Investment Due Diligence Summary

Memorandum

To: Board of Trustees, Fresno County Employees’ Retirement Association From: Michael Kamell, CFA, CAIA, Senior Consultant Date: October 21, 2020 RE: Update on Investment Manager On‐Site Due Diligence

In accordance with FCERA’s Due Diligence Policy, Verus is pleased to update the Board regarding ongoing due diligence efforts with respect to FCERA’s investment managers.

FCERA’s policy is that on‐site due diligence should occur on a three‐year rotational basis, covering all active managers which provide reasonable liquidity for redemption.

Since our last annual update on due diligence, our team has completed onsite due diligence on three of FCERA’s strategies (Western Asset, Loomis Sayles, and Eaton Vance). Given the uncertainty of the COVID‐19 pandemic and social distancing rules, on‐site visits were suspended in 2020. To accommodate, Verus made numerous schedule changes to meet with managers virtually in 2020. There were two strategies (RAE/PIMCO and IFM) with a Q2 2020 due date and two strategies with a Q3 2020 due date (Mondrian EM and Int’l Small Cap) that were deferred to Q4 2020 due to the mentioned uncertainties. There are four strategies for which the three‐year period will lapse in 2021; our team will be scheduling these meetings over the next several months. Should you have any interest in accompanying our team to any of the upcoming visits, please let us know.

A copy of the most recent on‐site due diligence report for each product is included for your reference; the most recently completed reports are listed first. Note that for products listed as “N/A” this does not suggest Verus has not conducted onsite meetings, just that a write‐up has not been prepared for FCERA.

Active Managers Strategy City Last Onsite Visit Next Visit Due Artisan Int'l Growth New York N/A: Q3 2020 Q3 2023 Western Asset IG Credit Pasadena Q2 2020 Q2 2023 Loomis Sayles High Yield Boston Q4 2019 Q4 2022 Eaton Vance Bank Loans Boston Q4 2019 Q4 2022 Brandywine Global Sovereign Philadelphia Q2 2019 Q2 2022 PIMCO EM Debt Newport Beach Q2 2019 Q2 2022 Invesco Core RE Dallas Q2 2019 Q2 2022 Mondrian Int'l SC Value London Q3 2017 Scheduled for Q4 2020 Mondrian EM Value London Q3 2017 Scheduled for Q4 2020 Research Affiliates/PIMCO RAFI ‐ EAFE Newport Beach Q2 2017 Scheduled for Q4 2020 IFM Infrastructure New York Q2 2017 Scheduled for Q4 2020 PIMCO StocksPLUS Small Newport Beach N/A: Hired Q1 2018 Q1 2021 RBC Access Capital MBS Toronto N/A: Hired Q4 2018 Q4 2021 T Rowe Price LC Growth Baltimore N/A: Hired Q4 2018 Q4 2021 Baillie Gifford EM Growth Edinburgh N/A: Hired Q4 2018 Q4 2021

S E A T T L E | L O S A N G E L E S | S A N F R A N C I S C O | VERUSINVESTMENTS.COM

JUNE 2020 Investment Due Diligence Summary VERUSINVESTMENTS.COM Western Asset Management SEATTLE 206‐622‐3700 WA US Investment Grade Credit LOS ANGELES 310‐297‐1777 SAN FRANCISCO 415‐362‐3484 INVESTMENT DUE DILIGENCE SUMMARY – WESTERN ASSET MANAGEMENT

Date Reviewed: May 6, 2020 *Scheduled onsite visit conducted as a virtual meeting due to COVID‐19*

Verus Attendees Maggie Hoy, CFA, CAIA – Associate Director | Public Markets

Western Asset Management Attendees Gary Slavin – Consultant Relations Derek Fan – Consultant Relations Mark Lindbloom – Portfolio Manager Kurt Halvorson, CFA – Portfolio Manager

Overview

Asset Class Investment Grade Fixed Income

Investment Style Relative Value

Firm Ownership Subsidiary of Legg Mason, Inc. *Franklin Templeton’s purchase of Legg Mason is expected to be complete by Q3 2020*

Firm Assets $448 billion (as of 3/31/2020)

Client Strategies ― Investment Grade Credit (9/2014 inception): $178 million (as of 3/31/2020)

INVESTMENT DUE DILIGENCE SUMMARY – WESTERN ASSET MANAGEMENT

Onsite Description During our virtual onsite meeting on May 6, 2020, we conversed with Derek Fan, Gary Slavin, Kurt Halvorson and Mark Lindbloom. We were given a brief update on the firm and the transition between Legg Mason and Franklin Templeton, firmwide assets and flows, and the effects of COVID‐19 on the investment staff. We also discussed the philosophy and process, global strategy and positioning as it pertains to the investment mandate.

Coming into 2020, the team thought that fundamentals and credit markets were relatively strong. It was the team’s view that market technicals turned very positive in credit but valuations were near post‐crisis tights with investment grade spreads around roughly 90 bps. Essentially there were some sectors facing headwinds but in general, it was the team’s view that credit was mostly in a good spot. Pre‐COVID, the team had discipline with credit valuation at these levels to manage overall risk in portfolios. Western Asset (WAMCO) took down overall risk to just below benchmark‐level given rich valuations in the asset class. In terms of missteps, the team was overweight the energy sector which experienced major weakness in the first quarter of 2020. While WAMCO did have confidence in the balance sheets and companies being upgraded, the team did not have a global pandemic, demand shock and OPEC supply shock baked into their thesis. Through the extreme market volatility in March, WAMCO spent an enormous amount of time stressing balance sheets and completing scenario analysis. This exercise helped WAMCO to recognize that the team’s energy holdings were bendable but not breakable in terms of permanent impairment.

In terms of positioning, WAMCO is continuing to play defense in challenged sectors like energy. The team is not currently adding additional risk in any names that are COVID‐sensitive and considered lower quality given that the portfolio’s intention is to produce lower volatility returns. The team has been being mindful, however, about playing offense within the high quality opportunity set. In March, the team saw some of the highest quality borrowers in corporate market issue bonds that issue infrequently with significant spread concessions. WAMCO participated in the massive new issue calendar meaningfully, especially in March and April. While there is a lot of uncertainty in the market, WAMCO's thought process in investment grade credit is to invest in companies that are going to be able to navigate the uncertainty ahead. The team has invested in names such as 3M and Coca Cola in the longer end of the curve. The team continues to reduce positions in fallen angels, redeploying into A‐rated and higher credits.

Team Description WAMCO utilizes a team‐based approach to portfolio management, with investment decisions made collectively following thorough discussions. The US Investment Grade (IG) Credit team is led by Ryan Brist and is a subset of the firm’s Global Credit team. Once the firm’s broad macroeconomic views are developed by the U.S. Broad Strategy Committee, the IG Credit portfolio managers are responsible for setting the strategic direction of their portfolios by establishing a risk budget and sector positioning. The IG Credit team is supported by the firm’s sector specialists who are segmented by market sector.

Each of the individuals we met has been with the firm a considerable length of time and demonstrated knowledge and experience in line with expectations. We have no concerns with the investment management team or organization, especially as it relates to the U.S. IG Credit strategy.

INVESTMENT DUE DILIGENCE SUMMARY – WESTERN ASSET MANAGEMENT

KEY INVESTMENT PROFESSIONALS

MICHAEL C. BUCHANAN, CFA, DEPUTY CHIEF INVESTMENT OFFICER Michael Buchanan, deputy chief investment officer at Western Asset, joined the Firm in 2005. He previously served as managing director and head of US credit products at Credit Suisse Asset Management and as executive vice president and portfolio manager at Janus Capital Management. He also worked at BlackRock Financial Management as managing director and portfolio manager and at Conseco Capital Management as vice president and portfolio manager. Buchanan holds the Chartered Financial Analyst designation and graduated with Honors from Brown University. He holds a bachelor’s degree in economics.

RYAN K. BRIST, CFA, HEAD OF U.S. INVESTMENT GRADE CREDIT, PORTFOLIO MANAGER Ryan Brist is head of US investment‐grade credit and portfolio manager at Western Asset. He has over 20 years of experience in finance. Before joining the firm in 2009, he served as chief investment officer and portfolio manager at Logan Circle Partners, LP, and co‐chief investment officer and senior portfolio manager at Delaware Investment Advisors. Previously, he was vice president of corporate bond trading at Conseco Capital Management and an analyst in corporate finance at Dean Witter Reynolds in the retail products Group. Brist, who holds the Chartered Financial Analyst designation, received a bachelor of science in finance from Indiana University.

KURT HALVORSON, CFA, PORTFOLIO MANAGER Kurt Halvorson is Portfolio Manager at Western Asset. Before joining the firm in 2010, he served as a senior corporate bond manager at Aegon USA Investment Management. Prior, he was a senior trader at 40/86 Advisors, LLC and held a role as a corporate bond trader and Banc of America Securities, LLC. Halvorson, who holds the Chartered Financial Analyst designation, received a bachelor of arts in business from Covenant College.

Strategy Description The $178 million U.S. IG Credit fixed income mandate managed on behalf of FCERA utilizes the Bloomberg Barclays U.S. Credit Index benchmark. The strategy incorporates both top‐down and bottom‐up approaches, emphasizing the firm’s macro‐thematic viewpoint towards risk taking. The investment team will look to allocate to sectors they identify as offering additional premium relative to other sectors for liquidity and credit risks in addition to actively rotating in and out of those sectors as fundamental and market conditions change.

Portfolio duration and interest rate risk is managed broadly in line with the benchmark at +/‐ 10%. Target gross excess returns are between 50 and 60 basis points over a full market cycle with ex‐ante tracking error of between 100 and 120 basis points. The mandate provides for a fair degree of flexibility from benchmark sector weights and as such may exhibit a higher degree of tracking error relative to the benchmark during periods of increased market volatility. Below‐investment grade issues are limited to 5%. The investment team seeks to limit 5% per issuer at the time of purchase (except for obligations issued or guaranteed by the US government, US agencies or US government‐sponsored corporations and agencies and investments in commingled funds). Investments in EM sovereign debt and bank loans are prohibited.

INVESTMENT DUE DILIGENCE SUMMARY – WESTERN ASSET MANAGEMENT

Process Implementation WAMCO’s fixed income philosophy is predicated on the belief that through superior fundamental credit research in combination with accurate relative value analysis excess returns can be achieved. The strategy utilizes both top‐down and bottom‐up approaches, with an emphasis on fundamental research, and considers a broad opportunity set of fixed income securities (focus on credit). The key differentiator of the strategy is team’s macro‐economic and fundamental approaches, combined with the ability to tactically allocate between sectors and issuers.

The portfolio construction process begins with the development of the firm’s macro‐economic viewpoint. These views are developed by the U.S. Broad Strategy Committee comprised of senior portfolio managers and specialists from across the firm. Once the general framework considering the global economy, direction of interest rates and other top‐down influences have been determined, the firm’s credit portfolio managers seek to identify risk profiles and sector positioning.

Once the credit risk profile and constraints are determined, the firm’s credit analysts perform the robust bottom‐up, fundamental process of identifying and evaluating mispriced securities. The team assesses key financial criteria such as corporate cash flow, total debt outstanding, interest coverage and return on equity. In addition to traditional credit research, the credit research team sits near the firm’s trading group which aids in communication and the determination of relative value.

After the portfolio construction process has been completed, the investment team works with the risk management team to ensure that the portfolio adheres to the desired risk profile. To provide timely risk information, the Risk Analytics team delivers daily reports that detail important risk metrics that include portfolio and security measurements of value‐at‐risk, tracking error, industry concentration, duration, and issuer credit ratings.

Finally, security buy and sell decisions are predicated on the fundamental analysis of each issuer in conjunction with the firm’s views on the corresponding sector. The team seeks to minimize exposure to sectors that are deemed full‐value or overvalued. The decision to purchase a security depends on the credit analysts who seek to identify those issues that are mispriced due to unusual situations (mergers, optionality), or changes in credit rating. The decision to sell a position is predicated on one of three objectives: has the issue exceeded its relative value price target, has the risk associated with holding the security increased to the point where it no longer justifies inclusion in the portfolio, or have material events changed to the extent that they affect the fundamental valuation of the security. In the event an issuer was to experience a rapid deterioration in price relative to the initial purchase price, the team will execute a comprehensive review to determine if the security should be sold or held.

Risk Factors and Potential Red Flags Risk management is embedded throughout the investment process. WAMCO’s chief risk officer (CRO), Ahmet Kocagil, is directly responsible for overseeing the market/credit risk as well as the firm’s enterprise risk. WAMCO has designed and implemented several improved controls and reporting procedures that have helped teams understand various risk exposures better in addition to imposing more restrictive trading controls that prohibit the types of errors that have previously occurred at WAMCO. The CRO has full transparency within the investment management process and provides an objective view to the firm’s risk positions using both proprietary and third‐party analytical tools. 4

INVESTMENT DUE DILIGENCE SUMMARY – WESTERN ASSET MANAGEMENT

Historically, WAMCO has utilized off‐benchmark allocations in addition to active sector tilts and security selection to enhance returns relative to the benchmark. Thus, during periods of market dislocations the strategy may experience heightened volatility and potentially incur larger drawdowns, such as occurred during the financial crisis in 2008. To mitigate portfolio risk exposures have historically been limited to 2% or less.

In February 2020, Franklin Templeton (Franklin) announced their intention to acquire 100% of Legg Mason for $4.5 billion in an all‐cash deal. Franklin’s goal is to rationalize WAMCO’s parent company and integrate parent company distribution with Franklin's existing operations. The transaction affected eight of the nine affiliates of Legg Mason (with the exception of Entrust). While there have been some organization changes at the parent firm level (Legg Mason being purchased by Franklin Templeton), we believe that WAMCO will continue to be an autonomous affiliate and experience a seamless transition in terms of investment team stability.

Performance Performance of the FCERA’s mandate has been additive relative to the benchmark on a gross of fees basis (as of 4/30/2020) over the longer‐term periods (3‐year, 5‐year and since inception). The strategy slightly underperformed the Bloomberg Barclays US Credit Index for the trailing 1‐year period and YTD 2020 by 20 bps and 40 bps, respectively. Much of the underperformance was due to the broad market sell‐off due to COVID‐19. The portfolio bounced back significantly in April 2020, outperforming the index by 230 bps.

Since the low points in the credit market in late March 2020, the team has upgraded the credit quality of the portfolio quite meaningfully. The team is encouraged by the backstop provided by the Fed and has increased their allocation to longer duration credit in the 30‐year part of the curve. While the duration positioning is slightly underweight the benchmark, the team believes that duration as a hedge is not as valuable of a position given the firm view that rates will be somewhat anchored for the foreseeable future. The team continues to be defensive in sectors such as energy and COVID‐related names. The team is encouraged by the new issue calendar and they have been opportunistically adding to quality names at attractive valuations.

Summary Assessment From an investment management perspective, we believe WAMCO has the necessary experience and depth within the fixed income team to continue to execute the FCERA U.S. Investment Grade investment mandate. The investment team is seasoned and well‐resourced. The strategy offers a broad credit opportunity set and incorporates a robust multi‐step approach that considers both macroeconomic and fundamental factors. WAMCO has historically demonstrated the ability to meet investors return expectations across various market cycles. As such, we recommend FCERA retain the relationship.

INVESTMENT DUE DILIGENCE SUMMARY – WESTERN ASSET MANAGEMENT

The information presented in this report is furnished for use on a confidential basis as provided in the contractual agreement (the “Contract”) by and between Verus Advisory, Inc. (“Company”) and its client referenced in this report (“Client”). The information contained in this report may not be copied, reproduced or distributed, in whole or in part, nor may its contents or facts or terms of any securities (if any) contained therein be disclosed to any other person except in accordance with the terms of the Contract, including its terms of confidentiality. The information presented has been prepared by the Company from sources that it believes to be reliable and the Company has exercised all reasonable professional care in preparing the information presented. However, the Company cannot guarantee the accuracy of the information contained therein. The Company shall not be liable to Client or any third party for inaccuracy or in‐authenticity of information obtained or received from third parties in the analysis or for any errors or omissions in content. The information presented does not purport to be all‐inclusive nor does it contain all information that the Client may desire for its purposes. The information presented should be read in conjunction with any other material furnished by the Company. The Company will be available, upon request, to discuss the information presented in the report that Client may consider necessary, as well as any information needed to verify the accuracy of the information set forth therein, to the extent company possesses the same or can acquire it without unreasonable effort or expense. Nothing contained therein is, or should be relied on as, a promise, representation, or guarantee as to future performance or a particular outcome. Even with portfolio diversification, asset allocation, and a long‐term approach, investing involves risk of loss that the client should be prepared to bear. In the event of conflict between the terms of this disclosure and the Contract, the Contract shall take precedence. Verus Advisory Inc. – also known as Verus or Verus Advisory™.

