public equity portfolio review - north carolina...structure review • engaged callan associate,...

Public Equity Portfolio ReviewPresentation to the Investment Advisory Committee

September 21, 2016

Snapshot of Total Equity - Historical Portfolio Structure

2

40.7

24.834.0 32.9

28.3

33.438.1

39.2 37.038.8

0

5

10

15

20

25

30

35

40

45

Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jul-16

Equity Assets* ($B)

Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jul-16Equity Hedge 0.0% 0.0% 0.0% 0.0% 0.0% 0.4% 0.4% 0.1% 5.5% 7.0%Global 1.2% 1.3% 4.8% 5.6% 5.5% 5.4% 6.5% 7.5% 6.8% 6.6%Non-US 32.4% 29.7% 29.9% 38.8% 48.3% 51.6% 47.9% 40.4% 42.2% 41.2%Domestic 66.4% 69.0% 65.3% 55.7% 46.2% 42.6% 45.2% 52.0% 45.5% 45.2%

0%10%20%30%40%50%60%70%80%90%

100%

Asset Allocation

Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jul-16Passive 30.3% 32.1% 26.8% 30.9% 41.6% 44.7% 43.4% 37.3% 43.2% 45.5%Active 69.7% 67.9% 73.2% 69.1% 58.4% 55.3% 56.6% 62.7% 56.8% 54.5%

0%10%20%30%40%50%60%70%80%90%

100%

Active vs Passive

* Excludes equity rebalance, cash/Transition

28 29 28 21 18 18 18 17 16 16

13 13 15

16 17 17 17 17 16 16

2 2 3

3 2 2 2 2

2 2

1 1 1 1 3

0

5

10

15

20

25

30

35

40

45

50

Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Jul-16

Number of Mandates

Domestic Non-US Global Equity Hedge

Portfolio Characteristics

PortfolioMSCI

ACWI IMI

Price/Earnings 21.8 21.9

Dividend Yield 2.32 2.49

Price/Book 3.03 2.90

Debt/Equity 0.94 0.97

Market Cap ($B Weighted Median) 32.271 33.080

Return on Equity - 1 Year 14.8 14.4

Portfolio Positioning – July 31, 2016

3As of July 31, 2016

0.2%

6.2%

6.4%

6.8%

8.9%

10.9%

11.9%

13.5%

13.7%

21.5%

0.1%

5.5%

5.7%

6.6%

7.7%

11.1%

12.6%

14.8%

15.2%

20.8%

0% 5% 10% 15% 20% 25%

Other

Materials

Energy

Utilities

Cons. Staples

Prod Durables

Health Care

Technology

Cons. Disc.

Financials

Total Equity Sector Allocation

Portfolio MSCI ACWI IMI

54.6%

15.9%10.9% 9.9% 6.9%

1.8%

53.0%

14.3% 12.3% 10.9%6.3% 3.2%

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

U.S. Europe Ex-UK Asian /PacificBasin

Emerging Mkts UK Canada

Total Equity Regional Allocation

Portfolio MSCI ACWI IMI

NCRS Public Equity Net Performance As of July 31, 2016

Market Value ($MM) 3 Month 1 Year 3 Years 5 Years 10 Years

Public Equity $38,840 3.74 (0.32) 6.30 7.51 5.04 Benchmark2 3.75 (0.31) 5.92 6.67 4.53

Domestic Portfolio $17,309 5.55 2.94 10.24 12.70 7.77Russell 3000 6.05 4.44 10.59 12.99 7.82

Non-US Portfolio $15,764 2.63 (3.16) 2.50 2.32 2.55Custom Benchmark 1.62 (4.59) 1.84 1.62 1.52

Global Portfolio $2,526 1.42 (2.23) 8.25 10.98 11.91MSCI ACWI 3.81 (0.44) 5.87 6.62 8.86

Equity Hedge $2,666 1.34 0.39 - - -MSCI ACWI (beta adjusted) 1.57 0.22 - - -

Transition $575 - - - - -4

Structure Review• Engaged Callan Associate, public equity consultant, to analyze the current structure of the

Equity portfolio and to provide alternate structure options for consideration.

• Callan prepared a review of the overall investment structure after gathering current and historical data on the portfolio. This analysis assumed implementation using the benchmarks to truly focus on the structure and included the following:o Capitalizationo Styleo Active and passive managemento Number of managers

• The current portfolio implementation was then evaluated, considering current investment managers to identify the following:o Overlaps or gaps, or “misfit” risko Capitalization or style biaseso Assessment of the current active risk budget

5

Structure Review – Current Analysis

Callan Indices NC compositeNet Excess Fees

Tracking Error

Net Excess Fees

Tracking Error

Russell 1000 Dom Large Cap Active Core -0.01% 0.30% 2.74% -4.36% 0.98% 3.77%Russell 1000 Growth Dom Large Cap Active Growth 0.00% 0.30% 3.90% -0.73% 0.51% 5.45%Russell 1000 Value Dom Large Cap Active Value -0.02% 0.30% 3.42% -0.42% 0.46% 2.17%Russell Midcap Domestic Mid Cap Active -0.28% 0.40% 4.26% -0.77% 0.66% 2.58%Russell Midcap Growth Domestic Mid Cap Active Growth -0.28% 0.40% 5.33% 0.51% 0.78% 3.18%Russell Midcap Value N/A -0.27% 0.40% 4.73%Russell 2000 Domestic Small Cap Active 0.63% 0.50% 4.62% 2.05% 0.66% 3.01%Russell 2000 Growth Dom Small Cap Active Growth -0.01% 0.50% 6.28% 1.78% 0.66% 4.73%Russell 2000 Value Dom Small Cap Active Value 1.27% 0.50% 5.50% 2.13% 0.68% 2.61%Russell 3000 Domestic Active -0.10% 0.35% 3.89% -1.34% 0.63% 2.56%Russell 3000 Growth N/A -0.10% 0.35% 6.39%Russell 3000 Value N/A -0.10% 0.35% 5.27%EAFE International Active EAFE 0.56% 0.40% 3.25% 0.34% 0.34% 3.14%World ex USA Small N/A 1.37% 0.65% 5.89%Emerging Markets Emerging Composite 0.24% 0.60% 3.72% 1.43% 0.59% 3.05%Emerging Markets Small N/A 0.30% 0.65% 6.50%Frontier Markets N/A -0.75% 0.75% 0.00%ACWI ex USA Intl Active ACWI Ex-US 0.25% 0.45% 4.62% 1.90% 0.35% 1.75%ACWI ex USA Small Intl Active Small Cap 0.35% 0.65% 6.04% 3.15% 0.69% 3.27%ACWI ex USA IMI International Active 0.25% 0.50% 4.83% 1.10% 0.43% 1.32%ACWI Global Equity 0.87% 0.45% 4.22% 4.90% 0.49% 3.18%Totals Active Total Active Equity 0.34% 0.45% 0.33% 0.48% 1.32%Totals TOTAL EQUITY 0.14% 0.25% 0.89% 0.28% 0.67%

Callan Historical NCRS Historical 5 year

Source: Callan, NCRS

● Callan is currently evaluating alternate portfolio structures:1. Streamlined represents a simplified version of the existing portfolio2. Enhanced represents a more “optimal” version of the existing portfolio3. Low cost represents a portfolio focused on minimizing investment management fees4. Callan “clean sheet” represents Callan’s best thinking if they were building a portfolio with cash today.

● When evaluating optimal use of active and passive management, Callan will take into consideration the median manager’s historical ability to outperform their style benchmark in addition to the fees being paid.

6

Managers table

Active/ Maximum AccountNumber of ActiveHistorical Excess ReturnsEstimatedHistorical Net Excess ReturnsHistorical Tracking ErrorManager Score card resultForecast Net Excess Returns5 Year Historical Net Excess ReturnsCallan's Comment (7/11/16)

BenchmarkPassiveStyleAssetsWeightsSize ($ mm)ManagersCurrent NCRS Managers(bps)Fees (bps)(bps)(%)

Russell 200PassiveCore3,224.69.4%10,0001Piedmont02-20.00%A

Russell 1000PassiveCore6,819.519.9%10,0001BlackRock02-20.00%A

Russell 1000ActiveCore469.31.4%1,0001Piedmont Strategic Core2930-12.74%A0.00%-1.30%Agree

Russell 1000 GrowthActiveGrowth488.31.4%1,0001Sands Large Cap Growth Equity303003.90%A1.75%-0.40%within range

Russell 1000 ValueActiveValue1,427.54.2%1,0002Hotchkis LC Fundamental Value2830-23.42%A0.50%0.05%ok

Wellington Large Cap ValueB1.00%-1.27%a bit low..thru 10 year rolling 2 - 5% gross excess return

Russell MidcapPassiveCore0.00.0%1,500005-50.00%

Russell MidcapActiveCore0.00.0%50001240-284.26%

Russell Midcap GrowthActiveGrowth681.72.0%5002TimesSquare Mid Cap Growth1240-285.33%A0.00%0.00%historical performance higher - 1-2%; reasonable to have lower excess target vs. Sands

TimesSquare Focused GrowthA0.30%1.65%ditto

Russell Midcap ValueActiveValue663.31.9%5002ValueAct1340-274.73%4.00%

Russell 2000ActiveCore0.00.0%1,500011350634.62%

Russell 2000 GrowthActiveGrowth538.71.6%5002Numeric Emerging Growth4950-16.28%A0.00%2.40%ok

Brown Advisory Small Cap GrwthB1.30%1.53%1.00% estimate or upper 1.30%

Russell 2000 ValueActiveValue735.72.1%5002Numeric Small Cap Value177501275.50%A3.00%3.18%lower estimate given market cycle (250-300 bps)

Earnest Partners SC ValueB1.25%2.39%ok

Russell 3000PassiveCore0.00.0%1,500005-50.00%

Russell 3000ActiveCore0.00.0%1,00002535-103.89%

Russell 3000 GrowthActiveGrowth1,025.33.0%1,0001Wellington Opportunistic Grwth2535-106.39%B0.00%-1.74%ok (downward trend in performance)

Russell 3000 ValueActiveValue0.00.0%1,00002535-105.27%

EAFEPassiveCore664.11.9%2,0001BlackRock International Transition08-80.00%A

EAFEActiveCore2,582.37.5%1,2502Baillie Gifford EAFE Pls Alpha9640563.25%A2.00%0.92%ok

Mondrian Focused InternationalA2.00%2.41%ok

World ex USA SmallActiveCore450.51.3%5001Mondrian Int. Small Cap202651375.89%A3.00%3.17%ok

Emerging MarketsActiveCore1,335.73.9%1,0002Baillie Gifford EM8460243.72%A2.50%1.44%ok

BlackRock EM Strategic InsightA1.75%2.19%a bit aggressive (1.5 - 2.00 net)

Mondrian Emerging Mkts EquityA2.00%1.87%ok

Emerging Markets SmallActiveCore184.90.5%5001Wasatch EM Small Cap9565306.50%A2.50%4.39%too aggressive (3% net)

Frontier MarketsPassiveCore182.00.5%1,0001BlackRock Frontier Mkts Fund075-750.00%A0.00%-1.08%

ACWI ex USAPassiveCore0.00.0%2,000008-80.00%

ACWI ex USAActiveCore986.22.9%1,0001Wellington Diversified Intl7045254.62%B+1.25%1.98%100 - 125 net; EM sleeve is point of contention

ACWI ex USA SmallActiveCore481.11.4%5001Franklin Temp. Int. Small Cap10065356.04%A2.50%3.00%reasonable

ACWI ex USA IMIPassiveCore5,705.116.6%2,0001BlackRock010-100.00%A

ACWI ex USA IMIActiveCore2,292.46.7%1,0002GMO Int'l Active Strategy7550254.83%B1.00%-0.08%ok - firm concerns, strategy conviction driven (conservative #)

Walter Scott EAFE/IntlA-2.50%3.36%agree

ACWIPassiveCore926.42.7%5,0001BlackRock Global Transition08-80.00%A

ACWIActiveCore2,461.17.2%2,0002Longview Global Equity13245874.22%A3.00%7.89%agree; good conserv nmber

Brandes Global EquityA-1.00%0.38%agree; good conserv nmber

Totals34,325.6100.0%31Total Equity3925140.89%

Managers table Wellington Gbl

Active/ Maximum AccountNumber of ActiveHistorical Excess ReturnsEstimatedHistorical Net Excess ReturnsHistorical Tracking ErrorManager Score card resultForecast Net Excess Returns5 Year Historical Net Excess Returns

BenchmarkPassiveStyleAssetsWeightsSize ($ mm)ManagersCurrent NCRS Managers(bps)Fees (bps)(bps)(%)

Russell 200PassiveCore3,224.69.4%10,0001Piedmont02-20.00%A

Russell 1000PassiveCore6,819.519.9%10,0001BlackRock02-20.00%A

Russell 1000ActiveCore469.31.4%1,0001Piedmont Strategic Core2930-12.74%A0.00%-1.30%Agree

Russell 1000 GrowthActiveGrowth488.31.4%1,0001Sands Large Cap Growth Equity303003.90%A1.75%-0.40%within range

Russell 1000 ValueActiveValue1,427.54.2%1,0002Hotchkis LC Fundamental Value2830-23.42%A0.50%0.05%ok

Russell MidcapPassiveCore0.00.0%1,500005-50.00%a bit low..thru 10 year rolling 2 - 5% gross excess return

Russell MidcapActiveCore0.00.0%50001240-284.26%

Russell Midcap GrowthActiveGrowth681.72.0%5002TimesSquare Mid Cap Growth1240-285.33%A0.00%0.00%

TimesSquare Focused GrowthA0.30%1.65%

Russell Midcap ValueActiveValue663.31.9%5002ValueAct1340-274.73%4.00%ditto

Russell 2000ActiveCore0.00.0%1,500011350634.62%

Russell 2000 GrowthActiveGrowth538.71.6%5002Numeric Emerging Growth4950-16.28%A0.00%2.40%

Brown Advisory Small Cap GrwthB1.30%1.53%ok

Russell 2000 ValueActiveValue735.72.1%5002Numeric Small Cap Value177501275.50%A3.00%3.18%1.00% estimate or upper 1.30%

