first quarter 2020 investment performance …real estate ncreif property index** 1.6% 6.4% 6.7% 8.2%...

Market Environment Update & Outlook 1Executive Summary 2Plan Summary & Analytics 3Manager Analysis 4Appendix 5

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TABLE OF CONTENTS

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NEPC, LLC

MARKET ENVIRONMENT UPDATE AND

OUTLOOK

INDEX PERFORMANCE SUMMARYAS OF MARCH 31, 2020

* 35% LC, 10% SC, 12% Int'l, 3% Emerging, 25% FI, 5% HY, 5% Global FI, 5% REITS**As of 12/31/2019

Domestic Equity Benchmarks Qtr. 1 Yr. 3 Yr. 5 Yr. 10 Yr.Large Core S&P 500 -19.6% -7.0% 5.1% 6.7% 10.5%Small Core Russell 2000 -30.6% -24.0% -4.6% -0.2% 6.9%Small Growth Russell 2000 Growth -25.8% -18.6% 0.1% 1.7% 8.9%Small Value Russell 2000 Value -35.7% -29.6% -9.5% -2.4% 4.8%Large Core Russell 1000 -20.2% -8.0% 4.6% 6.2% 10.4%Large Growth Russell 1000 Growth -14.1% 0.9% 11.3% 10.4% 13.0%Large Value Russell 1000 Value -26.7% -17.2% -2.2% 1.9% 7.7%Mid Core S&P Mid Cap 400 -29.7% -22.5% -4.1% 0.6% 7.9%REIT NAREIT Composite -25.5% -18.1% -0.9% 1.5% 8.1%Int'l Equity Benchmarks Qtr. 1 Yr. 3 Yr. 5 Yr. 10 Yr.International Developed MSCI EAFE -22.8% -14.4% -1.8% -0.6% 2.7%Emerging Equity MSCI EM -23.6% -17.7% -1.6% -0.4% 0.7%Small Cap Int'l S&P EPAC SmallCap -27.6% -18.3% -3.1% 0.7% 4.9%World ex-US MSCI ACWI ex-US -23.4% -15.6% -2.0% -0.6% 2.1%Domestic FI Benchmarks Qtr. 1 Yr. 3 Yr. 5 Yr. 10 Yr.Core Bonds Barclays Aggregate 3.1% 8.9% 4.8% 3.4% 3.9%Municipal Bond Barclays Municipal -0.6% 3.8% 4.0% 3.2% 4.1%High Yield Barclays US High Yield -12.7% -6.9% 0.8% 2.8% 5.6%Intermediate Gov/Cred Barclays Interm. Gov/Credit 2.4% 6.9% 3.8% 2.8% 3.1%Long Gov/Credit Barclays Long Gov/Credit 6.2% 19.3% 9.7% 6.0% 8.1%Long Credit Barclays Long Credit -4.7% 9.0% 6.6% 4.7% 7.3%Long Treasuries Barclays US 20+ Yr Treas 21.5% 33.5% 13.8% 7.4% 9.5%Cash ICE BofAML US 3M T-Bill 0.6% 2.3% 1.8% 1.2% 0.6%Inflation Barclays US TIPS 1-10 Yr 0.3% 4.5% 2.5% 2.2% 2.5%STRIPS Barclays 20+ Yr STRIPS 30.0% 47.8% 18.9% 9.6% 13.5%Global FI Benchmarks Qtr. 1 Yr. 3 Yr. 5 Yr. 10 Yr.World Gov. Bonds FTSE WGBI 2.0% 6.2% 4.3% 3.0% 2.2%Em. Mkt. Bonds (Local) JPM GBI-EM Glob. Div. -15.2% -6.5% -0.8% 0.3% 0.5%Global Inflation Barclays Global ILB -2.7% 1.2% 2.6% 1.9% 3.1%Diversified Benchmark Qtr. 1 Yr. 3 Yr. 5 Yr. 10 Yr.Diversified Diversified* -14.4% -5.9% 2.4% 3.4% 6.5%Alternative Benchmarks Qtr. 1 Yr. 3 Yr. 5 Yr. 10 Yr.Commodities Bloomberg Commodity Index -23.3% -22.3% -8.6% -7.8% -6.7%Real Estate NCREIF Property Index** 1.6% 6.4% 6.7% 8.2% 10.2%

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CALENDAR YEAR INDEX PERFORMANCE

Source: FactSet, Barclays, Thomson One*Private Equity return represents calendar year pooled IRR and is subject to a one quarter lag

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Mar YTD

S&P 500 15.1% 2.1% 16.0% 32.4% 13.7% 1.4% 12.0% 21.8% -4.4% 31.5% -12.4% -19.6%

Russell 1000 16.1% 1.5% 16.4% 33.1% 13.2% 0.9% 12.1% 21.7% -4.8% 31.4% -13.2% -20.2%

Russell 2000 26.9% -4.2% 16.3% 38.8% 4.9% -4.4% 21.3% 14.6% -11.0% 25.5% -21.7% -30.6%

Russell 2500 26.7% -2.5% 17.9% 36.8% 7.1% -2.9% 17.6% 16.8% -10.0% 27.8% -21.7% -29.7%

MSCI EAFE 7.8% -12.1% 17.3% 22.8% -4.9% -0.8% 1.0% 25.0% -13.8% 22.0% -13.3% -22.8%

MSCI EM 18.9% -18.4% 18.2% -2.6% -2.2% -14.9% 11.2% 37.3% -14.6% 18.4% -15.4% -23.6%

MSCI ACWI 12.7% -7.3% 16.1% 22.8% 4.2% -2.4% 7.9% 24.0% -9.4% 26.6% -13.5% -21.4%

Private Equity* 19.8% 9.5% 12.6% 22.3% 14.6% 10.4% 10.3% 21.0% 13.1% 11.0% - 11.0%

BC TIPS 6.3% 13.6% 7.0% -8.6% 3.6% -1.4% 4.7% 3.0% -1.3% 8.4% -1.8% 1.7%

BC Municipal 2.4% 10.7% 6.8% -2.6% 9.1% 3.3% 0.2% 5.4% 1.3% 7.5% -3.6% -0.6%

BC Muni High Yield 7.8% 9.2% 18.1% -5.5% 13.8% 1.8% 3.0% 9.7% 4.8% 10.7% -11.0% -6.9%

BC US Corporate HY 15.1% 5.0% 15.8% 7.4% 2.5% -4.5% 17.1% 7.5% -2.1% 14.3% -11.5% -12.7%

BC US Agg Bond 6.5% 7.8% 4.2% -2.0% 6.0% 0.5% 2.6% 3.5% 0.0% 8.7% -0.6% 3.1%

BC Global Agg 5.5% 5.6% 4.3% -2.6% 0.6% -3.2% 2.1% 7.4% -1.2% 6.8% -2.2% -0.3%

BC Long Treasuries 9.4% 29.9% 3.6% -12.7% 25.1% -1.2% 1.3% 8.5% -1.8% 14.8% 6.1% 20.9%

BC US Long Credit 10.7% 17.1% 12.7% -6.6% 16.4% -4.6% 10.2% 12.2% -6.8% 23.4% -10.2% -4.7%

BC US STRIPS 20+ Yr 10.9% 58.5% 3.0% -21.0% 46.4% -3.7% 1.4% 13.7% -4.1% 20.9% 8.6% 30.0%

JPM GBI-EM Global Div 15.7% -1.8% 16.8% -9.0% -5.7% -14.9% 9.9% 15.2% -6.2% 13.5% -11.1% -15.2%

JPM EMBI Glob Div 12.2% 7.3% 17.4% -5.3% 7.4% 1.2% 10.2% 10.3% -4.3% 15.0% -13.8% -13.4%

CS Hedge Fund 10.9% -2.5% 7.7% 9.7% 4.1% -0.7% 1.2% 7.1% -3.2% 9.3% - -1.8%

BBG Commodity 16.8% -13.3% -1.1% -9.5% -17.0% -24.7% 11.8% 1.7% -11.2% 7.7% -12.8% -23.3%

Alerian MLP 35.9% 13.9% 4.8% 27.6% 4.8% -32.6% 18.3% -6.5% -12.4% 6.6% -47.2% -57.2%

FTSE NAREIT Equity REITs 28.0% 8.3% 18.1% 2.5% 30.1% 3.2% 8.5% 5.2% -4.6% 26.0% -21.9% -27.3%

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Macro Equity Credit Real Assets

USDollar VIX US

10-YrS&P500

MSCIEAFE

MSCIEM

USAgg.

High Yield

DollarEMD Oil Gold REITS

2.8% 39.8 -124 bps -19.6% -22.8% -23.6% 3.1% -12.7% -13.4% -67.1% 4.0% -25.5%

Global risk assets declined during the quarter as markets digested thepotential economic impact of COVID-19

Equities experienced the sharpest declines, with most major indices entering bear marketterritory in March

Widespread stimulative fiscal and monetary policies have been implementedto help support economic growth

Energy prices collapsed as tensions intensified between Saudi Arabia andRussia, leading to supply gluts and a sharp decline in prices

PERFORMANCE OVERVIEWQ1 Market Summary

Market segment (index representation) as follows: US Dollar (DXY Index), VIX (CBOE Volatility Index), US 10-Year (US 10-Year Treasury Yield), S&P 500 (USEquity), MSCI EAFE Index (International Developed Equity), MSCI Emerging Markets (Emerging Markets Equity), US Agg (Barclays US Aggregate BondIndex), High Yield (Barclays US High Yield Index), Dollar EMD (JPM EMBI Global Diversified Index), Crude Oil (WTI Crude Oil Spot), Gold (Gold Price Spot),and REITs (NAREIT Composite Index). Source: FactSet

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Extended US Economic Cycle

The US announced a $2.2 trillion dollarstimulus package, representing roughly10% of total GDP

Government bond yields declined withthe US 10-Year Treasury yields falling124 bps, ending Q1 at historical lows

Safe-haven currencies broadly rallied,reflecting a flight-to-quality acrossmarkets

Yield 12/31/19

Yield 03/31/20 |Δ|

US 10-Year 1.92% 0.68% -1.24%

US 30-Year 2.39% 1.32% -1.07%

US Real 10-Year 0.15% -0.17% -0.32%

German 10-Year -0.19% -0.49% -0.30%

Japan 10-Year -0.02% 0.02% 0.04%

China 10-Year 3.20% 2.61% -0.59%

EM Local Debt 5.22% 5.36% 0.14%

Q1 Macro Market Summary

Source: FactSet

Source: FactSet

CentralBanks

CurrentRate

CPIYOY

Notes from the Quarter

FederalReserve

0.00% -0.25% 2.3%

The Fed cut interest rates by a total of 150 basis points in two emergency meetings in March and announced unlimited QE

EuropeanCentralBank

0.00% 1.2%The ECB maintained its current benchmark interest rates and announced an €750 billion QE

program

Bank ofJapan -0.10% 0.5%

The BoJ continued its ultra-easy QE and introduced an

unscheduled policy to purchase an additional ￥1 trillion worth

of government bond

MACRO PERFORMANCE OVERVIEW

Source: FactSet

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Equity Performance Overview

Global equities entered bear markets,falling over 20% from the peaks, amidCOVID-19 concerns

Small cap equities underperformedgiven their sensitivity and vulnerabilityto an economic slowdown

Chinese equities performed relativelywell as COVID-19 cases declined andmanufacturing data rebounded

Russell 3000 QTD Sector Returns

Technology -12.1%

Health Care -12.9%

Consumer Discretionary -20.5%

Consumer Staples -15.1%

Energy -51.6%

Materials & Processing -28.3%

Producer Durables -27.8%

Financial Services -28.6%

Utilities -15.1%

Q1 Equity Market Summary

Source: FactSet

Source: FactSetSource: FactSet

EQUITY PERFORMANCE OVERVIEW

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Credit Performance Overview

Credit spreads increased, ending thequarter well above long-termmedians

US corporate high yield bonds fell 12.7%after spreads widened by 544 bps

Long credit returns decreased 4.7%,reflecting spread widening, whichoffset the decline in rates rates

Q1 Credit Market Summary

Source: FactSet

Source: FactSet; Ranges calculated since 11/30/2000Source: FactSet

Credit Spread(Basis Points) 12/31/2019 3/31/2020 |Δ|

BC IG Credit 93 272 179

BC Long Credit 139 279 140

BC Securitized 42 72 30

BC High Yield 336 880 544

Muni HY 226 473 247

JPM EMBI 291 626 335

Bank Loans - Libor 372 734 362

CREDIT PERFORMANCE OVERVIEW

01002003004005006007008009001000

IG BBB LongCredit

Securitized High Yield EMBI GlobDiv

Option Ad

justed

Spread (bps)

Median SpreadCurrent Spread

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Credit Performance Overview

Spot WTI crude oil fell 67.1% as theRussia-Saudi Arabia price war anddemand uncertainties from COVID-19impacted both supply and demand

Commodities declined reflectingwaning demand, with the exception ofgold, which increased 4.0%, reflectinga flight-to-quality

Q1 Real Assets Market Summary

Source: FactSet

Source: FactSet

Real Asset Yields 12/31/2019 3/31/2020

Midstream Energy 6.4% 12.0%

Core Real Estate* 4.5% 4.5%

Composite REITs 4.1% 5.4%

Global REITs 4.2% 5.7%

Global Infrastructure Equities 4.0% 4.3%

Natural Resource Equities 3.9% 4.8%

US 10-Year Breakeven Inflation 1.77% 0.85%

Commodity Index Roll Yield -1.7% -14.3%

10-Year TIPS Real Yield 0.2% -0.2%

REAL ASSETS PERFORMANCE OVERVIEW

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

Oil

Midstream Energy

Nat Resource Equities

Global REITS

Global Infra Equities

Composite REITS

Commodities

Gold

QTD Real Asset Index Returns

Source: FactSetCore Real Estate* yields are subject to a one quarter lag

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NEPC, LLC

EXECUTIVE SUMMARY

EXECUTIVE SUMMARYASSET ALLOCATION

Asset Allocation

• All composites are within policy ranges at the end of the quarter.

