Trustees of the Episcopal Diocese of MichiganGrowth and Income FundPerformance Dashboard

3rd Quarter 2019

Asset Allocation and Quarter Returns by Class

Asset Allocation by Class Investment VehicleTarget

AllocationActual

AllocationActual

ReturnsBenchmark

ReturnsUS Large Cap Stocks Vanguard FTSE Soc Index Instit (VFTNX) 1 20% 20.7% 1.82% 1.70%US All Cap Value Stocks DFA US Social Core 2 (DFUEX) 2 22% 20.7% 0.79% 1.23%Developed Market Int'l Stocks DFA Int'l Social Core (DSCLX) 3 18% 19.7% -1.73% -1.00%Emerging Market Stocks DFA Emerg Mkts Social Core (DFESX) 4 4% 2.0% -4.11% -4.11%Real Estate Vanguard REIT Index (VGSLX) 4% 4.0% 7.40% 6.83%Fixed Income Vanguard Total Bond Index Instit (VBTIX) 31% 31.5% 2.43% 2.27%Cash Schwab Money Market 1% 1.4% 0.48% 0.53%1. Converted to ESGV near end of quarter 4. Converted to DESIX near end of qtr Total Portfolio (net) 1.30% 1.25%2. Converted to DFSIX near end of quarter3. Converted to DFSPX and VSGX near end of quarter

Overall Performance History

Q3-19 Q2-19 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs

Portfolio Return (gross) 1.32% 3.30% 4.00% 7.96% 6.47% 7.63% 7.75%Portfolio Return (net) 1.30% 3.27% 3.89% 7.85% 6.36% 7.37% 7.35%Policy Index 1.25% 3.41% 5.46% 7.57% 6.29% 7.94% 8.54%Russell 3000 1.17% 4.09% 2.92% 12.83% 10.44% 13.01% 13.08%# Share Outstanding 1,241,310 1,231,933 1,226,266 1,110,742 1,052,055 968,982 1,009,174Net Asset Value 38,129,020 37,710,112 37,697,668 30,541,633 29,018,979 24,096,380 23,283,034Share Value 30.7168 30.6105 30.7418 27.4966 27.5831 24.8677 23.0714

Other Key FiguresNumber of Investors in the Fund 54 Investment Advisor Fees (annualized) 0.10%

Average Investment Size $708,466 Mutual Fund Fees (ann. weighted avg) 0.19%

Median Investment Size $66,602 Accounting and Audit Services (avg) 0.06%

Largest Investment (Dio Michigan) $20,421,339 Dividend Rate (applied to 20 qtr avg) 4.10%

Smallest Investment $283 Questions? Mark Miliotto at mmiliotto@edomi.org or 313-833-4427

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Q3-19 Q2-19 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs

Portfolio Return (gross) Portfolio Return (net) Policy Index Russell 3000

Funds vs. Benchmarks ‐ Episcopal Diocese of Michgian

Fixed Income: 3rd Qtr 2019 2nd Qtr 20191st Qtr       2019 2018 Returns 2017 Returns 2016 Returns 2015 Returns

2nd Half of 2014 Return

Target Weight

Old Expense Ratio

New Expense Ratio

Fund Vanguard Total Bond Market Index Instl (VBTIX) 2.43% 3.08% 2.95% ‐0.01% 3.57% 2.61% 0.41% 1.91% 3.24% 31% 0.035% 0.035%Benchmark Bloomberg Barclays Total Bond Market 2.27% 3.08% 2.94% 0.01% 3.54% 2.65% 0.56% 1.93% 3.25%

U.S. Stocks:Old Fund DFA US Social Core 2 (DFUEX) 0.79% 3.98% 13.99% ‐9.98% 18.98% 17.78% ‐4.64% 1.63% 7.48% 22% 0.28%Benchmark Russell 3000 Value 1.23% 3.68% 11.93% ‐8.58% 13.19% 18.40% ‐4.14% 4.39% 7.20%

