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HomeMy Public PortalAbout2020 2nd 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 | Second Quarter 2020 Quarterly Investment Review Executive Summary Page 1 Total Plan Page 6 Total Domestic Equity Page 18 Total International Equity Page 31 Total Fixed Income Page 43 Real Estate Page 57 Market Environment Page 61 Appendix Page 75 Disclaimers and Notes Page 85 Table Of Contents Executive Summary Page 1 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. Thought Leadership Hub Find Additional Research at https://retirement-investment-insights.aon.com/ Thought Leadership Highlights –Public Retirement Plans Governance OCIO Graduates from Education Phase Link Governance Why OCIO in Turbulent Times?On Request Governance Why Outsourcing Investments Pays in Times of Crisis Link Legal & Compliance Q3 Legal Consulting and Compliance Update Link Market View Credit Market Turmoil –A focus on investment grade Link Market View How Worried Should We be About Dividend Cuts?On Request Market View Is Higher Inflation on its Way?Link Market View Oil Flows into the Void On Request Market View Weak US Dollar Outlook Once Virus Worries Subside Link Market View Will Value Ever Make a Comeback?On Request Plan Design Retirement Readiness During Times of Instability Link Strategy Review Broadening the Credit Lens to Take Advantage of Attractive Opportunities Link Strategy Review 7/15 Webinar: Investment Market Update Q3 2020: Examining Opportunities to Take Advantage of Dislocation Link to Replay Strategy Review An Emerging Equity Opportunity: China A-Shares On Request Strategy Review Strategy Information Summary for Opportunistic Credit On Request Strategy Review When Opportunity Knocks Again Link Talent Management Guide on Furloughs and Workforce Reductions On Request Talent Management HR Communication Tips for Uncertain Times Link Page 2 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights 10.7% 4.3% 2.1%2.9%4.3% 9.2%8.5% 4.8% -7.7% 14.0% 10.5% 5.7% 3.3%3.8% 7.7%7.8%6.7% -5.8% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 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 06/30/2020 Five-Year Ten-Year Sour ce:Ru ssell, MSCI, Bloomberg Barclay s, B loomberg 20.5% 25.4% 14.9%18.1% 2.9%0.3% 11.1%10.2% 5.1%7.5% -6.6%-5.1%-3.4% 8.7% 25.1% 13.2% 0.0% -17.4%-20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets 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 06/30/2020 Second 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 3 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights Second Quarter YT D 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All C ountry World IM I 19.83%-7.06%1.17%5.55%6.11%9.10% MSCI All C ountry World 19.22%-6.25%2.11%6.14%6.46%9.16% Dow Jones U.S . Total Sto ck Market 22.09%-3.50%6.41%9.97%9.97%13.68% Rus sell 3000 22.03%-3.48%6.53%10.04%10.03%13.72% S&P 500 20.54%-3.08%7.51%10.73%10.73%13.99% Rus sell 2000 25.42%-12.98%-6.63%2.01%4.29%10.50% MSCI All C ountry World ex-U.S . IMI 16.96%-11.24%-4.74%0.96%2.30%5.11% MSCI All C ountry World ex-U.S .16.12%-11.00%-4.80%1.13%2.26%4.97% MSCI EAFE 14.88%-11.34%-5.13%0.81%2.05%5.73% MSCI EAFE (Local C urrenc y)12.60%-10.53%-4.24%1.26%2.63%6.86% MSCI Emerging Markets 18.08%-9.78%-3.39%1.90%2.86%3.27% Fixed Income Bloomberg Barcla ys Global Aggregate 3.32%2.98%4.22%3.79%3.56%2.81% Bloomberg Barcla ys U.S. Aggregate 2.90%6.14%8.74%5.32%4.30%3.82% Bloomberg Barcla ys U.S. Long Go v't 0.28%20.97%25.14%11.96%9.21%7.71% Bloomberg Barcla ys U.S. Long Credit 11.08%5.92%13.19%8.70%8.51%7.77% Bloomberg Barcla ys U.S. Long Go v't/Credit 6.23%12.82%18.91%10.32%8.98%7.84% Bloomberg Barcla ys U.S. TIP S 4.24%6.01%8.28%5.05%3.75%3.52% Bloomberg Barcla ys U.S. Hi gh Yield 10.18%-3.80%0.03%3.33%4.79%6.68% Bloomberg Barcla ys Global Treasury ex U.S.2.39%0.82%0.87%2.82%3.23%1.85% JP Morgan E MBI Global (E merging Markets)11.21%-1.87%1.52%3.31%5.12%5.82% Commodities Bloomberg Commodity Index 5.08%-19.40%-17.38%-6.14%-7.69%-5.82% Gold man Sachs Commodity Index 10.47%-36.31%-33.90%-8.71%-12.54%-8.53% Hedge Funds HF RI Fund-Weighted Composite2 9.08%-3.43%-0.54%2.13%2.33%3.72% HF RI Fund of F unds2 7.48%-1.97%0.09%2.12%1.41%2.75% Real Estate NARE IT U.S. E quity RE ITS 11.82%-18.71%-13.04%0.03%4.06%9.05% NC REIF NFI - OD CE -1.55%2.23%5.66%7.31%10.80% FTSE Global Core Infrastructure Index 8.89%-10.59%-4.61%5.49%7.01%9.75% Private Equity Burgiss Private iQ Global Priva te Equity3 15.31%14.78%12.30%13.19% MSCI Indices show net total returns throug ho ut this report. A ll other i nd ices show g ross total returns. 1 Periods are annuali zed. 2 Latest 5 months of HFR data are estimated by HFR and may cha ng e in the future. 3 Burgiss Private iQ Global Priva te Equity data is as at D ec 31, 2 019 Returns of the Major Capital Markets Period Ending 06/30/2020 Page 4 (This Page Left Blank Intentionally) Page 5 Total Plan Page 6 Change in Market Value From April 1, 2020 to June 30, 2020 Summary of Cash Flow $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 Millions ($)Beginning Market Value Net Additions / Withdrawals Investment Earnings Ending Market Value $253.0 $2.2 $32.1 $287.3 1 Quarter Year To Date 1 Year Total Pension Beginning Market Value 252,993,428 295,877,142 284,475,840 + Additions / Withdrawals 2,212,602 -2,573,029 -6,064,756 + Investment Earnings 32,131,924 -5,966,159 8,926,871 = Ending Market Value 287,337,954 287,337,954 287,337,954 Total Pension Total Plan Asset Summary As of June 30, 2020 Page 7 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 15 Years Total Pension Policy Benchmark 0.0 8.0 16.0 24.0 -8.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 1/1/93 11.4 -1.6 4.0 5.3 5.1 6.9 12.7 -2.0 3.2 4.8 4.5 6.5 7.1 Total Pension Benchmark 0.96 1.00 1.04 1.08 1.12 6/05 12/06 6/08 12/09 6/11 12/12 6/14 12/15 6/17 12/18 6/20 0.99 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 Total Plan Performance Summary As of June 30, 2020Total Pension Page 8 Allocation Market Value ($) %Policy(%) Performance(%) 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Pension 287,337,954 100.0 100.0 12.7 (47)-2.0 (40)3.2 (51)4.8 (72)4.5 (83)6.5 (86)7.1 (69)01/01/1993 Policy Benchmark 11.4 (71)-1.6 (31)4.0 (36)5.3 (54)5.1 (69)6.9 (78) All Public Plans < $1B-Total Fund Median 12.5 -2.6 3.3 5.4 5.6 7.7 7.3 Total Domestic Equity 100,260,226 34.9 23.3 (23)-4.1 (31)4.7 (34)9.4 (34)8.8 (43)10.6 (39)09/01/2013 Russell 3000 Index 22.0 (42)-3.5 (28)6.5 (24)10.0 (22)10.0 (23)11.6 (19) All Public Plans-US Equity Segment Median 21.8 -5.0 4.0 8.5 8.7 10.3 Total Large-Cap Equity 70,649,920 24.6 25.0 21.8 (50)-2.6 (31)7.7 (25)10.6 (26)9.7 (24)13.1 (26)9.0 (35)06/01/2003 Russell 1000 Index 21.8 (50)-2.8 (31)7.5 (26)10.6 (26)10.5 (20)14.0 (18)9.5 (27) IM U.S. Equity (SA+CF) Median 21.8 -9.5 -2.5 4.4 5.4 10.6 8.4 BlackRock Russell 1000 Index Fund Non-Lending 70,649,920 24.6 21.8 (50)-2.6 (31)7.7 (25)10.7 (26)10.6 (27)03/01/2017 Russell 1000 Index 21.8 (50)-2.8 (31)7.5 (26)10.6 (26)10.5 (28) IM U.S. Equity (SA+CF) Median 21.8 -9.5 -2.5 4.4 4.7 Total Small-Cap Equity 29,610,305 10.3 10.0 27.2 (26)-7.8 (46)-2.3 (50)6.3 (44)6.2 (45)12.1 (38)10.3 (16)06/01/2003 Russell 2000 Index 25.4 (33)-13.0 (61)-6.6 (60)2.0 (61)4.3 (57)10.5 (51)8.6 (45) IM U.S. Equity (SA+CF) Median 21.8 -9.5 -2.5 4.4 5.4 10.6 8.4 Kennedy Mid Cap Value 14,490,318 5.0 19.5 (67)-16.4 (71)-8.4 (65)1.1 (65)3.6 (61)10.2 (55)8.0 (38)02/01/2008 Russell Midcap Value Index 19.9 (64)-18.1 (78)-11.8 (76)-0.5 (72)3.3 (65)10.3 (54)6.9 (56) IM U.S. Equity (SA+CF) Median 21.8 -9.5 -2.5 4.4 5.4 10.6 7.2 TimesSquare Small Cap Growth 15,119,987 5.3 35.2 (8)1.2 (23)3.2 (41)11.4 (27)8.6 (42)13.7 (40)10.2 (20)02/01/2002 Russell 2000 Growth Index 30.6 (15)-3.1 (34)3.5 (40)7.9 (45)6.9 (52)12.9 (46)8.1 (65) IM U.S. Equity (SA+CF) Median 22.2 -8.3 -0.7 6.2 7.1 12.5 8.7 Total International Equity 52,105,885 18.1 18.0 18.9 (31)-8.0 (18)-1.8 (34)1.0 (73)2.2 (76)3.3 (87)09/01/2013 MSCI AC World ex USA Index (Net)16.1 (71)-11.0 (58)-4.8 (64)1.1 (70)2.3 (68)3.4 (87) All Public Plans-Intl. Equity Segment Median 17.6 -10.3 -3.5 1.6 2.7 4.0 Morgan Stanley International Equity 34,682,659 12.1 18.3 (53)-5.8 (26)-0.5 (35)1.6 (40)2.4 (49)6.1 (38)4.1 (66)04/01/2005 MSCI EAFE Index (Net)14.9 (82)-11.3 (57)-5.1 (58)0.8 (50)2.1 (54)5.7 (47)3.9 (70) IM International Equity (MF) Median 18.7 -10.6 -3.9 0.8 2.3 5.5 4.9 Morgan Stanley Emerging Markets Fund 17,423,226 6.1 19.9 (54)-12.1 (62)-4.4 (54)-0.7 (71)1.4 (68)2.8 (52)5.8 (54)04/01/2005 MSCI Emerging Markets Index (Net)18.1 (75)-9.8 (44)-3.4 (45)1.9 (39)2.9 (44)3.3 (40)6.5 (39) IM Emerging Markets Equity (MF) Median 20.4 -10.2 -4.0 0.8 2.4 2.9 5.9 Asset Allocation & Performance As of June 30, 2020 Page 9 Asset Allocation & Performance As of June 30, 2020 Allocation Market Value ($) %Policy(%) Performance(%) 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Fixed Income 100,554,875 35.0 35.0 6.5 (16)3.3 (76)5.8 (72)4.3 (81)4.0 (73)3.8 (77)4.5 (64)07/01/2003 Blmbg. Barc. Intermed. U.S. Government/Credit 2.8 (88)5.3 (44)7.1 (61)4.4 (79)3.5 (93)3.1 (92)3.7 (96) All Public Plans-US Fixed Income Segment Median 4.9 5.1 7.6 5.0 4.4 4.4 4.8 Income Research 39,071,251 13.6 3.8 (42)5.8 (11)7.4 (13)4.6 (10)3.5 (18)3.4 (16)4.7 (10)07/01/2001 Blmbg. Barc. Intermed. U.S. Government/Credit 2.8 (74)5.3 (22)7.1 (17)4.4 (16)3.5 (18)3.1 (30)4.3 (29) IM U.S. Intermediate Duration (SA+CF) Median 3.6 4.6 6.2 3.9 3.0 2.8 4.0 Prudential Core Plus Bond 37,661,239 13.1 7.2 (24)4.3 (61)7.6 (47)5.8 (6)5.4 (4)5.0 (4)06/01/2015 Blmbg. Barc. U.S. Aggregate 2.9 (99)6.1 (19)8.7 (20)5.3 (20)4.3 (40)4.0 (40) IM U.S. Broad Market Core+ Fixed Income (SA+CF) Median 5.9 4.8 7.5 4.9 4.2 3.8 Brandywine Global Opportunistic Fixed Income 23,822,385 8.3 10.0 (22)-2.3 (56)0.0 (54)1.3 (74)2.7 (69)4.2 (38)4.8 (31)01/01/2005 FTSE World Government Bond Index 2.0 (93)4.1 (9)4.6 (22)4.0 (20)3.7 (35)2.4 (84)2.9 (88) IM Global Fixed Income (SA+CF) Median 7.9 -1.5 1.3 2.5 3.3 3.5 4.3 Hedge Fund 1,195,982 0.4 0.0 Entrust Capital Diversified Fund 1,195,982 0.4 Real Estate 31,512,553 11.0 12.0 -2.6 -2.4 -1.9 1.3 3.5 7.2 4.7 06/01/2006 NCREIF Property Index -1.0 -0.3 2.7 5.4 6.8 9.7 7.2 UBS Trumbull Property Fund 31,512,553 11.0 -2.6 -2.4 -1.9 1.2 3.5 7.2 4.7 06/01/2006 NCREIF Property Index -1.0 -0.3 2.7 5.4 6.8 9.7 7.2 Cash Account 1,708,435 0.6 0.0 0.2 0.5 1.5 1.8 1.2 0.6 1.4 07/01/2003 ICE BofAML 3 Month U.S. T-Bill 0.0 0.6 1.6 1.8 1.2 0.6 1.4 **The EnTrust Capital Diversified Fund market value is as of 6/30/2020 and is currently in the process of liquidation. Page 10 Performance(%) 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Total Pension 16.2 (82)-4.3 (38)12.3 (78)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 (80)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 (51)20.1 (47)9.6 (93)1.9 (6)10.1 (80)---- Russell 3000 Index 31.0 (25)-5.2 (27)21.1 (26)12.7 (46)0.5 (35)12.6 (23)---- Total Large-Cap Equity 31.4 (22)-4.8 (27)20.4 (37)7.9 (68)3.9 (12)10.9 (29)32.0 (64)14.0 (54)2.4 (21)12.4 (82) Russell 1000 Index 31.4 (22)-4.8 (26)21.7 (30)12.1 (48)0.9 (26)13.2 (13)33.1 (56)16.4 (29)1.5 (27)16.1 (59) BlackRock Russell 1000 Index Fund Non-Lending 31.4 (22)-4.8 (26)-------- Russell 1000 Index 31.4 (22)-4.8 (26)-------- Total Small-Cap Equity 28.7 (38)-9.5 (56)19.6 (40)15.6 (34)-4.8 (70)7.2 (55)40.3 (19)13.3 (60)0.8 (32)26.8 (20) Russell 2000 Index 25.5 (58)-11.0 (64)14.6 (65)21.3 (16)-4.4 (67)4.9 (71)38.8 (25)16.3 (29)-4.2 (69)26.9 (20) Kennedy Mid Cap Value 28.6 (39)-14.5 (82)18.0 (48)22.9 (14)-9.9 (92)15.8 (4)33.3 (55)13.6 (57)-0.8 (45)27.0 (19) Russell Midcap Value Index 27.1 (49)-12.3 (70)13.3 (71)20.0 (19)-4.8 (70)14.7 (6)33.5 (53)18.5 (16)-1.4 (49)24.8 (29) TimesSquare Small Cap Growth 28.2 (46)-4.2 (27)21.1 (36)8.4 (63)1.0 (31)-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 (34)-5.5 (100)---- MSCI AC World ex USA Index (Net)21.5 (82)-14.2 (53)27.2 (67)4.5 (33)-5.7 (84)-3.9 (69)---- 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 June 30, 2020 Page 11 Asset Allocation & Performance As of June 30, 2020 Performance(%) 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Total Fixed Income 9.1 (48)-1.0 (71)6.3 (14)4.2 (55)-2.1 (91)2.4 (97)-1.7 (50)10.9 (14)3.8 (100)8.7 (49) Blmbg. Barc. Intermed. U.S. Government/Credit 6.8 (83)0.9 (9)2.1 (89)2.1 (87)1.1 (9)3.1 (95)-0.9 (35)3.9 (99)5.8 (89)5.9 (98) Income Research 6.7 (21)0.8 (15)2.0 (41)2.3 (31)0.9 (27)3.3 (38)-0.9 (37)5.9 (22)5.6 (34)6.2 (30) Blmbg. Barc. Intermed. U.S. Government/Credit 6.8 (20)0.9 (15)2.1 (35)2.1 (37)1.1 (15)3.1 (42)-0.9 (35)3.9 (64)5.8 (23)5.9 (45) Prudential Core Plus Bond 11.3 (10)-0.4 (21)6.6 (8)5.8 (20)------ Blmbg. Barc. U.S. Aggregate 8.7 (67)0.0 (10)3.5 (74)2.6 (79)------ Brandywine Global Opportunistic Fixed Income 9.3 (44)-5.2 (86)12.8 (3)5.2 (50)-8.4 (90)6.3 (11)-3.5 (71)14.1 (27)8.0 (8)13.9 (15) FTSE World Government Bond Index 5.9 (86)-0.8 (20)7.5 (36)1.6 (86)-3.6 (53)-0.5 (80)-4.0 (75)1.6 (92)6.4 (20)5.2 (81) 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 12 Total Fund Performance 0.00%6.00%12.00%18.00% Total Fund Total Fund Benchmark Total Value Added 12.66% 11.53% 1.12% Total Value Added:1.12% 0.00%2.00%4.00%-2.00 % Other Manager Value Added Asset Allocation 0.04% 1.80% -0.72 % Total Asset Allocation:-0.72 % Average Active Weight 0.00%2.00%4.00%-2.00 % Cash Account Real Estate Hedge Fund Total Fixed Income Total International Equity Total Small-Cap Equity Total Large-Cap Equity Weight (%)0.66% 0.19% 0.45% 1.35% -0.99 % -0.61 % -1.04 % Asset Allocation Value Added -0.27 %-0.18 %-0.09 %0.00% -0.08 % -0.05 % -0.06 % -0.18 % -0.04 % -0.12 % -0.18 % Total Manager Value Added:1.80% Manager Value Added 0.00%1.00%2.00%3.00%-1.00 % 0.00% -0.21 % 0.00% 1.41% 0.46% 0.15% 0.00% Total Pension Total Fund Attribution 1 Quarter Ending June 30, 2020 Page 13 Total Fund Performance 0.00%3.00%6.00%-3.00 % Total Fund Total Fund Benchmark Total Value Added 3.23% 3.78% -0.55 % Total Value Added:-0.55 % 0.00%0.30%-0.30 %-0.60 %-0.90 % Other Manager Value Added Asset Allocation 0.03% -0.12 % -0.46 % Total Asset Allocation:-0.46 % 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 (%)0.66% -0.43 % 0.44% 0.14% -0.28 % -0.14 % -0.39 % Asset Allocation Value Added -0.18 %-0.12 %-0.06 %0.00% -0.02 % -0.11 % -0.05 % -0.07 % -0.02 % -0.11 % -0.09 % Total Manager Value Added:-0.12 % Manager Value Added 0.00%0.71%1.42%-0.71 %-1.42 % 0.00% -0.54 % 0.00% -0.63 % 0.55% 0.45% 0.04% Total Pension Total Fund Attribution 1 Year Ending June 30, 2020 Page 14 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Total Pension 12.7 (47)-2.0 (40)3.2 (51)4.8 (72)4.5 (83)6.5 (86)16.2 (82)-4.3 (38)12.3 (78)¢ Policy Benchmark 11.4 (71)-1.6 (31)4.0 (36)5.3 (54)5.1 (69)6.9 (78)17.4 (69)-4.5 (43)12.2 (80)˜ 5th Percentile 16.5 2.5 6.8 7.3 6.9 9.2 22.0 -1.7 18.3 1st Quartile 13.9 -1.3 4.6 6.2 6.0 8.4 20.2 -3.8 16.1 Median 12.5 -2.6 3.3 5.4 5.6 7.7 18.8 -4.8 14.6 3rd Quartile 10.9 -3.8 1.8 4.7 4.9 7.0 16.7 -5.6 12.6 95th Percentile 3.7 -5.7 -0.8 3.1 3.0 4.4 10.3 -7.2 5.8 Population 398 394 387 361 346 295 427 356 420 Plan Sponsor Peer Group Analysis As of June 30, 2020 All Public Plans < $1B-Total Fund Parentheses contain percentile rankings. Page 15 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Total Pension Policy Benchmark FTSE 3 Month T-Bill -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 Risk (Standard Deviation %) Total Pension Policy Benchmark 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 