Performance (Net of Fees)

• During the quarter the plan returned -14.0%, underperforming the policy index and ranking in the 55th

percentile of the Investment Metrics Public DB Universe.

• Manager selection within domestic large cap equity, international small cap equity, emerging markets equity, credit fixed income and emerging market debt detracted from relative performance. Over the last year, the Plan returned -6.5%, 1.7% behind the policy index and 1.2% below the median.

PLAN PERFORMANCE: NET OF FEES (%)

QTR 1 YEAR 3 YEARS

5 YEARS

10 YEARS

COMPOSITE -14.0 -6.5 1.7 3.0 5.6

Rank (Public) 55 71 84 69 78

Median (Public) -13.7 -5.3 2.7 3.3 6.1

ALLOC. INDEX -13.4 -5.3 2.0 3.1 6.1

POLICY INDEX -13.1 -4.8 2.4 3.3 6.0

PLAN COMMENTS RECENT ACTIONS/RECOMMENDATIONS

Manager Due Diligence

• Ninety One (formerly Investec Asset Management) announced its demerger from Investec.

Recent Actions

Withdrawals Contributions$8.0m Eaton Vance $8.1m Cash$8.0m SSgA Agg Bond $8.0m Legal & General $198k Crescent $2.0m SSgA Russell 1000$130k UBS $21k Brookfield$112k Westport $39k JP Morgan

Recommendations• Preserve liquidity as COVID-19 pandemic plays out.

• Continue a measured rebalancing approach as markets react to the pandemic.

28.6%

15.2%

3.1%

20.8%

14.1%

6.4%

4.1%

5.9% 1.7%

Plan Assets: $643 Million

U.S. Equity

Int'l Equity

EM Equity

Core Bonds

Credit

EMD

Private Debt

Real Estate

Cash

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DUE DILIGENCE MONITOR

Investment Manager

Manager Changes/Announcements (Recent Quarter)

NEPC Due Diligence Committee Recommendations

Ninety One Emerging Markets Blended Debt Yes No Action

NEPC Due Diligence Committee Recommendation Key

No Action Informational items have surfaced; no action is recommended.

Watch Issues have surfaced to be concerned over; manager can participate in future searches, but current and prospectiveclients must be made aware of the issues.

Hold Serious issues have surfaced to be concerned over; manager cannot be in future searches unless a clientspecifically requests, but current and prospective clients must be made aware of the issues.

Client Review Very serious issues have surfaced with a manager; manager cannot be in future searches unless a client specificallyrequests. Current clients must be advised to review the manager.

Terminate We have lost all confidence in the product; manager would not be recommended for searches and clients would bediscouraged from using. The manager cannot be in future searches unless a client specifically requests. Currentclients must be advised to replace the manager.

A legend key to our recommendations is provided below.

The items below summarize any changes or announcements from your Plan managers/funds. A “Yes” indicates there was an announcement and a brief summary is provided separately. NEPC’s Due Diligence Committee meets every two weeks to review events as they relate to investment managers and determines if any action should be taken by NEPC and/or by our clients. They rate events: No Action, Watch, Hold, Client Review or Terminate. NEPC considers ourselves to be a fiduciary, as ERISA defines the term in Section 3(21).

Below is a summary of manager changes, announcements and due diligence events since the issuance of our last quarterly report.Manager Changes/Announcements

Investec informed NEPC that their Group shareholders have voted to approve the proposed demerger and listing of the asset management arm as Ninety One (currently known as Investec Asset Management). Their announcement to float came out yesterday. The main motivation for this transaction is to gain independence from the Group, including (according to them, especially from) its investment banking arm. IAM/Ninety One believes they’ve been operating as an independent entity and have grown enough to not need to be under the umbrella and the brand of the Group. This rebranding would be the most impactful in South Africa where the brand Investec is widely recognized (similar to our Citibank); overseas they expect the rebranding to be a non‐event. This name change will be reflected across their funds and commingled pools between March and June time frame. No change is expected for any of the teams, strategies or processes. Employees will be granted a small tranche of new shares that will vest over 3 years, and they have the option to buy in so employee ownership could increase post demerger and listing, which is a positive. Dual listing is slated for March 16th.

NEPC Research is comfortable with this demerger and recommends No Action.

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NEPC, LLC

PLAN SUMMARY & ANALYTICS

Returns are net of fees.

AC Transit Employees' Retirement Plan

TOTAL FUND RETURN SUMMARY

Market Value($)

% ofPortfolio

3 Mo(%) Rank 1 Yr

(%) Rank 3 Yrs(%) Rank 5 Yrs

(%) Rank 10 Yrs(%) Rank Inception

(%)Inception

Date_

Total Fund 643,452,929 100.0 -14.0 55 -6.5 71 1.7 84 3.0 69 5.6 78 7.2 Mar-92Policy Index -13.1 36 -4.8 38 2.4 62 3.3 51 6.0 58 6.9 Mar-92Allocation Index -13.4 43 -5.3 51 2.0 76 3.1 65 6.1 53 -- Mar-92

InvMetrics Public DB Net Median -13.7 -5.3 2.7 3.3 6.1 6.9 Mar-92

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Wtd. Index Returns are calculated from composite benchmark returns and weightings of eachcomponent. Results may differ from the flash.

Attribution Summary3 Months Ending March 31, 2020

PolicyWeight

Wtd.ActualReturn

Wtd. IndexReturn

ExcessReturn

SelectionEffect

AllocationEffect

InteractionEffects

TotalEffects

Domestic Large Cap Equity 22.0% -21.6% -20.2% -1.3% -0.3% -0.3% 0.0% -0.6%Domestic Small Cap Equity 6.0% -32.5% -30.6% -1.9% -0.1% 0.1% 0.0% 0.0%International Equity 14.0% -21.7% -22.8% 1.2% 0.2% 0.0% 0.0% 0.2%International Small Cap 3.0% -33.7% -28.4% -5.3% -0.2% 0.1% 0.0% -0.1%Total Emerging Markets Equity 6.0% -26.9% -23.6% -3.3% -0.2% 0.3% 0.1% 0.1%Total Domestic Fixed Income 19.0% 3.1% 3.1% -0.1% 0.0% 0.1% 0.0% 0.0%Credit Fixed Income 13.0% -7.6% -6.4% -1.2% -0.2% 0.0% 0.0% -0.1%Emerging Market Debt 6.0% -15.4% -13.9% -1.5% -0.1% 0.0% 0.0% -0.1%Private Debt 5.0% 1.2% 1.7% -0.5% 0.0% -0.2% 0.0% -0.2%Real Estate 5.0% 0.5% 1.3% -0.8% 0.0% 0.0% 0.0% 0.0%Cash 1.0% 0.4% 0.4% 0.0% 0.0% -0.1% 0.0% -0.1%Total 100.0% -13.9% -13.1% -0.9% -1.0% 0.1% 0.1% -0.9%


TOTAL FUND ATTRIBUTION ANALYSIS

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Wtd. Index Returns are calculated from composite benchmark returns and weightings ofeach component. Results may differ from the flash.


TOTAL FUND ATTRIBUTION ANALYSISAttribution Summary

1 Year Ending March 31, 2020

PolicyWeight

Wtd.ActualReturn

Wtd. IndexReturn

ExcessReturn

SelectionEffect

AllocationEffect

InteractionEffects

TotalEffects

Domestic Large Cap Equity 22.0% -11.2% -8.0% -3.2% -0.7% -0.2% -0.1% -1.0%Domestic Small Cap Equity 6.0% -26.6% -24.0% -2.6% -0.2% 0.1% 0.0% -0.1%International Equity 14.0% -14.1% -14.4% 0.3% 0.0% 0.0% 0.0% 0.0%International Small Cap 3.0% -26.2% -19.0% -7.1% -0.2% 0.1% 0.0% -0.2%Total Emerging Markets Equity 6.0% -21.4% -17.7% -3.7% -0.3% 0.3% 0.1% 0.2%Total Domestic Fixed Income 19.0% 8.8% 8.9% -0.1% 0.0% 0.0% 0.0% 0.0%Credit Fixed Income 13.0% -1.6% 0.0% -1.6% -0.2% 0.0% 0.0% -0.2%Emerging Market Debt 6.0% -7.6% -6.2% -1.4% -0.1% 0.0% 0.0% -0.1%Private Debt 5.0% 8.4% 8.6% -0.2% 0.0% -0.2% 0.0% -0.2%Real Estate 5.0% 2.1% 5.3% -3.2% -0.1% 0.0% 0.0% -0.1%Cash 1.0% 2.2% 1.9% 0.4% 0.0% -0.1% 0.0% -0.1%Total 100.0% -6.5% -4.8% -1.7% -1.8% 0.1% 0.0% -1.7%

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Asset Allocation vs. Target

Current Policy Current Difference* Policy Range WithinRange

_

Large Cap Equity $154,739,685 22.0% 24.0% 2.0% 17.0% - 27.0% YesSmall Cap Equity $29,833,858 6.0% 4.6% -1.4% 3.0% - 9.0% YesInternational Large Cap $83,830,138 14.0% 13.0% -1.0% 10.0% - 18.0% YesInternational Small Cap $13,931,395 3.0% 2.2% -0.8% 0.0% - 6.0% YesEmerging Markets Equity $20,120,714 6.0% 3.1% -2.9% 0.0% - 11.0% YesCore Bonds $133,919,592 19.0% 20.8% 1.8% 17.0% - 23.0% YesCredit $90,996,295 13.0% 14.1% 1.1% 10.0% - 16.0% YesEmerging Market Debt Local $40,965,169 6.0% 6.4% 0.4% 0.0% - 11.0% YesPrivate Debt $26,534,768 5.0% 4.1% -0.9% 0.0% - 7.0% YesReal Estate $37,880,876 5.0% 5.9% 0.9% 2.0% - 8.0% YesCash $10,700,439 1.0% 1.7% 0.7% 0.0% - 5.0% YesTotal $643,452,929 100.0% 100.0%

XXXXX

*Difference between Policy and Current Allocation


ASSET ALLOCATION VS. POLICY TARGETS

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TOTAL FUND ASSET ALLOCATION HISTORY

19


TOTAL DOMESTIC EQUITY

20


DOMESTIC LARGE CAP EQUITY

21

Last ThreeMonths One Year Three Years

_

Beginning Market Value $747,977,007 $691,370,732 $619,506,868Net Cash Flow -$554,310 -$5,086,645 -$14,018,805Net Investment Change -$103,969,767 -$42,831,158 $37,964,866Ending Market Value $643,452,929 $643,452,929 $643,452,929

