RETIREMENT BOARD MEETING 1. Opening ofl Meeting. dated May 19, 2022. 3. Public Comment. 4. Treasurer's Report: 2022, and June 2022 5. Requisitions:  August 18, 2022  2. Approval ofl Minute No. 286 dated February 17, 2022, Approval of Minute No. 287  Bank Reconciliations January 2022, February 2022, March 2022, April 2022, May  Requisitions - May 2022-. July 2022  6. Old Business. 7.1 New Business:  A. Approval ofa a request from Raffaele Casale toj purchase prior service time dated December 27, 2004 to March 17,2006 in the amount of$1,975.75.  B. Presentation: Dave Reichert - Korn Ferry  C.P Portfolio Presentation: Lee Martin, Ph.D. - Marquette Associates.  8.A Adjournment.    Minute No. 286  February 17, 2022  The quarterly meeting of the Washington County Retirement Board was held at approximately 3:00 p.m. on' Thursday, February 17,2022, ini the public meeting room with the following members being present: Commissioners Diana Irey Vaughan, Larry Maggi and Nick Sherman; Treasurer Tom Flickinger. Also present: Finance Director Joshua Hatfield; County Solicitor Jana Grimm; Chief Clerk Cindy Griffin; Secretary Paula Jansante; Executive Assistant Marie Trossman; Chief of Staff Michael Namie; and Lee Martin, Ph.D. representing Marquette  Associates. Absent was Controller April Sloane.  Approval ofMinutes be approved as written. No discussion followed. Roll call vote taken: Motion passed unanimously. Public Comment None. Treasurer's Report statements.  Mrs. Vaughan entertained ai motion to approve Minute No. 285 dated December 1,2021.1 The motion was moved by Mr. Sherman and seconded by Mr. Maggi that the above-mentioned minutes  Mr. Flickinger yes; Mr. Maggi -yes; Mr. Sherman- yes; Mrs. Vaughanyes.  Mr. Flickinger prèsented the Bank Reconciliations for November 2021.1 It was moved by Mr. Flickinger and seconded byMr Shermanto accept thereconciliations oft the above-mentioned Mrs. Vaughn paused toi notethe lackofDecember and January and Mr. Flickinger responded that  -    neither monthis completed. Roll call vote taken: Motion passed unanimously. Retirement Allowance Report  Mr. Flickinger yes; Mr. Maggi - yes; Mr. Sherman yes; Mrs. Vaughan - yes.  Bank Balance as of November 1,2021 Deposits to Checking Account Transfers In Add: ACH Credit Less: Cancelled Checks Less: ACHI Debits Bank Balance as of November 30, 2021 Less: Outstanding Checks Less: Retirement Check Run  $293,491.85 -0- 671,704.45 289,210.23 (289,783.57) (862,598.09) $102,024.87 (68,991.68) (33,033.19) $-0-  Reconciled Balance as ofl November 30, 2021    Requisitions totaled $2,374,023.52 approved.  Mr. Flickinger stated that requisitions for the months of December 2021 and. January 2022 It was moved by Mr. Flickinger and seconded by Mr. Sherman that the requisitions be  No discussion followed. Roll call vote taken: Motion passed unanimously.  Mr. Flickinger- yes; Mr. Maggi - yes; Mr. Sherman yes; Mrs. Vaughan -yes.  Distributions  December2021 Payee Solomon. Armstead John Edgehill-Haynes Leann Howell ShawnMyers Justice Ottey-Jones Kelli Stein  Check 2283 2284 2285 2286 2287 2288 2289. 2290 2291 2292 Transfer Transfer  Amount 1,479.07 600.14 10,795.33 11,000.00 323.93 1,099.35 ,886.06 24,13.42 60,176.92 62,727.32 825,234.80 1,057,569.70  National Slovak Societyastrustee of] Patricia Ashcom  National-Financial Seryices LLCastrustee of RAofLeeann Howell 3,112.3  Washington/County Regular Payroll Escrow Account Washington County Cash] Disbursement Account  PNCI Bank  Washington Co Retirement Account Total December 2022 Distributions    January 2022 Payee  Check 2294 2295 2296 2297 2298 2299 2300 2301 2302 2303 2304 2305 2306 2393 2307 Transfer Transfer  Amount 530.58 21,702.92 21,702.92 21,702.92 21,702.92 56.79 1,761.87 12,047.61 15,870.11 16,690.97 15,021.85 160,608.65 25,019.26 19,487.90 9.51 123,952.93 838,584.13 1,316,453.82  Estate of Elizabeth Carol Shawley Robin Joyce Amos Michael L Garber Walter W Garber William R Garber. Jr Dustin Vandivner Joyell Carter Kimberly Al Furmanek  Stifel As Trustee ifl IRAbfMichael Anthony Ierino GBU Financial Life as' Trustecof IRA Sara A Sichi  Tina Landis James Lipniskis  Washingten County Regular PayrollEscrow. Acçount WashingtonCounty CashDisbursement: Account WashingtonCo. Cash Disbursement Acct Washington Co. Retirement Acct Total January 2022 Distributions  PNCBank  Old Business None. New Business Fund budget. be approved. Roll call vote taken:  Mrs. Vaughan entertained a motion to approve the 2022 Washington County Retirement It was moved by Mr. Sherman and seconded by Mr. Maggi that the above-mentioned budget  No discussion followed.    