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HomeMy WebLinkAboutReports - 2024.12.31 - 42221<CBDoc TenantId="2" EntityTypeId="3100" EntityId="2903" DocumentTypeId="1" EffectiveDate="12/31/2024" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending December 31, 2024 Oakland County Employees' Retirement System Defined Benefit Plan 4Q 2024 EXECUTIVE SUMMARY Market Summary: The fourth quarter of 2024 saw a mixed performance across global stock and bond markets. Rising global interest rates, driven by persistent inflationary pressures and concerns about the pace of economic growth, weighed heavily on bond markets (Bloomberg US Aggregate -3.06%). US equities continued their strong run, driven by robust corporate earnings and optimism surrounding the new administration's policies; however, international markets experienced greater volatility. Within the US equity market, large-cap stocks outperformed their smaller-cap counterparts. The S&P 500 Index experienced a modest but positive return (2.41%), driven by strong performances from technology and consumer discretionary sectors. In contrast, the Russell 2000 Index, which tracks small-cap US equities, exhibited more subdued growth, facing challenges from rising interest rates and concerns about slowing economic growth (0.33%). International and emerging markets, particularly those heavily reliant on commodity exports, faced headwinds due to a slowdown in global demand particularly from China (MSCI EAFE -8.11%; MSCI EM -8.01%). Conclusions/Recommendations: 1.The Total Fund declined 1.36% during the quarter, performing in line with the Policy Index and ranking in the top half of the custom allocation universe. 2.The Total Fund returned 8.58% over the past year, trailing the Policy Index by 81 basis points and ranking in the bottom half of the peer group. Longer-term, the Fund has performed well, ranking in the top half of the universe and exceeding the Policy Index. 3.TimesSquare struggled this quarter, lagging the Russell Mid Cap Growth Index and ranking near the bottom of their universe. The under performance is partially attributed to poor stock selection, particularly within the Financials and Consumer Discretionary. Longer-term, TimesSquare exceeds performance expectations. 4.Lazard International trailed expectations this quarter. The manager struggled with poor stock selection within Health Care and an underweight to Banks. Longer-term, Lazard trails performance expectations. 5.Marathon Distressed Credit Funds (I and II), two of the alternative fixed income strategies, generated positive returns during the quarter. Performance was aided by the portfolios’ higher yields. Marathon is meeting performance expectations for both strategies. 6.At quarter end the Fund was overweight to domestic equities and underweight to fixed income; all allocations were within policy ranges. 7.Lazard and Allspring are failing multiple performance measures (see Scorecard) and are currently under heightened scrutiny. 8.Mariner has no recommendations at this time. See the Asset/Manager Summary for additional comments and recommendations. Page 1 4th Quarter 2024 Market Environment Page 2 The Market Environment Executive Summary As of December 31,2024 The Economy The US Federal Reserve (the Fed) continued to loosen its policy stance during the quarter with two fed funds rate cuts totaling 0.50%, bringing the year-end rate to a range of 4.25%-4.50%. While the Fed conveyed a degree of confidence that the fight against inflation is progressing in its December press release, Fed Chairman Jerome Powell signaled in his post-meeting press conference that the pace and timing of future rate cuts is unclear. The Fed’s December “Dot Plot” now projects only two quarter-point rate cuts in 2025, down from four anticipated cuts in September’s plot. Growth in the US labor market continued during the fourth quarter. US payrolls grew by 256,000 in December, up from the previous month’s total of 212,000, and well above the 155,000 projected. If strength in the labor market continues, this data could support a slower pace Fed action in the form of policy rate reductions in 2025. Equity (Domestic and International) US equity results were modestly higher for the quarter. Markets also saw a return to the narrowly focused technology and communication services company exuberance which has dominated domestic performance in recent years. The S&P 500 Index rose 2.4% for the quarter with the small-cap Russell 2000 Index managing just a 0.3% rise. The rotation away from large cap growth stocks during the third quarter seemed to reverse as the Russell 1000 Growth Index once again outpaced the Russell 1000 Value Index by a large margin. Large-cap equity benchmarks continue to represent a heavy concentration among a limited number of stocks. As of quarter end, the weight of the top 10 stocks in the S&P 500 Index exceeded 35%. Most international stocks faltered during the fourth quarter and US Dollar (USD) denominated results were further exacerbated by a strengthening USD. The USD performance of international stocks fell short of local currency (LCL) returns in most regions for the quarter, albeit to varying degrees. Fixed Income Fixed-income markets traded lower during the quarter on the back of the Fed’s ongoing policy actions. Short term Treasury yields fell while longer term yields rose, leading to a slight steepening in the yield curve. The yield on the bellwether 10-year Treasury advanced by 0.84% during the quarter, closing the year at a yield of 4.58%. The inverse relationship between prices and yields resulted in the Bloomberg US Aggregate Bond Index posting a -3.1% loss for the quarter. High-yield bonds outpaced the Bloomberg US Aggregate Bond Index for the quarter, largely due to higher coupons, a shorter duration profile, and a small narrowing of the option-adjusted spread (OAS) for the Bloomberg US High-Yield Index. Global bonds fell during the quarter, with the Bloomberg Global Aggregate ex-US returning -6.8% in USD terms. Like international equity results, global bond performance was dragged down by a strengthening USD during the quarter. Market Themes Strength in the US Dollar during the quarter led to relative weakness in international markets. Many of the major currencies depreciated relative to the US Dollar as the year came to a close. Latin America saw the most significant decline during the period while the Pacific region was the only region to post positive LCL returns. The AI trade that has taken shape for much of the past two years continued in 2024 with the communication services and information technology sectors each posting gains of more than 35% for the year. This phenomenon contributed to narrow market leadership particularly within the large-cap segment of the market. The concentration in the large-cap indexes helped the S&P 500 post its second straight year of greater than a 20% return, further widening the performance gap between large and smaller capitalization benchmarks. Ongoing military conflicts in Ukraine and the Middle East, coupled with global economic uncertainty, continue to act as headwinds for international market results, further complicated by an advancing USD. The results of the most recent US presidential election appeared to please domestic equity markets in anticipation of the new administration supporting loosened regulations and pro-growth policies. As we move into the new year, equity markets will need to digest the anticipated effects of proposed tax legislation changes, a new view on foreign policy, and potential trade tariffs by the new administration. Page 3 The Market Environment Major Market Index Performance As of December 31, 2024 Domestic equity markets continued to climb higher during the quarter. Large- cap stocks returned to the forefront, outpacing small-cap stocks. The S&P 500 rose 2.4% during the quarter versus a muted gain of 0.3% for the Russell 2000 Index. The broad capitalization Russell 3000 Index, which benefited from strength in mid- and large-cap names, returned 2.6% for the quarter. International developed market equities reversed course and soured during the fourth quarter with the USD performance of the broad benchmarks each trading lower than (LCL) currency performance. The broad MSCI ACWI ex US Index delivered a disappointing -7.6% for the quarter but was down less than both the MSCI EAFE and MSCI EM indexes. The broad index was aided by Canada, which is not included in the EAFE or EM indexes. International developed market (DM) equities narrowly fell behind emerging market (EM) equities, returning -8.1% and -8.0%, respectively for the quarter. Negative performance for the international indexes was broad-based and not localized to any specific region. Broad market fixed-income benchmarks displayed a poor finish to the year as many of the core indexes succumbed to a steepening of the yield curve and the prospect of fewer rate cuts in 2025. The Bloomberg US Aggregate Index returned -3.1% for the quarter. The TIPS market, which is not part of the Aggregate Index, was also negative, posting a return of -2.9% for the quarter. While the performance differentials were small, the Mortgage-Backed Securities Index lagged other domestic bond market segments with a benchmark return of -3.2% for the quarter. Domestic equity indexes finished the year by adding to their already strong returns over the trailing one-year period. The S&P 500 Index gained 25.0% for the year and the Russell 1000 Index returned 24.5%. The weakest performing capitalization range of domestic equities for the year was the small-cap Russell 2000 Index, which still managed a double-digit climb over the last 12 months, returning a solid 11.5%. Domestic bond indexes’ results were mixed throughout the year but still managed to deliver positive annual results. While the performance spread was narrow, investment-grade corporate bonds led bond index results for the year, returning a muted 2.1%. The government bond index lagged for the year, but was also positive, posting a return of 0.6%. International equity markets also delivered positive results for the trailing one- year period. The MSCI EM Index was the best international performer, returning 7.5%, while the MSCI EAFE and MSCI ACWI ex US indexes posted returns of 3.8% and 5.5%, respectively. Source: Investment Metrics 1.2% -3.0% -3.2% -2.9% -3.1% -3.1% -8.0% -8.1% -7.6% 0.3% 0.6% 2.7% 2.6% 2.4% -10.0% -7.5% -5.0% -2.5% 0.0% 2.5% 5.0% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 Quarter Performance 5.3% 2.1% 1.2% 1.8% 0.6% 1.3% 7.5% 3.8% 5.5% 11.5% 15.3% 24.5% 23.8% 25.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 1-Year Performance Page 4 Source: Investment Metrics The Market Environment Domestic Equity Style Index Performance As of December 31,2024 Domestic equity benchmarks exhibited a return to their long-run trend of growth style companies vastly outperforming value during the fourth quarter. This theme was relatively consistent across the capitalization spectrum with growth benchmarks dominating performance results while value benchmarks each posted negative returns for the quarter. The broadest disparity between growth and value was visible in the mid-cap index. The Russell Mid Cap Value Index return of -1.7% trailed the Russell Mid Cap Growth Index return of 8.1%, a performance span of nearly 10%. The Russell Mid Cap Growth Index was also the best performing segment of the equity market during the quarter. Conversely, the worst performing segment of the market was large cap value which returned a disappointing -2.0% during the fourth quarter. This quarter’s ascension of the growth indexes widened their performance gaps relative to the value indexes for the trailing year. The Russell 1000 Growth Index amassed a staggering 33.4% for the year, leading the way among style and market capitalization index performance. Much of the year’s strong performance has been attributable to the emergence of the “Magnificent 7” stocks (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla) which have dominated the large-cap core and growth indexes and the headlines over the past several years. The 10 largest stocks in the Russell 1000 Index have contributed more than 50% of the index’s total performance over the trailing 12-month period. The weakest performing index for the year was the Russell 2000 Value Index, which still climbed 8.1%. The strength of growth sectors is also evident in the trailing one-year period with the chart on the right showing growth benchmarks at all capitalization ranges outpacing their value counterparts. The performance gap between the Russell 1000 Growth Index and the Russell 1000 Value Index was nearly 20% and the gaps for mid- and small-cap indexes were narrower, but still wide. 1.7% 0.3% -1.1% 8.1% 0.6% -1.7% 7.1% 2.7% -2.0% 6.8% 2.6% -1.9% -5.0% -2.5% 0.0% 2.5% 5.0% 7.5% 10.0% 2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value Quarter Performance - Russell Style Series 15.2% 11.5% 8.1% 22.1% 15.3% 13.1% 33.4% 24.5% 14.4% 32.5% 23.8% 14.