12/97 3/00 6/02 9/04 12/06 3/09 6/11 9/13 12/15 3/18 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Pension -0.47 1.01 -0.47 0.99 0.44 -0.67 1.04 4.55 8.21 0.99 Policy Benchmark 0.00 0.00 N/A 1.00 0.52 0.00 1.00 5.07 7.86 1.00 FTSE 3 Month T-Bill -4.12 7.87 -0.52 0.00 N/A 1.16 0.00 1.15 0.25 -0.03 Total Pension Risk Profile As of June 30, 2020Total Pension Page 16 Market Value ($) Current Allocation (%) Target Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Differences (%) Total Pension 287,337,954 100.0 100.0 N/A N/A 0.0 Total Large-Cap Equity 70,649,920 24.6 25.0 20.0 30.0 -0.4 Total Small-Cap Equity 29,610,305 10.3 10.0 5.0 15.0 0.3 Total International Equity 52,105,885 18.1 18.0 13.0 23.0 0.1 Total Fixed Income 100,554,875 35.0 35.0 30.0 40.0 0.0 Hedge Fund 1,195,982 0.4 0.0 0.0 0.0 0.4 Real Estate 31,512,553 11.0 12.0 7.0 17.0 -1.0 Cash Account 1,708,435 0.6 0.0 0.0 0.0 0.6 Target Allocation Actual Allocation Allocation Differences 0.0%10.0%20.0%30.0%40.0%50.0%-10.0 %-20.0 % Cash Account $1,708.4K Real Estate $31,512.6K Hedge Fund $1,196.0K Total Fixed Income $100,554.9K Total International Equity $52,105.9K Total Small-Cap Equity $29,610.3K Total Large-Cap Equity $70,649.9K 0.0% 12.0% 0.0% 35.0% 18.0% 10.0% 25.0% 0.6% 11.0% 0.4% 35.0% 18.1% 10.3% 24.6% 0.6% -1.0 % 0.4% 0.0% 0.1% 0.3% -0.4 % Total Pension Asset Allocation Compliance As of June 30, 2020 Page 17 Total Domestic Equity Page 18 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 45.0 -15.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years Inception 9/1/13 22.0 -3.5 6.5 10.0 10.0 11.6 23.3 -4.1 4.7 9.4 8.8 10.6 June 30, 2020 : $100M TimesSquare Small Cap Growth:15.1% Kennedy Mid Cap Value:14.5% BlackRock Russell 1000 Index Fund Non-Lending:70.5% Total Domestic Equity Benchmark 0.92 0.96 1.00 1.04 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 0.94 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 Total Domestic Equity Portfolio Overview As of June 30, 2020Total Domestic Equity Page 19 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 2019 2018 2017 Total Domestic Equity 23.3 (23)-4.1 (31)4.7 (34)9.4 (34)8.8 (43)30.6 (30)-6.1 (51)20.1 (47)¢ Russell 3000 Index 22.0 (42)-3.5 (28)6.5 (24)10.0 (22)10.0 (23)31.0 (25)-5.2 (27)21.1 (26)˜ 5th Percentile 25.7 -1.6 8.7 11.0 10.8 31.9 -4.0 23.7 1st Quartile 23.1 -3.2 6.2 9.8 9.9 31.0 -5.2 21.1 Median 21.8 -5.0 4.0 8.5 8.7 29.7 -6.1 20.0 3rd Quartile 20.5 -6.6 1.5 7.3 7.8 27.6 -7.0 18.4 95th Percentile 17.1 -11.7 -3.9 4.0 5.2 24.2 -9.3 16.4 Population 67 67 64 59 57 65 66 88 Plan Sponsor Peer Group Analysis As of June 30, 2020 All Public Plans-US Equity Segment Parentheses contain percentile rankings. Page 20 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 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Total Domestic Equity Russell 3000 Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Domestic Equity -0.43 1.36 -0.32 1.00 0.49 -0.88 1.04 9.42 18.44 1.00 Russell 3000 Index 0.00 0.00 N/A 1.00 0.53 0.00 1.00 10.04 17.69 1.00 FTSE 3 Month T-Bill -9.45 17.72 -0.53 0.02 N/A 1.74 0.00 1.72 0.17 -0.15 Total Domestic Equity Risk Profile As of June 30, 2020Total Domestic Equity Page 21 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 30.0 45.0 -15.0Return 1 Quarter Year To Date 1 Year Inception 3/1/17 21.8 -2.8 7.5 10.5 21.8 -2.6 7.7 10.6 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 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 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 2/20 6/20 1.00 BlackRock Russell 1000 Index Fund Non-Lending Performance Summary As of June 30, 2020BlackRock Russell 1000 Index Fund Non-Lending Page 22 -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 2019 BlackRock Russell 1000 Index Fund Non-Lending 21.8 (50)-2.6 (31)7.7 (25)31.4 (22)¢ Russell 1000 Index 21.8 (50)-2.8 (31)7.5 (26)31.4 (22)˜ 5th Percentile 39.3 14.6 22.6 38.0 1st Quartile 27.3 0.1 7.5 30.8 Median 21.8 -9.5 -2.5 26.8 3rd Quartile 17.7 -17.5 -11.7 22.3 95th Percentile 12.1 -25.7 -20.7 13.3 Population 1,619 1,613 1,589 1,728 BlackRock Russell 1000 Index Fund Non-Lending Peer Group Analysis As of June 30, 2020 IM U.S. Equity (SA+CF) Parentheses contain percentile rankings. Page 23 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 -40.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 2/1/08 19.9 -18.1 -11.8 -0.5 3.3 10.3 6.9 19.5 -16.4 -8.4 1.1 3.6 10.2 8.0 Account Name:Kennedy Mid Cap Value Inception Date:01/02/2008 Account Structure:Commingled Fund Asset Class:US Equity Benchmark:Russell Midcap Value Index Peer Group:IM U.S. Equity (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 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 4/19 6/20 1.14 Kennedy Mid Cap Value Performance Summary As of June 30, 2020Kennedy Mid Cap Value Page 24 -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 10 Years 2019 2018 2017 Kennedy Mid Cap Value 19.5 (67)-16.4 (71)-8.4 (65)1.1 (65)3.6 (61)10.2 (55)28.6 (39)-14.5 (82)18.0 (48)¢ Russell Midcap Value Index 19.9 (64)-18.1 (78)-11.8 (76)-0.5 (72)3.3 (65)10.3 (54)27.1 (49)-12.3 (70)13.3 (71)˜ 5th Percentile 39.3 14.6 22.6 20.2 15.1 16.4 38.0 1.9 31.3 1st Quartile 27.3 0.1 7.5 10.8 9.4 13.1 30.8 -4.6 22.8 Median 21.8 -9.5 -2.5 4.4 5.4 10.6 26.8 -8.6 17.5 3rd Quartile 17.7 -17.5 -11.7 -1.3 2.0 8.6 22.3 -13.4 12.5 95th Percentile 12.1 -25.7 -20.7 -6.7 -2.0 5.8 13.3 -19.6 4.7 Population 1,619 1,613 1,589 1,504 1,424 1,166 1,728 1,828 1,899 Kennedy Mid Cap Value Peer Group Analysis As of June 30, 2020 IM U.S. Equity (SA+CF) Parentheses contain percentile rankings. Page 25 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 0.0 0.8 1.6 2.4 3.2 4.0 4.8 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Kennedy Mid Cap Value Russell Midcap Value Index 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Kennedy Mid Cap Value 0.20 3.55 0.06 0.96 0.23 0.37 0.97 3.61 17.73 0.98 Russell Midcap Value Index 0.00 0.00 N/A 1.00 0.21 0.00 1.00 3.32 17.98 1.00 FTSE 3 Month T-Bill -3.80 18.00 -0.21 0.01 N/A 1.16 0.00 1.15 0.25 -0.08 Kennedy Mid Cap Value Risk Profile As of June 30, 2020Kennedy Mid Cap Value Page 26 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 60.0 -20.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 2/1/02 30.6 -3.1 3.5 7.9 6.9 12.9 8.1 35.2 1.2 3.2 11.4 8.6 13.7 10.2 Account Name:TimesSquare Small Cap Growth Inception Date:02/01/2002 Account Structure:Commingled Fund Asset Class:US Equity Benchmark:Russell 2000 Growth Index Peer Group:IM U.S. Equity (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% 12.0% -4.0 % -8.0 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 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 6/20 1.42 TimesSquare Small Cap Growth Performance Summary As of June 30, 2020TimesSquare Small Cap Growth Page 27 -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 10 Years 2019 2018 2017 TimesSquare Small Cap Growth 35.2 (8)1.2 (23)3.2 (41)11.4 (27)8.6 (42)13.7 (40)28.2 (54)-4.2 (30)21.1 (42)¢ Russell 2000 Growth Index 30.6 (15)-3.1 (34)3.5 (40)7.9 (45)6.9 (52)12.9 (46)28.5 (51)-9.3 (63)22.2 (35)˜ 5th Percentile 38.9 14.8 23.9 21.5 16.3 17.8 39.2 3.2 32.8 1st Quartile 27.4 0.1 8.6 12.0 10.9 14.7 32.4 -3.4 24.2 Median 22.2 -8.3 -0.7 6.2 7.1 12.5 28.6 -7.1 19.2 3rd Quartile 18.3 -16.4 -9.9 0.6 3.8 10.4 24.4 -11.7 14.5 95th Percentile 12.5 -24.7 -19.3 -5.1 -0.3 7.9 14.9 -17.8 6.4 Population 2,020 2,019 2,013 1,975 1,893 1,621 2,232 2,460 2,560 TimesSquare Small Cap Growth Peer Group Analysis As of June 30, 2020 IM U.S. Equity (SA+CF) Parentheses contain percentile rankings. Page 28 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics TimesSquare Small Cap Growth Russell 2000 Growth Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 Return (%)0.0 5.0 10.0 15.0 20.0 25.0 30.0 Risk (Standard Deviation %) TimesSquare Small Cap Growth Russell 2000 Growth Index 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation TimesSquare Small Cap Growth 1.60 4.58 0.35 0.95 0.45 1.91 0.97 8.61 20.39 0.98 Russell 2000 Growth Index 0.00 0.00 N/A 1.00 0.37 0.00 1.00 6.86 20.55 1.00 FTSE 3 Month T-Bill -7.64 20.57 -0.37 0.00 N/A 1.16 0.00 1.15 0.25 -0.06 TimesSquare Small Cap Growth Risk Profile As of June 30, 2020TimesSquare Small Cap Growth Page 29 (This Page Left Blank Intentionally) Page 30 Total International Equity Page 31 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 30.0 45.0 -15.0 -30.