investment performance review period ending september 30, 2019€¦ · respectively as investors...

<CBDoc TenantId="2" EntityTypeId="3100" EntityId="241" DocumentTypeId="1" EffectiveDate="09/30/2019" Interval="3" Description="Quarterly Report" />

Investment Performance Review

Period Ending September 30, 2019

Coral Gables Retirement System

3rd Quarter 2019 Market Environment

1

Broad asset class returns were mixed during the 3rd quarter of 2019 with both

US large cap equity and fixed income indices extending their year-to-date

gains while US small cap and international indices declined. Volatility was high

during the period as investors weighed the effects of ongoing trade disruption

and slowing global economic data against the announcement of several new

central bank stimulus measures. US stocks continued their year-to-date

outperformance relative to international stocks during the period. US markets

faced headwinds from continued escalation in the ongoing trade dispute with

China, slowing economic data, particularly with regards to manufacturing, and

political uncertainty following a late quarter impeachment inquiry against

President Donald Trump. However, markets were supported by easing

monetary policy from the Federal Reserve (Fed) which cut interest rates twice

during the period. In general, lower risk assets performed better through the

period as investors weighed the increased risk of a recession. Within domestic

equity markets, large cap stocks outperformed small cap equities during the

quarter with the S&P 500 Index returning 1.7% versus a -2.4% return on the

small cap Russell 2000 Index. US equity returns over the 1-year period were

positive for large and mid-cap stocks, returning 4.3% and 3.2% respectively,

but small cap stocks posted a loss, falling -8.9%.

International markets posted negative returns for the 3rd quarter. Similar to US

markets, international returns were impacted by continued weakness in

economic data, heightened geopolitical uncertainly around global trade and

Brexit and newly announced stimulus measures from global central banks

including the European Central Bank (ECB) and Peoples Bank of China

(PBoC). International returns also faced headwinds from a strengthening US

dollar (USD) which appreciated against most major currencies during the

period. Developed markets continued their outperformance relative to

emerging markets during the period with the MSCI EAFE Index falling -1.1%

versus a -4.2% decline for the MSCI Emerging Markets Index. Both developing

and emerging markets posted slight losses over the 1-year period, returning

-1.3% and -2.0% respectively.

Fixed income returns outperformed equities during the 3rd quarter as investors

looked for relative safety amid the equity market volatility. The broad market

Bloomberg Barclays Aggregate Index gained 2.3% as interest rates fell

following central bank stimulus from the Fed and other global central banks.

The US Treasury Yield Curve also inverted in August, contributing to growing

concern around the potential for an upcoming recession. Investment grade

corporate issues were the best performing securities for the third quarter in a

row, returning 3.0%, outperforming Treasury and securitized issues. Corporate

issues benefitted from their relatively high duration and yield. The bond market

has meaningfully outperformed the equity market over the trailing 1-year

period with the Bloomberg Barclays Aggregate posting a solid 10.3% return.

Source: Investment Metrics

The Market EnvironmentMajor Market Index Performance

As of September 30, 2019

0.6%

3.0%

1.4%

1.3%

2.4%

2.3%

-2.4%

0.5%

1.4%

1.2%

1.7%

-4.2%

-1.1%

-1.8%

-5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0%

3-Month T-Bill

Bbg Barclays Corp IG

Bbg Barclays MBS

Bbg Barclays US TIPS

Bbg Barclays US Govt

Bbg Barclays US Agg

Russell 2000

Russell MidCap

Russell 1000

Russell 3000

S&P 500

MSCI Emerg Mkts

MSCI EAFE

MSCI ACWxUS

Quarter Performance

2.4%

13.0%

7.8%

7.1%

10.4%

10.3%

-8.9%

3.2%

3.9%

2.9%

4.3%

-2.0%

-1.3%

-1.2%

-10.0% -5.0% 0.0% 5.0% 10.0% 15.0%

3-Month T-Bill

Bbg Barclays Corp IG

Bbg Barclays MBS

Bbg Barclays US TIPS

Bbg Barclays US Govt

Bbg Barclays US Agg

Russell 2000

Russell MidCap

Russell 1000

Russell 3000

S&P 500

MSCI Emerg Mkts

MSCI EAFE

MSCI ACWxUS

1-Year Performance

2

Source: Investment Metrics

The Market EnvironmentDomestic Equity Style Index Performance


US equity returns were modestly positive during the 3rd quarter, but results

varied considerably across the style and capitalization spectrum. Data

released during the quarter showed signs that the US economy could be

slowing down. Weakening metrics around manufacturing and sentiment were

particularly concerning and employment, typically a bright spot for the US

economy, missed expectations for the pace of new jobs and hours worked. A

likely contributor to the softening economic data is the ongoing trade war

between the US and China. Despite last quarter’s agreement to cease

escalations following a meeting between President Trump and President

Jinping at the G20 summit, the 3rd quarter saw the announcement and

implementation of a series of new tariffs from both the US and China.

Additionally, in response to new tariffs, the PBoC allowed the yuan to

depreciate to its lowest level since 2008 leading US Treasury officials to

accuse China of currency manipulation. Even with the apparent breakdown in

relations between the two sides, both China and the US agreed to continue

negotiations set to take place in October. Markets also reacted to the late

quarter announcement of a formal impeachment inquiry against President

Trump following a whistle blower report alleging that President Trump

pressured the government of Ukraine to investigate the son of political

opponent Joe Biden. Despite these substantial headwinds, the US equity

market found support from Fed easing of monetary policy in the form of two

separate interest rate cuts and ended the period with a gain. The Russell 3000

Index returned 1.2% and 2.9% for the quarter and 1-year period respectively.

During the quarter, higher market cap stocks outperformed lower market cap

stocks across the style spectrum. The large cap Russell 1000 Index gained

1.4% during the period versus a -2.4% return for the small cap Russell 2000

Index. Investors may have been attracted to large cap names as a result of the

quarter’s volatility as large cap stocks are typically viewed as less risky than

their small cap counterparts. When viewed over the most recent 1-year period,

large cap stocks significantly outperformed small cap stocks with the Russell

1000 posting a 3.9% gain while the while the Russell 2000 had considerable

losses, declining -8.9%.

In general, value stocks outperformed growth stocks during the 3rd quarter as

investors gravitated toward the relative safety these securities typically provide.

However, large cap growth stocks slightly outperformed large cap value stocks

due to favorable holdings in the technology and industrials sectors as well as a

large underweight to the underperforming energy sector. The Russell 1000

Growth Index was the best performing style index for the period, returning

1.5%, with the small cap growth index posting the lowest relative return, a loss

of -4.2%. Results over the 1-year period are mixed with value stocks

outperforming in large and small cap and growth stocks outperforming in mid-

cap.

-4.2%

-2.4%

-0.6%

-0.7%

0.5%

1.2%

1.5%

1.4%

1.4%

1.1%

1.2%

1.2%

-5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0%

2000 Growth

2000 Index

2000 Value

MidCap Growth

MidCap Index

MidCap Value

1000 Growth

1000 Index

1000 Value

3000 Growth

3000 Index

3000 Value

Quarter Performance - Russell Style Series

-9.6%

-8.9%

-8.2%

5.2%

3.2%

1.6%

3.7%

3.9%

4.0%

2.7%

2.9%

3.1%

-12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0%

2000 Growth

2000 Index

2000 Value

MidCap Growth

MidCap Index

MidCap Value

1000 Growth

1000 Index

1000 Value

3000 Growth

3000 Index

3000 Value

1-Year Performance - Russell Style Series

3

Sector performance was mixed across large cap sectors for the 3rd quarter.

There were gains for eight out of eleven sectors within the Russell 1000

Index during the period with six sectors outpacing the return of the index.

Defensive sectors such as utilities, real estate and consumer staples were

the best performers through the quarter returning 8.3%, 7.8% and 5.9%

respectively as investors looked toward these sectors for their higher yields

and lower historical volatility. Energy, health care and materials stocks were

the worst performers during the period. Energy stocks fell -6.9% as crude oil

prices fell during the period despite a sharp upward spike in September

following a terrorist attack in Saudi Arabia that temporarily reduced the

country’s oil production, causing a large disruption in supply. Health care

stocks also lagged, declining -2.8%, as discussions in Washington around

the potential for increased regulation on drug pricing acted as a headwind.

Health care reform has also been a major topic of discussion among

candidates for the 2020 US Presidential election, creating additional

uncertainty within the sector. Materials returned -0.2% as demand concerns

weighed on the economically sensitive sector. Returns over the 1-year period

were also generally positive with eight out of eleven sectors posting gains.

Similar to the quarter’s results, defensive sectors outperformed by a

considerable margin. Utilities, real estate and consumer staples performed

well returning 26.3%, 22.1% and 16.0% respectively. Technology returns

were also strong gaining 8.2%. Energy, health care and materials were the

only sectors to post negative results over the 1-year period with energy falling

-21.4%, health care dropping -4.0% and materials returning -0.2%.

Quarterly results for small cap sectors were worse than their large

capitalization counterparts with all eleven sectors trailing their corresponding

large cap equivalents. Five of eleven economic sectors produced gains

during the period with seven of eleven sectors outpacing the Russell 2000

Index return for the quarter. Similar to large caps, defensive sectors

performed well as investors gravitated toward their relative safety and higher

yields. Utilities were the best performers, returning 5.4% followed closely by

REITs and consumer staples which returned 5.1% and 4.3% respectively.

The cyclically oriented energy sector was the largest detractor for the period,

posting a loss of -20.6%. Health care and communication services stocks

also experienced notable declines, falling -9.2% and -8.2% respectively. Over

the trailing 1-year period, returns were broadly negative. Utilities, real estate

and technology were the only sectors to post gains returning 20.1% 7.3% and

6.1%. The energy sector was an outlier in terms of negative returns dropping

-48.8% during the period. There were also notable losses in health care,

communication services and materials which declined -21.4%, -19.4% and -

18.7% respectively.

The Market EnvironmentGICS Sector Performance & (Sector Weight)


Source: Morningstar DirectAs a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector.

26.3%

22.1%

-0.2%

8.2%

1.1%

-4.0%

4.1%

-21.4%

16.0%

1.8%

5.6%

8.3%

7.8%

-0.2%

2.6%

0.8%

-2.8%

2.1%

-6.9%

5.9%

0.5%

2.0%

-25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

Utilities (3.2%)

Real Estate (3.8%)

Materials (2.9%)

Info Technology (22.0%)

Industrials (9.7%)

Health Care (13.7%)

Financials (13.2%)

Energy (4.5%)

Consumer Staples (6.8%)

Consumer Disc (10.4%)

Comm Services (9.8%)

Russell 1000 Quarter 1-Year

20.1%

7.3%

-18.7%

6.1%

-5.3%

-21.4%

-5.2%

-48.8%

-6.0%

-9.8%

-19.4%

5.4%

5.1%

-5.5%

1.0%

-0.4%

-9.2%

-0.5%

-20.6%

4.3%

0.5%

-8.2%

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

Utilities (4.0%)

Real Estate (7.7%)

Materials (3.8%)

Info Technology (14.2%)

Industrials (15.7%)

Health Care (16.3%)

Financials (17.9%)

Energy (3.4%)

Consumer Staples (2.9%)

Consumer Disc (11.3%)

Comm Services (2.7%)

Russell 2000 Quarter 1-Year

4

The Market EnvironmentTop 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000


Source: Morningstar Direct

Top 10 Weighted Stocks Top 10 Weighted Stocks

Russell 1000 Weight1-Qtr

Return1-Year Return

Sector Russell 2000 Weight1-Qtr

Return1-Year Return

Sector

Microsoft Corp 3.82% 4.1% 22.9% Information Technology NovoCure Ltd 0.34% 18.3% 42.7% Health Care

Apple Inc 3.68% 13.6% 0.8% Information Technology Haemonetics Corp 0.33% 4.8% 10.1% Health Care

Amazon.com Inc 2.61% -8.3% -13.3% Consumer Discretionary Trex Co Inc 0.28% 26.8% 18.1% Industrials

Facebook Inc A 1.55% -7.7% 8.3% Communication Services Science Applications International 0.27% 1.3% 10.4% Information Technology

Berkshire Hathaway Inc B 1.48% -2.4% -2.8% Financials Portland General Electric Co 0.26% 4.8% 27.2% Utilities

JPMorgan Chase & Co 1.36% 6.0% 7.4% Financials ONE Gas Inc 0.26% 7.0% 19.5% Utilities

Alphabet Inc Class C 1.35% 12.8% 2.1% Communication Services First Industrial Realty Trust Inc 0.26% 8.3% 29.3% Real Estate

Alphabet Inc A 1.33% 12.8% 1.2% Communication Services Southwest Gas Holdings Inc 0.26% 2.2% 18.2% Utilities

Johnson & Johnson 1.25% -6.4% -3.8% Health Care Maximus Inc 0.25% 6.9% 20.4% Information Technology

Procter & Gamble Co 1.12% 14.2% 54.0% Consumer Staples Teladoc Health Inc 0.25% 2.0% -21.6% Health Care

Top 10 Performing Stocks (by Quarter) Top 10 Performing Stocks (by Quarter)


Return1-Year Return


Return1-Year Return

Sector

Insulet Corp 0.04% 38.2% 55.7% Health Care NextCure Inc 0.00% 105.9% N/A Health Care

CyrusOne Inc 0.03% 37.9% 28.8% Real Estate Dova Pharmaceuticals Inc 0.01% 98.2% 33.3% Health Care

KLA Corp 0.09% 35.7% 61.1% Information Technology WW International Inc 0.09% 98.0% -47.5% Consumer Discretionary

New York Community Bancorp Inc 0.02% 27.6% 28.7% Financials R.R.Donnelley & Sons Co 0.01% 94.7% -27.6% Industrials

Entegris Inc 0.02% 26.3% 63.9% Information Technology Infinera Corp 0.05% 87.3% -25.3% Information Technology

Pilgrims Pride Corp 0.01% 26.2% 77.1% Consumer Staples Lannett Co Inc 0.02% 84.8% 135.8% Health Care

Western Digital Corp 0.06% 25.4% 5.6% Information Technology Owens & Minor Inc 0.02% 81.6% -64.4% Health Care

DocuSign Inc 0.03% 24.6% 17.8% Information Technology Allakos Inc 0.08% 81.5% 74.8% Health Care

Target Corp 0.19% 24.4% 24.3% Consumer Discretionary Solid Biosciences Inc 0.01% 79.8% -78.1% Health Care

XPO Logistics Inc 0.02% 23.8% -37.3% Industrials Ardelyx Inc 0.01% 74.7% 8.0% Health Care

Bottom 10 Performing Stocks (by Quarter) Bottom 10 Performing Stocks (by Quarter)


Return1-Year Return


Return1-Year Return

Sector

2U Inc 0.00% -56.7% -78.3% Information Technology Tocagen Inc 0.00% -90.1% -95.8% Health Care

PG&E Corp 0.02% -56.4% -78.3% Utilities Waitr Holdings Inc Class A 0.00% -79.6% -88.1% Consumer Discretionary

Covetrus Inc 0.00% -51.4% N/A Health Care McDermott International Inc 0.02% -79.1% -89.0% Energy

Sarepta Therapeutics Inc 0.02% -50.4% -53.4% Health Care Sonim Technologies Inc 0.00% -77.0% N/A Information Technology

Nektar Therapeutics Inc 0.01% -48.8% -70.1% Health Care Synlogic Inc 0.00% -74.8% -83.9% Health Care

DXC Technology Co 0.03% -46.2% -67.9% Information Technology Mallinckrodt PLC 0.01% -73.7% -91.8% Health Care

Antero Resources Corp 0.00% -45.4% -82.9% Energy Clovis Oncology Inc 0.01% -73.6% -86.6% Health Care

Range Resources Corp 0.00% -45.0% -77.3% Energy Bloom Energy Corp Class A 0.01% -73.5% -90.5% Industrials

Pluralsight Inc Class A 0.00% -44.6% -47.5% Information Technology Chaparral Energy Inc Class A 0.00% -71.5% -92.4% Energy

Fluor Corp 0.01% -42.5% -66.1% Industrials Pacific Drilling SA 0.01% -69.3% -99.7% Energy

5

Source: MSCI Global Index Monitor (Returns are Net)

Broad international equity returns were negative in USD terms for the 3rd

quarter as US investors in international markets faced a meaningful headwind

from a USD that strengthened against most major currencies. In local currency

terms, developed markets were generally positive while emerging markets

posted losses. The MSCI ACWI ex US Index gained 0.7% in local currency

terms, but a USD investor experienced a loss of -1.8% due to the currency

effect. Similar to US markets, international equity markets balanced headwinds

from slowing economic data and concerns around global trade with tailwinds

from central bank shifts toward more accommodative policies. Among others,

the ECB and PBoC announced new stimulus measures during the quarter.

The ECB cut its policy rate and committed to a new quantitative easing

program and the PBoC announced new stimulus measures designed to

encourage bank lending and reduce borrowing costs as it tries to counteract a

cooling economy and the effects of its ongoing trade war with the US. The

recent USD strength can also be seen over the 1-year period with USD returns

trailing most local currency returns. Returns for the MSCI ACWI ex US Index

were 1.3% in local currency terms and -1.2% in USD terms for the trailing

year.

Results for developed market international indices were generally positive in

local currency terms, but negative in USD terms for the 3rd quarter, with the

MSCI EAFE Index returning 1.8% and -0.9% respectively. Outside of central

bank policy and trade, there were notable developments within the political

sphere. In Europe, Christine Lagarde was nominated to succeed Mario Draghi

as the head of the ECB. Japanese stocks rose as election results appeared to

support continuity for Prime Minister Abe’s ongoing policy efforts. In the UK,

pro-Brexit Boris Johnson was appointed to prime minister, replacing Theresa

May. The UK continues to face uncertainty around Brexit as its late October

deadline to agree to a withdrawal agreement with the European Union (EU)

quickly approaches. Stocks in Hong Kong fell as the government dealt with

major pro-democracy protests throughout the quarter. The MSCI EAFE Index

returned 1.6% and -1.3% for the last twelve months in local currency and USD

terms respectively.

Emerging markets continued their trend of 2019 underperformance relative to

developed markets during the 3rd quarter, posting negative returns in both

local currency and USD terms. The MSCI Emerging Markets Index fell -2.1%

and -4.2% respectively. As expected, geopolitical tensions around trade

continued to put pressure on emerging market stocks. Countries with greater

sensitivities to commodity prices or a strong USD tended to underperform

during the period. Argentina’s stock market fell -46.8% as primary elections in

the country saw the defeat of the country’s current market friendly president.

One year returns for the MSCI Emerging Market Index were -0.2% in local

currency terms and -2.0% in USD terms.

The Market EnvironmentInternational and Regional Market Index Performance (Country Count)

As September 30, 2019

12.9%

-2.9%

3.9%

-0.2%

-4.0%

4.9%

1.6%

1.9%

1.3%

6.7%

-3.9%

0.9%

-2.0%

-2.2%

-0.9%

-1.3%

-1.0%

-1.2%

-6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

EM Latin Amer (6)

EM Asia (9)

EM EMEA (11)

Emerging Mkt (26)

Pacific (5)

Europe & ME (16)

EAFE (21)

WORLD x US (22)

AC World x US (48)

1-Year Performance USD Local Currency

0.9%

-2.3%

-3.3%

-2.1%

1.4%

2.0%

1.8%

1.8%

0.7%

-5.6%

-3.4%

-7.0%

-4.2%

0.2%

-1.8%

-1.1%

-0.9%

-1.8%

-8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0%

EM Latin Amer (6)

EM Asia (9)

EM EMEA (11)

Emerging Mkt (26)

Pacific (5)

Europe & ME (16)

EAFE (21)

WORLD x US (22)

AC World x US (48)

Quarter Performance USD Local Currency

6

The Market EnvironmentUS Dollar International Index Attribution & Country Detail


Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD)As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector.

