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HomeMy Public PortalAbout2020 1st Quarter ReportVisit the Retirement and Investments Thought Leadership Site (https://retirement-investment-insights.aon.com); sharing our best thinking. Metropolitan St. Louis Sewer District Pension Plan | First Quarter 2020 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 Our Name has Changed Aon Hewitt Investment Consulting, Inc. is now Aon Investments USA Inc. We changed our name to better reflect the fact that Aon’s Investments business is part of a global organization that provides a spectrum of solutions from traditional advisory to partial delegation to a complete outsourced chief investment officer (OCIO) offering. Aon’s Strategic Advisory Practice helps clients execute complicated transactions and transformations. 200 dedicated M&A professionals around the world help clients across four core competencies Tr ansaction Services To tal Rewards Communication Tr ansAction ManagerTM Key practice strengths Integrated multidisciplinary consulting team Proprietary industry data Experienced and nimble communications team Web-based project management platform Tr ansAction ManagerTM Ability to make it happen and get results Aon to Combine with Willis To wers Wa tson On March 9, 2020, Aon announced our combination with Willis To wers Wa tson which will accelerate innovation on behalf of clients. Expect the transaction to close in the first half of 2021, subject to regulatory and shareholder approvals and other customary closing conditions. Global Investment Management Fee Negotiations Aon actively seeks to renegotiate manager fees for the direct benefit of our investors globally. In 2019 our scale and market strength allowed us to generate Concessions ranging from 10 to 42% on renegotiated rates* Initial discounts as high as 68% on new business* *There is no guarantee that results or savings will be achieved if you should select Aon and/or its affiliated entities to provide services to you. U.S. OCIO Trading Vo lumes Despite recent market turbulence and challenging trading conditions our team successfully helped clients rebalance portfolios and manage liquidity. During February and March 2020, total trading volumes were up 64% from the prior year and 76% compared to the prior two-month period. Aon Happenings Did You Know? Aon Happenings Page 2 Thought Leadership Highlights Current Topics of Interest and Events Aon’s COVID-19 Response Site Link Investment Weekly Market Update Link 5-minute Recording on Investment Ideas for Corporate Defined Benefit Plans –Use Access Code ‘aon2020’Link Webinar: How do you Create DC Plans of the Future Replay Webinar: Investment Implications for Qualified Defined Benefit Plans Replay Webinar: Q2 Investment Market Update –Opportunities in Today’s Challenging Environment 5-minute Summary Use Access Code ‘aon2020’Full Replay White Papers All Investors: Avoiding Behavior Traps in Investing Link All Investors ex-DC: Rebalancing: Ignore the Crowd…Follow Your Policy Link All Investors ex-DC: When Opportunity Knocks Again: Ideas for Incorporating Opportunistic Flexibility Into Asset Allocation Link All Investors ex-DC: Update from Hedge Fund Land Link Retirement Plans: Legal and Compliance Quarterly Update Link Retirement Plans: The Real Deal -Impact of Investment on Retirement Income Adequacy Link Retirement Plans: Six Key Themes of the SECURE Act and Other Retirement Plan Provisions Link Private DB: Global Pension Risk Survey 2019 Link Private DB: 2020 U.S Pension Risk Transfer Annuity Settlement Market Update Link Private DB: Retiree Lump Sum Windows: Analytics, Elections and Adverse Selections in Defined Benefit Pension Plans Link Private DB: Case Study: Integrated Pension Management Simplifies Plan Management and Enhances Outcomes Link DC: 6 Benefits of an OCIO for a DC Plan Link DC: Could Partial OCIO Delegation Improve Your DC Plan Participant Outcomes?Link DC: 2020 Defined Contribution Employer Survey Link Non-Profit: 2020’s Key Themes for Non-Profit Organizations 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 Investments USA Inc. Market Highlights 6.7% -0.2%-0.6%-0.4% 3.4% 7.3% 4.7% 2.8% -7.8% 10.5% 6.9% 2.7% 0.7% 3.9% 8.9% 7.3% 5.6% -6.7%-10.0% -5.0% 0.0% 5.0% 10.0% 15.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg Bar cla ys U.S. Aggr eg ate Bloomberg Barclays U.S. Long Gov't Bloomberg Barclays U.S. Long Credit Bloomberg Barcla ys U.S. High Yield Bloomberg Commodi ty Index LONG TERM ANNUALIZED RET URNS AS OF 03/31/2020 Five-Year Ten-Year Sour ce:Ru ssell, MSCI, Bloomberg Barclay s, B loomberg -19.6% -30.6% -22.8%-23.6% 3.1% 20.6% -4.7% -12.7% -23.3% -7.0% -24.0% -14.4%-17.7% 8.9% 32.3% 9.0% -6.9% -22.3% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomber g Barclays U.S. Aggreg ate Bloomberg Bar cla ys U.S. Long Gov't Bloomberg Barclays U.S. Long Credit Bloomberg Barclays U.S. High Yield Bloomberg Commodi ty Index SHORT TERM RET URNS AS OF 03/31/2020 Firs t Quarter 2020 One-Year Sour ce:Ru ssell, MSCI, Bloomber g Barclay s, B loomberg MSCI Indi ces show net total retur ns thr oug hout thi s repor t. Al l other indi ces show gross total returns.. Page 4 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights First Quarter 1-Year 3-Ye ar1 5-Year1 10-Ye ar1 Equity MSCI A ll C ountry World IMI -22.44%-12.73%0.76%2.45%5.80% MSCI A ll C ountry World -21.37%-11.26%1.50%2.85%5.88% Dow Jones U.S . Total Stock Market -20.96%-9.28%3.92%5.70%10.13% Russell 3000 -20.90%-9.13%4.00%5.77%10.15% S&P 500 -19.60%-6.98%5.10%6.73%10.53% Russell 2000 -30.61%-23.99%-4.64%-0.25%6.90% MSCI A ll C ountry World ex-U.S . IMI -24.11%-16.32%-2.34%-0.66%2.14% MSCI A ll C ountry World ex-U.S .-23.36%-15.57%-1.96%-0.64%2.05% MSCI E AFE -22.83%-14.38%-1.82%-0.62%2.72% MSCI E AFE (Local C urrenc y)-20.55%-12.58%-1.80%-0.15%4.36% MSCI E merging Markets -23.60%-17.69%-1.62%-0.37%0.68% Fixed Income Bloomberg Barclays Global Aggregate -0.33%4.20%3.55%2.64%2.47% Bloomberg Barclays U.S. A ggregate 3.15%8.93%4.82%3.36%3.88% Bloomberg Barclays U.S. Long Go v't 20.63%32.28%13.30%7.32%8.89% Bloomberg Barclays U.S. Long Credit -4.65%9.05%6.58%4.67%7.26% Bloomberg Barclays U.S. Long Go v't/Credit 6.21%19.32%9.68%5.99%8.07% Bloomberg Barclays U.S. TIP S 1.69%6.85%3.46%2.67%3.48% Bloomberg Barclays U.S. High Yield -12.68%-6.94%0.77%2.78%5.64% Bloomberg Barclays Global Treasury ex U.S.-1.53%2.02%2.96%2.44%1.50% JP Morgan EMBI Global (E merging Markets)-11.76%-5.28%0.44%2.85%4.82% Commodities Bloomberg Commodity Index -23.29%-22.31%-8.61%-7.76%-6.74% Goldman Sachs Commodity Ind ex -42.34%-41.01%-13.33%-12.82%-10.43% Hedge Funds HFRI Fund -Weighted Composite2 -9.39%-5.11%0.32%1.09%2.78% HFRI Fund of Funds2 -7.30%-3.94%0.50%0.33%1.91% Real Estate NA REIT U.S . Equity RE ITS -27.30%-21.26%-3.14%-0.35%7.40% NCRE IF NFI - OD CE 0.97%4.87%6.81%8.46%11.45% FTSE Global C ore Infrastructure Index -17.89%-9.29%3.94%4.52%8.30% Private Equity Burgiss Private iQ Global P riva te Equity3 11.61%14.89%11.58%13.92% MSCI Indices show net tota l returns throug ho ut this report. A ll other indices show gross total returns. 1 Periods are annua li ze d. 2 Latest 5 months of HFR data are estimated by HFR and may change in the future. 3 Burgiss Private iQ Global Priva te Equity data is as at June 30, 2019 Returns of th e Major Capital Markets Period Ending 03/31/2020 Page 5 This Page Left Blank Intentionally Page 6 Total Plan Page 7 Change in Market Value From January 1, 2020 to March 31, 2020 Summary of Cash Flow $0.0 $150.0 $300.0 $450.0 ($150.0) ($300.0)Millions ($)Beginning Market Value Net Additions / Withdrawals Investment Earnings Ending Market Value $295.9 ($4.8) ($38.1) $253.0 1 Quarter 1 Year Total Pension Beginning Market Value 295,877,142 275,207,015 + Additions / Withdrawals -4,785,631 -6,077,267 + Investment Earnings -38,098,082 -16,136,320 = Ending Market Value 252,993,428 252,993,428 Total Pension Total Plan Asset Summary As of March 31, 2020 Page 8 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 15 Years Total Pension Policy Benchmark 0.0 10.0 20.0 -10.0 -20.0 -30.0Return 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 1/1/93 -11.7 -3.8 2.4 2.9 5.2 -13.0 -6.0 1.6 2.1 4.7 6.7 Total Pension Benchmark 0.96 1.00 1.04 1.08 1.12 3/05 9/06 3/08 9/09 3/11 9/12 3/14 9/15 3/17 9/18 3/20 0.98 Quarterly Out Performance Quarterly Under Performance 0.0% 0.8% 1.6% -0.8 % -1.6 % -2.4 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 Total Plan Performance Summary As of March 31, 2020Total Pension Page 9 Allocation Market Value ($) %Policy(%) Performance(%) 1 Quarter 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Pension 252,993,428 100.0 100.0 -13.0 (43)-6.0 (65)1.6 (80)2.1 (88)4.7 (89)6.7 (62)01/01/1993 Policy Benchmark -11.7 (22)-3.8 (24)2.4 (49)2.9 (62)5.2 (79) All Public Plans < $1B-Total Fund Median -13.5 -5.4 2.4 3.1 5.9 6.9 Total Domestic Equity 79,285,829 31.3 -22.3 (64)-11.4 (52)3.0 (41)4.4 (56)7.6 (45)09/01/2013 Russell 3000 Index -20.9 (32)-9.1 (22)4.0 (25)5.8 (26)8.7 (19) All Public Plans-US Equity Segment Median -21.8 -11.2 2.6 4.5 7.5 Total Large-Cap Equity 57,338,914 22.7 25.0 -20.1 (31)-7.9 (25)4.6 (26)5.6 (26)9.4 (37)7.9 (48)06/01/2003 Russell 1000 Index -20.2 (31)-8.0 (26)4.6 (26)6.2 (20)10.4 (23)8.3 (38) IM U.S. Equity (SA+CF) Median -24.5 -15.5 0.0 2.5 8.4 7.8 BlackRock Russell 1000 Index Fund Non-Lending 57,338,914 22.7 -20.1 (31)-7.9 (25)4.7 (25)4.6 (26)03/01/2017 Russell 1000 Index -20.2 (31)-8.0 (26)4.6 (26)4.5 (26) IM U.S. Equity (SA+CF) Median -24.5 -15.5 0.0 0.0 Total Small-Cap Equity 21,946,914 8.7 10.0 -27.5 (63)-19.9 (64)-1.0 (55)1.1 (61)8.5 (49)8.9 (26)06/01/2003 Russell 2000 Index -30.6 (74)-24.0 (75)-4.6 (71)-0.2 (71)6.9 (69)7.3 (68) IM U.S. Equity (SA+CF) Median -24.5 -15.5 0.0 2.5 8.4 7.8 Kennedy Mid Cap Value 10,753,543 4.3 -30.0 (73)-19.9 (64)-4.5 (70)-0.6 (74)7.3 (63)6.6 (47)02/01/2008 Russell Midcap Value Index -31.7 (78)-24.1 (76)-6.0 (78)-0.8 (75)7.2 (64)5.4 (68) IM U.S. Equity (SA+CF) Median -24.5 -15.5 0.0 2.5 8.4 6.4 TimesSquare Small Cap Growth 11,193,371 4.4 -25.2 (59)-20.4 (70)2.3 (39)2.6 (47)9.5 (33)8.6 (9)02/01/2002 Russell 2000 Growth Index -25.8 (61)-18.6 (65)0.1 (50)1.7 (55)8.9 (39)6.7 (40) IM U.S. Equity (MF) Median -23.2 -14.2 -0.1 2.2 7.9 6.3 Total International Equity 42,049,720 16.6 18.0 -22.6 (28)-15.4 (55)-2.3 (68)-0.9 (81)0.8 (97)09/01/2013 MSCI AC World ex USA Index (Net)-23.4 (41)-15.6 (58)-2.0 (54)-0.6 (74)1.2 (81) All Public Plans-Intl. Equity Segment Median -23.9 -15.1 -1.7 -0.3 1.8 Morgan Stanley International Equity 28,405,960 11.2 -20.4 (22)-13.8 (33)-1.5 (36)-0.6 (45)2.9 (42)3.0 (66)04/01/2005 MSCI EAFE Index (Net)-22.8 (37)-14.4 (36)-1.8 (39)-0.6 (46)2.7 (43)3.1 (65) IM International Equity (MF) Median -24.3 -16.5 -2.7 -0.9 2.4 3.7 Morgan Stanley Emerging Markets Fund 13,643,760 5.4 -26.7 (62)-18.4 (46)-4.2 (59)-1.9 (63)0.1 (50)4.6 (60)04/01/2005 MSCI Emerging Markets Index (Net)-23.6 (30)-17.7 (41)-1.6 (27)-0.4 (33)0.7 (36)5.4 (35) IM Emerging Markets Equity (MF) Median -25.7 -19.1 -3.7 -1.2 0.1 4.8 Asset Allocation & Performance As of March 31, 2020 Page 10 Asset Allocation & Performance As of March 31, 2020 Allocation Market Value ($) %Policy(%) Performance(%) 1 Quarter 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Fixed Income 96,025,111 38.0 35.0 -3.0 (83)2.5 (81)2.9 (81)2.5 (80)3.4 (88)4.2 (73)07/01/2003 Blmbg. Barc. Intermed. U.S. Government/Credit 2.4 (21)6.9 (26)3.8 (43)2.8 (69)3.1 (89)3.5 (96) All Public Plans-US Fixed Income Segment Median 0.2 5.2 3.6 3.1 4.2 4.6 Income Research 38,455,664 15.2 2.0 (32)6.2 (31)3.6 (21)2.6 (31)3.3 (27)4.6 (10)07/01/2001 Blmbg. Barc. Intermed. U.S. Government/Credit 2.4 (20)6.9 (11)3.8 (10)2.8 (11)3.1 (37)4.2 (42) IM U.S. Intermediate Duration (SA+CF) Median 1.2 5.4 3.4 2.5 3.0 4.1 Prudential Core Plus Bond 35,945,714 14.2 -2.7 (75)4.1 (69)4.1 (38)3.8 (15)06/01/2015 Blmbg. Barc. U.S. Aggregate 3.1 (5)8.9 (4)4.8 (6)3.6 (23) IM U.S. Broad Market Core+ Fixed Income (SA+CF) Median -0.4 5.4 3.8 3.3 Brandywine Global Opportunistic Fixed Income 21,623,733 8.5 -11.3 (66)-6.0 (67)-0.4 (77)0.1 (89)3.4 (43)4.2 (43)01/01/2005 FTSE World Government Bond Index 2.0 (3)6.2 (6)4.3 (7)3.0 (21)2.2 (82)2.8 (89) IM Global Fixed Income (SA+CF) Median -6.8 -1.8 1.6 2.1 3.0 3.9 Hedge Fund 1,209,136 0.5 0.0 Entrust Capital Diversified Fund 1,209,136 0.5 Real Estate 32,639,346 12.9 12.0 0.2 -3.2 2.5 4.6 8.0 5.0 06/01/2006 NCREIF Property Index 0.7 5.3 6.4 7.6 10.2 7.4 UBS Trumbull Property Fund 32,639,346 12.9 0.2 -3.2 2.5 4.6 8.0 5.0 06/01/2006 NCREIF Property Index 0.7 5.3 6.4 7.6 10.2 7.4 Cash Account 1,784,287 0.7 0.0 0.3 2.0 1.8 1.2 0.6 1.4 07/01/2003 ICE BofAML 3 Month U.S. T-Bill 0.6 2.3 1.8 1.2 0.6 1.4 **The EnTrust Capital Diversified Fund market value is as of 3/31/2020 and is currently in the process of liquidation. Page 11 Performance(%) 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Total Pension 16.2 (82)-4.3 (38)12.3 (77)5.1 (85)-0.7 (57)2.9 (93)10.9 (86)12.1 (49)1.2 (30)11.2 (71) Policy Benchmark 17.4 (69)-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) Total Domestic Equity 30.6 (30)-6.1 (50)20.1 (47)9.6 (94)1.9 (7)10.1 (79)---- Russell 3000 Index 31.0 (26)-5.2 (26)21.1 (26)12.7 (48)0.5 (36)12.6 (22)---- Total Large-Cap Equity 31.4 (26)-4.8 (29)20.4 (41)7.9 (74)3.9 (14)10.9 (38)32.0 (70)14.0 (62)2.4 (24)12.4 (86) Russell 1000 Index 31.4 (26)-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) BlackRock Russell 1000 Index Fund Non-Lending 31.4 (26)-4.8 (29)-------- Russell 1000 Index 31.4 (26)-4.8 (29)-------- Total Small-Cap Equity 28.7 (44)-9.5 (60)19.6 (45)15.6 (37)-4.8 (76)7.2 (63)40.3 (22)13.3 (67)0.8 (37)26.8 (23) Russell 2000 Index 25.5 (64)-11.0 (69)14.6 (70)21.3 (17)-4.4 (74)4.9 (77)38.8 (27)16.3 (36)-4.2 (73)26.9 (23) Kennedy Mid Cap Value 28.6 (45)-14.5 (86)18.0 (52)22.9 (14)-9.9 (93)15.8 (5)33.3 (60)13.6 (65)-0.8 (51)27.0 (22) Russell Midcap Value Index 27.1 (54)-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) TimesSquare Small Cap Growth 28.2 (46)-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) Russell 2000 Growth Index 28.5 (44)-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) Total International Equity 20.2 (88)-14.6 (60)28.0 (52)0.3 (93)-2.0 (33)-5.5 (100)---- MSCI AC World ex USA Index (Net)21.5 (82)-14.2 (52)27.2 (67)4.5 (33)-5.7 (85)-3.9 (70)---- Morgan Stanley International Equity 20.4 (61)-13.8 (31)25.2 (73)-2.0 (82)0.4 (31)-6.1 (70)20.3 (40)19.6 (43)-7.6 (10)6.1 (89) MSCI EAFE Index (Net)22.0 (48)-13.8 (31)25.0 (74)1.0 (64)-0.8 (40)-4.9 (59)22.8 (25)17.3 (66)-12.1 (30)7.8 (83) Morgan Stanley Emerging Markets Fund 19.5 (50)-17.3 (62)35.0 (51)6.7 (62)-10.3 (26)-4.5 (71)-0.8 (48)20.2 (42)-18.4 (37)18.5 (58) MSCI Emerging Markets Index (Net)18.4 (58)-14.6 (34)37.3 (38)11.2 (37)-14.9 (59)-2.2 (50)-2.6 (60)18.2 (58)-18.4 (37)18.9 (53) Asset Allocation & Performance As of March 31, 2020 Page 12 Asset Allocation & Performance As of March 31, 2020 Performance(%) 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Total Fixed Income 9.1 (47)-1.0 (70)6.3 (14)4.2 (54)-2.1 (90)2.4 (95)-1.7 (51)10.9 (13)3.8 (100)8.7 (49) Blmbg. Barc. Intermed. U.S. Government/Credit 6.8 (81)0.9 (9)2.1 (89)2.1 (86)1.1 (9)3.1 (93)-0.9 (36)3.9 (99)5.8 (89)5.9 (98) Income Research 6.7 (42)0.8 (32)2.0 (67)2.3 (38)0.9 (54)3.3 (48)-0.9 (56)5.9 (23)5.6 (48)6.2 (43) Blmbg. Barc. Intermed. U.S. Government/Credit 6.8 (36)0.9 (28)2.1 (54)2.1 (46)1.1 (40)3.1 (55)-0.9 (49)3.9 (69)5.8 (34)5.9 (60) Prudential Core Plus Bond 11.3 (15)-0.4 (44)6.6 (11)5.8 (26)------ Blmbg. Barc. U.S. Aggregate 8.7 (82)0.0 (17)3.5 (85)2.6 (92)------ Brandywine Global Opportunistic Fixed Income 9.3 (48)-5.2 (90)12.8 (4)5.2 (54)-8.4 (92)6.3 (19)-3.5 (73)14.1 (26)8.0 (14)13.9 (20) FTSE World Government Bond Index 5.9 (88)-0.8 (26)7.5 (44)1.6 (86)-3.6 (63)-0.5 (82)-4.0 (78)1.6 (93)6.4 (26)5.2 (86) Hedge Fund Entrust Capital Diversified Fund Real Estate -2.9 6.0 5.3 6.0 ------ NCREIF Property Index 6.4 6.7 7.0 8.0 ------ UBS Trumbull Property Fund -3.0 6.0 5.3 6.0 11.7 10.4 9.2 9.0 12.1 15.9 NCREIF Property Index 6.4 6.7 7.0 8.0 13.3 11.8 11.0 10.5 14.3 13.1 Cash Account 2.3 2.0 1.0 0.3 0.0 0.0 0.0 0.1 0.0 0.1 ICE BofAML 3 Month U.S. T-Bill 2.3 1.9 0.9 0.3 0.1 0.0 0.1 0.1 0.1 0.1 Page 13 Total Fund Performance -18.00 %-12.00 %-6.00 %0.00% Total Fund Total Fund Benchmark Total Value Added -13.00 % -11.90 % -1.10 % Total Value Added:-1.10 % 0.00%0.80%1.60%-0.80 %-1.60 %-2.40 % Other Manager Value Added Asset Allocation -0.01 % -1.31 % 0.22% Total Asset Allocation:0.22% Average Active Weight 0.00%0.89%1.78%-0.89 %-1.78 % Cash Account Real Estate Hedge Fund Total Fixed Income Total International Equity Total Small-Cap Equity Total Large-Cap Equity Weight (%)0.64% -0.77 % 0.42% 0.04% -0.03 % 0.22% -0.51 % Asset Allocation Value Added 0.00%0.09%0.18%-0.09 %-0.18 % 0.07% -0.07 % 0.05% 0.08% 0.02% 0.00% 0.07% Total Manager Value Added:-1.31 % Manager Value Added 0.00%2.00%-2.00 %-4.00 % 0.00% -0.05 % 0.00% -1.81 % 0.15% 0.37% 0.04% Total Pension Total Fund Attribution 1 Quarter Ending March 31, 2020 Page 14 Total Fund Performance -9.00 %-6.00 %-3.00 %0.00% Total Fund Total Fund Benchmark Total Value Added -6.01 % -4.15 % -1.87 % Total Value Added:-1.87 % 0.00%1.50%-1.50 %-3.00 % Other Manager Value Added Asset Allocation -0.03 % -1.94 % 0.11% Total Asset Allocation:0.11% Average Active Weight 0.00%0.80%1.60%-0.80 %-1.60 % Cash Account Real Estate Hedge Fund Total Fixed Income Total International Equity Total Small-Cap Equity Total Large-Cap Equity