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value 1-Year Performance - Russell Style Series Page 5 The Market Environment GICS Sector Performance & (Sector Weight) As of December 31, 2024 Source: Morningstar Direct 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. Economic sector performance delivered mixed results in the fourth quarter as just four of the 11 economic sectors moved higher in the large-cap index. While performance during the year could be characterized by broader participation in the domestic equity markets, this was not the case during the fourth quarter as only the communication services, consumer discretionary, financials, and information technology sectors managed to post positive returns. Within the large cap index, consumer discretionary stocks led the way, collectively returning 12.9% for the quarter while the materials sector struggled, falling -11.4% during the period. Full year results during 2024 showcased strong performance across the economic sector classifications. Communication services narrowly outpaced information technology for the year, posting returns of 39.8% and 35.9%, respectively, with financials coming in third with a return of 31.4%. While all sectors posted positive returns for the year, the broad index’s strong performance during 2024 was largely driven by three of the five most heavily weighted index sectors. Similar to the large cap benchmark, just five of the 11 small-cap economic sectors gained value during the quarter. Communication services, consumer staples, financials, industrials, and information technology led the way with information technology as the best performing sector during the quarter. Health care faltered as the worst-performing sector with a return of -7.6% during the quarter, followed closely by real estate, which finished the quarter with a return of -6.1%. Despite their struggles during the most recent quarter, small-cap stocks delivered strong results for the year. Ten small-cap sectors advanced higher during the trailing one-year period, making energy the lone negative performer over the period. The sector’s -2.7% return during the fourth quarter pushed the sector’s performance to -4.1% for the trailing year. Information technology (up 21.6%) was the only sector to cross the 20% return threshold, but four others also amassed double digit positive returns for the calendar year. 2.8% 5.5% 4.0% 21.6% 17.0% 1.9% 15.4% -4.1% 17.9% 6.2% 12.2% -4.6% -6.1% -4.7% 9.9% 4.1% -7.6% 3.5% -2.7% 5.5% -1.6% 0.5% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Utilities (2.8%) Real Estate (6.2%) Materials (4.5%) Info Technology (12.7%) Industrials (17.4%) Health Care (17.1%) Financials (18.5%) Energy (5.2%) Consumer Staples (2.7%) Consumer Disc (9.9%) Comm Services (2.7%) Russell 2000 Quarter 1-Year 24.8% 5.1% 0.2% 35.9% 17.3% 2.9% 31.4% 7.5% 14.7% 28.8% 39.8% -5.2% -7.8% -11.4% 5.8% -2.2% -9.9% 7.9% -0.6% -3.0% 12.9% 9.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% Utilities (2.4%) Real Estate (2.6%) Materials (2.5%) Info Technology (29.7%) Industrials (9.5%) Health Care (11.0%) Financials (13.9%) Energy (3.5%) Consumer Staples (5.6%) Consumer Disc (10.6%) Comm Services (8.8%) Russell 1000 Quarter 1-Year Page 6 The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of December 31, 2024 Source: Morningstar Direct Top 10 Weighted Stocks Sector1-Year Return 1-Qtr ReturnWeightRussell1000 Information Technology30.7%7.6%6.6%Apple Inc Information Technology171.2%10.6%5.8%NVIDIA Corp Information Technology12.9%-1.8%5.8%Microsoft Corp Consumer Discretionary44.4%17.7%3.8%Amazon.com Inc Communication Services66.0%2.4%2.4%Meta Platforms Inc Class A Consumer Discretionary62.5%54.4%2.1%Tesla Inc Communication Services36.0%14.3%2.1%Alphabet Inc Class A Information Technology110.4%34.7%2.0%Broadcom Inc Communication Services35.6%14.0%1.7%Alphabet Inc Class C Financials27.1%-1.5%1.5%Berkshire Hathaway Inc Class B Top 10 Weighted Stocks Sector1-Year Return 1-Qtr ReturnWeightRussell2000 Industrials214.7%8.6%0.5%FTAI Aviation Ltd Consumer Staples164.1%15.1%0.5%Sprouts Farmers Market Inc Health Care122.8%-5.4%0.4%Insmed Inc Health Care30.4%-28.4%0.4%Vaxcyte Inc Ordinary Shares Information Technology245.2%118.2%0.4%Credo Technology Group Holding Ltd Industrials39.7%7.5%0.3%Applied Industrial Technologies Inc Industrials70.5%7.4%0.3%Mueller Industries Inc Industrials360.6%161.8%0.3%Rocket Lab USA Inc Industrials25.9%3.4%0.3%Fluor Corp Information Technology237.1%377.9%0.3%IonQ Inc Class A Top 10 Performing Stocks (by Quarter) Sector1-Year Return 1-Qtr ReturnWeightRussell2000 Information Technology1449.4%1848.7%0.1%Rigetti Computing Inc Information Technology854.4%754.6%0.0%D-Wave Quantum Inc. Health Care129.9%439.6%0.1%Scholar Rock Holding Corp Information Technology237.1%377.9%0.3%IonQ Inc Class A Information Technology835.8%325.8%0.2%SoundHound AI Inc Ordinary Shares Health Care227.3%281.2%0.0%Kodiak Sciences Inc Consumer Discretionary443.8%248.1%0.0%The RealReal Inc Industrials19.7%242.3%0.0%SES AI Corp Health Care185.7%235.7%0.0%Poseida Therapeutics Inc Ordinary Industrials58.8%221.8%0.1%Archer Aviation Inc Class A Bottom 10 Performing Stocks (by Quarter) Sector1-Year Return 1-Qtr ReturnWeightRussell2000 Health Care0.0%-92.3%0.0%Q32 Bio Inc Health Care-89.5%-92.0%0.0%Cassava Sciences Inc Health Care-74.4%-89.9%0.0%Applied Therapeutics Inc Health Care-20.6%-76.1%0.0%Perspective Therapeutics Inc Health Care-60.2%-72.7%0.0%Keros Therapeutics Inc Health CareN/A-72.2%0.0%Bioage Labs Inc Health Care-70.1%-68.3%0.0%Inovio Pharmaceuticals Inc Health CareN/A-67.2%0.0%PACS Group Inc Health Care-83.0%-65.3%0.0%Shattuck Labs Inc Ordinary Shares Utilities-77.5%-64.8%0.0%Sunnova Energy International Inc Top 10 Performing Stocks (by Quarter) Sector1-Year Return 1-Qtr ReturnWeightRussell1000 Information TechnologyN/A152.8%0.0%Astera Labs Inc Information Technology712.6%148.1%0.2%AppLovin Corp Ordinary Shares Communication ServicesN/A112.2%0.0%Trump Media & Technology Group Information Technology340.5%103.3%0.3%Palantir Technologies Inc Ordinary Financials54.8%95.9%0.0%SoFi Technologies Inc Ordinary Shares Consumer DiscretionaryN/A75.3%0.0%Amer Sports Inc Information Technology358.5%71.8%0.1%MicroStrategy Inc Industrials135.3%70.2%0.1%United Airlines Holdings Inc Utilities-59.3%66.3%0.0%New Fortress Energy Inc Information Technology42.5%65.7%0.0%Twilio Inc Class A Bottom 10 Performing Stocks (by Quarter) Sector1-Year Return 1-Qtr ReturnWeightRussell1000 Consumer Discretionary-58.1%-50.4%0.0%Capri Holdings Ltd Materials-54.6%-48.8%0.0%Celanese Corp Class A Financials-22.2%-41.3%0.0%Rocket Companies Inc Ordinary Information Technology-48.0%-39.2%0.0%Enphase Energy Inc Health Care-58.2%-37.8%0.0%Moderna Inc Health Care-49.0%-37.5%0.0%Acadia Healthcare Co Inc Health Care116.2%-36.4%0.0%Viking Therapeutics Inc Health Care-74.3%-36.4%0.0%10x Genomics Inc Ordinary Information Technology-5.6%-35.9%0.1%Monolithic Power Systems Inc Utilities-30.3%-35.1%0.0%The AES Corp Page 7 Source: MSCI Global Index Monitor (Returns are Net) The Market Environment International and Regional Market Index Performance (Country Count) As of December 31, 2024 Results in USD terms among the headline international equity indexes were sharply lower during the quarter. The strengthening USD relative to many major currencies during the quarter was a substantial headwind for the USD performance of non-US regional benchmarks’ returns. The developed-market MSCI EAFE Index returned a muted -0.6% in LCL terms but fell -8.1% in USD terms. The MSCI ACWI ex-US Index pulled back -7.6% in USD and -1.4% in LCL terms for the quarter. Latin America continued to lag other regions during the quarter in USD terms, posting an outsized loss of -15.8%. Weakening currencies in the region put added pressure on realized performance for US investors. The MSCI Pacific benchmark was the only regional benchmark to deliver positive performance in LCL terms with a return of 3.5%, but USD strength led to a -5.5% decline in USD terms for the quarter. Regional LCL currency performance was disparate for the quarter, with some regional indexes remaining relatively flat over the final three months of the year. Full year results by country show Taiwan and Malaysia as the biggest winners during the year in USD terms. These two countries advanced 34.4% and 20.8%, respectively. China was not far behind with the largest economy in the emerging market world climbing 19.4% in USD terms for the year despite declining 7.7% during the fourth quarter. Much of the broad-based MSCI Emerging Market Index’s returns are attributable to the health of the dominant Chinese economy, which came under pressure during the year due to troubles in the manufacturing and commercial property sectors. Much like domestic markets, trailing one-year results for international developed and emerging markets benchmarks were strongly positive. Higher LCL versus USD returns for most international benchmarks demonstrate the USD’s relative strength over the trailing one-year period, which represents a drag on results for US investors. Most broad and regional indexes were positive for the trailing 12 months in both USD and LCL terms. The exception to these positive results is the EM Latin America index, where negative LCL performance was exacerbated by the region’s currency weakness, which led to a more severe - 26.4% return in USD terms. The MSCI Pacific Index led the way with a return of 17.8% in LCL terms for the trailing year, but US investor returns were dampened to just 7.0% in USD terms. -7.9% -4.7% -0.4% -4.4% 3.5% -2.7% -0.6% 0.0% -1.4% -15.8% -7.9% -4.0% -8.0% -5.5% -9.5% -8.1% -7.4% -7.6% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 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 Performance USD LOCAL -9.7% 16.5% 8.8% 13.1% 17.8% 8.1% 11.3% 12.4% 12.6% -26.4% 12.0% 5.6% 7.5% 7.0% 2.2% 3.8% 4.7% 5.5% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 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 Performance USD Local Currency Page 8 The Market Environment US Dollar International Index Attribution & Country Detail As of December 31, 2024 Source: 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. 1-Year ReturnQuarter ReturnSector WeightMSCI - EAFE 11.2%-4.7%4.8%Communication Services 1.4%-4.3%11.3%Consumer Discretionary -7.9%-12.6%8.3%Consumer Staples -10.5%-8.3%3.5%Energy 20.9%-2.3%21.9%Financials -1.5%-14.1%12.4%Health Care 9.6%-6.4%17.8%Industrials 3.8%-7.2%8.8%Information Technology -12.9%-17.8%6.1%Materials -3.9%-13.4%2.0%Real Estate -4.1%-12.8%3.2%Utilities 3.8%-8.1%100.0%Total 1-Year ReturnQuarter ReturnSector WeightMSCI - ACWIxUS 12.4%-6.8%5.9%Communication Services 4.6%-8.1%11.2%Consumer Discretionary -7.8%-12.4%7.0%Consumer Staples -3.5%-7.9%5.0%Energy 17.5%-2.8%23.7%Financials -1.4%-13.9%8.8%Health Care 7.5%-7.1%14.0%Industrials 13.3%-1.8%13.5%Information Technology -12.6%-17.2%6.3%Materials -1.7%-11.5%1.8%Real Estate -2.0%-12.8%3.0%Utilities 5.5%-7.6%100.0%Total 1- YearQuarterMSCI-ACWIxUSMSCI-EAFE ReturnReturnWeightWeightCountry 8.3%-3.6%14.5%23.2%Japan 7.5%-6.8%9.3%14.9%United Kingdom -5.3%-10.3%6.9%11.1%France -2.0%-11.3%6.0%9.6%Switzerland 10.2%-5.7%5.8%9.2%Germany 1.2%-11.4%4.6%7.4%Australia 1.4%-12.4%2.9%4.6%Netherlands -3.7%-14.0%2.2%3.6%Sweden -12.9%-21.5%1.8%2.9%Denmark 11.3%-6.7%1.7%2.8%Italy 9.8%-9.2%1.7%2.8%Spain 0.1%-9.8%1.2%2.0%Hong Kong 32.3%3.2%1.0%1.7%Singapore 8.5%-8.3%0.6%1.0%Belgium -7.3%-13.1%0.6%1.0%Finland 38.3%14.1%0.6%1.0%Israel -4.3%-5.4%0.4%0.6%Norway 14.0%-12.6%0.2%0.3%Ireland -1.5%-6.0%0.1%0.2%New Zealand 18.3%1.1%0.1%0.2%Austria -25.2%-22.7%0.1%0.2%Portugal 3.8%-8.1%62.3%100.0%Total EAFE Countries 11.9%-1.8%8.1%Canada 4.7%-7.4%70.4%Total Developed Countries 19.4%-7.7%8.2%China 34.4%3.3%5.8%Taiwan 11.2%-11.3%5.8%India -23.4%-19.2%2.7%Korea 0.6%-1.5%1.2%Saudi Arabia -29.8%-19.4%1.2%Brazil 6.7%-12.1%0.9%South Africa -27.1%-10.6%0.5%Mexico 20.8%-6.9%0.5%Malaysia -13.0%-15.6%0.4%Indonesia 1.3%-10.1%0.4%Thailand 19.6%9.0%0.4%United Arab Emirates 6.1%-0.2%0.3%Qatar -6.7%-11.5%0.2%Poland 10.5%1.2%0.2%Kuwait 17.8%-3.2%0.2%Turkey -0.7%-13.9%0.2%Philippines 8.9%-6.2%0.1%Greece -7.5%-6.8%0.1%Chile 15.8%-9.1%0.1%Peru 14.0%-2.3%0.1%Hungary 4.0%0.9%0.0%Czech Republic 7.9%-0.2%0.0%Colombia -31.2%-9.0%0.0%Egypt 7.5%-8.0%29.7%Total Emerging Countries 5.5%-7.6%100.0%Total ACWIxUS Countries 1-Year ReturnQuarter ReturnSector WeightMSCI - Emerging Mkt 15.9%-8.1%9.4%Communication Services 11.8%-14.5%13.1%Consumer Discretionary -11.1%-13.9%4.8%Consumer Staples -5.9%-14.5%4.6%Energy 11.0%-5.0%23.7%Financials -0.9%-11.7%3.5%Health Care 0.6%-10.9%6.6%Industrials 20.4%1.1%24.3%Information Technology -19.6%-18.6%5.7%Materials 3.8%-6.5%1.7%Real Estate 3.3%-14.1%2.7%Utilities 7.5%-8.0%100.0%Total Page 9 Source: Bloomberg The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of December 31, 2024 Domestic fixed-income markets declined during the fourth quarter despite two additional 0.25% rate cuts by the Fed. Although the Fed’s action moved short-term rates lower, longer-term yields advanced during the quarter, leading to a modest steepening of the Treasury Yield Curve. The Fed’s target range is now set at 4.25%-4.50% at year-end, down a full percentage point, including the first 0.50% cut in September of 2024. While the Fed’s first rate cut in September was initially celebrated by fixed income investors and boosted the levels of the indexes during the third quarter, many of the core indexes fell during the