Earnest Partners SC ValueB1.25%2.39%lower estimate given market cycle (250-300 bps)

Russell 3000PassiveCore0.00.0%1,500005-50.00%ok

Russell 3000ActiveCore0.00.0%1,00002535-103.89%

Russell 3000 GrowthActiveGrowth1,025.33.0%1,00002535-106.39%

Russell 3000 ValueActiveValue0.00.0%1,00002535-105.27%ok (downward trend in performance)

EAFEPassiveCore664.11.9%2,0001BlackRock International Transition08-80.00%A

EAFEActiveCore2,582.37.5%1,2502Baillie Gifford EAFE Pls Alpha9640563.25%A2.00%0.92%

Mondrian Focused InternationalA2.00%2.41%ok

World ex USA SmallActiveCore450.51.3%5001Mondrian Int. Small Cap202651375.89%A3.00%3.17%ok

Emerging MarketsActiveCore1,335.73.9%1,0002Baillie Gifford EM8460243.72%A2.50%1.44%ok

BlackRock EM Strategic InsightA1.75%2.19%ok

Mondrian Emerging Mkts EquityA2.00%1.87%a bit aggressive (1.5 - 2.00 net)

Emerging Markets SmallActiveCore184.90.5%5001Wasatch EM Small Cap9565306.50%A2.50%4.39%ok

Frontier MarketsPassiveCore182.00.5%1,0001BlackRock Frontier Mkts Fund075-750.00%A0.00%-1.08%too aggressive (3% net)

ACWI ex USAPassiveCore0.00.0%2,000008-80.00%

ACWI ex USAActiveCore986.22.9%1,00007045254.62%

ACWI ex USA SmallActiveCore481.11.4%5001Franklin Temp. Int. Small Cap10065356.04%A2.50%3.00%100 - 125 net; EM sleeve is point of contention

ACWI ex USA IMIPassiveCore5,705.116.6%2,0001BlackRock010-100.00%Areasonable

ACWI ex USA IMIActiveCore2,292.46.7%1,0002GMO Int'l Active Strategy7550254.83%B1.00%-0.08%

Walter Scott EAFE/IntlA-2.50%3.36%ok - firm concerns, strategy conviction driven (conservative #)

ACWIPassiveCore926.42.7%5,0001BlackRock Global Transition08-80.00%Aagree

ACWIActiveCore2,461.17.2%2,0002Longview Global Equity13245874.22%A3.00%7.89%agree; good conserv nmber

Brandes Global EquityA-1.00%0.38%agree; good conserv nmber

Wellington Global Strategy2.00%

Totals34,325.6100.0%29Total Equity3925140.89%

Composite Comparison

Callan HistoricalNCRS Historical 5 yearNCRS Current Line Up

Callan IndicesNC compositeNet ExcessFeesTracking ErrorNet ExcessFeesTracking Error5 Year Historical Net Excess Return10 Year Forecast Net Excess Return

Russell 1000Dom Large Cap Active Core-0.01%0.30%2.74%-4.36%0.98%3.77%-1.30%0.00%

Russell 1000 GrowthDom Large Cap Active Growth0.00%0.30%3.90%-0.73%0.51%5.45%-1.30%0.56%

Russell 1000 ValueDom Large Cap Active Value-0.02%0.30%3.42%-0.42%0.46%2.17%-0.57%0.50%

Russell MidcapDomestic Mid Cap Active-0.28%0.40%4.26%-0.77%0.66%2.58%0.33%1.42%

Russell Midcap GrowthDomestic Mid Cap Active Growth-0.28%0.40%5.33%0.51%0.78%3.18%0.50%0.09%

Russell Midcap ValueN/A-0.27%0.40%4.73%0.52%4.00%

Russell 2000Domestic Small Cap Active0.63%0.50%4.62%2.05%0.66%3.01%2.47%1.42%

Russell 2000 GrowthDom Small Cap Active Growth-0.01%0.50%6.28%1.78%0.66%4.73%2.05%0.51%

Russell 2000 ValueDom Small Cap Active Value1.27%0.50%5.50%2.13%0.68%2.61%2.77%2.08%

Russell 3000Domestic Active-0.10%0.35%3.89%-1.34%0.63%2.56%0.02%0.85%

Russell 3000 GrowthN/A-0.10%0.35%6.39%-1.74%0.00%

Russell 3000 ValueN/A-0.10%0.35%5.27%

EAFEInternational Active EAFE0.56%0.40%3.25%0.34%0.34%3.14%1.61%2.00%

World ex USA SmallN/A1.37%0.65%5.89%3.17%3.00%

Emerging MarketsEmerging Composite0.24%0.60%3.72%1.43%0.59%3.05%1.49%2.09%

Emerging Markets SmallN/A0.30%0.65%6.50%4.39%3.50%

Frontier MarketsN/A-0.75%0.75%0.00%-1.08%0.00%

ACWI ex USAIntl Active ACWI Ex-US0.25%0.45%4.62%1.90%0.35%1.75%1.98%1.50%

ACWI ex USA SmallIntl Active Small Cap0.35%0.65%6.04%3.15%0.69%3.27%3.00%2.50%

ACWI ex USA IMIInternational Active0.25%0.50%4.83%1.10%0.43%1.32%1.93%2.03%

ACWIGlobal Equity0.87%0.45%4.22%4.90%0.49%3.18%5.01%2.23%

Totals ActiveTotal Active Equity0.34%0.45%0.33%0.48%1.32%1.73%1.66%

TotalsTOTAL EQUITY0.14%0.25%0.89%0.28%0.67%0.87%0.83%

Structure Review – Sample Portfolio ScenariosHypothetical Allocation

Hypothetical Performance

Region Active/PassiveStatus Quo Streamlined

Enhanced Status

US Passive 29.3% 35.0% 31.0%US Active 17.6% 7.5% 16.0%Non US Passive 19.1% 26.0% 18.5%Non US Active 24.2% 13.5% 24.5%Global Passive 2.7% 3.0% 2.5%Global Active 7.2% 15.0% 7.5%

Status Quo Streamlined Enhanced Status QuoGross Excess Return 44.30 49.15 48.78Fees 24.57 21.47 24.66Net Excess Return 19.73 27.68 24.12Weighted Average Tracking Error 158.34 142.18 164.73Misfit Risk 15.32 24.36 18.97Active Management Risk 50.56 34.12 50.66Total Excess Return Risk 52.83 41.92 54.10Information Ratio 0.37 0.66 0.45

7

Notes

The active values for Russell 200 styles are just to aggregate them to get the passive core exposure relative to MSCI indices. Since we don't have corresponding style groups the excess returns are zero.

This analysis is relative to the MSCI indices because the X matrix is a translation to the MSCI indices and the covariance matrix of total returns is based on the MSCI indices.

The allocations in the Strate Alloc sheet are the vector products of the switches for domicile, capitalization and style for the strategies and the managers then a sumproduct is performed with the manager weights and assets.

Style Rtns

Active/PassivePassivePassiveActiveActiveActivePassiveActiveActiveActiveActiveActiveActivePassiveActiveActiveActivePassiveActiveActiveActiveActivePassivePassiveActiveActivePassiveActivePassiveActive

StyleCoreCoreCoreGrowthValueCoreCoreGrowthValueCoreGrowthValueCoreCoreGrowthValueCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCore

Russell 200Russell 1000Russell 1000Russell 1000 GrowthRussell 1000 ValueRussell MidcapRussell MidcapRussell Midcap GrowthRussell Midcap ValueRussell 2000Russell 2000 GrowthRussell 2000 ValueRussell 3000Russell 3000Russell 3000 GrowthRussell 3000 ValueEAFEEAFEWorld ex USA SmallEmerging MarketsEmerging Markets SmallFrontier MarketsACWI ex USAACWI ex USAACWI ex USA SmallACWI ex USA IMIACWI ex USA IMIACWIACWI

2006 Q2-1.272-1.660-1.499-4.659-0.431-2.575-3.132-5.871-1.688-4.992-6.614-2.964-1.978-2.054-4.546-0.8860.7000.252-1.690-4.670-7.090-9.764-0.001-0.140-1.690-0.251-0.140-0.7878-0.539

2006 Q36.2945.0574.9473.3935.1692.1110.200-1.2342.551-0.602-2.3980.1204.6422.522-0.0724.1443.9274.0292.2595.6547.2657.2663.8813.8912.2593.7893.8914.4974.456

2006 Q46.6616.9536.5705.2527.3917.6656.9726.8078.0988.1788.5399.1017.1227.4857.1307.74910.35310.33513.43217.25419.3004.21811.16211.31613.43211.29511.3169.0648.768

2007 Q1-0.0481.2120.9401.6990.8724.3765.1644.8674.5682.9153.7662.7561.2752.5423.0641.5554.0763.6757.0153.7316.9308.2413.7553.7257.0154.0893.7252.4792.298

2007 Q26.1525.8966.3156.2196.3245.2957.1368.6345.6145.7748.4914.8365.7666.8908.9096.2056.4037.0796.86015.42218.52716.3938.1867.9126.8608.1137.9127.2277.206

2007 Q32.9961.9811.7966.658-0.734-0.386-1.3905.480-3.766-3.7133.901-7.1441.548-0.1546.146-1.0422.1762.449-0.52212.8315.5133.6764.6193.553-0.5224.1293.5533.4722.350

2007 Q4-3.100-3.228-2.5770.399-5.440-3.545-2.6930.017-4.637-5.882-2.503-7.747-3.339-2.712-0.437-4.080-1.751-1.330-5.5484.1960.5088.672-0.664-0.159-5.548-0.899-0.159-1.792-2.079

2008 Q1-9.288-9.485-9.417-11.763-9.392-9.976-9.705-12.405-8.589-9.611-16.342-6.134-9.518-8.927-10.784-8.787-8.906-8.697-8.146-10.566-14.643-1.755-9.145-7.828-8.146-9.033-7.828-9.282-9.353

2008 Q2-3.696-1.891-1.0262.114-4.5492.6743.8466.370-0.3911.9004.920-2.877-1.6902.8903.306-2.682-2.252-1.139-1.9260.553-4.7902.158-1.122-1.093-1.926-1.420-1.093-1.576-0.971

2008 Q3-7.850-9.348-8.591-13.621-7.840-12.913-13.365-16.739-8.864-4.767-11.008-0.385-8.729-11.501-15.342-7.383-20.560-20.484-24.633-27.203-25.523-22.852-21.915-20.918-24.633-22.273-20.918-16.607-16.249

2008 Q4-20.586-22.483-21.678-22.920-21.488-27.275-25.370-26.507-24.181-25.832-27.257-26.980-22.780-24.067-25.192-21.794-19.953-18.986-23.065-27.449-28.148-40.777-22.344-20.432-23.065-22.508-20.432-22.368-21.247

2009 Q1-10.987-10.455-9.162-3.159-13.921-8.978-7.607-3.244-11.006-13.590-7.248-15.640-10.805-8.897-5.498-11.195-13.937-13.348-10.1330.086-0.697-17.448-10.711-11.097-10.133-10.296-11.097-10.7029-10.639

2009 Q214.92616.50114.89414.57317.39520.80117.47716.87919.62121.19320.84924.70316.81718.49319.18617.18925.43223.30532.06035.37848.93735.04127.59025.01932.06028.62925.01922.255319.891

2009 Q314.41216.06714.79813.94817.58020.61818.60617.37521.22618.63116.32222.55916.31217.31815.04917.38519.46818.78021.53922.23025.93810.80719.68819.17121.53920.05419.17117.864217.192

2009 Q46.1246.0716.0167.4584.5235.9225.4766.3245.4404.5515.4824.1935.8995.5815.9785.5402.1782.8162.0108.92212.285-9.6323.7373.1912.0103.6633.1914.62664.476

2010 Q14.5495.6985.3144.3056.6418.6698.3317.0118.3928.3487.98210.2745.9456.5056.3225.6930.8651.4234.4462.6988.02011.3701.5842.2634.4462.0062.2633.13083.032

2010 Q2-12.069-11.445-11.812-11.854-12.161-9.875-9.918-9.558-9.607-9.287-8.965-9.362-11.321-10.722-10.342-11.051-13.974-13.122-9.980-8.193-3.657-9.939-12.449-12.018-9.980-12.175-12.018-12.1216-12.791

2010 Q310.82411.55311.04113.29410.52913.30512.43614.62411.91811.24712.36210.42211.53011.53613.14210.68616.47816.22417.92618.60922.77214.24416.58316.63217.92616.80316.63214.339913.903

2010 Q410.39011.18811.22312.26410.57313.07313.51314.86212.54516.47017.07415.96311.59212.59012.91411.3486.6117.38012.3337.5298.6497.9887.2017.40912.3337.7357.4098.72748.928

2011 Q15.6406.2416.3005.7526.8547.6289.2668.3757.6248.72410.3197.2126.3826.9778.0365.9833.3653.5813.5201.288-1.607-5.4873.4063.2463.5203.2153.2464.42254.883

2011 Q2-0.0130.1210.3490.566-0.4870.423-0.1180.395-0.570-0.2680.431-1.934-0.027-0.186-1.189-0.2541.5591.9481.777-0.4982.280-0.2800.3831.6281.7770.2911.6280.24880.798

2011 Q3-12.807-14.683-15.098-14.285-16.578-18.895-20.736-19.463-19.495-21.460-21.655-21.165-15.279-17.048-17.834-16.929-19.006-19.728-19.494-22.301-21.777-12.067-19.850-19.273-19.494-19.871-19.273-17.4232-17.737

2011 Q411.64911.84411.7569.64912.72712.31113.47310.38813.99516.39413.37116.63712.12212.8069.95712.5263.3344.4281.6944.4541.743-1.9363.7214.1201.6943.3134.1207.18317.763

2012 Q112.88512.90113.30216.40211.95312.93813.62415.81312.24313.15014.77012.43112.86812.48314.68511.83910.86111.60615.44814.95418.0735.50111.23512.47415.44811.59912.47411.877512.594

