Asset Allocation As of December 31, 2020The Fund invests in a wide range of assets for the purpose of diversification, which results in lower risk. The pie chart illustrates the broadest categories of our investment portfolio. To see dollar allocation, move your cursor over each slice. Alternative Assets Diversifying Hedge Funds Funds are those whose portfolios have a low correlation to world equity markets. This includes funds who seek profit from mispricings in security markets, and who do even more “hedging out” of unwanted risk exposures. Such strategies tend to involve less equity exposure, and tend to focus on currencies and fixed income instruments. Directional Hedge Funds Funds are those whose portfolios are moderately correlated with world equity markets. This includes, but is not limited to, funds who hold both long and short positions in various stocks/bonds, whereas traditional asset managers tend to be “long-only”. Private Equity An asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange. Among the most common investment strategies in private equity are: leveraged buyouts, venture capital, growth capital, distressed investments and mezzanine capital. Real Estate This entails the investing and ownership of multiple pieces of real estate used to generate rental income and profits through price appreciation. Natural Resources (e.g., metals, energy and food) are traded on a commodity exchange both by the companies that use them and by investors, usually through the use of futures contracts. Equity U.S Equity Common stocks representing equity ownership in a corporation, providing voting rights, and entitling the holder to a share of the company’s success through dividends and/or capital appreciation. International Emerging Markets Common stocks of companies based outside of the United States. Emerging Markets are generally regarded as less advanced on these metrics. As such, they are often more volatile / risky, but are generally faster-growing. International Developed Markets Developed Markets are countries generally regarded as more advanced in their economic, social and political development and hence less volatile / risky. Fixed Income U.S. Treasuries Debt obligations issued by the U.S. government. Treasuries are guaranteed by the “full faith and credit” of the U.S. government. Senior Secured Loans A debt financing obligation issued by a bank or financial institution to a company that holds legal claim to the borrower’s assets above all other debt obligations. High Yield Corporate Bonds High paying bonds with a lower credit rating than investment-grade corporate bonds, Treasury bonds, and municipal bonds. Securitized Products Instruments backed by a pool of contractual debt such as mortgages, auto loans, credit card debt obligations or other non-debt assets which generate receivables. Non-Agency Mortgage-Backed Securities are issued by private institutions (not by governmental or quasi-governmental agencies). Commercial Mortgage-Backed Securities are a type of mortgage-backed security that is secured by the loan on a commercial property. Asset-Backed Securities are bonds whose value and income payments are derived from and collateralized (or “backed”) by a specified pool of underlying assets. Distressed Corporate Bonds Financial instruments in a company that is near or is currently going through bankruptcy. Equity The most junior claim on a company’s assets and income, which has a residual claim on everything remaining after all other liabilities are paid. Other Includes assets not included in other categories. Cash May include claims in highly-liquid money market funds, as well as positions in the U.S. dollar. Private equity Venture / Growth Equity – Domestic Investments in rapidly growing, high-potential but high-risk startup companies. Domestic investments are ones where the managing firm is headquartered in the United States and the vast majority of underlying activities are performed within the United States. Venture / Growth Equity – International Investments in rapidly growing, high-potential but high-risk startup companies. For international investments, the managing firm is headquartered outside the United States and the vast majority of underlying activities are performed outside the United States. Buyout Investments that acquire controlling interests in established, privately owned companies or divisions of large public corporations. Special Situations Investments made due to special situation such as a financial restructuring of a company. Secondary Investments in existing private equity holdings being sold by other investors or private equity firms.