Mr. Flickinger- = yes; Mr. Maggi - yes; Mr. Sherman yes; Mrs. Vaughan yes. Mrs. Vaughn entertained ai motion to approve oft the purchase ofl Employee Benefit Statements from] Korn Ferry at a cost of $1.85 pers statement for a total approximate cost of$1337.55. It was moved by Mr. Sherman and seconded by Mr. Maggi that the above-mentioned  Motion passed unanimously.  The cost pers statement remains unchanged from 2021.  purchase be approved. Roll call vote taken:  No discussion followed.  Mr. Flickinger- yes; Mr. Maggi - yes; Mr. Sherman yes; Mrs. Vaughan - yes.  Motion passed unanimously.  Mrs. Vaughn entertained: ar motion to approve ai request froml Natalie Mazza top purchase prior It was moved by Mr. Sherman and seconded byMr. Maggi thatthe above-mentioned. request  service time dated August 5,2002 to. July 24, 2004 in theamolmtors,06596.  be approved. No discussion followed. Roll call vote taken: Motion passed unanimously.  Mr. Flickinger- - yes; Mr. Maggi-yes; Mr. Sherman-yes; Mrs. Vaughan - yes.  Portfolio Presentation: Lecl Martin,Ph.D.- - Marquette Associates two newj partners were addedtot thebusiness: Laurenand Amy.  Mr. Martin quickly-notedt that hewill soon bet méeting the new controller, April Sloane, andt that MMartin begant thec discussion.with; presentation oft the End of Year report. He stated that Washington.County, had a strong yearHe.pointed out that four out oft the past five years had produced mid-teen returns sot there are a lotof gains tol help protect the impact on the County ADCin the current strainede environment: Mr. Martin went over the market environment and pointed out that GDP did retreat int the third quarterbuta accelerated in the fourth quarter driven by business and consumer: spending. Mrs. Vaughn asked Mr. Martini ifhe's seen that people are really investing in remodel projects. Mr. Martin responded thati int this low-rate environment, there has been significant amount over recent years assuming the project wasi not impacted by global supply change. He went ont that business investment is expected to continue through 2022 due to the need tol build business inventory back on anticipation that the world was opening again post pandemic. Hes statedt that the hope is people will continue to spend because that is what drives our economy and the. January numbers have come out and, even with inflation, people are continuing to spend. Mrs. Vaughn asked ifp people are saving less or are they saving at the same rate. Mr. Martin responded that they have more moneys saved because oft the stimulus provided over the past couple of years. Mr. Martin notedt thej problems associated with stressed global supply chains. Trucker strikes in the US and lockdowns in China are making it more and more difficult toi move goods, which  subsequently has catalyzed inflation as demand outstripped supply.    Continuing with the inflation discussion, Mr. Martin addressed the real estate market. He stated that over the past 181 months there has been a significant shift inl leadership within the real estate market, with more traditional office and retail sectors struggling int the work from home environment whereas, industrial and apartment segments have really benefitted from the new environment. For thep past year, real estatel has gained over 20%. Asi inflation has risen, the value andi income derived fromi real estatel has movedi inl line.) Mr. Flickinger asks what thei impact of the bond and equity market will be, pointing out that the Federal Government is raising the interest rate and