SociallyResponsibleInvestmentFundEXECUTIVE SUMMARY

AS OF DECEMBER 31, 2017 PORTFOLIO RESULTS The Socially Responsible Investment Fund (SRIF) employs a diversified asset allocationconsistent with its long‐term investment horizon. Although performance goals andobjectiveswillultimatelyfocusontheportfolio’slong‐terminvestmentexperience,theSRIFhasexperiencedoutperformancerelativetopeerssinceitsinception.

Figure 1: SRIF net of fees returns as of December 31, 2017

SOCIALLY RESPONSIBLE INVESTING & GOSPEL VALUE PRIORITIES TheSRIFseekstoincorporatethetopSRIandgospelvalueprioritiesidentifiedviadotvotingatthe2014Convention,andmostrecentlyreaffirmedandexpandedatthe2017Convention.These values encompass both positive investment, a proactive approach to sociallyresponsibleinvesting,anddivestment,whichisrestriction‐based.TheCommitteerecognizesthat,inisolation,eachinvestmentmaynotaddressalloftheSRIandgospelvaluepriorities,buttheSRIFinwholewillemphasizeeachofthesepriorities.

POSITIVE INVESTMENT DIVESTMENT Investorsdirectmoneytowardsolution‐orientedsecuritiesandmakeinvestmentsinactivitiesandcompaniesbelievedtohaveapositivesocialimpact.

InvestorsrestrictinvestmentincertainsecuritiesbasedonSRIfactors,excludingthoserestrictedsecuritiesfromaportfolio.

Climate & Clean Technology Pollution & Toxics

Human Rights Human Rights

Community Development Executive & Exploitative Pay

Diversity/Equal Opportunity Animal Cruelty

Figure 2: SRIF SRI & gospel value priorities

4.6%

19.2% 19.2%15.3%

4th Quarter of 2017 Year to Date 1 Year Since Inception(9/1/2016)

Ranked in the top 4% of peers

Ranked in the top 3% of peers

Ranked in the top 3% of peers

Ranked in the top 3% of peers

INVESTMENT MANAGERS TheInvestmentCommitteemeetsquarterlywiththe SRIF’s consultant, Sellwood Consulting, toreviewtheFund’sperformance,assetallocationandmanager structure, including performanceof the individual investment managers. TheInvestment Committee and/or Sellwoodmeetswith each investment manager on an ongoingbasistodiscussinvestmentresults,strategy,andoutlookforthefuture,aswellasanychangesorissueswithinthefirmorinvestmentteam.

MANAGER STRATEGY DESCRIPTION

ResponsibleInvesting

Parametricmanages an all cap equity portfolio, optimized tomeet the SRIF’s customized social screening criteria. Thestrategyisdesignedtoprovideindex‐like,long‐termdiversifiedexposuretotheassetclass.

International

TheSRIFisinvestedintheBostonCommonInternationalFund,an institutional mutual fund that invests in companies withsoundgovernanceandresponsiblefinancialmanagementthattheybelievearecapableofconsistent,visibleprofitability.

GlobalEnvironmentalMarkets

TheSRIFisinvestedinthePaxWorldGlobalEnv.MarketsFund,a mutual fund sub‐advised by Impax that seeks to achievesustainable, above market returns by investing globally incompanies active in rapidly growing Resource Optimizationmarkets.

TotalReturnESG

TheSRIF is invested inthePIMCOTotalReturnESGFund,anactivelymanagedbondmutualfundthatcombinesESG‐focusedportfolio constructionwith robust issuer engagement,with agoalofinvestingforbothattractivereturnsandpositivesocialandenvironmentalchange.

SocialBond

The SRIF is invested in the TIAA‐CREF Social Bond Fund, anactively managed mutual fund that invests in a diversifiedportfolioofU.S. fixedincomesecurities, focusingprimarilyonundervalued, investment‐grade securities. The strategy alsoseeksproactivesocialinvestments.

RealEstateValue

The SRIF is invested in the Third Avenue Real Estate ValueFund,aninstitutionalmutualfundthatemploysafundamental,value‐oriented approach to construct a global real estateportfolio. Third Avenue has the flexibility to invest in anyindustryorregionwheretheyfindthemostcompellingvalues.

Figure 3: SRIF target composition

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MANAGER STRATEGY DESCRIPTION

AllAsset

The SRIF is invested in the PIMCO All Asset Fund, aninstitutional mutual fund with a “real return” strategy thatinvests tacticallyacrossunderlyingPIMCOmutual fundswiththeobjectiveofoutperforminginflationbyarateof5%overthelongterm.

Figure 4: SRIF manager descriptions

HOW DO I LEARN MORE? TheSRIStakeholderAdvisoryCommitteeiscurrentlyconductingone‐on‐onemeetingswithparishleaderstoprovideinformationabouttheSRIFandhowtheSRIFcanhelptosupporttheirgoals.ToexplorehowtoputyourgospelvaluestoworkforyourparishviatheSRIFportfolio,contactmembersoftheSRIStakeholderAdvisoryCommittee.