Weight (%)0.70% -0.43 % 0.44% -0.35 % -0.15 % -0.08 % -0.13 % Asset Allocation Value Added 0.00%0.09%0.18%-0.09 %-0.18 % 0.04% -0.07 % -0.01 % 0.07% 0.02% 0.00% 0.05% Total Manager Value Added:-1.94 % Manager Value Added 0.00%2.00%-2.00 %-4.00 % 0.00% -0.92 % 0.00% -1.58 % 0.04% 0.48% 0.04% Total Pension Total Fund Attribution 1 Year Ending March 31, 2020 Page 15 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Total Pension -13.0 (43)-6.0 (65)1.6 (80)2.1 (88)4.7 (89)16.2 (82)-4.3 (38)12.3 (77)¢ Policy Benchmark -11.7 (22)-3.8 (24)2.4 (49)2.9 (62)5.2 (79)17.4 (69)-4.5 (43)12.2 (79)˜ 5th Percentile -5.5 0.9 4.0 4.4 7.2 22.0 -1.7 18.3 1st Quartile -12.1 -3.9 3.1 3.6 6.4 20.2 -3.8 16.1 Median -13.5 -5.4 2.4 3.1 5.9 18.8 -4.8 14.6 3rd Quartile -14.9 -6.7 1.8 2.6 5.4 16.7 -5.6 12.6 95th Percentile -16.8 -8.9 0.4 1.4 3.5 10.0 -7.2 5.8 Population 401 397 371 355 304 423 353 417 Plan Sponsor Peer Group Analysis As of March 31, 2020 All Public Plans < $1B-Total Fund Parentheses contain percentile rankings. Page 16 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Total Pension Policy Benchmark FTSE 3 Month T-Bill 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 Risk (Standard Deviation %) Total Pension Policy Benchmark 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 12/97 3/00 6/02 9/04 12/06 3/09 6/11 9/13 12/15 3/18 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Pension -0.69 0.92 -0.74 0.99 0.17 -0.76 1.03 2.13 7.55 0.99 Policy Benchmark 0.00 0.00 N/A 1.00 0.27 0.00 1.00 2.86 7.31 1.00 FTSE 3 Month T-Bill -1.97 7.31 -0.27 0.00 N/A 1.12 0.00 1.12 0.25 0.01 Total Pension Risk Profile As of March 31, 2020Total Pension Page 17 Market Value ($) Current Allocation (%) Target Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Differences (%) Total Pension 252,993,428 100.0 100.0 N/A N/A 0.0 Total Large-Cap Equity 57,338,914 22.7 25.0 20.0 30.0 -2.3 Total Small-Cap Equity 21,946,914 8.7 10.0 5.0 15.0 -1.3 Total International Equity 42,049,720 16.6 18.0 13.0 23.0 -1.4 Total Fixed Income 96,025,111 38.0 35.0 30.0 40.0 3.0 Hedge Fund 1,209,136 0.5 0.0 0.0 0.0 0.5 Real Estate 32,639,346 12.9 12.0 7.0 17.0 0.9 Cash Account 1,784,287 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%60.0%-10.0 %-20.0 % Cash Account $1,784.3K Real Estate $32,639.3K Hedge Fund $1,209.1K Total Fixed Income $96,025.1K Total International Equity $42,049.7K Total Small-Cap Equity $21,946.9K Total Large-Cap Equity $57,338.9K 0.0% 12.0% 0.0% 35.0% 18.0% 10.0% 25.0% 0.7% 12.9% 0.5% 38.0% 16.6% 8.7% 22.7% 0.7% 0.9% 0.5% 3.0% -1.4 % -1.3 % -2.3 % Total Pension Asset Allocation Compliance As of March 31, 2020 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 15.0 30.0 -15.0 -30.0 -45.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years Inception 9/1/13 -20.9 -20.9 -9.1 4.0 5.8 8.7 -22.3 -22.3 -11.4 3.0 4.4 7.6 March 31, 2020 : $79M TimesSquare Small Cap Growth:14.1% Kennedy Mid Cap Value:13.6% BlackRock Russell 1000 Index Fund Non-Lending:72.3% Total Domestic Equity Benchmark 0.92 0.96 1.00 1.04 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 0.94 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% -2.0 % -4.0 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 Total Domestic Equity Portfolio Overview As of March 31, 2020Total Domestic Equity Page 20 -55.0 -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 2019 2018 2017 Total Domestic Equity -22.3 (64)-22.3 (64)-11.4 (52)3.0 (41)4.4 (56)30.6 (30)-6.1 (50)20.1 (47)¢ Russell 3000 Index -20.9 (32)-20.9 (32)-9.1 (22)4.0 (25)5.8 (26)31.0 (26)-5.2 (26)21.1 (26)˜ 5th Percentile -18.2 -18.2 -6.7 5.1 6.8 32.0 -4.0 23.7 1st Quartile -20.5 -20.5 -9.6 3.9 5.8 31.0 -5.2 21.1 Median -21.8 -21.8 -11.2 2.6 4.5 29.7 -6.1 20.0 3rd Quartile -23.3 -23.3 -13.4 1.6 3.8 27.5 -7.0 18.4 95th Percentile -27.7 -27.7 -18.6 -1.7 1.2 23.6 -9.2 16.5 Population 68 68 67 61 60 67 68 89 Plan Sponsor Peer Group Analysis As of March 31, 2020 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 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 5.4 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 Risk (Standard Deviation %) Total Domestic Equity Russell 3000 Index 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Domestic Equity -0.83 1.26 -0.66 1.00 0.16 -1.03 1.04 3.03 16.49 1.00 Russell 3000 Index 0.00 0.00 N/A 1.00 0.22 0.00 1.00 4.00 15.83 1.00 FTSE 3 Month T-Bill -3.47 15.83 -0.22 0.00 N/A 1.74 0.00 1.74 0.16 0.01 Total Domestic Equity Risk Profile As of March 31, 2020Total 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 15.0 -15.0 -30.0Return 1 Quarter Year To Date 1 Year Inception 3/1/17 -20.2 -20.2 -8.0 4.5 -20.1 -20.1 -7.9 4.6 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% 0.2% 0.4% -0.2 % -0.4 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 BlackRock Russell 1000 Index Fund Non-Lending Benchmark 0.99 1.00 1.01 2/17 8/17 2/18 8/18 2/19 8/19 3/20 1.00 BlackRock Russell 1000 Index Fund Non-Lending Performance Summary As of March 31, 2020BlackRock Russell 1000 Index Fund Non-Lending Page 23 -80.0 -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 Return1 Quarter Year To Date 1 Year 2019 BlackRock Russell 1000 Index Fund Non-Lending -20.1 (31)-20.1 (31)-7.9 (25)31.4 (26)¢ Russell 1000 Index -20.2 (31)-20.2 (31)-8.0 (26)31.4 (26)˜ 5th Percentile -12.4 -12.4 0.5 38.3 1st Quartile -19.5 -19.5 -8.0 31.5 Median -24.5 -24.5 -15.5 27.6 3rd Quartile -30.8 -30.8 -24.0 23.5 95th Percentile -38.6 -38.6 -33.2 14.1 Population 2,128 2,128 2,123 2,220 BlackRock Russell 1000 Index Fund Non-Lending Peer Group Analysis As of March 31, 2020 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 20.0 40.0 -20.0 -40.0 -60.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 2/1/08 -31.7 -31.7 -24.1 -6.0 -0.8 7.2 5.4 -30.0 -30.0 -19.9 -4.5 -0.6 7.3 6.6 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 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 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 3/20 1.14 Kennedy Mid Cap Value Performance Summary As of March 31, 2020Kennedy Mid Cap Value Page 25 -80.0 -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 2019 2018 2017 Kennedy Mid Cap Value -30.0 (73)-30.0 (73)-19.9 (64)-4.5 (70)-0.6 (74)7.3 (63)28.6 (45)-14.5 (86)18.0 (52)¢ Russell Midcap Value Index -31.7 (78)-31.7 (78)-24.1 (76)-6.0 (78)-0.8 (75)7.2 (64)27.1 (54)-12.3 (75)13.3 (77)˜ 5th Percentile -12.4 -12.4 0.5 12.4 9.8 12.6 38.3 2.4 31.8 1st Quartile -19.5 -19.5 -8.0 4.6 5.6 10.1 31.5 -4.2 23.2 Median -24.5 -24.5 -15.5 0.0 2.5 8.4 27.6 -7.8 18.3 3rd Quartile -30.8 -30.8 -24.0 -5.3 -0.8 6.4 23.5 -12.3 13.6 95th Percentile -38.6 -38.6 -33.2 -11.5 -5.0 4.0 14.1 -18.4 5.6 Population 2,128 2,128 2,123 2,079 1,998 1,691 2,220 2,460 2,560 Kennedy Mid Cap Value Peer Group Analysis As of March 31, 2020 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 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 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 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Kennedy Mid Cap Value 0.13 3.49 0.04 0.96 -0.01 0.15 0.97 -0.58 16.84 0.98 Russell Midcap Value Index 0.00 0.00 N/A 1.00 -0.02 0.00 1.00 -0.76 16.93 1.00 FTSE 3 Month T-Bill 0.38 16.94 0.02 0.00 N/A 1.13 0.00 1.12 0.25 -0.05 Kennedy Mid Cap Value Risk Profile As of March 31, 2020Kennedy 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 20.0 40.0 -20.0 -40.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 2/1/02 -25.8 -25.8 -18.6 0.1 1.7 8.9 6.7 -25.2 -25.2 -20.4 2.3 2.6 9.5 8.6 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 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 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 3/20 1.38 TimesSquare Small Cap Growth Performance Summary As of March 31, 2020TimesSquare Small Cap Growth Page 28 -80.0 -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 2019 2018 2017 TimesSquare Small Cap Growth -25.2 (59)-25.2 (59)-20.4 (70)2.3 (39)2.6 (47)9.5 (33)28.2 (46)-4.2 (27)21.1 (36)¢ Russell 2000 Growth Index -25.8 (61)-25.8 (61)-18.6 (65)0.1 (50)1.7 (55)8.9 (39)28.5 (44)-9.3 (61)22.2 (30)˜ 5th Percentile -9.7 -9.7 2.2 12.4 10.2 13.0 39.5 3.1 34.5 1st Quartile -17.6 -17.6 -7.0 5.0 5.6 10.0 31.6 -3.8 23.7 Median -23.2 -23.2 -14.2 -0.1 2.2 7.9 27.4 -7.5 17.8 3rd Quartile -30.0 -30.0 -22.6 -5.1 -1.1 5.7 22.8 -12.2 12.2 95th Percentile -40.9 -40.9 -35.9 -13.7 -8.4 -3.4 6.6 -19.6 -0.8 Population 8,980 8,980 8,887 8,021 6,938 5,000 8,957 9,121 8,787 TimesSquare Small Cap Growth Peer Group Analysis As of March 31, 2020 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 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 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 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation TimesSquare Small Cap Growth 0.77 4.61 0.17 0.94 0.17 1.00 0.93 2.61 