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Home My WebLink AboutReports - 2021.09.23 - 34825<CBDoc TenantId="2" EntityTypeId="3100" EntityId="2903" DocumentTypeId="1" EffectiveDate="06/30/2021" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending June 30, 2021 Oakland County ERS Defined Benefit Plan Executive Summary Page 1 Asset Allocation Vs. Policy Targets Page 14 Asset Allocation Pie Charts Page 16 Historical Asset Allocation Page 18 Financial Reconciliation Page 20 Performance Review Trailing Periods Page 23 Comparative Performance IRR Page 27 Total Fund Analysis Page 29 SSgA S&P 500 Page 31 SSgA S&P 500 Equal Weighted Page 33 T. Rowe Price Page 35 TimesSquare Page 39 Lee Munder -LMCGl Page 43 Loomis Small Cap Page 45 Lazard Page 47 Pictet Page 49 Berkeley Street Page 51 ABS Global Page 53 CS McKee Page 55 Loomis Fixed Income Page 57 Morgan Stanley Page 61 Prudential PRISA II Page 63 Benchmark History Page 65 Definitions & Disclosure Pages Page 69 Table Of Contents 2Q 2021 EXECUTIVE SUMMARY Market Summary: Equity markets continued on their torrid pace in the 2nd quarter, finishing the period at near all- time highs. As concerns over the pandemic began to fade, investors turned their focus towards the rebound in the economy and the potential for earnings growth and multiple expansion. All but one of the S&P 500’s sectors provided positive absolute returns during the period. Not surprisingly, sectors that have traditionally exhibited positive correlation to rising inflation did well, including real estate and energy. Historically, these sectors are able to pass along rising input costs to consumers more quickly than other sectors. Technology also performed well as US interest rates fell during the quarter. Foreign stocks also enjoyed a strong quarter, with developed markets slightly outpacing emerging markets during the period. Economic growth accelerated, especially in Europe and the UK, as local economies reopened. These results were achieved despite the US dollar appreciating during the quarter relative to most currencies. Fixed income returns were solid for the 2nd quarter with the Bloomberg Barclays US Aggregate Bond Index rising 1.8% for the period. Inflationary fears waned during the quarter as investors balanced longer-term pricing pressures with Federal Reserve actions. Generally, credit markets performed well during the quarter, led by lower investment grade corporate bonds. That segment of the market has a longer duration which acted as a tailwind as interest rates declined. Finally, US TIPS performed well during the quarter as investors looked to mitigate inflation risk. Conclusions/Recommendations: 1. The Total Fund gained 4.42% during the quarter, trailing the Policy Index by 0.31% and ranking in the bottom half of the public fund universe. The Fund was hindered by relatively weak results from the domestic equity allocation. 2. The Total Fund was up 24.38% over the past year, out performing the Policy Index by over 160 basis points but ranking in the bottom half of the peer group. The Fund’s relatively conservative approach (more fixed income than peers) has caused returns to lag other public funds. Longer-term, the Fund has performed well, handily exceeding the actuarial assumed rate and ranking near the median public fund. 3. Nuance under performed for a third consecutive quarter and trails expectations by over 20% after 10 months. The weak results this quarter are partially attributed to poor stock selection within Financials, Real Estate, and Health Care. 4. Great Lakes trailed their benchmark this quarter but ranked in the top half of their peer group. The manager’s quantitative approach has struggled this past year due to relatively quick market rotations. AndCo’s research team will be meeting with the manager to address their recent under performance. 5. CS McKee exceed their benchmark and ranked in the top quartile of their peer group. The manager benefited from an overweight to credit, as spreads narrowed during the quarter. Longer-term, the manager exceeds performance expectations. 6. The real estate portfolio posted strong returns this quarter due to continued appreciation of industrial and multi-family properties. PRISA II, Dune, and Alidade generated some of the stronger returns for the quarter. 7. At quarter end all allocations were within policy ranges and near target allocations. Hamilton Lane, JPM Euro Property, Portfolio Advisors, and Walton Street have not reported 2Q results in time for this report. 8. See the Asset/Manager Summary for additional comments and recommendations. Page 1 2nd Quarter 2021 Market EnvironmentPage 2 The Market EnvironmentExecutive SummaryAs of June 30, 2021Fixed IncomeDespite the continued global economic recovery and rising inflation concerns, USinterest rates dipped during the quarter as the US 10-Year Treasury bond fell 27basis points to close at 1.47%.Performance across all bond markets sectors was positive during the quarter, led byinvestment grade corporate bonds. The combination of lower gross issuance levels,in conjunction with a longer maturity profile relative to high yield bonds, were theprimary catalysts of performance during the period.Within investment grade credit, Lower quality issues outperformed higher qualitysectors during the quarter. Consistent with the economic recovery theme, asinvestors’ expectations of future growth improves, those credits should perform wellas earnings growth accelerates.Market ThemesGlobal central monetary policy remains largely intact and accommodative. Both theFed and the European Central Bank remain committed to their repurchaseprograms. Given these conditions, barring a socioeconomic or geopolitical shock, itis reasonable to expect risk assets to continue experiencing solid returns.US interest rates are likely to remain low for the remainder of 2021. As a result,credit should continue to outperform both higher quality Treasury and governmentbonds.Finally, low interest rates have historically been a tailwind for growth equities. Giventhat the Fed has committed to keeping rates unchanged in the near-term, growth-oriented companies could continue to lead the market.The Economy The US economy continues to recover as widespread vaccine distribution has resulted in the reopening of many state and local economies. The recent rise in demand for goods and services has resulted in strong inflationary pressures. The annual rate of inflation increased to 5.0% in May, up from 4.2% in April. The US labor market continues to recover as evidenced by the decline in the unemployment rate. Recently, several states have moved to reduce or eliminate additional unemployment benefits to incentivize people to return to work. Overall, wage growth has shown signs of accelerating as employers struggle to fill job openings. Despite leaving interest rates unchanged at their most recent meeting, the Fed did change the language of its statement suggesting that interest rates may rise sooner rather than later.Equity (Domestic and International) US equities rose to all-time highs during the second quarter, primarily due to the optimism related to increased control over the pandemic. Reversing performance from recent quarters, growth outpaced value and large companies resumed market leadership relative to smaller peers. International equities performed well during the 2nd quarter, albeit at a less frenetic pace than their domestic counterparts. Also similar to the US, growth outperformed value and emerging countries underperformed developed ones.Page 3 Source: Investment MetricsThe Market EnvironmentMajor Market Index PerformanceAs of June 30, 20210.0%3.5%0.3%3.2%1.7%1.8%5.0%5.2%5.5%4.3%7.5%8.5%8.2%8.5%-2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0%3-Month T-BillBbg Barclays Corp IGBbg Barclays MBSBbg Barclays US TIPSBbg Barclays US GovtBbg Barclays US AggMSCI Emerg MktsMSCI EAFEMSCI ACWxUSRussell 2000Russell MidCapRussell 1000Russell 3000S&P 500Quarter Performance0.1%3.3%-0.4%6.5%-3.1%-0.3%40.9%32.4%35.7%62.0%49.8%43.1%44.2%40.8%-10.0% 5.0% 20.0% 35.0% 50.0% 65.0%3-Month T-BillBbg Barclays Corp IGBbg Barclays MBSBbg Barclays US TIPSBbg Barclays US GovtBbg Barclays US AggMSCI Emerg MktsMSCI EAFEMSCI ACWxUSRussell 2000Russell MidCapRussell 1000Russell 3000S&P 5001-Year PerformanceBroad US equity markets experienced strong returns during the 2nd quarter of2021. The primary catalyst during the period was the continued reopening ofstate and local economies resulting from the ongoing distribution of vaccines.Importantly, US interest rates also fell during the period which resulted inlarge, growth-oriented companies resuming market leadership. For the period,large cap companies returned 8.5%, compared to 7.5% for mid-caps and 4.3%for small company stocks.Similar to domestic markets, broad international equity markets also postedpositive returns for the 2nd quarter. The re-opening of global economies,particularly Europe, were key drivers of performance. During the period, theMSCI EAFE Index return of 5.2% modestly outperformed the MSCI EmergingMarkets Index return of 5.0%For the quarter, bond market returns were generally positive as interest ratesdeclined. The Bloomberg Barclays (BB) US Aggregate Index returned 1.8%,trailing both US TIPS and Investment Grade Corporate bonds which returned3.2% and 3.5% respectively.The trailing 1-year chart details the market’s dramatic reversal following theonset of the pandemic last year. All broad US equity market indexes haverecovered and are trading at near-recordlevels. Most notably, domestic smallcap stocks have led the market higher by returning 62.0% compared to USlarge caps which returned 43.1% over the trailing 1-year period.Over the trailing 1-year period the MSCI EAFE Index return of 32.4% fell shortof the MSCI Emerging Markets Index return of 40.9%. Higher growth benefitsareas like emerging markets which are more sensitive to changes in economicactivity. As a result, as global markets continue to recover, economicallysensitive emerging countriesmay recover at a faster rate.Bond market returns over the trailing 1-year period were relatively mutedcompared to equities. US TIPS led the way as investors remain concernedabout the potential for rising inflation. The TIPS Index returned 6.5% for theperiod while investment grade corporate bonds returned 3.3%. Higher quality,lower coupon bonds generally struggled to perform during the period as USinterest rates generally moved higher.Page 4 Source: Investment MetricsThe Market EnvironmentDomestic Equity Style Index PerformanceAs of June 30, 20213.9%4.3%4.6%11.1%7.5%5.7%11.9%8.5%5.2%11.4%8.2%5.2%0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 ValueQuarter Performance - Russell Style Series51.4%62.0%73.3%43.8%49.8%53.1%42.5%43.1%43.7%43.0%44.2%45.4%0.0% 20.0% 40.0% 60.0% 80.0%2000 Growth2000 Index2000 ValueMidCap GrowthMidCap IndexMidCap Value1000 Growth1000 Index1000 Value3000 Growth3000 Index3000 Value1-Year Performance - Russell Style SeriesThe market’s strong momentum continued during the quarter as all broad USequity benchmarks posted their 5th straight quarter of positive returns acrossboth the style and market capitalization spectrums. However, we did see areversal during the period as large cap stocks resumed leadership followed bymid and small caps. The Russell 1000 Index returned a strong 8.5% comparedto 7.5% for the Russell Mid Cap Index and 4.3% for the Russell 2000 Index.Growth stocks outpaced value stocks for the first time in two quarters. TheRussell 1000 Growth Index was the best performing style index for the quarter,posting a return of 11.9%. Mid cap growth stock performance was not farbehind, returning 11.1%. However, in small cap stocks, value outpaced growthfor the quarter with the Russell 2000 Value Index returning 4.6% compared to3.9% for the Russell 2000 Growth Index.Performance across all market capitalizations and styles was very strong overthe trailing 1-year period.Despite the recent gains made by growth stocks, value stocks outpacedgrowth issues across all market capitalizations over the trailing 1-year period.Given the strong economic recovery, it is not surprising that small cap valuestocks performed the best with the Russell 2000 Value Index returning 73.3%.While the dispersion between value and growth was widest in small capstocks, it narrowed significantly moving up the market capitalization spectrum.Page 5 The Market EnvironmentGICS Sector Performance & (Sector Weight)As of June 30, 2021Source: Morningstar DirectAs a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. 