agenda city of fort worth deferred compensation …

Executive Session - The Deferred Compensation Program Committee may conduct a closed meeting as authorized

by Section 551.071 of the Texas Government Code to seek the advice of its attorneys on legal issues regarding any

matter listed on today's Deferred Compensation Program Committee Agenda.

Due to health and safety concerns related to the COVID-19 coronavirus, this meeting will be conducted by videoconference or telephone call in accordance with the Texas Open Meetings Act and the provisions provided by the Governor of Texas in conjunction with the Declaration of Disaster enacted on March 13, 2020. .

AGENDA CITY OF FORT WORTH

DEFERRED COMPENSATION OVERSIGHT COMMITTEE FRIDAY, DECEMBER 3, 2021

9:00 AM VIDEOCONFERENCE

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Meeting Number: 2554 721 1008 Meeting Password: 89T9vk78Nim

Join by phone 469-210-7159

Access Code: 2554 721 1008 ____________________________________________________________________________________________

I. Call to Order – Daryl Trotter

II. Opening Comments – Daryl Trotter

III. Approval of Minutes from August 27, 2021 Meeting

IV. Briefings

a. 457 Plan IRS Audit – Joanne Hinton

b. TIAA Third Quarter 2021 Plan Report – Donna Ahrens, TIAA

c. TIAA Communications Update – Aaron Knode, TIAA

d. Large Cap Fund Transition Update – Donna Ahrens, TIAA

e. Third Quarter Performance – Tony Kay, &Co.

f. 457 Member Fiduciary Training – Tony Kay, &Co.

g. Handbook Subcommittee Update – Joanne Hinton

h. Future meeting dates – Vivianee Haydon

V. Future Agenda Items

VI. Public Comment

VII. Adjourn

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DEFERRED COMPENSATION COMMITTEE MEETING MINUTES

1 DEFERRED COMPENSATION COMMITTEE MEETING MINUTES

Friday, August 27th 2021

VIDEOCONFERENCE

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Meeting Password: Gk9gMyq7yN3 Join by phone 469-210-7159

Access Code: 2557 069 0371

Agenda Item Description Follow-up Action

Attendees Committee Members: Daryl Trotter (Chair) – Park and Recreation, John Samford – (Vice Chair) Finance, Nathan Gregory – Human Resources, , Shannon Elder – Code Compliance, Darryl Woody – Police, Elizabeth Dierdorf – Retiree, Veronica Bailey – TPW Committee Members Not In Attendance: Jared Salzman – Police, Larry Bilbrey – Fire

Professional Advisor: Tony Kay – AndCo Consulting

Vendors: Donna Ahrens – TIAA City Staff Attendance: J.B. Strong – Legal, Joanne Hinton, Vivianee Haydon – Human Resources Public Presence: None

Call to Order The meeting called to order at 9:02am

Opening Comments Everyone continue to stay safe.

Approval of Minutes from May 28, 2021 Meeting

John had a few changes that Joanne updated. John motioned to approved minutes from May 28, 2021 meeting. Shannon Elder seconded. All in favor, minutes were approved.

Briefings • 457 Plan IRS Audit

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Joanne notified the committee that we had an audit. We received the audit notice in June and had 14 days to reply. We did reply within the timeframe requested. We also had a couple of calls with the auditor. We confirmed it with our auditor that we were not audited because of anything on our plan, or any concerns about our plan. We were audited because it was our turn. We did comply with everything with regards to the audit and have mailed them everything they requested, including 457 minutes and agendas. This was all for the 2018 plan year. We have not yet heard about the results of the audit but when we do, we will share that information with the committee.

• TIAA Second Quarter 2021 Plan Report Trends for Q2, in terms of contributions coming into the plan, enrollments, any type of new enrollments, assets, employees making changes with their investment allocations etc. they have been staying the same. We're not seeing a lot of change. A number of our plan sponsors had hiring freezes, they weren't hiring any new employees into the plan. Over the past year, it looks like 69 new enrollments into the plan. Then there is a breakdown of how they were enrolled in the plan. Paper enrollment is a thing of the past, usually its online enrollment. We looked at the different quadrants and the demographics of our employees that are in the plan by age and gender. Average account balance, we are going to see a larger account balance with older employees because they have been investing and saving longer. At any time, they can log into their own account, or they can call into the National contact center and do an advice session and look at their retirement income. They will show you projections if you start contributing a certain amount more per month, how that will change the income amount because. We discussed overall assets in the plan and overall contributions on page 19. We looked at the breakdown and then contributions coming into the plan as well. Page 21 looked at the top 5 investments by contributions and where our employees are investing. 3 talked about the inflows of the plan. The main goal is to try to keep it in the plan. There was a dip in rollovers out. Brandon is meeting with those retiring to let them know their options. Donna wanted to mention that Michael Thomas would like to go through the communication, education and advice presentation. We want to talk about the



marketing campaigns that are automatically sent out then opportunities for targeted campaigns. Donna asked to get that scheduled with Joanne and Nathan. When we did gaming in the past that generated a lot of activity with the employees.

• Second Quarter Performance Good news to share. S&P500 up 8.5% for the quarter international markets up, not quite as much and that was driven primarily by the strength in the U. S. dollar. Fixed income in the green positive as well. Certainly not to the level of equity markets but when we think about this report, and where we were last quarter, we actually sold losses in fixed income with interest rates going up. Fast forward to 2nd quarter this year and interest rates declined a little bit. Returns got more than 40%, so we are still coming off the lows of the global pandemic and the shutdown. On page 41, AMC entertainment holdings had a quarterly return of 455% and a 1 year return ended June 30 of 1,221%. AMC 2nd quarter had a 330 million dollar loss and yet the stock is up 455%. Diligent investment managers are not typically going to day trade a portfolio. When you look at some of the manager returns they’re good but some of them trail the benchmark. 7, looking at the diversification of the portfolio a lot of the participants are using equity mutual funds and then the balances funds. June 30, 2020 total market value is 266 million and looking at this 2nd quarter end just over 328 million. We already had healthy exposures to equity. So it looks like the increase in equity exposure is really more market driven as opposed to people. Page 49 shows the individual manager diversification. Target date funds managed by TIAA start to creep up into the top 10, or if not the top 5 and we think that's a great sign given the way that those portfolios are. Page 50 in the executive summary report shows our compliance matrix page again, this is updated on a quarterly basis, but recently enhanced and revised with the newly adopted Investment policy statement. One manager on the watch list, Invesco Diversified Dividend. They are soon to be not part of the menu. Compliance matrix for target date funds and our index funds are green across the board. Target date funds manage by TIAA continue to be really good versus the appropriate benchmarks and a peer universe. Page 53, total assets are a pretty remarkable stair step higher, steady progression. Excess plan revenue account, it’s stabilized for now which is a good thing but we may need to address it in the future and keep an eye on it. Joanne mentioned she did have a



very small bill, 200 dollars, that we had to pay because we weren’t brining in enough fees to them. Great quarter for the marketplace. Focusing on the 1 year column, absolute returns anywhere from 31% up to 60%. Longer term, looking at the last 5-10 years, the active managers are outperforming their benchmarks. Index funds are tracking their benchmarks like they should. On target date funds, you see what we would expect to see. Really every column the returns increase as you go further out with the anticipated retirement date. Page 66, our fiduciary documentation was a busy 1st quarter. We updated and adopted a new IPS as part of that. We looked at the target date funds.

• 457 Member Fiduciary Training Industry update that the DOL has put some emphasis on non-responsive participants. There are a lot of efforts going into updating beneficiaries and their contact information. Donna mentioned that there is an SOP that we have on this, she can send it out. There is also a report that Kevin Kenny can work with CFW to pull. The Cure Act 2.0 has not been signed into law yet but is floating around. For our plan, the main thing that people are interested in is that the RMD age would increase. The proposal would be to 73 in 2022 and then going up to age 74 in 2029 and 75 in 2032.

• Large Cap Value Fund Transition We have gotten approval from the City Manager’s Office to end the Invesco Diversified Fund. Donna has received it and has turned it into their implementation team. We’re actually going to close and map the assets to the new fund. Donna can share the participant communication when that is ready and available.

• Handbook Subcommittee Update Unfortunately the IRS Audit took priority so we did not meet about the handbook committee. Hoping we can have a subcommittee meeting in November so we can review the handbook and talk about the changes we want to make.

Donna can send out SOP on finding missing participants/communications.

Future Agenda Items

1. Donna to speak about marketing

Public Comment None



Adjourn The committee meeting was adjourned at 9:55am

Approval of Meeting Minutes ___________________________________

Plan ReviewCity of Fort Worth

Delivered by: Donna Ahrens

As of September 30, 2021

Optimizing plan effectiveness to help drive better outcomes

City of Fort Worth | 12/3/21 |For institutional investor use only. Not for use with or distribution to the public. 2

Welcome to your Plan Review

1. When your employees’ salary data is provided, an actual income replacement ratio is calculated; otherwise, estimated salary is used.

What’s the purpose of this report?

To help you answer three important questions to drive better outcomes:

How well is your plan working to prepare employees for retirement?

Are your participants on track to retire with sufficient income?

What actions can be taken to make your plan more effective?

What’s inside?

Executive summary with key plan metrics, including your plan’s income replacement ratio.

Plan and participant details, including information about participants receiving lifetime income from your plan.

In-depth information about retirement readiness drivers—employee engagement, investment solutions and plan management.

Why is income replacement important?

Within the executive summary, you’ll find your plan’s income replacement ratio. We believe it’s the best way to evaluate retirement readiness and plan success.

The income replacement ratio measures how much income employees will be able to replace in retirement based on their current situations—like savings rate, investments and salary.1

How do I get started?

1. Review your Plan Review report.

2. Identify opportunities for improvement.

3. Contact your TIAA relationship manager or call the Administrator Telephone Center at 888-842-7782 to develop an action plan.


Contributions Impacting Plan Outcome Diversification

% O

F A

SS

ET

S

Executive summary: Participant trendsC

on

trib

utio

n a

mo

un

t

Contribution data reflects the trailing 12 months of activity.

Multi-Asset/Other includes Lifecycle, Real Estate, and Brokerage.

This report is as of the period ending 09/30/2021 and reflects the trailing 12 months of activity unless otherwise noted. The report includes all TIAA plans except 457(f), 457(b) Private,

Nonqualified Deferred Compensation, and Retirement Healthcare plans.

$4,167 $4,160

$4,508

$- $-

$-

$3,900

$4,000

$4,100

$4,200

$4,300

$4,400

$4,500

$4,600

9/19 9/20 9/21

EE ER

2% 2% 2%1% 1% 0%

7% 8%8%

45% 44%44%

44% 44% 47%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

9/19 9/20 9/21

Guaranteed Money Market Fixed Income

Multi Asset/Other Equities

PLACEHOLDER PHOTOGRAPH

ON THE MASTER SLIDE, DELETE

THIS PLACEHOLDER, PLACE AND

SIZE A PHOTO,

THEN SEND IT TO THE BACK SO

THAT IT

SHOWS THROUGH THIS WINDOW.

Important plan and participant details

For institutional investor use only. Not for use with or distribution to the public.

Employee Summary

Important plan and participant details


240 153 98Total Number of Enrollments1

43%

10% 10%

3%

1% 3%

3%

2% 1%

52%

86% 86%

68% 70%

77%

0%0%

0%

5% 3%

2%

19% 19%

17%

8% 8%4%

0%

20%

40%

60%

80%

100%

9/19 9/20 9/21

Pe

rce

nta

ge

of

en

roll

me

nts

Employee summary: Enrollment trends

Enrollment by method

Your Plans

■ Remittance ■ Phone ■ Paper ■ Online ■ Other2


Nonqualified Deferred Compensation, and Retirement Healthcare plans. 1. If a participant is enrolled in more than one plan, they are still only counted as one unique enrollment in this

chart. 2. “Other” includes the following enrollment categories: Internet/Admin, Negative, Enhanced Administrative Services (EAS) and Unknown. 3. The peer benchmark represents a

group of institutions with TIAA recordkept assets in the not-for-profit market with total plan assets between 100M and 500M.

Peer Benchmark3

■ Remittance ■ Phone ■ Paper ■ Online ■ Other2


Average Account Balance by Age and Gender

Diversification by Gender

Demographics by Age and Gender

# o

f p

arti

cip

an

ts

AGE

$4K$15K

$44K

$90K

$136K$129K

$3K$11K

$34K

$55K

$96K$88K

$0

$20K

$40K

$60K

$80K

$100K

$120K

$140K

$160K

<25 25-34 35-44 45-54 55-64 >64

Male FemaleAGE

Employee summary: Gender and age1

M ALE FE M ALE

Av

era

ge

a

cc

ou

nt

ba

lan

ce

23

419

820

931

685

267

8

133

261

362312

161

0

100

200

300

400

500

600

700

800

900

1,000

<25 25-34 35-44 45-54 55-64 >64

Male Female

4,466

1,048

603237 126 74 43 27 102

2,411

431153 86 31 12 19 6 33

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

Male Female

Employee Contribution Amounts by Gender

# o

f p

arti

cip

an

ts

Cont r ibu t i o n am ount 3


Nonqualified Deferred Compensation, and Retirement Healthcare plans. 1. Data reflected is for all participant statuses except Employee Contribution Amounts by Gender which includes only

active or leave status. Does not include 8 participants with no age or gender on file. 2. Multi-Asset/Other includes Lifecycle, Real Estate, and Brokerage. 3. Contribution data reflects the trailing

12 months of data.

2%0%8%

42%

48%

1%0%8%

49%

42%

■ Equities■ Money Market ■ Fixed Income■ Guaranteed ■ Multi-Asset/Other2


Diversification by Age and Gender1

Employee summary: Participant diversification

Age % Guaranteed % Money Market % Fixed Income % Multi Asset/Other2 % Equities

Female Male Female Male Female Male Female Male Female Male

<25 6% 0% 0% 0% 0% 0% 94% 97% 0% 3%

25-34 1% 2% 0% 0% 5% 1% 70% 72% 24% 25%

35-44 2% 4% 0% 0% 3% 2% 57% 58% 38% 36%

45-54 3% 3% 0% 0% 9% 7% 47% 33% 42% 56%

55-64 1% 1% 0% 0% 9% 12% 48% 37% 42% 50%

>64 0% 0% 0% 0% 7% 6% 49% 54% 44% 40%

This report is as of the period ending 09/30/2021 and reflects the trailing 12 months of activity unless otherwise noted. The report includes all TIAA plans except 457(f), 457(b) Private, Nonqualified Deferred

Compensation, and Retirement Healthcare plans. 1. Does not include 53 participants with no age or gender on file. 2. Multi-Asset/Other includes Lifecycle, Real Estate, and Brokerage.


Active participants: Average account balance by age

$3,938$14,774

$44,740

$86,597

$113,832$98,030

$4,290$21,244

$74,401

$161,606

$253,155

$413,951

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

<25 25-34 35-44 45-54 55-64 >64

Av

era

ge

a

cc

ou

nt

ba

lan

ce

Your Plan Peer Benchmark

<25 25-34 35-44 45-54 55-64 >64 Total

# of Active

Participants27 493 930 1,020 508 65 3,043

% of Total Active

Participants1% 16% 31% 34% 17% 2% 100%

Total Active

Assets$106,319 $7,283,426 $41,607,851 $88,329,308 $57,826,752 $6,371,937 $201,525,592

% of Total Active

Assets0% 4% 21% 44% 29% 3% 100%

1


Nonqualified Deferred Compensation, and Retirement Healthcare plans. 1. The peer benchmark represents a group of institutions with TIAA recordkept assets in the not-for-profit market

with total plan assets between 100M and 500M.


Active participants: Contribution amounts by age

Employer (ER) & employee (EE) contributions

Co

ntr

ibu

tio

n a

mo

un

t

$33K

$709K

$2.5M

$4.1M

$2.4M

$408K

$24K

$649K

$816K

$563K

$340K

$38K

$57K

$1.4M

$3.4M

$4.7M

$2.7M

$446K

$0.0K

$500.0K

$1.0M

$1.5M

$2.0M

$2.5M

$3.0M

$3.5M

$4.0M

$4.5M

$5.0M

<25 <25 25-34 25-34 35-44 35-44 45-54 45-54 55-64 55-64 >64 >64

EE Pre-Tax EE After-Tax

This report is as of the period ending 09/30/2021 and reflects the trailing 12 months of activity unless otherwise noted. The report includes all TIAA plans except 457(f), 457(b)

Private, Nonqualified Deferred Compensation, and Retirement Healthcare plans.

<25 25-34 35-44 45-54 55-64 >64




SIZE A PHOTO,


THAT IT



Monitoring investments

Simplify your investment lineup. Make it easy for participants to choose and easy for you to monitor.


09/20 09/21

Assets

Contributions

Assets & contributions by asset class year-over-year

$6.3M $3.9M

$23.2M

$73.7M

$121.8M

$0K $628K

$47.9M

$6.3M$69K

$26.1M

$92.4M

$152.9M

$0K $0K

$50.9M

$0K

$20.0M

$40.0M

$60.0M

$80.0M

$100.0M

$120.0M

$140.0M

$160.0M

$180.0M

Guaranteed Money Market Fixed Income Multi-Asset Equities Real Estate Brokerage Other

$0K

$1.5M $1.6M

$7.0M $6.8M

$0K $0K

$1.5M

$0K$780K

$2.4M

$7.5M$8.2M

$0K $0K

$1.2M

$0K

$1.0M

$2.0M

$3.0M

$4.0M

$5.0M

$6.0M

$7.0M

$8.0M

$9.0M

Guaranteed Money Market Fixed Income Multi-Asset Equities Real Estate Brokerage Other

09/20 09/21

$328,742,182Total assets

$19,981,865Total contributions


Nonqualified Deferred Compensation, and Retirement Healthcare plans. 1. Multi-Asset includes Lifecycle funds. 2. Other includes uncategorized assets.

1

2

2

09/20 09/21 09/20 09/21 09/20 09/21 09/20 09/21 09/20 09/21 09/20 09/21

09/20 09/21 09/20 09/21 09/20 09/21 09/20 09/21 09/20 09/21 09/20 09/21

1

09/20 09/21

09/20 09/21


Top 5 investments by Assets

Bottom 5 investments by Assets

Investment/account utilization by assets

Participant

Count

Total

Assets

Balance %

of Total

MissionSquare PLUS Fund R10 996 $50,933,774 15.49%

American Funds New Economy R5E 1,063 $44,748,025 13.61%

Vanguard Inst Idx Inst 1,037 $32,755,573 9.96%

TIAA-CREF Lifecycle 2035-Prem 522 $19,717,990 6.00%


Total as a % of total assets $164,304,627 49.98%

4.91%

6.00%

9.96%

13.61%

15.49%

0% 20%

Equities Money Market Other1Fixed Income Multi-AssetGuaranteed Real Estate

Participant

Count

Total

Assets

Balance %

of Total


TIAA-CREF Self Directed Acct 46 $1,663,868 0.51%

TIAA-CREF Lfcyle Rtmt Inc-Prem 463 $1,377,720 0.42%

TIAA-CREF Lifecycle 2060-Prem 109 $544,309 0.17%

Vanguard Treasury MoneyMkt Inv 1 $69,130 0.02%


0.02%

0.17%

0.42%

0.51%

0.57%

0% 1%


Nonqualified Deferred Compensation, and Retirement Healthcare plans. 1. Other includes uncategorized and brokerage assets.


Top 5 Investments by Contributions

Bottom 5 Investments by Contributions

Investment/account utilization by contributions


Nonqualified Deferred Compensation, and Retirement Healthcare plans. 1. Other includes uncategorized and brokerage assets.

Participant

Count

Total

Assets

Balance %

of Total

Vanguard Inst Idx Inst 683 $2,073,458 10.38%

American Funds New Economy R5E 637 $1,601,001 8.01%



Metropolitan West TotRet Bnd I 338 $1,253,852 6.27%


Participant

Count

Total

Assets

Balance %

of Total


Lazard Intl Equity Port Instl 218 $186,777 0.93%

TIAA-CREF Lfcyle Rtmt Inc-Prem 18 $48,345 0.24%



Total as a % of total assets $510,066 2.55%

6.27%

6.67%

7.64%

8.01%

10.38%

0% 20%

0.14%

0.20%

0.24%

0.93%

1.03%

0% 2%

Equities Money Market Other1Fixed Income Multi-AssetGuaranteed Real Estate


Total number

of

participants

invested

Contribution

amount

Contribution

percentage

of total

Asset amount Asset

percentage

of total

MONEY MARKET

Vanguard Treasury MoneyMkt Inv 1 $779,863 3.90% $69,130 0.02%

Money Market Total $779,863 3.90% $69,130 0.02%

FIXED INCOME

BlackRock High Yield Bd Instl 434 $716,697 3.59% $5,116,714 1.56%

Metropolitan West TotRet Bnd I 521 $1,253,852 6.27% $14,367,003 4.37%

Vanguard Ttl Bd Mkt Idx Adm 363 $402,723 2.02% $6,642,359 2.02%

Fixed Income Total $2,373,271 11.88% $26,126,077 7.95%

MULTI-ASSET

TIAA-CREF Lfcyle Rtmt Inc-Prem 463 $48,345 0.24% $1,377,720 0.42%

TIAA-CREF Lifecycle 2010-Prem 68 $40,454 0.20% $2,510,019 0.76%





Private, Nonqualified Deferred Compensation, and Retirement Healthcare plans. . 1. Guarantees associated with TIAA Traditional are backed by the claims-paying ability of

Teachers Insurance and Annuity Association of America. 2. Other includes uncategorized assets.

Assets & contributions by investment/account option category


Total number

of

participants

invested

Contribution

amount

Contribution

percentage

of total

Asset amount Asset

percentage

of total

MULTI-ASSET (Continued)

TIAA-CREF Lifecycle 2030-Prem 380 $1,333,338 6.67% $16,149,265 4.91%






TIAA-CREF Lifecycle 2060-Prem 109 $205,558 1.03% $544,309 0.17%

TIAA-CREF Self Directed Acct 46 $0 0.00% $1,663,868 0.51%

Multi-Asset Total $7,464,508 37.36% $92,418,809 28.11%






Total number

of

participants

invested

Contribution

amount

Contribution

percentage

of total

Asset amount Asset

percentage

of total

EQUITIES

AME Small Cap World Fund R5E 560 $562,123 2.81% $9,693,943 2.95%

American Funds New Economy R5E 1,063 $1,601,001 8.01% $44,748,025 13.61%

DFA Emerging Mkt Small Cp Inst 404 $208,930 1.05% $3,399,779 1.03%

DFA Real Estate Sec Port Inst 546 $324,807 1.63% $4,074,234 1.24%

Goldman Sachs Sml Cp Val Inst 653 $425,817 2.13% $9,007,202 2.74%

Invesco Diversified Dividnd R5 701 $564,151 2.82% $8,641,617 2.63%

Lazard Intl Equity Port Instl 412 $186,777 0.93% $2,727,838 0.83%

Scout Mid Cap Fund 654 $611,038 3.06% $10,794,285 3.28%

TIAA-CREF Intl Eq Idx-Prem 607 $605,599 3.03% $9,178,943 2.79%






Total number

of

participants

invested

Contribution

amount

Contribution

percentage

of total

Asset amount Asset

percentage

of total

EQUITIES (Continued)

Vanguard Inst Idx Inst 1,037 $2,073,458 10.38% $32,755,573 9.96%

Vanguard Mid-Cap Idx Adm 558 $431,518 2.16% $8,408,607 2.56%

Vanguard Small-Cap Idx Adm 596 $599,012 3.00% $9,470,922 2.88%

Equities Total $8,194,230 41.01% $152,900,967 46.51%

OTHER2

Deemed Loan 119 $0 0.00% $1,267,025 0.39%

ICMA RC VantageTrust PLUS R10+ 0 $1,169,994 5.86% $0 0.00%

Loan Fund 568 $0 0.00% $5,026,401 1.53%

MissionSquare PLUS Fund R10 996 $0 0.00% $50,933,774 15.49%

Other Total $1,169,994 5.86% $57,227,200 17.41%








SIZE A PHOTO,


THAT IT


Appendix



Glossary

Term Definition

Active ParticipantsParticipants with a status of “Active” or “Leave” that have a balance greater than zero and have made a

contribution in the last 12 months.

AdviceSpecific investment recommendations, either in person, online or over the phone, that are tailored to individual

circumstances, including variables such as age, current savings rates, plan investments and tolerance for risk.

Annuitants Persons receiving benefits under a TIAA annuity contract.

Average Annual Payout The average annual amount that all annuitants are receiving for income generated from an institution’s plan(s).

Average Projected

Monthly Payout

The average monthly amount that participants may receive in their retirement years for income generated from

the institution’s plan(s).

Average Guaranteed

Income

Sources of income that are expected to continue for the participant’s lifetime (e.g., Social Security, TIAA

Traditional, Defined Benefits).

Average Projected

Monthly IncomeThe average after-tax retirement income your participants are projected to receive from your TIAA plan(s).

Consolidations The number of participants who transfer balances from other service providers into TIAA retirement accounts.

Contributing Participants Participants that have made a contribution in the last 12 months.

Contribution Rate Annual contributions as a percentage of annual salary.

Defaulted LoansLoans for which the participant missed the expected repayment and failed to pay the total overdue amount

prior to the end of the calendar quarter following the calendar quarter in which the payment was due.


Glossary

Term Definition

Defaulted ParticipantsParticipants who have not made an investment allocation election and whose contributions have been directed

to the plan's default investment.

Distributions

Includes, but is not limited to, the following categories: Loan, Hardship, In-Service, Terminated & Other.

“Other” includes: Annuity Settlement Options, Death Benefits, Plan Loan Defaults, Withdrawals due to Opt-Out

Option & Test Failure. In-Service and Terminated may include one or more of these categories: Voluntary

Termination, Withdrawal, Death, Beneficiary, Installment Payment, Age 70.5 Minimum Distribution, QDRO,

Hardship, Disability, Unforeseen Emergency, Full Withdrawal, Unknown, IRA Recharacterization, Excess

Aggregate Contribution, Excess Contribution, Excess Deferral, Excess Annual Addition.

Early EngagementA communication program that supports participants through their online account setup, plan review and goal

setting and gives them an overview of the resources available to them at TIAA.

In Range

Participants who are on target to cover their essential retirement expenses such as housing, food and

healthcare but aren’t yet on target to replace the income needed to maintain their current standard of living in

retirement. The target income replacement rates for participants in this group vary by their current salary

(pretax) and are listed below:

• Current salary <$50K: Targeted to replace 80% - 100% of after-tax income in retirement

• Current salary $50K - $100K: Targeted to replace 60% - 85% of after-tax income in retirement

• Current salary >$125K: Targeted to replace 50% - 70% of after-tax income in retirement

Income Replacement Ratio

The percentage of current salary that is estimated to be replaced during retirement, calculated using multiple

variables (e.g., contribution rate, investments, salary). This is a way to visualize how ready your employees

are for retirement.

Lifetime Income An arrangement that provides fixed or variable income payments for the life of the annuitant.

Needs Action

Participants who aren’t yet on target to cover essential expense needs in retirement such as housing, food and

healthcare. The target income replacement rates for participants in this group vary by their current salary

(pretax) and are listed below:

• Current salary <$50K: Targeted to replace <80% of after-tax income in retirement

• Current salary $50K - $100K: Targeted to replace <60% of after-tax income in retirement

• Current salary >$125K: Targeted to replace <50% of after-tax income in retirement


Glossary

Term Definition

On Track

Participants who are on target to meet or exceed the income replacement rate needed to maintain their current

standard of living in retirement. The target income replacement rates for participants in this group vary by their

current salary (pretax) and are listed below:

• Current salary <$50K: Targeted to replace >100% of after-tax income in retirement

• Current salary $50K - $100K: Targeted to replace >85% of after-tax income in retirement

• Current salary >$125K: Targeted to replace >70% of after-tax income in retirement

Other Enrollments All other enrollments not classified as remittance, phone, paper or online.

Participant-Directed

ContributionsContributions that have been invested per the participant's investment allocation election.

Participation RateParticipation Rate is calculated by dividing the (number of eligible and participating) by (number of eligible and

participating + number of eligible and not participating).

Peer BenchmarkA group of institutions at TIAA who provide a measure of comparison to your plan based on

comparable plan asset size and market segment (K-12, Higher Education, Healthcare & Government).

Readiness Influencers Plan features and participant behaviors that may contribute to a participant's retirement readiness and income

replacement ratio.

Rebalanced Total number of participants who reallocated their account balances during the last 12 months.

RemittanceParticipant enrollment information, including investment election specifications, provided to TIAA by the plan

sponsor.

Retirement ReadinessMeasures the degree to which a participant is on track to retire with sufficient lifetime income while maintaining

a desired standard of living.

Terminated Participants Participants with an employee status of “Terminated.”


Glossary

Term Definition

Total Annual Payout The total annual amount that all annuitants are receiving for income generated from an institution’s plan(s).

Total Participants

Includes participants with an ending balance and at least one contribution during the evaluation period. In

addition, other filters are applied to remove participants whose Ibbotson results could disproportionately skew

the outcomes of the larger population.


Participant-related salary, contribution, retirement age and advice assumptions:

TIAA estimates participant salary based on a regression-tested analysis of more

than 60,000 active, premium-paying participants across 48 institutions. Participant

salaries are estimated based on a function of the participant’s life stage,

organization type, age, TIAA recordkept assets, gender, and region and

contribution rate. The participant’s gross annual income is used for various

calculations, including retirement income replacement ratio, estimated Social

Security benefits, and estimated federal and state taxes.

Participant contributions are aggregated for a 12-month period for participants with

a balance at the beginning of the period. For participants without a beginning

balance, the contribution amount from the last month of the 12-month period is

annualized. IRS contribution limits are applied and adjusted for participants eligible

for catch-up provisions. Morningstar Investment Management LLC shifts any

contribution amount above the annual limit to after-tax contributions for modeling

purposes.

All retirement plan contributions are considered to be dedicated solely for

retirement. Assets will not be liquidated for use prior to retirement, and all

contributions will end at the Target Retirement Age (TRA).

The TRA value is defaulted to 67 for most plan participants. Participants aged 66 or

higher have a TRA that is set two years from the current age. Life expectancy

values are estimated by Morningstar and are based on participant age and gender.

The participant’s balance is aggregated for all selected plans. Amounts are

designed as pretax and Roth contributions, as appropriate.

The participant’s asset allocation, for the purposes of this analysis, is categorized

into simplified asset classes (i.e., stable value, equities, real estate, fixed income,

multi asset and money market).

The advice provided Morningstar consists of model portfolios composed of target

allocations for the asset classes. Based on the target retirement goals, Morningstar

will recommend a specific tolerance level designed to adjust over time based on

Morningstar’s proprietary methodology which customizes a risk level trajectory for

the participant.