fourth quarter as longer-term yields advanced and worked against the Fed’s short-term rate declines. Performance across the investment-grade index’s segments declined with the Treasury, Mortgage-Backed and Corporate IG indexes falling in a tight range around -3.0%. Higher quality issues performed better, as BBB issues fell by -2.8%, while AAA issues fell a smaller -1.8% due in large part to their lower duration (4.4 vs. 7.1 years). High Yield bonds outperformed investment grade issues as longer-term yields climbed. This was primarily due to the high-yield benchmark’s lower duration and higher coupon income. Despite their lower credit quality, below- investment grade issues returned just 0.2% for the quarter, but still outpaced all other broad-based investment-grade fixed income indexes. Over the trailing one-year period, the Bloomberg US Aggregate Bond Index posted a return of 1.3%. The benchmark's sub-components also posted positive performance over the trailing 12 months with the Bloomberg US Corporate Investment Grade Index rising 2.1% and the US Mortgage Index returning 1.2%. US TIPS, which are excluded from the Bloomberg US Aggregate Bond Index, returned 1.8% for the trailing year. Results were mixed across credit qualities of investment grade issues. The performance of AAA issues was aided by their lower duration and returned 3.1% while AA issues returned only 0.8% for the year. High yield bonds were also the best performing segment of the market for the year, returning an outsized 8.2%, more than double any other segment of the domestic fixed income market. Results in high yield were spurred by stable credit spreads and higher coupon income. The Bloomberg Global Aggregate ex-US Index finished both the quarter and the year significantly weaker than its domestic benchmark counterpart. Strength in the USD was a primary driver in the international index’s weak -6.8% fourth quarter performance and its -4.2% return for the calendar year. -5.0% -6.8% -2.1% -3.1% -2.8% -3.3% -3.1% -1.8% -2.9% 0.2% -3.0% -3.2% -3.1% -7.5% -5.0% -2.5% 0.0% 2.5% Multiverse (6.5) Global Agg x US (7.1) Intermediate Agg (4.4) Aggregate (6.2) Baa (7.1) A (7.1) AA (6.0) AAA (4.4) U.S. TIPS (3.8) U.S. High Yield (2.9) U.S. Corporate IG (7.2) U.S. Mortgage (5.7) U.S. Treasury (6.1) Quarter Performance -1.3% -4.2% 2.5% 1.3% 2.7% 1.7% 0.8% 3.1% 1.8% 8.2% 2.1% 1.2% 0.6% -7.5% -5.0% -2.5% 0.0% 2.5% 5.0% 7.5% 10.0% Multiverse (6.5) Global Agg x US (7.1) Intermediate Agg (4.4) Aggregate (6.2) Baa (7.1) A (7.1) AA (6.0) AAA (4.4) U.S. TIPS (3.8) U.S. High Yield (2.9) U.S. Corporate IG (7.2) U.S. Mortgage (5.7) U.S. Treasury (6.1) 1-Year Performance Page 10 Source: US Department of Treasury, FRED (Federal Reserve of St.Louis) The Market Environment Market Rate & Yield Curve Comparison As of December 31, 2024 The gray band across the graph illustrates the fed funds target rate range over the last 12 months. During the fourth quarter, the Federal Open Market Committee (FOMC) cut its policy rates by 0.50% with two successive 0.25% cuts in November and December. The target policy range now stands at 4.25- 4.50%, a level not seen since January of 2023. With inflation declining and unemployment remaining largely stable, the Fed has pivoted from its restrictive monetary policy stance. The most recent FOMC press release continued to emphasize economic data-dependent outcomes while placing greater emphasis on the second part of the committee’s dual mandate: full employment. The CME FedWatch tool, which forecasts rates based on fed fund futures pricing, showed a greater than 90% probability of no rate decrease at the FOMC January meeting at the time of this writing. Fed officials and market participants continue to express concern that leaving rates at their current elevated levels for an extended period could tip the US economy into a recession. The yield on the US 10-year Treasury (blue line of the top chart) rose 0.84% during the quarter. The bellwether benchmark rate opened the quarter at a yield of 3.74% and finished December at a yield of 4.58%, which is its highest level since May 2024. The red line in the top chart shows the option-adjusted spread (OAS) for BAA- rated corporate bonds. This measure quantifies the additional yield premium investors require to purchase and hold non-US Treasury issues with the lowest investment grade rating. During the quarter, the yield spread experienced a slight decline, beginning October at 1.13% and finishing December at 1.02%. High-yield OAS spreads (represented by the yellow line in the top chart) also remained relatively stable, despite a sharp spike in early August spurred by an unwinding of the yen carry trade. The high-yield OAS fell by 0.11% over the quarter from 3.03% to 2.92%. The spread measure’s relative stability over the trailing year results from steady economic growth, stable monetary policy, and falling inflation readings. The lower graph provides a snapshot of the US Treasury yield curve at the end of each of the last four quarters. For the first time since November 2022, the quarter-end yield on the 30-year Treasury was higher than the one-month Treasury. Furthermore, the spread between the two-year yield and the 10- year yield continued to widen during the quarter, growing from 0.15% in October to 0.30% at year end. The yield curve had been inverted for much of the last two years. This 2-10-year yield curve inversion is a common heuristic used to foretell a pending recession. 2.50 3.00 3.50 4.00 4.50 5.00 5.50 6.00 6.50 7.00 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Treasury Yield Curve 3/31/2024 6/30/2024 9/30/2024 12/31/2024 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 1-Year Trailing Market Rates Fed Funds Rate BAA OAS 10yr Treasury High Yield OAS Page 11 The Market Environment References As of December 31, 2024 CME FedWatch Tool - CME Group Effective Federal Funds Rate - FEDERAL RESERVE BANK of NEW YORK (newyorkfed.org) ICE BofA US High Yield Index Option-Adjusted Spread (BAMLH0A0HYM2) | FRED | St. Louis Fed (stlouisfed.org) When will the Federal Reserve start cutting interest rates? | J.P. Morgan Asset Management (jpmorgan.com) U.S. Department of the Treasury China’s Economy Limps Into 2024 – WSJ Support Site - Global Index Lens: Index Returns – MSCI Federal Reserve issues FOMC statement The Fed - Meeting calendars and information (federalreserve.gov) The Federal Reserve’s latest dot plot, explained – and what it says about interest rates | Bankrate Why Chinese banks are now vanishing (economist.com) Fed rate cut: Here's what changed in the central bank's statement (cnbc.com) 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity (T10Y2Y) | FRED | St. Louis Fed (stlouisfed.org) The Fed's dot plot shows only two rate cuts in 2025, fewer than previously projected Page 12 Fund Name Current Quarter Return Current Quarter Rank 3 YR Return > Index 5 YR Return > Index 3 YR Return > 50th %-tile 5 YR Return > 50th %-tile 3 YR Sharpe Ratio > 50th %-tile 5 YR Sharpe Ratio > 50th %-tile 3 YR Positive Alpha 5 YR Positive Alpha T. Rowe Price Pass Pass Pass Pass 28 24 29 26 1.1 0.9 Kennedy Mid Cap Value Pass Pass N/A N/A N/A N/A N/A N/A N/A N/A TimesSquare Pass Pass Watch (1)Pass 18 30 28 22 -0.1 (1)1.3 Reinhart Partners Pass Pass Pass N/A 1 N/A 2 N/A 10.0 N/A Leeward Pass Pass Pass Pass 51 (1)56 (4)51 (1)48 3.1 2.7 Loomis Small Cap Pass Pass Pass Pass 38 59 (5)49 60 (5)0.5 2.5 Lazard Pass Pass Watch (2)Fail (5)58 (5)80 (5)61 (5)81 (5)-0.6 (2)-1.0 (5) Hudson Edge HGK International Pass Pass N/A N/A N/A N/A N/A N/A N/A N/A Fidelity Intl Index (FSPSX)Pass Pass N/A N/A N/A N/A N/A N/A N/A N/A Allspring EM Pass Pass Fail (5)Watch (4)67 (5)87 (5)71 (5)88 (5)-0.9 (5)-1.5 (4) ABS Emerging Markets Strat Port Pass Pass N/A N/A N/A N/A N/A N/A N/A N/A CS McKee Pass Pass Pass Pass 30 54 (2)20 52 (1)0.7 0.6 Loomis Fixed Income Pass Pass Pass Pass 47 15 20 11 0.6 1.2 Pimco Diversified Income (PDIIX)Pass Pass N/A N/A N/A N/A N/A N/A N/A N/A Scorecard Active Management As of December 31, 2024 Green Text = Fund Meets Criterai Yellow Text = Fund Does Not Currently Meet Criteria Red Text = Fund Has Not Met Criteria For More Than Four Quarters For the Current Quarter Return and Current Quarter Rank when there are four consecutive quarters of performance where the return is less than the appropriate benchmark and the rank is below the 75th percentile of the appropriate peer groupPage 13 Fund Name 3 YR Tracking Error Rank 5 YR Tracking Error Rank SSgA S&P 500 99 99 SSgA S&P 500 Equal Weighted Index 100 100 Scorecard Passive Management As of December 31, 2024 Green Text = Fund Meets Criterai Yellow Text = Fund Does Not Currently Meet Criteria Red Text = Fund Has Not Met Criteria For More Than Four Quarters For the Current Quarter Return and Current Quarter Rank when there are four consecutive quarters of performance where the return is less than the appropriate benchmark and the rank is below the 75th percentile of the appropriate peer groupPage 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 (1.5%) Total Private Equity Composite (3.5%) Total Real Asset (9.9%) Total Fixed Income Composite (31.5%) Total International Equity (15.3%) Total Domestic Equity (38.3%) 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 663,214,152 100.0 N/A N/A 100.0 --- Total Domestic Equity 254,072,010 38.3 10.0 50.0 35.0 -187,750,595 77,535,066 -21,947,057 Total International Equity 101,401,702 15.3 5.0 20.0 15.0 -68,240,994 31,241,129 -1,919,579 Total Fixed Income Composite 208,708,309 31.5 10.0 45.0 35.0 -142,386,894 89,738,059 23,416,644 Total Real Asset 65,749,917 9.9 0.0 15.0 10.0 -65,749,917 33,732,206 571,498 Total Private Equity Composite 23,387,522 3.5 0.0 20.0 5.0 -23,387,522 109,255,309 9,773,186 Total Cash Composite 9,894,692 1.5 0.0 10.0 0.0 -9,894,692 56,426,723 -9,894,692 Asset Allocation Compliance Oakland County Employees' Retirement System Total Fund Composite As of December 31, 2024 Page 15 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 (1.5%) Total Private Equity Composite (3.5%) Total Real Asset (9.9%) Total Fixed Income Composite (31.5%) Total International Equity (15.3%) Total Small Cap Equity Composite (7.5%) Total Mid Cap Equity Composite (9.2%) Total Large Cap Equity Composite (21.6%) Asset Allocation Compliance Asset Allocation $ Current Allocation (%) Target Allocation (%) Target Rebal. ($000) Total Fund Composite 663,214,152 100.0 100.0 - Total Large Cap Equity Composite 143,044,050 21.6 20.0 -10,401,219 Total Mid Cap Equity Composite 61,279,404 9.2 7.5 -11,538,342 Total Small Cap Equity Composite 49,748,556 7.5 7.5 -7,495 Total International Equity 101,401,702 15.3 15.0 -1,919,579 Total Fixed Income Composite 208,708,309 31.5 35.0 23,416,644 Total Real Asset 65,749,917 9.9 10.0 571,498 Total Private Equity Composite 23,387,522 3.5 5.0 9,773,186 Total Cash Composite 9,894,692 1.5 0.0 -9,894,692 Asset Allocation Compliance Oakland County Employees' Retirement System Total Fund Composite As of December 31, 2024 Page 16 Sep-2024 : $689,087,884.5 Dec-2024 : $663,214,152.4 September 30, 2024 Market Value Domestic Equity 267,414,915¢ International Equity 109,733,670¢ Fixed Income 215,606,005¢ Real Estate 66,188,208¢ Private Equity 23,283,210¢ Cash 6,861,877¢ December 31, 2024 Market Value Domestic Equity 254,072,010¢ International Equity 101,401,702¢ Fixed Income 208,708,309¢ Real Estate 65,749,917¢ Private Equity 23,387,522¢ Cash 9,894,692¢ Asset Allocation by Asset Class Oakland County Employees' Retirement System As of December 31, 2024 Page 17 Dec-2024 : $663,214,152.4 Allocation Market Value Allocation SSgA S&P 500 40,694,768 6.1¢ SSgA S&P 500 Equal Weighted Index 28,780,032 4.3¢ T. Rowe Price 73,569,249 11.1¢ Kennedy Mid Cap Value 17,386,724 2.6¢ TimesSquare 22,324,184 3.4¢ Reinhart Partners 21,568,496 3.3¢ Leeward 26,236,793 4.0¢ Loomis Small Cap 23,511,764 3.5¢ Lazard 28,193,304 4.3¢ Hudson Edge HGK International 26,274,232 4.0¢ Fidelity Intl Index (FSPSX)12,790,508 1.9¢ Allspring EM 16,844,981 2.5¢ ABS Emerging Markets Strat Port 17,298,677 2.6¢ CS McKee 122,240,920 18.4¢ Loomis Fixed Income 44,399,270 6.7¢ Pimco Diversified Income (PDIIX)2,163,554 0.3¢ Churchill Senior Loan Fund 2,378,358 0.4¢ Marathon Distressed Credit Fund LP 8,746,488 1.3¢ H.I.G. Bayside Loan Opportunity VI 7,233,477 1.1¢ BlackRock Direct Lending Feeder IX 10,137,828 1.5¢ Bloomfield Capital Fund V - Series B 5,403,253 0.8¢ Bloomfield Capital Fund V - Series C 1,510,410 0.2¢ Bloomfield Capital Fund V - Series D 355,556 0.1¢ Marathon Distressed Credit Fund II LP 4,139,194 0.6¢ ValStone Opportunity Fund V 1,529,807 0.2¢ Morgan Stanley 40,016,043 6.0¢ Prudential PRISA II 13,149,567 2.0¢ Alidade Capital Fund IV 3,697,280 0.6¢ Walton Street Real Estate 2,032,225 0.3¢ AEW Real Estate 714,225 0.1¢ Dune Real Estate IV 4,610,770 0.7¢ Hamilton Lane Secondary Fund V LP 7,361,919 1.1¢ Portfolio Adv Secondary Agg IV 10,002,756 1.5¢ Sturbridge Diversified III 3,500,018 0.5¢ Capital Dynamics Global Secondaries VI 2,522,828 0.4¢ Liquidity Account 9,894,692 1.5¢ Asset Allocation by Asset Class Oakland County Employees' Retirement System As of December 31, 2024 Page 18 Asset Allocation Attributes Dec-2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023 ($)%($)%($)%($)%($)% Total Fund Composite 