vkparis reports 5000730 062019 coverpage portland 1 1897294 · qtd cytd 1 year 3 years 5 years 7...

Municipality of Anchorage Trust Fund

Period Ended: June 30, 2019

tamara.carlton

Text Box

Agenda Item III.D. (Summary & Detail)

Capital Markets Review As of June 30, 2019

Economic Indicators Jun-19 Mar-19 Jun-18 Jun-16 20 Yr2.40 ▼ 2.43 1.91 0.30 1.881.54 ▼ 1.79 2.08 1.40 1.861.70 ▼ 1.87 2.13 1.44 2.041.6 ▼ 1.9 2.9 1.0 2.23.7 ▼ 3.8 4.0 4.9 5.92.3 ▼ 2.7 3.2 1.3 2.2

51.7 ▼ 55.3 60.0 52.5 52.890.86 ▼ 92.07 89.97 90.58 86.1958.5 ▼ 60.1 74.2 48.3 61.1

1,409 ▲ 1,292 1,253 1,322 905Market Performance (%) CYTD 1 Yr 5 Yr 10 Yr

18.54 10.42 10.71 14.7016.98 -3.31 7.06 13.4514.03 1.08 2.25 6.9012.55 -6.35 4.40 9.6710.59 1.21 2.49 5.816.11 7.87 2.95 3.901.24 2.31 0.87 0.492.43 6.41 9.76 9.88

17.78 11.21 7.92 15.466.17 1.16 2.19 3.215.06 -6.75 -9.15 -3.74

QTD4.302.103.681.710.613.080.641.001.241.50

-1.19

ICE BofAML 3 Mo US T-BillNCREIF ODCE (Gross)FTSE NAREIT Eq REIT (TR)HFRI FOF CompBloomberg Cmdty (TR)

Real GDP YoY (%)

USD Total Wtd IdxWTI Crude Oil per Barrel ($)Gold Spot per Oz ($)

S&P 500 (Cap Wtd)

PMI - Manufacturing

Unemployment Rate (%)

Federal Funds Rate (%)Breakeven Infl. - 5 Yr (%)Breakeven Infl. - 10 Yr (%)CPI YoY (Headline) (%)

Key Economic Indicators

Treasury Yield Curve (%)

Key Economic IndicatorsThe second quarter of 2019 saw global risk assets add to the gains realized during the first quarter, albeit with considerable bouts of volatility tied to heightened geopolitical tensions and the evolving China-US trade dispute. The strong equity returns realized in April were erased in May as confidence in the steady pace of global economic expansion waned and the US threatened to impose additional tariffs on $300B worth of Chinese goods. The World Bank lowered its global GDP growth estimate for CY 2019 from 2.9% to 2.6%. Global central banks collectively reacted to the negative market sentiment with a flurry of dovish guidance that cooled the market’s concern and brought about renewed optimism coming into June. The European Central Bank (“ECB”) and Bank of Japan (“BoJ”) both reaffirmed guidance to keep interest rates low into 2020. Yields on the 10-year Treasury note fell from 2.41% ending Q1, to 2.00% at the end of the second quarter, providing a strong pass-through to higher equity valuations via the lower discount rate. The economic data released during the quarter was largely consistent with a slowing economy, but one that doesn’t necessarily appear on the verge of recession.

Second Quarter Economic Environment

UnemploymentRate (%)

Since 1948

CPI Year-over-Year (% change)

Since 1914

US Govt Debt (% of GDP)Since 1940

VIX Index(Volatility)Since 1990

Consumer ConfidenceSince 1967

Russell 2000MSCI EAFE (Net)MSCI EAFE SC (Net)MSCI Emg Mkts (Net)Bloomberg US Agg Bond

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

3M 6M 1Y 2Y 5Y 7Y 10Y 20Y 30Y

Jun-19 Mar-19 Jun-18 Jun-17 Jun-16

0

2

4

6

8

10

12

20

40

60

80

100

120

0

10

20

30

40

50

60

70

20

40

60

80

100

120

140

160

-20-15-10-505

1015202530

1.6

Treasury data courtesy of the US Department of the Treasury. Economic data courtesy of Bloomberg Professional Service.

Asset Allocation by Manager Asset Allocation vs. Target Allocation

Schedule of Investable Assets

Asset Allocation vs. Target Allocation Differences

June 30, 2019 : $161,697,484

Vanguard Instl Indx;Inst (VINIX) 47,819,250 29.57American Funds EuPc;F3 (FEUPX) 20,351,256 12.59TIF:Internatl Equity;Prm (TFEQX) 20,310,247 12.56Garcia Hamilton Core Agg (SA) 19,515,058 12.07FIAM Core Plus LLC (CF) 19,446,151 12.03UBS Trumbull Property (CF) 12,413,251 7.68Western Asset Floating Rate High Income (CF) 4,889,133 3.02BlackRock:Adv SC Cr;Inst (BDSIX) 4,346,217 2.69Vanguard Md-Cp I;Adm (VIMAX) 4,321,463 2.67Ashmore:EMs Tot Rtn;Inst (EMKIX) 4,135,057 2.56RBC BlueBay EM Debt;I (RBESX) 4,132,132 2.56Wells Fargo Cash 18,269 0.01

Market Value($)

Allocation(%)

Target(%)

Min(%)

Max(%)

Total Fund 161,697,484 100.00 100.00 - -Domestic Equity 56,486,930 34.93 35.00 30.00 40.00International Equity 40,661,502 25.15 25.00 22.00 28.00Domestic Fixed Income 38,961,209 24.10 24.00 21.00 27.00Bank Loans 4,889,133 3.02 3.00 0.00 5.00EMD 8,267,189 5.11 5.00 0.00 8.00Real Estate 12,413,251 7.68 8.00 6.00 10.00Cash Equivalents 18,269 0.01 0.00 0.00 15.00

Allocation Differences

0.00% 0.40%-0.40 %

Cash Equivalents

Real Estate

EMD

Bank Loans

Domestic Fixed Income

International Equity

Domestic Equity

0.01%

-0.32 %

0.11%

0.02%

0.10%

0.15%

-0.07 %

Periods EndingBeginning

Market Value ($)Net

Cash Flow ($)Gain/Loss ($)

EndingMarket Value ($)

% Return

CYTD 151,429,716 -6,502,437 16,770,206 161,697,484 11.16

Municipality of Anchorage Trust FundAsset Alloc. by Manager, Asset Allocation vs. Target & Schedule of Investable Assets

As of June 30, 2019

Allocations shown may not sum up to 100% exactly due to rounding. Performance shown is net of fees.

Asset Allocation by Theme Thematic Analysis - October 1, 1999 to June 30, 2019

Asset Allocation by Liquidity Correlation Matrix - 10 Years

A B C D

A 1.00B 0.67 1.00C -0.31 -0.35 1.00D 0.53 0.78 0.00 1.00A = HFRI EH: Eq Mkt Neut Index (Alpha)B = MSCI ACW Index (USD) (Gross) (Capital Appreciation)C = Bloomberg US Gov't Bond Index (Capital Preservation)D = Real Return Custom Index (Inflation)

RVK Liquidity Rating 82

Municipality of Anchorage Trust FundTotal Fund Thematic and Liquidity Analysis

As of June 30, 2019

Asset Allocation by Theme is based on dedicated manager allocations; as such, thematic allocations are approximations. The RVK Liquidity Rating is calculated using beginning of month investment weights applied to each corresponding asset class liquidity rating. Please see the Glossary for additional information regarding liquidity, thematic and custom index descriptions.

Total Fund Asset Allocation

Total Fund Peer Group Analysis

0.00

15.00

30.00

45.00

60.00

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

Total Fund 34.93 (72) 25.15 (6) 27.12 (65) 5.11 (20) 0.00 7.68 (49) 0.01 (100)

5th Percentile 59.29 25.21 49.76 7.87 35.02 13.02 7.861st Quartile 49.27 18.69 35.55 4.97 12.35 9.97 2.09Median 41.59 14.55 30.17 4.50 8.12 6.89 1.073rd Quartile 33.82 11.91 23.86 3.73 4.98 5.01 0.5095th Percentile 24.19 7.94 15.33 1.93 2.36 2.41 0.06

Population 276 263 248 72 44 133 198

QTD CYTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016

Total Fund 2.61 (92) 11.36 (73) 5.54 (79) 9.30 (27) 6.19 (36) 8.67 (30) 9.56 (28) -4.16 (44) 16.76 (14) 6.58 (63)Target Allocation Index 3.36 (37) 12.26 (54) 6.81 (36) 8.80 (49) 6.02 (41) 8.21 (42) 9.07 (43) -4.92 (67) 15.80 (31) 7.48 (41)

5th Percentile 3.80 14.42 8.24 10.04 6.95 9.61 10.23 -0.78 18.35 9.991st Quartile 3.44 13.14 7.15 9.34 6.42 8.72 9.57 -3.40 16.00 8.21Median 3.25 12.36 6.41 8.74 5.77 7.99 8.91 -4.42 14.81 7.113rd Quartile 2.96 11.15 5.78 7.85 5.19 7.30 8.09 -5.25 12.75 6.0395th Percentile 2.21 8.68 4.46 5.60 3.97 5.27 6.92 -6.74 5.96 3.78

Population 220 217 212 196 188 177 145 278 365 413

Municipality of Anchorage Trust FundAll Public Plans (<$250M)

As of June 30, 2019

Plan Sponsor TF Asset Allocation & Plan Sponsor Peer Group Analysis

Parentheses contain percentile ranks. Performance shown is gross of fees. Composite performance prior to 01/2016 consists of gross performance for separate accounts and commingled fund investments, and net performance for mutual fund investments. Calculation is based on monthly periodicity.

Performance Attribution

SAA: 3.36% TAA: -0.11 % SS: 0.02% MS: -0.75 %

Municipality of Anchorage Trust FundTotal Fund Attribution - IDP

1 Quarter Ending June 30, 2019

Performance shown is net of fees. Calculation is based on monthly periodicity. See Glossary for additional information regarding the Total Fund Attribution - IDP calculation.


SAA: 6.81% TAA: -0.16 % SS: 0.08% MS: -1.57 %


1 Year Ending June 30, 2019


QTD CYTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016 2015

SinceIncep.

InceptionDate

Total Fund 2.51 11.16 5.15 8.88 5.83 8.32 9.26 -4.49 16.32 6.07 0.53 5.73 10/01/1999

Target Allocation Index 3.36 12.26 6.81 8.80 6.02 8.21 9.07 -4.92 15.80 7.48 0.29 5.48Difference -0.85 -1.10 -1.66 0.08 -0.19 0.11 0.19 0.43 0.52 -1.41 0.24 0.25

Consumer Price Index+4.25% 1.82 4.10 5.97 6.39 5.76 5.90 6.06 6.24 6.45 6.41 5.01 6.50Difference 0.69 7.06 -0.82 2.49 0.07 2.42 3.20 -10.73 9.87 -0.34 -4.48 -0.77

Domestic Equity 4.20 18.90 9.35 14.25 9.84 13.57 14.26 -4.88 22.05 9.19 -0.03 6.44 10/01/1999

Russell 3000 Index 4.10 18.71 8.98 14.02 10.19 13.79 14.67 -5.24 21.13 12.74 0.48 6.75Difference 0.10 0.19 0.37 0.23 -0.35 -0.22 -0.41 0.36 0.92 -3.55 -0.51 -0.31

Domestic Large Cap Equity 4.30 18.62 10.47 14.57 10.30 13.97 14.33 -4.42 23.32 8.54 0.61 6.40 10/01/1999

Russell 1000 Index 4.25 18.84 10.02 14.15 10.45 13.97 14.77 -4.78 21.69 12.05 0.92 6.64Difference 0.05 -0.22 0.45 0.42 -0.15 0.00 -0.44 0.36 1.63 -3.51 -0.31 -0.24

Vanguard Instl Indx;Inst (VINIX) 4.30 18.54 10.39 14.15 10.68 13.95 14.68 -4.42 21.79 11.93 1.37 6.34 10/01/1999

S&P 500 Index (Cap Wtd) 4.30 18.54 10.42 14.19 10.71 13.98 14.70 -4.38 21.83 11.96 1.38 6.32Difference 0.00 0.00 -0.03 -0.04 -0.03 -0.03 -0.02 -0.04 -0.04 -0.03 -0.01 0.02

IM U.S. Large Cap Core Equity (MF) Median 4.17 17.88 9.26 13.11 9.33 12.89 13.36 -5.60 21.17 10.06 0.14 6.00Rank 45 38 34 27 15 17 13 31 39 26 32 40

Domestic Mid Cap Equity 4.36 21.92 7.88 12.38 8.85 13.40 15.22 -9.23 19.24 11.36 -1.34 8.84 07/01/2006

Vanguard Spl Mid Cap Index 4.37 21.90 7.85 12.36 8.85 13.42 15.26 -9.22 19.30 11.25 -1.28 8.86Difference -0.01 0.02 0.03 0.02 0.00 -0.02 -0.04 -0.01 -0.06 0.11 -0.06 -0.02

Vanguard Md-Cp I;Adm (VIMAX) 4.36 21.86 7.83 12.32 8.82 13.37 15.20 -9.23 19.25 11.22 -1.34 8.82 07/01/2006

Vanguard Spl Mid Cap Index 4.37 21.90 7.85 12.36 8.85 13.42 15.26 -9.22 19.30 11.25 -1.28 8.86Difference -0.01 -0.04 -0.02 -0.04 -0.03 -0.05 -0.06 -0.01 -0.05 -0.03 -0.06 -0.04

IM U.S. Mid Cap Core Equity (MF) Median 4.08 18.90 4.25 9.70 6.04 11.07 12.59 -11.57 15.28 14.37 -3.48 7.33Rank 38 12 18 22 16 8 6 23 19 77 22 9

Domestic Small Cap Equity 2.86 19.37 -0.98 11.19 4.94 8.55 12.26 -8.83 10.79 14.52 -5.58 5.45 01/01/2000

Small Cap Custom Index 2.10 16.98 -3.31 11.04 6.54 11.31 13.30 -11.01 14.65 12.90 -1.38 7.71Difference 0.76 2.39 2.33 0.15 -1.60 -2.76 -1.04 2.18 -3.86 1.62 -4.20 -2.26

BlackRock:Adv SC Cr;Inst (BDSIX) 2.84 19.34 -1.00 - - - - -8.83 10.79 - - 8.83 12/01/2016

Russell 2000 Index 2.10 16.98 -3.31 12.30 7.06 11.63 13.45 -11.01 14.65 21.31 -4.41 8.24Difference 0.74 2.36 2.31 - - - - 2.18 -3.86 - - 0.59

IM U.S. Small Cap Core Equity (MF) Median 1.67 13.47 -6.11 10.05 6.35 10.71 13.19 -12.30 10.99 22.11 -4.96 5.18Rank 17 8 8 - - - - 14 52 - - 9

Municipality of Anchorage Trust FundComparative Performance

As of June 30, 2019

Performance shown is net of fees. Performance is annualized for periods greater than one year. Please see the Addendum for custom index definitions.


As of June 30, 2019

QTD CYTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016 2015

SinceIncep.

