Nepc 2015 1q Report

Bert Bell/Pete Rozelle NFL Player Retirement Plan1Q 2015 Plan Review

May 2015

Craig Svendsen, CFA, PartnerRichard Charlton, ChairmanEric Harnish, Principal

Market Update

2

Continued US economic stability but tepid equity results Market was modestly positive and able to absorb rate volatility Stronger dollar perhaps hurting corporate earnings

Global stimulation flowing through to markets Europe and Japan responding to Quantitative Easing Local equities (up), rates (lower), and currencies (weaker) all responding as expected

US rates experience volatility Dragged down by global rate gravity in January Reflecting economic divergence due to stronger US conditions in February Moderating once again in March

A fairly mild quarter for Emerging markets Equities stronger than US Currencies experiencing further (mild) weakness

Oil prices appeared to bottom but remained volatile Bottoming is not synonymous with stability Volatility likely to continue Many projects have been halted Limited distress so far but credit conditions likely to weaken at sustained lower prices

First Quarter 2015 Market Summary

March 31, 2015

Bert Bell / Pete Rozelle NFL Player Retirement Plan

3

2008 2009 2010 2011 2012 2013 2014 JAN FEB MAR YTDBarclaysUSStrips20+Yr 59.5% 36.0% 10.9% 58.5% 3.0% 21.0% 46.4% 13.8% 8.5% 1.4% 5.5%

Russell2500 36.8% 34.4% 26.7% 2.5% 17.9% 36.8% 7.1% 2.0% 6.0% 1.3% 5.2%

MSCIEAFE 43.4% 31.8% 7.8% 12.1% 17.3% 22.8% 4.9% 0.5% 6.0% 1.5% 4.9%

FTSENAREITREITs 37.7% 28.0% 28.0% 8.3% 18.1% 2.5% 30.1% 6.7% 3.5% 1.7% 4.8%

Russell2000 33.8% 27.2% 26.9% 4.2% 16.3% 38.8% 4.9% 3.2% 5.9% 1.7% 4.3%

BarclaysUSGovt/Cred Long 8.4% 1.9% 10.2% 22.5% 8.8% 8.8% 19.3% 6.4% 3.4% 0.5% 3.4%

BarclaysUSLongCredit 3.9% 16.8% 10.7% 17.1% 12.7% 6.6% 16.4% 5.2% 2.2% 0.2% 3.1%

BarclaysUSCorpHighYield 26.2% 58.2% 15.1% 5.0% 15.8% 7.4% 2.5% 0.7% 2.4% 0.5% 2.5%

MSCIACWI 42.2% 34.6% 12.7% 7.3% 16.1% 22.8% 4.2% 1.6% 5.6% 1.5% 2.3%

MSCIEM 53.3% 78.5% 18.9% 18.4% 18.2% 2.6% 2.2% 0.6% 3.1% 1.4% 2.2%

CreditSuisseLevLoan 28.8% 44.9% 10.0% 1.8% 9.4% 6.2% 2.1% 0.3% 1.4% 0.4% 2.1%

JPMEMBIGlobalDiv 12.0% 29.8% 12.2% 7.3% 17.4% 5.3% 7.4% 0.9% 0.9% 0.2% 2.0%

CreditSuisseHedgeFund 19.1% 18.6% 10.9% 2.5% 7.7% 9.7% 4.1% 0.8% 1.1% 1.1% 1.9%

BarclaysUSAggBond 5.2% 5.9% 6.5% 7.8% 4.2% 2.0% 6.0% 2.1% 0.9% 0.5% 1.6%

Russell1000 37.6% 28.4% 16.1% 1.5% 16.4% 33.1% 13.2% 2.7% 5.8% 1.2% 1.6%

BarclaysUSAggInterm 4.9% 6.5% 6.1% 6.0% 3.6% 1.0% 4.1% 1.4% 0.5% 0.5% 1.3%

BarclaysMunicipal 2.5% 12.9% 2.4% 10.7% 6.8% 2.6% 9.1% 1.8% 1.0% 0.3% 1.0%

S&P500 37.0% 26.5% 15.1% 2.1% 16.0% 32.4% 13.7% 3.0% 5.7% 1.6% 1.0%

BarclaysUSGovt/Cred13Yr 5.0% 3.8% 2.8% 1.6% 1.3% 0.6% 0.8% 0.5% 0.2% 0.2% 0.6%

CitiWGBI 10.9% 2.6% 5.2% 6.4% 1.6% 4.0% 0.5% 0.3% 1.1% 1.1% 2.5%

JPMGBIEMGlobalDiv 5.2% 22.0% 15.7% 1.8% 16.8% 9.0% 5.7% 0.3% 1.3% 3.0% 4.0%

AlerianMLP 36.9% 76.4% 35.9% 13.9% 4.8% 27.6% 4.8% 3.1% 2.1% 4.2% 5.2%

BloombergCommodity 35.6% 18.9% 16.8% 13.3% 1.1% 9.5% 17.0% 3.3% 2.6% 5.1% 5.9%

Index Performance Summary as of 3/31/2015

Source: Morningstar Direct

March 31, 2015


4

Broad Market Performance Summary as of 3/31/2015

Source: Bloomberg, Standard and Poors, Russell, MSCI, Barclays, Citigroup, JP Morgan *1 Yr Range: Represents range of cumulative high/low daily index returns for an investment made one year ago

35%

30%

25%

20%

15%

10%

5%

0%

5%

10%

15%

20%

S&P500 Russell2500

MSCIEAFE MSCIEM BarclaysAgg

BarclaysHighYield

WGBI GBIEMGlobDiv

BloombergCommodity

1YrRange

1YrReturn

3MonthReturn

March 31, 2015


5

International Equity Outperformed Domestic in Q1, Reversing Recent Trend

Source: Bloomberg

March 31, 2015


6

Significant Currency Drag Experienced in Performance of Developed Equity Markets

Source: MSCI, Bloomberg

Source: MSCI, Bloomberg

March 31, 2015


7

Currencies Have Been Volatile (and mostly negative versus the US Dollar)

Source: Bloomberg

March 31, 2015


8

Negative or Near Negative Yields in Much of the Developed World

Maturity(Years)

1 2 3 4 5 6 7 8 9 10

Switzerland 0.89% 0.86% 0.80% 0.60% 0.40% 0.30% 0.24% 0.20% 0.13% 0.07%

Germany 0.24% 0.26% 0.22% 0.17% 0.10% 0.08% 0.03% 0.03% 0.10% 0.18%

Denmark 0.70% 0.48% N/A N/A 0.26% 0.01% N/A 0.13% N/A 0.26%

Finland 0.22% 0.22% 0.13% 0.07% 0.02% 0.00% 0.03% 0.15% 0.18% 0.25%

Austria 0.17% 0.18% 0.16% 0.09% 0.02% 0.01% 0.07% 0.17% N/A 0.32%

Netherlands N/A 0.20% 0.15% 0.11% 0.05% 0.04% 0.12% 0.20% 0.26% 0.34%

France 0.17% 0.17% 0.12% 0.03% 0.05% 0.09% 0.18% 0.28% 0.37% 0.47%

Sweden 0.29% 0.32% N/A 0.16% 0.03% N/A 0.19% 0.31% N/A 0.41%

Belgium 0.18% 0.17% 0.11% 0.03% 0.01% 0.08% 0.19% 0.27% 0.35% 0.44%

UK 0.37% 0.42% 0.79% 1.02% 1.19% 1.27% 1.42% 1.52% 1.60% 1.58%

Norway N/A 0.83% N/A 0.99% N/A 1.21% N/A 1.36% 1.39% 1.46%

Spain 0.01% 0.04% 0.19% 0.33% 0.53% 0.74% 0.85% 0.99% 1.14% 1.21%

Italy 0.01% 0.19% 0.26% 0.37% 0.54% 0.80% 0.93% 1.04% 1.18% 1.24%

Japan 0.03% 0.04% 0.06% 0.08% 0.14% 0.15% 0.17% 0.24% 0.31% 0.40%

Source: Bloomberg

March 31, 2015


9

Treasury Curve Has Been in Flux, Seesawing in the First Quarter

Source: Bloomberg

March 31, 2015


10

Energy Prices Appear to Find a Bottom Project Plans Reflect Smaller Scale

Source: Bloomberg, NEPC

Source: Baker Hughes, Philadelphia Stock Exchange, Bloomberg

March 31, 2015


11

Plan Review

12

March 31, 2015

Bert Bell / Pete Rozelle NFL Player Retirement PlanPlan Composite

13

March 31, 2015


14

March 31, 2015


15

March 31, 2015

Asset Allocation vs. TargetCurrent Current

_

Large Cap Equity $117,720,380 6.5%MCM Large Cap GrowthIndex $34,966,073 1.9%

MCM Large Cap Value Index $33,708,312 1.9%MCM Russell 1000 IndexFund $49,045,995 2.7%

Mid Cap Equity $24,520,359 1.4%Earnest Partners $24,520,359 1.4%

Small Cap Equity $94,689,872 5.2%Neumeier $51,714,972 2.9%Artisan Small Cap Growth $42,974,900 2.4%

International Equity $140,178,436 7.7%Artisan Int'l Equity $82,458,353 4.6%WHV $102,557 0.0%Mellon Intl Stock Fund $57,617,526 3.2%