The hypothetical advice target for the model is a 100% replacement ratio.

The Morningstar tool’s advice is based on statistical projections of the likelihood

that an individual will achieve their retirement goals. The projections rely on

financial and economic assumptions of historical rates of return of various asset

classes that may not reoccur in the future, volatility measures and other facts, as

well as information the individual provides. Morningstar’s advice engine includes

tax-rate assumptions, mortality tables, and Social Security estimates.

Retirement income replacement ratio calculation assumptions:

TIAA measures retirement income replacement ratios by calculating the

projected stream of distributions from participants’ assets and estimated Social

Security benefits in current dollars as a percentage of employees’ current

salaries.

Using the participant’s estimated salary, current contribution rates and asset

allocation, TIAA leverages the advice engine from Morningstar an independent

expert retained by TIAA, to perform a sophisticated, Monte Carlo analysis (500

total simulations) to project the retirement income replacement ratio.

The results indicate the participant’s 70% probability of achieving the

retirement goal. A lower probability of success is associated with better (and

less likely) estimated income. Your participants can also model different

outcomes for themselves by going online to TIAA.org/retirementadvisor

(online Retirement Advisor tool).

Data provided represents inputs into the Morningstar advice engine for plan

management purposes. If a participant uses Retirement Advisor online or has

an advice session with a consultant, estimated retirement income is not

replaced with any of the information used in the Plan Outcome Assessment

report calculations.

The plan-level retirement income replacement ratio is determined by

calculating the average retirement income replacement ratio of all participants

in the plan analysis. All actively contributing participants are included in the

analysis, unless the participant has annual compensation of less than $25,000,

has contributed less than $300 in the previous 12-month period, has a current

balance less than $500, or is less than 23 or greater than 65 years of age.

IMPORTANT: Projections, and other information generated through the TIAA

Plan Outcome Assessment and the Morningstar tool regarding the likelihood of

various investment outcomes, are hypothetical, do not reflect actual

investment results, and are not a guarantee of future results. The projections

are dependent in part on subjective and proprietary assumptions, including the

rate of inflation and the rate of return for different asset classes, and these

rates are difficult to accurately predict. The projections also rely on financial

and economic historical assumptions that may not reoccur in the future,

volatility measures and other facts. Results may vary with each use and over

time.

Income replacement ratio methodology and assumptions


This material is for informational or educational purposes only and does not constitute investment advice under ERISA. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.

TIAA.org

You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877-518-9161 or log on to TIAA.org for underlying product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing.

TIAA Traditional Annuity is a guaranteed insurance contract and not an investment for federal securities law purposes. Any guarantees under annuities issued by Teachers Insurance and Annuities Association of America are subject to its claims-paying ability.

This material is approved for a private presentation by authorized individuals only and, accordingly, this material is not to be reproduced in whole or in part or used for any purpose except as authorized by TIAA Institutional Sales and Services. This material is to be treated as strictly confidential and not disclosed directly or indirectly to any party other than the recipient.

TIAA cannot and does not provide legal advice and recommends that plan sponsors consult their own legal advisors for such advice.

TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributes securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY.

TIAA Brokerage, a division of TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and SIPC, distributes securities. Brokerage

accounts are carried by Pershing, LLC, a subsidiary of The Bank of New York Mellon Corporation, Member FINRA, NYSE, SIPC.

© 2021 Teachers Insurance and Annuity Association of America College Retirement Equities Fund (CREF), 730 Third Avenue, New York, NY

10017

1906446 02/21

Important information

City of Fort Worth Communication, Education & Advice Overview

December 3, 2021

Employee Engagement

2021 calendar

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Triggered Communications – Early engagement, Stay Smart for Life, Beneficiary outreach

Financial Foundations, Webinar Promotion, National Events

New Year check in

America Saves Week

Financial Literacy Month

Savings

Diversification

National Retirement

Security Month

Income in Retirement

Financial Consultant One-on-One

14.79%Overall action

5.98%Advice sessions

3.23%Beneficiary update

0.67%Secure site registrations

1.37%Reallocate/rebalance

2.64%eDelivery sign-up

CE&A 2021 results (institution)

50.08%Email open rate

6.86%Email click rate

3,746Participants reached

Your plan results as of 9/30/2021


Visit your personal

web page

Easy steps for getting started,

video introductions and

personalized tracking of progress

Get on track

toward success

“Early Engagement” outreach drives to digital

experience that promotes online account

setup, eDelivery and naming beneficiaries,

as well as planning tips and support

Enroll online through the

plan's digital portal

Customized with plan

details, investment

information and simple

enrollment process

Learn about your

retirement benefits

Enrollment Slim Guide

promotes plan benefits

and drives to digital

experience

Employee experience

Begin SmartOnboarding into the plan

Advice and digital resources

Begin Smart

Early EngagementAn onboarding program with multiple follow-ups that helps participants

start strong once they are enrolled

Drives to personalized

web page

Encourages best practices Online account setup

eDelivery

Naming beneficiaries

Features video tours My Account site

How to get started in the plan

Metric Q3 2021

Participants 175

Email open rate 67.2%

Email click rate 17.2%

Actions 134 76.6%

Advice 12 6.9%

Assisted advice 0 0.0%

Self-service advice 12 6.9%

Increased contributions 13 7.4%

Reallocation/rebalance 0 0.0%

New web registration 1 0.6%

eDelivery 66 37.7%

Beneficiary update 14 8.0%

Grow Smart

Supplemental campaigns

Personalized campaigns to

drive key behaviors

National awareness events

Three “in-a-box” toolkits to

promote national financial

wellness events

Gaming

Online games to promote

financial and savings literacyWebinars and workshops

Live webinars and in-person

workshops covering a broad range of

financial wellness topics

Financial FoundationsTargeted educational

campaigns customized to life

stage and other variables

Digital tools and resources

Anywhere, anytime access to accounts,

online advice, planning tools, peer-to-

peer networking and other resources

Grow Smart

Diversification

Addresses asset allocation

and importance of checking

investments

Save More

Drives saving and use of

advice through

personalized, data-driven

messages

Financial FoundationsAnnual targeted educational campaigns promoting financial wellness

New year

check in

Introduces one action

to take to start the

year off right

Income in

retirement

Increases awareness of

lifetime income options for

helping make money last in

retirement

Metric Q3 2021

Participants 1,151 30.7%



Actions 84 7.3%

Advice 42 3.6%






eDelivery 6 0.5%


Beneficiary campaign

Annual reminder

Sent each year on the

anniversary of participant’s

TIAA enrollment date

Reminder based on

life events

Sent when there is a

change in marital status,

last name or QDIA

TIAA.org web

banner

Displays if

participant is

missing a

beneficiary

election

Ongoing reminders to encourage beneficiary elections and updates

Digital engagement

Open camera app and

point at QR Code

* October 1, 2020 through September 30, 2021

Online engagement Your institution Benchmark1

% of participants with web ID 91% 78%

% of participants that have

logged in (last 12 months) 72% 61%

Average number of logins (last

12 months) 22 24

% of participants who have used

online advice16% 12%

% of participants with email

address on file93% 69%

% with eDelivery 81% 65%

Financial wellness assessment tool for employees

Help prospects and unengaged participants perform

regular self-checkups by focusing on actions, not just

dollar amounts, through a radically simplified, affirming

and future-focused financial checkup experience.

Checkup tools

that tell you how

much to save,

focus on goals

An action plan that

tells you how to

save and manage

your money, with

concrete steps

Shift

6-minute Checkup

Target Behavior:

Perform regular checkup

Target Outcome:

Surface simple, tangible actions

on how to move forward financially

Employee experience

Advice and digital resources

Stay SmartPreparation for retirement or the transition after leaving a job

Visit your personal

web page

View your timeline/

checklist and video

Get insights:

“Preparing for Retirement”

Tools and information targeted

to Transitioners

Get ready for

upcoming milestones

before you retire

Guides preretirees ages

60-70 through steps to

help prepare for

retirement

Make informed

decisions when you

retire or leave your job

Helps job changers and

retirees make informed

choices about their plan assets

Metric Q3 2021

Participants 583



Actions 21 3.6%

Advice 7 1.2%






eDelivery 2 0.3%


Stay Smart

Preretiree supportHelps employees prepare for a smooth transition to retirement

Yearly outreach from ages 60 to 70

Increases awareness of upcoming milestones

and decisions

Provides personalized web page (PURL), video,

timeline and checklist to help them get started

Promotes advice for more help

TIAA.org

©2021 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

This material is for informational or educational purposes only and does not constitute an investment advice under ERISA. This material does not take into account any specific objectives or

circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.

Certain products and services are only available to eligible individuals.

Images portrayed throughout this deck are snapshots for illustrative purposes only.

You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877-518-9161 or log on to TIAA.org for

underlying product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing.

Diversification and asset allocation are strategies to help reduce risk. However, there is no guarantee that any strategy protects against a loss of income.

Please note that data in this presentation may not be used for regulatory filings and/or benefit statements.

Advisory services are provided by Advice & Planning Services, a division of TIAA-CREF Individual & Institutional Services, LLC, a registered investment adviser.

TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributes securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of

America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.

1499461 12/21

<CBDoc TenantId="2" EntityTypeId="3100" EntityId="2617" DocumentTypeId="1" EffectiveDate="09/30/2021" Interval="3" Description="Executive Summary

Quarterly Report" />

Investment Performance Review

Period Ending September 30, 2021

City of Fort Worth

457 Deferred Compensation Plan

3rd Quarter 2021 Market Environment

Page 1

The Market EnvironmentExecutive SummaryAs of September 30, 2021

The Economy

Growth in the US likely slowed during the 3rd quarter as the recovery continues to

mature.

Inflation remains well above the Federal Reserve Bank’s (the Fed) average target

of 2.0%. The annual rate of inflation dropped slightly to 5.3% in August, down from

5.4% in July.

The demand for labor in the US remains strong as evidenced by the drop in the

unemployment rate in September to 4.8%, down from 5.2% in August.

Unemployment benefits granted under the March 2020 CARES Act expired in early

September. Wage growth remains strong as employers remain challenged to fill job

openings.

Despite leaving interest rates unchanged at their most recent meeting, the Fed

stated that it would begin tapering its asset purchases and being the process of

evaluating when interest rates would start to rise.

Equity (Domestic and International)

Volatility increased in during the 3rd quarter as US markets climbed to new all-time

highs in early September only to pull back towards the end of the period. A variety

of factors contributed to the increase in volatility including concerns related to the

Delta variant, supply chain shortages, higher US interest rates, rising inflation, and

fiscal policies in Washington. Despite these concerns, growth led value in both

large and mid-cap companies and large companies outperformed relative to smaller

peers.

Developed international equity markets outperformed their domestic counterparts

during the 3rd quarter. Emerging markets dropped sharply on concerns related to

increased regulatory oversight in China and the potential default of Evergrande, the

largest Chinese property developer.

Fixed Income

Despite the continued concerns related to rising inflation and potential changes in

Fed policies, US interest rates were essentially unchanged during the quarter. The

US 10-Year Treasury bond rose only 2 basis points (0.02%) for the quarter to close

at a yield of 1.48%.

Performance across most US bond market sectors was muted during the quarter

and was driven largely by the Fed’s messaging concerning the potential for

beginning the process of raising interest rates in late-2022.

Lower quality corporate bonds outperformed higher quality sectors during the

quarter. The combination of larger relative coupons and shorter maturity profiles

acted as tailwinds for lower quality during the period.

Market Themes

While global central bank monetary policy remains accommodative, both the Fed

and the Bank of England hinted that rate increases would most likely be warranted

in the near future. Historically, rising interest rates have served as a headwind to

equity markets, particularly for expansion-oriented growth companies.

The combination of supply chain disruptions and labor shortages is creating

increased pressure on corporate margins. While earnings were generally better

than expected during the period, the longer these challenges persist, the higher the

likelihood that earnings will be negatively affected moving forward.

Measures of inflation in both the US and Europe remain well above their respective

targets. Persistent increases in food and energy prices have the potential to act as a

headwind to consumers in coming periods as wages have not kept pace with rising

prices.

Page 2

Source: Investment Metrics

The Market EnvironmentMajor Market Index Performance


US equity markets experienced disparate returns during the 3rd quarter of

2021. The primary factors that drove the market performance during the

period were concerns related to rising inflation and potential changes in the

Fed’s monetary policy. Despite rising US interest rates, growth-oriented

companies maintained their market leadership relative to value. For the

period, large cap companies returned 0.6%, compared to -0.9% for mid-caps

and -4.4% for small company stocks.

Similar to domestic markets, broad international equity markets also posted

disappointing returns for the 3rd quarter. While concerns related to the spread

of COVID began to wane, the key drivers of performance were rising inflation,

rising interest rates, and the potential default of Evergrande in China. During

the period, the MSCI EAFE Index posted a return of -0.4% while the MSCI

Emerging Markets Index returned a weak -8.1%.

For the quarter, bond market returns were muted as interest rates across the

yield curve remained largely unchanged. While the Bloomberg (BB) US

Aggregate Index returned 0.1%, the outlier was US TIPS which returned 1.8%

on concerns about potential rising inflation.

Returns over the trailing 1-year were strong across all broad US equity

markets. The continuation of supportive monetary policy from the Fed and the

reopening of local economies as the pandemic receded were the primary

performance drivers during the period. Domestic small cap stocks posted

highest return for the trailing 1-year period, returning 47.7%. US large cap

performance was also stellar with a return of 30.0% over the trailing 1-year

period.

International markets also performed well but lagged relative to their domestic

counterparts. Over the trailing 1-year period, the MSCI EAFE Index returned

25.7% while the MSCI Emerging Markets Index returned a lower 18.2%. The

combination of rising inflation and developed market interest rates were the

primary headwinds during the period.

Bond market returns over the trailing 1-year period were muted with the

Bloomberg US Aggregate Index returning -0.9%. US TIPS continued to lead

the way as investors remain concerned about the potential for rising inflation.

The TIPS Index returned 5.2% for the period while investment grade

corporate bonds returned 1.7%.

0.0%

0.0%

0.1%

1.8%

0.1%

0.1%

-8.1%

-0.4%

-3.0%

-4.4%

-0.9%

0.2%

-0.1%

0.6%

-10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0%

3-Month T-Bill

Bloomberg Corp IG

Bloomberg MBS

Bloomberg US TIPS

Bloomberg US Govt

Bloomberg US Agg

MSCI Emerg Mkts

MSCI EAFE

MSCI ACWxUS

Russell 2000

Russell MidCap

Russell 1000

Russell 3000

S&P 500

Quarter Performance

0.1%

1.7%

-0.4%

5.2%

-3.2%

-0.9%

18.2%

25.7%

23.9%

47.7%

38.1%

31.0%

31.9%

30.0%

-10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

3-Month T-Bill

Bloomberg Corp IG

Bloomberg MBS

Bloomberg US TIPS

Bloomberg US Govt

Bloomberg US Agg

MSCI Emerg Mkts

MSCI EAFE

MSCI ACWxUS

Russell 2000

Russell MidCap

Russell 1000

Russell 3000

S&P 500

1-Year Performance

Page 3

Source: Investment Metrics

The Market EnvironmentDomestic Equity Style Index Performance


The market’s upward momentum waned during the quarter as most US equity

benchmarks posted their first losing quarter since the drawdown at the onset of

the pandemic. Large cap stocks continued to lead the equity markets, followed

by mid and small cap issues. The Russell 1000 Index returned 0.2% versus

returns of -0.9% for the Russell Mid Cap Index and -4.4% for the Russell 2000

Index.

Except for small cap benchmarks, Growth continued to outpace value for the

second consecutive quarter. The Russell 1000 Growth Index was the best

performing style index for the quarter, posting a return of 1.2% and Mid cap

growth performance was negative, returning -0.8%. However, in small cap

stocks, value outpaced growth for the second consecutive quarter with the

Russell 2000 Value Index returning -3.0% versus a weaker -5.7% for the

Russell 2000 Growth Index.

Performance across all market capitalizations and styles was very strong over

the trailing 1-year period led by higher beta small cap stocks.

Despite the recent relative outperformance by growth, value stocks

outperformed across all market capitalizations over the trailing 1-year period.

As the strong economic recovery continued, small cap value stocks posted

outsized performance with the Russell 2000 Value Index returning 63.9%. The

dispersion between value and growth was also most pronounced for small cap

benchmarks (30.6%).

-5.7%

-4.4%

-3.0%

-0.8%

-0.9%

-1.0%

1.2%

0.2%

-0.8%

0.7%

-0.1%

-0.9%

-8.0% -6.0% -4.0% -2.0% 0.0% 2.0%

2000 Growth

2000 Index

2000 Value

MidCap Growth

MidCap Index

MidCap Value

1000 Growth

1000 Index

1000 Value

3000 Growth

3000 Index

3000 Value

Quarter Performance - Russell Style Series

33.3%

47.7%

63.9%

30.5%

38.1%

42.4%

27.3%

31.0%

35.0%

27.6%

31.9%

36.6%

0.0% 20.0% 40.0% 60.0%

2000 Growth

2000 Index

2000 Value

MidCap Growth

MidCap Index

MidCap Value

1000 Growth

1000 Index

1000 Value

3000 Growth

3000 Index

3000 Value

1-Year Performance - Russell Style Series

Page 4

The Market EnvironmentGICS Sector Performance & (Sector Weight)


Source: Morningstar DirectAs a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector.

Sector performance was mixed and muted during the 3rd quarter with only

five of the eleven large cap economic sectors realizing positive returns. Five

sectors outpaced the return of the broad index during the period.

Financials were the best performing sector during the quarter returning

3.0%. Rising interest rates and a steepening yield curve should boost banks’

profits in the coming quarters. Health Care also performed well, led by the

companies developing treatments for COVID-19. The Industrials and

Materials sectors were negative during the period, with both sectors

returning -4.6%. Supply chain disruptions and concerns about shrinking

corporate margins acted as headwinds for performance in these sectors.

and concerns about shrinking corporate margins acted as headwinds.

For the full year, all eleven sectors produced positive returns. Sector

performance for the period was led by Energy which jumped 85.3% as oil

prices recovered from their pandemic lows. Four of the eleven sectors

outperformed the broad large cap benchmark: Energy (85.3%), Financials

(60.3%), Communication Services (37.0%), and Real Estate (32.4%).

Although they still produced double-digit returns, the weakest economic

sectors in the Russell 1000 for the trailing year were Utilities (11.1%) and

Consumer Staples (11.4%).

Small cap sector performance had a more challenging quarter with only two

of the eleven small cap sectors posted positive performance. Energy (1.9%)

and Financials (1.4%) benefited from rising energy prices and higher

interest rates. Six of the Russell 2000 Index sectors managed to outpace

the core benchmark for the quarter. Dispersion between the benchmark’s

sectors was wide during the period with Energy (1.9%) and Communication

Services (-14.1%) defining the broad 16.0% band.

For full 1-year period, seven of the eleven sectors outperformed the broad

benchmark: Energy (154.4%), Communication Services (78.5%), Materials

(65.9%), Financials (63.0%), Consumer Discretionary (57.2%), Industrials

(51.3%), and Info Technology (50.9%). The combination of continued

economic growth, accommodative monetary policies, rising energy prices,

and increased inflationary pressures were the primary catalysts for the

exceptional trailing 1-year performance.

19.2%

44.8%

65.9%

50.9%

51.3%

22.1%

63.0%

154.4%

37.9%

57.2%

78.5%

-3.6%

-0.8%

-5.8%

-1.7%

-1.9%

-10.4%

1.4%

1.9%

-5.2%

-6.7%

-14.1%

-30.0% 0.0% 30.0% 60.0% 90.0% 120.0% 150.0%

Utilities (2.5%)

Real Estate (7.0%)

Materials (3.9%)

Info Technology (13.9%)

Industrials (14.6%)

Health Care (20.7%)

Financials (15.1%)

Energy (4.0%)

Consumer Staples (3.2%)

Consumer Disc (11.7%)

Comm Services (3.5%)

Russell 2000 Quarter 1-Year

11.1%

32.4%

26.1%

29.3%

28.8%

23.0%

60.3%

85.3%

11.4%

24.8%

37.0%

1.3%

0.9%

-4.6%

1.1%

-4.6%

1.5%

3.0%

-1.3%

-0.7%

-0.7%

0.0%

-20.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Utilities (2.4%)

Real Estate (3.1%)

Materials (2.4%)

Info Technology (27.9%)

Industrials (8.9%)

Health Care (13.2%)

Financials (11.3%)

Energy (2.5%)

Consumer Staples (5.5%)

Consumer Disc (12.1%)

Comm Services (10.7%)

Russell 1000 Quarter 1-Year

Page 5

The Market EnvironmentTop 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000


Source: Morningstar Direct

Top 10 Weighted Stocks Top 10 Weighted Stocks

Russell 1000 Weight1-Qtr

Return1-Year Return

Sector Russell 2000 Weight1-Qtr

Return1-Year Return

Sector

Apple Inc 5.40% 3.5% 23.0% Information Technology AMC Entmt Holdings Inc Class A 0.67% -32.9% 708.1% Communication Services

Microsoft Corp 5.17% 4.3% 35.3% Information Technology Intellia Therapeutics Inc 0.32% -17.1% 574.8% Health Care

Amazon.com Inc 3.47% -4.5% 4.3% Consumer Discretionary Crocs Inc 0.30% 23.1% 235.8% Consumer Discretionary

Facebook Inc Class A 1.98% -2.4% 29.6% Communication Services Lattice Semiconductor Corp 0.30% 15.1% 123.2% Information Technology

Alphabet Inc Class A 1.96% 9.5% 82.4% Communication Services Ovintiv Inc 0.29% 4.6% 310.2% Energy

Alphabet Inc Class C 1.82% 6.3% 81.4% Communication Services Tetra Tech Inc 0.27% 22.6% 57.3% Industrials

Tesla Inc 1.50% 14.1% 80.8% Consumer Discretionary Scientific Games Corp Ordinary Shares 0.27% 7.3% 138.0% Consumer Discretionary

Berkshire Hathaway Inc Class B 1.23% -1.8% 28.2% Financials Rexnord Corp 0.27% 28.7% 117.1% Industrials

NVIDIA Corp 1.21% 3.6% 53.3% Information Technology Biohaven Pharm. Holding Co Ltd 0.26% 43.1% 113.7% Health Care

JPMorgan Chase & Co 1.18% 5.8% 74.8% Financials Asana Inc Ordinary Shares - Class A 0.26% 67.4% 260.6% Information Technology

Top 10 Performing Stocks (by Quarter) Top 10 Performing Stocks (by Quarter)


Return1-Year Return


Return1-Year Return

Sector

Upstart Holdings Inc Ordinary Shares 0.03% 153.4% N/A Financials State Auto Financial Corp 0.03% 198.2% 276.9% Financials

Moderna Inc 0.32% 63.8% 444.0% Health Care Fulcrum Therapeutics Inc 0.03% 169.2% 255.7% Health Care

Albertsons Companies Inc Class A 0.01% 59.1% 129.8% Consumer Staples IVERIC bio Inc 0.06% 157.4% 187.9% Health Care

Atlassian Corporation PLC A 0.13% 52.4% 115.3% Information Technology Kadmon Holdings Inc 0.05% 125.1% 122.2% Health Care

Paylocity Holding Corp 0.03% 47.0% 73.7% Information Technology GreenSky Inc Class A 0.03% 101.4% 151.8% Information Technology

Bill.com Holdings Inc Ordinary Shares 0.05% 45.7% 166.1% Information Technology Dynavax Technologies Corp 0.07% 95.0% 344.7% Health Care

Repligen Corp 0.04% 44.8% 95.9% Health Care Grid Dynamics Hldgs Inc Ord Shrs A 0.04% 94.4% 278.0% Information Technology

Acceleron Pharma Inc 0.02% 37.1% 52.9% Health Care Peabody Energy Corp 0.04% 86.5% 543.0% Energy

Paycom Software Inc 0.06% 36.4% 59.3% Information Technology Trillium Therapeutics Inc 0.06% 81.2% 24.2% Health Care

Datadog Inc Class A 0.08% 35.8% 38.4% Information Technology Cytokinetics Inc 0.10% 80.6% 65.1% Health Care

Bottom 10 Performing Stocks (by Quarter) Bottom 10 Performing Stocks (by Quarter)


Return1-Year Return


Return1-Year Return

Sector

GoHealth Inc Ordinary Shares - Class A 0.00% -55.1% -61.4% Financials GT Biopharma Inc 0.00% -100.0% N/A Health Care

Skillz Inc Ordinary Shares - Class A 0.01% -54.8% N/A Communication Services Forte Biosciences Inc Ordinary Shares 0.00% -91.2% -93.9% Health Care

Boston Beer Co Inc Class A 0.01% -50.1% -42.3% Consumer Staples Eargo Inc Ordinary Shares 0.00% -83.1% N/A Health Care

StoneCo Ltd Class A 0.02% -48.2% -34.4% Information Technology Sesen Bio Inc 0.01% -82.8% -43.3% Health Care

TuSimple Hldgs Inc Ord Shrs - Class A 0.00% -47.9% N/A Industrials Ardelyx Inc 0.00% -82.6% -74.9% Health Care

NovoCure Ltd 0.03% -47.6% 4.4% Health Care MedAvail Holdings Inc Ordinary Shares 0.00% -76.2% N/A Consumer Staples

Vroom Inc Ordinary Shares 0.01% -47.3% -57.4% Consumer Discretionary Seres Therapeutics Inc 0.02% -70.8% -75.4% Health Care

Virgin Galactic Holdings Inc Shs A 0.01% -45.0% 31.6% Industrials Ontrak Inc 0.00% -69.1% -83.3% Health Care

ChargePoint Hldgs Inc Ord Shrs - A 0.01% -42.5% N/A Industrials InnovAge Holding Corp 0.00% -69.0% N/A Health Care

Signify Health Inc Ord Shrs - Class A 0.00% -41.3% N/A Health Care Ashford Hospitality Trust Inc 0.01% -67.7% -10.8% Real Estate

Page 6

Source: MSCI Global Index Monitor (Returns are Net)

The Market EnvironmentInternational and Regional Market Index Performance (Country Count)


Although some regional benchmarks posted positive performance for the

quarter, the US dollar (USD) performance for the broad international equity

benchmarks were negative. For the period, developed markets outperformed

emerging markets in both USD and local currency. The MSCI EAFE Index

returned -0.4% in USD and 1.3% in local currency terms for the period while

the MSCI Emerging Markets Index posted a weak -8.1% return in USD and -

6.7% in local currency terms.

The trailing 1-year results for international developed and emerging markets

were positive across all regions and currencies. The MSCI EAFE Index

returned 25.7% in USD and 27.2% in local currency terms, while the MSCI

Emerging Markets Index returned 18.2% in USD and 16.9% in local currency

terms. Performance within the emerging markets regions was led by the

EMEA region which returned 40.6% in USD and 34.4% in local terms.

-7.3%

-8.7%

5.9%

-6.7%

2.8%

0.6%

1.3%

1.2%

-1.3%

-13.3%

-9.6%

4.2%

-8.1%

1.6%

-1.5%

-0.4%

-0.7%

-3.0%

-15.0% -10.0% -5.0% 0.0% 5.0% 10.0%

EM Latin Amer (6)

EM Asia (9)

EM EMEA (11)

Emerging Mkt (26)

Pacific (5)

Europe & ME (16)

EAFE (21)

WORLD x US (22)

AC World x US (48)

Quarter Performance USD Local Currency

22.5%

13.6%

34.4%

16.9%

27.8%

26.9%

27.2%

27.2%

23.9%

27.3%

13.9%

40.6%

18.2%

23.1%

27.3%

25.7%

26.5%

23.9%

0.0% 10.0% 20.0% 30.0% 40.0%

EM Latin Amer (6)

EM Asia (9)

EM EMEA (11)

Emerging Mkt (26)

Pacific (5)

Europe & ME (16)

EAFE (21)

WORLD x US (22)

AC World x US (48)

1-Year Performance USD Local Currency

Page 7

The Market EnvironmentUS Dollar International Index Attribution & Country Detail


Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD)As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector.

MSCI - EAFE Sector Weight Quarter Return 1-Year Return

Communication Services 4.8% -4.1% 16.2%

Consumer Discretionary 12.7% -3.6% 31.7%

Consumer Staples 10.2% -3.4% 9.0%

Energy 3.5% 8.7% 62.1%

Financials 17.2% 1.8% 44.5%

Health Care 12.7% 0.5% 9.7%

Industrials 15.8% 1.3% 28.1%

Information Technology 9.6% 5.0% 36.2%

Materials 7.3% -5.7% 25.2%

Real Estate 2.9% -3.1% 20.2%

Utilities 3.3% -4.6% 4.4%

Total 100.0% -0.4% 25.7%

MSCI – ACWIxUS Sector Weight Quarter Return 1-Year Return


Consumer Discretionary 12.7% -11.5% 9.9%


Energy 4.9% 6.7% 55.0%

Financials 19.3% 1.1% 42.5%

Health Care 9.5% -1.9% 10.1%

Industrials 12.2% 0.2% 27.9%

Information Technology 13.2% -1.0% 36.7%

Materials 8.0% -5.5% 27.1%

Real Estate 2.5% -5.7% 12.7%

Utilities 3.0% -1.9% 10.5%

Total 100.0% -3.0% 23.9%

MSCI - Emerging Mkt Sector Weight Quarter Return 1-Year Return


Consumer Discretionary 14.7% -22.9% -16.9%


Energy 5.9% 9.1% 44.5%

Financials 19.5% 1.0% 35.0%

Health Care 5.0% -13.0% 12.9%

Industrials 4.9% -6.5% 31.9%

Information Technology 20.9% -5.9% 37.3%

Materials 8.7% -4.8% 46.1%

Real Estate 2.1% -14.2% -9.4%

Utilities 2.3% 7.4% 35.2%

Total 100.0% -8.1% 18.2%

MSCI-EAFE MSCI-ACWIxUS Quarter 1- Year

Country Weight Weight Return Return

Japan 24.2% 15.3% 4.6% 22.1%

United Kingdom 14.4% 9.1% -0.3% 31.2%

France 11.2% 7.1% -2.0% 34.3%

Switzerland 9.5% 6.0% -3.3% 14.5%

Germany 9.1% 5.8% -4.3% 16.5%

Australia 6.9% 4.4% -3.0% 31.7%

Netherlands 4.8% 3.1% 3.4% 46.0%

Sweden 3.7% 2.3% -2.2% 31.4%

Hong Kong 3.0% 1.9% -9.4% 15.0%

Denmark 2.6% 1.7% 2.6% 28.3%

Italy 2.5% 1.6% -1.1% 33.4%

Spain 2.4% 1.5% -3.3% 31.4%

Singapore 1.2% 0.7% 0.0% 30.0%

Finland 1.0% 0.7% -3.1% 16.6%

Belgium 0.9% 0.6% -5.6% 18.8%

Ireland 0.7% 0.5% 0.0% 21.8%

Norway 0.7% 0.4% 5.2% 45.4%

Israel 0.6% 0.4% 2.8% 28.4%

New Zealand 0.2% 0.2% 1.8% -2.3%

Austria 0.2% 0.1% 10.4% 98.2%

Portugal 0.2% 0.1% 3.6% 19.5%

Total EAFE Countries 100.0% 63.3% -0.4% 25.7%

Canada 7.1% -2.5% 33.9%

Total Developed Countries 70.4% -0.7% 26.5%

China 10.1% -18.2% -7.3%

Taiwan 4.4% -2.1% 43.3%

Korea 3.7% -13.2% 27.8%

India 3.6% 12.6% 53.1%

Brazil 1.3% -20.2% 21.0%

Russia 1.2% 9.5% 59.4%

Saudi Arabia 1.0% 8.2% 47.7%

South Africa 0.9% -5.8% 27.2%

Mexico 0.6% 1.4% 51.1%

Thailand 0.5% -3.6% 20.1%

Indonesia 0.4% 9.4% 26.4%

Malaysia 0.4% 0.2% 1.4%

United Arab Emirates 0.2% 6.4% 50.6%

Poland 0.2% 1.2% 29.5%

Qatar 0.2% 7.3% 15.0%

Philippines 0.2% -3.6% 13.3%

Kuwait 0.2% 9.0% 27.8%

Chile 0.1% -7.8% 18.7%

Hungary 0.1% 7.7% 72.8%

Turkey 0.1% 1.9% 5.2%

Argentina 0.1% 22.1% 47.2%

Colombia 0.1% 10.2% 31.7%

Peru 0.1% -11.0% -5.8%

Greece 0.1% 2.0% 30.4%

Czech Republic 0.0% 14.2% 85.2%

Egypt 0.0% 4.3% -13.7%

Total Emerging Countries 29.5% -8.1% 18.2%

Total ACWIxUS Countries 100.0% -3.0% 23.9%

Page 8

Source: Bloomberg

The Market EnvironmentDomestic Bond Sector & Broad/Global Bond Market Performance (Duration)


Fixed income market yields were broadly unchanged during the 3rd quarter.