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years Inception 9/1/13 16.1 -11.0 -4.8 1.1 2.3 3.4 18.9 -8.0 -1.8 1.0 2.2 3.3 June 30, 2020 : $52M Morgan Stanley Emerging Markets Fund:33.4% Morgan Stanley International Equity:66.6% Total International Equity Benchmark 0.96 1.00 1.04 1.08 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 1.00 Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 Total International Equity Portfolio Overview As of June 30, 2020Total International Equity Page 32 -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 18.9 (31)-8.0 (18)-1.8 (34)1.0 (73)2.2 (76)20.2 (88)-14.6 (60)28.0 (52)¢ MSCI AC World ex USA Index (Net)16.1 (71)-11.0 (58)-4.8 (64)1.1 (70)2.3 (68)21.5 (82)-14.2 (53)27.2 (67)˜ 5th Percentile 23.9 -0.8 7.1 6.6 5.7 30.0 -11.1 32.7 1st Quartile 19.2 -8.7 -0.6 3.1 3.9 25.2 -13.5 29.4 Median 17.6 -10.3 -3.5 1.6 2.7 23.1 -14.1 28.2 3rd Quartile 15.9 -12.1 -5.5 0.9 2.2 21.8 -15.0 26.1 95th Percentile 13.0 -14.4 -8.6 -0.5 1.3 19.7 -16.9 23.5 Population 70 68 64 62 60 65 68 83 Plan Sponsor Peer Group Analysis As of June 30, 2020 All Public Plans-Intl. Equity Segment Parentheses contain percentile rankings. Page 33 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 0.6 0.9 1.2 1.5 1.8 2.1 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 4.0 8.0 12.0 16.0 20.0 24.0 9/17 3/18 9/18 3/19 9/19 3/20 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total International Equity -0.21 3.07 -0.07 0.96 0.03 -0.13 0.97 0.96 15.71 0.98 MSCI AC World ex USA Index (Net)0.00 0.00 N/A 1.00 0.04 0.00 1.00 1.13 15.94 1.00 FTSE 3 Month T-Bill -0.69 15.97 -0.04 0.03 N/A 1.73 0.00 1.72 0.17 -0.18 Total International Equity Risk Profile As of June 30, 2020Total International Equity Page 34 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 30.0 45.0 -15.0 -30.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 14.9 -11.3 -5.1 0.8 2.1 5.7 3.9 18.3 -5.8 -0.5 1.6 2.4 6.1 4.1 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% 4.0% 8.0% -4.0 % -8.0 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 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 6/20 1.03 Morgan Stanley International Equity Performance Summary As of June 30, 2020Morgan Stanley International Equity Page 35 -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 18.3 (53)-5.8 (26)-0.5 (35)1.6 (40)2.4 (49)6.1 (38)20.4 (61)-13.8 (31)25.2 (73)¢ MSCI EAFE Index (Net)14.9 (82)-11.3 (57)-5.1 (58)0.8 (50)2.1 (54)5.7 (47)22.0 (48)-13.8 (31)25.0 (74)˜ 5th Percentile 30.6 4.4 14.3 8.8 8.3 10.2 33.0 -7.6 47.1 1st Quartile 22.1 -5.6 2.1 3.6 4.3 6.9 26.2 -12.9 35.6 Median 18.7 -10.6 -3.9 0.8 2.3 5.5 21.8 -15.7 28.6 3rd Quartile 15.9 -15.0 -9.5 -2.0 0.5 3.4 18.0 -18.5 24.9 95th Percentile 11.5 -23.0 -20.8 -6.3 -3.1 0.1 8.3 -23.5 16.7 Population 801 801 801 801 801 430 832 881 903 Morgan Stanley International Equity Peer Group Analysis As of June 30, 2020 IM International Equity (MF) Parentheses contain percentile rankings. Page 36 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Morgan Stanley International Equity MSCI EAFE Index (Net) FTSE 3 Month T-Bill 0.4 0.8 1.2 1.6 2.0 2.4 2.8 3.2 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 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley International Equity 0.21 4.32 0.05 0.91 0.15 0.47 0.92 2.35 13.88 0.95 MSCI EAFE Index (Net)0.00 0.00 N/A 1.00 0.13 0.00 1.00 2.05 14.42 1.00 FTSE 3 Month T-Bill -1.93 14.43 -0.13 0.00 N/A 1.15 0.00 1.15 0.25 -0.07 Morgan Stanley International Equity Risk Profile As of June 30, 2020Morgan Stanley International Equity Page 37 Asset Allocation As of 05/31/2020 0.0%50.0%100.0%150.0% Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 0.8% 1.4% 97.8% Fund Characteristics As of 05/31/2020 Total Securities 64 Avg. Market Cap $85,787.35 Million P/E 23.51 P/B 4.51 Div. Yield 3.11% Annual EPS 2.00 5Yr EPS 8.36 3Yr EPS Growth 9.12 Top Ten Securities As of 05/31/2020 Reckitt Benckiser Group PLC ORD 4.75 % Henkel AG & Co KGaA PFD 3.77 % Sanofi SA ORD 3.49 % SAP SE ORD 3.32 % British American Tobacco PLC ORD 3.27 % Relx PLC ORD 3.22 % Fresenius SE & Co KGaA ORD 3.20 % Novartis AG ORD 3.13 % GlaxoSmithKline PLC ORD 3.12 % Constellation Software Inc ORD 2.97 % Sector/Quality Allocation As of 05/31/2020 0.0%15.0%30.0%45.0% Consumer Staples Health Care Information Technology Financials Industrials Materials Consumer Discretionary Energy 31.6% 19.6% 13.2% 12.3% 9.1% 6.3% 4.4% 1.3% Morgan Stanley International Equity Mutual Fund Attributes As of June 30, 2020 Page 38 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 45.0 -15.0 -30.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 18.1 -9.8 -3.4 1.9 2.9 3.3 6.5 19.9 -12.1 -4.4 -0.7 1.4 2.8 5.8 Account Name:Morgan Stanley Emerging Markets Fund Inception Date:04/01/2005 Account Structure:Mutual Fund Asset Class:International Equity Benchmark:MSCI Emerging Markets Index (Net) Peer Group:IM Emerging Markets Equity (MF) Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 Morgan Stanley Emerging Markets Fund Benchmark 0.70 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 6/20 0.90 Morgan Stanley Emerging Markets Fund Performance Summary As of June 30, 2020Morgan Stanley Emerging Markets Fund Page 39 -55.0 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 80.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Morgan Stanley Emerging Markets Fund 19.9 (54)-12.1 (62)-4.4 (54)-0.7 (71)1.4 (68)2.8 (52)19.5 (50)-17.3 (62)35.0 (51)¢ MSCI Emerging Markets Index (Net)18.1 (75)-9.8 (44)-3.4 (45)1.9 (39)2.9 (44)3.3 (40)18.4 (58)-14.6 (34)37.3 (38)˜ 5th Percentile 33.0 2.6 13.0 8.3 8.0 6.8 31.2 -8.6 46.6 1st Quartile 24.6 -5.9 0.7 3.6 4.2 4.3 24.5 -13.5 39.6 Median 20.4 -10.2 -4.0 0.8 2.4 2.9 19.4 -16.0 35.0 3rd Quartile 18.0 -14.5 -9.1 -1.3 0.8 1.9 15.2 -18.7 28.4 95th Percentile 13.7 -22.4 -21.3 -6.9 -4.0 -2.1 6.1 -23.1 19.7 Population 208 208 208 208 208 88 220 233 240 Morgan Stanley Emerging Markets Fund Peer Group Analysis As of June 30, 2020 IM Emerging Markets Equity (MF) Parentheses contain percentile rankings. Page 40 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Morgan Stanley Emerging Markets Fund MSCI Emerging Markets Index (Net) FTSE 3 Month T-Bill 0.0 0.6 1.2 1.8 2.4 3.0 3.6 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 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley Emerging Markets Fund -1.50 4.29 -0.35 0.94 0.10 -1.26 0.95 1.37 17.44 0.97 MSCI Emerging Markets Index (Net)0.00 0.00 N/A 1.00 0.18 0.00 1.00 2.86 17.86 1.00 FTSE 3 Month T-Bill -3.26 17.88 -0.18 0.01 N/A 1.16 0.00 1.15 0.25 -0.07 Morgan Stanley Emerging Markets Fund Risk Profile As of June 30, 2020Morgan Stanley Emerging Markets Fund Page 41 Asset Allocation As of 05/31/2020 0.0%50.0%100.0%150.0% Convertibles Other Fixed Income Cash Equities 0.0% 0.0% 0.4% 0.9% 98.7% Fund Characteristics As of 05/31/2020 Total Securities 110 Avg. Market Cap $132,713.90 Million P/E 26.19 P/B 5.07 Div. Yield 2.48% Annual EPS 8.31 5Yr EPS 15.20 3Yr EPS Growth 17.22 Top Ten Securities As of 05/31/2020 Tencent Holdings Ltd ORD 6.94 % Taiwan Semiconductor Manufacturing 6.24 % Alibaba Group Holding Ltd DR 5.54 % Samsung Electronics Co Ltd ORD 4.56 % Kweichow Moutai Co Ltd ORD 2.14 % China Construction Bank Corp ORD 1.94 % Bank Central Asia Tbk PT ORD 1.68 % Reliance Industries Ltd ORD 1.67 % China Mengniu Dairy Co Ltd ORD 1.59 % Alibaba Group Holding Ltd ORD 1.58 % Sector/Quality Allocation As of 05/31/2020 0.0%15.0%30.0%45.0% Information Technology Consumer Discretionary Financials Consumer Staples Industrials Health Care Energy Telecommunication Services Materials Utilities 26.6% 19.1% 18.2% 11.8% 6.4% 5.6% 4.0% 3.2% 2.8% 0.6% Morgan Stanley Emerging Markets Fund Mutual Fund Attributes As of June 30, 2020 Page 42 Total Fixed Income Page 43 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Current Allocation Total Fixed Income Blmbg. Barc. Intermed. U.S. Government/Credit 0.0 3.0 6.0 9.0 12.