InceptionDate

International Equity 1.78 11.89 -2.16 8.62 2.06 6.85 6.73 -14.87 26.99 1.10 -1.62 5.44 10/01/1999

MSCI ACW Ex US Index (USD) (Net) 2.98 13.60 1.29 9.39 2.16 6.36 6.54 -14.20 27.19 4.50 -5.66 -Difference -1.20 -1.71 -3.45 -0.77 -0.10 0.49 0.19 -0.67 -0.20 -3.40 4.04 -

TIF:Internatl Equity;Prm (TFEQX) -0.36 6.25 -6.26 6.38 -0.29 5.30 5.41 -14.87 22.92 1.30 -2.67 2.01 07/01/2008

MSCI ACW Ex US Val Index (USD) (Net) 1.57 10.02 -0.07 8.93 0.29 5.16 5.43 -13.97 22.66 8.92 -10.06 1.84Difference -1.93 -3.77 -6.19 -2.55 -0.58 0.14 -0.02 -0.90 0.26 -7.62 7.39 0.17

IM ACWI Ex US Value (MF) Median 1.58 9.76 -2.41 6.22 -1.15 5.08 5.25 -16.03 22.88 2.79 -7.13 1.49Rank 83 93 89 42 43 38 45 11 47 80 16 32

American Funds EuPc;F3 (FEUPX) 3.87 17.59 1.91 10.78 4.38 8.35 8.02 -14.91 31.03 0.92 -0.57 6.16 10/01/1999

MSCI ACW Ex US Grth Index (USD) (Net) 4.35 17.20 2.64 9.81 4.00 7.51 7.61 -14.43 32.01 0.12 -1.25 -Difference -0.48 0.39 -0.73 0.97 0.38 0.84 0.41 -0.48 -0.98 0.80 0.68 -

IM ACWI Ex US Growth (MF) Median 4.85 18.22 1.29 10.25 4.04 7.75 8.08 -14.32 32.37 -0.80 0.27 5.01Rank 73 67 40 41 41 35 54 57 66 25 65 11

Domestic Fixed Income 2.53 5.97 6.54 3.71 3.46 3.34 5.31 0.11 4.63 6.57 -0.49 5.45 10/01/1999

Bloomberg US Agg Bond Index 3.08 6.11 7.87 2.31 2.95 2.62 3.90 0.01 3.54 2.65 0.55 4.96Difference -0.55 -0.14 -1.33 1.40 0.51 0.72 1.41 0.10 1.09 3.92 -1.04 0.49

FIAM Core Plus LLC (CF) 2.97 7.23 8.00 3.77 3.73 3.61 5.57 -0.54 4.80 6.19 0.09 5.23 10/01/2007

Bloomberg US Agg Bond Index 3.08 6.11 7.87 2.31 2.95 2.62 3.90 0.01 3.54 2.65 0.55 4.19Difference -0.11 1.12 0.13 1.46 0.78 0.99 1.67 -0.55 1.26 3.54 -0.46 1.04

IM U.S. Broad Market Core+ Fixed Income (MF) Median 3.07 6.81 7.77 3.07 2.93 3.08 4.90 -0.94 4.49 4.19 -0.26 4.70Rank 62 34 38 16 10 26 23 35 38 10 35 20

Garcia Hamilton Core Agg (SA) 2.34 4.88 5.91 - - - - - - - - 4.51 02/01/2018

Bloomberg US Agg Bond Index 3.08 6.11 7.87 2.31 2.95 2.62 3.90 0.01 3.54 2.65 0.55 5.14Difference -0.74 -1.23 -1.96 - - - - - - - - -0.63

IM U.S. Broad Market Core Fixed Income (MF) Median 3.04 6.34 7.56 2.39 2.67 2.62 4.26 -0.63 3.58 2.86 0.09 4.70Rank 93 93 92 - - - - - - - - 65



As of June 30, 2019

QTD CYTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016 2015

SinceIncep.

InceptionDate

Bank Loans 1.63 5.37 3.46 4.52 - - - -0.08 3.15 9.86 - 5.18 01/01/2016

S&P/LSTA Performing Loans Index 1.71 5.76 4.01 5.41 4.04 4.70 6.29 0.60 4.32 10.36 0.10 5.96Difference -0.08 -0.39 -0.55 -0.89 - - - -0.68 -1.17 -0.50 - -0.78

Western Asset Floating Rate High Income (CF) 1.63 5.37 3.46 4.53 2.66 - - -0.08 3.15 9.86 -3.16 2.75 04/01/2014

S&P/LSTA Performing Loans Index 1.71 5.76 4.01 5.41 4.04 4.70 6.29 0.60 4.32 10.36 0.10 4.09Difference -0.08 -0.39 -0.55 -0.88 -1.38 - - -0.68 -1.17 -0.50 -3.26 -1.34

IM U.S. Bank Loans (MF) Median 1.33 5.22 3.12 4.39 2.95 3.69 5.20 -0.29 3.59 8.90 -1.21 3.00Rank 17 38 27 45 66 - - 39 72 43 88 64

Emerging Markets Debt 4.47 10.85 12.01 - - - - - - - - 12.01 07/01/2018

EMD Blended Index 4.35 9.28 10.34 - - - - - - - - 10.34Difference 0.12 1.57 1.67 - - - - - - - - 1.67

Ashmore:EMs Tot Rtn;Inst (EMKIX) 4.44 10.17 11.43 - - - - - - - - 11.43 07/01/2018

Ashmore EMD Custom Index 3.84 8.52 9.87 4.97 3.71 4.02 5.92 -2.54 9.89 8.72 -2.12 9.87Difference 0.60 1.65 1.56 - - - - - - - - 1.56

IM Emerging Markets Debt (MF) Median 3.92 10.20 10.47 4.94 3.45 4.05 6.67 -5.91 10.49 10.42 -2.53 10.47Rank 25 51 20 - - - - - - - - 20

RBC BlueBay EM Debt;I (RBESX) 4.47 11.50 12.55 - - - - - - - - 12.55 07/01/2018

BlueBay EMD Custom Index 4.86 10.03 10.77 4.91 2.46 3.02 5.65 -5.15 12.74 10.16 -7.14 10.77Difference -0.39 1.47 1.78 - - - - - - - - 1.78


Real Estate -3.89 -3.43 -0.80 3.40 6.16 6.95 7.20 6.04 5.21 5.98 11.72 3.88 10/01/2007

NCREIF ODCE Index (AWA) (Net) 0.77 1.98 5.46 6.61 8.76 9.51 8.87 7.36 6.66 7.79 13.95 4.42Difference -4.66 -5.41 -6.26 -3.21 -2.60 -2.56 -1.67 -1.32 -1.45 -1.81 -2.23 -0.54

UBS Trumbull Property (CF) -3.89 -3.43 -0.80 3.40 6.18 6.96 7.21 6.04 5.21 6.05 11.72 3.88 10/01/2007


Consumer Price Index+5% 2.00 4.47 6.73 7.15 6.52 6.66 6.82 7.01 7.21 7.18 5.77 6.86Difference -5.89 -7.90 -7.53 -3.75 -0.34 0.30 0.39 -0.97 -2.00 -1.13 5.95 -2.98


Growth of $100

Comparative Performance

Vanguard Instl Indx;Inst (VINIX) 50/50 AB Value/SS Growth

99.00

103.00

107.00

111.00

115.00

119.00

123.00

127.00

5/17 8/17 11/17 2/18 5/18 8/18 11/18 2/19 5/19 6/19

Jun-2017To

Jun-2019

1Year

3Years

5Years

10Years

Vanguard Instl Indx;Inst (VINIX) 12.16 10.39 14.15 10.68 14.68

S&P 500 Index (Cap Wtd) 12.19 10.42 14.19 10.71 14.70Difference -0.03 -0.03 -0.04 -0.03 -0.02

50/50 AB Value/SS Growth 10.57 6.60 13.46 9.39 13.66


Municipality of Anchorage Trust FundDomestic Large Cap Equity Transition

As of June 30, 2019

Performance shown is net of fees and product specific. Calculation is based on monthly periodicity.

Growth of $100


BlackRock:Adv SC Cr;Inst (BDSIX) LKCM:Small Cap Eq;Inst (LKSCX) Russell 2000 Index

88.00

96.00

104.00

112.00

120.00

128.00

136.00

144.00

152.00

11/16 2/17 5/17 8/17 11/17 2/18 5/18 8/18 11/18 2/19 6/19

Dec-2016To

Jun-2019

1Year

3Years

5Years

10Years

BlackRock:Adv SC Cr;Inst (BDSIX) 8.82 -1.00 13.28 7.58 N/A

Russell 2000 Index 8.24 -3.31 12.30 7.06 13.45Difference 0.58 2.31 0.98 0.52 N/A

LKCM:Small Cap Eq;Inst (LKSCX) 11.59 1.92 12.75 5.82 12.75

Russell 2500 Grth Index 15.15 6.13 16.14 9.98 15.67Difference -3.56 -4.21 -3.39 -4.16 -2.92

Municipality of Anchorage Trust FundDomestic Small Cap Equity Transition

As of June 30, 2019


Fee Schedule

Market ValueAs of

06/30/2019($)

EstimatedAnnual Fee

($)

EstimatedAnnual Fee

(%)

Total Fund 161,697,484 628,248 0.39

Vanguard Instl Indx;Inst (VINIX) 0.04 % of Assets 47,819,250 16,737 0.04

Vanguard Md-Cp I;Adm (VIMAX) 0.05 % of Assets 4,321,463 2,161 0.05

BlackRock:Adv SC Cr;Inst (BDSIX) 0.50 % of Assets 4,346,217 21,731 0.50

TIF:Internatl Equity;Prm (TFEQX) 0.80 % of Assets 20,310,247 162,482 0.80

American Funds EuPc;F3 (FEUPX) 0.49 % of Assets 20,351,256 99,721 0.49

FIAM Core Plus LLC (CF) 0.25 % of First $50 M0.22 % of Next $50 M0.20 % of Next $100 M0.17 % Thereafter

19,446,151 48,615 0.25

Garcia Hamilton Core Agg (SA) 0.25 % of Assets 19,515,058 48,788 0.25

Western Asset Floating Rate High Income (CF) 0.45 % of First $100 M0.30 % Thereafter

4,889,133 22,001 0.45

Ashmore:EMs Tot Rtn;Inst (EMKIX) 1.02 % of Assets 4,135,057 42,178 1.02

RBC BlueBay EM Debt;I (RBESX) 0.88 % of Assets 4,132,132 36,363 0.88

UBS Trumbull Property (CF) 1.03 % of Assets 12,413,251 127,472 1.03

Mutual Fund fees are sourced from Morningstar and/or the investment manager.Vanguard Instl Indx;Inst (VINIX) fee is .035%.

UBS Trumbull Property (CF) - 0.955% on first $10M, 0.825% on next $15M, 0.805% on next $25M, 0.79% on next $50M,0.67% on next $150M, and 0.60% thereafter. An incentive fee, up to 0.25%, is calculatedquarterly based on trailing 12-month performance.

*The fee schedule shown for UBS Trumbull Property (CF) is based on the effective rates as of the most recent quarter end for thecombined assets of Anchorage Police & Fire Retirement System and Municipality of Anchorage, and includes incentive fees.

Municipality of Anchorage Trust FundFee Addendum

As of June 30, 2019

Performance Related CommentsPerformance shown is net of fees, unless otherwise noted.Inception dates shown reflect the first full month of client specific performance.RVK began monitoring the assets of the Municipality of Anchorage as of 01/01/2016. Prior historical data was provided by theprevious investment consultant.

Custom Index Comments

The Target Allocation Index is calculated monthly and consists of 35% Russell 3000 Index, 25% MSCI ACW Ex US Index (USD)(Net), 24% Bloomberg US Agg Bond Index, 3% S&P/LSTA Performing Loans Index, 5% EMD Blended Index and 8% NCREIF-ODCE Index (AWA) (Net).The Vanguard Spl Mid Cap Index consists of the S&P MidCap 400 Index (Cap Wtd) through 5/16/2003; MSCI US Mid Cap 450Index through 1/30/2013; and CRSP US Mid Cap Index thereafter.The Small Cap Custom Index consists of the Russell 2000 Index through 06/2006, the Russell 2000 Growth Index through 11/2016,and the Russell 2000 Index thereafter.The EMD Blended Index is calculated monthly using beginning of month investment weights applied to each corresponding primarybenchmark return.The Ashmore Custom Index consists of 50% JPM EMBI Gbl Dvf'd TR Index (USD), 25% JPM GBI-EM Gbl Dvf'd TR Index (USD)(Unhedged), and 25% JPM ELM+ Index (LC).The BlueBay Custom Index consists of 50% JPM EMBI Gbl Dvf'd TR Index (USD) and 50% JPM GBI-EM Gbl Dvf'd TR Index (USD)(Unhedged).

Fee SchedulesUBS Trumbull Property (CF) - 0.955% on first $10M, 0.825% on next $15M, 0.805% on next $25M, 0.79% on next $50M,

0.67% on next $150M, and 0.60% thereafter. An incentive fee, up to 0.25%, is calculatedquarterly based on trailing 12-month performance.


Municipality of Anchorage Trust FundAddendum

As of June 30, 2019

Disclaimer of Warranties and Limitation of Liability - This document was prepared by RVK, Inc. (RVK) and

may include information and data from some or all of the following sources: client staff; custodian banks;

investment managers; specialty investment consultants; actuaries; plan administrators/record-keepers;

index providers; as well as other third-party sources as directed by the client or as we believe

necessary or appropriate. RVK has taken reasonable care to ensure the accuracy of the

information or data, but makes no warranties and disclaims responsibility for the accuracy or

completeness of information or data provided or methodologies employed by any external

source. This document is provided for the client’s internal use only and does not

constitute a recommendation by RVK or an offer of, or a solicitation for, any

particular security and it is not intended to convey any guarantees as to

the future performance of the investment products, asset classes,

or capital markets.

