Usc Foundations 1q18

COMPOSITE PERFORMANCE REVIEW
Report for Periods Ending March 31, 2018
University of South Carolina Foundations
Presented by:
Scott B. Harsh Stephen M. Hodson, CFA, CAIA
President & CEO Senior Vice President
Douglas M. Harrell
Vice President
Table of Contents
Description Page
Market Summary 1
Total Composite 2-12
Large Cap Equity Composite 13-24
SMID Cap Composite 25-27
Small Cap Equity Composite 28-33
International Equity Composite 34-48
Fixed Income Composite 49-57
Hedge Fund Composite 58-62
Fund Evaluation Group, LLC | 201 East Fifth Street, Suite 1600 | Cincinnati, Ohio 45202 | 513.977.4400 | information@feg.com | www.feg.com
Dallas | Detroit | Indianapolis
First Quarter 2018 – Market Returns
Global Equity Global Fixed Income Real Assets Diversifying Strategies
20%
16.4%
15% 14.0%
13.3%
9.7%
10%
6.7%
5.9% 5.7% 6.1% 5.9%
5.0%
4.2%
5% 3.8% 3.7% 3.4%
1.8%
1.2%
0.6% 0.1% 0.6%
0%
-0.8% -0.9% -0.4%
-1.3% -1.5% -1.1%
-5%
-5.8%
-6.7%
-8.3%
-10%
-11.1%
-15%
-20%
-20.1%
-25%
Blmbrg FTSE
HFRI Equity Blmbrg Blmbrg HFRI Fund HFRI Fund
S&P 500 MSCI ACWI Barclays NAREIT All Alerian MLP
Hedge Barclays HY Cmdty Wtd Comp. of Fund
Index ex-U.S. U.S. Agg Equity Index
Index Index Index Index Index
Index Index
Quarter -0.8% -1.3% 0.6% -1.5% -0.9% -6.7% -11.1% -0.4% 0.1% 0.6%
1 Yr 14.0% 16.4% 9.7% 1.2% 3.8% -1.1% -20.1% 3.7% 6.1% 5.9%
5 Yrs Annualized 13.3% 5.9% 5.7% 1.8% 5.0% 6.7% -5.8% -8.3% 4.2% 3.4%
Data sources: Lipper and Hedge Fund Research
© 2018 Fund Evaluation Group, LLC 1a Confidential – Not for Redistribution

First Quarter 2018 – Market Overview
• The S&P 500 Index declined 0.8% for the quarter but gained 14.0% for the trailing year.
• The Bloomberg Barclays U.S. Aggregate Bond Index fell 1.5% for the quarter but gained 1.2% for the year.
• International developed market equity returns were -1.7% for the quarter when converted to U.S. dollar terms; returns were -4.3% measured in local currency.
• Emerging market equities gained 1.3% for the quarter and 24.8% for the trailing year, both in U.S. dollar terms.
• U.S. real estate investment trusts (REITs) declined 6.7%, commodity futures fell 0.4%, and master limited partnerships (MLPs) dropped 11.1% for the quarter.
Stocks vs. Bonds U.S. and International Equities

S&P 500 Index Russell 3000 Index
16% MSCI EAFE Index
Bloomberg Barclays U.S. Aggregate Bond Index 30%
14.0% MSCI EMF Index
14% 13.3%
24.8%
25%
12%
10.8%
10% 9.5% 20%
8%
15% 13.8% 14.6%
13.0%
6%
10.2% 9.6%
3.6% 10% 8.8%
4%
6.5%
1.8% 5.5%
2% 1.2% 1.2% 5% 5.0%
2.7% 3.0%
0% 1.3%
0%
-0.8%
-2% -1.5% -0.6%
-1.7%
-4% -5%
Qtr 1 Yr 3 Yr 5 Yr 10 Yr Qtr 1 Yr 3 Yr 5 Yr 10 Yr
Data Sources: Standard & Poor’s and Barclays Data Sources: MSCI Barra and Russell
© 2018 Fund Evaluation Group, LLC 1b Confidential – Not for Redistribution

First Quarter 2018 – Global Equity, U.S.
Large Cap, Mid Cap, & Small Cap
Russell 1000 Index Russell Mid Cap Index Russell 2000 Index • The total U.S. equity market, represented by the Russell 3000 Index,
declined slightly with a -0.6% return during the first quarter, which
was a reversal from the strong performance of the previous quarter.
15% 14.0% 13.2% • As measured by the Russell Indices, large cap stocks (-0.7%)
12.2% 11.8% 12.1%
11.5% underperformed both mid cap stocks (-0.5%) and small cap stocks
10.4%
9.6% 10.2% 9.8% (-0.1%) for the first quarter.
8.0% 8.4%
• Value stocks (-2.8%) continued their 2017 weakness against growth
stocks (+1.5%), as measured by the Russell 3000 Style Indices.
5%
• Technology (+4.1%) led sector returns for U.S. equities overtaking
consumer discretionary (+1.7%), which was the prior quarter’s
-0.1% leading sector.
-0.7% -0.5%
• Telecommunication services (-7.3%) and consumer staples (-6.7%)
-5% were the lowest returning sectors for the quarter.
Qtr 1 Yr 3 Yr 5 Yr 10 Yr
Data Source: Russell
Russell 3000 Index Quarterly Returns Russell 3000 Style Indices Returns
TECHNOLOGY 4.1% Growth Value
CONSUMER DISCRETIONARY 1.7% 30%
HEALTH CARE -0.3%

21.1%
FINANCIALS -0.4%
20%
INDUSTRIALS -1.9% 15.3%
12.6%
UTILITIES -3.3% 10.7% 11.3%
10% 7.9% 7.8%
MATERIALS -5.2% 6.8%
ENERGY -6.1% 1.5%
REAL ESTATE -6.2% 0%
CONSUMER STAPLES -6.7% -2.8%
TELECOMMUNICATION SERVICES -7.3%

-10%
Qtr 1 Yr 3 Yr 5 Yr 10 Yr
-8% -6% -4% -2% 0% 2% 4% 6%
Data Source: Russell Data Source: Russell
© 2018 Fund Evaluation Group, LLC 1c Confidential – Not for Redistribution

First Quarter 2018 – Global Equity, Non-U.S.
MSCI EAFE Style Indices Returns
• The MSCI EAFE Index fell -4.3% in local currencies but only -1.7% when measured
Growth Value in U.S. dollars. For the trailing one-year period, the index gained 5.3% in local
20% currencies and 14.6% in U.S. dollars.
17.2%
• The MSCI EAFE Value Index (-2.1%) declined more than the MSCI EAFE Growth
Index (-1.3%) for the first quarter.
12.1%
• In local currency, Japanese equities (-4.8%) lagged many other Asia-Pacific
10%
7.1% developed markets (-2.8%) but outperformed in U.S. dollar terms. European-ex
6.6%
5.7% U.K. developed markets (-3.2%) outperformed the U.K. market (-7.3%).
4.3%
3.4%
2.0% • The MSCI Emerging Markets Index rose 0.7% in local currencies and 1.3% in U.S.
dollars. For the trailing one-year period, emerging market equities gained 22.0% in
0%
local currencies and 24.8% in U.S. dollars.
-1.3%
-2.1%
• Latin America outperformed the other emerging market regions with a 6.0% local
currency return and 8.0% U.S. dollar return. The Europe, Middle East, and Africa
region fell -2.9% in local currency and -0.9% in U.S. dollars.
-10%
Qtr 1 Yr 3 Yr 5 Yr 10 Yr • Frontier markets returned 4.5% in local currencies (+5.0% in U.S. dollars). Over the
Data Source: MSCI Barra
trailing one-year, returns were 26.2% in local currencies (+27.1% in U.S. dollars).
MSCI EAFE Regional Quarterly Returns MSCI Emerging Markets Regional Quarterly Returns
Quarter (local) Quarter ($) Quarter (local) Quarter ($)
-3.2%
Europe (ex-UK) 6.0%
-1.2% Latin America
8.0%
-7.3%
United Kingdom
-3.9%
0.6%
Asia
0.6%
-4.8%
Japan
0.1%
-2.9%
-2.8% Europe, Middle East, and Africa
Pacific (ex-Japan) -0.9%
-3.7%
-10% -5% 0% 5% -5% 0% 5% 10%
Data Source: MSCI Barra Data Source: MSCI Barra

© 2018 Fund Evaluation Group, LLC 1d Confidential – Not for Redistribution
First Quarter 2018 – Global Equity, Private
Global Private Equity / Median Venture Capital & Buyout Vintage Year
Internal Rate of Return • The most recent private equity return information available is through
As of September 30, 2017 September 30, 2017.
Venture Capital Buyout
20% • Median private equity returns for both venture capital and buyout funds
have been positive since the 2003 vintage year. Venture fund
16% performance rose steadily from 2004 to 2011, while buyout fund
15% 15%
15% 15% 15%
14% performance has remained relatively stable since 2009. Recent vintage
14%
13% 13% year returns are lower due to the shorter holding periods.
12% 12%
11% 11% 11%
• Buyout fundraising experienced a strong first quarter, representing an
Net IRR
11%
10%
10% 10%
8%
extension of the robust fundraising environment witnessed over the past
8% 8%
several years. In contrast, venture fundraising weakened during the first
6%
quarter relative to the last three years.
5% 4%
• Initial public offering (IPO) exit activity declined from the fourth quarter.
2% 1% When compared to the same period last year, the number of venture
0%
capital-backed IPOs decreased by 28% and that of private equity-backed
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 IPOs fell by 4%. However, aggregate capital raised across all IPOs during
Vintage Year the first quarter remained in line with recent levels.
Data Source: Thomson One
Global Private Equity / Venture Capital & Buyout Fundraising Activity Global Private Equity / VC-backed & PE-backed IPO Exit Activity
As of March 31, 2018 As of March 31, 2018
Venture Capital Buyout Venture Capital-backed Private Equity-backed
$350 350
324
321
$300 292 300

266
256
Commitments (billions)
$250 234 240 250

231
Number of IPOs
226
215 214 207
195 195 196
$200 200 184
176
150 154 162
145 144
$150 150 136 131 143
118 117
103
$100 92 100 82
78
65 64 63
54 52 57 51 50
46 49
$50 38 38 50
23
32 26 33
11
$0 -
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
YTD YTD
Data Source: Pitchbook Vintage Year Data Source: Pitchbook
Exit Year
© 2018 Fund Evaluation Group, LLC 1e Confidential – Not for Redistribution

First Quarter 2018 – Global Fixed Income
Bloomberg Barclays U.S. Fixed Income Index Returns
• The Bloomberg Barclays U.S. Aggregate Bond Index declined 1.5% for the
quarter. All U.S. fixed income sectors posted negative returns, with
0%
investment-grade corporate credit suffering the weakest performance.
• Rates rose across the yield curve term structure, detracting from bond
returns and maintaining the curve’s flat profile.
-0.8%
-1% -0.9% • The 10-year U.S. Treasury note yield increased to 2.7%, and the 10-year U.S.
-1.1% -1.1%
-1.2% TIPS yield increased to 0.7%, which resulted in returns of -1.1% and -0.8%,
-1.5% respectively.
• U.S. credit fell 2.1% over the first quarter. Within credit, utilities (-2.9%)
-2%
performed worst, followed by industrials (-2.3%) and financials (-2.2%).
-2.1%
• Yields on high yield bonds increased 36 bps to 6.6% and option-adjusted
spreads increased 9 bps to 372 bps, leading to a -0.9% return.
-3%
• Local currency non-U.S. bonds gained 4.5% and dollar-denominated
Aggregate TIPS Treasuries Municipal Mortgage- Credit High Yield
Backed emerging market bonds declined 1.8%.
Data Source: Barclays
U.S. TREASURY YIELD CURVE Broad Fixed Income

Bloomberg Barclays U.S. Aggregate Bloomberg Barclays U.S. Corporate High Yield
JPM Non-U.S. (Unhedged) JPM Emerging Markets Bond Index+
March 2017 December 2017 March 2018
14%
4% 12.6%
12%
3% 10%
8%
2% 6% 5.2% 5.1% 5.1% 5.0%

4.5%
3.8%
4% 3.6%
1% 2.2% 1.8%
2% 1.2% 1.2% 1.4%
0%
0% -0.9%
-2% -1.5%
1 Mth 5 Yr 10 Yr 30 Yr -2.0%
-4%
Qtr 1 Yr 3 Yr 5 Yr
Data Source: Bloomberg LP
Data Sources: Barclays and JP Morgan
© 2018 Fund Evaluation Group, LLC 1f Confidential – Not for Redistribution

