$341,964,987 107.8 Consolidated Investment Portfolio 0.1 5.3-4.1 1.6-4.1 2.8 3.8 7.3 4.2 5.8 Dec-01 $317,317,234 100.0 Endowment Pool 0.1 5.3-3.8 1.8-3.8 2.8 3.9 7.4 4.2 7.8 Jan-97 Policy Index 0.0 6.2-2.0 2.9-2.0 4.5 4.4 7.3 4.1 6.9 $135,196,127 42.6 Global Equity -0.2 9.3-5.9 2.7-5.9 4.1 5.4 10.6 5.9 10.7 Dec-02 $11,548,074 3.6 Dodge & Cox Global Stock Fund -0.4 NA NA NA NA NA NA NA NA 3.3 Apr-16 MSCI AC World ex USA (Net) -1.7 9.1-11.4 0.5-11.4 0.2 0.1 5.4 2.0 0.9 $58,427,101 18.4 Domestic Equity 1.9 9.3 1.2 3.0 1.2 10.8 11.2 14.9 7.4 7.5 Dec-01 Russell 3000 Index 1.8 9.6 0.2 3.4 0.2 10.6 11.1 15.0 7.4 6.8 $9,344,327 2.9 Vanguard Dividend Growth Inv Fund 0.6 6.7 5.0 4.0 5.0 NA NA NA NA 7.6 Apr-14 S&P 500 Index 1.8 9.1 1.7 3.6 1.7 11.1 11.7 14.9 7.4 7.6 $29,079,131 9.2 Northern Trust Russell 1000 Fund 1.7 9.4 0.6 3.5 0.6 10.9 12.1 15.8 NA 8.3 Mar-07 Spliced Russell 1000 Index 1.8 9.4 0.8 3.5 0.8 10.9 12.1 15.8 8.8 8.4 $9,301,375 2.9 Edgewood Growth I Fund 2.7 8.7 3.6-1.4 3.6 NA NA NA NA 7.0 Jan-15 Russell 1000 Growth Index 1.9 7.8 1.6 1.8 1.6 12.5 12.1 15.8 8.8 5.3 $10,702,269 3.4 Vaughan Nelson Small Cap Account 2.7 12.1-1.5 4.7-1.5 10.8 10.1 15.3 NA 8.7 Jun-07 Russell 2000 Index 1.8 12.6-2.8 5.8-2.8 6.1 7.5 13.4 5.2 3.7 $65,220,952 20.6 International Equity -2.1 9.1-11.4 2.4-11.4-0.9 0.9 7.2 3.3 8.0 Dec-01 MSCI AC World ex USA (Net) -1.7 9.1-11.4 0.5-11.4 0.2 0.1 5.4 2.0 5.9 $18,869,023 5.9 Sanderson International CTF -2.1 7.9-14.8-1.4-14.8 1.8 3.4 8.7 5.3 6.4 Aug-05 MSCI EAFE (Net) -0.9 8.6-9.7-1.1-9.7 2.0 2.1 6.4 1.9 3.7 $20,318,858 6.4 Vanguard Total Intl Stock Index Fund -1.0 9.5-10.7 1.0-10.7 1.1 NA NA NA 6.6 Jun-12 Spliced Total International Stock Index -1.5 9.5-10.4 0.9-10.4 1.0 0.6 5.7 2.1 6.7 11
$5,039,802 1.6 Highclere Intl SMID Fund -1.2 11.2-2.4 4.4-2.4 NA NA NA NA -2.8 Sep-14 S&P EPAC $2 - $10 Bn -0.9 8.9-3.4 0.7-3.4 6.3 4.3 9.1 NA 0.5 $10,416,542 3.3 Parametric Emerging s CTF -4.4 9.2-13.8 5.7-13.8-4.7 NA NA NA -2.8 Dec-12 MSCI EM (Net) -3.7 9.6-17.6 2.3-17.6-4.9-4.8 3.0 3.1-3.9 $10,174,013 3.2 Laudus Mondrian Emg s I Fund -2.1 9.7-14.6 5.2-14.6 NA NA NA NA -4.0 Sep-13 MSCI EM (Net) -3.7 9.6-17.6 2.3-17.6-4.9-4.8 3.0 3.1-2.9 $402,714 0.1 ishares MSCI ACWI Low Carbon Target ETF 0.5 9.1 NA 1.9 NA NA NA NA NA 1.9 Jan-16 MSCI AC World Low Carbon Target Index (Gross) 0.5 9.4-4.8 2.0-4.8 NA NA NA NA 2.0 $30,717,247 9.7 Private Equity 0.2 1.2 7.9 0.8 7.9 10.2 9.0 9.3 9.4 10.4 Mar-04 $70,433,313 22.2 Flexible Capital (Hedge Funds) 1.9 4.4-3.1 0.1-3.1 