Municipality of Anchorage Trust Fund

Period Ended: June 30, 2019

tamara.carlton

Text Box

Agenda Item III.D. (Summary & Detail)

1 Capital Markets Review2 Total Portfolio3 Investment Manager Profiles4 Addendum & Glossary

Capital Markets Review As of June 30, 2019

Economic Indicators Jun-19 Mar-19 Jun-18 Jun-16 20 Yr2.40 ▼ 2.43 1.91 0.30 1.881.54 ▼ 1.79 2.08 1.40 1.861.70 ▼ 1.87 2.13 1.44 2.041.6 ▼ 1.9 2.9 1.0 2.23.7 ▼ 3.8 4.0 4.9 5.92.3 ▼ 2.7 3.2 1.3 2.2

51.7 ▼ 55.3 60.0 52.5 52.890.86 ▼ 92.07 89.97 90.58 86.1958.5 ▼ 60.1 74.2 48.3 61.1

1,409 ▲ 1,292 1,253 1,322 905Market Performance (%) CYTD 1 Yr 5 Yr 10 Yr

18.54 10.42 10.71 14.7016.98 -3.31 7.06 13.4514.03 1.08 2.25 6.9012.55 -6.35 4.40 9.6710.59 1.21 2.49 5.816.11 7.87 2.95 3.901.24 2.31 0.87 0.492.43 6.41 9.76 9.88

17.78 11.21 7.92 15.466.17 1.16 2.19 3.215.06 -6.75 -9.15 -3.74

QTD4.302.103.681.710.613.080.641.001.241.50

-1.19

ICE BofAML 3 Mo US T-BillNCREIF ODCE (Gross)FTSE NAREIT Eq REIT (TR)HFRI FOF CompBloomberg Cmdty (TR)

Real GDP YoY (%)

USD Total Wtd IdxWTI Crude Oil per Barrel ($)Gold Spot per Oz ($)

S&P 500 (Cap Wtd)

PMI - Manufacturing

Unemployment Rate (%)

Federal Funds Rate (%)Breakeven Infl. - 5 Yr (%)Breakeven Infl. - 10 Yr (%)CPI YoY (Headline) (%)

Key Economic Indicators

Treasury Yield Curve (%)

Key Economic IndicatorsThe second quarter of 2019 saw global risk assets add to the gains realized during the first quarter, albeit with considerable bouts of volatility tied to heightened geopolitical tensions and the evolving China-US trade dispute. The strong equity returns realized in April were erased in May as confidence in the steady pace of global economic expansion waned and the US threatened to impose additional tariffs on $300B worth of Chinese goods. The World Bank lowered its global GDP growth estimate for CY 2019 from 2.9% to 2.6%. Global central banks collectively reacted to the negative market sentiment with a flurry of dovish guidance that cooled the market’s concern and brought about renewed optimism coming into June. The European Central Bank (“ECB”) and Bank of Japan (“BoJ”) both reaffirmed guidance to keep interest rates low into 2020. Yields on the 10-year Treasury note fell from 2.41% ending Q1, to 2.00% at the end of the second quarter, providing a strong pass-through to higher equity valuations via the lower discount rate. The economic data released during the quarter was largely consistent with a slowing economy, but one that doesn’t necessarily appear on the verge of recession.

Second Quarter Economic Environment

UnemploymentRate (%)

Since 1948

CPI Year-over-Year (% change)

Since 1914

US Govt Debt (% of GDP)Since 1940

VIX Index(Volatility)Since 1990

Consumer ConfidenceSince 1967

Russell 2000MSCI EAFE (Net)MSCI EAFE SC (Net)MSCI Emg Mkts (Net)Bloomberg US Agg Bond

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

3M 6M 1Y 2Y 5Y 7Y 10Y 20Y 30Y

Jun-19 Mar-19 Jun-18 Jun-17 Jun-16

0

2

4

6

8

10

12

20

40

60

80

100

120

0

10

20

30

40

50

60

70

20

40

60

80

100

120

140

160

-20-15-10-505

1015202530

1.6

Treasury data courtesy of the US Department of the Treasury. Economic data courtesy of Bloomberg Professional Service.

Page 4

US Equity Review As of June 30, 2019

US Large-Cap Equity

R1000 12M P/ESince 1995

US Large-Cap Growth Equity

R1000G 12M P/ESince 1995

US Large-Cap Value Equity

R1000V 12M P/ESince 1995

US Small-Cap Equity

R2000 12M P/ESince 1995

US Large-Cap Equity

Shiller S&P 10Y P/ESince 1900

Broad MarketUS equity markets sustained the strong performance trends from the first quarter into the second quarter, with all major indices finishing in positive territory, mostly buoyed by a dovish Federal Reserve and confidence surrounding a potential trade deal. The quarter finished strongly, with the strongest monthly S&P 500 return since 1955, at 7.0%, and finishing 4.3% for the quarter.

Market CapLarger-capitalization names outperformed their small-cap counterparts, with the Russell 1000 Index outperforming the Russell 2000 Index by 2.2%.

Style and SectorAll sectors, with the exception of energy, posted positive returns, with Financials taking the lead, as the S&P Financials returned 8.0% for the quarter. Both growth and value managers in the small and mid-cap segments experienced improved success rates during the quarter.

Style and Capitalization Market Performance (%)

S&P 500 Index Sector Performance (%)

Second Quarter Review

Valuations

-10.39

-0.49

-6.24

-3.31

7.83

11.56

8.46

10.02

10.89

8.98

10.42

0.92

2.75

1.38

2.10

4.13

4.64

3.84

4.25

4.29

4.10

4.30

-20 -10 0 10 20

R Micro CapR 2000 Growth

R 2000 ValueR 2000

R Mid CapR 1000 Growth

R 1000 ValueR 1000

R Top 200R 3000

S&P 500 QTD

1 Yr

19.03

13.66

3.20

14.34

10.43

12.99

16.80

6.31

-13.25

16.39

10.17

3.48

4.49

6.31

6.06

3.57

1.38

2.46

8.00

-2.83

3.72

5.28

-25 -10 5 20 35

UtilitiesComm Services

Materials

Information TechIndustrials

Health Care

Real EstateFinancials

Energy

Cons Staples

Cons Discretion QTD

1 Yr

0

5

10

15

20

25

30

35

10

15

20

25

30

20

40

60

80

100

10

15

20

25

10

20

30

40

50

Valuation data courtesy of Bloomberg Professional Service and Robert J. Shiller, Irrational Exuberance, Second Edition.P/E metrics shown represent the 5th through 95th percentiles to minimize the effect of outliers.

Page 5

Non-US Equity Review As of June 30, 2019

Developed MarketsDeveloped international markets lagged domestic equities, but did have positive returns during the quarter. Quarterly returns were positive across almost every country with only Israel ending the quarter in negative territory. However, economic growth has been disappointing across multiple developed international countries.

Emerging MarketsEmerging markets did not fare as well as developed markets, but broadly remained in positive territory despite emerging market small cap stocks having slightly negative returns. Yet again, headlines and actions related to trade negotiations dominated the emerging markets landscape.

Market Cap & StyleLarge cap stocks outperfomed their smaller counterparts. Additionally, growth stocks continued to outperform value stocks in the developed international markets, but emerging markets value stocks outperfomed growth stocks during the quarter.

Developed IntlEquity

MSCI EAFE12M P/E

Since 1995

Intl EquityMSCI ACW x US

12M P/ESince 1995

MSCI Style and Capitalization Market Performance (%)

MSCI Region Performance (%)

EmergingMarkets Equity

MSCI EM12M P/E

Since 1995

Developed Intl Growth Equity

MSCI EAFE Grth12M P/E

Since 1995

Developed Intl Value Equity

MSCI EAFE Val12M P/E

Since 1995


Valuations

1.21

-0.17

1.88

-6.35

4.24

-2.10

1.08

1.29

0.61

2.43

4.48

1.71

5.73

1.54

3.68

2.98

-10 -5 0 5 10 15

Emg Mkts

Pacific

Europe

EAFE SC

EAFE Growth

EAFE Value

EAFE

ACW Ex US QTD

1 Yr

1.21

3.32

-4.19

8.06

-4.46

-2.05

3.39

0.61

4.88

1.02

5.16

-3.57

0.91

5.82

-10 -5 0 5 10 15

Emg Mkts

Canada

Japan

Pacific ex Japan

Middle East

United Kingdom

Europe Ex UK QTD1 Yr

0

20

40

60

80

100

0

10

20

30

40

0

10

20

30

40

50

60

0

10

20

30

40

50

0

10

20

30

40

50

Valuation data courtesy of Bloomberg Professional Service.P/E metrics shown represent the 5th through 95th percentiles to minimize the effect of outliers.All returns are shown net of foreign taxes on dividends.

Page 6

Fixed Income Review As of June 30, 2019

Fixed Income Performance (%)Broad MarketUS Treasury rates held relatively steady for the first half of the quarter, but weakened later in the quarter in response to trade war escalations, signs of moderating economic and job growth, and the potential for US interest rate cuts. US Treasury yields fell most in the belly of the curve, leading to a slight curve steepening with the spread between 2- and 10-year maturities increasing to 0.25%. Despite a sluggish start, the Bloomberg US Aggregate Index finished with another strong quarter, returning 3.1%. Credit MarketThough investment-grade corporate spreads widened for much of the quarter, they reversed course in June to finish slightly tighter, and the decline in US Treasury yields helped propel the Bloomberg US Corporate Bond Index to a 4.5% return. Emerging Market DebtThe JPM EMBI Global Diversified Index returned 4.1%, and has been one of the best performing areas of the bond market, returning 11.3% year to date.


Valuations

US Aggregate Bonds

Bloomberg US Agg SpreadsSince 2000

US Corporate Bonds

Bloomberg US Corp Spreads

Since 1989

US CreditBonds

Bloomberg US Credit Spreads

Since 2000

US Treasury Bonds10-Yr US Treasury

YieldsSince 1953

US High-Yield Bonds

Bloomberg US Corp:HY Spreads

Since 2000

8.99

11.32

5.48

5.85

4.15

7.48

4.98

6.22

6.13

10.72

8.95

4.84

7.24

7.87

5.64

3.76

3.57

3.29

1.58

2.50

1.67

1.96

2.32

4.48

3.26

2.86

3.01

3.08

-10 -5 0 5 10 15 20

JPM GBI-EM Glbl Dvf'd (USD)(Unhedged)

JPM Emg Mkts Bond Global

FTSE Wrld Gov't Bond

Bloomberg Global Agg Bond

CS Leveraged Loan

Bloomberg US Corp Hi Yld

Bloomberg US ABS

Bloomberg US MBS

Bloomberg US Agcy

Bloomberg US Corp Credit

Bloomberg US CMBS Inv Grade

Bloomberg US Trsy US TIPS

Bloomberg US Trsy

Bloomberg US Agg QTD

1 Yr

0

2

4

6

8

10

12

14

0.00.10.20.30.40.50.60.70.80.91.0

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

0123456789

10

Valuation data courtesy of Bloomberg Professional Service.Valuations shown represent the 5th through 95th percentiles to minimize the effect of outliers.

Page 7

Alternatives Review As of June 30, 2019

General Market - Diversified Inflation Strategies (DIS)Despite low levels of inflation, most DIS managers posted moderately positive returns during the second quarter. Those who outperformed peers tended to deploy investment processes that do not explicitly track CPI-relative performance and generally held larger allocations to global listed infrastructure. DIS managers that trailed peers held larger exposures to commodities, natural resources equities, and, to a lesser extent, REITs.

General Market - Real EstateCore private real estate returned 1.0% during the second quarter, as reported by the NCREIF-ODCE Index, with the total return comprised of 1.01% income and -0.01% price appreciation. Investors in publicly traded real estate outperformed their private market counterparts during the second quarter. Publicly traded real estate experienced a more modest second quarter return of 1.8%, as measured by FTSE/NAREIT All REITs Index.

General Market - Hedge FundsHedge funds produced positive returns across all major strategy groups during the second quarter and are enjoying their best start to the year as an industry since 2009. The HFRI Equity Hedge Index reported YTD net returns of +9.4% through Q2, and remains the strongest performing broad hedge fund category.

General Market - Global Tactical Asset Allocation (GTAA)GTAA managers posted positive absolute returns during the second quarter, however most still underperformed a blend of 60% US equity and 40% US fixed income given the positive US equity returns as well as positive relative performance of fixed income versus other asset classes. Similar to the first quarter, performance across managers varied. Those with a greater reliance on a benchmark-aware investment processes provided stronger peer relative performance in a quarter where US large cap equity, developed international equity, and US fixed income contributed to performance.

Second Quarter Review - Absolute Return

HFRI Hedge Fund Performance (%)

Second Quarter Review - Real Assets

Real Asset Performance (%)

6.38

3.76

1.17

3.32

2.41

-0.05

-0.56

0.32

2.64

1.16

2.05

0.62

1.23

1.60

2.53

1.35

-0.09

1.60

1.61

1.50

-5 0 5 10 15

Credit Arb

Merger Arb

Event Driven

Relative Value

Macro

Distressed

Mkt Neutral Eq

Equity Hedge

Conv Arbitrage

HFRI FOF QTD

1 Yr

4.84

3.09

-4.02

-6.75

11.21

6.51

6.41

2.86

0.12

1.30

-1.19

1.24

1.51

1.00

-15 -5 5 15 25

Bloomberg US Trsy: US TIPS

Alerian MLP

S&P Glbl Nat. Res. (TR)

Bloomberg Cmdty (TR)

FTSE NAREIT Eq REITs (TR)

NCREIF Property

NCREIF ODCE (Gross) QTD

1 Yr

Page 8

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD

Best34.00 35.03 39.38 8.44 78.51 27.94 22.49 20.00 38.82 30.14 15.02 21.31 37.28 8.35 18.54

26.19 32.18 16.23 5.24 58.21 26.85 15.99 18.23 32.39 19.31 9.59 17.13 33.01 1.87 17.78

21.39 26.34 15.97 2.06 46.78 22.04 13.56 18.06 29.30 13.69 3.20 11.96 25.03 0.01 16.98

21.36 19.31 11.63 -2.35 31.78 18.88 8.29 17.32 22.78 12.50 1.38 11.77 21.83 -1.26 14.03

13.54 18.37 11.17 -10.01 28.01 16.83 7.84 16.35 13.94 5.97 0.55 11.19 14.65 -2.08 13.46

12.17 16.32 10.25 -21.37 27.17 16.36 4.98 16.00 8.96 4.89 0.05 8.77 10.71 -4.02 12.55

7.49 15.79 6.97 -26.16 26.46 15.12 2.11 15.81 7.44 3.64 -0.27 8.52 7.77 -4.38 10.59

5.34 11.86 6.60 -33.79 18.91 15.06 0.10 10.94 2.47 3.37 -0.81 6.67 7.62 -4.62 9.94

4.91 10.39 5.49 -35.65 11.47 10.16 -4.18 8.78 0.07 2.45 -1.44 4.68 7.50 -4.68 6.17

4.55 4.85 5.00 -37.00 11.41 7.75 -5.72 6.98 -2.02 0.04 -3.30 2.65 5.23 -11.01 6.15

3.07 4.34 1.87 -37.74 5.93 6.54 -12.14 4.79 -2.60 -2.19 -4.41 2.18 3.54 -11.25 6.11

2.84 2.72 1.45 -43.38 1.92 6.31 -13.32 4.21 -8.61 -4.90 -4.47 1.00 3.01 -13.79 5.06

2.74 2.07 -1.57 -47.01 0.21 5.70 -15.94 0.11 -8.83 -4.95 -14.92 0.51 1.70 -14.58 2.43

Worst2.43 0.49 -15.70 -53.33 -29.76 0.13 -18.42 -1.06 -9.52 -17.01 -24.66 0.33 0.86 -17.89 1.24

S&P 500 -US Large

Cap

R 2000 -US Small

Cap

MSCI EAFE(Net) - Int'l

Dev.

MSCI EAFESC (Net) -

Int'l SC

MSCI EM(Net) - Int'lEmg Mkts

BloombrgUS Agg

Bond - FI

BloombrgUS Corp Hi

Yield - FI

BloombrgUS Trsy US

TIPS - FI

BloombrgUS Gov

Credit Lng- FI

NCREIFODCE

(Gross) -Real Estate

FTSENAREIT Eq

REITsIndex (TR)

HFRI FOFCompIndex -

ARS

BloombrgCmdty (TR)- Commod.

ICEBofAML 3Mo T-Bill -

Cash Equiv

Annual Asset Class Performance As of June 30, 2019

NCREIF ODCE (Gross) performance is reported quarterly; performance is shown N/A in interim-quarter months.