16.0%33.1%48.6%43.5%51.0%28.8%62.0%51.6%23.7%49.6%49.7%-0.4%12.3%4.8%11.6%4.3%8.7%8.0%11.9%3.6%6.8%10.7%-5.0% 10.0% 25.0% 40.0% 55.0%Utilities (2.5%)Real Estate (3.1%)Materials (2.9%)Info Technology (26.5%)Industrials (9.3%)Health Care (13.1%)Financials (11.6%)Energy (2.6%)Consumer Staples (5.7%)Consumer Disc (12.1%)Comm Services (10.6%)Russell 1000Quarter1-Year18.8%45.3%87.6%57.3%70.5%43.0%56.8%134.2%57.6%100.5%105.0%-1.3%7.4%4.9%6.1%0.6%3.2%0.8%20.9%2.4%5.9%33.0%-10.0% 15.0% 40.0% 65.0% 90.0% 115.0% 140.0%Utilities (2.7%)Real Estate (6.1%)Materials (4.6%)Info Technology (12.5%)Industrials (16.0%)Health Care (18.9%)Financials (16.0%)Energy (2.7%)Consumer Staples (3.3%)Consumer Disc (14.7%)Comm Services (2.5%)Russell 2000Quarter1-YearSector performance was positive across ten of the eleven large cap economicsectors for the 2ndquarter. Five sectors outpaced the return of the broad indexduring the period.Inflation-sensitive sectors like real estate and energy were the two bestperforming sectors for the quarter, returning 12.3% and 11.9% respectively. Ingeneral, companies in sectors with the ability to pass along rising costs toconsumers experienced the strongest returns. The technology sector benefitedfrom falling interest rates during the period, which acted as a tailwind toearnings. While nearly all sectors experienced positive results, the utilitiessector (-0.4%) lagged its peers and the broad index results.For the full year, seven sectors exceeded the return of the broad large capbenchmark: communication services, consumer discretionary, energy,financials, industrials, information technology, and materials. Over the trailing1-year period, financials (62.0%), energy (51.6%), industrials (51.0%), andcommunication services (49.7%) were the best performing economic sectors.The weakest economic sector in the Russell 1000 for the trailing year, utilities,still managed to produce a strong return of 16.0%.Similar to large cap stocks, ten of the eleven small cap sectors posted positiveperformance for the quarter and six of them managed to outpace the return ofthe broad Russell 2000 Index. Communication services was the bestperforming sector during the quarter, returning a robust 33.0%. Energy stocksalso performed well during the period with a return of 20.9%.For the full 1-year period, five of the eleven sectors outperformed the broadbenchmark: energy (134.2%), communication services (105.0%), consumerdiscretionary (100.5%), materials (87.6%), and industrials (70.5%). Thecombination of rapidly improving economic conditions, rising energy prices,and increased inflationary pressures were the primary catalysts for theexceptional performance.Page 6 The Market EnvironmentTop 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000As of June 30, 2021Source: Morningstar DirectTop 10 Weighted StocksTop 10 Weighted StocksRussell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorApple Inc 5.22% 12.3% 51.2% Information Technology AMC Entmt Holdings Inc Class A 0.76% 455.1% 1221.2% Communication ServicesMicrosoft Corp 4.96% 15.2% 34.4% Information Technology Intellia Therapeutics Inc 0.34% 101.7% 670.3% Health CareAmazon.com Inc 3.62% 11.2% 24.7%Consumer Discretionary Arrowhead Pharmaceuticals Inc 0.28% 24.9% 91.8% Health CareFacebook Inc A 2.02% 18.1% 53.1% Communication Services Ovintiv Inc 0.27% 32.7% 240.7% EnergyAlphabet Inc A 1.78% 18.4% 72.2% Communication Services Lattice Semiconductor Corp 0.25% 24.8% 97.9% Information TechnologyAlphabet Inc Class C 1.73% 21.2% 77.3% Communication Services II-VI Inc 0.25% 6.2% 53.7%Information TechnologyTesla Inc 1.28% 1.8% 214.7% Consumer Discretionary Crocs Inc 0.25% 44.8% 216.5% Consumer DiscretionaryBerkshire Hathaway Inc Class B 1.27% 8.8% 55.7% Financials Scientific Games Corp Ordinary Shares 0.25% 101.0% 400.9%Consumer DiscretionaryNVIDIA Corp 1.16% 49.9% 110.8% Information Technology Staar Surgical Co 0.24% 44.7% 147.8% Health CareJPMorgan Chase & Co 1.14% 2.8% 70.7% Financials Denali Therapeutics Inc 0.24% 37.4% 224.4% Health CareTop 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter)Russell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorModerna Inc 0.19% 79.4% 266.0% Health Care AMC Entmt Holdings Inc Class A 0.76% 455.1%1221.2% Communication ServicesNovoCure Ltd 0.06% 67.8% 274.1% Health Care Brooklyn ImmunoTherap Inc Ord Shrs 0.01% 384.1% N/A Health CareHayward Holdings Inc 0.00% 54.1% N/A Consumer Discretionary Laredo Petroleum Inc 0.04% 208.7% 569.5% EnergyCloudflare Inc 0.06% 50.6% 194.4% Information Technology Atossa Therapeutics Inc 0.02% 199.5% 66.3% Health CareVirgin Galactic Holdings Inc Shs A 0.02% 50.2% 181.5% Industrials Peabody Energy Corp 0.02% 159.2% 175.3% EnergyNVIDIA Corp 1.16% 49.9% 110.8% Information Technology Apollo Medical Holdings Inc 0.08% 131.9% 280.7% Health CareContinental Resources Inc 0.01% 47.5% 117.7% Energy Asana Inc Ordinary Shares - Class A 0.15% 117.0% N/A Information TechnologyNutanix Inc A 0.02% 43.9% 61.2% Information Technology Agiliti Inc Ordinary Shares 0.02% 116.5% 1338.8% Health CareRoku Inc Class A 0.13% 41.0% 294.1% Communication Services HyreCar Inc 0.01% 113.5% 614.0% IndustrialsTarga Resources Corp 0.02% 40.4% 125.5% Energy Prothena Corp PLC 0.06% 104.7% 391.5% Health CareBottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter)Russell 1000 Weight1-Qtr Return1-Year ReturnSector Russell 2000 Weight1-Qtr Return1-Year ReturnSectorQuantumScape Corp Ord Shares A 0.01% -34.6% N/A Consumer Discretionary ChemoCentryx Inc 0.02% -73.9% -76.7% Health CareDiscovery Inc Class A 0.01% -29.4% 45.4% Communication Services Atea Pharmaceuticals Inc Ord Shares 0.05% -65.2% N/A Health CarePenn National Gaming Inc 0.03% -27.0% 150.5% Consumer Discretionary Adverum Biotechnologies Inc 0.01% -64.5% -83.2% Health CareTripAdvisor Inc 0.01% -25.1% 112.0% Communication Services Vor Biopharma Inc Ordinary Shares 0.01% -56.7% N/A Health CareSage Therapeutics Inc 0.01% -24.1% 36.6% Health Care Aemetis Inc 0.01% -54.4% 1282.9% EnergyDiscovery Inc C 0.02% -21.4% 50.5% Communication Services Bolt Biotherapeutics Inc Ord Shares 0.01% -53.0% N/A Health CareThe Scotts Miracle Gro Co A 0.02% -21.4% 49.0% Materials Gemini Therapeutics Inc Ord Shares 0.00% -52.3% N/A Health CareCureVac NV Ordinary Shares 0.01% -19.7% N/A Health CareiRhythm Technologies Inc 0.06% -52.2% -42.7% Health CareExelixis Inc 0.01% -19.3% -23.3% Health Care Sigilon Therapeutics Inc Ord Shares 0.00% -52.0% N/A Health CareGuardant Health Inc 0.03% -18.6% 53.1% Health Care Aterian Inc 0.01% -50.4% 166.5%Consumer DiscretionaryPage 7 Source: MSCI Global Index Monitor (Returns are Net)The Market EnvironmentInternational and Regional Market Index Performance (Country Count)As of June 30, 20216.1%3.4%5.3%3.8%1.9%6.4%4.8%5.2%4.8%15.0%3.8%7.4%5.1%1.3%7.4%5.2%5.7%5.5%0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%EM Latin Amer (6)EM Asia (9)EM EMEA (11)Emerging Mkt (26)Pacific (5)Europe & ME (16)EAFE (21)WORLD x US (22)AC World x US (48)Quarter PerformanceUSDLocal Currency31.0%37.6%30.2%36.1%28.0%26.5%27.1%27.6%30.0%44.9%41.0%37.4%40.9%27.8%35.0%32.4%33.6%35.7%0.0% 10.0% 20.0% 30.0% 40.0% 50.0%EM Latin Amer (6)EM Asia (9)EM EMEA (11)Emerging Mkt (26)Pacific (5)Europe & ME (16)EAFE (21)WORLD x US (22)AC World x US (48)1-Year PerformanceUSDLocal CurrencyAll broad international equity indexes tracked in the chart posted positivereturns in both US dollar (USD) and local currency terms for the 2nd quarter.For the period, developed markets outperformed emerging markets in bothUSD and local currency. The MSCI EAFE Index returned 5.2% in USD and4.8% in local currency terms for the period while the MSCI Emerging MarketsIndex returned a slightly lower 5.1% in USD and 3.8% in local currency terms.The trailing 1-year results for international developed and emerging marketswere positive across all regions and currencies. The MSCI EAFE Indexreturned 32.4% in USD and 27.1% in local currency terms, while the MSCIEmerging Markets Index returned 40.9%in USD and 36.1% in local currencyterms. Performance within the emerging markets regions was led by LatinAmerica with the EM Latin America Index returning 44.9% in USD and 31.0%in local terms.Page 8 The Market EnvironmentUS Dollar International Index Attribution & Country DetailAs of June 30, 2021Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD)As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. MSCI - EAFE Sector Weight Quarter Return 1-Year ReturnCommunication Services 4.9% 0.3% 26.1%Consumer Discretionary 13.0% 5.5% 49.8%Consumer Staples 10.5% 8.5% 17.9%Energy 3.2% 2.7% 29.1%Financials 17.0% 3.2% 40.2%Health Care 12.4% 9.3% 12.3%Industrials 15.5% 3.6% 39.6%Information Technology 9.1% 8.3% 40.2%Materials 7.9% 5.1% 47.2%Real Estate 3.0% 5.3% 27.6%Utilities 3.4% -1.1% 12.7%Total 100.0% 5.2% 32.4%MSCI - ACWIxUS Sector Weight Quarter Return 1-Year ReturnCommunication Services 6.7% 1.5% 24.9%Consumer Discretionary 13.8% 4.8% 44.6%Consumer Staples 8.5% 7.7% 19.1%Energy 4.5% 8.2% 34.2%Financials 18.6% 4.3% 40.7%Health Care 9.3% 9.9% 15.2%Industrials 11.8% 4.4% 40.3%Information Technology 12.9% 7.0% 56.6%Materials 8.3% 6.5% 49.5%Real Estate 2.6% 2.5% 22.3%Utilities 3.0% -0.3% 14.9%Total 100.0% 5.5% 35.7%MSCI - Emerging Mkt Sector Weight Quarter Return 1-Year ReturnCommunication Services 11.3% 1.9% 23.0%Consumer Discretionary 17.6% 3.6% 36.8%Consumer Staples 5.6% 4.5% 23.7%Energy 5.0% 12.1% 31.8%Financials 17.8% 4.2% 33.0%Health Care 5.0% 14.1% 32.3%Industrials 4.9% 13.2% 45.2%Information Technology 20.4% 3.8% 75.8%Materials 8.4% 8.4% 71.4%Real Estate 2.0% -6.0% 6.6%Utilities 1.9% 2.0% 20.3%Total 100.0% 5.1% 40.9%MSCI-EAFE MSCI-ACWIxUS Quarter 1- YearCountry Weight Weight Return ReturnJapan 23.2% 14.3% -0.3% 24.8%United Kingdom 14.4% 8.9% 6.0% 31.3%France 11.5% 7.1% 9.1% 40.9%Switzerland 9.8% 6.0% 11.5% 24.3%Germany 9.4% 5.8% 4.7% 31.8%Australia 7.2% 4.4% 6.9% 39.6%Netherlands 4.4% 2.7% 7.3% 49.6%Sweden 3.8% 2.3% 5.5% 53.9%Hong Kong 3.3% 2.0% 2.5% 29.0%Denmark 2.6% 1.6% 13.1% 44.2%Italy 2.5% 1.5% 3.6% 36.6%Spain 2.5% 1.5% 5.3% 30.7%Singapore 1.1% 0.7% 0.5% 28.7%Finland 1.1% 0.7% 10.8% 34.7%Belgium 1.0% 0.6% 9.2% 28.5%Ireland 0.7% 0.4% 2.4% 39.6%Norway 0.6% 0.4% 4.9% 49.6%Israel 0.6% 0.4% 5.1% 22.5%New Zealand 0.2% 0.2% -5.1% -5.0%Austria 0.2% 0.1% 11.5% 70.9%Portugal 0.2% 0.1% -0.9% 11.4%Total EAFE Countries 100.0% 61.7% 5.2% 32.4%Canada 7.0% 10.0% 45.8%Total Developed Countries 68.7% 5.7% 33.6%China 11.7% 2.3% 27.4%Taiwan 4.4% 7.1% 70.5%Korea 4.1% 4.8% 66.2%India 3.1% 6.9% 56.4%Brazil 1.6% 22.9% 46.6%South Africa 1.1% -1.5% 39.9%Russia 1.1% 14.0% 38.6%Saudi Arabia 0.9% 10.0% 49.3%Mexico 0.6% 9.1% 55.9%Thailand 0.5% -4.9% 7.0%Malaysia 0.4% -2.5% 3.8%Indonesia 0.4% -5.1% 7.6%Poland 0.2% 18.7% 26.7%United Arab Emirates 0.2% 11.2% 50.4%Qatar 0.2% 2.2% 15.1%Philippines 0.2% 7.6% 14.3%Chile 0.1% -14.2% 23.4%Hungary 0.1% 14.8% 46.1%Turkey 0.1% -0.5% -13.0%Peru 0.1% -8.8% 9.6%Colombia 0.1% -2.9% 18.0%Argentina 0.0% 5.8% 28.6%Greece 0.0% 8.2% 32.0%Czech Republic 0.0% 14.6% 52.1%Egypt 0.0% -9.2% -13.4%Pakistan 0.0% -6.7% 13.2%Total Emerging Countries 31.2% 5.1% 40.9%Total ACWIxUS Countries 100.0% 5.5% 35.7%Page 9 Source: BloombergThe Market EnvironmentDomestic Bond Sector & Broad/Global Bond Market Performance (Duration)As of June 30, 20211.4%0.9%0.8%1.8%3.7%3.2%3.0%1.2%3.2%2.7%3.5%0.3%1.7%0.0% 1.0% 2.0% 3.0% 4.0%Multiverse (7.3)Global Agg x US (8.2)Intermediate Agg (4.2)Aggregate (6.6)Baa (8.8)A (8.4)AA (8.4)AAA (5.7)U.S. TIPS (6.6)U.S. High Yield (3.8)U.S. Corporate IG (8.7)U.S. Mortgage (4.2)U.S. Treasury (7.0)Quarter Performance 3.2%4.6%0.1%-0.3%5.4%1.5%0.8%-1.9%6.5%15.4%3.3%-0.4%-3.2%-5.0% 0.0% 5.0% 10.0% 15.0% 20.0%Multiverse (7.3)Global Agg x US (8.2)Intermediate Agg (4.2)Aggregate (6.6)Baa (8.8)A (8.4)AA (8.4)AAA (5.7)U.S. TIPS (6.6)U.S. High Yield (3.8)U.S. Corporate IG (8.7)U.S. Mortgage (4.2)U.S. Treasury (7.0)1-Year PerformanceFixed income markets performed well during the 2nd quarter primarily due tofalling US interest rates which actedas general tailwind for bond benchmarkperformance. The Bloomberg Barclays (BB) US Aggregate Bond Indexreturned a solid 1.8% for the period.Digging deeper into the investment grade index’s segments, while eachcomponent exhibited positive performance, the US Corporate InvestmentGrade (3.5%) and US TIPS (3.2%) benchmark segments drove results.Although yields on issues of less than2-years remained stable during thequarter, yields on longer-dated issuesdeclined substantially over concernsof future economic growth.Outside of domestic markets, the BB Global Aggregate ex US Index posteda 0.9% return for the quarter. Like international stocks, global bonds werenegatively impacted by the strengthening USD.Over the trailing 1-year period, domestic bond performance was slightlynegative while global bonds posted solid, positive results. The BB GlobalAggregate ex US Index return of 4.6%easily outpaced the domestic BB USAggregate Index’s return of -0.3%. A steepening yield curve, combined witha falling USD, were the primary contributors to the relative outperformanceof global bonds for the year.The dispersion of returns for the year within bond market segments wassignificant and was led by the US High Yield Index’s return of 15.4%. Thecombination of a lower average duration and a greater sensitivity to equitymarket movements were the primary performance catalysts. US TIPS alsoperformed well for the year with the index returning 6.5%. Persistentconcerns about rising inflation acted like a tailwind for TIPS issues.Page 10 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)The Market EnvironmentMarket