_


TOTAL FUND ASSET GROWTH SUMMARY

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TOTAL FUND ASSET GROWTH SUMMARY-MANAGERS Quarter Ending March 31, 2020

BeginningMarket Value Net Cash Flow Net Investment

ChangeEnding

Market Value_

Blackrock Russell 1000 Index Fund $62,298,070 $0 -$12,589,039 $49,709,031Brookfield Strategic Real Estate Partners ll, L.P. $4,538,728 $20,662 $0 $4,559,390Capital Group International Equity Trust $60,862,191 $0 -$11,713,557 $49,148,634Cash Account $2,583,202 $8,104,206 $13,030 $10,700,439City of London Emerging Markets Equity $13,685,905 $0 -$3,500,533 $10,185,372Crescent Direct Lending Fund, L.P. $3,600,068 -$197,593 $0 $3,402,475Dimensional International Small Cap Value Portfolio $21,011,106 $0 -$7,079,711 $13,931,395Dimensional U.S. Small Cap Trust $44,144,485 $0 -$14,310,627 $29,833,858Dodge & Cox U.S. Equity $62,387,641 -$679 -$17,430,528 $44,956,433Eaton Vance Trust Company/Parametric Emerging Markets Equity Fund $13,839,362 -$8,000,000 -$2,970,053 $2,869,309JPMCB Strategic Property Fund $15,865,409 -$38,887 $248,332 $16,074,854Landmark Real Estate Partners VIII, L.P. $1,617,580 -$19,364 $421 $1,598,637Legal and General Emerging Markets Fund -- $8,000,000 -$933,967 $7,066,033Loomis Sayles Credit Asset Trust $47,797,616 $0 -$3,648,819 $44,148,797Monroe Capital Private Credit Fund III (Unleveraged), L.P. $14,165,842 $0 $278,035 $14,443,877Ninety One EMD Blended Debt LLC $48,379,908 $0 -$7,414,738 $40,965,169Park Square Capital Credit Opportunities ll $10,831,251 -$2,180,387 $37,552 $8,688,416PIMCO Diversified Income Fund $50,664,457 $0 -$3,816,959 $46,847,498Sands Capital Select Growth Strategy $34,270,648 $0 -$3,079,706 $31,190,942State Street Russell 1000 Index NL Fund $11,553,936 $2,000,000 -$2,302,573 $11,251,363State Street Russell 1000 Value Index NL Fund $24,050,653 $0 -$6,418,737 $17,631,916State Street US Aggregate Bond Index NL Fund $137,846,563 -$8,000,000 $4,073,029 $133,919,592TIF International Equity Series $46,064,151 $0 -$11,382,647 $34,681,504UBS Trumbull Property Fund $14,707,330 -$130,269 -$26,853 $14,550,208Westport Real Estate Fund lll, L.P. $1,210,905 -$112,000 -$1,118 $1,097,787Total $747,977,007 -$554,310 -$103,969,767 $643,452,929

23

State Street Russell 1000 Index NL Fund and State Street Russell 1000 Value Index NL Fund have a combine annual minimum fee of $30,000.


FEE SCHEDULEAccount Fee Schedule Market Value

As of 3/31/2020 % of Portfolio Estimated AnnualFee ($)

Estimated AnnualFee (%)

_

Blackrock Russell 1000 Index Fund 0.08% of First 50.0 Mil,0.05% of Next 50.0 Mil

$49,709,031 7.7% $39,767 0.08%

Dodge & Cox U.S. Equity 0.60% of First 5.0 Mil,0.50% of Next 10.0 Mil,0.40% of Next 10.0 Mil,0.30% of Next 25.0 Mil,0.25% Thereafter

$44,956,433 7.0% $179,869 0.40%

Sands Capital Select Growth Strategy 0.75% of First 50.0 Mil,0.50% Thereafter

$31,190,942 4.8% $233,932 0.75%

State Street Russell 1000 Index NL Fund 0.06% of First 50.0 Mil,0.04% of Next 50.0 Mil,0.03% Thereafter

$11,251,363 1.7% $6,751 0.06%

State Street Russell 1000 Value Index NL Fund 0.06% of First 50.0 Mil,0.04% of Next 50.0 Mil,0.03% Thereafter

$17,631,916 2.7% $10,579 0.06%

Dimensional U.S. Small Cap Trust 0.35% of Assets $29,833,858 4.6% $104,419 0.35%

Capital Group International Equity Trust 0.70% of First 25.0 Mil,0.55% of Next 25.0 Mil,0.43% of Next 200.0 Mil,0.38% Thereafter

$49,148,634 7.6% $307,817 0.63%

TIF International Equity Series 0.80% of Assets $34,681,504 5.4% $277,452 0.80%

Dimensional International Small Cap Value Portfolio 0.68% of Assets $13,931,395 2.2% $94,733 0.68%

City of London Emerging Markets Equity 1.25% of Assets $10,185,372 1.6% $127,317 1.25%

Eaton Vance Trust Company/Parametric Emerging Markets EquityFund

0.78% of Assets $2,869,309 0.4% $22,381 0.78%

Legal and General Emerging Markets Fund 0.08% of Assets $7,066,033 1.1% $5,653 0.08%

24


FEE SCHEDULEAccount Fee Schedule Market Value

As of 3/31/2020 % of Portfolio Estimated AnnualFee ($)

Estimated AnnualFee (%)

_

State Street US Aggregate Bond Index NL Fund 0.06% of First 50.0 Mil,0.05% of Next 50.0 Mil,0.04% Thereafter

$133,919,592 20.8% $68,568 0.05%

Loomis Sayles Credit Asset Trust 0.45% of Assets $44,148,797 6.9% $198,670 0.45%

PIMCO Diversified Income Fund 0.75% of Assets $46,847,498 7.3% $351,356 0.75%

Ninety One EMD Blended Debt LLC 0.55% of Assets $40,965,169 6.4% $225,308 0.55%

Crescent Direct Lending Fund, L.P. 0.85% of Assets $3,402,475 0.5% $28,921 0.85%

Park Square Capital Credit Opportunities ll Performance-based 0.75 and 10.00 $8,688,416 1.4% $65,163 0.75%

Monroe Capital Private Credit Fund III (Unleveraged), L.P. No Fee $14,443,877 2.2% -- --

Westport Real Estate Fund lll, L.P. 1.15% of Assets $1,097,787 0.2% $12,625 1.15%

JPMCB Strategic Property Fund 1.00% of Assets $16,074,854 2.5% $160,749 1.00%

UBS Trumbull Property Fund 0.96% of First 10.0 Mil,0.83% of Next 15.0 Mil,0.81% of Next 25.0 Mil,0.79% of Next 50.0 Mil,0.67% of Next 150.0 Mil,0.60% Thereafter

$14,550,208 2.3% $133,039 0.91%

$4,559,390 0.7% $68,391 1.50%Performance-based 1.50 and 20.00

Performance-based 1.00 and 12.00 $1,598,637 0.2% $50,000 1.00%

No Fee $10,700,439 1.7% -- --

Brookfield Strategic Real Estate Partners ll, L.P.

Landmark Real Estate Partners VIII, L.P.**

Cash Account

Investment Management Fee $643,452,929 100.0% $2,773,460 0.42%

*1.5% on committed capital during the investment period and 1.5% on invested capital following the investment period, plus 20% performance fee over a 9% hurdle.

25

Market Value($) % of Portfolio 3 Mo

(%)1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Inception(%)

InceptionDate

_

Total Fund 643,452,929 100.0 -14.0 -6.5 1.7 3.0 5.6 7.2 Mar-92Policy Index -13.1 -4.8 2.4 3.3 6.0 6.9 Mar-92

Over/Under -0.9 -1.7 -0.7 -0.3 -0.4 0.3 Allocation Index -13.4 -5.3 2.0 3.1 6.1 -- Mar-92

InvMetrics Public DB Net Median -13.7 -5.3 2.7 3.3 6.1 6.9 Mar-92Total Equity 302,455,790 47.0 -23.8 -15.3 -0.3 2.1 6.5 7.0 Oct-09

eV All Global Equity Net Median -21.3 -11.9 0.9 2.3 6.2 6.7 Oct-09Total Domestic Equity 184,573,543 28.7 -23.6 -14.2 1.4 4.2 9.1 9.0 Mar-92

Russell 3000 -20.9 -9.1 4.0 5.8 10.1 8.9 Mar-92Over/Under -2.7 -5.1 -2.6 -1.6 -1.0 0.1 eV All US Equity Net Median -24.6 -15.4 0.3 2.6 8.3 9.5 Mar-92

Domestic Large Cap Equity 154,739,685 24.0 -21.6 -11.2 3.4 5.5 9.6 9.6 Mar-92Russell 1000 -20.2 -8.0 4.6 6.2 10.4 9.0 Mar-92

Over/Under -1.4 -3.2 -1.2 -0.7 -0.8 0.6 eV US Large Cap Equity Net Median -20.8 -9.5 3.0 4.7 9.3 9.2 Mar-92

Blackrock Russell 1000 Index Fund 49,709,031 7.7 -20.2 -8.1 4.6 6.2 10.3 7.3 Dec-05Russell 1000 -20.2 -8.0 4.6 6.2 10.4 7.4 Dec-05

Over/Under 0.0 -0.1 0.0 0.0 -0.1 -0.1 eV US Large Cap Core Equity Net Median -20.1 -8.7 3.4 5.0 9.6 7.1 Dec-05

Dodge & Cox U.S. Equity 44,956,433 7.0 -28.0 -18.4 -1.9 3.0 8.3 10.4 Mar-92Russell 1000 Value -26.7 -17.2 -2.2 1.9 7.7 8.7 Mar-92

Over/Under -1.3 -1.2 0.3 1.1 0.6 1.7 eV US Large Cap Value Equity Net Median -26.4 -16.9 -1.7 1.9 7.4 8.5 Mar-92

Sands Capital Select Growth Strategy 31,190,942 4.8 -9.2 -1.1 14.7 10.3 -- 13.8 Aug-12Russell 1000 Growth -14.1 0.9 11.3 10.4 13.0 13.6 Aug-12

Over/Under 4.9 -2.0 3.4 -0.1 0.2 eV US Large Cap Growth Equity Net Median -14.0 -1.0 10.2 8.6 11.7 12.6 Aug-12

State Street Russell 1000 Index NL Fund 11,251,363 1.7 -20.2 -8.1 4.6 -- -- 7.3 Jun-16Russell 1000 -20.2 -8.0 4.6 6.2 10.4 7.4 Jun-16

Over/Under 0.0 -0.1 0.0 -0.1 eV US Large Cap Core Equity Net Median -20.1 -8.7 3.4 5.0 9.6 6.0 Jun-16


TOTAL FUND PERFORMANCE DETAIL

26


(%)1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Inception(%)

InceptionDate

_

State Street Russell 1000 Value Index NL Fund 17,631,916 2.7 -26.7 -17.2 -2.2 -- -- 1.9 Jun-16Russell 1000 Value -26.7 -17.2 -2.2 1.9 7.7 1.9 Jun-16

Over/Under 0.0 0.0 0.0 0.0 eV US Large Cap Value Equity Net Median -26.4 -16.9 -1.7 1.9 7.4 2.2 Jun-16

Domestic Small Cap Equity 29,833,858 4.6 -32.5 -26.6 -7.1 -1.2 7.2 7.2 Mar-92Russell 2000 -30.6 -24.0 -4.6 -0.2 6.9 7.7 Mar-92

Over/Under -1.9 -2.6 -2.5 -1.0 0.3 -0.5 eV US Small Cap Equity Net Median -31.4 -24.7 -5.3 -0.6 6.8 10.2 Mar-92

Dimensional U.S. Small Cap Trust 29,833,858 4.6 -32.5 -26.6 -7.1 -1.2 7.2 7.2 Jan-02Russell 2000 -30.6 -24.0 -4.6 -0.2 6.9 6.2 Jan-02

Over/Under -1.9 -2.6 -2.5 -1.0 0.3 1.0 eV US Small Cap Core Equity Net Median -30.9 -24.6 -5.1 -0.2 7.1 6.9 Jan-02

Total International Equity 97,761,533 15.2 -23.6 -16.0 -2.4 -0.7 2.6 6.4 Jan-93MSCI EAFE -22.8 -14.4 -1.8 -0.6 2.7 5.1 Jan-93