663,214,152 100.00 689,087,885 100.00 677,093,761 100.00 691,205,988 100.00 673,577,235 100.00 Total Equity Composite 355,473,712 53.60 377,148,584 54.73 370,342,472 54.70 388,049,802 56.14 359,717,950 53.40 Total Domestic Equity 254,072,010 38.31 267,414,915 38.81 262,970,170 38.84 277,218,006 40.11 253,574,450 37.65 Total Large Cap Equity Composite 143,044,050 21.57 144,626,504 20.99 142,090,707 20.99 152,643,349 22.08 137,848,465 20.47 SSgA S&P 500 40,694,768 6.14 43,716,003 6.34 41,287,191 6.10 39,592,459 5.73 35,816,490 5.32 SSgA S&P 500 Equal Weighted Index 28,780,032 4.34 29,446,137 4.27 26,881,442 3.97 27,613,868 4.00 25,575,936 3.80 T. Rowe Price 73,569,249 11.09 71,464,364 10.37 73,922,074 10.92 85,437,021 12.36 76,456,039 11.35 Total Mid Cap Equity Composite 61,279,404 9.24 62,319,694 9.04 61,333,368 9.06 63,877,858 9.24 58,467,060 8.68 Kennedy Mid Cap Value 17,386,724 2.62 18,202,795 2.64 16,480,514 2.43 18,094,348 2.62 16,412,484 2.44 TimesSquare 22,324,184 3.37 22,399,915 3.25 21,335,897 3.15 21,987,454 3.18 19,965,827 2.96 Reinhart Partners 21,568,496 3.25 21,716,984 3.15 23,516,956 3.47 23,796,056 3.44 22,088,749 3.28 Total Small Cap Equity Composite 49,748,556 7.50 60,468,716 8.78 59,546,094 8.79 60,696,800 8.78 57,258,924 8.50 Leeward 26,236,793 3.96 31,328,669 4.55 28,415,202 4.20 29,515,547 4.27 28,104,623 4.17 Loomis Small Cap 23,511,764 3.55 29,140,047 4.23 31,130,892 4.60 31,181,253 4.51 29,154,301 4.33 Total International Equity 101,401,702 15.29 109,733,670 15.92 107,042,512 15.81 110,502,005 15.99 105,813,709 15.71 Lazard 28,193,304 4.25 30,914,588 4.49 28,931,702 4.27 29,299,921 4.24 27,645,750 4.10 Hudson Edge HGK International 26,274,232 3.96 28,126,844 4.08 27,737,301 4.10 32,212,792 4.66 30,462,266 4.52 Allspring EM 16,844,981 2.54 18,200,538 2.64 16,753,801 2.47 16,270,203 2.35 16,088,683 2.39 ABS Emerging Markets Strat Port 17,298,677 2.61 18,531,537 2.69 20,608,522 3.04 19,672,240 2.85 19,283,843 2.86 Total Long/Short Equity Composite -0.00 -0.00 329,791 0.05 329,791 0.05 329,791 0.05 ABS Offshore Global -0.00 -0.00 329,791 0.05 329,791 0.05 329,791 0.05 Total Fixed Income Composite 208,708,309 31.47 215,606,005 31.29 211,300,363 31.21 210,588,609 30.47 216,048,467 32.07 Total Core Fixed Income 166,640,191 25.13 172,209,944 24.99 163,443,981 24.14 163,299,358 23.63 163,746,321 24.31 CS McKee 122,240,920 18.43 126,210,441 18.32 119,763,796 17.69 119,555,151 17.30 119,975,828 17.81 Loomis Fixed Income 44,399,270 6.69 45,999,503 6.68 43,680,185 6.45 43,744,206 6.33 43,770,493 6.50 Total Global Fixed 2,163,554 0.33 2,177,561 0.32 2,072,800 0.31 2,061,368 0.30 7,770,423 1.15 Pimco Diversified Income (PDIIX)2,163,554 0.33 2,177,561 0.32 2,072,800 0.31 2,061,368 0.30 7,770,423 1.15 Historical Asset Allocation Total Fund As of December 31, 2024 Page 19 Historical Asset Allocation Total Fund As of December 31, 2024 Dec-2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023 ($)%($)%($)%($)%($)% Private Fixed Income 39,904,564 6.02 41,218,501 5.98 45,783,582 6.76 45,227,883 6.54 44,531,723 6.61 Churchill Senior Loan Fund 2,378,358 0.36 2,726,912 0.40 3,836,180 0.57 3,838,845 0.56 4,084,449 0.61 Marathon Distressed Credit Fund LP 8,746,488 1.32 8,528,339 1.24 11,015,442 1.63 11,966,525 1.73 12,283,880 1.82 H.I.G. Bayside Loan Opportunity VI 7,233,477 1.09 7,740,166 1.12 9,270,660 1.37 9,291,205 1.34 9,388,238 1.39 BlackRock Direct Lending Feeder IX 10,137,828 1.53 10,107,808 1.47 10,899,990 1.61 10,651,110 1.54 10,559,296 1.57 Bloomfield Capital Fund V - Series B 5,403,253 0.81 6,481,884 0.94 6,916,957 1.02 7,758,138 1.12 8,215,860 1.22 Bloomfield Capital Fund V - Series C 1,510,410 0.23 1,638,500 0.24 1,142,457 0.17 426,942 0.06 -0.00 Bloomfield Capital Fund V - Series D 355,556 0.05 -0.00 -0.00 -0.00 -0.00 Marathon Distressed Credit Fund II LP 4,139,194 0.62 3,994,892 0.58 2,701,896 0.40 1,295,119 0.19 -0.00 Total Real Estate 65,749,917 9.91 66,188,208 9.61 67,015,264 9.90 67,873,908 9.82 68,645,445 10.19 ValStone Opportunity Fund V 1,529,807 0.23 1,529,807 0.22 1,564,482 0.23 1,589,518 0.23 1,589,565 0.24 Morgan Stanley 40,016,043 6.03 40,194,615 5.83 40,507,498 5.98 40,984,462 5.93 41,543,013 6.17 Prudential PRISA II 13,149,567 1.98 12,985,010 1.88 12,936,089 1.91 13,407,814 1.94 13,738,340 2.04 Alidade Capital Fund IV 3,697,280 0.56 3,845,615 0.56 4,166,571 0.62 4,088,740 0.59 3,993,925 0.59 Walton Street Real Estate 2,032,225 0.31 2,032,225 0.29 2,079,194 0.31 2,075,678 0.30 2,212,288 0.33 AEW Real Estate 714,225 0.11 990,166 0.14 1,094,841 0.16 1,148,933 0.17 1,072,675 0.16 Dune Real Estate IV 4,610,770 0.70 4,610,770 0.67 4,666,589 0.69 4,578,763 0.66 4,495,639 0.67 Total Private Equity Composite 23,387,522 3.53 23,283,210 3.38 22,455,198 3.32 22,408,082 3.24 22,377,040 3.32 Hamilton Lane Secondary Fund V LP 7,361,919 1.11 7,361,919 1.07 7,877,503 1.16 7,839,574 1.13 7,882,607 1.17 Portfolio Adv Secondary Agg IV 10,002,756 1.51 10,112,231 1.47 10,125,998 1.50 10,100,778 1.46 9,714,022 1.44 Sturbridge Diversified III 3,500,018 0.53 3,500,018 0.51 2,878,192 0.43 2,781,331 0.40 2,985,746 0.44 Total Cash Composite 9,894,692 1.49 6,861,877 1.00 5,980,464 0.88 2,285,587 0.33 6,788,333 1.01 Liquidity Account 9,894,692 1.49 6,861,877 1.00 5,980,464 0.88 2,285,587 0.33 6,788,333 1.01 Page 20 Financial Reconciliation Market Value 10/01/2024 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 12/31/2024 Total Fund Composite 689,087,885 -38,787 -16,275,639 -385,570 -7,124 3,611,372 -12,855,559 663,214,152 Total Equity Composite 377,148,584 -15,000,000 38,787 --97,915 -2,024 1,118,929 -7,732,651 355,473,712 Total Domestic Equity 267,414,915 -15,000,000 ---6,472 -1,754 561,839 1,103,483 254,072,010 Total Large Cap Equity Composite 144,626,504 -4,000,000 ---6,472 -314 231,075 2,193,257 143,044,050 SSgA S&P 500 43,716,003 -4,000,000 ---4,124 --982,889 40,694,768 SSgA S&P 500 Equal Weighted Index 29,446,137 ----2,348 ---663,757 28,780,032 T. Rowe Price 71,464,364 -----314 231,075 1,874,125 73,569,249 Total Mid Cap Equity Composite 62,319,694 -----914 174,529 -1,213,905 61,279,404 Kennedy Mid Cap Value 18,202,795 -----193 68,942 -884,821 17,386,724 TimesSquare 22,399,915 -----353 42,724 -118,101 22,324,184 Reinhart Partners 21,716,984 -----368 62,863 -210,984 21,568,496 Total Small Cap Equity Composite 60,468,716 -11,000,000 ----526 156,235 124,131 49,748,556 Leeward 31,328,669 -5,000,000 ----283 128,419 -220,014 26,236,793 Loomis Small Cap 29,140,047 -6,000,000 ----243 27,816 344,145 23,511,764 Total International Equity 109,733,670 -38,787 --91,442 -270 557,090 -8,836,134 101,401,702 Lazard 30,914,588 -----270 196,845 -2,917,859 28,193,304 Hudson Edge HGK International 28,126,844 ----52,655 ---1,799,957 26,274,232 Fidelity Intl Index (FSPSX)13,960,162 -----360,245 -1,529,900 12,790,508 Allspring EM 18,200,538 -38,787 --38,787 ---1,355,557 16,844,981 ABS Emerging Markets 18,531,537 -------1,232,860 17,298,677 Total Fixed Income Composite 215,606,005 -3,264,449 ---160,676 -453 1,821,938 -5,294,057 208,708,309 Total Core Fixed Income 172,209,944 -----453 1,748,524 -7,317,824 166,640,191 CS McKee 126,210,441 -----301 1,240,875 -5,210,095 122,240,920 Loomis Fixed Income 45,999,503 -----152 507,649 -2,107,729 44,399,270 Total Global Fixed 2,177,561 ----4,067 -39,658 -49,597 2,163,554 Pimco Diversified Income (PDIIX)2,177,561 ----4,067 -39,658 -49,597 2,163,554 Financial Reconciliation Total Fund 1 Quarter Ending December 31, 2024 Page 21 Financial Reconciliation Total Fund 1 Quarter Ending December 31, 2024 Market Value 10/01/2024 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 12/31/2024 Private Fixed Income 41,218,501 -3,264,449 ---156,609 -33,757 2,073,365 39,904,564 Churchill Senior Loan Fund 2,726,912 -418,463 -----69,909 2,378,358 Marathon Distressed Credit Fund LP 8,528,339 -1,397,779 -----1,615,927 8,746,488 H.I.G. Bayside Loan Opportunity VI 7,740,166 -350,081 ---156,609 ---7,233,477 BlackRock Direct Lending Feeder IX 10,107,808 ------30,020 10,137,828 Bloomfield Capital Fund V - Series B 6,481,884 -1,304,730 -----226,100 5,403,253 Bloomfield Capital Fund V - Series C 1,638,500 -151,233 ----29,551 -6,407 1,510,410 Bloomfield Capital Fund V - Series D -357,836 ----4,206 -6,486 355,556 Marathon Distressed Credit Fund II LP 3,994,892 ------144,302 4,139,194 Total Real Asset 66,188,208 -1,073,000 ---126,980 -477,357 284,333 65,749,917 Total Real Estate 66,188,208 -1,073,000 ---126,980 -477,357 284,333 65,749,917 ValStone Opportunity Fund V 1,529,807 -------1,529,807 Morgan Stanley 40,194,615 -395,950 ---78,457 -395,950 -100,114 40,016,043 Prudential PRISA II 12,985,010 -81,408 ---37,702 -81,408 202,259 13,149,567 Alidade Capital Fund IV 3,845,615 -148,335 ------3,697,280 Walton Street Real Estate 2,032,225 -171,367 ---10,821 --182,188 2,032,225 AEW Real Estate 990,166 -275,941 ------714,225 Dune Real Estate IV 4,610,770 -------4,610,770 Total Private Equity Composite 23,283,210 163,856 ------59,544 23,387,522 Hamilton Lane Secondary Fund V LP 7,361,919 -------7,361,919 Portfolio Adv Secondary Agg IV 10,112,231 -187,273 -----77,798 10,002,756 Sturbridge Diversified III 3,500,018 -------3,500,018 Total Cash Composite 6,861,877 19,173,594 --16,275,639 --4,647 193,147 -53,640 9,894,692 Liquidity Account 6,861,877 19,173,594 --16,275,639 --4,647 193,147 -53,640 9,894,692 Page 22 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 38.0 44.0 50.0 56.0 62.0 Allocation (%) US Equity Global ex-US Equity Global Fixed Income US Fixed Alternatives Total Real Estate Cash & Equivalents Total Fund Composite 38.31 (40)15.29 (48)0.33 (100)25.13 (88)8.30 (60)11.16 (9)1.49 (54)˜ 5th Percentile 50.35 24.07 25.42 43.37 21.36 12.27 10.08 1st Quartile 41.95 19.17 10.72 37.35 14.09 7.78 3.46 Median 35.62 15.00 5.86 32.34 9.54 5.22 1.63 3rd Quartile 30.11 10.61 3.52 27.55 5.01 3.81 0.56 95th Percentile 21.41 5.17 1.71 20.21 2.36 1.71 0.05 Plan Sponsor TF Asset Allocation Total Fund Composite Vs. All Master Trust - Eq 40-60% FI 25-45% As of December 31, 2024 Page 23 Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Fund Composite (Gross)663,214,152 100.0 -1.36 (46)-1.36 (46)8.58 (76)8.58 (76)2.87 (33)6.35 (49)6.39 (47)6.80 (36)8.16 (50)10/01/1986 Total Fund Policy Index -1.33 (44)-1.33 (44)9.38 (59)9.38 (59)2.10 (64)6.02 (59)6.24 (52)6.59 (47)8.50 (27) Difference -0.03 -0.03 -0.81 -0.81 0.77 0.33 0.14 0.21 -0.34 All Master Trust - Eq 40-60% FI 25-45% Median -1.52 -1.52 9.76 9.76 2.43 6.28 6.27 6.47 8.14 Total Fund Composite (Net)663,214,152 100.0 -1.42 -1.42 8.34 8.34 2.64 6.14 6.13 6.53 8.09 10/01/1986 Total Fund Policy Index -1.33 -1.33 9.38 9.38 2.10 6.02 6.24 6.59 8.50 Difference -0.08 -0.08 -1.04 -1.04 0.54 0.12 -0.12 -0.06 -0.41 Total Equity Composite 355,473,712 53.6 -1.78 -1.78 13.58 13.58 4.93 9.13 8.55 9.02 9.62 10/01/1986 Total Equity Index -1.18 -1.18 16.04 16.04 5.06 10.20 9.63 9.99 10.11 Difference -0.60 -0.60 -2.46 -2.46 -0.14 -1.08 -1.09 -0.97 -0.48 Total Fixed Income Composite 208,708,309 31.5 -1.62 -1.62 3.64 3.64 -0.14 1.41 2.23 2.38 5.70 10/01/1986 Total Fixed Income Index -3.50 -3.50 0.91 0.91 -2.57 -0.45 0.83 1.24 5.26 Difference 1.88 1.88 2.73 2.73 2.43 1.86 1.40 1.14 0.43 Total Real Asset 65,749,917 9.9 1.16 1.16 0.12 0.12 0.40 5.09 6.11 7.69 5.09 07/01/2008 NCREIF Fund Index-ODCE (VW)1.16 1.16 -1.43 -1.43 -2.32 2.87 3.99 5.88 4.64 Difference 0.00 0.00 1.55 1.55 2.72 2.22 2.12 1.82 0.45 Total Private Equity Composite 23,387,522 3.5 -0.25 -0.25 2.10 2.10 5.35 N/A N/A N/A 23.70 04/01/2020 Russell Microcap Index 5.89 5.89 13.70 13.70 -1.00 6.97 5.87 6.77 16.42 Difference -6.15 -6.15 -11.60 -11.60 6.36 N/A N/A N/A 7.28 Total Cash Composite 9,894,692 1.5 Asset Allocation & Performance Total Fund Composite (Gross) As of December 31, 2024 Page 24 Asset Allocation & Performance Total Fund Composite (Gross) As of December 31, 2024 Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Domestic Equity 254,072,010 38.3 Total Large Cap Equity Composite 143,044,050 21.6 1.72 (54)1.72 (54)23.56 (49)23.56 (49)8.87 (41)14.42 (42)13.56 (47)13.13 (38)11.94 (43)07/01/2008 IM U.S. Large Cap Equity (SA+CF) Median 2.08 2.08 22.91 22.91 8.41 13.87 13.25 12.78 11.83 SSgA S&P 500 (1.5 bps)40,694,768 6.1 2.41 (44)2.41 (44)25.01 (43)25.01 (43)8.94 (47)14.51 (44)13.83 (40)13.12 (40)14.12 (49)10/01/2009 S&P 500 Index 2.41 (44)2.41 (44)25.02 (42)25.02 (42)8.94 (47)14.53 (43)13.83 (39)13.10 (42)14.08 (52) Difference 0.00 0.00 -0.01 -0.01 0.00 -0.02 -0.01 0.02 0.04 IM U.S. Large Cap Core Equity (SA+CF) Median 2.30 2.30 24.42 24.42 8.85 14.34 13.57 12.97 14.08 SSgA S&P 500 Equal Weighted Index (4bps)28,780,032 4.3 -2.25 (94)-2.25 (94)12.56 (92)12.56 (92)4.12 (96)10.33 (87)N/A N/A 9.54 (87)02/01/2018 S&P 500 Equal Weighted -1.87 (91)-1.87 (91)13.01 (91)13.01 (91)4.45 (95)10.76 (84)10.33 (85)10.26 (89)9.76 (86) Difference -0.39 -0.39 -0.44 -0.44 -0.34 -0.42 N/A N/A -0.22 IM U.S. Large Cap Core Equity (SA+CF) Median 2.30 2.30 24.42 24.42 8.85 14.34 13.57 12.97 12.82 T. Rowe Price (25 bps)73,569,249 11.1 2.95 (27)2.95 (27)27.02 (27)27.02 (27)10.38 (28)15.78 (24)15.00 (20)14.29 (14)14.86 (20)10/01/2009 S&P 500 Index 2.41 (44)2.41 (44)25.02 (42)25.02 (42)8.94 (47)14.53 (43)13.83 (39)13.10 (42)14.08 (52) Difference 0.54 0.54 2.00 2.00 1.44 1.26 1.16 1.19 0.78 IM U.S. Large Cap Core Equity (SA+CF) Median 