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Home My Public Portal About2019 2nd Quarter ReportVisit the Aon Retirement and Investment Blog (https://retirement-investment-insights.aon.com); sharing our best thinking. Metropolitan St. Louis Sewer District Pension Plan | Second 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 New Thought Leadership Hub ▪Aon’s Retirement & Investment practice has launched a new Thought Leadership Hub to house much of our intellectual capital ▪Check it out at https://retirement-investment-insights.aon.com/ Did you know? Aon United Day for Communities was on June 18. We had a collective impact in the places where we live and work. As an example, in Chicagoland, 1,300 colleagues came together to support 18 local organizations. On Aon United Day for Communities, we: ▪Hosted 300+ athletes from Special Olympics for a day of fun in Millennium Park ▪Built houses with Habitat for Humanity ▪Promoted early childhood education with preschoolers in the Englewood community ▪Brightened the day for young patients and their families at Lurie Children’s Hospital ▪Mapped at-risk communities with the Red Cross Missing Maps project ▪Supported a shelter for women who have experienced domestic violence ▪Packed food boxes for the hungry ▪And more! Aon’s 2019 Retirement & Investment Client Conference Register now for Aon’s Retirement & Investment Client Conference on September 25-26, 2019 in Chicago. The agenda, speaker lineup, registration, and other details are available on the conference website. Human Capital Solutions Aon is a very prominent player in the talent and human capital space, focused on Rewards, Assessment, and Performance capabilities that help drive growth and manage people risks that organizations face. We have more than 1,500 global colleagues supporting clients. To better reflect Aon's capabilities in this space and presence in the market, we have renamed Talent, Rewards & Performance as Human Capital Solutions. 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 Second Quarter 2019 Market Review and Outlook Link Newsletters: Pathways Newsletter for Retirement Plans | CIO Insights | Connections Newsletter for Non-Profits | Legal Consulting and Compliance Newsletter White Papers All Investors: Downgrading equities and portfolio implications 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: Key Considerations for Responsible Investing Initiatives Link All Investors: What is Different about this Commercial Real Estate Cycle?Link All Investors: Bank Capital Relief Link All Investors: Debating Active vs. Passive Link All Investors: The Real Deal Link All Investors ex-DC: When Opportunity Knocks Again: Ideas for Incorporating Opportunistic Flexibility Into Asset Allocation Link All Investors ex-DC: Why Diversify Now?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 10.7% 7.1% 2.2%2.5%2.9% 5.7%5.8%4.7% -9.1% 14.7%13.4% 6.9%5.8%3.9% 6.5%8.4%9.2% -3.7% -1 5.0% -1 0.0% -5 .0% 0.0% 5.0% 10 .0% 15 .0% 20 .0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Ma rk ets Bloo mberg Barcla ys U.S. Aggregate Bloombe rg Barclays U.S. Lo ng G ov 't Bloombe rg Barcla ys U.S. Lo ng C re dit Bloo mberg Barclays U.S. High Yield Bloo mberg Commodity Index LONG TERM ANNUALIZE D RETURNS AS OF 06/30/2019 Five-Year Ten-Year Sourc e:Rus sell, MSCI, Bloomberg Barc lays, Bloomberg 4.3% 2.1%3.7% 0.6% 3.1% 6.0%7.0% 2.5% -1.2% 10.4% -3.3% 1.1%1.2% 7.9% 12.3% 15.0% 7.5% -6.8%-1 0.0% -5 .0% 0.0% 5.0% 10 .0% 15 .0% 20 .0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Mark ets Bloo mberg Barcla ys U.S. Aggregat e Bloombe rg Barcla ys U.S. Lo ng G ov 't Bloo mberg Barclays U.S. Lo ng C re dit Bloo mberg Barcla ys U.S. High Yield Bloo mberg Commodity Index SHORT TERM RETURNS AS OF 06/30/2019 Second Quarter 2019 On e-Year Sourc e:Rus sell, MSCI, Bloomberg Barc lays, Bloomberg Page 4 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Market Highlights Second Quarter 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI A ll Country World IMI 3.37%4.56%11.42%6.03%10.32% MSCI A ll Country World 3.61%5.74%11.62%6.16%10.15% Dow Jones U.S. Total Stock Market 4.09%8.88%13.99%10.13%14.68% Russell 3000 4.10%8.98%14.02%10.19%14.67% S&P 500 4.30%10.42%14.19%10.71%14.70% Russell 2000 2.10%-3.31%12.30%7.06%13.45% MSCI A ll Country World ex-U.S. IMI 2.74%0.26%9.17%2.25%6.78% MSCI A ll Country World ex-U.S.2.98%1.29%9.39%2.16%6.54% MSCI E AFE 3.68%1.08%9.11%2.25%6.90% MSCI E AFE (Local Currency)2.80%2.17%9.80%5.85%8.35% MSCI E merging Markets 0.61%1.21%10.66%2.49%5.81% Fixed Income Bloomberg Barclays Global Aggregate 3.29%5.85%1.62%1.20%2.89% Bloomberg Barclays U.S . Aggregate 3.08%7.87%2.31%2.95%3.90% Bloomberg Barclays U.S . Long Gov't 6.00%12.28%1.42%5.68%6.54% Bloomberg Barclays U.S . Long Credit 7.02%14.97%5.33%5.78%8.41% Bloomberg Barclays U.S . Long Gov't/Credit 6.59%13.82%3.76%5.68%7.62% Bloomberg Barclays U.S . TIP S 2.86%4.84%2.08%1.76%3.64% Bloomberg Barclays U.S . Hi gh Yield 2.50%7.48%7.52%4.70%9.24% Bloomberg Barclays Global Treasury ex U.S.3.55%4.70%0.51%0.23%1.98% JP Morgan EMB I Global (Emerging Markets)3.76%11.32%4.65%4.47%7.41% Commodities Bloomberg Commodity Ind ex -1.19%-6.75%-2.18%-9.15%-3.74% Goldman Sachs Commodity Ind ex -1.42%-11.49%1.55%-13.33%-5.19% Hedge Funds HF RI Fund -Weighted Composite2 1.89%1.52%5.01%2.95%4.71% HF RI Fund of Fund s2 1.69%1.36%4.32%2.23%3.23% Real Estate NA REIT U.S . Equity RE ITS 1.24%11.21%4.20%7.92%15.46% NC REIF NFI - OD CE 0.99%6.41%7.57%9.76%9.88% FTSE Global C ore Infrastructure Index 3.54%16.81%10.61%7.57%11.87% Private Equity Burgiss Private iQ Global Priva te Equity3 10.43%12.77%11.52%13.12% MSCI Indices show net total returns. A ll other i nd ices show gross total returns. 1 P eriods are annua li ze d. 2 Latest 5 months of HFR data are estimated by HF R and may change in the future. 3 Burgiss Private iQ Global P ri va te E quity data is as at D ecember 31, 2018 Returns of the Major C apital Markets Period Ending 06/30/2019 Page 5 This Page Left Blank Intentionally Page 6 Total Plan Page 7 Change in Market Value From April 1, 2019 to June 30, 2019 Summary of Cash Flow $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 Millions ($)Beginning Market Value Net Additions / Withdrawals Investment Earnings Ending Market Value $275.2 $2.2 $7.1 $284.5 1 Quarter Year To Date Total Pension Beginning Market Value 275,207,015 261,070,784 + Additions / Withdrawals 2,200,092 -2,929,989 + Investment Earnings 7,069,861 26,336,173 = Ending Market Value 284,476,968 284,476,968 Total Pension Total Plan Asset Summary As of June 30, 2019 Page 8 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 15 Years Total Pension Policy Benchmark 0.0 5.0 10.0 15.