The Bloomberg US Aggregate Bond Index returned a muted 0.1% for the

period.

Digging deeper into bond market sectors, while the US Corporate

Investment Grade Index return was largely unchanged (0.0%), lower quality

High Yield benchmark delivered positive a positive return of 0.9%. High yield

issues benefited from the asset category’s overall shorter maturity profile

and higher coupon rate.

The outlier during the quarter was US TIPS issues, which returned 1.8%.

Expectations for inflation to persist above the Fed’s stated average target of

2.0% was the catalyst for the solid performance.

Outside of domestic markets, the Bloomberg Global Aggregate ex US Index

posted a -1.6% return for the quarter. A significant contributor to the global

bond’s index performance was UK issues. Interest rates in the UK moved

higher during the period as the Bank of England began to message the

potential for rate increases in the near future.

Over the trailing 1-year period, returns of higher quality government and

mortgage-backed bonds were disappointing. US Treasury bonds declined by

-3.3% and the mortgage-backed benchmark returned a less negative -0.4%.

In contrast, corporate bonds delivered solid performance, led by lower

quality high yield bonds. The Bloomberg US Corporate IG Index returned

1.7% while the Blomberg US High Yield Bond Index returned a strong

11.3%.

US TIPS continued to perform well for the trailing 1-year period with the

index returning 5.2%. Persistent concerns about rising inflation acted as a

tailwind for TIPS issues.

-0.9%

-1.6%

0.0%

0.1%

0.0%

-0.1%

0.0%

0.1%

1.8%

0.9%

0.0%

0.1%

0.1%

-2.0% -1.0% 0.0% 1.0% 2.0%

Multiverse (7.4)

Global Agg x US (8.2)

Intermediate Agg (4.3)

Aggregate (6.7)

Baa (8.7)

A (8.4)

AA (8.5)

AAA (6.0)

U.S. TIPS (5.5)

U.S. High Yield (4.0)

U.S. Corporate IG (8.7)

U.S. Mortgage (4.6)

U.S. Treasury (7.1)

Quarter Performance

-0.4%

-1.2%

-0.4%

-0.9%

3.3%

0.2%

-0.1%

-2.0%

5.2%

11.3%

1.7%

-0.4%

-3.3%

-5.0% 0.0% 5.0% 10.0% 15.0%

Multiverse (7.4)

Global Agg x US (8.2)

Intermediate Agg (4.3)

Aggregate (6.7)

Baa (8.7)

A (8.4)

AA (8.5)

AAA (6.0)

U.S. TIPS (5.5)

U.S. High Yield (4.0)

U.S. Corporate IG (8.7)

U.S. Mortgage (4.6)

U.S. Treasury (7.1)

1-Year Performance

Page 9

Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)

The Market EnvironmentMarket Rate & Yield Curve Comparison


The gray band across the graph represents the range of the Fed Funds

Rate. Over the past year, the Fed’s target rate range has remained

unchanged at 0.00% to 0.25%. During its September meeting, the Federal

Open Market Committee (FOMC) reiterated its commitment to keeping

interest rates near zero while signaling that it would begin tapering its asset

purchase program. Importantly, the Fed also indicated it would begin

considering raising US interest rates in the near future.

The yield on the US 10-year Treasury (green line) continued to rise during

the year as the economy recovered. After reaching a high of 1.74% during

the 1st quarter of 2021, interest rates have largely moved in a range-bound,

sideways pattern.

The blue line illustrates changes in the BAA OAS (Option Adjusted Spread).

This measure quantifies the additional yield premium investors require to

purchase and hold non-Treasury investment grade issues. As the pace of

the economic recovery quickened, spreads narrowed, indicating that

investors remain comfortable owning credit as the probability of corporate

defaults remains low. While nearly triple the BAA OAS, the High Yield OAS

shows a similar willingness by investors to hold non-Treasury debt.

The lower graph provides a snapshot of the US Treasury yield curve at the

end of each of the last four quarters. Beginning in the 4th quarter of 2020,

longer-term interest rates began to move higher as investors anticipated

improving economic conditions. Interest rates peaked in the 1st quarter as

economic growth surprised to the upside. Since then, longer-term US

interest rates have remained relatively steady.

0.00

0.50

1.00

1.50

2.00

2.50

1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr

Treasury Yield Curve

12/31/2020 3/31/20216/30/2021 9/30/2021

0.00

1.00

2.00

3.00

4.00

5.00

6.00

Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21

1-Year Trailing Market Rates

Fed Funds Rate BAA OAS

10yr Treasury High Yield OAS

Page 10

Page Intentionally Left Blank

Page 11

September 30, 2020 : $277,388,384 September 30, 2021 : $328,742,182

Asset Allocation by Segment

Segments Market Value Allocation

Domestic Equity 60,950,361 22.0¢

International Equity 18,858,343 6.8¢

Global Equity 39,022,050 14.1¢

Domestic Fixed Income 19,179,932 6.9¢

Loans 6,322,339 2.3¢

Other Fixed Income 4,037,445 1.5¢

VT Plus 47,919,456 17.3¢

Real Estate 2,959,286 1.1¢

Cash 3,851,614 1.4¢

Balanced 74,287,556 26.8¢


Segments Market Value Allocation

Domestic Equity 79,078,205 24.1¢

International Equity 25,000,503 7.6¢

Global Equity 44,748,025 13.6¢

Domestic Fixed Income 21,009,362 6.4¢

Loans 6,293,426 1.9¢

Other Fixed Income 5,116,714 1.6¢

VT Plus 50,933,774 15.5¢

Real Estate 4,074,234 1.2¢

Cash 69,130 0.0¢

Balanced 92,418,809 28.1¢


457 Total Fund


Page 12

September 30, 2020 : $277,388,384 Allocation

Market Value Allocation

MissionSquare PLUS Fund R10 47,919,456 17.3¢

American Funds The New Economy Fund (RNGHX) 39,022,050 14.1¢

Vanguard Institutional Index (VINIX) 26,536,072 9.6¢

TIAA-CREF Lifecycle 2035 (TCYPX) 16,390,873 5.9¢

TIAA-CREF Lifecycle 2030 (TCHPX) 12,497,318 4.5¢

Metropolitan West Total Return Bond (MWTIX) 12,058,095 4.3¢

TIAA-CREF Lifecycle 2040 (TCZPX) 10,356,222 3.7¢

TIAA-CREF Lifecycle 2025 (TCQPX) 9,348,761 3.4¢

Carillon Scout Mid Cap (UMBMX) 8,701,026 3.1¢

TIAA-CREF International Equity Index (TRIPX) 7,720,274 2.8¢

TIAA-CREF Lifecycle 2020 (TCWPX) 7,340,940 2.6¢

Invesco Diversified Dividend (DDFIX) 7,162,243 2.6¢

Vanguard Total Bond Market Index (VBTLX) 7,121,837 2.6¢

TIAA-CREF Lifecycle 2045 (TTFPX) 6,962,284 2.5¢

American Funds SmallCap World Fund (RSLDX) 6,898,779 2.5¢

Goldman Sachs Small Cap Value (GSSIX) 6,553,036 2.4¢

Loan Fund 6,322,339 2.3¢

Vanguard Small-Cap Index Fund (VSMAX) 6,009,323 2.2¢

Vanguard Mid-Cap Index Fund (VIMAX) 5,988,661 2.2¢

BlackRock High Yield Bond (BHYIX) 4,037,445 1.5¢

Vanguard Treasury Money Market (VUSXX) 3,851,614 1.4¢

TIAA-CREF Lifecycle 2015 (TCFPX) 3,211,652 1.2¢

TIAA-CREF Lifecycle 2050 (TCLPX) 3,069,571 1.1¢

DFA Real Estate (DFREX) 2,959,286 1.1¢

DFA Emerging Markets Small Cap (DEMSX) 2,175,466 0.8¢

Lazard International Equity R6 (LZIEX) 2,063,824 0.7¢

TIAA-CREF Lifecycle 2010 (TCTPX) 1,948,814 0.7¢

TIAA-CREF Lifecycle 2055 (TTRPX) 1,166,068 0.4¢

TIAA-CREF Lifecycle Retirement Income (TPILX) 932,692 0.3¢

TIAA-CREF Self Directed 628,075 0.2¢

TIAA-CREF Lifecycle 2060 (TLXPX) 434,286 0.2¢

Asset Allocation By Manager

457 Total Fund


Page 13

September 30, 2021 : $328,742,182 Allocation

Market Value Allocation

MissionSquare PLUS Fund R10 50,933,774 15.5¢

American Funds The New Economy Fund (RNGHX) 44,748,025 13.6¢

Vanguard Institutional Index (VINIX) 32,755,573 10.0¢

TIAA-CREF Lifecycle 2035 (TCYPX) 19,717,990 6.0¢

TIAA-CREF Lifecycle 2030 (TCHPX) 16,149,265 4.9¢

Metropolitan West Total Return Bond (MWTIX) 14,367,003 4.4¢

TIAA-CREF Lifecycle 2040 (TCZPX) 13,358,510 4.1¢

Carillon Scout Mid Cap (UMBMX) 10,794,285 3.3¢

TIAA-CREF Lifecycle 2025 (TCQPX) 10,716,160 3.3¢

American Funds SmallCap World Fund (RSLDX) 9,693,943 2.9¢

Vanguard Small-Cap Index Fund (VSMAX) 9,470,922 2.9¢

TIAA-CREF Lifecycle 2045 (TTFPX) 9,299,752 2.8¢

TIAA-CREF International Equity Index (TRIPX) 9,178,943 2.8¢

Goldman Sachs Small Cap Value (GSSIX) 9,007,202 2.7¢

Invesco Diversified Dividend (DDFIX) 8,641,617 2.6¢

Vanguard Mid-Cap Index Fund (VIMAX) 8,408,607 2.6¢

TIAA-CREF Lifecycle 2020 (TCWPX) 7,763,678 2.4¢

Vanguard Total Bond Market Index (VBTLX) 6,642,359 2.0¢

Loan Fund 6,293,426 1.9¢

BlackRock High Yield Bond (BHYIX) 5,116,714 1.6¢

TIAA-CREF Lifecycle 2050 (TCLPX) 4,485,255 1.4¢

DFA Real Estate (DFREX) 4,074,234 1.2¢

DFA Emerging Markets Small Cap (DEMSX) 3,399,779 1.0¢

TIAA-CREF Lifecycle 2015 (TCFPX) 2,974,361 0.9¢

Lazard International Equity R6 (LZIEX) 2,727,838 0.8¢

TIAA-CREF Lifecycle 2010 (TCTPX) 2,510,019 0.8¢

TIAA-CREF Lifecycle 2055 (TTRPX) 1,857,921 0.6¢

TIAA-CREF Self Directed 1,663,868 0.5¢

TIAA-CREF Lifecycle Retirement Income (TPILX) 1,377,720 0.4¢

TIAA-CREF Lifecycle 2060 (TLXPX) 544,309 0.2¢

Vanguard Treasury Money Market (VUSXX) 69,130 0.0¢

Asset Allocation By Manager

457 Total Fund


Page 14

Invesco Diversified Dividend (DDFIX) 7.8 No (5) No (5) 99 (5) 81 (5) 93 (5) 27 -1.27 (5) 0.69 Yes

Carillon Scout Mid Cap (UMBMX) 15.1 Yes No (2) 2 19 6 26 0.73 -1.01 (2) No

Goldman Sachs Small Cap Value (GSSIX) 14.9 No (5) Yes 59 (2) 31 47 17 -0.57 (5) 0.68 No

American Funds The New Economy Fund (RNGHX) 30.8 Yes Yes 10 N/A (5) 8 N/A (5) 4.82 N/A No

Lazard International Equity R6 (LZIEX) 29.8 No (5) No (1) 75 (5) 35 70 (5) 12 -1.46 (5) 0.28 No

American Funds SmallCap World Fund (RSLDX) 21.9 Yes Yes 25 N/A (5) 22 N/A (5) 5.33 N/A No

DFA Emerging Markets Small Cap (DEMSX) 11.8 No (1) Yes 44 23 57 (5) 26 -0.27 (1) 1.04 No

Metropolitan West Total Return Bond (MWTIX) 24.7 Yes Yes 26 5 8 1 0.68 1.36 No

BlackRock High Yield Bond (BHYIX) 13.9 Yes Yes 13 8 18 13 0.11 0.26 No

DFA Real Estate (DFREX) 9.8 No (5) No (5) 33 25 37 24 -0.24 (5) -0.39 (5) No

Fund meets criteria

Fund does not currently meet criteria

Fund has not met criteria for more than 4 quarters

"More than 4 quarters" evaluation criteria excludes Index Funds

City of Fort Worth 457 Deferred Compensation PlanInvestment Option Performance Review


Positive 5 & 10 Year Alpha

Watch List

5 & 10 Year Return < 50th %-tile

5 & 10 Year Sharpe < 50th %-tileDomestic Equity Funds Manager

Tenure5 & 10 Year

Return > Index

International Equity Funds Manager Tenure

5 & 10 Year Return > Index


5 & 10 Year Sharpe < 50th %-tile


Watch List

Fixed Income & Other Funds Manager Tenure

5 & 10 Year Return > Index




Watch List

Page 15

Vanguard Institutional Index (VINIX) 20.9 1 1

Vanguard Mid-Cap Index (VIMAX) 23.5 1 1

Vanguard Small-Cap Index (VSMAX) 5.6 1 1

TIAA-CREF International Equity Index (TRIPX) 16.3 1 1

Vanguard Total Bond Market (VBTLX) 8.8 6 6

TIAA-CREF Lifecycle Retirement Income (TPILX) 14.0 18 5 37 24

TIAA-CREF Lifecycle 2010 (TCTPX) 15.7 12 7 42 43

TIAA-CREF Lifecycle 2015 (TCFPX) 15.7 22 14 52 (1) 40

TIAA-CREF Lifecycle 2020 (TCWPX) 15.7 21 16 47 36

TIAA-CREF Lifecycle 2025 (TCQPX) 15.7 22 20 51 (1) 33

TIAA-CREF Lifecycle 2030 (TCHPX) 15.7 26 19 54 (1) 37

TIAA-CREF Lifecycle 2035 (TCYPX) 15.7 35 20 52 (1) 35

TIAA-CREF Lifecycle 2040 (TCZPX) 15.7 30 19 51 (1) 35

TIAA-CREF Lifecycle 2045 (TTFPX) 14.0 21 15 48 36

TIAA-CREF Lifecycle 2050 (TCLPX) 14.0 19 15 42 40

TIAA-CREF Lifecycle 2055 (TTRPX) 10.6 21 19 48 50 (1)

TIAA-CREF Lifecycle 2060 (TLXPX) 7.2 N/A (5) N/A (5) N/A (5) N/A (5)

Fund meets criteria

Fund does not currently meet criteria

Fund has not met criteria for more than 4 quarters

"More than 4 quarters" evaluation criteria excludes Index Funds

No

No

Investment Option Performance ReviewAs of September 30, 2021

No

No

No

No

Lifecycle Funds Manager Tenure



HeightenedScrutiny

City of Fort Worth 457 Deferred Compensation Plan

No

No

No

No

No

No

Index Funds Manager Tenure

5 & 10 Year Track. Error Rank Watch List

No

No

No

No

No

Page 16

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Page 17

City of Fort Worth 457 Deferred Compensation PlanQuantitative HighlightsAs of September 30, 2021

3rd Quarter2021

2nd Quarter2021

1st Quarter2021

4th Quarter2020

3rd Quarter2020

Total Assets ($M) $328.7 $328.1 $312.5 $304.2 $277.4

Contributions $3,221,184 $3,605,479 $3,293,580 $3,398,387 $2,900,454

Transfers In $2,432,632 $1,284,748 $1,982,544 $763,309 $666,185

Distributions $3,332,868 $5,099,363 $6,480,647 $6,981,160 $6,227,510

Rollovers Out $1,197,830 $3,069,840 $3,268,220 $3,960,000 $1,325,434

Transfers Out $0 $0 $0 $183,853 $46,108

New Loans $775,063 $814,733 $538,138 $330,253 $647,314

No. of New Loans 54 55 31 33 44

Excess Plan Revenue Acct $69,130 $68,838 $68,532 $68,886 $68,912

Participants Contributing 2,999 2,994 3,003 2,992 2,990

Estimated amounts provided by TIAA

Page 18

Asset Allocation & Performance

Allocation

MarketValue

$%

Performance(%)

QTR YTD 1 YR 3 YR 5 YR 7 YR 10 YR

457 Total Fund 328,742,182 100.0

Domestic Equity

Invesco Diversified Dividend (DDFIX) 8,641,617 2.6 -0.98 (70) 11.98 (90) 27.35 (89) 8.69 (80) 8.27 (99) 8.34 (78) 12.09 (81)

Russell 1000 Value Index -0.78 (64) 16.14 (56) 35.01 (46) 10.07 (50) 10.94 (68) 9.32 (52) 13.51 (39)

IM U.S. Large Cap Value Equity (MF) Median -0.45 16.67 33.97 10.07 11.68 9.40 13.15

Vanguard Institutional Index (VINIX) 32,755,573 10.0 0.57 (30) 15.90 (32) 29.98 (36) 15.97 (39) 16.87 (32) 13.99 (21) 16.61 (22)

S&P 500 Index 0.58 (30) 15.92 (31) 30.00 (35) 15.99 (38) 16.90 (32) 14.01 (20) 16.63 (20)

IM U.S. Large Cap Core Equity (MF) Median 0.20 14.99 28.70 15.21 16.01 12.84 15.57

Vanguard Mid-Cap Index Fund (VIMAX) 8,408,607 2.6 0.00 (20) 15.32 (60) 36.09 (70) 14.74 (3) 14.59 (3) 12.38 (7) 15.55 (3)

Vanguard Spliced Mid Cap Index 0.01 (20) 15.32 (60) 36.12 (70) 14.76 (3) 14.61 (3) 12.41 (7) 15.59 (3)

IM U.S. Mid Cap Core Equity (MF) Median -0.83 16.07 38.13 10.84 11.34 8.99 12.92

Carillon Scout Mid Cap (UMBMX) 10,794,285 3.3 -1.55 (71) 10.58 (89) 34.51 (74) 12.23 (25) 15.40 (2) 12.72 (5) 14.47 (19)

Russell Midcap Index -0.93 (55) 15.17 (62) 38.11 (51) 14.22 (5) 14.39 (3) 12.15 (8) 15.52 (4)

IM U.S. Mid Cap Core Equity (MF) Median -0.83 16.07 38.13 10.84 11.34 8.99 12.92

Goldman Sachs Small Cap Value (GSSIX) 9,007,202 2.7 -1.24 (26) 18.48 (94) 55.90 (87) 6.85 (74) 9.83 (59) 9.04 (46) 13.32 (31)

Russell 2000 Value Index -2.98 (81) 22.92 (68) 63.92 (59) 8.58 (37) 11.03 (34) 10.19 (24) 13.22 (33)

IM U.S. Small Cap Value Equity (MF) Median -2.01 24.68 66.28 7.97 10.23 8.85 12.65

Vanguard Small-Cap Index Fund (VSMAX) 9,470,922 2.9 -2.62 (57) 13.35 (80) 44.06 (85) 11.98 (15) 13.97 (14) 11.98 (19) 15.33 (11)

Vanguard Spliced Small Cap Index -2.62 (57) 13.32 (80) 44.04 (85) 11.96 (15) 13.95 (15) 11.95 (20) 15.31 (11)

IM U.S. Small Cap Core Equity (MF) Median -2.36 17.77 51.01 9.09 11.60 10.23 13.48

International Equity/Global Equity

TIAA-CREF International Equity Index (TRIPX) 9,178,943 2.8 -1.04 (25) 7.75 (53) 24.77 (59) 7.45 (45) 8.60 (41) 5.73 (36) 8.15 (31)

MSCI EAFE (Net) Index -0.45 (15) 8.35 (33) 25.73 (55) 7.62 (44) 8.81 (37) 5.80 (33) 8.10 (32)

IM International Large Cap Core Equity (MF) Median -2.11 7.87 26.28 7.07 8.16 4.91 7.67

American Funds The New Economy Fund (RNGHX) 44,748,025 13.6 -0.45 (36) 8.11 (71) 25.84 (54) 16.73 (23) 18.62 (10) N/A N/A

MSCI AC World Index (Net) -1.05 (50) 11.12 (39) 27.44 (44) 12.58 (47) 13.20 (43) 9.95 (44) 11.90 (51)

IM Global Equity (MF) Median -1.12 10.17 26.43 12.05 12.06 9.21 11.92

Lazard International Equity R6 (LZIEX) 2,727,838 0.8 0.14 (5) 5.59 (81) 21.79 (76) 7.05 (53) 7.08 (75) 4.90 (51) 8.00 (35)

MSCI EAFE (Net) Index -0.45 (15) 8.35 (33) 25.73 (55) 7.62 (44) 8.81 (37) 5.80 (33) 8.10 (32)

IM International Large Cap Core Equity (MF) Median -2.11 7.87 26.28 7.07 8.16 4.91 7.67


457 Total Fund


Page 19


457 Total Fund


Allocation

MarketValue

$%

Performance(%)


American Funds SmallCap World Fund (RSLDX) 9,693,943 2.9 -0.29 (33) 11.05 (53) 35.64 (43) 18.87 (18) 17.64 (25) N/A N/A

MSCI World Small Cap (Net) -1.43 (54) 13.23 (38) 40.24 (34) 10.88 (65) 12.46 (72) 10.57 (58) 12.94 (65)

IM Global SMID Cap Equity (MF) Median -1.30 11.13 35.04 13.17 15.31 11.84 13.67

DFA Emerging Markets Small Cap (DEMSX) 3,399,779 1.0 -4.13 (18) 13.46 (7) 35.51 (9) 11.84 (34) 9.25 (44) 6.85 (30) 8.09 (23)

MSCI Emerging Markets Small Cap (Net) -2.16 (8) 17.20 (4) 43.24 (4) 13.11 (26) 9.75 (37) 6.17 (39) 7.21 (37)

IM Emerging Markets Equity (MF) Median -7.59 -0.34 19.24 9.56 8.85 5.49 6.27

Fixed Income & Other

Vanguard Total Bond Market Index (VBTLX) 6,642,359 2.0 0.11 (30) -1.58 (73) -0.92 (84) 5.41 (59) 2.93 (67) 3.24 (55) 2.96 (70)

Blmbg. U.S. Aggregate Index 0.05 (45) -1.56 (71) -0.90 (83) 5.35 (63) 2.94 (66) 3.26 (52) 3.01 (67)

IM U.S. Broad Market Core Fixed Income (MF) Median 0.03 -1.20 0.16 5.58 3.18 3.28 3.27

Metropolitan West Total Return Bond (MWTIX) 14,367,003 4.4 0.13 (26) -1.04 (42) 0.15 (51) 6.15 (24) 3.51 (26) 3.52 (30) 4.17 (5)

Blmbg. U.S. Aggregate Index 0.05 (45) -1.56 (71) -0.90 (83) 5.35 (63) 2.94 (66) 3.26 (52) 3.01 (67)

IM U.S. Broad Market Core Fixed Income (MF) Median 0.03 -1.20 0.16 5.58 3.18 3.28 3.27

BlackRock High Yield Bond (BHYIX) 5,116,714 1.6 0.78 (39) 4.94 (33) 11.57 (34) 6.63 (26) 6.59 (13) 5.55 (17) 7.46 (8)

ICE BofAML High Yield Master II 0.94 (19) 4.67 (41) 11.46 (37) 6.62 (26) 6.35 (18) 5.76 (11) 7.29 (9)

IM U.S. High Yield Bonds (MF) Median 0.71 4.31 10.56 5.98 5.63 4.79 6.41

DFA Real Estate (DFREX) 4,074,234 1.2 0.38 (75) 22.22 (40) 32.45 (53) 12.14 (38) 8.09 (33) 10.07 (24) 11.86 (25)

FTSE NAREIT All Equity REITs 0.23 (80) 21.63 (52) 31.54 (60) 11.73 (47) 8.41 (30) 10.04 (25) 12.13 (18)

IM Real Estate Sector (MF) Median 1.07 21.70 32.61 11.46 7.22 9.13 10.97

Vanguard Treasury Money Market (VUSXX) 69,130 0.0 0.00 (42) 0.01 (30) 0.02 (22) 1.05 (12) 1.05 (13) 0.78 (13) 0.55 (13)

90 Day U.S. Treasury Bill 0.02 (4) 0.04 (6) 0.07 (5) 1.18 (2) 1.15 (9) 0.85 (9) 0.61 (9)

IM U.S. Taxable Money Market (MF) Median 0.00 0.01 0.01 0.90 0.87 0.63 0.44

MissionSquare PLUS Fund R10 50,933,774 15.5 0.47 (14) 1.43 (15) 1.96 (16) 2.23 (45) 2.20 (47) 2.15 (37) 2.23 (37)

ICE BofAML 3 Month U.S. T-Bill 0.02 (99) 0.04 (93) 0.07 (98) 1.18 (100) 1.16 (100) 0.87 (100) 0.63 (100)

IM U.S. GIC/Stable Value (SA+CF) Median 0.36 1.13 1.58 2.19 2.16 2.10 2.01

Target Date Funds

TIAA-CREF Lifecycle Retirement Income (TPILX) 1,377,720 0.4 -0.31 (63) 4.66 (22) 11.57 (24) 8.10 (20) 7.40 (18) 6.38 (11) 7.36 (5)

Dow Jones Global Conservative Index -0.51 (88) -0.45 (100) 3.55 (97) 4.72 (96) 3.56 (95) 3.37 (94) 3.56 (93)

IM Mixed-Asset Target Today (MF) Median -0.23 3.70 10.08 7.15 6.29 5.31 5.88

TIAA-CREF Lifecycle 2010 (TCTPX) 2,510,019 0.8 -0.24 (46) 4.62 (36) 11.65 (28) 8.06 (37) 7.56 (12) 6.55 (7) 7.86 (7)

Dow Jones Global Target 2010 Index -0.51 (96) -0.48 (100) 3.54 (100) 4.73 (100) 3.59 (100) 3.47 (100) 3.96 (99)

IM Mixed-Asset Target 2010 (MF) Median -0.26 4.01 10.63 7.87 6.94 5.87 7.07

Page 20


457 Total Fund


Allocation

MarketValue

$%

Performance(%)


TIAA-CREF Lifecycle 2015 (TCFPX) 2,974,361 0.9 -0.37 (57) 5.05 (54) 12.83 (54) 8.48 (47) 8.12 (22) 6.97 (12) 8.50 (14)

Dow Jones Global Target 2015 Index -0.52 (84) -0.19 (100) 4.18 (100) 5.15 (100) 4.01 (100) 4.00 (100) 4.79 (100)


TIAA-CREF Lifecycle 2020 (TCWPX) 7,763,678 2.4 -0.53 (64) 5.52 (49) 14.05 (42) 8.81 (44) 8.74 (21) 7.45 (12) 9.25 (16)

Dow Jones Global Target 2020 Index -0.57 (70) 0.90 (100) 6.49 (100) 6.08 (99) 5.10 (99) 4.82 (98) 5.98 (98)


TIAA-CREF Lifecycle 2025 (TCQPX) 10,716,160 3.3 -0.68 (66) 6.34 (36) 16.27 (36) 9.41 (43) 9.65 (22) 8.08 (18) 10.13 (20)



TIAA-CREF Lifecycle 2030 (TCHPX) 16,149,265 4.9 -0.83 (64) 7.35 (46) 18.55 (43) 10.04 (48) 10.55 (26) 8.73 (23) 10.96 (19)



TIAA-CREF Lifecycle 2035 (TCYPX) 19,717,990 6.0 -1.04 (68) 8.33 (59) 20.99 (63) 10.61 (56) 11.42 (35) 9.33 (31) 11.75 (20)



TIAA-CREF Lifecycle 2040 (TCZPX) 13,358,510 4.1 -1.27 (79) 9.28 (67) 23.30 (68) 11.12 (58) 12.25 (30) 9.90 (28) 12.32 (19)



TIAA-CREF Lifecycle 2045 (TTFPX) 9,299,752 2.8 -1.40 (82) 10.33 (54) 25.73 (55) 11.74 (53) 12.89 (21) 10.36 (20) 12.64 (15)



TIAA-CREF Lifecycle 2050 (TCLPX) 4,485,255 1.4 -1.44 (80) 10.61 (52) 26.28 (60) 11.88 (54) 13.05 (19) 10.47 (19) 12.73 (15)