Operational Due Diligence Assessment

Verus’ Operations team conducted an Operational Due Diligence assessment of the Western Asset Management US Investment Grade (“WAMCO”) strategy. The objective of the analysis was to gain a thorough understanding of WAMCO’s operations, attaining a reasonable assurance that WAMCO has sound organizational and governance structures, strong investment processes and procedures, and robust internal controls.

Verus sent WAMCO a copy of the Verus Operational Due Diligence Questionnaire (“ODDQ”) The ODDQ focuses on seven main areas: 1. Firm/Fund overview 2. Personnel 3. Key Processes 4. Service Providers 5. Reporting 6. Systems 7. Regulation and Compliance

Verus received the following documents from WAMCO during the review:

― Organization chart ― Code of Ethics ― Trade Flow process document ― Business Continuity Process executive ― Pricing and valuations policies and summary process

The underlying documents that Verus reviewed in conducting the ODD are in some case confidential, however if requested, Verus may be able to make the documents available with the consent of the manager and/or use of a Non-disclosure agreement.

WAMCO the operational due diligence assessment. Verus Operations will continue to monitor certain reports and information and will perform additional due diligence as necessary.

Past performance is no guarantee of future results. The information presented in this report is provided pursuant to the contractual agreement (the “Contract”) by and Fresno County Employees Retirement Account (“Client”) and Verus Advisory, Inc. (“Company”). In the event of conflict between the terms of this disclosure and the Contract, the Contract shall take precedence. Client is an institutional counterparty and in no event should the information presented be relied upon by a retail investor. The information presented has been prepared by the Company from sources that it believes to be reliable and the Company has exercised all reasonable professional care in preparing the information presented. However, the Company cannot guarantee the accuracy of the information contained therein. The Company shall not be liable to Client or any third party for inaccuracy or in-authenticity of information obtained or received from third parties in the analysis or for any errors or omissions in content. The information presented does not purport to be all-inclusive nor does it contain all information that the Client may desire for its purposes. The information presented should be read in conjunction with any other material furnished by the Company. The Company will be available, upon request, to discuss the information presented in the report that Client may consider necessary, as well as any information needed to verify the accuracy of the information set forth therein, to the extent Company possesses the same or can acquire it without unreasonable effort or expense. Nothing contained therein is, or should be relied on as, a promise, representation, or guarantee as to future performance or a particular outcome. Even with portfolio diversification, asset allocation, and a long-term approach, investing involves risk of loss that the client should be prepared to bear. The material may include estimates, outlooks, projections and other “forward-looking statements.” Such statements can be identified using terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates,” or the negative of any of the foregoing or comparable terminology, or by discussion of strategy, or assumptions such as economic conditions underlying other statements. No assurance can be given that future results described or implied by any forward-looking information will be achieved. Actual events may differ significantly from those presented. Investing entails risks, including possible loss of principal. Risk controls and models do not promise any level of performance or guarantee against loss of principal.

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JUNE 2019 Investment Due Diligence Summary VERUSINVESTMENTS.COM Brandywine Global Investment Management, LLC SEATTLE 206‐622‐3700 Global Investment Grade Sovereign Fixed Income LOS ANGELES 310‐297‐1777 SAN FRANCISCO 415‐362‐3484 INVESTMENT DUE DILIGENCE SUMMARY – BRANDYWINE GLOBAL FIXED INCOME

Verus FL Strategy Date Reviewed: May 8, 2019 Verus FL Manager X Client Requested Review Verus Attendees Maggie Hoy, CFA, CAIA – Associate Director | Public Markets

Brandywine Attendees Jack McIntyre, CFA – Portfolio Manager Richard Lawrence – Senior Vice President, Portfolio Management Craig Scott – Director of Marketing

Overview

Asset Class Global Sovereign Fixed Income

Investment Style Relative Value

Firm Ownership Subsidiary of Legg Mason, Inc.

Firm Assets $72.0 billion (as of 3/31/2019)

FCERA Strategies ― Global Investment Grade Sovereign Bond (1/2015 Inception) $244.6 million

Mandate Description ― Client‐specific guidelines and considerations

INVESTMENT DUE DILIGENCE SUMMARY – BRANDYWINE GLOBAL FIXED INCOME

Onsite Meeting During our on‐site meeting with Brandywine, we met with Craig Scott, director of marketing, Richard Lawrence, portfolio manager, and Jack McIntyre, portfolio manager. We engaged in a wide‐ranging discussion on multiple topics, including: philosophy and process, portfolio performance, positioning, and the team’s outlook on various global sovereign, credit and foreign exchange markets. Products offered by the firm (and actively recommended and monitored by Verus) include the firm’s Global Sovereign Investment Grade Bond and Global Opportunistic Fixed Income funds.

The team views real yields as the best measure of value. Due to this, the team tends to overweight positions in higher yielding markets and tends to be underweight lower yielding markets. Brandywine is very active in managing currency and views this investment decision as separate from the country allocation. The strategy is somewhat benchmark‐aware (versus the FTSE WGBI). The team believes that over time, markets tend to be mean‐reverting; for example, currencies that are currently cheap will tend to revert over time towards fair value. In assessing currencies, the team looks at interest rate and currency cycles for various countries with the goal of choosing currencies that have a higher propensity for mean reversion. The team’s interest tends to pique in currencies/rates that are one standard deviation from fair value and they become really interested when currencies/rates are two standard deviations from fair value over their history.

In terms of the process employed, the team analyzes various interest rates, currencies and credit in their universe of countries by studying valuations, price risk and intrinsic value. Ultimately the portfolio construction results in a combination of their macro process with their valuation process. The team tends to look at classic macro factors to get an assessment of whether the world is expanding, stable, or slowing, what the money supply is doing, inflation trends, etc. This is done to essentially develop a thematic view of the world.

Over the past five or six years, managing a global bond portfolio has been a challenge in the post‐financial‐ crisis world that is characterized by unconventional monetary policy and low interest rates. The team believes that interest rates as a policy transmission mechanism have become less effective and currencies have become the new adjustment mechanism. Brandywine has been positioning portfolios around their view that there will be a synchronized global soft landing. While market consensus lately has the US going back to being “the best house in a bad neighborhood”, which could give boost to the US dollar, Brandywine believes that the USD may experience some weakness/devaluation. Interest rate differentials may not increase. We discussed that the issue of a Fed rate cut was a big debate at the firm. Ultimately, the team believes that the Fed won’t cut rates unless there is evidence of a material slowdown in growth. With inflation just under 2%, Brandywine doesn’t think it makes sense that the Fed would want to interfere; there isn’t motivation to cut rates unless things get materially worse.

The fourth quarter of 2018 was a tough environment for most active bond managers, and this was also the case for this global bond strategy. Currency and bond positioning were major detractors during this period. The portfolio was underweight G3 countries and overweight the G20 countries. Essentially, the US dollar strength was the reason for the magnitude of the underperformance. The team was underweight Treasuries and did not appreciate the extent of the broad‐based global growth slowdown or the trade tensions. In the first quarter of 2019, the portfolio rebounded, due mainly to currency positioning.

INVESTMENT DUE DILIGENCE SUMMARY – BRANDYWINE GLOBAL FIXED INCOME

Going into 2019‐2020, the team is not overly enthusiastic on markets but think that there is a valuation anomaly in emerging markets. Brandywine believes that the continuation of the developing world becoming developed is a structural trend.

The team will continue to underweight the G3 currencies (USD, euro and yen) as they struggle to find value in this area. Additionally, the portfolio will continue to underweight European currencies; the team believes that Europe is not a driver of growth, they are a taker of growth. The team has been finding some value in US treasuries as the backup in rates made real yields turn positive. Brandywine views that economic uncertainty is still high and their base case is that the US economy is mid‐cycle and slightly slowing; the team does not view a global recession likely.

Team Description Brandywine emphasizes a generalist approach, so each team member is responsible for keeping continuously apprised of events around the world, particularly political and economic developments. A formal structure to support and complement the process is managed by Francis Scotland director of global macro research. Stephen Smith, David Hoffman, Jack McIntyre and Anujeet Sareen serve as portfolio managers on global fixed income strategies. STEPHEN SMITH, MANAGING DIRECTOR, PORTFOLIO MANAGER Mr. Smith is co‐lead portfolio manager for the firm's Global Fixed Income and related strategies. He joined the firm in 1991 and is a member of the firm’s Executive Board. Previously, Mr. Smith was with Mitchell Hutchins Asset Management, Inc. as managing director of taxable fixed income (1988‐1991); Provident Capital Management, Inc. as senior vice president overseeing taxable fixed income (1984‐1988); Munsch & Smith Management as a founding partner (1980‐1984), and First Pennsylvania Bank as vice president and portfolio manager (1976‐1980). He earned a B.S. in Economics and Business Administration from Xavier University, where he is currently chair of the University's foundation and is a member of the board of trustees for this and other nonprofit institutions. DAVID HOFFMAN, CFA, MANAGING DIRECTOR, PORTFOLIO MANAGER Mr. Hoffman is co‐lead portfolio manager for the firm's Global Fixed Income and related strategies. He joined the firm in 1995 and is currently serving as the Executive Board's chairman. Previously, Mr. Hoffman was president of Hoffman Capital, a global financial futures investment firm (1991‐1995); head of fixed income investments at Columbus Circle Investors (1983‐1990); senior vice president and portfolio manager at INA Capital Management (1979‐1982), and fixed income portfolio manager at Provident National Bank (1975‐ 1979). Mr. Hoffman is a CFA charterholder and earned a B.A. in Art History from Williams College. JOHN MCINTYRE, CFA, ASSOCIATE PORTFOLIO MANAGER, SENIOR RESEARCH ANALYST As associate portfolio manager and senior research analyst for GOFI and related strategies, Mr. McIntyre provides valuable analytical and strategic insight. He joined the firm in 1998. Previously, he held positions as a market strategist with McCarthy, Crisanti & Maffei, Inc. (1995‐1998); senior fixed income analyst with Technical Data, a division of Thomson Financial Services (1992‐1995); quantitative associate with Brown Brothers Harriman & Co. (1990), and investment analyst with the Public Employee Retirement Administration of Massachusetts (1987‐1989). Mr. McIntyre is a CFA charterholder and earned an M.B.A. in Finance from the Leonard N. Stern Graduate School of Business at New York University and a B.B.A. in Finance from the University of Massachusetts, Amherst.

INVESTMENT DUE DILIGENCE SUMMARY – BRANDYWINE GLOBAL FIXED INCOME

FRANCIS SCOTLAND, DIRECTOR OF GLOBAL MACRO RESEARCH As Brandywine's director of global macro research, Mr. Scotland is responsible for development of the firm's proprietary macro research. He joined the firm in January 2006 and is based in Montreal. Previously, he was editor‐in‐chief, chief global strategist and former principal of the BCA Research Group, one of the world's leading independent research and investment strategy firms (1984‐2005), and an economist with the Bank of Canada (1977‐1984). Mr. Scotland earned an M.A. in Economics from the University of Western Ontario and a B.A. in Economics from Queen's University in Ontario. TRACY CHEN, CFA, CAIA, SENIOR RESEARCH ANALYST, PORTFOLIO MANAGER MORTGAGE BACKED SECURITIES Ms. Chen joined the firm in 2008 and is responsible for conducting credit research analysis on mortgage related securities. In addition, she also monitors and analyzes the global corporate debt markets. Prior to Brandywine, Ms. Chen was with UBS Investment Bank as director of the fixed income valuation group. Prior to that, she served as a mortgage pricing analyst at GMAC Mortgage Group. Ms. Chen an MBA with a concentration in Finance from Kenan‐Flagler Business School at the University of North Carolina, an M.A. in American Studies from Sichuan University in Chengdu, China, and a B.A. in English for Scientific Purposes from University of Electronic Science & Technology of China in Chengdu, China. Tracy is a CFA charterholder and earned the Chartered Alternative Investment Analyst (CAIA) charter.

Strategy Description Brandywine’s fixed income philosophy is value‐driven, active and implemented via a top‐down approach. Similar to the Brandywine’s Global Opportunistic Fixed Income (GOFI) strategy, which is the team’s flagship, the sovereign‐only strategy uses a value‐driven process with the primary measure of value coming from real (inflation‐adjusted) yield followed by currency valuation. The strategy typically concentrates investments in 8‐12 countries that appear to offer the best total return potential. Currency exposures are actively managed and historically this has been a significant driver of returns. The Strategy aims to outperform the FTSE WGBI Index by at least 2% on an average annualized basis over rolling 5‐years. The value‐driven, actively managed approach is well‐suited to global fixed income since each country and sector exhibits unique valuation characteristics that vary over time. By concentrating on markets with above‐ average value, defined as a combination of above‐average real interest rates and an under‐valued currency, the strategy attempts to benefit from the eventual recognition of credit fundamentals and currency appreciation. The team concentrates investments where existing economic and market conditions are positioned to be realized in an intermediate time frame. The team believes its active strategy can offer a higher potential for reward compared to passive index‐ replication which they believe is poorly constructed and adds an unnecessary level of risk to the portfolio management process. Country‐by‐country return dispersion across developed country bond markets has historically been significant. This feature allows the potential for an actively managed process to achieve significant excess return above the benchmark. The Brandywine team also seeks to capture those excess returns through strategic investment in countries, currencies, sectors and securities.

Process Implementation The Strategy is exclusively focused on sovereign debt and currencies of countries in the FTSE WGBI and will invest in non‐WGBI markets rated A‐ or better by a nationally recognized statistical rating organization

INVESTMENT DUE DILIGENCE SUMMARY – BRANDYWINE GLOBAL FIXED INCOME

(NRSRO) such as Moody’s or S&P. The strategy can also invest in select emerging market debt and currencies that adhere to these quality guidelines. Real yield is the primary measure of value. Currency valuation is the second‐most critical component, since the real yield must be captured in the investor’s local currency (dollars for U.S. investors and euros for many of those in Europe, for example). Thus, the strategy focuses on appreciating, undervalued currencies, and high real‐yield securities in overvalued currencies that can be efficiently hedged without significant loss of return potential. The team applies a country‐by‐country macroeconomic analysis to rank opportunities based on real interest rate levels. Inflation trends, political risks, monetary trends, business and liquidity cycle measures all play a role in determining relative value rankings. Further analysis then centers on those countries that exhibit the highest real interest rates. Acceptable duration (the sensitivity of prices to movements in interest rates) is determined at the country level, though portfolio‐level adjustments may be made according to the team’s overall outlook. Portfolios are typically invested in 8‐16 developed countries and currencies across 20‐40 securities that they believe provide the best value and total return potential. The majority of investments are in sovereign or government debt. The team will not invest in mortgage‐related or corporate securities as this is a sovereign investment grade strategy. Tactical moves as these served the product well in past post‐recessionary environments which led to strong outperformance in subsequent years of recovery, but the team was early during the 2008 crisis and suffered underperformance during the last half of the year before eventually recovering in 2009. Securities in the portfolio are weighted within the range specified in the investment contract and guidelines. Typical country and currency restrictions for Global Investment Grade Sovereign Fixed Income accounts are outlined below: Country Currency Allocation Allocation Ranges Ranges U.S. 0% ‐ 65% 0% ‐ 100% Canada 0% ‐ 25% 0% ‐ 25% Euro ‐ 0% ‐ 70% Germany 0% ‐ 40% ‐ France 0% ‐ 40% ‐ Italy 0% ‐ 30% ‐ Belgium 0% ‐ 20% ‐ Netherlands 0% ‐ 20% ‐ Spain 0% ‐ 20% ‐ U.K. 0% ‐ 40% 0% ‐ 40% Denmark 0% ‐ 20% 0% ‐ 20% Sweden 0% ‐ 20% 0% ‐ 20% Japan 0% ‐ 60% 0% ‐ 60% New Zealand 0% ‐ 10% 0% ‐ 10%

INVESTMENT DUE DILIGENCE SUMMARY – BRANDYWINE GLOBAL FIXED INCOME

Other Countries Contained in 0% ‐ 15% 0% ‐ 15% Index (each) Non‐Index Countries (aggregate limit): Below A‐rating by all 0% ‐ 20% 0% ‐ 20% NRSROs and BBB or better rating by an NRSRO Other Non‐Index Countries (each) A or better rating by an 0% ‐ 10% 0% ‐ 10% NRSRO: Other Non‐Index Countries (each) BBB or better rating by an 0% ‐ 5% 0% ‐ 5% NRSRO:

The actual percentage selected within that range depends on the extent to which the team believes both country and currency of issuance are undervalued. The portfolio allocations reflect the team’s convictions: for country or currency with superior risk/return profiles and ideal conditions, a significant overweight toward the high end of the range results. This conviction weighting often results in concentration of investments in eight to sixteen countries, rather than a broadly diversified portfolio spread naively across many countries to replicate index‐like performance. In support of this approach, the minimum investment allocation is zero across all countries: if the team does not find compelling value in a country, they will not invest in that country. The team typically sells a position when the country no longer meets their definition of value; specifically, when its real interest rates, currency valuation, and/or political and economic environment have fundamentally deteriorated. In certain instances, instead of eliminating exposure to a country, the team may alter the characteristics of the holdings by shortening duration or entering into currency swaps.