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 1/1/93 3.0 11.1 5.5 7.0 4.2 7.6 2.6 10.3 5.3 6.6 3.9 7.3 7.2 Total Pension Benchmark 0.96 1.00 1.04 1.08 6/04 12/05 6/07 12/08 6/10 12/11 6/13 12/14 6/16 12/17 6/19 0.98 Quarterly Out Performance Quarterly Under Performance 0.0% 0.7% 1.4% -0.7 % -1.4 % -2.1 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Total Plan Performance Summary As of June 30, 2019Total Pension Page 9 Allocation Market Value ($) %Policy(%) Performance(%) 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Pension 284,476,968 100.0 100.0 2.6 (92)10.3 (85)5.3 (77)6.6 (92)3.9 (94)7.3 (89)7.2 (53)01/01/1993 Policy Benchmark 3.0 (66)11.1 (75)5.5 (71)7.0 (88)4.2 (90)7.6 (82) All Public Plans < $1B-Total Fund Median 3.2 12.2 6.0 8.5 5.5 8.6 7.3 Total Domestic Equity 99,430,946 35.0 4.3 (19)19.5 (14)8.6 (26)13.5 (49)9.5 (46)11.7 (47)09/01/2013 Russell 3000 Index 4.1 (30)18.7 (40)9.0 (20)14.0 (29)10.2 (18)12.5 (14) All Public Plans-US Equity Segment Median 3.8 18.4 7.1 13.4 9.4 11.6 Total Large-Cap Equity 71,666,606 25.2 25.0 4.2 (39)18.8 (40)10.0 (25)13.5 (36)9.9 (31)13.4 (59)9.1 (65)06/01/2003 Russell 1000 Index 4.2 (39)18.8 (40)10.0 (24)14.1 (32)10.5 (23)14.8 (29)9.6 (49) IM U.S. Equity (SA+CF) Median 3.8 17.9 5.4 12.2 8.1 13.8 9.6 BlackRock Russell 1000 Index Fund Non-Lending 71,666,606 25.2 4.2 (39)18.9 (40)10.1 (24)11.9 (30)03/01/2017 Russell 1000 Index 4.2 (39)18.8 (40)10.0 (24)11.9 (30) IM U.S. Equity (SA+CF) Median 3.8 17.9 5.4 8.9 Total Small-Cap Equity 27,764,340 9.8 10.0 4.4 (36)21.6 (22)4.6 (54)13.6 (36)8.2 (50)14.8 (30)11.2 (17)06/01/2003 Russell 2000 Index 2.1 (77)17.0 (58)-3.3 (82)12.3 (49)7.1 (63)13.4 (58)9.6 (48) IM U.S. Equity (SA+CF) Median 3.8 17.9 5.4 12.2 8.1 13.8 9.6 Kennedy Mid Cap Value 13,948,822 4.9 4.4 (34)17.4 (55)0.6 (70)10.7 (65)5.8 (78)14.0 (44)9.6 (33)02/01/2008 Russell Midcap Value Index 3.2 (61)18.0 (49)3.7 (58)8.9 (80)6.7 (68)14.6 (33)8.7 (52) IM U.S. Equity (SA+CF) Median 3.8 17.9 5.4 12.2 8.1 13.8 8.7 TimesSquare Small Cap Growth 13,815,519 4.9 4.3 (34)25.7 (11)8.6 (36)16.4 (19)10.6 (21)15.4 (17)10.6 (5)02/01/2002 Russell 2000 Growth Index 2.7 (64)20.4 (30)-0.5 (76)14.7 (27)8.6 (40)14.4 (31)8.4 (33) IM U.S. Equity (MF) Median 3.5 17.7 5.7 11.5 7.7 13.3 7.7 Total International Equity 51,691,513 18.2 18.0 2.5 (83)12.6 (88)0.2 (76)7.3 (97)1.8 (95)4.2 (99)09/01/2013 MSCI AC World ex USA Index (Net)3.0 (61)13.6 (73)1.3 (45)9.4 (46)2.2 (85)4.8 (84) All Public Plans-Intl. Equity Segment Median 3.2 14.5 0.9 9.3 2.9 5.4 Morgan Stanley International Equity 33,794,449 11.9 2.5 (51)14.0 (45)0.0 (48)7.2 (69)1.7 (60)6.6 (53)4.5 (67)04/01/2005 MSCI EAFE Index (Net)3.7 (30)14.0 (44)1.1 (38)9.1 (39)2.2 (50)6.9 (46)4.6 (65) IM International Equity (MF) Median 2.6 13.5 -0.3 8.4 2.2 6.7 5.3 Morgan Stanley Emerging Markets Fund 17,897,065 6.3 2.4 (34)9.8 (75)0.1 (60)7.1 (75)1.2 (67)5.3 (62)6.6 (58)04/01/2005 MSCI Emerging Markets Index (Net)0.6 (76)10.6 (69)1.2 (48)10.7 (31)2.5 (39)5.8 (47)7.2 (40) IM Emerging Markets Equity (MF) Median 1.6 12.2 0.9 9.2 2.1 5.7 6.9 Asset Allocation & Performance As of June 30, 2019 Page 10 Asset Allocation & Performance As of June 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 97,796,070 34.4 35.0 3.2 (27)6.5 (46)7.3 (43)3.1 (47)2.2 (85)4.5 (55)4.4 (52)07/01/2003 Blmbg. Barc. Intermed. U.S. Government/Credit 2.6 (74)5.0 (84)6.9 (63)2.0 (83)2.4 (83)3.2 (93)3.4 (96) All Public Plans-US Fixed Income Segment Median 2.9 6.4 7.1 3.0 3.0 5.0 4.5 Income Research 39,458,130 13.9 2.6 (18)5.1 (25)7.1 (10)2.0 (43)2.4 (43)3.7 (23)4.6 (9)07/01/2001 Blmbg. Barc. Intermed. U.S. Government/Credit 2.6 (18)5.0 (38)6.9 (18)2.0 (48)2.4 (40)3.2 (58)4.1 (52) IM U.S. Intermediate Duration (SA+CF) Median 2.4 4.8 6.5 2.0 2.3 3.3 4.1 Prudential Core Plus Bond 36,586,215 12.9 3.7 (6)7.9 (15)9.3 (4)4.2 (15)4.4 (7)06/01/2015 Blmbg. Barc. U.S. Aggregate 3.1 (63)6.1 (85)7.9 (56)2.3 (94)2.9 (80) IM U.S. Broad Market Core+ Fixed Income (SA+CF) Median 3.2 6.9 8.0 3.2 3.3 Brandywine Global Opportunistic Fixed Income 21,751,725 7.6 3.4 (34)6.7 (50)4.4 (74)2.9 (63)1.5 (67)5.7 (35)5.2 (35)01/01/2005 FTSE World Government Bond Index 3.6 (26)5.4 (79)5.5 (59)1.0 (93)0.8 (85)2.2 (96)2.8 (90) IM Global Fixed Income (SA+CF) Median 3.0 6.7 6.2 3.7 2.3 4.5 4.3 Hedge Fund 1,283,043 0.5 0.0 Entrust Capital Diversified Fund 1,283,043 0.5 Real Estate 32,399,073 11.4 12.0 -3.9 -3.4 -0.8 3.4 6.2 7.2 5.3 06/01/2006 NCREIF Property Index 1.5 3.3 6.5 6.9 8.8 9.2 7.6 UBS Trumbull Property Fund 32,399,073 11.4 -3.9 -3.5 -0.8 3.4 6.2 7.2 5.3 06/01/2006 NCREIF Property Index 1.5 3.3 6.5 6.9 8.8 9.2 7.6 Cash Account 1,876,323 0.7 0.0 0.6 1.3 2.4 1.5 0.9 0.5 1.4 07/01/2003 ICE BofAML 3 Month U.S. T-Bill 0.6 1.2 2.3 1.4 0.9 0.5 1.4 **The EnTrust Capital Diversified Fund market value is as of 5/31/2019 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 (37)12.3 (77)5.1 (85)-0.7 (57)2.9 (93)10.9 (86)12.1 (49)1.2 (30)11.2 (72)20.2 (41) Policy Benchmark -4.5 (43)12.2 (79)6.6 (55)-1.4 (71)3.5 (90)12.3 (79)11.6 (60)1.1 (31)11.5 (65)19.5 (48) 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 (36)-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 (5)33.3 (61)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 (27)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 (51)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 (27)25.2 (72)-2.0 (79)0.4 (31)-6.1 (68)20.3 (39)19.6 (40)-7.6 (7)6.1 (89)21.6 (93) MSCI EAFE Index (Net)-13.8 (27)25.0 (73)1.0 (58)-0.8 (40)-4.9 (55)22.8 (24)17.3 (64)-12.1 (27)7.8 (80)31.8 (64) Morgan Stanley Emerging Markets Fund -17.3 (60)35.0 (53)6.7 (59)-10.3 (29)-4.5 (70)-0.8 (46)20.2 (32)-18.4 (35)18.5 (48)69.5 (62) MSCI Emerging Markets Index (Net)-14.6 (30)37.3 (42)11.2 (30)-14.9 (63)-2.2 (43)-2.6 (58)18.2 (56)-18.4 (36)18.9 (44)78.5 (26) Asset Allocation & Performance As of June 30, 2019 Page 12 Asset Allocation & Performance As of June 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 (43)6.6 (12)5.8 (27)------- Blmbg. Barc. U.S. Aggregate 0.0 (16)3.5 (85)2.6 (92)------- Brandywine Global Opportunistic Fixed Income -5.2 (90)12.8 (4)5.2 (53)-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 (25)7.5 (44)1.6 (86)-3.6 (63)-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%2.00%4.00%6.00%-2.00 % Total Fund Total Fund Benchmark Total Value Added 2.57% 3.02% -0.44 % Total Value Added:-0.44 % -0.60 %-0.40 %-0.20 %0.00% Other Manager Value Added Asset Allocation -0.03 % -0.33 % -0.09 % Total Asset Allocation:-0.09 % Average Active Weight 0.00%0.91%1.82%-0.91 %-1.82 % Cash Account Real Estate Hedge Fund Total Fixed Income Total International Equity Total Small-Cap Equity Total Large-Cap Equity Weight (%)0.80% 0.18% 0.46% -0.61 % -0.47 % -0.37 % -0.01 % Asset Allocation Value Added 0.00%0.03%-0.03 %-0.06 % -0.01 % -0.01 % -0.01 % -0.03 % 0.00% 0.00% -0.03 % Total Manager Value Added:-0.33 % Manager Value Added 0.00%0.50%1.00%-0.50 %-1.00 % 0.00% -0.65 % 0.00% 0.20% -0.09 % 0.21% 0.00% Total Pension Total Fund Attribution 1 Quarter Ending June 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 10.30% 11.06% -0.76 % Total Value Added:-0.76 % 0.00%0.50%-0.50 %-1.00 %-1.50 % Other Manager Value Added Asset Allocation 0.10% -0.09 % -0.78 % Total Asset Allocation:-0.78 % Average Active Weight 0.00%2.00%-2.00 % Cash Account Real Estate Hedge Fund Total Fixed Income Total International Equity Total Small-Cap Equity Total Large-Cap Equity Weight (%)0.85% 0.39% 0.92% -0.26 % -0.32 % -0.90 % -0.68 % Asset Allocation Value Added -0.30 %-0.20 %-0.10 %0.00% -0.08 % -0.06 % -0.20 % -0.07 % -0.01 % -0.20 % -0.15 % Total Manager Value Added:-0.09 % Manager Value Added 0.00%0.85%1.70%-0.85 %-1.70 % 0.00% -0.88 % 0.00% 0.56% -0.16 % 0.40% 0.00% Total Pension Total Fund Attribution Year To Date Ending June 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 2.6 (92)10.3 (85)5.3 (77)6.6 (92)3.9 (94)7.3 (89)-4.3 (37)12.3 (77)5.1 (85)¢ Policy Benchmark 3.0 (66)11.1 (75)5.5 (71)7.0 (88)4.2 (90)7.6 (82)-4.5 (43)12.2 (79)6.6 (55) 5th Percentile 3.7 14.2 7.8 10.0 6.7 10.0 -1.5 18.3 9.6 1st Quartile 3.3 12.9 6.8 9.0 6.1 9.3 -3.8 16.0 7.9 Median 3.2 12.2 6.0 8.5 5.5 8.6 -4.8 14.6 6.9 3rd Quartile 2.9 11.0 5.3 7.6 4.9 7.9 -5.6 12.6 5.7 95th Percentile 2.4 9.0 3.7 5.4 3.7 6.9 -7.1 5.8 3.9 Population 282 279 273 253 244 198 347 413 457 Plan Sponsor Peer Group Analysis As of June 30, 2019 All Public Plans < $1B-Total Fund Parentheses contain percentile rankings. Page 16 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Total Pension Policy Benchmark FTSE 3 Month T-Bill -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 Risk (Standard Deviation %) Total Pension Policy Benchmark 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 12/97 12/99 12/01 12/03 12/05 12/07 12/09 12/11 12/13 12/15 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Pension -0.35 0.84 -0.41 0.98 0.51 -0.25 0.98 3.87 6.18 0.99 Policy Benchmark 0.00 0.00 N/A 1.00 0.56 0.00 1.00 4.23 6.26 1.00 FTSE 3 Month T-Bill -3.50 6.24 -0.56 0.01 N/A 0.83 0.00 0.84 0.25 0.09 Total Pension Risk Profile As of June 30, 2019Total Pension Page 17 Market Value ($) Current Allocation (%) Target Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Differences (%) Total Pension 284,476,968 100.0 100.0 N/A N/A 0.0 Total Large-Cap Equity 71,666,606 25.2 25.0 20.0 30.0 0.2 Total Small-Cap Equity 27,764,340 9.8 10.0 5.0 15.0 -0.2 Total International Equity 51,691,513 18.2 18.0 13.0 23.0 0.2 Total Fixed Income 97,796,070 34.4 35.0 30.0 40.0 -0.6 Hedge Fund 1,283,043 0.5 0.0 0.0 0.0 0.5 Real Estate 32,399,073 11.4 12.0 7.0 17.0 -0.6 Cash Account 1,876,323 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 $1,876.3K Real Estate $32,399.1K Hedge Fund $1,283.0K Total Fixed Income $97,796.1K Total International Equity $51,691.5K Total Small-Cap Equity $27,764.3K Total Large-Cap Equity $71,666.6K 0.0% 12.0% 0.0% 35.0% 18.0% 10.0% 25.0% 0.7% 11.4% 0.5% 34.4% 18.2% 9.8% 25.2% 0.7% -0.6 % 0.5% -0.6 % 0.2% -0.2 % 0.2% Total Pension Asset Allocation Compliance As of June 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 4.1 18.7 9.0 14.0 10.2 12.5 4.3 19.5 8.6 13.5 9.5 11.7 June 30, 2019 : $99M TimesSquare Small Cap Growth:13.9% Kennedy Mid Cap Value:14.0% BlackRock Russell 1000 Index Fund Non-Lending:72.1% Total Domestic Equity Benchmark 0.93 0.96 0.99 1.02 1.05 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 0.97 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Total Domestic Equity Portfolio Overview As of June 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 4.3 (19)19.5 (14)8.6 (26)13.5 (49)9.5 (46)-6.1 (51)20.1 (47)9.6 (94)¢ Russell 3000 Index 4.1 (30)18.7 (40)9.0 (20)14.0 (29)10.2 (18)-5.2 (28)21.1 (26)12.7 (48) 5th Percentile 4.9 20.4 10.3 15.0 10.6 -4.0 23.7 15.8 1st Quartile 4.1 19.0 8.7 14.1 10.0 -5.1 21.1 13.8 Median 3.8 18.4 7.1 13.4 9.4 -6.1 20.0 12.6 3rd Quartile 3.4 17.2 6.0 12.5 8.5 -7.0 18.4 11.5 95th Percentile 2.9 14.7 3.3 10.1 6.4 -9.2 16.5 8.7 Population 69 68 67 62 60 70 89 92 Plan Sponsor Peer Group Analysis As of June 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 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 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 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Domestic Equity -0.48 1.41 -0.34 0.99 0.96 -0.52 1.00 13.46 12.64 0.99 Russell 3000 Index 0.00 0.00 N/A 1.00 1.01 0.00 1.00 14.02 12.53 1.00 FTSE 3 Month T-Bill -12.62 12.55 -1.01 0.01 N/A 1.38 0.00 1.36 0.23 -0.09 Total Domestic Equity Risk Profile As of June 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 4.2 18.8 10.0 11.9 4.2 18.9 10.1 11.9 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 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 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 6/19 1.00 BlackRock Russell 1000 Index Fund Non-Lending Performance Summary As of June 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 4.2 (39)18.9 (40)10.1 (24)-4.8 (29)¢ Russell 1000 Index 4.2 (39)18.8 (40)10.0 (24)-4.8 (29) 5th Percentile 7.6 28.3 16.3 2.3 1st Quartile 5.0 20.9 9.7 -4.2 Median 3.8 17.9 5.4 -7.9 3rd Quartile 2.2 15.0 -0.8 -12.4 95th Percentile -0.6 10.1 -8.8 -18.5 Population 2,110 2,110 2,107 2,347 BlackRock Russell 1000 Index Fund Non-Lending Peer Group Analysis As of June 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 8.0 16.0 24.0 32.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 2/1/08 3.2 18.0 3.7 8.9 6.7 14.6 8.7 4.4 17.4 0.6 10.7 5.8 14.0 9.6 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 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 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 6/19 1.10 Kennedy Mid Cap Value Performance Summary As of June 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 4.4 (34)17.4 (55)0.6 (70)10.7 (65)5.8 (78)14.0 (44)-14.5 (86)18.0 (52)22.9 (14)¢ Russell Midcap Value Index 3.2 (61)18.0 (49)3.7 (58)8.9 (80)6.7 (68)14.6 (33)-12.3 (75)13.3 (77)20.0 (21) 5th Percentile 7.6 28.3 16.3 20.9 13.7 17.1 2.3 31.7 29.1 1st Quartile 5.0 20.9 9.7 15.1 10.2 15.0 -4.2 23.1 18.7 Median 3.8 17.9 5.4 12.2 8.1 13.8 -7.9 18.3 12.1 3rd Quartile 2.2 15.0 -0.8 9.5 6.0 12.7 -12.4 13.6 7.6 95th Percentile -0.6 10.1 -8.8 5.5 2.6 10.3 -18.5 5.6 0.5 Population 2,110 2,110 2,107 2,057 1,984 1,675 2,347 2,510 2,664 Kennedy Mid Cap Value Peer Group Analysis As of June 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 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Kennedy Mid Cap Value -0.74 3.18 -0.23 0.95 0.42 -1.13 1.05 5.79 13.78 0.97 Russell Midcap Value Index 0.00 0.00 N/A 1.00 0.51 0.00 1.00 6.72 12.74 1.00 FTSE 3 Month T-Bill -6.48 12.75 -0.51 0.00 N/A 0.84 0.00 0.84 0.25 0.00 Kennedy Mid Cap Value Risk Profile As of June 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 45.0 -15.