returned gained per unit of total risk taken.Standard Deviation is a statistical measure of portfolio risk. It reflects the average deviation of observations from their sample mean. Stand ard Deviation is used as an estimate of risk since itmeasures how wide the range of returns typically is. The wider the typical range of returns, the higher the standard deviation of returns, and the higher the portfolio risk. If returns are normallydistributed (i.e. as a bell shaped curve distribution) then approximately 66% of 2/3 of the returns would occur within plus or minus one standard deviation of the sample mean.Style Exposure Chart indicates a portfolio’s exposure to a particular capitalization (large, medium or small) and style (value or growth). Based on Sharpe’s return based style analysis, a style mapwill attempt to correlate a manager to a particular style of investing (i.e. Large Cap Growth).Turnover Ratio ‐ This is a measure of the fund’s trading activity which is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) anddividing by average monthly net assets.Up Capture Ratio ‐ The Up Capture Ratio is a measure of the Investment’s compound return when the Benchmark was up divided by the Benchmark’s co mpound return when the Benchmarkwas up. The greater the value, the better.Down Capture Ratio ‐ The Down Capture Ratio is a measure of the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when theBenchmark was down. The smaller the value, the better.

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Fund Analysis Overview KeyEach of the 7 criteria are evaluated on an individual basis and subjective based on Innovest’s assessment. Below are examples of the many factors under each category we consider when making an assessment.

OrganizationPct. Owned by Employee Boutique vs. InstitutionalRecent Changes inOwnership Management Investment in Firms ProductsSpecialized vs. All in OnePeopleSize of Team Structure of Team Experience ofTeamTurnover of Key Members Growth of Team withAssets

Philosophy/Process Investment MandateDomestic/Int’l DriftStyle ConsistencyGrowth/Value, Market CapAsset BaseCurrentGrowth of AUMCapacity ConstraintsSoft ClosedRe‐opening of Products

Examples of things that would cause concern resulting in a YELLOW or RED box include but not limited to:1)ORGANIZATION ‐ A change in ownership whereby it is unclear what the structure of the new organization will be, how will key personnel be compensated, and what type of employment contracts are in place to keep key decision makers.2)PEOPLE ‐ A change in portfolio manager would be a cause for concern. We would assess the new talent taking over. Is the new portfolio manager a current member of the team or is it someone new from outside the group or organization.3)PHILOSOPHY/PROCESS ‐ A change in the investment team’s process or investment mandate would be cause for concern. For example, a concern could be warranted if an investment team transitioned from a top‐down approach to a bottom‐up approach while evaluating investments. A concern could also be warranted if an investment team whose process heavily included onsite visits ceased to do so. 4)STYLE CONSISTENCY ‐ A change in portfolio characteristics or investments in securities significantly outside of their benchmarks would be a cause for concern. For example, if a growth manager suddenly starts investing in value names during a value rally, or if a small cap manager began investing in mid‐sized companies.5)ASSET BASE ‐ A small cap fund with more than $3 billion in assets would be a cause for concern or a fund that continues to add assets as it becomes clear the portfolio management team can not handle the inflows. A sign of this would be a large increase in the cash position of the portfolio.6)PERFORMANCE ‐ A product that fails to outperform either the index and/or the median manager on a consistent basis (at least 50% of the time) would be a cause for concern. Short term and long term performance is considered both on an absolute basis and relative basis in addition to risk‐adjusted measures.7)EXPENSES ‐ A fund or product that is substantially above the median expense ratio or management fee would be a cause for concern.

Table of Returns Key Investment Product Owned in Your Portfolio ‐ Top/Green Line Unmanaged Industry Benchmark ‐Middle/Golden LinePeer Group of Funds Using Similar Investment Strategies ‐ Last/White Line

PerformanceShort Term vs Benchmark and StyleGroupLong Term vs. Benchmark and StyleGroupConsistency – Relative/Absolute/RiskAdjustedExpensesCost vs. Competitors

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Disclaimer

Unless explicitly stated to the contrary, the material herein is not intended to provide and should not be relied on for investment advice. Underno circumstances does Innovest ever provide tax, accounting, or legal advice.

The statistical analysis contained herein was prepared by Innovest Portfolio Solutions LLC and may contain data provided by InvestmentMetrics, LLC, Thomson Reuters Lipper, Morningstar, Inc., and other sources. These materials may also include information, returns, andvaluations that were compiled, computed or created by Standard & Poor's Financial Services LLC, MSCI Inc., and other sources. These materialsand the information that they contain are intended solely for the use of the intended recipient(s). They may not be reproduced or distributedwithout written consent.

Reasonable care has been taken to ensure the accuracy of the computer software, databases, and information described in the precedingparagraph. Innovest assumes no responsibility for the accuracy of these computer software, databases or informatio . All are provided on an "asis" basis and the user assumes all risk related to using it. There is no guarantee of accuracy, adequacy, or completeness. All entities identified inthis disclaimer hereby expressly disclaim any and all express or implied warranties.

None of these entities, nor any affiliate or other person involved in compiling, computing, or creating this information, may be held liable fordamages of any type or any other costs or fees related to any person's use of the data.

Certain material in this work is proprietary to and copyrighted by Litman Gregory Analytics and is used by Innovest with permission.Reproduction or distribution of this material is prohibited, and all rights are reserved.

Returns included in these materials may represent mutual funds share classes or vehicles other than those in which clients are or may beinvested. Typically, any differences are the result of efforts to present the longest track record of the investment strategies.

Innovest has performed investment due diligence on all recommended alternative investment funds (hedge funds, private equity funds, privatereal estate funds, and funds of these funds) and their managers, including a general review of the business terms. However, Innovest'sinvestment advice does not encompass a legal review or opinion on the funds' offering and other documents. For a full legal review of thefund's offering and other documents, clients are encouraged to engage legal counsel.

Assumptions, opinions, and forecasts herein constitute Innovest's judgment and are subject to change without notice. Past performanceis no guarantee of future results. The investment products discussed are not insured by the FDIC and involve investment risk including thepossible loss of all principal.

Innovest is an independent Registered Investment Adviser registered with the Securities and Exchange Commission. Copyright 2020 byInnovest Portfolio Solutions LLC Inc.

81

PB / SPRING 2021 SPRING 2021 / 1

INNOVIEWSA quarterly newsletter for retirement plans by

SPRING 2021

MakingRetirement

WorkInnovest’s Latest Updates and

Articles from Thought Leaders in the Firm

In This IssueBitcoin, SPACs, and Short Squeezes: Mania in

the Markets?

Nonprofit Spotlight: That Others May Live

Foundation

Who Will Pay for the Federal Debt? Part 2

Uncovering Advisor Conflicts: Don’t

Compromise the Effectiveness of Your

Retirement Plan

Employee Spotlight: Kyli Soto

Around the Firm

New ClientsChristian Care Ministry

Federation of Chiropractic Licensing Boards

It is not known whether the listed clients approve or disapprove of the services provided. The new clients on page one are listed with their approval and permission.

Since the start of the Global COVID-19 pandemic we have seen historic events occur in the financial markets. Some of these incidents include the largest and quickest equity sell-off since the Great Depression, an economic stimulus package that equated to 50% of US GDP, historically low fixed income yields, and a rapid rebound in global equities. Along with these occurrences have emerged new trends that have led investors to question whether these are new opportunities or simply signs of market mania. The three areas that have generated the most intrigue are Bitcoin, Special Purpose

Acquisition Companies (SPACs), and short squeezes. Each has been newsworthy and created some disruptions in the financial marketplace. However, their suitability for portfolios going forward needs to be carefully evaluated, including their potential risks and rewards.

Bitcoin

While Bitcoin has been around for over a decade, it has significantly gained in popularity over the last couple years. Bitcoin and cryptocurrencies are digital currencies that use cryptography to process transactions over a blockchain – a transparent digital ledger. The primary benefits of blockchain technology are reduced costs, increased security, enhanced transparency, and improved traceability. Another important

Continued on Page 2

Bitcoin, SPACs, and Short Squeezes: Mania in the Markets?

Sloan Smith, MBA, CAIA, CPWA® Principal and Director

Steven Fraley, MBA, CFA Vice President

2 / SPRING 2021 SPRING 2021 / 3

Continued from Page 1

factor in their popularity is that blockchains are decentralized, meaning banks and governments cannot manipulate their value like they can for traditional fiat currencies.

Like other disruptive technologies, the popularity and adoption of Bitcoin has increased significantly due to the COVID-19 pandemic. The fear of global economic turmoil created a perfect environment for the revival of cryptocurrencies, as global investors began viewing Bitcoin and other cryptocurrencies as alternatives to traditional asset classes. Like gold and other scarce assets, Bitcoin has a limited quantity in circulation, which can protect it against increased monetary supply. However, a major unknown with Bitcoin is how to determine its true value.

The jury is still out as to whether cryptocurrencies offer real world economic value. While there is no denying the increased attention and popularity of these decentralized financial instruments, many experts believe this could be another bubble in the making. It remains to be seen whether the continued adoption of cryptocurrency is here to stay or if it is just another “flash in the pan.”

Special Purpose Acquisition Companies (SPACs)

Historically, there have been two primary avenues for private companies to raise capital and list their shares on a public exchange. The most popular route has been through an initial public offering (IPO). The second major avenue has been through a direct listing of shares on a public exchange. A less well-known strategy is through a special purpose acquisition company (SPAC). This involves a company going public via a reverse merger, which is when a private company turns public by purchasing a publicly listed company.

The growth of SPACs has been in large part a direct result of the COVID-19 pandemic, which led to significant economic uncertainty. This environment made it difficult for companies to go public via more traditional routes, allowing the simplified process of a SPAC IPO to permit public listings to continue. There are three main parties involved in a SPAC: the sponsor, investors, and the target company. The sponsors are the creators of the SPAC and are incentivized by shares of the new public company, as well as the opportunity to provide strategic input and decision-making. Investors put their money behind a sponsor and management team in the hopes of finding an innovative company to provide strong returns on their capital. The final party is the private company or SPAC target. As fewer companies have gone public in recent years, reverse mergers have provided an attractive alternative to the more traditional methods. Reverse mergers have allowed companies to access public markets more quickly (i.e., in three to four months).

While SPACs have been enjoying increased popularity that may continue, they still represent a small portion of private companies looking to go public. As more clarity returns to the financial markets, we would expect the hype to settle down. Nonetheless, SPACs

certainly have enough compelling features for them to remain a viable option going forward.

Short Squeezes

A short squeeze is when the price of a stock appreciates significantly due to a large number of short-sellers, or those betting against a particular stock, trying to cover their position. A short squeeze forces investors who had felt that a stock’s price would fall, to buy it back in order to prevent large losses. This item was front-page news after typically underwhelming equity names like Gamestop and AMC Theatres saw significant price appreciation over the course of a few trading days. Though these short squeezes may have at first seemed like a tremendous investment opportunity, there were also numerous concerns about the ability of these stocks to trade at such elevated levels.

These short squeezes were mainly driven by traders collaborating on Reddit, a social news aggregation and discussion website. The traders attempted to target large institutional funds (e.g., hedge funds) which held short positions in these particular stocks. Ultimately, the short squeezes in these stocks was short-lived, and the stock prices returned to more rational levels. These short squeezes serve to remind investors to avoid strategies that thrive on short-term mania and euphoria in the markets.

Conclusion

Bitcoin, SPACs, and short squeezes have all become popular topics in the financial markets, especially during the COVID-19 pandemic. Bitcoin and SPACs continue to evolve and may potentially be viewed as viable investments, but their volatility profiles remain very high. Short squeezes, on the other hand, are a trend that has created significant gains in some underappreciated stocks, but over the long term short squeezes are not a sustainable investment strategy. Each of these investment opportunities continue to evolve and require thoughtful and prudent due diligence. Their uncertainties and risks need to be carefully evaluated before determining if they have a potential place in a portfolio, including investors’ tolerance for substantial volatility.

Figure 1 (Bitcon Price from September 2013 to March 2021)1

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Figure 2 (SPAC Boomin the United States)2

Figure 3 (Gamestop Percentage Price Change as of March 2021)3

As a provider of investment advice to numerous nonprofits, Innovest has the privilege of introducing you to some of our fantastic clients. This month we are proud to feature the That Others May Live Foundation.

That Others May Live Foundation (TOMLF) started when two independent assistance funds, created for children and families of Airmen who lost their lives in catastrophic accidents, joined forces to expand their resources and be more effective.

The War on Terror, spanning decades, is not ending any time soon. USAF Combat Rescue forces have maintained a rigorous deployment schedule and the mission has become more dangerous. These Rescue Warriors are deployed world-wide, putting their lives at risk to rescue and save others. When not deployed, they are constantly training to ensure they are ready for stressful combat and hazardous environments. This constant vigilance results in wounds that go beyond the battlefield, taking a huge toll on our Rescue community.

This is why the work at TOMLF is so vital. We know firsthand the impact that war has had on our Rescue Heroes and their families. Since its inception in 2002, TOMLF’S goal has been to “provide immediate tragedy assistance, scholarships for the children, and other critical support of United States Air Force (USAF) Rescue Heroes who are killed or severely wounded in operational or training missions.” Recognizing that the suffering of the Service Member impacts the emotional well-being of the entire family, TOMLF has since expanded its mission to provide advocacy, critical

support and resources to USAF Rescue service members, veterans, and families affected by visible and invisible wounds.

With the loyal support of our donors, volunteers, corporate partners, and dedicated leadership and staff, TOMLF is committed to its mission to providing a college education for every child who has lost a parent during an operational or training Air Force Rescue mission, as well as merit-based scholarships, immediate tragedy assistance, and Warfighter support. Through these donations, we can offer our programs at no cost to the recipient.

Our foundation is funded through generous donations from the Rescue Community, and corporate and civilian supporters. These committed individuals are critical for building a strong capability to continue rescue warrior family support. To learn more about how you can give back to the USAF Rescue heroes, please visit www.thatothersmaylive.org.

NONPROFIT SPOTLIGHT

That Others May Live Foundation

Continued from Page 2

1 https://www.coindesk.com/price/bitcoin2 https://www.statista.com/chart/24008/growth-in-us-spac-ipos/3 https://www.barchart.com/stocks/quotes/GME/interactive-chart

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Who Will Pay for the Federal Debt?This article is part 2 of a 2-part series

The first part of this article reviewed the long-term issues of the U.S. government’s current $27.5 trillion of debt. Potential solutions to reducing the debt include cutting spending, raising taxes, and having economic growth sizeable enough to reduce the debt as a percentage of the economy. The large government indebtedness from WWII was reduced because of a booming economy in subsequent decades. However, the future stagnant growth of the U.S. working-age population restricts the government’s ability to reduce the relative size of the debt. In light of these complexities, how should investors respond?

The government debt outlook includes two long-term threats: rising interest rates and rising inflation.

Rising Interest Rates

In March 2021 Congress passed an additional $1.9 trillion stimulus package, including funding for vaccine production and distribution, additional stimulus checks, and extended federal unemployment benefits. The additional debt from this stimulus could cause investors to further question the long-term creditworthiness of the U.S. government. Growth in this concern could cause investors to require higher yields on government debt.

In a rising interest rate environment, investors need to be especially mindful of the duration, or the interest rate sensitivity, of their portfolios. When interest rates rise, the prices of existing bonds fall because of their relative unattractiveness to new issues. In addition, the longer the remaining maturity of the bond, the greater the negative impact from rising rates.

For example, a 1% rise in interest rates would cause the total return of a two-year U.S. Treasury (UST) to drop by approximately 1.8% over a one-year period. A similar 1% rise would reduce the total return of a 30-Year UST by about 17.5% over a one-year period. In the near term, bond portfolios with shorter durations would be positioned to perform better in rising interest rate environments. However,

in the long term, rising interest rates means that investors would subsequently receive higher returns from fixed income investments.

Another portfolio consideration is using active fixed income managers. Opportunistic bond managers who are permitted by prospectus to deviate from their benchmarks’ credit quality and duration have the ability to capitalize on dislocations in the bond market. For example, in first quarter of 2020, when credit spreads widened with the increasing likelihood of recession, opportunistic bond managers had the latitude to invest in below-investment-grade bonds at more attractive valuations. In the hands of proven managers, this flexibility has the potential to generate additional returns for investors in a low-return bond environment.

Rising Inflation

Rising inflation is another potential threat stemming from the U.S. government’s rapidly growing indebtedness. Falling confidence in the U.S. government’s ability to repay debt could put downward pressure on the U.S. dollar, making imported goods more expensive. In addition, inflationary pressures could build in the coming years if consumers accelerate their spending and banks lend more aggressively. The potential for rising inflation should prompt investors to re-examine their portfolios’ sensitivity to inflation.

Different asset classes offer varying levels of inflation protection with varying levels of risk. While U.S. stocks have tended to outperform inflation over very long periods of time, they have also struggled when inflation was relatively high and rising. For example, inflation was relatively high – greater than 3% – and rising over about one-fourth of the rolling 12-month periods from 1973 to 2020. In these time periods, U.S. stocks outperformed inflation only 48% of the time. In comparison, stocks outperformed inflation 90% of the time when inflation was rising, but less than 3% year-over-year (also occurring about one-fourth of the 12-month time periods measured).

The market usually discounts equities’ future dividends and earnings at a higher rate when inflation is rising. Higher discount rates applied to future growth can lead investors to pay less, as

Scott Middleton, CFA, CIMA® Principal

Brooks Urich Senior Analyst

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measured by the P/E ratio.

Bonds, with their fixed stream of income payments, are obvious casualties when inflation rises. Their payments become less valuable, sending yields higher and bond prices lower to compensate. As previously illustrated, short-maturity bonds tend to hold up better than long-maturity issues when inflation and rates rise.

Other Debt Instruments

While Treasury Inflation Protected Securities (TIPS) are commonly thought to be a good hedge against inflation, on average they have risen in value only 0.8% with 1.0% increases in inflation. Over time, TIPS’ inflation-fighting characteristics have been subdued by their sensitivity to changes in interest rates due to their relatively long duration. Accordingly, TIPS are not a compelling inflation hedge for most portfolios. However, below-investment-grade floating-rate corporate loans can benefit when the Federal Reserve raises interest rates to combat rising inflation. Their adjustable-rate nature makes them an effective diversifier when inflation rises, especially in a bond-heavy portfolio.

Equity Sectors

Natural resources stocks, including those in the oil, mining, and forestry industries, are often suggested as good holdings in the event of rising inflation. Real estate investment trusts (REITs) are also frequently mentioned in that context. It is important to keep in mind that portfolios often already have exposure to stocks in these industries, especially within domestic equities. An additional factor is that natural resource stocks are exposed to stock market risk. For most investors, the best course of action is to have active equity managers decide when to overweight natural resources equities, as opposed to having a separate and overlapping allocation to those stocks.

Commodities

One of the most effective hedges in rising inflation has been commodities, which have tended to increase in value by about five percent with a one percent increase in the Consumer Price Index (CPI). Many commodities, such as oil, industrial metals, and agricultural products, are direct inputs into the production of goods reflected in the CPI. However, commodities are volatile and can undergo extended periods of poor performance. For example, for the ten years ending June 30, 2018, the Bloomberg Commodity Index lost an annualized 9.0% — an extreme test for even the most resolute investors. These disadvantages need to be carefully considered when weighing commodities’ attractive inflation-hedging characteristics.

Private Real Estate and Farmland

Directly held real assets, such real estate and farmland, are often categorized as inflation hedges. Private real estate assets can offer a partial inflation hedge through the pass-through nature of increases in rents and property prices. Because farmland income is linked to agricultural commodity price levels, its investment returns have tended to respond positively with rising inflation. Unlike commodities, farmland and real estate can generate attractive cash flows. Because of their limited liquidity, however, these privately held assets need to be integrated as long-term portfolio positions.

Caveats

Adding exposure to inflation-fighting assets may entail greater overall portfolio volatility, as well as reduced portfolio liquidity. More notably, the ability of each asset class to protect against rising inflation has fluctuated in the past, and should be expected to do so in the future. It is likely that the best approach to fighting inflation is to maintain allocations to a diverse selection of asset classes with attractive inflation protection, reasonable valuations, and acceptable impacts on overall portfolio liquidity and risk.Conclusion

When considering the threats of rising interest rates and rising inflation, one of the major pitfalls for investors is making drastic portfolio changes based on a mistaken overconfidence in predicting the economy and markets. Alternatively, investors who focus on managing risk and diversification through asset allocation are best positioned to navigate volatility, including changes in interest rates and inflation, and meet long-term investment objectives.

FIGURE 1

Data from March 1973 to December 2020. Sources: Datastream Refinitiv and Schroders. P/

E Ra

tioAnnual Inflation

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Get to Know Kyli Soto, ManagerWHERE IS YOUR HOMETOWN? Aurora, CO – A proud Colorado Native! Growing up, I moved around a lot. I lived in 10 different houses before I graduated high school, mostly within the Aurora area. Contrarily, my husband was born and raised in Carolina, Puerto Rico and his parents still live in the same house in which he grew up!TELL US SOMETHING UNIQUE ABOUT YOU.I lived in Puerto Rico for 7 years, in someone else’s ocean side vacation mansion, rent-free! Their refrigerator was always filled with food and I got to drive their golf carts around the neighborhood. My main house responsibility was feeding the fish. They lived in Manhattan full-time and whenever I would get island-fever, they would let me come up and visit them in NYC. Originally complete strangers, they are now some of our closest family friends.WHAT DO YOU LIKE BEST ABOUT WORKING AT INNOVEST? I love the trust and flexibility that we have to help create a healthy work-life balance and a family first mentality. I appreciate that I do not have to ‘punch a clock,’ rather that I am trusted to get the work done within the timeframe it is needed. Also, I am very fortunate to be on a team that does not back away from any challenges; we roll up our sleeves and we figure out a way to get it done. I love problem-solvers and my team has a sense of integrity to make sure we try and do things to the best of our ability, as accurately as possible. Being around a group like that pushes you to try harder and to make sure your work is the best representation of your capabilities.HOW DO YOU GIVE BACK TO THE COMMUNITY? I donate blood religiously; every 8 weeks. I have O- blood which is the universal donor blood type. It takes a little bit of energy out of you for a few days, but it’s a great feeling when you get the confirmation message that your blood was used to help someone else with a transfusion or in surgery, etc. I also was inspired by our co-worker Kristin Lee to donate my COVID antibody plasma!WHAT ARE YOUR HOBBIES AND INTERESTS? I have my advanced level certification in scuba diving, I hit from the Men’s tees when I play Golf, I enjoy hiking and have dabbled in climbing 14ers, and I am a devoted fan to my sibling’s sporting events – Currently, I am able to watch my sister’s games on TV. She plays basketball for Stanford University and we were fortunate enough to attend the one game this season where fans were allowed (thank you Arizona State!).TELL US ABOUT YOUR FAMILY? My husband Jorge and I love our DINK (Dual Income No Kids) lifestyle and try to make the most of it with spontaneous trips. You can often find us trying out the local eateries and breweries wherever we go. Some of you may know my mother, Carol Van Gytenbeek, she is Innovest’s Office Manager (I take pride in the fact that I brought her into the Innovest fold in 2010!) It’s fun to be able to see her at work because I was away from home for almost 12 years, so we get to spend more time together now. I have 4 siblings in total, all of which are 10-15 years younger than me, and I have two sets of amazing parents who I enjoy spending my time with. My grandmother is still alive, and we love being close to her; she is always feeding us her delicious Japanese cuisine.WHAT IS YOUR FAVORITE DESSERT? Anyone who knows me, knows that I do not discriminate against dessert. If it has sugar, I will enjoy it. However, as a child (and as a 33 year-old adult writing this today) I was fond of making chocolate chip cookie dough, without the chocolate chips and never actually turning on the oven, so anything cookie dough is probably my favorite!

EMPLOYEE SPOTLIGHT

Brett Minnick Senior Analyst

Uncovering Advisor Conflicts: Don’t Compromise the Effectiveness of Your Retirement Plan

There has long been an implicit understanding that conflicts of interest for plan advisors can compromise the effectiveness of a retirement plan. Those advisors that have incentives that run counter to participants’ best interest rarely advertise or even disclose them, making conflicts of interest in retirement plans challenging to

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identify. Simultaneously, litigation aimed at retirement plan sponsors has increased as well. More important now than ever, plan sponsors must understand whether their retirement plan advisor is truly conflict free. We will discuss here some of the ways retirement plan sponsors can identify and steer clear of conflicted advisors.

Parent companies engrained in providing other services

It is important to note that the retirement plan industry operates differently than it did 30, 20, or even ten years ago. As technology improves, so does the efficiency and scalability of both plan advisors and plan recordkeepers. This has resulted in a consolidation of the number of companies that offer these types of services. As the number of suppliers of advice and recordkeeping services decreases, the potential for conflicts of interest increases. Businesses get larger with affiliates and additional service offerings.

One clear example of this is the growth of advisors that are affiliated as a branch of a larger investment/insurance firm. When the vendors pay an advisory firm a commission for one business line and these advisors are selecting the same vendors for their retirement plan sponsors, that is a conflict of interest. Consider an insurance company that offers property and casualty insurance as well as retirement plan services. If an advisor sells property and casualty insurance to some clients and earns a commission for that work while in another area of their business, they help clients find vendors for their retirement plans, the insurance companies that pay them are most likely at the top of their “recommended” list.

Proprietary investment options

As a plan sponsor, it is imperative that you understand whether your advisor offers proprietary investment options. If so, your retirement plan advisor may have a conflict of interest when it comes to evaluating these products objectively. The associated fees for in-house investment recommendations can be a large source of revenue for them, often in addition to investment management advisory fees already being collected. The additional revenue is often difficult to assess or measure and is often not stated anywhere in their initial advisor agreement. These investment offerings are problematic because the advisor is hard pressed to be able to objectively evaluate and monitor these products.

Targeting IRA rollovers

Participants in retirement plans generally benefit from economies of scale related to the fees associated with the investments in their retirement account. When a participant transfers their retirement assets to an individual IRA, they are more likely going to be exposed to retail-like fees as opposed to lower institutional fees they previously benefited from with their retirement plan investments.

If your retirement plan advisor is actively soliciting IRA rollovers for private wealth management, the opportunity for enhanced advisory fees may compromise their ability to make objective recommendations. In most cases, profit margins are greater for firms that advise to individual accounts rather than those who advise to

retirement plans. Because of this, advisors may be motivated to solicit participants with large account balances as private wealth management clients. Advisors can misrepresent whether it is best for a plan participant to remain in their employer-sponsored plan or move their assets upon departure from employment.