inflation is still rising. Mr. Martin answers this by saying that downward pressure is on both bonds ande equities. Inflation causes prices to rise which, int turn, lowers company profitability and future earnings which arel headwind for equities, particularly growth stocks. Additionally, the outlook for bonds is not great as we enter aj period ofr rising rates which are a headwind: for price appreciation in the bond market. Aggregatel Bonds are already down four percent this year. The Federal Government plans tol have six ori more 251 basis point rate hikes over the next two years, beginningin March. There has also been some talk ofthe Federal Government kicking March off withasobasis) point increase inl Marchi to Finally, Mr. Martin moves ont tot the global economy. Hes stated that, in the developed world, inflation isaj problem everywhere. He goes ont tostate that the one exception is China right now. Mr. Martini recalls that last year, Chinar really dragged-down the emerging markets because oft the tech regulations and thei issues they had within the realestatemarkets. Hej pointedtospeaking about that over the summer. Mr. Martin gocsontoexplaint that where everyone has started tot tighten fiscal policy, China has gone the opposite way and hasstarted to stimulate their economy and have lowered Transitioning to indexes, Mr.Martin pointsout that US stocks Jeadt the way in 2021, up 25 percent. However, sof far this year, thegrowth stocksa and techs stocks have been pummeled. The good news ist that the county has less allocatedto those stiçks relatively to more defensive value positions. Emergingmarkets" werenegativelast year ont the back of poor performance in China. Moving forward,bonds were flat so far fort thequarter. However, in real terms, withi inflation so high, fixed income returns were negative-Absolute) returns in 2022 are negative. We have, however, benefitted from high-yieldbonds, as they are up over5 5%1 for the year. Mr. Martin continues by saying that the real story pertains tothe inflation-sensitive assets. TIPSi is up 2.4% and public real estatei is up 41% fort the year. Private marketst tend to follow public markets by about 12to 181 months, whichi is why private real estate returns ares starting to1 mimic what we saw inj public markets last year. Mr. Martin then reflects on the County's performance. We ended the year atj just over $213 million, gaining about $10r million in the fourth quarter. As of now we are down to about $2F08 million. Our high quality equities are really performing well. Defensive equity added about 5% of over performance last year over its benchmark because people were buying stock options as insurance. The County put private equity and private credit in att the right time last year, as equities are going down, therefore we expect to see private equity and credit toi increase outperform their Overf fives years, whichi ist the most important benchmark, is the assumed rate ofr return, whichi is 6.5%. During this time period, wel havel handedly out performed that - posting a return of 10.2%. Four out of our lasti fivey years, wel have had al high double digit percentage return. Wel have a lot of gains which could come inl handy because we expect ai fewt tough years ahead, likely beginning this  combat inflation - but its seems unlikely.  rates. Which is why Chinal hasl leads the equity marketss so far in 2022  traditional counterparts.    year.  Moving forward, Mr. Martin elaborates on some changes made in the fourth quarter. We switched out the low volatility manager to MFS, the one that we' ve seen in OPEB for years. MFSis Marquette' s number one low volatility manager. Also, in the defensive equity, we split it between Parametric and Neuberger. This should yield more premium in a market sell off. Mr. Martin summarizes that the diversity in our portfolio has really set us up well for the likely tough upcoming  years.  