3.8 4.9 6.9 5.8 6.6 Dec-02 HFRI Fund Weighted Composite Index 0.4 3.5-4.0 0.8-4.0 2.3 2.1 4.6 3.5 5.8 $5,848,070 1.8 Canyon Realization D Fund Cayman, Ltd. 1.2 6.0-3.6 2.8-3.6 3.1 5.5 9.7 NA 8.9 Oct-08 HFRI Event-Driven (Total) Index 1.2 6.3-4.9 2.3-4.9 1.7 2.6 6.2 3.9 4.9 $7,408,729 2.3 Elliott International A, Ltd. -0.4 2.1 5.3 4.5 5.3 6.4 7.3 9.1 NA 8.3 Oct-08 HFRI Event-Driven (Total) Index 1.2 6.3-4.9 2.3-4.9 1.7 2.6 6.2 3.9 4.9 $235,738 0.1 Stark Shepherd Investments Intl, Ltd. -1.6-1.8 1.7-1.6 1.7-0.3-1.5 3.5 NA -1.2 Nov-07 HFRI Event-Driven (Total) Index 1.2 6.3-4.9 2.3-4.9 1.7 2.6 6.2 3.9 2.7 $4,940,575 1.6 Davidson Kempner Institutional Partners, L.P. 1.3 2.8 2.0 2.5 2.0 4.0 4.6 7.1 6.2 6.7 Oct-05 HFRI Event-Driven (Total) Index 1.2 6.3-4.9 2.3-4.9 1.7 2.6 6.2 3.9 4.5 $3,484,320 1.1 Och Ziff Overseas Fund II, Ltd. 1.4 2.7-5.0-0.7-5.0 3.5 4.6 7.0 6.1 6.3 Oct-05 HFRI Event-Driven (Total) Index 1.2 6.3-4.9 2.3-4.9 1.7 2.6 6.2 3.9 4.5 12
$5,029,523 1.6 Fir Tree International Fund, Ltd. 5.5 8.3-17.8-5.0-17.8-2.9 2.6 6.6 NA 7.0 Oct-08 HFRI Event-Driven (Total) Index 1.2 6.3-4.9 2.3-4.9 1.7 2.6 6.2 3.9 4.9 $7,618,390 2.4 Lakewood Capital Offshore Fund, Ltd. 3.2 8.9 3.8 3.7 3.8 6.2 NA NA NA 7.9 Nov-12 HFRI Equity Hedge (Total) Index 0.8 5.5-5.3 0.2-5.3 2.7 2.1 4.9 2.9 4.7 $7,411,415 2.3 Viking Global Equities III, Ltd. 5.7 7.2-0.2-2.8-0.2 11.0 10.9 10.7 NA 10.3 Nov-07 HFRI Equity Hedge (Total) Index 0.8 5.5-5.3 0.2-5.3 2.7 2.1 4.9 2.9 1.3 $6,548,531 2.1 Crestwood Capital International, Ltd 2.4 7.2-7.3-1.0-7.3 0.8 NA NA NA 1.3 Feb-13 HFRI Equity Hedge (Total) Index 0.8 5.5-5.3 0.2-5.3 2.7 2.1 4.9 2.9 3.4 $5,584,291 1.8 Seminole Offshore A Fund, Ltd 0.4 2.1-4.5-0.7-4.5 4.0 NA NA NA 6.9 Jan-13 HFRI Equity Hedge (Total) Index 0.8 5.5-5.3 0.2-5.3 2.7 2.1 4.9 2.9 4.3 $6,921,279 2.2 Hoplite Capital, Ltd 0.6 0.3-8.2-4.1-8.2 NA NA NA NA 2.4 Jul-13 HFRI Equity Hedge (Total) Index 0.8 5.5-5.3 0.2-5.3 2.7 2.1 4.9 2.9 3.4 $3,881,615 1.2 Silver Point Capital Offshore, Ltd. 1.6 4.1 0.5 1.9 0.5 2.7 6.2 13.5 NA 6.7 Nov-07 HFRI ED: Distressed/Restructuring Index 1.9 7.3-7.4 2.9-7.4-0.6 1.9 6.2 3.4 2.2 HFRI Equity Hedge (Total) Index 0.8 5.5-5.3 0.2-5.3 2.7 2.1 4.9 2.9 1.3 $176,691 0.1 King Street Capital, Ltd. -0.3-4.9-2.5-5.8-2.5 1.4 3.8 5.6 NA 5.7 Mar-08 HFRI ED: Distressed/Restructuring Index 1.9 7.3-7.4 2.9-7.4-0.6 1.9 6.2 3.4 2.9 $5,344,147 1.7 Anchorage Capital Partners Offshore C, Ltd. -0.5 1.5-3.6-1.2-3.6 5.9 6.7 9.7 8.9 9.4 Jul-05 HFRI ED: Distressed/Restructuring Index 1.9 7.3-7.4 2.9-7.4-0.6 1.9 6.2 3.4 4.3 13