MSCI - EAFE Sector Weight Quarter Return 1-Year Return

Communication Services 5.4% -0.9% -0.7%

Consumer Discretionary 11.5% 0.3% -2.0%

Consumer Staples 12.0% 1.9% 6.9%

Energy 5.1% -6.5% -14.5%

Financials 18.6% -2.6% -6.3%

Health Care 11.6% 2.4% 4.3%

Industrials 14.7% -2.0% -2.1%

Information Technology 6.7% -0.5% 1.8%

Materials 7.0% -5.4% -5.7%

Real Estate 3.6% -1.3% 4.3%

Utilities 3.8% 2.4% 13.2%

Total 100.0% -1.1% -1.3%

MSCI - ACWIxUS Sector Weight Quarter Return 1-Year Return


Consumer Discretionary 11.4% -0.7% -1.6%

Consumer Staples 10.2% 1.5% 6.8%

Energy 6.7% -4.6% -9.8%

Financials 21.6% -3.6% -3.2%

Health Care 8.5% 1.1% 0.9%

Industrials 11.9% -2.5% -2.4%

Information Technology 8.9% 2.2% 4.1%

Materials 7.3% -6.5% -7.2%

Real Estate 3.2% -3.1% 5.0%

Utilities 3.5% 1.3% 12.6%

Total 100.0% -1.8% -1.2%

MSCI - Emerging Mkt Sector Weight Quarter Return 1-Year Return


Consumer Discretionary 13.1% -3.1% 0.1%

Consumer Staples 6.9% -0.8% 3.0%

Energy 7.7% -4.0% -2.3%

Financials 24.7% -8.0% 1.6%

Health Care 2.6% -6.6% -24.2%

Industrials 5.4% -5.2% -4.4%

Information Technology 15.1% 5.6% 3.9%

Materials 7.3% -10.7% -15.9%

Real Estate 2.9% -8.8% 6.8%

Utilities 2.8% -3.6% 7.2%

Total 100.0% -4.2% -2.0%

MSCI-EAFE MSCI-ACWIxUS Quarter 1- Year

Country Weight Weight Return Return

Japan 24.6% 16.5% 3.1% -4.7%

United Kingdom 16.4% 11.0% -2.5% -2.9%

France 11.4% 7.6% -1.7% -1.6%

Switzerland 9.4% 6.3% 0.3% 12.0%

Germany 8.5% 5.7% -4.0% -7.1%

Australia 7.0% 4.7% -1.4% 6.1%

Netherlands 4.0% 2.7% 2.4% 9.5%

Hong Kong 3.5% 2.4% -11.9% -1.8%

Spain 2.9% 2.0% -3.8% -3.5%

Sweden 2.6% 1.7% -4.8% -8.0%

Italy 2.3% 1.6% -0.1% 3.9%

Denmark 1.8% 1.2% -1.0% 2.3%

Singapore 1.3% 0.9% -5.8% -0.2%

Belgium 1.0% 0.7% 3.4% -0.8%

Finland 1.0% 0.7% -1.8% -9.3%

Norway 0.7% 0.4% -3.4% -13.4%

Israel 0.6% 0.4% -3.7% -12.5%

Ireland 0.5% 0.4% -0.6% -4.6%

New Zealand 0.2% 0.2% -2.9% 10.0%

Austria 0.2% 0.2% -3.1% -16.0%

Portugal 0.2% 0.1% 1.6% -2.5%

Total EAFE Countries 100.0% 67.0% -1.1% -1.3%

Canada 7.0% 0.5% 3.0%

Total Developed Countries 74.0% -0.9% -1.0%

China 8.3% -4.7% -3.9%

Korea 3.2% -4.5% -13.8%

Taiwan 3.0% 5.2% -0.2%

India 2.3% -5.2% 4.7%

Brazil 2.0% -4.6% 25.4%

South Africa 1.2% -12.6% -6.4%

Russia 1.0% -1.4% 18.0%

Thailand 0.8% -6.0% -0.9%

Saudi Arabia 0.7% -9.5% 4.0%

Mexico 0.7% -1.7% -14.8%

Indonesia 0.5% -5.2% 11.9%

Malaysia 0.5% -6.3% -10.4%

Philippines 0.3% -4.6% 13.1%

Poland 0.3% -12.1% -12.2%

Qatar 0.3% -0.2% 5.0%

Chile 0.3% -7.3% -16.8%

United Arab Emirates 0.2% -0.2% -0.3%

Turkey 0.2% 11.7% 16.5%

Colombia 0.1% -6.1% -7.3%

Peru 0.1% -9.3% -4.0%

Greece 0.1% -3.1% 6.8%

Hungary 0.1% -3.9% 3.4%

Argentina 0.1% -46.8% -32.3%

Czech Republic 0.0% -10.1% -12.6%

Egypt 0.0% 7.4% 21.5%

Pakistan 0.0% 1.1% -32.7%

Total Emerging Countries 26.0% -4.2% -2.0%

Total ACWIxUS Countries 100.0% -1.8% -1.2%

7

Source: Bloomberg

The Market EnvironmentDomestic Bond Sector & Broad/Global Bond Market Performance (Duration)


Broad fixed income benchmarks continued their trend of 2019 gains during the

3rd quarter. Interest rates fell across the US Treasury Yield Curve through the

quarter as the Fed continued to shift toward an easing of monetary policy in an

attempt to combat slowing economic data. The Fed cut short-term interest

rates twice during the period following their July and September meetings. In

addition, it ended its balance sheet reduction plan in September which

represents a further easing of monetary policy. After its September meeting,

the Fed issued a statement commenting that future changes to monetary

policy are not on a preset course and will be evaluated as the Fed receives

new information on the state of the economy, but that Fed officials “will

continue to monitor the implications of incoming information for the economic

outlook and will act as appropriate to sustain the expansion.” The Fed

response provided market support in a quarter where we saw the formal

inversion of the yield curve. Treasury yields on 2-year issues briefly surpassed

the yield on 10-year issues in August. This inversion of the yield curve has

historically preceded a recession within the next 6-24 months. However, the

magnitude of the inversion was mild and short in duration with rates on the 10-

year Treasury rising above the yield of the 2-year by early September. The

bellwether Bloomberg Barclays US Aggregate Index posted positive returns for

both the 3rd quarter and the 1-year period, returning 2.3% and 10.3%

respectively.

Within investment grade credit, lower quality issues outperformed higher

quality issues during the quarter. Lower quality issues benefitted from their

higher durations as interest rates fell during the quarter. On an absolute basis,

without negating the duration differences in the sub-indices, Baa rated credit

was the best performing investment grade credit quality segment returning

3.3% for the quarter, while AAA was the worst performing, returning 2.0%.

High yield issues returned 1.3% for the quarter as these issues did not

commensurately benefit from the drop in interest rates due to their relatively

low durations. Returns over the 1-year period show lower quality securities

outperforming higher quality issues with Baa rated issues returning 13.5%

versus a 9.3% return for AAA securities.

Investment grade corporates outperformed the more defensive Treasury and

mortgage backed sectors of the Bloomberg Barclays US Aggregate Index’s

three broad sectors during the 3rd quarter. Investment grade corporate credit

returned 3.0%, as they benefitted from their higher sensitivity to interest rates,

low credit spreads and high investor demand for yield. When viewed over the

1-year period, corporate credit outperformed both Treasuries and mortgage

backed securities. Corporate issues returned 13.0% versus a 7.8% return for

mortgages and 10.5% gain on Treasury securities.

0.6%

-0.6%

1.4%

2.3%

1.3%

3.0%

1.4%

2.4%

1.3%

3.3%

2.9%

2.6%

2.0%

-1.0% 0.0% 1.0% 2.0% 3.0% 4.0%

Multiverse (7.0)

Global Agg x US (8.4)

Intermediate Agg (3.6)

Aggregate (5.8)

U.S. TIPS (4.9)

U.S. Corporate IG (7.8)

U.S. Mortgage (2.7)

U.S. Treasury (6.6)

U.S. High Yield (3.1)

Baa (7.9)

A (7.8)

AA (6.6)

AAA (5.0)

Quarter Performance

7.5%

5.3%

8.1%

10.3%

7.1%

13.0%

7.8%

10.5%

6.4%13.5%

12.6%

11.0%

9.3%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

Multiverse (7.0)

Global Agg x US (8.4)

Intermediate Agg (3.6)

Aggregate (5.8)

U.S. TIPS (4.9)

U.S. Corporate IG (7.8)

U.S. Mortgage (2.7)

U.S. Treasury (6.6)

U.S. High Yield (3.1)

Baa (7.9)

A (7.8)

AA (6.6)

AAA (5.0)

1-Year Performance

8

Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)

The Market EnvironmentMarket Rate & Yield Curve Comparison


Global fixed income returns underperformed their domestic counterparts

during the 3rd quarter. These indices have lower, or in some cases (Germany,

Japan), negative yields, but have higher durations. Given their higher

durations, these issues would be expected to perform relatively well during

periods of falling rates, however, the returns of these indices are also

significantly influenced by fluctuations in their currency denomination relative

to the USD. As mentioned, the USD appreciated against most other developed

currencies during the quarter, acting as a headwind to global bond indices.

The return on global bonds, as represented by the Bloomberg Barclays Global

Aggregate ex US Index, was -0.6%. Global bonds also trailed over the 1-year

period with the Global Aggregate ex US Index returning 5.3% versus a 10.3%

return on the domestically focused Bloomberg Barclays Aggregate Index. As

global growth has shown signs of stalling, several international central banks

have started to step back from more restrictive postures. The ECB and the

PBoC have moved toward an easing of monetary policy and implemented

various stimulus programs designed to support their respective economies.

The Bank of England and the Bank of Japan made no major policy changes

during the quarter as they continue to review macroeconomic data within their

respective countries.

Much of the index performance detailed in the bar graphs on the previous

page is visible on a time series basis by reviewing the line graphs to the right.

The ‘1-Year Trailing Market Rates’ chart illustrates that over the last year, the

10-year Treasury yield (green line) fell from high’s greater than 3.0%, to yields

below 1.5% before ending the quarter at 1.68%. The blue line illustrates

changes in the BAA OAS (Option Adjusted Spread). This measure quantifies

the additional yield premium that investors require to purchase and hold non-

Treasury issues. This line illustrates an abrupt increase in credit spreads

during the 4th quarter of 2018 as investors moved to higher quality assets

during the quarter’s risk-off environment. Subsequently, spreads declined

steadily, remaining somewhat range bound with increases in May and August.

There was little change through the quarter with spreads tightening by about 1

basis point. Spread tightening is equivalent to an interest rate decrease on

corporate bonds, which produces an additional tailwind for corporate bond

index returns. The green band across the graph illustrates the decrease in the

Federal Funds Rate due to the recent easing in US monetary policy. The rate

cuts in July and September have pushed the Fed Funds Rate to 1-year lows.

The lower graph provides a snapshot of the US Treasury yield curve at the end

of each of the last four calendar quarters. The downward shift in interest rates

as well as a general flattening of the yield curve are clearly visible over the last

quarter. As mentioned, the yield curve continues to invert as yields on shorter-

and middle-term maturities fell less than interest rates at the long-end of the

curve.

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr

Treasury Yield Curve

12/31/2018 3/31/2019 6/30/2019 9/30/2019

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19

1-Year Trailing Market Rates

Fed Funds Rate TED Spread 3-Month Libor

BAA OAS 10yr Treasury 10yr TIPS

9

Compliance ChecklistTotal Fund


Total Fund Compliance: Yes No N/A1. The Total Plan Gross return equaled or exceeded the actuarial earnings assumption 7.5% over the trailing three and five year periods. 2. The Total Plan Gross return equaled or exceeded the total plan benchmark over the trailing three and five year periods. 3. The Total Plan Gross return ranked within the top 50th percentile of its peer groups over the trailing three and five year periods. 4. Total foreign securities were less than 25% of the total plan assets at market. 5. Total real estate investments were less than 15% of the total plan assets at market.

Equity Compliance: Yes No N/A1. Total equity returns equaled or exceeded the benchmark over the trailing three and five year periods. 2. The total equity allocation was less than 70% of the total plan assets at market.

Fixed Income Compliance: Yes No N/A1. Total fixed income returns equaled or exceeded the benchmark over the trailing three and five year periods. 2. No more than 15% of the fixed income portfolio was rated below BBB/Baa. 3. The weighted average quality of the portfolio was A or better. 4. The duration of the fixed income portfolio was less than 135% of the index.

Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A1. Manager outperformed the index over the trailing three and five year periods. 2. Manager ranked within the top 50th percentile over trailing three and five year periods. 3. Less than four consecutive quarters of under performance relative to the benchmark. 4. Three and five-year downside capture ratios less than 100%



JPM SPF

TortoiseManager Compliance:

JPM SSPF BlackRock MAI TitanPIMCO TO

WCM FIG Garcia Hamilton PIMCO DiSCOManager Compliance:

Richmond

Manager Compliance:Eagle Wells Capital Winslow RBC GAMBrandywine

10

June 30, 2019 : $403,165,619

Domestic Equity

Receipt &Disbursement

Other Assets

Real Estate

OpportunisticFixed Income

Domestic Fixed Income

International Equity

September 30, 2019 : $389,413,238

Domestic Equity

Receipt &Disbursement

Other Assets

Real Estate

OpportunisticFixed Income



Allocation

Market Value Allocation

Domestic Equity 167,996,863 41.7¢£

International Equity 85,471,719 21.2¢£

Domestic Fixed Income 41,647,919 10.3¢£

Opportunistic Fixed Income 12,002,091 3.0¢£

Real Estate 52,714,988 13.1¢£

Other Assets 40,333,624 10.0¢£

Receipt and Disbursement 2,998,416 0.7¢£

Allocation


Domestic Equity 164,868,100 42.3¢£

International Equity 73,234,447 18.8¢£

Domestic Fixed Income 42,179,378 10.8¢£

Opportunistic Fixed Income 12,099,938 3.1¢£

Real Estate 53,513,578 13.7¢£

Other Assets 40,432,894 10.4¢£

Receipt and Disbursement 3,084,903 0.8¢£

Asset Allocation by Asset Class

Total Fund


11

August 31, 2019 : $389,892,951

Eagle

Brandywine Dynamic LCV

NT S&P 500

Winslow

Wells Capital

NT S&P 400NT ACWI ex USA

R&DTortoise MLP

BlackRock MAI

JPM SSPF

JPM SPF

PIMCO DISCO

JKMilne

Garcial Hamilton

Richmond

NT Agg Bond

WCM FIG

RBC GAM

September 30, 2019 : $389,413,238

Eagle


NT S&P 500

Winslow

Wells Capital

NT S&P 400NT ACWI ex USA

R&DTortoise MLP

BlackRock MAI

JPM SSPF

JPM SPF

PIMCO DISCO

JKMilne

Garcial Hamilton

Richmond

NT Agg Bond

WCM FIG

RBC GAM

Allocation


Eagle 26,887,985 6.9¢£

MD Sass - 0.0¢£

Brandywine Dynamic LCV 32,487,193 8.3¢£

NT S&P 500 27,276,663 7.0¢£

Winslow 38,360,691 9.8¢£

Wells Capital 40,238,354 10.3¢£

NT S&P 400 1,520,957 0.4¢£

NT ACWI ex USA 12,545,554 3.2¢£

RBC GAM 23,828,946 6.1¢£

WCM FIG 35,955,436 9.2¢£

NT Agg Bond 1,996,715 0.5¢£

Richmond 29,940,784 7.7¢£

Garcial Hamilton 10,266,973 2.6¢£

JKMilne 30,710 0.0¢£

PIMCO DISCO 12,089,126 3.1¢£

JPM SPF 19,332,783 5.0¢£

JPM SSPF 33,502,280 8.6¢£

BlackRock MAI 4,417,683 1.1¢

PIMCO TacOpps 23,712,735 6.1¢

Titan MIF 8,729,797 2.2¢

Tortoise Direct Opportunities Fund, LP 3,678,125 0.9¢

Receipt and Disbursement 3,093,462 0.8¢

Allocation


Eagle 27,265,361 7.0¢£

MD Sass - 0.0¢£

Brandywine Dynamic LCV 33,734,771 8.7¢£

NT S&P 500 24,944,722 6.4¢£

Winslow 37,851,918 9.7¢£

Wells Capital 39,503,716 10.1¢£

NT S&P 400 1,567,612 0.4¢£

NT ACWI ex USA 12,883,959 3.3¢£

RBC GAM 24,745,133 6.4¢£

WCM FIG 35,605,355 9.1¢£

NT Agg Bond 1,985,756 0.5¢£

Richmond 29,914,698 7.7¢£

Garcial Hamilton 10,250,305 2.6¢£

JKMilne 28,619 0.0¢£

PIMCO DISCO 12,099,938 3.1¢£

JPM SPF 19,346,596 5.0¢£

JPM SSPF 34,166,982 8.8¢£

BlackRock MAI 4,434,277 1.1¢

PIMCO TacOpps 23,636,876 6.1¢

Titan MIF 8,637,556 2.2¢

Tortoise Direct Opportunities Fund, LP 3,724,185 1.0¢

Receipt and Disbursement 3,084,903 0.8¢

Asset Allocation By Manager

Total Fund


12

Asset Allocation vs. Target Allocation

Allocation Differences

0.0% 3.0% 6.0% 9.0% 10.0%-3.0 %-6.0 %-9.0 %

Total Receipt and Disbursement

Total Other Assets

Total Real Estate

Total Opportunistic Fixed Income

Total Domestic Fixed Income

Total International Equity

Total Domestic Equity

0.8%

0.4%

3.7%

0.6%

-6.7 %

-1.2 %

2.3%

Market Value ($) Allocation (%) Target (%)

Total Domestic Equity 164,868,100 42.3 40.0

Total International Equity 73,234,447 18.8 20.0

Total Domestic Fixed Income 42,179,378 10.8 17.5

Total Opportunistic Fixed Income 12,099,938 3.1 2.5

Total Real Estate 53,513,578 13.7 10.0

Total Other Assets 40,432,894 10.4 10.0

Total Receipt and Disbursement 3,084,903 0.8 0.0

Total Fund 389,413,238 100.0 100.0

Asset Allocation vs. Target Allocation

Total Fund


Please see disclosures in back of the report for market value and return availability.