Emerging Markets Equity $74,838,400 4.1%TBCAM Emerging Markets $74,838,400 4.1%

Core Bonds $101,892,006 5.6%Mellon BC Agg $101,892,006 5.6%

Core Plus $106,745,245 5.9%Western Asset $59,100,451 3.3%Payden & Rygel $47,644,794 2.6%

Multi-sector Fixed Income $72,283,360 4.0%PIMCO Diversified Income $72,283,360 4.0%

Inflation Hedge $138,739,856 7.7%Wellington DIH $53,230,309 2.9%PIMCO All Asset $85,509,547 4.7%

Emerging Market Debt Local $0 0.0%Pictet $0 0.0%

Fixed Income - Global $45,000,000 2.5%BlackRock SIO $45,000,000 2.5%

Opportunistic Fixed Income $82,165,426 4.5%Loomis Sayles $58,810,349 3.3%Siguler Guff Distressed OppsIV $23,355,077 1.3%

Current Current_

Global Asset Allocation $190,926,458 10.6%MCM Global Alpha I $98,612,907 5.5%GMO $92,313,551 5.1%

Private Equity $123,260,497 6.8%Adams Street Co-InvestmentFund II $320,615 0.0%

Hedge Funds $106,641,460 5.9%Grosvenor St. Paul Place /GIP $106,641,460 5.9%

Real Estate $145,479,112 8.0%JP Morgan $64,247,771 3.6%RREEF America REIT II $54,421,618 3.0%Realty Associates X $19,884,613 1.1%Blackstone RE DebtStrategies II $6,925,110 0.4%

Cash $244,290,664 13.5%Entrust Holdback $2,362,560 0.1%Cash Account $241,603,371 13.4%FD OFC Deferred Comp $295,394 0.0%Operational Cash $29,339 0.0%

Total $1,809,371,532 100.0%XXXXX

Bert Bell / Pete Rozelle NFL Player Retirement PlanTotal Fund Asset Allocation vs. Policy Targets

16

March 31, 2015

Bert Bell / Pete Rozelle NFL Player Retirement PlanTotal Fund Asset Allocation History

17

Market Value($)

% ofPortfolio

3 Mo(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Return(%) Since

_

Plan Composite 1,809,371,532 100.0 2.3 5.0 7.4 7.6 4.9 6.1 Dec-01Allocation Index 2.3 5.7 8.1 8.0 5.8 6.2 Dec-01Policy Index 2.2 5.6 7.8 7.9 5.9 6.0 Dec-01Composite Ex. Illiquid Alternatives 1,644,125,095 90.9 2.4 4.5 7.2 7.4 -- 7.7 Jan-10

Large Cap Equity 117,720,380 6.5 1.6 12.7 15.6 14.0 6.5 5.7 Jan-02MCM Large Cap Growth Index 34,966,073 1.9 3.8 16.0 16.3 -- -- 15.2 Feb-11

Russell 1000 Growth 3.8 16.1 16.3 15.6 9.4 15.3 Feb-11MCM Large Cap Value Index 33,708,312 1.9 -0.7 9.3 -- -- -- 18.1 Oct-12

Russell 1000 Value -0.7 9.3 16.4 13.8 7.2 18.1 Oct-12MCM Russell 1000 Index Fund 49,045,995 2.7 1.6 12.7 -- -- -- 20.1 Nov-12

Russell 1000 1.6 12.7 16.4 14.7 8.3 20.2 Nov-12Mid Cap Equity 24,520,359 1.4 3.5 9.7 -- -- -- 16.9 Feb-13

Earnest Partners 24,520,359 1.4 3.5 9.7 -- -- -- 16.9 Feb-13Russell MidCap 4.0 13.7 18.1 16.2 10.0 20.0 Feb-13

Small Cap Equity 94,689,872 5.2 5.7 8.1 14.0 15.5 -- 7.6 Dec-07Small Cap Allocation Index 4.1 7.9 15.7 14.5 -- 8.3 Dec-07Neumeier 51,714,972 2.9 8.6 13.9 17.1 18.7 11.3 12.8 Oct-95

Russell 2000 Value 2.0 4.4 14.8 12.5 7.5 10.2 Oct-95Artisan Small Cap Growth 42,974,900 2.4 2.4 1.9 -- -- -- 10.8 Aug-13

Russell 2000 Growth 6.6 12.1 17.7 16.6 10.0 15.8 Aug-13International Equity 140,178,436 7.7 4.5 2.8 9.2 6.4 -- -0.9 May-08

MSCI EAFE 4.9 -0.9 9.0 6.2 4.9 0.8 May-08Artisan Int'l Equity 82,458,353 4.6 4.3 5.4 12.2 10.5 -- 7.4 Dec-05

MSCI EAFE 4.9 -0.9 9.0 6.2 4.9 4.4 Dec-05MSCI EAFE Growth 5.8 1.1 9.0 7.0 5.6 5.1 Dec-05

WHV 102,557 0.0 MSCI EAFE

Mellon Intl Stock Fund 57,617,526 3.2 4.9 -0.7 -- -- -- 9.7 Jan-13MSCI EAFE 4.9 -0.9 9.0 6.2 4.9 9.4 Jan-13

Emerging Markets Equity 74,838,400 4.1 -0.6 -2.5 -2.0 -- -- -3.4 Oct-10TBCAM Emerging Markets 74,838,400 4.1 -0.6 -2.5 -2.0 -- -- -3.4 Oct-10

MSCI Emerging Markets 2.2 0.4 0.3 1.7 8.5 0.2 Oct-10Fixed Income 408,086,037 22.6 1.6 3.6 4.2 5.6 5.4 6.6 Oct-86

Fixed Income Allocation Index 1.3 3.6 3.7 5.0 -- -- Oct-86

March 31, 2015

Bert Bell / Pete Rozelle NFL Player Retirement PlanTotal Fund Performance Detail - Net

18

Market Value($)

% ofPortfolio

3 Mo(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Return(%) Since

_

Strategic Fixed Income 325,920,611 18.0 1.3 2.9 3.2 -- -- 3.9 Dec-10Strategic Fixed Income Allocation Index 1.1 3.3 3.2 -- -- 3.9 Dec-10Mellon BC Agg 101,892,006 5.6 1.6 5.8 -- -- -- 2.2 Nov-12

Barclays Aggregate 1.6 5.7 3.1 4.4 4.9 2.2 Nov-12Western Asset 59,100,451 3.3 2.0 5.9 4.5 6.2 5.8 5.5 Oct-04

Barclays Aggregate 1.6 5.7 3.1 4.4 4.9 4.7 Oct-04Payden & Rygel 47,644,794 2.6 1.8 5.1 4.8 5.5 5.1 5.5 Apr-97

Barclays Aggregate 1.6 5.7 3.1 4.4 4.9 5.8 Apr-97PIMCO Diversified Income 72,283,360 4.0 3.4 3.9 5.1 6.6 -- 6.7 May-07

PIMCO Diversified Index 2.3 4.9 5.9 7.1 7.0 6.7 May-07Pictet 0 0.0 -- -- Jun-11

JP Morgan GBI - EM Diversified -4.0 -11.1 -3.9 0.7 6.3 -3.0 Jun-11BlackRock SIO 45,000,000 2.5

Credit Opportunities 82,165,426 4.5Loomis Sayles 58,810,349 3.3 2.3 4.5 6.3 7.2 -- 8.6 Aug-09

50% BC Corp/25% BC US HY 2% Issuer Cap/25% S&P LSTA LLI 2.3 4.6 5.8 6.7 6.3 8.1 Aug-09Siguler Guff Distressed Opps IV 23,355,077 1.3 3.1 12.1 11.7 -- -- 5.6 Apr-11

Global Asset Allocation 190,926,458 10.6 5.0 9.5 9.4 9.0 -- 5.6 Oct-06GAA Allocation Index 2.2 6.3 9.1 8.1 -- 5.4 Oct-06MCM Global Alpha I 98,612,907 5.5 9.1 19.2 12.2 11.0 -- 4.6 Jan-07

60% MSCI World HH/40% CITI WGBI HH 2.2 6.7 9.1 7.9 6.0 4.8 Jan-07GMO 92,313,551 5.1 0.9 0.7 6.8 6.7 -- 5.6 Oct-06

60% MSCI World (Net) / 20% BC Agg / 20% HFRI FOF 2.3 5.9 9.1 7.8 5.7 4.8 Oct-06Hedge Fund 109,004,020 6.0 2.4 1.6 6.5 4.9 -- 3.0 Nov-07

HFRI Fund of Funds Composite Index 2.5 5.4 5.4 3.5 3.2 0.6 Nov-07Entrust Holdback 2,362,560 0.1 0.0 0.0 -- -- -- 0.0 Jan-14Grosvenor St. Paul Place / GIP 106,641,460 5.9 2.4 1.7 7.2 5.2 -- 2.4 Nov-07

HFRI Fund of Funds Composite Index 2.5 5.4 5.4 3.5 3.2 0.6 Nov-07Real Estate 145,479,112 8.0 3.1 11.5 12.4 14.0 6.2 6.2 Apr-05

NCREIF ODCE 0.0 9.7 11.4 13.8 6.6 6.6 Apr-05NCREIF Property Index 0.0 8.8 10.2 12.0 8.0 8.0 Apr-05JP Morgan 64,247,771 3.6 3.7 11.7 12.5 13.7 7.0 7.0 Apr-05RREEF America REIT II 54,421,618 3.0 4.0 13.0 12.7 14.7 6.1 6.1 Apr-05Realty Associates X 19,884,613 1.1Blackstone RE Debt Strategies II 6,925,110 0.4