$42,024,845 13.2 Total Real Assets -0.3 1.7-11.1 0.5-11.1-4.0-2.5-0.1-2.4 4.0 Dec-02 Real Assets Composite Index -0.9 6.9-1.3 5.8-1.3 2.7 2.8 7.2 5.6 8.5 $4,281,827 1.3 Vanguard Energy Admiral Fund -1.4 21.9-9.7 17.1-9.7 NA NA NA NA -5.3 Sep-13 Spliced Energy Index -1.4 17.1-11.9 13.4-11.9-6.0-4.9 1.5 1.1-6.6 $8,867,240 2.8 AEW Global Property Securities 0.1 9.3 4.5 4.9 4.5 7.5 NA NA NA 9.5 Jul-12 AEW Spliced Global Real Estate Index 0.0 9.6 4.3 5.4 4.3 7.7 8.0 16.1 5.4 9.8 $6,380,437 2.0 Vanguard Short-Term Infl Prot Sec Fund -0.1 0.9 NA 1.7 NA NA NA NA NA 1.3 Oct-15 Barclays U.S. Treasury: 0-5 Year TIPS Index -0.2 1.0 0.7 2.0 0.7 0.0 0.4 1.9 2.8 1.5 $4,456,557 1.4 Wellington US Commodities CTF -2.0 10.0-17.7 10.0-17.7-12.9 NA NA NA -11.2 Jul-12 Wellington Commodities Custom Index -1.6 8.4-14.8 8.8-14.8-12.0-10.7-2.5-2.9-10.4 $18,038,785 5.7 Private Real Assets 0.0-6.9-7.9-6.9-7.9-1.1 4.2 0.7-2.4 0.4 Jul-04 14
$35,894,753 11.3 Fixed Income -1.7 1.5 1.9 4.0 1.9 1.1 2.4 4.7 4.9 5.0 Dec-02 Fixed Income Composite Index -0.6 1.3 4.4 4.7 4.4 1.9 1.9 3.3 4.3 4.2 $13,373,198 4.2 Vanguard Total Bond Index I Fund 0.0 1.4 3.1 3.5 3.1 2.8 NA NA NA 2.5 May-12 Spliced Total Bond Index 0.0 1.4 3.0 3.6 3.0 2.9 3.4 4.4 5.0 2.6 $8,432,045 2.7 Vanguard Inter-term Treasury Fnd Adm -0.2-0.1 3.2 3.1 3.2 2.3 NA NA NA 1.7 Jun-12 Barclays U.S. Treasury: 5-10 Year -0.1-0.1 3.9 3.8 3.9 2.9 3.9 4.6 5.8 1.9 $14,089,510 4.4 Brandywine Global Inv-Grade Sovereign Fixed Income Fund -4.1 3.0-1.1 5.6-1.1-0.3 NA NA NA -0.7 Apr-13 Citigroup World Government Bond Index -1.5 2.4 7.0 6.8 7.0 1.2 0.5 2.2 3.7 0.4 $3,050,949 1.0 Liquid Capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.0 1.3 Dec-02 $634,633 0.2 Northern Trust Cash Account 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 1.2 1.3 Dec-02 Citigroup 3 Month T-Bill 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1.0 1.3 $2,416,315 0.8 Endowment Cash Pool Account 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 NA 0.3 Mar-09 Citigroup 3 Month T-Bill 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1.0 0.1 15