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 7/1/03 2.8 5.3 7.1 4.4 3.5 3.1 3.7 6.5 3.3 5.8 4.3 4.0 3.8 4.5 June 30, 2020 : $101M Income Research:38.9% Brandywine Global Opportunistic Fixed Income:23.7% Prudential Core Plus Bond:37.5% Total Fixed Income Benchmark 0.96 1.00 1.04 1.08 1.12 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 1.03 Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % -12.0 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 Total Fixed Income Portfolio Overview As of June 30, 2020Total Fixed Income Page 44 -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 6.5 (16)3.3 (76)5.8 (72)4.3 (81)4.0 (73)3.8 (77)9.1 (48)-1.0 (71)6.3 (14)¢ Blmbg. Barc. Intermed. U.S. Government/Credit 2.8 (88)5.3 (44)7.1 (61)4.4 (79)3.5 (93)3.1 (92)6.8 (83)0.9 (9)2.1 (89)˜ 5th Percentile 7.2 9.1 11.0 6.4 5.5 6.6 11.7 1.4 7.3 1st Quartile 6.0 6.1 8.6 5.4 4.8 5.0 10.1 0.2 5.5 Median 4.9 5.1 7.6 5.0 4.4 4.4 9.0 -0.5 4.3 3rd Quartile 3.6 3.3 5.7 4.5 3.9 3.9 7.8 -1.1 3.1 95th Percentile 0.3 0.3 2.4 3.5 2.9 2.7 5.9 -3.7 2.0 Population 72 72 69 64 63 45 68 72 84 Plan Sponsor Peer Group Analysis As of June 30, 2020 All Public Plans-US Fixed Income Segment Parentheses contain percentile rankings. Page 45 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Total Fixed Income Blmbg. Barc. Intermed. U.S. Government/Credit FTSE 3 Month T-Bill 0.0 0.9 1.8 2.7 3.6 4.5 5.4 Return (%)0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 6.4 Risk (Standard Deviation %) Total Fixed Income Blmbg. Barc. Intermed. U.S. Government/Credit 0.0 2.0 4.0 6.0 8.0 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Fixed Income 0.59 2.96 0.20 0.54 0.69 -0.59 1.34 4.01 4.19 0.73 Blmbg. Barc. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 1.02 0.00 1.00 3.46 2.29 1.00 FTSE 3 Month T-Bill -2.29 2.25 -1.02 0.04 N/A 1.08 0.02 1.15 0.25 0.20 Total Fixed Income Risk Profile As of June 30, 2020Total Fixed Income Page 46 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 2.8 5.3 7.1 4.4 3.5 3.1 4.33.8 5.8 7.4 4.6 3.5 3.4 4.7 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% 0.7% 1.4% 2.1% -0.7 % -1.4 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 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 12/18 6/20 1.09 Income Research Performance Summary As of June 30, 2020Income Research Page 47 -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 3.8 (42)5.8 (11)7.4 (13)4.6 (10)3.5 (18)3.4 (16)6.7 (21)0.8 (15)2.0 (41)¢ Blmbg. Barc. Intermed. U.S. Government/Credit 2.8 (74)5.3 (22)7.1 (17)4.4 (16)3.5 (18)3.1 (30)6.8 (20)0.9 (15)2.1 (35)˜ 5th Percentile 5.3 6.2 8.5 4.8 4.0 3.9 8.2 1.2 4.1 1st Quartile 4.5 5.2 6.8 4.2 3.3 3.2 6.6 0.7 2.4 Median 3.6 4.6 6.2 3.9 3.0 2.8 6.2 0.3 1.9 3rd Quartile 2.8 3.8 5.6 3.5 2.7 2.6 5.5 0.1 1.6 95th Percentile 1.8 1.6 2.6 2.3 1.8 1.7 4.1 -1.0 1.0 Population 102 100 98 91 90 75 101 106 110 Income Research Peer Group Analysis As of June 30, 2020 IM U.S. Intermediate Duration (SA+CF) Parentheses contain percentile rankings. Page 48 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Income Research Blmbg. Barc. Intermed. U.S. Government/Credit FTSE 3 Month T-Bill 0.0 0.8 1.6 2.4 3.2 4.0 4.8 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 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Income Research 0.03 0.46 0.06 0.96 1.02 0.07 0.99 3.49 2.30 0.98 Blmbg. Barc. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 1.02 0.00 1.00 3.46 2.29 1.00 FTSE 3 Month T-Bill -2.29 2.25 -1.02 0.04 N/A 1.08 0.02 1.15 0.25 0.20 Income Research Risk Profile As of June 30, 2020Income Research Page 49 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Prudential Core Plus Bond Blmbg. Barc. U.S. Aggregate 0.0 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 6/1/15 2.9 6.1 8.7 5.3 4.0 7.2 4.3 7.6 5.8 5.0 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% 5.0% 10.0% -5.0 % -10.0 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 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 11/19 6/20 1.05 Prudential Core Plus Bond Performance Summary As of June 30, 2020Prudential Core Plus Bond Page 50 -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 2019 2018 2017 Prudential Core Plus Bond 7.2 (24)4.3 (61)7.6 (47)5.8 (6)11.3 (10)-0.4 (21)6.6 (8)¢ Blmbg. Barc. U.S. Aggregate 2.9 (99)6.1 (19)8.7 (20)5.3 (20)8.7 (67)0.0 (10)3.5 (74)˜ 5th Percentile 10.0 7.3 9.6 5.9 13.0 0.7 7.2 1st Quartile 7.2 5.7 8.4 5.3 10.2 -0.5 4.8 Median 5.9 4.8 7.5 4.9 9.2 -1.1 4.2 3rd Quartile 5.0 3.1 5.5 4.0 8.5 -1.8 3.5 95th Percentile 3.2 -2.8 -0.6 0.8 6.4 -3.9 2.6 Population 108 108 107 105 117 117 128 Prudential Core Plus Bond Peer Group Analysis As of June 30, 2020 IM U.S. Broad Market Core+ Fixed Income (SA+CF) Parentheses contain percentile rankings. Page 51 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 1.5 3.0 4.5 6.0 7.5 Return (%)0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 Risk (Standard Deviation %) Prudential Core Plus Bond Blmbg. Barc. U.S. Aggregate 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Prudential Core Plus Bond 0.57 3.71 0.15 0.56 0.75 -0.78 1.26 5.82 5.48 0.75 Blmbg. Barc. U.S. Aggregate 0.00 0.00 N/A 1.00 1.09 0.00 1.00 5.32 3.27 1.00 FTSE 3 Month T-Bill -3.54 3.24 -1.09 0.04 N/A 1.67 0.01 1.72 0.17 0.20 Prudential Core Plus Bond Risk Profile As of June 30, 2020Prudential Core Plus Bond Page 52 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 6.0 12.0 18.0 -6.0 -12.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 1/1/05 2.0 4.1 4.6 4.0 3.7 2.4 2.9 10.0 -2.3 0.0 1.3 2.7 4.2 4.8 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% 10.0% 20.0% -10.0 % -20.0 % -30.0 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 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 6/20 1.33 Brandywine Global Opportunistic Fixed Income Performance Summary As of June 30, 2020Brandywine Global Opportunistic Fixed Income Page 53 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Brandywine Global Opportunistic Fixed Income 10.0 (22)-2.3 (56)0.0 (54)1.3 (74)2.7 (69)4.2 (38)9.3 (44)-5.2 (86)12.8 (3)¢ FTSE World Government Bond Index 2.0 (93)4.1 (9)4.6 (22)4.0 (20)3.7 (35)2.4 (84)5.9 (86)-0.8 (20)7.5 (36)˜ 5th Percentile 14.4 6.0 8.6 5.6 5.1 6.0 14.6 1.1 11.4 1st Quartile 9.8 2.5 4.2 3.8 4.0 4.8 12.5 -1.4 8.6 Median 7.9 -1.5 1.3 2.5 3.3 3.5 8.5 -2.7 6.9 3rd Quartile 5.5 -4.7 -1.9 1.2 2.3 2.6 7.4 -4.3 5.0 95th Percentile 1.6 -8.3 -7.8 -1.9 0.0 1.4 3.4 -7.5 2.0 Population 148 148 146 142 136 82 157 172 183 Brandywine Global Opportunistic Fixed Income Peer Group Analysis As of June 30, 2020 IM Global Fixed Income (SA+CF) Parentheses contain percentile rankings. Page 54 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Brandywine Global Opportunistic Fixed Income FTSE World Government Bond Index FTSE 3 Month T-Bill 0.0 0.8 1.6 2.4 3.2 4.0 4.8 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 9/10 9/11 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Brandywine Global Opportunistic Fixed Income -0.71 6.85 -0.10 0.40 0.22 -0.98 1.07 2.71 8.83 0.63 FTSE World Government Bond Index 0.00 0.00 N/A 1.00 0.50 0.00 1.00 3.70 5.21 1.00 FTSE 3 Month T-Bill -2.63 5.21 -0.50 0.00 N/A 1.15 0.00 1.15 0.25 0.03 Brandywine Global Opportunistic Fixed Income Risk Profile As of June 30, 2020Brandywine Global Opportunistic Fixed Income Page 55 (This Page Left Blank Intentionally) Page 56 Real Estate Page 57 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information UBS Trumbull Property Fund NCREIF Property Index 0.0 6.0 12.0 18.0 -6.0 -12.