Inflation Hedge 138,739,856 7.7 -1.2 -9.2 -1.8 1.3 -- 1.3 Mar-10Inflation Hedge Allocation Index -0.2 -5.3 -0.7 1.5 -- 1.5 Mar-10Wellington DIH 53,230,309 2.9 -2.8 -17.0 -6.8 -- -- -7.3 Apr-11

Wellington DIH Multi-Asset Inflation Index -3.2 -15.8 -5.7 -1.6 2.6 -6.5 Apr-11

March 31, 2015


19

Market Value($)

% ofPortfolio

3 Mo(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Return(%) Since

_

PIMCO All Asset 85,509,547 4.7 0.1 -1.4 3.4 5.9 -- 5.9 Apr-10PIMCO All Asset Index 1.6 4.5 4.0 5.7 5.7 5.7 Apr-10

Cash 241,928,104 13.4 0.0 0.0 1.0 0.6 1.9 1.8 Mar-0291 Day T-Bills 0.0 0.0 0.0 0.1 1.4 1.4 Mar-02Cash Account 241,603,371 13.4 FD OFC Deferred Comp 295,394 0.0 Operational Cash 29,339 0.0

Mellon S&P 500 - PE Proxy 1,253,750 0.1 0.9 12.7 16.0 14.5 -- 18.2 May-09Private Equity 122,006,747 6.7 1.0 9.8 10.1 11.2 -- 14.2 Jun-09

CA Global PE VY 2009+ Modified 3.5 17.2 15.5 6.2 -- -- Jun-09S&P 500 Modified 0.0 11.7 15.7 14.2 -- 20.1 Jun-09Siguler Guff Distressed Opps III 7,858,472 0.4 Landmark Equity Ptrs XIV 6,111,051 0.3 Adams Street Ptrs 2010 6,558,730 0.4 Western Tech L&L VI 4,534,588 0.3 Pantheon Secondary IV 6,797,451 0.4 Energy Spectrum VI 4,398,064 0.2 Audax Mezz III 4,235,436 0.2 EIG Energy Fund XV 7,570,109 0.4 Industry Ventures VI 11,327,854 0.6 Vista Equity Ptrs IV 22,278,948 1.2 Private Advisors SCB V 3,616,171 0.2 Asia Alternatives 12,912,393 0.7 Western Tech L&L VII 5,322,911 0.3 Vista Foundation II 3,842,559 0.2 KPS Capital IV 616,178 0.0 EIG Energy Fund XVI 1,829,685 0.1 Landmark Equity Partners XV 2,216,580 0.1 Industry Ventures VII 4,799,061 0.3 Vista Equity Partners Fund V 3,894,688 0.2 Asia Alternatives Capital Partners IV 965,203 0.1 Adams Street Co-Investment Fund II 320,615 0.0

XXXXX

Performance reported above is net of manager fees

S&P 500 shows the current quarter reflected as 0% return.

Grosvenor performance for February and March 2014 is a partial (70/30) return of the Grosvenor Institutional Fund and the recently funded St. Paul Place Fund. As of April 1st, the performance will be strictly based on the St. Paul Place Fund.

Cash Account includes the $37,510,126.61 liquidation amount of Pictet. This amount didn't settle into the cash account until 4/10.

March 31, 2015


20

Manager Performance Profiles

March 31, 2015


21

March 31, 2015

3 Months Ending March 31, 2015

Info Ratio Rank TrackingError Rank_

Artisan Small Cap Growth -1.00 90 4.24% 68eA US Small Cap Growth EquityNet Median -0.15 -- 3.17% --

XXXXX

Since Inception


Artisan Small Cap Growth -0.60 68 8.38% 94eA US Small Cap Growth EquityNet Median -0.27 -- 5.39% --

XXXXX

Bert Bell / Pete Rozelle NFL Player Retirement PlanArtisan Small Cap Growth

22

March 31, 2015

Account Fee ScheduleMarket Value

As of3/31/2015

EstimatedAnnual Fee ($)

EstimatedAnnual Fee

(%)_

Artisan Small Cap Growth 1.10% of Assets $42,974,900 $472,724 1.10%

Investment Management Fee $42,974,900 $472,724 1.10%XXXXX


Anlzd Ret Rank Anlzd Std Dev Rank Sharpe Ratio Rank Beta R-Squared Alpha Up Mkt CapRatioDown Mkt Cap

Ratio_

Artisan Small Cap Growth 2.41% 91 13.23% 29 0.18 90 0.79 0.97 -0.92% 63.32% 139.53%Russell 2000 Growth 6.63% 41 16.47% 79 0.40 57 1.00 1.00 0.00% 100.00% 100.00%

XXXXX

Since Inception


Ratio_

Artisan Small Cap Growth 10.80% 78 18.11% 97 0.60 87 1.09 0.79 -0.45% 94.67% 117.62%Russell 2000 Growth 15.82% 38 14.75% 59 1.07 39 1.00 1.00 0.00% 100.00% 100.00%

XXXXX

Account InformationAccount Name Artisan Small Cap GrowthAccount Structure Mutual FundInvestment Style PassiveInception Date 8/01/13Account Type Benchmark Russell 2000 GrowthUniverse eA US Small Cap Growth Equity Net

Bert Bell / Pete Rozelle NFL Player Retirement PlanArtisan Small Cap Growth

23

March 31, 2015



Neumeier 1.01 13 6.52% 77eA US Small Cap Value EquityNet Median 0.25 -- 3.96% --

XXXXX

3 Years Ending March 31, 2015



XXXXX

1 Year Ending March 31, 2015



XXXXX

Since Inception



XXXXX

Bert Bell / Pete Rozelle NFL Player Retirement PlanNeumeier

24

March 31, 2015



Ratio_

Neumeier 8.57% 1 19.79% 95 0.43 6 1.22 0.92 2.00% 177.02% 59.83%Russell 2000 Value 1.98% 71 15.52% 67 0.13 70 1.00 1.00 0.00% 100.00% 100.00%

XXXXX



Ratio_


XXXXX

Since Inception


Ratio_


XXXXX


As of3/31/2015


EstimatedAnnual Fee

(%)_

Neumeier 1.00% of Assets $51,714,972 $517,150 1.00%


Bert Bell / Pete Rozelle NFL Player Retirement PlanNeumeier

Account InformationAccount Name NeumeierAccount Structure Separate AccountInvestment Style ActiveInception Date 10/01/95Account Type US Stock Small Cap ValueBenchmark Russell 2000 ValueUniverse eA US Small Cap Value Equity Net

25

March 31, 2015



Earnest Partners -0.09 65 5.32% 73eA US Mid Cap Equity NetMedian 0.09 -- 3.77% --

XXXXX

2 Years 2 Months Ending March 31, 2015


Earnest Partners -1.12 86 2.77% 8eA US Mid Cap Equity NetMedian -0.37 -- 3.85% --

XXXXX

Bert Bell / Pete Rozelle NFL Player Retirement PlanEarnest Partners

26

March 31, 2015


As of3/31/2015


EstimatedAnnual Fee

(%)_

Earnest Partners 1.00% of First $10.0 Mil,0.75% of Next $15.0 Mil,0.60% of Next $25.0 Mil,0.50% Thereafter

$24,520,359 $208,903 0.85%




Ratio_

Earnest Partners 3.47% 66 18.17% 97 0.19 80 1.41 1.00 -0.66% 119.66% 194.28%Russell MidCap 3.95% 56 12.88% 57 0.31 58 1.00 1.00 0.00% 100.00% 100.00%

XXXXX

Bert Bell / Pete Rozelle NFL Player Retirement PlanEarnest Partners

Account InformationAccount Name Earnest PartnersAccount Structure Separate AccountInvestment Style PassiveInception Date 2/01/13Account Type Benchmark Russell MidCapUniverse eA US Mid Cap Equity Net

Since Inception


Ratio_

Earnest Partners 16.89% 69 11.22% 78 1.50 77 1.13 0.95 -0.41% 97.49% 128.62%Russell MidCap 20.00% 33 9.71% 17 2.06 17 1.00 1.00 0.00% 100.00% 100.00%

XXXXX

27

March 31, 2015

Bert Bell / Pete Rozelle NFL Player Retirement PlanArtisan Int'l Equity



Artisan Int'l Equity 0.70 22 4.51% 67eA All EAFE Equity Net Median 0.13 -- 3.80% --

XXXXX

Since Inception



XXXXX



Artisan Int'l Equity -0.09 62 7.05% 89eA All EAFE Equity Net Median 0.02 -- 3.18% --

XXXXX




XXXXX

28

March 31, 2015



Ratio_

Artisan Int'l Equity 12.19% 20 11.66% 20 1.04 14 0.84 0.88 0.35% 100.69% 82.40%MSCI EAFE 9.02% 57 13.04% 80 0.69 66 1.00 1.00 0.00% 100.00% 100.00%

XXXXX

Account InformationAccount Name Artisan Int'l EquityAccount Structure Mutual FundInvestment Style ActiveInception Date 12/01/05Account Type InternationalBenchmark MSCI EAFEUniverse eA All EAFE Equity Net



Ratio_


XXXXX


As of3/31/2015


EstimatedAnnual Fee

(%)_

Artisan Int'l Equity 0.98% of Assets $82,458,353 $808,092 0.98%


9 Years 4 Months Ending March 31, 2015


Ratio_


XXXXX

Bert Bell / Pete Rozelle NFL Player Retirement PlanArtisan Int'l Equity

29

March 31, 2015

Bert Bell / Pete Rozelle NFL Player Retirement PlanTBCAM Emerging Markets

Since Inception


TBCAM Emerging Markets -0.85 96 4.27% 46eA Emg Mkts Equity Net Median 0.36 -- 4.49% --