$159,592,401 50.3 Real Estate $39,145,137 12.3 SunTrust Plaza & Garage $12,621,200 4.0 Lawrence Center $1,426,840 0.4 PNC Bank $976,634 0.3 Pita Pit $100,038,380 31.5 The Alfond Inn at Rollins $3,971,246 1.3 Winter Park Plaza $1,412,964 0.4 Frank n Steins Please Note: - Periods greater than one year are annualized - inception returns are calculated from the first full month - Historical performance provided by Mercer through 1/31/12 - Performance and market values are subject to change based on statement availability from the investment manager/custodian. - s are net of investment management fees and gross of consulting fees unless otherwise stated - Total Liquid Capital: Historical performance estimated using the Citigroup 3 month T-bill performance - Policy Index (effective 3/1/2016): 44% MSCI AC World Index / 10% Private Equity Benchmark / 22% HFRI Fund Weighted Composite Index / 12% Real Asset Composite Index/ 12% Fixed Income Composite Index - Spliced Russell 1000 Index: Russell 1000 Growth Index through 4/30/2012; Russell 1000 Index thereafter - Fixed Income Composite Index: 30% Barclays Aggregate Index/ 35% Barclays U.S. Treasury 5-10 Year Index/ 35% Citigroup World Gov't Bond Index (Components have changed over time) - Real Assets Composite Index: 20% S&P North American Natural Resources Sector Index/ 15% NCREIF Property Index/ 20% All Private Equity Benchmark/ 15% AEW Spliced Real Estate Index/ 15% Barclays U.S. Treasury: 0-5 Year TIPS Index/ 15% Wellington Commodities Custom Index (Components have changed over time) - Elliot International, Ltd: ending market values estimated using manager-reported preliminary performance. - s of the College s Commercial Properties are estimates derived from the College s Real Estate advisor utilizing net revenue and market capitalization approach and are not obtained through third party estimates. - Northern Trust Russell 1000 Fund: performance not reconciled at time of reporting. 16
Non-able Strategies Investment Summary As of May 31, 2016 Capital Commitment Commitment Capital Contributed % Funded Remaining Commitment Capital ed Net Growth of Portfolio DPI Multiple TVPI Multiple IRR (%) Total Non able $111,000,000 $95,593,408 86.1 $15,406,592 $52,236,954 $60,304,105 $16,678,864 0.5 1.2 6.3 Total Private Equity $66,000,000 $48,255,159 73.1 $17,744,841 $37,571,492 $30,717,247 $19,796,385 0.8 1.4 9.9 Siguler Guff Distressed Opportunities Fund I, LP $3,000,000 Oct-02 $2,910,000 97.0 $90,000 $4,632,772 $99,601 $1,819,543 1.6 1.6 9.6 Lindsay Goldberg & Bessemer-PIV $2,000,000 Nov-02 $1,972,978 98.6 $27,022 $4,729,036 $59,455 $2,815,513 2.4 2.3 35.7 Siguler Guff Core Plus $2,000,000 Dec-02 $1,994,770 99.7 $5,230 $2,770,147 $197,161 $956,954 1.4 1.5 10.5 Auda Secondary Fund $3,000,000 Jun-04 $2,500,911 83.4 $499,089 $3,182,844 $220,954 $883,167 1.3 1.3 11.7 Park Street Capital Private