2012 Q2-2.598-3.117-4.084-5.261-3.824-4.401-5.392-5.779-4.153-4.494-4.700-4.189-3.147-3.252-7.300-5.074-7.129-6.719-7.493-8.564-7.456-6.750-7.610-6.442-7.493-7.765-6.442-5.5622-5.516

2012 Q36.6106.3096.5676.3866.4215.5855.4424.3115.7965.8845.1885.4866.2296.0735.2665.7026.9227.4308.6227.5718.2517.3747.4017.8928.6227.5357.8926.83527.023

2012 Q4-1.0040.120-0.009-1.0441.6962.8763.0910.7353.4132.300-0.7253.9880.2501.468-0.2601.7166.5706.3876.0196.3897.1533.0485.8476.0406.0195.7356.0402.88243.312

2013 Q110.11910.96410.8479.18711.91012.95813.29810.91413.89712.57212.80212.67311.07411.85710.88011.5445.1325.1038.1140.1855.9518.1803.1705.1008.1143.5715.1006.50297.868

2013 Q22.8462.6523.0371.8243.9952.2081.8792.1462.4463.1215.3743.3662.6853.3012.5683.672-0.978-0.109-0.423-8.037-5.6312.741-3.115-0.889-0.423-3.274-0.889-0.42361.369

2013 Q35.2786.0176.3469.9154.8717.6968.06411.7347.13310.07013.9608.5766.3487.24612.2615.27611.56410.99112.9625.4072.9896.30410.0919.73112.96210.3679.7317.90388.335

2013 Q411.05710.22710.50410.98010.2848.3869.7828.1199.3439.6138.44710.01710.10310.4339.8599.4375.7126.8977.1302.4203.8346.5544.7666.1187.1304.7496.1187.31248.505

2014 Q11.3922.0472.2110.3022.7663.5292.9252.1983.4341.6510.5021.7101.9732.2651.0232.5230.6630.6643.109-1.0851.2077.4060.5080.4483.1090.8750.4481.08481.370

2014 Q25.1805.1174.9674.6604.7554.9704.7442.5354.7452.536-0.4093.3474.8724.5113.7354.6734.0874.1502.2118.0727.50411.9255.0294.3442.2114.8554.3445.04024.594

2014 Q31.7060.6520.9791.6550.017-1.663-2.255-1.526-3.017-6.079-5.658-6.6630.011-1.921-0.463-0.925-5.876-5.711-7.560-4.192-1.3791.526-5.266-5.735-7.560-5.465-5.735-2.305-2.244

2014 Q44.4134.8815.0284.9034.4065.9445.3265.3195.1618.8248.4078.4655.2404.6573.7704.223-3.572-3.076-2.238-3.203-3.811-12.463-3.869-3.041-2.238-3.880-3.0410.41271.063

2015 Q10.5391.5921.6784.0300.0623.9525.1386.3642.7624.9855.9582.8781.8002.6463.5550.7104.8785.2105.5650.7992.156-3.1083.4904.4095.5653.5474.4092.30662.904

2015 Q20.8720.1130.1680.8200.528-1.537-0.7030.522-0.9840.5962.5840.0900.138-0.2060.7610.3330.6161.6394.6220.6334.266-0.0450.5271.3724.6221.0031.3720.3481.009

2015 Q3-6.313-6.829-6.960-5.546-8.469-8.010-7.625-8.737-8.497-9.903-11.815-9.401-7.249-7.965-7.817-9.573-10.234-9.767-7.050-16.188-14.340-10.574-12.170-9.984-7.050-11.884-9.984-9.4499-8.599

2015 Q47.7316.4976.3717.6095.1903.6173.0373.0522.9823.0832.8992.6356.2705.0736.1213.5794.7104.7716.4031.6113.823-1.2293.2444.4366.4033.5204.4365.0295.098

2016 Q10.7321.1740.129-2.0000.6492.2450.973-2.2432.476-0.080-5.6032.4690.9680.326-4.0831.506-3.005-2.855-0.9185.2003.291-0.943-0.376-1.349-0.918-0.232-1.3490.2382-0.461

Russell 200Russell 1000CAI Lg Core StyleCAI Lg Growth StyleCAI Lg Value StyleRussell MidcapCAI Mid Core StyleCAI Mid Growth StyleCAI Mid Value StyleCAI Sm Core StyleCAI Sm Growth StyleCAI Sm Value StyleRussell 3000CAI Core StyleCAI Growth StyleCAI Value StyleCAI Intl Eq Core StyleCAI Intl Eq Sm Cap StyleCAI Emer Mkt Core StyleActive EM Small Cap Proxy 060216.xlsxFrontier MarketsACWI ex USACAI Intl Eq Core Plus StyleCAI Intl Eq Sm Cap StyleACWI ex USA IMICAI Intl Eq Core Plus StyleCAI Global Broad Core Style

Bnch Rtns

DateRussell 200Russell 200 GrowthRussell 200 ValueRussell MidcapRussell Midcap GrowthRussell Midcap ValueRussell 2000Russell 2000 GrowthRussell 2000 ValueRussell 1000Russell 1000 GrowthRussell 1000 ValueRussell 3000Russell 3000 GrowthRussell 3000 ValueUSA Large GrowthUSA Large ValueUSA Mid GrowthUSA Mid ValueUSA Small GrowthUSA Small ValueEAFEEAFE SmallCanadaCanada SmallEmerging MarketsEmerging Markets SmallFrontier MarketsACWI ex USAACWI ex USA SmallACWI ex USA IMIACWI

2006 Q2-1.2723-3.58031.095-2.5754-4.6937-0.5568-5.0247-7.25-2.7038-1.66-3.90160.5904-1.9783-4.22450.2842-3.851.52-4.18-1.47-6.68-2.670.7004-3.80810.41660.439-4.3367-7.8211-9.7636-0.0013-2.8988-0.2506-0.7878

2006 Q36.29355.31477.26322.11120.8883.52750.4398-1.75742.5525.05743.93556.22084.64153.44115.87854.87.48-0.382.97-2.381.743.9270.40491.1412-2.15994.88197.78317.26573.88082.82223.78864.497

2006 Q46.66145.48247.80837.66546.94618.50338.90328.76969.02796.95325.9278.0027.12166.16098.09535.937.585.719.088.578.5810.35311.70657.008111.257317.601719.75174.218211.162213.568611.29539.064

2007 Q1-0.0476-0.018-0.06824.37643.95844.8581.94652.47611.46131.21231.18861.24131.2751.29231.26150.450.254.994.225.042.064.0767.10273.15398.86072.2527.42978.2413.75457.1514.08852.479

2007 Q26.15216.92865.415.29526.74173.65284.41526.68772.30095.89556.85564.92525.76596.84224.68826.216.258.773.458.082.896.40334.226714.899313.384514.95921.525616.3938.18577.67078.11277.227

2007 Q32.99555.23570.9617-0.38632.1473-3.5485-3.09260.0159-6.25691.98134.2082-0.2431.54813.8462-0.75114.80.92.6-4.50.01-4.972.1763-4.499.50322.601714.41810.22383.67564.6190.20514.12943.472

2007 Q4-3.0998-0.3165-5.7395-3.545-1.6966-5.9657-4.5771-2.1039-7.2751-3.2283-0.7658-5.7968-3.3385-0.8783-5.9147-0.08-5.870.21-7.16-3.37-6.74-1.7507-4.8484-0.17-4.22843.635-1.32748.6719-0.6643-4.2137-0.8987-1.792

2008 Q1-9.2877-9.8267-8.7435-9.976-10.9495-8.6443-9.8975-12.8276-6.5267-9.4845-10.1791-8.7188-9.5181-10.3939-8.5486-9.37-9.15-12.84-8.02-11.71-6.62-8.9062-6.2369-6.1139-8.1915-10.993-13.9747-1.7554-9.1451-7.8525-9.0332-9.282

2008 Q2-3.6956-0.2822-7.12982.67374.64750.06730.58354.4712-3.5459-1.89061.2496-5.3147-1.69031.5055-5.16941.33-7.087.66-1.665.93-3.75-2.2523-4.520710.98395.1511-0.862-9.32882.1584-1.1216-4.9282-1.4202-1.576

2008 Q3-7.8501-9.9999-5.5408-12.9133-17.748-7.5231-1.1128-6.98524.9611-9.3478-12.3276-6.1133-8.7291-11.9346-5.263-9.84-5.38-22.37-7.59-11.051.46-20.5596-23.9742-21.8019-30.0077-26.953-27.782-22.8523-21.9148-25.2731-22.2734-16.607

2008 Q4-20.5856-20.9949-20.1674-27.2748-27.3642-27.1876-26.118-27.4452-24.8924-22.4831-22.788-22.1753-22.7803-23.1511-22.4091-23.25-19.64-27.34-24.03-28-25.56-19.9531-22.1465-33.1312-36.2501-27.597-25.8415-40.7773-22.3435-23.982-22.5081-22.368

2009 Q1-10.987-4.3928-17.5127-8.978-3.3632-14.675-14.9532-9.7405-19.6376-10.455-4.1197-16.7675-10.8048-4.5365-17.0006-4.31-16.97-3.61-13.1-8.86-18.18-13.9365-9.5537-3.6282-1.6060.94972.9898-17.4483-10.7113-6.5749-10.296-10.7029

2009 Q214.925614.732615.139920.800820.670820.94120.686123.377317.999616.500816.320616.697416.817216.821416.808215.3216.0217.0419.7424.5823.7225.43234.256630.489232.110134.731150.212735.040927.590337.599328.628522.2553

2009 Q314.411712.702916.220620.617517.584623.618519.279215.950722.704816.066813.97418.242216.31214.122618.585613.5115.9918.0625.0719.792419.467822.133418.285731.132120.908223.056810.806519.687722.924320.054117.8642

2009 Q46.12388.40053.81055.92196.68995.20613.87484.14043.62636.0717.94194.21555.89857.64944.16877.994.147.385.924.383.82.1783-1.02624.998115.52078.548412.294-9.6323.73733.09373.66344.6266

2010 Q14.54933.53725.6268.66897.67239.61378.857.613910.01825.69784.6456.7825.94464.86857.04544.375.527.599.729.0810.220.86534.76455.994810.93962.40495.062711.36971.58375.32332.00553.1308

2010 Q2-12.0689-12.3331-11.7938-9.8751-10.2011-9.574-9.9221-9.2213-10.5952-11.4447-11.7451-11.1451-11.321-11.5524-11.0902-12.57-11.09-9.94-9.79-9.9-10.17-13.9739-11.3264-10.4865-9.4692-8.3692-6.9066-9.9389-12.4493-10.1084-12.1754-12.1216

2010 Q310.823612.37369.225713.305114.649612.133611.289312.83159.720411.553313.003110.130311.5312.983510.098613.019.6115.3610.5513.5510.7216.478417.507713.19719.600418.028120.477214.243816.582718.428216.802714.3399

2010 Q410.390110.98889.753313.072714.010512.2416.253717.11215.36411.188211.83110.539711.59212.256510.919411.299.9315.6211.4517.1314.026.610611.796712.152120.68357.33657.92097.98817.20111.66577.73468.7274

2011 Q15.63955.30565.99787.62847.85427.42497.9399.2396.5966.24076.03026.45526.38226.29846.46774.156.948.827.6310.676.963.3652.96067.65845.38852.0464-2.7211-5.48653.40591.86173.21534.4225

2011 Q2-0.01250.4188-0.43090.42261.6092-0.6858-1.6059-0.5897-2.64970.12140.7576-0.5046-0.02680.6389-0.68441.07-0.540.44-0.68-0.48-1.881.55860.8496-4.7297-6.1554-1.1467-0.9953-0.27960.3826-0.34470.29140.2488

2011 Q3-12.8067-10.3291-15.2102-18.8952-19.3262-18.4641-21.8652-22.2482-21.4746-14.6827-13.1365-16.2012-15.2791-13.9041-16.6326-11.8-14.91-20.08-18.06-22.14-20.66-19.0062-18.5917-18.9702-21.1303-22.5585-23.8927-12.0673-19.8502-20.0358-19.8714-17.4232

2011 Q411.649310.344912.993312.311311.242413.369715.473914.991215.968711.844310.606413.105812.121910.939913.326111.112.2310.3413.8914.8415.253.3341-0.55895.02518.98494.4245-0.6581-1.9363.72090.40453.31267.1831

2012 Q112.884614.755210.99612.938114.519411.409312.436313.275711.590512.90114.689311.119312.867514.583811.156815.1810.4515.7111.2713.7712.1510.860914.85836.38146.147514.083316.62655.500711.234614.291911.599311.8775

2012 Q2-2.598-3.3879-1.7735-4.4006-5.6034-3.2589-3.4737-3.9379-3.0081-3.1174-4.022-2.1979-3.1469-4.0164-2.2634-3.268-1.9969-6.5741-4.3489-3.7743-3.1245-7.1292-8.6496-7.7523-12.6466-8.89-8.0248-6.7497-7.6098-8.9236-7.7651-5.5622

2012 Q36.60966.40776.81485.58545.3475.80015.25324.83625.66656.3096.10796.50536.22926.01076.44267.185.925.135.325.395.526.92227.885510.430213.20357.74278.4077.37377.40148.5387.53516.8352

2012 Q4-1.0044-2.46420.47342.87631.68863.9251.85410.44713.22130.1204-1.32031.52220.2499-1.18911.6497-1.7280.33562.09783.56941.90793.62536.57026.0130.6632-2.42285.57635.10183.04755.84734.90235.73522.8824

2013 Q110.11938.767611.449412.957811.506614.210712.39213.210411.630910.96449.544412.30811.07359.822612.25638.640911.806312.327714.365412.379313.33125.13248.4210.8767-0.6036-1.61914.20038.17953.17036.53883.57076.5029

2013 Q22.84581.73663.91612.20832.86731.65133.08463.73532.47112.65212.06243.19982.68522.19363.14261.42114.24522.83111.29424.58361.508-0.9777-2.5225-7.4759-10.539-8.0804-7.46562.7411-3.1146-4.4212-3.2744-0.4236