XXXXX



TBCAM Emerging Markets -0.66 77 4.42% 59eA Emg Mkts Equity Net Median 0.31 -- 4.09% --

XXXXX



TBCAM Emerging Markets -0.81 83 3.47% 51eA Emg Mkts Equity Net Median -0.17 -- 3.45% --

XXXXX

30

March 31, 2015

Bert Bell / Pete Rozelle NFL Player Retirement PlanTBCAM Emerging Markets

Account InformationAccount Name TBCAM Emerging MarketsAccount Structure Commingled FundInvestment Style ActiveInception Date 10/01/10Account Type International Emerging StocksBenchmark MSCI Emerging MarketsUniverse eA Emg Mkts Equity Net



Ratio_

TBCAM Emerging Markets -0.58% 88 11.04% 99 -0.05 87 1.39 0.98 -1.21% 64.40% 203.92%MSCI Emerging Markets 2.24% 39 7.84% 89 0.29 53 1.00 1.00 0.00% 100.00% 100.00%

XXXXX



Ratio_


XXXXX

Since Inception


Ratio_


XXXXX


As of3/31/2015


EstimatedAnnual Fee

(%)_

TBCAM Emerging Markets 1.05% of First $25.0 Mil,0.85% Thereafter

$74,838,400 $686,126 0.92%


31

March 31, 2015

Bert Bell / Pete Rozelle NFL Player Retirement PlanWestern Asset



Western Asset 0.21 25 0.85% 45eA US Core Plus Fixed Inc NetMedian -0.55 -- 0.92% --

XXXXX



Western Asset 1.48 29 0.91% 28eA US Core Plus Fixed Inc NetMedian 1.02 -- 1.24% --

XXXXX




XXXXX

Since Inception



XXXXX

32

March 31, 2015

Account InformationAccount Name Western AssetAccount Structure Separate AccountInvestment Style ActiveInception Date 10/01/04Account Type US Fixed IncomeBenchmark Barclays AggregateUniverse eA US Core Plus Fixed Inc Net

Since Inception


Ratio_

Western Asset 5.54% 50 4.55% 71 0.91 63 1.01 0.52 0.06% 120.06% 106.45%Barclays Aggregate 4.73% 83 3.24% 12 1.03 50 1.00 1.00 0.00% 100.00% 100.00%

XXXXX

Bert Bell / Pete Rozelle NFL Player Retirement PlanWestern Asset



Ratio_


XXXXX



Ratio_


XXXXX


As of3/31/2015


EstimatedAnnual Fee

(%)_

Western Asset 0.30% of Assets $59,100,451 $177,301 0.30%


33

March 31, 2015

Bert Bell / Pete Rozelle NFL Player Retirement PlanPayden & Rygel



Payden & Rygel -0.39 41 1.59% 80eA US Core Plus Fixed Inc NetMedian -0.55 -- 0.92% --

XXXXX



Payden & Rygel 0.81 59 2.07% 81eA US Core Plus Fixed Inc NetMedian 1.02 -- 1.24% --

XXXXX



Payden & Rygel 0.07 54 2.99% 81eA US Core Plus Fixed Inc NetMedian 0.10 -- 1.46% --

XXXXX

Since Inception


Payden & Rygel -0.13 83 2.32% 50eA US Core Plus Fixed Inc NetMedian 0.20 -- 2.34% --

XXXXX

34

March 31, 2015

Bert Bell / Pete Rozelle NFL Player Retirement PlanPayden & Rygel


As of3/31/2015


EstimatedAnnual Fee

(%)_

Payden & Rygel 0.60% of Assets $47,644,794 $285,869 0.60%




Ratio_

Payden & Rygel 4.78% 34 3.66% 91 1.30 69 1.04 0.68 0.13% 125.64% 88.19%Barclays Aggregate 3.10% 92 2.90% 44 1.05 96 1.00 1.00 0.00% 100.00% 100.00%

XXXXX

Since Inception


Ratio_

Payden & Rygel 5.53% 86 4.06% 58 0.80 85 0.96 0.68 0.00% 95.42% 102.84%Barclays Aggregate 5.83% 78 3.46% 10 1.03 44 1.00 1.00 0.00% 100.00% 100.00%

XXXXX



Ratio_

Payden & Rygel 1.81% 43 2.81% 27 0.64 25 0.48 0.81 0.34% 66.09% -11.46%Barclays Aggregate 1.61% 68 5.27% 99 0.30 99 1.00 1.00 0.00% 100.00% 100.00%

XXXXX

Account InformationAccount Name Payden & RygelAccount Structure Commingled FundInvestment Style ActiveInception Date 4/01/97Account Type US Fixed IncomeBenchmark Barclays AggregateUniverse eA US Core Plus Fixed Inc Net

35

March 31, 2015



PIMCO Diversified Income -0.59 44 1.43% 1eA Global Credit Fixed Inc NetMedian -0.76 -- 2.32% --

XXXXX



PIMCO Diversified Income 1.60 1 0.63% 11eA Global Credit Fixed Inc NetMedian -0.92 -- 2.49% --

XXXXX

Since Inception


PIMCO Diversified Income 0.03 14 2.14% 1eA Global Credit Fixed Inc NetMedian -0.39 -- 9.10% --

XXXXX



PIMCO Diversified Income -0.62 33 1.65% 3eA Global Credit Fixed Inc NetMedian -2.08 -- 2.46% --

XXXXX

Bert Bell / Pete Rozelle NFL Player Retirement PlanPIMCO Diversified Income

36

March 31, 2015


As of3/31/2015


EstimatedAnnual Fee

(%)_

PIMCO Diversified Income 0.76% of Assets $72,283,360 $549,354 0.76%


Account InformationAccount Name PIMCO Diversified IncomeAccount Structure Mutual FundInvestment Style ActiveInception Date 5/01/07Account Type Global Fixed IncomeBenchmark PIMCO Diversified IndexUniverse eA Global Credit Fixed Inc Net



Ratio_

PIMCO Diversified Income 5.08% 32 5.06% 78 1.00 31 1.06 0.92 -0.09% 99.07% 115.99%PIMCO Diversified Index 5.92% 12 4.61% 53 1.28 27 1.00 1.00 0.00% 100.00% 100.00%

XXXXX

Since Inception


Ratio_

PIMCO Diversified Income 6.73% 17 7.76% 35 0.79 11 1.01 0.92 0.00% 111.54% 109.97%PIMCO Diversified Index 6.68% 34 7.38% 25 0.83 10 1.00 1.00 0.00% 100.00% 100.00%

XXXXX



Ratio_

PIMCO Diversified Income 3.35% 1 1.88% 36 1.78 4 1.10 0.90 0.25% 142.93% --PIMCO Diversified Index 2.35% 13 1.62% 15 1.45 5 1.00 1.00 0.00% 100.00% --

XXXXX

Bert Bell / Pete Rozelle NFL Player Retirement PlanPIMCO Diversified Income

37

March 31, 2015

Bert Bell / Pete Rozelle NFL Player Retirement PlanLoomis Sayles



Loomis Sayles 0.00 19 1.51% 4eA All US Fixed Inc Net Median -0.30 -- 2.99% --

XXXXX



Loomis Sayles -0.10 43 0.67% 1eA All US Fixed Inc Net Median -0.45 -- 2.31% --

XXXXX

Since Inception



XXXXX




XXXXX

38

March 31, 2015

Bert Bell / Pete Rozelle NFL Player Retirement PlanLoomis Sayles



Ratio_

Loomis Sayles 4.50% 42 2.86% 64 1.57 68 0.93 0.95 0.02% 100.58% 104.11%50% BC Corp/25% BC US HY 2% IssuerCap/25% S&P LSTA LLI 4.56% 41 3.00% 68 1.52 71 1.00 1.00 0.00% 100.00% 100.00%

XXXXX

Account InformationAccount Name Loomis SaylesAccount Structure Commingled FundInvestment Style ActiveInception Date 8/01/09Account Type US Fixed Income

Benchmark 50% BC Corp/25% BC US HY 2% Issuer Cap/25% S&P LSTALLIUniverse eA All US Fixed Inc Net

Since Inception


Ratio_

Loomis Sayles 8.60% 22 4.32% 74 1.98 28 1.04 0.86 0.01% 111.96% 115.59%50% BC Corp/25% BC US HY 2% IssuerCap/25% S&P LSTA LLI 8.08% 25 3.85% 68 2.08 21 1.00 1.00 0.00% 100.00% 100.00%

XXXXX


As of3/31/2015


EstimatedAnnual Fee

(%)_

Loomis Sayles 0.45% of Assets $58,810,349 $264,647 0.45%




Ratio_

Loomis Sayles 2.34% 19 1.73% 27 1.35 7 0.54 0.88 0.36% 99.93% --50% BC Corp/25% BC US HY 2% IssuerCap/25% S&P LSTA LLI 2.34% 19 3.00% 45 0.78 20 1.00 1.00 0.00% 100.00% --