Equity Fund VII, L.P. $3,000,000 Feb-06 $2,880,000 96.0 $120,000 $2,294,999 $1,678,370 $1,093,019 0.8 1.4 5.8 Portfolio Advisors Private Equity Fund IV $3,000,000 Jul-06 $2,433,267 81.1 $566,733 $2,195,702 $1,424,440 $1,186,875 0.9 1.4 6.3 Vintage Fund IV Offshore LP $3,000,000 Jan-07 $2,352,844 78.4 $647,156 $2,255,923 $1,160,572 $864,941 1.0 1.3 5.6 Newbury Equity Partners LP $7,000,000 Aug-07 $6,965,000 99.5 $35,000 $7,312,070 $2,661,019 $3,008,089 1.0 1.4 9.6 Northgate IV $6,000,000 May-08 $5,538,000 92.3 $462,000 $4,020,493 $3,847,129 $2,329,622 0.7 1.4 8.8 Mercer PIP 2008 Private Equity Fund $6,000,000 Dec-08 $5,100,000 85.0 $900,000 $2,856,354 $4,570,576 $2,326,930 0.6 1.5 8.3 Aberdeen Global Partners, LP $5,000,000 Jun-12 $3,300,000 66.0 $1,700,000 $417,490 $3,379,395 $496,885 0.1 1.2 7.1 Landmark Equity Partners XV L.P. $3,000,000 Mar-13 $1,031,783 34.4 $1,968,217 $411,228 $809,486 $188,931 0.4 1.1 12.6 RCP Fund VIII, L.P. $3,000,000 Mar-13 $1,668,276 55.6 $1,331,724 $318,276 $1,460,821 $110,821 0.2 1.1 4.7 Davidson Kempner Long-Term Distressed Opp Int'l II Fund, LP $5,000,000 Jun-13 $3,701,447 74.0 $1,298,553 $124,157 $4,718,902 $1,141,612 0.0 1.3 11.8 Greenspring Global Partners VI, LP $5,000,000 Dec-13 $2,900,000 58.0 $2,100,000 $50,000 $3,418,088 $568,088 0.0 1.2 14.3 Davidson Kempner Long-Term Distressed Opp Int'l III Fund, LP $3,500,000 Mar-15 $705,883 20.2 $2,794,117 - $711,279 $5,396 0.0 1.0 0.7 Greenspring Opportunities IV, LP $3,500,000 Nov-15 $300,000 8.6 $3,200,000 - $300,000-0.0 1.0 0.0 Total Private Real $45,000,000 $36,338,248 80.8 $8,661,752 $14,665,461 $18,038,785 -$3,665,595 0.4 0.9-2.3 RREEF America REIT III $7,000,000 Jun-04 $7,000,000 100.0 - $3,196,232 $1,454,220 -$2,349,548 0.5 0.7-4.5 Metropolitan Real Estate Equity Partners II $2,000,000 Jun-04 $1,940,000 97.0 $60,000 $1,890,629 $349,181 $299,810 1.0 1.2 3.1 Park Street Capital Natural Resources III Fd, L.P. $5,000,000 Oct-06 $4,975,000 99.5 $25,000 $2,963,149 $3,101,867 $1,083,246 0.6 1.2 3.6 BlackRock Diamond Property Fund $3,000,000 Apr-07 $3,000,000 100.0 - $993,747 - -$2,006,253 0.3 0.3-13.1 Newlin Energy Fund II $7,000,000 Sep-07 $6,372,163 91.0 $627,837 $5,058,016 $2,663,085 $1,348,938 0.8 1.2 5.2 Colony Realty Partners II $3,000,000 Sep-07 $3,000,000 100.0 - $99,916 $897,500 -$2,002,584 0.0 0.3-12.7 Aberdeen Energy & Resources Partners III, L.P. $5,000,000 Sep-12 $2,550,000 51.0 $2,450,000 $49,875 $2,342,083 -$158,042 0.0 0.9-5.8 Westbrook Real Estate Fund IX, L.P. $5,000,000 Sep-12 $3,877,221 77.5 $1,122,779 $351,085 $4,143,969 $600,819 0.1 1.1 9.7 Energy & Minerals Group Fund III, LP $3,000,000 Apr-14 $2,523,864 84.1 $476,136 $62,812 $2,011,780 -$457,081 0.0 0.8-13.5 AG Realty Fund IX $5,000,000 Sep-14 $1,100,000 22.0 $3,900,000 - $1,075,100 -$24,900 0.0 1.0-5.1 17