Page 9

Asset Allocation by Manager Asset Allocation vs. Target Allocation

Schedule of Investable Assets

Asset Allocation vs. Target Allocation Differences

June 30, 2019 : $161,697,484

Vanguard Instl Indx;Inst (VINIX) 47,819,250 29.57American Funds EuPc;F3 (FEUPX) 20,351,256 12.59TIF:Internatl Equity;Prm (TFEQX) 20,310,247 12.56Garcia Hamilton Core Agg (SA) 19,515,058 12.07FIAM Core Plus LLC (CF) 19,446,151 12.03UBS Trumbull Property (CF) 12,413,251 7.68Western Asset Floating Rate High Income (CF) 4,889,133 3.02BlackRock:Adv SC Cr;Inst (BDSIX) 4,346,217 2.69Vanguard Md-Cp I;Adm (VIMAX) 4,321,463 2.67Ashmore:EMs Tot Rtn;Inst (EMKIX) 4,135,057 2.56RBC BlueBay EM Debt;I (RBESX) 4,132,132 2.56Wells Fargo Cash 18,269 0.01

Market Value($)

Allocation(%)

Target(%)

Min(%)

Max(%)

Total Fund 161,697,484 100.00 100.00 - -Domestic Equity 56,486,930 34.93 35.00 30.00 40.00International Equity 40,661,502 25.15 25.00 22.00 28.00Domestic Fixed Income 38,961,209 24.10 24.00 21.00 27.00Bank Loans 4,889,133 3.02 3.00 0.00 5.00EMD 8,267,189 5.11 5.00 0.00 8.00Real Estate 12,413,251 7.68 8.00 6.00 10.00Cash Equivalents 18,269 0.01 0.00 0.00 15.00

Allocation Differences

0.00% 0.40%-0.40 %

Cash Equivalents

Real Estate

EMD

Bank Loans

Domestic Fixed Income

International Equity

Domestic Equity

0.01%

-0.32 %

0.11%

0.02%

0.10%

0.15%

-0.07 %

Periods EndingBeginning

Market Value ($)Net

Cash Flow ($)Gain/Loss ($)

EndingMarket Value ($)

% Return

CYTD 151,429,716 -6,502,437 16,770,206 161,697,484 11.16

Municipality of Anchorage Trust FundAsset Alloc. by Manager, Asset Allocation vs. Target & Schedule of Investable Assets

As of June 30, 2019

Allocations shown may not sum up to 100% exactly due to rounding. Performance shown is net of fees.

Page 11

Asset Allocation by Theme Thematic Analysis - October 1, 1999 to June 30, 2019

Asset Allocation by Liquidity Correlation Matrix - 10 Years

A B C D

A 1.00B 0.67 1.00C -0.31 -0.35 1.00D 0.53 0.78 0.00 1.00A = HFRI EH: Eq Mkt Neut Index (Alpha)B = MSCI ACW Index (USD) (Gross) (Capital Appreciation)C = Bloomberg US Gov't Bond Index (Capital Preservation)D = Real Return Custom Index (Inflation)

RVK Liquidity Rating 82

Municipality of Anchorage Trust FundTotal Fund Thematic and Liquidity Analysis

As of June 30, 2019

Asset Allocation by Theme is based on dedicated manager allocations; as such, thematic allocations are approximations. The RVK Liquidity Rating is calculated using beginning of month investment weights applied to each corresponding asset class liquidity rating. Please see the Glossary for additional information regarding liquidity, thematic and custom index descriptions.

Page 12

Total Fund Asset Allocation

Total Fund Peer Group Analysis

0.00

15.00

30.00

45.00

60.00

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

Total Fund 34.93 (72) 25.15 (6) 27.12 (65) 5.11 (20) 0.00 7.68 (49) 0.01 (100)

5th Percentile 59.29 25.21 49.76 7.87 35.02 13.02 7.861st Quartile 49.27 18.69 35.55 4.97 12.35 9.97 2.09Median 41.59 14.55 30.17 4.50 8.12 6.89 1.073rd Quartile 33.82 11.91 23.86 3.73 4.98 5.01 0.5095th Percentile 24.19 7.94 15.33 1.93 2.36 2.41 0.06

Population 276 263 248 72 44 133 198

QTD CYTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016

Total Fund 2.61 (92) 11.36 (73) 5.54 (79) 9.30 (27) 6.19 (36) 8.67 (30) 9.56 (28) -4.16 (44) 16.76 (14) 6.58 (63)Target Allocation Index 3.36 (37) 12.26 (54) 6.81 (36) 8.80 (49) 6.02 (41) 8.21 (42) 9.07 (43) -4.92 (67) 15.80 (31) 7.48 (41)


Population 220 217 212 196 188 177 145 278 365 413

Municipality of Anchorage Trust FundAll Public Plans (<$250M)

As of June 30, 2019

Plan Sponsor TF Asset Allocation & Plan Sponsor Peer Group Analysis

Parentheses contain percentile ranks. Performance shown is gross of fees. Composite performance prior to 01/2016 consists of gross performance for separate accounts and commingled fund investments, and net performance for mutual fund investments. Calculation is based on monthly periodicity.

Page 13


SAA: 3.36% TAA: -0.11 % SS: 0.02% MS: -0.75 %


1 Quarter Ending June 30, 2019


Page 14


SAA: 6.81% TAA: -0.16 % SS: 0.08% MS: -1.57 %


1 Year Ending June 30, 2019


Page 15

Plan Sponsor Scattergram - 7 Years Up/Down Markets - 7 Years

Plan Sponsor Peer Group Analysis - Multi Statistics (Beta vs. S&P 500)

ReturnStandardDeviation

Total Fund 8.67 6.84Target Allocation Index 8.21 6.67Median 7.98 6.71

4.00

6.00

8.00

10.00

StandardDeviation

7Years

7Years

7Years

7Years

7Years

Total Fund 6.84 (47) 1.16 (30) 7.93 (30) 4.06 (47) 0.59 (45)Target Allocation Index 6.67 (54) 1.12 (40) 7.50 (44) 3.90 (61) 0.57 (56)

Median 6.71 1.09 7.30 4.02 0.58

Population 174 174 174 174 174

Municipality of Anchorage Trust FundTotal Fund vs. All Public Plans (<$250M)

As of June 30, 2019

Performance shown is gross of fees. Composite performance prior to 01/2016 consists of gross performance for separate accounts and commingled fund investments, and net performance for mutual fund investments. Calculation is based on monthly periodicity. Parentheses contain percentile ranks.

Page 16

Plan Sponsor Scattergram - 10 Years Up/Down Markets - 10 Years

Plan Sponsor Peer Group Analysis - Multi Statistics (Beta vs. S&P 500)


Total Fund 9.56 8.15Target Allocation Index 9.07 7.97Median 8.91 8.05

4.00

6.00

8.00

10.00

StandardDeviation

10Years

10Years

10Years

10Years

10Years

Total Fund 8.15 (46) 1.10 (35) 9.01 (30) 4.70 (52) 0.62 (46)Target Allocation Index 7.97 (53) 1.07 (49) 8.54 (46) 4.58 (57) 0.60 (49)

Median 8.05 1.07 8.44 4.73 0.60

Population 142 142 142 142 142

Municipality of Anchorage Trust FundTotal Fund vs. All Public Plans (<$250M)

As of June 30, 2019

Performance shown is gross of fees. Composite performance prior to 01/2016 consists of gross performance for separate accounts and commingled fund investments, and net performance for mutual fund investments. Calculation is based on monthly periodicity. Parentheses contain percentile ranks.

Page 17

QTD CYTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016 2015

SinceIncep.

InceptionDate

Total Fund 2.51 11.16 5.15 8.88 5.83 8.32 9.26 -4.49 16.32 6.07 0.53 5.73 10/01/1999

Target Allocation Index 3.36 12.26 6.81 8.80 6.02 8.21 9.07 -4.92 15.80 7.48 0.29 5.48Difference -0.85 -1.10 -1.66 0.08 -0.19 0.11 0.19 0.43 0.52 -1.41 0.24 0.25

Consumer Price Index+4.25% 1.82 4.10 5.97 6.39 5.76 5.90 6.06 6.24 6.45 6.41 5.01 6.50Difference 0.69 7.06 -0.82 2.49 0.07 2.42 3.20 -10.73 9.87 -0.34 -4.48 -0.77

Domestic Equity 4.20 18.90 9.35 14.25 9.84 13.57 14.26 -4.88 22.05 9.19 -0.03 6.44 10/01/1999

Russell 3000 Index 4.10 18.71 8.98 14.02 10.19 13.79 14.67 -5.24 21.13 12.74 0.48 6.75Difference 0.10 0.19 0.37 0.23 -0.35 -0.22 -0.41 0.36 0.92 -3.55 -0.51 -0.31

Domestic Large Cap Equity 4.30 18.62 10.47 14.57 10.30 13.97 14.33 -4.42 23.32 8.54 0.61 6.40 10/01/1999

Russell 1000 Index 4.25 18.84 10.02 14.15 10.45 13.97 14.77 -4.78 21.69 12.05 0.92 6.64Difference 0.05 -0.22 0.45 0.42 -0.15 0.00 -0.44 0.36 1.63 -3.51 -0.31 -0.24

Vanguard Instl Indx;Inst (VINIX) 4.30 18.54 10.39 14.15 10.68 13.95 14.68 -4.42 21.79 11.93 1.37 6.34 10/01/1999

S&P 500 Index (Cap Wtd) 4.30 18.54 10.42 14.19 10.71 13.98 14.70 -4.38 21.83 11.96 1.38 6.32Difference 0.00 0.00 -0.03 -0.04 -0.03 -0.03 -0.02 -0.04 -0.04 -0.03 -0.01 0.02

IM U.S. Large Cap Core Equity (MF) Median 4.17 17.88 9.26 13.11 9.33 12.89 13.36 -5.60 21.17 10.06 0.14 6.00Rank 45 38 34 27 15 17 13 31 39 26 32 40

Domestic Mid Cap Equity 4.36 21.92 7.88 12.38 8.85 13.40 15.22 -9.23 19.24 11.36 -1.34 8.84 07/01/2006

Vanguard Spl Mid Cap Index 4.37 21.90 7.85 12.36 8.85 13.42 15.26 -9.22 19.30 11.25 -1.28 8.86Difference -0.01 0.02 0.03 0.02 0.00 -0.02 -0.04 -0.01 -0.06 0.11 -0.06 -0.02

Vanguard Md-Cp I;Adm (VIMAX) 4.36 21.86 7.83 12.32 8.82 13.37 15.20 -9.23 19.25 11.22 -1.34 8.82 07/01/2006

Vanguard Spl Mid Cap Index 4.37 21.90 7.85 12.36 8.85 13.42 15.26 -9.22 19.30 11.25 -1.28 8.86Difference -0.01 -0.04 -0.02 -0.04 -0.03 -0.05 -0.06 -0.01 -0.05 -0.03 -0.06 -0.04

IM U.S. Mid Cap Core Equity (MF) Median 4.08 18.90 4.25 9.70 6.04 11.07 12.59 -11.57 15.28 14.37 -3.48 7.33Rank 38 12 18 22 16 8 6 23 19 77 22 9

Domestic Small Cap Equity 2.86 19.37 -0.98 11.19 4.94 8.55 12.26 -8.83 10.79 14.52 -5.58 5.45 01/01/2000

Small Cap Custom Index 2.10 16.98 -3.31 11.04 6.54 11.31 13.30 -11.01 14.65 12.90 -1.38 7.71Difference 0.76 2.39 2.33 0.15 -1.60 -2.76 -1.04 2.18 -3.86 1.62 -4.20 -2.26

BlackRock:Adv SC Cr;Inst (BDSIX) 2.84 19.34 -1.00 - - - - -8.83 10.79 - - 8.83 12/01/2016

Russell 2000 Index 2.10 16.98 -3.31 12.30 7.06 11.63 13.45 -11.01 14.65 21.31 -4.41 8.24Difference 0.74 2.36 2.31 - - - - 2.18 -3.86 - - 0.59

IM U.S. Small Cap Core Equity (MF) Median 1.67 13.47 -6.11 10.05 6.35 10.71 13.19 -12.30 10.99 22.11 -4.96 5.18Rank 17 8 8 - - - - 14 52 - - 9


As of June 30, 2019


Page 18


As of June 30, 2019

QTD CYTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016 2015

SinceIncep.

InceptionDate

International Equity 1.78 11.89 -2.16 8.62 2.06 6.85 6.73 -14.87 26.99 1.10 -1.62 5.44 10/01/1999

MSCI ACW Ex US Index (USD) (Net) 2.98 13.60 1.29 9.39 2.16 6.36 6.54 -14.20 27.19 4.50 -5.66 -Difference -1.20 -1.71 -3.45 -0.77 -0.10 0.49 0.19 -0.67 -0.20 -3.40 4.04 -

TIF:Internatl Equity;Prm (TFEQX) -0.36 6.25 -6.26 6.38 -0.29 5.30 5.41 -14.87 22.92 1.30 -2.67 2.01 07/01/2008

MSCI ACW Ex US Val Index (USD) (Net) 1.57 10.02 -0.07 8.93 0.29 5.16 5.43 -13.97 22.66 8.92 -10.06 1.84Difference -1.93 -3.77 -6.19 -2.55 -0.58 0.14 -0.02 -0.90 0.26 -7.62 7.39 0.17

IM ACWI Ex US Value (MF) Median 1.58 9.76 -2.41 6.22 -1.15 5.08 5.25 -16.03 22.88 2.79 -7.13 1.49Rank 83 93 89 42 43 38 45 11 47 80 16 32

American Funds EuPc;F3 (FEUPX) 3.87 17.59 1.91 10.78 4.38 8.35 8.02 -14.91 31.03 0.92 -0.57 6.16 10/01/1999

MSCI ACW Ex US Grth Index (USD) (Net) 4.35 17.20 2.64 9.81 4.00 7.51 7.61 -14.43 32.01 0.12 -1.25 -Difference -0.48 0.39 -0.73 0.97 0.38 0.84 0.41 -0.48 -0.98 0.80 0.68 -

IM ACWI Ex US Growth (MF) Median 4.85 18.22 1.29 10.25 4.04 7.75 8.08 -14.32 32.37 -0.80 0.27 5.01Rank 73 67 40 41 41 35 54 57 66 25 65 11

Domestic Fixed Income 2.53 5.97 6.54 3.71 3.46 3.34 5.31 0.11 4.63 6.57 -0.49 5.45 10/01/1999

Bloomberg US Agg Bond Index 3.08 6.11 7.87 2.31 2.95 2.62 3.90 0.01 3.54 2.65 0.55 4.96Difference -0.55 -0.14 -1.33 1.40 0.51 0.72 1.41 0.10 1.09 3.92 -1.04 0.49

FIAM Core Plus LLC (CF) 2.97 7.23 8.00 3.77 3.73 3.61 5.57 -0.54 4.80 6.19 0.09 5.23 10/01/2007

Bloomberg US Agg Bond Index 3.08 6.11 7.87 2.31 2.95 2.62 3.90 0.01 3.54 2.65 0.55 4.19Difference -0.11 1.12 0.13 1.46 0.78 0.99 1.67 -0.55 1.26 3.54 -0.46 1.04

IM U.S. Broad Market Core+ Fixed Income (MF) Median 3.07 6.81 7.77 3.07 2.93 3.08 4.90 -0.94 4.49 4.19 -0.26 4.70Rank 62 34 38 16 10 26 23 35 38 10 35 20

Garcia Hamilton Core Agg (SA) 2.34 4.88 5.91 - - - - - - - - 4.51 02/01/2018

Bloomberg US Agg Bond Index 3.08 6.11 7.87 2.31 2.95 2.62 3.90 0.01 3.54 2.65 0.55 5.14Difference -0.74 -1.23 -1.96 - - - - - - - - -0.63

IM U.S. Broad Market Core Fixed Income (MF) Median 3.04 6.34 7.56 2.39 2.67 2.62 4.26 -0.63 3.58 2.86 0.09 4.70Rank 93 93 92 - - - - - - - - 65


Page 19


As of June 30, 2019

QTD CYTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016 2015

SinceIncep.