2013 Q35.27797.52783.13947.69559.34025.894810.209912.80277.59196.01728.10963.9416.34818.4834.22718.51842.246910.28626.065912.76416.531411.564215.52048.822110.58715.76723.48996.304110.090912.379310.36747.9038

2013 Q411.056911.493910.62328.38628.23218.55528.72018.17249.301310.226710.436310.008710.103310.24869.951210.885710.28178.84499.02319.039.10125.71245.90963.99482.24051.83131.25986.55384.76554.62734.74927.3124

2014 Q11.3920.68352.11213.52872.04335.22041.11870.48481.7772.0471.11953.02141.97281.06962.92170.59992.60793.09333.95971.74683.12870.66313.35621.56044.2663-0.43083.53647.40560.50773.46950.87451.0848

2014 Q25.185.48434.884.96954.37375.62452.04751.72442.38285.11725.13035.10424.87214.85724.88795.45535.02694.83315.26362.33493.46614.08722.07619.875812.74166.59525.25311.92485.02853.64134.85465.0402

2014 Q31.7062.52270.8924-1.6634-0.7288-2.645-7.3596-6.1293-8.57750.65221.487-0.19340.01090.8832-0.8712.03020.7756-1.4307-2.2429-5.8112-6.0475-5.8758-7.8155-4.4653-11.5464-3.4951-1.3681.5261-5.2659-6.8048-5.465-2.305

2014 Q44.4134.30714.52025.94365.83786.05459.728110.05889.39844.88114.78434.98015.24025.17045.31136.03343.50686.82055.6346.757.1668-3.5718-2.2677-4.7862-11.669-4.5047-6.023-12.4625-3.8693-3.9759-3.87980.4127

2015 Q10.53873.1313-2.08383.9525.37812.42184.31536.62981.98031.59163.8376-0.72191.80034.049-0.51253.4152-1.9377.05662.45896.39822.69354.87845.5618-6.0437-8.51192.23943.5886-3.1083.48993.93173.54662.3066

2015 Q20.87160.70951.0447-1.5367-1.141-1.96510.42091.9769-1.19580.11340.120.10840.13790.26670.0030.41410.5099-0.5646-1.09041.368-1.65620.61624.3426-0.9222.48360.69394.5003-0.04520.52664.21831.00330.348

2015 Q3-6.3133-4.1253-8.5549-8.0099-7.9895-8.0363-11.9178-13.0616-10.7348-6.8293-5.2901-8.395-7.2492-5.9331-8.5884-5.7325-7.1607-9.5593-6.5101-12.7582-9.0208-10.2344-6.8307-14.1416-19.5344-17.8962-16.6726-10.5739-12.1704-10.0229-11.8842-9.4499

2015 Q47.73098.63616.75613.61674.11813.11923.59384.31952.87616.49697.31715.63526.26977.08835.41397.4557.1183.80744.39593.03863.23654.70956.7877-5.1112-4.85480.65933.2716-1.22853.24445.27723.51985.029

2016 Q10.73170.80650.64922.24460.57913.9186-1.5185-4.6831.70281.1740.74191.63840.96830.33721.6434-0.37362.0139-1.18364.674-1.95363.4609-3.0054-0.595111.277515.4695.71360.9727-0.9426-0.37630.6833-0.2320.2382

Style Excess Rtns

Active/PassivePassivePassiveActiveActiveActivePassiveActiveActiveActiveActiveActiveActivePassiveActiveActiveActivePassiveActiveActiveActiveActivePassivePassiveActiveActivePassiveActivePassiveActive

StyleCoreCoreCoreGrowthValueCoreCoreGrowthValueCoreGrowthValueCoreCoreGrowthValueCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCore

Russell 200Russell 1000Russell 1000Russell 1000 GrowthRussell 1000 ValueRussell MidcapRussell MidcapRussell Midcap GrowthRussell Midcap ValueRussell 2000Russell 2000 GrowthRussell 2000 ValueRussell 3000Russell 3000Russell 3000 GrowthRussell 3000 ValueEAFEEAFEWorld ex USA SmallEmerging MarketsEmerging Markets SmallFrontier MarketsACWI ex USAACWI ex USAACWI ex USA SmallACWI ex USA IMIACWI ex USA IMIACWIACWI

2006 Q20.0000.0000.161-0.757-1.0220.000-0.556-1.177-1.1310.0330.636-0.2600.000-0.075-0.321-1.1700.000-0.4482.119-0.3340.7310.0000.000-0.1391.2090.0000.1110.0000.249

2006 Q30.0000.000-0.111-0.542-1.0520.000-1.911-2.122-0.976-1.042-0.641-2.4320.000-2.120-3.513-1.7350.0000.1021.8540.772-0.5180.0000.0000.010-0.5630.0000.1020.000-0.041

2006 Q40.0000.000-0.383-0.675-0.6120.000-0.693-0.139-0.406-0.726-0.2310.0730.0000.3640.969-0.3460.000-0.0181.726-0.348-0.4520.0000.0000.153-0.1370.0000.0200.000-0.296

2007 Q10.0000.000-0.2720.510-0.3690.0000.7880.908-0.2900.9681.2901.2950.0001.2671.7720.2940.000-0.402-0.0881.479-0.5000.0000.000-0.030-0.1360.000-0.3640.000-0.181

2007 Q20.0000.0000.419-0.6371.3990.0001.8411.8921.9611.3591.8042.5360.0001.1242.0671.5170.0000.6752.6330.463-2.9990.0000.000-0.273-0.8110.000-0.2000.000-0.021

2007 Q30.0000.000-0.1852.450-0.4910.000-1.0043.333-0.218-0.6203.885-0.8870.000-1.7022.300-0.2900.0000.2733.968-1.587-4.7110.0000.000-1.066-0.7270.000-0.5760.000-1.122

2007 Q40.0000.0000.6521.1650.3570.0000.8521.7141.329-1.305-0.399-0.4720.0000.6260.4421.8350.0000.421-0.7000.5611.8350.0000.0000.505-1.3340.0000.7400.000-0.287

2008 Q10.0000.0000.067-1.584-0.6730.0000.272-1.4560.0550.286-3.5140.3930.0000.591-0.390-0.2380.0000.209-1.9090.427-0.6690.0000.0001.317-0.2930.0001.2050.000-0.071

2008 Q20.0000.0000.8650.8650.7660.0001.1731.723-0.4581.3160.4490.6690.0004.5801.8002.4870.0001.1132.5941.4154.5390.0000.0000.0283.0020.0000.3270.0000.605

2008 Q30.0000.0000.757-1.293-1.7270.000-0.4521.009-1.341-3.655-4.023-5.3460.000-2.772-3.407-2.1200.0000.075-0.659-0.2502.2590.0000.0000.9970.6400.0001.3550.0000.358

2008 Q40.0000.0000.805-0.1320.6880.0001.9050.8583.0070.2870.188-2.0880.000-1.287-2.0410.6150.0000.967-0.9180.148-2.3070.0000.0001.9120.9170.0002.0760.0001.121

2009 Q10.0000.0001.2930.9612.8470.0001.3710.1193.6691.3642.4933.9980.0001.908-0.9615.8060.0000.588-0.580-0.864-3.6860.0000.000-0.386-3.5580.000-0.8010.0000.064

2009 Q20.0000.000-1.606-1.7480.6970.000-3.323-3.791-1.3200.507-2.5296.7030.0001.6752.3650.3810.000-2.127-2.1970.647-1.2760.0000.000-2.571-5.5390.000-3.6090.000-2.365

2009 Q30.0000.000-1.269-0.026-0.6620.000-2.012-0.209-2.393-0.6480.372-0.1460.0001.0060.926-1.2000.000-0.688-0.5951.3222.8820.0000.000-0.516-1.3860.000-0.8830.000-0.672

2009 Q40.0000.000-0.055-0.4840.3080.000-0.446-0.3660.2340.6771.3420.5670.000-0.318-1.6721.3720.0000.6383.0360.374-0.0090.0000.000-0.547-1.0840.000-0.4730.000-0.151

2010 Q10.0000.000-0.384-0.340-0.1410.000-0.338-0.662-1.222-0.5020.3680.2560.0000.5611.453-1.3530.0000.558-0.3190.2932.9570.0000.0000.679-0.8780.0000.2570.000-0.099

2010 Q20.0000.000-0.367-0.108-1.0160.000-0.0430.643-0.0330.6350.2571.2330.0000.5991.2100.0390.0000.8521.3470.1773.2500.0000.0000.4310.1290.0000.1580.000-0.669

2010 Q30.0000.000-0.5120.2910.3990.000-0.869-0.025-0.215-0.043-0.4700.7020.0000.0060.1590.5880.000-0.2540.4180.5812.2940.0000.0000.050-0.5020.000-0.1700.000-0.437

2010 Q40.0000.0000.0340.4330.0330.0000.4400.8520.3050.216-0.0380.5990.0000.9980.6570.4290.0000.7690.5370.1920.7280.0000.0000.2080.6680.000-0.3260.0000.201

2011 Q10.0000.0000.059-0.2780.3980.0001.6380.5210.1990.7851.0800.6160.0000.5951.737-0.4850.0000.2160.560-0.7581.1140.0000.000-0.1601.6590.0000.0310.0000.460

2011 Q20.0000.0000.228-0.1920.0180.000-0.541-1.2140.1161.3381.0210.7160.000-0.159-1.8280.4310.0000.3900.9270.6493.2750.0000.0001.2452.1210.0001.3370.0000.550

2011 Q30.0000.000-0.416-1.149-0.3770.000-1.840-0.137-1.0310.4050.5930.3100.000-1.769-3.930-0.2970.000-0.721-0.9020.2572.1160.0000.0000.5770.5420.0000.5980.000-0.314

2011 Q40.0000.000-0.088-0.957-0.3790.0001.162-0.8540.6260.920-1.6200.6690.0000.684-0.983-0.8000.0001.0942.2530.0292.4010.0000.0000.3991.2900.0000.8070.0000.580

2012 Q10.0000.0000.4011.7130.8330.0000.6851.2930.8340.7131.4940.8410.000-0.3840.1010.6820.0000.7450.5900.8701.4460.0000.0001.2401.1560.0000.8750.0000.717

2012 Q20.0000.000-0.966-1.239-1.6260.000-0.991-0.176-0.894-1.020-0.763-1.1810.000-0.106-3.284-2.8100.0000.4101.1570.3260.5690.0000.0001.1681.4310.0001.3230.0000.047

2012 Q30.0000.0000.2580.278-0.0850.000-0.144-1.036-0.0040.6310.352-0.1800.000-0.157-0.744-0.7400.0000.5080.736-0.172-0.1560.0000.0000.4900.0840.0000.3570.0000.188

2012 Q40.0000.000-0.1290.2760.1730.0000.215-0.954-0.5120.446-1.1720.7670.0001.2180.9290.0660.000-0.1830.0060.8122.0510.0000.0000.1931.1170.0000.3050.0000.429

2013 Q10.0000.000-0.117-0.357-0.3980.0000.340-0.592-0.3130.180-0.4091.0420.0000.7831.057-0.7120.000-0.029-0.3071.8041.7510.0000.0001.9301.5750.0001.5290.0001.365

2013 Q20.0000.0000.385-0.2390.7960.000-0.329-0.7210.7950.0361.6390.8940.0000.6160.3750.5300.0000.8692.1000.0431.8340.0000.0002.2253.9990.0002.3850.0001.793

2013 Q30.0000.0000.3291.8060.9300.0000.3682.3941.238-0.1401.1580.9840.0000.8983.7781.0490.000-0.573-2.558-0.361-0.5010.0000.000-0.3600.5830.000-0.6370.0000.431

2013 Q40.0000.0000.2770.5440.2750.0001.396-0.1130.7880.8930.2750.7160.0000.329-0.389-0.5140.0001.1851.2200.5882.5740.0000.0001.3532.5030.0001.3690.0001.193

2014 Q10.0000.0000.164-0.818-0.2550.000-0.6040.155-1.7870.5320.017-0.0670.0000.292-0.047-0.3990.0000.001-0.247-0.654-2.3290.0000.000-0.060-0.3610.000-0.4260.0000.286

2014 Q20.0000.000-0.150-0.471-0.3500.000-0.226-1.839-0.8800.489-2.1330.9650.000-0.361-1.122-0.2150.0000.0630.1351.4772.2510.0000.000-0.684-1.4300.000-0.5100.000-0.446

2014 Q30.0000.0000.3270.1680.2100.000-0.592-0.797-0.3721.2810.4711.9140.000-1.932-1.346-0.0540.0000.1640.255-0.697-0.0110.0000.000-0.469-0.7560.000-0.2700.0000.061

2014 Q40.0000.0000.1470.119-0.5750.000-0.617-0.519-0.893-0.904-1.652-0.9340.000-0.583-1.400-1.0880.0000.4960.0301.3022.2120.0000.0000.8291.7380.0000.8390.0000.650

2015 Q10.0000.0000.0860.1920.7840.0001.1860.9860.3400.670-0.6720.8980.0000.846-0.4941.2230.0000.3310.003-1.441-1.4330.0000.0000.9191.6340.0000.8620.0000.597

2015 Q20.0000.0000.0550.7000.4200.0000.8341.6630.9810.1750.6071.2860.000-0.3440.4940.3300.0001.0220.279-0.061-0.2350.0000.0000.8450.4030.0000.3680.0000.661

2015 Q30.0000.000-0.130-0.256-0.0740.0000.385-0.747-0.4612.0151.2471.3340.000-0.716-1.884-0.9850.0000.467-0.2191.7092.3330.0000.0002.1872.9730.0001.9010.0000.851

2015 Q40.0000.000-0.1260.292-0.4450.000-0.579-1.066-0.137-0.511-1.421-0.2420.000-1.197-0.968-1.8350.0000.062-0.3850.9510.5510.0000.0001.1921.1250.0000.9160.0000.069

2016 Q10.0000.000-1.045-2.742-0.9890.000-1.272-2.823-1.4431.439-0.9200.7660.000-0.642-4.420-0.1380.0000.151-0.323-0.5132.3190.0000.000-0.973-1.6010.000-1.1170.000-0.699