Rate & Yield Curve ComparisonAs of June 30, 20210.001.002.003.004.005.006.007.00Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-211-Year Trailing Market RatesFed Funds RateBAA OAS10yr TreasuryHigh Yield OAS0.000.501.001.502.002.501 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yrTreasury Yield Curve9/30/202012/31/20203/31/20216/30/2021The gray band across the graph illustrates the range of the Fed Funds Rate.Over the past year, the Fed’s target rate range has remained unchanged at0.00% to 0.25%. During its June meeting, the Federal Open MarketCommittee (FOMC) reiterated its commitment to keeping interest rates nearzero while also maintaining its asset purchase program aimed at supplyingthe market with ample liquidity.The yield on the US 10-year Treasury (green line) began increasing rapidlyas the economy slowly began to open earlier this year. After reaching a highof 1.74% during the 1st quarter of 2021, interest rates in the US began to fallas concerns about future economic growth increased.The blue line illustrates changes in the BAA OAS (Option Adjusted Spread).This measure quantifies the additional yield premium that investors requireto purchase and hold non-Treasury investment grade issues. The narrowingspread the line illustrates indicates investors remain comfortable owningcredit as the probability of corporate defaults remains low. While nearly triplethe BAA OAS, the High Yield OAS shows a similar willingness by investorsto hold non-Treasury debt.The lower graph provides a snapshot of the US Treasury yield curve at theend of each of the last four quarters. Beginning in the 3rd quarter of 2020,longer-term interest rates began tomove higher as investors’ optimismimproved. This trend continued through the 1st quarter as economic growthsurprised to the upside. Since then, longer-term US interest rates havefallen.Page 11 Page Intentionally Left Blank Page 12 Page Intentionally Left Blank Page 13 Executive Summary Policy Target In Policy Outside Policy 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%60.0% Total Cash Composite (0.5%) Total Real Asset (10.2%) Total Fixed Income Composite (30.7%) Total Long/Short Equity Composite (6.0%) Total International Equity (14.0%) Total Domestic Equity (38.7%) Asset Allocation Compliance Asset Allocation $ Current Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Target Allocation (%) Min. Rebal. ($000) Max. Rebal. ($000) Target Rebal. ($000) Total Fund Composite 808,308,516 100.0 N/A N/A 100.0 --- Total Domestic Equity 312,595,039 38.7 10.0 50.0 35.0 -231,764,187 91,559,219 -29,687,058 Total International Equity 113,017,349 14.0 5.0 20.0 15.0 -72,601,923 48,644,355 8,228,929 Total Long/Short Equity Composite 48,725,548 6.0 0.0 7.5 5.0 -48,725,548 11,897,591 -8,310,122 Total Fixed Income Composite 247,942,466 30.7 10.0 55.0 35.0 -167,111,614 196,627,218 34,965,515 Total Real Asset 82,047,658 10.2 0.0 15.0 10.0 -82,047,658 39,198,620 -1,216,806 Total Cash Composite 3,980,458 0.5 0.0 5.0 0.0 -3,980,458 36,434,968 -3,980,458 Asset Allocation Compliance Oakland County Employees' Retirement System Total Fund Composite As of June 30, 2021 Page 14 Executive Summary Policy Target In Policy Outside Policy 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%60.0% Total Cash Composite (0.5%) Total Real Asset (10.2%) Total Fixed Income Composite (30.7%) Total Long/Short Equity Composite (6.0%) Total International Equity (14.0%) Total Small Cap Equity Composite (7.8%) Total Mid Cap Equity Composite (8.4%) Total Large Cap Equity Composite (22.4%) Asset Allocation Compliance Asset Allocation $ Current Allocation (%) Target Allocation (%) Target Rebal. ($000) Total Fund Composite 808,308,516 100.0 100.0 - Total Large Cap Equity Composite 181,206,388 22.4 20.0 -19,544,685 Total Mid Cap Equity Composite 68,006,480 8.4 7.5 -7,383,341 Total Small Cap Equity Composite 63,382,171 7.8 7.5 -2,759,032 Total International Equity 113,017,349 14.0 15.0 8,228,929 Total Long/Short Equity Composite 48,725,548 6.0 5.0 -8,310,122 Total Fixed Income Composite 247,942,466 30.7 35.0 34,965,515 Total Real Asset 82,047,658 10.2 10.0 -1,216,806 Total Cash Composite 3,980,458 0.5 0.0 -3,980,458 Asset Allocation Compliance Oakland County Employees' Retirement System Total Fund Composite As of June 30, 2021 Page 15 Asset Allocation By Segment as of March 31, 2021 : $793,670,055 Asset Allocation By Segment as of June 30, 2021 : $808,308,516 Allocation Segments Market Value Allocation Domestic Equity 298,561,192 37.6¢ International Equity 114,357,762 14.4¢ Domestic Fixed Income 179,851,689 22.7¢ Global Fixed Income 33,578,133 4.2¢ Real Estate 71,705,385 9.0¢ Hedge Fund 48,011,471 6.0¢ Private Equity 23,643,175 3.0¢ Cash Equivalent 23,961,248 3.0¢ Allocation Segments Market Value Allocation Domestic Equity 308,166,384 38.1¢ International Equity 111,638,075 13.8¢ Domestic Fixed Income 185,542,852 23.0¢ Global Fixed Income 34,609,177 4.3¢ Real Estate 73,919,989 9.1¢ Hedge Fund 41,725,548 5.2¢ Private Equity 29,079,595 3.6¢ Cash Equivalent 23,626,897 2.9¢ Asset Allocation Summary Total Fund Composite As of June 30, 2021 NONE Page 16 Asset Allocation By Manager as of March 31, 2021 : $793,670,055 Asset Allocation By Manager as of June 30, 2021 : $808,308,516 Allocation Market Value Allocation CS McKee 106,972,305 13.5¢ T. Rowe Price 85,746,288 10.8¢ Loomis Fixed Income 81,202,752 10.2¢ SSgA S&P 500 Equal Weighted Index 49,068,552 6.2¢ ABS Global 48,011,471 6.0¢ Lazard 44,913,254 5.7¢ Pictet 42,780,037 5.4¢ SSgA S&P 500 39,657,317 5.0¢ Morgan Stanley 38,716,240 4.9¢ Loomis Small Cap 34,793,056 4.4¢ Pimco Diversified Income (PDIIX)33,578,133 4.2¢ Lee Munder (LMCG)33,518,324 4.2¢ Berkeley Street 27,951,812 3.5¢ Prudential PRISA II 19,963,027 2.5¢ Reinhart Partners 19,320,200 2.4¢ Great Lakes SmidCap 18,757,592 2.4¢ TimesSquare 15,823,512 2.0¢ Nuance Mid Cap Value 13,740,679 1.7¢ Churchill Senior Loan Fund 10,106,828 1.3¢ Alidade Capital Fund IV 5,597,920 0.7¢ Marathon Distressed Credit Fund LP 4,096,537 0.5¢ BlackRock Direct Lending Feeder IX 3,471,826 0.4¢ AEW Real Estate 3,260,392 0.4¢ Walton Street Real Estate 3,004,539 0.4¢ Hamilton Lane Secondary Fund V LP 2,550,184 0.3¢ Private Markets Cash 2,394,713 0.3¢ ValStone Opportunity Fund V 2,209,756 0.3¢ Dune Real Estate IV 1,129,164 0.1¢ Portfolio Adv Secondary Agg VI 1,047,067 0.1¢ H.I.G. Bayside Loan Opportunity VI 160,977 0.0¢ Cash and Equivalents Account 91,497 0.0¢£ JPM Euro Property 34,103 0.0¢£ Allocation Market Value Allocation CS McKee 109,338,324 13.5¢ T. Rowe Price 93,299,535 11.5¢ Loomis Fixed Income 83,043,039 10.3¢ SSgA S&P 500 Equal Weighted Index 52,464,178 6.5¢ ABS Global 48,725,548 6.0¢ Lazard 47,001,726 5.8¢ Pictet 43,884,940 5.4¢ Morgan Stanley 39,793,507 4.9¢ SSgA S&P 500 35,442,675 4.4¢ Pimco Diversified Income (PDIIX)34,609,177 4.3¢ Loomis Small Cap 33,128,415 4.1¢ Lee Munder (LMCG)30,253,756 3.7¢ Berkeley Street 22,130,683 2.7¢ Prudential PRISA II 20,923,457 2.6¢ Reinhart Partners 19,828,729 2.5¢ TimesSquare 17,364,670 2.1¢ Great Lakes SmidCap 16,613,445 2.1¢ Nuance Mid Cap Value 14,199,636 1.8¢ Churchill Senior Loan Fund 10,206,852 1.3¢ Marathon Distressed Credit Fund LP 6,232,963 0.8¢ Alidade Capital Fund IV 5,854,445 0.7¢ Hamilton Lane Secondary Fund V LP 3,999,051 0.5¢ BlackRock Direct Lending Feeder IX 3,844,912 0.5¢ Private Markets Cash 3,631,798 0.4¢ Walton Street Real Estate 3,004,539 0.4¢ AEW Real Estate 2,963,316 0.4¢ ValStone Opportunity Fund V 2,236,175 0.3¢ Portfolio Adv Secondary Agg VI 1,892,443 0.2¢ Dune Real Estate IV 1,346,622 0.2¢ H.I.G. Bayside Loan Opportunity VI 667,199 0.1¢ Cash and Equivalents Account 348,659 0.0¢£ JPM Euro Property 34,103 0.0¢£ Asset Allocation Summary Total Fund Composite As of June 30, 2021 NONE Page 17 Asset Allocation Attributes Jun-2021 Mar-2021 Dec-2020 Sep-2020 Jun-2020 ($)%($)%($)%($)%($)% Total Fund Composite 808,308,516 100.00 793,670,055 100.00 785,740,487 100.00 721,474,601 100.00 705,251,546 100.00 Total Equity Composite 474,337,935 58.68 474,082,096 59.73 463,757,321 59.02 400,546,565 55.52 396,368,103 56.20 Total Domestic Equity 312,595,039 38.67 310,425,521 39.11 293,323,940 37.33 257,185,254 35.65 250,876,894 35.57 Total Large Cap Equity Composite 181,206,388 22.42 174,472,157 21.98 162,582,908 20.69 151,952,674 21.06 151,056,820 21.42 SSgA S&P 500 35,442,675 4.38 39,657,317 5.00 37,348,946 4.75 43,309,403 6.00 39,759,874 5.64 SSgA S&P 500 Equal Weighted Index 52,464,178 6.49 49,068,552 6.18 44,051,301 5.61 37,138,531 5.15 34,812,293 4.94 T. Rowe Price 93,299,535 11.54 85,746,288 10.80 81,182,660 10.33 71,504,741 9.91 76,484,653 10.85 Total Mid Cap Equity Composite 68,006,480 8.41 67,641,984 8.52 68,249,120 8.69 56,137,408 7.78 53,393,388 7.57 iShares Russell Mid Cap Value (IWS)-0.00 -0.00 -0.00 -0.00 10,935,248 1.55 Wedge Capital Partners -0.00 -0.00 -0.00 -0.00 -0.00 Nuance Mid Cap Value 14,199,636 1.76 13,740,679 1.73 13,028,221 1.66 11,249,111 1.56 -0.00 TimesSquare 17,364,670 2.15 15,823,512 1.99 20,635,112 2.63 17,496,772 2.43 15,975,763 2.27 Great Lakes SmidCap 16,613,445 2.06 18,757,592 2.36 17,689,518 2.25 14,415,082 2.00 13,428,454 1.90 Reinhart Partners 19,828,729 2.45 19,320,200 2.43 16,896,269 2.15 12,976,442 1.80 13,053,923 1.85 Total Small Cap Equity Composite 63,382,171 7.84 68,311,380 8.61 62,491,912 7.95 49,095,172 6.80 46,426,686 6.58 Lee Munder (LMCG)30,253,756 3.74 33,518,324 4.22 28,751,533 3.66 22,171,453 3.07 21,673,792 3.07 Loomis Small Cap 33,128,415 4.10 34,793,056 4.38 33,740,379 4.29 26,923,719 3.73 24,752,893 3.51 Total International Equity 113,017,349 13.98 115,645,103 14.57 122,983,257 15.65 101,523,203 14.07 98,971,903 14.03 Lazard 47,001,726 5.81 44,913,254 5.66 44,712,302 5.69 37,701,340 5.23 35,592,856 5.05 Pictet 43,884,940 5.43 42,780,037 5.39 50,866,184 6.47 41,413,457 5.74 42,457,883 6.02 Berkeley Street 22,130,683 2.74 27,951,812 3.52 27,404,771 3.49 22,408,405 3.11 20,921,163 2.97 Total Long/Short Equity Composite 48,725,548 6.03 48,011,471 6.05 47,450,125 6.04 41,838,108 5.80 46,519,307 6.60 ABS Global 48,725,548 6.03 48,011,471 6.05 47,450,125 6.04 41,838,108 5.80 46,519,307 6.60 Total Fixed Income Composite 247,942,466 30.67 239,589,358 30.19 243,343,835 30.97 240,044,399 33.27 235,915,098 33.45 Total Domestic Fixed Income 192,381,363 23.80 188,175,057 23.71 195,560,473 24.89 192,963,602 26.75 190,447,444 27.00 CS McKee 109,338,324 13.53 106,972,305 13.48 111,870,411 14.24 111,182,007 15.41 110,211,308 15.63 Loomis Fixed Income 83,043,039 10.27 81,202,752 10.23 83,690,062 10.65 81,781,595 11.34 80,236,136 11.38 Total Global Fixed 34,609,177 4.28 33,578,133 4.23 34,363,772 4.37 34,112,455 4.73 34,226,625 4.85 Franklin Templeton -0.00 -0.00 34,363,772 4.37 34,112,455 4.73 34,226,625 4.85 Pimco Diversified Income (PDIIX)34,609,177 4.28 33,578,133 4.23 -0.00 -0.00 -0.00 Historical Asset Allocation Total Fund As of June 30, 2021 Page 18 Historical Asset Allocation Total Fund As of June 30, 2021 Jun-2021 Mar-2021 Dec-2020 Sep-2020 Jun-2020 ($)%($)%($)%($)%($)% Private Fixed Income 20,951,926 2.59 17,836,168 2.25 13,419,590 1.71 12,968,342 1.80 11,241,029 1.59 Churchill Senior Loan Fund 10,206,852 1.26 10,106,828 1.27 12,344,502 1.57 12,385,195 1.72 11,241,029 1.59 Marathon Distressed Credit Fund LP 6,232,963 0.77 4,096,537 0.52 867,825 0.11 590,379 0.08 -0.00 H.I.G. Bayside Loan Opportunity VI 667,199 0.08 160,977 0.02 207,263 0.03 -7,232 0.00 -0.00 BlackRock Direct Lending Feeder IX 3,844,912 0.48 3,471,826 0.44 -0.00 -0.00 -0.00 Total Real Asset 82,047,658 10.15 77,512,392 9.77 75,992,847 9.67 73,593,782 10.20 71,884,091 10.19 Total Real Estate 73,919,989 9.15 71,705,385 9.03 70,176,508 8.93 69,632,835 9.65 68,133,455 9.66 Morgan Stanley 39,793,507 4.92 38,716,240 4.88 37,992,130 4.84 37,440,076 5.19 37,045,887 5.25 JPM Euro Property 34,103 0.00 34,103 0.00 70,524 0.01 65,529 0.01 61,917 0.01 Prudential PRISA II 20,923,457 2.59 19,963,027 2.52 19,614,725 2.50 19,343,114 2.68 19,316,971 2.74 Alidade Capital Fund IV 5,854,445 0.72 5,597,920 0.71 5,307,639 0.68 5,064,781 0.70 4,955,634 0.70 Walton Street Real Estate 3,004,539 0.37 3,004,539 0.38 3,036,986 0.39 3,271,608 0.45 3,180,562 0.45 AEW Real Estate 2,963,316 0.37 3,260,392 0.41 2,876,244 0.37 3,147,875 0.44 2,670,137 0.38 Dune Real Estate IV 1,346,622 0.17 1,129,164 0.14 1,278,260 0.16 1,299,851 0.18 902,348 0.13 Private Investments 8,127,669 1.01 5,807,007 0.73 5,816,339 0.74 3,960,947 0.55 3,750,636 0.53 ValStone Opportunity Fund V 2,236,175 0.28 2,209,756 0.28 2,173,998 0.28 2,193,415 0.30 2,155,744 0.31 Hamilton Lane Secondary Fund V LP 3,999,051 0.49 2,550,184 0.32 2,579,811 0.33 1,767,532 0.24 1,594,892 0.23 Portfolio Adv Secondary Agg VI 1,892,443 0.23 1,047,067 0.13 1,062,530 0.14 -0.00 -0.00 Total Cash Composite 3,980,458 0.49 2,486,209 0.31 2,646,484 0.34 7,289,856 1.01 1,084,254 0.15 Cash and Equivalents Account 348,659 0.04 91,497 0.01 21,879 0.00 3,867 0.00 792 0.00 Private Markets Cash 3,631,798 0.45 2,394,713 0.30 2,624,604 0.33 7,285,989 1.01 1,083,462 0.15 Page 19 Financial Reconciliation Market Value 04/01/2021 