TIAA-CREF Lifecycle 2055 (TTRPX) 1,857,921 0.6 -1.51 (85) 10.66 (54) 26.62 (64) 11.93 (52) 13.14 (21) 10.55 (16) 12.80 (19)



TIAA-CREF Lifecycle 2060 (TLXPX) 544,309 0.2 -1.54 (91) 10.87 (50) 26.93 (70) 12.01 (50) 13.27 (N/A) 10.66 (N/A) N/A

Dow Jones Global Target 2060 Index -1.06 (36) 11.24 (33) 29.23 (16) 11.80 (59) 12.48 (N/A) 10.05 (N/A) 12.09 (N/A)

IM Mixed-Asset Target 2060+ (MF) Median -1.23 10.86 27.89 12.01 N/A N/A N/A

Page 21


457 Total Fund


Allocation

MarketValue

$%

Performance(%)


Brokerage & Loan Fund

TIAA-CREF Self Directed 1,663,868 0.5

Loan Fund 6,293,426 1.9

Page 22


Allocation

MarketValue

$%

Performance(%)

YTD 2020 2019 2018 2017 2016 2015 2014 2013

457 Total Fund 328,742,182 100.0

Domestic Equity

Invesco Diversified Dividend (DDFIX) 8,641,617 2.6 11.98 (90) 0.44 (84) 25.46 (69) -7.54 (32) 8.53 (100) 14.66 (44) 2.09 (3) 12.32 (20) 29.31 (91)

Russell 1000 Value Index 16.14 (56) 2.80 (58) 26.54 (54) -8.27 (39) 13.66 (79) 17.34 (18) -3.83 (65) 13.45 (9) 32.53 (46)

IM U.S. Large Cap Value Equity (MF) Median 16.67 3.46 27.46 -8.91 16.65 14.14 -3.14 10.76 32.20

Vanguard Institutional Index (VINIX) 32,755,573 10.0 15.90 (32) 18.39 (46) 31.46 (34) -4.42 (35) 21.79 (42) 11.93 (25) 1.37 (33) 13.65 (17) 32.35 (37)

S&P 500 Index 15.92 (31) 18.40 (46) 31.49 (33) -4.38 (35) 21.83 (42) 11.96 (24) 1.38 (33) 13.69 (17) 32.39 (36)

IM U.S. Large Cap Core Equity (MF) Median 14.99 17.70 30.16 -5.33 21.23 9.94 0.27 11.49 31.71

Vanguard Mid-Cap Index Fund (VIMAX) 8,408,607 2.6 15.32 (60) 18.24 (11) 31.03 (22) -9.23 (19) 19.25 (15) 11.22 (76) -1.34 (25) 13.76 (7) 35.15 (44)

Vanguard Spliced Mid Cap Index 15.32 (60) 18.24 (11) 31.09 (22) -9.22 (19) 19.30 (15) 11.25 (76) -1.28 (24) 13.83 (7) 35.21 (43)

IM U.S. Mid Cap Core Equity (MF) Median 16.07 8.15 28.09 -11.65 14.64 14.63 -3.81 8.86 34.19

Carillon Scout Mid Cap (UMBMX) 10,794,285 3.3 10.58 (89) 27.27 (4) 20.76 (92) -9.74 (21) 24.02 (3) 18.31 (26) 1.41 (8) 4.09 (89) 37.68 (26)

Russell Midcap Index 15.17 (62) 17.10 (14) 30.54 (25) -9.06 (17) 18.52 (20) 13.80 (57) -2.44 (31) 13.22 (10) 34.76 (46)

IM U.S. Mid Cap Core Equity (MF) Median 16.07 8.15 28.09 -11.65 14.64 14.63 -3.81 8.86 34.19

Goldman Sachs Small Cap Value (GSSIX) 9,007,202 2.7 18.48 (94) 2.06 (64) 23.14 (20) -14.02 (32) 12.34 (19) 24.65 (68) -5.39 (30) 7.28 (9) 38.82 (33)

Russell 2000 Value Index 22.92 (68) 4.63 (35) 22.39 (31) -12.86 (22) 7.84 (60) 31.74 (15) -7.47 (59) 4.22 (37) 34.52 (74)

IM U.S. Small Cap Value Equity (MF) Median 24.68 3.53 21.18 -15.99 8.48 26.55 -6.97 3.48 36.46

Vanguard Small-Cap Index Fund (VSMAX) 9,470,922 2.9 13.35 (80) 19.11 (16) 27.37 (17) -9.31 (18) 16.24 (14) 18.30 (79) -3.64 (39) 7.50 (14) 37.81 (44)

Vanguard Spliced Small Cap Index 13.32 (80) 19.07 (16) 27.35 (17) -9.33 (18) 16.24 (14) 18.26 (79) -3.68 (39) 7.54 (13) 37.77 (44)

IM U.S. Small Cap Core Equity (MF) Median 17.77 9.80 23.99 -12.71 12.26 21.58 -4.35 4.78 37.01

International Equity/Global Equity

TIAA-CREF International Equity Index (TRIPX) 9,178,943 2.8 7.75 (53) 8.01 (61) 21.59 (63) -13.39 (16) 25.14 (40) 1.08 (43) -0.69 (24) -5.60 (45) 21.75 (33)

MSCI EAFE (Net) Index 8.35 (33) 7.82 (63) 22.01 (56) -13.79 (23) 25.03 (41) 1.00 (44) -0.81 (27) -4.90 (34) 22.78 (19)

IM International Large Cap Core Equity (MF) Median 7.87 8.74 22.72 -15.47 23.97 0.37 -2.34 -5.79 20.35

American Funds The New Economy Fund (RNGHX) 44,748,025 13.6 8.11 (71) 33.72 (19) 26.69 (49) -4.04 (13) 34.71 (8) 2.32 (79) N/A N/A N/A

MSCI AC World Index (Net) 11.12 (39) 16.25 (46) 26.60 (49) -9.42 (48) 23.97 (43) 7.86 (37) -2.36 (60) 4.16 (39) 22.80 (60)

IM Global Equity (MF) Median 10.17 15.49 26.43 -9.55 22.46 6.45 -1.44 2.78 25.04

Lazard International Equity R6 (LZIEX) 2,727,838 0.8 5.59 (81) 8.76 (50) 21.19 (68) -13.61 (19) 22.81 (73) -4.18 (83) 1.62 (6) -4.29 (29) 20.84 (40)

MSCI EAFE (Net) Index 8.35 (33) 7.82 (63) 22.01 (56) -13.79 (23) 25.03 (41) 1.00 (44) -0.81 (27) -4.90 (34) 22.78 (19)

IM International Large Cap Core Equity (MF) Median 7.87 8.74 22.72 -15.47 23.97 0.37 -2.34 -5.79 20.35


457 Total Fund


Page 23


457 Total Fund


Allocation

MarketValue

$%

Performance(%)

YTD 2020 2019 2018 2017 2016 2015 2014 2013

American Funds SmallCap World Fund (RSLDX) 9,693,943 2.9 11.05 (53) 37.73 (27) 31.08 (17) -9.50 (21) 27.09 (38) 5.90 (70) N/A N/A N/A

MSCI World Small Cap (Net) 13.23 (38) 15.96 (64) 26.19 (53) -13.86 (55) 22.66 (69) 12.71 (32) -0.31 (52) 1.90 (26) 32.38 (41)

IM Global SMID Cap Equity (MF) Median 11.13 24.97 26.95 -13.11 25.90 8.54 0.16 -1.31 29.90

DFA Emerging Markets Small Cap (DEMSX) 3,399,779 1.0 13.46 (7) 13.80 (70) 14.89 (79) -17.56 (61) 35.26 (53) 10.92 (32) -8.70 (17) 3.00 (9) -1.38 (50)

MSCI Emerging Markets Small Cap (Net) 17.20 (4) 19.29 (43) 11.51 (89) -18.59 (71) 33.84 (60) 2.28 (85) -6.85 (10) 1.01 (17) 1.04 (32)

IM Emerging Markets Equity (MF) Median -0.34 17.66 20.15 -16.45 35.66 8.25 -13.73 -3.01 -1.45

Fixed Income & Other

Vanguard Total Bond Market Index (VBTLX) 6,642,359 2.0 -1.58 (73) 7.72 (65) 8.71 (54) -0.03 (19) 3.56 (53) 2.60 (64) 0.40 (30) 5.89 (31) -2.14 (59)

Blmbg. U.S. Aggregate Index -1.56 (71) 7.51 (73) 8.72 (54) 0.01 (17) 3.54 (54) 2.65 (62) 0.55 (19) 5.97 (27) -2.02 (54)

IM U.S. Broad Market Core Fixed Income (MF) Median -1.20 8.15 8.76 -0.63 3.59 2.88 0.03 5.55 -1.97

Metropolitan West Total Return Bond (MWTIX) 14,367,003 4.4 -1.04 (42) 9.12 (24) 9.09 (39) 0.16 (11) 3.43 (60) 2.46 (71) 0.29 (37) 5.99 (26) 0.50 (3)

Blmbg. U.S. Aggregate Index -1.56 (71) 7.51 (73) 8.72 (54) 0.01 (17) 3.54 (54) 2.65 (62) 0.55 (19) 5.97 (27) -2.02 (54)

IM U.S. Broad Market Core Fixed Income (MF) Median -1.20 8.15 8.76 -0.63 3.59 2.88 0.03 5.55 -1.97

BlackRock High Yield Bond (BHYIX) 5,116,714 1.6 4.94 (33) 5.79 (42) 15.30 (16) -2.86 (46) 8.20 (10) 13.93 (47) -4.04 (51) 3.38 (12) 9.30 (14)

ICE BofAML High Yield Master II 4.67 (41) 6.17 (34) 14.41 (36) -2.27 (27) 7.48 (21) 17.49 (5) -4.64 (61) 2.50 (23) 7.42 (32)

IM U.S. High Yield Bonds (MF) Median 4.31 5.43 13.82 -2.97 6.63 13.80 -3.96 1.50 6.72

DFA Real Estate (DFREX) 4,074,234 1.2 22.22 (40) -5.04 (58) 28.10 (42) -2.99 (8) 5.71 (44) 8.38 (22) 3.24 (41) 31.11 (20) 1.39 (56)

FTSE NAREIT All Equity REITs 21.63 (52) -5.12 (59) 28.66 (37) -4.04 (18) 8.67 (16) 8.63 (20) 2.83 (52) 28.03 (70) 2.86 (22)

IM Real Estate Sector (MF) Median 21.70 -4.32 27.32 -5.71 5.32 6.34 2.91 29.47 1.64

MissionSquare PLUS Fund R10 50,933,774 15.5 1.43 (15) 2.22 (34) 2.45 (64) 2.27 (27) 2.12 (16) 1.98 (24) 2.03 (11) 2.07 (22) 2.27 (18)

ICE BofAML 3 Month U.S. T-Bill 0.04 (93) 0.67 (100) 2.28 (96) 1.87 (86) 0.86 (100) 0.33 (100) 0.05 (100) 0.04 (100) 0.07 (94)

IM U.S. GIC/Stable Value (SA+CF) Median 1.13 2.11 2.48 2.13 1.80 1.77 1.67 1.51 1.50

Target Date Funds

TIAA-CREF Lifecycle Retirement Income (TPILX) 1,377,720 0.4 4.66 (22) 10.93 (15) 15.03 (24) -3.90 (65) 11.84 (6) 5.89 (26) 0.10 (3) 4.38 (30) 9.69 (11)

Dow Jones Global Conservative Index -0.45 (100) 8.05 (78) 8.13 (99) -0.62 (2) 5.73 (95) 3.01 (92) -0.63 (21) 3.86 (51) 1.41 (86)

IM Mixed-Asset Target Today (MF) Median 3.70 9.53 13.34 -3.57 8.92 5.13 -1.42 3.87 5.39

TIAA-CREF Lifecycle 2010 (TCTPX) 2,510,019 0.8 4.62 (36) 11.01 (24) 15.36 (14) -4.09 (73) 12.52 (2) 6.06 (50) 0.24 (3) 4.44 (38) 11.84 (8)

Dow Jones Global Target 2010 Index -0.48 (100) 8.07 (96) 8.22 (100) -0.68 (1) 6.07 (100) 3.33 (95) -0.72 (21) 4.20 (47) 3.00 (92)

IM Mixed-Asset Target 2010 (MF) Median 4.01 10.43 14.19 -3.58 10.24 6.06 -1.20 4.11 8.67

TIAA-CREF Lifecycle 2015 (TCFPX) 2,974,361 0.9 5.05 (54) 11.68 (40) 16.36 (34) -4.60 (74) 13.75 (6) 6.28 (56) 0.18 (4) 4.63 (48) 13.72 (14)

Dow Jones Global Target 2015 Index -0.19 (100) 8.30 (90) 9.54 (100) -1.28 (1) 7.59 (100) 4.51 (91) -0.97 (34) 4.48 (51) 5.49 (83)


Page 24


457 Total Fund


Allocation

MarketValue

$%

Performance(%)

YTD 2020 2019 2018 2017 2016 2015 2014 2013

TIAA-CREF Lifecycle 2020 (TCWPX) 7,763,678 2.4 5.52 (49) 12.24 (33) 17.59 (25) -5.26 (73) 15.35 (4) 6.52 (45) 0.27 (1) 4.62 (53) 16.49 (12)

Dow Jones Global Target 2020 Index 0.90 (100) 8.63 (83) 12.00 (91) -2.33 (3) 9.88 (82) 5.27 (81) -1.04 (36) 4.81 (46) 9.05 (72)


TIAA-CREF Lifecycle 2025 (TCQPX) 10,716,160 3.3 6.34 (36) 13.34 (32) 19.29 (26) -6.23 (78) 17.19 (3) 6.87 (50) 0.22 (1) 4.73 (66) 19.11 (17)



TIAA-CREF Lifecycle 2030 (TCHPX) 16,149,265 4.9 7.35 (46) 14.24 (32) 21.13 (30) -7.18 (75) 19.02 (4) 7.22 (54) 0.13 (4) 4.68 (65) 21.87 (12)



TIAA-CREF Lifecycle 2035 (TCYPX) 19,717,990 6.0 8.33 (59) 15.15 (38) 22.86 (32) -8.12 (83) 20.88 (6) 7.40 (61) 0.10 (6) 4.53 (71) 24.51 (8)



TIAA-CREF Lifecycle 2040 (TCZPX) 13,358,510 4.1 9.28 (67) 16.11 (33) 24.52 (26) -9.11 (86) 22.69 (1) 7.65 (58) -0.06 (8) 4.49 (70) 26.09 (4)



TIAA-CREF Lifecycle 2045 (TTFPX) 9,299,752 2.8 10.33 (54) 17.14 (28) 25.73 (19) -9.78 (93) 23.45 (2) 7.85 (61) -0.01 (8) 4.48 (71) 26.07 (4)



TIAA-CREF Lifecycle 2050 (TCLPX) 4,485,255 1.4 10.61 (52) 17.34 (27) 25.93 (19) -9.93 (90) 23.76 (2) 7.99 (54) 0.05 (7) 4.47 (74) 25.92 (8)



TIAA-CREF Lifecycle 2055 (TTRPX) 1,857,921 0.6 10.66 (54) 17.43 (29) 26.21 (18) -10.10 (94) 24.07 (3) 8.16 (53) 0.00 (9) 4.39 (71) 26.07 (8)



TIAA-CREF Lifecycle 2060 (TLXPX) 544,309 0.2 10.87 (50) 17.57 (18) 26.47 (39) -10.27 (72) 24.29 (1) 8.27 (32) 0.03 (N/A) N/A N/A

Dow Jones Global Target 2060 Index 11.24 (33) 15.03 (71) 24.89 (52) -8.37 (24) 21.06 (77) 10.11 (1) -2.23 (N/A) 6.11 (N/A) 23.89 (N/A)

IM Mixed-Asset Target 2060+ (MF) Median 10.86 16.18 24.96 -9.69 21.92 6.89 N/A N/A N/A

Page 25


457 Total Fund


Allocation

MarketValue

$%

Performance(%)

YTD 2020 2019 2018 2017 2016 2015 2014 2013

Brokerage & Loan Fund

TIAA-CREF Self Directed 1,663,868 0.5

Loan Fund 6,293,426 1.9

Page 26

Asset Class 2060+ 2055 2050 2045 2040 2035 2030 2025 2020 2015 2010 Retirement

Equity Range

Maximum 100% 100% 100% 95% 95% 90% 85% 75% 65% 55% 45% 45%

Minimum 50% 50% 50% 45% 45% 40% 35% 25% 15% 10% 5% 5%

Fixed Income Range

Maximum 20% 20% 30% 35% 40% 50% 55% 65% 70% 75% 80% 85%

Minimum 0% 0% 0% 5% 5% 10% 15% 20% 25% 35% 40% 45%

Cash Range

Maximum 20% 20% 30% 30% 30% 30% 30% 30% 35% 35% 35% 35%

Minimum 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

Other Range

Maximum 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20%

Minimum 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

Target Date Universe 61 54 55 52 54 54 51 56 54 37 38 39

Morningstar Definitions:

1. Cash - The percentage of the fund's assets in cash. This figure is calculated separately for the short and long positions of the portfolio, and the sum of the asset allocation of each will not necessarily equal 100%.

2. Other - The percentage of the fund's assets in other instruments. This figure is calculated separately for the short and long positions of the portfolio, and the sum of the asset allocation of each will not necessarily equal 100%.

3. Target Date Universe - Based on the number of unique glide paths in the Morningstar Target Date Universe. Only one share class is selected to represent the fund manager.

TIAA-CREF Lifecycle InstTarget Date Fund Universe Ranges

September 30, 2021

Page 27

Asset Class 2060 2055 2050 2045 2040 2035 2030 2025 2020 2015 2010 Retirement

Total Equity 91% 90% 89% 85% 76% 67% 58% 49% 42% 37% 33% 33%

Domestic Equity 59% 58% 57% 55% 49% 43% 37% 32% 27% 24% 21% 21%

International Equity 26% 26% 25% 24% 20% 17% 14% 11% 8% 7% 5% 5%

Emerging Equity 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7%

Total Fixed Income 2% 4% 5% 8% 16% 24% 33% 41% 48% 52% 57% 56%

Domestic Bonds 2% 3% 4% 6% 13% 19% 26% 33% 38% 42% 46% 45%

International Bonds 1% 1% 1% 2% 4% 5% 7% 8% 9% 10% 11% 10%

Cash 2% 2% 2% 2% 3% 4% 5% 5% 6% 6% 6% 6%

Other 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4%

Total 100% 100% 100% 100% 100% 99% 99% 99% 99% 99% 99% 99%

Terminal Equity Date:

Active/Passive/Blend Allocation:

Morningstar Definitions:

1. Cash - The percentage of the fund's assets in cash. This figure is calculated separately for the short and long positions of the portfolio, and the sum of the asset allocation of each will not necessarily equal 100%.

2. Other - The percentage of the fund's assets in other instruments. This figure is calculated separately for the short and long positions of the portfolio, and the sum of the asset allocation of each will not necessarily equal 100%.

Active

TIAA-CREF Lifecycle InstTarget Date Fund Asset Allocation

September 30, 2021

30 years after Retirement

Page 28

TIAA-CREF Lifecycle InstTarget Date Fund Asset Allocation Graph

September 30, 2021

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2060 2055 2050 2045 2040 2035 2030 2025 2020 2015 2010 Retirement

Targ

et D

ate

Fund

Ass

et A

lloca

tion

Domestic Equity International Equity Emerging Equity Domestic Bonds International Bonds Cash Other

Page 29

1. Industry Range (Gray Bar) - Represents the equity allocation range of the Target Date Funds in the universe.

2. Industry Average - The average equity allocation of the investments included in the universe.

TIAA-CREF Lifecycle InstTarget Date Fund Equity Glide Path Ranges

September 30, 2021

0%

20%

40%

60%

80%

100%

2060 2055 2050 2045 2040 2035 2030 2025 2020 2015 2010 Retirement

TIAA-CREF Lifecycle Inst Industry Average

Page 30

Fort Worth 457(b)Fiduciary DocumentationAs of September 30, 2021

Quarterly 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter

Review of plan investments and compliance with investment policy statement

Follow required procedures, including documentation of all meetings and decisions

Review performance of providers

Periodically

Review QDIA selection

Allocation fund (Target Date or Risk-based) analysis

Investment policy statement review

Employee education review

Plan recordkeeping & administration services review

Fee analysis

Other Projects

Fiduciary Module

Large Cap Value Search

Vanguard Equity Income Replacing Invesco Diversified Dividend Pending

Small Balance Cash-out 6/21/2021

Committee Charter and Handbook Revisions Pending

Page 31

2021 Fiduciary EducationIntroduction to Retirement Income

as of September 30, 2021

For educational purposes only. Not intended to provide legal or tax advice. Information presented represents a general overview,is not exhaustive and is only accurate as of the date of distribution and may not reflect future interpretations or guidance.

For decades, the number of defined benefit plans has declined as the market has shiftedtowards defined contribution plans. With approximately 10,000 Americans entering retirementevery day, more participants have had to assume greater responsibility for addressing theirretirement needs.1 Too often, participants are retiring with no viable decumulation strategy thateffectively allows for the periodic distribution of retirement assets.

0%

20%

40%

60%

80%

100%

1976 1984 1992 2000 2008 2016

Assets as a percentage of total retirement assets2

DC Assets DB Assets

1 Source: Federal Reserve Bank of St. Louis, 2019. “How Many People Will Be Retiring in the Years to Come?”2 Source: Investment Company Institute, 2021, “Quarterly Retirement Market Data, First Quarter 2021”

Deciding how much to spend each year in retirement can be complicated due to theuncertainty of investment returns and length of retirement. Longevity risk, or the risk ofoutliving one’s assets, is commonly referenced as the most pressing concern of retirees.Market risk, or the risk of investment losses, can also greatly impact retirement savings.

Page 32




Historically, in-plan investment solutions available to participants to meet their retirementincome needs have included fixed income funds, insurance general accounts or stable valuefunds, and more recently, target date funds. However, these solutions lack the framework forestablishing a steady rate at which retirement assets can be withdrawn throughout retirement.

Both the industry and regulators are placing greater focus on providing better potentialsolutions for predictable income throughout retirement with retirement plans. The industry isexploring several solutions to further protect against longevity risk and market risk including:

Structure Description Benefits Considerations

Non-Guaranteed Solutions

Managed Payout Fund

Designed to provide equal, periodic payments based on size of assets or a variable distribution based on percentage of assets

Fully liquid solution with an asset allocation designed to provide participant with long lasting income stream

Payments cease if principal is depleted

Guaranteed Solutions

Guaranteed Lifetime Withdrawal Benefit

(GLWB)

An annuity that guarantees a level of income regardless of future market volatility

Preserves purchasing power and provides participant with market upside potential

Subject to high fees and lacks portability

Single Premium Immediate Annuity

(SPIA)

Provides a guaranteed and reliable lifetime income stream in exchange for a single purchase amount. Payments begin within one year of purchase

Directly addresses longevity risk and participant benefits from immediate income stream

Fully illiquid

Qualified Longevity Annuity Contract

(QLAC)

Provides a guaranteed and reliable lifetime income stream in exchange for a single purchase amount. Payments begin at a later age

Maintain partial liquidity in retirement by annuitizing only a portion of assets.

Education and communication requirements for participant are extensive

Page 33




To assist plan fiduciaries in the decision to offer retirement income solutions, the Departmentof Labor passed the SECURE Act of 2019 which granted plan sponsors a safe harborprovision for offering in-plan annuities. The plan fiduciary is relieved of all liability for anylosses that may result due to an insurer’s inability to satisfy its financial obligations if: 1

1. engage in an objective, thorough and analytical search;

2. consider the financial capability of the insurer to satisfy its obligations

3. consider the cost of the contract in relation to the benefits and product features; and

4. conclude that, at the time of the selection, the insurer is financially capable of satisfyingits obligations under the contract and the relative cost of the contract is reasonable.

The safe harbor requires fiduciaries to obtain specific information, in writing, from the insurerto verify their “financial capability”. Once obtained, the fiduciary is considered to havesatisfied the requirements above.

In addition, fiduciaries may default participants of a certain age into the retirement incomesolution offered by their plan making retirement income a passive choice for participantssimilar to auto-enrollment.

Finally, the SECURE Act requires plan administrators to begin providing participants with anannual estimated annuity amount based on their current account balance.

1 Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). United States Department of Labor.https://www.dol.gov/agencies/ebsa/laws-and-regulations/laws/secure-act.

Page 34

Report Statistics Definitions and Descriptions

Active Return - Arithmetic difference between the manager’s performance and the designated benchmark return over a specified time period. Alpha - A measure of the difference between a portfolio's actual performance and its expected return based on its level of risk as determined by beta. It determines the portfolio's

non-systemic return, or its historical performance not explained by movements of the market. Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of the portfolio's systematic risk. Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. Higher consistency indicates the manager has contributed more to the

product’s performance. Distributed to Paid In (DPI) - The ratio of money distributed to Limited Partners by the fund, relative to contributions. It is calculated by dividing cumulative distributions by paid in capital. This multiple

shows the investor how much money they got back. It is a good measure for evaluating a fund later in its life because there are more distributions to measure against. Down Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance Downside Risk - A measure similar to standard deviation that utilizes only the negative movements of the return series. It is calculated by taking the standard deviation of the negative

quarterly set of returns. A higher factor is indicative of a riskier product. Excess Return - Arithmetic difference between the manager’s performance and the risk-free return over a specified time period. Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk free return. Information Ratio - This calculates the value-added contribution of the manager and is derived by dividing the active rate of return of the portfolio by the tracking error. The higher the

Information Ratio, the more the manager has added value to the portfolio. Public Market Equivalent (PME) - Designs a set of analyses used in the Private Equity Industry to evaluate the performance of a Private Equity Fund against a public benchmark or index. R-Squared - The percentage of a portfolio's performance that can be explained by the behavior of the appropriate benchmark. A high R-Squared means the portfolio's performance has

historically moved in the same direction as the appropriate benchmark. Return - Compounded rate of return for the period. Sharpe Ratio - Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is an absolute rate of return per unit of risk. A

higher value demonstrates better historical risk-adjusted performance. Standard Deviation - A statistical measure of the range of a portfolio's performance. It represents the variability of returns around the average return over a specified time period. Total Value to Paid In (TVPI) - The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund

to date. It is a good measure of performance before the end of a fund’s life Tracking Error - This is a measure of the standard deviation of a portfolio's returns in relation to the performance of its designated market benchmark. Treynor Ratio - Similar to Sharpe ratio but utilizes beta rather than excess risk as determined by standard deviation. It is calculated by taking the excess rate of return above the risk free

rate divided by beta to derive the absolute rate of return per unit of risk. A higher value indicates a product has achieved better historical risk-adjusted performance. Up Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance.

Page 35

Disclosures

AndCo compiled this report for the sole use of the client for which it was prepared. AndCo is responsible for evaluating the performance results of the Total Fund along with the investment advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. AndCo uses the results from this evaluation to make observations and recommendations to the client. AndCo uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from custodians. AndCo analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides AndCo with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides AndCo with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause AndCo to believe that the information presented is significantly misstated. This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various asset positions. The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management services. Additional information included in this document may contain data provided by from index databases, public economic sources and the managers themselves. This document may contain data provided by Bloomberg Barclays. Bloomberg Barclays Index data provided by way of Barclays Live. This document may contain data provided by Standard and Poor’s. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where S&P Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance provided within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results. This document may contain data provided by MSCI, Inc. Copyright MSCI, 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of this information assumes the entire risk of any use it may make or permit to be made of this information. Neither MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information makes any express or implied warranties or representations with respect to such information or the results to be obtained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warranties (including, without limitation, all warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punitive, consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages. This document may contain data provided by Russell Investment Group. Russell Investment Group is the source owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a user presentation of the data. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in presentation thereof. This document may contain data provided by Morningstar. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is not guarantee of future results.

Page 36

<CBDoc TenantId="2" EntityTypeId="3100" EntityId="2617" DocumentTypeId="1" EffectiveDate="09/30/2021" Interval="3" Description="Manager Review

Quarterly Report" />

Investment Performance Review

Period Ending September 30, 2021

City of Fort Worth457 Deferred Compensation Plan

Manager Review

Fund Information

Fund Name : AIM Equity Funds (Invesco Equity Funds): Invesco Diversified Dividend Fund; ClassR5 Shares

Portfolio Assets : $14,826 Million

Fund Family : Invesco Portfolio Manager : Peter Santoro

Ticker : DDFIX PM Tenure : 2021

Inception Date : 10/25/2005 Fund Style : IM Equity Income (MF)

Fund Assets : $3,086 Million Style Benchmark : Russell 1000 Value Index

Portfolio Turnover : 8%

Portfolio Characteristics As of 09/30/2021

Portfolio Benchmark

Total Securities 82 848

Avg. Market Cap ($) 125,154,251,067 13,196,823,780

Price/Earnings (P/E) 27.73 18.25

Price/Book (P/B) 4.07 2.60

Dividend Yield 2.47 2.02

Annual EPS -16.96 5.24

5 Yr EPS 1.44 11.87

3 Yr EPS Growth 0.74 N/A

Beta (5 Years, Monthly) 0.80 1.00

Top Ten Securities As of 09/30/2021

Johnson & Johnson ORD 3.2 %

Hartford Financial Services Group 2.7 %

Bank of America Corp ORD 2.6 %

Comcast Corp ORD 2.6 %

Conocophillips ORD 2.5 %

Merck & Co Inc ORD 2.4 %

Cisco Systems Inc ORD 2.4 %

Travelers Companies Inc ORD 2.2 %

Raytheon Technologies Corp ORD 2.1 %

Medtronic PLC ORD 2.1 %

Sector Weights As of 09/30/2021

Invesco Diversified Dividend (DDFIX)

Russell 1000 Value Index

0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0

Utilities

Real Estate

Materials

Information Technology

Industrials

Health Care

Financials

Energy

Consumer Staples

Consumer Discretionary

Communication Services

Other

Region Weights As of 09/30/2021



0.0 20.0 40.0 60.0 80.0 100.0 120.0

Other

United Kingdom

Europe ex UK

Pacific ex Japan

North America

EM Latin America

EM Asia

Mutual Fund Holdings Analysis

September 30, 2021


Statistics provided by Lipper. Most recent available data shown.

Page 1

Peer Group Analysis - IM U.S. Large Cap Value Equity (MF)

Comparative Performance

Mutual Fund Info from Lipper Summary Description

The investment seeks long-term growth of capital and, secondarily, current income. The fund invests primarily in dividend-paying equity securities. It invests in securities that the portfolio managers believe are undervalued based on variousvaluation measures. The fund may invest up to 25% of its net assets in securities of foreign issuers.