Russell 200Russell 1000CAI Lg Core StyleCAI Lg Growth StyleCAI Lg Value StyleRussell MidcapCAI Mid Core StyleCAI Mid Growth StyleCAI Mid Value StyleCAI Sm Core StyleCAI Sm Growth StyleCAI Sm Value StyleRussell 3000CAI Core StyleCAI Growth StyleCAI Value StyleCAI Intl Eq Core StyleCAI Intl Eq Sm Cap StyleCAI Emer Mkt Core StyleActive EM Small Cap Proxy 060216.xlsxFrontier MarketsACWI ex USACAI Intl Eq Core Plus StyleCAI Intl Eq Sm Cap StyleACWI ex USA IMICAI Intl Eq Core Plus StyleCAI Global Broad Core Style

US MSCI Xtrans

See Notes below

Allocations

Russell Top 200 PassiveRussell 1000 PassiveRussell 1000 CoreRussell 1000 GrowthRussell 1000 ValueRussell Midcap PassiveRussell Midcap CoreRussell Midcap GrowthRussell Midcap ValueRussell 2000 CoreRussell 2000 GrowthRussell 2000 ValueRussell 3000 PassiveRussell 3000 CoreRussell 3000 GrowthRussell 3000 ValueRussell Top 200 GrowthRussell Top 200 Value

US Large Growth50.0%42.5%42.5%84.9%0.0%7.1%7.1%14.3%0.0%0.0%0.0%0.0%39.8%39.8%79.5%0.0%100.0%0.0%

US Large Value49.5%35.1%35.1%0.0%70.2%-0.2%-0.2%0.0%-0.4%0.0%0.0%0.0%37.5%37.5%0.0%75.0%0.0%98.9%

US Mid Growth0.0%7.8%7.8%15.6%0.0%40.0%40.0%80.0%0.0%-5.2%-10.3%0.0%6.3%6.3%12.6%0.0%0.0%0.0%

US Mid Value0.5%9.9%9.9%0.0%19.8%43.7%43.7%0.0%87.4%-11.7%0.0%-23.5%3.9%3.9%0.0%7.8%0.0%1.1%

US Small Growth0.0%-0.2%-0.2%-0.5%0.0%2.9%2.9%5.7%0.0%55.2%110.3%0.0%3.9%3.9%7.9%0.0%0.0%0.0%

US Small Value0.0%5.0%5.0%0.0%10.0%6.5%6.5%0.0%13.0%61.7%0.0%123.5%8.6%8.6%0.0%17.2%0.0%0.0%

Total100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%

Tracking Error0.69%0.37%0.37%1.13%0.99%1.19%1.19%2.15%1.86%2.27%2.73%2.65%0.38%0.38%0.99%1.12%1.69%1.13%

Total Constraint1.0001.0001.0001.0001.0001.0001.0001.0001.0001.000

Solver Inputs

Min0.01130.00990.02150.01860.02730.02650.00990.01120.01690.0113

Cells to Change6666666666

Min US Large GrowthTRUETRUETRUETRUETRUETRUETRUETRUETRUETRUE

Min US Large ValueTRUETRUETRUETRUETRUETRUETRUETRUETRUETRUE

Min US Mid GrowthTRUETRUETRUETRUEFALSETRUETRUETRUETRUETRUE

Min US Mid ValueTRUETRUETRUETRUETRUEFALSETRUETRUETRUETRUE

Min US Small GrowthFALSETRUETRUETRUETRUETRUETRUETRUETRUETRUE

Min US Small ValueTRUETRUETRUETRUETRUETRUETRUETRUETRUETRUE

Max US Large GrowthTRUETRUETRUETRUETRUETRUETRUETRUETRUETRUE

Max US Large ValueTRUETRUETRUETRUETRUETRUETRUETRUETRUETRUE

Max US Mid GrowthTRUETRUETRUETRUETRUETRUETRUETRUETRUETRUE

Max US Mid ValueTRUETRUETRUETRUETRUETRUETRUETRUETRUETRUE

Max US Small GrowthTRUETRUETRUETRUETRUETRUETRUETRUETRUETRUE

Max US Small ValueTRUETRUETRUETRUETRUETRUETRUETRUETRUETRUE

Total ConstraintFALSEFALSEFALSEFALSETRUEFALSEFALSEFALSEFALSEFALSE

32767327673276732767327673276732767327673276732767

0000000000

Maximums

US Large Growth130.0%0.0%20.0%0.0%0.0%0.0%125.0%0.0%100.0%0.0%

US Large Value0.0%130.0%0.0%20.0%0.0%0.0%0.0%125.0%0.0%100.0%

US Mid Growth20.0%0.0%120.0%0.0%125.0%0.0%25.0%0.0%10.0%0.0%

US Mid Value0.0%20.0%0.0%120.0%0.0%125.0%0.0%25.0%0.0%10.0%

US Small Growth10.0%0.0%20.0%0.0%125.0%0.0%25.0%0.0%0.0%0.0%

US Small Value0.0%10.0%0.0%20.0%0.0%125.0%0.0%25.0%0.0%0.0%

Minimums

US Large Growth70.0%0.0%-20.0%0.0%0.0%0.0%75.0%0.0%90.0%0.0%

US Large Value0.0%70.0%0.0%-20.0%0.0%0.0%0.0%75.0%0.0%90.0%

US Mid Growth-20.0%0.0%80.0%0.0%-25.0%0.0%-25.0%0.0%-10.0%0.0%

US Mid Value0.0%-20.0%0.0%80.0%0.0%-25.0%0.0%-25.0%0.0%-10.0%

US Small Growth-10.0%0.0%-20.0%0.0%-25.0%0.0%-25.0%0.0%0.0%0.0%

US Small Value0.0%-10.0%0.0%-20.0%0.0%-25.0%0.0%-25.0%0.0%0.0%

Notes

The style allocations are set up in this order so that the resulting matrix is just dropped

into the overall ACWI X matrix.

US MSCI Exhibits

Russell Top 200Russell Top 200 GrowthRussell Top 200 Value

WeightWeightMinMaxWeightMinMax

US Large Growth50.0%100.0%90.0%100.0%0.0%0.0%0.0%

US Large Value49.5%0.0%0.0%0.0%98.9%90.0%100.0%

US Mid Growth0.0%0.0%-10.0%10.0%0.0%0.0%0.0%

US Mid Value0.5%0.0%0.0%0.0%1.1%-10.0%10.0%

US Small Growth0.0%0.0%0.0%0.0%0.0%0.0%0.0%

US Small Value0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Total100.0%100.0%100.0%

Tracking Error0.69%1.69%1.13%

Russell 1000Russell 1000 GrowthRussell 1000 Value


US Large Growth42.5%84.9%70.0%130.0%0.0%0.0%0.0%

US Large Value35.1%0.0%0.0%0.0%70.2%70.0%130.0%

US Mid Growth7.8%15.6%-20.0%20.0%0.0%0.0%0.0%

US Mid Value9.9%0.0%0.0%0.0%19.8%-20.0%20.0%

US Small Growth-0.2%-0.5%-10.0%10.0%0.0%0.0%0.0%

US Small Value5.0%0.0%0.0%0.0%10.0%-10.0%10.0%

Total100.0%100.0%100.0%


Russell MidcapRussell Midcap GrowthRussell Midcap Value


US Large Growth7.1%14.3%-20.0%20.0%0.0%0.0%0.0%

US Large Value-0.2%0.0%0.0%0.0%-0.4%-20.0%20.0%

US Mid Growth40.0%80.0%80.0%120.0%0.0%0.0%0.0%

US Mid Value43.7%0.0%0.0%0.0%87.4%80.0%120.0%

US Small Growth2.9%5.7%-20.0%20.0%0.0%0.0%0.0%

US Small Value6.5%0.0%0.0%0.0%13.0%-20.0%20.0%

Total100.0%100.0%100.0%


Russell 2000ERROR:#REF!ERROR:#REF!


US Large Growth0.0%0.0%0.0%0.0%0.0%0.0%0.0%

US Large Value0.0%0.0%0.0%0.0%0.0%0.0%0.0%

US Mid Growth-5.2%-10.3%-25.0%125.0%0.0%0.0%0.0%

US Mid Value-11.7%0.0%0.0%0.0%-23.5%-25.0%125.0%

US Small Growth55.2%110.3%-25.0%125.0%0.0%0.0%0.0%

US Small Value61.7%0.0%0.0%0.0%123.5%-25.0%125.0%

Total100.0%100.0%100.0%


Russell 3000Russell 3000 GrowthRussell 3000 Value


US Large Growth39.8%79.5%75.0%125.0%0.0%0.0%0.0%

US Large Value37.5%0.0%0.0%0.0%75.0%75.0%125.0%

US Mid Growth6.3%12.6%-25.0%25.0%0.0%0.0%0.0%

US Mid Value3.9%0.0%0.0%0.0%7.8%-25.0%25.0%

US Small Growth3.9%7.9%-25.0%25.0%0.0%0.0%0.0%

US Small Value8.6%0.0%0.0%0.0%17.2%-25.0%25.0%

Total100.0%100.0%100.0%


ACWI X

Manager Benchmarks →

Fund Benchmarks ↓Russell Top 200 PassiveRussell 1000 PassiveRussell 1000 CoreRussell 1000 GrowthRussell 1000 ValueRussell Midcap PassiveRussell Midcap CoreRussell Midcap GrowthRussell Midcap ValueRussell 2000 CoreRussell 2000 GrowthRussell 2000 ValueRussell 3000 PassiveRussell 3000 CoreRussell 3000 GrowthRussell 3000 ValueEAFE PassiveEAFE ActiveWorld ex USA Small PassiveWorld ex USA Small ActiveEmerging MarketsEmerging Markets SmallFrontier Markets PassiveFrontier Markets CoreACWI ex USA PassiveACWI ex USA CoreACWI ex USA SmallACWI ex USA IMI PassiveACWI ex USA IMI CoreACWI PassiveACWI ActiveACWI IMINormed US Allocs

US Large Growth0.5000.4250.4250.8490.0000.0710.0710.1430.0000.0000.0000.0000.3980.3980.7950.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.2220.2220.1926Large

US Large Value0.4950.3510.3510.0000.702-0.002-0.0020.000-0.0040.0000.0000.0000.3750.3750.0000.7500.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.2220.2220.1926

US Mid Growth0.0000.0780.0780.1560.0000.4000.4000.8000.000-0.052-0.1030.0000.0630.0630.1260.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0410.0410.0356

US Mid Value0.0050.0990.0990.0000.1980.4370.4370.0000.874-0.1170.000-0.2350.0390.0390.0000.0780.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0410.0410.0356

US Small Growth0.000-0.002-0.002-0.0050.0000.0290.0290.0570.0000.5521.1030.0000.0390.0390.0790.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0342

US Small Value0.0000.0500.0500.0000.1000.0650.0650.0000.1300.6170.0001.2350.0860.0860.0000.1720.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0342

EAFE 0.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0001.0001.0000.0000.0000.0000.0000.0000.0000.7170.7170.0000.6190.6190.3390.3390.2939

EAFE Small0.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.9060.9060.0000.0000.0000.0000.0000.0000.7120.0980.0980.0000.0000.0465

Canada 0.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0690.0690.0000.0590.0590.0320.0320.0281

Canada Small0.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0940.0940.0000.0000.0000.0000.0000.0000.0740.0100.0100.0000.0000.0048

EM 0.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0001.0000.0000.0000.0000.2140.2140.0000.1850.1850.1010.1010.0878

EM Small0.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0001.0000.0000.0000.0000.0000.2140.0290.0290.0000.0000.0140

Frontier0.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0001.0001.0000.0000.0000.0000.0000.0000.0000.0000.0000

Totals1.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.0001.000

The non-US and global values are from the spreadsheet "All Caps April 2016.xlsx".

hb

Strats

DomicileCapitalizationStyle

DomicileCapStyleAct/PassBenchmarkUSDev MktsEmggFrontierDev&EmggGlobalMegaLargeLarge/MidMidSmallAll CapPassiveCoreGrowthValue

USMegaCorePassiveRussell 2001000001000001000

USLargeCorePassiveRussell 10001000000100001000

USLargeCoreActiveRussell 10001000000100000100

USLargeGrowthActiveRussell 1000 Growth1000000100000010

USLargeValueActiveRussell 1000 Value1000000100000001

USMidCorePassiveRussell Midcap1000000001001000

USMidCoreActiveRussell Midcap1000000001000100

USMidGrowthActiveRussell Midcap Growth1000000001000010

USMidValueActiveRussell Midcap Value1000000001000001

USSmallCoreActiveRussell 20001000000000100100

USSmallGrowthActiveRussell 2000 Growth1000000000100010

USSmallValueActiveRussell 2000 Value1000000000100001

USAllCorePassiveRussell 30001000000000011000

USAllCoreActiveRussell 30001000000000010100

USAllGrowthActiveRussell 3000 Growth1000000000010010

USAllValueActiveRussell 3000 Value1000000000010001

Dev MktsLarge/MidCorePassiveEAFE0100000010001000

Dev MktsLarge/MidCoreActiveEAFE0100000010000100

Dev MktsSmallCorePassiveWorld ex USA Small0100000000101000

Dev MktsSmallCoreActiveWorld ex USA Small0100000000100100

Emerg MktsLarge/MidCoreActiveEmerging Markets0010000010000100

Emerg MktsSmallCoreActiveEmerging Markets Small0010000000100100

Frontier MktsLarge/MidCorePassiveFrontier Markets0001000010001000

Frontier MktsLarge/MidCoreActiveFrontier Markets0001000010000100

Dev & EM MktsLarge/MidCorePassiveACWI ex USA0000100010001000

Dev & EM MktsLarge/MidCoreActiveACWI ex USA0000100010000100

Dev & EM MktsSmallCoreActiveACWI ex USA Small0000100000100100

Dev & EM MktsAllCorePassiveACWI ex USA IMI0000100000011000

Dev & EM MktsAllCoreActiveACWI ex USA IMI0000100000010100

GlobalLarge/MidCorePassiveACWI0000010010001000

GlobalLarge/MidCoreActiveACWI0000010010000100

Mgr_to_Strat

USUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSUSDev MktsDev MktsDev MktsDev MktsDev MktsDev MktsDev MktsDev MktsDev MktsEmgg MktsEmgg MktsEmgg MktsEmgg MktsEmgg MktsEmgg MktsEmgg MktsFrontier MktsFrontier MktsFrontier MktsFrontier MktsFrontier MktsDev & Emgg MktsDev & Emgg MktsDev & Emgg MktsDev & Emgg MktsDev & Emgg MktsDev & Emgg MktsDev & Emgg MktsDev & Emgg MktsDev & Emgg MktsDev & Emgg MktsDev & Emgg MktsDev & Emgg MktsDev & Emgg MktsGlobalGlobalGlobalGlobalGlobal

