DXPARISBOOKS reports 5000735 122020 CoverPage Portland 1 ...

Santa Barbara County Employees' Retirement System

Period Ended: December 31, 2020

Monthly Investment Performance Analysis

Quarterly Investment Performance Analysis

Typically available by the 15th business day following month end

Typically available 30-45 calendar days following quarter end

Fee Schedule for Public Investment Managers

Underlying Indices of SBCERS Policy Index

Private Credit AltInvest Report

Work Plan

Trailing Performance

Trailing & Fiscal Year Performance (including ranks)

Total Fund IDP Attribution

Composite Profile Pages (including ranks)

Investment Manager Profile Pages (including ranks)

Capital Markets Review (with full asset class detail)

Monthly Portfolio Highlights or Executive Summary

Manager Monitoring/Investment Manager Updates/Watch List

Asset Allocation vs. Target Allocation

Total Fund Asset Allocation & Ranks vs. Peers

Asset Allocation By Manager and Schedule of Investable Assets

Plan Asset Overview

Overview of RVK Performance Reports

Frequency

Analytics Included

Capital Markets Review (abbreviated)

1 Capital Markets Review Page 42 Total Fund Page 113 Composite Profiles Page 394 Investment Manager Profiles Page 535 Addendum & Glossary Page 72

Capital Markets Review As of December 31, 2020

Economic Indicators Dec-20 Sep-20 Dec-19 Dec-17 20 Yr0.09 ─ 0.09 1.55 1.33 1.491.97 ▲ 1.49 1.70 1.88 1.821.99 ▲ 1.63 1.79 1.98 2.011.4 ─ 1.4 2.3 2.1 2.16.7 ▼ 7.8 3.6 4.1 6.1

-2.5 ▲ -2.8 2.3 2.7 1.760.5 ▲ 55.7 47.7 59.2 52.6

111.65 ▼ 117.35 114.72 110.07 103.2448.5 ▲ 40.2 61.1 60.4 62.4

1,898 ▲ 1,886 1,517 1,303 1,009Market Performance (%) CYTD 1 Yr 5 Yr 10 Yr

18.40 18.40 15.22 13.8819.96 19.96 13.26 11.207.82 7.82 7.45 5.51

12.34 12.34 9.40 7.8518.31 18.31 12.81 3.637.51 7.51 4.44 3.840.67 0.67 1.20 0.631.19 1.19 6.21 9.88

-8.00 -8.00 4.77 8.3110.82 10.82 4.55 3.32-3.12 -3.12 1.03 -6.50

Russell 2000MSCI EAFE (Net)MSCI EAFE SC (Net)MSCI Emg Mkts (Net)Bloomberg US Agg Bond

Key Economic Indicators

Treasury Yield Curve (%)

In Q4, multiple fundamental developments reinforced market sentiment and kept many investors positioned to add incremental risk despite the relatively weak economic environment and worsening global pandemic. Importantly, two closely watched coronavirus vaccine trials from Pfizer/BioNTech and Moderna released promising efficacy results leading to emergency use authorizations from the FDA, allowing market participants to pull forward expectations for normalized economic activity for much of the developed world in 2021. Investors also reacted favorably to completed negotiations around new fiscal stimulus following the November US elections, which culminated in a $900B package being signed into law under a larger omnibus spending bill. The package included new supplemental unemployment benefits of $300 per week for the 6.7% of unemployed Americans, as well as another one-time round of stimulus checks in the amount of $600 for most individuals. The Fed reiterated its commitment to maintain monthly asset purchases, currently at $120B, and zero interest rates until the economy makes significant progress toward its goal of full employment. Given the backdrop of supportive monetary and fiscal policies, risk assets posted another quarter of stellar returns. Though financial markets have rebounded from the sharp drawdown in early 2020, global economic activity remains well off its pre-pandemic peak.

Fourth Quarter Economic Environment

UnemploymentRate (%)

Since 1948

CPI Year-over-Year (% change)

Since 1914

US Govt Debt (% of GDP)Since 1940

VIX Index(Volatility)Since 1990

Consumer ConfidenceSince 1967

Unemployment Rate (%)

Federal Funds Rate (%)Breakeven Infl. - 5 Yr (%)Breakeven Infl. - 10 Yr (%)CPI YoY (Headline) (%)

Real GDP YoY (%)

USD Total Wtd IdxWTI Crude Oil per Barrel ($)Gold Spot per Oz ($)

S&P 500 (Cap Wtd)

PMI - Manufacturing

8.0510.19

ICE BofAML 3 Mo US T-BillNCREIF ODCE (Gross)FTSE NAREIT Eq REIT (TR)HFRI FOF CompBloomberg Cmdty (TR)

19.700.670.031.30

11.57

QTD12.1531.3716.0517.27

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

3M 6M 1Y 2Y 5Y 7Y 10Y 20Y 30Y

Dec-20 Sep-20 Dec-19 Dec-18 Dec-17

0

2

4

6

8

10

12

14

16

20

40

60

80

100

120

0

10

20

30

40

50

60

70

20

40

60

80

100

120

140

160

-20-15-10

-505

1015202530

1.4

Treasury data courtesy of the US Department of the Treasury. Economic data courtesy of Bloomberg Professional Service.Page 5

US Equity Review As of December 31, 2020

Broad MarketUS equity markets finished strong in Q4 following a period of heightened volatility earlier in the quarter. Negotiations around another US fiscal stimulus package stalled in October and spikes in coronavirus infections contributed to the S&P 500 Index returning -2.7% for the month. In the latter half of the quarter, optimism around vaccine authorization, the announcement of additional stimulus in December, and the prospect of further fiscal support drove positive investor sentiment.

Market CapAdditionally, small-cap stocks fared best in Q4, a reversal of what was seen in Q3. The prospect of lockdowns easing in 2021 also contributed to strong performance for small-cap stocks, with the Russell 2000 Index up 31.4% relative to the S&P 500 Index returning 12.1%.

Style and SectorThis quarter marked the end of a consistent string of growth-led quarters, with value stocks outperforming their growth counterparts.

Style and Capitalization Market Performance (%)

S&P 500 Index Sector Performance (%)

Fourth Quarter Review

Valuations

US Large-Cap Equity

R1000 12M P/ESince 1995

US Large-Cap Growth Equity

R1000G 12M P/ESince 1995

US Large-Cap Value Equity

R1000V 12M P/ESince 1995

US Small-Cap Equity

R2000 12M P/ESince 1995

US Large-Cap Equity

Shiller S&P 10Y P/ESince 1900

20.96

34.63

4.63

19.96

17.10

38.49

2.80

20.96

22.37

20.89

18.40

31.39

29.61

33.36

31.37

19.91

11.39

16.25

13.69

11.63

14.68

12.15

-10 0 10 20 30 40 50

R Micro CapR 2000 Growth

R 2000 ValueR 2000

R Mid CapR 1000 Growth

R 1000 ValueR 1000

R Top 200R 3000

S&P 500 QTD

1 Yr

0.48

23.61

20.73

43.89

11.06

13.45

-2.17

-1.69

-33.68

10.75

33.30

6.54

13.82

14.47

11.81

15.68

8.03

4.94

23.22

27.77

6.35

8.04

-50 -30 -10 10 30 50 70

UtilitiesComm Services

MaterialsInformation Tech

IndustrialsHealth CareReal Estate

FinancialsEnergy

Cons StaplesCons Discretion QTD

1 Yr

0

5

10

15

20

25

30

35

10

15

20

25

30

35

20

40

60

80

100

10

15

20

25

10

20

30

40

50

Valuation data courtesy of Bloomberg Professional Service and Robert J. Shiller, Irrational Exuberance, Second Edition. P/E metrics shown represent the 5th through 95th percentiles to minimize the effect of outliers. Current R2000 P/E is unavailable due to negative earnings per share as of 12/31/2020.

Page 6

Non-US Equity Review As of December 31, 2020

Developed IntlEquity

MSCI EAFE12M P/E

Since 1995

Intl EquityMSCI ACW x US

12M P/ESince 1995

MSCI Style and Capitalization Market Performance (%)

MSCI Region Performance (%)

EmergingMarkets Equity

MSCI EM12M P/E

Since 1995

Developed Intl Growth Equity

MSCI EAFE Grth12M P/E

Since 1995

Developed Intl Value Equity

MSCI EAFE Val12M P/E

Since 1995


Valuations

Developed MarketsDeveloped international markets had another strong quarter of returns. Value stocks outperformed growth, while small stocks beat their larger counterparts. Nearly all developed market countries saw double digit positive returns for the quarter. Active management saw split results during the quarter, with a majority of small-cap developed international equity managers beating their benchmarks while the majority of large-cap managers underperformed.

Emerging MarketsEmerging markets outpaced developed during the quarter continuing the trend for the third quarter in a row. Emerging market value stocks outperformed growth, while small stocks continued their outperformance of large since Q2. All sectors posted positive performance for the quarter led by technology, but more value-oriented sectors were not far behind.

Market Cap & StyleIn both developed international markets and emerging markets, value stocks outperformed growth, while small-cap stocks outperformed large-cap.

18.31

11.93

5.38

12.34

18.29

-2.63

7.82

10.65

19.70

16.72

15.61

17.27

13.09

19.20

16.05

17.01

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

Emg Mkts

Pacific

Europe

EAFE SC

EAFE Growth

EAFE Value

EAFE

ACW Ex US QTD

1 Yr

18.31

5.32

14.48

6.55

15.04

-10.47

10.91

19.70

13.92

15.26

20.07

19.25

16.94

15.25

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

Emg Mkts

Canada

Japan

Pacific ex Japan

Middle East

United Kingdom

Europe Ex UK QTD1 Yr

0

20

40

60

80

100

0

10

20

30

40

0

10

20

30

40

50

60

0

10

20

30

40

50

0

10

20

30

40

50

Valuation data courtesy of Bloomberg Professional Service.P/E metrics shown represent the 5th through 95th percentiles to minimize the effect of outliers.All returns are shown net of foreign taxes on dividends.

Page 7

Fixed Income Review As of December 31, 2020

Fixed Income Performance (%)Broad MarketThe Bloomberg US Aggregate Index returned a modest 0.7% in Q4, capping off a 7.5% YTD return and an overall strong year for US fixed income, supported by record fiscal and monetary stimulus. In Q4, the Treasury yield curve steepened as front end rates remained anchored near zero, a sign of the Federal Reserve’s continued support, while yields for intermediate- and long-dated maturities increased over Q4. Credit MarketThe Bloomberg US Credit Index returned 2.8% for Q4 2020, outperforming the broader fixed income market. Despite record-setting new issuance, credit spreads continued to tighten, compressing to 92 bps. Emerging Market Debt Emerging market debt also ended the year on a high note, with the JPM EMBI Global Diversified Index returning 5.8% for the quarter. However, the hard currency index was overshadowed by its local currency counterpart.


Valuations

US Aggregate Bonds

Bloomberg US Agg SpreadsSince 2000

US Corporate Bonds

Bloomberg US Corp Spreads

Since 1989

US CreditBonds

Bloomberg US Credit Spreads

Since 2000

US Treasury Bonds10-Yr US Treasury

YieldsSince 1953

US High-Yield Bonds

Bloomberg US Corp:HY Spreads

Since 2000

2.69

5.88

10.11

9.20

2.78

7.11

4.52

3.87

5.48

9.89

7.61

10.99

8.00

7.51

9.62

5.49

2.77

3.28

3.64

6.45

0.36

0.25

0.04

3.05

1.25

1.62

-0.83

0.67

-10 -5 0 5 10 15

JPM GBI-EM Glbl Dvf'd (USD)(Unhedged)

JPM Emg Mkts Bond Global

FTSE Wrld Gov't Bond

Bloomberg Global Agg Bond

CS Leveraged Loan

Bloomberg US Corp Hi Yld

Bloomberg US ABS

Bloomberg US MBS

Bloomberg US Agcy

Bloomberg US Corp Credit

Bloomberg US CMBS Inv Grade

Bloomberg US Trsy US TIPS

Bloomberg US Trsy

Bloomberg US Agg QTD

1 Yr

0

2

4

6

8

10

12

14

0.00.10.20.30.40.50.60.70.80.91.0

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

0123456789

10

Valuation data courtesy of Bloomberg Professional Service.Valuations shown represent the 5th through 95th percentiles to minimize the effect of outliers.

Page 8

Alternatives Review As of December 31, 2020

General Market - Diversified Inflation Strategies (DIS)Performance for DIS managers that RVK follows closely largely generated positive absolute performance during Q4, while producing mix results for the full year. For the quarter, most traditionally inflation-sensitive asset classes were drivers of positive returns. In Q4, strategies with relatively larger allocations to segments with higher historical volatility, such as REITs, listed infrastructure and global natural resources, generated stronger relative returns versus peers.

General Market - Real EstateCore private real estate returned 1.3% in Q4, as reported by the NFI-ODCE Index, with the total return comprised of 0.9% income and 0.4% price appreciation. While the income component remained relatively healthy and in-line with historical levels, price appreciation rebounded meaningfully from a negative return in Q3. Investors in publicly traded real estate outperformed their private market counterparts by a meaningful margin.

General Market - Hedge FundsThe hedge fund industry posted double digit gains in back to back years for the first time since 2009-2010 as the HFRI Fund Weighted Composite Index returned 10.7% in Q4, bringing YTD returns to 11.6%. Equity Long/Short (“ELS”) managers led the way, reporting a Q4 return of 14.5% and a full-year return of 17.5% in one of the best alpha-generating years for fundamental equity managers in recent memory.

General Market - Global Tactical Asset Allocation (GTAA)Performance across GTAA strategies RVK follows closely generated positive absolute returns during the quarter ranging from mid-single digits to low double-digits. Long-biased strategies reported mixed performance versus a static and less diversified blend of 60% US equity and 40% US fixed income. Broadly speaking, strategies that have kept higher levels of risk and equity exposure have tended to outperform peers that opted to keep equity allocations relatively muted.

Fourth Quarter Review - Absolute Return

HFRI Hedge Fund Performance (%)

Fourth Quarter Review - Real Assets

Real Asset Performance (%)

1.94

5.21

8.91

3.38

5.47

12.70

0.02

17.77

12.74

10.82

6.47

9.24

11.36

5.27

4.97

11.63

1.63

14.77

6.63

8.05

-30 -20 -10 0 10 20 30

Credit Arb

Merger Arb

Event Driven

Relative Value

Macro

Distressed

Mkt Neutral Eq

Equity Hedge

Conv Arbitrage

HFRI FOF QTD

1 Yr

10.99

-28.69

0.68

-3.12

-8.00

1.60

1.19

1.62

32.45

21.92

10.19

11.57

1.15

1.30

-90 -60 -30 0 30 60 90

Bloomberg US Trsy: US TIPS

Alerian MLP

S&P Glbl Nat. Res. (TR)

Bloomberg Cmdty (TR)

FTSE NAREIT Eq REITs (TR)

NCREIF Property

NCREIF ODCE (Gross) QTD

1 Yr

Page 9

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 CYTD

Best35.03 39.38 8.44 78.51 27.94 22.49 20.00 38.82 30.14 15.02 21.31 37.28 8.35 31.49 19.96

32.18 16.23 5.24 58.21 26.85 15.99 18.23 32.39 19.31 9.59 17.13 33.01 1.87 26.00 18.40

26.34 15.97 2.06 46.78 22.04 13.56 18.06 29.30 13.69 3.20 11.96 25.03 0.01 25.53 18.31

19.31 11.63 -2.35 31.78 18.88 8.29 17.32 22.78 12.50 1.38 11.77 21.83 -1.26 24.96 16.12

18.37 11.17 -10.01 28.01 16.83 7.84 16.35 13.94 5.97 0.55 11.19 14.65 -2.08 22.01 12.34

16.32 10.25 -21.37 27.17 16.36 4.98 16.00 8.96 4.89 0.05 8.77 10.71 -4.02 19.59 10.99

15.79 6.97 -26.16 26.46 15.12 2.11 15.81 7.44 3.64 -0.27 8.52 7.77 -4.38 18.44 10.82

11.86 6.60 -33.79 18.91 15.06 0.10 10.94 2.47 3.37 -0.81 6.67 7.62 -4.62 14.32 7.82

10.39 5.49 -35.65 11.47 10.16 -4.18 8.78 0.07 2.45 -1.44 4.68 7.50 -4.68 8.72 7.51

4.85 5.00 -37.00 11.41 7.75 -5.72 6.98 -2.02 0.04 -3.30 2.65 5.23 -11.01 8.43 7.11

4.34 1.87 -37.74 5.93 6.54 -12.14 4.79 -2.60 -2.19 -4.41 2.18 3.54 -11.25 8.39 1.19

2.72 1.45 -43.38 1.92 6.31 -13.32 4.21 -8.61 -4.90 -4.47 1.00 3.01 -13.79 7.69 0.67

2.07 -1.57 -47.01 0.21 5.70 -15.94 0.11 -8.83 -4.95 -14.92 0.51 1.70 -14.58 5.34 -3.12

Worst0.49 -15.70 -53.33 -29.76 0.13 -18.42 -1.06 -9.52 -17.01 -24.66 0.33 0.86 -17.89 2.28 -8.00

S&P 500 -US Large

Cap

R 2000 -US Small

Cap

MSCI EAFE(Net) - Int'l

Dev.

MSCI EAFESC (Net) -

Int'l SC

MSCI EM(Net) - Int'lEmg Mkts

BloombrgUS Agg

Bond - FI

BloombrgUS Corp Hi

Yield - FI

BloombrgUS Trsy US

TIPS - FI

BloombrgUS Gov

Credit Lng- FI

NCREIFODCE

(Gross) -Real Estate

FTSENAREIT Eq

REITsIndex (TR)

HFRI FOFCompIndex -

ARS

BloombrgCmdty (TR)- Commod.

ICEBofAML 3Mo T-Bill -

Cash Equiv

Annual Asset Class Performance As of December 31, 2020

NCREIF ODCE (Gross) performance is reported quarterly; performance is shown N/A in interim-quarter months.

Page 10

All performance referenced is net of fees. Total Fund performance excludes 130 RHR and Treasury Cash. RVKInc.com

Portland ꞏ Boise ꞏ New York ꞏ Chicago

Total Fund Summary The Total Fund market value was $3.57 billion as of December 31, 2020, an increase of approximately $269.5 million from the previous quarter. The Total Fund returned 8.21% for the fourth quarter, net of fees, and ranked in the 91st percentile among the Public Plans $1B-$5B peer group. The Total Fund outperformed the Policy Benchmark by 34 basis points, but underperformed the Dynamic Policy Benchmark by 68 basis points All asset classes were within their respective target ranges as of December 31, 2020.

Contributors to Total Fund Performance Emerging Markets Equity, US Equity, and Developed Non-US Equity had the highest absolute performance during the quarter, returning 19.46%, 13.53%, and 11.68%, respectively. Performance versus the Policy Benchmark was aided by Real Return, Real Estate, and Core Fixed Income’s strong relative performance, which beat their benchmarks by 418, 84, and 73 basis points, respectively. Performance versus the Dynamic Policy Benchmark was positively impacted by individual manager relative outperformance, including Dimensional U.S. Small Cap Value, PGIM, and Private Natural Resources, which beat their benchmarks by 212, 190, and 161 basis points, respectively.

Detractors from Total Fund Performance Real Estate, Core Fixed Income, and Real Return had the lowest absolute performance during the quarter, returning 1.11%, 1.40%, and 5.24% respectively.

Performance versus the Policy Benchmark was hurt by the weak relative performance of Developed Non-US Equity, US Equity, and Emerging Markets Equity, which lagged their benchmarks by 437, 115, and 24 basis points, respectively.

Performance versus the Dynamic Policy Benchmark was negatively impacted by individual manager underperformance, including Rice Hall James, Artisan, and First Eagle, which lagged their benchmarks by 1050, 753, and 581 basis points, respectively.

Q4 2020 Executive Summary

Page 12

As of December 31, 2020

Significant Events (Yes/No)

Last Meeting with Board of

Retirement

Last Meeting with RVK

Last RVK On-Site at Manager Office Comments

BNY Mellon HEDI Yes August 2020 April 2019

BNY Mellon R1000 Index - NL Yes August 2020 April 2019

Dimensional U.S. Small Cap Value No November 2020 September 2020 April 2018RHJ Small Cap Opportunities No April 2016 September 2020 October 2019

First Eagle International Value Equity No July 2020 May 2018PanAgora Dynamic International Equity No June 2020 June 2017Artisan Non-U.S. Growth No November 2020 May 2018

Acadian Non-US Small Cap Equity (CF) Yes December 2020 January 2020Brightsphere, owner of Acadian, has been talking about exiting the industry. Therefore, RVK is closely monitoring the situation as ownership of Acadian

may change hands in the next year or two.

DFA Emg Mkts Value;I (DFEVX) No September 2020 April 2018RBC Emerging Markets Equity No June 2016 July 2020 February 2019

BNY Mellon US Aggregate Bond - NL Yes April 2019 April 2019 See above comment for BNY Mellon.Garcia Hamilton Core Fixed Income No June 2017 April 2020 December 2019

PGIM Core Plus Fixed Income (CF) Yes March 2018 November 2020 June 2019Steve Kellner, Head of IG Corporates, announced his intention to retire in

April 2022. Terence Wheat and David Del Vecchio, senior PMs, will be promoted to co-heads of US IG Corporates effective July 2021.

Wellington Blended Opportunistic EMD (CF) Yes February 2020 December 2019 Jim Valone, head of EMD, plans to retire in December 2021. Kevin Murphy, co-PM, will assume his role.

Beach Point Leveraged Loan No August 2019 August 2019AG Direct Lending Fund III, LP No December 2020 November 2020 August 2019THL Direct Lending Fund IV, LLC No February 2021 January 2021 October 2019Deerpath Capital V, LP No July 2020 July 2020 March 2020PIMCO Private Income Fund OnShore Feeder LLC No April 2019 September 2020 August 2019

BNY Mellon TIPS Yes See above comment for BNY Mellon.

Cohen & Steers Real Assets Fund Yes July 2017 July 2020 May 2019 Tom Bohjalian, Head of U.S. REITs, plans to retire in June 2021. Jason Yablon, lead PM on U.S. Total Return Strategy, will assume his role.

Nuveen Real Asset Income Fund No July 2017 May 2020 November 2018Private Natural Resources No August 2020 - -Private Infrastructure No August 2020 - -

Hamilton Lane No October 2020 January 2020 -

ORG No October 2020 - -

U.S. Equity

Developed Market Non-U.S. Equity

Emerging Market Equity

Santa Barbara County Employees' Retirement SystemManager Monitoring

Real Estate

Real Return

Private Equity

Core Fixed Income

Non-Core Fixed Income

Effective September 14, 2020, Stephanie Hill was appointed Head of Index strategies. The firm also announced the retirement of Richard Brown, co-Head of Equity Index Portfolio Management, and the departure of Karen

Wong, Head of Index Portfolio Management. Nancy Rogers, Marlene Walker and Tom Durante continue to head the teams responsible for passive fixed

income and equity portfolio management.

Page 13

Santa Barbara County Employees’ Retirement System As of December 31, 2020 Manager Monitoring

INVESTMENT MANAGER UPDATES

BNY Mellon Passive Strategies Effective September 14, 2020, Stephanie Hill was appointed Head of Index strategies. The firm also announced the retirement of Richard Brown, co-Head of Equity Index Portfolio Management, and the departure of Karen Wong, Head of Index Portfolio Management. Nancy Rogers, Marlene Walker and Tom Durante continue to head the teams responsible for passive fixed income and equity portfolio management. Opinion: RVK currently does not have any material concerns and recommends no action at this time. Acadian Non-US Small Cap Equity (CF) Brightsphere, owner of Acadian, has been talking about exiting the industry. Therefore, ownership of Acadian may change hands in the next year or two. Acadian is a lucrative and well-run firm. As such, RVK believes Acadian is positioned to negotiate favorable terms with their new partner. Opinion: While RVK recommends no action at this time, we will continue to closely monitor the situation. PGIM Core Plus Fixed Income (CF) Steve Kellner, Head of IG Corporates, announced his intention to retire in April 2022. Terence Wheat and David Del Vecchio, senior PMs, will be promoted to co-heads of US IG Corporates effective July 2021. Terrance and David each have at least 25 years of experience at PGIM, and have worked with Steve throughout that time. They will continue to report to Steve until his retirement next year. Opinion: Due to depth of team and experience, RVK recommends no action at this time and we will continue to closely monitor the situation. Wellington Blended Opportunistic EMD (CF) Jim Valone, head of EMD, plans to retire in December 2021. Kevin Murphy, co-PM, will assume his role. Opinion: With the current deep bench of over 35 members on the Wellington EMD team, RVK currently does not have any material concerns and recommends no action at this time.

Page 14

Santa Barbara County Employees’ Retirement System As of December 31, 2020 Manager Monitoring

Cohen & Steers Real Assets Fund (CIT) Tom Bohjalian, Head of U.S. REITs, plans to retire in June 2021. Jason Yablon, lead PM on U.S. Total Return Strategy, will assume his role. Opinion: RVK does not view this as a significant change, and recommends no action at this time.

Page 15

Santa Barbara County Employees' Retirement SystemWatch List


2020Q2

2020Q3

2020Q4

2020Q2

2020Q3

2020Q4 A B C D E F G H I J Explanation

Dimensional U.S. Small Cap Value (CF) 4/1/2005 On Watch (2020 Q3) On Watch (2020 Q3) Russell 2000 Index U.S. Small Cap Value

Equity

RHJ Small Cap Opportunities (SA) 6/1/2016 N/A (Insufficient

Performance History)N/A (Insufficient

Performance History) Russell 2000 Index U.S. Small Cap Growth Equity

First Eagle International Value Equity (SA) 6/1/2014 MSCI EAFE Index (USD) (Net) EAFE Value

PanAgora Dynamic International Equity (SA) 5/1/2009 MSCI EAFE Index (USD) (Net) EAFE Core

Artisan Non-U.S. Growth (SA) 2/1/2014 MSCI EAFE Index (USD) (Net) EAFE Growth

Acadian Non-US Small Cap Equity (CF) 12/1/2020 N/A (Insufficient


Performance History)MSCI EAFE Sm Cap Index (USD)

(Net)International SMID Cap

Equity

DFA Emg Mkts Value;I (DFEVX) 5/1/2013 On Watch (2020 Q3) On Watch (2020 Q3) MSCI Emg Mkts Index (USD) (Net) Emerging Markets

Equity

RBC Emerging Markets Equity (CF) 9/1/2016 N/A (Insufficient


Performance History) MSCI Emg Mkts Index (USD) (Net) Emerging Markets Equity

A.B.C.D.E.F.G.H.I.J.

Test 1: If the Manager's rolling, five-year return (net of fees) falls below

the rolling, five-year benchmark return for three (3) consecutive quarters.

Test 2: If the Manager's rolling, five-year return (net of fees) for three (3)

consecutive quarters ranks in the bottom third of the General

Consultant's peer group universe.

AssetClass

InvestmentManager

InceptionDate

indicatesfailed test Watch List Status


Significant loss of clients and/or assets under management

Qualitative Factor(s) Resulting inWatch List Addition Benchmark Peer Group

U.S

. Equ

ityD

evel

oped

Mar

ket

non-

U.S

. Equ

ity

Emer

ging

M

arke

ts

Equi

ty

Qualitative Factors Resulting in Watch List Additions:

Violation of investment guidelinesDeviation from stated investment style or shifts in the firm’s philosophy or process Turnover of one or more key personnelChange in firm ownership or structure

Significant and persistent lack of responsiveness to client requestsThe initiation of significant litigation or regulatory actionFailure to disclose significant information, including potential conflicts of interestChronic violations of this Investment Policy StatementAny other issue or situation of which the General Investment Consultant and/or Board become aware that is deemed material

Page 16

Santa Barbara County Employees' Retirement SystemWatch List


2020Q2

2020Q3

2020Q4

2020Q2

2020Q3

2020Q4 A B C D E F G H I J Explanation

Garcia Hamilton Core Fixed Income (SA) 9/1/2017 N/A (Insufficient


Performance History) Bloomberg US Agg Bond Index U.S. Broad Market Core Fixed Income

PGIM Core Plus Fixed Income (CF) 6/1/2018 N/A (Insufficient


Performance History) Bloomberg US Agg Bond Index U.S. Broad Market Core+ Fixed Income

Wellington Blended Opportunistic EMD (CF) 4/1/2020 N/A (Insufficient


Performance History) Wellington Blended Benchmark Emerging Markets Debt

Beach Point Leveraged Loan (CF) 10/1/2012 CS Lvg'd Loan Index U.S. Bank Loans

Cohen & Steers Real Assets Fund (CIT) 9/1/2017 N/A (Insufficient

Performance History)N/A (No Comparable

Universe)Cohen & Steers Real Assets

Custom Index N/A

Nuveen Real Asset Income Fund (SA) 9/1/2017 N/A (Insufficient

Performance History)N/A (No Comparable

Universe)Nuveen Real Asset Income Blend

Index N/A

A.B.C.D.E.F.G.H.I.J.

Rea

lR

etur

n

Test 1: If the Manager's rolling, five-year return (net of fees) falls below

the rolling, five-year benchmark return for three (3) consecutive quarters.

Test 2: If the Manager's rolling, five-year return (net of fees) for three (3)

consecutive quarters ranks in the bottom third of the General

Consultant's peer group universe.

AssetClass

InvestmentManager

InceptionDate



Qualitative Factor(s) Resulting inWatch List Addition Benchmark Peer Group

Cor

e Fi

xed

Inco

me

Non

-Cor

e Fi

xed

Inco

me

Qualitative Factors Resulting in Watch List Additions:

Violation of investment guidelinesDeviation from stated investment style or shifts in the firm’s philosophy or process Turnover of one or more key personnelChange in firm ownership or structureSignificant loss of clients and/or assets under managementSignificant and persistent lack of responsiveness to client requestsThe initiation of significant litigation or regulatory actionFailure to disclose significant information, including potential conflicts of interestChronic violations of this Investment Policy StatementAny other issue or situation of which the General Investment Consultant and/or Board become aware that is deemed material

Page 17

Schedule of Investable Assets Ex Treasury Cash

Market Value($)

Allocation(%)

BNY Mellon HEDI (SA) 304,814,413 8.53BNY Mellon R1000 Index - NL (CF) 376,487,105 10.53Dimensional U.S. Small Cap Value (CF) 32,540,638 0.91RHJ Small Cap Opportunities (SA) 37,438,167 1.05First Eagle International Value Equity (SA) 105,934,826 2.96PanAgora Dynamic International Equity (SA) 109,837,540 3.07Artisan Non-U.S. Growth (SA) 123,978,048 3.47Acadian Non-US Small Cap Equity (CF) 53,945,697 1.51DFA Emg Mkts Value;I (DFEVX) 127,552,923 3.57RBC Emerging Markets Equity (CF) 164,383,852 4.60BNY Mellon US Aggregate Bond - NL (CF) 53,860,427 1.51Garcia Hamilton Core Fixed Income (SA) 270,151,755 7.56PGIM Core Plus Fixed Income (CF) 213,343,143 5.97Wellington Blended Opportunistic EMD (CF) 144,011,010 4.03Beach Point Leveraged Loan (CF) 141,243,374 3.95AG Direct Lending Fund III, LP 23,277,321 0.65THL Direct Lending Fund IV, LLC 14,658,846 0.41PIMCO Private Income Fund, LLC 21,928,614 0.61Deerpath Capital V, LP 13,948,718 0.39BNY Mellon TIPS - NL (CF) 73,070,069 2.04Cohen & Steers Real Assets Fund (CIT) 117,308,397 3.28Nuveen Real Asset Income Fund (SA) 114,959,596 3.22Private Natural Resources 44,881,710 1.26Private Infrastructure 144,447,997 4.04ORG Real Estate 315,754,772 8.83130 Robin Hill Rd 9,857,915 0.28Private Equity Composite 368,007,204 10.30Transition Account 4,475,874 0.13Cash Composite 45,362,433 1.27

December 31, 2020 : $3,573,923,567

Periods Ending BeginningMarket Value ($)

NetCash Flow ($) Gain/Loss ($) Ending

Market Value ($) % Return

FYTD 3,132,902,419 -28,213,795 444,383,130 3,549,071,754 14.30

Santa Barbara County Employees' Retirement SystemAsset Allocation By Manager and Schedule of Investable Assets


Performance shown is net of fees and provided by BNY Mellon. Allocations shown may not sum up to 100% exactly due to rounding. Schedule of Investable Assets excludes Treasury Cash. The fiscal year ends 06/30. The cash account contains $19,464 of settlement fees gained from liquidated managers: Lord Abbett, RBC Mid-Cap Value, Rhumbline HEDI. Total fund market value includes residual assets from liquidated managers. Copper Rock was liquidated in November and Acadian Non-U.S. Small Cap Equity (CF) was funded with the proceeds. Hotchkis & Wiley High Yield (SA) was liquidated in November and the proceeds were reinvested within the Non-Core Fixed Income Composite. DeerPath Capital V, LP issued its first capital call in December.

Page 18

Market Value($)

Allocation(%)

LowerRange

(%)Target

(%)UpperRange

(%)Total Fund Composite 3,573,923,567 100.0 - 100.0 -US Equity Composite 751,280,323 21.0 15.0 19.0 23.0Developed Non-US Equity Composite 394,066,241 11.0 8.0 11.0 14.0Emerging Markets Equity Composite 291,936,775 8.2 4.0 7.0 10.0Core Fixed Income Composite 537,359,435 15.0 14.0 17.0 20.0Non-Core Fixed Income Composite 361,147,008 10.1 8.0 11.0 14.0Real Return Composite 494,670,044 13.8 8.0 15.0 22.0Real Estate Composite 315,760,315 8.8 5.0 10.0 15.0Private Equity Composite 368,007,204 10.3 5.0 10.0 15.0Cash Composite 45,362,433 1.3 0.0 0.0 2.0Transition Account 4,475,874 0.1 0.0 0.0 0.0

Santa Barbara County Employees' Retirement SystemAsset Allocation vs Target Allocation


Allocations shown may not sum up to 100% exactly due to rounding. Market value for the Transition Account represents residual assets from portfolio restructuring. 130 Robin Hill Road is not included in the Real Estate composite, but is included in the Total Fund. Composite market values includes residual assets from liquidated managers.

Page 19

FYTDFY

2020FY

2019FY

2018FY

2017FY

2016FY

2015FY

2014FY

2013FY

2012FY

2011Since Incep.

3,573,923,567 14.30 -0.10 7.74 7.80 10.49 1.37 0.42 15.25 8.10 1.99 22.01 8.29

Performance shown is net of fees and is annualized for periods greater than one year. The fiscal year for Santa Barbara County Employees' Retirement System ends 06/30. Inception date for the Total Fund is 01/01/1987. Total Fund performance excludes Treasury Cash.

Total Fund

Plan Asset OverviewAs of December 31, 2020

Total Fund Value(January 1987 - December 2020)

Market Value($)

Performance (%)

Santa Barbara County Employees' Retirement System

0

0.5

1

1.5

2

2.5

3

3.5

4

Bill

ions

($)

Page 20

Plan Sponsor TF Asset AllocationAl

loca

tion

(%)

US Equity Global ex-USEquity US Fixed Global ex-US Fixed Alternatives Total Real Estate Cash &

EquivalentsTotal Fund Composite 21.02 (73) 19.19 (38) 21.24 (37) 4.03 (44) 24.14 (23) 9.11 (33) 1.27 (38)

Median 30.91 16.77 18.99 3.42 14.36 6.85 0.97

Population 77 79 72 17 54 54 38

Santa Barbara County Employees' Retirement SystemAll Public Plans $1B-$5BPlan Sponsor TF Asset Allocation


Parentheses contain percentile ranks. Global ex-US Fixed consists of Wellington Blended Opportunistic EMD (CF). US Fixed includes the Transition Account. Allocation to Total Real Estate includes 130 Robin Hill Road.