First Quarter 2018 – Real Assets
Public Real Assets - Real Estate, Commodities, and MLPs
FTSE NAREIT All Equity Index FTSE EPRA/NAREIT Developed Property ex-U.S. Index • U.S. Real Estate Investment Trusts (REITs) declined 6.7% in the first quarter
Bloomberg Commodity Index Alerian MLP Index and 1.1% over the trailing 12-months.
20%
• The timber sector (+1.8%) was the only sector to post positive returns;
13.7%
sectors that held up better than most were manufactured homes (-1.0%)
10% and self-storage (-2.4%).
6.7%
3.7% 2.9% 3.9% 3.7% • International real estate securities declined 0.8% for the quarter but rose
0%
13.7% over the past year.
-0.4%
-0.8% -1.1%
-3.2%
• Private real estate, as measured by the NCREIF Property Index (one-quarter
-6.7% -5.8% lag), gained 1.8% in the fourth quarter, with all sectors posting positive
-10% -8.3%
-11.2%
returns.
-11.1%
• Commodity futures were essentially flat, declining 0.4% for the quarter amid
-20% volatility in both the agricultural and energy spaces.
-20.1%
• MLPs’ 11.1% decline was due in part to the negative impacts of Federal
-30% Energy Regulatory Commission’s tax allowance announcement.
Qtr 1 Yr 3 Yr 5 Yr
Data Sources: NAREIT, Bloomberg, and Alerian

FTSE NAREIT All Equity Index Sector Returns NCREIF National Property Index Sector Returns
Fourth Quarter 2017
Timber 1.8%
Manufactured Homes -1.0% Industrial 3.3%
Self-Storage -2.4%
Industrial -3.4% Office 1.7%
Lodging/Resorts -5.0%
Apartments -5.1% Apartment 1.6%
Index -6.7%
Office -7.3% Retail 1.3%
Health Care -10.9%
Retail -11.2% Hotel 1.0%
Diversified -15.8%
0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5%
-18% -16% -14% -12% -10% -8% -6% -4% -2% 0% 2% 4%
Data Source: NAREIT Data Source: NCREIF
© 2018 Fund Evaluation Group, LLC 1g Confidential – Not for Redistribution

First Quarter 2018 – Diversifying Strategies, Hedge Funds
Major HFRI Indices Performance
Returns in U.S. dollars
HFRI Fund Weighted Composite Index HFRI Fund of Funds Composite Index
7% • The HFRI Fund Weighted Composite Index and the HFRI
6.1% 5.9% Fund of Funds Composite Index gained 0.1% and 0.6%,
6% respectively. Hedge fund returns were generally positive
across strategies. Relative value and long/short equity
5%
4.2% strategies tended to generate the strongest returns.
4% 3.5% 3.4% • Long/short equity manager returns were positive,
outperforming global equity markets. The HFRI Equity Hedge
3%
(Total) Index returned 0.6%.
2.0%
2% • Managers focused on Russia/Eastern Europe and Latin
America generated strong returns amid volatility in Europe
1% 0.6% and strong public market performance in Latin America.
0.1%
0% • The HFRI Event Driven (Total) Index returned 0.1%. Positive
QTD 1 Yr 3 Yr 5 Yr performance from credit arbitrage strategies outweighed
Data Source: HedgeFund Research losses from activist strategies.
Secondary HFRI Indices Performance • The HFRI Relative Value (Total) Index was up 0.3%, with
Returns in U.S. dollars generally positive performance across sub-indices except the
HFRI Event-Driven (Total) Index HFRI Macro (Total) Index volatility index, which struggled with the sudden spike in
HFRI Relative Value (Total) Index HFRI Equity Hedge (Total) Index volatility during the quarter.
12%
• The HFRI Macro (Total) Index returned -1.3%. The HFRI
10% 9.7% Macro: Systematic Diversified Index detracted from returns
as systematic macro managers faced headwinds due to
8% reversals within the commodities sector, especially energy.
6% 5.7%
5.2% 5.3%
4.7%
4.1% 4.1%
4% 3.6%
3.2%
2% 0.9%
0.3% 0.6% 1.0%
0.1%
0%
-0.8%
-2% -1.3%
QTD 1 Yr 3 Yr 5 Yr
Data Source: HedgeFund Research
© 2018 Fund Evaluation Group, LLC 1h Confidential – Not for Redistribution

Composite Performance Review
Annualized
Since
Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr 5/01
Total Composite 0.1% 9.0% 12.1% 7.0% 9.2% 8.6% 6.9% 6.6%
Broad Policy Index1 -1.0 7.3 10.7 7.0 8.9 8.4 7.0 6.1
Target Weighted Index2 -0.3 7.5 11.0 7.1 9.2 8.9 7.5 6.3
CPI + 5.5%3 3.2 10.3 13.3 9.7 8.3 8.1 7.8 7.9
Footnotes:
1 Broad Policy Index is currently comprised of: 51.2% Russell 3000 Index, 20.2% MSCI AC World Index ex-U.S., and 28.6% Bloomberg Barclays US Aggregate Index. Please see Appendix for benchmark history.
2 Target Weighted Index is currently comprised of: 36.0% Russell 1000 Index, 10.2% Russell 2000 Index, 15.2% MSCI EAFE Index, 5.0% MSCI Emerging Markets Index, 13.6% Bloomberg Barclays US Aggregate Index,
5.0% CPI + 3% Index, and 15.0% DJ/CS HFI Multi-Strategy. Please see Appendix for benchmark history.
3 CPI + 5.5% is currently comprised of: 100.0% CPI + 5.5% Index, + 5.5%. Please see Appendix for benchmark history.
Portfolio Value Over Time (In Millions)

$683.12
$572.66
Dollars (in Millions)
$462.20
$351.74
$241.29
$130.83
5/01
3/02
3/03
3/04
3/05
3/06
3/07
3/08
3/09
3/10
3/11
3/12
3/13
3/14
3/15
3/16
3/17
3/18
Ending Value
Total Composite $576.24
Broad Policy Index $535.55
Target Weighted Index $555.75
CPI + 5.5% $683.12
© 2018 Fund Evaluation Group, LLC 2 Confidential - For Client Use Only
Summary of Investment Performance
Annualized
Since
Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr Inception Date Market Value
Total Composite 0.1% 9.0% 12.1% 7.0% 9.2% 8.6% 6.9% 6.6% 5/01 $576,241,044
Broad Policy Index 1 -1.0 7.3 10.7 7.0 8.9 8.4 7.0 6.1
Target Weighted Index 2 -0.3 7.5 11.0 7.1 9.2 8.9 7.5 6.3
CPI + 5.5% 3 3.2 10.3 13.3 9.7 8.3 8.1 7.8 7.9
Large Cap Equity Composite -0.6 11.1 14.1 9.9 13.3 12.2 8.6 6.5 5/01 251,591,197
S&P 500 Index -0.8 10.6 14.0 10.8 13.3 12.7 9.5 6.6
iShares S&P 500 Index -0.8 10.6 14.0 10.7 13.3 12.6 - 14.6 12/08 104,667,043
S&P 500 Index -0.8 10.6 14.0 10.8 13.3 12.7 - 14.7
Harbor Capital Appreciation 4.3 21.5 28.8 14.0 17.2 - - 17.8 12/12 53,096,625
Russell 1000 Growth Index 1.4 15.8 21.3 12.9 15.5 - - 16.7
S&P 500 Index -0.8 10.6 14.0 10.8 13.3 - - 14.8
Becker Capital Management -1.7 7.6 8.6 7.5 11.4 11.1 - 15.7 2/09 47,601,151
Russell 1000 Value Index -2.8 5.5 6.9 7.9 10.8 11.0 - 16.4
S&P 500 Index -0.8 10.6 14.0 10.8 13.3 12.7 - 17.6
WEDGE Capital Management -4.2 5.5 6.6 9.0 14.4 12.9 - 17.0 2/09 46,226,378
Russell 1000 Value Index -2.8 5.5 6.9 7.9 10.8 11.0 - 16.4
S&P 500 Index -0.8 10.6 14.0 10.8 13.3 12.7 - 17.6
SMID Cap Composite 1.4 8.9 6.7 4.2 - - - 6.0 10/14 16,054,728
Russell 2500 Index -0.2 10.0 12.3 8.2 - - - 9.4
NewSouth SMID Value 1.4 8.9 6.7 4.2 - - - 6.0 10/14 16,054,728
Russell 2500 Value Index -2.7 5.4 5.7 7.3 - - - 7.8
Russell 2500 Index -0.2 10.0 12.3 8.2 - - - 9.4
Small Cap Equity Composite 2.7 10.6 12.7 6.4 10.4 9.4 8.6 7.2 5/01 55,689,866
Russell 2000 Index -0.1 9.1 11.8 8.4 11.5 10.4 9.8 8.4
Westfield Capital Management 3.9 15.6 19.7 7.7 12.3 10.6 10.5 8.3 5/01 22,284,732
Russell 2000 Growth Index 2.3 13.6 18.6 8.8 12.9 11.3 11.0 7.6
Russell 2000 Index -0.1 9.1 11.8 8.4 11.5 10.4 9.8 8.4
Vulcan Small Cap Value 2.3 6.1 10.1 - - - - 7.3 4/15 17,350,406
Russell 2000 Value Index -2.6 4.4 5.1 - - - - 8.9
Russell 2000 Index -0.1 9.1 11.8 - - - - 9.6
Annualized
Since
International Equity Composite 0.6% 11.6% 18.7% 6.6% 7.1% 5.7% 3.8% 6.2% 5/01 $135,950,952
MSCI AC World Index ex-U.S. -1.3 10.0 16.4 6.1 5.9 4.2 2.7 5.9
Artisan International 0.4 10.4 21.0 3.4 6.2 7.1 4.1 6.1 5/01 32,410,239
MSCI EAFE Growth Index -1.3 9.0 17.2 6.6 7.1 6.1 3.4 5.2
MSCI EAFE Index -1.7 8.0 14.6 5.5 6.5 5.3 2.7 5.2
EuroPacific Growth 0.9 13.2 21.8 7.9 8.6 6.4 4.6 7.1 5/01 30,810,391
MSCI AC World Index ex-US -1.3 10.0 16.4 6.1 5.9 4.2 2.7 5.9
MSCI EAFE Index -1.7 8.0 14.6 5.5 6.5 5.3 2.7 5.2
Dodge & Cox International -2.1 5.9 10.9 3.8 7.3 5.5 4.1 2.9 7/07 33,756,060
MSCI EAFE Value Index -2.1 7.0 12.1 4.3 5.7 4.4 2.0 0.8
MSCI EAFE Index -1.7 8.0 14.6 5.5 6.5 5.3 2.7 1.8
DFA Emerging Markets Value 2.2 16.5 19.8 10.1 4.3 - - 1.2 5/11 19,677,625
MSCI Emerging Markets Value Index 1.6 14.4 18.1 6.6 2.6 - - 0.4
Harding Loevner Emerging Markets 3.6 17.5 25.5 10.7 7.2 - - 6.7 12/12 19,296,637
MSCI Emerging Markets Index 1.3 17.4 24.8 8.8 5.0 - - 4.4
Fixed Income Composite -0.7 0.9 2.6 2.4 3.0 4.4 5.7 7.4 5/01 66,527,421
Bloomberg Barclays US Aggregate Index -1.5 -0.2 1.2 1.2 1.8 2.9 3.6 4.5
Loomis Sayles -0.5 1.9 4.5 3.9 4.0 5.4 6.7 8.5 5/01 18,910,950
DoubleLine Total Return Bond -0.5 0.8 2.2 2.0 - - - 2.6 6/14 28,251,830
Bloomberg Barclays US Aggregate Index -1.5 -0.2 1.2 1.2 - - - 1.9
JPMorgan Core Bond -1.3 -0.1 1.5 1.3 - - - 1.9 6/14 19,364,641
Annualized
Since
Hedge Fund Composite 0.8% 3.3% 3.1% 1.0% 3.6% 4.2% 3.5% 4.8% 6/04 $57,398,463
HFRI Fund of Funds 0.3 4.7 5.6 1.9 3.4 2.6 1.6 3.2
HBK Fund, L.P. 0.8 3.5 3.7 3.2 3.9 4.4 4.3 3.7 6/07 14,803,141
HFRI Relative Value Index 0.2 2.6 3.1 3.6 4.1 4.5 5.2 4.7
Och Ziff Master Fund, Ltd. 1.9 4.4 7.6 3.9 6.0 6.0 6.5 6.0 6/07 17,397,542
DJ/CS HFI Multi-Strategy 1.7 3.3 5.7 4.6 6.1 6.1 5.4 5.0
Fir Tree International Value Fund, L.P. -1.1 0.4 0.8 -3.1 - - - -1.8 1/14 8,768,334
HFRI Fund Weighted Composite Index 0.0 4.9 5.9 3.5 - - - 3.9
MKP Opportunity Offshore 1.0 1.3 -0.5 -0.8 - - - 1.1 1/14 7,243,703
HFRI Macro Index -1.4 1.5 0.8 -0.9 - - - 1.6
Graham Capital Proprietary Matrix 0.3 6.2 -1.0 -1.1 - - - 5.4 1/14 9,160,842
HFRI Global Macro Index -1.4 1.5 0.8 -0.9 - - - 1.6
Claren Road Credit Master Fund - liquidating - - - - - - - - 1/14 24,901
Footnotes:
* Performance returns are net of investment management fees.
* Calculated returns may differ from the manager's due to differences in security pricing and/or cash flows.
* Manager and index data represent the most current available at the time of report publication.
* Hedge fund and private capital manager market values and rates of return may be based on estimates and may be revised until completion of an annual audit by the manager.
* For managers and indices that report returns on a lag, 0.0% is utilized for the most recent time period until the actual return data are reported.
* The fiscal year ends in June.
1 Broad Policy Index is currently comprised of: 51.2% Russell 3000 Index, 20.2% MSCI AC World Index ex-U.S., and 28.6% Bloomberg Barclays US Aggregate Index. Please see Appendix for
benchmark history.
2 Target Weighted Index is currently comprised of: 36.0% Russell 1000 Index, 10.2% Russell 2000 Index, 15.2% MSCI EAFE Index, 5.0% MSCI Emerging Markets Index, 13.6% Bloomberg
Barclays US Aggregate Index, 5.0% CPI + 3% Index, and 15.0% DJ/CS HFI Multi-Strategy. Please see Appendix for benchmark history.
3 CPI + 5.5% is currently comprised of: 100.0% CPI + 5.5% Index, + 5.5%. Please see Appendix for benchmark history.
Schedule of Asset and Style Allocation
Current Target Target

Asset Class Weight Weight Range
Large Cap Equity 43.7% 36.0% 26.0% - 56.0%

Small Cap Equity 9.7% 10.2% 5.2% - 15.2%
International Equity 16.8% 15.2% 10.2% - 20.2%
Emerging Markets 6.8% 5.0% 0.0% - 10.0%
Fixed Income 11.5% 13.6% 3.6% - 23.6%
Hedge Fund 10.0% 15.0% 10.0% - 20.0%
Private Natural Resources 1.2% 5.0% 0.0% - 10.0%
FOF - Private Equity 0.3% 0.0% 0.0% - 10.0%
Cash 0.0% 0.0%
Total 100.0% 100.0%
Schedule of Asset and Style Allocation
Portfolio Portfolio Market Current

Asset Class - Style Manager Invested Cash Value Weight
Large Cap Equity - Broad iShares S&P 500 Index 100.0% 0.0% $104,667,043 18.2%
Large Cap Equity - Growth Harbor Capital Appreciation 100.0% 0.0% $53,096,625 9.2%
Large Cap Equity - Value Becker Capital Management 95.5% 4.5% $47,601,151 8.3%
Large Cap Equity - Value WEDGE Capital Management 96.9% 3.1% $46,226,378 8.0%
Small Cap Equity - Growth Westfield Capital Management 96.3% 3.7% $22,284,732 3.9%
Small Cap Equity - Value NewSouth SMID Value 94.5% 5.5% $16,054,728 2.8%
Small Cap Equity - Value Vulcan Small Cap Value 100.0% 0.0% $17,350,406 3.0%
International Equity - Growth Artisan International 100.0% 0.0% $32,410,239 5.6%
International Equity - Value Dodge & Cox International 100.0% 0.0% $33,756,060 5.9%
International Equity - Value EuroPacific Growth 100.0% 0.0% $30,810,391 5.3%
Emerging Markets - Core Harding Loevner Emerging Markets 100.0% 0.0% $19,296,637 3.3%
Emerging Markets - Value DFA Emerging Markets Value 100.0% 0.0% $19,677,625 3.4%
Fixed Income - Core JPMorgan Core Bond 100.0% 0.0% $19,364,641 3.4%
Fixed Income - Core Plus DoubleLine Total Return Bond 100.0% 0.0% $28,251,830 4.9%
Fixed Income - Core Plus Loomis Sayles 100.0% 0.0% $18,910,950 3.3%
Hedge Fund - Absolute Return Fir Tree International Value Fund, L.P. 100.0% 0.0% $8,768,334 1.5%
Hedge Fund - Diversified Claren Road Credit Master Fund - liquidating 100.0% 0.0% $24,901 0.0%
Hedge Fund - Managed Futures Graham Capital Proprietary Matrix 100.0% 0.0% $9,160,842 1.6%
Hedge Fund - Managed Futures MKP Opportunity Offshore 100.0% 0.0% $7,243,703 1.3%
Hedge Fund - Multi-Strategy Och Ziff Master Fund, Ltd. 100.0% 0.0% $17,397,542 3.0%
Hedge Fund - Relative Value HBK Fund, L.P. 100.0% 0.0% $14,803,141 2.6%
Private Natural Resources - Energy Kayne Anderson Energy Fund VI 100.0% 0.0% $1,508,156 0.3%
Private Natural Resources - Energy Natural Gas Partners XI, L.P. 100.0% 0.0% $3,750,915 0.7%
Private Natural Resources - Energy VIA Energy III 100.0% 0.0% $1,930,374 0.3%
FOF - Private Equity - Distressed Siguler Guff Distressed Opport. III 100.0% 0.0% $1,893,700 0.3%
Total $576,241,044 100.0%
Summary of Illiquid Investments
Committed Called Distributed Fair Multiple of Fair MV as a Target MV as a

Capital Capital % Called Capital Market Value Called Capital % of Total Fund % of Total Fund
Private Equity $10,000,001 $9,624,495 96% $12,289,803 $1,893,700 1.5 0.3% 0.0%
Private Natural Resources 12,000,000 9,003,363 75 4,342,482 7,189,445 1.3 1.2 0.0
Total Illiquid Investments $22,000,001 $18,627,858 85% $16,632,285 $9,083,145 1.4 1.6% 0.0%
* Fair Market Value estimate based on the most recent valuation, adjusted for capital calls and distributions after the valuation date.
Summary of Private Equity
Committed Called Distributed Fair Multiple of

Capital Capital % Called Capital Market Value Called Capital IRR * Vintage Year
Private Equity
Siguler Guff Distressed Opport. III $10,000,001 $9,624,495 96% $12,289,803 $1,893,701 1.5 8.9%2007, 2008, 2009, 2010, 2011
Private Equity $10,000,001 $9,624,495 96% $12,289,803 $1,893,700 1.5 8.9%
* Investment IRR is calculated through previous quarter-end and will not be calculated for the first two years.
Summary of Private Natural Resources
Committed Called Distributed Fair Multiple of

Capital Capital % Called Capital Market Value Called Capital IRR * Vintage Year
Private Natural Resources
Kayne Anderson Energy Fund VI $4,000,000 $3,641,153 91% $3,606,083 $1,508,156 1.4 15.5% 2012
VIA Energy III 4,000,000 2,039,986 51 409,402 1,930,374 1.1 7.3 2013
Natural Gas Partners XI, L.P. 4,000,000 3,340,469 84 326,997 3,750,915 1.2 21.5 2014
Private Natural Resources $12,000,000 $9,003,363 75% $4,342,482 $7,189,445 1.3 14.7%
* Investment IRR is calculated through previous quarter-end and will not be calculated for the first two years.
Investment Metrics
Performance Objectives Result Objective Achieved
Measurement Period: Moving 5 Year

Return > Benchmark Return over benchmark = 0.3% Yes
Beta < 1.20 Beta = 1.07 Yes
Alpha > 0.0% Alpha = -0.3% No
Peer Group Rank > 50th Percentile Ranks in Top 33rd Percentile Yes
Sharpe Standard Tracking Information

Statistical Measures Ratio Deviation Error Ratio
Total Composite 1.0 8.6% 1.6% 0.2
Broad Policy Index 1.1 8.0 0.0 --
Target Weighted Index 1.1 7.8 0.7 0.0
Asset Growth Summary (in thousands) Qtr FYTD
Beginning Market Value $ 575,496 $ 513,890

Net Contributions/(Distributions) $ (69) $ 14,811
Market Appreciation/(Depreciation) $ 814 $ 47,540
Ending Market Value $ 576,241 $ 576,241
* Risk Statistics are based on monthly data.

* Broad Policy Index is currently comprised of: 51.2% Russell 3000 Index, 20.2% MSCI AC World Index ex-U.S., and 28.6% Bloomberg Barclays US Aggregate Index. Please see Appendix for benchmark history.
* Target Weighted Index is currently comprised of: 36.0% Russell 1000 Index, 10.2% Russell 2000 Index, 15.2% MSCI EAFE Index, 5.0% MSCI Emerging Markets Index, 13.6% Bloomberg Barclays US Aggregate Index,
5.0% CPI + 3% Index, and 15.0% DJ/CS HFI Multi-Strategy. Please see Appendix for benchmark history.
Total Composite
Blended Universe
For Report Periods Ending March 31, 2018
25%
- Total Composite
- Broad Policy Index
20% - Target Weighted Index
- CPI + 5.5%
15% Since
% Return
5th 3.3% 13.5% 20.0% 10.0% 11.6% 11.0% 9.3% 7.8%

10%
25th 0.5 9.3 13.9 7.8 9.6 9.1 7.6 6.7
50th -0.9 7.1 10.5 6.7 8.4 8.2 6.7 6.0
5% 75th -1.9 5.3 8.0 5.4 7.4 7.3 5.8 5.4
95th -3.2 2.4 4.7 3.6 5.7 5.7 4.4 4.1
0%
0.1% 9.0% 12.1% 7.0% 9.2% 8.6% 6.9% 6.6%
-1.0 7.3 10.7 7.0 8.9 8.4 7.0 6.1
-5%
-0.3 7.5 11.0 7.1 9.2 8.9 7.5 6.3
Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr Since 5/01 3.2 10.3 13.3 9.7 8.3 8.1 7.8 7.9
Report From March 31, 2002 to March 31, 2018 Blended Universe
5 Year Rolling Periods 46.0% Broad Large Cap
24%
10.2% Broad Small Cap
15.2% International Equity
19%
28.6% Core Fixed Income
14%
% Return
9%
4%
-1%
-6%
3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18
iShares S&P 500 Index
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr 5Yr 7Yr Inception Date
iShares S&P 500 Index -0.8% 10.6% 14.0 % 10.7% 13.3% 12.6% 14.6 % 12/08
S&P 500 Index -0.8 10.6 14.0 10.8 13.3 12.7 14.7
Standard Tracking Information

Risk Statistics (5 years) Beta Alpha R² Deviation Error Ratio
iShares S&P 500 Index 1.02 -0.3% 1.00 11.1% 0.0 % -2.5
S&P 500 Index 1.00 0.0 1.00 11.1 0.0 --
Trailing Trailing Wtd Avg Current Equity Annual

Portfolio Statistics P/E P/B Mkt Cap Yield Turnover
iShares S&P 500 Index 21.3 3.2 199,050.0M 2.0% -- %

S&P 500 Index 21.3 3.2 199,050.0 2.0 --

Net Contributions/(Distributions) $ 132 $ 19,952
Market Appreciation/(Depreciation) $ (780) $ 10,042

* Manager data represents the most current available at the time of report publication.
Equity Sector
Sector Allocation
Sector Weightings Market Total Returns

Primary
Sector Manager Benchmark 3 Months 12 Months
Information Technology
Information Technology 25% 25% 3.5% 27.7%
Consumer Discretionary Consumer Discretionary 13 13 3.1 16.9
Financials Financials 15 15 -1.0 18.0

Healthcare 14 14 -1.2 11.3
Healthcare
Industrials 10 10 -1.6 14.0
Industrials
Utilities 3 3 -3.3 1.9
Utilities Real Estate 3 3 -5.0 -5.0
Real Estate
Materials 3 3 -5.5 10.5
Energy 6 6 -5.9 -0.2
Materials
Consumer Staples 8 8 -7.1 -0.9
Energy
Telecommunication Services 2 2 -7.5 -4.9
Consumer Staples Other 0 0 - -
Telecommunication Services Top Five Holdings Weighting

APPLE INC 3.8%
Other
MICROSOFT CORP 3.1
0% 5% 10% 15% 20% 25% 30%
AMAZON COM INC 2.6
Manager Primary Benchmark BERKSHIRE HATHAWAY INC CLASS B 1.7
FACEBOOK CLASS A INC 1.7
Number of Holdings: 505
* Sector weightings may not add up to 100% due to rounding.

* Effective 9/1/16 Real Estate was moved out from the Financials sector and was promoted to a standalone sector by the Global Industry Classification Standard (GICS). Performance will start being displayed when a long
enough track record is available from the index provider.
Broad Large Cap Universe
31%
- iShares S&P 500 Index
25% - S&P 500 Index
19% Since
Qtr FYTD 1Yr 3Yr 5Yr 7Yr 12/08
% Return
5th 5.5% 19.5% 27.5% 13.7% 16.5% 14.5% 17.6%

13%
25th 1.3 13.8 19.3 11.2 14.0 12.8 15.3
50th -0.7 10.4 13.9 9.8 12.4 11.8 13.9
7% 75th -2.2 7.8 10.4 8.1 11.0 10.5 12.8
95th -3.6 4.0 6.4 5.8 8.8 8.6 11.0
1%
-0.8% 10.6% 14.0% 10.7% 13.3% 12.6% 14.6%
-0.8 10.6 14.0 10.8 13.3 12.7 14.7
-5%
Qtr FYTD 1Yr 3Yr 5Yr 7Yr Since 12/08
Report From March 31, 2009 to March 31, 2018

5 Year Rolling Periods
24%
21%
18%
% Return
15%
12%
9%
6%
3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18
Harbor Capital Appreciation
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr 5Yr Inception Date
Harbor Capital Appreciation 4.3% 21.5% 28.8 % 14.0% 17.2% 17.8% 12/12
Russell 1000 Growth Index 1.4 15.8 21.3 12.9 15.5 16.7
S&P 500 Index -0.8 10.6 14.0 10.8 13.3 14.8

Harbor Capital Appreciation 1.15 -0.6% 0.88 14.8% 4.6 % 0.4

Russell 1000 Growth Index 1.00 0.0 1.00 12.0 0.0 --
S&P 500 Index 0.92 -1.1 0.93 11.1 6.8 0.6

Harbor Capital Appreciation 35.8 6.4 264,310.8M 0.8% 52.0%

Russell 1000 Growth Index 27.6 7.0 227,689.0 1.3 --
S&P 500 Index 21.3 3.2 199,050.0 2.0 --

Net Contributions/(Distributions) $ 0 $ 0
Market Appreciation/(Depreciation) $ 2,214 $ 9,421

Equity Sector
Sector Allocation

Primary
Utilities
Utilities 0% 0% 7.3% 79.7%
Financials Financials 5 3 4.3 28.0
Consumer Discretionary Consumer Discretionary 21 19 3.8 19.1

Information Technology 49 39 3.4 29.5
Industrials 8 13 0.0 24.9
Industrials
Healthcare 10 13 -0.2 15.8
Healthcare Real Estate 0 2 -3.5 8.8
Real Estate
Consumer Staples 5 6 -4.8 3.2
Materials 1 3 -5.6 10.2
Consumer Staples
Energy 1 1 -5.8 -3.2
Materials
Telecommunication Services 0 1 -8.1 2.1
Energy Other 0 0 - -
Telecommunication Services Top Five Holdings Weighting

Apple, Inc. 5.9%
Other
Amazon.com, Inc. 4.4
0% 10% 20% 30% 40% 50%
Microsoft Corporation 4.1
Manager Primary Benchmark Alibaba Group Holding Ltd - ADR 4.0
Facebook, Inc. Class A 4.0

Large Cap Growth Universe
34%
- Harbor Capital Appreciation
28% - Russell 1000 Growth Index
- S&P 500 Index
22%
% Return
Since
Qtr FYTD 1Yr 3Yr 5Yr 12/12
16%
5th 6.4% 21.3% 30.4% 15.1% 18.2% 18.9%
25th 4.4 17.9 25.6 13.0 15.8 16.8
10% 50th 2.8 15.6 21.7 11.7 14.8 15.8
75th 1.3 13.2 19.2 10.5 13.7 14.9
95th -0.7 9.8 15.1 8.3 11.9 12.9
4%
4.3% 21.5% 28.8% 14.0% 17.2% 17.8%

-2%
1.4 15.8 21.3 12.9 15.5 16.7
Qtr FYTD 1Yr 3Yr 5Yr Since 12/12
-0.8 10.6 14.0 10.8 13.3 14.8
Report From December 31, 2012 to March 31, 2018

23%
21%
19%
% Return
17%
15%
13%
11%
12/17 3/18
Becker Capital Management
Since Inception
Becker Capital Management -1.7% 7.6% 8.6 % 7.5% 11.4% 11.1% 15.7 % 2/09
Russell 1000 Value Index -2.8 5.5 6.9 7.9 10.8 11.0 16.4
S&P 500 Index -0.8 10.6 14.0 10.8 13.3 12.7 17.6

Becker Capital Management 1.04 0.2% 0.67 14.0% 7.1 % 0.1

Russell 1000 Value Index 1.00 0.0 1.00 11.1 0.0 --
S&P 500 Index 0.96 2.9 0.92 11.1 7.4 -0.3

Becker Capital Management 20.1 2.1 142.2M 2.3% 30.0%

Russell 1000 Value Index 20.2 2.1 126,531.0 2.3 --
S&P 500 Index 21.3 3.2 199,050.0 2.0 --

Net Contributions/(Distributions) $ 0 $ (7,033)

Equity Sector
Sector Allocation

Primary
Healthcare Healthcare 16 14 -1.7 7.0

Consumer Discretionary 8 7 -2.7 7.8
Consumer Discretionary
Utilities
Industrials Materials 5 3 -5.3 12.4
Materials
Energy 11 11 -5.8 -0.3
Energy
Real Estate 3 5 -7.2 -4.1
Telecommunication Services
Real Estate Other 0 0 - -
Consumer Staples Top Five Holdings Weighting

JPMorgan Chase & Co. 4.4%
Other
Johnson & Johnson 2.7
0% 5% 10% 15% 20% 25% 30%
Cisco Systems, Inc. 2.5
Manager Primary Benchmark Xerox Corporation 2.5
State Street Corporation 2.4

Large Cap Value Universe
19%
- Becker Capital Management
15% - Russell 1000 Value Index
- S&P 500 Index
11%
% Return
Since
7%
5th -0.6% 11.3% 14.6% 10.3% 12.7% 12.1% 18.1%
25th -2.1 9.1 11.5 8.8 11.6 11.3 16.5
3% 50th -2.5 6.8 8.9 7.9 10.7 10.7 15.5
75th -3.1 5.3 7.3 6.8 9.9 9.4 14.7
95th -3.9 3.2 4.1 5.3 8.6 7.8 13.3
-1%
-1.7% 7.6% 8.6% 7.5% 11.4% 11.1% 15.7%

-5%
-2.8 5.5 6.9 7.9 10.8 11.0 16.4
-0.8 10.6 14.0 10.8 13.3 12.7 17.6

29%
25%
21%
% Return
17%
13%
9%
5%
3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18
WEDGE Capital Management
Since Inception
WEDGE Capital Management -4.2% 5.5% 6.6 % 9.0% 14.4% 12.9% 17.0 % 2/09
Russell 1000 Value Index -2.8 5.5 6.9 7.9 10.8 11.0 16.4
S&P 500 Index -0.8 10.6 14.0 10.8 13.3 12.7 17.6

WEDGE Capital Management 0.99 3.7% 0.84 12.2% 4.3 % 0.8

S&P 500 Index 0.96 2.9 0.92 11.1 5.2 0.2

WEDGE Capital Management 16.2 2.0 72,500.0M 1.5% 30.0%

S&P 500 Index 21.3 3.2 199,050.0 2.0 --

Net Contributions/(Distributions) $ 0 $ (6,998)
Market Appreciation/(Depreciation) $ (2,043) $ 2,718

Equity Sector
Sector Allocation

Primary
Healthcare Healthcare 15 14 -1.7 7.0

Utilities
Industrials Materials 0 3 -5.3 12.4
Materials
Energy 13 11 -5.8 -0.3
Energy
Real Estate 3 5 -7.2 -4.1
Consumer Staples Top Five Holdings Weighting

BERKSHIRE HATHAWAY INC 4.3%
Other
MARKEL CORP 4.3
0% 5% 10% 15% 20% 25% 30%
HCA HOLDINGS INC 4.2
Manager Primary Benchmark LOWES COS INC 4.1
LIBERTY BROADBAND CORP 4.0

Large Cap Value Universe
24%
- WEDGE Capital Management
- S&P 500 Index
14%
% Return
Since
9%
5th -0.6% 11.3% 14.6% 10.3% 12.7% 12.1% 18.1%
25th -2.1 9.1 11.5 8.8 11.6 11.3 16.5
4% 50th -2.5 6.8 8.9 7.9 10.7 10.7 15.5
75th -3.1 5.3 7.3 6.8 9.9 9.4 14.7
95th -3.9 3.2 4.1 5.3 8.6 7.8 13.3
-1%
-4.2% 5.5% 6.6% 9.0% 14.4% 12.9% 17.0%

-6%
-2.8 5.5 6.9 7.9 10.8 11.0 16.4
-0.8 10.6 14.0 10.8 13.3 12.7 17.6

29%
25%
21%
% Return
17%
13%
9%
5%
3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18
NewSouth SMID Value
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr Inception Date
NewSouth SMID Value 1.4% 8.9% 6.7 % 4.2% 6.0% 10/14

Russell 2500 Value Index -2.7 5.4 5.7 7.3 7.8
Russell 2500 Index -0.2 10.0 12.3 8.2 9.4

Risk Statistics (Since 10/14) Beta Alpha R² Deviation Error Ratio
NewSouth SMID Value 0.78 -0.2% 0.67 11.4% 6.8 % -0.3

Russell 2500 Index 1.02 1.5 0.95 13.0 6.0 -0.6

NewSouth SMID Value 19.3 3.5 14,139.0M 0.9% 12.0%

Russell 2500 Index 24.2 2.6 5,205.0 1.4 --


NewSouth SMID Value
Equity Sector
Sector Allocation

Primary
Healthcare
Healthcare 7% 6% 2.7% 11.3%
Information Technology Information Technology 42 9 2.2 13.0

Utilities
Industrials Consumer Staples 0 3 -5.6 -1.2
Consumer Staples
Materials 0 6 -6.2 9.0
Materials
Real Estate 6 14 -7.9 -4.5
Energy 0 7 -8.0 -14.5
Energy Top Five Holdings Weighting

Zebra Technologies Corp Cl A 6.6%
Other
Open Text Corp 6.5
0% 10% 20% 30% 40% 50%
Thermo Fisher Scientific Inc. 6.3
Manager Primary Benchmark Aerojet Rocketdyne Holdings 5.7
CGI Group Inc - Class A 5.5

NewSouth SMID Value
Small-Mid Cap Value Universe
18%
- NewSouth SMID Value
- Russell 2500 Index
10%
% Return
Since
Qtr FYTD 1Yr 3Yr 10/14
6%
5th 0.9% 10.3% 13.0% 9.9% 10.3%
25th -1.3 7.9 9.1 8.4 8.9
2% 50th -2.4 6.2 7.2 7.0 7.8
75th -3.2 4.5 5.2 5.6 6.5
95th -5.0 0.6 0.9 2.3 2.3
-2%
1.4% 8.9% 6.7% 4.2% 6.0%

-6%
-2.7 5.4 5.7 7.3 7.8
Qtr FYTD 1Yr 3Yr Since 10/14
-0.2 10.0 12.3 8.2 9.4

14%
12%
10%
% Return
8%
6%
4%
2%
12/17 3/18
Westfield Capital Management
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr Inception Date
Westfield Capital Management 3.9% 15.6% 19.7% 7.7 % 12.3% 10.6% 10.5 % 8.3 % 5/01
Russell 2000 Growth Index 2.3 13.6 18.6 8.8 12.9 11.3 11.0 7.6
Russell 2000 Index -0.1 9.1 11.8 8.4 11.5 10.4 9.8 8.4

Westfield Capital Management 0.92 0.4% 0.91 15.5% 4.4 % -0.1

Russell 2000 Growth Index 1.00 0.0 1.00 16.4 0.0 --
Russell 2000 Index 0.95 -0.8 0.95 15.5 5.9 0.1

Westfield Capital Management 26.9 3.5 4,742.0M 0.5% 72.6%

Russell 2000 Growth Index 35.0 4.6 2,665.0 0.7 --
Russell 2000 Index 26.1 2.4 2,393.0 1.3 --


Equity Sector
Sector Allocation

Primary
Healthcare Healthcare 21 25 6.4 28.7

Materials 8 4 -0.8 10.7
Materials
Telecommunication Services 0 1 -2.0 34.8
Consumer Discretionary Industrials 18 18 -3.6 14.0
Industrials
Consumer Staples 0 2 -4.3 4.2
Real Estate 2 3 -7.3 2.5
Consumer Staples
Utilities 0 1 -10.0 3.4
Real Estate
Energy 3 1 -15.5 -24.0
Utilities Other 4 0 - -

Nektar Therapeutics 2.9%
Other
John Bean Technologies Corporation 2.6
0% 5% 10% 15% 20% 25% 30%
RSP Permian, Inc. 2.5
Manager Primary Benchmark Masimo Corporation 2.1
Proofpoint, Inc. 2.1

Small Cap Growth Universe
33%
- Westfield Capital Management
27% - Russell 2000 Growth Index
21%
% Return
Since
15%
5th 7.4% 22.0% 29.2% 14.1% 16.0% 13.5% 13.0% 10.5%
25th 4.6 17.1 23.9 10.1 13.3 12.0 11.7 9.1
9% 50th 3.4 14.5 19.8 9.0 12.4 10.9 10.7 8.2
75th 1.8 11.3 15.4 7.4 11.0 9.8 9.2 7.1
95th -1.4 7.2 10.8 4.1 8.5 7.5 7.8 4.7
3%
3.9% 15.6% 19.7% 7.7% 12.3% 10.6% 10.5% 8.3%

-3%
2.3 13.6 18.6 8.8 12.9 11.3 11.0 7.6
Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr Since 5/01
-0.1 9.1 11.8 8.4 11.5 10.4 9.8 8.4

30%
23%
16%
% Return
9%
2%
-5%
-12%
3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18
Vulcan Small Cap Value
Since Inception
Performance Results Qtr FYTD 1Yr Inception Date
Vulcan Small Cap Value 2.3% 6.1% 10.1 % 7.3% 4/15

Russell 2000 Value Index -2.6 4.4 5.1 8.9
Russell 2000 Index -0.1 9.1 11.8 9.6

Vulcan Small Cap Value 0.75 0.5% 0.75 12.8% 7.1 % -0.2
Russell 2000 Index 0.98 0.9 0.94 15.4 6.7 -0.3

Vulcan Small Cap Value 22.1 2.3 3,777.0M 1.5% 62.0%

Russell 2000 Index 26.1 2.4 2,393.0 1.3 --


Equity Sector
Sector Allocation

Primary
Healthcare
Healthcare 0% 7% 5.5% 24.8%
Industrials Industrials 25 12 -1.6 16.5

Information Technology 13 9 -3.0 1.4
Materials 4 4 -5.3 3.2
Materials Utilities 0 6 -5.8 1.9
Utilities
Real Estate 14 10 -8.4 -6.2
Consumer Staples
Real Estate
Energy 0 6 -10.6 -18.3
Telecommunication Services Other 0 0 - -

JONES LANG LASALLE INC 8.0%
Other
ASPEN INSURANCE HOLDINGS LTD 6.7
0% 5% 10% 15% 20% 25% 30% 35%
AXIS CAPITAL HOLDINGS LIMITED 6.1
Manager Primary Benchmark NAVIGATORS GROUP INC 4.7
ACI WORLDWIDE INC 4.5

Small Cap Value Universe
17%
- Vulcan Small Cap Value
9%
% Return
Since
Qtr FYTD 1Yr 4/15
5%
5th 1.2% 11.1% 13.2% 10.7%
25th -1.4 8.0 9.1 9.7
1% 50th -2.5 5.9 7.1 8.3
75th -3.7 4.4 4.9 6.7
95th -5.1 0.9 0.2 1.9
-3%
2.3% 6.1% 10.1% 7.3%

-7%
-2.6 4.4 5.1 8.9
Qtr FYTD 1Yr Since 4/15
-0.1 9.1 11.8 9.6
Report From June 30, 2015 to March 31, 2018

38%
29%
20%
% Return
11%
2%
-7%
-16%
6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18
Artisan International
Since Inception
Artisan International 0.4% 10.4% 21.0% 3.4 % 6.2% 7.1% 4.1 % 6.1 % 5/01
MSCI EAFE Growth Index -1.3 9.0 17.2 6.6 7.1 6.1 3.4 5.2
MSCI EAFE Index -1.7 8.0 14.6 5.5 6.5 5.3 2.7 5.2

Artisan International 1.00 -0.9% 0.87 13.0% 4.4 % -0.2

MSCI EAFE Growth Index 1.00 0.0 1.00 12.4 0.0 --
MSCI EAFE Index 1.03 -0.8 0.96 12.7 5.2 0.0

Artisan International 18.3 2.4 94,219.2M 2.0% 57.0%

MSCI EAFE Growth Index 20.2 2.6 39,698.9 2.2 --
MSCI EAFE Index 15.9 1.6 49,687.6 3.2 --

* Risk Statistics are based on monthly data. MSCI does not compute the Weighted Average Market Capitalization - the average market capitalization is used as the best available representation.
International Sector
Region Allocation
Region Weightings Market Total Returns

Japan
Primary
Region Manager Benchmark 3 Months 12 Months
Europe (ex-UK) Japan 8% 25% 2.3% 25.6%
Europe (ex-UK) 57 48 -1.5 16.9
Pacific (ex-Japan)
Pacific (ex-Japan) 3 12 -2.1 16.1
Dev Mkts - Other Dev Mkts - Other 2 0 -2.7 7.8
United Kingdom 11 15 -3.8 9.5
United Kingdom
Em Mkts - EMEA 1 0 - -
Em Mkts - EMEA Em Mkts - Asia 6 0 - -
Em Mkts - Latin Am 2 0 - -
Em Mkts - Asia
Em Mkts - Other 0 0 - -
Em Mkts - Latin Am United States 9 0 - -
Em Mkts - Other
Top Five Countries Weighting
Germany 27.2%
United States United Kingdom 11.0

United States 8.7
0% 10% 20% 30% 40% 50% 60%
Netherlands 8.4
Manager Primary Benchmark France 7.9

International Growth Universe
32%
- Artisan International
26% - MSCI EAFE Growth Index
- MSCI EAFE Index
20%
% Return
Since
14%
5th 2.8% 18.0% 27.2% 10.7% 9.9% 9.3% 6.4% 7.7%
25th 0.9 12.3 20.9 7.8 7.9 6.6 4.4 6.8
8% 50th -0.2 10.1 18.2 6.7 7.0 5.8 3.5 5.8
75th -1.1 8.5 15.7 5.4 5.9 4.6 2.6 5.0
95th -2.7 4.9 12.0 3.3 3.7 1.3 1.1 4.2
2%
0.4% 10.4% 21.0% 3.4% 6.2% 7.1% 4.1% 6.1%

-4%
-1.3 9.0 17.2 6.6 7.1 6.1 3.4 5.2
-1.7 8.0 14.6 5.5 6.5 5.3 2.7 5.2

28%
22%
16%
% Return
10%
4%
-2%
-8%
3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18
EuroPacific Growth
Since Inception
EuroPacific Growth 0.9% 13.2% 21.8% 7.9 % 8.6% 6.4% 4.6 % 7.1 % 5/01
MSCI AC World Index ex-US -1.3 10.0 16.4 6.1 5.9 4.2 2.7 5.9
MSCI EAFE Index -1.7 8.0 14.6 5.5 6.5 5.3 2.7 5.2

EuroPacific Growth 0.89 3.4% 0.90 11.9% 3.8 % 0.7

MSCI AC World Index ex-US 1.00 0.0 1.00 12.6 0.0 --
MSCI EAFE Index 1.00 0.6 0.96 12.7 4.0 0.5

EuroPacific Growth 16.2 2.0 49,692.3M 1.4% 37.0%

MSCI AC World Index ex-US 15.6 1.7 50,978.6 3.0 --
MSCI EAFE Index 15.9 1.6 49,687.6 3.2 --

EuroPacific Growth
Region Allocation

Em Mkts - Latin Am
Primary
Em Mkts - Other Em Mkts - Latin Am 3% 3% 8.0% 19.3%
Em Mkts - Other 0 0 5.0 27.1
Em Mkts - Asia
Em Mkts - Asia 30 19 0.4 24.3
Japan Japan 14 17 0.1 18.8
United States 1 0 -0.8 13.4
United States
Em Mkts - EMEA 2 4 -0.9 20.1
Em Mkts - EMEA Europe (ex-UK) 28 31 -1.3 15.5
Europe (ex-UK)
Pacific (ex-Japan) Dev Mkts - Other 4 6 -5.3 -8.4
United Kingdom
Japan 13.5%
Dev Mkts - Other United Kingdom 11.4

India 7.8
0% 5% 10% 15% 20% 25% 30% 35%
China 7.5
Manager Primary Benchmark South Korea 6.6

EuroPacific Growth
International Equity Universe
26%
- EuroPacific Growth
21% - MSCI AC World Index ex-US
- MSCI EAFE Index
16%
% Return
Since
11%
5th 2.0% 15.0% 24.0% 10.0% 9.8% 8.4% 6.1% 8.1%
25th 0.0 10.9 18.3 7.2 7.7 6.3 4.0 6.5
6% 50th -0.7 9.4 16.6 6.2 6.7 5.4 3.0 5.6
75th -1.3 7.9 14.3 5.1 5.9 4.5 2.3 4.8
95th -2.9 4.1 8.8 3.1 4.0 2.9 0.9 3.5
1%
0.9% 13.2% 21.8% 7.9% 8.6% 6.4% 4.6% 7.1%

-4%
-1.3 10.0 16.4 6.1 5.9 4.2 2.7 5.9
-1.7 8.0 14.6 5.5 6.5 5.3 2.7 5.2

29%
23%
17%
% Return
11%
5%
-1%
-7%
3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18
Dodge & Cox International
Since Inception
Dodge & Cox International -2.1% 5.9% 10.9% 3.8 % 7.3% 5.5% 4.1 % 2.9 % 7/07
MSCI EAFE Value Index -2.1 7.0 12.1 4.3 5.7 4.4 2.0 0.8
MSCI EAFE Index -1.7 8.0 14.6 5.5 6.5 5.3 2.7 1.8

Dodge & Cox International 1.01 1.4% 0.86 14.8% 5.2 % 0.3
MSCI EAFE Value Index 1.00 0.0 1.00 13.6 0.0 --
MSCI EAFE Index 0.93 1.1 0.97 12.7 5.4 0.1

Dodge & Cox International 18.3 1.5 72,000.0M 2.5% 17.0%

MSCI EAFE Value Index 13.0 1.2 53,395.7 4.2 --
MSCI EAFE Index 15.9 1.6 49,687.6 3.2 --

Region Allocation

Japan
Primary
Europe (ex-UK) Japan 9% 24% -0.6% 14.0%
Europe (ex-UK) 42 44 -0.9 14.2
United Kingdom
Pacific (ex-Japan) Pacific (ex-Japan) 0 11 -5.5 1.0
Dev Mkts - Other 9 1 -7.4 -25.7
Dev Mkts - Other
Em Mkts - EMEA 0 0 - -
Em Mkts - EMEA Em Mkts - Asia 0 0 - -
United States 0 0 - -
Em Mkts - Asia
Em Mkts - Latin Am 0 0 - -
United States Em Mkts - Other 25 0 - -
Em Mkts - Latin Am
United Kingdom 15.2%
Em Mkts - Other Switzerland 11.3

Japan 10.5
0% 10% 20% 30% 40% 50%
France 10.0
Manager Primary Benchmark Germany 6.0

International Value Universe
20%
- Dodge & Cox International
16% - MSCI EAFE Value Index
- MSCI EAFE Index
12%
% Return
Since
8%
5th 1.3% 12.7% 18.4% 8.5% 8.3% 6.5% 4.4% 3.3%
25th -0.6 10.7 17.0 6.6 7.3 5.2 3.0 1.7
4% 50th -1.3 8.7 14.4 5.6 6.4 4.6 2.5 1.5
75th -1.7 6.8 12.1 4.3 5.8 4.1 1.9 0.8
95th -2.9 2.4 5.7 3.3 5.0 3.5 1.1 -0.1
0%
-2.1% 5.9% 10.9% 3.8% 7.3% 5.5% 4.1% 2.9%

-4%
-2.1 7.0 12.1 4.3 5.7 4.4 2.0 0.8
-1.7 8.0 14.6 5.5 6.5 5.3 2.7 1.8
Report From September 30, 2007 to March 31, 2018

26%
20%
14%
% Return
8%
2%
-4%
-10%
9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18
DFA Emerging Markets Value
Since Inception
DFA Emerging Markets Value 2.2% 16.5% 19.8 % 10.1% 4.3% 1.2% 5/11
MSCI Emerging Markets Value Index 1.6 14.4 18.1 6.6 2.6 0.4

DFA Emerging Markets Value 1.05 1.6% 0.98 17.6% 2.3 % 0.7
MSCI Emerging Markets Value Index 1.00 0.0 1.00 16.7 0.0 --

DFA Emerging Markets Value 11.1 1.0 37,618.0M 2.8% 12.8%

MSCI Emerging Markets Value Index 11.3 1.2 19,266.4 3.4 --

Emerging Markets Sector
Region Allocation

Em Mkts - Latin Am
Primary
Em Mkts - EMEA Em Mkts - Latin Am 15% 13% 12.6% 26.2%
Em Mkts - EMEA 13 8 2.7 16.2
Em Mkts - Asia
Em Mkts - Asia 72 72 -0.3 17.0
United States United States 0 0 - -
Dev Mkts - Other 0 0 - -
Dev Mkts - Other
Em Mkts - Other 0 7 - -
Em Mkts - Other Europe (ex-UK) 0 0 - -
Pacific (ex-Japan) 0 0 - -
Europe (ex-UK)
Japan 0 0 - -
Pacific (ex-Japan) United Kingdom 0 0 - -
Japan
China 17.4%
United Kingdom Korea 17.4

Taiwan 16.3
0% 10% 20% 30% 40% 50% 60% 70% 80%
India 11.4
Manager Primary Benchmark Brazil 9.2

Emerging Markets Universe
38%
- DFA Emerging Markets Value
31% - MSCI Emerging Markets Value Index
24% Since
% Return
5th 5.8% 24.5% 32.7% 13.2% 8.1% 5.5%

17%
25th 2.8 19.6 26.9 10.4 6.2 3.5
50th 1.9 17.1 23.8 8.9 4.7 2.3
10% 75th 0.7 14.0 19.5 6.9 3.5 1.1
95th -1.0 8.8 13.6 2.7 -0.6 -2.2
3%
2.2% 16.5% 19.8% 10.1% 4.3% 1.2%
1.6 14.4 18.1 6.6 2.6 0.4
-4%

14%
10%
6%
% Return
2%
-2%
-6%
-10%
6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18
Harding Loevner Emerging Markets
Since Inception
Harding Loevner Emerging Markets 3.6% 17.5% 25.5 % 10.7% 7.2% 6.7% 12/12
MSCI Emerging Markets Index 1.3 17.4 24.8 8.8 5.0 4.4

Harding Loevner Emerging Markets 0.90 2.7% 0.93 14.9% 3.9 % 0.6
MSCI Emerging Markets Index 1.00 0.0 1.00 15.9 0.0 --

Harding Loevner Emerging Markets 17.3 2.7 80,811.4M 1.9% 18.2%

MSCI Emerging Markets Index 14.7 1.8 56,790.9 2.4 --

Emerging Markets Sector
Region Allocation

Em Mkts - Latin Am
Primary
Em Mkts - Other Em Mkts - Latin Am 15% 12% 8.0% 19.3%
Em Mkts - Other 0 0 5.0 27.1
Em Mkts - Asia
Em Mkts - Asia 53 73 0.4 24.3
Japan Japan 0 0 0.1 18.8
United States 2 0 -0.8 13.4
United States
Em Mkts - EMEA 21 15 -0.9 20.1
Em Mkts - EMEA Europe (ex-UK) 1 0 -1.3 15.5
Europe (ex-UK)
Pacific (ex-Japan) Dev Mkts - Other 0 0 -5.3 -8.4
United Kingdom
China 27.5%
Dev Mkts - Other South Korea 9.2

Taiwan 8.5
0% 10% 20% 30% 40% 50% 60% 70% 80%
Brazil 7.0
Manager Primary Benchmark Russia 6.8

Emerging Markets Universe
34%
- Harding Loevner Emerging Markets
28% - MSCI Emerging Markets Index
22% Since
% Return
5th 5.8% 24.5% 32.7% 13.2% 8.1% 8.1%

16%
25th 2.8 19.6 26.9 10.4 6.2 5.8
50th 1.9 17.1 23.8 8.9 4.7 4.4
10% 75th 0.7 14.0 19.5 6.9 3.5 3.2
95th -1.0 8.8 13.6 2.7 -0.6 -0.8
4%
3.6% 17.5% 25.5% 10.7% 7.2% 6.7%
1.3 17.4 24.8 8.8 5.0 4.4
-2%

11%
9%
7%
% Return
5%
3%
1%
-1%
12/17 3/18
Loomis Sayles
Since Inception
Loomis Sayles -0.5% 1.9% 4.5% 3.9 % 4.0% 5.4% 6.7 % 8.5 % 5/01

Loomis Sayles 0.69 2.6% 0.16 5.2% 4.8 % 0.5

Bloomberg Barclays US Aggregate Index 1.00 0.0 1.00 3.0 0.0 --
Effective Wtd Avg Wtd Avg Yield to FI Annl

Portfolio Statistics Duration Maturity Credit Worst Turnover
Loomis Sayles 4.3 yrs 6.2 yrs BBB+ 4.3% 15.0%

Bloomberg Barclays US Aggregate Index 6.1 8.4 AA 3.1 --

Market Appreciation/(Depreciation) $ (100) $ 360

Loomis Sayles
Fixed Income Sector
Sector Allocation

100 Primary
90
Total Weighting 100% 100% -1.5% 1.2%
80
Municipals 0 0 -1.1 2.7
70
Convertibles 5 0 2.4 10.6
60
% of Total
Private Placements/144As 0 0 -1.7 2.3

50
Government/Sovereigns 31 38 -1.2 0.6
40
Agencies/Regional 0 34 -0.7 1.2
30
Mortgage-Passthrough (TBA) 0 0 -0.8 6.5
20
Other 25 0 -0.3 0.9

10
Invt. Grade Corporates 13 25 -2.3 2.8

0
Manager Primary Benchmark
High Yield Corporates 23 0 -0.9 3.8
Municipals Other
Convertibles Invt. Grade Corporates Non-Agency ABS 2 1 -0.4 0.7
Private Placements/144As High Yield Corporates
Government/Sovereigns Non-Agency ABS Non-Agency MBS 0 2 -1.5 1.2
Agencies/Regional Non-Agency MBS
Mortgage-Passthrough (TBA) Leveraged/Bank Loans Leveraged/Bank Loans 0 0 1.3 4.3
*Sector weightings may not add up to 100% due to rounding.

Loomis Sayles
Core Fixed Income Universe
14%
- Loomis Sayles
11% - Bloomberg Barclays US Aggregate Index
8% Since
% Return
5th -0.4% 1.2% 4.1% 3.3% 3.8% 5.9% 5.8% 6.4%

5%
25th -1.2 0.3 2.1 2.0 2.5 3.8 4.5 5.1
50th -1.4 -0.1 1.5 1.5 2.0 3.3 4.1 4.7
2% 75th -1.6 -0.4 1.0 1.1 1.7 2.9 3.7 4.3
95th -2.4 -0.9 0.4 0.6 1.1 2.3 2.7 3.3
-1%
-0.5% 1.9% 4.5% 3.9% 4.0% 5.4% 6.7% 8.5%
-1.5 -0.2 1.2 1.2 1.8 2.9 3.6 4.5
-4%

16%
13%
10%
% Return
7%
4%
1%
-2%
3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18
DoubleLine Total Return Bond
Since Inception
DoubleLine Total Return Bond -0.5% 0.8% 2.2 % 2.0% 2.6% 6/14
Bloomberg Barclays US Aggregate Index -1.5 -0.2 1.2 1.2 1.9

DoubleLine Total Return Bond 0.67 1.2% 0.89 2.0% 1.2 % 0.6

DoubleLine Total Return Bond 4.1 yrs 5.7 yrs A 3.4% 22.0%

Market Appreciation/(Depreciation) $ (147) $ 219

Fixed Income Sector
Sector Allocation

100 Primary
90
Total Weighting 100% 100% -1.5% 1.2%
80
70
60
% of Total

50
40
30
20
Other 10 0 -0.3 0.9

10

0
Municipals Other

8%
- DoubleLine Total Return Bond
4% Since
% Return
5th -0.4% 1.2% 4.1% 3.3% 3.8%

2%
25th -1.2 0.3 2.1 2.0 2.4
50th -1.4 -0.1 1.5 1.5 2.0
0% 75th -1.6 -0.4 1.0 1.1 1.7
95th -2.4 -0.9 0.4 0.6 1.2
-2%
-0.5% 0.8% 2.2% 2.0% 2.6%
-1.5 -0.2 1.2 1.2 1.9
-4%

6%
5%
4%
% Return
3%
2%
1%
0%
6/17 9/17 12/17 3/18
JPMorgan Core Bond
Since Inception
JPMorgan Core Bond -1.3% -0.1% 1.5 % 1.3% 1.9% 6/14


JPMorgan Core Bond 0.98 0.0% 0.98 2.8% 0.4 % 0.0


JPMorgan Core Bond 5.7 yrs 7.6 yrs AA 2.8% 21.9%


Market Appreciation/(Depreciation) $ (249) $ (12)

JPMorgan Core Bond
Fixed Income Sector
Sector Allocation

100 Primary
90
Total Weighting 100% 100% -1.5% 1.2%
80
70
60
% of Total

50
40
30
20
Other 14 0 -0.3 0.9

10

0
Municipals Other

JPMorgan Core Bond
8%
- JPMorgan Core Bond
4% Since
% Return
5th -0.4% 1.2% 4.1% 3.3% 3.8%

2%
25th -1.2 0.3 2.1 2.0 2.4
50th -1.4 -0.1 1.5 1.5 2.0
0% 75th -1.6 -0.4 1.0 1.1 1.7
95th -2.4 -0.9 0.4 0.6 1.2
-2%
-1.3% -0.1% 1.5% 1.3% 1.9%
-1.5 -0.2 1.2 1.2 1.9
-4%

6%
5%
4%
% Return
3%
2%
1%
0%
6/17 9/17 12/17 3/18
HBK Fund, L.P.
Since Inception
HBK Fund, L.P. 0.8% 3.5% 3.7% 3.2% 3.9% 4.4% 4.3% 3.7% 6/07
HFRI Relative Value Index 0.2 2.6 3.1 3.6 4.1 4.5 5.2 4.7
Standard Sharpe Maximum

Risk Statistics (5 years) Beta Alpha R² Deviation Ratio Drawdown Geographic Allocation
HBK Fund, L.P. 0.65 1.1 % 0.0 10.4% 0.34 -13.7 %
Em Mkts - Other 16%
HFRI Relative Value Index 1.00 0.0 1.0 2.7 1.38 -5.6
Em Mkts - Latin Am 0%
Bloomberg Barclays US Aggregate Index 0.12 1.0 0.0 3.0 0.50 -3.7
Em Mkts - Asia 0%
Em Mkts - EMEA 0%
Dev Mkts - Other 0%
United States 51%
United Kingdom 0%
Japan 4%
Pacific (ex-Japan) 3%
Europe (ex-UK) 27%
8% 16% 24% 32% 40% 48%
4.5 Strategy Allocation

4
Annualized Return
16%
3.5 23%
3
6%
2.5
Other/Special Investment
2 Emerging Markets
Fixed Income/Credit
1.5
Merger Arbitrage
0 2 4 6 8 10 12 Event Driven 24%
Annualized Standard Deviation 31%
HBK Fund, L.P. HFRI Relative Value Index

Bloomberg Barclays US Aggregate Index

Och Ziff Master Fund, Ltd.
Since Inception
Och Ziff Master Fund, Ltd. 1.9% 4.4% 7.6% 3.9% 6.0% 6.0% 6.5% 6.0% 6/07
DJ/CS HFI Multi-Strategy 1.7 3.3 5.7 4.6 6.1 6.1 5.4 5.0

Risk Statistics (5 years) Beta Alpha R² Deviation Ratio Drawdown Geographic Allocation
Och Ziff Master Fund, Ltd. 1.12 -0.8 % 0.2 7.1% 0.80 -8.2 %
Em Mkts - Other 0%
DJ/CS HFI Multi-Strategy 1.00 0.0 1.0 2.9 1.97 -2.2
Em Mkts - Asia 0%
Em Mkts - EMEA 0%
Dev Mkts - Other 0%
United States 64%
United Kingdom 0%
Japan 0%
Pacific (ex-Japan) 18%
Europe (ex-UK) 18%
11% 22% 33% 44% 55% 66%
7 Strategy Allocation
6
1%
Annualized Return
5 18%
3
Other/Special Investment 46%
2 17%
Long/Short Equity
Fixed Income/Credit
1
Merger Arbitrage
2 3 4 5 6 7 8 Convertible Arbitrage
Annualized Standard Deviation
Och Ziff Master Fund, Ltd. DJ/CS HFI Multi-Strategy 18%

Fir Tree International Value Fund, L.P.
Since Inception
Fir Tree International Value Fund, L.P. -1.1% 0.4 % 0.8% -3.1% -1.8% 1/14
HFRI Fund Weighted Composite Index 0.0 4.9 5.9 3.5 3.9

Risk Statistics (Since 1/14) Beta Alpha R² Deviation Ratio Drawdown Geographic Allocation
Fir Tree International Value Fund, L.P. 1.67 -8.1 % 0.5 8.5% -0.26 -23.2 %
Em Mkts - Other 2%
HFRI Fund Weighted Composite Index 1.00 0.0 1.0 3.9 0.89 -7.2
Em Mkts - Asia 0%
Em Mkts - EMEA 0%
Dev Mkts - Other 0%
Asset Growth Summary (in thousands) Qtr FYTD United States 68%
Beginning Market Value $ 8,870 $ 8,730 United Kingdom 0%
Net Contributions/(Distributions) $ 0 $ 0 Japan 0%
Market Appreciation/(Depreciation) $ (102) $ 38 Pacific (ex-Japan) 24%

Europe (ex-UK) 6%
11% 22% 33% 44% 55% 66%
3
5%
Annualized Return
2
20%
1
0
48%
-1 Global Macro
Long/Short Equity
-2
Fixed Income/Credit
2 3 4 5 6 7 8 9 Event Driven
Annualized Standard Deviation 27%
Fir Tree International Value Fund, L.P. HFRI Fund Weighted Composite Index

MKP Opportunity Offshore
Since Inception
MKP Opportunity Offshore 1.0% 1.3 % -0.5% -0.8% 1.1% 1/14
HFRI Macro Index -1.4 1.5 0.8 -0.9 1.6

MKP Opportunity Offshore 0.48 0.1 % 0.2 4.7% 0.15 -7.4 %
Em Mkts - Other 0%
HFRI Macro Index 1.00 0.0 1.0 4.4 0.28 -4.4
Em Mkts - Asia 0%
Em Mkts - EMEA 1%
Dev Mkts - Other 4%
Market Appreciation/(Depreciation) $ 73 $ 90 Pacific (ex-Japan) 4%

Europe (ex-UK) 40%
8% 16% 24% 32% 40% 48%
2.5
Annualized Return
1.5
0.5
0
2 2.5 3 3.5 4 4.5 5 Global Macro
MKP Opportunity Offshore HFRI Macro Index
100%

Graham Capital Proprietary Matrix
Since Inception
Graham Capital Proprietary Matrix 0.3% 6.2 % -1.0% -1.1% 5.4% 1/14
HFRI Global Macro Index -1.4 1.5 0.8 -0.9 1.6

Graham Capital Proprietary Matrix 1.86 2.7 % 0.6 11.1% 0.45 -9.5 %
Em Mkts - Other 0%
HFRI Global Macro Index 1.00 0.0 1.0 4.4 0.28 -4.4
Em Mkts - Asia 0%
Em Mkts - EMEA 0%
Dev Mkts - Other 0%
Market Appreciation/(Depreciation) $ 27 $ 533 Pacific (ex-Japan) 0%

Europe (ex-UK) 0%
17% 34% 51% 68% 85% 102%
5
Annualized Return
0
0 2 4 6 8 10 12 Global Macro
Graham Capital Proprietary Matrix HFRI Global Macro Index
100%

Siguler Guff Distressed Opport. III
Summary of Manager Performance
Fund Summary Client Investment Summary 3/31/2018 12/31/2017

Fund Company Siguler Guff Committed Capital $10,000,001 $10,000,001
Fund Name Siguler Guff Distressed Opportunities III Called Capital $9,624,495 $9,624,495
Focus FOF - Private Equity - Distressed Distributed Capital $12,289,803 $12,055,943
Capital Drawn 96% Market Value $1,893,700 $2,088,017
Vintage Year 2007, 2008, 2009, 2010, 2011 Total Value $14,183,503 $14,143,960
Distributed Capital/ Total Value/

Ratios Called Capital Called Capital Performance Summary 12/31/2017
Siguler Guff Distressed Opportunities III 1.28 1.47 Siguler Guff Distressed Opportunities III IRR 8.9%
Peer Group 0.99 1.55 ICE BofAML High Yield Bond Index IRR 11.1%
Peer Group IRR 9.3%
Quartile Rank 3rd
Cumulative Cash Flow Summary Cumulative Total Value Comparison
$14.75 $15.99
$11.80 $12.79

$8.85 $9.59
$14.18 $15.93
$12.29 $14.18
$5.90 $10.00 $6.40
$9.62
$2.95 $3.20
$0.00 $0.00
5/08
9/08
3/09
9/09
3/10
9/10
3/11
9/11
3/12
9/12
3/13
9/13
3/14
9/14
3/15
9/15
3/16
9/16
3/17
9/17
3/18
5/08
9/08
3/09
9/09
3/10
9/10
3/11
9/11
3/12
9/12
3/13
9/13
3/14
9/14
3/15
9/15
3/16
9/16
3/17
9/17
3/18
Committed Capital Distributed Capital Siguler Guff Distressed Opportunities III
Called Capital Total Value ICE BofAML High Yield Bond Index
* The fund retains the option to recall return of capital per the limited partnership agreement. Recalled capital may cause "percent called" to be greater than 100%.
* Funds with less than two years of history are not included in the IRR calculation.
Kayne Anderson Energy Fund VI

Fund Company Kayne Anderson Capital Advisors, LP Committed Capital $4,000,000 $4,000,000
Fund Name Kayne Anderson Energy Fund VI, L.P. Called Capital $3,622,908 $3,622,908
Focus Private Natural Resources - Energy Distributed Capital $3,606,083 $3,491,665
Vintage Year 2012 Total Value $5,114,239 $5,073,327

Kayne Anderson Energy Fund VI, L.P. 1.00 1.41 Kayne Anderson Energy Fund VI, L.P. IRR 15.5%
Peer Group 0.42 1.20 S&P 500 Energy Sector Index IRR -1.6%
Peer Group IRR 5.7%
Quartile Rank -
$5.90 $5.90
$4.72 $4.72

$3.54 $3.54
$5.11 $5.11
$4.00 $3.51
$2.36 $3.62 $2.36
$3.61
$1.18 $1.18
$0.00 $0.00
1/13
3/13
6/13
9/13
12/13
3/14
6/14
9/14
12/14
3/15
6/15
9/15
12/15
3/16
6/16
9/16
12/16
3/17
6/17
9/17
12/17
3/18
1/13
3/13
6/13
9/13
12/13
3/14
6/14
9/14
12/14
3/15
6/15
9/15
12/15
3/16
6/16
9/16
12/16
3/17
6/17
9/17
12/17
3/18
Committed Capital Distributed Capital Kayne Anderson Energy Fund VI, L.P.
Called Capital Total Value S&P 500 Energy Sector Index
* If distributed capital from investment surpass the remaining value of the benchmark, the benchmark is considered terminated.
The IRR is then calculated up to that date, and the total value will remain unchanged for the remaining life of the investment.
VIA Energy III

Fund Company Venture Investment Associates Committed Capital $4,000,000 $4,000,000
Fund Name Venture Investment Associates Energy III, LP Called Capital $2,039,986 $2,039,986
Focus Private Natural Resources - Energy Distributed Capital $409,402 $348,391

Venture Investment Associates Energy III, LP 0.20 1.15 Venture Investment Associates Energy III, LP IRR 7.3%
Peer Group 0.04 1.21 S&P 500 Energy Sector Index IRR 3.2%
Peer Group IRR 10.7%
Quartile Rank 3rd
$4.00 $2.34
$3.20 $1.87

$2.40 $1.40
$4.00 $2.34
$2.34 $2.03
$1.60 $2.04 $0.94
$0.41
$0.80 $0.47
$0.00 $0.00
12/14
1/15
3/15
5/15
7/15
9/15
11/15
1/16
3/16
5/16
7/16
9/16
11/16
1/17
3/17
5/17
7/17
9/17
11/17
1/18
3/18
12/14
1/15
3/15
5/15
7/15
9/15
11/15
1/16
3/16
5/16
7/16
9/16
11/16
1/17
3/17
5/17
7/17
9/17
11/17
1/18
3/18
Committed Capital Distributed Capital Venture Investment Associates Energy III, LP
Natural Gas Partners XI, L.P.

Fund Company Natural Gas Partners Committed Capital $4,000,000 $4,000,000
Fund Name Natural Gas Partners XI, L.P. Called Capital $3,340,469 $3,105,466
Focus Private Natural Resources - Energy Distributed Capital $326,997 $282,041

Natural Gas Partners XI, L.P. 0.10 1.22 Natural Gas Partners XI, L.P. IRR 21.5%
Peer Group 0.07 1.06 S&P 500 Energy Sector Index IRR 7.8%
Peer Group IRR 2.5%
Quartile Rank 1st
$4.08 $4.08
$3.26 $3.26

$2.45 $2.45
$4.08 $4.08
$4.00 $3.42
$1.63 $3.34 $1.63
$0.33
$0.82 $0.82
$0.00 $0.00
2/15
3/15
5/15
7/15
9/15
11/15
1/16
3/16
5/16
7/16
9/16
11/16
1/17
3/17
5/17
7/17
9/17
11/17
1/18
3/18
2/15
3/15
5/15
7/15
9/15
11/15
1/16
3/16
5/16
7/16
9/16
11/16
1/17
3/17
5/17
7/17
9/17
11/17
1/18
3/18
Committed Capital Distributed Capital Natural Gas Partners XI, L.P.
Index Summary Sheet for Periods Ending March 31, 2018
Annualized
Global Equity Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr
MSCI AC World Index -1.0% -1.0% 14.8% 8.1% 9.2% 5.6%
MSCI World Index -1.3 -1.3 13.5 7.9 9.7 5.9
S&P 500 Index -0.8 -0.8 14.0 10.8 13.3 9.5
Russell 3000 Index -0.6 -0.6 13.8 10.2 13.0 9.6
Russell 1000 Index -0.7 -0.7 14.0 10.4 13.2 9.6
Russell 1000 Value Index -2.8 -2.8 6.9 7.9 10.8 7.8
Russell Midcap Index -0.5 -0.5 12.2 8.0 12.1 10.2
Russell Midcap Growth Index 2.2 2.2 19.7 9.2 13.3 10.6
Russell Midcap Value Index -2.5 -2.5 6.5 7.2 11.1 9.8
Russell 2000 Index -0.1 -0.1 11.8 8.4 11.5 9.8
Russell 2000 Value Index -2.6 -2.6 5.1 7.9 10.0 8.6
Russell Microcap Index 0.7 0.7 13.5 8.0 11.8 9.2
MSCI AC World Index ex-U.S. -1.3 -1.3 16.4 6.1 5.9 2.7
MSCI EAFE Index -1.7 -1.7 14.6 5.5 6.5 2.7
MSCI EAFE Growth Index -1.3 -1.3 17.2 6.6 7.1 3.4
MSCI EAFE Value Index -2.1 -2.1 12.1 4.3 5.7 2.0
MSCI Small Cap EAFE Index 0.0 0.0 23.2 12.2 11.0 6.5
MSCI Emerging Markets Index 1.3 1.3 24.8 8.8 5.0 3.0
MSCI Emerging Markets Small Cap Index 0.0 0.0 18.4 7.2 4.6 4.3
MSCI Frontier Markets Index 5.0 5.0 27.1 7.9 8.6 -0.7
HFRI Equity Hedge Index 0.4 0.4 9.5 5.2 5.7 3.9
HFRI Emerging Markets 1.1 1.1 13.4 7.4 4.6 2.6
HFRI FOF: Strategic Index 0.4 0.4 7.5 2.6 4.0 1.7
Thomson One All Private Capital Index 0.0 0.0 8.2 8.8 10.9 7.3
Thomson One Buyout Index 0.0 0.0 11.4 11.9 12.6 8.5
Thomson One Fund of Funds Index 0.0 0.0 6.8 7.3 10.3 6.9
Thomson One Venture Capital Index 0.0 0.0 10.5 8.3 15.7 10.1
Global Fixed Income
Bloomberg Barclays US Aggregate Index -1.5 -1.5 1.2 1.2 1.8 3.6
Bloomberg Barclays U.S. TIPS Index -0.8 -0.8 0.9 1.3 0.0 2.9
Bloomberg Barclays Government Bond Index -1.1 -1.1 0.4 0.5 1.1 2.7
Bloomberg Barclays Municipals Index -1.1 -1.1 2.7 2.3 2.7 4.4
Bloomberg Barclays Asset Backed Index -0.4 -0.4 0.6 1.2 1.2 3.1
Index Summary Sheet for Periods Ending March 31, 2018
Annualized
Global Fixed Income (continued) Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr
Bloomberg Barclays US MBS Index -1.2% -1.2% 0.8% 1.1% 1.8% 3.5%
Bloomberg Barclays IG CMBS Index -1.2 -1.2 1.3 1.6 2.2 5.0
Bloomberg Barclays U.S. Credit Index -2.1 -2.1 2.6 2.2 2.8 5.1
Bloomberg Barclays US Corporate HY Index -0.9 -0.9 3.8 5.2 5.0 8.3
Bloomberg Barclays Interm. US G/C Index -1.0 -1.0 0.4 0.9 1.2 2.9
ICE BofAML 1-3 Yr. Govt. Bond Index -0.1 -0.1 0.0 0.4 0.5 1.1
U.S. 91-Day Treasury Bills 0.4 0.4 1.2 0.6 0.3 0.3
CS Leveraged Loan Index 1.6 1.6 4.6 4.3 4.2 5.4
JPMorgan Non-U.S. GBI Hedged Index 0.4 0.4 2.8 2.4 3.9 4.2
JPMorgan Non-U.S. GBI Index 4.5 4.5 12.6 5.1 1.4 2.0
JPMorgan EMBI Plus Index -2.0 -2.0 2.2 5.1 3.6 6.5
JPMorgan EMBI Global Index -1.8 -1.8 3.3 5.5 3.9 6.8
HFRI RV: Fixed Income - Corporate Index 0.7 0.7 5.2 5.0 4.2 5.2
HFRI ED: Distressed/Restructuring Index 0.5 0.5 4.1 3.9 4.0 4.4
Thomson One Distressed Index 0.0 0.0 9.0 8.4 9.2 8.6
Real Assets
FTSE NAREIT All Equity Index -6.7 -6.7 -1.1 2.9 6.7 6.9
S&P Developed BMI Property Index -4.7 -4.7 4.1 2.2 4.6 3.9
S&P Developed ex-U.S. Property Index -1.2 -1.2 15.2 5.6 5.5 4.0
NCREIF Property Index 0.0 0.0 5.3 8.1 9.6 5.9
Bloomberg Commodity Index -0.4 -0.4 3.7 -3.2 -8.3 -7.7
Alerian MLP Index -11.1 -11.1 -20.1 -11.2 -5.8 5.6
NCREIF Timberland Index 0.0 0.0 2.8 3.1 5.9 4.0
Thomson One Private Real Estate Index 0.0 0.0 7.0 8.6 10.6 1.7
Diversifying Strategies
HFRI Fund of Funds Index 0.3 0.3 5.6 1.9 3.4 1.6
HFRI Fund Weighted Composite Index 0.0 0.0 5.9 3.5 4.2 3.6
HFRI FOF: Conservative Index 0.6 0.6 3.5 1.7 3.0 1.3
HFRI Event Driven 0.2 0.2 5.3 4.1 4.8 4.6
HFRI Relative Value Total Index 0.2 0.2 3.1 3.6 4.1 5.2
HFRI Macro Index -1.4 -1.4 0.8 -0.9 0.9 1.4
Other
Consumer Price Index - U.S. 0.6 0.6 2.3 1.9 1.5 1.6
U.S. Dollar Index -1.9 -1.9 -10.2 -2.9 1.7 2.3
* For indices that report returns on a lag, 0.0% is utilized for the most recent time period until the actual return data are reported.
Benchmark Composition Summary
Broad Policy Index

Since Inception Weight Since Inception Weight June 30, 2015 Weight
S&P 500 Index 70.00% S&P 500 Index 70.00% Russell 1000 Index 36.00%
Bloomberg Barclays US Aggregate Index 30.00% Bloomberg Barclays US Aggregate Index 30.00% Russell 2000 Index 10.20%
MSCI EAFE Index 15.20%
May 31, 2001 Weight May 31, 2001 Weight MSCI Emerging Markets Index 5.00%
S&P 500 Index 55.00% S&P 500 Index 55.00% Bloomberg Barclays US Aggregate Index 13.60%
Russell 2000 Index 10.00% Russell 2000 Index 10.00% CPI + 3% Index 5.00%
MSCI EAFE Index 10.00% MSCI EAFE Index 10.00% DJ/CS HFI Multi-Strategy 15.00%
Bloomberg Barclays US Aggregate Index 25.00% Bloomberg Barclays US Aggregate Index 25.00%
CPI + 5.5%
June 30, 2004 Weight June 30, 2004 Weight Since Inception Weight
S&P 500 Index 51.00% S&P 500 Index 51.00% Consumer Price Index - U.S. 100.00%
Russell 2000 Index 10.20% Russell 2000 Index 10.20%
MSCI EAFE Index 10.20% MSCI EAFE Index 10.20% December 31, 2016 Weight
Bloomberg Barclays US Aggregate Index 28.60% Bloomberg Barclays US Aggregate Index 28.60% CPI + 5.5% Index 100.00%
June 30, 2007 Weight June 30, 2007 Weight

S&P 500 Index 46.00% S&P 500 Index 46.00%
Russell 2000 Index 10.20% Russell 2000 Index 10.20%
MSCI EAFE Index 15.20% MSCI EAFE Index 15.20%
Bloomberg Barclays US Aggregate Index 28.60% Bloomberg Barclays US Aggregate Index 28.60%
June 30, 2010 Weight June 30, 2010 Weight

Russell 3000 Index 56.20% S&P 500 Index 46.00%
MSCI AC World Index ex-U.S. 15.20% Russell 2000 Index 10.20%
Bloomberg Barclays US Aggregate Index 13.60% MSCI EAFE Index 15.20%
HFRI Fund of Funds Index 15.00% Bloomberg Barclays US Aggregate Index 13.60%
DJ/CS HFI Multi-Strategy 15.00%
June 30, 2015 Weight
Russell 3000 Index 51.20%
MSCI AC World Index ex-U.S. 20.20%
Bloomberg Barclays US Aggregate Index 28.60%
Target Weighted Index
© 2018 Fund Evaluation Group, LLC Appendix - 1 Confidential - For Client Use Only
Disclosures
This one on one report was prepared by FEG (also known as Fund Evaluation Group, LLC), a federally registered investment adviser under the Investment Advisers Act of 1940, as
amended, providing non-discretionary and discretionary investment advice to its clients on an individual basis. Registration as an investment adviser does not imply a certain
level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. Fund
Evaluation Group, LLC, Form ADV can be obtained by written request directed to: Fund Evaluation Group, LLC, 201 East Fifth Street, Suite 1600, Cincinnati, OH 45202 Attention:
Compliance Department.
The information herein was obtained from various sources. FEG does not guarantee the accuracy or completeness of such information provided by third parties. The
information in this report is given as of the date indicated and believed to be reliable. FEG assumes no obligation to update this information, or to advise on further
developments relating to it. FEG, its affiliates, directors, officers, employees, employee benefit programs and client accounts may have a long position in any securities of issuers
discussed in this report.
Market Values and return statistics for time periods pre-dating FEG’s relationship with clients may include data provided by the clients and/or a previous consultant is assumed
to be accurate. However, this information is not independently verified by FEG.
Performance results are calculated using information provided by the custodian and/ or independent pricing sources. It is the responsibility of the trustee, custodian and /or
manager to ensure the accuracy of market value and transactional data. Performance analysis is calculated using monthly and/or quarterly market values. Performance analysis
and asset valuations may or may not include accrued interest and dividend income and are net of management fees. FEG/Consulting fees may or may not be deducted, based
on client preference.
FEG’s universes are updated monthly and the traditional asset classes are constructed from Lipper data feeds encompassing over 19,000 mutual funds. Lipper classifies
approximately 50 asset classes according to the funds’ investment objectives and portfolio attributes. FEG screens the Lipper universes to include only institutional and no-load
funds. However, because the Lipper data may treat multiple share classes of the same fund as separate funds for the purposes of constructing their universes, FEG further
screens the universes to eliminate multiple share classes within the institutional and no-load funds (examples include retirement-share classes and 529-share classes) in an effort
to present pure-institutional universes.
Monitoring of managers includes fundamental research for all investment managers, as well as enhanced coverage for managers that have been approved for FEG’s
recommended list. A Quarterly Compliance Questionnaire is the basis of fundamental coverage and requests qualitative (e.g., personnel, organizational changes) and
quantitative information (performance, cash flows) on all investment strategies for ongoing monitoring and adherence to investment policy. Clients may have exposure to both
fundamental and recommended managers in their portfolio depending on their unique needs. FEG conducts conference calls directly with the active managers that receive
enhanced coverage.
Mutual funds are bound by their prospectus, limiting potential deviation from the stated investment strategy.
Clients are encouraged to contact their Investment Advisers immediately if there are changes to their financial situation or investment objectives, or if they wish to impose or
modify restrictions on the management of their account(s). Please notify your adviser immediately if you believe that any information on file is incorrect, or have had changes
that have not been previously discussed.
Index performance results do not represent any managed portfolio returns. An investor cannot invest directly in a presented index, as an investment vehicle replicating an index
would be required. An index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown.
This report is prepared for informational purposes only. Past Performance is not indicative of future results.
Confidential – For Client Use Only

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COMPOSITE PERFORMANCE REVIEW

Report for Periods Ending March 31, 2018

University of South Carolina Foundations

Data sources: Lipper and Hedge Fund Research

© 2018 Fund Evaluation Group, LLC 1a Confidential – Not for Redistribution

Stocks vs. Bonds U.S. and International Equities

© 2018 Fund Evaluation Group, LLC 1b Confidential – Not for Redistribution

Data Source: Russell

CONSUMER DISCRETIONARY 1.7% 30%

HEALTH CARE -0.3%

ENERGY -6.1% 1.5%

REAL ESTATE -6.2% 0%

CONSUMER STAPLES -6.7% -2.8%

TELECOMMUNICATION SERVICES -7.3%

© 2018 Fund Evaluation Group, LLC 1c Confidential – Not for Redistribution

Quarter (local) Quarter ($) Quarter (local) Quarter ($)

-10% -5% 0% 5% -5% 0% 5% 10%

Data Source: MSCI Barra Data Source: MSCI Barra

$300 292 300

$250 234 240 250

© 2018 Fund Evaluation Group, LLC 1e Confidential – Not for Redistribution

U.S. TREASURY YIELD CURVE Broad Fixed Income

2% 6% 5.2% 5.1% 5.1% 5.0%

© 2018 Fund Evaluation Group, LLC 1f Confidential – Not for Redistribution

Data Sources: NAREIT, Bloomberg, and Alerian

Manufactured Homes -1.0% Industrial 3.3%

Industrial -3.4% Office 1.7%

Apartments -5.1% Apartment 1.6%

Office -7.3% Retail 1.3%

Health Care -10.9%

Retail -11.2% Hotel 1.0%

© 2018 Fund Evaluation Group, LLC 1g Confidential – Not for Redistribution

Data Source: HedgeFund Research

© 2018 Fund Evaluation Group, LLC 1h Confidential – Not for Redistribution

Portfolio Value Over Time (In Millions)

Current Target Target

Large Cap Equity 43.7% 36.0% 26.0% - 56.0%

Total 100.0% 100.0%

Portfolio Portfolio Market Current

Total $576,241,044 100.0%

Committed Called Distributed Fair Multiple of Fair MV as a Target MV as a

Committed Called Distributed Fair Multiple of

Private Equity $10,000,001 $9,624,495 96% $12,289,803 $1,893,700 1.5 8.9%

Committed Called Distributed Fair Multiple of

Performance Objectives Result Objective Achieved

Measurement Period: Moving 5 Year

Sharpe Standard Tracking Information

Asset Growth Summary (in thousands) Qtr FYTD

Beginning Market Value $ 575,496 $ 513,890

Ending Market Value $ 576,241 $ 576,241

* Risk Statistics are based on monthly data.

5th 3.3% 13.5% 20.0% 10.0% 11.6% 11.0% 9.3% 7.8%

Standard Tracking Information

Trailing Trailing Wtd Avg Current Equity Annual

iShares S&P 500 Index 21.3 3.2 199,050.0M 2.0% -- %

Asset Growth Summary (in thousands) Qtr FYTD

Beginning Market Value $ 105,315 $ 74,673

Ending Market Value $ 104,667 $ 104,667

* Risk Statistics are based on monthly data.

Sector Weightings Market Total Returns

Financials Financials 15 15 -1.0 18.0

Consumer Staples Other 0 0 - -

Telecommunication Services Top Five Holdings Weighting

Number of Holdings: 505