Product Name : Invesco Dvsfd Div;R5 (DDFIX)

Fund Family : Invesco

Ticker : DDFIX

Peer Group : IM U.S. Large Cap Value Equity (MF)

Benchmark : Russell 1000 Value Index

Fund Inception : 10/25/2005

Portfolio Manager : Peter Santoro

Total Assets : $3,086 Million

Total Assets Date : 10/31/2021

Gross Expense : 0.53%

Net Expense : 0.53%

Turnover : 8%

-40.00

-20.00

0.00

20.00

40.00

60.00

80.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

Invesco Diversified Dividend (DDFIX) -0.98 (70) 11.98 (90) 27.35 (89) 8.69 (80) 8.27 (99) 0.44 (84) 25.46 (69) -7.54 (32) 8.53 (100)��

Russell 1000 Value Index -0.78 (64) 16.14 (56) 35.01 (46) 10.07 (50) 10.94 (68) 2.80 (58) 26.54 (54) -8.27 (39) 13.66 (79)��

Median -0.45 16.67 33.97 10.07 11.68 3.46 27.46 -8.91 16.65

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

Invesco Diversified Dividend (DDFIX) 4.10 (90) 8.63 (81) 13.73 (72) 3.80 (76) 12.29 (95) -24.22 (23)

Russell 1000 Value Index 5.21 (55) 11.26 (45) 16.25 (37) 5.59 (40) 14.29 (63) -26.73 (72)

IM U.S. Large Cap Value Equity (MF) Median 5.35 10.99 15.20 5.09 15.38 -25.43


Performance Review


NONE

Page 2

Peer Group Scattergram - 3 Years

3 Yr Rolling Under/Over Performance - 5 Years


3 Yr Rolling Percentile Ranking - 5 Years

Historical Statistics - 3 Years


Over Performance Under Performance

Earliest Date Latest Date

-6.0

0.0

6.0

12.0

18.0

Inv

es

co

Div

ers

ifie

d D

ivid

en

d (D

DF

IX)

(%

)

-6.0 0.0 6.0 12.0 18.0

Russell 1000 Value Index (%)

Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Invesco Diversified Dividend (DDFIX) 20 4 (20%) 0 (0%) 4 (20%) 12 (60%)��

Russell 1000 Value Index 20 2 (10%) 4 (20%) 14 (70%) 0 (0%)��

6.00

8.00

10.00

12.00

14.00

Re

turn

(%)

12.80 13.44 14.08 14.72 15.36 16.00 16.64

Risk (Standard Deviation %)

ReturnStandardDeviation

Invesco Diversified Dividend (DDFIX) 8.27 13.42��

Russell 1000 Value Index 10.94 16.16��

Median 11.68 15.97¾

8.33

8.82

9.31

9.80

10.29

10.78

Re

turn

(%)

15.60 16.38 17.16 17.94 18.72 19.50 20.28 21.06



Invesco Diversified Dividend (DDFIX) 8.69 16.65��


Median 10.07 19.50¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

Invesco Diversified Dividend (DDFIX) 5.05 80.94 79.33 0.24 -0.37 0.51 0.82 11.76

Russell 1000 Value Index 0.00 100.00 100.00 0.00 N/A 0.52 1.00 13.93 90 Day U.S. Treasury Bill 20.03 2.16 -2.24 1.26 -0.52 N/A -0.01 0.00

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

Invesco Diversified Dividend (DDFIX) 4.60 75.92 76.20 -0.57 -0.62 0.57 0.80 9.39



Performance Review


NONE

Page 3

Fund Information

Fund Name : Vanguard Institutional Index Fund: Vanguard Institutional Index Fund; InstitutionalShares


Fund Family : Vanguard Portfolio Manager : Butler/Louie

Ticker : VINIX PM Tenure : 2000--2017

Inception Date : 07/31/1990 Fund Style : IM S&P 500 Index (MF)

Fund Assets : $120,889 Million Style Benchmark : S&P 500 Index



Portfolio Benchmark


Avg. Market Cap ($) 537,187,555,887 30,680,083,840




Annual EPS 12.38 9.14

5 Yr EPS 17.09 20.07




Apple Inc ORD 6.1 %

Microsoft Corp ORD 5.8 %

Amazon.com Inc ORD 3.9 %

Facebook Inc ORD 2.2 %

Alphabet Inc Class A ORD 2.2 %

Alphabet Inc Class C ORD 2.1 %

Tesla Inc ORD 1.7 %

NVIDIA Corp ORD 1.4 %

Berkshire Hathaway Inc ORD 1.4 %

JPMorgan Chase & Co ORD 1.3 %


Vanguard Institutional Index (VINIX)

S&P 500 Index

0.0 6.0 12.0 18.0 24.0 30.0 36.0

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Other



S&P 500 Index

0.0 20.0 40.0 60.0 80.0 100.0 120.0

United Kingdom

Europe ex UK

North America


September 30, 2021



Page 4

Peer Group Analysis - IM U.S. Large Cap Core Equity (MF)



The investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of theStandard & Poor's 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by thestocks of large U.S. companies. It attempts to replicate the target index by investing all, or substantially all, of its assets inthe stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

Product Name : Vanguard Instl Indx;Inst (VINIX)

Fund Family : Vanguard

Ticker : VINIX

Peer Group : IM U.S. Large Cap Core Equity (MF)

Benchmark : S&P 500 Index


Portfolio Manager : Butler/Louie




Net Expense : 0.04%

Turnover : 4%

-25.00

-10.00

5.00

20.00

35.00

50.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

Vanguard Institutional Index (VINIX) 0.57 (30) 15.90 (32) 29.98 (36) 15.97 (39) 16.87 (32) 18.39 (46) 31.46 (34) -4.42 (35) 21.79 (42)��

S&P 500 Index 0.58 (30) 15.92 (31) 30.00 (35) 15.99 (38) 16.90 (32) 18.40 (46) 31.49 (33) -4.38 (35) 21.83 (42)��

Median 0.20 14.99 28.70 15.21 16.01 17.70 30.16 -5.33 21.23

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

Vanguard Institutional Index (VINIX) 8.54 (37) 6.18 (52) 12.15 (41) 8.92 (53) 20.55 (41) -19.60 (50)

S&P 500 Index 8.55 (36) 6.17 (52) 12.15 (41) 8.93 (53) 20.54 (41) -19.60 (51)

IM U.S. Large Cap Core Equity (MF) Median 8.20 6.24 11.71 9.06 19.86 -19.60


Performance Review


NONE

Page 5







Under Performance Earliest Date Latest Date

0.0

5.0

10.0

15.0

20.0

25.0

Va

ng

ua

rd In

sti

tuti

on

al

In

de

x (V

INIX

)

(%)

0.0 5.0 10.0 15.0 20.0 25.0

S&P 500 Index (%)

Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Vanguard Institutional Index (VINIX) 20 9 (45%) 11 (55%) 0 (0%) 0 (0%)��

S&P 500 Index 20 10 (50%) 10 (50%) 0 (0%) 0 (0%)��

15.60

15.90

16.20

16.50

16.80

17.10

Re

turn

(%)

14.88 14.92 14.96 15.00 15.04 15.08 15.12



Vanguard Institutional Index (VINIX) 16.87 15.07��

S&P 500 Index 16.90 15.07��

Median 16.01 14.94¾

15.08

15.34

15.60

15.86

16.12

16.38

Re

turn

(%)

18.30 18.35 18.40 18.45 18.50 18.55 18.60



Vanguard Institutional Index (VINIX) 15.97 18.55��

S&P 500 Index 15.99 18.55��

Median 15.21 18.34¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

Vanguard Institutional Index (VINIX) 0.01 99.97 100.03 -0.02 -1.65 0.83 1.00 12.05

S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.83 1.00 12.05 90 Day U.S. Treasury Bill 18.67 1.99 -2.48 1.29 -0.83 N/A -0.01 0.00

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

Vanguard Institutional Index (VINIX) 0.01 99.93 100.04 -0.02 -2.37 1.03 1.00 9.58

S&P 500 Index 0.00 100.00 100.00 0.00 N/A 1.04 1.00 9.58 90 Day U.S. Treasury Bill 15.16 2.75 -2.55 1.25 -1.04 N/A -0.01 0.00


Performance Review


NONE

Page 6

Fund Information

Fund Name : Vanguard Index Funds: Vanguard Mid-Cap Index Fund; Admiral Shares Portfolio Assets : $162,455 Million

Fund Family : Vanguard Portfolio Manager : Butler/Khan

Ticker : VIMAX PM Tenure : 2001--2021

Inception Date : 11/12/2001 Fund Style : IM U.S. Mid Cap Growth Equity (MF)

Fund Assets : $60,869 Million Style Benchmark : Vanguard Spliced Mid Cap Index



Portfolio Benchmark

Total Securities 380 N/A

Avg. Market Cap ($) 27,220,476,823 -

Price/Earnings (P/E) 35.29 N/A

Price/Book (P/B) 8.25 N/A

Dividend Yield 1.89 N/A

Annual EPS 0.97 N/A

5 Yr EPS 13.60 N/A




Dexcom Inc ORD 0.8 %

Marvell Technology Inc ORD 0.7 %

MSCI Inc ORD 0.7 %

IQVIA Holdings Inc ORD 0.7 %

Synopsys Inc ORD 0.7 %

Carrier Global Corp ORD 0.7 %

Amphenol Corp ORD 0.6 %

Palo Alto Networks Inc ORD 0.6 %

Microchip Technology Inc ORD 0.6 %

Cadence Design Systems Inc ORD 0.6 %


Vanguard Mid-Cap Index Fund (VIMAX)

Vanguard Spliced Mid Cap Index

0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0

Other

Utilities

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples





Vanguard Spliced Mid Cap Index

0.0 20.0 40.0 60.0 80.0 100.0 120.0

Other

United Kingdom

Europe ex UK

North America


September 30, 2021



Page 7

Peer Group Analysis - IM U.S. Mid Cap Core Equity (MF)



The investment seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of the CRSPUS Mid Cap Index, a broadly diversified index of stocks of mid-size U.S. companies. The advisor attempts to replicate thetarget index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock inapproximately the same proportion as its weighting in the index.

Product Name : Vanguard Md-Cp I;Adm (VIMAX)


Ticker : VIMAX

Peer Group : IM U.S. Mid Cap Core Equity (MF)

Benchmark : Vanguard Spliced Mid Cap Index


Portfolio Manager : Butler/Khan




Net Expense : 0.05%

Turnover : 26%

-40.00

-20.00

0.00

20.00

40.00

60.00

80.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

Vanguard Mid-Cap Index Fund (VIMAX) 0.00 (20) 15.32 (60) 36.09 (70) 14.74 (3) 14.59 (3) 18.24 (11) 31.03 (22) -9.23 (19) 19.25 (15)��

Vanguard Spliced Mid Cap Index 0.01 (20) 15.32 (60) 36.12 (70) 14.76 (3) 14.61 (3) 18.24 (11) 31.09 (22) -9.22 (19) 19.30 (15)��

Median -0.83 16.07 38.13 10.84 11.34 8.15 28.09 -11.65 14.64

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

Vanguard Mid-Cap Index Fund (VIMAX) 7.58 (1) 7.18 (89) 18.02 (67) 7.95 (19) 24.96 (12) -25.72 (20)

Vanguard Spliced Mid Cap Index 7.59 (1) 7.18 (89) 18.03 (67) 7.95 (19) 24.97 (12) -25.74 (20)

IM U.S. Mid Cap Core Equity (MF) Median 5.22 10.69 19.35 5.80 20.13 -29.13


Performance Review


NONE

Page 8







Under Performance Earliest Date Latest Date

-6.0

0.0

6.0

12.0

18.0

24.0

Va

ng

ua

rd

Mid

-Cap

Ind

ex

Fu

nd

(VIM

AX

)

(%)

-6.0 0.0 6.0 12.0 18.0 24.0

Vanguard Spliced Mid Cap Index (%)

Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

TotalPeriod

5-25Count

25-MedianCount

Median-75Count

75-95Count

Vanguard Mid-Cap Index Fund (VIMAX) 20 14 (70%) 6 (30%) 0 (0%) 0 (0%)��

Vanguard Spliced Mid Cap Index 20 15 (75%) 5 (25%) 0 (0%) 0 (0%)��

10.00

12.00

14.00

16.00

Re

turn

(%)

17.00 17.20 17.40 17.60 17.80 18.00 18.20



Vanguard Mid-Cap Index Fund (VIMAX) 14.59 17.24��

Vanguard Spliced Mid Cap Index 14.61 17.25��

Median 11.34 17.91¾

10.00

12.00

14.00

16.00

Re

turn

(%)

21.40 21.60 21.80 22.00 22.20 22.40



Vanguard Mid-Cap Index Fund (VIMAX) 14.74 21.52��

Vanguard Spliced Mid Cap Index 14.76 21.53��

Median 10.84 22.14¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

Vanguard Mid-Cap Index Fund (VIMAX) 0.03 99.97 100.04 -0.01 -0.68 0.69 1.00 14.69

Vanguard Spliced Mid Cap Index 0.00 100.00 100.00 0.00 N/A 0.69 1.00 14.70 90 Day U.S. Treasury Bill 21.67 1.94 -2.30 1.28 -0.69 N/A -0.01 0.00

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

Vanguard Mid-Cap Index Fund (VIMAX) 0.03 99.95 100.05 -0.02 -0.80 0.81 1.00 11.61

Vanguard Spliced Mid Cap Index 0.00 100.00 100.00 0.00 N/A 0.81 1.00 11.62 90 Day U.S. Treasury Bill 17.35 2.55 -2.93 1.24 -0.81 N/A -0.01 0.00


Performance Review


NONE

Page 9

Fund Information

Fund Name : Carillon Series Trust: Carillon Scout Mid Cap Fund; Class I Shares Portfolio Assets : $4,917 Million

Fund Family : Carillon Tower Advisers Portfolio Manager : G. Patrick Dunkerley

Ticker : UMBMX PM Tenure : 2006

Inception Date : 10/31/2006 Fund Style : IM U.S. Mid Cap Core Equity (MF)

Fund Assets : $4,562 Million Style Benchmark : Russell Midcap Index



Portfolio Benchmark


Avg. Market Cap ($) 21,327,238,875 11,139,903,065





5 Yr EPS 16.07 17.56




Horizon Therapeutics PLC ORD 2.4 %

STAG Industrial Inc ORD 2.2 %

Devon Energy Corp ORD 1.9 %

Darling Ingredients Inc ORD 1.8 %

Teradata Corp ORD 1.7 %

Quanta Services Inc ORD 1.5 %

CenterPoint Energy Inc ORD 1.4 %

Pioneer Natural Resources Co ORD 1.4 %

Signature Bank ORD 1.3 %

Evergy Inc ORD 1.3 %


Carillon Scout Mid Cap (UMBMX)

Russell Midcap Index

0.0 4.0 8.0 12.0 16.0 20.0 24.0

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Other



Russell Midcap Index

0.0 20.0 40.0 60.0 80.0 100.0 120.0

Other

Middle East

United Kingdom

Europe ex UK

North America

EM Latin America

EM Asia


September 30, 2021



Page 10

Peer Group Analysis - IM U.S. Mid Cap Core Equity (MF)



The investment seeks long-term growth of capital. Under normal circumstances, at least 80% of the fund's net assetswill be invested in mid cap equity securities. Mid cap equity securities are securities issued by companies that fall withinthe market capitalization range of the Russell Midcap® Index (the "index") at the time of purchase. It maintains a portfolioof investments diversified across companies and economic sectors.

Product Name : Carillon:Sct Mid Cap;I (UMBMX)

Fund Family : Carillon Tower Advisers

Ticker : UMBMX

Peer Group : IM U.S. Mid Cap Core Equity (MF)

Benchmark : Russell Midcap Index


Portfolio Manager : G. Patrick Dunkerley




Net Expense : 0.97%

Turnover : 109%

-40.00

-20.00

0.00

20.00

40.00

60.00

80.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

Carillon Scout Mid Cap (UMBMX) -1.55 (71) 10.58 (89) 34.51 (74) 12.23 (25) 15.40 (2) 27.27 (4) 20.76 (92) -9.74 (21) 24.02 (3)��

Russell Midcap Index -0.93 (55) 15.17 (62) 38.11 (51) 14.22 (5) 14.39 (3) 17.10 (14) 30.54 (25) -9.06 (17) 18.52 (20)��

Median -0.83 16.07 38.13 10.84 11.34 8.15 28.09 -11.65 14.64

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

Carillon Scout Mid Cap (UMBMX) 3.59 (88) 8.43 (82) 21.64 (27) 9.23 (8) 28.15 (4) -25.25 (16)

Russell Midcap Index 7.50 (3) 8.14 (87) 19.91 (43) 7.46 (21) 24.61 (14) -27.07 (32)

IM U.S. Mid Cap Core Equity (MF) Median 5.22 10.69 19.35 5.80 20.13 -29.13


Performance Review


NONE

Page 11









-8.0

0.0

8.0

16.0

24.0

Ca

rill

on

Sc

ou

t

Mid

Ca

p (U

MB

MX

)

(%)

-8.0 0.0 8.0 16.0 24.0

Russell Midcap Index (%)

Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Carillon Scout Mid Cap (UMBMX) 20 19 (95%) 1 (5%) 0 (0%) 0 (0%)��

Russell Midcap Index 20 20 (100%) 0 (0%) 0 (0%) 0 (0%)��

10.00

12.00

14.00

16.00

18.00

Re

turn

(%)

17.57 17.64 17.71 17.78 17.85 17.92 17.99



Carillon Scout Mid Cap (UMBMX) 15.40 17.61��

Russell Midcap Index 14.39 17.62��

Median 11.34 17.91¾

10.00

12.00

14.00

16.00

Re

turn

(%)

21.40 21.60 21.80 22.00 22.20 22.40



Carillon Scout Mid Cap (UMBMX) 12.23 21.65��

Russell Midcap Index 14.22 21.98��

Median 10.84 22.14¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

Carillon Scout Mid Cap (UMBMX) 4.13 94.96 100.10 -1.35 -0.45 0.59 0.97 14.72

Russell Midcap Index 0.00 100.00 100.00 0.00 N/A 0.66 1.00 15.16 90 Day U.S. Treasury Bill 22.11 1.94 -2.22 1.28 -0.66 N/A -0.01 0.00

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

Carillon Scout Mid Cap (UMBMX) 3.83 101.05 96.06 1.24 0.23 0.84 0.98 11.60

Russell Midcap Index 0.00 100.00 100.00 0.00 N/A 0.79 1.00 11.98 90 Day U.S. Treasury Bill 17.72 2.61 -2.65 1.24 -0.79 N/A -0.01 0.00


Performance Review


NONE

Page 12

Fund Information

Fund Name : Goldman Sachs Trust: Goldman Sachs Small Cap Value Fund; Institutional Shares Portfolio Assets : $4,856 Million

Fund Family : Goldman Sachs Portfolio Manager : Davis/Crystal/Butkus

Ticker : GSSIX PM Tenure : 2006--2006--2011

Inception Date : 08/15/1997 Fund Style : IM U.S. Small Cap Core Equity (MF)

Fund Assets : $2,310 Million Style Benchmark : Russell 2000 Value Index



Portfolio Benchmark

Total Securities 226 1,429

Avg. Market Cap ($) 3,764,119,367 1,083,050,160




Annual EPS 5.17 -4.35

5 Yr EPS 7.37 13.69




Zurn Water Solutions Corp ORD 1.2 %

Avient Corp ORD 1.2 %

Wesco International Inc ORD 1.0 %

KBR Inc ORD 0.9 %

Tenet Healthcare Corp ORD 0.9 %

PennyMac Mortgage Investment Trust 0.9 %

Healthcare Realty Trust Inc ORD 0.9 %

Antero Resources Corp ORD 0.8 %

Pebblebrook Hotel Trust ORD 0.8 %

Washington Federal Inc ORD 0.8 %


Goldman Sachs Small Cap Value (GSSIX)


0.0 8.0 16.0 24.0 32.0 40.0 48.0

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Other




0.0 20.0 40.0 60.0 80.0 100.0 120.0

Other

Middle East

United Kingdom

Europe ex UK

North America

EM Latin America


September 30, 2021



Page 13

Peer Group Analysis - IM U.S. Small Cap Value Equity (MF)



The investment seeks long-term capital appreciation. The fund normally invests at least 80% of its net assets plus anyborrowings for investment purposes (measured at time of purchase) ("net assets") in a diversified portfolio of equityinvestments in small-cap issuers with public stock market capitalizations within the range of the market capitalization ofcompanies constituting the Russell 2000® Value Index at the time of investment. Although it will invest primarily in publiclytraded U.S. securities, including real estate investment trusts, it may also invest in foreign securities.

Product Name : Goldman:Sm Cap Val;I (GSSIX)

Fund Family : Goldman Sachs

Ticker : GSSIX

Peer Group : IM U.S. Small Cap Value Equity (MF)

Benchmark : Russell 2000 Value Index


Portfolio Manager : Davis/Crystal/Butkus




Net Expense : 0.96%

Turnover : 75%

-50.00

0.00

50.00

100.00

150.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

Goldman Sachs Small Cap Value (GSSIX) -1.24 (26) 18.48 (94) 55.90 (87) 6.85 (74) 9.83 (59) 2.06 (64) 23.14 (20) -14.02 (32) 12.34 (19)��

Russell 2000 Value Index -2.98 (81) 22.92 (68) 63.92 (59) 8.58 (37) 11.03 (34) 4.63 (35) 22.39 (31) -12.86 (22) 7.84 (60)��

Median -2.01 24.68 66.28 7.97 10.23 3.53 21.18 -15.99 8.48

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

Goldman Sachs Small Cap Value (GSSIX) 2.66 (83) 16.86 (94) 31.58 (62) 3.03 (39) 17.82 (93) -36.11 (33)

Russell 2000 Value Index 4.56 (44) 21.17 (64) 33.36 (47) 2.56 (43) 18.91 (86) -35.66 (29)

IM U.S. Small Cap Value Equity (MF) Median 4.28 22.42 33.20 2.14 21.70 -38.14


Performance Review


NONE

Page 14









-20.0

-10.0

0.0

10.0

20.0

30.0

Go

ldm

an

Sa

ch

s S

ma

ll C

ap

Va

lue

(GS

SIX

)

(%)

-20.0 -10.0 0.0 10.0 20.0 30.0

Russell 2000 Value Index (%)

Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

TotalPeriod

5-25Count

25-MedianCount

Median-75Count

75-95Count

Goldman Sachs Small Cap Value (GSSIX) 20 7 (35%) 10 (50%) 3 (15%) 0 (0%)��

Russell 2000 Value Index 20 10 (50%) 10 (50%) 0 (0%) 0 (0%)��

9.46

9.89

10.32

10.75

11.18

11.61

Re

turn

(%)

20.52 21.09 21.66 22.23 22.80 23.37 23.94 24.51



Goldman Sachs Small Cap Value (GSSIX) 9.83 21.22��


Median 10.23 23.70¾

6.49

7.08

7.67

8.26

8.85

9.44

Re

turn

(%)

25.42 26.04 26.66 27.28 27.90 28.52 29.14



Goldman Sachs Small Cap Value (GSSIX) 6.85 25.94��


Median 7.97 28.68¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

Goldman Sachs Small Cap Value (GSSIX) 4.35 94.45 98.22 -1.31 -0.41 0.35 0.96 19.14


TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

Goldman Sachs Small Cap Value (GSSIX) 4.02 91.71 92.69 -0.51 -0.32 0.50 0.94 15.09



Performance Review


NONE

Page 15

Fund Information

Fund Name : Vanguard Index Funds: Vanguard Small-Cap Index Fund; Admiral Shares Portfolio Assets : $140,749 Million

Fund Family : Vanguard Portfolio Manager : Coleman/O'Reilly

Ticker : VSMAX PM Tenure : 2016--2016

Inception Date : 11/13/2000 Fund Style : IM U.S. SMID Cap Growth Equity (MF)

Fund Assets : $53,629 Million Style Benchmark : Vanguard Spliced Small Cap Index



Portfolio Benchmark

Total Securities 1,528 N/A

Avg. Market Cap ($) 7,192,385,812 -




Annual EPS 3.17 N/A

5 Yr EPS 10.09 N/A




Bio-Techne Corp ORD 0.4 %

VICI Properties Inc ORD 0.3 %

Nuance Communications Inc ORD 0.3 %

Diamondback Energy Inc ORD 0.3 %

Entegris Inc ORD 0.3 %

Pool Corp ORD 0.3 %

Signature Bank ORD 0.3 %

Upstart Holdings Inc ORD 0.3 %

Molina Healthcare Inc ORD 0.3 %

Quanta Services Inc ORD 0.3 %


Vanguard Small-Cap Index Fund (VSMAX)

Vanguard Spliced Small Cap Index

0.0 5.0 10.0 15.0 20.0 25.0 30.0

Other

Utilities

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples





Vanguard Spliced Small Cap Index

0.0 20.0 40.0 60.0 80.0 100.0 120.0

Other

United Kingdom

Europe ex UK

North America

EM Latin America


September 30, 2021



Page 16

Peer Group Analysis - IM U.S. Small Cap Core Equity (MF)



The investment seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of the CRSPUS Small Cap Index, a broadly diversified index of stocks of small U.S. companies. The advisor attempts to replicate thetarget index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock inapproximately the same proportion as its weighting in the index.

Product Name : Vanguard S-C Id;Adm (VSMAX)


Ticker : VSMAX

Peer Group : IM U.S. Small Cap Core Equity (MF)

Benchmark : Vanguard Spliced Small Cap Index


Portfolio Manager : Coleman/O'Reilly




Net Expense : 0.05%

Turnover : 22%

-50.00

0.00

50.00

100.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

Vanguard Small-Cap Index Fund (VSMAX) -2.62 (57) 13.35 (80) 44.06 (85) 11.98 (15) 13.97 (14) 19.11 (16) 27.37 (17) -9.31 (18) 16.24 (14)��

Vanguard Spliced Small Cap Index -2.62 (57) 13.32 (80) 44.04 (85) 11.96 (15) 13.95 (15) 19.07 (16) 27.35 (17) -9.33 (18) 16.24 (14)��

Median -2.36 17.77 51.01 9.09 11.60 9.80 23.99 -12.71 12.26

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

Vanguard Small-Cap Index Fund (VSMAX) 5.60 (17) 10.22 (94) 27.10 (71) 5.79 (19) 26.66 (19) -30.07 (15)

Vanguard Spliced Small Cap Index 5.59 (17) 10.21 (94) 27.10 (70) 5.78 (19) 26.66 (19) -30.08 (15)

IM U.S. Small Cap Core Equity (MF) Median 4.09 15.64 28.96 3.33 22.40 -32.98


Performance Review


NONE

Page 17







Over Performance Earliest Date Latest Date

-8.0

0.0

8.0

16.0

24.0

Va

ng

ua

rd S

ma

ll-C

ap

Ind

ex

Fu

nd

(VS

MA

X)

(%

)

-8.0 0.0 8.0 16.0 24.0

Vanguard Spliced Small Cap Index (%)

Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

TotalPeriod

5-25Count

25-MedianCount

Median-75Count

75-95Count

Vanguard Small-Cap Index Fund (VSMAX) 20 12 (60%) 6 (30%) 2 (10%) 0 (0%)��

Vanguard Spliced Small Cap Index 20 12 (60%) 6 (30%) 2 (10%) 0 (0%)��

10.92

11.70

12.48

13.26

14.04

14.82

Re

turn

(%)

19.43 19.72 20.01 20.30 20.59 20.88 21.17 21.46



Vanguard Small-Cap Index Fund (VSMAX) 13.97 19.77��

Vanguard Spliced Small Cap Index 13.95 19.78��

Median 11.60 21.03¾

8.46

9.40

10.34

11.28

12.22

13.16

Re

turn

(%)

24.08 24.36 24.64 24.92 25.20 25.48 25.76



Vanguard Small-Cap Index Fund (VSMAX) 11.98 24.34��

Vanguard Spliced Small Cap Index 11.96 24.34��

Median 9.09 25.53¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

Vanguard Small-Cap Index Fund (VSMAX) 0.03 100.05 100.01 0.02 0.68 0.54 1.00 17.03

Vanguard Spliced Small Cap Index 0.00 100.00 100.00 0.00 N/A 0.54 1.00 17.03 90 Day U.S. Treasury Bill 24.49 1.64 -2.20 1.27 -0.54 N/A -0.01 0.00

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

Vanguard Small-Cap Index Fund (VSMAX) 0.03 100.05 100.00 0.02 0.67 0.71 1.00 13.47

Vanguard Spliced Small Cap Index 0.00 100.00 100.00 0.00 N/A 0.70 1.00 13.48 90 Day U.S. Treasury Bill 19.88 2.30 -2.39 1.24 -0.70 N/A -0.01 0.00


Performance Review


NONE

Page 18

Fund Information

Fund Name : TIAA-CREF Funds: International Equity Index Fund; Premier Class Shares Portfolio Assets : $18,915 Million

Fund Family : TIAA Portfolio Manager : Campagna/Liao/Tran

Ticker : TRIPX PM Tenure : 2009--2014--2019

Inception Date : 09/30/2009 Fund Style : IM International Multi-Cap Core Equity (MF)

Fund Assets : $236 Million Style Benchmark : MSCI EAFE (Net) Index



Portfolio Benchmark


Avg. Market Cap ($) 83,762,030,628 14,828,201,463





5 Yr EPS 6.31 12.60




Nestle SA ORD 2.1 %

ASML Holding NV ORD 2.0 %

Roche Holding AG 1.6 %

LVMH Moet Hennessy Louis Vuitton 1.2 %

Novartis AG ORD 1.2 %

Toyota Motor Corp ORD 1.0 %

AstraZeneca PLC ORD 1.0 %

Novo Nordisk A/S ORD 1.0 %

SAP SE ORD 0.9 %

Unilever PLC ORD 0.8 %


TIAA-CREF International Equity Index (TRIPX)

MSCI EAFE (Net) Index

0.0 4.0 8.0 12.0 16.0 20.0 24.0

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Other




0.0 10.0 20.0 30.0 40.0 50.0 60.0

Other

Middle East

United Kingdom

Europe ex UK

Japan

Pacific ex Japan

North America

EM Europe

EM Asia


September 30, 2021



Page 19

Peer Group Analysis - IM International Large Cap Core Equity (MF)



The investment seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in aportfolio of foreign equity investments based on a market index. Under normal circumstances, the fund invests at least80% of its assets in securities of its benchmark index (the MSCI EAFE® Index). It buys most, but not necessarily all, of thestocks included in its benchmark index, and the advisor will attempt to closely match the overall investment characteristicsof the fund's benchmark index. The fund primarily invests its assets in equity securities selected to track a designatedstock market index.