13

Asset Allocation by Manager

DomesticEquity

InternationalEquity

DomesticFixed Income

Other Assets Real EstateAlternativeInvestment

Hedge Fund Private EquityCash

EquivalentTotal Fund

($) % ($) % ($) % ($) % ($) % ($) % ($) % ($) % ($) % ($) %

Total Equity 163.19 68.5 73.23 30.8 - - - - - - - - - - - - 1.68 0.7 238.10 61.1

Total Domestic Equity 163.19 99.0 - - - - - - - - - - - - - - 1.68 1.0 164.87 42.3

Eagle Capital Large Cap Value 26.49 97.2 - - - - - - - - - - - - - - 0.78 2.8 27.27 7.0

MD Sass Large Cap Value - - - - - - - - - - - - - - - - - - - 0.0

Brandywine Dynamic LCV 33.05 98.0 - - - - - - - - - - - - - - 0.68 2.0 33.73 8.7

NT S&P 500 Index Fund 24.94 100.0 - - - - - - - - - - - - - - - - 24.94 6.4

Winslow Large Cap Growth 37.61 99.4 - - - - - - - - - - - - - - 0.25 0.6 37.85 9.7

Wells Capital Heritage AllCap Growth 39.53 100.1 - - - - - - - - - - - - - - -0.02 -0.1 39.50 10.1

NT S&P 400 Index Fund 1.57 100.0 - - - - - - - - - - - - - - - - 1.57 0.4

Total Int'l Equity - - 73.23 100.0 - - - - - - - - - - - - - - 73.23 18.8

NT ACWI ex USA Index Fund - - 12.88 100.0 - - - - - - - - - - - - - - 12.88 3.3

RBC GAM International Fund - - 24.75 100.0 - - - - - - - - - - - - - - 24.75 6.4

WCM Focused Intl Growth (WCMIX) - - 35.61 100.0 - - - - - - - - - - - - - - 35.61 9.1

Total Fixed Income - - - - 40.73 75.0 12.10 22.3 - - - - - - - - 1.45 2.7 54.28 13.9

Total Dom Fixed Inc - - - - 40.73 96.6 - - - - - - - - - - 1.45 3.4 42.18 10.8

NT Aggregate Bond Index Fund - - - - 1.99 100.0 - - - - - - - - - - - - 1.99 0.5

Richmond Capital Fixed Income - - - - 29.05 97.1 - - - - - - - - - - 0.87 2.9 29.91 7.7

Garcial Hamilton - - - - 9.70 94.6 - - - - - - - - - - 0.55 5.4 10.25 2.6

JKMilne Fixed Income - - - - - - - - - - - - - - - - 0.03 100.0 0.03 0.0

Total Opportunistic Fixed Inc - - - - - - 12.10 100.0 - - - - - - - - - - 12.10 3.1

PIMCO DISCO II - - - - - - 12.10 100.0 - - - - - - - - - - 12.10 3.1

Total Real Estate - - - - - - - - 53.51 100.0 - - - - - - - - 53.51 13.7

JP Morgan Strategic Property Fund - - - - - - - - 19.35 100.0 - - - - - - - - 19.35 5.0

JP Morgan Special Situation Property Fund - - - - - - - - 34.17 100.0 - - - - - - - - 34.17 8.8

Total Other Assets - - - - - - 23.64 58.5 - - 4.42 10.9 8.64 21.4 3.72 9.2 0.02 0.0 40.43 10.4

BlackRock Multi-Asset Income Fund (BIICX) - - - - - - - - - - 4.42 99.6 - - - - 0.02 0.4 4.43 1.1

PIMCO Tactical Opportunities - - - - - - 23.64 100.0 - - - - - - - - - - 23.64 6.1

Titan Masters International Fund - - - - - - - - - - - - 8.64 100.0 - - - - 8.64 2.2

Tortoise Direct Opportunities Fund, LP - - - - - - - - - - - - - - 3.72 100.0 - - 3.72 1.0

Receipt and Disbursement - - - - - - - - - - - - - - - - 3.08 100.0 3.08 0.8

Total Fund 163.19 41.9 73.23 18.8 40.73 10.5 35.74 9.2 53.51 13.7 4.42 1.1 8.64 2.2 3.72 1.0 6.24 1.6 389.41 100.0

Asset Allocation

Total Fund


Please see disclosures in back of the report for market value and return availability.

14

-12.0

-4.0

4.0

12.0

20.0

28.0

36.0

44.0

52.0

60.0

68.0

76.0

All

oc

ati

on

(%)

US Equity Intl. Equity US Fixed Income Intl. Fixed Income Alternative Inv. Real Estate Cash

Total Fund 42.34 (49) 18.81 (25) 20.01 (79) 0.00 4.31 (82) 13.74 (8) 0.80 (68)��

5th Percentile 60.22 26.03 49.89 8.60 36.45 14.40 9.03

1st Quartile 49.58 18.68 34.25 4.81 18.99 10.25 2.53

Median 42.08 14.42 27.60 4.07 9.15 8.55 1.38

3rd Quartile 31.52 11.70 20.80 2.48 4.79 5.12 0.62

95th Percentile 17.63 6.42 13.79 0.05 1.33 2.40 0.07

Plan Sponsor TF Asset Allocation

Total Fund Vs. All Public Plans-Total Fund


PIMCO DiSCO II and PIMCO Tactical Opportunities Funds included in US Fixed Income classification in order to produce and utilize plan sponsor allocation chart.

15

Historical Asset Allocation by Segment

Domestic Equity International Equity Domestic Fixed Income Global Fixed Income Other Assets

Real Estate Alternative Investment Hedge Fund Private Equity Cash

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

All

oc

ati

on

(%)

6/08 12/08 6/09 12/09 6/10 12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19

Historical Asset Allocation by Segment

Coral Gables Retirement SystemTotal Fund

July 1, 2008 To September 30, 2019

16

Schedule of Investable Assets

Total Fund Net Cash Flow

$0.0

$42,000,000.0

$84,000,000.0

$126,000,000.0

$168,000,000.0

$210,000,000.0

$252,000,000.0

$294,000,000.0

$336,000,000.0

$378,000,000.0

$420,000,000.0

$462,000,000.0

$504,000,000.0

($42,000,000.0)

Ma

rke

t

Va

lue

9/03 6/04 3/05 12/05 9/06 6/07 3/08 12/08 9/09 6/10 3/11 12/11 9/12 6/13 3/14 12/14 9/15 6/16 3/17 12/17 9/18 9/19

$43,174,540.2

$389,413,237.7


Periods EndingBeginning

Market Value$

NetCash Flow

$

Gain/Loss$

EndingMarket Value

$

Inception 181,388,550 -138,214,010 346,238,698 389,413,238


Total Fund

Since Inception Ending September 30, 2019

17

Financial Reconciliation Quarter to Date

Market Value07/01/2019

NetTransfers

Contributions DistributionsManagement

FeesOther

ExpensesIncome

Apprec./Deprec.

Market Value09/30/2019

Total Equity 253,468,582 -13,701,930 - - -220,479 -28,822 571,469 -1,986,273 238,102,547

Total Domestic Equity 167,996,863 -2,848,418 - - -161,090 -24,355 430,023 -524,924 164,868,100

Eagle Capital Large Cap Value 27,681,090 - - - -55,024 -3,125 84,197 -441,776 27,265,361

MD Sass Large Cap Value - 1,582 - - - -1,582 - - -

Brandywine Dynamic LCV 33,256,629 - - - - - 209,091 269,051 33,734,771

NT S&P 500 Index Fund 27,322,484 -2,850,000 - - - - - 472,238 24,944,722

Wells Capital Heritage AllCap Growth 40,135,758 - - - -51,025 -12,003 57,486 -626,500 39,503,716

Winslow Large Cap Growth 38,032,153 - - - -55,040 -7,644 79,249 -196,800 37,851,918

NT S&P 400 Index Fund 1,568,750 - - - - - - -1,137 1,567,612

Total International Equity 85,471,719 -10,853,512 - - -59,390 -4,467 141,446 -1,461,349 73,234,447

NT ACWI ex USA Index Fund 24,220,601 -10,850,000 - - - - - -486,642 12,883,959

RBC GAM International Fund 25,439,833 - - - -59,390 -4,467 137,934 -768,777 24,745,133

WCM Focused Intl Growth (WCMIX) 35,811,285 -3,512 - - - - 3,512 -205,930 35,605,355

Total Fixed Income 53,650,010 - - - -59,632 -8,815 660,941 36,811 54,279,316

Total Domestic Fixed Income 41,647,919 - - - -31,401 -8,815 295,699 275,975 42,179,378

NT Aggregate Bond Index Fund 1,941,476 - - - - - - 44,280 1,985,756

Richmond Capital Fixed Income 29,554,713 - - - -25,853 -4,826 230,058 160,606 29,914,698

JKMilne Fixed Income 38,488 - - - -5,548 -3,989 -332 - 28,619

Garcial Hamilton 10,113,242 - - - - - 65,973 71,090 10,250,305

Total Opportunistic Fixed Income 12,002,091 - - - -28,231 - 365,242 -239,164 12,099,938

PIMCO DISCO II 12,002,091 - - - -28,231 - 365,242 -239,164 12,099,938

Total Real Estate 52,714,988 -103 - - -181,460 - 358,806 621,347 53,513,578

JP Morgan Strategic Property Fund 19,308,084 -27 - - -47,841 - 182,426 -96,047 19,346,596

JP Morgan Special Situation Property Fund 33,406,904 -76 - - -133,619 - 176,380 717,393 34,166,982

Total Other Assets 40,333,624 -78,050 - - -89,827 - 606,862 -339,715 40,432,894

BlackRock Multi-Asset Income Fund (BIICX) 4,378,604 -219 - - - - 55,689 203 4,434,277

PIMCO Tactical Opportunities 23,421,366 - - - -89,827 - 489,686 -184,350 23,636,876

Titan Masters International Fund 8,777,699 - - - - - - -140,142 8,637,556

Tortoise Direct Opportunities Fund, LP 3,755,955 -77,830 - - - - 61,486 -15,426 3,724,185

Receipt and Disbursement 2,998,416 13,780,082 - -13,700,000 - -27,388 33,797 -4 3,084,903

Total Fund 403,165,619 - - -13,700,000 -551,398 -65,025 2,231,875 -1,667,834 389,413,238

Financial Reconciliation

Total Fund

1 Quarter Ending September 30, 2019

18

Page Intentionally Left Blank

19

Comparative Performance Trailing Returns

QTR FYTD 1 YR 3 YR 5 YR 7 YR InceptionInception

Date

Total Fund (Net) 0.00 4.16 4.16 9.75 7.89 8.82 6.84 10/01/2003

Total Fund Policy 0.65 3.70 3.70 8.31 6.88 8.31 6.92

Total Fund (Gross) 0.14 (89) 4.74 (36) 4.74 (36) 10.37 (1) 8.57 (1) 9.50 (3) 7.41 (30) 10/01/2003

Total Fund Policy 0.65 (65) 3.70 (67) 3.70 (67) 8.31 (31) 6.88 (28) 8.31 (27) 6.92 (61)

All Public Plans-Total Fund Median 0.84 4.29 4.29 8.02 6.48 7.79 7.07

Population 369 359 359 348 339 324 224

Total International Equity -1.52 (40) 1.13 (28) 1.13 (28) 8.82 (12) 6.16 (13) 6.54 (30) 6.71 (63) 10/01/2003

MSCI EAFE Index -1.00 (27) -0.82 (41) -0.82 (41) 7.01 (28) 3.77 (39) 6.62 (29) 6.76 (62)

IM International Equity (SA+CF+MF) Median -1.88 -1.81 -1.81 5.70 3.12 5.45 7.27

Population 4,121 3,970 3,970 3,484 2,922 2,455 988

Total Domestic Fixed Income 1.37 (97) 8.21 (97) 8.21 (97) 2.53 (98) 2.86 (100) 2.38 (100) 3.79 (100) 10/01/2003

Total Domestic Fixed Income Policy 1.38 (97) 8.08 (97) 8.08 (97) 2.39 (99) 2.74 (100) 2.11 (100) 3.71 (100)

IM U.S. Broad Market Core Fixed Income (SA+CF) Median 2.33 10.47 10.47 3.35 3.72 3.13 4.65

Population 118 118 118 116 112 107 91

Total Equity -0.57 3.10 3.10 12.58 9.19 11.10 7.68 04/01/2008

Total Equity Policy 0.21 1.74 1.74 10.88 8.11 10.79 7.46

Total Domestic Equity -0.06 (63) 4.17 (21) 4.17 (21) 14.66 (5) 10.73 (12) 13.37 (10) 9.25 (38) 10/01/2003

Total Domestic Equity Policy 1.16 (38) 2.92 (29) 2.92 (29) 12.83 (18) 10.44 (16) 13.00 (16) 9.42 (32)

IM U.S. Core Equity (SA+CF+MF) Median 0.62 -0.30 -0.30 10.04 8.43 11.35 8.86

Total International Equity -1.52 (40) 1.13 (28) 1.13 (28) 8.82 (12) 6.16 (13) 6.54 (30) 6.71 (63) 10/01/2003

Total International Equity Policy -1.70 (45) -0.72 (41) -0.72 (41) 6.85 (30) 3.39 (45) 6.35 (34) 6.64 (65)

IM International Equity (SA+CF+MF) Median -1.88 -1.81 -1.81 5.70 3.12 5.45 7.27

Total Fixed Income 1.30 7.79 7.79 4.65 4.31 3.59 4.41 10/01/2003

Total Fixed Income Policy 1.36 7.89 7.89 2.86 2.61 1.90 3.67

Total Domestic Fixed Income 1.37 (62) 8.21 (32) 8.21 (32) 2.53 (71) 2.86 (59) 2.38 (60) 3.79 (72) 10/01/2003

Total Domestic Fixed Income Policy 1.38 (60) 8.08 (45) 8.08 (45) 2.39 (87) 2.74 (75) 2.11 (86) 3.71 (83)

IM U.S. Intermediate Duration (SA+CF) Median 1.42 8.04 8.04 2.63 2.92 2.42 4.00

Total Opportunistic Fixed Income (Net) 0.82 4.99 4.99 9.70 N/A N/A 8.80 05/01/2015

ICE BofAML High Yield Master II 1.22 6.30 6.30 6.07 5.36 5.87 5.46

Total Real Estate 1.87 (32) 6.25 (88) 6.25 (88) 8.35 (52) 10.66 (32) 11.93 (33) 8.30 (1) 04/01/2006

Total Real Estate Policy 1.38 (85) 6.16 (89) 6.16 (89) 7.59 (84) 9.59 (71) 10.30 (72) 7.94 (10)

IM U.S. Open End Private Real Estate (SA+CF) Median 1.75 6.88 6.88 8.42 9.92 11.22 6.68

Total Other Assets (Net) 0.44 2.11 2.11 5.57 5.16 7.46 10.90 01/01/2012

Total Other Assets Policy 0.31 1.59 1.59 3.73 4.00 6.60 7.62

Comparative Performance

Total Fund


20

QTR FYTD 1 YR 3 YR 5 YR InceptionInception

Date

Domestic Equity

Eagle Capital Large Cap Value -1.30 (96) 2.88 (46) 2.88 (46) 14.72 (6) 10.63 (13) 10.14 (2) 07/01/2007

Russell 3000 Value Index 1.23 (62) 3.10 (44) 3.10 (44) 9.24 (74) 7.76 (62) 5.85 (84)

IM U.S. Large Cap Value Equity (SA+CF) Median 1.66 2.21 2.21 10.45 8.11 6.96

Brandywine Dynamic LCV 1.44 (57) N/A N/A N/A N/A 9.82 (23) 06/01/2019

Russell 1000 Value Index 1.36 (59) 4.00 (37) 4.00 (37) 9.43 (69) 7.79 (61) 8.63 (50)

IM U.S. Large Cap Value Equity (SA+CF) Median 1.66 2.21 2.21 10.45 8.11 8.61

NT S&P 500 Index Fund 1.70 (8) 4.34 (6) 4.34 (6) 13.44 (1) 10.69 (20) 8.22 (13) 08/01/2007

S&P 500 Index 1.70 (8) 4.25 (10) 4.25 (10) 13.39 (1) 10.84 (1) 8.35 (1)

IM S&P 500 Index (MF) Median 1.62 3.94 3.94 13.03 10.42 7.89

Wells Capital Heritage AllCap Growth -1.42 (63) 5.26 (32) 5.26 (32) 18.79 (17) 13.40 (24) 12.62 (37) 05/01/2011

Russell 3000 Growth Index 1.10 (14) 2.70 (58) 2.70 (58) 16.37 (38) 13.07 (31) 13.21 (15)

IM U.S. All Cap Growth Equity -0.71 3.68 3.68 15.34 12.44 12.11

Winslow Large Cap Growth -0.31 (71) 3.69 (56) 3.69 (56) 18.41 (23) 13.85 (29) 11.48 (30) 02/01/2008

Russell 1000 Growth Index 1.49 (32) 3.71 (56) 3.71 (56) 16.89 (39) 13.39 (39) 11.10 (39)

IM U.S. Large Cap Growth Equity (SA+CF) Median 0.83 4.30 4.30 16.23 12.83 10.96

NT S&P 400 Index Fund -0.07 (27) -2.44 (16) -2.44 (16) 9.44 (17) 9.48 (8) 8.77 (3) 01/01/2014

S&P MidCap 400 Index -0.09 (28) -2.49 (16) -2.49 (16) 9.38 (17) 8.88 (15) 8.27 (6)

IM U.S. SMID Cap Core Equity (MF) Median -1.03 -6.80 -6.80 7.41 7.22 5.69


RBC GAM International Fund -2.48 (76) -5.36 (69) -5.36 (69) 7.43 (19) 5.59 (16) 4.64 (16) 09/01/2014

MSCI AC World ex USA -1.70 (52) -0.72 (25) -0.72 (25) 6.85 (30) 3.39 (42) 2.34 (50)

IM International Large Cap Value Equity (SA+CF) Median -1.56 -3.42 -3.42 5.84 3.05 2.29

WCM Focused Intl Growth (WCMIX) -0.57 (24) 8.10 (2) 8.10 (2) 11.79 (1) 9.83 (1) 8.65 (1) 04/01/2014


IM International Large Cap Growth Equity (MF) Median -1.46 0.81 0.81 6.73 3.78 3.15

NT ACWI ex USA Index Fund -1.66 (57) -0.80 (26) -0.80 (26) 6.67 (20) 3.23 (15) 3.80 (27) 05/01/2013


IM International Large Cap Core Equity (MF) Median -1.28 -3.16 -3.16 5.23 1.45 2.86


Total Fund


Returns for periods greater than one year are annualized. Returns are expressed as percentages.