SRI STAKEHOLDER ADVISORY COMMITTEE MEMBERS

Sue Hall, Convenor Christ Church, Lake Oswego sue@climateneutral.com (541)490-2860

Ann Frazier Christ Church, Lake Oswego annfrazier4@comcast.net (503) 880-7082

Robert Howard Ascension, Portland rthoward@me.com (503) 806-2625

Madeline Moore St. David of Wales, Portland madmoore47@gmail.com (503) 248-7017

Rev. Jaime Sanders Christ Church, St. Helens motherjaime@gmail.com (503) 997-1651

Keith Walters Trinity Cathedral, Portland waltersk@pdx.edu (503) 234-0380

Douglas Young St. Lukes, Lebanon ancientangus@gmail.com (541) 570-5474

Robert Young St. John the Baptist, Portland robert@economists.com (503) 816-5103

INVESTMENT COMMITTEE MEMBERS Rick Grimshaw, Convenor St. Michael and All Angels, Portland (503) 221-7616

Dick Anderson Christ Church, Lake Oswego (503) 635-2568

Rev. Brendan Barnicle St. Stephen’s, Portland (503) 901-4908

James Baxendale Trinity Cathedral, Portland (503) 919-0087

Jeffrey Krum Ascension, Portland (503) 765-1230

Roger Neu St. John the Baptist, Portland (503) 504-1998

Lindsey Williams St. John the Baptist, Portland (503) 291-4485

Mike Stone Treasurer | Christ Church, Lake Oswego (503) 232-1859

Mike Penfield, ex-officio US Bank | St. John the Baptist, Portland (503) 464-4912

Ashlee Moehring, ex-officio Investment Advisor | Sellwood Consulting (503) 596-2885

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Diocese of Oregon

Socially Responsible Investment Fund Performance

% of QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 2017 2016 2015 2014 Return Portfolio (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

Socially Responsible Investment Fund 100.0 4.6 19.2 -- -- -- -- 19.2 -- -- -- 15.3 Sep-1660% MSCI ACW Index / 40% Barclays Aggregate Index 3.6 15.4 6.6 7.4 6.7 4.8 15.4 5.9 -1.0 5.0 11.2Trust Funds < $50mm Net Universe Rank 4 3 -- -- -- -- 3 -- -- -- 3

US Equity 48.1 6.6 22.0 -- -- -- -- 22.0 -- -- -- 20.3 Sep-16Parametric Responsible Inv (SA) 48.1 6.6 22.0 -- -- -- -- 22.0 -- -- -- 20.3 Sep-16

Non-US Equity 12.7 3.0 26.4 -- -- -- -- 26.4 -- -- -- 16.7 Sep-16Boston Common Intl (BCAIX) 12.7 3.0 26.4 7.1 6.7 4.6 -- 26.4 -1.0 -2.0 -7.1 16.7 Sep-16

Global Equity 13.1 5.3 26.8 -- -- -- -- 26.8 -- -- -- 19.1 Sep-16Pax Global Env Markets (PGINX) 13.1 5.3 26.8 11.6 12.4 9.8 -- 26.8 10.9 -1.2 -2.5 19.1 Sep-16

Fixed Income 17.9 0.3 4.5 -- -- -- -- 4.5 -- -- -- 1.5 Sep-16PIMCO Total Rtn ESG;Inst (PTSAX) 8.9 -0.1 4.5 2.6 2.0 3.3 5.0 4.5 3.0 0.4 4.5 1.8 Sep-16TIAA-CREF Soc Bond Inst (TSBIX) 9.0 0.6 4.5 3.0 3.2 -- -- 4.5 3.2 1.2 8.8 1.4 Sep-16

Real Estate 3.1 6.4 22.2 -- -- -- -- 22.2 -- -- -- 15.2 Sep-16Third Avenue Real Estate (TAREX) 3.1 6.4 22.2 7.6 10.4 10.1 5.9 22.2 5.8 -3.7 13.1 15.2 Sep-16

Marketable Alternatives 4.6 3.1 14.0 -- -- -- -- 14.0 -- -- -- 11.0 Sep-16PIMCO All Asset (PAAIX) 4.6 3.1 14.0 5.6 3.7 5.1 5.3 14.0 13.3 -8.7 0.8 11.0 Sep-16

All manager performance is client-specific after the client inception date.

Inception

Since

Rates of Return Ending December 31, 2017

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Socially Responsible Investment Fund

Socially Responsible Investment FundAs of December 31, 2017

The SRIF was funded on August 5, 2016.

Asset Allocation vs. TargetCurrent Target Difference Target Range Within Range

_

US Equity 48.1% 46.5% 1.6% 37.0% - 56.0% YesParametric Responsible Inv (SA) 48.1%

Non-US Equity 12.7% 12.5% 0.2% 10.0% - 15.0% YesBoston Common Intl (BCAIX) 12.7%

Global Equity 13.1% 12.5% 0.6% 10.0% - 15.0% YesPax Global Env Markets (PGINX) 13.1%

Fixed Income 17.9% 20.0% -2.1% 16.0% - 24.0% YesPIMCO Total Rtn ESG;Inst (PTSAX) 8.9%TIAA-CREF Soc Bond Inst (TSBIX) 9.0%

Real Estate 3.1% 3.0% 0.1% 2.0% - 4.0% YesThird Avenue Real Estate (TAREX) 3.1%

Marketable Alternatives 4.6% 5.0% -0.4% 4.0% - 6.0% YesPIMCO All Asset (PAAIX) 4.6%

Cash Equivalent 0.5% 0.5% 0.0% 0.0% - 2.0% YesFidelity Instl MM Govt I (FIGXX) 0.5%

Total 100.0% 100.0%XXXXX

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