Product Name : TIAA-CREF:Itl Eq Ix;Prmr (TRIPX)

Fund Family : TIAA

Ticker : TRIPX

Peer Group : IM International Large Cap Core Equity (MF)

Benchmark : MSCI EAFE (Net) Index


Portfolio Manager : Campagna/Liao/Tran

Total Assets : $236 Million



Net Expense : 0.20%

Turnover : 4%

-40.00

-20.00

0.00

20.00

40.00

60.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

TIAA-CREF International Equity Index (TRIPX) -1.04 (25) 7.75 (53) 24.77 (59) 7.45 (45) 8.60 (41) 8.01 (61) 21.59 (63) -13.39 (16) 25.14 (40)��

MSCI EAFE (Net) Index -0.45 (15) 8.35 (33) 25.73 (55) 7.62 (44) 8.81 (37) 7.82 (63) 22.01 (56) -13.79 (23) 25.03 (41)��

Median -2.11 7.87 26.28 7.07 8.16 8.74 22.72 -15.47 23.97

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

TIAA-CREF International Equity Index (TRIPX) 5.26 (52) 3.45 (63) 15.79 (53) 4.55 (78) 15.89 (53) -23.01 (27)

MSCI EAFE (Net) Index 5.17 (55) 3.48 (63) 16.05 (49) 4.80 (77) 14.88 (84) -22.83 (26)

IM International Large Cap Core Equity (MF) Median 5.32 4.39 15.99 5.68 16.25 -24.17


Performance Review


NONE

Page 20









-4.0

0.0

4.0

8.0

12.0

TIA

A-C

RE

F In

tern

atio

na

l

Eq

uit

y In

de

x (T

RIP

X)

(%

)

-4.0 0.0 4.0 8.0 12.0

MSCI EAFE (Net) Index (%)

Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

TotalPeriod

5-25Count

25-MedianCount

Median-75Count

75-95Count

TIAA-CREF International Equity Index (TRIPX) 20 5 (25%) 13 (65%) 2 (10%) 0 (0%)��

MSCI EAFE (Net) Index 20 4 (20%) 14 (70%) 2 (10%) 0 (0%)��

7.80

8.10

8.40

8.70

9.00

Re

turn

(%)

14.16 14.40 14.64 14.88 15.12 15.36 15.60 15.84



TIAA-CREF International Equity Index (TRIPX) 8.60 14.56��

MSCI EAFE (Net) Index 8.81 14.52��

Median 8.16 15.55¾

6.80

7.00

7.20

7.40

7.60

7.80

Re

turn

(%)

17.28 17.60 17.92 18.24 18.56 18.88 19.20



TIAA-CREF International Equity Index (TRIPX) 7.45 17.57��


Median 7.07 18.95¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF International Equity Index (TRIPX) 1.64 100.38 101.33 -0.13 -0.09 0.43 1.00 11.99

MSCI EAFE (Net) Index 0.00 100.00 100.00 0.00 N/A 0.44 1.00 11.78 90 Day U.S. Treasury Bill 17.66 2.06 -3.09 1.24 -0.44 N/A -0.01 0.00

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF International Equity Index (TRIPX) 1.56 99.22 99.93 -0.15 -0.12 0.56 1.00 9.77



Performance Review


NONE

Page 21

Fund Information

Fund Name : New Economy Fund; Class R5E Shares Portfolio Assets : $36,054 Million

Fund Family : Capital Group/American Funds Portfolio Manager : Team Managed

Ticker : RNGHX PM Tenure :

Inception Date : 11/20/2015 Fund Style : IM Global Multi-Cap Growth Equity (MF)

Fund Assets : $88 Million Style Benchmark : MSCI AC World Index (Net)



Portfolio Benchmark


Avg. Market Cap ($) 295,016,007,512 13,589,282,145




Annual EPS 19.20 123.05

5 Yr EPS 28.37 17.72




Netflix Inc ORD 4.3 %

Microsoft Corp ORD 4.0 %

Capital Group Central Cash Fund; 3.6 %

Broadcom Inc ORD 2.5 %

Ceridian HCM Holding Inc ORD 2.3 %

Amazon.com Inc ORD 2.3 %

Facebook Inc ORD 1.8 %

UnitedHealth Group Inc ORD 1.8 %

Kotak Mahindra Bank Ltd ORD 1.6 %

Alphabet Inc Class C ORD 1.6 %


American Funds The New Economy Fund (RNGHX)

MSCI AC World Index (Net)

0.0 8.0 16.0 24.0 32.0 40.0

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Other



MSCI AC World Index (Net)

0.0 15.0 30.0 45.0 60.0 75.0 90.0

Other

Frontier Markets

Middle East

United Kingdom

Europe ex UK

Japan

Pacific ex Japan

EM Mid East+Africa

North America

EM Latin America

EM Europe

EM Asia


September 30, 2021



Page 22

Peer Group Analysis - IM Global Equity (MF)



The investment seeks long term growth of capital; current income is a secondary consideration. The fund invests primarilyin common stocks that the investment adviser believes have the potential for growth. It normally invests in securities ofcompanies that can benefit from innovation, exploit new technologies or provide products and services that meet thedemands of an evolving global economy. The fund may invest a significant portion of its assets in issuers based outsidethe United States, including those based in developing countries.

Product Name : American Funds NEco;R5E (RNGHX)

Fund Family : Capital Group/American Funds

Ticker : RNGHX

Peer Group : IM Global Equity (MF)

Benchmark : MSCI AC World Index (Net)


Portfolio Manager : Team Managed




Net Expense : 0.56%

Turnover : 38%

-50.00

-25.00

0.00

25.00

50.00

75.00

100.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

American Funds The New Economy Fund (RNGHX) -0.45 (36) 8.11 (71) 25.84 (54) 16.73 (23) 18.62 (10) 33.72 (19) 26.69 (49) -4.04 (13) 34.71 (8)��

MSCI AC World Index (Net) -1.05 (50) 11.12 (39) 27.44 (44) 12.58 (47) 13.20 (43) 16.25 (46) 26.60 (49) -9.42 (48) 23.97 (43)��

Median -1.12 10.17 26.43 12.05 12.06 15.49 26.43 -9.55 22.46

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

American Funds The New Economy Fund (RNGHX) 7.83 (36) 0.71 (85) 16.41 (41) 9.77 (31) 25.36 (23) -16.52 (21)

MSCI AC World Index (Net) 7.39 (45) 4.57 (42) 14.68 (53) 8.13 (46) 19.22 (55) -21.37 (55)

IM Global Equity (MF) Median 7.02 3.97 15.05 7.74 20.24 -20.83


Performance Review


NONE

Page 23








-6.0

0.0

6.0

12.0

18.0

24.0

Ame

ric

an

Fu

nd

s T

he

Ne

w E

co

no

my

Fu

nd

(RN

GH

X)

(%

)

-6.0 0.0 6.0 12.0 18.0 24.0

MSCI AC World Index (Net) (%)

Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

TotalPeriod

5-25Count

25-MedianCount

Median-75

Count

75-95Count

American Funds The New Economy Fund (RNGHX) 12 11 (92%) 1 (8%) 0 (0%) 0 (0%)��

MSCI AC World Index (Net) 20 0 (0%) 20 (100%) 0 (0%) 0 (0%)��

9.00

12.00

15.00

18.00

21.00

Re

turn

(%)

14.40 14.60 14.80 15.00 15.20



American Funds The New Economy Fund (RNGHX) 18.62 14.97��

MSCI AC World Index (Net) 13.20 14.53��

Median 12.06 15.01¾

10.00

12.00

14.00

16.00

18.00

Re

turn

(%)

17.80 18.00 18.20 18.40 18.60



American Funds The New Economy Fund (RNGHX) 16.73 18.22��

MSCI AC World Index (Net) 12.58 17.95��

Median 12.05 18.47¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

American Funds The New Economy Fund (RNGHX) 5.15 105.06 88.82 4.13 0.72 0.88 0.97 11.47

MSCI AC World Index (Net) 0.00 100.00 100.00 0.00 N/A 0.68 1.00 11.96 90 Day U.S. Treasury Bill 18.08 2.20 -2.51 1.28 -0.68 N/A -0.01 0.00

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

American Funds The New Economy Fund (RNGHX) 5.13 111.19 85.69 5.35 0.93 1.14 0.97 8.99

MSCI AC World Index (Net) 0.00 100.00 100.00 0.00 N/A 0.85 1.00 9.53 90 Day U.S. Treasury Bill 14.63 2.97 -2.83 1.25 -0.85 N/A -0.01 0.00


Performance Review


NONE

Page 24

Fund Information

Fund Name : Lazard Funds, Inc: Lazard International Equity Portfolio; Institutional Shares Portfolio Assets : $2,151 Million

Fund Family : Lazard Asset Management Portfolio Manager : John R. Reinsberg

Ticker : LZIEX PM Tenure : 1991

Inception Date : 10/01/1991 Fund Style : IM International Large Cap Core Equity (MF)

Fund Assets : $1,919 Million Style Benchmark : MSCI EAFE (Net) Index



Portfolio Benchmark


Avg. Market Cap ($) 51,256,091,143 14,333,243,829





5 Yr EPS 4.90 12.53

3 Yr EPS Growth -0.09 N/A



Relx PLC ORD 3.0 %

Medtronic PLC ORD 3.0 %

Hitachi Ltd ORD 2.4 %

Sanofi SA ORD 2.3 %

Aon PLC ORD 2.3 %

Engie SA ORD 2.2 %

State Street Institutional Treas 2.1 %

Volkswagen AG 1.9 %

Abb Ltd ORD 1.9 %

MTU Aero Engines AG ORD 1.7 %


Lazard International Equity R6 (LZIEX)


0.0 4.0 8.0 12.0 16.0 20.0 24.0

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Other




0.0 10.0 20.0 30.0 40.0 50.0 60.0

Other

Middle East

United Kingdom

Europe ex UK

Japan

Pacific ex Japan

North America

EM Latin America

EM Europe

EM Asia


September 30, 2021



Page 25

Peer Group Analysis - IM International Large Cap Core Equity (MF)



The investment seeks long-term total return, principally from growth of capital. The fund invests normally in a minimum often countries throughout the world, focusing on companies located in Europe, the Pacific Basin and emergingindustrialized countries whose economies and political regimes appear stable. It invests primarily (no less than 65% of itstotal assets) in common and preferred stocks of foreign companies, including those located in emerging market countries.Companies in the fund's portfolio generally have market capitalizations in excess of $1 billion at the time of purchase.

Product Name : Lazard:Intl Eqty;Inst (LZIEX)

Fund Family : Lazard Asset Management

Ticker : LZIEX

Peer Group : IM International Large Cap Core Equity (MF)

Benchmark : MSCI EAFE (Net) Index


Portfolio Manager : John R. Reinsberg




Net Expense : 0.81%

Turnover : 38%

-40.00

-20.00

0.00

20.00

40.00

60.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

Lazard International Equity R6 (LZIEX) 0.14 (5) 5.59 (81) 21.79 (76) 7.05 (53) 7.08 (75) 8.76 (50) 21.19 (68) -13.61 (19) 22.81 (73)��

MSCI EAFE (Net) Index -0.45 (15) 8.35 (33) 25.73 (55) 7.62 (44) 8.81 (37) 7.82 (63) 22.01 (56) -13.79 (23) 25.03 (41)��

Median -2.11 7.87 26.28 7.07 8.16 8.74 22.72 -15.47 23.97

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

Lazard International Equity R6 (LZIEX) 3.68 (93) 1.70 (88) 15.34 (60) 7.26 (21) 14.25 (88) -23.05 (29)

MSCI EAFE (Net) Index 5.17 (55) 3.48 (63) 16.05 (49) 4.80 (77) 14.88 (84) -22.83 (26)

IM International Large Cap Core Equity (MF) Median 5.32 4.39 15.99 5.68 16.25 -24.17


Performance Review


NONE

Page 26









-8.0

-4.0

0.0

4.0

8.0

12.0

La

za

rd In

tern

ati

on

al

E

qu

ity

R6

(LZ

IEX

)

(%)

-8.0 -4.0 0.0 4.0 8.0 12.0

MSCI EAFE (Net) Index (%)

Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

TotalPeriod

5-25Count

25-MedianCount

Median-75Count

75-95Count

Lazard International Equity R6 (LZIEX) 14 0 (0%) 5 (36%) 6 (43%) 3 (21%)��

MSCI EAFE (Net) Index 20 4 (20%) 14 (70%) 2 (10%) 0 (0%)��

6.20

6.82

7.44

8.06

8.68

9.30

Re

turn

(%)

14.16 14.40 14.64 14.88 15.12 15.36 15.60 15.84



Lazard International Equity R6 (LZIEX) 7.08 14.50��


Median 8.16 15.55¾

6.80

7.00

7.20

7.40

7.60

7.80

Re

turn

(%)

17.15 17.50 17.85 18.20 18.55 18.90 19.25



Lazard International Equity R6 (LZIEX) 7.05 17.43��


Median 7.07 18.95¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

Lazard International Equity R6 (LZIEX) 2.95 98.07 99.97 -0.36 -0.18 0.41 0.98 12.00


TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

Lazard International Equity R6 (LZIEX) 3.11 94.22 101.39 -1.37 -0.52 0.46 0.98 9.92



Performance Review


NONE

Page 27

Fund Information

Fund Name : SMALLCAP World Fund, Inc; Class R5E Shares Portfolio Assets : $84,477 Million

Fund Family : Capital Group/American Funds Portfolio Manager : Team Managed

Ticker : RSLDX PM Tenure :

Inception Date : 11/20/2015 Fund Style : IM Global SMID Cap Equity (MF)

Fund Assets : $197 Million Style Benchmark : MSCI World Small Cap (Net)



Portfolio Benchmark


Avg. Market Cap ($) 8,683,593,215 1,673,393,701




Annual EPS 13.43 100.37

5 Yr EPS 19.54 13.75




Capital Group Central Cash Fund; 5.2 %

Evolution AB (publ) ORD 1.5 %

MongoDB Inc ORD 1.1 %

Insulet Corp ORD 1.0 %

RingCentral Inc ORD 1.0 %

IMCD NV ORD 0.8 %

Molina Healthcare Inc ORD 0.8 %

BayCurrent Consulting Inc ORD 0.8 %

Yeti Holdings Inc ORD 0.6 %

Nibe Industrier AB ORD 0.6 %


American Funds SmallCap World Fund (RSLDX)

MSCI World Small Cap (Net)

0.0 4.0 8.0 12.0 16.0 20.0 24.0

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Other



MSCI World Small Cap (Net)

0.0 15.0 30.0 45.0 60.0 75.0

Other

Frontier Markets

Middle East

United Kingdom

Europe ex UK

Japan

Pacific ex Japan

EM Mid East+Africa

North America

EM Latin America

EM Europe

EM Asia


September 30, 2021



Page 28

Peer Group Analysis - IM Global SMID Cap Equity (MF)



The investment seeks long-term growth of capital. Normally the fund invests at least 80% of its net assets in growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks andconvertible bonds) of companies with small market capitalizations. The investment adviser currently defines "small marketcapitalization" companies to be companies with market capitalizations of $4.0 billion or less. Under normal circumstances,the fund will invest a significant portion of its assets outside the United States, including in emerging markets.

Product Name : American Funds SMCP;R5E (RSLDX)

Fund Family : Capital Group/American Funds

Ticker : RSLDX

Peer Group : IM Global SMID Cap Equity (MF)

Benchmark : MSCI World Small Cap (Net)






Net Expense : 0.81%

Turnover : 38%

-50.00

0.00

50.00

100.00

150.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

American Funds SmallCap World Fund (RSLDX) -0.29 (33) 11.05 (53) 35.64 (43) 18.87 (18) 17.64 (25) 37.73 (27) 31.08 (17) -9.50 (21) 27.09 (38)��

MSCI World Small Cap (Net) -1.43 (54) 13.23 (38) 40.24 (34) 10.88 (65) 12.46 (72) 15.96 (64) 26.19 (53) -13.86 (55) 22.66 (69)��

Median -1.30 11.13 35.04 13.17 15.31 24.97 26.95 -13.11 25.90

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

American Funds SmallCap World Fund (RSLDX) 7.83 (30) 3.28 (62) 22.14 (47) 10.33 (40) 31.91 (28) -22.52 (17)

MSCI World Small Cap (Net) 4.98 (67) 9.43 (32) 23.85 (31) 7.46 (71) 24.58 (48) -30.06 (77)

IM Global SMID Cap Equity (MF) Median 6.09 5.35 22.02 10.05 24.40 -24.55


Performance Review


NONE

Page 29








-10.0

0.0

10.0

20.0

30.0

Am

eri

ca

n F

un

ds

Sm

all

Ca

p W

orl

d F

un

d (R

SL

DX

)

(%)

-10.0 0.0 10.0 20.0 30.0

MSCI World Small Cap (Net) (%)

Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

TotalPeriod

5-25Count

25-MedianCount

Median-75

Count

75-95Count

American Funds SmallCap World Fund (RSLDX) 12 7 (58%) 5 (42%) 0 (0%) 0 (0%)��

MSCI World Small Cap (Net) 20 1 (5%) 7 (35%) 12 (60%) 0 (0%)��

10.00

12.00

14.00

16.00

18.00

20.00

Re

turn

(%)

16.74 17.01 17.28 17.55 17.82 18.09 18.36 18.63



American Funds SmallCap World Fund (RSLDX) 17.64 17.07��

MSCI World Small Cap (Net) 12.46 18.22��

Median 15.31 17.70¾

9.00

12.00

15.00

18.00

21.00

Re

turn

(%)

20.67 21.06 21.45 21.84 22.23 22.62 23.01 23.40



American Funds SmallCap World Fund (RSLDX) 18.87 21.28��

MSCI World Small Cap (Net) 10.88 22.84��

Median 13.17 22.15¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

American Funds SmallCap World Fund (RSLDX) 6.28 103.14 75.89 8.29 1.06 0.86 0.90 13.42

MSCI World Small Cap (Net) 0.00 100.00 100.00 0.00 N/A 0.52 1.00 16.10 90 Day U.S. Treasury Bill 22.99 1.77 -2.37 1.27 -0.52 N/A -0.01 0.00

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

American Funds SmallCap World Fund (RSLDX) 5.46 102.42 76.85 5.90 0.79 0.97 0.89 10.65

MSCI World Small Cap (Net) 0.00 100.00 100.00 0.00 N/A 0.67 1.00 12.72 90 Day U.S. Treasury Bill 18.34 2.47 -2.75 1.24 -0.67 N/A -0.01 0.00


Performance Review


NONE

Page 30

Fund Information

Fund Name : DFA Investment Dimensions Group Inc: Emerging Markets Small Cap Portfolio;Institutional Class Shares


Fund Family : Dimensional Portfolio Manager : Team Managed

Ticker : DEMSX PM Tenure :

Inception Date : 03/05/1998 Fund Style : IM Emerging Markets Equity (MF)

Fund Assets : $5,115 Million Style Benchmark : MSCI Emerging Markets Small Cap (Net)



Portfolio Benchmark

Total Securities 4,680 1,821

Avg. Market Cap ($) 2,138,785,258 991,779,549




Annual EPS 14.08 621.14

5 Yr EPS 11.44 14.21




Chinasoft International Ltd ORD 0.3 %

Industrias CH SAB de CV ORD 0.3 %

Kingboard Holdings Ltd ORD 0.3 %

Zhuzhou CRRC Times Electric Co 0.3 %

GCL-Poly Energy Holdings Ltd ORD 0.3 %

Minth Group Ltd ORD 0.2 %

AAC Technologies Holdings Inc ORD 0.2 %

Hua Hong Semiconductor Ltd ORD 0.2 %

Crompton Greaves Consumer Electricals 0.2 %

China MeiDong Auto Holdings Ltd 0.2 %


DFA Emerging Markets Small Cap (DEMSX)

MSCI Emerging Markets Small Cap (Net)

0.0 5.0 10.0 15.0 20.0 25.0 30.0

Utilities

Real Estate

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples



Other



MSCI Emerging Markets Small Cap (Net)

0.0 15.0 30.0 45.0 60.0 75.0 90.0 105.0

Other

Frontier Markets

United Kingdom

Europe ex UK

Pacific ex Japan

EM Mid East+Africa

North America

EM Latin America

EM Europe

EM Asia


September 30, 2021



Page 31

Peer Group Analysis - IM Emerging Markets Equity (MF)



The investment seeks long-term capital appreciation. The Portfolio is a Feeder Portfolio and pursues its objective byinvesting substantially all of its assets in its corresponding Master fund, the Emerging Markets Small Cap Series (the"Emerging Markets Small Cap Series") of the DFA Investment Trust Company (the "Trust"), which has the sameinvestment objective and policies as the Portfolio. As a non-fundamental policy, under normal circumstances, the EmergingMarkets Small Cap Series will invest at least 80% of its net assets in emerging market investments that are designated inthe Prospectus as Approved Market securities of small companies.

Product Name : DFA Emg Mkts Sm Cap;I (DEMSX)

Fund Family : Dimensional

Ticker : DEMSX

Peer Group : IM Emerging Markets Equity (MF)

Benchmark : MSCI Emerging Markets Small Cap (Net)






Net Expense : 0.60%

Turnover : 18%

-40.00

-20.00

0.00

20.00

40.00

60.00

80.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

DFA Emerging Markets Small Cap (DEMSX) -4.13 (18) 13.46 (7) 35.51 (9) 11.84 (34) 9.25 (44) 13.80 (70) 14.89 (79) -17.56 (61) 35.26 (53)��

MSCI Emerging Markets Small Cap (Net) -2.16 (8) 17.20 (4) 43.24 (4) 13.11 (26) 9.75 (37) 19.29 (43) 11.51 (89) -18.59 (71) 33.84 (60)��

Median -7.59 -0.34 19.24 9.56 8.85 17.66 20.15 -16.45 35.66

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

DFA Emerging Markets Small Cap (DEMSX) 10.45 (8) 7.16 (8) 19.43 (45) 10.04 (43) 26.52 (19) -31.56 (92)

MSCI Emerging Markets Small Cap (Net) 11.25 (7) 7.67 (6) 22.22 (17) 11.85 (22) 27.14 (17) -31.37 (91)

IM Emerging Markets Equity (MF) Median 5.11 2.88 19.16 9.48 20.29 -24.85


Performance Review


NONE

Page 32









-16.0

-8.0

0.0

8.0

16.0

24.0

DF

A E

me

rgin

g M

ark

ets

Sm

all

Ca

p (D

EM

SX

)

(%)

-16.0 -8.0 0.0 8.0 16.0 24.0

MSCI Emerging Markets Small Cap (Net) (%)

Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

TotalPeriod

5-25Count

25-MedianCount

Median-75Count

75-95Count

DFA Emerging Markets Small Cap (DEMSX) 20 6 (30%) 4 (20%) 4 (20%) 6 (30%)��

MSCI Emerging Markets Small Cap (Net) 20 1 (5%) 4 (20%) 4 (20%) 11 (55%)��

8.70

9.00

9.30

9.60

9.90

10.20

Re

turn

(%)

17.10 17.55 18.00 18.45 18.90 19.35 19.80



DFA Emerging Markets Small Cap (DEMSX) 9.25 18.98��

MSCI Emerging Markets Small Cap (Net) 9.75 19.11��

Median 8.85 17.14¾

8.00

10.00

12.00

14.00

Re

turn

(%)

19.17 19.88 20.59 21.30 22.01 22.72 23.43



DFA Emerging Markets Small Cap (DEMSX) 11.84 22.42��

MSCI Emerging Markets Small Cap (Net) 13.11 22.93��

Median 9.56 19.84¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

DFA Emerging Markets Small Cap (DEMSX) 3.21 97.29 101.20 -0.76 -0.39 0.56 0.97 15.94

MSCI Emerging Markets Small Cap (Net) 0.00 100.00 100.00 0.00 N/A 0.60 1.00 16.05 90 Day U.S. Treasury Bill 23.09 1.67 -2.67 1.29 -0.60 N/A -0.01 0.00

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

DFA Emerging Markets Small Cap (DEMSX) 2.85 99.52 101.91 -0.28 -0.17 0.50 0.98 13.33

MSCI Emerging Markets Small Cap (Net) 0.00 100.00 100.00 0.00 N/A 0.52 1.00 13.25 90 Day U.S. Treasury Bill 19.24 2.02 -3.11 1.23 -0.52 N/A -0.01 0.00


Performance Review


NONE

Page 33

Fund Information

Fund Name : Vanguard Bond Index Funds: Vanguard Total Bond Market Index Fund; AdmiralShares


Fund Family : Vanguard Portfolio Manager : Joshua C. Barrickman

Ticker : VBTLX PM Tenure : 2013

Inception Date : 11/12/2001 Fund Style : IM U.S. Broad Market Core Fixed Income (MF)

Fund Assets : $117,612 Million Style Benchmark : Bloomberg U.S. Aggregate


Fund Characteristics As of 03/31/2021

Avg. Coupon N/A

Nominal Maturity N/A

Effective Maturity N/A

Duration N/A

SEC 30 Day Yield 2.7

Avg. Credit Quality AA


Corporate Notes/Bonds 32.8 %

GNMA and Other Mtg Backed 23.2 %

Government Agency Securities 21.1 %

Treasury Notes/Bonds 21.1 %

Asset Backed Securities 0.4 %

Asset Allocation As of 03/31/2021

0.0% 50.0% 100.0% 150.0%

Convertibles

Equities

Cash

Other

Fixed Income

Sector/Quality Allocation As of 03/31/2021

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Government/AAA

BBB Rated

A Rated

AA Rated

Equities/Other

Maturity Distribution As of 12/31/2020

0.0% 8.0% 16.0% 24.0% 32.0% 40.0%

Other

>30Yrs

<1Yr

10-20Yrs

20-30Yrs

5-10Yrs

1-3Yrs

3-5Yrs


September 30, 2021

Vanguard Total Bond Market Index (VBTLX)


Page 34

Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (MF)



The investment seeks the performance of a broad, market-weighted bond index. The fund employs an indexing investmentapproach designed to track the performance of the Barclays U.S. Aggregate Float Adjusted Index. This index represents awide spectrum of public, investment-grade, taxable, fixed income securities in the United States-including government,corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities-all withmaturities of more than 1 year. All of the fund's investments will be selected through the sampling process, and at least80% of the fund's assets will be invested in bonds held in the index.

Product Name : Vanguard Tot Bd;Adm (VBTLX)


Ticker : VBTLX

Peer Group : IM U.S. Broad Market Core Fixed Income (MF)

Benchmark : Blmbg. U.S. Aggregate Index


Portfolio Manager : Joshua C. Barrickman




Net Expense : 0.05%

Turnover : 79%

-8.00

-4.00

0.00

4.00

8.00

12.00

16.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

Vanguard Total Bond Market Index (VBTLX) 0.11 (30) -1.58 (73) -0.92 (84) 5.41 (59) 2.93 (67) 7.72 (65) 8.71 (54) -0.03 (19) 3.56 (53)��

Blmbg. U.S. Aggregate Index 0.05 (45) -1.56 (71) -0.90 (83) 5.35 (63) 2.94 (66) 7.51 (73) 8.72 (54) 0.01 (17) 3.54 (54)��

Median 0.03 -1.20 0.16 5.58 3.18 8.15 8.76 -0.63 3.59

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

Vanguard Total Bond Market Index (VBTLX) 2.00 (43) -3.61 (88) 0.67 (89) 0.61 (90) 2.98 (90) 3.27 (13)

Blmbg. U.S. Aggregate Index 1.83 (64) -3.38 (73) 0.67 (89) 0.62 (89) 2.90 (92) 3.15 (15)

IM U.S. Broad Market Core Fixed Income (MF) Median 1.94 -3.07 1.36 1.19 4.97 0.45


Performance Review


NONE

Page 35









0.0

1.5

3.0

4.5

6.0

7.5

Va

ng

ua

rd To

tal

B

on

d M

ark

et

In

de

x (V

BT

LX

)

(%)

0.0 1.5 3.0 4.5 6.0 7.5

Blmbg. U.S. Aggregate Index (%)

Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

TotalPeriod

5-25Count

25-MedianCount

Median-75Count

75-95Count

Vanguard Total Bond Market Index (VBTLX) 20 2 (10%) 11 (55%) 7 (35%) 0 (0%)��

Blmbg. U.S. Aggregate Index 20 2 (10%) 11 (55%) 7 (35%) 0 (0%)��

2.88

2.97

3.06

3.15

3.24

Re

turn

(%)

3.20 3.28 3.36 3.44 3.52 3.60 3.68 3.76



Vanguard Total Bond Market Index (VBTLX) 2.93 3.42��

Blmbg. U.S. Aggregate Index 2.94 3.28��

Median 3.18 3.65¾

5.28

5.36

5.44

5.52

5.60

5.68

Re

turn

(%)

3.40 3.60 3.80 4.00 4.20



Vanguard Total Bond Market Index (VBTLX) 5.41 3.66��


Median 5.58 4.07¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

Vanguard Total Bond Market Index (VBTLX) 0.33 103.03 107.07 -0.17 0.16 1.16 1.04 1.66

Blmbg. U.S. Aggregate Index 0.00 100.00 100.00 0.00 N/A 1.21 1.00 1.53 90 Day U.S. Treasury Bill 3.41 10.00 -14.62 1.04 -1.21 N/A 0.03 0.00

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

Vanguard Total Bond Market Index (VBTLX) 0.33 102.07 104.23 -0.12 -0.02 0.54 1.04 1.96



Performance Review


NONE

Page 36

Fund Information

Fund Name : Metropolitan West Funds: MetWest Total Return Bond Fund; Class I Shares Portfolio Assets : $86,440 Million

Fund Family : Metropolitan West Asset Management Portfolio Manager : Team Managed

Ticker : MWTIX PM Tenure :

Inception Date : 03/31/2000 Fund Style : IM U.S. Broad Market Core+ Fixed Income (MF)

Fund Assets : $52,992 Million Style Benchmark : Bloomberg U.S. Aggregate



Avg. Coupon 2.23 %

Nominal Maturity 8.11 Years

Effective Maturity N/A

Duration 6.04 Years


Avg. Credit Quality AA


GNMA and Other Mtg Backed 40.0 %

Government Agency Securities 37.0 %


Asset Backed Securities 3.7 %


0.0% 100.0% 200.0%-100.0 %

Cash

Convertibles

Equities

Other

Fixed Income


0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Government/AAA

BBB Rated

A Rated

BB AND B Rated

AA Rated

CCC, CC AND C rated

D Rated

Equities/Other

Not Rated


0.0% 10.0% 20.0% 30.0% 40.0% 50.0%-10.0 %

<1Yr

>30Yrs

Other

10-20Yrs

20-30Yrs

1-3Yrs

3-5Yrs

5-10Yrs


September 30, 2021

Metropolitan West Total Return Bond (MWTIX)


Page 37

Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (MF)



The investment seeks to maximize long-term total return. The fund pursues its objective by investing, under normalcircumstances, at least 80% of its net assets in investment grade fixed income securities or unrated securities that aredetermined by the Adviser to be of similar quality. Up to 20% of the fund's net assets may be invested in securities ratedbelow investment grade. The fund also invests at least 80% of its net assets plus borrowings for investment purposes infixed income securities it regards as bonds.