21


Total Fund


QTR FYTD 1 YR 3 YR 5 YR InceptionInception

Date


NT Aggregate Bond Index Fund 2.28 (31) 10.37 (20) 10.37 (20) 2.93 (45) N/A 2.71 (48) 08/01/2016

Blmbg. Barc. U.S. Aggregate Index 2.27 (33) 10.30 (24) 10.30 (24) 2.92 (45) 3.38 (27) 2.71 (49)

IM U.S. Broad Market Core Fixed Income (MF) Median 2.16 9.81 9.81 2.86 3.11 2.69

Richmond Capital Fixed Income 1.32 (76) 8.34 (22) 8.34 (22) 2.83 (30) 3.08 (30) 4.25 (23) 10/01/2003

Richmond Policy 1.38 (60) 8.08 (45) 8.08 (45) 2.39 (87) 2.74 (75) 3.77 (75)

IM U.S. Intermediate Duration (SA+CF) Median 1.42 8.04 8.04 2.63 2.92 4.00

Garcial Hamilton 1.36 (69) N/A N/A N/A N/A N/A 05/01/2019

Bloomberg Barclays Intermed Aggregate Index 1.38 (60) 8.08 (45) 8.08 (45) 2.39 (87) 2.74 (75) 3.69 (59)

IM U.S. Intermediate Duration (SA+CF) Median 1.42 8.04 8.04 2.63 2.92 3.75

Opportunistic Fixed Income

PIMCO DISCO II (Net) 0.82 4.99 4.99 9.76 8.14 12.86 12/01/2011

PIMCO DiSCO Policy 1.22 6.30 6.30 6.07 6.45 9.18

ICE BofAML High Yield Master II 1.22 6.30 6.30 6.07 5.36 7.10

Real Estate

JP Morgan Strategic Property Fund 0.45 (100) 4.01 (95) 4.01 (95) 6.49 (92) 8.68 (87) 7.00 (38) 04/01/2006

NCREIF Fund Index-Open End Diversified Core (EW) 1.38 (85) 6.16 (89) 6.16 (89) 7.59 (84) 9.59 (71) 6.54 (56)

IM U.S. Open End Private Real Estate (SA+CF) Median 1.75 6.88 6.88 8.42 9.92 6.68

JP Morgan Special Situation Property Fund 2.69 (6) 7.57 (33) 7.57 (33) 9.47 (20) 12.20 (14) 15.10 (24) 10/01/2010

NCREIF Fund Index-Open End Diversified Core (EW) 1.38 (85) 6.16 (89) 6.16 (89) 7.59 (84) 9.59 (71) 11.37 (73)

IM U.S. Open End Private Real Estate (SA+CF) Median 1.75 6.88 6.88 8.42 9.92 12.21

Other Assets

BlackRock Multi-Asset Income Fund (BIICX) 1.28 (34) 6.78 (16) 6.78 (16) 5.74 (35) N/A 5.64 (38) 11/01/2015

50% MSCI World/50% BC Agg 1.43 (31) 6.40 (18) 6.40 (18) 6.70 (19) 5.46 (19) 6.24 (25)

IM Flexible Portfolio (MF) Median 0.72 2.58 2.58 5.02 3.91 5.10

PIMCO Tactical Opportunities (Net) 0.92 4.12 4.12 7.67 7.21 7.65 08/01/2013

HFRX Global Hedge Fund Index 1.61 0.01 0.01 1.93 0.32 0.84

Titan Masters International Fund -1.60 0.01 0.01 4.49 N/A 1.98 11/01/2015

HFRI Fund of Funds Composite Index -0.90 0.01 0.01 3.16 1.95 2.28


22


23

Comparative Performance Fiscal Year Returns

FYTD FY2017 FY2016 FY2015 FY2014 FY2013 FY2012 FY2011 FY2010 FY2009 FY2008 FY2007 FY2006

Total Fund (Net) 4.16 14.82 8.57 1.84 9.16 13.22 17.36 2.43 9.18 -2.15 -15.96 12.29 7.59

Total Fund Policy 3.70 13.07 10.46 -0.60 10.49 13.45 17.93 2.15 8.86 -1.07 -14.46 14.74 9.68

Total Fund (Gross) 4.74 (36) 15.48 (3) 9.39 (61) 2.55(2) 9.96 (50) 13.82(22) 18.04 (42) 2.90(15) 9.66 (57) -1.64(79) -15.63(80) 12.77 (69) 8.05 (65)

Total Fund Policy 3.70 (67) 13.07 (26) 10.46 (29) -0.60(46) 10.49 (42) 13.45(29) 17.93 (45) 2.15(24) 8.86 (74) -1.07(77) -14.46(65) 14.74 (39) 9.68 (31)

All Public Plans-Total Fund Median 4.29 11.82 9.74 -0.78 9.93 12.00 17.58 0.67 9.90 1.43 -13.34 13.93 8.72

Population 359 611 605 584 538 534 519 498 485 457 406 362 329

Total Equity 3.10 20.47 10.34 -1.42 10.66 21.61 24.24 -1.13 10.19 -3.47 N/A N/A N/A

Total Equity Policy 1.74 19.28 13.26 -4.32 13.25 22.51 24.84 -2.33 9.17 -3.65 -23.41 18.75 13.04

Total Domestic Equity 4.17 (21) 20.94 (18) 9.51 (81) 0.84(35) 15.43 (44) 25.25(46) 29.75 (35) 1.31(22) 11.77 (41) -3.53(32) -21.95(59) 12.58 (78) 6.45 (75)

Russell 3000 Index 2.92 (29) 18.71 (43) 14.96 (28) -0.49(49) 17.76 (26) 21.60(64) 30.20 (30) 0.55(29) 10.96 (48) -6.42(56) -21.52(55) 16.52 (46) 10.22 (32)

IM U.S. Core Equity (SA+CF+MF) Median -0.30 18.26 12.82 -0.64 14.37 24.27 28.19 -1.75 10.71 -5.73 -20.97 16.07 8.83

Population 3,264 3,311 3,118 2,948 3,352 3,269 3,327 3,421 3,500 3,533 3,697 3,576 3,417

Total International Equity 1.13 (28) 19.38 (54) 11.71 (41) -6.35(37) 1.74 (80) 13.63(65) 13.14 (77) -6.60(19) 6.73 (61) -3.50(88) -28.25(29) 23.53 (76) 18.44 (58)

Total International Equity Policy -0.72 (41) 20.15 (47) 9.80 (51) -11.78(64) 5.22 (44) 23.78(26) 14.33 (68) -8.94(31) 3.71 (76) 3.80(56) -30.13(42) 25.38 (64) 19.65 (46)

IM International Equity (SA+CF+MF) Median -1.81 19.76 9.93 -8.65 4.66 18.40 16.59 -11.31 8.88 5.18 -31.11 28.16 19.15

Population 3,970 4,046 3,849 3,549 3,912 3,758 3,635 3,439 3,329 3,228 3,031 2,803 2,559

Total Fixed Income 7.79 4.53 5.75 1.88 4.41 -0.73 7.46 3.61 9.08 12.35 -1.63 5.11 3.99

Total Fixed Income Policy 7.89 1.32 5.03 -0.48 1.86 -1.52 4.88 4.82 8.54 8.60 3.65 5.14 3.67

Total Domestic Fixed Income 8.21 (73) 0.28 (79) 3.76 (93) 2.95(17) 3.87 (76) -1.44(66) 5.92 (82) 4.61(43) 8.24 (84) 12.35(54) -1.63(56) 5.11 (41) 3.99 (29)

Total Domestic Fixed Income Policy 8.08 (74) 0.25 (80) 3.57 (94) 2.95(17) 2.74 (93) -1.57(70) 4.82 (94) 4.96(34) 7.49 (93) 8.60(86) 3.65(15) 5.14 (39) 3.67 (49)

IM U.S. Broad Market Fixed Income (SA+CF+MF) Median 9.62 1.29 5.72 1.84 4.74 -0.97 7.75 4.40 9.99 12.55 -0.88 4.92 3.64

Population 1,435 1,442 1,365 1,285 1,402 1,356 1,338 1,319 1,290 1,282 1,280 1,252 1,265

Total Global Fixed Income N/A N/A N/A -4.14(56) 6.03 (16) 2.12(4) 14.77 (3) -0.83(91) N/A N/A N/A N/A N/A

Total Global Fixed Income Policy 5.34 (85) -2.42 (94) 11.67 (3) -7.67(93) -0.81 (98) -1.80(49) 5.10 (85) 4.18(8) N/A N/A N/A N/A N/A

IM Global Fixed Income (MF) Median 7.65 1.02 7.42 -3.85 3.37 -1.81 7.17 1.74 7.68 13.54 -1.34 7.71 2.49

Population 205 187 176 170 216 191 162 148 138 122 105 103 93

Total Real Estate 6.25 (88) 9.03 (35) 10.86 (57) 17.65(22) 14.13 (28) 16.26(20) 14.68 (34) 21.01(23) 5.69 (60) -31.65(28) 4.32(39) 18.32 (48) N/A

Total Real Estate Policy 6.16 (89) 7.81 (60) 10.62 (69) 14.71(62) 12.39 (68) 11.84(79) 11.00 (75) 16.10(69) 5.84 (56) -22.09(5) 5.27(25) 17.31 (68) N/A

IM U.S. Open End Private Real Estate (SA+CF) Median 6.88 8.29 11.32 15.45 12.78 13.18 12.87 16.96 6.43 -35.32 2.98 17.85 18.08

Population 14 31 32 33 32 32 37 38 35 36 33 35 33

Total Equity 3.10 20.47 10.34 -1.42 10.66 21.61 24.24 -1.13 10.19 -3.47 N/A N/A N/A

Total Equity Policy 1.74 19.28 13.26 -4.32 13.25 22.51 24.84 -2.33 9.17 -3.65 -23.41 18.75 13.04

Total Domestic Equity 4.17 (21) 20.94 (18) 9.51 (81) 0.84(35) 15.43 (44) 25.25 (46) 29.75 (35) 1.31(22) 11.77 (41) -3.53(32) -21.95(59) 12.58 (78) 6.45 (75)

Total Domestic Equity Policy 2.92 (29) 18.71 (43) 14.96 (28) -0.49(49) 17.76 (26) 21.60 (64) 30.20 (30) 0.55(29) 10.96 (48) -6.42(56) -21.52(55) 16.52 (46) 10.22 (32)

IM U.S. Core Equity (SA+CF+MF) Median -0.30 18.26 12.82 -0.64 14.37 24.27 28.19 -1.75 10.71 -5.73 -20.97 16.07 8.83

Total International Equity 1.13 (28) 19.38 (54) 11.71 (41) -6.35(37) 1.74 (80) 13.63 (65) 13.14 (77) -6.60(19) 6.73 (61) -3.50(88) -28.25(29) 23.53 (76) 18.44 (58)

Total International Equity Policy -0.72 (41) 20.15 (47) 9.80 (51) -11.78(64) 5.22 (44) 23.78 (26) 14.33 (68) -8.94(31) 3.71 (76) 3.80(56) -30.13(42) 25.38 (64) 19.65 (46)

IM International Equity (SA+CF+MF) Median -1.81 19.76 9.93 -8.65 4.66 18.40 16.59 -11.31 8.88 5.18 -31.11 28.16 19.15

Total Fixed Income 7.79 4.53 5.75 1.88 4.41 -0.73 7.46 3.61 9.08 12.35 -1.63 5.11 3.99

Total Fixed Income Policy 7.89 1.32 5.03 -0.48 1.86 -1.52 4.88 4.82 8.54 8.60 3.65 5.14 3.67

Total Domestic Fixed Income 8.21 (32) 0.28 (83) 3.76 (65) 2.95(32) 3.87 (19) -1.44 (96) 5.92 (42) 4.61(15) 8.24 (51) 12.35(36) -1.63(95) 5.11 (85) 3.99 (39)

Total Domestic Fixed Income Policy 8.08 (45) 0.25 (87) 3.57 (73) 2.95(32) 2.74 (58) -1.57 (98) 4.82 (72) 4.96(9) 7.49 (79) 8.60(87) 3.65(43) 5.14 (85) 3.67 (82)

IM U.S. Intermediate Duration (SA+CF) Median 8.04 0.69 3.90 2.70 2.88 -0.27 5.57 3.61 8.25 11.53 3.26 5.49 3.91

Total Opportunistic Fixed Income (Net) 4.99 17.16 8.32 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

ICE BofAML High Yield Master II 6.30 9.06 12.82 -3.56 7.23 7.09 18.94 1.32 18.51 22.36 -11.68 7.75 7.96

Total Real Estate 6.25 (88) 9.03 (35) 10.86 (57) 17.65(22) 14.13 (28) 16.26 (20) 14.68 (34) 21.01(23) 5.69 (60) -31.65(28) 4.32(39) 18.32 (48) N/A

Total Real Estate Policy 6.16 (89) 7.81 (60) 10.62 (69) 14.71(62) 12.39 (68) 11.84 (79) 11.00 (75) 16.10(69) 5.84 (56) -22.09(5) 5.27(25) 17.31 (68) N/A


Total Other Assets 2.99 10.66 5.53 8.68 13.92 17.07 N/A N/A N/A N/A N/A N/A N/A

Total Other Assets Policy 1.59 6.86 4.93 3.88 11.35 15.48 N/A N/A N/A N/A N/A N/A N/A


Total Fund


24


Domestic Equity

Eagle Capital Large Cap Value 2.88 (46) 23.60 (8) 9.31 (83) 0.40(17) 18.69 (46) 26.33 (27) 27.50 (58) 4.52(14) 18.28 (5) -1.46(19) -15.27(16) N/A N/A

Russell 3000 Value Index 3.10 (44) 15.53 (73) 16.38 (24) -4.22(63) 17.66 (58) 22.67 (57) 31.05 (25) -2.22(64) 9.15 (52) -10.79(86) -22.70(69) 13.73 (73) 14.55 (24)

IM U.S. Large Cap Value Equity (SA+CF) Median 2.21 17.89 13.33 -3.29 18.40 23.73 28.15 -0.98 9.32 -5.90 -20.46 16.12 12.61

Brandywine Dynamic LCV N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Russell 1000 Value Index 4.00 (37) 15.12 (75) 16.19 (26) -4.42(65) 18.89 (42) 22.30 (60) 30.92 (26) -1.89(62) 8.90 (56) -10.62(84) -23.56(74) 14.45 (68) 14.62 (23)

IM U.S. Large Cap Value Equity (SA+CF) Median 2.21 17.89 13.33 -3.29 18.40 23.73 28.15 -0.98 9.32 -5.90 -20.46 16.12 12.61

NT S&P 500 Index Fund 4.34 (6) 18.63 (1) 15.52 (1) -1.48(83) 19.43 (28) 19.47 (1) 30.46 (1) 0.91(25) 10.26 (1) -6.80(10) -22.58(75) N/A N/A

S&P 500 Index 4.25 (10) 18.61 (2) 15.43 (4) -0.61(2) 19.73 (1) 19.34 (1) 30.20 (1) 1.14(2) 10.16 (4) -6.91(21) -21.98(11) 16.44 (2) 10.79 (4)

IM S&P 500 Index (MF) Median 3.94 18.17 14.99 -1.05 19.21 18.80 29.59 0.69 9.69 -7.24 -22.31 15.92 10.29

Wells Capital Heritage AllCap Growth 5.26 (32) 22.04 (28) 9.44 (62) 2.20(55) 6.56 (89) 22.20 (58) 34.25 (6) N/A N/A N/A N/A N/A N/A

Russell 3000 Growth Index 2.70 (58) 21.87 (32) 13.64 (16) 3.21(50) 17.87 (21) 20.30 (72) 29.35 (27) 3.39(45) 12.81 (59) -2.19(56) -20.60(48) 19.31 (84) 6.05 (46)

IM U.S. All Cap Growth Equity 3.68 20.40 11.08 3.10 13.16 23.68 26.17 2.61 14.96 -1.01 -21.09 26.26 5.11

Winslow Large Cap Growth 3.69 (56) 21.68 (38) 10.77 (61) 4.02(43) 16.83 (65) 22.40 (30) 26.17 (67) 2.30(43) 13.78 (26) 0.51(23) N/A N/A N/A

Russell 1000 Growth Index 3.71 (56) 21.94 (37) 13.76 (23) 3.17(54) 19.15 (40) 19.27 (64) 29.19 (39) 3.78(30) 12.65 (36) -1.85(37) -20.88(55) 19.35 (56) 6.04 (59)

IM U.S. Large Cap Growth Equity (SA+CF) Median 4.30 20.81 11.62 3.55 18.18 20.25 27.68 1.38 11.29 -3.00 -20.13 20.16 6.83

NT S&P 400 Index Fund -2.44 (16) 17.57 (61) 15.41 (31) 3.95(13) N/A N/A N/A N/A N/A N/A N/A N/A N/A

S&P MidCap 400 Index -2.49 (16) 17.52 (61) 15.33 (32) 1.40(37) 11.82 (4) 27.68 (64) 28.54 (52) -1.28(25) 17.78 (12) -3.11(28) -16.68(45) 18.76 (19) 6.56 (68)

IM U.S. SMID Cap Core Equity (MF) Median -6.80 18.49 13.72 0.72 6.78 29.26 28.62 -3.59 14.14 -6.23 -17.10 14.91 8.18


RBC GAM International Fund -5.36 (69) 22.69 (36) 10.70 (30) -4.36(20) N/A N/A N/A N/A N/A N/A N/A N/A N/A

MSCI AC World ex USA -0.72 (25) 20.15 (53) 9.80 (33) -11.78(78) 5.22 (57) 16.98 (84) 15.04 (53) -10.42(69) 8.00 (38) 6.43(51) -29.97(70) 31.06 (14) 19.36 (72)

IM International Large Cap Value Equity (SA+CF) Median -3.42 20.82 8.39 -9.46 5.75 22.93 15.45 -8.62 5.00 6.49 -27.37 23.87 20.81

WCM Focused Intl Growth (WCMIX) 8.10 (2) 16.16 (69) 14.84 (7) -0.39(8) N/A N/A N/A N/A N/A N/A N/A N/A N/A


IM International Large Cap Growth Equity (MF) Median 0.81 17.85 7.77 -5.68 4.23 17.85 17.92 -10.80 7.32 1.85 -27.79 27.71 18.28

NT ACWI ex USA Index Fund -0.80 (26) 19.96 (24) 9.60 (5) -11.87(69) 5.12 (28) N/A N/A N/A N/A N/A N/A N/A N/A


IM International Large Cap Core Equity (MF) Median -3.16 18.41 4.85 -8.36 4.07 21.59 15.06 -11.21 3.50 1.45 -28.73 24.86 17.77


Total Fund



25


Total Fund




NT Aggregate Bond Index Fund 10.37 (20) 0.00 (69) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Blmbg. Barc. U.S. Aggregate Index 10.30 (24) 0.07 (64) 5.19 (52) 2.94(9) 3.96 (59) -1.68 (53) 5.16 (81) 5.26(14) 8.16 (76) 10.56(59) 3.65(10) 5.14 (15) 3.67 (16)

IM U.S. Broad Market Core Fixed Income (MF) Median 9.81 0.48 5.21 1.98 4.19 -1.62 6.79 4.30 9.34 11.36 -1.58 4.40 3.13

Richmond Capital Fixed Income 8.34 (22) 0.92 (37) 3.87 (56) 3.04(26) 3.01 (44) -0.38 (62) 6.05 (36) 4.16(28) 8.73 (31) 15.38(9) 1.41(74) 4.96 (90) 4.10 (27)

Richmond Policy 8.08 (45) 0.25 (87) 3.57 (73) 2.95(32) 2.74 (58) -0.71 (77) 4.31 (84) 4.22(23) 7.52 (77) 10.01(78) 3.65(43) 5.14 (85) 3.67 (82)


Garcial Hamilton N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Bloomberg Barclays Intermed Aggregate Index 8.08 (45) 0.25 (87) 3.57 (73) 2.95(32) 2.74 (58) -0.71 (77) 4.31 (84) 4.22(23) 7.52 (77) 9.69(81) 4.16(36) 5.33 (69) 3.84 (59)


Opportunisitic Fixed Income

PIMCO DISCO II (Net) 4.99 17.18 8.32 3.25 11.65 15.93 N/A N/A N/A N/A N/A N/A N/A

PIMCO DiSCO Policy 6.30 9.06 12.82 1.55 11.35 15.48 N/A N/A N/A N/A N/A N/A N/A

ICE BofAML High Yield Master II 6.30 9.06 12.82 -3.56 7.23 7.09 18.94 1.32 18.51 22.36 -11.68 7.75 7.96

Real Estate

JP Morgan Strategic Property Fund 4.01 (95) 7.58 (64) 9.65 (88) 14.53(63) 12.24 (71) 14.93 (33) 12.40 (53) 18.07(44) 5.69 (60) -31.65(28) 4.32(39) 18.32 (48) N/A

NCREIF Fund Index-Open End Diversified Core (EW) 6.16 (89) 7.81 (60) 10.62 (69) 14.71(62) 12.39 (68) 12.47 (67) 11.77 (63) 18.03(44) 6.14 (55) -36.09(54) 3.73(44) 17.84 (52) 17.49 (55)


JP Morgan Special Situation Property Fund 7.57 (33) 9.93 (20) 12.09 (36) 20.92(7) 16.17 (11) 17.73 (13) 17.27 (20) 24.37(14) N/A N/A N/A N/A N/A

NCREIF Fund Index-Open End Diversified Core (EW) 6.16 (89) 7.81 (60) 10.62 (69) 14.71(62) 12.39 (68) 12.47 (67) 11.77 (63) 18.03(44) 6.14 (55) -36.09(54) 3.73(44) 17.84 (52) 17.49 (55)


Others Assets

BlackRock Multi-Asset Income Fund (BIICX) 6.78 (16) 7.87 (63) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

50% MSCI World/50% BC Agg 6.40 (18) 8.80 (53) 8.47 (51) -0.98(19) 8.10 (49) 8.84 (46) 13.48 (64) 0.72(35) 7.98 (72) 5.09(41) -12.03(22) 12.94 (51) 8.89 (38)