XXXXX

39

March 31, 2015

Since Inception


MCM Global Alpha I -0.03 64 5.45% 64eA Global TAA Net Median 0.14 -- 4.62% --

XXXXX



MCM Global Alpha I 2.62 1 4.78% 80eA Global TAA Net Median -0.72 -- 3.34% --

XXXXX




XXXXX

Bert Bell / Pete Rozelle NFL Player Retirement PlanMCM Global Alpha I




XXXXX

40

March 31, 2015



Ratio_

MCM Global Alpha I 9.09% 1 3.91% 37 2.32 1 0.05 0.01 2.91% 93.99% -622.33%60% MSCI World HH/40% CITI WGBI HH 2.15% 44 7.27% 85 0.30 63 1.00 1.00 0.00% 100.00% 100.00%

XXXXX



Ratio_

MCM Global Alpha I 19.25% 1 5.77% 53 3.33 1 0.71 0.37 1.10% 130.83% -87.61%60% MSCI World HH/40% CITI WGBI HH 6.72% 20 4.94% 37 1.36 30 1.00 1.00 0.00% 100.00% 100.00%

XXXXX

Account InformationAccount Name MCM Global Alpha IAccount Structure Commingled FundInvestment Style ActiveInception Date 1/01/07Account Type Global AllocationsBenchmark 60% MSCI World HH/40% CITI WGBI HHUniverse eA Global TAA Net


As of3/31/2015


EstimatedAnnual Fee

(%)_

MCM Global Alpha I 0.80% of Assets $98,612,907 $788,903 0.80%


Bert Bell / Pete Rozelle NFL Player Retirement PlanMCM Global Alpha I

Since Inception


Ratio_

MCM Global Alpha I 4.62% 64 13.63% 99 0.28 82 1.29 0.88 -0.10% 132.76% 114.02%60% MSCI World HH/40% CITI WGBI HH 4.81% 61 9.95% 41 0.41 68 1.00 1.00 0.00% 100.00% 100.00%

XXXXX

41

March 31, 2015



GMO -0.18 67 7.78% 63eA Global TAA Net Median -0.05 -- 6.02% --

XXXXX

Since Inception


GMO 0.13 57 6.05% 68eA Global TAA Net Median 0.16 -- 4.61% --

XXXXX




XXXXX

Bert Bell / Pete Rozelle NFL Player Retirement PlanGMO




XXXXX

42

March 31, 2015


As of3/31/2015


EstimatedAnnual Fee

(%)_

GMO 1.00% of Assets $92,313,551 $923,136 1.00%


Since Inception


Ratio_

GMO 5.63% 59 7.20% 19 0.66 12 0.56 0.77 0.23% 54.74% 66.32%60% MSCI World (Net) / 20% BC Agg / 20%HFRI FOF 4.82% 68 11.24% 50 0.35 81 1.00 1.00 0.00% 100.00% 100.00%

XXXXX



Ratio_

GMO 0.88% 79 11.54% 99 0.08 87 0.98 0.55 -0.42% 84.93% 159.51%60% MSCI World (Net) / 20% BC Agg / 20%HFRI FOF 2.27% 42 8.72% 95 0.26 68 1.00 1.00 0.00% 100.00% 100.00%

XXXXX



Ratio_

GMO 0.69% 80 6.34% 72 0.11 80 0.94 0.66 -0.39% 71.45% 138.69%60% MSCI World (Net) / 20% BC Agg / 20%HFRI FOF 5.91% 27 5.44% 45 1.08 36 1.00 1.00 0.00% 100.00% 100.00%

XXXXX

Bert Bell / Pete Rozelle NFL Player Retirement PlanGMO

Account InformationAccount Name GMOAccount Structure Commingled FundInvestment Style ActiveInception Date 10/01/06Account Type Global AllocationsBenchmark 60% MSCI World (Net) / 20% BC Agg / 20% HFRI FOFUniverse eA Global TAA Net

43

March 31, 2015



PIMCO All Asset -1.55 97 3.80% 40eA Global TAA Net Median -0.17 -- 4.14% --

XXXXX

Bert Bell / Pete Rozelle NFL Player Retirement PlanPIMCO All Asset

Since Inception


PIMCO All Asset 0.05 51 4.67% 36eA Global TAA Net Median 0.06 -- 5.67% --

XXXXX



PIMCO All Asset -0.29 88 5.06% 42eA Global TAA Net Median 0.09 -- 5.91% --

XXXXX

44

March 31, 2015

Bert Bell / Pete Rozelle NFL Player Retirement PlanPIMCO All Asset


As of3/31/2015


EstimatedAnnual Fee

(%)_

PIMCO All Asset 0.90% of Assets $85,509,547 $769,586 0.90%


Account InformationAccount Name PIMCO All AssetAccount Structure Mutual FundInvestment Style ActiveInception Date 4/01/10Account Type Real AssetsBenchmark PIMCO All Asset IndexUniverse eA Global TAA Net

Since Inception


Ratio_

PIMCO All Asset 5.90% 50 7.36% 52 0.79 72 1.86 0.76 -0.36% 178.86% 241.53%PIMCO All Asset Index 5.66% 61 3.44% 1 1.62 1 1.00 1.00 0.00% 100.00% 100.00%

XXXXX



Ratio_

PIMCO All Asset -1.36% 86 6.25% 71 -0.22 92 1.69 0.76 -0.73% 106.32% 313.95%PIMCO All Asset Index 4.55% 45 3.21% 16 1.41 28 1.00 1.00 0.00% 100.00% 100.00%

XXXXX



Ratio_

PIMCO All Asset 0.11% 88 5.80% 61 0.02 88 1.04 0.24 -0.50% 119.10% 2,089.96%PIMCO All Asset Index 1.58% 73 2.72% 25 0.58 38 1.00 1.00 0.00% 100.00% 100.00%

XXXXX

45

March 31, 2015

Bert Bell / Pete Rozelle NFL Player Retirement PlanGrosvenor St. Paul Place / GIP



Grosvenor St. Paul Place / GIP -0.13 -- 0.89% --XXXXX



Grosvenor St. Paul Place / GIP 1.21 -- 1.51% --XXXXX



Grosvenor St. Paul Place / GIP -4.64 -- 0.79% --XXXXX

Since Inception


Grosvenor St. Paul Place / GIP 1.04 -- 1.72% --XXXXX

46

March 31, 2015

Bert Bell / Pete Rozelle NFL Player Retirement PlanGrosvenor St. Paul Place / GIP



Ratio_

Grosvenor St. Paul Place / GIP 2.41% -- 3.31% -- 0.73 -- 1.15 0.94 -0.16% 95.33% --HFRI Fund of Funds Composite Index 2.53% -- 2.79% -- 0.90 -- 1.00 1.00 0.00% 100.00% --

XXXXX


As of3/31/2015


EstimatedAnnual Fee

(%)_

Grosvenor St. Paul Place / GIP 1.15% of First $25.0 Mil,1.00% of Next $25.0 Mil,0.80% of Next $50.0 Mil,0.60% Thereafter

$106,641,460 $977,349 0.92%


Account InformationAccount Name Grosvenor St. Paul Place / GIPAccount Structure Commingled FundInvestment Style ActiveInception Date 11/01/07Account Type Hedge FundBenchmark HFRI Fund of Funds Composite IndexUniverse eV Alt Fund of Funds - Multi-Strategy

Since Inception


Ratio_

Grosvenor St. Paul Place / GIP 2.38% -- 5.48% -- 0.38 -- 0.93 0.91 0.15% 106.34% 83.73%HFRI Fund of Funds Composite Index 0.60% -- 5.63% -- 0.05 -- 1.00 1.00 0.00% 100.00% 100.00%

XXXXX



Ratio_

Grosvenor St. Paul Place / GIP 1.74% -- 3.18% -- 0.54 -- 1.15 0.96 -0.36% 74.51% 196.56%HFRI Fund of Funds Composite Index 5.38% -- 2.70% -- 1.99 -- 1.00 1.00 0.00% 100.00% 100.00%

XXXXX

47

March 31, 2015

Since Inception Info Ratio Tracking Error

_

Wellington DIH -0.28 2.81%XXXXX

1 Year Ending March 31, 2015 Info Ratio Tracking Error

_

Wellington DIH -0.61 1.95%XXXXX

3 Months Ending March 31, 2015 Info Ratio Tracking Error

_

Wellington DIH 0.23 1.60%XXXXX

Bert Bell / Pete Rozelle NFL Player Retirement PlanWellington DIH

48

March 31, 2015

Since Inception

Anlzd Ret Anlzd Std Dev Sharpe Ratio Beta R-Squared Alpha Up Mkt Cap Ratio Down Mkt CapRatio_

Wellington DIH -7.30% 13.86% -0.53 1.07 0.96 -0.02% 107.08% 104.83%Wellington DIH Multi-Asset Inflation Index -6.51% 12.72% -0.52 1.00 1.00 0.00% 100.00% 100.00%

XXXXX

Account InformationAccount Name Wellington DIHAccount Structure Commingled FundInvestment Style ActiveInception Date 4/01/11Account Type Real AssetsBenchmark Wellington DIH Multi-Asset Inflation IndexUniverse



Wellington DIH -16.95% 11.63% -1.46 1.05 0.97 -0.04% 107.81% 106.92%Wellington DIH Multi-Asset Inflation Index -15.77% 10.93% -1.44 1.00 1.00 0.00% 100.00% 100.00%

XXXXX



Wellington DIH -2.79% 12.70% -0.22 0.90 1.00 0.01% 88.49% 88.81%Wellington DIH Multi-Asset Inflation Index -3.16% 14.17% -0.22 1.00 1.00 0.00% 100.00% 100.00%