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 2/1/02 2.7 20.4 -0.5 14.7 8.6 14.4 8.4 4.3 25.7 8.6 16.4 10.6 15.4 10.6 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 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 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 6/19 1.43 TimesSquare Small Cap Growth Performance Summary As of June 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 4.3 (34)25.7 (11)8.6 (36)16.4 (19)10.6 (21)15.4 (17)-4.2 (27)21.1 (36)8.4 (63)¢ Russell 2000 Growth Index 2.7 (64)20.4 (30)-0.5 (76)14.7 (27)8.6 (40)14.4 (31)-9.3 (61)22.2 (30)11.3 (51) 5th Percentile 7.5 28.7 15.8 21.5 14.1 17.3 3.1 34.5 29.1 1st Quartile 4.8 21.1 10.2 14.9 10.1 14.7 -3.8 23.7 17.4 Median 3.5 17.7 5.7 11.5 7.7 13.3 -7.5 17.8 11.3 3rd Quartile 2.0 14.3 -0.2 8.4 5.2 11.8 -12.2 12.2 5.6 95th Percentile -2.3 5.0 -10.2 -0.9 -3.6 4.0 -19.6 -0.7 -3.5 Population 9,364 9,300 9,099 7,982 6,921 4,930 9,125 8,791 8,225 TimesSquare Small Cap Growth Peer Group Analysis As of June 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 28.0 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 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation TimesSquare Small Cap Growth 1.52 4.22 0.36 0.94 0.66 2.64 0.89 10.56 15.90 0.97 Russell 2000 Growth Index 0.00 0.00 N/A 1.00 0.52 0.00 1.00 8.63 17.38 1.00 FTSE 3 Month T-Bill -8.97 17.38 -0.52 0.00 N/A 0.84 0.00 0.84 0.25 0.01 TimesSquare Small Cap Growth Risk Profile As of June 30, 2019TimesSquare Small Cap Growth Page 30 Asset Allocation As of 05/31/2019 0.0%50.0%100.0%150.0% Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 1.1% 1.2% 97.6% Fund Characteristics As of 05/31/2019 Total Securities 105 Avg. Market Cap $2,814.28 Million P/E 37.86 P/B 7.08 Div. Yield 1.64% Annual EPS 20.70 5Yr EPS 15.56 3Yr EPS Growth 23.06 Top Ten Securities As of 05/31/2019 Strategic Education Inc ORD 3.22 % TriNet Group Inc ORD 2.35 % Q2 Holdings Inc ORD 2.34 % Paylocity Holding Corp ORD 2.29 % RealPage Inc ORD 2.28 % Pluralsight Inc ORD 2.17 % ASGN Inc ORD 2.09 % Albany International Corp ORD 1.90 % Clean Harbors Inc ORD 1.83 % WageWorks Inc ORD 1.78 % Sector/Quality Allocation As of 05/31/2019 0.0%15.0%30.0%45.0% Industrials Information Technology Consumer Discretionary Health Care Financials Non Classified Equity Energy Consumer Staples Telecommunication Services 26.8% 23.5% 14.2% 13.7% 10.6% 4.4% 2.2% 1.5% 0.7% TimesSquare Small Cap Growth Mutual Fund Attributes As of June 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 5.0 10.0 15.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years Inception 9/1/13 3.0 13.6 1.3 9.4 2.2 4.8 2.5 12.6 0.2 7.3 1.8 4.2 June 30, 2019 : $52M Morgan Stanley Emerging Markets Fund:34.6% Morgan Stanley International Equity:65.4% Total International Equity Benchmark 0.96 1.00 1.04 1.08 1.12 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 0.98 Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Total International Equity Portfolio Overview As of June 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 2.5 (83)12.6 (88)0.2 (76)7.3 (97)1.8 (95)-14.6 (61)28.0 (51)0.3 (92)¢ MSCI AC World ex USA Index (Net)3.0 (61)13.6 (73)1.3 (45)9.4 (46)2.2 (85)-14.2 (52)27.2 (65)4.5 (33) 5th Percentile 5.3 20.1 4.9 10.9 4.5 -10.8 32.8 8.3 1st Quartile 3.8 15.9 1.9 9.8 3.3 -13.5 29.4 5.1 Median 3.2 14.5 0.9 9.3 2.9 -14.1 28.1 3.5 3rd Quartile 2.7 13.3 0.2 9.0 2.4 -15.0 25.9 2.4 95th Percentile 1.8 10.9 -3.4 7.9 1.6 -17.1 21.9 -1.0 Population 73 73 71 67 63 71 87 90 Plan Sponsor Peer Group Analysis As of June 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 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 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 9/16 3/17 9/17 3/18 9/18 3/19 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total International Equity -1.98 3.20 -0.62 0.92 0.55 -1.59 0.96 7.26 11.41 0.96 MSCI AC World ex USA Index (Net)0.00 0.00 N/A 1.00 0.72 0.00 1.00 9.39 11.40 1.00 FTSE 3 Month T-Bill -8.29 11.45 -0.72 0.04 N/A 1.40 0.00 1.36 0.23 -0.20 Total International Equity Risk Profile As of June 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 3.7 14.0 1.1 9.1 2.2 6.9 4.6 2.5 14.0 0.0 7.2 1.7 6.6 4.5 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 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 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 6/19 0.98 Morgan Stanley International Equity Performance Summary As of June 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 2.5 (49)14.0 (43)0.0 (51)7.2 (73)1.7 (66)6.6 (58)-13.8 (31)25.2 (73)-2.0 (82)¢ MSCI EAFE Index (Net)3.7 (29)14.0 (43)1.1 (40)9.1 (43)2.2 (55)6.9 (51)-13.8 (31)25.0 (74)1.0 (64) 5th Percentile 6.7 21.3 8.9 14.1 7.5 11.0 -7.6 47.1 18.3 1st Quartile 4.0 16.3 2.9 10.4 4.0 8.2 -12.9 35.5 8.1 Median 2.4 13.3 0.0 8.7 2.5 6.9 -15.6 28.6 2.8 3rd Quartile 0.9 10.7 -4.0 7.0 1.1 5.7 -18.5 24.9 -0.8 95th Percentile -1.7 6.1 -9.7 3.9 -1.8 3.4 -23.6 16.6 -6.8 Population 856 856 856 856 804 429 882 904 904 Morgan Stanley International Equity Peer Group Analysis As of June 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 0.5 1.0 1.5 2.0 2.5 3.0 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 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley International Equity -0.55 4.09 -0.13 0.89 0.13 -0.30 0.92 1.73 11.92 0.94 MSCI EAFE Index (Net)0.00 0.00 N/A 1.00 0.17 0.00 1.00 2.25 12.28 1.00 FTSE 3 Month T-Bill -2.13 12.28 -0.17 0.00 N/A 0.84 0.00 0.84 0.25 0.04 Morgan Stanley International Equity Risk Profile As of June 30, 2019Morgan Stanley International Equity Page 39 Asset Allocation As of 05/31/2019 0.0%50.0%100.0%150.0% Other Convertibles Cash Fixed Income Equities 0.0% 0.0% 0.7% 1.5% 97.8% Fund Characteristics As of 05/31/2019 Total Securities 63 Avg. Market Cap $75,843.39 Million P/E 24.29 P/B 5.15 Div. Yield 2.57% Annual EPS 9.45 5Yr EPS 8.69 3Yr EPS Growth 9.23 Top Ten Securities As of 05/31/2019 Unilever NV DR 4.70 % Reckitt Benckiser Group PLC ORD 4.62 % SAP SE ORD 4.01 % Relx PLC ORD 3.51 % Novartis AG ORD 3.28 % GlaxoSmithKline PLC ORD 3.18 % Kirin Holdings Co Ltd ORD 3.14 % Pernod Ricard SA ORD 3.09 % Heineken NV ORD 2.92 % Henkel AG & Co KGaA PFD 2.90 % Sector/Quality Allocation As of 05/31/2019 0.0%15.0%30.0%45.0%60.0% Consumer Staples Health Care Financials Industrials Information Technology Energy Consumer Discretionary Materials Non Classified Equity Telecommunication Services 34.3% 15.7% 13.8% 11.7% 8.6% 4.7% 4.2% 3.1% 1.0% 0.9% Morgan Stanley International Equity Mutual Fund Attributes As of June 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 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 0.6 10.6 1.2 10.7 2.5 5.8 7.2 2.4 9.8 0.1 7.1 1.2 5.3 6.6 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 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 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 6/19 0.91 Morgan Stanley Emerging Markets Fund Performance Summary As of June 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 2.4 (33)9.8 (72)0.1 (63)7.1 (76)1.2 (67)5.3 (62)-17.3 (62)35.0 (50)6.7 (62)¢ MSCI Emerging Markets Index (Net)0.6 (76)10.6 (66)1.2 (53)10.7 (32)2.5 (41)5.8 (50)-14.6 (34)37.3 (38)11.2 (37) 5th Percentile 6.5 20.1 10.2 14.2 5.3 9.1 -8.6 46.6 25.5 1st Quartile 2.9 14.7 3.9 11.2 3.0 7.0 -13.5 39.6 12.7 Median 1.4 12.0 1.3 9.3 2.1 5.8 -16.0 34.9 9.3 3rd Quartile 0.6 9.8 -1.4 7.2 0.5 4.9 -18.7 28.4 4.4 95th Percentile -1.2 5.8 -6.2 3.2 -2.7 3.5 -23.4 19.7 -3.7 Population 226 226 226 226 209 85 233 240 240 Morgan Stanley Emerging Markets Fund Peer Group Analysis As of June 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 3.5 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 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley Emerging Markets Fund -1.50 4.18 -0.36 0.93 0.09 -1.01 0.87 1.20 14.16 0.97 MSCI Emerging Markets Index (Net)0.00 0.00 N/A 1.00 0.18 0.00 1.00 2.49 15.78 1.00 FTSE 3 Month T-Bill -2.84 15.77 -0.18 0.00 N/A 0.84 0.00 0.84 0.25 0.04 Morgan Stanley Emerging Markets Fund Risk Profile As of June 30, 2019Morgan Stanley Emerging Markets Fund Page 43 Asset Allocation As of 05/31/2019 0.0%50.0%100.0%150.0% Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 1.0% 1.8% 97.2% Fund Characteristics As of 05/31/2019 Total Securities 132 Avg. Market Cap $77,748.79 Million P/E 23.10 P/B 4.16 Div. Yield 2.57% Annual EPS 14.99 5Yr EPS 13.36 3Yr EPS Growth 13.81 Top Ten Securities As of 05/31/2019 Tencent Holdings Ltd ORD 4.60 % Taiwan Semiconductor Manufacturing 4.29 % Alibaba Group Holding Ltd DR 2.78 % Morgan Stanley Inst Liq Govt Port;Instit 2.55 % Bank Central Asia Tbk PT ORD 2.01 % Bank of China Ltd ORD 1.82 % Samsung Electronics Co Ltd ORD 1.77 % China Construction Bank Corp ORD 1.76 % Itau Unibanco Holding SA PFD 1.64 % Grupo Financiero Banorte SAB de 1.59 % Sector/Quality Allocation As of 05/31/2019 0.0%15.0%30.0%45.0%60.0% Financials Consumer Discretionary Information Technology Consumer Staples Industrials Energy Health Care Materials Telecommunication Services Utilities 35.1% 14.6% 14.6% 13.1% 6.5% 4.6% 3.0% 2.4% 2.4% 0.8% Morgan Stanley Emerging Markets Fund Mutual Fund Attributes As of June 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 3.0 6.0 9.0 12.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 7/1/03 2.6 5.0 6.9 2.0 2.4 3.2 3.43.2 6.5 7.3 3.1 2.2 4.5 4.4 June 30, 2019 : $98M Income Research:40.3% Brandywine Global Opportunistic Fixed Income:22.2% Prudential Core Plus Bond:37.4% Total Fixed Income Benchmark 0.92 0.96 1.00 1.04 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 0.99 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Total Fixed Income Portfolio Overview As of June 30, 2019Total Fixed Income Page 46 -10.0 -7.0 -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 Total Fixed Income 3.2 (27)6.5 (46)7.3 (43)3.1 (47)2.2 (85)4.5 (55)-1.0 (71)6.3 (14)4.2 (54)¢ Blmbg. Barc. Intermed. U.S. Government/Credit 2.6 (74)5.0 (84)6.9 (63)2.0 (83)2.4 (83)3.2 (93)0.9 (9)2.1 (89)2.1 (86) 5th Percentile 3.9 8.7 8.8 4.6 4.3 7.5 1.3 7.3 8.2 1st Quartile 3.2 7.2 7.5 3.7 3.6 5.4 0.2 5.5 6.1 Median 2.9 6.4 7.1 3.0 3.0 5.0 -0.5 4.3 4.3 3rd Quartile 2.5 5.4 6.3 2.2 2.6 3.8 -1.2 3.1 2.7 95th Percentile 1.9 4.0 4.5 1.1 1.1 3.1 -4.0 2.0 0.9 Population 74 74 72 70 68 45 75 85 92 Plan Sponsor Peer Group Analysis As of June 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 0.5 1.0 1.5 2.0 2.5 3.0 Return (%)0.0 0.7 1.4 2.1 2.8 3.5 4.2 4.9 5.6 Risk (Standard Deviation %) Total Fixed Income Blmbg. Barc. Intermed. U.S. Government/Credit 0.0 2.0 4.0 6.0 8.0 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Fixed Income -0.10 2.34 -0.04 0.59 0.41 -0.73 1.26 2.25 3.56 0.77 Blmbg. Barc. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 0.73 0.00 1.00 2.39 2.17 1.00 FTSE 3 Month T-Bill -1.55 2.13 -0.73 0.05 N/A 0.78 0.02 0.84 0.25 0.21 Total Fixed Income Risk Profile As of June 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 3.0 6.0 9.0 12.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 7/1/01 2.6 5.0 6.9 2.0 2.4 3.2 4.1 2.6 5.1 7.1 2.0 2.4 3.7 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 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 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 6/19 1.09 Income Research Performance Summary As of June 30, 2019Income Research Page 49 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Income Research 2.6 (18)5.1 (25)7.1 (10)2.0 (43)2.4 (43)3.7 (23)0.8 (33)2.0 (68)2.3 (39)¢ Blmbg. Barc. Intermed. U.S. Government/Credit 2.6 (18)5.0 (38)6.9 (18)2.0 (48)2.4 (40)3.2 (58)0.9 (29)2.1 (55)2.1 (48) 5th Percentile 2.8 5.8 7.3 3.1 3.1 4.7 1.4 4.1 4.2 1st Quartile 2.6 5.1 6.8 2.3 2.5 3.7 0.9 2.6 2.8 Median 2.4 4.8 6.5 2.0 2.3 3.3 0.6 2.2 2.0 3rd Quartile 2.2 4.5 6.2 1.8 2.1 3.0 0.4 1.9 1.7 95th Percentile 1.8 3.6 4.9 1.6 1.8 2.5 -0.2 1.4 1.2 Population 143 143 143 141 137 123 158 167 178 Income Research Peer Group Analysis As of June 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 0.5 1.0 1.5 2.0 2.5 3.0 Return (%)0.0 0.4 0.8 1.2 1.6 2.0 2.4 2.8 3.2 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 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Income Research -0.02 0.35 -0.06 0.98 0.77 0.15 0.93 2.37 2.04 0.99 Blmbg. Barc. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 0.73 0.00 1.00 2.39 2.17 1.00 FTSE 3 Month T-Bill -1.55 2.13 -0.73 0.05 N/A 0.78 0.02 0.84 0.25 0.21 Income Research Risk Profile As of June 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 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 6/1/15 3.1 6.1 7.9 2.3 2.9 3.7 7.9 9.3 4.2 4.4 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 6/19 Prudential Core Plus Bond Benchmark 0.96 1.00 1.04 1.08 1.12 5/15 11/15 5/16 11/16 5/17 11/17 5/18 11/18 6/19 1.06 Prudential Core Plus Bond Performance Summary As of June 30, 2019Prudential Core Plus Bond Page 52 -10.0 -7.0 -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 17.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 2016 Prudential Core Plus Bond 3.7 (6)7.9 (15)9.3 (4)4.2 (15)-0.4 (43)6.6 (12)5.8 (27)¢ Blmbg. Barc. U.S. Aggregate 3.1 (63)6.1 (85)7.9 (56)2.3 (94)0.0 (16)3.5 (85)2.6 (92) 5th Percentile 3.7 8.7 9.1 5.3 0.8 7.5 10.0 1st Quartile 3.3 7.5 8.3 3.7 -0.2 5.3 5.9 Median 3.2 6.9 8.0 3.2 -0.7 4.5 4.4 3rd Quartile 3.0 6.3 7.5 2.7 -1.2 3.9 3.3 95th Percentile 2.3 5.4 5.5 2.3 -2.9 3.1 2.5 Population 137 137 137 134 152 162 166 Prudential Core Plus Bond Peer Group Analysis As of June 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 Return (%)0.0 0.7 1.4 2.1 2.8 3.5 4.2 4.9 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 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Prudential Core Plus Bond 1.82 0.90 2.03 0.94 0.84 1.63 1.09 4.18 3.41 0.97 Blmbg. Barc. U.S. Aggregate 0.00 0.00 N/A 1.00 0.33 0.00 1.00 2.31 3.03 1.00 FTSE 3 Month T-Bill -0.99 2.95 -0.33 0.15 N/A 1.29 0.03 1.36 0.23 0.39 Prudential Core Plus Bond Risk Profile As of June 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 3.0 6.0 9.0 12.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 1/1/05 3.6 5.4 5.5 1.0 0.8 2.2 2.8 3.4 6.7 4.4 2.9 1.5 5.7 5.2 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 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 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 6/19 1.39 Brandywine Global Opportunistic Fixed Income Performance Summary As of June 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 3.4 (34)6.7 (50)4.4 (74)2.9 (63)1.5 (67)5.7 (35)-5.2 (90)12.8 (4)5.2 (53)¢ FTSE World Government Bond Index 3.6 (26)5.4 (79)5.5 (59)1.0 (93)0.8 (85)2.2 (96)-0.8 (25)7.5 (44)1.6 (86) 5th Percentile 4.3 10.7 9.8 7.6 5.1 9.0 1.4 11.8 15.9 1st Quartile 3.6 8.7 7.6 5.5 4.0 6.1 -0.9 8.8 10.0 Median 3.0 6.7 6.2 3.7 2.3 4.5 -2.2 7.2 5.4 3rd Quartile 2.1 5.7 4.3 2.3 1.1 3.3 -3.9 4.9 2.7 95th Percentile -0.9 2.9 -3.4 0.3 -1.8 2.2 -8.4 2.1 -0.4 Population 216 216 215 211 197 121 237 247 263 Brandywine Global Opportunistic Fixed Income Peer Group Analysis As of June 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 0.6 0.8 1.0 1.2 1.4 1.6 1.8 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 9/09 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Brandywine Global Opportunistic Fixed Income 0.80 4.90 0.16 0.59 0.12 0.73 1.07 1.51 7.59 0.77 FTSE World Government Bond Index 0.00 0.00 N/A 1.00 0.03 0.00 1.00 0.85 5.42 1.00 FTSE 3 Month T-Bill -0.15 5.39 -0.03 0.03 N/A 0.84 0.01 0.84 0.25 0.17 Brandywine Global Opportunistic Fixed Income Risk Profile As of June 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 1.5 3.3 6.5 6.9 8.8 9.2 7.6 -3.9 -3.5 -0.8 3.4 6.2 7.2 5.3 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 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 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 6/19 0.75 UBS Trumbull Property Fund Performance Summary As of June 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 -4.0 -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 3/12 12/12 9/13 6/14 3/15 12/15 9/16 6/17 3/18 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation UBS Trumbull Property Fund -2.49 2.40 -1.04 0.38 1.59 -5.66 1.39 6.17 2.98 0.62 NCREIF Property Index 0.00 0.00 N/A 1.00 4.63 0.00 1.00 8.83 1.33 1.00 FTSE 3 Month T-Bill -7.72 1.67 -4.63 0.47 N/A 2.84 -0.23 0.84 0.44 -0.69 UBS Trumbull Property Fund Risk Profile As of June 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 Global trade negotiations dominated equity markets in Q2 2019. In local currency terms, the MSCI AC World Investable Market Index returned 3.4% which was supported by prospects of looser monetary policy by major central banks and positive progress in U.S.-China trade negotiations. Increased expectations of further monetary stimulus from the European Central Bank (ECB) combined with a strengthening of the euro against the U.S. dollar resulted in the European equities being the strongest performer (in USD terms) over the quarter. Japanese equities delivered positive returns in USD terms due to strong yen performance against the U.S. dollar over the quarter. In local currency terms, however, Japanese equities largely lagged other markets with yen strength and escalating trade tensions leading Japanese equities to be the only equity market to post negative returns in local currency terms over the second quarter. Emerging market equities especially those with greater linkages to China came under pressure due to uncertainties around ongoing trade dispute. 3.4%2.7%3.9% 0.7%0.7% 4.5% 1.3% 5.6%4.7% 0.4% 4.6% 0.3% 8.3% -3.2% -5.2% 2.2% 6.2% 2.3% 6.9% 0.5% -10% 0% 10% ACWI IMI 45.2% ACWI ex-U.S. IMI 54.8% US A IMI 5.2% UK IMI 7.5% Japa n IMI 3.1% Ca na da IMI 0.2% Isra el IMI 13.8% Europe ex-UK IMI 3.9% Pacific ex-Japan IMI 11.6% Emergi ng Ma rkets IMI GLOBAL MSCI IMI INDEX RETURNS (US D, Net) AS OF 06/30/2019 Seco nd Quarter 2019 On e-Year Sour ce: MSCI 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 54.8% UK 5.2% Canada 3.1% Pacifi c ex-Japan 3.9%Japan 7.5% Europe ex -UK 13.8% Is rael 0.2% Latin America 1.4% Asia 8.4% Eastern Europe, Middle East & Africa 1.8% Emerging Mark et s 11.6% MS CI ALL COUNTRY WORLD IMI INDEX GEOGRAPHIC AL LOCATION AS OF 06/30/2019 Sourc e:MS CI UK 11.4% Canada 6.8% Pacific ex- Japan 8.6% Japan 16.6% Europe ex-UK 30.4% Is rael 0.5% Latin America 3.2% Asia 18.6% Eastern Europe, Middle East & Africa 3.9% Emerging Mark et s 25.7% MS CI ALL COUNTRY WORLD EX-U.S. IMI INDEX GEOGRAPHIC AL LOCATION AS OF 06/30/2019 Sourc e:MS CI 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. Page 65 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. U.S. Equity Markets 4.1%4.0% 1.4% 6.2% 1.9% -3.7% 5.7%4.0% 7.0% 3.4% 9.0% 11.2%11.8% 10.4%10.6% -16.1% 1.5% 10.0%9.8% 16.7% -2 0.0% -1 5.0% -1 0.0% -5 .0% 0.0% 5.0% 10 .0% 15 .0% 20 .0% Russ ell 3000 21.4% Techno logy 13.9% Healthcare 14.4% Cons. Disc 5.7% Cons. Staples 5.1% Energy 3.4% Materia ls & Processing 10.5% Producer Durables 20.4% Financial Services 5.1% Utilities RUSSELL GICS SECTOR RETURNS AS OF 06/30/2019 Second Quarter 2019 On e-Year Source: Russell Inde xes 4.1%4.2%4.4% 3.2% 5.4% 1.4% 2.7% 9.0% 10.9%10.8% 3.7% 13.9% -6.2% -0.5% -1 0.0% -5 .0% 0.0% 5.0% 10 .0% 15 .0% Russell 30 00 31 .0% La rg e Valu e 36 .2% La rg e Gr ow th 14 .8% Medium Valu e 11 .1% Medium Gr ow th 3.3% Small Value 3.6% Small Gr ow th RUSSELL STYLE RETURNS AS OF 06/30/2019 Second Quarter 2019 On e-Year Source: Russell Inde xes U.S. equities continued their rally fueled by the increased expectation for an interest rate cut by the U.S. Federal Reserve (Fed). Equities rallied despite mixed economic data releases and a murkier economic outlook. Greater optimism over thawing U.S.-China trade tensions towards the end of the quarter also helped to lift investor sentiment. The Russell 3000 Index rose 4.1% during the second quarter and 9.0% over the one-year period. All sectors, except for Energy (-3.7%), generated positive returns over the quarter. In particular, Financial Services (7.0%) and Consumer Discretionary (6.2%) were the best performing sectors in Q2 2019. Performance was positive across the market capitalization spectrum over the quarter. In general, small cap stocks underperformed both large and medium cap stocks over the quarter. Growth stocks outperformed their Value counterparts in Q2 2019, benefitting from the fall in U.S. yields. 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 3.1%3.0% 4.5% 2.0%1.7% 3.3% 7.9%7.2% 10.7% 6.2% 5.0% 9.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10 .0% 12 .0% Barclay s Agg. Bond 42 .7% Govt 26 .2% Co rp. 28 .5 % MBS 0.5% ABS 2.1% CMBS BLOOMBERG BARCLAYS AGGREG ATE RETURNS BY SECTOR AS OF 06/30/2019 Second Quarter 2019 On e-YearSource: FactSet 1.5%2.2%2.6% 3.6% 6.6% 4.3% 6.5%7.5% 9.0% 13.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10 .0% 12 .0% 14 .0% 16 .0% 1-3 Yr.3-5 Yr.5-7 Yr.7-10 Y r.>10 Yr. BLOOMBERG BARCLAYS AGGREGAT E RETURNS BY MATURI TY AS OF 06/30/2019 Second Quarter 2019 One-Year Source: FactSet 2.6%3.3% 4.2%4.8% 2.5% 6.9% 8.5% 10.1% 11.4% 7.5% 0.0% 2.0% 4.0% 6.0% 8.0% 10 .0% 12 .0% Aaa Aa A Baa High Yield BLOOMBERG BARCLAYS AGGREGATE RET URNS BY QUALITY AND HI GH YIELD RET URNS AS OF 06/30/2019 Second Quarter 2019 On e-YearSource: Fa ctSet The Bloomberg Barclays U.S. Aggregate Bond Index returned 3.1% over the quarter. Corporate bonds were the best performers, returning 4.5% whilst ABS bonds underperformed with a return of 1.7%. Performance was positive across all credit grades. Within investment grade bonds, lower quality bonds outperformed with Baa bonds returning 4.8%. Long-maturity bonds outperformed both intermediate and short-maturity bonds over the quarter. Long- maturity bonds returned 6.6% while short-maturity bonds returned only 1.5% in Q2 2019. 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% Jun 09 Jun 11 Jun 13 Jun 15 Jun 17 Jun 19 U.S. 10-YE AR TREASURY AND TIPS YIELDS 10 Y TIPS Yield 10 Y Trea sury Yield Sourc e:U.S. Depart ment of Treas ury 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 0 5 10 15 20 25 30 Maturity (Years ) U.S. TREASURY YIELD CURVE 6/30/2018 3/31/2019 6/30/2019 Sourc e:U.S. Department of Treas ury The U.S. nominal yield curve shifted downwards over the quarter with yields falling across all maturities. In Q2 2019, 10-year US Treasury yield dipped below 2.0% for the first time since 2016 but ultimately rested at 2.0% at the end of quarter; a 41bps decrease since the end of March. The Fed appeared to capitulate to financial market pressure by signaling possible rate cuts this year, with eight out of seventeen officials expecting at least one rate cut in 2019. This came amidst a slowing US economy and elevated risks from the ongoing trade dispute. The 10-year TIPS yield fell by 22bps over the quarter and ended the period at 0.31%. Breakeven inflation decreased as inflation expectations had moved lower. 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 % 20 13 20 14 20 15 20 16 20 17 20 18 20 19 EUROZONE PERIPHERAL BOND SPREADS (10-YE AR SPREADS OVER GERMAN BUNDS) Spain Italy Portugal Gree ce Ireland Sourc e:FactSet Eurozone government bond spreads over 10-year German bunds generally fell across the Eurozone. ECB officials indicated the possibility of a fresh round of quantitative easing if needed to stimulate the flagging economy. German government bund yields fell by 26bps to a record low of -0.33% as the country’s manufacturing sector continued in the contraction territory. Italian government bond yields fell by 41bps to 2.08% over the quarter. The dovish stance from the ECB encourage greater risk appetite and sent more risky bond yields lower. Minutes from the European Commission meeting on June 5th indicated that the European Commission will hold off disciplinary actions over Italy’s fiscal target and could give additional time until the end of the year to reduce its public debt. Greek government bond yields reached a record low over the quarter, falling by 130bps to 2.43%. Page 69 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Credit Spreads Spread (bps)06/30/2019 03/31/2019 06/30/2018 Quarterly Change (bps)1-Year Change (bps) U.S. Aggr egate 46 44 44 2 2 Long Go v't 1 1 1 0 0 Long Credit 161 172 174 -11 -13 Long Go v't/Credit 92 99 101 -7 -9 MBS 46 35 28 11 18 CMBS 69 69 70 0 -1 ABS 41 39 47 2 -6 Corpor ate 115 119 123 -4 -8 Hi gh Yield 377 391 363 -14 14 Global Emerging Markets 282 283 288 -1 -6 Source: Fa ctSet, Bloomberg Barclays Mirroring equity market concern, credit spreads increased in the middle of the quarter but broadly retraced May’s spread widening late in the quarter as investor eased and risk appetite returned. In Q2 2019, High Yield bond spreads narrowed by 14bps –the largest spread narrowing among credit market we consider here. Despite the spread narrowing, High Yield bonds underperformed investment grade bonds due to the lower duration of the index. Spreads on securitized debt widened slightly, most notably for Mortgage-Backed Securities which increased by 11bps. Page 70 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Currency 80 90 10 0 11 0 12 0 13 0 14 0 Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 U.S. DOLLAR RELATIVE TO EUR, GBP AN D JPY REBASED TO 100 AT 06/30/2013 EUR/USD GBP/USD JPY/USD Sourc e: FactSet Stronge r Dollar Weaker Dollar 80 85 90 95 10 0 10 5 11 0 11 5 12 0 12 5 Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 TRADE WEIGHTED U.S. DOLLAR INDEX (1973 = 100) Sourc e:Federal Reserve The U.S. dollar fell 0.4% on a trade-weighted basis over the quarter, depreciating against all major currencies with the exception of sterling.The upward trend in the US dollar stalled in the second quarter. The dollar fell in June as expectations of Fed easing grew. Cyclical supports to the ‘greenback’ (stronger relative economic growth and wide interest rate differentials) lost momentum. In the UK, Brexit uncertainties continued as UK Prime Minister Theresa May announced her resignation and the prohibitive favorite, Boris Johnson, has taken a very tough stance on Brexit which has increased expectations of a “Hard-Brexit” by the end of October. Against this backdrop, sterling depreciated by 2.3% against the U.S. dollar. Despite a more dovish ECB and a weaker economic outlook, the euro appreciated by 1.4% against the U.S. dollar. The yen strengthened over the quarter as investors moved back to the 'safe-haven' currency. Similar to the Euro Area, there was less disappointment in economic releases over the quarter while the gap between US and Japanese government bond yields narrowed by just under 50bps. Page 71 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Commodities -1.2% 0.4% -4.6% -7.2% 7.1% 4.5% -0.3% 8.4% -11.0% -6.8% -3.1% -14.3% -11.0% 7.6% -4.2% -11.8% -0.2% -3.5% -2 0.0%-1 5.0%-1 0.0%-5 .0%0.0%5.0%10 .0% Bloo mberg Commodity Index Ex-Energy Energy Industrial Metals Prec. Metals Agric. Softs Grains Livestock COMMODITY RETURNS AS OF 06/30/2019 Second Quarter 2019 On e-Year Sourc e:Bloomberg Note: Softs and Grains are part of the wi der Agriculture sector Commodities generally fell over the quarter with the Bloomberg Commodity Index returning -1.2%. Livestock (-11.0%) was the worst performing sector whilst Precious Metals (7.1%) returned the most. The latter benefitted from safe-haven buying in a quarter where geopolitical risks rose and gold prices surged by 8.8%. The Energy sector fell 4.6% over the quarter. The price of Brent crude oil fell by 2.7% to $67/bbl and the WTI crude oil spot price fell by 2.8% to $58/bbl. Oil prices got some support from rising tensions in Middle East as the U.S. re- imposed sanctions on Iran. However, a sharp rise in U.S. crude inventories and, more significantly, signs of slowing global growth put pressure on energy prices. Weaker anticipated demand due to a slowing economic environment also pushed Industrial Metals lower with copper prices falling 7.9% to $5,972/t. Page 72 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Hedge Fund Markets Overview Hedge fund performance was positive across all strategies in the second quarter. Over the quarter, Global Macro and Equity Hedge strategies were the best performers with returns of 2.7% and 1.8%.The former’s strong return offset weaker performance over the previous nine months and led to a positive return of 2.6% over the trailing twelve months. Conversely, Distressed-Restructuring and Emerging Markets were the worst performers, returning 1.3% and 1.2%, respectively. The HFRI Fund-Weighted Composite Index and the HFRI Fund of Funds Composite Index produced returns of 1.9% and 1.7%, respectively. 1.7% 2.7% 1.8% 1.2% 1.4% 1.3% 1.5% 1.9% 1.7% 2.7% 2.6% 0.5% 0.5% 1.3% -0.1% 3.2% 1.5% 1.4% -0.5%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5% Fixed Income/Converti ble Arb. Gl obal Macro Equity Hedge Emergi ng Markets Event-Driv en Distress ed -Restructuring Relative Value Fund-Weighted Compos ite Index Fund of Funds Co mposite Index HEDGE FUND PERFORMANCE AS OF 06/30/2019 Second 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 future. Source:HFR Page 73 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Private Equity Market Overview –Q1 2019 –Slide 1 of 2 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. Distressed Debt: The LTM U.S. high-yield default rate was 1.4% as of March 2019, which was down from December 2018’s LTM rate of 2.4%.5 During the quarter, $4.0 billion was raised by 11 funds, lower than both the $4.9 billion raised by 14 funds in 4Q 2018 and $8.7 billion raised by 17 funds in Q1 2018.1 Dry powder was estimated at $118.0 billion at the end of 1Q 2019, which was up slightly from year-end 2017’s total of $117.6 billion. This remained above the five-year annual average level of $103.3 billion.1 Secondaries:Eight funds raised $1.8 billion during the quarter, down significantly from the $8.2 billion raised by seven funds in Q4 2018 and the $5.9 billion raised by 11 funds in Q1 2018.1 At the end of Q1 2019, there were an estimated 58 secondary and direct secondary funds in market targeting roughly $78.5 billion.1 The average discount rate for all private equity sectors finished the quarter at 9.5%, higher than the 8.9% discount at the end of 2018.6 Infrastructure: $24.2 billion of capital was raised by 13 funds in 1Q 2019 compared to $16.6 billion of capital raised by 16 partnerships in 1Q 2018. At the end of the quarter, dry powder stood at an estimated $175.0 billion, down slightly from year-end 2018’s total of $177.0 billion. Infrastructure managers completed 508 deals with an estimated aggregate deal value of $58.0 billion in 1Q 2019 compared to 568 deals totaling $54.0 billion a quarter ago1. Natural Resources: During 1Q 2019, four funds closed on $1.3 billion compared to 11 funds totaling $1.8 billion in 4Q 2018. Energy and utilities industry managers completed approximately 36 deals totaling an estimated $4.2 billion through 1Q 2019, which represents 12.2% of the full year capital deployment in 2018.1 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 $6 00 4Q 10 3Q 11 2Q 12 1Q 13 4Q 13 3Q 14 2Q 15 1Q 16 4Q 16 3Q 17 2Q 18 1Q 19 # of DealsValue ($ Billions)De al Valu e ($ Bil lions) 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 –Q1 2019 –Slide 2 of 2 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. Fundraising: In 1Q 2019, $143.1 billion was raised by 319 funds, which was a decrease of 8.9% on a capital basis and a decrease of 35.3% by number of funds from the prior quarter. Dry powder stood at $2.0 trillion at the end of 1Q 2019, an increase of 5.7% and 33.6% compared to 4Q 2018 and the five year average, respectively.1 Buyout: Global private equity-backed buyout deals totaled $102.2 billion in 1Q 2019, which was down 13.4% on a number of deals basis and 22.4% on a capital basis from 1Q 2018.1 At the end of 1Q 2019, the average purchase price multiple for all U.S. LBOs was 10.3x EBITDA, a drop of 0.3x from year-end 2018 and up slightly from the five-year average (10.2x).2 Large cap purchase price multiples stood at 10.3x, down compared to the full-year 2018 level of 10.6x.2 The weighted average purchase price multiple across all European transaction sizes averaged 10.9x EBITDA for 1Q 2019, down from the 11.3x multiple seen at year-end 2018. Purchase prices for transactions of €1.0 billion or more decreased from 11.7x in 2018 to 11.3x at the end of 1Q 2019. Transactions between €500.0 million and €1.0 billion were down 0.4x from the end of 2018, and stood at 10.9x at the end of the quarter.2 Globally, exit value totaled $38.0 billion from 382 deals during the first quarter, significantly lower than the $65.5 billion in exits from 464 deals during 1Q 2018.1 Venture: During the first quarter, 1,279 venture-backed transactions totaling $24.6 billion were completed in the U.S., which was a substantial decrease on a capital basis over the prior quarter’s total of $38.7 billion across 1,328 deals. This was still 30.1% higher than the five-year quarterly average of $18.9 billion.3 Total U.S. venture-backed exit activity totaled approximately $46.7 billion across 137 completed transactions in Q1 2019, up slightly on a capital basis from the $37.2 billion across 184 exits in Q4 2018.4 Mezzanine: Three funds closed on $1.0 billion during the first quarter. This was a significant decrease from the prior quarter’s total of $8.0 billion raised by 14 funds and represented a decrease of 81.0% from the five-year quarterly average of $5.3 billion. Estimated dry powder was $58.8 billion at the end of 1Q 2019, up from the $53.5 billion seen at the end of 2018.1 8.5 x 8.8 x 8.7x 8.8x 9.8x 10.3x 10.0x 10.6x 10.6x 10.3x 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 *Indicates preliminary NFI-ODCE data gross of fees CAP RATES BY SECTOR SOURCE: RCA, AON HEWITT 3/31/2019 U.S.core real estate returned 1.0%*over the second quarter,equating to 6.4%total gross return year-over-year, including a 4.1%income return.Debt mark-to-market was a drag on performance due to declining interest rates. Global property markets,as measured by the FTSE EPRA/NAREIT Global Developed Real Estate Index,returned - 1.0%(USD)in aggregate during the second quarter.The sector was mainly flat after a strong rebound during the prior quarter.REIT market performance was driven by Asia Pacific (0.6%USD),North America (0.7%USD)and Europe (-1.9%USD).The U.S.REIT markets (FTSE NAREIT Equity REITs Index)gained 1.2%in the second quarter.Lower U.S.Treasury yields were supportive for REIT share prices.Outside of the U.S.,government bond yields similarly fell with the German 10-year bond yield falling from -0.07%to -0.33%at the end of the quarter. According to RCA through May 2019,the U.S.property market experienced price growth of 7.2%year-over-year across major sectors.In addition,transaction volume was down 8%over the same period. Return expectations have normalized,with forward expectations in line with historical norms.The market has priced in a rate cute 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 ($331 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. 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 Office Industrial Retail Apartment 1.0% 6.4%7.6% 9.8%9.9% 1.2% 11.2% 4.2% 7.9% 15.5% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% Second Quarter 2019 1-Year 3-Year s 5-Year s 10-Years PRIVATE VS. PUBLIC REAL ES TATE RET URNS AS OF 06/30/2019 Pr ivate (NF I-ODCE Gro ss )* Public (NA REIT Gross) *Sec ond quar ter r etur ns a re p reliminary Sources: NCREIF, Factset Page 76 Appendix Page 77 Fee Schedule Market Value As of 06/30/2019 $000 % of Portfolio Estimated Annual Fee $000 Estimated Annual Fee (%) Total Pension 284,477 100.00 1,378 0.48 Total Domestic Equity 99,431 34.95 265 0.27 BlackRock Russell 1000 Index Fund Non-Lending 0.04 % of Assets 71,667 25.19 25 0.04 Kennedy Mid Cap Value 0.75 % of First $25 M 0.70 % of Next $25 M 0.60 % Thereafter 13,949 4.90 105 0.75 TimesSquare Small Cap Growth 0.98 % of Assets 13,816 4.86 135 0.98 Total International Equity 51,692 18.17 471 0.91 Morgan Stanley International Equity 0.90 % of Assets 33,794 11.88 304 0.90 Morgan Stanley Emerging Markets Fund 0.93 % of Assets 17,897 6.29 166 0.93 Total Fixed Income 97,796 34.38 339 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 39,458 13.87 132 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 36,586 12.86 110 0.30 Brandywine Global Opportunistic Fixed Income 0.45 % of First $50 M 0.40 % of Next $50 M 0.35 % Thereafter 21,752 7.65 98 0.45 Real Estate 32,399 11.39 279 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 32,399 11.39 279 0.86 Cash Account 0.20 % of Assets 1,876 0.66 4 0.20 Total Pension Fee Schedule As of June 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.Returns for periods longer than one year are annualized. §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 1500 Chicago, IL 60601 ATTN: AHIC Compliance Officer Disclaimer