InceptionDate

Bank Loans 1.63 5.37 3.46 4.52 - - - -0.08 3.15 9.86 - 5.18 01/01/2016

S&P/LSTA Performing Loans Index 1.71 5.76 4.01 5.41 4.04 4.70 6.29 0.60 4.32 10.36 0.10 5.96Difference -0.08 -0.39 -0.55 -0.89 - - - -0.68 -1.17 -0.50 - -0.78

Western Asset Floating Rate High Income (CF) 1.63 5.37 3.46 4.53 2.66 - - -0.08 3.15 9.86 -3.16 2.75 04/01/2014

S&P/LSTA Performing Loans Index 1.71 5.76 4.01 5.41 4.04 4.70 6.29 0.60 4.32 10.36 0.10 4.09Difference -0.08 -0.39 -0.55 -0.88 -1.38 - - -0.68 -1.17 -0.50 -3.26 -1.34

IM U.S. Bank Loans (MF) Median 1.33 5.22 3.12 4.39 2.95 3.69 5.20 -0.29 3.59 8.90 -1.21 3.00Rank 17 38 27 45 66 - - 39 72 43 88 64

Emerging Markets Debt 4.47 10.85 12.01 - - - - - - - - 12.01 07/01/2018

EMD Blended Index 4.35 9.28 10.34 - - - - - - - - 10.34Difference 0.12 1.57 1.67 - - - - - - - - 1.67

Ashmore:EMs Tot Rtn;Inst (EMKIX) 4.44 10.17 11.43 - - - - - - - - 11.43 07/01/2018

Ashmore EMD Custom Index 3.84 8.52 9.87 4.97 3.71 4.02 5.92 -2.54 9.89 8.72 -2.12 9.87Difference 0.60 1.65 1.56 - - - - - - - - 1.56


RBC BlueBay EM Debt;I (RBESX) 4.47 11.50 12.55 - - - - - - - - 12.55 07/01/2018

BlueBay EMD Custom Index 4.86 10.03 10.77 4.91 2.46 3.02 5.65 -5.15 12.74 10.16 -7.14 10.77Difference -0.39 1.47 1.78 - - - - - - - - 1.78


Real Estate -3.89 -3.43 -0.80 3.40 6.16 6.95 7.20 6.04 5.21 5.98 11.72 3.88 10/01/2007


UBS Trumbull Property (CF) -3.89 -3.43 -0.80 3.40 6.18 6.96 7.21 6.04 5.21 6.05 11.72 3.88 10/01/2007


Consumer Price Index+5% 2.00 4.47 6.73 7.15 6.52 6.66 6.82 7.01 7.21 7.18 5.77 6.86Difference -5.89 -7.90 -7.53 -3.75 -0.34 0.30 0.39 -0.97 -2.00 -1.13 5.95 -2.98


Page 20

Peer Group Scattergram - 10 Years Up/Down Markets - 10 Years

Peer Group Analysis - Multi Statistics - 10 Years (Excess Return vs. Risk Free)

Sector Weights (%)

Performance

Portfolio Characteristics and Dist. of Market Cap (%)

QTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016 2015 2014

Manager 4.30 10.39 14.15 10.68 13.95 14.68 -4.42 21.79 11.93 1.37 13.65

Benchmark 4.30 10.42 14.19 10.71 13.98 14.70 -4.38 21.83 11.96 1.38 13.69Difference 0.00 -0.03 -0.04 -0.03 -0.03 -0.02 -0.04 -0.04 -0.03 -0.01 -0.04

Peer Group Median 4.17 9.26 13.11 9.33 12.89 13.36 -5.60 21.17 10.06 0.14 11.36Rank 45 34 27 15 17 13 31 39 26 32 16

Population 773 734 635 563 526 446 726 688 650 603 761


Manager 14.68 12.68Benchmark 14.70 12.67Median 13.36 12.91

5.91

6.80

7.69

8.58

9.47

10.36

DownsideRisk

Manager 14.09 (14) 0.02 (100) -1.31 (96) 1.11 (14) 7.47 (73)Benchmark 14.11 (14) 0.00 (100) N/A 1.11 (13) 7.47 (73)

Median 12.97 2.46 -0.47 1.00 7.81

Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($M) 239,651 238,882Median Mkt. Cap ($M) 22,381 22,707Price/Earnings Ratio 20.46 20.41Price/Book Ratio 3.55 3.525 Yr. EPS Growth Rate (%) 15.30 15.46Current Yield (%) 1.96 1.97Beta (5 Years, Monthly) 1.00 1.00Number of Securities 501 505Active Share 1.02 N/A

Vanguard Instl Indx;Inst (VINIX)

IM U.S. Large Cap Core Equity (MF)

As of June 30, 2019

Peer Group:Benchmark: S&P 500 Index (Cap Wtd)Manager:

Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks.

Page 22

Ret

urn

(%)

QTD CYTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016

Vanguard Instl Indx;Inst (VINIX) 4.30 (45) 18.54 (38) 10.39 (34) 14.15 (27) 10.68 (15) 13.95 (17) 14.68 (13) -4.42 (31) 21.79 (39) 11.93 (26)S&P 500 Index (Cap Wtd) 4.30 (45) 18.54 (38) 10.42 (34) 14.19 (26) 10.71 (14) 13.98 (16) 14.70 (12) -4.38 (31) 21.83 (38) 11.96 (26)


Population 773 768 734 635 563 526 446 726 688 650

Municipality of Anchorage Trust FundIM U.S. Large Cap Core Equity (MF)Peer Group Analysis

As of June 30, 2019


Page 23



Sector Weights (%)

Performance


QTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016 2015 2014

Manager 4.36 7.83 12.32 8.82 13.37 15.21 -9.23 19.25 11.22 -1.34 13.76

Benchmark 4.37 7.85 12.36 8.85 13.42 15.26 -9.22 19.30 11.25 -1.28 13.83Difference -0.01 -0.02 -0.04 -0.03 -0.05 -0.05 -0.01 -0.05 -0.03 -0.06 -0.07

Peer Group Median 4.08 4.25 9.70 6.04 11.07 12.59 -11.57 15.28 14.37 -3.48 8.98Rank 38 18 22 16 8 5 23 19 77 22 9

Population 346 342 290 240 207 169 347 347 307 278 324



6.70

7.67

8.64

9.61

10.58

11.55

DownsideRisk


Median 12.53 3.80 -0.64 0.84 9.14

Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($M) 17,233 17,003Median Mkt. Cap ($M) 12,682 13,043Price/Earnings Ratio 22.40 22.44Price/Book Ratio 3.10 3.095 Yr. EPS Growth Rate (%) 11.59 11.58Current Yield (%) 1.55 1.58Beta (5 Years, Monthly) 1.00 1.00Number of Securities 363 358Active Share 4.21 N/A

Vanguard Md-Cp I;Adm (VIMAX)

IM U.S. Mid Cap Core Equity (MF)

As of June 30, 2019

Peer Group:Benchmark: Vanguard Spl Mid Cap IndexManager:

Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Benchmark consists of S&P Mid Cap 400 Index (Cap Wtd) through 05/16/2003; MSCI US Mid Cap 450 Index through 01/30/2013; and CRSP US Mid Cap Index thereafter.

Page 24

Ret

urn

(%)

QTD CYTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016

Vanguard Md-Cp I;Adm (VIMAX) 4.36 (38) 21.86 (12) 7.83 (18) 12.32 (22) 8.82 (16) 13.37 (8) 15.21 (5) -9.23 (23) 19.25 (19) 11.22 (77)Vanguard Spl Mid Cap Index 4.37 (38) 21.90 (10) 7.85 (18) 12.36 (19) 8.85 (14) 13.42 (6) 15.26 (4) -9.22 (23) 19.30 (18) 11.25 (75)

5th Percentile 5.72 22.78 12.25 15.00 9.95 13.60 15.21 -4.09 23.95 21.611st Quartile 4.72 20.92 6.77 12.12 7.61 12.45 13.51 -9.60 18.49 17.56Median 4.08 18.90 4.25 9.70 6.04 11.07 12.59 -11.57 15.28 14.373rd Quartile 2.27 16.71 0.31 8.06 4.73 10.23 11.55 -14.09 13.02 11.2395th Percentile -0.04 13.67 -4.50 5.56 2.21 7.34 9.62 -18.05 9.89 4.44

Population 346 346 342 290 240 207 169 347 347 307

Municipality of Anchorage Trust FundIM U.S. Mid Cap Core Equity (MF)Peer Group Analysis

As of June 30, 2019


Page 25



Sector Weights (%)

Performance


QTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016 2015 2014

Manager 2.84 -1.00 13.28 7.58 N/A N/A -8.83 10.79 23.99 -2.25 5.48

Benchmark 2.10 -3.31 12.30 7.06 11.63 13.45 -11.01 14.65 21.31 -4.41 4.89Difference 0.74 2.31 0.98 0.52 N/A N/A 2.18 -3.86 2.68 2.16 0.59

Peer Group Median 1.67 -6.11 10.05 6.35 10.71 13.19 -12.30 10.99 22.11 -4.96 4.07Rank 17 8 8 26 N/A N/A 14 52 44 22 30

Population 165 162 146 119 105 81 176 216 201 178 305



8.00

10.00

12.00

14.00

DownsideRisk

Manager 7.75 (30) 3.20 (69) 0.12 (31) 0.48 (23) 10.56 (72)Benchmark 7.35 (39) 0.00 (100) N/A 0.45 (39) 11.23 (31)

Median 6.59 4.24 -0.19 0.40 10.84

Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($M) 2,744 2,569Median Mkt. Cap ($M) 1,308 787Price/Earnings Ratio 17.71 18.12Price/Book Ratio 2.46 2.445 Yr. EPS Growth Rate (%) 18.27 13.91Current Yield (%) 1.52 1.42Beta (5 Years, Monthly) 0.95 1.00Number of Securities 535 1,977Active Share 69.42 N/A

BlackRock:Adv SC Cr;Inst (BDSIX)

IM U.S. Small Cap Core Equity (MF)

As of June 30, 2019

Peer Group:Benchmark: Russell 2000 IndexManager:


Page 26

Ret

urn

(%)

QTD CYTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016

BlackRock:Adv SC Cr;Inst (BDSIX) 2.84 (17) 19.34 (8) -1.00 (8) 13.28 (8) 7.58 (26) N/A N/A -8.83 (14) 10.79 (52) 23.99 (44)Russell 2000 Index 2.10 (30) 16.98 (21) -3.31 (15) 12.30 (12) 7.06 (39) 11.63 (38) 13.45 (43) -11.01 (43) 14.65 (18) 21.31 (56)

5th Percentile 5.02 21.03 0.12 14.02 8.44 12.96 15.46 -6.37 18.78 30.711st Quartile 2.26 15.62 -4.53 11.50 7.59 12.13 14.18 -9.66 13.59 25.99Median 1.67 13.47 -6.11 10.05 6.35 10.71 13.19 -12.30 10.99 22.113rd Quartile 0.59 11.63 -9.09 8.28 4.26 9.73 11.89 -15.26 8.45 18.5295th Percentile -1.61 9.41 -15.36 5.09 1.19 4.96 7.31 -21.27 2.87 14.78

Population 165 165 162 146 119 105 81 176 216 201

Municipality of Anchorage Trust FundIM U.S. Small Cap Core Equity (MF)Peer Group Analysis

As of June 30, 2019


Page 27



Region Weights (%)

Performance


QTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016 2015 2014

Manager -0.36 -6.27 6.38 -0.29 5.30 5.41 -14.87 22.92 1.30 -2.67 -6.78

Benchmark 1.57 -0.07 8.93 0.29 5.16 5.43 -13.97 22.66 8.92 -10.06 -5.10Difference -1.93 -6.20 -2.55 -0.58 0.14 -0.02 -0.90 0.26 -7.62 7.39 -1.68

Peer Group Median 1.58 -2.41 6.22 -1.15 5.08 5.25 -16.03 22.88 2.79 -7.13 -6.27Rank 83 89 42 43 38 45 11 47 81 16 56

Population 68 68 63 55 49 39 68 72 66 58 59



8.50

9.12

9.74

10.36

10.98

11.60

DownsideRisk


Median 5.88 4.24 -0.03 0.38 10.16

Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($M) 63,492 54,571Median Mkt. Cap ($M) 24,589 7,164Price/Earnings Ratio 13.26 10.87Price/Book Ratio 1.67 1.565 Yr. EPS Growth Rate (%) 3.97 6.70Current Yield (%) 3.42 4.76Beta (5 Years, Monthly) 0.93 1.00Number of Securities 68 1,316Active Share 87.31 N/A

TIF:Internatl Equity;Prm (TFEQX)

IM ACWI Ex US Value (MF)

As of June 30, 2019

Peer Group:Benchmark: MSCI ACW Ex US Val Index (USD) (Net)Manager:


Page 28

Ret

urn

(%)

QTD CYTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016

TIF:Internatl Equity;Prm (TFEQX) -0.36 (83) 6.25 (93) -6.27 (89) 6.38 (42) -0.29 (43) 5.30 (38) 5.41 (45) -14.87 (11) 22.92 (47) 1.30 (81)MSCI ACW Ex US Val Index (USD) (Net) 1.57 (51) 10.02 (49) -0.07 (14) 8.93 (5) 0.29 (32) 5.16 (44) 5.43 (43) -13.97 (5) 22.66 (54) 8.92 (19)

5th Percentile 2.78 14.70 1.81 8.86 2.18 7.40 7.33 -14.33 30.41 12.791st Quartile 2.19 12.28 -1.56 7.04 0.71 6.00 5.93 -15.38 25.75 8.07Median 1.58 9.76 -2.41 6.22 -1.15 5.08 5.25 -16.03 22.88 2.793rd Quartile -0.03 9.16 -4.88 4.69 -2.69 2.79 4.33 -17.89 18.52 1.7595th Percentile -0.58 6.16 -9.48 2.89 -5.26 -0.21 1.11 -22.95 15.26 -6.49

Population 68 68 68 63 55 49 39 68 72 66

Municipality of Anchorage Trust FundIM ACWI Ex US Value (MF)Peer Group Analysis

As of June 30, 2019


Page 29



Region Weights (%)