Risk Factors and Potential Red Flags Currency exposures are actively managed via currency forwards in one of two ways. First, currency exposure resulting from a bond position may be hedged if the team believes a currency is excessively risky or likely to depreciate. Secondly, currency forwards may be employed to gain exposure to an appreciating currency in situations where the sovereign bond is not owned due to cash bond market illiquidity or in cases where capital controls adversely affect direct ownership. Creating currency exposure may also be beneficial when the yield available through a currency forward is superior to that available in the local currency bond market. Derivatives, including options, swaps and futures, may each be employed assuming client permission. Additionally, interest rate futures may be employed as a hedging tool. For example, the team could sell US Treasury bond futures to offset the duration of a corporate bond holding to isolate changes in the credit spread in expectation of a rising interest rate environment, which negatively impacts straight bonds, thus separating undesired interest rate risk from the desired credit risk. The investment team has suffered from some turnover historically. Associate portfolio manager Brian Hess left the organization in 2014 to pursue opportunity portfolio management role at Loomis Sayles. Mr. Hess had been with the firm for more than ten years and was responsible for researching global economic trends and managing client accounts. More recently, Chen Zhao, co‐director of global macro research departed in

INVESTMENT DUE DILIGENCE SUMMARY – BRANDYWINE GLOBAL FIXED INCOME

January 2017. Mr. Zhao joined the firm in 2015 as co‐director of global macro research as was responsible for jointly leading the proprietary global macroeconomic research process. While their departures are notable, the Strategy is managed in a team‐based approach. As such, while we have confidence in the remaining team members, we will monitor the team for further turnover. Additionally, it is noteworthy that several of the key investment team members are near retirement age. Currently there are no formal retirement announcements, but Brandywine has stated that this is an area of focus for this team. While the Strategy is managed in a benchmark‐aware style and the team will actively allocate to non‐ benchmark countries and currencies while can include emerging markets as long as quality guidelines are met. As such, during periods of increasing market volatility and credit spread widening, the Fund may exhibit higher tracking error compared to products that are higher quality in nature. The Strategy will tend to perform better in down markets against its peers that invest in below investment‐grade sovereigns and riskier credits.

Performance The historical drivers of the Strategy’s outperformance have tended to be country selection and currency selection, which are closely related in terms of the analysis undertaken by the team. The FCERA portfolio has been underperforming the FTSE WGBI (USD) by 67 bps, gross of fees (as of March 31, 2019). For the trailing year, the portfolio has struggled, returning ‐5.52% versus ‐1.57% for the index. Since the Strategy is exclusively focused on sovereign debt, it is expected to perform well when economies are expanding steadily. In times of turmoil, the G3 (“safe haven”) country bias, particularly weighted toward US Treasuries, has historically offered protection from spread widening and credit events elsewhere. For example, during the third quarter of 2011 as sovereign crises mounted in Europe, the strategy was overweight long‐dated US Treasuries which rallied despite the S&P’s downgrade of U.S. Treasury’s credit from AAA to AA+. Holistically, this and other globally‐oriented fixed income strategies will be significantly impacted by the volatility of currencies in which they trade. The returns achieved by holding a currency other than the dollar (for domestic clients) generally have greater influence over the total performance of the investment. The team has a long track record of adding value through actively managed currency exposure which has helped the team achieve positive annualized excess returns across its suite of global bond products versus their various indices since inception. While the track record for the FCERA strategy is relatively short, long‐term performance for the composite has been consistent; over the three‐, five‐ and 7‐year trailing periods, the strategy outperformed the FTSE WGBI by 80‐150 bps (gross of fees).

Summary Assessment Verus views the Brandywine Global Sovereign Investment Grade strategies as appropriate for clients seeking exposure to global sovereign bonds. The strategy offers a long‐tenured track record respectively with an experienced investment team. Brandywine’s focus on inflation‐adjusted real yields and its value‐oriented approach towards currency management have helped both strategies perform consistently well relative to the FTSE WGBI benchmark. The seasoned investment team, led by Stephen Smith and David Hoffman, is structured with the goal of balancing the team’s top‐down macro‐driven thematic viewpoints against the fundamental bottom‐up security selection process. The strategy exhibits strong attractive long‐term track records and provides investors with a robust approach to investing in developed market interest rates while providing currency diversification. We recommend FCERA retain the relationship.

INVESTMENT DUE DILIGENCE SUMMARY – BRANDYWINE GLOBAL FIXED INCOME

Operational Due Diligence Assessment

Verus’ Operations team conducted an Operational Due Diligence assessment of the Brandywine Global Investment Grade Sovereign Fixed Income strategy. The objective of the analysis was to gain a thorough understanding of Brandywine’s operations, attaining a reasonable assurance that Brandywine has sound organizational and governance structures, strong investment processes and procedures, and robust internal controls.

Verus sent Brandywine a copy of the Verus Operational Due Diligence Questionnaire (“ODDQ”) The ODDQ focuses on seven main areas: 1. Firm/Fund overview 2. Personnel 3. Key Processes 4. Service Providers 5. Reporting 6. Systems 7. Regulation and Compliance

Verus received the following documents from Brandywine:

― Verus Operational ODDQ ― Compliance policies & procedures ― Code of Ethics manual ― SOC 1 Report ― 2018 compliance program annual ― Counterparty risk policy review ― Business continuity plan

Brandywine has passed the operational due diligence assessment. Verus Operations will continue to monitor certain reports and information and will perform additional due diligence as necessary.

Past performance is no guarantee of future results. The information presented in this report is provided pursuant to the contractual agreement (the “Contract”) by and Fresno County Employees Retirement Account (“Client”) and Verus Advisory, Inc. (“Company”). In the event of conflict between the terms of this disclosure and the Contract, the Contract shall take precedence. Client is an institutional counterparty and in no event should the information presented be relied upon by a retail investor. The information presented has been prepared by the Company from sources that it believes to be reliable and the Company has exercised all reasonable professional care in preparing the information presented. However, the Company cannot guarantee the accuracy of the information contained therein. The Company shall not be liable to Client or any third party for inaccuracy or in‐authenticity of information obtained or received from third parties in the analysis or for any errors or omissions in content. The information presented does not purport to be all‐inclusive nor does it contain all information that the Client may desire for its purposes. The information presented should be read in conjunction with any other material furnished by the Company. The Company will be available, upon request, to discuss the information presented in the report that Client may consider necessary, as well as any information needed to verify the accuracy of the information set forth therein, to the extent Company possesses the same or can acquire it without unreasonable effort or expense. Nothing contained therein is, or should be relied on as, a promise, representation, or guarantee as to future performance or a particular outcome. Even with portfolio diversification, asset allocation, and a long‐term approach, investing involves risk of loss that the client should be prepared to bear. The material may include estimates, outlooks, projections and other “forward‐looking statements.” Such statements can be identified using terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates,” or the negative of any of the foregoing or comparable terminology, or by discussion of strategy, or assumptions such as economic conditions underlying other statements. No assurance can be given that future results described or implied by any forward‐looking information will be achieved. Actual events may differ significantly from those presented. Investing entails risks, including possible loss of principal. Risk controls and models do not promise any level of performance or guarantee against loss of principal.

APRIL 2, 2019 Investment Due Diligence Summary VERUSINVESTMENTS.COM PIMCO SEATTLE 206‐622‐3700 Emerging Market Debt Local Currency LOS ANGELES 310‐297‐1777 SAN FRANCISCO 415‐362‐3484 INVESTMENT DUE DILIGENCE SUMMARY – PIMCO EM LOCAL CURRENCY

X Verus Approved Strategy Date Reviewed: April 2, 2019 X Verus Approved Manager X Client Requested Review Verus Attendees Maggie Hoy, CFA – Associate Director Public Markets

PIMCO Attendees Mark Romano, CFA, CAIA – EVP, Consultant Relations Evan Francks – Specialist Mike Gomez – Portfolio Manager

Overview

Asset Class Emerging Markets Debt

Investment Style Relative Value

Firm Ownership Subsidiary of Allianz

Firm Assets $1.664 trillion (12/31/2018)

FCERA Strategies ― Emerging Market Debt Local Currency (7/31/2013 Inception) $209.3 million

INVESTMENT DUE DILIGENCE SUMMARY – PIMCO EM LOCAL CURRENCY

Onsite Description We met with Mike Gomez, portfolio manager of the strategy, in PIMCO’s offices on April 2nd, 2019. We discussed market commentary and performance and positioning of the portfolio over 2018 and YTD 2019. 2018 was not an atypical year for Emerging Markets Local Currency as an asset class. Emerging markets outperformed developed market asset classes in Q4 in a sign of resilience, as expectations reset to incorporate a more negative global growth outlook that EM had largely incorporated during the summer. There was bifurcation of EM returns along currency lines as dollar‐denominated EM assets posted modestly negative returns and local‐currency assets posted positive returns. The team attributes higher volatility and weaker risk sentiment to slowing global growth as economic data suggested that the economies of both the U.S. and of China were slowing. This in combination with continued global trade tensions, Brexit headlines, and risk from the Eurozone weakened risk sentiment of investors leading to volatility and negative returns in equities and other risk markets. Notably, commodities responded sharply to lower growth expectations with oil plummeting into the end of the year.

Emerging markets debt posted negative performance in 2018 across all sub‐asset classes. EM external debt returns were hit by a combination of rising US Treasury yields (+28 bps) and wider EM spreads (+124 bps sovereign, +98 bps corporate). EM corporates (‐1.72%) outperformed their sovereign peers (‐4.61%) due to their shorter maturity and higher average quality. EM local debt returned ‐6.21%, largely reflecting the impact of a ‐9.74% drop in EM currencies and a 32bps rise in local yields. Against a backdrop of sharply falling equity, commodity, and global credit markets, EM debt displayed resilience in Q4 2018. EM local debt posted positive returns thanks to a fall in EM local yields that compensated for the slightly weaker EM currencies. The move in EM local rates was driven by a spectacular rally in US Treasury yields that alleviated some of the pressure on EM economies and allowed investors to price out some of the previously expected rate hikes. EM external debt posted modestly negative returns as the rally in US Treasury yields was not enough to offset the negative effect from EM spreads, which widened in sync with other credit asset classes.

Over the trailing 3‐year period, the strategy has earned 36 bps on a net‐of‐fee basis. Similarly, over the one‐ year trailing period, the strategy lags the benchmark by 144 bps on a net‐of‐fee basis. In the first quarter of 2019, the strategy experienced a bounce‐back from 2018 weakness, outperforming the benchmark by 72 bps net‐of‐fees. Essentially, in 2018, the FX side was hard to get right. Violent moves and a strong USD environment proved to be a challenge for most investment managers, including PIMCO. In 2019, the team flipped their duration positioning by almost a year. Positioning in the short‐run is harder to get right. YTD 2019, local currency has recovered with total returns around 3% (EM hard currency sovereigns and corporates have bounced back slightly higher. EM local currency has been lagging compared to other sectors in EM because of USD uncertainty. The directionality of the US dollar is hot button topic at PIMCO. Essentially, investment professionals are either bearish, bullish, or have no idea where the dollar will move. In terms of positioning, the team is looking to diversity its FX beta by building idiosyncratic exposure (away from market risk) where carry and technicals are supportive (ex: Argentine floaters and Egyptian T‐Bills). Additionally, the team is favoring local duration in upwardly sloping yield curves with positive real rates and favorable policy tailwinds (ex: South Africa and Peru).

Ultimately, PIMCO believes that in the near‐term, EM was hit by a combination of external and idiosyncratic factors in 2018. Drawdowns have been uneven and concentrated on a handful of names.

INVESTMENT DUE DILIGENCE SUMMARY – PIMCO EM LOCAL CURRENCY

Team Description PIMCO’s Emerging Markets team consists of 22 portfolio managers and is led by Michael Gomez, head of Emerging Markets. As part of the team effort, each member is expected to contribute to research, portfolio construction, and risk management. The portfolio management team analyzes economic developments, conducts proprietary research, structures portfolios and executes trades as part of its portfolio management responsibilities. The team is charged with the firm’s sovereign Emerging Markets research activity and contributes to PIMCO’s macroeconomic forecasting process, which consists of the annual Secular Forum and quarterly Economic Forum. The team leverages the breadth of PIMCO’s resources by regularly interacting with the Global Credit Research Team which is responsible for covering the quasi‐sovereign and corporate issues in which the Emerging Markets portfolio invests. This team has analysts in Newport Beach, London, Munich, Sydney, Hong Kong and Tokyo.

MICHAEL A. GOMEZ, MANAGING DIRECTOR, PORTFOLIO MANAGER, HEAD OF EMERGING MARKETS Mr. Gomez is a managing director in the Newport Beach office, a portfolio manager and head of the emerging markets portfolio management team. Prior to joining PIMCO in 2003, he was responsible for market making and proprietary trading of emerging market bonds at Goldman Sachs. Prior to that, he spent a year in Colombia serving as a financial consultant to the Ministry of Finance and Public Credit. Mr. Gomez was recently named a rising star of mutual funds by Institutional Investor News. He is chairman of the oversight committee for the Markit GEMX emerging markets indices and also serves on other committees pertaining to emerging markets. He has over 20 years of investment experience and holds an MBA from the Wharton School of the University of Pennsylvania, where he also received his undergraduate degree.

YACOV ARNOPOLIN, EXECUTIVE VICE PRESIDENT, PORTFOLIO MANAGER Mr. Arnopolin is an executive vice president and emerging markets portfolio manager in the London office. Prior to joining PIMCO in 2016, he served as a managing director overseeing emerging market fixed income portfolios at Goldman Sachs Asset Management. Previously, Mr. Arnopolin worked as a portfolio manager at Fortress Investment Group. He started his career in the fixed income departments at Citigroup and Deutsche Bank, trading mortgages and emerging markets products. He has 18 years of investment experience and holds a bachelor's degree in economics from Carnegie Mellon University. He also serves on the Board of Trustees of the Cancer Research Institute.

FRANCESC BALCELLS, EVP, PORTFOLIO MANAGER Mr. Balcells is an executive vice president and portfolio manager in the London office. Prior to joining PIMCO in 2012, he was employed at Rogge Capital Partners where he was the head of emerging markets and worked at Harvard Management Company focusing on emerging markets local rate and currency investments. Mr. Balcells also worked at the International Monetary Fund between 2002 and 2006, during which time he spent a year at PIMCO on secondment from the Fund. He has over 20 years of investment experience and holds a master's degree in international economics and European studies from the Paul H. Nitze School of Advanced International Studies (SAIS) at Johns Hopkins University. He received his undergraduate degree from the Autonomous University of Barcelona. 3

INVESTMENT DUE DILIGENCE SUMMARY – PIMCO EM LOCAL CURRENCY

Strategy Description The PIMCO Emerging Local Bond Full Authority strategy’s investment philosophy is designed to exploit market imperfections by identifying favorable secular and cyclical credit ideas, capitalizing on relative value opportunities, and avoiding credit events. The firm emphasizes country selection and pursues a long‐term orientation. The Strategy invests in mid‐ to high‐grade credit quality issues, ranging typically from BBB to B. Country selection is predicated on the findings from the firm’s well‐regarded annual secular and cyclical economic forums which influence all strategies within the firm. This top‐down perspective then serves as a template for evaluating the specific, bottom‐up trade ideas identified by the firm’s many analysts and generalist portfolio managers. The firm’s ability to generate alpha over a market cycle, which PIMCO defines as 3‐5 years, results from the simultaneous application of a disciplined approach to identify high quality countries which tend to offer the most attractive risk‐adjusted‐return and a structured evaluation of security selection opportunities. In addition, the firm utilizes a robust risk evaluation and monitoring platform to ensure appropriate risks are taken at the desired level; any undesired exposures are hedged away. In this manner, the local currency emerging market debt strategy evaluates relative currency exposures separately from country credit and yield curve positioning.

Process Implementation PIMCO’s overall investment process includes both top‐ down and bottom‐up decision‐making. Top‐down inputs are taken from PIMCO's forum process. The firm conducts annual secular forum to formulate outlook for the global economy over the next three to five years. During this forum they assess long term trends in demographics, political factors, globalization of trade and capital, productivity and technology. The firm also conducts quarterly cyclical forum to formulate an outlook for the next six to nine months. During this forum they generate G‐3 and Emerging Markets inflation and GDP forecasts and fine tune the secular outlook. With the output from the secular and cyclical forums as a framework, the team then analyzes data specific to emerging market countries. PIMCO uses a three‐pronged process to guide the country selection decisions. First, they identify countries with robust underlying credit fundamentals including a strong fiscal position, a stable/improving political situation, comfortable reserve levels, and a debt profile that can withstand financial shocks. The firm then considers the impact of their global outlook on these countries, such as the prospects for demand from advanced economies, commodity prices, interest rate trends and other components of the external environment. Finally, they evaluate the technical conditions affecting the country’s debt dynamics such as supply/amortization profile, liquidity to identify both the upside and the imbalances that could potentially lead to market dislocations. Within the more strongly positioned countries, the Strategy seeks opportunities to pick up “safe spread” by substituting high quality quasi‐sovereign and corporate credits (within the hard currency strategy) for sovereign issuers. “Safe spread” is defined as sectors that are most likely to withstand the outcome of a wide range of possible economic scenarios and which are strategically important to a sovereign such as Energy, Infrastructure, Transportation, Telecom, etc. A key component to the research process is frequent country visits. Portfolio managers conduct 25‐35 country visits on an annual basis. In general, the team performs at least two country visits per year to the larger countries in which they invest. During such visits, they meet with local policymakers, economists, private sector players, and local investors which assist in the formulation of high conviction country views.