2.30 2.30 24.42 24.42 8.85 14.34 13.57 12.97 14.08 Total Mid Cap Equity Composite 61,279,404 9.2 -1.67 (75)-1.67 (75)11.81 (64)11.81 (64)5.59 (35)8.60 (77)7.85 (87)8.21 (90)9.21 (92)07/01/2008 IM U.S. Mid Cap Equity (SA+CF) Median 0.10 0.10 13.91 13.91 4.00 10.37 10.12 10.17 10.87 Kennedy Mid Cap Value (50 bps)17,386,724 2.6 -4.48 (95)-4.48 (95)5.94 (89)5.94 (89)N/A N/A N/A N/A 5.94 (89)01/01/2024 Russell Midcap Value Index -1.75 (44)-1.75 (44)13.07 (29)13.07 (29)3.88 (72)8.59 (70)7.72 (61)8.10 (57)13.07 (29) Difference -2.74 -2.74 -7.13 -7.13 N/A N/A N/A N/A -7.13 IM U.S. Mid Cap Value Equity (SA+CF) Median -2.14 -2.14 10.79 10.79 5.33 9.56 7.94 8.22 10.79 TimesSquare (80 bps)22,324,184 3.4 -0.34 (85)-0.34 (85)11.82 (75)11.82 (75)3.42 (18)11.72 (30)12.80 (35)12.24 (32)14.05 (46)09/01/2009 Russell Midcap Growth Index 8.14 (9)8.14 (9)22.10 (24)22.10 (24)4.04 (11)11.47 (34)12.08 (44)11.54 (49)13.90 (60) Difference -8.48 -8.48 -10.28 -10.28 -0.62 0.25 0.73 0.70 0.16 IM U.S. Mid Cap Growth Equity (SA+CF) Median 4.24 4.24 15.27 15.27 0.86 10.68 11.94 11.47 14.03 Reinhart Partners (65 bps)21,568,496 3.3 -0.68 (66)-0.68 (66)16.24 (25)16.24 (25)12.39 (1)13.46 (2)N/A N/A 13.37 (2)05/01/2019 Russell 2500 Index 0.62 (27)0.62 (27)11.99 (70)11.99 (70)2.39 (78)8.77 (75)8.33 (66)8.85 (53)8.92 (75) Difference -1.30 -1.30 4.25 4.25 10.00 4.69 N/A N/A 4.45 Mid-Cap Blend Median 0.00 0.00 13.59 13.59 4.02 9.77 8.76 8.94 9.78 Page 25 Asset Allocation & Performance Total Fund Composite (Gross) As of December 31, 2024 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 49,748,556 7.5 0.83 (44)0.83 (44)13.72 (43)13.72 (43)2.95 (52)9.34 (56)9.13 (50)9.23 (61)9.95 (72)07/01/2008 IM U.S. Small Cap Equity (SA+CF) Median 0.36 0.36 12.42 12.42 3.05 9.73 9.09 9.68 10.66 Leeward (70 bps)26,236,793 4.0 -0.27 (53)-0.27 (53)11.18 (53)11.18 (53)4.84 (51)9.60 (56)8.06 (56)9.15 (45)9.42 (40)09/01/2005 Russell 2000 Value Index -1.06 (69)-1.06 (69)8.05 (72)8.05 (72)1.94 (92)7.29 (90)6.13 (92)7.14 (96)7.04 (99) Difference 0.80 0.80 3.12 3.12 2.90 2.31 1.93 2.01 2.39 IM U.S. Small Cap Value Equity (SA+CF) Median -0.15 -0.15 11.35 11.35 4.92 9.88 8.24 8.89 9.12 Loomis Small Cap (90 bps)23,511,764 3.5 2.17 (42)2.17 (42)16.50 (46)16.50 (46)0.83 (38)9.00 (59)10.28 (60)10.78 (55)12.63 (55)09/01/2012 Russell 2000 Growth Index 1.70 (48)1.70 (48)15.15 (55)15.15 (55)0.21 (50)6.86 (91)7.17 (97)8.09 (97)10.45 (97) Difference 0.46 0.46 1.34 1.34 0.62 2.14 3.11 2.69 2.17 IM U.S. Small Cap Growth Equity (SA+CF) Median 1.45 1.45 15.83 15.83 0.17 9.59 10.99 11.06 12.84 Total International Equity 101,401,702 15.3 -7.54 (55)-7.54 (55)2.49 (75)2.49 (75)-0.31 (66)2.32 (90)2.38 (89)4.76 (90)3.75 (90)07/01/2008 Total International Equity Index -7.50 (54)-7.50 (54)6.09 (45)6.09 (45)1.35 (51)4.61 (64)4.04 (64)5.31 (78)3.52 (93) Difference -0.04 -0.04 -3.60 -3.60 -1.65 -2.29 -1.66 -0.54 0.24 IM International Equity (SA+CF) Median -7.33 -7.33 5.53 5.53 1.36 5.20 4.61 6.17 5.23 Lazard (75 bps)28,193,304 4.3 -8.80 (81)-8.80 (81)2.29 (76)2.29 (76)0.67 (58)3.59 (80)3.67 (73)5.09 (84)5.32 (50)09/01/2006 MSCI AC World ex USA -7.50 (54)-7.50 (54)6.09 (45)6.09 (45)1.35 (51)4.61 (64)4.04 (64)5.31 (78)4.29 (84) Difference -1.30 -1.30 -3.80 -3.80 -0.68 -1.02 -0.37 -0.22 1.03 IM International Equity (SA+CF) Median -7.33 -7.33 5.53 5.53 1.36 5.20 4.61 6.17 5.27 HGK International (100 bps)26,274,232 4.0 -6.40 (34)-6.40 (34)-0.43 (90)-0.43 (90)N/A N/A N/A N/A 10.93 (44)09/01/2022 MSCI EAFE (Net) Index -8.11 (72)-8.11 (72)3.82 (51)3.82 (51)1.65 (20)4.73 (55)4.10 (80)5.20 (92)12.11 (32) Difference 1.71 1.71 -4.25 -4.25 N/A N/A N/A N/A -1.18 IM International LCG Equity (SA+CF)-7.36 -7.36 3.97 3.97 -2.20 5.05 5.66 6.97 10.27 Fidelity Intl Index (3.5 bps)12,790,508 1.9 -8.37 (77)-8.37 (77)3.74 (67)3.74 (67)N/A N/A N/A N/A 15.58 (49)11/01/2022 MSCI EAFE (Net) Index -8.11 (70)-8.11 (70)3.82 (65)3.82 (65)1.65 (42)4.73 (60)4.10 (64)5.20 (79)15.52 (51) Difference -0.26 -0.26 -0.08 -0.08 N/A N/A N/A N/A 0.06 Foreign Median -7.36 -7.36 5.12 5.12 1.06 5.00 4.50 5.91 15.53 Allspring EM (95 bps)16,844,981 2.5 -7.45 (63)-7.45 (63)4.70 (77)4.70 (77)-2.40 (67)0.58 (87)1.96 (69)4.63 (58)3.91 (74)11/01/2012 MSCI Emerging Markets Index -7.84 (74)-7.84 (74)8.05 (52)8.05 (52)-1.48 (58)2.10 (66)1.78 (74)4.04 (78)3.47 (81) Difference 0.39 0.39 -3.35 -3.35 -0.92 -1.53 0.18 0.60 0.44 IM Emerging Markets Equity (SA+CF) Median -6.81 -6.81 8.16 8.16 -0.29 3.61 2.88 4.95 4.66 ABS Emerging Markets (75 bps)17,298,677 2.6 -6.65 (47)-6.65 (47)4.97 (77)4.97 (77)N/A N/A N/A N/A 6.01 (68)07/01/2022 MSCI Emerging Markets Index -7.84 (74)-7.84 (74)8.05 (52)8.05 (52)-1.48 (58)2.10 (66)1.78 (74)4.04 (78)6.07 (67) Difference 1.18 1.18 -3.08 -3.08 N/A N/A N/A N/A -0.06 IM Emerging Markets Equity (SA+CF) Median -6.81 -6.81 8.16 8.16 -0.29 3.61 2.88 4.95 8.12 Page 26 Asset Allocation & Performance Total Fund Composite (Gross) As of December 31, 2024 Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Core Fixed Income 166,640,191 25.1 -3.23 (95)-3.23 (95)1.77 (58)1.77 (58)-1.82 (35)0.50 (27)1.64 (29)N/A 1.61 (28)08/01/2016 IM U.S. Broad Market Core Fixed Inc (SA+CF)-2.99 -2.99 1.93 1.93 -2.02 0.23 1.47 1.85 1.38 CS McKee (17 bps)122,240,920 18.4 -3.14 (89)-3.14 (89)1.89 (51)1.89 (51)-1.77 (30)0.21 (54)1.42 (62)1.81 (58)2.68 (69)02/01/2010 Blmbg. U.S. Aggregate Index -3.06 (75)-3.06 (75)1.25 (93)1.25 (93)-2.41 (93)-0.33 (98)0.97 (99)1.35 (98)2.28 (96) Difference -0.08 -0.08 0.64 0.64 0.64 0.53 0.45 0.46 0.40 IM U.S. Broad Market Core Fixed Inc (SA+CF)-2.99 -2.99 1.93 1.93 -2.02 0.23 1.47 1.85 2.87 Loomis Fixed Income (30 bps)44,399,270 6.7 -3.48 (96)-3.48 (96)1.44 (77)1.44 (77)-1.98 (47)0.84 (15)1.90 (16)2.34 (12)3.97 (5)04/01/2010 Blmbg. U.S. Aggregate Index -3.06 (75)-3.06 (75)1.25 (93)1.25 (93)-2.41 (93)-0.33 (98)0.97 (99)1.35 (98)2.29 (96) Difference -0.42 -0.42 0.19 0.19 0.43 1.16 0.93 0.99 1.68 IM U.S. Broad Market Core Fixed Inc (SA+CF)-2.99 -2.99 1.93 1.93 -2.02 0.23 1.47 1.85 2.88 Total Global Fixed 2,163,554 0.3 -0.46 (36)-0.46 (36)6.84 (32)6.84 (32)1.10 (43)-0.35 (74)0.25 (75)N/A 1.27 (70)08/01/2016 IM Global Fixed Income (SA+CF) Median -1.28 -1.28 4.46 4.46 0.26 1.80 2.61 2.91 2.96 Pimco Diversified Income (PDIIX)2,163,554 0.3 -0.46 (10)-0.46 (10)7.14 (1)7.14 (1)1.20 (9)N/A N/A N/A 1.65 (4)03/01/2021 Blmbg. Global Credit (Hedged)-1.15 (15)-1.15 (15)4.47 (6)4.47 (6)-0.49 (23)1.08 (14)2.31 (6)2.90 (3)0.00 (17) Difference 0.69 0.69 2.67 2.67 1.69 N/A N/A N/A 1.66 Global Bond Median -5.27 -5.27 -1.43 -1.43 -4.53 -2.18 -0.76 0.06 -4.28 Total Real Estate 65,749,917 9.9 1.16 (49)1.16 (49)0.12 (29)0.12 (29)0.40 (18)5.18 (17)6.09 (17)N/A 6.81 (N/A)09/01/2016 IM U.S. Open End Private RE (SA+CF)0.98 0.98 -1.35 -1.35 -2.29 2.99 4.37 6.22 N/A Morgan Stanley (84 bps)40,016,043 6.0 0.74 (62)0.74 (62)0.34 (27)0.34 (27)0.82 (17)5.16 (17)6.02 (17)7.75 (19)6.19 (16)01/01/2008 NCREIF Fund Index-ODCE (VW)1.16 (49)1.16 (49)-1.43 (57)-1.43 (57)-2.32 (51)2.87 (54)3.99 (63)5.88 (64)4.60 (52) Difference -0.42 -0.42 1.77 1.77 3.14 2.28 2.03 1.87 1.59 IM U.S. Open End Private RE (SA+CF)0.98 0.98 -1.35 -1.35 -2.29 2.99 4.37 6.22 4.76 Prudential PRISA II (85 bps)13,149,567 2.0 2.18 (4)2.18 (4)-1.46 (58)-1.46 (58)-2.56 (59)2.85 (54)4.43 (49)6.60 (26)8.47 (32)10/01/2011 NCREIF Property Index 0.90 (56)0.90 (56)0.43 (26)0.43 (26)-0.82 (24)3.13 (44)4.10 (62)5.66 (66)7.00 (74) Difference 1.29 1.29 -1.88 -1.88 -1.74 -0.28 0.32 0.94 1.47 IM U.S. Open End Private RE (SA+CF)0.98 0.98 -1.35 -1.35 -2.29 2.99 4.37 6.22 7.89 Total Liquidity Account 9,894,692 1.5 Page 27 Comparative Performance - IRR QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date ValStone Opportunity Fund V 0.00 0.00 -3.75 -3.75 -1.46 -2.12 3.97 5.38 5.40 08/27/2014 Alidade Capital Fund IV 0.00 0.00 4.79 4.79 2.33 9.79 8.69 N/A 8.41 04/20/2017 Walton Street Real Estate 8.80 8.80 7.24 7.24 2.35 8.96 9.22 N/A 10.12 05/24/2017 AEW Real Estate 0.00 0.00 9.36 9.36 12.47 22.44 20.83 N/A 18.79 09/28/2017 Churchill Senior Loan Fund 2.76 2.76 12.89 12.89 15.60 9.54 8.33 N/A 8.58 12/07/2017 Dune Real Estate IV 0.00 0.00 -5.64 -5.64 0.12 1.69 N/A N/A 0.92 08/22/2019 Hamilton Lane Secondary Fund V LP 0.00 0.00 0.89 0.89 3.25 N/A N/A N/A 15.12 04/28/2020 Marathon Distressed Credit Fund LP 22.61 22.61 19.60 19.60 5.21 N/A N/A N/A 10.73 09/10/2020 H.I.G. Bayside Loan Opportunity VI -2.04 -2.04 7.59 7.59 8.15 N/A N/A N/A 10.15 09/29/2020 Portfolio Adv Secondary Agg IV 0.78 0.78 4.72 4.72 1.94 N/A N/A N/A 9.15 11/02/2020 BlackRock Direct Lending Feeder IX 0.30 0.30 2.46 2.46 7.60 N/A N/A N/A 7.33 01/05/2021 Bloomfield Capital Fund V - Series B 3.69 3.69 7.65 7.65 N/A N/A N/A N/A 8.06 03/25/2022 Bloomfield Capital Fund V - Series C 1.44 1.44 N/A N/A N/A N/A N/A N/A 6.11 03/13/2024 Bloomfield Capital Fund V - Series D N/A N/A N/A N/A N/A N/A N/A N/A -0.62 11/06/2024 Sturbridge Diversified III 0.00 0.00 -3.40 -3.40 N/A N/A N/A N/A 24.34 12/27/2022 Capital Dynamics Global Secondaries VI -5.35 -5.35 1.10 1.10 N/A N/A N/A N/A 23.92 02/10/2023 Marathon Distressed Credit Fund II LP 3.61 3.61 N/A N/A N/A N/A N/A N/A 14.25 02/06/2024 Comparative Performance - IRR Alternative Investments As of December 31, 2024 Page 28 Plan Sponsor Peer Group Analysis - All Master Trust - Eq 40-60% FI 25-45% Comparative Performance -10.00 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 R etu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Composite -1.36 (46)-1.36 (46)8.58 (76)10.28 (75)2.87 (33)5.13 (40)6.35 (49)˜ Policy Index -1.33 (44)-1.33 (44)9.38 (59)10.80 (65)2.10 (64)4.43 (63)6.02 (59)˜ Median -1.52 -1.52 9.76 11.51 2.43 4.84 6.28 -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 R etu r n Oct-2023 To Sep-2024 Oct-2022 To Sep-2023 Oct-2021 To Sep-2022 Oct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Composite 18.66 (77)9.54 (71)-11.77 (10)20.05 (27)5.10 (85)4.30 (47)˜ Policy Index 20.13 (58)9.28 (74)-14.36 (34)17.55 (64)7.77 (50)5.04 (28)˜ Median 20.65 10.68 -15.82 18.54 7.72 4.22 1 Qtr Ending Sep-2024 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 Composite 5.10 (70)0.39 (84)4.33 (48)7.80 (65)-2.71 (42)2.86 (55) Total Fund Policy Index 5.99 (32)0.72 (70)3.85 (72)8.36 (49)-3.32 (72)2.80 (57) All Master Trust - Eq 40-60% FI 25-45% Median 5.54 1.06 4.28 8.33 -2.86 2.92 As of December 31, 2024 Performance Review 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 20.0 C o m p o s i te (% ) 0.0 5.0 10.0 15.0 20.0 Total Fund Policy Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Composite 20 4 (20%)7 (35%)9 (45%)0 (0%)˜ Policy Index 20 0 (0%)9 (45%)11 (55%)0 (0%)˜ 1.82 2.08 2.34 2.60 2.86 3.12 R etu r n (% ) 9.60 9.92 10.24 10.56 10.88 11.20 11.52 11.84 12.16 Risk (Standard Deviation %) Return Standard Deviation Composite 2.87 10.01˜ Policy Index 2.10 11.50˜ Median 2.43 11.37¾ 5.80 6.00 6.20 6.40 6.60 R etu r n (% ) 10.5 10.8 11.1 11.4 11.7 12.0 12.3 Risk (Standard Deviation %) Return Standard Deviation Composite 6.35 10.78˜ Policy Index 6.02 11.35˜ Median 6.28 11.81¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Composite 1.74 90.45 85.07 0.96 0.34 -0.05 0.87 6.58 Policy Index 0.00 100.00 100.00 0.00 N/A -0.10 1.00 7.83 90 Day U.S. Treasury Bill 11.35 12.41 -9.49 3.85 0.10 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Composite 1.75 95.64 91.57 0.64 0.14 0.40 0.94 7.08 Total Fund Policy Index 0.00 100.00 100.00 0.00 N/A 0.36 1.00 7.45 90 Day U.S. Treasury Bill 11.39 7.17 -7.84 2.48 -0.36 N/A 0.00 0.00 As of December 31, 2024 Performance Review Composite NONE Page 30 Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF) Comparative Performance -10.00 -4.00 2.00 8.00 14.00 20.00 26.00 32.00 38.00 44.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR SSgA S&P 500 2.41 (44)2.41 (44)25.01 (43)25.63 (45)8.94 (47)13.56 (41)14.51 (44)˜ S&P 500 Index 2.41 (44)2.41 (44)25.02 (42)25.65 (43)8.94 (47)13.58 (40)14.53 (43)˜ Median 2.30 2.30 24.42 25.01 8.85 13.01 14.34 -40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 R e tu r n 2023 2022 2021 2020 2019 SSgA S&P 500 26.26 (39)-18.09 (66)28.65 (40)18.36 (47)31.49 (34)˜ S&P 500 Index 26.29 (38)-18.11 (67)28.71 (38)18.40 (46)31.49 (34)˜ Median 24.70 -16.47 27.77 17.72 30.13 1 Qtr Ending Sep-2024 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 SSgA S&P 500 5.88 (50)4.29 (30)10.55 (54)11.68 (48)-3.26 (72)8.74 (30) S&P 500 Index 5.89 (49)4.28 (30)10.56 (54)11.69 (47)-3.27 (74)8.74 (30) IM U.S. Large Cap Core Equity (SA+CF) Median 5.87 3.16 10.82 11.63 -2.77 7.87 Performance Review As of December 31, 2024 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 8.0 16.0 24.0 32.0 S S g A S & P 50 0 (% ) 0.0 8.0 16.0 24.0 32.0 S&P 500 Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count SSgA S&P 500 20 0 (0%)19 (95%)1 (5%)0 (0%)˜ S&P 500 Index 20 0 (0%)20 (100%)0 (0%)0 (0%)˜ 8.80 8.84 8.88 8.92 8.96 R etu r n (% ) 16.87 16.94 17.01 17.08 17.15 17.22 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 8.94 17.15˜ S&P 500 Index 8.94 17.15˜ Median 8.85 16.89¾ 14.28 14.35 14.42 14.49 14.56 14.63 R etu r n (% ) 18.00 18.02 18.04 18.06 18.08 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 14.51 18.06˜ S&P 500 Index 14.53 18.06˜ Median 14.34 18.02¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk SSgA S&P 500 0.02 99.98 99.97 0.00 -0.06 0.37 1.00 11.15 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.37 1.00 11.16 90 Day U.S. Treasury Bill 16.99 8.38 -5.94 3.79 -0.37 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 0.03 99.96 100.01 -0.02 -0.50 0.71 1.00 11.30 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.71 1.00 11.30 90 Day U.S. Treasury Bill 18.09 4.56 -4.52 2.48 -0.71 N/A 0.00 0.00 Performance Review As of December 31, 2024 SSgA S&P 500 NONE Page 32 Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF) Comparative Performance -10.00 -4.00 2.00 8.00 14.00 20.00 26.00 32.00 38.00 44.