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HomeMy Public PortalAbout2019 3rd Quarter ReportVisit the Retirement and Investments Thought Leadership Site (https://retirement-investment-insights.aon.com); sharing our best thinking. Metropolitan St. Louis Sewer District Pension Plan | Third Quarter 2019 Quarterly Investment Review Executive Summary Page 1 Total Plan Page 7 Total Domestic Equity Page 19 Total International Equity Page 33 Total Fixed Income Page 45 Real Estate Page 59 Market Environment Page 63 Appendix Page 77 Disclaimers and Notes Page 87 Table Of Contents Executive Summary Page 1 Aon Happenings 2019 Global Perspectives on Responsible Investing Aon’s survey polled 229 global investors and found an increase in the importance of responsible investing (RI) to institutional investors across geographies, investor types, and firm sizes. Learn more: https://www.aon.com/2019-global-perspectives- responsible-investing-growth-and-evolution/index.html Did you know? In 2018, Aon invested more than $10.5 million in more than 1,900 nonprofit organizations through the Aon Foundation and direct contributions to nonprofits. We invest in educational programs that make a marked difference in the academic achievement of young people, as well as in organizations that help develop our future workforce. We also support organizations that focus on improving the health and vitality of both individuals and our communities at large, such as: American Cancer Society American Heart Association American Red Cross Habitat for Humanity United Way Recap of Aon’s 2019 Retirement & Investment Client Conference Thank you to those who joined us at Aon’s Retirement & Investment Client Conference on September 25-26, 2019 in Chicago. Please reach out to your investment consultant for event presentations or to discuss any of the topics covered. We have created a post-conference summary with session highlights for those who were unable to attend: https://retirement-investment-insights.aon.com/retirement-investment- insights/aon-2019-retirement-and-investment-client-conference-article Aon’s Kristen Doyle honored by Women Investment Professionals* Congratulations to Kristen Doyle for being named the 2019 Distinguished Woman Investment Professional of the Ye ar by Women Investment Professionals as mentioned here in P&I: https://www.pionline.com/awards/aons-kristen-doyle-be-honored-women- investment-professionals Aon’s CEO Greg Case was part of the Vatican energy summit in June Leaders convened to address the impact of climate change and to consider an energy transition and what it would mean for businesses, governments and communities across the world. At the conclusion of the event, most attendees signed two statements: one supporting carbon pricing and the other encouraging company disclosure on the energy transition and how it is being handled. *On an annual basis the Women Investment Professionals (WIP) recognizes an outstanding woman in the investment industry who, over a distinguished career and through her personal conduct, commitment and activities, has exemplified her support for the advancement of women within the industry and her community. Kristen Doyle was named the 2019 Distinguished Woman Investment Professional of the Year. Selection criteria for this award includes nominees with 1 )exceptional leadership qualities as a proven leader in the investment industry 2) exemplifies integrity, collaboration, and concern for others, and 3) acts as a strong supporter of women in the institutional investment industry consistent with the mission of the WIP. Kristen’s receipt of this award is no way indicative of any individual client or investor’s experience with Kristen or her future performance. No fees were paid to be on this list or included as a nominee. The universe of individuals considered for this award generally are members of WIP. This site contains information that has been created, published, maintained or otherwise posted by institutions or organizations independent of AHIC. AHIC does not endorse, approve, certify or control these websites and does not assume responsibility for the accuracy, completeness or timeliness of the information located there. Page 2 Thought Leadership Highlights Current Topics of Interest and Events Webinar: Global Perspectives on Real Estate Investing and Townsend View of the World Replay Webinar: Global DC and Financial Wellbeing Employee Survey Replay Highlights from Aon’s 2019 Retirement and Investment Client Conference Link Newsletters: Pathways Newsletter for Retirement Plans | CIO Insights | Connections Newsletter for Non-Profits | Legal Consulting and Compliance Newsletter White Papers All Investors: Asset Allocation View -It is time to get anxious about the US fiscal black hole Link All Investors: Townsend View of the World (for real assets)Link All Investors: Cyber Risk Exposure from Third-party Asset Managers Link All Investors: Global Perspectives on Responsible Investing Link All Investors: Bank Capital Relief Link All Investors: Asset Allocation View -Why have global bond yields fallen so much?Link Retirement Plans: The Real Deal -Impact of Investment on Retirement Income Adequacy Link All Investors ex-DC: When Opportunity Knocks Again: Ideas for Incorporating Opportunistic Flexibility Into Asset Allocation Link All Investors ex-DC: Update from Hedge Fund Land Link All Investors ex-DC: The Limitations of Long/Short Equity Funds Link All Investors ex-DC: Case Study: Custodian Review Drives Lower Fees for More Services Link DC: Case Study: Improving DC Participant Experience Link DC: Government, Education, and Utility Sectors Could be fit for an ‘Aggressive’ Target Date Fund Glide Path Link DC: How to Offer 403(b) Participants a Secure Retirement Income Link DC: Living the Dream: Aon DC and Financial Wellbeing Employee Survey 2018 Link DC: Why Target Date Funds Should be Lower Risk for Populations without Defined Benefit Plans Link Private DB: Retiree Lump Sum Windows Back on the Table -Navigating Risk Management Options (webinar replay)Link Thought Leadership Hub https://retirement-investment-insights.aon.com/ Opinions,estimates,forecasts,and statements on financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice.The views and strategies described may not be suitable for all investors.References to specific securities,asset classes,and financial markets are for illustrative purposes only and are not intended to be,and should not be interpreted as,recommendations.Page 3 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Market Highlights 10.8% 8.2% 3.3%2.3%3.4% 6.7%6.9%5.4% -7.2% 13.2% 11.2% 4.9%3.4%3.7% 6.9%7.8%7.9% -4.3% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg Bar clays U.S. Aggreg ate Bloomberg Bar clays U.S. Long Gov't Bloomberg Bar clays U.S. Long Credit Bloomberg Barclays U.S. High Yield Bloomberg Commodi ty Index LONG TERM ANNUALIZED RET URNS AS OF 09/30/2019 Five-Year Ten-Year Sour ce:Ru ssell, MSCI, Bloomberg Bar clay s, B loomberg 1.7% -2.4%-1.1% -4.2% 2.3% 7.8%5.6% 1.3% -1.8% 4.3% -8.9% -1.3%-2.0% 10.3% 24.6% 19.9% 6.4% -6.6% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg Barcla ys U.S. Aggr eg ate Bloomber g Barclays U.S. Long Gov't Bloomberg Barcla ys U.S. Long Credit Bloomber g Barclays U.S. High Yield Bloomberg Commodi ty Index SHORT TERM RET URNS AS OF 09/30/2019 Third Quar ter 2019 One-Year Source:Ru ssell, MSCI, Bloomberg Barclay s, B loomberg Page 4 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Market Highlights Third Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All Count ry World IMI -0.18%15.87%0.48%9.36%6.61%8.45% MSCI All Count ry World -0.03%16.20%1.38%9.71%6.65%8.35% Dow Jones U.S. Total Stock Market 1.14%20.05%2.81%12.78%10.40%13.09% Russell 3000 1.16%20.09%2.92%12.83%10.44%13.08% S&P 500 1.70%20.55%4.25%13.39%10.84%13.24% Russell 2000 -2.40%14.18%-8.89%8.23%8.19%11.19% MSCI All Count ry World ex-U.S. IMI -1.72%11.38%-1.84%6.10%3.05%4.66% MSCI All Count ry World ex-U.S.-1.80%11.56%-1.23%6.33%2.90%4.45% MSCI EAFE -1.07%12.80%-1.34%6.48%3.27%4.90% MSCI EAFE (Local Currency)1.75%15.67%1.56%8.30%6.02%7.04% MSCI Emerging Markets -4.25%5.89%-2.02%5.97%2.33%3.37% Fixed Income Bloomberg Barclays Global Aggregate 0.71%6.32%7.60%1.59%1.99%2.34% Bloomberg Barclays U.S. Aggregate 2.27%8.52%10.30%2.92%3.38%3.75% Bloomberg Barclays U.S. Long Gov't 7.83%19.61%24.58%4.11%6.73%6.86% Bloomberg Barclays U.S. Long Credit 5.62%21.92%19.91%6.46%6.90%7.78% Bloomberg Barclays U.S. Long Gov't/Credit 6.58%20.93%21.88%5.56%6.81%7.42% Bloomberg Barclays U.S. TIPS 1.35%7.58%7.13%2.21%2.45%3.46% Bloomberg Barclays U.S. High Yield 1.33%11.41%6.36%6.07%5.37%7.94% Bloomberg Barclays Global Treasury ex U.S.0.07%5.07%7.10%0.33%1.35%1.28% JP Morgan EMBI Global (Emerging Markets)1.34%12.08%10.74%3.84%5.10%6.51% Commodities Bloomberg Commodity Index -1.84%3.13%-6.57%-1.50%-7.18%-4.32% Goldman Sachs Commodity Index -4.18%8.61%-16.31%1.54%-11.74%-5.43% Hedge Funds HF RI Fund-Weighted Composite2 -0.39%6.81%0.40%3.78%2.90%3.97% HF RI Fund of Funds2 -0.90%5.21%0.01%3.16%1.95%2.67% Real Estate NAREIT U.S. Equity REITS 7.80%26.96%18.42%7.36%10.26%13.04% NCREIF NFI - ODCE 1.31%3.78%5.59%7.30%9.34%10.86% FTSE Global Core Infrastructur e Index 2.83%21.70%17.23%11.35%8.32%11.02% Private Equity Burgiss Private iQ Global Private Equity3 11.96%14.28%11.83%14.11% MSCI Indices show net total returns. All other indices show gross total returns. 1 Periods are annua lized. 2 Latest 5 months of HFR data are estimat ed by HFR and may change in the future. 3 Burgiss Private iQ Global Private Equity data is as at March 31, 2019 Returns of the Major Capital Markets Period Ending 09/30/2019 Page 5 This Page Left Blank Intentionally Page 6 Total Plan Page 7 Change in Market Value From July 1, 2019 to September 30, 2019 Summary of Cash Flow $0.0 $150.0 $300.0 $450.0 ($150.0)Millions ($)Beginning Market Value Net Additions / Withdrawals Investment Earnings Ending Market Value $284.5 ($4.8) $0.5 $280.2 1 Quarter Year To Date Total Pension Beginning Market Value 284,475,840 261,070,784 + Additions / Withdrawals -4,759,789 -7,689,778 + Investment Earnings 496,219 26,831,264 = Ending Market Value 280,212,270 280,212,270 Total Pension Total Plan Asset Summary As of September 30, 2019 Page 8 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 15 Years Total Pension Policy Benchmark 0.0 5.0 10.0 15.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 1/1/93 0.6 11.8 4.2 6.2 4.8 6.6 0.2 10.5 3.3 5.7 4.3 6.3 7.2 Total Pension Benchmark 0.96 0.99 1.02 1.05 1.08 9/04 3/06 9/07 3/09 9/10 3/12 9/13 3/15 9/16 3/18 9/19 0.99 Quarterly Out Performance Quarterly Under Performance 0.0% 0.7% 1.4% -0.7 % -1.4 % -2.1 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 Total Plan Performance Summary As of September 30, 2019Total Pension Page 9 Allocation Market Value ($) %Policy(%) Performance(%) 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Pension 280,212,270 100.0 100.0 0.2 (84)10.5 (88)3.3 (69)5.7 (93)4.3 (94)6.3 (92)7.2 (55)01/01/1993 Policy Benchmark 0.6 (60)11.8 (75)4.2 (40)6.2 (88)4.8 (89)6.6 (91) All Public Plans < $1B-Total Fund Median 0.8 13.0 3.9 7.6 6.0 7.8 7.3 Total Domestic Equity 96,189,415 34.3 0.1 (79)19.7 (39)1.6 (45)11.6 (65)9.5 (60)11.2 (56)09/01/2013 Russell 3000 Index 1.2 (27)20.1 (25)2.9 (25)12.8 (26)10.4 (25)12.1 (17) All Public Plans-US Equity Segment Median 0.8 19.2 1.5 11.9 9.8 11.4 Total Large-Cap Equity 69,289,097 24.7 25.0 1.4 (28)20.5 (30)3.8 (23)12.2 (34)10.0 (32)12.1 (47)9.1 (63)06/01/2003 Russell 1000 Index 1.4 (28)20.5 (30)3.9 (23)13.2 (26)10.6 (24)13.2 (24)9.5 (46) IM U.S. Equity (SA+CF) Median 0.3 18.1 -0.5 10.5 8.6 12.0 9.4 BlackRock Russell 1000 Index Fund Non-Lending 69,289,097 24.7 1.4 (28)20.5 (30)4.0 (22)11.3 (28)03/01/2017 Russell 1000 Index 1.4 (28)20.5 (30)3.9 (23)11.3 (28) IM U.S. Equity (SA+CF) Median 0.3 18.1 -0.5 8.1 Total Small-Cap Equity 26,900,318 9.6 10.0 -3.2 (86)17.7 (53)-4.1 (69)10.2 (53)8.3 (54)12.6 (35)10.8 (20)06/01/2003 Russell 2000 Index -2.4 (81)14.2 (79)-8.9 (85)8.2 (72)8.2 (55)11.2 (67)9.3 (54) IM U.S. Equity (SA+CF) Median 0.3 18.1 -0.5 10.5 8.6 12.0 9.4 Kennedy Mid Cap Value 14,118,791 5.0 1.0 (37)18.6 (47)-0.2 (49)8.6 (67)6.5 (78)12.0 (50)9.5 (30)02/01/2008 Russell Midcap Value Index 1.2 (33)19.5 (40)1.6 (39)7.8 (75)7.6 (65)12.3 (43)8.6 (48) IM U.S. Equity (SA+CF) Median 0.3 18.1 -0.5 10.5 8.6 12.0 8.5 TimesSquare Small Cap Growth 12,781,527 