While this may at first seem only to be an issue for the individual participants who may face higher fees on the recommendation of a conflicted advisor, there is also a related effect on the plans they leave. Plans are often priced for recordkeeping services based on average account balances. If your high balance participants roll their assets out of the plan, your plan health and overall pricing can be negatively affected, diminishing the power of scale that plans offer to all involved.

Original salesperson conflicts

As a result of the SECURE Act, pooled employer plans (PEPs) are now authorized as a new type of retirement plan. PEPs allow unrelated employers to participate in a single plan, administered by a pooled plan provider (PPPs). Given the new nature of PEPs, there may be a motivation for those PPPs to also serve as the plan advisor. In doing so, these advisors may have a conflict of interest when it comes to plan design. In certain instances, it will not be in the best interest of the plan and plan participants to engage in a PEP, but if the advisor is also the PPP that sells the plan, they may stand to receive additional revenue from the change in plan structure.

Managed accounts

A managed account service can prove beneficial for some participants who are looking for their portfolio to be professionally managed and are comfortable exchanging an additional expense for that added benefit. In most cases, this additional cost to the participant only comes if they choose to utilize the service.

Recently, certain recordkeepers have created a platform in which retirement plan advisors can provide participant-level advice via managed accounts and be compensated for doing so. If an advisor is recommending to plan sponsors that they should utilize a managed account service and the advisor is being compensated for managed account usage, they stand to get paid twice. This is a clear and direct conflict of interest. On top of this, some retirement plan advisors are only allowing recordkeepers who can support managed account compensation when conducting a request for proposal (RFP). This may limit a plan sponsor’s choices when evaluating potential recordkeepers.

As you can see from the examples outlined above, uncovering advisor conflicts of interest can be challenging. Retirement plan players and their compensation structures are complex. As a fiduciary of your organization’s retirement plan, it is your responsibility to ensure you are making decisions that best serve the interests of plan participants and that you eliminate any conflicted advice. Take the time to carefully review your retirement plan and investigate any potential conflicts that could call into question your diligence as a plan sponsor.

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Unless explicitly stated to the contrary, the material herein is not intended to provide and should not be relied on for investment advice. Under no circumstances does Innovest ever provide tax, accounting, or legal advice.

The statistical analysis contained herein was prepared by Innovest Portfolio Solutions LLC and may contain data provided by Investment Metrics, LLC, Thomson Reuters Lipper, Morningstar, Inc., and other sources. These materials may also include information, returns, and valuations that were compiled, computed or created by Standard & Poor’s Financial Services LLC, MSCI Inc., and other sources. These materials and the information that they contain are intended solely for the use of the intended recipient(s). They may not be reproduced or distributed without written consent.

Reasonable care has been taken to ensure the accuracy of the computer software, databases, and information described in the preceding paragraph. Innovest assumes no responsibility for the accuracy of these computer software, databases or information. All are provided on an “as is” basis and the user assumes all risk related to using it. There is no guarantee of accuracy, adequacy, or completeness. All entities identified in this disclaimer hereby expressly disclaim any and all express or implied warranties. None of these entities, nor any affiliate or other person involved in compiling, computing, or creating this information, may be held liable for damages of any type or any other costs or fees related to any person’s use of the data.

Returns included in these materials may represent mutual funds share classes or vehicles other than those in which clients are or may be invested. Typically, any differences are the result of efforts to present the longest track record of the investment strategies.

Assumptions, opinions, and forecasts herein constitute Innovest’s judgment and are subject to change without notice. Past performance is no guarantee of future results. The investment products discussed are not insured by the FDIC and involve investment risk including the possible loss of all principal.

Innovest is an independent Registered Investment Adviser registered with the Securities and Exchange Commission. Copyright 2019 by Innovest Portfolio Solutions LLC Inc.

PrincipalsRichard Todd, CEO Wendy Dominguez, President Bill Fender Peter Mustian, COO Scott Middleton, Director Steven Karsh Garry Beaulieu Gordon Tewell Nancy Swanson Kristy LeGrande, Director Jared Martin Sloan Smith, DirectorRick Rodgers

EditorChristine Hudek

Designer Stephanie Dufano

Colorado • Arizona • California | www.innovestinc.com | 303.694.1900

At Innovest Portfolio Solutions, we are more than an investment firm. We are thoughtful stewards responsible for our clients, professionals and community.

Employee NewsCongratulations are in order for Joanne Cinalli who was promoted to Senior Analyst and Joe Lemming who was promoted to Manager.

Innovest welcomed Jack Schutzius, Analyst Assistant, to our team. Jack is a part of our Retirement Plan Team. We also welcomed Sarah Newman who joined the Business Development Team.

Recipients of the Service to Others Award, an award where employees nominate and recognize one team member per month for outstanding generosity, were Manager Joe Lemming in January, Senior Analyst Kristin Lee in February, and Analyst Assistant John Brock in March.

PublishedTEXPERS published Vice President Dustin Roberts’ article titled, “Recordkeeper Consolidation Considerations for Retirement Plan Sponsors.”

Principal Gordon Tewell & Senior Analyst Kristen Lee were published

in 401k Specialist: “Why Creating Income Solutions in Target Date Funds is So Important.”

Accounting Today published Senior Analyst Brett Minnick’s article titled, “Uncovering Hidden Conflicts of Interest for Retirement Plan Advisors.”

Principal Steve Karsh was published in the Articulator for his article named, “Predictions, Predictions, Predictions - Process Wins Over Prognostication.”

ServiceInnovest published our 2020 Annual Giving Report. Innovest employees volunteered 1369+ hours of service in 2020.

Innovest employees contributed over 100 hand-written Valentine’s cards in the month of February to Holly Heights Nursing Care Center in Denver.

Innovest employees visited Project C.U.R.E. on March 12th to help organize donated medical equipment and supplies to ship out to resource-limited communities across the globe. Innovest looks forward to this

opportunity annually.

Conferences, Speaking, Events, & SponsorshipsPrincipal Wendy Dominguez spoke as a Goldmine speaker at the National Business Officers Association “Innovation State of Mind” annual meeting in February.

Innovest sponsored the 2021 Mardi Gras event at the Augustine Institute.

On March 2-4, Innovest co-hosted the 21st Annual Rocky Mountain Nonprofit Conference with Kundinger, Corder & Engle, P.C., an accounting firm in Denver specializing in nonprofits. 190+ people joined us for virtual sessions on the economy, accounting, tax updates, and the effects of COVID-19 on nonprofits. Principal Scott Middleton and Vice President Steven Fraley spoke at the 2021 Rocky Mountain Nonprofit Conference (RMNPC) on Economic Updates. Innovest co-founder and CEO Richard Todd was joined by Principal Sloan Smith to speak on how “Process

Beats Prediction” at the 2021 RMNPC, as well.

On March 10, Innovest Principal and Director, Sloan Smith hosted a webinar with Jordi Visser, Chief Investment Officer and President of Weiss Multi-Strategy Advisers. They shared an incredibly interesting discussion on Mr. Visser's thoughts about the current macroeconomic environment and his view of potential market opportunities and risks.

Sloan Smith, Innovest Principal, moderated the Real Assets and Infrastructure panel at the Mountain States Institutional Conference on March 23rd.

On March 24, Innovest Principal Rick Rodgers co-hosted a webinar with BPM titled, “Protect Yourself and Your Employees Through Effective Governance.” This informative webinar was designed to provide participants useful insights and takeaways on a thoughtful approach to retirement plan management and oversight.

Around the Firm

Proposed Investment Policy Statement (IPS) changes – May 21, 2021:

• As part of Innovest’s annual review of the IPS, we wanted to provide some

background and summarize the proposed changes in the document. The

proposed changes incorporate recent industry best practices and seek to

improve the overall readability and management of the document. The

proposed changes would not materially impact processes or responsibilities,

rather we are attempting to simplifying the language and reduce

redundancy within the document.

• Additionally, one of the more notable proposed changes relates to the organization and structure of the document. You will notice that we moved references to specific asset classes and funds, along with other detail, to an exhibit at the end of the body of the IPS. This way these items that might change more frequently are isolated in a single page and can be updated without modifying the body of the document.

• We look forward to reviewing and discussing these changes with the Board. Thank you.

Revised 5-5-21

INVESTMENT POLICY STATEMENT

For


Revised May 21, 2021

Prepared with the Assistance of Innovest Portfolio Solutions LLC

TABLE OF CONTENTS Page

PLAN SUMMARY ....................................................................................................................................... 1

KEY INFORMATION ........................................................................................................................ 2

PURPOSE OF INVESTMENT POLICY STATEMENT .......................................................................... 3

STATEMENT OF ASSOCIATION OBJECTIVES .................................................................................. 4

INVESTMENT RESPONSIBILITIES ........................................................................................................ 5

DELEGATION OF AUTHORITY ...................................................................................................................... 5 RESPONSIBILITY OF PARTICIPANTS ............................................................................................................. 6 RESPONSIBILITY OF THE INVESTMENT MANAGEMENT CONSULTANT .......................................................... 6

CONFLICTS OF INTEREST ............................................................................................................................. 6

GUIDELINES AND INVESTMENT POLICY ........................................................................................... 7

PERFORMANCE EXPECTATIONS ................................................................................................................... 7 ASSET CLASSES AND INVESTMENT STYLE GROUPS ..................................................................................... 7

SECURITIES GUIDELINES FOR THE BOOK VALUE FUND ............................................................ 8

LIQUIDITY POLICY FOR THE BOOK VALUE FUND .........................................................................12

SELECTION OF FUNDS AND FUND MANAGERS .............................................................................13

DISCLOSURE TO PARTICIPANTS ..................................................................................................................14 TARGET DATE PORTFOLIOS ......................................................................................................................154

Fees and Expenses .................................................................................................................................16 Asset Allocation ...................................................................................................................................165 Modifications to the Target Date Portfolios ..........................................................................................16 Rebalancing ...........................................................................................................................................16

CONTRIBUTIONS, TRANSFERS AND ALLOCATIONS.............................................................. 16

MONITORING OF FUNDS AND FUND MANAGERS ..........................................................................17

WATCH LIST GUIDELINES-QUALITATIVE FACTORS ...................................................................................18 PERFORMANCE OBJECTIVES .......................................................................................................................19 MONITORING COSTS ..................................................................................................................................21

PLAN FEES OVERVIEW ...............................................................................................................................21

ANALYZING AND MONITORING FUND MANAGERS – BEST PRACTICES.......................................................21

ADOPTION OF THIS INVESTMENT POLICY STATEMENT .............................................................22

APPENDIX A: INVESTMENT MENU ......................................................................................................23

APPENDIX B: INVESTMENT DEFINITIONS ........................................................................................24

Rev. 5/5/21

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PLAN SUMMARY The Colorado Retirement Association (CRA) is an association of local governments formed pursuant to Colorado Statute (C.R.S. § 24-54-101 et seq.) to provide a retirement system for an Association of Colorado counties, municipalities, and political subdivisions. The CRA Retirement Plan is a formal money purchase pension plan adopted to provide income after retirement for eligible officials and employees of member counties, municipalities and political subdivisions. Retirement benefits through CRA’s plan are generally in addition to those provided under the Federal Social Security system. The retirement plan adopted by CRA is established pursuant to I.R.C. 401(a) and is termed a “defined contribution” plan. Pursuant to state statute, the mandatory minimum contribution made by the employing entity and by the eligible employee is 3% with no maximum limit. A “voluntary contribution” can be made by payroll deduction, after federal and state taxes have been paid on the compensation, i.e., this contribution is made on an after-tax, non-deductible basis. In addition, CRA also offers employers the option of adopting its Deferred Compensation Plan established and administered pursuant to section 457 of the Internal Revenue Code. Contributions to this plan can be made pre-tax (with before-tax dollars)or after-tax (Roth contribution). Due to changes made to the tax code by The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), annual contribution rates are as follows: Year Amount 2011 $16,500 2012 $17,000 2013 $17,500 2014 $17,500 2015 $18,000 2016 $18,000 2017 $18,000 2018 $18,500 2019 $19,000 2020 $19,500 2021 $19,500

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KEY INFORMATION Name of Plan: Colorado Retirement Association (CRA) Retirement Plan and Deferred Compensation Plan Plan Sponsor: Colorado Retirement Association 751 SouthPark Drive Littleton, CO 80120

Plan Recordkeeper: Empower Retirement 8515 E. Orchard Road Greenwood Village, CO 80111 Association IRS Tax Identification: 84-6070776

Governing Board

• 2 members non-elected county employees elected by County Employees • 2 members are registered electors of Member Counties chosen by the County

Commissioners whose Counties are Association Members • 2 members are representatives of a municipal or political subdivision Participating

Employer and shall be elected by those employers • Treasurer of the most populous Association County

Type of Plan: 401(a), 457

Current Net Assets (as of December 31, 2020): $2,129,716,561 Participant Directed Investment Options: Yes Frequency to Change Investment Options: Daily Self-Directed Brokerage: Yes Investment Options: See APPENDIX A

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PURPOSE OF INVESTMENT POLICY STATEMENT The purpose of this Investment Policy Statement (IPS) is to assist the Colorado Retirement Association (CRA) Governing Board (Board) in effectively supervising, monitoring and evaluating the investment options of CRA plan assets. The Board has the authority to establish and monitor the menu of alternative variable investment assets and oversee the investment of CRA Book Value assets. The CRA investment program is defined in the various sections of the IPS by: • Stating in a written document the Board’s attitudes, expectations, objectives, and

guidelines in the investment of all CRA assets. • Setting forth an investment structure for managing all CRA plan assets. This structure

includes various asset classes and investment management styles designed to give Participants the ability to produce a sufficient level of overall diversification and total investment return over the long-term.

• Developing a strategy to provide for dynamic, competitive solutions, innovative option

design, and vendor flexibility to help ensure that participants are given the necessary framework to meet their goals.

• Providing guidelines for each investment portfolio that controls the level of overall risk and

liquidity assumed in that portfolio so that all CRA assets are managed in accordance with stated objectives.

• Encouraging effective communications between the Board, Executive Director, the

investment consultant, the investment managers/mutual funds, and the participants. • Establishing formalized criteria to monitor, evaluate and compare the performance results

achieved by the investment managers/mutual funds on a regular basis and provide a method by which changes are made.

• Complying with all fiduciary, prudence and due diligence requirements that experienced

investment professionals would utilize, and with all applicable laws, rules and regulations from local and state political entities that may impact CRA assets.

This IPS has been arrived at upon consideration by the Board of the financial implications of a wide range of policies, and describes the prudent investment process that the Board deems appropriate. As described more fully in the Plan Documents, the purpose of the Plan is to provide eligible employees with long-term accumulation of retirement savings and earnings through employee and, where applicable, employer contributions to individual participant accounts. Both the authority and the responsibility for investing and retirement planning belong to the employees. The Plan is a component of an individual’s assets to be used at retirement.

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STATEMENT OF ASSOCIATION OBJECTIVES The objectives of CRA have been established in conjunction with a comprehensive review of the current and projected financial requirements. The objectives are:

(1) To have the ability to pay all benefit and expense obligations. (2) To maintain flexibility in meeting the future needs of the participants. (3) To maximize return within reasonable and prudent levels of risk by providing investment

options which cover a broad range of risk and return characteristics. (4) To control costs of administering the plan and managing the investments. (5) To undertake all transactions solely in the interest of the participants and beneficiaries.

(6) To design a prudent process for investment selection and ongoing monitoring.

In general, it is understood that all benefit, funding, accounting, and investment policies reflect current and foreseeable economic and market conditions, as well as any applicable accounting and statutory requirements. It is intended that this IPS be reviewed periodically, and updated as necessary and made available to participants upon request. It is not expected that the IPS will change frequently. In particular, short term changes in the financial markets should not require adjustments to the IPS.

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INVESTMENT RESPONSIBILITIES The Board is responsible for the prudent administration of this IPS with specific responsibilities that include: Design of plan investment platform; establishing investment policy objectives and guidelines; prudent selection of investment managers/mutual funds; and ongoing monitoring. The Board may contract with a consultant to assist in these responsibilities.

Delegation of Authority

The Governing Board of CRA is a fiduciary, and is responsible for providing the investment framework and monitoring the investment management of CRA assets. As such, the Board is authorized to delegate certain responsibilities to professional experts in various fields. These include, but are not limited to: 1. Investment Management Consultant (Consultant). The Consultant may assist the Board in:

establishing investment policy, objectives, and guidelines; selecting funds and fund managers; reviewing such funds and fund managers over time; measuring and evaluating investment performance; and other tasks as deemed appropriate. The Investment Management Consultant is required to be a co-fiduciary.

2. Funds and Fund Managers. Each fund manager has discretion to purchase, sell, or hold the

specific securities or products that will be used to meet the investment objectives. The Board, with the assistance of the Investment Management Consultant, will monitor and review each fund's achievement of the objectives for which it was selected.

3. Recordkeeper/Third Party Administrator (TPA). A recordkeeper will track individual participant

balances and process participant contributions, disbursements, and transfers. The recordkeeper will reconcile participant balances with trust account balances to maintain alignment. The recordkeeper will also perform testing and produce management reports that ensure Plan compliance with all laws and regulations. These services may be bundled with those of the custodian bank.

4. Custodian. The Custodian will physically (or through agreement with a sub-custodian) maintain possession of securities owned by CRA, collect dividends and interest payments, redeem maturing securities, and effect receipt and delivery following purchases and sales. The Custodian may also perform regular accounting of all assets owned, purchased, or sold, as well as movement of assets into and out of CRA accounts. These services may be bundled with those of the recordkeeper/third-party administrator.

5. Additional specialists such as attorneys, auditors, actuaries, and others may be employed by the Board to assist in meeting its responsibilities and obligations to administer CRA assets prudently.

Such experts may also be deemed to be fiduciaries and must acknowledge such in writing, either by contract or prospectus. All expenses for such experts must be customary and reasonable, and may be borne by CRA as deemed appropriate and necessary.

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Responsibility of Participants

The Plan provides to each participant the right and responsibility to choose how his/her account is to be allocated among the investment options. Each participant is responsible to seek education and training to be prepared to select a combination of investment options based on the participant’s unique time horizon, risk tolerance, return expectation and asset class preferences.

Responsibility of the Investment Management Consultant

The investment management consultant’s role is that of an advisor to the Governing Board of CRA. Investment guidance concerning the investment management of CRA assets will be offered by the consultant, and will be consistent with the investment objectives, policies, and constraints as established in this statement. Specific responsibilities of the consultant may include: 1. Assisting in strategic planning and asset allocation strategies. 2. Assisting in the development and periodic review of investment policy. 3. Evaluate products and services and conduct manager searches as needed. 4. Coordinate and negotiate custody, brokerage and other investment related vendors. 5. Monitoring the performance of the investment managers to provide the Board with the ability

to determine the progress toward the investment objectives. 6. Notify the Board of an investment manager’s/mutual fund’s failure to meet performance criteria

and recommend corrective action. 7. Communicating matters of policy, investment manager/mutual fund research, and investment

manager/mutual fund performance to the Board. 8. Reviewing CRA investment history, historical capital markets performance and the contents of

the IPS with any newly appointed members to the Board. 9. Reporting, on a timely basis, quarterly investment performance results. 10. Analyze and review Participant communication program, as needed or requested.

Conflicts of Interest

All Board members and the Investment Management Consultant will refrain from personal business activity that could create an appearance of impropriety, that could conflict with the proper execution and management of the retirement plan program, or that could impair their ability to make impartial Plan decisions.

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GUIDELINES AND INVESTMENT POLICY

Performance Expectations

Over a complete business cycle, each active investment option's overall annualized total return, after deducting for advisory, money management, and custodial fees, as well as total transaction costs, should perform above their benchmark and at or above the median of portfolios of similar style and passive options should track their respective index. The Board will continually monitor and review investment managers.

Asset Classes and Investment Style Groups

The Board believes that CRA’s risk and liquidity posture are, in large part, a function of asset class mix. Asset classes are chosen because of their long-term return histories that are reasonably useful in evaluating probable future standard deviation and correlation. They are selected to balance the risks and rewards of market behavior. Within each of the broad asset classes, options will be diversified to allow participants to choose from a range of equity capitalization and fixed income maturities. To facilitate diversification within asset classes, various style groups will be made available. The Board may add, delete, or replace a particular asset class or style of investment management if the Board deems it appropriate to do so. Appendix A details the current investment lineup and benchmarks for the Plan.

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SECURITIES GUIDELINES FOR THE BOOK VALUE FUND The Board has entered into a contract with Galliard Capital Management (Galliard), a Registered Investment Advisor, to manage a fund valued at “book” rather than market (the “Book Value Fund”). The investment objective of the Book Value fund is to provide a level of income, in excess of U.S. Treasury yields of comparable duration, at a consistent rate of return with preservation of capital as the number one priority. It is the intent of the Board to provide a method of investment subject to book value accounting, rather than market-value accounting, thereby significantly reducing the volatility seen in other fixed income investment instruments as a result of interest rate changes. Asset Allocation. Galliard has determined the target allocation for the Book Value Fund to be as follows:

A. SECTOR Minimum Maximum Fund Level Weighting Weighting Liquidity* (M. Mkts./SV Fund) 0% 50% GICs 0% 40% Managed Synthetics** 50% 100%

*The Liquidity Buffer may consist of a money market fund or similar short-term investment fund (STIF) and/or a stable value fund. It is understood that cash flows may create exceptions to the minimum or maximum allocation weightings above, which will not be considered to be violations of these guidelines. In the event that cash flows result in such a variance, the manager will make reallocations as permitted under the Managed Synthetics to bring the portfolio in line with these guidelines. Contract limitations may prohibit such rebalancing, in which case the manager will notify the client that the allocations may be exceptions for an extended period of time.

**All individual asset portfolios (excluding the liquidity buffer) must have book value wrap contracts in place. Insurance Company Separate Accounts are included in the Managed Synthetics component. No single wrap provider or insurance company separate account shall hold more than 25% of the Book Value Fund’s assets. No more than 50% can be in Insurance Company Separate Accounts.

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Underlying Asset Level

Sector/Sub-Sector Maximum

U.S. Treasury / U.S. Government Agency

Obligations / Cash and Cash Equivalents

100%

Corporates/Municipals 55%

ABS

30%

Residential Mortgage-Backed (RMBS) &

Commercial Mortgage-Backed (CMBS) 65%

Non-Agency RMBS 10%

Non-Agency CMBS 20%

Foreign Government Debt Obligations

(including Supranationals) 20%

Guaranteed Investment Contract Limits. No more than 3% of the aggregate portfolio will be invested in traditional GIC/BICs from any one contract issuer. No GIC may exceed 7 years in duration. Corporate Bond Limits. No more than 2% of the aggregate portfolio will be invested in any one corporate security issuer.

Other Asset Limits. No more than 10% of the aggregate portfolio will be invested in securities of any single non-U.S. Government issuer, ABS issuing trust, or non-Agency MBS issuing trust.

Certificates of Deposit – Investments may be made in bank Certificates of Deposit that are fully collateralized pursuant to state law. No more than 15% of the total Book Value Fund may be placed with any one banking institution. No Certificate of Deposit may exceed ten years in duration. Use of externally advised fixed income portfolios

The Board has authorized Galliard Capital, as overall stable value manager, to utilize fixed income strategies advised by managers other than Galliard (“Externally Managed Portfolios”). Galliard will supply the Board and Investment Consultant with a written request to change investment advisors, or materially alter the allocation to each advisor. Requests will be reviewed and are subject to Board approval. Galliard will allocate not less than 20% nor more than 40% of the Account to the management of investment advisors unaffiliated with Galliard without Board approval. Galliard will confirm that, in the aggregate on a weighted average basis, the overall Securities Guidelines for the Book Value Fund are being satisfied as of the end of each calendar month. Investments in short-term investment funds, money market mutual funds and certain short-term investment grade securities shall be categorized as Cash and Cash Equivalents.

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B. QUALITY Contract Level The minimum weighted average quality of the contracts will be maintained at A1/A+. Wrap providers must be rated at least A3/A- by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”) at time of initial placement. Underlying Asset Level All securities will be rated investment grade at time of purchase by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”). The minimum weighted average quality of the underlying assets will be maintained at AA-/Aa3. C. DURATION The overall duration of the Book Value Fund (including the Liquidity Buffer and cash/cash equivalents) shall be limited to a maximum of 3.5 years. Duration will be calculated using a contract value weighted average duration. D. PERMISSIBLE SECURITIES*

(1) U. S. Treasury notes, bonds, bills (2) U.S. Federal Agency Securities (3) Asset-backed securities (4) Corporate notes, bonds, and debentures, including domestic and foreign issuers

(Yankee bonds), and securities issued under Rule 144A (5) Mortgage-backed securities (6) Mortgage pass through securities (7) Municipal securities (8) Forward purchase agreements (9) U.S. Treasury futures and Euro-dollar futures Agreements (10) Federal Funds (11) Repurchase Agreements (12) Money market instruments (13) Direct Commercial Backed Mortgage Loans (14) Guaranteed Investment Contracts and Bank Investment Contracts (15) Collective Investment Trusts/Pooled Insurance Separate Accounts

* All securities will be U.S. dollar denominated only.

E. ADDITIONAL RISK MANAGEMENT GUIDELINES Credit Quality In the case of a split rating on securities and contracts, the higher rating shall apply. For securities downgraded below investment grade, the manager may retain the security, if in the judgment of the manager, it is appropriate to do so subject to a maximum of no more than 5% of the portfolio’s assets in issues below BBB-. Portfolio Leverage and Derivatives The portfolio may not be leveraged. Derivatives may be used to hedge portfolio or manage portfolio duration and cannot be used to leverage the portfolio in any manner or for speculative

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purposes. Any derivative products in the portfolio will be included in all measures of portfolio performance, including yield, duration, and convexity.

The portfolio may purchase securities for forward delivery as long as the position is fully incorporated in calculating the portfolio’s duration. The portfolio may purchase securities on a when-issued basis as long as the position is fully incorporated in calculating the portfolio’s duration. Cash or cash equivalents and/or government securities must be held to meet forward commitments including mortgage rolls.

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LIQUIDITY POLICY FOR THE BOOK VALUE FUND Introduction. The Board recognizes that a high allocation of cash will reduce the return of the Book Value Fund, and accordingly has established the allocation guidelines of the Book Value Fund as set forth above. The Board also understands that “book value” treatment of the fund is provided because the investments are not sold on any publicly traded market. Liquidity. The fund is 100% benefit responsive so there is daily liquidity The CRA Retirement Plan (the Plan) does not permit any distributions to the following Participants and Participating Employers (except as noted below): a) Participants of former Participating Employers that are no longer participating in the Plan, b) Participants whose Participating Employer is currently withdrawing its participation in the Plan and c) Participating Employers who are currently withdrawing their participation in the Plan. Therefore, since no distribution is permitted to these persons and entities, these Liquidity provisions do not apply to them. However, these Liquidity provisions do apply to: a) Participants who have or are in the process of terminating their employment with a former Participating Employer or Participating Employer and b) a Former Participant or Participant who is deceased.

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SELECTION OF FUNDS AND FUND MANAGERS The Board, with the assistance of the Investment Management Consultant, will select appropriate fund managers to manage the CRA assets. The following minimum criteria must be met:

(1) The fund options will be managed by a bank, insurance company, investment management company, or investment adviser as defined by the Registered Investment Advisers Act of 1940.

(2) Historical quarterly performance numbers calculated on a time-weighted basis, based on

a composite of all fully discretionary accounts of similar investment style, will be utilized for performance screening.

(3) Performance evaluation reports that illustrate the risk/return profile of the fund manager

relative to others of like investment style will be utilized. (4) Detailed information on the history of the firm, key personnel, key clients, costs, and

support personnel will be analyzed. (5) Each fund’s investment strategy must be described, and successful adherence to that

strategy over time must be documented. (6) Internal expenses of each fund manager preferably should be below median versus

products of a similar style. (7) Each fund manager must comparable favorably against a comparable peer group for

selection.

(8) Each fund manager will acknowledge, through the fund prospectus, the following duties and responsibilities. a. Exercise investment discretion, including holding cash equivalents as an alternative,

within stated investment constraints, objectives and guidelines. b. Promptly inform, by prospectus, all significant and/or material matters and changes

pertaining to the investment of assets, especially as they relate to its stated investment philosophy and investment management decision process. These factors include, but are not limited to:

• Investment strategy

• Portfolio structure

• Tactical approaches

• Ownership

• Organizational structure

• Financial condition

• Professional staff

• Recommendations for guideline changes

• Internal expenses and management costs

• All legal material, SEC and other regulatory agency proceedings affecting the firm c. Utilize the same care, skill, prudence and due diligence under the circumstances then

prevailing that experienced investment professionals acting in a like capacity and fully familiar with such matters would use in like activities with like aims in accordance and compliance with IRS regulations and all applicable laws, rules and regulations from

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local, state, federal and international political entities pertaining to fiduciary duties and responsibilities.

(9) The Board, with the assistance of its Investment Management Consultant, will determine the appropriateness of each fund manager based on the objectives and guidelines stated in the IPS.

DISCLOSURE TO PARTICIPANTS

The plan chooses to adhere to the following guidelines:

(1) The plan will offer at least three diversified investment options each with materially

different risk and return characteristics; (2) Participants will be allowed to transfer among the investment options as often as

appropriate considering the market volatility of the investment alternative. Currently, CRA offers daily transfers;

(3) Sufficient information will be available to participants so they can make informed

investment decisions. In order to ensure that participants have sufficient information to make informed investment decisions, upon request, the following disclosures will be made to all participants:

(1) an explanation that the fiduciaries of the plan may be relieved of liability for any losses which are the direct and necessary result of investment instructions given by participants;

(2) a description of investment alternatives, including their investment objectives, risk and return characteristics, and level of diversification;

(3) an explanation of when and how participants may give investment instructions, including any restrictions on transfers or on the exercise of voting, tender and similar rights;

(4) transaction fees and expenses, such as sales commissions or redemption fees, that are charged to the participant’s account;

(5) identification of the plan fiduciary or agent who will provide the participant additional information on request and the type of information which is available on request;

(6) a copy of the most recent prospectus will be provided upon request;

(7) The identification of any designated investment managers/mutual funds with control of plan assets.

Additional disclosures that will be provided upon request are:

(1) A description of the annual operating expenses of each investment vehicle including the investment management and other fees, which are charged to the investment vehicle thereby reducing its rate of return;

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(2) A list of assets included in each investment vehicle and the value of each asset. For GIC and similar investments, identification of the issuer of each contract, its maturity date and its investment rate;

(3) Performance data for each investment vehicle, net of expenses, presented over reasonable periods of time calculated in a reasonable and consistent manner;

(4) The participant’s account balance as of the last valuation date (but not more frequently than quarterly).

In addition, participants will be provided education/communication on capital markets, contemporary investment theory, and general concepts in retirement planning. CRA will provide individual retirement or investment counseling to participants, however, as a Plan fiduciary, no specific advice will be rendered. Upon request, this Investment Policy Statement will be made available to all participants. Every effort will be made to ensure that all participants regardless of whether or not they are current employees receive all correspondence regarding plan developments and changes. TARGET DATE PORTFOLIO FUNDS CRA offers 12 target date portfolios (the “Target Date Portfolios”), which are open for investment effective June 27, 2016. The Target Date Portfolios invest in other investment options offered by CRA rather than directly in a portfolio of securities. Target Date Portfolios are diversified among various asset classes, and each reflects a different degree of potential investment risk and rewards. Participants may choose to invest in any one of Target Date Portfolios and should give careful consideration to retirement date, personal objectives, risk tolerances, desire for long-term vs. short-term investments, and individual financial circumstances. Custom Target Date Portfolio Overview Statement

The Custom Target Date Portfolios are broadly diversified asset allocation strategies that are guided by the amount of risk a participant should assume given their proximity to retirement age. CRA has selected a “Through” solution to glide path design as opposed to a “To.” This structure was selected based on the belief it would be better equipped to address longevity risk, provided an attractive option for participants to keep assets in the Plan during retirement, and limited asset leakage granting continued access to institutional pricing and ongoing objective oversight.

The design of the glide path is outsourced to Innovest. The glide path is constructed by observing the median downside risk assumed by a number of well-known and high quality mutual fund target date managers at each vintage. The funds have been vetted by the Innovest Due Diligence Committee and cover a reasonably broad spectrum of risk exposure. The Portfolios are then optimized based upon Innovest’s forward looking capital market assumptions, matching the median downside risk at the 95th percentile for each vintage, but using an optimal mix of assets, best-in-class asset manager selection, and incorporates the use of alternative investments. The

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asset mix for each vintage will be revisited during the annual Asset Allocation Study, at which point the vintages may move further down the glide path, reducing downside risk. The portfolios focus on risk-assets during the accumulation phase, seek to mitigate risk with larger allocations to hedged equity and credit during transition phase, and then transition to an Income portfolio that is largely focused on protecting capital. Fees and Expenses: There is no additional fee or charge for this asset allocation service. However, Participants will indirectly bear the proportionate share of the fees and expenses of each Portfolio’s underlying investments, i.e., the fees and expenses of the other funds making up the Portfolio. These indirect costs consist of the administration fee paid to CRA, as well as the normal underlying management fees of each fund. Asset Allocation: The allocation of each Target Date Portfolio among asset classes has been established by CRA’s investment management consultant, under the supervision of CRA’s Governing Board, and will be reviewed on at least an annual basis. Modifications to the Target Date Portfolios: Any changes made in the underlying CRA investment options, such as manager or benchmark changes, will affect the Target Date Portfolios that invest in the underlying funds. CRA may alter the asset allocation of one or more Target Date Portfolios. Participants will be informed of any such alteration. Rebalancing: If one fund of a particular Target Date Portfolio out-performs another fund over any given period, the Target Date Portfolio will become “out of balance”. For example, if a stock fund of a Target Date Portfolio outperforms the bond fund, the percentage allocation of the stock fund will increase beyond the predetermined allocation. It is expected that the percentage allocations will experience minimal drift from the predetermined allocation and, to the extent such drift does occur, it is more likely to be experienced in the more aggressive Target Date Portfolios. CRA monitors the performance and percentage allocation of each Target Date Portfolio carefully on an ongoing basis. As an additional service, at the beginning of each quarter, CRA will transfer assets from one component to another in order to rebalance the Target Date Portfolio. Rebalancing will occur automatically each quarter if any component of the Target Date Portfolio gets out of balance.

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CONTRIBUTIONS, TRANSFERS AND ALLOCATIONS For purposes of the following discussion, “business day” means any day the New York Stock Exchange and CRA are both open for business. See “Inability to Conduct Business.”) Contributions: Employers submit contributions to Empower, CRA’s recordkeeper as often as weekly. Contributions money may be transmitted by check, wire, and Automated Clearing House. Contribution detail may be submitted via file upload, online submission or hardcopy. Contribution detail and money received in good order by 2:00 a.m. Eastern Time on a business day are posted to Participant accounts that same day. Contributions received in good order after 2:00 a.m. Eastern Time are posted the next business day. Posting contributions to Participant accounts is contingent upon submission of contributions in good order to Empower. This means that contribution submittals must be accompanied by sufficient detail to enable Empower to allocate properly to Participant accounts. If a contribution is not received in good order, the deposit is held, without interest, until all necessary information is received. Contributions received for Participant accounts for which complete investment instructions are lacking to allocate contributions among the investment alternatives will be invested in the Target Date Portfolio most closely associated with the Participant’s age. Participants may subsequently transfer those assets as desired. Transfers and Allocations Among Funds: Subject to certain restrictions (see “Special Restrictions on Transfers”), Participants may submit transfers daily by telephone by calling CRA’s automated voice-response system at 1-800-352-0313; or by internet access at https://www.cra-online.org/. Transfer and allocation instructions received in good order and processed by 4:00 p.m. Eastern Time on a business day are posted to Participant accounts after close of the market that day . Transfer instructions received after 4:00 p.m. Eastern Time will be posted the next business day. Allocation of new contributions among the Funds may be changed by Participants without charge or limitation. Participants should verify the accuracy of transfers or allocations immediately upon receipt of the confirmation notice. If notice of error is not received by Empower within 90 days of the last calendar quarter it will be presumed conclusive. Any errors reported after this time period will be processed from date of notification forward and not on a retroactive basis. Electronic Transfers: Participants may make daily fund transfers through our automated voice-response system or by internet access. Empower will require that instructions received through either of those options be accompanied by a Personal Identification Number. Written confirmations will normally be provided to Participants on the next business day after the day the transactions occur. Participants should verify the accuracy of electronic transfers immediately upon receipt of the confirmation notice. In case of errors or omissions relating to the Participant’s account, the Participant must notify Empower promptly. Upon the Participant contacting Empower, Empower will promptly research the transaction and correct any errors made by Empower. Special Restrictions on Transfers:

https://www.cra-online.org/


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(The Target Date Portfolio Funds are not affected by these restrictions.) Book Value Fund Direct transfers from the Book Value Fund to competing options require participants to transfer to a non-competing fund for 90 days prior to transferring into the competing fund. Competing funds include the money market fund. Transfers to all other funds are unlimited. Transfer among other funds is unlimited. These restrictions do not apply to distributions. Redemption fees may apply to certain mutual funds. See fund prospectus for details.

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MONITORING OF FUNDS AND FUND MANAGERS Investment performance will be reviewed quarterly to determine the continued feasibility of achieving the investment objectives and the continued appropriateness of the IPS for achieving those objectives. Progress toward attainment of the performance expectations of the IPS will be examined; emphasis will be placed on peer group comparisons with managers employing similar styles. It is understood that there are likely to be short-term periods during which performance deviates from appropriate indices and peer comparisons. The Board will exercise its prerogative to take corrective action by replacing a fund manager at the appropriate time, if so determined. The performance of the Board’s investment managers/funds will be monitored on an ongoing basis. The Board may place a manager/fund on a “Watch List” at any time or terminate a manager/fund at any time. Managers/funds may be terminated or placed on a “Watch List” for a variety of reasons. These can be separated into two broad categories-qualitative and quantitative factors. The former focuses on personnel, organizational and legal issues while the latter addresses performance. Placing a manager/fund on the “Watch List” is an intermediate step towards either resolving the problem or terminating the manager/fund. Manager/funds may only be removed from the “Watch List” under these two conditions.

Watch List Guidelines-Qualitative Factors

Failing any of the following criteria may create a fail on the performance measurement report. Watch List Measures- 1. Organization – firm ownership and litigation will be monitored for material changes, such as initial public offerings or SEC violations 2. People – tenure and quality of the investment management team will remain stable, monitoring any material changes to the portfolio management team or firm-wide resources 3. Assets Under Management (AUM) – fund flows are expected to experience less than a 10% change as a percentage of average assets in the strategy from quarter-to-quarter. In addition, for capacity constrained asset classes total AUM will be evaluated. 4. Investment guidelines, process, and style – the investment funds’ application of a consistent and repeatable process, as well as deviation from the intended investment mandate will remain stable 5. Performance – performance will require a fail if not in-line with expectations, as measured by cumulative, risk-adjusted, annual, and rolling three-year performance against benchmark and peer groups. (See Exhibit A).

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EXHIBIT A

Measure Definition

Cumulative Provides a snapshot of average annual performance over three-, five-, seven-, and ten-year periods

Annual Measures consistency of calendar year performance relative to benchmark and peers

Rolling-Three Year Measures consistency of longer period performance relative to benchmark and peers

Sharpe Ratio Measures excess return of an investment for every unit of risk, which is compared against benchmark and peers

Alpha Measures market adjusted performance of an investment relative to a benchmark. Level of alpha is also compared to peer managers

6. Expense Ratio - the investment funds’ net prospectus will not exceed 120% of the median peer group expense Watch List and Removal: A Watch List may be created for those funds that fail to maintain the minimum requirements and/or underperform the funds quantitative and qualitative measures. The CRA Board’s procedures for inclusion of an investment fund to the Watch List and the Removal of an investment fund from the Plan includes the following steps: 1. The CRA Board shall be briefed by the Investment Management Consultant at least annually regarding all Funds, and advised at each quarterly meeting on any fund not currently fulfilling the minimum requirements, quantitative, and qualitative measures. 2. Any investment fund that fails to comply with one or more of the quantitative and qualitative measures will be placed on the Watch List, and shall be reevaluated the following quarter. 3. Any investment that appears on the Watch List for four consecutive quarters will receive a “Watch List Report”. The Watch List Report shall address the outstanding concerns for the strategy and a recommendation on what action to take. The committee will then determine whether the investment fund shall then be removed from the Plan, frozen to new investments, or remain on the Watch List.

PERFORMANCE OBJECTIVES

No less than quarterly, the Board will consider: • Manager's consistency with the style mandate expressed in the prospectus;

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• Material changes in the manager’s organization, investment philosophy and/or personnel; • Comparisons of the manager's results to appropriate benchmark (See Appendix A); • The risk associated with each manager’s portfolio, as measured by the variability of

quarterly returns (standard deviation), compared with the benchmark index;

• The manager's performance relative to its peers (managers of like investment style or strategy outlined in Appendix A).

As the Board becomes aware of major organizational changes, it may warrant immediate review of the fund manager. These include, but are not limited to, the following events:

• Change in management structure • Significant account losses • Significant growth of new business • Change in ownership • Change in process/philosophy/style • Change in cost

MONITORING COSTS

The Board will review the service contracts and costs associated with the Plan on an ongoing basis. Areas to be reviewed include:

• Fund Managers • Investment Management Consultant • Custodian Bank • Recordkeeper/Third Party Administrator

PLAN FEES OVERVIEW

It is the Board's intention to ensure that any fees paid from Plan assets are reasonable and transparent. The Board retains all discretion and authority necessary to determine the way Plan fees will be paid, including the extent to which the Plan Sponsor will subsidize the cost of the Plan by directly paying Plan expenses and/or the extent to which Plan expenses will be paid from the Plan participant accounts.

ANALYZING AND MONITORING FUND MANAGERS – BEST PRACTICES

The ultimate goal of the evaluation process is to identify those key factors that explain past performance, and more importantly, provide a reasonable basis for believing that a manager/mutual fund will be able to add value going forward. The consultant will be responsible for determining key factors including:

• Intellectual Edge – Does the team have exceptional insight, work experience and/or academic success?

• Strategy Edge – Does the team employ a unique strategy that can capitalize on market inefficiencies?

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• Resource Edge – Does the team have more firepower in terms of the total experience of the team, the number of investment professionals or the systems at their disposal?

• Implementation Edge – Does the team have superior trading skills or systems that can enhance performance? Alternatively, does the asset base provide the manager with an advantage when implementing the strategy?

In order to determine where a manager’s edge may reside (managers may not have an edge in each area), in addition to performance, the Consultant must evaluate each asset management firm from the top down, with both an organizational evaluation and an evaluation of personnel. Organizational Evaluation

• History – Understand the history of each firm, paying particular attention to major organizational changes.

• Affiliations – Understand how independent each manager is, and as such, evaluate each manager’s affiliations with parent, sibling or subsidiary companies.

• Ownership Structure – Preference toward firms whose investment professionals have significant equity stakes in the company.

• Specialty – Assess the firm’s attention and that resources are focused on that specialty. • Assets, Growth of and Capacity (product and firm wide) – Assess each manager’s

capacity and growth of assets in order to determine whether or not asset growth may impair the investment strategy. Also assess firm wide asset

• levels and growth in order to get a sense for whether or not the firm is successful and stable.

• Culture – Assess whether a firm’s culture promotes the alignment of interests with its investors.

• Regulatory Issues – Review each firm’s legal and regulatory history to determine if there is any reason to be concerned with the actions of the firm.

Personnel

• Experience – Evaluate the biographies of all investment professionals involved with the product.

• Structure – Evaluate the roles and responsibilities of all of the investment professionals to understand who is crucial to the process and how the team operates together.

• Tenure/Turnover – Understand team stability, as high turnover can be a sign of a dysfunctional environment and/or below average compensation.

• Personal assets invested in the product – Assess manager’s personal assets in the product. The more money a portfolio management team has invested in the product, the greater the alignment of their interests with those of their investors.

• Compensation – Evaluate compensation schemes. Proper compensation should promote solid long-term, risk-adjusted results rather than short term results.

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ADOPTION OF THIS INVESTMENT POLICY STATEMENT This policy is hereby adopted by action of the Board on ________________________, 2021. Colorado Retirement Association (CRA) Governing Board _________________________________ _____________________ Date Innovest Portfolio Solutions LLC _________________________________ _____________________ Date Galliard Capital Management ________________________________ _____________________ Date

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APPENDIX A: INVESTMENT MENU

Self-directed Brokerage Benchmark Peer Group Date added

Charles Schwab N/A N/A 4/17/2006

International Equity

American Funds EuroPacific Growth MSCI EAFE Growth Index (Net)

International Large Cap Growth 2/23/2012

American Beacon International MSCI EAFE Value Index (Net)

International Large Cap Value Equity 10/27/1998

Small Cap Equities

Vanguard Small Cap Index CRSP U.S. Small Cap TR Index U.S. Small Cap Core Equity 6/30/2005

American Beacon Small Cap Value Russell 2000 Value Index U.S. Small Cap Value Equity 7/30/2004

Mid Cap Equities

Artisan Mid Cap Russell Midcap Growth Index U.S. Mid Cap Growth Equity 4/10/2002

Vanguard Mid Cap Index CRSP U.S. Mid Cap TR Index U.S. Mid Cap Core Equity 6/30/2005

Large Cap Equities

Vanguard Institutional Index S&P 500 Index U.S. Large Cap Core Equity 6/30/2005

Harbor Capital Appreciation S&P 500 Growth Index

U.S. Large Cap Growth Equity 4/4/2014

Dodge & Cox Stock S&P 500 Value Index U.S. Large Cap Value Equity 4/4/2014

Neuberger Berman Sustainable Equity S&P 500 Index U.S. Large Cap Core Equity 8/29/2008

General Equities

Fidelity Contrafund S&P Composite 1500 Index U.S. Core Equity 1991

Fidelity Low Priced Stock S&P Composite 1500 Index U.S. Multi-Cap Equity 1991

Core Fixed Income

Met West Total Return Bloomberg Barclays U.S.

Aggregate Bond Index U.S. Broad Market Core

Fixed Income 2/2/2015

JPMorgan Strategic Income Opportunities (Target Date Portfolios only)

Bloomberg Barclays U.S. Aggregate Bond Index Specialty Fixed Income 11/1/2011

Blackrock Strategic Income (Target Date Portfolios only)


High Yield

PIMCO High Yield Bloomberg Barclays. U.S. Corporate High Yield Index U.S. High Yield Bonds 8/29/2008

Money Market

Vanguard Treasury Money Market FTSE 3 Month T-Bill Cash and Equivalents 3/22/2021

Stable Value

CRA Book Value Ryan 3 Yr GIC Master Index U.S. GIC/Stable Value 6/30/1969

Floating Rate Corporate Loans

Mainstay Floating Rate High Income (Target Date Portfolios only) CSFB Leveraged Loan Index Loan Participation 2/1/2012

Liquid Low Correlated Hedge Fund of Funds

PartnerSelect Alternative Strategies (Target Date Portfolios only)

Wilshire Liquid Alternative Multi-Strategy Index Absolute Return 6/23/2015

Other

DFA Emerging Markets Core Equity (Target Date Portfolios only)

MSCI Emerging Markets (Net) Index Emerging Markets Equity 6/27/2016

Tortoise MLP & Pipeline (Target Date Portfolios only)

Alerian Midstream Energy Index N/A 3/22/2021

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APPENDIX B: INVESTMENT DEFINITIONS The fund managers are designed to fulfill the following investment categories and objectives: Large Cap Value Equity: An investment strategy where the portfolio’s characteristics are similar to that of the S&P 500 Value Index, with the objective of adding value over and above the index, typically from sector or security selection. A strategy will typically invest in large companies greater than $10 billion market capitalization that exhibit value characteristics, such as below average valuations (e.g., Price-to-Book Value, Price-to-Earnings, Price-to-Cash Flow) and above average dividend yields. Large Cap Core Equity: An investment strategy where the portfolio’s characteristics are similar to that of the S&P 500 Index, with the objective of adding value over and above the index, typically from sector or issue selection. Large Cap Growth Equity: An investment strategy where the portfolio’s characteristics are similar to that of the S&P 500 Growth Index, with the objective of adding value over and above the index, typically from sector or security selection. A strategy will typically invest in large companies greater than $10 billion market capitalization that exhibit growth characteristics, such as above average prospects for long-term growth and profitability. Mid Cap Core Equity: An investment strategy where the manager invests mainly in mid-capitalization companies ranging between $2 billion and $10 billion market capitalization, which contain both growth and value characteristics. Portfolio performance and characteristics, including weighted average market cap, valuations, and sectors, should closely track the CRSP U.S. Mid Cap Index. Mid Cap Growth Equity: An investment strategy where the portfolio’s characteristics are similar to that of the Russell Mid Cap Growth Index, with the objective of adding value over and above the index, typically from sector or security selection. A strategy will typically invest in medium sized companies greater between $2 and $10 billion market capitalization that exhibit growth characteristics, such as above average prospects for long-term growth and profitability. Small Cap Value Equity: An investment strategy where the portfolio’s characteristics are similar to that of the Russell 2000 Value Index, with the objective of adding value over and above the index, typically from sector or security selection. A strategy will typically invest in small companies Small Cap Core Equity: An investment strategy where the manager invests mainly in small-capitalization companies, ranging between $100 million and $2.5 billion market capitalization, which contain both growth and value characteristics. Portfolio performance and characteristics, including weighted average market cap, valuations, and sectors, should closely track the CRSP U.S. Small Cap Index. between $100 million and $2 billion market capitalization that exhibit value characteristics, such as below average valuations (e.g., Price-to-Book Value, Price-to-Earnings, Price-to-Cash Flow) and above average dividend yields. General Equity: An investment strategy where the portfolio’s characteristics are similar to that of the S&P 1500 Completion Index, with the objective of adding value over and above the index, typically from market capitalization, sector, or security selection. A product invested in companies

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with a range of market capitalizations and styles based on potential for total return, both capital appreciation and dividend income. International Value Equity: A product with well-diversified portfolio holdings that are mostly large issues in developed countries with liquid markets, resulting in characteristics similar to that of the MSCI EAFE Value Index. Investments shall be made in companies believed to be undervalued or possessing lower than average valuations (e.g., Price-to-Book Value, Price-to-Earnings, Price-to-Cash Flow) and above average dividend yields. International Growth Equity: A product with well-diversified portfolio holdings processing a majority of issues in developed countries with liquid markets, resulting in characteristics similar to that of the MSCI EAFE Growth Index. Investments shall be made in companies believed to possess above average prospects for long-term growth and profitability. Core Fixed Income: A fixed income (bond) strategy that constructs portfolios to approximate the investment results of the Barclay’s Capital Aggregate Bond Index with a modest amount of variability in duration around the index. The objective is to achieve value added from sector or issue selection. High Yield: A below investment grade (<BBB) fixed income portfolio with an objective of obtaining high current income and investment results similar to the Barclay’s Capital High Yield Corporate Index. Due to the increased level of default risk, security selection focuses on credit-risk analysis. Book Value Fund: A product that may hold Guaranteed Investment Contracts, Insurance Company Separate Accounts and Security Backed Contracts (Synthetic GICs) issued by major financial institutions. The Fund may also hold cash or cash equivalents, bonds (including U.S. Government Treasuries and Agencies, Corporates, Asset Backed Securities, Mortgage Backed Securities, and Taxable Municipals), and units in stable value or bond collective trust funds. The Fund seeks to provide safety of principal and a stable credited rate of interest while generating competitive returns compared to other conservative fixed income alternatives such as money market funds or short term yields available in the fixed income (bond) market. Money Market Fund: A product that invests in low risk highly liquid short-term financial instruments. The average portfolio maturity is typically 30 to 60 days. Target Date Portfolios: Target Date Portfolios are designed to automatically become more conservative over time as a participant approaches a certain retirement date. Each target date portfolio is named with a retirement date. The objective of each portfolio is to maximize return while minimizing expected portfolio volatility. The Custom Target Date Portfolios are broadly diversified asset allocation strategies that are guided by the amount of risk a participant should assume given their proximity to retirement age. The glide path shape is designed to be a “Through” solution as opposed to a “To.” This policy is better equipped to address longevity risk, provides an attractive option for participants to keep assets in the Plan during retirement, and limits asset leakage granting continued access to institutional pricing and ongoing objective oversight. The glide path is constructed by observing the median downside risk assumed by a number of mutual fund target date managers at each vintage. The funds have been vetted by the Innovest Due Diligence Committee and cover a reasonably broad spectrum of risk exposure.

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The Portfolios are then optimized based upon Innovest’s forward looking capital market assumptions, matching the median downside risk at the 95th percentile for each vintage, but using an optimal mix of assets, best-in-class asset manager selection, and incorporates the use of alternative investments. The asset mix for each vintage will be revisited during the annual Asset Allocation Study, at which point the vintages may move further down the glide path, reducing downside risk. This policy has the ability to include passive managers with lower expenses, along with active managers in strategies exhibiting stronger likelihood to outperform benchmarks. The portfolios focus on risk-assets during the accumulation phase, mitigate sequence of returns risk with larger allocations to hedged equity and credit during transition phase, and culminate with an Income portfolio that is largely focused on protecting capital. Ultimately, the process encourages a thoughtful, reasonable approach to providing Target Date Portfolios that incorporate various investment styles and better allow fiduciaries to fulfill their obligation to monitor underlying investments. In addition, the following strategies were elected for utilization in the Target Date Portfolios only: Emerging Markets Equity: An investment strategy where the manager invests in equities of companies believed to have strong, sustainable financial productivity at attractive valuations. Additionally, the manager typically invests its assets in securities of companies whose principal business activities are located in emerging market countries, but focuses on companies in Latin America, the Pacific Basin and Eastern Europe. Floating Rate Corporate Loans: A fixed income investment strategy that invests in below investment grade floating rate bank loans, seeking to outperform the CSFB Leveraged Loan Index through credit and sector selection. The interest rates on these loans are typically reset on a periodic basis to account for changes in the level of interest rates. Low Correlated Hedge Funds: The liquid low correlated hedge funds provide a return stream that has a low correlation to general movements in both the equity and fixed income markets. The funds are diversified across a number of investment strategies designed to generate positive performance in all types of market conditions but not guaranteed. Strategies include but are not limited to long/short equity, market neutral equity, convertible arbitrage, global macro, long/short credit and distressed debt. Energy Infrastructure: Midstream energy companies, whether structured as corporations, LLCs, or master limited partnerships (MLPs) are engaged in the transportation and storage of natural resources. These companies’ operations may generally be grouped into four categories: pipelines, terminals/storage, marine transportation and midstream services. These categories may be further delineated by product types, including crude oil, heating oil, refined petroleum products, natural gas liquids, propane, ammonia, and coal. Although many of these businesses have steady cash flows, their securities have historically exhibited moderate to high volatility as measured by their standard deviation. The vehicle used for clients will be a 1940 Act registered mutual fund and will generate a 1099 tax-reporting form rather than a K-1.

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INVESTMENT POLICY STATEMENT

For


Revised September 4May 215, 20219

Prepared with the Assistance of Innovest Portfolio Solutions LLC

TABLE OF CONTENTS Page

PLAN SUMMARY ....................................................................................................................................... 1

KEY INFORMATION ...................................................................................................................... 32

NAME OF PLAN ........................................................................................................................................32

PLAN SPONSOR ........................................................................................................................................32

GOVERNING BOARD ...............................................................................................................................32

TYPE OF PLAN ..........................................................................................................................................32

PURPOSE OF INVESTMENT POLICY STATEMENT .........................................................................43

STATEMENT OF ASSOCIATION OBJECTIVES .................................................................................54

INVESTMENT RESPONSIBILITIES .......................................................................................................75

DELEGATION OF AUTHORITY .....................................................................................................................75 RESPONSIBILITY OF PARTICIPANTS ............................................................................................................96 RESPONSIBILITY OF THE INVESTMENT MANAGEMENT CONSULTANT (CONSULTANT) ................................96

CONFLICTS OF INTEREST ............................................................................................................................96

GUIDELINES AND INVESTMENT POLICY ......................................................................................7107

TIME HORIZON .........................................................................................................................................107 RISK TOLERANCES ...................................................................................................................................107 PERFORMANCE EXPECTATIONS ..............................................................................................................7107 ASSET ALLOCATION CONSTRAINTSCLASSES AND INVESTMENT STYLE GROUPS ...................................1077

INVESTMENT OPTIONS ....................................................................... Error! Bookmark not defined.8

BOOK VALUE FUND .............................................................................. Error! Bookmark not defined.8

MONEY MARKET FUND ....................................................................... Error! Bookmark not defined.8

CORE FIXED INCOME .......................................................................... Error! Bookmark not defined.8

LARGE CAP CORE EQUITY ................................................................ Error! Bookmark not defined.8

LARGE CAP GROWTH EQUITY ......................................................... Error! Bookmark not defined.8

LARGE CAP VALUE EQUITY .............................................................. Error! Bookmark not defined.9

MID CAP CORE EQUITY ...................................................................... Error! Bookmark not defined.9

MID CAP GROWTH EQUITY ............................................................... Error! Bookmark not defined.9

SMALL CAP CORE EQUITY ................................................................ Error! Bookmark not defined.9

SMALL CAP VALUE EQUITY .............................................................. Error! Bookmark not defined.9

GENERAL EQUITY................................................................................. Error! Bookmark not defined.9

INTERNATIONAL GROWTH EQUITY .............................................. Error! Bookmark not defined.9

INTERNATIONAL VALUE EQUITY ................................................... Error! Bookmark not defined.9

TARGET DATE PORTFOLIOS ........................................................... Error! Bookmark not defined.10

SECURITIES GUIDELINES FOR THE BOOK VALUE FUND ..................................................... 81311

ASSET ALLOCATION ..........................................................................................................................1311

GUARANTEED INVESTMENT CONTRACT LIMITS ....................................................................1412

CORPORATE BOND LIMITS ..............................................................................................................1412

OTHER ASSET LIMITS ........................................................................................................................1412

CERTIFICATES OF DEPOSIT ............................................................................................................1412

LIQUIDITY POLICY FOR THE BOOK VALUE FUND ................................................................... 17115

INTRODUCTION ...................................................................................................................................1715

LIQUIDITY .............................................................................................................................................1715

SELECTION OF INVESTMENT FUNDS AND FUND MANAGERS/MUTUAL FUNDS ........... 18125

CONTROL PROCEDURES ............................................................... Error! Bookmark not defined.16 DUTIES AND RESPONSIBILITIES OF THE INVESTMENT MANAGERS/MUTUAL FUNDS .. Error! Bookmark not

defined.16 DISCLOSURE TO PARTICIPANTS ............................................................................................................ 19137 TARGET DATE PORTFOLIOS .................................................................................................................. 20148

Fees and Expenses ........................................................................................................................... 22159 Asset Allocation ............................................................................................................................... 22195 Modifications to the Pension Target Date Portfolios ...................................................................... 22159 Rebalancing ..................................................................................................................................... 22159

CONTRIBUTIONS, TRANSFERS AND ALLOCATIONS....................................................... 162320

Contributions .....................................................................................................................................2320 Transfers and Allocations Among Funds ..........................................................................................2320 Electronic Transfers ..........................................................................................................................2320 Special Restrictions on Transfers ......................................................................................................2421

MONITORING OF INVESTMENT FUNDS AND FUND MANAGERS/MUTUALFUNDS ....... 172522

WATCH LIST GUIDELINES-QUALITATIVE FACTORS ........................................................................... 182522 PERFORMANCE OBJECTIVES ............................................................................................................... 272319 MONITORING PROHIBITED TRANSACTIONS & COSTS ................................................................. 29205

PLAN FEES OVERVIEW ...........................................................................................................................2920

ANALYZING AND MONITORING FUND MANAGERS – BEST PRACTICES...................................................2920

ADOPTION OF THIS INVESTMENT POLICY STATEMENT ...........................................................228

APPENDIX A: INVESTMENT MENU ......................................................................................................23

APPENDIX BA: INVESTMENT MENUDEFINITIONS ........................................................................249

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PLAN SUMMARY The Colorado Retirement Association (CRA) is an association of local governments formed pursuant to Colorado Statute (C.R.S. § 24-54-101 et seq.) to provide a retirement system for an Association of Colorado counties, municipalities, and political subdivisions.special districts. The CRA Retirement Plan is a formal money purchase pension plan adopted to provide income after retirement for eligible officials and employees of member counties, municipalities and political subdivisions.special districts. Retirement benefits through CRA’s plan are generally in addition to those provided under the Federal Social Security system. The retirement plan adopted by CRA is established pursuant to I.R.C. 401(a) and is termed a “defined contribution” plan. Pursuant to state statute, the mandatory minimum contribution made by the employing entity and by the eligible employee is must be matched by the employee. The Retirement Plan provides for a minimum contribution of 3% with no maximum limit. A “voluntary contribution” can be made by payroll deduction, after federal and state taxes have been paid on the compensation, i.e.i.e., this contribution is made on an from “after-tax”, non-deductible basis. dollars. The maximum allowable contribution that a participant may make is an additional 10% of the person’s yearly gross compensation. In addition, CRA also offers employersentities the option of adopting its Deferred Compensation Plan established and administered pursuant to section 457 of the Internal Revenue Code. Contributions to this plan can beare made from pre-tax (with “before-tax dollars).”or after-tax (Roth contribution). Due to changes made to the tax code by The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), annual contribution rates are as follows: Year Amount 2011 $16,500 2012 $17,000 2013 $17,500 2014 $17,500 2015 $18,000 2016 $18,000 2017 $18,000 2018 $18,500 2019 $19,000 2020 $19,500 2021 $19,500

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KEY INFORMATION Name of Plan: Colorado Retirement Association (CRA) Retirement Plan and Deferred Compensation Plan Plan Sponsor: Colorado Retirement Association 751 SouthPark Drive Littleton, CO 80120

Plan Record keeper: Empower Retirement 8515 E. Orchard Road Greenwood Village, CO 80111 Association IRS Tax Identification: 84-6070776

Governing Board

• 2 members non-elected county employees elected by County Employees • 2 members are registered electors of Member Counties chosen by the Board(s) of

County Commissioners whose Counties are Association Members • 2 members are representatives of a municipal or political subdivision Participating

Employer and shall be elected by those employers • Treasurer of the most populous Association Ccounty

Type of Plan: 401(a), 457

Current Net Assets (as of June December 310, 202109): $2,129,716,5612,068,832,0281,735,662,129 Participant Directed Investment Options: Yes Frequency to Change Investment Options: Daily Self-Directed Brokerage: Yes Investment Options: See APPENDIX A International Equity Small Cap Equities Mid Cap Equities Large Cap Equities Target Date Portfolios Core Fixed Income High Yield Money Market Book Value

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PURPOSE OF INVESTMENT POLICY STATEMENT The purpose of this Investment Policy Statement (IPS) is to assist the Colorado Retirement Association (CRA) Governing Board (Board) in effectively supervising, monitoring and evaluating the investment options of CRA plan assets. The Board has the authority to establish and monitor the menu of alternative variable investment assets and oversee the investment of CRA Book Value assets. The CRA investment program is defined in the various sections of the IPS by: • Stating in a written document the Board’s attitudes, expectations, objectives, and

guidelines in the investment of all CRA assets. • Setting forth an investment structure for managing all CRA plan assets. This structure

includes various asset classes and investment management styles designed to give Participants the ability to produce a sufficient level of overall diversification and total investment return over the long-term.

• Developing a strategy to provide for dynamic, competitive solutions, innovative option

design, and vendor flexibility to help ensure that participants are given the necessary framework to meet their goals.

• Providing guidelines for each investment portfolio that controls the level of overall risk and

liquidity assumed in that portfolio so that all CRA assets are managed in accordance with stated objectives.

• Encouraging effective communications between the Board, Executive Director, the

investment consultant, the investment managers/mutual funds, and the participants. • Establishing formalized criteria to monitor, evaluate and compare the performance results

achieved by the investment managers/mutual funds on a regular basis and provide a method by which changes are made.

• Complying with all fiduciary, prudence and due diligence requirements that experienced

investment professionals would utilize, and with all applicable laws, rules and regulations from local and state political entities that may impact CRA assets.

This IPS has been arrived at upon consideration by the Board of the financial implications of a wide range of policies, and describes the prudent investment process that the Board deems appropriate. As described more fully in the Plan Documents, the purpose of the Plan is to provide eligible employees with long-term accumulation of retirement savings and earnings through employee and, where applicablepossibly, employer contributions to individual participant accounts. Both the authority and the responsibility for investing and retirement planning belong to the employees. The Plan is a component of an individual’s assets to be used at retirement.

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STATEMENT OF ASSOCIATION OBJECTIVES The objectives of CRA have been established in conjunction with a comprehensive review of the current and projected financial requirements. The objectives are:

(1) To have the ability to pay all benefit and expense obligations. (2) To maintain flexibility in meeting the future needs of the participants. (3) To maximize return within reasonable and prudent levels of risk by providing investment

options which cover a broad range of risk and return characteristics. (4) To control costs of administering the plan and managing the investments. (5) To undertake all transactions solely in the interest of the participants and beneficiaries.

(6) To design a prudent process for investment selection and ongoing monitoring.

In general, it is understood that all benefit, funding, accounting, and investment policies reflect current and foreseeable economic and market conditions, as well as any applicable accounting and statutory requirements. It is intended that this policy statementIPS be reviewed periodically, and updated as necessary and made available to participants upon requestat least annually. It is not expected that the IPS will change frequently. In particular, short term changes in the financial markets should not require adjustments to the IPS.Any change to the IPS will be communicated in writing on a timely basis to all interested parties.

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INVESTMENT RESPONSIBILITIES The Board is responsible for the prudent administration of CRA this IPS with specific responsibilities which that include: Design of plan investment platform; establishing investment policy objectives and guidelines; prudent selection of investment managers/mutual funds; and ongoing monitoring. The Board shall may contract with a consultant to assist in these responsibilities.

Delegation of Authority

The Governing Board of CRA is a fiduciary, and is responsible for providing the investment framework and monitoring the investment management of CRA assets. As such, the Board is authorized to delegate certain responsibilities to professional experts in various fields. These include, but are not limited to: 1. Investment Management Consultant (Consultant). The Consultant may assist the Board in:

establishing investment policy, objectives, and guidelines; selecting funds and fund managers; reviewing such funds and fund managers over time; measuring and evaluating investment performance; and other tasks as deemed appropriate. The Investment Management Consultant is required to be a co-fiduciaryanalyzing current position, designing optimal structure, formalizing investment policy, implementing policy, and monitoring and supervising.

2. Funds and Investment Fund Managers (Manager)/Mutual Fund. The Each fInvestment und

mManager has discretion to purchase, sell, or hold the specific securities or products that will be used to meet CRA’s the investment objectives. The Board, with the assistance of the Investment Management Consultant, will monitor and review each fund's achievement of the objectives for which it was selected. Investment Managers include mutual funds.

3. Recordkeeper/Third Party Administrator (TPA)/Recordkeeper. A “TPA”/recordkeeper will

track individual participant balances and process participant contributions, disbursements, and transfers. The recordkeeper will reconcile participant balances with trust account balances to maintain alignment. The recordkeeper will also perform testing and produce management reports that ensure Plan compliance with all laws and regulations. These services may be bundled with those of the custodian bank.

4. Custodian. The Custodian will physically (or through agreement with a sub-custodian) maintain possession of securities owned by CRA, collect dividends and interest payments, redeem maturing securities, and effect receipt and delivery following purchases and sales. The Custodian may also perform regular accounting of all assets owned, purchased, or sold, as well as movement of assets into and out of CRA accounts. These services may be bundled with those of the recordkeeper/third-party administrator.

3. 5. Additional specialists such as attorneys, auditors, actuaries, administrators and others may be retained employed by the Board to assist in meeting its responsibilities and obligations to administer CRA assets prudently.

IfS such experts retained aremay also be deemed to be fiduciaries and , they must acknowledge such in writing, either by contract or prospectus. All feesexpenses for such experts must be customary and reasonable, and may be borne by CRA as deemed appropriate and necessary.

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Third Party Administrator/Recordkeeper. A “TPA”/recordkeeper will track individual participant balances and process participant contributions, disbursements, and transfers. The recordkeeper will reconcile participant balances with trust account balances to maintain alignment. The recordkeeper will also perform testing and produce management reports that ensure Plan compliance with all laws and regulations. The Board will delegate day to day investment decisions to investment managers/mutual funds and they will be held responsible and accountable to achieve the objectives herein stated.

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If such experts retained are also deemed to be fiduciaries, they must acknowledge such in writing. All fees for such experts must be customary and reasonable, and may be borne by CRA as deemed appropriate and necessary.

Responsibility of Participants

The Plan providesgrants to each participant the right and responsibility to choose how his/her account is to be allocated among the investment options. Each participant is responsible to seek education and training to be prepared to select a combination of investment options based on the participant’s unique time horizon, risk tolerance, return expectation and asset class preferences.Using the basic principles of strategic asset allocation, select a combination of managers based on the participant’s unique time horizon, risk tolerance, return expectation, and asset class preferences.

Responsibility of the Investment Management Consultantt (Consultant)

The investment management consultant’s role is that of an advisor to the Governing Board of CRA. Investment guidance concerning the investment management of CRA assets will be offered by the consultant, and will be consistent with the investment objectives, policies, and constraints as established in this statement. Specific responsibilities of the consultant may include: 1. Assisting in strategic planning and asset allocation strategies. 2. Assisting in the development and periodic review of investment policy. 3. Evaluate products and services and conduct manager searches as needed. 4. Coordinate and negotiate custody, brokerage and other investment related vendors. 5. Monitoring the performance of the investment managers to provide the Board with the

ability to determine the progress toward the investment objectives. 6. Notify the Board of an investment manager’s/mutual fund’s failure to meet performance

criteria and recommend corrective action. 7. Communicating matters of policy, investment manager/mutual fund research, and

investment manager/mutual fund performance to the Board. 8. Reviewing CRA investment history, historical capital markets performance and the

contents of the IPS with any newly appointed members to the Board. 9. Reporting, on a timely basis, quarterly investment performance results. 10. Analyze and review Participant communication program, as needed or requested.

Conflicts of Interest

All Board members and the Investment Management Consultant will refrain from personal business activity that could create an appearance of impropriety, that could conflict with the proper execution and management of the retirement plan program, or that could impair their ability to make impartial Plan decisions.

Commented [E-EK1]: Would “provides” be better since

“grants” connotes the power NOT to give the power to the

participant.

Commented [CA2R1]: Removed grants, added provides

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GUIDELINES AND INVESTMENT POLICY

Time Horizon

Since the accounts are participant directed, there is no time horizon expressed for the total fund. Choices will be offered that provide participants with a wide variety of time horizons depending on the participants’ unique needs. However, since retirement funding is the most important retirement goal, there is a desire to have quality investment alternatives that can provide participants with favorable long-term returns.

Risk Tolerances

The Board recognizes the difficulty of achieving the Plan's investment objectives in light of the uncertainties and complexities of the investment markets. The Board also recognizes that some risk must be assumed to achieve CRA’s long-term investment objectives. In establishing the risk tolerances of the IPS, the ability to withstand short and intermediate term variability were considered. To minimize these risks, any investment decisions will be viewed with a goal of diversification in an attempt to control risks and minimize losses. The Board has made a conscious decision to provide participants with a broad array of investment choices so they have alternatives that provide a variety of risk and return levels regardless of time horizon. The Board will continually make available an educational process for CRA participants so they are informed of their fund alternatives and investment techniques based on contemporary investment theory.

Performance Expectations

Over a complete business cycle, each active iInvestment oOption's overall annualized total return, after deducting for advisory, money management, and custodial fees, as well as total transaction costs, should perform above their benchmark and at or above the median of portfolios of similar style and passive options should track their respective index. The Board will continually monitor and review investment managers.

Asset Allocation Classes and Investment Style GroupsConstraints

The Board believes that CRA’s risk and liquidity posture are, in large part, a function of asset class mix. Asset classes are chosen because of their long-term return histories that are reasonably useful in evaluating probable future standard deviation and correlation. The Board has reviewed the long-term performance characteristics of various asset classes,They are selected to focusing on balanceing the risks and rewards of market behavior. In addition toWithin each of the broad asset classes, options will be diversified to allow participants to choose from a broad range of equity capitalization and fixed income maturities. To facilitate diversification within asset classes, various style groups will be made available. The Board may add, delete, or replace a particular asset class or style of investment management if the Committee/Board deems it appropriate to do so.

Commented [E-EK3]: I would delete “Committee”

Commented [CA4R3]: Deleted

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Appendix A details the current investment lineup and benchmarks for the Plan.The following asset classes were selected: Domestic Equities Domestic Fixed Income Cash & Equivalents International Equities Stable Value Assets High Yield Hedge funds Master Limited Partnerships Emerging Markets Floating Rate Corporate Loans In addition to the broad asset classes, options will be diversified to allow participants to choose from a broad range of equity capitalization and fixed income maturities.

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SECURITIES GUIDELINES FOR THE BOOK VALUE FUND The Board has entered into a contract with Galliard Capital Management (Galliard), a Registered Investment Advisor, to manage a fund valued at “book” rather than market (the “Book Value Fund”). The investment objective of the Book Value fund is to provide a level of income, in excess of U.S. Treasury yields of comparable duration, at a consistent rate of return with preservation of capital as the number one priority. It is the intent of the Board to provide a method of investment subject to book value accounting, rather than market-value accounting, thereby significantly reducing the volatility seen in other fixed income investment instruments as a result of interest rate changes. Asset Allocation. Galliard has determined the target allocation for the Book Value Fund to be as follows:

A. SECTOR Minimum Maximum Fund Level Weighting Weighting Liquidity* (M. Mkts./SV Fund) 0% 50% GICs 0% 40% Managed Synthetics** 50% 100%

*The Liquidity Buffer may consist of a money market fund or similar short-term investment fund (STIF) and/or a stable value fund. It is understood that cash flows may create exceptions to the minimum or maximum allocation weightings above, which will not be considered to be violations of these guidelines. In the event that cash flows result in such a variance, the manager will make reallocations as permitted under the Managed Synthetics to bring the portfolio in line with these guidelines. Contract limitations may prohibit such rebalancing, in which case the manager will notify the client that the allocations may be exceptions for an extended period of time.

**All individual asset portfolios (excluding the liquidity buffer) must have book value wrap contracts in place. Insurance Company Separate Accounts are included in the Managed Synthetics component. No single wrap provider or insurance company separate account shall hold more than 25% of the Book Value Fund’s assets. No more than 50% can be in Insurance Company Separate Accounts.

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Underlying Asset Level

Sector/Sub-Sector Maximum

U.S. Treasury / U.S. Government Agency

Obligations / Cash and Cash Equivalents

100%

Corporates/Municipals 55%

ABS

30%

Residential Mortgage-Backed (RMBS) &

Commercial Mortgage-Backed (CMBS) 65%

Non-Agency RMBS 10%

Non-Agency CMBS 20%

Foreign Government Debt Obligations

(including Supranationals) 20%

Guaranteed Investment Contract Limits. No more than 3% of the aggregate portfolio will be invested in traditional GIC/BICs from any one contract issuer. No GIC may exceed 7 years in duration. Corporate Bond Limits. No more than 2% of the aggregate portfolio will be invested in any one corporate security issuer.

Other Asset Limits. No more than 10% of the aggregate portfolio will be invested in securities of any single non-U.S. Government issuer, ABS issuing trust, or non-Agency MBS issuing trust.

Certificates of Deposit – Investments may be made in bank Certificates of Deposit that are fully collateralized pursuant to state law. No more than 15% of the total Book Value Fund may be placed with any one banking institution. No Certificate of Deposit may exceed ten years in duration. Use of externally advised fixed income portfolios

The Board has authorized Galliard Capital, as overall stable value manager, to utilize fixed income strategies advised by managers other than Galliard (“Externally Managed Portfolios”). Galliard will supply the Board and Investment Consultant with a written request to change investment advisors, or materially alter the allocation to each advisor. Requests will be reviewed and are subject to Board approval. Galliard will allocate not less than 20% nor more than 40% of the Account to the management of investment advisors unaffiliated with Galliard without Board approval. Galliard will confirm that, in the aggregate on a weighted average basis, the overall Securities Guidelines for the Book Value Fund are being satisfied as of the end of each calendar month. Investments in short-term investment funds, money market mutual funds and certain short-term investment grade securities shall be categorized as Cash and Cash Equivalents.

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B. QUALITY Contract Level The minimum weighted average quality of the contracts will be maintained at A1/A+. Wrap providers must be rated at least A3/A- by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”) at time of initial placement. Underlying Asset Level All securities will be rated investment grade at time of purchase by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”). The minimum weighted average quality of the underlying assets will be maintained at AA-/Aa3. C. DURATION The overall duration of the Book Value Fund (including the Liquidity Buffer and cash/cash equivalents) shall be limited to a maximum of 3.5 years. Duration will be calculated using a contract value weighted average duration. D. PERMISSIBLE SECURITIES*

(1) U. S. Treasury notes, bonds, bills (2) U.S. Federal Agency Securities (3) Asset-backed securities (4) Corporate notes, bonds, and debentures, including domestic and foreign issuers

(Yankee bonds), and securities issued under Rule 144A (5) Mortgage-backed securities (6) Mortgage pass through securities (7) Municipal securities (8) Forward purchase agreements (9) U.S. Treasury futures and Euro-dollar futures Agreements (10) Federal Funds (11) Repurchase Agreements (12) Money market instruments (13) Direct Commercial Backed Mortgage Loans (14) Guaranteed Investment Contracts and Bank Investment Contracts (15) Collective Investment Trusts/Pooled Insurance Separate Accounts

* All securities will be U.S. dollar denominated only.

E. ADDITIONAL RISK MANAGEMENT GUIDELINES Credit Quality In the case of a split rating on securities and contracts, the higher rating shall apply. For securities downgraded below investment grade, the manager may retain the security, if in the judgment of the manager, it is appropriate to do so subject to a maximum of no more than 5% of the portfolio’s assets in issues below BBB-. Portfolio Leverage and Derivatives The portfolio may not be leveraged. Derivatives may be used to hedge portfolio or manage portfolio duration and cannot be used to leverage the portfolio in any manner or for speculative

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purposes. Any derivative products in the portfolio will be included in all measures of portfolio performance, including yield, duration, and convexity.

The portfolio may purchase securities for forward delivery as long as the position is fully incorporated in calculating the portfolio’s duration. The portfolio may purchase securities on a when-issued basis as long as the position is fully incorporated in calculating the portfolio’s duration. Cash or cash equivalents and/or government securities must be held to meet forward commitments including mortgage rolls.

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LIQUIDITY POLICY FOR THE BOOK VALUE FUND Introduction. The Board recognizes that a high allocation of cash will reduce the return of the Book Value Fund, and accordingly has established the allocation guidelines of the Book Value Fund as set forth above. The Board also understands that “book value” treatment of the fund is provided because the investments are not sold on any publicly traded market. Liquidity. The fund is 100% benefit responsive so there is daily liquidity The CRA Retirement Plan (the Plan) does not permit any distributions to the following Participants and Participating Employers (except as noted below): a) Participants of former Participating Employers that are no longer participating in the Plan, b) Participants whose Participating Employer is currently withdrawing its participation in the Plan and c) Participating Employers who are currently withdrawing their participation in the Plan. Therefore, since no distribution is permitted to these persons and entities, these Liquidity provisions do not apply to them. However, these Liquidity provisions do apply to: a) Participants who have or are in the process of terminating their employment with a former Participating Employer or Participating Employer and b) a Former Participant or Participant who is deceased.

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SELECTION OF INVESTMENT FUNDS AND FUND MANAGERS/MUTUAL FUNDS The Board, with the assistance of the Investment Management Cconsultant, will select appropriate investment fund managers/mutual funds to manage the plan CRA assets. The following minimum criteria must be met:

(1) The fund options will be managed by aA bank, insurance company, investment management company, or investment adviser as defined by the Registered Investment Advisers Act of 1940 will be utilized.

(2) Historical quarterly performance numbers calculated on a time-weighted basis, based on

a composite of all fully discretionary accounts of similar investment style, will be utilized for performance screening..

(3) Performance evaluation reports that illustrate the risk/return profile of the investment fund

manager/ mutual fund relative to others of like investment style will be utilized. (4) Detailed information on the history of the firm, key personnel, key clients, costs, and

support personnel will be analyzed. (5) The Each fund’s investment strategy that will be followed must be described, and

successful adherence to that strategy over time must be documented. that the strategy has been successfully and consistently adhered to over time.

(6) Internal expenses of each investment fund manager/mutual fund preferably should be

below median versus products of a similar style. (7) Investment Each fund managers/mutual funds will be compared against amust

comparable favorably against a comparable peer group for selection.

(8) Each fund manager will acknowledge, through the fund prospectus, the following duties and responsibilities. a. Exercise investment discretion, including holding cash equivalents as an alternative,

within stated investment constraints, objectives and guidelines. b. Promptly inform, by prospectus, all significant and/or material matters and changes

pertaining to the investment of assets, especially as they relate to its stated investment philosophy and investment management decision process. These factors include, but are not limited to:

• Investment strategy

• Portfolio structure

• Tactical approaches

• Ownership

• Organizational structure

• Financial condition

• Professional staff

• Recommendations for guideline changes

• Internal expenses and management costs

• All legal material, SEC and other regulatory agency proceedings affecting the firm c. Utilize the same care, skill, prudence and due diligence under the circumstances then

prevailing that experienced investment professionals acting in a like capacity and fully

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familiar with such matters would use in like activities with like aims in accordance and compliance with IRS regulations and all applicable laws, rules and regulations from local, state, federal and international political entities pertaining to fiduciary duties and responsibilities.

(7) (9) The Board, with the assistance of and its Investment Management Consultant, will determine the appropriateness of each fund manager based on the objectives and guidelines stated in the IPS.

DISCLOSURE TO PARTICIPANTS

The plan chooses to adhere to the following guidelines:

(1) The plan will offer at least three diversified investment options each with materially

different risk and return characteristics; (2) Participants will be allowed to transfer among the investment options as often as

appropriate considering the market volatility of the investment alternative. Currently, CRA offers daily transfers;

(3) Sufficient information will be available to participants so they can make informed

investment decisions. In order to ensure that participants have sufficient information to make informed investment decisions, upon request, the following disclosures will be made to all participants:

(1) an explanation that the fiduciaries of the plan may be relieved of liability for any losses which are the direct and necessary result of investment instructions given by participants;

(2) a description of investment alternatives, including their investment objectives, risk and return characteristics, and level of diversification;

(3) an explanation of when and how participants may give investment instructions, including any restrictions on transfers or on the exercise of voting, tender and similar rights;

(4) transaction fees and expenses, such as sales commissions or redemption fees, that are charged to the participant’s account;

(5) identification of the plan fiduciary or agent who will provide the participant additional information on request and the type of information which is available on request;

(6) a copy of the most recent prospectus will be provided upon request;

(7) The identification of any designated investment managers/mutual funds with control of plan assets.

Additional disclosures that will be provided upon request are:

(1) A description of the annual operating expenses of each investment vehicle including the investment management and other fees, which are charged to the investment vehicle thereby reducing its rate of return;

Commented [E-EK5]: Should this be deleted and the following

added “with the assistance of” since the consultant does not make the decision.

Commented [CA6R5]: Changed as indicated

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(2) A list of assets included in each investment vehicle and the value of each asset. For GIC

and similar investments, identification of the issuer of each contract, its maturity date and its investment rate;

(3) Performance data for each investment vehicle, net of expenses, presented over reasonable periods of time calculated in a reasonable and consistent manner;

(4) The participant’s account balance as of the last valuation date (but not more frequently than quarterly).

In addition, participants will be provided education/communication on capital markets, contemporary investment theory, and general concepts in retirement planning. CRA will provide individual retirement or investment counseling to participants, however, as a Plan fiduciary, no specific advice will be rendered. Upon request, this Investment Policy Statement will be made available to all participants. Every effort will be made to ensure that all participants regardless of whether or not they are current employees receive all correspondence regarding plan developments and changes. TARGET DATE PORTFOLIO FUNDS CRA offers 12 target date portfolios (the “Target Date Portfolios”), which are open for investment effective June 27, 2016. The Target Date Portfolios invest in other investment options offered by CRA rather than directly in a portfolio of securities. Target Date Portfolios are diversified among various asset classes, and each reflects a different degree of potential investment risk and rewards. Participants may choose to invest in any one of Target Date Portfolios and should give careful consideration to retirement date, personal objectives, risk tolerances, desire for long-term vs. short-term investments, and individual financial circumstances. Custom Target Date Portfolio Overview Statement

The Custom Target Date Portfolios are broadly diversified asset allocation strategies that are guided by the amount of risk a participant should assume given their proximity to retirement age. CRA has selected a “Through” solution to glide path design as opposed to a “To.” This structure was selected based on the belief it would be better equipped to address longevity risk, provided an attractive option for participants to keep assets in the Plan during retirement, and limited asset leakage granting continued access to institutional pricing and ongoing objective oversight.

The design of the glide path is outsourced to Innovest. The glide path is constructed by observing the median downside risk assumed by a number of well-known and high quality mutual fund target date managers at each vintage. The funds have been vetted by the Innovest Due Diligence Committee and cover a reasonably broad spectrum of risk exposure. The Portfolios are then optimized based upon Innovest’s forward looking capital market assumptions, matching the median downside risk at the 95th percentile for each vintage, but using an optimal mix of assets, best-in-class asset manager selection, and incorporates the use of alternative investments. The

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asset mix for each vintage will be revisited during the annual Asset Allocation Study, at which point the vintages may move further down the glide path, reducing downside risk. The portfolios focus on risk-assets during the accumulation phase, seek to mitigate risk with larger allocations to hedged equity and credit during transition phase, and then transition to an Income portfolio that is largely focused on protecting capital.

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Fees and Expenses: There is no additional fee or charge for this asset allocation service. However, Participants will indirectly bear the proportionate share of the fees and expenses of each Portfolio’s underlying investments, i.e., the fees and expenses of the other funds making up the Portfolio. These indirect costs consist of the administration fee paid to CRA, as well as the normal underlying management fees of each fund. Asset Allocation: The allocation of each Target Date Portfolio among asset classes has been established by CRA’s investment management consultant, under the supervision of CRA’s Governing Board, and will be reviewed on at least an annual basis. Modifications to the Target Date Portfolios: Any changes made in the underlying CRA investment options, such as manager or benchmark changes, will affect the Target Date Portfolios that invest in the underlying funds. CRA may, alter the asset allocation of one or more Target Date Portfolios. Participants will be informed of any such alteration. Rebalancing: If one fund of a particular Target Date Portfolio out-performs another fund over any given period, the Target Date Portfolio will become “out of balance”. For example, if a stock fund of a Target Date Portfolio outperforms the bond fund, the percentage allocation of the stock fund will increase beyond the predetermined allocation. It is expected that the percentage allocations will experience minimal drift from the predetermined allocation and, to the extent such drift does occur, it is more likely to be experienced in the more aggressive Target Date Portfolios. CRA monitors the performance and percentage allocation of each Target Date Portfolio carefully on an ongoing basis. As an additional service, at the beginning of each quarter, CRA will transfer assets from one component to another in order to rebalance the Target Date Portfolio. Rebalancing will occur automatically each quarter if any component of the Target Date Portfolio gets out of balance.

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CONTRIBUTIONS, TRANSFERS AND ALLOCATIONS For purposes of the following discussion, “business day” means any day the New York Stock Exchange and CRA are both open for business. See “Inability to Conduct Business.”) Contributions: Employers may submit contributions to CRA’s Recordkeeper, Empower, CRA’s recordkeeper as often as weekly.once every two weeks. Contributions money may be transmitted by check, wire, and Automated Clearing House. Contribution detail mayust be submitted viaon file upload, online submission or hardcopy, diskette, or electronically via e-mail. Contribution detail and moneys received in good order by 2:00 ap.m. Eastern Time on a business day are posted to Participant accounts that same not later than 5 business days after receipt at the closing NAV of that posting day. Contributions received in good order after 2:00 ap.m. Eastern Time areis posted the not later than 6 days after receipt at the closing NAV of the postingnext business day. Posting contributions to Participant accounts is contingent upon submission of contributions in good order to Empower. This means that contribution submittals must be accompanied by sufficient detail to enable Empower to allocate properly to Participant accounts. If a contribution is not received in good order, the deposit is held, without interest, until all necessary information is received. Contributions received for Participant accounts for which complete investment instructions are lacking to allocate contributions among the investment alternatives will be invested in the Target Date Portfolio most closely associated with the Participant’s age. Participants may subsequently transfer those assets as desired. Transfers and Allocations Among Funds: Subject to certain restrictions (see “Special Restrictions on Transfers”), Participants may submit transfers daily in writing or by telephone by calling CRA’s automated voice-response system at 1-800-352-0313; or by internet access at https://www.cra-online.org/. Transfer and allocation instructions received in good order and processed by 42:00 p.m. Eastern Time on a business day are posted to Participant accounts after close of the market that day not later than 5 business days after receipt at that posting day’s closing NAV. Transfer instructions received after 42:00 p.m. Eastern Time will be posted the next not later than 5 business day.s after receipt at the closing NAV of the posting day. Allocation of new contributions among the Funds may be changed by Participants without charge or limitation. Participants should verify the accuracy of transfers or allocations immediately upon receipt of the confirmation notice. If notice of error is not received by Empower within 90 days of the last calendar quarter it will be presumed conclusive. Any errors reported after this time period will be processed from date of notification forward and not on a retroactive basis. Electronic Transfers: Participants may make daily fund transfers through our automated voice-response system or by internet access. Empower will require that instructions received through either of those options be accompanied by a Personal Identification Number. Written confirmations will normally be providedsent to Participants on the next business day after the day the transactions occur. Participants should verify the accuracy of electronic transfers immediately upon receipt of the confirmation notice. In case of errors or omissions relating to the Participant’s


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account, the Participant must notify Empower promptly. Upon the Participant contacting Empower, Empower will promptly research the transaction and correct any errors made by Empower. Special Restrictions on Transfers: (The Target Date Portfolio Funds are not affected by these restrictions.) Book Value Fund Direct transfers from the Book Value Fund to competing options require participants to transfer to a non-competing fund for 90 days prior to transferring into the competing fund. Competing funds include the money market fund. Transfers to all other funds are unlimited. Transfer among other funds is unlimited. These restrictions do not apply to distributions. Redemption fees may apply to certain mutual funds. See fund prospectus for details.

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MONITORING OF INVESTMENT FUNDS AND FUND MANAGERS/MUTUALFUNDS Investment performance will be reviewed quarterly to determine the continued feasibility of achieving the investment objectives and the continued appropriateness of the IPS for achieving those objectives. Progress toward attainment of the performance expectations of the IPS will be examined; emphasis will be placed on peer group comparisons with managers employing similar styles. It is understood that there are likely to be short-term periods during which performance deviates from appropriate indices and peer comparisons. The Board will exercise its prerogative to take corrective action by replacing a fund manager at the appropriate time, if so determined.Quarterly performance will be evaluated to test progress toward the attainment of longer term targets. It is understood that there are likely to be short term periods during which performance deviates from market indices. During such times, greater emphasis shall be placed on peer group comparisons with investment managers/mutual funds employing similar styles. The performance of the Board’s investment managers/funds will be monitored on an ongoing basis. The Board may place a manager/fund on a “Watch List” at any time or terminate a manager/fund at any time. Managers/funds may be terminated or placed on a “Watch List” for a variety of reasons. These can be separated into two broad categories-qualitative and quantitative factors. The former focuses on personnel, organizational and legal issues while the latter addresses performance. Placing a manager/fund on the “Watch List” is an intermediate step towards either resolving the problem or terminating the manager/fund. Manager/funds may only be removed from the “Watch List” under these two conditions.

Watch List Guidelines-Qualitative Factors

Failing any of the following criteria may create a fail on the performance measurement report. Watch List Measures- 1. Organization – firm ownership and litigation will be monitored for material changes, such as initial public offerings or SEC violations 2. People – tenure and quality of the investment management team will remain stable, monitoring any material changes to the portfolio management team or firm-wide resources 3. Assets Under Management (AUM) – fund flows are expected to experience less than a 10% change as a percentage of average assets in the strategy from quarter-to-quarter. In addition, for capacity constrained asset classes total AUM will be evaluated. 4. Investment guidelines, process, and style – the investment funds’ application of a consistent and repeatable process, as well as deviation from the intended investment mandate will remain stable 5. Performance – performance will require a fail if not in-line with expectations, as measured by cumulative, risk-adjusted, annual, and rolling three-year performance against benchmark and peer groups. (See Exhibit A).

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EXHIBIT A

Measure Definition

Cumulative Provides a snapshot of average annual performance over three-, five-, seven-, and ten-year periods

Annual Measures consistency of calendar year performance relative to benchmark and peers

Rolling-Three Year Measures consistency of longer period performance relative to benchmark and peers

Sharpe Ratio Measures excess return of an investment for every unit of risk, which is compared against benchmark and peers

Alpha Measures market adjusted performance of an investment relative to a benchmark. Level of alpha is also compared to peer managers

6. Expense Ratio - the investment funds’ net prospectus will not exceed 120% of the median peer group expense Watch List and Removal: A Watch List may be created for those funds that fail to maintain the minimum requirements and/or underperform the funds quantitative and qualitative measures. The CRA Board’s procedures for inclusion of an investment fund to the Watch List and the Removal of an investment fund from the Plan includes the following steps: 1. The CRA Board shall be briefed by the Investment Management Consultant at least annually regarding all Funds, and advised at each quarterly meeting on any fund not currently fulfilling the minimum requirements, quantitative, and qualitative measures. 2. Any investment fund that fails to comply with one or more of the quantitative and qualitative measures will be placed on the Watch List, and shall be reevaluated the following quarter. 3. Any investment that appears on the Watch List for four consecutive quarters will receive a “Watch List Report”. The Watch List Report shall address the outstanding concerns for the strategy and a recommendation on what action to take. The committee will then determine whether the investment fund shall then be removed from the Plan, frozen to new investments, or remain on the Watch List.

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PERFORMANCE OBJECTIVES

Investment performance will be reviewed at least annually to determine the continued feasibility of achieving the investment objectives and the appropriateness of the IPS for achieving those objectives.

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It is not expected that the IPS will change frequently. In particular, short-term changes in the financial markets should not require adjustments to the IPS. At the Board’s quarterly meeting, No less than quarterly, the Board will considerOn a quarterly basis the Board will meet to focus on: • Investment mManager's/mutual fund’s adherence consistency with the style mandate

expressed in the prospectusto the IPS guidelines; • Material changes in the investment manager's/mutual fund’smanager’s organization,

investment philosophy and/or personnel; and, • Comparisons of the investment manager's/mutual fund’s results to appropriate

indicesbenchmark, (See Appendix A);specifically: Equity: Large Cap Core: S&P 500 Index Large Cap Value: S&P 500 Value Index Large Cap Growth: S&P 500 Growth Index General Equity: S&P Composite 1500 Index Mid Cap Core: CRSP U.S. Mid Cap TR Index Mid Cap Growth: Russell Mid Cap Growth Index Small Cap Core: CRSP U.S. Small Cap TR Index Small Cap Value: Russell 2000 Value Index Fixed Income: Core Fixed: Bloomberg Barclays U.S. Aggregate Index International Equity: Growth: MSCI EAFE Growth Index Value: MSCI EAFE Value Index Emerging Markets Equity: MSCI Emerging Markets Index Stable Value: 3 yr. U.S. Treasury Bond Yield (CMT calc.) + 0.50% Floating Rate Corp. Loans: CSFB Leveraged Loan Index High Yield: Bloomberg Barclays U.S. Corp High Yield Index Cash & Equivalents: FTSE 3 Month T-Bill Index Liquid Low Correlated Hedge: HFRI Fund of Fund Composite Index (Liquidity Adjusted) Master Limited Partnerships: Alerian MLP Infrastructure (Tax Adjusted)

Commented [E-EK7]: I would deleted this and add “no less than

quarterly”

Commented [CA8R7]: Change made

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• The risk associated with each investment manager’s/mutual fund’s portfolio, as measured by the variability of quarterly returns (standard deviation), must not exceed that of thecompared with the benchmark index and the peer group without a corresponding increase in performance above the benchmark peer group;.

• The investment manager's/mutual fund’s performance relative to its peers (managers of like investment style or strategy outlined in Appendix A).

The Board is aware that the ongoing review and analysis of investment managers/mutual funds is just as important as the due diligence implemented during the selection process. Accordingly, a thorough Review and Analysis of an investment manager/mutual fund will be conducted if any of the following occurs:

• An investment manager/mutual fund performs in the bottom quartile (75th percentile) of their peer group over a quarterly period.

• An investment manager/mutual fund falls in the southeast quadrant of the risk / return scatterplot for 3 and / or 5-year time periods.

Furthermore, performance factors which may require the replacement of an investment manager/mutual fund include:

• Investment managers/mutual funds which perform below the median of their peer group over a three, five, and/or ten year period.

As the Board becomes aware of Mmajor organizational changes, it may also warrant immediate review of the investment fund manager/mutual fund including. These include, but are not limited to, the following events:

• Change in professionalsmanagement structure • Significant account losses • Significant growth of new business • Change in ownership • Change in process/philosophy/style • Change in cost •

The performance of CRA’s investment managers/mutual funds will be monitored on an ongoing basis and it is at the Board’s discretion to take action by replacing an investment manager/mutual fund if deemed appropriate at any time.

MONITORING PROHIBITED TRANSACTIONS & COSTS

The Board will review the service contracts and costs associated with the Plan annually especially as they relate to prohibited transactionon an ongoing basis. Areas to be reviewed include:

• Asset Management: The active management of the fundFund Managers. • Investment Management Consultant •

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• Custody: The holding of the assets, collection of the income and disbursement of paymentsCustodian Bank.

• • Recordkeeper/Third Party Administratorive Functions: Administration of the Plan,

including recordkeeping, account settlement (participant balance with that of fund), and allocation of assets and earnings.

PLAN FEES OVERVIEW

It is the Board's intention to ensure that any fees paid from Plan assets are reasonable and transparent. The Board retains all discretion and authority necessary to determine the way Plan fees will be paid, including the extent to which the Plan Sponsor will subsidize the cost of the Plan by directly paying Plan expenses and/or the extent to which Plan expenses will be paid from the Plan participant accounts.

ANALYZING AND MONITORING INVESTMENT FUND MANAGERS /MUTUAL FUNDS – BEST PRACTICES

The ultimate goal of the evaluation process is to identify those key factors that explain past performance, and more importantly, provide a reasonable basis for believing that a manager/mutual fund will be able to add value going forward. The consultant will be responsible for determining key factors including:

• Intellectual Edge – Does the team have exceptional insight, work experience and/or academic success?

• Strategy Edge – Does the team employ a unique strategy that can capitalize on market inefficiencies?

• Resource Edge – Does the team have more firepower in terms of the total experience of the team, the number of investment professionals or the systems at their disposal?

• Implementation Edge – Does the team have superior trading skills or systems that can enhance performance? Alternatively, does the asset base provide the manager with an advantage when implementing the strategy?

In order to determine where a manager’s edge may reside (managers may not have an edge in each area), in addition to performance, the Consultant must evaluate each asset management firm from the top down, with both an organizational evaluation and an evaluation of personnel. Organizational Evaluation

• History – Understand the history of each firm, paying particular attention to major organizational changes.

• Affiliations – Understand how independent each manager is, and as such, evaluate each manager’s affiliations with parent, sibling or subsidiary companies.

• Ownership Structure – Preference toward firms whose investment professionals have significant equity stakes in the company.

• Specialty – Assess the firm’s attention and that resources are focused on that specialty. • Assets, Growth of and Capacity (product and firm wide) – Assess each manager’s

capacity and growth of assets in order to determine whether or not asset growth may impair the investment strategy. Also assess firm wide asset

• levels and growth in order to get a sense for whether or not the firm is successful and stable.

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• Culture – Assess whether a firm’s culture promotes the alignment of interests with its investors.

• Regulatory Issues – Review each firm’s legal and regulatory history to determine if there is any reason to be concerned with the actions of the firm.

Personnel

• Experience – Evaluate the biographies of all investment professionals involved with the product.

• Structure – Evaluate the roles and responsibilities of all of the investment professionals to understand who is crucial to the process and how the team operates together.

• Tenure/Turnover – Understand team stability, as high turnover can be a sign of a dysfunctional environment and/or below average compensation.

• Personal assets invested in the product – Assess manager’s personal assets in the product. The more money a portfolio management team has invested in the product, the greater the alignment of their interests with those of their investors.

• Compensation – Evaluate compensation schemes. Proper compensation should promote solid long-term, risk-adjusted results rather than short term results.

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ADOPTION OF THIS INVESTMENT POLICY STATEMENT This policy is hereby adopted by action of the Board on ________________________, 20219. Colorado Retirement Association (CRA) Governing Board _________________________________ _____________________ Date Innovest Portfolio Solutions LLC _________________________________ _____________________ Date Galliard Capital Management ________________________________ _____________________ Date

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APPENDIX A: INVESTMENT MENU

Investment Menu Self-directed Brokerage Benchmark Peer Group Date added

Charles Schwab N/A N/A 4/17/2006

International Equity

American Funds EuroPacific Growth MSCI EAFE Growth Index (Net)

International Large Cap Growth 2/23/2012

American Beacon International Fund MSCI EAFE Value Index (Net)

International Large Cap Value Equity 10/27/1998

Small Cap Equities

Vanguard Small Cap Index Fund CRSP U.S. Small Cap TR Index

U.S. Small Cap Core Equity 6/30/2005

American Beacon Small Cap Value Fund Russell 2000 Value Index

U.S. Small Cap Value Equity 7/30/2004

Fidelity Low Priced Stock Fund 1991

Mid Cap Equities

Artisan Mid Cap Fund Russell Midcap Growth Index

U.S. Mid Cap Growth Equity 4/10/2002

Vanguard Mid Cap Index Fund CRSP U.S. Mid Cap TR Index

U.S. Mid Cap Core Equity 6/30/2005

Large Cap Equities

Fidelity Contrafund 1991

Vanguard 500 Institutional Index Fund S&P 500 Index

U.S. Large Cap Core Equity 6/30/2005

Harbor Capital Appreciation Fund S&P 500 Growth Index

U.S. Large Cap Growth Equity 4/4/2014

Dodge & Cox Stock Fund S&P 500 Value Index

U.S. Large Cap Value Equity 4/4/2014

Neuberger Berman Socially ResponsibleSustainable Equity Fund S&P 500 Index

U.S. Large Cap Core Equity 8/29/2008

General Equities

Fidelity Contrafund S&P Composite 1500 Index U.S. Core Equity 1991

Fidelity Low Priced Stock S&P Composite 1500 Index U.S. Multi-Cap Equity 1991

Core Fixed Income

Met West Total Return Fund Bloomberg Barclays U.S.

Aggregate Bond Index U.S. Broad Market Core

Fixed Income 2/2/2015

JPMorgan Strategic Income Opportunities (Target Date Portfolios only)


Blackrock Strategic Income (Target Date Portfolios only)


High Yield

PIMCO High Yield Fund Bloomberg Barclays. U.S. Corporate High Yield Index U.S. High Yield Bonds 8/29/2008

Money Market

Vanguard Federal Treasury Money Market Fund FTSE 3 Month T-Bill Cash and Equivalents 6/1/20163/22/2021

Stable Value

CRA Book Value Fund Ryan 3 Yr GIC Master Index U.S. GIC/Stable Value 6/30/1969

Real Estate Investment Trust

Cohen & Steers Realty Shares Fund 8/29/2008

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Floating Rate Corporate Loans

Mainstay Floating Rate High Income (Target Date Portfolios only) CSFB Leveraged Loan Index Loan Participation 2/1/2012

Liquid Low Correlated Hedge Fund of Funds

Litman GregoryPartnerSelect Masters Alternative Strategies (Target Date Portfolios only)

Wilshire Liquid Alternative Multi-Strategy Index Absolute Return 6/23/2015

Other

DFA Emerging Markets Core Equity (Target Date Portfolios only)

MSCI Emerging Markets (Net) Index Emerging Markets Equity 6/27/2016

Tortoise MLP & Pipeline Invesco Opp. Steelpath MLP Select 40 (Target Date Portfolios only)

Alerian Midstream Energy IndexMLP Infrastructure (Tax

Adjusted) N/A 6/27/20163/22/2021

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APPENDIX B: INVESTMENT DEFINITIONS

Investment Options

In order to provide appropriate investment alternatives for the participants, investment choices will be made available that provide a wide range of risk and return characteristics. Asset and sub-asset class options were selected by the Board based on historical performance of the asset class, the complementary nature of the asset class relative to other asset classes, and the risk/reward characteristics of each asset class. Each alternative will be uniquely different to aid in proper diversification and will be chosen without regard to investment manager/mutual fund family affiliation. The investmentfund managers/mutual funds are designed to fulfill the following investment categories and objectives: Large Cap Value Equity: An investment strategy where the portfolio’s characteristics are similar to that of the S&P 500 Value Index, with the objective of adding value over and above the index, typically from sector or security selection. A strategy will typically invest in large companies greater than $10 billion market capitalization that exhibit value characteristics, such as below average valuations (e.g., Price-to-Book Value, Price-to-Earnings, Price-to-Cash Flow) and above average dividend yields. Large Cap Core Equity: An investment strategy where the portfolio’s characteristics are similar to that of the S&P 500 Index, with the objective of adding value over and above the index, typically from sector or issue selection. Large Cap Growth Equity: An investment strategy where the portfolio’s characteristics are similar to that of the S&P 500 Growth Index, with the objective of adding value over and above the index, typically from sector or security selection. A strategy will typically invest in large companies greater than $10 billion market capitalization that exhibit growth characteristics, such as above average prospects for long-term growth and profitability. Mid Cap Core Equity: An investment strategy where the manager invests mainly in mid-capitalization companies ranging between $2 billion and $10 billion market capitalization, which contain both growth and value characteristics. Portfolio performance and characteristics, including weighted average market cap, valuations, and sectors, should closely track the CRSP U.S. Mid Cap Index. Mid Cap Growth Equity: An investment strategy where the portfolio’s characteristics are similar to that of the Russell Mid Cap Growth Index, with the objective of adding value over and above the index, typically from sector or security selection. A strategy will typically invest in medium sized companies greater between $2 and $10 billion market capitalization that exhibit growth characteristics, such as above average prospects for long-term growth and profitability. Small Cap Value Equity: An investment strategy where the portfolio’s characteristics are similar to that of the Russell 2000 Value Index, with the objective of adding value over and above the index, typically from sector or security selection. A strategy will typically invest in small companies Small Cap Core Equity: An investment strategy where the manager invests mainly in small-capitalization companies, ranging between $100 million and $2.5 billion market capitalization, which contain both growth and value characteristics. Portfolio performance and characteristics, including weighted average market cap, valuations, and sectors, should closely track the CRSP U.S. Small Cap Index.

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between $100 million and $2 billion market capitalization that exhibit value characteristics, such as below average valuations (e.g., Price-to-Book Value, Price-to-Earnings, Price-to-Cash Flow) and above average dividend yields. General Equity: An investment strategy where the portfolio’s characteristics are similar to that of the S&P 1500 Completion Index, with the objective of adding value over and above the index, typically from market capitalization, sector, or security selection. A product invested in companies with a range of market capitalizations and styles based on potential for total return, both capital appreciation and dividend income. International Value Equity: A product with well-diversified portfolio holdings that are mostly large issues in developed countries with liquid markets, resulting in characteristics similar to that of the MSCI EAFE Value Index. Investments shall be made in companies believed to be undervalued or possessing lower than average valuations (e.g., Price-to-Book Value, Price-to-Earnings, Price-to-Cash Flow) and above average dividend yields. International Growth Equity: A product with well-diversified portfolio holdings processing a majority of issues in developed countries with liquid markets, resulting in characteristics similar to that of the MSCI EAFE Growth Index. Investments shall be made in companies believed to possess above average prospects for long-term growth and profitability. Core Fixed Income: A fixed income (bond) strategy that constructs portfolios to approximate the investment results of the Barclay’s Capital Aggregate Bond Index with a modest amount of variability in duration around the index. The objective is to achieve value added from sector or issue selection. High Yield: A below investment grade (<BBB) fixed income portfolio with an objective of obtaining high current income and investment results similar to the Barclay’s Capital High Yield Corporate Index. Due to the increased level of default risk, security selection focuses on credit-risk analysis. Book Value Fund: A product that may hold Guaranteed Investment Contracts, Insurance Company Separate Accounts and Security Backed Contracts (Synthetic GICs) issued by major financial institutions. The Fund may also hold cash or cash equivalents, bonds (including U.S. Government Treasuries and Agencies, Corporates, Asset Backed Securities, Mortgage Backed Securities, and Taxable Municipals), and units in stable value or bond collective trust funds. The Fund seeks to provide safety of principal and a stable credited rate of interest while generating competitive returns compared to other conservative fixed income alternatives such as money market funds or short term yields available in the fixed income (bond) market. Money Market Fund: A product that invests in low risk highly liquid short-term financial instruments. The average portfolio maturity is typically 30 to 60 days. Target Date Portfolios: Target Date Portfolios are designed to automatically become more conservative over time as a participant approaches a certain retirement date. Each target date portfolio is named with a retirement date. The objective of each portfolio is to maximize return while minimizing expected portfolio volatility. The Custom Target Date Portfolios are broadly diversified asset allocation strategies that are guided by the amount of risk a participant should assume given their proximity to retirement age. The glide path shape is designed to be a “Through” solution as opposed to a “To.” This policy is better equipped to address longevity risk, provides an attractive option for participants to keep

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assets in the Plan during retirement, and limits asset leakage granting continued access to institutional pricing and ongoing objective oversight. The glide path is constructed by observing the median downside risk assumed by a number of mutual fund target date managers at each vintage. The funds have been vetted by the Innovest Due Diligence Committee and cover a reasonably broad spectrum of risk exposure. The Portfolios are then optimized based upon Innovest’s forward looking capital market assumptions, matching the median downside risk at the 95th percentile for each vintage, but using an optimal mix of assets, best-in-class asset manager selection, and incorporates the use of alternative investments. The asset mix for each vintage will be revisited during the annual Asset Allocation Study, at which point the vintages may move further down the glide path, reducing downside risk. This policy has the ability to include passive managers with lower expenses, along with active managers in strategies exhibiting stronger likelihood to outperform benchmarks. The portfolios focus on risk-assets during the accumulation phase, mitigate sequence of returns risk with larger allocations to hedged equity and credit during transition phase, and culminate with an Income portfolio that is largely focused on protecting capital. Ultimately, the process encourages a thoughtful, reasonable approach to providing Target Date Portfolios that incorporate various investment styles and better allow fiduciaries to fulfill their obligation to monitor underlying investments. In addition, the following strategies were elected for utilization in the Target Date Portfolios only: Emerging Markets Equity: An investment strategy where the manager invests in equities of companies believed to have strong, sustainable financial productivity at attractive valuations. Additionally, the manager typically invests its assets in securities of companies whose principale business activities are located in emerging market countries, but focuses on companies in Latin America, the Pacific Basin and Eastern Europe. Floating Rate Corporate Loans: A fixed income investment strategy that invests in below investment grade floating rate bank loans, seeking to outperform the CSFB Leveraged Loan Index through credit and sector selection. The interest rates on these loans are typically reset on a periodic basis to account for changes in the level of interest rates. Low Correlated Hedge Funds: The liquid low correlated hedge funds provide a return stream that has a low correlation to general movements in both the equity and fixed income markets. The funds are diversified across a number of investment strategies designed to generate positive performance in all types of market conditions but not guaranteed. Strategies include but are not limited to long/short equity, market neutral equity, convertible arbitrage, global macro, long/short credit and distressed debt. Master Limited Partnerships (MLP)Energy Infrastructure: Midstream energy companies, whether structured as corporations, LLCs, or mMaster lLimited pPartnerships (MLPs) are primarily engaged in the transportation and storage of natural resources. Midstream MLP operationsThese companies’ operations may generally be broadly grouped into four categories: pipelines, terminals/storage, marine transportation and midstream services. These categories may be further delineated by product types, including crude oil, heating oil, refined petroleum products, natural gas liquids, propane, ammonia, and coal. Although many of these businesses have Despite their relatively steady cash flows, MLPS their securities have historically exhibited moderate to high volatility as measured by their standard deviation. The vehicle used for clients

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will be a 1940 Act registered mutual fund and will generate a 1099 tax-reporting form rather than a K-1.

May 6, 2021

To the Governing Board Colorado Retirement Association

Dear Members of the Governing Board:

We are in the process of planning for the audit of the financial statements of Colorado Retirement Association (“CRA”) for the year ended June 30, 2021. An important aspect of planning for the audit is communication with those who have responsibility for overseeing the strategic direction of CRA and obligations related to the accountability of CRA. At CRA these responsibilities and obligations are held by the board of directors, collectively and individually; therefore, it is important for us to communicate with each of you in your role as a member of the board of directors.

As part of this communication process, we have spoken at length with Timothy Mullen regarding our responsibilities under generally accepted auditing standards and the planned scope and timing of our audit. The purpose of this letter is to provide each of you with a summary of those discussions and to provide you with the opportunity to communicate with us on matters that may impact our audit.

Our Responsibility Under Generally Accepted Auditing Standards

As stated in our engagement letter addressed to Timothy Mullen and dated May 6, 2021, our responsibility, as described by professional standards, is to express an opinion about whether the financial statements prepared by management with your oversight are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles. Our audit of the financial statements does not relieve you or management of your responsibilities.

Overview of the Planned Scope and Timing of the Audit

Our audit fieldwork will include three phases. The planning and preliminary information-gathering phase will occur during August 2021; the risk assessment phase in September 2021; and the rest of our audit procedures will be performed during September and October 2021.

To plan an effective audit, we must identify significant risks of misstatement in the financial statements and design procedures to address those risks.

We identified the following significant risks of misstatement and will perform the procedures described in response to these risks:

• Investment valuation and gains or losses – confirm investment balances directly with third parties; analytically test gains or losses using market information.

• Contributions – detailed testing, including confirming year-to-date contributions with a sample of member employers.

• Participant notes receivable – detailed testing on a sample of participant notes receivable.

• Disbursements, including benefit payments – detailed testing on a sample of cash disbursements and benefit payments.

The Governing Board 2 Colorado Retirement Association May 6, 2021

We will gain an understanding of accounting processes and key internal controls through a review of the accounting procedures questionnaires and control procedures questionnaires prepared by management. We will confirm through observation and inspection procedures that accounting procedures and controls included in the questionnaires have been implemented. We will not express an opinion on the effectiveness of internal control over financial reporting; however, we will communicate to you significant deficiencies and material weaknesses identified in connection with our audit.

The concept of materiality is inherent in our work. We place greater emphasis on those items that have, on a relative basis, more importance to the financial statements and greater possibilities of material error than with those items of lesser importance or those in which the possibility of material error is remote.

Information from You Relevant to Our Audit

An important aspect of this communication process is the opportunity for us to obtain from you information that is relevant to our audit. Your views about any of the following are relevant to our audit:

• CRA’s objectives and strategies, and the related business risks that may result in material misstatements

• Matters you consider warrant particular attention during the audit, and any areas where you want to request additional procedures be undertaken

• Concerns about CRA’s internal control and its importance to CRA, including how the board of directors oversees the effectiveness of internal control and the detection or possibility of fraud

• Significant communications with regulators

• The actions of the board of directors in response to developments in accounting standards, regulations, laws, previous communications from us, and other related matters

If you have any information to communicate to us regarding the above or any other matters you believe are relevant to the audit, or if you would like to discuss the audit in more detail, please call me at 303-448-7007.

Thank you for your time and consideration in this important aspect of the audit process. You can expect to hear from us again after the completion of our audit when we will report to you the significant findings from the audit.

Very truly yours,

Plante & Moran, PLLC

Jim Cowgill Partner

May 6, 2021

Timothy Mullen Colorado Retirement Association 751 South Park Drive Littleton, CO 80120

Dear Mr. Mullen:

Thank you for your selection of Plante & Moran, PLLC (“PM”) to assist you. We are sending this letter and the accompanying Professional Services Agreement, which is hereby incorporated as part of this engagement letter, to confirm our understanding of the nature, limitations, and terms of the services we will provide to Colorado Retirement Association (“CRA”).

Scope of Services

We will audit CRA’s financial statements as of and for the year ended June 30, 2021.

In addition, the supplemental information accompanying the financial statements, consisting of the Combining Statements and Schedules of Administrative Expenses, will be subjected to the auditing procedures applied in our audit of the financial statements.

In connection with our audit engagement, we will assist you in drafting your financial statements, supplementary information, and related notes. This assistance is considered a non-audit service; you agree to the contemporaneous provision of these audit and non-audit services.

If you determine that you need additional services, including accounting, consulting, or tax assistance, PM can be available to provide such additional services if and to the extent provided for in a separate, signed engagement agreement.

Timing of Services

Due to the effects of the Coronavirus pandemic, as an alternative to certain elements of our on-site work, we believe it is likely we will perform most procedures remotely. This work is expected to begin on September 20, 2021. Completion of our procedures and issuance of our report will be dependent upon our ability to obtain sufficient appropriate information and access to your staff during these remote procedures. If there are procedures that will require us to be on-site, we will work with you to schedule that work based on and subject to applicable legal requirements and/or guidance regarding worksite safety conditions. We anticipate that our on-site audit work will end in early October 2021 and that our report is expected to be issued shortly after the October 2021 Board of Directors meeting.

Fees and Payment Terms

Our fee for this engagement will be based on the value of the services provided, which is primarily a function of the time that PM staff expends at our current hourly rates. We estimate that our fee for this engagement will be $58,500, plus all reasonable and necessary travel and out-of-pocket costs incurred.

Timothy Mullen 2 Colorado Retirement Association May 6, 2021

Ver. 09/2019

Our fee does not include additional services that may be required as a result of issues related to the Coronavirus pandemic, including accounting and disclosure matters, or those caused by delays in engagement timing or procedures. In the event any of these issues arise, we will discuss additional fee estimates with you.

Invoices for audit and other services and out-of-pocket costs will be rendered as services are provided and are due when received. In the event an invoice is not paid timely, a late charge in the amount of 1.25 percent per month will be added, beginning 30 days after the date of the invoice.

If you are in agreement with our understanding of this engagement, as set forth in this engagement letter and the accompanying Professional Services Agreement, please sign the enclosed copy of this letter and return it to us with the accompanying Professional Services Agreement.

Thank you for the opportunity to serve you.

Very truly yours,

Plante & Moran, PLLC

Jim Cowgill

Agreed and Accepted

We accept this engagement letter and the accompanying Professional Services Agreement, which set forth the entire agreement between Colorado Retirement Association and Plante & Moran, PLLC with respect to the services specified in the Scope of Services section of this engagement letter.

Colorado Retirement Association

Timothy Mullen Date

Title

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Professional Services Agreement – Audit Services Addendum to Plante & Moran, PLLC Engagement Letter

This Professional Services Agreement is part of the engagement letter for audit services dated May 6, 2021 between Plante & Moran, PLLC (referred to herein as “PM”) and Colorado Retirement Association (referred to herein as “CRA”).

1. Financial Statements – The financial statements of CRA being audited by PM are to be presented in accordance with accounting principles generally accepted in the United States of America (GAAP).

2. Management Responsibilities – CRA management is responsible for the preparation and fair presentation of these financial statements in accordance with the applicable financial reporting framework, including compliance with the requirements of accounting principles generally accepted in the United States of America and the completeness and accuracy of the information presented and disclosed therein. Management is also responsible for the capability and integrity of CRA personnel responsible for CRA’s underlying accounting and financial records.

CRA personnel will provide PM, in a timely and orderly manner, with access to all information of which management is aware that is relevant to the preparation and fair presentation of the financial statements, such as records, documentation, and other matters and additional information that the auditor may request from management for the purpose of the audit.

This includes providing assistance and information PM requests during the course of its audit, including retrieval of records and preparation of schedules, analyses of accounts, and confirmations. A written request for information to be provided will be submitted under separate cover and supplemented by additional written and oral requests as necessary during the course of PM’s audit. In addition, CRA will provide PM with all information in its possession that has a material impact on any material transaction and that information will be complete, truthful, and accurate. CRA will allow PM unrestricted access to personnel within CRA from whom PM determines it necessary to obtain audit evidence.

CRA represents and warrants that any and all information that it transmits to PM will be done so in full compliance with all applicable federal, state, and foreign privacy and data protection laws, as well as all other applicable regulations and directives, as may be amended from time to time (collectively, “Data Privacy Laws”). CRA shall not disclose personal data of data subjects who are entitled to certain rights and protections afforded by applicable federal, state, and foreign privacy and data protection laws (“Personal Data”) to PM without prior notification to PM. CRA shall make reasonable efforts to limit the disclosure of Personal Data to PM to the minimum necessary to accomplish the intended purpose of the disclosure to PM.

Management is responsible for making all management decisions and performing all management functions relating to the financial statements, supplementary financial information, and related notes and for accepting full responsibility for such decisions, even if PM provides advice as to the application of accounting principles or assists in drafting the financial statements, supplementary financial information, and related notes. CRA has designated Timothy Mullen to oversee financial statement related services PM provides. Management will be required to acknowledge in the management representation letter that it has reviewed and approved the financial statements, supplementary financial information, and related notes prior to their issuance and have accepted responsibility for the adequacy of the financial statements.

Management is responsible for the design and implementation of programs and controls to prevent and detect fraud, and for informing PM about all known or suspected fraud affecting CRA involving (a) management, (b) employees who have significant roles in internal control, and (c) others where the fraud could have a material effect on the financial statements. Management’s responsibilities include informing PM of its knowledge of any allegations of fraud or suspected fraud affecting CRA received in communications from employees, former employees, regulators, or others. In addition, management is responsible for identifying and ensuring that the entity complies with applicable laws and regulations.

3. Objective of an Audit of Financial Statements – The objective of PM’s audit is the expression of an opinion on the CRA financial statements specified in the accompanying engagement letter. PM offers no guarantee, express or implied, that its opinion will be unmodified or that it will be able to form an opinion about these financial statements in the event that CRA’s internal controls or accounting and financial records prove to be unreliable or otherwise not auditable. If PM’s opinion is to be modified, PM will discuss the reasons with CRA management in advance of the issuance of its audit report. If, for any reason, PM is prevented from completing its audit or is unable to form an opinion on these financial statements, PM may terminate the engagement and decline to issue a report.

4. Supplementary Information – In any document that contains supplementary information to the basic financial statements that indicates that the auditor has reported on such supplementary information, management agrees to include the auditor’s report on that supplementary information. In addition, management agrees to present the supplementary information with the audited financial statements or to make the audited financial statements readily

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available no later than the date of issuance by CRA of the supplementary information and the auditor’s report thereon.

5. Internal Controls – CRA is responsible for the design, implementation, and maintenance of internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error, including controls established for the purpose of preventing or detecting errors in financial reporting, preventing fraud or misappropriation of assets, and identifying and complying with applicable laws and regulations. PM, in making its risk assessments, will consider internal control relevant to CRA’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. PM’s audit will not be designed to provide assurance on the design or operating effectiveness of CRA’s internal controls or to identify all conditions that represent significant deficiencies in those internal controls. PM will communicate all significant deficiencies and material weaknesses in internal controls relevant to the audit of the financial statements, instances of fraud, or misappropriation of assets that come to PM’s attention pursuant to generally accepted auditing standards and specifically but not limited to the Statements on Auditing Standards.

6. Audit Procedures and Limitations – PM’s audit will be conducted in accordance with auditing standards generally accepted in the United States of America (GAAS) and will include examination, on a test basis, of evidence supporting the amounts and disclosures in the CRA financial statements specified in this engagement letter. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. An audit in accordance with GAAS involves judgment about the number of transactions to be tested and the overall approach to testing in each area. As a result, PM’s audit can only be designed to provide reasonable rather than absolute assurance that these financial statements are free from material misstatement. In addition, an audit in accordance with GAAS is not designed to detect errors or fraud that are immaterial to the financial statements. Because of the inherent limitations of an audit, together with the inherent limitations of internal control, an unavoidable risk that some material misstatements may not be detected always exists, even in an audit properly planned and performed in accordance with GAAS. In recognition of these limitations, CRA acknowledges that PM’s audit cannot guarantee that all instances of error or fraud will be identified.

7. Auditor Communications – PM is obligated to communicate certain matters related to the audit to those responsible for governance of CRA, including instances of error or fraud and significant deficiencies and material weaknesses in internal control that PM identifies during its audit. PM will communicate these matters to the members of CRA’s governing board, and CRA acknowledges and agrees that communication in this manner is sufficient for CRA’s purposes.

Communication to Group Auditor – In instances where PM has been engaged as a component auditor for the purposes of a Group Audit, the terms of the engagement may include communication of certain matters related to the audit to the Group Auditor. CRA permits such communication. PM will discuss matters being communicated with those responsible for governance of CRA.

8. Accounting and Financial Records – CRA agrees that it is responsible for providing PM with accounting and financial records that are closed, complete, accurate, and in conformity with the requirements of GAAP, for providing schedules and analyses of accounts that PM requests, and for making all CRA financial records and related information available to PM for purposes of PM’s audit. Where PM has provided estimates of the timing of its work and completion of PM’s engagement and issuance of PM’s report, those estimates are dependent on CRA providing PM with all such accounting and financial records, schedules, and analyses on the date PM’s work commences. PM will assess the condition of CRA’s accounting and financial records, schedules, and analyses of accounts prior to commencing its work. In the event that such records, schedules, and analyses are not closed, complete, accurate, or in conformity with GAAP, PM may have to reschedule its work, including the dates on which PM expects to complete its on-site procedures and issue its audit report.

In any circumstance where PM’s work is rescheduled due to CRA’s failure to provide information as described in the preceding paragraph, PM offers no guarantee, express or implied, that PM will be able to meet any previously established deadlines related to the completion of the audit work or issuance of its audit report. Because rescheduling audit work imposes additional costs on PM, in any circumstance where PM has provided estimated fees, those estimated fees may be adjusted for the additional time PM incurs as a result of rescheduling its work. These fee adjustments will be determined in accordance with the Fee Adjustments provision of this agreement.

9. Audit Adjustments – PM will recommend adjustments to CRA’s accounting records that PM believes are appropriate. CRA management is responsible for adjusting CRA accounting records and financial statements to correct material misstatements and for affirming to PM in writing that the effects of any unrecorded adjustments identified during PM’s audit are immaterial, both individually and in the aggregate, to the CRA financial statements specified in this agreement.


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10. Management Representations – CRA is responsible for the financial statements being audited and the implicit and explicit representations and assertions regarding the recognition, measurement, presentation, and disclosure of information therein. During the course of the audit, PM will request information and explanations from CRA officers, management, and other personnel regarding accounting and financial matters, including information regarding internal controls, operations, future plans, and the nature and purpose of specific transactions. PM will also require that management make certain representations to PM in writing as a precondition to issuance of PM’s report.

PM’s audit procedures will be significantly affected by the representations and assertions PM receives from management and, accordingly, false representations could cause material error or fraud to go undetected by PM’s procedures. Accordingly, CRA acknowledges and agrees that it will instruct each person providing information, explanations, or representations to an auditor to provide true and complete information, to the best of his or her knowledge and belief. It is also agreed that any deliberate misrepresentation by any director, officer, or member of management, or any other person acting under the direction thereof (“Client Personnel”), intended to influence, coerce, manipulate, or mislead PM in the conduct of its audit of the financial statements will be considered a material breach of this agreement. In addition, as a condition of its audit engagement, CRA agrees, to the extent permitted by law, to indemnify and hold PM and its partners, affiliates, and employees harmless from any and all claims, including associated attorneys’ fees and costs, based on PM’s failure to detect material misstatements in CRA financial statements resulting in whole or in part from deliberate false or misleading representations, whether oral or written, made to PM by Client Personnel. This indemnity will be inoperative only if, and to the extent that, a court having competent jurisdiction has determined that PM failed to conduct its audit in accordance with generally accepted auditing standards and such failure resulted in PM not determining such misrepresentation by Client Personnel was false.

11. Use of Report – PM’s report on the financial statements must be associated only with the financial statements that were the subject of PM’s audit engagement. CRA may make copies of the audit report, but only if the entire financial statements (including related footnotes and supplemental information, as appropriate) are reproduced and distributed with that report. CRA agrees not to reproduce or associate PM’s audit report with any other financial statements, or portions thereof, that are not the subject of this engagement.

If PM’s report on the financial statements being audited is to be published in any manner or if CRA intends to make reference to PM in a publication of any type, other than simply posting without commentary on CRA’s website, CRA agrees to submit proofs of the publication to PM for review prior to such publication and cooperate with PM in PM’s performance of any additional audit procedures PM deems necessary in the circumstances, the nature and extent of which will be at PM’s sole discretion. CRA acknowledges and agrees that additional fees for such work will be determined in accordance with the Fee Adjustments provision of this agreement. With regard to the electronic dissemination of audited financial statements, including financial statements published electronically on CRA’s Internet website, CRA understands that electronic sites are a means to distribute information and, therefore, PM is not required to read the information contained in these sites or to consider the consistency of other information in the electronic site with the original document.

12. Tax Return Preparation – This engagement does not include preparation of any tax returns or filings. If CRA requires tax services, including tax consulting or preparation of tax returns, those services will be detailed in a separate engagement letter.

13. Confidentiality, Ownership, and Retention of Workpapers – During the course of this engagement, PM and PM staff may have access to proprietary information of CRA, including, but not limited to, information regarding general ledger balances, financial transactions, trade secrets, business methods, plans, or projects. PM acknowledges that such information, regardless of its form, is confidential and proprietary to CRA. PM will comply with all applicable ethical standards, laws, and regulations as to the retention, protection, use and distribution of such confidential client information. Except to the extent set forth herein, PM will not disclose such information to any third party without the prior written consent of CRA.

In the interest of facilitating PM’s services to CRA, PM may communicate or exchange data by internet, e-mail, facsimile transmission, or other electronic method. While PM will use its best efforts to keep such communications and transmissions secure in accordance with PM’s obligations under applicable laws and professional standards, CRA recognizes and accepts that PM has no control over the unauthorized interception of these communications or transmissions once they have been sent, and consents to PM’s use of these electronic devices during this engagement.

Professional standards require that PM create and retain certain workpapers for engagements of this nature. All workpapers created in the course of this engagement are and shall remain the property of PM. PM will maintain the confidentiality of all such workpapers as long as they remain in PM’s possession.


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Both CRA and PM acknowledge, however, that PM may be required to make its workpapers available to regulatory authorities or by court order or subpoena in a legal, administrative, arbitration, or similar proceeding in which PM is not a party. Disclosure of confidential information in accordance with requirements of regulatory authorities or pursuant to court order or subpoena shall not constitute a breach of the provisions of this agreement. In the event that a request for any confidential information or workpapers covered by this agreement is made by regulatory authorities or pursuant to a court order or subpoena, PM agrees to inform CRA in a timely manner of such request and to cooperate with CRA should it attempt, at CRA’s cost, to limit such access. This provision will survive the termination of this agreement. PM’s efforts in complying with such requests will be deemed billable to CRA as a separate engagement. PM shall be entitled to compensation for its time and reasonable reimbursement of its expenses (including legal fees) in complying with the request.

PM reserves the right to destroy, and it is understood that PM will destroy, workpapers created in the course of this engagement in accordance with PM’s record retention and destruction policies, which are attached hereto and incorporated herein by reference, and designed to meet all relevant regulatory requirements for retention of workpapers. PM has no obligation to maintain workpapers other than for its own purposes or to meet those regulatory requirements.

Upon CRA’s written request, PM may, at its sole discretion, allow others to view any workpapers remaining in its possession if there is a specific business purpose for such a review. PM will evaluate each written request independently. CRA acknowledges and agrees that PM will have no obligation to provide such access or to provide copies of PM’s workpapers, without regard to whether access had been granted with respect to any prior requests.

14. Consent to Disclosures to Service Providers – In some circumstances, PM may use third-party service providers to assist with its services, including affiliates of PM within the United States. In those circumstances, PM will be solely responsible for the provision of any services by any such third-party service providers and for the protection of any information provided to such third-party service providers. PM will require any such third-party service provider to: (i) maintain the confidentiality of any information furnished; and (ii) not use any information for any purpose unrelated to assisting with PM’s services for CRA. In order to enable these third party service providers to assist PM in this capacity, CRA, by its duly authorized signature on the accompanying engagement letter, consents to PM’s disclosure of all or any portion of CRA’s information, including tax return information, to such third party service providers, including affiliates of PM within the United States, if and to the extent such information is relevant to the services such third party service providers may provide and agrees that PM’s disclosure of such information for such purposes shall not constitute a breach of the provisions of this agreement. CRA’s consent shall be continuing until the services provided for this engagement agreement are completed.

15. Fee Quotes – In any circumstance where PM has provided estimated fees, fixed fees, or not-to-exceed fees (“Fee Quotes”), these Fee Quotes are based on information provided by CRA regarding the nature and condition of its accounting, financial, and tax records; the nature and character of transactions reflected in those records; and the design and operating effectiveness of its internal controls. CRA acknowledges that the following circumstances may result in an increase in fees:

• Failure by CRA to prepare for the audit as evidenced by accounts and records that have not been subject to normal year-end closing and reconciliation procedures;

• Failure by CRA to complete the audit preparation work by the applicable due dates;

• Significant unanticipated or undisclosed transactions, audit issues, or other such unforeseeable circumstances;

• Delays by CRA causing scheduling changes or disruption of fieldwork;

• After audit or post fieldwork circumstances requiring revisions to work previously completed or delays in resolution of issues that extend the period of time necessary to complete the audit;

• Issues with the prior audit firm, prior year account balances, or report disclosures that impact the current year engagement;

• An excessive number of audit adjustments.

PM will advise CRA in the event these circumstances occur, however it is acknowledged that the exact impact on the Fee Quote may not be determinable until the conclusion of the engagement. Such fee adjustments will be determined in accordance with the Fee Adjustments provision of this agreement.

16. Payment Terms – PM’s invoices for professional services are due upon receipt unless otherwise specified in the engagement letter. In the event any of PM’s invoices are not paid in accordance with the terms of this agreement, PM may elect, at PM’s sole discretion, to suspend work until PM receives payment in full for all amounts due or terminate this engagement. In the event that work is suspended, for nonpayment or other reasons, and


Page 5 of 5

subsequently resumed, PM offers no guarantee, express or implied, that PM will be able to meet any previously established deadlines related to the completion of PM’s audit work or issuance of PM’s audit report upon resumption of PM’s work. CRA agrees that in the event PM stops work or terminates this Agreement as a result of CRA’s failure to pay fees on a timely basis for services rendered by PM as provided in this Agreement, or if PM terminates this Agreement for cause, PM shall not be liable for any damages that occur as a result of PM ceasing to render services.

17. Fee Adjustments – Any fee adjustments for reasons described elsewhere in this agreement will be determined based on the actual time expended by PM staff at PM’s current hourly rates, plus all reasonable and necessary travel and out-of-pocket costs incurred, and included as an adjustment to PM’s invoices related to this engagement. CRA acknowledges and agrees that payment for all such fee adjustments will be made in accordance with the payment terms provided in this agreement.

18. Receipt of Legal Process – In the event PM is required to respond to a subpoena, court order, or other legal process (in a matter involving CRA but not PM) for the production of documents and/or testimony relative to information PM obtained and/or prepared during the course of this engagement, CRA agrees to compensate PM for the affected PM staff’s time at such staff’s current hourly rates, and to reimburse PM for all of PM’s out-of-pocket costs incurred associated with PM’s response unless otherwise reimbursed by a third party.

19. Subsequent Discovery of Facts – After the date of PM’s report on the financial statements, PM has no obligation to make any further or continuing inquiry or perform any other auditing procedures with respect to the audited financial statements covered by PM’s report, unless new information that may affect the report comes to PM’s attention. If PM becomes aware of information that relates to these financial statements but was not known to PM at the date of its report, and that is of such a nature and from such a source that PM would have investigated it had it come to PM’s attention during the course of the audit, PM will, as soon as practicable, undertake to determine whether the information is reliable and whether the facts existed at the date of PM’s report. In this connection, PM will discuss the matter with CRA and request cooperation in whatever investigation and modification of the financial statements that may be necessary. Additional fees for such work will be determined based on the actual time that PM staff expend at PM’s current hourly rates, plus all reasonable and necessary travel and out-of-pocket costs incurred, and CRA acknowledges and agrees that payment for all such additional fees will be made in accordance with the payment terms provided in this agreement.

20. Termination of Engagement – This agreement may be terminated by either party upon written notice. Upon notification of termination, PM’s services will cease and PM’s engagement will be deemed to have been completed. Except for termination for cause by CRA, CRA will be obligated to compensate PM for all time expended and to reimburse PM for all out-of-pocket expenditures through the date of termination of this engagement.

21. Entire Agreement – This engagement agreement is contractual in nature, and includes all of the relevant terms that will govern the engagement for which it has been prepared. The terms of this letter supersede any prior oral or written representations or commitments by or between the parties regarding the subject matter hereof. Any material changes or additions to the terms set forth in this letter will only become effective if evidenced by a written amendment to this agreement, signed by all of the parties.

22. Severability – If any provision of this engagement agreement (in whole or part) is held to be invalid or otherwise unenforceable, the other provisions shall remain in full force and effect.

23. Force Majeure – Neither party shall be deemed to be in breach of this engagement agreement as a result of any delays or non-performance directly or indirectly resulting from circumstances or causes beyond its reasonable control, including, without limitation, fire or other casualty, acts of God, war or other violence, or epidemic (each individually a “Force Majeure Event”).

24. Signatures – Any electronic signature transmitted through DocuSign or manual signature on this engagement letter transmitted by facsimile or by electronic mail in portable document format may be considered an original signature.

25. Governing Law – This agreement shall be governed by and construed in accordance with the laws of the State of Colorado, and jurisdiction over any action to enforce this agreement, or any dispute arising from or relating to this agreement shall reside exclusively within the State of Colorado.

End of Professional Services Agreement – Audit Services


Market - Budget Considerations

FYE 2021-22, 2020-2021

Summary:

* The actual budgeted breakeven date occurred during fiscal 2021. Due to COVID-19,

expense were lower and assets were significantly higher, $2,179,996,000 as of 5/14/21.

Prior Analysis: An estimated budgeted breakeven date, given the current income and

expense model, is June 2021. This scenario has total assets at $1,752,410,000

Prior 2018-2019 scenarios had budget breakeven in 2027, prior to raising the fee cap.

* The CRA investment account at year end 6/30/21 will be approximately $3,800,000.

It has been the intention to keep this balance around $2.5 to 3.0 million.

Prior Analysis: N/A

* Assets for this analysis are $ 2,179,996,000 as of May 14, 2021

* Prior year assets for this analysis were $ 1,690,589,000 as of May 8, 2020

* 2019 assets for this analysis were $ 1,730,533,000 as of April 30, 2019

* A 10% market decline, at the $2.18 Billion level, reduces net revenue (fee income net of Empower

fees) by $378,000. This also reduces assets $180 million

* With assets above 1.2 billion, every 100 million reduction in assets will cost $210,000 in fees or

$175,000 in fees-with current fee cap ratio of 86%.


Estimated Assets, Fee Income, Expenses, Fund Balance

Fiscal 2020-21 through fiscal 2031-32

(a) (b) (c) (d)

Tiered Fee Difference Budgeted Difference

Asset Growth Average Asset Empower Revenue Net Revenue Expenses (breakeven) CCOERA Inv.

Year Balance Rate Balance Fee Generated (col. b-a) less Emp. Fee (col. c-d) Fund Balance

Start-06-30-2021 2,180,976,067 3.61% 3,800,000

6/30/2022 2,259,782,976 5.00% 2,220,379,522 1,468,152 4,773,816 3,305,664 2,544,056 761,608 4,561,608

6/30/2023 2,372,772,125 5.00% 2,316,277,551 1,506,511 4,979,997 3,473,486 2,607,658 865,828 5,427,436

6/30/2024 2,491,410,731 5.00% 2,432,091,428 1,552,837 5,228,997 3,676,160 2,672,849 1,003,311 6,430,747

6/30/2025 2,615,981,268 5.00% 2,553,696,000 1,601,478 5,490,446 3,888,968 2,739,670 1,149,298 7,580,045

6/30/2026 2,746,780,331 6.00% 2,681,380,800 1,652,552 5,764,969 4,112,416 2,808,162 1,304,254 8,884,299

6/30/2027 2,911,587,151 6.00% 2,829,183,741 1,711,673 6,082,745 4,371,072 2,878,366 1,492,706 10,377,005

6/30/2028 3,086,282,380 6.00% 2,998,934,766 1,779,574 6,447,710 4,668,136 2,950,325 1,717,811 12,094,815

6/30/2029 3,271,459,323 6.00% 3,178,870,852 1,851,548 6,834,572 4,983,024 3,024,083 1,958,941 14,053,756

6/30/2030 3,467,746,883 6.00% 3,369,603,103 1,927,841 7,244,647 5,316,805 3,099,685 2,217,120 16,270,876

6/30/2031 3,675,811,696 6.00% 3,571,779,289 2,008,712 7,679,325 5,670,614 3,177,178 2,493,436 18,764,312

6/30/2032 3,896,360,397 6.00% 3,786,086,046 2,094,434 8,140,085 6,045,651 3,256,607 2,789,044 21,553,356

Standard bps: 0.250% 2.50%

Avg. of standard (with fee cap): 86.00% Growth

Fees generated at an average bps rate of .215% This represents the %'age based on the fiscal 2021-2022 budget

with fee cap impact.

Budgeted expenses have been grown at 2.5%.

Ignores interest income all years (75k budget 2021-2022)


Net Revenue - Size of Account Balance

FYE 2021-22

0.04% CRA

Account Fees Empower Net

Size - $'s Generated Incr. Cost Revenue

50,000 125 20 105

100,000 250 40 210

150,000 375 60 315

200,000 500 80 420

250,000 625 100 525

300,000 750 120 630

350,000 875 140 735

CRA Fee Cap. 400,000 1,000 160 840

450,000 1,000 180 820

500,000 1,000 200 800

550,000 1,000 220 780

600,000 1,000 240 760

650,000 1,000 260 740

700,000 1,000 280 720

750,000 1,000 300 700

800,000 1,000 320 680

850,000 1,000 340 660

900,000 1,000 360 640

950,000 1,000 380 620

1,000,000 1,000 400 600

1,100,000 1,000 440 560

1,200,000 1,000 480 520

1,300,000 1,000 520 480

1,400,000 1,000 560 440

1,500,000 1,000 600 400

2,000,000 1,000 800 200

Avg. Bal. over 400k 672,282 1,000.00 269 731

1,129 Participants

Empower Cost is incremental, at the lowest cost tier. Assumes assets above 1.2 billion


Historical Budget Comparison

Fiscal 2012-13 through 2020-21

All

Expense

Projected Budget Difference change %'age

Income 4,512,000 3,948,000 564,000

All Expenses (excluding recordkeeping) 2,100,660 2,616,480 515,820 (170,770.00) -6.13%

Recordkeeping Expenses 1,400,000 1,269,000 (131,000)

Total Expenses 3,500,660 3,885,480 384,820

Net Income (Loss) 1,011,340 62,520 948,820

Actual Budget Difference

Income 3,746,126 3,767,204 (21,078)

All Expenses (excluding recordkeeping) 2,719,199 2,787,250 68,051 302,990.00 13.72%

Recordkeeping Expenses 1,269,767 1,292,500 22,733

Total Expenses 3,988,966 4,079,750 90,784

Net Income (Loss) (242,840) (312,546) 69,706


Income 3,263,209 3,169,000 94,209

All Expenses (excluding recordkeeping) 2,537,508 2,484,260 (53,248) 275,310.00 12.46%


Total Expenses 3,788,061 3,744,260 (43,801)

Net Income (Loss) (524,852) (575,260) 50,408


Income 3,168,444 2,936,000 232,444

All Expenses (excluding recordkeeping) 2,253,478 2,208,950 (44,528) 1,650.00 0.07%


Total Expenses 3,481,379 3,406,950 (74,429)

Net Income (Loss) (312,935) (470,950) 158,015

Fiscal Year 2020-2021




Historical Budget Analysis 2013 - 21 As of 5-15-2021 Page 4 of 5


Historical Budget Comparison

Fiscal 2012-13 through 2020-21


Income 2,463,313 2,475,500 (12,187)



Total Expenses 3,215,353 3,343,300 127,947

Net Income (Loss) (752,040) (867,800) 115,760


Income 2,597,887 2,444,000 153,887



Total Expenses 3,055,156 3,218,100 162,944

Net Income (Loss) (457,269) (774,100) 316,831


Income 2,580,739 2,393,000 187,739



Total Expenses 2,950,972 3,085,400 134,428

Net Income (Loss) (370,233) (692,400) 322,167


Income 2,775,823 2,583,500 192,323

All Expenses (excluding recordkeeping) 1,796,209 1,935,950 139,741 (50.00) 0.00%


Total Expenses 2,895,565 3,002,950 107,385

Net Income (Loss) (119,742) (419,450) 299,708


Income 3,180,044 2,972,000 208,044

All Expenses (excluding recordkeeping) 1,726,951 1,936,000 209,049


Total Expenses 2,761,055 2,951,000 189,945

Net Income (Loss) 418,989 21,000 397,989






Historical Budget Analysis 2013 - 21 As of 5-15-2021 Page 5 of 5


Proposed Current Budget

Budget Projected Budget Bud. v Proj. Yr.-Yr. Change

2021-2022 2020-21 2020-21 Under (Over) Incr. (Decr.)

INCOME

Interest 75,000 62,000 48,000 14,000 27,000

Administrative Fee (25 bps) 4,780,000 4,450,000 3,900,000 550,000 880,000

TOTAL INCOME 4,855,000 4,512,000 3,948,000 564,000 907,000

EXPENSES

Board Expense 53,000 28,500 53,500 25,000 (500)

Professional Dues & Publications 9,500 7,500 9,000 1,500 500

Staff Conferences/Education 11,000 2,300 10,600 8,300 400

Consultants

Investment Consultant 94,500 93,250 93,500 250 1,000

Legislative Liaison 36,000 36,000 36,000 0 0

Consultants/Advisors - Other 10,000 3,600 7,000 3,400 3,000

Total Consultants 140,500 132,850 136,500 3,650 4,000

Personnel Services

Compensation 1,235,000 1,095,000 1,277,000 182,000 (42,000)

Recruiting 1,000 1,000 1,000 0 0

Total Personnel Services 1,236,000 1,096,000 1,278,000 182,000 (42,000)

Benefits

Payroll Taxes 95,000 85,000 100,000 15,000 (5,000)

Retirement 99,000 65,000 102,500 37,500 (3,500)

Life/Health Insurance 337,000 240,000 307,000 67,000 30,000

Employee Resources & Culture 16,000 7,250 7,600 350 8,400

Flex Cafeteria Plan/Payroll Processing 2,500 1,600 2,500 900 0

Total Benefits 549,500 398,850 519,600 120,750 29,900

Severance Payment 5,000 0 5,000 5,000 0

Accounting & Audit 59,500 58,500 59,500 1,000 0

Information Technology

Consulting/Support 24,000 18,200 24,000 5,800 0

Hardware/Repairs 2,170 200 2,170 1,970 0

Contact Mgt. system 10,000 10,800 10,800 0 (800)

Website Maintenance 4,800 1,510 650 (860) 4,150

Website Data Feeds 0 0 1,800 1,800 (1,800)

Software Upgrades/Support 3,000 1,200 3,000 1,800 0

Data Protection Services (Microsoft Cloud) 2,200 2,090 1,800 (290) 400

Total Information Technology 46,170 34,000 44,220 10,220 1,950

Record Keeping - Empower Retirement 1,468,000 1,400,000 1,269,000 (131,000) 199,000

(10/8/6/4 bps)

Insurance 87,100 79,700 82,500 2,800 4,600

Current Year

Budget-2021-2022 Version 1 - 05-21-2021-final to BOD packet Page 1 of 14


Proposed Current Budget

Budget Projected Budget Bud. v Proj. Yr.-Yr. Change

2021-2022 2020-21 2020-21 Under (Over) Incr. (Decr.)

Current Year

Legal Services

In-house Legal 51,000 51,000 51,000 0 0

Outside Attorney - Plan/HR 25,000 10,000 25,000 15,000 0

Outside Attorney - Litigation 0 0 0 0

Total Legal 76,000 61,000 76,000 15,000 0

Postage 4,500 3,720 4,500 780 0

Building/Operational Expenses 39,500 31,000 31,000 0 8,500

Office Supplies & Equipment 16,500 8,300 16,500 8,200 0

Telephone/Internet/Data 25,500 22,100 24,000 1,900 1,500

Travel - Staff

Lodging/Meals 37,545 1,800 34,470 32,670 3,075

Transportation Expenses 11,177 950 13,530 12,580 (2,353)

Automobile Maintenance 8,440 6,100 9,000 2,900 (560)

Total Travel - Staff 57,162 8,850 57,000 48,150 162

Client Services

Employer & Employee Education/Events 11,500 600 11,500 10,900 0

Client Service & New Business Tools 9,300 3,440 9,200 5,760 100

New Business 0

Total Client Services 20,800 4,040 20,700 16,660 100

Marketing

Branding 5,200 1,700 10,000 8,300 (4,800)

Sponsorships & Conferences 61,100 26,500 54,500 28,000 6,600

Production & Promotional 24,360 2,750 28,360 25,610 (4,000)

Digital Marketing 7,500 7,500 7,500 0 0

Market Research 0 0 0 0 0

Other 0 0 0

Total Marketing 98,160 38,450 100,360 61,910 (2,200)

Depreciation 90,000 85,000 88,000 3,000 2,000

Interest Expense 0 0 0 0 0

TOTAL EXPENSES 4,093,392 3,500,660 3,885,480 384,820 207,912

NET INCOME 761,608 1,011,340 62,520 948,820 699,088

Capital Outlay

Automobiles 0 0 0 0 0

Computers 10,000 5,720 10,000 4,280 0

Network Server/Dual Authentication Upgrades 15,000 0 0 0 15,000

Office Furniture 2,000 0 2,000 2,000 0

HVAC System 1,000 0 1,000 1,000 0

Total Capital Outlay 28,000 5,720 13,000 7,280 15,000



ADMINISTRATION FEE INCOME ANALYSIS

EMPOWER RETIREMENT RECORDKEEPING ANALYSIS

FISCAL 2021-2022

Purpose: The following section grows the existing assets to the end of the current fiscal year and then for the

next full fiscal year 1.5

Balance month Est. Balance Fiscal 2021-2022 Est. Balance

Asset Balances: As of 5/14/2021 Growth % As of 06/30/2021 Growth % As of 6/30/2022

Existing:

Book Value 17.5% 382,299,468 0.26% 383,279,830 1.80% 390,178,867

All Other Funds 82.5% 1,797,696,237 0.00% 1,797,696,237 4.00% 1,869,604,086

Subtotal 100.0% 2,179,995,705 2,180,976,067 2,259,782,954

Total Estimated Year End Balances: 2,180,976,067 2,259,782,954

Average Balance during fiscal year 2021-2022: 2,220,379,510

Less: Total dollar amount of accounts over $400,000 (759,006,527)

(assumes 1,129 participants w/ avg. bal. of $672,282 rounded)

Adjusted Balance for the 25 bps calculation 1,461,372,983

INCOME:

Administrative Fees Income @: 25 bps 3,653,432

Administrative Fees Income @: $1,000 max for 1,129 participants 1,129,000

Total 4,782,432

Rounded 4,780,000

EXPENSE:

EMPOWER Expense Fees @ 10 bps amounts under 800,000,000$ 800,000

EMPOWER Expense Fees @ 8 bps next $100 milion 100,000,000$ 80,000

EMPOWER Expense Fees @ 6 bps next $300 milion 300,000,000$ 180,000

EMPOWER Expense Fees @ 4 bps above $1.2 billion 1,020,379,510$ 408,152

Total 1,468,152

Rounded 1,468,000Fees as a % of Revenue 30.71%

The fee cap of $400,000 generates savings of approximately

$769,000 over the standard 25 bps fee.

From current assets of $2,179,996,000, as of 5/14/2021

Estimated net cost of a 10% market decline is $378,000.

(results in a $180 million asset decline)

Fee Revenue Assets

15 percent 567,000 270 million



30 percent 1,133,000 540 million

With assets above 1.2 billion, every 100 million reduction in

assets will cost $210,000 in net fees or $175,000 in fees-with fee cap.

Estimated cost of the fee waiver is $1,171,000, $781,000 or $390,000.

(3, 2 or 1 month(s) waiver, respectively)

Market Decline



BOOK VALUE INTEREST INCOME

FISCAL 2021-2022

Balance 5/10/2021 3,808,844.00 <includes only CCOSVF4 for the 401(a) plan (division A9998) and the 457 plan.

Less: -

Less: n/a 375,000.00 approximately 1/2 of the estimated cash netincome for the budget year 2021-2022.

Est. Balance 2021-2022 4,183,844.00 <est. average balance during fiscal 2021-2022.

Book Value Interest Rate 1.80%

Est. cash balance 7/1/2022: 4,558,844

BV Interest Inc. Earned 7/1/21-6/30/22 75,309.19

Add:

Bank Int. Income 31.25 *see below

Total Budgeted Int Income 75,340.44

USE 75,000.00

* First Bank Interest Income

Average Monthly Balance 250,000.00

Interest Rate 0.013%

Monthly Interest 2.60

Yearly Interest 31.25

Purpose: To derive the interest income from the book value investment on the Association

books for budgetary purposes for the FYE 2021-2022.