Old Fund Vanguard FTSE Social Index Institutional (VFTNX) 1.82% 4.58% 13.76% ‐3.38% 24.19% 10.34% 1.27% 8.30% 11.36% 20% 0.12%New Fund DFA US Sustainability Fund (DFSIX) 1.06% 4.74% 14.16% ‐6.73% 21.35% 13.91% ‐1.23% 3.42% 9.26% 21% 0.25%New Fund Vanguard ESG US Stock ETF (ESGV) 1.72% 4.66% 14.35% N/A N/A N/A N/A N/A N/A 21% 0.12%New Benchmark Russell 3000 1.16% 4.10% 14.04% ‐5.24% 21.13% 12.74% 0.48% 5.25% 9.92% 42%Benchmark S&P 500 1.70% 4.30% 13.65% ‐4.38% 21.83% 11.96% 1.38% 6.12% 10.53%

International Stocks:Old Fund DFA International Social Core (DSCLX) ‐1.73% 2.37% 9.92% ‐17.38% 27.65% 6.31% ‐0.75% ‐12.27% 1.47% 18% 0.33%New Fund DFA Intl Sustainability Fund (DFSPX) ‐0.83% 3.64% 10.50% ‐15.53% 27.26% 2.82% ‐0.27% ‐10.87% 2.11% 9% 0.34%New Fund Vanguard ESG Intl Stock ETF (VSGX) ‐0.89% 3.31% 9.73% N/A N/A N/A N/A N/A N/A 11% 0.15%New Benchmark MSCI  All Country Ex US ‐1.70% 3.22% 10.43% ‐13.77% 27.77% 5.01% ‐5.25% ‐8.81% 2.18% 20%Benchmark MSCI EAFE ‐1.00% 3.97% 10.13% ‐13.36% 25.62% 1.51% ‐0.39% ‐9.20% 2.41%

Fund DFA Emerging Markets Social Core (DFESX) ‐4.11% 1.18% 8.94% ‐14.88% 37.30% 13.18% ‐15.49% ‐7.63% 1.68% 4% 0.53%New Fund DFA Emg Mkt Sustainability Fund (DESIX) ‐3.93% 1.03% 8.76% N/A N/A N/A N/A N/A N/A 2% 0.65%Benchmark MSCI Emerging Markets ‐4.11% 0.74% 9.95% ‐14.25% 37.75% 11.60% ‐14.60% ‐7.78% 1.91%

Real Estate Investment Trusts:Fund Vanguard REIT Index (VGSLX) 7.40% 1.73% 17.28% ‐5.95% 4.94% 8.50% 2.38% 10.72% 8.78% 4% 0.12% 0.12%Benchmark Dow Jones US Select REIT 6.83% 0.82% 15.72% ‐4.22% 3.76% 6.68% 4.47% 11.64% 8.59%

Cash:Fund Schwab Money Market (SNVXX) 0.48% 0.53% 0.55% 1.51% 0.49% 0.00% 0.00% 0.00% 0.68% 1% 0.35% 0.35%Benchmark 30 Day T‐Bills 0.53% 0.60% 0.58% 1.81% 0.80% 0.16% 0.01% 0.00% 0.86%

Total Fund:Fund EDOMI Growth & Income Fund ‐ Net 1.30% 3.27% 9.38% ‐6.88% 16.34% 8.77% ‐1.34% 0.85% 5.76% 226% 0.185% 0.157%Benchmark Policy Index 1.25% 3.41% 9.12% ‐5.70% 14.34% 8.24% ‐0.75% 1.23% 5.73%

+/‐ benchmark 0.05% ‐0.14% 0.26% ‐1.18% 2.00% 0.53% ‐0.59% ‐0.38% 0.03% DPI Fee 0.10% 0.10%

Total 0.285% 0.257%

Since 06/30/14 (63 months) 