Non-able Strategies Investment Summary As of May 31, 2016 - value reported one quarter in arrears, adjusted for current capital activity, unless otherwise noted. Valuations subject to availability. Performance may change as updates are processed. -Net Growth of Portfolio reduced by any fees paid ex-capital commitment. -This report contains information from manager supplied financial reports (audited or unaudited). Content is subject to change without notice. Information obtained from the manager is believed to be reliable; however, accuracy of the data is not guaranteed and has not been independently verified by Prime Buchholz. -Historical information provided by Mercer through 12/31/11 -Lindsay Goldberg & Bessemer-PIV: Account reconciliation in progress -IRR = Calculated since inception -DPI Multiple = Distributions to paid in capital -TVPI Multiple = Total to paid in capital 18
$24,647,752 100.0 Separately Managed Assets 0.6 5.7-7.6-1.8-7.6 2.3 3.2 6.4 4.0 4.4 Dec-01 $3,427,924 13.9 BOA-Bush Math and Science 0.0 0.0-5.1 0.0-5.1 3.9 3.0 7.6 5.0 5.7 Dec-01 $787,419 3.2 Crummer Student Investment-Sun Trust -3.1 5.7-5.2-0.3-5.2 5.4 5.3 8.7 5.2 5.9 Dec-01 $2,305,155 9.4 A.W. Rollins Memorial Fund 0.4 4.0-9.1-0.9-9.1 0.6 2.0 5.4 3.3 3.7 Dec-01 $5,369 0.0 Kinsman Crumb Trust 0.7 5.8-8.6-0.2-8.6 0.4 1.0 6.1 2.9 2.9 Dec-01 $2,168,839 8.8 US Bank-Gundelach 1.6 7.8-6.6-1.8-6.6 4.5 6.8 11.1 5.6 5.6 Dec-01 $12,334,301 50.0 Frances Knowles Warren Trust Composite 1.1 7.6-8.8-3.0-8.8 1.7 2.5 6.9 3.5 4.5 Dec-01 $1,563,831 6.3 Frances Knowles Warren Trust #1 1.1 7.6-8.7-3.0-8.7 1.8 2.5 6.7 3.4 4.3 Dec-01 $5,219,930 21.2 Frances Knowles Warren Trust #2 1.1 7.6-8.7-3.0-8.7 1.9 2.6 7.0 3.6 4.4 Dec-01 $1,509,862 6.1 Frances Knowles Warren Trust #3a 1.1 7.6-8.7-3.0-8.7 1.7 2.5 6.8 3.5 4.3 Dec-01 $1,958,302 7.9 Frances Knowles Warren Trust #3b 1.1 7.6-8.6-2.9-8.6 1.8 2.6 6.9 3.6 4.4 Dec-01 $587,636 2.4 Frances Knowles Warren Trust #3c 1.0 7.5-9.2-3.3-9.2 1.5 2.1 6.8 3.5 4.4 Dec-01 $755,091 3.1 Frances Knowles Warren Trust #3d 1.1 7.5-9.1-3.2-9.1 1.6 2.2 6.9 3.6 4.5 Dec-01 $685,451 2.8 Frances Knowles Warren Trust F1 1.1 7.5-9.3-3.5-9.3 1.5 2.2 7.0 3.7 4.6 Dec-01 $54,197 0.2 Frances Knowles Warren Trust Spec 1.1 8.0-6.3-2.2-6.3 3.7 3.6 7.5 4.0 4.8 Dec-01 $3,618,745 14.7 SSgA Split Interest Trust 0.1 4.4-4.9 1.2-4.9 2.2 3.7 5.5 4.9 4.6 Dec-01 $1,318,609 5.3 Charitable Gift Annuity Fund 0.0 2.8-5.6 0.1-5.6 1.6 3.5 4.8 4.7 4.4 Dec-01 $154,827 0.6 Pooled Income Fund 0.5 3.4-0.2 2.4-0.2 4.2 4.3 6.3 4.8 4.8 Dec-01 19