4.6 -7.5 (96)16.3 (63)-8.1 (84)11.4 (38)10.1 (28)13.0 (24)10.0 (8)02/01/2002 Russell 2000 Growth Index -4.2 (89)15.3 (68)-9.6 (88)9.8 (52)9.1 (40)12.2 (38)8.0 (39) IM U.S. Equity (MF) Median 0.4 18.1 0.1 10.0 8.3 11.5 7.6 Total International Equity 50,744,351 18.1 18.0 -1.8 (71)10.6 (82)-1.0 (49)5.1 (92)2.4 (92)3.7 (99)09/01/2013 MSCI AC World ex USA Index (Net)-1.8 (70)11.6 (78)-1.2 (59)6.3 (52)2.9 (81)4.3 (84) All Public Plans-Intl. Equity Segment Median -1.5 12.8 -1.0 6.4 3.6 5.0 Morgan Stanley International Equity 33,223,154 11.9 -1.7 (43)12.1 (42)-2.1 (53)5.7 (47)2.4 (62)4.9 (49)4.3 (71)04/01/2005 MSCI EAFE Index (Net)-1.1 (28)12.8 (36)-1.3 (46)6.5 (34)3.3 (45)4.9 (49)4.5 (67) IM International Equity (MF) Median -2.0 11.2 -1.8 5.6 3.0 4.8 5.1 Morgan Stanley Emerging Markets Fund 17,521,197 6.3 -2.1 (22)7.5 (57)0.8 (46)3.4 (77)1.5 (59)3.1 (52)6.3 (54)04/01/2005 MSCI Emerging Markets Index (Net)-4.2 (67)5.9 (69)-2.0 (72)6.0 (37)2.3 (42)3.4 (49)6.8 (41) IM Emerging Markets Equity (MF) Median -3.6 8.3 0.3 5.4 2.0 3.3 6.5 Asset Allocation & Performance As of September 30, 2019 Page 10 Asset Allocation & Performance As of September 30, 2019 Allocation Market Value ($) %Policy(%) Performance(%) 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Fixed Income 97,414,720 34.8 35.0 1.2 (87)7.8 (68)8.6 (67)3.1 (54)2.8 (80)4.0 (60)4.4 (53)07/01/2003 Blmbg. Barc. Intermed. U.S. Government/Credit 1.4 (82)6.4 (87)8.2 (73)2.4 (83)2.7 (83)3.0 (93)3.5 (95) All Public Plans-US Fixed Income Segment Median 2.1 8.5 9.1 3.2 3.5 4.4 4.6 Income Research 39,223,232 14.0 1.3 (48)6.5 (27)8.3 (11)2.4 (34)2.7 (36)3.3 (26)4.6 (10)07/01/2001 Blmbg. Barc. Intermed. U.S. Government/Credit 1.4 (38)6.4 (35)8.2 (15)2.4 (36)2.7 (34)3.0 (49)4.1 (52) IM U.S. Intermediate Duration (SA+CF) Median 1.3 6.2 7.7 2.3 2.6 3.0 4.1 Prudential Core Plus Bond 36,778,719 13.1 2.7 (6)10.8 (11)12.0 (3)4.6 (10)4.8 (7)06/01/2015 Blmbg. Barc. U.S. Aggregate 2.3 (47)8.5 (82)10.3 (34)2.9 (88)3.2 (81) IM U.S. Broad Market Core+ Fixed Income (SA+CF) Median 2.3 9.3 10.1 3.6 3.7 Brandywine Global Opportunistic Fixed Income 21,412,769 7.6 -1.7 (91)4.9 (83)3.6 (81)1.7 (79)1.6 (82)4.6 (40)4.9 (36)01/01/2005 FTSE World Government Bond Index 0.8 (60)6.3 (73)8.1 (34)1.2 (93)1.8 (76)1.7 (97)2.8 (91) IM Global Fixed Income (SA+CF) Median 1.1 8.2 7.0 3.5 3.0 3.9 4.3 Hedge Fund 1,257,205 0.4 0.0 Entrust Capital Diversified Fund 1,257,205 0.4 Real Estate 32,621,347 11.6 12.0 0.7 -2.7 -1.3 3.2 5.7 7.8 5.2 06/01/2006 NCREIF Property Index 1.4 4.8 6.2 6.8 8.6 9.8 7.5 UBS Trumbull Property Fund 32,621,347 11.6 0.7 -2.8 -1.3 3.2 5.7 7.8 5.2 06/01/2006 NCREIF Property Index 1.4 4.8 6.2 6.8 8.6 9.8 7.5 Cash Account 1,985,232 0.7 0.0 0.6 1.8 2.4 1.6 1.0 0.5 1.4 07/01/2003 ICE BofAML 3 Month U.S. T-Bill 0.6 1.8 2.4 1.5 1.0 0.5 1.4 **The EnTrust Capital Diversified Fund market value is as of 8/31/2019 and is currently in the process of liquidation. Page 11 Performance(%) 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Total Pension -4.3 (38)12.3 (77)5.1 (85)-0.7 (57)2.9 (93)10.9 (86)12.1 (49)1.2 (30)11.2 (71)20.2 (41) Policy Benchmark -4.5 (43)12.2 (79)6.6 (55)-1.4 (72)3.5 (90)12.3 (79)11.6 (60)1.1 (31)11.5 (65)19.5 (47) Total Domestic Equity -6.1 (51)20.1 (47)9.6 (94)1.9 (7)10.1 (79)----- Russell 3000 Index -5.2 (28)21.1 (26)12.7 (48)0.5 (36)12.6 (21)----- Total Large-Cap Equity -4.8 (29)20.4 (40)7.9 (74)3.9 (15)10.9 (38)32.0 (70)14.0 (62)2.4 (24)12.4 (85)25.5 (69) Russell 1000 Index -4.8 (29)21.7 (32)12.1 (51)0.9 (31)13.2 (18)33.1 (61)16.4 (35)1.5 (30)16.1 (61)28.4 (57) BlackRock Russell 1000 Index Fund Non-Lending -4.8 (29)--------- Russell 1000 Index -4.8 (29)--------- Total Small-Cap Equity -9.5 (60)19.6 (45)15.6 (37)-4.8 (76)7.2 (63)40.3 (22)13.3 (67)0.8 (37)26.8 (23)35.3 (33) Russell 2000 Index -11.0 (68)14.6 (70)21.3 (17)-4.4 (74)4.9 (77)38.8 (27)16.3 (36)-4.2 (73)26.9 (23)27.2 (61) Kennedy Mid Cap Value -14.5 (86)18.0 (52)22.9 (14)-9.9 (93)15.8 (6)33.3 (60)13.6 (65)-0.8 (51)27.0 (22)34.8 (35) Russell Midcap Value Index -12.3 (75)13.3 (77)20.0 (21)-4.8 (76)14.7 (9)33.5 (59)18.5 (20)-1.4 (55)24.8 (31)34.2 (37) TimesSquare Small Cap Growth -4.2 (28)21.1 (36)8.4 (63)1.0 (30)-2.5 (93)47.7 (5)13.1 (67)2.6 (17)27.3 (15)35.7 (33) Russell 2000 Growth Index -9.3 (61)22.2 (30)11.3 (51)-1.4 (47)5.6 (70)43.3 (9)14.6 (54)-2.9 (56)29.1 (10)34.5 (36) Total International Equity -14.6 (61)28.0 (52)0.3 (92)-2.0 (33)-5.5 (100)----- MSCI AC World ex USA Index (Net)-14.2 (52)27.2 (65)4.5 (33)-5.7 (85)-3.9 (68)----- Morgan Stanley International Equity -13.8 (31)25.2 (73)-2.0 (82)0.4 (31)-6.1 (70)20.3 (40)19.6 (43)-7.6 (10)6.1 (89)21.6 (93) MSCI EAFE Index (Net)-13.8 (31)25.0 (74)1.0 (64)-0.8 (40)-4.9 (59)22.8 (25)17.3 (66)-12.1 (30)7.8 (83)31.8 (71) Morgan Stanley Emerging Markets Fund -17.3 (62)35.0 (51)6.7 (62)-10.3 (26)-4.5 (71)-0.8 (48)20.2 (42)-18.4 (37)18.5 (58)69.5 (73) MSCI Emerging Markets Index (Net)-14.6 (34)37.3 (38)11.2 (37)-14.9 (59)-2.2 (50)-2.6 (60)18.2 (58)-18.4 (37)18.9 (53)78.5 (37) Asset Allocation & Performance As of September 30, 2019 Page 12 Asset Allocation & Performance As of September 30, 2019 Performance(%) 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Total Fixed Income -1.0 (71)6.3 (14)4.2 (54)-2.1 (90)2.4 (95)-1.7 (52)10.9 (13)3.8 (100)8.7 (51)18.9 (20) Blmbg. Barc. Intermed. U.S. Government/Credit 0.9 (9)2.1 (89)2.1 (86)1.1 (9)3.1 (93)-0.9 (35)3.9 (99)5.8 (89)5.9 (98)5.2 (86) Income Research 0.8 (33)2.0 (68)2.3 (39)0.9 (54)3.3 (48)-0.9 (56)5.9 (23)5.6 (48)6.2 (43)14.4 (10) Blmbg. Barc. Intermed. U.S. Government/Credit 0.9 (29)2.1 (55)2.1 (48)1.1 (41)3.1 (55)-0.9 (49)3.9 (69)5.8 (34)5.9 (60)5.2 (79) Prudential Core Plus Bond -0.4 (44)6.6 (12)5.8 (26)------- Blmbg. Barc. U.S. Aggregate 0.0 (17)3.5 (85)2.6 (92)------- Brandywine Global Opportunistic Fixed Income -5.2 (90)12.8 (4)5.2 (54)-8.4 (92)6.3 (19)-3.5 (73)14.1 (25)8.0 (13)13.9 (20)20.5 (35) FTSE World Government Bond Index -0.8 (26)7.5 (44)1.6 (86)-3.6 (62)-0.5 (82)-4.0 (78)1.6 (93)6.4 (26)5.2 (86)2.6 (95) Hedge Fund Entrust Capital Diversified Fund Real Estate 6.0 5.3 6.0 ------- NCREIF Property Index 6.7 7.0 8.0 ------- UBS Trumbull Property Fund 6.0 5.3 6.0 11.7 10.4 9.2 9.0 12.1 15.9 -22.9 NCREIF Property Index 6.7 7.0 8.0 13.3 11.8 11.0 10.5 14.3 13.1 -16.8 Cash Account 2.0 1.0 0.3 0.0 0.0 0.0 0.1 0.0 0.1 0.5 ICE BofAML 3 Month U.S. T-Bill 1.9 0.9 0.3 0.1 0.0 0.1 0.1 0.1 0.1 0.2 Page 13 Total Fund Performance 0.00%0.40%0.80%-0.40 %-0.80 % Total Fund Total Fund Benchmark Total Value Added 0.20% 0.47% -0.27 % Total Value Added:-0.27 % -0.40 %-0.30 %-0.20 %-0.10 %0.00% Other Manager Value Added Asset Allocation 0.00% -0.24 % -0.03 % Total Asset Allocation:-0.03 % Average Active Weight 0.00%0.80%1.60%-0.80 %-1.60 % Cash Account Real Estate Hedge Fund Total Fixed Income Total International Equity Total Small-Cap Equity Total Large-Cap Equity Weight (%)0.67% -0.53 % 0.45% -0.40 % -0.03 % -0.24 % 0.08% Asset Allocation Value Added 0.00%0.02%-0.02 %-0.04 % 0.00% 0.00% -0.01 % -0.01 % 0.00% 0.00% 0.00% Total Manager Value Added:-0.24 % Manager Value Added 0.00%0.06%-0.06 %-0.12 %-0.18 % 0.00% -0.08 % 0.00% -0.07 % -0.01 % -0.08 % 0.00% Total Pension Total Fund Attribution 1 Quarter Ending September 30, 2019 Page 14 Total Fund Performance 0.00%8.00%16.00%24.00%-8.00 % Total Fund Total Fund Benchmark Total Value Added 10.51% 11.58% -1.07 % Total Value Added:-1.07 % 0.00%0.50%-0.50 %-1.00 %-1.50 % Other Manager Value Added Asset Allocation 0.09% -0.35 % -0.81 % Total Asset Allocation:-0.81 % Average Active Weight 0.00%0.90%1.80%-0.90 %-1.80 % Cash Account Real Estate Hedge Fund Total Fixed Income Total International Equity Total Small-Cap Equity Total Large-Cap Equity Weight (%)0.79% 0.09% 0.77% -0.31 % -0.22 % -0.68 % -0.43 % Asset Allocation Value Added -0.30 %-0.20 %-0.10 %0.00% -0.08 % -0.07 % -0.21 % -0.08 % -0.02 % -0.20 % -0.15 % Total Manager Value Added:-0.35 % Manager Value Added 0.00%0.85%1.70%-0.85 %-1.70 % 0.00% -0.97 % 0.00% 0.49% -0.17 % 0.31% 0.00% Total Pension Total Fund Attribution Year To Date Ending September 30, 2019 Page 15 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Total Pension 0.2 (84)10.5 (88)3.3 (70)5.7 (93)4.3 (94)6.3 (92)-4.3 (38)12.3 (77)5.1 (85)¢ Policy Benchmark 0.6 (60)11.8 (75)4.2 (40)6.2 (88)4.8 (89)6.6 (91)-4.5 (43)12.2 (79)6.6 (55)˜ 5th Percentile 1.5 15.0 6.1 9.1 7.3 8.9 -1.4 18.3 9.5 1st Quartile 1.0 13.8 4.6 8.0 6.5 8.3 -3.8 16.0 7.9 Median 0.8 13.0 3.9 7.6 6.0 7.8 -4.8 14.6 6.9 3rd Quartile 0.4 11.7 3.0 6.8 5.5 7.1 -5.6 12.6 5.7 95th Percentile -0.2 9.5 1.3 5.0 4.1 5.6 -7.1 5.8 3.9 Population 261 256 252 242 232 188 352 415 459 Plan Sponsor Peer Group Analysis As of September 30, 2019 All Public Plans < $1B-Total Fund Parentheses contain percentile rankings. Page 16 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Total Pension Policy Benchmark FTSE 3 Month T-Bill -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 Risk (Standard Deviation %) Total Pension Policy Benchmark 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 12/97 12/99 12/01 12/03 12/05 12/07 12/09 12/11 12/13 12/15 12/17 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Pension -0.49 0.84 -0.58 0.98 0.58 -0.38 0.98 4.31 6.00 0.99 Policy Benchmark 0.00 0.00 N/A 1.00 0.65 0.00 1.00 4.81 6.07 1.00 FTSE 3 Month T-Bill -3.94 6.06 -0.65 0.00 N/A 0.95 0.00 0.96 0.26 0.05 Total Pension Risk Profile As of September 30, 2019Total Pension Page 17 Market Value ($) Current Allocation (%) Target Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Differences (%) Total Pension 280,212,270 100.0 100.0 N/A N/A 0.0 Total Large-Cap Equity 69,289,097 24.7 25.0 20.0 30.0 -0.3 Total Small-Cap Equity 26,900,318 9.6 10.0 5.0 15.0 -0.4 Total International Equity 50,744,351 18.1 18.0 13.0 23.0 0.1 Total Fixed Income 97,414,720 34.8 35.0 30.0 40.0 -0.2 Hedge Fund 1,257,205 0.4 0.0 0.0 0.0 0.4 Real Estate 32,621,347 11.6 12.0 7.0 17.0 -0.4 Cash Account 1,985,232 0.7 0.0 0.0 0.0 0.7 Target Allocation Actual Allocation Allocation Differences 0.0%10.0%20.0%30.0%40.0%50.0%-10.0 %-20.0 % Cash Account $1,985.2K Real Estate $32,621.3K Hedge Fund $1,257.2K Total Fixed Income $97,414.7K Total International Equity $50,744.4K Total Small-Cap Equity $26,900.3K Total Large-Cap Equity $69,289.1K 0.0% 12.0% 0.0% 35.0% 18.0% 10.0% 25.0% 0.7% 11.6% 0.4% 34.8% 18.1% 9.6% 24.7% 0.7% -0.4 % 0.4% -0.2 % 0.1% -0.4 % -0.3 % Total Pension Asset Allocation Compliance As of September 30, 2019 Page 18 Total Domestic Equity Page 19 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Current Allocation Total Domestic Equity Russell 3000 Index 0.0 8.0 16.0 24.0 32.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years Inception 9/1/13 1.2 20.1 2.9 12.8 10.4 12.1 0.1 19.7 1.6 11.6 9.5 11.2 September 30, 2019 : $96M TimesSquare Small Cap Growth:13.3% Kennedy Mid Cap Value:14.7% BlackRock Russell 1000 Index Fund Non-Lending:72.0% Total Domestic Equity Benchmark 0.93 0.96 0.99 1.02 1.05 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 0.96 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 Total Domestic Equity Portfolio Overview As of September 30, 2019Total Domestic Equity Page 20 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 2018 2017 2016 Total Domestic Equity 0.1 (79)19.7 (39)1.6 (45)11.6 (65)9.5 (60)-6.1 (51)20.1 (47)9.6 (94)¢ Russell 3000 Index 1.2 (27)20.1 (25)2.9 (25)12.8 (26)10.4 (25)-5.2 (28)21.1 (26)12.7 (48)˜ 5th Percentile 1.8 21.2 4.9 13.6 11.0 -4.0 23.7 15.8 1st Quartile 1.2 20.1 2.9 12.8 10.4 -5.1 21.1 13.8 Median 0.8 19.2 1.5 11.9 9.8 -6.1 20.0 12.6 3rd Quartile 0.3 18.1 0.5 11.1 8.9 -7.0 18.4 11.5 95th Percentile -0.6 15.6 -1.7 8.5 6.6 -9.2 16.5 8.7 Population 66 64 63 59 57 70 89 92 Plan Sponsor Peer Group Analysis As of September 30, 2019 All Public Plans-US Equity Segment Parentheses contain percentile rankings. Page 21 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Total Domestic Equity Russell 3000 Index FTSE 3 Month T-Bill -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 Risk (Standard Deviation %) Total Domestic Equity Russell 3000 Index 0.0 3.0 6.0 9.0 12.0 15.0 18.0 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Domestic Equity -1.07 1.42 -0.75 0.99 0.81 -1.12 1.00 11.63 12.67 0.99 Russell 3000 Index 0.00 0.00 N/A 1.00 0.91 0.00 1.00 12.83 12.54 1.00 FTSE 3 Month T-Bill -11.40 12.56 -0.91 0.01 N/A 1.55 0.00 1.52 0.22 -0.10 Total Domestic Equity Risk Profile As of September 30, 2019Total Domestic Equity Page 22 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information BlackRock Russell 1000 Index Fund Non-Lending Russell 1000 Index 0.0 8.0 16.0 24.0 32.0 Return1 Quarter Year To Date 1 Year Inception 3/1/17 1.4 20.5 3.9 11.3 1.4 20.5 4.0 11.3 Account Name:BlackRock Russell 1000 Index Fund Non-Lending Inception Date:03/01/2017 Account Structure:Commingled Fund Asset Class:US Equity Benchmark:Russell 1000 Index Peer Group:IM U.S. Equity (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% 0.2% -0.1 % -0.2 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 BlackRock Russell 1000 Index Fund Non-Lending Benchmark 0.99 1.00 1.01 2/17 5/17 8/17 11/17 2/18 5/18 8/18 11/18 2/19 5/19 9/19 1.00 BlackRock Russell 1000 Index Fund Non-Lending Performance Summary As of September 30, 2019BlackRock Russell 1000 Index Fund Non-Lending Page 23 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 Return1 Quarter Year To Date 1 Year 2018 BlackRock Russell 1000 Index Fund Non-Lending 1.4 (28)20.5 (30)4.0 (22)-4.8 (29)¢ Russell 1000 Index 1.4 (28)20.5 (30)3.9 (23)-4.8 (29)˜ 5th Percentile 3.3 26.9 9.7 2.3 1st Quartile 1.5 21.3 3.4 -4.2 Median 0.3 18.1 -0.5 -7.9 3rd Quartile -1.7 14.7 -5.9 -12.4 95th Percentile -5.9 8.1 -13.4 -18.5 Population 1,961 1,957 1,954 2,405 BlackRock Russell 1000 Index Fund Non-Lending Peer Group Analysis As of September 30, 2019 IM U.S. Equity (SA+CF) Parentheses contain percentile rankings. Page 24 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Kennedy Mid Cap Value Russell Midcap Value Index 0.0 10.0 20.0 30.0 -10.