Asset Allocations

Burgundy Asset Management Ltd.

Manager: Burgundy
Style: U.S. Small Cap Value
Benchmark: Russell 2500 Value Index

Summary: An actively managed strategy that invests in the stocks of U.S. small- and mid-cap companies, trading at a discount to intrinsic value.

D.E. Shaw Investment Management, L.L.C.

Manager: D.E. Shaw

Style: Large Cap Core

Benchmark: Russell 1000 Index

Summary: A quantitative strategy that invests predominantly in equity securities that are publicly traded in the U.S. markets.

FPA Contrarian Value Equity Fund, L.P.

Manager: First Pacific Advisors, LLC

Style: Large-Cap Value

Benchmark: MSCI ACWI Index

Summary: An actively managed strategy that invests in global equity securities that trade at a substantial discount to intrinsic value.

GMO Quality Strategy Fund

Manager: GMO

Style: Large Cap Core

Benchmark: S&P 500 Index

Summary: An actively managed portfolio that invests in high quality companies that are profitable, have low debt levels and are expected to continue to provide a stable return on equity.

State Street Global Advisors Russell 1000 Index Fund

Manager: State Street Global Advisors

Style: Large Cap Core

Benchmark: Russell 1000 Index

Summary: A passively managed portfolio that attempts to replicate the returns of the Russell 1000 Index.

Jackson Square SMID-Cap Growth Fund

Manager: Jackson Square Partners

Style: Small Cap Core

Benchmark: Russell 2500 Growth Index

Summary: An actively managed portfolio that invests primarily in common stocks of growth-oriented companies that have long-term capital appreciation potential and are expected to grow faster than the U.S. economy.

City of London EMF Fund

Manager: City of London

Style: Emerging Markets

Benchmark: MSCI Emerging Markets Index

Summary: An actively managed emerging markets strategy that invests in closed end funds, taking advantage of changes in discounts to NAV, country selection, and underlying active management.

Dimensional Fund Advisors Emerging Markets Equity Fund

Manager: Dimensional Fund Advisors

Style: Emerging Markets

Benchmark: MSCI Emerging Markets Index

Summary: An actively managed portfolio that seeks to purchase a broad and diverse group of securities or depositary receipts, with an increased exposure to securities of small cap issuers and securities that it considers to be value securities, traded on the principal exchanges of Brazil, Chile, China, the Czech Republic, Hungary, India, Indonesia, Israel, Malaysia, Mexico, the Philippines, Poland, South Africa, South Korea, Taiwan, Thailand and Turkey.

MFS International Value Equity Fund

Manager: MFS Investment Management

Style: Developed Core

Benchmark: MSCI EAFE (ND) index

Summary: To provide long-term capital appreciation and current income by investing principally in attractively valued equities of companies whose operations lie outside of the U.S.

Sheridan Square Offshore Fund, LTD

Manager:  Sheridan Square

Style:  International Equity

Benchmark:  MSCI EAFE Index

Summary:  An actively managed strategy that invests in the stocks of non-U.S., large-cap high quality businesses trading at attractive prices.

State Street Global Advisors MSCI EAFE Index Fund

Manager: State Street Global Advisors

Style: Developed Core

Benchmark: MSCI EAFE Index

Summary: A passively managed portfolio that attempts to replicate the returns of the MSCI EAFE Index.

State Street Global Advisors MSCI Emerging Markets Index Fund

Manager: State Street Global Advisors

Style: Emerging Markets

Benchmark: MSCI Emerging Markets Index

Summary: A passively managed portfolio that attempts to replicate the returns of the MSCI Emerging Markets Index.

BlackRock

Manager: BlackRock

Style: Core Plus

Benchmark: Barclays Capital U.S. Universal Index

Summary: An actively managed portfolio that applies the same controlled-duration, relative value sector rotation and security selection style to the management of all its fundamental fixed income mandates, including Core Bond. The distinguishing feature of BlackRock’s investment management style has been the ability to generate alpha within a risk-controlled framework. Real-time analysis of a vast array of risk measures allows BlackRock to assess the potential impact of various sector and security strategies on total return.

BlackRock 1-3 Year Government Bond Index Fund

Manager: BlackRock

Style: Short-term Fixed Income

Benchmark: Barclays Government 1-3 Years Bond Index

Summary: Invests at least 80% of its assets in investment grade bonds and maintains an average portfolio duration that is between 0-3 years. The Fund may invest up to 20% of its assets in non-investment grade bonds. The Fund may also invest up to 25% of its assets in foreign issuers, of which 10% may be invested in emerging markets issuers. Up to 10% of the Fund’s assets may be exposed to non-U.S. currency risk.

GSO/ Blackstone Global Dynamic Credit Fund

Manager: GSO

Style: Secured Loans

Benchmark: S&P/LSTA Lev. Loan

Summary: The Fund seeks to generate attractive risk adjusted returns by tactically investing in the loans, notes and bonds of high yield issuers domiciled in primarily the United States and Europe. The Fund will combine top-down and bottom-up analysis to identify the best relative values between countries, sectors and issuers.

GSO/ Blackstone U.S. Loan Fund

Manager: GSO

Style: Secured Loans

Benchmark: S&P/LSTA Lev. Loan

Summary: The Fund seeks to generate attractive risk adjusted returns by tactically investing in the loans, notes and bonds of high yield issuers domiciled primarily in the United States. The Fund will combine top-down and bottom-up analysis to identify the best relative values between countries, sectors and issuers.

State Street Global Advisors U.S. TIPS Index Fund (Supplemental Only)

Manager: State Street Global Advisors

Style: Alternatives (Inflation-linked)

Benchmark: Barclays Capital U.S. Tips Index

Summary: A passively managed portfolio that is managed using a “passive” or “indexing investment” approach, by which SSgA attempts to replicate, before expenses, the performance of the Barclays Capital U.S. TIPS Index. The Strategy will not necessarily own all of the securities included in the Index.

WAMCO

Manager: Western Asset Management Company

Style: Core Plus

Benchmark: Barclays Capital U.S. Universal Index

Summary: An actively managed portfolio that employs an active process that is both top-down and bottom-up. WAMCO believes that unique value opportunities can be identified through in-depth and disciplined issue, issuer and sub-sector selection. Duration management, yield curve positioning and sector exposure driven by long-term perceptions of economic behavior and relative valuations are integral to WAMCO’s investment process. The firm specializes in credit analysis and implementation.