Over/Under -0.8 -1.6 -0.6 -0.1 -0.1 1.3 eV All EAFE Equity Net Median -24.2 -16.1 -2.3 -0.6 3.7 6.7 Jan-93

Capital Group International Equity Trust 49,148,634 7.6 -19.4 -8.1 3.9 3.0 4.9 7.0 Sep-92MSCI EAFE -22.8 -14.4 -1.8 -0.6 2.7 4.8 Sep-92

Over/Under 3.4 6.3 5.7 3.6 2.2 2.2 MSCI EAFE Growth -17.5 -5.8 3.0 2.5 4.7 4.4 Sep-92

eV All EAFE Equity Net Median -24.2 -16.1 -2.3 -0.6 3.7 6.4 Sep-92TIF International Equity Series 34,681,504 5.4 -24.7 -21.2 -6.4 -3.8 0.9 6.0 Sep-92

MSCI EAFE -22.8 -14.4 -1.8 -0.6 2.7 4.8 Sep-92Over/Under -1.9 -6.8 -4.6 -3.2 -1.8 1.2

MSCI ACWI ex USA -23.4 -15.6 -2.0 -0.6 2.1 -- Sep-92MSCI ACWI ex USA Value -28.5 -23.7 -6.5 -3.5 0.1 -- Sep-92

eV All ACWI ex-US Equity Net Median -23.0 -13.6 -0.9 0.3 3.7 6.8 Sep-92Dimensional International Small Cap Value Portfolio 13,931,395 2.2 -33.7 -26.2 -9.9 -3.3 -- -2.3 Jan-15

MSCI World ex USA Small Cap -28.4 -19.0 -3.6 0.4 3.9 1.1 Jan-15Over/Under -5.3 -7.2 -6.3 -3.7 -3.4

MSCI World Ex USA Small Cap Value -29.6 -20.9 -5.5 -1.1 3.0 -0.3 Jan-15eV EAFE Small Cap Equity Net Median -28.5 -19.0 -3.6 0.5 5.6 1.4 Jan-15



27


(%)1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Inception(%)

InceptionDate

_

Total Emerging Markets Equity 20,120,714 3.1 -26.9 -21.4 -4.6 -1.9 -- -1.3 Aug-11MSCI Emerging Markets -23.6 -17.7 -1.6 -0.4 0.7 -1.0 Aug-11

Over/Under -3.3 -3.7 -3.0 -1.5 -0.3 eV Emg Mkts Equity Net Median -25.0 -19.0 -2.7 -0.9 1.3 -0.7 Aug-11

City of London Emerging Markets Equity 10,185,372 1.6 -25.6 -18.1 -2.5 -0.5 -- 0.3 Aug-11MSCI Emerging Markets -23.6 -17.7 -1.6 -0.4 0.7 -1.0 Aug-11

Over/Under -2.0 -0.4 -0.9 -0.1 1.3 eV Emg Mkts Equity Net Median -25.0 -19.0 -2.7 -0.9 1.3 -0.7 Aug-11

Eaton Vance Trust Company/Parametric Emerging Markets Equity Fund 2,869,309 0.4 -29.3 -25.7 -7.2 -3.6 -- -1.5 Nov-11MSCI Emerging Markets -23.6 -17.7 -1.6 -0.4 0.7 0.5 Nov-11

Over/Under -5.7 -8.0 -5.6 -3.2 -2.0 MSCI Emerging Markets Value NR USD -28.0 -25.3 -5.8 -3.0 -1.3 -2.0 Nov-11

eV Emg Mkts Equity Net Median -25.0 -19.0 -2.7 -0.9 1.3 1.0 Nov-11Legal and General Emerging Markets Fund 7,066,033 1.1 -- -- -- -- -- -- Mar-20

MSCI Emerging Markets -23.6 -17.7 -1.6 -0.4 0.7 -- Mar-20Over/Under eV Emg Mkts Equity Net Median -25.0 -19.0 -2.7 -0.9 1.3 -- Mar-20



28


(%)1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Inception(%)

InceptionDate

_

Total Fixed Income 265,881,056 41.3 -3.8 2.5 3.1 3.1 4.1 5.4 Mar-92Total Domestic Fixed Income 133,919,592 20.8 3.1 8.8 4.8 3.3 4.0 5.3 Mar-92

BBgBarc US Aggregate TR 3.1 8.9 4.8 3.4 3.9 5.6 Mar-92Over/Under 0.0 -0.1 0.0 -0.1 0.1 -0.3 eV All US Fixed Inc Net Median -0.5 3.3 3.0 2.5 3.7 5.5 Mar-92

State Street US Aggregate Bond Index NL Fund 133,919,592 20.8 3.1 8.8 4.8 3.3 -- 3.4 Nov-10BBgBarc US Aggregate TR 3.1 8.9 4.8 3.4 3.9 3.4 Nov-10

Over/Under 0.0 -0.1 0.0 -0.1 0.0 eV All US Fixed Inc Net Median -0.5 3.3 3.0 2.5 3.7 3.3 Nov-10

Credit Fixed Income 90,996,295 14.1 -7.6 -1.6 2.6 3.4 -- 4.6 Dec-10Credit Fixed Income Index -6.4 0.0 2.6 2.6 -- 3.7 Dec-10

Over/Under -1.2 -1.6 0.0 0.8 0.9 eV All Global Fixed Inc Net Median -7.0 -2.0 1.6 2.0 3.3 3.1 Dec-10

Loomis Sayles Credit Asset Trust 44,148,797 6.9 -7.7 -1.8 2.3 2.9 -- 4.5 Dec-1050% BBgBarc Credit/ 25% S&P-LSTA/ 25% BBgBarc HY -8.1 -1.6 2.1 2.7 4.6 4.2 Dec-10

Over/Under 0.4 -0.2 0.2 0.2 0.3 eV All US Fixed Inc Net Median -0.5 3.3 3.0 2.5 3.7 3.4 Dec-10

PIMCO Diversified Income Fund 46,847,498 7.3 -7.5 -1.5 2.9 4.0 -- 4.7 Dec-10BBgBarc Global Aggregate Credit TR -4.7 1.7 3.1 2.4 3.4 3.2 Dec-10

Over/Under -2.8 -3.2 -0.2 1.6 1.5 eV All US Fixed Inc Net Median -0.5 3.3 3.0 2.5 3.7 3.4 Dec-10

Emerging Market Debt 40,965,169 6.4 -15.4 -7.6 -0.6 1.8 -- 2.8 Dec-10*50% JPM GBI-EM / 50% JPM EMBI -13.9 -6.2 -0.2 1.6 -- 3.8 Dec-10

Over/Under -1.5 -1.4 -0.4 0.2 -1.0 eV All Emg Mkts Fixed Inc Net Median -15.6 -8.5 -1.2 1.7 3.6 2.9 Dec-10

Ninety One EMD Blended Debt LLC 40,965,169 6.4 -15.4 -7.6 -0.6 -- -- 1.5 Aug-15J.P. Morgan Emerging Markets Blended -13.0 -5.5 0.1 -- -- 2.2 Aug-15

Over/Under -2.4 -2.1 -0.7 -0.7 eV All Emg Mkts Fixed Inc Net Median -15.6 -8.5 -1.2 1.7 3.6 1.9 Aug-15



29


(%)1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Inception(%)

InceptionDate

_

Private Debt 26,534,768 4.1 1.2 8.4 5.7 6.0 -- 6.7 Jun-14S&P/LSTA Leveraged Loan Index (1 QTR Lag) 1.7 8.6 4.3 4.4 -- 3.9 Jun-14

Over/Under -0.5 -0.2 1.4 1.6 2.8 Crescent Direct Lending Fund, L.P. 3,402,475 0.5 0.0 7.0 6.3 6.1 -- 7.0 Jun-14

S&P/LSTA Leveraged Loan Index (1 QTR Lag) 1.7 8.6 4.3 4.4 -- 3.9 Jun-14Over/Under -1.7 -1.6 2.0 1.7 3.1

Park Square Capital Credit Opportunities ll 8,688,416 1.4 0.4 9.9 5.4 5.7 -- 5.4 Jan-15S&P/LSTA Leveraged Loan Index (1 QTR Lag) 1.7 8.6 4.3 4.4 -- 4.1 Jan-15

Over/Under -1.3 1.3 1.1 1.3 1.3 Monroe Capital Private Credit Fund III (Unleveraged), L.P. 14,443,877 2.2 2.0 6.9 -- -- -- 5.4 Oct-18

S&P/LSTA Leveraged Loan Index (1 QTR Lag) 1.7 8.6 4.3 4.4 -- 4.5 Oct-18Over/Under 0.3 -1.7 0.9

Real Estate 37,880,876 5.9 0.5 2.1 5.0 6.6 -- 7.6 Apr-12Westport Real Estate Fund lll, L.P. 1,097,787 0.2 -0.1 7.2 6.3 7.1 -- 7.3 Mar-12

NCREIF Property Index 1 Qtr. Lag 1.6 6.4 6.7 8.2 10.2 9.6 Mar-12Over/Under -1.7 0.8 -0.4 -1.1 -2.3

JPMCB Strategic Property Fund 16,074,854 2.5 1.3 4.5 5.4 7.0 -- 8.9 Jul-12NCREIF ODCE 1.0 4.9 6.8 8.5 11.4 10.0 Jul-12

Over/Under 0.3 -0.4 -1.4 -1.5 -1.1 UBS Trumbull Property Fund 14,550,208 2.3 -0.2 -3.0 2.7 5.0 -- 6.3 Feb-13

NCREIF ODCE 1 Qtr. Lag 1.5 5.3 7.1 9.0 11.4 10.3 Feb-13Over/Under -1.7 -8.3 -4.4 -4.0 -4.0

Brookfield Strategic Real Estate Partners ll, L.P. 4,559,390 0.7 0.0 9.5 10.4 -- -- 8.6 May-16NCREIF Property Index 1 Qtr. Lag 1.6 6.4 6.7 8.2 10.2 7.2 May-16

Over/Under -1.6 3.1 3.7 1.4 Landmark Real Estate Partners VIII, L.P. 1,598,637 0.2 0.0 6.3 -- -- -- 31.4 May-18

NCREIF Property Index 1 Qtr. Lag 1.6 6.4 6.7 8.2 10.2 6.9 May-18Over/Under -1.6 -0.1 24.5

Cash 10,700,439 1.7 0.4 2.2 2.4 1.4 0.8 2.6 Mar-9291 Day T-Bills 0.4 1.9 1.7 1.1 0.6 2.4 Mar-92

Over/Under 0.0 0.3 0.7 0.3 0.2 0.2

Notes: Returns over 1 year are annualized. Performance shown above is net of manager fees.UBS Trumbull, Westport, Crescent, Brookfield, Park Square Capital and Landmark are on a quarterly lag and are cash adjusted for the current quarter.



30

_

Investments Commitments Contributions & Distributions Valuations Performance_

Investment Name VintageYear Commitment Unfunded

Commitment Paid In Capital AdditionalFees

CumulativeDistributions Valuation Total Value Net Benefit DPI TVPI IRR

_

CoreJP Morgan Strategic Property Fund 2012 $8,200,000 $0 $8,200,000 $793,960 $861,377 $15,865,409 $16,726,786 $7,732,826 0.10 1.86 9.28%Trumbull Property Fund, L.P. 2013 $9,500,000 $0 $9,500,000 $0 $0 $14,680,477 $14,680,477 $5,180,477 0.00 1.55 6.65%Total Core $17,700,000 $0 $17,700,000 $793,960 $861,377 $30,545,886 $31,407,263 $12,913,303 0.05 1.70 8.02%Credit OpportunitiesPark Square Capital Credit Opportunities II (USD), L.P. 2014 $14,000,000 $4,235,141 $9,764,859 -$12,084 $1,778,123 $10,868,803 $12,646,926 $2,894,151 0.18 1.30 5.75%Total Credit Opportunities $14,000,000 $4,235,141 $9,764,859 -$12,084 $1,778,123 $10,868,803 $12,646,926 $2,894,151 0.18 1.30 5.75%Direct LendingCrescent Direct Lending, L.P. 2014 $13,500,000 $1,339,713 $12,160,287 $76,752 $11,803,813 $3,600,068 $15,403,881 $3,166,842 0.96 1.26 6.34%Monroe Capital Private Credit Fund III (Unleveraged), L.P. 2018 $20,000,000 $5,865,142 $14,134,858 $70,459 $717,546 $14,443,877 $15,161,423 $956,106 0.05 1.07 9.10%Total Direct Lending $33,500,000 $7,204,855 $26,295,145 $147,211 $12,521,359 $18,043,945 $30,565,304 $4,122,948 0.47 1.16 6.75%OpportunisticBrookfield Strategic Real Estate Partners II, L.P. 2016 $5,000,000 $1,515,647 $3,484,353 $385 $95,030 $4,538,728 $4,633,758 $1,149,020 0.03 1.33 10.03%Landmark Real Estate Partners VIII, L.P. 2018 $5,000,000 $2,991,809 $2,008,191 $0 $674,088 $1,618,001 $2,292,089 $283,898 0.34 1.14 24.31%WCP Real Estate Fund III, L.P. 2012 $2,800,000 $197,120 $2,602,880 $0 $2,803,351 $1,209,787 $4,013,138 $1,410,258 1.08 1.54 8.96%Total Opportunistic $12,800,000 $4,704,576 $8,095,424 $385 $3,572,469 $7,366,516 $10,938,985 $2,843,176 0.44 1.35 9.86%Total $78,000,000 $16,144,572 $61,855,428 $929,472 $18,733,328 $66,825,150 $85,558,478 $22,773,578 0.30 1.36 7.59%

_


ANALYSIS BY INVESTMENT STRATEGY

*Figures as of December 31, 2019

31


TOTAL FUND RETURN SUMMARY VS. PEER UNIVERSE

32


TOTAL FUND RETURN SUMMARY VS. PEER UNIVERSE

33


TOTAL FUND ALLOCATIONS VS. PEER UNIVERSE

34

Total Fund vs. InvMetrics Public DB Net3 Years


TOTAL FUND RISK STATISTICS VS. PEER UNIVERSE

35

Total Fund vs. InvMetrics Public DB Net5 Years


TOTAL FUND RISK STATISTICS VS. PEER UNIVERSE

36

3 Years Ending March 31, 2020 Anlzd Ret Rank Anlzd Std Dev Rank

_

Total Fund 1.74% 84 9.39% 44Policy Index 2.44% 62 8.81% 26InvMetrics Public DB Net Median 2.72% -- 9.57% --

XXXXX

3 Years Ending March 31, 2020

Sharpe Ratio Rank Sortino RatioRF Rank

_

Total Fund 0.00 84 0.00 84Policy Index 0.08 61 0.08 60InvMetrics Public DB Net Median 0.11 -- 0.10 --

XXXXX


TOTAL FUND RISK/RETURN - 3 YEARS

37

5 Years Ending March 31, 2020 Anlzd Ret Rank Anlzd Std Dev Rank

_

Total Fund 3.02% 69 8.39% 39Policy Index 3.29% 51 8.05% 29InvMetrics Public DB Net Median 3.31% -- 8.63% --

XXXXX

5 Years Ending March 31, 2020

Sharpe Ratio Rank Sortino RatioRF Rank

_

Total Fund 0.23 66 0.23 67Policy Index 0.27 45 0.28 42InvMetrics Public DB Net Median 0.26 -- 0.26 --

XXXXX


TOTAL FUND RISK/RETURN - 5 YEARS

38

NEPC, LLC

MANAGER ANALYSIS


BLACKROCK RUSSELL 1000 INDEX FUND

40



41



Style map is return based.

42

Characteristics

Portfolio Russell1000

Number of Holdings 999 997Weighted Avg. Market Cap. ($B) 238.2 241.0Median Market Cap. ($B) 7.4 7.4Price To Earnings 17.1 17.1Price To Book 3.6 3.7Price To Sales 2.6 2.7Return on Equity (%) 25.1 25.1Yield (%) 2.3 2.3Beta 1.0R-Squared 1.0

Top Negative ContributorsRelative

Contribution% Return %

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BROADCOM -0.1% -23.7%ISHARES RUSSELL 1000 VALUE ETF -0.1% -26.7%ISHARES RUSSELL 1000 GROWTH ETF -0.1% -14.1%METLIFE (FRA) 0.0% -37.2%WELLTOWER 0.0% -43.5%O REILLY AUTOMOTIVE 0.0% -31.3%BAKER HUGHES A 0.0% -58.7%SOUTHERN 0.0% -14.2%ILLUMINA 0.0% -17.7%PPL 0.0% -30.2%

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*Attribution on manager pages is holdings based, using buy-and-hold assumptions from the beginning of the period, results may differ from the flash report

Equity Sector AttributionAttribution Effects Returns Sector Weights

Total Selection Allocation InteractionEffects Effect Effect Effects Portfolio Benchmark Portfolio Benchmark

_

Energy 0.0% 0.0% 0.0% 0.0% -51.3% -51.3% 4.1% 4.1%Materials 0.0% 0.0% 0.0% 0.0% -27.0% -27.0% 2.8% 2.8%Industrials 0.0% 0.0% 0.0% 0.0% -27.2% -27.1% 9.4% 9.5%Consumer Discretionary 0.0% 0.0% 0.0% 0.0% -19.8% -19.8% 9.9% 10.0%Consumer Staples -0.2% -0.2% 0.0% 0.0% -13.2% -10.8% 6.6% 6.7%Health Care 0.0% 0.0% 0.0% 0.0% -12.5% -12.5% 13.7% 13.8%Financials 0.0% 0.0% 0.0% 0.0% -32.5% -32.6% 13.1% 13.2%Information Technology -0.1% 0.0% 0.0% 0.0% -12.4% -12.2% 22.9% 23.1%Communication Services 0.0% 0.0% 0.0% 0.0% -17.4% -17.2% 9.8% 9.9%Utilities 0.0% 0.0% 0.0% 0.0% -14.2% -13.2% 3.2% 3.2%Real Estate 0.0% 0.0% 0.0% 0.0% -23.1% -22.5% 3.7% 3.7%Cash 0.0% 0.0% 0.0% 0.0% 0.4% -- 0.2% 0.0%Portfolio -0.3% = -0.3% + 0.0% + 0.0% -20.2% -19.9% 99.3% 100.0%

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Top Positive ContributorsRelative


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BERKSHIRE HATHAWAY 'B' 0.1% -19.3%BANK OF AMERICA 0.1% -39.3%METLIFE 0.1% -39.5%WELLS FARGO & CO 0.1% -46.1%TESLA 0.1% 25.3%LAS VEGAS SANDS 0.0% -37.3%BOEING 0.0% -53.9%ALPHABET 'C' 0.0% -13.0%APPLE 0.0% -13.2%JP MORGAN CHASE & CO. 0.0% -35.0%

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43


DODGE & COX U.S. EQUITY

44



45




46

Characteristics

Portfolio Russell1000 Value




_

Energy -1.8% -1.2% -0.4% -0.2% -65.3% -51.3% 9.8% 8.2%Materials 0.0% -0.5% 0.1% 0.4% -40.1% -29.1% 1.0% 4.3%Industrials 0.0% -0.1% 0.0% 0.0% -28.2% -27.4% 7.2% 9.7%Consumer Discretionary 0.1% -0.1% 0.2% 0.1% -38.0% -35.5% 3.4% 5.9%Consumer Staples -1.3% -1.3% -1.1% 1.1% -26.8% -12.4% 0.9% 8.9%Health Care 2.0% 0.4% 1.4% 0.3% -9.5% -12.5% 22.6% 13.0%Financials -1.2% -1.0% -0.1% -0.1% -38.7% -34.3% 25.1% 23.9%Information Technology 0.2% -0.2% 0.6% -0.3% -22.2% -19.1% 14.8% 6.3%Communication Services 0.9% 0.5% 0.2% 0.2% -16.7% -22.6% 12.0% 8.2%Utilities -0.9% -- -0.9% -- -- -13.2% 0.0% 6.6%Real Estate 0.2% -- 0.2% -- -- -29.5% 0.0% 5.1%Cash 0.8% 0.0% 0.8% 0.0% 0.4% -- 3.1% 0.0%Portfolio -1.0% = -3.5% + 1.0% + 1.6% -27.5% -26.6% 100.0% 100.0%

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*Attribution on manager pages is holdings based, using buy-and-hold assumptions from the beginning of the period, results may differ from the flash report.



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OCCIDENTAL PTL. -1.8% -70.1%CAPITAL ONE FINL. -1.5% -50.8%CHARLES SCHWAB -1.1% -29.0%WELLS FARGO & CO -1.0% -46.1%BAKER HUGHES A -0.9% -58.7%APACHE -0.8% -83.5%METLIFE -0.7% -39.5%MICROCHIP TECH. -0.7% -35.0%BOOKING HOLDINGS -0.7% -34.5%HALLIBURTON -0.6% -71.7%

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JP MORGAN CHASE & CO. 0.5% -35.0%SPRINT 0.2% 65.5%MEDTRONIC 0.1% -20.0%GILEAD SCIENCES 0.1% 16.2%ELI LILLY 0.1% 6.1%ROCHE HOLDINGS ADR 8:1 0.1% 2.7%LINCOLN NATIONAL 0.0% -55.1%STATE STREET 0.0% -32.0%MICROSOFT 0.0% 0.3%VMWARE A 0.0% -20.2%

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47


SANDS CAPITAL SELECT GROWTH STRATEGY

48



49




50






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VISA 'A' -0.9% -14.1%MATCH GROUP -1.0% -19.6%ALIGN TECHNOLOGY -0.9% -37.7%FLOOR & DECOR HOLDINGS 'A' -0.8% -36.8%FACEBOOK CLASS A -0.2% -18.7%EDWARDS LIFESCIENCES -0.7% -19.1%ALPHABET 'C' -0.3% -13.0%ILLUMINA -0.6% -17.7%TEXAS INSTRUMENTS -0.3% -21.5%MIRATI THERAPEUTICS(NAS) -0.5% -40.3%

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Energy 0.1% -- 0.1% -- -- -53.0% 0.0% 0.3%Materials 0.1% -- 0.1% -- -- -20.6% 0.0% 1.3%Industrials 1.7% 2.2% 0.6% -1.2% -1.9% -25.9% 4.5% 9.3%Consumer Discretionary 1.1% 1.1% 0.0% 0.0% -5.7% -13.5% 13.6% 13.9%Consumer Staples -0.2% -0.2% -0.1% 0.1% -11.5% -7.9% 2.7% 4.6%Health Care -1.5% -1.3% 0.0% -0.2% -21.6% -12.4% 17.1% 14.7%Financials 0.2% -- 0.2% -- -- -19.9% 0.0% 3.1%Information Technology 1.2% 1.4% -0.1% -0.1% -7.8% -11.4% 36.6% 38.9%Communication Services 1.2% 0.6% 0.0% 0.5% -8.3% -13.9% 20.7% 11.5%Utilities 0.0% -- -- -- -- -- 0.0% 0.0%Real Estate -0.1% -- -0.1% -- -- -10.1% 0.0% 2.4%Cash 0.7% 0.0% 0.7% 0.0% 0.4% -- 4.7% 0.0%Portfolio 4.3% = 3.8% + 1.4% + -0.9% -9.4% -13.8% 100.0% 100.0%

_

Characteristics

PortfolioRussell

1000Growth




_

NETFLIX 0.6% 16.0%ALPHABET A 0.3% -13.2%ATLASSIAN 'A' 0.1% 14.1%AMAZON.COM 0.1% 5.5%SERVICENOW 0.1% 1.5%SQUARE CL.A 0.0% -16.3%ACTIVISION BLIZZARD 0.0% 0.1%UBER TECHNOLOGIES 0.0% -6.1%ZILLOW GROUP CLASS C 0.0% -21.6%SEA 'A' SPN.ADR 1:1 0.0% 10.2%

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51


STATE STREET RUSSELL 1000 INDEX NL FUND

52



53




54

Characteristics





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BROADCOM -0.1% -23.7%WELLTOWER 0.0% -43.5%O REILLY AUTOMOTIVE 0.0% -31.3%BAKER HUGHES A 0.0% -58.7%SOUTHERN 0.0% -14.2%ILLUMINA 0.0% -17.7%PPL 0.0% -30.2%LAM RESEARCH 0.0% -17.5%PAYCHEX 0.0% -25.5%CHENIERE EN. 0.0% -45.1%