After some discussion with regard toj percentages allocated toj private equity and public equity, Mrs. Vaughan entertained ai motion to move an additional 2% of public equity to private equity. It was moved by Mr. Flickinger to move 2% of public equity toj private equity. Mr. Maggi  seconded the motion. No discussion followed. Roll call vote taken:  Mr. Flickinger- yes; Mr. Maggi - yes; Mr. Sherman yesMrs. Vaughan -yes. After additional discussion, Mrs. Vaughanentertainedar motion to movel 1% from fixed income to private credit. It was moved.by Mr. Flickingerto move-1% from fixedi inçome toj private  Motion passed unanimously.  credit. Mr. Maggi seconded the motion No discussion followed. Roll call vote taken: Mr. Flickinger  Mr_Sherman yes; Mrs. Vaughan - yes.  a  Motion :  Moying on to the managers, Mr.J Martin stated that U.S. equities are up 10.2%1 relative to 9.3% for the benchmark. TwinCapital Dividend Select, the local large cap defensive manager is over 1% ahead so farinJanuary, as expeçted int this environment. GW&K Small-Mid Cap Core has outperformed by an annualized 4.5% since inception. On the global side, Mr. Martin noted we did lag! by about 1701 basis points fort the fourth quarter, which was recouped in. January. Artisan, Dodge & Cox Global Stock, Alliance Bernstein, and MFS Global Low Volatility aided in this. Turning to the Non-U.S. Equity Composite, we outperformed by about 30 basis points in the quarter and 2% in January, thanks to Schroder International Multi-Cap Equity Trust. Also, we added two new managers: one int the emerging markets, Wellington. Additionally, we added Harding Loevner International to give us some small cap exposure overseas. Moving to the Defensive Equity Composite, we are up about 5.9%, about 40 above the base portfolio. The Real Estate Composite brought in 22.0% last year. Since April of last year, TA Realty Core Fund returned 27% which is 10% above the index. Mr. Martin also noted that Tmberland/Parmland returned 7%, and Infrastructure had a great year bringing in 6% for the year. He noted that Private Credit Composite delivered 2.4% since inception. Also, Private Equity was up 4.3% for the fourth quarter. Finally, Mr. Martin announced that there would be some fee reductions coming up with MFS Global.  The meeting was adjourned at 3:29 p.m.    THEI FOREGOINGI MINUTES SUBMITTED FOR. APPROVAL:  2022  ATTEST:    Minute No. 287  May 19, 2022  The quarterly meeting of the Washington County Retirement Board was held at approximately 3:30 p.m. on' Thursday, May 18,2 2022, in the public meeting room with the following members being present: Commissioners Diana Irey Vaughan, Larry Maggi and Nick Sherman; Treasurer Tom Flickinger; and Controller April Sloane, via phone. Also present: Deputy Controller Heather Sheatler; Chief Clerk Cindy Griffin; Secretary Paula Jansante; Executive Assistant Marie Trossman; Chief of Staff Michael Namie; and Lee Martin, Ph.D. representing Marquette  Associates. Approval of Minutes  Mrs. Vaughan entertained. a motion to hold Minute No. 286 dated February 17,2022, in abeyance pending corrections. The motion was moved by Mr. Sherman and seconded by Mr. Maggi  that the above-mentioned: minutes be approved as written.  No discussion followed. Roll call vote taken: Motion passed unanimously. Public Comment None. Treasurer's Report Flickinger and seconded by Mr. statement. Roll call vote taken: Ms. Sloane yes; Motion passed unanimously Retirement. Allowance] Report  Ms. Sloane - yes; Mr. Flickinger- yes; Mr. Maggi yes; Mr. Shermanyes; Mrs. Vaughan yes.  -  Mr. Flickinger presénted the Bank Reconciliationsf for December 2021. It was moved by Mr.  -  oft the above-mentioned  Sherman- - yes; Mrs. Vaughan yes.  Bank Balanceas of December 1,2021 Deposits to CheckingAccount Transfers In Add: ACH Credit Other Credits Less: Cancelled Checks Less: Other Debits Less: ACHI Debits Funds' Transfers Out Bank Balance as of December 31,2021 Transfers tol Mutual Fund Less: Outstanding Checks Less: Retirement Check Run  $102,024.87 4,656.2 1,338,021.18 490,578.00 -0- (209,104.80) -0- (858,480.33) -0- $867,695.12 -0- (831,421.97) (36,273.15) $-0-    Reconciled Balance as of December 31,2021    Requisitions  Ms. Sheatler stated that requisitions for the months of February 2022, March 2022, and April It was moved by Mrs. Sherman and: seconded by Mr. Maggi that the requisitions be approved.  