Performance


QTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016 2015 2014

Manager 3.87 1.91 10.76 4.26 8.19 7.88 -14.91 31.13 0.66 -0.82 -2.64

Benchmark 4.35 2.64 9.81 4.00 7.51 7.61 -14.43 32.01 0.12 -1.25 -2.65Difference -0.48 -0.73 0.95 0.26 0.68 0.27 -0.48 -0.88 0.54 0.43 0.01

Peer Group Median 4.85 1.29 10.25 4.04 7.75 8.08 -14.32 32.37 -0.80 0.27 -3.22Rank 73 40 41 45 41 57 57 64 31 72 38

Population 174 174 166 133 116 102 176 188 165 143 146



8.04

8.77

9.50

10.23

10.96

11.69

DownsideRisk


Median 8.40 3.67 0.13 0.58 9.38

Portfolio Benchmark

Wtd. Avg. Mkt. Cap ($M) 79,099 80,252Median Mkt. Cap ($M) 19,403 8,419Price/Earnings Ratio 17.28 18.98Price/Book Ratio 2.90 3.035 Yr. EPS Growth Rate (%) 17.97 12.52Current Yield (%) 1.86 2.11Beta (5 Years, Monthly) 0.95 1.00Number of Securities 320 1,149Active Share 71.26 N/A

American Funds EuPc;F3 (FEUPX)

IM ACWI Ex US Growth (MF)

As of June 30, 2019

Peer Group:Benchmark: MSCI ACW Ex US Grth Index (USD) (Net)Manager:


Page 30

Ret

urn

(%)

QTD CYTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016

American Funds EuPc;F3 (FEUPX) 3.87 (73) 17.59 (67) 1.91 (40) 10.76 (41) 4.26 (45) 8.19 (41) 7.88 (57) -14.91 (57) 31.13 (64) 0.66 (31)MSCI ACW Ex US Grth Index (USD) (Net) 4.35 (58) 17.20 (79) 2.64 (33) 9.81 (56) 4.00 (53) 7.51 (59) 7.61 (66) -14.43 (52) 32.01 (54) 0.12 (38)

5th Percentile 7.57 24.19 9.28 17.75 10.02 11.74 10.48 -6.96 44.55 2.641st Quartile 5.84 20.13 4.44 12.14 5.79 8.84 9.12 -12.37 35.32 0.92Median 4.85 18.22 1.29 10.25 4.04 7.75 8.08 -14.32 32.37 -0.803rd Quartile 3.84 17.37 -0.40 8.56 2.82 6.98 6.97 -16.97 30.12 -4.7495th Percentile 1.82 14.11 -4.30 6.19 1.41 5.51 5.39 -20.59 25.75 -7.07

Population 174 174 174 166 133 116 102 176 188 165

Municipality of Anchorage Trust FundIM ACWI Ex US Growth (MF)Peer Group Analysis

As of June 30, 2019


Page 31



Sector Distribution (%)

Performance

Portfolio Characteristics

QTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016 2015 2014

Manager 3.03 8.29 4.03 3.91 3.73 5.67 -0.23 5.00 6.46 0.09 5.67

Benchmark 3.08 7.87 2.31 2.95 2.62 3.90 0.01 3.54 2.65 0.55 5.97Difference -0.05 0.42 1.72 0.96 1.11 1.77 -0.24 1.46 3.81 -0.46 -0.30

Peer Group Median 3.24 8.29 3.46 3.47 3.75 5.72 -0.39 4.79 4.67 0.31 6.20Rank 76 51 25 20 53 52 47 43 23 60 70

Population 116 116 113 112 111 104 150 161 165 171 179




Median 5.13 1.56 1.01 1.54 1.50

Portfolio Benchmark

Effective Duration 5.06 5.73Spread Duration 5.63 5.92Avg. Maturity 9.48 7.87Avg. Quality A1 Aa1/Aa2Yield To Maturity (%) 3.55 2.50Coupon Rate (%) 4.01 3.23Current Yield (%) 4.06 N/AHoldings Count 1,612 10,610

FIAM Core Plus LLC (CF)

IM U.S. Broad Market Core+ Fixed Income (SA+CF)

As of June 30, 2019

Peer Group:Benchmark: Bloomberg US Agg Bond IndexManager:

Performance shown is gross of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Allocation to "Other" consists of derivatives.

Page 32

Ret

urn

(%)

QTD CYTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016

FIAM Core Plus LLC (CF) 3.03 (76) 7.37 (34) 8.29 (51) 4.03 (25) 3.91 (20) 3.73 (53) 5.67 (52) -0.23 (47) 5.00 (43) 6.46 (23)Bloomberg US Agg Bond Index 3.08 (71) 6.11 (90) 7.87 (71) 2.31 (100) 2.95 (92) 2.62 (99) 3.90 (100) 0.01 (35) 3.54 (94) 2.65 (96)

5th Percentile 3.79 8.86 9.44 5.56 4.51 5.45 7.92 1.10 7.84 10.381st Quartile 3.40 7.63 8.63 4.03 3.86 4.19 6.26 0.10 5.49 6.13Median 3.24 6.97 8.29 3.46 3.47 3.75 5.72 -0.39 4.79 4.673rd Quartile 3.04 6.49 7.77 3.07 3.24 3.38 5.03 -0.92 4.15 3.6595th Percentile 2.42 5.55 6.04 2.59 2.69 2.81 4.34 -2.56 3.38 2.76

Population 116 116 116 113 112 111 104 150 161 165

Municipality of Anchorage Trust FundIM U.S. Broad Market Core+ Fixed Income (SA+CF)Peer Group Analysis

As of June 30, 2019

Performance shown is gross of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks.

Page 33

Peer Group Scattergram - 1 Year Up/Down Markets - 1 Year

Peer Group Analysis - Multi Statistics - 1 Year (Excess Return vs. Risk Free)

Sector Distribution (%)

Performance


QTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016 2015 2014

Manager 2.41 6.18 N/A N/A N/A N/A N/A N/A N/A N/A N/A

Benchmark 3.08 7.87 2.31 2.95 2.62 3.90 0.01 3.54 2.65 0.55 5.97Difference -0.67 -1.69 N/A N/A N/A N/A N/A N/A N/A N/A N/A

Peer Group Median 3.14 8.12 2.80 3.29 3.11 4.60 0.07 4.06 3.11 0.82 6.16Rank 97 98 N/A N/A N/A N/A N/A N/A N/A N/A N/A

Population 118 118 115 112 108 103 146 153 162 167 181




Median 5.59 0.48 0.67 1.90 0.96

Portfolio Benchmark

Effective Duration 4.56 5.73Spread Duration 0.63 5.92Avg. Maturity 8.20 7.87Avg. Quality A+ Aa1/Aa2Yield To Maturity (%) 2.90 2.50Coupon Rate (%) 3.22 3.23Current Yield (%) 3.02 N/AHoldings Count 27 10,610

Garcia Hamilton Core Agg (SA)

IM U.S. Broad Market Core Fixed Income (SA+CF)

As of June 30, 2019

Peer Group:Benchmark: Bloomberg US Agg Bond IndexManager:

Performance shown is gross of fees and client specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks.

Page 34

Ret

urn

(%)

QTD CYTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016

Garcia Hamilton Core Agg (SA) 2.41 (97) 5.01 (97) 6.18 (98) N/A N/A N/A N/A N/A N/A N/ABloomberg US Agg Bond Index 3.08 (68) 6.11 (79) 7.87 (79) 2.31 (87) 2.95 (88) 2.62 (93) 3.90 (94) 0.01 (61) 3.54 (85) 2.65 (77)

5th Percentile 3.64 7.53 8.95 3.82 3.95 4.09 6.04 1.23 5.29 5.621st Quartile 3.25 6.76 8.42 3.10 3.55 3.45 5.01 0.39 4.52 3.83Median 3.14 6.44 8.12 2.80 3.29 3.11 4.60 0.07 4.06 3.113rd Quartile 3.03 6.15 7.91 2.45 3.06 2.78 4.21 -0.12 3.64 2.6595th Percentile 2.69 5.21 6.89 2.15 2.81 2.57 3.79 -0.68 3.06 2.23

Population 118 118 118 115 112 108 103 146 153 162

Municipality of Anchorage Trust FundIM U.S. Broad Market Core Fixed Income (SA+CF)Peer Group Analysis

As of June 30, 2019

Performance shown is gross of fees and client specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks.

Page 35



Quality Distribution (%)

Performance


QTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016 2015 2014

Manager 1.76 3.99 5.05 3.03 4.19 6.54 0.42 3.67 10.42 -3.11 1.28

Benchmark 1.71 4.01 5.41 4.04 4.70 6.29 0.60 4.32 10.36 0.10 1.82Difference 0.05 -0.02 -0.36 -1.01 -0.51 0.25 -0.18 -0.65 0.06 -3.21 -0.54

Peer Group Median 1.69 4.25 5.24 4.07 4.83 6.24 0.78 4.42 9.51 0.68 2.07Rank 32 69 63 100 90 34 72 92 23 99 86

Population 42 42 40 40 35 26 60 63 64 67 70




Median 5.66 1.05 -0.06 1.61 1.87

Portfolio Benchmark

Effective Duration 0.19 0.13Spread Duration 2.34 N/AAvg. Maturity 2.64 2.70Avg. Quality Ba3 B2Yield To Maturity (%) 6.14 6.46Coupon Rate (%) 6.36 6.10Current Yield (%) 6.12 N/AHoldings Count 244 1,352

Western Asset Floating Rate High Income (CF)

IM U.S. Bank Loans (SA+CF)

As of June 30, 2019

Peer Group:Benchmark: S&P/LSTA Performing Loans IndexManager:


Page 36

Ret

urn

(%)

QTD CYTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016

Western Asset Flt Rate Hi Inc (CF) 1.76 (32) 5.64 (54) 3.99 (69) 5.05 (63) 3.03 (100) 4.19 (90) 6.54 (34) 0.42 (72) 3.67 (92) 10.42 (23)S&P/LSTA Performing Loans Index 1.71 (43) 5.76 (49) 4.01 (67) 5.41 (38) 4.04 (53) 4.70 (62) 6.29 (46) 0.60 (65) 4.32 (62) 10.36 (27)

5th Percentile 1.93 6.49 5.17 5.93 4.58 5.63 7.60 1.61 5.90 11.941st Quartile 1.84 5.93 4.66 5.61 4.31 5.11 6.85 1.22 4.76 10.40Median 1.69 5.71 4.25 5.24 4.07 4.83 6.24 0.78 4.42 9.513rd Quartile 1.45 5.32 3.82 4.98 3.76 4.39 5.84 0.32 4.06 8.5795th Percentile 0.89 4.09 2.83 4.50 3.20 4.13 5.34 -0.11 3.01 7.11

Population 42 42 42 40 40 35 26 60 63 64

Municipality of Anchorage Trust FundIM U.S. Bank Loans (SA+CF)Peer Group Analysis

As of June 30, 2019


Page 37

Performance

Historical Statistics - 7 Years (Excess Return vs. Risk Free) Actual Correlation - 7 Years

Relative Performance - Since Inception

QTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016 2015 2014

Manager 4.44 11.46 6.70 3.32 3.80 N/A -5.33 13.65 17.16 -5.52 -4.71

Benchmark 3.84 9.87 4.97 3.71 4.02 5.92 -2.54 9.89 8.72 -2.12 3.15Difference 0.60 1.59 1.73 -0.39 -0.22 N/A -2.79 3.76 8.44 -3.40 -7.86

Peer Group Median 3.92 10.47 4.94 3.45 4.05 6.67 -5.91 10.49 10.42 -2.53 1.31Rank 25 19 9 54 56 N/A 42 10 3 81 88

Manager Benchmark S&P 500 Idx B US Agg B Idx

Standard Deviation 8.26 5.47 11.01 2.88Sharpe Ratio 0.42 0.63 1.19 0.70Downside Risk 5.29 3.45 6.62 1.69Excess Return 3.43 3.46 13.12 1.99

ActualCorrelation

Ashmore EMD Custom Index 0.94S&P 500 Index (Cap Wtd) 0.43Russell 2000 Index 0.26MSCI ACW Ex US Index (USD) (Net) 0.74MSCI Emg Mkts Index (USD) (Net) 0.81Bloomberg US Agg Bond Index 0.38Bloomberg US Trsy US TIPS Index 0.53Wilshire US REIT Index 0.33HFN FOF Multi-Strat Index (Net) 0.40Bloomberg Cmdty Index (TR) 0.45ICE BofAML 3 Mo US T-Bill Index 0.09Cons Price Index (Unadjusted) 0.19

Cumulative Annualized Over/Under Relative Performance

Over/Under Performance

0.00

3.00

6.00

-3.00

-6.00

-9.001/11 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 6/19

Ashmore:EMs Tot Rtn;Inst (EMKIX) As of June 30, 2019Benchmark: Ashmore EMD Custom IndexManager:

IM Emerging Markets Debt (MF)Peer Group:

Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. The Ashmore EMD Custom Index consists of 50% JPM EMBI Gbl Dvf'd TR Index (USD), 25% JPM GBI-EM Gbl Dvf'd TR Index (USD) (Unhedged), and 25% JPM ELM+ Index (LC).

Page 38

Ret

urn

(%)

QTD CYTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016

Ashmore:EMs Tot Rtn;Inst (EMKIX) 4.44 (25) 10.08 (54) 11.46 (19) 6.70 (9) 3.32 (54) 3.80 (56) N/A -5.33 (42) 13.65 (10) 17.16 (3)Ashmore EMD Custom Index 3.84 (58) 8.52 (87) 9.87 (65) 4.97 (48) 3.71 (44) 4.02 (53) 5.92 (72) -2.54 (8) 9.89 (60) 8.72 (78)

5th Percentile 5.19 12.27 12.30 7.28 4.83 5.54 8.12 -1.82 14.25 14.961st Quartile 4.42 11.05 11.19 5.69 4.15 4.69 7.26 -4.27 12.52 13.09Median 3.92 10.20 10.47 4.94 3.45 4.05 6.67 -5.91 10.49 10.423rd Quartile 3.51 9.17 9.35 4.22 2.02 2.61 5.64 -7.08 9.02 8.8895th Percentile 2.49 7.53 5.96 2.77 -1.48 -1.66 1.91 -8.99 6.67 5.57

Population 290 290 277 228 180 113 58 275 265 233

Municipality of Anchorage Trust FundIM Emerging Markets Debt (MF)Peer Group Analysis

As of June 30, 2019


Page 39

Performance



QTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016 2015 2014

Manager 4.47 12.55 5.48 2.04 2.24 N/A -5.06 12.78 6.67 -7.73 -0.18

Benchmark 4.86 10.77 4.91 2.46 3.02 5.65 -5.15 12.74 10.16 -7.14 0.71Difference -0.39 1.78 0.57 -0.42 -0.78 N/A 0.09 0.04 -3.49 -0.59 -0.89

Peer Group Median 3.92 10.47 4.94 3.45 4.05 6.67 -5.91 10.49 10.42 -2.53 1.31Rank 24 3 33 75 80 N/A 37 22 90 84 66

Manager Benchmark S&P 500 Idx B US Agg B Idx


ActualCorrelation

BlueBay EMD Custom Index 0.97S&P 500 Index (Cap Wtd) 0.41Russell 2000 Index 0.22MSCI ACW Ex US Index (USD) (Net) 0.71MSCI Emg Mkts Index (USD) (Net) 0.76Bloomberg US Agg Bond Index 0.54Bloomberg US Trsy US TIPS Index 0.63Wilshire US REIT Index 0.45HFN FOF Multi-Strat Index (Net) 0.37Bloomberg Cmdty Index (TR) 0.36ICE BofAML 3 Mo US T-Bill Index 0.14Cons Price Index (Unadjusted) 0.05

RBC BlueBay EM Debt;I (RBESX) As of June 30, 2019Benchmark: BlueBay EMD Custom IndexManager:

IM Emerging Markets Debt (MF)Peer Group:

Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. The BlueBay EMD Custom Index consists of 50% JPM EMBI Gbl Dvf'd TR Index (USD) and 50% JPM GBI-EM Gbl Dvf'd TR Index (USD)(Unhedged).