IM Flexible Portfolio (MF) Median 2.58 9.02 8.55 -4.22 7.99 8.17 15.66 -0.87 9.52 3.22 -17.26 13.01 8.14

PIMCO Tactical Opportunities (Net) 4.12 11.40 6.65 6.39 10.11 N/A N/A N/A N/A N/A N/A N/A N/A

HFRX Global Hedge Fund Index 0.01 5.64 0.72 -4.74 3.54 5.13 2.20 -5.47 4.10 -3.63 -11.43 9.46 5.16

Titan Masters International Fund 0.01 4.72 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

HFRI Fund of Funds Composite Index 0.01 6.50 0.38 -0.05 6.16 6.48 2.93 -1.85 3.51 -1.19 -10.86 13.96 7.04


26

Historical Statistics 3 Years

ReturnStandardDeviation

SharpeRatio

UpMarket

Capture

UpQuarters

DownMarketCapture

DownQuarters

Investment 10.37 7.57 1.14 111.29 11 95.73 1

Index 8.31 7.27 0.93 100.00 10 100.00 2

90 Day U.S. Treasury Bill 1.54 0.22 N/A 8.04 12 -5.43 N/A



SharpeRatio

UpMarketCapture

UpQuarters

DownMarketCapture

DownQuarters

Investment 8.57 7.50 1.01 108.44 17 93.49 3

Index 6.88 7.39 0.81 100.00 17 100.00 3

90 Day U.S. Treasury Bill 0.96 0.27 N/A 5.43 19 -3.30 1

Risk and Return 3 Years

Investment Index

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

Ret

urn

(%)

7.2 7.3 7.4 7.5 7.6 7.7Risk (Standard Deviation %)


Investment Index

6.5

7.0

7.5

8.0

8.5

9.0

Ret

urn

(%)

7.3 7.4 7.5 7.6Risk (Standard Deviation %)

3 Year Rolling Percentile Rank All Public Plans-Total Fund

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 20 (100%) 0 (0%) 0 (0%) 0 (0%)¾

Index 20 9 (45%) 11 (55%) 0 (0%) 0 (0%)¾

5 Year Rolling Percentile Rank All Public Plans-Total Fund

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 20 (100%) 0 (0%) 0 (0%) 0 (0%)¾

Index 20 13 (65%) 7 (35%) 0 (0%) 0 (0%)¾

Strategy Review

Total Fund | Total Fund Policy


27

Plan Sponsor Peer Group Analysis vs. All Public Plans-Total Fund

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

Ret

urn

QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR

Investment 0.14 (89) 4.74 (36) 4.74 (36) 7.90 (4) 10.37 (1) 10.13 (3) 8.57 (1)��

Index 0.65 (65) 3.70 (67) 3.70 (67) 6.00 (48) 8.31 (31) 8.84 (25) 6.88 (28)��

Median 0.84 4.29 4.29 5.92 8.02 8.37 6.48

Plan Sponsor Peer Group Analysis vs. All Public Plans-Total Fund

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

Ret

urn

Oct-2018To

Sep-2019

Oct-2017To

Sep-2018

Oct-2016To

Sep-2017

Oct-2015To

Sep-2016

Oct-2014To

Sep-2015

Oct-2013To

Sep-2014

Investment 4.74 (36) 11.16 (4) 15.48 (3) 9.39 (61) 2.55 (2) 9.96 (50)��

Index 3.70 (67) 8.35 (26) 13.07 (26) 10.46 (29) -0.60 (46) 10.49 (42)��

Median 4.29 7.09 11.82 9.74 -0.78 9.93


1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

1 QtrEnding

Jun-2018

1 QtrEnding

Mar-2018

Investment 4.27 (2) 9.77 (12) -8.62 (78) 3.63 (11) 2.57 (4) 0.84 (4)

Index 3.20 (55) 8.85 (37) -8.28 (69) 3.34 (17) 1.37 (35) -0.49 (60)

Median 3.24 8.40 -7.54 2.58 1.03 -0.32

Strategy Review

Total Fund | Total Fund Policy


28


29



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarketCapture

DownQuarters

Investment 14.72 13.63 0.97 115.29 10 84.87 2

Index 9.24 12.42 0.65 100.00 10 100.00 2




SharpeRatio

UpMarketCapture

UpQuarters

DownMarketCapture

DownQuarters

Investment 10.63 13.48 0.75 112.21 16 96.79 4

Index 7.76 11.98 0.61 100.00 16 100.00 4



Investment Index

8.0

10.0

12.0

14.0

16.0

Ret

urn

(%)

12.0 12.2 12.4 12.6 12.8 13.0 13.2 13.4 13.6 13.8 14.0Risk (Standard Deviation %)


Investment Index

7.0

7.7

8.4

9.1

9.8

10.5

11.2

Ret

urn

(%)


3 Year Rolling Percentile Rank IM U.S. Large Cap Value Equity (SA+CF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 13 (65%) 7 (35%) 0 (0%) 0 (0%)¾

Index 20 0 (0%) 5 (25%) 15 (75%) 0 (0%)¾


0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 17 (85%) 3 (15%) 0 (0%) 0 (0%)¾

Index 20 0 (0%) 5 (25%) 15 (75%) 0 (0%)¾

Strategy Review

Eagle Capital Large Cap Value | Russell 3000 Value Index


30

Peer Group Analysis - IM U.S. Large Cap Value Equity (SA+CF)

-10.0

-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

Re

turn

QTRFYTD

1 YR 2 YR 3 YR 4 YR 5 YR

Investment -1.30 (96) 2.88 (46) 2.88 (46) 10.52 (17) 14.72 (6) 13.34 (17) 10.63 (13)��

Index 1.23 (62) 3.10 (44) 3.10 (44) 6.23 (58) 9.24 (74) 10.98 (53) 7.76 (62)��

Median 1.66 2.21 2.21 6.79 10.45 11.14 8.11


-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Re

turn

Oct-2018To

Sep-2019

Oct-2017To

Sep-2018

Oct-2016To

Sep-2017

Oct-2015To

Sep-2016

Oct-2014To

Sep-2015

Oct-2013To

Sep-2014

Investment 2.88 (46) 18.73 (5) 23.60 (8) 9.31 (83) 0.40 (17) 18.69 (46)��

Index 3.10 (44) 9.46 (77) 15.53 (73) 16.38 (24) -4.22 (63) 17.66 (58)��

Median 2.21 11.72 17.89 13.33 -3.29 18.40


1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

1 QtrEnding

Jun-2018

1 QtrEnding

Mar-2018

Investment 6.98 (5) 12.98 (23) -13.76 (56) 6.60 (31) 3.25 (17) 0.59 (5)

Index 3.68 (57) 11.93 (45) -12.24 (36) 5.39 (57) 1.71 (51) -2.82 (74)

Median 3.95 11.74 -13.51 5.70 1.74 -1.97

Strategy Review

Eagle Capital Large Cap Value | Russell 3000 Value Index


31

Relative Performance

Cumulative Annualized Over/Under Relative Performance Over/Under Performance

0.0

4.0

8.0

10.0

-4.0

-8.0

-10.0

Re

turn

(%)

7/07 1/08 7/08 1/09 7/09 1/10 7/10 1/11 7/11 1/12 7/12 1/13 7/13 1/14 7/14 1/15 7/15 1/16 7/16 1/17 7/17 1/18 7/18 1/19 9/19

Distribution of Active Returns

0

6

12

18

24

30

36

42

48

54

Fre

qu

en

cy

< -6 -6 To -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 5 To 6 > 6

Returns (%)

Distribution of Returns

0

3

6

9

12

15

18

21

24

Fre

qu

en

cy


Returns (%)

Performance Distribution and Relative Performance

Eagle Capital


32

Portfolio Characteristics (Benchmark: R3000 V)

Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($) 316,974,804,174 114,224,961,345

Median Mkt. Cap ($) 70,393,755,780 1,524,992,000

Price/Earnings ratio 16.7 16.5

Price/Book ratio 2.8 2.1

5 Yr. EPS Growth Rate (%) 21.2 7.6

Current Yield (%) 1.3 2.6

Beta (5 Years, Monthly) 1.04 1.00

Number of Stocks 32 2,168

Top Ten Equity Holdings (Benchmark: R3000 V)

Portfolio Wt Benchmark Wt Active Wt Qtr Rtrn

Microsoft Corp 8.9 0.0 8.9 4.1

Alphabet Inc 8.7 0.0 8.7 12.8

Berkshire Hathaway Inc 6.9 2.8 4.1 -2.4

Citigroup Inc 6.2 1.1 5.1 -0.6

Amazon.com Inc 5.3 0.0 5.3 -8.3

Goldman Sachs Group Inc 5.3 0.5 4.8 1.9

Comcast Corp 5.0 0.7 4.3 7.1

Liberty Broadband Corp 4.8 0.1 4.7 0.4

Wells Fargo & Co 4.8 1.4 3.4 7.8

Marriott International Inc 4.1 0.0 4.1 -11.0

% of Portfolio 60.0 6.6 53.4Ten Best Performers (Benchmark: R3000 V)

Portfolio Wt Benchmark Wt Active Wt Quarterly Rtrn

Fiserv Inc. 1.3 0.0 1.3 13.6

Alphabet Inc 0.1 0.0 0.1 12.8

Alphabet Inc 8.7 0.0 8.7 12.8

Wells Fargo & Co 4.8 1.4 3.4 7.8

Comcast Corp 5.0 0.7 4.3 7.1

AerCap Holdings NV 1.6 0.0 1.6 5.3


Goldman Sachs Group Inc 5.3 0.5 4.8 1.9

Ecolab Inc. 1.2 0.0 1.2 0.5

Aon plc 3.3 0.0 3.3 0.5

% of Portfolio 40.2 2.6 37.6

Ten Worst Performers (Benchmark: R3000 V)


Liberty TripAdvisor Holdings Inc 0.2 0.0 0.2 -24.1

TripAdvisor Inc 1.0 0.0 1.0 -16.4

Mohawk Industries Inc. 1.9 0.1 1.8 -15.9

General Electric Co 4.0 0.5 3.5 -14.8

Fox Corp 1.0 0.0 1.0 -13.0

DISH Network Corp 1.7 0.1 1.6 -11.3

Marriott International Inc 4.1 0.0 4.1 -11.0

Unitedhealth Group Inc 2.6 0.0 2.6 -10.5

Liberty Global Plc 3.2 0.0 3.2 -10.3

Amazon.com Inc 5.3 0.0 5.3 -8.3

% of Portfolio 25.0 0.7 24.3Buy and Hold Sector Attribution (Benchmark: R3000 V)

Allocation

Portfolio Benchmark

Performance

Portfolio Benchmark

Attribution

Stock Sector Total

Communication Services 28.4 7.5 0.23 3.26 -0.86 0.42 -0.44

Consumer Discretionary 15.8 6.0 -8.78 3.09 -1.90 0.17 -1.73

Consumer Staples 0.0 8.2 0.00 6.32 0.00 -0.40 -0.40

Energy 0.5 8.6 7.42 -7.33 0.11 0.69 0.80

Financials 29.4 23.7 0.64 2.12 -0.44 0.08 -0.36

Health Care 2.9 12.9 -10.53 -3.04 -0.22 0.45 0.23

Industrials 5.5 9.2 -7.00 -1.79 -0.22 0.13 -0.09

Information Technology 13.2 7.5 3.06 1.21 0.21 -0.04 0.18

Materials 1.2 4.2 0.54 -1.81 0.02 0.09 0.12

Real Estate 0.0 5.6 0.00 7.63 0.00 -0.35 -0.35

Utilities 0.0 6.6 0.00 8.07 0.00 -0.44 -0.44

Other 0.0 0.0 0.00 20.55 0.00 0.00 0.00

Cash 3.2 0.0 0.56 0.00 0.00 0.01 0.01

Total 100.0 100.0 -1.28 1.19 -3.30 0.83 -2.47

Portfolio Comparison

Eagle Capital R3000 V

Market Capitalization (%)

Greater than 25000M 80.7 66.8

16000M To 25000M 9.0 7.8

12000M To 16000M 1.0 4.8

8000M To 12000M 3.6 5.7

5000M To 8000M 1.6 5.0

3000M To 5000M 1.0 4.1

1000M To 3000M 0.0 4.1

500M To 1000M 0.2 1.0

200M To 500M 0.0 0.6

Less than 200M 0.0 0.1

Cash 2.8 0.0

Holdings Based Analysis

Eagle Capital


33



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarketCapture

DownQuarters

Investment N/A N/A N/A N/A N/A N/A N/A

Index 9.43 12.17 0.68 100.00 10 100.00 2




SharpeRatio

UpMarketCapture

UpQuarters

DownMarketCapture

DownQuarters


Index 7.79 11.82 0.61 100.00 16 100.00 4



Investment Index

8.7

9.0

9.3

9.6

9.9

10.2

Ret

urn

(%)

12.1 12.2Risk (Standard Deviation %)


Investment Index

7.7

7.8

Ret

urn

(%)



0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 0 0 0 0 0¾

Index 0 0 0 0 0¾


0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count


Index 0 0 0 0 0¾

Strategy Review

Brandywine Dynamic LCV | Russell 1000 Value Index


34


-10.0

-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

Re

turn

QTRFYTD


Investment 1.44 (57) N/A N/A N/A N/A N/A N/A��

Index 1.36 (59) 4.00 (37) 4.00 (37) 6.69 (52) 9.43 (69) 11.08 (52) 7.79 (61)��

Median 1.66 2.21 2.21 6.79 10.45 11.14 8.11


-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Re

turn

Oct-2018To

Sep-2019

Oct-2017To

Sep-2018

Oct-2016To

Sep-2017

Oct-2015To

Sep-2016

Oct-2014To

Sep-2015

Oct-2013To

Sep-2014

Investment N/A N/A N/A N/A N/A N/A��

Index 4.00 (37) 9.45 (77) 15.12 (75) 16.19 (26) -4.42 (65) 18.89 (42)��

Median 2.21 11.72 17.89 13.33 -3.29 18.40


1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

1 QtrEnding

Jun-2018

1 QtrEnding

Mar-2018

Investment N/A N/A N/A N/A N/A N/A

Index 3.84 (53) 11.93 (45) -11.72 (30) 5.70 (50) 1.18 (66) -2.83 (75)

Median 3.95 11.74 -13.51 5.70 1.74 -1.97

Strategy Review

Brandywine Dynamic LCV | Russell 1000 Value Index


35



0.0

4.0

8.0

10.0

-4.0

-8.0

-10.0

Re

turn

(%)

6/19 7/19 8/19 9/19


0

1

2

3

Fre

qu

en

cy


Returns (%)


0

1

2

Fre

qu

en

cy


Returns (%)




36

Portfolio Characteristics (Benchmark: Russell 1000 Value Index)

Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($) 136,615,991,692 122,160,989,755

Median Mkt. Cap ($) 16,666,723,560 9,460,342,920





Beta N/A 1.00

Number of Stocks 107 766

Top Ten Equity Holdings (Benchmark: Russell 1000 Value Index)


Intel Corp 4.2 1.7 2.5 8.4

Apple Inc 4.1 0.0 4.1 13.6

Wells Fargo & Co 3.9 1.5 2.4 7.8

Amgen Inc 3.3 0.1 3.2 5.8

Booking Holdings Inc 3.2 0.0 3.2 4.7

Bank of America Corp 3.1 1.8 1.3 1.2

Walgreens Boots Alliance Inc 2.7 0.3 2.4 2.1

Union Pacific Corp 2.6 0.0 2.6 -3.6

Cisco Systems Inc 2.6 0.0 2.6 -9.2

Illinois Tool Works Inc. 2.5 0.0 2.5 4.5

% of Portfolio 32.2 5.4 26.8Ten Best Performers (Benchmark: Russell 1000 Value Index)


Lam Research Corp 0.7 0.0 0.7 23.6

Teradyne Inc. 0.3 0.0 0.3 21.1

NewMarket Corp 0.2 0.0 0.2 18.2

NextEra Energy Inc 0.8 0.8 0.0 14.4

Procter & Gamble Co (The) 1.1 2.1 -1.0 14.2

Celanese Corp 1.0 0.1 0.9 14.1

Apple Inc 4.1 0.0 4.1 13.6

Brown-Forman Corp 0.9 0.0 0.9 13.6

Texas Instruments Inc 1.7 0.0 1.7 13.3

Toll Brothers Inc. 0.2 0.0 0.2 12.4

% of Portfolio 11.0 3.0 8.0

Ten Worst Performers (Benchmark: Russell 1000 Value Index)


Molina Healthcare Inc. 0.1 0.0 0.1 -23.3

Cabot Oil & Gas Corp 0.3 0.0 0.3 -23.1

Franklin Resources Inc 0.3 0.1 0.2 -16.3

Pfizer Inc 2.0 1.5 0.5 -16.3

Ralph Lauren Corp 0.1 0.0 0.1 -15.3

Xerox Holdings Corp 0.1 0.0 0.1 -14.8

CIT Group Inc 0.2 0.0 0.2 -13.1

ManpowerGroup Inc 0.1 0.0 0.1 -12.8

BorgWarner Inc 0.1 0.1 0.0 -12.2

Altria Group Inc 2.0 0.3 1.7 -11.9

% of Portfolio 5.3 2.0 3.3Buy and Hold Sector Attribution (Benchmark: Russell 1000 Value Index)

Allocation

Portfolio Benchmark

Performance

Portfolio Benchmark

Attribution

Stock Sector Total

Communication Services 1.7 7.8 0.61 3.47 -0.04 -0.13 -0.17

Consumer Discretionary 13.8 5.8 5.11 2.79 0.28 0.12 0.40

Consumer Staples 6.4 8.6 0.13 6.39 -0.39 -0.11 -0.50

Energy 2.9 8.8 -3.70 -6.62 0.07 0.51 0.58

Financials 16.5 23.2 0.04 2.27 -0.40 -0.11 -0.51

Health Care 10.1 13.5 1.56 -2.96 0.44 0.16 0.59

Industrials 20.5 9.0 -1.04 -1.99 0.20 -0.36 -0.16

Information Technology 20.0 7.3 4.43 0.84 0.75 -0.07 0.68

Materials 3.6 4.2 2.03 -1.62 0.12 0.01 0.14

Real Estate 0.0 5.2 0.00 7.99 0.00 -0.35 -0.35

Utilities 2.5 6.6 8.33 8.27 0.01 -0.28 -0.28

Other 0.0 0.0 0.00 20.55 0.00 0.00 0.00

Cash 1.9 0.0 0.56 0.00 0.00 -0.02 -0.02

Total 100.0 100.0 1.67 1.26 1.03 -0.63 0.41


Brandywine DynamicLCV

Russell 1000 ValueIndex



16000M To 25000M 8.2 8.4

12000M To 16000M 4.0 5.1

8000M To 12000M 3.8 6.1

5000M To 8000M 4.5 5.1

3000M To 5000M 1.1 3.0

1000M To 3000M 0.0 0.7

500M To 1000M 0.0 0.0

200M To 500M 0.0 0.0

Cash 2.0 0.0




37



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarketCapture

DownQuarters

Investment 13.44 12.02 0.99 100.18 10 100.02 2

Index 13.39 12.01 0.98 100.00 10 100.00 2




SharpeRatio

UpMarketCapture

UpQuarters

DownMarketCapture

DownQuarters

Investment 10.69 11.89 0.84 100.22 17 101.64 3

Index 10.84 11.83 0.85 100.00 17 100.00 3



Investment Index

13.3

13.4

13.5

Ret

urn

(%)



Investment Index

10.6

10.7

10.8

10.9

Ret

urn

(%)

11.8 11.9 12.0Risk (Standard Deviation %)