MegaLargeLargeLargeLargeLargeLargeLargeLargeLargeLargeLargeLargeLargeMidMidMidMidMidMidMidMidMidMidSmallSmallSmallSmallSmallSmallSmallSmallSmallAllAllAllAllAllAllAllAllAllAllLarge/MidLarge/MidLarge/MidLarge/MidLarge/MidSmallSmallSmallSmallLarge/MidLarge/MidLarge/MidLarge/MidSmallSmallSmallLarge/MidLarge/MidLarge/MidLarge/MidLarge/MidLarge/MidLarge/MidLarge/MidLarge/MidLarge/MidSmallSmallSmallAll CapAll CapAll CapAll CapAll CapLarge/MidLarge/MidLarge/MidLarge/MidLarge/Mid

CoreCoreCoreCoreCoreCoreGrowthGrowthGrowthGrowthValueValueValueValueCoreCoreGrowthGrowthGrowthGrowthValueValueValueValueCoreGrowthGrowthGrowthGrowthValueValueValueValueCoreCoreCoreCoreGrowthGrowthGrowthValueValueValueCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCoreCore

PassivePassiveActiveActiveActiveActiveActiveActiveActiveActiveActiveActiveActiveActivePassiveActiveActiveActiveActiveActivePassiveActiveActiveActiveActiveActiveActiveActiveActiveActiveActiveActiveActivePassiveActiveActiveActiveActiveActiveActiveActiveActiveActivePassiveActiveActiveActiveActivePassiveActiveActiveActiveActiveActiveActiveActiveActiveActiveActivePassiveActiveActiveActiveActivePassiveActiveActiveActiveActiveActiveActiveActivePassiveActiveActiveActiveActivePassiveActiveActiveActiveActive

Russell 200Russell 1000Russell 1000Russell 1000Russell 1000Russell 1000Russell 1000 GrowthRussell 1000 GrowthRussell 1000 GrowthRussell 1000 GrowthRussell 1000 ValueRussell 1000 ValueRussell 1000 ValueRussell 1000 ValueRussell MidcapRussell MidcapRussell Midcap GrowthRussell Midcap GrowthRussell Midcap GrowthRussell Midcap GrowthRussell Midcap ValueRussell Midcap ValueRussell Midcap ValueRussell Midcap ValueRussell 2000Russell 2000 GrowthRussell 2000 GrowthRussell 2000 GrowthRussell 2000 GrowthRussell 2000 ValueRussell 2000 ValueRussell 2000 ValueRussell 2000 ValueRussell 3000Russell 3000Russell 3000Russell 3000Russell 3000 GrowthRussell 3000 GrowthRussell 3000 GrowthRussell 3000 ValueRussell 3000 ValueRussell 3000 ValueEAFE/World exUSAEAFEEAFEEAFEEAFEWorld ex USA SmallWorld ex USA SmallWorld ex USA SmallWorld ex USA SmallEmerging MarketsEmerging MarketsEmerging MarketsEmerging MarketsEmerging Markets SmallEmerging Markets SmallEmerging Markets SmallFrontier MarketsFrontier MarketsFrontier MarketsFrontier MarketsFrontier MarketsACWI ex USAACWI ex USAACWI ex USAACWI ex USAACWI ex USAACWI ex USA SmallACWI ex USA SmallACWI ex USA SmallACWI ex USA IMIACWI ex USA IMIACWI ex USA IMIACWI ex USA IMIACWI ex USA IMIACWIACWIACWIACWIACWI

Excel multiplies matrices element wisePiedmontBlackRockPiedmont Strategic CoreLarge Cap Core Manager ALarge Cap Core Manager BLarge Cap Core Manager CSandsLarge Cap Growth Manager ALarge Cap Growth Manager BLarge Cap Growth Manager CHotchkisWellingtonLarge Cap Value Manager ALarge Cap Value Manager CMid Cap Core Passive ManagerMid Cap Core Active ManagerTimes Square Mid Cap GrowthTimes Square Focused GrowthMid Cap Growth Manager AMid Cap Growth Manager BBlackRock Mid PassiveValueActMid Cap Value Manager AMid Cap Value Manager BSmall Cap Core Manager ANumericBrownSmall Cap Growth Manager ASmall Cap Growth Manager BNumericEarnestSmall Cap Value Manager ASmall Cap Value Manager BAll Cap Core Passive Manager AAll Cap Core Manager AAll Cap Core Manager BAll Cap Core Manager CWellington Opportunistic GrowthAll Cap Growth Manager AAll Cap Growth Manager BAll Cap Value Manager AAll Cap Value Manager BAll Cap Value Manager CBlackRock International TransitionBallie GiffordMondrianInternational Manager AInternational Manager BPassive International Small Cap ManagerMondrianInternational Small Cap Manager AInternational Small Cap - StructuredBallie GiffordBlackRockMondrianEmerging Markets Manager AWasatchEmerging Markets Small Cap Manager AEmerging Markets Small Cap Manager BBlackRockFrontier Markets Manager AFrontier Markets Manager BFrontier Markets Manager CFrontier Markets Manager DPassive Broad International Manager AWellington Diversified InternationalDM & EM Manager ADM & EM Manager BDM & EM Manager CFranklin TempletonInternational Small Cap Manager AInternational Small Cap Manager BBlackRockGMOWalter ScottBroad DM & EM Manager ABroad DM & EM Manager BBlackRock Global TransitionLongviewBrandesGlobal Manager A (Top Down)Global Manager B (Thematic)

USMegaCorePassiveRussell 2001000000000000000000000000000000000000000000000000000000000000000000000000000000000

USLargeCorePassiveRussell 10000100000000000000000000000000000000000000000000000000000000000000000000000000000000

USLargeCoreActiveRussell 10000011110000000000000000000000000000000000000000000000000000000000000000000000000000

USLargeGrowthActiveRussell 1000 Growth0000001111000000000000000000000000000000000000000000000000000000000000000000000000

USLargeValueActiveRussell 1000 Value0000000000111100000000000000000000000000000000000000000000000000000000000000000000

USMidCorePassiveRussell Midcap0000000000000010000000000000000000000000000000000000000000000000000000000000000000

USMidCoreActiveRussell Midcap0000000000000001000000000000000000000000000000000000000000000000000000000000000000

USMidGrowthActiveRussell Midcap Growth0000000000000000111100000000000000000000000000000000000000000000000000000000000000

USMidValueActiveRussell Midcap Value0000000000000000000011110000000000000000000000000000000000000000000000000000000000

USSmallCoreActiveRussell 20000000000000000000000000001000000000000000000000000000000000000000000000000000000000

USSmallGrowthActiveRussell 2000 Growth0000000000000000000000000111100000000000000000000000000000000000000000000000000000

USSmallValueActiveRussell 2000 Value0000000000000000000000000000011110000000000000000000000000000000000000000000000000

USAllCorePassiveRussell 30000000000000000000000000000000000001000000000000000000000000000000000000000000000000

USAllCoreActiveRussell 30000000000000000000000000000000000000111000000000000000000000000000000000000000000000

USAllGrowthActiveRussell 3000 Growth0000000000000000000000000000000000000111000000000000000000000000000000000000000000

USAllValueActiveRussell 3000 Value0000000000000000000000000000000000000000111000000000000000000000000000000000000000

Dev MktsLarge/MidCorePassiveEAFE0000000000000000000000000000000000000000000100000000000000000000000000000000000000

Dev MktsLarge/MidCoreActiveEAFE0000000000000000000000000000000000000000000011110000000000000000000000000000000000

Dev MktsSmallCorePassiveWorld ex USA Small0000000000000000000000000000000000000000000000001000000000000000000000000000000000

Dev MktsSmallCoreActiveWorld ex USA Small0000000000000000000000000000000000000000000000000111000000000000000000000000000000

Emerg MktsLarge/MidCoreActiveEmerging Markets0000000000000000000000000000000000000000000000000000111100000000000000000000000000

Emerg MktsSmallCoreActiveEmerging Markets Small0000000000000000000000000000000000000000000000000000000011100000000000000000000000

Frontier MktsLarge/MidCorePassiveFrontier Markets0000000000000000000000000000000000000000000000000000000000010000000000000000000000

Frontier MktsLarge/MidCoreActiveFrontier Markets0000000000000000000000000000000000000000000000000000000000001111000000000000000000

Dev & EM MktsLarge/MidCorePassiveACWI ex USA0000000000000000000000000000000000000000000000000000000000000000100000000000000000

Dev & EM MktsLarge/MidCoreActiveACWI ex USA0000000000000000000000000000000000000000000000000000000000000000011110000000000000

Dev & EM MktsSmallCoreActiveACWI ex USA Small0000000000000000000000000000000000000000000000000000000000000000000001110000000000

Dev & EM MktsAllCorePassiveACWI ex USA IMI0000000000000000000000000000000000000000000000000000000000000000000000001000000000

Dev & EM MktsAllCoreActiveACWI ex USA IMI0000000000000000000000000000000000000000000000000000000000000000000000000111100000

GlobalLarge/MidCorePassiveACWI0000000000000000000000000000000000000000000000000000000000000000000000000000010000

GlobalLarge/MidCoreActiveACWI0000000000000000000000000000000000000000000000000000000000000000000000000000001111

Manager Data Baseline

StrategyImplentationPerformance

Excess Net ExcessTrackingInfo

ReturnsEstimatedReturnsErrorRatio

DomicileCapStyleAct/PassBenchmarkManager(bps)Fees (bps)(bps)(%)(%)

USMegaCorePassiveRussell 200Piedmont02-20.000.00

USLargeCorePassiveRussell 1000BlackRock02-20.000.00

USLargeCoreActiveRussell 1000Piedmont Strategic Core303002.750.00

USLargeCoreActiveRussell 1000Large Cap Core Manager A303002.750.00

USLargeCoreActiveRussell 1000Large Cap Core Manager B303002.750.00

USLargeCoreActiveRussell 1000Large Cap Core Manager C303002.750.00

USLargeGrowthActiveRussell 1000 GrowthSands205301758.000.00

USLargeGrowthActiveRussell 1000 GrowthLarge Cap Growth Manager A303004.000.00

USLargeGrowthActiveRussell 1000 GrowthLarge Cap Growth Manager B303004.000.00

USLargeGrowthActiveRussell 1000 GrowthLarge Cap Growth Manager C303004.000.00

USLargeValueActiveRussell 1000 ValueHotchkis8030503.500.00

USLargeValueActiveRussell 1000 ValueWellington130301003.500.00

USLargeValueActiveRussell 1000 ValueLarge Cap Value Manager A303003.500.00

USLargeValueActiveRussell 1000 ValueLarge Cap Value Manager C303003.500.00

USMidCorePassiveRussell MidcapMid Cap Core Passive Manager05-50.000.00

USMidCoreActiveRussell MidcapMid Cap Core Active Manager1040-305.30-0.00

USMidGrowthActiveRussell Midcap GrowthTimes Square Mid Cap Growth404003.500.00

USMidGrowthActiveRussell Midcap GrowthTimes Square Focused Growth7040306.000.00

USMidGrowthActiveRussell Midcap GrowthMid Cap Growth Manager A1540-255.30-0.00

USMidGrowthActiveRussell Midcap GrowthMid Cap Growth Manager B1540-255.30-0.00

USMidValuePassiveRussell Midcap ValueBlackRock Mid Passive05-50.000.00

USMidValueActiveRussell Midcap ValueValueAct4404040010.000.00

USMidValueActiveRussell Midcap ValueMid Cap Value Manager A1540-254.75-0.00

USMidValueActiveRussell Midcap ValueMid Cap Value Manager B1540-254.75-0.00

USSmallCoreActiveRussell 2000Small Cap Core Manager A11550654.650.00

USSmallGrowthActiveRussell 2000 GrowthNumeric505006.300.00

USSmallGrowthActiveRussell 2000 GrowthBrown505006.300.00

USSmallGrowthActiveRussell 2000 GrowthSmall Cap Growth Manager A12550756.300.00

USSmallGrowthActiveRussell 2000 GrowthSmall Cap Growth Manager B12550756.300.00

USSmallValueActiveRussell 2000 ValueNumeric177501275.500.00

USSmallValueActiveRussell 2000 ValueEarnest11550655.500.00

USSmallValueActiveRussell 2000 ValueSmall Cap Value Manager A12550755.500.00

USSmallValueActiveRussell 2000 ValueSmall Cap Value Manager B12550755.500.00

USAllCorePassiveRussell 3000All Cap Core Passive Manager A05-50.000.00

USAllCoreActiveRussell 3000All Cap Core Manager A2535-104.00-0.00

USAllCoreActiveRussell 3000All Cap Core Manager B2535-104.00-0.00

USAllCoreActiveRussell 3000All Cap Core Manager C2535-104.00-0.00

USAllGrowthActiveRussell 3000 GrowthWellington Opportunistic Growth353506.500.00

USAllGrowthActiveRussell 3000 GrowthAll Cap Growth Manager A2535-106.50-0.00

USAllGrowthActiveRussell 3000 GrowthAll Cap Growth Manager B2535-106.50-0.00

USAllValueActiveRussell 3000 ValueAll Cap Value Manager A2535-105.25-0.00

USAllValueActiveRussell 3000 ValueAll Cap Value Manager B2535-105.25-0.00

USAllValueActiveRussell 3000 ValueAll Cap Value Manager C2535-105.25-0.00

Dev MktsLarge/MidCorePassiveEAFE/World exUSABlackRock International Transition08-80.000.00