Page 21

Trailing Performance

QTD CYTD 1Year

3Years

5Years

7Years

10Years 2019 2018

Total Fund Composite 8.21 (91) 8.32 (81) 8.32 (81) 7.28 (52) 8.99 (45) 6.82 (64) 7.15 (76) 16.17 (70) -1.87 (9)SBCERS Policy Benchmark 7.87 (92) 11.56 (31) 11.56 (31) 8.48 (23) 10.23 (13) 7.61 (26) 7.70 (48) 14.53 (93) -0.09 (4)SBCERS Dynamic Policy Benchmark 8.89 (78) 10.48 (50) 10.48 (50) 7.63 (42) 9.66 (26) 7.04 (52) N/A 15.81 (76) -2.55 (23)

Median 9.92 10.44 10.44 7.34 8.89 7.05 7.66 17.25 -3.87

Population 68 68 68 60 59 58 53 64 43

Fiscal Year Performance

-15.00

-5.00

5.00

15.0020.00

FYTD FY2020

FY2019

FY2018

FY2017

FY2016

FY2015

FY2014

FY2013

Total Fund Composite 14.24 (73) -0.11 (77) 7.76 (1) 7.80 (74) 10.49 (86) 1.37 (8) 0.42 (100) 15.25 (83) 8.10 (N/A)SBCERS Policy Benchmark 14.09 (75) 2.99 (22) 7.29 (12) 7.77 (75) 11.47 (70) 2.28 (2) 0.97 (98) 15.72 (77) 9.21 (N/A)SBCERS Dynamic Policy Benchmark 15.41 (50) 1.15 (56) 6.35 (28) 7.92 (66) 11.58 (69) 0.65 (42) 0.01 (100) 16.50 (70) 7.84 (N/A)

Median 15.38 1.38 5.50 8.33 12.34 0.06 3.29 16.93 N/A

Population 68 59 32 16 15 14 12 10 7

Santa Barbara County Employees' Retirement SystemAll Public Plans $1B-$5B


Plan Sponsor Peer Group Analysis

Performance shown is net of fees. Parentheses contain percentile ranks. The fiscal year ends 06/30. Total Fund performance excludes 130 RHR and Treasury Cash.

Page 22

Plan Sponsor Scattergram - 5 Years Up/Down Markets - 5 Years

Plan Sponsor Peer Group Analysis - Multi Statistics (Beta vs. S&P 500)

Return StandardDeviation

Total Fund Composite 8.99 7.41SBCERS Policy Benchmark 10.23 6.54Median 8.89 9.01

5Years

5Years

5Years

5Years

5Years

Total Fund Composite 7.41 (85) 1.03 (19) 7.72 (52) 4.81 (83) 0.46 (86)SBCERS Policy Benchmark 6.54 (92) 1.33 (3) 8.80 (20) 3.63 (94) 0.39 (92)

Median 9.01 0.86 7.73 6.04 0.56

Population 59 59 59 59 59

Santa Barbara County Employees' Retirement SystemTotal Fund Composite vs. All Public Plans $1B-$5B


Performance shown is net of fees. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Total Fund performance excludes 130 RHR and Treasury Cash.

Page 23

Plan Sponsor Scattergram - 10 Years Up/Down Markets - 10 Years

Plan Sponsor Peer Group Analysis - Multi Statistics (Beta vs. S&P 500)


Total Fund Composite 7.15 7.18SBCERS Policy Benchmark 7.70 6.88Median 7.66 8.23

10Years

10Years

10Years

10Years

10Years

Total Fund Composite 7.18 (79) 0.91 (39) 6.55 (77) 4.53 (84) 0.49 (81)SBCERS Policy Benchmark 6.88 (90) 1.02 (14) 7.05 (55) 4.01 (93) 0.45 (91)

Median 8.23 0.86 7.17 5.42 0.56

Population 53 53 53 53 53

Santa Barbara County Employees' Retirement SystemTotal Fund Composite vs. All Public Plans $1B-$5B


Performance shown is net of fees. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Total Fund performance excludes 130 RHR and Treasury Cash.

Page 24

5 Yrs Rolling Percentile Ranking0.00

25.00

50.00

75.00

100.003/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20

Total Period 5-25Count

25-MedianCount

Median-75Count

75-95Count

Total Fund Composite 40 1 (3%) 11 (28%) 16 (40%) 12 (30%)SBCERS Policy Benchmark 40 8 (20%) 2 (5%) 13 (33%) 17 (43%)

Santa Barbara County Employees' Retirement SystemAll Public Plans $1B-$5BRolling 5-Year Return Percentile Ranking

20 Quarters Rolling Periods As of December 31, 2020

Ranks shown are based on net of fees performance. Total Fund performance excludes 130 RHR and Treasury Cash.

Page 25

5 Yrs Rolling Percentile Ranking0.00

25.00

50.00

75.00

100.003/11 9/11 3/12 9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20

Total Period 5-25Count

25-MedianCount

Median-75Count

75-95Count

Total Fund Composite 40 9 (23%) 3 (8%) 27 (68%) 1 (3%)SBCERS Policy Benchmark 40 9 (23%) 3 (8%) 16 (40%) 12 (30%)

Santa Barbara County Employees' Retirement SystemAll Public Plans $1B-$5BRolling 5-Year Sharpe Ratio Percentile Ranking

20 Quarters Rolling Periods As of December 31, 2020

Ranks shown are based on net of fees performance. Total Fund performance excludes 130 RHR and Treasury Cash.

Page 26

Performance Attribution

SAA: 7.87% TAA: 0.25% SS: 0.69% MS: -0.60 %

Santa Barbara County Employees' Retirement SystemTotal Fund Attribution - IDP

Quarter To Date Ending December 31, 2020

Performance shown is net of fees. Calculation is based on monthly periodicity. See Glossary for additional information regarding the Total Fund Attribution - IDP calculation. Total Fund performance excludes 130 RHR and Treasury Cash.

Page 27

Performance Attribution

SAA: 11.56% TAA: -0.37 % SS: -0.79 % MS: -2.09 %

Santa Barbara County Employees' Retirement SystemTotal Fund Attribution - IDP

1 Year Ending December 31, 2020

Performance shown is net of fees. Calculation is based on monthly periodicity. See Glossary for additional information regarding the Total Fund Attribution - IDP calculation. Total Fund performance excludes 130 RHR and Treasury Cash.

Page 28

AllocationMarket

Value ($) %

Performance (%)

QTD FYTD CYTD 1Year

3Years

5Years

7Years

10Years

SinceIncep.

InceptionDate

Total Fund Composite 3,573,923,567 100.00 8.27 14.30 8.39 8.39 7.30 9.00 6.82 7.15 8.29 01/01/1987

Total Fund Ex 130 Robin Hill Rd 3,564,065,652 99.72 8.21 14.24 8.32 8.32 7.28 8.99 6.82 7.15 8.29 01/01/1987SBCERS Policy Benchmark 7.87 14.09 11.56 11.56 8.48 10.23 7.61 7.70 N/A

Difference 0.34 0.15 -3.24 -3.24 -1.20 -1.24 -0.79 -0.55 N/ASBCERS Dynamic Policy Benchmark 8.89 15.41 10.48 10.48 7.63 9.66 7.04 N/A N/A

Difference -0.68 -1.17 -2.16 -2.16 -0.35 -0.67 -0.22 N/A N/A

US Equity Composite 751,280,323 21.02 13.53 23.89 19.60 19.60 14.70 15.25 12.42 13.01 11.04 01/01/1987Russell 3000 Index 14.68 25.24 20.89 20.89 14.49 15.43 12.76 13.79 10.83

Difference -1.15 -1.35 -1.29 -1.29 0.21 -0.18 -0.34 -0.78 0.21

US Large Cap Equity Composite 681,301,518 19.06 12.36 23.08 20.16 20.16 15.63 N/A N/A N/A 16.41 06/01/2016Russell 1000 Index 13.69 24.46 20.96 20.96 14.82 15.60 13.04 14.01 16.25

Difference -1.33 -1.38 -0.80 -0.80 0.81 N/A N/A N/A 0.16

US Small Cap Equity Composite 69,978,805 1.96 26.43 32.35 13.17 13.17 5.86 N/A N/A N/A 11.09 06/01/2016Russell 2000 Index 31.37 37.85 19.96 19.96 10.25 13.26 9.34 11.20 13.99

Difference -4.94 -5.50 -6.79 -6.79 -4.39 N/A N/A N/A -2.90

Developed Non-US Equity Composite 394,066,241 11.03 11.68 18.91 5.63 5.63 3.60 6.72 4.71 N/A 8.10 07/01/2012MSCI EAFE Index (USD) (Net) 16.05 21.61 7.82 7.82 4.28 7.45 4.39 5.51 7.78

Difference -4.37 -2.70 -2.19 -2.19 -0.68 -0.73 0.32 N/A 0.32

Emerging Markets Equity Composite 291,936,775 8.17 19.46 28.32 10.12 10.12 3.82 10.57 5.15 N/A 5.23 07/01/2012MSCI Emg Mkts Index (USD) (Net) 19.70 31.14 18.31 18.31 6.17 12.81 6.17 3.63 6.33

Difference -0.24 -2.82 -8.19 -8.19 -2.35 -2.24 -1.02 N/A -1.10

Core Fixed Income Composite 537,359,435 15.04 1.40 2.67 8.65 8.65 6.16 N/A N/A N/A 5.76 07/01/2017Bloomberg US Agg Bond Index 0.67 1.29 7.51 7.51 5.34 4.44 4.09 3.84 4.93

Difference 0.73 1.38 1.14 1.14 0.82 N/A N/A N/A 0.83

Non-Core Fixed Income Composite 361,147,008 10.11 5.89 9.36 3.87 3.87 3.23 N/A N/A N/A 3.58 07/01/2017Custom Non-Core Fixed Income Benchmark 5.72 9.31 4.49 4.49 4.78 6.92 4.54 5.07 4.94

Difference 0.17 0.05 -0.62 -0.62 -1.55 N/A N/A N/A -1.36

Santa Barbara County Employees' Retirement SystemAsset Allocation & Performance - Net of Fees


Performance shown is net of fees and provided by BNY Mellon. Performance is annualized for periods greater than one year. Total Fund performance excludes Treasury Cash. Indices show N/A for since inception returns when the fund contains more history than the corresponding benchmark. The fiscal year ends 06/30. Composite market values includes residual assets from liquidated managers.

Page 29



AllocationMarket

Value ($) %

Performance (%)

QTD FYTD CYTD 1Year

3Years

5Years

7Years

10Years

SinceIncep.

InceptionDate

Real Return Composite 494,670,044 13.84 5.24 10.87 -1.36 -1.36 2.92 N/A N/A N/A 3.72 07/01/2017Consumer Price Index+4% 1.06 3.04 5.42 5.42 5.93 6.03 5.67 5.81 5.84

Difference 4.18 7.83 -6.78 -6.78 -3.01 N/A N/A N/A -2.12Custom Real Return Benchmark 5.48 8.48 2.43 2.43 3.81 N/A N/A N/A 5.17

Difference -0.24 2.39 -3.79 -3.79 -0.89 N/A N/A N/A -1.45

Real Estate Composite 315,760,315 8.84 1.11 0.82 1.62 1.62 7.02 8.90 9.83 10.00 5.95 04/01/2006NCREIF ODCE Index (AWA) (Net) (1 Qtr Lag) 0.27 -1.49 0.52 0.52 4.25 5.69 7.62 9.26 5.47

Difference 0.84 2.31 1.10 1.10 2.77 3.21 2.21 0.74 0.48

Private Equity Composite 368,007,204 10.30 10.06 23.66 15.22 15.22 14.12 13.97 13.73 13.88 9.81 06/01/2006Russell 3000+3% Index (1 Qtr Lag) 10.02 35.25 18.45 18.45 14.99 17.10 15.47 16.89 12.26

Difference 0.04 -11.59 -3.23 -3.23 -0.87 -3.13 -1.74 -3.01 -2.45


Page 30

AllocationMarket

Value ($) %

Performance (%)

FYTD FY2020

FY2019

FY2018

FY2017

FY2016

FY2015

FY2014

FY2013

FY2012

FY2011

Total Fund Composite 3,573,923,567 100.00 14.30 -0.10 7.74 7.80 10.49 1.37 0.42 15.25 8.10 1.99 22.01

Total Fund Ex 130 Robin Hill Rd 3,564,065,652 99.72 14.24 -0.11 7.76 7.80 10.49 1.37 0.42 15.25 8.10 1.99 22.01SBCERS Policy Benchmark 14.09 2.99 7.29 7.77 11.47 2.28 0.97 15.72 9.21 1.06 20.07

Difference 0.15 -3.10 0.47 0.03 -0.98 -0.91 -0.55 -0.47 -1.11 0.93 1.94SBCERS Dynamic Policy Benchmark 15.41 1.15 6.35 7.92 11.58 0.65 0.01 16.50 7.84 N/A N/A

Difference -1.17 -1.26 1.41 -0.12 -1.09 0.72 0.41 -1.25 0.26 N/A N/A

US Equity Composite 751,280,323 21.02 23.89 6.08 11.05 15.53 14.82 3.22 6.31 25.01 19.58 0.95 32.69Russell 3000 Index 25.24 6.53 8.98 14.78 18.51 2.14 7.29 25.22 21.46 3.84 32.37

Difference -1.35 -0.45 2.07 0.75 -3.69 1.08 -0.98 -0.21 -1.88 -2.89 0.32

US Large Cap Equity Composite 681,301,518 19.06 23.08 7.64 13.54 14.95 13.48 N/A N/A N/A N/A N/A N/ARussell 1000 Index 24.46 7.48 10.02 14.54 18.03 2.93 7.37 25.35 21.24 4.37 31.93

Difference -1.38 0.16 3.52 0.41 -4.55 N/A N/A N/A N/A N/A N/A

US Small Cap Equity Composite 69,978,805 1.96 32.35 -9.34 -9.65 21.14 24.44 N/A N/A N/A N/A N/A N/ARussell 2000 Index 37.85 -6.63 -3.31 17.57 24.60 -6.73 6.49 23.64 24.21 -2.08 37.41

Difference -5.50 -2.71 -6.34 3.57 -0.16 N/A N/A N/A N/A N/A N/A

Developed Non-US Equity Composite 394,066,241 11.03 18.91 -5.62 1.78 6.23 16.86 -6.62 -0.92 23.53 19.66 N/A N/AMSCI EAFE Index (USD) (Net) 21.61 -5.13 1.08 6.84 20.27 -10.16 -4.22 23.57 18.62 -13.83 30.36

Difference -2.70 -0.49 0.70 -0.61 -3.41 3.54 3.30 -0.04 1.04 N/A N/A

Emerging Markets Equity Composite 291,936,775 8.17 28.32 -11.30 5.80 5.86 22.55 -9.97 -6.02 12.12 4.09 N/A N/AMSCI Emg Mkts Index (USD) (Net) 31.14 -3.39 1.21 8.20 23.75 -12.05 -5.12 14.31 2.87 -15.94 27.80

Difference -2.82 -7.91 4.59 -2.34 -1.20 2.08 -0.90 -2.19 1.22 N/A N/A

Core Fixed Income Composite 537,359,435 15.04 2.67 8.63 7.62 1.34 N/A N/A N/A N/A N/A N/A N/ABloomberg US Agg Bond Index 1.29 8.74 7.87 -0.40 -0.31 6.00 1.86 4.37 -0.69 7.47 3.90

Difference 1.38 -0.11 -0.25 1.74 N/A N/A N/A N/A N/A N/A N/A

Non-Core Fixed Income Composite 361,147,008 10.11 9.36 -2.28 5.43 0.37 N/A N/A N/A N/A N/A N/A N/ACustom Non-Core Fixed Income Benchmark 9.31 -1.05 7.44 1.85 8.86 2.75 -1.98 8.51 6.22 4.87 13.59

Difference 0.05 -1.23 -2.01 -1.48 N/A N/A N/A N/A N/A N/A N/A

Santa Barbara County Employees' Retirement SystemAsset Allocation & Performance - Fiscal Year


Performance shown is net of fees and provided by BNY Mellon. Total Fund performance excludes Treasury Cash. Indices show N/A for since inception returns when the fund contains more history than the corresponding benchmark. The fiscal year ends 06/30. Composite market values includes residual assets from liquidated managers.

Page 31

Santa Barbara County Employees' Retirement SystemAsset Allocation & Performance - Fiscal Year


AllocationMarket

Value ($) %

Performance (%)

FYTD FY2020

FY2019

FY2018

FY2017

FY2016

FY2015

FY2014

FY2013

FY2012

FY2011

Real Return Composite 494,670,044 13.84 10.87 -7.17 6.27 3.90 N/A N/A N/A N/A N/A N/A N/AConsumer Price Index+4% 3.04 4.67 5.71 6.99 5.70 5.04 4.13 6.15 5.82 5.73 7.70

Difference 7.83 -11.84 0.56 -3.09 N/A N/A N/A N/A N/A N/A N/ACustom Real Return Benchmark 8.48 -2.14 5.22 6.80 N/A N/A N/A N/A N/A N/A N/A

Difference 2.39 -5.03 1.05 -2.90 N/A N/A N/A N/A N/A N/A N/A

Real Estate Composite 315,760,315 8.84 0.82 5.56 9.50 12.27 9.20 13.75 10.31 12.26 10.37 10.20 18.21NCREIF ODCE Index (AWA) (Net) (1 Qtr Lag) -1.49 3.93 6.55 7.11 7.36 12.62 12.40 12.74 9.68 13.59 19.01

Difference 2.31 1.63 2.95 5.16 1.84 1.13 -2.09 -0.48 0.69 -3.39 -0.80

Private Equity Composite 368,007,204 10.30 23.66 -1.02 13.64 15.69 18.96 4.69 11.12 20.27 12.21 9.29 20.14Russell 3000+3% Index (1 Qtr Lag) 35.25 -6.40 12.03 17.23 21.61 2.65 15.74 26.29 18.00 10.40 20.93

Difference -11.59 5.38 1.61 -1.54 -2.65 2.04 -4.62 -6.02 -5.79 -1.11 -0.79

Performance shown is net of fees and provided by BNY Mellon. Total Fund performance excludes Treasury Cash. Indices show N/A for since inception returns when the fund contains more history than the corresponding benchmark. The fiscal year ends 06/30. Composite market values includes residual assets from liquidated managers.

Page 32

AllocationMarket

Value ($) %

Performance (%)

QTD FYTD CYTD 1Year

3Years

5Years

7Years

10Years

SinceIncep.

InceptionDate

US Equity Composite 751,280,323 21.02 13.53 23.89 19.60 19.60 14.70 15.25 12.42 13.01 11.04 01/01/1987Russell 3000 Index 14.68 25.24 20.89 20.89 14.49 15.43 12.76 13.79 10.83

Difference -1.15 -1.35 -1.29 -1.29 0.21 -0.18 -0.34 -0.78 0.21

US Large Cap Equity Composite 681,301,518 19.06 12.36 23.08 20.16 20.16 15.63 N/A N/A N/A 16.41 06/01/2016Russell 1000 Index 13.69 24.46 20.96 20.96 14.82 15.60 13.04 14.01 16.25

Difference -1.33 -1.38 -0.80 -0.80 0.81 N/A N/A N/A 0.16

BNY Mellon HEDI (SA) 304,814,413 8.53 10.62 21.27 18.56 18.56 16.21 16.56 N/A N/A 18.50 05/01/2019Russell 1000 Index 13.69 24.46 20.96 20.96 14.82 15.60 13.04 14.01 19.22

Difference -3.07 -3.19 -2.40 -2.40 1.39 0.96 N/A N/A -0.72IM U.S. Large Cap Core Equity (MF) Median 12.02 21.90 16.00 16.00 12.44 13.57 11.40 12.40 15.86

Rank 79 59 38 38 9 5 N/A N/A 29

BNY Mellon R1000 Index - NL (CF) 376,487,105 10.53 13.81 24.59 21.44 21.44 15.07 15.75 13.16 N/A 19.51 05/01/2019Russell 1000 Index 13.69 24.46 20.96 20.96 14.82 15.60 13.04 14.01 19.22

Difference 0.12 0.13 0.48 0.48 0.25 0.15 0.12 N/A 0.29IM U.S. Large Cap Core Equity (MF) Median 12.02 21.90 16.00 16.00 12.44 13.57 11.40 12.40 15.86

Rank 23 17 20 20 18 13 12 N/A 18

US Small Cap Equity Composite 69,978,805 1.96 26.43 32.35 13.17 13.17 5.86 N/A N/A N/A 11.09 06/01/2016Russell 2000 Index 31.37 37.85 19.96 19.96 10.25 13.26 9.34 11.20 13.99

Difference -4.94 -5.50 -6.79 -6.79 -4.39 N/A N/A N/A -2.90

Dimensional U.S. Small Cap Value (CF) 32,540,638 0.91 33.49 38.31 3.01 3.01 1.17 7.35 4.84 8.23 7.51 04/01/2005Russell 2000 Index 31.37 37.85 19.96 19.96 10.25 13.26 9.34 11.20 9.16

Difference 2.12 0.46 -16.95 -16.95 -9.08 -5.91 -4.50 -2.97 -1.65IM U.S. Small Cap Value Equity (MF) Median 32.34 36.19 3.84 3.84 2.15 7.82 4.91 7.93 6.85

Rank 35 25 60 60 69 60 52 39 24

RHJ Small Cap Opportunities (SA) 37,438,167 1.05 20.87 27.58 23.74 23.74 10.69 N/A N/A N/A 15.35 06/01/2016Russell 2000 Index 31.37 37.85 19.96 19.96 10.25 13.26 9.34 11.20 13.99

Difference -10.50 -10.27 3.78 3.78 0.44 N/A N/A N/A 1.36IM U.S. Small Cap Growth Equity (MF) Median 26.97 37.85 37.18 37.18 18.11 17.35 12.51 13.79 19.33

Rank 97 97 88 88 90 N/A N/A N/A 80




Page 33



AllocationMarket

Value ($) %

Performance (%)

QTD FYTD CYTD 1Year

3Years

5Years

7Years

10Years

SinceIncep.

InceptionDate

Developed Non-US Equity Composite 394,066,241 11.03 11.68 18.91 5.63 5.63 3.60 6.72 4.71 N/A 8.10 07/01/2012MSCI EAFE Index (USD) (Net) 16.05 21.61 7.82 7.82 4.28 7.45 4.39 5.51 7.78

Difference -4.37 -2.70 -2.19 -2.19 -0.68 -0.73 0.32 N/A 0.32

First Eagle International Value Equity (SA) 105,934,826 2.96 10.24 15.28 6.94 6.94 4.41 6.63 N/A N/A 4.54 06/01/2014MSCI EAFE Index (USD) (Net) 16.05 21.61 7.82 7.82 4.28 7.45 4.39 5.51 4.09

Difference -5.81 -6.33 -0.88 -0.88 0.13 -0.82 N/A N/A 0.45IM EAFE Value (MF) Median 19.34 21.99 2.43 2.43 0.20 4.54 2.10 3.66 1.62

Rank 98 97 14 14 2 7 N/A N/A 3

PanAgora Dynamic International Equity (SA) 109,837,540 3.07 16.66 22.61 6.28 6.28 1.72 6.06 4.27 6.00 8.82 05/01/2009MSCI EAFE Index (USD) (Net) 16.05 21.61 7.82 7.82 4.28 7.45 4.39 5.51 8.17

Difference 0.61 1.00 -1.54 -1.54 -2.56 -1.39 -0.12 0.49 0.65IM EAFE Core (MF) Median 15.47 21.41 8.97 8.97 4.41 7.43 4.35 5.30 8.02

Rank 27 39 78 78 88 81 55 25 24

Artisan Non-U.S. Growth (SA) 123,978,048 3.47 8.52 15.98 6.41 6.41 7.34 8.17 N/A N/A 6.27 02/01/2014MSCI EAFE Index (USD) (Net) 16.05 21.61 7.82 7.82 4.28 7.45 4.39 5.51 5.07

Difference -7.53 -5.63 -1.41 -1.41 3.06 0.72 N/A N/A 1.20IM EAFE Growth (MF) Median 13.66 22.73 19.00 19.00 8.64 9.88 6.70 7.24 7.58

Rank 94 95 97 97 75 76 N/A N/A 73

Acadian Non-US Small Cap Equity (CF) 53,945,697 1.51 N/A N/A N/A N/A N/A N/A N/A N/A 7.58 12/01/2020MSCI EAFE Sm Cap Index (USD) (Net) 17.27 29.29 12.34 12.34 4.85 9.40 7.25 7.85 6.83

Difference N/A N/A N/A N/A N/A N/A N/A N/A 0.75IM International SMID Cap Equity (MF) Median 17.27 28.71 13.42 13.42 4.27 8.87 6.33 7.24 7.07

Rank N/A N/A N/A N/A N/A N/A N/A N/A 28


Page 34



AllocationMarket

Value ($) %

Performance (%)

QTD FYTD CYTD 1Year

3Years

5Years

7Years

10Years

SinceIncep.

InceptionDate

Emerging Markets Equity Composite 291,936,775 8.17 19.46 28.32 10.12 10.12 3.82 10.57 5.15 N/A 5.23 07/01/2012MSCI Emg Mkts Index (USD) (Net) 19.70 31.14 18.31 18.31 6.17 12.81 6.17 3.63 6.33

Difference -0.24 -2.82 -8.19 -8.19 -2.35 -2.24 -1.02 N/A -1.10

DFA Emg Mkts Value;I (DFEVX) 127,552,923 3.57 20.97 26.71 2.73 2.73 -0.21 9.76 3.08 N/A 2.31 05/01/2013MSCI Emg Mkts Index (USD) (Net) 19.70 31.14 18.31 18.31 6.17 12.81 6.17 3.63 5.38

Difference 1.27 -4.43 -15.58 -15.58 -6.38 -3.05 -3.09 N/A -3.07IM Emerging Markets Equity (MF) Median 19.11 30.26 17.49 17.49 5.56 11.74 5.85 3.60 5.04

Rank 28 76 91 91 91 78 88 N/A 91

RBC Emerging Markets Equity (CF) 164,383,852 4.60 18.31 29.60 16.63 16.63 7.40 N/A N/A N/A 10.98 09/01/2016MSCI Emg Mkts Index (USD) (Net) 19.70 31.14 18.31 18.31 6.17 12.81 6.17 3.63 11.38

Difference -1.39 -1.54 -1.68 -1.68 1.23 N/A N/A N/A -0.40IM Emerging Markets Equity (MF) Median 19.11 30.26 17.49 17.49 5.56 11.74 5.85 3.60 10.38

Rank 63 56 56 56 36 N/A N/A N/A 43

Core Fixed Income Composite 537,359,435 15.04 1.40 2.67 8.65 8.65 6.16 N/A N/A N/A 5.76 07/01/2017Bloomberg US Agg Bond Index 0.67 1.29 7.51 7.51 5.34 4.44 4.09 3.84 4.93


BNY Mellon US Aggregate Bond - NL (CF) 53,860,427 1.51 0.65 1.24 7.44 7.44 N/A N/A N/A N/A 7.84 05/01/2019Bloomberg US Agg Bond Index 0.67 1.29 7.51 7.51 5.34 4.44 4.09 3.84 7.90

Difference -0.02 -0.05 -0.07 -0.07 N/A N/A N/A N/A -0.06IM U.S. Broad Market Core Fixed Income (MF) Median 1.36 2.57 8.19 8.19 5.38 4.56 4.05 3.91 8.19

Rank 90 90 75 75 N/A N/A N/A N/A 66

Garcia Hamilton Core Fixed Income (SA) 270,151,755 7.56 0.65 1.39 8.43 8.43 5.50 N/A N/A N/A 5.10 09/01/2017Bloomberg US Agg Bond Index 0.67 1.29 7.51 7.51 5.34 4.44 4.09 3.84 4.77

Difference -0.02 0.10 0.92 0.92 0.16 N/A N/A N/A 0.33IM U.S. Broad Market Core Fixed Income (MF) Median 1.36 2.57 8.19 8.19 5.38 4.56 4.05 3.91 4.82

Rank 90 86 43 43 42 N/A N/A N/A 33

PGIM Core Plus Fixed Income (CF) 213,343,143 5.97 2.57 4.72 9.25 9.25 N/A N/A N/A N/A 8.46 06/01/2018Bloomberg US Agg Bond Index 0.67 1.29 7.51 7.51 5.34 4.44 4.09 3.84 6.85

Difference 1.90 3.43 1.74 1.74 N/A N/A N/A N/A 1.61IM U.S. Broad Market Core+ Fixed Income (MF) Median 2.03 3.65 8.54 8.54 5.59 5.11 4.27 4.36 7.20

Rank 22 24 33 33 N/A N/A N/A N/A 17


Page 35



AllocationMarket

Value ($) %

Performance (%)

QTD FYTD CYTD 1Year

3Years

5Years

7Years

10Years

SinceIncep.

InceptionDate

Non-Core Fixed Income Composite 361,147,008 10.11 5.89 9.36 3.87 3.87 3.23 N/A N/A N/A 3.58 07/01/2017Custom Non-Core Fixed Income Benchmark 5.72 9.31 4.49 4.49 4.78 6.92 4.54 5.07 4.94

Difference 0.17 0.05 -0.62 -0.62 -1.55 N/A N/A N/A -1.36

Wellington Blended Opportunistic EMD (CF) 144,011,010 4.03 8.92 10.86 N/A N/A N/A N/A N/A N/A 8.12 03/01/2020Wellington Blended Index 7.70 9.27 4.02 4.02 4.09 6.97 3.93 3.90 6.22

Difference 1.22 1.59 N/A N/A N/A N/A N/A N/A 1.90IM Emerging Markets Debt (MF) Median 7.36 10.19 5.57 5.57 4.30 6.76 4.76 4.93 5.59

Rank 13 30 N/A N/A N/A N/A N/A N/A 10

Beach Point Leveraged Loan (CF) 141,243,374 3.95 3.70 7.28 2.29 2.29 3.54 3.77 3.39 N/A 3.99 10/01/2012CS Lvg'd Loan Index 3.64 7.91 2.78 2.78 3.99 5.19 3.93 4.47 4.26

Difference 0.06 -0.63 -0.49 -0.49 -0.45 -1.42 -0.54 N/A -0.27IM U.S. Bank Loans (MF) Median 3.52 7.23 1.39 1.39 2.85 4.03 2.92 3.42 3.23

Rank 44 49 26 26 16 62 21 N/A 9

AG Direct Lending Fund III, LP 23,277,321 0.65 11/01/2018

THL Direct Lending Fund IV, LLC 14,658,846 0.41 06/01/2019

PIMCO Private Income Fund, LLC 21,928,614 0.61 11/01/2019

Deerpath Capital V, LP 13,948,718 0.39 11/01/2020


Page 36



AllocationMarket

Value ($) %

Performance (%)

QTD FYTD CYTD 1Year

3Years

5Years

7Years

10Years

SinceIncep.

InceptionDate

Real Return Composite 494,670,044 13.84 5.24 10.87 -1.36 -1.36 2.92 N/A N/A N/A 3.72 07/01/2017Consumer Price Index+4% 1.06 3.04 5.42 5.42 5.93 6.03 5.67 5.81 5.84

Difference 4.18 7.83 -6.78 -6.78 -3.01 N/A N/A N/A -2.12Custom Real Return Benchmark 5.48 8.48 2.43 2.43 3.81 N/A N/A N/A 5.17


Public Real Return Composite 305,340,338 8.54 8.08 12.62 1.34 1.34 3.88 N/A N/A N/A 4.66 07/01/2017

BNY Mellon TIPS - NL (CF) 73,070,069 2.04 1.61 4.69 11.08 11.08 5.93 5.10 3.92 N/A 9.50 05/01/2019Bloomberg US Trsy US TIPS Index 1.62 4.70 10.99 10.99 5.92 5.08 3.92 3.81 9.45

Difference -0.01 -0.01 0.09 0.09 0.01 0.02 0.00 N/A 0.05IM U.S. TIPS (MF) Median 1.78 4.81 9.64 9.64 5.10 4.44 3.00 3.04 8.18

Rank 66 58 24 24 16 19 10 N/A 21

Cohen & Steers Real Assets Fund (CIT) 117,308,397 3.28 11.06 16.06 -0.50 -0.50 2.43 N/A N/A N/A 3.32 09/01/2017Cohen & Steers Real Assets Custom Index 10.92 14.78 -2.17 -2.17 1.72 5.24 1.57 N/A 2.66


Nuveen Real Asset Income Fund (SA) 114,959,596 3.22 9.53 14.67 -2.89 -2.89 3.98 N/A N/A N/A 4.12 09/01/2017Nuveen Real Asset Income Blend Index 10.18 14.24 0.81 0.81 4.16 6.76 5.80 N/A 4.23


Private Real Return Composite 189,329,707 5.30 0.96 8.24 -2.79 -2.79 3.36 N/A N/A N/A 3.30 07/01/2017

Private Natural Resources 44,881,710 1.26 3.57 8.41 -2.24 -2.24 1.94 4.08 3.61 N/A 3.48 10/01/2013Consumer Price Index+4% (1 Qtr Lag) 1.96 2.84 5.43 5.43 5.86 5.88 5.58 5.84 5.57

Difference 1.61 5.57 -7.67 -7.67 -3.92 -1.80 -1.97 N/A -2.09

Private Infrastructure 144,447,997 4.04 0.22 8.19 -2.91 -2.91 3.77 5.29 -8.99 N/A -8.99 01/01/2014Consumer Price Index+4% 1.06 3.04 5.42 5.42 5.93 6.03 5.67 5.81 5.67

Difference -0.84 5.15 -8.33 -8.33 -2.16 -0.74 -14.66 N/A -14.66


Page 37



AllocationMarket

Value ($) %

Performance (%)

QTD FYTD CYTD 1Year

3Years

5Years

7Years

10Years

SinceIncep.

InceptionDate

Real Estate Composite 315,760,315 8.84 1.11 0.82 1.62 1.62 7.02 8.90 9.83 10.00 5.95 04/01/2006NCREIF ODCE Index (AWA) (Net) (1 Qtr Lag) 0.27 -1.49 0.52 0.52 4.25 5.69 7.62 9.26 5.47

Difference 0.84 2.31 1.10 1.10 2.77 3.21 2.21 0.74 0.48

ORG Real Estate 315,754,772 8.83 1.11 0.82 1.62 1.62 7.04 8.89 9.79 9.99 5.95 04/01/2006NCREIF ODCE Index (AWA) (Net) (1 Qtr Lag) 0.27 -1.49 0.52 0.52 4.25 5.69 7.62 9.26 5.47

Difference 0.84 2.31 1.10 1.10 2.79 3.20 2.17 0.73 0.48

Private Equity Composite 368,007,204 10.30 10.06 23.66 15.22 15.22 14.12 13.97 13.73 13.88 9.81 06/01/2006Russell 3000+3% Index (1 Qtr Lag) 10.02 35.25 18.45 18.45 14.99 17.10 15.47 16.89 12.26

Difference 0.04 -11.59 -3.23 -3.23 -0.87 -3.13 -1.74 -3.01 -2.45


Page 38

Ret

urn

(%)

QTD FYTD CYTD 1Year

3Years

5Years

7Years

10Years

US Equity Composite 13.56 (72) 23.93 (67) 19.69 (42) 19.69 (42) 14.80 (35) 15.43 (37) 12.61 (37) 13.22 (46)Russell 3000 Index 14.68 (66) 25.24 (58) 20.89 (38) 20.89 (38) 14.49 (36) 15.43 (37) 12.76 (35) 13.79 (38)

5th Percentile 34.76 45.55 57.29 57.29 28.03 23.49 17.90 18.241st Quartile 26.86 34.02 29.49 29.49 17.29 17.08 13.70 14.83Median 18.57 26.83 15.98 15.98 11.18 13.66 10.84 12.733rd Quartile 12.96 22.35 5.77 5.77 6.07 10.23 8.09 10.7495th Percentile 9.11 15.76 -3.47 -3.47 0.98 6.62 5.06 8.12

Population 1,832 1,830 1,826 1,826 1,781 1,711 1,628 1,485

Santa Barbara County Employees' Retirement SystemUS Equity Composite vs. IM US Equity (SA+CF)Peer Group Analysis


Performance shown is gross of fees. Parentheses contain percentile ranks.

Page 40

Peer Group Scattergram - 5 Years Up/Down Markets - 5 Years

Peer Group Analysis - Multi Statistics


US Equity Composite 15.43 17.18Russell 3000 Index 15.43 17.94Median 13.66 20.70

5Years

5Years

5Years

5Years

5Years

5Years

US Equity Composite 0.86 (27) 1.60 (97) -0.09 (46) 10.84 (74) 97.70 (60) 94.40 (71)Russell 3000 Index 0.83 (32) 0.00 (100) N/A 11.33 (68) 100.00 (53) 100.00 (62)

Median 0.68 7.30 -0.16 13.19 100.96 111.38

Population 1,711 1,711 1,711 1,711 1,711 1,711

Santa Barbara County Employees' Retirement SystemUS Equity Composite vs. IM US Equity (SA+CF)


Performance shown is gross of fees. Calculation is based on quarterly periodicity. Parentheses contain percentile ranks.

Page 41

Top Ten Equity HoldingsPortfolioWeight

(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)Apple Inc 5.57 5.68 -0.11 14.77Microsoft Corp 4.44 4.41 0.03 6.03Amazon.com Inc 3.52 3.66 -0.14 3.44Facebook Inc 1.77 1.74 0.03 4.30Alphabet Inc 1.47 1.38 0.09 19.21Alphabet Inc 1.44 1.39 0.05 19.59Johnson & Johnson 1.17 1.10 0.07 6.45Visa Inc 1.07 0.98 0.09 9.55Berkshire Hathaway Inc 1.01 1.18 -0.17 8.89Mastercard Inc 1.00 0.83 0.17 5.67

% of Portfolio 22.46 22.35 0.11

Portfolio CharacteristicsPortfolio Benchmark

Wtd. Avg. Mkt. Cap ($M) 396,734 406,840Median Mkt. Cap ($M) 4,290 1,989Price/Earnings Ratio 28.50 28.99Price/Book Ratio 4.64 4.425 Yr. EPS Growth Rate (%) 17.01 17.61Current Yield (%) 1.40 1.42Beta (5 Years, Monthly) 0.95 1.00Number of Securities 1,873 3,060

Distribution of Market Capitalization (%)

Santa Barbara County Employees' Retirement SystemUS Equity Composite vs. Russell 3000 IndexPortfolio Characteristics


Alphabet Inc. is shown twice in the Top Ten Equity Holdings, but represents two different share classes: GOOGL (Class A) and GOOG (Class C).

Page 42

Ret

urn

(%)

QTD FYTD CYTD 1Year

3Years

5Years

7Years

10Years

Developed Non-US Equity Composite 11.80 (91) 19.19 (82) 6.26 (64) 6.26 (64) 4.20 (56) 7.31 (60) 5.27 (51) N/AMSCI EAFE Index (USD) (Net) 16.05 (39) 21.61 (63) 7.82 (55) 7.82 (55) 4.28 (56) 7.45 (58) 4.39 (70) 5.51 (85)

5th Percentile 22.77 29.63 29.56 29.56 13.19 14.01 9.76 9.641st Quartile 17.55 25.64 15.87 15.87 7.43 9.90 6.83 7.95Median 15.39 22.44 9.25 9.25 5.03 7.95 5.30 6.843rd Quartile 13.82 20.14 4.25 4.25 1.72 6.10 3.86 5.9795th Percentile 10.07 15.13 -2.81 -2.81 -1.13 4.72 2.67 4.17

Population 130 130 130 130 129 127 127 119

Santa Barbara County Employees' Retirement SystemDev'd Mkt. Non-US Equity Composite vs. IM All EAFE (SA+CF)Peer Group Analysis



Page 43




Developed Non-US Equity Composite 7.31 16.59MSCI EAFE Index (USD) (Net) 7.45 17.09Median 7.95 18.04

5Years

5Years

5Years

5Years

5Years

5Years

Developed Non-US Equity Composite 0.44 (52) 2.67 (84) -0.08 (66) 11.70 (61) 97.24 (80) 96.84 (62)MSCI EAFE Index (USD) (Net) 0.44 (52) 0.00 (100) N/A 11.79 (61) 100.00 (72) 100.00 (56)

Median 0.45 4.16 0.20 12.19 107.19 102.62

Population 127 127 127 127 127 127

Santa Barbara County Employees' Retirement SystemDeveloped Non-US Equity Composite vs. IM All EAFE (SA+CF)



Page 44


(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)SPDR Gold Trust 2.92 0.00 2.92 0.70Nestle SA, Cham Und Vevey 2.59 2.15 0.44 -1.14Linde Plc 1.91 0.00 1.91 10.32Roche Holding AG 1.81 1.55 0.26 1.66Deutsche Boerse AG Frankfurt 1.69 0.20 1.49 -3.16AIA Group Ltd 1.53 0.94 0.59 25.11L'Air Liquide SA 1.47 0.49 0.98 3.21NICE Ltd 1.27 0.11 1.16 24.89Deutsche Telekom AG 1.18 0.39 0.79 9.02Aon plc 1.10 0.00 1.10 2.66

% of Portfolio 17.47 5.83 11.64


Wtd. Avg. Mkt. Cap ($M) 100,273 70,365Median Mkt. Cap ($M) 795 12,357Price/Earnings Ratio 21.50 21.83Price/Book Ratio 2.87 2.665 Yr. EPS Growth Rate (%) 8.85 3.69Current Yield (%) 1.99 2.38Beta (5 Years, Monthly) 0.91 1.00Number of Securities 1,835 876


Santa Barbara County Employees' Retirement SystemDeveloped Non-US Equity Composite vs. MSCI EAFE Index (USD) (Net)Portfolio Characteristics


Page 45

Ret

urn

(%)

QTD FYTD CYTD 1Year

3Years

5Years

7Years

10Years

Emerging Markets Equity Composite 19.46 (56) 28.32 (76) 10.12 (78) 10.12 (78) 3.82 (72) 10.61 (72) 5.28 (73) N/AMSCI Emg Mkts Index (USD) (Net) 19.70 (51) 31.14 (58) 18.31 (48) 18.31 (48) 6.17 (51) 12.81 (50) 6.17 (60) 3.63 (78)

5th Percentile 28.21 41.68 47.24 47.24 17.02 18.51 11.68 8.151st Quartile 22.42 35.52 26.64 26.64 9.69 15.72 8.78 6.45Median 19.78 31.78 18.14 18.14 6.18 12.71 6.66 5.103rd Quartile 17.87 28.68 11.60 11.60 3.39 10.07 5.06 3.7095th Percentile 13.88 22.12 -0.14 -0.14 -0.51 6.16 3.05 2.25

Population 258 258 257 257 244 232 201 138

Santa Barbara County Employees' Retirement SystemEmerging Mkt. Equity Composite vs. IM Emerging Markets Equity (SA+CF)Peer Group Analysis



Page 46




Emerging Markets Equity Composite 10.61 19.99MSCI Emg Mkts Index (USD) (Net) 12.81 19.55Median 12.71 21.17

5Years

5Years

5Years

5Years

5Years

5Years

Emerging Markets Equity Composite 0.55 (72) 2.90 (88) -0.65 (86) 13.30 (38) 92.74 (80) 101.40 (62)MSCI Emg Mkts Index (USD) (Net) 0.66 (40) 0.00 (100) N/A 11.94 (73) 100.00 (63) 100.00 (69)

Median 0.62 5.46 0.06 12.66 104.92 104.51

Population 232 232 232 232 232 232

Santa Barbara County Employees' Retirement SystemEmerging Markets Equity Composite vs. IM Emerging Markets Equity (SA+CF)



Page 47


(%)

BenchmarkWeight

(%)

ActiveWeight

(%)

QuarterlyReturn

(%)Reliance Industries Ltd 2.74 0.98 1.76 -10.54China Construction Bank Corp 2.32 0.93 1.39 17.28Vale SA 1.80 0.79 1.01 60.04Ind. & Com. Bank of China Ltd 1.47 0.50 0.97 25.07China Mobile Ltd 1.42 0.44 0.98 -10.66Baidu Inc 1.28 0.75 0.53 70.82Hon Hai Precision Industry Co Ltd 1.02 0.52 0.50 22.51Samsung Electronics Co Ltd 0.92 4.51 -3.59 49.56Bank of China Ltd 0.90 0.34 0.56 10.37China Resources Land Ltd 0.82 0.17 0.65 -8.35

% of Portfolio 14.69 9.93 4.76


Wtd. Avg. Mkt. Cap ($M) 39,126 161,748Median Mkt. Cap ($M) 566 6,591Price/Earnings Ratio 10.62 18.99Price/Book Ratio 1.77 3.135 Yr. EPS Growth Rate (%) 9.41 10.91Current Yield (%) 3.01 1.93Beta (5 Years, Monthly) 0.97 1.00Number of Securities 2,923 1,395


Santa Barbara County Employees' Retirement SystemEmerging Markets Equity Composite vs. MSCI Emg Mkts Index (USD) (Net)Portfolio Characteristics


Page 48

Ret

urn

(%)

QTD FYTD CYTD 1Year

3Years

5Years

7Years

10Years

Fixed Income 3.22 (80) 5.40 (81) 7.22 (61) 7.22 (61) 5.40 (60) 5.36 (68) 4.10 (58) 4.43 (51)Bloomberg US Unv Bond Index 1.29 (94) 2.29 (95) 7.58 (58) 7.58 (58) 5.45 (57) 4.87 (84) 4.32 (52) 4.16 (55)

5th Percentile 10.62 18.02 16.26 16.26 8.19 8.98 6.89 7.351st Quartile 7.03 11.50 11.19 11.19 6.25 7.54 5.67 5.55Median 4.92 8.54 9.18 9.18 5.58 6.22 4.37 4.463rd Quartile 3.43 6.18 5.62 5.62 4.71 5.13 3.45 3.1995th Percentile 0.98 2.20 1.27 1.27 2.53 3.40 1.35 2.47

Population 187 187 187 187 178 173 163 115

Santa Barbara County Employees' Retirement SystemFixed Income Composite vs. IM Global Fixed Income (SA+CF)Peer Group Analysis



Page 49


Avg. Maturity 7.58 8.28Avg. Quality A1 Aa1/Aa2Convexity 1.00 0.34Coupon Rate (%) 2.66 2.76Current Yield (%) 2.40 N/AEffective Duration 5.91 6.22Spread Duration N/A 6.44Yield To Maturity (%) 1.53 1.14Yield To Worst (%) 1.47 1.12

Sector Distribution (%)

Santa Barbara County Employees' Retirement SystemCore Fixed Income Composite vs. Bloomberg US Agg Bond IndexPortfolio Characteristics


Allocation to "Other" consists of equity and swaps.

Page 50


Avg. Maturity 7.61 6.45Avg. Quality Ba2 Ba2Coupon Rate (%) 5.80 5.33Current Yield (%) 4.80 4.46Modified Duration 3.58 N/AYield To Maturity (%) 4.99 4.26


Santa Barbara County Employees' Retirement SystemNon-Core Fixed Income Composite vs. Custom Non-Core Fixed Income BenchmarkPortfolio Characteristics


Please see the Addendum for custom index definitions. Non-Core Fixed Income Composite portfolio characteristics and sector distribution exclude AG Direct Lending Fund III, LP, THL Direct Lending Fund IV, LLC, PIMCO Private Income Fund, LLC, and Deerpath Capital V, LP.

Page 51

Asset ClassCommitment

($)Paid In

Capital ($)Distributions

($)Valuation

($)Fund

IRR (%)Index

IRR (%)Fund

MultipleVintageFund NameAG Direct Lending Fund III, LP 2018 Private Credit - Direct Lending 25,000,000 23,035,117 1,594,056 23,620,397 7.35 3.78 1.09

THL Credit Direct Lending Fund IV 2018 Private Credit - Direct Lending 20,000,000 17,227,267 2,840,520 15,302,360 6.71 3.86 1.05

Deerpath Capital V, LP 2019 Private Credit - Direct Lending 20,000,000 0 0 0 N/M N/M

PIMCO Private Income Fund OnshoreFeeder LLC

2019 Private Credit - Direct Lending 20,000,000 20,000,000 0 21,928,614 N/M N/M 1.10

Santa Barbara County Employees' Retirement System As of September 30, 2020Alternative Investment Private Credit Fund Performance Listing

Certain valuations (marked with a '*') are preliminary estimates of valuation as of the date of reporting and reflect the estimated impact of subsequent net cash contributions/distributions. These figures may be used in calculationscontained in this report. Index IRR represents the dollar-weighted returns calculated using the CS Lvg'd Loan Index assuming an index investment with the same cash flow timing. IRRs are shown only for investments with one yearor more of cash flows and for which an accurate IRR could be calculated. Applicable IRRs are marked with 'N/M' for not material. Fund IRR is the annualized since-inception net internal rate for the indicated fund or composite. FundMultiple is the since inception sum of distributions and valuation divided by paid in capital.

9.32 5.27 1.0885,000,000 60,262,384 4,434,576 60,851,371

Page 52


Peer Group Analysis - Multi Statistics - 5 Years (Excess Return vs. Risk Free)

Sector Weights (%)

Performance

Portfolio Characteristics and Dist. of Market Cap (%)

QTD 1Year

3Years

5Years

7Years

10Years 2019 2018 2017 2016 2015

Manager 10.63 18.63 16.28 16.65 N/A N/A 32.61 -0.05 23.27 11.40 N/ABenchmark 13.69 20.96 14.82 15.60 13.04 14.01 31.43 -4.78 21.69 12.05 0.92

Difference -3.06 -2.33 1.46 1.05 N/A N/A 1.18 4.73 1.58 -0.65 N/APeer Group Median 12.15 16.00 12.94 14.26 12.33 13.58 30.00 -5.15 21.84 10.54 1.43

Rank 74 38 14 10 N/A N/A 20 6 33 42 N/APopulation 178 178 176 170 165 147 245 274 297 317 333


Manager 16.65 15.30Benchmark 15.60 17.51Median 14.26 16.93

6.00

8.00

10.00

12.00

14.00

DownsideRisk

Manager 15.25 (14) 3.54 (49) 0.18 (14) 1.11 (6) 8.40 (88)Benchmark 14.61 (24) 0.00 (100) N/A 0.93 (29) 9.89 (44)

Median 13.43 3.51 -0.45 0.87 9.65

Portfolio BenchmarkWtd. Avg. Mkt. Cap ($M) 441,485 432,897Median Mkt. Cap ($M) 34,280 12,818Price/Earnings Ratio 29.60 29.49Price/Book Ratio 5.66 4.555 Yr. EPS Growth Rate (%) 16.95 17.87Current Yield (%) 1.42 1.45Beta (5 Years, Monthly) 0.86 1.00Number of Securities 225 1,018Active Share 42.58 N/A

BNY Mellon HEDI (SA)

IM U.S. Large Cap Core Equity (SA+CF)


Peer Group:Benchmark: Russell 1000 IndexManager:

Performance shown is gross of fees and client specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Performance prior to 04/11/2019 is represented by Rhumbline HEDI (SA).

Page 54



Sector Weights (%)

Performance


QTD 1Year

3Years

5Years

7Years

10Years 2019 2018 2017 2016 2015

Manager 13.69 20.91 14.80 15.58 13.04 14.01 31.42 -4.77 21.68 12.04 0.93Benchmark 13.69 20.96 14.82 15.60 13.04 14.01 31.43 -4.78 21.69 12.05 0.92

Difference 0.00 -0.05 -0.02 -0.02 0.00 0.00 -0.01 0.01 -0.01 -0.01 0.01Peer Group Median 12.15 16.00 12.94 14.26 12.33 13.58 30.00 -5.15 21.84 10.54 1.43

Rank 28 26 26 25 29 32 36 43 53 32 57Population 178 178 176 170 165 147 245 274 297 317 333



6.00

8.00

10.00

12.00

14.00

DownsideRisk

Manager 13.90 (31) 0.02 (100) -0.12 (46) 0.90 (41) 9.33 (48)Benchmark 13.90 (31) 0.00 (100) N/A 0.90 (42) 9.34 (48)

Median 13.52 3.42 -0.14 0.89 9.29

Portfolio BenchmarkWtd. Avg. Mkt. Cap ($M) 431,999 432,897Median Mkt. Cap ($M) 12,813 12,818Price/Earnings Ratio 29.55 29.49Price/Book Ratio 4.56 4.555 Yr. EPS Growth Rate (%) 17.87 17.87Current Yield (%) 1.45 1.45Beta (5 Years, Monthly) 1.00 1.00Number of Securities 1,019 1,018Active Share 0.37 N/A

BNY Mellon R1000 Index - NL (CF)

IM U.S. Large Cap Core Equity (SA+CF)



Performance shown is gross of fees and product specific. Calculation is based on quarterly periodicity. Parentheses contain percentile ranks.

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Sector Weights (%)

Performance


QTD 1Year

3Years

5Years

7Years

10Years 2019 2018 2017 2016 2015

Manager 33.77 3.47 1.66 7.87 5.36 8.91 19.22 -14.84 7.68 29.11 -6.06Benchmark 31.37 19.96 10.25 13.26 9.34 11.20 25.53 -11.01 14.65 21.31 -4.41

Difference 2.40 -16.49 -8.59 -5.39 -3.98 -2.29 -6.31 -3.83 -6.97 7.80 -1.65Peer Group Median 29.84 5.20 4.47 9.67 6.95 9.97 25.07 -14.16 11.61 26.80 -4.30

Rank 24 57 79 80 85 81 87 57 77 31 70Population 175 175 169 166 163 151 200 220 229 235 245



8.00

10.00

12.00

14.00

16.00

DownsideRisk


Median 10.85 5.49 -0.18 0.56 12.93

Portfolio BenchmarkWtd. Avg. Mkt. Cap ($M) 2,915 3,253Median Mkt. Cap ($M) 787 875Price/Earnings Ratio 13.83 21.18Price/Book Ratio 1.60 3.015 Yr. EPS Growth Rate (%) 8.58 9.73Current Yield (%) 1.59 1.02Beta (5 Years, Monthly) 1.10 1.00Number of Securities 926 2,041Active Share 75.87 N/A

Dimensional U.S. Small Cap Value (CF)

IM U.S. Small Cap Value Equity (SA+CF)



Performance shown is gross of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks.

Page 56



Sector Weights (%)

Performance


QTD 1Year

3Years

5Years

7Years

10Years 2019 2018 2017 2016 2015

Manager 21.09 24.70 11.60 N/A N/A N/A 18.89 -6.24 28.77 N/A N/ABenchmark 31.37 19.96 10.25 13.26 9.34 11.20 25.53 -11.01 14.65 21.31 -4.41

Difference -10.28 4.74 1.35 N/A N/A N/A -6.64 4.77 14.12 N/A N/APeer Group Median 27.30 39.67 20.37 19.32 14.20 15.52 28.50 -4.27 23.71 11.40 -0.74

Rank 92 82 87 N/A N/A N/A 91 63 25 N/A N/APopulation 139 138 136 130 125 120 166 181 183 190 207



12.00

14.00

16.00

18.00

20.00

DownsideRisk


Median 20.11 8.10 1.14 0.84 15.63

Portfolio BenchmarkWtd. Avg. Mkt. Cap ($M) 4,948 3,253Median Mkt. Cap ($M) 2,676 875Price/Earnings Ratio 29.78 21.18Price/Book Ratio 4.10 3.015 Yr. EPS Growth Rate (%) 13.60 9.73Current Yield (%) 0.48 1.02Beta (3 Years, Monthly) 0.99 1.00Number of Securities 69 2,041Active Share 96.15 N/A

RHJ Small Cap Opportunities (SA)

IM U.S. Small Cap Growth Equity (SA+CF)



Performance shown is gross of fees and client specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks.

Page 57



Sector Weights (%)

Performance


QTD 1Year

3Years

5Years

7Years

10Years 2019 2018 2017 2016 2015

Manager 10.43 7.93 5.18 7.40 N/A N/A 18.69 -9.17 15.42 6.37 2.87Benchmark 16.05 7.82 4.28 7.45 4.39 5.51 22.01 -13.79 25.03 1.00 -0.81

Difference -5.62 0.11 0.90 -0.05 N/A N/A -3.32 4.62 -9.61 5.37 3.68Peer Group Median 17.81 4.37 2.16 6.69 3.71 6.23 21.17 -15.76 24.17 3.15 -1.05

Rank 96 27 23 28 N/A N/A 74 5 100 16 22Population 47 47 47 47 47 45 55 59 61 65 76



5.00

8.00

11.00

14.00

17.00

DownsideRisk


Median 6.58 3.91 -0.15 0.38 11.20

Portfolio BenchmarkWtd. Avg. Mkt. Cap ($M) 50,168 70,365Median Mkt. Cap ($M) 16,240 12,357Price/Earnings Ratio 20.65 21.83Price/Book Ratio 2.11 2.665 Yr. EPS Growth Rate (%) 1.26 3.69Current Yield (%) 2.13 2.38Beta (5 Years, Monthly) 0.64 1.00Number of Securities 90 876Active Share 92.39 N/A

First Eagle International Value Equity (SA)

IM EAFE Value (SA+CF)


Peer Group:Benchmark: MSCI EAFE Index (USD) (Net)Manager:

Performance shown is gross of fees and client specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Approximately 71% of the allocations to "materials" represents allocations to gold.

Page 58



Region Weights (%)

Performance


QTD 1Year

3Years

5Years

7Years

10Years 2019 2018 2017 2016 2015

Manager 16.75 6.62 2.05 6.40 4.61 6.36 17.67 -15.30 24.20 3.31 4.81Benchmark 16.05 7.82 4.28 7.45 4.39 5.51 22.01 -13.79 25.03 1.00 -0.81

Difference 0.70 -1.20 -2.23 -1.05 0.22 0.85 -4.34 -1.51 -0.83 2.31 5.62Peer Group Median 15.08 8.37 5.15 7.89 5.27 7.01 23.60 -14.38 25.86 0.80 1.24

Rank 26 67 78 73 70 61 93 71 77 16 14Population 68 68 67 66 65 57 86 91 99 103 107



8.00

10.00

12.00

14.00

DownsideRisk


Median 7.30 3.33 0.44 0.47 10.12


PanAgora Dynamic International Equity (SA)

IM EAFE Core (SA+CF)




Page 59



Region Weights (%)

Performance


QTD 1Year

3Years

5Years

7Years

10Years 2019 2018 2017 2016 2015

Manager 8.52 6.93 8.02 8.87 N/A N/A 30.66 -9.79 32.63 -8.50 -2.80Benchmark 16.05 7.82 4.28 7.45 4.39 5.51 22.01 -13.79 25.03 1.00 -0.81

Difference -7.53 -0.89 3.74 1.42 N/A N/A 8.65 4.00 7.60 -9.50 -1.99Peer Group Median 14.95 19.72 8.59 9.97 7.35 7.68 26.97 -14.13 29.19 -0.12 2.58

Rank 100 92 52 64 N/A N/A 19 14 19 99 93Population 35 35 35 35 35 34 38 40 42 46 52



6.00

8.00

10.00

12.00

14.00

DownsideRisk


Median 9.39 4.44 0.59 0.66 9.99


Artisan Non-U.S. Growth (SA)

IM EAFE Growth (SA+CF)




Page 60



Region Weights (%)

Performance


QTD 1Year

3Years

5Years

7Years

10Years 2019 2018 2017 2016 2015

Manager 15.53 14.27 4.82 10.64 8.74 9.83 23.71 -18.54 38.90 3.65 13.84Benchmark 17.27 12.34 4.85 9.40 7.25 7.85 24.96 -17.89 33.01 2.18 9.59

Difference -1.74 1.93 -0.03 1.24 1.49 1.98 -1.25 -0.65 5.89 1.47 4.25Peer Group Median 17.08 14.67 5.07 10.15 8.00 9.20 24.94 -18.34 35.05 1.67 9.99

Rank 61 51 52 45 38 30 60 52 29 39 24Population 111 109 100 91 78 58 121 129 131 127 127



8.00

10.00

12.00

14.00

DownsideRisk


Median 9.48 4.15 0.31 0.59 10.90

Portfolio BenchmarkWtd. Avg. Mkt. Cap ($M) 2,836 2,992Median Mkt. Cap ($M) 539 1,240Price/Earnings Ratio 15.52 19.10Price/Book Ratio 2.41 2.395 Yr. EPS Growth Rate (%) 10.93 4.55Current Yield (%) 1.99 1.98Beta (5 Years, Monthly) 0.95 1.00Number of Securities 1,467 2,361Active Share 79.20 N/A

Acadian Int'l Sm Cap (CF)

IM International Small Cap Equity (SA+CF)


Peer Group:Benchmark: MSCI EAFE Sm Cap Index (USD) (Net)Manager:


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Region Weights (%)

Performance


QTD 1Year

3Years

5Years

7Years

10Years 2019 2018 2017 2016 2015

Manager 20.97 2.73 -0.27 9.72 3.06 0.53 9.64 -11.93 33.76 19.84 -18.77Benchmark 19.70 18.31 6.17 12.81 6.17 3.63 18.44 -14.58 37.28 11.19 -14.92

Difference 1.27 -15.58 -6.44 -3.09 -3.11 -3.10 -8.80 2.65 -3.52 8.65 -3.85Peer Group Median 19.11 17.49 5.56 11.74 5.85 3.60 20.06 -16.39 35.37 8.35 -13.66

Rank 28 91 92 79 88 95 91 12 59 6 88Population 833 805 705 610 453 288 847 844 814 750 656



8.00

10.00

12.00

14.00

16.00

DownsideRisk


Median 4.50 4.95 -0.01 0.25 12.27

Portfolio BenchmarkWtd. Avg. Mkt. Cap ($M) 30,799 161,748Median Mkt. Cap ($M) 543 6,591Price/Earnings Ratio 10.03 18.99Price/Book Ratio 1.64 3.135 Yr. EPS Growth Rate (%) 9.79 10.91Current Yield (%) 3.14 1.93Beta (5 Years, Monthly) 1.08 1.00Number of Securities 2,890 1,395Active Share 72.85 N/A

DFA Emg Mkts Value;I (DFEVX)

IM Emerging Markets Equity (MF)


Peer Group:Benchmark: MSCI Emg Mkts Index (USD) (Net)Manager:

Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks.

Page 62



Region Weights (%)

Performance


QTD 1Year

3Years

5Years

7Years

10Years 2019 2018 2017 2016 2015

Manager 18.49 17.39 8.10 12.61 N/A N/A 18.93 -9.52 35.55 5.77 N/ABenchmark 19.70 18.31 6.17 12.81 6.17 3.63 18.44 -14.58 37.28 11.19 -14.92

Difference -1.21 -0.92 1.93 -0.20 N/A N/A 0.49 5.06 -1.73 -5.42 N/APeer Group Median 19.78 18.14 6.18 12.71 6.66 5.10 19.49 -15.23 36.79 10.37 -12.66




8.00

10.00

12.00

14.00

16.00

DownsideRisk


Median 12.49 5.05 0.01 0.69 11.39

Portfolio BenchmarkWtd. Avg. Mkt. Cap ($M) 136,720 161,748Median Mkt. Cap ($M) 18,781 6,591Price/Earnings Ratio 24.90 18.99Price/Book Ratio 3.47 3.135 Yr. EPS Growth Rate (%) 5.71 10.91Current Yield (%) 1.54 1.93Beta (5 Years, Monthly) 0.88 1.00Number of Securities 49 1,395Active Share 77.23 N/A

RBC GAM Emg Mkts Equity (CF)

IM Emerging Markets Equity (SA+CF)


Peer Group:Benchmark: MSCI Emg Mkts Index (USD) (Net)Manager:


Page 63




Performance

Portfolio Characteristics

QTD 1Year

3Years

5Years

7Years

10Years 2019 2018 2017 2016 2015

Manager 0.65 7.46 5.31 4.40 4.07 3.81 8.68 0.00 3.53 2.58 0.50Benchmark 0.67 7.51 5.34 4.44 4.09 3.84 8.72 0.01 3.54 2.65 0.55

Difference -0.02 -0.05 -0.03 -0.04 -0.02 -0.03 -0.04 -0.01 -0.01 -0.07 -0.05Peer Group Median 1.13 8.60 5.88 5.04 4.58 4.41 9.18 0.07 4.03 3.10 0.82

Rank 87 90 94 93 95 97 80 63 86 84 80Population 136 136 133 131 128 121 152 158 163 170 175




Median 3.75 0.86 0.64 1.20 1.55

Portfolio BenchmarkEffective Duration 6.22 6.22Spread Duration N/A 6.44Avg. Maturity 8.23 8.28Avg. Quality Aa1/Aa2 Aa1/Aa2Yield To Maturity (%) 1.11 1.14Coupon Rate (%) 2.80 2.76Current Yield (%) 2.46 N/AHoldings Count 5,404 11,984

BNY Mellon US Aggregate Bond - NL (CF)

IM U.S. Broad Market Core Fixed Income (SA+CF)


Peer Group:Benchmark: Bloomberg US Agg Bond IndexManager:


Page 64




Performance


QTD 1Year

3Years

5Years

7Years

10Years 2019 2018 2017 2016 2015

Manager 0.69 8.59 5.66 4.79 4.67 4.83 7.56 1.00 3.83 3.16 0.83Benchmark 0.67 7.51 5.34 4.44 4.09 3.84 8.72 0.01 3.54 2.65 0.55

Difference 0.02 1.08 0.32 0.35 0.58 0.99 -1.16 0.99 0.29 0.51 0.28Peer Group Median 1.13 8.60 5.88 5.04 4.58 4.41 9.18 0.07 4.03 3.10 0.82

Rank 79 51 66 68 43 19 95 7 61 48 49Population 136 136 133 131 128 121 152 158 163 170 175




Median 3.75 0.86 0.64 1.20 1.55

Portfolio BenchmarkEffective Duration 5.00 6.22Spread Duration 3.03 6.44Avg. Maturity 6.24 8.28Avg. Quality Aa3 Aa1/Aa2Yield To Maturity (%) 0.96 1.14Coupon Rate (%) 2.16 2.76Current Yield (%) 1.87 N/AHoldings Count 30 11,984

Garcia Hamilton Core Fixed Income (SA)

IM U.S. Broad Market Core Fixed Income (SA+CF)



Performance shown is gross of fees and product specific prior to client inception. Calculation is based on monthly periodicity. Parentheses contain percentile ranks.

Page 65




Performance


QTD 1Year

3Years

5Years

7Years

10Years 2019 2018 2017 2016 2015

Manager 2.64 9.50 6.89 6.73 5.87 5.88 11.66 -0.11 6.91 6.06 0.21Benchmark 0.67 7.51 5.34 4.44 4.09 3.84 8.72 0.01 3.54 2.65 0.55

Difference 1.97 1.99 1.55 2.29 1.78 2.04 2.94 -0.12 3.37 3.41 -0.34Peer Group Median 2.05 8.97 6.19 5.66 4.88 4.86 9.83 -0.28 4.81 4.68 0.31

Rank 27 37 14 17 9 13 14 42 11 26 54Population 134 133 130 127 124 118 156 163 168 171 178




Median 4.19 1.78 0.61 1.24 1.86

Portfolio BenchmarkEffective Duration 6.98 6.22Spread Duration 6.09 6.44Avg. Maturity 9.12 8.28Avg. Quality A2 Aa1/Aa2Yield To Maturity (%) 2.37 1.14Coupon Rate (%) 3.25 2.76Current Yield (%) 3.06 N/AHoldings Count 2,564 11,984

PGIM Core Plus Bond Qual (CF)

IM U.S. Broad Market Core+ Fixed Income (SA+CF)



Performance shown is gross of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Allocation to "Other" consists of equity and swaps.

Page 66




Performance


QTD 1Year

3Years

5Years

7Years

10Years 2019 2018 2017 2016 2015

Manager 9.14 6.62 5.67 8.78 N/A N/A 17.23 -5.61 14.51 12.74 N/ABenchmark 7.70 4.02 4.09 6.97 3.93 3.90 14.31 -5.15 12.74 10.16 -7.14

Difference 1.44 2.60 1.58 1.81 N/A N/A 2.92 -0.46 1.77 2.58 N/APeer Group Median 7.95 6.77 4.91 7.77 5.61 5.73 14.24 -5.33 12.43 11.04 -2.53





Median 6.81 4.23 0.20 0.65 7.96

Portfolio BenchmarkEffective Duration 6.87 6.88Spread Duration 6.37 4.02Avg. Maturity 9.97 10.30Avg. Quality Baa2 Ba3Yield To Maturity (%) 4.88 2.57Coupon Rate (%) 4.82 5.33Current Yield (%) 4.90 4.90Holdings Count 156 1,112

Wellington Opputunistic EMD (CF)

IM Emerging Markets Debt (SA+CF)


Peer Group:Benchmark: Wellington Blended IndexManager:

Performance shown is gross of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Allocation benchmark to "Other" consists of Airlines and Foreign Agency.

Page 67



Quality Distribution (%)

Performance


QTD 1Year

3Years

5Years

7Years

10Years 2019 2018 2017 2016 2015

Manager 3.84 3.36 4.37 4.59 4.23 5.53 9.28 0.64 3.32 6.55 3.42Benchmark 3.64 2.78 3.99 5.19 3.93 4.47 8.17 1.14 4.25 9.88 -0.38

Difference 0.20 0.58 0.38 -0.60 0.30 1.06 1.11 -0.50 -0.93 -3.33 3.80Peer Group Median 3.45 2.45 3.88 4.95 3.90 4.59 8.71 0.78 4.44 9.51 0.66

Rank 27 25 27 79 32 6 34 64 95 99 2Population 47 47 46 44 44 36 56 65 66 67 70




Median 4.00 1.01 0.09 0.80 3.99

Portfolio BenchmarkEffective Duration N/A N/ASpread Duration N/A N/AAvg. Maturity 5.20 4.53Avg. Quality B2 B2Yield To Maturity (%) 5.10 5.10Coupon Rate (%) 6.80 4.08Current Yield (%) 4.70 4.24Holdings Count 134 1,678

Beach Point Leveraged Loan (CF)

IM U.S. Bank Loans (SA+CF)


Peer Group:Benchmark: CS Lvg'd Loan IndexManager:


Page 68




Performance


QTD 1Year

3Years

5Years

7Years

10Years 2019 2018 2017 2016 2015

Manager 1.61 10.97 5.91 5.11 3.93 3.82 8.43 -1.26 3.09 4.74 -1.41Benchmark 1.62 10.99 5.92 5.08 3.92 3.81 8.43 -1.26 3.01 4.68 -1.44

Difference -0.01 -0.02 -0.01 0.03 0.01 0.01 0.00 0.00 0.08 0.06 0.03Peer Group Median 1.63 11.01 5.93 5.11 3.92 3.82 8.44 -1.25 3.09 4.66 -1.41

Rank 60 56 56 50 45 50 54 56 51 41 50Population 27 27 27 27 27 24 31 35 36 38 39




Median 3.21 0.67 0.09 0.75 2.61

Portfolio BenchmarkEffective Duration 7.78 3.43Spread Duration N/A 3.43Avg. Maturity 8.05 8.05Avg. Quality Aaa/Aaa AaaYield To Maturity (%) 0.69 0.69Coupon Rate (%) 0.66 0.66Current Yield (%) 0.58 N/AHoldings Count 43 43

BNY Mellon TIPS - NL (CF)

IM U.S. TIPS (SA+CF)


Peer Group:Benchmark: Bloomberg US Trsy US TIPS IndexManager:

Performance shown is gross of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Performance prior to 05/2019 is represented by BNY Mellon TIPS - SL (CF).

Page 69

Historical Asset Allocation - 3 Years

Performance

Historical Statistics - 3 Years Actual Correlation - 3 Years

Asset Allocation vs. Benchmark

QTD 1Year

3Years

5Years

7Years

10Years 2019 2018 2017 2016 2015

Manager 11.10 -0.33 2.53 N/A N/A N/A 17.62 -8.05 6.56 N/A N/ABenchmark 11.02 -2.00 1.85 5.36 1.68 N/A 16.53 -7.48 9.82 11.90 -13.27

Difference 0.08 1.67 0.68 N/A N/A N/A 1.09 -0.57 -3.26 N/A N/A

Manager BenchmarkS&P 500

Index(Cap Wtd)

BloombergUS Agg

Bond IndexStandard Deviation 13.07 14.03 18.53 3.36Sharpe Ratio 0.14 0.09 0.72 1.10Downside Risk 9.82 10.73 12.01 1.33Excess Return 1.79 1.26 13.47 3.68

ActualCorrelation

Cohen & Steers Real Assets Custom Index 0.99S&P 500 Index (Cap Wtd) 0.87Russell 2000 Index 0.89MSCI EAFE Index (USD) (Net) 0.91MSCI Emg Mkts Index (USD) (Net) 0.85Bloomberg US Agg Bond Index 0.12Bloomberg US Trsy US TIPS Index 0.43Wilshire US REIT Index 0.85HFRI FOF Comp Index 0.91Bloomberg Cmdty Index (TR) 0.87ICE BofAML 3 Mo US T-Bill Index -0.41Cons Price Index (Unadjusted) 0.07

As of December 31, 2020Benchmark:Manager: Cohen & Steers Real Assets Class B (CIT)

Cohen & Steers Real Assets Custom Index

Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Primary Real Return strategies and asset classes are represented by the colored shades. Allocation to Equity - Natural Resources includes infrastructure. Allocation to "Other" includes gold and cash equivalents. Please see the Addendum for custom index definitions.

Page 70

Historical Asset Allocation - 7 Years

Performance

Historical Statistics - 7 Years Actual Correlation - 7 Years

Asset Allocation

QTD 1Year

3Years

5Years

7Years

10Years 2019 2018 2017 2016 2015

Manager 9.53 -2.24 4.74 7.61 7.43 N/A 24.25 -5.41 13.35 10.82 -2.02Benchmark 10.18 0.81 4.16 6.76 5.80 N/A 20.01 -6.59 13.26 8.34 -3.69

Difference -0.65 -3.05 0.58 0.85 1.63 N/A 4.24 1.18 0.09 2.48 1.67

0.0

5.0

10.0

15.0

20.0

7.15.4

12.3

3.2

9.37.9 8.8

1.50.6 0.5 0.9 1.1

11.8 10.7

14.1

3.0

Manager BenchmarkS&P 500

Index (CapWtd)

BloombergUS Agg

Bond IndexStandard Deviation 11.83 10.74 14.09 3.01Sharpe Ratio 0.59 0.50 0.87 1.07Downside Risk 9.26 7.93 8.76 1.45Excess Return 7.08 5.39 12.34 3.19

ActualCorrelation

Benchmark 0.98S&P 500 Index (Cap Wtd) 0.74Russell 2000 Index 0.72MSCI EAFE Index (USD) (Net) 0.75MSCI Emg Mkts Index (USD) (Net) 0.72Bloomberg US Agg Bond Index 0.36Bloomberg US Trsy US TIPS Index 0.52Wilshire US REIT Index 0.82HFRI FOF Comp Index 0.81Bloomberg Cmdty Index (TR) 0.53ICE BofAML 3 Mo US T-Bill Index -0.27Cons Price Index (Unadjusted) 0.09

Nuveen Real Asset Income Fund (SA) As of December 31, 2020Benchmark: Nuveen Real Asset Income Blend IndexManager:

Performance shown is gross of fees and product specific prior to client inception. Calculation is based on monthly periodicity. Primary Real Return strategies and asset classes are represented by the colored shades and are denoted by categories 1 through 5. Historical asset allocation prior to client inception is represented by Nuveen Real Asset Inc;I (NRIIX). Please see the Addendum for custom index definitions.

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Performance Related CommentsRVK, Inc. began monitoring the assets of the Santa Barbara County Employees' Retirement System in 06/2016. Prior historical data was provided by the previous investment consultant.Inception dates shown represent the first full month following initial funding.Performance is annualized for periods greater than one year.Total Fund performance excludes Treasury Cash.Performance shown is provided by BNY Mellon.Historical performance prior to 04/11/2019 for BNY Mellon HEDI (SA), BNY Mellon R1000 Index - NL (CF), and BNYMellon TIPS - NL (CF) is represented by RhumbLine HEDI (SA), SSgA Russell 1000 Index - NL (CF), and BlackRock TIPS (CF), respectively.

Custom Index CommentsRVK began calculating the SBCERS Policy Benchmark on 04/01/2016. Historical performance was provided be theprevious consultant. The passive Policy Benchmark currently consists of 19% Russell 3000 Index, 11% MSCI EAFEIndex (USD) (Net), 7% MSCI Emg Mkts Index (USD) (Net), 17% Bloomberg US Agg Bond Index, 11% Custom Non-Core Fixed Income Benchmark, 15% Consumer Price Index+4%, 10% NCREIF ODCE Index (AWA) (Net) (Monthly) (1Qtr Lag), and 10% Russell 3000 Index+3% (1 Qtr Lag).The active SBCERS Dynamic Policy Benchmark is calculated monthly using beginning of month manager weightsapplied to each corresponding primary benchmark return.The passive Custom Non-Core Fixed Income Benchmark currently consists of 33.3% Wellington BlendedBenchmark, and 66.6% CS Lvg'd Loan Index. Prior to 12/01/2020 the benchmark consisted of 33.3% Bloomberg USCorp Hi Yld Index, 33.3% Wellington Blended Benchmark, and 33.3% CS Lvg'd Loan Index.The passive Wellington Blended Benchmark currently consists of 50% JPM GBI-EM Gbl Dvf'd Index (USD) (TR)(Unhedged) and 50% JPM Emg Mkts Bond Glb Dvf'd Index (TR).The active Custom Real Return Benchmark is calculated monthly using beginning of month manager weights withinthe Real Return Composite applied to each corresponding primary benchmark return.The passive Cohen & Steers Real Assets Custom Index is a custom benchmark created by the manager andcurrently consists of 27.5% FTSE EPRA/NAREIT Dvld Index (USD) (Net), 27.5% Bloomberg Cmdty Index (TR), 15%S&P Gbl Natural Res Sect Index (TR), 15% DJ Brookfield Gbl Infrastructure Index, 10% ICE BofAML 1-3 Yr US CorpIndex, and 5% Gold Spot Per Ounce Index. Prior to 9/30/2013 benchmark consisted of 30% FTSE EPRA/NAREIT DvldIndex (USD) (Net), 30% Bloomberg Cmdty Index (TR), 20% S&P Gbl Natural Res Sect Index (TR), 12.5% ICE BofAML1-3 Yr Corp Index, and 7.5% Gold Spot Per Ounce Index.The passive Nuveen Real Asset Income Blend Index is a custom benchmark created by the manager and currentlyconsists of 28% S&P Gbl Infrastructure Index, 21% FTSE EPRA/NAREIT Dvl'd Index (USD) (Net), 18% Wells FargoHybrid & Preferred Securities REIT Index, 15% Bloomberg Global Capital Securities Index and 18% Bloomberg USCorp Hi Yld Index.

Santa Barbara County Employees' Retirement SystemAddendum


Page 73

Fee ScheduleMarket Value

As of12/31/2020

($)

EstimatedAnnual Fee

($)

EstimatedAnnual Fee

(%)

Total Fund Public Assets 2,631,109,190 8,846,945 0.34

U.S. Equity CompositeBNY Mellon HEDI (SA) 0.02 % of Assets 304,814,413 60,963 0.02

BNY Mellon R1000 Index - NL (CF) 0.01 % of Assets 376,487,105 37,649 0.01

Dimensional U.S. Small Cap Value (CF) 0.50 % of Assets 32,540,638 162,703 0.50

RHJ Small Cap Opportunities (SA) 0.85 % of Assets 37,438,167 318,224 0.85

Dev'd Mkt. Non-U.S. Equity CompositeFirst Eagle International Value Equity (SA) 0.75 % of Assets 105,934,826 794,511 0.75

PanAgora Dynamic International Equity (SA) 0.33 % of First $100 M0.30 % of Next $100 M0.25 % Thereafter

109,837,540 359,513 0.33

Artisan Non-U.S. Growth (SA) 0.80 % of First $50 M0.60 % Thereafter

123,978,048 843,868 0.68

Acadian Non-US Small Cap Equity (CF) 0.75 % of Assets 53,945,697 404,593 0.75

Emerging Mkt. Equity CompositeDFA Emg Mkts Value;I (DFEVX) 0.51 % of Assets 127,552,923 650,520 0.51

RBC Emerging Markets Equity (CF) 0.50 % of Assets 164,383,852 821,919 0.50

Core Fixed Income CompositeBNY Mellon US Aggregate Bond - NL (CF) 0.01 % of Assets 53,860,427 5,386 0.01

Garcia Hamilton Core Fixed Income (SA) 0.30 % of First $10 M0.25 % Thereafter

270,151,755 680,379 0.25

PGIM Core Plus Fixed Income (CF) 0.26 % of Assets 213,343,143 554,692 0.26

Non-Core Fixed Income CompositeWellington Blended Opportunistic EMD (CF) 0.55 % of Assets 144,011,010 792,061 0.55

Beach Point Leveraged Loan (CF) 0.50 % of Assets 141,243,374 706,217 0.50

Public Real Return CompositeBNY Mellon TIPS - NL (CF) 0.01 % of Assets 73,070,069 7,307 0.01

Cohen & Steers Real Assets Fund (CIT) 0.65 % of Assets 117,308,397 762,505 0.65

Nuveen Real Asset Income Fund (SA) 0.80 % of First $50 M0.75 % of Next $50 M0.65 % Thereafter

114,959,596 872,237 0.76

Mutual fund fees are sourced from Morningstar and/or the investment manager.

Santa Barbara County Employees' Retirement SystemFee Schedule for Public Investment Managers


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Santa Barbara County Employees' Retirement SystemAddendumUnderlying Indices of SBCERS Policy Index


Time Period Composition Time Period Composition Time Period45.0% Russell 3000 Index 21.0% Russell 3000 Index 23.0%20.0% MSCI EAFE 2.0% HFRI Composite 9.0%28.5% Lehman Aggregate 9.0% MSCI EAFE 10.0%4.5% SB World Gov Bond 10.0% MSCI Emerging Markets 1.0%2.0% CG 3-Month U.S. T-Bill 1.0% MSCI Frontier Markets 10.0%

10.0% Barclays Capital Aggregate 4.0%49.0% Russell 3000 Index 4.0% JPM GBI Global ex. U.S. 3.0%19.0% MSCI AC Wld ex U.S. 3.0% JPM GBI - Emerging Global Diversified 7.0%27.0% Lehman Universal 7.0% Barclays Capital U.S. Tips 4.0%4.0% DJ Wilshire REIT Full Cap 4.0% Barclays High Yield 2.0%1.0% CG 3-Month U.S. T-Bill 2.0% CSFB Leveraged Loan Index 3.0%

3.0% Dow Jones-UBS Commodity Index 2.0%48.0% Russell 3000 Index 2.0% S&P Global Large Mid Comm and NR 3.0%19.0% MSCI ACWI ex U.S. 3.0% CPI+4% Lagged 2.0%26.0% Lehman Universal 2.0% Dow Jones Brookfield Glabal Infra. 2.0%2.0% Russell 3000+3% 2.0% CPI+4% Lagged 7.0%4.0% NCREIF / T-Bill+3% (50/50) 7.0% Russell 3000+3% Lagged 6.0%1.0% CG 3-Month U.S. T-Bill 6.0% NCREIF ODCE Lagged 2.0%

2.0% NAREIT Equity REITs Lagged 0.0%47.0% Russell 3000 Index 0.0% 90 Day T-Bills18.0% MSCI ACWI ex U.S.25.0% BC U.S. Universal 23.0% Russell 3000 Index 19.0%4.0% Russell 3000+3% Index 9.0% MSCI EAFE 11.0%5.0% NCREIF / T-Bill+3% (50/50) 10.0% MSCI Emerging Markets 7.0%1.0% CG 3-Month U.S. T-Bill 1.0% MSCI Frontier Markets 17.0%

10.0% Barclays Capital Aggregate 11.0%37.0% Russell 3000 Index 4.0% JPM GBI Global ex. U.S. 15.0%18.0% MSCI ACWI ex U.S. 3.0% JPM GBI - Emerging Global Diversified 10.0%32.0% BC U.S. Universal 7.0% Barclays Capital U.S. Tips 10.0%4.0% T-Bill Lag 1 Qtr Lag 4.0% Barclays High Yield4.0% NCREIF Index Lag 1 QTR 2.0% CSFB Leveraged Loan Index3.0% Russell 3000 Lag 1 QTR 3.0% Dow Jones-UBS Commodity Index2.0% CG 3-Month U.S. T-Bill 2.0% S&P Global Large Mid Comm and NR

3.0% CPI+4% Lagged37.0% Russell 3000 Index (includes 2% Covered Calls) 2.0% Dow Jones Brookfield Glabal Infra.18.0% MSCI ACW ex U.S. 2.0% CPI+4% Lagged32.0% BC U.S. Universal 7.0% Russell 3000+3% Lagged4.0% T-Bill Lag 1 QTR (Real Return) 6.0% NCREIF ODCE Lagged4.0% NCREIF Index Lag 1 QTR 2.0% NAREIT Equity REITs Lagged3.0% Russell 3000 Lag 1 QTR (Private Equity) 0.0% 90 Day T-Bills2.0% CG 3-Month U.S. Bill

37.0% Russell 3000 Index (includes 2% Covered Calls) 18.0% MSCI ACW ex U.S.30.0% BC U.S. Universal4.0% T-Bill Lag 1 QTR (Real Return)4.0% NCREIF Index Lag 1 QTR5.0% Russell 3000 Lag 1 QTR (Private Equity)2.0% CG 3-Month U.S. Bill

RVK, Inc. began calculating performance for the SBCERS Policy Index in 06/2016. Prior performance data was provided by the previous investment consultant.

Consumer Price Index+4%

Russell 3000 Index+3% (1 Qtr Lag)NCREIF ODCE Index (AWA) (Net) (1 Qtr Lag)

07/01/2017-Present

03/01/2011-05/31/2012

05/01/2013-03/31/2016

03/01/2009-06/30/2010

07/01/2010-02/28/2011

Russell 3000 IndexMSCI EAFE Index (USD) (Net)

MSCI Emerging Markets Index (USD) (Net)Bloomberg US Aggregate Bond Index

Custom Non-Core Fixed Income Benchmark

Composition

S&P Glbl Lg Mid Cap Commodity & Resources Index (USD) (Gross)Consumer Price Index+4% (1 Qtr Lag)

Dow Jones Brookfield Global Infrastructure Composite Index (Net)Consumer Price Index+4%

Bloomberg US Corporate: High Yield Index

Stone Harbor Blended BenchmarkBloomberg US Treasury: US TIPS Index

JP Morgan Global Government Bond Excluding US Index

Credit Suisse Leveraged Loan IndexBloomberg Commodity Index (Total Return)

04/01/2016-06/30/2017

01/01/2007-12/31/2008

Russell 3000 IndexMSCI EAFE Index (USD) (Net)

MSCI Emerging Markets Index (USD) (Net)MSCI Frontier Markets Index (USD) (Net)

Bloomberg US Aggregate Bond Index

06/01/2012-04/30/2013

01/01/2009-02/28/2009

11/01/1999-12/31/2001

01/01/2002-12/31/2006

FTSE NAREIT All Equity REITs Total Return Index (1 Qtr Lag)ICE BofA Merrill Lynch 3 Month US Treasury Bill Index

Russell 3000 Index+3% (1 Qtr Lag)NCREIF ODCE Index (AWA) (Net) (1 Qtr Lag)

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Santa Barbara County Employees' Retirement SystemWork Plan


Action Item Anticipated Presentation Status Comments

Q2 Performance Report August 2020 Board Meeting Completed

International Small Cap Equity RFP October 2020 Completed At the September meeting, the Board voted to hire Acadian to replace Copper Rock.

Transition Manager Bench Review Memo October 2020 Completed

Q3 Performance Report November 2020 Board Meeting Completed

2020 CAFR Letter November 2020 Completed

International Small Cap Equity Transition November 2020 Completed

DFA Performance Discussion November 2020 Board Meeting Completed

High Yield Termination/Non-Core FI Rebalance November/December 2020 Completed

AG Direct Lending Fund IV Recommendation December 2020 Completed

Q4 Performance Report February 2021 Board Meeting In Progress

First Eagle V Recommendation February 2021 In Progress

Investment Policy Statement Review TBD

The following work plan outlines RVK's proposed action items for Santa Barbara County Employees' Retirement System. The proposed timing for future meetings is intended to correspond with anticipated meeting dates for the Board.

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Glossary Active Return - The difference between the investment manager/composite performance relative to the performance of an appropriate market benchmark. Active Share - Measures the degree to which the holdings of a fund differ from the holdings of the benchmark. Active share is calculated by taking the sum of the absolute value of the differences of the weight of each holding in the fund versus the weight of each holding in the benchmark and dividing by two. Alpha - A measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measured by beta. It is a measure of the portfolio's historical performance not explained by movements of the market or a portfolio's non-systematic return. Alpha Ratio - A measure of a portfolio's non-systematic return per unit of downside risk. It is measured by dividing the alpha of a portfolio by the downside risk. The non-systematic return is a measure of a portfolio's historical performance not explained by movements of the market. Average Quality - Bond quality ratings are reported using the investment managers' and the index providers' preferred rating agency. Average Quality for managers unable to provide this statistic is instead provided by Morningstar; if unavailable on Morningstar, it has been estimated using a credit quality distribution provided by the manager. There are two primary rating agencies in the US. Moody's assigns ratings on a system that employs up to four symbols (consisting of letters and numbers), such as, Aaa, Aa2, etc., with Aaa being the highest or safest rating. Standard & Poor's (S&P) employs a system that uses + and - along with letters, such as AAA, AA+, etc. The two rating agencies' systems are summarized below:

S&P Moody’s Explanation S&P Moody’s Explanation Higher Credit Quality – Investment Grade Lower Credit Quality – Below Investment Grade AAA Aaa Prime/Highest credit quality BB+ Ba1 Speculative/Low credit quality AA+ Aa1 High credit quality BB Ba2 AA Aa2 BB- Ba3 AA- Aa3 B+ B1 Highly speculative A+ A1 Upper-medium credit quality B B2 A A2 B- B3 A- A3 CCC+ Caa1 Substantial credit/default risk BBB+ Baa1 Lower-medium credit quality CCC Caa2 Extremely speculative BBB Baa2 CCC- Caa3 BBB- Baa3 CC Ca Vulnerable to default C Ca D C In default

Benchmark Effect - The difference between the blended return of each respective managers’ benchmark within a composite and the composite’s benchmark return. Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of a portfolio's non-diversifiable or systematic risk. Box Plots - A graphical representation of the distribution of observations. From top to bottom, the four boxes represent the spread between the maximum value and the minimum value in each quartile. A quartile represents the values that divide the observations into four quarters (i.e., 1st quartile, 2nd quartile, 3rd quartile, and 4th quartile). The median observation is where the 2nd quartile and 3rd quartile meet. Buy and Hold Attribution - At the beginning of the time period under analysis, the manager and benchmark portfolios are broken down into segments (i.e., styles, sectors, countries, and regions) based on the desired type of attribution. The formula assumes zero turn-over to the manager and benchmark portfolios throughout the period and calculates the segment returns ("buy and hold returns") to arrive at performance attribution. Due to portfolio turnover, buy and hold attribution may not accurately represent quarterly performance relative to the benchmark. Country, region, sector, and style allocations are as of the date one quarter prior to the reporting date, and the returns shown are for those segments throughout the quarter reported. Due to disclosure guidelines set by each investment manager, equity characteristics shown are as of the most recent date available. The following is the methodology for segment classification:

Sector - Attribution is calculated using the Global Industry Classification Standard (GICS), which is a detailed and comprehensive structure for sector and industry analysis. Stocks are classified by their primary sector as defined by S&P Capital IQ data. Country/Region - Attribution is calculated using the Morgan Stanley Capital International (MSCI) region standards. Stocks are classified by their domicile country/region, as defined by S&P Capital IQ data, and thus may differ from the classification of the investment manager and/or index provider. Style - Stocks are classified into the following style boxes: large/mid/small vs. growth/neutral/value. Stocks are classified along large/mid/small categories at the time of the Russell index rebalancing, using the index market cap boundaries as cutoff points. Stocks are classified along growth/neutral/value categories at the time of the Russell index rebalancing, using the price/book ratio as supplied by S&P Capital IQ. Stocks in the Russell 3000 Index portfolio are sorted by price/book ratio; names with the highest price/book ratio that make up 1/3 of the total market capitalization are assigned to the growth category, and names that make up the subsequent 1/3 of the total market capitalization are assigned to the neutral category, while the balance of the names are assigned to the value category. Stocks are unclassified when there is not enough data to determine a size and style metric.

Portfolio Characteristics and Buy and Hold Attribution reports utilize product-specific data for all mutual funds and commingled funds. Capital Markets Review -

Breakeven Inflation - Measures the expected inflation rate at each stated maturity by taking the difference between the real yield of the inflation-linked maturity curve and the yield of the closest nominal Treasury maturity. Consumer Confidence - Measures domestic consumer confidence as defined by the degree of optimism on the state of the economy that consumers express through saving and spending. Consumer Price Index (CPI) - Measures the change in the price level of consumer goods and services.

Page 77

Glossary

Federal Funds Rate - The interest rate at which a depository institution lends funds maintained at the Federal Reserve to another depository institution overnight. It is one of the most influential interest rates in the US economy, since it affects monetary and financial conditions, which in turn have a bearing on key aspects of the broad economy including employment, growth and inflation. Option-Adjusted Spread - Measures the flat spread of an index or bond to the Treasury yield curve after removing the effect of any embedded options. Purchasing Managers Index (PMI) - Measures economic activity by surveying purchasing managers on a monthly basis as to whether business conditions have improved, worsened, or stayed the same. Real Gross Domestic Product (Real GDP) - An inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year. Unemployment Rate - The percentage of the total labor force that is unemployed but actively seeking employment. US Dollar Total Weighted Index - Measures the value of the US Dollar relative to a basket of other world currencies. It is calculated as the weighted geometric mean of the dollar's value versus the EUR, GBP, CAD, SEK, CHF, and JPY. VIX - Measures the implied volatility of S&P 500 Index options by looking at the market's expectation of the S&P 500 Index volatility over the next 30 day period. Commonly referred to as the "fear index" or the "fear gauge."

Cash Flow Effect – The composite’s active return minus the sum of each managers’ active return minus the benchmark effect. Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. The higher the consistency figure, the more value a manager has contributed to the product's performance. Convexity - A measure of the shape of the curve that describes the relationship between bond prices and bond yields. Correlation - A statistical measure of the relationship between asset class returns. A value of 1.00 is a perfect correlation; that is, the asset classes always move in the same direction. A value of -1.00 indicates a perfect negative correlation, in which the asset classes always move in opposite directions of each other. A value of 0 indicates there is no relationship between the direction of returns of the two asset classes. Correlation calculations only consider the direction of changes relative to two variables and not the magnitude of those changes. Coupon Rate - The percentage rate of interest paid on a bond or fixed income security; it is typically paid twice per year. Current Yield - The annual income of a security divided by the security's current price. Down Market Capture - Down market by definition is negative benchmark return and down market capture represents the ratio in % terms of the average portfolios return over the benchmark during the down market period. The lower the value of the down market capture the better the product's performance. Downside Risk - A measure similar to standard deviation that focuses only on the negative movements of the return series. It is calculated by taking the standard deviation of the negative returns for the selected periodicity. The higher the factor, the riskier the product. Earnings Per Share - It is backward looking, calculated using the one year current EPS divided by the one year EPS five years ago. Effective Duration - The approximate percentage change in a bond's price for a 100 basis point change in yield. Excess Return vs. Market - Average of the monthly arithmetic difference between the manager's return and the benchmark return over a specified time period, shown on an annualized basis. Excess Return vs. Risk Free - Average of the monthly arithmetic difference between the manager's return and the risk-free return (i.e., ICE BofAML 3 Mo US T-Bill Index unless specified otherwise) over a specified time period, shown on an annualized basis. Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk-free return. Expense Ratios - Morningstar is the source for mutual fund expense ratios. Gain/Loss - The net increase or decrease in the market value of a portfolio excluding its Net Cash Flow for a given period. Indices - All indices and related information are considered intellectual property and are licensed by each index provider. The indices may not be copied, used, or distributed without the index provider's prior written approval. Index providers make no warranties and bear no liability with respect to the indices, any related data, their quality, accuracy, suitability, and/or completeness. Information Ratio - Measured by dividing the active rate of return by the tracking error. The higher the information ratio, the more value-added contribution by the manager. Liability Driven Investing (LDI) - A method to optimally structure asset investments relative to liabilities. The change in liabilities is estimated by the Ryan Labs Generic PPA Index of appropriate duration for that Plan. This benchmark is based on generic data and is therefore an approximation. RVK is not an actuarial firm, and does not have actuarial expertise.

Estimated Funded Status - The estimated ratio of a Plan's assets relative to its future liabilities. This is calculated by dividing the Plan's asset market value by the estimated present value of its liabilities. The higher the estimated funded status, the better the Plan's ability to cover its projected benefit obligations. An estimated funded status of 100% indicates a Plan that is fully funded. Estimated PV of Liabilities - An estimate of a Plan's future liabilities in present value terms. The beginning of the period liability is provided by the Plan's actuary. The period-end present value liability estimate provided in this report is derived by applying the estimated percentage change generated using the Ryan Labs Generic PPA Index with duration similar to that reported on the most recent actuarial valuation report. Duration of Liabilities - The sensitivity of the value of a Plan's liabilities to changes in interest rates, as calculated by the Plan's actuary. Duration of Assets - The dollar-weighted average duration of all the individual Plan assets. Estimated Plan Hedge Ratio - The estimate of how well a Plan's investment portfolio is hedged against changes in interest rates - a primary driver of funded status movements. This is calculated by dividing the dollar-weighted values of both the Plan asset duration by the liability duration and

Page 78

Glossary

multiplying by the estimated funded status. An estimated plan hedge ratio of zero indicates that the Plan's liabilities have not been hedged, whereas a value of one indicates fully hedged.

Modified Duration - The approximate percentage change in a bond's price for a 100 basis point change in yield, assuming the bonds’ expected cash flows do not change. Mutual Fund Performance - Whenever possible, manager performance is extended for any share class that does not have 10 years of history. Using Morningstar’s methodology, a single ticker within the same fund family (often the oldest share class) is chosen to append historical performance. Net Cash Flow - The sum, in dollars, of a portfolio's contributions and withdrawals. This includes all management fees and expenses only when performance shown is gross of fees. Peer Groups -

Plan Sponsor Peer Groups - RVK utilizes the Mellon Analytical Solutions Trust Universe along with the Investment Metrics Plan Sponsor Universe. The combined Mellon Analytical Solutions Trust Universe and Investment Metrics Plan Sponsor Universe is used for comparison of total fund composite results and utilizes actual client performance compiled from consultant and custodian data. The Plan Sponsor Peer Group database includes performance and other quantitative data for over 2,100 plans which include corporate, endowment, foundation, public, and Taft Hartley plans. Plan Sponsor Peer Groups are gross of fees. Investment Manager Peer Groups - RVK utilizes Investment Metrics’ Peer Groups for investment manager peer comparison and ranking. The Investment Metrics Peer Group database includes performance and other quantitative data for over 840 investment management firms and 29,000 investments products, across more than 160 standard peer groups. Mutual Fund Peer Groups are net of fees.

Percentile Rankings - Percentile rank compares an individual fund's performance with those of other funds within a defined peer group of managers possessing a similar investment style. Percentile rank identifies the percentage of a fund's peer group that has a higher return (or other comparative measurement) than the fund being ranked. Conversely, 100 minus the individual fund's ranking will identify the percentage of funds within the peer group that have a lower return than the fund being ranked.

1 - Highest Statistical Value 100 - Lowest Statistical Value Example: American Funds AMCP;R-4 (RAFEX) is ranked in the 4th percentile within the IM US Equity Large-Cap Growth Funds (MF) Peer Group for the Sharpe Ratio. Within the IM US Equity Large-Cap Growth Funds peer group, 4% of the other funds performed better than American Funds AMCP;R-4 (RAFEX), while 96% of the funds performed worse.

Performance Methodology - RVK calculates performance for investment managers and composites using different methodologies.

Investment Managers - Performance is calculated for interim periods between all large external cash flows for a given month and geometrically linked to calculate period returns. An external cash flow is defined as cash, securities, or assets that enter or exit a portfolio. RVK defines a "large cash flow" as a net aggregate cash flow of ≥10% of the beginning-period portfolio market value or any cash flow that causes RVK calculated performance to deviate from manager/custodian reported performance in excess of 5 basis points for a given month. Composites - The Modified Dietz methodology is utilized to calculate asset class, sub-asset class, and total fund composite performance. The Modified Dietz method calculates a time-weighted total rate of return that considers the timing of external cash flows; however, it does not utilize interim period performance to mitigate the impact of significant cash in- and outflows to the composite.

RVK calculates performance beginning with the first full month following inception. Since inception performance may vary from manager reported performance due to RVK using the first full month of returns as the inception date. Performance for both managers and composites is annualized for periods greater than one year. Portfolio Characteristics - Due to disclosure guidelines set by each investment manager, portfolio characteristics shown are as of the most recent date available. Price to Earnings Ratio - The ratio valuing a company's current share price relative to its trailing 12-month per-share earnings (EPS). Private Equity Quartile Ranks - Private Equity quartile ranks are generated using vintage year peer group data provided by Thomson Reuters, and are based on each fund’s annualized, since inception internal rate of return (IRR). Three Private Equity peer groups are available via Thomson Reuters: Buyout, Venture, and All Private Equity. Ranks are available quarterly, at a one-quarter lag. R-Squared - The percentage of a portfolio's performance explained by the behavior of the appropriate benchmark. High R-Squared means a higher correlation of the portfolio's performance to the appropriate benchmark. Return - Compounded rate of return for the period. % Return - The time-weighted rate of return of a portfolio for a given period. Risk Free Benchmark – ICE BofAML 3 Mo US T-Bill Index unless specified otherwise.

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Glossary RVK Liquidity Rating - A qualitative method for determining the relative amount of liquidity in a portfolio. The characteristics considered when determining relative liquidity include trading volume, gates for redemption, leverage, nature of transactions, and pricing mechanisms. The RVK Liquidity Rating is calculated using beginning of month investment weights applied to each corresponding asset class liquidity rating.

Asset Class RVK Liquidity Rating Asset Class RVK Liquidity Rating

Liquid Investments Less Liquid Investments

T-Bills and Treasurys 100 Fixed Income Plus Sector 50 Cash Equivalents 98 Stable Value (Plan Sponsor Directed) 50 TIPS 95 Hedge Funds of Funds 35 US Large Cap Equity 95 Diversified Real Return 93 Stable Value (Participant Directed) 91 Global Equity 90 Not Liquid Investments Non-US Large Cap Equity 90 Core Real Estate 25 Global Tactical Asset Allocation 88 Core Plus Real Estate 15 MLPs 85 Non-Core Real Estate 5 US Mid Cap Equity 85 Private Equity Funds of Funds 5 US SMid Cap Equity 85 US Small Cap Equity 85 REITs 85 Non-US Small Cap Equity 85 Emerging Markets Equity 85 Core Fixed Income 85 Core Plus Fixed Income 80

Sector Allocation - Negative fixed income sector allocation reflects manager’s use of derivatives, short selling, or interest rate swaps. Sharpe Ratio - Represents the excess rate of return over the risk-free return (i.e., ICE BofAML 3 Mo US T-Bill Index unless specified otherwise), divided by the standard deviation of the excess return to the risk free asset. The result is the absolute rate of return per unit of risk. The higher the value, the better the product's historical risk-adjusted performance. Simple Alpha - The difference between the manager's return and the benchmark's return. Spread Duration - The approximate percentage change in a bond's price for a 100 basis point change in its spread over a Treasury of the same maturity. Standard Deviation - A statistical measure of the range of a portfolio's performance. The variability of a return around its average return over a specified time period. Thematic Classification - Represents dedicated manager allocations; as such, thematic allocations are approximations. RVK categorizes the following asset classes as Alpha, Capital Appreciation, Capital Preservation, and Inflation:

Alpha Capital Appreciation Capital Preservation Inflation Absolute Return Strategies Public Equity Core Fixed Income TIPS Currency Overlay Private Equity CMBS Fixed Income Bank Loans Preferred Securities Asset Backed Fixed Income Core Real Estate High Yield Domestic Core Plus Fixed Income Real Return Convertible Fixed Income Mortgage Backed Fixed Income Inflation Hedges TALF Funds International Developed Fixed Income REITs Distressed Debt Cash Equivalents Commodities Emerging Market Fixed Income Stable Value Value Added Real Estate Opportunistic Real Estate

Time Period Abbreviations - QTD - Quarter-to-Date. CYTD - Calendar Year-to-Date. FYTD - Fiscal Year-to-Date. YOY - Year Over Year. Total Fund Attribution – The Investment Decision Process (IDP) model provides an approach to evaluating investment performance that applies to all asset classes and investment styles. The IDP model is based on a top-down hierarchy framework of investment decisions, with each decision contributing to the overall profit or loss. The IDP approach starts from the strategic asset allocation and follows the flow of the investments down to the manager’s skill.

Strategic Asset Allocation (SAA) – The percentage return gained or lost from the long-term strategic asset allocation decision, the most significant determinant of long-term performance. SAA is the product of the target asset allocation multiplied by the corresponding benchmark returns. Tactical Asset Allocation (TAA) – The percentage return gained or lost from not having been precisely allocated at the target asset allocation mix, whether by deviations that are tactical in nature or a by-product of moving towards the target mix. TAA is the product of the actual asset allocation multiplied by the broad asset class benchmarks, less the SAA. Style Selection (SS) – The percentage return gained or lost from intentional style biases within each asset class (e.g. value rather than core or overweight to emerging markets relative to benchmark). SS is the product of the actual manager allocation within each asset class multiplied by their specific benchmark, less TAA. Manager’s Skill (MS) – The percentage return gained or lost from manager value added relative to their specific benchmark. MS is the product of the actual manager allocation multiplied by their achieved excess return.

Total Fund Beta - Total Fund Beta is calculated using the S&P 500 as the benchmark. It represents a measure of the sensitivity of the total fund to movements in the S&P 500 and is a measure of the Total Fund's non-diversifiable or systematic risk.

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Glossary Tracking Error - A measure of the standard deviation of a portfolio's performance relative to the performance of an appropriate market benchmark. Treynor Ratio - Similar to Sharpe ratio, but focuses on beta rather than excess risk (standard deviation). Treynor ratio represents the excess rate of return over the risk-free rate (i.e., ICE BofAML 3 Mo US T-Bill Index unless specified otherwise) divided by the beta. The result is the absolute rate of return per unit of risk. The higher the value, the better historical risk-adjusted performance. Unit Value - The dollar value of a portfolio, assuming an initial nominal investment of $100, growing at the compounded rate of %Return for a given period. Up Market Capture - Up market by definition is positive benchmark return and up market capture represents the ratio in % terms of the average portfolio’s return over the benchmark during the up market period. The higher the value of the up market capture the better the product's performance. Yield to Maturity - The rate of return achieved on a bond or other fixed income security assuming the security is bought and held to maturity and that the coupon interest paid over the life of the bond will be reinvested at the same rate of return. The 30-Day SEC Yield is similar to the Yield to Maturity and is reported for mutual funds. Yield to Worst - The bond yield calculated by using the worst possible yield taking into consideration all call, put, and optional sink dates.

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Disclaimer of Warranties and Limitation of Liability - This document was prepared by RVK, Inc. (RVK) and may include information and data from some or all of the following sources: client staff; custodian banks; investment managers; specialty investment consultants; actuaries; plan administrators/record-keepers; index providers; as well as other third-party sources as directed by the client or as we believe necessary or appropriate. RVK has taken reasonable care to ensure the accuracy of the information or data, but makes no warranties and disclaims responsibility for the accuracy or completeness of information or data provided or methodologies employed by any external source. This document is provided for the client’s internal use only and does not constitute a recommendation by RVK or an offer of, or a solicitation for, any particular security and it is not intended to convey any guarantees as to the future performance of the investment products, asset classes, or capital markets.

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