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_

BERKSHIRE HATHAWAY 'B' 0.1% -19.3%BANK OF AMERICA 0.1% -39.3%WELLS FARGO & CO 0.1% -46.1%TESLA 0.1% 25.3%LAS VEGAS SANDS 0.0% -37.3%BOEING 0.0% -53.9%ALPHABET 'C' 0.0% -13.0%APPLE 0.0% -13.2%MASTERCARD 0.0% -19.0%JP MORGAN CHASE & CO. 0.0% -35.0%

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_

Energy 0.0% 0.0% 0.0% 0.0% -51.3% -51.3% 4.1% 4.1%Materials 0.0% 0.0% 0.0% 0.0% -27.0% -27.0% 2.8% 2.8%Industrials 0.0% 0.0% 0.0% 0.0% -27.3% -27.1% 9.5% 9.5%Consumer Discretionary 0.0% 0.0% 0.0% 0.0% -19.7% -19.8% 10.0% 10.0%Consumer Staples -0.2% -0.2% 0.0% 0.0% -13.2% -10.8% 6.7% 6.7%Health Care 0.0% 0.0% 0.0% 0.0% -12.5% -12.5% 13.8% 13.8%Financials 0.0% 0.0% 0.0% 0.0% -32.6% -32.6% 13.2% 13.2%Information Technology -0.1% -0.1% 0.0% 0.0% -12.5% -12.2% 23.1% 23.1%Communication Services 0.0% 0.0% 0.0% 0.0% -17.4% -17.2% 9.9% 9.9%Utilities 0.0% 0.0% 0.0% 0.0% -14.2% -13.2% 3.2% 3.2%Real Estate 0.0% 0.0% 0.0% 0.0% -23.1% -22.5% 3.7% 3.7%Cash 0.0% -- -- -- -- -- 0.0% 0.0%Portfolio -0.3% = -0.3% + 0.0% + 0.0% -20.2% -19.9% 100.0% 100.0%

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55


STATE STREET RUSSELL 1000 VALUE INDEX NLFUND

56



57




58



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Energy 0.0% 0.0% 0.0% 0.0% -51.2% -51.3% 8.2% 8.2%

Materials 0.0% 0.0% 0.0% 0.0% -29.1% -29.1% 4.3% 4.3%

Industrials -0.1% -0.1% 0.0% 0.0% -28.5% -27.4% 9.7% 9.7%

Consumer Discretionary 0.0% 0.0% 0.0% 0.0% -35.4% -35.5% 5.8% 5.9%

Consumer Staples 0.0% 0.0% 0.0% 0.0% -12.5% -12.4% 8.9% 8.9%

Health Care 0.0% 0.0% 0.0% 0.0% -12.5% -12.5% 12.9% 13.0%

Financials 0.0% 0.0% 0.0% 0.0% -34.3% -34.3% 23.9% 23.9%

Information Technology 0.0% 0.0% 0.0% 0.0% -19.3% -19.1% 6.3% 6.3%

Communication Services 0.0% 0.0% 0.0% 0.0% -22.6% -22.6% 8.2% 8.2%

Utilities -0.1% -0.1% 0.0% 0.0% -14.2% -13.2% 6.6% 6.6%

Real Estate 0.0% 0.0% 0.0% 0.0% -29.5% -29.5% 5.1% 5.1%

Cash 0.0% -- -- -- -- -- 0.0% 0.0%

Portfolio -0.2% = -0.2% + 0.0% + 0.0% -26.7% -26.6% 100.0% 100.0%_

Characteristics

Portfolio Russell 1000Value




_

WELLTOWER -0.1% -43.5%GENERAL DYNAMICS -0.1% -24.6%BAKER HUGHES A -0.1% -58.7%SOUTHERN -0.1% -14.2%HOWMET AEROSPACE 0.0% -47.8%CINCINNATI FINL. 0.0% -27.7%ZIONS BANCORP. 0.0% -48.1%DISH NETWORK 'A' 0.0% -43.6%DENTSPLY SIRONA 0.0% -31.2%MACY'S 0.0% -69.6%

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MERCK & COMPANY 0.1% -14.7%SIMON PROPERTY GROUP 0.1% -62.6%COCA COLA 0.1% -19.4%AMGEN 0.1% -15.3%PEPSICO 0.1% -11.5%3M 0.0% -21.9%LAS VEGAS SANDS 0.0% -37.3%MARSH & MCLENNAN 0.0% -22.1%AMERICAN EXPRESS 0.0% -31.0%GILEAD SCIENCES 0.0% 16.2%

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59


DIMENSIONAL U.S. SMALL CAP TRUST

60



61




62



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Energy -0.4% -0.1% -0.3% 0.0% -64.9% -62.1% 4.0% 3.1%Materials -0.1% 0.0% -0.2% 0.0% -37.7% -39.1% 5.8% 3.9%Industrials -0.1% 0.0% -0.1% 0.0% -32.9% -32.7% 20.6% 15.9%Consumer Discretionary -0.5% 0.0% -0.5% 0.0% -44.7% -44.3% 14.5% 11.0%Consumer Staples 0.1% 0.0% 0.1% 0.0% -21.6% -21.7% 4.3% 3.0%Health Care -1.2% -0.3% -1.0% 0.2% -21.2% -19.3% 9.1% 17.8%Financials 0.3% 0.4% -0.1% 0.0% -32.5% -34.6% 20.0% 17.9%Information Technology -0.3% -0.3% 0.0% 0.0% -24.8% -22.4% 14.0% 13.6%Communication Services 0.1% 0.1% 0.0% 0.0% -27.3% -31.3% 3.4% 2.3%Utilities 0.0% 0.0% 0.0% 0.0% -12.2% -13.1% 3.7% 3.6%Real Estate 0.2% -0.1% 0.2% 0.1% -34.0% -33.0% 0.6% 7.9%Cash 0.0% -- -- -- -- -- 0.0% 0.0%Portfolio -1.8% = -0.3% + -1.8% + 0.3% -32.5% -30.6% 100.0% 100.0%

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ARROWHEAD PHARMS. 0.2% -54.6%RADIAN GP. 0.1% -48.3%ESSENT GROUP 0.1% -49.1%GLOBAL BLOOD THERP. 0.1% -35.7%ELDORADO RESORTS 0.1% -75.9%IBERIABANK 0.1% -51.1%PERFORMANCE FOOD GROUP 0.1% -52.0%NEWMARK GROUP CL.A 0.1% -68.1%HEALTHEQUITY 0.1% -31.7%SYNEOS HEALTH A 0.0% -33.7%

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Characteristics


Number of Holdings 1,989 1,979Weighted Avg. Market Cap. ($B) 1.9 2.0Median Market Cap. ($B) 0.5 0.5Price To Earnings 12.5 13.3Price To Book 2.2 2.5Price To Sales 1.1 1.5Return on Equity (%) 10.0 0.9Yield (%) 2.0 2.0Beta 1.0R-Squared 1.0



DIMENSIONAL U.S. SMALL CAP TRUSTTop Negative Contributors

RelativeContribution

% Return %_

TCF FINANCIAL -0.2% -51.2%NEXSTAR MEDIA GROUP CL.A -0.1% -50.5%DICK'S SPORTING GOODS -0.1% -56.3%CLEAN HARBORS -0.1% -40.1%PBF ENERGY CL.A -0.1% -77.2%WESCO INTL. -0.1% -61.5%MURPHY OIL -0.1% -76.9%SEABOARD -0.1% -33.8%ALCOA -0.1% -71.4%WPX ENERGY -0.1% -77.8%

_

63


CAPITAL GROUP INTERNATIONAL EQUITY TRUST

64



65




66



_

Energy 0.4% 0.0% 0.3% 0.1% -34.9% -35.0% 1.1% 4.2%Materials 0.0% -0.3% 0.1% 0.3% -30.6% -26.9% 4.4% 7.2%Industrials -1.8% -1.4% -0.1% -0.2% -36.1% -26.4% 17.1% 15.1%Consumer Discretionary 0.9% 1.1% -0.2% 0.0% -19.6% -26.9% 15.2% 11.7%Consumer Staples -0.3% -0.4% 0.0% 0.1% -16.3% -13.5% 10.9% 11.4%Health Care -0.2% -0.2% 0.1% -0.1% -10.7% -8.5% 13.2% 12.3%Financials 1.3% 0.9% 0.6% -0.1% -26.8% -31.8% 12.2% 18.7%Information Technology 0.6% 0.3% 0.2% 0.2% -14.1% -17.8% 12.9% 7.2%Communication Services 0.2% 0.2% 0.0% -0.1% -15.2% -18.0% 5.6% 5.3%Utilities 0.2% 0.1% 0.0% 0.0% -9.4% -13.1% 3.9% 3.8%Real Estate 0.2% 0.3% 0.1% -0.1% -16.0% -25.6% 1.5% 3.3%Cash 0.1% 0.0% 0.1% 0.0% 0.4% -- 0.5% 0.0%Portfolio 2.1% = 0.6% + 1.6% + -0.1% -20.5% -22.6% 98.6% 100.0%

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CharacteristicsPortfolio MSCI EAFE

Number of Holdings 169 918Weighted Avg. Market Cap. ($B) 54.7 55.6Median Market Cap. ($B) 14.3 8.2Price To Earnings 19.1 13.9Price To Book 3.2 2.5Price To Sales 2.3 1.2Return on Equity (%) 13.9 14.5Yield (%) 2.4 3.9Beta 1.0 1.0R-Squared 0.9 1.0



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ROYAL DUTCH SHELL A(LON) 0.3% -39.5%EVOLUTION GAMING GROUP 0.1% 13.2%TEAMVIEWER 0.1% 11.3%DIAGEO 0.1% -23.6%RICHEMONT N 0.1% -30.2%UNI CHARM 0.1% 10.2%UNILEVER 0.1% -13.9%UBISOFT ENTERTAINMENT CAT A 0.1% 6.6%INTESA SANPAOLO 0.1% -38.1%ANHEUSER-BUSCH INBEV 0.0% -45.6%

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AIRBUS -1.5% -55.5%SAFRAN -1.0% -43.1%RHEINMETALL -0.6% -39.0%MTU AERO ENGINES HLDG. -0.5% -49.4%VALE ON ADR 1:1 -0.4% -37.2%CARLSBERG B -0.4% -21.9%OCADO GROUP -0.3% -10.7%PERNOD-RICARD -0.3% -20.6%LVMH -0.3% -20.1%RHI MAGNESITA -0.3% -50.1%

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67

Country AllocationManager Index Manager Index

Allocation (USD) Allocation (USD) Return (USD) Return (USD)_

Europe Austria 0.0% 0.2% -- -42.9%Belgium 1.9% 1.0% 4.1% -32.6%Croatia** 0.0% 0.0% -- --Czech Republic* 0.0% 0.0% -- --Denmark 5.4% 1.8% 1.2% -7.7%Estonia** 0.0% 0.0% -- --Finland 0.0% 0.9% -- -18.9%France 17.9% 11.4% -0.5% -27.2%Germany 8.4% 8.6% -1.9% -27.2%Greece* 0.0% 0.0% -- --Hungary* 0.0% 0.0% -- --Ireland 0.9% 0.6% -11.7% -24.9%Italy 3.3% 2.3% 7.7% -29.2%Lithuania** 0.0% 0.0% -- --Luxembourg 0.0% 0.0% -- --Netherlands 5.1% 4.0% -5.8% -20.6%Norway 1.0% 0.6% 0.5% -33.3%Poland* 0.0% 0.0% -- --Portugal 0.1% 0.2% -9.6% -13.1%Romania** 0.0% 0.0% -- --Russia* 0.0% 0.0% -- --Serbia** 0.0% 0.0% -- --Slovenia** 0.0% 0.0% -- --Spain 1.2% 2.8% 5.8% -29.8%Sweden 1.8% 2.7% -2.0% -21.3%Switzerland 4.7% 9.3% -0.4% -11.1%United Kingdom 18.6% 16.5% -2.4% -28.1%Total-Europe 70.5% 63.0% -1.0% -24.0%

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Americas Argentina* 0.0% 0.0% -- --Brazil* 2.3% 0.0% -8.2% -7.5%Canada 1.3% 0.0% 4.1% -0.4%Chile* 0.0% 0.0% -- --Colombia* 0.0% 0.0% -- --Mexico* 0.0% 0.0% -- --Peru* 0.0% 0.0% -- --United States 0.7% 0.0% -4.7% 0.2%Total-Americas 4.2% 0.0% -4.0% --