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 6/1/06 -1.0 -0.3 2.7 5.4 6.8 9.7 7.2 -2.6 -2.4 -1.9 1.2 3.5 7.2 4.7 Account Name:UBS Trumbull Property Fund Inception Date:06/01/2006 Account Structure:Commingled Fund Asset Class:US Private Real Estate Benchmark:NCREIF Property Index Peer Group: Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% -3.0 % -6.0 % -9.0 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 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 6/20 0.72 UBS Trumbull Property Fund Performance Summary As of June 30, 2020UBS Trumbull Property Fund Page 58 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 Return (%)0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 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 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation UBS Trumbull Property Fund -3.12 2.43 -1.28 0.48 0.68 -5.67 1.41 3.49 3.25 0.69 NCREIF Property Index 0.00 0.00 N/A 1.00 3.10 0.00 1.00 6.77 1.61 1.00 FTSE 3 Month T-Bill -5.47 1.77 -3.10 0.06 N/A 1.60 -0.07 1.15 0.43 -0.25 UBS Trumbull Property Fund Risk Profile As of June 30, 2020UBS Trumbull Property Fund Page 59 (This Page Left Blank Intentionally) Page 60 Market Environment Page 61 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Global Equity Markets 19.8%17.0% 22.1% 8.8%11.8% 23.0% 15.0%18.4% 22.3% 18.9% 1.2% -4.7% 6.1% -17.2% 2.8% -7.1% -2.1%-2.8% -11.8% -4.0% -20% -10% 0% 10% 20% 30% ACWI IMI 43.1% ACWI ex-U.S. IMI 56.9% US A IMI 4.1% UK IMI 7.4% Japa n IMI 2.8% Ca na da IMI 0.2% Israel IMI 13.2% Europe ex-UK IMI 3.4% Pacific ex-Ja pa n IMI 12.0% Emergi ng Ma rkets IMI GLOBAL MSCI IMI INDEX RETURNS (US D) AS OF 06/30/2020 Seco nd Quar ter 2020 On e-Year Source: MSCI Global equities rebounded sharply over the second quarter, recovering the bulk of losses sustained during the previous quarter ’s selloff. Investors appear to be willing to overlook economic data suggesting the worst recession in generations. Data on infections indicated that the “first wave” of the pandemic may have passed in many developed economies and a relatively quick re-opening of economies has boosted investor optimism. This coupled with expanding fiscal and monetary stimulus measures from governments has provided further support for markets. In local currency terms, the MSCI AC World Investable Market Index rose by 18.8% in Q2 2020. Depreciation of the U.S. dollar further pushed up the returns to 19.8% in USD terms. Canadian equities were the best performers with a return of 23.0% over the quarter, supported by strong returns from the Information Te chnology and Materials sectors. UK equities were the worst performer returning 8.8% over the quarter. The UK suffered the fastest monthly contraction on record as GDP plunged by 20.4% in April, the first full month of the UK’s coronavirus lockdown. Meanwhile, the UK formally rejected the option to extend its post-Brexit transition period beyond the end of 2020 but did announce plans for “intensified” trade negotiations over July in a bid to break the deadlock. Page 62 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Global Equity Markets 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 63 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. U.S. Equity Markets 22.0% 31.2% 16.9% 30.9% 9.3% 33.2% 27.0% 18.3%16.1% 3.8%6.5% 36.2% 12.8%10.2% 2.8% -37.1% -2.9% -8.7%-8.4% -2.8% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% Russell 3000 27.2% Te ch nology 14.4% Healthcare 15.6% Cons . Di sc 5.5% Cons. Staples 2.7% Energy 3.2% Mater ia ls & Processi ng 8.8% Produ ce r Durables 17.8% Fi nanc ial Serv ices 4.7% Utilities RUS SELL SECTOR RET URNS AS OF 06/30/2020 Second Quar ter 2020 One-Year Source: Rus sell Indexes 22.0% 11.7% 27.2% 19.9% 30.3% 18.9% 30.6% 6.5% -7.3% 26.4% -11.8% 11.9% -17.5% 3.5% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% Russe ll 3000 30.9% Large Value 39.6% Large Gr owth 15.4% Medium Value 8.4% Medium Gr owth 2.8% Small Value 2.9% Small Gr owth RUS SELL STYL E RETURNS AS OF 06/30/2020 Second Quar ter 2020 One-Year Source: Rus sell Indexes U.S. equity markets achieved significant gains over the quarter, boosted by rebounding economic data. The U.S. unemployment rate fell from April’s all-time high of 14.7% to 11.1% in June, defying analysts who have been expecting the unemployment rate to peak at close to 20%. The technology and consumer discretionary sectors provided the bulk of the gains, benefiting from increased demand for technology and e-commerce services amidst social distancing measures. The Russell 3000 Index rose 22.0% during the second quarter and 6.5% over the one-year period. The CBOE Volatility Index (VIX), Wall Street’s “fear gauge”, steadily declined over the quarter from the record highs seen in Q1. It fell from 53.5 to 30.4 over the quarter, having averaged 23.8 over the previous 12 months. All sectors generated positive returns over the quarter. In particular, the energy sector achieved a 33.2% return on the back of rebounding oil prices, but the sector is still 37.1% down over the past 12 months. Large cap stocks underperformed both medium and small cap stocks over the quarter, whilst Value stocks continued to underperform their Growth counterparts in Q2 2020. Page 64 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. U.S. Fixed Income Markets 2.9% 0.5% 9.0% 0.7% 3.5%4.0% 8.7% 10.3% 9.5% 5.7% 4.7% 6.8% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Bar cl ay s Agg. Bon d 40.5% Govt 28.7% Corp. 28.1% MBS 0.4% ABS 2.3% CMBS BL OOM BERG BARCLAYS AGGREG ATE RETURNS BY SECTOR AS OF 06/30/2020 Second Quarter 2020 On e-YearSource: Fac tSet 0.9%1.8% 3.7% 5.7%6.2% 4.0% 6.5% 8.6% 10.9% 18.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 1-3 Y r.3-5 Y r.5-7 Y r.7-10 Yr.>10 Yr. BL OOM BERG BARCLAYS AGGREG ATE RETURNS BY MATURI TY A S OF 06/30/2020 Second Quar ter 2020 One-YearSource: FactSet 0.7% 4.5% 7.0% 11.2% 10.2% 8.5%8.8% 10.3% 8.2% 0.