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR SSgA S&P 500 EW Idx -2.25 (94)-2.25 (94)12.56 (92)13.46 (96)4.12 (96)9.99 (87)10.33 (87)˜ S&P 500 Equal Weighted -1.87 (91)-1.87 (91)13.01 (91)13.44 (96)4.45 (95)10.25 (84)10.76 (84)˜ Median 2.30 2.30 24.42 25.01 8.85 13.01 14.34 -40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 R e tu r n 2023 2022 2021 2020 2019 SSgA S&P 500 EW Idx 14.37 (87)-12.33 (29)29.66 (30)11.74 (76)30.10 (51)˜ S&P 500 Equal Weighted 13.87 (89)-11.45 (25)29.63 (30)12.83 (73)29.24 (60)˜ Median 24.70 -16.47 27.77 17.72 30.13 1 Qtr Ending Sep-2024 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 SSgA S&P 500 EW Idx 9.55 (3)-2.64 (96)7.98 (84)12.22 (34)-4.83 (93)3.82 (89) S&P 500 Equal Weighted 9.60 (2)-2.63 (96)7.91 (84)11.87 (42)-4.90 (94)3.99 (88) IM U.S. Large Cap Core Equity (SA+CF) Median 5.87 3.16 10.82 11.63 -2.77 7.87 Performance Review As of December 31, 2024 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 Under Performance Earliest Date Latest Date 0.0 8.0 16.0 24.0 32.0 S S g A S & P 5 0 0 E W I d x ( % ) 0.0 8.0 16.0 24.0 32.0 S&P 500 Equal Weighted (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count SSgA S&P 500 EW Idx 16 1 (6%)3 (19%)8 (50%)4 (25%)˜ S&P 500 Equal Weighted 20 2 (10%)2 (10%)8 (40%)8 (40%)˜ 2.00 4.00 6.00 8.00 10.00 R etu r n (% ) 16.65 17.02 17.39 17.76 18.13 18.50 18.87 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 EW Idx 4.12 18.51˜ S&P 500 Equal Weighted 4.45 18.29˜ Median 8.85 16.89¾ 8.00 10.00 12.00 14.00 16.00 R etu r n (% ) 17.40 17.98 18.56 19.14 19.72 20.30 20.88 21.46 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 EW Idx 10.33 20.54˜ S&P 500 Equal Weighted 10.76 20.28˜ Median 14.34 18.02¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk SSgA S&P 500 EW Idx 0.76 100.67 102.00 -0.35 -0.37 0.10 1.01 11.94 S&P 500 Equal Weighted 0.00 100.00 100.00 0.00 N/A 0.12 1.00 11.74 90 Day U.S. Treasury Bill 18.19 6.73 -7.38 3.86 -0.12 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 0.69 100.21 101.79 -0.48 -0.48 0.46 1.01 13.31 S&P 500 Equal Weighted 0.00 100.00 100.00 0.00 N/A 0.49 1.00 13.03 90 Day U.S. Treasury Bill 20.36 3.58 -5.35 2.51 -0.49 N/A 0.00 0.00 Performance Review As of December 31, 2024 SSgA S&P 500 EW Idx NONE Page 34 Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF) Comparative Performance -10.00 -4.00 2.00 8.00 14.00 20.00 26.00 32.00 38.00 44.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR T. Rowe Price 2.95 (27)2.95 (27)27.02 (27)28.65 (13)10.38 (28)14.63 (24)15.78 (24)˜ S&P 500 Index 2.41 (44)2.41 (44)25.02 (42)25.65 (43)8.94 (47)13.58 (40)14.53 (43)˜ Median 2.30 2.30 24.42 25.01 8.85 13.01 14.34 -40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 R e tu r n 2023 2022 2021 2020 2019 T. Rowe Price 30.30 (13)-18.74 (74)28.39 (44)20.51 (35)33.09 (15)˜ S&P 500 Index 26.29 (38)-18.11 (67)28.71 (38)18.40 (46)31.49 (34)˜ Median 24.70 -16.47 27.77 17.72 30.13 1 Qtr Ending Sep-2024 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 T. Rowe Price 5.18 (67)4.98 (13)11.75 (37)12.23 (33)-2.54 (46)10.03 (13) S&P 500 Index 5.89 (49)4.28 (30)10.56 (54)11.69 (47)-3.27 (74)8.74 (30) IM U.S. Large Cap Core Equity (SA+CF) Median 5.87 3.16 10.82 11.63 -2.77 7.87 Performance Review As of December 31, 2024 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 8.0 16.0 24.0 32.0 T. R o w e P r i c e (% ) 0.0 8.0 16.0 24.0 32.0 S&P 500 Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count T. Rowe Price 20 6 (30%)14 (70%)0 (0%)0 (0%)˜ S&P 500 Index 20 0 (0%)20 (100%)0 (0%)0 (0%)˜ 8.50 9.00 9.50 10.00 10.50 11.00 R etu r n (% ) 16.80 16.88 16.96 17.04 17.12 17.20 17.28 Risk (Standard Deviation %) Return Standard Deviation T. Rowe Price 10.38 17.22˜ S&P 500 Index 8.94 17.15˜ Median 8.85 16.89¾ 13.92 14.40 14.88 15.36 15.84 16.32 R etu r n (% ) 17.92 17.99 18.06 18.13 18.20 18.27 18.34 Risk (Standard Deviation %) Return Standard Deviation T. Rowe Price 15.78 18.28˜ S&P 500 Index 14.53 18.06˜ Median 14.34 18.02¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk T. Rowe Price 1.06 102.61 97.44 1.33 1.26 0.44 1.00 11.05 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.37 1.00 11.16 90 Day U.S. Treasury Bill 16.99 8.38 -5.94 3.79 -0.37 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 1.11 102.70 98.86 0.99 1.03 0.76 1.01 11.35 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.71 1.00 11.30 90 Day U.S. Treasury Bill 18.09 4.56 -4.52 2.48 -0.71 N/A 0.00 0.00 Performance Review As of December 31, 2024 T. Rowe Price NONE Page 36 Peer Group Analysis - IM U.S. Mid Cap Value Equity (SA+CF) Comparative Performance -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Kennedy MCV -4.48 (95)-4.48 (95)5.94 (89)N/A N/A N/A N/A˜ Russell MCV -1.75 (44)-1.75 (44)13.07 (29)12.89 (36)3.88 (72)9.52 (69)8.59 (70)˜ Median -2.14 -2.14 10.79 11.52 5.33 10.90 9.56 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 R e tu r n 2023 2022 2021 2020 2019 Kennedy MCV N/A N/A N/A N/A N/A˜ Russell MCV 12.71 (51)-12.03 (75)28.34 (59)4.96 (44)27.06 (67)˜ Median 12.72 -8.12 29.21 4.62 28.52 1 Qtr Ending Sep-2024 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 Kennedy MCV 10.45 (12)-8.92 (100)10.25 (12)N/A N/A N/A Russell Midcap Value Index 10.08 (23)-3.40 (32)8.23 (61)12.11 (29)-4.46 (69)3.86 (61) IM U.S. Mid Cap Value Equity (SA+CF) Median 9.03 -4.18 9.00 11.33 -3.99 4.24 Performance Review As of December 31, 2024 Kennedy MCV NONE Page 37 Peer Group Analysis - IM U.S. Mid Cap Growth Equity (SA+CF) Comparative Performance -16.00 -10.00 -4.00 2.00 8.00 14.00 20.00 26.00 32.00 38.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR TimesSquare -0.34 (85)-0.34 (85)11.82 (75)18.74 (55)3.42 (18)6.68 (22)11.72 (30)˜ Russell MCG Idx 8.14 (9)8.14 (9)22.10 (24)23.97 (14)4.04 (11)6.15 (28)11.47 (34)˜ Median 4.24 4.24 15.27 19.21 0.86 4.24 10.68 -60.00 -40.00 -20.00 0.00 20.00 40.00 60.00 80.00 100.00 R e tu r n 2023 2022 2021 2020 2019 TimesSquare 26.09 (20)-21.55 (12)17.10 (29)34.37 (63)38.50 (38)˜ Russell MCG Idx 25.87 (22)-26.72 (41)12.73 (60)35.59 (55)35.47 (60)˜ Median 23.42 -27.64 13.65 38.73 36.43 1 Qtr Ending Sep-2024 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 TimesSquare 4.99 (62)-2.96 (32)10.13 (43)13.72 (36)-3.83 (14)7.13 (31) Russell Midcap Growth Index 6.54 (35)-3.21 (37)9.50 (47)14.55 (17)-5.22 (49)6.23 (56) IM U.S. Mid Cap Growth Equity (SA+CF) Median 5.93 -3.72 9.28 13.13 -5.47 6.49 Performance Review As of December 31, 2024 TimesSquare NONE Page 38 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 -15.0 0.0 15.0 30.0 45.0 Ti m es S q u ar e (% ) -15.0 0.0 15.0 30.0 45.0 Russell Midcap Growth Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count TimesSquare 20 12 (60%)4 (20%)4 (20%)0 (0%)˜ Russell MCG Idx 20 1 (5%)5 (25%)13 (65%)1 (5%)˜ 0.00 1.50 3.00 4.50 6.00 R etu r n (% ) 17.10 18.00 18.90 19.80 20.70 21.60 22.50 23.40 Risk (Standard Deviation %) Return Standard Deviation TimesSquare 3.42 18.28˜ Russell MCG Idx 4.04 22.15˜ Median 0.86 21.50¾ 10.85 11.20 11.55 11.90 R etu r n (% ) 18.48 19.14 19.80 20.46 21.12 21.78 22.44 23.10 Risk (Standard Deviation %) Return Standard Deviation TimesSquare 11.72 19.59˜ Russell MCG Idx 11.47 22.34˜ Median 10.68 21.87¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk TimesSquare 5.65 82.87 83.87 -0.14 -0.24 0.07 0.81 12.20 Russell MCG Idx 0.00 100.00 100.00 0.00 N/A 0.12 1.00 14.39 90 Day U.S. Treasury Bill 21.99 7.19 -5.01 3.84 -0.12 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk TimesSquare 5.31 90.44 86.46 1.60 -0.06 0.54 0.86 12.34 Russell MCG Idx 0.00 100.00 100.00 0.00 N/A 0.49 1.00 13.71 90 Day U.S. Treasury Bill 22.36 4.07 -3.89 2.47 -0.49 N/A 0.00 0.00 Performance Review As of December 31, 2024 TimesSquare NONE Page 39 Peer Group Analysis - Mid-Cap Blend Comparative Performance -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 28.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Reinhart Partners -0.68 (66)-0.68 (66)16.24 (25)20.79 (7)12.39 (1)15.43 (1)13.46 (2)˜ Russell 2500 Index 0.62 (27)0.62 (27)11.99 (70)14.68 (56)2.39 (78)6.13 (84)8.77 (75)˜ Median 0.00 0.00 13.59 14.90 4.02 8.83 9.77 -40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 R e tu r n 2023 2022 2021 2020 2019 Reinhart Partners 25.52 (6)-2.71 (2)25.04 (37)5.93 (92)N/A˜ Russell 2500 Index 17.42 (27)-18.37 (78)18.18 (88)19.99 (15)27.77 (45)˜ Median 15.95 -14.58 24.18 13.08 27.02 1 Qtr Ending Sep-2024 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 Reinhart Partners 9.93 (11)-1.17 (8)7.73 (80)16.16 (2)-2.50 (14)4.85 (42) Russell 2500 Index 8.75 (32)-4.27 (71)6.92 (87)13.35 (13)-4.78 (75)5.22 (32) Mid-Cap Blend Median 7.92 -3.59 9.34 11.61 -4.30 4.75 Performance Review As of December 31, 2024 Reinhart Partners NONE Page 40 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 -10.0 0.0 10.0 20.0 30.0 40.0 R ei n h ar t P ar tn e r s (% ) -10.0 0.0 10.0 20.0 30.0 40.0 Russell 2500 Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Reinhart Partners 11 9 (82%)2 (18%)0 (0%)0 (0%)˜ Russell 2500 Index 20 2 (10%)7 (35%)6 (30%)5 (25%)˜ 0.00 5.00 10.00 15.00 R etu r n (% ) 19.32 19.78 20.24 20.70 21.16 21.62 22.08 Risk (Standard Deviation %) Return Standard Deviation Reinhart Partners 12.39 19.72˜ Russell 2500 Index 2.39 21.70˜ Median 4.02 19.79¾ 6.00 8.00 10.00 12.00 14.00 16.00 R etu r n (% ) 20.68 21.15 21.62 22.09 22.56 23.03 23.50 23.97 Risk (Standard Deviation %) Return Standard Deviation Reinhart Partners 13.46 22.93˜ Russell 2500 Index 8.77 23.21˜ Median 9.77 21.19¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Reinhart Partners 6.41 99.92 69.70 9.98 1.39 0.50 0.87 10.80 Russell 2500 Index 0.00 100.00 100.00 0.00 N/A 0.04 1.00 13.97 90 Day U.S. Treasury Bill 21.60 5.18 -6.93 3.87 -0.04 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Reinhart Partners 6.86 98.06 81.38 4.94 0.61 0.56 0.94 14.60 Russell 2500 Index 0.00 100.00 100.00 0.00 N/A 0.37 1.00 15.29 90 Day U.S. Treasury Bill 23.29 2.89 -5.09 2.50 -0.37 N/A 0.00 0.00 Performance Review As of December 31, 2024 Reinhart Partners NONE Page 41 Peer Group Analysis - IM U.S. Small Cap Value Equity (SA+CF) Comparative Performance -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 28.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Leeward -0.27 (53)-0.27 (53)11.18 (53)11.23 (84)4.84 (51)10.95 (48)9.60 (56)˜ Russell 2000 Value -1.06 (69)-1.06 (69)8.05 (72)11.30 (82)1.94 (92)7.97 (84)7.29 (90)˜ Median -0.15 -0.15 11.35 14.11 4.92 10.83 9.88 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 R e tu r n 2023 2022 2021 2020 2019 Leeward 11.28 (89)-6.86 (24)31.53 (44)4.35 (53)27.42 (24)˜ Russell 2000 Value 14.65 (73)-14.48 (80)28.27 (58)4.63 (52)22.39 (73)˜ Median 17.24 -10.59 30.09 5.18 24.99 1 Qtr Ending Sep-2024 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 Leeward 10.25 (23)-3.73 (58)5.02 (56)11.03 (81)-2.74 (55)2.57 (77) Russell 2000 Value Index 10.15 (25)-3.64 (56)2.90 (91)15.26 (15)-2.96 (59)3.18 (68) IM U.S. Small Cap Value Equity (SA+CF) Median 8.60 -3.36 5.20 12.95 -2.18 4.05 Performance Review As of December 31, 2024 Leeward NONE Page 42 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 -30.0 -15.0 0.0 15.0 30.0 45.0 L ee w a r d (% ) -30.0 -15.0 0.0 15.0 30.0 45.0 Russell 2000 Value Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Leeward 20 0 (0%)14 (70%)6 (30%)0 (0%)˜ Russell 2000 Value 20 0 (0%)1 (5%)8 (40%)11 (55%)˜ 0.98 1.96 2.94 3.92 4.90 5.88 R etu r n (% ) 19.60 20.30 21.00 21.70 22.40 23.10 23.80 24.50 Risk (Standard Deviation %) Return Standard Deviation Leeward 4.84 20.45˜ Russell 2000 Value 1.94 23.44˜ Median 4.92 21.81¾ 6.80 7.65 8.50 9.35 10.20 11.05 R etu r n (% ) 21.96 22.57 23.18 23.79 24.40 25.01 25.62 26.23 Risk (Standard Deviation %) Return Standard Deviation Leeward 9.60 22.88˜ Russell 2000 Value 7.29 25.44˜ Median 9.88 24.74¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Leeward 5.59 89.45 81.31 2.88 0.39 0.15 0.85 12.24 Russell 2000 Value 0.00 100.00 100.00 0.00 N/A 0.03 1.00 14.62 90 Day U.S. Treasury Bill 23.37 4.78 -6.30 3.88 -0.03 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Leeward 5.94 90.55 82.37 2.81 0.25 0.41 0.88 14.80 Russell 2000 Value 0.00 100.00 100.00 0.00 N/A 0.31 1.00 16.87 90 Day U.S. Treasury Bill 25.53 2.68 -4.45 2.50 -0.31 N/A 0.00 0.00 Performance Review As of December 31, 2024 Leeward NONE Page 43 Peer Group Analysis - IM U.S. Small Cap Growth Equity (SA+CF) Comparative Performance -16.00 -10.00 -4.00 2.00 8.00 14.00 20.00 26.00 32.00 38.