3 Year Rolling Percentile Rank IM S&P 500 Index (MF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 8 (40%) 12 (60%) 0 (0%) 0 (0%)¾

Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%)¾

5 Year Rolling Percentile Rank IM S&P 500 Index (MF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 14 (70%) 6 (30%) 0 (0%) 0 (0%)¾

Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%)¾

Strategy Review

NT S&P 500 Index Fund | S&P 500 Index


38

Peer Group Analysis - IM S&P 500 Index (MF)

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Re

turn

QTRFYTD


Investment 1.70 (8) 4.34 (6) 4.34 (6) 10.93 (2) 13.44 (1) 13.96 (1) 10.69 (20)��

Index 1.70 (8) 4.25 (10) 4.25 (10) 10.87 (4) 13.39 (1) 13.90 (2) 10.84 (1)��

Median 1.62 3.94 3.94 10.53 13.03 13.48 10.42

Peer Group Analysis - IM S&P 500 Index (MF)

-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

23.0

Re

turn

Oct-2018To

Sep-2019

Oct-2017To

Sep-2018

Oct-2016To

Sep-2017

Oct-2015To

Sep-2016

Oct-2014To

Sep-2015

Oct-2013To

Sep-2014

Investment 4.34 (6) 17.93 (1) 18.63 (1) 15.52 (1) -1.48 (83) 19.43 (28)��

Index 4.25 (10) 17.91 (2) 18.61 (2) 15.43 (4) -0.61 (2) 19.73 (1)��

Median 3.94 17.51 18.17 14.99 -1.05 19.21


1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

1 QtrEnding

Jun-2018

1 QtrEnding

Mar-2018

Investment 4.31 (6) 13.69 (1) -13.48 (8) 7.72 (2) 3.43 (6) -0.76 (5)

Index 4.30 (6) 13.65 (7) -13.52 (15) 7.71 (4) 3.43 (5) -0.76 (5)

Median 4.21 13.56 -13.58 7.62 3.35 -0.84

Strategy Review

NT S&P 500 Index Fund | S&P 500 Index


39


40



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarketCapture

DownQuarters

Investment 18.79 14.85 1.14 108.32 9 99.59 3

Index 16.37 13.26 1.10 100.00 11 100.00 1




SharpeRatio

UpMarketCapture

UpQuarters

DownMarketCapture

DownQuarters

Investment 13.40 14.59 0.88 103.14 15 102.10 5

Index 13.07 12.90 0.95 100.00 18 100.00 2



Investment Index

15.6

16.2

16.8

17.4

18.0

18.6

19.2

Ret

urn

(%)

12.9 13.2 13.5 13.8 14.1 14.4 14.7 15.0 15.3Risk (Standard Deviation %)


Investment Index

13.0

13.1

13.2

13.3

13.4

13.5

Ret

urn

(%)

12.3 12.6 12.9 13.2 13.5 13.8 14.1 14.4 14.7 15.0Risk (Standard Deviation %)

3 Year Rolling Percentile Rank IM U.S. All Cap Growth Equity (SA+CF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 4 (20%) 5 (25%) 4 (20%) 7 (35%)¾

Index 20 10 (50%) 10 (50%) 0 (0%) 0 (0%)¾

5 Year Rolling Percentile Rank IM U.S. All Cap Growth Equity (SA+CF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 14 2 (14%) 3 (21%) 6 (43%) 3 (21%)¾

Index 20 12 (60%) 8 (40%) 0 (0%) 0 (0%)¾

Strategy Review

Wells Capital Heritage AllCap Growth | Russell 3000 Growth Index


41

Peer Group Analysis - IM U.S. All Cap Growth Equity (SA+CF)

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

Re

turn

QTRFYTD


Investment -1.42 (63) 5.26 (32) 5.26 (32) 17.20 (26) 18.79 (17) 16.38 (23) 13.40 (24)��

Index 1.10 (14) 2.70 (58) 2.70 (58) 13.70 (47) 16.37 (38) 15.68 (35) 13.07 (31)��

Median -0.71 3.68 3.68 13.57 15.34 14.63 12.44

Peer Group Analysis - IM U.S. All Cap Growth Equity (SA+CF)

-16.0

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

32.0

38.0

44.0

Re

turn

Oct-2018To

Sep-2019

Oct-2017To

Sep-2018

Oct-2016To

Sep-2017

Oct-2015To

Sep-2016

Oct-2014To

Sep-2015

Oct-2013To

Sep-2014

Investment 5.26 (32) 30.49 (26) 22.04 (28) 9.44 (62) 2.20 (55) 6.56 (89)��

Index 2.70 (58) 25.89 (44) 21.87 (32) 13.64 (16) 3.21 (50) 17.87 (21)��

Median 3.68 25.26 20.40 11.08 3.10 13.16


1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

1 QtrEnding

Jun-2018

1 QtrEnding

Mar-2018

Investment 7.45 (21) 20.16 (14) -17.30 (70) 7.79 (47) 6.21 (36) 6.82 (8)

Index 4.50 (63) 16.18 (51) -16.33 (63) 8.88 (28) 5.87 (38) 1.48 (78)

Median 5.75 16.28 -15.45 7.74 4.90 2.47

Strategy Review

Wells Capital Heritage AllCap Growth | Russell 3000 Growth Index


42



0.0

4.0

8.0

10.0

-4.0

-8.0

-10.0

Re

turn

(%)

5/11 11/11 5/12 11/12 5/13 11/13 5/14 11/14 5/15 11/15 5/16 11/16 5/17 11/17 5/18 11/18 5/19 9/19


0

4

8

12

16

20

24

28

32

Fre

qu

en

cy


Returns (%)


0

2

4

6

8

10

12

14

16

18

Fre

qu

en

cy


Returns (%)


Wells Capital


43

Portfolio Characteristics (Benchmark: R3000 G)

Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($) 209,404,490,790 302,401,793,902

Median Mkt. Cap ($) 13,486,623,500 1,675,935,360






Number of Stocks 95 1,695

Top Ten Equity Holdings (Benchmark: R3000 G)


Amazon.com Inc 6.3 4.8 1.5 -8.3

Alphabet Inc 3.6 2.5 1.1 12.8

Microchip Technology Inc 3.4 0.0 3.4 7.6

Microsoft Corp 3.4 7.0 -3.6 4.1

Mastercard Inc 3.2 1.6 1.6 2.8

Visa Inc 3.1 2.0 1.1 -0.7

Monolithic Power Systems Inc 2.7 0.0 2.7 14.9

Burlington Stores Inc 2.3 0.1 2.2 17.4

Apple Inc 2.2 6.8 -4.6 13.6

Envestnet Inc 2.1 0.0 2.1 -17.1

% of Portfolio 32.3 24.8 7.5Ten Best Performers (Benchmark: R3000 G)


Insulet Corp 1.3 0.1 1.2 38.2

Milacron Holdings Corp 0.3 0.0 0.3 20.8

Edwards Lifesciences Corp 0.6 0.3 0.3 19.0

Natera Inc 0.5 0.0 0.5 18.9

NovoCure Ltd 1.3 0.0 1.3 18.3

Twitter Inc 0.6 0.2 0.4 18.1

Burlington Stores Inc 2.3 0.1 2.2 17.4

Monolithic Power Systems Inc 2.7 0.0 2.7 14.9

Apple Inc 2.2 6.8 -4.6 13.6


% of Portfolio 13.5 8.3 5.2

Ten Worst Performers (Benchmark: R3000 G)


PagerDuty Inc 0.1 0.0 0.1 -40.0

Adaptive Biotechnologies Corp 0.0 0.0 0.0 -36.0

Ollie's Bargin Outlet Holdings 0.8 0.0 0.8 -32.7

New Relic Inc 0.4 0.0 0.4 -29.0

Ulta Salon Cosmetics 1.3 0.1 1.2 -27.7

Netflix Inc 0.1 0.8 -0.7 -27.1

LendingTree Inc 0.8 0.0 0.8 -26.1

Alexion Pharmaceuticals 1.0 0.1 0.9 -25.2

Mimecast Ltd 1.1 0.0 1.1 -23.6

Sage Therapeutics Inc 0.4 0.0 0.4 -23.4

% of Portfolio 6.0 1.0 5.0Buy and Hold Sector Attribution (Benchmark: R3000 G)

Allocation

Portfolio Benchmark

Performance

Portfolio Benchmark

Attribution

Stock Sector Total

Communication Services 8.2 11.1 4.10 0.58 0.29 0.01 0.30

Consumer Discretionary 20.0 14.7 -4.03 -0.57 -0.70 -0.09 -0.79

Consumer Staples 2.8 5.0 7.74 5.46 0.06 -0.07 -0.01

Energy 0.2 0.5 -34.08 -7.98 -0.07 0.03 -0.04

Financials 4.5 3.8 -3.75 0.18 -0.20 -0.01 -0.21

Health Care 10.7 14.7 -2.27 -3.45 0.14 0.16 0.30

Industrials 13.0 10.9 -1.12 2.66 -0.49 0.05 -0.43

Information Technology 37.5 35.0 -1.46 2.91 -1.63 0.08 -1.55

Materials 2.3 1.7 0.88 2.09 -0.03 0.01 -0.02

Real Estate 0.0 2.6 0.00 7.14 0.00 -0.15 -0.15

Utilities 0.0 0.1 0.00 10.25 0.00 -0.01 -0.01

Other 0.0 0.0 3.33 20.55 -0.02 0.01 0.00

Cash 0.6 0.0 0.56 0.00 0.00 0.01 0.01

Total 100.0 100.0 -1.44 1.18 -2.65 0.03 -2.62


Wells Capital R3000 G



16000M To 25000M 12.5 5.5

12000M To 16000M 7.3 3.3

8000M To 12000M 5.2 3.2

5000M To 8000M 11.6 3.1

3000M To 5000M 3.8 2.5

1000M To 3000M 8.8 3.5

500M To 1000M 1.1 0.6

200M To 500M 0.0 0.3

Less than 200M 0.0 0.1

Cash 0.2 0.0


Wells Capital


44



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarketCapture

DownQuarters

Investment 18.41 14.19 1.16 103.63 9 95.86 3

Index 16.89 13.11 1.15 100.00 11 100.00 1




SharpeRatio

UpMarketCapture

UpQuarters

DownMarketCapture

DownQuarters

Investment 13.85 14.04 0.93 104.79 15 105.39 5

Index 13.39 12.77 0.98 100.00 18 100.00 2



Investment Index

16.4

16.8

17.2

17.6

18.0

18.4

18.8

Ret

urn

(%)



Investment Index

13.2

13.4

13.6

13.8

14.0

Ret

urn

(%)


3 Year Rolling Percentile Rank IM U.S. Large Cap Growth Equity (SA+CF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 5 (25%) 7 (35%) 7 (35%) 1 (5%)¾

Index 20 3 (15%) 14 (70%) 3 (15%) 0 (0%)¾

5 Year Rolling Percentile Rank IM U.S. Large Cap Growth Equity (SA+CF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 2 (10%) 12 (60%) 5 (25%) 1 (5%)¾

Index 20 0 (0%) 20 (100%) 0 (0%) 0 (0%)¾

Strategy Review

Winslow Large Cap Growth | Russell 1000 Growth Index


45

Peer Group Analysis - IM U.S. Large Cap Growth Equity (SA+CF)

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

Re

turn

QTRFYTD


Investment -0.31 (71) 3.69 (56) 3.69 (56) 16.80 (20) 18.41 (23) 16.45 (24) 13.85 (28)��

Index 1.49 (31) 3.71 (56) 3.71 (56) 14.45 (44) 16.89 (39) 16.10 (30) 13.39 (38)��

Median 0.83 4.30 4.30 14.06 16.16 15.10 12.82

Peer Group Analysis - IM U.S. Large Cap Growth Equity (SA+CF)

-16.0

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

32.0

38.0

44.0

Re

turn

Oct-2018To

Sep-2019

Oct-2017To

Sep-2018

Oct-2016To

Sep-2017

Oct-2015To

Sep-2016

Oct-2014To

Sep-2015

Oct-2013To

Sep-2014

Investment 3.69 (56) 31.57 (12) 21.68 (38) 10.77 (61) 4.02 (43) 16.83 (65)��

Index 3.71 (56) 26.30 (36) 21.94 (37) 13.76 (23) 3.17 (54) 19.15 (40)��

Median 4.30 24.41 20.81 11.62 3.55 18.18


1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

1 QtrEnding

Jun-2018

1 QtrEnding

Mar-2018

Investment 4.80 (57) 17.81 (20) -15.75 (58) 8.40 (43) 7.68 (10) 6.30 (7)

Index 4.64 (59) 16.10 (47) -15.89 (61) 9.17 (23) 5.76 (42) 1.42 (60)

Median 5.10 15.99 -15.29 8.14 5.36 2.07

Strategy Review

Winslow Large Cap Growth | Russell 1000 Growth Index


46



0.0

4.0

8.0

10.0

-4.0

-8.0

-10.0

Re

turn

(%)

2/08 8/08 2/09 8/09 2/10 8/10 2/11 8/11 2/12 8/12 2/13 8/13 2/14 8/14 2/15 8/15 2/16 8/16 2/17 8/17 2/18 8/18 2/19 9/19


0

8

16

24

32

40

48

56

64

Fre

qu

en

cy


Returns (%)


0

3

6

9

12

15

18

21

Fre

qu

en

cy


Returns (%)


Winslow


47

Portfolio Characteristics (Benchmark: R1000 G)

Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($) 328,848,651,317 323,014,230,411

Median Mkt. Cap ($) 84,867,018,040 12,429,806,360






Number of Stocks 50 531

Top Ten Equity Holdings (Benchmark: R1000 G)



Amazon.com Inc 6.5 5.1 1.4 -8.3

Visa Inc 4.7 2.1 2.6 -0.7

Apple Inc 4.6 7.3 -2.7 13.6

Facebook Inc 4.4 3.0 1.4 -7.7

salesforce.com Inc 3.8 0.9 2.9 -2.2

Mastercard Inc 3.4 1.7 1.7 2.8

Nike Inc 2.9 0.8 2.1 12.2

Alphabet Inc 2.8 2.7 0.1 12.8

Adobe Inc 2.8 1.0 1.8 -6.2

% of Portfolio 43.5 32.1 11.4Ten Best Performers (Benchmark: R1000 G)


Sherwin-Williams Co (The) 1.3 0.3 1.0 20.2

PagSeguro Digital Ltd 0.9 0.0 0.9 18.8

Northrop Grumman Corp 1.4 0.4 1.0 16.4

Equinix Inc 1.4 0.3 1.1 14.9

Fiserv Inc. 2.0 0.4 1.6 13.6

Apple Inc 4.6 7.3 -2.7 13.6


Alphabet Inc 2.8 2.6 0.2 12.8

Alphabet Inc 2.8 2.7 0.1 12.8

Nike Inc 2.9 0.8 2.1 12.2

% of Portfolio 21.2 15.7 5.5

Ten Worst Performers (Benchmark: R1000 G)


EXACT Sciences Corp 1.3 0.1 1.2 -23.4

Xilinx Inc. 0.9 0.2 0.7 -18.4

Workday Inc 1.2 0.2 1.0 -17.3

Fortive Corp 0.9 0.0 0.9 -15.8

Unitedhealth Group Inc 1.5 1.5 0.0 -10.5

MercadoLibre Inc 1.0 0.0 1.0 -9.9

PayPal Holdings Inc 2.1 0.9 1.2 -9.5

Amazon.com Inc 6.5 5.1 1.4 -8.3

Facebook Inc 4.4 3.0 1.4 -7.7

Adobe Inc 2.8 1.0 1.8 -6.2

% of Portfolio 22.6 12.0 10.6Buy and Hold Sector Attribution (Benchmark: R1000 G)

Allocation

Portfolio Benchmark

Performance

Portfolio Benchmark

Attribution

Stock Sector Total

Communication Services 12.8 11.7 -1.10 0.77 -0.26 0.01 -0.25

Consumer Discretionary 17.5 14.8 -1.05 -0.41 -0.10 -0.05 -0.15

Consumer Staples 0.3 5.1 -2.26 5.49 -0.02 -0.18 -0.20

Energy 0.0 0.4 0.00 -6.74 0.00 0.05 0.05

Financials 2.0 3.6 3.22 0.83 0.09 0.01 0.10

Health Care 15.7 13.8 -4.31 -2.62 -0.29 -0.16 -0.45

Industrials 8.1 10.3 1.87 3.08 -0.08 -0.03 -0.12

Information Technology 39.9 36.2 0.91 3.05 -0.85 0.06 -0.79

Materials 2.4 1.6 7.35 3.53 0.09 0.02 0.11

Real Estate 0.6 2.5 15.39 7.44 0.10 -0.13 -0.03

Other 0.0 0.0 0.00 20.55 0.00 -0.01 -0.01

Cash 0.6 0.0 0.56 0.00 0.00 -0.01 -0.01

Total 100.0 100.0 -0.19 1.55 -1.33 -0.41 -1.74


Winslow R1000 G



16000M To 25000M 5.5 5.9

12000M To 16000M 0.0 3.5

8000M To 12000M 2.7 3.4

5000M To 8000M 2.1 3.1

3000M To 5000M 0.0 0.7

1000M To 3000M 0.2 0.1

Cash 0.6 0.0


Winslow


48



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarketCapture

DownQuarters

Investment 9.44 15.11 0.57 100.17 9 99.90 3

Index 9.38 15.10 0.57 100.00 9 100.00 3




SharpeRatio

UpMarketCapture

UpQuarters

DownMarketCapture

DownQuarters

Investment 9.48 13.70 0.66 100.19 15 96.36 5

Index 8.88 13.79 0.62 100.00 15 100.00 5



Investment Index

9.3

9.4

9.5

Ret

urn

(%)



Investment Index

8.6

8.8

9.0

9.2

9.4

9.6

Ret

urn

(%)


3 Year Rolling Percentile Rank IM U.S. SMID Cap Core Equity (MF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 12 9 (75%) 3 (25%) 0 (0%) 0 (0%)¾

Index 20 14 (70%) 6 (30%) 0 (0%) 0 (0%)¾

5 Year Rolling Percentile Rank IM U.S. SMID Cap Core Equity (MF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 4 4 (100%) 0 (0%) 0 (0%) 0 (0%)¾

Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%)¾

Strategy Review

NT S&P 400 Index Fund | S&P MidCap 400 Index


49

Peer Group Analysis - IM U.S. SMID Cap Core Equity (MF)

-20.0

-16.0

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

Re

turn

QTRFYTD


Investment -0.07 (27) -2.44 (16) -2.44 (16) 5.59 (12) 9.44 (17) 10.91 (15) 9.48 (8)��

Index -0.09 (28) -2.49 (16) -2.49 (16) 5.53 (12) 9.38 (17) 10.84 (16) 8.88 (15)��

Median -1.03 -6.80 -6.80 2.41 7.41 8.89 7.22

Peer Group Analysis - IM U.S. SMID Cap Core Equity (MF)

-22.0

-16.0

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

32.0

Re

turn

Oct-2018To

Sep-2019

Oct-2017To

Sep-2018

Oct-2016To

Sep-2017

Oct-2015To

Sep-2016

Oct-2014To

Sep-2015

Oct-2013To

Sep-2014

Investment -2.44 (16) 14.28 (34) 17.57 (61) 15.41 (31) 3.95 (13) N/A��

Index -2.49 (16) 14.21 (34) 17.52 (61) 15.33 (32) 1.40 (37) 11.82 (4)��

Median -6.80 12.12 18.49 13.72 0.72 6.78


1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

1 QtrEnding

Jun-2018

1 QtrEnding

Mar-2018

Investment 3.06 (34) 14.51 (37) -17.27 (16) 3.88 (32) 4.31 (70) -0.75 (39)