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 06/30/2021 Total Fund Composite 793,670,055 -2,694,070 -22,000,000 -435,143 -5,631 3,048,676 31,336,489 808,308,516 Total Equity Composite 474,082,096 -25,000,000 48,960 --115,065 -1,893 1,041,245 24,282,593 474,337,935 Total Domestic Equity 310,425,521 -18,000,000 ---5,413 -706 698,465 19,477,172 312,595,039 Total Large Cap Equity Composite 174,472,157 -7,000,000 ---5,413 -96 281,559 13,458,181 181,206,388 SSgA S&P 500 39,657,317 -7,000,000 ---3,619 --2,788,977 35,442,675 SSgA S&P 500 Equal Weighted Index 49,068,552 ----1,794 --3,397,420 52,464,178 T. Rowe Price 85,746,288 -----96 281,559 7,271,784 93,299,535 Total Mid Cap Equity Composite 67,641,984 -3,000,000 ----320 274,182 3,090,634 68,006,480 Nuance Mid Cap Value 13,740,679 -----141 79,615 379,483 14,199,636 TimesSquare 15,823,512 -----64 21,175 1,520,048 17,364,670 Great Lakes SmidCap 18,757,592 -3,000,000 ----38 44,870 811,020 16,613,445 Reinhart Partners 19,320,200 -----76 128,522 380,083 19,828,729 Total Small Cap Equity Composite 68,311,380 -8,000,000 ----290 142,724 2,928,357 63,382,171 Lee Munder (LMCG)33,518,324 -5,000,000 ----71 123,056 1,612,446 30,253,756 Loomis Small Cap 34,793,056 -3,000,000 ----219 19,667 1,315,911 33,128,415 Total International Equity 115,645,103 -7,000,000 48,960 --109,652 -1,186 342,780 4,091,344 113,017,349 Lazard 44,913,254 -----1,186 163,237 1,926,422 47,001,726 Pictet 42,780,037 ----60,692 -179,543 986,052 43,884,940 Berkeley Street 27,951,812 -7,000,000 48,960 --48,960 --1,178,871 22,130,683 Total Long/Short Equity Composite 48,011,471 ------714,077 48,725,548 ABS Global 48,011,471 ------714,077 48,725,548 Total Fixed Income Composite 239,589,358 2,515,501 ---21,417 -970 1,418,652 4,441,341 247,942,466 Total Domestic Fixed Income 188,175,057 -----970 1,029,847 3,177,429 192,381,363 CS McKee 106,972,305 -----663 554,818 1,811,863 109,338,324 Loomis Fixed Income 81,202,752 -----307 475,029 1,365,566 83,043,039 Total Global Fixed 33,578,133 ----21,417 -388,806 663,655 34,609,177 Pimco Diversified Income (PDIIX)33,578,133 ----21,417 -388,806 663,655 34,609,177 Financial Reconciliation Total Fund 1 Quarter Ending June 30, 2021 Page 20 Financial Reconciliation Total Fund 1 Quarter Ending June 30, 2021 Market Value 04/01/2021 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 06/30/2021 Private Fixed Income 17,836,168 2,515,501 -----600,257 20,951,926 Churchill Senior Loan Fund 10,106,828 -301,109 -----401,133 10,206,852 Marathon Distressed Credit Fund LP 4,096,537 1,400,000 -----736,426 6,232,963 H.I.G. Bayside Loan Opportunity VI 160,977 447,737 -----58,485 667,199 BlackRock Direct Lending Feeder IX 3,471,826 968,874 ------595,788 3,844,912 Total Real Asset 77,512,392 1,634,301 ---298,662 -2,467 588,499 2,613,595 82,047,658 Total Real Estate 71,705,385 -659,942 ---248,662 -588,499 2,534,709 73,919,989 Morgan Stanley 38,716,240 ----189,965 -380,871 886,361 39,793,507 JPM Euro Property 34,103 -------34,103 Prudential PRISA II 19,963,027 ----58,696 -207,628 811,499 20,923,457 Alidade Capital Fund IV 5,597,920 -94,690 -----351,215 5,854,445 Walton Street Real Estate 3,004,539 -------3,004,539 AEW Real Estate 3,260,392 -565,252 -----268,176 2,963,316 Dune Real Estate IV 1,129,164 ------217,458 1,346,622 Private Investments 5,807,007 2,294,243 ---50,000 -2,467 -78,886 8,127,669 ValStone Opportunity Fund V 2,209,756 ------26,419 2,236,175 Hamilton Lane Secondary Fund V LP 2,550,184 1,448,867 ---50,000 -2,467 -52,467 3,999,051 Portfolio Adv Secondary Agg VI 1,047,067 845,376 ------1,892,443 Total Cash Composite 2,486,209 20,850,198 2,645,111 -22,000,000 --301 280 -1,039 3,980,458 Cash and Equivalents Account 91,497 19,646,029 2,611,134 -22,000,000 --301 301 -348,659 Private Markets Cash 2,394,713 1,204,169 33,977 ----21 -1,039 3,631,798 Page 21 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 52.0 60.0 68.0 76.0 Allocation (%)US Equity Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & Equivalents Total Fund Composite 38.67 (63)13.98 (64)4.28 (35)23.80 (53)9.63 (49)9.15 (24)0.49 (78) 5th Percentile 62.36 25.10 9.94 47.17 40.29 12.84 6.55 1st Quartile 51.76 18.30 4.61 31.44 17.22 8.96 2.18 Median 43.96 15.04 3.90 24.18 9.40 7.56 1.06 3rd Quartile 33.89 12.06 2.61 18.31 4.31 5.39 0.53 95th Percentile 17.04 6.52 1.84 11.59 0.90 2.17 0.05 Plan Sponsor TF Asset Allocation Total Fund Composite Vs. All Public Plans-Total Fund As of June 30, 2021 Page 22 Asset Allocation & Performance Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Fund Composite (Gross)808,308,516 100.0 4.42 (87)19.28 (63)7.30 (86)24.38 (73)10.22 (82)10.20 (75)8.05 (58)8.67 (50)8.61 (52)10/01/1986 Total Fund Policy Index 4.73 (78)17.57 (82)7.24 (86)22.76 (85)10.98 (63)10.25 (74)8.18 (53)9.13 (34)9.07 (23) Difference -0.31 1.71 0.06 1.62 -0.76 -0.05 -0.13 -0.46 -0.46 All Public Plans-Total Fund Median 5.30 20.28 8.71 26.72 11.51 10.96 8.24 8.64 8.66 Total Fund Composite (Net)808,308,516 100.0 4.36 19.15 7.20 24.20 9.96 9.86 7.77 8.48 8.55 10/01/1986 Total Fund Policy Index 4.73 17.57 7.24 22.76 10.98 10.25 8.18 9.13 9.07 Difference -0.37 1.58 -0.04 1.44 -1.02 -0.39 -0.41 -0.65 -0.52 Total Equity Composite 474,337,935 58.7 5.52 32.63 11.67 41.09 13.25 14.12 10.31 11.27 10.05 10/01/1986 Total Equity Index 7.03 33.67 14.14 43.67 15.34 15.49 11.93 13.04 10.54 Difference -1.51 -1.04 -2.47 -2.58 -2.09 -1.37 -1.62 -1.77 -0.49 Total Fixed Income Composite 247,942,466 30.7 2.43 1.39 -0.18 2.94 5.56 3.89 3.53 3.98 6.28 10/01/1986 Total Fixed Income Index 1.73 -0.67 -1.84 0.42 5.20 2.91 3.10 3.18 6.05 Difference 0.70 2.06 1.66 2.52 0.36 0.98 0.43 0.80 0.23 Total Real Asset 82,047,658 10.2 4.08 9.30 6.13 11.20 7.46 8.18 9.79 9.68 5.24 07/01/2008 NCREIF Fund Index-ODCE (VW)3.93 7.50 6.12 8.02 5.52 6.57 8.40 9.60 5.35 Difference 0.15 1.80 0.01 3.18 1.94 1.61 1.39 0.08 -0.11 Total Cash Composite 3,980,458 0.5 Asset Allocation & Performance Total Fund Composite (Gross) As of June 30, 2021 Page 23 Asset Allocation & Performance Total Fund Composite (Gross) As of June 30, 2021 Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Domestic Equity 312,595,039 38.7 Total Large Cap Equity Composite 181,206,388 22.4 8.20 (47)33.00 (36)16.11 (42)44.50 (32)18.65 (48)17.75 (46)14.26 (39)15.02 (38)12.26 (43)07/01/2008 IM U.S. Large Cap Equity (SA+CF) Median 8.05 30.30 15.30 42.15 18.41 17.61 13.78 14.68 12.11 SSgA S&P 500 (1.5 bps)35,442,675 4.4 8.50 (32)29.20 (63)15.21 (57)40.74 (54)18.66 (41)17.66 (45)14.13 (41)14.89 (38)15.04 (41)10/01/2009 S&P 500 Index 8.55 (29)29.25 (61)15.25 (54)40.79 (52)18.67 (40)17.65 (45)14.10 (43)14.84 (41)14.99 (47) Difference -0.05 -0.05 -0.04 -0.05 -0.01 0.01 0.03 0.05 0.05 IM U.S. Large Cap Core Equity (SA+CF) Median 7.98 30.05 15.40 40.98 17.82 17.52 13.74 14.63 14.89 SSgA S&P 500 Equal Weighted Index (4bps)52,464,178 6.5 6.92 (76)41.29 (7)19.11 (16)50.75 (7)16.18 (69)N/A N/A N/A 13.23 (67)02/01/2018 S&P 500 Equal Weighted 6.90 (76)41.18 (7)19.18 (16)50.71 (7)16.41 (66)15.68 (73)12.34 (77)13.76 (72)13.40 (66) Difference 0.02 0.11 -0.07 0.04 -0.23 N/A N/A N/A -0.17 IM U.S. Large Cap Core Equity (SA+CF) Median 7.98 30.05 15.40 40.98 17.82 17.52 13.74 14.63 14.66 T. Rowe Price (25 bps)93,299,535 11.5 8.81 (21)30.48 (46)14.93 (63)42.75 (35)19.52 (25)18.88 (21)15.09 (16)15.68 (18)15.62 (25)10/01/2009 S&P 500 Index 8.55 (29)29.25 (61)15.25 (54)40.79 (52)18.67 (40)17.65 (45)14.10 (43)14.84 (41)14.99 (47) Difference 0.26 1.23 -0.32 1.96 0.85 1.23 0.99 0.84 0.63 IM U.S. Large Cap Core Equity (SA+CF) Median 7.98 30.05 15.40 40.98 17.82 17.52 13.74 14.63 14.89 Total Mid Cap Equity Composite 68,006,480 8.4 4.99 (66)36.50 (54)12.28 (65)43.52 (72)10.88 (89)12.86 (83)9.42 (87)11.23 (93)10.12 (96)07/01/2008 IM U.S. Mid Cap Equity (SA+CF) Median 6.25 37.47 15.40 50.02 15.64 16.01 12.08 13.37 12.27 Nuance Mid Cap Value (75 bps)14,199,636 1.8 3.34 (92)26.23 (98)8.99 (100)N/A N/A N/A N/A N/A 24.17 (100)08/01/2020 Russell Midcap Value Index 5.66 (34)43.85 (63)19.45 (50)53.06 (53)11.86 (66)11.79 (79)9.34 (75)11.75 (76)46.16 (60) Difference -2.32 -17.62 -10.46 N/A N/A N/A N/A N/A -21.99 IM U.S. Mid Cap Value Equity (SA+CF) Median 4.95 46.92 19.42 53.77 12.87 13.36 10.15 12.34 48.21 TimesSquare (80 bps)17,364,670 2.1 9.74 (27)29.54 (64)9.84 (52)41.88 (60)22.92 (39)20.71 (57)15.50 (63)15.97 (42)16.94 (63)09/01/2009 Russell Midcap Growth Index 11.07 (8)31.45 (47)10.44 (46)43.77 (54)22.39 (52)20.52 (60)15.39 (63)15.13 (57)16.98 (62) Difference -1.33 -1.91 -0.60 -1.89 0.53 0.19 0.11 0.84 -0.04 IM U.S. Mid Cap Growth Equity (SA+CF) Median 8.37 31.13 10.07 44.33 22.46 21.42 16.06 15.54 17.45 Great Lakes SmidCap (55 bps)16,613,445 2.1 4.67 (46)36.21 (97)10.99 (98)46.21 (90)N/A N/A N/A N/A 12.98 (93)05/01/2019 Russell 2500 Index 5.44 (24)49.02 (39)16.97 (70)57.79 (40)15.24 (15)16.35 (13)11.74 (12)12.86 (16)20.43 (18) Difference -0.77 -12.81 -5.98 -11.58 N/A N/A N/A N/A -7.45 IM U.S. SMID Cap Core Equity (MF) Median 4.52 47.04 17.54 55.22 12.38 13.27 9.74 11.05 16.62 Reinhart Partners (65 bps)19,828,729 2.5 2.63 (96)52.81 (28)17.36 (58)51.90 (79)N/A N/A N/A N/A 14.70 (79)05/01/2019 Russell 2500 Index 5.44 (24)49.02 (39)16.97 (70)57.79 (40)15.24 (15)16.35 (13)11.74 (12)12.86 (16)20.43 (18) Difference -2.81 3.79 0.39 -5.89 N/A N/A N/A N/A -5.73 IM U.S. SMID Cap Core Equity (MF) Median 4.52 47.04 17.54 55.22 12.38 13.27 9.74 11.05 16.62 Page 24 Asset Allocation & Performance Total Fund Composite (Gross) As of June 30, 2021 Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Small Cap Equity Composite 63,382,171 7.8 4.50 (53)45.41 (72)14.23 (75)53.77 (74)14.04 (48)15.88 (55)11.28 (59)11.81 (77)11.61 (65)07/01/2008 IM U.S. Small Cap Equity (SA+CF) Median 4.59 53.37 18.47 61.31 13.88 16.46 11.91 13.30 12.35 Lee Munder (70 bps)30,253,756 3.7 5.10 (31)58.89 (60)22.53 (56)62.54 (61)10.38 (59)12.44 (71)10.02 (45)10.95 (72)10.14 (41)09/01/2005 Russell 2000 Value Index 4.56 (39)68.96 (26)26.69 (34)73.28 (31)10.27 (59)13.62 (55)9.26 (59)10.85 (77)8.18 (90) Difference 0.54 -10.07 -4.16 -10.74 0.11 -1.18 0.76 0.10 1.96 IM U.S. Small Cap Value Equity (SA+CF) Median 4.09 61.91 23.61 66.15 10.85 13.75 9.74 11.80 9.93 Loomis Small Cap (90 bps)33,128,415 4.1 3.97 (73)34.36 (80)7.21 (81)46.14 (80)17.76 (65)21.12 (60)15.28 (62)N/A 17.31 (67)09/01/2012 Russell 2000 Growth Index 3.92 (73)41.25 (56)8.98 (71)51.36 (68)15.94 (78)18.76 (74)13.11 (80)13.52 (82)15.57 (84) Difference 0.05 -6.89 -1.77 -5.22 1.82 2.36 2.17 N/A 1.74 IM U.S. Small Cap Growth Equity (SA+CF) Median 5.14 42.56 12.03 54.91 20.91 22.29 16.02 15.96 18.26 Total International Equity 113,017,349 14.0 4.07 (75)30.15 (44)7.38 (72)37.42 (61)8.54 (70)10.95 (69)6.28 (63)6.82 (59)5.27 (68)07/01/2008 Total International Equity Index 5.64 (49)28.14 (55)9.45 (52)36.29 (66)9.88 (57)11.59 (62)5.81 (69)5.97 (75)4.25 (86) Difference -1.57 2.01 -2.07 1.13 -1.34 -0.64 0.47 0.85 1.02 IM International Equity (SA+CF) Median 5.62 28.88 9.64 40.34 10.85 12.52 7.06 7.30 6.09 Lazard (75 bps)47,001,726 5.8 4.65 (67)27.73 (58)7.70 (69)35.30 (70)9.02 (66)10.44 (74)6.21 (64)7.61 (45)6.55 (54)09/01/2006 MSCI AC World ex USA 5.64 (49)28.14 (55)9.45 (52)36.29 (66)9.88 (57)11.59 (62)5.81 (69)5.93 (76)5.12 (79) Difference -0.99 -0.41 -1.75 -0.99 -0.86 -1.15 0.40 1.68 1.43 IM International Equity (SA+CF) Median 5.62 28.88 9.64 40.34 10.85 12.52 7.06 7.30 6.70 Pictet (65 bps)43,884,940 5.4 2.72 (94)33.30 (10)8.38 (75)39.38 (28)5.47 (99)9.73 (74)5.23 (76)6.03 (90)2.77 (99)01/01/2008 MSCI EAFE Index 5.38 (59)26.74 (56)9.17 (67)32.92 (71)8.77 (62)10.79 (61)5.45 (71)6.38 (79)3.52 (81) Difference -2.66 6.56 -0.79 6.46 -3.30 -1.06 -0.22 -0.35 -0.75 IM Intl Large Cap Core Equity (SA+CF)5.66 27.28 9.73 35.52 9.89 11.57 6.44 7.29 4.38 Berkeley Street (95 bps)22,130,683 2.7 5.60 (47)31.72 (49)7.70 (62)41.08 (73)16.30 (19)16.11 (23)9.55 (21)N/A 8.91 (34)11/01/2012 MSCI Emerging Markets Index 5.12 (55)28.86 (68)7.58 (62)41.36 (71)11.67 (55)13.43 (52)6.74 (59)4.65 (75)6.62 (72) Difference 0.48 2.86 0.12 -0.28 4.63 2.68 2.81 N/A 2.29 IM Emerging Markets Equity (SA+CF) Median 5.35 31.51 9.22 45.24 12.09 13.68 7.21 5.90 7.66 Total Long/Short Equity Composite 48,725,548 6.0 1.49 (79)16.46 (51)2.69 (87)19.76 (57)7.91 (48)8.46 (44)5.55 (44)5.59 (50)5.56 (75)10/01/2010 IM Long/Short Equity (MF) Median 3.94 16.62 8.77 22.81 7.62 7.27 4.98 5.50 6.83 ABS Global (100 bps)48,725,548 6.0 1.49 (79)16.46 (51)2.69 (87)19.76 (57)7.91 (48)8.46 (44)5.65 (43)6.12 (43)6.28 (65)10/01/2010 HFRI FOF: Strategic Index 3.88 (52)16.98 (50)5.59 (73)23.84 (48)7.53 (51)7.56 (49)4.82 (52)4.47 (70)4.51 (81) Difference -2.39 -0.52 -2.90 -4.08 0.38 0.90 0.83 1.65 1.77 IM Long/Short Equity (MF) Median 3.94 16.62 8.77 22.81 7.62 7.27 4.98 5.50 6.83 Page 25 Asset Allocation & Performance Total Fund Composite (Gross) As of June 30, 2021 Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Domestic Fixed Income 192,381,363 23.8 2.24 (24)0.26 (39)-1.10 (42)1.76 (30)6.23 (35)N/A N/A N/A 3.94 (24)08/01/2016 IM U.S. Broad Market Core Fixed Inc (SA+CF)1.98 -0.09 -1.24 0.98 6.05 3.66 3.78 3.95 3.56 CS McKee (35 bps)109,338,324 13.5 2.21 (27)-0.69 (71)-1.35 (58)0.49 (63)5.73 (67)3.45 (65)3.71 (55)3.83 (61)4.02 (69)02/01/2010 Blmbg. U.S. Aggregate Index 1.83 (86)-0.95 (85)-1.61 (79)-0.34 (86)5.34 (94)3.03 (91)3.28 (94)3.39 (94)3.65 (92) Difference 0.38 0.26 0.26 0.83 0.39 0.42 0.43 0.44 0.37 IM U.S. Broad Market Core Fixed Inc (SA+CF)1.98 -0.09 -1.24 0.98 6.05 3.66 3.78 3.95 4.20 Loomis Fixed Income (30 bps)83,043,039 10.3 2.27 (22)1.54 (14)-0.77 (27)3.50 (11)6.89 (6)5.07 (3)4.24 (15)5.24 (4)5.80 (2)04/01/2010 Blmbg. U.S. Aggregate Index 1.83 (86)-0.95 (85)-1.61 (79)-0.34 (86)5.34 (94)3.03 (91)3.28 (94)3.39 (94)3.68 (92) Difference 0.44 2.49 0.84 3.84 1.55 2.04 0.96 1.85 2.12 IM U.S. Broad Market Core Fixed Inc (SA+CF)1.98 -0.09 -1.24 0.98 6.05 3.66 3.78 3.95 4.21 Total Global Fixed 34,609,177 4.3 3.13 (13)1.52 (74)0.77 (43)1.18 (96)-0.35 (100)N/A N/A N/A 1.39 (100)08/01/2016 IM Global Fixed Income (SA+CF) Median 1.99 4.62 0.23 7.98 5.78 4.99 3.86 3.91 4.68 Pimco Diversified Income (PDIIX)34,609,177 4.3 2.82 (3)N/A N/A N/A N/A N/A N/A N/A 2.19 (2)03/01/2021 Blmbg. Global Credit (Hedged)2.24 (14)2.64 (26)-0.46 (25)4.66 (41)6.53 (6)4.85 (6)4.58 (1)5.15 (1)1.41 (8) Difference 0.58 N/A N/A N/A N/A N/A N/A N/A 0.78 IM Global Fixed Income (MF) Median 1.33 1.38 -1.67 4.25 4.68 3.01 2.19 2.64 0.36 Total Real Estate 76,156,164 9.4 4.28 (41)8.69 (43)6.50 (45)10.34 (30)7.08 (37)N/A N/A N/A 8.25 (N/A)09/01/2016 IM U.S. Open End Private RE (SA+CF)4.05 7.93 6.29 8.54 6.48 7.25 8.89 10.16 N/A Morgan Stanley (84 bps)39,793,507 4.9 3.27 (84)7.09 (71)5.54 (71)8.46 (54)6.47 (51)7.76 (35)9.75 (35)11.24 (33)6.43 (20)01/01/2008 NCREIF Fund Index-ODCE (VW)3.93 (64)7.50 (60)6.12 (59)8.02 (60)5.52 (67)6.57 (74)8.40 (68)9.60 (67)5.27 (70) Difference -0.66 -0.41 -0.58 0.44 0.95 1.19 1.35 1.64 1.16 IM U.S. Open End Private RE (SA+CF)4.05 7.93 6.29 8.54 6.48 7.25 8.89 10.16 5.76 Prudential PRISA II (85 bps)20,923,457 2.6 5.11 (25)9.10 (38)7.28 (30)9.57 (39)6.53 (48)7.63 (46)9.65 (37)N/A 10.99 (33)10/01/2011 NCREIF Property Index 3.59 (78)6.58 (78)5.37 (74)7.37 (71)5.50 (67)6.13 (79)7.72 (81)8.79 (87)8.66 (87) Difference 1.52 2.52 1.91 2.20 1.03 1.50 1.93 N/A 2.33 IM U.S. Open End Private RE (SA+CF)4.05 7.93 6.29 8.54 6.48 7.25 8.89 10.16 10.31 JPM Euro Property 34,103 0.0 0.00 (100)-47.96 (100)-51.64 (100)-44.92 (100)-27.00 (100)-13.67 (100)-8.95 (100)-8.16 (100)-6.82 (100)04/01/2009 NCREIF Property Index 3.59 (78)6.58 (78)5.37 (74)7.37 (71)5.50 (67)6.13 (79)7.72 (81)8.79 (87)7.88 (73) Difference -3.59 -54.54 -57.01 -52.29 -32.50 -19.80 -16.67 -16.95 -14.70 IM U.S. Open End Private RE (SA+CF)4.05 7.93 6.29 8.54 6.48 7.25 8.89 10.16 8.76 Total Cash Composite 3,980,458 0.5 Cash and Equivalents Account (No fee)348,659 0.0 Private Markets Cash 3,631,798 0.4 Page 26 Comparative Performance - IRR QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date ValStone Opportunity Fund V 1.20 1.95 2.86 3.73 7.20 5.26 N/A N/A 7.50 08/27/2014 Alidade Capital Fund IV 6.34 20.86 12.15 27.51 12.45 N/A N/A N/A 10.37 04/20/2017 Walton Street Real Estate 0.00 9.99 5.74 13.10 8.56 N/A N/A N/A 10.19 05/24/2017 AEW Real Estate 8.50 16.56 15.12 19.60 16.84 N/A N/A N/A 13.16 09/28/2017 Churchill Senior Loan Fund 4.03 9.28 7.45 16.59 6.90 N/A N/A N/A 7.11 12/07/2017 Dune Real Estate IV 19.26 -9.56 -7.86 -6.54 N/A N/A N/A N/A -16.33 08/22/2019 Hamilton Lane Secondary Fund V LP 0.00 24.83 -1.02 37.83 N/A N/A N/A N/A 40.03 04/28/2020 Marathon Distressed Credit Fund LP 15.51 62.94 31.14 N/A N/A N/A N/A N/A 78.44 09/10/2020 H.I.G. Bayside Loan Opportunity VI 9.14 0.00 2.73 N/A N/A N/A N/A N/A 0.00 09/29/2020 Portfolio Adv Secondary Agg VI 0.00 N/A -1.33 N/A N/A N/A N/A N/A 28.45 11/02/2020 BlackRock Direct Lending Feeder IX -15.05 N/A -12.84 N/A N/A N/A N/A N/A -12.84 01/05/2021 Comparative Performance - IRR Alternative Investments As of June 30, 2021 Page 27 Page Intentionally Left Blank Page 28 Plan Sponsor Peer Group Analysis - All Public Plans-Total Fund Comparative Performance -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Total Fund Composite 4.42 (86)19.28 (63)24.38 (73)12.45 (83)10.22 (82)9.54 (83)10.20 (75) Total Fund Policy Index 4.73 (77)17.57 (82)22.76 (85)13.08 (71)10.98 (63)10.11 (66)10.25 (73) Median 5.30 20.27 26.69 14.10 11.48 10.59 10.91 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 Return2020 2019 2018 2017 2016 Total Fund Composite 11.37 (70)17.92 (59)-3.86 (45)14.09 (71)8.21 (31) Total Fund Policy Index 12.63 (50)18.40 (53)-3.67 (42)13.76 (76)8.17 (33) Median 12.58 18.58 -4.15 15.21 7.58 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 1 Qtr Ending Mar-2020 1 Qtr Ending Dec-2019 Total Fund Composite 2.76 (67)11.17 (29)4.28 (82)11.29 (64)-13.67 (59)4.91 (66) Total Fund Policy Index 2.39 (78)9.63 (66)4.42 (80)11.69 (59)-11.90 (30)4.89 (67) All Public Plans-Total Fund Median 3.21 10.27 5.24 12.24 -13.16 5.23 As of June 30, 2021 Performance Review Total Fund Composite NONE Page 29 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 0.0 5.0 10.0 15.0 Total Fund Composite (%)0.0 5.0 10.0 15.0 Total Fund Policy Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 6/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Total Fund Composite 20 4 (20%)4 (20%)9 (45%)3 (15%) Total Fund Policy Index 20 3 (15%)7 (35%)10 (50%)0 (0%) 9.84 10.25 10.66 11.07 11.48 11.89 Return (%)10.08 10.29 10.50 10.71 10.92 11.13 11.34 Risk (Standard Deviation %) Return Standard Deviation Total Fund Composite 10.22 10.80 Total Fund Policy Index 10.98 10.28 Median 11.47 11.18¾ 9.90 10.20 10.50 10.80 11.10 Return (%)8.0 8.2 8.4 8.6 8.8 9.0 9.2 9.4 Risk (Standard Deviation %) Return Standard Deviation Total Fund Composite 10.20 8.63 Total Fund Policy Index 10.25 8.32 Median 10.88 9.09¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Total Fund Composite 1.36 100.59 108.58 -1.11 -0.47 0.82 1.04 7.28 Total Fund Policy Index 0.00 100.00 100.00 0.00 N/A 0.93 1.00 6.56 90 Day U.S. Treasury Bill 10.41 4.14 -5.92 1.48 -0.93 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Total Fund Composite 1.27 100.47 101.49 -0.28 -0.01 1.03 1.03 5.73 Total Fund Policy Index 0.00 100.00 100.00 0.00 N/A 1.07 1.00 5.26 90 Day U.S. Treasury Bill 8.42 4.91 -5.88 1.29 -1.07 N/A -0.01 0.00 As of June 30, 2021 Performance Review Total Fund Composite NONE Page 30 Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF) Comparative Performance -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 52.00 60.00 68.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR SSgA S&P 500 8.50 (31)29.20 (63)40.74 (54)22.99 (46)18.66 (40)17.58 (44)17.66 (44) S&P 500 Index 8.55 (28)29.25 (61)40.79 (52)23.03 (43)18.67 (39)17.58 (44)17.65 (44) Median 7.95 30.05 40.92 22.23 17.81 17.22 17.49 -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 52.00 Return2020 2019 2018 2017 2016 SSgA S&P 500 18.36 (45)31.49 (34)-4.35 (36)21.86 (50)12.07 (32) S&P 500 Index 18.40 (43)31.49 (35)-4.38 (37)21.83 (51)11.96 (35) Median 17.25 30.00 -5.20 21.84 10.63 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 1 Qtr Ending Mar-2020 1 Qtr Ending Dec-2019 SSgA S&P 500 6.19 (61)12.14 (55)8.93 (36)20.53 (48)-19.61 (45)9.07 (31) S&P 500 Index 6.17 (62)12.15 (53)8.93 (36)20.54 (47)-19.60 (45)9.07 (31) IM U.S. Large Cap Core Equity (SA+CF) Median 6.72 12.32 8.02 20.42 -20.02 8.19 Performance Review As of June 30, 2021 SSgA S&P 500 NONE Page 31 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 0.0 5.0 10.0 15.0 20.0 25.0 SSgA S&P 500 (%)0.0 5.0 10.0 15.0 20.0 25.0 S&P 500 Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 6/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count SSgA S&P 500 20 0 (0%)20 (100%)0 (0%)0 (0%) S&P 500 Index 20 0 (0%)20 (100%)0 (0%)0 (0%) 17.40 17.69 17.98 18.27 18.56 18.85 Return (%)21.40 21.44 21.48 21.52 21.56 21.60 21.64 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 18.66 21.45 S&P 500 Index 18.67 21.45 Median 17.81 21.61¾ 17.50 17.57 17.64 17.71 Return (%)16.80 16.84 16.88 16.92 16.96 17.00 17.04 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 17.66 16.86 S&P 500 Index 17.65 16.86 Median 17.49 16.99¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk SSgA S&P 500 0.04 100.00 100.06 -0.02 -0.33 0.96 1.00 11.76 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.96 1.00 11.75 90 Day U.S. Treasury Bill 18.39 2.40 -2.69 1.47 -0.96 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk SSgA S&P 500 0.04 100.06 100.01 0.01 0.48 1.09 1.00 9.36 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 1.09 1.00 9.35 90 Day U.S. Treasury Bill 14.95 2.82 -2.74 1.28 -1.09 N/A -0.01 0.00 Performance Review As of June 30, 2021 SSgA S&P 500 NONE Page 32 Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF) Comparative Performance -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 52.00 60.00 68.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR SSgA S&P 500 EW Idx 6.92 (76)41.29 (7)50.75 (7)20.38 (70)16.18 (69)N/A N/A S&P 500 Equal Weighted 6.90 (76)41.18 (7)50.71 (7)20.75 (64)16.41 (65)15.28 (69)15.68 (72) Median 7.95 30.05 40.92 22.23 17.81 17.22 17.49 -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 52.00 Return2020 2019 2018 2017 2016 SSgA S&P 500 EW Idx 11.74 (74)30.10 (50)N/A N/A N/A S&P 500 Equal Weighted 12.83 (70)29.24 (59)-7.64 (82)18.90 (81)14.80 (14) Median 17.25 30.00 -5.20 21.84 10.63 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 1 Qtr Ending Mar-2020 1 Qtr Ending Dec-2019 SSgA S&P 500 EW Idx 11.40 (14)18.62 (7)6.69 (73)21.36 (34)-27.25 (98)7.72 (67) S&P 500 Equal Weighted 11.49 (13)18.46 (8)6.75 (72)21.73 (31)-26.70 (96)7.61 (70) IM U.S. Large Cap Core Equity (SA+CF) Median 6.72 12.32 8.02 20.42 -20.02 8.19 Performance Review As of June 30, 2021 SSgA S&P 500 EW Idx NONE Page 33 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Earliest Date Latest Date 13.8 14.4 15.0 15.6 16.2 16.8 SSgA S&P 500 EW Idx (%)13.8 14.4 15.0 15.6 16.2 16.8 S&P 500 Equal Weighted (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 6/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count SSgA S&P 500 EW Idx 2 0 (0%)0 (0%)2 (100%)0 (0%) S&P 500 Equal Weighted 20 0 (0%)2 (10%)13 (65%)5 (25%) 15.66 16.20 16.74 17.28 17.82 18.36 Return (%)20.00 21.00 22.00 23.00 24.00 25.00 26.00 27.00 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 EW Idx 16.18 26.01 S&P 500 Equal Weighted 16.41 25.79 Median 17.81 21.61¾ 15.00 15.60 16.20 16.80 17.40 18.00 Return (%)16.06 16.79 17.52 18.25 18.98 19.71 20.44 21.17 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 EW Idx N/A N/A S&P 500 Equal Weighted 15.68 20.19 Median 17.49 16.99¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk SSgA S&P 500 EW Idx 0.52 100.28 101.18 -0.35 -0.25 0.74 1.01 14.65 S&P 500 Equal Weighted 0.00 100.00 100.00 0.00 N/A 0.76 1.00 14.35 90 Day U.S. Treasury Bill 21.53 2.31 -2.34 1.46 -0.76 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk SSgA S&P 500 EW Idx N/A N/A N/A N/A N/A N/A N/A N/A S&P 500 Equal Weighted 0.00 100.00 100.00 0.00 N/A 0.87 1.00 11.35 90 Day U.S. Treasury Bill 17.33 2.72 -2.55 1.27 -0.87 N/A -0.01 0.00 Performance Review As of June 30, 2021 SSgA S&P 500 EW Idx NONE Page 34 Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF) Comparative Performance -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 52.00 60.00 68.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR T. Rowe Price 8.81 (20)30.48 (45)42.75 (35)24.07 (28)19.52 (24)18.57 (19)18.88 (20) S&P 500 Index 8.55 (28)29.25 (61)40.79 (52)23.03 (43)18.67 (39)17.58 (44)17.65 (44) Median 7.95 30.05 40.92 22.23 17.81 17.22 17.49 -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 52.00 Return2020 2019 2018 2017 2016 T. Rowe Price 20.51 (33)33.09 (15)-3.96 (30)24.38 (23)10.94 (47) S&P 500 Index 18.40 (43)31.49 (35)-4.38 (37)21.83 (51)11.96 (35) Median 17.25 30.00 -5.20 21.84 10.63 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 1 Qtr Ending Mar-2020 1 Qtr Ending Dec-2019 T. Rowe Price 5.62 (70)13.54 (33)9.40 (26)20.69 (43)-19.61 (45)9.36 (25) S&P 500 Index 6.17 (62)12.15 (53)8.93 (36)20.54 (47)-19.60 (45)9.07 (31) IM U.S. Large Cap Core Equity (SA+CF) Median 6.72 12.32 8.02 20.42 -20.02 8.19 Performance Review As of June 30, 2021 T. Rowe Price NONE Page 35 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date 0.0 5.0 10.0 15.0 20.0 25.0 T. Rowe Price (%)0.0 5.0 10.0 15.0 20.0 25.0 S&P 500 Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 6/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count T. Rowe Price 20 18 (90%)2 (10%)0 (0%)0 (0%) S&P 500 Index 20 0 (0%)20 (100%)0 (0%)0 (0%) 17.92 18.48 19.04 19.60 20.16 Return (%)21.30 21.40 21.50 21.60 21.70 21.80 21.90 22.00 Risk (Standard Deviation %) Return Standard Deviation T. Rowe Price 19.52 21.84 S&P 500 Index 18.67 21.45 Median 17.81 21.61¾ 17.02 17.48 17.94 18.40 18.86 19.32 Return (%)16.87 16.94 17.01 17.08 17.15 17.22 Risk (Standard Deviation %) Return Standard Deviation T. Rowe Price 18.88 17.14 S&P 500 Index 17.65 16.86 Median 17.49 16.99¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk T. Rowe Price 1.07 102.77 101.13 0.36 0.75 0.98 1.02 11.96 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.96 1.00 11.75 90 Day U.S. Treasury Bill 18.39 2.40 -2.69 1.47 -0.96 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk T. Rowe Price 1.11 103.60 99.64 0.79 1.00 1.14 1.02 9.47 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 1.09 1.00 9.35 90 Day U.S. Treasury Bill 14.95 2.82 -2.74 1.28 -1.09 N/A -0.01 0.00 Performance Review As of June 30, 2021 T. Rowe Price NONE Page 36 Peer Group Analysis - IM U.S. Mid Cap Value Equity (SA+CF) Comparative Performance -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 80.00 95.