INVESTMENT DUE DILIGENCE SUMMARY – PIMCO EM LOCAL CURRENCY

PIMCO's large size facilitates access to both the sovereign and corporate issuers in which the strategy may invest. In seeking to strengthen those relationships over time, such discussions also enable them to express their views on preferred terms and conditions for new issuance, buybacks, and exchanges. In addition, it facilitates reverse inquiry wherein they deal directly with issuers and have an opportunity to specify desired terms. County selection is a three‐step process. The first step identifies countries with robust credit fundamentals, including fiscal position, debt dynamics, political situation, and reserves. Next, the firm’s global outlook is considered. This examines how individual countries are impacted by global markets, including demand for their exports and the impact of commodity prices and global interest rates. Finally, market technical indicators are considered such as new issuance and investor positioning which could lead to dislocations in bond pricing. For the Strategy, analysis of currencies and interest rates is also incorporated. PIMCO uses long‐term valuation metrics such as Purchasing Power Parity, Real Effective Exchange Rate, and investment flows to identify valuation levels. In the firm’s view, currencies revert to their fundamental values over a three‐year or longer time horizon. Interest rates are evaluated separately from currency. Rates are evaluated based on central bank policy and inflationary dynamics at the short end of the curve. A domestic sovereign financing outlook is used to evaluate longer‐term rates. Utilizing separate metrics for assessing rates and currency, the firm can take exposures only to the portions of markets where they see the highest potential for alpha. Once the decision to invest in a country has been made, the firm then determines appropriate instruments to utilize. The strategy evaluates the level and shape of the yield curve as well as the basis between cash and synthetic securities such as interest rate swaps or credit default swaps as applicable. PIMCO constantly reviews relative value opportunities in order to capture these market micro‐inefficiencies. The Strategy employs derivatives extensively to gain and modify its exposures, such as duration, maturity, quality, spreads and currencies. They can be used to substitute physical exposures or to access markets where no physical securities are available such as an interest rate index. Credit default swaps are occasionally used to access very specific credit and maturity exposures. Local currency interest rate swaps are used to gain more efficient exposures or to hedge risk. The firm performs internal risk analysis of derivatives positions based on proprietary tools and does not rely on outside providers of such services. PIMCO will take active positions against the benchmark based on high conviction views on sovereign fundamentals. PIMCO seeks to add value relative to the benchmark by taking a diversified set of tactical positions so that the Strategy’s performance is less impacted by one decision. The firm expects 25‐35% of performance through currency selection, 20‐30% through duration strategy, 20‐30% through yield curve strategy, and 15‐25% through security selection. Annual portfolio turnover has been approximately 40%.

Risk Factors and Potential Red Flags PIMCO is rigorous in monitoring and controlling credit risk. They rely on in‐house credit research supplied by a team of seasoned analysts, rather than the rating agencies. PIMCO’s analysts rate all credits prior to purchase and on an on‐going basis. Additionally, PIMCO monitors liquidity carefully based on portfolio requirements and guidelines. The team does this by managing cash with a proprietary model that incorporates exposures to unsettled trades, futures and swaps. In order to manage political and geopolitical risk, political developments are taken into account when determining overall country allocations. Country‐ 5

INVESTMENT DUE DILIGENCE SUMMARY – PIMCO EM LOCAL CURRENCY level political trends are monitored closely on a daily basis and regularly as part of PIMCO’s country visits. Country risk is monitored both qualitatively and quantitatively. Qualitative risk monitoring is conducted by daily monitoring of country’s credit fundamentals. Quantitatively, the firm measures and monitors market value weightings and spread duration levels relative to the benchmark for all countries in various portfolios. Since currency movements impart more volatility than bonds, PIMCO believes careful management of currency risk is especially important. The strategy uses both historical and implied volatilities to get fullest perspective of this risk.

PIMCO utilizes derivatives such as futures contracts, swap agreements, and options. These securities are extremely complex and create additional risks beyond traditional bond investing. PIMCO has been at the forefront of the creation and utilization of fixed income derivative instruments for portfolio management, and Verus believes they have sufficient expertise to employ them both safely and effectively. Additionally, the Strategy has suffered a decline in AUM over the past few years. Assets in the Strategy peaked in 2013 with totals over $26 billion (strategy AUM now ~$10 billion as of 12/31/2018). Currency movements tend to be significant in EM local currency strategies which can impact flows for the asset class. While we do not believe this specifically relates to PIMCO, this is an industry‐wide trend as investors treat EMD as a way to express risk‐off sentiment. This is a potential concern because asset managers often encounter liquidity challenges and difficulty implementing the same investment process with a declining pool of assets. We will continue to monitor performance and risk factors of the product to assess how the substantially decreased asset base impacts PIMCO’s debt strategies over time.

Performance The Strategy has performed well when fundamental analysis and country weighting decisions are critical to both relative and absolute performance. During periods of extreme risk‐seeking behavior in the market, the strategy may underperform over shorter time periods due to the team’s propensity to manage portfolios with a higher quality bias. During such a scenario, weaker credits that are underweight in the portfolio may briefly perform well due to global liquidity conditions and other exogenous factors. The team has demonstrated a relatively tight tracking error to the benchmark in the 1%‐2% range with a similarly low Sharpe ratio which is suggestive that periods of excess returns were accompanied by similarly higher risk. As longer‐term opportunities for the markets differentiate among various countries’ and securities’ performance, this strategy is expected to benefit from the firm’s robust country and security analysis and risk‐managed approach.

Summary Assessment Verus believes the Strategy is suitable for clients seeking exposure to higher‐quality sovereign issuers and emerging markets foreign currency. PIMCO’s ability to successfully exploit both top‐down and bottom‐up investment opportunities helped the strategy perform consistently since inception. PIMCO’s consistent philosophy, process and deep, experienced team as well as the firm’s size advantage make it a very strong candidate for the emerging markets local currency debt asset class. As such, we recommend FCERA retain the relationship.

INVESTMENT DUE DILIGENCE SUMMARY – PIMCO EM LOCAL CURRENCY

Operational Due Diligence Assessment

Verus’ Operations team conducted an Operational Due Diligence assessment of the PIMCO EMD Local Currency, Long‐Term Global Credit and Unconstrained Bond strategies. The objective of the analysis was to gain a thorough understanding of PIMCO’s operations, attaining a reasonable assurance that PIMCO has sound organizational and governance structures, strong investment processes and procedures, and robust internal controls.

Verus sent PIMCO a copy of the Verus Operational Due Diligence Questionnaire (“ODDQ”) The ODDQ focuses on seven main areas: 1. Firm/Fund overview 2. Personnel 3. Key Processes 4. Service Providers 5. Reporting 6. Systems 7. Regulation and Compliance

Verus received the following documents from PIMCO:

― Verus Operational ODDQ ― Counterparty summary ― Key Investment Professionals turnover ― Business continuity overview report ― Organizational chart ― SOC 1 Report

PIMCO has passed the operational due diligence assessment. Verus Operations will continue to monitor certain reports and information and will perform additional due diligence as necessary.

Past performance is no guarantee of future results. The information presented in this report is provided pursuant to the contractual agreement (the “Contract”) by and Indiana Public Employees Retirement System (“Client”) and Verus Advisory, Inc. (“Company”). In the event of conflict between the terms of this disclosure and the Contract, the Contract shall take precedence. Client is an institutional counterparty and in no event should the information presented be relied upon by a retail investor. The information presented has been prepared by the Company from sources that it believes to be reliable and the Company has exercised all reasonable professional care in preparing the information presented. However, the Company cannot guarantee the accuracy of the information contained therein. The Company shall not be liable to Client or any third party for inaccuracy or in‐authenticity of information obtained or received from third parties in the analysis or for any errors or omissions in content. The information presented does not purport to be all‐inclusive nor does it contain all information that the Client may desire for its purposes. The information presented should be read in conjunction with any other material furnished by the Company. The Company will be available, upon request, to discuss the information presented in the report that Client may consider necessary, as well as any information needed to verify the accuracy of the information set forth therein, to the extent Company possesses the same or can acquire it without unreasonable effort or expense. Nothing contained therein is, or should be relied on as, a promise, representation, or guarantee as to future performance or a particular outcome. Even with portfolio diversification, asset allocation, and a long‐term approach, investing involves risk of loss that the client should be prepared to bear. The material may include estimates, outlooks, projections and other “forward‐looking statements.” Such statements can be identified using terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates,” or the negative of any of the foregoing or comparable terminology, or by discussion of strategy, or assumptions such as economic conditions underlying other statements. No assurance can be given that future results described or implied by any forward‐looking information will be achieved. Actual events may differ significantly from those presented. Investing entails risks, including possible loss of principal. Risk controls and models do not promise any level of performance or guarantee against loss of principal.

DECEMBER 2018 Investment Due Diligence Summary VERUSINVESTMENTS.COM Invesco, LTD SEATTLE 206‐622‐3700 Real Estate – Core LOS ANGELES 310‐297‐1777 SAN FRANCISCO 415‐362‐3484 INVESTMENT DUE DILIGENCE SUMMARY – INVESCO, LTD

X Verus FL Strategy Verus FL Manager Client Requested Review

Date Onsite: June 7, 2018

Verus Attendees John Nicolini – Managing Director

Invesco Attendees Brad Gillman, Managing Director, U.S. Consultant Relations Team Bill Grubbs, Lead Portfolio Manager, Core Fund Jay Hurley, Lead Portfolio Manager, Value‐add Fund Kevin Conroy, Associate Portfolio Manager

Overview

Asset Class Real Estate

Investment Style Core

Firm Ownership Subsidiary of Invesco, PLC, a publicly traded

Firm Assets $934 billion. $64.8 billion in real estate.

FCERA Strategy ― Invesco Core Real Estate USA

Onsite Summary

Firm Overview Invesco has become a large investment management firm with assets under management of $937 billion and more than 7,000 employees worldwide. Of this number, more than 750 are investment professionals. The product mix within Invesco is broad with both public and private market strategies and a mix of retail and institutional clients. Growth within the platform has come from acquisitions in the ETF market and from a growing alternatives asset class platform.

INVESTMENT DUE DILIGENCE SUMMARY – INVESCO, LTD

As of the December 31, 2017, the real estate platform had assets of $66.4 billion. It has also become increasingly global both in terms of offices and product offerings. Invesco manages core open end funds in all three developed market regions, North America, Europe and Asia. In addition to direct real estate Investments, Invesco also offers U.S. and Global real estate securities (REIT) offerings and has approximately $21 billion in these vehicles. The Core Fund grew from $11.3 billion in 2016 to $12.3 billion at the end of 2017. As of January 2018, the Core Fund paid its final outstanding redemption for $38 million.

The structure of Invesco’s real estate team emphasizes specialization and a focus on accountability. The Invesco Core Real Estate fund is overseen by three committees composed of senior professionals. The Investment Committee is responsible for approving acquisitions and sales. The Steering Committee governs the Fund’s investment and governance policy. And the North American Direct Investment Strategy Group oversees execution, including market selection and sector allocation. In addition to the Portfolio Management Team, INVESCO employs professionals dedicated to a range of real estate specializations including research, acquisitions, financing, underwriting, closing and due diligence, asset management, and accounting and reporting.

Michelle Foss has been co‐portfolio manager on the Core Fund with Bill Grubbs for three years. She joined from Bailard where she was a core, open end real estate fund manager. She had worked with Bill previously at Prudential 20 years ago. The real estate team has grown in San Francisco and New York, where there are 20 and 30 professionals, respectively. (Bill Grubbs has always been based in the Bay Area.)

Research Four broad principles underlie Invesco’s approach to core real estate investing. They seek to manage a diversified portfolio, both geographically and by property type. The portfolio holds office, industrial, retail and apartment properties. The portfolio maintains an income‐oriented investment approach. Attractive markets and properties must offer investments that are “durable” with barriers to entry, in growing areas and liquid, meaning that it’s possible to redeem if desired. They strive to have a conservative risk profile, with strong balance sheets, limited leverage and selective exposure to value add type investments. Invesco also strives to be transparent and efficient in client communication and reporting.

The investment process has both top down and bottom up elements. Invesco has long term strategic ranges for each property type with an overweight to apartments. They develop a view about different regions and cities and focus on specific target markets. Invesco is looking primarily at gateway cities and up‐and‐coming markets. They are most selective in office and industrial properties, where they believe a market needs to have high value jobs and high barriers to entry to be attractive. Invesco also seeks to generate returns on a bottom up basis with property specific selection within their target property type ranges and preferred regions.

The Core Fund will selectively make value add investments (up to 15% allowed). But they do so only in cases where replacement cost is lower than purchasing an existing property. Value add investments are not made with the expectation of a quick sale, but of holding the property in the portfolio for purposes of generating income. While there are some value‐add investments in the Core Fund, there isn’t overlap in exposure with the Value Add Fund. The Value Add Fund has higher return/risk expectations of 12‐ 15% and, thus, value add investments in the Core Fund fail to meet the higher hurdle for inclusion in the Value Add Fund.

INVESTMENT DUE DILIGENCE SUMMARY – INVESCO, LTD

Core Fund USA Chad Provost discussed Invesco’s outlook and positioning with a focus on the Core Fund where he is associate portfolio manager. There are big differences between winners and losers post‐Great Financial Crisis, so geography and location is critical for success. Industrial pricing is high in some regions now to the extent that it is above replacement cost and finding scalable transactions continues to present challenges for Invesco. Industrial remains an underweight in the Invesco Fund which has created a headwind for performance relative the ODCE peer group. The apartment overweight has also been a headwind recently as pricing was soft though Invesco believes this is a temporary blip. Office exposure has been reduced because it is more volatile. The retail segment shifted towards what Invesco calls “experiential”, meaning that the property offers a unique experience that can’t be replicated easily. They also look for retails centers anchored by grocers in high‐barrier to entry locations. Invesco’s analysis includes a detailed review of tenant profiles. Almost all tenant profiles are strong from the cash flow and longevity standpoint.

The manage to core portfolio (i.e. value‐add) will be providing material appreciation and growth in the Fund’s income as projects in the industrial and apartment portfolio generate rental income.

Asset flows They have historically added $700 to 900 million annually to the core fund. Lately, capital contributions have slowed as many investors are rebalancing out of real estate given the strong performance. The Core fund had $90 million in redemptions and had $163 million in signed commitments as of April 2018.

Performance The Core Fund outperformed the ODCE index over the trailing 1, 3, 5 and 10‐year periods. Outperformance recently was attributed to strong appreciation in Los Angeles and Bay Area properties, as well as the Industrial portfolio. The Core Fund increased its leverage to be more in‐line with the Index which has helped relative performance. As of year‐end 2017, debt to total assets was 25.2% which is still a conservative level relative to the asset classes history. Invesco has maintained a longer duration than most peers as they lock‐in low fixed rates. The weighted average remaining term on their debt was 8.6 years with an average contract interest rate of 3.7% at year‐end. Noticeably, the leverage on the Core Fund increased from 21% in 2015 to 25.2% which puts the Fund leverage at or above the ODCE average.

Conclusion The Invesco Core Real Estate USA fund remains a recommended focus list strategy at Verus. We like the steady, stable firm and the team is very deep and experienced with minimal turnover. The portfolio is currently positioned well to take advantage of the demand in high quality assets in urban areas, while remaining slightly conservative with respect to leverage and debt usage, given where we are at in this point of the cycle. We recommend no changes to the exposure in this strategy.

Past performance is no guarantee of future results. This document is provided for informational purposes only and is directed to institutional clients and eligible institutional counterparties only and is not intended for retail investors. Nothing herein constitutes investment, legal, accounting or tax investment vehicle or any trading strategy. This document may include or imply estimates, outlooks, projections and other “forward‐looking statements.” No assurance can be given that future results described or implied by any forward looking information will be achieved. Investing entails risks, including possible loss of principal. Verus Advisory Inc. and Verus Investors, LLC (“Verus”) file a single form ADV under the United States Investment Advisors Act of 1940, as amended. Verus – also known as Verus Advisory™ or Verus Investors™.

