How The Fund Works

Investments & Performance
Current Performance

Compare the Fund’s performance against its benchmarks.

Performance Results
Net of All Investment Costs | Quarter Ended December 31, 2016

Asset Class Retirement
Fund Return
Benchmark
Return
Benchmark
Name
U.S. Equity  3.61%  4.21% Russell 3000
Int'l Emerging Markets Equity  -5.34%   -4.08% MSCI Emerging Markets
Int'l Developed Markets Equity  6.62% -0.31% MSCI World ex US
Global Equity   -0.20%  1.30% MSCI ACWI
Hedge Funds - Diversifying 2.44% 1.06% HFRI Fund of Funds Composite
Hedge Funds - Directional -2.37% 1.06% HFRI Fund of Funds Composite
Private Equity   1.96%  2.67% Cambridge Vintage Year
Real Estate  0.93%  1.97% NAREIT/CA VIntage Yr
Natural Resources  3.98%  2.66% DJ/UBS Commodities Index
Rates -2.53% -2.18% Barclays US Gov't Intermediate
Credit 3.40% 2.00% Barclays Corp HY & CS Leveraged Loan
Cash 0.02%   0.08% 90-Day T-Bill
Opportunistic  -1.72% 1.33%   Composite Benchmark
Clifton Overlay *  -10.36%  1.33% Composite Benchmark
Total Fund   1.37%   1.33% Composite Benchmark

*Return based on value of collateral, not actual exposure.

Performance Results
Net of All Investment Costs | Fiscal Year-to-Date December 31, 2016

Asset Class Retirement
Fund Return
Benchmark
Return
Benchmark
Name
U.S. Equity 10.17%  8.79% Russell 3000
Int'l Emerging Markets Equity 1.48% 4.70% MSCI Emerging Markets
Int'l Developed Markets Equity  16.48% 6.04% MSCI World ex US
Global Equity 2.76% 6.80% MSCI ACWI
Hedge Funds - Diversifying   4.31% 3.38% HFRI Fund of Funds Composite
Hedge Funds - Directional
 2.14%  3.38% HFRI Fund of Funds Composite
Private Equity  3.05% 5.36% Cambridge Vintage Year
Real Estate  3.26% 3.57% NAREIT/CA VIntage Yr
Natural Resources 13.65% -1.31% DJ/UBS Commodities Index
Rates -2.95% -2.41% Barclays US Gov't Intermediate
Credit 7.92%  6.41% Barclays Corp HY & CS Leveraged Loan
Cash   0.03%   0.18% 90-Day T-Bill
Opportunistic 14.90% 4.71%  Composite Benchmark
Clifton Overlay *  -2.17% 4.71% Composite Benchmark
Total Fund 5.69% 4.71% Composite Benchmark
*Return based on value of collateral, not actual exposure.