$2,145,309 8.7 SSgA CRUT 0.1 6.8-4.2 2.7-4.2 3.0 3.9 7.9 5.0 4.9 Dec-01 $70,866 0.3 Ian Klair CRUT 0.3 7.1-4.8 2.5-4.8 2.6 3.5 8.0 NA 2.9 Jul-07 $90,763 0.4 Mary Ward CRUT 0.3 7.1-4.6 2.7-4.6 2.8 3.6 8.2 4.4 4.5 Dec-01 $35,418 0.1 Walter Ward CRUT 0.1 6.0-5.1 2.0-5.1 2.3 4.1 7.1 5.5 4.5 Dec-01 $283,429 1.1 Bruce McEwan CRUT 0.3 7.2-4.3 2.8-4.3 2.9 3.7 8.2 4.3 4.5 Dec-01 $414,717 1.7 Ross and Cora Evans CRUT 0.3 6.7-3.6 3.0-3.6 2.9 4.1 7.6 4.9 9.2 Aug-05 $1,250,116 5.1 Sep Mgd-Marjorie Cheever CRUT NA NA NA NA NA NA NA NA NA NA Jun-16 Please Note: - Periods greater than one year are annualized - inception returns are calculated from the first full month - Historical performance provided by Mercer through 1/31/12 - Performance and market values are subject to change based on statement availability from the investment manager/custodian. - Crummer Student Investment, Kinsman Crumb Trust, US Bank- Gundelach, Frances Knowles Warren Trust and SSgA Trust: Performance not reconciled; not available at time of report 20
Asset Allocation - Current Policy Ranges As of May 31, 2016 Asset Allocation (%) Lower (%) Target (%) Upper (%) Difference (%) Endowment Pool 100.0-100.0-0.0 Global Equity 42.6 34.0 44.0 54.0-1.4 Private Equity 9.7 7.5 10.0 12.5-0.3 Flexible Capital (Hedge Funds) 22.2 17.0 22.0 27.0 0.2 Total Real Assets 13.2 7.0 12.0 17.0 1.2 Fixed Income 11.3 7.0 12.0 17.0-0.7 Liquid Capital 1.0 0.0 0.0 2.0 1.0 Global Equity $135,196,127 42.6% 44.0% Private Equity $30,717,247 10.0% 9.7% Flexible Capital (Hedge Funds) $70,433,313 22.0% 22.2% Total Real Assets $42,024,845 Fixed Income $35,894,753 12.0% 13.2% 12.0% 11.3% Liquid Capital $3,050,949 0.0% 1.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% Target Allocation Actual Allocation Notes: - Look through of Total Global Equity based on 12/31/2015 statistics: Domestic Equity 18.1%, Non-US Developed Equity 15.8%, Emerging s Equity 8.7% (42.6% total) - Real Assets excludes 7 local properties worth approximately $160 million - Subsequent to month-end (early March), portfolio transition activity added approximately 2% to Global Equity while fixed income and real assets were reduced by 1% each. 21