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Loomis Small Cap 2.17 (42)2.17 (42)16.50 (46)14.76 (70)0.83 (38)3.20 (48)9.00 (59)˜ Russell 2000 Growth 1.70 (48)1.70 (48)15.15 (55)16.89 (48)0.21 (50)0.86 (68)6.86 (91)˜ Median 1.45 1.45 15.83 16.73 0.17 3.01 9.59 -80.00 -60.00 -40.00 -20.00 0.00 20.00 40.00 60.00 80.00 100.00 120.00 R e tu r n 2023 2022 2021 2020 2019 Loomis Small Cap 13.05 (79)-22.16 (17)10.65 (57)35.64 (66)27.80 (58)˜ Russell 2000 Growth 18.66 (52)-26.36 (43)2.83 (85)34.63 (67)28.48 (53)˜ Median 19.07 -27.32 12.12 43.32 29.54 1 Qtr Ending Sep-2024 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 Loomis Small Cap 6.78 (63)-0.16 (24)6.95 (56)8.39 (88)-4.94 (24)4.79 (71) Russell 2000 Growth Index 8.41 (39)-2.92 (56)7.58 (46)12.75 (27)-7.32 (68)7.05 (29) IM U.S. Small Cap Growth Equity (SA+CF) Median 7.65 -2.53 7.26 11.12 -6.41 5.73 Performance Review As of December 31, 2024 Loomis Small Cap NONE Page 44 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 -10.0 0.0 10.0 20.0 30.0 L o o m i s S m al l C ap (% ) -10.0 0.0 10.0 20.0 30.0 Russell 2000 Growth Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Loomis Small Cap 20 0 (0%)9 (45%)8 (40%)3 (15%)˜ Russell 2000 Growth 20 0 (0%)1 (5%)6 (30%)13 (65%)˜ 0.00 0.25 0.50 0.75 1.00 R etu r n (% ) 20.16 20.88 21.60 22.32 23.04 23.76 24.48 25.20 Risk (Standard Deviation %) Return Standard Deviation Loomis Small Cap 0.83 20.87˜ Russell 2000 Growth 0.21 23.99˜ Median 0.17 22.70¾ 6.30 7.20 8.10 9.00 9.90 10.80 R etu r n (% ) 21.60 22.14 22.68 23.22 23.76 24.30 24.84 25.38 Risk (Standard Deviation %) Return Standard Deviation Loomis Small Cap 9.00 22.38˜ Russell 2000 Growth 6.86 24.66˜ Median 9.59 23.71¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Small Cap 6.00 83.43 82.11 0.38 -0.01 -0.04 0.85 13.56 Russell 2000 Growth 0.00 100.00 100.00 0.00 N/A -0.03 1.00 16.06 90 Day U.S. Treasury Bill 23.87 5.37 -6.07 3.88 0.03 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 6.58 91.00 82.85 2.71 0.22 0.39 0.88 14.32 Russell 2000 Growth 0.00 100.00 100.00 0.00 N/A 0.29 1.00 15.91 90 Day U.S. Treasury Bill 24.70 2.99 -4.47 2.48 -0.29 N/A 0.00 0.00 Performance Review As of December 31, 2024 Loomis Small Cap NONE Page 45 Peer Group Analysis - IM International Equity (SA+CF) Comparative Performance -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Lazard -8.80 (81)-8.80 (81)2.29 (76)10.20 (64)0.67 (58)2.11 (68)3.59 (80)˜ MSCI ACW x USA (Net)-7.60 (56)-7.60 (56)5.53 (50)10.46 (61)0.82 (57)2.53 (63)4.10 (75)˜ Median -7.33 -7.33 5.53 11.10 1.36 3.77 5.20 -55.00 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 R e tu r n 2023 2022 2021 2020 2019 Lazard 18.72 (42)-16.00 (48)6.57 (81)9.71 (60)21.23 (70)˜ MSCI ACW x USA (Net)15.62 (68)-16.00 (48)7.82 (76)10.65 (56)21.51 (67)˜ Median 17.72 -16.33 11.79 11.61 23.54 1 Qtr Ending Sep-2024 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 Lazard 6.85 (66)-1.26 (80)6.31 (31)9.95 (56)-4.55 (60)3.98 (26) MSCI AC World ex USA (Net)8.06 (44)0.96 (37)4.69 (57)9.75 (62)-3.77 (49)2.44 (62) IM International Equity (SA+CF) Median 7.76 0.35 5.08 10.21 -3.85 2.94 Performance Review As of December 31, 2024 Lazard NONE Page 46 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 -6.0 0.0 6.0 12.0 18.0 L az a r d (% ) -6.0 0.0 6.0 12.0 18.0 MSCI AC World ex USA (Net) (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Lazard 20 0 (0%)4 (20%)11 (55%)5 (25%)˜ MSCI ACW x USA (Net)20 0 (0%)0 (0%)20 (100%)0 (0%)˜ 0.30 0.60 0.90 1.20 1.50 R etu r n (% ) 15.18 15.51 15.84 16.17 16.50 16.83 17.16 17.49 Risk (Standard Deviation %) Return Standard Deviation Lazard 0.67 15.62˜ MSCI ACW x USA (Net)0.82 16.02˜ Median 1.36 17.07¾ 3.18 3.71 4.24 4.77 5.30 5.83 R etu r n (% ) 17.10 17.40 17.70 18.00 18.30 18.60 18.90 Risk (Standard Deviation %) Return Standard Deviation Lazard 3.59 17.88˜ MSCI ACW x USA (Net)4.10 17.14˜ Median 5.20 18.46¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Lazard 3.78 98.22 99.04 -0.10 -0.06 -0.13 0.95 10.54 MSCI ACW x USA (Net)0.00 100.00 100.00 0.00 N/A -0.11 1.00 10.76 90 Day U.S. Treasury Bill 15.86 8.75 -8.30 3.87 0.11 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Lazard 3.93 101.66 103.84 -0.46 -0.09 0.15 1.02 12.22 MSCI ACW x USA (Net)0.00 100.00 100.00 0.00 N/A 0.18 1.00 11.59 90 Day U.S. Treasury Bill 17.16 4.77 -5.72 2.47 -0.18 N/A 0.00 0.00 Performance Review As of December 31, 2024 Lazard NONE Page 47 Peer Group Analysis - IM International Large Cap Growth Equity (SA+CF) Comparative Performance -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Hudson HGK Intl -6.40 (34)-6.40 (34)-0.43 (90)9.23 (67)N/A N/A N/A˜ MSCI EAFE (N) Idx -8.11 (72)-8.11 (72)3.82 (51)10.80 (49)1.65 (20)3.97 (18)4.73 (55)˜ Median -7.36 -7.36 3.97 10.58 -2.20 1.34 5.05 -55.00 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 80.00 R e tu r n 2023 2022 2021 2020 2019 Hudson HGK Intl 19.82 (27)N/A N/A N/A N/A˜ MSCI EAFE (N) Idx 18.24 (42)-14.45 (12)11.26 (47)7.82 (99)22.01 (92)˜ Median 17.12 -23.02 10.93 22.83 29.63 1 Qtr Ending Sep-2024 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 Hudson HGK Intl 1.61 (96)-1.19 (66)5.97 (43)13.29 (30)-5.37 (26)1.58 (80) MSCI EAFE (Net) Index 7.26 (40)-0.42 (49)5.78 (44)10.42 (76)-4.11 (15)2.95 (51) IM International Large Cap Growth Equity (SA+CF) Median 6.63 -0.48 5.27 12.20 -7.42 2.96 Performance Review As of December 31, 2024 Hudson HGK Intl NONE Page 48 Peer Group Analysis - Foreign Comparative Performance -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Fidelity Intl Idx -8.37 (77)-8.37 (77)3.74 (67)10.70 (54)N/A N/A N/A˜ MSCI EAFE (N) Idx -8.11 (70)-8.11 (70)3.82 (65)10.80 (52)1.65 (42)3.97 (45)4.73 (60)˜ Median -7.36 -7.36 5.12 10.87 1.06 3.61 5.00 -55.00 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 R e tu r n 2023 2022 2021 2020 2019 Fidelity Intl Idx 18.13 (40)N/A N/A N/A N/A˜ MSCI EAFE (N) Idx 18.24 (39)-14.45 (41)11.26 (54)7.82 (70)22.01 (65)˜ Median 17.23 -16.15 11.42 11.09 23.61 1 Qtr Ending Sep-2024 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 Fidelity Intl Idx 7.30 (54)-0.26 (63)5.80 (42)10.76 (45)-4.67 (52)3.21 (39) MSCI EAFE (Net) Index 7.26 (55)-0.42 (69)5.78 (42)10.42 (53)-4.11 (42)2.95 (50) Foreign Median 7.47 0.13 5.17 10.50 -4.60 2.95 Performance Review As of December 31, 2024 Fidelity Intl Idx NONE Page 49 Peer Group Analysis - IM Emerging Markets Equity (SA+CF) Comparative Performance -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Allspring EM -7.45 (63)-7.45 (63)4.70 (77)6.85 (79)-2.40 (67)-4.85 (85)0.58 (87)˜ MSCI EM -7.84 (74)-7.84 (74)8.05 (51)9.15 (63)-1.48 (58)-1.67 (60)2.10 (66)˜ Median -6.82 -6.82 8.10 10.90 -0.25 -0.12 3.63 -55.00 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 80.00 R e tu r n 2023 2022 2021 2020 2019 Allspring EM 9.04 (72)-18.56 (44)-11.83 (96)25.55 (30)29.92 (12)˜ MSCI EM 10.26 (65)-19.74 (51)-2.22 (65)18.69 (49)18.90 (59)˜ Median 12.91 -19.54 1.13 18.31 20.15 1 Qtr Ending Sep-2024 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 Allspring EM 8.64 (32)2.97 (68)1.13 (79)8.89 (37)-5.69 (91)1.21 (68) MSCI Emerging Markets Index 8.88 (28)5.12 (42)2.44 (57)7.93 (56)-2.79 (46)1.04 (70) IM Emerging Markets Equity (SA+CF) Median 7.27 4.66 3.14 8.20 -3.06 2.33 Performance Review As of December 31, 2024 Allspring EM NONE Page 50 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 Al l s p r i n g E M (% ) -20.0 -10.0 0.0 10.0 20.0 30.0 MSCI Emerging Markets Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Allspring EM 20 6 (30%)1 (5%)5 (25%)8 (40%)˜ MSCI EM 20 0 (0%)4 (20%)16 (80%)0 (0%)˜ -3.00 -2.00 -1.00 0.00 1.00 R etu r n (% ) 17.01 17.10 17.19 17.28 17.37 17.46 17.55 17.64 Risk (Standard Deviation %) Return Standard Deviation Allspring EM -2.40 17.14˜ MSCI EM -1.48 17.50˜ Median -0.25 17.46¾ 0.00 1.00 2.00 3.00 4.00 5.00 R etu r n (% ) 18.05 18.24 18.43 18.62 18.81 19.00 19.19 19.38 Risk (Standard Deviation %) Return Standard Deviation Allspring EM 0.58 19.08˜ MSCI EM 2.10 18.35˜ Median 3.63 19.18¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Allspring EM 3.61 97.48 101.75 -0.99 -0.28 -0.28 0.96 11.55 MSCI EM 0.00 100.00 100.00 0.00 N/A -0.22 1.00 11.50 90 Day U.S. Treasury Bill 17.32 9.43 -6.98 3.89 0.22 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Allspring EM 4.26 101.07 107.31 -1.41 -0.32 0.00 1.01 13.06 MSCI EM 0.00 100.00 100.00 0.00 N/A 0.07 1.00 12.36 90 Day U.S. Treasury Bill 18.36 5.09 -4.86 2.47 -0.07 N/A 0.00 0.00 Performance Review As of December 31, 2024 Allspring EM NONE Page 51 Peer Group Analysis - IM Emerging Markets Equity (SA+CF) Comparative Performance -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR ABS EM -6.65 (46)-6.65 (46)4.97 (76)8.74 (65)N/A N/A N/A˜ MSCI EM Idx -7.84 (74)-7.84 (74)8.05 (51)9.15 (63)-1.48 (58)-1.67 (60)2.10 (66)˜ Median -6.82 -6.82 8.10 10.90 -0.25 -0.12 3.63 -55.00 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 80.00 R e tu r n 2023 2022 2021 2020 2019 ABS EM 12.65 (53)N/A N/A N/A N/A˜ MSCI EM Idx 10.26 (65)-19.74 (51)-2.22 (65)18.69 (49)18.90 (59)˜ Median 12.91 -19.54 1.13 18.31 20.15 1 Qtr Ending Sep-2024 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 ABS EM 5.23 (74)4.76 (49)2.01 (65)6.49 (79)-1.61 (35)3.61 (36) MSCI Emerging Markets Index 8.88 (28)5.12 (42)2.44 (57)7.93 (56)-2.79 (46)1.04 (70) IM Emerging Markets Equity (SA+CF) Median 7.27 4.66 3.14 8.20 -3.06 2.33 Performance Review As of December 31, 2024 ABS EM NONE Page 52 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF) Comparative Performance -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR CS McKee -3.14 (89)-3.14 (89)1.89 (51)4.18 (37)-1.77 (30)-1.70 (45)0.21 (54)˜ Bl. Barclays US Agg -3.06 (75)-3.06 (75)1.25 (93)3.37 (92)-2.41 (93)-2.19 (95)-0.33 (98)˜ Median -2.99 -2.99 1.93 3.97 -2.02 -1.77 0.23 -20.00 -16.00 -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 R e tu r n 2023 2022 2021 2020 2019 CS McKee 6.51 (24)-12.67 (35)-1.47 (63)8.19 (55)9.16 (52)˜ Bl. Barclays US Agg 5.53 (85)-13.01 (54)-1.55 (66)7.51 (86)8.72 (79)˜ Median 5.98 -12.95 -1.24 8.34 9.17 1 Qtr Ending Sep-2024 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 CS McKee 5.38 (26)0.17 (68)-0.35 (37)7.56 (4)-3.19 (56)-0.31 (9) Blmbg. U.S. Aggregate Index 5.20 (69)0.07 (94)-0.78 (92)6.82 (53)-3.23 (71)-0.84 (80) IM U.S. Broad Market Core Fixed Income (SA+CF) Median 5.24 0.26 -0.48 6.82 -3.14 -0.72 Performance Review As of December 31, 2024 CS McKee 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 Earliest Date Latest Date -8.0 -4.0 0.0 4.0 8.0 C S Mc K e e (% ) -8.0 -4.0 0.0 4.0 8.0 Blmbg. U.S. Aggregate Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count CS McKee 20 1 (5%)6 (30%)13 (65%)0 (0%)˜ Bl. Barclays US Agg 20 0 (0%)1 (5%)0 (0%)19 (95%)˜ -2.70 -2.40 -2.10 -1.80 -1.50 -1.20 R etu r n (% ) 7.60 7.68 7.76 7.84 7.92 8.00 8.08 8.16 Risk (Standard Deviation %) Return Standard Deviation CS McKee -1.77 8.10˜ Bl. Barclays US Agg -2.41 7.72˜ Median -2.02 7.73¾ -0.40 -0.20 0.00 0.20 0.40 R etu r n (% ) 6.20 6.30 6.40 6.50 6.60 6.70 6.80 6.90 7.00 Risk (Standard Deviation %) Return Standard Deviation CS McKee 0.21 6.89˜ Bl. Barclays US Agg -0.33 6.37˜ Median 0.23 6.52¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk CS McKee 0.76 105.94 99.50 0.78 0.89 -0.67 1.04 5.77 Bl. Barclays US Agg 0.00 100.00 100.00 0.00 N/A -0.79 1.00 5.59 90 Day U.S. Treasury Bill 7.54 17.68 -15.97 3.95 0.79 N/A 0.03 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk CS McKee 1.39 108.74 102.20 0.58 0.41 -0.29 1.06 4.68 Bl. Barclays US Agg 0.00 100.00 100.00 0.00 N/A -0.41 1.00 4.47 90 Day U.S. Treasury Bill 6.30 13.44 -14.37 2.47 0.41 N/A 0.02 0.00 Performance Review As of December 31, 2024 CS McKee NONE Page 54 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF) Comparative Performance -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Loomis Fixed Income -3.48 (96)-3.48 (96)1.44 (77)3.93 (53)-1.98 (47)-1.66 (40)0.84 (15)˜ Bl. Barclays US Agg -3.06 (75)-3.06 (75)1.25 (93)3.37 (92)-2.41 (93)-2.19 (95)-0.33 (98)˜ Median -2.99 -2.99 1.93 3.97 -2.02 -1.77 0.23 -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 R e tu r n 2023 2022 2021 2020 2019 Loomis Fixed Income 6.48 (25)-12.81 (42)-0.69 (29)11.49 (2)9.55 (29)˜ Bl. Barclays US Agg 5.53 (85)-13.01 (54)-1.55 (66)7.51 (86)8.72 (79)˜ Median 5.98 -12.95 -1.24 8.34 9.17 1 Qtr Ending Sep-2024 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 Loomis Fixed Income 5.31 (37)-0.15 (100)-0.06 (13)7.43 (6)-3.82 (96)-0.68 (47) Blmbg. U.S. Aggregate Index 5.20 (69)0.07 (94)-0.78 (92)6.82 (53)-3.23 (71)-0.84 (80) IM U.S. Broad Market Core Fixed Income (SA+CF) Median 5.24 0.26 -0.48 6.82 -3.14 -0.72 Performance Review As of December 31, 2024 Loomis Fixed Income 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 Earliest Date Latest Date -10.0 -5.0 0.0 5.0 10.0 L o o m i s F i xe d I n c o m e ( % ) -10.0 -5.0 0.0 5.0 10.0 Blmbg. U.S. Aggregate Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Loomis Fixed Income 20 16 (80%)3 (15%)1 (5%)0 (0%)˜ Bl. Barclays US Agg 20 0 (0%)1 (5%)0 (0%)19 (95%)˜ -2.60 -2.40 -2.20 -2.00 -1.80 -1.60 R etu r n (% ) 7.60 7.80 8.00 8.20 8.40 8.60 Risk (Standard Deviation %) Return Standard Deviation Loomis Fixed Income -1.98 8.41˜ Bl. Barclays US Agg -2.41 7.72˜ Median -2.02 7.73¾ -0.80 -0.40 0.00 0.40 0.80 1.20 R etu r n (% ) 6.20 6.40 6.60 6.80 7.00 7.20 Risk (Standard Deviation %) Return Standard Deviation Loomis Fixed Income 0.84 7.09˜ Bl. Barclays US Agg -0.33 6.37˜ Median 0.23 6.52¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Fixed Income 1.23 110.68 104.95 0.66 0.40 -0.67 1.08 5.89 Bl. Barclays US Agg 0.00 100.00 100.00 0.00 N/A -0.79 1.00 5.59 90 Day U.S. Treasury Bill 7.54 17.68 -15.97 3.95 0.79 N/A 0.03 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Fixed Income 1.57 117.69 103.74 1.23 0.77 -0.19 1.09 4.76 Bl. Barclays US Agg 0.00 100.00 100.00 0.00 N/A -0.41 1.00 4.47 90 Day U.S. Treasury Bill 6.30 13.44 -14.37 2.47 0.41 N/A 0.02 0.00 Performance Review As of December 31, 2024 Loomis Fixed Income NONE Page 56 Peer Group Analysis - Global Bond Comparative Performance -16.00 -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Pimco Div Inc (PDIIX)-0.64 (12)-0.64 (12)6.35 (2)8.30 (3)0.43 (14)N/A N/A˜ Blmbg. Glbl Cred (Hedged)-1.15 (15)-1.15 (15)4.47 (6)6.89 (3)-0.49 (23)-0.47 (18)1.08 (14)˜ Median -5.27 -5.27 -1.43 2.42 -4.53 -4.75 -2.18 -34.00 -28.00 -22.00 -16.00 -10.00 -4.00 2.00 8.00 14.00 20.00 R e tu r n 2023 2022 2021 2020 2019 Pimco Div Inc (PDIIX)10.28 (4)-13.64 (38)N/A N/A N/A˜ Blmbg. Glbl Cred (Hedged)9.36 (5)-13.75 (39)-0.41 (6)7.53 (70)12.08 (2)˜ Median 6.10 -15.66 -5.00 9.09 6.92 1 Qtr Ending Sep-2024 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 Pimco Div Inc (PDIIX)5.05 (78)0.55 (7)1.32 (4)7.81 (58)-1.09 (12)0.85 (9) Blmbg. Global Credit (Hedged)4.93 (78)0.32 (10)0.40 (7)7.32 (68)-1.32 (16)0.28 (16) Global Bond Median 6.90 -1.12 -1.60 8.25 -3.63 -1.42 Performance Review As of December 31, 2024 Pimco Div Inc (PDIIX) 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 Earliest Date Latest Date -2.4 -1.6 -0.8 0.0 0.8 1.6 P i m c o D i v I n c (P D I I X ) (% ) -2.4 -1.6 -0.8 0.0 0.8 1.6 Blmbg. Global Credit (Hedged) (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Pimco Div Inc (PDIIX)4 4 (100%)0 (0%)0 (0%)0 (0%)˜ Blmbg. Glbl Cred (Hedged)20 18 (90%)2 (10%)0 (0%)0 (0%)˜ -6.00 -4.00 -2.00 0.00 2.00 R etu r n (% ) 6.90 7.36 7.82 8.28 8.74 9.20 9.66 10.12 10.58 Risk (Standard Deviation %) Return Standard Deviation Pimco Div Inc (PDIIX)0.43 8.57˜ Blmbg. Glbl Cred (Hedged)-0.49 7.64˜ Median -4.53 9.82¾ -4.00 -2.00 0.00 2.00 R etu r n (% ) 7.00 7.28 7.56 7.84 8.12 8.40 8.68 8.96 9.24 Risk (Standard Deviation %) Return Standard Deviation Pimco Div Inc (PDIIX)N/A N/A˜ Blmbg. Glbl Cred (Hedged)1.08 7.33˜ Median -2.18 8.82¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Pimco Div Inc (PDIIX)1.82 112.25 102.93 1.02 0.54 -0.36 1.10 5.93 Blmbg. Glbl Cred (Hedged)0.00 100.00 100.00 0.00 N/A -0.54 1.00 5.29 90 Day U.S. Treasury Bill 7.40 19.78 -15.69 3.90 0.54 N/A 0.03 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Pimco Div Inc (PDIIX)N/A N/A N/A N/A N/A N/A N/A N/A Blmbg. Glbl Cred (Hedged)0.00 100.00 100.00 0.00 N/A -0.15 1.00 5.26 90 Day U.S. Treasury Bill 7.30 13.18 -12.39 2.45 0.15 N/A 0.01 0.00 Performance Review As of December 31, 2024 Pimco Div Inc (PDIIX) NONE Page 58 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) Comparative Performance -24.00 -20.00 -16.00 -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Morgan Stanley 0.74 (62)0.74 (62)0.34 (27)-2.23 (12)0.82 (17)5.93 (17)5.16 (17)˜ NCREIF ODCE 1.16 (49)1.16 (49)-1.43 (57)-6.87 (54)-2.32 (51)3.30 (55)2.87 (54)˜ Median 0.98 0.98 -1.35 -6.13 -2.29 3.42 2.99 -40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 R e tu r n 2023 2022 2021 2020 2019 Morgan Stanley -4.73 (15)7.20 (50)22.89 (48)2.11 (34)7.38 (35)˜ NCREIF ODCE -12.02 (56)7.47 (48)22.17 (53)1.19 (64)5.34 (73)˜ Median -11.03 7.14 22.49 1.57 6.93 1 Qtr Ending Sep-2024 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 Morgan Stanley 0.56 (39)0.11 (24)-1.07 (26)-1.90 (27)0.02 (13)-1.98 (49) NCREIF Fund Index-ODCE (VW)0.25 (53)-0.45 (40)-2.37 (65)-4.83 (65)-1.90 (42)-2.68 (68) IM U.S. Open End Private Real Estate (SA+CF) Median 0.26 -0.69 -2.10 -4.20 -2.37 -2.02 Performance Review As of December 31, 2024 Morgan Stanley NONE Page 59 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 -6.0 0.0 6.0 12.0 18.0 Mo r g an S ta n l e y (% ) -6.0 0.0 6.0 12.0 18.0 NCREIF Fund Index-ODCE (VW) (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Morgan Stanley 20 8 (40%)10 (50%)2 (10%)0 (0%)˜ NCREIF ODCE 20 0 (0%)2 (10%)18 (90%)0 (0%)˜ -4.00 -2.00 0.00 2.00 R etu r n (% ) 4.92 5.33 5.74 6.15 6.56 6.97 7.38 7.79 8.20 Risk (Standard Deviation %) Return Standard Deviation Morgan Stanley 0.82 5.37˜ NCREIF ODCE -2.32 7.07˜ Median -2.29 7.54¾ 2.37 3.16 3.95 4.74 5.53 6.32 R etu r n (% ) 6.09 6.38 6.67 6.96 7.25 7.54 7.83 8.12 8.41 Risk (Standard Deviation %) Return Standard Deviation Morgan Stanley 5.16 6.47˜ NCREIF ODCE 2.87 7.40˜ Median 2.99 7.97¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Morgan Stanley 2.42 85.99 45.38 2.50 1.26 -0.48 0.73 2.69 NCREIF ODCE 0.00 100.00 100.00 0.00 N/A -0.76 1.00 4.99 90 Day U.S. Treasury Bill 7.79 22.33 -41.18 3.69 0.76 N/A -0.10 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Morgan Stanley 2.18 99.51 50.11 2.68 0.99 0.39 0.84 2.22 NCREIF ODCE 0.00 100.00 100.00 0.00 N/A 0.08 1.00 3.92 90 Day U.S. Treasury Bill 8.24 10.24 -38.35 2.81 -0.08 N/A -0.11 0.00 Performance Review As of December 31, 2024 Morgan Stanley NONE Page 60 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) Comparative Performance -24.00 -20.00 -16.00 -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Prudential PRISA II 2.18 (4)2.18 (4)-1.46 (58)-7.03 (55)-2.56 (59)3.32 (54)2.85 (54)˜ NCREIF Property Idx 0.90 (56)0.90 (56)0.43 (26)-3.85 (25)-0.82 (24)3.52 (43)3.13 (44)˜ Median 0.98 0.98 -1.35 -6.13 -2.29 3.42 2.99 -40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 R e tu r n 2023 2022 2021 2020 2019 Prudential PRISA II -12.28 (61)7.04 (54)23.18 (46)0.98 (68)7.52 (33)˜ NCREIF Property Idx -7.94 (26)5.52 (62)17.70 (82)1.60 (47)6.42 (60)˜ Median -11.03 7.14 22.49 1.57 6.93 1 Qtr Ending Sep-2024 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 Prudential PRISA II 1.27 (18)-2.71 (97)-2.12 (53)-5.09 (69)-3.51 (72)-2.18 (62) NCREIF Property Index 0.78 (36)-0.26 (31)-0.98 (24)-3.02 (42)-1.37 (22)-1.98 (49) IM U.S. Open End Private Real Estate (SA+CF) Median 0.26 -0.69 -2.10 -4.20 -2.37 -2.02 Performance Review As of December 31, 2024 Prudential PRISA II 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 Under Performance Earliest Date Latest Date -6.0 0.0 6.0 12.0 18.0 P r u d e n ti a l P R I S A I I (% ) -6.0 0.0 6.0 12.0 18.0 NCREIF Property Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 3/20 9/20 3/21 9/21 3/22 9/22 3/23 9/23 3/24 12/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Prudential PRISA II 20 1 (5%)11 (55%)8 (40%)0 (0%)˜ NCREIF Property Idx 20 1 (5%)3 (15%)11 (55%)5 (25%)˜ -3.00 -2.40 -1.80 -1.20 -0.60 0.00 0.60 R etu r n (% ) 3.99 4.56 5.13 5.70 6.27 6.84 7.41 7.98 8.55 Risk (Standard Deviation %) Return Standard Deviation Prudential PRISA II -2.56 7.77˜ NCREIF Property Idx -0.82 4.89˜ Median -2.29 7.54¾ 2.80 2.90 3.00 3.10 3.20 R etu r n (% ) 4.59 5.10 5.61 6.12 6.63 7.14 7.65 8.16 8.67 Risk (Standard Deviation %) Return Standard Deviation Prudential PRISA II 2.85 7.96˜ NCREIF Property Idx 3.13 5.35˜ Median 2.99 7.97¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Prudential PRISA II 3.22 157.17 184.46 -1.19 -0.49 -0.72 1.55 5.68 NCREIF Property Idx 0.00 100.00 100.00 0.00 N/A -0.81 1.00 3.24 90 Day U.S. Treasury Bill 5.59 29.08 -64.87 3.80 0.81 N/A -0.14 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Prudential PRISA II 2.97 139.31 188.68 -1.55 -0.03 0.08 1.45 4.53 NCREIF Property Idx 0.00 100.00 100.00 0.00 N/A 0.13 1.00 2.55 90 Day U.S. Treasury Bill 6.20 12.75 -60.40 2.96 -0.13 N/A -0.15 0.00 Performance Review As of December 31, 2024 Prudential PRISA II NONE Page 62 Total Policy Historical Hybrid Composition Allocation Mandate Weight (%) Oct-1986 Oakland County Historical Policy 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 Oct-2022 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 2.50 Blmbg. U.S. Corp High Yield 2.50 NCREIF Fund Index-ODCE (VW)10.00 Oct-2024 S&P 500 Index 20.00 Russell Midcap Index 7.50 Russell 2000 Index 7.50 MSCI AC World ex USA 15.00 Blmbg. U.S. Aggregate Index 27.00 Blmbg. Global Multiverse 8.00 NCREIF Fund Index-ODCE (VW)10.00 Russell Microcap Index 5.00 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 Oct-2022 S&P 500 Index 42.50 Russell Midcap Index 13.00 Russell 2000 Index 13.00 MSCI AC World ex USA 31.50 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 December 31, 2024 Page 63 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 Oct-2022 Blmbg. U.S. Aggregate Index 83.00 JPM Global Government Bond Index 8.50 Blmbg. U.S. Corp High Yield 8.50 Oct-2024 Blmbg. U.S. Aggregate Index 77.00 Blmbg. Global Multiverse 23.00 Benchmark History Investment Policy Benchmarks As of December 31, 2024 Page 64 Estimated Annual Fee (%) Market Value ($) Estimated Annual Fee ($) Fee Schedule Total Fund Composite 0.45 663,214,152 2,994,508 SSgA S&P 500 0.02 40,694,768 8,139 0.02 % of First $50 M 0.01 % Thereafter SSgA S&P 500 Equal Weighted Index 0.04 28,780,032 11,512 0.04 % of First $75 M 0.02 % Thereafter T. Rowe Price 0.25 73,569,249 183,923 0.25 % of Assets Kennedy Mid Cap Value 0.50 17,386,724 86,934 0.50 % of Assets TimesSquare 0.80 22,324,184 178,593 0.80 % of First $50 M 0.70 % of Next $50 M 0.60 % Thereafter Reinhart Partners 0.75 21,568,496 161,764 0.75 % of First $25 M 0.65 % of Next $25 M 0.50 % Thereafter Leeward 0.70 26,236,793 183,658 0.70 % of Assets Loomis Small Cap 0.90 23,511,764 211,606 0.90 % of First $50 M 0.75 % of Next $50 M 0.70 % Thereafter Lazard 0.75 28,193,304 211,450 0.75 % of First $40 M 0.65 % of Next $60 M 0.50 % Thereafter Hudson Edge HGK International 1.00 26,274,232 262,742 1.00 % of Assets Fidelity Intl Index (FSPSX)0.04 12,790,508 4,477 0.04 % of Assets Allspring EM 0.95 16,844,981 160,027 0.95 % of Assets ABS Emerging Markets 0.75 17,298,677 129,740 0.75 % of Assets CS McKee 0.20 122,240,920 240,034 0.22 % of First $50 M 0.18 % of Next $100 M 0.15 % Thereafter Loomis Fixed Income 0.30 44,399,270 133,198 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 2,163,554 16,227 0.75 % of Assets Morgan Stanley 0.84 40,016,043 336,135 0.84 % of Assets Prudential PRISA II 1.20 13,149,567 157,795 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 Oakland County Employees' Retirement System Fee Analysis As of December 31, 2024 Does not include incentive fees. Fee information on this page is an illustrative estimate of management fees based on current reported portfolio values. Fee estimates do not reflect actual calculation methodologies or applicable carried interest. Page 65 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 66 Disclosures Mariner Institutional compiled this report for the sole use of the client for which it was prepared. Mariner Institutional 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. Mariner Institutional uses the results from this evaluation to make observations and recommendations to the client. Mariner Institutional 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. Mariner Institutional analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides Mariner Institutional with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides Mariner Institutional with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause Mariner Institutional 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 index databases, public economic sources, and the managers themselves. This document may contain data provided by Bloomberg. 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 disseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of this information assumes the entire risk of any use it may make or permit to be made of this information. Neither MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information makes any express or implied warranties or representations with respect to such information or the results to be obtained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warranties (including, without limitation, all warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. 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. *IMPORTANT DISCLOSURE INFORMATION RE GREENWICH QUALITY LEADER AWARD These ratings are not indicative of Mariner Institutional’s future performance. These awards or any other rankings and/or recognition by unaffiliated rating services and/or publications should not be construed as a guarantee that a client will experience a certain level of results or satisfaction if they invest with Mariner Institutional, nor should it be construed as a current or past endorsement by any of our clients. Mariner Institutional did not pay a fee to participate in this award survey. Methodology for this Award: For the 2022 Greenwich Quality Award for Overall U.S. Investment Consulting – Midsize Consultants – Between February and November 2022, Coalition Greenwich conducted interviews with 727 individuals from 590 of the largest tax-exempt funds in the United States. These U.S.-based institutional investors are corporate and union funds, public funds, and endowment and foundation funds, with either pension or investment pool assets greater than $150 million. Study participants were asked to provide quantitative and qualitative evaluations of their asset management and investment consulting providers, including qualitative assessments of those firms soliciting their business and detailed information on important market trends. Page 67 Access to a wealth of knowledge and solutions.