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02/18/2020Tuesday, February 18, 2020 9:00 AM City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 Main Library - Council Chambers Pension Trustees Meeting Agenda February 18, 2020Pension Trustees Meeting Agenda 1. Call To Order 2. Approval of Minutes 2.1 Approve the December 16, 2019 Pension Trustees Meeting Minutes as submitted in written summation by the City Clerk. 3. Citizens to be Heard Regarding Items Not on the Agenda 4. New Business Items 4.1 Approve the new hires for acceptance into the Pension Plan as listed. 4.2 Approve the following request of employee Jeremiah Mills, Fire Department, to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan. 4.3 Approve the following request of employees Michael Deegan, Gas Department, Matthew McCombs, Solid Waste General Services and Karl Pople, Police Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. 4.4 Ratify and confirm correction of error of underpayments for members where amounts were calculated incorrectly by software. 4.5 Approve the termination of mid cap value equity money manager Wedge Capital Management and authorize the appropriate officials to execute same. 4.6 Approve an agreement with Boston Partners Global Investors, Inc (dba Boston Partners) for investment in the Boston Partners Mid Cap Value Equity product and authorize the appropriate officials to execute same. 5. Director's Report 6. Adjourn Page 2 City of Clearwater Printed on 2/13/2020 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#20-7370 Agenda Date: 2/18/2020 Status: Agenda ReadyVersion: 1 File Type: MinutesIn Control: Pension Trustees Agenda Number: 2.1 SUBJECT/RECOMMENDATION: Approve the December 16, 2019 Pension Trustees Meeting Minutes as submitted in written summation by the City Clerk. SUMMARY: APPROPRIATION CODE AND AMOUNT: USE OF RESERVE FUNDS: Page 1 City of Clearwater Printed on 2/13/2020 Pension Trustees Meeting Minutes December 16, 2019 Page 1 City of Clearwater City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 Meeting Minutes Monday, December 16, 2019 9:00 AM Main Library - Council Chambers Pension Trustees Draft Pension Trustees Meeting Minutes December 16, 2019 Page 2 City of Clearwater Roll Call Present 5 - Chair George N. Cretekos, Trustee Bob Cundiff, Trustee Hoyt Hamilton, Trustee David Allbritton, and Trustee Jay Polglaze Also Present – William B. Horne II – City Manager, Micah Maxwell – Assistant City Manager, Michael Delk – Assistant City Manager, Pamela K. Akin – City Attorney, Rosemarie Call – City Clerk, Nicole Sprague – Official Records and Legislative Services Coordinator and Jennifer Poirrier – Human Resources Director To provide continuity for research, items are listed in agenda order although not necessarily discussed in that order. Unapproved 1. Call to Order – Chair Cretekos The meeting was called to order at 9:07 a.m. in Council Chambers at the Main Library. 2. Approval of Minutes 2.1 Approve the minutes of the October 14, 2019 Pension Trustees meeting as submitted in written summation by the City Clerk. Trustee Hamilton moved to approve the minutes of the October 14, 2019 Pension Trustees meeting as submitted in written summation by the City Clerk. The motion was duly seconded and carried unanimously. 3. Citizens to be Heard Regarding Items Not on the Agenda – None. 4. New Business Items 4.1 Approve the new hires for acceptance into the Pension Plan as listed. Name/Job Classification/Department Pension Eligibility Date Christopher Clarke, Solid Waste Equipment Operator, Solid Waste 09/02/2019 Robert Ashmeade, Senior Staff Assistant, Public Utilities 09/03/2019 Jason Stransky, Public Utilities Technician I, Public Utilities 09/03/2019 Charles Satcher, Parks Streets & Sidewalks Tech. I, Parks & Rec 09/03/2019 Draft Pension Trustees Meeting Minutes December 16, 2019 Page 3 City of Clearwater Logan Hinrichs, Gas Apprentice, Gas 09/16/2019 Robert Seay, Gas Apprentice, Gas 09/16/2019 Anthony Sylvester Jr., Gas Apprentice, Gas 09/16/2019 Ryan Poppler, Gas Apprentice, Gas 09/16/2019 Star White, Personnel Payroll Technician, Fire 09/16/2019 Alvin Bushnell, Fleet Mechanic, General Services 09/16/2019 Fred Coker, Parks Service Technician I, Parks & Recreation 09/16/2019 Ryan Odegaard, Code Enforcement Inspector, Planning & Development 09/16/2019 Angel Lopez, Utilities Mechanic, Public Utilities 09/16/2019 Jayson Wine, Solid Waste Worker, Solid Waste 09/28/2019 Sherrick Cuffie, Solid Waste Worker, Solid Waste 09/28/2019 Doreen Dreyer, Utility Dispatcher, Gas 09/30/2019 Jason Hauser, Code Enforcement Inspector, Planning & Development 09/30/2019 Coreen Tupponce, Police Telecommunication Trainee, Police 09/30/2019 Adon Chavis, Police Telecommunication Trainee, Police 09/30/2019 Lauren Copley, Police Telecommunication Trainee, Police 09/30/2019 Ryan Kenna, Police Officer, Police 09/30/2019 Carissa Costello, Police Officer, Police 09/30/2019 Nicholas Milillo, Police Officer, Police 09/30/2019 Roxanna Padilla Garibay, Police Officer, Police 09/30/2019 Antonio Knox, Recreation Leader, Parks & Recreation 09/30/2019 Natalie Weppler, Recreation Leader , Parks & Recreation 09/30/2019 Chyna Miller-Robinson, Recreation Leader, Parks & Recreation 10/12/2019 Chandler Dobler, Fire Medic, Fire 10/14/2019 Cullen Ahearn, Fire Medic, Fire 10/14/2019 Christopher Collins, Fire Medic, Fire 10/14/2019 Michael Donovan, Fire Medic, Fire 10/14/2019 Mason St. Martin, Fire Medic, Fire 10/14/2019 Stephanie Nuszkowski, Fire Medic, Fire 10/14/2019 James Desaulniers, Fire Medic, Fire 10/14/2019 Kaitlin Homme, Fire Medic, Fire 10/14/2019 Eric Heisler, Fire Medic, Fire 10/14/2019 Joal Levendoski, Fire Medic, Fire 10/14/2019 Mark Williams, Fleet Mechanic, General Services 10/14/2019 Joshua McKillen, Parks Service Technician, Parks & Recreation 10/14/2019 Christen Moon, Parks Service Technician, Parks & Recreation 10/14/2019 Stephanie Scalos, Economic Dev. Coordinator, Econ. Dev. & Housing 10/14/2019 Charles Erwin, Wastewater Treatment Plant Operator, Public Utilities 10/28/2019 Steven Philyaw, Utilities Mechanic, Public Utilities 10/28/2019 Mark Suva, Utilities Mechanic, Public Utilities 10/28/2019 Kacey Nguyen, Senior Systems Programmer, Information Technology 10/28/2019 Dyone Davis, Solid Waste Worker, Solid Waste 10/28/2019 Jariel Candelario, Jr., Solid Waste Worker, Solid Waste 10/28/2019 Draft Pension Trustees Meeting Minutes December 16, 2019 Page 4 City of Clearwater Trustee Cundiff moved to approve the new hires for acceptance into the Pension Plan as listed. The motion was duly seconded and carried unanimously. 4.2 Approve the following request of employees Dominick Briganti, Fire Department and Lynne Priester, Customer Service Department, to vest their pensions as provided by Section 2.419 of the Employees’ Pension Plan. Dominick Briganti, Fire Lieutenant, Fire Department, was employed by the City on October 12, 2009 and began participating in the Pension Plan on that date. Mr. Briganti terminated from City employment on October 15, 2019. Lynne Priester, Accounts Program Coordinator, Customer Service Department, was employed by the City on December 11, 1995 and began participating in the Pension Plan on that date. Ms. Priester terminated from City employment on September 14, 2019. The Employees’ Pension Plan provides that should an employee cease to be an employee of the City of Clearwater or change status from full-time to part-time after completing ten or more years of creditable service (pension participation), such employee shall acquire a vested interest in the retirement benefits. Vested pension payments commence on the first of the month following the month in which the employee normally would have been eligible for retirement. Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (January 1, 2013), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of fifty-five years and completed twenty years of credited service; the date on which a participant has reached age sixty-five years and completed ten years of credited service; or the date on which a member has completed thirty years of service regardless of age. For non-hazardous duty employees hired on or after the effective date of this restatement, a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of sixty years and completed twenty-five years of credited service; or the date on which a participant has reached the age of sixty-five years and completed ten years of credited service. Ms. Priester will meet the non-hazardous duty criteria and begin collecting a pension in December 2023. Section 2.416 provides for normal retirement eligibility for hazardous duty employees, a member shall be eligible for retirement following the earlier of the date on which the participant has completed twenty years of credited service regardless of age, or the date on which the participant has reached fifty-five years and completed ten years of credited service. Mr. Briganti will meet the Draft Pension Trustees Meeting Minutes December 16, 2019 Page 5 City of Clearwater hazardous duty criteria and begin collecting pension in November 2025. Trustee Hamilton moved to approve the following request of employees Dominick Briganti, Fire Department and Lynne Priester, Customer Service Department, to vest their pensions as provided by Section 2.419 of the Employees’ Pension Plan. The motion was duly seconded and carried unanimously. 4.3 Approve the following request of employees Kimberly DuPont, Economic Development and Housing Department, Matthew Dupree, Police Department, Willie Jones, Park and Recreation Department, Susan Marx, Gas Department and Kathleen Perry, Police Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. Kimberly DuPont, Senior Housing Coordinator, Economic Development and Housing Department, was employed by the City on October 27, 1997, and her pension service credit is effective on that date. Her pension will be effective January 1, 2020. Based on an average salary of approximately $49,568.55 over the past five years, the formula for computing regular pensions and Ms. DuPont’s selection of the Life Annuity, this pension benefit will be approximately $30,193.44 annually. Matthew Dupree, Police Officer, Police Department, was employed by the City on September 27, 1999, and his pension service credit is effective on that date. His pension will be effective October 1, 2019. Based on an average salary of approximately $92,409.23 over the past five years, the formula for computing regular pensions and Mr. Dupree’s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $50,146.80 annually. Willie Jones, Senior Parks Service Tech, Park and Recreation Department, was employed by the City on September 15, 1998, and his pension service credit is effective on July 3, 1999. His pension will be effective November 1, 2019. Based on an average salary of approximately $33,122.40 over the past five years, the formula for computing regular pensions and Mr. Jones’ selection of the Life Annuity, this pension benefit will be approximately $18,485.52 annually. Susan Marx, Customer Service Representative, Gas Department, was employed by the City on September 2, 1986, and her pension service credit is effective on that date. Her pension will be effective December 1, 2019. Based on an average salary of approximately $41,405.06 over the past five years, the formula for computing regular pensions and Ms. Marx’s selection of the 10 Year Certain and Life Annuity, this pension benefit will be approximately $36,827.52 annually. Draft Pension Trustees Meeting Minutes December 16, 2019 Page 6 City of Clearwater Kathleen Perry, Senior Crime Analyst, Police Department, was employed by the City on May 21, 1990, and her pension service credit is effective on that date. Her pension will be effective December 1, 2019. Based on an average salary of approximately $56,621.50 over the past five years, the formula for computing regular pensions and Ms. Perry’s selection of the Life Annuity, this pension benefit will be approximately $45,882.24 annually. Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (January 1, 2013), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of fifty-five years and completed twenty years of credited service; the date on which a participant has reached age sixty-five years and completed ten years of credited service; or the date on which a member has completed thirty years of service regardless of age. For non-hazardous duty employees hired on or after the effective date of this restatement, a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of sixty years and completed twenty-five years of credited service; or the date on which a participant has reached the age of sixty-five years and completed ten years of credited service. Ms. DuPont, Mr. Jones, Ms. Marx, Ms. Perry have met the non-hazardous duty criteria. Section 2.416 provides for normal retirement eligibility for hazardous duty employees, a member shall be eligible for retirement following the earlier of the date on which the participant has completed twenty years of credited service regardless of age, or the date on which the participant has reached fifty-five years and completed ten years of credited service. Mr. Dupree has met the hazardous duty criteria. Trustee Allbritton moved to approve the following request of employees Kimberly DuPont, Economic Development and Housing Department, Matthew Dupree, Police Department, Willie Jones, Park and Recreation Department, Susan Marx, Gas Department and Kathleen Perry, Police Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. The motion was duly seconded and carried unanimously. 4.4 Approve changes to the City of Clearwater Employees’ Pension Fund “Statement of Investment Objectives and Guidelines” (Investment Policy) to expand and emphasize the Roles and Responsibilities section, to clarify responsibilities of the Trustees and Investment Committee regarding unauthorized investments, to modify performance measurement criteria for alternative investments, and other minor changes as recommended by the Plan’s Investment Committee. The Pension Plan’s investment policy was last revised in June of 2016. The Draft Pension Trustees Meeting Minutes December 16, 2019 Page 7 City of Clearwater policy was recently reviewed by the Plan’s investment consultant, CapTrust Advisors; the Plan’s pension attorney, Klausner, Kaufman, Jensen & Levinson; and the Plan’s Investment Committee for necessary revisions as proposed. Recommended revisions to the policy include: • The “Roles and Responsibilities” section was moved from the back of the policy to the front. • The “Responsibilities of the Pension Investment Committee” section was expanded and a new “Responsibilities of the Investment Consultant” section was added. • Minor changes were made to “Unauthorized Investments” section to clarify responsibilities of the Pension Trustees versus the Investment Committee. • A reference to 7% expected rate of return was modified to the “actuarial investment return rate assumption” • Aggregate, Bond, and Real Estate Index references were updated as necessary. • New language was added for performance measurement of alternative investments, to recognize non-traditional characteristics of alternative investments In response to questions, Finance Director Jay Ravins said the 7% assumed rate of return was hard-coded into policy. The recent policy change allows flexibility to amend the rate of return without requiring a policy amendment. He said the rate of return is being lowered to 6.5%. The change does not impact the pension fund but will impact the actuarial study with the required contribution the City provides. Per the most recent actuarial assumption, the Pension Plan was 104% funded. Mr. Ravins said as the rate of return is lowered, it is expected that the Plan may dip a little below 100%, which is dependent upon the investment market. Trustee Polglaze moved to approve changes to the City of Clearwater Employees’ Pension Fund “Statement of Investment Objectives and Guidelines” (Investment Policy) to expand and emphasize the Roles and Responsibilities section, to clarify responsibilities of the Trustees and Investment Committee regarding unauthorized investments, to modify performance measurement criteria for alternative investments, and other minor changes as recommended by the Plan’s Investment Committee. The motion was duly seconded and carried unanimously. Draft Pension Trustees Meeting Minutes December 16, 2019 Page 8 City of Clearwater 5. Director's Report – None. 6. Adjourn The meeting adjourned at 9:14 a.m. Chair Employees’ Pension Plan Trustees Attest City Clerk Draft Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#19-7277 Agenda Date: 2/18/2020 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.1 SUBJECT/RECOMMENDATION: Approve the new hires for acceptance into the Pension Plan as listed. SUMMARY: Name/Job Classification/Department Pension Eligibility Date Robert Farris, Senior Construction Inspector , Engineering 11/12/2019 Amy Dickman, Utility Dispatcher, Gas 11/12/2019 Ali Ismailoski, Arborist, Parks & Recreation 11/12/2019 Robert Testa, Parks Service Technician, Parks & Recreation 11/12/2019 Suzan Hauser, Police Records Clerk, Police 11/12/2019 Jessica Hoskins, Police Records Clerk, Police 11/12/2019 Tracy Boone, Police Records Clerk, Police 11/12/2019 Alyssa Poole, Customer Service Rep, Gas 11/25/2019 Derek Smith Jr.. Lead Parks Service Technician, Parks & Recreation 11/25/2019 Ryan DeFonso, Customer Service Rep, Planning & Development 11/25/2019 David Ball, Utilities Electronics Technician, Public Utilities 11/25/2019 Deborah Boyer, Customer Service Representative, Utility Customer Service 12/09/2019 Jesse Rhoades, Lead Engineering Specialist, Engineering/Traffic 12/09/2019 Elise Heal, Human Resources Analyst, Human Resources 12/09/2019 Andrew Donelson, Utilities Mechanic, Public Utilities 12/09/2019 Jakob Blass, Police Cadet, Police 11/12/2019 Jonathon Roth, Survey Assistant, Engineering 12/16/2019 Brenda Fontane-Villamil, Sr Development Rev Tech, Planning and Development 12/09/2019 APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 1 City of Clearwater Printed on 2/13/2020 Interoffice Correspondence Sheet TO: Pension Advisory Committee FROM: Jennifer Poirrier, Human Resources Director SUBJECT: Recommendation for Acceptance into Pension Plan DATE: Subject/Recommendation: Recommend approval of the new hires for acceptance into the Pension Plan as listed. Name Job Classification Department Pension Eligibility Date Robert Farris Senior Construction Inspector Engineering 11/12/2019 Amy Dickman Utility Dispatcher Gas 11/12/2019 Ali Ismailoski Arborist Parks & Recreation 11/12/2019 Robert Testa Parks Service Technician Parks & Recreation 11/12/2019 Suzan Hauser Police Records Clerk Police 11/12/2019 Jessica Hoskins Police Records Clerk Police 11/12/2019 Tracy Boone Police Records Clerk Police 11/12/2019 Alyssa Poole Customer Service Rep Gas 11/25/2019 Derek Smith Jr. Lead Parks Service Technician Parks & Recreation 11/25/2019 Ryan DeFonso Customer Service Rep Planning & Development 11/25/2019 David Ball Utilities Electronics Technician Public Utilities 11/25/2019 Deborah Boyer Customer Service Representative Utility Customer Service 12/09/2019 Jesse Rhoades Lead Engineering Specialist Engineering/Traffic 12/09/2019 Elise Heal Human Resources Analyst Human Resources 12/09/2019 Andrew Donelson Utilities Mechanic Public Utilities 12/09/2019 Jakob Blass Police Cadet Police 11/12/2019 Jonathon Roth Survey Assistant Engineering 12/16/2019 Brenda Fontane-Villamil Sr Development Rev Tech Planning and Development 12/09/2019 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#19-7278 Agenda Date: 2/18/2020 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.2 SUBJECT/RECOMMENDATION: Approve the following request of employee Jeremiah Mills, Fire Department, to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan. SUMMARY: Jeremiah Mills, Fire Medic, Fire Department, was employed by the City on February 28, 2006, and began participating in the Pension Plan on that date. Mr. Mills terminated from City employment on November 4, 2019. The Employees’ Pension Plan provides that should an employee cease to be an employee of the City of Clearwater or change status from full-time to part-time after completing ten or more years of creditable service (pension participation), such employee shall acquire a vested interest in the retirement benefits. Vested pension payments commence on the first of the month following the month in which the employee normally would have been eligible for retirement. Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (January 1, 2013), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of fifty-five years and completed twenty years of credited service; the date on which a participant has reached age sixty-five years and completed ten years of credited service; or the date on which a member has completed thirty years of service regardless of age. For non-hazardous duty employees hired on or after the effective date of this restatement, a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of sixty years and completed twenty-five years of credited service; or the date on which a participant has reached the age of sixty-five years and completed ten years of credited service. Section 2.416 provides for normal retirement eligibility for hazardous duty employees, a member shall be eligible for retirement following the earlier of the date on which the participant has completed twenty years of credited service regardless of age, or the date on which the participant has reached fifty-five years and completed ten years of credited service. Mr. Mills will meet the hazardous duty criteria and begin collecting pension in March 2026. APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 1 City of Clearwater Printed on 2/13/2020 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#19-7279 Agenda Date: 2/18/2020 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.3 SUBJECT/RECOMMENDATION: Approve the following request of employees Michael Deegan, Gas Department, Matthew McCombs, Solid Waste General Services and Karl Pople, Police Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. SUMMARY: Michael Deegan, Gas Safety and Reg Comp Coordinator, Gas Department, was employed by the City on January 2, 1985, and his pension service credit is effective on that date. His pension will be effective February 1, 2020. Based on an average salary of approximately $87,275.57 over the past five years, the formula for computing regular pensions and Mr . Deegan’s selection of the 75% Joint and Survivor Annuity, this pension benefit will be approximately $83,935.32 annually. Matthew McCombs, Fleet Mechanic, Solid Waste General Services Department, was employed by the City on February 24, 2003, and his pension service credit is effective on that date. His pension will be effective January 1, 2020. Based on an average salary of approximately $45,210.65 over the past five years, the formula for computing regular pensions and Mr. McCombs’ selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $18,667.20 annually. Karl Pople, Police Telecommunicator, Police Department, was employed by the City on January 16, 1991, and his pension service credit is effective on January 20, 1998. His pension will be effective February 1, 2020. Based on an average salary of approximately $54,183.40 over the past five years, the formula for computing regular pensions and Mr. Pople’s selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $30,726.72 annually. Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (January 1, 2013), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of fifty-five years and completed twenty years of credited service; the date on which a participant has reached age sixty-five years and completed ten years of credited service; or the date on which a member has completed thirty years of service regardless of age. For non-hazardous duty employees hired on or after the effective date of this restatement, a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of sixty years and completed twenty-five years of credited service; or the date on which a participant has reached the age of sixty-five years and completed ten years of credited service. Mr. Deegan, Mr. McCombs and Mr. Pople have met the non-hazardous duty criteria. Page 1 City of Clearwater Printed on 2/13/2020 File Number: ID#19-7279 APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 2/13/2020 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#19-7280 Agenda Date: 2/18/2020 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.4 SUBJECT/RECOMMENDATION: . Ratify and confirm correction of error of underpayments for members where amounts were calculated incorrectly by software. SUMMARY: APPROPRIATION CODE AND AMOUNT: n/a USE OF RESERVE FUNDS: n/a Page 1 City of Clearwater Printed on 2/13/2020           December 11, 2019      Mr. Jay Ravins  Finance Director  City of Clearwater  100 S. Myrtle Avenue  Clearwater, Florida  33756    Re: City of Clearwater Employees’ Pension Plan – Benefit Calculator Review    Dear Jay:    After a recent update to the Clearwater Benefit Calculator, it was discovered that certain optional forms of  payment are being calculated differently for terminated vested members who are commencing benefits  (i.e., calculations prepared under the “Delayed Retirement” calculation type).  The difference was noticed  when Jennifer Moulton compared a final calculation prepared in January 2019 for Mr. James Stanley, a  terminated vested member reaching normal retirement eligibility, to an estimate prepared previously for  him in July 2018.  Mr. Stanley’s accrued benefit was calculated as the same amount, but the joint and  survivor optional forms of payment were different.      After reviewing both calculations, it was determined that the amounts in the final calculation prepared in  January 2019 are correct.  Following this finding, we reviewed prior calculations to determine if any  terminated vested members who previously commenced benefits are affected.      Six former terminated vested members who have commenced pension payments under joint and survivor  options are impacted by this finding, which resulted in an underpayment of their benefits.  The affected  participants and the amount of payment variance are set forth in the enclosed Exhibit A.  The total  difference was determined assuming that the monthly benefit payments for these members would be  updated effective January 1, 2020.      For example, Mr. James Keller is a terminated vested participant who began to collect pension payments  as of August 1, 2015.  He elected the 100% joint and survivor optional form of payment with an initial total  monthly benefit amount of $1,541.06.  The initial total monthly benefit amount under this form of  payment is actually $1,548.99.  The current amount is $1,623.38 including 1.5% cost of living increases  each April 1 on the applicable portion of his benefit, as compared to the revised amount of $1,631.72.  The  total difference in payments from August 1, 2015 through December 31, 2019 is $431.18.     Mr. Jay Ravins  December 11, 2019  Page 2      We recommend review by your legal counsel of this matter and of your corrections policy before finalizing  the next steps.  We will be available to work with the appropriate individuals as the need arises.  Please  note that the program is updated to correctly determine the joint and survivor optional forms of payment  for terminated vested members.    If you have any questions, please feel free to contact us.    Sincerely,        Peter N. Strong, FSA  Senior Consultant and Actuary    Encl:   Exhibit A    cc: Ms. Jennifer Moulton, City of Clearwater         Exhibit A   City of Clearwater Employees’ Pension Plan Benefit Calculator Review    NameBenefit Commencement DateOriginal Starting Monthly Benefit AmountNew Starting Monthly Benefit Amount DifferenceCurrent Monthly Benefit Amount*New Monthly Benefit Amount Effective January 1, 2020* DifferenceTotal Difference through December 31, 2019*Charles Sr., Timothy S. 12/1/2017 3,822.16              3,828.09             5.93             3,870.80         3,876.80             6.00             148.88                Hamilton, Suzanne J. 8/1/2018 919.99                 929.93                9.94             930.49            940.54                10.05           169.97                Keller, James F. 8/1/2015 1,541.06              1,548.99             7.93             1,623.38         1,631.72             8.34             431.18                Ortega, Marco D. 10/1/2018 1,181.89              1,187.85             5.96             1,198.17         1,204.21             6.04             90.12                   Voigt, Todd 9/1/2017 3,292.44              3,299.75             7.31             3,378.82         3,386.31             7.49             207.38                Weitzel, David L. 11/1/2017 846.76                 864.17                17.41           857.90            875.54                17.64           454.73                Total 1,502.26            * Reflects 1.5% cost of living increases each April 1 when applicable.        December 11, 2019  NameBenefit Commencement DateOriginal Starting Monthly Benefit AmountNew Starting Monthly Benefit Amount DifferenceCurrent Monthly Benefit Amount*New Monthly Benefit Amount Effective January 1, 2020* DifferenceTotal Difference through December 31, 2019*Total Difference with Interest through December 31, 2019**Charles Sr., Timothy S. 12/1/2017 3,822.16              3,828.09             5.93             3,870.80         3,876.80             6.00             148.88                160.01                Hamilton, Suzanne J. 8/1/2018 919.99                 929.93                9.94             930.49            940.54                10.05           169.97                178.58                Keller, James F. 8/1/2015 1,541.06              1,548.99             7.93             1,623.38         1,631.72             8.34             431.18                502.18                Ortega, Marco D. 10/1/2018 1,181.89              1,187.85             5.96             1,198.17         1,204.21             6.04             90.12                   94.15                   Stanley, James 1/1/2019 666.63                 679.17                12.54           666.63            679.17                12.54           150.48                155.93                Voigt, Todd 9/1/2017 3,292.44              3,299.75             7.31             3,378.81         3,386.32             7.51             207.59                224.98                Weitzel, David L. 11/1/2017 846.76                 864.17                17.41           857.90            875.54                17.64           454.73                490.11                Totals: 1,652.95            1,805.94            * Reflects 1.5% cost of living increases each April 1 when applicable.** Includes interest at the investment return assumption used for the actuarial valuations.Exhibit ACity of Clearwater Employees' Pension PlanBenefit Calculator ReviewDecember 16, 2019 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#20-7472 Agenda Date: 2/18/2020 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.5 SUBJECT/RECOMMENDATION: Approve the termination of mid cap value equity money manager Wedge Capital Management and authorize the appropriate officials to execute same. SUMMARY: Wedge was hired as a mid cap value equity manager for the plan in January 2007. As of January 31, 2020, the market value of the plan’s investment in Wedge’s mid cap value equity product totaled $39.25 million, or 3.50% of the Plan’s total investment portfolio. Wedge’s performance has declined in recent years, as detailed below. The Pension Investment Committee unanimously recommends termination at this time. Percentile As of 9/30/2019 Systematic Ranking Benchmark Last 3 years 6.46% 99th 7.82% Last 5 years 6.59% 94th 7.55% Last 10 years 12.57% 65th 12.29% Staff will be bringing a separate agenda item forward for replacement of Wedge in the mid cap value portfolio category. Page 1 City of Clearwater Printed on 2/13/2020 400 N. Tampa Street, Suite 1800, Tampa, FL 33602-5140 ♦ Tel: 813/218-5000 Eric W. Bailey, CFA John J. Griffith, Jr., JD, CPC, AIF® Principal, Financial Advisor Senior Vice President, Financial Advisor CITY OF CLEARWATER EMPLOYEES’ PENSION PLAN PERFORMANCE REVIEW SEPTEMBER 30, 2019 TABLE OF CONTENTS Important Disclosures 1 Market Commentary 2 Fund Overview 3 Performance Review Total Fund 4 Domestic Equity 5 International Equity 6 Fixed Income 7 Real Estate 8 Appendix 9 IMPORTANT DISCLOSURES This report has been compiled from sources believed to be reliable but are not guaranteed to be accurate or complete. This material has been prepared solely for information purposes and is not a solicitation. Performance reports contain returns that are net of fees. Any depiction of account value/performance is not warranted to be accurate or complete. Please refer to your official monthly/quarterly custodial statements for verification. Past performance does not guarantee future results. CAPTRUST Financial Advisors does not render legal, accounting, or tax advice. Please contact your CAPTRUST Financial Advisor if your Investment Objectives or your personal or financial situation has changed or if you want to place reasonable restrictions on the management of your investment account(s) or portfolio. You may call direct at 919.870.6822 or 800.216.0645 or email compliance@captrustadvisors.com. Prior to January 1st 2016, manager returns were reported both gross and net of fees depending on custody arrangements and past practices. Effective January 1st 2016, prospectively, all manager returns will be reported net of fees. 1 2 Period Ending 9.30.19 | Q3 19 •Despite concerns about slowing economic growth and the ongoing trade dispute with China, U.S. stocks added to their impressive gains and closed out their best first three quarters since 1997. •International stocks slipped this quarter—weighed down by emerging markets and a strong dollar—but remain in positive territory for the year. •Bonds rallied again this quarter, building on their year-to-date gains, as interest rates hit multiyear lows. •Public real estate held onto strong gains, thanks to subdued interest rates and favorable market demand. It is this year’s standout performer. •Strategic opportunities posted a small gain for the quarter and lag all other asset classes for the year. market commentary SOLID YEAR DESPITE Q3 TURBULENCE Most asset classes added to their 2019 gains in the third quarter, in spite of attention-grabbing headlines and fears of waning global economic growth. While periodic bouts of news-driven market volatility have irked investors, their patience has been rewarded with generous gains so far this year. Asset class returns are represented by the following indexes: Russell 3000 Index (U.S. stocks), MSCI All-Country World ex USA Index (international stocks), Bloomberg Barclays U.S. Aggregate Bond Index (U.S. bonds), Dow Jones U.S. Real Estate Index (real estate), and HFRX Absolute Return Index (strategic opportunities). 1.1% 2.3% -1.8% 1.2% 7.3% 2.8% 8.5% 11.6% 20.1% 27.9% Q3 2019 YTD 2019 U.S. Bonds International Stocks U.S. Stocks Real Estate Strategic Opportunities 3 Period Ending 9.30.19 | Q3 19market commentary DIGGING DEEPER –STOCKS AND BONDS Asset class returns are represented by the following indexes: S&P 500 Index (U.S. stocks), MSCI EAFE Index (international stocks), and MSCI Emerging Markets Index (emerging market stocks). Relative performance by market capitalization and style is based upon the Russell U.S. Style Indexes except for large-cap blend, which is based upon the S&P 500 Index. Best and worst sectors are based on returns from the quarter. Source: Bloomberg, U.S. Treasury, Barclays Live. Q3 2019 YTD 2019 Last 12 Months U.S. Stocks 1.7%20.6%4.2% -Q3 Best Sector: Financials 9.3%25.4%27.1% -Q3 Worst Sector: Energy -6.3%6.0%-19.2% International Stocks -1.1%12.8%-1.3% Emerging Market Stocks -4.2%5.9%-2.0% 9.30.19 6.28.19 9.28.18 1-Year U.S. Treasury Yield 1.75%1.92%2.59% 10-Year U.S. Treasury Yield 1.68%2.00%3.05% QTD 2019 YTD 2019 Last 12 Months 10-Year U.S. Treasury Total Return 3.19%10.86%15.15% Fixed Income Equities –Relative Performance by Market Capitalization and Style Equities Q3 2019 Value Blend Growth Large 1.4%1.7%1.5% Mid 1.2%0.5%-0.7% Small -0.6%-2.4%-4.2% YTD 2019 Value Blend Growth Large 17.8%20.6%23.3% Mid 19.5%21.9%25.2% Small 12.8%14.2%15.3% Last 12 Months Value Blend Growth Large 4.0%4.2%3.7% Mid 1.6%3.2%5.2% Small -8.2%-8.9%-9.6% 4 Period Ending 9.30.19 | Q3 19market commentary DIGGING DEEPER: U.S. EQUITY MARKETS Source: Bloomberg. Data as of 6.30.2019. All calculations are cumulative total return, not annualized, including dividends for the stated period. Past performance is not indicative of future returns. The S&P 500 Index is a market-capitalization-weighted index of U.S. large-cap stocks across a diverse set of industry sectors. The stocks represented in those 11 sectors generated a range of returns in the second quarter and for the year-to-date period. Returns by S&P 500 Sector Sector Weight 21.9%13.7%12.9%10.4%10.1%9.3%7.6%4.5%3.6%3.2%2.7% 1.7%3.3% -2.2% 2.0%2.2% 0.5%1.0% 6.1% -6.3% 9.3%7.7% -0.1% 20.6% 31.4% 5.6% 19.6%21.7%22.5%22.6%23.3% 6.0% 25.4%29.7% 17.1% Q3 2019 YTD 2019 FinancialsTechnologyHealth Care Industrials Energy Consumer Discretionary Consumer Staples Communication Service Utilities Materials S&P 500 Index Real Estate 5 Period Ending 9.30.19 | Q3 19market commentary DIGGING DEEPER: FIXED INCOME MARKET Interest Rates 3 Month 2 Year 5 Year 10 Year 30 Year Mortgage Rate June 2019 2.12%1.75%1.76%2.00%2.52%3.80% September 2019 1.88%1.63%1.55%1.68%2.12%3.72% Change -0.24%-0.12%-0.21%-0.32%-0.40%-0.08% Interest rates declined across the yield curve last quarter. Mortgage rates declined less than interest rates as originators struggled to keep pace with demand. Bloomberg Barclays U.S. Aggregate Bond Index Yield to Worst Duration Total Return Q3 2019 Spread Treasury Rate AA Spread BBB Spread June 2019 2.49%5.73 2.27% 0.61%1.88%0.61%1.52% September 2019 2.26%5.78 0.46%1.80%0.55%1.52% Change -0.23%0.05 -0.15%-0.08%-0.06%0.00% The Bloomberg Barclays U.S. Aggregate Bond Index continued its strong performance, returning 2.27% for the quarter. A decline in interest rates drove performance. Spreads ended the quarter roughly flat. Bloomberg Barclays U.S. Long Credit Index Yield to Worst Duration Total Return Q3 2019 Spread Treasury Rate AA Spread BBB Spread June 2019 3.96%14.02 5.62% 1.61%2.35%1.00%2.03% September 2019 3.64%14.26 1.67%1.97%1.05%2.10% Change -0.32%0.24 0.06%-0.38%0.05%0.07% The Bloomberg Barclays U.S. Long Credit Index posted another strong quarter, returning 5.62%. This return was also entirely attributable to a decline in interest rates, since spreads finished the quarter modestly higher. Source: Bloomberg, Barclays Live, CAPTRUST, U.S. Treasury. 6 Period Ending 9.30.19 | Q3 19 ECONOMIC OUTLOOK The global economic picture typically consists of favorable attributes (tailwinds) and challenges (headwinds). Here, we provide our perspective on both and offer our view on which side has the upper hand. HEADWINDSTAILWINDS market commentary We see continued resilience in consumer sentiment and labor markets, even as global growth slows amid policy uncertainty. Consumer Strength •Consumer confidence, which has been resilient, plays a pivotal role in driving economic growth, since consumer spending accounts for two-thirds of U.S. gross domestic product. •Consumer optimism has been buoyed by low unemployment, rising wages, and a strong housing market. Home Rebound •Home sales remain strong, boosting economic growth through construction jobs and housing-related spending. •The housing market has benefitted from lower mortgage rates, which make homes more affordable. Oil Resilience •The September 14 drone attack on Saudi oil facilities reduced daily output by almost 6 million barrels—or 7% of global production. Although oil prices reacted with a 20% jump, they quickly settled back to near pre- attack levels. •In the past, such disruptions caused stress to the U.S. economy through higher energy prices, but the U.S. is far less susceptible to oil price shocks today. •American oil production has more than doubled since 2000, propelling the U.S. to become the global leader in oil production. Lingering Trade Disputes •Trade tensions continue to impair global economic growth, especially in trade- oriented economies like Germany, South Korea, and Taiwan. The slowdown in China has affected interconnected economies and commodity producers. •In the U.S., trade policy uncertainty remains the biggest risk to business sentiment, with impacts on business investment, capital spending, and hiring. Global Political Uncertainty •A wide range of geopolitical questions— ranging from presidential impeachment and 2020 elections in the U.S. to the continuing Brexit saga and civil unrest in Hong Kong— has weakened business leaders' abilities to forecast. Challenges in Eurozone •The combination of U.S.-China trade conflict and Brexit uncertainty comes at a bad time for export-driven European countries like Germany that are already under stress. Countries less dependent upon trade, such as France, have fared better. •The European Central Bank has pursued aggressive stimulus through unprecedented monetary easing, even as short-term interest rates across Europe are in negative territory. 7 Period Ending 9.30.19 | Q3 19market commentary OBSERVATIONS •So far, consumers have shrugged off many of the geopolitical worries that have clouded business confidence. However, the index’s August-to-September decline was the largest in nine months. •A solid U.S. labor market with low unemployment and accelerating wage growth, along with high savings rates and low inflation, have provided support to consumer confidence and spending. •The U.S. consumer is in good shape heading into the holiday shopping season, but consumers’ spending decisions will depend upon their assessments of the labor market, overall economic conditions, and concerns over the price impact of tariffs. Deterioration of any of these factors could prompt consumers to mind their wallets more closely in the checkout lane. Sources: Bloomberg, CAPTRUST Research CONSUMER CONFIDENCE REMAINS ELEVATED Consumer confidence, an important indicator on future household spending and saving, remains high by historical standards. Although it is down slightly from the month before, September’s Conference Board Consumer Confidence Index value of 125.1 remains well above its 20-year average. Consumer confidence plays a pivotal role in driving economic growth, since consumer spending accounts for two-thirds of U.S. gross domestic product. 125.1 0 20 40 60 80 100 120 140 160 1999 2003 2006 2009 2012 2016 2019 Consumer Confidence Index (1999-2019) 20-year average 92.5 8 Period Ending 9.30.19 | Q3 19market commentary CONSTRUCTIVE HOUSING The U.S. housing market remains robust, increasing economic resilience and boosting employment. U.S. homebuilding activity surged in August, stimulated by lower mortgage rates. Existing and new home sales are both at high levels by historical standards. OBSERVATIONS •In August, the interest rate on a 30-year fixed mortgage showed a 20% year-over-year decline, as the combination of strong appetite for safe haven assets and Fed rate cuts pushed down interest rates. •Booming home sales data reflects strong consumer confidence, since housing accounts for a significant share of consumers’ balance sheets. •Pent-up demand for housing may serve to prolong the housing cycle, as nearly 32% of millennials lived at home in 2018, compared to 28% in 2003. Sources: U.S. Census Bureau, National Association of Realtors via FactSet, Bloomberg, Cornerstone Macro, CAPTRUST Research 0 1,000 2,000 3,000 4,000 5,000 6,000 0 10,000 20,000 30,000 40,000 50,000 2012 2013 2014 2015 2016 2017 2018 2019 Home Sales January to August (in thousands) Existing Home Sales (left axis)New Home Sales (right axis) 9 Period Ending 9.30.19 | Q3 19market commentary OIL RESILIENCE: THIS TIME IS DIFFERENT The September 14 drone attack on major Saudi oil facilities took 5.7 million barrels per day of crude supply off the global market. However the price impact was fleeting, due in part to the growth of U.S. oil production in recent years. With an 18% share of global oil production, the U.S. is now the largest energy producer in the world, followed by Russia and Saudi Arabia. OBSERVATIONS •Attacks on the Saudi Aramco Abqaiq oil processing facility and the Khurais oil field in eastern Saudi Arabia, which represent about 7% of global crude oil production capacity, led to an increase in oil prices. However, production from Saudi Arabia recovered quickly, driving prices back down to near previous levels. •U.S. oil producers have the capacity to extract and transport more from their oil fields to production facilities on the Texas coast. Several new pipelines have opened, and others will be opening. Rising oil prices are a benefit to domestic producers and stimulate infrastructure investment. •The U.S. oil trade deficit has narrowed by 90% since 2007 (to roughly $30 billion), making the domestic economy much less susceptible to oil price shocks. Sources: U.S. Energy Information Administration, S&P Global, Cornerstone Macro, CAPTRUST Research 8,994 9,129 17,914 8,907 10,315 12,419 6,312 10,050 11,401 1999 2009 2018 U.S.Saudi Arabia Russia Top 3 Global Petroleum Producers (in thousands of barrels/day) U.S. oil production rose 96% from 2009 to 2018, while Saudi Arabia and Russia increased their production 20% and 13%, respectively. 10 Period Ending 9.30.19 | Q3 19market commentary EROZONE: WINNERS AND LOSERS The prolonged U.S.-China trade dispute is revealing winners and losers. For example, it has put pressure on Germany's manufacturing activity, as reflected in Purchasing Manager Index (PMI) data, which is at its lowest level since 2010. Germany's economy is more driven by exports than France’s and those of other major economies within the Eurozone. Nominal exports account for 47% of Germany’s gross domestic product, compared to 31% in France. OBSERVATIONS •Germany, a leading exporter of machinery, vehicles, and computers, has become a loser in the U.S.-China trade war; its export-oriented economy is vulnerable to geopolitical storms. •Meanwhile, French economic growth is expected to be strong; the country will benefit from its limited exposure to exports, and it recently passed tax and labor reforms. Its corporate tax is scheduled to decline from 32% today to 25% by 2022, which should stimulate capital expenditures and business investments. •Brexit risk has added additional pressure to European countries—such as Germany, the Netherlands, Ireland, and Belgium—with high levels of U.K. trade exposure. •The European Central Bank has pursued stimulus through unprecedented monetary easing, even as short-term interest rates across Europe are in negative territory. The response to this stimulus has been muted by the challenges of a less dynamic economy, demographic headwinds, and bank weakness. Sources: German Federal Statistical Office, INSEE via FactSet, Bloomberg, CAPTRUST Research 40 45 50 55 60 65 2016 2017 2018 2019 Manufacturing Purchasing Manager Index (PMI) Germany France Index above 50 represents economic expansion First round of tariffs implemented 11 Period Ending 9.30.19 | Q3 19 0 5 10 15 20 25 30 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 market commentary Source: Bloomberg, Robert Shiller, CAPTRUST Research S&P 500 Index: Forward P/E Ratio +1 Std Dev: 20.5x 25-year Average: 17.2x -1 Std Dev: 13.9x Current: 18.1x Valuation Measure Description Latest 25-year Average Std Dev Over-/Under-Valued Inception Year P/E Forward P/E 18.1x 17.2x 0.3x 1994 CAPE Shiller’s P/E 29.0 27.1 0.3 1994 Div. Yield Dividend Yield 2.0%2.1%-0.5%2006 P/B Price to Book 3.4 3.0 0.5 1994 P/CF Price to Cash Flow 13.0 10.4 1.4 2006 12 Period Ending 9.30.19 | Q3 19 0 100 200 300 400 500 600 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 market commentary S&P 500 and MSCI ACWI Excluding U.S. Index Price Return (January 1996 = 100) Source: Bloomberg, CAPTRUST Research S&P 500 MSCI ACWI ex U.S. P/E Avg Since 12.31.2005 Div Yield Avg Since 12.31.2005 S&P 500 18.1x 15.7x 2.0%2.1% MSCI ACWI ex-U.S.14.0x 13.4x 3.4%3.2% +106%-49% +101%-57% +333% September 30, 2019 P/E (fwd)= 18.1x +48% -52% +216%-62% +115% September 30, 2019 P/E (fwd)= 14.0x -20% 27% -13% 10% 13 Period Ending 9.30.19 | Q3 19market commentary Source: CAPTRUST Research, Bloomberg S&P 500 vs. Bloomberg Barclays U.S. Aggregate S&P 500 vs. MSCI EAFE -70% -50% -30% -10% 10% 30% 50% 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 Series1 Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations -70% -50% -30% -10% 10% 30% 50% 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 S&P 500 vs. MSCI EAFE Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations 14 Period Ending 9.30.19 | Q3 19market commentary Russell 1000 vs. Russell 2000 Russell 1000 Value vs. Russell 1000 Growth Source: CAPTRUST Research, Bloomberg -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 Russell 1000 vs. Russell 2000 Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 Large Value vs. Large Growth Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations 15 Period Ending 9.30.19 | Q3 19market commentary Russell 2000 Value vs. Russell 2000 Growth S&P 500 vs. FTSE NAREIT Source: CAPTRUST Research, Bloomberg -80% -60% -40% -20% 0% 20% 40% 60% 80% 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 Small Value vs. Small Growth Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations -80% -60% -40% -20% 0% 20% 40% 60% 80% 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 S&P 500 vs. FTSE NAREIT Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations 16 Period Ending 9.30.19 | Q3 19market commentary Bloomberg Barclays U.S. Aggregate Vs. FTSE NAREIT Source: CAPTRUST Research, Bloomberg -120% -100% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100% 120% 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 Large Value vs. Large Growth Mean -1 Standard Deviation +1 Standard Deviation -2 Standard Deviations +2 Standard Deviations 17 Period Ending 9.30.19 | Q3 19asset class returns 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD 2019 Real Estate 35.92% Inter- national Equities 17.12% Fixed Income 5.24% Inter- national Equities 42.14% Real Estate 28.48% Real Estate 8.69% Real Estate 17.77% Small-Cap Stocks 38.82% Real Estate 30.38% Strategic Oppor- tunities 2.86% Small-Cap Stocks 21.31% Inter- national Equities 27.77% Cash 1.87% Real Estate 27.91% Inter- national Equities 27.16% Fixed Income 6.97% Cash 1.51% Mid-Cap Stocks 40.48% Small-Cap Stocks 26.85% Fixed Income 7.84% Inter- national Equities 17.39% Mid-Cap Stocks 34.76% Large-Cap Stocks 13.24% Real Estate 2.14% Mid-Cap Stocks 13.80% Large-Cap Stocks 21.69% Fixed Income 0.01% Mid-Cap Stocks 21.93% Small-Cap Stocks 18.37% Strategic Oppor- tunities 6.68% Strategic Oppor- tunities -13.09% Real Estate 28.61% Mid-Cap Stocks 25.48% Large-Cap Stocks 1.50% Mid-Cap Stocks 17.28% Large-Cap Stocks 33.11% Mid-Cap Stocks 13.22% Large-Cap Stocks 0.92% Large-Cap Stocks 12.05% Mid-Cap Stocks 18.52% Strategic Opportun ities -0.49% Large- Cap Stocks 20.53% Large-Cap Stocks 15.46% Large-Cap Stocks 5.77% Small-Cap Stocks -33.79% Large-Cap Stocks 28.43% Large-Cap Stocks 16.10% Cash 0.10% Large-Cap Stocks 16.42% Inter- national Equities 15.78% Fixed Income 5.97% Fixed Income 0.55% Real Estate 7.56% Small-Cap Stocks 14.65% Real Estate -4.03% Small- Cap Stocks 14.18% Mid-Cap Stocks 15.26% Mid-Cap Stocks 5.60% Large-Cap Stocks -37.60% Small-Cap Stocks 27.17% Inter- national Equities 11.60% Mid-Cap Stocks -1.55% Small-Cap Stocks 16.35% Strategic Oppor- tunities 3.58% Small-Cap Stocks 4.89% Cash 0.05% Inter- national Equities 5.01% Real Estate 9.84% Large- Cap Stocks -4.78% Internatio nal Equities 12.06% Strategic Oppor- tunities 7.43% Cash 4.71% Real Estate -37.97% Fixed Income 5.93% Fixed Income 6.54% Strategic Opport- unities -3.71% Fixed Income 4.22% Real Estate 2.47% Strategic Oppor- tunities 0.79% Mid-Cap Stocks -2.44% Fixed Income 2.65% Fixed Income 3.54% Mid-Cap Stocks -9.06% Fixed Income 8.52% Cash 5.08% Small-Cap Stocks -1.57% Mid-Cap Stocks -41.46% Cash 0.21% Cash 0.13% Small-Cap Stocks -4.18% Strategic Oppor- tunities 0.88% Cash 0.07% Cash 0.03% Small-Cap Stocks -4.41% Cash 0.33% Strategic Oppor- tunities 3.40% Small- Cap Stocks -11.01% Strategic Opportun ities 2.75% Fixed Income 4.33% Real Estate -16.82% Inter- national Equities -45.25% Strategic Oppor- tunities -3.58% Strategic Oppor- tunities -0.12% Inter- national Equities -13.33% Cash 0.11% Fixed Income -2.02% Inter- national Equities -3.44% Intern- ational Equities -5.25% Strategic Oppor- tunities 0.31% Cash 0.86% Internatio nal Equities -13.78% Cash 1.81% Source: Markov Processes, Inc., Bloomberg, Mobius Cash (BofA Merrill Lynch 3-Month Treasury Bill Index) The BofA Merrill Lynch 3-Month Treasury Bill Index tracks the performance of the U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to maturity of less than 3 months. Real Estate (Dow Jones US Real Estate Index) The Dow Jones US Real Estate Index tracks the performance of publicly traded real estate equity. It is comprised of companies whose charter is the equity ownership and operation of commercial real estate. Strategic Opportunities (HFRX Absolute Return Index) The HFRX Absolute Return Index measures the overall returns of hedge funds. Since hedge funds explore unique investment strategies and seek to generate absolute returns rather than focus on beating a benchmark, the HFRX is representative of all hedge fund strategies. Fixed Income (Bloomberg Barclays U.S. Aggregate Bond Index) The Bloomberg Barclays U.S. Aggregate Bond Index is a market capitalization-weighted index that tracks the majority of U.S.- traded investment grade bonds.The index includes Treasurys, agency bonds,mortgage-backed bonds,corporate bonds, and a small amount of foreign bonds traded in United States. International Equities (MSCI ACWI Ex-US Index) The MSCI ACWI Ex-US Index tracks large-and mid-cap stocks from 22 of 23 developed market countries (excluding the U.S.) and 24 emerging markets countries. This index covers approximately 85% of the global equity opportunity set outside the United States. Large-Cap Stocks (Russell 1000 Index) The Russell 1000 Index tracks the performance of 1,000 of the largest public companies in the U.S. It includes more than 90% of the total market capitalization of all listed U.S. stocks. The information contained in this report is from sources believed to be reliable, but not warranted by CAPTRUST Financial Advisors to be accurate or complete. Small-Cap Stocks (Russell 2000 Index) The Russell 2000 Index tracks the performance of approximately 2,000 small-cap companies contained in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. Mid-Cap Stocks (Russell Mid-Cap Index) The Russell Mid-Cap Index is a market-capitalization-weighted index representing the smallest 800 companies in the Russell 1000 Index. 18 Period Ending 9.30.19 | Q3 19indexperformance The opinions expressed in this report are subject to change without notice. This material has been prepared or is distributed solely for informational purposes and is not a solicitation or an offer to buy any security or to participate in any investment strategy. The performance data quoted represents past performance and does not guarantee future results. Index averages are provided for comparison purposes only. The information and statistics in this report are from sources believed to be reliable but are not guaranteed to be accurate or complete. CAPTRUST Financial Advisors is an investment adviser registered under the Investment Advisers Act of 1940. Sources:Morningstar Direct, MPI INDEXES Q3 2019 YTD 2018 2017 2016 2015 2014 1 YEAR 3 YEAR 5 YEAR 10 YEAR 90-Day U.S.Treasury 0.56%1.81%1.87%0.86%0.33%0.05%0.03%2.39%1.54%0.98%0.54% Bloomberg Barclays Government 1-3 Year 0.59%3.07%1.58%0.45%0.87%0.57%0.64%4.42%1.54%1.34%1.21% Bloomberg Barclays Intermediate Govt 1.18%5.18%1.43%1.14%1.05%1.18%2.52%7.52%1.82%2.18%2.34% Bloomberg Barclays Muni Bond 1.58%6.75%1.28%5.45%0.25%3.30%9.05%8.55%3.19%3.66%4.16% Bloomberg Barclays Intermediate Govt/Credit 1.37%6.41%0.88%2.14%2.08%1.07%3.13%8.17%2.40%2.68%3.05% Bloomberg Barclays Intermediate Credit 1.70%8.46%0.01%3.67%3.68%0.90%4.16%9.27%3.33%3.47%4.31% Bloomberg Barclays Aggregate Bond 2.27%8.52%0.01%3.54%2.65%0.55%5.97%10.30%2.92%3.38%3.75% Bloomberg Barclays Corporate IG Bond 3.05%13.20%-2.51%6.42%6.11%-0.68%7.46%13.00%4.50%4.72%5.56% Bloomberg Barclays High Yield 1.33%11.41%-2.08%7.50%17.13%-4.47%2.45%6.36%6.07%5.37%7.94% Bloomberg Barclays Global Aggregate 0.72%6.32%-1.20%7.39%2.09%-3.15%0.59%7.60%1.59%1.99%2.34% Bloomberg Barclays U.S. Long Corporate 5.61%22.26%-7.24%12.09%10.97%-4.61%15.73%20.06%6.48%6.95%7.82% S&P 500 1.70%20.55%-4.38%21.83%11.96%1.38%13.69%4.25%13.39%10.84%13.24% Dow Jones Industrial Average 1.83%17.51%-3.48%28.11%16.50%0.21%10.04%4.21%16.44%12.28%13.56% NASDAQ Composite -0.09%20.56%-3.88%28.24%7.50%5.73%13.40%-0.58%14.62%12.23%14.19% Russell 1000 Value 1.36%17.81%-8.27%13.66%17.34%-3.83%13.45%4.00%9.43%7.79%11.46% Russell 1000 1.42%20.53%-4.78%21.69%12.05%0.92%13.24%3.87%13.19%10.62%13.23% Russell 1000 Growth 1.49%23.30%-1.51%30.21%7.08%5.67%13.05%3.71%16.89%13.39%14.94% Russell Mid-Cap Value Index 1.22%19.47%-12.29%13.34%20.00%-4.78%14.75%1.60%7.82%7.55%12.29% Russell Mid-Cap Index 0.48%21.93%-9.06%18.52%13.80%-2.44%13.22%3.19%10.69%9.10%13.07% Russell Mid-Cap Growth Index -0.67%25.23%-4.75%25.27%7.33%-0.20%11.90%5.20%14.50%11.12%14.08% MSCI EAFE -1.00%13.35%-13.36%25.62%1.51%-0.39%-4.48%-0.82%7.01%3.77%5.39% MSCI ACWI ex U.S.-1.70%12.06%-13.78%27.77%5.01%-5.25%-3.44%-0.72%6.85%3.39%4.93% Russell 2000 Value -0.57%12.82%-12.86%7.84%31.74%-7.47%4.22%-8.24%6.54%7.17%10.06% Russell 2000 -2.40%14.18%-11.01%14.65%21.31%-4.41%4.89%-8.89%8.23%8.19%11.19% Russell 2000 Growth -4.17%15.34%-9.31%22.17%11.32%-1.38%5.60%-9.63%9.79%9.08%12.25% MSCI Emerging Markets -4.11%6.23%-14.25%37.75%11.60%-14.60%-1.82%-1.63%6.37%2.71%3.73% Dow Jones U.S. Real Estate Index 7.30%27.91%-4.03%9.84%7.56%2.14%27.24%20.27%9.32%10.71%12.83% HFRX Absolute Return Index 1.08%2.75%-0.49%3.39%0.31%2.86%0.79%1.23%1.75%1.55%1.02% Consumer Price Index (Inflation)0.16%2.12%1.91%2.11%2.07%0.73%0.76%1.63%2.05%1.51%1.74% BLENDED BENCHMARKS Q3 2019 YTD 2018 2017 2016 2015 2014 1 YEAR 3 YEAR 5 YEAR 10 YEAR 25% S&P 500/5% MSCI EAFE/70% BB Agg 1.99%11.87%-1.55%8.93%5.00%0.92%7.37%8.57%5.85%5.40%6.35% 30% S&P 500/10% MSCI EAFE/60% BB Agg 1.80%12.74%-2.44%10.90%5.43%0.95%7.21%7.74%6.59%5.82%6.94% 35% S&P 500/15% MSCI EAFE/50% BB Agg 1.61%13.59%-3.34%12.90%5.85%0.97%7.04%6.88%7.33%6.22%7.51% 40% S&P 500/20% MSCI EAFE/40% BB Agg 1.42%14.43%-4.25%14.93%6.26%0.96%6.87%6.01%8.06%6.61%8.07% 45% S&P 500/25% MSCI EAFE/30% BB Agg 1.22%15.25%-5.17%16.99%6.65%0.93%6.69%5.10%8.78%6.99%8.61% 60% S&P 500/40% Bloomberg Barclays Agg 2.02%15.83%-2.28%14.25%8.41%1.40%10.75%7.05%9.34%8.08%9.70% 19 20 City of Clearwater Employees Pension Fund Asset Allocation vs Target & Policy Total Fund As of 9/30/19 Manager Market Value Actual % Policy % Voya Investment Mgmt NTGI-QM R1000V Eagle Capital Management Manning and Napier Artisan Partners Wedge Capital Mgmt Atlanta Capital Mgmt Riverbridge Partners Sycamore Small Cap Value Total Domestic Equity WCM Investment Management Thompson, Siegel & Walmsley DFA Emerging Markets Total International Equity Dodge & Cox Western Asset Management Co. Security Lending Income Account In House Account Total Domestic Fixed Income Multi Employer Property Trust Security Capital Molpus Woodlands Fund III Hancock USAA U.S. Real Estate Investment Fund IFM Global Infrastructure (US) L.P. Molpus Woodlands Fund IV Total Real Estate Total Fund 147,854,722.95 47,452,566.38 45,949,546.25 46,952,742.57 46,236,175.02 38,600,440.82 14,408,036.89 27,572,471.11 13,299,993.95 428,326,695.94 84,626,014.89 68,620,682.47 36,748,732.88 189,995,430.24 146,898,151.27 145,626,031.92 776,720.34 2,118,678.07 295,419,581.60 51,365,985.22 13,668,521.97 7,117,544.00 8,141,058.00 11,624,809.66 13,688,632.00 41,157,477.78 4,433,546.00 151,197,574.63 1,064,939,282.41 13.88 4.46 4.31 4.41 4.34 3.62 1.35 2.59 1.25 40.22 7.95 6.44 3.45 17.84 13.79 13.67 0.07 0.20 27.74 4.82 1.28 0.67 0.76 1.09 1.29 3.86 0.42 14.20 100.00 39.00 18.00 28.00 15.00 21 City of Clearwater Employees Pension Fund Sources of Fund Growth Total Fund 6/30/19 - 9/30/19 Manager Name Beginning Value Net Contrib Invest Fees Invest Gain/Loss Ending Value Voya Investment Mgmt NTGI-QM R1000V Eagle Capital Management Manning and Napier Artisan Partners Wedge Capital Mgmt Atlanta Capital Mgmt Riverbridge Partners Sycamore Small Cap Value Equity WCM Investment Management Thompson, Siegel & Walmsley DFA Emerging Markets International EQ Comp Dodge & Cox Western Asset Management Co. Security Lending Income Account In House Account Fixed Income Comp Multi Employer Property Trust Security Capital Molpus Woodlands Fund III Hancock USAA U.S. Real Estate Investment Fund IFM Global Infrastructure (US) L.P. Molpus Woodlands Fund IV Real Estate Comp Total Fund 144,900,028 46,820,423 46,538,355 46,061,109 47,913,565 38,195,321 14,022,151 28,268,923 13,022,278 425,742,152 84,576,890 68,525,584 38,352,212 191,454,686 149,752,165 149,885,761 444,373 744,494 300,826,792 50,903,210 12,768,496 7,117,544 8,209,069 11,634,480 13,384,454 40,269,768 4,433,546 148,720,567 1,066,744,197 135,508 4,682 88,740 63,738 90,565 59,122 28,635 61,485 31,301 563,776 156,388 115,418 -154 271,652 -5,927,673 -7,906,831 327,720 1,374,185 -12,132,599 0 21,318 0 -68,011 -153,578 0 0 0 -200,271 -11,497,442 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,819,188 627,462 -677,549 827,896 -1,767,955 345,998 357,251 -757,937 246,415 2,020,768 -107,263 -20,320 -1,603,326 -1,730,908 3,073,660 3,647,102 4,627 0 6,725,389 462,775 878,708 0 0 143,907 304,178 887,710 0 2,677,279 9,692,527 147,854,723 47,452,566 45,949,546 46,952,743 46,236,175 38,600,441 14,408,037 27,572,471 13,299,994 428,326,696 84,626,015 68,620,682 36,748,733 189,995,430 146,898,151 145,626,032 776,720 2,118,678 295,419,582 51,365,985 13,668,522 7,117,544 8,141,058 11,624,810 13,688,632 41,157,478 4,433,546 151,197,575 1,064,939,282 22 City of Clearwater Employees Pension Fund Executive Summary Table Periods Ending September 30, 2019 Net of Fee Return Name Value $(000) Periods Ending 9/30/19 Cur Qtr 1 Year 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Since Inception Ret Date Total Fund Policy Index Secondary Benchmark Domestic Equity Comp S&P 500 Large Cap Equity Comp R1000 Eagle Capital Management Russell 1000 Value Manning and Napier Russell 1000 Value NTGI-QM R1000V R1000V Voya Investment Mgmt R1000G Mid Cap Equity Comp R Mid Cap Artisan Partners R Mid Cap G Wedge Capital Mgmt R Mid Cap V Small Cap Equity Comp R2000 Atlanta Capital Mgmt Russell 2000 Riverbridge Partners R2000G Sycamore Small Cap Value Russell 2000 Value International EQ Comp MSCI ACWI ex US (Net) DFA Emerging Markets MSCI Emg Mkts (Gross) Thompson, Siegel & Walmsley MSCI EAFE (Net) WCM Investment Management MSCI ACWI ex US (Net) 1,064,939 428,327 288,210 45,950 46,953 47,453 147,855 84,837 46,236 38,600 55,281 14,408 27,572 13,300 189,995 36,749 68,621 84,626 0.91 0.76 1.04 0.47 1.70 1.27 1.42 -1.46 1.36 1.80 1.36 1.34 1.36 1.95 1.49 -1.65 0.48 -3.69 -0.67 0.91 1.22 -0.28 -2.40 2.55 -2.40 -2.68 -4.17 1.89 -0.57 -0.90 -1.80 -4.18 -4.10 -0.03 -1.07 -0.13 -1.80 5.18 3.52 5.12 2.66 4.25 3.72 3.87 2.11 4.00 3.59 4.00 4.02 4.00 4.17 3.71 0.65 3.19 5.73 5.20 -4.82 1.60 0.35 -8.89 3.96 -8.89 -1.71 -9.63 0.97 -8.24 2.01 -1.23 -1.75 -1.64 -4.30 -1.34 9.70 -1.23 8.70 7.27 7.86 13.14 13.39 13.81 13.19 14.15 9.43 11.41 9.43 9.44 9.43 15.93 16.89 9.96 10.69 13.17 14.50 6.46 7.82 14.49 8.23 13.85 8.23 16.64 9.79 7.89 6.33 4.49 6.48 13.19 6.33 7.50 6.55 6.90 10.76 10.84 11.09 10.62 10.63 7.79 9.22 7.79 7.79 7.79 12.90 13.39 8.61 9.10 10.42 11.12 6.59 7.55 12.36 8.19 13.47 8.19 13.66 9.08 2.30 3.27 8.83 7.83 13.24 13.26 13.49 13.21 11.36 11.31 14.52 15.02 12.22 12.57 12.97 13.81 11.18 11.63 13.30 10.43 14.51 10.54 13.94 11.42 4.26 6.25 9.55 8.66 13.71 13.24 13.31 13.23 11.48 11.46 14.96 14.94 13.71 13.07 14.65 14.08 12.57 12.29 14.32 11.19 15.19 10.89 4.74 5.14 7.88 7.43 9.90 9.01 9.33 9.17 11.08 10.41 10.39 9.92 11.98 10.53 10.34 8.19 12.57 7.76 5.58 5.61 9.10 9.06 11.27 10.57 10.64 10.55 13.19 10.60 11.30 10.60 5.94 5.90 11.95 10.51 12.16 11.51 10.26 8.81 8.11 7.13 10.39 8.65 12.61 8.68 15.01 11.97 4.33 -1.45 4.84 5.03 -3.79 -2.85 1.71 2.99 10.52 3.56 12/31/87 12/31/87 12/31/87 12/31/87 12/31/87 3/31/88 3/31/88 1/31/13 1/31/13 1/31/13 1/31/13 6/30/07 6/30/07 12/31/87 12/31/87 3/31/88 3/31/88 7/31/01 7/31/01 2/28/07 2/28/07 8/31/03 8/31/03 8/31/03 8/31/03 9/30/10 9/30/10 11/30/17 11/30/17 5/31/01 5/31/01 10/31/17 10/31/17 7/31/15 7/31/15 7/31/15 7/31/15 23 City of Clearwater Employees Pension Fund Executive Summary Table Periods Ending September 30, 2019 Net of Fee Return Name Value $(000) Periods Ending 9/30/19 Cur Qtr 1 Year 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Since Inception Ret Date Fixed Income Comp BC Agg Dodge & Cox BC Agg In House Account 3-month T-Bill Security Lending Income Account 3-month T-Bill Western Asset Management Co. BC Agg Real Estate Comp Policy Index Hancock NCREIF Timberland Index IFM Global Infrastructure (US) L.P. MSCI World (Net) Molpus Woodlands Fund III NCREIF Timberland Index Molpus Woodlands Fund IV NCREIF Timberland Index Multi Employer Property Trust NCREIF ODCE Security Capital Wilshire RESI U.S. Real Estate Investment Fund NCREIF ODCE Fund Index USAA NCREIF ODCE Fund Index 295,420 146,898 2,119 777 145,626 151,198 8,141 41,157 7,118 4,434 51,366 13,669 13,689 11,625 2.26 2.27 2.05 2.27 0.00 0.56 0.77 0.56 2.42 2.27 1.80 5.69 0.00 0.18 2.20 0.53 0.00 0.18 0.00 0.18 0.91 1.31 6.88 7.85 2.27 1.31 1.25 1.31 9.58 10.30 8.89 10.30 0.00 2.35 3.65 2.35 10.27 10.30 7.43 14.31 2.72 2.09 12.07 1.83 0.62 2.09 -1.55 2.09 4.64 5.60 15.07 18.27 6.79 5.60 3.29 5.60 3.28 2.92 3.55 2.92 0.00 1.52 3.00 1.52 3.04 2.92 7.05 7.60 2.59 3.12 1.38 3.12 1.73 3.12 5.74 7.31 5.84 7.47 9.20 7.31 7.65 7.31 3.73 3.38 3.74 3.38 0.00 0.95 3.53 0.95 3.64 3.38 8.74 10.31 3.16 4.35 3.01 4.35 7.79 9.34 9.29 10.49 3.32 2.72 3.58 2.72 -0.00 0.70 3.40 0.70 2.97 2.72 8.95 10.40 4.64 5.95 4.33 5.95 8.48 10.30 9.25 10.18 4.34 3.75 4.62 3.75 -0.00 0.51 5.77 0.51 4.00 3.75 12.11 13.09 12.59 13.19 4.78 4.21 4.99 4.21 -0.00 1.32 5.68 1.32 4.52 4.21 6.17 6.28 4.86 4.14 0.58 3.11 5.32 1.30 4.52 4.21 6.30 7.43 4.35 5.86 17.13 6.43 3.52 5.26 0.79 3.16 9.11 11.30 6.70 7.46 8.96 7.60 7.93 8.42 12/31/87 12/31/87 2/29/04 2/29/04 12/31/87 12/31/87 6/30/03 6/30/03 9/30/04 9/30/04 4/30/08 4/30/08 5/31/12 5/31/12 9/30/17 9/30/17 6/30/11 6/30/11 9/30/15 9/30/15 9/30/10 9/30/10 4/30/08 4/30/08 12/31/15 12/31/15 6/30/15 6/30/15 24 City of Clearwater Employees Pension Fund Executive Summary Table September 30, 2019 Net of Fee Return Name Value $(000) Calendar Years YTD 2018 2017 2016 2015 2014 Total Fund Policy Index Domestic Equity Comp S&P 500 Large Cap Equity Comp R1000 Eagle Capital Management Russell 1000 Value Manning and Napier Russell 1000 Value NTGI-QM R1000V R1000V Voya Investment Mgmt R1000G Mid Cap Equity Comp R Mid Cap Artisan Partners R Mid Cap G Wedge Capital Mgmt R Mid Cap V Small Cap Equity Comp R2000 Atlanta Capital Mgmt Russell 2000 Riverbridge Partners R2000G Sycamore Small Cap Value Russell 2000 Value International EQ Comp MSCI ACWI ex US (Net) DFA Emerging Markets MSCI Emg Mkts (Gross) Thompson, Siegel & Walmsley MSCI EAFE (Net) WCM Investment Management MSCI ACWI ex US (Net) Fixed Income Comp BC Agg 1,064,939 428,327 288,210 45,950 46,953 47,453 147,855 84,837 46,236 38,600 55,281 14,408 27,572 13,300 189,995 36,749 68,621 84,626 295,420 13.91 12.16 20.02 20.55 19.42 20.53 18.56 17.81 14.92 17.81 17.81 17.81 21.74 23.30 22.78 21.93 29.33 25.23 15.79 19.47 19.02 14.18 21.10 14.18 18.21 15.34 18.50 12.82 15.87 11.56 4.96 6.23 11.12 12.80 25.95 11.56 8.68 8.52 -2.64 -4.62 -4.06 -4.38 -3.49 -4.78 -4.86 -8.27 -3.65 -8.27 -8.32 -8.27 -1.43 -1.51 -9.88 -9.06 -3.39 -4.75 -16.00 -12.29 1.67 -11.01 0.48 -11.01 7.33 -9.31 -8.23 -12.86 -11.88 -14.20 -15.25 -14.25 -15.20 -13.79 -6.56 -14.20 -0.38 0.01 15.98 15.44 22.53 21.83 24.63 21.69 23.52 13.66 21.55 13.66 13.77 13.66 29.94 30.21 19.76 18.52 20.81 25.27 18.44 13.34 16.66 14.65 13.34 14.65 22.97 22.17 27.97 27.19 22.27 25.03 33.22 27.19 3.91 3.54 6.71 7.32 9.61 11.96 8.88 12.05 10.16 17.34 13.85 17.34 17.03 17.34 4.26 7.08 6.73 13.80 -0.63 7.33 14.46 20.00 18.26 21.31 18.02 21.31 13.29 11.32 2.78 4.50 -0.19 1.00 -1.00 4.50 5.01 2.65 1.43 0.22 1.48 1.38 3.35 0.92 2.35 -3.83 -0.09 -3.83 -3.66 -3.83 7.07 5.67 -1.30 -2.44 3.38 -0.20 -5.72 -4.78 -1.70 -4.41 4.97 -4.41 -3.15 -1.38 -9.91 -4.29 0.30 0.55 8.32 9.91 11.31 13.69 13.45 13.25 13.39 13.45 10.46 13.45 13.54 13.45 14.42 13.05 13.38 13.21 6.96 11.91 19.82 14.74 0.39 4.89 3.50 4.89 0.20 5.60 -5.56 -4.48 6.18 5.97 25 City of Clearwater Employees Pension Fund Executive Summary Table September 30, 2019 Net of Fee Return Name Value $(000) Calendar Years YTD 2018 2017 2016 2015 2014 Dodge & Cox BC Agg In House Account 3-month T-Bill Security Lending Income Account 3-month T-Bill Western Asset Management Co. BC Agg Real Estate Comp Policy Index Hancock NCREIF Timberland Index IFM Global Infrastructure (US) L.P. MSCI World (Net) Molpus Woodlands Fund III NCREIF Timberland Index Molpus Woodlands Fund IV NCREIF Timberland Index Multi Employer Property Trust NCREIF ODCE Security Capital Wilshire RESI U.S. Real Estate Investment Fund NCREIF ODCE Fund Index USAA NCREIF ODCE Fund Index 146,898 2,119 777 145,626 151,198 8,141 41,157 7,118 4,434 51,366 13,669 13,689 11,625 8.33 8.52 0.00 1.78 2.27 1.78 9.04 8.52 7.47 19.19 -0.34 1.33 8.93 17.60 0.54 1.33 1.41 1.33 3.01 3.78 24.85 27.15 5.33 3.78 1.35 3.78 0.02 0.01 0.00 1.86 3.83 1.86 -0.73 0.01 6.23 -0.39 2.93 3.21 18.17 -8.71 1.93 3.21 -2.88 3.21 7.23 8.35 -7.16 -4.80 9.16 8.35 6.65 8.35 3.99 3.54 0.00 0.84 1.44 0.84 4.08 3.54 6.30 5.75 1.24 3.63 -0.75 3.63 2.83 3.63 5.53 7.62 4.91 4.84 8.36 7.62 9.30 7.62 5.55 2.65 0.00 0.27 1.84 0.27 3.66 2.65 6.94 8.06 2.64 2.59 3.30 2.59 3.34 2.59 8.02 8.76 5.71 7.62 10.72 8.76 12.34 8.76 -0.12 0.55 0.03 0.03 3.41 0.03 0.73 0.55 6.96 8.33 4.51 4.97 4.03 4.97 12.00 15.01 4.70 4.81 6.01 5.97 -0.02 0.03 7.12 0.03 6.65 5.97 21.77 25.22 4.58 10.50 7.02 10.50 12.21 12.49 33.13 31.53 26 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Total Fund Public Sponsors Periods Ending 9/19 High 1st Qt Median 3rd Qt Low T Total Fund Net Ret Rank 1 Policy Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 2.06 1.36 1.00 0.49 0.10 0.91 54 0.76 63 7.58 5.49 4.49 3.36 1.49 5.18 30 3.52 70 8.50 6.86 5.98 5.16 4.20 7.40 12 5.47 67 10.26 8.83 8.02 6.88 4.99 8.70 30 7.27 69 10.04 9.17 8.50 7.49 5.68 9.50 15 8.38 50 8.14 7.18 6.58 5.80 4.36 7.50 17 6.55 50 8.66 7.84 7.21 6.54 4.70 8.05 17 7.38 45 9.64 8.67 8.06 7.16 4.76 8.83 17 7.83 54 10.28 9.78 9.13 7.91 5.48 10.14 12 9.30 46 9.70 8.79 8.15 7.38 5.14 8.97 18 8.29 47 9.67 8.82 8.36 7.37 5.49 9.55 5 8.66 36 -1% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% T1 T 1 T 1 T 1 T 1 T 1 T 1 T 1 T 1 T 1 T 1 27 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Total Fund Public Sponsors Years Ending December High 1st Qt Median 3rd Qt Low T Total Fund Net Ret Rank 1 Policy Index Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 16.45 14.40 12.95 11.37 9.29 13.91 29 12.16 60 2.42 -2.30 -4.18 -5.20 -7.53 -2.64 28 -4.62 62 18.78 16.35 15.13 13.33 7.48 15.98 35 15.44 43 10.97 8.97 7.87 6.82 4.06 6.71 75 7.32 63 3.68 1.38 0.27 -1.11 -2.93 1.43 23 0.22 51 9.25 7.30 6.50 5.32 3.49 8.32 11 9.91 2 22.01 19.38 16.47 13.29 5.12 17.83 39 14.62 67 14.88 13.29 12.33 10.76 6.28 13.93 14 13.17 26 5.39 2.17 1.04 -0.19 -2.84 -0.36 76 1.81 33 15.93 13.83 12.52 10.94 5.64 17.73 1 13.96 23 26.29 21.66 18.88 15.13 4.28 30.28 1 26.00 5 -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% T1 T 1 T1 T1 T1 T1 T 1 T1 T 1 T 1 T 1 28 City of Clearwater Employees Pension Fund Performance Summary Total Fund September 30, 2019 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Qtr YTD 1 Year 3 Year 5 Year Incept 12/31/87 Total Fund Policy Index Net of Fee Returns Cur Qtr YTD 1 Year 3 Yrs 5 Yrs Incept Incept Date Cur Assets Total Fund Policy Index Rank Voya Investment Mgmt R1000G Rank NTGI-QM R1000V R1000V Rank Eagle Capital Management Russell 1000 Value Rank Manning and Napier Russell 1000 Value Rank Artisan Partners R Mid Cap G Rank Wedge Capital Mgmt R Mid Cap V Rank 0.91 0.76 54 1.95 1.49 19 1.34 1.36 64 -1.46 1.36 93 1.80 1.36 50 -3.69 -0.67 77 0.91 1.22 56 13.91 12.16 29 21.74 23.30 43 17.81 17.81 43 18.56 17.81 38 14.92 17.81 69 29.33 25.23 35 15.79 19.47 57 5.18 3.52 30 4.17 3.71 46 4.02 4.00 47 2.11 4.00 60 3.59 4.00 47 5.73 5.20 45 -4.82 1.60 62 8.70 7.27 30 15.93 16.89 41 9.44 9.43 76 14.15 9.43 6 11.41 9.43 40 13.17 14.50 79 6.46 7.82 90 7.50 6.55 17 12.90 13.39 34 7.79 7.79 63 10.63 7.79 11 9.22 7.79 33 10.42 11.12 72 6.59 7.55 83 9.10 9.06 11.95 10.51 5.94 5.90 13.19 10.60 11.30 10.60 10.26 8.81 8.11 7.13 12/31/87 12/31/87 6/30/07 1/31/13 1/31/13 7/31/01 2/28/07 $1,064,939,282 $147,854,723 $47,452,566 $45,949,546 $46,952,743 $46,236,175 $38,600,441 29 City of Clearwater Employees Pension Fund Performance Summary Total Fund September 30, 2019 Net of Fee Returns Cur Qtr YTD 1 Year 3 Yrs 5 Yrs Incept Incept Date Cur Assets Atlanta Capital Mgmt Russell 2000 Rank Riverbridge Partners R2000G Rank Sycamore Small Cap Value Russell 2000 Value Rank WCM Investment Management MSCI ACWI ex US (Net) Rank Thompson, Siegel & Walmsley MSCI EAFE (Net) Rank DFA Emerging Markets MSCI Emg Mkts (Gross) Dodge & Cox BC Agg Rank Western Asset Management Co. BC Agg Rank Security Lending Income Account 3-month T-Bill In House Account 3-month T-Bill Multi Employer Property Trust NCREIF ODCE Rank DFA Emerging Markets 2.55 -2.40 1 -2.68 -4.17 40 1.89 -0.57 9 -0.13 -1.80 25 -0.03 -1.07 23 -4.18 -4.10 2.05 2.27 36 2.42 2.27 18 0.77 0.56 0.00 0.56 0.91 1.31 69 -4.18 21.10 14.18 35 18.21 15.34 40 18.50 12.82 28 25.95 11.56 1 11.12 12.80 67 4.96 6.23 8.33 8.52 40 9.04 8.52 27 2.27 1.78 0.00 1.78 3.01 3.78 71 4.96 3.96 -8.89 15 -1.71 -9.63 16 0.97 -8.24 12 9.70 -1.23 4 -4.30 -1.34 74 -1.75 -1.64 8.89 10.30 43 10.27 10.30 28 3.65 2.35 0.00 2.35 4.64 5.60 70 -1.75 13.85 8.23 1 16.64 9.79 10 13.19 6.33 4 4.49 6.48 86 3.55 2.92 33 3.04 2.92 49 3.00 1.52 0.00 1.52 5.74 7.31 69 13.47 8.19 1 13.66 9.08 14 3.74 3.38 35 3.64 3.38 39 3.53 0.95 0.00 0.95 7.79 9.34 65 12.61 8.68 15.01 11.97 4.33 -1.45 10.52 3.56 1.71 2.99 -3.79 -2.85 4.86 4.14 4.52 4.21 47 5.32 1.30 0.58 3.11 9.11 11.30 70 -3.79 8/31/03 9/30/10 11/30/17 7/31/15 7/31/15 10/31/17 2/29/04 9/30/04 6/30/03 12/31/87 9/30/10 10/31/17 $14,408,037 $27,572,471 $13,299,994 $84,626,015 $68,620,682 $36,748,733 $146,898,151 $145,626,032 $776,720 $2,118,678 $51,365,985 $36,748,733 30 City of Clearwater Employees Pension Fund Performance Summary Total Fund September 30, 2019 Net of Fee Returns Cur Qtr YTD 1 Year 3 Yrs 5 Yrs Incept Incept Date Cur Assets Security Capital Wilshire RESI Rank Molpus Woodlands Fund III NCREIF Timberland Index Rank Hancock NCREIF Timberland Index Rank USAA NCREIF ODCE Fund Index Rank U.S. Real Estate Investment Fund NCREIF ODCE Fund Index Rank IFM Global Infrastructure (US) L.P. MSCI World (Net) Rank Molpus Woodlands Fund IV NCREIF Timberland Index Rank 6.88 7.85 14 0.00 0.18 83 0.00 0.18 83 1.25 1.31 62 2.27 1.31 45 2.20 0.53 45 0.00 0.18 83 24.85 27.15 22 0.54 1.33 82 -0.34 1.33 85 1.35 3.78 79 5.33 3.78 53 8.93 17.60 41 1.41 1.33 79 15.07 18.27 30 0.62 2.09 83 2.72 2.09 79 3.29 5.60 76 6.79 5.60 58 12.07 1.83 39 -1.55 2.09 88 5.84 7.47 68 1.38 3.12 84 2.59 3.12 83 7.65 7.31 45 9.20 7.31 20 1.73 3.12 84 9.29 10.49 51 3.01 4.35 86 3.16 4.35 86 6.70 7.46 3.52 5.26 4.35 5.86 7.93 8.42 8.96 7.60 17.13 6.43 0.79 3.16 4/30/08 6/30/11 5/31/12 6/30/15 12/31/15 9/30/17 9/30/15 $13,668,522 $7,117,544 $8,141,058 $11,624,810 $13,688,632 $41,157,478 $4,433,546 31 32 City of Clearwater Employees Pension Fund Domestic Equity Comp as of 9/30/19 Microsoft Corp Amazon Com Inc Alphabet Inc Cl-A Apple Inc Alphabet Inc Cl-C Visa Inc Merck & Co Inc New Comcast Corp New Boeing Co Boston Scientific Co GICS Sector % Port Information Technology Consumer Discretionary Telecom Services Information Technology Telecom Services Information Technology Health Care Telecom Services Industrials Health Care 4.72 3.38 1.96 1.94 1.92 1.76 1.51 1.50 1.27 1.13 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 1.92 2.70 13.58 12.98 4.31 14.14 11.90 27.01 10.37 1.09 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/87 Domestic Equity Comp S&P 500 Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/87 Domestic Equity Comp S&P 500 Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 0.47 1.70 425,742 564 2,021 428,327 20.02 20.55 355,572 1,556 71,199 428,327 2.66 4.25 415,190 1,989 11,148 428,327 13.14 13.39 353,522 -73,138 147,943 428,327 10.76 10.84 387,919 -162,125 202,534 428,327 13.71 13.24 226,334 -252,988 454,980 428,327 11.27 10.57 32,236 -252,988 649,079 428,327 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 33 City of Clearwater Employees Pension Fund Domestic Equity Comp as of 9/30/19 Cash & Equiv $10,706 2.50% Domestic Equity $417,621 97.50% Periods from 12/87 to 9/19 Alpha Beta R-Squared 0.06 1.08 0.94 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 E1 T Annualized Standard Deviation% E Domestic Equity Comp 1 S&P 500 T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 11.27 10.57 3.22 16.70 14.95 1.28 0.48 0.49 0.00 0.19 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 34 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Equity Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low E Domestic Equity Comp Net Ret Rank 1 S&P 500 Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 3.91 1.76 0.80 -0.94 -6.05 0.47 54 1.70 29 12.29 4.85 2.48 -2.39 -11.27 2.66 48 4.25 30 16.69 11.44 8.67 4.56 -0.14 10.65 37 10.87 32 17.62 14.31 12.10 9.07 3.99 13.14 39 13.39 33 17.17 14.47 12.51 10.08 5.12 13.08 43 13.90 31 14.86 11.81 9.96 7.60 3.65 10.76 38 10.84 36 14.88 12.31 10.42 8.70 4.40 11.36 37 12.27 26 16.21 13.78 12.70 10.86 6.53 13.24 35 13.26 34 17.57 15.56 14.70 13.03 8.09 15.19 34 15.25 31 15.95 13.84 12.95 11.47 8.22 13.57 32 13.59 32 15.76 13.87 12.72 11.54 8.14 13.71 25 13.24 37 -15% -10% -5% 0% 5% 10% 15% 20% E1 E 1 E1 E1 E1 E1 E1 E1 E1 E1 E1 35 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low E Domestic Equity Comp Net Ret Rank 1 S&P 500 Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 28.88 21.88 19.12 15.03 6.36 20.02 42 20.55 36 1.49 -4.42 -7.65 -11.08 -14.95 -4.06 18 -4.38 20 34.30 23.37 20.43 14.96 6.23 22.53 28 21.83 33 27.98 17.35 11.95 6.75 -2.51 9.61 64 11.96 49 8.05 1.74 -0.85 -4.06 -12.83 1.48 27 1.38 29 16.00 12.86 9.04 4.22 -5.52 11.31 37 13.69 14 45.15 37.75 33.10 28.14 0.03 35.15 37 32.41 57 22.62 17.90 15.80 12.05 2.15 18.37 20 15.98 47 8.19 2.23 -0.10 -4.13 -11.69 -0.21 50 2.12 27 32.48 25.14 17.10 13.88 5.50 22.53 32 15.05 66 53.87 36.99 29.01 24.14 8.85 32.14 40 26.45 65 -20% -10% 0% 10% 20% 30% 40% 50% 60% E1 E1 E1 E1 E1 E1 E1 E1 E1 E 1 E 1 36 City of Clearwater Employees Pension Fund Risk Measure Summary Domestic Equity Comp Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 0.97 1.07 0.50 -14.46 14.12 2.66 2.66 23.80 1.05 -0.38 1.00 0.01 0.25 1.75 -0.76 1 3 -13.52 13.65 4.25 4.25 22.54 0.08 1 11 0.98 0.98 0.50 -14.46 14.12 -4.06 22.53 13.33 1.03 -0.14 0.98 0.87 11.23 1.73 -0.10 2 10 -13.52 13.65 -4.38 21.83 12.79 0.93 3 17 1.00 1.01 0.50 -14.46 14.12 -4.06 22.53 11.52 1.03 -0.08 0.97 0.85 9.49 2.10 -0.02 3 17 -13.52 13.65 -4.38 21.83 11.00 0.90 36 91 1.07 1.04 0.53 -23.59 22.08 -37.76 55.86 16.70 1.08 0.06 0.94 0.48 7.44 4.36 0.19 32 95 -21.93 21.32 -38.07 49.75 14.95 0.49 37 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Equity Portfolios Annualized Rate of Return4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 ES MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank E Domestic Equity Comp S Standard & Poors 500 Median 13.14 39 13.33 47 13.39 33 12.79 32 12.10 13.72 Annualized Rate of Return4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 ES MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank E Domestic Equity Comp S Standard & Poors 500 Median 10.76 38 11.52 38 10.84 36 11.00 26 9.96 12.38 38 City of Clearwater Employees Pension Fund Large Cap Equity Comp as of 9/30/19 Microsoft Corp Amazon Com Inc Alphabet Inc Cl-A Apple Inc Alphabet Inc Cl-C Visa Inc Merck & Co Inc New Comcast Corp New Boeing Co Fiserv Inc GICS Sector % Port Information Technology Consumer Discretionary Telecom Services Information Technology Telecom Services Information Technology Health Care Telecom Services Industrials Information Technology 7.42 5.31 3.09 3.05 3.02 2.77 2.38 2.36 2.00 1.69 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 1.89 2.14 11.33 12.73 5.54 12.62 10.68 28.21 14.85 0.00 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 3/31/88 Large Cap Equity Comp R1000 Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 3/31/88 Large Cap Equity Comp R1000 Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 1.27 1.42 284,320 293 3,597 288,210 19.42 20.53 240,657 808 46,745 288,210 3.72 3.87 276,840 1,014 10,356 288,210 13.81 13.19 229,709 -43,736 102,237 288,210 11.09 10.62 237,304 -84,538 135,444 288,210 13.31 13.23 99,324 -87,367 276,253 288,210 10.64 10.55 18,032 -87,367 357,545 288,210 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 39 City of Clearwater Employees Pension Fund Large Cap Equity Comp as of 9/30/19 Cash & Equiv $5,466 1.90% Domestic Equity $282,744 98.10% Periods from 3/88 to 9/19 Alpha Beta R-Squared 0.06 0.98 0.97 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 L1 T Annualized Standard Deviation% L Large Cap Equity Comp 1 R1000 T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 10.64 10.55 3.20 15.35 15.36 1.28 0.49 0.48 0.00 0.02 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 40 City of Clearwater Employees Pension Fund Large Neutral Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low L Large Cap Equity Comp Net Ret Rank 1 R1000 Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 4.54 2.45 1.58 0.79 -5.69 1.27 60 1.42 53 14.79 7.72 3.09 0.77 -10.51 3.72 45 3.87 45 17.02 11.19 10.56 9.04 1.89 11.25 22 10.60 48 17.19 14.45 13.35 12.32 5.44 13.81 37 13.19 56 16.55 14.81 13.55 11.99 7.80 13.85 31 13.62 43 12.98 11.85 10.49 9.16 4.75 11.09 30 10.62 43 13.53 13.11 12.21 10.74 9.54 12.38 34 11.98 58 15.57 14.06 13.29 12.77 11.48 13.49 45 13.21 54 16.99 15.70 15.09 14.40 13.05 15.31 27 15.19 32 15.39 13.93 13.49 12.83 11.43 13.50 47 13.51 47 15.10 13.79 13.19 12.84 11.58 13.31 39 13.23 46 -15% -10% -5% 0% 5% 10% 15% 20% L1 L1 L1 L1 L1 L1 L1 L1 L1 L1 L1 41 City of Clearwater Employees Pension Fund Large Neutral Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low L Large Cap Equity Comp Net Ret Rank 1 R1000 Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 27.95 22.55 19.92 17.43 8.33 19.42 54 20.53 41 3.42 -3.01 -4.62 -6.17 -12.00 -3.49 27 -4.78 59 28.82 23.32 21.79 21.13 18.17 24.63 8 21.69 61 21.28 12.65 11.87 10.35 5.95 8.88 88 12.05 33 5.15 1.65 1.00 0.13 -3.23 3.35 10 0.92 56 19.43 13.91 13.48 11.84 10.39 13.45 50 13.25 53 40.60 35.24 33.01 32.27 28.06 32.23 76 33.11 46 22.74 16.87 16.03 14.62 10.26 17.02 20 16.42 34 7.43 2.91 1.99 0.42 -3.34 -0.90 83 1.51 58 19.86 16.07 14.98 13.84 10.77 16.87 11 16.10 22 38.30 30.45 27.19 25.75 21.24 24.59 81 28.42 42 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% L1 L1 L 1 L 1 L 1 L1 L1 L1 L 1 L1 L 1 42 City of Clearwater Employees Pension Fund Risk Measure Summary Large Cap Equity Comp Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 0.95 0.95 0.25 -13.14 13.30 3.72 3.72 21.92 0.95 -0.04 1.00 0.06 1.40 1.14 -0.31 1 3 -13.82 14.00 3.87 3.87 23.05 0.06 1 11 1.00 0.90 0.50 -13.14 13.30 -3.49 24.63 12.63 0.97 0.22 0.99 0.97 12.67 1.47 0.35 2 10 -13.82 14.00 -4.78 21.69 13.00 0.90 3 17 1.00 0.91 0.55 -13.14 13.30 -3.49 24.63 10.97 0.98 0.17 0.98 0.92 10.37 1.51 0.27 3 17 -13.82 14.00 -4.78 21.69 11.16 0.86 35 91 0.99 0.98 0.52 -20.96 20.12 -37.57 49.31 15.35 0.98 0.06 0.97 0.49 7.60 2.85 0.02 31 95 -22.48 21.88 -38.26 51.57 15.36 0.48 43 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Large Neutral Portfolios Annualized Rate of Return7.0 8.2 9.4 10.6 11.8 13.0 14.2 15.4 16.6 17.8 19.0 6.0 7.5 9.0 10.5 12.0 13.5 15.0 16.5 18.0 19.5 21.0 L 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank L Large Cap Equity Comp 1 R1000 Median 13.81 37 12.63 34 13.19 56 13.00 61 13.35 12.83 Annualized Rate of Return6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 L1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank L Large Cap Equity Comp 1 R1000 Median 11.09 30 10.97 35 10.62 43 11.16 45 10.49 11.32 44 City of Clearwater Employees Pension Fund Voya Investment Mgmt as of 9/30/19 Microsoft Corp Amazon Com Inc Apple Inc Alphabet Inc Cl-A Visa Inc Merck & Co Inc New Intuit American Tower Reit Boeing Co O Reilly Automotive GICS Sector % Port Information Technology Consumer Discretionary Information Technology Telecom Services Information Technology Health Care Information Technology Telecom Services Industrials Consumer Discretionary 9.21 6.80 4.95 4.94 4.49 3.03 2.73 2.55 2.49 2.40 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 1.43 10.21 13.95 4.43 14.22 3.27 37.59 14.90 0.00 -2.00.02.