Page 40

Ret

urn

(%)

QTD CYTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016

RBC BlueBay EM Debt;I (RBESX) 4.47 (24) 11.50 (16) 12.55 (3) 5.48 (33) 2.04 (75) 2.24 (80) N/A -5.06 (37) 12.78 (22) 6.67 (90)BlueBay EMD Custom Index 4.86 (10) 10.03 (56) 10.77 (42) 4.91 (52) 2.46 (72) 3.02 (70) 5.65 (75) -5.15 (39) 12.74 (22) 10.16 (55)

5th Percentile 5.19 12.27 12.30 7.28 4.83 5.54 8.12 -1.82 14.25 14.961st Quartile 4.42 11.05 11.19 5.69 4.15 4.69 7.26 -4.27 12.52 13.09Median 3.92 10.20 10.47 4.94 3.45 4.05 6.67 -5.91 10.49 10.423rd Quartile 3.51 9.17 9.35 4.22 2.02 2.61 5.64 -7.08 9.02 8.8895th Percentile 2.49 7.53 5.96 2.77 -1.48 -1.66 1.91 -8.99 6.67 5.57

Population 290 290 277 228 180 113 58 275 265 233

Municipality of Anchorage Trust FundIM Emerging Markets Debt (MF)Peer Group Analysis

As of June 30, 2019


Page 41

Performance



QTD1

Year3

Years5

Years7

Years10

Years2018 2017 2016 2015 2014

Manager -3.70 0.04 4.40 7.26 8.07 8.30 6.99 6.30 7.21 12.94 11.69

Benchmark 1.00 6.41 7.57 9.76 10.52 9.88 8.35 7.62 8.77 15.02 12.50Difference -4.70 -6.37 -3.17 -2.50 -2.45 -1.58 -1.36 -1.32 -1.56 -2.08 -0.81

Manager BenchmarkS&P 500 Index

(Cap Wtd)Bloomberg US

Agg Bond Index


ActualCorrelation

NCREIF ODCE Index (AWA) (Gross) 0.89S&P 500 Index (Cap Wtd) -0.29Russell 2000 Index -0.24MSCI EAFE Index (USD) (Net) -0.30MSCI Emg Mkts Index (USD) (Net) -0.32Bloomberg US Agg Bond Index -0.16Bloomberg US Trsy US TIPS Index -0.14Wilshire US REIT Index -0.36HFRI FOF Comp Index -0.28Bloomberg Cmdty Index (TR) -0.18ICE BofAML 3 Mo US T-Bill Index -0.40Cons Price Index (Unadjusted) -0.01

Ret

urn

(%)

UBS Trumbull Property (CF) As of June 30, 2019Benchmark: NCREIF ODCE Index (AWA) (Gross)Manager:

Page 42

Performance shown is gross of fees and product specific. Calculation is based on quarterly periodicity. Investment profile data shown is provided by the investment manager and is as of the most recently available quarter end. Allocation data shown is based on NAV. Benchmark allocation to “Other” consists of entertainment (theaters, golf courses, bowling alleys), healthcare (hospitals, clinics), manufactured homes, parking lots, self-storage units, senior living, and undeveloped land.

Investment Strategy Investment Profile

Property Type Allocation (%)

Geographic Allocation (%)

The Fund pursues a diversified core real estate strategy that seeks toproduce attractive risk-adjusted returns by focusing on selective acquisitions,diversification, active portfolio management, and asset management. TheFund invests in well-leased, stabilized assets in major US metropolitanmarkets and receives the majority of its return from the income component.Diversification for the Fund is consistently pursued on many levels, includinggeographic region, property type, and economic sector. The Fund hashistorically maintained a leverage ratio significantly lower than the NCREIFODCE Index and invests 5-15% of its gross assets in value-added type realestate investment opportunities.

Fund Inception 1978Legal Structure LPFund Structure Open-EndGross Real Estate Assets ($M) 21,924Fund Leverage % 18.10Portfolio Occupancy % 93.10Cash Reserve % 2.20Number of Investments 196Number of Limited Partners 444

UBS Trumbull Property (CF) As of June 30, 2019Benchmark: NCREIF ODCE Index (AWA) (Gross)Manager:

Page 43

Growth of $100


Vanguard Instl Indx;Inst (VINIX) 50/50 AB Value/SS Growth

99.00

103.00

107.00

111.00

115.00

119.00

123.00

127.00

5/17 8/17 11/17 2/18 5/18 8/18 11/18 2/19 5/19 6/19

Jun-2017To

Jun-2019

1Year

3Years

5Years

10Years

Vanguard Instl Indx;Inst (VINIX) 12.16 10.39 14.15 10.68 14.68


50/50 AB Value/SS Growth 10.57 6.60 13.46 9.39 13.66


Municipality of Anchorage Trust FundDomestic Large Cap Equity Transition

As of June 30, 2019


Page 44

Growth of $100


BlackRock:Adv SC Cr;Inst (BDSIX) LKCM:Small Cap Eq;Inst (LKSCX) Russell 2000 Index

88.00

96.00

104.00

112.00

120.00

128.00

136.00

144.00

152.00

11/16 2/17 5/17 8/17 11/17 2/18 5/18 8/18 11/18 2/19 6/19

Dec-2016To

Jun-2019

1Year

3Years

5Years

10Years

BlackRock:Adv SC Cr;Inst (BDSIX) 8.82 -1.00 13.28 7.58 N/A

Russell 2000 Index 8.24 -3.31 12.30 7.06 13.45Difference 0.58 2.31 0.98 0.52 N/A

LKCM:Small Cap Eq;Inst (LKSCX) 11.59 1.92 12.75 5.82 12.75

Russell 2500 Grth Index 15.15 6.13 16.14 9.98 15.67Difference -3.56 -4.21 -3.39 -4.16 -2.92

Municipality of Anchorage Trust FundDomestic Small Cap Equity Transition

As of June 30, 2019


Page 45

Fee Schedule

Market ValueAs of

06/30/2019($)

EstimatedAnnual Fee

($)

EstimatedAnnual Fee

(%)

Total Fund 161,697,484 628,248 0.39

Vanguard Instl Indx;Inst (VINIX) 0.04 % of Assets 47,819,250 16,737 0.04

Vanguard Md-Cp I;Adm (VIMAX) 0.05 % of Assets 4,321,463 2,161 0.05

BlackRock:Adv SC Cr;Inst (BDSIX) 0.50 % of Assets 4,346,217 21,731 0.50

TIF:Internatl Equity;Prm (TFEQX) 0.80 % of Assets 20,310,247 162,482 0.80

American Funds EuPc;F3 (FEUPX) 0.49 % of Assets 20,351,256 99,721 0.49

FIAM Core Plus LLC (CF) 0.25 % of First $50 M0.22 % of Next $50 M0.20 % of Next $100 M0.17 % Thereafter

19,446,151 48,615 0.25

Garcia Hamilton Core Agg (SA) 0.25 % of Assets 19,515,058 48,788 0.25

Western Asset Floating Rate High Income (CF) 0.45 % of First $100 M0.30 % Thereafter

4,889,133 22,001 0.45

Ashmore:EMs Tot Rtn;Inst (EMKIX) 1.02 % of Assets 4,135,057 42,178 1.02

RBC BlueBay EM Debt;I (RBESX) 0.88 % of Assets 4,132,132 36,363 0.88

UBS Trumbull Property (CF) 1.03 % of Assets 12,413,251 127,472 1.03

Mutual Fund fees are sourced from Morningstar and/or the investment manager.Vanguard Instl Indx;Inst (VINIX) fee is .035%.

UBS Trumbull Property (CF) - 0.955% on first $10M, 0.825% on next $15M, 0.805% on next $25M, 0.79% on next $50M,0.67% on next $150M, and 0.60% thereafter. An incentive fee, up to 0.25%, is calculatedquarterly based on trailing 12-month performance.


Municipality of Anchorage Trust FundFee Addendum

As of June 30, 2019

Page 47

Performance Related CommentsPerformance shown is net of fees, unless otherwise noted.Inception dates shown reflect the first full month of client specific performance.RVK began monitoring the assets of the Municipality of Anchorage as of 01/01/2016. Prior historical data was provided by theprevious investment consultant.

Custom Index Comments

The Target Allocation Index is calculated monthly and consists of 35% Russell 3000 Index, 25% MSCI ACW Ex US Index (USD)(Net), 24% Bloomberg US Agg Bond Index, 3% S&P/LSTA Performing Loans Index, 5% EMD Blended Index and 8% NCREIF-ODCE Index (AWA) (Net).The Vanguard Spl Mid Cap Index consists of the S&P MidCap 400 Index (Cap Wtd) through 5/16/2003; MSCI US Mid Cap 450Index through 1/30/2013; and CRSP US Mid Cap Index thereafter.The Small Cap Custom Index consists of the Russell 2000 Index through 06/2006, the Russell 2000 Growth Index through 11/2016,and the Russell 2000 Index thereafter.The EMD Blended Index is calculated monthly using beginning of month investment weights applied to each corresponding primarybenchmark return.The Ashmore Custom Index consists of 50% JPM EMBI Gbl Dvf'd TR Index (USD), 25% JPM GBI-EM Gbl Dvf'd TR Index (USD)(Unhedged), and 25% JPM ELM+ Index (LC).The BlueBay Custom Index consists of 50% JPM EMBI Gbl Dvf'd TR Index (USD) and 50% JPM GBI-EM Gbl Dvf'd TR Index (USD)(Unhedged).

Fee SchedulesUBS Trumbull Property (CF) - 0.955% on first $10M, 0.825% on next $15M, 0.805% on next $25M, 0.79% on next $50M,

0.67% on next $150M, and 0.60% thereafter. An incentive fee, up to 0.25%, is calculatedquarterly based on trailing 12-month performance.


Municipality of Anchorage Trust FundAddendum

As of June 30, 2019

Page 48

Glossary

Active Return - The difference between the investment manager/composite performance relative to the performance of an appropriate market benchmark.

Active Share - Measures the degree to which the holdings of a fund differ from the holdings of the benchmark. Active share is calculated by taking the sum of the absolute value of the differences of the weight of each holding in the fund versus the weight of each holding in the benchmark and dividing by two.

Alpha - A measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measured by beta. It is a measure of the portfolio's historical performance not explained by movements of the market or a portfolio's non-systematic return.

Alpha Ratio - A measure of a portfolio's non-systematic return per unit of downside risk. It is measured by dividing the alpha of a portfolio by the downside risk. The non-systematic return is a measure of a portfolio's historical performance not explained by movements of the market.

Average Quality - Bond quality ratings are reported using the investment managers' and the index providers' preferred rating agency. Average Quality for managers unable to provide this statistic is instead provided by Morningstar; if unavailable on Morningstar, it has been estimated using a credit quality distribution provided by the manager. There are two primary rating agencies in the US. Moody's assigns ratings on a system that employs up to four symbols (consisting of letters and numbers) such as, Aaa, Aa2, etc., with Aaa being the highest or safest rating. Standard & Poor's (S&P) employs a system that uses + and - along with letters such as AAA, AA+, etc. The two rating agencies' systems are summarized below:

S&P Moody’s Explanation S&P Moody’s Explanation

Higher Credit Quality – Investment Grade Lower Credit Quality – Below Investment GradeAAA Aaa Prime/Highest credit quality BB+ Ba1 Speculative/Low credit qualityAA+ Aa1 High credit quality BB Ba2AA Aa2 BB- Ba3AA- Aa3 B+ B1 Highly speculativeA+ A1 Upper-medium credit quality B B2A A2 B- B3A- A3 CCC+ Caa1 Substantial credit/default riskBBB+ Baa1 Lower-medium credit quality CCC Caa2 Extremely speculativeBBB Baa2 CCC- Caa3BBB- Baa3 CC Ca Vulnerable to default

C CaD C In default

Benchmark Effect - The difference between the blended return of each respective managers’ benchmark within a composite and the composite’s benchmark return.

Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of a portfolio's non-diversifiable or systematic risk.

Box Plots - A graphical representation of the distribution of observations. From top to bottom, the four boxes represent the spread between the maximum value and the minimum value in each quartile. A quartile represents the values that divide the observations into four quarters (i.e., 1st quartile, 2nd quartile, 3rd quartile, and 4th quartile). The median observation is where the 2nd quartile and 3rd quartile meet.

Buy and Hold Attribution - At the beginning of the time period under analysis, the manager and benchmark portfolios are broken down into segments (i.e., styles, sectors, countries, and regions) based on the desired type of attribution. The formula assumes zero turn-over to the manager and benchmark portfolios throughout the period and calculates the segment returns ("buy and hold returns") to arrive at performance attribution. Due to portfolio turnover, buy and hold attribution may not accurately represent quarterly performance relative to the benchmark. Country, region, sector, and style allocations are as of the date one quarter prior to the reporting date, and the returns shown are for those segments throughout the quarter reported. Due to disclosure guidelines set by each investment manager, equity characteristics shown are as of the most recent date available. The following is the methodology for segment classification:

Sector - Attribution is calculated using the Global Industry Classification Standard (GICS) which is a detailed and comprehensive structure for sector and industry analysis. Stocks are classified by their primary sector, as defined by S&P Capital IQ data.Country/Region - Attribution is calculated using the Morgan Stanley Capital International (MSCI) region standards. Stocks are classified by their domicile country/region, as defined by S&P Capital IQ data. Style - Stocks are classified into the following style boxes: large/mid/small vs. growth/neutral/value. Stocks are classified along large/mid/small categories at the time of the Russell index rebalancing, using the index market cap boundaries as cutoff points. Stocks are classified along growth/neutral/value categories at the time of the Russell index rebalancing, using the price/book ratio as supplied by S&P Capital IQ. Stocks in the Russell 3000 Index portfolio are sorted by price/book ratio; names with the highest price/book ratio that make up 1/3 of the total market capitalization are assigned to the growth category, names that make up the subsequent 1/3 of the total market capitalization are assigned to the neutral category, while the balance of the names are assigned to the value category.

Portfolio Characteristics and Buy and Hold Attribution reports utilize product-specific data for all mutual funds and commingled funds.

Capital Markets Review -Breakeven Inflation - Measures the expected inflation rate at each stated maturity by taking the difference between the real yield of the inflation-linked maturity curve and the yield of the closest nominal Treasury maturity.Consumer Confidence - Measures domestic consumer confidence as defined by the degree of optimism on the state of the economy that consumers express through saving and spending.Consumer Price Index (CPI) - Measures the change in the price level of consumer goods and services.Federal Funds Rate - The interest rate at which a depository institution lends funds maintained at the Federal Reserve to another depository institution overnight. It is one of the most influential interest rates in the US economy, since it affects monetary and financial conditions, which in turn have a bearing on key aspects of the broad economy including employment, growth and inflation.Option-Adjusted Spread - Measures the flat spread of an index or bond to the Treasury yield curve after removing the effect of any embedded options.