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Nuance MCV 3.34 (93)26.23 (98)N/A N/A N/A N/A N/A Russell MCV Idx 5.66 (36)43.85 (65)53.06 (54)16.18 (63)11.86 (65)10.78 (70)11.79 (78) Median 4.96 47.01 54.14 17.46 12.60 11.77 13.28 -40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 Return2020 2019 2018 2017 2016 Nuance MCV N/A N/A N/A N/A N/A Russell MCV Idx 4.96 (53)27.06 (62)-12.29 (46)13.34 (76)20.00 (45) Median 5.86 28.88 -12.68 15.64 18.23 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 1 Qtr Ending Mar-2020 1 Qtr Ending Dec-2019 Nuance MCV 5.47 (97)15.82 (89)N/A N/A N/A N/A Russell Midcap Value Index 13.05 (56)20.43 (70)6.40 (34)19.95 (52)-31.71 (55)6.36 (67) IM U.S. Mid Cap Value Equity (SA+CF) Median 13.84 22.02 5.65 20.03 -31.18 7.04 Performance Review As of June 30, 2021 Nuance MCV NONE Page 37 Page Intentionally Left Blank Page 38 Peer Group Analysis - IM U.S. Mid Cap Growth Equity (SA+CF) Comparative Performance -10.00 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR TimesSquare 9.74 (25)29.54 (63)41.88 (58)26.91 (53)22.92 (37)21.64 (53)20.71 (55) Russell MCG Idx 11.07 (8)31.45 (44)43.77 (52)26.84 (53)22.39 (50)21.41 (56)20.52 (59) Median 8.29 31.05 44.26 27.43 22.35 21.82 21.20 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 80.00 95.00 Return2020 2019 2018 2017 2016 TimesSquare 34.37 (56)38.50 (35)-3.59 (46)23.71 (63)8.62 (23) Russell MCG Idx 35.59 (50)35.47 (56)-4.75 (53)25.27 (53)7.33 (36) Median 35.35 35.80 -4.30 25.43 5.59 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 1 Qtr Ending Mar-2020 1 Qtr Ending Dec-2019 TimesSquare 0.09 (68)17.94 (69)9.52 (46)28.36 (62)-18.95 (47)8.32 (35) Russell Midcap Growth Index -0.57 (73)19.02 (53)9.37 (50)30.26 (49)-20.04 (63)8.17 (39) IM U.S. Mid Cap Growth Equity (SA+CF) Median 1.51 19.50 9.34 29.98 -19.15 7.53 Performance Review As of June 30, 2021 TimesSquare NONE Page 39 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 0.0 6.0 12.0 18.0 24.0 30.0 TimesSquare (%)0.0 6.0 12.0 18.0 24.0 30.0 Russell Midcap Growth Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 6/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count TimesSquare 20 0 (0%)14 (70%)6 (30%)0 (0%) Russell MCG Idx 20 0 (0%)8 (40%)12 (60%)0 (0%) 22.20 22.40 22.60 22.80 23.00 23.20 Return (%)19.50 19.89 20.28 20.67 21.06 21.45 21.84 22.23 Risk (Standard Deviation %) Return Standard Deviation TimesSquare 22.92 19.93 Russell MCG Idx 22.39 21.54 Median 22.35 21.51¾ 20.40 20.70 21.00 21.30 21.60 Return (%)15.84 16.17 16.50 16.83 17.16 17.49 17.82 Risk (Standard Deviation %) Return Standard Deviation TimesSquare 20.71 16.17 Russell MCG Idx 20.52 17.46 Median 21.20 17.60¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk TimesSquare 4.16 94.29 86.57 2.21 0.03 1.07 0.91 12.15 Russell MCG Idx 0.00 100.00 100.00 0.00 N/A 0.99 1.00 12.86 90 Day U.S. Treasury Bill 21.67 1.96 -2.88 1.48 -0.99 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk TimesSquare 3.52 94.24 85.44 1.82 -0.01 1.18 0.91 9.62 Russell MCG Idx 0.00 100.00 100.00 0.00 N/A 1.09 1.00 10.23 90 Day U.S. Treasury Bill 17.55 2.28 -3.17 1.27 -1.09 N/A -0.01 0.00 Performance Review As of June 30, 2021 TimesSquare NONE Page 40 Peer Group Analysis - IM U.S. SMID Cap Core Equity (MF) Comparative Performance -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 80.00 95.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Great Lakes SmidCap 4.67 (46)36.21 (97)46.21 (90)15.50 (87)N/A N/A N/A Russell 2500 Index 5.44 (24)49.02 (39)57.79 (40)22.63 (21)15.24 (15)15.49 (15)16.35 (13) Median 4.52 47.04 55.22 18.86 12.38 12.51 13.27 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 Return2020 2019 2018 2017 2016 Great Lakes SmidCap 12.64 (52)N/A N/A N/A N/A Russell 2500 Index 19.99 (13)27.77 (25)-10.00 (25)16.81 (27)17.59 (55) Median 12.76 25.74 -12.15 15.42 17.94 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 1 Qtr Ending Mar-2020 1 Qtr Ending Dec-2019 Great Lakes SmidCap 6.04 (100)22.72 (86)7.35 (18)26.67 (22)-32.50 (73)5.94 (91) Russell 2500 Index 10.93 (80)27.41 (18)5.88 (28)26.56 (24)-29.72 (33)8.54 (19) IM U.S. SMID Cap Core Equity (MF) Median 13.33 24.94 4.75 23.86 -30.32 7.09 Performance Review As of June 30, 2021 Great Lakes SmidCap NONE Page 41 Peer Group Analysis - IM U.S. SMID Cap Core Equity (MF) Comparative Performance -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 80.00 95.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Reinhart Partners 2.63 (96)52.81 (28)51.90 (79)14.41 (94)N/A N/A N/A Russell 2500 Index 5.44 (24)49.02 (39)57.79 (40)22.63 (21)15.24 (15)15.49 (15)16.35 (13) Median 4.52 47.04 55.22 18.86 12.38 12.51 13.27 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 Return2020 2019 2018 2017 2016 Reinhart Partners 5.93 (78)N/A N/A N/A N/A Russell 2500 Index 19.99 (13)27.77 (25)-10.00 (25)16.81 (27)17.59 (55) Median 12.76 25.74 -12.15 15.42 17.94 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 1 Qtr Ending Mar-2020 1 Qtr Ending Dec-2019 Reinhart Partners 14.35 (30)30.21 (7)-0.59 (98)23.32 (56)-33.63 (77)5.37 (92) Russell 2500 Index 10.93 (80)27.41 (18)5.88 (28)26.56 (24)-29.72 (33)8.54 (19) IM U.S. SMID Cap Core Equity (MF) Median 13.33 24.94 4.75 23.86 -30.32 7.09 Performance Review As of June 30, 2021 Reinhart Partners NONE Page 42 Peer Group Analysis - IM U.S. Small Cap Value Equity (SA+CF) Comparative Performance -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 80.00 95.00 110.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Lee Munder (LMCG)5.10 (31)58.89 (60)62.54 (60)18.26 (58)10.38 (58)10.35 (69)12.44 (71) Russell 2000 Value 4.56 (39)68.96 (27)73.28 (32)19.58 (44)10.27 (59)10.97 (61)13.62 (55) Median 4.11 62.36 66.43 18.98 10.86 11.52 13.75 -40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 Return2020 2019 2018 2017 2016 Lee Munder (LMCG)4.35 (54)27.42 (24)-14.62 (54)8.71 (68)27.80 (41) Russell 2000 Value 4.63 (52)22.39 (74)-12.86 (37)7.84 (75)31.74 (17) Median 5.19 24.99 -14.22 11.64 26.80 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 1 Qtr Ending Mar-2020 1 Qtr Ending Dec-2019 Lee Munder (LMCG)16.58 (64)29.68 (54)2.30 (55)18.12 (75)-33.41 (36)8.90 (30) Russell 2000 Value Index 21.17 (30)33.36 (26)2.56 (49)18.91 (69)-35.66 (59)8.49 (39) IM U.S. Small Cap Value Equity (SA+CF) Median 18.86 29.95 2.45 20.92 -34.89 8.00 Performance Review As of June 30, 2021 Lee Munder (LMCG) NONE Page 43 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -20.0 -10.0 0.0 10.0 20.0 30.0 Lee Munder (LMCG) (%)-20.0 -10.0 0.0 10.0 20.0 30.0 Russell 2000 Value Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 6/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Lee Munder (LMCG)20 3 (15%)10 (50%)7 (35%)0 (0%) Russell 2000 Value 20 0 (0%)5 (25%)15 (75%)0 (0%) 10.00 10.20 10.40 10.60 10.80 11.00 Return (%)24.96 25.28 25.60 25.92 26.24 26.56 26.88 27.20 Risk (Standard Deviation %) Return Standard Deviation Lee Munder (LMCG)10.38 25.33 Russell 2000 Value 10.27 26.49 Median 10.86 26.73¾ 12.04 12.47 12.90 13.33 13.76 14.19 Return (%)20.70 21.00 21.30 21.60 21.90 22.20 22.50 Risk (Standard Deviation %) Return Standard Deviation Lee Munder (LMCG)12.44 20.97 Russell 2000 Value 13.62 22.13 Median 13.75 22.25¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Lee Munder (LMCG)5.19 96.56 95.76 0.60 -0.05 0.47 0.94 18.10 Russell 2000 Value 0.00 100.00 100.00 0.00 N/A 0.46 1.00 19.09 90 Day U.S. Treasury Bill 26.66 1.79 -2.05 1.42 -0.46 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Lee Munder (LMCG)4.47 92.03 92.50 -0.22 -0.30 0.61 0.93 14.31 Russell 2000 Value 0.00 100.00 100.00 0.00 N/A 0.64 1.00 15.14 90 Day U.S. Treasury Bill 22.26 2.03 -2.14 1.25 -0.64 N/A -0.01 0.00 Performance Review As of June 30, 2021 Lee Munder (LMCG) NONE Page 44 Peer Group Analysis - IM U.S. Small Cap Growth Equity (SA+CF) Comparative Performance -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 80.00 95.00 110.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Loomis Small Cap 3.97 (73)34.36 (81)46.14 (81)23.24 (78)17.76 (67)20.26 (61)21.12 (61) Russell 2000 Growth 3.92 (73)41.25 (57)51.36 (69)25.15 (63)15.94 (80)17.39 (78)18.76 (75) Median 5.14 42.70 54.91 29.19 21.05 21.81 22.71 -40.00 -20.00 0.00 20.00 40.00 60.00 80.00 100.00 120.00 Return2020 2019 2018 2017 2016 Loomis Small Cap 35.64 (61)27.80 (58)0.85 (23)27.83 (33)6.87 (79) Russell 2000 Growth 34.63 (62)28.48 (51)-9.31 (77)22.17 (57)11.32 (52) Median 40.45 28.49 -4.27 23.71 11.40 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 1 Qtr Ending Mar-2020 1 Qtr Ending Dec-2019 Loomis Small Cap 3.12 (69)25.32 (72)8.77 (57)30.87 (60)-23.96 (54)10.23 (40) Russell 2000 Growth Index 4.88 (57)29.61 (30)7.16 (67)30.58 (61)-25.76 (67)11.39 (27) IM U.S. Small Cap Growth Equity (SA+CF) Median 5.83 27.52 9.09 32.76 -23.56 9.39 Performance Review As of June 30, 2021 Loomis Small Cap NONE Page 45 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -8.0 0.0 8.0 16.0 24.0 32.0 Loomis Small Cap (%)-8.0 0.0 8.0 16.0 24.0 32.0 Russell 2000 Growth Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 6/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Loomis Small Cap 20 0 (0%)14 (70%)6 (30%)0 (0%) Russell 2000 Growth 20 0 (0%)2 (10%)14 (70%)4 (20%) 14.00 16.00 18.00 20.00 22.00 Return (%)23.45 23.80 24.15 24.50 24.85 25.20 25.55 Risk (Standard Deviation %) Return Standard Deviation Loomis Small Cap 17.76 23.69 Russell 2000 Growth 15.94 25.20 Median 21.05 25.20¾ 18.00 20.00 22.00 24.00 Return (%)19.20 19.52 19.84 20.16 20.48 20.80 21.12 Risk (Standard Deviation %) Return Standard Deviation Loomis Small Cap 21.12 19.43 Russell 2000 Growth 18.76 20.63 Median 22.71 20.81¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Small Cap 5.77 98.24 92.16 2.79 0.21 0.76 0.92 15.73 Russell 2000 Growth 0.00 100.00 100.00 0.00 N/A 0.66 1.00 16.52 90 Day U.S. Treasury Bill 25.35 1.58 -2.54 1.44 -0.66 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Small Cap 4.97 99.31 88.30 3.49 0.35 1.03 0.91 12.42 Russell 2000 Growth 0.00 100.00 100.00 0.00 N/A 0.88 1.00 13.16 90 Day U.S. Treasury Bill 20.74 1.96 -2.54 1.27 -0.88 N/A -0.01 0.00 Performance Review As of June 30, 2021 Loomis Small Cap NONE Page 46 Peer Group Analysis - IM International Equity (SA+CF) Comparative Performance -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Lazard 4.65 (68)27.73 (58)35.30 (71)11.89 (80)9.02 (65)9.45 (58)10.44 (74) MSCI ACW x USA (Net)5.48 (55)27.73 (58)35.72 (69)13.67 (69)9.38 (62)8.85 (65)11.08 (67) Median 5.65 28.89 40.40 16.50 10.74 10.09 12.38 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 Return2020 2019 2018 2017 2016 Lazard 9.71 (65)21.23 (61)-11.01 (18)28.22 (62)0.35 (76) MSCI ACW x USA (Net)10.65 (61)21.51 (59)-14.20 (44)27.19 (68)4.50 (48) Median 14.07 22.59 -14.81 30.73 4.19 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 1 Qtr Ending Mar-2020 1 Qtr Ending Dec-2019 Lazard 2.91 (62)18.60 (39)5.93 (73)15.45 (75)-24.36 (55)8.44 (77) MSCI AC World ex USA (Net)3.49 (55)17.01 (54)6.25 (70)16.12 (71)-23.36 (47)8.92 (69) IM International Equity (SA+CF) Median 3.84 17.26 8.53 18.29 -23.69 10.09 Performance Review As of June 30, 2021 Lazard NONE Page 47 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -5.0 0.0 5.0 10.0 15.0 Lazard (%)-5.0 0.0 5.0 10.0 15.0 MSCI AC World ex USA (Net) (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 6/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Lazard 20 0 (0%)6 (30%)14 (70%)0 (0%) MSCI ACW x USA (Net)20 0 (0%)0 (0%)14 (70%)6 (30%) 8.55 9.12 9.69 10.26 10.83 11.40 Return (%)17.02 17.39 17.76 18.13 18.50 18.87 19.24 19.61 Risk (Standard Deviation %) Return Standard Deviation Lazard 9.02 18.37 MSCI ACW x USA (Net)9.38 17.36 Median 10.74 19.03¾ 9.60 10.24 10.88 11.52 12.16 12.80 Return (%)14.00 14.40 14.80 15.20 15.60 16.00 16.40 16.80 Risk (Standard Deviation %) Return Standard Deviation Lazard 10.44 15.18 MSCI ACW x USA (Net)11.08 14.47 Median 12.38 16.19¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Lazard 3.38 101.89 103.77 -0.58 -0.04 0.49 1.04 12.57 MSCI ACW x USA (Net)0.00 100.00 100.00 0.00 N/A 0.53 1.00 11.85 90 Day U.S. Treasury Bill 17.50 2.61 -3.18 1.43 -0.53 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Lazard 3.30 98.74 101.13 -0.75 -0.14 0.65 1.02 10.12 MSCI ACW x USA (Net)0.00 100.00 100.00 0.00 N/A 0.72 1.00 9.62 90 Day U.S. Treasury Bill 14.58 2.72 -3.37 1.26 -0.72 N/A -0.01 0.00 Performance Review As of June 30, 2021 Lazard NONE Page 48 Peer Group Analysis - IM International Large Cap Core Equity (SA+CF) Comparative Performance -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 52.00 60.