XXXXX


As of3/31/2015


EstimatedAnnual Fee

(%)_

Wellington DIH 0.90% of Assets $53,230,309 $479,073 0.90%


Bert Bell / Pete Rozelle NFL Player Retirement PlanWellington DIH

49

Appendix

50

Global equities were mostly negative on the month outside of US small cap issues

Economic growth concerns weighed on many developed markets while a strong US dollar appeared to challenge large US-based multinationals

Commodity prices remained in flux, driven by a further decline in oil as crude fell to $47.60 per barrel at month end

Persistent low energy prices along with currency weakness weighed on the emerging markets, driving losses in both equity and fixed income indices

The 10 year Treasury yield fell from 2.00% to 1.94% over the course of the month, providing a modest tailwind to broad US fixed income markets

The Federal Reserve struck a cautiously optimistic tone in its mid-March statement, indicating it will wait on further employment and inflation indicators before raising rates

Fourth quarter GDP growth was revised down to 2.2% with concerns of a strong dollar softening economic growth projections

Market Commentary March 2015

March 31, 2015


51

Inflation has stayed low Unemployment steadily improving

Corporate profits at secular highs Manufacturing above average but trending down

US Economic Indicators

Source: Bloomberg, Federal Reserve, Bureau of Labor Statistics Source: Bloomberg, Bureau of Labor Statistics

Source: Bloomberg, Institute for Supply ManagementSource: Bloomberg, Bureau of Economic Analysis

60%

65%

70%

75%

80%

85%

90%

3%2%1%0%1%2%3%4%5%6%

1

9

9

5

1

9

9

6

1

9

9

7

1

9

9

8

1

9

9

9

2

0

0

0

2

0

0

1

2

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0

2

2

0

0

3

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4

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0

1

0

2

0

1

1

2

0

1

2

2

0

1

3

2

0

1

4

CPI(LHS)CapacityUtilization(RHS)

0%2%4%6%8%

10%12%14%16%18%

1

9

9

5

1

9

9

6

1

9

9

7

1

9

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8

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9

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9

2

0

1

0

2

0

1

1

2

0

1

2

2

0

1

3

2

0

1

4

USUnemploymentU6Unemployment

6%

7%

8%

9%

10%

11%

12%

13%

14%

1

9

6

5

1

9

6

7

1

9

6

9

1

9

7

1

1

9

7

3

1

9

7

5

1

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7

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0

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1

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3

2

0

0

5

2

0

0

7

2

0

0

9

2

0

1

1

2

0

1

3

CorporateProfits(%ofGDP)

35

40

45

50

55

60

65

1

9

9

5

1

9

9

6

1

9

9

7

1

9

9

8

1

9

9

9

2

0

0

0

2

0

0

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2

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0

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3

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4

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5

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0

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0

1

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2

0

1

1

2

0

1

2

2

0

1

3

2

0

1

4

USISMPMI

March 31, 2015


52

Deflation remains a concern Europe employment recovery lagging

Manufacturing subdued in Europe but rising off lows Leading indicators neutral to positive

International Economic Indicators

Source: Bloomberg, Japan Ministry of Internal Affairs and Communications, Eurostat Source: Bloomberg, Japan Ministry of Internal Affairs and Communications, Eurostat

Source: Bloomberg, OECDSource: Bloomberg, OECD, Eurostat

3%2%1%0%1%2%3%4%5%

J

a

n

0

4

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p

0

4

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a

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0

5

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2

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p

1

2

M

a

y

1

3

J

a

n

1

4

S

e

p

1

4

JapanCPI

EuroCPI0%

2%

4%

6%

8%

10%

12%

14%

A

p

r

0

0

F

e

b

0

1

D

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c

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1

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1

3

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1

4

EuropeUnemploymentJapanUnemployment

10%8%6%4%2%0%2%4%6%8%

10%

M

a

r

0

5

N

o

v

0

5

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0

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GermanyFranceItalyJapan

97.0

98.0

99.0

100.0

101.0

102.0

103.0

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0

5

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0

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EuroAreaJapanUKCanada

March 31, 2015


53

EM inflation is varied by country Relatively healthy Debt/GDP ratios

Some improvement in account balance challenged countries

Emerging economies make up >50% of global output

Emerging Market Economic Indicators

Source: Bloomberg Source: Bloomberg, IMF

Source: Bloomberg, IMFSource: Bloomberg

1.0%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%

Brazil China Mexico SouthAfrica

SouthKorea

Taiwan Turkey

C

P

I

MostRecent

1YrPrevious

0%

20%

40%

60%

80%

100%

120%

G

r

o

s

s

G

o

v

'

t

D

e

b

t

a

s

%

o

f

G

D

P

20%15%10%5%0%5%10%15%20%

J

u

n

0

5

J

a

n

0

6

A

u

g

0

6

M

a

r

0

7

O

c

t

0

7

M

a

y

0

8

D

e

c

0

8

J

u

l

0

9

F

e

b

1

0

S

e

p

1

0

A

p

r

1

1

N

o

v

1

1

J

u

n

1

2

J

a

n

1

3

A

u

g

1

3

M

a

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1

4

O

c

t

1

4

A

c

c

o

u

n

t

B

a

l

a

n

c

e

(

%

o

f

G

D

P

)

Mexico Brazil SouthAfricaTurkey Malaysia Indonesia

0%10%20%30%40%50%60%70%80%90%

100%

1

9

9

5

1

9

9

6

1

9

9

7

1

9

9

8

1

9

9

9

2

0

0

0

2

0

0

1

2

0

0

2

2

0

0

3

2

0

0

4

2

0

0

5

2

0

0

6

2

0

0

7

2

0

0

8

2

0

0

9

2

0

1

0

2

0

1

1

2

0

1

2

2

0

1

3

2

0

1

4

2

0

1

5

2

0

1

6

2

0

1

7

2

0

1

8

G

D

P

P

P

P

a

s

%

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W

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d

Developed

Emerging

March 31, 2015


54

Equity volatility remains low Treasury rates experiencing higher volatility

Recent uptick in currency volatilities Commodity pricing volatility has increased

Volatility

Source: Bloomberg, CBOE Source: Bloomberg, Merrill Lynch

Source: Bloomberg, Merrill LynchSource: Bloomberg, Deutsche Bank

05

101520253035404550

A

p

r

1

0

J

u

l

1

0

O

c

t

1

0

J

a

n

1

1

A

p

r

1

1

J

u

l

1

1

O

c

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1

1

J

a

n

1

2

A

p

r

1

2

J

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l

1

2

O

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t

1

2

J

a

n

1

3

A

p

r

1

3

J

u

l

1

3

O

c

t

1

3

J

a

n

1

4

A

p

r

1

4

J

u

l

1

4

O

c

t

1

4

J

a

n

1

5

VIXIndex

405060708090

100110120130

A

p

r

1

0

J

u

l

1

0

O

c

t

1

0

J

a

n

1

1

A

p

r

1

1

J

u

l

1

1

O

c

t

1

1

J

a

n

1

2

A

p

r

1

2

J

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l

1

2

O

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t

1

2

J

a

n

1

3

A

p

r

1

3

J

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l

1

3

O

c

t

1

3

J

a

n

1

4

A

p

r

1

4

J

u

l

1

4

O

c

t

1

4

J

a

n

1

5

MOVEIndex

4

6

8

10

12

14

16

18

A

p

r

1

0

J

u

l

1

0

O

c

t

1

0

J

a

n

1

1

A

p

r

1

1

J

u

l

1

1

O

c

t

1

1

J

a

n

1

2

A

p

r

1

2

J

u

l

1

2

O

c

t

1

2

J

a

n

1

3

A

p

r

1

3

J

u

l

1

3

O

c

t

1

3

J

a

n

1

4

A

p

r

1

4

J

u

l

1

4

O

c

t

1

4

J

a

n

1

5

CVIXIndex5

10

15

20

25

30

M

a

r

1

0

J

u

n

1

0

S

e

p

1

0

D

e

c

1

0

M

a

r

1

1

J

u

n

1

1

S

e

p

1

1

D

e

c

1

1

M

a

r

1

2

J

u

n

1

2

S

e

p

1

2

D

e

c

1

2

M

a

r

1

3

J

u

n

1

3

S

e

p

1

3

D

e

c

1

3

M

a

r

1

4

J

u

n

1

4

S

e

p

1

4

D

e

c

1

4

M

a

r

1

5

MLCommodity3MonthVol

March 31, 2015


55

Major central bank policy divergence Feds ideal rate of policy firming above market expectations

Many developed central banks have maintained low interest rates

EM central bank policies have varied by circumstance

Central Banks

Source: Bloomberg, Federal Reserve, Bank of Japan, ECB, NEPC Source: Bloomberg, Federal Reserve, NEPC

Source: BloombergSource: Bloomberg

$0.00$0.50$1.00$1.50$2.00$2.50$3.00$3.50$4.00$4.50$5.00

2007 2008 2009 2010 2011 2012 2013 2014

T

r

i

l

l

i

o

n

s

(

b

a

l

a

n

c

e

s

h

e

e

t

a

s

s

e

t

s

) FED

ECB

BoJ

0.5%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%5.0%

2014 2015 2016 2017 2018 2019 2020

FOMCParticipantsFOMCMedianFedFundsFutures

LongTerm

1.0% 0.0% 1.0% 2.0% 3.0% 4.0%

AustraliaCanada

ECBJapan

NewZealandNorway

SingaporeSwitzerland

UKUS

Targetcentralbankrate

1YrPrevious

Current

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%

BrazilChinaIndia

IndonesiaMalaysiaMexicoPolandRussia

SouthAfricaSouthKorea

Turkey

Targetcentralbankrate

1YrPrevious

Current

March 31, 2015


56

Global valuations are mixed Earnings growth trending lower in the US

Margins elevated, but largely a US story Significant global variance in returns

Global Equity

Source: Bloomberg, Standard and Poors, MSCI *MSCI EAFE is ex UK Telecom Source: Bloomberg, Standard and Poors, MSCI