Operational Due Diligence Assessment

Verus’ Operations team conducted an Operational Due Diligence assessment of Invesco Core Real Estate Fund. The objective of the analysis was to gain a thorough understanding of Invesco’s operations, attaining a reasonable assurance that Invesco has sound organizational and governance structures, strong investment processes and procedures, and robust internal controls.

Verus sent Invesco a copy of the Verus Operational Due Diligence Questionnaire (“ODDQ”) The ODDQ focuses on seven main areas: 1. Firm/Fund overview 2. Personnel 3. Key Processes 4. Service Providers 5. Reporting 6. Systems 7. Regulation and Compliance

Verus received the following documents from Invesco:

― Verus Operational ODDQ ― Business Continuity Overview ― Cash Management Procedures ― Code of Ethics ― Invesco Advisors SOC‐1, 2017 ― Insider Trading Policy ― 2017 Annual Report

Invesco has passed the operational due diligence assessment. Verus Operations will continue to monitor certain reports and information and will perform additional due diligence as necessary.

Past performance is no guarantee of future results. The information presented in this report is provided pursuant to the contractual agreement (the “Contract”) by and Fresno County Employees Retirement Account (“Client”) and Verus Advisory, Inc. (“Company”). In the event of conflict between the terms of this disclosure and the Contract, the Contract shall take precedence. Client is an institutional counter‐ party and in no event should the information presented be relied upon by a retail investor. The information presented has been prepared by the Company from sources that it believes to be reliable and the Company has exercised all reasonable professional care in preparing the information presented. However, the Company cannot guarantee the accuracy of the information contained therein. The Company shall not be liable to Client or any third party for inaccuracy or in‐authenticity of information obtained or received from third parties in the analysis or for any errors or omissions in content. The information presented does not purport to be all‐inclusive nor does it contain all information that the Client may desire for its purposes. The information presented should be read in conjunction with any other material furnished by the Company. The Company will be available, upon request, to discuss the information presented in the report that Client may consider necessary, as well as any information needed to verify the accuracy of the information set forth therein, to the extent Company possesses the same or can acquire it without unreasonable effort or expense. Nothing contained therein is, or should be relied on as, a promise, representation, or guarantee as to future performance or a particular outcome. Even with portfolio diversification, asset allocation, and a long‐term approach, investing involves risk of loss that the client should be prepared to bear. The material may include estimates, outlooks, projections and other “forward‐looking statements.” Such statements can be identified by the use of terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates,” or the negative of any of the foregoing or comparable terminology, or by discussion of strategy, or assumptions such as economic conditions underlying other statements. No assurance can be given that future results described or implied by any forward‐looking information will be achieved. Actual events may differ significantly from those presented. Investing entails risks, including possible loss of principal. Risk controls and models do not promise any level of performance or guarantee against loss of principal.

OCTOBER 25, 2017 Investment Due Diligence Summary VERUSINVESTMENTS.COM Mondrian Investment Partners Limited SEATTLE 206‐622‐3700 International Small Cap Equity LOS ANGELES 310‐297‐1777 SAN FRANCISCO 415‐362‐3484 INVESTMENT DUE DILIGENCE SUMMARY – MONDRIAN INTERNATIONAL SMALL CAP

Verus FL Strategy Date Reviewed: 25 September 2017 X Verus FL Manager X Client Requested Review Verus Attendees Margaret McRae, CFA – Associate Director | Public Markets Marianne Feeley, CFA – Managing Director | Public Markets

Mondrian Attendees Aidan Nicholson Senior PM Intl Small Cap Ormala Krishnan CIO Small Cap Andrew Kiely – Client Service Manager Ed Lambert – Manager, Compliance & Risk

FCERA Attendees Steven Jolly – Board Vice‐Chair Laura Basua – Board Member

Overview

Asset Class International Equity

Investment Style Small Cap

Firm Ownership 100% employee owned

Firm Assets $61.3 billion

INVESTMENT DUE DILIGENCE SUMMARY – MONDRIAN INTERNATIONAL SMALL CAP

Onsite Description During our onsite visit on September 25, 2017, we met with Aidan Nicholson, Ormala Krishnan, Andrew Kiely and Ed Lambert. We were given a brief firm overview and updates specific to the International Small Cap Equity team and the strategy. We discussed the philosophy and process, the team’s approach, fund positioning and the current market environment.

We also discussed Mondrian’s plan for The Markets in Financial Instruments Directive (MiFId II), which increases the transparency among the EU’s financial markets and standardizes the regulatory disclosures required for particular markets. Mondrian has always been thoughtful of all research consumed, and they have a budget for ad hoc research. The majority of research the team uses is internally generated; they have been well prepared for this change in regulation.

Finally, we discussed performance and major themes in the market. We discussed how Mondrian’s value‐ oriented style has led them to underperform the benchmark and peers over the 3‐ and 5‐year trailing periods. The team focuses on identifying well capitalized companies that are dominate in their niche industries with defenses against threats of competition. Due to the team’s overall philosophy, the strategy will tend to outperform in difficult periods and aim to capture at least 75% of upside in strong growth market environments. In terms of current positioning, the team has a lack of exposure to cyclical stocks and financials. Additionally, the team does not have exposure to sectors that have benefited on the back of the reflation rally, which shows their stock‐picking ability has added value. An example of a current investment idea is cinema operators; the team has invested in two cinema stocks and feels it is a compelling top‐down story. The team has noticed that entertainment has been gaining traction in heavy retail areas since most brick and mortar stores are being eclipsed by companies like Amazon. Cinemas are a great source of cheaper entertainment (than sports games or going to a restaurant). The team feels that as cinemas are poised to grow as they continue to penetrate emerging Europe and other areas.

Team Description The firm has a team of over 55 investment professionals centrally located in London. Investment professionals are subdivided into separate teams for emerging markets, small cap, international and global strategies. Equity investment research is structured along a matrix approach where each portfolio manager/analyst has both regional and industry/sector responsibilities. The firm’s fixed income research is also available to the equity team. The only recent change in management of note was the retirement of Nigel May, deputy CEO (effective February 2018); he is a founder that has been with the firm for 25 years. The firm isn’t planning on replacing Mr. May. The small cap team has been working together for over 10 years. The most recent additions were Alastair Cornwell in 2010 and Charl Basson in 2015.

ORMALA KRISHNAN, CHIEF INVESTMENT OFFICER, SMALL CAP EQUITIES Dr. Krishnan heads Mondrian’s International and emerging markets small capitalization Teams. Dr. Krishnan started her investment career in 1993 with Singapore based Koeneman Capital Management. Prior to joining Mondrian in 2000 as a portfolio manager, Dr. Krishnan was an investment consultant with William M Mercer. Upon completion of her BSc in Pure and Applied Mathematics from the National University of Singapore, Dr. Krishnan achieved her MSc in Actuarial Science from City University, London. In 2006, Dr. Krishnan completed her Doctoral program in Investment and Finance from Sir John Cass Business School, City of London. Her doctoral thesis was on ‘Value versus Growth in the Asian Equity Markets’.

INVESTMENT DUE DILIGENCE SUMMARY – MONDRIAN INTERNATIONAL SMALL CAP

AIDAN NICHOLSON, CFA, SENIOR PORTFOLIO MANAGER, INTERNATIONAL SMALL CAP EQUITIES Having graduated from Pembroke College, Oxford with a Masters in Engineering, Economics & Management, Mr. Nicholson worked at Cazenove & Co. in the UK Smaller Companies Team, before moving to Mondrian in 2003 where he is a Portfolio Manager on the International Small Capitalisation Team. Mr. Nicholson is a CFA Charterholder, a member of the CFA Institute and a member of the CFA Society of the UK.

FRANCES CUTHBERT, CFA, SENIOR PORTFOLIO MANAGER, INTERNATIONAL SMALL CAP EQUITIES Ms. Cuthbert is a graduate of the University of Edinburgh where she completed a MA (Hons) degree in Economics. She commenced her career at Deutsche Bank before joining Mondrian in 1999 with responsibilities in the international small capitalization Team. Ms. Cuthbert is a CFA Charterholder, a member of the CFA Institute and a member of the CFA Society of the UK.

BHAVIN MANEK, CFA, SENIOR PORTFOLIO MANAGER, INTERNATIONAL SMALL CAP EQUITIES Mr. Manek is a graduate of the London School of Economics where he achieved a First Class Honours degree in Economics. Mr. Manek started his career at Mercer Investment Consulting where he worked for 3 years as an Investment Analyst, before joining Mondrian in 2006. Mr. Manek is an Assistant Portfolio Manager on the international small capitalization Team. Mr. Manek is a CFA Charterholder and is a member of the CFA Institute and the CFA Society of the UK.

ALASTAIR CORNWELL, CFA, PORTFOLIO MANAGER, INTERNATIONAL SMALL CAP EQUITIES Mr. Cornwell is a graduate of the Imperial College, London where he achieved a BSc (Hons) degree in physics. Mr. Cornwell started his career at Mondrian as an investment administrator in 2008, subsequently joining the international small cap team in 2010. Mr. Cornwell is a CFA Charterholder and is a member of the CFA Institute and the CFA Society of the UK.

Strategy Description Mondrian is income‐orientated with a value discipline based on global fundamental research. The strategy is managed from an absolute return perspective and is benchmark agnostic in nature. They invest in stocks with favorable dividend growth potential and attempt to isolate value in terms of the long‐term growth of dividends. In small cap, future real growth plays a central role in the decision‐making process. The international small cap equity strategy employs fundamental analysis based on international economic and political studies, currency evaluations, and business cycle analysis. Mondrian’s market analysis and stock selection relies on extensive in‐house research of each current and prospective holding, including on‐site visits with policy makers and company management. Their international small cap products are currently closed to new business.

Process Implementation The International Equity Strategy Committee meets formally at least every two weeks to review the portfolios, and analysts’ research relating to possible portfolio changes. Portfolio policies and decisions are made by the Committee. Individual portfolio managers have little discretion to change portfolios, although all of them are part of the Committee decision‐making process. In the unlikely event that the Committee is unable to reach an agreement, Ormala Krishnan, CIO Small Cap Equities, has final decision‐making authority.

INVESTMENT DUE DILIGENCE SUMMARY – MONDRIAN INTERNATIONAL SMALL CAP

The security selection process is bottom‐up and is based on individual security valuations. Mondrian notes that it is the nature of small cap securities to be embedded within their local economies where local factors such as politics, regulatory environment, macroeconomics and socio‐demographics are important. For this reason, the firm believes top‐down fundamental analysis is essential. The team also uses top‐down analysis to focus on the right aspects of the value chain. This is used in Mondrian’s underlying bottom‐up stock models to determine security valuations. Further management appraisal is carried out to ascertain the quality of management and the clarity and coherence of their strategic direction.

The Mondrian small cap universe consists of securities with a market capitalization of up to $3.5 billion at the inception of the position. Companies considered for the Mondrian portfolio are not fledgling companies but rather well‐established global players. The investment philosophy has a value chain focus, looking at service providers or component producers to larger companies. The team works closely with the large cap teams at Mondrian. They believe this level addresses the opportunity set of companies small enough to be genuinely small cap and large enough to allow relevant comparison to the available indices. Country allocation is driven by valuation rather than the benchmark. Diversification between countries is part of the allocation process. Mondrian sets maximum weights for each country with reference to a combination of market capitalization and liquidity. Mondrian takes into account currency movements. They believe currency is driven by purchasing power parity, and they use four different models to evaluate currency relationships. They look at both historical and prospective currency behavior and regard deviation from normal behavior as a signal. They will consider hedging when a currency is more than two standard deviations overvalued. Mondrian believes that in the medium‐to‐long term, currencies adjust to their purchasing power parities (PPP). This analysis is supplemented by a shorter‐term assessment of the key identifiable factors that result in deviations from PPP.

There is a clear sell discipline for stocks, and sales are identified when: (1) price appreciation leads to significant overvaluation against a predetermined value level; (2) a change in the fundamentals occurs, which adversely affects appraised value; (3) more attractive alternative investments become available; or (4) an adverse change takes place in the political environment, or market regulation and control that could negatively impact shareholder value.

Risk Factors and Potential Red Flags The strategy has very low turnover as a result of Mondrian’s approach to value investing and their investment time horizon. This could possibly result in holding onto undervalued positions for too long and affect the portfolio’s performance. This may also limit the portfolio’s ability to quickly adapt to structural changes in an industry, overall macro dynamics, and shifts in the business cycle.

Performance During bull markets, when stock markets are rising strongly, Mondrian believes valuation fundamentals are often ignored by the markets. Mondrian would not be expected to outperform the benchmark or growth‐ oriented managers in such periods. Benchmark relative performance has historically been best in down market periods.

As of 9/30/2017, performance for the strategy has underwhelming; the strategy underperformed the MSCI EAFE Small Cap for the 1‐, 3‐, 5‐ and 7‐year trailing periods. The strategy tends to perform well in down markets, such as 2011. In high growth markets such as 2013 and 2015, the strategy has underperformed the 4

INVESTMENT DUE DILIGENCE SUMMARY – MONDRIAN INTERNATIONAL SMALL CAP

benchmark and peers. The team has reiterated that they will stay true to their philosophy and process and continue to seek well‐capitalized companies that have defense against their competition.

Summary Assessment Verus believes that Mondrian is an experienced and skilled international small cap equity manager that does well covering the value portion of the investable universe. Performance has been good over longer periods of time, however more recent returns have not been as strong. Given their investment process and the resulting value‐oriented and defensive profile amidst generally positive markets, this underwhelming performance is not wholly unexpected.

The information contained in this report may not be copied, reproduced or distributed, in whole or in part, nor may its contents or facts or terms of any securities (if any) contained therein be disclosed to any other person except in accordance with the terms of the Contract, including its terms of confidentiality. The information presented has been prepared by the Company from sources that it believes to be reliable and the Company has exercised all reasonable professional care in preparing the information presented. However, the Company cannot guarantee the accuracy of the information contained therein. The Company shall not be liable to Client or any third party for inaccuracy or in‐authenticity of information obtained or received from third parties in the analysis or for any errors or omissions in content. The information presented does not purport to be all‐inclusive nor does it contain all information that the Client may desire for its purposes. The information presented should be read in conjunction with any other material furnished by the Company. The Company will be available, upon request, to discuss the information presented in the report that Client may consider necessary, as well as any information needed to verify the accuracy of the information set forth therein, to the extent company possesses the same or can acquire it without unreasonable effort or expense. Nothing contained therein is, or should be relied on as, a promise, representation, or guarantee as to future performance or a particular outcome. Even with portfolio diversification, asset allocation, and a long‐term approach, investing involves risk of loss that the client should be prepared to bear. In the event of conflict between the terms of this disclosure and the Contract, the Contract shall take precedence. 5

Operational Due Diligence Assessment

Verus’ Operations team conducted an Operational Due Diligence assessment Mondrian Investment Partners Ltd. Small Cap and Emerging Markets. The objective of the analysis was to gain a thorough understanding of Mondrian Investment Partners Ltd. Small Cap and Emerging Markets operations, attaining a reasonable assurance that Mondrian Investment Partners Ltd. Small Cap and Emerging Markets has sound organizational and governance structures, strong investment processes and procedures, and robust internal controls.

Verus sent Mondrian Investment Partners Ltd. Small Cap and Emerging Markets a copy of the Verus Operational Due Diligence Questionnaire (“ODDQ”) The ODDQ focuses on seven main areas: 1. Firm/Fund overview 2. Personnel 3. Key Processes 4. Service Providers 5. Reporting 6. Systems 7. Regulation and Compliance

Verus received the following documents from Mondrian Investment Partners Ltd. Small Cap and Emerging Markets:

– Verus Operational Due Diligence – Mondrian Insurance Pack Questionnaire – Mondrian Investment Client Service – 2017 Code of Ethics Professionals Organization Chart and – Asset Breakdown IEQ‐ISC‐EME Biographies – Business Continuity Plan – 2017 Trade Execution Policy and – Compliance Manual Procedures – Compliance Program 2017 – Operations Organization Chart – Compliance Program Annual Review 2017 – Valuation & Pricing Policy – Controls Report 2017 – Group Structure Chart June 2016 – Mondrian Form ADV Part 2A & 2B

Mondrian Investment Partners Ltd. Small Cap and Emerging Markets has passed the operational due diligence assessment. Verus Operations will continue to monitor certain reports and information and will perform additional due diligence as necessary.

Past performance is no guarantee of future results. The information presented in this report is provided pursuant to the contractual agreement (the “Contract”) by and between Mondrian Investment Partners Ltd. Small Cap and Emerging Markets (“Client”) and Verus Advisory, Inc. (“Company”). In the event of conflict between the terms of this disclosure and the Contract, the Contract shall take precedence. Client is an institutional counter‐party and in no event should the information presented be relied upon by a retail investor. The information presented has been prepared by the Company from sources that it believes to be reliable and the Company has exercised all reasonable professional care in preparing the information presented. However, the Company cannot guarantee the accuracy of the information contained therein. The Company shall not be liable to Client or any third party for inaccuracy or in‐authenticity of information obtained or received from third parties in the analysis or for any errors or omissions in content. The information presented does not purport to be all‐inclusive nor does it contain all information that the Client may desire for its purposes. The information presented should be read in conjunction with any other material furnished by the Company. The Company will be available, upon request, to discuss the information presented in the report that Client may consider necessary, as well as any information needed to verify the accuracy of the information set forth therein, to the extent Company possesses the same or can acquire it without unreasonable effort or expense. Nothing contained therein is, or should be relied on as, a promise, representation, or guarantee as to future performance or a particular outcome. Even with portfolio diversification, asset allocation, and a long‐term approach, investing involves risk of loss that the client should be prepared to bear. The material may include estimates, outlooks, projections and other “forward‐looking statements.” Such statements can be identified by the use of terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates,” or the negative of any of the foregoing or comparable terminology, or by discussion of strategy, or assumptions such as economic conditions underlying other statements. No assurance can be given that future results described or implied by any forward‐looking information will be achieved. Actual events may differ significantly from those presented. Investing entails risks, including possible loss of principal. Risk controls and models do not promise any level of performance or guarantee against loss of principal.

OCTOBER 25, 2017 Investment Due Diligence Summary VERUSINVESTMENTS.COM Mondrian Investment Partners Limited SEATTLE 206‐622‐3700 Emerging Markets Equity LOS ANGELES 310‐297‐1777 SAN FRANCISCO 415‐362‐3484 INVESTMENT DUE DILIGENCE SUMMARY – MONDRIAN EMERGING MARKETS

Verus FL Strategy Date Reviewed: 25 September 2017 Verus FL Manager X Client Requested Review Verus Attendees Margaret McRae, CFA – Associate Director | Public Markets Marianne Feeley, CFA – Managing Director | Public Markets

Mondrian Attendees Greg Halton – Senior Portfolio Manager Emerging Markets Andrew Miller – CIO of Emerging Markets Andrew Kiely – Client Service Manager Ed Lambert – Manager, Compliance & Risk

FCERA Attendees Steven Jolly – Board Vice‐Chair Laura Basua – Board Member

Overview

Asset Class International Equity

Investment Style Emerging Markets

Firm Ownership 100% employee owned

Firm Assets $61.3 billion

INVESTMENT DUE DILIGENCE SUMMARY – MONDRIAN EMERGING MARKETS

Onsite Description During our onsite visit on September 25, 2017, we met with Greg Halton, Andrew Miller, Andrew Kiely and Ed Lambert. We were given a brief firm overview and updates specific to the Emerging Markets Equity team and the strategy. We discussed the philosophy and process, the team’s approach, fund positioning and the current market environment.

Finally, we discussed performance and major themes in the market. We discussed how Mondrian’s value‐ oriented style has led them to underperform the benchmark and peers over the 3‐ and 5‐year trailing periods. There have been some errors in Mondrian stock picks and the underweight to well‐performing Chinese technology companies has led to underperformance. Chinese technology companies have not fit Mondrian’s approach due to their valuation premium and low dividend yield. The firm’s positioning coupled with the low interest rate environment has resulted in Mondrian’s style being out‐of‐favor versus strategies with a growth bias. In terms of current positioning, the team is overweight to financials, consumer discretionary and utilities and is underweight technology. An example of a current investment idea is India; the team has a reasonable overweight and feels it is a compelling top‐down story. Valuations in some areas are very attractive, for example, autos, mortgage‐related and finance are under penetrated. Mondrian feels that the multi‐year growth profile yields some decent businesses.

Team Description The firm has a team of over 55 investment professionals centrally located in London. Investment professionals are subdivided into separate teams for Emerging Markets, Small Cap, International and Global strategies. Equity investment research is structured along a matrix approach where each portfolio manager/analyst has both regional and industry/sector responsibilities. The firm’s fixed income research is also available to the equity team. The only recent change in management of note was the retirement of Nigel May, deputy CEO (effective February 2018); he is a founder that has been with the firm for 25 years. The firm isn’t planning on replacing Mr. May. Additionally, there are a few new team members (including Sam Wyatt) inside the international equity team but no significant departures. The firm is hoping to hire a Mandarin speaker to focus on Chinese equities. Mondrian tends to hire young professionals and develop their careers.

ANDREW MILLER, CIO EMERGING MARKET EQUITIES Mr. Miller is a graduate of the University of Birmingham. Prior to joining Mondrian in 2000, he worked in the Investment Management department of PricewaterhouseCoopers, where he was responsible for the analysis and audit of various investment vehicles. In 2013, Mr. Miller was promoted to Chief Investment Officer of the Emerging Markets team. Mr. Miller holds the ASIP designation and is a member of the CFA Institute and the CFA Society of the UK.

GINNY CHONG, CFA, SENIOR PORTFOLIO MANAGER, EMERGING MARKET EQUITIES

INVESTMENT DUE DILIGENCE SUMMARY – MONDRIAN EMERGING MARKETS

Prior to joining Mondrian in 2000, Ms. Chong worked for PricewaterhouseCoopers in Vancouver, within the Corporate Finance and Investment Banking Division where she qualified as a Canadian Chartered Accountant. Ms. Chong has a degree in Commerce from the University of British Columbia, Vancouver. Ms. Chong is presently a Senior Portfolio Manager within the Emerging Markets Team. Ms. Chong is a CFA charterholder and is a member of the CFA Institute and the CFA Society of the UK.

GREGORY HALTON, CFA, SENIOR PORTFOLIO MANAGER, EMERGING MARKET EQUITIES Having graduated from St Catherine’s College, Oxford University in 2000 with a MEng (Hons) in Engineering Science, Mr. Halton worked in the global equity division of Deutsche Asset Management before joining Mondrian in 2004. Mr. Halton is a Senior Portfolio Manager within the Emerging Markets Team. Mr. Halton is a CFA charterholder and is a member of the CFA Institute and the CFA Society of the UK.

BORIS VESELINOVICH, SENIOR PORTFOLIO MANAGER, EMERGING MARKET EQUITIES Mr. Veselinovich is an Economics and Quantitative Finance graduate from the University of Western Australia and holds an MSc in Mathematical Trading and Finance from CASS Business School, London. He commenced his career as an Investment Research Analyst at Challenger International in Australia covering the local equity market. He joined Mondrian in 2001 and has since worked on global equity coverage as well as new product development initiatives. Mr. Veselinovich has the IMC designation, the Securities and Investment Institute Certificate in Derivatives and is a member of the CFA Institute and CFA Society of the UK.

Strategy Description Mondrian is income‐orientated with a value discipline based on global fundamental research. The strategy is managed from an absolute return perspective and is benchmark agnostic in nature. The team invests in stocks with a favorable dividend discount profile and attempt to isolate value in terms of the long‐term growth of dividends. Dividend yield and future real growth play a central role in the decision‐making process and over time the dividend component is expected to be a meaningful portion of expected total return. The Emerging Markets Strategy employs fundamental analysis based on international economic and political studies, currency evaluations, and business cycle analysis. Mondrian’s market analysis and stock selection relies on extensive in‐house research of each current and prospective holding, including on‐site visits with policy makers and company management. Their emerging markets products are currently closed to new business.

Process Implementation The Emerging Markets Equity Strategy Committee meets formally at least every two weeks to review the portfolios, and analysts’ research relating to possible portfolio changes. Portfolio policies and decisions are made by the Committee. Individual portfolio managers have little discretion to change portfolios, although all of them are part of the Committee decision‐making process. In the unlikely event that the Committee is unable to reach an agreement, Andrew Miller, CIO Emerging Markets Equity has final decision‐making authority.

Mondrian’s security selection process is based on market and security valuations, rather than top‐down factors such as sector weights. Mondrian estimates that top‐down and bottom‐up security selection accounts for equal portions of its approach. For Emerging Markets Equity, all countries in the MSCI EM index are considered, but they are not restricted to the markets or stocks in the benchmark index. Capitalization 3

INVESTMENT DUE DILIGENCE SUMMARY – MONDRIAN EMERGING MARKETS size is not a major factor in the investment process, and there is no set maximum or minimum percentage of the portfolio that will be invested in certain capitalization size ranges. The firm consistently utilizes a dividend discount valuation model of inflation‐adjusted future income streams across all markets, industries, and securities. Their DDM model has four stages, 1 to 5 years, 5 to 10 years, 11 to 15 years, and 50 years onwards. They discount all of these periods at 5% real as this represents the minimum return they would need for positive excess returns.

Country allocation is driven by valuation rather than the benchmark. Diversification between countries is part of the allocation process. Mondrian sets maximum weights for each country with reference to a combination of market capitalization and liquidity. Currently the maximum to any country is 30% but typically not more than 10% overweight any one country. Mondrian takes into account currency movements. They believe currency is driven by purchasing power parity and they use four different models to evaluate currency relationships. They look at both historical and prospective currency behavior and regard standard deviations from normal behavior as a signal. They will consider hedging when a currency is more than two standard deviations overvalued. Mondrian believes that in the medium to long term currencies adjust to their purchasing power parities (PPP). This analysis is supplemented by a shorter‐term assessment of the key identifiable factors that result in deviations from purchasing power parity.

There is a clear sell discipline for stocks, markets and currencies, and sales are identified when: (1) price appreciation leads to significant overvaluation against a predetermined value level; (2) a change in the fundamentals occurs, which adversely affects appraised value; (3) more attractive alternative investments become available; or (4) an adverse change takes place in the political environment, or market regulation and control that could negatively impact shareholder value.

As growth stocks have been leading in 2017, the strategy has struggled to keep up with the benchmark, although this expected given Mondrian’s style. The last 3‐5 years have been challenging given the strategy’s strategic underweight to Chinese internet and growth stocks; these hurt performance as these segments have performed well. The low interest rate environment has been causing investors to pay more for stocks that can grow in the current environment. The firm’s focus on the downside and avoiding leveraged companies has not been rewarded in the current environment. The strategy could continue to underperform peers if Chinese internet names (ex: Tencent, Alibaba, Napsers, Baidu, etc. continue to outperform and increase their market share in the index. 4

INVESTMENT DUE DILIGENCE SUMMARY – MONDRIAN EMERGING MARKETS

Summary Assessment Verus believes that Mondrian is a experienced and skilled emerging markets equity manager that does well covering the value portion of the investable universe. Performance has been good over longer periods of time; however more recent returns have not been as strong. Given their investment process and the resulting value‐oriented and defensive profile amidst generally positive markets, this underwhelming performance is not wholly unexpected.

Operational Due Diligence Assessment

Verus received the following documents from Mondrian Investment Partners Ltd. Small Cap and Emerging Markets:

JUNE 12, 2017 Investment Due Diligence Summary VERUSINVESTMENTS.COM Artisan Partners SEATTLE 206-622-3700 Non U.S. Growth Equity LOS ANGELES 310-297-1777 SAN FRANCISCO 415-362-3484 INVESTMENT DUE DILIGENCE SUMMARY – ARTISAN PARTNERS

Date Reviewed: 11 May 2017

Verus Attendees Marianne Feeley, CFA – Managing Director | Public Equities Jeffrey MacLean – Chief Executive Officer

Artisan Partners Attendees Andrew Euretig – Portfolio Manager Jason Kantor – Health Care Biotechnology Analyst Herman Leung – Technology Analyst Eileen Kwei, CFA – Director, Institutional Services

Overview

Asset Class International Equities

Investment Style Growth

Firm Ownership Artisan Partners Limited Partnership and Artisan Partners UK LLP are wholly owned operating subsidiaries of Artisan Partners Holdings LP, an independent investment firm controlled by its general partner Artisan Partners Asset Management Inc. (APAM), a publicly traded company that is controlled by a stockholders committee consisting of three employee partners.

Firm Assets $103.8 billion as of March 31, 2017

FCERA Mandate Non-U.S. Growth separate account; $164.4 million as of December 31, 2016

INVESTMENT DUE DILIGENCE SUMMARY – ARTISAN PARTNERS

Team Description The investment team consists of the lead portfolio manager, Mark Yockey, two co-portfolio managers, Charles Hamker and Andrew Euretig, over 10 analysts and a similar group of research associates. Mr. Yockey is based in New York and Messrs. Hamker and Euretig are based in San Francisco. The analyst team is spread across New York, San Francisco and London with a regional analyst based in Singapore. All three portfolio managers and several more tenured analysts have equity ownership, and all team members participate in the revenue-sharing plan.

The three portfolio managers and analysts average about 20 years of investment experience. Each analyst is responsible for one or more sectors or regions. All final investment decisions should be approved by at least two portfolio managers.

Mark Yockey, CFA, Portfolio Manager Mr. Yockey is a portfolio manager for the Artisan Non- U.S. Growth, Non-U.S. Small-Cap Growth, Global Equity and Global Small-Cap Growth strategies and is based in New York. Prior to joining Artisan in December 1995, Mr. Yockey was the portfolio manager of the United International Growth Fund and was vice president of Waddell & Reed from January 1990 until he joined Artisan. Before assuming responsibility for the United International Growth Fund, Mr. Yockey was an analyst for Waddell & Reed from 1986 through 1989, specializing in the worldwide healthcare industry and international special situations. Prior to joining Waddell & Reed, he was a healthcare analyst for the State of Michigan Retirement Fund for five years. Mr. Yockey holds a BA and an MBA in finance from Michigan State University. Mr. Yockey has earned the Chartered Financial Analyst designation.

Charles Hamker, Portfolio Manager Mr. Hamker is a portfolio manager for the Artisan Non- U.S. Small-Cap Growth, Global Equity and Global Small-Cap Growth strategies, and a co-portfolio manager for the Artisan Non-U.S. Growth strategy. He also conducts research, primarily focusing on companies within the consumer sector and is based in San Francisco. Prior to joining Artisan Partners in August 2000, Mr. Hamker worked on the European Equities Desk in the New York office of Banque Nationale de Paris. Earlier in his career, he worked in the Paris and London offices of J.P. Morgan. Mr. Hamker holds a bachelor’s degree with a specialization in finance and economics from the European Business School in Paris. He is fluent in French and German.

Andrew Euretig, Portfolio Manager Mr. Euretig is a portfolio manager for the Artisan Global Equity strategy and a co-portfolio manager for the Artisan Non-U.S. Growth strategy and is based in San Francisco. He also conducts research, primarily focusing on companies within the industrials and utilities sectors. Prior to joining Artisan Partners in June 2005, Mr. Euretig was a graduate student at the University of California at Berkeley. He previously served in the United States Navy as an amphibious operations officer. Mr. Euretig holds a bachelor’s and a master’s degree in business administration from the Haas School of Business at the University of California-Berkeley.

Strategy Description The Artisan Non-U.S. Growth strategy was launched in 1996 by Mark Yockey. It is a fundamental, bottom-up strategy that invests in companies that have demonstrated an ability to deliver sustainable growth and are

INVESTMENT DUE DILIGENCE SUMMARY – ARTISAN PARTNERS trading at attractive valuations. The investment team seeks companies that they perceive to have a strong competitive advantage, superior business model, and are run by high quality management teams. In addition, the team strives to identify major global secular trends or themes that should benefit companies strategically positioned to capitalize on these themes and serve as tail-winds for potential target companies.

The strategy invests in 70-80 companies with market capitalizations greater than $3 billion. The portfolio can hold up to 35% in companies domiciled in emerging markets. The strategy is soft closed as of September 30, 2016.

Process Implementation The investment process comprises three parts: (1) fundamental bottom-up research to find companies with strong fundamentals and sustainable earnings growth; (2) identification of global trends or themes; and (3) selection of stocks attractively valued relative to peers.

Fundamental research Idea generation is a long process and is a responsibility of every team member. Ideas are generated through company meetings, conference calls, and conversations with suppliers and competitors. Target companies should have a strong sustainable competitive advantage characterized by a growing or dominant market share, brand strength, pricing power, and/or high barriers to entry. When a new target company is identified, the analysts examine financial statements looking for significant free cash flow, high and improving profit margins and return on equity, and an overall strong financial position. The team also assesses the quality of the management team, their track record, alignment of interests, and look for a clearly communicated business strategy. Analysts always meet with prospective companies prior to investing. The team augments the information it receives from company meetings by gathering research from a variety of other sources including Bloomberg, FactSet, Reuters, sell-side research and industry contacts.

Specific companies are proposed and discussed with the three portfolio managers during the weekly Tuesday morning meeting. The portfolio managers will guide the discussion and suggest any further analysis that may be needed.

Global themes The investment team seeks to identify and analyze implications of various market and secular themes for companies in different industries and geographies. Long-term investment themes include: changes in demographics in various regions, improving infrastructure, increased air travel, developing technologies and privatization of economic resources. The Artisan team believes that companies positioned to benefit from the current themes are more likely to deliver sustainable earnings growth over the medium- or long-term time horizon.

Valuation Lastly, a candidate company is valued based on its projected growth rate. This is the crux of Artisan’s strategy, i.e., “how much should an investor pay for the growth prospects of a company?” The primary metric used to answer this question is P/E over expected earnings per share (EPS) growth, or PEG ratio. A company with a PEG ratio of 1 or below is considered attractive.

INVESTMENT DUE DILIGENCE SUMMARY – ARTISAN PARTNERS

The research process essentially creates a short list of agreed-upon investable companies. If and when the price of the security equals or falls below the value determined to be appropriate, companies on this list would be considered for purchase into the portfolio. As long as a company exhibits sustained growth and a reasonable valuation thereafter, Artisan will continue to hold it until the PEG ratio reaches 2. The firm will quickly exit an underperforming position, especially if it is or has been a bottom contributor. Artisan manages risk at a security, sector and geographic level. When considering individual securities, Artisan focuses on valuation risk, company management (business risk), and economic/geopolitical risks. The ability to mitigate valuation and business risk comes from insights gained during the fundamental research process. In addition, a maximum 5% position weight is applied to all holdings. The strategy holds 60-90 stocks.

Policy limits exist to address sector and geographic risk. The strategy invests in at least 15 countries. A maximum weight in one country is 30% and a maximum weight in one industry is 25%. These limits allow the strategy the flexibility to benefit from any upside potential that is concentrated in a particular sector/region, while also protecting against overexposure in the case of a sector/region downturn. Lastly, emerging market investments may represent up to 35% of the portfolio. However, the actual allocation has never been above 25%. Similarly to other international strategies, the Artisan strategy has an indirect emerging markets exposure through companies domiciled in developed countries and generating a significant amount of their revenue from emerging markets.

Risk Factors and Potential Red Flags The Artisan Non-U.S. Growth strategy might be exposed to key man risk with Mr. Yockey, who has been the sole decision maker for the strategy since its inception until 2011. However, in 2011, two analysts, Charles Hamker and Andrew Euretig, were promoted to portfolio managers. Since then, all final investment decisions have been made by the vote of the three portfolio managers. We believe that senior members of the team are well incentivized to stay with Artisan for the long-term. All three portfolio managers have an ownership stake in the firm. They are also required to give a three-year notice of potential departure. We would reevaluate our confidence in the strategy if any of the three were to depart.

Performance The strategy’s beta will typically vary in the 0.8 - 1.1 range. It tends to outperform the benchmark during up and stable markets. Performance in down markets has been mixed, often driven by large country or sector bets or performance of stocks from the same thematic cluster. These results are also reflected in the strategy’s upside and downside capture ratios (i.e., 10-year upside/downside ratio is 105/96). Tracking error typically averages 4‐8%. It is worth noting that the strategy’s performance improved dramatically starting from 2011 when Charles Hamker and Andrew Euretig became co-portfolio managers.

In terms of recent performance, as illustrated in the table below, near-term results for the Non-U.S. growth strategy have been disappointing, with the strategy trailing the benchmark during the latest 1-year period (gross of fees). From inception to date, the product has not added value versus its EAFE benchmark.

INVESTMENT DUE DILIGENCE SUMMARY – ARTISAN PARTNERS

Artisan Non-U.S. Growth Performance (as of 4/30/2017)

SI Description YTD 1yr 3yr (4/2013) Artisan 13.3% 5.7% 1.0% 5.0% MSCI EAFE Index 10.0% 11.3% 0.9% 5.1% *(returns greater than 1 year are annualized, gross)

Underperformance during 2016 fell primarily in the fourth quarter (-7.95% versus MSCI EAFE at -0,71%). Stock selection was a particularly large detractor over the fourth quarter, with specific weakness in financials, consumer discretionary, technology, and consumer nondurables.

The portfolio was positioned to favor overly defensive sectors, including consumer staples, and did not have much exposure to cyclical stocks which were favored over the quarter and the year. Andrew Euretig also highlighted that much of the year constituted a risk-on environment that doesn’t favor Artisan’s quality- oriented style. However, he did acknowledge that there were some issues with stockpicking, and that underperformance should not have been as significant as it was. The team were wrong on several issues driving the market including the improving backdrop for the global economy and commodity markets as well as the impacts of Brexit and the U.S. election.

Among the stocks which detracted, several were in the consumer nondurables sector (Japan Tobacco, Unilever, Nestle) which underperformed in favor of more cyclical investments. In hindsight, the team concede they could have been more disciplined about adhering to their valuation discipline, and has since sold Unilever and pared back its Nestle exposure.

Additional Observations The investment team has been stable, although there have been two changes in the latest year. Michael Carruthers, telecom and media analyst, retired from the firm in December 2016 after 24 years in the industry, 17 of which were at Artisan. His coverage was assumed within the team by his research associate Jeff Zhu with Mark Yockey supporting from a more senior position. The firm added Nikola Legetic in May 2017. Mr. Legetic has 13 years of investment experience and will have broad coverage including energy, materials, financials and emerging markets. Artisan describes this as an opportunistic hire, rather than to replace Mr. Carruthers. With three portfolio managers and 13 analysts, we see the team as well staffed to cover the research needs of the Non-US Growth, Non-US Small Cap and Global Equity strategies.

During the fourth quarter of 2016, Artisan became more constructive in its growth outlook and began adding to the portfolio’s financials exposure, increasing the allocation to 28.5% by the end of first quarter of 2017 (versus 21.3% for MSCI EAFE). Although this exposure is at an historic high for the current market cycle, the Artisan portfolio exhibited a similar allocation during 2004-2006, which marked the last rising rate environment. The financials exposure is diversified, with approximately 8.6 percentage points to banks, 13 percentage points to insurers, and the remainder to capital markets oriented companies. Although there is only one quarter of performance since this change in strategy, the Non-U.S. Growth strategy outperformed the EAFE benchmark by 2.05% in the first quarter of 2017.

INVESTMENT DUE DILIGENCE SUMMARY – ARTISAN PARTNERS

In his discussion on stocks, several of Andrew Euretig’s examples revolved around M&A activity, governance and activism. He cited Akzo Nobel, a Dutch paintmaker, that was a takeover target this year. Across the firm’s products, Artisan Partners firm wide had assembled a significant portion of Akzo shares and took a public stance on the firm’s rejection of the takeover bid. Artisan’s investment philosophy emphasizes undervalued growth, and the portfolio may hold companies that are the subject of takeover activity. Activism is not a central tenet of the Artisan approach, although the legal team is involved in voting of proxies and vetting any publicly aired views.

We discussed the roles of the three portfolio managers in the decision-making process. In general, Mark Yockey has the greatest influence on overall strategic positioning of the portfolio as guided by bottom-up stock selection. The influence of Charles Hamaker and Andrew Euretig is more significant on individual stock selection decisions; if one of them is uncomfortable with a name, the team will move on to another idea. We see the three individuals as key decision makers for the process, and recognize Mark Yockey as most critical to the investment strategy.

Summary Assessment The Artisan Non-U.S. Growth product endured a challenging period for performance during 2016. We believe the team has adhered to its philosophy focused on sustainable growth backed by global themes, and also enhanced its discipline on stock valuation. Verus recommends the Artisan Non-U.S. Growth strategy for clients seeking to allocate capital to a fundamental strategy with thematic overlay and attractive up and down market characteristics.

The information contained in this report may not be copied, reproduced or distributed, in whole or in part, nor may its contents or facts or terms of any securities (if any) contained therein be disclosed to any other person except in accordance with the terms of the Contract, including its terms of confidentiality. The information presented has been prepared by the Company from sources that it believes to be reliable and the Company has exercised all reasonable professional care in preparing the information presented. However, the Company cannot guarantee the accuracy of the information contained therein. The Company shall not be liable to Client or any third party for inaccuracy or in-authenticity of information obtained or received from third parties in the analysis or for any errors or omissions in content. The information presented does not purport to be all-inclusive nor does it contain all information that the Client may desire for its purposes. The information presented should be read in conjunction with any other material furnished by the Company. The Company will be available, upon request, to discuss the information presented in the report that Client may consider necessary, as well as any information needed to verify the accuracy of the information set forth therein, to the extent company possesses the same or can acquire it without unreasonable effort or expense. Nothing contained therein is, or should be relied on as, a promise, representation, or guarantee as to future performance or a particular outcome. Even with portfolio diversification, asset allocation, and a long-term approach, investing involves risk of loss that the client should be prepared to bear. In the event of conflict between the terms of this disclosure and the Contract, the Contract shall take precedence.

Operational Due Diligence Assessment

Verus’ Operations team conducted an Operational Due Diligence assessment of Artisan. The objective of the analysis was to gain a thorough understanding of Artisan’s operations, attaining a reasonable assurance that Artisan has sound organizational and governance structures, strong investment processes and procedures, and robust internal controls.

Verus sent Artisan a copy of the Verus Operational Due Diligence Questionnaire (“ODDQ”) The ODDQ focuses on seven main areas: 1. Firm/Fund overview 2. Personnel 3. Key Processes 4. Service Providers 5. Reporting 6. Systems 7. Regulation and Compliance

Verus received the following documents from Artisan:

– 2016 Artisan Partners AT101 – Gifts and Business Entertainment Policy – Allocation Policy – Group Affiliates Chart – APLP Compliance Program – Operational Due Diligence Questionnaire – APLP – Form ADV Part 1 – Order Execution Policy – Average Trading Volume Comparison – Artisan Partner Funds’ Prospectus – AP Business Continuity Plan – Statement of Additional Information – Code of Ethics – Trading Counterparty Review Procedures – Error Correction Statement of Principles – Firm Organization Chart – Fresno County Employees Retirement (FCERA) IMA and Amendment – GBLE Team Org Chart – Invest Team

Artisan has passed the operational due diligence assessment. Verus Operations will continue to monitor certain reports and information and will perform additional due diligence as necessary.

Past performance is no guarantee of future results. The information presented in this report is provided pursuant to the contractual agreement (the “Contract”) by and between Fresno County Employees Retirement Association (“Client”) and Verus Advisory, Inc. (“Company”). In the event of conflict between the terms of this disclosure and the Contract, the Contract shall take precedence. Client is an institutional counter‐party and in no event should the information presented be relied upon by a retail investor. The information presented has been prepared by the Company from sources that it believes to be reliable and the Company has exercised all reasonable professional care in preparing the information presented. However, the Company cannot guarantee the accuracy of the information contained therein. The Company shall not be liable to Client or any third party for inaccuracy or in‐authenticity of information obtained or received from third parties in the analysis or for any errors or omissions in content. The information presented does not purport to be all‐inclusive nor does it contain all information that the Client may desire for its purposes. The information presented should be read in conjunction with any other material furnished by the Company. The Company will be available, upon request, to discuss the information presented in the report that Client may consider necessary, as well as any information needed to verify the accuracy of the information set forth therein, to the extent Company possesses the same or can acquire it without unreasonable effort or expense. Nothing contained therein is, or should be relied on as, a promise, representation, or guarantee as to future performance or a particular outcome. Even with portfolio diversification, asset allocation, and a long‐term approach, investing involves risk of loss that the client should be prepared to bear. The material may include estimates, outlooks, projections and other “forward‐looking statements.” Such statements can be identified by the use of terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates,” or the negative of any of the foregoing or comparable terminology, or by discussion of strategy, or assumptions such as economic conditions underlying other statements. No assurance can be given that future results described or implied by any forward‐looking information will be achieved. Actual events may differ significantly from those presented. Investing entails risks, including possible loss of principal. Risk controls and models do not promise any level of performance or guarantee against loss of principal.

MAY, 2017 Investment Due Diligence Summary VERUSINVESTMENTS.COM IFM Investors SEATTLE 206‐622‐3700 IFM Global Infrastructure Fund LOS ANGELES 310‐297‐1777 SAN FRANCISCO 415‐362‐3484 INVESTMENT DUE DILIGENCE SUMMARY – IFM INVESTORS

X Verus FL Strategy Verus FL Manager Date Onsite: May 24, 2017 Client Requested Review

Verus Attendees John Wasnock – Associates Director, Private Markets Jeff MacLean – Chief Executive Officer

Fresno County Attendees Donald Kendig – Administrator Nathan Magsig – Board Member Eulalio Gomez – Board Member Oscar Garcia – Board Member Gregory Baxter – Board Member Laura Basua – Board Member

IFM Attendees Julio Garcia – Head of Infrastructure, North America Brooks Kaufmann – Investment Director, Infrastructure Sebastian Domenech – Director, Asset Managment Neil Doherty – Vice President, Infrastructure Ashwin Mathur – Senior Associate, Infrastructure Jojo Granoff – Executive Director, Global Relationship Group Dan Kim – Director, Global Relationship Group David Greenberg – Analyst, Global Relationship Group

Overview

Asset Class Private Infrastructure

Investment Style Core

Firm Ownership IFM Investors Pty Ltd (IFM) is a privately owned investment management company founded in 2004, and headquartered in Melbourne, Victoria. The Firm is wholly owned by Industry Super Holdings, which is owned by 29 Australian pension funds. IFM maintains a separate board of directors and operates as a separate business entity.

Firm Assets $55 billion.

FCERA Strategy ― IFM Global Infrastructure Fund

INVESTMENT DUE DILIGENCE SUMMARY – IFM INVESTORS

Onsite Summary

Met with members of the IFM Infrastructure team onsite in their offices. They moved in early 2015 to 114 West 47th Street in New York. John Wasnock and Jeff MacLean from Verus attended the onsite, along with six members of the Fresno County Employees Retirement Associates Board. We spent about three hours in their offices, talking to eight members of the IFM team. We also toured the floor, meeting several other IFM team members. The meeting was led by Julio Garcia, Head of Infrastructure North America.

Firm Overview Firm assets now sit at $62 billion, up from approximately $55 billion one year ago. Infrastructure continues to make up the majority of their assets under management at $28 billion, while debt ($19bb), listed equities ($15bb) and private equity ($1bb) comprise the rest. Most of the growth they have seen has been on the infrastructure side. They have added infrastructure debt capabilities, but the equity fund has first right to any deals, so there is no conflicts of interest. Most of their client base remains public fund clients, some Taft‐Hartley and some E&F clients.

For investment professional personnel turnover over the last twelve months, IFM has lost only one senior professional, a Director in Australia, who left in November to pursue other opportunities. In the same timeframe, IFM has added two Directors (both asset management), four Associates and six investment analysts. Overall, IFM employees over 300 professionals. Non investment related turnover includes the Global Chief People Officer, whose position was made redundant. IFM has added and Executive Director of Risk and Compliance, and Executive Director of Responsible Investment and a Chief Economist.

Global Infrastructure Fund The Global Infrastructure Fund focuses on core, developed market only, regulated assets where there is good rule of law. Currently there is $1.5 billion in the queue waiting to be invested. IFM likes to have $3‐4 billion in available capital to be able to source any deals with certainty of close if something interesting comes through. Annually, they determine their pipeline of potential deal flow to decide on how much capital to raise. Existing investors have first rights to add capital, than new investors. They believe the open end structure is and advantage in deal sourcing as they are looked at as a partner, not a shorter term financial buyer. Some sellers looking to sell part, but not all of an asset, looking for partners.

The fund currently has $15.9 billion (including undrawn commitments of ~$2bb) and includes 12 core assets. The fund is diversified by sub sector, geography, vintage year and currency. Portfolio leverage is currently at 38% (maximum allowed is 50%).

Assets Update Indiana Toll Road (ITR) was purchased in late 2015 for $3.3 billion. It was in bankruptcy, purchased from MacQuarie, who purchased prior to GFC and over‐levered it. Needed some deferred maintenance, IFM has put $200mm in early to fix problems. They used a new technology to crack the concrete and re‐pave, a fix that will last longer (15 years) than patching every year. Initially, IFM hired four technical firms, looking at the pavements, operational costs, tolling equipment and bridge reviews (350 bridges on the road). IFM refinanced the ITR debt into 30‐40 year debt package and also sold off 15% of the ITR to reduce fund concentration. The asset has outperformed, generating a 17.7% total return over the last 12 months.

INVESTMENT DUE DILIGENCE SUMMARY – IFM INVESTORS

Duquesne, a Pittsburgh electric company was just sold from the portfolio in an opportunistic sale. The offer was well over book holding value, which was why twelve month return was >43%.

In February, 2017 IFM acquired its most recent deal, a 25% stake in VTTI, a portfolio of energy midstream assets. VTTI owns and operates 13 marine terminals on five continents providing import/export and storage infrastructure for oil majors, refiners and commodity marketers. Tanks are mostly gasoline, jet fuel, diesel. Mostly major customers with diverse clients, the assets are on take or pay contracts that extend 3 to 10 years. Expecting an 11‐12% gross IRR on the asset.

Colonial Pipeline, the largest oil pipeline in the US, extending from Houston to NY had two incidents over the last 12 months. One was a fatal explosion (2 fatalities) which is currently under investigation by the NTSB. IFM changed the CEO to re‐invigorate the safety. Formerly, the safety culture was ok and maintenance records were also ok. The accident involved a sub‐contractor and they currently believe operator error may have been the cause.

The firm is currently looking for energy midstream to take advantage of low oil prices. Large owners are selling midstream companies. Infrastructure companies/funds are able to take advantage as MLPs have had a harder time raising capital. Like transportation assets now and regulated assets in the US. Regulatory environment is more difficult in Europe now, in a pro‐consumer environment.

Performance Over the last 12 months, the fund has outperformed expectations at the asset level, returning 13.5% in local currency. With the strength of the U.S. dollar, the unhedged share class has returned 9.3%. In 2016, IFM added a USD hedged share class, allowing investors to decide between the two. 58% of US investors elected to convert to the hedged share class, overall 70% of investors use the hedged share class. Individual assets returns have been very strong, ranging between 7.5% and 43.9% over the last twelve months (through 3/31/17). See table on the following page for individual asset performance over the last 12 months:

Long term returns have been within expectations, given the currency headwinds. Over the last seven years, the fund has generated a 7.9% return.

INVESTMENT DUE DILIGENCE SUMMARY – IFM INVESTORS

Conclusion Even though there have been some continued currency headwinds, the underlying asset level performance has been very strong, given the low inflationary environment and declining energy prices, which have been a headwind to the entire asset class. Verus believes the assets held by these managers will help protect the portfolio should inflation continue to move upwards. IFM remains a focus list strategy at Verus and we do not recommend any manager changes at this time.

INVESTMENT DUE DILIGENCE SUMMARY – IFM INVESTORS

The information presented in this report is furnished on a confidential basis for use solely as provided in the contractual agreement (the “Contract”) by and between Fresno County Employees’ Retirement Association (“Client”) and Verus Advisory, Inc. (formerly Wurts & Associates, Inc. and hereinafter “Company”). The information contained in this report may not be copied, reproduced or distributed, in whole or in part, nor may its contents or facts or terms of any securities (if any) contained therein be disclosed to any other person except in accordance with the terms of the Contract, including its terms of confidentiality. The information presented has been prepared by the Company from sources that it believes to be reliable and the Company has exercised all reasonable professional care in preparing the information presented. However, the Company cannot guarantee the accuracy of the information contained therein. The Company shall not be liable to Client or any third party for inaccuracy or in‐authenticity of information obtained or received from third parties in the analysis or for any errors or omissions in content, the information presented does not purport to be all‐inclusive nor does it contain all information that the Client may desire for its purposes. The information presented should be read in conjunction with any other material furnished by the Company. The Company will be available, upon request, to discuss the information presented in the report that Client may consider necessary, as well as any information needed to verify the accuracy of the information set forth therein, to the extent company possesses the same or can acquire it without unreasonable effort or expense. Nothing contained therein is, or should be relied on as, a promise, representation, or guarantee as to future performance or a particular outcome. Even with portfolio diversification, asset allocation, and a long‐term approach, investing involves risk of loss that the client should be prepared to bear. In the event of conflict between the terms of this disclosure and the Contract, the Contract shall take precedence.

Operational Due Diligence Assessment

Verus’ Operations team conducted an Operational Due Diligence assessment of IFM Global Infrastructure Fund. The objective of the analysis was to gain a thorough understanding of IFM Global Infrastructure Fund operations, attaining a reasonable assurance that IFM Global Infrastructure Fund has sound organizational and governance structures, strong investment processes and procedures, and robust internal controls.

Verus sent IFM Global Infrastructure Fund a copy of the Verus Operational Due Diligence Questionnaire (“ODDQ”) The ODDQ focuses on seven main areas: 1. Firm/Fund overview 2. Personnel 3. Key Processes 4. Service Providers 5. Reporting 6. Systems 7. Regulation and Compliance

Verus received the following documents from IFM Global Infrastructure Fund:

– Response to Verus’ operational due – IFM Global Infrastructure Fund Pitch Book diligence questionnaire – Infrastructure (equity) DDQ – Dec 15 – Infrastructure team biographies – Valuation Policy – Business continuity plan summary – The Code of Conduct – Compliance manual table of contents – IMF GIF (US) quarterly report

IFM Global Infrastructure Fund has passed the operational due diligence assessment. Verus Operations will continue to monitor certain reports and information and will perform additional due diligence as necessary.

APRIL 2017 Investment Due Diligence Summary VERUSINVESTMENTS.COM PIMCO Research Affiliates Equity (RAE) Fundamental SEATTLE 206‐622‐3700 Fundamental International Equity LOS ANGELES 310‐297‐1777 SAN FRANCISCO 415‐362‐3484 INVESTMENT DUE DILIGENCE SUMMARY – RESEARCH AFFILIATES

Date Reviewed: 5 April 2017

Verus Attendees Margaret A McRae, CFA – Associate Director | Public Markets

Research Affiliates Attendees Rob Arnott – Chairman/Founder, Portfolio Manager (Research Affiliates) Brent Leadbetter, CFA – Vice President, Product Specialist (Research Affiliates) Mark Romano, CFA – Executive Vice President, Account Manager (PIMCO) Stephanie Soltis – Vice President, Account Manager (PIMCO)

Overview

Asset Class International Equity

Investment Style Value

Firm Ownership Wholly owned subsidiary of Allianz Global

Firm Assets $1.5 trillion

Strategies ― PIMCO RAE Fundamental International Equity ($191.4 million)

Onsite Meeting There have been no changes in personnel at Research Affiliates that impact the management of the portfolios. Given RAE is a systematic strategy, the firm does not have fundamental analysts providing research that impact the portfolio. Rob Arnott and Chris Brightman remain the portfolio managers. They retain final decision rights over any changes to models used to create the RAE portfolios.

There have been no recent changes to the investment process. The research team is currently working to determine whether the factor timing research the team has conducted over the past year can be incorporated into the RAE portfolios in a more explicit manner. The contrarian rebalancing approach applied in RAE inherently provides dynamic exposure to factors. When companies, industries, sectors, countries, factors, etc. become cheap, the strategy overweights them relative to a cap‐weighted benchmark and vice

INVESTMENT DUE DILIGENCE SUMMARY – RESEARCH AFFILIATES versa. The team is working to determine whether they can complement implicit dynamic factor exposure with explicit factor bets based on the attractiveness of factors as determined by variables such as valuation, recent momentum and macroeconomic indicators. If implemented, any explicit factor timing is unlikely to be added to the RAE strategy before 2018 at the earliest.

In our discussion of the markets, the team believes the dispersion between value and growth provides opportunity for contrarian strategies such as RAE. The firm’s research tells them that the current opportunity in developed international companies is greater than the historical average. Value companies are defined as being more attractively priced than growth companies; however, the degree to which they are cheaper varies over time. The team believes the valuation discount for these firms is large relative to recent history , providing an attractive opportunity for future excess returns.

Team Description Research Affiliates has a team of over 40 investment professionals. The investment committee is responsible for making investment decisions and reviewing research findings. Key team members include Rob Arnott, chairman/founder, Chris Brightman, CIO and portfolio manager, and Vitali Kalesnik, head of equity research.

ROBERT ARNOTT, CHAIRMAN/FOUNDER, PORTFOLIO MANAGER Mr. Arnott has more than 30 years of experience in quantitative investing. He is the chairman of Research Affiliates. He previously served as chairman of First Quadrant, as president of TSA Capital Management (now part of Analytic Investors), and as vice president at The Boston Company. He also was a global equity strategist at Salomon Brothers. He has published more than 100 articles in journals such as the Journal of Portfolio Management, the Harvard Business Review and the Financial Analysts Journal, where he also served as editor in chief from 2002 through 2006. He graduated summa cum laude from the University of California, Santa Barbara, in 1977 with degrees in economics, applied mathematics and computer science.

CHRISOPHER BRIGHTMAN, CIO, PORTFOLIO MANAGER Mr. Brightman is managing director and head of investment management at Research Affiliates. He supervises portfolio construction and trading, as well as managing the product development process. He also contributes to research and client support activities. Mr. Brightman has more than 30 years of investment experience, including board chair of The Investment Fund for Foundations, chief executive officer of the University of Virginia Investment Management Company, chief investment officer of Strategic Investment Group, director of global equity strategy at UBS Asset Management, and senior portfolio manager at Brinson Partners. He is a board and investment committee member of the Virginia Tech Foundation. Mr. Brightman holds a bachelor's degree in finance from Virginia Tech and an MBA from Loyola University, Maryland.

VITALI KALESNIK, DIRECTOR, HEAD OF EQUITY RESEARCH Mr. Kalesnik is responsible for quantitative research used to enhance Research Affiliates products—in particular, RAFI Fundamental Index strategies and global tactical asset allocation products. Prior to joining Research Affiliates, Mr. Kalesnik conducted research in economics at the University of California, Los Angeles, where he studied international trade and macroeconomics. He also worked as a researcher at the Ministry of Economics in Belarus and at Priorbank. Mr. Kalesnik published research papers in such journals as the Financial Analysts Journal, Journal of Portfolio Management, and Journal of Index Investing. He earned his Ph.D. in economics from the University of California, Los Angeles.

INVESTMENT DUE DILIGENCE SUMMARY – RESEARCH AFFILIATES

Strategy Description The RAE investment philosophy is built on the premise that stocks ultimately mean revert to their true fair value over time, however, in the short‐term, a stock’s price may or may not reflect the true economic value of the underlying company. This approach to managing equity portfolios breaks the link between a stock’s price and its portfolio weight.

The fundamental methodology selects and weights companies based on their economic footprint using non‐ price measures of company size including sales, book value, cash flow and dividends. The weights are then adjusted through a series of active insights to refine measurements of company size without increasing risk. These insights are the result of Research Affiliates’ ongoing research and include quantitative adjustments and screens of additional fundamentals, such as a company’s quality of earnings and financial distress, among others.

These insights also result in a dynamic value bias which is greatest when value stocks are cheapest. This leads to a valuation discount for the portfolio relative to cap‐weighted indices.

By removing price from the portfolio construction process and weighting stocks based on their economic footprints rather than their market capitalization, the strategy capitalizes on the tendency of traditional indices to be overexposed to overpriced stocks and underexposed to underpriced stocks. By capitalizing on these inefficiencies, we believe the firm’s approach provides the opportunity to generate meaningful long‐ term outperformance.

Process Implementation The fundamental methodology is designed to be rules‐based, objective and repeatable using a disciplined selection and rebalancing process. The portfolio construction process uses sales, cash flow, dividends and book value to compute fundamental factor scores for eligible companies, and assigns weightings based on these measures of company size. Fundamental values for sales, cash flow and dividends are calculated as the average of the five most recently available annual reporting periods. If less than five years of annual accounting data are available for a company, then the most recently available annual periods are used with a minimum of one. The book value score is defined as the value from the most recently available annual reporting period.

A fundamental score is calculated as the average score for each individual fundamental measure of firm size. Aggregate fundamental scores are converted into portfolio weights by dividing each company score by the sum of the scores of the companies in the investment universe. Company, industry, sector and country weights are all outcomes of the portfolio construction process.

After weighting stocks by fundamental size, the strategy then applies well‐researched active insights into quality, momentum and diversification of active share to refine certain aspects of an otherwise simple rebalancing strategy. Whereas naïve rebalancing rules are static and do not change, RAE enhancements are live and evolve to incorporate the portfolio managers’ ongoing research into improving risk‐adjusted returns. Specifically, these insights, which make the strategy active, take the form of four quantitative adjustments:

INVESTMENT DUE DILIGENCE SUMMARY – RESEARCH AFFILIATES

1. Quality – the team seeks to reduce or eliminate weights to “value traps” – companies that are justifiably cheap and less likely to mean revert to past economic size. Insights on quality are obtained by the current score of a company’s financial health. Firms are penalized for excessive leverage, employing aggressive accounting measures, or lack of growth prospects. 2. Momentum – rebalancing strategies like this one exhibit a negative exposure to momentum to take advantage of mean reversion by buying low and selling high. The team attempts to eliminate this negative momentum exposure in RAE portfolios by delaying rebalancing when a company stock trades against positive/negative twelve‐month momentum. The team employs this approach in an attempt to avoid catching a falling knife or taking profits too early. 3. Style diversification ‐ in an attempt to reduce the portfolio’s reliance on the value factor for excess returns and increase upside potential when prices mean revert, the team increases exposure to cheap stocks with the low value factor and decreases exposure to expensive stocks with the high value factor. 4. Size diversification – the team seeks to redistribute active weights from large cap stocks to smaller cap stocks that are more likely to be mispriced.

Taken together, these insights result in a dynamic value bias which is greatest when value stocks are cheapest. They also lead to a valuation discount for the portfolio relative to cap‐weighted indices. The strategy benefits from the ongoing research of the team and has the ability to evolve overtime with the refinement of existing insights or the introduction of new insights.

Risk Factors and Potential Red Flags

The strategy has no country or industry exposure limits. However, diversification is achieved based on the large number of holdings and sector allocations that are included in the underlying index.

In January 2016, Jason Hsu, vice chairman, co‐founder and former CIO of Research Affiliates, became chairman, CEO, and majority owner of Rayliant Global Advisors (formerly Research Affiliates Global Advisors), an Asian‐focused investment firm based in Hong Kong. Research Affiliates retains a substantial minority interest in Rayliant. Dr. Hsu remains as a partner and owner of Research Affiliates. He continues to operate in a non‐executive capacity and collaborates on various research projects. While Dr. Hsu was one of the original architects of the strategy, the firm has assembled a capable team of investment professionals to continue research efforts. We are comforted by the continued research collaborations between Dr. Hsu and the investment team.

Key man risk does exist with Rob Arnott as the founder and majority shareholder of the firm. He is the primary architect of the strategy and provides final input on product innovation and business strategy. However, he does share final decision responsibilities on the investment process with Chris Brightman and has a research staff of over 40 professionals that implement the day‐to‐day asset management decisions.

Performance As of 3/31/2017, the Fresno portfolio has outperformed its benchmark after fees by 90 bps annualized since inception on 4/30/2011, with a return of 3.74% versus 2.84% for the MSCI EAFE Index. The Fresno RAE portfolio generated this excess return despite a headwind from value exposure as the MSCI EAFE Value lagged the core MSCI EAFE Index, 2.26% vs 2.84% over this time period. 4

INVESTMENT DUE DILIGENCE SUMMARY – RESEARCH AFFILIATES

2016 was a strong year for mean reversion as commodity‐based sectors performed well, with the portfolio outperforming the MSCI EAFE Index by 790 bps. RAE generated nearly 300 bps of the total excess return from materials alone, led by overweights to Canadian and UK miners such as Teck Resources, Anglo American and BHP Billiton. Simultaneously, underweights to expensive stocks contributed to performance. European Healthcare provides an illustrative example as underweights to Novartis, Novo Nordisk and Roche all helped relative returns.

Q1 2017 represented a reversal from 2016. Cheap stocks did poorly and RAE underperformed by roughly 120 bps. Overweights to cheap energy companies detracted, including the UK’s BP and Canada’s Suncor. Financials and Information Technology were also sectors that detracted from performance.

The strategy will typically underperform when the value style significantly underperforms growth. Dynamic value exposure (i.e., the value bias) is greatest when value is the cheapest.

Summary Assessment We continue to view the PIMCO RAE Fundamental International Equity strategy as a compelling quantitative approach. The strategy is designed to operate with moderate tracking error. We favor the product for the following reasons: independence and sole focus on quantitative strategies should help ensure dedicated attention to research and serving existing clientele; and the firm’s consistently repeatable process should help mitigate behavioral biases.

Operational Due Diligence Assessment

Verus’ Operations team conducted an Operational Due Diligence assessment of PIMCO/RAFI. The objective of the analysis was to gain a thorough understanding of PIMCO/RAFI operations, attaining a reasonable assurance that PIMCO/RAFI has sound organizational and governance structures, strong investment processes and procedures, and robust internal controls.

Verus sent PIMCO/RAFI a copy of the Verus Operational Due Diligence Questionnaire (“ODDQ”) The ODDQ focuses on seven main areas: 1. Firm/Fund overview 2. Personnel 3. Key Processes 4. Service Providers 5. Reporting 6. Systems 7. Regulation and Compliance

Verus received the following documents from PIMCO/RAFI:

‐ Exhibit 1 PIMCO Pricing Policy ‐ Exhibit 7 PIMCO Global Compliance ‐ Exhibit 2 PIMCO SOC 1 Report Program Summary ‐ Exhibit 3 PIMCO Approach to ‐ Exhibit 8 PIMCO Code of Ethics Counterparty Risk ‐ Operational Due Diligence ‐ Exhibit 4 PIMCO Business Continuity Questionnaire Verus 2017 (All Asset Management Program Overview All Authority & RAFI) ‐ Exhibit 5 Sample RFI_Q416 ‐ Exhibit 6 PIMCO Update_4Q16

PIMCO/RAFI has passed the operational due diligence assessment. Verus Operations will continue to monitor certain reports and information and will perform additional due diligence as necessary.