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Aaa Aa A Baa High Yield BL OOM BERG BARCLAYS AGGREG ATE RETURNS BY QUALITY AND HI GH YIELD RET URNS AS OF 06/30/2020 Seco nd Quar ter 2020 One-YearSource: Fac tSet The Bloomberg Barclays U.S. Aggregate Bond Index rose by 2.9%. The increase in investors’ risk appetite were evident in the corporate bonds space as corporate bonds rose by 9.0%. Corporate bonds were also boosted by the Fed’s decision to start buying individual corporate bonds on the secondary market for the first time in history through its $750 billion corporate lending facility. High yield bonds rose by 10.2%. Within investment grade bonds, Baa bonds outperformed with a return of 11.2%. Page 65 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. U.S. Fixed Income Markets -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% Jun 10 Jun 12 Ju n 14 Jun 16 Jun 18 Jun 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 6/30/2019 3/31/2020 6/30/2020 Sour ce:U.S. Department of Treasur y The U.S. nominal yield curve ended the quarter broadly unchanged. The Federal Reserve forecasted that the U.S. economy will contract by 6.5% this year before rebounding by 5.0% in 2021, as Fed officials signaled that interest rates will likely remain near zero until the end of 2022. The 10-year US treasury yield ended the quarter 4bps lower at 0.66% whilst the 30-year yield increased by 6bps to 1.41%. The 10-year TIPS yield fell by 51bps over the quarter to -0.68%, whilst the 10-year breakeven inflation increased from 0.87% to 1.34%. Breakeven inflation rebounded as markets appeared to be anticipating some longer-term inflationary effects from recent monetary and fiscal stimulus measures. Meanwhile, rising oil prices and the relaxation of lockdown measures also raised near-term inflationary expectations. Page 66 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. European Fixed Income Markets 0% 2% 4% 6% 8% 10% 12% 14% 16% 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 narrowed across the Euro Area. The European Commission proposed a €750 billion recovery fund to be funded partly by issuing mutualized EU debt. The move towards fiscal burden sharing stabilised the spread between peripheral and core Eurozone government bonds, reducing a source of friction within the Eurozone. Meanwhile, the European Central Bank (ECB) increased the size of its asset purchases under the Pandemic Emergency Purchase Program by an additional €600 billion to €1.35 trillion and extended the program until June 2021. German government bund yields rose by 1bp to -0.48% over the quarter. The Eurozone recorded a quarter-on-quarter growth rate of -3.8%, the worst economic contraction since the Eurozone was formed. France, which was amongst the first European countries to be locked down, recorded a quarter-on-quarter contraction of 5.8% in Q1, its worst GDP figure since 1945, whilst the German economy contracted by 2.2%. Greek and Portuguese government bond yields fell by 41bps and 39bps to 1.20% and 0.47% respectively. Page 67 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Credit Spreads Spre ad (bps)06/30/2020 03/31/2020 06/30/2019 Qua rterly Cha nge (bps)One -Year Change (bps) U.S. Aggregate 68 95 46 -27 22 Long Gov't 1 4 1 -3 0 Long Credit 202 279 161 -77 41 Long Gov't /Credit 120 151 92 -31 28 MBS 70 60 46 10 24 CMBS 132 188 69 -56 63 ABS 68 213 41 -145 27 Corporate 150 272 115 -122 35 High Yield 626 880 377 -254 249 Global Emerging Mark et s 393 619 282 -226 111 So urce: F actSet, B lo omberg Barclays Credit assets rebounded strongly, benefiting from a broad risk asset recovery due to improving investor sentiment and reduced coronavirus fears. Credit spreads reversed much of last quarter’s spike, boosted by huge fiscal and monetary stimulus measures. Credit spreads over U.S. Treasuries narrowed over the quarter (except MBS). Riskier areas of credit, such as US high yield bonds and emerging market debt also performed well. Boosted by the Federal Reserve’s decision to expand its quantitative easing programmes to include some non-investment grade credit, High Yield credit spreads narrowed significantly in Q2 2020, decreasing by 254bps. Page 68 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Currency 80 90 100 110 120 130 140 Ju n 14 Ju n 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 U.S. DOLLAR REL ATIVE TO EUR, GBP AND JP Y REBAS ED TO 100 AT 06/30/2014 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 Ju n 14 Ju n 15 Ju n 16 Ju n 17 Ju n 18 Ju n 19 Ju n 20 TRADE WEI GHTED U.S. DOLLAR INDEX (1973 = 100) Source:Federal R es er ve The U.S. dollar generally weakened against major currencies over the quarter as it fell 1.6% on a trade-weighted basis. The safe haven fund flows which supported the dollar over the first quarter was partially reversed in Q2 on the back of easing coronavirus concerns. U.S. dollar depreciated against euro and yen but marginally appreciated against sterling. Sterling fell by 2.2% on a trade-weighted basis over the quarter. The increasing prospects of negative rates in the UK made holding sterling assets less attractive, whilst a weak economic outlook and ongoing Brexit uncertainty also weighed on sterling. Sterling depreciated by 0.4% against the U.S. dollar. The U.S. dollar depreciated by 2.3% and 0.1% against the euro and yen respectively. Page 69 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Commodities 5.1% 4.1% 9.8% 12.3% 15.0% -4.8% 0.6% -6.3% -8.6% -17.4% -5.0% -45.7% -6.4% 24.2% -13.8% -12.9% -15.8% -33.7% -50.0%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0% Bloomberg Commodity Index Ex-Energy Ener gy Industrial Metals Pr ec. Metals Agric. Softs Gr ains Livestock COM MODITY R ETURNS AS OF 06/30/2020 Seco nd Quar ter 2020 On e-Year Source:Bl oomb er g Note: Softs and Grains are part of the wi der Agr iculture sector Commodities rose over the quarter which saw the Bloomberg Commodity Index return 5.1%. The Energy sector rose by 9.8% over the quarter. Oil had an especially turbulent quarter as U.S oil futures prices fell into negative territory for the first time ever when the price of West Texas Intermediate (WTI) futures expiring in May closed at -$37.63 on April 20th. Investors faced storage facility shortages and a decreasing demand, leaving them with no choice but to pay in order to not receive physical barrels. To combat the growing imbalance between supply and demand OPEC+, led by Saudi Arabia and Russia, implemented record setting production cuts in May. An increase in global travel along with the supply cuts created major tailwinds for oil later in the quarter. The price of Brent crude oil recovered and sharply rose by 81.0% to $41/bbl. and WTI crude oil spot prices rose by 91.7% to $39/bbl. On a one-year basis, the Energy sector is down by 46%. Livestock was the worst performing sector, falling by 8.6% in Q2 2020. Page 70 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Hedge Fund Markets Overview 5.7% 0.8% 13.3% 12.7% 9.7% 7.2% 6.4% 9.1% 7.5% 2.7% 0.6% 0.8% -1.7% -4.9% -7.0% -2.4% -0.5% 0.1% -10.0%-5.0%0.0%5.0%10.0%15.0% Fixe d Income/Converti ble Arb. Gl obal Macro Equity Hedge Emergi ng Markets Event-Driv en Dist ress ed -Restruc turing Relativ e Value Fund-Weighted Compos ite Index Fund of Funds Co mposite Index HEDGE FUND PERFORMANCE AS OF 06/30/2020 Seco nd Quar ter 2020 On e-Year Note: Latest 5 months o f HFR data are es ti mated by H FR a nd may c hange in the future. Sour ce:HFR Hedge fund performance was positive across all strategies in the second quarter. The HFRI Fund-Weighted Composite Index and the HFRI Fund of Funds Composite Index produced returns of 9.1% and 7.5% respectively. Equities-oriented strategies performed well amidst a broad risk assets rally. Equity Hedge and Emerging Markets strategies were the best performers over the quarter, returning 13.3% and 12.7% respectively. Page 71 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Private Equity Market Overview –Q1 2020 Slide 1 of 2 Sources: 1 Preqin 2 Standard & Poor’s 3 PwC/CB Insights MoneyTree Report 4 PitchBook/NVCA Venture Monitor 5 Fitch Ratings 6 Thomson Reuters 7 UBS Notes: FY=Fiscal year ended 12/31; YTD=Year to date; LTM=Last 12 months (aka trailing 12 months); PPM=Purchase Price Multiples: Total Purchase Price ÷ EBITDA. Fundraising: In 1Q 2020, $190.7 billion was raised by 373 funds, which was a decrease of 29.8% on a capital basis and 32.2% by number of funds over the prior quarter. Dry powder stood at nearly $2.2 trillion at the end of the quarter, a modest increase compared to the previous quarter.1 Buyout: Global private equity-backed buyout deals totaled $95.0 billion in 1Q 2020, which was down 0.5% on a capital basis and up 7.5% by number of deals from 4Q 2019.1 Through the end of 1Q 2020, the average purchase price multiple for all U.S. LBOs