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68



AsiaPacific Australia 0.6% 6.8% -3.9% -33.1%Bangladesh** 0.0% 0.0% -- --China* 2.0% 0.0% -3.3% -4.8%Hong Kong 3.3% 3.5% -6.0% -17.3%India* 0.6% 0.0% -9.6% -0.8%Indonesia* 0.0% 0.0% -- --Japan 16.8% 24.5% -0.9% -16.8%Korea* 0.3% 0.0% -1.9% -5.3%Malaysia* 0.0% 0.0% -- --New Zealand 0.2% 0.3% 3.2% -16.4%Pakistan* 0.0% 0.0% -- --Philippines* 0.0% 0.0% -- --Singapore 0.2% 1.3% 0.6% -28.2%Sri Lanka** 0.0% 0.0% -- --Taiwan* 0.9% 0.0% -5.1% -4.7%Thailand* 0.0% 0.0% -- --Vietnam** 0.0% 0.0% -- --Total-AsiaPacific 24.9% 36.4% -2.2% -20.3%

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Other Bahrain** 0.0% 0.0% -- --Egypt* 0.0% 0.0% -- --Israel 0.0% 0.6% -- -18.0%Jordan** 0.0% 0.0% -- --Kazakhstan** 0.0% 0.0% -- --Kenya** 0.0% 0.0% -- --Kuwait** 0.0% 0.0% -- --Lebanon** 0.0% 0.0% -- --Mauritius** 0.0% 0.0% -- --Morocco** 0.0% 0.0% -- --Nigeria** 0.0% 0.0% -- --Oman** 0.0% 0.0% -- --Other Countries 0.0% 0.0% -- --Qatar* 0.0% 0.0% -- --Saudi Arabia* 0.0% 0.0% -- --South Africa* 0.0% 0.0% -- --Tunisia** 0.0% 0.0% -- --Turkey* 0.0% 0.0% -- --United Arab Emirates* 0.0% 0.0% -- --Total-Other 0.0% 0.6% -- -18.0%Totals Developed 93.5% 100.0% -1.1% -22.6%Emerging* 6.1% 0.0% -5.9% --Frontier** 0.0% 0.0% -- --Other 0.0% --Cash 0.5% 0.1%

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69

Returns and Weights Attribution EffectsManager Index Manager Index Selection Allocation Currency Interaction Total

Return Return Weight Weight Effect Effect Effect Effect Effects_

Totals Americas -32.1% -- 4.2% 0.0% 0.0% 0.0% -0.3% -0.2% -0.5%Europe -22.2% -24.0% 70.3% 62.7% 1.4% -0.1% -0.5% 0.2% 1.0%Asia/Pacific -14.4% -20.3% 25.0% 36.7% 1.5% -0.2% 0.6% -0.5% 1.5%Other -- -18.0% 0.0% 0.6% -- 0.0% 0.0% -- 0.0%Cash 0.4% -- 0.5% 0.0% 0.0% 0.1% 0.0% 0.0% 0.1%Total -20.6% -22.6% 100.0% 100.0% 2.9% -0.2% -0.1% -0.5% 2.1%Totals Developed -20.4% -22.6% 93.5% 100.0% 2.3% 0.0% 0.1% -0.1% 2.2%Emerging* -25.0% -- 6.1% 0.0% 0.0% 0.0% -0.2% 0.0% -0.3%Cash 0.4% -- 0.5% 0.0% 0.0% 0.1% 0.0% 0.0% 0.1%

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70


TIF INTERNATIONAL EQUITY SERIES

71



72




73



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Energy -0.4% 0.1% -0.4% 0.0% -35.3% -37.9% 9.5% 6.1%Materials 0.7% 0.7% -0.1% 0.1% -18.4% -27.5% 9.8% 7.4%Industrials 0.1% -0.2% 0.2% 0.1% -28.1% -26.2% 8.1% 12.0%Consumer Discretionary 0.1% -1.3% 0.2% 1.2% -34.2% -24.2% 3.0% 11.9%Consumer Staples 0.2% 0.2% -0.3% 0.3% -8.7% -14.7% 6.2% 9.5%Health Care -0.3% -0.7% 0.6% -0.3% -15.2% -8.9% 13.5% 8.9%Financials -1.4% -3.5% 0.5% 1.6% -45.1% -31.1% 15.1% 21.6%Information Technology -0.3% -0.4% -0.1% 0.1% -21.6% -17.7% 7.7% 9.4%Communication Services -1.3% -0.9% 0.5% -0.9% -26.8% -14.1% 13.1% 6.7%Utilities 0.3% 0.1% 0.1% 0.1% -11.6% -15.8% 5.3% 3.4%Real Estate -0.1% -0.1% -0.1% 0.0% -27.0% -26.3% 4.7% 3.1%Cash 0.8% 0.0% 0.8% 0.0% 0.4% -- 3.8% 0.0%Portfolio -1.7% = -6.0% + 2.0% + 2.3% -25.0% -23.2% 100.0% 100.0%

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Characteristics

Portfolio MSCI ACWIex USA

Number of Holdings 62 2,404Weighted Avg. Market Cap. ($B) 51.9 69.2Median Market Cap. ($B) 22.4 5.9Price To Earnings 11.7 13.1Price To Book 1.6 2.5Price To Sales 1.0 1.3Return on Equity (%) 9.4 15.5Yield (%) 4.5 3.8Beta 1.0 1.0R-Squared 1.0 1.0



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HOUSING DEVELOPMENT FINANCECORPORATION 0.1% -36.1%

AIA GROUP 0.1% -13.8%HONDA MOTOR 0.0% -20.2%KOMATSU 0.0% -30.2%ROCHE HOLDING 0.0% 3.0%EAST JAPAN RAILWAY 0.0% -15.7%SUN HUNG KAI PROPERTIES 0.0% -12.9%COVESTRO 0.0% -34.5%MITSUBISHI ELECTRIC 0.0% -8.6%BANGKOK BANK FB 0.0% -41.6%






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BNP PARIBAS -1.3% -49.1%STANDARD CHARTERED -1.2% -41.4%ING GROEP -1.0% -56.3%BANK OF IRELAND GROUP -0.8% -65.5%SES FDR (PAR) -0.7% -58.2%VODAFONE GROUP -0.7% -27.9%DEUTSCHE TELEKOM -0.7% -21.6%ENI -0.7% -34.9%MITSUI FUDOSAN -0.7% -28.7%SIEMENS -0.6% -33.9%

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74


Allocation(USD)

Allocation(USD) Return (USD) Return (USD)

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Europe Austria 0.0% 0.1% -- -42.9%Belgium 0.0% 0.7% -- -32.6%Croatia** 0.0% 0.0% -- --Czech Republic* 0.0% 0.0% -- -38.5%Denmark 0.9% 1.2% -16.9% -7.7%Estonia** 0.0% 0.0% -- --Finland 0.0% 0.6% -- -18.9%France 14.4% 7.5% -4.3% -27.2%Germany 11.9% 5.7% 1.0% -27.2%Greece* 0.0% 0.1% -- -45.2%Hungary* 0.0% 0.1% -- -39.0%Ireland 1.2% 0.4% -10.7% -24.9%Italy 2.2% 1.5% -9.7% -29.2%Lithuania** 0.0% 0.0% -- --Luxembourg 1.8% 0.0% -11.3% -2.7%Netherlands 2.0% 2.6% -9.2% -20.6%Norway 2.5% 0.4% -11.1% -33.3%Poland* 0.0% 0.2% -- -36.5%Portugal 0.0% 0.1% -- -13.1%Romania** 0.0% 0.0% -- --Russia* 0.0% 1.1% -- -36.8%Serbia** 0.0% 0.0% -- --Slovenia** 0.0% 0.0% -- --Spain 0.0% 1.9% -- -29.8%Sweden 0.0% 1.8% -- -21.3%Switzerland 2.8% 6.2% 2.2% -11.1%United Kingdom 14.4% 10.9% -3.9% -28.1%Total-Europe 54.1% 43.1% -4.0% -24.5%

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Allocation(USD)

Allocation(USD) Return (USD) Return (USD)

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Americas Argentina* 0.0% 0.0% -- -39.3%Brazil* 0.0% 2.1% -- -50.1%Canada 6.0% 6.7% -3.1% -27.3%Chile* 0.0% 0.2% -- -33.3%Colombia* 0.0% 0.1% -- -49.6%Mexico* 0.0% 0.6% -- -35.4%Peru* 0.0% 0.1% -- -35.8%United States 1.8% 0.0% -0.3% 0.2%Total-Americas 7.8% 9.8% -2.4% -33.2%

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75



Other Bahrain** 0.0% 0.0% -- --Egypt* 0.0% 0.0% -- -27.1%Israel 0.0% 0.4% -- -18.0%Jordan** 0.0% 0.0% -- --Kazakhstan** 0.0% 0.0% -- --Kenya** 0.0% 0.0% -- --Kuwait** 0.0% 0.0% -- --Lebanon** 0.0% 0.0% -- --Mauritius** 0.0% 0.0% -- --Morocco** 0.0% 0.0% -- --Nigeria** 0.0% 0.0% -- --Oman** 0.0% 0.0% -- --Qatar* 0.0% 0.3% -- -17.3%Saudi Arabia* 0.0% 0.7% -- -24.0%South Africa* 0.0% 1.3% -- -40.0%Tunisia** 0.0% 0.0% -- --Turkey* 0.0% 0.1% -- -30.0%United Arab Emirates* 0.0% 0.2% -- -28.6%Total-Other 0.0% 3.0% -- -30.1%Totals Developed 85.6% 72.6% -3.2% -23.1%Emerging* 10.7% 27.4% -5.5% -23.8%Frontier** 0.0% 0.0% -- --Other 0.0% --Cash 3.7% 0.1%Unclassified 0.0% --

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AsiaPacific Australia 0.0% 4.5% -- -33.1%Bangladesh** 0.0% 0.0% -- --China* 3.2% 9.2% -5.4% -10.3%Hong Kong 5.1% 2.3% -6.3% -17.3%India* 0.0% 2.4% -- -31.2%Indonesia* 0.0% 0.5% -- -39.5%Japan 17.2% 16.2% -0.3% -16.8%Korea* 5.5% 3.2% -6.2% -22.6%Malaysia* 0.0% 0.5% -- -19.1%New Zealand 0.0% 0.2% -- -16.4%Pakistan* 0.0% 0.0% -- -39.6%Philippines* 0.0% 0.3% -- -32.0%Singapore 1.4% 0.8% -3.5% -28.2%Sri Lanka** 0.0% 0.0% -- --Taiwan* 2.0% 3.2% -4.1% -19.0%Thailand* 0.0% 0.7% -- -33.9%Vietnam** 0.0% 0.0% -- --Total-AsiaPacific 34.4% 44.1% -3.0% -19.4%

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76



Totals Americas -17.9% -33.1% 8.0% 9.9% 0.9% 0.1% 0.6% -0.2% 1.5%Europe -29.1% -24.5% 53.1% 42.8% -2.0% -0.2% -0.3% -0.5% -2.9%Asia/Pacific -23.0% -19.4% 35.1% 44.3% -2.1% -0.2% 0.6% 0.4% -1.3%Other -- -30.0% 0.0% 3.0% -- 0.1% 0.2% -- 0.3%Cash 0.4% -- 3.8% 0.0% 0.0% 0.8% 0.0% 0.0% 0.8%Total -25.0% -23.2% 100.0% 100.0% -3.2% 0.5% 1.2% -0.2% -1.7%Totals Developed -26.1% -23.0% 85.3% 72.5% -2.7% 0.0% 0.2% -0.5% -3.0%Emerging* -24.8% -23.8% 10.9% 27.5% -0.9% -0.1% 1.0% 0.5% 0.5%Cash 0.4% -- 3.8% 0.0% 0.0% 0.8% 0.0% 0.0% 0.8%

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77


CITY OF LONDON EMERGING MARKETS EQUITY

78



79

Style map is returns based



80


EATON VANCE TRUST COMPANY/PARAMETRICEMERGING MARKETS EQUITY

81



82



83


DIMENSIONAL INTERNATIONAL SMALL CAP VALUEPORTFOLIO

84



85




86

Characteristics

Portfolio

MSCIWorld ex

USASmall Cap

Number of Holdings 1,996 2,531Weighted Avg. Market Cap. ($B) 1.4 2.2Median Market Cap. ($B) 0.3 0.8Price To Earnings 8.9 12.5Price To Book 1.4 2.1Price To Sales 0.5 1.0Return on Equity (%) 6.5 11.6Yield (%) 4.5 3.2Beta 1.0R-Squared 1.0