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 2/1/08 1.2 19.5 1.6 7.8 7.6 12.3 8.6 1.0 18.6 -0.2 8.6 6.5 12.0 9.5 Account Name:Kennedy Mid Cap Value Inception Date:01/02/2008 Account Structure:Commingled Fund Asset Class:US Equity Benchmark:Russell Midcap Value Index Peer Group:IM U.S. Equity (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 Kennedy Mid Cap Value Benchmark 0.80 1.00 1.20 1.40 1/08 4/09 7/10 10/11 1/13 4/14 7/15 10/16 1/18 9/19 1.09 Kennedy Mid Cap Value Performance Summary As of September 30, 2019Kennedy Mid Cap Value Page 25 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Kennedy Mid Cap Value 1.0 (37)18.6 (47)-0.2 (49)8.6 (67)6.5 (78)12.0 (50)-14.5 (86)18.0 (52)22.9 (14)¢ Russell Midcap Value Index 1.2 (33)19.5 (40)1.6 (39)7.8 (75)7.6 (65)12.3 (43)-12.3 (75)13.3 (77)20.0 (21)˜ 5th Percentile 3.3 26.9 9.7 17.5 13.6 15.0 2.3 31.7 29.0 1st Quartile 1.5 21.3 3.4 13.2 10.5 13.1 -4.2 23.2 18.7 Median 0.3 18.1 -0.5 10.5 8.6 12.0 -7.9 18.3 12.2 3rd Quartile -1.7 14.7 -5.9 7.7 6.7 10.8 -12.4 13.6 7.6 95th Percentile -5.9 8.1 -13.4 3.3 3.3 8.7 -18.5 5.6 0.5 Population 1,961 1,957 1,954 1,906 1,833 1,567 2,405 2,526 2,672 Kennedy Mid Cap Value Peer Group Analysis As of September 30, 2019 IM U.S. Equity (SA+CF) Parentheses contain percentile rankings. Page 26 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Kennedy Mid Cap Value Russell Midcap Value Index FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 Risk (Standard Deviation %) Kennedy Mid Cap Value Russell Midcap Value Index 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Kennedy Mid Cap Value -0.88 3.21 -0.27 0.95 0.46 -1.21 1.04 6.50 13.51 0.97 Russell Midcap Value Index 0.00 0.00 N/A 1.00 0.57 0.00 1.00 7.55 12.61 1.00 FTSE 3 Month T-Bill -7.14 12.62 -0.57 0.00 N/A 0.96 0.00 0.96 0.26 -0.03 Kennedy Mid Cap Value Risk Profile As of September 30, 2019Kennedy Mid Cap Value Page 27 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information TimesSquare Small Cap Growth Russell 2000 Growth Index 0.0 15.0 30.0 -15.0 -30.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 2/1/02 -4.2 15.3 -9.6 9.8 9.1 12.2 8.0 -7.5 16.3 -8.1 11.4 10.1 13.0 10.0 Account Name:TimesSquare Small Cap Growth Inception Date:02/01/2002 Account Structure:Mutual Fund Asset Class:US Equity Benchmark:Russell 2000 Growth Index Peer Group:IM U.S. Equity (MF) Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 TimesSquare Small Cap Growth Benchmark 0.80 1.00 1.20 1.40 1.60 1.80 1/02 10/03 7/05 4/07 1/09 10/10 7/12 4/14 1/16 10/17 9/19 1.38 TimesSquare Small Cap Growth Performance Summary As of September 30, 2019TimesSquare Small Cap Growth Page 28 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 TimesSquare Small Cap Growth -7.5 (96)16.3 (63)-8.1 (84)11.4 (38)10.1 (28)13.0 (24)-4.2 (28)21.1 (36)8.4 (63)¢ Russell 2000 Growth Index -4.2 (89)15.3 (68)-9.6 (88)9.8 (52)9.1 (40)12.2 (38)-9.3 (61)22.2 (30)11.3 (51)˜ 5th Percentile 4.5 28.2 14.0 17.6 13.8 15.2 3.1 34.5 29.1 1st Quartile 1.7 21.7 4.2 13.0 10.4 12.9 -3.8 23.7 17.4 Median 0.4 18.1 0.1 10.0 8.3 11.5 -7.5 17.8 11.3 3rd Quartile -1.9 14.0 -5.3 6.8 5.9 10.0 -12.2 12.2 5.6 95th Percentile -7.0 1.8 -14.5 -2.4 -3.9 1.8 -19.6 -0.7 -3.6 Population 9,357 9,188 9,074 8,029 6,973 4,983 9,123 8,788 8,221 TimesSquare Small Cap Growth Peer Group Analysis As of September 30, 2019 IM U.S. Equity (MF) Parentheses contain percentile rankings. Page 29 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics TimesSquare Small Cap Growth Russell 2000 Growth Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 Risk (Standard Deviation %) TimesSquare Small Cap Growth Russell 2000 Growth Index 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation TimesSquare Small Cap Growth 0.78 4.28 0.18 0.94 0.63 1.79 0.90 10.15 15.75 0.97 Russell 2000 Growth Index 0.00 0.00 N/A 1.00 0.54 0.00 1.00 9.08 16.91 1.00 FTSE 3 Month T-Bill -9.20 16.93 -0.54 0.00 N/A 0.96 0.00 0.96 0.26 -0.05 TimesSquare Small Cap Growth Risk Profile As of September 30, 2019TimesSquare Small Cap Growth Page 30 Asset Allocation As of 07/31/2019 0.0%50.0%100.0%150.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.5% 0.5% 0.8% 98.2% Fund Characteristics As of 07/31/2019 Total Securities 107 Avg. Market Cap $3,137.98 Million P/E 39.96 P/B 7.68 Div. Yield 1.52% Annual EPS 22.51 5Yr EPS 18.09 3Yr EPS Growth 25.32 Top Ten Securities As of 07/31/2019 Strategic Education Inc ORD 2.68 % ASGN Inc ORD 2.50 % TriNet Group Inc ORD 2.49 % RealPage Inc ORD 2.27 % Paylocity Holding Corp ORD 2.25 % Q2 Holdings Inc ORD 2.24 % Clean Harbors Inc ORD 2.06 % Pluralsight Inc ORD 2.02 % Albany International Corp ORD 1.93 % Addus Homecare Corp ORD 1.74 % Sector/Quality Allocation As of 07/31/2019 0.0%15.0%30.0%45.0% Industrials Information Technology Consumer Discretionary Health Care Financials Non Classified Equity Energy Consumer Staples Telecommunication Services 28.6% 22.8% 13.7% 11.3% 9.5% 7.7% 2.2% 1.4% 0.9% TimesSquare Small Cap Growth Mutual Fund Attributes As of September 30, 2019 Page 31 This Page Left Blank Intentionally Page 32 Total International Equity Page 33 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Current Allocation Total International Equity MSCI AC World ex USA Index (Net) 0.0 6.0 12.0 18.0 -6.0 -12.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years Inception 9/1/13 -1.8 11.6 -1.2 6.3 2.9 4.3 -1.8 10.6 -1.0 5.1 2.4 3.7 September 30, 2019 : $51M Morgan Stanley Emerging Markets Fund:34.5% Morgan Stanley International Equity:65.5% Total International Equity Benchmark 0.96 1.00 1.04 1.08 1.12 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 0.97 Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 Total International Equity Portfolio Overview As of September 30, 2019Total International Equity Page 34 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 2018 2017 2016 Total International Equity -1.8 (71)10.6 (82)-1.0 (49)5.1 (92)2.4 (92)-14.6 (61)28.0 (52)0.3 (92)¢ MSCI AC World ex USA Index (Net)-1.8 (70)11.6 (78)-1.2 (59)6.3 (52)2.9 (81)-14.2 (52)27.2 (65)4.5 (33)˜ 5th Percentile -0.4 17.2 2.2 7.9 5.2 -10.8 32.8 8.3 1st Quartile -1.1 14.2 -0.1 6.9 4.2 -13.5 29.4 5.1 Median -1.5 12.8 -1.0 6.4 3.6 -14.1 28.1 3.5 3rd Quartile -1.9 11.8 -2.1 6.0 3.1 -15.0 26.0 2.4 95th Percentile -2.9 8.7 -4.8 4.9 1.8 -17.1 22.1 -1.0 Population 66 66 65 62 59 71 86 90 Plan Sponsor Peer Group Analysis As of September 30, 2019 All Public Plans-Intl. Equity Segment Parentheses contain percentile rankings. Page 35 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Total International Equity MSCI AC World ex USA Index (Net) FTSE 3 Month T-Bill -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 Risk (Standard Deviation %) Total International Equity MSCI AC World ex USA Index (Net) 0.0 3.0 6.0 9.0 12.0 15.0 18.0 12/16 6/17 12/17 6/18 12/18 6/19 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total International Equity -1.13 3.25 -0.35 0.92 0.36 -0.86 0.96 5.14 11.46 0.96 MSCI AC World ex USA Index (Net)0.00 0.00 N/A 1.00 0.46 0.00 1.00 6.33 11.45 1.00 FTSE 3 Month T-Bill -5.28 11.49 -0.46 0.03 N/A 1.55 0.00 1.52 0.22 -0.19 Total International Equity Risk Profile As of September 30, 2019Total International Equity Page 36 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Morgan Stanley International Equity MSCI EAFE Index (Net) 0.0 8.0 16.0 24.0 -8.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 -1.1 12.8 -1.3 6.5 3.3 4.9 4.5 -1.7 12.1 -2.1 5.7 2.4 4.9 4.3 Account Name:Morgan Stanley International Equity Inception Date:04/01/2005 Account Structure:Mutual Fund Asset Class:International Equity Benchmark:MSCI EAFE Index (Net) Peer Group:IM International Equity (MF) Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % -9.0 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 Morgan Stanley International Equity Benchmark 0.72 0.81 0.90 0.99 1.08 1.17 3/05 9/06 3/08 9/09 3/11 9/12 3/14 9/15 3/17 9/19 0.97 Morgan Stanley International Equity Performance Summary As of September 30, 2019Morgan Stanley International Equity Page 37 -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Morgan Stanley International Equity -1.7 (43)12.1 (42)-2.1 (53)5.7 (47)2.4 (62)4.9 (49)-13.8 (31)25.2 (73)-2.0 (82)¢ MSCI EAFE Index (Net)-1.1 (28)12.8 (36)-1.3 (46)6.5 (34)3.3 (45)4.9 (49)-13.8 (31)25.0 (74)1.0 (64)˜ 5th Percentile 1.4 20.6 8.0 10.2 7.6 8.9 -7.6 47.1 18.3 1st Quartile -0.9 14.4 1.6 7.0 4.5 6.2 -12.9 35.6 8.1 Median -2.0 11.2 -1.8 5.6 3.0 4.8 -15.7 28.6 2.8 3rd Quartile -3.6 7.7 -5.0 4.1 1.4 3.5 -18.5 24.9 -0.8 95th Percentile -6.2 1.6 -10.5 0.6 -1.7 1.1 -23.5 16.6 -6.8 Population 844 844 844 844 820 429 881 903 903 Morgan Stanley International Equity Peer Group Analysis As of September 30, 2019 IM International Equity (MF) Parentheses contain percentile rankings. Page 38 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Morgan Stanley International Equity MSCI EAFE Index (Net) FTSE 3 Month T-Bill 0.0 0.7 1.4 2.1 2.8 3.5 4.2 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 Risk (Standard Deviation %) Morgan Stanley International Equity MSCI EAFE Index (Net) 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley International Equity -0.85 4.19 -0.20 0.88 0.18 -0.50 0.91 2.44 11.87 0.94 MSCI EAFE Index (Net)0.00 0.00 N/A 1.00 0.25 0.00 1.00 3.27 12.24 1.00 FTSE 3 Month T-Bill -3.01 12.25 -0.25 0.00 N/A 0.96 0.00 0.96 0.26 -0.01 Morgan Stanley International Equity Risk Profile As of September 30, 2019Morgan Stanley International Equity Page 39 Asset Allocation As of 07/31/2019 0.0%50.0%100.0%150.0% Other Convertibles Cash Fixed Income Equities 0.0% 0.0% 0.4% 1.5% 98.1% Fund Characteristics As of 07/31/2019 Total Securities 63 Avg. Market Cap $77,436.77 Million P/E 25.16 P/B 5.15 Div. Yield 2.62% Annual EPS 6.87 5Yr EPS 8.69 3Yr EPS Growth 8.58 Top Ten Securities As of 07/31/2019 Reckitt Benckiser Group PLC ORD 4.31 % Henkel AG & Co KGaA PFD 3.68 % SAP SE ORD 3.40 % Unilever NV ORD 3.35 % GlaxoSmithKline PLC ORD 3.30 % Relx PLC ORD 3.17 % Kirin Holdings Co Ltd ORD 3.04 % Pernod Ricard SA ORD 2.98 % AIA Group Ltd ORD 2.95 % Safran SA ORD 2.93 % Sector/Quality Allocation As of 07/31/2019 0.0%15.0%30.0%45.0% Consumer Staples Health Care Financials Industrials Information Technology Energy Consumer Discretionary Materials Non Classified Equity Telecommunication Services 31.8% 16.7% 16.2% 11.4% 9.4% 4.1% 3.9% 3.1% 1.0% 0.6% Morgan Stanley International Equity Mutual Fund Attributes As of September 30, 2019 Page 40 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Morgan Stanley Emerging Markets Fund MSCI Emerging Markets Index (Net) 0.0 6.0 12.0 18.0 -6.0 -12.