Index 3.05 (34) 14.49 (37) -17.28 (16) 3.86 (33) 4.29 (70) -0.77 (40)

Median 2.59 13.98 -19.09 3.21 5.64 -1.09

Strategy Review

NT S&P 400 Index Fund | S&P MidCap 400 Index


50



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarketCapture

DownQuarters

Investment 7.43 12.78 0.51 104.14 9 100.77 3

Index 6.85 11.29 0.51 100.00 7 100.00 5




SharpeRatio

UpMarketCapture

UpQuarters

DownMarketCapture

DownQuarters

Investment 5.59 13.38 0.40 107.02 13 94.14 7

Index 3.39 12.38 0.25 100.00 11 100.00 9



Investment Index

6.6

6.8

7.0

7.2

7.4

7.6

Ret

urn

(%)

10.8 11.0 11.2 11.4 11.6 11.8 12.0 12.2 12.4 12.6 12.8 13.0 13.2Risk (Standard Deviation %)


Investment Index

2.4

3.0

3.6

4.2

4.8

5.4

6.0

6.6

Ret

urn

(%)


3 Year Rolling Percentile Rank IM International Large Cap Value Equity (SA+CF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 9 9 (100%) 0 (0%) 0 (0%) 0 (0%)¾

Index 20 0 (0%) 6 (30%) 8 (40%) 6 (30%)¾

5 Year Rolling Percentile Rank IM International Large Cap Value Equity (SA+CF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 1 1 (100%) 0 (0%) 0 (0%) 0 (0%)¾

Index 20 0 (0%) 4 (20%) 3 (15%) 13 (65%)¾

Strategy Review

RBC GAM International Fund | MSCI AC World ex USA


51

Peer Group Analysis - IM International Large Cap Value Equity (SA+CF)

-13.0

-10.0

-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

Re

turn

QTRFYTD


Investment -2.48 (76) -5.36 (69) -5.36 (69) 0.53 (28) 7.43 (19) 8.24 (21) 5.59 (16)��

Index -1.70 (52) -0.72 (25) -0.72 (25) 0.76 (25) 6.85 (30) 7.58 (31) 3.39 (42)��

Median -1.56 -3.42 -3.42 -0.70 5.84 6.21 3.05

Peer Group Analysis - IM International Large Cap Value Equity (SA+CF)

-28.0

-22.0

-16.0

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

32.0

38.0

Re

turn

Oct-2018To

Sep-2019

Oct-2017To

Sep-2018

Oct-2016To

Sep-2017

Oct-2015To

Sep-2016

Oct-2014To

Sep-2015

Oct-2013To

Sep-2014

Investment -5.36 (69) 6.78 (6) 22.69 (36) 10.70 (30) -4.36 (20) N/A��

Index -0.72 (25) 2.25 (36) 20.15 (53) 9.80 (33) -11.78 (78) 5.22 (57)��

Median -3.42 1.45 20.82 8.39 -9.46 5.75


1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

1 QtrEnding

Jun-2018

1 QtrEnding

Mar-2018

Investment 2.47 (49) 10.23 (34) -14.08 (72) 1.54 (31) 1.35 (4) -1.41 (58)

Index 3.22 (33) 10.44 (29) -11.41 (36) 0.80 (57) -2.39 (55) -1.08 (44)

Median 2.41 9.55 -12.88 0.88 -2.16 -1.26

Strategy Review

RBC GAM International Fund | MSCI AC World ex USA


52



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarketCapture

DownQuarters

Investment 11.79 11.38 0.91 97.84 9 60.81 3

Index 6.85 11.29 0.51 100.00 7 100.00 5




SharpeRatio

UpMarketCapture

UpQuarters

DownMarketCapture

DownQuarters

Investment 9.83 11.68 0.78 91.79 15 50.21 5

Index 3.39 12.38 0.25 100.00 11 100.00 9



Investment Index

6.0

8.0

10.0

12.0

14.0

Ret

urn

(%)



Investment Index

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Ret

urn

(%)

11.4 11.5 11.6 11.7 11.8 11.9 12.0 12.1 12.2 12.3 12.4 12.5Risk (Standard Deviation %)

3 Year Rolling Percentile Rank IM International Large Cap Growth Equity (MF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 11 11 (100%) 0 (0%) 0 (0%) 0 (0%)¾

Index 20 2 (10%) 7 (35%) 8 (40%) 3 (15%)¾

5 Year Rolling Percentile Rank IM International Large Cap Growth Equity (MF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 3 3 (100%) 0 (0%) 0 (0%) 0 (0%)¾

Index 20 0 (0%) 6 (30%) 8 (40%) 6 (30%)¾

Strategy Review

WCM Focused Intl Growth (WCMIX) | MSCI AC World ex USA


53

Peer Group Analysis - IM International Large Cap Growth Equity (MF)

-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

Re

turn

QTRFYTD


Investment -0.57 (24) 8.10 (2) 8.10 (2) 9.67 (1) 11.79 (1) 12.55 (1) 9.83 (1)��

Index -1.70 (64) -0.72 (67) -0.72 (67) 0.76 (63) 6.85 (48) 7.58 (35) 3.39 (62)��

Median -1.46 0.81 0.81 1.22 6.73 6.82 3.78

Peer Group Analysis - IM International Large Cap Growth Equity (MF)

-34.0

-28.0

-22.0

-16.0

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

32.0

Re

turn

Oct-2018To

Sep-2019

Oct-2017To

Sep-2018

Oct-2016To

Sep-2017

Oct-2015To

Sep-2016

Oct-2014To

Sep-2015

Oct-2013To

Sep-2014

Investment 8.10 (2) 11.26 (1) 16.16 (69) 14.84 (7) -0.39 (8) N/A��

Index -0.72 (67) 2.25 (50) 20.15 (19) 9.80 (27) -11.78 (89) 5.22 (29)��

Median 0.81 2.20 17.85 7.77 -5.68 4.23


1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

1 QtrEnding

Jun-2018

1 QtrEnding

Mar-2018

Investment 9.93 (1) 12.85 (43) -12.36 (38) 3.04 (4) 0.88 (10) 1.79 (11)

Index 3.22 (86) 10.44 (94) -11.41 (25) 0.80 (39) -2.39 (52) -1.08 (64)

Median 4.44 12.52 -12.70 0.36 -2.31 -0.60

Strategy Review

WCM Focused Intl Growth (WCMIX) | MSCI AC World ex USA


54



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarketCapture

DownQuarters

Investment 6.67 11.30 0.49 98.57 7 99.04 5

Index 6.85 11.29 0.51 100.00 7 100.00 5




SharpeRatio

UpMarketCapture

UpQuarters

DownMarketCapture

DownQuarters

Investment 3.23 12.38 0.24 99.04 11 99.80 9

Index 3.39 12.38 0.25 100.00 11 100.00 9



Investment Index

6.6

6.7

6.8

6.9

Ret

urn

(%)



Investment Index

3.2

3.3

3.4

3.5

Ret

urn

(%)


3 Year Rolling Percentile Rank IM International Large Cap Core Equity (MF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 14 8 (57%) 6 (43%) 0 (0%) 0 (0%)¾

Index 20 9 (45%) 5 (25%) 4 (20%) 2 (10%)¾

5 Year Rolling Percentile Rank IM International Large Cap Core Equity (MF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 6 6 (100%) 0 (0%) 0 (0%) 0 (0%)¾

Index 20 6 (30%) 4 (20%) 10 (50%) 0 (0%)¾

Strategy Review

NT ACWI ex USA Index Fund | MSCI AC World ex USA


55

Peer Group Analysis - IM International Large Cap Core Equity (MF)

-10.0

-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

Re

turn

QTRFYTD


Investment -1.66 (57) -0.80 (26) -0.80 (26) 0.59 (19) 6.67 (20) 7.39 (2) 3.23 (15)��

Index -1.70 (59) -0.72 (25) -0.72 (25) 0.76 (18) 6.85 (19) 7.58 (2) 3.39 (6)��

Median -1.28 -3.16 -3.16 -1.05 5.23 4.56 1.45

Peer Group Analysis - IM International Large Cap Core Equity (MF)

-28.0

-22.0

-16.0

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

32.0

Re

turn

Oct-2018To

Sep-2019

Oct-2017To

Sep-2018

Oct-2016To

Sep-2017

Oct-2015To

Sep-2016

Oct-2014To

Sep-2015

Oct-2013To

Sep-2014

Investment -0.80 (26) 1.99 (19) 19.96 (24) 9.60 (5) -11.87 (69) 5.12 (28)��

Index -0.72 (25) 2.25 (15) 20.15 (23) 9.80 (4) -11.78 (69) 5.22 (28)��

Median -3.16 1.18 18.41 4.85 -8.36 4.07


1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

1 QtrEnding

Jun-2018

1 QtrEnding

Mar-2018

Investment 3.13 (42) 10.33 (42) -11.34 (5) 0.68 (44) -2.84 (80) -0.47 (15)

Index 3.22 (38) 10.44 (40) -11.41 (5) 0.80 (40) -2.39 (77) -1.08 (48)

Median 2.81 10.12 -13.65 0.53 -1.86 -1.13

Strategy Review

NT ACWI ex USA Index Fund | MSCI AC World ex USA


56



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarketCapture

DownQuarters

Investment 2.93 3.32 0.44 100.47 9 100.83 3

Index 2.92 3.30 0.44 100.00 9 100.00 3




SharpeRatio

UpMarketCapture

UpQuarters

DownMarketCapture

DownQuarters


Index 3.38 3.05 0.81 100.00 15 100.00 5



Investment Index

2.9

3.0

Ret

urn

(%)



Investment Index

3.3

3.4

Ret

urn

(%)


3 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (MF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 1 0 (0%) 1 (100%) 0 (0%) 0 (0%)¾

Index 20 2 (10%) 12 (60%) 6 (30%) 0 (0%)¾

5 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (MF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count


Index 20 0 (0%) 13 (65%) 7 (35%) 0 (0%)¾

Strategy Review

NT Aggregate Bond Index Fund | Blmbg. Barc. U.S. Aggregate Index


57

Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (MF)

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Re

turn

QTRFYTD


Investment 2.28 (31) 10.37 (20) 10.37 (20) 4.42 (23) 2.93 (45) N/A N/A��

Index 2.27 (33) 10.30 (24) 10.30 (24) 4.38 (27) 2.92 (45) 3.49 (48) 3.38 (27)��

Median 2.16 9.81 9.81 4.10 2.86 3.46 3.11

Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (MF)

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Re

turn

Oct-2018To

Sep-2019

Oct-2017To

Sep-2018

Oct-2016To

Sep-2017

Oct-2015To

Sep-2016

Oct-2014To

Sep-2015

Oct-2013To

Sep-2014

Investment 10.37 (20) -1.20 (39) 0.00 (69) N/A N/A N/A��

Index 10.30 (24) -1.22 (41) 0.07 (64) 5.19 (52) 2.94 (9) 3.96 (59)��

Median 9.81 -1.35 0.48 5.21 1.98 4.19


1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

1 QtrEnding

Jun-2018

1 QtrEnding

Mar-2018

Investment 3.10 (39) 2.98 (66) 1.63 (11) 0.03 (62) -0.15 (28) -1.45 (45)

Index 3.08 (42) 2.94 (72) 1.64 (11) 0.02 (65) -0.16 (30) -1.46 (47)

Median 3.04 3.23 0.99 0.09 -0.25 -1.48

Strategy Review

NT Aggregate Bond Index Fund | Blmbg. Barc. U.S. Aggregate Index


58



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarketCapture

DownQuarters

Investment 2.83 2.16 0.63 99.96 9 79.07 3

Index 2.39 2.35 0.39 100.00 9 100.00 3




SharpeRatio

UpMarketCapture

UpQuarters

DownMarketCapture

DownQuarters

Investment 3.08 1.97 1.10 99.02 15 77.17 5

Index 2.74 2.16 0.84 100.00 15 100.00 5



Investment Index

2.3

2.4

2.5

2.6

2.7

2.8

2.9

Ret

urn

(%)



Investment Index

2.6

2.7

2.8

2.9

3.0

3.1

3.2

Ret

urn

(%)


3 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (SA+CF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 0 (0%) 0 (0%) 6 (30%) 14 (70%)¾

Index 20 0 (0%) 0 (0%) 0 (0%) 20 (100%)¾

5 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (SA+CF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 0 (0%) 0 (0%) 1 (5%) 19 (95%)¾

Index 20 0 (0%) 0 (0%) 0 (0%) 20 (100%)¾

Strategy Review

Richmond Capital Fixed Income | Richmond Policy


59

Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Re

turn

QTRFYTD


Investment 1.32 (98) 8.34 (97) 8.34 (97) 3.80 (97) 2.83 (94) 3.09 (98) 3.08 (99)��

Index 1.38 (97) 8.08 (97) 8.08 (97) 3.48 (98) 2.39 (99) 2.68 (100) 2.74 (100)��

Median 2.33 10.47 10.47 4.69 3.35 3.97 3.72

Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Re

turn

Oct-2018To

Sep-2019

Oct-2017To

Sep-2018

Oct-2016To

Sep-2017

Oct-2015To

Sep-2016

Oct-2014To

Sep-2015

Oct-2013To

Sep-2014

Investment 8.34 (97) -0.56 (33) 0.92 (37) 3.87 (100) 3.04 (49) 3.01 (98)��

Index 8.08 (97) -0.93 (64) 0.25 (71) 3.57 (100) 2.95 (60) 2.74 (99)��

Median 10.47 -0.73 0.63 5.67 3.02 4.51


1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

1 QtrEnding

Jun-2018

1 QtrEnding

Mar-2018

Investment 2.36 (98) 2.52 (96) 1.90 (10) 0.24 (36) 0.16 (11) -0.95 (13)

Index 2.39 (97) 2.28 (98) 1.80 (14) 0.11 (63) 0.09 (14) -1.05 (16)

Median 3.14 3.22 1.39 0.18 -0.09 -1.37

Strategy Review

Richmond Capital Fixed Income | Richmond Policy


60



0.0

4.0

8.0

10.0

-4.0

-8.0

-10.0

Re

turn

(%)

10/03 7/04 4/05 1/06 10/06 7/07 4/08 1/09 10/09 7/10 4/11 1/12 10/12 7/13 4/14 1/15 10/15 7/16 4/17 1/18 10/18 9/19


0

15

30

45

60

75

90

105

120

135

Fre

qu

en

cy


Returns (%)


0

15

30

45

60

75

90

105

120

Fre

qu

en

cy


Returns (%)


Richmond


61

Portfolio Characteristics

Portfolio Benchmark

Avg. Maturity 3.49 4.61

Avg. Quality AA AA1/AA2

Convexity N/A N/A

Coupon Rate (%) 3.23 3.00

Current Yield 3.10 2.89

Effective Duration 2.83 3.63

Yield To Maturity (%) 2.21 2.12

Yield To Worst N/A N/A

Credit Quality Distribution (%)

0.0

15.0

30.0

45.0

60.0

Treasu

ry

Agenc

yAAA AA A

BBB BB B

Below

BNR

39.3

1.2 2.8

36.3

8.110.6

0.1 0.0 0.0 1.6

16.3

29.4

3.6 3.2

31.0

16.5

0.0 0.0 0.0 0.0

Maturity Distribution (%)

0.0

15.0

30.0

45.0

60.0

< 1 ye

ar

1-3 ye

ars

3-5 ye

ars

5-10

year

s

10-2

0 ye

ars

> 20

year

s

0.0

27.1 27.3

45.6

0.1 0.0

17.1

28.225.8

28.9

0.0 0.0

Sector Distribution (%)

0.0

15.0

30.0

45.0

60.0

Trea

sury

/Age

ncy

Mtg

/Ass

et-B

acke

d

Cor

porat

e

Non

-$/E

mg M

kt

Cas

h

Oth

er

40.5

36.1

23.4

0.0 0.0 0.0

16.3

30.6

50.7

0.02.4

0.0

Duration Distribution (%)

Richmond BC Int Agg

0.0

15.0

30.0

45.0

60.0

< 1 ye

ar

1-3 ye

ars

3-5 ye

ars

5-10

year

s

10-2

0 ye

ars

> 20

year

s

3.1

39.636.7

20.6

0.0 0.0

19.6

39.1

29.5

11.8

0.0 0.0

Fixed Income Portfolio Analysis


Richmond

62



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarketCapture

DownQuarters


Index 2.39 2.35 0.39 100.00 9 100.00 3




SharpeRatio

UpMarketCapture

UpQuarters

DownMarketCapture

DownQuarters


Index 2.74 2.16 0.84 100.00 15 100.00 5



Investment Index

2.3

2.4

Ret

urn

(%)



Investment Index

2.5

2.6

2.7

2.8

2.9

3.0

Ret

urn

(%)


3 Year Rolling Percentile Rank IM U.S. Intermediate Duration (SA+CF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count


Index 0 0 0 0 0¾

5 Year Rolling Percentile Rank IM U.S. Intermediate Duration (SA+CF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count


Index 0 0 0 0 0¾

Strategy Review

Garcial Hamilton | Bloomberg Barclays Intermed Aggregate Index


63

Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF)

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Re

turn

QTRFYTD


Investment 1.36 (69) N/A N/A N/A N/A N/A N/A��

Index 1.38 (60) 8.08 (45) 8.08 (45) 3.48 (78) 2.39 (87) 2.68 (83) 2.74 (75)��

Median 1.42 8.04 8.04 3.67 2.63 2.94 2.92

Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF)

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Re

turn

Oct-2018To

Sep-2019

Oct-2017To

Sep-2018

Oct-2016To

Sep-2017

Oct-2015To

Sep-2016

Oct-2014To

Sep-2015

Oct-2013To

Sep-2014

Investment N/A N/A N/A N/A N/A N/A��

Index 8.08 (45) -0.93 (95) 0.25 (87) 3.57 (73) 2.95 (32) 2.74 (58)��

Median 8.04 -0.39 0.69 3.90 2.70 2.88


1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

1 QtrEnding

Jun-2018

1 QtrEnding

Mar-2018

Investment N/A N/A N/A N/A N/A N/A

Index 2.39 (67) 2.28 (71) 1.80 (10) 0.11 (95) 0.09 (61) -1.05 (82)

Median 2.51 2.45 1.38 0.37 0.12 -0.90

Strategy Review

Garcial Hamilton | Bloomberg Barclays Intermed Aggregate Index


64


No data found.