2022 totaled $3,273,579.54. No discussion followed. Roll call vote taken: Motion passed unanimously.  Ms. Sloane -yes; Mr. Flickinger yes; Mr. Maggi - yes; Mr. Sherman -yes; Mrs. Vaughan-yes.  Distributions Check 2308 2309 2310 2311 2312 2313 2314 2315 2316 2317 2318 2319 2378* 2320 2321 Transfer Transfer  February2022 Payee - Estate of Ralph RichardShawley William ESpeakman. Jr NFS/FMTCI IRAI FBOJose Alvarado. Capital Bank &1 Trust IRA forCandice Bentz Winfield Carson James R Harrington III JamieRestanio Steven-Scott Michael Carso  Amount 170.62 994.10 20,307.76 17,265.47 703.64 5,383.57 33,664.12 36,190.15 6,235.95 4,484.39 1,821.97 11,807.68 -6,306.36 24,494.96 26,906.04 71,792.42 849,714.39 1,105,630.87  <  American General Lifeast trustee ofIRA6fSaral JNecciai Gaitens Tucceri& Nicholas PCFBO Charlee Rosini Fidelity ast trustee ofIRAof Charlee Rosini  VOID-Gaitens' Tucceri & Nicholas-PCFBO Charlee Rosini (check date: 11/30/2021)  Washington County Regular Payroll Escrow. Account Washington Co. Cashl Disbursement Acct PNC Bank Washington Co. Retirement Acct Total February 2022 Distributions    March 2022 Payee Robert Greg Fresa Michael Boyza Meloney Dennis Richard Griffith Myra Jakubek John W Kibbe Paul CRock Shalee Schnore  Check 2322 2323 2324 2325 2326 2327 2328 2329 2330 2331 Transfer Transfer  Amount 63.33 242.22 386.48 1,263.04 18,8483.19 2,601.70 99,728.06 2,132.40 24,779.20 58,614.26 76,689.31 847,219.05 1,132,567.24  Washington County Regular Payroll Escrow-Account Washington Co. CashDisbursement, Acct Washington Co. RetirmentAcct Total March2022 Distributions  PNCBank  April 2022 Payee Edward Grey  Check 2332 2333 2334 2335 2336 2337 Transfer Transfer  Amount 3,225.81 9,819.12 3,539.16 78,671.50 23,937.09 6,469.67 59,816.21 849,902.87 1,035,381.43  Capital Bank & Trust Co as a trustee ofI IRA of. Joseph J. Joscsak IV UPMC Savings Plans FBO Claset Klos Ameriprise Trust Co as trustee ifIRA Deborah C Webb Washington County Regular Payroll Escrow Account Washington Co. Cash Disbursement Acct Washington Co. Retirment. Acct Total April 2022 Distributions  PNC Bank    Old Business None.. New Business  Mrs. Vaughan entertained: ar motion to approve ar request from Robert Lonick to purchase priors service time, dated December 17, 1998t to. July 20, 1999 and September 7, 2004 tol November 8, 2004, in the amount of $2,848.32. The motion wasi moved by Mr. Sherman and seconded by Mr.  Maggi that the above-mentioned request be approved.  No discussion followed. Roll call vote taken: Motion passed unanimously.  Ms. Sloane -yes; Mr. Flickinger- yes; Mr. Maggi - yes; Mr. Sherman yes; Mrs. Vaughan yes.  Portfolio Presentation Leel Martin, Ph.D. - Marquette Associates  Mr. Martin started by pointing out thatt the financial expectation came to al head in the first quarter. The GDP came in below expectations, down 1.49,and thenet exports ands slowdown in inventory buildup did not produce as expected. Thiswas attributed toinflation ands supply chain issues. He also mentioned that expectations forgrave stocks would be low-due to concerns over global issuess such asl Russia and Ukraine relations impacting Europe, as well as China's zero Covid policy leading supply chaini issues impacting inflation aroundtheworld. This is concerning because thel Federal Government will need toi raise rates fori inflationpurposes. However, inflation rising too quickly can tipt the country into recession. Most indicators are down, except for the Misery Index. Mr. Martin goes ont tonote that consumetconfidenceisl low. Thepublic has pulled back from spending due toi inflation. Retailers have comei in welleloweapectations: However, this is also because retailer's havet tried to maintain prices while costs are rising and, thus, their overall net profits are down. Thisi is alsothe reasonfor big selloffs in the equity markets. He continued by pointing out! howt thec charts of consumer confidence