Product Name : MetWest:Total Rtn;I (MWTIX)

Fund Family : Metropolitan West Asset Management

Ticker : MWTIX

Peer Group : IM U.S. Broad Market Core Fixed Income (MF)

Benchmark : Blmbg. U.S. Aggregate Index






Net Expense : 0.45%

Turnover : 470%

-8.00

-4.00

0.00

4.00

8.00

12.00

16.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

Metropolitan West Total Return Bond (MWTIX) 0.13 (26) -1.04 (42) 0.15 (51) 6.15 (24) 3.51 (26) 9.12 (24) 9.09 (39) 0.16 (11) 3.43 (60)��

Blmbg. U.S. Aggregate Index 0.05 (45) -1.56 (71) -0.90 (83) 5.35 (63) 2.94 (66) 7.51 (73) 8.72 (54) 0.01 (17) 3.54 (54)��

Median 0.03 -1.20 0.16 5.58 3.18 8.15 8.76 -0.63 3.59

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

Metropolitan West Total Return Bond (MWTIX) 1.80 (67) -2.91 (38) 1.20 (62) 1.26 (45) 4.07 (73) 2.32 (21)

Blmbg. U.S. Aggregate Index 1.83 (64) -3.38 (73) 0.67 (89) 0.62 (89) 2.90 (92) 3.15 (15)

IM U.S. Broad Market Core Fixed Income (MF) Median 1.94 -3.07 1.36 1.19 4.97 0.45


Performance Review


NONE

Page 38









0.0

2.0

4.0

6.0

8.0

Me

tro

po

lita

n W

es

t

Tota

l

Re

turn

Bo

nd

(MW

TIX

)

(%)

0.0 2.0 4.0 6.0 8.0

Blmbg. U.S. Aggregate Index (%)

Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

TotalPeriod

5-25Count

25-MedianCount

Median-75Count

75-95Count

Metropolitan West Total Return Bond (MWTIX) 20 7 (35%) 9 (45%) 4 (20%) 0 (0%)��

Blmbg. U.S. Aggregate Index 20 2 (10%) 11 (55%) 7 (35%) 0 (0%)��

2.80

3.00

3.20

3.40

3.60

Re

turn

(%)

3.20 3.28 3.36 3.44 3.52 3.60 3.68 3.76



Metropolitan West Total Return Bond (MWTIX) 3.51 3.29��


Median 3.18 3.65¾

5.13

5.40

5.67

5.94

6.21

6.48

Re

turn

(%)

3.40 3.60 3.80 4.00 4.20



Metropolitan West Total Return Bond (MWTIX) 6.15 3.58��


Median 5.58 4.07¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

Metropolitan West Total Return Bond (MWTIX) 0.67 106.98 92.21 0.72 1.13 1.38 1.01 1.50


TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

Metropolitan West Total Return Bond (MWTIX) 0.56 104.55 91.07 0.58 0.99 0.72 0.99 1.70



Performance Review


NONE

Page 39

Fund Information

Fund Name : BlackRock Funds V: BlackRock High Yield Bond Portfolio; Institutional Shares Portfolio Assets : $23,614 Million

Fund Family : BlackRock Portfolio Manager : Team Managed

Ticker : BHYIX PM Tenure :

Inception Date : 11/19/1998 Fund Style : IM U.S. High Yield Bonds (MF)

Fund Assets : $14,016 Million Style Benchmark : FTSE High Yield Market Index



Avg. Coupon 4.63 %

Nominal Maturity N/A

Effective Maturity 7.45 Years

Duration 1.45 Years


Avg. Credit Quality CCC




0.0% 50.0% 100.0% 150.0%

Convertibles

Equities

Cash

Other

Fixed Income


0.0% 15.0% 30.0% 45.0% 60.0%

CCC, CC AND C rated

BB AND B Rated

D Rated

Not Rated

BBB Rated

Equities/Other

Government/AAA

A Rated


0.0% 6.0% 12.0% 18.0% 24.0% 30.0% 36.0%

>30Yrs

20-30Yrs

Other

10-20Yrs

<1Yr

1-3Yrs

5-10Yrs

3-5Yrs


September 30, 2021

BlackRock High Yield Bond (BHYIX)


Page 40

Peer Group Analysis - IM U.S. High Yield Bonds (MF)



The investment seeks to maximize total return, consistent with income generation and prudent investment management.The fund invests primarily in non-investment grade bonds with maturities of ten years or less. It normally invests at least80% of its assets in high yield bonds. The fund may invest up to 30% of its assets in non-dollar denominated bonds ofissuers located outside of the United States. Its investment in non-dollar denominated bonds may be on a currencyhedged or unhedged basis. The fund may also invest in convertible and preferred securities.

Product Name : BlackRock:HY Bd;I (BHYIX)

Fund Family : BlackRock

Ticker : BHYIX

Peer Group : IM U.S. High Yield Bonds (MF)

Benchmark : ICE BofAML High Yield Master II






Net Expense : 0.62%

Turnover : 119%

-12.00

-4.00

4.00

12.00

20.00

28.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

BlackRock High Yield Bond (BHYIX) 0.78 (39) 4.94 (33) 11.57 (34) 6.63 (26) 6.59 (13) 5.79 (42) 15.30 (16) -2.86 (46) 8.20 (10)��

ICE BofAML High Yield Master II 0.94 (19) 4.67 (41) 11.46 (37) 6.62 (26) 6.35 (18) 6.17 (34) 14.41 (36) -2.27 (27) 7.48 (21)��

Median 0.71 4.31 10.56 5.98 5.63 5.43 13.82 -2.97 6.63

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

BlackRock High Yield Bond (BHYIX) 3.16 (14) 0.93 (49) 6.32 (42) 4.82 (35) 9.71 (34) -13.47 (58)

ICE BofAML High Yield Master II 2.77 (37) 0.90 (52) 6.48 (35) 4.71 (43) 9.61 (37) -13.12 (55)

IM U.S. High Yield Bonds (MF) Median 2.65 0.92 6.02 4.60 9.12 -12.83


Performance Review


NONE

Page 41









-5.0

0.0

5.0

10.0

Bla

ck

Ro

ck

Hig

h Y

ield

Bo

nd

(BH

YIX

)

(%)

-5.0 0.0 5.0 10.0

ICE BofAML High Yield Master II (%)

Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

BlackRock High Yield Bond (BHYIX) 20 13 (65%) 7 (35%) 0 (0%) 0 (0%)��

ICE BofAML High Yield Master II 20 17 (85%) 3 (15%) 0 (0%) 0 (0%)��

5.44

5.76

6.08

6.40

6.72

7.04

Re

turn

(%)

7.26 7.32 7.38 7.44 7.50 7.56 7.62 7.68



BlackRock High Yield Bond (BHYIX) 6.59 7.60��

ICE BofAML High Yield Master II 6.35 7.39��

Median 5.63 7.30¾

5.70

6.00

6.30

6.60

6.90

Re

turn

(%)

9.20 9.28 9.36 9.44 9.52 9.60 9.68



BlackRock High Yield Bond (BHYIX) 6.63 9.61��

ICE BofAML High Yield Master II 6.62 9.34��

Median 5.98 9.21¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

BlackRock High Yield Bond (BHYIX) 0.87 102.70 104.85 -0.14 0.05 0.59 1.03 7.34

ICE BofAML High Yield Master II 0.00 100.00 100.00 0.00 N/A 0.60 1.00 7.11 90 Day U.S. Treasury Bill 9.48 5.56 -6.10 1.28 -0.60 N/A -0.01 0.00

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

BlackRock High Yield Bond (BHYIX) 0.81 102.02 99.71 0.09 0.29 0.72 1.02 5.71

ICE BofAML High Yield Master II 0.00 100.00 100.00 0.00 N/A 0.71 1.00 5.54 90 Day U.S. Treasury Bill 7.50 7.08 -8.05 1.25 -0.71 N/A -0.01 0.00


Performance Review


NONE

Page 42

Fund Information

Fund Name : DFA Investment Dimensions Group Inc: DFA Real Estate Securities Portfolio;Institutional Class Shares


Fund Family : Dimensional Portfolio Manager : Fogdall/Schneider

Ticker : DFREX PM Tenure : 2012--2019

Inception Date : 01/05/1993 Fund Style : IM Real Estate Sector (MF)

Fund Assets : $11,216 Million Style Benchmark : FTSE NAREIT All Equity REITs



Portfolio Benchmark


Avg. Market Cap ($) 41,434,825,805 3,992,213,675




Annual EPS -8.66 2.14

5 Yr EPS 5.89 8.42




American Tower Corp ORD 9.1 %

Prologis Inc ORD 6.7 %

Crown Castle International Corp 5.9 %

Equinix Inc ORD 4.6 %

Public Storage ORD 3.5 %

Digital Realty Trust Inc ORD 3.1 %

Simon Property Group Inc ORD 2.9 %

SBA Communications Corp ORD 2.6 %

Welltower Inc ORD 2.6 %

Avalonbay Communities Inc ORD 2.3 %


DFA Real Estate (DFREX) FTSE NAREIT All Equity REITs

0.0 20.0 40.0 60.0 80.0 100.0 120.0

Real Estate

Other

Financials


DFA Real Estate (DFREX) FTSE NAREIT All Equity REITs

0.0 20.0 40.0 60.0 80.0 100.0 120.0

Other

North America


September 30, 2021

DFA Real Estate (DFREX)


Page 43

Peer Group Analysis - IM Real Estate Sector (MF)



The investment seeks long-term capital appreciation. The fund, using a free float-adjusted market capitalization weightedapproach, purchases readily marketable equity securities of companies whose principal activities include ownership,management, development, construction, or sale of residential, commercial or industrial real estate. It will principally investin equity securities of companies in certain real estate investment trusts and companies engaged in residentialconstruction and firms, except partnerships, whose principal business is to develop commercial property.

Product Name : DFA Real Estate;I (DFREX)

Fund Family : Dimensional

Ticker : DFREX

Peer Group : IM Real Estate Sector (MF)

Benchmark : FTSE NAREIT All Equity REITs


Portfolio Manager : Fogdall/Schneider




Net Expense : 0.18%

Turnover : 5%

-40.00

-20.00

0.00

20.00

40.00

60.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

DFA Real Estate (DFREX) 0.38 (75) 22.22 (40) 32.45 (53) 12.14 (38) 8.09 (33) -5.04 (58) 28.10 (42) -2.99 (8) 5.71 (44)��

FTSE NAREIT All Equity REITs 0.23 (80) 21.63 (52) 31.54 (60) 11.73 (47) 8.41 (30) -5.12 (59) 28.66 (37) -4.04 (18) 8.67 (16)��

Median 1.07 21.70 32.61 11.46 7.22 -4.32 27.32 -5.71 5.32

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

DFA Real Estate (DFREX) 12.37 (36) 8.36 (40) 8.36 (73) 0.68 (86) 13.13 (34) -23.06 (41)

FTSE NAREIT All Equity REITs 12.03 (54) 8.32 (41) 8.15 (76) 1.19 (77) 13.25 (31) -23.44 (49)

IM Real Estate Sector (MF) Median 12.08 7.84 9.23 2.07 11.91 -23.62


Performance Review


NONE

Page 44









-5.0

0.0

5.0

10.0

15.0

20.0

DF

A R

ea

l

Es

tate

(DF

RE

X)

(%

)

-5.0 0.0 5.0 10.0 15.0 20.0

FTSE NAREIT All Equity REITs (%)

Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

DFA Real Estate (DFREX) 20 10 (50%) 10 (50%) 0 (0%) 0 (0%)��

FTSE NAREIT All Equity REITs 20 13 (65%) 7 (35%) 0 (0%) 0 (0%)��

6.80

7.20

7.60

8.00

8.40

8.80

Re

turn

(%)

15.40 15.45 15.50 15.55 15.60 15.65 15.70



DFA Real Estate (DFREX) 8.09 15.66��

FTSE NAREIT All Equity REITs 8.41 15.65��

Median 7.22 15.46¾

11.10

11.40

11.70

12.00

12.30

Re

turn

(%)

18.20 18.25 18.30 18.35 18.40 18.45



DFA Real Estate (DFREX) 12.14 18.23��

FTSE NAREIT All Equity REITs 11.73 18.39��

Median 11.46 18.24¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

DFA Real Estate (DFREX) 0.75 99.96 97.87 0.46 0.46 0.66 0.99 13.00

FTSE NAREIT All Equity REITs 0.00 100.00 100.00 0.00 N/A 0.63 1.00 13.21 90 Day U.S. Treasury Bill 18.49 2.68 -2.29 1.25 -0.63 N/A -0.01 0.00

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

DFA Real Estate (DFREX) 1.03 98.85 100.14 -0.28 -0.29 0.50 1.00 11.16

FTSE NAREIT All Equity REITs 0.00 100.00 100.00 0.00 N/A 0.52 1.00 11.19 90 Day U.S. Treasury Bill 15.71 3.28 -2.48 1.19 -0.52 N/A 0.00 0.00


Performance Review


NONE

Page 45

Peer Group Analysis - IM U.S. GIC/Stable Value (SA+CF)



ICMA-RC employs a structured and diversified multi-product, multi-manager approach in managing the PLUS Fund. ThePlus Fund invests primarily in a diversified and tiered portfolio of stable value investment contracts and in fixed incomesecurities, fixed income mutual funds, and fixed income commingled trust funds (fixed income assets) that back certainstable value investment contracts. In addition, the PLUS Fund invest in money market mutual funds, as well as cash andcash equivalents. The PLUS Fund's portfolio may include different types of investments with a variety of negotiated termsand maturities, and is diversified across sectors and issuers. The composition of the PLUS Fund portfolio and itsallocations to various stable value investments and fixed income investment sectors, across the Fund's multiple tiers, isdetermined based on prevailing economic and capital market conditions, relative value analysis, liquidity needs, and otherfactors.

No data found.

-2.00

0.00

2.00

4.00

6.00

8.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

MissionSquare PLUS Fund R10 0.47 (14) 1.43 (15) 1.96 (16) 2.23 (45) 2.20 (47) 2.22 (34) 2.45 (64) 2.27 (27) 2.12 (16)��

ICE BofAML 3 Month U.S. T-Bill 0.02 (99) 0.04 (93) 0.07 (98) 1.18 (100) 1.16 (100) 0.67 (100) 2.28 (96) 1.87 (86) 0.86 (100)��

Median 0.36 1.13 1.58 2.19 2.16 2.11 2.48 2.13 1.80

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

MissionSquare PLUS Fund R10 0.47 (24) 0.48 (20) 0.52 (26) 0.54 (27) 0.56 (55) 0.58 (54)

ICE BofAML 3 Month U.S. T-Bill 0.00 (100) 0.02 (91) 0.03 (100) 0.04 (100) 0.02 (100) 0.58 (75)

IM U.S. GIC/Stable Value (SA+CF) Median 0.44 0.45 0.46 0.51 0.57 0.58


Performance Review

MissionSquare PLUS Fund R10

Page 46

Fund Information

Fund Name : TIAA-CREF Funds: Lifecycle Retirement Income Fund; Premier Class Shares Portfolio Assets : $648 Million

Fund Family : TIAA Portfolio Manager : Team Managed

Ticker : TPILX PM Tenure :

Inception Date : 09/30/2009 Fund Style : IM Mixed-Asset Target Today (MF)

Fund Assets : $21 Million Style Benchmark : Dow Jones Global Conservative Index



Portfolio Benchmark


Avg. Market Cap ($) 106,893,767,044 -




Annual EPS 2.45 N/A

5 Yr EPS 4.78 N/A




TIAA-CREF Core Bond Fund;W 21.1 %

TIAA-CREF Core Plus Bond Fund;W 13.1 %

TIAA-CREF Short-Term Bond Fund;W 10.1 %

TIAA-CREF Inflation-Linked Bond 10.0 %

TIAA-CREF Large-Cap Growth Index 3.8 %

TIAA-CREF Large-Cap Growth Fund;W 3.8 %

TIAA-CREF International Equity 3.7 %

TIAA-CREF Large-Cap Value Fund;W 3.5 %

Nuveen Dividend Value Fund;R6 3.5 %

TIAA-CREF Growth & Income Fund;W 3.3 %


TIAA-CREF Lifecycle Retirement Income (TPILX)

Dow Jones Global Conservative Index

0.0 15.0 30.0 45.0 60.0 75.0 90.0

Other

Utilities

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples





Dow Jones Global Conservative Index

0.0 15.0 30.0 45.0 60.0 75.0 90.0 105.0

Other

Frontier Markets

Middle East

United Kingdom

Europe ex UK

Japan

Pacific ex Japan

EM Mid East+Africa

North America

EM Latin America

EM Europe

EM Asia


September 30, 2021



Page 47

Peer Group Analysis - IM Mixed-Asset Target Today (MF)



The investment seeks high total return over time primarily through income, with a secondary emphasis on capitalappreciation. The fund is a "fund of funds" that invests in Institutional Class shares of other funds of the Trust andpotentially in other investment pools or investment products. The managers expect to allocate approximately 40.00% of thefund's assets to equity underlying funds and 60.00% of its assets to fixed-income underlying funds. These allocationsrepresent targets for equity and fixed-income asset classes. Target allocations may be changed and actual allocations mayvary up to ten percentage points from the targets.

Product Name : TIAA-CREF:Lfcy Ret;Prmr (TPILX)

Fund Family : TIAA

Ticker : TPILX

Peer Group : IM Mixed-Asset Target Today (MF)

Benchmark : Dow Jones Global Conservative Index






Net Expense : 0.52%

Turnover : 41%

-12.00

-4.00

4.00

12.00

20.00

28.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

TIAA-CREF Lifecycle Retirement Income (TPILX) -0.31 (63) 4.66 (22) 11.57 (24) 8.10 (20) 7.40 (18) 10.93 (15) 15.03 (24) -3.90 (65) 11.84 (6)��

Dow Jones Global Conservative Index -0.51 (88) -0.45 (100) 3.55 (97) 4.72 (96) 3.56 (95) 8.05 (78) 8.13 (99) -0.62 (2) 5.73 (95)��

Median -0.23 3.70 10.08 7.15 6.29 9.53 13.34 -3.57 8.92

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

TIAA-CREF Lifecycle Retirement Income (TPILX) 3.92 (19) 1.03 (13) 6.60 (32) 4.06 (12) 10.67 (10) -9.64 (77)

Dow Jones Global Conservative Index 2.10 (95) -2.00 (100) 4.02 (92) 2.27 (84) 5.12 (95) -3.38 (1)

IM Mixed-Asset Target Today (MF) Median 3.46 0.43 6.09 3.26 8.85 -7.60


Performance Review


NONE

Page 48









0.0

2.5

5.0

7.5

10.0

TIA

A-C

RE

F L

ife

cy

cle

Re

tire

me

nt

In

co

me

(TP

ILX

)

(%)

0.0 2.5 5.0 7.5 10.0

Dow Jones Global Conservative Index (%)

Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

TotalPeriod

5-25Count

25-MedianCount

Median-75

Count

75-95Count

TIAA-CREF Lifecycle Retirement Income (TPILX) 20 19 (95%) 1 (5%) 0 (0%) 0 (0%)��

Dow Jones Global Conservative Index 20 0 (0%) 1 (5%) 0 (0%) 19 (95%)��

2.00

4.00

6.00

8.00

Re

turn

(%)

2.48 3.10 3.72 4.34 4.96 5.58 6.20 6.82 7.44



TIAA-CREF Lifecycle Retirement Income (TPILX) 7.40 6.77��

Dow Jones Global Conservative Index 3.56 3.59��

Median 6.29 6.00¾

4.00

6.00

8.00

10.00

Re

turn

(%)

3.24 4.05 4.86 5.67 6.48 7.29 8.10 8.91 9.72



TIAA-CREF Lifecycle Retirement Income (TPILX) 8.10 8.40��

Dow Jones Global Conservative Index 4.72 4.28��

Median 7.15 7.30¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle Retirement Income (TPILX) 4.76 183.73 197.89 -0.35 0.73 0.82 1.81 5.64

Dow Jones Global Conservative Index 0.00 100.00 100.00 0.00 N/A 0.81 1.00 2.53 90 Day U.S. Treasury Bill 4.37 9.27 -12.11 1.26 -0.81 N/A -0.02 0.00

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle Retirement Income (TPILX) 3.83 188.44 165.51 1.29 1.00 0.91 1.71 4.48

Dow Jones Global Conservative Index 0.00 100.00 100.00 0.00 N/A 0.66 1.00 2.18 90 Day U.S. Treasury Bill 3.64 12.07 -12.57 1.20 -0.66 N/A -0.01 0.00


Performance Review


NONE

Page 49

Fund Information

Fund Name : TIAA-CREF Funds: Lifecycle 2010 Fund; Premier Class Shares Portfolio Assets : $1,243 Million


Ticker : TCTPX PM Tenure :

Inception Date : 09/30/2009 Fund Style : IM Mixed-Asset Target 2010 (MF)

Fund Assets : $74 Million Style Benchmark : Dow Jones Global Target 2010 Index



Portfolio Benchmark


Avg. Market Cap ($) 104,807,696,486 -




Annual EPS 2.40 N/A

5 Yr EPS 4.69 N/A















TIAA-CREF Lifecycle 2010 (TCTPX)

Dow Jones Global Target 2010 Index

0.0 15.0 30.0 45.0 60.0 75.0 90.0

Other

Utilities

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples






0.0 15.0 30.0 45.0 60.0 75.0 90.0 105.0

Other

Frontier Markets

Middle East

United Kingdom

Europe ex UK

Japan

Pacific ex Japan

EM Mid East+Africa

North America

EM Latin America

EM Europe

EM Asia


September 30, 2021



Page 50

Peer Group Analysis - IM Mixed-Asset Target 2010 (MF)



The investment seeks high total return over time through a combination of capital appreciation and income. The fund is a"fund of funds" that invests in Institutional Class shares of other funds of the Trust and potentially in other investment poolsor investment products (collectively, the "underlying funds"). The manager expects to allocate approximately 45.00% of thefund's assets to equity underlying funds and 55.00% of the fund's assets to fixed-income underlying funds. Targetallocations will change over time and actual allocations may vary up to ten percentage points from the targets.

Product Name : TIAA-CREF:Lfcy 2010;Prmr (TCTPX)

Fund Family : TIAA

Ticker : TCTPX

Peer Group : IM Mixed-Asset Target 2010 (MF)

Benchmark : Dow Jones Global Target 2010 Index






Net Expense : 0.52%

Turnover : 38%

-10.00

-4.00

2.00

8.00

14.00

20.00

26.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

TIAA-CREF Lifecycle 2010 (TCTPX) -0.24 (46) 4.62 (36) 11.65 (28) 8.06 (37) 7.56 (12) 11.01 (24) 15.36 (14) -4.09 (73) 12.52 (2)��

Dow Jones Global Target 2010 Index -0.51 (96) -0.48 (100) 3.54 (100) 4.73 (100) 3.59 (100) 8.07 (96) 8.22 (100) -0.68 (1) 6.07 (100)��

Median -0.26 4.01 10.63 7.87 6.94 10.43 14.19 -3.58 10.24

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

TIAA-CREF Lifecycle 2010 (TCTPX) 3.90 (15) 0.94 (38) 6.72 (36) 4.11 (7) 10.64 (31) -9.69 (66)

Dow Jones Global Target 2010 Index 2.11 (100) -2.04 (100) 4.04 (99) 2.27 (99) 5.13 (100) -3.39 (1)

IM Mixed-Asset Target 2010 (MF) Median 3.49 0.55 6.42 3.49 9.07 -7.82


Performance Review


NONE

Page 51








0.0

2.5

5.0

7.5

10.0

TIA

A-C

RE

F L

ife

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cle

20

10 (T

CT

PX

)

(%)

0.0 2.5 5.0 7.5 10.0

Dow Jones Global Target 2010 Index (%)

Over

Performance

Under

Performance

0.00

25.00

50.00

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100.00

Re

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Pe

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nti

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12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

TIAA-CREF Lifecycle 2010 (TCTPX) 20 15 (75%) 5 (25%) 0 (0%) 0 (0%)��

Dow Jones Global Target 2010 Index 20 0 (0%) 1 (5%) 0 (0%) 19 (95%)��

2.00

4.00

6.00

8.00

10.00

Re

turn

(%)

2.56 3.20 3.84 4.48 5.12 5.76 6.40 7.04 7.68



TIAA-CREF Lifecycle 2010 (TCTPX) 7.56 6.94��

Dow Jones Global Target 2010 Index 3.59 3.64��

Median 6.94 6.20¾

4.00

6.00

8.00

10.00

Re

turn

(%)

3.24 4.05 4.86 5.67 6.48 7.29 8.10 8.91 9.72



TIAA-CREF Lifecycle 2010 (TCTPX) 8.06 8.58��


Median 7.87 7.35¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2010 (TCTPX) 4.90 185.05 201.87 -0.50 0.70 0.80 1.83 5.74

Dow Jones Global Target 2010 Index 0.00 100.00 100.00 0.00 N/A 0.81 1.00 2.55 90 Day U.S. Treasury Bill 4.40 9.21 -11.95 1.26 -0.81 N/A -0.02 0.00

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2010 (TCTPX) 3.97 189.84 165.51 1.38 1.00 0.91 1.72 4.57



Performance Review


NONE

Page 52

Fund Information



Ticker : TCFPX PM Tenure :





Portfolio Benchmark


Avg. Market Cap ($) 118,278,205,430 -




Annual EPS 2.70 N/A

5 Yr EPS 5.29 N/A















TIAA-CREF Lifecycle 2015 (TCFPX)


0.0 15.0 30.0 45.0 60.0 75.0

Other

Utilities

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples






0.0 15.0 30.0 45.0 60.0 75.0 90.0 105.0

Other

Frontier Markets

Middle East

United Kingdom

Europe ex UK

Japan

Pacific ex Japan

EM Mid East+Africa

North America

EM Latin America

EM Europe

EM Asia


September 30, 2021



Page 53




The investment seeks high total return over time through a combination of capital appreciation and income. The fund is a"fund of funds" that invests in Institutional Class shares of other funds of the Trust and potentially in other investment poolsor investment products. The managers expect to allocate approximately 50.00% of the fund's assets to equity underlyingfunds and 50.00% of the fund's assets to fixed-income underlying funds. Target allocations will change over time andactual allocations may vary up to ten percentage points from the targets.

Product Name : TIAA-CREF:Lfcy 2015;Prmr (TCFPX)

Fund Family : TIAA

Ticker : TCFPX








Net Expense : 0.53%

Turnover : 36%

-12.00

-4.00

4.00

12.00

20.00

28.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

TIAA-CREF Lifecycle 2015 (TCFPX) -0.37 (57) 5.05 (54) 12.83 (54) 8.48 (47) 8.12 (22) 11.68 (40) 16.36 (34) -4.60 (74) 13.75 (6)��

Dow Jones Global Target 2015 Index -0.52 (84) -0.19 (100) 4.18 (100) 5.15 (100) 4.01 (100) 8.30 (90) 9.54 (100) -1.28 (1) 7.59 (100)��

Median -0.31 5.14 12.92 8.40 7.61 11.44 15.33 -3.88 11.43

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

TIAA-CREF Lifecycle 2015 (TCFPX) 4.12 (33) 1.26 (57) 7.41 (48) 4.51 (8) 11.56 (20) -10.82 (73)




Performance Review


NONE

Page 54









0.0

3.0

6.0

9.0

12.0

TIA

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201

5 (T

CF

PX

)

(%)

0.0 3.0 6.0 9.0 12.0


Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

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Pe

rce

nti

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12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

TIAA-CREF Lifecycle 2015 (TCFPX) 20 12 (60%) 8 (40%) 0 (0%) 0 (0%)��


2.00

4.00

6.00

8.00

10.00

Re

turn

(%)

3.20 3.84 4.48 5.12 5.76 6.40 7.04 7.68 8.32



TIAA-CREF Lifecycle 2015 (TCFPX) 8.12 7.56��


Median 7.61 7.11¾

4.00

6.00

8.00

10.00

Re

turn

(%)

3.72 4.65 5.58 6.51 7.44 8.37 9.30 10.23



TIAA-CREF Lifecycle 2015 (TCFPX) 8.48 9.37��


Median 8.40 8.71¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2015 (TCFPX) 5.05 176.95 189.46 -0.48 0.69 0.78 1.76 6.28


TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2015 (TCFPX) 4.10 177.99 151.08 1.56 1.00 0.91 1.63 4.99



Performance Review


NONE

Page 55

Fund Information



Ticker : TCWPX PM Tenure :





Portfolio Benchmark


Avg. Market Cap ($) 133,328,378,178 -




Annual EPS 3.05 N/A

5 Yr EPS 5.96 N/A















TIAA-CREF Lifecycle 2020 (TCWPX)


0.0 15.0 30.0 45.0 60.0 75.0

Other

Utilities

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples






0.0 15.0 30.0 45.0 60.0 75.0 90.0 105.0

Other

Frontier Markets

Middle East

United Kingdom

Europe ex UK

Japan

Pacific ex Japan

EM Mid East+Africa

North America

EM Latin America

EM Europe

EM Asia


September 30, 2021



Page 56




The investment seeks high total return over time through a combination of capital appreciation and income. The fund is a"fund of funds" that invests in Institutional Class shares of other funds of the Trust and potentially in other investment poolsor investment products. The managers expect to allocate approximately 58.00% of the fund's assets to equity underlyingfunds and 42.00% of the fund's assets to fixed-income underlying funds. These allocations represent targets for equity andfixed-income asset classes. Target allocations will change over time and actual allocations may vary up to ten percentagepoints from the targets.