Annualized

Fund Level Performance 9‐30‐19 v2

Growth and Income FundIncome Statement

As of September 30, 2019

Current Quarter

per # of Shares

as % of Avg

AssetsLast 4

Quarters

as % of Avg

Assets

Investment IncomeDividend Income 199,159 0.160 0.52% 859,819 2.32%Interest Income 0 0.000 0.00% 1 0.00%Capital Gain Distributions 0 0.000 0.00% 123,599 0.33%Other Revenues 0 0.000 0.00% 0 0.00%

Total Investment Income 199,159 0.160 0.52% 983,418 2.65%

ExpensesLegal 0 0.000 0.00% 0 0.00%Audit 0 0.000 0.00% 12,040 0.03%Accounting Fees 3,000 0.002 0.01% 12,000 0.03%Investment Management Expense 9,598 0.008 0.03% 36,988 0.10%Conference Calls 52 0.000 0.00% 139 0.00%Printing 0 0.000 0.00% 0 0.00%Meeting Expenses 25 0.000 0.00% 138 0.00%Bank Charges 0 0.000 0.00% 0 0.00%

Total Expenses 12,675 0.010 0.03% 61,305 0.17%

Net Investment Income 186,484 0.150 0.49% 922,113 2.49%

Realized and Unrealized Gain (loss) from InvestmentsUnrealized Gains (Losses) -4,619,958 -3.722 -12.11% -4,457,944 -12.03%Realized Gains(Losses) 4,921,850 3.965 12.90% 4,919,697 13.27%

Total Realized and Unrealized Gain (loss) from Investments 301,893 0.243 0.79% 461,753 1.25%

Net Increase (Decrease) in Net Assets from Operations 488,376 0.393 1.28% 1,383,866 3.73%

MemoDividend Distribution -356,504 -0.287 -0.93% -1,408,184 -3.80%Net Growth after Dividends 131,872 0.106 0.35% -24,318 -0.07%

Trustees of the Diocese of MichiganGrowth and Income Fund Activity

For the Quarter Ending September 30, 2019

Net Assets # Shares Share Value

Return on Avg

Value

Return on Begin

Value

Balance at 6-30-2019 37,710,112 1,231,933.03 30.6105New deposits 214,677 7,013.16Dividends Reinvested 112,822 3,685.71Withdrawals -40,461 -1,321.81Dividend and Interest Income 199,159 0.1604 0.52% 0.52%Invest Mgmt Fees -9,598 -0.0077 -0.03% -0.03%Audit, Accounting, Other -3,078 -0.0025 -0.01% -0.01%Realized/Unrealized Gains (Losses) 301,893 0.2432 0.79% 0.79%

Balance Before Dividend 38,485,524 31.0040 1.28% 1.29%

Dividend Distribution -356,504 -0.2872 -0.94% -0.94%Balance After Dividend at 9-30-2019 38,129,020 1,241,310.09 30.7168 0.35% 0.35%

For the Four Quarters Ending September 30, 2019

Net Assets # Shares Share Value

Return on Avg

Value

Return on Begin

Value

Balance at 9-30-2018 37,697,668 1,226,266.09 30.7418New deposits 368,109 12,471.86Dividends Reinvested 429,228 14,452.21Withdrawals -341,667 -11,880.07Dividend and Interest Income 983,418 0.7979 2.67% 2.60%Invest Mgmt Fees -36,988 -0.0300 -0.10% -0.10%Audit, Accounting, Other -24,317 -0.0197 -0.07% -0.06%Realized/Unrealized Gains (Losses) 461,753 0.3687 1.23% 1.20%

Balance Before Dividend 39,537,204 31.8587 3.73% 3.63%

Dividend Distribution -1,408,184 -1.1419 -3.82% -3.71%Balance After Dividend at 9-30-2019 38,129,020 1,241,310.09 30.7168 -0.08% -0.08%