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 -4.2 5.9 -2.0 6.0 2.3 3.4 6.8 -2.1 7.5 0.8 3.4 1.5 3.1 6.3 Account Name:Morgan Stanley Emerging Markets Fund Inception Date:04/01/2005 Account Structure:Mutual Fund Asset Class:International Equity Benchmark:MSCI Emerging Markets Index (Net) Peer Group:IM Emerging Markets Equity (MF) Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 Morgan Stanley Emerging Markets Fund Benchmark 0.81 0.90 0.99 1.08 1.17 3/05 9/06 3/08 9/09 3/11 9/12 3/14 9/15 3/17 9/19 0.93 Morgan Stanley Emerging Markets Fund Performance Summary As of September 30, 2019Morgan Stanley Emerging Markets Fund Page 41 -55.0 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 80.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Morgan Stanley Emerging Markets Fund -2.1 (22)7.5 (57)0.8 (46)3.4 (77)1.5 (59)3.1 (52)-17.3 (62)35.0 (51)6.7 (62)¢ MSCI Emerging Markets Index (Net)-4.2 (67)5.9 (69)-2.0 (72)6.0 (37)2.3 (42)3.4 (49)-14.6 (34)37.3 (38)11.2 (37)˜ 5th Percentile -0.3 18.8 9.7 9.7 5.4 6.8 -8.6 46.6 25.5 1st Quartile -2.4 11.3 3.3 7.0 3.2 4.7 -13.5 39.6 12.7 Median -3.6 8.3 0.3 5.4 2.0 3.3 -16.0 35.0 9.3 3rd Quartile -4.6 4.9 -2.4 3.6 0.2 2.4 -18.7 28.4 4.4 95th Percentile -7.2 -0.2 -7.0 -0.4 -3.5 0.4 -23.1 19.7 -3.7 Population 223 223 223 223 216 86 233 240 240 Morgan Stanley Emerging Markets Fund Peer Group Analysis As of September 30, 2019 IM Emerging Markets Equity (MF) Parentheses contain percentile rankings. Page 42 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Morgan Stanley Emerging Markets Fund MSCI Emerging Markets Index (Net) FTSE 3 Month T-Bill 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 Risk (Standard Deviation %) Morgan Stanley Emerging Markets Fund MSCI Emerging Markets Index (Net) 0.0 6.0 12.0 18.0 24.0 30.0 36.0 42.0 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley Emerging Markets Fund -1.05 4.00 -0.26 0.94 0.11 -0.59 0.87 1.50 13.90 0.97 MSCI Emerging Markets Index (Net)0.00 0.00 N/A 1.00 0.16 0.00 1.00 2.33 15.56 1.00 FTSE 3 Month T-Bill -2.53 15.56 -0.16 0.00 N/A 0.96 0.00 0.96 0.26 -0.01 Morgan Stanley Emerging Markets Fund Risk Profile As of September 30, 2019Morgan Stanley Emerging Markets Fund Page 43 Asset Allocation As of 07/31/2019 0.0%50.0%100.0%150.0% Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 0.6% 1.5% 97.9% Fund Characteristics As of 07/31/2019 Total Securities 130 Avg. Market Cap $91,526.42 Million P/E 23.44 P/B 4.09 Div. Yield 2.70% Annual EPS 16.77 5Yr EPS 13.87 3Yr EPS Growth 14.40 Top Ten Securities As of 07/31/2019 Tencent Holdings Ltd ORD 5.03 % Taiwan Semiconductor Manufacturing 4.61 % Alibaba Group Holding Ltd DR 3.77 % Bank Central Asia Tbk PT ORD 2.06 % Samsung Electronics Co Ltd ORD 1.84 % Morgan Stanley Inst Liq Govt Port;Instit 1.68 % Ambev SA ORD 1.67 % China Construction Bank Corp ORD 1.66 % Itau Unibanco Holding SA PFD 1.62 % Jeronimo Martins SGPS SA ORD 1.52 % Sector/Quality Allocation As of 07/31/2019 0.0%15.0%30.0%45.0%60.0% Financials Consumer Discretionary Information Technology Consumer Staples Industrials Energy Health Care Telecommunication Services Materials Utilities 33.8% 16.0% 15.6% 12.4% 5.6% 5.0% 3.8% 2.7% 2.4% 0.7% Morgan Stanley Emerging Markets Fund Mutual Fund Attributes As of September 30, 2019 Page 44 Total Fixed Income Page 45 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Current Allocation Total Fixed Income Blmbg. Barc. Intermed. U.S. Government/Credit 0.0 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 7/1/03 1.4 6.4 8.2 2.4 2.7 3.0 3.5 1.2 7.8 8.6 3.1 2.8 4.0 4.4 September 30, 2019 : $97M Income Research:40.3% Brandywine Global Opportunistic Fixed Income:22.0% Prudential Core Plus Bond:37.8% Total Fixed Income Benchmark 0.96 1.00 1.04 1.08 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 1.01 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 Total Fixed Income Portfolio Overview As of September 30, 2019Total Fixed Income Page 46 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Total Fixed Income 1.2 (87)7.8 (68)8.6 (67)3.1 (54)2.8 (80)4.0 (60)-1.0 (71)6.3 (14)4.2 (54)¢ Blmbg. Barc. Intermed. U.S. Government/Credit 1.4 (82)6.4 (87)8.2 (73)2.4 (83)2.7 (83)3.0 (93)0.9 (9)2.1 (89)2.1 (86)˜ 5th Percentile 3.0 10.9 10.8 4.8 4.9 6.7 1.3 7.3 8.2 1st Quartile 2.3 9.4 9.8 3.9 4.0 5.0 0.2 5.5 6.1 Median 2.1 8.5 9.1 3.2 3.5 4.4 -0.5 4.3 4.3 3rd Quartile 1.7 7.6 7.8 2.6 3.0 3.5 -1.2 3.1 2.7 95th Percentile 1.0 5.1 6.0 1.9 1.7 3.0 -4.0 2.0 0.9 Population 68 68 66 65 63 41 75 85 92 Plan Sponsor Peer Group Analysis As of September 30, 2019 All Public Plans-US Fixed Income Segment Parentheses contain percentile rankings. Page 47 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Total Fixed Income Blmbg. Barc. Intermed. U.S. Government/Credit FTSE 3 Month T-Bill 0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 Return (%)0.0 0.7 1.4 2.1 2.8 3.5 4.2 4.9 Risk (Standard Deviation %) Total Fixed Income Blmbg. Barc. Intermed. U.S. Government/Credit 0.0 2.0 4.0 6.0 8.0 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Fixed Income 0.19 2.23 0.08 0.60 0.56 -0.29 1.18 2.83 3.45 0.77 Blmbg. Barc. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 0.77 0.00 1.00 2.68 2.26 1.00 FTSE 3 Month T-Bill -1.72 2.22 -0.77 0.05 N/A 0.89 0.02 0.96 0.26 0.21 Total Fixed Income Risk Profile As of September 30, 2019Total Fixed Income Page 48 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Income Research Blmbg. Barc. Intermed. U.S. Government/Credit 0.0 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 7/1/01 1.4 6.4 8.2 2.4 2.7 3.0 4.1 1.3 6.5 8.3 2.4 2.7 3.3 4.6 Account Name:Income Research Inception Date:07/01/2001 Account Structure:Commingled Fund Asset Class:US Fixed Income Benchmark:Blmbg. Barc. Intermed. U.S. Government/Credit Peer Group:IM U.S. Intermediate Duration (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 Income Research Benchmark 0.96 1.02 1.08 1.14 1.20 6/01 3/03 12/04 9/06 6/08 3/10 12/11 9/13 6/15 3/17 9/19 1.09 Income Research Performance Summary As of September 30, 2019Income Research Page 49 -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Income Research 1.3 (48)6.5 (27)8.3 (11)2.4 (34)2.7 (36)3.3 (26)0.8 (33)2.0 (68)2.3 (39)¢ Blmbg. Barc. Intermed. U.S. Government/Credit 1.4 (38)6.4 (35)8.2 (15)2.4 (36)2.7 (34)3.0 (49)0.9 (29)2.1 (55)2.1 (48)˜ 5th Percentile 2.0 7.5 9.3 3.1 3.4 4.2 1.4 4.1 4.2 1st Quartile 1.4 6.6 7.9 2.5 2.7 3.3 0.9 2.6 2.8 Median 1.3 6.2 7.7 2.3 2.6 3.0 0.6 2.2 2.0 3rd Quartile 1.2 5.8 7.3 2.1 2.4 2.8 0.4 1.9 1.7 95th Percentile 0.8 4.7 5.5 1.8 2.0 2.3 -0.2 1.4 1.2 Population 132 132 132 129 126 111 159 167 178 Income Research Peer Group Analysis As of September 30, 2019 IM U.S. Intermediate Duration (SA+CF) Parentheses contain percentile rankings. Page 50 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Income Research Blmbg. Barc. Intermed. U.S. Government/Credit FTSE 3 Month T-Bill 0.0 0.6 1.2 1.8 2.4 3.0 3.6 Return (%)0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Risk (Standard Deviation %) Income Research Blmbg. Barc. Intermed. U.S. Government/Credit 0.0 0.9 1.8 2.7 3.6 4.5 5.4 6.3 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Income Research -0.02 0.35 -0.05 0.98 0.82 0.16 0.93 2.66 2.13 0.99 Blmbg. Barc. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 0.77 0.00 1.00 2.68 2.26 1.00 FTSE 3 Month T-Bill -1.72 2.22 -0.77 0.05 N/A 0.89 0.02 0.96 0.26 0.21 Income Research Risk Profile As of September 30, 2019Income Research Page 51 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Prudential Core Plus Bond Blmbg. Barc. U.S. Aggregate 0.0 5.0 10.0 15.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 6/1/15 2.3 8.5 10.3 2.9 3.22.7 10.8 12.0 4.6 4.8 Account Name:Prudential Core Plus Bond Inception Date:06/01/2015 Account Structure:Commingled Fund Asset Class:US Fixed Income Benchmark:Blmbg. Barc. U.S. Aggregate Peer Group:IM U.S. Broad Market Core+ Fixed Income (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 0.8% 1.6% 2.4% -0.8 % -1.6 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 Prudential Core Plus Bond Benchmark 0.90 0.95 1.00 1.05 1.10 1.15 5/15 11/15 5/16 11/16 5/17 11/17 5/18 11/18 5/19 9/19 1.07 Prudential Core Plus Bond Performance Summary As of September 30, 2019Prudential Core Plus Bond Page 52 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 2016 Prudential Core Plus Bond 2.7 (6)10.8 (11)12.0 (3)4.6 (10)-0.4 (44)6.6 (12)5.8 (26)¢ Blmbg. Barc. U.S. Aggregate 2.3 (47)8.5 (82)10.3 (34)2.9 (88)0.0 (17)3.5 (85)2.6 (92)˜ 5th Percentile 2.7 11.7 11.9 5.0 0.8 7.5 10.0 1st Quartile 2.4 10.0 10.4 4.0 -0.2 5.3 5.8 Median 2.3 9.3 10.1 3.6 -0.7 4.5 4.4 3rd Quartile 1.9 8.7 9.1 3.2 -1.2 3.8 3.3 95th Percentile 1.1 6.7 6.6 2.7 -2.8 3.1 2.4 Population 124 124 124 121 159 165 169 Prudential Core Plus Bond Peer Group Analysis As of September 30, 2019 IM U.S. Broad Market Core+ Fixed Income (SA+CF) Parentheses contain percentile rankings. Page 53 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Prudential Core Plus Bond Blmbg. Barc. U.S. Aggregate FTSE 3 Month T-Bill 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 6.4 Return (%)0.0 0.7 1.4 2.1 2.8 3.5 4.2 4.9 5.6 Risk (Standard Deviation %) Prudential Core Plus Bond Blmbg. Barc. U.S. Aggregate 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Prudential Core Plus Bond 1.59 0.78 2.04 0.96 0.85 1.43 1.06 4.56 3.62 0.98 Blmbg. Barc. U.S. Aggregate 0.00 0.00 N/A 1.00 0.44 0.00 1.00 2.92 3.35 1.00 FTSE 3 Month T-Bill -1.43 3.26 -0.44 0.18 N/A 1.44 0.03 1.52 0.22 0.42 Prudential Core Plus Bond Risk Profile As of September 30, 2019Prudential Core Plus Bond Page 54 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Brandywine Global Opportunistic Fixed Income FTSE World Government Bond Index 0.0 5.0 10.0 15.0 -5.0 -10.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 1/1/05 0.8 6.3 8.1 1.2 1.8 1.7 2.8 -1.7 4.9 3.6 1.7 1.6 4.6 4.9 Account Name:Brandywine Global Opportunistic Fixed Income Inception Date:01/01/2005 Account Structure:Commingled Fund Asset Class:International Fixed Income Benchmark:FTSE World Government Bond Index Peer Group:IM Global Fixed Income (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 5.0% 10.0% -5.0 % -10.0 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 Brandywine Global Opportunistic Fixed Income Benchmark 0.60 0.90 1.20 1.50 1.80 12/04 6/06 12/07 6/09 12/10 6/12 12/13 6/15 12/16 9/19 1.36 Brandywine Global Opportunistic Fixed Income Performance Summary As of September 30, 2019Brandywine Global Opportunistic Fixed Income Page 55 -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Brandywine Global Opportunistic Fixed Income -1.7 (91)4.9 (83)3.6 (81)1.7 (79)1.6 (82)4.6 (40)-5.2 (90)12.8 (4)5.2 (54)¢ FTSE World Government Bond Index 0.8 (60)6.3 (73)8.1 (34)1.2 (93)1.8 (76)1.7 (97)-0.8 (26)7.5 (44)1.6 (86)˜ 5th Percentile 3.0 12.6 11.5 6.5 5.8 7.8 1.5 11.8 15.9 1st Quartile 1.8 10.4 8.9 5.0 4.5 5.2 -0.8 8.8 10.0 Median 1.1 8.2 7.0 3.5 3.0 3.9 -2.2 7.2 5.4 3rd Quartile 0.3 6.1 4.1 1.8 1.8 2.6 -3.9 4.8 2.8 95th Percentile -2.3 1.8 0.1 0.8 0.7 1.7 -8.4 2.2 -0.4 Population 192 192 192 188 173 104 241 251 265 Brandywine Global Opportunistic Fixed Income Peer Group Analysis As of September 30, 2019 IM Global Fixed Income (SA+CF) Parentheses contain percentile rankings. Page 56 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Brandywine Global Opportunistic Fixed Income FTSE World Government Bond Index FTSE 3 Month T-Bill 0.3 0.6 0.9 1.2 1.5 1.8 2.1 2.4 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 Risk (Standard Deviation %) Brandywine Global Opportunistic Fixed Income FTSE World Government Bond Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Brandywine Global Opportunistic Fixed Income -0.07 5.10 -0.01 0.53 0.12 -0.10 1.02 1.59 7.45 0.73 FTSE World Government Bond Index 0.00 0.00 N/A 1.00 0.18 0.00 1.00 1.80 5.35 1.00 FTSE 3 Month T-Bill -0.97 5.32 -0.18 0.02 N/A 0.94 0.01 0.96 0.26 0.13 Brandywine Global Opportunistic Fixed Income Risk Profile As of September 30, 2019Brandywine Global Opportunistic Fixed Income Page 57 This Page Left Blank Intentionally Page 58 Real Estate Page 59 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information UBS Trumbull Property Fund NCREIF Property Index 0.0 6.0 12.0 18.0 -6.0 -12.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 6/1/06 1.4 4.8 6.2 6.8 8.6 9.8 7.5 0.7 -2.8 -1.3 3.2 5.7 7.8 5.2 Account Name:UBS Trumbull Property Fund Inception Date:06/01/2006 Account Structure:Commingled Fund Asset Class:US Private Real Estate Benchmark:NCREIF Property Index Peer Group: Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% -3.0 % -6.0 % -9.0 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 UBS Trumbull Property Fund Benchmark 0.60 0.80 1.00 1.20 5/06 8/07 11/08 2/10 5/11 8/12 11/13 2/15 5/16 8/17 9/19 0.75 UBS Trumbull Property Fund Performance Summary As of September 30, 2019UBS Trumbull Property Fund Page 60 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics UBS Trumbull Property Fund NCREIF Property Index FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Return (%)0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 Risk (Standard Deviation %) UBS Trumbull Property Fund NCREIF Property Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation UBS Trumbull Property Fund -2.69 2.36 -1.14 0.37 1.44 -5.28 1.32 5.70 2.92 0.61 NCREIF Property Index 0.00 0.00 N/A 1.00 4.33 0.00 1.00 8.57 1.34 1.00 FTSE 3 Month T-Bill -7.36 1.70 -4.33 0.49 N/A 2.97 -0.24 0.96 0.46 -0.70 UBS Trumbull Property Fund Risk Profile As of September 30, 2019UBS Trumbull Property Fund Page 61 This Page Left Blank Intentionally Page 62 Market Environment Page 63 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Global Equity Markets -0.2% -1.7% 1.1% -2.3% 3.3% 0.6%0.3% -1.8% -4.8%-4.3% 0.5% -1.8% 2.4% -3.4% -4.9% 2.2% -1.9% -1.0% 2.5% -2.4% -6% -4% -2% 0% 2% 4% ACWI IMI 44.7% ACWI ex-U.S. IMI 55.3% USA IMI 5.0% UK IMI 7.7% Ja pa n IMI 3.1% Ca na da IMI 0.2% Isra el IMI 13.6% Europe ex-UK IMI 3.7% Pacific ex-Japan IMI 11.3% Emergi ng Ma rkets IMI GLOBAL MSCI IMI INDEX RETURNS (US D) AS OF 09/30/2019 Third Quarter 2019 One-Year Source: MSCI Concerns of slowing global growth and trade wars ramped up significantly over the quarter before giving way to monetary stimulus that helped to bolster stocks. In local currency terms, the MSCI AC World Investable Market Index returned 1.1% but due to U.S. dollar appreciation, global equities returned -0.2% in USD terms. Japanese stocks were the strongest performers (3.3%) where significant multiple expansion saw cyclical sectors, such as the Consumer Discretionary sector, outperform strongly. Pacific ex-Japan was the worst performer with a return of -4.8%, significantly dragged down by double-digit decline in Hong Kong equity returns due to slowdown in China and heightened political unrest with growing protests triggered by a controversial extradition bill. Emerging Markets (EM) equities fell sharply at -4.3% as impact of trade concerns continues to be a strong headwind. In particular, a double-digit decline in Chinese stocks detracted from EM returns as both the rhetoric and size of tariffs increased.Much of the fall can be attributed however to the strong appreciation of the U.S. dollar with the MSCI EM IMI down by 1.9% in local currency terms. Page 64 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Global Equity Markets US A 55.3% UK 5.0% Ca nada 3.1% Pa cific ex -Japan 3.7%Japan 7.7% Eu rope ex -UK 13.6% Is rael 0.2% Latin Americ a 1.4% Asia 8.2% Ea stern Eu rope, Mi ddle Ea st & Africa 1.7% Emer ging Ma rkets 11.3% MSCI ALL COUNT RY WORLD IMI INDEX GEOGRAP HI C ALLOCATION AS OF 09/30/2019 Sour ce:MSCI The two exhibits on this slide illustrate the percentage that each country/region represents of the global and international equity markets as measured by the MSCI All Country World IMI Index and the MSCI All Country World ex-U.S. IMI Index, respectively. UK 11.2% Canada 7.0% Pacifi c ex -Japan 8.2% Japan 17.3% Europe ex -UK 30.5% Is rael 0.5% Latin America 3.1% Asia 18.3% Eastern Europe, Middle East & Afri ca 3.9% Emerging Mark ets 25.3% MS CI ALL COUNTRY WORLD EX-U.S. IMI INDEX GEOGRAPHIC AL LOCATION AS OF 09/30/2019 Sourc e:MS CI Page 65 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. U.S. Equity Markets 1.2%3.4% -3.6%-0.4% 5.7% -7.6% -0.3% 0.5%2.6% 8.5% 2.9% 5.4% -5.1% 3.2% 11.1% -23.0% 0.3%1.1% 8.1% 21.2% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% Russell 3000 21.4% Te ch nology 13.9% Healthcare 14.4% Cons . Di sc 5.7% Cons. Staples 5.1% Energy 3.4% Mater ia ls & Processi ng 10.5% Produ ce r Durables 20.4% Fi nanc ial Serv ices 5.1% Utilities RUS SELL GI CS SECTOR RET URNS AS OF 09/30/2019 Third Q uarter 2019 One-Year Source: Rus sell Indexes 1.2%1.4%2.1% 1.2% -0.7%-0.6% -4.2% 2.9% 5.2% 3.2% 1.6% 5.2% -8.2% -9.6%-12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% Russe ll 3000 30.4% Large Value 37.4% Large Gr owth 15.7% Medium Value 10.0% Medium Gr owth 3.3% Small Value 3.3% Small Gr owth RUS SELL STYL E RETURNS AS OF 09/30/2019 Third Quar ter 2019 One-Year Source: Rus sell Indexes With expectations of corporate earnings turning lower, the positive return for U.S. equities was primarily driven by multiple expansion. In general, less economically-sensitive sectors outperformed which is not too surprising given the deteriorating outlook. The Russell 3000 Index rose 1.2% during the third quarter and 2.9% over the one-year period. Relative to their international peers, U.S. stocks broadly outperformed with particularly resilience from the Financials sector. Energy (-7.6%) and Healthcare (-3.6%) were the worst performers over the quarter. The former was affected by lower crude oil prices, while the latter despite its more defensive nature underperformed due to political headwinds. Meanwhile, Utilities (8.5%) and Consumer Staples (5.7%) were the best performing sectors in Q3 2019. Performance was mixed across the market capitalization spectrum over the quarter. In general, small cap stocks underperformed both large and medium cap stocks over the quarter. Small-cap stocks underperformed on a fairly broad basis, rather than any meaningful differences in sector allocations although the near double-digit decline in small-cap Health Care stocks was notable. Growth stocks generally underperformed their Value counterparts in Q3 2019 and over the last year. Page 66 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. U.S. Fixed Income Markets The Bloomberg Barclays U.S. Aggregate Bond Index rose by 2.3% over the quarter. Corporate bonds were the best performers, returning 3.0%. Securitized debt underperformed other areas of the U.S. bond market with lower duration of the segment attributed to the more modest returns with a return of 0.9%. Strong underlying government bond returns supported corporate bonds returns across all credit grades. Within investment grade bonds, Baa bonds rose the most at 3.3%. High Yield bonds returned 1.3% with minimal movement in spreads over the quarter. As the U.S. yield curve flattened over the quarter, long- maturity bonds outperformed intermediate and short- maturity bonds. Long-maturity bonds returned 6.6% while short-maturity bonds returned only 0.7%. 2.3%2.4%3.0% 1.4%0.9%1.9% 10.3%10.4% 13.0% 7.8% 5.4% 10.5% 0.0% 2.0% 4.0% 6.0% 8.0% 10 .0% 12 .0% 14 .0% Barclay s U.S. Agg. Bond 43 .0 % Go vt 26 .4 % Co rp. 28 .1 % MBS 0.5% ABS 2.1% CMBS BLOOMBERG BARCLAYS AGGREG ATE RETURNS BY SECTOR AS OF 09/30/2019 Th ird Qu ar te r 20 19 On e-YearSource: FactSet 0.7%1.3%1.5%2.8% 6.6% 4.7% 7.7%8.9% 12.1% 22.0% 0.0% 5.0% 10 .0% 15 .0% 20 .0% 25 .0% 1-3 Yr.3-5 Yr.5-7 Yr.7-10 Y r.>10 Yr. BLOOMBERG BARCLAYS AGGREGATE RETURNS BY MATURI TY AS OF 09/30/2019 Th ird Qu ar te r 20 19 On e-YearSource: FactSet 2.0%2.6%2.9%3.3% 1.3% 9.3% 11.0% 12.6%13.5% 6.4% 0.0% 2.0% 4.0% 6.0% 8.0% 10 .0% 12 .0% 14 .0% 16 .0% Aaa Aa A Baa High Yield BLOOMBERG BARCLAYS AGGREG ATE RETURNS BY QUALITY AND HIGH YIELD RET URNS AS OF 09/30/2019 Th ird Qu ar te r 20 19 On e-YearSource: Fa ctSet Page 67 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. U.S. Fixed Income Markets -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Sep 09 Sep 11 Sep 13 Sep 15 Sep 17 Sep 19 U.S. 10-YEAR TREASURY AND TIPS YIELDS 10Y TIP S Yield 10Y Treasury Yield Sour ce:U.S. Department of Treas ury 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 0 5 10 15 20 25 30 Ma turit y (Y ears) U.S. TREAS URY YIELD CURV E 9/30/2018 6/30/2019 9/30/2019 Sour ce:U.S. Department of Treasur y The U.S. nominal yields fell across all maturities with the yield curve flattening over the quarter as longer-term yields decreased by more than short-term yields. Over the quarter, the widely watched spread between 10 and 2-year U.S. Treasury yields briefly fell into negative territory for the first time since 2007, a concerning development as a recession has followed every yield curve inversion since the 1960s. The 10-year U.S. Treasury yield ended the quarter at 1.68%, 32bps lower than at the start of the quarter in which the U.S. Federal Reserve (Fed) twice cut the interest rate by 25bps each to 1.75%-2.00%. Despite the two rate cuts, the Fed made it clear that it was not the beginning of a sustained easing cycle. This more conservative messaging was maintained at the September Fed meeting although the Federal Open Market Committee (FOMC) appeared to be divided on the future direction of rates with a member arguing for more aggressive cuts to be made. The weaker economic outlook was reflected in the downward movements in TIPS yields by 16bps over the quarter and ended the period at 0.15%, while lower inflation expectations led breakeven inflation lower by 16bps to 1.54%. Page 68 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. European Fixed Income Markets -1% 1% 3% 5% 7% 9% 11% 13% 15% 2013 2014 2015 2016 2017 2018 2019 EUROZO NE PERIPHERAL BOND SPREADS (10-YEAR SPREADS OVER GERMAN BUNDS ) Spain Italy Portugal Gr eece Irel and Sour ce:FactSet European government bond spreads over 10-year German bunds generally fell across the Euro Area with the exception of Spanish and Irish government bonds. The European Central Bank (ECB) cut its deposit rate by 10bps to - 0.5% and announced that its bond purchasing program will be restarted with the purchase of €20billion of bonds each month from November 2019. Furthermore, the ECB indicated that this policy would not be time limited but will be in place until their inflation target is reached. German government bund yields fell by 27bps to -0.58% over the quarter after the country’s manufacturing sector dived deeper into contraction territory. Meanwhile, the 30-year German bund yield turned negative for the first time in history. Italian government bond yields fell by 129bps to a record low of 0.81% over the quarter as political uncertainty eased after a new coalition government was formally agreed. Greek government bond yields fell by 109bps over the quarter to a record low of 1.34%. Greece submitted a request to repay part of its expensive loans from the International Monetary Fund (IMF) early. Page 69 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Credit Spreads Spre ad (bps)09/30/2019 06/30/2019 12/31/2018 Qua rterly Cha nge (bps)One -Year Change (bps) U.S. Aggregate 46 46 39 0 7 Long Gov't 1 1 2 0 -1 Long Credit 167 161 153 6 14 Long Gov't /Credit 95 92 90 3 5 MBS 46 46 28 0 18 CMBS 70 69 60 1 10 ABS 37 41 38 -4 -1 Corporate 115 115 106 0 9 High Yield 373 377 316 -4 57 Global Emerging Mark et s 312 282 273 30 39 So urce: F actSet, B lo omberg Barclays Movements in credit spreads over U.S. Treasuries were mixed over the quarter. There were fairly muted movements in U.S. credit with modest narrowing in U.S. high yield spreads while U.S. corporate spreads were unchanged. Emerging market bond spreads widened significantly by 30bps over the quarter. The ongoing trade war, U.S. dollar debt vulnerabilities among certain EM countries given the increase in the ‘greenback’ and less risk appetite weighed on emerging market debt in general. Page 70 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Currency 80 85 90 95 100 105 110 115 120 125 Sep 13 Sep 14 Sep 15 Sep 16 Sep 17 Sep 18 Sep 19 TRADE WEI GHTED U.S. DOLLAR INDEX (1973 = 100) Source:Federal R es er ve The U.S. dollar continued on an upward trend with economic releases surprising to the upside in the U.S. and cyclical supports –a wide interest rate differential and relative economic strength –remaining intact. The U.S. dollar strengthened against major currencies over the quarter, rising by 2.8% on a trade-weighted basis over the quarter, supported by appreciation against sterling and the euro, up 3.3% and 4.5% respectively. The U.S. dollar appreciated less against the Japanese yen which benefited from some safe haven flows during bouts of market volatility over the quarter. Once again, closely tied to Brexit developments, sterling slipped by just 0.1% on a trade weighted basis but fell by considerably more to a post-EU referendum low against the U.S. dollar.Sterling depreciated by 3.2% against the U.S. dollar. The euro was weak over the quarter as economic releases disappointed with data pointing to near-recessionary conditions in the bloc. With the region exposed to global economic activity, the ongoing trade war and decelerating growth weighed on the region and the currency. Further headwinds pushed the euro lower later in the quarter as the ECB eased monetary policy and lowered interest rates. Against this backdrop, the euro slid by c.4% against the U.S. dollar. 80 90 10 0 11 0 12 0 13 0 14 0 Sep 13 Sep 14 Sep 15 Sep 16 Sep 17 Sep 18 Sep 19 U.S. DOLLAR RELATIVE TO EUR, GBP AN D JPY REBASED TO 100 AT 09/30/2013 EUR/USD GBP/USD JPY/USD Sourc e: FactSet Stronger Dollar Weaker Dollar Page 71 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Commodities -1.8% -0.6% -4.5% 2.4% 5.3% -6.1% -8.6% -6.5% 0.8% -6.6% 1.6% -21.6% -2.1% 20.5% -4.9% -7.8% -3.8% -5.5% -25.0%-20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%25.0% Bloomberg Commodity Index Ex-Energy Ener gy Industrial Metals Pr ec. Metals Agric. Softs Gr ains Livestock COM MODITY R ETURNS AS OF 09/30/2019 Third Quarter 2019 On e-Year Source:Bl oomb er g Note: Softs and Grains are part of the wi der Agr iculture sector Commodities fell over the quarter which saw the Bloomberg Commodity Index return -1.8%. Despite ongoing supply risks, exacerbated by the drone attacks on oil infrastructure in Saudi Arabia that accounts for nearly half of the Kingdom's production, crude oil prices ended the quarter lower. Weaker energy demand led to lower crude oil prices: the price of Brent crude oil fell by 8.7% to $61/bbl while WTI crude oil spot price fell by 7.5% to $54/bbl. Energy sector disappointed with a return of -4.5%. Supported partly by safe-haven buying over the quarter, Precious Metals was the best performing sector over the quarter with a return of 5.3%. This took the one-year return to over 20%. All other commodity sectors posted negative returns over the same period. Agriculture (-6.1%) was the worst performing sector in Q3 2019. Within the Agriculture sector, Softs fell by 8.6% whilst Grains fell by 6.5%. Page 72 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Hedge Fund Markets Overview 0.9% 1.5% -1.1% -2.0% -0.6% -1.6% 0.2% -0.4% -0.9% 2.6% 4.0% -1.2% 2.1% -0.2% -2.8% 2.0% 0.4% 0.0% -4.0%-3.0%-2.0%-1.0%0.0%1.0%2.0%3.0%4.0%5.0% Fixed Income/Converti ble Arb. Gl obal Macro Equity Hedge Emergi ng Markets Event-Driv en Distress ed -Restruc turing Relative Value Fund-Weighted Compos it e Index Fund of Funds Co mposite Index HEDGE FUND PERFORMANCE AS OF 09/30/2019 Third Quarter 2019 One-Year Note: Lates t 5 months o f HFR data are es ti mated by H FR a nd may c hange in the futur e. Source:HFR Hedge fund performance was mixed across all strategies in the third quarter. Over the quarter, Global Macro hedge fund strategies were the best performers with a return of 1.5%. Most of the outperformance occurred over August when market risks were elevated. Conversely, Emerging Markets and Distressed-Restructuring were the worst performers, returning -2.0% and -1.6% respectively. The HFRI Fund-Weighted Composite Index and the HFRI Fund of Funds Composite Index produced returns of -0.4% and -0.9%, respectively. Page 73 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Private Equity Market Overview –Q2 2019 –Slide 1 of 2 Fundraising: In Q2 2019, $178.1 billion was raised by 366 funds, which was an increase of 25.8% on a capital basis and an increase of 0.3% by number of funds over the prior quarter. Dry powder stood at nearly $2.0 trillion at the end of the quarter, a modest increase compared to the previous quarter.1 Buyout: Global private equity-backed buyout deals totaled $77.7 billion in Q2 2019, which was up 6.8% on a number of deals basis and down 27.0% on a capital basis from Q1 2019.1 Through the end of Q2 2019, the average purchase price multiple for all U.S. LBOs was 11.2x EBITDA, an increase of 0.6x over year-end 2018 and up from the five-year average (10.2x).2 Large cap purchase price multiples stood at 11.0x, up compared to the full-year 2018 level of 10.6x.2 The weighted average purchase price multiple across all European transaction sizes averaged 11.1x EBITDA for Q2 2019, up from the 10.9x multiple seen at the end of Q1 2019. Purchase prices for transactions of €1.0 billion remained at 11.3x at the end of Q2 2019, a drop from the 11.7x seen at year-end 2018. Transactions between €500.0 million and €1.0 billion were down 0.3x from the end of 2018, and stood at 11.0x at the end of the quarter.2 Globally, exit value totaled $104.7 billion from 453 deals during the second quarter, significantly higher than the $40.8 billion in exits from 460 deals during Q1 2019.1 Venture: During the second quarter, 1,409 venture-backed transactions totaling $28.7 billion were completed in the U.S., which was an increase on a capital and deal basis over the prior quarter’s total of $26.1 billion across 1,362 deals. This was 41.4% higher than the five-year quarterly average of $20.3 billion.3 Total U.S. venture-backed exit activity totaled approximately $138.3 billion across 198 completed transactions in Q2 2019, up slightly on a capital basis from the $50.1 billion across 185 exits in Q1 2019.4 Mezzanine: Four funds closed on $1.2 billion during the second quarter. This was an increase from the prior quarter’s total of $1.0 billion raised by three funds, but represented a decrease of 76.7% from the five-year quarterly average of $5.1 billion. Estimated dry powder was $51.5 billion at the end of Q2 2019, down from the $58.8 billion seen at the end of Q1 2019.1 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 $0 $1 00 $2 00 $3 00 $4 00 $5 00 $6 00 1Q 11 4Q 11 3Q 12 2Q 13 1Q 14 4Q 14 3Q 15 2Q 16 1Q 17 4Q 17 3Q 18 2Q 19 # of DealsValue ($ Billions)De al Value ($ Billions) Nu mber of De al s Page 74 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Private Equity Market Overview –Q2 2019 –Slide 2 of 2 Distressed Debt: The LTM U.S. high-yield default rate was 1.9% as of July 2019, which was down from year-end 2018’s LTM rate of 2.4%.5 During the quarter, $15.3 billion was raised by 15 funds, higher than both the $5.0 billion raised by 14 funds in Q1 2019 and the five-year quarterly average of $11.0 billion.1 Dry powder was estimated at $119.4 billion at the end of Q2 2019, which was up slightly from the $118.0 billion seen at the end of Q1 2019. This remained above the five-year annual average level of $103.3 billion.1 Secondaries:Four funds raised $1.5 billion during the quarter, down from the $2.2 billion raised by nine funds in Q1 2019 and the $9.0 billion raised by ten funds in Q4 2018.1 At the end of Q2 2019, there were an estimated 58 secondary and direct secondary funds in market targeting roughly $74.6 billion.1 The average discount rate for all private equity sectors finished the quarter at 9.2%, lower than the 9.5% discount at the end of Q1 2019.6 Infrastructure: $23.1 billion of capital was raised by 29 funds in Q2 2019 compared to $18.3 billion of capital raised by 21 partnerships in Q1 2019. At the end of the quarter, dry powder stood at an estimated $217.0 billion, up significantly from Q1 2019’s total of $175.0 billion. Infrastructure managers completed 582 deals with an estimated aggregate deal value of $155.0 billion in Q2 2019 compared to 552 deals totaling $63.0 billion a quarter ago.1 Natural Resources: During Q2 2019, two funds closed on $0.4 billion compared to five funds totaling $1.5 billion in Q1 2019. Energy and utilities industry managers completed approximately 80 deals totaling an estimated $12.4 billion through Q2 2019, which represents 36.1% of the full year capital deployment in 2018.1 Sources: 1 Preqin 2 Standard & Poor’s 3 PwC/CB Insights MoneyTree Report 4 PitchBook/NVCA Venture Monitor 5 Fitch Ratings 6 Thomson Reuters 7 UBS Notes: FY=Fiscal year ended 12/31; YTD=Year to date; LTM=Last 12 months (aka trailing 12 months); PPM=Purchase Price Multiples: Total Purchase Price ÷ EBITDA. 8.5 x 8.8 x 8.7x 8.8x 9.8x 10.3x 10.0x 10.6x 10.6x 11.2x 0.0 x 2.0 x 4.0 x 6.0 x 8.0 x 10 .0 x 12 .0 x Seni or Debt/EBITDA Sub Debt/EBITDA Equi ty/EBITDA Others Page 75 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. U.S. Commercial Real Estate Markets 1.3% 5.6%7.3% 9.3%10.9% 7.8% 18.4% 7.4% 10.3% 13.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% Q3 2019 1-Year 3-Year s 5-Year s 10-Year s PRIVATE VS. PUBLIC REAL ES TATE RET URNS AS OF 09/30/2019 Pr ivate (NF I-ODCE Gr oss)* Public (NA REIT Gr oss) *Third quar ter r etur ns a re p reliminary Sources : NCREIF, FactSet U.S.Core Real Estate returned 1.3%*over the third quarter,equating to a 5.6%total gross return year-over-year,including a 4.2%income return.Debt mark-to-market was a drag on the quarterly return as a result of declining interest rates.Going forward,income and income growth are expected to be the larger drivers of return,given the current point of the real estate cycle. Global property markets,as measured by the FTSE EPRA/NAREIT Developed Real Estate Index,returned 4.9%(USD)in aggregate during the third quarter.The sector benefitted from increasingly accommodative monetary policy.REIT market performance was driven by North America (7.6%USD)and Europe (3.3%USD).The U.S.REIT markets (FTSE NAREIT Equity REITs Index)gained 7.8%in the third quarter. Central bank easing proved to be supportive of REIT pricing. According to RCA through August 2019,the U.S.property market has experienced price growth of 6.7%year-over-year across major sectors.The industrial sector pricing appreciated 12.5%year-over-year,leading all sectors.Furthermore,transaction volume was up 10% over the same period. Return expectations have normalized,with go forward expectations in line with historical norms.The market benefited from two rate cuts during the Quarter,from the Federal Reserve,and declining interest rates have led to a rally across various asset classes.According to Preqin,there remains a record amount of dry powder ($334 billion)in closed-end vehicles seeking real estate exposure,which should continue to lend support to valuations and liquidity in the commercial real estate market. *Indicates preliminary NFI-ODCE data gross of fees 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10 .0% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 Of fice Industrial Retail Apartmen t CAP RATES BY SECTOR Page 76 Appendix Page 77 Fee Schedule Market Value As of 09/30/2019 $000 % of Portfolio Estimated Annual Fee $000 Estimated Annual Fee (%) Total Pension 280,212 100.00 1,360 0.49 Total Domestic Equity 96,189 34.33 255 0.27 BlackRock Russell 1000 Index Fund Non-Lending 0.04 % of Assets 69,289 24.73 24 0.04 Kennedy Mid Cap Value 0.75 % of First $25 M 0.70 % of Next $25 M 0.60 % Thereafter 14,119 5.04 106 0.75 TimesSquare Small Cap Growth 0.98 % of Assets 12,782 4.56 125 0.98 Total International Equity 50,744 18.11 462 0.91 Morgan Stanley International Equity 0.90 % of Assets 33,223 11.86 299 0.90 Morgan Stanley Emerging Markets Fund 0.93 % of Assets 17,521 6.25 163 0.93 Total Fixed Income 97,415 34.76 338 0.35 Income Research 0.45 % of First $10 M 0.35 % of Next $10 M 0.30 % of Next $10 M 0.23 % of Next $20 M 0.23 % of Next $50 M 0.20 % Thereafter 39,223 14.00 131 0.33 Prudential Core Plus Bond 0.30 % of First $50 M 0.28 % of Next $100 M 0.25 % of Next $100 M 0.20 % Thereafter 36,779 13.13 110 0.30 Brandywine Global Opportunistic Fixed Income 0.45 % of First $50 M 0.40 % of Next $50 M 0.35 % Thereafter 21,413 7.64 96 0.45 Real Estate 32,621 11.64 281 0.86 UBS Trumbull Property Fund 0.96 % of First $10 M 0.83 % of Next $15 M 0.81 % of Next $25 M 0.79 % of Next $50 M 0.67 % of Next $150 M 0.60 % of Next $150 M 0.56 % of Next $200 M 0.52 % Thereafter 32,621 11.64 281 0.86 Cash Account 0.20 % of Assets 1,985 0.71 4 0.20 Total Pension Fee Schedule As of September 30, 2019 Page 78 Benchmark Descriptions Policy Benchmark As of October 1, 2018, the Policy Index consists of 25% Russell 1000 Index, 10% Russell 2000 Index, 12% MSCI EAFE Index (net), 6% MSCI EM Index (net), 14% BC Int. Gov/Credit Index, 8% Citi WG Bond Index, 13% Barclays U.S. Aggregate Index, and 12% NCREIF Property Index. From January 1, 2017 to October 1, 2018, The Policy Benchmark consists of 20% Russell 1000 Index, 6% Russell 2000 Index, 10% MSCI EAFE Index, 4% MSCI Emerging Markets Index, 12% BC Aggregate Index, 14% BC Intermediate Gov/Credit Index, 9% Citigroup World Government Bond Index, 15% HFRI Fund of Funds Composite Index, 10% NCREIF Property Index. From August 1, 2015 to January 1, 2017, The Policy Benchmark consists of 20% Russell 1000 Index, 6% Russell 2000 Index, 10% MSCI EAFE Index, 4% MSCI Emerging Markets Index, 12% BC Aggregate Index, 14% BC Intermediate Gov/Credit Index, 9% Citigroup World Government Bond Index, 15% HFRI Fund of Funds Composite Index, 5% Wellington DIH Multi-Asset Inflation Index and 5% NCREIF Property Index. From March 1, 2015 to August 1, 2015, The Policy Benchmark consists of 21% Russell 1000 Index, 6% Russell 2000 Index, 11% MSCI EAFE Index, 3% MSCI Emerging Markets Index, 10% 65% MSCI World/35% BC Aggregate Blend Index, 2% 50% BC Credit/25% S&P LSTA/25% BC High Yield Blend Index,14% BC Intermediate Gov/Credit Index, 9% Citigroup World Government Bond Index, 5% BofA Merrill Lynch US High Yield Cash Pay Index, 4% HFRI Equity Hedge (Total) Index, 5% JPMorgan GBI-EM Diversified and 5% NCREIF Fund Index-OEDCE. From April 1, 2014 to March 1, 2015, The Policy Benchmark consists of 21% Russell 1000 Index, 6% Russell 2000 Index, 11% MSCI EAFE Index, 3% MSCI Emerging Markets Index, 10% 65% MSCI World/35% BC Aggregate Blend Index, 2% 50% BC Credit/25% S&P LSTA/25% BC High Yield Blend Index,14% BC Intermediate Gov/Credit Index, 9% Citigroup World Government Bond Index, 5% BofA Merrill Lynch US High Yield Cash Pay Index, 4% CPI+5%, 5%Wellington DIH Benchmark, 5% JPMorgan GBI-EM Diversified and 5% NCREIF Fund Index-OEDCE. Prior to April 1, 2014, the Policy Benchmark is comprised of 20% Russell 1000 Index, 5% Russell 2000 Index, 10% MSCI EAFE Index,3% MSCI Emerging Markets Index, 10% 65% MSCI World/35% BC Aggregate Blend Index, 2% 50% BC Credit/25% S&P LSTA/25% BC High Yield Blend Index, 13% BC Intermediate Gov/Credit Index, , 8% Citigroup World Government Bond Index, 5% BofA Merrill Lynch US High Yield, Cash Pay Index, 5% 3 Month T-Bills + 3%,4% CPI + 5%, 5% Wellington DIH Multi-Asset Inflation Index, 5% JPM GBI-EM Global Diversified Index, and 5% NCREIF Fund Index-OEDCE. Note: Wellington DIH Multi-Asset Inflation Index consists of 50% MSCI ACW Commodity Producers Index, 25% DJ AIG Commodity Total Return Index and 25% BC US Treasury Inflation Notes: 1-10 Year Page 79 Benchmark Descriptions Bloomberg Barclays Corporate High Yield Bond Index -An index that covers the USD-dominated, non-investment grade, fixed rate, taxable corporate bond market. Debt issues from emerging market countries are excluded. Securities are classified as high-yield if the middle rating is Ba1/BB+ or below. Bloomberg Barclays Emerging Markets Index -An unmanaged index that tracks total returns for external-currency-denominated debt instruments of the emerging markets. Bloomberg Barclays Global Aggregate -Provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. Bloomberg Barclays Global Treasury Ex-US -The Barclays Global Treasury ex US Index is a subset of the flagship Global Treasury Index that does not have any exposure to US debt. This multi-currency benchmark includes investment grade, fixed-rate bonds issued by governments in their native currencies. Bloomberg Barclays Inflation Index -Measures the performance of the U.S. Treasury Inflation Protected Securities ("TIPS") market. Bloomberg Barclays Universal Index -A market value-weighted index which is the union of the U.S. Aggregate Index, U.S. High Yield Corporate Index, Eurodollar Index, U.S. Emerging Markets Index and the CMBS High Yield Index. The Index is appropriate for core plus fixed income mandates. Bloomberg Barclays U.S. Aggregate Bond Index -A market value-weighted index consisting of government bonds, SEC-registered corporate bonds and mortgage-related and asset-backed securities with at least one year to maturity and an outstanding par value of $250 million or greater. This index is a broad measure of the performance of the investment grade U.S. fixed income market. Bloomberg Barclays U.S. Government/Credit Index -A subcomponent of the Barclays Capital Aggregate Index, this benchmark includes treasury securities, government related issues, and high quality corporate bonds with an outstanding par value of $250 million or greater and at least one year of maturity remaining. Bloomberg Barclays U.S. Government Index -A market value weighted index of U.S. government and government agency securities (other than mortgage securities) with maturities of one year or more. Bloomberg Barclays U.S. High Yield Index -An index composed of non-investment grade corporate debt denominated in U.S. dollars. The issues have to have an outstanding par value of $150 million or greater and at least one year of maturity remaining. Bloomberg Barclays U.S. Intermediate Aggregate Bond Index -A market value-weighted index consisting of U.S. Treasury securities, corporate bonds and mortgage-related and asset-backed securities with one to ten years to maturity and an outstanding par value of $250 million or greater. Bloomberg Barclays U.S. Intermediate Government Bond Index -An unmanaged index considered representative of intermediate-term fixed-income obligations issued by the U.S. treasury, government agencies and quasi-federal corporations. Bloomberg Barclays U.S. Intermediate Government/Credit Index -A market-value weighted index consisting of U.S. government bonds and SEC-registered corporate bonds with one to ten years to maturity and an outstanding par value of $150 million or greater. Bloomberg Barclays U.S. Intermediate Treasury -An unmanaged index considered representative of intermediate-term fixed-income obligations issued by the U.S. treasury. Bloomberg Barclays U.S. Long Credit Bond Index -An unmanaged index considered representative of long-term fixed-income obligations issued by U.S. corporate, specified foreign debentures, and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered. Page 80 Benchmark Descriptions Bloomberg Barclays U.S. Long Gov’t/Credit Index -The Barclays Capital U.S. Government/ Credit Bond Index measures performance of U.S. dollar denominated U.S. treasuries, government-related, and investment grade U.S. corporate securities that have a remaining maturity of greater than or equal to 1 year. In addition, the securities have $250 million or more of outstanding face value, and must be fixed rate and non-convertible. Bloomberg Barclays U.S. Long Government Bond Index -An unmanaged index considered representative of long-term fixed-income obligations issued by the U.S. treasury, government agencies and quasi-federal corporations. Bloomberg Barclays U.S. TIPS -A market value-weighted index consisting of U.S. Treasury Inflation Protected Securities with one or more years remaining until maturity with total outstanding issue size of $500m or more. Bloomberg Barclays U.S. Treasury 20-30 Year STRIPS Index -A subcomponent of the Barclays Aggregate Index, this benchmark includes long-term treasury STRIPS. Bloomberg Commodity Index -Consists of 22 exchange-traded futures on physical commodities, which are weighted to account for economic significance and market liquidity. Performance is calculated on an excess return basis and reflects commodity future price movements. BofA Merrill Lynch 3 Month Treasury Bill -An index that measures the average return of the last three-month U.S. Treasury Bill issues. BofA Merrill Lynch High Yield Master -A market capitalization-weighted index that tracks the performance of U.S. dollar-denominated, below investment grade corporate debt publicly issued in the U.S. domestic market. Citigroup 90-Day T-Bill Index -An index that measures the average return of the last three-month U.S. Treasury Bill issues. Credit Suisse Leveraged Loan Index -Designed to mirror the investable universe of the U.S. dollar denominated leveraged loan market. CRSP US Large Cap Index -an index comprised of nearly 640 US large cap companies and includes securities traded on NYSE, NYSEMarket, NASDAQ, or ARCA, representing nearly 85% of the U.S. investable equity market. The index is reconstituted quarterly after the market close on the third Fridays of March, June, September, and December. CRSP US Total Market Index -an index comprised of nearly 4,000 constituents across mega, large, small, and micro capitalizations and includes securities traded on NYSE, NYSE Market, NASDAQ, or ARCA, representing nearly 100% of the U.S. investable equity market. The index is reconstituted quarterly after the market close on the third Fridays of March, June, September, and December. DJ U.S. Completion Total Stock Market Index -A capitalization-weighted index that consists of the stocks in the Dow Jones U.S. Total Stock Market Index less the stocks in the S&P 500 Stock Index. DJ U.S. Total Stock Market Index -A capitalization-weighted stock index representing all domestic common stocks traded regularly on the organized exchanges. The index is the broadest measure of the aggregate domestic stock market and includes approximately 5,000 stocks. FTSE 4Good U.S. Select Index -a socially responsible investment (SRI) index of US stocks that excludes companies with certain business activities such as weapons, tobacco, gambling, alcohol, nuclear power, and adult entertainment. FTSE All-World ex-U.S. Index -A capitalization-weighted stock index representing 46 developed market countries and emerging market countries excluding the U.S. Page 81 Benchmark Descriptions FTSE EPRA NAREIT Global ex-U.S. Index -Designed to represent general trends in eligible real estate equities worldwide. Relevant real estate activities are defined as the ownership, disposure and development of income-producing real estate. FTSE Global All Cap ex US Index -a market-capitalization weighted index representing the performance of roughly 5350 large, mid and small cap companies in 46 Developed and Emerging markets worldwide, excluding the USA. FTSE Global Core Infrastructure Index -Represents the performance of infrastructure and infrastructure-related securities companies in a set of industries that FTSE defines as being involved in infrastructure. The series is based on the FTSE Global Equity Index Series and both developed and emerging markets are included. FTSE NAREIT U.S. Equity REITS -Free float adjusted, market capitalization weighted index of US based equity real estate investment trusts (REITs). Goldman Sachs Commodity Index -A composite index of commodity sector returns which represents a broadly diversified, unleveraged, long-only position in commodity futures. HFRI Fund-of-Fund Index -This index is equity-weighted including 800 constituents. It includes both domestic and offshore accounts and is valued in U.S. dollars. Only fund-of- fund products are included in the index that have at least $50 million under managements and have been actively trading for at least one year. All funds report net monthly returns. HFRI Fund Weighted Composite Index -The HFRI Fund Weighted Composite Index is a global, equal-weighted index of over 2,000 single-manager funds that report to HFR Database. Constituent funds report monthly net of all fees performance in US Dollar and have a minimum of $50 Million under management or a twelve (12) month track record of active performance. The HFRI Fund Weighted Composite Index does not include Funds of Hedge Funds. Hueler Stable Value Index -The Hueler Analytics Stable Value Pooled Fund Comparative Universe represents investment strategies of $96 billion in stable value assets, across 24 pooled funds, invested in contracts universe across a universe of 16 general account issuers and 14 synthetic wrap providers.The allocation of pooled fund assets is dominated by synthetic contracts issued by insurance companies and banks. iMoneyNet All Taxable Money Funds Index -An index made up of the entire universe of money market mutual funds. The index currently represents over 1,300 funds, or approximately 99 percent of all money fund assets. iMoneyNet Money Fund Average -An index made up of the entire universe of money market mutual funds. The index currently represents over 1,300 funds, or approximately 99 percent of all money fund assets. J.P. Morgan EMBI Global Diversified -Comprised of dollar-denominated Brady bonds, traded loans and Eurobonds issued by emerging market sovereign and quasi-sovereign entities. The Diversified version limits the weights of the index countries by only including a specified portion of those countries' eligible current face amounts of debt outstanding, providing for a more even distribution