was 11.2x EBITDA, a decrease of 0.3x over year-end 2019 but higher than the five-year average (10.6x).2 Large cap purchase price multiples stood at 10.9x, down compared to the full-year 2019 level of 11.4x.2 The weighted average purchase price multiple across all European transaction sizes averaged 12.2x EBITDA for 1Q 2020, up significantly from the 10.9x multiple seen at the end of 4Q 2019. Purchase prices for transactions of greater than €1.0 billion increased to 12.1x at the end of 1Q 2020, a jump from the 11.2x seen at year-end 2019. Globally, exit value totaled $76.0 billion from 496 deals during the first quarter, down from the $84.2 billion in exits from 458 deals during 4Q 2019.1 Venture: During the first quarter, 1,271 venture-backed transactions totaling $26.4 billion were completed in the U.S., which was an increase on a capital basis over the prior quarter’s total of $23.3 billion across 1,399 deals. This was 17.5% higher than the five-year quarterly average of $22.5 billion.3 Total U.S. venture-backed exit activity totaled approximately $19.3 billion across 183 completed transactions in 1Q 2020, down on a capital basis from the $24.2 billion across 215 exits in 4Q 2019. 1Q 2020’s U.S. exit activity represented only 7.3% of 2019’s total.4 Mezzanine: Six funds closed on $2.3 billion during the first quarter. This was down from the prior quarter’s total of $3.2 billion raised by eight funds and represented 47.4% of the five-year quarterly average of $4.9 billion. Estimated dry powder was $48.5 billion at the end of 1Q 2020, up from the $44.6 billion seen at the end of 2019.1 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 $6 00 4Q 11 3Q 12 2Q 13 1Q 14 4Q 14 3Q 15 2Q 16 1Q 17 4Q 17 3Q 18 2Q 19 1Q 20 # of DealsValue ($ Billions)De al Value ($ Billions) Nu mber of De al s Page 72 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Private Equity Market Overview –Q1 2020 Slide 2 of 2 Distressed Debt: The LTM U.S. high-yield default rate was 2.9% as of March 2020, and was expected to increase substantially during the following quarter.5 During the quarter, $4.5 billion was raised by nine funds, lower than both the $22.3 billion raised by 24 funds in 4Q 2019 and the five-year quarterly average of $11.4 billion.1 Dry powder was estimated at $117.0 billion at the end of 1Q 2020, which was down slightly from the $117.2 billion seen at the end of 4Q 2019. This remained above the five-year annual average level of $109.4 billion.1 Secondaries:12 funds raised $20.8 billion during the quarter, up significantly from the $5.1 billion raised by 10 funds in 4Q 2019. This was the largest amount raised since 1Q 2017 when 14 funds raised $20.1 billion.1 At the end of 1Q 2020, there were an estimated 79 secondary and direct secondary funds in market targeting roughly $73.6 billion.1 The average discount rate for all private equity sectors finished the quarter at 18.1%, significantly lower than the 9.4% discount at the end of 4Q 2019.6 Infrastructure: $39.6 billion of capital was raised by 24 funds in 1Q 2020 compared to $47.8 billion of capital raised by 38 partnerships in 4Q 2019. At the end of the quarter, dry powder stood at an estimated $220.7 billion, up from 4Q 2019’s total of $212.1 billion. Infrastructure managers completed 603 deals with an estimated aggregate deal value of $79.4 billion in 1Q 2020 compared to 730 deals totaling $149.1 billion a quarter ago.1 Natural Resources: During 1Q 2020, six funds closed on $4.6 billion compared to eleven funds totaling $2.6 billion in 4Q 2019. Energy and utilities industry managers completed approximately 39 deals totaling an estimated $5.3 billion through 1Q 2020, which represented 31.2% of energy and utilities deal value during 2019.1 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 8.7x 8.8x 9.8x 10.3x 10.0x 10.6x 10.6x 11.5x 11.2x 0.0x 2.0x 4.0x 6.0x 8.0x 10 .0x 12 .0x Senior Debt/EBITDA Sub Debt/EBITDA Equity/EBITDA Others Page 73 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. U.S. Commercial Real Estate Markets *Indicates preliminary NFI-ODCE data gross of fees CAP RATES BY SECTOR SOURCE: RCA, AON 6/30/2020 U.S.Core Real Estate returned -1.55%*over the second quarter,equating to a 2.2%total gross return year-over-year,including a 3.7%income return. Shelter in place orders and social distancing practices have most severely impacted retail and hotel property sectors.Property valuations have begun to price in the loss of cash flow as a result of COVID-19.Transaction volume has contracted substantially,and price discovery continues to be limited. Global property markets,as measured by the FTSE EPRA/NAREIT Developed Real Estate Index,returned 10.3%(USD)in aggregate during the second quarter and experienced a cumulative decline of -20.9%YTD.REIT market performance was driven by Asia Pacific (10.8%USD),North America (11.7% USD)and Europe (4.2%USD).The U.S.REIT markets (FTSE NAREIT Equity REITs Index)returned 11.8%in the second quarter.The U.S.10-year treasury bond yields remained flat during the quarter (0.66%). 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.Implied volatility continues to signal elevated levels of uncertainty concerning public market implied valuations.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 investment strategy.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. 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 Apartment -1.6% 2.2% 5.7%7.3%10.8%11.8% -13.0% 0.0% 4.1% 9.1% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% Q2 2020 1-Year 3-Year s 5-Year s 10-Years PRIVATE VS. PUBL IC REAL ES TATE RET URNS AS OF 06/30/2020 Pr ivate (NF I-ODCE Gr oss)*Public (NA REIT Gr oss) *Second quar ter r eturns a re p reliminary Sour ces : NCREIF, FactSet Page 74 Appendix Page 75 Fee Schedule Market Value As of 06/30/2020 $000 % of Portfolio Estimated Annual Fee $000 Estimated Annual Fee (%) Total Pension 287,338 100.00 1,381 0.48 Total Domestic Equity 100,260 34.89 254 0.25 BlackRock Russell 1000 Index Fund Non-Lending 0.04 % of Assets 70,650 24.59 25 0.04 Kennedy Mid Cap Value 0.75 % of First $25 M 0.70 % of Next $25 M 0.60 % Thereafter 14,490 5.04 109 0.75 TimesSquare Small Cap Growth 0.80 % of Assets 15,120 5.26 121 0.80 Total International Equity 52,106 18.13 481 0.92 Morgan Stanley International Equity 0.91 % of Assets 34,683 12.07 316 0.91 Morgan Stanley Emerging Markets Fund 0.95 % of Assets 17,423 6.06 166 0.95 Total Fixed Income 100,555 35.00 351 0.35 Income Research 0.45 % of First $10 M 0.35 % of Next $10 M 0.30 % of Next $10 M 0.23 % of Next $20 M 0.23 % of Next $50 M 0.20 % Thereafter 39,071 13.60 131 0.33 Prudential Core Plus Bond 0.30 % of First $50 M 0.28 % of Next $100 M 0.25 % of Next $100 M 0.20 % Thereafter 37,661 13.11 113 0.30 Brandywine Global Opportunistic Fixed Income 0.45 % of First $50 M 0.40 % of Next $50 M 0.35 % Thereafter 23,822 8.29 107 0.45 Real Estate 31,513 10.97 272 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 31,513 10.97 272 0.86 Cash Account 0.20 % of Assets 1,708 0.59 3 0.20 Total Pension Fee Schedule As of June 30, 2020 Page 76 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 77 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 78 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 79 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 80 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 81 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 82 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 83 (This Page Left Blank Intentionally) Page 84 Disclaimers and Notes Page 85 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 86 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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