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Pictet 2.72 (94)33.30 (9)39.38 (27)10.69 (84)5.47 (99)5.92 (93)9.73 (73) MSCI EAFE Index 5.38 (60)26.74 (55)32.92 (72)12.53 (68)8.77 (60)8.42 (62)10.79 (60) Median 5.69 27.07 35.41 14.71 9.60 9.41 11.52 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 Return2020 2019 2018 2017 2016 Pictet 5.70 (83)25.32 (36)-19.45 (96)29.12 (30)3.50 (25) MSCI EAFE Index 8.28 (66)22.66 (58)-13.36 (37)25.62 (62)1.51 (52) Median 11.39 23.49 -14.37 26.34 1.63 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 1 Qtr Ending Mar-2020 1 Qtr Ending Dec-2019 Pictet 5.51 (30)22.99 (2)4.56 (83)14.75 (79)-28.37 (100)7.42 (88) MSCI EAFE Index 3.60 (57)16.09 (39)4.88 (82)15.08 (74)-22.72 (54)8.21 (74) IM International Large Cap Core Equity (SA+CF) Median 4.05 15.61 6.56 16.86 -22.59 8.99 Performance Review As of June 30, 2021 Pictet NONE Page 49 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -16.0 -8.0 0.0 8.0 16.0 Pictet (%)-16.0 -8.0 0.0 8.0 16.0 MSCI EAFE Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 6/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Pictet 20 6 (30%)2 (10%)6 (30%)6 (30%) MSCI EAFE Index 20 0 (0%)6 (30%)14 (70%)0 (0%) 4.00 6.00 8.00 10.00 12.00 Return (%)16.20 17.10 18.00 18.90 19.80 20.70 21.60 22.50 Risk (Standard Deviation %) Return Standard Deviation Pictet 5.47 21.37 MSCI EAFE Index 8.77 17.48 Median 9.60 17.68¾ 9.44 10.03 10.62 11.21 11.80 Return (%)13.49 14.20 14.91 15.62 16.33 17.04 17.75 18.46 Risk (Standard Deviation %) Return Standard Deviation Pictet 9.73 17.52 MSCI EAFE Index 10.79 14.53 Median 11.52 14.80¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Pictet 5.70 106.49 122.28 -4.17 -0.41 0.29 1.19 14.75 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.49 1.00 11.64 90 Day U.S. Treasury Bill 17.61 2.37 -3.47 1.42 -0.49 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Pictet 4.82 108.51 118.81 -2.40 -0.10 0.55 1.17 11.76 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.70 1.00 9.42 90 Day U.S. Treasury Bill 14.64 2.42 -3.88 1.25 -0.70 N/A -0.01 0.00 Performance Review As of June 30, 2021 Pictet NONE Page 50 Peer Group Analysis - IM Emerging Markets Equity (SA+CF) Comparative Performance -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Berkeley Street 5.60 (49)31.72 (49)41.08 (73)23.12 (22)16.30 (21)14.42 (21)16.11 (23) MSCI Emerging Mkts 5.12 (57)28.86 (68)41.36 (71)17.07 (56)11.67 (54)10.89 (50)13.43 (51) Median 5.49 31.53 45.36 18.07 12.07 10.73 13.49 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 Return2020 2019 2018 2017 2016 Berkeley Street 25.55 (28)29.92 (9)-14.36 (39)37.00 (48)13.42 (27) MSCI Emerging Mkts 18.69 (47)18.90 (57)-14.25 (38)37.75 (42)11.60 (40) Median 18.03 19.53 -15.21 36.80 10.37 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 1 Qtr Ending Mar-2020 1 Qtr Ending Dec-2019 Berkeley Street 2.00 (73)22.30 (28)7.11 (76)24.07 (27)-22.75 (25)12.89 (21) MSCI Emerging Markets Index 2.34 (67)19.77 (50)9.70 (53)18.18 (63)-23.57 (38)11.93 (38) IM Emerging Markets Equity (SA+CF) Median 3.50 19.72 9.88 19.37 -24.86 11.39 Performance Review As of June 30, 2021 Berkeley Street NONE Page 51 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date -8.0 0.0 8.0 16.0 24.0 Berkeley Street (%)-8.0 0.0 8.0 16.0 24.0 MSCI Emerging Markets Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 6/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Berkeley Street 20 12 (60%)8 (40%)0 (0%)0 (0%) MSCI Emerging Mkts 20 0 (0%)10 (50%)10 (50%)0 (0%) 10.00 12.00 14.00 16.00 18.00 Return (%)18.25 18.50 18.75 19.00 19.25 19.50 19.75 20.00 Risk (Standard Deviation %) Return Standard Deviation Berkeley Street 16.30 19.32 MSCI Emerging Mkts 11.67 18.55 Median 12.07 19.64¾ 12.88 13.80 14.72 15.64 16.56 17.48 Return (%)16.00 16.20 16.40 16.60 16.80 17.00 Risk (Standard Deviation %) Return Standard Deviation Berkeley Street 16.11 16.63 MSCI Emerging Mkts 13.43 16.11 Median 13.49 16.82¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Berkeley Street 4.33 111.91 97.41 4.13 0.98 0.81 1.02 12.30 MSCI Emerging Mkts 0.00 100.00 100.00 0.00 N/A 0.62 1.00 12.35 90 Day U.S. Treasury Bill 18.69 2.09 -3.60 1.44 -0.62 N/A -0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Berkeley Street 5.45 101.17 86.09 2.82 0.45 0.91 0.98 10.33 MSCI Emerging Mkts 0.00 100.00 100.00 0.00 N/A 0.79 1.00 10.32 90 Day U.S. Treasury Bill 16.23 2.05 -3.72 1.26 -0.79 N/A -0.01 0.00 Performance Review As of June 30, 2021 Berkeley Street NONE Page 52 Peer Group Analysis - IM Long/Short Equity (MF) Comparative Performance -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 52.00 60.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR ABS Global 1.49 (79)16.46 (51)19.76 (57)12.14 (40)7.91 (48)7.55 (48)8.46 (44) HFRI FOF: Strategic Idx 3.85 (53)16.95 (50)23.80 (48)11.49 (43)7.52 (51)7.08 (54)7.55 (49) Median 3.94 16.62 22.81 10.26 7.62 7.31 7.27 -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 Return2020 2019 2018 2017 2016 ABS Global 14.53 (21)15.31 (38)-6.49 (56)12.86 (37)-3.38 (87) HFRI FOF: Strategic Idx 14.62 (21)10.52 (67)-6.67 (57)11.22 (51)-0.05 (75) Median 4.45 13.04 -5.80 11.25 4.58 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 1 Qtr Ending Mar-2020 1 Qtr Ending Dec-2019 ABS Global 1.18 (79)13.41 (16)2.84 (62)9.11 (51)-10.00 (29)5.70 (24) HFRI FOF: Strategic Index 1.65 (77)10.79 (24)5.86 (33)10.90 (38)-11.87 (36)4.53 (40) IM Long/Short Equity (MF) Median 4.50 7.67 4.56 9.11 -15.37 4.03 Performance Review As of June 30, 2021 ABS Global NONE Page 53 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -3.0 0.0 3.0 6.0 9.0 12.0 ABS Global (%)-3.0 0.0 3.0 6.0 9.0 12.0 HFRI FOF: Strategic Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 6/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count ABS Global 20 0 (0%)11 (55%)8 (40%)1 (5%) HFRI FOF: Strategic Idx 20 0 (0%)2 (10%)16 (80%)2 (10%) 7.40 7.60 7.80 8.00 Return (%)8.54 9.15 9.76 10.37 10.98 11.59 12.20 12.81 13.42 Risk (Standard Deviation %) Return Standard Deviation ABS Global 7.91 9.88 HFRI FOF: Strategic Idx 7.52 9.49 Median 7.62 12.40¾ 7.02 7.41 7.80 8.19 8.58 8.97 Return (%)6.89 7.42 7.95 8.48 9.01 9.54 10.07 10.60 Risk (Standard Deviation %) Return Standard Deviation ABS Global 8.46 8.04 HFRI FOF: Strategic Idx 7.55 7.62 Median 7.27 10.17¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk ABS Global 3.58 103.81 102.60 0.61 0.11 0.68 0.97 6.39 HFRI FOF: Strategic Idx 0.00 100.00 100.00 0.00 N/A 0.66 1.00 6.57 90 Day U.S. Treasury Bill 9.66 4.36 -7.64 1.49 -0.66 N/A -0.02 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk ABS Global 3.02 107.79 102.87 1.04 0.29 0.90 0.98 5.04 HFRI FOF: Strategic Idx 0.00 100.00 100.00 0.00 N/A 0.83 1.00 5.16 90 Day U.S. Treasury Bill 7.76 5.21 -8.19 1.30 -0.83 N/A -0.02 0.00 Performance Review As of June 30, 2021 ABS Global NONE Page 54 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF) Comparative Performance -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR CS McKee 2.21 (27)-0.69 (72)0.49 (65)4.66 (66)5.73 (69)4.31 (65)3.45 (66) Bl. Barclays US Agg 1.83 (85)-0.95 (86)-0.34 (86)4.10 (93)5.34 (94)3.88 (94)3.03 (92) Median 1.98 -0.08 1.06 4.97 6.07 4.53 3.67 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 Return2020 2019 2018 2017 2016 CS McKee 8.19 (59)9.16 (53)0.09 (46)3.77 (65)2.90 (62) Bl. Barclays US Agg 7.51 (88)8.72 (78)0.01 (62)3.54 (84)2.65 (76) Median 8.52 9.19 0.07 4.03 3.10 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 1 Qtr Ending Mar-2020 1 Qtr Ending Dec-2019 CS McKee -3.48 (86)0.67 (86)1.19 (38)4.69 (39)1.45 (61)0.12 (68) Blmbg. U.S. Aggregate Index -3.38 (68)0.67 (84)0.62 (85)2.90 (89)3.15 (24)0.18 (58) IM U.S. Broad Market Core Fixed Income (SA+CF) Median -3.18 1.11 1.10 4.36 1.95 0.22 Performance Review As of June 30, 2021 CS McKee NONE Page 55 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 0.0 2.0 4.0 6.0 8.0 CS McKee (%)0.0 2.0 4.0 6.0 8.0 Blmbg. U.S. Aggregate Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 6/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count CS McKee 20 0 (0%)10 (50%)10 (50%)0 (0%) Bl. Barclays US Agg 20 0 (0%)1 (5%)0 (0%)19 (95%) 5.10 5.40 5.70 6.00 6.30 Return (%)3.20 3.40 3.60 3.80 4.00 4.20 4.40 Risk (Standard Deviation %) Return Standard Deviation CS McKee 5.73 4.13 Bl. Barclays US Agg 5.34 3.44 Median 6.07 3.68¾ 3.00 3.30 3.60 3.90 Return (%)3.12 3.20 3.28 3.36 3.44 3.52 3.60 3.68 3.76 Risk (Standard Deviation %) Return Standard Deviation CS McKee 3.45 3.63 Bl. Barclays US Agg 3.03 3.23 Median 3.67 3.37¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk CS McKee 1.64 109.50 113.77 -0.17 0.24 1.05 1.11 1.85 Bl. Barclays US Agg 0.00 100.00 100.00 0.00 N/A 1.17 1.00 1.49 90 Day U.S. Treasury Bill 3.37 11.62 -17.36 1.22 -1.17 N/A 0.02 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk CS McKee 1.29 108.01 101.59 0.27 0.33 0.64 1.05 1.87 Bl. Barclays US Agg 0.00 100.00 100.00 0.00 N/A 0.59 1.00 1.79 90 Day U.S. Treasury Bill 3.16 12.27 -14.88 1.10 -0.59 N/A 0.02 0.00 Performance Review As of June 30, 2021 CS McKee NONE Page 56 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF) Comparative Performance -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Loomis Fixed Income 2.27 (21)1.54 (14)3.50 (11)6.56 (6)6.89 (7)5.46 (4)5.07 (4) Bl. Barclays US Agg 1.83 (85)-0.95 (86)-0.34 (86)4.10 (93)5.34 (94)3.88 (94)3.03 (92) Median 1.98 -0.08 1.06 4.97 6.07 4.53 3.67 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 Return2020 2019 2018 2017 2016 Loomis Fixed Income 11.49 (2)9.55 (30)-0.15 (76)5.76 (4)7.45 (2) Bl. Barclays US Agg 7.51 (88)8.72 (78)0.01 (62)3.54 (84)2.65 (76) Median 8.52 9.19 0.07 4.03 3.10 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 1 Qtr Ending Mar-2020 1 Qtr Ending Dec-2019 Loomis Fixed Income -2.97 (36)2.33 (8)1.93 (9)5.42 (20)1.39 (62)0.55 (15) Blmbg. U.S. Aggregate Index -3.38 (68)0.67 (84)0.62 (85)2.90 (89)3.15 (24)0.18 (58) IM U.S. Broad Market Core Fixed Income (SA+CF) Median -3.18 1.11 1.10 4.36 1.95 0.22 Performance Review As of June 30, 2021 Loomis Fixed Income NONE Page 57 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 0.0 2.0 4.0 6.0 8.0 Loomis Fixed Income (%)0.0 2.0 4.0 6.0 8.0 Blmbg. U.S. Aggregate Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 6/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Loomis Fixed Income 20 16 (80%)1 (5%)3 (15%)0 (0%) Bl. Barclays US Agg 20 0 (0%)1 (5%)0 (0%)19 (95%) 4.77 5.30 5.83 6.36 6.89 7.42 Return (%)3.42 3.51 3.60 3.69 3.78 3.87 3.96 Risk (Standard Deviation %) Return Standard Deviation Loomis Fixed Income 6.89 3.87 Bl. Barclays US Agg 5.34 3.44 Median 6.07 3.68¾ 2.07 2.76 3.45 4.14 4.83 5.52 Return (%)3.15 3.20 3.25 3.30 3.35 3.40 3.45 3.50 3.55 Risk (Standard Deviation %) Return Standard Deviation Loomis Fixed Income 5.07 3.47 Bl. Barclays US Agg 3.03 3.23 Median 3.67 3.37¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Fixed Income 1.76 119.62 101.68 1.47 0.84 1.39 1.00 1.90 Bl. Barclays US Agg 0.00 100.00 100.00 0.00 N/A 1.17 1.00 1.49 90 Day U.S. Treasury Bill 3.37 11.62 -17.36 1.22 -1.17 N/A 0.02 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Fixed Income 1.58 120.27 73.19 2.13 1.25 1.11 0.96 1.86 Bl. Barclays US Agg 0.00 100.00 100.00 0.00 N/A 0.59 1.00 1.79 90 Day U.S. Treasury Bill 3.16 12.27 -14.88 1.10 -0.59 N/A 0.02 0.00 Performance Review As of June 30, 2021 Loomis Fixed Income NONE Page 58 Peer Group Analysis - IM Global Fixed Income (MF) Comparative Performance -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Pimco Div Inc (PDIIX)2.76 (4)N/A N/A N/A N/A N/A N/A Blmbg. Glbl Cred (Hedged)2.24 (14)2.64 (26)4.66 (41)5.16 (17)6.53 (6)5.08 (5)4.85 (6) Median 1.33 1.38 4.25 3.87 4.68 3.55 3.01 -10.00 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 Return2020 2019 2018 2017 2016 Pimco Div Inc (PDIIX)N/A N/A N/A N/A N/A Blmbg. Glbl Cred (Hedged)7.53 (63)12.08 (7)-0.81 (33)5.89 (69)7.33 (8) Median 8.15 8.12 -1.75 6.81 2.92 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 1 Qtr Ending Mar-2020 1 Qtr Ending Dec-2019 Pimco Div Inc (PDIIX)N/A N/A N/A N/A N/A N/A Blmbg. Global Credit (Hedged)-2.64 (42)3.11 (59)1.97 (68)7.60 (26)-4.95 (62)0.93 (33) IM Global Fixed Income (MF) Median -3.20 3.63 2.41 5.53 -3.19 0.73 Performance Review As of June 30, 2021 Pimco Div Inc (PDIIX) NONE Page 59 Page Intentionally Left Blank Page 60 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) Comparative Performance -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 23.