BOARD EXPENSE

FISCAL 2021-2022# of # of

Applicable Attended Other

Description Members Meetings Mileage Rate/Mile Amt. Amount

Monthly Board Meetings Board Meeting Attendance 5 9 100 4,500

Monthly Board Meetings Board Meeting Fees Waived 2 9 100 1,800

Monthly Board Meetings Teleconference Phone Costs n/a 3 - 0

Travel - Tobe Mileage 1 6 300 0.56 1,008

Travel - Darius Mileage 1 6 500 0.56 1,680

Travel - Adam Mileage 1 6 420 0.56 1,411

Travel - Paul Mileage 1 6 110 0.56 370

Travel - Terri Mileage 1 6 220 0.56 739

Hotels Hotel Room 4 8 120 3,840

Meals Board Lunch 9 6 20 1,080

Meals Travel Meals 4 6 25 600

Board Education & Training

3 members $1,500 per seminar +

$2,500 misc classes 3 1,500 7,000

Conferences

Registration 3 members $500 per year 3 500 1,500

Travel 3 members $1,200 per year 3 1,200 3,600

Scholarship Awards 2018 Awards-4th Year 5 500 2,500

Scholarship Awards 2019 Awards-3rd Year 5 500 2,500

Scholarship Awards 2021 Awards 6 2,000 12,000

Scholarship Awards Less Waived meeting fees (1,800) (1,800)

Board Other Corporate Training 4,500 4,500

Entertainment Board & Staff Holiday Dinner 4,000 4,000

Misc. 172

53,000.00

Rounded 53,000.00



PROFESSIONAL DUES, MEMBERSHIPS & PUBLICATIONS

FISCAL 2021-2022

Expense

Acct: Professional Association/Publication Amount

Professional Dues & Memberships:

CCI-Colorado Counties, Inc. 1,000

CML-Colorado Municipal League 800

CSCPA-Colorado Society of CPA's (2 memberships) 720

Costco 180

GFOA-Government Finance Officers Association 420

Employers Council 3,200

NAGDCA-National Association of Government Defined Contribution Administrators 600

NPEA 600

Colorado Public Plan Coalition 750

SDA-Special District Association of Colorado 250

Colorado Water Congress 500

Other 320

Subtotal -Professional Dues & Memberships 9,340$

Publications:

Denver Business Journal 1-yr subscription renews 4/21 110

Other 50

Subtotal -Publications 160$

Total 9,500$

Rounded 9,500$



STAFF CONFERENCES/EDUCATION

FISCAL 2021-2022 Months/

Amount Quanity Total

Continuing Education

Tim 1,500.00$ 1 1,500

Matt E. 300.00$ 1 300

TBD 350.00$ 1 350

Matt B. 210.00$ 1 250

TBD 210.00$ 1 250

Mike 210.00$ 1 250

Francisco 210.00$ 1 250

Rick 210.00$ 1 250

CPA-CFO 1,000.00$ 1 1,000

Employers Council Events 300.00$ 1 300

AVERAGE 4,500.00$

TOTAL Continuing Education 4,700

Certifications

Tim 125.00$ 1 125

TBD 375.00$ 1 375

Matt B. 185.00$ 1 185

TBD 185.00$ 1 185

Mike 185.00$ 1 185

Francisco 185.00$ 1 185

Rick 185.00$ 1 185

CFO 125.00$ 1 125

AVERAGE 203.57$

TOTAL Certifications 1,550

Industry Conferences Conference # Nights # AttendeesRegistration Lodging Air Meals Shuttle Total

NAGDA Conference 4,500.00$ 1 4,500 NAGDCA 4 2 1,200 2,200 600 350 150 4,500

NPEA Conference 3,525.00$ 0 - NPEA 4 2 800 1,600 600 350 175 3,525

TOTAL Industry Conferences 4,500

Total Staff Conferences/Education 10,750

Rounded 11,000



EMPLOYEE RESOURCES & CULTURE

FISCAL 2021-2022

Expense

Amount

Employee Resources & Culture:

Mines & Associates Employee Assistance Program 3,800

Staff Retreat 0

Culture Club Staff Newtorking Events 3,000

Employee Wellness Program (13 emp. @ $600) 7,800

Staff Holiday Luncheon 1,000

Other 400

Subtotal -Employee Resources & Culture 16,000$



INSURANCE EXPENSE

FISCAL 2021-2022

Estimate

Type of Insurance Policy Number Insurer Policy Dates 2020-2021 2021-2022

Fiduciary Responsibility 0105955054 LB St. Paul Travelers Insurance 6/24/2021 - 6/24/2022 42,913 47,000

Fidelity Bond (Commercial Crime) 0105631499LB St. Paul Travelers Insurance 6/24/2021 - 6/24/2022 1,985 2,000

Commercial Package (Business Personal Prop.) State Farm 1/17/2021 - 1/17/2022 3,871 3,968

Umbrella Policy State Farm 1/17/2021 - 1/17/2022 1,223 1,254

Public Officials Liability Coverage G29012659003 Ace American Ins. Co. 12/15/2021 - 12/15/2022 15,804 18,000

Workers Compensation 4221310 Pinnacol Assurance 2/1/2021- 2/1/2022 2,780 2,800

Cyber Risk Liability Policy 106590410 St. Paul Travelers Insurance 6/24/2021 - 6/24/2022 11,122 12,000

79,698 87,021

Rounded 87,100



PROPERTY EXPENSE & LEASE DETAIL

FISCAL 2021-2022751 SouthPark Drive

Expense Budget

Description Charge Frequency Factor Amount Amount

Xcel Energy 475 Monthly 12 5,700 5,700

Denver Water/Littleton Sewer 35 Monthly 6 210 210

Denver Water/Littleton Sewer-Summer 100 Monthly 6 600 600

Cleaning/Janitorial Services 440 Monthly 12 5,280 5,300

Cleaning/Janitorial Supplies 45 Monthly 12 540 540

Cleaning/Windows 226 Quarterly 4 904 925

Annual Carpet Cleaning 300 Annual 1 300 300

Denver Heating & Air Conditioning 540 Quarterly 4 2,160 2,160

HVAC Supplies and Filters 100 Semi-annual 2 200 200

Cummins Rocky Mountain LLC (generator) 800 Semi-annual 2 1,600 1,600

Security (both Alarm & Card Reader) 185 Quarterly 4 740 740

Common Area Maintenance (CAM) 920 Monthly 12 11,040 11,100

Yearly Landscaping 1,250 Annual 1 1,250 1,250

Repairs (Denver Htg, Electrical, Plumbing) 3,750 Annual 1 3,750 3,750

Fire Extinguisher Service 75 Annual 1 75 75

HOA - Assessment 5,000 Annual 1 5,000 5,000

Miscellaneous charges Unknown 0

Total Expenses 39,349 39,450

Total Expense - Rounded 39,500

Other:

Neopost Postage Meter 426 Quarterly 4 1,704 *

(63 Months, 10/20/16 - 1/19/22)

* Included in general postage line item, also includes est. property taxes

Budget 2020-21 31,000

Budget 2019-20 37,000



TRAVEL - STAFF



Lodging

Executive Staff (Mullen/CFO)*** 180.00$ 12 2,160

CS Benitez* 360.00$ 12 4,320 *3 nights/mo@$120 ea

CS Chacon** 440.00$ 12 5,280 **4 nights/mo@110 ea

CS Chase** 440.00$ 12 5,280 ***1.5 nts/mo@$120 ea

CS TBD** 440.00$ 12 5,280

CS TBD* 360.00$ 12 4,320

CS Whalen 120.00$ 5 600

AVERAGE 334.29$

TOTAL Lodging 27,240

Meals* *2 meals/day@$15 ea

Admin 50.00$ 12 600

Executive Staff (Mullen) 90.00$ 12 1,080

CS Benitez 150.00$ 12 1,800

CS Chacon 150.00$ 12 1,800

CS Chase 150.00$ 12 1,800

CS TBD 150.00$ 12 1,800

CS TBD 100.00$ 12 1,200

CS Whalen 45.00$ 5 225

AVERAGE 110.63$

TOTAL Meals 10,305

TOTAL Lodging & Meals 37,545

Transportation Expense

Admin/General Office*** 56.00$ 11 616

Executive Staff (Mullen/CFO)* 45.00$ 26 1,170

CS Benitez** 67.50$ 26 1,755 *1 tank/wk@$45

CS Chacon** 67.50$ 26 1,755 **1.5 tanks/wk@45

CS Chase** 67.50$ 26 1,755 ***100 mi/mo @.56

CS TBD** 67.50$ 26 1,755

CS TBD** 67.50$ 26 1,755

CS Whalen*** 56.00$ 11 616

AVERAGE 61.81$

TOTAL Transportation 11,177

Automobile Maintenance

Oil Changes T&E 75.00$ 16 1,200 4 cars/4 per year

Colorado Plates 2014 Edge 80.00$ 1 80

Colorado Plates 2014 Edge2 80.00$ 1 80

Colorado Plates 2019 Silver RAV4 5.00$ 1 5

Colorado Plates 2019 Grey RAV4 5.00$ 1 5

Insurance 2014 Edge (renew Dec, June) 730.00$ 2 1,460

Insurance 2014 Edge2 (renew Dec, June) 810.00$ 2 1,620

Insurance Non-owned (renew Feb,Aug) 120.00$ 2 240

Insurance 2019 Silver RAV4 700.00$ 2 1,400

Insurance 2019 Grey RAV4 800.00$ 2 1,600

Misc.: Tires/Repairs/Alignment 750

Rounding -

TOTAL Maintenance 8,440

TOTAL TRAVEL - STAFF 57,162

Total Expense - Rounded 57,000



CLIENT SERVICE



CS EventsRetiree Seminars 500.00$ 4 2,000

Employer Seminar 3,000.00$ 1 3,000

Participant events 1,000.00$ 1 1,000

Participant group mtgs

(dougnuts, pizza, etc.) 3,000.00$ 1 3,000

Employer/Vendor

Entertainment 2,500.00$ 1 2,500

1 -

1 -

1 -

TOTAL CS Events 11,500

CS Tools

Satisfaction Surveys 5,724.50$ 1 5,725

RFP Site subscriptions 500.00$ 1 500 Bidnet $350/NAPC $150

Webinar service 200.00$ 12 2,400 Zoom

Signup Genius 600.00$ 1 600

Misc./Rounding 75.00$ 1 75

1 -

1 -

TOTAL CS Tools 9,300



Marketing Fiscal 2021-2022Proposed Budget - FYE 2021-2022 $98,160

Approved Budget FYE 2020-2021 $100,360

Priority Level Brand (Rebrand) Detail FYE 2021-2022 FYE 2020-21

1 Booth Design (Production) hardware-$400, banner-$600 $1,000 $1,000

1 Event Signage $150x6 $1,000 $1,000

2 Photography 2 shoots $1,000 $1,500

1 Website Continued Development Maintenance Consultant - $400/month maintenance-In IT Budget $0 $1,500

2 Content Writing (Professional Fees) For website maintenance $200 $0

Digital Marketing digital/social media presence $2,000 $5,000

Subtotal $5,200 $10,000

Priority Level Sponsorships/Conferences Detail Dates FYE 2021-2022 FYE 2020-21

Event Sponsorships/Exhibition1 CCI Winter Conference Est Dec-21 $5,000 $5,000

2 Sheriff's Conference Same as last year, incl regs Jan-22 $650 $650

3 Water District Conference Booth Jan-22 $2,500 $2,500

1 CCCMA (City and Co Mgmt Assoc) Est Jan-22 $1,500 $1,500

1 CCI Summer Conference Breakfast Sponsorship, incl registrations Jun-22 $7,500 $5,000

3 CGFOA Golf Tournament Jun-22 $250 $250

1 CML Conference Same as last year, incl regs Jun-22 $7,500 $7,500

3 Summer Water Conference Est Aug-22 $0 $0

2 CPPC Conference App spon + dinner spon, 1 reg incl Sep-22 $3,500 $3,500

1 SDA Conference Sames as last year, incl regs Sep-22 $3,200 $3,200

2 CMCA Conference Sames as last year, incl regs Oct-21 $1,500 $1,500

1 Jeffco Sheriff's JSCO Memorial Aug-21 $5,000 $1,000

CO Fallen Hero Foundation (p/Y Women Leading Government) May-22 $1,000 $1,000

1 CGFOA Conference Est Nov-21 $3,000 $3,000



Marketing Fiscal 2021-2022Sponsorships/Conferences, continued Detail Dates FYE 2021-2022 FYE 2020-21

Event Attendance (Registration Fees & T&E)Jeffco Sheriff's JSCO Memorial Aug-21 $100 $100

CO Fallen Hero Foundation May-22 $100

3 Summer Water Conference T&E Aug-21 $0 $0

2 CPPC Conference T&E Aug-21 $2,500 $2,500

1 SDA Conference T&E Sep-21 $1,500 $1,500

2 CMCA Conference T&E Oct-21 $1,000 $1,000

1 CGFOA Conference T&E Nov-21 $1,000 $1,000

1 CCI Winter Conference Reg/T&E Dec-21 $2,000 $2,000

2 Sheriff's Conference T&E (Reg incl. w spons) - contingency if conference is not in LovelandJan-22 $800 $800

3 Water District Conference Reg/T&E & exp for booth refreshments Jan-22 $1,000 $1,000

1 CCCMA (City and Co Mgmt Assoc) Reg/T&E Jan-22 $2,500 $2,500

1 CCI Summer Conference Reg/T&E Jun-22 $2,500 $2,500

3 CGFOA Golf Tournament Reg/T&E Jun-22 $500 $500

1 CML Conference T&E (reg incl. w spons) Jun-22 $1,000 $1,000

Sponsorships/Conferences Contingency $2,500 $2,500

Subtotal $61,100 $54,500

Priority Level Production/Promotional Detail FYE 2021-2022 FYE 2020-21

1 Graphic Design (Professional Fees) Cancelled $1200/mo retainer, hourly/yearly estimate $2,000 $3,000

1 Giveaways/Promotional Items $15,000 $15,000

2 Printing (Folders, Postcards, Business Cards, etc.) Participant booklets - $1.50/unitx6,000, Bizcards - $0.15/unitx500x15 + contingency$7,000 $10,000

1 Stock Photo Library Subscription $360 $360

Subtotal $24,360 $28,360

Priority Level Digital Marketing Detail FYE 2021-2022 FYE 2020-21

1 Email Marketing Service - SalesForce-Pardot Includes participant/employer newsletter services $7,500 $7,500

Subtotal $7,500 $7,500


CRA CREDIT CARD EXPENSE REPORT DATE SUBMITTED: 4/15/2021REC'D ACCTING -- 4/15/2021

Name: Matt Benitez Reporting Period: February 2021

Date Activity DescriptionVehicle

Expense** Lodging MealsPublic

RelationsBoard

ExpenseConferences/

Education Postage Telephone Misc.2/16/2021 USPS (Hilkey/Wojdakowski) 14.00$ 2/17/2021 Verizion ( Cell phone exp) 50.00$

TOTALS -$ -$ -$ -$ -$ -$ 14.00$ 50.00$ -$

Date Activity DescriptionConferences

ExpensesParticipant Education

Multi-Media/ Software

General Office

Form Printing

Equipment Supplies Canteen Acct# Amount

2/8/2021 Coffee Trader (Linda Atkins - Montrose Co) 6.26 Transport. -$ 2/16/21 Office Depot (writing pad, printer paper) 16.99 Lodging -$

Meals -$ Public Relat. -$ Board Exp -$ Conf/Education -$ Postage 14.00$ Telephone 50.00$ Misc. -$ Client Srvcs 6.26$ Gen Office 16.99$

` Supplies -$ Canteen -$

TOTALS -$ 6.26$ -$ 16.99$ -$ -$ -$ Total

** Vehicle Expense: gas, car wash, oil change, maintenance, repair, parking, etc. Due 87.25$ ***Note: Expenses are to be submitted by the 15th of

Matt BenitezAll expenses noted were incurred by me in accordance with the board approved expense guidelines. Employee Signature:

Management Approval:Expense report has been reviewed and approved for employee reimbursement by:

Executive Director's Approval:

Client Services: Supplies:

Travel Expenses Misc. Expenses:

Expense Allocations:

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CRA CREDIT CARD EXPENSE REPORT DATE SUBMITTED: 5/10/2021R - Accting - 5/10/2021

Name: Matt Benitez Reporting Period: March 2021



RelationsBoard

ExpenseConferences/

Education Postage Telephone Misc.3/12/2021 USPS - Jeff Schneider DBC 1.80$ 3/13/2021 Verizion ( Cell phone exp) 50.00$ 3/16/2021 USPS - Marjorie Kendall Sep Serv 1.40$ 3/24/2021 USPS - Leslie Linman Sep Serv 1.60$

TOTALS -$ -$ -$ -$ -$ -$ 4.80$ 50.00$ -$




General Office

Form Printing


Transport. -$ Lodging -$ Meals -$ Public Relat. -$ Board Exp -$ Conf/Education -$ Postage 4.80$ Telephone 50.00$ Misc. -$ Client Srvcs -$ Gen Office -$


TOTALS -$ -$ -$ -$ -$ -$ -$ Total


Matt BenitezAll expenses noted were incurred by me in accordance with the board approved expense guidelines. Employee Signature:






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CRA CREDIT CARD EXPENSE REPORT DATE SUBMITTED: 5/14/2021

R - Accting 5/14/2021

Name: Tim Mullen Reporting Period: January, 2021



RelationsBoard

ExpenseConferences/

Education Postage Telephone Misc.01/04-09/2021 Costco-Staff Holiday gifts, lieu of X-mas party 1,587.43

1/14/2021 State Farm Insurance - Bldg. (to be refunded) 200.001/14/2021 State Farm Ins.-Commercial (Bus. Pers. Prop.) 3,671.00

1/20/2021 Google - cloud storage 61.59

TOTALS -$ -$ -$ -$ -$ -$ -$ -$ 5,520.02$




General Office

Form Printing


1/8/2021 Acrobat Pro Subscription 12.99 Transport. -$ 1/15/2021 Costco-Chair mat, Copy paper, Canteen 85.96 Lodging -$ 1/20/2021 Costco-Chair mats (returned), Canteen 118.45 Meals -$

Public Relat. -$ Board Exp -$ Conf/Education -$ Postage -$ Telephone -$ Misc. 5,520.02$ Client Srvcs 412.79$

1/4/2021 Zoom, Monthly billing - January 199.90 Gen Office 204.41$ 1/25/2021 Zoom, Monthly billing - February 199.90 Supplies -$

Canteen -$

TOTALS -$ -$ 412.79$ 204.41$ -$ -$ -$ Total

** Vehicle Expense: gas, car wash, oil change, maintenance, repair, parking, etc. Due 6,137.22$ ***Note: Expenses are to be submitted by the 15th of the following month in which the expense occurred. Employees will be reimbursed for business

related on the 15th and last day of each month. Please attach receipts and forward to accounting for processing.

Timothy J Mullen




All expenses noted were incurred by me in accordance with the board approved expense guidelines. Employee Signature:

Board Approval:Expense report has been reviewed and approved for employee reimbursement by:

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via 5/18/21 email from C Felton


R - ACCTING 5/17/2021

Name: Tim Mullen Reporting Period: February, 2021



RelationsBoard

ExpenseConferences/

Education Postage Telephone Misc.2/24/2021 State Farm Ins.-Umbrella 1,223.00


TOTALS -$ -$ -$ -$ -$ -$ -$ -$ 1,293.06$




General Office

Form Printing


2/9/2021 Acrobat Pro Subscription 12.99 Transport. -$ 2/6/2021 Costco-Chair mats-returned (95.30) Lodging -$ 3/2/2021 Costco-Copy paper, soaps, paper products 173.07 Meals -$

Public Relat. -$ Board Exp -$ Conf/Education -$ Postage -$ Telephone -$ Misc. 1,293.06$ Client Srvcs 212.89$ Gen Office (95.30)$

2/25/2021 Zoom, Monthly billing - February 199.90 Supplies -$ Canteen 173.07$

TOTALS -$ -$ 212.89$ (95.30)$ -$ -$ 173.07$ Total



Timothy J Mullen






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R - ACCTING 5/17/2021

Name: Tim Mullen Reporting Period: March, 2021



RelationsBoard

ExpenseConferences/

Education Postage Telephone Misc.


TOTALS -$ -$ -$ -$ -$ -$ -$ -$ 81.19$




General Office

Form Printing


3/9/2021 Acrobat Pro Subscription 12.99 Transport. -$ 3/3/2021 Costco-Chair mats, paper towels, canteen 174.40 Lodging -$

3/17/2021 Security System - DVR (returned) 581.81 Meals -$ Public Relat. -$ Board Exp -$ Conf/Education -$ Postage -$ Telephone -$ Misc. 81.19$ Client Srvcs 212.89$ Gen Office 174.40$

3/25/2021 Zoom, Monthly billing - March 199.90 Supplies 581.81$ Canteen -$

TOTALS -$ -$ 212.89$ 174.40$ -$ 581.81$ -$ Total



Timothy J Mullen






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CCOERA CREDIT CARD EXPENSE REPORT R - Accting 5/7/2021 DATE SUBMITTED: 5/7/2021

Name: Mike Whalen Reporting Period: 01/01/2021-01/31/2021



RelationsBoard

ExpenseConferences/

Education Postage Telephone Misc.

TOTALS -$ -$ -$ -$ -$ -$ -$ -$ -$




General Office

Form Printing


1/14/21 Office - Printer Cable 11.50 Transport. -$ Lodging -$ Meals -$ Public Relat. -$ Board Exp -$ Conf/Education -$ Postage -$ Telephone -$ Misc. -$ Client Srvcs -$ Gen Office -$

` Supplies 11.50$ Canteen -$

TOTALS -$ -$ -$ -$ -$ 11.50$ -$ Total


Mike WhalenAll expenses noted were incurred by me in accordance with the board approved expense guidelines. Employee Signature:






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CCOERA CREDIT CARD EXPENSE REPORT DATE SUBMITTED: 5/7/2021




RelationsBoard

ExpenseConferences/

Education Postage Telephone Misc.2/12/2021 Int'l Retirement Resource Center CRC CE 99.00$

TOTALS -$ -$ -$ -$ -$ 99.00$ -$ -$ -$




General Office

Form Printing


Transport. -$ Lodging -$ Meals -$ Public Relat. -$ Board Exp -$ Conf/Education 99.00$ Postage -$ Telephone -$ Misc. -$ Client Srvcs -$ Gen Office -$


TOTALS -$ -$ -$ -$ -$ -$ -$ Total


Mike Whalen







R - Accting 5/7/2021

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EMPLOYEE BUSINESS EXPENSE REIMBURSEMENT REPORT DATE SUBMITTED: 4/15/2021REC'D -- ACCTNG 4/15/2021

Name: Matt Benitez Reporting Period: February 2021

Date Activity Description Mileage2020 Rate X .575 per mile

Other Vehicle Exp. Lodging Meals

Public Relations

General Office Form Printing Canteen

-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

TOTALS - -$ -$ -$ -$ -$ -$ -$ -$

Date Activity DescriptionBoard

ExpenseConferences/

Education

Misc. Marketing Expenses

Participant Education Postage Telephone Misc. Acct# Amount

2/28/2021 COVID19 Working from Home Reimbursement 50.00 Transportation -$ Lodge/Meal -$ Public Rel. -$ Office -$ Part. Educ. -$ Board Expense -$ Conf/Education -$ Marketing -$ Postage -$ Telephone -$ Misc. 50.00$

TOTALS -$ -$ -$ -$ -$ -$ 50.00$ TotalDue 50.00$

***Note:

All expenses noted were incurred by me in accordance with the board approved expense guidelines. Matt Benitez

Expense report has been reviewed and approved for employee reimbursement by:

Expenses are to be submitted by the 15th of the following month in which the expense occurred. Employees will be reimbursed for business related on the 15th and last day of each month. Please attach receipts and forward to accounting for processing.

Employee Signature:

Management Approval:


Travel Expenses Supplies:

Misc. Expenses: Expense Allocations:

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EMPLOYEE BUSINESS EXPENSE REIMBURSEMENT REPORT DATE SUBMITTED: 5/10/2021R - Accting - 5/10/2021

Name: Matt Benitez Reporting Period: March 2021



Public Relations


-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

TOTALS - -$ -$ -$ -$ -$ -$ -$ -$


ExpenseConferences/

Education



3/31/2021 COVID19 Working from Home Reimbursement 50.00 Transportation -$ Lodge/Meal -$ Public Rel. -$ Office -$ Part. Educ. -$ Board Expense -$ Conf/Education -$ Marketing -$ Postage -$ Telephone -$ Misc. 50.00$

TOTALS -$ -$ -$ -$ -$ -$ 50.00$ TotalDue 50.00$

***Note:

All expenses noted were incurred by me in accordance with the board approved expense guidelines. Matt Benitez



Employee Signature:





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EMPLOYEE BUSINESS EXPENSE REIMBURSEMENT REPORT DATE SUBMITTED: 4/29/2021

R - ACCTING 4/29/2021

Name: Lisa Lewallen Reporting Period: 3/31/2021



Public Relations


-$ -$ -$ -$ -$ -$

TOTALS - -$ -$ -$ -$ -$ -$ -$ -$


ExpenseConferences/

Education



3/31/2021 March Phone Reimbursement 50.00 Transportation -$ 3/31/2021 March Home Internet 50.00 Lodge/Meal -$

Public Rel. -$ Office -$ Part. Educ. -$ Board Expense -$ Conf/Education -$ Marketing -$ Postage -$ Telephone 100.00$ Misc. -$

TOTALS -$ -$ -$ -$ -$ 100.00$ -$ TotalDue 100.00$

***Note:

All expenses noted were incurred by me in accordance with the board approved expense guidelines. Lisa M. Lewallen



Employee Signature:





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R - Accting 5/14/2021

Name: Tim Mullen Reporting Period: January, 2021



Public Relations


1/21/2021 Sam's Club, Office Supplies, Payroll Forms 13 7.28$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

TOTALS 13 7.28$ -$ -$ -$ -$ -$ -$ -$


ExpenseConferences/

Education



1/1/2021 Cell Phone Service - January 2021 80.00 Transportation 7.28$ Lodge/Meal -$

1/1/2021 Home Internet Reimbursement - January 2021 50.00 Public Rel. -$ Office -$ Part. Educ. -$ Board Expense -$ Conf/Education -$ Marketing -$ Postage -$ Telephone 80.00$ Misc. 50.00$

TOTALS -$ -$ -$ -$ -$ 80.00$ 50.00$ TotalDue 137.28$

***Note:

All expenses noted were incurred by me in accordance with the board approved expense guidelines. Timothy J Mullen



Employee Signature:

Board Approval:



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R - ACCTING 5/17/2021

Name: Tim Mullen Reporting Period: February, 2021



Public Relations


-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

TOTALS - -$ -$ -$ -$ -$ -$ -$ -$


ExpenseConferences/

Education



2/1/2021 Cell Phone Service - February 2021 80.00 Transportation -$ Lodge/Meal -$

2/1/2021 Home Internet Reimbursement - February 2021 50.00 Public Rel. -$ Office -$ Part. Educ. -$ Board Expense -$ Conf/Education -$ Marketing -$ Postage -$ Telephone 80.00$ Misc. 50.00$

TOTALS -$ -$ -$ -$ -$ 80.00$ 50.00$ TotalDue 130.00$

***Note:




Employee Signature:

Board Approval:



ll

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R - ACCTING 5/17/2021

Name: Tim Mullen Reporting Period: March, 2021



Public Relations


-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

TOTALS - -$ -$ -$ -$ -$ -$ -$ -$


ExpenseConferences/

Education



2/1/2021 Cell Phone Service - March 2021 80.00 Transportation -$ Lodge/Meal -$

2/1/2021 Home Internet Reimbursement - March 2021 50.00 Public Rel. -$ Office -$ Part. Educ. -$ Board Expense -$ Conf/Education -$ Marketing -$ Postage -$ Telephone 80.00$ Misc. 50.00$

TOTALS -$ -$ -$ -$ -$ 80.00$ 50.00$ TotalDue 130.00$

***Note:




Employee Signature:

Board Approval:



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EMPLOYEE BUSINESS EXPENSE REIMBURSEMENT REPORT R - Accting 5/7/2021 DATE SUBMITTED: 5/7/2021




Public Relations


1/15/21 Cell Phone Reimbursement -$ 50.00$ 1/15/2021 Internet Reimbursement -$ 50.00$

-$ -$ -$ -$ -$ -$ -$ -$ -$

TOTALS - -$ -$ -$ -$ -$ 100.00$ -$ -$


ExpenseConferences/

Education



Transportation -$ Lodge/Meal -$ Public Rel. -$ Office 100.00$ Part. Educ. -$ Board Expense -$ Conf/Education -$ Marketing -$ Postage -$ Telephone -$ Misc. -$

TOTALS -$ -$ -$ -$ -$ -$ -$ TotalDue 100.00$

***Note:

All expenses noted were incurred by me in accordance with the board approved expense guidelines. Mike Whalen



Employee Signature:





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OtherVehicle Exp. Lodging Meals

PublicRelations

GeneralOffice Form Printing Canteen

2/15/21 Cell Phone Reimbursement -$ 50.00$2/15/2021 Internet Reimbursement -$ 50.00$

-$-$-$-$-$-$-$-$-$

TOTALS - -$ -$ -$ -$ -$ 100.00$ -$ -$


ExpenseConferences/

Education


ParticipantEducation Postage Telephone Misc. Acct# Amount

Transportation -$Lodge/Meal -$Public Rel. -$Office 100.00$Part. Educ. -$Board Expense -$Conf/Education -$Marketing -$Postage -$Telephone -$Misc. -$

TOTALS -$ -$ -$ -$ -$ -$ -$ TotalDue 100.00$

***Note:

All expenses noted were incurred by me in accordance with the board approved expense guidelines. Mike Whalen



Employee Signature:





R - Accting 5/7/2021

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