Dev MktsLarge/MidCoreActiveEAFEBallie Gifford240402003.250.01

Dev MktsLarge/MidCoreActiveEAFEMondrian240402003.250.01

Dev MktsLarge/MidCoreActiveEAFEInternational Manager A10040603.250.00

Dev MktsLarge/MidCoreActiveEAFEInternational Manager B10040603.250.00

Dev MktsSmallCorePassiveWorld ex USA SmallPassive International Small Cap Manager012-120.000.00

Dev MktsSmallCoreActiveWorld ex USA SmallMondrian300652356.000.00

Dev MktsSmallCoreActiveWorld ex USA SmallInternational Small Cap Manager A200651356.000.00

Dev MktsSmallCoreActiveWorld ex USA SmallInternational Small Cap - Structured200651356.000.00

Emgg MktsLarge/MidCoreActiveEmerging MarketsBallie Gifford310602503.750.01

Emgg MktsLarge/MidCoreActiveEmerging MarketsBlackRock235601753.750.00

Emgg MktsLarge/MidCoreActiveEmerging MarketsMondrian260602003.750.01

Emgg MktsLarge/MidCoreActiveEmerging MarketsEmerging Markets Manager A8560253.750.00

Emgg MktsSmallCoreActiveEmerging Markets SmallWasatch315652506.500.00

Emgg MktsSmallCoreActiveEmerging Markets SmallEmerging Markets Small Cap Manager A9565306.500.00

Emgg MktsSmallCoreActiveEmerging Markets SmallEmerging Markets Small Cap Manager B9565306.500.00

Frontier MktsLarge/MidCorePassiveFrontier MarketsBlackRock075-750.000.00

Frontier MktsLarge/MidCoreActiveFrontier MarketsFrontier Markets Manager A8560253.750.00

Frontier MktsLarge/MidCoreActiveFrontier MarketsFrontier Markets Manager B8560253.750.00

Frontier MktsLarge/MidCoreActiveFrontier MarketsFrontier Markets Manager C8560253.750.00

Frontier MktsLarge/MidCoreActiveFrontier MarketsFrontier Markets Manager D8560253.750.00

Dev & Emgg MktsLarge/MidCorePassiveACWI ex USAPassive Broad International Manager A08-80.000.00

Dev & Emgg MktsLarge/MidCoreActiveACWI ex USAWellington Diversified International170451254.600.00

Dev & Emgg MktsLarge/MidCoreActiveACWI ex USADM & EM Manager A7045254.600.00

Dev & Emgg MktsLarge/MidCoreActiveACWI ex USADM & EM Manager B7045254.600.00

Dev & Emgg MktsLarge/MidCoreActiveACWI ex USADM & EM Manager C7045254.600.00

Dev & Emgg MktsSmallCoreActiveACWI ex USA SmallFranklin Templeton315652506.250.00

Dev & Emgg MktsSmallCoreActiveACWI ex USA SmallInternational Small Cap Manager A10065356.250.00

Dev & Emgg MktsSmallCoreActiveACWI ex USA SmallInternational Small Cap Manager B10065356.250.00

Dev & Emgg MktsAll CapCorePassiveACWI ex USA IMIBlackRock010-100.000.00

Dev & Emgg MktsAll CapCoreActiveACWI ex USA IMIGMO150501005.000.00

Dev & Emgg MktsAll CapCoreActiveACWI ex USA IMIWalter Scott300502505.000.01

Dev & Emgg MktsAll CapCoreActiveACWI ex USA IMIBroad DM & EM Manager A7550255.000.00

Dev & Emgg MktsAll CapCoreActiveACWI ex USA IMIBroad DM & EM Manager B7550255.000.00

GlobalLarge/MidCorePassiveACWIBlackRock Global Transition08-80.000.00

GlobalLarge/MidCoreActiveACWILongview345453004.250.01

GlobalLarge/MidCoreActiveACWIBrandes145451004.250.00

GlobalLarge/MidCoreActiveACWIGlobal Manager A (Top Down)13045854.250.00

GlobalLarge/MidCoreActiveACWIGlobal Manager B (Thematic)13045854.250.00

Manager Data Alt 1

StrategyImplentation

Excess Net ExcessTrackingInfo

ReturnsEstimatedReturnsErrorRatio

DomicileCapStyleAct/PassBenchmarkManager(bps)Fees (bps)(bps)(%)(%)

USMegaCorePassiveRussell 200Piedmont02-20.000.00

USLargeCorePassiveRussell 1000BlackRock02-20.000.00

USLargeCoreActiveRussell 1000Piedmont Strategic Core303002.750.00

USLargeCoreActiveRussell 1000Large Cap Core Manager A303002.750.00

USLargeCoreActiveRussell 1000Large Cap Core Manager B303002.750.00

USLargeCoreActiveRussell 1000Large Cap Core Manager C303002.750.00

USLargeGrowthActiveRussell 1000 GrowthSands303003.000.00

USLargeGrowthActiveRussell 1000 GrowthLarge Cap Growth Manager A303004.000.00

USLargeGrowthActiveRussell 1000 GrowthLarge Cap Growth Manager B303004.000.00

USLargeGrowthActiveRussell 1000 GrowthLarge Cap Growth Manager C303004.000.00

USLargeValueActiveRussell 1000 ValueHotchkis303001.500.00

USLargeValueActiveRussell 1000 ValueWellington303002.500.00

USLargeValueActiveRussell 1000 ValueLarge Cap Value Manager A303003.500.00

USLargeValueActiveRussell 1000 ValueLarge Cap Value Manager C303003.500.00

USMidCorePassiveRussell MidcapMid Cap Core Passive Manager05-50.000.00

USMidCoreActiveRussell MidcapMid Cap Core Active Manager1040-305.30-0.00

USMidGrowthActiveRussell Midcap GrowthTimes Square Mid Cap Growth1540-253.30-0.00

USMidGrowthActiveRussell Midcap GrowthTimes Square Focused Growth1540-254.30-0.00

USMidGrowthActiveRussell Midcap GrowthMid Cap Growth Manager A1540-255.30-0.00

USMidGrowthActiveRussell Midcap GrowthMid Cap Growth Manager B1540-255.30-0.00

USMidValuePassiveRussell Midcap ValueBlackRock Mid Passive05-50.000.00

USMidValueActiveRussell Midcap ValueValueAct4404040010.000.00

USMidValueActiveRussell Midcap ValueMid Cap Value Manager A1540-254.75-0.00

USMidValueActiveRussell Midcap ValueMid Cap Value Manager B1540-254.75-0.00

USSmallCoreActiveRussell 2000Small Cap Core Manager A11550654.650.00

USSmallGrowthActiveRussell 2000 GrowthNumeric12550754.300.00

USSmallGrowthActiveRussell 2000 GrowthBrown12550755.300.00

USSmallGrowthActiveRussell 2000 GrowthSmall Cap Growth Manager A12550756.300.00

USSmallGrowthActiveRussell 2000 GrowthSmall Cap Growth Manager B12550756.300.00

USSmallValueActiveRussell 2000 ValueNumeric12550753.500.00

USSmallValueActiveRussell 2000 ValueEarnest12550754.500.00

USSmallValueActiveRussell 2000 ValueSmall Cap Value Manager A12550755.500.00

USSmallValueActiveRussell 2000 ValueSmall Cap Value Manager B12550755.500.00

USAllCorePassiveRussell 3000All Cap Core Passive Manager A05-50.000.00

USAllCoreActiveRussell 3000All Cap Core Manager A2535-104.00-0.00

USAllCoreActiveRussell 3000All Cap Core Manager B2535-104.00-0.00

USAllCoreActiveRussell 3000All Cap Core Manager C2535-104.00-0.00

USAllGrowthActiveRussell 3000 GrowthWellington Opportunistic Growth353506.500.00

USAllGrowthActiveRussell 3000 GrowthAll Cap Growth Manager A2535-106.50-0.00

USAllGrowthActiveRussell 3000 GrowthAll Cap Growth Manager B2535-106.50-0.00

USAllValueActiveRussell 3000 ValueAll Cap Value Manager A2535-105.25-0.00

USAllValueActiveRussell 3000 ValueAll Cap Value Manager B2535-105.25-0.00

USAllValueActiveRussell 3000 ValueAll Cap Value Manager C2535-105.25-0.00

Dev MktsLarge/MidCorePassiveEAFE/World exUSABlackRock International Transition08-80.000.00

Dev MktsLarge/MidCoreActiveEAFEBallie Gifford10040601.250.00

Dev MktsLarge/MidCoreActiveEAFEMondrian10040602.250.00

Dev MktsLarge/MidCoreActiveEAFEInternational Manager A10040603.250.00

Dev MktsLarge/MidCoreActiveEAFEInternational Manager B10040603.250.00

Dev MktsSmallCorePassiveWorld ex USA SmallPassive International Small Cap Manager012-120.000.00

Dev MktsSmallCoreActiveWorld ex USA SmallMondrian200651355.000.00

Dev MktsSmallCoreActiveWorld ex USA SmallInternational Small Cap Manager A200651356.000.00

Dev MktsSmallCoreActiveWorld ex USA SmallInternational Small Cap - Structured200651356.000.00

Emgg MktsLarge/MidCoreActiveEmerging MarketsBallie Gifford8560250.750.00

Emgg MktsLarge/MidCoreActiveEmerging MarketsBlackRock8560251.750.00

Emgg MktsLarge/MidCoreActiveEmerging MarketsMondrian8560252.750.00

Emgg MktsLarge/MidCoreActiveEmerging MarketsEmerging Markets Manager A8560253.750.00

Emgg MktsSmallCoreActiveEmerging Markets SmallWasatch9565305.500.00

Emgg MktsSmallCoreActiveEmerging Markets SmallEmerging Markets Small Cap Manager A9565306.500.00

Emgg MktsSmallCoreActiveEmerging Markets SmallEmerging Markets Small Cap Manager B9565306.500.00

Frontier MktsLarge/MidCorePassiveFrontier MarketsBlackRock075-750.000.00

Frontier MktsLarge/MidCoreActiveFrontier MarketsFrontier Markets Manager A8560253.750.00

Frontier MktsLarge/MidCoreActiveFrontier MarketsFrontier Markets Manager B8560253.750.00

Frontier MktsLarge/MidCoreActiveFrontier MarketsFrontier Markets Manager C8560253.750.00

Frontier MktsLarge/MidCoreActiveFrontier MarketsFrontier Markets Manager D8560253.750.00

Dev & Emgg MktsLarge/MidCorePassiveACWI ex USAPassive Broad International Manager A08-80.000.00

Dev & Emgg MktsLarge/MidCoreActiveACWI ex USAWellington Diversified International7045253.600.00

Dev & Emgg MktsLarge/MidCoreActiveACWI ex USADM & EM Manager A7045254.600.00

Dev & Emgg MktsLarge/MidCoreActiveACWI ex USADM & EM Manager B7045254.600.00

Dev & Emgg MktsLarge/MidCoreActiveACWI ex USADM & EM Manager C7045254.600.00

Dev & Emgg MktsSmallCoreActiveACWI ex USA SmallFranklin Templeton10065355.250.00

Dev & Emgg MktsSmallCoreActiveACWI ex USA SmallInternational Small Cap Manager A10065356.250.00

Dev & Emgg MktsSmallCoreActiveACWI ex USA SmallInternational Small Cap Manager B10065356.250.00

Dev & Emgg MktsAll CapCorePassiveACWI ex USA IMIBlackRock010-100.000.00

Dev & Emgg MktsAll CapCoreActiveACWI ex USA IMIGMO7550253.000.00

Dev & Emgg MktsAll CapCoreActiveACWI ex USA IMIWalter Scott7550254.000.00

Dev & Emgg MktsAll CapCoreActiveACWI ex USA IMIBroad DM & EM Manager A7550255.000.00

Dev & Emgg MktsAll CapCoreActiveACWI ex USA IMIBroad DM & EM Manager B7550255.000.00

GlobalLarge/MidCorePassiveACWIBlackRock Global Transition08-80.000.00

GlobalLarge/MidCoreActiveACWILongview13045852.250.00

GlobalLarge/MidCoreActiveACWIBrandes13045853.250.00

GlobalLarge/MidCoreActiveACWIGlobal Manager A (Top Down)13045854.250.00

GlobalLarge/MidCoreActiveACWIGlobal Manager B (Thematic)13045854.250.00

Manager Allocations

SQStrmESQCAI1CAI2CAI3CAI4SQCPStrCPESQCPC1CP

StrategyImplentationStructure Alternatives

Status QuoStreamlinedEnhanced Status QuoCallan 1Callan 2Callan 3Callan 4Status Quo Callan PerfStreamlined Callan PerfEnhanced SQ Callan PerfCallan 1 Callan Perf

DomicileCapStyleAct/PassBenchmarkManagerWeightsAssetsWeightsAssetsWeightsAssetsWeightsAssetsWeightsAssetsWeightsAssetsWeightsAssetsWeightsAssetsWeightsAssetsWeightsAssetsWeightsAssets

Total100.0%34,324.5100.0%34,324.5100.0%34,324.5100.0%34,324.5100.0%34,324.5100.0%34,324.5100.0%34,324.5100.0%34,324.5100.0%34,324.5100.0%34,324.5100.0%34,324.5

USMegaCorePassiveRussell 200Piedmont9.4%3,224.69.0%3,089.210.0%3,432.510.0%3,432.510.0%3,432.510.0%3,432.510.0%3,432.59.4%3,224.69.0%3,089.210.0%3,432.510.0%3,432.5

USLargeCorePassiveRussell 1000BlackRock19.9%6,819.526.0%8,924.421.0%7,208.210.0%3,432.510.0%3,432.510.0%3,432.512.5%4,290.619.9%6,819.526.0%8,924.421.0%7,208.210.0%3,432.5