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Morgan Stanley 3.27 (86)7.09 (74)8.46 (54)5.52 (61)6.47 (51)7.20 (43)7.76 (34) NCREIF Fund Idx-ODCE 3.93 (65)7.50 (61)8.02 (61)5.08 (66)5.52 (68)6.25 (67)6.57 (72) Median 4.05 7.93 8.54 5.83 6.48 7.01 7.25 -10.00 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 Return2020 2019 2018 2017 2016 Morgan Stanley 1.90 (47)7.38 (41)9.05 (40)9.86 (16)9.98 (44) NCREIF Fund Idx-ODCE 1.19 (69)5.34 (79)8.35 (52)7.62 (62)8.77 (76) Median 1.64 7.02 8.42 8.08 9.35 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 1 Qtr Ending Mar-2020 1 Qtr Ending Dec-2019 Morgan Stanley 2.19 (43)1.47 (57)1.27 (20)-1.74 (66)0.92 (67)1.79 (38) NCREIF Fund Index-ODCE (VW)2.11 (50)1.30 (61)0.48 (52)-1.56 (64)0.98 (67)1.51 (61) IM U.S. Open End Private Real Estate (SA+CF) Median 2.10 1.63 0.49 -1.22 1.31 1.61 Performance Review As of June 30, 2021 Morgan Stanley NONE Page 61 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date 0.0 4.0 8.0 12.0 16.0 Morgan Stanley (%)0.0 4.0 8.0 12.0 16.0 NCREIF Fund Index-ODCE (VW) (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 6/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Morgan Stanley 20 1 (5%)18 (90%)1 (5%)0 (0%) NCREIF Fund Idx-ODCE 20 0 (0%)0 (0%)19 (95%)1 (5%) 5.28 5.61 5.94 6.27 6.60 6.93 Return (%)2.25 2.34 2.43 2.52 2.61 2.70 2.79 2.88 Risk (Standard Deviation %) Return Standard Deviation Morgan Stanley 6.47 2.31 NCREIF Fund Idx-ODCE 5.52 2.41 Median 6.48 2.77¾ 6.02 6.45 6.88 7.31 7.74 8.17 Return (%)1.80 2.00 2.20 2.40 2.60 Risk (Standard Deviation %) Return Standard Deviation Morgan Stanley 7.76 1.95 NCREIF Fund Idx-ODCE 6.57 1.98 Median 7.25 2.48¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Morgan Stanley 0.87 116.14 111.93 1.49 1.03 2.21 0.89 1.01 NCREIF Fund Idx-ODCE 0.00 100.00 100.00 0.00 N/A 1.67 1.00 0.90 90 Day U.S. Treasury Bill 2.45 22.27 -1.48 1.31 -1.67 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Morgan Stanley 0.76 117.25 111.93 1.70 1.47 3.23 0.91 0.78 NCREIF Fund Idx-ODCE 0.00 100.00 100.00 0.00 N/A 2.58 1.00 0.70 90 Day U.S. Treasury Bill 2.04 17.14 -1.48 1.22 -2.58 N/A -0.01 0.00 Performance Review As of June 30, 2021 Morgan Stanley NONE Page 62 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) Comparative Performance -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 23.00 ReturnQTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Prudential PRISA II 5.11 (22)9.10 (36)9.57 (38)6.09 (38)6.53 (47)7.39 (38)7.63 (46) NCREIF Property Idx 3.59 (80)6.58 (81)7.37 (73)5.00 (66)5.50 (68)5.92 (78)6.13 (83) Median 4.05 7.93 8.54 5.83 6.48 7.01 7.25 -10.00 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 Return2020 2019 2018 2017 2016 Prudential PRISA II 0.98 (72)7.52 (39)9.43 (30)8.05 (54)10.37 (38) NCREIF Property Idx 1.60 (53)6.42 (68)6.72 (82)6.96 (80)7.97 (83) Median 1.64 7.02 8.42 8.08 9.35 1 Qtr Ending Mar-2021 1 Qtr Ending Dec-2020 1 Qtr Ending Sep-2020 1 Qtr Ending Jun-2020 1 Qtr Ending Mar-2020 1 Qtr Ending Dec-2019 Prudential PRISA II 2.07 (53)1.70 (47)0.43 (56)-2.42 (82)1.32 (50)2.15 (27) NCREIF Property Index 1.72 (76)1.15 (69)0.74 (33)-0.99 (44)0.71 (69)1.55 (57) IM U.S. Open End Private Real Estate (SA+CF) Median 2.10 1.63 0.49 -1.22 1.31 1.61 Performance Review As of June 30, 2021 Prudential PRISA II NONE Page 63 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date 0.0 4.0 8.0 12.0 16.0 20.0 Prudential PRISA II (%)0.0 4.0 8.0 12.0 16.0 20.0 NCREIF Property Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0Return Percentile Rank9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 6/21 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Prudential PRISA II 20 0 (0%)19 (95%)1 (5%)0 (0%) NCREIF Property Idx 20 0 (0%)0 (0%)5 (25%)15 (75%) 5.04 5.40 5.76 6.12 6.48 6.84 Return (%)1.68 1.92 2.16 2.40 2.64 2.88 3.12 3.36 3.60 Risk (Standard Deviation %) Return Standard Deviation Prudential PRISA II 6.53 3.22 NCREIF Property Idx 5.50 1.99 Median 6.48 2.77¾ 5.72 6.24 6.76 7.28 7.80 8.32 Return (%)1.26 1.47 1.68 1.89 2.10 2.31 2.52 2.73 2.94 Risk (Standard Deviation %) Return Standard Deviation Prudential PRISA II 7.63 2.67 NCREIF Property Idx 6.13 1.59 Median 7.25 2.48¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Prudential PRISA II 1.33 125.92 243.59 -2.15 0.76 1.58 1.59 1.40 NCREIF Property Idx 0.00 100.00 100.00 0.00 N/A 2.01 1.00 0.57 90 Day U.S. Treasury Bill 2.02 23.12 -2.31 1.24 -2.01 N/A 0.02 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Prudential PRISA II 1.25 128.05 243.59 -2.16 1.17 2.34 1.60 1.08 NCREIF Property Idx 0.00 100.00 100.00 0.00 N/A 2.95 1.00 0.44 90 Day U.S. Treasury Bill 1.64 18.63 -2.31 1.14 -2.95 N/A 0.00 0.00 Performance Review As of June 30, 2021 Prudential PRISA II NONE Page 64 Total Policy Historical Hybrid Composition Allocation Mandate Weight (%) Oct-1986 Oakland County Historical Policy Data 100.00 Oct-2013 S&P 500 Index 25.00 Russell Midcap Index 7.50 Russell 2000 Index 7.50 MSCI AC World ex USA 15.00 Blmbg. U.S. Aggregate Index 30.00 JPM Global Government Bond Index 5.00 NCREIF Fund Index-ODCE (VW) (Net)10.00 Jul-2017 S&P 500 Index 23.00 Russell Midcap Index 7.50 Russell 2000 Index 7.50 MSCI AC World ex USA 15.00 Blmbg. U.S. Aggregate Index 30.00 JPM Global Government Bond Index 5.00 Blmbg. U.S. Corp High Yield 2.00 NCREIF Fund Index-ODCE (VW)10.00 Total Equity Historical Hybrid Composition Allocation Mandate Weight (%) Jan-1979 Russell 3000 Index 90.00 MSCI EAFE Index 10.00 Jul-2017 S&P 500 Index 45.00 Russell Midcap Index 13.75 Russell 2000 Index 13.75 MSCI AC World ex USA 27.50 Total International Equity Historical Hybrid Composition Allocation Mandate Weight (%) Jan-1970 MSCI EAFE Index 100.00 Oct-2012 MSCI AC World ex USA 100.00 Benchmark History Investment Policy Benchmarks As of June 30, 2021 Page 65 Total Fixed Income Historical Hybrid Composition Allocation Mandate Weight (%) Jan-1986 Blmbg. U.S. Aggregate Index 85.00 JPM Global Government Bond Index 15.00 Jul-2017 Blmbg. U.S. Aggregate Index 80.00 JPM Global Government Bond Index 15.00 Blmbg. U.S. Corp High Yield 5.00 Benchmark History Investment Policy Benchmarks As of June 30, 2021 Page 66 Estimated Annual Fee (%) Market Value ($) Estimated Annual Fee ($) Fee Schedule Total Fund Composite 0.49 808,308,516 3,985,241 SSgA S&P 500 0.02 35,442,675 7,089 0.02 % of First $50 M 0.01 % Thereafter SSgA S&P 500 Equal Weighted Index 0.04 52,464,178 20,986 0.04 % of First $75 M 0.02 % Thereafter T. Rowe Price 0.25 93,299,535 233,249 0.25 % of Assets Nuance Mid Cap Value 0.75 14,199,636 106,497 0.75 % of First $25 M 0.70 % of Next $25 M 0.65 % of Next $25 M 0.60 % of Next $25 M 0.55 % of Next $50 M 0.50 % Thereafter TimesSquare 0.80 17,364,670 138,917 0.80 % of First $50 M 0.70 % of Next $50 M 0.60 % Thereafter Great Lakes SmidCap 0.55 16,613,445 91,374 0.55 % of First $50 M 0.45 % of Next $50 M 0.35 % Thereafter Reinhart Partners 0.75 19,828,729 148,715 0.75 % of First $25 M 0.65 % of Next $25 M 0.50 % Thereafter Lee Munder (LMCG)0.70 30,253,756 211,776 0.70 % of Assets Loomis Small Cap 0.90 33,128,415 298,156 0.90 % of First $50 M 0.75 % of Next $50 M 0.70 % Thereafter Lazard 0.74 47,001,726 345,511 0.75 % of First $40 M 0.65 % of Next $60 M 0.50 % Thereafter Pictet 0.65 43,884,940 285,252 0.65 % of Assets Berkeley Street 0.95 22,130,683 210,241 0.95 % of Assets ABS Global 1.00 48,725,548 487,255 1.00 % of Assets CS McKee 0.28 109,338,324 306,177 0.35 % of First $25 M 0.30 % of Next $25 M 0.25 % of Next $50 M 0.20 % Thereafter Loomis Fixed Income 0.30 83,043,039 249,129 0.30 % of First $100 M 0.25 % of Next $100 M 0.20 % of Next $100 M 0.15 % Thereafter Pimco Diversified Income (PDIIX)0.75 34,609,177 259,569 0.75 % of Assets Morgan Stanley 0.84 39,793,507 334,265 0.84 % of Assets Oakland County Employees' Retirement System Fee Analysis As of June 30, 2021 Does not include incentive fees. Page 67 Oakland County Employees' Retirement System Fee Analysis As of June 30, 2021 Estimated Annual Fee (%) Market Value ($) Estimated Annual Fee ($) Fee Schedule Prudential PRISA II 1.20 20,923,457 251,081 1.20 % of First $25 M 1.15 % of Next $25 M 1.05 % of Next $50 M 0.95 % of Next $100 M 0.90 % of Next $100 M 0.85 % Thereafter Does not include incentive fees. Page 68 Report Statistics Definitions and Descriptions Active Return - Arithmetic difference between the manager’s performance and the designated benchmark return over a specified time period. Alpha - A measure of the difference between a portfolio's actual performance and its expected return based on its level of risk as determined by beta. It determines the portfolio's non-systemic return, or its historical performance not explained by movements of the market. Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of the portfolio's systematic risk. Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. Higher consistency indicates the manager has contributed more to the product’s performance. Distributed to Paid In (DPI) - The ratio of money distributed to Limited Partners by the fund, relative to contributions. It is calculated by dividing cumulative distributions by paid in capital. This multiple shows the investor how much money they got back. It is a good measure for evaluating a fund later in its life because there are more distributions to measure against. Down Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance Downside Risk - A measure similar to standard deviation that utilizes only the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. A higher factor is indicative of a riskier product. Excess Return - Arithmetic difference between the manager’s performance and the risk-free return over a specified time period. Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk free return. Information Ratio - This calculates the value-added contribution of the manager and is derived by dividing the active rate of return of the portfolio by the tracking error. The higher the Information Ratio, the more the manager has added value to the portfolio. Public Market Equivalent (PME) - Designs a set of analyses used in the Private Equity Industry to evaluate the performance of a Private Equity Fund against a public benchmark or index. R-Squared - The percentage of a portfolio's performance that can be explained by the behavior of the appropriate benchmark. A high R-Squared means the portfolio's performance has historically moved in the same direction as the appropriate benchmark. Return - Compounded rate of return for the period. Sharpe Ratio - Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is an absolute rate of return per unit of risk. A higher value demonstrates better historical risk-adjusted performance. Standard Deviation - A statistical measure of the range of a portfolio's performance. It represents the variability of returns around the average return over a specified time period. Total Value to Paid In (TVPI) - The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund to date. It is a good measure of performance before the end of a fund’s life Tracking Error - This is a measure of the standard deviation of a portfolio's returns in relation to the performance of its designated market benchmark. Treynor Ratio - Similar to Sharpe ratio but utilizes beta rather than excess risk as determined by standard deviation. It is calculated by taking the excess rate of return above the risk free rate divided by beta to derive the absolute rate of return per unit of risk. A higher value indicates a product has achieved better historical risk-adjusted performance. Up Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance. Page 69 Disclosures AndCo compiled this report for the sole use of the client for which it was prepared. AndCo is responsible for evaluating the performance results of the Total Fund along with the investment advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. AndCo uses the results from this evaluation to make observations and recommendations to the client. AndCo uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from custodians. AndCo analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides AndCo with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides AndCo with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause AndCo to believe that the information presented is significantly misstated. This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various asset positions. The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management services. Additional information included in this document may contain data provided by from index databases, public economic sources and the managers themselves. This document may contain data provided by Bloomberg Barclays. Bloomberg Barclays Index data provided by way of Barclays Live. This document may contain data provided by Standard and Poor’s. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where S&P Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance provided within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results. This document may contain data provided by MSCI, Inc. Copyright MSCI, 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. 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Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punitive, consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages. This document may contain data provided by Russell Investment Group. Russell Investment Group is the source owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a user presentation of the data. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in presentation thereof. This document may contain data provided by Morningstar. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is not guarantee of future results. Page 70 CHICAGO | CLEVELAND | DALLAS | DETROIT | ORLANDO | PITTSBURGH | RENOClients first.