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Glossary

Purchasing Managers Index (PMI) - Measures economic activity by surveying purchasing managers on a monthly basis as to whether business conditions have improved, worsened, or stayed the same.Real Gross Domestic Product (Real GDP) - An inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year.US Dollar Total Weighted Index - Measures the value of the US Dollar relative to a basket of other world currencies. It is calculated as the weighted geometric mean of the dollar's value versus the EUR, GBP, CAD, SEK, CHF, and JPY.Unemployment Rate - The percentage of the total labor force that is unemployed but actively seeking employment.VIX - Measures the implied volatility of S&P 500 Index options by looking at the market's expectation of the S&P 500 Index volatility over the next 30 day period. Commonly referred to as the "fear index" or the "fear gauge."

Cash Flow Effect – The composite’s active return minus the sum of each managers’ active return minus the benchmark effect.

Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. The higher the consistency figure, the more value a manager has contributed to the product's performance.

Convexity - A measure of the shape of the curve that describes the relationship between bond prices and bond yields.

Correlation - A statistical measure of the relationship between asset class returns. A value of 1.00 is a perfect correlation; that is, the asset classes always move in the same direction. A value of -1.00 indicates a perfect negative correlation, in which the asset classes always move in opposite directions of each other. A value of 0 indicates there is no relationship between the direction of returns of the two asset classes. Correlation calculations only consider the direction of changes relative to two variables and not the magnitude of those changes.

Coupon Rate - The percentage rate of interest paid on a bond or fixed income security; it is typically paid twice per year.

Current Yield - The annual income of a security divided by the security's current price.

Down Market Capture - Down market by definition is negative benchmark return and down market capture represents the ratio in % terms of the average portfolios return over the benchmark during the down market period. The lower the value of the down market capture the better the product's performance.

Downside Risk - A measure similar to standard deviation, but focuses only on the negative movements of the return series. It is calculated by taking the standard deviation of the negative monthly returns. The higher the factor, the riskier the product.

Earnings Per Share - It is backward looking, calculated using the one year current EPS divided by the one year EPS five years ago.

Effective Duration - The approximate percentage change in a bond's price for a 100 basis point change in yield.

Excess Return vs. Market - Average of the monthly arithmetic difference between the manager's return and the benchmark return over a specified time period, shown on an annualized basis.

Excess Return vs. Risk Free - Average of the monthly arithmetic difference between the manager's return and the risk-free return (i.e., ICE BofAML 3 Mo US T-Bill Index unless specified otherwise) over a specified time period, shown on an annualized basis.

Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk free return.

Expense Ratios - Morningstar is the source for mutual fund expense ratios.

Gain/Loss - The net increase or decrease in the market value of a portfolio excluding its Net Cash Flow for a given period.

Indices - All indices and related information are considered intellectual property and are licensed by each index provider. The indices may not be copied, used or distributed without the index provider's prior written approval. Index providers make no warranties and bear no liability with respect to the indices, any related data, their quality, accuracy, suitability and/or completeness.

Information Ratio - Measured by dividing the active rate of return by the tracking error. The higher the information ratio, the more value-added contribution by the manager.

Liability Driven Investing (LDI) - A method to optimally structure asset investments relative to liabilities. The change in liabilities is estimated by the Ryan Labs Generic PPA Index of appropriate duration for that Plan. This benchmark is based on generic data and is therefore an approximation. RVK is not an actuarial firm, and does not have actuarial expertise.

Estimated Funded Status - The estimated ratio of a Plan's assets relative to its future liabilities. This is calculated by dividing the Plan's asset market value by the estimated present value of its liabilities. The higher the estimated funded status, the better the Plan's ability to cover its projected benefit obligations. An estimated funded status of 100% indicates a Plan that is fully funded.Estimated PV of Liabilities - An estimate of a Plan's future liabilities in present value terms. The beginning of the period liability is provided by the Plan's actuary. The period-end present value liability estimate provided in this report is derived by applying the estimated percentage change generated using the Ryan Labs Generic PPA Index with duration similar to that reported on the most recent actuarial valuation report.Duration of Liabilities - The sensitivity of the value of a Plan's liabilities to changes in interest rates, as calculated by the Plan's actuary.Duration of Assets - The dollar-weighted average duration of all the individual Plan assets.Estimated Plan Hedge Ratio - The estimate of how well a Plan's investment portfolio is hedged against changes in interest rates - a primary driver of funded status movements. This is calculated by dividing the dollar-weighted values of both the Plan asset duration by the liability duration and multiplying by the estimated funded status. An estimated plan hedge ratio of zero indicates that the Plan's liabilities have not been hedged, whereas a value of one indicates fully hedged.

Modified Duration - The approximate percentage change in a bond's price for a 100 basis point change in yield, assuming the bonds’ expected cash flows do not change.

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Glossary

Mutual Fund Performance - Whenever possible, manager performance is extended for any share class that does not have 10 years of history. Using Morningstar’s methodology, a single ticker within the same fund family (often the oldest share class) is chosen to append historical performance.

Net Cash Flow - The sum, in dollars, of a portfolio's contributions and withdrawals. This includes all management fees and expenses only when performance shown is gross of fees.

Peer Groups -Plan Sponsor Peer Groups - RVK utilizes the Mellon Analytical Solutions Trust Universe along with the Investment Metrics Plan Sponsor Universe. The combined Mellon Analytical Solutions Trust Universe and Investment Metrics Plan Sponsor Universe is used for comparison of total fund composite results and utilizes actual client performance compiled from consultant and custodian data. The Plan Sponsor Peer Group database includes performance and other quantitative data for over 2,100 plans which include corporate, endowment, foundation, public, and Taft Hartley plans. Plan Sponsor Peer Groups are gross of fees.Investment Manager Peer Groups - RVK utilizes Investment Metrics’ Peer Groups for investment manager peer comparison and ranking. The Investment Metrics Peer Group database includes performance and other quantitative data for over 840 investment management firms and 29,000 investments products, across more than 160 standard peer groups. Mutual Fund Peer Groups are net of fees. For more information on Peer Groups, visit https://www.invmetrics.com/style-peer-groups.

Percentile Rankings - Percentile rank compares an individual fund's performance with those of other funds within a defined peer group of managers possessing a similar investment style. Percentile rank identifies the percentage of a fund's peer group that has a higher return (or other comparative measurement) than the fund being ranked. Conversely, 100 minus the individual fund's ranking will identify the percentage of funds within the peer group that have a lower return than the fund being ranked.

1 - Highest Statistical Value 100 - Lowest Statistical Value

Example: American Funds AMCP;R-4 (RAFEX) is ranked in the 4th percentile within the IM US Equity Large-Cap Growth Funds (MF) Peer Group for the Sharpe Ratio. Within the IM US Equity Large-Cap Growth Funds peer group, 4% of the other funds performed better than American Funds AMCP;R-4 (RAFEX), while 96% of the funds performed worse.

Performance Methodology - RVK calculates performance for investment managers and composites using different methodologies. Investment Managers - Performance is calculated for interim periods between all large external cash flows for a given month and geometrically linked to calculate period returns. An external cash flow is defined as cash, securities, or assets that enter or exit a portfolio. RVK defines a "large cash flow" as a net aggregate cash flow of ≥10% of the beginning-period portfolio market value or any cash flow that causes RVK calculated performance to deviate from manager/custodian reported performance in excess of 5 basis points for a given month.Composites - The Modified Dietz methodology is utilized to calculate asset class, sub-asset class, and total fund composite performance. The Modified Dietz method calculates a time-weighted total rate of return that considers the timing of external cash flows; however, it does not utilize interim period performance to mitigate the impact of significant cash in- and outflows to the composite.

RVK calculates performance beginning with the first full month following inception. Since inception performance may vary from manager reported performance due to RVK using the first full month of returns as the inception date. Performance for both managers and composites is annualized for periods greater than one year.

Portfolio Characteristics - Due to disclosure guidelines set by each investment manager, portfolio characteristics shown are as of the most recent date available.

Price to Earnings Ratio - The ratio of a company’s share price to its per-share earnings

Private Equity Quartile Ranks - Private Equity quartile ranks are generated using vintage year peer group data provided by Thomson Reuters, and are based on each fund’s annualized, since inception internal rate of return (IRR). Three Private Equity peer groups are available via Thomson Reuters: Buyout, Venture, and All Private Equity. Ranks are available quarterly, at a one-quarter lag. Return - Compounded rate of return for the period.

% Return - The time-weighted rate of return of a portfolio for a given period.

R-Squared - The percentage of a portfolio's performance explained by the behavior of the appropriate benchmark. High R-Squared means a higher correlation of the portfolio's performance to the appropriate benchmark.

Risk Free Benchmark – ICE BofAML 3 Mo US T-Bill Index unless specified otherwise.

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Glossary

RVK Liquidity Rating - A qualitative method for determining the relative amount of liquidity in a portfolio. The characteristics considered when determining relative liquidity include trading volume, gates for redemption, leverage, nature of transactions, and pricing mechanisms. The RVK Liquidity Rating is calculated using beginning of month investment weights applied to each corresponding asset class liquidity rating.

Asset Class RVK Liquidity Rating Asset Class RVK Liquidity Rating

Liquid Investments Less Liquid Investments

T-Bills and Treasurys 100 Fixed Income Plus Sector 50Cash Equivalents 98 Bank Loans 50TIPS 95 Stable Value (Plan Sponsor Directed) 50US Large Cap Equity 95 Absolute Return Strategies 35Diversified Real Return 93Stable Value (Participant Directed) 91Non-US Large Cap Equity 90 Not Liquid InvestmentsGlobal Tactical Asset Allocation 88 Core Real Estate 25US Small Cap Equity 85 Core Plus Real Estate 15REITS 85 Non-Core Real Estate 5Non-US Small Cap Equity 85 Private Equity Funds of Funds 5Emerging Markets Equity 85Core Fixed Income 85Core Plus Fixed Income 80

Sector Allocation - Negative fixed income sector allocation reflects manager’s use of derivatives, short selling, or interest rate swaps.

Sharpe Ratio - Represents the excess rate of return over the risk-free return (i.e., ICE BofAML 3 Mo US T-Bill Index unless specified otherwise), divided by the standard deviation of the excess return to the risk free asset. The result is the absolute rate of return per unit of risk. The higher the value, the better the product's historical risk-adjusted performance.

Simple Alpha - The difference between the manager's return and the benchmark's return.

Spread Duration - The approximate percentage change in a bond's price for a 100 basis point change in its spread over a Treasury of the same maturity.

Standard Deviation - A statistical measure of the range of a portfolio's performance. The variability of a return around its average return over a specified time period.

Time Period Abbreviations - QTD - Quarter-to-Date. CYTD - Calendar Year-to-Date. FYTD - Fiscal Year-to-Date. YOY - Year Over Year.

Thematic Classification - Represents dedicated manager allocations; as such, thematic allocations are approximations. RVK categorizes the following asset classes as Alpha, Capital Appreciation, Capital Preservation, and Inflation:

Alpha Capital Appreciation Capital Preservation InflationAbsolute Return Strategies Public Equity Core Fixed Income TIPSCurrency Overlay Private Equity CMBS Fixed Income Bank Loans

Preferred Securities Asset Backed Fixed Income Core Real EstateHigh Yield Domestic Core Plus Fixed Income Real ReturnConvertible Fixed Income Mortgage Backed Fixed Income Inflation HedgesTALF Funds International Developed Fixed Income REITSDistressed Debt Cash Equivalents CommoditiesEmerging Market Fixed Income Stable ValueValue Added Real EstateOpportunistic Real Estate

Total Fund Attribution – The Investment Decision Process (IDP) model provides an approach to evaluating investment performance that applies to all asset classes and investment styles. The IDP model is based on a top-down hierarchy framework of investment decisions, with each decision contributing to the overall profit or loss. The IDP approach starts from the strategic asset allocation and follows the flow of the investments down to the manager’s skill.

Strategic Asset Allocation (SAA) – The percentage return gained or lost from the long-term strategic asset allocation decision, the most significant determinant of long-term performance. SAA is the product of the target asset allocation multiplied by the corresponding benchmark returns. Tactical Asset Allocation (TAA) – The percentage return gained or lost from not having been precisely allocated at the target asset allocation mix, whether by deviations that are tactical in nature or a by-product of moving towards the target mix. TAA is the product of the actual asset allocation multiplied by the broad asset class benchmarks, less the SAA. Style Selection (SS) – The percentage return gained or lost from intentional style biases within each asset class (e.g. value rather than core or overweight to emerging markets relative to benchmark). SS is the product of the actual manager allocation within each asset class multiplied by their specific benchmark, less TAA. Manager’s Skill (MS) – The percentage return gained or lost from manager value added relative to their specific benchmark. MS is the product of the actual manager allocation multiplied by their achieved excess return.

Total Fund Beta - Total Fund Beta is calculated using the S&P 500 as the benchmark. It represents a measure of the sensitivity of the total fund to movements in the S&P 500 and is a measure of the Total Fund's non-diversifiable or systematic risk.

Tracking Error - A measure of the standard deviation of a portfolio's performance relative to the performance of an appropriate market benchmark.

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Glossary

Treynor Ratio - Similar to Sharpe ratio, but focuses on beta rather than excess risk (standard deviation). Treynor ratio represents the excess rate of return over the risk-free rate (i.e., ICE BofAML 3 Mo US T-Bill Index unless specified otherwise) divided by the beta. The result is the absolute rate of return per unit of risk. The higher the value, the better historical risk-adjusted performance.

Unit Value - The dollar value of a portfolio, assuming an initial nominal investment of $100, growing at the compounded rate of %Return for a given period.

Up Market Capture - Up market by definition is positive benchmark return and up market capture represents the ratio in % terms of the average portfolios return over the benchmark during the up market period. The higher the value of the up market capture the better the product's performance.

Yield to Maturity - The rate of return achieved on a bond or other fixed income security assuming the security is bought and held to maturity and that the coupon interest paid over the life of the bond will be reinvested at the same rate of return. The 30-Day SEC Yield is similar to the Yield to Maturity and is reported for mutual funds.

Yield to Worst - The bond yield calculated by using the worst possible yield taking into consideration all call, put, and optional sink dates.

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Disclaimer of Warranties and Limitation of Liability - This document was prepared by RVK, Inc. (RVK) and

may include information and data from some or all of the following sources: client staff; custodian banks;

investment managers; specialty investment consultants; actuaries; plan administrators/record-keepers;

index providers; as well as other third-party sources as directed by the client or as we believe

necessary or appropriate. RVK has taken reasonable care to ensure the accuracy of the

information or data, but makes no warranties and disclaims responsibility for the accuracy or

completeness of information or data provided or methodologies employed by any external

source. This document is provided for the client’s internal use only and does not

constitute a recommendation by RVK or an offer of, or a solicitation for, any

particular security and it is not intended to convey any guarantees as to

the future performance of the investment products, asset classes,

or capital markets.

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