Source: Bloomberg, MSCISource: Bloomberg, MSCI

0

5

10

15

20

25

30

35

40

MSCIACWI MSCIEAFE MSCIEM S&P500

P

E

R

a

t

i

o

+1StdDev 1StDev3/31/2014 3/31/2015

40%

30%

20%

10%

0%

10%

20%

30%

40%

A

p

r

0

5

D

e

c

0

5

A

u

g

0

6

A

p

r

0

7

D

e

c

0

7

A

u

g

0

8

A

p

r

0

9

D

e

c

0

9

A

u

g

1

0

A

p

r

1

1

D

e

c

1

1

A

u

g

1

2

A

p

r

1

3

D

e

c

1

3

A

u

g

1

4

R

o

l

l

i

n

g

1

2

M

o

C

h

a

n

g

e

i

n

E

B

I

T

S&P500MSCIEAFEMSCIEM

0%

2%

4%

6%

8%

10%

12%

14%

1

9

9

5

1

9

9

6

1

9

9

7

1

9

9

8

1

9

9

9

2

0

0

0

2

0

0

1

2

0

0

2

2

0

0

3

2

0

0

4

2

0

0

5

2

0

0

6

2

0

0

7

2

0

0

8

2

0

0

9

2

0

1

0

2

0

1

1

2

0

1

2

2

0

1

3

2

0

1

4

2

0

1

5

P

r

o

f

i

t

M

a

r

g

i

n

s

MSCIACWIMSCIEAFEMSCIEM

2%

1%

0%

1%

2%

3%

4%

5%

6%

MSCIACWI MSCIACWIIMI MSCIEAFE MSCIEM

3MonthReturn

1YrReturn

March 31, 2015


57

Valuations above historical norms Solid growth recovery

Profit margins remain elevated Trailing performance is positive

US Equity

Source: Bloomberg, Standard and Poors, Russell *Russell 2000 PE is index adjusted positive Source: Bloomberg, Bureau of Economic Analysis

Source: Bloomberg, Standard and Poors, RussellSource: Bloomberg, Standard and Poors, Russell

0

5

10

15

20

25

30

35

40

S&P500 Russell2500 Russell2000 Russell1000Growth

Russell1000Value

P

E

R

a

t

i

o

+1StdDev 1StDev3/31/2014 3/31/2015

10%

8%

6%

4%

2%

0%

2%

4%

6%

20142013201220112010200920082007200620052004

USRealGDPGrowth

8%6%4%2%0%2%4%6%8%

10%12%

1

9

9

1

1

9

9

3

1

9

9

5

1

9

9

7

1

9

9

9

2

0

0

1

2

0

0

3

2

0

0

5

2

0

0

7

2

0

0

9

2

0

1

1

2

0

1

3

2

0

1

5

P

r

o

f

i

t

M

a

r

g

i

n

s

S&P500Russell2000

2%0%2%4%6%8%

10%12%14%16%18%

SP500 Russell2500 Russell2000 Russell1000Growth

Russell1000Value

3MonthReturn

1YrReturn

March 31, 2015


58

PEs near or below historical medians Growth dispersion pronounced

Margins elevated but not at extremes Positive performance muted by dollar strength

International Equity

Source: Bloomberg, MSCI, FTSE *UK represented by FTSE 100 Index Source: Bloomberg


0

5

10

15

20

25

30

35

40

45

Europe Japan UnitedKingdom

P

E

R

a

t

i

o

+1StdDev 1StDev3/31/2014 3/31/2015

15%

10%

5%

0%

5%

10%

15%

20142013201220112010200920082007200620052004

Eurozone

Japan

UK

0%1%2%3%4%5%6%7%8%9%

10%

P

r

o

f

i

t

M

a

r

g

i

n

s

MSCIEAFE

5%

0%

5%

10%

15%

20%

MSCIEAFE EAFE(Local) EAFESmallCap EAFESC(Local)

3MonthReturn1YrReturn

March 31, 2015


59

Regional valuations show divergence Slowing growth in major economies

Profit margins in line with history Dollar strength has detracted

Emerging Markets Equity

Source: Bloomberg, MSCI Source: Bloomberg


0

5

10

15

20

25

China Brazil SouthAfrica India Russia SouthKorea

P

E

R

a

t

i

o

+1StdDev 1StDev3/31/2014 3/31/2015

15%

10%

5%

0%

5%

10%

15%

20142013201220112010200920082007200620052004

Brazil RussiaIndia China

0%

2%

4%

6%

8%

10%

12%

14%

P

r

o

f

i

t

M

a

r

g

i

n

s

MSCIEM15%

10%

5%

0%

5%

10%

15%

20%

25%

MSCIEM EM(Local) EMSmallCap

EMSC(Local)

Frontier


March 31, 2015


60

MSCI ACWI returns led by health care rally S&P 500 sectors nearly all positive

Energy decline especially felt in MSCI EM Global energy sector weight has fallen

Global Equity by Sector

Source: Bloomberg, MSCI Source: Bloomberg, Standard and Poors


20%15%10%5%0%5%

10%15%20%25%

3MoReturn1YrReturn

15%10%5%0%5%

10%15%20%25%30%

3MoReturn1YrReturn

30%

20%

10%

0%

10%

20%

30%

3MoReturn1YrReturn

0%

5%

10%

15%

20%

25%

S

e

c

t

o

r

W

e

i

g

h

t

o

f

A

C

W

I

3/31/2015

3/31/2014

March 31, 2015


61

Developed currencies broadly declined versus the US dollar

EM currencies have suffered in unique fashions

Yen and GBP expect to decline versus USD Recent dollar strength pronounced

Currencies

Source: Bloomberg Source: Bloomberg

Source: Bloomberg, Federal ReserveSource: Bloomberg

60

70

80

90

100

110

120

1

9

9

0

1

9

9

1

1

9

9

2

1

9

9

3

1

9

9

4

1

9

9

5

1

9

9

6

1

9

9

7

1

9

9

8

1

9

9

9

2

0

0

0

2

0

0

1

2

0

0

2

2

0

0

3

2

0

0

4

2

0

0

5

2

0

0

6

2

0

0

7

2

0

0

8

2

0

0

9

2

0

1

0

2

0

1

1

2

0

1

2

2

0

1

3

2

0

1

4

USDTradeWeightedIndex

25%

20%

15%

10%

5%

0%

5%

JapaneseYen

PoundSterling

Euro SwissFranc

CanadianDollar

AustralianDollar

3MonthSpotChange1YrSpotChange

40%35%30%25%20%15%10%5%0%5%

3MonthSpotChange1YrSpotChange

2.0%

1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

Euro Yen BritishPound

SwissFranc

AusDollar Yuan(O/S)

C

h

a

n

g

e

v

e

r

s

u

s

U

S

D

3MCurrencyFwd12MCurrencyFwd

March 31, 2015


62

Spreads in line or above history Yields have mostly declined

Similar yield/duration tradeoff among major US indices Trailing returns have been strong

US Fixed Income

Source: Bloomberg, Barclays Source: Bloomberg, Barclays

Source: Bloomberg, BarclaysSource: Bloomberg, Barclays

0

200

400

600

800

1000

1200

1400

1600

1800

Aaa Aa A Baa Ba B Caa

S

p

r

e

a

d

(

b

p

s

)

+2StdDev+1StdDev1StDev3/31/20143/31/2015

0%1%2%3%4%5%6%7%

MonthEndYield3MoPreviousYield

0%

1%

2%

3%

4%

5%

6%

7%

0 1 2 3 4 5 6 7 8

Y

i

e

l

d

Duration

BCAggBCUSTreasuryBCCreditBCMBSBCHighYieldBCMunicipalBCTIPS

0%1%2%3%4%5%6%7%8%


March 31, 2015


63

European periphery yields relatively higher versus Germany Global yields are at or near historic lows

Low global yields relative to duration Global bonds negative in USD terms

International Developed Fixed Income

Source: Barclays, Bloomberg, *European periphery spreads are over equivalent German Bund Source: Bloomberg

Source: Bloomberg, Citigroup, BarclaysSource: Bloomberg, Citigroup, Barclays

0100200300400500600700

O

A

S

o

r

E

q

u

i

v

a

l

e

n

t

(

b

p

s

)

3/31/2015

3/31/2014

0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%

1

0

Y

r

G

o

v

t

Y

i

e

l

d

MonthEndYield 3MoPreviousYield1YrPreviousYield

1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

0 1 2 3 4 5 6 7 8 9 10 11 12 13

Y

i

e

l

d

Duration

WGBIBCMultiverseBCGlobInflLinkedBCEuroAggBCPanEuroHY

15%

10%

5%

0%

5%

10%

15%

WGBI(Local)

WGBI(USD)

WGBIexUS(Local)

WGBIexUS(USD)

BCMultiverse

BCGlobInflLinked


March 31, 2015


64

Spreads have risen but still in line with history

Emerging market bond yield changes have varied directionally

EM yields higher versus global counterparts Currency effect pronounced in EMD returns