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Energy -1.2% -0.1% -0.9% -0.1% -58.1% -56.0% 6.9% 3.6%Materials -0.6% -0.3% 0.0% -0.3% -31.6% -29.6% 16.1% 9.6%Industrials -0.9% -0.8% -0.1% -0.1% -34.2% -30.9% 24.1% 21.2%Consumer Discretionary -0.9% -0.6% -0.2% -0.1% -39.6% -34.6% 14.4% 12.1%Consumer Staples -0.3% -0.1% -0.2% 0.0% -15.6% -13.8% 4.4% 6.0%Health Care -0.6% -0.1% -0.6% 0.2% -19.1% -15.5% 2.2% 7.0%Financials -0.5% -0.1% -0.2% -0.2% -30.9% -30.8% 20.1% 10.8%Information Technology -0.3% -0.6% -0.2% 0.5% -28.3% -23.3% 4.4% 9.4%Communication Services -0.1% -0.2% 0.0% 0.1% -33.7% -27.6% 2.4% 4.4%Utilities -0.1% 0.0% -0.2% 0.1% -15.3% -15.9% 1.6% 2.7%Real Estate 0.4% 0.6% -0.1% -0.1% -21.7% -27.4% 3.3% 13.2%Cash 0.0% -- -- -- -- -- 0.0% 0.0%Portfolio -5.1% = -2.4% + -2.7% + 0.0% -33.4% -28.3% 100.0% 99.9%

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DIMENSIONAL INTERNATIONAL SMALL CAP VALUEPORTFOLIO Top Positive Contributors

RelativeContribution % Return %

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INTERMEDIATE CAPITAL GP. 0.1% -47.9%VERMILION ENERGY 0.1% -80.4%GALLIFORD TRY 0.1% 35.9%RHEINMETALL 0.1% -39.0%AMS 0.1% -64.0%LOOMIS 'B' 0.1% -50.8%PAN AMER.SILV. 0.0% -39.9%TOURMALINE OIL 0.0% -47.6%QUILTER 0.0% -31.4%QUBE HOLDINGS 0.0% -42.4%

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Contribution % Return %_

BELLWAY -0.5% -47.0%MEGGITT -0.4% -58.6%TRAVIS PERKINS -0.4% -48.4%VISTRY GROUP -0.4% -58.8%WHITECAP RESOURCES -0.3% -80.0%REXEL -0.3% -44.1%REDROW -0.3% -54.8%MEG ENERGY -0.3% -79.4%NATIONAL EXPRESS -0.3% -59.0%HELVETIA HOLDING N -0.3% -39.1%

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87





Americas Argentina* 0.0% 0.0% -- --Brazil* 0.0% 0.0% -- --Canada 9.8% 8.6% -6.9% -37.4%Chile* 0.0% 0.0% -- --Colombia* 0.0% 0.0% -- --Mexico* 0.0% 0.0% -- --Peru* 0.0% 0.0% -- --United States 0.1% 0.0% -12.9% 0.2%Total-Americas 9.9% 8.6% -7.0% -37.4%

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Europe Austria 0.9% 0.8% -3.9% -31.4%Belgium 1.6% 1.9% -7.2% -17.9%Croatia** 0.0% 0.0% -- --Czech Republic* 0.0% 0.0% -- --Denmark 1.7% 1.6% -0.6% -19.1%Estonia** 0.0% 0.0% -- --Finland 2.3% 1.1% -0.2% -28.4%France 4.5% 3.2% -6.4% -36.5%Germany 6.2% 5.5% -8.5% -26.9%Greece* 0.0% 0.0% -- --Hungary* 0.0% 0.0% -- --Ireland 0.1% 0.3% -11.6% -28.6%Italy 5.2% 3.2% -7.3% -29.5%Lithuania** 0.0% 0.0% -- --Luxembourg 0.0% 0.0% -7.8% -2.9%Netherlands 3.1% 2.4% -2.7% -29.3%Norway 1.1% 2.0% -13.6% -42.0%Poland* 0.0% 0.0% -- --Portugal 0.3% 0.3% -6.4% -37.0%Romania** 0.0% 0.0% -- --Russia* 0.0% 0.0% -- --Serbia** 0.0% 0.0% -- --Slovenia** 0.0% 0.0% -- --Spain 2.3% 1.9% -3.9% -29.9%Sweden 2.8% 5.6% -3.6% -25.7%Switzerland 4.3% 4.6% 0.1% -18.7%United Kingdom 16.4% 17.0% -2.0% -36.5%Total-Europe 52.8% 51.2% -4.0% -30.3%

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88





AsiaPacific Australia 6.7% 6.8% -4.1% -36.5%Bangladesh** 0.0% 0.0% -- --China* 0.0% 0.0% -- --Hong Kong 2.6% 1.8% -6.6% -20.6%India* 0.0% 0.0% -- --Indonesia* 0.0% 0.0% -- --Japan 25.8% 27.7% -5.1% -20.1%Korea* 0.0% 0.0% -- --Malaysia* 0.0% 0.0% -- --New Zealand 0.4% 0.8% -3.8% -35.0%Pakistan* 0.0% 0.0% -- --Philippines* 0.0% 0.0% -- --Singapore 1.0% 1.6% -5.3% -28.3%Sri Lanka** 0.0% 0.0% -- --Taiwan* 0.0% 0.0% -- --Thailand* 0.0% 0.0% -- --Vietnam** 0.0% 0.0% -- --Total-AsiaPacific 36.5% 38.5% -5.0% -23.7%

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Other Bahrain** 0.0% 0.0% -- --Egypt* 0.0% 0.0% -- --Israel 0.8% 1.7% -9.8% -26.0%Jordan** 0.0% 0.0% -- --Kazakhstan** 0.0% 0.0% -- --Kenya** 0.0% 0.0% -- --Kuwait** 0.0% 0.0% -- --Lebanon** 0.0% 0.0% -- --Mauritius** 0.0% 0.0% -- --Morocco** 0.0% 0.0% -- --Nigeria** 0.0% 0.0% -- --Oman** 0.0% 0.0% -- --Other Countries 0.0% 0.0% -- --Qatar* 0.0% 0.0% -- --Saudi Arabia* 0.0% 0.0% -- --South Africa* 0.0% 0.0% -- --Tunisia** 0.0% 0.0% -- --Turkey* 0.0% 0.0% -- --United Arab Emirates* 0.0% 0.0% -- --Total-Other 0.8% 1.7% -9.8% -26.0%Totals Developed 100.0% 100.0% -4.7% -28.2%Emerging* 0.0% 0.0% -- --Frontier** 0.0% 0.0% -- --Other 0.0% --Cash 0.0% --

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89





Totals Americas -48.3% -37.7% 9.5% 8.6% -1.0% -0.1% 0.0% -0.1% -1.1%Europe -36.8% -30.4% 53.0% 50.9% -3.7% 0.0% 0.3% -0.1% -3.5%Asia/Pacific -24.7% -23.7% 36.8% 38.9% -0.5% -0.1% 0.1% 0.0% -0.4%Other -30.5% -25.2% 0.8% 1.6% -0.1% 0.0% 0.0% 0.0% 0.0%Total -33.4% -28.3% 100.0% 100.0% -5.2% -0.2% 0.5% -0.2% -5.1%Totals Developed -33.4% -28.3% 100.0% 100.0% -5.6% 0.0% 0.5% 0.0% -5.1%

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90


STATE STREET US AGGREGATE BOND INDEX NLFUND

91



92




93


LOOMIS SAYLES CREDIT ASSET TRUST

94




95



96


PIMCO DIVERSIFIED INCOME FUND

97



98



99


NINETY ONE EMD BLENDED DEBT LLC

100



101



102

NEPC, LLC

APPENDIX

Alpha - Measures the relationship between the fund performance and the performance of another fund or benchmark index and equals the excess return while the other fund or benchmark index is zero.

Alpha Jensen - The average return on a portfolio over and above that predicted by the capital asset pricing model (CAPM), given the portfolio's beta and the average market return. Also known as the abnormal return or the risk adjusted excess return.

Annualized Excess Return over Benchmark - Annualized fund return minus the annualized benchmark return for the calculated return.

Annualized Return - A statistical technique whereby returns covering periods greater than one year are converted to cover a 12 month time span.

Beta - Measures the volatility or systematic risk and is equal to the change in the fund’s performance in relation to the change in the assigned index’s performance.

Information Ratio - A measure of the risk adjusted return of a financial security, asset, or portfolio.

Formula: (Annualized Return of Portfolio - Annualized Return of Benchmark)/Annualized Standard Deviation(Period Portfolio Return – Period Benchmark Return). To annualize standard deviation, multiply the deviation by the square root of the number of periods per year where monthly returns per year equals 12 and quarterly returns is four periods per year.

R-Squared – Represents the percentage of a fund’s movements that can be explained by movements in an index. R-Squared values range from 0 to 100. An R-Squared of 100 denotes that all movements of a fund are completely explained by movements in the index.

Sharpe Ratio - A measure of the excess return or risk premium per unit of risk in an investment asset or trading strategy.

Sortino Ratio - A method to differentiate between good and bad volatility in the Sharpe Ratio. The differentiation of up and down volatility allows the calculation to provide a risk adjusted measure of a security or fund's performance without upward price change penalties.

Formula: Calculation Average (X-Y)/Downside Deviation (X-Y) * 2 Where X=Return Series X Y = Return Series Y which is the risk free return (91 day T-bills)

Standard Deviation - The standard deviation is a statistical term that de-scribes the distribution of results. It is a commonly used measure of volatility of returns of a portfolio, asset class, or security. The higher the standard deviation the more volatile the returns are.

Formula: (Annualized Return of Portfolio – Annualized Return of Risk Free) / Annualized Standard Deviation (Portfolio Returns)

Tracking Error - Tracking error, also known as residual risk, is a measure of the degree to which a portfolio tracks its benchmark. It is also a measure of consistency of excess returns. Tracking error is computed as the annualized standard deviation of the difference between a portfolio's return and that of its benchmark.

Formula: Tracking Error = Standard Deviation (X-Y) * √( # of periods per year) Where X = periods portfolio return and Y = the period’s benchmark return For monthly returns, the periods per year = 12 For quarterly returns, the periods per year = 4

Treynor Ratio - A risk-adjusted measure of return based on systematic risk. Similar to the Sharpe ratio with the difference being the Treynor ratio uses beta as the measurement of volatility.

Formula: (Portfolio Average Return - Average Return of Risk-Free Rate)/Portfolio Beta

Up/Down Capture Ratio - A measure of what percentage of a market's re-turns is "captured" by a portfolio. For example, if the market declines 10% over some period, and the manager declines only 9%, then his or her capture ratio is 90%. In down markets, it is advantageous for a manager to have as low a capture ratio as possible. For up markets, the higher the capture ratio the better. Looking at capture ratios can provide insight into how a manager achieves excess returns. A value manager might typically have a lower capture ratio in both up and down markets, achieving excess returns by protecting on the downside, whereas a growth manager might fall more than the overall market in down markets, but achieve above-market returns in a rising market.

UpsideCapture = TotalReturn(FundReturns)/TotalReturns(BMReturn) when Period Benchmark Return is > = 0

UpsideCapture = TotalReturn(FundReturns)/TotalReturns(BMReturn) when Period Benchmark Return is > = 0

GLOSSARY OF INVESTMENT TERMINOLOGY

104

INFORMATION DISCLAIMER

• Past performance is no guarantee of future results.

• The goal of this report is to provide a basis for monitoring financialmarkets. The opinions presented herein represent the good faithviews of NEPC as of the date of this report and are subject to changeat any time.

• Information on market indices was provided by sources external toNEPC. While NEPC has exercised reasonable professional care inpreparing this report, we cannot guarantee the accuracy of all sourceinformation contained within.

• All investments carry some level of risk. Diversification and otherasset allocation techniques do not ensure profit or protect againstlosses.

• This report is provided as a management aid for the client’s internaluse only. This report may contain confidential or proprietaryinformation and may not be copied or redistributed to any party notlegally entitled to receive it.

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first quarter 2020 investment performance …real estate ncreif property index** 1.6% 6.4% 6.7% 8.2%...

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