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/87 Voya Investment Mgmt R1000G Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/87 Voya Investment Mgmt R1000G Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 1.95 1.49 144,900 136 2,819 147,855 21.74 23.30 121,111 410 26,334 147,855 4.17 3.71 141,381 536 5,938 147,855 15.93 16.89 117,824 -29,413 59,444 147,855 12.90 13.39 119,768 -51,056 79,143 147,855 14.96 14.94 49,223 -58,680 157,311 147,855 11.95 10.51 17,469 -58,680 189,066 147,855 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 45 City of Clearwater Employees Pension Fund Voya Investment Mgmt as of 9/30/19 Cash & Equiv $2,798 1.89% Domestic Equity $145,057 98.11% Periods from 12/87 to 9/19 Alpha Beta R-Squared 0.56 0.85 0.93 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 i 1 T Annualized Standard Deviation% i Voya Investment Mgmt 1 R1000G T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 11.95 10.51 3.22 15.53 17.51 1.28 0.56 0.42 0.00 0.18 Asset Allocation ($000) Risk/Return Analysis 46 City of Clearwater Employees Pension Fund Large Growth Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low i Voya Investment Mgmt Net Ret Rank 1 R1000G Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 2.69 1.39 -0.33 -1.33 -5.38 1.95 19 1.49 22 13.00 6.77 3.65 1.56 -4.76 4.17 46 3.71 48 17.20 15.24 12.44 10.05 1.61 13.85 34 14.45 31 20.40 16.73 15.33 14.14 8.30 15.93 41 16.89 19 17.97 16.02 14.95 13.21 8.65 15.26 45 16.10 21 15.01 13.65 12.12 10.56 5.28 12.90 34 13.39 27 15.98 14.30 12.97 11.23 9.13 13.98 30 14.33 23 16.24 15.03 14.31 13.17 10.35 14.52 44 15.02 26 17.55 16.75 15.87 14.84 12.37 16.61 31 16.71 25 16.75 14.93 14.03 13.24 10.51 15.17 15 15.19 15 16.22 14.59 13.95 12.92 10.50 14.96 15 14.94 15 -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% i1 i1 i1 i1 i1 i1 i1 i1 i1 i1 i1 47 City of Clearwater Employees Pension Fund Large Growth Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low i Voya Investment Mgmt Net Ret Rank 1 R1000G Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 30.34 23.02 21.00 19.33 14.01 21.74 43 23.30 23 7.24 0.41 -1.78 -4.58 -11.69 -1.43 40 -1.51 42 37.25 33.31 27.05 23.92 18.41 29.94 43 30.21 39 12.55 9.62 6.11 2.89 -6.47 4.26 63 7.08 38 11.91 7.20 3.94 0.79 -5.18 7.07 28 5.67 41 17.81 13.68 12.03 9.77 6.34 14.42 16 13.05 42 47.24 37.88 35.44 32.12 26.66 31.57 79 33.49 67 22.38 18.77 16.40 14.28 9.33 18.95 23 15.26 58 6.35 3.88 0.02 -4.62 -14.01 3.04 29 2.63 36 26.10 22.58 17.04 14.63 9.56 17.10 48 16.72 53 58.87 43.54 34.62 26.91 18.86 24.43 85 37.21 42 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% i1 i1 i1 i1 i1 i1 i1 i 1 i1 i1 i 1 48 City of Clearwater Employees Pension Fund September 30, 2019 Performance Comparison Total Returns of Large Growth Portfolios High 1st Qt Median 3rd Qt Low i Voya Investment Mgmt Net Ret Rank 1 R1000G Net Ret Rank Dec 16 Sep 19 Sep 16 Jun 19 Jun 16 Mar 19 Mar 16 Dec 18 Dec 15 Sep 18 18.39 16.76 15.66 14.63 12.25 15.93 44 16.89 20 21.66 18.82 17.28 16.48 12.30 17.11 53 18.07 43 20.24 17.55 16.02 14.65 12.36 15.79 53 16.53 39 12.07 11.12 9.98 9.07 7.65 10.12 45 11.15 23 22.21 20.17 17.91 16.67 15.21 19.21 37 20.55 20 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% i 1 i 1 i 1 i 1 i 1 Voya Investment Mgmt Value Added Analysis - Net of Fee 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 -3.0% -2.5% -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 0.6 0.5 -0.2 -0.1 1.2 -1.9 -0.2 0.5 -1.1 0.4 -0.1 -0.7 0.1 0.0 -1.3 -0.3 1.7 -1.0 -0.7 0.5 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. R1000G 49 City of Clearwater Employees Pension Fund Risk Measure Summary Voya Investment Mgmt Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 0.93 0.91 0.50 -14.43 14.94 4.17 4.17 24.23 0.92 0.09 1.00 0.07 1.95 2.38 -0.01 1 3 -15.89 16.10 3.71 3.71 26.47 0.05 2 10 0.93 0.91 0.42 -14.43 14.94 -1.43 29.94 14.23 0.93 0.01 0.99 1.01 15.44 1.65 -0.61 1 11 -15.89 16.10 -1.51 30.21 15.21 1.01 5 15 0.95 0.94 0.45 -14.43 14.94 -1.43 29.94 12.26 0.96 0.00 0.98 0.97 12.44 1.71 -0.30 2 18 -15.89 16.10 -1.51 30.21 12.69 0.98 36 91 0.96 0.80 0.52 -18.51 23.26 -33.74 44.38 15.53 0.85 0.56 0.93 0.56 10.22 4.82 0.18 35 92 -22.79 26.75 -45.64 49.75 17.51 0.42 50 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Large Growth Portfolios Annualized Rate of Return6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 6.0 7.8 9.6 11.4 13.2 15.0 16.8 18.6 20.4 22.1 23.9 i 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank i Voya Investment Mgmt 1 R1000G Median 15.93 41 14.23 46 16.89 19 15.21 61 15.33 14.44 Annualized Rate of Return6.0 7.4 8.8 10.2 11.6 13.0 14.4 15.8 17.2 18.6 20.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 17.0 i 1Median RiskMedian Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank i Voya Investment Mgmt 1 R1000G Median 12.90 34 12.26 38 13.39 27 12.69 50 12.12 12.79 51 City of Clearwater Employees Pension Fund Equity Summary Statistics Voya Investment Mgmt Period Ending 9/19 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio R1000G 54 145,057,171 309,958,265 44,689,337 1.03 28.27 27.07 1.00 6.93 58.45 20.37 531 316,630,901 12,238,616 1.22 28.00 24.52 1.06 7.62 65.87 17.97 Ten Largest Holdings Microsoft Corp Amazon Com Inc Apple Inc Alphabet Inc Cl-A Visa Inc Merck & Co Inc New Intuit American Tower Reit Boeing Co O Reilly Automotive Market Value % of Portfolio Quarterly Ret 13,355,361 9,854,761 7,179,806 7,163,207 6,505,762 4,391,502 3,953,730 3,695,746 3,607,236 3,475,406 9.21 6.80 4.95 4.94 4.49 3.03 2.73 2.55 2.49 2.40 4.14 -8.33 13.60 12.78 -0.75 1.06 1.94 8.62 5.16 7.90 Ten Best Performers Lam Resh Corp Altice Usa Inc Burlington Stores In Hershey Foods Corp Fiserv Inc Apple Inc Alphabet Inc Cl-A Alphabet Inc Cl-C Nxp Semiconductors N Cdw Corp Quarterly Ret 23.65 17.78 17.44 16.20 13.64 13.60 12.78 12.78 12.17 11.32 Ten Worst Performers Berry Plastics Group Illumina Inc Dominos Pizza Inc CSX Corp Amazon Com Inc Facebook Inc Vertex Pharmaceutica Godaddy Inc Boston Scientific Co Hilton Worldwide Hld Quarterly Ret -25.33 -17.37 -11.88 -10.15 -8.33 -7.73 -7.61 -5.94 -5.33 -4.59 52 City of Clearwater Employees Pension Fund Equity Contribution to Return Voya Investment Mgmt Period Ending 9/19 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio R1000G 54 145,057,171 309,958,265 44,689,337 1.03 28.27 27.07 1.00 6.93 58.45 20.37 531 316,630,901 12,238,616 1.22 28.00 24.52 1.06 7.62 65.87 17.97 Ten Best Contributors Apple Inc Alphabet Inc Cl-A Microsoft Corp Fiserv Inc Lam Resh Corp Alphabet Inc Cl-C Altice Usa Inc American Tower Reit O Reilly Automotive Nxp Semiconductors N Market Value % of Portfolio Quarterly Ret 7,179,806 7,163,207 13,355,361 3,386,875 1,831,547 3,182,809 2,213,465 3,695,746 3,475,406 2,019,920 4.95 4.94 9.21 2.34 1.26 2.20 1.53 2.55 2.40 1.39 13.60 12.78 4.14 13.64 23.65 12.78 17.78 8.62 7.90 12.17 Ten Worst Contributors Amazon Com Inc Illumina Inc Dominos Pizza Inc Vertex Pharmaceutica Boston Scientific Co CSX Corp Godaddy Inc Facebook Inc Hilton Worldwide Hld Broadcom Inc Market Value % of Portfolio Quarterly Ret 9,854,761 1,562,170 2,019,335 1,984,078 2,771,192 1,359,077 1,871,919 1,301,587 2,190,227 2,356,810 6.80 1.08 1.39 1.37 1.91 0.94 1.29 0.90 1.51 1.63 -8.33 -17.37 -11.88 -7.61 -5.33 -10.15 -5.94 -7.73 -4.59 -3.20 53 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Voya Investment Mgmt Quarter Ending 9/19 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 0.00 1.42 9.74 14.98 4.95 15.31 3.23 36.51 13.87 0.00 100.00 0.37 1.38 9.77 14.67 4.71 14.72 3.18 37.37 11.40 0.00 100.00 0.59 0.75 -2.14 2.95 -2.58 4.00 4.47 8.20 2.41 -10.40 5.96 3.37 -0.48 5.98 -2.54 0.76 2.58 0.85 0.00 1.30 0.00 -0.08 -0.25 -0.25 -0.15 -0.01 0.10 0.69 1.02 0.00 1.08 0.04 0.00 -0.00 -0.01 0.01 -0.02 -0.00 -0.01 -0.01 -0.00 0.01 0.04 -0.07 -0.26 -0.25 -0.14 -0.03 0.10 0.68 1.01 0.00 1.08 Index - R1000G Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect -0.33% [ Actual Return 2.08% ] - [ Buy Hold Return 2.41% ] 54 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Voya Investment Mgmt Quarter Ending 9/19 % Allocation Energy 0.00 0.37 Materials 1.42 1.38 Industrials 9.74 9.77 Con. Discretionary 14.98 14.67 Consumer Staples 4.95 4.71 Health Care 15.31 14.72 Financials 3.23 3.18 Infomation Tech. 36.51 37.37 Telecom. Services 13.87 11.40 Utilities 0.00 0.00 Voya Investment Mgmt R1000G % Return -10.40 0.59 5.96 0.75 3.37 -2.14 -0.48 2.95 5.98 -2.58 -2.54 4.00 0.76 4.47 2.58 8.20 0.85 % Variance 0.04 -0.07 -0.26 -0.25 -0.14 -0.03 0.10 0.68 1.01 0.00 55 City of Clearwater Employees Pension Fund NTGI-QM R1000V as of 9/30/19 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 6/30/07 NTGI-QM R1000V R1000V Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 6/30/07 NTGI-QM R1000V R1000V Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 1.34 1.36 46,820 5 627 47,453 17.81 17.81 40,267 13 7,173 47,453 4.02 4.00 45,601 18 1,834 47,453 9.44 9.43 39,550 -3,947 11,849 47,453 7.79 7.79 38,204 -6,930 16,178 47,453 11.48 11.46 35,417 -42,741 54,777 47,453 5.94 5.90 26,197 -42,741 63,997 47,453 Portfolio Performance (%) 56 City of Clearwater Employees Pension Fund NTGI-QM R1000V as of 9/30/19 Domestic Equity $47,453 100.00% Periods from 6/07 to 9/19 Alpha Beta R-Squared 0.01 1.00 1.00 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 n1 T Annualized Standard Deviation% n NTGI-QM R1000V 1 R1000V T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 5.94 5.90 0.81 16.69 16.74 0.61 0.31 0.30 0.00 0.07 Asset Allocation ($000) Risk/Return Analysis 57 City of Clearwater Employees Pension Fund Large Value Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low n NTGI-QM R1000V Net Ret Rank 1 R1000V Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 3.99 2.99 1.82 1.04 -2.62 1.34 64 1.36 63 11.75 6.77 3.44 -0.37 -4.59 4.02 47 4.00 47 13.31 8.40 7.29 5.92 1.36 6.67 66 6.69 66 14.43 11.97 10.82 9.65 7.44 9.44 76 9.43 76 14.87 12.87 12.00 10.29 8.26 11.03 66 11.08 64 14.14 9.97 8.49 7.11 1.77 7.79 63 7.79 63 14.17 10.90 10.09 8.85 3.38 9.57 63 9.57 63 13.39 12.89 11.70 10.61 7.90 11.36 56 11.31 57 15.88 15.08 13.87 12.81 11.66 13.52 58 13.58 55 14.34 13.05 12.53 11.49 10.38 11.71 66 11.75 64 14.26 12.63 12.14 11.26 9.99 11.48 63 11.46 63 -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% n1 n1 n1 n1 n1 n1 n1 n1 n1 n1 n1 58 City of Clearwater Employees Pension Fund Large Value Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low n NTGI-QM R1000V Net Ret Rank 1 R1000V Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 24.76 20.24 16.58 14.76 11.72 17.81 43 17.81 43 -1.08 -3.72 -8.12 -10.78 -15.75 -8.32 54 -8.27 53 22.62 19.88 17.05 15.78 13.21 13.77 90 13.66 91 20.29 16.65 14.98 11.95 9.65 17.03 22 17.34 17 1.71 -0.14 -1.43 -4.28 -10.04 -3.66 65 -3.83 68 15.29 13.70 12.11 10.57 1.48 13.54 27 13.45 30 40.93 37.77 34.91 27.67 23.99 32.94 56 32.54 58 21.48 18.64 16.78 14.83 11.72 18.09 29 17.50 37 14.68 3.44 1.11 -2.42 -5.92 -0.77 64 0.39 56 20.57 17.91 15.65 13.68 11.10 15.75 46 15.51 53 43.11 32.27 26.24 20.18 10.37 20.35 73 19.69 76 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% n1 n1 n1 n1 n1 n1 n1 n1 n1 n1 n1 59 City of Clearwater Employees Pension Fund September 30, 2019 Performance Comparison Total Returns of Large Value Portfolios High 1st Qt Median 3rd Qt Low n NTGI-QM R1000V Net Ret Rank 1 R1000V Net Ret Rank Dec 16 Sep 19 Sep 16 Jun 19 Jun 16 Mar 19 Mar 16 Dec 18 Dec 15 Sep 18 14.18 11.90 10.89 9.65 7.86 9.44 76 9.43 76 14.37 12.22 11.28 10.34 8.99 10.13 76 10.19 76 13.26 11.85 11.32 10.36 8.93 10.37 74 10.45 73 10.27 8.77 7.61 6.55 4.64 6.87 69 6.95 66 17.46 15.79 14.46 13.54 11.84 13.47 75 13.55 74 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% n 1 n 1 n 1 n 1 n 1 NTGI-QM R1000V Value Added Analysis - Net of Fee 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 -0.3% -0.2% -0.1% -0.0% 0.1% 0.2% 0.3% 0.0 0.0 0.1 0.0 0.0 0.0 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. R1000V 60 City of Clearwater Employees Pension Fund Risk Measure Summary NTGI-QM R1000V Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 1.00 1.00 0.50 -11.71 11.95 4.02 4.02 19.63 1.00 0.00 1.00 0.08 1.63 0.03 0.55 1 3 -11.72 11.93 4.00 4.00 19.64 0.08 2 10 1.00 1.00 0.67 -11.71 11.95 -8.32 15.19 11.48 1.00 0.00 1.00 0.69 7.89 0.06 0.09 2 10 -11.72 11.93 -8.27 15.12 11.48 0.69 4 16 1.00 1.00 0.70 -11.71 11.95 -8.32 18.95 10.40 1.00 0.00 1.00 0.65 6.81 0.12 -0.07 4 16 -11.72 11.93 -8.27 19.22 10.41 0.65 16 33 1.00 1.00 0.80 -22.13 18.29 -42.31 54.33 16.69 1.00 0.01 1.00 0.31 5.14 0.47 0.07 16 33 -22.17 18.24 -42.42 53.57 16.74 0.30 61 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Large Value Portfolios Annualized Rate of Return8.5 9.25 10.0 10.75 11.5 12.25 13.0 13.75 14.5 15.25 16.0 2.0 3.8 5.6 7.4 9.2 11.0 12.8 14.6 16.4 18.1 19.9 n1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank n NTGI-QM R1000V 1 R1000V Median 9.44 76 11.48 36 9.43 76 11.48 36 10.82 12.18 Annualized Rate of Return5.0 6.2 7.4 8.6 9.8 11.0 12.2 13.4 14.6 15.8 17.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 n1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank n NTGI-QM R1000V 1 R1000V Median 7.79 63 10.40 33 7.79 63 10.41 34 8.49 10.92 62 City of Clearwater Employees Pension Fund Eagle Capital Management as of 9/30/19 Microsoft Corp Alphabet Inc Cl-C Berkshire Hathaway I Citigroup Inc Amazon Com Inc Goldman Sachs Group Comcast Corp New Wells Fargo & Co New Marriott Intl Inc Ne General Elec Co GICS Sector % Port Information Technology Telecom Services Financials Financials Consumer Discretionary Financials Telecom Services Financials Consumer Discretionary Industrials 9.20 8.81 7.18 6.39 5.91 5.35 5.05 4.95 4.15 4.13 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 1.21 6.95 15.96 0.00 2.64 30.75 13.48 29.01 0.00 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 1/31/13 Eagle Capital Management Russell 1000 Value Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 1/31/13 Eagle Capital Management Russell 1000 Value Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -1.46 1.36 46,538 89 -678 45,950 18.56 17.81 38,531 263 7,156 45,950 2.11 4.00 44,654 338 957 45,950 14.15 9.43 37,341 -8,953 17,561 45,950 10.63 7.79 39,837 -15,727 21,840 45,950 13.19 10.60 33,239 -21,730 34,440 45,950 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 63 City of Clearwater Employees Pension Fund Eagle Capital Management as of 9/30/19 Cash & Equiv $1,383 3.01% Domestic Equity $44,566 96.99% Periods from 1/13 to 9/19 Alpha Beta R-Squared 0.63 0.90 0.78 Annualized Return% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 E 1 T Annualized Standard Deviation% E Eagle Capital Management 1 Russell 1000 Value T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 13.19 10.60 0.75 12.51 11.30 0.26 0.99 0.87 0.00 0.26 Asset Allocation ($000) Risk/Return Analysis 64 City of Clearwater Employees Pension Fund Large Value Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low E Eagle Capital Management Net Ret Rank 1 Russell 1000 Value Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 5 Years 3.99 2.99 1.82 1.04 -2.62 -1.46 93 1.36 63 11.75 6.77 3.44 -0.37 -4.59 2.11 60 4.00 47 13.31 8.40 7.29 5.92 1.36 10.28 14 6.69 66 14.43 11.97 10.82 9.65 7.44 14.15 6 9.43 76 14.14 9.97 8.49 7.11 1.77 10.63 11 7.79 63 -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% E 1 E 1 E 1 E 1 E 1 65 City of Clearwater Employees Pension Fund Large Value Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low E Eagle Capital Management Net Ret Rank 1 Russell 1000 Value Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 24.76 20.24 16.58 14.76 11.72 18.56 38 17.81 43 -1.08 -3.72 -8.12 -10.78 -15.75 -4.86 33 -8.27 53 22.62 19.88 17.05 15.78 13.21 23.52 4 13.66 91 20.29 16.65 14.98 11.95 9.65 10.16 91 17.34 17 1.71 -0.14 -1.43 -4.28 -10.04 2.35 3 -3.83 68 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% E 1 E 1 E 1 E 1 E 1 66 City of Clearwater Employees Pension Fund September 30, 2019 Performance Comparison Total Returns of Large Value Portfolios High 1st Qt Median 3rd Qt Low E Eagle Capital Management Net Ret Rank 1 Russell 1000 Value Net Ret Rank Dec 16 Sep 19 Sep 16 Jun 19 Jun 16 Mar 19 Mar 16 Dec 18 Dec 15 Sep 18 14.18 11.90 10.89 9.65 7.86 14.15 5 9.43 76 14.37 12.22 11.28 10.34 8.99 16.45 1 10.19 76 13.26 11.85 11.32 10.36 8.93 14.66 1 10.45 73 10.27 8.77 7.61 6.55 4.64 8.99 21 6.95 66 17.46 15.79 14.46 13.54 11.84 17.09 10 13.55 74 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% E 1 E 1 E 1 E 1 E 1 Eagle Capital Management Value Added Analysis - Net of Fee 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 0.5 2.0 1.6 1.6 1.1 -4.8 -2.5 1.1 0.1 3.1 2.4 0.5 2.4 3.7 2.0 0.6 -2.4 0.7 2.8 -2.8 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. Russell 1000 Value 67 City of Clearwater Employees Pension Fund Risk Measure Summary Eagle Capital Management Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 2 2 1.04 1.18 0.50 -13.88 12.69 2.11 2.11 23.02 1.15 -0.44 0.96 -0.01 -0.25 5.32 -0.26 1 3 -11.72 11.93 4.00 4.00 19.64 0.08 2 10 1.30 0.93 0.83 -13.88 12.69 -4.86 23.52 13.15 1.10 0.93 0.91 0.96 11.45 4.09 1.11 2 10 -11.72 11.93 -8.27 15.12 11.48 0.69 4 16 1.15 0.83 0.80 -13.88 12.69 -4.86 23.52 11.65 1.04 0.63 0.86 0.83 9.30 4.45 0.61 4 16 -11.72 11.93 -8.27 19.22 10.41 0.65 4 22 1.12 0.75 0.77 -13.88 12.69 -4.86 24.38 10.69 1.01 0.62 0.85 1.12 11.79 4.14 0.62 5 21 -11.72 11.93 -8.27 23.82 9.74 0.95 68 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Equity Portfolios Annualized Rate of Return4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 E 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank E Eagle Capital Management 1 Russell 1000 Value Median 14.15 25 13.15 43 9.43 71 11.48 16 12.10 13.72 Annualized Rate of Return4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 E 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank E Eagle Capital Management 1 Russell 1000 Value Median 10.63 41 11.65 41 7.79 73 10.41 17 9.96 12.38 69 City of Clearwater Employees Pension Fund Equity Summary Statistics Eagle Capital Management Period Ending 9/19 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 1000 Value 32 44,566,176 336,600,747 70,458,680 1.25 25.30 19.74 1.19 2.31 76.52 23.10 765 121,235,800 9,083,987 2.63 19.14 17.02 0.95 2.13 66.89 6.29 Ten Largest Holdings Microsoft Corp Alphabet Inc Cl-C Berkshire Hathaway I Citigroup Inc Amazon Com Inc Goldman Sachs Group Comcast Corp New Wells Fargo & Co New Marriott Intl Inc Ne General Elec Co Market Value % of Portfolio Quarterly Ret 4,101,385 3,925,180 3,199,556 2,848,928 2,631,640 2,384,803 2,248,365 2,204,682 1,851,247 1,841,229 9.20 8.81 7.18 6.39 5.91 5.35 5.05 4.95 4.15 4.13 4.14 12.78 -2.42 -0.61 -8.33 1.91 7.14 7.77 -11.02 -14.77 Ten Best Performers Fiserv Inc Alphabet Inc Cl-A Alphabet Inc Cl-C Wells Fargo & Co New Comcast Corp New Aercap Holdings Nv Charter Communicatio Microsoft Corp Goldman Sachs Group Ecolab Inc Quarterly Ret 13.64 12.78 12.78 7.77 7.14 5.27 4.29 4.14 1.91 0.54 Ten Worst Performers Liberty Tripadvisor Tripadvisor Inc Mohawk Inds Inc General Elec Co Fox Corp Dish Network Corp Marriott Intl Inc Ne Unitedhealth Group I Liberty Global Plc Amazon Com Inc Quarterly Ret -24.11 -16.44 -15.87 -14.77 -13.05 -11.30 -11.02 -10.53 -10.33 -8.33 70 City of Clearwater Employees Pension Fund Equity Contribution to Return Eagle Capital Management Period Ending 9/19 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 1000 Value 32 44,566,176 336,600,747 70,458,680 1.25 25.30 19.74 1.19 2.31 76.52 23.10 765 121,235,800 9,083,987 2.63 19.14 17.02 0.95 2.13 66.89 6.29 Ten Best Contributors Alphabet Inc Cl-C Wells Fargo & Co New Microsoft Corp Comcast Corp New Fiserv Inc Goldman Sachs Group Aercap Holdings Nv Charter Communicatio Alphabet Inc Cl-A Aon Plc Market Value % of Portfolio Quarterly Ret 3,925,180 2,204,682 4,101,385 2,248,365 582,487 2,384,803 761,189 737,695 91,586 1,515,266 8.81 4.95 9.20 5.05 1.31 5.35 1.71 1.66 0.21 3.40 12.78 7.77 4.14 7.14 13.64 1.91 5.27 4.29 12.78 0.54 Ten Worst Contributors General Elec Co Amazon Com Inc Marriott Intl Inc Ne Liberty Global Plc Mohawk Inds Inc Unitedhealth Group I Facebook Inc Dish Network Corp Tripadvisor Inc Berkshire Hathaway I Market Value % of Portfolio Quarterly Ret 1,841,229 2,631,640 1,851,247 1,513,044 883,378 1,175,267 1,308,710 745,997 501,486 3,199,556 4.13 5.91 4.15 3.40 1.98 2.64 2.94 1.67 1.13 7.18 -14.77 -8.33 -11.02 -10.33 -15.87 -10.53 -7.73 -11.30 -16.44 -2.42 71 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Eagle Capital Management Quarter Ending 9/19 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 0.79 1.18 5.71 17.24 0.00 2.91 30.17 14.02 27.98 0.00 100.00 9.25 4.45 9.72 5.94 8.74 12.90 23.45 5.94 8.00 6.50 100.00 0.54 -6.67 -8.76 -10.53 0.65 2.49 0.35 -1.55 -6.90 -2.15 -1.90 3.27 5.96 -3.04 2.21 2.92 3.79 8.27 0.94 0.00 0.03 -0.27 -2.07 0.00 -0.22 -0.47 -0.06 -0.96 0.00 -4.03 0.66 0.10 0.11 0.26 -0.44 0.40 0.09 0.16 0.57 -0.48 1.44 0.66 0.13 -0.16 -1.81 -0.44 0.18 -0.39 0.10 -0.39 -0.48 -2.59 Index - Russell 1000 Value Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 0.22% [ Actual Return -1.33% ] - [ Buy Hold Return -1.55% ] 72 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Eagle Capital Management Quarter Ending 9/19 % Allocation Energy 0.79 9.25 Materials 1.18 4.45 Industrials 5.71 9.72 Con. Discretionary 17.24 5.94 Consumer Staples 0.00 8.74 Health Care 2.91 12.90 Financials 30.17 23.45 Infomation Tech. 14.02 5.94 Telecom. Services 27.98 8.00 Utilities 0.00 6.50 Eagle Capital Management Russell 1000 Value % Return -6.90 0.54 -2.15 -6.67 -1.90 -8.76 3.27 5.96 -10.53 -3.04 0.65 2.21 2.49 2.92 0.35 3.79 8.27 % Variance 0.66 0.13 -0.16 -1.81 -0.44 0.18 -0.39 0.10 -0.39 -0.48 73 City of Clearwater Employees Pension Fund Manning and Napier as of 9/30/19 J P Morgan Chase & C Wal Mart Stores Inc Johnson & Johnson Home Depot Inc Merck & Co Inc New Wells Fargo & Co New Boeing Co Intel Corp Pfizer Inc Cisco Sys Inc GICS Sector % Port Financials Consumer Staples Health Care Consumer Discretionary Health Care Financials Industrials Information Technology Health Care Information Technology 3.41 3.34 3.19 2.79 2.63 2.60 2.40 2.40 2.36 2.32 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 9.77 5.30 19.15 5.70 14.51 17.31 14.61 12.82 0.85 0.00 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 1/31/13 Manning and Napier Russell 1000 Value Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 1/31/13 Manning and Napier Russell 1000 Value Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 1.80 1.36 46,061 64 828 46,953 14.92 17.81 40,748 122 6,082 46,953 3.59 4.00 45,204 122 1,627 46,953 11.41 9.43 34,993 -1,423 13,383 46,953 9.22 7.79 39,495 -10,824 18,282 46,953 11.30 10.60 33,104 -14,825 28,674 46,953 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 74 City of Clearwater Employees Pension Fund Manning and Napier as of 9/30/19 Cash & Equiv $1,285 2.74% Domestic Equity $45,668 97.26% Periods from 1/13 to 9/19 Alpha Beta R-Squared 0.56 0.75 0.83 Annualized Return% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 M 1 T Annualized Standard Deviation% M Manning and Napier 1 Russell 1000 Value T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 11.30 10.60 0.75 10.63 11.30 0.26 0.99 0.87 0.00 -0.13 Asset Allocation ($000) Risk/Return Analysis 75 City of Clearwater Employees Pension Fund Large Value Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low M Manning and Napier Net Ret Rank 1 Russell 1000 Value Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 5 Years 3.99 2.99 1.82 1.04 -2.62 1.80 50 1.36 63 11.75 6.77 3.44 -0.37 -4.59 3.59 47 4.00 47 13.31 8.40 7.29 5.92 1.36 8.95 19 6.69 66 14.43 11.97 10.82 9.65 7.44 11.41 40 9.43 76 14.14 9.97 8.49 7.11 1.77 9.22 33 7.79 63 -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% M 1 M 1 M 1 M 1 M 1 76 City of Clearwater Employees Pension Fund Large Value Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low M Manning and Napier Net Ret Rank 1 Russell 1000 Value Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 24.76 20.24 16.58 14.76 11.72 14.92 69 17.81 43 -1.08 -3.72 -8.12 -10.78 -15.75 -3.65 22 -8.27 53 22.62 19.88 17.05 15.78 13.21 21.55 10 13.66 91 20.29 16.65 14.98 11.95 9.65 13.85 58 17.34 17 1.71 -0.14 -1.43 -4.28 -10.04 -0.09 24 -3.83 68 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% M 1 M 1 M 1 M 1 M 1 77 City of Clearwater Employees Pension Fund Risk Measure Summary Manning and Napier Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 0.84 0.84 0.50 -9.86 10.34 3.59 3.59 16.63 0.84 -0.09 0.99 0.07 1.42 3.35 -0.26 1 3 -11.72 11.93 4.00 4.00 19.64 0.08 2 10 1.04 0.77 0.67 -9.86 10.34 -3.65 21.55 10.43 0.86 0.72 0.88 0.95 11.50 4.01 0.41 2 10 -11.72 11.93 -8.27 15.12 11.48 0.69 4 16 0.99 0.73 0.65 -9.86 10.34 -4.66 21.55 9.28 0.83 0.60 0.87 0.89 9.87 3.73 0.31 4 16 -11.72 11.93 -8.27 19.22 10.41 0.65 4 22 0.95 0.68 0.62 -9.86 10.34 -4.66 21.56 8.58 0.83 0.56 0.88 1.16 12.08 3.44 0.16 5 21 -11.72 11.93 -8.27 23.82 9.74 0.95 78 City of Clearwater Employees Pension Fund September 30, 2019 Performance Comparison Total Returns of Large Value Portfolios High 1st Qt Median 3rd Qt Low M Manning and Napier Net Ret Rank 1 Russell 1000 Value Net Ret Rank Dec 16 Sep 19 Sep 16 Jun 19 Jun 16 Mar 19 Mar 16 Dec 18 Dec 15 Sep 18 14.18 11.90 10.89 9.65 7.86 11.41 41 9.43 76 14.37 12.22 11.28 10.34 8.99 12.16 27 10.19 76 13.26 11.85 11.32 10.36 8.93 12.64 16 10.45 73 10.27 8.77 7.61 6.55 4.64 10.06 9 6.95 66 17.46 15.79 14.46 13.54 11.84 16.32 17 13.55 74 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% M 1 M 1 M 1 M 1 M 1 Manning and Napier Value Added Analysis - Net of Fee 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% -3.3 1.3 -0.4 2.3 0.7 1.3 -0.9 0.4 -3.7 2.2 1.6 1.2 1.8 1.7 -1.1 2.3 2.1 -1.4 -1.5 0.4 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. Russell 1000 Value 79 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Equity Portfolios Annualized Rate of Return4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 M 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Manning and Napier 1 Russell 1000 Value Median 11.41 55 10.43 12 9.43 71 11.48 16 12.10 13.72 Annualized Rate of Return4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 M 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Manning and Napier 1 Russell 1000 Value Median 9.22 56 9.28 11 7.79 73 10.41 17 9.96 12.38 80 City of Clearwater Employees Pension Fund Equity Summary Statistics Manning and Napier Period Ending 9/19 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 1000 Value 95 45,667,994 131,860,113 41,125,653 3.10 16.15 16.01 1.03 2.96 67.68 6.24 765 121,235,800 9,083,987 2.63 19.14 17.02 0.95 2.13 66.89 6.29 Ten Largest Holdings J P Morgan Chase & C Wal Mart Stores Inc Johnson & Johnson Home Depot Inc Merck & Co Inc New Wells Fargo & Co New Boeing Co Intel Corp Pfizer Inc Cisco Sys Inc Market Value % of Portfolio Quarterly Ret 1,556,333 1,524,919 1,456,172 1,274,486 1,200,070 1,185,996 1,096,515 1,094,497 1,074,343 1,058,115 3.41 3.34 3.19 2.79 2.63 2.60 2.40 2.40 2.36 2.32 6.01 7.94 -6.42 12.24 1.06 7.77 5.16 8.37 -16.28 -9.16 Ten Best Performers KLA Instrs Corp Kontoor Brands Inc Western Digital Corp Lam Resh Corp Kellogg Co United Parcel Servic Cvs Corp Hershey Foods Corp Texas Instrs Inc Sysco Corp Quarterly Ret 35.67 27.25 25.43 23.65 21.21 16.99 16.78 16.20 13.29 12.88 Ten Worst Performers Halliburton Co Pfizer Inc Rio Tinto Plc Bhp Billiton Ltd Nvent Electric Plc Sk Telecom Ltd Occidental Pete Corp Cisco Sys Inc Canon Inc Rogers Communication Quarterly Ret -16.31 -16.28 -12.94 -12.33 -10.45 -10.30 -10.00 -9.16 -8.78 -8.26 81 City of Clearwater Employees Pension Fund Equity Contribution to Return Manning and Napier Period Ending 9/19 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 1000 Value 95 45,667,994 131,860,113 41,125,653 3.10 16.15 16.01 1.03 2.96 67.68 6.24 765 121,235,800 9,083,987 2.63 19.14 17.02 0.95 2.13 66.89 6.29 Ten Best Contributors Home Depot Inc United Parcel Servic Wal Mart Stores Inc Medtronic Plc KLA Instrs Corp Texas Instrs Inc J P Morgan Chase & C Wells Fargo & Co New Intel Corp Cvs Corp Market Value % of Portfolio Quarterly Ret 1,274,486 738,810 1,524,919 935,870 290,996 771,175 1,556,333 1,185,996 1,094,497 537,293 2.79 1.62 3.34 2.05 0.64 1.69 3.41 2.60 2.40 1.18 12.24 16.99 7.94 12.71 35.67 13.29 6.01 7.77 8.37 16.78 Ten Worst Contributors Pfizer Inc Cisco Sys Inc Johnson & Johnson Bhp Billiton Ltd Rio Tinto Plc Total Sa Chevron Corp Gilead Sciences Inc Petroleo Brasileiro Caterpillar Inc Market Value % of Portfolio Quarterly Ret 1,074,343 1,058,115 1,456,172 670,432 527,984 577,408 850,006 593,934 455,314 458,000 2.36 2.32 3.19 1.47 1.16 1.27 1.86 1.30 1.00 1.00 -16.28 -9.16 -6.42 -12.33 -12.94 -5.69 -3.71 -5.30 -6.84 -6.62 82 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Manning and Napier Quarter Ending 9/19 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 10.24 5.88 19.10 5.44 14.08 17.66 14.18 12.48 0.95 0.00 100.00 9.25 4.45 9.72 5.94 8.74 12.90 23.45 5.94 8.00 6.50 100.00 -2.55 -6.77 2.06 6.64 4.85 -0.01 5.02 4.54 -9.29 1.97 -6.90 -2.15 -1.90 3.27 5.96 -3.04 2.21 2.92 3.79 8.27 0.94 0.45 -0.27 0.76 0.18 -0.16 0.54 0.40 0.20 -0.12 0.00 1.97 -0.08 -0.04 -0.27 -0.01 0.27 -0.19 -0.12 0.13 -0.20 -0.48 -0.99 0.37 -0.32 0.49 0.17 0.11 0.35 0.28 0.33 -0.32 -0.48 0.98 Index - Russell 1000 Value Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 0.01% [ Actual Return 1.98% ] - [ Buy Hold Return 1.97% ] 83 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Manning and Napier Quarter Ending 9/19 % Allocation Energy 10.24 9.25 Materials 5.88 4.45 Industrials 19.10 9.72 Con. Discretionary 5.44 5.94 Consumer Staples 14.08 8.74 Health Care 17.66 12.90 Financials 14.18 23.45 Infomation Tech. 12.48 5.94 Telecom. Services 0.95 8.00 Utilities 0.00 6.50 Manning and Napier Russell 1000 Value % Return -2.55 -6.90 -6.77 -2.15 2.06 -1.90 6.64 3.27 4.85 5.96 -0.01 -3.04 5.02 2.21 4.54 2.92 -9.29 3.79 8.27 % Variance 0.37 -0.32 0.49 0.17 0.11 0.35 0.28 0.33 -0.32 -0.48 84 City of Clearwater Employees Pension Fund Mid Cap Equity Comp as of 9/30/19 Global Pmts Inc Atlassian Corp Plc Transdigm Group Inc Fidelity Natl Inform Universal Health Svc L3harris Technologie Ihs Markit Ltd Veeva Sys Inc Boston Scientific Co Guidewire Software I GICS Sector % Port Information Technology Information Technology Industrials Information Technology Health Care Industrials Industrials Health Care Health Care Information Technology 3.21 2.23 2.11 2.06 2.02 1.98 1.97 1.90 1.74 1.72 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 2.77 3.81 16.01 13.20 0.00 17.34 15.20 23.13 4.09 4.45 -2.00.02.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 3/31/88 Mid Cap Equity Comp R Mid Cap Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 3/31/88 Mid Cap Equity Comp R Mid Cap Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -1.65 0.48 86,109 150 -1,422 84,837 22.78 21.93 68,774 388 15,674 84,837 0.65 3.19 83,752 512 573 84,837 9.96 10.69 75,567 -13,841 23,111 84,837 8.61 9.10 96,106 -46,364 35,095 84,837 13.71 13.07 60,003 -83,385 108,218 84,837 12.16 11.51 15,585 -83,385 152,636 84,837 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 85 City of Clearwater Employees Pension Fund Mid Cap Equity Comp as of 9/30/19 Cash & Equiv $3,523 4.15% Domestic Equity $81,314 95.85% Periods from 3/88 to 9/19 Alpha Beta R-Squared 0.01 1.14 0.83 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 M1 T Annualized Standard Deviation% M Mid Cap Equity Comp 1 R Mid Cap T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 12.16 11.51 3.20 21.51 17.20 1.28 0.42 0.48 0.00 0.10 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 86 City of Clearwater Employees Pension Fund Midcap Neutral Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low M Mid Cap Equity Comp Net Ret Rank 1 R Mid Cap Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 2.57 1.50 0.70 0.48 -0.07 -1.65 100 0.48 75 8.33 6.55 3.52 0.53 -2.43 0.65 72 3.19 61 12.00 11.45 11.08 8.16 5.46 7.46 75 8.45 63 15.37 13.92 12.38 10.63 9.42 9.96 78 10.69 71 15.54 14.32 12.80 11.13 10.80 9.89 100 11.57 68 12.67 12.04 11.12 9.02 8.70 8.61 96 9.10 71 13.07 11.10 10.70 9.49 8.71 9.25 85 10.19 68 14.61 13.15 12.61 11.92 10.93 12.22 57 12.57 53 16.17 16.06 13.89 13.31 13.03 14.29 41 14.39 41 14.51 14.06 12.10 11.60 11.30 13.04 35 12.58 41 14.68 14.48 12.64 12.16 11.65 13.71 33 13.07 38 -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% M 1 M 1 M 1 M1 M 1 M1 M 1 M1 M1 M1 M1 87 City of Clearwater Employees Pension Fund Midcap Neutral Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low M Mid Cap Equity Comp Net Ret Rank 1 R Mid Cap Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 28.09 22.85 19.92 19.70 17.88 22.78 25 21.93 33 -2.29 -4.59 -8.02 -11.06 -13.75 -9.88 62 -9.06 55 26.37 19.63 18.24 16.21 13.67 19.76 22 18.52 47 21.49 20.72 19.52 16.20 10.18 6.73 99 13.80 79 4.48 0.56 -1.29 -2.19 -5.96 -1.30 50 -2.44 75 13.76 10.62 9.71 5.41 4.34 13.38 5 13.21 5 42.04 33.72 32.35 30.97 18.50 37.36 17 34.76 22 24.40 18.56 17.54 15.92 10.49 22.00 5 17.26 50 6.80 0.68 -1.67 -3.22 -5.92 -0.10 25 -1.56 42 32.94 26.91 26.49 23.18 15.82 28.03 9 25.49 58 61.43 44.53 37.33 30.29 28.44 45.33 15 40.47 37 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% M1 M1 M1 M 1 M1 M1 M1 M 1 M1 M1 M 1 88 City of Clearwater Employees Pension Fund Risk Measure Summary Mid Cap Equity Comp Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 2 2 1.04 1.17 0.50 -18.03 17.45 0.65 0.65 29.84 1.13 -0.53 0.99 -0.06 -1.55 4.68 -0.38 1 3 -15.37 16.54 3.19 3.19 26.30 0.03 2 10 1.02 1.14 0.58 -18.03 17.45 -9.88 19.76 16.32 1.12 -0.37 0.95 0.52 7.55 3.87 -0.11 2 10 -15.37 16.54 -9.06 18.52 14.25 0.64 4 16 0.97 1.02 0.60 -18.03 17.45 -9.88 19.76 13.78 1.09 -0.25 0.93 0.55 7.00 3.82 -0.08 4 16 -15.37 16.54 -9.06 18.52 12.19 0.67 36 90 1.12 1.15 0.56 -26.78 49.24 -41.79 77.74 21.51 1.14 0.01 0.83 0.42 7.87 9.11 0.10 37 89 -27.28 20.80 -41.46 67.72 17.20 0.48 89 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Midcap Neutral Portfolios Annualized Rate of Return11.5 12.1 12.7 13.3 13.9 14.5 15.1 15.7 16.3 16.9 17.5 7.0 8.1 9.2 10.3 11.4 12.5 13.6 14.7 15.8 16.9 18.0 M 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Mid Cap Equity Comp 1 R Mid Cap Median 9.96 78 16.32 87 10.69 71 14.25 51 12.38 14.35 Annualized Rate of Return10.0 10.45 10.9 11.35 11.8 12.25 12.7 13.15 13.6 14.05 14.5 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 M1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Mid Cap Equity Comp 1 R Mid Cap Median 8.61 96 13.78 93 9.10 71 12.19 51 11.12 12.24 90 City of Clearwater Employees Pension Fund Artisan Partners as of 9/30/19 Global Pmts Inc Atlassian Corp Plc Fidelity Natl Inform L3harris Technologie Ihs Markit Ltd Veeva Sys Inc Boston Scientific Co Guidewire Software I Roper Inds Inc New Motorola Solutions I GICS Sector % Port Information Technology Information Technology Information Technology Industrials Industrials Health Care Health Care Information Technology Industrials Information Technology 5.86 4.08 3.77 3.61 3.60 3.48 3.18 3.15 2.73 2.66 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 0.00 16.66 12.06 0.00 24.85 3.17 37.87 5.38 0.00 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/01 Artisan Partners R Mid Cap G Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/01 Artisan Partners R Mid Cap G Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -3.69 -0.67 47,914 91 -1,768 46,236 29.33 25.23 35,540 272 10,424 46,236 5.73 5.20 43,385 342 2,508 46,236 13.17 14.50 38,122 -7,504 15,618 46,236 10.42 11.12 48,059 -23,236 21,413 46,236 14.65 14.08 29,098 -40,249 57,388 46,236 10.26 8.81 29,914 -40,249 56,572 46,236 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 91 City of Clearwater Employees Pension Fund Artisan Partners as of 9/30/19 Cash & Equiv $1,720 3.72% Domestic Equity $44,516 96.28% Periods from 7/01 to 9/19 Alpha Beta R-Squared 0.37 0.96 0.92 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 r 1 T Annualized Standard Deviation% r Artisan Partners 1 R Mid Cap G T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 10.26 8.81 1.43 18.12 17.66 0.47 0.49 0.42 0.00 0.17 Asset Allocation ($000) Risk/Return Analysis 92 City of Clearwater Employees Pension Fund Midcap Growth Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low r Artisan Partners Net Ret Rank 1 R Mid Cap G Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 3.65 3.05 -0.55 -2.67 -5.68 -3.69 77 -0.67 52 14.53 10.48 5.07 -1.57 -4.42 5.73 45 5.20 45 21.35 17.05 15.03 11.20 8.81 13.57 56 12.87 68 24.10 18.67 17.19 13.82 11.45 13.17 79 14.50 67 23.20 17.51 15.67 12.42 10.06 11.97 77 13.68 70 19.33 16.06 13.42 9.02 6.40 10.42 72 11.12 72 16.94 14.64 13.55 11.16 5.79 9.90 78 11.66 66 17.92 17.08 15.63 13.91 9.97 12.97 81 13.81 75 18.75 18.21 17.12 15.86 10.95 14.52 91 15.34 79 18.16 17.70 14.98 14.50 9.80 13.75 83 13.63 89 17.80 17.04 15.32 14.00 9.93 14.65 64 14.08 71 -10% -5% 0% 5% 10% 15% 20% 25% r 1 r1 r1 r1 r 1 r1 r 1 r1 r1 r1 r1 93 City of Clearwater Employees Pension Fund Midcap Growth Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low r Artisan Partners Net Ret Rank 1 R Mid Cap G Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 32.38 30.35 27.00 20.45 17.92 29.33 35 25.23 64 3.83 -1.35 -4.43 -7.23 -8.14 -3.39 38 -4.75 51 35.72 31.61 26.80 23.72 14.14 20.81 83 25.27 58 19.39 13.11 8.13 4.36 0.84 -0.63 99 7.33 54 9.79 3.39 1.66 -2.09 -5.68 3.38 26 -0.20 59 13.74 9.29 7.43 5.57 0.54 6.96 56 11.91 7 44.96 39.58 37.99 34.92 30.72 39.21 26 35.76 66 21.84 19.33 16.08 14.02 10.84 20.82 9 15.80 51 11.21 8.30 0.64 -5.27 -8.65 0.07 56 -1.66 72 35.21 32.22 27.97 24.52 19.30 33.15 15 26.39 63 52.68 46.25 39.66 32.22 22.13 51.38 12 46.30 21 -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% r 1 r1 r 1 r 1 r 1 r 1 r 1 r 1 r1 r 1 r 1 94 City of Clearwater Employees Pension Fund September 30, 2019 Performance Comparison Total Returns of Midcap Growth Portfolios High 1st Qt Median 3rd Qt Low r Artisan Partners Net Ret Rank 1 R Mid Cap G Net Ret Rank Dec 16 Sep 19 Sep 16 Jun 19 Jun 16 Mar 19 Mar 16 Dec 18 Dec 15 Sep 18 23.30 17.70 17.19 13.91 11.95 13.17 79 14.50 70 19.87 19.55 16.91 16.68 15.20 16.78 59 16.49 78 20.67 17.63 15.38 14.69 13.53 14.40 84 15.06 55 12.60 10.85 10.35 7.66 6.16 5.06 100 8.59 70 26.92 21.16 20.32 16.37 14.64 14.14 100 16.65 72 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% r 1 r 1 r 1 r 1 r 1 Artisan Partners Value Added Analysis - Net of Fee 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 -8.0% -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 0.0 -1.2 3.1 1.0 0.7 -6.1 1.9 1.2 -4.4 1.0 2.5 -3.6 -3.3 1.4 0.8 2.0 -2.7 2.0 4.5 -3.0 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. R Mid Cap G 95 City of Clearwater Employees Pension Fund Risk Measure Summary Artisan Partners Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 2 2 1.31 1.28 0.50 -18.25 21.96 5.73 5.73 34.74 1.16 0.20 0.97 0.10 2.87 7.39 0.21 2 2 -15.99 19.62 5.20 5.20 29.51 0.10 3 9 1.04 1.28 0.58 -18.25 21.96 -3.39 21.98 19.43 1.15 -0.66 0.92 0.60 10.13 6.14 -0.14 2 10 -15.99 19.62 -4.75 25.27 16.11 0.80 5 15 0.98 1.05 0.65 -18.25 21.96 -6.20 21.98 16.14 1.11 -0.36 0.88 0.58 8.52 5.78 -0.08 4 16 -15.99 19.62 -4.75 25.27 13.64 0.74 20 52 1.01 0.92 0.50 -27.54 26.70 -42.87 58.59 19.38 0.96 0.37 0.92 0.53 10.65 5.50 0.17 20 52 -27.36 27.06 -44.32 62.98 19.34 0.47 96 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Midcap Growth Portfolios Annualized Rate of Return8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 8.0 9.8 11.6 13.4 15.2 17.0 18.8 20.5 22.3 24.1 25.9 r 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank r Artisan Partners 1 R Mid Cap G Median 13.17 79 19.43 87 14.50 67 16.11 46 17.19 17.06 Annualized Rate of Return6.0 7.8 9.6 11.4 13.2 15.0 16.8 18.6 20.4 22.2 24.0 4.0 5.8 7.6 9.4 11.2 13.0 14.8 16.6 18.4 20.1 21.9 r1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank r Artisan Partners 1 R Mid Cap G Median 10.42 72 16.14 85 11.12 72 13.64 26 13.42 14.98 97 City of Clearwater Employees Pension Fund Equity Summary Statistics Artisan Partners Period Ending 9/19 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio R Mid Cap G 63 44,516,409 22,935,751 13,242,272 0.33 61.04 31.31 1.12 4.96 51.35 9.37 403 18,363,740 8,671,244 0.77 33.51 24.46 1.06 6.35 59.63 12.15 Ten Largest Holdings Global Pmts Inc Atlassian Corp Plc Fidelity Natl Inform L3harris Technologie Ihs Markit Ltd Veeva Sys Inc Boston Scientific Co Guidewire Software I Roper Inds Inc New Motorola Solutions I Market Value % of Portfolio Quarterly Ret 2,607,918 1,814,740 1,677,290 1,606,945 1,600,639 1,546,750 1,417,070 1,400,922 1,214,936 1,184,861 5.86 4.08 3.77 3.61 3.60 3.48 3.18 3.15 2.73 2.66 -0.70 -4.13 8.50 10.71 4.96 -5.81 -5.33 3.95 -2.52 2.56 Ten Best Performers Edwards Lifesciences Pagseguro Digital Lt Burlington Stores In Chipotle Mexican Gri Canada Goose Holding West Pharmaceutical Cintas Corp Hasbro Bradley Inc L3harris Technologie Transunion Quarterly Ret 19.04 18.84 17.44 14.68 13.53 13.46 12.98 12.94 10.71 10.44 Ten Worst Performers Sarepta Therapeutics Zscaler Inc Ollies Bargain Outlt Abiomed Inc Alexion Pharmaceutic Exact Sciences Corp Sage Therapeutics In Wayfair Inc Spotify Technology S Under Armour Inc Quarterly Ret -50.43 -38.34 -32.68 -31.71 -25.23 -23.44 -23.38 -23.21 -22.04 -21.34 98 City of Clearwater Employees Pension Fund Equity Contribution to Return Artisan Partners Period Ending 9/19 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio R Mid Cap G 63 44,516,409 22,935,751 13,242,272 0.33 61.04 31.31 1.12 4.96 51.35 9.37 403 18,363,740 8,671,244 0.77 33.51 24.46 1.06 6.35 59.63 12.15 Ten Best Contributors L3harris Technologie Fidelity Natl Inform Pagseguro Digital Lt Edwards Lifesciences West Pharmaceutical Burlington Stores In Transunion Canada Goose Holding Hasbro Bradley Inc Genmab A S Market Value % of Portfolio Quarterly Ret 1,606,945 1,677,290 752,676 559,671 743,704 571,885 927,412 677,754 692,200 911,903 3.61 3.77 1.69 1.26 1.67 1.28 2.08 1.52 1.56 2.05 10.71 8.50 18.84 19.04 13.46 17.44 10.44 13.53 12.94 9.67 Ten Worst Contributors Exact Sciences Corp Alexion Pharmaceutic Zscaler Inc Abiomed Inc Fortive Corp Sarepta Therapeutics Ascendis Pharma A S Wayfair Inc Veeva Sys Inc Cree Inc Market Value % of Portfolio Quarterly Ret 721,333 639,254 329,969 375,704 672,574 208,034 635,616 445,116 1,546,750 665,763 1.62 1.44 0.74 0.84 1.51 0.47 1.43 1.00 3.48 1.50 -23.44 -25.23 -38.34 -31.71 -15.81 -50.43 -16.35 -23.21 -5.81 -12.78 99 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Artisan Partners Quarter Ending 9/19 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 0.00 0.00 17.41 10.25 0.00 23.42 5.51 38.15 5.27 0.00 100.00 1.40 2.83 16.64 15.17 3.08 15.35 4.47 33.59 4.82 0.00 100.00 0.58 0.69 -9.75 -2.97 -3.53 -6.51 -3.97 -10.40 4.27 2.62 0.20 7.74 -8.20 -2.21 -0.70 -0.24 0.00 -0.92 0.00 0.00 -0.36 0.05 0.00 -0.36 -0.04 -1.08 -0.33 0.00 -2.12 0.13 -0.15 0.03 -0.06 -0.27 -0.59 -0.01 0.01 0.00 0.00 -0.90 0.13 -0.15 -0.33 -0.01 -0.27 -0.95 -0.06 -1.07 -0.33 0.00 -3.02 Index - R Mid Cap G Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 0.34% [ Actual Return -3.62% ] - [ Buy Hold Return -3.97% ] 100 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Artisan Partners Quarter Ending 9/19 % Allocation Energy 0.00 1.40 Materials 0.00 2.83 Industrials 17.41 16.64 Con. Discretionary 10.25 15.17 Consumer Staples 0.00 3.08 Health Care 23.42 15.35 Financials 5.51 4.47 Infomation Tech. 38.15 33.59 Telecom. Services 5.27 4.82 Utilities 0.00 0.00 Artisan Partners R Mid Cap G % Return -10.40 4.27 0.58 2.62 0.69 0.20 7.74 -9.75 -8.20 -2.97 -2.21 -3.53 -0.70 -6.51 -0.24 % Variance 0.13 -0.15 -0.33 -0.01 -0.27 -0.95 -0.06 -1.07 -0.33 0.00 101 City of Clearwater Employees Pension Fund Wedge Capital Mgmt as of 9/30/19 Transdigm Group Inc Universal Health Svc Ashland Global Hldgs Zimmer Hldgs Inc Ally Finl Inc First Energy Corp Lamar Advertising Co Aaron Rents Inc Republic Svcs Inc Epr Pptys GICS Sector % Port Industrials Health Care Materials Health Care Financials Utilities Financials Consumer Discretionary Industrials Financials 4.67 4.48 3.80 3.77 3.76 3.45 3.40 3.29 3.26 3.21 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 6.14 8.42 15.22 14.58 0.00 8.24 29.77 5.27 2.53 9.84 -6.0-4.0-2.00.02.04.06.08.010.012.014.016.018.020.022.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 2/28/07 Wedge Capital Mgmt R Mid Cap V Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 2/28/07 Wedge Capital Mgmt R Mid Cap V Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 0.91 1.22 38,195 59 346 38,600 15.79 19.47 33,234 116 5,250 38,600 -4.82 1.60 40,366 169 -1,935 38,600 6.46 7.82 37,445 -6,338 7,493 38,600 6.59 7.55 48,047 -23,128 13,681 38,600 12.57 12.29 30,905 -43,135 50,831 38,600 8.11 7.13 30,365 -43,135 51,370 38,600 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 102 City of Clearwater Employees Pension Fund Wedge Capital Mgmt as of 9/30/19 Cash & Equiv $1,803 4.67% Domestic Equity $36,798 95.33% Periods from 2/07 to 9/19 Alpha Beta R-Squared 0.25 1.00 0.96 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 w 1 T Annualized Standard Deviation% w Wedge Capital Mgmt 1 R Mid Cap V T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 8.11 7.13 0.93 17.55 17.34 0.41 0.41 0.36 0.00 0.24 Asset Allocation ($000) Risk/Return Analysis 103 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Midcap Value Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low w Wedge Capital Mgmt Net Ret Rank 1 R Mid Cap V Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 4.45 4.40 0.94 -0.07 -0.98 0.91 56 1.22 48 3.55 0.42 -3.40 -8.34 -8.91 -4.82 62 1.60 12 11.48 5.41 4.39 3.33 1.65 1.26 99 5.14 27 9.87 9.67 8.69 7.37 6.58 6.46 99 7.82 68 13.39 12.96 12.00 9.74 8.08 7.54 100 10.10 69 12.17 10.41 9.04 7.32 5.60 6.59 94 7.55 73 10.79 10.06 9.71 9.02 7.25 8.35 94 9.14 71 13.60 12.70 11.72 11.57 8.24 11.18 78 11.63 70 16.96 15.19 14.41 13.77 12.06 13.80 71 13.69 76 15.53 13.45 12.61 11.81 9.96 12.10 71 11.78 76 15.67 13.60 13.03 11.89 10.98 12.57 65 12.29 70 -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% w1 w 1 w 1 w 1 w 1 w1 w1 w1 w1 w1 w1 104 City of Clearwater Employees Pension Fund Midcap Value Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low w Wedge Capital Mgmt Net Ret Rank 1 R Mid Cap V Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 26.29 19.71 16.10 14.41 6.27 15.79 57 19.47 32 -2.54 -6.21 -12.79 -14.99 -17.15 -16.00 89 -12.29 41 19.59 16.16 13.12 11.69 5.41 18.44 12 13.34 39 37.97 30.74 17.48 14.46 10.50 14.46 75 20.00 39 3.75 0.91 -2.91 -5.62 -11.29 -5.72 83 -4.78 67 20.03 15.24 12.03 9.92 7.79 19.82 9 14.74 25 44.14 37.28 35.14 30.85 25.46 34.92 56 33.45 62 24.19 21.83 17.91 15.11 12.08 23.16 16 18.48 44 11.64 3.55 -0.48 -1.92 -5.17 -0.33 46 -1.38 71 34.93 23.30 20.94 18.79 16.95 23.30 26 24.76 17 61.66 48.01 40.47 25.84 12.76 38.51 59 34.20 62 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% w1 w1 w 1 w 1 w1 w 1 w1 w 1 w1 w1 w 1 105 City of Clearwater Employees Pension Fund September 30, 2019 Performance Comparison Total Returns of Midcap Value Portfolios High 1st Qt Median 3rd Qt Low w Wedge Capital Mgmt Net Ret Rank 1 R Mid Cap V Net Ret Rank Dec 16 Sep 19 Sep 16 Jun 19 Jun 16 Mar 19 Mar 16 Dec 18 Dec 15 Sep 18 9.87 9.67 8.69 7.37 6.58 6.46 99 7.82 68 12.51 11.35 9.60 8.54 5.05 7.70 90 8.95 67 13.10 11.30 10.55 9.12 7.60 8.16 94 9.50 69 9.83 9.03 6.68 5.24 3.62 4.42 90 6.06 66 20.00 17.59 16.34 12.92 11.51 12.00 94 13.09 74 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% w 1 w 1 w 1 w 1 w 1 Wedge Capital Mgmt Value Added Analysis - Net of Fee 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 4.3 0.4 0.3 -0.1 -1.6 -2.5 -1.5 0.0 -0.7 2.1 1.9 0.6 -0.1 -0.9 0.4 -0.4 -3.3 -1.5 -1.3 -0.3 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. R Mid Cap V 106 City of Clearwater Employees Pension Fund Risk Measure Summary Wedge Capital Mgmt Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 0.81 1.19 0.00 -17.80 12.63 -4.82 -4.82 25.28 1.04 -1.57 0.99 -0.29 -6.92 2.10 -2.90 1 3 -14.95 14.37 1.60 1.60 24.17 -0.03 2 10 1.01 1.21 0.33 -17.80 12.63 -16.00 18.44 14.44 1.06 -0.38 0.96 0.34 4.63 2.85 -0.40 2 10 -14.95 14.37 -12.29 13.37 13.39 0.47 4 16 0.99 1.12 0.40 -17.80 12.63 -16.00 19.68 12.75 1.06 -0.30 0.93 0.44 5.29 3.43 -0.24 4 16 -14.95 14.37 -12.29 20.00 11.65 0.56 16 34 1.01 0.95 0.56 -26.40 25.65 -39.75 73.15 19.06 1.00 0.25 0.96 0.38 7.17 3.86 0.24 15 35 -27.19 23.62 -42.51 72.41 18.70 0.33 107 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Midcap Value Portfolios Annualized Rate of Return7.0 8.5 10.0 11.5 13.0 14.5 16.0 17.5 19.0 20.5 22.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 w 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank w Wedge Capital Mgmt 1 R Mid Cap V Median 6.46 90 14.44 49 7.82 58 13.39 27 8.32 14.59 Annualized Rate of Return7.0 8.1 9.2 10.3 11.4 12.5 13.6 14.7 15.8 16.9 18.0 0.0 1.8 3.6 5.3 7.2 9.0 10.8 12.6 14.4 16.2 18.0 w1Median RiskMedian Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank w Wedge Capital Mgmt 1 R Mid Cap V Median 6.59 83 12.75 41 7.55 66 11.65 2 9.03 12.90 108 City of Clearwater Employees Pension Fund Equity Summary Statistics Wedge Capital Mgmt Period Ending 9/19 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio R Mid Cap V 42 36,797,690 12,110,895 7,585,258 2.39 18.72 16.39 1.01 1.47 72.69 8.61 632 15,220,708 7,590,367 2.41 21.49 17.20 0.98 1.90 71.79 6.15 Ten Largest Holdings Transdigm Group Inc Universal Health Svc Ashland Global Hldgs Zimmer Hldgs Inc Ally Finl Inc First Energy Corp Lamar Advertising Co Aaron Rents Inc Republic Svcs Inc Epr Pptys Market Value % of Portfolio Quarterly Ret 1,715,608 1,643,836 1,395,838 1,383,133 1,381,943 1,266,520 1,247,220 1,207,188 1,197,419 1,178,341 4.67 4.48 3.80 3.77 3.76 3.45 3.40 3.29 3.26 3.21 13.88 14.24 -3.29 16.80 7.55 13.65 2.75 4.70 0.36 4.57 Ten Best Performers Assurant Inc Altice Usa Inc Zimmer Hldgs Inc Entergy Corp New Universal Health Svc Transdigm Group Inc First Energy Corp Packaging Corp Amer Axis Capital Holding Evergy Inc Quarterly Ret 18.87 17.78 16.80 15.00 14.24 13.88 13.65 12.13 11.85 11.47 Ten Worst Performers Owens Ill Inc Conduent Inc Eqt Corp Dana Holding Corp Equitrans Midstream Qurate Retail Inc Adtalem Global Ed In Murphy Oil Corp Slm Corp Alliance Data System Quarterly Ret -40.23 -35.14 -32.54 -27.00 -23.71 -16.75 -15.45 -9.12 -8.90 -8.09 109 City of Clearwater Employees Pension Fund Equity Contribution to Return Wedge Capital Mgmt Period Ending 9/19 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio R Mid Cap V 42 36,797,690 12,110,895 7,585,258 2.39 18.72 16.39 1.01 1.47 72.69 8.61 632 15,220,708 7,590,367 2.41 21.49 17.20 0.98 1.90 71.79 6.15 Ten Best Contributors Transdigm Group Inc Universal Health Svc Zimmer Hldgs Inc First Energy Corp Altice Usa Inc Entergy Corp New Assurant Inc Packaging Corp Amer Fidelity National Fi Ally Finl Inc Market Value % of Portfolio Quarterly Ret 1,715,608 1,643,836 1,383,133 1,266,520 929,519 1,033,003 732,650 956,173 1,026,715 1,381,943 4.67 4.48 3.77 3.45 2.53 2.81 1.99 2.60 2.80 3.76 13.88 14.24 16.80 13.65 17.78 15.00 18.87 12.13 10.99 7.55 Ten Worst Contributors Dana Holding Corp Eqt Corp Equitrans Midstream Adtalem Global Ed In Conduent Inc Qurate Retail Inc Murphy Oil Corp Owens Ill Inc Alliance Data System Ashland Global Hldgs Market Value % of Portfolio Quarterly Ret 806,705 515,572 703,609 1,030,449 375,190 722,256 1,034,085 188,177 596,830 1,395,838 2.20 1.40 1.92 2.81 1.02 1.97 2.82 0.51 1.63 3.80 -27.00 -32.54 -23.71 -15.45 -35.14 -16.75 -9.12 -40.23 -8.09 -3.29 110 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Wedge Capital Mgmt Quarter Ending 9/19 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 7.20 9.71 15.00 14.35 0.00 8.40 28.85 5.89 2.21 8.38 100.00 6.34 6.80 11.61 8.94 4.33 7.03 18.83 7.39 3.97 11.09 100.00 -20.75 -7.93 5.62 -7.67 15.39 5.65 -9.83 17.78 7.51 0.84 -12.55 -2.35 -0.48 1.07 6.44 -3.72 2.38 -0.49 -5.00 7.33 0.13 -0.59 -0.54 0.91 -1.26 0.00 1.61 0.94 -0.55 0.50 0.02 1.04 -0.11 -0.07 -0.02 0.05 -0.27 -0.05 0.23 0.01 0.09 -0.19 -0.35 -0.70 -0.61 0.89 -1.20 -0.27 1.55 1.17 -0.54 0.59 -0.18 0.70 Index - R Mid Cap V Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 0.21% [ Actual Return 1.06% ] - [ Buy Hold Return 0.84% ] 111 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Wedge Capital Mgmt Quarter Ending 9/19 % Allocation Energy 7.20 6.34 Materials 9.71 6.80 Industrials 15.00 11.61 Con. Discretionary 14.35 8.94 Consumer Staples 0.00 4.33 Health Care 8.40 7.03 Financials 28.85 18.83 Infomation Tech. 5.89 7.39 Telecom. Services 2.21 3.97 Utilities 8.38 11.09 Wedge Capital Mgmt R Mid Cap V % Return -20.75 -12.55 -7.93 -2.35 5.62 -0.48 -7.67 1.07 6.44 15.39 -3.72 5.65 2.38 -9.83 -0.49 17.78 -5.00 7.51 7.33 % Variance -0.70 -0.61 0.89 -1.20 -0.27 1.55 1.17 -0.54 0.59 -0.18 112 City of Clearwater Employees Pension Fund Small Cap Equity Comp as of 9/30/19 Teladoc Inc Chemed Corp New Proto Labs Inc Ritchie Bros Auction Exponet Inc Five Below Inc Globant S A National Instrs Corp Mobile Mini Paylocity Hldg Corp GICS Sector % Port Health Care Health Care Industrials Industrials Industrials Consumer Discretionary Information Technology Information Technology Industrials Information Technology 1.85 1.84 1.71 1.70 1.65 1.65 1.63 1.56 1.55 1.54 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.76 3.52 19.76 13.72 5.46 15.92 12.24 27.60 0.23 0.79 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 8/31/03 Small Cap Equity Comp R2000 Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 8/31/03 Small Cap Equity Comp R2000 Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -0.28 -2.40 55,313 121 -154 55,281 19.02 14.18 46,140 360 8,781 55,281 0.35 -8.89 54,598 464 219 55,281 14.49 8.23 48,246 -15,560 22,595 55,281 12.36 8.19 54,509 -31,224 31,995 55,281 14.32 11.19 67,008 -82,236 70,509 55,281 10.39 8.65 29,988 -82,236 107,528 55,281 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 113 City of Clearwater Employees Pension Fund Small Cap Equity Comp as of 9/30/19 Cash & Equiv $1,717 3.11% Domestic Equity $53,563 96.89% Periods from 8/03 to 9/19 Alpha Beta R-Squared 0.61 0.89 0.95 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 S 1 T Annualized Standard Deviation% S Small Cap Equity Comp 1 R2000 T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 10.39 8.65 1.37 17.22 18.35 0.48 0.52 0.40 0.00 0.30 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 114 City of Clearwater Employees Pension Fund Small Neutral Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low S Small Cap Equity Comp Net Ret Rank 1 R2000 Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 1.97 0.63 -0.30 -1.76 -4.45 -0.28 47 -2.40 83 4.47 -1.19 -4.29 -7.28 -13.15 0.35 21 -8.89 85 11.21 5.71 3.67 2.40 -1.50 12.20 1 2.47 72 13.15 12.00 9.91 7.98 6.07 14.49 1 8.23 70 14.96 14.42 12.16 10.21 7.44 14.50 18 9.99 77 12.00 11.51 10.14 8.23 4.74 12.36 1 8.19 75 10.42 9.89 9.52 8.20 6.94 10.29 10 7.47 88 13.63 12.95 11.90 11.18 9.96 13.30 11 10.43 90 15.79 14.21 13.89 13.70 12.75 15.65 5 12.91 93 13.78 12.84 12.29 11.78 11.10 14.13 1 10.96 95 13.87 13.11 12.54 12.00 11.41 14.32 1 11.19 95 -15% -10% -5% 0% 5% 10% 15% 20% S 1 S 1 S 1 S 1 S 1 S 1 S 1 S 1 S 1 S 1 S 1 115 City of Clearwater Employees Pension Fund Small Neutral Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low S Small Cap Equity Comp Net Ret Rank 1 R2000 Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 24.82 22.26 18.44 15.79 13.58 19.02 43 14.18 90 -4.75 -10.59 -13.38 -15.16 -19.01 1.67 1 -11.01 33 25.65 16.39 13.41 10.24 4.77 16.66 22 14.65 39 30.15 27.62 24.68 22.43 17.26 18.26 91 21.31 78 2.41 -0.35 -2.79 -4.42 -13.39 -1.70 32 -4.41 73 9.98 8.10 5.72 2.45 -3.52 0.39 82 4.89 65 46.84 42.38 39.10 36.01 32.62 42.51 23 38.82 54 23.40 18.85 16.36 14.46 11.11 17.61 32 16.34 50 3.41 -0.06 -2.35 -4.56 -9.52 2.07 10 -4.17 70 33.14 29.98 26.60 24.44 20.47 29.27 28 26.85 42 63.51 42.13 33.58 25.90 22.14 33.51 50 27.19 67 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% S 1 S 1 S1 S1 S1 S 1 S1 S1 S 1 S1 S 1 116 City of Clearwater Employees Pension Fund Risk Measure Summary Small Cap Equity Comp Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 2 2 1.14 0.72 0.75 -15.68 13.44 0.35 0.35 24.55 0.84 1.83 0.99 -0.08 -2.42 4.82 1.83 2 2 -20.20 14.58 -8.89 -8.89 28.80 -0.39 2 10 1.11 0.55 0.67 -15.68 13.44 0.35 25.45 13.83 0.80 1.73 0.92 0.94 16.28 5.26 1.01 3 9 -20.20 14.58 -11.01 20.74 16.75 0.40 3 17 1.02 0.59 0.60 -15.68 13.44 -5.01 25.45 12.43 0.79 1.30 0.93 0.92 14.47 4.69 0.73 5 15 -20.20 14.58 -11.01 26.22 15.22 0.47 17 47 0.98 0.82 0.61 -25.65 20.74 -38.63 57.55 16.97 0.89 0.61 0.95 0.55 10.46 4.46 0.30 19 45 -26.12 20.68 -37.50 62.77 18.57 0.40 117 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Small Neutral Portfolios Annualized Rate of Return8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 S 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank S Small Cap Equity Comp 1 R2000 Median 14.49 1 13.83 5 8.23 70 16.75 61 9.91 15.95 Annualized Rate of Return9.0 10.1 11.2 12.3 13.4 14.5 15.6 16.7 17.8 18.9 20.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 S 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank S Small Cap Equity Comp 1 R2000 Median 12.36 1 12.43 5 8.19 75 15.22 71 10.14 14.16 118 City of Clearwater Employees Pension Fund Riverbridge Partners as of 9/30/19 Teladoc Inc Chemed Corp New Proto Labs Inc Ritchie Bros Auction Five Below Inc Globant S A Mobile Mini Paylocity Hldg Corp Pegasystems Inc U S Physical Therapy GICS Sector % Port Health Care Health Care Industrials Industrials Consumer Discretionary Information Technology Industrials Information Technology Information Technology Health Care 3.65 3.64 3.38 3.36 3.25 3.21 3.06 3.05 2.99 2.80 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 0.00 16.20 14.15 3.66 24.86 2.24 38.88 0.00 0.00 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/10 Riverbridge Partners R2000G Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/10 Riverbridge Partners R2000G Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -2.68 -4.17 28,269 61 -758 27,572 18.21 15.34 23,169 185 4,218 27,572 -1.71 -9.63 27,803 237 -467 27,572 16.64 9.79 22,953 -8,267 12,887 27,572 13.66 9.08 26,381 -16,125 17,317 27,572 15.01 11.97 16,876 -21,129 31,825 27,572 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 119 City of Clearwater Employees Pension Fund Riverbridge Partners as of 9/30/19 Cash & Equiv $445 1.61% Domestic Equity $27,128 98.39% Periods from 9/10 to 9/19 Alpha Beta R-Squared 1.17 0.81 0.89 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 R 1 T Annualized Standard Deviation% R Riverbridge Partners 1 R2000G T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 15.01 11.97 0.58 15.18 17.02 0.23 0.95 0.67 0.00 0.35 Asset Allocation ($000) Risk/Return Analysis 120 City of Clearwater Employees Pension Fund Small Growth Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low R Riverbridge Partners Net Ret Rank 1 R2000G Net Ret Rank Last Qtr Last 2 Qtrs Last 3 Qtrs 9/19 YTD Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years 3.22 -0.15 -5.95 -6.14 -8.41 -2.68 40 -4.17 40 9.34 4.22 -0.47 -2.69 -4.43 2.10 32 -1.54 50 27.83 21.20 16.61 12.18 11.83 18.21 40 15.34 55 27.83 21.20 16.61 12.18 11.83 18.21 40 15.34 55 4.83 -2.96 -6.06 -11.88 -12.81 -1.71 16 -9.63 62 14.61 10.43 6.90 4.56 2.28 14.65 1 4.60 69 22.34 14.31 10.62 7.84 7.32 16.64 10 9.79 55 21.13 13.28 11.20 8.65 7.70 16.03 10 10.37 52 16.60 11.93 10.37 7.09 6.39 13.66 14 9.08 52 12.44 10.17 9.25 7.21 6.02 10.78 19 8.18 62 15.05 13.94 12.28 10.02 9.38 13.94 25 11.42 60 17.13 16.35 14.49 11.82 10.91 16.01 25 13.72 53 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% R1 R 1 R 1 R 1 R 1 R 1 R 1 R 1 R 1 R 1 R 1 R 1 121 City of Clearwater Employees Pension Fund Small Growth Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low R Riverbridge Partners Net Ret Rank 1 R2000G Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 2014 2013 2012 2011 27.83 21.20 16.61 12.18 11.83 18.21 40 15.34 55 1.85 -2.23 -5.10 -10.68 -16.01 7.33 1 -9.31 65 30.73 22.46 19.77 14.88 10.14 22.97 21 22.17 27 26.47 18.40 12.42 7.85 3.29 13.29 47 11.32 53 5.06 2.25 -1.61 -3.07 -6.45 -3.15 77 -1.38 46 9.75 5.66 4.13 2.77 -2.07 0.20 86 5.60 27 52.64 45.80 42.43 39.57 32.56 43.50 45 43.29 45 21.81 16.20 14.25 11.56 10.19 17.83 19 14.59 46 10.20 4.36 1.68 -1.39 -5.98 4.27 26 -2.92 82 -20% -10% 0% 10% 20% 30% 40% 50% 60% R1 R 1 R1 R1 R1 R 1 R 1 R 1 R 1 122 City of Clearwater Employees Pension Fund September 30, 2019 Performance Comparison Total Returns of Small Growth Portfolios High 1st Qt Median 3rd Qt Low R Riverbridge Partners Net Ret Rank 1 R2000G Net Ret Rank Dec 16 Sep 19 Sep 16 Jun 19 Jun 16 Mar 19 Mar 16 Dec 18 Dec 15 Sep 18 19.31 13.17 10.62 7.84 6.06 16.64 7 9.79 54 20.55 16.28 13.25 12.09 9.00 20.55 5 14.69 38 20.68 16.64 13.02 11.95 9.31 21.23 2 14.87 26 11.64 9.65 7.90 5.95 4.17 14.35 1 7.24 57 22.82 19.10 17.83 15.77 12.07 22.63 6 17.98 44 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% R 1 R 1 R 1 R 1 R 1 Riverbridge Partners Value Added Analysis - Net of Fee 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 0.7 -4.1 -0.8 5.0 -1.7 1.9 3.3 -1.6 -1.8 2.4 4.2 -4.8 -0.9 6.2 0.8 4.2 6.1 -1.2 2.1 1.6 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. R2000G 123 City of Clearwater Employees Pension Fund Risk Measure Summary Riverbridge Partners Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 2 2 1.05 0.77 0.75 -16.85 15.78 -1.71 -1.71 27.42 0.85 1.45 0.99 -0.15 -4.86 5.07 1.42 2 2 -21.65 17.14 -9.63 -9.63 32.23 -0.37 2 10 1.21 0.77 0.67 -16.85 15.78 -1.71 33.73 16.44 0.85 1.84 0.86 0.92 17.80 6.67 0.87 2 10 -21.65 17.14 -9.63 22.17 18.13 0.46 4 16 1.08 0.75 0.60 -16.85 15.78 -7.97 33.73 14.69 0.82 1.39 0.86 0.86 15.53 6.34 0.59 4 16 -21.65 17.14 -11.84 24.40 16.68 0.49 8 28 0.97 0.69 0.50 -16.85 16.39 -7.97 43.50 15.43 0.81 1.17 0.89 0.93 17.82 6.11 0.35 8 28 -22.26 17.14 -11.84 43.29 18.01 0.63 124 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Small Growth Portfolios Annualized Rate of Return12.0 13.3 14.6 15.9 17.2 18.5 19.8 21.1 22.4 23.7 25.0 2.0 3.8 5.6 7.4 9.2 11.0 12.8 14.6 16.4 18.1 19.9 R 1Median RiskMedian Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank R Riverbridge Partners 1 R2000G Median 16.64 10 16.44 31 9.79 55 18.13 54 10.62 18.12 Annualized Rate of Return9.0 10.4 11.8 13.2 14.6 16.0 17.4 18.8 20.2 21.6 23.0 2.0 3.8 5.6 7.4 9.2 11.0 12.8 14.6 16.4 18.1 19.9 R 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank R Riverbridge Partners 1 R2000G Median 13.66 14 14.69 29 9.08 52 16.68 65 10.37 16.19 125 City of Clearwater Employees Pension Fund Equity Summary Statistics Riverbridge Partners Period Ending 9/19 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio R2000G 51 27,127,843 3,525,938 2,652,402 0.49 78.48 26.40 1.07 4.42 22.16 10.81 1,164 2,484,195 872,490 0.75 109.00 13.26 1.13 3.70 42.66 10.09 Ten Largest Holdings Teladoc Inc Chemed Corp New Proto Labs Inc Ritchie Bros Auction Five Below Inc Globant S A Mobile Mini Paylocity Hldg Corp Pegasystems Inc U S Physical Therapy Market Value % of Portfolio Quarterly Ret 988,915 987,971 917,369 910,478 881,691 871,475 828,981 826,307 809,863 759,148 3.65 3.64 3.38 3.36 3.25 3.21 3.06 3.05 2.99 2.80 1.97 15.81 -12.00 20.73 5.07 -9.37 22.19 4.01 -4.40 6.75 Ten Best Performers Cabot Microelectroni Mobile Mini Floor & Decor Hldgs Ritchie Bros Auction Pra Group Inc Exponet Inc Chemed Corp New Power Integrations I Inovalon Hldgs Inc Gentex Corp Quarterly Ret 28.28 22.19 22.08 20.73 20.08 19.68 15.81 13.00 12.96 12.43 Ten Worst Performers 2u Inc Pluralsight Inc Trupanion Inc Inogen Inc Workiva Inc Chegg Inc National Vision Hldg Verint Sys Inc Health Care Group In Heska Corp Quarterly Ret -56.75 -44.61 -29.64 -28.24 -24.55 -22.39 -21.67 -20.45 -19.17 -16.79 126 City of Clearwater Employees Pension Fund Equity Contribution to Return Riverbridge Partners Period Ending 9/19 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 2000 Growth 51 27,127,843 3,525,938 2,652,402 0.49 78.48 26.40 1.07 4.42 22.16 10.81 1,164 2,484,195 872,490 0.75 109.00 13.26 1.13 3.70 42.66 10.09 Ten Best Contributors Ritchie Bros Auction Mobile Mini Chemed Corp New Floor & Decor Hldgs Exponet Inc Cabot Microelectroni Pra Group Inc Gentex Corp Power Integrations I Neogen Corp Market Value % of Portfolio Quarterly Ret 910,478 828,981 987,971 601,422 603,097 395,247 452,617 607,973 457,124 565,654 3.36 3.06 3.64 2.22 2.22 1.46 1.67 2.24 1.69 2.09 20.73 22.19 15.81 22.08 19.68 28.28 20.08 12.43 13.00 9.66 Ten Worst Contributors Pluralsight Inc Workiva Inc 2u Inc Proto Labs Inc Grand Canyon Ed Inc Chegg Inc Alarm Com Hldgs Inc Globant S A National Vision Hldg Health Care Group In Market Value % of Portfolio Quarterly Ret 472,981 665,778 204,558 917,369 640,657 418,551 646,290 871,475 371,400 396,437 1.74 2.45 0.75 3.38 2.36 1.54 2.38 3.21 1.37 1.46 -44.61 -24.55 -56.75 -12.00 -16.08 -22.39 -12.82 -9.37 -21.67 -19.17 127 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Riverbridge Partners Quarter Ending 9/19 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 0.00 0.00 14.79 14.62 3.50 23.35 2.18 41.55 0.00 0.00 100.00 0.81 3.34 18.71 12.42 3.17 29.01 5.79 17.95 2.63 1.56 100.00 3.46 -3.94 3.58 1.13 1.72 -7.56 -2.78 -20.41 -6.30 -0.13 -4.03 3.64 -9.69 -2.57 -2.25 -10.71 9.21 -4.29 0.00 0.00 0.53 0.01 -0.00 2.53 0.09 -2.21 0.00 0.00 0.95 0.13 0.07 -0.16 0.01 0.03 0.31 -0.06 0.48 0.17 -0.21 0.75 0.13 0.07 0.37 0.02 0.02 2.83 0.03 -1.73 0.17 -0.21 1.70 Index - R2000G Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 0.24% [ Actual Return -2.54% ] - [ Buy Hold Return -2.78% ] 128 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Riverbridge Partners Quarter Ending 9/19 % Allocation Energy 0.00 0.81 Materials 0.00 3.34 Industrials 14.79 18.71 Con. Discretionary 14.62 12.42 Consumer Staples 3.50 3.17 Health Care 23.35 29.01 Financials 2.18 5.79 Infomation Tech. 41.55 17.95 Telecom. Services 0.00 2.63 Utilities 0.00 1.56 Riverbridge Partners R2000G % Return -20.41 -6.30 3.46 -0.13 -3.94 -4.03 3.58 3.64 1.13 -9.69 1.72 -2.57 -7.56 -2.25 -10.71 9.21 % Variance 0.13 0.07 0.37 0.02 0.02 2.83 0.03 -1.73 0.17 -0.21 129 City of Clearwater Employees Pension Fund Atlanta Capital Mgmt as of 9/30/19 Manhattan Assocs Inc Caseys Gen Stores Choice Hotels Intl I Corelogic Inc Blackbaud Inc Dorman Products Inc J & J Snack Foods Co Kirby Expl Co. Beacon Roofing Suppl Moog Inc ’a’ GICS Sector % Port Information Technology Consumer Staples Consumer Discretionary Information Technology Information Technology Consumer Discretionary Consumer Staples Industrials Industrials Industrials 4.15 3.61 3.42 3.18 2.91 2.88 2.82 2.68 2.35 2.18 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 1.10 5.64 25.48 13.60 10.43 7.54 17.82 18.39 0.00 0.00 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 8/31/03 Atlanta Capital Mgmt Russell 2000 Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 8/31/03 Atlanta Capital Mgmt Russell 2000 Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 2.55 -2.40 14,022 29 357 14,408 21.10 14.18 11,827 83 2,499 14,408 3.96 -8.89 13,750 106 552 14,408 13.85 8.23 14,373 -5,660 5,696 14,408 13.47 8.19 14,385 -9,562 9,585 14,408 15.19 10.89 17,827 -23,566 20,147 14,408 12.61 8.68 14,990 -23,566 22,984 14,408 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 130 City of Clearwater Employees Pension Fund Atlanta Capital Mgmt as of 9/30/19 Cash & Equiv $649 4.50% Domestic Equity $13,759 95.50% Periods from 8/03 to 9/19 Alpha Beta R-Squared 1.37 0.73 0.90 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 t 1 T Annualized Standard Deviation% t Atlanta Capital Mgmt 1 Russell 2000 T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 12.61 8.68 1.37 15.30 18.33 0.48 0.73 0.40 0.00 0.42 Asset Allocation ($000) Risk/Return Analysis 131 City of Clearwater Employees Pension Fund Small Neutral Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low t Atlanta Capital Mgmt Net Ret Rank 1 Russell 2000 Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 1.97 0.63 -0.30 -1.76 -4.45 2.55 1 -2.40 83 4.47 -1.19 -4.29 -7.28 -13.15 3.96 15 -8.89 85 11.21 5.71 3.67 2.40 -1.50 13.05 1 2.47 72 13.15 12.00 9.91 7.98 6.07 13.85 1 8.23 70 14.96 14.42 12.16 10.21 7.44 14.26 27 9.99 77 12.00 11.51 10.14 8.23 4.74 13.47 1 8.19 75 10.42 9.89 9.52 8.20 6.94 11.85 1 7.47 88 13.63 12.95 11.90 11.18 9.96 14.51 1 10.54 90 15.79 14.21 13.89 13.70 12.75 16.09 1 13.08 90 13.78 12.84 12.29 11.78 11.10 15.23 1 10.78 95 13.87 13.11 12.54 12.00 11.41 15.19 1 10.89 95 -15% -10% -5% 0% 5% 10% 15% 20% t 1 t 1 t 1 t 1 t 1 t 1 t 1 t 1 t 1 t 1 t 1 132 City of Clearwater Employees Pension Fund Small Neutral Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low t Atlanta Capital Mgmt Net Ret Rank 1 Russell 2000 Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 24.82 22.26 18.44 15.79 13.58 21.10 35 14.18 90 -4.75 -10.59 -13.38 -15.16 -19.01 0.48 1 -11.01 33 25.65 16.39 13.41 10.24 4.77 13.34 50 14.65 39 30.15 27.62 24.68 22.43 17.26 18.02 92 21.31 78 2.41 -0.35 -2.79 -4.42 -13.39 4.97 1 -4.41 73 9.98 8.10 5.72 2.45 -3.52 3.50 71 4.89 65 46.84 42.38 39.10 36.01 32.62 42.43 23 37.88 60 23.40 18.85 16.36 14.46 11.11 12.53 93 18.05 32 3.41 -0.06 -2.35 -4.56 -9.52 10.20 1 -5.50 78 33.14 29.98 26.60 24.44 20.47 25.98 55 24.51 73 63.51 42.13 33.58 25.90 22.14 26.83 70 20.57 100 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% t 1 t 1 t1 t1 t 1 t1 t 1 t 1 t 1 t1 t 1 133 City of Clearwater Employees Pension Fund September 30, 2019 Performance Comparison Total Returns of Small Cap Neutral Portfolios High 1st Qt Median 3rd Qt Low t Atlanta Capital Mgmt Net Ret Rank 1 Russell 2000 Net Ret Rank Dec 16 Sep 19 Sep 16 Jun 19 Jun 16 Mar 19 Mar 16 Dec 18 Dec 15 Sep 18 13.15 12.51 9.91 7.98 6.56 13.85 1 8.23 69 16.48 14.26 12.38 10.48 8.63 13.75 26 12.30 50 16.65 13.49 12.32 10.05 8.43 13.02 37 12.92 39 11.28 10.25 8.26 6.40 4.78 10.36 15 7.36 63 21.81 19.20 17.96 15.25 13.91 17.92 51 17.12 53 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% t 1 t 1 t 1 t 1 t 1 Atlanta Capital Mgmt Value Added Analysis - Net of Fee 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 0.3 2.3 1.0 5.2 1.1 5.4 0.1 -6.2 -1.7 -1.4 0.7 -2.1 1.6 1.7 -0.9 4.2 7.6 -2.7 3.7 5.1 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. Russell 2000 134 City of Clearwater Employees Pension Fund Risk Measure Summary Atlanta Capital Mgmt Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 1.07 0.54 0.75 -14.16 11.54 3.96 3.96 22.10 0.75 2.40 0.95 0.07 2.10 8.18 1.47 2 2 -20.20 14.58 -8.89 -8.89 28.80 -0.39 1 11 1.03 0.48 0.58 -14.16 11.54 0.48 22.94 12.61 0.72 1.70 0.90 0.98 17.13 6.19 0.72 3 9 -20.20 14.58 -11.01 20.74 16.75 0.40 2 18 0.99 0.42 0.70 -14.16 11.54 0.48 22.94 11.40 0.69 1.72 0.85 1.10 18.05 6.50 0.65 5 15 -20.20 14.58 -11.01 26.22 15.22 0.47 15 49 0.91 0.56 0.63 -16.60 18.00 -24.55 52.53 14.32 0.73 1.37 0.90 0.81 15.85 6.82 0.42 18 46 -24.89 22.70 -38.89 65.05 18.71 0.40 135 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Small Neutral Portfolios Annualized Rate of Return8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 t 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank t Atlanta Capital Mgmt 1 Russell 2000 Median 13.85 1 12.61 1 8.23 70 16.75 61 9.91 15.95 Annualized Rate of Return9.0 10.1 11.2 12.3 13.4 14.5 15.6 16.7 17.8 18.9 20.