Emerging Markets Fixed Income

Source: Bloomberg, JP Morgan Source: Bloomberg

Source: Bloomberg, JP MorganSource: Bloomberg, JP Morgan

0

200

400

600

800

1000

1200

1400M

a

r

0

5

N

o

v

0

5

J

u

l

0

6

M

a

r

0

7

N

o

v

0

7

J

u

l

0

8

M

a

r

0

9

N

o

v

0

9

J

u

l

1

0

M

a

r

1

1

N

o

v

1

1

J

u

l

1

2

M

a

r

1

3

N

o

v

1

3

J

u

l

1

4

M

a

r

1

5

S

p

r

e

a

d

i

n

b

p

s

EMBIGlobDiv EMBIGlobDivIGEMBIGlobDivHY CEMBIDivBroadIGCEMBIDivBroadHY

0%

2%

4%

6%

8%

10%

12%

14%

1

0

Y

r

L

o

c

a

l

G

o

v

t

Y

i

e

l

d

MonthEndYield3MoPreviousYield1YrPreviousYield

0%

2%

4%

6%

8%

10%

12%

0 1 2 3 4 5 6 7 8

Y

i

e

l

d

Duration

JPMEMBICompositeJPMGBIEMGlobDivCEMBIIGCEMBIHYEMBIHYEMBIIG 12%

10%8%6%4%2%0%2%4%6%8%

JPMEMBIGlobDiv

JPMGBIEMGlobDiv

CEMBIIG CEMBIHY ELMI+Comp


March 31, 2015


65

Treasury yields lower but some steepness remains

Significant compression in German Bund curve

Global yield curves have flattened Global yields trending lower

Rates



0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

1Y 3Y 5Y 7Y 10Y

15Y

20Y

25Y

30Y

3/31/2015

12/31/20143/29/2013

3/30/20120.5%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%

1Y 3Y 5Y 7Y 10Y

15Y

20Y

25Y

30Y

UKMonthEnd UK3MPreviousJapanMonthEnd Japan3MPreviousGermMonthEnd Germ3MPrevious

1.0%

0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

2

0

0

0

2

0

0

1

2

0

0

2

2

0

0

3

2

0

0

4

2

0

0

5

2

0

0

6

2

0

0

7

2

0

0

8

2

0

0

9

2

0

1

0

2

0

1

1

2

0

1

2

2

0

1

3

2

0

1

4

US10Yr2YrJapan10Yr2YrGermany10Yr2Yr

1%0%1%2%3%4%5%6%7%8%

1

9

9

5

1

9

9

6

1

9

9

7

1

9

9

8

1

9

9

9

2

0

0

0

2

0

0

1

2

0

0

2

2

0

0

3

2

0

0

4

2

0

0

5

2

0

0

6

2

0

0

7

2

0

0

8

2

0

0

9

2

0

1

0

2

0

1

1

2

0

1

2

2

0

1

3

2

0

1

4

Japan10YrJapan2YrGermany10YrGermany2Year

March 31, 2015


66

Long duration yields have fallen over last few years

Lower yields driven by fall in inflation expectations

Yields are low but spreads remain near historic averages Long duration assets have outperformed

Long Rates and Liability

Source: Bloomberg, Citigroup, Barclays Source: Bloomberg, US Treasury, Barclays, NEPC

Source: Bloomberg, BarclaysSource: Bloomberg, BofA Merrill Lynch, Barclays *No index for 20+ year corporate

1%

2%

3%

4%

5%

6%

7%

D

e

c

0

9

A

p

r

1

0

A

u

g

1

0

D

e

c

1

0

A

p

r

1

1

A

u

g

1

1

D

e

c

1

1

A

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1

2

A

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g

1

2

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1

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1

3

A

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1

3

D

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c

1

3

A

p

r

1

4

A

u

g

1

4

D

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c

1

4

CitigroupPensionLiabilityIndexBCLongCreditBC2030YrSTRIPS

1%0%1%2%3%4%5%6%7%8%9%

10%

L

o

n

g

c

r

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d

i

t

y

i

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l

d

(

b

y

c

o

m

p

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n

t

) Spread(BCLongCredOAS)Inflation(LTYieldLTRealYield)RealRate(LTRealYield)

0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%5.0%

05Years 510Years 1015Years 15+Years 20+Years

USCorpSpread

USGov'tYield

0%

5%

10%

15%

20%

25%

30%

35%

40%

2030YrSTRIPS

USAggLongTreas

USLongCredit

USLongGovt/Credit

USLongCreditA+

LongCorpA+

3MonthReturn

1YearReturn

March 31, 2015


67

US real yields have fallen Global real yields are flat to negative

US inflation expectations have moved lower Inflation expectations remain subdued

Inflation and Real Rates



0.6%

0.4%

0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

US5Yr US10Yr

R

e

a

l

Y

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l

d

s

3MPrevious MonthEnd3MForward 1YrFwd 2.0%

1.5%

1.0%

0.5%

0.0%

0.5%

1.0%

US5Yr Germany5Yr

Britain5Yr France5Yr Australia5Yr

MonthEnd

3MoPrevious

1.50%1.70%1.90%2.10%2.30%2.50%2.70%2.90%3.10%3.30%

5y5yUSBreakeven

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

M

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US10Yr UK10YrGermany10Yr France10YrAustralia10Yr

March 31, 2015


68

Yields at similar levels relative to last year Slow recovery in occupancy rates

PE Ratios near or above averages REITs have rallied globally

Inflation Sensitive Growth Assets

0

500

1000

1500

2000

2500

1

9

8

5

1

9

8

6

1

9

8

8

1

9

9

0

1

9

9

2

1

9

9

4

1

9

9

6

1

9

9

7

1

9

9

9

2

0

0

1

2

0

0

3

2

0

0

5

2

0

0

7

2

0

0

8

2

0

1

0

2

0

1

2

2

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1

4

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s

USHousingStartsSA

Source: Bloomberg, Alerian, Nareit, Standard and Poors Source: Bloomberg, CB Richard Ellis

Source: Bloomberg, US Census Bureau Source: Bloomberg, Alerian, Nareit, Standard and Poors

0%

1%

2%

3%

4%

5%

6%

7%

AlerianMLP NAREITGlobal NAREITUS S&PGlobNatRes

D

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MonthEndYield

1YrPreviousYield

75%

80%

85%

90%

95%

100%

2

0

0

0

2

0

0

1

2

0

0

2

2

0

0

3

2

0

0

4

2

0

0

5

2

0

0

6

2

0

0

7

2

0

0

8

2

0

0

9

2

0

1

0

2

0

1

1

2

0

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2

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3

2

0

1

4

U

S

O

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c

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p

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R

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Office IndustrialRetail MultiFamily

0

5

10

15

20

25

30

P

E

R

a

t

i

o

AlerianMLPNAREITGlobalNAREITUSS&PGlobNatRes

15%10%5%0%5%

10%15%20%25%30%

AlerianMLP NAREITGlob NAREITUS NCREIFProperty

S&PGlobNatRes

3MoReturn1YrReturn

March 31, 2015


69

Contango in major energy commodities Precipitous fall in oil prices

US fuel production closing gap with consumption

Commodity indices dragged lower by falling energy prices

Commodities


Source: Bloomberg, Standard and PoorsSource: Bloomberg, US Department of Energy *Crude oil and liquid fuels

6% 5% 4% 3% 2% 1% 0%

Aluminum

Copper

Corn

Gold

NaturalGas

Oil

Soybeans

3MoFutureRollYield

0200400600800100012001400160018002000

0

20

40

60

80

100

120

140

160

1

9

9

9

2

0

0

0

2

0

0

1

2

0

0

2

2

0

0

3

2

0

0

4

2

0

0

5

2

0

0

6

2

0

0

7

2

0

0

8

2

0

0

9

2

0

1

0

2

0

1

1

2

0

1

2

2

0

1

3

2

0

1

4

$

/

T

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$

/

B

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l

CrudeOilSpot(LHS)GoldSpot(RHS)

75

80

85

90

95

100

0

5

10

15

20

25

USProductionUSConsumptionWorldProduction(RHS)WorldConsumption(RHS)

Crude oilandliquidfuels

45%40%35%30%25%20%15%10%5%0%

BloombergCommodity

GSCI GSCINonEnergy

3MonthReturn

1YrReturn

March 31, 2015


70

Glossary and Disclaimer

71

Glossary of TermsBert Bell / Pete Rozelle NFL Player Retirement Plan

March 31, 2015

72

Information DisclaimerBert Bell / Pete Rozelle NFL Player Retirement Plan

March 31, 2015

73

It is important to note the following characteristics of many non-traditional investment strategies including hedge funds and private equity:

1. Performance can be volatile and investors could lose all or a substantial portion of their investment

2. Leverage and other speculative practices may increase the risk of loss3. Past performance may be revised due to the revaluation of investments 4. These investments can be illiquid, and investors may be subject to lock-ups or lengthy

redemption terms5. A secondary market may not be available for all funds, and any sales that occur may take

place at a discount to value6. These funds are not subject to the same regulatory requirements as registered investment

vehicles7. Managers are not required to provide periodic pricing or valuation information to investors8. These funds may have complex tax structures and delays in distributing important tax

information9. These funds often charge high fees10. Limited partnership agreements often give the manager authority to trade in securities,

markets or curr

Documents

Nepc 2015 1q Report