Product Name : TIAA-CREF:Lfcy 2020;Prmr (TCWPX)

Fund Family : TIAA

Ticker : TCWPX








Net Expense : 0.54%

Turnover : 38%

-12.00

-4.00

4.00

12.00

20.00

28.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

TIAA-CREF Lifecycle 2020 (TCWPX) -0.53 (64) 5.52 (49) 14.05 (42) 8.81 (44) 8.74 (21) 12.24 (33) 17.59 (25) -5.26 (73) 15.35 (4)��

Dow Jones Global Target 2020 Index -0.57 (70) 0.90 (100) 6.49 (100) 6.08 (99) 5.10 (99) 8.63 (83) 12.00 (91) -2.33 (3) 9.88 (82)��

Median -0.47 5.49 13.59 8.69 7.99 10.90 15.97 -4.52 12.69

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

TIAA-CREF Lifecycle 2020 (TCWPX) 4.52 (30) 1.50 (56) 8.09 (38) 4.87 (12) 12.53 (11) -12.01 (82)




Performance Review


NONE

Page 57









0.0

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20

(TC

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0.0 3.0 6.0 9.0 12.0


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Performance

Under

Performance

0.00

25.00

50.00

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Pe

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k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

TIAA-CREF Lifecycle 2020 (TCWPX) 20 15 (75%) 5 (25%) 0 (0%) 0 (0%)��


4.00

6.00

8.00

10.00

Re

turn

(%)

4.80 5.40 6.00 6.60 7.20 7.80 8.40 9.00



TIAA-CREF Lifecycle 2020 (TCWPX) 8.74 8.37��


Median 7.99 7.63¾

5.88

6.86

7.84

8.82

9.80

Re

turn

(%)

4.92 5.74 6.56 7.38 8.20 9.02 9.84 10.66 11.48



TIAA-CREF Lifecycle 2020 (TCWPX) 8.81 10.35��


Median 8.69 9.33¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2020 (TCWPX) 4.61 157.81 170.02 -0.63 0.63 0.75 1.58 6.95


TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2020 (TCWPX) 3.78 157.28 140.87 1.06 0.96 0.90 1.50 5.53



Performance Review


NONE

Page 58

Fund Information



Ticker : TCQPX PM Tenure :





Portfolio Benchmark


Avg. Market Cap ($) 157,245,958,923 -




Annual EPS 3.59 N/A

5 Yr EPS 7.03 N/A












Nuveen Santa Barbara Dividend Growth 4.8 %



TIAA-CREF Lifecycle 2025 (TCQPX)


0.0 10.0 20.0 30.0 40.0 50.0 60.0

Other

Utilities

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples






0.0 15.0 30.0 45.0 60.0 75.0 90.0

Other

Frontier Markets

Middle East

United Kingdom

Europe ex UK

Japan

Pacific ex Japan

EM Mid East+Africa

North America

EM Latin America

EM Europe

EM Asia


September 30, 2021



Page 59




The investment seeks high total return over time through a combination of capital appreciation and income. The fund is a"fund of funds" that invests in Institutional Class shares of other funds of the Trust and potentially in other investmentpools or investment products. The managers expect to allocate approximately 66.00% of the fund's assets to equityunderlying funds and 34.00% of the fund's assets to fixed-income underlying funds. These allocations represent targetsfor equity and fixed-income asset classes. Target allocations will change over time and actual allocations may vary up toten percentage points from the targets.

Product Name : TIAA-CREF:Lfcy 2025;Prmr (TCQPX)

Fund Family : TIAA

Ticker : TCQPX








Net Expense : 0.56%

Turnover : 40%

-20.00

-12.00

-4.00

4.00

12.00

20.00

28.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

TIAA-CREF Lifecycle 2025 (TCQPX) -0.68 (66) 6.34 (36) 16.27 (36) 9.41 (43) 9.65 (22) 13.34 (32) 19.29 (26) -6.23 (78) 17.19 (3)��


Median -0.57 5.97 15.16 9.17 8.87 12.13 18.18 -5.23 14.95

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

TIAA-CREF Lifecycle 2025 (TCQPX) 4.97 (23) 1.99 (39) 9.33 (40) 5.39 (16) 14.21 (9) -13.87 (82)




Performance Review


NONE

Page 60









0.0

3.0

6.0

9.0

12.0

TIA

A-C

RE

F L

ife

cy

cle

20

25

(TC

QP

X)

(%

)

0.0 3.0 6.0 9.0 12.0


Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

TIAA-CREF Lifecycle 2025 (TCQPX) 20 11 (55%) 9 (45%) 0 (0%) 0 (0%)��


4.00

6.00

8.00

10.00

12.00

Re

turn

(%)

5.58 6.20 6.82 7.44 8.06 8.68 9.30 9.92 10.54



TIAA-CREF Lifecycle 2025 (TCQPX) 9.65 9.54��


Median 8.87 8.91¾

6.56

7.38

8.20

9.02

9.84

10.66

Re

turn

(%)

6.64 7.47 8.30 9.13 9.96 10.79 11.62 12.45 13.28



TIAA-CREF Lifecycle 2025 (TCQPX) 9.41 11.84��


Median 9.17 10.93¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2025 (TCQPX) 4.08 144.43 154.16 -0.59 0.62 0.72 1.43 7.98


TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2025 (TCQPX) 3.32 144.63 139.25 0.58 0.96 0.89 1.40 6.33



Performance Review


NONE

Page 61

Fund Information



Ticker : TCHPX PM Tenure :





Portfolio Benchmark


Avg. Market Cap ($) 183,972,788,673 -




Annual EPS 4.20 N/A

5 Yr EPS 8.22 N/A













Nuveen International Growth Fund;R6 4.5 %


TIAA-CREF Lifecycle 2030 (TCHPX)


0.0 8.0 16.0 24.0 32.0 40.0 48.0 56.0

Other

Utilities

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples






0.0 15.0 30.0 45.0 60.0 75.0 90.0

Other

Frontier Markets

Middle East

United Kingdom

Europe ex UK

Japan

Pacific ex Japan

EM Mid East+Africa

North America

EM Latin America

EM Europe

EM Asia


September 30, 2021



Page 62





Product Name : TIAA-CREF:Lfcy 2030;Prmr (TCHPX)

Fund Family : TIAA

Ticker : TCHPX








Net Expense : 0.57%

Turnover : 41%

-20.00

-10.00

0.00

10.00

20.00

30.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

TIAA-CREF Lifecycle 2030 (TCHPX) -0.83 (64) 7.35 (46) 18.55 (43) 10.04 (48) 10.55 (26) 14.24 (32) 21.13 (30) -7.18 (75) 19.02 (4)��


Median -0.74 7.26 18.14 9.97 9.97 12.86 20.08 -6.32 16.92

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

TIAA-CREF Lifecycle 2030 (TCHPX) 5.41 (31) 2.69 (44) 10.44 (45) 6.08 (13) 15.66 (10) -15.69 (72)

Dow Jones Global Target 2030 Index 3.92 (91) 1.23 (92) 9.26 (72) 4.27 (83) 11.61 (86) -12.80 (26)



Performance Review


NONE

Page 63









0.0

5.0

10.0

15.0

TIA

A-C

RE

F L

ife

cy

cle

20

30

(TC

HP

X)

(%

)

0.0 5.0 10.0 15.0


Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

TIAA-CREF Lifecycle 2030 (TCHPX) 20 11 (55%) 9 (45%) 0 (0%) 0 (0%)��


6.80

7.65

8.50

9.35

10.20

11.05

Re

turn

(%)

7.84 8.33 8.82 9.31 9.80 10.29 10.78 11.27



TIAA-CREF Lifecycle 2030 (TCHPX) 10.55 10.75��


Median 9.97 10.10¾

7.26

7.92

8.58

9.24

9.90

10.56

Re

turn

(%)

9.75 10.40 11.05 11.70 12.35 13.00 13.65 14.30



TIAA-CREF Lifecycle 2030 (TCHPX) 10.04 13.32��


Median 9.97 12.58¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2030 (TCHPX) 3.28 130.85 136.54 -0.26 0.63 0.69 1.28 8.95


TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2030 (TCHPX) 2.68 131.68 132.48 0.36 0.94 0.88 1.27 7.11



Performance Review


NONE

Page 64

Fund Information



Ticker : TCYPX PM Tenure :





Portfolio Benchmark


Avg. Market Cap ($) 210,770,809,441 -




Annual EPS 4.81 N/A

5 Yr EPS 9.42 N/A















TIAA-CREF Lifecycle 2035 (TCYPX)


0.0 6.0 12.0 18.0 24.0 30.0 36.0 42.0

Other

Utilities

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples






0.0 15.0 30.0 45.0 60.0 75.0 90.0

Other

Frontier Markets

Middle East

United Kingdom

Europe ex UK

Japan

Pacific ex Japan

EM Mid East+Africa

North America

EM Latin America

EM Europe

EM Asia


September 30, 2021



Page 65





Product Name : TIAA-CREF:Lfcy 2035;Prmr (TCYPX)

Fund Family : TIAA

Ticker : TCYPX








Net Expense : 0.58%

Turnover : 44%

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

TIAA-CREF Lifecycle 2035 (TCYPX) -1.04 (68) 8.33 (59) 20.99 (63) 10.61 (56) 11.42 (35) 15.15 (38) 22.86 (32) -8.12 (83) 20.88 (6)��


Median -0.90 8.55 21.75 10.79 10.94 14.15 22.26 -7.26 18.72

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

TIAA-CREF Lifecycle 2035 (TCYPX) 5.94 (36) 3.33 (68) 11.69 (56) 6.61 (23) 17.33 (15) -17.58 (54)




Performance Review


NONE

Page 66









0.0

5.0

10.0

15.0

TIA

A-C

RE

F L

ife

cy

cle

20

35

(TC

YP

X)

(%

)

0.0 5.0 10.0 15.0


Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

TIAA-CREF Lifecycle 2035 (TCYPX) 20 9 (45%) 8 (40%) 3 (15%) 0 (0%)��


8.58

9.24

9.90

10.56

11.22

11.88

Re

turn

(%)

9.88 10.26 10.64 11.02 11.40 11.78 12.16 12.54



TIAA-CREF Lifecycle 2035 (TCYPX) 11.42 11.99��


Median 10.94 11.52¾

9.00

9.50

10.00

10.50

11.00

11.50

Re

turn

(%)

12.19 12.72 13.25 13.78 14.31 14.84 15.37



TIAA-CREF Lifecycle 2035 (TCYPX) 10.61 14.86��


Median 10.79 14.21¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2035 (TCYPX) 2.56 119.09 121.66 -0.07 0.60 0.67 1.17 10.04


TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2035 (TCYPX) 2.11 120.18 120.46 0.34 0.91 0.86 1.16 7.96



Performance Review


NONE

Page 67

Fund Information



Ticker : TCZPX PM Tenure :





Portfolio Benchmark


Avg. Market Cap ($) 237,688,379,141 -




Annual EPS 5.43 N/A

5 Yr EPS 10.62 N/A













TIAA-CREF International Opportunities 5.7 %


TIAA-CREF Lifecycle 2040 (TCZPX)


0.0 5.0 10.0 15.0 20.0 25.0 30.0

Other

Utilities

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples






0.0 15.0 30.0 45.0 60.0 75.0 90.0

Other

Frontier Markets

Middle East

United Kingdom

Europe ex UK

Japan

Pacific ex Japan

EM Mid East+Africa

North America

EM Latin America

EM Europe

EM Asia


September 30, 2021



Page 68





Product Name : TIAA-CREF:Lfcy 2040;Prmr (TCZPX)

Fund Family : TIAA

Ticker : TCZPX








Net Expense : 0.59%

Turnover : 46%

-25.00

-10.00

5.00

20.00

35.00

50.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

TIAA-CREF Lifecycle 2040 (TCZPX) -1.27 (79) 9.28 (67) 23.30 (68) 11.12 (58) 12.25 (30) 16.11 (33) 24.52 (26) -9.11 (86) 22.69 (1)��


Median -1.03 9.67 24.12 11.43 11.58 14.74 23.63 -7.97 19.74

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

TIAA-CREF Lifecycle 2040 (TCZPX) 6.49 (29) 3.94 (70) 12.83 (56) 7.35 (15) 18.72 (15) -19.25 (53)




Performance Review


NONE

Page 69









-5.0

0.0

5.0

10.0

15.0

TIA

A-C

RE

F L

ife

cy

cle

204

0 (T

CZ

PX

)

(%)

-5.0 0.0 5.0 10.0 15.0


Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

TIAA-CREF Lifecycle 2040 (TCZPX) 20 12 (60%) 5 (25%) 3 (15%) 0 (0%)��


10.29

10.78

11.27

11.76

12.25

12.74

Re

turn

(%)

11.52 11.84 12.16 12.48 12.80 13.12 13.44



TIAA-CREF Lifecycle 2040 (TCZPX) 12.25 13.19��


Median 11.58 12.75¾

9.75

10.14

10.53

10.92

11.31

11.70

Re

turn

(%)

14.43 14.82 15.21 15.60 15.99 16.38 16.77



TIAA-CREF Lifecycle 2040 (TCZPX) 11.12 16.34��


Median 11.43 15.80¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2040 (TCZPX) 2.17 112.61 114.97 -0.07 0.48 0.65 1.10 11.05


TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2040 (TCZPX) 1.84 113.97 114.86 0.32 0.79 0.85 1.10 8.76



Performance Review


NONE

Page 70

Fund Information



Ticker : TTFPX PM Tenure :





Portfolio Benchmark


Avg. Market Cap ($) 264,620,162,053 -




Annual EPS 6.04 N/A

5 Yr EPS 11.82 N/A













TIAA-CREF Quant International Small-Cap 4.4 %


TIAA-CREF Lifecycle 2045 (TTFPX)


0.0 4.0 8.0 12.0 16.0 20.0 24.0

Other

Utilities

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples






0.0 15.0 30.0 45.0 60.0 75.0

Other

Frontier Markets

Middle East

United Kingdom

Europe ex UK

Japan

Pacific ex Japan

EM Mid East+Africa

North America

EM Latin America

EM Europe

EM Asia


September 30, 2021



Page 71





Product Name : TIAA-CREF:Lfcy 2045;Prmr (TTFPX)

Fund Family : TIAA

Ticker : TTFPX








Net Expense : 0.60%

Turnover : 46%

-25.00

-10.00

5.00

20.00

35.00

50.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

TIAA-CREF Lifecycle 2045 (TTFPX) -1.40 (82) 10.33 (54) 25.73 (55) 11.74 (53) 12.89 (21) 17.14 (28) 25.73 (19) -9.78 (93) 23.45 (2)��


Median -1.14 10.40 25.94 11.86 12.06 15.38 24.61 -8.19 20.65

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

TIAA-CREF Lifecycle 2045 (TTFPX) 6.95 (14) 4.63 (67) 13.95 (48) 8.00 (1) 19.98 (11) -20.67 (63)




Performance Review


NONE

Page 72









-5.0

0.0

5.0

10.0

15.0

20.0

TIA

A-C

RE

F L

ife

cy

cle

20

45

(TT

FP

X)

(%

)

-5.0 0.0 5.0 10.0 15.0 20.0


Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

TIAA-CREF Lifecycle 2045 (TTFPX) 20 11 (55%) 7 (35%) 2 (10%) 0 (0%)��


11.20

11.60

12.00

12.40

12.80

13.20

Re

turn

(%)

12.88 13.11 13.34 13.57 13.80 14.03 14.26 14.49



TIAA-CREF Lifecycle 2045 (TTFPX) 12.89 14.15��


Median 12.06 13.48¾

10.80

11.07

11.34

11.61

11.88

12.15

Re

turn

(%)

15.96 16.24 16.52 16.80 17.08 17.36 17.64 17.92



TIAA-CREF Lifecycle 2045 (TTFPX) 11.74 17.58��


Median 11.86 16.76¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2045 (TTFPX) 2.06 109.39 111.12 0.05 0.41 0.65 1.07 11.84


TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2045 (TTFPX) 1.74 110.18 111.08 0.32 0.65 0.85 1.07 9.38



Performance Review


NONE

Page 73

Fund Information



Ticker : TCLPX PM Tenure :





Portfolio Benchmark


Avg. Market Cap ($) 274,172,882,203 -




Annual EPS 6.26 N/A

5 Yr EPS 12.25 N/A















TIAA-CREF Lifecycle 2050 (TCLPX)


0.0 4.0 8.0 12.0 16.0 20.0 24.0

Other

Utilities

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples






0.0 15.0 30.0 45.0 60.0 75.0

Other

Frontier Markets

Middle East

United Kingdom

Europe ex UK

Japan

Pacific ex Japan

EM Mid East+Africa

North America

EM Latin America

EM Europe

EM Asia


September 30, 2021



Page 74




The investment seeks high total return over time through a combination of capital appreciation and income. The fund is a"fund of funds" that invests in Institutional Class shares of other funds of the Trust and potentially in other investment poolsor investment products. The adviser expects to allocate approximately 92.25% of the fund's assets to equity underlyingfunds and 7.75% of the fund's assets to fixed-income underlying funds. These allocations represent targets for equity andfixed-income asset classes. Target allocations will change over time and actual allocations may vary up to ten percentagepoints from the targets.

Product Name : TIAA-CREF:Lfcy 2050;Prmr (TCLPX)

Fund Family : TIAA

Ticker : TCLPX








Net Expense : 0.60%

Turnover : 43%

-25.00

-10.00

5.00

20.00

35.00

50.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

TIAA-CREF Lifecycle 2050 (TCLPX) -1.44 (80) 10.61 (52) 26.28 (60) 11.88 (54) 13.05 (19) 17.34 (27) 25.93 (19) -9.93 (90) 23.76 (2)��


Median -1.17 10.63 26.80 11.95 12.30 15.54 24.67 -8.54 20.80

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

TIAA-CREF Lifecycle 2050 (TCLPX) 7.04 (18) 4.85 (67) 14.16 (54) 8.03 (2) 20.29 (10) -20.91 (62)




Performance Review


NONE

Page 75









-5.0

0.0

5.0

10.0

15.0

20.0

TIA

A-C

RE

F L

ife

cy

cle

205

0 (T

CL

PX

)

(%)

-5.0 0.0 5.0 10.0 15.0 20.0


Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

TIAA-CREF Lifecycle 2050 (TCLPX) 20 12 (60%) 7 (35%) 1 (5%) 0 (0%)��


12.00

12.30

12.60

12.90

13.20

Re

turn

(%)

13.32 13.50 13.68 13.86 14.04 14.22 14.40 14.58



TIAA-CREF Lifecycle 2050 (TCLPX) 13.05 14.33��


Median 12.30 13.54¾

11.40

11.60

11.80

12.00

12.20

Re

turn

(%)

16.72 16.94 17.16 17.38 17.60 17.82 18.04



TIAA-CREF Lifecycle 2050 (TCLPX) 11.88 17.81��


Median 11.95 16.89¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2050 (TCLPX) 1.80 103.75 104.51 0.12 0.19 0.65 1.02 11.98


TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2050 (TCLPX) 1.55 105.15 104.84 0.43 0.45 0.85 1.02 9.49



Performance Review


NONE

Page 76

Fund Information



Ticker : TTRPX PM Tenure :





Portfolio Benchmark


Avg. Market Cap ($) 277,937,482,965 -




Annual EPS 6.35 N/A

5 Yr EPS 12.42 N/A















TIAA-CREF Lifecycle 2055 (TTRPX)


0.0 4.0 8.0 12.0 16.0 20.0 24.0

Other

Utilities

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples






0.0 15.0 30.0 45.0 60.0 75.0

Other

Frontier Markets

Middle East

United Kingdom

Europe ex UK

Japan

Pacific ex Japan

EM Mid East+Africa

North America

EM Latin America

EM Europe

EM Asia


September 30, 2021



Page 77





Product Name : TIAA-CREF:Lfcy 2055;Prmr (TTRPX)

Fund Family : TIAA

Ticker : TTRPX








Net Expense : 0.60%

Turnover : 41%

-25.00

-10.00

5.00

20.00

35.00

50.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

TIAA-CREF Lifecycle 2055 (TTRPX) -1.51 (85) 10.66 (54) 26.62 (64) 11.93 (52) 13.14 (21) 17.43 (29) 26.21 (18) -10.10 (94) 24.07 (3)��


Median -1.23 10.70 27.26 12.00 12.38 15.65 24.85 -8.48 21.12

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

TIAA-CREF Lifecycle 2055 (TTRPX) 7.10 (20) 4.91 (70) 14.42 (52) 8.09 (3) 20.41 (10) -21.14 (65)




Performance Review


NONE

Page 78









-5.0

0.0

5.0

10.0

15.0

20.0

TIA

A-C

RE

F L

ife

cy

cle

20

55

(TT

RP

X)

(%

)

-5.0 0.0 5.0 10.0 15.0 20.0


Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

TIAA-CREF Lifecycle 2055 (TTRPX) 20 10 (50%) 9 (45%) 1 (5%) 0 (0%)��


12.25

12.50

12.75

13.00

13.25

13.50

Re

turn

(%)

13.34 13.57 13.80 14.03 14.26 14.49 14.72



TIAA-CREF Lifecycle 2055 (TTRPX) 13.14 14.50��


Median 12.38 13.53¾

11.83

11.90

11.97

12.04

Re

turn

(%)

16.75 17.00 17.25 17.50 17.75 18.00 18.25



TIAA-CREF Lifecycle 2055 (TTRPX) 11.93 18.02��


Median 12.00 16.94¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2055 (TTRPX) 1.83 103.12 104.40 -0.01 0.10 0.65 1.01 12.13


TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2055 (TTRPX) 1.58 105.00 105.07 0.41 0.40 0.84 1.02 9.61



Performance Review


NONE

Page 79

Fund Information

Fund Name : TIAA-CREF Funds: Lifecycle 2060 Fund; Premier Class Shares Portfolio Assets : $460 Million


Ticker : TLXPX PM Tenure :





Portfolio Benchmark


Avg. Market Cap ($) 281,596,472,926 -




Annual EPS 6.44 N/A

5 Yr EPS 12.59 N/A















TIAA-CREF Lifecycle 2060 (TLXPX)


0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0

Other

Utilities

Materials


Industrials

Health Care

Financials

Energy

Consumer Staples






0.0 15.0 30.0 45.0 60.0 75.0

Other

Frontier Markets

Middle East

United Kingdom

Europe ex UK

Japan

Pacific ex Japan

EM Mid East+Africa

North America

EM Latin America

EM Europe

EM Asia


September 30, 2021



Page 80

Peer Group Analysis - IM Mixed-Asset Target 2060+ (MF)




Product Name : TIAA-CREF:Lfcy 2060;Prmr (TLXPX)

Fund Family : TIAA

Ticker : TLXPX

Peer Group : IM Mixed-Asset Target 2060+ (MF)







Net Expense : 0.60%

Turnover : 40%

-25.00

-10.00

5.00

20.00

35.00

50.00

Re

turn

QTR YTD 1 YR 3 YR 5 YR 2020 2019 2018 2017

TIAA-CREF Lifecycle 2060 (TLXPX) -1.54 (91) 10.87 (50) 26.93 (70) 12.01 (50) 13.27 (N/A) 17.57 (18) 26.47 (39) -10.27 (72) 24.29 (1)��

Dow Jones Global Target 2060 Index -1.06 (36) 11.24 (33) 29.23 (16) 11.80 (59) 12.48 (N/A) 15.03 (71) 24.89 (52) -8.37 (24) 21.06 (77)��

Median -1.23 10.86 27.89 12.01 N/A 16.18 24.96 -9.69 21.92

1 QtrEnding

Jun-2021

1 QtrEnding

Mar-2021

1 QtrEnding

Dec-2020

1 QtrEnding

Sep-2020

1 QtrEnding

Jun-2020

1 QtrEnding

Mar-2020

TIAA-CREF Lifecycle 2060 (TLXPX) 7.25 (18) 5.00 (69) 14.49 (71) 8.25 (1) 20.62 (2) -21.35 (55)


IM Mixed-Asset Target 2060+ (MF) Median 6.71 5.29 14.90 7.42 18.99 -21.15


Performance Review


NONE

Page 81









-5.0

0.0

5.0

10.0

15.0

20.0

TIA

A-C

RE

F L

ife

cy

cle

20

60

(TL

XP

X)

(%

)

-5.0 0.0 5.0 10.0 15.0 20.0


Over

Performance

Under

Performance

0.00

25.00

50.00

75.00

100.00

Re

turn

Pe

rce

nti

le R

an

k

12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

TIAA-CREF Lifecycle 2060 (TLXPX) 8 3 (38%) 4 (50%) 1 (13%) 0 (0%)��


12.22

12.48

12.74

13.00

13.26

13.52

Re

turn

(%)

14.00 14.20 14.40 14.60 14.80



TIAA-CREF Lifecycle 2060 (TLXPX) 13.27 14.65��


Median N/A N/A¾

11.76

11.84

11.92

12.00

12.08

Re

turn

(%)

17.40 17.60 17.80 18.00 18.20 18.40



TIAA-CREF Lifecycle 2060 (TLXPX) 12.01 18.20��


Median 12.01 17.77¾

TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2060 (TLXPX) 1.90 104.23 105.69 -0.03 0.15 0.65 1.02 12.26


TrackingError

UpMarket

Capture

DownMarket

CaptureAlpha

InformationRatio

SharpeRatio

BetaDownside

Risk

TIAA-CREF Lifecycle 2060 (TLXPX) 1.64 106.04 106.10 0.41 0.47 0.84 1.03 9.70



Performance Review


NONE

Page 82

Report Statistics Definitions and Descriptions

Active Return - Arithmetic difference between the manager’s performance and the designated benchmark return over a specified time period. Alpha - A measure of the difference between a portfolio's actual performance and its expected return based on its level of risk as determined by beta. It determines the portfolio's

non-systemic return, or its historical performance not explained by movements of the market. Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of the portfolio's systematic risk. Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. Higher consistency indicates the manager has contributed more to the

product’s performance. Distributed to Paid In (DPI) - The ratio of money distributed to Limited Partners by the fund, relative to contributions. It is calculated by dividing cumulative distributions by paid in capital. This multiple

shows the investor how much money they got back. It is a good measure for evaluating a fund later in its life because there are more distributions to measure against. Down Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance Downside Risk - A measure similar to standard deviation that utilizes only the negative movements of the return series. It is calculated by taking the standard deviation of the negative

quarterly set of returns. A higher factor is indicative of a riskier product. Excess Return - Arithmetic difference between the manager’s performance and the risk-free return over a specified time period. Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk free return. Information Ratio - This calculates the value-added contribution of the manager and is derived by dividing the active rate of return of the portfolio by the tracking error. The higher the

Information Ratio, the more the manager has added value to the portfolio. Public Market Equivalent (PME) - Designs a set of analyses used in the Private Equity Industry to evaluate the performance of a Private Equity Fund against a public benchmark or index. R-Squared - The percentage of a portfolio's performance that can be explained by the behavior of the appropriate benchmark. A high R-Squared means the portfolio's performance has

historically moved in the same direction as the appropriate benchmark. Return - Compounded rate of return for the period. Sharpe Ratio - Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is an absolute rate of return per unit of risk. A

higher value demonstrates better historical risk-adjusted performance. Standard Deviation - A statistical measure of the range of a portfolio's performance. It represents the variability of returns around the average return over a specified time period. Total Value to Paid In (TVPI) - The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund

to date. It is a good measure of performance before the end of a fund’s life Tracking Error - This is a measure of the standard deviation of a portfolio's returns in relation to the performance of its designated market benchmark. Treynor Ratio - Similar to Sharpe ratio but utilizes beta rather than excess risk as determined by standard deviation. It is calculated by taking the excess rate of return above the risk free

rate divided by beta to derive the absolute rate of return per unit of risk. A higher value indicates a product has achieved better historical risk-adjusted performance. Up Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance.

Page 83

Disclosures

AndCo compiled this report for the sole use of the client for which it was prepared. AndCo is responsible for evaluating the performance results of the Total Fund along with the investment advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. AndCo uses the results from this evaluation to make observations and recommendations to the client. AndCo uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from custodians. AndCo analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides AndCo with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides AndCo with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause AndCo to believe that the information presented is significantly misstated. This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various asset positions. The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management services. Additional information included in this document may contain data provided by from index databases, public economic sources and the managers themselves. This document may contain data provided by Bloomberg Barclays. Bloomberg Barclays Index data provided by way of Barclays Live. This document may contain data provided by Standard and Poor’s. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where S&P Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance provided within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results. This document may contain data provided by MSCI, Inc. Copyright MSCI, 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of this information assumes the entire risk of any use it may make or permit to be made of this information. Neither MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information makes any express or implied warranties or representations with respect to such information or the results to be obtained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warranties (including, without limitation, all warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punitive, consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages. This document may contain data provided by Russell Investment Group. Russell Investment Group is the source owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a user presentation of the data. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in presentation thereof. This document may contain data provided by Morningstar. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is not guarantee of future results.

Page 84

DEFERRED COMPENSATION COMMITTEE MEETING SCHEDULE

JANUARY FEBRUARY

S M T W T F S S M T W T F S

1 1 2 3 4 5

2 3 4 5 6 7 8 6 7 8 9 10 11 12

9 10 11 12 13 14 15 13 14 15 16 17 18 19

16 17 18 19 20 21 22 20 21 22 23 24 25 26

23 24 25 26 27 28 29 27 28

30 31

MARCH APRILS M T W T F S S M T W T F S

1 2 3 4 5 1 2

6 7 8 9 10 11 12 3 4 5 6 7 8 9

13 14 15 16 17 18 19 10 11 12 13 14 15 16 February 2520 21 22 23 24 25 26 17 18 19 20 21 22 23

27 28 29 30 31 24 25 26 27 28 29 30 May 27

August 26MAY JUNE

S M T W T F S S M T W T F S December 21 2 3 4 5 6 7 1 2 3 4 All meetings to be held at Fort Worth Credit Union

8 9 10 11 12 13 14 5 6 7 8 9 10 11 2309 Montgomery Street, Fort Worth TX

15 16 17 18 19 20 21 12 13 14 15 16 17 18 Or virtually depending on COVID situation

22 23 24 25 26 27 28 19 20 21 22 23 24 25

29 30 31 26 27 28 29 30

JULY AUGUSTS M T W T F S S M T W T F S

1 2 1 2 3 4 5 6

3 4 5 6 7 8 9 7 8 9 10 11 12 13

10 11 12 13 14 15 16 14 15 16 17 18 19 20

17 18 19 20 21 22 23 21 22 23 24 25 26 27

24 25 26 27 28 29 30 28 29 30 31

31

SEPTEMBER OCTOBER

S M T W T F S S M T W T F S

1 2 3 1

4 5 6 7 8 9 10 2 3 4 5 6 7 8

11 12 13 14 15 16 17 9 10 11 12 13 14 15

18 19 20 21 22 23 24 16 17 18 19 20 21 22

25 26 27 28 29 30 23 24 25 26 27 28 29

30 31

NOVEMBER DECEMBERS M T W T F S S M T W T F S

1 2 3 4 5 1 2 3

6 7 8 9 10 11 12 4 5 6 7 8 9 10

13 14 15 16 17 18 19 11 12 13 14 15 16 17

20 21 22 23 24 25 26 18 19 20 21 22 23 24

27 28 29 30 25 26 27 28 29 30 31

2022

Quarterly Meeting Schedule:

CITY OF FORT WORTH TEXAS

agenda city of fort worth deferred compensation …

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