USLargeCoreActiveRussell 1000Piedmont Strategic Core1.4%469.30.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.5%169.30.0%0.00.0%0.00.0%0.0

USLargeCoreActiveRussell 1000Large Cap Core Manager A0.0%0.00.0%0.00.0%0.01.5%514.91.5%514.91.5%514.91.5%514.90.3%100.00.0%0.00.0%0.01.5%514.9

USLargeCoreActiveRussell 1000Large Cap Core Manager B0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.3%100.00.0%0.00.0%0.00.0%0.0

USLargeCoreActiveRussell 1000Large Cap Core Manager C0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.3%100.00.0%0.00.0%0.00.0%0.0

USLargeGrowthActiveRussell 1000 GrowthSands1.4%488.30.0%0.02.5%858.12.5%858.12.5%858.12.5%858.12.5%858.11.4%488.30.0%0.02.5%858.12.5%858.1

USLargeGrowthActiveRussell 1000 GrowthLarge Cap Growth Manager A0.0%0.00.0%0.00.0%0.02.5%858.12.5%858.12.5%858.12.5%858.10.0%0.00.0%0.00.0%0.02.5%858.1

USLargeGrowthActiveRussell 1000 GrowthLarge Cap Growth Manager B0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USLargeGrowthActiveRussell 1000 GrowthLarge Cap Growth Manager C0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USLargeValueActiveRussell 1000 ValueHotchkis2.2%759.30.0%0.03.0%1,029.73.0%1,029.73.0%1,029.73.0%1,029.73.0%1,029.72.2%759.30.0%0.03.0%1,029.73.0%1,029.7

USLargeValueActiveRussell 1000 ValueWellington1.9%668.20.0%0.00.0%0.02.0%686.52.0%686.52.0%686.52.0%686.51.9%668.20.0%0.00.0%0.02.0%686.5

USLargeValueActiveRussell 1000 ValueLarge Cap Value Manager A0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USLargeValueActiveRussell 1000 ValueLarge Cap Value Manager C0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USMidCorePassiveRussell MidcapMid Cap Core Passive Manager0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USMidCoreActiveRussell MidcapMid Cap Core Active Manager0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USMidGrowthActiveRussell Midcap GrowthTimes Square Mid Cap Growth1.4%473.52.0%686.52.0%686.51.5%514.91.5%514.91.5%514.91.5%514.91.4%473.52.0%686.52.0%686.51.5%514.9

USMidGrowthActiveRussell Midcap GrowthTimes Square Focused Growth0.6%208.20.0%0.00.0%0.00.5%171.60.5%171.60.5%171.60.5%171.60.6%208.20.0%0.00.0%0.00.5%171.6

USMidGrowthActiveRussell Midcap GrowthMid Cap Growth Manager A0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USMidGrowthActiveRussell Midcap GrowthMid Cap Growth Manager B0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USMidValuePassiveRussell Midcap ValueBlackRock Mid Passive0.9%310.70.0%0.00.0%0.01.0%343.21.0%343.21.0%343.21.0%343.20.9%310.70.0%0.00.0%0.01.0%343.2

USMidValueActiveRussell Midcap ValueValueAct1.0%352.72.0%686.52.0%686.51.0%343.21.0%343.21.0%343.21.0%343.21.0%352.72.0%686.52.0%686.51.0%343.2

USMidValueActiveRussell Midcap ValueMid Cap Value Manager A0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USMidValueActiveRussell Midcap ValueMid Cap Value Manager B0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USSmallCoreActiveRussell 2000Small Cap Core Manager A0.0%0.00.0%0.00.0%0.01.0%343.21.0%343.21.0%343.21.0%343.20.0%0.00.0%0.00.0%0.01.0%343.2

USSmallGrowthActiveRussell 2000 GrowthNumeric1.0%326.41.0%343.21.0%343.20.5%171.60.5%171.60.5%171.60.5%171.61.0%326.41.0%343.21.0%343.20.5%171.6

USSmallGrowthActiveRussell 2000 GrowthBrown0.6%212.30.5%171.60.5%171.60.5%171.60.5%171.60.5%171.60.5%171.60.6%212.30.5%171.60.5%171.60.5%171.6

USSmallGrowthActiveRussell 2000 GrowthSmall Cap Growth Manager A0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USSmallGrowthActiveRussell 2000 GrowthSmall Cap Growth Manager B0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USSmallValueActiveRussell 2000 ValueNumeric1.0%349.61.0%343.21.0%343.21.0%343.21.0%343.21.0%343.21.0%343.21.0%349.61.0%343.21.0%343.21.0%343.2

USSmallValueActiveRussell 2000 ValueEarnest1.1%386.11.0%343.21.0%343.21.0%343.21.0%343.21.0%343.21.0%343.21.1%386.11.0%343.21.0%343.21.0%343.2

USSmallValueActiveRussell 2000 ValueSmall Cap Value Manager A0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USSmallValueActiveRussell 2000 ValueSmall Cap Value Manager B0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USAllCorePassiveRussell 3000All Cap Core Passive Manager A0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USAllCoreActiveRussell 3000All Cap Core Manager A0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USAllCoreActiveRussell 3000All Cap Core Manager B0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USAllCoreActiveRussell 3000All Cap Core Manager C0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USAllGrowthActiveRussell 3000 GrowthWellington Opportunistic Growth3.0%1,025.30.0%0.03.0%1,029.73.0%1,029.73.0%1,029.73.0%1,029.73.0%1,029.73.0%1,025.30.0%0.03.0%1,029.73.0%1,029.7

USAllGrowthActiveRussell 3000 GrowthAll Cap Growth Manager A0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USAllGrowthActiveRussell 3000 GrowthAll Cap Growth Manager B0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USAllValueActiveRussell 3000 ValueAll Cap Value Manager A0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USAllValueActiveRussell 3000 ValueAll Cap Value Manager B0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

USAllValueActiveRussell 3000 ValueAll Cap Value Manager C0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

Dev MktsLarge/MidCorePassiveEAFE/World exUSABlackRock International Transition1.9%664.126.0%8,924.42.0%686.525.0%8,581.123.0%7,894.623.5%8,066.34.5%1,544.61.9%664.126.0%8,924.42.0%686.525.0%8,581.1

Dev MktsLarge/MidCoreActiveEAFEBallie Gifford4.0%1,389.60.0%0.04.0%1,373.00.0%0.00.0%0.00.0%0.04.0%1,373.04.0%1,389.60.0%0.04.0%1,373.00.0%0.0

Dev MktsLarge/MidCoreActiveEAFEMondrian3.5%1,191.60.0%0.03.5%1,201.40.0%0.00.0%0.00.0%0.03.5%1,201.43.5%1,191.60.0%0.03.5%1,201.40.0%0.0

Dev MktsLarge/MidCoreActiveEAFEInternational Manager A0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

Dev MktsLarge/MidCoreActiveEAFEInternational Manager B0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

Dev MktsSmallCorePassiveWorld ex USA SmallPassive International Small Cap Manager0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

Dev MktsSmallCoreActiveWorld ex USA SmallMondrian1.3%450.51.0%343.21.5%514.91.0%343.20.0%0.02.0%686.51.5%514.91.3%450.51.0%343.21.5%514.91.0%343.2

Dev MktsSmallCoreActiveWorld ex USA SmallInternational Small Cap Manager A0.0%0.01.0%343.20.0%0.01.0%343.21.0%343.22.0%686.50.0%0.00.0%0.01.0%343.20.0%0.01.0%343.2

Dev MktsSmallCoreActiveWorld ex USA SmallInternational Small Cap - Structured0.0%0.02.0%686.50.0%0.02.0%686.52.0%686.52.0%686.50.0%0.00.0%0.02.0%686.50.0%0.02.0%686.5

Emgg MktsLarge/MidCoreActiveEmerging MarketsBallie Gifford1.4%474.61.5%514.91.5%514.92.0%686.51.5%514.92.0%686.51.5%514.91.4%474.61.5%514.91.5%514.92.0%686.5

Emgg MktsLarge/MidCoreActiveEmerging MarketsBlackRock1.5%520.91.5%514.91.5%514.92.0%686.51.5%514.92.0%686.51.5%514.91.5%520.91.5%514.91.5%514.92.0%686.5

Emgg MktsLarge/MidCoreActiveEmerging MarketsMondrian1.0%340.21.5%514.91.0%343.22.0%686.51.5%514.92.0%686.51.0%343.21.0%340.21.5%514.91.0%343.22.0%686.5

Emgg MktsLarge/MidCoreActiveEmerging MarketsEmerging Markets Manager A0.0%0.04.0%1,373.00.0%0.02.0%686.53.0%1,029.72.0%686.50.0%0.00.0%0.04.0%1,373.00.0%0.02.0%686.5

Emgg MktsSmallCoreActiveEmerging Markets SmallWasatch0.5%184.90.5%171.60.5%171.60.5%171.60.5%171.60.5%171.60.5%171.60.5%184.90.5%171.60.5%171.60.5%171.6

Emgg MktsSmallCoreActiveEmerging Markets SmallEmerging Markets Small Cap Manager A0.0%0.00.5%171.60.0%0.00.5%171.60.5%171.60.5%171.60.0%0.00.0%0.00.5%171.60.0%0.00.5%171.6

Emgg MktsSmallCoreActiveEmerging Markets SmallEmerging Markets Small Cap Manager B0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

Frontier MktsLarge/MidCorePassiveFrontier MarketsBlackRock0.5%182.00.0%0.00.5%171.60.0%0.01.0%343.20.0%0.00.5%171.60.5%182.00.0%0.00.5%171.60.0%0.0

Frontier MktsLarge/MidCoreActiveFrontier MarketsFrontier Markets Manager A0.0%0.00.0%0.00.0%0.00.5%171.60.0%0.00.5%171.60.0%0.00.0%0.00.0%0.00.0%0.00.5%171.6

Frontier MktsLarge/MidCoreActiveFrontier MarketsFrontier Markets Manager B0.0%0.00.0%0.00.0%0.00.5%171.60.0%0.00.5%171.60.0%0.00.0%0.00.0%0.00.0%0.00.5%171.6

Frontier MktsLarge/MidCoreActiveFrontier MarketsFrontier Markets Manager C0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

Frontier MktsLarge/MidCoreActiveFrontier MarketsFrontier Markets Manager D0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

Dev & Emgg MktsLarge/MidCorePassiveACWI ex USAPassive Broad International Manager A0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

Dev & Emgg MktsLarge/MidCoreActiveACWI ex USAWellington Diversified International2.9%986.20.0%0.03.0%1,029.70.0%0.00.0%0.00.0%0.03.0%1,029.72.9%986.20.0%0.03.0%1,029.70.0%0.0

Dev & Emgg MktsLarge/MidCoreActiveACWI ex USADM & EM Manager A0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

Dev & Emgg MktsLarge/MidCoreActiveACWI ex USADM & EM Manager B0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

Dev & Emgg MktsLarge/MidCoreActiveACWI ex USADM & EM Manager C0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

Dev & Emgg MktsSmallCoreActiveACWI ex USA SmallFranklin Templeton1.4%481.10.0%0.01.5%514.90.0%0.02.0%686.50.0%0.01.5%514.91.4%481.10.0%0.01.5%514.90.0%0.0

Dev & Emgg MktsSmallCoreActiveACWI ex USA SmallInternational Small Cap Manager A0.0%0.00.0%0.00.0%0.00.0%0.02.0%686.50.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

Dev & Emgg MktsSmallCoreActiveACWI ex USA SmallInternational Small Cap Manager B0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

Dev & Emgg MktsAll CapCorePassiveACWI ex USA IMIBlackRock16.6%5,705.10.0%0.016.0%5,491.90.0%0.00.0%0.00.0%0.015.0%5,148.716.6%5,705.10.0%0.016.0%5,491.90.0%0.0

Dev & Emgg MktsAll CapCoreActiveACWI ex USA IMIGMO2.8%972.70.0%0.02.5%858.10.0%0.00.0%0.00.0%0.03.0%1,029.72.8%972.70.0%0.02.5%858.10.0%0.0

Dev & Emgg MktsAll CapCoreActiveACWI ex USA IMIWalter Scott3.8%1,319.70.0%0.04.0%1,373.00.0%0.00.0%0.00.0%0.04.0%1,373.03.8%1,319.70.0%0.04.0%1,373.00.0%0.0

Dev & Emgg MktsAll CapCoreActiveACWI ex USA IMIBroad DM & EM Manager A0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

Dev & Emgg MktsAll CapCoreActiveACWI ex USA IMIBroad DM & EM Manager B0.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.0

GlobalLarge/MidCorePassiveACWIBlackRock Global Transition2.7%926.43.0%1,029.72.5%858.12.5%858.13.0%1,029.73.0%1,029.72.5%858.12.7%926.43.0%1,029.72.5%858.12.5%858.1

GlobalLarge/MidCoreActiveACWILongview4.4%1,516.85.0%1,716.24.5%1,544.65.0%1,716.25.0%1,716.25.0%1,716.24.5%1,544.64.4%1,516.85.0%1,716.24.5%1,544.65.0%1,716.2

GlobalLarge/MidCoreActiveACWIBrandes2.8%944.25.0%1,716.23.0%1,029.75.0%1,716.25.0%1,716.25.0%1,716.23.0%1,029.72.8%944.25.0%1,716.23.0%1,029.75.0%1,716.2

GlobalLarge/MidCoreActiveACWIGlobal Manager A (Top Down)0.0%0.05.0%1,716.20.0%0.03.0%1,029.75.0%1,716.25.0%1,716.20.0%0.00.0%0.05.0%1,716.20.0%0.03.0%1,029.7

GlobalLarge/MidCoreActiveACWIGlobal Manager B (Thematic)0.0%0.00.0%0.00.0%0.03.0%1,029.70.0%0.00.0%0.00.0%0.00.0%0.00.0%0.00.0%0.03.0%1,029.7

Sector Allocations

SQStrmESQCAI1CAI2CAI3CAI4SQCPStrCPESQCPC1CP

StrategyStatus QuoStreamlin

public equity portfolio review - north carolina...structure review • engaged callan associate,...

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