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 t 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank t Atlanta Capital Mgmt 1 Russell 2000 Median 13.47 1 11.40 1 8.19 75 15.22 71 10.14 14.16 136 City of Clearwater Employees Pension Fund Equity Summary Statistics Atlanta Capital Mgmt Period Ending 9/19 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 2000 63 13,759,074 3,409,000 2,834,090 0.93 27.43 25.30 0.98 3.15 40.71 7.21 2,002 2,242,918 729,926 1.48 41.56 12.70 1.12 1.88 50.79 8.19 Ten Largest Holdings Manhattan Assocs Inc Caseys Gen Stores Choice Hotels Intl I Corelogic Inc Blackbaud Inc Dorman Products Inc J & J Snack Foods Co Kirby Expl Co. Beacon Roofing Suppl Moog Inc ’a’ Market Value % of Portfolio Quarterly Ret 571,144 496,534 470,776 437,899 400,116 396,109 387,840 368,241 323,363 299,576 4.15 3.61 3.42 3.18 2.91 2.88 2.82 2.68 2.35 2.18 16.36 3.52 2.49 10.61 8.34 -8.72 19.60 4.00 -8.69 -13.05 Ten Best Performers Fti Consulting Inc Universal Health Rlt Huron Consulting Gro Cbiz Inc Exponet Inc J & J Snack Foods Co Alamo Group Inc Manhattan Assocs Inc Kinsale Cap Group In Power Integrations I Quarterly Ret 26.42 21.88 21.75 19.96 19.68 19.60 17.95 16.36 13.02 13.00 Ten Worst Performers Covetrus Inc ICU Med Inc Patterson Companies Envestnet Inc Cadence Bancorporati Moog Inc ’a’ Aci Worldwide Inc Dorman Products Inc Beacon Roofing Suppl Aaon Inc Quarterly Ret -51.39 -36.64 -21.24 -17.07 -14.71 -13.05 -8.78 -8.72 -8.69 -8.45 137 City of Clearwater Employees Pension Fund Equity Contribution to Return Atlanta Capital Mgmt Period Ending 9/19 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 2000 63 13,759,074 3,409,000 2,834,090 0.93 27.43 25.30 0.98 3.15 40.71 7.21 2,002 2,242,918 729,926 1.48 41.56 12.70 1.12 1.88 50.79 8.19 Ten Best Contributors Manhattan Assocs Inc J & J Snack Foods Co Exponet Inc Huron Consulting Gro Corelogic Inc Universal Health Rlt Fti Consulting Inc Kinsale Cap Group In Blackbaud Inc Frontdoor Inc Market Value % of Portfolio Quarterly Ret 571,144 387,840 280,509 219,229 437,899 206,731 159,621 298,153 400,116 273,206 4.15 2.82 2.04 1.59 3.18 1.50 1.16 2.17 2.91 1.99 16.36 19.60 19.68 21.75 10.61 21.88 26.42 13.02 8.34 11.53 Ten Worst Contributors ICU Med Inc Moog Inc ’a’ Dorman Products Inc Covetrus Inc Beacon Roofing Suppl Envestnet Inc Cadence Bancorporati Patterson Companies Monro Muffler Brake Aci Worldwide Inc Market Value % of Portfolio Quarterly Ret 240,038 299,576 396,109 61,780 323,363 157,910 167,016 91,773 192,626 135,199 1.75 2.18 2.88 0.45 2.35 1.15 1.21 0.67 1.40 0.98 -36.64 -13.05 -8.72 -51.39 -8.69 -17.07 -14.71 -21.24 -7.11 -8.78 138 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Atlanta Capital Mgmt Quarter Ending 9/19 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 1.07 7.18 24.41 13.72 10.26 8.09 18.20 17.06 0.00 0.00 100.00 4.06 3.99 15.74 11.06 2.79 17.26 17.76 13.25 2.57 3.79 100.00 4.54 -2.33 4.41 1.04 7.88 -15.61 3.88 7.66 2.66 -20.81 -5.53 -0.61 -0.16 4.07 -9.40 -0.35 0.03 -8.13 5.38 -2.75 0.27 0.23 1.23 0.17 0.39 -0.50 0.77 1.30 0.00 0.00 3.85 0.54 -0.09 0.19 0.07 0.51 0.61 0.01 0.11 0.14 -0.31 1.77 0.81 0.14 1.41 0.23 0.90 0.11 0.78 1.41 0.14 -0.31 5.62 Index - Russell 2000 Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 0.19% [ Actual Return 2.85% ] - [ Buy Hold Return 2.66% ] 139 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Atlanta Capital Mgmt Quarter Ending 9/19 % Allocation Energy 1.07 4.06 Materials 7.18 3.99 Industrials 24.41 15.74 Con. Discretionary 13.72 11.06 Consumer Staples 10.26 2.79 Health Care 8.09 17.26 Financials 18.20 17.76 Infomation Tech. 17.06 13.25 Telecom. Services 0.00 2.57 Utilities 0.00 3.79 Atlanta Capital Mgmt Russell 2000 % Return 4.54 -20.81 -2.33 -5.53 4.41 -0.61 1.04 -0.16 7.88 4.07 -15.61 -9.40 3.88 -0.35 7.66 0.03 -8.13 5.38 % Variance 0.81 0.14 1.41 0.23 0.90 0.11 0.78 1.41 0.14 -0.31 140 City of Clearwater Employees Pension Fund Sycamore Small Cap Value as of 9/30/19 Bank Hawaii Corp Anixter Intl Inc Sanderson Farms Inc South St Corp Washington Real Esta Pinnacle Finl Partne Axis Capital Holding Avanos Med Inc Unifirst Corp Mass Crane Co GICS Sector % Port Financials Information Technology Consumer Staples Financials Financials Financials Financials Health Care Industrials Industrials 1.59 1.54 1.52 1.49 1.47 1.46 1.42 1.42 1.34 1.34 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 2.00 8.77 21.16 12.92 3.93 5.86 27.61 13.44 0.97 3.33 -10.0-8.0-6.0-4.0-2.00.02.04.06.08.010.012.014.016.018.020.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 11/30/17 Sycamore Small Cap Value Russell 2000 Value Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 11/30/17 Sycamore Small Cap Value Russell 2000 Value Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 1.89 -0.57 13,022 31 246 13,300 18.50 12.82 11,144 92 2,064 13,300 0.97 -8.24 13,045 120 134 13,300 4.33 -1.45 13,915 -1,763 1,147 13,300 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 141 City of Clearwater Employees Pension Fund Sycamore Small Cap Value as of 9/30/19 Cash & Equiv $624 4.69% Domestic Equity $12,676 95.31% Periods from 9/17 to 9/19 Alpha Beta R-Squared N/A N/A N/A Annualized Return% -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 S 1 T Annualized Standard Deviation% S Sycamore Small Cap Value 1 Russell 2000 Value T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 4.33 -1.45 2.07 16.89 19.01 0.13 0.13 -0.19 0.00 0.80 Asset Allocation ($000) Risk/Return Analysis (Number of returns < 12) 142 City of Clearwater Employees Pension Fund Small Neutral Cumulative Performance Comparisons Total Returns of Equity Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low S Sycamore Small Cap Value Net Ret Rank 1 Russell 2000 Value Net Ret Rank Last Qtr Last Year Last 2 Years 1.97 0.63 -0.30 -1.76 -4.45 1.89 5 -0.57 54 4.47 -1.19 -4.29 -7.28 -13.15 0.97 19 -8.24 81 11.21 5.71 3.67 2.40 -1.50 3.96 43 -14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% S 1 S 1 S 143 City of Clearwater Employees Pension Fund Small Neutral Consecutive Performance Comparisons Total Returns of Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low S Sycamore Small Cap Value Net Ret Rank 1 Russell 2000 Value Net Ret Rank 9/30/19 YTD 2018 24.82 22.26 18.44 15.79 13.58 18.50 47 12.82 99 -4.75 -10.59 -13.38 -15.16 -19.01 -8.23 14 -12.86 41 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% S 1 S 1 144 City of Clearwater Employees Pension Fund Risk Measure Summary Sycamore Small Cap Value Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 1.21 0.69 0.75 -14.79 10.59 0.97 0.97 21.88 0.84 1.87 0.97 -0.07 -1.69 4.89 1.84 2 2 -18.67 11.93 -8.24 -8.24 25.41 -0.42 3 5 1.07 0.66 0.71 -14.79 10.59 -8.23 7.05 14.90 0.80 1.24 0.94 0.13 2.48 5.24 0.80 3 4 -18.67 11.93 -12.86 0.17 145 City of Clearwater Employees Pension Fund Equity Summary Statistics Sycamore Small Cap Value Period Ending 9/19 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 2000 Value 103 12,676,189 2,995,106 2,442,583 1.50 20.69 20.36 1.02 1.95 41.92 6.31 1,401 2,001,012 647,689 2.20 25.43 12.76 1.10 1.17 60.33 5.96 Ten Largest Holdings Bank Hawaii Corp Anixter Intl Inc Sanderson Farms Inc South St Corp Washington Real Esta Pinnacle Finl Partne Axis Capital Holding Avanos Med Inc Unifirst Corp Mass Crane Co Market Value % of Portfolio Quarterly Ret 201,936 195,471 192,946 188,250 186,677 184,948 180,144 179,808 169,754 169,323 1.59 1.54 1.52 1.49 1.47 1.46 1.42 1.42 1.34 1.34 4.46 15.76 11.32 2.79 3.46 -1.00 11.85 -14.10 3.53 -2.87 Ten Best Performers Saia Inc Visteon Corp Netgear Inc Fti Consulting Inc Natus Medical Inc De Asbury Automotive Gr Milacron Hldgs Corp Helen of Troy Corp L Unifi Inc Mks Instrument Inc Quarterly Ret 44.89 40.90 27.40 26.42 23.94 21.33 20.80 20.73 20.64 18.79 Ten Worst Performers Unit Corp ICU Med Inc Granite Constr Inc Adtran Inc Orion Engineered Car Core Mark Holding Co Eagle Bancorp Inc Md Myr Group Inc Del Avanos Med Inc Culp Inc Quarterly Ret -61.98 -36.64 -33.04 -25.00 -21.02 -18.87 -17.57 -16.22 -14.10 -13.76 146 City of Clearwater Employees Pension Fund Equity Contribution to Return Sycamore Small Cap Value Period Ending 9/19 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Portfolio Russell 2000 Value 103 12,676,189 2,995,106 2,442,583 1.50 20.69 20.36 1.02 1.95 41.92 6.31 1,401 2,001,012 647,689 2.20 25.43 12.76 1.10 1.17 60.33 5.96 Ten Best Contributors Saia Inc Visteon Corp Helen of Troy Corp L Anixter Intl Inc Netgear Inc Asbury Automotive Gr Alamo Group Inc Mks Instrument Inc Horace Mann Educator Milacron Hldgs Corp Market Value % of Portfolio Quarterly Ret 112,440 109,366 149,777 195,471 104,715 133,029 150,093 143,034 161,136 120,441 0.89 0.86 1.18 1.54 0.83 1.05 1.18 1.13 1.27 0.95 44.89 40.90 20.73 15.76 27.40 21.33 17.95 18.79 15.69 20.80 Ten Worst Contributors ICU Med Inc Granite Constr Inc Core Mark Holding Co Orion Engineered Car Avanos Med Inc Eagle Bancorp Inc Md Adtran Inc Unit Corp Scripps E W Co Ohio Sonoco Prods Co Market Value % of Portfolio Quarterly Ret 99,750 93,177 157,364 124,723 179,808 100,663 67,616 25,942 123,504 135,338 0.79 0.74 1.24 0.98 1.42 0.79 0.53 0.20 0.97 1.07 -36.64 -33.04 -18.87 -21.02 -14.10 -17.57 -25.00 -61.98 -12.84 -10.26 147 City of Clearwater Employees Pension Fund Equity Sector Attribution Analysis Sycamore Small Cap Value Quarter Ending 9/19 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 2.31 9.79 21.82 12.05 5.86 4.40 27.74 11.87 1.01 3.15 100.00 7.43 4.66 12.67 9.65 2.39 5.09 30.15 8.38 2.52 6.09 100.00 -19.01 -4.41 3.06 5.31 2.97 -4.33 3.12 3.48 -12.84 6.75 1.78 -20.86 -4.97 -1.35 5.14 4.65 -7.71 0.09 4.66 -5.32 4.37 -1.19 0.04 0.05 0.96 0.02 -0.10 0.15 0.84 -0.14 -0.08 0.08 1.83 1.01 -0.19 -0.02 0.15 0.20 0.04 -0.03 0.20 0.06 -0.16 1.27 1.05 -0.14 0.95 0.17 0.10 0.19 0.81 0.06 -0.01 -0.09 3.10 Index - Russell 2000 Value Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 0.40% [ Actual Return 2.18% ] - [ Buy Hold Return 1.78% ] 148 City of Clearwater Employees Pension Fund Equity Sector Attribution Chart Sycamore Small Cap Value Quarter Ending 9/19 % Allocation Energy 2.31 7.43 Materials 9.79 4.66 Industrials 21.82 12.67 Con. Discretionary 12.05 9.65 Consumer Staples 5.86 2.39 Health Care 4.40 5.09 Financials 27.74 30.15 Infomation Tech. 11.87 8.38 Telecom. Services 1.01 2.52 Utilities 3.15 6.09 Sycamore Small Cap Value Russell 2000 Value % Return -19.01 -20.86 -4.41 -4.97 3.06 -1.35 5.31 5.14 2.97 4.65 -4.33 -7.71 3.12 0.09 3.48 4.66 -12.84 -5.32 6.75 4.37 % Variance 1.05 -0.14 0.95 0.17 0.10 0.19 0.81 0.06 -0.01 -0.09 149 150 City of Clearwater Employees Pension Fund International EQ Comp as of 9/30/19 Experian Plc Csl Ltd Accenture Plc Irelan Aia Group Ltd Nestle S A Dsv As Canadian Pac Railway Shopify Inc Lvmh Moet Hennessy L Taiwan Semiconductor GICS Sector % Port Industrials Health Care Information Technology Financials Consumer Staples Industrials Industrials Information Technology Consumer Discretionary Information Technology 2.81 2.61 2.45 2.41 2.30 2.29 2.25 2.24 2.24 2.24 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 1.38 3.95 16.26 13.05 10.88 16.72 16.56 14.30 6.10 0.79 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 5/31/01 International EQ Comp MSCI ACWI ex US (Net) Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 5/31/01 International EQ Comp MSCI ACWI ex US (Net) Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -0.90 -1.80 191,455 272 -1,731 189,995 15.87 11.56 163,305 760 25,930 189,995 2.01 -1.23 185,222 998 3,775 189,995 7.89 6.33 171,809 -23,901 42,088 189,995 2.30 3.27 122,251 36,143 31,601 189,995 4.74 5.14 95,509 26,385 68,102 189,995 4.84 5.03 20,000 26,385 143,611 189,995 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 151 City of Clearwater Employees Pension Fund International EQ Comp as of 9/30/19 Cash & Equiv $7,212 3.80% Intl Equity $146,035 76.86% Domestic Equity $36,749 19.34% Periods from 5/01 to 9/19 Alpha Beta R-Squared -0.04 1.02 0.94 Annualized Return% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 I1 T Annualized Standard Deviation% I International EQ Comp 1 MSCI ACWI ex US (N T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 4.84 5.03 1.45 16.74 16.41 0.47 0.20 0.22 0.00 -0.03 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 152 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of International Equity Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low I International EQ Comp Net Ret Rank 1 MSCI ACWI ex US (Net) Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 2.93 -0.11 -1.34 -2.48 -4.79 -0.90 41 -1.80 63 9.65 2.66 -0.97 -4.36 -9.11 2.01 28 -1.23 53 9.61 3.64 1.05 -1.42 -4.44 3.44 26 0.26 59 12.92 9.08 6.93 5.44 3.09 7.89 35 6.33 60 13.64 10.16 8.14 6.36 3.87 8.33 47 7.05 64 10.50 6.93 4.78 3.24 1.30 2.30 87 3.27 74 10.79 7.25 5.13 3.71 2.02 3.10 84 3.51 78 12.31 9.26 7.33 5.74 2.68 4.26 87 6.25 67 13.45 10.66 8.54 7.03 4.31 5.85 86 7.23 71 11.48 8.63 6.55 5.02 2.16 3.58 86 5.30 70 11.80 8.81 6.74 5.44 3.71 4.74 84 5.14 79 -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% I1 I 1 I 1 I 1 I 1 I1 I1 I 1 I 1 I 1 I1 153 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of International Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low I International EQ Comp Net Ret Rank 1 MSCI ACWI ex US (Net) Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 21.92 16.92 13.18 9.84 3.91 15.87 31 11.56 62 -4.42 -10.22 -14.10 -16.80 -21.05 -11.88 31 -14.20 50 43.11 32.47 27.50 23.28 12.96 27.97 45 27.19 52 18.50 8.16 4.00 0.66 -4.31 2.78 58 4.50 47 10.93 2.40 -1.15 -6.13 -16.62 -9.91 82 -4.29 67 10.57 1.93 -2.36 -4.96 -9.67 -5.56 79 -4.48 70 34.26 26.10 19.84 11.88 -5.07 10.23 76 23.29 35 26.74 21.29 18.57 15.31 5.77 17.61 58 17.90 55 0.63 -8.41 -12.34 -15.60 -22.34 -15.04 71 -11.73 44 26.84 18.76 13.30 8.96 3.35 18.37 26 8.21 78 78.63 45.58 35.60 27.29 11.30 57.93 14 32.46 60 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% I1 I1 I1 I1 I 1 I1 I 1 I1 I1 I 1 I 1 154 City of Clearwater Employees Pension Fund Risk Measure Summary International EQ Comp Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 2 2 1.24 0.98 0.75 -11.96 10.90 2.01 2.01 19.64 1.07 0.90 0.99 -0.02 -0.36 2.44 1.42 2 2 -11.46 10.31 -1.23 -1.23 18.25 -0.20 4 8 1.13 1.00 0.67 -11.96 10.90 -11.88 27.97 12.63 1.04 0.34 0.95 0.50 6.11 2.86 0.54 5 7 -11.46 10.31 -14.20 27.19 11.81 0.41 7 13 0.96 1.06 0.50 -12.78 10.90 -18.63 27.97 12.47 1.02 -0.22 0.91 0.11 1.30 3.69 -0.25 9 11 -12.17 10.31 -14.20 27.19 11.65 0.20 25 48 1.00 1.02 0.49 -26.42 31.05 -47.94 71.81 19.45 1.02 -0.04 0.94 0.19 3.52 4.60 -0.03 27 46 -20.50 25.85 -46.20 58.14 18.47 0.21 155 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of International Equity Portfolios Annualized Rate of Return4.0 5.8 7.6 9.4 11.2 13.0 14.8 16.6 18.4 20.2 22.0 -2.0 -0.2 1.5 3.4 5.2 7.0 8.8 10.6 12.4 14.2 16.0 I 1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank I International EQ Comp 1 MSCI ACWI ex US (Net) Median 7.89 35 12.63 37 6.33 60 11.81 21 6.93 13.36 Annualized Rate of Return5.0 6.5 8.0 9.5 11.0 12.5 14.0 15.5 17.0 18.5 20.0 -2.0 -0.6 0.7 2.1 3.6 5.0 6.4 7.8 9.2 10.5 11.9 I 1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank I International EQ Comp 1 MSCI ACWI ex US (Net) Median 2.30 87 12.47 52 3.27 74 11.65 34 4.78 12.45 156 City of Clearwater Employees Pension Fund WCM Investment Management as of 9/30/19 Experian Plc Csl Ltd Accenture Plc Irelan Aia Group Ltd Nestle S A Dsv As Canadian Pac Railway Shopify Inc Lvmh Moet Hennessy L Taiwan Semiconductor GICS Sector % Port Industrials Health Care Information Technology Financials Consumer Staples Industrials Industrials Information Technology Consumer Discretionary Information Technology 4.99 4.64 4.35 4.28 4.08 4.06 4.00 3.98 3.98 3.97 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 1.81 17.71 15.12 9.47 20.47 11.68 18.47 5.27 0.00 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/15 WCM Investment Management MSCI ACWI ex US (Net) Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/15 WCM Investment Management MSCI ACWI ex US (Net) Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -0.13 -1.80 84,577 156 -107 84,626 25.95 11.56 66,848 417 17,360 84,626 9.70 -1.23 76,597 551 7,478 84,626 13.19 6.33 70,831 -14,405 28,200 84,626 10.52 3.56 16,316 36,791 31,519 84,626 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 157 City of Clearwater Employees Pension Fund WCM Investment Management as of 9/30/19 Cash & Equiv $2,478 2.93% Intl Equity $82,148 97.07% Periods from 7/15 to 9/19 Alpha Beta R-Squared 1.67 1.05 0.79 Annualized Return% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 w 1 T Annualized Standard Deviation% w WCM Investment Managemen 1 MSCI ACWI ex US (N T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 10.52 3.56 1.18 12.36 12.93 0.25 0.76 0.18 0.00 1.03 Asset Allocation ($000) Risk/Return Analysis 158 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of International Equity Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low w WCM Investment Management Net Ret Rank 1 MSCI ACWI ex US (Net) Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years 2.93 -0.11 -1.34 -2.48 -4.79 -0.13 25 -1.80 63 9.65 2.66 -0.97 -4.36 -9.11 9.70 4 -1.23 53 9.61 3.64 1.05 -1.42 -4.44 10.99 3 0.26 59 12.92 9.08 6.93 5.44 3.09 13.19 4 6.33 60 13.64 10.16 8.14 6.36 3.87 13.60 5 7.05 64 -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% w 1 w 1 w 1 w 1 w 1 159 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of International Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low w WCM Investment Management Net Ret Rank 1 MSCI ACWI ex US (Net) Net Ret Rank 9/30/19 YTD 2018 2017 2016 21.92 16.92 13.18 9.84 3.91 25.95 1 11.56 62 -4.42 -10.22 -14.10 -16.80 -21.05 -6.56 10 -14.20 50 43.11 32.47 27.50 23.28 12.96 33.22 23 27.19 52 18.50 8.16 4.00 0.66 -4.31 -1.00 83 4.50 47 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% w 1 w 1 w 1 w 1 160 City of Clearwater Employees Pension Fund September 30, 2019 Cumulative Performance Comparison Total Returns of International Equity Portfolios High 1st Qt Median 3rd Qt Low w WCM Investment Management Net Ret Rank 1 MSCI ACWI ex US (Net) Net Ret Rank 9/19 6/19 3/19 12/18 9/18 12.92 9.08 6.93 5.44 3.09 13.19 4 6.33 60 15.42 11.96 9.82 8.14 5.41 14.82 7 9.38 56 14.30 10.90 8.64 6.86 3.76 12.06 16 8.09 57 10.84 7.21 4.76 2.77 0.21 7.21 25 4.48 53 16.80 13.42 10.98 9.01 5.93 14.92 13 9.97 62 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% w 1 w 1 w 1 w 1 w 1 WCM Investment Management Value Added Analysis - Net of Fee 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 3.7 3.9 0.4 3.3 -2.5 -6.3 3.0 3.4 -1.3 -0.3 3.0 4.3 3.0 -1.6 3.5 7.2 1.7 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. MSCI ACWI ex US (Net) 161 City of Clearwater Employees Pension Fund Global Equity Summary Statistics WCM Investment Management Period Ending 9/19 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Five Year Dividend Growth Portfolio MSCI ACWI ex US (Net) 30 82,147,807 86,986,533 36,192,637 1.13 35.98 32.79 0.00 5.06 45.67 10.72 9.86 2,214 64,337,981 7,182,517 3.30 16.07 16.07 1.00 1.62 70.99 10.85 8.77 Ten Largest Holdings Experian Plc Csl Ltd Accenture Plc Irelan Aia Group Ltd Nestle S A Dsv As Canadian Pac Railway Shopify Inc Lvmh Moet Hennessy L Taiwan Semiconductor Market Value % of Portfolio Quarterly Ret 4,094,424 3,809,885 3,572,709 3,509,044 3,348,910 3,333,956 3,279,283 3,269,625 3,263,031 3,259,085 4.99 4.64 4.35 4.28 4.08 4.06 4.00 3.98 3.98 3.97 5.43 5.21 4.10 -12.15 4.84 -3.01 -5.16 3.83 -6.77 19.33 Ten Best Performers Asml Holding N V Taiwan Semiconductor Resmed Inc Smith & Nephew Plc Essilor Intl S A Wal Mart De Mexico S Chubb Limited Compass Group Plc Experian Plc Csl Ltd Quarterly Ret 19.47 19.33 11.05 10.54 10.49 10.44 10.13 7.47 5.43 5.21 Ten Worst Performers Mettler Toledo Inter Aia Group Ltd Hdfc Bank Ltd Chr Hansen Hldg A/S Amadeus It Hldg S A Tencent Hldgs Ltd Ubisoft Entmt Sa Lvmh Moet Hennessy L Alcon Inc Canadian Pac Railway Quarterly Ret -16.14 -12.15 -12.11 -8.96 -8.86 -8.02 -7.97 -6.77 -6.06 -5.16 162 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis WCM Investment Management Quarter Ending 9/19 Countries/ Currencies Benchmark Active Weight Currency Weight Local Return US $ Return Portfolio Active Weight Currency Weight Local Return US $ Return Return Attribution Market Select Currency Select Security Select Total Argentina Australia Austria Belgium Bermuda Brazil Canada Cayman Islands Chile China Colombia Czech Republic Denmark Egypt Finland France Germany Greece Hong Kong Hungary India Indonesia Ireland Isle of Man Israel Italy Japan Luxembourg Macau Malaysia 0.08 4.69 0.15 0.65 0.49 2.02 6.82 4.65 0.24 2.94 0.11 0.04 1.15 0.04 0.67 7.06 5.83 0.08 2.79 0.08 2.37 0.56 0.43 0.06 0.39 1.27 15.81 0.21 0.09 0.56 0.08 4.69 0.15 0.65 0.49 2.02 6.82 4.65 0.24 2.94 0.11 0.04 1.15 0.04 0.67 7.06 5.83 0.08 2.79 0.08 2.37 0.56 0.43 0.06 0.39 1.27 15.81 0.21 0.09 0.56 -54.88 2.99 1.29 8.11 -9.13 3.64 2.00 -3.66 -0.70 -5.23 2.22 -3.99 3.59 4.68 2.65 3.13 0.43 1.48 -10.02 4.16 -2.67 -4.74 6.71 3.03 -0.30 6.16 3.60 -6.07 -7.22 -5.14 -54.88 -1.02 -3.04 3.50 -11.00 -4.64 0.67 -4.00 -7.42 -5.98 -5.76 -9.41 -0.87 7.44 -1.73 -1.27 -3.84 -2.85 -10.33 -3.92 -5.20 -5.19 1.23 2.41 -3.58 1.63 3.28 -7.91 -7.54 -6.37 0.00 4.44 0.00 0.00 0.00 0.00 9.06 3.70 0.00 0.00 0.00 0.00 6.80 0.00 0.00 12.60 3.87 0.00 4.90 0.00 3.99 0.00 6.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.21 -0.36 -8.02 -5.30 -1.56 0.97 -12.15 -12.11 1.56 5.21 -0.36 -8.02 -5.30 -1.56 0.97 -12.15 -12.11 1.56 0.04 -0.00 -0.00 -0.05 0.05 -0.05 0.02 0.04 0.00 0.18 -0.00 0.00 0.14 -0.00 -0.01 0.12 0.01 -0.00 -0.23 -0.00 -0.06 0.03 0.32 -0.00 0.01 -0.06 -0.40 0.02 0.01 0.03 -0.00 0.06 0.00 0.01 -0.00 0.11 -0.09 -0.11 0.01 -0.06 0.01 0.00 0.02 -0.00 0.01 0.12 0.09 0.00 -0.07 0.00 -0.00 -0.01 0.01 -0.00 0.00 0.02 -0.38 -0.00 -0.00 -0.01 0.10 -0.21 -0.16 -0.60 -0.59 0.02 -0.10 -0.38 -0.31 0.04 0.15 0.00 -0.03 0.05 0.06 -0.29 -0.23 0.01 0.13 0.00 0.00 -0.44 -0.00 0.00 -0.36 0.12 0.00 -0.40 0.00 -0.44 0.02 0.02 -0.00 0.01 -0.04 -0.78 0.01 0.01 0.03 Benchmark : MSCI ACWI ex US (Net) 163 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis WCM Investment Management Quarter Ending 9/19 Countries/ Currencies Benchmark Active Weight Currency Weight Local Return US $ Return Portfolio Active Weight Currency Weight Local Return US $ Return Return Attribution Market Select Currency Select Security Select Total Mauritius Mexico Netherlands New Zealand Norway Pakistan Papua-New Guinea Peru Philippines Poland Portugal Qatar Russia Saudi Arabia Scotland Singapore South Africa South Korea Spain Sweden Switzerland Taiwan Thailand Turkey United Arab Emirates United Kingdom United States 0.01 0.67 3.09 0.17 0.45 0.01 0.03 0.02 0.29 0.29 0.10 0.26 1.02 0.37 0.02 0.88 1.50 3.26 1.98 1.75 6.24 2.79 0.79 0.13 0.18 11.16 0.21 100.00 0.01 0.67 3.09 0.17 0.45 0.01 0.03 0.02 0.29 0.29 0.10 0.26 1.02 0.37 0.02 0.88 1.50 3.26 1.98 1.75 6.24 2.79 0.79 0.13 0.18 11.16 0.21 100.00 -22.41 1.16 4.46 4.17 3.05 -0.95 4.67 -8.94 -3.46 -5.05 6.42 -0.23 2.39 -9.44 -7.82 -2.75 -5.36 -1.02 0.49 0.95 2.53 5.54 -6.11 9.00 0.49 1.48 11.34 1.05 -24.09 -1.57 0.22 -2.74 -3.30 1.22 0.60 -8.94 -4.57 -11.68 1.88 -0.22 -1.19 -9.46 -10.75 -5.49 -11.98 -4.46 -3.80 -4.73 0.24 5.66 -5.86 11.65 -0.14 -2.51 4.51 -1.65 0.00 2.27 3.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.83 2.60 9.55 3.35 0.00 0.00 0.00 10.55 10.49 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 100.00 100.00 10.44 19.47 -8.86 -3.59 6.31 19.33 4.16 -4.88 0.05 10.44 19.47 -8.86 -3.59 6.31 19.33 4.16 -4.88 0.05 0.00 0.00 -0.00 -0.01 -0.01 0.00 -0.00 0.00 0.01 0.02 -0.01 0.00 -0.01 0.04 0.00 0.03 0.10 0.07 -0.00 -0.00 0.05 0.03 0.06 -0.01 0.00 -0.00 1.06 1.56 -0.00 0.00 0.05 0.01 0.02 -0.00 0.00 -0.00 -0.00 0.01 0.00 -0.01 0.01 -0.01 0.00 0.00 0.06 0.02 0.03 0.05 -0.03 -0.08 -0.02 -0.01 -0.00 0.14 -4.11 -4.12 0.21 0.45 -0.26 -0.12 0.36 0.46 0.28 -1.70 -2.56 0.00 0.21 0.50 0.00 0.01 -0.00 -0.00 0.00 0.01 0.03 -0.00 -0.00 -0.00 0.03 0.00 0.03 0.16 0.09 -0.24 -0.07 0.38 0.41 0.03 -0.02 -0.00 0.42 -4.76 -5.12 Benchmark : MSCI ACWI ex US (Net) Market Selection [Portfolio Active Weight - Benchmark Active Weight] x [Benchmark Local Return - Benchmark Total Local Return] Currency Selection [Portfolio Currency Weight - Benchmark Currency Weight] x [ (Benchmark US$ Return - Benchmark Local Return) - (Benchmark Total US$ Return - Benchmark Total Local Return) ] Security Selection [Portfolio Active Weight] x [Portfolio Local Return - Benchmark Local Return] 164 City of Clearwater Employees Pension Fund International Equity Sector Attribution Analysis WCM Investment Management Quarter Ending 9/19 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 0.00 2.61 17.84 14.77 9.17 19.22 12.45 18.20 5.73 0.00 100.00 7.06 7.64 11.97 11.27 9.84 8.27 21.87 8.53 6.91 3.38 100.00 -8.96 -0.71 2.33 3.63 -2.22 -5.77 7.35 -8.00 0.05 -4.35 -6.14 -2.39 -0.60 1.43 1.17 -3.32 2.41 -2.83 1.42 -1.56 0.00 -0.07 0.30 0.43 0.20 -0.65 -0.31 0.90 -0.30 0.00 0.51 0.20 0.23 -0.05 0.03 -0.02 0.30 0.17 0.38 0.02 -0.10 1.15 0.20 0.16 0.25 0.47 0.18 -0.35 -0.14 1.28 -0.28 -0.10 1.66 Index - MSCI ACWI ex US (Net) Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 0.02% [ Actual Return 0.08% ] - [ Buy Hold Return 0.05% ] 165 City of Clearwater Employees Pension Fund DFA Emerging Markets as of 9/30/19 -5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 10/31/17 DFA Emerging Markets MSCI Emg Mkts (Gross) Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 10/31/17 DFA Emerging Markets MSCI Emg Mkts (Gross) Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -4.18 -4.10 38,352 0 -1,603 36,749 4.96 6.23 35,012 -1 1,737 36,749 -1.75 -1.64 37,403 -1 -654 36,749 -3.79 -2.85 39,577 -2 -2,826 36,749 Portfolio Performance (%) 166 City of Clearwater Employees Pension Fund DFA Emerging Markets as of 9/30/19 Domestic Equity $36,749 100.00% Periods from 9/17 to 9/19 Alpha Beta R-Squared N/A N/A N/A Annualized Return% -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 -4.0 -3.5 -3.0 -2.5 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 D 1 T Annualized Standard Deviation% D DFA Emerging Markets 1 MSCI Emg Mkts (Gross) T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio -3.79 -2.85 2.03 14.99 15.69 0.14 -0.39 -0.31 0.00 -0.67 Asset Allocation ($000) Risk/Return Analysis (Number of returns < 12) 167 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of International Equity Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low D DFA Emerging Markets Net Ret Rank 1 MSCI Emg Mkts (Gross) Net Ret Rank Last Qtr Last Year Last 2 Years 2.93 -0.11 -1.34 -2.48 -4.79 -4.18 91 -4.10 90 9.65 2.66 -0.97 -4.36 -9.11 -1.75 57 -1.64 56 9.61 3.64 1.05 -1.42 -4.44 -2.27 83 -1.04 71 -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% D 1 D 1 D 1 168 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of International Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low D DFA Emerging Markets Net Ret Rank 1 MSCI Emg Mkts (Gross) Net Ret Rank 9/30/19 YTD 2018 21.92 16.92 13.18 9.84 3.91 4.96 93 6.23 88 -4.42 -10.22 -14.10 -16.80 -21.05 -15.25 63 -14.25 51 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% D 1 D 1 169 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis DFA Emerging Markets Quarter Ending 9/19 Countries/ Currencies Benchmark Active Weight Currency Weight Local Return US $ Return Portfolio Active Weight Currency Weight Local Return US $ Return Return Attribution Market Select Currency Select Security Select Total Australia Austria Belgium Bermuda Cayman Islands Denmark Finland France Germany Hong Kong Ireland Isle of Man Israel Italy Japan Luxembourg Macau Mauritius Netherlands New Zealand Norway Papua-New Guinea Portugal Scotland Singapore Spain Sweden Switzerland United Kingdom 7.11 0.23 0.97 0.00 0.00 1.71 1.00 11.40 8.82 3.98 0.54 0.06 0.58 2.32 23.66 0.00 0.13 0.01 3.60 0.25 0.67 0.00 0.15 0.04 1.35 2.97 2.65 9.29 16.76 7.11 0.23 0.97 0.00 0.00 1.71 1.00 11.40 8.82 3.98 0.54 0.06 0.58 2.32 23.66 0.00 0.13 0.01 3.60 0.25 0.67 0.00 0.15 0.04 1.35 2.97 2.65 9.29 16.76 2.99 1.29 8.11 3.59 2.65 3.13 0.43 -11.93 6.71 5.40 -0.30 6.16 3.60 -7.22 -22.41 4.46 4.17 3.05 6.42 -7.82 -3.56 0.49 0.95 2.53 0.68 -1.02 -3.04 3.50 -0.87 -1.73 -1.27 -3.84 -12.23 1.23 5.12 -3.58 1.63 3.28 -7.54 -24.09 0.22 -2.74 -3.30 1.88 -10.75 -5.65 -3.80 -4.73 0.24 -2.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.08 0.00 -0.06 -0.03 -0.01 -0.14 0.13 0.55 -0.03 -0.00 0.01 -0.10 -0.41 0.01 0.00 -0.09 -0.01 -0.01 -0.01 0.00 0.07 0.04 0.02 -0.06 0.20 0.08 0.00 0.02 0.03 0.02 0.18 0.13 -0.10 0.01 -0.00 0.00 0.04 -0.60 -0.00 -0.00 0.05 0.01 0.02 0.00 0.00 -0.01 0.04 0.08 -0.05 0.05 0.00 0.00 -0.04 -0.00 0.01 0.03 0.25 0.45 -0.01 -0.00 0.02 -0.06 -1.01 0.01 0.00 -0.04 0.00 0.02 -0.00 0.00 0.06 0.08 0.10 -0.11 0.25 Benchmark : MSCI EAFE (Net) 170 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis DFA Emerging Markets Quarter Ending 9/19 Countries/ Currencies Benchmark Active Weight Currency Weight Local Return US $ Return Portfolio Active Weight Currency Weight Local Return US $ Return Return Attribution Market Select Currency Select Security Select Total 100.00 100.00 1.86 -0.99 0.00 0.00 0.00 -0.01 -0.00 Benchmark : MSCI EAFE (Net) Market Selection [Portfolio Active Weight - Benchmark Active Weight] x [Benchmark Local Return - Benchmark Total Local Return] Currency Selection [Portfolio Currency Weight - Benchmark Currency Weight] x [ (Benchmark US$ Return - Benchmark Local Return) - (Benchmark Total US$ Return - Benchmark Total Local Return) ] Security Selection [Portfolio Active Weight] x [Portfolio Local Return - Benchmark Local Return] 171 City of Clearwater Employees Pension Fund Thompson, Siegel & Walmsley as of 9/30/19 Nestle Sa Sony Corp Eni Spa Koninklijke Philips Seven & I Holdings C Sanofi Ck Hutchison Holding Sumitomo Mitsui Fina Veolia Environnement Orix Corporation GICS Sector % Port Consumer Staples Consumer Discretionary Energy Health Care Consumer Staples Health Care Industrials Financials Utilities Financials 2.88 2.33 2.10 1.99 1.99 1.91 1.87 1.83 1.82 1.81 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 3.16 6.72 14.38 10.39 12.70 11.89 22.85 8.94 7.16 1.82 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/15 Thompson, Siegel & Walmsley MSCI EAFE (Net) Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 7/31/15 Thompson, Siegel & Walmsley MSCI EAFE (Net) Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value -0.03 -1.07 68,526 115 -20 68,621 11.12 12.80 61,445 344 6,832 68,621 -4.30 -1.34 71,222 448 -3,050 68,621 4.49 6.48 68,283 -9,441 9,779 68,621 1.71 2.99 16,165 41,824 10,632 68,621 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 172 City of Clearwater Employees Pension Fund Thompson, Siegel & Walmsley as of 9/30/19 Cash & Equiv $4,734 6.90% Intl Equity $63,887 93.10% Periods from 7/15 to 9/19 Alpha Beta R-Squared -0.43 1.00 0.97 Annualized Return% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 3.2 t 1 T Annualized Standard Deviation% t Thompson, Siegel & Walms 1 MSCI EAFE (Net) T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 1.71 2.99 1.18 13.02 12.67 0.25 0.04 0.14 0.00 -0.87 Asset Allocation ($000) Risk/Return Analysis 173 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of International Equity Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low t Thompson, Siegel & Walmsley Net Ret Rank 1 MSCI EAFE (Net) Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years 2.93 -0.11 -1.34 -2.48 -4.79 -0.03 23 -1.07 45 9.65 2.66 -0.97 -4.36 -9.11 -4.30 74 -1.34 53 9.61 3.64 1.05 -1.42 -4.44 -1.03 71 0.68 54 12.92 9.08 6.93 5.44 3.09 4.49 86 6.48 58 13.64 10.16 8.14 6.36 3.87 4.70 92 6.49 73 -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% t 1 t 1 t 1 t 1 t 1 174 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of International Equity Portfolios Years Ending December High 1st Qt Median 3rd Qt Low t Thompson, Siegel & Walmsley Net Ret Rank 1 MSCI EAFE (Net) Net Ret Rank 9/30/19 YTD 2018 2017 2016 21.92 16.92 13.18 9.84 3.91 11.12 67 12.80 53 -4.42 -10.22 -14.10 -16.80 -21.05 -15.20 63 -13.79 47 43.11 32.47 27.50 23.28 12.96 22.27 79 25.03 66 18.50 8.16 4.00 0.66 -4.31 -0.19 80 1.00 73 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% t 1 t 1 t 1 t 1 175 City of Clearwater Employees Pension Fund September 30, 2019 Cumulative Performance Comparison Total Returns of International Equity Portfolios High 1st Qt Median 3rd Qt Low t Thompson, Siegel & Walmsley Net Ret Rank 1 MSCI EAFE (Net) Net Ret Rank 9/19 6/19 3/19 12/18 9/18 12.92 9.08 6.93 5.44 3.09 4.49 86 6.48 58 15.42 11.96 9.82 8.14 5.41 7.00 84 9.11 61 14.30 10.90 8.64 6.86 3.76 4.81 91 7.27 70 10.84 7.21 4.76 2.77 0.21 1.15 89 2.87 74 16.80 13.42 10.98 9.01 5.93 7.89 85 9.23 73 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% t 1 t 1 t 1 t 1 t 1 Thompson, Siegel & Walmsley Value Added Analysis - Net of Fee 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 -9.0% -8.0% -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% -0.5 -0.2 0.7 -2.4 0.9 -0.3 -0.4 -0.2 -1.4 -0.3 1.1 -0.8 -0.4 -1.5 -1.2 -1.3 1.1 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. MSCI EAFE (Net) 176 City of Clearwater Employees Pension Fund Global Equity Summary Statistics Thompson, Siegel & Walmsley Period Ending 9/19 Total Number Of Securities Equity Market Value Average Capitalization $(000) Median Capitalization $(000) Equity Segment Yield Equity Segment P/E - Average Equity Segment P/E - Median Equity Segment Beta Price/Book Ratio Debt/Equity Ratio Five Year Earnings Growth Five Year Dividend Growth Portfolio MSCI EAFE (Net) 94 63,886,732 48,888,880 19,243,583 3.30 13.79 14.19 1.00 1.35 63.15 16.28 6.94 923 60,646,732 9,928,693 3.40 16.68 17.25 1.00 1.62 75.01 10.61 7.67 Ten Largest Holdings Nestle Sa Sony Corp Eni Spa Koninklijke Philips Seven & I Holdings C Sanofi Ck Hutchison Holding Sumitomo Mitsui Fina Veolia Environnement Orix Corporation Market Value % of Portfolio Quarterly Ret 1,835,162 1,485,812 1,337,208 1,269,538 1,269,326 1,214,794 1,189,025 1,162,433 1,156,327 1,153,749 2.88 2.33 2.10 1.99 1.99 1.91 1.87 1.83 1.82 1.81 4.76 12.38 -5.22 6.55 14.34 7.27 -9.27 -0.88 3.96 1.99 Ten Best Performers Square Enix Holdings Matsumotokiyoshi Hol Olympus Corporation Vodafone Group Tui Ag Asml Holding Nv Sega Sammy Hldgs Inc Fujitsu Qantas Airways Seven & I Holdings C Quarterly Ret 52.01 26.26 21.36 21.29 18.66 18.40 16.65 15.91 15.43 14.34 Ten Worst Performers Drilling Company of Aib Group Plc Arcelormittal Gamesa Corporacion T Softbank Group Corp Rakuten Inc Sap Se Embraer S A Fresenius Se&Co Kgaa Bhp Billiton Plc Quarterly Ret -27.91 -27.48 -21.48 -18.48 -17.75 -17.05 -14.48 -14.31 -13.88 -13.16 177 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis Thompson, Siegel & Walmsley Quarter Ending 9/19 Countries/ Currencies Benchmark Active Weight Currency Weight Local Return US $ Return Portfolio Active Weight Currency Weight Local Return US $ Return Return Attribution Market Select Currency Select Security Select Total Australia Austria Belgium Bermuda Brazil Cayman Islands Denmark Finland France Germany Hong Kong Ireland Isle of Man Israel Italy Japan Luxembourg Macau Mauritius Netherlands New Zealand Norway Papua-New Guinea Portugal Scotland Singapore South Korea Spain Sweden Switzerland 7.11 0.23 0.97 0.00 0.00 0.00 1.71 1.00 11.40 8.82 3.98 0.54 0.06 0.58 2.32 23.66 0.00 0.13 0.01 3.60 0.25 0.67 0.00 0.15 0.04 1.35 0.00 2.97 2.65 9.29 7.11 0.23 0.97 0.00 0.00 0.00 1.71 1.00 11.40 8.82 3.98 0.54 0.06 0.58 2.32 23.66 0.00 0.13 0.01 3.60 0.25 0.67 0.00 0.15 0.04 1.35 0.00 2.97 2.65 9.29 2.99 1.29 8.11 3.59 2.65 3.13 0.43 -11.93 6.71 5.40 -0.30 6.16 3.60 -7.22 -22.41 4.46 4.17 3.05 6.42 -7.82 -3.56 0.49 0.95 2.53 -1.02 -3.04 3.50 -0.87 -1.73 -1.27 -3.84 -12.23 1.23 5.12 -3.58 1.63 3.28 -7.54 -24.09 0.22 -2.74 -3.30 1.88 -10.75 -5.65 -3.80 -4.73 0.24 3.19 0.00 2.09 0.00 0.97 3.55 1.31 0.00 5.38 11.86 1.17 4.94 0.00 0.00 3.66 25.25 0.99 0.00 0.00 6.33 0.00 0.92 0.00 0.00 0.00 1.57 0.65 0.00 0.83 8.70 3.19 0.00 2.09 0.00 0.00 0.00 1.31 0.00 5.38 11.86 5.37 0.81 0.00 0.00 3.66 25.25 0.99 0.00 0.00 5.17 0.00 0.92 0.00 0.00 0.00 1.57 0.65 0.00 0.83 8.70 12.40 2.79 -14.31 -10.37 -7.07 6.69 1.65 -6.71 -2.41 3.32 5.06 -17.98 8.75 6.49 -2.56 5.13 7.85 0.88 8.03 -1.59 -14.31 -11.01 -11.07 2.13 -2.69 -7.04 -4.37 -1.09 4.74 -21.48 4.90 -0.07 -4.67 1.48 1.77 -1.36 -0.04 0.00 0.07 -0.02 -0.07 -0.01 -0.01 -0.08 -0.04 0.39 0.21 -0.00 0.01 0.06 0.03 -0.02 0.01 0.00 0.07 -0.01 0.00 -0.01 0.00 -0.01 -0.01 0.04 0.02 -0.00 0.05 0.00 -0.02 0.01 0.02 0.09 -0.04 0.04 -0.01 -0.00 0.00 -0.02 0.04 0.03 -0.00 -0.00 -0.02 0.01 -0.01 0.00 0.00 0.00 0.02 0.04 0.05 -0.00 0.30 -0.11 -0.14 -0.37 -0.14 0.19 0.14 0.06 -0.45 -0.10 0.37 -0.18 0.27 0.03 0.02 0.03 0.06 -0.14 0.30 0.00 -0.06 -0.16 -0.43 -0.14 0.01 0.21 0.06 0.48 -0.24 -0.00 0.02 -0.07 0.44 -0.17 0.01 0.00 0.32 0.00 0.03 -0.00 0.00 0.01 0.04 0.08 0.13 -0.15 Benchmark : MSCI EAFE (Net) 178 City of Clearwater Employees Pension Fund Global Performance Attribution Analysis Thompson, Siegel & Walmsley Quarter Ending 9/19 Countries/ Currencies Benchmark Active Weight Currency Weight Local Return US $ Return Portfolio Active Weight Currency Weight Local Return US $ Return Return Attribution Market Select Currency Select Security Select Total United Kingdom United States 16.76 0.00 100.00 16.76 0.00 100.00 0.68 1.86 -2.50 -0.99 16.63 0.00 100.00 15.46 6.79 100.00 -1.11 2.00 -0.18 0.10 0.00 0.60 0.00 0.19 0.46 -0.30 -0.46 -0.29 0.19 0.60 Benchmark : MSCI EAFE (Net) Market Selection [Portfolio Active Weight - Benchmark Active Weight] x [Benchmark Local Return - Benchmark Total Local Return] Currency Selection [Portfolio Currency Weight - Benchmark Currency Weight] x [ (Benchmark US$ Return - Benchmark Local Return) - (Benchmark Total US$ Return - Benchmark Total Local Return) ] Security Selection [Portfolio Active Weight] x [Portfolio Local Return - Benchmark Local Return] 179 City of Clearwater Employees Pension Fund International Equity Sector Attribution Analysis Thompson, Siegel & Walmsley Quarter Ending 9/19 GICS Sectors Weight Portfolio Index Return Portfolio Index Selection Stock Sector Total Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom. Services Utilities 4.33 7.09 13.08 9.89 11.75 13.01 23.68 8.60 6.83 1.74 100.00 5.49 7.39 14.82 11.12 11.68 11.16 18.90 6.71 5.39 3.73 100.00 -4.71 -7.33 -3.18 3.23 2.45 1.50 -1.09 2.08 6.56 3.96 0.10 -6.30 -5.19 -1.93 0.46 1.74 2.45 -2.46 -0.44 -0.82 2.51 -0.93 0.07 -0.15 -0.16 0.27 0.08 -0.12 0.32 0.22 0.50 0.03 1.06 0.06 0.01 0.02 -0.02 0.00 0.06 -0.07 0.01 0.00 -0.07 0.01 0.13 -0.14 -0.15 0.26 0.09 -0.06 0.25 0.23 0.51 -0.04 1.07 Index - MSCI EAFE (Net) Stock Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 0.04% [ Actual Return 0.14% ] - [ Buy Hold Return 0.10% ] 180 City of Clearwater Employees Pension Fund Fixed Income Comp as of 9/30/19 United States Treas United States Treas United States Treas FNMA Cl 30 - Tba Oct United States Treas United States Treas FHLMC Pool #q58905 FNMA Pool Ma3688 FNMA Pool Ma3616 Navient Student Loan Sector % Port Government Government Government Mortgage Government Government Mortgage Mortgage Mortgage Finance 3.44 3.06 2.45 1.99 1.76 1.75 1.65 1.59 1.46 1.35 Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous % Port 13.33 22.30 13.82 39.62 0.40 1.89 0.00 7.45 1.19 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/87 Fixed Income Comp BC Agg Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/87 Fixed Income Comp BC Agg Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 2.26 2.27 300,827 -12,133 6,725 295,420 8.68 8.52 280,709 -9,794 24,505 295,420 9.58 10.30 283,061 -14,449 26,808 295,420 3.28 2.92 259,156 7,758 28,505 295,420 3.73 3.38 265,340 -19,746 49,825 295,420 4.34 3.75 169,043 19,739 106,637 295,420 6.17 6.28 59,224 19,739 216,456 295,420 Holdings and allocations only include SMA accounts. Portfolio Performance (%) Top Fixed Income Holdings Sector Allocation 181 City of Clearwater Employees Pension Fund Fixed Income Comp as of 9/30/19 Domestic Fixed $304,316 103.01% Other $2 0.00% Domestic Equity $2 0.00% Cash & Equiv $-8,900 -3.01% Periods from 12/87 to 9/19 Alpha Beta R-Squared 0.25 0.63 0.61 Annualized Return% 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 F 1 T Annualized Standard Deviation% F Fixed Income Comp 1 BC Agg T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 6.17 6.28 3.22 3.12 3.97 1.28 0.94 0.77 0.00 -0.07 Asset Allocation ($000) Risk/Return Analysis Holdings and allocations only include SMA accounts. 182 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Fixed Income Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low F Fixed Income Comp Net Ret Rank 1 BC Agg Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 5.62 2.30 1.55 0.92 0.01 2.26 27 2.27 27 19.68 10.37 8.35 5.90 2.18 9.58 36 10.30 28 8.66 4.79 4.12 3.17 1.82 4.33 42 4.38 41 6.46 3.98 3.02 2.42 1.46 3.28 42 2.92 55 8.60 4.67 3.59 2.75 1.37 4.23 35 3.49 55 7.22 4.03 3.39 2.65 1.30 3.73 35 3.38 50 8.28 4.22 3.60 2.61 1.19 3.99 31 3.47 56 6.34 3.75 2.94 2.19 1.05 3.32 33 2.72 60 7.52 4.51 3.35 2.51 1.12 3.78 37 3.02 61 7.55 4.48 3.34 2.61 0.95 3.84 33 3.27 53 8.15 5.03 3.94 3.12 1.18 4.34 37 3.75 55 -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% F1 F1 F1 F1 F1 F1 F1 F1 F1 F1 F1 183 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Fixed Income Portfolios Years Ending December High 1st Qt Median 3rd Qt Low F Fixed Income Comp Net Ret Rank 1 BC Agg Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 21.17 9.16 7.58 5.44 1.89 8.68 33 8.52 36 2.10 1.00 0.31 -0.29 -3.67 -0.38 76 0.01 63 12.37 6.84 3.88 2.42 0.84 3.91 49 3.54 62 15.17 6.68 3.15 2.06 0.16 5.01 31 2.65 57 3.87 1.33 0.64 -0.94 -5.12 0.30 60 0.55 53 16.69 6.27 4.35 2.00 0.12 6.18 26 5.97 31 9.36 1.06 -0.68 -2.02 -7.72 -0.75 51 -2.02 75 16.32 10.35 6.57 4.05 0.70 6.53 50 4.22 71 15.31 7.86 6.14 3.75 0.02 5.94 52 7.84 25 16.44 10.04 7.33 5.75 1.03 7.37 49 6.54 63 43.88 16.47 9.95 5.66 -1.54 12.37 39 5.93 72 -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% F1 F1 F1 F1 F1 F1 F1 F1 F1 F1 F 1 184 City of Clearwater Employees Pension Fund Risk Measure Summary Fixed Income Comp Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.93 0.25 0.83 3.27 9.58 9.58 2.15 1.08 -0.32 0.89 3.35 6.63 0.95 -0.69 0 4 1.64 3.08 10.30 10.30 1.33 5.93 3 9 1.01 0.80 0.58 -2.09 3.27 -0.67 9.58 3.14 0.87 0.13 0.95 0.55 1.99 0.80 0.41 3 9 -2.98 3.08 -1.22 10.30 3.52 0.39 5 15 1.00 0.75 0.60 -2.09 3.27 -0.67 9.58 3.00 0.87 0.16 0.90 0.91 3.14 0.99 0.33 5 15 -2.98 3.08 -1.22 10.30 3.28 0.73 22 105 0.91 0.44 0.53 -2.54 5.72 -0.75 15.87 3.12 0.63 0.25 0.61 0.94 4.69 2.36 -0.07 27 100 -2.98 7.96 -3.23 18.48 3.97 0.77 185 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Fixed Income Portfolios Annualized Rate of Return0.0 1.1 2.2 3.3 4.4 5.5 6.6 7.7 8.8 9.9 11.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 F 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank F Fixed Income Comp 1 BC Agg Median 3.28 42 3.14 44 2.92 55 3.52 64 3.02 3.32 Annualized Rate of Return0.0 1.1 2.2 3.3 4.4 5.5 6.6 7.7 8.8 9.9 11.0 -2.0 -0.9 0.2 1.3 2.4 3.5 4.6 5.7 6.8 7.9 9.0 F 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank F Fixed Income Comp 1 BC Agg Median 3.73 35 3.00 44 3.38 50 3.28 63 3.39 3.11 186 City of Clearwater Employees Pension Fund Dodge & Cox as of 9/30/19 United States Treas United States Treas FNMA Pool Ma3688 FNMA Pool Ma3616 Navient Student Loan FNMA Pool Ma3334 FNMA Pool #bm3713 Federal Home Ln Mtg FNMA Pool Bm6102 FHLMC Pool #q55948 Sector % Port Government Government Mortgage Mortgage Finance Mortgage Mortgage Mortgage Mortgage Mortgage 6.91 4.92 3.19 2.93 2.72 2.14 1.67 1.66 1.47 1.43 Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous % Port 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 2/29/04 Dodge & Cox BC Agg Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 2/29/04 Dodge & Cox BC Agg Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 2.05 2.27 149,752 -5,928 3,074 146,898 8.33 8.52 140,937 -5,785 11,746 146,898 8.89 10.30 140,138 -5,715 12,476 146,898 3.55 2.92 124,053 7,812 15,033 146,898 3.74 3.38 143,870 -22,498 25,526 146,898 4.62 3.75 89,229 3,072 54,597 146,898 4.86 4.14 75,656 -6,928 78,170 146,898 Portfolio Performance (%) Top Fixed Income Holdings Sector Allocation 187 City of Clearwater Employees Pension Fund Dodge & Cox as of 9/30/19 Cash & Equiv $3,536 2.41% Domestic Fixed $143,362 97.59% Periods from 2/04 to 9/19 Alpha Beta R-Squared 0.31 0.80 0.61 Annualized Return% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 d 1 T Annualized Standard Deviation% d Dodge & Cox 1 BC Agg T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 4.86 4.14 1.38 3.11 3.25 0.49 1.12 0.85 0.00 0.30 Asset Allocation ($000) Risk/Return Analysis 188 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Fixed Income Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low d Dodge & Cox Net Ret Rank 1 BC Agg Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 5.62 2.30 1.55 0.92 0.01 2.05 36 2.27 27 19.68 10.37 8.35 5.90 2.18 8.89 43 10.30 28 8.66 4.79 4.12 3.17 1.82 4.34 42 4.38 41 6.46 3.98 3.02 2.42 1.46 3.55 33 2.92 55 8.60 4.67 3.59 2.75 1.37 4.45 30 3.49 55 7.22 4.03 3.39 2.65 1.30 3.74 35 3.38 50 8.28 4.22 3.60 2.61 1.19 4.11 27 3.47 56 6.34 3.75 2.94 2.19 1.05 3.58 28 2.72 60 7.52 4.51 3.35 2.51 1.12 4.12 29 3.02 61 7.55 4.48 3.34 2.61 0.95 4.12 29 3.27 53 8.15 5.03 3.94 3.12 1.18 4.62 32 3.75 55 -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% d1 d 1 d1 d1 d1 d1 d1 d1 d 1 d1 d1 189 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Fixed Income Portfolios Years Ending December High 1st Qt Median 3rd Qt Low d Dodge & Cox Net Ret Rank 1 BC Agg Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 21.17 9.16 7.58 5.44 1.89 8.33 40 8.52 36 2.10 1.00 0.31 -0.29 -3.67 0.02 61 0.01 63 12.37 6.84 3.88 2.42 0.84 3.99 48 3.54 62 15.17 6.68 3.15 2.06 0.16 5.55 29 2.65 57 3.87 1.33 0.64 -0.94 -5.12 -0.12 68 0.55 53 16.69 6.27 4.35 2.00 0.12 6.01 29 5.97 31 9.36 1.06 -0.68 -2.02 -7.72 0.65 29 -2.02 75 16.32 10.35 6.57 4.05 0.70 7.85 39 4.22 71 15.31 7.86 6.14 3.75 0.02 5.10 62 7.84 25 16.44 10.04 7.33 5.75 1.03 7.53 47 6.54 63 43.88 16.47 9.95 5.66 -1.54 14.53 29 5.93 72 -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% d1 d1 d1 d 1 d1 d1 d 1 d 1 d 1 d1 d 1 190 City of Clearwater Employees Pension Fund September 30, 2019 Cumulative Performance Comparison Total Returns of Fixed Income Portfolios High 1st Qt Median 3rd Qt Low d Dodge & Cox Return Rank 1 BC Agg Return Rank 9/19 6/19 3/19 12/18 9/18 6.46 3.98 3.02 2.42 1.46 3.55 33 2.92 55 6.81 3.85 2.57 2.08 1.33 3.43 31 2.31 61 7.24 3.74 2.43 1.82 1.14 3.45 29 2.03 66 5.92 3.67 2.49 1.80 1.07 3.16 32 2.06 63 7.39 3.46 1.91 1.24 0.50 3.01 29 1.31 71 0% 1% 2% 3% 4% 5% 6% 7% 8% d 1 d 1 d 1 d 1 d 1 Dodge & Cox Value Added Analysis - Net of Fee 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 -2.5% -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% -0.7 -0.2 0.7 -1.8 0.7 -0.5 0.6 1.2 1.6 0.3 -0.1 0.2 0.1 0.6 -0.1 0.6 -1.1 0.4 -0.3 -0.2 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. BC Agg 191 City of Clearwater Employees Pension Fund Risk Measure Summary Dodge & Cox Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.86 0.25 0.52 3.34 8.89 8.89 2.42 1.07 -0.45 0.82 2.68 6.08 1.24 -1.04 0 4 1.64 3.08 10.30 10.30 1.33 5.93 3 9 0.98 0.56 0.58 -1.45 3.34 -0.02 8.89 2.77 0.73 0.24 0.87 0.73 2.74 1.28 0.46 3 9 -2.98 3.08 -1.22 10.30 3.52 0.39 5 15 0.93 0.51 0.55 -1.45 3.34 -0.12 8.89 2.69 0.72 0.25 0.77 1.02 3.83 1.55 0.21 5 15 -2.98 3.08 -1.22 10.30 3.28 0.73 13 49 1.04 0.54 0.60 -2.88 6.98 -0.26 17.78 3.35 0.80 0.31 0.61 1.04 4.32 2.29 0.30 17 45 -2.98 4.57 -2.02 10.56 3.36 0.81 192 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Fixed Income Portfolios Annualized Rate of Return0.0 1.1 2.2 3.3 4.4 5.5 6.6 7.7 8.8 9.9 11.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 d 1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank d Dodge & Cox 1 BC Agg Median 3.55 33 2.77 36 2.92 55 3.52 64 3.02 3.32 Annualized Rate of Return0.0 1.1 2.2 3.3 4.4 5.5 6.6 7.7 8.8 9.9 11.0 -2.0 -0.9 0.2 1.3 2.4 3.5 4.6 5.7 6.8 7.9 9.0 d 1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank d Dodge & Cox 1 BC Agg Median 3.74 35 2.69 39 3.38 50 3.28 63 3.39 3.11 193 City of Clearwater Employees Pension Fund Fixed Income, Mortgage and Municipals Summary Statistics Dodge & Cox Quarter Ending 9/19 Total Number Of Securities Total Market Value Yield to Maturity Time to Maturity Current Coupon Duration Effective Convexity Effective Duration Effective Maturity Portfolio BC Agg 229 143,361,972 10,904 2.26 7.92 3.20 6.13 0.30 5.78 7.92 Yield to Maturity 5+ 7.6% 4 - 5 7.5% 3 - 4 19.3% 2 - 3 27.0% 1 - 2 25.4% 0 - 1 13.1% Time to Maturity 10+ 59.2% 7 - 10 19.4% 5 - 7 6.6% 3 - 5 9.3% 1 - 3 3.6% 0 - 1 1.9% Coupon 11+ 0.0% 9 - 11 1.4% 7 - 9 3.7% 5 - 7 16.4% 3 - 5 54.2% 0 - 3 24.3% Quality NR 15.1% B 0.6% BA 2.7% BAA 26.3% A 6.4% AA 2.3% AAA 33.3% GOVT 13.4% Duration 8+ 35.2% 6 - 8 7.7% 4 - 6 11.8% 3 - 4 15.3% 1 - 3 28.0% 0 - 1 2.0% Effective Duration 8+ 34.8% 6 - 8 6.7% 4 - 6 8.7% 3 - 4 10.3% 1 - 3 16.5% 0 - 1 22.9% 194 City of Clearwater Employees Pension Fund Percent Invested by Sector and Quality Dodge & Cox As of 9/30/19 Name Moody’s Quality Ratings Aaa Aa A Baa Ba B Other NR Total Government Treasury Agency Corporate Industrial Utility Finance Yankee Transportation Mortgage GNMA FHLMC FNMA Other Mortgage Municipals Cash Other Total 12.80 12.69 0.11 3.13 --- --- 3.13 --- --- 30.69 --- 8.70 21.70 0.29 --- --- --- 46.61 --- --- --- 1.17 --- --- 1.17 --- 0.15 --- --- --- --- --- 1.01 --- --- 2.32 --- --- --- 5.20 0.40 --- 4.26 0.55 0.64 --- --- --- --- --- 0.52 --- --- 6.36 0.96 --- 0.96 24.80 9.80 3.71 8.86 2.43 --- --- --- --- --- --- 0.51 --- --- 26.27 --- --- --- 2.71 0.90 0.15 1.67 --- --- --- --- --- --- --- --- --- --- 2.71 --- --- --- 0.61 --- --- 0.61 --- --- --- --- --- --- --- --- --- --- 0.61 --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- 1.34 0.11 0.45 0.26 0.52 --- 10.50 3.30 3.30 3.89 --- --- --- 3.28 15.11 13.76 12.69 1.07 38.96 11.21 4.31 19.96 3.50 0.79 41.19 3.30 12.00 25.59 0.29 2.04 --- 3.28 100.00 195 City of Clearwater Employees Pension Fund Fixed Income Sector Attribution Analysis Dodge & Cox Quarter Ending 9/19 Weight Portfolio Index Return Portfolio Index Selection Security Sector Total Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous 20.20 15.44 12.74 37.10 0.78 5.52 1.91 3.08 3.24 100.00 11.14 44.21 11.00 22.33 0.73 3.23 0.06 7.28 0.01 100.00 1.70 2.63 3.45 1.72 3.01 3.87 3.80 2.48 3.19 2.45 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.07 -0.05 0.02 -0.11 0.00 0.03 0.02 -0.00 0.02 -0.13 -0.07 -0.05 0.02 -0.11 0.00 0.03 0.02 -0.00 0.02 -0.13 Index - Wilshire GCM Index Security Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect 2.13% [ Actual Return 2.13% ] - [ Buy Hold Return 0.00% ] 196 City of Clearwater Employees Pension Fund Western Asset Management Co. as of 9/30/19 United States Treas FNMA Cl 30 - Tba Oct United States Treas United States Treas FHLMC Pool #q58905 United States Treas FNMA 15yr Fwd Tba FNMA Pool As7738 United States Treas FNMA Pool #bm5552 Sector % Port Government Mortgage Government Government Mortgage Government Mortgage Mortgage Government Mortgage 6.21 4.04 3.57 3.55 3.34 2.59 2.49 2.48 2.06 1.90 Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous % Port 13.33 22.30 13.82 39.62 0.40 1.89 0.00 7.45 1.19 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/04 Western Asset Management Co.BC Agg Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/04 Western Asset Management Co. BC Agg Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 2.42 2.27 149,886 -7,907 3,647 145,626 9.04 8.52 140,609 -7,725 12,741 145,626 10.27 10.30 138,958 -7,636 14,304 145,626 3.04 2.92 123,630 8,598 13,398 145,626 3.64 3.38 116,821 4,585 24,221 145,626 4.00 3.75 75,876 27,518 42,232 145,626 4.52 4.21 74,568 27,518 43,539 145,626 Portfolio Performance (%) Top Fixed Income Holdings Sector Allocation 197 City of Clearwater Employees Pension Fund Western Asset Management Co. as of 9/30/19 Domestic Fixed $160,954 110.53% Other $2 0.00% Cash & Equiv $-15,329 -10.53% Periods from 9/04 to 9/19 Alpha Beta R-Squared 0.03 1.06 0.94 Annualized Return% 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 w1 T Annualized Standard Deviation% w Western Asset Management 1 BC Agg T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 4.52 4.21 1.39 3.52 3.25 0.85 0.89 0.87 0.00 0.33 Asset Allocation ($000) Risk/Return Analysis 198 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Fixed Income Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low w Western Asset Management Co. Net Ret Rank 1 BC Agg Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 5.62 2.30 1.55 0.92 0.01 2.42 18 2.27 27 19.68 10.37 8.35 5.90 2.18 10.27 28 10.30 28 8.66 4.79 4.12 3.17 1.82 4.35 42 4.38 41 6.46 3.98 3.02 2.42 1.46 3.04 49 2.92 55 8.60 4.67 3.59 2.75 1.37 3.89 42 3.49 55 7.22 4.03 3.39 2.65 1.30 3.64 39 3.38 50 8.28 4.22 3.60 2.61 1.19 3.82 39 3.47 56 6.34 3.75 2.94 2.19 1.05 2.97 48 2.72 60 7.52 4.51 3.35 2.51 1.12 3.37 49 3.02 61 7.55 4.48 3.34 2.61 0.95 3.51 46 3.27 53 8.15 5.03 3.94 3.12 1.18 4.00 47 3.75 55 -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% w1 w1 w1 w1 w1 w1 w1 w1 w1 w1 w1 199 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Fixed Income Portfolios Years Ending December High 1st Qt Median 3rd Qt Low w Western Asset Management Co. Net Ret Rank 1 BC Agg Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 21.17 9.16 7.58 5.44 1.89 9.04 27 8.52 36 2.10 1.00 0.31 -0.29 -3.67 -0.73 78 0.01 63 12.37 6.84 3.88 2.42 0.84 4.08 47 3.54 62 15.17 6.68 3.15 2.06 0.16 3.66 44 2.65 57 3.87 1.33 0.64 -0.94 -5.12 0.73 46 0.55 53 16.69 6.27 4.35 2.00 0.12 6.65 19 5.97 31 9.36 1.06 -0.68 -2.02 -7.72 -2.46 83 -2.02 75 16.32 10.35 6.57 4.05 0.70 5.07 61 4.22 71 15.31 7.86 6.14 3.75 0.02 7.23 37 7.84 25 16.44 10.04 7.33 5.75 1.03 7.09 52 6.54 63 43.88 16.47 9.95 5.66 -1.54 9.24 53 5.93 72 -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% w1 w1 w1 w1 w1 w1 w1 w1 w1 w1 w 1 200 City of Clearwater Employees Pension Fund September 30, 2019 Cumulative Performance Comparison Total Returns of Fixed Income Portfolios High 1st Qt Median 3rd Qt Low w Western Asset Management Co. Return Rank 1 BC Agg Return Rank 9/19 6/19 3/19 12/18 9/18 6.46 3.98 3.02 2.42 1.46 3.04 49 2.92 55 6.81 3.85 2.57 2.08 1.33 2.54 51 2.31 61 7.24 3.74 2.43 1.82 1.14 2.23 58 2.03 66 5.92 3.67 2.49 1.80 1.07 2.31 55 2.06 63 7.39 3.46 1.91 1.24 0.50 1.85 52 1.31 71 0% 1% 2% 3% 4% 5% 6% 7% 8% w 1 w 1 w 1 w 1 w 1 Western Asset Management Co. Value Added Analysis - Net of Fee 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 -0.6% -0.4% -0.2% -0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% 1.8% -0.1 0.3 -0.1 -0.4 0.3 0.3 0.1 0.5 0.1 0.1 0.0 0.2 0.2 -0.2 -0.1 0.1 -0.5 0.2 0.2 0.1 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. BC Agg 201 City of Clearwater Employees Pension Fund Risk Measure Summary Western Asset Management Co. Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 1.00 0.75 1.12 3.24 10.27 10.27 1.94 1.12 -0.22 0.96 4.05 7.06 0.68 -0.03 0 4 1.64 3.08 10.30 10.30 1.33 5.93 3 9 1.05 1.06 0.67 -2.90 3.24 -1.24 10.27 3.62 1.03 0.02 0.98 0.41 1.46 0.44 0.26 3 9 -2.98 3.08 -1.22 10.30 3.52 0.39 5 15 1.06 1.01 0.65 -2.90 3.36 -1.24 10.27 3.39 1.03 0.05 0.98 0.78 2.59 0.51 0.51 5 15 -2.98 3.08 -1.22 10.30 3.28 0.73 17 43 1.08 1.11 0.62 -2.90 5.22 -2.46 14.60 3.52 1.06 0.03 0.94 0.89 2.95 0.93 0.33 16 44 -2.98 4.57 -2.02 10.56 3.25 0.87 202 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Fixed Income Portfolios Annualized Rate of Return0.0 1.1 2.2 3.3 4.4 5.5 6.6 7.7 8.8 9.9 11.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 w1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank w Western Asset Management Co. 1 BC Agg Median 3.04 49 3.62 72 2.92 55 3.52 64 3.02 3.32 Annualized Rate of Return0.0 1.1 2.2 3.3 4.4 5.5 6.6 7.7 8.8 9.9 11.0 -2.0 -0.9 0.2 1.3 2.4 3.5 4.6 5.7 6.8 7.9 9.0 w1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank w Western Asset Management Co. 1 BC Agg Median 3.64 39 3.39 72 3.38 50 3.28 63 3.39 3.11 203 City of Clearwater Employees Pension Fund Fixed Income, Mortgage and Municipals Summary Statistics Western Asset Management Co. Quarter Ending 9/19 Total Number Of Securities Total Market Value Yield to Maturity Time to Maturity Current Coupon Duration Effective Convexity Effective Duration Effective Maturity Portfolio BC Agg 582 160,953,909 2.47 17.03 3.64 7.38 0.52 6.84 9.86 10,904 2.26 7.92 3.20 6.13 0.30 5.78 7.92 Yield to Maturity 5+ 0.8% 4 - 5 3.6% 3 - 4 17.8% 2 - 3 57.7% 1 - 2 18.5% 0 - 1 1.6% Time to Maturity 10+ 57.2% 7 - 10 14.2% 5 - 7 8.2% 3 - 5 7.3% 1 - 3 5.2% 0 - 1 7.8% Coupon 11+ 0.0% 9 - 11 0.0% 7 - 9 0.8% 5 - 7 9.0% 3 - 5 70.3% 0 - 3 19.9% Quality NR 8.0% BA 0.9% BAA 18.1% A 14.3% AA 3.1% AAA 30.8% GOVT 24.8% Duration 8+ 29.1% 6 - 8 13.6% 4 - 6 20.1% 3 - 4 12.8% 1 - 3 16.7% 0 - 1 7.8% Effective Duration 8+ 28.4% 6 - 8 13.7% 4 - 6 9.4% 3 - 4 12.2% 1 - 3 24.7% 0 - 1 11.6% 204 City of Clearwater Employees Pension Fund Percent Invested by Sector and Quality Western Asset Management Co. As of 9/30/19 Name Moody’s Quality Ratings Aaa Aa A Baa Ba B Other NR Total Government Treasury Agency Corporate Industrial Utility Finance Yankee Transportation Mortgage GNMA FHLMC FNMA Other Mortgage Municipals Cash Other Total 21.16 20.78 0.38 0.74 0.73 --- 0.01 --- --- 33.66 7.43 4.67 20.86 0.70 --- --- --- 55.56 1.08 --- 1.08 1.98 1.29 0.10 0.39 0.20 --- --- --- --- --- --- --- --- 0.08 3.14 --- --- --- 14.32 4.86 --- 7.22 2.24 --- --- --- --- --- --- --- --- --- 14.32 0.06 --- 0.06 17.63 6.62 1.79 5.05 4.16 0.40 --- --- --- --- --- --- --- --- 18.09 --- --- --- 0.85 0.32 --- 0.53 --- --- --- --- --- --- --- --- --- --- 0.85 --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- 0.96 --- --- 0.12 0.84 --- 5.96 0.09 4.00 1.87 --- --- --- 1.11 8.03 22.30 20.78 1.52 36.48 13.82 1.89 13.32 7.44 0.40 39.62 7.52 8.67 22.73 0.70 --- --- 1.19 100.00 205 City of Clearwater Employees Pension Fund Fixed Income Sector Attribution Analysis Western Asset Management Co. Quarter Ending 9/19 Weight Portfolio Index Return Portfolio Index Selection Security Sector Total Finance Government Industrials Mortgage Transportation Utilities Municipals Foreign Miscellaneous 13.61 26.85 13.74 34.96 0.51 2.49 0.00 6.99 0.85 100.00 11.14 44.21 11.00 22.33 0.73 3.23 0.06 7.28 0.01 100.00 2.52 2.86 2.87 1.55 3.49 2.74 0.00 3.17 2.35 1.70 2.63 3.45 1.72 3.01 3.87 3.80 2.48 3.19 2.45 0.11 0.06 -0.08 -0.06 0.00 -0.03 -0.00 0.05 0.00 0.05 -0.02 -0.03 0.03 -0.09 -0.00 -0.01 -0.00 -0.00 0.01 -0.12 0.09 0.03 -0.05 -0.15 0.00 -0.04 -0.00 0.05 0.01 -0.07 Index - Wilshire GCM Index Security Selection Return Attribution [ Portfolio Market Value Sector Percentage ] * [ Portfolio Sector Return - Index Sector Return ] Sector Selection Return Attribution [ Portfolio Sector Percentage - Index Sector Percentage ] * [ Index Sector Return - Index Total Return ] Trading Effect -0.11% [ Actual Return 2.24% ] - [ Buy Hold Return 2.35% ] 206 City of Clearwater Employees Pension Fund Real Estate Comp as of 9/30/19 Prologis Inc Avalonbay Cmntys Inc Apartment Invt & Mgm Hcp Inc Equity Residential P American Homes 4 Ren Liberty Ppty Tr Welltower Inc Digital Rlty Tr Inc Alexandria Real Esta GICS Sector % Port Financials Financials Financials Financials Financials Financials Financials Financials Financials Financials 7.08 6.03 6.02 5.43 5.36 5.21 5.16 4.40 4.36 4.16 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 4/30/08 Real Estate Comp Policy Index Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 4/30/08 Real Estate Comp Policy Index Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 1.80 5.69 148,721 -200 2,677 151,198 7.47 19.19 160,825 -20,705 11,078 151,198 7.43 14.31 161,357 -21,177 11,017 151,198 7.05 7.60 121,568 429 29,201 151,198 8.74 10.31 90,103 9,234 51,861 151,198 12.11 13.09 45,245 6,952 99,001 151,198 6.30 7.43 19,347 6,952 124,899 151,198 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 207 City of Clearwater Employees Pension Fund Real Estate Comp as of 9/30/19 Cash & Equiv $294 0.19% Domestic Equity $13,374 8.85% Real Estate $137,529 90.96% Periods from 4/08 to 9/19 Alpha Beta R-Squared -0.17 0.96 0.97 Annualized Return% -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 R 1 T Annualized Standard Deviation% R Real Estate Comp 1 Policy Index T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 6.30 7.43 0.58 21.77 22.60 0.24 0.26 0.30 0.00 -0.28 Asset Allocation ($000) Risk/Return Analysis 208 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low R Real Estate Comp Net Ret Rank 1 Policy Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 7.76 6.06 1.88 0.45 -4.03 1.80 51 5.69 25 21.11 17.56 7.80 3.80 -8.30 7.43 51 14.31 33 16.73 11.51 7.80 5.46 -9.64 8.38 45 9.96 39 16.85 8.56 7.22 3.92 -7.17 7.05 55 7.60 46 15.47 10.75 8.23 4.72 -5.13 8.04 54 9.57 39 17.01 11.05 9.42 5.59 -6.66 8.74 57 10.31 35 16.94 11.39 9.48 6.47 -3.28 9.37 54 10.80 31 19.80 11.05 9.60 6.96 -0.09 8.95 62 10.40 32 19.43 12.79 10.41 8.72 -0.98 10.36 51 12.17 27 19.48 11.77 10.09 8.35 1.26 9.89 55 11.63 27 19.87 11.66 9.52 7.08 -0.45 12.11 23 13.09 14 -15% -10% -5% 0% 5% 10% 15% 20% 25% R 1 R 1 R 1 R1 R1 R 1 R1 R1 R 1 R 1 R1 209 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low R Real Estate Comp Net Ret Rank 1 Policy Index Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 28.96 23.14 6.95 2.44 -7.84 7.47 45 19.19 28 18.75 8.73 1.84 -5.93 -21.63 6.23 44 -0.39 55 25.03 9.97 7.21 3.92 -11.49 6.30 58 5.75 61 21.35 10.24 8.30 3.54 -14.98 6.94 61 8.06 50 32.10 15.70 11.41 2.82 -16.05 6.96 60 8.33 56 34.44 20.70 13.21 8.84 -9.64 21.77 23 25.22 20 29.82 14.80 10.43 3.59 -3.83 6.29 64 6.02 65 37.33 17.60 11.68 5.97 -6.46 11.69 49 15.41 31 34.55 17.73 12.62 4.08 -15.08 8.85 62 11.62 53 30.87 18.55 13.91 2.37 -25.08 30.51 5 24.96 12 37.81 -3.07 -28.24 -34.24 -59.76 24.68 14 29.20 11 -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% R 1 R 1 R1 R1 R1 R1 R1 R1 R1 R 1 R1 210 City of Clearwater Employees Pension Fund Risk Measure Summary Real Estate Comp Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 0.39 0.01 0.50 -0.04 3.92 7.43 7.43 3.25 0.25 0.47 0.93 1.55 19.85 9.84 -0.72 1 3 -4.10 11.20 14.31 14.31 12.97 0.92 1 11 0.56 -0.27 0.58 -0.04 3.92 4.42 9.34 2.10 0.18 1.06 0.52 2.62 30.71 7.31 -0.15 3 9 -4.25 11.20 -0.39 15.67 8.79 0.69 2 18 0.65 0.07 0.45 -4.20 9.53 3.85 13.10 5.05 0.46 0.83 0.64 1.54 16.90 5.80 -0.32 5 15 -5.18 11.20 -0.39 19.60 8.98 1.04 8 37 0.86 0.89 0.44 -37.93 33.98 -45.85 118.01 22.94 0.96 -0.17 0.97 0.30 7.29 4.37 -0.28 11 34 -40.40 35.93 -45.65 115.40 23.55 0.34 211 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 2.2 4.4 6.6 8.8 11.0 13.2 15.4 17.6 19.8 22.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 R 1Median RiskMedian Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank R Real Estate Comp 1 Policy Index Median 7.05 55 2.10 19 7.60 46 8.79 51 7.22 8.98 Annualized Rate of Return0.0 2.2 4.4 6.6 8.8 11.0 13.2 15.4 17.6 19.8 22.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 R 1Median RiskMedian Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank R Real Estate Comp 1 Policy Index Median 8.74 57 5.05 31 10.31 35 8.98 50 9.42 9.04 212 City of Clearwater Employees Pension Fund Security Capital as of 9/30/19 Prologis Inc Avalonbay Cmntys Inc Apartment Invt & Mgm Hcp Inc Equity Residential P American Homes 4 Ren Liberty Ppty Tr Welltower Inc Digital Rlty Tr Inc Alexandria Real Esta GICS Sector % Port Financials Financials Financials Financials Financials Financials Financials Financials Financials Financials 7.08 6.03 6.02 5.43 5.36 5.21 5.16 4.40 4.36 4.16 Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities % Port 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 4/30/08 Security Capital Wilshire RESI Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 4/30/08 Security Capital Wilshire RESI Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 6.88 7.85 12,768 21 879 13,669 24.85 27.15 28,485 -19,912 5,095 13,669 15.07 18.27 30,854 -19,863 2,677 13,669 5.84 7.47 38,998 -28,223 2,893 13,669 9.29 10.49 43,049 -44,188 14,808 13,669 12.59 13.19 45,245 -81,644 50,068 13,669 6.70 7.46 19,347 -81,644 75,966 13,669 Portfolio Performance (%) Top Equity Holdings GICS Sector Allocation 213 City of Clearwater Employees Pension Fund Security Capital as of 9/30/19 Cash & Equiv $294 2.15% Domestic Equity $13,374 97.85% Periods from 4/08 to 9/19 Alpha Beta R-Squared -0.16 1.00 0.99 Annualized Return% -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 s 1 T Annualized Standard Deviation% s Security Capital 1 Wilshire RESI T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 6.70 7.46 0.58 24.53 24.68 0.24 0.25 0.28 0.00 -0.35 Asset Allocation ($000) Risk/Return Analysis 214 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low s Security Capital Net Ret Rank 1 Wilshire RESI Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years Last 10 Years 7.76 6.06 1.88 0.45 -4.03 6.88 14 7.85 4 21.11 17.56 7.80 3.80 -8.30 15.07 30 18.27 20 16.73 11.51 7.80 5.46 -9.64 9.43 41 10.96 31 16.85 8.56 7.22 3.92 -7.17 5.84 68 7.47 47 15.47 10.75 8.23 4.72 -5.13 8.50 47 10.11 34 17.01 11.05 9.42 5.59 -6.66 9.29 51 10.49 33 16.94 11.39 9.48 6.47 -3.28 10.02 41 10.98 30 19.80 11.05 9.60 6.96 -0.09 9.25 60 10.18 40 19.43 12.79 10.41 8.72 -0.98 11.74 35 12.74 25 19.48 11.77 10.09 8.35 1.26 10.42 43 11.46 31 19.87 11.66 9.52 7.08 -0.45 12.59 21 13.19 14 -15% -10% -5% 0% 5% 10% 15% 20% 25% s1 s 1 s1 s 1 s1 s1 s1 s1 s1 s1 s1 215 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low s Security Capital Net Ret Rank 1 Wilshire RESI Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 28.96 23.14 6.95 2.44 -7.84 24.85 22 27.15 17 18.75 8.73 1.84 -5.93 -21.63 -7.16 83 -4.80 71 25.03 9.97 7.21 3.92 -11.49 4.91 70 4.84 71 21.35 10.24 8.30 3.54 -14.98 5.71 67 7.62 55 32.10 15.70 11.41 2.82 -16.05 4.70 69 4.81 68 34.44 20.70 13.21 8.84 -9.64 33.13 8 31.53 10 29.82 14.80 10.43 3.59 -3.83 1.60 86 2.15 83 37.33 17.60 11.68 5.97 -6.46 16.22 29 17.55 25 34.55 17.73 12.62 4.08 -15.08 6.86 68 8.56 64 30.87 18.55 13.91 2.37 -25.08 31.62 4 29.12 7 37.81 -3.07 -28.24 -34.24 -59.76 24.68 14 29.20 11 -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% s1 s1 s1 s1 s1 s1 s1 s1 s1 s1 s1 216 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 2.2 4.4 6.6 8.8 11.0 13.2 15.4 17.6 19.8 22.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 s1MedianRisk Median Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank s Security Capital 1 Wilshire RESI Median 5.84 68 13.14 78 7.47 47 13.26 78 7.22 8.98 Annualized Rate of Return0.0 2.2 4.4 6.6 8.8 11.0 13.2 15.4 17.6 19.8 22.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 s1MedianRisk Median Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank s Security Capital 1 Wilshire RESI Median 9.29 51 13.56 83 10.49 33 13.42 82 9.42 9.04 217 City of Clearwater Employees Pension Fund September 30, 2019 Cumulative Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low s Security Capital Net Ret Rank 1 Wilshire RESI Net Ret Rank 9/19 6/19 3/19 12/18 9/18 16.85 8.56 7.22 3.92 -7.17 5.84 68 7.47 47 15.55 8.17 6.39 3.95 -7.63 3.26 79 4.30 69 16.95 8.57 7.22 4.55 -8.93 4.55 75 5.77 65 19.41 9.12 5.80 2.89 -9.94 0.98 87 2.41 77 19.83 9.08 8.14 5.03 -11.23 6.40 70 7.52 56 -15% -10% -5% 0% 5% 10% 15% 20% 25% s 1 s 1 s 1 s 1 s 1 Security Capital Value Added Analysis - Net of Fee 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 0.7 0.1 -0.6 0.2 0.2 -1.3 -0.9 0.7 -0.3 -0.6 -1.1 0.2 1.6 -0.5 -0.9 -0.2 -0.9 -0.5 -0.4 -0.9 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. Wilshire RESI 218 City of Clearwater Employees Pension Fund Risk Measure Summary Security Capital Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 0.92 1.12 0.00 -7.84 15.42 15.07 15.07 19.54 0.99 -0.69 1.00 0.65 12.75 0.50 -5.59 1 3 -6.98 16.01 18.27 18.27 19.45 0.82 4 8 0.92 1.09 0.17 -7.92 15.42 -7.16 16.37 13.14 0.98 -0.36 0.99 0.33 4.37 1.45 -1.07 3 9 -7.42 16.01 -4.80 19.29 13.26 0.45 6 14 0.95 1.05 0.35 -10.12 15.81 -7.16 21.41 13.56 1.00 -0.29 0.99 0.61 8.26 1.46 -0.76 5 15 -9.61 16.01 -4.80 23.55 13.42 0.71 15 30 0.97 1.00 0.33 -37.93 33.98 -45.85 118.01 25.31 1.00 -0.16 0.99 0.29 7.42 2.02 -0.35 14 31 -40.40 35.93 -45.65 115.40 25.32 0.32 219 City of Clearwater Employees Pension Fund USAA as of 9/30/19 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 6/30/15 USAA NCREIF ODCE Fund Index Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 6/30/15 USAA NCREIF ODCE Fund Index Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 1.25 1.31 11,634 -154 144 11,625 1.35 3.78 11,757 -473 340 11,625 3.29 5.60 11,678 -615 562 11,625 7.65 7.31 10,397 -1,691 2,918 11,625 7.93 8.42 5,000 2,865 3,759 11,625 Portfolio Performance (%) 220 City of Clearwater Employees Pension Fund USAA as of 9/30/19 Real Estate $11,625 100.00% Periods from 6/15 to 9/19 Alpha Beta R-Squared 0.02 0.93 0.28 Annualized Return% 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 u1 T Annualized Standard Deviation% u USAA 1 NCREIF ODCE Fund I T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 7.93 8.42 1.15 2.90 1.30 0.45 2.34 5.60 0.00 -0.17 Asset Allocation ($000) Risk/Return Analysis 221 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low u USAA Net Ret Rank 1 NCREIF ODCE Fund Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years 7.76 6.06 1.88 0.45 -4.03 1.25 62 1.31 60 21.11 17.56 7.80 3.80 -8.30 3.29 76 5.60 65 16.73 11.51 7.80 5.46 -9.64 5.89 74 7.13 59 16.85 8.56 7.22 3.92 -7.17 7.65 45 7.31 48 15.47 10.75 8.23 4.72 -5.13 7.68 61 7.99 57 -15% -10% -5% 0% 5% 10% 15% 20% 25% u 1 u 1 u 1 u 1 u 1 222 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low u USAA Net Ret Rank 1 NCREIF ODCE Fund Index Net Ret Rank 9/30/19 YTD 2018 2017 2016 28.96 23.14 6.95 2.44 -7.84 1.35 79 3.78 65 18.75 8.73 1.84 -5.93 -21.63 6.65 42 8.35 28 25.03 9.97 7.21 3.92 -11.49 9.30 30 7.62 46 21.35 10.24 8.30 3.54 -14.98 12.34 17 8.76 42 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% u 1 u 1 u 1 u 1 223 City of Clearwater Employees Pension Fund Risk Measure Summary USAA Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.59 0.25 0.04 1.92 3.29 3.29 1.86 0.98 -0.54 0.33 0.48 0.92 1.45 -1.52 0 4 1.00 1.76 5.60 5.60 0.63 5.12 0 12 1.05 0.42 0.04 5.59 2.70 11.25 3.15 1.94 -1.23 0.52 1.94 3.14 2.76 0.12 0 12 1.00 2.20 5.60 8.68 0.74 7.77 0 17 0.94 0.41 0.04 5.59 2.70 14.21 2.90 0.93 0.02 0.28 2.34 7.29 2.77 -0.17 0 17 1.00 3.68 5.60 11.81 1.30 5.60 224 City of Clearwater Employees Pension Fund Multi Employer Property Trust as of 9/30/19 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/10 Multi Employer Property Trust NCREIF ODCE Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/10 Multi Employer Property Trust NCREIF ODCE Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 0.91 1.31 50,903 0 463 51,366 3.01 3.78 49,864 0 1,502 51,366 4.64 5.60 49,090 0 2,276 51,366 5.74 7.31 43,452 0 7,914 51,366 7.79 9.34 35,306 0 16,060 51,366 9.11 11.30 0 25,000 26,366 51,366 Portfolio Performance (%) 225 City of Clearwater Employees Pension Fund Multi Employer Property Trust as of 9/30/19 Real Estate $51,366 100.00% Periods from 9/10 to 9/19 Alpha Beta R-Squared -0.19 0.87 0.77 Annualized Return% 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 M 1 T Annualized Standard Deviation% M Multi Employer Property 1 NCREIF ODCE T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 9.11 11.30 0.58 1.98 1.86 0.41 4.32 5.76 0.00 -1.78 Asset Allocation ($000) Risk/Return Analysis 226 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low M Multi Employer Property Trust Net Ret Rank O NCREIF ODCE Fund Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Last 9 Years 7.76 6.06 1.88 0.45 -4.03 0.91 69 1.31 60 21.11 17.56 7.80 3.80 -8.30 4.64 70 5.60 65 16.73 11.51 7.80 5.46 -9.64 5.84 74 7.13 59 16.85 8.56 7.22 3.92 -7.17 5.74 69 7.31 48 15.47 10.75 8.23 4.72 -5.13 6.65 69 7.99 57 17.01 11.05 9.42 5.59 -6.66 7.79 65 9.34 51 16.94 11.39 9.48 6.47 -3.28 8.51 63 9.85 43 19.80 11.05 9.60 6.96 -0.09 8.48 65 10.30 34 19.43 12.79 10.41 8.72 -0.98 8.35 77 10.46 48 19.48 11.77 10.09 8.35 1.26 9.11 70 11.30 32 -15% -10% -5% 0% 5% 10% 15% 20% 25% MO MO MO MO MO MO MO M O M O M O 227 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low M Multi Employer Property Trust Net Ret Rank O NCREIF ODCE Fund Index Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 2014 2013 2012 2011 28.96 23.14 6.95 2.44 -7.84 3.01 71 3.78 65 18.75 8.73 1.84 -5.93 -21.63 7.23 40 8.35 28 25.03 9.97 7.21 3.92 -11.49 5.53 62 7.62 46 21.35 10.24 8.30 3.54 -14.98 8.02 52 8.76 42 32.10 15.70 11.41 2.82 -16.05 12.00 47 15.01 31 34.44 20.70 13.21 8.84 -9.64 12.21 57 12.49 55 29.82 14.80 10.43 3.59 -3.83 11.83 42 13.94 30 37.33 17.60 11.68 5.97 -6.46 4.70 80 10.94 55 34.55 17.73 12.62 4.08 -15.08 12.99 48 15.99 29 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% MO M O MO MO M O MO M O M O M O 228 City of Clearwater Employees Pension Fund September 30, 2019 Cumulative Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low M Multi Employer Property Trust Net Ret Rank 1 NCREIF ODCE Net Ret Rank 9/19 6/19 3/19 12/18 9/18 16.85 8.56 7.22 3.92 -7.17 5.74 69 7.31 48 15.55 8.17 6.39 3.95 -7.63 6.08 54 7.57 36 16.95 8.57 7.22 4.55 -8.93 6.33 60 7.97 33 19.41 9.12 5.80 2.89 -9.94 6.92 44 8.24 30 19.83 9.08 8.14 5.03 -11.23 7.33 58 8.80 29 -15% -10% -5% 0% 5% 10% 15% 20% 25% M 1 M 1 M 1 M 1 M 1 Multi Employer Property Trust Value Added Analysis - Net of Fee 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 -8.0% -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% -0.1 -0.5 -1.1 -0.5 -0.6 0.6 -0.4 -0.2 -0.7 -0.5 -0.3 -0.6 -0.7 -0.5 -0.5 0.1 -0.2 -0.4 0.0 -0.4 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. NCREIF ODCE 229 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 2.2 4.4 6.6 8.8 11.0 13.2 15.4 17.6 19.8 22.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 M1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Multi Employer Property Trust 1 NCREIF ODCE Median 5.74 69 0.70 3 7.31 48 0.74 8 7.22 8.98 Annualized Rate of Return0.0 2.2 4.4 6.6 8.8 11.0 13.2 15.4 17.6 19.8 22.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 M1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Multi Employer Property Trust 1 NCREIF ODCE Median 7.79 65 1.49 1 9.34 51 1.61 6 9.42 9.04 230 City of Clearwater Employees Pension Fund Risk Measure Summary Multi Employer Property Trust Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.83 0.25 0.91 1.58 4.64 4.64 0.60 0.72 -0.01 0.84 3.77 3.12 0.39 -2.40 0 4 1.00 1.76 5.60 5.60 0.63 5.12 0 12 0.79 0.17 0.91 2.23 4.64 7.23 0.70 0.72 0.01 0.83 5.99 5.80 0.52 -2.87 0 12 1.00 2.20 5.60 8.68 0.74 7.77 0 20 0.83 0.15 0.91 3.16 4.64 12.45 1.49 0.86 -0.08 0.89 4.57 7.91 0.71 -2.06 0 20 1.00 3.82 5.60 15.01 1.61 5.21 1 35 0.81 0.14 -0.12 4.72 4.64 15.44 1.98 0.87 -0.19 0.77 4.32 9.75 1.14 -1.78 0 36 1.00 4.99 5.60 18.27 1.86 5.76 231 City of Clearwater Employees Pension Fund Molpus Woodlands Fund III as of 9/30/19 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 6/30/11 Molpus Woodlands Fund III NCREIF Timberland Index Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 6/30/11 Molpus Woodlands Fund III NCREIF Timberland Index Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 0.00 0.18 7,118 0 0 7,118 0.54 1.33 7,170 -91 38 7,118 0.62 2.09 7,464 -391 45 7,118 1.38 3.12 7,544 -737 310 7,118 3.01 4.35 7,116 -1,101 1,103 7,118 3.52 5.26 111 4,891 2,116 7,118 Portfolio Performance (%) 232 City of Clearwater Employees Pension Fund Molpus Woodlands Fund III as of 9/30/19 Real Estate $7,118 100.00% Periods from 6/11 to 9/19 Alpha Beta R-Squared 0.12 0.53 0.19 Annualized Return% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 M 1 T Annualized Standard Deviation% M Molpus Woodlands Fund II 1 NCREIF Timberland Index T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 3.52 5.26 0.62 4.16 3.79 0.24 0.70 1.22 0.00 -0.44 Asset Allocation ($000) Risk/Return Analysis 233 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low M Molpus Woodlands Fund III Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 5 Years 7.76 6.06 1.88 0.45 -4.03 0.00 83 0.18 78 21.11 17.56 7.80 3.80 -8.30 0.62 83 2.09 81 16.73 11.51 7.80 5.46 -9.64 0.13 85 3.04 79 16.85 8.56 7.22 3.92 -7.17 1.38 84 3.12 82 17.01 11.05 9.42 5.59 -6.66 3.01 86 4.35 80 -15% -10% -5% 0% 5% 10% 15% 20% 25% M 1 M 1 M 1 M 1 M 1 234 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low M Molpus Woodlands Fund III Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 2014 2013 2012 28.96 23.14 6.95 2.44 -7.84 0.54 82 1.33 79 18.75 8.73 1.84 -5.93 -21.63 1.93 49 3.21 48 25.03 9.97 7.21 3.92 -11.49 -0.75 87 3.63 76 21.35 10.24 8.30 3.54 -14.98 3.30 76 2.59 78 32.10 15.70 11.41 2.82 -16.05 4.03 71 4.97 67 34.44 20.70 13.21 8.84 -9.64 7.02 80 10.50 69 29.82 14.80 10.43 3.59 -3.83 15.16 24 9.68 54 37.33 17.60 11.68 5.97 -6.46 0.77 87 7.75 70 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% M 1 M 1 M 1 M 1 M 1 M 1 M 1 M 1 235 City of Clearwater Employees Pension Fund September 30, 2019 Cumulative Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low M Molpus Woodlands Fund III Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank 9/19 6/19 3/19 12/18 9/18 16.85 8.56 7.22 3.92 -7.17 1.38 84 3.12 82 15.55 8.17 6.39 3.95 -7.63 1.68 84 3.29 79 16.95 8.57 7.22 4.55 -8.93 1.80 82 3.27 78 19.41 9.12 5.80 2.89 -9.94 1.48 85 3.14 70 19.83 9.08 8.14 5.03 -11.23 2.36 81 3.52 78 -15% -10% -5% 0% 5% 10% 15% 20% 25% M 1 M 1 M 1 M 1 M 1 Molpus Woodlands Fund III Value Added Analysis - Net of Fee 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 0.1 -1.4 -0.3 0.0 0.8 -0.3 -0.5 0.2 1.3 -0.6 -0.3 0.4 -3.6 -0.8 0.3 -0.1 -0.7 0.3 -0.9 -0.2 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. NCREIF Timberland Index 236 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 2.2 4.4 6.6 8.8 11.0 13.2 15.4 17.6 19.8 22.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 M1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Molpus Woodlands Fund III 1 NCREIF Timberland Index Median 1.38 84 2.08 19 3.12 82 0.81 10 7.22 8.98 Annualized Rate of Return0.0 2.2 4.4 6.6 8.8 11.0 13.2 15.4 17.6 19.8 22.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 M1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank M Molpus Woodlands Fund III 1 NCREIF Timberland Index Median 3.01 86 3.21 23 4.35 80 2.55 17 9.42 9.04 237 City of Clearwater Employees Pension Fund Risk Measure Summary Molpus Woodlands Fund III Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.30 0.25 0.00 0.41 0.62 0.62 0.35 -0.14 -0.45 0.04 -5.00 12.51 1.07 -1.35 0 4 0.11 1.04 2.09 2.09 0.90 -0.33 1 11 0.44 0.33 -2.15 2.45 -0.75 3.92 2.08 0.06 -0.06 0.00 -0.08 -2.60 2.39 -0.72 0 12 0.11 1.52 2.09 4.00 0.81 1.96 2 18 0.71 2.10 0.40 -2.15 6.14 -0.75 7.51 3.21 0.99 -0.32 0.65 0.63 2.05 2.01 -0.65 1 19 -0.26 6.02 2.09 9.26 2.55 1.32 8 25 0.69 2.02 0.33 -2.15 7.86 -2.71 16.17 3.94 0.53 0.12 0.19 0.73 5.42 3.96 -0.44 2 31 -0.35 6.02 1.13 10.64 3.16 1.47 238 City of Clearwater Employees Pension Fund Molpus Woodlands Fund IV as of 9/30/19 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/15 Molpus Woodlands Fund IV NCREIF Timberland Index Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/15 Molpus Woodlands Fund IV NCREIF Timberland Index Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 0.00 0.18 4,434 0 0 4,434 1.41 1.33 4,416 -45 62 4,434 -1.55 2.09 4,549 -45 -71 4,434 1.73 3.12 2,426 1,821 187 4,434 0.79 3.16 118 4,173 142 4,434 Portfolio Performance (%) 239 City of Clearwater Employees Pension Fund Molpus Woodlands Fund IV as of 9/30/19 Real Estate $4,434 100.00% Periods from 9/15 to 9/19 Alpha Beta R-Squared -0.38 0.59 0.06 Annualized Return% 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 M 1 T Annualized Standard Deviation% M Molpus Woodlands Fund IV 1 NCREIF Timberland Index T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 0.79 3.16 1.22 2.82 1.65 0.25 -0.15 1.18 0.00 -0.80 Asset Allocation ($000) Risk/Return Analysis 240 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low M Molpus Woodlands Fund IV Return Rank 1 NCREIF Timberland Index Return Rank Last Qtr Last Year Last 2 Years Last 3 Years 7.76 6.06 1.88 0.45 -4.03 0.00 83 0.18 78 21.11 17.56 7.80 3.80 -8.30 -1.55 88 2.09 81 16.73 11.51 7.80 5.46 -9.64 0.09 85 3.04 79 16.85 8.56 7.22 3.92 -7.17 1.73 84 3.12 82 -15% -10% -5% 0% 5% 10% 15% 20% 25% M 1 M 1 M 1 M 1 241 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low M Molpus Woodlands Fund IV Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank 9/30/19 YTD 2018 2017 2016 28.96 23.14 6.95 2.44 -7.84 1.41 79 1.33 79 18.75 8.73 1.84 -5.93 -21.63 -2.88 59 3.21 48 25.03 9.97 7.21 3.92 -11.49 2.83 78 3.63 76 21.35 10.24 8.30 3.54 -14.98 3.34 76 2.59 78 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% M 1 M 1 M 1 M 1 242 City of Clearwater Employees Pension Fund September 30, 2019 Cumulative Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low M Molpus Woodlands Fund IV Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank 9/19 6/19 3/19 12/18 9/18 16.85 8.56 7.22 3.92 -7.17 1.73 84 3.12 82 15.55 8.17 6.39 3.95 -7.63 1.73 83 3.29 79 16.95 8.57 7.22 4.55 -8.93 1.42 85 3.27 78 19.41 9.12 5.80 2.89 -9.94 1.06 86 3.14 70 19.83 9.08 8.14 5.03 -11.23 1.58 83 3.52 78 -15% -10% -5% 0% 5% 10% 15% 20% 25% M 1 M 1 M 1 M 1 M 1 Molpus Woodlands Fund IV Value Added Analysis - Net of Fee 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 -10.0% -9.0% -8.0% -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% -3.2 -0.3 -1.0 -0.7 2.7 -0.1 -0.5 -0.4 0.2 -1.3 0.1 -1.2 -3.6 0.4 -0.2 -0.2 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. NCREIF Timberland Index 243 City of Clearwater Employees Pension Fund Risk Measure Summary Molpus Woodlands Fund IV Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 -0.74 0.25 -2.92 0.88 -1.55 -1.55 3.47 -0.88 -1.04 0.04 -1.14 4.48 3.74 -0.96 0 4 0.11 1.04 2.09 2.09 0.90 -0.33 3 9 0.55 0.33 -2.92 3.95 -2.88 5.09 3.12 1.67 -0.59 0.28 0.06 0.11 2.93 -0.46 0 12 0.11 1.52 2.09 4.00 0.81 1.96 6 10 0.29 2.09 0.25 -2.92 3.95 -2.88 5.09 2.86 0.59 -0.38 0.06 -0.15 -0.73 2.91 -0.80 1 15 -0.26 1.86 2.09 4.00 1.04 1.85 244 City of Clearwater Employees Pension Fund Hancock as of 9/30/19 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 5/31/12 Hancock NCREIF Timberland Index Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 5/31/12 Hancock NCREIF Timberland Index Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 0.00 0.18 8,209 -68 0 8,141 -0.34 1.33 8,354 -185 -28 8,141 2.72 2.09 8,180 -262 223 8,141 2.59 3.12 8,151 -646 636 8,141 3.16 4.35 4,633 2,455 1,053 8,141 4.35 5.86 1,263 5,278 1,600 8,141 Portfolio Performance (%) 245 City of Clearwater Employees Pension Fund Hancock as of 9/30/19 Real Estate $8,141 100.00% Periods from 5/12 to 9/19 Alpha Beta R-Squared -0.91 1.47 0.67 Annualized Return% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 H 1 T Annualized Standard Deviation% H Hancock 1 NCREIF Timberland Index T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 4.35 5.86 0.69 6.31 3.98 0.25 0.58 1.30 0.00 -0.34 Asset Allocation ($000) Risk/Return Analysis 246 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low H Hancock Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years Last 5 Years 7.76 6.06 1.88 0.45 -4.03 0.00 83 0.18 78 21.11 17.56 7.80 3.80 -8.30 2.72 79 2.09 81 16.73 11.51 7.80 5.46 -9.64 2.10 82 3.04 79 16.85 8.56 7.22 3.92 -7.17 2.59 83 3.12 82 17.01 11.05 9.42 5.59 -6.66 3.16 86 4.35 80 -15% -10% -5% 0% 5% 10% 15% 20% 25% H 1 H 1 H 1 H 1 H 1 247 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low H Hancock Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank 9/30/19 YTD 2018 2017 2016 2015 2014 2013 28.96 23.14 6.95 2.44 -7.84 -0.34 85 1.33 79 18.75 8.73 1.84 -5.93 -21.63 2.93 48 3.21 48 25.03 9.97 7.21 3.92 -11.49 1.24 83 3.63 76 21.35 10.24 8.30 3.54 -14.98 2.64 78 2.59 78 32.10 15.70 11.41 2.82 -16.05 4.51 69 4.97 67 34.44 20.70 13.21 8.84 -9.64 4.58 84 10.50 69 29.82 14.80 10.43 3.59 -3.83 8.91 57 9.68 54 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% H 1 H 1 H 1 H 1 H 1 H 1 H 1 248 City of Clearwater Employees Pension Fund September 30, 2019 Cumulative Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low H Hancock Net Ret Rank 1 NCREIF Timberland Index Net Ret Rank 9/19 6/19 3/19 12/18 9/18 16.85 8.56 7.22 3.92 -7.17 2.59 83 3.12 82 15.55 8.17 6.39 3.95 -7.63 2.41 82 3.29 79 16.95 8.57 7.22 4.55 -8.93 2.49 81 3.27 78 19.41 9.12 5.80 2.89 -9.94 2.27 81 3.14 70 19.83 9.08 8.14 5.03 -11.23 3.12 80 3.52 78 -15% -10% -5% 0% 5% 10% 15% 20% 25% H 1 H 1 H 1 H 1 H 1 Hancock Value Added Analysis - Net of Fee 12/14 3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% -1.1 -2.3 -0.9 -0.9 3.7 -0.2 -1.2 -1.2 2.7 -0.9 -0.9 -0.6 0.1 -0.9 -0.6 -1.0 2.3 0.0 -1.5 -0.2 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. NCREIF Timberland Index 249 City of Clearwater Employees Pension Fund Return vs Risk Total Returns of Real Estate Portfolios Annualized Rate of Return0.0 2.2 4.4 6.6 8.8 11.0 13.2 15.4 17.6 19.8 22.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 H1 MedianRiskMedian Return Historical Standard Deviation of Return 3 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank H Hancock 1 NCREIF Timberland Index Median 2.59 83 2.90 27 3.12 82 0.81 10 7.22 8.98 Annualized Rate of Return0.0 2.2 4.4 6.6 8.8 11.0 13.2 15.4 17.6 19.8 22.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 H1 MedianRiskMedian Return Historical Standard Deviation of Return 5 Years Ending 9/30/19 Annualized Net of Fee Return Standard Deviation Value Rank Value Rank H Hancock 1 NCREIF Timberland Index Median 3.16 86 3.91 28 4.35 80 2.55 17 9.42 9.04 250 City of Clearwater Employees Pension Fund Risk Measure Summary Hancock Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 1 3 1.30 0.50 -0.49 3.08 2.72 2.72 3.24 0.80 0.15 0.04 0.10 0.42 3.20 0.19 0 4 0.11 1.04 2.09 2.09 0.90 -0.33 7 5 0.83 0.33 -0.49 3.96 1.24 3.57 2.90 1.39 -0.27 0.23 0.36 0.75 2.68 -0.19 0 12 0.11 1.52 2.09 4.00 0.81 1.96 13 7 0.74 1.89 0.25 -0.54 5.67 1.24 4.72 3.91 0.96 -0.24 0.43 0.56 2.28 3.05 -0.38 1 19 -0.26 6.02 2.09 9.26 2.55 1.32 18 11 0.78 1.89 0.24 -1.83 11.90 1.24 12.16 6.11 1.47 -0.88 0.67 0.62 2.59 3.90 -0.32 1 28 -0.26 6.02 2.09 10.64 3.26 1.58 251 City of Clearwater Employees Pension Fund IFM Global Infrastructure (US) L.P. as of 9/30/19 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/17 IFM Global Infrastructure (US) L.P.MSCI World (Net) Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 9/30/17 IFM Global Infrastructure (US) L.P. MSCI World (Net) Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 2.20 0.53 40,270 0 888 41,157 8.93 17.60 37,782 0 3,376 41,157 12.07 1.83 36,724 0 4,433 41,157 17.13 6.43 30,000 0 11,157 41,157 Portfolio Performance (%) 252 City of Clearwater Employees Pension Fund IFM Global Infrastructure (US) L.P. as of 9/30/19 Real Estate $41,157 100.00% Periods from 9/17 to 9/19 Alpha Beta R-Squared N/A N/A N/A Annualized Return% -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.013.0 14.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 I 1 T Annualized Standard Deviation% I IFM Global Infrastructur 1 MSCI World (Net) T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 17.13 6.43 1.99 7.34 13.46 0.15 2.06 0.33 0.00 0.54 Asset Allocation ($000) Risk/Return Analysis (Number of returns < 12) 253 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low I IFM Global Infrastructure (US) L.P. Net Ret Rank 1 MSCI World (Net) Net Ret Rank Last Qtr Last Year Last 2 Years 7.76 6.06 1.88 0.45 -4.03 2.20 45 0.53 74 21.11 17.56 7.80 3.80 -8.30 12.07 39 1.83 81 16.73 11.51 7.80 5.46 -9.64 17.13 4 6.43 68 -15% -10% -5% 0% 5% 10% 15% 20% 25% I 1 I 1 I 1 254 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low I IFM Global Infrastructure (US) L.P. Net Ret Rank 1 MSCI World (Net) Net Ret Rank 9/30/19 YTD 2018 28.96 23.14 6.95 2.44 -7.84 8.93 41 17.60 30 18.75 8.73 1.84 -5.93 -21.63 18.17 5 -8.71 90 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% I 1 I 1 255 City of Clearwater Employees Pension Fund Risk Measure Summary IFM Global Infrastructure (US) L.P. Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 0.51 -0.21 0.50 2.20 3.85 12.07 12.07 1.39 0.00 2.30 0.00 6.96 6,559.20 21.58 0.30 1 3 -13.42 12.48 1.83 1.83 21.56 -0.03 0 8 0.76 -0.70 0.63 1.00 7.11 12.07 22.41 4.56 0.05 3.50 0.02 3.32 330.66 15.10 0.54 2 6 -13.42 12.48 -8.71 11.24 14.84 0.30 256 City of Clearwater Employees Pension Fund U.S. Real Estate Investment Fund as of 9/30/19 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/15 U.S. Real Estate Investment Fund NCREIF ODCE Fund Index Net of Fee Returns Qtr YTD 1 Year 3 Year 5 Year 10 Year Incept 12/31/15 U.S. Real Estate Investment Fund NCREIF ODCE Fund Index Asset Growth ($000) Beginning Market Value Net Contributions & Withdrawals Gain/Loss + Income Ending Market Value 2.27 1.31 13,384 0 304 13,689 5.33 3.78 12,996 0 692 13,689 6.79 5.60 12,818 0 871 13,689 9.20 7.31 10,600 -95 3,183 13,689 8.96 7.60 5,708 4,204 3,776 13,689 Portfolio Performance (%) 257 City of Clearwater Employees Pension Fund U.S. Real Estate Investment Fund as of 9/30/19 Real Estate $13,689 100.00% Periods from 12/15 to 9/19 Alpha Beta R-Squared 0.21 1.07 0.37 Annualized Return% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 u 1 T Annualized Standard Deviation% u U.S. Real Estate Investm 1 NCREIF ODCE Fund I T 91-Day Treasury Bill Annualized Net Ret Std. Dev. Sharpe Ratio Info Ratio 8.96 7.60 1.30 4.07 3.13 0.25 1.88 2.01 0.00 0.70 Asset Allocation ($000) Risk/Return Analysis 258 City of Clearwater Employees Pension Fund Cumulative Performance Comparison Total Returns of Real Estate Portfolios Periods Ending 9/19 High 1st Qt Median 3rd Qt Low u U.S. Real Estate Investment Fund Net Ret Rank 1 NCREIF ODCE Fund Index Net Ret Rank Last Qtr Last Year Last 2 Years Last 3 Years 7.76 6.06 1.88 0.45 -4.03 2.27 45 1.31 60 21.11 17.56 7.80 3.80 -8.30 6.79 58 5.60 65 16.73 11.51 7.80 5.46 -9.64 8.47 45 7.13 59 16.85 8.56 7.22 3.92 -7.17 9.20 20 7.31 48 -15% -10% -5% 0% 5% 10% 15% 20% 25% u 1 u 1 u 1 u 1 259 City of Clearwater Employees Pension Fund Calendar Year Performance Comparison Total Returns of Real Estate Portfolios Years Ending December High 1st Qt Median 3rd Qt Low u U.S. Real Estate Investment Fund Net Ret Rank 1 NCREIF ODCE Fund Index Net Ret Rank 9/30/19 YTD 2018 2017 2016 28.96 23.14 6.95 2.44 -7.84 5.33 53 3.78 65 18.75 8.73 1.84 -5.93 -21.63 9.16 21 8.35 28 25.03 9.97 7.21 3.92 -11.49 8.36 38 7.62 46 21.35 10.24 8.30 3.54 -14.98 10.72 22 8.76 42 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% u 1 u 1 u 1 u 1 260 City of Clearwater Employees Pension Fund September 30, 2019 Cumulative Performance Comparison Total Returns of Real Estate Portfolios High 1st Qt Median 3rd Qt Low u U.S. Real Estate Investment Fund Net Ret Rank 1 NCREIF ODCE Fund Index Net Ret Rank 9/19 6/19 3/19 12/18 9/18 16.85 8.56 7.22 3.92 -7.17 9.20 20 7.31 48 15.55 8.17 6.39 3.95 -7.63 9.68 16 7.57 36 16.95 8.57 7.22 4.55 -8.93 9.81 17 7.97 33 19.41 9.12 5.80 2.89 -9.94 9.41 21 8.24 30 19.83 9.08 8.14 5.03 -11.23 -15% -10% -5% 0% 5% 10% 15% 20% 25% u 1 u 1 u 1 u 1 U.S. Real Estate Investment Fund Value Added Analysis - Net of Fee 3/16 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% -1.5 -0.5 1.5 2.4 0.5 -0.5 0.4 0.3 0.3 0.6 0.2 -0.4 0.3 0.2 1.0 Cumulative Value Added 2 Yr Rolling Avg (Annualized) Quarterly Value Added vs. NCREIF ODCE Fund Index 261 City of Clearwater Employees Pension Fund Risk Measure Summary U.S. Real Estate Investment Fund Quarterly Periods Ending 9/30/19 Risk Measures 1 Year Portfolio Bench 3 Years Portfolio Bench 5 Years Portfolio Bench Inception Portfolio Bench Negative Periods Positive Periods Up Market Capture Down Market Capture Batting Average Worst Quarter Best Quarter Worst 4 Quarters Best 4 Quarters Standard Deviation Beta Alpha R-Squared Sharpe Ratio Treynor Ratio Tracking Error Information Ratio 0 4 1.21 0.75 1.22 2.27 6.79 6.79 0.93 0.96 0.32 0.47 4.73 4.59 1.09 1.04 0 4 1.00 1.76 5.60 5.60 0.63 5.12 0 12 1.26 0.83 1.18 4.53 6.79 10.69 1.77 1.37 -0.07 0.62 4.32 5.57 1.47 1.22 0 12 1.00 2.20 5.60 8.68 0.74 7.77 0 15 1.18 0.73 0.64 4.53 6.79 12.57 1.96 1.07 0.21 0.37 3.90 7.13 1.84 0.70 0 15 1.00 2.20 5.60 8.76 0.72 8.77 262 REPORT EXPLANATIONS Executive Summary The Executive Summary provides an overview of the fund's performance. It shows the performance in dollars, percent, and relative to the investment policy. These statistics are provided over different time periods including up and down markets. All rates of return are annualized if the period for which they are calculated exceeds one year. Account Reconciliation: This section shows the performance of the account in dollars, during the most recent quarter, the calendar year, and since the inception date. The Beginning Value is the value at the start of each period. The Ending Value shows the value as of the date of the report. Net contributions are the total contributions less the total withdrawals during the period. The Investment G/L is the gain or loss resulting from the investments. It is the difference between the beginning and ending values that cannot be explained by the net contributions. Positive investment G/L figures represent a profit, and negative values represent a loss. Investment Policy: This section defines the benchmark against which the fund is being compared. Generally, this is the most important objective for a fund to achieve. The performance of the fund relative to this measure over longer periods of time, such as market cycles, is the strongest indicator of the success or failure of the investment strategy. This objective should be reasonable, and the performance of the fund should be measured against the investment policy after adjusting for risk. Trailing Returns: This section shows the cumulative time weighted returns over the last 1 year, 2 years, and so on up through 10 years if available, as well as since the inception date. A positive difference indicates the fund has exceeded the policy's returns. The investor would prefer that this difference be positive for all time periods; however, it is more important for it to be positive for the longer periods rather than the shorter periods. Calendar Year Returns: This section gauges the consistency of performance over one year time periods. Each calendar year of performance represents the return from January 1st through December 31st. Watch out for a trend of declining relative performance in recent periods. Time Weighted Return: This statistic demonstrates a measure of the compound rate of growth in a portfolio. Because this method eliminates the distorting effects created by the size and timing of cash flows, it is used to compare the returns of investment managers. Dollar Weighted Return: This demonstrates the rate of return for an asset or portfolio of assets. It is calculated by finding the rate of return that will set the present values of all cash flows and terminal values equal to the value of the initial investment. The dollar weighted rate of return incorporates the size and timing of cash flows and is equivalent to the internal rate of return (IRR). Returns In Up/Down Markets: This section shows how the fund performed in both up and down markets. The methodology utilized segregates the performance for each time period into the quarters in which the market, as defined by the policy, was positive and negative. Quarters with negative policy returns are treated as down markets, and quarters with positive policy returns are treated as up markets. Thus, in a 3 year or 12 quarter period, there might be 4 down quarters and 8 up quarters. Up market returns are calculated for the fund and the policy based on the up quarters. Down market returns are calculated for the fund and the policy based on the down quarters. The ratio of the fund's return in up markets to that of the policy is the up market capture ratio. The ratio of the fund's return in down markets to that of the policy is the down market capture ratio. Ideally, the fund would have a greater up market capture ratio and a smaller down market capture ratio. 263 Risk Measures The evaluation of a fund's performance should extend beyond return to encompass measures of risk. The next two pages illustrate the level of risk to which the fund has been exposed, and whether the return has been commensurate with the risk taken. All measures are calculated for the fund and the policy as well as the difference between the two. Up to four time periods are evaluated depending on the age of the fund. # Of Negative Qtrs/# Of Positive Qtrs: Number of negative quarters shows the number of quarters in which the return was less than zero. The number of positive quarters is the number of quarterly returns which were greater or equal to zero. Batting Average: The batting average is a measure of consistency. It shows the percent of the quarters the fund has beaten the policy and the percent of the quarters the policy has outperformed the fund. A high average for the fund (e.g. over 50) is desirable, indicating the fund has beaten the policy frequently. Worst Quarter/Best Quarter/Range: The worst quarter is the lowest quarterly return experienced during the period, a measure of downside risk. The best quarter is the highest quarterly return, and the range is the difference of the high and low, and indicates dispersion. Standard Deviation: Standard deviation measures the total volatility of the fund, by measuring dispersion. Higher standard deviation indicates higher risk. If the quarterly or monthly returns are all the same the standard deviation will be zero. The more they vary from one another, the higher the standard deviation. Thus, it measures uncertainty, which is a measure of risk. Alpha/Beta/R-Squared: If the policy is appropriate, then the alpha should be positive, the beta close to one, and the r-squared should be high. Beta measures risk relative to the policy. A beta of 1 suggests risk equivalent to the policy. Higher betas indicate higher relative risk. A beta of 1.2 indicates 20% more risk than the policy. The alpha measures the return adjusted for beta. A higher alpha indicates a higher risk adjusted return. R-squared measures the relationship between the policy and the fund. A high r squared means the returns of the fund can largely be explained by movements of the policy. A higher r-squared indicates a more reliable alpha and beta. R-squared may range from 0 to 100. Beta, alpha and r-squared are derived from regression analysis using the fund and policy returns as the dependent and independent variables respectively. Roughly, one would expect the fund's performance to equal the return of the policy multiplied by the beta plus the alpha. Sharpe Ratio/Treynor Ratio: The Sharpe and Treynor ratios are similar. The Sharpe ratio is the excess return per unit of total risk as measured by standard deviation. The Treynor ratio is the excess return per unit of market risk as measured by beta. Both of these should be compared against the corresponding value for the policy. Higher numbers are better, indicating more return for the level of risk that was experienced. Tracking Error/Information Ratio: Tracking error is a measure of how closely a portfolio follows the index to which it is benchmarked, or a measure of the deviation from the benchmark. Dividing portfolio return by portfolio tracking error gives the information ratio, which is a risk adjusted performance metric. 264 Quarterly Comparison Analysis ($) This report shows the performance, in dollars, of the fund relative to the objectives. The purpose is to show a hypothetical value that reflects what the account would be worth if it had instead invested in each objective. The column titled "Portfolio" shows the actual values in the portfolio at the end of the quarter. The amount shown for the first date is the same for each objective as that of the fund. This is the amount assumed to be invested in each objective. All other values for the objectives are based on reinvesting the preceding amount, earning the return of the objective, and adjusting for contributions or withdrawals to the fund. A positive difference between the fund and an objective represents the additional dollars that are in the fund that would not be available if the fund had actually experienced the return of the objective. A negative difference may be thought of as the cost incurred in experiencing the actual performance instead of the objective performance. The report will show results since the inception of the fund, or quarterly results over the last five years, whichever is less. Quarterly Comparison Analysis (%) This page compares the returns of the portfolio to the returns of the investment policy and to the other investment objectives quarter by quarter for the last five years. The last row shows the returns since inception. The purpose of this page is to indicate how closely the portfolio has tracked its objectives, particularly the investment policy. If the quarterly differences are small, then the portfolio has tracked the objectives closely. Wide discrepancies suggest that the portfolio is being invested in a fashion which does not resemble the underlying objective. It is not likely a portfolio invested in stocks and/or bonds will track a fixed (e.g. 10%) rate of return, or inflation very closely. However, a portfolio invested in securities should be able to track an index comprised of similar securities. This page also provides a measure of the portfolio's ability to meet its objectives frequently. If the portfolio often outperforms the objective, then the difference column will have a preponderance of positive values. If the investment policy or the objectives have changed over time, the heading at the top of each column will only reflect the current policy and objectives, even though the quarterly returns include the alterations. Market Values and Cash Flows This page summarizes the market values, cash flows, unrealized net gain or loss and returns for the fund. Net flows refer to the contributions less the withdrawals from the fund. This page illustrates the change in market value through time, and suggests whether changes were due to contributions, withdrawals, or unrealized investment profits. 265 EQUITY INVESTMENT STYLES In an attempt to achieve diversification, investors may invest in a variety of asset classes. Different asset classes, such as small, mid, large and all capitalization, offer vastly different levels of risk and potential rewards, but so does investment style diversification. Growth and Value investments tend to go in and out of favor in a cyclical pattern. Dividing your portfolio among asset classes that do not respond to the same market environments the same way at the same time has the potential to help minimize the effects of market volatility, as well as help to maximize the chances of increased returns over time. Ideally, when investments in one class are performing poorly, the assets in another class are doing well. The gains in the latter would potentially offset the losses in the former, minimizing the overall effect on your portfolio. Note that one can diversify away much of the risks of holding a single investment, but one cannot diversify away the risks of simply being invested in the market. Equity investment managers will typically fall into a particular "Style" category, purchasing stocks with either growth or value characteristics. Understanding the intricacies of the particular equity styles allows you to combine investment managers with complementary styles more efficiently. Or, if you select a single investment style, knowledge of the style categories may help you plan for the ups and downs associated with a particular style. Below are descriptions of the different investment styles. The Core Style The philosophy behind a core investment style is to have no bias towards growth or value, only the quality of the position. Typically a core portfolio searches to buy shares in companies that an investment manager believes would perform well in all market environments. As a result, they tend to contain a mixture of both growth and value shares. The Value Style A simple way to describe value investing is that it is an approach that seeks to buy companies that offer the best value for the money. Value managers look for companies with prices that are believed to be undervalued relative to the market. Undiscovered companies or stocks that have price movements that do not correspond to the company's long-term fundamentals are generally considered to be value investments. Relative value: investment will employ a value-oriented strategy that is "diluted” in nature in comparison with the true value style. Relative value managers tend to outperform their deeper value peers during periods when growth is outperforming value, however tend to trail during market conditions that favor a deeper value posture. Relative value managers have a definite value emphasis, but often have some growth overlays in security selection. True value: investment style exhibits characteristics similar to those of the Russell 1000 Value Index. We often times refer to true value as a "plain vanilla" value investment approach. This type of portfolio will hold many of the same positions as the Russell 1000 Value Index, or positions whose characteristics in aggregate are similar to the overall characteristics of the Index. Deep value: investing is the extreme of the value-oriented styles. A deep value strategy will avoid stocks that are the latest market fad. A deep value manager will typically invest in companies or industries that are out of favor, with the anticipation that the tides will turn and the investment will pay off. Deep value managers tend to demonstrate performance volatility, as they usually outperform their less value -biased peers during periods when value is outperforming growth. The reverse takes place when growth is outperforming, the deeper value styles will generally underperform their relative and true value peers. Core GARP (Growth at a Reasonable Price) True Growth Aggressive Growth Relative Value True Value Deep Value 266 The Growth Style Investment managers who chose to implement a growth style search for companies that are growing their earnings at a rapid pace. The companies are expected to grow faster than the stock market average. A growth investor tends to aim for big gains over the long term and must be willing to withstand the ups and downs of the growth oriented market. Growth at a Reasonable Price ("GARP") investing combines the search for sustainable earnings growth with an emphasis on valuation. GARP investing reflects the desire to find companies that could be undervalued, but have solid sustainable growth potential. A GARP investment has historically been favored when the economy begins to slow because the consistent earnings of high quality companies become increasingly attractive. GARP investment managers maintain, generally speaking, that over long periods of time, stocks go up for one reason - underlying earnings growth. True Growth: A true growth portfolio will typically display characteristics similar to those of the Russell 1000 Growth Index. A manager who employs a true growth management style will purchase many of the same companies that are in the Russell 1000 Growth Index, or a portfolio of holdings whose characteristics are similar to those of the Index. They seek to purchase only companies that remain faithful to the category of a "growth" investment style. Aggressive Growth: Investment managers that seek the highest of earnings growth, regardless of valuation, are considered aggressive growth managers. They seek aggressive and sometimes emerging growth stocks, and are often dramatically overweight traditional growth-oriented sectors like Technology, for example. Which is the best style? Many investors buy into a particular investment style that experienced above- average performance results after those performance results were achieved, only to sell out of that particular style when it begins to suffer a more difficult performance run. We maintain that it is prudent for investors not only to seek out investment managers who have demonstrated consistency as it relates to people, philosophy/process and performance, but also to choose managers in whom they can maintain conviction over the long term, so as to avoid the untimely cost of switching styles. We believe that understanding the uniqueness of each investment style is key to staying the course. Source: Wells Fargo Advisors, LLC 267 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#20-7473 Agenda Date: 2/18/2020 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.6 SUBJECT/RECOMMENDATION: Approve an agreement with Boston Partners Global Investors, Inc (dba Boston Partners) for investment in the Boston Partners Mid Cap Value Equity product and authorize the appropriate officials to execute same. SUMMARY: One of the plan’s mid cap value equity money managers, Wedge Capital Management, has been recommended for termination per a previous agenda item. The City’s investment consultant, CapTrust Advisors, conducted a manager search for a replacement mid cap value equity manager. The pension investment committee reviewed the search results at the November 22, 2019 quarterly committee meeting and selected Boston Partners for recommendation to the Pension Trustees. The pension investment committee unanimously recommends Boston Partners Mid Cap Value Equity to the Trustees for an initial investment of up to $45 million, or approximately 4.0% of the total plan investment portfolio. As of December 31, 2019, Boston Partners’ Mid Cap Value Equity performance over the past ten years has been as follows: (net of fees) Russell Midcap Performance Value Index Last 3 years 9.19% 8.10% Last 5 years 9.11% 7.62% Last 10 years 13.92% 12.41% Investment manager fees will be 0.80% on the first $25 million; and 0.60% thereafter. The pension plan’s attorney, Klausner, Kaufman, Jensen and Levinson, has reviewed and approved the Investment Management Agreement for execution. APPROPRIATION CODE AND AMOUNT: 6467410-530100 $380,000 annually Page 1 City of Clearwater Printed on 2/13/2020 City of Clearwater Employees' Pension Fund Brian Jay Ravins, Finance Director Monica Mitchell, Assistant Finance Director George N. Cretekos Chairperson City of Clearwater Employees' Pension Fund XCity of Clearwater Employees' PensionAttn: Finance Department 100 South Myrtle Ave.Clearwater, FL 33756 727-562-4538 jay.ravins@myclearwater.com XCity of Clearwater Employees' PensionAttn: Finance Department100 S. Myrtle Ave, Clearwater, FL 33756 727-562-4538 jay.ravins@myclearwater.com CAPTRUST X 400 N. Tampa St, Suite 1800, Tampa, FL 33602 813-218-5005 John.Griffith@captrust.com X XCity of Clearwater Employees' Pension 100 S. Myrtle Ave, Clearwater, FL 33756 727-562-4538jay.ravins@myclearwater.com X X City of Clearwater Employees' Pension 100 S. Myrtle Ave, Clearwater, FL 33756 727-562-4538jay.ravins@myclearwater.com Boston Partners - One Beacon Street, 30th Floor — Boston, MA 02108 — Telephone 617 832 8200 — www.boston-partners.com Boston Partners Mid Cap Value Equity DECEMBER 2019 Boston Partners Mid Cap Value Page 2 Firm Structure 1. Please provide a description of your firm’s ownership structure. Boston Partners’ shareholder is ORIX Corporation, a financial services holding company. Under the leadership of Jay Feeney and Mark Donovan, co-CEOs and original partners of the firm in 1995, Boston Partners is managed autonomously as Jay and Mark have full discretion over our investment process and our day to day business operations. From a governance perspective, Jay and Mark are two members of our five-member Board of Directors, which also includes two representatives from ORIX and one independent director. The Board recognizes the importance of employee ownership to asset management firms. As such, Boston Partners has a long-term incentive program in place which effectively confers a significant 20-30% ownership interest in the value of the business to a broad number of key investment and other senior professionals. Our ownership structure is akin to other multi-boutique and independent subsidiary structures in the industry and provides two primary benefits to our clients. The first, are financial incentives for our employees that allow them to participate in the future profitability and growth of the firm. In so doing, this promotes organizational stability which directly aligns with the objectives of our client’s. Second, clients also have the added benefit of a sound and stable shareholder. Boston Partners Mid Cap Value Page 3 Product Information 1. Describe the investment team. The Boston Partners Mid Cap Value Equity strategy is managed by Steven Pollack, CFA. He is the final decision maker for the portfolio and the strategy is supported by our firm’s corps of research analysts. He joined Boston Partners in 2000 and became portfolio manager of the Boston Partners Mid Cap Value strategy in 2001. Boston Partners Mid Cap Value Page 4 Our firm’s team of research analysts supports Boston Partners Mid Cap Value and all of our value equity disciplines. The global fundamental analysts have responsibilities for specific industries, and we periodically rotate coverage in order to deepen and expand their investment expertise. Please refer to Exhibit I for the team’s biographical information. 2. How much money is in the proposed strategy? As of December 31, 2019, the Boston Partners Mid Cap Value strategy’s assets under management are $22.5 billion. 3. What is the products capacity? Given current market conditions, liquidity and the market cap range of the mid cap universe, we would conservatively estimate total capacity to be approximately $25 billion. 4. What are the different vehicles offered in this strategy? Boston Partners Mid Cap Value Page 5 The Boston Partners Mid Cap Value Equity strategy is offered as a separately managed account, a UCITS fund, and as a mutual fund through John Hancock. The tickers for the mutual fund are JVMIX (Inst.) and JVMAX (Inv.). 5. What type of compensation and incentives are offered to your investment professionals? As a top quartile investment manager, with our investment teams working and living in very competitive markets like Boston, London, Los Angeles, San Francisco and New York, we believe in having compensation, work environment and other incentives in place which reflect the value we place in our primary asset – our people. All investment professionals receive a compensation package comprised of an industry competitive base salary, a discretionary bonus and long-term incentives. Through our bonus program, key investment professionals are rewarded primarily for strong investment performance. We believe this aligns our Boston Partners team firmly with our clients’ objectives and provides the financial and work environment incentives which keep our teams in place and has led to industry leading investment staff continuity and extremely low unplanned staff turnover. Typically, bonuses are based upon a combination of one or more of the following four criteria: • Individual Contribution: an evaluation of the professional’s individual contribution based on the expectations established at the beginning of each year; • Product Investment Performance: performance of the investment product(s) with which the individual is involved versus the pre-designed index, based on the excess return; • Investment Team Performance: the financial results of the investment group with our client’s assets; • Firm-wide Performance: the overall financial performance of Boston Partners. • Our long-term incentive program effectively confers a significant 20-30% ownership interest in the value of the business to key employees. Annual awards are made by the Compensation Committee and are meant to equate to an additional 10-20% of the participants cash bonus awards. We retain professional compensation consultants with asset management expertise to periodically review our practices to ensure that they remain highly competitive. 6. In the event of the departure of the lead manager(s), what provisions have you put in place to replace them and maintain continuity of the process? Boston Partners’ model for hiring portfolio managers is to promote from within. All of our investment professionals are trained in the Boston Partners three-circles approach which creates a deep-bench of talent all committed and capable of implementing our process. As a result, Boston Partners is well prepared to address unplanned team changes if they occur. This very rarely happens. A deep bench is also a great resource for planned, inter- generational transitions when portfolio managers retire from the firm. The process here entails identifying the best internal candidate, naming them to the portfolio team, pairing them with the existing portfolio manager(s), and involving them in the management of the portfolios immediately. This typically begins a multi-year transition that allows a seamless Boston Partners Mid Cap Value Page 6 management of the portfolio and an ability for clients to meet, study, and vet professionals responsible for managing their assets. Boston Partners has a strong track record in successfully managing these transitions in the infrequent times when they occur. Investment Philosophy and Process 1. Please describe the overall investment objectives of the product. The investment objective of the Boston Partners Mid Cap Value strategy is to provide 200 basis points net of fees excess return over the Russell Midcap® Value Index. 2. Describe your investment philosophy. Have there been any changes over the last three years? Our investment philosophy is grounded in certain “fundamental truths” to investing, each proven to have worked over meaningful periods of time and in a variety of market environments: 1. Low valuation stocks outperform high valuation stocks 2. Companies with strong fundamentals, e.g. high and sustainable returns on invested capital, outperform companies with weak fundamentals. 3. Stocks with positive business momentum, e.g. rising earnings estimates, outperform stocks with negative business momentum. We construct well-diversified portfolios that consistently possess these three characteristics; they are simple rules that limit downside risk, preserve capital and maximize the power of compounding. The Boston Partners investment philosophy and process is rooted in a sensible set of principles and has not changed, but rather been affirmed, over various market cycles by the long-term performance of our products. 3. Please discuss your firm’s investment process. All Boston Partners strategies share the same philosophy and process. A centralized research team of fundamental and quantitative analysts supports the portfolio managers and the firm’s value equity discipline. Investment Process Our investment process is grounded in bottom-up fundamental analysis. Efficient and repeatable, it is designed to identify “characteristics that work”: attractive valuation, sound business fundamentals and improving business momentum. The process is executed within a team-oriented culture that upholds individual accountability and provides the clarity of having final decision makers at the portfolio manager level. Boston Partners Mid Cap Value Page 7 Our investment process begins with quantitative scoring and screening to cull a target-rich subset universe based on the Three Circle characteristics for our fundamental research. We cast our net wide, scoring thousands of stocks worldwide every week based on fundamental, valuation and momentum criteria. We validate each candidate’s screening score by using customized reporting tools to help us evaluate the company’s financial history. This enables us to efficiently identify bona fide candidates within our Three Circle stock selection framework and provides a roadmap for our fundamental research. Our fundamental work incorporates the full menu of public filings, industry information and management discussion, which in conjunction with our professional judgment and experience, formulate our assessment of each company’s intrinsic value and, where applicable, its prospects for achieving it. Research findings are formally discussed and debated during our scheduled twice-weekly meetings. Portfolio managers are the final decision makers and every investment professional is accountable for the holdings in our portfolios. Portfolio Construction Boston Partners Mid Cap Value Page 8 Boston Partners portfolios are built from the bottom-up through fundamental research. Our portfolio construction process is aided by quantitative efficiency tools. Efficient and repeatable, the construction is grounded in our Three Circle stock selection framework. The sizing of each holding is determined by the degree of upside potential, our conviction level to the upside and the trading liquidity of the stock. The following chart represents the steps of our investment process. 4. Please list your key investment decision criteria. The following categories of factors embody our stock selection criteria: 1. Attractive value: “How much are we paying for this company?” We compare the following value criteria to the stock’s own history and its growth and profitability dynamics, seeking companies that are attractively priced relative to their intrinsic value. Metrics include, but are not limited to: • Price/Earnings • Price/Free Cash Flow • Price/Book • Breakup Value Boston Partners Mid Cap Value Page 9 • Liquidation Value • Debt-adjusted Market Cap/Free Cash Flow 2. Sound business fundamentals: “What are we buying, what drives earnings and what are the company's prospects for growth?” We conduct a detailed analysis of the company’s fundamentals, looking for favorable and sustainable returns on capital, strong competitive dynamics and higher quality growth and profitability characteristics. Metrics include: • Operating Return on Operating Assets • Cash Flow Return on Investment • Reinvestment Strategy and Returns • Competitive position • Management strategies • All areas of profitability and growth (top line, operating income, book value, earnings per share) • Capital structure 3. Positive business momentum: “Is the business improving?” We determine if a catalyst for change exists that will unlock value. Catalysts can include: • Positive earnings surprise and rising consensus estimates • Corporate actions • Short term financial performance • Stock-specific catalysts, such as the introduction of new products These criteria ground portfolio construction in attractive “characteristics that work” to deliver favorable performance over time. 5. Describe your buy and sell disciplines. Our buy discipline is conducted within our Three Circle framework, asking three questions about every stock that we evaluate for investment. 1. Is the company priced at an attractive discount to its intrinsic value? 2. Is the company engaged in a fundamentally attractive business (i.e., does it generate high and sustainable returns on invested capital)? 3. Is the business improving and is there an identifiable catalyst that will drive the stock price up toward fair value? Our fundamental research enables us to determine if candidates successfully meet these criteria and thus merit purchase in the portfolio. Each holding has a target valuation established at purchase, which we constantly monitor and adjust as appropriate Boston Partners Mid Cap Value Page 10 We sell a stock when it no longer meets one or more of the Three Circle criteria, either through obtaining fair value or due to an adverse change in fundamentals or business momentum. 6. How quickly do you transform new investment ideas into active positions? A candidate can enter the portfolio within days or weeks of our initial research contingent upon its investment merits at a given point in time and the complexity of the business. 7. Please give the turnover over the past 3 years. In general, portfolio turnover for the Boston Partners Mid Cap Value strategy is approximately 40%. Please refer to the following table for an annual breakdown. Date Trailing 12 month turnover 2019 48.1% 2018 61.0% 2017 50.5% Research Process 1. How is the research process carried out? The investment team meets formally twice a week to discuss investment candidates and current holdings. Our Directors of Research and Chief Investment Officer manage the fulfillment of research work among our pool of analysts, which maximizes productivity and enables portfolio managers to focus on adding basis points. Our research work is aided by numerous quantitative screens and grounded in fundamental, bottom-up analysis of each company in terms of our Three Circle criteria: attractive valuation, sound business fundamentals and improving business momentum. We conduct all of our research internally and utilize industry resources on an informational basis. Boston Partners Mid Cap Value Page 11 2. What percentage of the research utilized in the investment process is generated within your organization? What are your external sources of research? Internal research accounts for approximately 90% of all the research that is used in our decision-making process. That said, the investment team looks to external databases, broker/dealers, and sell-side analysts for ideas and information. Some of the external research sources utilized are data vendors such as FactSet, Thompson Financial, Bloomberg and brokers and sell side analysts, who provide research reports. 3. What are the typical sources for idea generation for new stocks in the portfolio? What quantitative/qualitative models and tools do you use? Our quantitative model ranks stocks into deciles, from the most attractive to the least attractive. These ranks are used in idea generation screens run weekly for the investment team. They are also used to monitor the attractiveness of our holdings. Fundamental analysts generate recommendations and establish target prices based on intrinsic value, which we constantly monitor and adjust as appropriate. The target valuation from each analyst includes a recommendation for the holding to be overweight or underweight. Analysts are responsible for updating targets at least every quarter and sending updates as value-impacting events occur. The initial target valuation may be revised upwards or downwards as warranted by new information. New ideas are generated for the portfolio primarily through screens provided through our quantitative tools. Quantitative analysis searches and ranks the entire investment universe on Boston Partners Mid Cap Value Page 12 a weekly basis to uncover stocks with attractive valuation, strong fundamentals, and positive business momentum. 4. Do you visit with companies in which you invest? Analysts and portfolio managers will typically meet with approximately 800 to 900 companies per year. 5. Which universe are the securities selected from? Our universe consists of approximately 2,400 companies with a market cap at a time of purchase generally in line with the Russell Midcap® Value Index. Boston Partners Mid Cap Value generally considers companies from $1 billion in market cap to $30 billion in market cap. 6. How is the communication and information flow between analysts and portfolio managers ensured? We apply a team approach to the management of all portfolios and research analysts have significant input in buy/sell decisions. In addition to formal bi-weekly meetings, all members of our investment team interact daily, which facilitates the ongoing exchange and interpretation of new information as well as individual account review for adherence to guidelines and objectives. The primary role of the research analyst is the early identification and validation in shifts or changes in companies’ underlying business momentum. All companies held in our portfolios have a concise written analysis addressing valuation, fundamental and momentum characteristics, including a target price. These comments are distributed via email to all portfolio managers and are updated in conjunction with quarterly earnings releases, or more frequently if information or market movements warrant. 7. What advantages distinguish your firm’s investment approach? Boston Partners differentiates itself in the crowded and competitive asset management industry through a process that produces an edge, and the experience in utilizing that edge in our client’s portfolio. The differentiation can be observed through our nuanced research approach and an investment-centric identity and culture. Boston Partners invests in companies that are attractively valued, have strong business fundamentals, and positive business momentum. Our experience, backed up by academic research, indicate these 3 criteria provide an edge over our competitors. Our portfolios are comprised of individual companies possessing these three characteristics. This practice tilts probabilities in our client’s favor. How we ensure that we find companies that have this edge, and how we repeatably execute on doing so, differentiates us. Boston Partners Mid Cap Value Page 13 Differentiation: To create our edge, Boston Partners pursues a breadth of knowledge. We establish a deep knowledge base by analyzing the financial position of thousands of companies. This creates a mental and physical picture of what the entire market looks like based on value, fundamentals, and momentum. Establishing this knowledge base is incredibly effective as the superior stocks become far more evident than at the beginning of the exercise. We customize quantitative tools to manage this breadth of knowledge by filtering on the key data inputs that produces the edge. In so doing, we gain an analytical advantage that filters out the noise and allows our fundamental analysts to spend their time on the important 80% of the information that leads to insight and conclusions about a company’s value, fundamentals, and momentum. Boston Partners maintains an investment centric identity that emanates from a singular investment philosophy and process followed by all investment professionals. This singular approach avoids distractions and disagreements that waste time and hamper the investment process. For decades, Boston Partners has recruited and trained investment personnel in a manner that leads to complete conviction in our investment approach. Conviction leads to consistent and efficient execution because we spend our time discussing whether we have found an investment idea which exhibits our key criteria rather than debating what it is we are looking for. This identity is further fostered by an entrepreneurial culture and a flat organizational hierarchy that allows for autonomy within a well-defined structure. We tend to hire well, we have industry leading employee retention, and we provide our team with a positive working environment and financial incentives that are performance based and designed to reward continuity. The precision in what we are looking for, the clear process in how we go about finding it, and the accountability to a well-defined process helps build a differentiated and strong investment culture at Boston Partners. We believe that clients have and will continue to benefit from our disciplined and consistent approach. Risk Management 1. What is your principal definition of risk and how do you manage it? The mathematics of compound returns imply that the risk should be defined as “loss of capital”. Therefore, we define risk as the loss of investment capital (absolute negative returns), and try to reduce such risks by continuously assessing the downside risk of each security and the portfolio as a whole by adhering to a “characteristics-based” investment approach. That is, we reduce risk of loss by ensuring that portfolios and individual holdings have better valuation, fundamental profitability (“quality”) and business momentum than the average stock. We think financial risk models that rely on statistical measures of risk (i.e. volatility, tracking error, standard deviation of returns) are profoundly flawed because they do not directly assess the true underlying sources of risk that expose investors to loss of capital: 1. Valuation Risk: the risk of overpaying, 2. Balance Sheet Risk:, inadequate liquidity, excessive Boston Partners Mid Cap Value Page 14 leverage, asset-liability mismatch; and 3. Earnings Risk: the risk that company earnings and cash flow fall materially short of expectations priced into its securities. By ensuring that portfolios have better valuation, quality/profitability and business momentum, we stack the odds in favor of investors and probabilistically insulate them from capital loss. 2. Describe your firm’s risk management controls and procedures. Portfolio risk is monitored continuously on multiple levels and robust tools are in place for a highly detailed and multi-dimensional risk analysis of the portfolios. Portfolio Managers constantly review our holdings to ensure that they continue to exhibit the inherent characteristics we believe will help companies outperform. The Financial Risk Manager uses Northfield, a multi factor risk model, to examine tracking error and its decompositions. Tracking error dispersions for all portfolios, within each strategy, are also reviewed on a bi-weekly basis; along liquidity and gross/net long short exposures. Periodic investment risk meetings with Portfolio Managers further examine tracking error and its sources. Firm risk is monitored by the Risk Management Committee. The committee provides coordinated oversight of its investment, operational, and compliance infrastructures to monitor risk on a firm-wide basis. The committee consists of representatives from various areas within the firm. The committee meets twice a year to assess the adequacy of the firm internal controls by monitoring policy updates, internal audit reports, and regulatory exam results. 3. What risk reports are generated in which frequency and what is their content? We conduct a monthly review using the Northfield Multifactor Risk Model, which decomposes the sources of tracking error into 11 fundamental variables (book to price, earnings to price, EPS growth, market cap, etc.) plus beta, 55 industry factors and stock specific residual risk. At the quarterly risk meetings, these exposures and their historical trends are reviewed in depth, along with industry and sector active weights, attributions using various groupings and a history of the product’s quantitative rankings profiles. 4. Describe your firm’s compliance review program. The compliance department procedures include reviews of all areas of Boston Partners. In particular, portfolio reviews include a daily review of exception reports for guideline compliance as well as responding to compliance alerts from the CRD trading system. The compliance department also undertakes the annual review required by the Investment Advisers Act. The review process is described in the Annual Review report. Boston Partners Mid Cap Value Page 15 Trading 1. Describe the trade process and role of the trading desk. Equity trading is an integral part of the investment process at BP and has three primary goals: • Obtaining best execution for all securities transactions; • Providing information flow regarding securities holdings and order status to portfolio managers and analysts; and • Managing any regulatory and technological change that is specific to trading and the investment process. Each day, the equity traders cull information on portfolio holdings from brokers and other third party data sources seeking value added commentary within the “trader information loop” to be relayed to portfolio managers and analysts. The information exchange continues through the execution phase of the investment process as the portfolio manager’s objectives for implementing an investment idea are directly communicated to the trading desk. Once coupled with the trader’s analysis on factors such as the liquidity characteristics of the stock, market conditions and stock news, the trader is able to customize a trading strategy intent on achieving best execution. Examples of the trading methodology that may be used include: single stock agency or principal trades, portfolio agency or principal trades, as well as a vast array of electronic trading applications (direct market access tools, algorithms, electronic crossing networks, etc). In order to bring the process full circle, trade data is submitted to Trade Informatics, a third party transaction cost measurement service, on a daily basis for analysis. Trade Informatics compares our transaction results against standard industry benchmarks such as participation weight price (PWP), arrival price (market impact cost), volume weighted average price (VWAP), prior night’s close, closing price, etc. These results are reviewed on a periodic basis by our Transaction Management Oversight Committee to ensure that trade costs are in line with expectations and historical trends. 2. Describe how trading costs are monitored? The Director of Equity Trading regularly monitors explicit transaction costs (commissions) and will negotiate with the broker dealer community to reduce commission rates as trading activity and business trends warrant. Implicit costs, on the other hand, are monitored by BP traders on both a real-time and post- trade basis. When implementing investment decisions, equity traders monitor trade costs on a real-time basis in order to maximize alpha capture in consideration of the portfolio manager’s objectives, liquidity characteristics of the stock, market conditions and stock/sector Boston Partners Mid Cap Value Page 16 news. Real-time benchmarks include arrival price (market impact cost), prior night’s close, market open, volume weighted average price (VWAP), closing price and percentage of volume. Additionally, trade data is submitted to Trade Informatics, a third party transaction cost measurement service, on a daily basis for analysis. Trade Informatics compares our transaction results against standard industry benchmarks and these results are reviewed regularly by our Director of Equity Trading to ensure that trade costs are in line with expectations and historical trends. Furthermore, BP best execution policies and procedures are monitored and enforced by the Trade Management Oversight Committee (TMOC) - a group comprised of personnel from trading, portfolio management, research, compliance, and senior management. In addition to overseeing best execution practices, the TMOC meets periodically to review all aspects of trading such as: commission budget, average commission rate by strategy, product turnover, broker relationships, broker market share, Commission Detail Report, 3rd research service budget, proprietary research broker vote, commission recapture/directed brokerage arrangements, and transaction cost analysis. Any issues identified during the review are addressed in a timely manner according to our best execution practices. 3. How do you ensure best execution within this product? BP traders seek execution strategies in accordance with best execution practices intended to maximize alpha capture on all orders in consideration of the liquidity characteristics of the stock, market conditions, stock/industry news and most importantly – the portfolio manager’s objectives for the security transaction. There is no “one size fits all” solution for obtaining best execution on a particular trade, which is why the appropriate strategy may involve high touch brokerage, a low touch application, or both. BP maintains relationships with a wide variety of brokers that offer the full range of trading services required to achieve its execution goals. Orders are allocated to brokers/venues based on the match between their capabilities and those required to achieve best execution given the facts and circumstances present at the time the portfolio manager makes the investment decision. When implementing investment decisions, equity traders monitor trade costs on a real-time basis against benchmarks such as: arrival price (market impact cost), prior night’s close, market open, volume weighted average price (VWAP), closing price and percentage of volume. Additionally, trade data is submitted to Trade Informatics, a third party transaction cost measurement service, on a daily basis for analysis. Trade Informatics compares our transaction results against standard industry benchmarks and these results are reviewed regularly by our Director of Equity Trading to ensure that trade costs are in line with expectations and historical trends. Boston Partners Mid Cap Value Page 17 Furthermore, BP best execution policies and procedures are monitored and enforced by the Trade Management Oversight Committee (TMOC) - a group comprised of personnel from trading, portfolio management, research, compliance, and senior management. In addition to overseeing best execution practices, the TMOC meets periodically to review all aspects of trading such as: commission budget, average commission rate by strategy, product turnover, broker relationships, broker market share, Commission Detail Report, 3rd research service budget, proprietary research broker vote, commission recapture/directed brokerage arrangements, and transaction cost analysis. Any issues identified during the review are addressed in a timely manner according to our best execution practices. Fourth Quarter 2018 Mid Cap Value Fourth Quarter 2019 Boston Partners n 1Boston Partners n Boston Partners At a Glance As of December 31, 2019 * Boston Partners' established long-only strategies have a minimum track record of 5 years. Past performance is not an indication of future results. Organizational information can be found in the appendix. Investment Strategies Assets ($ Millions) Large Cap Value, Concentrated Large Cap Value, 130/30 Large Cap Value $34,374 Premium Equity (U.S. All-Cap Value) $11,824 Mid Cap Value $22,621 Small/Mid Cap Value $1,783 Small Cap Value $2,233 Small Cap Value II $1,067 U.S. Long/Short $3,473 Alternative Yield $75 Global, International, Concentrated International $8,499 Global Long/Short, International Long/Short $1,035 Emerging Markets Long/Short, Emerging Markets $221 WPG Small Cap Value, Micro Cap Value $2,157 Founded in 1995; offi ces in Boston, New York, Los Angeles, Greenbrae and London One investment philosophy and process across all strategies A focus on security selection driven by fundamental research, and guided by quantitative analysis All established long-only strategies have outperformed their benchmark net of fees since inception* Firm Profi le $89.4 Billion Assets Under Management – Detail Asset Class Assets ($ Millions) Domestic Equity $76,048 Global & International $8,510 Long/Short $4,803 $89.4 Billion Assets Under Management – Summary Boston Partners n 2Boston Partners n Seeking to Tilt the Probabilities in Your Favor — The Results Distribution of rolling three-year excess returns Frequency 7271 PEP Dec-1970LCV Oct-1969MCV Oct-1968SCV Oct-1967SCV Sep-1965LCV Aug-1966MCV Aug-1965SCV Aug-1964LCV Jul-1963PEP Jul-1962LCV Jun-19 SCV Dec-1961MCV Jun-19 SCV Nov-19 60 PEP Jun-19 MCV Jul-1959LCV Jan-19 PEP Sep-1858LCV Sep-18 PEP Jun-1857PEP Aug-18 MCV Apr-18 PEP Mar-1856PEP Jul-18 LCV Jan-18 MCV Feb-1855MCV May-18 INTNL Nov-17 PEP Feb-1854LCV Feb-18 INTNL Oct-17 MCV Jan-1853INTNL Jan-18 INTNL May-17 PEP Dec-1752LCV Dec-19 INTNL Dec-17 INTNL Apr-17 MCV Nov-1751MCV Dec-19 Global Nov-17 Global Apr-17 PEP Nov-1750MCV Nov-19 Global Oct-17 MCV Mar-17 MCV Oct-1749LCV Sep-19 INTNL Sep-17 PEP Mar-17 PEP Oct-1748MCV Sep-19 Global Sep-17 MCV Feb-17 PEP Sep-1747SCV Jul-19 INTNL Jul-17 MCV Jan-17 MCV Aug-17 MCV Apr-1646LCV May-19 INTNL Jun-17 MCV Nov-16 PEP Aug-17 INTNL Jan-1645LCV Apr-19 Global Jun-17 PEP Nov-16 PEP Jul-17 MCV Dec-1544MCV Apr-19 Global May-17 INTNL Nov-16 MCV Jun-17 PEP Dec-1543PEP Apr-19 PEP Feb-17 Global Nov-16 PEP Jun-17 INTNL Dec-1542LCV Feb-19 Global Feb-17 MCV Oct-16 PEP May-17 MCV Nov-1541PEP Feb-19 PEP Jan-17 PEP Oct-16 INTNL May-16 PEP Nov-1540PEP Jan-19 Global Jan-17 INTNL Oct-16 PEP Apr-16 INTNL Nov-1539LCV Nov-19 LCV Nov-18 MCV Dec-16 Global Oct-16 PEP May-18 Global Apr-16 MCV Oct-1538PEP Nov-19 LCV Oct-18 INTNL Dec-16 PEP Sep-16 PEP Apr-18 PEP Mar-16 PEP Oct-15 37 PEP Oct-19 MCV Jul-18 Global Dec-16 PEP Aug-16 MCV Mar-18 INTNL Mar-16 MCV Sep-1536PEP Aug-19 MCV Jun-18 SCV Jul-16 INTNL Aug-16 MCV Dec-17 PEP Feb-16 INTNL Sep-1535SCV Jun-19 LCV Apr-18 PEP Jun-16 MCV Jul-16 MCV Jul-17 INTNL Feb-16 INTNL Aug-1534MCV May-19 LCV Mar-18 SCV Jun-16 PEP Jul-16 MCV May-17 PEP Jan-16 PEP Jan-18 MCV Jul-1533PEP May-19 INTNL Mar-18 SCV May-16 INTNL Jul-16 MCV Apr-17 Global Jan-16 MCV Sep-17 PEP Jul-1532LCV Mar-19 INTNL Feb-18 SCV Jan-16 Global Jul-16 PEP Apr-17 INTNL Oct-15 MCV May-16 INTNL Jun-1531PEP Mar-19 Global Feb-18 SCV Dec-15 Global Jun-16 MCV Sep-16 Global Oct-15 INTNL Apr-16 Global Jun-1530MCV Feb-19 Global Jan-18 SCV Oct-15 SCV Apr-16 INTNL Sep-16 SCV Aug-15 MCV Mar-16 Global May-1529PEP Sep-19 LCV Dec-18 LCV Dec-17 LCV Jul-15 SCV Mar-16 Global Sep-16 SCV Jul-15 MCV Feb-16 INTNL Feb-1528MCV Mar-19 PEP Oct-18 Global Dec-17 LCV Jun-15 SCV Feb-16 MCV Aug-16 INTNL Jul-15 MCV Jan-16 INTNL Jun-1427MCV Jan-19 MCV Sep-18 LCV Oct-17 LCV May-15 Global Feb-16 Global Aug-16 MCV Jun-15 Global Dec-15 INTNL May-1426PEP Nov-18 LCV Aug-18 INTNL Aug-17 PEP Jan-15 SCV Sep-15 MCV Jun-16 SCV Jun-15 Global Nov-15 INTNL Apr-1425INTNL Oct-18 MCV Aug-18 Global Aug-17 SCV Jan-15 PEP Apr-15 INTNL Jun-16 MCV May-15 PEP Sep-15 INTNL Mar-1424INTNL Jul-18 LCV Jul-18 Global Jul-17 PEP Dec-14 PEP Mar-15 PEP May-16 Global Mar-15 Global Sep-15 Global Mar-1423INTNL Jun-18 LCV Jun-18 INTNL Mar-17 MCV Nov-14 SCV Mar-15 Global May-16 Global Dec-14 MCV Aug-15 INTNL Feb-1422INTNL May-18 LCV May-18 Global Mar-17 LCV Oct-14 PEP Feb-15 Global Mar-16 INTNL Nov-14 PEP Aug-15 Global Feb-1421INTNL Apr-18 Global Mar-18 INTNL Feb-17 MCV Oct-14 SCV Feb-15 PEP May-15 Global Nov-14 Global Aug-15 INTNL Jan-1420Global Apr-18 SCV Jan-18 INTNL Jan-17 SCV Oct-14 MCV Jan-15 SCV May-15 INTNL Oct-14 Global Jul-15 Global Jan-1419SCV Mar-18 SCV Dec-17 PEP Dec-16 PEP Sep-14 LCV Dec-14 MCV Apr-15 SCV Sep-14 PEP Jun-15 INTNL Dec-1318SCV Feb-18 LCV Nov-17 SCV Aug-16 LCV Aug-14 SCV Dec-14 SCV Apr-15 INTNL Sep-14 INTNL May-15 Global Dec-1317SCV Oct-17 LCV Sep-17 SCV Nov-15 PEP Aug-14 LCV Nov-14 MCV Mar-15 Global Sep-14 INTNL Apr-15 INTNL Nov-1316INTNL Feb-19 LCV Jul-17 LCV Aug-17 LCV Oct-15 LCV Jul-14 SCV Nov-14 MCV Feb-15 SCV Aug-14 Global Apr-15 Global Nov-1315Global Feb-19 SCV May-19 LCV Jun-17 SCV Jan-17 LCV Aug-15 MCV Jul-14 LCV Sep-14 MCV Dec-14 INTNL Aug-14 INTNL Mar-15 INTNL Oct-1314SCV Jan-19 PEP Dec-18 SCV Jun-17 LCV Dec-15 LCV Mar-15 MCV May-14 MCV Sep-14 Global Oct-14 SCV Jul-14 Global Feb-15 Global Oct-1313Global Jan-19 MCV Oct-18 SCV Mar-17 LCV Nov-15 LCV Feb-15 MCV Apr-14 MCV Aug-14 SCV Jun-14 Global Jul-14 INTNL Jan-15 INTNL Sep-1312INTNL Dec-18 SCV Apr-19 Global Oct-18 SCV Feb-17 LCV Sep-15 LCV Jan-15 PEP Mar-14 LCV May-14 SCV Apr-14 Global Jun-14 Global Jan-15 Global Sep-13 11 SCV Mar-19 Global Dec-18 MCV Dec-18 INTNL Aug-18 SCV Nov-16 LCV Apr-15 PEP Nov-14 PEP Feb-14 MCV Mar-14 LCV Mar-14 SCV May-14 INTNL Dec-14 MCV Aug-1310SCV Feb-19 Global Nov-18 MCV Nov-18 Global Jul-18 SCV Oct-16 PEP Jun-14 PEP Oct-14 LCV Oct-13 SCV Feb-14 SCV Mar-14 Global Apr-14 Global Aug-14 INTNL Aug-139INTNL Jan-19 SCV Apr-18 INTNL Nov-18 Global May-18 SCV Sep-16 PEP May-14 PEP Jul-14 LCV Jun-13 SCV Jan-14 LCV Feb-14 MCV Jan-14 INTNL Jul-14 Global Aug-138INTNL Apr-19 SCV Dec-18 LCV Mar-17 INTNL Sep-18 SCV Nov-17 LCV Apr-16 PEP Apr-14 LCV Jun-14 LCV May-13 LCV Nov-13 MCV Feb-14 SCV Dec-13 Global May-14 INTNL Jul-137INTNL Dec-19 Global Apr-19 SCV Jun-18 LCV Feb-17 Global Sep-18 SCV Aug-17 LCV Mar-16 PEP Jan-14 MCV Jun-14 SCV May-13 LCV Jul-13 LCV Jan-14 MCV Nov-13 MCV Dec-13 Global Jul-136INTNL Nov-19 INTNL Mar-19 SCV May-18 LCV Dec-16 Global Aug-18 SCV Jul-17 LCV Feb-16 PEP Aug-13 LCV Apr-14 MCV Apr-13 SCV Jul-13 LCV Dec-13 SCV Nov-13 SCV Oct-13 INTNL Jun-135INTNL Oct-19 INTNL Jul-19 Global Mar-19 LCV Jan-17 LCV Oct-16 Global Jun-18 LCV May-17 LCV Jan-16 PEP Jul-13 PEP Dec-13 SCV Mar-13 SCV Apr-13 LCV Sep-13 MCV Oct-13 MCV Sep-13 Global Jun-134INTNL Sep-19 INTNL Jun-19 SCV Nov-18 LCV Sep-16 PEP Mar-13 SCV Sep-17 SCV May-17 PEP Nov-13 LCV Mar-13 PEP Sep-13 MCV Feb-13 SCV Jan-13 LCV Aug-13 SCV Sep-13 MCV Jul-13 INTNL May-133Global Oct-19 INTNL Aug-19 Global Jun-19 SCV Oct-18 LCV Aug-16 PEP Feb-13 LCV Nov-16 LCV Apr-17 PEP Oct-13 LCV Feb-13 SCV Jun-13 SCV Feb-13 Global Jan-13 SCV Aug-13 MCV Jun-13 Global May-13 INTNL Apr-132Global Dec-19 Global Sep-19 Global Jul-19 Global May-19 SCV Sep-18 LCV Jul-16 PEP Jan-13 LCV May-16 SCV Apr-17 PEP Jun-13 LCV Jan-13 LCV Apr-13 MCV Jan-13 SCV Dec-12 MCV May-13 Global Feb-13 Global Mar-13 INTNL Mar-131Global Nov-19 Global Aug-19 INTNL May-19 SCV Aug-18 SCV Jul-18 LCV Jun-16 PEP Dec-12 PEP Apr-13 SCV Dec-16 PEP May-13 LCV Dec-12 MCV Mar-13 MCV Dec-12 Global Dec-12 Global Apr-13 INTNL Jan-13 INTNL Dec-12 INTNL Feb-13 >(4.00%+)(3.50- 4.00%) (3.00- 3.50%) (2.50- 3.00%) (2.00- 2.50%) (1.50- 2.00%) (1.00- 1.50%) (0.50- 1.00%) (0.00- 0.50%) 0.00- 0.50% 0.50- 1.00% 1.00- 1.50% 1.50- 2.00% 2.00- 2.50% 2.50- 3.00% 3.00- 3.50% 3.50- 4.00%>4.00% Relative Performance in percentage pointsThe chart refl ects 85 months per product, for a total of 510 months. Data as of December 31, 2019. Relative performance of the Boston Partners Large Cap Value is versus the Russell 1000® Value Index; Boston Partners Premium Equity is versus the Russell 3000® Value Index; Boston Partners Mid Cap Value is versus the Russell Midcap® Value Equity Index; Boston Partners Small Cap Value is versus the Russell 2000® Value Index; Boston Partners Global Equity is versus the MSCI World Index - Net; and the Boston Partners International Equity is versus the MSCI EAFE Index - Net. Returns refl ect composite results gross of fees and individual portfolio results may vary. A GIPS® compliant report is contained herein. Past performance is not an indication of future results. Please refer to the appendix for other important disclosures. Periods ahead of the benchmark: 431 85% outperformance 1.7% average outperformance 32 7 5 8 11 16 12 15 29 39 52 72 62 39 57 34 47 Boston Partners n 3 Equity Investment Team Long tenured investment team employing the same process across all strategies David Cohen, CFALarge Cap Value15 years experience Mark Donovan, CFA Large Cap Value 38 years experience Stephanie McGirrLarge Cap Value17 years experience David Pyle, CFALarge Cap Value24 years experience Martin MacDonnell, CFA 130/30 Large Cap Value 28 years experience Duilio Ramallo, CFAPremium Equity24 years experience Steven Pollack, CFAMid Cap Value35 years experience David Dabora, CFASmall/SMID Value32 years experience George Gumpert, CFASmall/SMID Value20 years experience Portfolio Management and Portfolio Research Todd KnightlyDirector of Fundamental Research30 years experience Brian Boyden, CFAEmerging Markets Industry Analyst21 years experience Scott Burgess, CFATechnology, Electronics20 years experience Lawrence Chan, CFAInternet Services, Payment Services, Recreational Products20 years experience Charles ClappNon-U.S. Industry Analyst4 years experience Tim Collard Aerospace & Defense, Transportation, Housing & Autos 14 years experience Aaron DeCosteEnergy, Engineering & Construction, Metals & Mining14 years experience Paul Donovan, CFAPaper & Packaging, Cable & Telecom, Gaming & Lodging, Chemicals8 years experience Kevin Duggan, CFA Banks, Money Center 24 years experience Colin EganNon-U.S. Industry Analyst4 years experience Darin Fierstein Alternative Yield Generalist 17 years experience Trevor Frankel, CFAEmerging Markets Industry Analyst9 years experience Volkan Gulen, CFA Consumer Products, Business Services, Tobacco, Agriculture, Media & Advertising 13 years experience Jacklyn Y. HallRetail, Restaurants, Property& Casualty Insurance, REITs11 years experience Andrew Hatem, CFAHealthcare24 years experience David Hinton, CFASmall Cap Generalist 17 years experience Tim HoranIndustrials & Manufacturing,Home & Offi ce Furnishings, Utilities 22 years experience David KimEmerging Markets Industry Analyst4 years experience Ross Klein, CFALong/Short Generalist9 years experience Jennifer Mace Equity Generalist 1 year experience Edward Odre, CFAFinancial Services, Life Insurance10 years experience Soyoun Song Non-U.S. Industry Analyst 14 years experience Bruce WimberlyLong/Short Generalist27 years experience Fundamental and Quantitative Research John Forelli, CFADirector of Portfolio Research35 years experience Carolyn Margiotti, CFA Portfolio Research 25 years experience Michael McCune, CFAPortfolio Research25 years experience Brandon Smith, CFA, CAIAPortfolio Research13 years experience Michael MullaneyDirector of Global Markets Research38 years experience Christopher EaganGlobal Markets Analyst34 years experience Eric Connerly, CFA Director of Quantitative Research 26 years experience Jason Bartlett, CFAQuantitative Strategies17 years experience Pete CadyQuantitative Strategies4 years experience Leo FochtmanQuantitative Strategies33 years experience Rubina MoinQuantitative Strategies19 years experience Maggy Pietropaolo, CFAQuantitative Strategies29 years experience Joseph UrickQuantitative Strategies30 years experience Carissa Wong, CFA Quantitative Strategies 18 years experience Christopher Hart, CFAGlobal, International, Global Long/Short28 years experience Joshua Jones, CFAGlobal, International,Global Long/Short15 years experience Joshua White, CFA Global, International, Global Long/Short 13 years experience Harry Rosenbluth, CFASenior Advisor 38 years experience Paul Korngiebel, CFAEmerging Markets,Emerging Markets Long/Short19 years experience Robert Jones, CFALong/Short Equity31 years experience Patrick Regan, CFALong/Short Equity24 years experience Todd G. HawthorneAlternative Yield 22 years experience Trading Mark Kuzminskas Chief Operating Offi cer 29 years experience Matthew EnderEquity Trader10 years experience Christopher Spaziani, CFAEquity Trading Assistant6 years experience Ian SylvetskyEquity Trader10 years experience Thomas WalshSenior Equity Trader25 years experience Christopher BowkerDirector of Equity Trading20 years experience Joseph Feeney, Jr., CFA CEO, CIO, Long/Short Research 34 years experience Boston Partners n 4 The Fundamental Truths Boston Partners' investment principles and a piece of fi rm history  What works is what beats the market averages over reasonably long time periods: value works and "momentum" works. Quantitative methods should be the primary tool to focus fundamental analysis effort. Fundamental analysis works when it is fi rmly grounded in value and momentum thinking.  We all should be of one investment faith. Parties to the investment process who stray from the fl ock or commit acts of heresy should fi nd a new religion outside our church. Fundamental Truths This is an illustration of actual letter which illustrates the formation of Boston Partners' investment philosophy. The letter does not outline actual objectives or investment strategy and is not a guarantee of performance. Boston Partners n 5 Investment Philosophy and Process Our philosophy focuses on three core principles Value Discipline anchored in Three "Fundamental Truths": • Low valuation stocks outperform high valuation stocks • Companies with strong fundamentals (high returns on invested capital) outperform companies with poor fundamentals • Stocks with positive business momentum (improving trends/rising earnings) outperform stocks with negative momentum "Characteristics-Based" Investment Approach: • Valuation, fundamentals and momentum are analyzed using a bottom-up blend of qualitative and quantitative inputs Preservation of Capital: • Laws of compounding mathematically dictate that preserving capital is the only risk that matters • “Win by not losing": Keep pace in rising markets, outperform in falling markets and diversify your exposure Boston Partners n 6 BUSINESS FUNDAMENTALS What are we buying? VALUATION How much are we paying? BUSINESS MOMENTUM Are there tangible signs of improvement in the business? We sell stocks due to: • Appreciation to target price • Weakening business fundamentals • A deterioration in business momentum Risk management begins with: • A value driven approach • A well-defi ned sell discipline • Portfolio diversifi cation We buy stocks where we fi nd the intersection of the three circles Three Circle Stock Selection Process In our experience, portfolios with all three characteristics tend to outperform over time Past performance is not an indication of future results. Performance information can be found in the appendix. Boston Partners n 7 Research Process and Security Selection A systematic and repeatable method of originating, researching and selecting Quantitative Analysis Fundamental Analysis Investment Universe 12,000 companies globally with:• • Tradable market capitalizations• • Financial results reported to independent 3rd parties• • Sell side earnings estimates Validate Positive Characteristics FactSet: Historical fi nancial statements, ratios, stock performance, earnings revisions Fundamental Research Identify Catalyst Determine Appropriate Valuation Set Target Price Investment Decision • • Statistical ranking based on composite score of three factors: Valuation: Multiples of earnings, cash fl ow, book value Momentum: Earnings surprise and estimate revisions Fundamentals: Operating returns on operating assets (OROA) • • Target rich environment • • Valuation: How much are we paying? EV to Sales, Px to Earnings, EV to Cash fl ow, Px to Book, etc. • • Momentum: Is the business improving or deteriorating? Trend analysis: Profi t margins, asset turnover, working capital, debt structure • • Business Fundamentals: What are we buying? Sales and earnings growth, profi tability, liquidity, capital structure, intangible assets, ROIC/OROA • • 10-Ks, 10-Qs, SEC fi lings, applicable local company fi lings • • Press releases, earnings calls, Street Events • • Management interviews • • On-site company visits • • Third-party research • • Internal models/ projections • • Channel/supplier checks Position Sizing Portfolio Construction EV to Sales: Enterprise Value to Sales; Px to Earnings: Price to Earnings; Px to Book: Price to Book; ROIC: Return on Invested Capital; OROA: Operating Return on Assets. Boston Partners n 8 Portfolio Construction An important step in arriving at a "three-circle" portfolio Portfolio risk controls can be customized to meet specific client guidelines. All portfolios are traded on North American exchanges and settle in U.S. dollars. Bottom-Up Security Selection Portfolio Construction An important step in arriving at a "three-circle" portfolio Portfolio risk controls can be customized to meet specific client guidelines. All portfolios are traded on North American exchanges and settle in U.S. dollars. Position Sizing Criteria • • Upside to target price • • Conviction in thesis • • Clarity and timing of catalyst • • Statistical characteristics • • Liquidity Portfolio Monitoring • • Ongoing monitoring of existing holdings • • Evaluate company and industry developments • • Review and adjust target prices periodically as new information becomes available Portfolio Construction • • Driven by bottom-up security selection • • Broad investment guidelines allow security selection to drive portfolio construction • • Portfolio characteristics measured in real- time to evaluate marginal impact of each security on entire portfolio Mid Cap Value Portfolio Guidelines • • Maximum position size of 5% (measured at time of purchase) • • Maximum industry weight of 25% • • Maximum cash position of 10% (Average < 5%) Risk Management Boston Partners n 9 Risk Management A clear defi nition with tools designed to measure intended and unintended risks "True investment risk” is a permanent impairment or loss of capital • True investment risk is not a statistical measure of volatility, variance or estimated tracking error • Minimize capital losses because it takes a 100% capital gain to fully recoup a 50% loss Capital impairments stem from three sources, all of which are best evaluated bottom-up, stock by stock • Valuation Risk – overpaying for an investment • Balance Sheet Risk – solvency risk of the business • Earnings Risk – earnings ultimately drive stock prices We employ a multi-layered set of checks & balances designed to buffer against capital losses • Quantitative ranking codes of all securities results in portfolios with better-than-benchmark valuation, momentum and quality attributes • Target prices for all owned stocks (upside vs. downside risk) • Fundamental research creates a layer of objectivity for portfolio management Buy/Hold/Sell decisions • Portfolio analysts provide monthly attribution feedback loop to portfolio managers • Independent risk manager conducts quarterly portfolio review • Northfi eld analytics utilized to monitor common factor risks • Quantitative codes capture subtle changes in portfolio characteristics There are no substitutes for Diversifi cation and a Sell Discipline • The very best fundamental research and analysis will be wrong on occasion so you must diversify • Keep your winners until valuation, momentum or fundamentals breakdown; when this happens cut losses quickly and sell Boston Partners n Mid Cap Value Appendix i. Mid Cap Value Portfolio ii. Mid Cap Value Investment Performance iii. Supplemental Information iv. Investment Strategies Performance, Fee Schedules and Performance Disclosures Boston Partners n 11 Portfolio Characteristics – Mid Cap Value A proof statement that the stock selection process results in a "three-circle" portfolio "Three Circles" An attractive valuation, strong business fundamentals, and positive business momentum. In our experienece, portfolios with all three characteristics tend to outperform over time.  BUSINESS FUNDAMENTALS  BUSINESS MOMENTUM  VALUATION "Three Circles" An attractive valuation, strong business fundamentals, and positive business momentum. Porfolios with all three characteristics tend to outperform over time. Valuation Business Momentum Fundamentals Portfolio RMCV 38.3%27.8%OROA (5 Yr) ROE (5 Yr) LT EPS Gr. Rt. 14.0%10.2% 10.8%7.6% Portfolio RMCV 16.4x 16.7xP/E (FY0) P/E (FY1) P/B 15.1x 15.9x 2.3x 2.0x Portfolio 80% Percent of companies with positive/neutral earnings momentum Charlotte Firefighters' Retirement Portfolio Characteristics: As of December 31, 2019 Please refer to the back for important disclosures.BP Mid Cap Value Equity 6 FCF Yield 3.7%2.7% As of December 31, 2019. FY0 is reported as current year; FY1 is reported as projected 12 months. FCF Yield is reported as median excluding financials of the underlying securities. LT EPS Gr. Rt. is reported as projected 3-5 year estimate of growth. Earnings growth is not a measure of future performance. Portfolio characteristics are based upon a representative account in the Boston Partners Mid Cap Value composite. Individual portfolio characteristics may vary. A GIPS® compliant report is contained herein. Past performance is not an indication of future results. Please refer to the appendix for other important disclosures. Boston Partners n 12 Portfolio Positioning – Mid Cap Value Our assessment of where the opportunities exist As of December 31, 2019. Portfolio characteristics and sector weightings are based upon a representative account in the Boston Partners Mid Cap Value composite. Individual portfolio characteristics may vary. The specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that investments in these sectors or securities were or will be profitable. A GIPS® compliant report is contained herein. Please refer to the appendix for other important disclosures. Wtd. Average Median Mid Cap Value $22.2 B $13.6 B Russell Midcap® Value Index $15.6 B $7.7 B Sector Weightings (% of Portfolio)Largest Holdings (%) 7.5 7.3 4.6 11.6 18.5 9.5 21.7 4.6 2.1 7.1 3.3 11.2 14.0 6.7 7.6 12.1 6.9 18.4 5.8 4.7 8.8 3.9 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Portfolio RMCV Alleghany Corp 2.2 Dover Corp 1.7 Discover Financial Services Inc 1.7 Reinsurance Group of America Inc 1.6 TE Connectivity Ltd 1.6 Huntington Bancshares Inc 1.5 Boston Properties Inc 1.5 AMETEK Inc 1.4 Aon Plc Cl A 1.4 Truist Financial Corp 1.4 1166..00TToottaall Number of Securities RRMMCCVV 144 631 Wtd. Avg. Mkt. Cap ($M)$22,170 2.3% $15,561 Dividend Yield 1.7% 47.8%Turnover (Trailing 1 Year) PPoorrttffoolliioo Portfolio Statistics - Charlotte Firefighters' Retirement Portfolio Characteristics: As of December 31, 2019 BP Mid Cap Value EquityPlease refer to the back for important disclosures. Please note that as of December 31, 2019, Boston Partners has adopted the Global Industry Classification Standard (GICS) for sector weights, characteristics and attribution analysis.7 Market Capitalization Sector Weightings (% of Portfolio)Largest Holdings (%) 7.5 7.3 4.6 11.6 18.5 9.5 21.7 4.6 2.1 7.1 3.3 11.2 14.0 6.7 7.6 12.1 6.9 18.4 5.8 4.7 8.8 3.9 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Portfolio RMCV Alleghany Corp 2.2 Dover Corp 1.7 Discover Financial Services Inc 1.7 Reinsurance Group of America Inc 1.6 TE Connectivity Ltd 1.6 Huntington Bancshares Inc 1.5 Boston Properties Inc 1.5 AMETEK Inc 1.4 Aon Plc Cl A 1.4 Truist Financial Corp 1.4 1166..00TToottaall Number of Securities RRMMCCVV 144 631 Wtd. Avg. Mkt. Cap ($M)$22,170 2.3% $15,561 Dividend Yield 1.7% 47.8%Turnover (Trailing 1 Year) PPoorrttffoolliioo Portfolio Statistics - Charlotte Firefighters' Retirement Portfolio Characteristics: As of December 31, 2019 BP Mid Cap Value EquityPlease refer to the back for important disclosures. Please note that as of December 31, 2019, Boston Partners has adopted the Global Industry Classification Standard (GICS) for sector weights, characteristics and attribution analysis.7 Boston Partners n 13 Portfolio Holdings – Mid Cap Value Position changes over time: October 1 through December 31, 2019 Security holdings as of December 31, 2019 are based upon a representative account in the Boston Partners Mid Cap Value composite. Values are percent of portfolio and are rounded to one decimal place. It should not be assumed that an investment in these securities was or will be profitable. A GIPS® compliant report is contained herein. Yelp Inc 0.2 Ҧ Electronic Arts Inc 0.5 Activision Blizzard Inc 0.7 Altice USA Inc 0.5 Fox Corp 0.4 Liberty Global Plc Cl C 0.2 NetEase Inc 0.4 Omnicom Group Inc 0.3 Take-Two Interactive Software Inc 0.0Ӆ Communication Services 33..33 Mohawk Industries Inc 0.7 Expedia IncҨ 0.5 AutoZone Inc 0.6 Dollar Tree Inc 0.3 eBay Inc 0.9 Gentex Corp 0.3 International Game Technology 0.3 Las Vegas Sands Corp 0.6 Lear Corp 0.4 Lennar Corp 0.5 Ross Stores Inc 0.5 Whirlpool Corp 0.6 Wyndham Destinations Inc 0.5 Wyndham Hotels & Resorts Inc 0.5 Consumer Discretionary 77..11 Ҧ Tyson Foods Inc 0.9 Coca-Cola European Partners Plc 0.5 Nomad Foods Ltd 0.7 Consumer Staples 22..11 Apergy Corp 0.4 Cimarex Energy Co 0.4 Energy 44..66 Account Summary: October 1, 2019 through December 31, 2019 Charlotte Firefighters' Retirement New HoldingKey:Ҩ= |== |۫ Increased Position |Unchanged=ӅҦ LiquidatedDecreased Position | Energy (cont...) Diamondback Energy Inc 0.6 Marathon Oil Corp 0.4 Marathon Petroleum Corp 0.9 Noble Energy Inc 0.9 Valero Energy Corp 1.0 Pioneer Natural Resources Co 0.0Ӆ Financials 2211..77 Progressive Corp 0.5 Truist Financial Corp 1.4 Ҧ Ameriprise Financial Inc 1.3 Allstate CorporationҨ 0.5 TD Ameritrade Holding CorpҨ 0.3 Travelers Cos IncҨ 0.4 W.R. Berkley CorpҨ 0.4 Alleghany Corp 2.2 Aon Plc Cl A 1.4 Discover Financial Services Inc 1.7 East West Bancorp Inc 0.9 Everest Re Group Ltd 0.4 Fifth Third Bancorp 1.3 Globe Life Inc 0.5 Huntington Bancshares Inc 1.5 KeyCorp 1.3 Loews Corp 0.6 Marsh & McLennan Companies Inc 0.6 Moody's Corp 0.5 Raymond James Financial Inc 0.4 Regions Financial Corp 1.0 Reinsurance Group of America Inc 1.6 SLM Corp 0.3 State Street Corp 0.4 Synchrony Financial 0.4 Financials (cont...) E*Trade Financial Corp 0.0Ӆ SunTrust Banks Inc 0.0Ӆ Health Care 99..55 Ҧ Centene Corp 0.7 Ҧ Humana Inc 1.0 AmerisourceBergen Corp 0.7 Avantor Inc 0.4 Boston Scientific Corp 0.4 Change Healthcare Inc 0.5 DaVita Inc 0.3 ICON Public Limited Company 0.8 IQVIA Holdings Inc 0.8 Jazz Pharmaceuticals Plc 0.6 Laboratory Corp of America Hldgs 0.8 McKesson Corp 0.4 Molina Healthcare Inc 0.3 Universal Health Services Inc 0.8 Zimmer Biomet Holdings Inc 1.0 Industrials 1188..55 Expeditors Intl of Washington 0.3 Ҧ Dover Corp 1.7 Air Lease Corp 0.4 AMETEK Inc 1.4 CH Robinson Worldwide Inc 0.4 Curtiss-Wright Corp 0.6 Eaton Corp Plc 0.8 EnerSys 0.3 HD Supply Holdings Inc 0.7 Hubbell Inc 0.4 Huntington Ingalls Industries Inc 0.7 IAA Inc 0.6 Ingersoll-Rand Plc 0.4 Industrials (cont...) ITT Inc 0.8 Kansas City Southern 1.3 KAR Auction Services Inc 0.2 L3Harris Technologies Inc 1.3 ManpowerGroup Inc 0.5 Masco Corp 0.5 Owens Corning 0.7 PACCAR Inc 0.5 Parker-Hannifin Corp 0.8 Robert Half International Inc 0.6 Southwest Airlines Co 1.1 Spirit AeroSystems Holdings Inc 0.6 Textron Inc 0.3 WABCO Holdings Inc 0.6 WESCO International Inc 0.3 EVERTEC Inc 0.1 Ҧ Qorvo Inc 1.0 Alliance Data Systems Corp 0.3 Amdocs Ltd 0.5 Arrow Electronics Inc 0.5 CDK Global Inc 0.7 Fidelity Natl Information Svcs Inc 1.4 Flex Ltd 0.4 Global Payments Inc 0.6 Hewlett Packard Enterprise Co 0.4 KLA Corp 0.9 Leidos Holdings Inc 0.9 Marvell Technology Group Ltd 0.4 NXP Semiconductors 0.9 Science Applications Intl Corp 0.6 TE Connectivity Ltd 1.6 BP Mid Cap Value Equity Please refer to the back for important disclosures. Please note that as of December 31, 2019, Boston Partners has adopted the Global Industry Classification Standard(GICS) for sector weights, characteristics and attribution analysis. Information Technology 1111..66 Boston Partners n 14 Portfolio Holdings – Mid Cap Value Position changes over time: October 1 through December 31, 2019 (continued) Security holdings as of December 31, 2019 are based upon a representative account in the Boston Partners Mid Cap Value composite. Values are percent of portfolio and are rounded to one decimal place. It should not be assumed that an investment in these securities was or will be profitable. A GIPS® compliant report is contained herein. Western Digital Corp 0.3 Xerox Holdings Corporation 0.3 Information Technology (cont...) Ҧ Corteva Inc 1.0 Avery Dennison CorpҨ 0.3 Eagle Materials Inc 0.4 FMC Corp 1.1 Graphic Packaging Holding Co 0.4 Mosaic Co 0.3 Nutrien Ltd 0.6 Steel Dynamics Inc 0.5 Crown Holdings Inc 0.0Ӆ Materials 44..66 American Homes 4 Rent 0.6 Boston Properties Inc 1.5 Douglas Emmett Inc 0.8 Duke Realty Corp 0.6 Equity Residential 1.3 Kilroy Realty Corp 0.7 Prologis Inc 0.6 Regency Centers Corp 0.9 Retail Properties of America 0.3 CubeSmart 0.0Ӆ SL Green Realty Corp 0.0Ӆ Real Estate 77..33 Alliant Energy Corp 0.3 American Electric Power Co Inc 0.5 DTE Energy Co 1.2 Edison International 0.8 Entergy Corp 1.3 Evergy Inc 0.6 Utilities 77..55 Utilities (cont...) FirstEnergy Corp 0.8 Vistra Energy Corp 0.5 Xcel Energy Inc 1.3 Pinnacle West Capital Corp 0.0Ӆ Account Summary: October 1, 2019 through December 31, 2019 Charlotte Firefighters' Retirement New HoldingKey:Ҩ= |== |۫ Increased Position |Unchanged=ӅҦ LiquidatedDecreased Position | BP Mid Cap Value Equity Please refer to the back for important disclosures. Please note that as of December 31, 2019, Boston Partners has adopted the Global Industry Classification Standard(GICS) for sector weights, characteristics and attribution analysis. Boston Partners n 15 Historical Value and Profitability Characteristics – Mid Cap Value A consistently attractive combination of value, profitability and growth characteristics Data from December 1995 through December 31, 2019. OROA: Operating Return on Operating Assets. Portfolio characteristics are from a representative account in the Boston Partners Mid Cap Value composite. Individual portfolio characteristics may vary. Please refer to the appendix for other important disclosures. Price Discipline: Price/Earnings Bias for Quality: OROA (5-Year Median) 9 11 13 15 17 19 PPrriiccee//EEaarrnniinnggss FFYY11 ((xx))BP Mid Cap Value Russell Midcap® Value Index Russell Midcap® Index 12 16 20 24 28 32 36 40 44 55 YYeeaarr OORROOAA ((%%))BP Mid Cap Value Russell Midcap® Value Index Russell Midcap® Index 9 11 13 15 17 19 PPrriiccee//EEaarrnniinnggss FFYY11 ((xx))BP Mid Cap Value Russell Midcap® Value Index Russell Midcap® Index 12 16 20 24 28 32 36 40 44 55 YYeeaarr OORROOAA ((%%))BP Mid Cap Value Russell Midcap® Value Index Russell Midcap® Index Boston Partners n 16 Investment Performance – Mid Cap Value As of December 31, 2019 * Inception date is May 1, 1995. Boston Partners has prepared and presented this report in compliance with GIPS®. Returns reflect composite results and individual portfolio results may vary. Past performance is not an indication of future results. Please refer to the appendix for other important disclosures. Calendar Year Performance (%) 20112014201720182012201320162019 20102015 Mid Cap Value - Gross Of Fees 11..66881144..33771166..5555--1144..0033 1199..77884411..00441166..22993311..2266 2244..779922..8844 Mid Cap Value - Net Of Fees 00..88881144..00001166..1166--1144..3333 1188..99004400..44881155..99003300..8800 2233..993322..4499 Russell Midcap® Value Index -1.3814.7513.34-12.29 18.5133.4620.0027.06 24.75-4.78 Russell Midcap® Index -1.5513.2218.52-9.06 17.2834.7613.8030.54 25.48-2.44 Annualized Performance (%) 4Q 2019 1 Year 3 Year 5 Year 7 Year 10 Year 15 Year 20 Year Since Inception* Mid Cap Value - Gross of Fees 6.52 31.26 9.57 9.48 14.23 14.45 11.68 12.05 13.29 Mid Cap Value - Net of Fees 6.42 30.80 9.19 9.11 13.83 13.92 11.09 11.41 12.63 Russell Midcap® Value Index 6.36 27.06 8.10 7.62 12.00 12.41 8.82 9.97 11.17 Boston Partners n 17 Performance Attribution – Mid Cap Value Fourth Quarter 2019 Total Return and Contribution to Return shown in basis points. Average Weight is shown in percent. Attribution is calculated using end of day security prices and returns shown are equity only and exclude cash. Results are from a representative account in the Mid Cap Value composite and are gross of fees. Individual portfolio results may vary. A GIPS® compliance report is contained herein. Past performance is not an indication of future results. Please refer to the appendix for other important disclosures. Total Effect RMCV Contribution To Return Average WeightGICS SECTOR Average Weight Portfolio Selection Effect Total Return Total Return Contrubution To Return Allocation Effect Attribution AnalysisRussell Midcap® Value IndexPortfolio CCoommmmuunniiccaattiioonn SSeerrvviicceess 0.413.76 -0.1211.21 -0.137.74 -0.020.253.33 CCoonnssuummeerr DDiissccrreettiioonnaarryy 0.728.82 -0.648.06 -0.630.07 0.000.027.44 CCoonnssuummeerr SSttaapplleess 0.284.52 -0.046.49 -0.034.10 0.010.102.01 EEnneerrggyy 0.555.45 -0.0310.40 -0.069.54 -0.030.444.41 FFiinnaanncciiaallss 1.3518.95 -0.487.11 -0.465.21 0.011.0922.90 HHeeaalltthh CCaarree 0.536.79 0.577.81 0.6014.42 0.031.299.18 IInndduussttrriiaallss 1.1012.06 -0.129.00 0.068.38 0.191.6118.90 IInnffoorrmmaattiioonn TTeecchhnnoollooggyy 0.897.37 0.0012.24 0.2312.24 0.231.3711.35 MMaatteerriiaallss 0.616.59 0.079.39 0.0211.13 -0.060.504.76 RReeaall EEssttaattee -0.0314.44 0.10-0.25 0.540.85 0.440.097.98 UUttiilliittiieess -0.0511.25 -0.08-0.12 0.16-1.06 0.24-0.117.74 TToottaall 66..3366110000..0000 --00..777766..3366 00..228866..6644 11..005566..6644110000..0000 Charlotte Firefighters' Retirement Performance Attribution: Three Month as of December 31, 2019 BP Mid Cap Value Equity Attribution is calculated by FactSet gross of fees using end of day security prices. Retuns shown reflect equities only and exclude cash. Past perfomance is not an indication of future results.Please note that as of December 31, 2019, Boston Partners has adopted the Global Industry Classification Standard(GICS) for sector weights, characteristics and attribution analysis. Boston Partners n 18 Performance Attribution – Mid Cap Value Calendar Year 2019 Total Effect RMCV Contribution To Return Average WeightGICS SECTOR Average Weight Portfolio Selection Effect Total Return Total Return Contrubution To Return Allocation Effect Attribution AnalysisRussell Midcap® Value IndexPortfolio CCoommmmuunniiccaattiioonn SSeerrvviicceess 0.743.53 0.1021.23 0.1927.16 0.090.672.90 CCoonnssuummeerr DDiissccrreettiioonnaarryy 2.028.61 0.0622.62 0.2726.39 0.211.756.46 CCoonnssuummeerr SSttaapplleess 1.064.71 0.2522.58 0.4936.08 0.240.641.82 EEnneerrggyy 0.575.82 0.087.42 0.4110.30 0.330.644.56 FFiinnaanncciiaallss 5.5718.37 -0.2531.56 0.0430.38 0.297.2724.31 HHeeaalltthh CCaarree 1.666.90 0.6224.25 0.6231.41 0.012.558.94 IInndduussttrriiaallss 4.4812.33 -0.3037.34 0.2735.60 0.576.4918.24 IInnffoorrmmaattiioonn TTeecchhnnoollooggyy 3.107.86 0.6641.86 1.3049.51 0.645.7712.04 MMaatteerriiaallss 1.416.34 0.3322.04 0.4429.72 0.111.344.50 RReeaall EEssttaattee 3.7814.31 0.0525.56 0.2025.51 0.152.478.68 UUttiilliittiieess 2.6711.24 0.1424.14 0.2525.77 0.111.957.55 TToottaall 2277..0066110000..0000 11..77552277..0066 44..44993311..5555 22..77443311..5555110000..0000 Charlotte Firefighters' Retirement Performance Attribution: Year-To-Date as of December 31, 2019 BP Mid Cap Value Equity Attribution is calculated by FactSet gross of fees using end of day security prices. Retuns shown reflect equities only and exclude cash. Past perfomance is not an indication of future results.Please note that as of December 31, 2019, Boston Partners has adopted the Global Industry Classification Standard(GICS) for sector weights, characteristics and attribution analysis. Total Return and Contribution to Return shown in basis points. Average Weight is shown in percent. Attribution is calculated using end of day security prices and returns shown are equity only and exclude cash. Results are from a representative account in the Mid Cap Value composite and are gross of fees. Individual portfolio results may vary. A GIPS® compliance report is contained herein. Past performance is not an indication of future results. Please refer to the appendix for other important disclosures. Boston Partners n 19 Performance Through Market Cycles Preserved capital and compounded returns for favorable long-term performance 65%55%58% Data as of December 31, 2019 for a 10-year period. Returns reflect composite results, are gross of fess and individual portfolio results may vary. Past performance is not an indication of future results. A GIPS® compliant report is contained herein. Please refer to the appendix for other important disclosures. • There have been 37 months in which the market has produced a negative return. • Composite has outperformed the Index 65% of the time. • There have been 83 months in which the market has produced a positive return. • Composite has outperformed the Index 55% of the time. • The entire period is 120 months. • Composite has outperformed the Index 58% of the time. "Down" Markets "Up" Markets Entire Period Percentage of the time that Mid Cap Value Composite has outperformed the Russell Midcap® Value Index Boston Partners n 20Boston Partners n Seeking to Tilt the Probabilities in Your Favor — The Results Distribution of rolling three-year excess returns The chart refl ects a ten-year time period. Data as of December 31, 2019. Relative performance of the BP Mid Cap Value is versus the Russell Midcap® Value Index. Returns refl ect composite results gross of fees and individual portfolio results may vary. A GIPS® compliant report is contained herein. Past performance is not an indication of future results. Please refer to the appendix for other important disclosures. Frequency 46 45 44 43 42 41 40 39 38 37 36 Mar-1835Feb-18 34 Jan-1833Dec-17 32 Nov-1731Oct-17 30 Oct-19 Sep-1729Aug-19 Aug-17 28 Jul-19 Jul-1727Jun-19 Jun-17 26 May-18 May-1725Apr-18 Apr-17 24 Mar-17 Sep-1623Feb-17 Aug-16 22 Jan-17 Jun-1621Dec-16 May-16 Apr-16 20 Nov-16 Mar-16 Dec-1519Oct-16 Feb-16 Nov-15 18 Jul-16 Jan-16 Oct-1517Dec-19 Jan-15 Aug-15 Sep-1516Nov-19 Nov-14 Jun-15 Jul-1515Sep-19 Oct-14 May-15 Aug-1314May-19 Sep-14 Apr-15 Nov-1113Apr-19 Aug-14 Mar-15 Oct-1112Feb-19 Jul-14 Feb-15 Sep-1111Aug-18 May-14 Dec-14 Aug-1110Jul-18 Apr-14 Feb-14 Jul-119Jun-18 Mar-14 Jan-14 Jan-11 Jun-118Jun-14 Apr-13 Dec-13 Dec-10 May-117Mar-13 Feb-13 Nov-13 Nov-10 Apr-116Nov-12 Jan-13 Oct-13 Oct-10 Mar-115Oct-12 Dec-12 Sep-13 Sep-10 Feb-114Mar-19 Jul-12 Sep-12 Jul-13 Aug-10 Apr-103Jan-19 May-12 Aug-12 Jun-13 Jul-10 Mar-102Nov-18 Sep-18 Mar-12 Apr-12 May-13 Jun-10 Feb-101Dec-18 Oct-18 Jun-12 Feb-12 Jan-12 Dec-11 May-10 Jan-10 (6%+)(4-6%)(2.5-4.0%)(1.5-2.5%)(.75-1.5%)(0-.75)%0-.75%.75-1.5%1.5-2.5%2.5-4.0%4-6%>6% Relative Performance in percentage points Boston Partners Mid Cap Value Periods ahead of the benchmark: 117 98% outperformance 3.0% average outperformance 1 2 4 17 30 21 9 36 Boston Partners n 21Boston Partners n 1 Benefi ts of Active Management Selecting the right manager can lead to higher growth of capital Data as of December 31, 2019. This is a hypothetical illustration of the net of fees growth of $10 million had it been invested in the Boston Partners Mid Cap Value composite since inception on May 1, 1995. The results of this illustration may be changed depending on investment guidelines and cash fl ow. This illustration is net of investment management fees and includes the reinvestment of dividends and other income. A GIPS® complaint report is contained herein. Past performance is not an indication of future results. Please refer to the appendix for other important disclosures. 7% is a representative actuarial rate. Use of 7% is a arbitrary assumption. Results will be different with a different assumption. 7% is based on a study by Milliman Consulting in 2015 of approximately 1,300 multi-employer plans based on form 5500 fi lings. Based on the conclusions of the study, 7% is a reasonable assumption for this comparison. Hypothetical Cumulative Growth of a $10 Million Investment (Net of Fees) $0 $20,000,000 $40,000,000 $60,000,000 $80,000,000 $100,000,000 $120,000,000 $140,000,000 $160,000,000 $180,000,000 $200,000,000 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 Boston Partners MCV Net of Fees Russell Midcap® Value Index Russell Midcap® Index Hypothetical 7% Return $136 million $188 million $135 million $56 million Boston Partners n 22Boston Partners n Market Observations As of December 31, 2019 Discussions of securities returns and trends are not intended to be a forecast of future events or returns. Past performance is not an indication of future results. Please refer to the appendix for other important disclosures. • The 31.5% return of the S&P 500 Index marked the strongest return since 2013 -Russell 1000® Growth Index continued its leadership, outpacing Russell 1000® Value Index by almost 10% for its third consecutive year of outperformance. Growth 3-year outperformance is solely due to P/E multiple expansion -Three Fed interest rate cuts “Trumped” many policy concerns throughout the year -Current equity market valuations appear expensive on a P/E basis but fairly valued on a free cash fl ow basis and inexpensive relative to bond yields • The current U.S. economic recovery is now the longest post-war expansion on record, yet also the shallowest recovery as well. Many worries are still front and center: -U.S. – China trade issues remain opaque, either resolved or at impasse depending on the latest tweet -U.S. Presidential election puts the current political direction in doubt -U.S. – Iran clash could potentially escalate into a protracted Middle East confl ict -Impeachment and Brexit, once a major concern, appear to be ignored by investors • The Fed cut interest rates three times in 2019 leading to a steepening of the yield curve which has appeared to improve investor sentiment -Ten-year minus two-year U.S. Treasury yield differential closed 2019 at its widest point since October 2018 -The 4Q 2018 equity market correction anticipated a recession that never came in 2019, like the false signal in 2016, and investors are now anticipating an improving economy -We have seen a change in factor leadership recently from low volatility and price momentum to traditional value factors such as low P/E and free cash fl ow yield • Where do we see opportunities in the equity market today? -Valuation spreads have widened recently offering opportunities for active managers -Growth company valuations appear expensive relative to history -Stability continues to be overvalued while economically sensitive companies look attractive -Financials and Health Care appear undervalued relative to history and today’s market Boston Partners n 23Boston Partners n Low Volatility Continues to Attract Investors Despite Record High Valuation Although the Trend is Beginning to Reverse Data as of December 31, 2019.Source: Bernstein and Leuthold.The Leuthold universe is composed of the largest 3,000 securities traded on U.S. exchanges (including roughly 400 ADRs). Distribution of The Leuthold Group Research is highly restricted. Please do not copy or reproduce.Past performance is not an indication of future results. 123119 LC PR-001 0 20000 40000 60000 80000 100000 120000 1/1/20118/1/20113/1/201210/1/20125/1/201312/1/20137/1/20142/1/20159/1/20154/1/201611/1/20166/1/20171/1/20188/1/20183/1/201910/1/2019USD, mlnLow Vol ETF Total Assets 1980 1990 2000 2010 2020 0.65 0.70 0.75 0.80 0.85 0.90 0.95 1.00 1.05 1.10 1.15 1.20 1.25 1.30 0.65 0.70 0.75 0.80 0.85 0.90 0.95 1.00 1.05 1.10 1.15 1.20 1.25 1.30 © 2020 The Leuthold Group Leuthold 3000 Low Volatility IndexRelative P/E Vs. Leuthold 3000 Universe Median = 0.85 November 2008 July 2016 March 2000 October 1990 May 1987 May 2003 September 1998 August 2019 Global Low Volatility ETF Assets Boston Partners n 24Boston Partners n The Lowest Beta Companies Have Lagged Considerably during the Fourth Quarter 2019, Reversing the Previous Year's Trend Source: Boston Partners and FactSet. Quintile 1 represents the lowest beta stocks; Quintile 5 represents the highest beta stocks. Based on beginning of period betas. Past performance is not an indication of future results. A GIPS® compliant report is contained herein. Please refer to the appendix for other important disclosures. 123119 LC PR-002 Russell 1000® Value Index One Year Ending September 30, 2019 and Fourth Quarter 2019 Performance by Beta Quintiles. 21.62 12.60 2.53 0.29 -5.43 1.22 6.37 10.81 10.05 13.22 -10.00 -5.00 -- 5.00 10.00 15.00 20.00 25.00 Quintile 1 Quintile 2 Quintile 3 Quintile 4 Quintile 5% Return1 Year Ending September 30, 2019 Fourth Quarter 2019% Return• Boston Partners Large Cap Value strategy has been underweight expensive low volatility stocks and overweight high beta stocks during these periods. Lowest Beta Highest Beta Boston Partners n 25Boston Partners n Factor Performance Leadership has made an Abrupt Shift Toward Value Since August 2019 Data as of December 31, 2019. Equal weighted by company and rebalanced monthly. Universe is S&P 500 Index. Source: Standard & Poor’s, Russell, Thomson Financial, FactSet, Credit Suisse. Past performance is not an indication of future results. Please refer to the appendix for other important disclosures. 123119 LC PR-003 Top Third Minus Bottom Third Ranked by Factor Segmented by 24 GICS Industry Groups 20.1% 4.1% -10.0%-9.6%-10.0%-9.1% 9.4% 5.6% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Low Volatility Price Momentum Low P/E FCF Yield August 2018-August 2019 Since August 2019 Boston Partners n 26Boston Partners n Stable Stocks are at Historically High Valuations While Big Growers are Approaching 1999 Levels J:\Marketing\_Book Production\_VIP\Portfolio Research\2019\LCV\4Q 2019\lc750_bigro_bigro_epf_chts_202001Chart1 (6) 0.3 0.8 1.3 1.8 2.3 2.8 3.3 0 5 9 14 18 23 27 32 37 41 46 50 55 59 64 68 73 77 82 87 91 96 Large-Capitalization Stocks Big Growers, Fundamentally-Stable Stocks and Banks Relative Forward-P/E Ratios 1976 Through Early-January 2019 Big Growers Stable Stocks Banks x Source: Empirical Research Partners Analysis. Current: Big Growers Percentile Rank: (100=Lowest Relative Forward-P/E Ratios) Current: Stable Stocks Current: Banks Aug. 19: Big Growers Aug. 19: Banks Aug. 19: Stable Stocks Large-Capitalization Stocks Big Growers, Fundamentally-Stable Stocks and Banks Relative Forward-P/E Ratios1 1976 Through Early-January 2019 Data as of January 6, 2020. Source: Empirical Research Partners Analysis. 1 Capitalization-weighted data for big growers and banks, equally-weighted data for stable stocks. Big growers: top quintile of the 1,500 U.S. stock universe that has the highest revenue growth over the past 12 months. Stable stocks: the top 1,500 U.S. companies by market liquidity are evaluated by Empirical Research; a composite score for fundamental stability is generated. Factors used to evaluate fundamental stability include: beta, ROE level, variability in ROE, earnings stability, dispersion in earnings estimates, and debt to total capitalization ratio. The top 20% (quintile) of companies that have the best stability score are included in the cohort of stable stocks. Past performance is not an indication of future results. 123119 LC PR-004 Boston Partners n 27Boston Partners n Boston Partners n Boston Partners n Boston Partners n 6 Sticking to our Process has Paid off After Extreme Market Environments Source: Boston Partners and FactSet. Past performance is not an indication of future results. A GIPS® compliant presentation is contained herein. Please refer to the appendix for other important disclosures. 18 month Cumulative Returns: Boston Partners Mid Cap Value Equity Composite (net of fees) and Russell Midcap® Value Index 3.97 30.01 -9.63 24.93 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 7/1/2008 - 12/31/2009 7/1/2016 - 12/31/2017 MCV Net of Fee Return Russell Midcap® Value Index % Financial Crisis Post-Global Slowdown/Brexit 093019 MC PR-007 093019 MC PR - 007 Boston Partners n 28Boston Partners n Russell 1000® Value Index vs. Growth Spread Rolling 3-Year Annualized Data as of December 31, 2019. Source: Boston Partners and FactSet. Past performance is not an indication of future results. Please refer to the appendix for other important disclosures. 123119 LC PR-007 Russell 1000® Value Index vs. Growth Spread Rolling 3-Year Annualized as of December 2019 -25 -20 -15 -10 -5 0 5 10 15 20 25 Jan-82Feb-83Mar-84Apr-85May-86Jun-87Jul-88Aug-89Sep-90Oct-91Nov-92Dec-93Jan-95Feb-96Mar-97Apr-98May-99Jun-00Jul-01Aug-02Sep-03Oct-04Nov-05Dec-06Jan-08Feb-09Mar-10Apr-11May-12Jun-13Jul-14Aug-15Sep-16Oct-17Nov-18Dec-19R1000 Value vs Growth Spread Rolling 3-Year Annualized As of Dec 2019 -30 -20 -10 0 10 20 30 40 50 Jan-82Feb-83Mar-84Apr-85May-86Jun-87Jul-88Aug-89Sep-90Oct-91Nov-92Dec-93Jan-95Feb-96Mar-97Apr-98May-99Jun-00Jul-01Aug-02Sep-03Oct-04Nov-05Dec-06Jan-08Feb-09Mar-10Apr-11May-12Jun-13Jul-14Aug-15Sep-16Oct-17Nov-18Dec-19R1000 Value vs Growth Rolling 3-Year Annualized As of Dec 2019 Value-Growth Spread R1000V R1000G Value Outperforms Growth Outperforms -25 -20 -15 -10 -5 0 5 10 15 20 25 Jan-82Feb-83Mar-84Apr-85May-86Jun-87Jul-88Aug-89Sep-90Oct-91Nov-92Dec-93Jan-95Feb-96Mar-97Apr-98May-99Jun-00Jul-01Aug-02Sep-03Oct-04Nov-05Dec-06Jan-08Feb-09Mar-10Apr-11May-12Jun-13Jul-14Aug-15Sep-16Oct-17Nov-18Dec-19R1000 Value vs Growth Spread Rolling 3-Year Annualized As of Dec 2019 -30 -20 -10 0 10 20 30 40 50 Jan-82Feb-83Mar-84Apr-85May-86Jun-87Jul-88Aug-89Sep-90Oct-91Nov-92Dec-93Jan-95Feb-96Mar-97Apr-98May-99Jun-00Jul-01Aug-02Sep-03Oct-04Nov-05Dec-06Jan-08Feb-09Mar-10Apr-11May-12Jun-13Jul-14Aug-15Sep-16Oct-17Nov-18Dec-19R1000 Value vs Growth Rolling 3-Year Annualized As of Dec 2019 Value-Growth Spread R1000V R1000G % % % % % % % % % % % Boston Partners n 29Boston Partners n Growth has Outperformed Solely due to P/E Multiple Expansion Data as of December 31, 2019. Source: Boston Partners and FactSet. Past performance is not an indication of future results. Please refer to the appendix for other important disclosures. 123119 LC PR-008 Three Year Annualized Returns: Russell 1000® Value Index vs. Russell 1000® Growth Index Performance -4.3% 11.2% 2.8% 9.7%10.0%8.9% 1.6% 20.5% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% R1000V R1000G P/E Changes ++EPS Growth Dividends = Total Return Russell 1000® Value Index Russell 1000® Growth Index Boston Partners n 30Boston Partners n The Cumulative History of Growth vs. Value Since 1990 Russell 1000® Growth Index minus Russell 1000® Value Index January 2020 | Kailash Concepts For Institutional Use Only Growth vs. Value R1000 Fig. 1: The Cumulative History of Growth vs. Value Since 1990 Source: Kailash Capital, Compustat, Russell; Data from 12/31/1989-12/31/2019 -300% -250% -200% -150% -100% -50% 0% 50% 100% 150% 200% 250% 300% 350% R1000 Growth -R1000 Value Cumulative Return Stage 1 Stage 2 Stage 3 Russell 1000® Growth Index - Russell 1000® Value Index Growth lost a decade of outperformance in 6 months... Stage 1 Stage 2 Stage 3 ...and growth then took a decade to breakeven from it's trough December 2016 Data from December 31, 1989 through December 31, 2019.Source: Kailash Capital; Compustat; Russell.Past performance is not an indication of future results. 123119 LC PR-009 Boston Partners n 31Boston Partners n 6 January 2020 U.S. Equity Strategy Navigator 18 Recessionary Risk Cumulative U.S. GDP Growth Post-Recessions Note: 1949 to present; Cumulative nominal GDP since trough indexed to 0 Source: BEA, NBER, ISM, Haver Analytics®, Credit Suisse Recession Dashboard Source: Standard & Poor's, Federal Reserve, BLS, National Statistical Agencies, NBER, ISM, Census Bureau, Haver Analytics®, Credit Suisse 0 20 40 60 80 100 0 10 20 30 40 Quarters Since Trough Current Recovery Start of Recession Yield Curve Mfg.Inflation Jobs Housing Activity Credit Perform Earnings Nov-73 -- Jan-80 -- Jul-81 -- Jul-90 Mar-01 Dec-07 Present Key:Recessionary Expansionary Neutral The current recovery is now the longest in history. It is also the slowest 2019’s recessionary concerns have abated Cumulative U.S. GDP Growth Post U.S. Recessions Data as of January 6, 2020. Source: BEA, NBER, ISM, Haver Analytics®, Credit Suisse. Past performance is not an indication of future results. Please refer to the appendix for other important disclosures. 123119 LC PR-010 1949 – 1953 1961 – 1969 1982 – 1990 2001 – 2007 1991 – 2001 2009 – Present The current recovery is now the longest in history. It is also the slowest. Quarters Since Trough Note: 1949 to present; Cumulative nominal GDP since trough indexed to 0 Boston Partners n 32Boston Partners n Seeking to Tilt the Probabilities in Your Favor — The Results Distribution of rolling three-year excess returns – short portfolio Frequency 50 L/S Research Dec-1949L/S Research Nov-1948L/S Research Oct-1947L/S Research Sep-19 EM L/S Jun-1846Global L/S Sep-19 EM L/S May-1845L/S Research Aug-19 EM L/S Apr-18 Long/Short Mar-1744Global L/S Aug-19 EM L/S Mar-18 Long/Short Feb-1743L/S Research Oct-18 EM L/S Feb-18 Long/Short Jan-1742EM L/S Aug-18 L/S Research Mar-17 Long/Short Dec-1641Global L/S Jun-18 EM L/S Dec-18 L/S Research Feb-17 Long/Short Nov-1640Global L/S May-18 EM L/S Nov-18 L/S Research Jan-17 Long/Short Oct-16 Long/Short Jul-1439L/S Research Apr-18 EM L/S Oct-18 L/S Research Dec-16 Long/Short Sep-16 Long/Short May-1438Global L/S Apr-18 EM L/S Sep-18 L/S Research Nov-16 Long/Short Aug-16 Long/Short Apr-1437Global L/S Dec-19 Long/Short Mar-18 EM L/S Jul-18 L/S Research Oct-16 Long/Short Jul-16 Long/Short Sep-1236EM L/S Dec-19 L/S Research Mar-18 Global L/S Jan-18 L/S Research Sep-16 Long/Short Jun-16 Long/Short Jul-1235Global L/S Nov-19 Global L/S Mar-18 Global L/S Dec-17 L/S Research Aug-16 Long/Short May-16 Long/Short Jun-1234EM L/S Nov-19 Long/Short Feb-18 Global L/S Oct-17 L/S Research Jul-16 Long/Short Apr-16 Long/Short Feb-1133Global L/S Oct-19 L/S Research Feb-18 L/S Research Aug-17 L/S Research Jun-16 Long/Short Mar-16 Long/Short Jan-1132EM L/S Sep-19 Global L/S Feb-18 Global L/S Aug-17 L/S Research May-16 Long/Short Feb-16 Long/Short Dec-1031EM L/S Aug-19 Long/Short Jan-18 L/S Research Jul-17 L/S Research Mar-16 Long/Short Jan-16 Long/Short Nov-1030L/S Research Jul-19 L/S Research Jan-18 Global L/S Jul-17 L/S Research Feb-16 Long/Short Oct-14 Long/Short Oct-1029Global L/S Jul-19 Long/Short Dec-17 Long/Short Jun-17 L/S Research Jan-16 Long/Short Aug-14 Long/Short Sep-1028EM L/S Jul-19 L/S Research Dec-17 L/S Research Jun-17 Long/Short Dec-15 Long/Short Jun-14 Long/Short Aug-1027Global L/S Jun-19 Long/Short Nov-17 Global L/S Jun-17 L/S Research Dec-15 Long/Short Mar-14 Long/Short Jul-1026L/S Research Jun-19 L/S Research Nov-17 L/S Research May-17 Long/Short Nov-15 Long/Short May-13 Long/Short Jun-1025EM L/S Jun-19 Global L/S Nov-17 Global L/S May-17 Long/Short Oct-15 Long/Short Apr-13 Long/Short May-1024L/S Research May-19 Long/Short Oct-17 Long/Short Apr-17 Long/Short Sep-15 Long/Short Dec-12 Long/Short Apr-1023Global L/S May-19 L/S Research Oct-17 L/S Research Apr-17 Long/Short Apr-15 Long/Short Nov-12 Long/Short Mar-1022EM L/S May-19 Long/Short Sep-17 Global L/S Apr-17 Long/Short Feb-15 Long/Short Oct-12 Long/Short Feb-1021EM L/S Apr-19 L/S Research Sep-17 Global L/S Mar-17 Long/Short Jan-15 Long/Short Aug-12 Long/Short Jan-1020Global L/S Mar-19 Global L/S Sep-17 Global L/S Feb-17 Long/Short Dec-14 Long/Short May-12 Long/Short Dec-0919EM L/S Mar-19 Long/Short Aug-17 Global L/S Jan-17 Long/Short Nov-14 Long/Short Apr-12 Long/Short Nov-0918EM L/S Feb-19 Long/Short Jul-17 Global L/S Dec-16 Long/Short Sep-14 Long/Short Mar-12 Long/Short Oct-0917EM L/S Jan-19 Long/Short May-17 L/S Research Apr-16 Long/Short Feb-14 Long/Short Feb-12 Long/Short Sep-0916L/S Research Dec-18 L/S Research Aug-15 L/S Research Nov-15 Long/Short Jan-14 Long/Short Dec-11 Long/Short Aug-0915Global L/S Dec-18 Long/Short Jul-15 L/S Research Oct-15 Long/Short Dec-13 Long/Short Sep-11 Long/Short Jul-0914Long/Short Dec-19 L/S Research Nov-18 L/S Research Jul-15 L/S Research Sep-15 Long/Short Nov-13 Long/Short Aug-11 Long/Short Jun-0913Long/Short Nov-19 Global L/S Nov-18 Long/Short Jun-15 Long/Short Aug-15 Long/Short Oct-13 Long/Short Jul-11 Long/Short May-0912Long/Short Oct-19 Global L/S Oct-18 L/S Research Jun-15 Long/Short May-15 Long/Short Sep-13 Long/Short Jun-11 Long/Short Apr-0911Long/Short Aug-19 EM L/S Oct-19 L/S Research Sep-18 L/S Research May-15 Long/Short Mar-15 Long/Short Aug-13 Long/Short May-11 Long/Short Mar-0910Long/Short Jul-19 L/S Research Apr-19 Global L/S Sep-18 L/S Research Apr-15 L/S Research Feb-15 Long/Short Jul-13 Long/Short Apr-11 Long/Short Feb-099Long/Short Jun-19 Global L/S Apr-19 L/S Research Aug-18 L/S Research Mar-15 L/S Research Nov-14 Long/Short Jun-13 Long/Short Mar-11 Long/Short Jan-098Long/Short May-19 L/S Research Mar-19 Global L/S Aug-18 L/S Research Jan-15 L/S Research Oct-14 Long/Short Mar-13 Long/Short May-08 Long/Short Dec-087Long/Short Apr-19 L/S Research Feb-19 L/S Research Jul-18 L/S Research Dec-14 L/S Research Aug-14 Long/Short Feb-13 Long/Short Apr-08 Long/Short Nov-086Long/Short Mar-19 Global L/S Feb-19 Global L/S Jul-18 L/S Research Sep-14 L/S Research Jul-14 Long/Short Jan-13 Long/Short Mar-08 Long/Short Oct-085Long/Short Feb-19 L/S Research Jan-19 L/S Research Jun-18 L/S Research Mar-14 L/S Research Jun-14 Long/Short Jan-12 Long/Short Feb-08 Long/Short Sep-084Long/Short Jan-19 Global L/S Jan-19 L/S Research May-18 L/S Research Feb-14 L/S Research May-14 Long/Short Oct-11 Long/Short Dec-07 Long/Short Aug-083Long/Short Oct-18 Long/Short Sep-19 Long/Short Jul-18 Long/Short Apr-18 L/S Research Jan-14 L/S Research Apr-14 Long/Short Oct-07 Long/Short Nov-07 Long/Short Jul-082Long/Short Sep-18 Long/Short Dec-18 Long/Short Jun-18 L/S Research Oct-13 L/S Research Dec-13 Long/Short Nov-11 Long/Short Sep-07 Long/Short Jun-07 Long/Short Jun-081Long/Short Aug-18 Long/Short Nov-18 Long/Short May-18 L/S Research Sep-13 L/S Research Nov-13 Long/Short Aug-07 Long/Short Jul-07 Long/Short May-07 Long/Short Jan-08 >(4.00%)(2.00- 4.00%) (0.00- 2.00%) 0.00- 2.00% 2.00- 4.00% 4.00- 6.50% 6.50- 10.00% 10.00- 14.00%>14.00% Relative Performance in percentage points 4041 47 45 50 37 11 3 14 Ahead of the benchmark and relative performance are defi ned as the return of the short portfolio relative to the opposite return of the benchmark. The chart refl ects the Short Portfolio’s relative performance of the representative account of the respective composite for a total of 288 months. Data as of December 31, 2019. Robert Jones began managing the Long/Short strategy in June 2004. The performance information for this time period supplements the Long/Short Equity presentation herein. Boston Partners Long/Short Equity inception is August 1, 1997. The data above is taken from June 2004 on; relative performance versus the S&P 500 Index. Boston Partners Long/Short Research inception is April 1, 2002; relative performance versus the S&P 500 Index. Boston Partners Global Long/Short inception is July 1, 2013; relative performance versus the MSCI EM Index-Net. Boston Partners Emerging Markets Long/Short inception is March 1, 2015; relative performance versus the MSCI EM Index-Net. Past performance is not an indication of future results. Returns are shown net of short interest and short dividend expenses in USD and individual portfolio results may vary. A GIPS® compliant report is contained herein. Please refer to the appendix for other important disclosures. Short Portfolio Performance L/S Equity L/S Research Global L/S EM L/S Periods ahead of the benchmark 132 72 34 22 Total number of periods 152 76 37 23 % of periods ahead of the benchmark 87%95%92%96% Boston Partners n 33 Boston Partners Investment performance through December 31, 2019 Performance (%) 4Q 2019 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception*2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Large Cap Value Equity - Gross of Fees 7.80 23.83 10.72 8.36 12.58 12.34 10.85 23.83 -8.70 20.07 14.74 -4.08 11.85 37.14 21.27 1.29 13.75 Large Cap Value Equity - Net of Fees 7.71 23.46 10.39 8.03 12.22 11.95 10.48 23.46 -8.99 19.71 14.40 -4.37 11.49 36.64 20.66 0.82 13.36 Russell 1000® Value Index 7.41 26.54 9.68 8.29 12.20 11.80 9.52 26.54 -8.27 13.66 17.34 -3.83 13.45 32.53 17.51 0.39 15.51 S&P 500 Index 9.07 31.49 15.27 11.70 14.73 13.56 9.68 31.49 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 Concentrated Large Cap Value Equity - Gross of Fees 10.06 26.11 ————11.30 26.11 -8.86 13.71*——————— Concentrated Large Cap Value Equity - Net of Fees 9.87 25.23 ————10.52 25.23 -9.51 13.32*——————— Russell 1000® Value Index 7.41 26.54 ————9.71 26.54 -8.27 8.61*——————— 130/30 Large Cap Value Equity - Gross of Fees 8.13 23.26 9.95 7.86 12.77 12.51 8.88 23.26 -11.48 21.82 14.05 -3.69 14.52 38.71 21.67 2.06 12.90 130/30 Large Cap Value Equity - Net of Fees 8.05 22.88 9.66 7.59 12.51 12.23 8.42 22.88 -11.70 21.53 13.79 -3.90 14.31 38.46 21.40 1.82 12.37 Russell 1000® Value Index 7.41 26.54 9.68 8.29 12.20 11.80 6.74 26.54 -8.27 13.66 17.34 -3.83 13.45 32.53 17.51 0.39 15.51 Premium Equity - Gross of Fees 9.40 28.85 10.87 9.91 14.23 12.86 12.95 28.85 -11.06 18.91 15.73 1.71 13.22 39.73 16.27 -1.01 14.78 Premium Equity - Net of Fees 9.23 28.09 10.21 9.28 13.59 12.25 12.38 28.09 -11.60 18.22 15.08 1.15 12.65 39.04 15.72 -1.55 14.18 Russell 3000® Value Index 7.48 26.26 9.32 8.20 12.05 11.71 9.52 26.26 -8.58 13.19 18.40 -4.13 12.70 32.69 17.55 -0.10 16.23 S&P 500 Index 9.07 31.49 15.27 11.70 14.73 13.56 9.68 31.49 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 Mid Cap Value Equity - Gross of Fees 6.52 31.26 9.57 9.48 14.23 14.45 13.29 31.26 -14.03 16.55 16.29 2.84 14.37 41.04 19.78 1.68 24.79 Mid Cap Value Equity - Net of Fees 6.42 30.80 9.19 9.11 13.83 13.92 12.63 30.80 -14.33 16.16 15.90 2.49 14.00 40.48 18.90 0.88 23.93 Russell Midcap® Value Index 6.36 27.06 8.10 7.62 12.00 12.41 11.17 27.06 -12.29 13.34 20.00 -4.78 14.75 33.46 18.51 -1.38 24.75 * Inception dates are as follows: Large Cap Value Equity is June 1, 1995; Concentrated Large Cap Value Equity is July 1, 2017; 130/30 Large Cap Value Equity is March 1, 2007; Premium Equity is June 1, 1995; and Mid Cap Value Equity is May 1, 1995. Boston Partners has prepared and presented this report in compliance with the GIPS®. Returns refl ect composite results and individual portfolio results will vary. Performance for periods one year and over are annualized; returns for periods of less than one year are not. Past performance is not an indication of future results. Please refer to the appendix for other important disclosures. Boston Partners n 34 Boston Partners Investment performance through December 31, 2019 (continued) Performance (%) 4Q 2019 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception1 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Small/Mid Cap Value Equity - Gross of Fees 8.67 31.79 6.84 8.19 11.28 11.77 11.10 31.79 -18.56 13.64 25.35 -3.06 5.34 35.33 23.97 -1.57 18.07 Small/Mid Cap Value Equity - Net of Fees 8.51 31.01 6.18 7.49 10.55 11.00 10.30 31.01 -19.08 12.90 24.51 -3.71 4.65 34.37 23.08 -2.31 17.05 Russell 2500™ Value Index 7.07 23.56 6.12 7.18 10.56 11.25 9.86 23.56 -12.36 10.36 25.20 -5.49 7.11 33.32 19.21 -3.36 24.82 Russell 2500™ Index 8.54 27.77 10.33 8.93 12.26 12.58 9.74 27.77 -10.00 16.81 17.59 -2.90 7.07 36.80 17.88 -2.51 26.71 Small Cap Value Equity - Gross of Fees 7.92 31.15 7.16 8.27 11.24 12.00 12.88 31.15 -15.69 11.29 25.63 -3.77 4.76 35.27 22.85 -2.13 22.50 Small Cap Value Equity - Net of Fees 7.72 30.22 6.40 7.47 10.41 11.13 11.99 30.22 -16.27 10.49 24.69 -4.53 3.93 34.21 21.85 -2.93 21.45 Russell 2000® Value Index 8.49 22.39 4.77 6.99 10.13 10.56 9.82 22.39 -12.86 7.84 31.74 -7.47 4.22 34.52 18.05 -5.50 24.50 Russell 2000® Index 9.94 25.52 8.59 8.23 11.65 11.83 8.95 25.52 -11.01 14.65 21.31 -4.41 4.89 38.82 16.35 -4.18 26.85 Small Cap Value Equity II - Gross of Fees 8.35 29.43 6.74 8.42 11.59 12.18 12.18 29.43 -15.38 11.05 27.35 -3.27 5.35 36.53 24.54 -2.29 20.32 Small Cap Value Equity II - Net of Fees 8.09 28.18 5.74 7.41 10.55 11.10 11.03 28.18 -16.19 10.05 26.21 -4.19 4.37 35.28 23.42 -3.45 19.09 Russell 2000® Value Index 8.49 22.39 4.77 6.99 10.13 10.56 8.10 22.39 -12.86 7.84 31.74 -7.47 4.22 34.52 18.05 -5.50 24.50 Long/Short Equity - Gross of Fees 4.58 11.75 0.69 5.36 6.32 9.57 12.16 11.75 -13.34 5.41 25.71 1.15 7.16 10.37 15.40 8.68 29.54 Long/Short Equity - Net of Fees 4.32 10.70 -0.32 4.24 5.18 8.24 9.71 10.70 -14.22 4.30 24.03 0.17 6.04 9.17 14.06 7.39 26.55 S&P 500 Index 9.07 31.49 15.27 11.70 14.73 13.56 7.60 31.49 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 Long/Short Research Equity - Gross of Fees 5.00 14.16 4.92 4.59 7.21 7.96 7.51 14.16 -9.37 11.63 5.21 3.02 8.68 19.70 14.73 5.35 9.33 Long/Short Research Equity - Net of Fees 4.67 12.75 3.62 3.30 5.89 6.63 6.18 12.75 -10.50 10.27 3.91 1.74 7.34 18.23 13.32 4.05 7.98 S&P 500 Index 9.07 31.49 15.27 11.70 14.73 13.56 8.18 31.49 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 HFRI Equity Hedge (Total) Index2 5.89 13.89 6.21 4.59 5.51 4.70 5.08 13.89 -7.14 13.29 5.47 -0.96 1.81 14.28 7.41 -8.38 10.46 1 Inception dates are as follows: Small/Mid Cap Value Equity is April 1, 1999; Small Cap Value Equity is July 1, 1995; Small Cap Value Equity II is July 1, 1998; Long/Short Equity is August 1, 1997; and Long/Short Research Equity is April 1, 2002. 2 HFRI Equity Hedge (Total) Index data cannot be shared or distributed without written consent. Boston Partners has prepared and presented this report in compliance with the GIPS®. Returns refl ect composite results and individual portfolio results will vary. Performance for periods one year and over are annualized; returns for periods of less than one year are not. Past performance is not an indication of future results. Please refer to the appendix for other important disclosures. Boston Partners n 35 Boston Partners Investment performance through December 31, 2019 (continued) Performance (%) 4Q 2019 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception1 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Global Equity - Gross of Fees 7.30 20.07 8.49 7.33 10.65 10.25 7.87 20.07 -12.50 21.53 9.47 1.89 5.54 35.12 17.26 -1.77 13.46 Global Equity - Net of Fees 7.12 19.27 7.74 6.56 9.85 9.43 7.06 19.27 -13.10 20.67 8.65 1.11 4.74 34.11 16.37 -2.56 12.56 MSCI World Index - Net2 8.56 27.67 12.57 8.74 10.57 9.47 6.79 27.67 -8.71 22.40 7.51 -0.87 4.94 26.68 15.83 -5.54 11.76 MSCI World Value Index - Net2 7.31 21.75 8.35 6.34 8.63 7.81 5.58 21.75 -10.78 17.10 12.33 -4.82 3.69 26.62 15.51 -5.62 9.02 MSCI ACWI Index - Net2 8.95 26.60 12.44 8.41 9.73 8.79 6.32 26.60 -9.42 24.01 7.87 -2.36 4.16 22.80 16.13 -7.35 12.67 International Equity - Gross of Fees 8.66 16.69 6.51 4.74 6.91 6.99 4.15 16.69 -18.07 26.38 0.76 3.54 -3.65 31.47 18.67 -6.20 10.63 International Equity - Net of Fees 8.46 15.86 5.74 3.98 6.13 6.20 3.37 15.86 -18.67 25.49 0.01 2.77 -4.37 30.51 17.79 -6.89 9.73 MSCI EAFE Index - Net2 8.17 22.01 9.56 5.67 6.35 5.50 3.17 22.01 -13.79 25.03 1.00 -0.81 -4.90 22.78 17.32 -12.14 7.75 MSCI EAFE Value Index - Net2 7.82 16.09 6.31 3.54 4.76 3.98 2.21 16.09 -14.78 21.44 5.02 -5.68 -5.39 22.95 17.69 -12.17 3.25 MSCI ACWI Ex US Index - Net2 8.92 21.51 9.87 5.51 5.44 4.97 2.92 21.51 -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 Global Long/Short Equity - Gross of Fees 1.35 6.29 2.45 4.06 ——5.17 6.29 -7.68 9.60 4.34 8.73 4.36 8.961 ——— Global Long/Short Equity - Net of Fees 0.84 4.19 0.42 2.00 ——3.15 4.19 -9.53 7.44 2.28 6.59 2.55 8.021 ——— MSCI World Index - Net2 8.56 27.67 12.57 8.74 ——10.05 27.67 -8.71 22.40 7.51 -0.87 4.94 16.831 ——— MSCI World Value Index - Net2 7.31 21.75 8.35 6.34 ——7.83 21.75 -10.78 17.10 12.33 -4.82 3.69 15.741 ——— HFRI Equity Hedge (Total) Index3 5.86 13.89 6.21 4.59 ——5.18 13.89 -7.14 13.29 5.47 -0.96 1.81 8.981 ——— 1 Inception dates are as follows: Global Equity is July 1, 2008; International Equity is July 1, 2008; and Global Long/Short Equity is July 1, 2013. 2 Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefi t from double taxation treaties. 3 Constituent funds typically maintain at least 50% exposure to, and may in some cases be entirely invested in, equities or equity derivative securities, both long and short. Constituents use a wide variety of investment processes and techniques, net exposure levels, leverage employed, holding periods, market capitalizations concentrations, and valuation ranges. Data cannot be shared or distributed without written consent. Boston Partners has prepared and presented this report in compliance with the GIPS®. Returns refl ect composite results and individual portfolio results will vary. Performance for periods one year and over are annualized; returns for periods of less than one year are not. Past performance is not an indication of future results. Please refer to the appendix for other important disclosures. Boston Partners n 36 1 Inception dates are as follows: Emerging Markets Long/Short Equity is March 1, 2015; Emerging Markets Equity is July 1, 2017; and Alternative Yield is September 30, 2011. 2 Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefi t from double taxation treaties. 3 HFRI Equity Hedge (Total) Index data cannot be shared or distributed without written consent. Boston Partners has prepared and presented this report in compliance with the GIPS®. Returns refl ect composite results and individual portfolio results will vary. Performance for periods one year and over are annualized; returns for periods of less than one year are not. Past performance is not an indication of future results. Please refer to the appendix for other important disclosures. Performance (%) 4Q 2019 1 Year 3 Year 5 Year 7 Year Since Inception1 2019 2018 2017 2016 2015 2014 2013 2012 2011 Emerging Markets Long/Short Equity - Gross of Fees 7.91 19.53 8.42 ——6.02 19.53 -16.64 27.89 8.08 -3.671 ———— Emerging Markets Long/Short Equity - Net of Fees 7.53 17.82 6.74 ——4.12 17.82 -17.87 25.69 5.69 -5.471 ———— MSCI Emerging Markets Index - Net2 11.84 18.42 11.57 ——5.02 18.42 -14.58 37.29 11.18 -17.971 ———— HFRI Equity Hedge (Total) Index3 5.86 13.89 6.21 ——4.39 13.89 -7.14 13.29 5.47 -2.601 ———— Emerging Markets - Gross of Fees 13.46 29.91 ———7.01 29.92 -20.32 14.451 —————— Emerging Markets - Net of Fees 13.19 28.69 ———6.00 28.70 -21.09 13.331 —————— MSCI Emerging Markets Index - Net2 11.84 18.42 ———6.58 18.42 -14.58 15.921 —————— Alternative Yield Composite - Gross of Fees 2.22 12.09 5.79 4.22 4.63 5.63 12.09 -0.84 6.53 4.04 -0.17 3.39 7.96 6.95 7.031 Alternative Yield Composite - Net of Fees 1.96 10.98 4.74 3.19 3.60 4.60 10.98 -1.83 5.48 3.00 -1.16 2.38 6.93 5.94 6.781 Merrill Lynch 91 Day T-Bill (Cash)0.46 2.28 1.67 1.07 0.78 0.68 2.28 1.88 0.84 0.09 0.00 0.00 0.08 0.11 0.001 Boston Partners Investment performance through December 31, 2019 (continued) Boston Partners n 37 Boston Partners Annual fee schedules Large Cap Value Equity, Concentrated Large Cap Equity 0.70% First $10 million of assets 0.50% Next $40 million 0.40% Next $50 million 0.30% Thereafter Mid Cap Value Equity 0.80% First $25 million of assets 0.60% Thereafter Premium Equity 0.80% First $25 million of assets 0.60% Next $25 million 0.50% Next $50 million 0.40% Thereafter Small Cap Value Equity, Small Cap Value Equity II & Small/Mid Cap Value Equity 1.00% First $25 million of assets 0.80% Thereafter Long/Short Research Equity 1.50% of total assets under management 130/30 Large Cap Value Equity 1.00% First $10 million 0.80% Next $40 million 0.70% Next $50 million 0.60% Thereafter Long/Short Equity 1% of total assets under management Plus 20% of return 1 3(c) 11 Fund offered through Boston Partners Trust Company, a subsidiary of Boston Partners Global Investors, Inc. 2 As of December 31, 2018. Boston Partners Large Cap Value Equity Fund — BPTC Trust1 Fees start at 0.65% Additional Administrative Expenses2 2.0 bps annually Boston Partners n 38 Boston Partners Annual fee schedules Global Equity - Separate Account International Equity - Separate Account 0.75% First $25 million of assets 0.65% Next $25 million 0.55% Next $50 million 0.50% Thereafter Global Equity - Delaware Trust International Equity - Delaware Trust 0.75% of total assets under management Global Long/Short Equity 2.00% of total assets under management Global Long/Short - Delaware Trust 1.75% of total assets under management Emerging Markets Long/Short Equity 1.50% of total assets under management Emerging Markets Equity - Separate Account 0.95% First $25 million of assets 0.85% Next $25 million 0.75% Next $50 million 0.70% Thereafter Boston Partners n 39 Boston Partners Performance disclosures Boston Partners Global Investors, Inc. ("Boston Partners") is an Investment Adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. Registration does not imply a certain level of skill or training. Boston Partners is an indirect, wholly owned subsidiary of ORIX Corporation of Japan (“ORIX"). Boston Partners updated its fi rm description as of November 2018 to refl ect changes in its divisional structure. Boston Partners is comprised of two divisions, Boston Partners and Weiss, Peck & Greer Partners ("WPG"). Boston Partners claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. Boston Partners has been independently verifi ed for the periods 2007 through 2018. Before then, Boston Partners Asset Management ("BPAM"), the previous entity name, and WPG were independently verifi ed on an annual basis from 1995 through 2006 and 1993 through 2006, respectively. A fi rm that claims compliance with the GIPS must establish policies and procedures for complying with all the applicable requirements of the GIPS. Verifi cation provides assurance on whether a fi rm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS and have been implemented on a fi rm-wide basis. Verifi cation does not provide assurance on the accuracy of any specifi c performance report. The composites have had a performance examination for the following periods: Boston Partners Large Cap Value Equity, 1995 to 2018; Boston Partners 130/30 Large Cap Value Equity, 2012 to 2018; Boston Partners Premium Equity, 1995 to 2018; Boston Partners Mid Cap Value Equity, 1995 to 2006 and 2010 to 2018; Boston Partners Small/Mid Cap Value Equity, 1999 to 2018; Boston Partners Small Cap Value Equity, 1995 to 2018; Boston Partners Small Cap Value II Equity, 1998 to 2018; Boston Partners Long/Short Research, 2011 to 2018; Boston Partners Global Equity II, 2012 to 2018; Boston Partners International Equity II, 2008 to 2018; Boston Partners Global Long/Short, 2013 to 2018; and Boston Partners Emerging Markets Long/ Short Equity, 2016 to 2018. The verifi cation and performance examination reports are available upon request. A list of composite descriptions is available upon request. GIPS® is a registered trademark of the CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy of quality of the content contained herein. Past performance is not indicative of future results. This document is not an offering of securities nor is it intended to provide investment advice. It is intended for information purposes only. Composite Construction(s) Performance results attained at Boston Partners have been linked to the results achieved at BPAM beginning on January 1, 2007 in compliance with the GIPS® standards on performance record portability. Composites include all separately managed and commingled vehicles, fully discretionary, fee-paying accounts under management with a similar investment mandate and an account market value greater than $1 million with the exception of Boston Partners Small Cap Value Equity and Small Cap Value II Equity which have an account market value greater than $5 million. Prior to January 1, 2007 the minimum account size for inclusion in all the composites was $5 million. The composites contain proprietary assets. The inception and creation date of the Boston Partners Large Cap Value Equity composite is June 1, 1995. The strategy is composed of securities with market capitalizations primarily greater than $3 billion and is benchmarked against Russell 1000® Value Index and the S&P 500 Index. Prior to December 1, 1995, there was no minimum market value requirement for inclusion in the Boston Partners Large Cap Value Equity composite. Accounts that did not meet the newly established minimum balance requirement were removed on that date. The inception and creation date of the Boston Partners Large Cap Concentrated Equity July 1, 2017. The strategy is composed of 30 – 40 securities with market capitalizations primarily greater than $8.5 billion and is benchmarked against the Russell 1000® Value Index. The inception and creation date of the Boston Partners 130/30 Large Cap Value Equity composite (formerly Boston Partners Alpha Extension Large Cap Value Equity) is March 1, 2007. The strategy is an actively managed Large Cap Value strategy that utilized long and short equity position to generate alpha. The strategy is permitted to short 30% of the portfolio and reinvests the proceeds of those shorts into the securities that the manager fi nds attractive, creating a 130% long portfolio and a 30% short portfolio. The strategy is benchmarked against the Russell 1000® Value Index. The inception and creation date of the Boston Partners Premium Equity composite is June 1, 1995. The strategy is a hybrid of Boston Partners’ other equity products. It has the fl exibility to invest across the capitalization spectrum and to invest in securities with equity-like return and risk profi les. Boston Partners Premium Equity is benchmarked against the S&P 500 Index and the Russell 3000® Value Index. The inception and creation date of the Boston Partners Mid Cap Value Equity composite is May 1, 1995. Effective March 1, 2006, the Mid Cap Value Equity strategy is composed of securities primarily in the same market capitalization range, at time of purchase, as the Russell Midcap® Value Index. Effective January 1, 2005 the Boston Partners Mid Cap Value composite revised its benchmark from the Russell 2500™ Value Index to the Russell Midcap® Value Index. The Russell Midcap® Value Index has less of a bias toward smaller capitalization stocks and thus more accurately refl ects the composition of Boston Partners holdings. The inception and creation date of the Boston Partners Small/ Mid Cap Value Equity composite is April 1, 1999. The strategy is composed of securities primarily in the $100 million to $10 billion market capitalization range and is benchmarked against the Russell 2500™ Value Index. The Russell 2500™ Index is presented as supplemental information. The inception and creation date of the Boston Partners Small Cap Value Equity composite is July 1, 1995. The strategy is composed of securities primarily in the $100 million to $1.5 billion market capitalization range and is benchmarked against the Russell 2000® Value Index. The Russell 2000® Index is presented as supplemental information. The inception date of the Boston Partners Small Cap Value II Equity composite is July 1, 1998. The composite was created in 2000. The strategy is composed of securities primarily in the $10 million to $1 billion market capitalization range and is benchmarked against the Russell 2000® Value Index. The inception date and creation date of the Boston Partners Long/Short Equity composite is August 1, 1997. The strategy is an absolute return product that balances long and short portfolio strategies and seeks to achieve stable absolute returns with approximately half the risk of the S&P 500. However, this product is not risk neutral. It is exposed to style, capitalization, sector and short-implementation risks. Use of the S&P 500 Index is for comparative purposes only since investment returns are not correlated to equity market returns. Prior to October 1, 1998, the composite was managed on a non-fee paying basis. Participant results would have been substantially different if fee waivers were not applied. The composite is benchmarked against the S&P 500 Index and the Russell 3000® Value/Russell 3000® Growth for comparative purposes only since the strategy is not correlated to equity market returns. Boston Partners n 40 Boston Partners Performance disclosures (continued) The inception and creation date of the Boston Partners Long/ Short Research Equity composite is April 1, 2002. This strategy is an absolute return product that balances long and short portfolio strategies and seeks to achieve stable absolute returns with approximately half the risk of the S&P 500 Index. The strategy is benchmarked against the S&P 500 Index. The HFRI Equity Hedge (Total) Index is presented as supplemental information. The inception and creation date of the Boston Partners Global Equity II composite is July 1, 2008. This strategy is unconstrained and primarily invests in equity securities in the global market without using hedges on currency. The strategy is benchmarked against the MSCI World Index. Performance and performance related statistics are against MSCI World Index - Net. The MSCI World Value Index-Net and the MSCI ACWI Index-Net are presented as supplemental information. The inception date and creation date of the Boston Partners International Equity II composite is July 1, 2008. This strategy is unconstrained and primarily invests in non-us markets without using currency hedges. The strategy is benchmarked against the MSCI EAFE Index. From July 1, 2008 to June 30, 2010 the primary benchmark was MSCI EAFE Value Index and on July 1, 2010 the primary benchmark changed to the MSCI EAFE. This change to the MSCI EAFE Index was made retroactively to July 1, 2008. Performance and performance related statistics are against MSCI EAFE Index - Net. The MSCI EAFE Value Index-Net and the MSCI ACWI ex US Index-Net are presented as supplemental information. The inception and creation date of the Boston Partners Global Long/Short Equity composite is July 1, 2013. The strategy is composed of securities with market capitalizations primarily greater than $50 million and is benchmarked against the MSCI World Index. Performance and performance related statistics are against MSCI World Index - Net. The MSCI World Value Index- Net and the HFRI Equity Hedge (Total) Index are presented as supplemental information. The inception and creation of the Boston Partners Emerging Markets Long/Short composite is March 1, 2015. The strategy is composed of securities with market capitalizations primarily greater than $250 million and is benchmarked against the MSCI Emerging Markets Index Performance and performance related statistics are against MSCI Emerging Markets Index - Net. The HFRI Equity Hedge (Total) Index is presented as supplemental information. The inception and creation of the Boston Partners Emerging Markets Equity composite is July 1, 2017. The strategy is composed of securities with market capitalizations primarily greater than $250 million and is benchmarked against the MSCI Emerging Markets Index. Performance and performance related statistics are against MSCI Emerging Markets Index - Net. The inception date of the Boston Partners Alternative Yield (Formerly Redwood) composite is October 1, 2011 and the creation date is March 2014. Performance results attained at Boston Partners have been linked to the results achieved at John Hancock in compliance with the GIPS® standards on performance record portability. The strategy consists of portfolios managed with an in the money, equity buy- write strategy. Portfolio managers regularly use derivative instruments in the portfolios in this composite in an attempt to enhance the portfolios’ investment returns, to hedge against market and other risks in the portfolios and/or to obtain market exposure with reduced transactions costs. In particular, the portfolio management team regularly purchases and sells combinations of put and call options (including naked options) in an attempt to take advantage of stock price movements. Product is benchmarked against the S&P 500 Index and the Merrill Lynch 91 Day T-Bill Index. The composite includes all separately managed, fully discretionary, fee-paying accounts under management with a similar investment mandate and an account market value greater than $25 million. Benchmarks Index returns are provided for comparison purposes only to show how the composite’s returns compare to a broad-based index of securities, as the indices do not have costs, fees, or other expenses associated with their performance. In addition, securities held in either indicies may not be similar to securities held in the composite’s accounts. The S&P 500 Index is an unmanaged index of the common stocks of 500 widely held U.S. companies. All Russell® Indices are registered trademarks of the Frank Russell Company. The Russell® Value Indices typically measure the performance of universes of stocks displaying low price- to-book ratios and low forecasted growth values. The Russell® Growth Indices typically measure the performance of universes of stocks displaying high price-to-book ratios and high forecasted growth values. The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index. The Russell 3000® Index measures performance of the 3,000 largest U.S. companies based on total market capitalization. The Russell 2500™, and 2000® Indices measure performance of the 2,500 and 2,000 smallest companies in the Russell 3000® Index respectively. The Russell Midcap® Index measures the performance of the 800 smallest companies in the Russell 1000® Index. The MSCI World Index covers the full range of developed, emerging and All Country MSCI International Equity Indices across all size segmentations. MSCI uses a two-dimensional framework for style segmentation in which value securities are categorized using a multi-factor approach, which uses three variables (book value to price, 12-month forward earnings to price and dividend yield) to defi ne the value investment style characteristics and fi ve variables to defi ne the growth investment style characteristics including forward looking variables. The objective of the index design is to divide constituents of an underlying MSCI Equity Index into respective value and growth indices, each targeting 50% of the free fl oat adjusted market capitalization of the underlying market index. The MSCI EAFE Index is broadly recognized as the pre-eminent benchmark for U.S. investors to measure international equity performance. It comprises the MSCI country indexes capturing large and mid- cap equities across developed markets in Europe, Australasia and the Far East, excluding the U.S. and Canada. The MSCI World Index represents large and mid-cap equity performance across 23 developed markets countries, covering approximately 85% of the free fl oat-adjusted market capitalization in each. This index offers a broad global equity benchmark, without emerging markets exposure. MSCI Emerging Markets Standard Index (net return): The MSCI Emerging Markets indices are designed to measure the type of returns foreign portfolio investors might receive from investing in emerging market stocks that are legally and practically available to them. Constituents for the MSCI series are drawn from the MSCI stock universe based on size, liquidity, and their legal and practical availability to foreign institutional investors. The MSCI ACWI (All Country World Index) is a market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world. The MSCI ACWI is maintained by Morgan Stanley Capital International, and is comprised of stocks from both developed and emerging markets. The HFRI Equity Hedge (Total) Index constituent funds typically maintain at least 50% exposure to, and may in some cases be entirely invested in, equities or equity derivative securities, both long and short. Constituents use a wide variety of investment processes and techniques, net exposure levels, leverage employed, holding periods, market capitalizations concentrations, and valuation ranges. Data cannot be shared Boston Partners n 41 Boston Partners Performance disclosures (continued) Composite DispersionThe measurement of composite dispersion is calculated by the weighted average standard deviation of the annual account gross-of-fee returns within the composite. Dispersion in composites with less than fi ve accounts included for the entire year is not considered meaningful and is denoted with “N/A”. Prior to January 1, 2007, the measurement of composite dispersion was calculated by determining the difference between the highest and lowest annual account returns within the composite. The three-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. This calculation has been adopted effective with the period ended December 31, 2011. or distributed without written consent. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefi t from double taxation treaties Calculation Methodology Composite returns are asset value weighted and composite account returns are calculated on a total return, time-weighted basis using trade date valuations. Effective January 1, 2011, Boston Partners adopted a signifi cant cash fl ow policy. Accounts are temporarily removed from the composite when a signifi cant external cash fl ow occurs, which is typically defi ned as a fl ow that is greater than or equal to 10% of the beginning market value of the portfolio on the day of the fl ow that exceeds a threshold of +/-20 basis points from daily performance of the representative account and a similar account of the same strategy; and greater than or equal to 10% of the beginning market value of the composite for that month. An account is generally added back to the composite as of the fi rst full month following the signifi cant cash fl ow. Returns refl ect the reinvestment of dividends and other earnings and are expressed in U.S. Dollars. Additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant reports is available upon request. Fees and Expenses Composite returns are provided on a gross and net of fee basis. Account returns will be reduced by any fees and expenses incurred in the management of the account. Net of fee composite returns are asset weighted and refl ect the deduction of management fees--which may include performance-based fees-commissions and transaction costs, and are calculated by deducting actual fees charged to composite accounts. Net of fee returns for commingled vehicles that are members of a composite are calculated using a model fee that is the highest tier in the separate account fee schedule for the strategy. Gross composite returns are calculated by deducting commissions and transaction costs charged to composite accounts. Fees are applied to gross returns at month end. Actual fees may vary depending on the applicable fee schedule and portfolio size. Additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant reports is available upon request. Investment advisory fees are listed herein and are fully described in Boston Partners' Form ADV, Part 2. Mid Cap Value Equity:# of Accts. in Comp. Total Assets in Comp. Comp. Dispersion Comp. 3-Yr. Std. Dev. Bench. 3-Yr. Std. Dev. % of Firm AUM2018:41 $16.0 bn 0.16%13.26%11.96%20%2017:36 $20.9 bn 0.09%11.56%10.33%21%2016:35 $18.5 bn 0.09%12.45%11.30%21%2015:37 $15.3 bn 0.01%10.97%10.71%20%2014:29 $11.6 bn 0.12%10.27%9.81%16%2013:16 $7.6 bn 0.24%14.83%13.69%15%2012:9 $2.9 bn 0.01%17.76%16.76%10%2011:4 $1.0 bn N/A 21.35%22.78%5%2010:3 $306 mm N/A N/A N/A 2%2009:3 $127 mm N/A N/A N/A 1% Premium Equity:# of Accts. in Comp. Total Assets in Comp. Comp. Dispersion Comp. 3-Yr. Std. Dev. Bench. 3-Yr. Std. Dev. % of Firm AUM2018:36 $3.7 bn 0.11%12.58%11.06%4%2017:35 $4.3 bn 0.17%11.47%10.33%4%2016:35 $3.4 bn 0.10%12.30%10.97%4%2015:35 $3.3 bn 0.09%11.46%10.74%4%2014:29 $3.1 bn 0.14%9.92%9.36%4%2013:29 $2.7 bn 0.53%13.76%12.90%5%2012:26 $2.2 bn 0.17%16.17%15.81%7%2011:24 $2.0 bn 0.19%19.37%21.04%9%2010:27 $2.1 bn 0.43%N/A N/A 12%2009:26 $2.1 bn 0.49%N/A N/A 12% 130/30 Large Cap Equity:# of Accts. in Comp. Total Assets in Comp. Comp. Dispersion Comp. 3-Yr. Std. Dev. Bench. 3-Yr. Std. Dev. % of Firm AUM2018:1 $269 mm N/A 12.41%10.82%0%2017:2 $1.0 bn N/A 12.09%10.20%1%2016:2 $877 mm N/A 12.53%10.77%1%2015:2 $933 mm N/A 11.97%10.68%1%2014:2 $1.2 bn N/A 10.07%9.20%2%2013:1 $845 mm N/A 13.97%12.70%2%2012:3 $636 mm N/A 16.91%15.51%2%2011:3 $463 mm N/A 20.29%20.69%2%2010:1 $17 mm N/A N/A N/A 0%2009:1 $6 mm N/A N/A N/A 0% Concentrated Large Cap Value Equity:# of Accts. in Comp. Total Assets in Comp. Comp. Dispersion Comp. 3-Yr. Std. Dev. Bench. 3-Yr. Std. Dev. % of Firm AUM2018:1 $4 mm N/A N/A N/A 0%2017*:1 $3 mm N/A N/A N/A 0%* 2017 performance period is from July 1. Large Cap Value Equity:# of Accts. in Comp. Total Assets in Comp. Comp. Dispersion Comp. 3-Yr. Std. Dev. Bench. 3-Yr. Std. Dev. % of Firm AUM2018:142 $22.4 bn 0.19%10.82%10.80%27%2017:141 $25.4 bn 0.33%10.20%9.92%26%2016:156 $25.3 bn 0.23%10.77%10.59%29%2015:167 $24.6 bn 0.16%10.68%10.47%31%2014:151 $25.2 bn 0.11%9.20%8.98%34%2013:129 $16.5 bn 0.62%12.70%11.94%32%2012:105 $8.6 bn 0.24%15.51%15.09%30%2011:99 $5.1 bn 0.23%20.69%18.71%24%2010:89 $4.8 bn 0.15%N/A N/A 26%2009:83 $3.5 bn 0.38%N/A N/A 21%Small/Mid Cap Value Equity:# of Accts. in Comp. Total Assets in Comp. Comp. Dispersion Comp. 3-Yr. Std. Dev. Bench. 3-Yr. Std. Dev. % of Firm AUM2018:20 $1.1 bn 0.19%14.64%13.58%1%2017:18 $1.3 bn 0.30%12.72%11.81%1%2016:18 $1.0 bn 0.14%13.90%13.17%1%2015:13 $814 mm 0.14%12.21%12.02%1%2014:10 $499 mm 0.08%11.65%11.25%1%2013:7 $481 mm 0.13%15.30%15.07%1%2012:7 $367 mm 0.08%18.30%18.41%1%2011:7 $327 mm 0.10%23.85%24.23%2%2010:7 $384 mm 0.04%N/A N/A 2%2009:7 $350 mm 0.32%N/A N/A 2% Boston Partners n 42 Boston Partners Performance disclosures (continued) Emerging Markets Equity:# of Accts. in Comp. Total Assets in Comp. Comp. Dispersion Comp. 3-Yr. Std. Dev. Bench. 3-Yr. Std. Dev. % of Firm AUM2018:7 $4 mm N/A N/A N/A 0%2017*:6 $3 mm N/A N/A N/A 0%* 2017 performance period is from July 1. Emerging Markets Long/Short Equity:# of Accts. in Comp. Total Assets in Comp. Comp. Dispersion Comp. 3-Yr. Std. Dev. Bench. 3-Yr. Std. Dev. % of Firm AUM2018:1 $177 mm N/A 9.48%14.60%0%2017:1 $211 mm N/A N/A N/A 0%2016:1 $11 mm N/A N/A N/A 0%2015*:1 $3 mm N/A N/A N/A 0%* 2015 performance period is from March 1. Global Long/Short Equity:# of Accts. in Comp. Total Assets in Comp. Comp. Dispersion Comp. 3-Yr. Std. Dev. Bench. 3-Yr. Std. Dev. % of Firm AUM2018:1 $861 mm N/A 5.09%10.38%1%2017:1 $1.0 bn N/A 4.92%10.23%1%2016:1 $868 mm N/A 5.33%10.94%1%2015:1 $629 mm N/A N/A N/A 1%2014:1 $125 mm N/A N/A N/A 0%2013*:1 $3 mm N/A N/A N/A 0%* 2013 performance period is from July 1. International Equity:# of Accts. in Comp. Total Assets in Comp. Comp. Dispersion Comp. 3-Yr. Std. Dev. Bench. 3-Yr. Std. Dev. % of Firm AUM2018:6 $1.4 bn 0.05%11.98%11.24%2%2017:5 $1.2 bn 0.10%11.31%11.83%1%2016:3 $603 mm N/A 11.81%12.48%1%2015:1 $261 mm N/A 11.07%12.47%0%2014:2 $33 mm N/A 11.77%12.99%0%2013:2 $20 mm N/A 14.28%16.21%0%2012:2 $18 mm N/A 18.16%19.34%0%2011:1 $6 mm N/A 21.73%22.40%0%2010:1 $6 mm N/A N/A N/A 0%2009:1 $6 mm N/A N/A N/A 0% Long/Short Research:# of Accts. in Comp. Total Assets in Comp. Comp. Dispersion Comp. 3-Yr. Std. Dev. Bench. 3-Yr. Std. Dev. % of Firm AUM2018:2 $4.9 bn N/A 7.11%10.80%6%2017:2 $7.4 bn N/A 6.40%9.92%7%2016:2 $6.9 bn N/A 6.64%10.59%8%2015:1 $7.2 bn N/A 6.13%10.47%9%2014:1 $6.0 bn N/A 5.52%8.98%8%2013:1 $2.9 bn N/A 7.95%11.94%6%2012:1 $492 mm N/A 9.86%15.09%2%2011:1 $97 mm N/A 10.70%18.71%0%2010:1 $9 mm N/A N/A N/A 0%2009:1 $5 mm N/A N/A N/A 0% Global Equity:# of Accts. in Comp. Total Assets in Comp. Comp. Dispersion Comp. 3-Yr. Std. Dev. Bench. 3-Yr. Std. Dev. % of Firm AUM2018:9 $1.5 bn 0.09%11.02%10.38%2%2017:8 $1.5 bn 0.11%10.49%10.23%2%2016:4 $699 mm N/A 11.28%10.94%1%2015:3 $438 mm N/A 10.76%10.80%1%2014:1 $27 mm N/A 10.48%10.22%0%2013:2 $66 mm N/A 13.73%13.52%0%2012:2 $18 mm N/A 17.23%16.72%0%2011:1 $8 mm N/A 20.11%20.15%0%2010:1 $9 mm N/A N/A N/A 0%2009:1 $8 mm N/A N/A N/A 0% Long/Short Equity:# of Accts. in Comp. Total Assets in Comp. Comp. Dispersion Comp. 3-Yr. Std. Dev. Bench. 3-Yr. Std. Dev. % of Firm AUM2018:2 $515 mm N/A 9.81%10.80%1%2017:2 $1.1 bn N/A 9.09%9.92%1%2016:2 $1.1 bn N/A 9.68%10.77%1%2015:2 $687 mm N/A 8.41%10.47%1%2014:2 $958 mm N/A 6.77%8.98%1%2013:2 $965 mm N/A 5.46%11.94%2%2012:2 $829 mm N/A 11.93%15.09%3%2011:2 $626 mm N/A 19.85%18.71%3%2010:2 $440 mm N/A N/A N/A 2%2009:2 $189 mm N/A N/A N/A 1% Small Cap Value Equity II:# of Accts. in Comp. Total Assets in Comp. Comp. Dispersion Comp. 3-Yr. Std. Dev. Bench. 3-Yr. Std. Dev. % of Firm AUM2018:3 $597 mm N/A 14.78%15.76%0%2017:4 $935 mm N/A 13.21%13.97%1%2016:4 $878 mm N/A 14.36%15.50%1%2015:3 $478 mm N/A 12.78%13.45%1%2014:4 $444 mm N/A 12.11%12.79%1%2013:4 $370 mm N/A 15.63%15.82%1%2012:4 $304 mm N/A 18.46%19.89%1%2011:5 $272 mm 0.10%25.12%26.05%1%2010:6 $300 mm 0.24%N/A N/A 2%2009:6 $239 mm 0.98%N/A N/A 1% Small Cap Value Equity:# of Accts. in Comp. Total Assets in Comp. Comp. Dispersion Comp. 3-Yr. Std. Dev. Bench. 3-Yr. Std. Dev. % of Firm AUM2018:20 $1.3 bn 0.24%14.79%15.76%2%2017:20 $1.4 bn 0.14%13.46%13.97%1%2016:19 $1.2 bn 0.21%14.71%15.50%1%2015:19 $1.0 bn 0.19%13.03%13.45%1%2014:18 $1.1 bn 0.26%12.36%12.79%2%2013:16 $1.1 bn 0.56%15.69%15.82%2%2012:16 $957 mm 0.20%18.66%19.89%3%2011:17 $923 mm 0.08%24.94%26.05%4%2010:16 $682 mm 0.16%N/A N/A 4%2009:14 $698 mm 0.90%N/A N/A 4% Boston Partners Alternative Yield:# of Accts. in Comp. Total Assets in Comp. Comp. Dispersion Comp. 3-Yr. Std. Dev. Bench. 3-Yr. Std. Dev. % of Firm AUM2018:1 $88 mm N/A 10.80%0.20%0%2017:1 $99 mm N/A 9.92%0.03%0%2016:1 $441 mm N/A 10.59%0.01%1%2015:1 $530 mm N/A 10.47%0.01%1%2014:1 $596 mm N/A 8.95%0.01%1%2013:1 $470 mm N/A N/A N/A 1%2012:1 $462 mm N/A N/A N/A 2%2011*:1 $382 mm N/A N/A N/A 2%* 2011 performance period is from October 1. Boston Partners n 43 Boston Partners Performance disclosures (continued) Annual Fee SchedulesLarge Cap: 70 basis points ("bp") on the fi rst $10 million in assets; 50 bp on the next $40 million; 40 bp on the next $50 million; 30 bp thereafter. Concentrated Large Cap: 70 basis points ("bp") on the fi rst $10 million in assets; 50 bp on the next $40 million; 40 bp on the next $50 million; 30 bp thereafter. 130/30 Large Cap: 100 basis points ("bp") on the fi rst $10 million in assets; 80 bp on the next $40 million; 70 bp on the next $50 million; 60 bp thereafter. Premium Equity: 80 bp on the fi rst $25 million of assets; 60 bp on the next $25 million; 50 bp on the next $50 million; 40 bp thereafter. Mid Cap: 80 bp on the fi rst $25 million of assets; 60 bp thereafter. Small/Mid Cap, Small Cap, and Small Cap II: 100 bp on the fi rst $25 million of assets; 80 bp thereafter. Long/Short: 100 bp on total assets under management; plus 20% profi t participation. Long/Short Research: 150 basis points. Global Equity and International Equity are: 75 basis points ("bp") on the fi rst $25 million in assets; 65 bp on the next $25 million; 55 bp on the next $50 million; 50 bp thereafter. Global Long/Short: 200 bp on total assets under management. Emerging Markets Long/Short: 225 bp on total assets under management. Emerging Markets Equity are: 95 basis points ("bp") on the fi rst $25 million in assets; 85 bp on the next $25 million; 75 bp on the next $50 million; 70 bp thereafter. Alternative Yield:100 basis points on total assets under management. Corporate Information Boston Partners Global Investors, Inc. (“Boston Partners”) is affi liated with listed corporations through common ownership. ORIX Corporation Europe N.V. services may be offered in the U.S. through Robeco Institutional Asset Management, U.S., an SEC Registered Investment Adviser registered under the Investment Advisers Act of 1940. Transtrend products may be offered in the U.S. through Boston Partners Securities, LLC, member FINRA, SiPC. Boston Partners is authorized to transact as an Investment Adviser and maintains a Securities License by the Government of Guam Department of Revenue and Taxation. It also maintains a Certifi cate of Authority to transact business on Guam as a Foreign Corporation. In addition, Boston Partners is registered in Korea with the Financial Services Commission (FSC). Other Disclosures GICS (Global Industry Classifi cation Standard) sector classifi cation is used. All product characteristics and sector weightings are calculated using a representative portfolio. Risk statistics are calculated using composite data. Portfolio composition is subject to change and information contained in this publication may not be representative of the current portfolio. Foreign investors may have taxes withheld. Investing involves risk including the risk of loss of principal. Value investing involves buying the stocks of companies that are out of favor or are undervalued. This may adversely affect the portfolio value and return. Stock values fl uctuate in response to issuer, political, regulatory, market or economic developments. The value of small and mid-capitalization securities may be more volatile than those of larger issuers, but larger issuers could fall out of favor. Investments in foreign issuers may be more volatile than in the U.S. market, and international investing is subject to special risks including, but not limited to, currency risk associated with non - US dollar denominated securities, which may be affected by fl uctuations in currency exchange rates, political, social or economic instability, and differences in taxation, auditing and other fi nancial practices. Investments in emerging markets may increase risks. For those composites that utilize short selling, short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. This may have the effect of increased leverage and constitutes the use of leverage. For those composites that utilize derivatives, derivative investments may involve risks such as potential illiquid markets and additional risk of loss of principal. Boston Partners changed the names of its composites in August 2016 after the fi rm changed its name. Boston Partners participates in Initial Public Offerings (IPOs) as described in its Form ADV, Part 2. IPO contributions to performance vary from year to year depending on availability and prevailing market conditions. IPO contributions may have a signifi cant positive effect on performance when initially purchased. Such positive performance should not be expected for future performance periods. Firm Assets:Year Assets (mm)Year Assets (mm)2018:$81,550 2013:$52,3342017:$99,241 2012:$29,0232016:$87,222 2011:$21,0982015:$78,363 2010:$18,4192014:$73,250 2009:$17,207 Boston Partners Part 2A of Form ADV: Firm Brochure Item 1 – Cover page Boston Partners Global Investors, Inc. One Grand Central Place 60 East 42nd Street, Suite 1550, New York, NY 10165 Phone number: (617) 832-8286 Fax number: (212) 812-7451 www.boston-partners.com klengieza@boston-partners.com This brochure provides information about the qualifications and business practices of Boston Partners Global Investors, Inc. (“Boston Partners”). If you have any questions about the contents of this brochure, please contact us at: (617) 832-8286, or by email at: klengieza@boston-partners.com. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission, or by any state securities authority. Additional information about Boston Partners is available on the SEC’s website at 36T36T36T36TUUUUwww.adviserinfo.sec.govUUUU36T36T36T36T. Any reference to Boston Partners Global Investors, Inc., a “registered investment advisor” or as being “registered”, does not imply a certain level of skill or training. The date of this brochure is July 26, 2019 i Boston Partners Item 2 - Material Changes Annual Update The Material Changes section of this brochure will be updated annually when material changes occur since the previous release of the Firm Brochure. The last annual update was March 14, 2019. Material Changes since the Last Annual Update The U.S. Securities and Exchange Commission issued a final rule in July 2010 requiring advisers to provide a Firm Brochure in narrative “plain English” format. The new final rule specifies mandatory sections and organization. There were material changes since the last annual update, dated March 14, 2019. 1. The principal office location of Boston Partners Global Investors, Inc. is One Grand Central Place, 60 East 42nd Street, Suite 1550, New York, NY, 10165, effective as of June 1, 2019. Our clients were notified several weeks in advance. Full Brochure Available Whenever you would like to receive a complete copy of our Firm Brochure, please contact us by telephone at: (617) 832-8268 or by email at: klengieza@boston- partners.com. TOC 1 Boston Partners Item 3 – Table of Contents Table of Contents Item 1 – Cover page ....................................................................................................... i Item 2 - Material Changes .............................................................................................. i Annual Update ............................................................................................................ i Material Changes since the Last Annual Update ........................................................ i Full Brochure Available ............................................................................................... i Item 3 – Table of Contents ............................................................................................ 1 Item 4 - Advisory Business .......................................................................................... 1 A. Firm Description and Principal Owners ................................................................ 1 B. Types of Advisory Services .................................................................................. 1 C. Tailored Relationships .......................................................................................... 2 D. Wrap Fee Programs .............................................................................................. 3 E. Client Assets......................................................................................................... 4 Item 5 - Fees and Compensation ................................................................................. 4 A. Description............................................................................................................ 4 B. Fee Billing ............................................................................................................. 8 C. Other Fees, including Custodian Fees, Mutual Fund Expenses, Brokerage and Other Transaction Costs ............................................................................................ 9 D. Fees Paid in Advance, and Refunds if Advisory Contract is Terminated Before End of Billing Period ................................................................................................... 9 E. Compensation to Supervised Persons ................................................................. 9 Item 6 - Performance-Based Fees .............................................................................. 10 Performance-Based Fees ........................................................................................ 10 Item 7 - Types of Clients ............................................................................................. 10 Description ............................................................................................................... 10 Account Minimums ................................................................................................... 10 Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss ................. 11 A. Methods of Analysis and Investment Strategies Used ........................................ 11 8.A.1. Boston Partners ............................................................................................ 11 8.A.2. WPG Partners Small Cap Value and WPG Partners Micro Cap Opportunities ................................................................................................................................. 13 TOC 2 Boston Partners 8.A.3. Boston Partners and WPG Partners - US Issuer Disclosure ........................ 17 8.A.4. Robeco Institutional Asset Management US Inc.’s products ........................ 17 8.A.5. Boston Partners Alternative Yield Strategy ................................................... 18 B. Material Risks for Investment Strategies or Method of Analyses Used .............. 19 C. Material Risks In Recommending Primarily a Particular Type of Security .......... 20 Item 9 - Disciplinary Information ................................................................................ 20 A. Legal and Disciplinary Disclosure ....................................................................... 20 B. Legal and Disciplinary Disclosure ....................................................................... 20 C. Legal and Disciplinary Disclosure ....................................................................... 20 Item 10 - Other Financial Industry Activities and Affiliations .................................. 20 A. Financial Industry Activities ................................................................................ 20 B. Financial Industry Activities ................................................................................ 20 C. Affiliations ........................................................................................................... 21 D. Material Conflicts of Interest ............................................................................... 22 Item 11 - Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ......................................................................................................... 22 A. Code of Ethics .................................................................................................... 22 B. Participation or Interest in Client Transactions ................................................... 23 C. Personal Trading ................................................................................................ 24 D. Recommendations of Securities to Clients ......................................................... 24 Item 12 - Brokerage Practices .................................................................................... 26 A. Selecting Brokerage Firms ................................................................................. 26 12.A.1. Research and Other Soft Dollar Benefits .................................................... 26 12.A.2. Brokerage for Client Referrals .................................................................... 28 12.A.3. Directed Brokerage ..................................................................................... 28 B. Order Aggregation .............................................................................................. 30 Item 13 - Review of Accounts ..................................................................................... 31 A. Periodic Reviews ................................................................................................ 31 B. Review Triggers .................................................................................................. 31 C. Regular Reports ................................................................................................. 31 Item 14 - Client Referrals and Other Compensation ................................................. 32 A. Third Party Payments ......................................................................................... 32 B. Retention of Solicitors ......................................................................................... 32 TOC 3 Boston Partners Item 15 - Custody ........................................................................................................ 32 Item 16 - Investment Discretion ................................................................................. 32 Item 17 - Voting Client Securities............................................................................... 32 Proxy Votes ............................................................................................................. 32 Item 18 - Financial Information .................................................................................. 33 Financial Condition .................................................................................................. 33 Item 19 – Requirements for State-Registered Advisers ........................................... 33 Item 20 - Business Continuity Plan ............................................................................ 34 General .................................................................................................................... 34 BUSINESS RESUMPTION HIGHLIGHTS .................................................................... 34 Item 21 - Information Security Program .................................................................... 35 Privacy Notice .......................................................................................................... 35 Brochure Supplement (Part 2B of Form ADV) .......................................................... 38 Education and Business Standards ......................................................................... 38 Professional Certifications ....................................................................................... 38 STAN H. KOYANAGI ............................................................................................... 40 DAVID G. VAN HOOSER ........................................................................................ 41 PAUL E. WILSON, CPA ........................................................................................... 42 MARK E. DONOVAN: CFA ..................................................................................... 43 JOSEPH F. FEENEY, JR.: CFA .............................................................................. 44 WILLIAM G. BUTTERLY, III: J.D. ............................................................................ 45 MATTHEW J. DAVIS: CPA ..................................................................................... 46 KENNETH M. LENGIEZA ........................................................................................ 47 GREG A. VARNER .................................................................................................. 48 PORTFOLIO MANAGEMENT AND RESEARCH ANALYSTS ................................ 49 DAVID T. COHEN: CFA .......................................................................................... 49 ERIC S. CONNERLY: CFA .................................................................................... 50 DAVID M. DABORA: CFA ...................................................................................... 51 ERIC GANDHI: CFA ............................................................................................... 52 GEORGE GUMPERT: CFA .................................................................................... 53 CHRISTOPHER K. HART: CFA ............................................................................. 54 TODD G. HAWTHORNE ......................................................................................... 55 TOC 4 Boston Partners JOSHUA JONES: CFA .......................................................................................... 56 ROBERT T. JONES: CFA ...................................................................................... 57 ROSS KLEIN, CFA .................................................................................................. 58 PAUL KORNGIEBEL: CFA ..................................................................................... 59 MARTIN P. MacDONNELL: CFA ............................................................................ 60 STEPHANIE McGIRR .............................................................................................. 61 STEVEN L. POLLACK: CFA .................................................................................. 62 DAVID J. PYLE: CFA ............................................................................................. 63 DUILIO R. RAMALLO: CFA ................................................................................... 64 PATRICK REGAN: CFA ......................................................................................... 65 HARRY J. ROSENBLUTH: CFA ............................................................................ 66 RICHARD SHUSTER: CFA .................................................................................... 67 GREGORY N. WEISS ............................................................................................. 68 JOSHUA WHITE: CFA ............................................................................................ 69 BRUCE WIMBERLY ................................................................................................ 70 SCOTT E. BURGESS: CFA .................................................................................... 71 TIMOTHY P. COLLARD .......................................................................................... 72 AARON DECOSTE .................................................................................................. 73 PAUL DONOVAN: CFA .......................................................................................... 74 KEVIN DUGGAN: CFA ........................................................................................... 75 DARIN FIERSTEIN .................................................................................................. 75 TREVOR FRANKEL: CFA ...................................................................................... 76 VOLKAN GULEN, CFA ............................................................................................ 77 TIMOTHY J. HORAN ............................................................................................... 78 TODD A. KNIGHTLY ............................................................................................... 79 MICHAEL A. MULLANEY ........................................................................................ 80 MAGGY A. PIETROPAOLO: CFA .......................................................................... 81 - 1 - Boston Partners Item 4 - Advisory Business A. Firm Description and Principal Owners Boston Partners Global Investors, Inc. (“Boston Partners”) is an indirect wholly owned subsidiary of ORIX Corporation (“ORIX”). ORIX is a publicly owned Tokyo-based international financial services company established in 1964. ORIX is listed on the Tokyo (8591) and New York (NYSE:IX) stock exchanges. Boston Partners has been in business, through its predecessor companies, since 1970. Boston Partners has an additional division, Weiss Peck & Greer (“WPG Partners”). In October 2018, Redwood became Boston Partners Alternative Yield Strategy. Boston Partners is the parent of Boston Partners Securities L.L.C. (“Boston Partners Securities”), a limited purpose broker-dealer, which offers interests in registered and unregistered funds advised by Boston Partners or its affiliates. Boston Partners is also the parent of Boston Partners Trust Company (“BPTC”), a non-depository trust company formed in New Hampshire, which offers interests in bank collective investment trusts. Boston Partners is also the parent of Boston Partners (UK) Limited (“Boston Partners UK”), a private limited company formed in the United Kingdom. Boston Partners UK provides sales and client services to institutional clients in Europe. The actual discretionary investment management services are delegated to Boston Partners UK’s parent company, Boston Partners. Boston Partners provides certain investment products of its affiliate, Robeco Institutional Asset Management US Inc. (“RIAM US”), to US clients. RIAM US is an indirect wholly owned subsidiary of ORIX and provides investment advice for Robeco Institutional Asset Management B.V.’s (“RIAM”) products in global securities via either a subadvisory relationship with Boston Partners or by contracting directly with US clients. Where Boston Partners is the adviser and RIAM US the subadviser, both Boston Partners and RIAM US claim the assets as part of their respective assets under management in marketing materials. Boston Partners obtains revenue for the servicing of RIAM US portfolios. Boston Partners assists in selling a pooled vehicle for which it has engaged its affiliate, Transtrend B.V., an indirect wholly owned subsidiary of ORIX, to provide commodity trading advice. B. Types of Advisory Services Boston Partners provides investment supervisory services, also known as asset management services. Boston Partners provides continuous investment advice on a fully discretionary basis to institutions, including registered investment companies, and to high net worth individuals for a variety of investment strategies. Boston Partners primarily provides advice using a value style approach for large cap equity, mid cap equity, small cap equity, long/short equity, alpha extension, global equity, international equity, and emerging markets equity. Boston Partners’ Alternative Yield Strategy is an absolute return strategy seeking to provide equity-like returns with substantially lower volatility than the broad market. WPG Partners primarily provides advice regarding small cap value equity and micro cap opportunities equity. For balanced account services, Boston Partners maintains the asset allocation between equity and fixed income and provides discretionary investment advice with respect to the equity portion of the account. Investment strategies are offered through a variety of vehicles, including but not limited to separate accounts, and registered and unregistered funds. - 2 - Boston Partners Boston Partners, or an affiliate, serves as general partner or investment adviser and/or sponsor, or has some financial interest in various investment partnerships or limited liability companies, and other separately managed and/or commingled accounts, as discussed further in Item 11 below ("Proprietary Accounts"). Boston Partners typically seeds Proprietary Accounts to develop and implement new investment strategies prior to offering such strategies to clients. Boston Partners offers investment advisory services to investment companies (or portfolios or series thereof) registered under the Investment Company Act of 1940. Boston Partners acts as the investment adviser to the Boston Partners All Cap Value Fund, the Boston Partners Small Cap Value Fund II, the Boston Partners Global Equity Fund, the Boston Partners Global Equity Advantage Fund, the Boston Partners Long/Short Equity Fund, the Boston Partners Long/Short Research Fund, the Boston Partners Global Long/Short Fund, the Boston Partners Emerging Markets Fund, the Boston Partners Emerging Markets Long/Short Fund and , the WPG Partners Small/Micro Cap Value Fund (the “Boston Partners Mutual Funds”). Boston Partners may provide financial futures advice to various Boston Partners Mutual Funds, private investment funds, and separately managed accounts. Boston Partners may from time to time advise certain of the Boston Partners Mutual Funds on repurchase agreements. Boston Partners offers advice on a wide-range of securities and contracts. Investments will include: equities (stocks), preferred stock, convertible securities, convertible preferred stock with fixed or adjustable rates, warrants, investment company securities (mutual funds shares), various money market instruments, depository receipts, and common stock issued by foreign issuers, foreign currencies and currency hedges, forward contracts, exchange traded funds or unit investment trusts, and various derivative or hybrid securities and investment techniques, including but not limited to futures contracts, options contracts, swaps and contracts for differences. Initial public offerings (IPOs) are available to Boston Partners’ clients in certain circumstances. Boston Partners’ investment personnel share security information internally, or on a more limited basis with RIAM. Information will be shared through periodic reports of holdings, formal meetings, and informal discussions among investment personnel. While the divisions share information regarding a particular security, Boston Partners and each division and RIAM makes its own independent investment decision for the particular client accounts or portions of those accounts that it manages or subadvises. Policies are in place to protect Boston Partners clients when any information is shared with RIAM. Employees of Boston Partners who are registered representatives of Boston Partners Securities L.L.C. offer investment opportunities to clients in the form of mutual funds and limited partnership or other interests in private investment vehicles. C. Tailored Relationships Boston Partners offers several products to prospective clients; for example, US large cap equity. Clients generally select Boston Partners to manage money in a particular product category and have undertaken their own asset allocation decisions and due diligence on managers and products. All investment management assignments are governed by client guidelines, either standard Boston Partners guidelines adopted by the client, or guidelines submitted by the client. Clients may impose reasonable restrictions on the types of investments made by Boston Partners. Boston Partners will assess those restrictions and discuss with the client the potential impact on the portfolio of restrictions that Boston Partners deems material. Boston Partners will reject client guideline restriction proposals if they are materially inconsistent with Boston Partners’ investment strategy. - 3 - Boston Partners D. Wrap Fee Programs Additionally, Boston Partners provides discretionary, investment management services as part of various wrap-fee programs (“Wrap Programs”) offered by investment adviser/broker-dealers (“Sponsors”). Under these arrangements, the Sponsors provide various services, which typically include investment management, trade execution, custody, performance monitoring, reporting, and other services for an all-inclusive fee. A detailed description of services offered under a specific Wrap Program can be obtained from the Sponsor of such program or from the Sponsor’s Form ADV, Schedule H. Contractual agreements for Wrap Programs are typically between the client and the Sponsor because of the Sponsor’s all-inclusive fee arrangement. The Sponsor, in turn, contracts with Boston Partners for its investment advisory services. Boston Partners receives a portion of the fee received by the Sponsor. Under a Wrap Program, the Sponsor typically assists the client in defining the client’s investment objectives based on information provided by the client; aids in the selection of one or more investment managers to manage the client’s accounts; and periodically contacts the client to ascertain whether there has been any change in the client’s financial circumstances or objectives that warrant a change in the arrangement or the manner in which the client’s assets are managed. Although Boston Partners does not normally have direct initial client contact, the information obtained by the Sponsor is expected to be sufficiently detailed so that Boston Partners is able to provide individualized investment management services to each client. Boston Partners will take into consideration each client’s investment objectives and other individual circumstances and reasonable restrictions. In addition, Boston Partners makes itself reasonably available to the Sponsor and the client, for joint consultations, to ensure Boston Partners’ ability to maintain individualized investment management services. In evaluating a Wrap Program, clients should consider a number of factors. A client may be able to obtain some or all of the services available through a particular Wrap Program on an “unbundled” basis through the Sponsor of that program or through other firms and, depending on the circumstances, the aggregate of any separately paid fees may be lower (or higher) than the single, all- inclusive (or “wrap”) fee charged in the Wrap Program. Furthermore, Boston Partners participates in a Sponsor’s Unified Management Account Program (“UMA Program"). Under a UMA Program, Boston Partners provides a model portfolio to the Sponsor, and the Sponsor executes transactions for its client accounts taking into consideration the individual needs of the particular client. Under a UMA Program, Boston Partners does not render individualized investment management services to the Sponsor’s client. The process for security selection for accounts for Wrap Programs and UMA Programs is the same as for Boston Partners’ other accounts. Boston Partners will attempt to manage the delivery of trading instructions to the Sponsors to ensure that the trading opportunities are fair and equitable to all clients. This could involve either simultaneous trade instructions or a rotation system. Boston Partners provides investment advisory services to the following Wrap Programs: • Adhesion Wealth Advisor Solutions – WealthADV UMA • Ameriprise Financial Services - Select Account Platform - UMA Strategist • Callan UMA Program • Charles Schwab - Access Program - Market Place • Citigroup Global Markets, Inc. – Private Bank • Envestnet / PMC - UMA Program - 4 - Boston Partners • FolioDynamix Advisors, Inc. – Unified Overlay Management Program (UMA) • Fortigent – Access Overlay 1 and 2 • Fulton Bank, N.A. - UMA Program • Goldman Sachs & Co. LLC – Global Manager Strategies Separate Account Program • Hancock Whitney Bank – Hancock Whitney Access Program • JP Morgan Securities LLC - Portfolio Manager Program - Private Bank - Stratis - Unified Managed Accounts • KeyBank National Association – Key Private Bank SMA Platform • Lockwood Advisors Inc. • – Lockwood Managed Account Command • Unified Managed Accounts Program • Merrill Lynch, Pierce, Fenner & Smith Incorporated - Consults - ML Advisory Program - Merrill 1Platform - UMA • Morgan Stanley Wealth Management - Consulting Evaluation Services -- Select UMA • Mount Yale Capital Group, LLC – Mount Yale UMA Program • Raymond James & Associates, Inc. - Freedom UMA - Outside Management Program • RBC Capital Markets, LLC - Managed Accounts Program • Smartleaf Inc. – UMA Program • SunTrust Investment Services– AMC Premium Platform • SVB Wealth Advisory, Inc. - SVB Wealth Advisory SMA Platform • USAA Investment Management Company – USAA Managed Portfolios UMA • US Bank, N.A. – US Bank UMA • Vestmark Advisory Solutions, Inc. Vestmark Manager Marketplace • Wells Fargo Advisors Financial Network, LLC - Private Advisory Network Program • Wilmington Trust Investment Advisors, Inc. – Wilmington Trust Multi-Manager E. Client Assets As of January 31, 2019, Boston Partners managed approximately $82.352 billion on a discretionary basis, and $6.270 billion on a non-discretionary basis. Item 5 - Fees and Compensation A. Description Boston Partners’ fees are generally a percentage of assets under management, based on an annual rate and paid quarterly. Some clients may also be charged a performance fee where Boston Partners is compensated by a portion of the performance of the accounts. The standard fee schedule for the various Boston Partners products is set forth below. - 5 - Boston Partners Boston Partners may negotiate fees and minimum account sizes as the situation warrants, taking into consideration various factors such as, but not limited to, multi-product relationships or large account size. Fees may be higher if significant amounts of customized services are required. Assets for multiple and/or related accounts may be aggregated or stacked for the purposes of calculating fees. WPG PARTNERS EQUITY SERVICES ANNUAL FEES WPG Partners Small Cap Value Equity 1.00% on total assets under management The minimum account size is $10 million. WPG Partners Micro Cap Opportunities 1.25% on total assets under management The minimum account size is $5 million. WPG Partners Hedged Equity Strategies Annual Fees The following hedged separate account strategies typically will be billed an asset-based fee based on the total market value of the account at specified month/quarter ends, plus where consistent with legal requirements governing the particular fund, an annual profit participation fee. Strategies are subject to a loss carry-forward provision. The amount of prior losses that must be offset will be reduced in proportion to any withdrawal from the account. The profit participation in any fiscal year will not be affected by losses in a subsequent fiscal year. WPG Partners Opportunistic Value Strategy 1.00% on total assets under management 20% profit participation The minimum account size is $5 million. Boston Partners - Balanced Services Annual Fees Strategies provided under balanced account services may vary, and fees for balanced account management are outlined under the applicable equity product. Depending upon services provided, the final negotiated fee may vary. BOSTON PARTNERS EQUITY SERVICES ANNUAL FEES Boston Partners Premium Equity .80% First $25 Million .60% Next $25 Million .50% Next $50 Million .40% Thereafter The minimum account size is $10 million. Boston Partners Large Cap Value Equity .70% First $10 Million .50% Next $40 Million - 6 - Boston Partners .40% Next $50 Million .30% Thereafter The minimum account size is $10 million. Boston Partners Large Cap Value Concentrated Equity .70% First $10 Million .50% Next $40 Million .40% Next $50 Million .30% Thereafter The minimum account size is $10 million. Boston Partners 130/30 Large Cap Value Equity 1.00% First $10 Million .80% Next $40 Million .70% Next $50 Million .60% Thereafter The minimum account size is $10 million. Boston Partners Mid Cap Value Equity .80% First $25 Million .60% Thereafter The minimum account size is $10 million. Boston Partners Small Cap Value Equity, Small Cap Value II Equity and Small/Mid Cap Value Equity 1.00% First $25 Million .80% Thereafter The minimum account size is $10 million. Boston Partners Emerging Markets Equity .95% First $25 Million .85% Next $25 Million .75% Next $25 Million .70% Thereafter The minimum account size is $25 million. Boston Partners Global Equity Boston Partners International Equity Boston Partners International Equity – ADR Only Boston Partners Concentrated International Equity .75% First $25 Million .65% Next $25 Million .55% Next $50 Million .50% Thereafter - 7 - Boston Partners The minimum account size is $25 million. Boston Partners Global Long/Short Equity Boston Partners International Long/Short Equity 2.0% on total assets under management The minimum account size is $75 million. Boston Partners Emerging Markets Long/Short Equity 2.25% on total assets under management The minimum account size is $100 million. Boston Partners Long/Short Equity 1% on total assets under management 20% profit participation The minimum account size is $20 million. Boston Partners Long/Short Research Equity 1.50% on total assets under management The minimum account size is $75 million. Certain Long/Short accounts may be billed an asset-based fee based on the market value of the account at specified month/quarter ends plus an annual profit participation fee, subject to a loss carry-forward provision. The amount of prior losses that must be offset will be reduced in proportion to any withdrawal from the account. The profit participation in any fiscal year will not be affected by losses in a subsequent fiscal year. Boston Partners Alternative Yield Strategy 1.00% on total assets under management The minimum account size is $25 million. BOSTON PARTNERS DELAWARE BUSINESS TRUST SERVICES ANNUAL FEES Boston Partners serves as the investment manager of the Boston Partners Portfolio Trust (the “Trust”), a Delaware Statutory Trust. The Trust consists of several series, none of which are charged an investment management fee by Boston Partners. Instead, Boston Partners is entitled to receive compensation for its investment management services with respect to any series directly from the beneficial owners of units of the series in accordance with the fee schedules listed below. Commingled investment vehicles managed by Boston Partners also incur other expenses that are described in the offering documents. These expenses are paid by the investment vehicle but are borne by all its investors and include administration, custodial, legal, audit, and other customary expenses. - 8 - Boston Partners In certain instances, Boston Partners acts as adviser for certain advisory services where Boston Partners appoints RIAM US as subadviser. Alternatively, clients may contract directly with RIAM US as adviser. Standard fees for RIAM US’s products are in its ADV 2. A copy of RIAM US’s Form ADV Part 2 is available at www.adviserinfo.sec.gov. Boston Partners Global - Commingled Boston Partners International - Commingled Multiple classes. Fees start at: .75% on total assets under management The minimum account size is $250,000. Boston Partners Select Equity DST Multiple classes. Fees start at: .80% on total assets under management The minimum account size is $1,000,000. Boston Partners Wrap Account Services Annual Fees Boston Partners acts as portfolio manager for certain Wrap Programs in which clients of a Sponsor select Boston Partners to manage a securities portfolio. The client generally pays an all inclusive (“wrap”) fee to the Sponsor which covers services rendered by such Sponsor and portfolio management services rendered by Boston Partners. However, under certain trading circumstances, the client pays an additional fee for commissions as described under Section 12 below. Upon notice to a Sponsor, a client may terminate its selection of Boston Partners as its investment manager in a Wrap Program. Any prepaid fees are refundable on a pro-rata basis if an account is terminated during a billing period. The Sponsor pays a portion of the wrap fee to Boston Partners for its portfolio management services. Advisory fees paid to Boston Partners generally range from 0.28%-0.70% of assets under management. The minimum account size is $100,000. For UMA Programs, fees are generally .27.5%-0.50%, and the minimum account size is $100,000. The advisory fee received by Boston Partners from the Sponsor will be lower than Boston Partners’ standard advisory fee. The minimum account size for Wrap Program participants is typically less than the minimum account size imposed by Boston Partners. B. Fee Billing Boston Partners is compensated for its services on the basis of fees calculated as a percentage of assets under management either in arrears or in advance, as negotiated with the client. Fees are generally calculated as of a specific date (usually quarter-end), on an average of the first and last day values of the preceding calendar quarter, or on the average of month end values for the three months in the quarter. Typically, fees are based on the aggregate market value of all assets under management within the client’s account, including but not limited to cash, cash equivalents, securities, and accruals. Adjustments are usually made to reflect additions or withdrawals which exceed certain thresholds during a calendar quarter. To the extent any such assets are invested in a commingled fund not managed by Boston Partners or an affiliated manager, the fund will also charge - 9 - Boston Partners management fees with respect to such assets. In such cases, the client would be paying two management fees for assets invested in the commingled fund. Fees are generally calculated and invoices submitted to clients, and/or client custodians or consultants, on a quarterly basis. Compensation is payable within 30 days after presentation of an invoice. Clients may arrange to have such fees debited directly from their account held at the custodian for credit to Boston Partners subject to applicable law. In most cases, both Boston Partners and the client may unilaterally terminate the investment advisory agreement on (usually 30 days) written notice to the other party. If the advisory relationship terminates on other than the end of the specified billing period, fees are prorated and an adjustment made. Any prepaid, unearned fees are refunded to the client. Closing an account does not affect either the client’s or Boston Partners’ responsibilities for previously initiated transactions or for balances due in the account. C. Other Fees, including Custodian Fees, Mutual Fund Expenses, Brokerage and Other Transaction Costs Boston Partners will not receive any compensation other than management fees and brokerage and research services for managing the assets of the clients’ portfolios. The clients will incur other expenses to third parties such as custody, accounting and brokerage costs. A client will typically pay fees to the custodian holding the client’s assets. The client’s custodian is selected by the client independent of any actions by Boston Partners and the fees paid by the client are negotiated separately, unless the client’s assets are invested in a pooled fund sponsored or managed by Boston Partners subject to applicable laws. For example, Boston Partners offers the Boston Partners Portfolio Trust, a series of Delaware statutory trusts for the pooling of accounts. Boston Partners also manages the Boston Partners Mutual Funds, which are registered investment company mutual funds. Finally, Boston Partners is the manager to three hedge funds. In each case, the funds incur custodial, accounting, transfer agency, audit and administrative fees paid to third parties. These expenses are borne by the investors in those funds. A client will also be responsible for brokerage transaction fees for transactions done for the client’s account. A discussion of Boston Partners’ broker selection and trading process is set forth in Question 12. Boston Partners receives brokerage and research services within the meaning of Section 28e of the Securities Exchange Act of 1934 and the regulations interpreting such section. A client’s transaction costs are likely to be higher when Boston Partners receives brokerage and research services as a result of such transactions. D. Fees Paid in Advance, and Refunds if Advisory Contract is Terminated Before End of Billing Period A client may request to be billed “in advance” or “in arrears”. Should the client not have a preference, the client will be billed in arrears. A refund of pre-paid investment advisory fees shall be made where a client has been billed “in advance”, has made a full period payment to Boston Partners and has terminated its investment advisory contract, in writing, before the end of the billing period. The investment advisory fee shall be prorated according to the number of days in the billing period during which Boston Partners was responsible for management of the client’s assets. Advisory fee refunds are initiated automatically by Boston Partners and can be made by check or federal wire at the client’s direction. E. Compensation to Supervised Persons - 10 - Boston Partners Boston Partners’ staff may be compensated based upon a percentage of the revenue generated from new client assets. This compensation is payable from Boston Partners’ advisory fees and not directly by the client. Boston Partners is not compensated based upon commission revenue, although, Boston Partners receives brokerage and research services from the transactions done for a client’s account with unaffiliated brokers. 5.E.1. The receipt of compensation for the promotion of Boston Partners’ products presents a conflict of interest and gives supervised persons an incentive to recommend investment products based upon the compensation received, rather than a client’s needs. Boston Partners addresses such potential conflicts of interest by a supervisory structure that reviews the suitability of each investment product for a prospective client. 5.E.2. A client could purchase certain of Boston Partners’ fund products through an unaffiliated entity, although the cost to the client would likely be greater than if the product were purchased directly through Boston Partners. 5.E.3. Not applicable 5.E.4. Not applicable Item 6 - Performance-Based Fees Performance-Based Fees Boston Partners may enter into performance-based fee arrangements with institutional clients. These arrangements typically provide for a base fee based on the market value of the account at specified month/quarter ends plus a performance fee based on the gross portfolio return. Performance-based fee arrangements for Boston Partners’ hedge funds and fund of funds are outlined in the fund’s respective confidential offering memorandum. Boston Partners manages accounts paying asset- based fees alongside those accounts paying a performance fee. Boston Partners has an incentive to allocate favorable trades or good investment ideas with limited availability to the performance fee accounts because Boston Partners will be paid greater compensation from the performance fee accounts, if the performance is good, than those accounts with an asset-based fee. This presents a conflict between Boston Partners and its clients. Boston Partners recognizes this conflict and has a trade aggregation and allocation policy that requires all accounts to be treated fairly and equitably over time. The Boston Partners compliance team reviews trade allocations regularly for any deviation from this policy of equitable trade allocations. Item 7 - Types of Clients Description Boston Partners provides investment advice to institutional clients such as banks or thrift institutions, investment companies, private investment funds, pension and profit sharing plans, trusts, estates, charitable organizations, corporations or other business entities and to natural persons through Wrap Programs and UMA Programs. Account Minimums For certain products, Boston Partners requires a minimum asset amount as set forth in Item 5(A) above, although such minimum amount may be waived in whole or in part. Certain of the fund vehicles managed by Boston Partners have minimum investment amounts as set forth in the fund offering document. - 11 - Boston Partners Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss A. Methods of Analysis and Investment Strategies Used 8.A.1. Boston Partners Boston Partners’ investment philosophy is grounded in certain “fundamental truths” to investing (“Three Circle”), each proven to have worked over meaningful periods of time and in a variety of market environments: 1. Low valuation stocks outperform high valuation stocks 2. Companies with strong fundamentals, e.g. high and sustainable returns on invested capital, outperform companies with weak fundamentals. 3. Stocks with positive business momentum, e.g. rising earnings estimates, outperform stocks with negative business momentum. Boston Partners constructs well-diversified portfolios that consistently possess these three characteristics; they are simple rules that limit downside risk, preserve capital and maximize the power of compounding. Boston Partners’ Investment Process. All Boston Partners strategies share the same philosophy and process. A centralized research team of fundamental and quantitative analysts supports the portfolio managers and the firm’s value equity discipline. - 12 - Boston Partners Boston Partners’ investment process is grounded in bottom-up fundamental analysis. Efficient and repeatable, the investment process is designed to identify “characteristics that work”: attractive valuation, sound business fundamentals and improving business momentum. The process is executed within a team-oriented culture with individual accountability and clarity of having final decision making portfolio managers. Boston Partners’ investment process begins with quantitative screening to cull a target-rich universe based on the Three Circle characteristics for its fundamental research. Boston Partners casts its net wide, scoring thousands of stocks worldwide every week based on fundamental, valuation and momentum criteria. Boston Partners validates each candidate’s screening score by using customized reporting tools to evaluate the company’s financial history. This enables Boston Partners to identify efficiently bona fide candidates within its Three Circle stock selection framework and provides a roadmap for fundamental research. Boston Partners’ fundamental research incorporates the full menu of public filings, industry information and management discussion. Boston Partners uses its professional judgment to formulate an assessment of each company’s intrinsic value and, where applicable, its prospects for achieving it. Research findings are formally discussed and debated during Boston Partners’ scheduled twice-weekly meetings. Portfolio managers are the final decision makers and every investment professional is accountable for the holdings in Boston Partners’ portfolios. Boston Partners investment strategies include several long/short equity products which include selling securities short. The securities sold short may not be considered “value” securities but are considered to be overvalued by Boston Partners based on its quantitative screening and fundamental security analysis. For certain long/short portfolios, Boston Partners uses single name security swaps, negotiated on a bilateral basis and not cleared through a central clearing facility. Swaps are used to provide exposure in markets where physical trading is not allowed or to obtain exposure to a security to manage margin requirements more efficiently. Boston Partners’ use of such swaps in the emerging markets long/short product is substantial. The use of swaps adds counterparty risk and additional operational risk to the investment process. In certain cases, different Boston Partners portfolios may hold a security both long and short. These cases include where the long position is a significant underweight to the index weighting for the security or the portfolio managers have a different proposed holding period, short-term versus long-term. These situations require prior approval of the Boston Partners Chief Investment Officer (the “CIO”) and periodic review of the simultaneous long and short positions by the CIO. There will be a conflict between client accounts holding the positions long and short at the same time if two portfolio managers desire to exit the positions at the same time. In order to avoid more favorable treatment for one client over the other, the transactions would be placed with two different brokers at the same time, unless trading believes that there would be a substantial risk of a cross trade between accounts occurring or any other circumstances suggest harm to one or more of the clients. - 13 - Boston Partners 8.A.2. WPG Partners Small Cap Value and WPG Partners Micro Cap Opportunities WPG Partners Small Cap Value WPG Partners Small Cap Value Investment Philosophy. WPG Partners believes that hands-on, proprietary fundamental research can uncover under valued companies in key value sectors – the least-covered areas of the inefficient small-cap market to achieve exceptional long-term returns. Pursuing superior small cap companies on the cusp of positive change and at attractive valuations, the WPG Partners Small Cap Value Team seeks to exploit market anomalies through both traditional value investments and special situations. WPG Partners invests in a company when it possesses a near-term positive catalyst; its upside potential significantly outweighs its downside risk and when it is selling at prices well below long-term valuation averages. WPG Partners Small Cap Value’s Investment Process. The WPG Partners Small Cap Value Equity strategy seeks to add value through security selection and this is the primary source of outperformance. The strategy seeks to identify attractive small cap value stocks by applying a bottom-up, fundamental investment approach. Positions are primarily driven by the perceived underlying risk/reward relationship. Through our bottom-up work, in most cases, sectors with strong catalysts, compelling valuations and the most favorable risk/reward characteristics are overweighed, while those with deteriorating - 14 - Boston Partners industry fundamentals or those viewed as overvalued on an historical basis are underweighted; sectors with no particular bullish or bearish sentiment remain neutral to the benchmark. More specifically, WPG Partners seeks to identify companies with high and/or improving return on invested capital. While the portfolio sector weights will not be more than +/-1,000 basis points versus the benchmark portfolio construction is driven by stock selection, slightly tilting the portfolio toward areas of greatest conviction. Additionally, there are no sectors excluded from the portfolio. The WPG Partners Small Cap Value product is driven by an investment approach that is both research and team focused. Each team member provides input to the investment process Portfolio Construction Portfolio construction is driven by stock selection, slightly tilting the portfolio toward areas of greatest conviction. The top ten stocks generally represent approximately 20% of the total portfolio. Sectors with strong catalysts, compelling valuations and the most favorable risk/reward characteristics are over-weighted, while those with deteriorating industry fundamentals or those viewed as overvalued on an historical basis are underweighted; sectors with no particular bullish or bearish sentiment remain neutral to the benchmark. Individual positions, at time of initial purchase, usually range from 0.5% to 3.0% of the portfolio. The idea flow from generation to purchasing is as follows: 1. Idea Generation • Draw on database of over 3,000 to 5,000 companies • Over 600 company meetings per year • Macro themes - 15 - Boston Partners • Utilize financial screens (less than 10%) 2. Criteria Assessment • Return on invested capital (earnings in excess of cost of capital) • Solid management track record • Conservative leverage • Strong cash flow 3. Valuation Analysis • Determine downside risk • Determine potential reward 4. Investment Decision • Intersection of strong fundamental and favorable risk/reward relationship • Driven by entry sensitivity The price of a security is a key factor in the final buy decision. WPG Partners Small Cap Value portfolio managers will be patient until a stock reaches our buy price which is well below long term valuation averages. Formal weekly meetings are held to review portfolio construction, new buy and sell candidates, changes in company and industry outlooks, stock valuations, and the economic and market environments. Daily communication is focused on the exchange and interpretation of new information. A discussion of a purchase or sell idea can be held at any time. Once a sell decision has been made, WPG Partners will either sell the position entirely or WPG Partners could scale out, depending upon the individual security. Liquidity is always a consideration in this market capitalization range, as are client guidelines. WPG Partners Micro Cap Opportunities WPG Partners Micro Cap Opportunities’ Investment Philosophy. WPG Partners believes that hands-on, proprietary fundamental research can uncover under valued companies in key value sectors – the least-covered areas of the inefficient micro-cap market to achieve exceptional long-term returns. Pursuing superior micro cap companies on the cusp of positive change and at attractive valuations, the WPG Partners Micro Cap Opportunities Team seeks to exploit market anomalies through both traditional value investments and special situations. WPG Partners invests in a company when it possesses a near-term positive catalyst, its upside potential significantly outweighs its downside risk and when it is selling at prices well below long term valuation averages. WPG Partners Micro Cap Opportunities’ Investment Process. The WPG Partners Micro Cap Opportunities Equity strategy seeks to add value through security selection as its primary source of outperformance. The strategy seeks to identify attractive micro cap stocks by applying a bottom-up, fundamental investment approach. Positions are primarily driven by the perceived underlying risk/reward relationship. Through its fundamental research, in most cases, sectors with strong catalysts, compelling valuations and the most favorable risk/reward characteristics are overweighed, while those with deteriorating industry fundamentals or those viewed as overvalued on an historical basis are underweighted; sectors with no particular bullish or bearish sentiment remain neutral to the benchmark. More specifically, WPG Partners seeks to identify companies with high and/or improving return on invested capital. While the portfolio sector weights will not be more than +/-1,500 basis points of the index weight, portfolio construction is driven by stock selection, slightly tilting the portfolio toward areas of greatest conviction. Additionally, there are no sectors excluded from the portfolio. - 16 - Boston Partners The WPG Partners Micro Cap Opportunities product is driven by an investment approach that is both research and team focused. Each team member provides input to the investment process. Portfolio Construction Portfolio construction is driven by stock selection, slightly tilting the portfolio toward areas of greatest conviction. The top ten stocks generally represent approximately 20% of the total portfolio. Sectors with strong catalysts, compelling valuations and the most favorable risk/reward characteristics are over-weighted, while those with deteriorating industry fundamentals or those viewed as overvalued on an historical basis are underweighted; sectors with no particular bullish or bearish sentiment remain neutral to the benchmark. Individual positions, at time of initial purchase, usually range from 0.5% to 3.0% of the portfolio. The idea flow from generation to purchasing is as follows: 5. Idea Generation • Draw on database of over 1,500 to 4,000 companies • Over 600 company meetings per year • Macro themes • Utilize financial screens (less than 10%) 6. Criteria Assessment • Return on invested capital (earnings in excess of cost of capital) • Solid management track record • Conservative leverage • Strong cash flow - 17 - Boston Partners 7. Valuation Analysis • Determine downside risk • Determine potential reward 8. Investment Decision • Intersection of strong fundamental and favorable risk/reward relationship • Driven by entry sensitivity The price of a security is a key factor in the final buy decision. WPG Partners Micro Cap Opportunities portfolio managers will be patient until a stock reaches our buy price which is well below long term valuation averages. Formal weekly meetings are held to review portfolio construction, new buy and sell candidates, changes in company and industry outlooks, stock valuations, and the economic and market environments. Daily communication is focused on the exchange and interpretation of new information. A discussion of a purchase or sell idea can be held at any time. Once a sell decision has been made, WPG Partners will either sell the position entirely or we could scale out, depending upon the individual security. Liquidity is always a consideration in this market capitalization range, as are client guidelines. Small and micro cap stocks may have less liquidity than mid or large cap stocks. Also, the WPG Partners’ strategy can result in a high percentage of ownership of the total outstanding shares of an issuer. This may result in having to allocate partial allocations among clients of trades done each day. All partial allocations represent a conflict of interest between WPG Partners and its clients. WPG Partners adheres to Boston Partners’ trade allocation procedure to ameliorate the risk of any inequitable allocations. The liquidation by certain clients of their portfolios can have a negative effect on the value of such securities that continue to be held by remaining clients of WPG Partners that hold these securities. 8.A.3. Boston Partners and WPG Partners - US Issuer Disclosure Many of Boston Partners’ clients have restrictions on the percentage of their portfolios that can be invested in foreign securities. However in our global business environment, sometimes what constitutes a US or a non US security becomes somewhat ambiguous. Over time, Boston Partners has found several good companies that are incorporated outside the US, particularly in jurisdictions like Bermuda, but whose operations and other corporate attributes are distinctly related to the US and perfectly appropriate for a portfolio of US securities. Absent any extenuating circumstances, we will typically treat as US issuers the following companies that are incorporated outside the US: 1. Any issuer that reports its principal executive office as located in the US; or 2. Any issuer that we reasonably believe meets 4 of the following criteria: a. common stock of the issuer is essentially solely publicly traded in the US. Issuers that have listings in non US markets but for which there is no meaningful volume in those markets will also be treated as being solely publicly traded in the US. b. common stock of the issuer is not listed in an index of non US securities by MSCI; c. the issuer is listed as being a US issuer by Factset; d. the Chief Executive Officer and 2 of the other top 5 executives of the issuer work a material portion of their time from a US office; e. at least 35% of revenue, on average over the preceding 3 years, is generated from US sources; f. at least 25% of employees are located in the US. 8.A.4. Robeco Institutional Asset Management US Inc.’s products For a description of Robeco Institutional Asset Management US Inc.’s strategies, please see their ADV Part 2A, Item 8. - 18 - Boston Partners 8.A.5. Boston Partners Alternative Yield Strategy Boston Partners Alternative Yield Strategy (“BP AYS”) is a liquid alternative portfolio that is designed to deliver a consistent, low volatility return stream by harvesting equity volatility. Volatility is harvested using a deep “in-the-money” buy-write structure, which effectively turns a company’s stock into a bond-like instrument with an implied synthetic yield. The “in-the-money” buy-write structure has four primary attributes: isolates volatility as a source of alpha/return; provides structural downside protection; allows us to implement a risk management system that is tailored to every individual investment; and provides diversification into volatility as an asset class. Provide a description of the decision-making process The decision making process follows along with the individual position selection process. Todd Hawthorne, the portfolio manager, is primarily responsible for identifying an opportunity set of potential buy-writes which have attractive risk return characteristics. The portfolio manager interfaces with the analyst team and uses their deep domain experience to identify the potential downside risks to each company (the intrinsic value). At that point the portfolio manager compares this intrinsic value to the opportunity set provided by the options market. If the risk reward of the buy-write compensates the strategy for the specific risks inherent to that buy-write then the position is eligible to go into the portfolio. The portfolio manager evaluates each potential position versus the current portfolio to ensure that diversification is maintained and that the risk return characteristics are maximized. As in the bond world, the portfolio manager can function in a dual capacity as both portfolio manager and trader and can execute the buy-write just as a trader would, complying with the pricing guidelines. Once a position is in the portfolio, the principals of risk- return, diversification and the virtuous cycle drive the risk management of the portfolio. Bottom up fundamental evaluation in conjunction with the sector analysts drives the constant assessment of the intrinsic value and is the primary driver for individual position adjustments. - 19 - Boston Partners Portfolio Construction Portfolios are constructed on a bottom-up basis utilizing buy-writes exhibiting the best available risk/return profile. The portfolio is diversified by generally having 40 to 70 buy-write positions; this implies an average range of weights between 1.4% and 2.5%. While the strategy does not have specific limitations with regard to minimum or maximum sector exposures, portfolios are expected to be well-diversified and are actively monitored to ensure they meet this expectation. The S&P 500 Index is used as a guide for diversification but sector breakdowns are ultimately determined on a bottom-up basis. For risk management purposes, the strategy can sell some of the underlying stock of a buy-write. This process is called delta adjusting the position where the amount of stock is matched to the delta of the short call. This process is used in cases where the stock declines below the intrinsic value estimate. Delta adjusting a position can result in some portion of the short calls being uncovered. The strategy also uses market hedges on occasion to immunize further the portfolio against downside volatility. Typically puts or put spreads are purchased. In certain instances calls or call spreads can be sold against those put spreads to partially or completely finance the cost of that hedge. In some instances this can result in an uncovered call position. The ability to go into an uncovered call position can be restricted by the client if desired. B. Material Risks for Investment Strategies or Method of Analyses Used Boston Partners seeks to manage investment risk defined as the loss of capital. The underlying sources of risk are valuation risk (risk of over paying), balance sheet risk (inadequate liquidity, excessive leverage, asset-liability - 20 - Boston Partners mismatch) and business risk (operational risk inherent in the business that could result in economic losses that threaten its viability as a going concern or the sustainability of its economic profits). Boston Partners believes that the best way to mitigate these three sources of risk is to apply a characteristics-based investment process which results in diversified portfolios that consistently possess superior valuation, fundamental quality/profitability and improving business momentum. Characteristics on both the security and portfolio levels are continually monitored through our proprietary quantitative tools and the ongoing fundamental analysis of our research team. Quantitative measures help us quickly identify potential red flags such as decreasing earnings estimates or deterioration of quantitative value or business momentum scores. Further, Boston Partners assigns a target price based on intrinsic value, and specify monitoring tools and exit strategies. Risk management is the responsibility of each member across our entire investment team. Client guidelines are implemented on an individual account basis, in addition to the product’s own investment guidelines. For those products using swaps, there is also counterparty risk; this risk is mitigated by the use of financially strong counterparties. There will also be liquidity risk for certain positions held across multiple portfolios resulting in a large holding for which Boston Partners has discretionary management or voting control. The Boston Partners Financial Risk Manager reviews the liquidity risk of each investment strategy monthly. C. Material Risks In Recommending Primarily a Particular Type of Security Item 8.C is not applicable. Item 9 - Disciplinary Information A. Legal and Disciplinary Disclosure A criminal or civil action in a domestic, foreign or military court of competent jurisdiction Not applicable. B. Legal and Disciplinary Disclosure An administrative proceeding before the SEC, any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority Not applicable. C. Legal and Disciplinary Disclosure A self-regulatory organization (SRO) proceeding Not applicable. Item 10 - Other Financial Industry Activities and Affiliations A. Financial Industry Activities Boston Partners is not registered as a broker-dealer. B. Financial Industry Activities - 21 - Boston Partners Boston Partners is registered with the Commodities Futures Trading Commission (“CFTC”) as a Commodity Pool Operator (“CPO”) and a Commodity Trading Adviser (“CTA”) and regulated by the National Futures Association (“NFA”). Also see Item 10(C)(4) below. C. Affiliations 1. broker-dealer Boston Partners Securities is registered as a broker-dealer under the Securities Exchange Act of 1934 as amended (the “Exchange Act”) and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Security Investor Protection Corporation (“SIPC”). Certain officers or employees of Boston Partners are also registered representatives of Boston Partners Securities and in this capacity recommend registered and unregistered securities advised by Boston Partners and its affiliates. Boston Partners Securities is responsible for ensuring its registered representatives comply with its applicable policies and procedures while acting on its behalf. Boston Partners does not effect security transactions for client portfolios through any of its affiliated broker-dealers. 2. investment company or other pooled investment vehicle (including a mutual fund, closed-end investment company, unit investment trust, private investment company or “hedge fund,” and offshore fund) Boston Partners acts as an investment adviser or sub-adviser to various registered investment companies. Boston Partners has arrangements that are material to its advisory business or its clients as follows: WPG Opportunistic Value Fund Manager, L.L.C. is the general partner of WPG Partners Opportunistic Value Fund, L.P. Boston Partners Hedged Equity L.L.C. serves as the general partner to the Boston Partners Long/Short Equity L.P. Boston Partners is the sole member of the general partner Boston Partners Hedged Equity L.L.C. Boston Partners Global Investors, Inc. serves as the general partner of Alpha Blue Capital L.P. 3. other investment advisor or financial planner RIAM US is an investment adviser registered with the U.S. Securities and Exchange Commission (the “SEC”). From time to time, Boston Partners refers clients to this affiliate or hires this affiliate as a subadviser. Boston Partners UK is a private limited company that provides sales and client services to institutional clients in Europe. The actual discretionary investment management services are delegated to Boston Partners UK’s parent company, Boston Partners. 4. futures commission merchant, commodity pool operator, or commodity trading advisor Boston Partners is not a futures commission merchant. Boston Partners is registered with the Commodities Futures Trading Commission (“CFTC”) as a Commodity Pool Operator (“CPO”) and a Commodity Trading Adviser (“CTA”) and regulated by the National Futures Association (“NFA”). - 22 - Boston Partners Transtrend, B.V. is registered with the CFTC as a CPO and a CTA and regulated by the NFA. Transtrend is an adviser to a fund sponsored by Boston Partners. 5. banking or thrift institution Boston Partners Trust Company, a New Hampshire trust company which is wholly owned by Boston Partners, provides trust management services through collective investment trusts. Certain Boston Partners personnel are considered shared personnel of Boston Partners Trust Company. 6. accountant or accounting firm Not applicable. 7. lawyer or law firm Not applicable. 8. insurance company or agency Not applicable. 9. pension consultant Not applicable. 10. real estate broker or dealer Not applicable. 11. sponsor or syndicator of limited partnerships Not applicable. D. Material Conflicts of Interest There are no conflicts regarding the relationship of Boston Partners with its corporate affiliates that would be considered material because the corporate affiliates do not engage in businesses that present a direct conflict with the interests of Boston Partners’ clients. There can be potential conflicts for Boston Partners in taking actions on behalf of its clients, as addressed in the subsequent sections. Item 11 - Code of Ethics, Participation or Interest in Client Transactions and Personal Trading A. Code of Ethics Boston Partners employees have committed to a Code of Ethics (the “Code”). Boston Partners will provide a copy of the Code to any client or prospective client upon request. The Code requires Boston Partners’ staff to act for the client’s benefit as well as to place the financial interests of Boston Partners’ clients ahead of their own interests at all times. The Code sets forth trading limitations and/or prohibitions on certain types of securities for personal accounts, defines holding and blackout period limitations, requires mandatory pre-clearance of certain securities, and mandates reporting of initial holdings information upon employment, - 23 - Boston Partners quarterly transaction reporting, and annual holdings reporting. Boston Partners reviews these reports to ensure appropriate pre-approvals were obtained and to identify conflicts of interest. Furthermore, upon employment, and annually thereafter, individuals are required to certify compliance with the Code. Individuals may directly or indirectly through investments in Proprietary Accounts or Boston Partners Mutual Funds own, buy and/or sell securities which Boston Partners recommends to its clients, subject to the personal trading limitations noted above. Such transactions may also include trading in securities in a manner that differs from or is inconsistent with advice given to clients. Boston Partners periodically becomes privy to material nonpublic information of securities issuers. This results in Boston Partners being unable to transact in such securities until such time as the information becomes public. The Code defines policies to monitor, restrict, if necessary, and educate with respect to acquiring and investing when in possession of material, non-public information. Boston Partners has four funds where the portfolio manager has a significant investment in such fund: the Boston Partners Long/Short Equity, L.P.; WPG Partners Opportunistic Value Fund, L.P., Alpha Blue Capital L.P. and Boston Partners Select Equity DST. In the case of Alpha Blue Capital L.P., the assets of the Fund are solely those of Boston Partners and the Fund manager. In the case of Boston Partners Select Equity DST, the assets of the Fund are solely those of the Fund manager and family. Boston Partners treats these accounts as client accounts for purposes of the Code of Ethics employee personal trading requirements, as each fund is available for client investments and are considered marketable strategies. These funds present a conflict because a portfolio manager could allocate a limited opportunity investment to the fund rather than to all clients. Boston Partners reviews these funds for allocation decisions to address this conflict. B. Participation or Interest in Client Transactions Boston Partners will buy or sell securities or investment products for clients in which Boston Partners or a related person has some financial interest, and buys or sells for itself securities that it also purchases for clients. Boston Partners recognizes that potential conflicts arise from its participation in client interests and has taken reasonable measures to mitigate such conflicts. Employees of Boston Partners who are registered representatives of Boston Partners Securities sell securities in the form of limited partnership interests, limited liability company interests or shares in its registered or unregistered funds in which Boston Partners or any affiliate may have an investment which may be substantial. From time to time, Boston Partners, or an affiliate, provides seed money to a new investment company, separate account or other pooled investment vehicles managed by Boston Partners and receives in exchange shares or other interests issued by such vehicles. Boston Partners has an incentive to encourage clients to invest in its these investment funds in order to increase the size of such funds. Increasing the size of such funds may (a) lower overall expenses of the fund, some of which Boston Partners may have responsibility for; (b) permit greater marketing of the fund which will generate greater fee revenue for Boston Partners, or (c) allow Boston Partners or an affiliate to redeem its investment capital in such vehicle. Boston Partners maintains client suitability procedures to address these potential conflicts. Boston Partners will not obtain any transaction-based compensation for any investment in any separate account or private investment vehicles in which it solicits clients to invest by prohibiting trading through affiliated broker-dealers as noted in its affiliated brokerage policy. While Boston Partners does not place trades through affiliated brokers, it executes securities trades through brokerage firms with which it maintains other advantageous relationships, such as commission share arrangements for brokerage and research services more commonly referred to as soft dollars. In these cases, the broker may expect commission business in return or Boston Partners may be incented to use client commission dollars for non-research items or inappropriately allocate mixed - 24 - Boston Partners use items. Boston Partners has established a Trade Management Oversight Committee to evaluate brokerage services and to review commissions paid to brokers. In addition, Boston Partners maintains a Best Execution Policy and Client Commissions Practices to assist in its monitoring efforts. Where appropriate, Boston Partners recommends that clients purchase shares of the Proprietary Accounts or Boston Partners Mutual Funds for which Boston Partners, or an affiliate, receives an investment management fee and/or certain performance-based fees for its services. In addition, Boston Partners recommends the purchase or sale by a client of securities purchased, sold, or owned by the Proprietary Accounts or Boston Partners Mutual Funds. Boston Partners will not recommend or cause a client to enter into transactions for the purpose of benefiting the direct or indirect securities holdings of Boston Partners or its affiliates or employees and addresses these conflicts through its suitability, affiliated investments, and allocation policies. Portfolio transactions by the Proprietary Accounts or Boston Partners Mutual Funds will not be subject to restrictions on employee trading as a result of any beneficial interest that Boston Partners or its principals or employees may have as outlined in the firm’s personal trading policies. C. Personal Trading Please see response to Item 11(A). D. Recommendations of Securities to Clients From time to time senior executives of public or certain private companies such as hedge funds, investment advisers, broker-dealers, or investment banks (Value-Added Investors) may invest in Boston Partners’ private funds. Their investment could create a potential conflict if Boston Partners were to invest in the securities of companies affiliated with these investors. To address potential information sharing issues, Boston Partners has developed Value-Added Investor Procedures to identify and monitor potential conflicts. Furthermore, Boston Partners as well as various affiliates and employees of Boston Partners or its affiliates own units or shares in the Proprietary Accounts or Boston Partners Mutual Funds. In addition, Boston Partners or its affiliates or employees have a managerial interest in such Proprietary Accounts as a general or supervising partner, or have an otherwise financial interest, including but not limited to the receipt of investment management and/or certain performance-based fees, in the Proprietary Accounts or Boston Partners Mutual Funds. The interests of Boston Partners, its affiliates and its employees is, at times, significant in such investment vehicles. This investment provides an incentive for Boston Partners to favor such Proprietary Accounts and Boston Partners Mutual Funds when allocating investment opportunities. Furthermore, while Boston Partners typically aggregates client orders of separately managed accounts with Proprietary Accounts and Boston Partners Mutual Funds, there are instances whereby Boston Partners places orders independently for different accounts and/or strategies. In such circumstances, trades for one group of accounts, including but not limited to Proprietary Accounts or Boston Partners Mutual Funds, is placed before trades for another group of accounts. As a consequence, one group of accounts may be trading in a more or less favorable trading environment than the other or may receive a more favorable allocation than the other. Boston Partners addresses these conflicts through its trade aggregation and allocation procedures as well as its simultaneous management and principal transaction policies. Boston Partners manages portfolios that invest on a “long-only” basis and also manages portfolios that use short sales. In certain cases, Boston Partners may be purchasing or holding certain securities for its long only portfolios while simultaneously selling those securities short for other portfolios. Generally, the Boston Partners portfolios purchasing or holding the securities would have a long- term favorable view of the price of the stock while the portfolios selling the stock short would have a - 25 - Boston Partners negative trading view of the stock or may be selling the stock short as part of a strategy involving other securities transactions. Typically, the portfolios that are allowed to sell securities short also pay Boston Partners a performance-based fee. Boston Partners has an incentive to favor the portfolios selling the securities short or otherwise paying Boston Partners a performance fee with respect to the allocation of execution opportunities. Boston Partners manages these conflicts through its short sales policy. Various subsidiaries of ORIX Corporation also own the same securities that Boston Partners selects for investment. Aggregate holdings among the subsidiaries, including Boston Partners, may cause ownership to be significant. In these instances, Boston Partners might need to impose limitations on holdings, possibly precluding strategies from being fully implemented. Boston Partners regularly seeks new clients, including corporate securities issuers with pension funds and/or general operating assets which require investment management advice. Boston Partners’ investment recommendations policy precludes Boston Partners from investing in the securities of those issuers in order to enhance Boston Partners’ ability to be appointed a manager of the assets of such corporate issuers. Additionally, Boston Partners or its employees have an opportunity to invest in limited opportunity securities of various issuers. Boston Partners’ trade allocation and aggregation and personal trading policies are designed to mitigate these conflicts. Accounts managed by Boston Partners have different fee structures. Certain accounts pay Boston Partners a greater fee than other accounts. In addition, Boston Partners may charge certain accounts a performance fee. Differing fee structures cause an incentive for Boston Partners to allocate certain investment opportunities to higher fee paying accounts. Similarly, Boston Partners has an incentive to effect cross transactions between clients in order to position profitable trades into higher paying and/or performance fee accounts. Even in situations in which Boston Partners believes there is no disadvantage to its clients, such transactions nonetheless create an inherent conflict of interest because Boston Partners has a duty to obtain the most favorable price for both the selling client and the purchasing client. Boston Partners has developed allocation and aggregation policies to mitigate these conflicts. Boston Partners will not undertake cross transactions except at a client’s request for two or more accounts of the client. Boston Partners periodically discusses securities which are held in client accounts with external investment professionals including, but not limited to, broker-dealers and investment professionals at other registered and non-registered investment advisory firms when sourcing and analyzing investment ideas. These discussions may include but are not limited to economic factors, market outlook, sector and industry views, and general and/or specific information regarding securities which are held in client accounts. Discussion of specific securities creates a conflict which could disadvantage Boston Partners’ clients if the external parties were to act upon this non-public information, including but not limited to front-running and scalping either particular securities or numerous securities in a similar sector to the extent such information is known about Boston Partners’ holdings. Boston Partners’ Investment Recommendations Policy, Selective Disclosure Policy, and Conduct Codes establish policies prohibiting discussion of client investments for non-business purposes. Boston Partners permits discussions with and disclosure of security holdings to sell-side brokers. However, Boston Partners precludes disclosing to buy-side investment professionals whether or not Boston Partners owns a particular security when discussing investment ideas, disclosing its immediate intent to purchase or sell a particular security, or making consensus decisions to trade a security in a particular direction. Boston Partners typically provides investors in its funds with monthly letters and quarterly commentaries and capital statements. In addition, participants receive annual Audited Financial Statements and annual Schedule K-1s for private funds. Unitholders can negotiate their level of client reporting directly with Boston Partners. As a result, certain unitholders may invest on terms that provide access to information that is not generally available to other unitholders and, as a result, may be able to act on such additional information (i.e., request withdrawals) that other unitholders do not receive. In addition, the portfolio manager may advise other Proprietary Funds and/or separately managed accounts pursuant to substantially the same strategy as is employed by a particular single - 26 - Boston Partners strategy hedge fund, and unitholders of such Proprietary Funds and/or separately managed accounts may have greater access to information and/or more advantageous liquidity rights than other unitholders investing in the strategy, resulting in certain persons potentially having the ability to exit the strategy or liquidate positions in advance of other unitholders in a similar strategy. Item 12 - Brokerage Practices A. Selecting Brokerage Firms Boston Partners generally has authority to select broker-dealers and to negotiate rates of commissions, commission equivalents, and other transaction-related charges (“commissions”) to be paid. When Boston Partners is responsible for broker selection, best execution (i.e., prompt and reliable execution at the most favorable prices reasonably obtainable considering prevailing market conditions, liquidity characteristics of the investment, brokerage and research services provided, and portfolio manager objectives) is the primary consideration in placing portfolio transactions with a particular broker- dealer. Boston Partners attempts to achieve these results by choosing broker-dealers to execute transactions based on various factors, including but not limited to: (1) the value, quality and breadth of their services, (2) their professional capabilities (including use of capital), and (3) the comparative brokerage commission rates which they offer. Accordingly, transactions will not always be executed at the lowest available price or commission, but will be within a generally competitive range as Boston Partners does not adhere to any rigid formula in making the selection of any particular broker- dealer for portfolio transactions, but weights a combination of the preceding (and other) factors. Boston Partners has no duty or obligation to seek in advance competitive bidding for the most favorable commission rate applicable to any particular portfolio transaction or to select any broker- dealer on the basis of its purported or “posted” commission rate, but will endeavor to be aware of the current level of the commissions of eligible broker-dealers and to minimize the expenses incurred for effecting client transactions to the extent consistent with the interests and policies of the accounts. Although Boston Partners generally seeks competitive commission rates, it will not necessarily pay the lowest commission. Transactions may involve specialized services on the part of the broker- dealer involved and thereby entail higher commissions than would be the case with other transactions requiring more routine services. 12.A.1. Research and Other Soft Dollar Benefits Boston Partners may use client commissions to acquire both proprietary research created by a broker- dealer firm and other research products created by non broker-dealer third parties as defined by the July 18, 2006 interpretive guidance issued by the SEC regarding the “soft dollar” safe harbor of Section 28(e) of the Exchange Act. When Boston Partners obtains brokerage and research services as a result of client transactions, Boston Partners receives a benefit, as Boston Partners does not have to pay for such services. Boston Partners uses client commission arrangements (“CCAs”) for both proprietary and third-party research services. CCAs are a mechanism that enables Boston Partners to accrue research commission credits with an executing broker providing best execution services and later direct the executing broker to pay other brokers/vendors for qualifying proprietary and third party research services. These arrangements enable Boston Partners to determine more accurately the value of brokerage services by separating the traditional bundled commission into two components, execution and research. Research services and products include, but are not limited to: 1) research reports on particular industries and companies, 2) comprehensive database services which provide current and/or historical information on securities and companies, SEC filings, and earnings estimates, 3) quotation, trading - 27 - Boston Partners and news systems which provide current market data and news, 4) economic surveys and analysis which provide economic and political forecasting tools, 5) fundamental industry analysis, 6) quantitative technical analysis, 7) Boston Partners order management system, and 8) various other products and services providing assistance to Boston Partners in the performance of its investment decision-making responsibilities and/or trade execution and settlement. Where a product or service obtained with commission dollars provides both research and non-research assistance, Boston Partners makes a reasonable allocation of the cost which may be paid for with commission dollars. The portion of the cost of a mixed-use product that is not allocable to research is paid by Boston Partners. Broker-dealers who provide research services would be eligible to receive a commission which is in excess of the commission another broker-dealer would charge if, in the judgment of Boston Partners, the higher commission is reasonable in relation to the value of all the brokerage and research services rendered. Boston Partners maintains a fluid commission budget that fluctuates in size subject to the nature, quantity, and quality of the brokerage execution and research services acquired throughout the year. These services are evaluated on a continuous basis as follows: • Execution Services: the execution capabilities of each broker are continuously monitored by the Director of Equity Trading and the actual transaction costs are analyzed by a third party provider to ensure the costs are commensurate with industry standards. Key criteria for execution include: access to natural liquidity, electronic trading tools, expertise in stocks/sectors, client access, program trading capabilities, capital commitment, derivatives trading, international trading expertise, and anonymity. The Director of Equity Trading is responsible for negotiating the commission rates for these services with each broker. • Broker Research / Independent Research Provider (IRP): research services utilized by Boston Partners portfolio managers, analysts, and traders are evaluated on a service by service basis and individually rated by the event consumer via an on-line voting application. A limited number of research services are acquired through a packaged subscription whereby the fee is negotiated based on the nature, quantity, and quality of the research offering. The aggregated result of these two research valuation methodologies forms the overall compensation level assigned to each provider. Typical research services consumed include: access to corporate management, analyst calls, conferences, idea generation, bespoke research, models, macro research and stock/industry analysis. • Brokerage Services, Market Data, Quotation Systems, and Analytics: this component of the budget is initially established at the beginning of the year and will fluctuate as new services are added and existing services are maintained/terminated at their renewal period. All qualified third party services are acquired exclusively with CCAs. Research services utilized by Boston Partners from the execution of transactions for client accounts are used by Boston Partners to manage all of its clients’ accounts without differentiation between clients whose transactions generate such research and those that do not. Accordingly, certain brokerage commissions paid by one account are applied towards payment for research services that are not used in the service of that account. Nor does Boston Partners attempt to allocate the relative costs or benefits of research services among its clients, believing that the research services received will help Boston Partners fulfill its overall duties to client accounts over which it has discretionary authority. Furthermore, advisory fees are not reduced as a result of Boston Partners’ use of such research services. Boston Partners does not engage expert networks to provide research to it. Boston Partners does not accept a client that will not allow Boston Partners to obtain brokerage and research services as a result of transactions in the client’s account, except in certain cases involving sub-advisory relations with European affiliates. - 28 - Boston Partners 12.A.2. Brokerage for Client Referrals Not applicable. 12.A.3. Directed Brokerage 12.A.3.a. Not applicable. 12.A.3.b In some circumstances, clients designate a particular broker-dealer through which trades are to be effected or introduced, typically under such terms as the client negotiates with the particular broker- dealer. Clients do so for several reasons, including defraying consulting fees or participating in a commission recapture program. Where a client directs that Boston Partners use a particular broker-dealer, Boston Partners is generally not in a position to negotiate commissions or spreads or to select brokers-dealers based on best execution. Under these circumstances a disparity typically exists between the commissions or spreads charged to clients who direct brokerage transactions and the commissions or spreads charged to Boston Partners’ other clients who do not instruct Boston Partners to use a particular broker- dealer. As a result, Boston Partners may be unable to achieve most favorable execution of client transactions. Direction of transactions to brokers by clients may cost clients money. Boston Partners typically fills directed or preferred trades at the end of block trading activity for a particular security which is being traded by the product line. Accordingly, transactions for clients that direct or prefer brokerage may be subject to price movements, particularly in the case of illiquid securities or large orders, which could result in the client receiving a price that is less favorable than the price obtained for a block order. Under these circumstances, the direction by a client of a particular broker or dealer to execute trades may result in higher commissions, greater spreads, or less favorable net prices than might be the case if Boston Partners were able to negotiate commission rates or spreads freely, or to select brokers or dealers based on best execution. Wrap Programs Wrap fee account transactions are typically executed with the Sponsor due to the all inclusive fee structure. Boston Partners will trade away from the Sponsor when the Sponsor does not have the capability to effect transactions in a particular security or when Boston Partners believes that trading away will provide it with best price, and/or execution of orders taking into consideration all of the factors Boston Partners typically considers in its best execution analysis which are described in Boston Partners’ Best Execution Policy, a copy of which is available upon request. When Boston Partners trades its Wrap Program accounts away from the Sponsor and alongside its other client separately managed, Proprietary Accounts and Boston Partners Mutual Funds, the trade may be stepped out to the Sponsor, and the execution price is generally marked up or marked down to reflect the commission charged on the transaction by the executing broker dealer. Commissions, and other expenses, incurred in connection with any transactions executed with broker dealers other than the Sponsor, are typically borne by the client. Therefore, it is important for clients who enroll in a Wrap Program where Boston Partners serves as the investment adviser to satisfy themselves that the program is suitable for them due to the additional commission incurred by them when Boston Partners trades away from the Sponsor. - 29 - Boston Partners When execution occurs through the Sponsor, Boston Partners does not have the ability to negotiate commissions or other costs for the execution of transactions in the client’s account since such execution costs are included in the all-inclusive fee charged by the Sponsor. Therefore, it is essential the clients in a Wrap Program satisfy themselves that the Sponsor is able to provide best price and execution of orders. New Issues Boston Partners participates from time to time in IPOs for either short-term trading or for investment purposes. Product lines participate to varying degrees, and some product lines generally do not participate at all, such as Alpha Blue Capital LP, and Wrap Program product lines. Other product lines may only participate to a limited degree, including but not limited to the Boston Partners Large Cap strategies, Large Cap 130/30, Mid Cap, Global, International and Emerging Market Equity strategies. The amount of performance contribution varies from year-to-year depending on IPO availability and prevailing market conditions. Boston Partners cannot guarantee continued access to IPOs or any ability to profit from them in the future. In determining its indication of interest and allocation, WPG Partners primarily considers: (i) the account’s investment objectives and restrictions, (ii) risk and turnover tolerance; (iii) cash availability; (iv) size of the account; (v) nature and size allocation of the new issue; (v) FINRA Rules 5130 and 5131; and (vi) commitment to the security. When participating for short-term trading, Boston Partners primarily takes into consideration the market capitalization of the security when determining the suitability of an IPO for a particular product line. For IPOs that are suitable for two or more product lines, the amount of shares received from the broker will be split pro-rata based on the assets of the participating product lines. The distribution of shares from the IPO is then allocated among client accounts within a product line. If sufficient shares are available, all accounts within the product line participate pro-rata based on their assets under management, subject to cash availability and investment suitability. When the amount of shares allocated to Boston Partners is insufficient for all accounts to participate pro-rata, the allocation will be based on an account receiving the lesser of a 0.1% position weighting at cost, or 10 consecutive flipped IPO allocations, whereby the account is the sole participant in the trade, again subject to cash availability and investment suitability. An account will continue to be “filled” until the aforementioned target (“target”) is reached before proceeding to the next account in the rotation. In reaching the target, an account may have an opportunity to participate in 10 consecutive flipped IPOs. Advisory clients with large accounts usually receive a greater number of allocations in flipped IPO securities and the cash proceeds that result from such transactions. Conversely, clients with small accounts typically receive a lesser number of IPO allocations and the cash proceeds that result from such transactions. Additionally, clients with smaller accounts may not receive any flipped IPOs for an extended period depending how many large accounts are in the same product line and listed before them in the rotation. If the IPO is an investment that will be held as part of Boston Partners’ regular investment strategy and the issue is suitable for two or more product lines, the shares received from the broker-dealer will be split based upon the indication of interest submitted by the portfolio manager for his particular product line. IPOs retained for investment purposes adhere to Boston Partners’ investment strategies. Cross Trades Boston Partners will not undertake cross transactions except at a client’s request for two or more accounts of the client. - 30 - Boston Partners B. Order Aggregation Allocation and Aggregation of Orders Boston Partners manages numerous accounts, including separately managed accounts, Proprietary Accounts, Boston Partners Mutual Funds, and Wrap Fee Programs. Accounts in these distribution vehicles have similar investment objectives. Additionally, accounts in different product lines with different investment objectives frequently trade in the same securities. Despite such similarities, portfolio decisions relating to Boston Partners accounts are made independent of each other in light of differing conditions and the performance resulting from such decisions will differ from client to client. There are instances where Boston Partners will not purchase or sell securities at the same time or in the same proportionate amounts for all eligible clients or will purchase long for one investment strategy while selling short for another investment strategy. Therefore, not all clients will necessarily participate in the same investment opportunity or participate on the same basis. In allocating investments among clients of the same investment strategy (including in what sequence orders for trades are placed), Boston Partners will use its best reasonable business judgment and will take into account such factors as the investment objectives and strategies of the clients, position weightings, cash availability, risk tolerance, size of the account, and a client’s request for directed brokerage all in order to provide, on balance, a result that Boston Partners in good faith believes is fair and equitable to each client over time. If the same investment decision is made for two or more accounts within or across investment strategies, Boston Partners will seek to aggregate such transactions for the same security into a single “bunched” order to obtain best execution and/or price for participating accounts. However, various factors including, but not limited to, portfolio construction or liquidity contribute to Boston Partners’ decision on whether to advance or delay the purchase or sale of a security for one group of Boston Partners accounts. Boston Partners generally groups client accounts of a product line into the following categories: I) accounts for which Boston Partners has full trading authority without any direction as to the brokers to be used by Boston Partners; II) accounts for which Boston Partners has been directed to use one or more particular brokers; and III) accounts that are part of a Wrap Fee Program or similar program where the client pays a fee to the Sponsor that includes all execution costs. Boston Partners generally fills directed or preferred trades (Category II trades) at the end of block trading activity for a particular security and does not combine these trades with a block order (“sequenced” trades). Category III trades are normally transmitted to the Wrap Fee Sponsor for execution at the same time Category I trades are executed by Boston Partners’ institutional trading desk. Accordingly, Category I and III trades may compete against one another in the marketplace and may result in less favorable prices for either category. Boston Partners will generally rotate the trading order of Category III groups each calendar day so that one group will not be advantaged or disadvantaged by consistently trading before or after another group of accounts. Each Wrap Fee Program will be considered a separate group for purposes of the rotation sequence. There are certain exceptions to this aggregation/rotation methodology. For example, one or more of the accounts in Category II may be aggregated with accounts in Category I for certain transactions if Boston Partners believes it is reasonably likely that such aggregation will result in best execution. This may not be likely for Category III accounts that are part of a Wrap Fee Program for which Boston Partners manages substantial assets or where the Sponsor has discouraged or prohibited trading away from the Sponsor because of cost, administrative, or other client relations issues. - 31 - Boston Partners In addition, an account’s position in the rotation is skipped if there is an issue with the readiness of the account to trade, including but not limited to questions regarding suitability, reconciliation issues, and communication systems failures with the particular account. When aggregating orders of a particular strategy is determined to be in the best interest of clients, the following allocation guidelines generally are followed for all portfolios which are participating in the execution under the same trading circumstances (i.e., price limits, time of entry, etc.): • Aggregated orders filled in their entirety will be allocated among the participating accounts as determined by either: i) pro-rata by account market value or ii) an account’s target weighting for a particular security. • With respect to partial allocations, the executed portion of the transaction will be allocated on i) a pro-rata basis with each portfolio involved receiving a percentage of the executed portion of the order based upon each portfolio’s percentage of the original order or ii) by an account’s target weighting for a particular security. In the event of a de minimus allocation, the trader has the authority to determine an appropriate allocation methodology. Transaction costs, including brokerage commission allocations, are shared pro-rata based upon each client’s participation in the executed portion of the transaction. The allocation generally will be made at the average execution price, or at prices mathematically closest to the average price, for accounts participating in a particular aggregated transaction. Every effort will be made to use a single average price for such allocations, and the trader has the responsibility for all necessary documentation. Notwithstanding any of the foregoing, an aggregated order may be allocated on a basis different from noted above if all clients receive fair and equitable treatment over time. The trader is charged with making this determination. Item 13 - Review of Accounts A. Periodic Reviews Boston Partners accounts are reviewed regularly, generally daily, by the assigned portfolio manager and/or management team. B. Review Triggers Supplementary in-depth reviews by the manager are triggered by various factors such as contributions to or distributions from an account, changing economic or market conditions or revised client objectives. Exception reporting is reviewed by the Compliance Department. C. Regular Reports Boston Partners typically provides clients with a report of account holdings, transaction summaries, and performance data either monthly or quarterly. All reports from Boston Partners are in addition to any communication which a client receives from their other service providers, such as custodians and prime brokers. At a client’s reasonable request, Boston Partners provides additional information as mutually agreed between the client and Boston Partners. Investors in Boston Partners private funds will receive reports directly from the fund administrator which, in the case of the Boston Partners private funds, may be supplemented by reports from Boston Partners. Wrap Program clients receive reporting directly from the Sponsor. - 32 - Boston Partners Item 14 - Client Referrals and Other Compensation A. Third Party Payments Not applicable. B. Retention of Solicitors Boston Partners does not use third party solicitors to obtain new clients or fund investors. There will be an intercompany revenue transfer where an affiliated company of Boston Partners provides sales and marketing for Boston Partners products. Item 15 - Custody Boston Partners does not have custody of its clients’ assets. Boston Partners does act as the general partner of certain funds for which it will be deemed to have custody under certain rules promulgated by the SEC. All such funds have audited financial statements. Item 16 - Investment Discretion Discretionary Authority for Trading Boston Partners accepts investment discretion for client assets. All discretionary accounts are required to execute an investment management agreement granting Boston Partners the authority to act as a discretionary investment manager. Boston Partners will accept reasonable limitations on its authority through client guideline restrictions, provided that the restrictions are essentially consistent with Boston Partners’ investment process. Item 17 - Voting Client Securities Proxy Votes PROXY VOTING POLICY SUMMARY The Boston Partners Governance Committee (the “Committee”) is responsible for administering and overseeing Boston Partners’ proxy voting process. The Committee makes decisions on proxy policy, establishes formal Proxy Voting Policies (the “Proxy Voting Policies”) and updates the Proxy Voting Policies as necessary, but no less frequently than annually. In addition, the Committee, in its sole discretion, delegates certain functions to internal departments and/or engage third-party vendors to assist in the proxy voting process. Finally, selected members of the Committee will be responsible for evaluating and resolving conflicts of interest relating to Boston Partners’ proxy voting process. To assist Boston Partners in carrying out our responsibilities with respect to proxy activities, Boston Partners has engaged Institutional Shareholder Services Inc. (“ISS”), a third party corporate governance research service, which is registered as an investment adviser. ISS receives all proxy- related materials for securities held in client accounts and votes the proposals in accordance with Boston Partners’ Proxy Voting Policies. While Boston Partners may consider ISS’s recommendations on proxy issues, Boston Partners bears ultimate responsibility for proxy voting decisions. ISS also provides recordkeeping and vote-reporting services. How Boston Partners Votes - 33 - Boston Partners In determining how proxies should be voted, Boston Partners primarily focuses on maximizing the economic value of its clients’ investments. In the case of social and political responsibility issues that, in its view, do not primarily involve financial considerations, it is Boston Partners’ objective to support shareholder proposals that it believes promote good corporate citizenship. Boston Partners has identified for ISS certain routine issues that enable them to vote in a consistent manner with regard to those proposals. In addition, Boston Partners has outlined certain procedures for addressing non-routine issues. Although Boston Partners has instructed ISS to vote in accordance with the Proxy Voting Policies, Boston Partners retains the right to deviate from those Proxy Voting Policies if, in its estimation, doing so would be in the best interest of clients. Boston Partners refrains from voting proxies where it is unable or unwilling to do so because of legal or operational difficulties or because it believes the administrative burden and/or associated cost exceeds the expected benefit to a client. Conflicts ISS is a third-party service provider engaged to make recommendations and to vote proxies in accordance with Boston Partners’ predetermined Proxy Voting Policies. Because Boston Partners votes proxies based on predetermined Proxy Voting Policies, Boston Partners believes clients are sufficiently insulated from any actual or perceived conflicts Boston Partners may encounter between its interests and those of its clients. However, Boston Partners may deviate from the Proxy Voting Policies in certain circumstances or its Proxy Voting Policies may not address certain proxy voting proposals. If a member of Boston Partners’ research or portfolio management team recommends that it vote a particular proxy proposal in a manner inconsistent with the Proxy Voting Policies or if its Proxy Voting Policies do not address a particular proposal, Boston Partners will adhere to certain procedures designed to ensure that the decision to vote the particular proxy proposal is based on the best interest of Boston Partners’ clients. In summary, these procedures require the individual requesting a deviation from the Proxy Voting Policies to complete a Conflicts Questionnaire (the “Questionnaire”) along with written document of the economic rationale supporting the request. The Questionnaire seeks to identify possible relationships with the parties involved in the proxy that may not be readily apparent. Based on the responses to the Questionnaire, the Committee (or a subset of the Committee) will determine whether it believes a material conflict of interest is present. If a material conflict of interest is found to exist, Boston Partners will vote in accordance with the instructions of the client, seek the recommendation of an independent third party or resolve the conflict in such other manner as Boston Partners believes is appropriate, including by making its own determination that a particular vote is, notwithstanding the conflict, in the best interest of clients. Disclosures A copy of Boston Partners’ Proxy Voting Procedures, as updated from time to time, as well as information regarding the voting of securities for a client account is available upon request from your Boston Partners relationship manager. For general inquiries, contact (617) 832-8153. Item 18 - Financial Information Financial Condition A balance sheet is not required to be provided. Item 19 – Requirements for State-Registered Advisers Not applicable. - 34 - Boston Partners Item 20 - Business Continuity Plan General Boston Partners has a Business Continuity Plan in place that provides detailed steps to mitigate and recover from the loss of office space, communications, services or key people. BUSINESS RESUMPTION HIGHLIGHTS As a fiduciary, Boston Partners takes seriously its obligation to protect client interests from being placed at risk as a result of its inability to provide advisory services due to a natural disaster or other events that may cause a prolonged business outage or interruption. Boston Partners has developed a business continuity plan that is designed to ensure (i) protection of our employees; (ii) continuity and survival of Boston Partners business including but not limited to protection of client records and firm property, (iii) management control of risks and exposures, (iv) preventative measures where appropriate, and (v) long-term recovery of systems and infrastructure. To protect employees, Boston Partners: • Posts emergency procedures in all its offices • Distributes an emergency procedures sheet to all employees • Maintains a website that provides access to emergency procedures • Uses a blast call system to notify employees of emergencies and status To ensure continued operation of its business, Boston Partners has instituted certain measures as summarized below: Disaster Recovery Sites: • Boston Partners’ Boston office provides New York based employees with several seats equipped with workstations containing Boston Partners corporate PC image in cubes, offices and conference rooms and the ability to access Boston Partners core production and DR servers hosted in our Boston and Ashburn data centers respectively. • Agility provides Boston Partners with 25 shared and 5 dedicated seats at a hot-site at Business Recovery Center (BRC) - Agility Recovery, 175 Bearfoot Road, Northborough, MA 01532. • The site is equipped with workstations containing Boston Partners corporate PC image and internet connectivity with secure VPN tunnels connecting to Boston Partners DR systems hosted in the Ashburn data center and all production systems hosted in the Boston data center. Electronic Backups • In the Ashburn data center, Boston Partners backs up electronic records daily by using Veeam to backup to local disk which is replicated to a second disk copy at the Boston data center. The Firm also uses Symantec NetBackup to backup files to tape as well as to archive the month end Veeam backups to tape for 7 years. Tapes are stored offsite at Iron Mountain, 8001 Research Way, Springfield, Virginia 22153. All weekly full backups are stored on disk or tape for 6 months and all month end full backups are stored offsite on tape for 7 years. • In the Boston data center, Boston Partners backs up electronic records daily by using Veeam to backup to local disk which is replicated to a second disk copy at the Ashburn data center. Boston Partners also uses Symantec NetBackup to backup files to tape as well as to archive the month end Veeam backups to tape for 7 years. Tapes are stored offsite at Iron Mountain, 21 Terry Avenue, Burlington, Massachusetts 01803. All weekly full backups are stored on disk or tape for 6 months and all month end full backups are stored offsite on tape for 7 years. • The Boston Partners accounting system (Workbench) is managed off site by BNY Mellon. Workbench is accessible from a web browser using any internet connection and can be accessed from any of the Boston Partners offices, as well as from the Agility BRC. Northern Trust will be replacing BNY Mellon as service provider for our back-office services effective May 1, 2019. - 35 - Boston Partners • Intraday data dumps occur for the CRD Trading system to maintain an up-to-date replica of the CRD trading environment at the alternate data center. • Critical file shares are replicated up to the minute to the alternate data center for DR purposes. • The Boston Partners Microsoft Exchange e-mail environment in Boston is replicated up to the minute to the Ashburn data center for DR purposes and can be made available to users immediately via the internet. • Boston Partners has migrated to Microsoft Exchange 2016 e-mail environment. Exchange journals a copy of all incoming, outgoing and internal messages to the in-place hold folder for the duration of seven years. All journaled emails are searchable and nonerasable. Exchange is replicated up to the minute to the Ashburn data center for DR purposes. • The Boston Partners IM provider Symphony is a cloud-based messaging and collaboration tool. This tool provides our investment team with a secure means to collaborate and share information with one another. The daily communication files are copied to a file and placed on the SFTP site. JAMS (Job Access & Management System) is an enterprise scheduling software used to schedule and manage batch jobs for backup and email distribution. Item 21 - Information Security Program Privacy Notice Privacy Notification BOSTON PARTNERS GLOBAL INVESTORS, INC. (“BOSTON PARTNERS”) BOSTON PARTNERS SECURITIES, LLC (“BOSTON PARTNERS SECURITIES”) FACTS WHAT DO BOSTON PARTNERS AND BOSTON PARTNERS SECURITIES DO WITH YOUR PERSONAL INFORMATION? Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. What? The types of personal information we collect and share depend on the product or service we provide to you. This information can include:  Social Security number and assets;  Account balances and transaction history; and  Investment experience and wire transfer instructions. How? All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Boston Partners and Boston Partners Securities choose to share; and whether you can limit this sharing. Reasons we can share your personal information Do Boston Partners & Boston Partners Securities share? Can you limit this sharing? For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus Yes No - 36 - Boston Partners For our marketing purposes – to offer our products and services to you Yes No For joint marketing with other financial companies No We don’t share For our affiliates' everyday business purposes – information about your transactions and experiences Yes No For our affiliates' everyday business purposes – information about your creditworthiness No We don't share For our affiliates to market to you Yes Yes For nonaffiliates to market to you No We don't share To limit our sharing:  Call 617-832-8200 Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we may continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. Questions? Call 617-832-8200 Who we are Who is providing this notice? Boston Partners and its subsidiary, Boston Partners Securities. What we do How do Boston Partners and Boston Partners Securities protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. How do Boston Partners and Boston Partners Securities collect my personal information? We collect your personal information, for example, when you:  Give us your contact information;  Open an account or buy securities from us;  Tell us where to send the money or make a wire transfer. We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. - 37 - Boston Partners Why can't I limit all sharing? Federal law gives you the right to limit only:  sharing for affiliates' everyday business purposes – information about your creditworthiness;  affiliates from using your information to market to you; and  sharing for nonaffiliates to market to you. State laws and individual companies may give you additional rights to limit sharing. What happens when I limit sharing for an account I hold jointly with someone else? Your choices will apply to everyone on your account. Definitions Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies.  Our affiliates include companies under common control by our parent company. Nonaffiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies.  Boston Partners and Boston Partners Securities do not share with nonaffiliates so they can market to you. Joint marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you.  Boston Partners and Boston Partners Securities do not engage in joint marketing. - 38 - Boston Partners Brochure Supplement (Part 2B of Form ADV) Education and Business Standards Boston Partners requires that advisors in its employ have a bachelor's degree and further coursework demonstrating knowledge of financial planning and tax planning. Examples of acceptable coursework include: an MBA, a CFP®, a CFA, a ChFC, JD, CTFA, EA or CPA. Additionally, advisors must have work experience that demonstrates their aptitude for financial planning and investment management. Professional Certifications Employees have earned certifications and credentials that are required to be explained in further detail. Certified Financial Planner (CFP): Certified Financial Planners are licensed by the CFP Board to use the CFP mark. CFP certification requirements: • Bachelor’s degree from an accredited college or university. • Completion of the financial planning education requirements set by the CFP Board (36T36T36T36Twww.cfp.net36T36T36T36T). • Successful completion of the 10-hour CFP® Certification Exam. • Three-year qualifying full-time work experience. • Successfully pass the Candidate Fitness Standards and background check. Chartered Financial Analyst (CFA): Chartered Financial Analysts are licensed by the CFA Institute to use the CFA mark. CFA certification requirements: • Hold a bachelor's degree from an accredited institution or have equivalent education or work experience. • Successful completion of all three exam levels of the CFA Program. • Have 48 months of acceptable professional work experience in the investment decision- making process. • Fulfill society requirements, which vary by society. Unless you are upgrading from affiliate membership, all societies require two sponsor statements as part of each application; these are submitted online by your sponsors. • Agree to adhere to and sign the Member's Agreement, a Professional Conduct Statement, and any additional documentation requested by CFA Institute. Enrolled Agent (EA): Enrolled Agents are enrolled by the Internal Revenue Service and authorized to use the EA designation. EA enrollment requirements: • Successful completion of the three-part IRS Special Enrollment Examination (SEE), or completion of five years of employment by the IRS in a position which regularly interpreted and applied the tax code and its regulations. • Successfully pass the background check conducted by the IRS. Certified Public Accountant (CPA): Certified Public Accountants are licensed by the National Association of State Boards of Accountancy, Inc. (NASBA) to use the CPA mark. CPA certification requirements: • Bachelor’s degree from an accredited college or university, which includes a minimum number of qualifying credit hours in accounting and business administration with an additional 1 year study. After August 1, 2009, this requirement for 5 years study is the "150 hour rule" set by the NASBA and has been adopted by the majority of state boards; prior to August 1, 2009, 120 hours plus 2 years’ work experience was the requirement. • Successful completion of the Uniform Certified Public Accountant Examination which is set by the American Institute of Certified Public Accountants and administered by the NASBA. - 39 - Boston Partners • Additional state education and experience requirements, depending on the state. • Most states require a special examination on ethics. • Continuing professional education, which varies by states, but most require 120 hours of CPE every 3 years with a minimum of 20 hours per calendar year. - 40 - Boston Partners STAN H. KOYANAGI Item 1 – Cover Page Supervised Person’s name and business address: Stan H. Koyanagi ORIX Corporation World Trade Centre Building 2-4-1 Hamamatsu-cho Minato-ku, Tokyo 105-6135 Japan Phone: + 81-3-3435-3145 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Stan H. Koyanagi supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36Tklengieza@boston-partners.com36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Stan H. Koyanagi, born in 1960, has been a Director and Chairman of the Board of Boston Partners since February 2018. Mr. Koyanagi started his legal career in private practice in 1985 at Sheppard, Mullin, Richter & Hampton LLP. In 1988, he joined the international law firm of Graham & James LLP (now Squire Patton Boggs LLP) and became a partner there in 1993 before serving in senior legal positions at ORIX Corporation USA, the US holding company of ORIX Corporation, and KB HOME, a NYSE-listed homebuilder (NYSE:KBH). Mr. Koyanagi joined ORIX Corporation in July 2013 as Global General Counsel of Global Business Headquarters. In June 2017, he was appointed to the Board of Directors of ORIX Corporation and promoted to the position of Managing Executive Officer and Global General Counsel of ORIX Corporation. He has served as CEO and Chairman of ORIX Corporation Europe N.V. (formerly Robeco Groep N.V.) since August 2017. He has been a Director of Ormat Technologies, Inc. (NYSE:ORA) since July 2017. Mr. Koyanagi received a Bachelor of Science degree from the University of Southern California in 1982 and a Juris Doctor degree from Stanford University in 1985. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Director of Ormat Technologies, Inc. (NYSE:ORA) since July 2017. Item 5 - Additional Compensation Not applicable. Item 6 – Supervision - 41 - Boston Partners Not applicable. Item 7 – Requirements for State-Registered Advisers Not applicable. DAVID G. VAN HOOSER Item 1 – Cover Page Supervised Person’s name and business address: David G. Van Hooser Harbor Capital Advisors, Inc. 111 South Wacker Drive, 34th Floor Chicago, IL 60606 Phone: (312) 443-4400 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about David G. Van Hooser supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact klengieza@boston-partners.com if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Van Hooser, born in 1946, has been a Director of Boston Partners since June 2017. He has been a Director and Chairman of the Board of Harbor Capital Advisors, Inc. (“HCA”) since 2000, the CEO of HCA from 2000- 2017 and the President of HCA from 2002-2017. He has served as the President of Harbor Funds from 2002- 2017, and Trustee and Chairman of the Board of Harbor Funds from 2000-2017. He served as CEO of Harbor Funds Distributors, Inc. from 2007-2017, its CFO from 2012-2015, its Financial & Operations Principal since 2004, its Treasurer from 2004-2012, a Registered Principal from 2003-2017, and a Director from 2000-2017. He served as a Director of Harbor Services Group, Inc. (“HSG”) from 2000-2017. Mr. Van Hooser served as a Director of OCE US Holding, Inc. from 2005 through September 2018. Mr. Van Hooser has a BA in Marketing from Michigan State University, East Lansing, MI and an MBA in Finance from University of Michigan, Ann Arbor, MI. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Mr. Van Hooser’s other business activities are limited to activities with HCA described directly above. Item 5 - Additional Compensation Not applicable. Item 6 - Supervision Not applicable. Item 7 – Requirements for State-Registered Advisers - 42 - Boston Partners Not applicable. PAUL E. WILSON, CPA Item 1 – Cover Page Supervised Person’s name and business address: Paul E. Wilson ORIX USA Corporation 1717 Main Street, Suite 1100 Dallas, TX 75201 Phone: (214) 237-2000 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Paul E. Wilson supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact klengieza@boston-partners.com if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Paul E. Wilson, born in 1968, has been a Director of Boston Partners since April 2017. He is a Senior Managing Director and Chief Financial Officer of ORIX Corporation USA (“ORIX USA”) since 2015, with responsibility for overseeing the accounting and financial reporting functions of ORIX USA and its multiple lines of business and subsidiaries. He joined the ORIX USA accounting and finance department in 2004. Since 2017, he has been responsible for overseeing the Private Capital business segment of ORIX USA. Prior to joining ORIX USA, Mr. Wilson was a Senior Manager with Ernst and Young, spending 11 years in the public accounting practice. He is a Certified Public Accountant licensed in Texas and earned a BBA and a master’s degree in Accounting and Tax from Baylor University. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities • Director of Houlihan Lokey, Inc. from 2015 to October 2018. • Manager of ORIX Commercial Mortgage Servicing Holdings, LLC: (1) the sole member of ORIX CMS GP, LLC, the general partner of Boston Financial Investment Management, LP since 2016; and (2) sole member of OREC Holdings, LLC since 2010. • Chief Financial Officer of ORIX Global Asset Management, LLC, sole member of ORIX Capital Partners, LLC since 2013. • Member of Board of Managers of MIG Holdings, LLC, sole member of Mariner Investment Group, LLC, a registered investment adviser, since 2015. Item 5 - Additional Compensation Not applicable. Item 6 - Supervision Not applicable. - 43 - Boston Partners Item 7 – Requirements for State-Registered Advisers Not applicable. MARK E. DONOVAN: CFA Item 1 – Cover Page Supervised Person’s name and business address: Mark E. Donovan Boston Partners 1 Beacon Street, 30PPPP th PPPP Floor Boston, MA 02108 Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Mark E. Donovan that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Donovan, born in 1959, is Co-Chief Executive Officer of Boston Partners and lead portfolio manager for Boston Partners Large Cap Value portfolios. He is responsible for strategic and tactical operating decisions affecting the firm. He was one of the founding partners of Boston Partners Asset Management in 1995. He joined the firm from The Boston Company where he was Senior Vice President and equity portfolio manager. He also spent five years as a consulting associate with Kaplan, Smith & Associates, and two years as a securities analyst for Value Line Inc. Mr. Donovan holds a B.S. degree in management from Rensselaer Polytechnic Institute. He holds the Chartered Financial AnalystPPPP ® PPPP designation. He has thirty-seven years of investment experience. Mr. Donovan was a Director of RIAM US from 2009 through December 2016. He was also a Director of Boston Partners Trust Company from 2009 to June 2014, its Co-Chief Executive Officer from 2009 to June 2013, and was its Chief Executive Officer from 2013 to 2014. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: - 44 - Boston Partners As the Co-Chief Executive Officer of Boston Partners, Mr. Donovan oversees the management and direction of the firm. He is supervised by the Co-Chief Executive Officer, Joseph Feeney, Jr. As the Portfolio Manager for Boston Partner Large Cap Value, he is supervised by Joseph Feeney, Jr. in Mr. Feeney's capacity as Chief Investment Officer/Portfolio Management. As a member of the Management Committee, he is supervised by Boston Partners’ Board of Directors. Mr. Feeney can be reached at (617) 832-8200 (36T36T36T36Tjfeeney@boston- partners.com36T36T36T36T). As a member of the Boston Partners Board, Mr. Donovan is supervised by Mr. Makoto Inoue, Director, Representative Executive Officer, President and CEO of ORIX Corporation. Mr. Inuoe can be reached at +81- 3-3435-3000, 36Tmakoto.inoue.ta.@orix.jp36T. Item 7 – Requirements for State-Registered Advisers Not applicable. JOSEPH F. FEENEY, JR.: CFA Item 1 – Cover Page Supervised Person’s name and business address: Joseph F. Feeney, Jr. Boston Partners 1 Beacon Street, 30PPPP th PPPP Floor Boston, MA 02108 Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Joseph F. Feeney, Jr. that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Feeney, born in 1963, is Co-Chief Executive Officer and Chief Investment Officer. He is responsible for the firm’s strategic, financial and operating decisions, and all aspects of investment management including the firm’s fundamental and quantitative research groups. He was one of the original partners of Boston Partners Asset Management in 1995. Prior to that he was with Putnam Investments where he managed mortgage-backed securities portfolios. He began his career at the Bank of Boston where he was a loan officer specializing in highly leveraged loan portfolios. Mr. Feeney holds a B.S. degree in finance (Summa Cum Laude, Phi Beta Kappa) from the University of New Hampshire and an M.B.A. with High Honors from the University of Chicago. He holds the Chartered Financial AnalystPPPP ® PPPP designation and is past President of the Fixed Income Management Society of Boston. He has thirty-three years of investment experience. Mr. Feeney was a Director, President and Co-Chief Executive Officer of Boston Partners Trust Company from 2009 to June 2013, and has been its Chief Investment Officer since 2009. Mr. Feeney served as a Director of OCE US Holding, Inc. from 2009 through September 2018. Item 3 - Disciplinary Information Not applicable. - 45 - Boston Partners Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: As the Co-Chief Executive Officer of Boston Partners, Mr. Feeney oversees the management and direction of the firm. As the Chief Investment Officer/Portfolio Management of Boston Partners, he handles the firm's overall investment decisions and provides periodic updates on the current status of the firm’s investment activities and portfolio management. He is supervised by the Co-Chief Executive Officer, Mark Donovan. As a member of the Management Committee, he is supervised by Boston Partners’ Board of Directors. Mr. Donovan can be reached at (617) 832- 8200 (36T36T36T36Tmdonovan@boston-partners.com36T36T36T36T). As a member of the Boston Partners Board, Mr. Feeney is supervised by Mr. Makoto Inoue, Director, Representative Executive Officer, President and CEO of ORIX Corporation. Mr. Inuoe can be reached at +81- 3-3435-3000, 36Tmakoto.inoue.ta.@orix.jp36T. Item 7 – Requirements for State-Registered Advisers Not applicable. WILLIAM G. BUTTERLY, III: J.D. Item 1 – Cover Page Supervised Person’s name and business address: William G. Butterly, III Boston Partners 1 Beacon Street, 30PPPP th PPPP Floor Boston, MA 02108 Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about William G. Butterly, III that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience William G. Butterly, III, born in 1960, is the General Counsel, Director of Sustainability and Engagement and Secretary of Boston Partners. Mr. Butterly joined Boston Partners in 2005 as the firm’s General Counsel, responsible for the firm’s legal and compliance matters. He was Boston Partners’ Chief Operating Officer from 2008 through April 2017. He was Chief Compliance Officer from 2008 through May 2018. Prior to joining Boston Partners, he served as Chief Compliance Officer at General Motors Asset Management. Prior to - 46 - Boston Partners General Motors Asset Management, Mr. Butterly was at Deutsche Asset Management Americas Institutional Group as General Counsel and a member of the firm’s Investment and New Product Committees, with significant involvement in compliance issues. Mr. Butterly holds a B.A. degree from Connecticut College, where he graduated Magna Cum Laude and was elected to Phi Beta Kappa on the basis of junior standing, and a J.D. from Columbia Law School, where he was a Stone Scholar. He has 34 years of investment experience. Mr. Butterly has been the Director, General Counsel and Secretary of Boston Partners Trust Company since 2009, and its Chief Operating Officer from 2009 through April 2017. He was the Chief Legal Officer and Chief Compliance Officer of RIAM US from 2006 and 2008, respectively, through September 2016. He has been the director and Secretary of Boston Partners (UK) Limited since 2014, and was its Chief Operating Officer from 2014 through April 2017. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: As the General Counsel and Secretary of Boston Partners, Mr. Butterly oversees the legal and compliance matters of the firm. He is supervised by the Co-Chief Executive Officers, Mark Donovan and Joseph Feeney, Jr. Mr. Donovan and Mr. Feeney can be reached at (617) 832-8200 (36T36T36T36Tmdonovan@boston-partners.com36T36T36T36T , 36T36T36T36Tjfeeney@boston-partners.com36T36T36T36T) Item 7 – Requirements for State-Registered Advisers Not applicable. MATTHEW J. DAVIS: CPA Item 1 – Cover Page Supervised Person’s name and business address: Matthew J. Davis Boston Partners One Grand Central Place 60 East 42nd Street, Suite 1550 New York, NY 10165 Phone: (212) 908-0459 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Matthew J. Davis that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. - 47 - Boston Partners Item 2 - Educational Background and Business Experience Matthew J. Davis, born in 1965, has been the Chief Operating Officer of Boston Partners since May 2017. He was Boston Partners’ Chief Financial Officer from 2008 through April 2017, and its Controller from 2005 - 2008. As Chief Operating Officer, he oversees the firm’s facilities and Operations, IT, and Human Resources Departments. Mr. Davis is a Certified Public Accountant licensed in the State of New York. He began his career with Deloitte, Haskins & Sells (now known as Deloitte & Touche) having worked there from 1987-1997. From 1997-2005, Mr. Davis was employed by Lazard Freres & Co. LLC, his last position as that of Director and Controller. He received his BBA in Accounting from St. Bonaventure University in May 1987. Mr. Davis is a Certified Public Accountant, Registered Financial Principal (Series 27) and Registered Operations Professional (Series 99). Mr. Davis has been the Director of Boston Partners Trust Company since 2009, its Chief Operating Officer since May 2017, its Chief Financial Officer and Treasurer from 2009 through April 2017, and its President from 2014 through 2015. He has been the Chief Financial Officer of Boston Partners Securities, LLC since 2005. He was the Director, President and Treasurer of RIAM US from 2008 through December 2016. He has been the Chief Operating Officer of Boston Partners (UK) Limited since May 2017, and its Chief Financial Officer from 2014 through April 2017. He was the Treasurer of OCE US Holding, Inc. from February 2017 through April 2017. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: As the Chief Operating Officer of Boston Partners, Mr. Davis is supervised by the Co-Chief Executive Officers, Mark Donovan and Joseph Feeney, Jr. As a member of the Management Committee, he is supervised by Boston Partners’ Board of Directors. Mr. Donovan and Mr. Feeney can be reached at (617) 832-8200 (36T36T36T36Tmdonovan@boston-partners.com36T36T36T36T, 36T36T36T36Tjfeeney@boston-partners.com36T36T36T36T) Item 7 – Requirements for State-Registered Advisers Not applicable. KENNETH M. LENGIEZA Item 1 – Cover Page Supervised Person’s name and business address: Kenneth M. Lengieza Boston Partners 1 Beacon Street, 30th Floor Boston, MA 02108 - 48 - Boston Partners Phone: (617) 832-8286 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Kenneth M. Lengieza supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact klengieza@boston-partners.com if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Lengieza, born in 1966, is the Chief Compliance Officer of Boston Partners. Mr. Lengieza joined Boston Partners in 1995, and has been the Chief Compliance Officer since June 2018. From 1995 to 2001, Mr. Lengieza was involved in Boston Partners’ finance, trading and operations divisions. He was Senior Compliance Manager of Boston Partners from 2001 through May 2018. Prior to joining Boston Partners, Mr. Lengieza spent seven years with the Boston Company, most recently as Assistant Vice President and Assistant Controller of the Boston Company Asset Management, Inc. Mr. Lengieza received his B.S. from Bentley University. He has been in the financial services industry for over 31 years. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: As the Chief Compliance Officer of Boston Partners, Mr. Lengieza is supervised by the General Counsel, William Butterly, III. Mr. Butterly can be reached at (212) 908-0443 (wbutterly@boston-partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. GREG A. VARNER Item 1 – Cover Page Supervised Person’s name and business address: Greg A. Varner Boston Partners One Grand Central Place 60 East 42nd Street, Suite 1550 New York, NY 10165 Phone: (212) 908-9821 The date of this brochure supplement is July 26, 2019 - 49 - Boston Partners This brochure supplement provides information about Greg A. Varner supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact klengieza@boston-partners.com if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Varner, born in 1967, is the Chief Financial Officer and Treasurer of Boston Partners. As Chief Financial Officer, he oversees Finance and Operational Risk Management. Mr. Varner joined the firm in 2006 as its Assistant Controller, and became Controller in 2008. In May 2017, he became Chief Financial Officer and Treasurer. Prior to joining the firm, Mr. Varner spent seven years working for Lazard as a Senior Vice President. Before that, he worked as the Director of Financial Planning and Analysis at Caliber Learning Network, spent three years as a Financial Manager at USF&G, and two years as a Financial Analyst at Microbiological Associates, Inc. He began his career with Westinghouse Electric Company as an Accountant in the Controllers Department. Mr. Varner received his BBA in Finance with an Economics minor from James Madison University, and received his MBA and MSF from Loyola University Maryland. He has been in the financial services industry for over twenty-three years. Mr. Varner has been the Chief Financial Officer and Treasurer of Boston Partners Trust Company since May 2017. He has been the Chief Financial Officer of Boston Partners (UK) Limited since May 2017. He has been the Treasurer of OCE US Holding, Inc. from May 2017 through December 2018. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: As the Chief Financial Officer and Treasurer of Boston Partners, Mr. Varner is supervised by the Co-Chief Executive Officers, Mark Donovan and Joseph Feeney, Jr. As a member of the Management Committee, he is supervised by Boston Partners’ Board of Directors. Mr. Donovan and Mr. Feeney can be reached at (617) 832-8200 (36T36T36T36Tmdonovan@boston-partners.com36T36T36T36T, 36T36T36T36Tjfeeney@boston-partners.com36T36T36T36T) Item 7 – Requirements for State-Registered Advisers Not applicable. PORTFOLIO MANAGEMENT AND RESEARCH ANALYSTS DAVID T. COHEN: CFA Item 1 – Cover Page - 50 - Boston Partners Supervised Person’s name and business address: David T. Cohen Boston Partners 1 Beacon Street, 30th Floor Boston, MA 02108 Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about David T. Cohen that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact klengieza@boston-partners.com if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Cohen, born in 1976, is a portfolio manager for the Boston Partners Large Cap Value strategy. Previous experience includes managing a portion of the Boston Partners Long/Short Research strategy and as an equity analyst specializing in the energy sector as well as the engineering & construction, and metals & mining industries. He has deep experience analyzing and understanding capital intensive commodity oriented businesses. He joined the firm from Loomis Sayles where he had over 8 years of experience as a portfolio manager for their Research Fund, as well as running a global energy hedge fund. As an equity analyst he covered the energy, materials, and industrials sectors. Prior to joining Loomis Sayles, Mr. Cohen was in consultant relations at MFS Investment Management. He received a B.A. degree from the University of Michigan and his M.S. in Finance from Brandeis University. He holds the Chartered Financial Analyst® designation. He has fourteen years of experience. .Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: As a Portfolio Manager, Mr. Cohen is monitored and supervised by Boston Partners’ Co-CEO and Chief Investment Officer, Joseph Feeney, Jr. Mr. Feeney meets regularly (weekly), including by conference calls, with the Portfolio Managers to review portfolio holdings, characteristics, performance and attribution. Mr. Feeney can be reached at (617) 832-8200 (jfeeney@boston-partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. ERIC S. CONNERLY: CFA Item 1 – Cover Page - 51 - Boston Partners Supervised Person’s name and business address: Eric S. Connerly Boston Partners 1 Beacon Street, 30PPPP th PPPP Floor Boston, MA 02108 Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Eric S. Connerly that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Connerly, born in 1970, is a portfolio manager and the Director of Research - Quantitative for Boston Partners. Prior to assuming these roles, he was a research analyst covering the financial, electronics, defense, transportation, and energy sectors and managed a merger arbitrage portfolio. He joined the firm from John Hancock Mutual Funds where he was an analyst and assisted in the management of a small cap portfolio. Prior to that, he was a senior equity analyst at SEI Investments overseeing their small cap equity portfolios. Mr. Connerly holds a BSFS degree cum laude in development economics from Georgetown University and an MBA degree in security analysis and investment management, Beta Gamma Sigma, from Columbia Business School. He holds the Chartered Financial AnalystPPPP ® PPPP designation. He has twenty-five years of experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: As a portfolio manager and the Director of Research – Quantitative, Mr. Connerly is monitored and supervised by Boston Partners’ Co-CEO and Chief Investment Officer, Joseph Feeney, Jr. Mr. Feeney meets regularly (weekly), including by conference calls, with the Portfolio Managers to review portfolio holdings, characteristics, performance and attribution. Mr. Feeney can be reached at (617) 832-8200 (jfeeney@boston- partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. DAVID M. DABORA: CFA Item 1 – Cover Page - 52 - Boston Partners Supervised Person’s name and business address: David M. Dabora Boston Partners 100 Drakes Landing Rd., Suite 360 Greenbrae, CA 94904 Phone: (415) 464-2890 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about David M. Dabora that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Dabora, born in 1964, is a senior equity portfolio manager for Boston Partners Small Cap Value, Small Cap Value II, and Small/Mid Cap Value portfolios, as well as the Alpha Blue Capital L.P. product. Prior to managing Boston Partners small cap value portfolios, he was an assistant portfolio manager for Boston Partners Premium Equity product. Additionally, he was a research analyst with responsibility for a wide variety of industries. He joined the firm in 1995 from The Boston Company Asset Management, Inc. where he was an equity analyst in their Los Angeles and Greenbrae, California offices. Mr. Dabora holds a B.S. degree in business administration from Pennsylvania State University and an M.B.A. degree from The Anderson School of Management at the University of California at Los Angeles. He holds the Chartered Financial AnalystPPPP ® PPPP designation. He has thirty-one years of investment experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: As a Portfolio Manager, Mr. Dabora is monitored and supervised by Boston Partners’ Co-CEO and Chief Investment Officer, Joseph Feeney, Jr. Mr. Feeney meets regularly (weekly), including by conference calls, with the Portfolio Managers to review portfolio holdings, characteristics, performance and attribution. Mr. Feeney can be reached at (617) 832-8200 (jfeeney@boston-partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. ERIC GANDHI: CFA Item 1 – Cover Page Supervised Person’s name and business address: - 53 - Boston Partners Eric Gandhi Boston Partners One Grand Central Place 60 East 42nd Street, Suite 1550 New York, NY 10165 Phone: (212) 908-9529 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Eric Gandhi that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Gandhi, born in 1985, is a Co-Portfolio Manager for the WPG Partners Small and Micro Cap Equity products. He joined WPG Partners, an investment division of Boston Partners, in July 2012 as a research analyst with a concentration in the technology, media, telecom and consumer sectors. Prior to joining the firm, he was a member of the Applied Value Investing program at Columbia Business School. Prior to Columbia, Mr. Gandhi was an Associate in the investment banking division at Needham & Company. He graduated with a B.S. degree from the University of Maryland and received an M.B.A. from Columbia University Business School. Mr. Gandhi holds the Chartered Financial AnalystPPPP ® PPPP designation. Mr. Gandhi has twelve years of investment experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: Mr. Gandhi is monitored and supervised by Richard Shuster, Portfolio Manager. Mr. Shuster meets regularly with the WPG Partners Small Cap Value team. Investment ideas that meet the team's investment prerequisites are catalogued in a database. Current holdings in the portfolio are maintained in a portfolio spreadsheet that details qualitative and quantitative attributes. Individual portfolio holdings are usually updated every 90-120 days if not more frequently. Mr. Shuster can be reached at (212) 908-9877 (rshuster@boston-partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. GEORGE GUMPERT: CFA Item 1 – Cover Page - 54 - Boston Partners Supervised Person’s name and business address: George Gumpert Boston Partners 100 Drakes Landing Rd., Suite 360 Greenbrae, CA 94904 Phone: (415) 464-2890 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about George Gumpert that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Gumpert, born in 1977, is a portfolio manager for Boston Partners Small Cap Value, Small Cap Value II, and Small/Mid Cap Value portfolios. Prior to managing Boston Partners small cap value portfolios, he was a research analyst and specialized in the small capitalization sectors of the equity market. Mr. Gumpert holds a B.A. degree in economics from Amherst College. He holds the Chartered Financial Analyst® designation. He has nineteen years of investment experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: As Portfolio Manager, Mr. Gumpert is monitored and supervised by David Dabora, Portfolio Manager. Mr. Dabora meets regularly with the Small Cap team to review the weekly screening package and discuss names in the portfolio. Mr. Dabora can be reached at (415) 464-2890 (ddabora@boston-partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. CHRISTOPHER K. HART: CFA Item 1 – Cover Page Supervised Person’s name and business address: Christopher K. Hart Boston Partners 1 Beacon Street, 30PPPP th PPPP Floor Boston, MA 02108 Phone: (617) 832-8200 - 55 - Boston Partners The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Christopher K. Hart that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Hart, born in 1968, is a senior portfolio manager for Boston Partners Global Equity and International Equity products. Prior to this, he was the portfolio manager for the Boston Partners International Small Cap Value product and before that, an assistant portfolio manager for the Boston Partners Small Cap Value products for three years. He joined Boston Partners as an equity research analyst in 2002 and specialized in conglomerates, engineering and construction, building, machinery, aerospace & defense, and REITs sectors of the equity market. Mr. Hart began his investment career as a research analyst at Fidelity Investments covering a broad set of industries across various levels of the capital structure. He holds a B.S. degree in Finance, with a concentration in corporate finance from Clemson University. He holds the Chartered Financial AnalystPPPP ® PPPPdesignation. He has twenty-seven years of investment experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: As a Portfolio Manager, Mr. Hart is monitored and supervised by Boston Partners’ Co-CEO and Chief Investment Officer, Joseph Feeney, Jr. Mr. Feeney meets regularly (weekly), including by conference calls, with the Portfolio Managers to review portfolio holdings, characteristics, performance and attribution. Mr. Feeney can be reached at (617) 832-8200 (jfeeney@boston-partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. TODD G. HAWTHORNE Item 1 – Cover Page Supervised Person’s name and business address: Todd G. Hawthorne Boston Partners 100 Drakes Landing Rd., Suite 360 Greenbrae, CA 94904 Phone: (415) 464-2884 - 56 - Boston Partners The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Todd G. Hawthorne that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Hawthorne, born in 1968, is the lead portfolio manager and creator of Boston Partners Alternative Yield Strategy. He joined the firm from Allianz Global Investors, where he was a senior portfolio manager and director. Previously he worked at RS Investments as the head of equity derivative strategy; he also provided stock analytics for the mid- and small-cap growth team, focusing on the alternative energy and energy sectors. Prior to that, Mr. Hawthorne was a vice president of equity derivatives trading at Deutsche Bank. He has a B.A. degree from The Colorado College and an M.B.A. degree from the Anderson School at the University of California, Los Angeles. Mr. Hawthorne has twenty-three years of investment-industry experience, including extensive experience in both equity derivatives and in fundamental equity analysis. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: As a Portfolio Manager, Mr. Hawthorne is monitored and supervised by Boston Partners’ Co-CEO and Chief Investment Officer, Joseph Feeney, Jr. Mr. Feeney meets regularly (weekly), including by conference calls, with the Portfolio Managers to review portfolio holdings, characteristics, performance and attribution. Mr. Feeney can be reached at (617) 832-8200 (jfeeney@boston-partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. JOSHUA JONES: CFA Item 1 – Cover Page Supervised Person’s name and business address: Joshua Jones Boston Partners 32 Cornhill London EC3V 3SG England Phone: 011-44-20-7868-2054 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Joshua Jones that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that - 57 - Boston Partners brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Jones, born in 1982, is a portfolio manager on Boston Partners Global and International products. Prior to this, he was a research analyst specializing in the energy, metals and mining sectors of the equity market and was a global generalist He joined the firm from Cambridge Associates where he was a consulting associate specializing in hedge fund clients. Mr. Jones holds a B.A. degree in economics from Bowdoin College. He holds the Chartered Financial AnalystPPPP ® PPPP designation. Mr. Jones is employed by Boston Partners’ subsidiary, Boston Partners (UK) Limited. He has fourteen years of investment experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: As a Portfolio Manager, Mr. Jones is monitored and supervised by Boston Partners’ Co-CEO and Chief Investment Officer, Joseph Feeney, Jr. Mr. Feeney meets regularly (weekly), including by conference calls, with the Portfolio Managers to review portfolio holdings, characteristics, performance and attribution. Mr. Feeney can be reached at (617) 832-8200 (36T36T36T36Tjfeeney@boston-partners.com36T36T36T36T). Item 7 – Requirements for State-Registered Advisers Not applicable. ROBERT T. JONES: CFA Item 1 – Cover Page Supervised Person’s name and business address: Robert T. Jones Boston Partners 1 Beacon Street, 30PPPP th PPPP Floor Boston, MA 02108 Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Robert T. Jones that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. - 58 - Boston Partners Item 2 - Educational Background and Business Experience Mr. Jones, born in 1965, is a portfolio manager for Boston Partners Long/Short Equity product. Previously, he was the Director of Research and portfolio manager for the Large Cap Value and Large Cap Value Focused products. He was a founding Partner of Boston Partners Assets Management in 1995. He joined the firm from The Boston Company Asset Management, Inc. where he spent seven years as Vice President and equity portfolio manager. Mr. Jones holds a B.A. degree in philosophy from Denison University. He holds the Chartered Financial AnalystPPPP ® PPPP designation. He has thirty years of investment experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: As a Portfolio Manager, Mr. Jones is monitored and supervised by Boston Partners’ Co-CEO and Chief Investment Officer, Joseph Feeney, Jr. Mr. Feeney meets regularly (weekly), including by conference calls, with the Portfolio Managers to review portfolio holdings, characteristics, performance and attribution. Mr. Feeney can be reached at (617) 832-8200 (36T36T36T36Tjfeeney@boston-partners.com36T36T36T36T). Item 7 – Requirements for State-Registered Advisers Not applicable. ROSS KLEIN, CFA Item 1 – Cover Page Supervised Person’s name and business address: Ross Klein Boston Partners 1 Beacon Street, 30PPPP th PPPP Floor Boston, MA 02108 Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Ross Klein that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience - 59 - Boston Partners Mr. Klein, born in 1988, is a co-portfolio manager for the Boston Partners Select Equity DST and a long/short generalist specializing in fundamental research of stocks held in our Long/Short Equity product. Mr. Klein holds a B.S. degree in business management with a concentration in finance from Babson College. He holds the Chartered Financial Analyst® designation. He has nine years of industry experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation Not applicable. Item 6 - Supervision: As a Portfolio Manager, Mr. Klein is monitored and supervised by Bruce Wimberly. Mr. Wimberly meets regularly with Mr. Klein to review the weekly screening package and discuss names in the portfolio. Mr. Wimberly can be reached at (617) 832-8200 (bwimberly@boston-partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. PAUL KORNGIEBEL: CFA Item 1 – Cover Page Supervised Person’s name and business address: Paul Korngiebel Boston Partners 1 Beacon Street, 30PPPP th PPPP Floor Boston, MA 02108 Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Paul Korngiebel that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Korngiebel, born in 1966, is the lead portfolio manager on all Boston Partners Emerging Markets strategies, including Boston Partners Emerging Markets Equity and Emerging Markets Long/Short Equity. He also serves as a supporting member of the greater Global Equity team, providing input on idea generation for various international and global portfolios. Mr. Korngiebel joined the firm from Deccan Value Advisors, which he co- founded, and prior to that he worked at Brandes Investment Partners. Both firms are dedicated to global value investing. Mr. Korngiebel holds a B.A. from Bowdoin (Phi Beta Kappa), M.A. degrees from Harvard and St. - 60 - Boston Partners Johns College, and an M.B.A. degree from Northwestern (Beta Gamma Sigma). He holds the Chartered Financial Analyst® designation and has eighteen years of investment experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation Not applicable. Item 6 - Supervision: Mr. Korngiebel is monitored and supervised by Boston Partners’ Co-CEO and Chief Investment Officer, Joseph Feeney, Jr. Mr. Feeney meets regularly (weekly), including by conference calls, with the Portfolio Managers to review portfolio holdings, characteristics, performance and attribution. Mr. Feeney can be reached at (617) 832-8200 (jfeeney@boston-partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. MARTIN P. MacDONNELL: CFA Item 1 – Cover Page Supervised Person’s name and business address: Martin P. MacDonnell Boston Partners 1 Beacon Street, 30PPPP th PPPP Floor Boston, MA 02108 Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Martin P. MacDonnell that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. MacDonnell, born in 1967, is a portfolio manager for Boston Partners 130/30 Large Cap Value product as well as a research analyst specializing in quantitative strategies. He joined the firm from ITS Associates, Inc., where he managed the installation of investment software systems. Prior to that, he spent three years at The Boston Company in the investors services group, as a senior performance consultant. Mr. MacDonnell holds a degree in economics and mathematics from Fairfield University. He holds the Chartered Financial AnalystPPPP ® PPPP designation. He has twenty-seven years of investment experience. Item 3 - Disciplinary Information - 61 - Boston Partners Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: Mr. MacDonnell is monitored and supervised by Eric Connerly, Portfolio Manager. Mr. Connerly meets regularly with the Research team and reviews all Investment Personnel email as well as the daily blotter and other reports in order to conduct reasonable supervision of the process. Analyst recommendations are catalogued and updated approximately 90 days for securities held in the portfolio. Boston Partners analyst notes are reviewed weekly by the Director of Research. Mr. Connerly can be reached at (617) 832-8200 (econnerly@boston-partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. STEPHANIE McGIRR Item 1 – Cover Page Supervised Person’s name and business address: Stephanie McGirr Boston Partners 1 Beacon Street, 30PPPP th PPPP Floor Boston, MA 02108 Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Stephanie McGirr that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Ms. McGirr, born in 1978, is a portfolio manager for the Boston Partners Large Cap Value strategy. Previous experience includes managing a portion of the Boston Partners Long/Short Research strategy and as a fundamental equity analyst specializing in the health care services, insurance, restaurant, retail, and apparel industries. Over the course of her tenure at Boston Partners, Stephanie also covered the consumer staples and business services industries. She started with Boston Partners in 2002 as a research and quantitative assistant in the firm’s research group. She joined the firm from Arthur Andersen where she was an operations associate. Ms. McGirr holds a bachelor's degree in English from Colgate University. She has sixteen years of experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities - 62 - Boston Partners Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: As a Portfolio Manager, Ms. McGirr is monitored and supervised by Boston Partners’ Co-CEO and Chief Investment Officer, Joseph Feeney, Jr. Mr. Feeney meets regularly (weekly), including by conference calls, with the Portfolio Managers to review portfolio holdings, characteristics, performance and attribution. Mr. Feeney can be reached at (617) 832-8200 (jfeeney@boston-partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. STEVEN L. POLLACK: CFA Item 1 – Cover Page Supervised Person’s name and business address: Steven L. Pollack Boston Partners 350 S. Grand Ave., Suite 1550 Los Angeles, CA 90071 Phone: (213) 687-1650 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Steven L. Pollack that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Pollack, born in 1958, is the equity portfolio manager for Boston Partners Mid Cap Value Equity product. He joined the firm in 2000. He joined the firm from Hughes Investments where he spent twelve years as an equity portfolio manager, managing value equity across the market capitalization spectrum. He also oversaw the outside investment managers who manage assets for Hughes’ pension plan. He began his career at Hughes as an Investment Analyst where he spent four years covering a variety of industries and sectors. Prior to that, he was with Remington, Inc., and Arthur Anderson & Co. Mr. Pollack is a graduate from Georgia Institute of Technology and holds an M.B.A. from The Anderson School of Management at the University of California at Los Angeles. He holds the Chartered Financial AnalystPPPP ® PPPP designation. He has thirty-four years of investment experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities - 63 - Boston Partners Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: As a Portfolio Manager, Mr. Pollack is monitored and supervised by Boston Partners’ Co-CEO and Chief Investment Officer, Joseph Feeney, Jr. Mr. Feeney meets regularly (weekly), including by conference calls, with the Portfolio Managers to review portfolio holdings, characteristics, performance and attribution. Mr. Feeney can be reached at (617) 832-8200 (jfeeney@boston-partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. DAVID J. PYLE: CFA Item 1 – Cover Page Supervised Person’s name and business address: David J. Pyle Boston Partners 100 Drakes Landing Road, Suite 360 Greenbrae, CA 94904 Phone: (415) 464-2890 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about David J. Pyle that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Pyle, born in 1964, is a portfolio manager for Boston Partners Large Cap Value portfolio. Prior to assuming this role, he was a research analyst covering the utility, insurance, leisure & lodging, packaging, publishing, and computer equipment & services sectors. Mr. Pyle joined the firm in 2000 from State Street Research where he was a research analyst and associate portfolio manager in their equity value group. Prior to that, he spent five years with Price Waterhouse. Mr. Pyle holds a B.S. degree in business administration from California State University, Chico, and an M.B.A. degree from the Kenan-Flagler School of Business at the University of North Carolina. Mr. Pyle holds the Chartered Financial AnalystPPPP® PPPP designation. He has twenty-three years of investment experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: - 64 - Boston Partners Not applicable. Item 6 - Supervision: As a Portfolio Manager, Mr. Pyle is monitored and supervised by Boston Partners’ Co-CEO and Chief Investment Officer, Joseph Feeney, Jr. Mr. Feeney meets regularly (weekly), including by conference calls, with the Portfolio Managers to review portfolio holdings, characteristics, performance and attribution. Mr. Feeney can be reached at (617) 832-8200 (jfeeney@boston-partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. DUILIO R. RAMALLO: CFA Item 1 – Cover Page Supervised Person’s name and business address: Duilio R. Ramallo Boston Partners 350 S. Grand Ave., Suite 1550 Los Angeles, CA 90071 Phone: 213-687-1650 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Duilio R. Ramallo that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Ramallo, born in 1966, is the senior portfolio manager for Boston Partners Premium Equity product. Previously, Mr. Ramallo was the assistant portfolio manager for the Small Cap Value products. Prior to his portfolio management role, Mr. Ramallo was a research analyst for Boston Partners. He joined the firm in in 1995 from Deloitte & Touche L.L.P., where he spent three years, most recently in their Los Angeles office. Mr. Ramallo holds a B.A. degree in economics/business from the University of California at Los Angeles and an M.B.A. from the Anderson Graduate School of Management at UCLA. He holds the Chartered Financial AnalystPPPP ® PPPP designation. He is also a Certified Public Accountant (inactive). He has twenty-three years of investment experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: - 65 - Boston Partners As a Portfolio Manager, Mr. Ramallo is monitored and supervised by Boston Partners’ Co-CEO and Chief Investment Officer, Joseph Feeney, Jr. Mr. Feeney meets regularly (weekly), including by conference calls, with the Portfolio Managers to review portfolio holdings, characteristics, performance and attribution. Mr. Feeney can be reached at (617) 832-8200 (jfeeney@boston-partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. PATRICK REGAN: CFA Item 1 – Cover Page Supervised Person’s name and business address: Patrick Regan Boston Partners 1 Beacon Street, 30PPPP th PPPP Floor Boston, MA 02108 Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Patrick Regan that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Regan, born in 1972, is the primary portfolio manager for the Boston Partners Long/Short Equity strategy. Prior to this role, he was a long/short generalist with Boston Partners specializing in fundamental research of stocks held in Boston Partners’ Long/Short Equity products. He rejoined the firm after spending nearly six years with Westfield Capital, where he managed the financial sector sleeves of Westfield Capital’s small, small/mid, mid, large and all cap funds. He was also a voting member on the Westfield Investment Committee. Before that, Mr. Regan was a research analyst with Boston Partners Asset Management for ten years, where he managed a portion of the Boston Partners Long/Short Research strategy and covered numerous market sectors including the financial and consumer sectors as well as the software industry. He began his post-graduate career at Broadview International, LLC, where he was an associate specializing in technology mergers and acquisitions. Mr. Regan holds a B.A. degree in economics from Colby College, and an M.B.A. degree from The Wharton School at the University of Pennsylvania. He holds the Chartered Financial Analyst® designation. He has over twenty-three years of industry experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. - 66 - Boston Partners Item 6 - Supervision: As a Portfolio Manager, Mr. Regan is monitored and supervised by Boston Partners’ Co-CEO and Chief Investment Officer, Joseph Feeney, Jr. Mr. Feeney meets regularly (weekly), including by conference calls, with the Portfolio Managers to review portfolio holdings, characteristics, performance and attribution. Mr. Feeney can be reached at (617) 832-8200 (jfeeney@boston-partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. HARRY J. ROSENBLUTH: CFA Item 1 – Cover Page Supervised Person’s name and business address: Harry R. Rosenbluth Boston Partners 100 Drakes Landing Rd., Suite 360 Greenbrae, CA 94904 Phone: (415) 464-2890 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Harry J. Rosenbluth that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Rosenbluth, born in 1954, is a senior advisor for Boston Partners Global Equity and International Equity products. Prior to this, he was the portfolio manager for Boston Partners Premium Equity Product and co- manager for our Mid Cap Value Equity product. He was one of the founding partners of Boston Partners Asset Management in 1995. Mr. Rosenbluth joined the firm following fourteen years with The Boston Company Asset Management, Inc. as Senior Vice President and the Portfolio Manager for the Dynamic Equity Fund. Mr. Rosenbluth was also a member of the Equity Policy Group of The Boston Company Asset Management, Inc. Before that, Mr. Rosenbluth was a consultant for Arthur Andersen & Company. Mr. Rosenbluth holds a B.A. degree in Economics from George Washington University and an M.B.A. from The Amos Tuck School of Business Administration at Dartmouth College. He holds the Chartered Financial AnalystPPPP ® PPPPdesignation. He has thirty-seven years of investment experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: - 67 - Boston Partners Not applicable. Item 6 - Supervision: As a senior advisor, Mr. Rosenbluth is monitored and supervised by Boston Partners’ Co-CEO and Chief Investment Officer, Joseph Feeney, Jr. Mr. Feeney meets regularly (weekly), including by conference calls, with the Portfolio Managers to review portfolio holdings, characteristics, performance and attribution. Mr. Feeney can be reached at (617) 832-8200 (jfeeney@boston-partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. RICHARD SHUSTER: CFA Item 1 – Cover Page Supervised Person’s name and business address: Richard Shuster Boston Partners One Grand Central Place 60 East 42nd Street, Suite 1550 New York, NY 10165 Phone: (212) 908-9877 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Richard Shuster that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Shuster, born in 1961, is the Lead Portfolio Manager for the WPG Partners Small and Micro Cap Equity products. He joined WPG Partners, an investment division of Boston Partners, in mid-1999 to head the firm’s Small Cap Value Team. He joined the firm from APM Partners, where he was a Managing Partner, responsible for managing a small cap value hedge fund. Mr. Shuster began his investment career as a financial analyst with Donaldson Lufkin & Jenrette, later moving to First City Capital, where he spent three years as a Vice President, research analyst. Mr. Shuster was a portfolio manager with Value Equity Associates where he co-managed an event-driven stock portfolio. He holds a B.S. degree in economics from the University of Pennsylvania. Mr. Shuster holds the Chartered Financial AnalystPPPP ®PPPP designation. Mr. Shuster has thirty-five years of investment experience, over twenty of which were spent specializing in small cap equity investing. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: - 68 - Boston Partners Not applicable. Item 6 - Supervision: As a Portfolio Manager, Mr. Shuster is monitored and supervised by Boston Partners’ Co-CEO and Chief Investment Officer, Joseph Feeney, Jr. Mr. Feeney meets regularly (weekly), including by conference calls, with the Portfolio Managers to review portfolio holdings, characteristics, performance and attribution. Mr. Feeney can be reached at (617) 832-8200 (jfeeney@boston-partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. GREGORY N. WEISS Item 1 – Cover Page Supervised Person’s name and business address: Gregory N. Weiss Boston Partners One Grand Central Place 60 East 42nd Street, Suite 1550 New York, NY 10165 Phone: (212) 908-9875 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Gregory N. Weiss that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Weiss, born in 1973, is a Co-Portfolio Manager for the WPG Partners Small and Micro Cap Equity products. He joined WPG Partners, an investment division of Boston Partners, in mid-1999 to work on the firm’s Small Cap Value team. He joined the firm from Bear Stearns where he began his investment career in 1995 as an equity analyst, responsible for covering the building materials, nonferrous metals, steel and steel- related industries. Mr. Weiss holds a B.A. degree in psychology from Cornell University. He has twenty-six years of investment experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. - 69 - Boston Partners Item 6 - Supervision: As a Portfolio Manager, Mr. Weiss is monitored and supervised by Richard Shuster, Lead Portfolio Manager. Mr. Shuster meets regularly with the WPG Partners Small Cap Value team. Investment ideas that meet the team's investment prerequisites are catalogued in a database. Current holdings in the portfolio are maintained in a portfolio spreadsheet that details qualitative and quantitative attributes. Individual portfolio holdings are generally updated every 90-120 days if not more frequently. Mr. Shuster can be reached at (212) 908-9877 (36T36T36T36Trshuster@boston-partners.com36T36T36T36T). Item 7 – Requirements for State-Registered Advisers Not applicable. JOSHUA WHITE: CFA Item 1 – Cover Page Supervised Person’s name and business address: Joshua White Boston Partners 1 Beacon Street, 30PPPP th PPPP Floor Boston, MA 02108 Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Joshua White that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. White, born in 1983, is a portfolio manager on Boston Partners Global and International strategies. Prior to this role, he was a global generalist providing fundamental research on global equities. Prior to this, Mr. White, managed a portion of the Boston Partners Long/Short Research strategy while covering multiple economic sectors including basic industries, consumer durables, and capital goods. Mr. White holds a B.A. degree in mathematics from Middlebury College. He holds the Chartered Financial Analyst® designation and has twelve years of industry experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: - 70 - Boston Partners As a Portfolio Manager, Mr. White is monitored and supervised by Boston Partners’ Co-CEO and Chief Investment Officer, Joseph Feeney, Jr. Mr. Feeney meets regularly (weekly), including by conference calls, with the Portfolio Managers to review portfolio holdings, characteristics, performance and attribution. Mr. Feeney can be reached at (617) 832-8200 (jfeeney@boston-partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. BRUCE WIMBERLY Item 1 – Cover Page Supervised Person’s name and business address: Bruce Wimberly Boston Partners 1 Beacon Street, 30PPPP th PPPP Floor Boston, MA 02108 Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2018 This brochure supplement provides information about Bruce Wimberly that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Wimberly, born in 1966, is the lead portfolio manager for Boston Partners Select Equity DST and a long/short generalist specializing in fundamental research of stocks held in our Long/Short Equity product. He joined the firm in 2010 from American Century Investments where he was a vice president and senior portfolio manager on their large cap growth fund. Mr. Wimberly holds a B.A. degree from Middlebury College, an M.B.A. degree from Northwestern University and an M.E. degree from Rockhurst University. He has twenty- seven years of investment experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Mr. Wimberly is the Manager of Silver Ruby Management, L.L.C., a family business. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: Mr. Wimberly is monitored and supervised by Boston Partners Co-CEO and Chief Investment Officer, Joseph Feeney, Jr.. Mr. Feeney meets regularly (weekly), including by conference calls, with the Portfolio Managers to - 71 - Boston Partners review portfolio holdings, characteristics, performance and attribution.. Mr. Feeney can be reached at (617) 832-8200 (jfeeney@boston-partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. SCOTT E. BURGESS: CFA Item 1 – Cover Page Supervised Person’s name and business address: Scott E. Burgess Boston Partners 1 Beacon Street, 30PPPP th PPPP Floor Boston, MA 02108 Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Scott E. Burgess that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Burgess, born in 1976, is an equity analyst with Boston Partners, specializing in the technology and electronics sectors of the equity market. He joined the firm after spending three years with Putnam Investments where he was a senior investment associate. Mr. Burgess holds a B.S. degree in economics and a B.S. degree in chemical engineering from The Wharton School and The School of Engineering and Applied Science, respectively, at the University of Pennsylvania. He also holds an M.B.A. degree from the University of Chicago Graduate School of Business. He holds the Chartered Financial AnalystPPPP ® PPPP designation. He has nineteen years of experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: Mr. Burgess is monitored and supervised by Todd Knightly, Director of Research - Fundamental. Mr. Knightly meets regularly with the Research team and reviews the daily blotter and other reports in order to conduct reasonable supervision of the process. Analyst recommendations are catalogued and updated approximately 90 - 72 - Boston Partners days for securities held in the portfolio. Boston Partners analyst notes are reviewed weekly by the Director of Research - Fundamental. Mr. Knightly can be reached at (617) 832-8200 (36T36T36T36Ttknightly@boston-partners.com36T36T36T36T). Item 7 – Requirements for State-Registered Advisers Not applicable. TIMOTHY P. COLLARD Item 1 – Cover Page Supervised Person’s name and business address: Tim Collard Boston Partners 1 Beacon Street, 30th Floor Boston, MA 02108 Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Tim Collard that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact wbutterly@boston-partners.com if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Collard, born in 1981, is an equity analyst with Boston Partners, specializing in the aerospace & defense, transportation, housing and automobile sectors of the equity market. He joined the firm from Shellback Capital where he was a founding partner and equity analyst. Prior to that, Mr. Collard worked as a research analyst at Vinik Asset Management and Diamondback Capital Management. He began his career in investment banking, working for America’s Growth Capital. Mr. Collard holds a B.A. degree in American Studies from Middlebury College. He has thirteen years of experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: Mr. Collard is monitored and supervised by Todd Knightly, Director of Research - Fundamental. Mr. Knightly meets regularly with the Research team and reviews the daily blotter and other reports in order to conduct reasonable supervision of the process. Analyst recommendations are catalogued and updated approximately 90 days for securities held in the portfolio. Boston Partners analyst notes are reviewed weekly by the Director of Research - Fundamental. Mr. Knightly can be reached at (617) 832-8200 (36T36T36T36Ttknightly@boston-partners.com36T36T36T36T). - 73 - Boston Partners Item 7 – Requirements for State-Registered Advisers Not applicable. AARON DECOSTE Item 1 – Cover Page Supervised Person’s name and business address: Aaron DeCoste Boston Partners 1 Beacon Street, 30th Floor Boston, MA 02108 Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Aaron DeCoste that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact wbutterly@boston-partners.com if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. DeCoste, born in 1979, is an equity analyst with Boston Partners specializing in the energy, engineering & construction, and metal & mining sectors of the equity market. He joined the firm from Loomis Sayles where he was an equity analyst covering the energy and materials sectors. Prior to that, Mr. DeCoste was a senior director at Devonshire Investors, Fidelity Investments private equity investment arm, focusing on energy, transportation, construction and fintech investments. He began his career in audit at KPMG. Mr. DeCoste holds a B.S. degree in finance with a minor in mathematics from the Bentley University and an M.B.A. and M.S. finance degree from Boston College. He has thirteen years of investment experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: Mr. DeCoste is monitored and supervised by Todd Knightly, Director of Research - Fundamental. Mr. Knightly meets regularly with the Research team and reviews the daily blotter and other reports in order to conduct reasonable supervision of the process. Analyst recommendations are catalogued and updated approximately 90 days for securities held in the portfolio. Boston Partners analyst notes are reviewed weekly by the Director of Research - Fundamental. Mr. Knightly can be reached at (617) 832-8200 (36T36T36T36Ttknightly@boston-partners.com36T36T36T36T). Item 7 – Requirements for State-Registered Advisers - 74 - Boston Partners Not applicable. PAUL DONOVAN: CFA Item 1 – Cover Page Supervised Person’s name and business address: Paul Donovan Boston Partners 1 Beacon Street, 30th Floor Boston, MA 02108 Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Paul Donovan that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact klengieza@boston-partners.com if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Donovan, born in 1989, is an equity analyst with Boston Partners, specializing in the paper & packaging, cable & telecom, gaming & lodging and chemicals sector of the equity market. Prior to this position, he was an associate on the Business Analytics and Strategy team at Sanford Bernstein in New York City. Mr. Donovan holds a B.S. degree in business administration with a concentration in finance from Loyola University Maryland. He holds the Chartered Financial Analyst® designation. He has seven years of industry experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: Mr. Donovan is monitored and supervised by Todd Knightly, Director of Research - Fundamental. Mr. Knightly meets regularly with the Research team and reviews the daily blotter and other reports in order to conduct reasonable supervision of the process. Analyst recommendations are catalogued and updated approximately 90 days for securities held in the portfolio. Boston Partners analyst notes are reviewed weekly by the Director of Research - Fundamental. Mr. Knightly can be reached at (617) 832-8200 (36T36T36T36Ttknightly@boston- partners.com36T36T36T36T). Item 7 – Requirements for State-Registered Advisers Not applicable. - 75 - Boston Partners KEVIN DUGGAN: CFA Item 1 – Cover Page Supervised Person’s name and business address: Kevin Duggan Boston Partners 1 Beacon Street, 30PPPP th PPPP Floor Boston, MA 02108 Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Kevin Duggan that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Duggan, born in 1972, is an equity analyst with Boston Partners, specializing in banks and money center sectors of the equity market. He joined the firm from Fidelity Investments where he held several positions, most recently as a complex securities analyst. Prior to that, he was with State Street where he was an accounting manager. Mr. Duggan holds a B.S. degree in business administration from Boston University. He holds the Chartered Financial AnalystPPPP ® PPPP designation. He has twenty-three years of industry experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: Mr. Duggan is monitored and supervised by Todd Knightly, Director of Research - Fundamental. Mr. Knightly meets regularly with the Research team and reviews the daily blotter and other reports in order to conduct reasonable supervision of the process. Analyst recommendations are catalogued and updated approximately 90 days for securities held in the portfolio. Boston Partners analyst notes are reviewed weekly by the Director of Research - Fundamental. Mr. Knightly can be reached at (617) 832-8200 (36T36T36T36Ttknightly@boston- partners.com36T36T36T36T). Item 7 – Requirements for State-Registered Advisers Not applicable. DARIN FIERSTEIN - 76 - Boston Partners Item 1 – Cover Page Supervised Person’s name and business address: Darin Fierstein Boston Partners 100 Drakes Landing Rd., Suite 360 Greenbrae, CA 94904 Phone: (415) 464-2896 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Darin Fierstein that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Fierstein, born in 1972, is a Senior Analyst for Boston Partners Alternative Yield Strategy. He joined the firm from Allianz Global Investors where he was a senior research analyst and director. His primary responsibility was research coverage of the financial sector supporting large cap, mid cap, global and Redwood strategies. Previously, Mr. Fierstein worked at Wachovia Capital Markets covering the homebuilding sector. He also worked in the real estate technology and development industries for several years after graduate school. He has a B.A. from UC Santa Barbara and an M.B.A. from the Marshall School at the University of Southern California. He has sixteen years of investment experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: Mr. Fierstein is monitored and supervised by Todd Hawthorne, Portfolio Manager. Mr. Hawthorne meets regularly with the Boston Partners Alternative Yield Strategy team to review the weekly screening package and discuss names in the portfolio. Mr. Hawthorne can be reached at (415) 464-2884 (36T36T36T36Tthawthorne@boston- partners.com36T36T36T36T). Item 7 – Requirements for State-Registered Advisers Not applicable. TREVOR FRANKEL: CFA Item 1 – Cover Page Supervised Person’s name and business address: - 77 - Boston Partners Trevor Frankel Boston Partners 1 Beacon Street, 30th Floor Boston, MA 02108 Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Trevor Frankel that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact klengieza@boston-partners.com if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Frankel, born in 1987, is an equity analyst with Boston Partners and is an emerging markets long/short generalist. Prior to joining the firm, he worked as a research analyst at Highfields Capital specializing in the energy and materials sectors. He began his career doing quantitative research for Federated Investors – MDT Advisers. Mr. Frankel holds an A.B. in economics with a secondary field in mathematical sciences from Harvard University and an M.B.A degree from the MIT Sloan School of Management. He holds the Chartered Financial Analyst® designation and has eight years of industry experience. .Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: Mr. Frankel is monitored and supervised by Todd Knightly, Director of Research - Fundamental. Mr. Knightly meets regularly with the Research team and reviews the daily blotter and other reports in order to conduct reasonable supervision of the process. Analyst recommendations are catalogued and updated approximately 90 days for securities held in the portfolio. Boston Partners analyst notes are reviewed weekly by the Director of Research - Fundamental. Mr. Knightly can be reached at (617) 832-8200 (36T36T36T36Ttknightly@boston-partners.com36T36T36T36T). Item 7 – Requirements for State-Registered Advisers Not applicable. VOLKAN GULEN, CFA Item 1 – Cover Page Supervised Person’s name and business address: Volkan Gulen - 78 - Boston Partners Boston Partners 1 Beacon Street, 30PPPP th PPPP Floor Boston, MA 02108 Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Volkan Gulen that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Gulen, born in 1984, is an equity analyst with Boston Partners specializing in the consumer products, tobacco, agriculture, business services, media and advertising sectors of the equity market. He joined the firm from Fidelity Investments where he was a research analyst with coverage of the consumer sector with roles spanning equity and high yield securities. Mr. Gulen holds a B.B.A. degree in finance from the University of Massachusetts, Amherst. He holds the Chartered Financial Analyst® designation and has twelve years of investment experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation Not applicable. Item 6 - Supervision: Mr. Gulen is monitored and supervised by Todd Knightly, Director of Research - Fundamental. Mr. Knightly meets regularly with the Research team and reviews the daily blotter and other reports in order to conduct reasonable supervision of the process. Analyst recommendations are catalogued and updated approximately 90 days for securities held in the portfolio. Boston Partners analyst notes are reviewed weekly by the Director of Research - Fundamental. Mr. Knightly can be reached at (617) 832-8200 (36T36T36T36Ttknightly@boston-partners.com36T36T36T36T). Item 7 – Requirements for State-Registered Advisers Not applicable. TIMOTHY J. HORAN Item 1 – Cover Page Supervised Person’s name and business address: Timothy J. Horan Boston Partners 1 Beacon Street, 30th Floor Boston, MA 02108 Phone: (617) 832-8200 - 79 - Boston Partners The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Timothy J. Horan that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact klengieza@boston-partners.com if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Horan, born in 1965, is an equity analyst with Boston Partners, specializing in industrials and manufacturing, home & office furnishings sectors of the equity market. He rejoined the firm after spending two years at BNP Paribas Investment Partners as a senior equity portfolio manager. Prior to that, Mr. Horan spent nine years at Pioneer Investments as an equity portfolio manager. Before that, he was an equity analyst at Boston Partners and an associate portfolio manager with State Street Research. Mr. Horan holds a B.A. from the University of Massachusetts at Amherst and an M.B.A. from the Sawyer School of Business at Suffolk University. He has twenty-one years of experience. .Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: Mr. Horan is monitored and supervised by Todd Knightly, Director of Research - Fundamental. Mr. Knightly meets regularly with the Research team and reviews the daily blotter and other reports in order to conduct reasonable supervision of the process. Analyst recommendations are catalogued and updated approximately 90 days for securities held in the portfolio. Boston Partners analyst notes are reviewed weekly by the Director of Research - Fundamental. Mr. Knightly can be reached at (617) 832-8200 (36T36T36T36Ttknightly@boston-partners.com36T36T36T36T). Item 7 – Requirements for State-Registered Advisers Not applicable. TODD A. KNIGHTLY Item 1 – Cover Page Supervised Person’s name and business address: Todd A. Knightly Boston Partners 1 Beacon Street, 30PPPP th PPPP Floor Boston, MA 02108 Phone: (617) 832-8200 - 80 - Boston Partners The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Todd A. Knightly that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Knightly, born in 1967, is the director of fundamental research for Boston Partners. Prior to assuming this role, he was a research analyst covering the gaming, lodging and leisure sectors of the equity market. He joined the firm from Credit Suisse First Boston where he was a portfolio manager in the global proprietary trading group. In this role, he managed a long-short portfolio designed to achieve absolute returns using bottom-up security selection strategies. Prior to that, he worked as a market maker in Credit Suisse's international equity department. Before receiving his M.B.A., Mr. Knightly worked for Sumitomo Bank and Sumitomo Securities in fixed income sales. Mr. Knightly holds a B.B.A. in finance from the University of Massachusetts and holds an M.B.A. from Columbia University. He has twenty-nine years of experience. Mr. Knightly has been a Director of Boston Partners Trust Company since June 2014. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: As the Director of Research - Fundamental, Mr. Knightly is monitored and supervised by Boston Partners’ Co- CEO and Chief Investment Officer, Joseph Feeney, Jr. Mr. Feeney meets regularly (weekly), including by conference calls, with Boston Partners’ Co-CEO and Chief Investment Officer to review portfolio holdings, characteristics, performance and attribution. Mr. Feeney can be reached at (617) 832-8200 (jfeeney@boston- partners.com). Item 7 – Requirements for State-Registered Advisers Not applicable. MICHAEL A. MULLANEY Item 1 – Cover Page Supervised Person’s name and business address: Michael A. Mullaney Boston Partners 1 Beacon Street, 30th Floor Boston, MA 02108 - 81 - Boston Partners Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Michael A. Mullaney that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact klengieza@boston-partners.com if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Mr. Mullaney, born in 1954, is the director of global markets research for Boston Partners. He rejoined the firm from Fiduciary Trust Company where he was chief investment officer with responsibilities that included setting the firms overall investment policy practices and establishing both strategic and tactical asset allocation targets for client portfolios. Prior to that, Mr. Mullaney was the director of fixed income with Boston Partners Asset Management. Prior to joining Boston Partners, Mr. Mullaney was managing director and senior investment strategist at Putnam Investments, specializing in portfolio strategy and key account portfolio management. Before that, he was a senior consultant with Chase Econometrics/ Interactive Data Corporation, focusing on quantitative methodologies in fixed income and equity management. Mr. Mullaney holds a B.S. degree (Cum Laude) in biological sciences from Boston University and an M.B.A. in Finance from Babson College. He has a total of thirty-seven years of investment experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: Mr. Mullaney is monitored and supervised by Boston Partners’ Co-CEO and Chief Investment Officer, Joseph Feeney, Jr. Mr. Feeney meets regularly (weekly), including by conference calls, with the Portfolio Managers to review portfolio holdings, characteristics, performance and attribution. Mr. Feeney can be reached at (617) 832-8200 (36T36T36T36Tjfeeney@boston-partners.com36T36T36T36T). Item 7 – Requirements for State-Registered Advisers Not applicable. MAGGY A. PIETROPAOLO: CFA Item 1 – Cover Page Supervised Person’s name and business address: Maggy A. Pietropaolo Boston Partners 1 Beacon Street, 30PPPP th PPPP Floor Boston, MA 02108 - 82 - Boston Partners Phone: (617) 832-8200 The date of this brochure supplement is July 26, 2019 This brochure supplement provides information about Maggy A. Pietropaolo that supplements the Boston Partners Global Investors, Inc. (“Boston Partners”) brochure. You should have received a copy of that brochure. Please contact 36T36T36T36Tklengieza@boston-partners.com36T36T36T36T if you did not receive Boston Partners’ brochure or if you have any questions about the contents of this supplement. Item 2 - Educational Background and Business Experience Ms. Pietropaolo, born in1968, is a quantitative analyst with Boston Partners, specializing in quantitative strategies. She joined the firm after spending four years with Putnam Investments, where she was an Assistant Vice President and quantitative analyst. Prior to that, she was a database analyst and program analyst at Wellington Management Company and Colonial Management. Ms. Pietropaolo holds a B.A. degree in economics from Cornell University and an M.B.A. degree from Boston University. She holds the Chartered Financial AnalystPPPP ® PPPP designation. She has twenty–eight years of experience. Item 3 - Disciplinary Information Not applicable. Item 4 - Other Business Activities Not applicable. Item 5 - Additional Compensation: Not applicable. Item 6 - Supervision: Ms. Pietropaolo is monitored and supervised by Eric Connerly, Portfolio Manager and Director of Research - Quantitative. Mr. Connerly meets regularly with the Research team and reviews all Investment Personnel email as well as the daily blotter and other reports in order to conduct reasonable supervision of the process. Analyst recommendations are catalogued and updated approximately 90 days for securities held in the portfolio. Boston Partners analyst notes are reviewed weekly by the Director of Research. Mr. Connerly can be reached at (617) 832-8200 (36T36T36T36Teconnerly@boston-partners.com36T36T36T36T). Item 7 – Requirements for State-Registered Advisers Not applicable. BPGI / New Account Forms / New Account Investment Assets 8-18.docx NEW ACCOUNT INVESTMENT ASSETS Client Name: ___________________________________________________________________ The assets are held in account # _________________at (insert custodian) _________________ Primary Custodian Contact Name: Address: Phone: Email: In order to ensure consistency between Boston Partners Global Investors, Inc. dba Boston Partners’ (the “Manager”) records and the Client’s Custodian records, please complete the following; To the extent either section is left blank, the Manager is directed to contact the Client’s Custodian and to rely upon such information as provided to the Manager by the Custodian. I. CASH INVESTMENTS Please circle the appropriate cost accounting method that should be used for record keeping: AVERAGE COST LIFO FIFO HIGH LOW OTHER __________________ II. IN-KIND TRANSFERS If in-kind assets are to be transferred, please circle below which methodology the Manager should use; 1. Custodian’s historical cost of the asset at time of transfer. 2. Beginning cost basis that will reflect market value at time of transfer. III. Fiscal Year End: _________________________ Date: ________________________________ City of Clearwater Employees' Pension Fund Northern Trust Matt Tranowski 50 South La Salle Street, B-8, Chicago, IL 60603 312-557-5344mjt8@ntrs.com September 30