0

1

2

3

Fre

qu

en

cy


Returns (%)


0

1

2

3

Fre

qu

en

cy


Returns (%)


Garcial Hamilton


65

Portfolio Characteristics

Portfolio Benchmark

Avg. Maturity 4.60 4.61

Avg. Quality AA AA1/AA2

Convexity N/A N/A

Coupon Rate (%) 2.65 3.00

Current Yield 2.46 2.89

Effective Duration 2.50 3.63

Yield To Maturity (%) 2.40 2.12

Yield To Worst N/A N/A

Credit Quality Distribution (%)

0.0

15.0

30.0

45.0

60.0

Treasu

ry

Agenc

yAAA AA A

BBB BB B

Below

BNR

39.3

1.2 2.8

36.3

8.110.6

0.1 0.0 0.0 1.6

27.8

35.9

0.0 0.0

36.3

0.0 0.0 0.0 0.0 0.0

Maturity Distribution (%)

0.0

15.0

30.0

45.0

60.0

< 1 ye

ar

1-3 ye

ars

3-5 ye

ars

5-10

year

s

10-2

0 ye

ars

> 20

year

s

0.0

27.1 27.3

45.6

0.1 0.0

10.2

26.4

31.329.4

1.7 1.0

Sector Distribution (%)

0.0

20.0

40.0

60.0

80.0

Trea

sury

/Age

ncy

Mtg

/Ass

et-B

acke

d

Cor

porat

e

Non

-$/E

mg M

kt

Cas

h

40.536.1

23.4

0.0 0.0

57.9

2.6

34.5

0.04.9

Duration Distribution (%)

Garcial Hamilton

Bloomberg Barclays Intermed Aggregate Index

0.0

25.0

50.0

75.0

100.0

< 1 ye

ar

1-3 ye

ars

3-5 ye

ars

5-10

year

s

10-2

0 ye

ars

> 20

year

s

3.1

39.6 36.7

20.6

0.0 0.0

64.8

0.04.1

31.1

0.0 0.0

Fixed Income Portfolio Analysis


Garcial Hamilton

66



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarketCapture

DownQuarters

Investment 6.49 1.14 3.43 85.89 12 N/A N/A

Index 7.59 0.58 6.90 100.00 12 N/A N/A

90 Day U.S. Treasury Bill 1.54 0.38 N/A 20.67 12 N/A N/A



SharpeRatio

UpMarketCapture

UpQuarters

DownMarketCapture

DownQuarters

Investment 8.68 1.84 3.39 90.95 20 N/A N/A

Index 9.59 1.48 4.52 100.00 20 N/A N/A

90 Day U.S. Treasury Bill 0.96 0.46 N/A 10.35 19 N/A 1


Investment Index

6.0

6.3

6.6

6.9

7.2

7.5

7.8

8.1

Ret

urn

(%)

0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3Risk (Standard Deviation %)


Investment Index

8.7

9.0

9.3

9.6

9.9

Ret

urn

(%)


3 Year Rolling Percentile Rank IM U.S. Open End Private Real Estate (SA+CF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 0 (0%) 2 (10%) 9 (45%) 9 (45%)¾

Index 20 0 (0%) 1 (5%) 17 (85%) 2 (10%)¾


0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 0 (0%) 0 (0%) 16 (80%) 4 (20%)¾

Index 20 0 (0%) 0 (0%) 20 (100%) 0 (0%)¾

Strategy Review

JP Morgan Strategic Property Fund | NCREIF Fund Index-Open End Diversified Core (EW)


67

Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Re

turn

QTRFYTD


Investment 0.45 (100) 4.01 (95) 4.01 (95) 5.95 (95) 6.49 (92) 7.27 (93) 8.68 (88)��

Index 1.38 (86) 6.16 (90) 6.16 (90) 7.48 (75) 7.59 (85) 8.34 (75) 9.59 (73)��

Median 1.79 6.96 6.96 8.35 8.49 9.20 9.97


-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

23.0

26.0

Re

turn

Oct-2018To

Sep-2019

Oct-2017To

Sep-2018

Oct-2016To

Sep-2017

Oct-2015To

Sep-2016

Oct-2014To

Sep-2015

Oct-2013To

Sep-2014

Investment 4.01 (95) 7.92 (77) 7.58 (64) 9.65 (88) 14.53 (63) 12.24 (71)��

Index 6.16 (90) 8.82 (59) 7.81 (60) 10.62 (69) 14.71 (62) 12.39 (68)��

Median 6.96 9.04 8.29 11.32 15.45 12.78


1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

1 QtrEnding

Jun-2018

1 QtrEnding

Mar-2018

Investment 1.15 (79) 0.45 (100) 1.90 (30) 1.75 (78) 1.95 (73) 2.20 (52)

Index 1.34 (66) 1.69 (81) 1.62 (62) 2.09 (54) 2.13 (61) 2.17 (55)

Median 1.46 1.99 1.76 2.10 2.22 2.21

Strategy Review

JP Morgan Strategic Property Fund | NCREIF Fund Index-Open End Diversified Core (EW)


68



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarketCapture

DownQuarters

Investment 9.47 1.40 4.99 124.01 12 N/A N/A

Index 7.59 0.58 6.90 100.00 12 N/A N/A

90 Day U.S. Treasury Bill 1.54 0.38 N/A 20.67 12 N/A N/A



SharpeRatio

UpMarketCapture

UpQuarters

DownMarketCapture

DownQuarters

Investment 12.20 2.49 3.87 126.30 20 N/A N/A

Index 9.59 1.48 4.52 100.00 20 N/A N/A

90 Day U.S. Treasury Bill 0.96 0.46 N/A 10.35 19 N/A 1


Investment Index

7.0

7.5

8.0

8.5

9.0

9.5

10.0

Ret

urn

(%)

0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 1.6Risk (Standard Deviation %)


Investment Index

9.0

9.6

10.2

10.8

11.4

12.0

12.6

13.2

Ret

urn

(%)

1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8Risk (Standard Deviation %)


0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 19 (95%) 1 (5%) 0 (0%) 0 (0%)¾

Index 20 0 (0%) 1 (5%) 17 (85%) 2 (10%)¾


0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 17 17 (100%) 0 (0%) 0 (0%) 0 (0%)¾

Index 20 0 (0%) 0 (0%) 20 (100%) 0 (0%)¾

Strategy Review

JP Morgan Special Situation Property Fund | NCREIF Fund Index-Open End Diversified Core (EW)


69


-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Re

turn

QTRFYTD


Investment 2.69 (8) 7.57 (36) 7.57 (36) 9.24 (29) 9.47 (24) 10.12 (24) 12.20 (16)��

Index 1.38 (86) 6.16 (90) 6.16 (90) 7.48 (75) 7.59 (85) 8.34 (75) 9.59 (73)��

Median 1.79 6.96 6.96 8.35 8.49 9.20 9.97


-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

23.0

26.0

Re

turn

Oct-2018To

Sep-2019

Oct-2017To

Sep-2018

Oct-2016To

Sep-2017

Oct-2015To

Sep-2016

Oct-2014To

Sep-2015

Oct-2013To

Sep-2014

Investment 7.57 (36) 10.94 (20) 9.93 (20) 12.09 (36) 20.92 (7) 16.17 (11)��

Index 6.16 (90) 8.82 (59) 7.81 (60) 10.62 (69) 14.71 (62) 12.39 (68)��

Median 6.96 9.04 8.29 11.32 15.45 12.78


1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

1 QtrEnding

Jun-2018

1 QtrEnding

Mar-2018

Investment 0.40 (96) 1.99 (53) 2.30 (8) 2.71 (16) 3.23 (24) 2.66 (18)

Index 1.34 (66) 1.69 (81) 1.62 (62) 2.09 (54) 2.13 (61) 2.17 (55)

Median 1.46 1.99 1.76 2.10 2.22 2.21

Strategy Review

JP Morgan Special Situation Property Fund | NCREIF Fund Index-Open End Diversified Core (EW)


70



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarketCapture

DownQuarters

Investment 5.74 4.21 0.99 75.51 10 61.66 2

Index 6.70 5.63 0.91 100.00 9 100.00 3




SharpeRatio

UpMarketCapture

UpQuarters

DownMarketCapture

DownQuarters


Index 5.46 5.77 0.79 100.00 15 100.00 5



Investment Index

5.4

5.7

6.0

6.3

6.6

6.9

Ret

urn

(%)

3.8 4.0 4.2 4.4 4.6 4.8 5.0 5.2 5.4 5.6 5.8 6.0Risk (Standard Deviation %)


Investment Index

5.4

5.5

Ret

urn

(%)


3 Year Rolling Percentile Rank IM Flexible Portfolio (MF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 4 0 (0%) 4 (100%) 0 (0%) 0 (0%)¾

Index 20 4 (20%) 15 (75%) 1 (5%) 0 (0%)¾

5 Year Rolling Percentile Rank IM Flexible Portfolio (MF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 9/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count


Index 20 4 (20%) 14 (70%) 2 (10%) 0 (0%)¾

Strategy Review

BlackRock Multi-Asset Income Fund (BIICX) | 50% MSCI World/50% BC Agg


71

Peer Group Analysis - IM Flexible Portfolio (MF)

-10.0

-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

Re

turn

QTRFYTD


Investment 1.28 (34) 6.78 (16) 6.78 (16) 4.70 (21) 5.74 (35) N/A N/A��

Index 1.43 (31) 6.40 (18) 6.40 (18) 5.66 (11) 6.70 (19) 7.14 (25) 5.46 (19)��

Median 0.72 2.58 2.58 3.14 5.02 5.98 3.91

Peer Group Analysis - IM Flexible Portfolio (MF)

-20.0

-16.0

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

Re

turn

Oct-2018To

Sep-2019

Oct-2017To

Sep-2018

Oct-2016To

Sep-2017

Oct-2015To

Sep-2016

Oct-2014To

Sep-2015

Oct-2013To

Sep-2014

Investment 6.78 (16) 2.66 (58) 7.87 (63) N/A N/A N/A��

Index 6.40 (18) 4.93 (36) 8.80 (53) 8.47 (51) -0.98 (19) 8.10 (49)��

Median 2.58 3.38 9.02 8.55 -4.22 7.99


1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

1 QtrEnding

Jun-2018

1 QtrEnding

Mar-2018

Investment 2.65 (46) 7.45 (56) -4.40 (18) 2.19 (39) 0.11 (54) -1.30 (62)

Index 3.67 (11) 7.67 (53) -6.03 (31) 2.48 (35) 0.79 (39) -1.30 (62)

Median 2.53 7.78 -7.63 1.74 0.27 -1.06

Strategy Review

BlackRock Multi-Asset Income Fund (BIICX) | 50% MSCI World/50% BC Agg


72

Fund Information

Type of Fund: Partnership Vintage Year: 2017

Strategy Type: Energy & Natural Resources Management Fee: 0.75% on first close, 1.00% on second close*

Size of Fund: 192 Preferred Return: 7.00% hurdle, then 5.00% carry.*

Inception: 03/01/2017 General Partner: Tortoise Direct Opportunities GP LLC

Final Close: 9/15/2016 Number of Funds:

Investment Strategy: The Fund seeks to generate attractive total returns by pursuing investment opportunities that are expected to be comprised principally of private investments in public equities (“PIPEs”) andother directly placed equity securities of North American energy companies, with a primary focus in the midstream energy sector (e.g., MLPs, affiliates thereof and corporations).

*Following LP reaching preferred return of 7%, GP receives distributions until cumulative distributions of Carried Interest to the GP with respect to such Limited Partner equal the ApplicableGP Percentage (10% with respect to each Limited Partner (other than an Initial Closing Limited Partner) and (ii) 5% with respect to each Initial Closing Limited Partner) of the total amountsdistributed in respect of such Limited Partner, excluding those that represent a return of Contributed Capital and including distributions of Carried Interest to the GP in respect of suchLimited Partner.

** please refer to individual clients fee schedule and or fee schedule disclosure page for most current fee**

Cash Flow Summary

Capital Committed: $8,000,000

Capital Invested: $8,207,058

Management Fees: -

Expenses: -

Interest: -

Total Contributions: $8,207,058

Remaining Capital Commitment: -

Total Distributions: $4,545,654

Market Value: $3,724,185

Inception Date: 09/28/2016

Inception IRR: 0.4

TVPI: 1.0

Cash Flow Analysis

Net Asset Value Distribution Contributions

$0.0

$2,340,000.0

$4,680,000.0

$7,020,000.0

$9,360,000.0

$11,700,000.0

($2,340,000.0)

9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19

Private Equity Fund Overview

Tortoise Direct Opportunities Fund, LP


73


74

EstimatedAnnual Fee

(%)

Market Value($)

EstimatedAnnual Fee

($)Fee Schedule

Total Domestic Equity 0.43 164,868,100 714,602

Eagle Capital Large Cap Value 0.80 27,265,361 216,990 1.00 % of First $5 M0.75 % Thereafter

MD Sass Large Cap Value 0.55 % of Assets

Brandywine Dynamic LCV 33,734,771

NT S&P 500 Index Fund 0.05 24,944,722 12,472 0.05 % of First $100 M0.02 % Thereafter

Wells Capital Heritage AllCap Growth 0.65 39,503,716 256,774 0.65 % of Assets

Winslow Large Cap Growth 0.60 37,851,918 227,112 0.60 % of First $50 M0.55 % Thereafter

NT S&P 400 Index Fund 0.08 1,567,612 1,254 0.08 % of First $50 M0.06 % of Next $100 M0.04 % Thereafter

Total International Equity 0.87 73,234,447 636,061

NT ACWI ex USA Index Fund 0.10 12,883,959 12,884 0.10 % of First $100 M0.06 % Thereafter

RBC GAM International Fund 0.95 24,745,133 235,079 0.95 % of Assets

WCM Focused Intl Growth (WCMIX) 1.09 35,605,355 388,098 1.09 % of Assets

Total Domestic Fixed Income 0.31 42,179,378 131,590

NT Aggregate Bond Index Fund 0.06 1,985,756 1,191 0.06 % of Assets

JKMilne Fixed Income 0.25 28,619 72 0.25 % of Assets

Garcial Hamilton 0.25 10,250,305 25,626 0.25 % of First $25 M0.20 % of Next $25 M0.16 % of Next $50 M0.14 % of Next $100 M0.10 % Thereafter

Richmond Capital Fixed Income 0.35 29,914,698 104,701 0.35 % of First $40 M0.15 % Thereafter

Total Opportunistic Fixed Income 0.92 12,099,938 111,319

PIMCO DISCO II 0.92 12,099,938 111,319 0.92 % of Assets

Total Real Estate 1.38 53,513,578 740,138

JP Morgan Strategic Property Fund 1.00 19,346,596 193,466 1.00 % of Assets

JP Morgan Special Situation Property Fund 1.60 34,166,982 546,672 1.60 % of Assets

Total Other Assets 1.01 40,432,894 408,244

BlackRock Multi-Asset Income Fund (BIICX) 0.55 4,434,277 24,389 0.55 % of Assets

PIMCO Tactical Opportunities 1.25 23,636,876 295,461 1.25 % of Assets

Titan Masters International Fund 0.70 8,637,556 60,463 0.70 % of Assets

Fee Analysis

Total Fund


*Management fees associated with cash accounts are not tracked.

75

Fee Analysis

Total Fund


EstimatedAnnual Fee

(%)

Market Value($)

EstimatedAnnual Fee

($)Fee Schedule

Tortoise Direct Opportunities Fund, LP 0.75 3,724,185 27,931 0.75 % of Assets

Total Receipt & Disbursement 3,084,903

Total Fund 0.70 389,413,238 2,741,954

*Management fees associated with cash accounts are not tracked.

76

Total Fund Policy

Allocation Mandate Weight (%)

Oct-1990

Coral Gables Total (Pre 4/08) 100.00

Sep-2007

Russell 1000 Index 40.00


MSCI EAFE Index 15.00

NCREIF Property Index 10.00

Blmbg. Barc. U.S. Aggregate Index 25.00

Apr-2008






Oct-2008




Bloomberg Barclays Intermed Aggregate Index 20.00

Blmbg. Barc. U.S. TIPS 1-10 Year 5.00

Jul-2010






ICE BofAML Global Broad Market Index 5.00

Mar-2011







Barclay BTOP 50 5.00


Jan-2012








PIMCO DISCO II 5.00

Sep-2013


MSCI AC World ex USA 20.00


Bloomberg Barclays Global Aggregate Ex USD 5.00

NCREIF Fund Index-Open End Diversified Core (EW) 10.00


10% Annual Rate of Return 10.00

Feb-2014






TPNR + 2% 10.00

Jun-2015





ICE BofAML High Yield Master II 2.50


TPNR + 2% 5.00

Benchmark History

Investment Policy Benchmarks


77

Benchmark History




Nov-2015







HFRI Fund of Funds Composite Index 5.00

50% MSCI World/50% BC Agg 2.50

HFRX Global Hedge Fund Index 2.50

Mar-2016









78

Total Fixed Income Policy


Dec-1990


Oct-2008



Jul-2010




Sep-2013



Jun-2015




Nov-2015




Mar-2016



Total Equity Policy


Jan-1979




Jul-2010



Mar-2012



Sep-2013



Feb-2014



Benchmark History



79

Total Domestic Equity Policy


Dec-1990


Total PIMCO DiSCO II Policy


Dec-2011

TPNR + 2% 100.00

May-2015

ICE BofAML High Yield Master II 100.00Total International Equity Policy


Dec-1990


Sep-2013


Total Other Assets Policy


Jan-2012

TPNR + 2% 100.00

Nov-2015




Total Domestic Fixed Income Policy


Jan-1976


Oct-2008



Jul-2010



Sep-2013


Richmond Policy


Jan-1976


Feb-2009


Total Real Estate Policy


Mar-2006


Sep-2013


Benchmark History



80

Report Statistics Definitions and Descriptions

Active Return - Arithmetic difference between the manager’s performance and the designated benchmark return over a specified time period. Alpha - A measure of the difference between a portfolio's actual performance and its expected return based on its level of risk as determined by beta. It determines the portfolio's

non-systemic return, or its historical performance not explained by movements of the market. Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of the portfolio's systematic risk. Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. Higher consistency indicates the manager has contributed more to the

product’s performance. Distributed to Paid In (DPI) - The ratio of money distributed to Limited Partners by the fund, relative to contributions. It is calculated by dividing cumulative distributions by paid in capital. This multiple

shows the investor how much money they got back. It is a good measure for evaluating a fund later in its life because there are more distributions to measure against. Down Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance Downside Risk - A measure similar to standard deviation that utilizes only the negative movements of the return series. It is calculated by taking the standard deviation of the negative

quarterly set of returns. A higher factor is indicative of a riskier product. Excess Return - Arithmetic difference between the manager’s performance and the risk-free return over a specified time period. Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk free return. Information Ratio - This calculates the value-added contribution of the manager and is derived by dividing the active rate of return of the portfolio by the tracking error. The higher the

Information Ratio, the more the manager has added value to the portfolio. Public Market Equivalent (PME) - Designs a set of analyses used in the Private Equity Industry to evaluate the performance of a Private Equity Fund against a public benchmark or index. R-Squared - The percentage of a portfolio's performance that can be explained by the behavior of the appropriate benchmark. A high R-Squared means the portfolio's performance has

historically moved in the same direction as the appropriate benchmark. Return - Compounded rate of return for the period. Sharpe Ratio - Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is an absolute rate of return per unit of risk. A

higher value demonstrates better historical risk-adjusted performance. Standard Deviation - A statistical measure of the range of a portfolio's performance. It represents the variability of returns around the average return over a specified time period. Total Value to Paid In (TVPI) - The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund

to date. It is a good measure of performance before the end of a fund’s life Tracking Error - This is a measure of the standard deviation of a portfolio's returns in relation to the performance of its designated market benchmark. Treynor Ratio - Similar to Sharpe ratio but utilizes beta rather than excess risk as determined by standard deviation. It is calculated by taking the excess rate of return above the risk free

rate divided by beta to derive the absolute rate of return per unit of risk. A higher value indicates a product has achieved better historical risk-adjusted performance. Up Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance.

81

Disclosures

AndCo compiled this report for the sole use of the client for which it was prepared. AndCo is responsible for evaluating the performance results of the Total Fund along with the investment advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. AndCo uses the results from this evaluation to make observations and recommendations to the client. AndCo uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from custodians. AndCo analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides AndCo with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides AndCo with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause AndCo to believe that the information presented is significantly misstated. This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various asset positions. The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management services. Additional information included in this document may contain data provided by from index databases, public economic sources and the managers themselves. This document may contain data provided by Bloomberg Barclays. Bloomberg Barclays Index data provided by way of Barclays Live. This document may contain data provided by Standard and Poor’s. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where S&P Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance provided within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results. This document may contain data provided by MSCI, Inc. Copyright MSCI, 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of this information assumes the entire risk of any use it may make or permit to be made of this information. 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Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punitive, consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages. This document may contain data provided by Russell Investment Group. Russell Investment Group is the source owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a user presentation of the data. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in presentation thereof. This document may contain data provided by Morningstar. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is not guarantee of future results.

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investment performance review period ending september 30, 2019€¦ · respectively as investors...

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