18.44 0.97 Russell 2000 Growth Index 0.00 0.00 N/A 1.00 0.13 0.00 1.00 1.70 19.14 1.00 FTSE 3 Month T-Bill -2.45 19.15 -0.13 0.00 N/A 1.13 0.00 1.12 0.25 -0.02 TimesSquare Small Cap Growth Risk Profile As of March 31, 2020TimesSquare Small Cap Growth Page 30 Asset Allocation As of 11/30/2019 0.0%50.0%100.0%150.0%-50.0 % Fixed Income Convertibles Other Cash Equities -1.3 % 0.0% 0.7% 6.5% 94.0% Fund Characteristics As of 11/30/2019 Total Securities 105 Avg. Market Cap $3,116.93 Million P/E 41.25 P/B 6.53 Div. Yield 1.50% Annual EPS 20.19 5Yr EPS 19.78 3Yr EPS Growth 28.84 Top Ten Securities As of 11/30/2019 Paylocity Holding Corp ORD 2.51 % Addus Homecare Corp ORD 1.90 % Rexnord Corp ORD 1.89 % TriNet Group Inc ORD 1.89 % j2 Global Inc ORD 1.89 % Strategic Education Inc ORD 1.81 % Envestnet Inc ORD 1.70 % Focus Financial Partners Inc ORD 1.67 % Kennedy-Wilson Holdings Inc ORD 1.56 % Exlservice Holdings Inc ORD 1.54 % Sector/Quality Allocation As of 11/30/2019 0.0%15.0%30.0%45.0% Industrials Information Technology Health Care Consumer Discretionary Financials Non Classified Equity Consumer Staples Telecommunication Services Energy Materials 27.8% 20.6% 14.0% 13.7% 11.0% 3.2% 1.4% 1.1% 0.6% 0.5% TimesSquare Small Cap Growth Mutual Fund Attributes As of March 31, 2020 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 15.0 -15.0 -30.0 -45.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years Inception 9/1/13 -23.4 -23.4 -15.6 -2.0 -0.6 1.2 -22.6 -22.6 -15.4 -2.3 -0.9 0.8 March 31, 2020 : $42M Morgan Stanley Emerging Markets Fund:32.4% Morgan Stanley International Equity:67.6% Total International Equity Benchmark 0.96 1.00 1.04 1.08 1.12 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 0.99 Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 Total International Equity Portfolio Overview As of March 31, 2020Total International Equity Page 34 -55.0 -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 2019 2018 2017 Total International Equity -22.6 (28)-22.6 (28)-15.4 (55)-2.3 (68)-0.9 (81)20.2 (88)-14.6 (60)28.0 (52)¢ MSCI AC World ex USA Index (Net)-23.4 (41)-23.4 (41)-15.6 (58)-2.0 (54)-0.6 (74)21.5 (82)-14.2 (52)27.2 (67)˜ 5th Percentile -18.5 -18.5 -6.9 1.4 2.0 30.9 -11.1 32.7 1st Quartile -22.5 -22.5 -13.6 -0.7 0.3 25.3 -13.5 29.4 Median -23.9 -23.9 -15.1 -1.7 -0.3 23.2 -14.1 28.2 3rd Quartile -24.8 -24.8 -16.8 -2.6 -0.7 21.9 -15.1 26.1 95th Percentile -26.2 -26.2 -18.6 -3.5 -1.8 19.7 -17.1 23.5 Population 68 68 66 62 61 66 70 83 Plan Sponsor Peer Group Analysis As of March 31, 2020 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 -4.0 -2.0 0.0 2.0 4.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 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 21.0 6/17 12/17 6/18 12/18 6/19 12/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total International Equity -0.44 3.20 -0.14 0.96 -0.20 -0.48 0.95 -2.34 14.78 0.98 MSCI AC World ex USA Index (Net)0.00 0.00 N/A 1.00 -0.17 0.00 1.00 -1.96 15.15 1.00 FTSE 3 Month T-Bill 2.55 15.16 0.17 0.01 N/A 1.74 0.00 1.74 0.16 -0.08 Total International Equity Risk Profile As of March 31, 2020Total 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 15.0 -15.0 -30.0 -45.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 -22.8 -22.8 -14.4 -1.8 -0.6 2.7 3.1 -20.4 -20.4 -13.8 -1.5 -0.6 2.9 3.0 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 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 Morgan Stanley International Equity Benchmark 0.72 0.81 0.90 0.99 1.08 1.17 3/05 9/06 3/08 9/09 3/11 9/12 3/14 9/15 3/17 9/18 3/20 1.00 Morgan Stanley International Equity Performance Summary As of March 31, 2020Morgan Stanley International Equity Page 37 -80.0 -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 2019 2018 2017 Morgan Stanley International Equity -20.4 (22)-20.4 (22)-13.8 (33)-1.5 (36)-0.6 (45)2.9 (42)20.4 (61)-13.8 (31)25.2 (73)¢ MSCI EAFE Index (Net)-22.8 (37)-22.8 (37)-14.4 (36)-1.8 (39)-0.6 (46)2.7 (43)22.0 (48)-13.8 (31)25.0 (74)˜ 5th Percentile -14.2 -14.2 -5.1 4.8 4.6 6.6 33.0 -7.6 47.1 1st Quartile -20.9 -20.9 -11.9 0.0 0.9 3.8 26.2 -12.9 35.6 Median -24.3 -24.3 -16.5 -2.7 -0.9 2.4 21.8 -15.7 28.6 3rd Quartile -28.2 -28.2 -21.4 -5.4 -2.5 0.7 18.0 -18.5 24.9 95th Percentile -36.0 -36.0 -32.6 -10.9 -6.1 -2.8 8.3 -23.5 16.7 Population 816 816 816 816 816 429 832 881 903 Morgan Stanley International Equity Peer Group Analysis As of March 31, 2020 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 -1.8 -1.2 -0.6 0.0 0.6 1.2 1.8 2.4 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 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 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley International Equity -0.11 4.18 -0.03 0.91 -0.06 -0.07 0.90 -0.61 13.29 0.96 MSCI EAFE Index (Net)0.00 0.00 N/A 1.00 -0.05 0.00 1.00 -0.62 14.11 1.00 FTSE 3 Month T-Bill 0.74 14.12 0.05 0.00 N/A 1.13 0.00 1.12 0.25 -0.03 Morgan Stanley International Equity Risk Profile As of March 31, 2020Morgan Stanley International Equity Page 39 Asset Allocation As of 11/30/2019 0.0%50.0%100.0%150.0% Other Convertibles Cash Fixed Income Equities 0.0% 0.0% 1.1% 1.5% 97.4% Fund Characteristics As of 11/30/2019 Total Securities 66 Avg. Market Cap $80,596.24 Million P/E 25.39 P/B 4.46 Div. Yield 2.97% Annual EPS 4.10 5Yr EPS 7.92 3Yr EPS Growth 8.67 Top Ten Securities As of 11/30/2019 Reckitt Benckiser Group PLC ORD 4.13 % Henkel AG & Co KGaA PFD 3.57 % SAP SE ORD 3.53 % GlaxoSmithKline PLC ORD 3.42 % Fresenius SE & Co KGaA ORD 3.33 % Safran SA ORD 3.17 % Constellation Software Inc ORD 3.07 % Relx PLC ORD 3.07 % Sanofi SA ORD 3.04 % Pernod Ricard SA ORD 2.95 % Sector/Quality Allocation As of 11/30/2019 0.0%15.0%30.0%45.0% Consumer Staples Health Care Financials Industrials Information Technology Energy Consumer Discretionary Materials 28.9% 18.4% 15.5% 12.4% 11.5% 3.8% 3.7% 3.3% Morgan Stanley International Equity Mutual Fund Attributes As of March 31, 2020 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 15.0 30.0 -15.0 -30.0 -45.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 -23.6 -23.6 -17.7 -1.6 -0.4 0.7 5.4 -26.7 -26.7 -18.4 -4.2 -1.9 0.1 4.6 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 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 Morgan Stanley Emerging Markets Fund Benchmark 0.80 0.90 1.00 1.10 1.20 3/05 9/06 3/08 9/09 3/11 9/12 3/14 9/15 3/17 9/18 3/20 0.89 Morgan Stanley Emerging Markets Fund Performance Summary As of March 31, 2020Morgan Stanley Emerging Markets Fund Page 41 -80.0 -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 2019 2018 2017 Morgan Stanley Emerging Markets Fund -26.7 (62)-26.7 (62)-18.4 (46)-4.2 (59)-1.9 (63)0.1 (50)19.5 (50)-17.3 (62)35.0 (51)¢ MSCI Emerging Markets Index (Net)-23.6 (30)-23.6 (30)-17.7 (41)-1.6 (27)-0.4 (33)0.7 (36)18.4 (58)-14.6 (34)37.3 (38)˜ 5th Percentile -18.5 -18.5 -9.6 2.5 2.7 3.8 31.2 -8.6 46.6 1st Quartile -23.2 -23.2 -15.3 -1.3 0.3 1.6 24.5 -13.5 39.6 Median -25.7 -25.7 -19.1 -3.7 -1.2 0.1 19.4 -16.0 35.0 3rd Quartile -29.1 -29.1 -23.2 -6.1 -3.0 -0.8 15.2 -18.7 28.4 95th Percentile -36.4 -36.4 -34.9 -11.8 -8.0 -5.5 6.1 -23.1 19.7 Population 214 214 214 214 214 85 220 233 240 Morgan Stanley Emerging Markets Fund Peer Group Analysis As of March 31, 2020 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 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 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 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley Emerging Markets Fund -1.68 4.34 -0.39 0.94 -0.10 -1.59 0.93 -1.94 16.89 0.97 MSCI Emerging Markets Index (Net)0.00 0.00 N/A 1.00 0.00 0.00 1.00 -0.37 17.57 1.00 FTSE 3 Month T-Bill -0.05 17.59 0.00 0.00 N/A 1.13 0.00 1.12 0.25 -0.04 Morgan Stanley Emerging Markets Fund Risk Profile As of March 31, 2020Morgan Stanley Emerging Markets Fund Page 43 Asset Allocation As of 11/30/2019 0.0%50.0%100.0%150.0% Other Convertibles Cash Fixed Income Equities 0.0% 0.0% 0.8% 1.0% 98.3% Fund Characteristics As of 11/30/2019 Total Securities 123 Avg. Market Cap $99,443.75 Million P/E 24.96 P/B 4.34 Div. Yield 2.91% Annual EPS 16.79 5Yr EPS 14.37 3Yr EPS Growth 14.53 Top Ten Securities As of 11/30/2019 Taiwan Semiconductor Manufacturing 5.53 % Alibaba Group Holding Ltd DR 4.58 % Tencent Holdings Ltd ORD 4.51 % Bank Central Asia Tbk PT ORD 2.15 % Morgan Stanley Inst Liq Govt Port;Instit 2.02 % Samsung Electronics Co Ltd ORD 2.01 % China Construction Bank Corp ORD 1.69 % B3 SA Brasil Bolsa Balcao ORD 1.51 % OTP Bank Nyrt ORD 1.48 % Itau Unibanco Holding SA PFD 1.45 % Sector/Quality Allocation As of 11/30/2019 0.0%15.0%30.0%45.0%60.0% Financials Information Technology Consumer Discretionary Consumer Staples Industrials Health Care Energy Materials Telecommunication Services Utilities 33.6% 16.9% 15.6% 12.0% 5.7% 4.8% 4.2% 2.8% 2.0% 0.7% Morgan Stanley Emerging Markets Fund Mutual Fund Attributes As of March 31, 2020 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 5.0 10.0 15.0 -5.0 -10.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 7/1/03 2.4 2.4 6.9 3.8 2.8 3.1 3.5 -3.0 -3.0 2.5 2.9 2.5 3.4 4.2 March 31, 2020 : $96M Income Research:40.0% Brandywine Global Opportunistic Fixed Income:22.5% Prudential Core Plus Bond:37.4% Total Fixed Income Benchmark 0.96 1.00 1.04 1.08 1.12 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 0.99 Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % -12.0 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 Total Fixed Income Portfolio Overview As of March 31, 2020Total Fixed Income Page 46 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Total Fixed Income -3.0 (83)-3.0 (83)2.5 (81)2.9 (81)2.5 (80)3.4 (88)9.1 (47)-1.0 (70)6.3 (14)¢ Blmbg. Barc. Intermed. U.S. Government/Credit 2.4 (21)2.4 (21)6.9 (26)3.8 (43)2.8 (69)3.1 (89)6.8 (81)0.9 (9)2.1 (89)˜ 5th Percentile 8.3 8.3 13.2 5.7 4.0 6.4 11.6 1.3 7.3 1st Quartile 2.0 2.0 6.9 4.2 3.5 4.7 10.0 0.2 5.5 Median 0.2 0.2 5.2 3.6 3.1 4.2 8.9 -0.5 4.3 3rd Quartile -2.3 -2.3 3.3 3.2 2.7 3.7 7.5 -1.2 3.1 95th Percentile -5.0 -5.0 -1.0 1.8 1.4 1.7 5.6 -4.1 2.0 Population 73 73 72 67 66 46 70 74 85 Plan Sponsor Peer Group Analysis As of March 31, 2020 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 0.5 1.0 1.5 2.0 2.5 3.0 3.5 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 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Fixed Income -0.22 2.84 -0.08 0.51 0.36 -0.94 1.26 2.48 3.98 0.71 Blmbg. Barc. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 0.74 0.00 1.00 2.76 2.25 1.00 FTSE 3 Month T-Bill -1.63 2.20 -0.74 0.08 N/A 1.04 0.03 1.12 0.25 0.27 Total Fixed Income Risk Profile As of March 31, 2020Total 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 2.4 2.4 6.9 3.8 2.8 3.1 4.2 2.0 2.0 6.2 3.6 2.6 3.3 4.6 Account Name:Income Research Inception Date:07/01/2001 Account Structure:Commingled Fund Asset Class:US Fixed Income Benchmark:Blmbg. Barc. Intermed. U.S. Government/Credit Peer Group:IM U.S. Intermediate Duration (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 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 3/20 1.08 Income Research Performance Summary As of March 31, 2020Income Research Page 49 -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 2019 2018 2017 Income Research 2.0 (32)2.0 (32)6.2 (31)3.6 (21)2.6 (31)3.3 (27)6.7 (42)0.8 (32)2.0 (67)¢ Blmbg. Barc. Intermed. U.S. Government/Credit 2.4 (20)2.4 (20)6.9 (11)3.8 (10)2.8 (11)3.1 (37)6.8 (36)0.9 (28)2.1 (54)˜ 5th Percentile 3.3 3.3 7.2 3.9 3.0 4.1 8.3 1.4 4.1 1st Quartile 2.3 2.3 6.4 3.6 2.6 3.3 7.0 0.9 2.6 Median 1.2 1.2 5.4 3.4 2.5 3.0 6.5 0.6 2.2 3rd Quartile 0.2 0.2 4.3 2.9 2.3 2.8 5.9 0.4 1.9 95th Percentile -2.1 -2.1 1.8 2.2 1.8 2.2 4.6 -0.2 1.4 Population 153 153 153 150 149 131 160 168 172 Income Research Peer Group Analysis As of March 31, 2020 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 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Return (%)0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Risk (Standard Deviation %) Income Research Blmbg. Barc. Intermed. U.S. Government/Credit 0.0 0.9 1.8 2.7 3.6 4.5 5.4 6.3 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Income Research -0.15 0.39 -0.37 0.97 0.70 -0.03 0.96 2.62 2.19 0.98 Blmbg. Barc. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 0.74 0.00 1.00 2.76 2.25 1.00 FTSE 3 Month T-Bill -1.63 2.20 -0.74 0.08 N/A 1.04 0.03 1.12 0.25 0.27 Income Research Risk Profile As of March 31, 2020Income 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 6.0 12.0 18.0 -6.0 -12.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 6/1/15 3.1 3.1 8.9 4.8 3.6 -2.7 -2.7 4.1 4.1 3.8 Account Name:Prudential Core Plus Bond Inception Date:06/01/2015 Account Structure:Commingled Fund Asset Class:US Fixed Income Benchmark:Blmbg. Barc. U.S. Aggregate Peer Group:IM U.S. Broad Market Core+ Fixed Income (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% -4.0 % -8.0 % -12.0 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 Prudential Core Plus Bond Benchmark 0.95 1.00 1.05 1.10 1.15 5/15 11/15 5/16 11/16 5/17 11/17 5/18 11/18 5/19 3/20 1.01 Prudential Core Plus Bond Performance Summary As of March 31, 2020Prudential Core Plus Bond Page 52 -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 2019 2018 2017 Prudential Core Plus Bond -2.7 (75)-2.7 (75)4.1 (69)4.1 (38)11.3 (15)-0.4 (44)6.6 (11)¢ Blmbg. Barc. U.S. Aggregate 3.1 (5)3.1 (5)8.9 (4)4.8 (6)8.7 (82)0.0 (17)3.5 (85)˜ 5th Percentile 3.1 3.1 8.7 4.8 13.4 0.8 7.5 1st Quartile 1.2 1.2 6.9 4.4 10.6 -0.2 5.3 Median -0.4 -0.4 5.4 3.8 9.6 -0.7 4.5 3rd Quartile -2.8 -2.8 3.1 3.2 8.9 -1.2 3.8 95th Percentile -10.5 -10.5 -4.8 0.7 6.8 -2.8 3.1 Population 145 145 144 141 153 161 166 Prudential Core Plus Bond Peer Group Analysis As of March 31, 2020 IM U.S. Broad Market Core+ Fixed Income (SA+CF) Parentheses contain percentile rankings. Page 53 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Prudential Core Plus Bond Blmbg. Barc. U.S. Aggregate FTSE 3 Month T-Bill 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 6.4 Return (%)0.0 0.9 1.8 2.7 3.6 4.5 5.4 6.3 7.2 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 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Prudential Core Plus Bond -0.57 3.42 -0.17 0.57 0.49 -1.51 1.20 4.15 5.10 0.75 Blmbg. Barc. U.S. Aggregate 0.00 0.00 N/A 1.00 0.96 0.00 1.00 4.82 3.20 1.00 FTSE 3 Month T-Bill -3.04 3.16 -0.96 0.08 N/A 1.67 0.01 1.74 0.16 0.28 Prudential Core Plus Bond Risk Profile As of March 31, 2020Prudential 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 8.0 16.0 -8.0 -16.0 -24.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 1/1/05 2.0 2.0 6.2 4.3 3.0 2.2 2.8 -11.3 -11.3 -6.0 -0.4 0.1 3.4 4.2 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% 8.0% 16.0% -8.0 % -16.0 % -24.0 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 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 6/18 3/20 1.23 Brandywine Global Opportunistic Fixed Income Performance Summary As of March 31, 2020Brandywine Global Opportunistic Fixed Income Page 55 -36.0 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Brandywine Global Opportunistic Fixed Income -11.3 (66)-11.3 (66)-6.0 (67)-0.4 (77)0.1 (89)3.4 (43)9.3 (48)-5.2 (90)12.8 (4)¢ FTSE World Government Bond Index 2.0 (3)2.0 (3)6.2 (6)4.3 (7)3.0 (21)2.2 (82)5.9 (88)-0.8 (26)7.5 (44)˜ 5th Percentile 1.0 1.0 6.2 4.4 3.8 5.6 15.5 1.5 11.8 1st Quartile -2.2 -2.2 2.6 3.1 2.8 4.3 12.6 -0.8 8.8 Median -6.8 -6.8 -1.8 1.6 2.1 3.0 9.0 -2.1 7.2 3rd Quartile -12.7 -12.7 -7.2 -0.3 1.3 2.4 7.7 -3.9 4.9 95th Percentile -19.9 -19.9 -15.1 -3.6 -1.3 1.0 4.3 -8.3 2.2 Population 221 221 221 216 207 128 223 246 255 Brandywine Global Opportunistic Fixed Income Peer Group Analysis As of March 31, 2020 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 -1.8 -0.9 0.0 0.9 1.8 2.7 3.6 4.5 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 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 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Brandywine Global Opportunistic Fixed Income -2.63 6.48 -0.41 0.43 -0.08 -2.73 1.04 0.07 8.55 0.65 FTSE World Government Bond Index 0.00 0.00 N/A 1.00 0.36 0.00 1.00 2.96 5.34 1.00 FTSE 3 Month T-Bill -1.94 5.33 -0.36 0.00 N/A 1.11 0.00 1.12 0.25 0.07 Brandywine Global Opportunistic Fixed Income Risk Profile As of March 31, 2020Brandywine 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 8.0 16.0 -8.0 -16.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 6/1/06 0.7 0.7 5.3 6.4 7.6 10.2 7.4 0.2 0.2 -3.2 2.5 4.6 8.0 5.0 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 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 UBS Trumbull Property Fund Benchmark 0.60 0.80 1.00 1.20 5/06 11/07 5/09 11/10 5/12 11/13 5/15 11/16 5/18 3/20 0.73 UBS Trumbull Property Fund Performance Summary As of March 31, 2020UBS Trumbull Property Fund Page 60 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics UBS Trumbull Property Fund NCREIF Property Index FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Return (%)0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 Risk (Standard Deviation %) UBS Trumbull Property Fund NCREIF Property Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation UBS Trumbull Property Fund -2.89 2.40 -1.21 0.34 1.08 -5.95 1.43 4.59 2.89 0.58 NCREIF Property Index 0.00 0.00 N/A 1.00 4.19 0.00 1.00 7.65 1.18 1.00 FTSE 3 Month T-Bill -6.32 1.51 -4.19 0.42 N/A 2.97 -0.24 1.12 0.44 -0.65 UBS Trumbull Property Fund Risk Profile As of March 31, 2020UBS 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 Investments USA Inc. Global Equity Markets -22.4%-24.1% -21.1% -30.0% -17.4% -28.9% -20.9%-23.3% -28.4% -24.4% -12.7% -16.3% -9.7% -23.3% -7.5% -21.0% -13.8%-13.3% -24.5% -18.9% -40% -30% -20% -10% 0% ACWI IMI 44.2% ACWI ex-U.S. IMI 55.8% USA IMI 4.5% UK IMI 8.1% Ja pa n IMI 2.8% Ca na da IMI 0.2% Isra el IMI 13.5% Europe ex-UK IMI 3.3% Pacific ex-Japan IMI 11.8% Emergi ng Ma rkets IMI GLOBAL MSCI IMI INDEX RETURNS (US D) AS OF 03/31/2020 Firs t Quarter 2020 One-Year Source: MSCI A decade-long bull market came to an abrupt halt as the Covid-19 outbreak in China turned into a global pandemic. After reaching all-time highs in mid-February, global equities sold off sharply as infection numbers grew and governments worldwide ramped up virus containment measures. With much of the economy shuttered, a deep global recession appears to be inevitable despite unprecedented fiscal and monetary stimulus measures. In local currency terms, the MSCI AC World Investable Market Index fell by 21.0%. Appreciation of the U.S. dollar further dragged down the returns to -22.4% in USD terms in Q1 2020. UK equities were the worst performers (-30.0%) over the quarter where its sizeable resource sector (Oil & Gas and Basic Materials) underperformed due to sharp drop in crude oil prices amidst the coronavirus outbreak. Brexit negotiations ran into difficulties as the UK and the European Union (EU) clashed on “level playing field” requirements. The UK Prime Minister Boris Johnson stated that Britain would be prepared to leave the EU on the World Tr ade Organization’s (WTO) terms if progress is not made by June 2020. Page 64 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Global Equity Markets US A 55.8% UK 4.5% Ca nada 2.8% Pa cific ex -Japan 3.3%Ja pan 8.1% Eu rope ex -UK 13.5% Is rael 0.2% Latin Americ a 1.0% Asia 9.3% Ea stern Eu rope, Mi ddle Ea st & Africa 1.5% Emer ging Ma rkets 11.8% MSCI ALL COUNT RY WORLD IMI INDEX GEOGRAP HI C ALLOCATION AS OF 03/31/2020 Sour ce:MSCI UK 10.2% Ca nada 6.3% Pa cific ex - Japan 7.5% Ja pan 18.3% Eu rope ex -UK 30.6% Is rael 0.5%Latin A me rica 2.2% Asia 21.0% Ea stern Eu rope, Mi ddle Ea st & Africa 3.5% Emerging Ma rkets 26.7% MSCI ALL COUNTRY WORLD EX -U.S. IMI INDEX GEOGRAP HI C ALLOCAT ION AS OF 03/31/2020 Source:MSCI The two exhibits on this slide illustrate the percentage that each country/region represents of the global and international equity markets as measured by the MSCI All Country World IMI Index and the MSCI All Country World ex-U.S. IMI Index, respectively. Page 65 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. U.S. Equity Markets -20.9% -12.1%-12.9% -20.5% -15.1% -51.6% -28.3%-27.8%-28.6% -15.1% -9.1% 8.0% -2.1% -10.6% -4.2% -54.5% -19.2%-19.7% -15.6% -3.2% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% Russell 3000 25.1% Te ch nology 15.1% Healthcare 14.5% Cons . Di sc 6.2% Cons. Staples 2.5% Energy 3.0% Mater ia ls & Processi ng 9.1% Produ ce r Durables 18.9% Fi nanc ial Serv ices 5.5% Utilities RUS SELL SECTOR RET URNS AS OF 03/31/2020 Firs t Quarter 2020 One-Year Source: Rus sell Indexes -20.9%-24.2% -12.5% -31.7% -20.0% -35.7% -25.8% -9.1% -13.6% 3.7% -24.1% -9.4% -29.6% -18.6% -40.0% -35.0% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% Russell 3000 28.8% Large Value 42.1% Large Gr owth 13.1% Medium Value 10.2% Medium Gr owth 2.6% Small Value 3.2% Small Gr owth RUS SELL STYL E RETURNS AS OF 03/31/2020 Firs t Quarter 2020 One-Year Source: Russell Index es Three major U.S. equity indices (S&P 500, Dow Jones Industrial Average and Nasdaq Composite) entered bear market territory as the indices fell more than 20% below their mid-February peaks in the fastest bear market on record ending the 11-year bull market, the longest on record. Returns were on pace to be much worse before stock markets rallied to end the quarter. Large fiscal stimulus packages were credited as the major reason for improving risk sentiment. For the quarter, the Dow Jones US Total Stock Market Index returned -21.0%. The Russell 3000 Index fell 20.9% during the first quarter and 9.1% over the one-year period. The CBOE Volatility Index (VIX), Wall Street’s “fear gauge”, set a new record peak of 82.7 in mid-March before ending the quarter slightly lower at 53.5 after having averaged 19.0 over the previous 12 months. All sectors generated negative returns over the quarter. In particular, Energy (-51.6%) and Financial Services (-28.6%) were the worst performing sectors in Q1 2020. Performance was negative across the market capitalization spectrum over the quarter. Small cap stocks underperformed both large and medium cap stocks over the quarter. Value stocks underperformed their Growth counterparts in Q1 2020 and over the last year. Page 66 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. U.S. Fixed Income Markets 3.1% 8.1% -3.6% 2.8% -0.2% 1.2% 8.9% 13.1% 5.0% 7.0% 2.8% 6.1% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Bar cl ays Agg. Bon d 44.2% Govt 25.2% Corp. 27.9% MBS 0.4% ABS 2.2% CMBS BL OOM BERG BARCLAYS AGGREG ATE RETURNS BY SECTOR AS OF 03/31/2020 Firs t Quarter 2020 On e-YearSource: FactSet 1.8%2.8%2.7%2.1% 6.2%4.6% 7.0%7.4%8.8% 19.3% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 1-3 Yr.3-5 Yr.5-7 Y r.7-10 Yr.>10 Yr. BL OOM BERG BARCLAYS AGGREG ATE RET URNS BY MATURI TY A S OF 03/31/2020 Firs t Quarter 2020 One-YearSource: FactSet 5.8% 1.5% -0.6% -7.4% -12.7% 10.5% 7.5%7.4% 1.9% -6.9% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% Aaa Aa A Baa High Yield BL OOM BERG BARCLAYS AGGREG ATE RETURNS BY QUALITY AND HI GH YIELD RET URNS AS OF 03/31/2020 Firs t Quarter 2020 One-YearSource: FactSet The Bloomberg Barclays U.S. Aggregate Bond Index rose by 3.1% over the quarter, supported by Government bond’s return of 8.1%. The risk asset sell- off which tormented equity markets were also evident in the corporate bonds space, as concerns over corporate leverage that were disregarded in more benign times resurfaced. Corporate bonds underperformed with a return of -3.6%. Performance was mixed across all credit grades. High yield bonds fell by 12.7%. Within investment grade bonds, Aaa bonds outperformed with a return of 5.8%. Long-maturity bonds outperformed intermediate and short-maturity bonds over the quarter. Long-maturity bonds returned 6.2% while short-maturity bonds returned only 1.8% in Q1 2020. Page 67 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. U.S. Fixed Income Markets -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Mar 10 Mar 12 Mar 14 Mar 16 Mar 18 Mar 20 U.S. 10-YEAR TREASURY AND TIPS YIELDS 10Y TIP S Yield 10Y Treasury Yield Sour ce:U.S. Department of Treas ury -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 0 5 10 15 20 25 30 Ma turit y (Y ears) U.S. TREAS URY YIELD CURV E 3/31/2019 12/31/2019 3/31/2020 Sour ce:U.S. Department of Treasur y The U.S. nominal yield curve shifted downwards over the quarter as the combination of economic damage caused by the Pandemic and the response of easing monetary policy caused yields to fall across the curve. The rate cuts, along with decreases in global output, caused 10-year US treasury yields to decrease by over 122 basis points to 0.70%, the first time in history it fell below 1.0%, and it remained there at the end of the quarter. The 30-year yield began the quarter at 2.39% and ended the quarter at 1.27%, a decline of 1.12%. The 30-year yield briefly closed below 1% on March 9, 2020, a sign of how stressed the outlook had become The 10-year TIPS yield fell by 32bps over the quarter to -0.17%. The US Federal Reserve (Fed) announced two emergency rate cuts over the quarter, lowering the Fed Funds Rate target by a total of 150bps to 0.00%-0.25%. The Federal Reserve also launch unlimited QE, and an expansion of QE into other markets, such as corporate bonds and municipal bonds. In addition to this, Congress passed a $2.2tn stimulus package, the largest bailout in US history. Page 68 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. European Fixed Income Markets 0% 5% 10% 15% 20% 25% 30% 2012 2013 2014 2015 2016 2017 2018 2019 2020 EUROZO NE PERIPHERAL BOND SPREADS (10-YEAR SPREADS OVER GERMAN BUNDS ) Spain Italy Portugal Gr eece Irel and Sour ce:FactSet European government bond spreads over 10-year German bunds rose across the Euro Area with core yields falling and peripheral yields rising (except Ireland). The European Central Bank (ECB) expanded its asset purchase programme and removed a self-imposed limit to buy no more than a third of any country’s eligible bond, restoring some stability to the Euro Area’s government bond market. German government bund yields fell in line with other developed market government bond yields, falling by 30bps to -0.49% over the quarter. Germany’s annual economic growth slowed to its lowest rate in six years at 0.6% whilst it posted zero growth in Q4, hit by falling household and government consumption while capital investment in machinery and equipment fell. Italian government bond yields rose by 6bps to 1.48% over the quarter, retracting from a nine-month high of 2.3% after it spiked by 130bps mid-March and Spanish government bond yields rose by 18bps to 0.64%. Both the countries were the worst affected by novel coronavirus in Europe and were the first to impose quarantine measures. Greek government bond yields rose by 18bps to 1.61% over the quarter which saw the country’s 10-year yield drop below 1% mid-Feb for the first time. Page 69 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Credit Spreads Spre ad (bps)03/31/2020 12/31/2019 03/31/2019 Qua rterly Cha nge (bps)One -Year Change (bps) U.S. Aggregate 95 39 44 56 51 Long Gov't 4 0 1 4 3 Long Credit 279 139 172 140 107 Long Gov't /Credit 151 79 99 72 52 MBS 60 39 35 21 25 CMBS 188 72 69 116 119 ABS 213 44 39 169 174 Corporate 272 93 119 179 153 High Yield 880 336 391 544 489 Global Emerging Mark et s 619 287 283 332 336 So urce: F actSet, B lo omberg Barclays The rapid reassessment of the economic outlook took a dramatic toll on credit assets during the quarter. Credit spreads over U.S. Treasuries widened over the quarter. Riskier areas of credit, such as US high yield bonds and emerging market debt, saw double digit losses due to a decrease in investors’ risk appetite. High Yield bond spreads widened significantly in Q1 2020, increasing by 544bps. This was followed by Global Emerging Markets bonds spreads, which widened by 332bps. Page 70 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Currency 80 90 100 110 120 130 140 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 U.S. DOLLAR REL ATIVE TO EUR, GBP AND JP Y REBAS ED TO 100 AT 03/31/2014 EUR/USD GBP/USD JPY /USD Source: FactSet St ronger Do llar We ak er Do llar 80 85 90 95 100 105 110 115 120 125 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 TRADE WEI GHTED U.S. DOLLAR INDEX (1973 = 100) Source:Federal R es er ve The U.S. dollar generally strengthened against major currencies over the quarter as it rose 7.1% on a trade-weighted basis.U.S. dollar appreciated against euro and sterling but marginally depreciated against Japanese yen. Sterling fell sharply over the quarter amidst “risk-off” trade flows as the coronavirus outbreak escalated. The UK’s current account deficit and its status as a relatively small open economy means that sterling is particularly exposed to international fund flows. As investor concerns over economic growth and financial market stability grew, capital flows started to dry up from the UK as investors seek “safe haven” assets such as the US dollar.Sterling depreciated by 6.4% against the U.S. dollar. Alongside a more dovish ECB and a weaker economic outlook, the euro fell against both the US dollar and the Japanese yen, depreciating by 2.2% and 2.9% respectively. However, it rose by 4.2% against sterling. Page 71 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Commodities -23.3% -11.5% -51.1% -18.5% -1.1% -9.9% -16.8% -7.2% -28.1% -22.3% -8.3% -52.9% -22.7% 15.7% -5.3% -13.7% -2.6% -35.5% -60.0%-50.0%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0% Bloomberg Commodity Index Ex-Energy Ener gy Industrial Metals Pr ec. Metals Agric. Softs Gr ains Livestock COM MODITY R ETURNS AS OF 03/31/2020 Firs t Quarter 2020 One-Year Source:Bl oomb er g Note: Softs and Grains are part of the wi der Agr iculture sector Amidst Covid-19 pandemic, commodities fell sharply over the quarter which saw the Bloomberg Commodity Index tumble by 23.3%. Energy was the worst performing sector over the quarter with a return of -51.1% as crude oil prices fell sharply following Saudi Arabia’s plans to raise production and offer deep discounts to key markets in a bid to gain market share after Russia rejected a proposal by OPEC to cut oil production. The price of Brent crude oil fell by 65.5% to $23/bbl. and WTI crude oil spot prices fell by 66.5% to $20/bbl. Livestock (-28.1%) was the second worst performing sector in Q1 2020. Page 72 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Hedge Fund Markets Overview -3.4% 0.1% -12.9% -13.9% -15.3% -12.2% -7.0% -9.4% -7.3% 1.4% 4.2% -8.0% -10.4% -12.6% -12.4% -3.8% -5.1% -3.9% -20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0% Fixed Income/Converti ble Arb. Gl obal Macro Equity Hedge Emergi ng Markets Event-Driv en Distress ed -Restruc turing Relative Value Fund-Weighted Composit e Index Fund of Funds Co mposite Index HEDGE FUND PERFORMANCE AS OF 03/31/2020 Firs t Quarter 2020 One-Year Note: Lates t 5 months o f HFR data are es ti mated by H FR a nd may change in the future. Source:HFR Hedge fund performance was generally negative across all strategies in the first quarter. Over the quarter, Global Macro was the only strategy to generate marginal positive return of 0.1%. Conversely, Event- Driven and Emerging Markets were the worst performers, falling 15.3% and 13.9% respectively. HFRI Fund-Weighted Composite Index and the HFRI Fund of Funds Composite Index produced returns of -9.4% and -7.3% respectively. Page 73 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Private Equity Market Overview –Q4 2019 Slide 1 of 2 Fundraising: In 2019, $787.2 billion was raised by 1,725 funds, which was a decrease of 3.4% on a capital basis and a decrease of 19.2% by number of funds from the prior year. Dry powder stood at $2.2 trillion at the end of the year, an increase of 5.4% and 39.7% compared to year-end 2018 and the five year average, respectively.1 Buyout: Global private equity-backed buyout deals totaled $405.7 billion in 2019, which was down 19.9% and 5.6% from 2018 and the five year average, respectively.1 At the end of 2019, the average purchase price multiple for all U.S. LBOs was 11.5x EBITDA, up from year-end 2018’s average of 10.6x and up from the five-year average (10.6x).2 Large cap purchase price multiples stood at 11.4x, up compared to the full-year 2018 level of 10.6x.2 The weighted average purchase price multiple across all European transaction sizes averaged 11.1x EBITDA for year-end 2019, down slightly 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 11.2x in 2019. Globally, exit value totaled $336.5 billion on 1,804 deals during the year, significantly lower than the $412.0 billion in exits from 2,369 deals during 2018. Venture: During the year, 5,906 venture-backed transactions totaling $108.0 billion were completed, which was a decrease on a capital and number of deals basis over the prior year’s total of $118.4 billion across 6,452 deals. This was 34.7% higher than the five-year average of $80.2 billion.3 Total U.S. venture-backed exit activity totaled approximately $256.4 billion across 882 completed transactions in 2019, up notably from $130.2 billion across 1,015 exits in 2018.4 Mezzanine: 25 funds closed on $6.1 billion during the year. This was a significant decrease from the prior year’s total of $27.3 billion raised by 56 funds and represented a decrease of 71.5% from the five-year average of $21.1 billion. Estimated dry powder was $44.6 billion at the end of 2019, down by $18.5 billion from the prior year. Source: Preqin LTM Global Private Equity-Backed Buyout Deal Volume 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 $6 00 3Q 11 2Q 12 1Q 13 4Q 13 3Q 14 2Q 15 1Q 16 4Q 16 3Q 17 2Q 18 1Q 19 4Q 19 # of DealsValue ($ Billions)De al Value ($ Billions) Nu mber of De al s 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. Page 74 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Private Equity Market Overview –Q4 2019 Slide 2 of 2 Distressed Debt: The LTM U.S. high-yield default rate was 3.3% as of December 2018, which was up from December 2018’s LTM rate of 2.4%.5 This was the highest level seen since 2016. During the year, $52.6 billion was raised by 66 funds, higher than the $41.8 billion raised by 72 funds during 2018.1 Dry powder was estimated at $117.2 billion at the end of 2019, which was down 1.0% from year-end 2018. This remained above the five-year annual average level of $101.8 billion.1 Secondaries:30 funds raised $23.2 billion during the year, down slightly from the $23.6 billion raised by 49 funds in 2018 and down significantly from the $43.1 billion raised by 61 funds in 2017.1 The average discount rate for all private equity sectors finished the year at 8.1%, lower than the 8.9% discount at the end of 2018.6 Infrastructure: $104.5 billion of capital was raised by 107 funds in 2019 compared to $91.8 billion of capital raised by 99 partnerships in 2018. At the end of the year, dry powder stood at $212.1 billion, up from last year’s record of $177.9 billion. Infrastructure managers completed 2,608 deals for an aggregate deal value of $469.1 billion in 2019 compared to 2,749 deals totaling $406.1 billion in 2018.1 Natural Resources: During 2019, 27 funds closed on $12.1 billion compared to 51 funds totaling $22.2 billion in 2018. Energy and utilities industry managers completed 156 deals totaling $17.0 billion in 2019, compared to $34.4 billion across 155 deals in 2018.1 Source: S&P 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. U.S. LBO Purchase Price Multiples –All Transactions Sizes 8.5 x 8.8 x 8.7x 8.8x 9.8x 10.3x 10.0x 10.6x 10.6x 11.5x 0.0 x 2.0 x 4.0 x 6.0 x 8.0 x 10 .0 x 12 .0 x Seni or Deb t/EBITDA Sub Debt/EBI TDA Equi ty/EBITDA Others Page 75 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. U.S. Commercial Real Estate Markets U.S.Core Real Estate returned 0.97%*over the first quarter,equating to a 4.9%total gross return year-over-year,including a 4.2%income return.The industrial sector was once again the best performing sector,while retail continues perform poorly relative to other major property types.E-commerce continues to be the primary force driving the bifurcation of performance between the industrial and retail sectors. Global property markets,as measured by the FTSE EPRA/NAREIT Developed Real Estate Index,returned -28.3%(USD)in aggregate during the first quarter.REIT market performance was driven by Asia Pacific (-29.1%USD),North America (-29.2%USD)and Europe (-35.0%USD).The U.S.REIT markets (FTSE NAREIT Equity REITs Index)declined -27.3%in the first quarter.The U.S.10-year treasury bond yield decreased 122bps to 0.70%. The coronavirus fueled market volatility and decline in the stock and bond markets has created a situation of uncertainty for private real estate pricing. Public markets are searching for the right pricing level in light of the global pandemic,and how it will affect the regional and global economies.New information and the current assessments change literally daily and often in a material amount.Considering this situation,we are recommending that investments with pre-specified assets be postponed.Private market transactions based on appraisal valuations lag the most current information,and they do not fully reflect the current market conditions.. We are proactively evolving our strategy to seek such investments.In the post-coronavirus world,supply chains may move back to North America which will require corresponding real estate infrastructure.Demand for last mile logistics,already a key investment theme,will accelerate.Live and work preference changes will create opportunities.Interest rates are likely to remain lower for even longer,making real estate a very compelling alternative to fixed income investments. Blind pool funds offer a potential to have capital available when the new opportunity set presents itself.Those strategies need careful review in light of the changing market dynamics.Strategies that worked previously in a growth-oriented market may not be appropriate for what may be more opportunistic style investing.Regions,countries and property types all need to be reevaluated. *Indicates preliminary NFI-ODCE data gross of fees 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10 .0% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 Office Industrial Retail Apartmen t 1.0%4.9%6.8%8.5%11.5% -27.3% -21.3% -3.1%-0.3% 7.4% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% Q1 2020 1-Year 3-Year s 5-Year s 10-Years PRIVATE VS. PUBL IC REAL ES TATE RET URNS AS OF 03/31/2020 Pr ivate (NF I-ODCE Gr oss)*Public (NAREIT Gr oss) *First q uarter r eturns a re p relimi nary Sour ces : NCREIF, FactSet Page 76 Appendix Page 77 Fee Schedule Market Value As of 03/31/2020 $000 % of Portfolio Estimated Annual Fee $000 Estimated Annual Fee (%) Total Pension 252,993 100.00 1,237 0.49 Total Domestic Equity 79,286 31.34 210 0.27 BlackRock Russell 1000 Index Fund Non-Lending 0.04 % of Assets 57,339 22.66 20 0.04 Kennedy Mid Cap Value 0.75 % of First $25 M 0.70 % of Next $25 M 0.60 % Thereafter 10,754 4.25 81 0.75 TimesSquare Small Cap Growth 0.98 % of Assets 11,193 4.42 110 0.98 Total International Equity 42,050 16.62 388 0.92 Morgan Stanley International Equity 0.91 % of Assets 28,406 11.23 258 0.91 Morgan Stanley Emerging Markets Fund 0.95 % of Assets 13,644 5.39 130 0.95 Total Fixed Income 96,025 37.96 335 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 38,456 15.20 129 0.34 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 35,946 14.21 108 0.30 Brandywine Global Opportunistic Fixed Income 0.45 % of First $50 M 0.40 % of Next $50 M 0.35 % Thereafter 21,624 8.55 97 0.45 Real Estate 32,639 12.90 281 0.86 UBS Trumbull Property Fund 0.96 % of First $10 M 0.83 % of Next $15 M 0.81 % of Next $25 M 0.79 % of Next $50 M 0.67 % of Next $150 M 0.60 % of Next $150 M 0.56 % of Next $200 M 0.52 % Thereafter 32,639 12.90 281 0.86 Cash Account 0.20 % of Assets 1,784 0.71 4 0.20 Total Pension Fee Schedule As of March 31, 2020 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 U.S.D-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 U.S.D investment grade 144A securities. Bloomberg Barclays Global Treasury Ex-U.S. -The Barclays Global Treasury ex U.S. Index is a subset of the flagship Global Treasury Index that does not have any exposure to U.S. 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 M 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 M 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 M 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 M 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 M 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 M 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 U.S. Large Cap Index -an index comprised of nearly 640 U.S. large cap companies and includes securities traded on NYSE, NYSE Market, 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 U.S. 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 U.S. 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 U.S. 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 U.S. 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 equal-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 M 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 U.S. Dollar and have a minimum of $50 M 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-U.S. 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 M 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@aon.com for more index information. Page 85 This Page Left Blank Intentionally Page 86 Disclaimers and Notes Page 87 Notes: §The rates of return contained in this report are shown on an after-fees basis unless otherwise noted. They are geometric and time weighted. §Universe percentiles are based upon an ordering system in which 1 is the best ranking and 100 is the worst ranking. §Due to rounding throughout the report,percentage totals displayed may not sum up to 100.0%.Additionally,individual fund totals in dollar terms may not sum up to the plan totals. §All information presented in this report should be considered preliminary.Finalized data will be available on next Quarterly Investment Report after the close of the quarter. Notes Page 88 Past performance is not necessarily indicative of future results. Unless otherwise noted,performance returns presented reflect the respective fund’s performance as indicated.Returns may be presented on a before-fees basis (gross)or after- fees basis (net).After-fee performance is net of each respective sub-advisors’investment management fees and include the reinvestment of dividends and interest as indicated on the notes page within this report or on the asset allocation and performance summary pages.Actual returns may be reduced by Aon Investments’investment advisory fees or other trust payable expenses you may incur as a client.Aon Investments’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.Aon Investments has not conducted additional audits and cannot warrant its accuracy or completeness.We urge you to carefully review all custodial statements and notify Aon Investments 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 Aon Investments cannot warrant its accuracy or timeliness.Thomson Reuters Lipper Global Data Feed provides comprehensive coverage of mutual fund information directly to Investment Metrics,Aon Investments’performance reporting vendor,via the PARis performance reporting platform.Thomson Reuters Lipper is the data provider chosen by Investment Metrics,and as such,Aon Investments 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 Investments USA Inc. (“Aon Investments”) is a federally registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”). Aon Investments 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. 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