of weights within the countries in the index. MSCI All Country World ex-U.S. Index -A capitalization-weighted index of stocks representing 44 stock markets in Europe, Australia, the Far East, the Middle East, Latin America and North America. Index consists of 23 developed and 21 emerging countries, but excludes the U.S. MSCI All Country World ex-U.S. Index IMI-A capitalization-weighted index of large, mid and small cap stocks representing 22 developed (excluding the United States) and 24 emerging market countries. The index is the broadest measure of the aggregate non-US stock market, covering approximately 99% of the global equity investment opportunity set outside of the United States. Page 82 Benchmark Descriptions MSCI All Country World ex-U.S. Small Cap Index -Covers all investable small cap securities with a market capitalization below that of the companies in the MSCI Standard Indices (excluding U.S.), and target approximately 14% of each market’s free-float adjusted market capitalization. MSCI All Country World Index -A capitalization-weighted index of stocks representing 46 stock markets in Europe, Australia, the Far East, the Middle East, Latin America and North America. MSCI All Country World Index IMI -A capitalization-weighted index of large, mid and small cap stocks representing 23 developed and 24 emerging market countries. The index is the broadest measure of the aggregate global stock market, covering approximately 99% of the global equity investment opportunity set. MSCI EAFE Growth Index -A capitalization-weighted index of 21 stock markets in Europe, Australia, Asia and the Far East designed to capture the growth-oriented companies. MSCI EAFE Index -A capitalization-weighted index of stocks representing 22 developed countries in Europe, Australia, Asia, and the Far East. MSCI EAFE Small Cap Index -A capitalization-weighted index of small cap stocks representing 23 developed country markets in Europe, Australia, Asia, and the Far East. MSCI EAFE Value Index -A capitalization-weighted index of 21 stock markets in Europe, Australia, Asia and the Far East designed to capture the value-oriented companies. MSCI Emerging Markets Index -A capitalization-weighted index of stocks representing 22 emerging country markets. MSCI Emerging Markets Value Index -A capitalization-weighted index considered representative of value stocks across 46 stock markets in Europe, Australia, the Far East, the Middle East, Latin America and North America. MSCI U.S. Broad Market Index -A capitalization-weighted stock index that aggregates the MSCI U.S. Large Cap 300, Mid Cap 450, Small Cap 1,750 and Micro Cap Indices. This index represents approximately 99.5% of the capitalization of the U.S. Equity market and includes approximately 3,562 companies. MSCI U.S. REIT Index -A broad index that fairly represents the equity REIT opportunity set with proper investability screens to ensure that the index is investable and replicable. The index represents approximately 85% of the U.S. REIT universe. MSCI World Index -A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, representing 24 developed market country indices. NCREIF Property Index -A capitalization-weighted index of privately owned investment grade income-producing properties representing approximately $269 billion in assets. NFI ODCE Index -A capitalization weighted index comprised of open-end, Core funds investing in commercial real estate properties. The funds that constitute the index are subject to certain geographic and property type diversification requirements as well as leverage restrictions. The index reflects the impact of leverage on investment results. The returns shown in this report are net of management fees of the respective funds included in the index. Rolling 3-year Constant Maturity Treasury Index -An index published by the Federal Reserve Board based on the monthly average yield of a range of Treasury securities, all adjusted to the equivalent of a three-year maturity. Russell 1000 Growth Index -An index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher I/B/E/S growth forecasts. Russell 1000 Index -A capitalization-weighted index of the 1,000 largest publicly traded U.S. stocks by capitalization. Page 83 Benchmark Descriptions Russell 1000 Value Index -An index that measures the performance of those stocks included in the Russell 1000 Index with lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. Russell 2000 Growth Index -A capitalization-weighted index of those stocks in the Russell 2000 Index with higher price-to-book ratios and higher I/B/E/S earnings growth forecasts. Russell 2000 Index -A capitalization-weighted index of the smallest 2,000 stocks in the Russell 3000 Index. The index excludes the largest-and smallest-capitalization issues in the domestic stock market. Russell 2000 Value Index -An index that measures the performance of those stocks included in the Russell 2000 Index with lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. Russell 2500 Growth Index -A capitalization-weighted index representing those companies within the Russell 2500 Index with higher price-to-book ratios and higher I/B/E/S earnings growth forecasts. Russell 2500 Index -The Index is constructed by first identifying the 3,000 largest-capitalization U.S. stocks and ranking them by market capitalizations, choosing the bottom 2,500 names on the list. Russell 2500 Value Index -An index that measures the performance of those stocks included in the Russell 2500 Index with lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. Russell 3000 Growth Index -A capitalization-weighted index consisting of those Russell 3000 Index stocks that have higher price-to-book ratios and higher I/B/E/S earnings growth forecasts. Russell 3000 Index -A capitalization-weighted index consisting of the 3,000 largest publicly traded U.S. stocks by capitalization. This index is a broad measure of the performance of the aggregate domestic equity market. Russell 3000 Value Index -A capitalization-weighted index consisting of those Russell 3000 Index stocks that have lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. Russell Mid Cap Growth Index -A capitalization-weighted index representing those stocks in the Russell MidCap Index with higher price-to-book ratios and higher I/B/E/S earnings growth forecasts. Russell Mid Cap Index -A capitalization-weighted index of the 800 smallest stocks in the Russell 1000 Index. This index is a broad measure of mid-capitalization stocks. Russell Mid Cap Value Index -A capitalization-weighted index consisting of those Russell MidCap Index stocks that have lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. S&P 500 Index -A capitalization-weighted index representing stocks chosen by Standard & Poor's, Inc. for their size, liquidity, stability and industry group representation. The companies in the S&P 500 Index are generally among the largest in their industries. Page 84 Benchmark Descriptions S&P Completion Index -The S&P Completion Index is a sub-index of the S&P Total Market Index, including all stocks eligible for the S&P TMI and excluding all current constituents of the S&P 500. The index covers approximately 4,000 constituents, offering investors broad exposure to mid, small,and micro cap companies. S&P Leverage Loan Index -A daily total return index that uses LSTA/LPC Mark-to-Market Pricing to calculate market value change. S&P MidCap 400 Index -A market-capitalization-weighted index of stocks in all major industries in the mid-range of the U.S. stock market. Wilshire REIT -A measure of the types of U.S. real estate securities that represent the ownership and operation of commercial or residential real estate. To be included in the index, a company must have a market capitalization of $200 million and have at least 75% of the total revenue derived from the ownership and operation of the real estate assets. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect our fees or expenses. Past performance is no guarantee of future results. Please feel free to contact us at retirement@aonhewitt.com for more index information. Page 85 This Page Left Blank Intentionally Page 86 Disclaimers and Notes Page 87 Notes: §The rates of return contained in this report are shown on an after-fees basis unless otherwise noted. They are geometric and time weighted. §Universe percentiles are based upon an ordering system in which 1 is the best ranking and 100 is the worst ranking. §Due to rounding throughout the report,percentage totals displayed may not sum up to 100.0%.Additionally,individual fund totals in dollar terms may not sum up to the plan totals. §All information presented in this report should be considered preliminary.Finalized data will be available on next Quarterly Investment Report after the close of the quarter. Notes Page 88 Past performance is not necessarily indicative of future results. Unless otherwise noted,performance returns presented reflect the respective fund’s performance as indicated.Returns may be presented on a before-fees basis (gross)or after- fees basis (net).After-fee performance is net of each respective sub-advisors’investment management fees and include the reinvestment of dividends and interest as indicated on the notes page within this report or on the asset allocation and performance summary pages.Actual returns may be reduced by AHIC’s investment advisory fees or other trust payable expenses you may incur as a client.AHIC’s advisory fees are described in Form ADV Part 2A.Portfolio performance,characteristics and volatility also may differ from the benchmark(s) shown. The information contained herein is confidential and proprietary and provided for informational purposes only.It is not complete and does not contain certain material information about making investments in securities including important disclosures and risk factors.All securities transactions involve substantial risk of loss.Under no circumstances does the information in this report represent a recommendation to buy or sell stocks, limited partnership interests, or other investment instruments. The data contained in these reports is compiled from statements provided by custodian(s),record-keeper(s),and/or other third-party data provider(s).This document is not intended to provide,and shall not be relied upon for,accounting and legal or tax advice.AHIC has not conducted additional audits and cannot warrant its accuracy or completeness.We urge you to carefully review all custodial statements and notify AHIC with any issues or questions you may have with respect to investment performance or any other matter set forth herein. The mutual fund information found in this report is provided by Thomson Reuters Lipper and AHIC cannot warrant its accuracy or timeliness.Thomson Reuters Lipper Global Data Feed provides comprehensive coverage of mutual fund information directly to Investment Metrics,AHIC’s performance reporting vendor,via the PARis performance reporting platform. Thomson Reuters Lipper is the data provider chosen by Investment Metrics, and as such, AHIC has no direct relationship with Thomson Reuters Lipper. Refer to Hedge Fund Research, Inc. www.hedgefundresearch.com for information on HFR indices. FTSE International Limited (“FTSE”)©FTSE 2017.“FTSE®”and “FTSE4Good®”are trademarks of the London Stock Exchange Group companies and are used by FTSE International Limited under license.The FTSE indices are calculated by FTSE International Limited in conjunction with Indonesia Stock Exchange,Bursa Malaysia Berhad,The Philippine Stock Exchange,Inc.,Singapore Exchange Securities Trading Limited and the Stock Exchange of Thailand (the "Exchanges").All intellectual property rights in the FTSE/ASEAN Index vest in FTSE and the Exchanges.Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and /or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Aon Hewitt Investment Consulting,Inc.(“AHIC”)is a federally registered investment advisor with the U.S.Securities and Exchange Commission (“SEC”).AHIC is also registered with the Commodity Futures Trade Commission as a commodity pool operator and a commodity trading advisor,and is a member of the National Futures Association.The AHIC ADV Form Part 2A disclosure statement is available upon written request to: Aon Hewitt Investment Consulting, Inc. 200 East Randolph Street Suite 700 Chicago, IL 60601 ATTN: AHIC Compliance Officer Disclaimer