mimics ai market cycle. However, over the last 5 years, ourt funds have beendiversifiedand as much a quarter of saidf funds are not moving with the Moving onglobally, Mr. Martin reiterated that Europe's confidence has collapsed duet to the Russian/Ukraine war, He stated that mainland Europe's dependency on Russian oil and gas has impacted growth estimates. Furthermore, China'sz zero covid policy has greatly impacted the global supply chain issues due to closing huge economy's such as Shang Hai. This is leading to continuous Mr. Martin touched developed market, US and internationally, were down approximately 5% while emerging markets are downi roughly 7%. Again, hej points to China as a causation, due to China being 1/3 of emerging markets and about 8.5% oft the broad international market. Switching tol bonds, Mr. Martin stated that agricultural bonds are down nearly 6%, giving itt the worst quarter since 1981. He elaborated that, through April, the ag bond core bonds were down 9.5%. However, our fixedi income is only downj just over 6%. He explained that, as rates go up, the longer duration bonds become more impacted. This ist the reason: for the 300-basis point difference. Transitioning toi inflation on sensitive assets. TIPSi is down only 3%. This is nearly 3%1 better than core bonds. He states that commodities, such as precious metals and energies, are up. He pointed out that every sectori is down, however, energy is up 39% and utilities are up 4%. Thisis  market.  supply chain issues which) has resulted inl lifted prices across the world.    linkedt to goodi infrastructure. Mr. Flickinger asked ift the Build Backl Better infrastructure investment has hit the infrastructure. Mr. Martin responded nol because infrastructure isa a 30-to-50-year Moving ont tot the portfolio, Mr. Martins statedt that Washington County finished the quarter at 205 million. Hey pointed out that thej portfolio was down about 71 million due to both stocks and bonds being down. This equates 3.3%, whichi isb better than policy, and ranking Washington County's defined benefit plani in thet top 10% oft the US. Thisi is due toj portfolio being well diversified. The smaller funds that arej just in stocks and bonds are down more because of the lack of diversified assets. This is the difference from 2008 when investments lacked diversifying: assets. Touching on real assets, the private equity and private credit added last year, are allj positive for the quarter. Mr. Flickinger asked Mr. Martin to define private credit. Mr. Martin used the example oft bank loans that are not impacted by rising rates. And ast they write new loans, the interest rates rise. Ini response lending to private companies ande equity firms has-transitioned to private investors Mr. Martin spoke about gains over the past fivey yearsHe pointed out that 4 of the last 5: years has yielded double figures creating a 200-basis point'cushion in ane environment that has fueled risk on equities: equities and bond prices going up because rates are coming down. Due tot the more diversified. assets, it produced under the benchmarkhowever, ity was well abovethe assumed rate of return. The goal would be tor reach 6.5% eachy year. Additionally, the private equityand private Moving on, Mr. Martin pointed out the diversifying assistsadded over the past few years. Particularly the defensive equity, siting volatility risk prémium yieldinga good premium when there is volatility in the market. Hep pointed out the diversified realassets portfolio whichl hedges inflation. This includes real estate,timber, farmland, and infrastructure. When inflation goes up, these assets go upa as well, helping to offsets some ofthe down marketin equity bonds. Witht the recent additions of private equity and private credit, this adds upto23% atthe end ofl March and this will go to 26% this Touchingon the county" stotal equitiesof53.59, Mr. Martin states thisi is about the median ofa bigi institutional fund. Similarly, fixedi income isal little more conservative because the assumed rate ofr returni is al little more-conservative. The other assets classes reflect the previously mentioned Year rankings over time,show that the quarter is top decile, top quartile, and above median going back. The older time periods were periods which were. lessi in favor. There should be al high Washington Countyi is doing better even just on yourt traditional investments. However, NASDAQ areai is  development.  