Page 21 - MayDefComp

YTD Fixed Income 3.15 Cash 0.47 High Yield ‐12.68 Asset Alloc. ‐13.78 Large Cap ‐19.60 Int'l Equity ‐22.83 Comdty ‐23.29 EM Equity ‐23.6 REITS ‐27.3 Small Cap ‐30.61

2019 Large Cap 31.49 REITS 26.00 Small Cap 25.52 Int'l Equity 22.01 EM Equity 18.42 Asset Alloc. 18.2 High Yield 14.32 Fixed Income 8.72 Comdty 7.69 Cash 2.21

2018 Cash 1.82 Fixed Income 0.01 High Yield ‐2.08 Large Cap ‐4.38 REITS ‐4.62 Asset Alloc. ‐5.58 Small Cap ‐11.01 Comdty ‐11.25 Int'l Equity ‐13.79 EM Equity ‐14.58 in the Barclays Capital aggregate, 5%

EM Equity 37.28 Int'l Equity 25.03 Large Cap Small Cap 14.65 Asset Allocation 13.28 High Yield REITS Fixed Income Comdty Cash
2017 21.83 7.50 5.23 3.54 1.70 0.82

2016 Small Cap 21.31 High Yield 17.13 Large Cap 11.96 Comdty 11.77 Emrg Mrkt Equity 11.19 REITS 8.52 Asset Allocation 7.91 Fixed Income 2.65 Int'l Equity 1.00 Cash 0.26

2015 REITS 3.20 Large Cap 1.38 Fixed Income 0.55 Cash 0.03 Int'l Equity ‐0.81 Asset Allocation ‐2.16 Small Cap ‐4.41 High Yield ‐4.47 Emrg Mrkt Equity ‐14.92 Comdty ‐24.66

2014 REITS 30.14 Large Cap 13.69 Fixed Income 5.97 Asset Allocation 4.95 Small Cap 4.89 High Yield 2.45 Cash 0.02 Emrg Mrkt Equity ‐2.19 Int'l Equity ‐4.90 Comdty ‐17.01

2013 Small Cap 38.82 Large Cap 32.39 Int'l Equity 22.78 Asset Allocation 13.06 High Yield 7.44 REITS 2.47 Cash 0.05 Fixed Income ‐2.02 Emrg Mrkt Equity ‐2.60 Comdty ‐9.52 Source: Morningstar Direct, 03/31/2020. Large cap: S&P 500, Small cap: Russell 2000, EM Equity: MSCI EME, DM Equity: MSCI EAFE, Comdty: Bloomberg Commodity Index, High Yield: Barclays High Yield Index, Fixed Income: Barclays Capital Aggregate, REITs: NAREIT Equity REIT Index. The “Asset Allocation” portfolio assumes the in the Barclays 1-3m Treasury, 5% in the Barclays High Yield I

Emrg Mrkt Equity 18.22 REITS Int'l Equity 17.32 Small Cap 16.35 Large Cap High Yield 15.81 Asset Allocation 11.25 Fixed Income Comdty
2012 18.06 16.00 4.21 Cash 0.08 ‐1.06

2011 REITS 8.29 Fixed Income 7.84 High Yield 4.98 Large Cap 2.11 Cash 0.07 Asset Allocation ‐0.38 Small Cap ‐4.18 Int'l Equity ‐12.14 Comdty ‐13.32 Emrg Mrkt Equity ‐18.42 following weights (60% Equity, 40% Bonds): 20% in the S&P 500, 10% in the Russell 2000, 15% in the MSCI, 5% in the MSCI EME, 30% assumes annual rebalancing. All data represents total return for stated period. Past performance is not indicative of future returns.

2010 REITS 27.96 Small Cap 26.85 Emrg Mrkt Equity 18.88 Comdty 16.83 High Yield 15.12 Large Cap 15.06 Asset Allocation 12.77 Int'l Equity 7.75 Fixed Income 6.54 Cash 0.13
Asset Class Returns

Emrg Mrkt Equity 78.51 High Yield 58.21 Int'l Equity 31.78 REITS Small Cap 27.17 Large Cap Asset Allocation 23.74 Comdty Fixed Income
2009 27.99 26.46 18.91 5.93 Cash 0.15

2008 Fixed Income 5.24 Cash 1.77 Asset Allocation ‐23.27 High Yield ‐26.16 Small Cap ‐33.79 Comdty ‐35.65 Large Cap ‐37.00 REITS ‐37.73 Int'l Equity ‐43.38 Emrg Mrkt Equity ‐53.33 Diversification does not guarantee a profit or protect against loss. Past performance does not guarantee future results.

as of 03/31/2020 2007 2006 Emrg Mrkt REITS Equity 35.06 39.42 Emrg Mrkt Comdty Equity 16.23 32.14 Int'l Int'l Equity Equity 11.17 26.34 Asset Small Cap Allocation 18.37 7.04 Fixed Large Cap Income 15.79 6.97 Asset Large Cap Allocation 5.49 14.54 Cash High Yield 4.78 11.85 High Yield Cash 1.87 4.80 Fixed Small Cap Income ‐1.57 4.33 REITS Comdty ‐15.69 2.07

2005 Emrg Mrkt Equity 34.00 Comdty 21.36 Int'l Equity 13.54 REITS 12.16 Asset Allocation 7.86 Large Cap 4.91 Small Cap 4.55 Cash 3.00 High Yield 2.74 Fixed Income 2.43