stepping in creating private credit.  credit addendum voted onj previously added2% and 1%1 respectfully.  quarter.  median as well.  ranking going forward due to the portfolio doing well during the downturn.  what's being crusheds sof far this quarter.  Moving to fixedi income, the duration is down at 4.1 said the AGis down near 6.8. The 25% lower duration is why therei is a 300-basis point growth ini fixedi income for the year. This is relative to core bonds, which mosti funds use. The isay yield of about 3%. The yields are going up and therei is  more yield due tot the high yield fund whicha are up.    Closing with Washington County funds through April. However, due to the length oft timei it takes for real estate and private to come out,i iti isi not included for April. The U.S. equity was down 4.6 and benchmark was down 5.3.1 There was a better outperformance by tilti into value. This is better than TWIN. TWIN was ahead 270 basis points in April, but, duet tot the aggressiveness you would expect ont the lagi in that environment, they are better protected during selling and thati is why there was not ai total elimination last year. Likewise, because GW&K is more ofa growth bent, they lagged that core benchmark for the third quarter but are well ahead for the one year. GW&K were 100 basis points up April. Global equities are at benchmark, however, there is al lack of about bout 201 for thet three-month period yet about 301 basis points ahead in April. Headwinds were the growth time managers like Artisan and the AB Globe Core. The major values were with Dodge & Cox and thel high quality/low volatility manager like MFS. They were only down 2.7 when the broad market was down 5.4. Non-U.S. Equity Composite was 100 behind for the quarter due to the emerging markets. Washington County did change from thei index to active-during the quarter but there is nota full quarter return, andi it will bei included int the next report. Schroderi isi in line with benchmark and 130 ahead for the year. Defensive equity was in line fort the quarter.However, over the past year itis 9.5 rather than 7.8, ast the volatility premiums are quitehigh. In the alternative section, real estate is up 29%. Washington County left. JPI Morgan aboutayear ago.. JPI Morgan-was struggling due to large office andi retail allocations. Alternatively, Washington County, joined Clarion and TA. TA only has one retail andi is at 37.5% for the year. Timber and farmland areyielding a 10%1 return. Infrastructure iss slowlyi increasing. The county used Cohen& Steers as aj public equity version ont the short term. They were addedi inl November 2020 and has made16%1 rather than the 14%, in that period. Those assets have been used toi fundt the private in atimely manner. because equities are selling off and the private infrastructure ispositive forthe quarter, On priyate equity and private credit, public equities are selling off. However,there is animmediate 13% gainf from the private equity. The county is invested in open-ended privtequly-providing ani income from day one. Thisi is fortunate in this environment, due Publieequitiesgoing dowm-Likewise.private credit was positive .6 where fixed  incomewas down 4.5%1 forthe quartera  Lastly,for April alone, U.S. equity-w was down 77 but the broad market was down 9. Globali is ahead 30. Global equities are down8. U.S. is stilla about 301 behind. There are currently no other alternatives. However,the thingsthat are selling offa are not affecting the county's portfolioa as negatively as expected. Thisr relative performance is expectedi in May as well.  Ther meeting was adjourned at 4:04 p.m.  THEI FOREGOING MINUTES SUBMITTED FOR APPROVAL:  2022  ATTEST: