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Home My WebLink AboutReports - 2023.12.31 - 42223<CBDoc TenantId="2" EntityTypeId="3100" EntityId="2904" DocumentTypeId="1" EffectiveDate="12/31/2023" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending December 31, 2023 Oakland County ERS VEBA Executive Summary Page 1 Asset Allocation Vs. Policy Targets Page 16 Asset Allocation Pie Charts Page 18 Historical Asset Allocation Page 20 Financial Reconciliation Page 22 Performance Review - Trailing Periods Page 25 Comparative Performance IRR Page 29 Total Fund Analysis Page 31 SSgA S&P 500 Page 33 SSgA S&P 500 Equal Weighted Index Page 35 T. Rowe Price Page 37 TimesSquare Page 39 Reinhart Page 41 Leeward Page 43 Loomis Small Cap Page 45 Lazard Page 47 HGK Intl Page 49 Allspring EM Page 50 ABS EM Page 52 CS McKee Page 53 Loomis Fixed Income Page 55 Pimco Div Income Page 57 Morgan Stanley Page 58 Prudential PRISA II Page 60 Benchmark History Multi Report Page 62 Fee Schedule Page 64 Definitions & Disclosure Pages Page 65 Table Of Contents AndCo Consulting | 531 W. Morse Blvd. | Suite 200 | Winter Park, FL 32789 | (844) 44-ANDCO | AndCoConsulting.com 4Q 2023 EXECUTIVE SUMMARY Market Summary: A dramatic shift occurred across the capital markets during the fourth quarter. The quarter started with investors maintaining their pessimistic view of rates and economic activity. However, after the 10-year Treasury temporarily peaked above 5% in late October, everything changed. Falling Inflation rates and weakening labor markets suggested the Federal Reserve would abandon their “higher for longer” position (which they later announced). Interest rates declined quickly, and the equity and fixed income markets surged. The S&P 500 gained 11.69% during the quarter and finished the year up over 26%. Unlike prior quarters in 2023, the rally for stocks was broad based and small cap (Russell 2000) rose 14.03% in the fourth quarter. The international equity markets also produced strong results with the MSCI EAFE rising 10.42% and the MSCI Emerging Markets adding 7.86%. Fixed income benefited from the shift in expectations as well. The Bloomberg US Aggregate gained 6.82% for the quarter, lifting the index back into positive territory and generating a return of 5.53% for 2023. It was a wild ride in fixed income as interest rates finished the year nearly unchanged; however, rates rose and fell by over 1% across the yield curve during the past twelve months. High yield bonds (Bloomberg High Yield Index) flashed some impressive results, up 7.16% for the quarter and 13.45% for the year. Real estate continued to struggle, posting losses for the fifth consecutive quarter. 2024 is greeting investors with a slowing economy and a more accommodative Federal Reserve; hopefully, the markets will continue to deliver solid results. Conclusions/Recommendations: 1.The Total Fund gained 7.61% during the quarter,under performing the Policy Index by 0.75%and ranking in the third quartile of the custom asset allocation universe. The Fund was hindered by relatively weak results from the private equity allocation. 2.The Total Fund returned 11.66%over the past year, trailing the Policy Index by 57 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 out performing the Policy Index. 3.Leeward and Loomis, Sayles struggled in the small cap space, trailing their respective benchmarks by over 4% this quarter. Both managers were hindered by poor stock selection within the Industrials and Health Care sectors. Longer-term, Leeward and Loomis, Sayles exceed performance expectations. 4.CS McKee and Loomis, Sayles out performed the Bloomberg US Aggregate Index and ranked in the top decile of the Core Fixed Income universe. The managers benefited from an underweight to Treasuries. Longer-term, CS McKee and Loomis, Sayles exceed performance expectations. 5.The alternative fixed income strategies generally generated positive results this quarter, but lagged the strong returns posted by public fixed income. Over the past year, these managers have provided strong absolute returns and aided the performance of the fixed income composite. 6.At quarter end all allocations were within policy ranges. Kennedy Capital (mid cap value) was funded in December. Page 1 AndCo Consulting | 531 W. Morse Blvd. | Suite 200 | Winter Park, FL 32789 | (844) 44-ANDCO | AndCoConsulting.com 7.AndCo has no recommendation at this time. See the Asset/Manager Summary for additional comments and recommendations. Page 2 AndCo Consulting Firm Update On behalf of the entire AndCo team, thank you for the opportunity to serve you this past year and for the trust you have placed in us. We take our role as your consultant and trusted advisor seriously and will continue working hard to maintain your confidence. Looking back at the year, we would like to provide a brief update on where we stand as a firm. 2023 marked the 23rd straight year of growth for the firm and we advise on approximately $100 billion in client assets as of year-end. We won our second consecutive Greenwich Quality Leader Award based on feedback from our valued clients . Thank you! We continued to reinvest 100% of our net profits back into the organization so we can continue to evolve and adapt within a market environment that is constantly changing and challenging. As we have stated in previous updates, we do not believe the “status quo” is an effective strategy and we are convicted in our belief that a firm not focused on moving forward in our industry is moving backward. To execute on our commitment to evolve and continue to enhance the organization, we made significant investments in technology during 2023 to embrace digital transformation. We also continued to invest in our proprietary software system to compile and share information firmwide to better serve our clients. We conducted an internal employee survey and received valuable feedback from team members that reinforced what is working and helped us put together action plans to address areas of opportunity to continue to invest in, and understand, our most important asset - our people. We believe this effort helps drive our differentiated culture. At the beginning of each year, we also discuss the AndCo partnership and, when earned, announce new partners. This year I am thrilled to share five new team members were named partners at AndCo – Joe Carter, Tony Kay, Sara Searle, John Rodak, and Kevin Laake. Joe has been with the firm since 2017 and has held many roles. Most recently he has been in our Performance Reporting department with an eye on transitioning to our Consulting Department. Tony has been with our firm for 8 years and is a valuable member of the Consulting Department. Sara Searle has been with the company for almost 6 years and is our Chief Compliance Officer. John Rodak has been with the firm for 13 years and has operated within many functional areas and service departments over the years. He currently resides in our Solutions & Growth function. Finally, Kevin has been with the firm for 7 years and operates within our Research Department, covering both public and private equity over his tenure. We could not be happier for the new partners of AndCo or more grateful for the contributions they have made to AndCo since joining the firm. Joe, Tony, Sara, John, and Kevin represent what it means to be an AndCo team member, and we are honored and fortunate to have them as partners at our firm. The big news for 2024 is that AndCo will be joining Mariner as their new institutional advisory platform. We believe joining forces with Mariner will allow us to better serve our clients going forward and leverage a robust corporate infrastructure so we can continuously focus on a clients first approach. In closing, while the name AndCo will soon be Mariner Institutional, what won’t change is our commitment to you and driving decisions by first asking “how will this impact our clients?” We strongly believe we have found a partner that shares our client-first focus, and we look forward to leveraging our combined expertise to enhance your overall client experience. On the wall at Mariner’s headquarters, just like at AndCo’s, it proudly says “Clients First.” Thank you again for your valued partnership and the opportunity to serve you. Happy New Year! Mike Welker, CFA® CEO AndCo Consulting Firm Update On behalf of the entire AndCo team, thank you for the opportunity to serve you this past year and for the trust you have placed in us. We take our role as your consultant and trusted advisor seriously and will continue working hard to maintain your confidence. Looking back at the year, we would like to provide a brief update on where we stand as a firm. 2023 marked the 23rd straight year of growth for the firm and we advise on approximately $100 billion in client assets as of year-end. We won our second consecutive Greenwich Quality Leader Award based on feedback from our valued clients . Thank you! We continued to reinvest 100% of our net profits back into the organization so we can continue to evolve and adapt within a market environment that is constantly changing and challenging. As we have stated in previous updates, we do not believe the “status quo” is an effective strategy and we are convicted in our belief that a firm not focused on moving forward in our industry is moving backward. To execute on our commitment to evolve and continue to enhance the organization, we made significant investments in technology during 2023 to embrace digital transformation. We also continued to invest in our proprietary software system to compile and share information firmwide to better serve our clients. We conducted an internal employee survey and received valuable feedback from team members that reinforced what is working and helped us put together action plans to address areas of opportunity to continue to invest in, and understand, our most important asset - our people. We believe this effort helps drive our differentiated culture. At the beginning of each year, we also discuss the AndCo partnership and, when earned, announce new partners. This year I am thrilled to share five new team members were named partners at AndCo – Joe Carter, Tony Kay, Sara Searle, John Rodak, and Kevin Laake. Joe has been with the firm since 2017 and has held many roles. Most recently he has been in our Performance Reporting department with an eye on transitioning to our Consulting Department. Tony has been with our firm for 8 years and is a valuable member of the Consulting Department. Sara Searle has been with the company for almost 6 years and is our Chief Compliance Officer. John Rodak has been with the firm for 13 years and has operated within many functional areas and service departments over the years. He currently resides in our Solutions & Growth function. Finally, Kevin has been with the firm for 7 years and operates within our Research Department, covering both public and private equity over his tenure. We could not be happier for the new partners of AndCo or more grateful for the contributions they have made to AndCo since joining the firm. Joe, Tony, Sara, John, and Kevin represent what it means to be an AndCo team member, and we are honored and fortunate to have them as partners at our firm. The big news for 2024 is that AndCo will be joining Mariner as their new institutional advisory platform. We believe joining forces with Mariner will allow us to better serve our clients going forward and leverage a robust corporate infrastructure so we can continuously focus on a clients first approach. In closing, while the name AndCo will soon be Mariner Institutional, what won’t change is our commitment to you and driving decisions by first asking “how will this impact our clients?” We strongly believe we have found a partner that shares our client-first focus, and we look forward to leveraging our combined expertise to enhance your overall client experience. On the wall at Mariner’s headquarters, just like at AndCo’s, it proudly says “Clients First.” Thank you again for your valued partnership and the opportunity to serve you. Happy New Year! Mike Welker, CFA® CEO Page 3 Employee counts are as of 1/3/2024 and reflect only full time employees and do not include any who are part time, temporary or independent contractors. Consulting Annette Bidart Brad Hess, CFA®, CPFA Brendon Vavrica, CFP® Brian Green Chris Kuhn, CFA®, CAIA® Christiaan Brokaw, CFA® Dave West, CFA® Doug Anderson, CPFA Gwelda Swilley Ian Jones James Ross Jeff Kuchta, CFA®, CPFA Jennifer Brozstek Jennifer Gainfor t, CFA ®, CPFA John Mellinger John Thinnes, CFA®, CAIA®, CPFA Jon Breth, CFP® Jorge Friguls, CPFA Justin Lauver, Esq. Kerry Richardville, CFA® Mary Nye Michael Fleiner Michael Holycross Mike Bostler Oleg Sydyak, CFA®, FSA , EA Paul Murray, CPFA Peter Brown Tim Walters Tony Kay Tyler Grumbles, CFA®, CIPM®, CAIA® Partnership Mike Welker, CFA® Brian Green Brooke Wilson, CIPM® Bryan Bakardjiev, CFA® Dan Johnson Dan Osika, CFA® Evan Scussel, CFA®, CAIA® Jacob Peacock, CPFA Jason Purdy Joe Carter, CPFA John Rodak, CIPM® Jon Breth, CFP® Kerry Richardville, CFA ® Kevin Laake, CFA®, CAIA® Kim Spurlin, CPA Sara Searle Steve Gordon Tony Kay Troy Brown, CFA® Tyler Grumbles, CFA®, CIPM®, CAIA® Leadership & Management Mike Welker, CFA® CEO Bryan Bakardjiev, CFA® COO Evan Scussel, CFA®, CAIA® Executive Director of Research Kim Spurlin, CPA CFO Sara Searle CCO Stacie Runion CHRO Steve Gordon Solutions & Growth Director Troy Brown, CFA® Executive Director of Consulting Brooke Wilson, CIPM® Executive Director of Performance Reporting Dan Johnson Consulting Director Jack Evatt Consulting Director Jacob Peacock, CPFA® Consulting Director Jason Purdy I.T. Director Molly Halcom Solutions & Growth Director Rachel Brignoni, MHR People & Culture Director Investment Policy Committee Bryan Bakardjiev, CFA® Evan Scussel, CFA®, CAIA® Mike Welker, CFA® Sara Searle Troy Brown, CFA® Brooke Wilson, CIPM® Research Abigail Torres Research Operations Andrew Mulhall, CFA® Public Equity & Fixed Income Ben Baldridge, CFA®, CAIA® Private & Hedged Fixed Income Dan Lomelino, CFA® Fixed Income David Julier Real Estate & Real Assets Elizabeth Wolfe Public & Private Equity Evan Scussel, CFA®, CAIA® Public & Private Equity Josue Christiansen, CFA®, CIPM® Public Equity Julie Baker, CFA®, CAIA® Public & Private Equity Justin Ellsesser, CFA®, CAIA® Private Equity Kevin Laake, CFA®, CAIA® Private Equity Michael Kosoff Hedge Funds Xinxin Liu, CFA®, CAIA®, FRM Private Equity & Private Debt Zac Chichinski, CFA®, CIPM® Public Equity Albert Sauerland Alexandre Samuel Amy Steele Andrew Easton Bob Bulas David Gough, CPFA Don Delaney Donnell Lehrer, CPFA Edward Cha Grace Niebrzydowski James Culpepper James Reno Jeff Pruniski Joe Carter, CPFA Kim Hummel Rotchild Dorson Performance Reporting Operations Finance Michelle Boff Robert Marquetti Human Resources Kelly Pearce IT & Operations Jerry Camel Kenneth Day Marcos Ferrer Compliance Thay Arroyo Joseph Ivaszuk Marketing Linden Landry-Jennings Shelley Berthold Tara Redding Solutions & Growth Dan Osika, CFA® John Rodak, CIPM® Jonathan Branch Patrick Perez 89 Employees 37 Advanced Degrees 24 CFA® 9 CAIA® 5 CIPM® 12CPFA Organization Chart Page 4 4th Quarter 2023 Market Environment Page 5 The Market Environment Executive Summary As of December 31, 2023 The Economy The US Federal Reserve Bank (the Fed) paused on additional rate hikes during the fourth quarter. As evidenced by capital market performance during the quarter, the pause was welcomed by participants. The Fed continued to prioritize fighting higher inflation over full employment. In its press release for the December meeting, the Fed said that in determining the extent of any additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. They also indicated the Committee will continue to reduce the holdings on its balance sheet. The Fed’s prolonged pause in its rate-hiking cycle and the insertion of the word “any” in its December press release gave the market hope that the Fed may be ready to pivot in its stance and begin reducing rates to a less restrictive level in 2024. Muted growth in the US labor market continued in December, as nonfarm payrolls increased by 216,000, and unemployment held steady at 3.7%. Unemployment was little changed over the last year, closing 2022 at a level of 3.5%. Equity (Domestic and International) US equities moved broadly higher during the fourth quarter, led by a broad recovery across multiple sectors and expectations of a more favorable interest rate environment. The S&P 500 Index rose 11.7% for the quarter, its best-performing period since the first quarter of 2021. Small-cap value (15.3%) was the best- performing segment of the domestic equity market during the quarter, while large- cap value (9.5%), though solid, was the weakest relative performer for the period. International stocks experienced robust growth during the year, helped by a weakening US Dollar (USD). USD performance outpaced local currency (LCL) performance in most regions for the quarter, though both benchmarks were positive as the USD traded lower during the period. Global GDP growth continued to face challenges despite falling energy prices. European growth remained under pressure amid hawkish central bank policies. China continued to face economic challenges and drag on growth in the region. Additionally, renewed conflicts in the Middle East weighed on performance for the region and threatened to be a headwind going into 2024. Fixed Income While economic data signaled that inflation continued to moderate, the Fed maintained its conviction in fighting inflation by keeping the fed funds rate unchanged during the quarter. Equity and fixed-income markets rallied on the hope that this could signal a pivot in the Fed’s policy stance in 2024. US Government securities were the lowest relative performing US Aggregate Bond sector during the quarter, but bond returns surged as longer maturity yields fell significantly. Credit spreads also narrowed during the quarter, lifting performance for non-government sectors. Lower quality investment grade corporate bonds outperformed higher quality corporate issues, aided by narrowing credit spreads as well as higher coupons. Although the high yield bond benchmark’s duration is almost half of the US Aggregate Bond index’s duration, the high yield index managed to edge out the bellwether bond benchmark for the quarter. Global bonds outpaced the domestic bond market with the Global Aggregate ex-US Index besting the US Aggregate Index by 2.4% due to USD weakness. This brought results for the full year slightly ahead of the domestic bond market. Market Themes Central banks remained vigilant in their stance against inflation going into the new year. Signs of cooling price pressures have shown up in most regions around the world, and many central banks have chosen to pause on their rate hiking cycle, much in line with the US Fed’s stance. Geopolitical risk around the world continues to be a headwind for global growth and economic stability. In addition to the conflict in Ukraine, a proxy war arose in the Middle East in October between Israel and Palestine, which could drag on performance in the region in quarters to come. Short-term interest rates remained consistent across most developed markets as central banks continued their tight policy stance with an eye towards potential rate cuts in the indeterminate future. 2023 closed with both US and international equity markets affirming their recovery from the disappointing performance of 2022. Growth sectors significantly outpaced value sectors during the year. Page 6 The Market Environment Major Market Index Performance As of December 31, 2023 Domestic equity market performance surged in the fourth quarter. Many of the challenges facing the U.S. economy over the past several quarters have begun to wane and forecasts for easing inflation and positive economic growth have been a growing consensus. For the period, the S&P 500 large-cap benchmark returned 11.7% versus 12.8% for the Russell Mid Cap Index and 14.0% for the Russell 2000 small-cap index. International developed and emerging market equities also delivered strong results. Europe continued to face geopolitical risks related to the conflict in Ukraine and elevated interest rates. The developed market MSCI EAFE Index returned 10.4% for the quarter and the MSCI Emerging Markets Index rose by 7.9%. The domestic bond market rallied during the final two months of the year as the Fed took on a more dovish tone at their recent meetings. The Bloomberg US Aggregate Index returned 6.8% for the period, while investment-grade corporate bonds beat out the government and securitized sectors with a gain of 8.5%. During the 2023 calendar year, US equity markets posted their strongest performance since 2021. The large-cap S&P 500 Index finished 2023 with an exceptional 26.3% return. The weakest relative performance for the year was from the Russell 2000 Index, which still climbed 16.9%. International markets also reverted from their poor performance of the year prior. The MSCI EAFE Index was the best international index performer, returning 18.2%, while the MSCI Emerging Markets Index added a more tempered, but still solid, 9.8%. Bond markets were broadly higher for the year. Investment-grade corporate bonds were the best-performing sector of the US Aggregate Index and gained 8.5% for the year. Treasuries lagged at 4.1% during the year but were still a welcome relief from 2022’s negative bond market results. The bellwether fixed- income benchmark, the Bloomberg US Aggregate Index, climbed 5.5% in 2023. Source: Investment Metrics 1.4% 8.5% 7.5% 4.7% 5.6% 6.8% 7.9% 10.4% 9.8% 14.0% 12.8% 12.0% 12.1% 11.7% 0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0% Quarter Performance 5.2% 8.5% 5.0% 3.9% 4.1% 5.5% 9.8% 18.2% 15.6% 16.9% 17.2% 26.5% 26.0% 26.3% 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 7 Source: Investment Metrics The Market Environment Domestic Equity Style Index Performance As of December 31, 2023 After softening in the third quarter, core domestic equity benchmarks finished 2023 on a strong note. Increasing optimism regarding taming inflation and future economic growth were the primary factors driving performance during the quarter. While the global economy still faces geopolitical risk in the Middle East and Eastern Europe, the US economy remains resilient heading into 2024. The small-cap Russell 2000 Index (14.0%) led results this quarter among the core capitalization-based benchmarks, besting both the mid-cap (12.8%) and large- cap (12.0%) indices. Growth was favored over value across the broad market as the Russell 3000 Growth Index outpaced its value counterpart by 4.3%. However, among small-cap stocks, value led the way with the Russell 2000 Value Index returning 15.3%. The Russell 2000 Growth Index was not far behind, gaining 12.7% for the quarter. Outside of small cap, growth stocks broadly outperformed their value counterparts by a sizable margin for the quarter. This continued a persistent theme for 2023 of growth-based benchmark outperformance. Despite these differentials, the large-, mid-, and small-cap value benchmarks each posted solid performance for the quarter with the Russell 2000 Value Index posting a chart- leading return of 15.3%. The broad rally in domestic equity markets during the fourth quarter contributed to a strong year of index results. Within large-cap stocks, the Russell 1000 Growth Index returned an exceptional 42.7% for the year, leading the way among style and market capitalization-based benchmark results. The lowest relative performing equity index was the Russell 1000 Value, but still posted a double-digit return of 11.5% for the year. Growth rebounded during 2023 and led value-based benchmarks at all market capitalization ranges for the year. The Russell 2000 Growth Index returned 18.7%, outpacing the Russell 2000 Value Index’s 14.6% return by a span of 4.1%. The Russell 1000 Growth and Russell Midcap Growth benchmarks gained 42.7% and 25.9%, respectively, while their corresponding value index counterparts returned solid, but lagging, performance of 11.5% and 12.7%, respectively. 12.7% 14.0% 15.3% 14.5% 12.8% 12.1% 14.2% 12.0% 9.5% 14.1% 12.1% 9.8% 0.0%3.0%6.0%9.0%12.0%15.0%18.0% 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 18.7% 16.9% 14.6% 25.9% 17.2% 12.7% 42.7% 26.5% 11.5% 41.2% 26.0% 11.7% 0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0% 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 8 The Market Environment GICS Sector Performance & (Sector Weight) As of December 31, 2023 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. Large-cap sector performance was generally positive for the fourth quarter. Ten of 11 economic sectors posted positive absolute performance for the quarter, with five sectors outpacing the return of the Russell 1000 Index. After being challenged by rapidly rising inflation and an uncertain growth trajectory in 2022, the information technology sector rebounded significantly during 2023, ending the year with an impressive 17.3% return in the fourth quarter. The other four sectors that outpaced the headline index's return for the quarter were consumer discretionary (12.6%), financials (14.4%), industrials (13.5%) and real estate (18.0%). Energy was the only sector to lose ground for the quarter, returning -6.6%. For the full year, just three economic sectors exceeded the return of the broad large-cap benchmark but nine of the 11 sectors posted positive performance. Performance in the Information technology (60.5%), communication services (54.1%), and consumer discretionary (41.7%) sectors made the greatest contributions to the index’s 26.5% return during the year. The weakest economic sector in the Russell 1000 for the year was utilities, which declined by -7.0%. Ten small-cap economic sectors posted positive results during the quarter while six of 11 sectors exceeded the 14.0% return of the Russell 2000 Index. Performance in the financials (24.5%) sector led the way for the quarter while the energy (-6.0%) was the only sector to post a negative result. Like large-cap sector performance over the trailing year, ten small-cap sectors were positive. Consumer discretionary (27.7%) posted the strongest sector result, with honorable mentions going to the industrials and information technology sectors, which each returned more than 20% for the year. Seven of the 11 economic sectors fell short of the core small-cap benchmark’s return of 16.9% for the year. The worst-performing sector for the year was utilities, which slid -6.9% and was the only sector to post a negative return for 2023. -7.0% 12.2% 13.2% 60.5% 21.2% 2.2% 16.8% -1.3% 1.1% 41.7% 54.1% 8.8% 18.0% 10.4% 17.3% 13.5% 6.6% 14.4% -6.6% 5.4% 12.6% 11.5% -10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0% Utilities (2.3%) Real Estate (2.7%) Materials (2.3%) Info Technology (28.4%) Industrials (8.9%) Health Care (12.9%) Financials (12.6%) Energy (4.4%) Consumer Staples (6.1%) Consumer Disc (10.8%) Comm Services (8.4%) Russell 1000 Quarter 1-Year -6.9%13.7% 15.7% 27.6% 26.7% 8.1% 11.1% 11.6% 19.0% 27.7% 8.0% 6.9% 15.9% 16.0% 12.0% 13.8% 16.1% 24.5% -6.0% 14.7% 15.9% 11.3% -10.0%0.0%10.0%20.0%30.0% Utilities (2.9%) Real Estate (7.3%) Materials (4.8%) Info Technology (15.8%) Industrials (15.5%) Health Care (14.6%) Financials (14.3%) Energy (8.0%) Consumer Staples (4.3%) Consumer Disc (10.3%) Comm Services (2.1%) Russell 2000 Quarter 1-Year Page 9 The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of December 31, 2023 Source: Morningstar Direct Top 10 Weighted StocksTop 10 Weighted Stocks Sector1-Year Return 1-Qtr ReturnWeightRussell 2000Sector1-Year Return 1-Qtr ReturnWeightRussell 1000 Information Technology246.2%3.7%0.5%Super Micro Computer IncInformation Technology49.0%12.6%6.5%Apple Inc Industrials125.3%32.4%0.3%Simpson Manufacturing Co IncInformation Technology58.2%19.3%6.4%Microsoft Corp Consumer Staples161.0%31.4%0.3%e.l.f. Beauty IncConsumer Discretionary80.9%19.5%3.1%Amazon.com Inc Health Care82.2%183.4%0.3%Cytokinetics IncInformation Technology239.0%13.9%2.7%NVIDIA Corp Information Technology346.2%92.4%0.3%MicroStrategy Inc Class ACommunication Services58.3%6.7%1.9%Alphabet Inc Class A Industrials60.3%22.9%0.3%UFP Industries IncCommunication Services194.1%17.9%1.8%Meta Platforms Inc Class A Consumer Discretionary40.1%15.1%0.3%Light & Wonder Inc Ordinary SharesCommunication Services58.8%6.9%1.6%Alphabet Inc Class C Information Technology124.6%19.9%0.3%Onto Innovation IncConsumer Discretionary101.7%-0.7%1.6%Tesla Inc Information Technology90.5%22.3%0.3%Rambus IncFinancials15.5%1.8%1.5%Berkshire Hathaway Inc Class B Consumer Staples116.2%34.4%0.3%BellRing Brands Inc Class AHealth Care60.9%8.7%1.1%Eli Lilly and Co Top 10 Performing Stocks (by Quarter)Top 10 Performing Stocks (by Quarter) Sector1-Year Return 1-Qtr ReturnWeightRussell 2000Sector1-Year Return 1-Qtr ReturnWeightRussell 1000 Health Care10.2%374.8%0.0%Nkarta Inc Ordinary SharesFinancials391.4%131.6%0.1%Coinbase Global Inc Ordinary Shares Health Care-31.6%332.7%0.0%Altimmune IncFinancials408.2%131.0%0.0%Affirm Holdings Inc Ordinary Shares Health Care32.1%210.2%0.0%ALX Oncology Holdings IncConsumer Discretionary96.8%99.6%0.0%Gap Inc Health Care341.9%203.7%0.0%Pulse Biosciences IncIndustrials7.4%96.9%0.0%Spirit AeroSystems Holdings Inc Health Care-1.0%197.0%0.0%ImmunityBio Inc Ordinary SharesHealth Care61.1%87.2%0.0%Karuna Therapeutics Inc Information Technology440.7%189.5%0.1%Cleanspark IncFinancials106.9%77.0%0.0%Rocket Companies Inc Ordinary Shares Health Care560.3%189.2%0.0%EyePoint Pharmaceuticals IncFinancials23.1%74.8%0.1%Block Inc Class A Health Care82.2%183.4%0.3%Cytokinetics IncConsumer Discretionary1.6%74.8%0.0%Macy's Inc Health CareN/A180.0%0.0%RayzeBio incInformation Technology88.1%62.8%0.0%SentinelOne Inc Class A Information Technology586.8%176.4%0.2%Marathon Digital Holdings IncCommunication Services-0.5%61.9%0.0%Frontier Communications Parent Inc Bottom 10 Performing Stocks (by Quarter)Bottom 10 Performing Stocks (by Quarter) Sector1-Year Return 1-Qtr ReturnWeightRussell 2000Sector1-Year Return 1-Qtr ReturnWeightRussell 1000 Health Care-92.5%-92.9%0.0%Ventyx Biosciences IncIndustrials-75.4%-52.9%0.0%ChargePoint Holdings Inc Energy-98.1%-86.7%0.0%Enviva IncIndustrials-63.6%-40.8%0.0%Plug Power Inc Health Care-93.3%-84.7%0.0%Aclaris Therapeutics IncHealth Care-54.2%-34.5%0.0%Maravai LifeSciences Holdings Inc Industrials-87.7%-83.5%0.0%Li-Cycle Holdings Corp OrdinaryHealth Care-3.5%-29.9%0.0%R1 RCM Inc Health CareN/A-83.1%0.0%Ocean Biomedical IncHealth Care-22.2%-29.3%0.0%Agilon Health Inc Health Care-31.3%-79.0%0.0%Reneo Pharmaceuticals IncInformation Technology-25.1%-24.9%0.0%BILL Holdings Inc Ordinary Shares Communication Services-90.8%-77.1%0.0%Charge Enterprises IncConsumer Discretionary-38.4%-24.7%0.0%Lucid Group Inc Shs Health Care-95.7%-76.9%0.0%Cano Health Inc Ordinary Shares Communication Services-83.0%-23.4%0.0%AMC Entertainment Holdings Inc Health Care-86.4%-76.5%0.0%CareMax Inc Ordinary Shares Consumer Discretionary-66.7%-22.7%0.0%Petco Health and Wellness Co Inc Industrials-77.8%-74.5%0.0%Velo3D IncConsumer Discretionary-12.0%-21.6%0.0%Hasbro Inc Page 10 Source: MSCI Global Index Monitor (Returns are Net) The Market Environment International and Regional Market Index Performance (Country Count) As of December 31, 2023 The fourth quarter ended with strong performance across international equity markets in both in LCL and USD terms. The USD weakened substantially against most non-US currencies for the quarter, which boosted USD index performance relative to LCL returns. The developed market MSCI EAFE Index gained 10.4% in USD and 5.0% in LCL terms for the quarter. The MSCI Emerging Markets Index rose 7.9% in USD and a lower 5.6% in LCL terms. Latin America (LATAM) continued to lead the way, closing out 2023 with a quarterly return of 17.6% in USD terms. Performance in the region was driven by strong demand for commodity exports from growing worldwide production along with a USD performance boost due to LCL strength in the region. The performance of the largest weighted country in the emerging market index (China, 26.7%) lagged during the year with a return of -4.4% for the fourth quarter and -13.3% for the year in USD terms. Investors have struggled to accurately forecast the pace of China’s recovery after its economic reopening from COVID-19 lockdowns, which led to a flurry of spending that has since cooled. Similar to domestic markets, results for international developed and emerging markets were much stronger in 2023 after inflationary pressures and geopolitical risks stunted growth in 2022. Much of the strong USD performance in late 2022 abated in 2023 with many of the international indices showcasing modestly stronger performance in USD terms. Annual returns across emerging markets were bifurcated. The LATAM index finished significantly ahead of the other regional indexes in USD terms, with strengthening currencies contributing significantly to the region’s strong performance. The LATAM index returned 32.7% in USD and 20.8% in LCL terms for year. Performance in the EM Asia regional benchmark detracted from the emerging market index, with the EM Asia index posting returns of 7.8% in USD and 8.4% in LCL terms versus an overall MSCI Emerging Markets index return of 9.8% and 9.9% in USD and LCL terms, respectively. The EMEA, Asia and Pacific regions saw local currencies depreciate overall in 2023 due to factors related to additional military conflicts in the region and China’s sluggish growth. 14.3% 4.4% 6.8% 5.6% 3.7% 5.6% 5.0% 5.3% 5.4% 17.6% 6.7% 8.4% 7.9% 9.3% 11.0% 10.4% 10.5% 9.8% 0.0%5.0%10.0%15.0%20.0% 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 20.8% 8.4% 11.9% 9.9% 20.1% 14.3% 16.2% 15.8% 14.1% 32.7% 7.8% 8.2% 9.8% 15.3% 19.8% 18.2% 17.9% 15.6% 0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0% 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 11 The Market Environment US Dollar International Index Attribution & Country Detail As of December 31, 2023 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 13.1%8.9%4.1%Communication Services 21.7%8.0%11.8%Consumer Discretionary 4.5%5.2%9.3%Consumer Staples 12.5%0.4%4.3%Energy 18.8%10.0%18.9%Financials 9.3%4.9%12.8%Health Care 27.6%14.3%16.4%Industrials 36.4%21.3%8.6%Information Technology 19.9%17.1%7.8%Materials 9.1%14.9%2.5%Real Estate 17.0%14.0%3.5%Utilities 18.2%10.4%100.0%Total 1-Year ReturnQuarter ReturnSector WeightMSCI -ACWIxUS 5.7%4.7%5.2%Communication Services 12.7%5.7%11.5%Consumer Discretionary 4.9%5.6%8.0%Consumer Staples 15.0%2.3%5.6%Energy 16.2%10.1%21.2%Financials 8.0%5.2%9.3%Health Care 23.2%12.8%13.4%Industrials 36.3%20.0%12.5%Information Technology 12.2%12.5%8.0%Materials 5.3%11.1%2.1%Real Estate 12.0%13.6%3.2%Utilities 15.6%9.8%100.0%Total 1-Year ReturnQuarter ReturnSector WeightMSCI -Emerging Mkt -1.1%0.1%8.8%Communication Services -3.4%0.8%12.8%Consumer Discretionary 4.2%6.1%6.0%Consumer Staples 26.8%6.7%5.1%Energy 11.5%8.3%22.3%Financials -1.3%7.3%3.8%Health Care 5.4%6.3%6.8%Industrials 32.3%17.8%22.1%Information Technology 1.5%6.8%7.9%Materials -7.1%-0.2%1.6%Real Estate 2.0%12.8%2.7%Utilities 9.8%7.9%100.0%Total 1-YearQuarterMSCI-ACWIxUSMSCI-EAFE ReturnReturnWeightWeightCountry 17.8%8.0%14.4%22.5%Japan 9.5%6.1%9.5%14.7%United Kingdom 18.8%10.1%7.7%12.1%France 13.4%10.1%6.4%10.0%Switzerland 19.9%13.0%5.5%8.6%Germany 10.0%14.5%4.9%7.6%Australia 23.7%19.6%3.0%4.6%Netherlands 29.7%12.2%2.2%3.3%Denmark 21.0%20.9%2.1%3.2%Sweden 28.2%11.3%1.7%2.7%Spain 31.7%11.9%1.7%2.6%Italy -17.8%2.9%1.4%2.2%Hong Kong 0.4%3.8%0.9%1.4%Singapore -8.2%8.8%0.7%1.1%Finland 4.1%6.1%0.6%1.0%Belgium 9.3%9.0%0.4%0.7%Israel -0.4%2.2%0.4%0.7%Norway 22.9%6.2%0.3%0.5%Ireland 5.1%15.0%0.1%0.2%Portugal 3.4%14.4%0.1%0.2%New Zealand 12.8%9.6%0.1%0.2%Austria 18.2%10.4%64.3%100.0%Total EAFE Countries 12.6%10.6%7.7%Canada 17.9%10.5%72.0%Total Developed Countries -13.3%-4.4%7.5%China 19.6%11.6%4.7%India 26.9%17.2%4.5%Taiwan 21.7%14.7%3.6%Korea 23.4%15.8%1.6%Brazil 7.2%8.5%1.2%Saudi Arabia -1.6%12.1%0.9%South Africa 36.2%16.9%0.8%Mexico 3.3%1.7%0.5%Indonesia -12.6%3.6%0.5%Thailand -7.2%4.2%0.4%Malaysia -3.0%-3.2%0.4%United Arab Emirates 45.0%37.7%0.3%Poland -2.9%4.7%0.3%Qatar -10.4%-0.3%0.2%Kuwait -8.9%-12.5%0.2%Turkey 1.7%6.1%0.2%Philippines -1.2%6.2%0.1%Chile 44.2%11.7%0.1%Greece 30.2%22.8%0.1%Peru 45.5%17.0%0.1%Hungary 22.4%4.6%0.0%Czech Republic 2.3%12.8%0.0%Colombia 37.7%20.2%0.0%Egypt 9.8%7.9%28.0%Total Emerging Countries 15.6%9.8%100.0%Total ACWIxUS Countries Page 12 Source: Bloomberg The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of December 31, 2023 Fixed-income markets rallied during the fourth quarter. Yields remained elevated for much of the year as economies across the globe attempted to stave off inflationary pressures. A five-month-long pause in rate hikes by the Fed coupled with expectations of cooler price pressures drove a rally in bonds globally. After a challenging 2022 in fixed-income markets brought on by the largest and most rapid increase in interest rates since the early 1980s, higher starting yields and a slower pace of rate increases led to better results in 2023. While not without its challenges during the year, the fourth-quarter’s rally helped some of the fixed income sectors realize their best calendar-year performance since prior to the COVID-19 pandemic. The Bloomberg US Aggregate Bond Index, the bellwether US investment grade benchmark, posted its best-performing quarter of the year to close out 2023, returning 6.8% for the period. Performance across the investment grade index’s segments was broadly higher during the period with the Bloomberg US Corporate Investment Grade Index returning 8.5%, the US Mortgage Index finishing slightly lower at 7.5% and the US Treasury sector returning a more modest, but still solid, 5.7% for the quarter. Outside of the aggregate index's sub-components, high-yield bonds continued their strong performance for the year with a return of 7.2% for the quarter as credit spreads narrowed by more than 1.0%. US TIPS gained 4.7% for the quarter, lagging most of the fixed-income market. The Bloomberg Global Aggregate ex-US Index outpaced the domestic indices during the quarter, returning a strong 9.2%. Over the trailing one-year period, the Bloomberg US Aggregate Bond Index posted a return of 5.5%. The Corporate Investment-grade sector outperformed the broader index during the year, gaining 8.5%. US TIPS, which are excluded from the aggregate index, lagged at just 3.9% for the year. High-yield corporate bonds, which have a much shorter duration, outpaced their investment grade counterparts with the Bloomberg US High Yield Index returning a strong 13.4% for the calendar year. Non-US bonds exceeded their domestic counterparts for the quarter, lifting the 5.7% return of the Bloomberg Global Aggregate ex-US Index past the 5.5% return of US Aggregate Index for the year. Rising interest rates, elevated inflation, and geopolitical risks have hindered non-US index performance. Some of those headwinds eased in the fourth quarter, contributing to the index’s positive performance for the calendar year. 8.1% 9.2% 5.5% 6.8% 8.8% 8.1% 6.4% 4.7% 4.7% 7.2% 8.5% 7.5% 5.7% 0.0%2.0%4.0%6.0%8.0%10.0% Multiverse (6.6) Global Agg x US (7.2) Intermediate Agg (4.5) Aggregate (6.2) Baa (7.0) A (7.1) AA (6.1) AAA (4.3) U.S. TIPS (5.9) U.S. High Yield (3.2) U.S. Corporate IG (7.1) U.S. Mortgage (5.9) U.S. Treasury (6.2) Quarter Performance 6.0% 5.7% 5.2% 5.5% 9.4% 7.7% 5.8% 4.4% 3.9% 13.4% 8.5% 5.0% 4.1% 0.0%3.0%6.0%9.0%12.0%15.0% Multiverse (6.6) Global Agg x US (7.2) Intermediate Agg (4.5) Aggregate (6.2) Baa (7.0) A (7.1) AA (6.1) AAA (4.3) U.S. TIPS (5.9) U.S. High Yield (3.2) U.S. Corporate IG (7.1) U.S. Mortgage (5.9) U.S. Treasury (6.2) 1-Year Performance Page 13 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis) The Market Environment Market Rate & Yield Curve Comparison As of December 31, 2023 The gray band across the graph illustrates the range of the fed funds target rate. The Fed last raised its rate range at the July 2023 meeting. The lower end of the range remained at 5.25% at year-end. The Fed’s decision to pause on additional rate increases for the remainder of 2023 and took on a more dovish tone in their December press release, which was well-received by market participants. The yield on the US 10-year Treasury (green line) exceeded 5.00% during the final week of October, its highest mark since July 2007. However, the benchmark yield proceeded to fall more than 1.00% over the final two months of the year, with the 10-Year Treasury finishing the year at a yield of 3.88%. The sharp decline in yields was likely a response to market participants anticipating rate cuts by the Fed in 2024. The blue line illustrates changes in the BAA OAS (Option Adjusted Spread) for lower-quality investment-grade corporate bonds. This measure quantifies the additional yield premium that investors require to purchase and hold non-US Treasury issues with the lowest investment grade rating. For the full calendar year, the spread narrowed 0.44% from 1.73% to 1.29%, signaling a lower premium for credit risk than the beginning of the year. High Yield OAS spreads have narrowed from 4.81% in January 2023 to 3.39% as of the end of 2023. High-yield spreads reached their widest point in March 2023, before trending lower for the remainder of the year. The spike in both the BAA OAS and High Yield spreads in March was a result of a short-lived crisis of confidence in the banking sector, which was addressed quickly by the Federal Deposit Insurance Corporation (FDIC) and supported further by the Fed's aggressive short-term par loan program. Though spreads tightened since the high, spreads traded slightly wider during October on the heels of a spark in the conflict between Israel and Palestine. The lower graph provides a snapshot of the US Treasury yield curve at the end of each of the last four quarters. Short-term yields rose modestly during the year and remained elevated. Despite this, both intermediate and longer-term yields are lower than they were at the end of the third quarter. Since September, the yield curve has further inverted (meaning that short-term rates are higher than long-term rates) between the two-and 10-year maturities. This is consistent with market expectations for a lower interest rate environment going forward. Since the Fed generally lowers rates to support economic growth, a persistent inversion of these two key rates has historically suggested an economic recession within six to 24 months, though this is an imprecise predictor of future economic growth.0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 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 3/31/2023 6/30/2023 9/30/2023 12/31/2023 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 1-Year Trailing Market Rates Fed Funds Rate BAA OAS 10yr Treasury High Yield OAS Page 14 Page Intentionally Left Blank 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 (0.9%) Total Private Equity Composite (3.0%) Total Real Assets (10.2%) Total Fixed Income Composite (37.2%) Total Long/Short Equity Composite (0.0%) Total International Equity (13.3%) Total Domestic Equity (35.3%) 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 1,500,530,751 100.0 N/A N/A 100.0 --- Total Domestic Equity 529,363,744 35.3 10.0 50.0 35.0 -379,310,669 220,901,631 -4,177,981 Total International Equity 200,172,467 13.3 5.0 20.0 15.0 -125,145,929 99,933,683 24,907,146 Total Long/Short Equity Composite 607,837 0.0 0.0 7.5 0.0 -607,837 111,931,969 -607,837 Total Fixed Income Composite 558,843,329 37.2 10.0 45.0 30.0 -408,790,254 116,395,509 -108,684,104 Total Real Assets 153,662,859 10.2 0.0 15.0 10.0 -153,662,859 71,416,753 -3,609,784 Total Private Equity Composite 44,868,182 3.0 0.0 20.0 10.0 -44,868,182 255,237,968 105,184,893 Total Cash Composite 13,012,331 0.9 0.0 10.0 0.0 -13,012,331 137,040,744 -13,012,331 Asset Allocation Compliance Oakland County Employees' Retirement System Total Fund Composite As of December 31, 2023 Page 16 Executive Summary Policy Target In Policy Outside Policy 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%60.0% Total Cash Composite (0.9%) Total Real Assets (10.2%) Total Fixed Income Composite (37.2%) Total Long/Short Equity Composite (0.0%) Total International Equity (13.3%) Total Small Cap Equity Composite (6.4%) Total Mid Cap Equity Composite (8.6%) Total Large Cap Equity Composite (20.3%) Asset Allocation Compliance Asset Allocation $ Current Allocation (%) Target Allocation (%) Target Rebal. ($000) Total Fund Composite 1,500,530,751 100.0 100.0 - Total Large Cap Equity Composite 305,288,782 20.3 20.0 -5,182,632 Total Mid Cap Equity Composite 128,575,501 8.6 7.5 -16,035,694 Total Small Cap Equity Composite 95,499,461 6.4 7.5 17,040,345 Total International Equity 200,172,467 13.3 15.0 24,907,146 Total Long/Short Equity Composite 607,837 0.0 5.0 74,418,700 Total Fixed Income Composite 558,843,329 37.2 35.0 -33,657,566 Total Real Assets 153,662,859 10.2 10.0 -3,609,784 Total Cash Composite 13,012,331 0.9 0.0 -13,012,331 Asset Allocation Compliance Oakland County Employees' Retirement System Total Fund Composite As of December 31, 2023 Page 17 Asset Allocation By Segment as of September 30, 2023 : $1,407,225,134 Asset Allocation By Segment as of December 31, 2023 : $1,500,530,751 Allocation Segments Market Value Allocation Domestic Equity 496,727,457 35.3¢ International Equity 141,793,509 10.1¢ Emerging Equity 36,215,597 2.6¢ Domestic Fixed Income 360,658,688 25.6¢ Global Fixed Income 44,437,544 3.2¢ Real Estate 175,200,942 12.5¢ Private Equity 109,109,187 7.8¢ Cash Equivalent 30,925,460 2.2¢ Hedge Fund 12,156,750 0.9¢ Allocation Segments Market Value Allocation Domestic Equity 521,314,134 34.7¢ International Equity 158,889,348 10.6¢ Emerging Equity 38,567,687 2.6¢ Domestic Fixed Income 416,540,736 27.8¢ Global Fixed Income 42,889,062 2.9¢ Real Estate 171,771,681 11.4¢ Private Equity 106,216,890 7.1¢ Cash Equivalent 44,341,212 3.0¢ Hedge Fund -0.0¢ Asset Allocation Summary Total Fund Composite As of December 31, 2023 NONE Page 18 Dec-2023 : $1,500,530,751 Allocation Market Value Allocation SSgA S&P 500 67,743,716 4.5¢ SSgA S&P 500 Equal Weighted Index 79,064,181 5.3¢ T. Rowe Price 158,480,885 10.6¢ Kennedy Mid Cap Value 42,557,508 2.8¢ TimesSquare 43,789,989 2.9¢ Reinhart Partners 42,228,003 2.8¢ Leeward 48,021,174 3.2¢ Loomis Small Cap 47,478,287 3.2¢ Lazard 65,371,438 4.4¢ Hudson Edge HGK International 63,463,053 4.2¢ Allspring EM 32,770,289 2.2¢ ABS Emerging Markets Strat Port 38,567,687 2.6¢ ABS Offshore Global 607,837 0.0¢ CS McKee 260,956,346 17.4¢ Loomis Fixed Income 135,272,627 9.0¢ National Investment Fixed 19,999,721 1.3¢ Boyd Watterson Fixed 19,989,948 1.3¢ Pimco Diversified Income (PDIIX)42,889,062 2.9¢ Churchill Senior Loan Fund 6,807,416 0.5¢ Marathon Distressed Credit Fund LP 22,812,920 1.5¢ H.I.G. Bayside Loan Opportunity VI 17,111,725 1.1¢ BlackRock Direct Lending Feeder IX 17,598,826 1.2¢ Bloomfield Capital Fund V - Series B 15,404,738 1.0¢ ValStone Opportunity Fund V 2,384,351 0.2¢ Morgan Stanley 80,821,282 5.4¢ Macquarie Fund III Europe 38,010 0.0¢ Prudential PRISA II 52,426,268 3.5¢ Alidade Capital Fund IV 2,428,993 0.2¢ Walton Street Real Estate 4,424,576 0.3¢ AEW Real Estate 2,148,084 0.1¢ Dune Real Estate IV 8,991,295 0.6¢ Hamilton Lane Secondary Fund V LP 13,324,069 0.9¢ Portfolio Adv Secondary Agg IV 16,999,538 1.1¢ Sturbridge Diversified III 9,140,035 0.6¢ Capital Dynamics Global Secondaries VI 5,404,540 0.4¢ Liquidity Account 13,012,331 0.9¢ Asset Allocation by Asset Class Oakland County Employees' Retirement System As of December 31, 2023 Page 19 Asset Allocation Attributes Dec-2023 Sep-2023 Jun-2023 Mar-2023 Dec-2022 ($)%($)%($)%($)%($)% Total Fund Composite 1,500,530,751 100.00 1,407,225,134 100.00 1,457,746,621 100.00 1,439,418,473 100.00 1,393,624,059 100.00 Total Equity Composite 730,144,048 48.66 698,496,978 49.64 725,943,239 49.80 719,101,254 49.96 699,365,649 50.18 Total Domestic Equity 529,363,744 35.28 504,462,043 35.85 523,285,488 35.90 491,516,178 34.15 486,581,425 34.91 Total Large Cap Equity Composite 305,288,782 20.35 285,854,989 20.31 295,423,394 20.27 273,227,861 18.98 256,031,574 18.37 SSgA S&P 500 67,743,716 4.51 60,663,759 4.31 62,718,657 4.30 57,680,919 4.01 53,669,410 3.85 SSgA S&P 500 Equal Weighted Index 79,064,181 5.27 70,461,251 5.01 74,045,653 5.08 71,329,306 4.96 69,157,246 4.96 T. Rowe Price 158,480,885 10.56 154,729,979 11.00 158,659,085 10.88 144,217,637 10.02 133,204,918 9.56 Total Mid Cap Equity Composite 128,575,501 8.57 113,098,403 8.04 118,108,760 8.10 112,436,356 7.81 117,914,799 8.46 Vanguard Mid Cap Value (VOE)-0.00 23,750,644 1.69 25,096,320 1.72 24,314,667 1.69 24,526,877 1.76 TimesSquare 43,789,989 2.92 34,034,600 2.42 35,386,533 2.43 33,033,724 2.29 30,690,511 2.20 Vanguard Mid Cap (VO)-0.00 27,813,784 1.98 29,405,891 2.02 28,171,741 1.96 27,222,102 1.95 Reinhart Partners 42,228,003 2.81 27,499,375 1.95 28,220,017 1.94 26,916,224 1.87 35,475,309 2.55 Total Small Cap Equity Composite 95,499,461 6.36 105,508,650 7.50 109,753,334 7.53 105,851,961 7.35 112,635,052 8.08 Leeward 48,021,174 3.20 52,378,803 3.72 53,858,811 3.69 52,509,917 3.65 61,680,809 4.43 Loomis Small Cap 47,478,287 3.16 53,129,848 3.78 55,894,522 3.83 53,342,044 3.71 50,954,243 3.66 Total International Equity 200,172,467 13.34 181,878,186 12.92 190,416,074 13.06 205,541,210 14.28 191,180,567 13.72 Lazard 65,371,438 4.36 59,430,989 4.22 62,260,095 4.27 59,786,338 4.15 68,841,118 4.94 Hudson Edge HGK International 63,463,053 4.23 56,136,381 3.99 59,436,238 4.08 58,632,396 4.07 53,397,114 3.83 Fidelity Intl Index (FSPSX)-0.00 -0.00 -0.00 20,066,316 1.39 4,652,997 0.33 Allspring EM 32,770,289 2.18 30,095,219 2.14 31,909,933 2.19 31,528,032 2.19 30,052,733 2.16 ABS Emerging Markets 38,567,687 2.57 36,215,597 2.57 36,809,808 2.53 35,528,128 2.47 34,236,605 2.46 Total Long/Short Equity Composite 607,837 0.04 12,156,750 0.86 12,241,677 0.84 22,043,866 1.53 21,603,656 1.55 ABS Offshore Global 607,837 0.04 12,156,750 0.86 12,241,677 0.84 22,043,866 1.53 21,603,656 1.55 Total Fixed Income Composite 558,843,329 37.24 493,214,107 35.05 505,116,028 34.65 493,840,419 34.31 486,361,683 34.90 Total Core Fixed Income 436,218,643 29.07 368,798,141 26.21 381,735,768 26.19 373,448,592 25.94 362,564,824 26.02 CS McKee 260,956,346 17.39 242,874,397 17.26 250,839,809 17.21 246,704,639 17.14 240,387,817 17.25 Loomis Fixed Income 135,272,627 9.01 125,923,744 8.95 130,895,959 8.98 126,743,953 8.81 122,177,007 8.77 Total Global Fixed 42,889,062 2.86 44,437,544 3.16 44,928,026 3.08 44,525,674 3.09 53,262,114 3.82 Pimco Diversified Income (PDIIX)42,889,062 2.86 44,437,544 3.16 44,928,026 3.08 44,525,674 3.09 53,262,114 3.82 Historical Asset Allocation Total Fund As of December 31, 2023 Page 20 Historical Asset Allocation Total Fund As of December 31, 2023 Dec-2023 Sep-2023 Jun-2023 Mar-2023 Dec-2022 ($)%($)%($)%($)%($)% Private Fixed Income 79,735,625 5.31 79,978,422 5.68 78,452,234 5.38 75,866,152 5.27 70,534,746 5.06 Churchill Senior Loan Fund 6,807,416 0.45 6,673,591 0.47 6,454,827 0.44 6,199,571 0.43 6,089,155 0.44 Marathon Distressed Credit Fund LP 12,283,880 0.82 12,971,705 0.92 12,806,025 0.88 11,508,390 0.80 11,225,085 0.81 H.I.G. Bayside Loan Opportunity VI 9,214,006 0.61 8,397,864 0.60 8,417,945 0.58 8,419,353 0.58 8,295,831 0.60 BlackRock Direct Lending Feeder IX 17,598,826 1.17 18,295,005 1.30 17,532,175 1.20 17,585,038 1.22 17,718,601 1.27 Total Real Assets 153,662,859 10.24 158,309,094 11.25 160,595,577 11.02 164,167,760 11.41 164,768,496 11.82 Total Real Estate (Composite)153,662,859 10.24 158,309,094 11.25 160,595,577 11.02 164,167,760 11.41 164,768,496 11.82 ValStone Opportunity Fund V 2,384,351 0.16 2,473,323 0.18 2,463,417 0.17 2,611,034 0.18 2,738,311 0.20 Morgan Stanley 80,821,282 5.39 82,643,549 5.87 82,824,452 5.68 84,723,301 5.89 85,787,528 6.16 Prudential PRISA II 52,426,268 3.49 55,399,712 3.94 57,558,312 3.95 58,874,777 4.09 60,120,860 4.31 Alidade Capital Fund IV 2,428,993 0.16 2,428,993 0.17 2,557,698 0.18 2,570,484 0.18 2,996,955 0.22 Walton Street Real Estate 4,424,576 0.29 4,515,241 0.32 4,622,953 0.32 4,926,837 0.34 5,134,300 0.37 AEW Real Estate 2,148,084 0.14 2,458,659 0.17 2,501,255 0.17 2,498,888 0.17 2,483,544 0.18 Dune Real Estate IV 8,991,295 0.60 8,351,784 0.59 8,025,296 0.55 7,920,625 0.55 5,464,223 0.39 Total Private Equity Composite 44,868,182 2.99 46,306,174 3.29 44,734,261 3.07 43,591,709 3.03 39,214,458 2.81 Macquarie II U.S.-0.00 -0.00 -0.00 -0.00 3 0.00 Macquarie Fund III Europe 38,010 0.00 37,834 0.00 42,193 0.00 41,815 0.00 42,773 0.00 Hamilton Lane Secondary Fund V LP 13,324,069 0.89 14,965,304 1.06 15,137,689 1.04 15,135,299 1.05 14,956,067 1.07 Portfolio Adv Secondary Agg IV 9,714,022 0.65 10,193,004 0.72 9,568,679 0.66 9,194,711 0.64 9,227,720 0.66 Sturbridge Diversified III 9,140,035 0.61 9,140,035 0.65 8,812,516 0.60 9,574,843 0.67 8,109,885 0.58 Total Cash Composite 13,012,331 0.87 10,898,780 0.77 21,357,517 1.47 18,717,331 1.30 3,913,773 0.28 Liquidity Account 13,012,331 0.87 10,898,780 0.77 21,357,517 1.47 18,717,331 1.30 3,913,773 0.28 Page 21 Financial Reconciliation Market Value 10/01/2023 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 12/31/2023 Total Fund Composite 1,407,225,134 -69,867 -12,342,097 -912,657 -8,981 8,438,201 98,061,285 1,500,530,751 Total Equity Composite 698,496,978 -46,706,974 69,867 --206,679 -957 2,257,234 76,234,580 730,144,048 Total Domestic Equity 504,462,043 -35,158,062 ---9,633 -120 1,390,960 58,678,555 529,363,744 Total Large Cap Equity Composite 285,854,989 -15,000,000 ---9,633 -643,934 33,799,491 305,288,782 SSgA S&P 500 60,663,759 ----3,127 --7,083,084 67,743,716 SSgA S&P 500 Equal Weighted Index 70,461,251 ----6,506 --8,609,436 79,064,181 T. Rowe Price 154,729,979 -15,000,000 ----643,934 18,106,972 158,480,885 Total Mid Cap Equity Composite 113,098,403 -158,062 ----110 411,855 15,223,415 128,575,501 Vanguard Mid Cap Value (VOE)23,750,644 -25,235,966 -----1,485,322 - TimesSquare 34,034,600 5,088,420 ----110 92,810 4,574,269 43,789,989 Vanguard Mid Cap (VO)27,813,784 -30,958,382 ----158,062 2,986,536 - Reinhart Partners 27,499,375 10,377,000 ----109,506 4,242,122 42,228,003 Total Small Cap Equity Composite 105,508,650 -20,000,000 ----10 335,171 9,655,649 95,499,461 Leeward 52,378,803 -10,000,000 ----258,726 5,383,646 48,021,174 Loomis Small Cap 53,129,848 -10,000,000 ----10 76,445 4,272,004 47,478,287 Total International Equity 181,878,186 -69,867 --197,047 -837 866,274 17,556,025 200,172,467 Lazard 59,430,989 -----837 733,385 5,207,902 65,371,438 Hudson Edge HGK International 56,136,381 ----127,180 -132,889 7,320,963 63,463,053 Allspring EM 30,095,219 -69,867 --69,867 --2,675,070 32,770,289 ABS Emerging Markets 36,215,597 ------2,352,090 38,567,687 Total Long/Short Equity Composite 12,156,750 -11,548,912 ------607,837 ABS Offshore Global 12,156,750 -11,548,912 ------607,837 Total Fixed Income Composite 493,214,107 33,741,527 ---194,045 -4,745,411 27,336,329 558,843,329 Total Core Fixed Income 368,798,141 40,000,000 ----4,175,513 23,244,989 436,218,643 CS McKee 242,874,397 -----2,539,314 15,542,635 260,956,346 Loomis Fixed Income 125,923,744 -----1,613,420 7,735,464 135,272,627 Total Global Fixed 44,437,544 -5,000,000 ---84,018 -569,898 2,965,637 42,889,062 Pimco Diversified Income (PDIIX)44,437,544 -5,000,000 ---84,018 -569,898 2,965,637 42,889,062 Financial Reconciliation Total Fund 1 Quarter Ending December 31, 2023 Page 22 Financial Reconciliation Total Fund 1 Quarter Ending December 31, 2023 Market Value 10/01/2023 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 12/31/2023 Private Fixed Income 79,978,422 -1,258,473 ---110,027 --1,125,703 79,735,625 Churchill Senior Loan Fund 6,673,591 -203,684 -----337,509 6,807,416 Marathon Distressed Credit Fund LP 24,090,309 -1,042,558 ------234,830 22,812,920 H.I.G. Bayside Loan Opportunity VI 15,596,032 1,516,143 ---450 ---17,111,725 BlackRock Direct Lending Feeder IX 18,295,005 -1,244,812 ---109,577 --658,210 17,598,826 Bloomfield Capital Fund V - Series B 15,323,485 -283,562 -----364,814 15,404,738 Total Real Assets 158,309,094 331,653 ---437,120 -7,887 1,173,868 -5,706,750 153,662,859 Total Real Estate 158,309,094 331,653 ---437,120 -7,887 1,173,868 -5,706,750 153,662,859 ValStone Opportunity Fund V 2,473,323 -------88,972 2,384,351 Morgan Stanley 82,643,549 ----258,025 -814,203 -2,378,445 80,821,282 Prudential PRISA II 55,399,712 ----157,805 -359,665 -3,175,304 52,426,268 Alidade Capital Fund IV 2,428,993 -------2,428,993 Walton Street Real Estate 4,515,241 -144,439 ---21,290 -7,887 -82,950 4,424,576 AEW Real Estate 2,458,659 -310,575 ------2,148,084 Dune Real Estate IV 8,351,784 786,667 ------147,156 8,991,295 Total Private Equity Composite 46,306,174 -1,322,652 ---74,813 ---40,527 44,868,182 Macquarie Fund III Europe 37,834 ------176 38,010 Hamilton Lane Secondary Fund V LP 14,965,304 -1,566,422 ---74,813 ---13,324,069 Portfolio Adv Secondary Agg IV 17,837,754 -797,689 ------40,527 16,999,538 Sturbridge Diversified III 9,140,035 -------9,140,035 Total Cash Composite 10,898,780 13,956,445 --12,342,097 --137 261,688 237,652 13,012,331 Liquidity Account 10,898,780 13,956,445 --12,342,097 --137 261,688 237,652 13,012,331 Page 23 -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 35.28 (45)13.34 (67)2.86 (89)29.07 (64)5.34 (71)13.25 (6)0.87 (65) 5th Percentile 50.85 25.14 29.93 43.17 22.42 13.90 10.21 1st Quartile 41.19 20.23 12.66 37.51 14.06 8.96 3.40 Median 33.60 16.11 6.30 32.01 9.28 5.69 1.49 3rd Quartile 27.84 11.61 3.98 27.14 4.90 4.10 0.53 95th Percentile 17.41 6.37 1.91 19.18 2.03 2.14 0.05 Plan Sponsor TF Asset Allocation Total Fund Composite Vs. All Master Trust - Eq 40-60% FI 25-45% As of December 31, 2023 Page 24 Asset Allocation & Performance Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Fund Composite (Gross)1,500,530,751 100.0 7.61 (74)7.61 (74)11.66 (80)11.66 (80)3.83 (27)8.17 (41)7.13 (41)6.50 (33)5.61 (83)06/01/1998 Total Fund Policy Index 8.36 (53)8.36 (53)12.23 (72)12.23 (72)2.83 (54)7.72 (57)6.85 (52)6.39 (39)5.90 (75) Difference -0.75 -0.75 -0.57 -0.57 1.00 0.45 0.28 0.11 -0.29 All Master Trust - Eq 40-60% FI 25-45% Median 8.42 8.42 13.31 13.31 2.93 7.85 6.92 6.13 6.26 Total Fund Composite (Net)1,500,530,751 100.0 7.54 7.54 11.42 11.42 3.63 7.94 6.84 6.26 5.52 06/01/1998 Total Fund Policy Index 8.36 8.36 12.23 12.23 2.83 7.72 6.85 6.39 5.90 Difference -0.82 -0.82 -0.81 -0.81 0.80 0.22 -0.01 -0.13 -0.38 Total Equity Composite 730,144,048 48.7 11.52 11.52 19.54 19.54 6.12 11.89 9.83 8.49 5.96 04/01/1998 Total Equity Index 11.59 11.59 20.80 20.80 6.30 12.38 10.35 9.48 7.12 Difference -0.07 -0.07 -1.26 -1.26 -0.18 -0.49 -0.52 -0.99 -1.16 Total Fixed Income Composite 558,843,329 37.2 6.49 6.49 7.67 7.67 -1.39 1.94 2.04 2.31 4.47 04/01/1998 Total Fixed Income Index 6.98 6.98 5.69 5.69 -3.62 0.96 1.23 1.63 3.94 Difference -0.49 -0.49 1.98 1.98 2.23 0.98 0.81 0.68 0.53 Total Real Assets 153,662,859 10.2 -2.86 -2.86 -6.94 -6.94 7.34 7.11 7.93 8.95 7.25 07/01/2008 NCREIF Fund Index-ODCE (VW)-4.83 -4.83 -12.02 -12.02 4.92 4.25 5.30 7.29 5.04 Difference 1.97 1.97 5.08 5.08 2.42 2.86 2.63 1.66 2.21 Total Private Equity Composite 44,868,182 3.0 -0.09 -0.09 8.47 8.47 21.34 N/A N/A N/A 31.70 04/01/2020 Russell Microcap Index 16.06 16.06 9.33 9.33 0.61 8.56 5.79 5.79 17.16 Difference -16.15 -16.15 -0.86 -0.86 20.73 N/A N/A N/A 14.54 Total Cash Composite 13,012,331 0.9 Asset Allocation & Performance Total Fund Composite (Gross) As of December 31, 2023 Page 25 Asset Allocation & Performance Total Fund Composite (Gross) As of December 31, 2023 Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Domestic Equity 529,363,744 35.3 Total Large Cap Equity Composite 305,288,782 20.3 12.05 (43)12.05 (43)25.11 (51)25.11 (51)10.52 (34)15.97 (36)13.49 (40)12.11 (37)11.13 (45)07/01/2008 IM U.S. Large Cap Equity (SA+CF) Median 11.73 11.73 25.14 25.14 9.56 15.30 13.21 11.78 11.06 SSgA S&P 500 (1.5 bps)67,743,716 4.5 11.68 (48)11.68 (48)26.25 (39)26.25 (39)9.93 (49)15.62 (44)13.36 (45)12.00 (43)13.32 (50)10/01/2009 S&P 500 Index 11.69 (46)11.69 (46)26.29 (38)26.29 (38)10.00 (47)15.69 (41)13.42 (40)12.03 (39)13.35 (49) Difference -0.01 -0.01 -0.04 -0.04 -0.07 -0.07 -0.06 -0.03 -0.03 IM U.S. Large Cap Core Equity (SA+CF) Median 11.61 11.61 24.70 24.70 9.82 15.29 13.23 11.83 13.32 SSgA S&P 500 Equal Weighted Index (4 bps)79,064,181 5.3 12.22 (32)12.22 (32)14.37 (87)14.37 (87)9.55 (55)13.83 (73)N/A N/A 9.25 (78)02/01/2018 S&P 500 Equal Weighted 11.87 (39)11.87 (39)13.87 (89)13.87 (89)9.34 (58)13.77 (74)11.13 (81)10.40 (84)9.22 (78) Difference 0.35 0.35 0.50 0.50 0.21 0.06 N/A N/A 0.03 IM U.S. Large Cap Core Equity (SA+CF) Median 11.61 11.61 24.70 24.70 9.82 15.29 13.23 11.83 10.73 T. Rowe Price (25 bps)158,480,885 10.6 12.12 (34)12.12 (34)30.24 (13)30.24 (13)10.75 (32)16.87 (21)14.63 (18)12.94 (16)14.00 (20)10/01/2009 S&P 500 Index 11.69 (46)11.69 (46)26.29 (38)26.29 (38)10.00 (47)15.69 (41)13.42 (40)12.03 (39)13.35 (49) Difference 0.43 0.43 3.95 3.95 0.75 1.18 1.21 0.91 0.65 IM U.S. Large Cap Core Equity (SA+CF) Median 11.61 11.61 24.70 24.70 9.82 15.29 13.23 11.83 13.32 Total Mid Cap Equity Composite 128,575,501 8.6 14.04 (17)14.04 (17)19.82 (44)19.82 (44)6.84 (57)11.37 (85)8.99 (80)8.26 (87)9.10 (91)07/01/2008 IM U.S. Mid Cap Equity (SA+CF) Median 11.95 11.95 18.56 18.56 8.03 13.58 10.84 9.89 10.46 TimesSquare (80 bps)43,789,989 2.9 13.41 (49)13.41 (49)25.77 (24)25.77 (24)5.01 (13)16.66 (5)14.51 (22)11.72 (27)14.24 (30)09/01/2009 Russell Midcap Growth Index 14.55 (17)14.55 (17)25.87 (22)25.87 (22)1.31 (43)13.81 (60)12.49 (73)10.57 (63)13.34 (62) Difference -1.14 -1.14 -0.10 -0.10 3.70 2.85 2.02 1.15 0.90 IM U.S. Mid Cap Growth Equity (SA+CF) Median 13.28 13.28 23.42 23.42 0.76 14.32 13.19 10.76 13.92 Reinhart Partners (65 bps)42,228,003 2.8 15.82 (1)15.82 (1)24.98 (2)24.98 (2)15.19 (2)N/A N/A N/A 12.73 (3)05/01/2019 Russell 2500 Index 13.35 (19)13.35 (19)17.42 (20)17.42 (20)4.24 (89)11.67 (42)8.98 (28)8.36 (29)8.27 (45) Difference 2.47 2.47 7.56 7.56 10.95 N/A N/A N/A 4.46 IM U.S. SMID Cap Core Equity (MF) Median 11.54 11.54 15.31 15.31 7.32 11.14 7.54 7.38 8.09 Page 26 Asset Allocation & Performance Total Fund Composite (Gross) As of December 31, 2023 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 95,499,461 6.4 9.58 (87)9.58 (87)11.97 (87)11.97 (87)4.71 (61)12.16 (58)9.34 (53)8.23 (67)9.81 (68)07/01/2008 IM U.S. Small Cap Equity (SA+CF) Median 12.69 12.69 17.45 17.45 6.80 12.42 9.47 8.87 10.40 Leeward (70 bps)48,021,174 3.2 10.95 (82)10.95 (82)11.10 (91)11.10 (91)10.82 (49)12.58 (52)7.68 (64)8.52 (49)9.31 (39)09/01/2005 Russell 2000 Value Index 15.26 (13)15.26 (13)14.65 (73)14.65 (73)7.94 (77)10.00 (93)6.10 (94)6.76 (93)6.98 (99) Difference -4.31 -4.31 -3.55 -3.55 2.88 2.58 1.58 1.76 2.33 IM U.S. Small Cap Value Equity (SA+CF) Median 12.95 12.95 17.24 17.24 10.77 12.62 8.38 8.35 8.97 Loomis Small Cap (90 bps)47,478,287 3.2 8.24 (90)8.24 (90)12.86 (78)12.86 (78)-0.99 (48)11.03 (76)11.78 (56)9.26 (61)12.26 (56)09/01/2012 Russell 2000 Growth Index 12.75 (28)12.75 (28)18.66 (50)18.66 (50)-3.50 (63)9.22 (90)8.08 (97)7.16 (98)10.05 (98) Difference -4.51 -4.51 -5.80 -5.80 2.51 1.81 3.70 2.10 2.21 IM U.S. Small Cap Growth Equity (SA+CF) Median 10.99 10.99 18.48 18.48 -1.40 12.46 11.87 9.66 12.46 Total International Equity 200,172,467 13.3 10.13 (51)10.13 (51)16.20 (61)16.20 (61)-0.20 (77)6.62 (84)6.17 (82)4.04 (89)3.92 (84)07/01/2008 Total International Equity Index 9.82 (58)9.82 (58)16.21 (61)16.21 (61)2.04 (60)7.60 (69)6.84 (69)4.32 (81)3.35 (95) Difference 0.31 0.31 -0.01 -0.01 -2.24 -0.98 -0.67 -0.28 0.57 IM International Equity (SA+CF) Median 10.16 10.16 17.71 17.71 3.31 8.72 7.56 5.28 5.17 Lazard (75 bps)65,371,438 4.4 10.00 (54)10.00 (54)19.06 (38)19.06 (38)2.00 (60)7.22 (78)7.17 (62)4.86 (64)5.55 (46)09/01/2006 MSCI AC World ex USA 9.82 (58)9.82 (58)16.21 (61)16.21 (61)2.04 (60)7.60 (69)6.84 (69)4.32 (81)4.19 (85) Difference 0.18 0.18 2.85 2.85 -0.04 -0.38 0.33 0.54 1.36 IM International Equity (SA+CF) Median 10.16 10.16 17.71 17.71 3.31 8.72 7.56 5.28 5.28 HGK International (100 bps)63,463,053 4.2 13.29 (28)13.29 (28)19.82 (24)19.82 (24)N/A N/A N/A N/A 20.59 (7)09/01/2022 MSCI EAFE (Net) Index 10.42 (74)10.42 (74)18.24 (39)18.24 (39)4.02 (13)8.16 (81)6.91 (91)4.28 (95)18.76 (11) Difference 2.87 2.87 1.58 1.58 N/A N/A N/A N/A 1.83 IM International LCG Equity (SA+CF)12.08 12.08 16.98 16.98 0.22 9.88 9.03 5.96 15.07 Allspring EM (95 bps)32,770,289 2.2 8.89 (31)8.89 (31)9.04 (68)9.04 (68)-7.82 (72)5.02 (53)5.96 (51)3.75 (45)3.84 (N/A)11/01/2012 MSCI Emerging Markets Index 7.93 (49)7.93 (49)10.26 (59)10.26 (59)-4.71 (49)4.08 (72)5.37 (64)3.05 (66)3.07 (N/A) Difference 0.96 0.96 -1.22 -1.22 -3.11 0.94 0.59 0.70 0.77 IM Emerging Markets Equity (SA+CF+MF) Median 7.89 7.89 11.92 11.92 -4.99 5.19 5.96 3.64 N/A ABS Emerging Markets (75 bps)38,567,687 2.6 6.49 (79)6.49 (79)12.65 (52)12.65 (52)N/A N/A N/A N/A 6.71 (57)07/01/2022 MSCI Emerging Markets Index 7.93 (55)7.93 (55)10.26 (64)10.26 (64)-4.71 (59)4.08 (79)5.37 (72)3.05 (79)4.77 (69) Difference -1.44 -1.44 2.39 2.39 N/A N/A N/A N/A 1.94 IM Emerging Markets Equity (SA+CF) Median 8.18 8.18 12.87 12.87 -3.16 5.62 6.45 3.94 8.10 Page 27 Asset Allocation & Performance Total Fund Composite (Gross) As of December 31, 2023 Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Core Fixed Income 436,218,643 29.1 7.38 (8)7.38 (8)6.36 (33)6.36 (33)-2.73 (31)1.82 (31)1.91 (33)N/A 1.49 (30)09/01/2016 IM U.S. Broad Market Core Fixed Inc (SA+CF)6.82 6.82 6.05 6.05 -3.00 1.65 1.76 2.25 1.30 CS McKee (17 bps)260,956,346 17.4 7.45 (6)7.45 (6)6.39 (29)6.39 (29)-2.82 (37)1.49 (67)1.61 (67)2.13 (68)2.68 (72)02/01/2010 Blmbg. U.S. Aggregate Index 6.82 (52)6.82 (52)5.53 (84)5.53 (84)-3.31 (80)1.10 (96)1.29 (97)1.81 (95)2.35 (92) Difference 0.63 0.63 0.86 0.86 0.49 0.39 0.32 0.32 0.33 IM U.S. Broad Market Core Fixed Inc (SA+CF)6.82 6.82 6.05 6.05 -3.00 1.65 1.76 2.25 2.87 Loomis Fixed Income (30 bps)135,272,627 9.0 7.42 (6)7.42 (6)6.49 (26)6.49 (26)-2.52 (19)2.53 (8)2.59 (6)2.96 (6)4.18 (4)04/01/2010 Blmbg. U.S. Aggregate Index 6.82 (52)6.82 (52)5.53 (84)5.53 (84)-3.31 (80)1.10 (96)1.29 (97)1.81 (95)2.36 (92) Difference 0.60 0.60 0.96 0.96 0.79 1.43 1.30 1.15 1.82 IM U.S. Broad Market Core Fixed Inc (SA+CF)6.82 6.82 6.05 6.05 -3.00 1.65 1.76 2.25 2.88 Total Global Fixed 42,889,062 2.9 7.99 (38)7.99 (38)10.96 (33)10.96 (33)-0.68 (45)-1.31 (99)-0.38 (100)N/A 0.04 (99)12/01/2016 IM Global Fixed Income (SA+CF) Median 7.30 7.30 8.99 8.99 -1.32 3.15 3.04 2.83 3.12 Pimco Diversified Income (PDIIX)42,889,062 2.9 7.99 (36)7.99 (36)10.77 (4)10.77 (4)N/A N/A N/A N/A -0.27 (11)03/01/2021 Blmbg. Global Credit (Hedged)7.32 (51)7.32 (51)9.36 (9)9.36 (9)-2.06 (27)2.51 (11)2.51 (14)3.11 (7)-1.54 (26) Difference 0.67 0.67 1.41 1.41 N/A N/A N/A N/A 1.27 IM Global Fixed Income (MF) Median 7.37 7.37 6.74 6.74 -3.56 0.82 1.25 1.12 -2.80 Total Real Estate (Composite)153,662,859 10.2 -2.86 (43)-2.86 (43)-6.94 (19)-6.94 (19)7.34 (17)6.38 (17)7.26 (16)N/A 7.58 (N/A)12/01/2016 IM U.S. Open End Private RE (SA+CF)-4.10 -4.10 -10.76 -10.76 5.04 4.63 5.75 7.50 N/A Morgan Stanley (84 bps)80,821,282 5.4 -1.89 (28)-1.89 (28)-5.01 (13)-5.01 (13)7.48 (17)6.27 (18)7.17 (16)9.13 (18)6.48 (17)01/01/2008 NCREIF Fund Index-ODCE (VW)-4.83 (64)-4.83 (64)-12.02 (55)-12.02 (55)4.92 (53)4.25 (62)5.30 (60)7.29 (59)4.99 (61) Difference 2.94 2.94 7.01 7.01 2.56 2.02 1.87 1.84 1.49 IM U.S. Open End Private RE (SA+CF)-4.10 -4.10 -10.76 -10.76 5.04 4.63 5.75 7.50 5.29 Prudential PRISA II (85 bps)52,426,268 3.5 -5.08 (68)-5.08 (68)-11.77 (54)-11.77 (54)5.54 (28)5.07 (28)6.23 (19)8.48 (19)9.56 (27)10/01/2011 NCREIF Property Index -3.02 (43)-3.02 (43)-7.94 (24)-7.94 (24)4.57 (59)4.33 (62)5.04 (68)6.80 (73)7.55 (85) Difference -2.06 -2.06 -3.83 -3.83 0.97 0.74 1.19 1.68 2.01 IM U.S. Open End Private RE (SA+CF)-4.10 -4.10 -10.76 -10.76 5.04 4.63 5.75 7.50 8.63 Total Cash Composite 13,012,331 0.9 Page 28 Comparative Performance - IRR QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date ValStone Opportunity Fund V -3.60 -3.60 -6.16 -6.16 2.12 4.39 5.18 N/A 6.10 08/27/2014 Macquarie Fund III Europe 0.47 0.47 -11.13 -11.13 -24.19 49.75 28.16 8.56 8.45 10/17/2008 Alidade Capital Fund IV 0.00 0.00 -4.25 -4.25 10.24 10.49 N/A N/A 8.96 04/20/2017 Walton Street Real Estate 1.20 1.20 -0.36 -0.36 10.97 9.11 N/A N/A 10.36 05/25/2017 AEW Real Estate 0.00 0.00 2.24 2.24 39.43 22.22 N/A N/A 19.26 09/26/2017 Churchill Senior Loan Fund 5.13 5.13 22.09 22.09 14.63 8.57 N/A N/A 8.39 12/07/2017 Dune Real Estate IV -1.72 -1.72 -0.38 -0.38 8.73 N/A N/A N/A 4.52 08/22/2019 Hamilton Lane Secondary Fund V LP -0.50 -0.50 1.51 1.51 13.29 N/A N/A N/A 18.61 04/28/2020 Marathon Distressed Credit Fund LP -1.00 -1.00 6.74 6.74 5.99 N/A N/A N/A 7.78 09/10/2020 H.I.G. Bayside Loan Opportunity VI 0.00 0.00 11.83 11.83 7.22 N/A N/A N/A 10.27 09/29/2020 Portfolio Adv Secondary Agg IV -0.23 -0.23 2.75 2.75 9.64 N/A N/A N/A 11.31 11/02/2020 BlackRock Direct Lending Feeder IX 3.11 3.11 16.48 16.48 9.16 N/A N/A N/A 9.16 01/05/2021 Bloomfield Capital Fund V - Series B 2.43 2.43 9.47 9.47 N/A N/A N/A N/A 8.32 03/25/2022 Sturbridge Diversified III 0.00 0.00 12.70 12.70 N/A N/A N/A N/A 65.33 12/27/2022 Capital Dynamics Global Secondaries VI 0.00 0.00 72.83 72.83 N/A N/A N/A N/A 72.83 02/10/2023 Comparative Performance - IRR Private Investments As of December 31, 2023 Page 29 Page Intentionally Left Blank Page 30 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 e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Total Fund Composite 7.61 (74)7.61 (74)11.66 (80)-0.26 (18)3.83 (27)5.71 (38)8.17 (41) Total Fund Policy Index 8.36 (53)8.36 (53)12.23 (72)-1.36 (55)2.83 (54)5.20 (57)7.72 (57) Median 8.42 8.42 13.31 -1.24 2.93 5.32 7.85 -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 R e tu r n 2022 2021 2020 2019 2018 Total Fund Composite -10.90 (10)12.51 (42)11.57 (69)18.57 (53)-4.09 (34) Total Fund Policy Index -13.31 (36)11.77 (53)12.63 (51)18.40 (56)-3.67 (24) Median -14.31 11.96 12.68 18.70 -4.79 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 Total Fund Composite -2.78 (42)2.62 (68)4.00 (77)5.31 (75)-3.52 (9)-8.55 (11) Total Fund Policy Index -3.32 (71)2.80 (56)4.21 (67)5.52 (69)-4.68 (48)-9.96 (35) All Master Trust - Eq 40-60% FI 25-45% Median -2.91 2.89 4.54 6.11 -4.79 -10.47 As of December 31, 2023 Performance Review Total Fund Composite NONE Page 31 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 0.0 5.0 10.0 15.0 20.0 To ta l F u n d 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 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Total Fund Composite 20 3 (15%)7 (35%)10 (50%)0 (0%) Total Fund Policy Index 20 0 (0%)12 (60%)8 (40%)0 (0%) 2.72 3.06 3.40 3.74 4.08 R etu r n (% ) 9.57 9.86 10.15 10.44 10.73 11.02 11.31 11.60 Risk (Standard Deviation %) Return Standard Deviation Total Fund Composite 3.83 9.87 Total Fund Policy Index 2.83 11.08 Median 2.93 11.31¾ 7.60 7.80 8.00 8.20 8.40 R etu r n (% ) 10.8 11.1 11.4 11.7 12.0 12.3 Risk (Standard Deviation %) Return Standard Deviation Total Fund Composite 8.17 11.01 Total Fund Policy Index 7.72 11.32 Median 7.85 11.97¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Total Fund Composite 1.75 94.40 87.20 1.24 0.48 0.22 0.88 6.38 Total Fund Policy Index 0.00 100.00 100.00 0.00 N/A 0.12 1.00 7.50 90 Day U.S. Treasury Bill 11.03 6.54 -6.77 2.13 -0.12 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Total Fund Composite 1.68 98.83 94.86 0.70 0.23 0.60 0.96 7.09 Total Fund Policy Index 0.00 100.00 100.00 0.00 N/A 0.55 1.00 7.27 90 Day U.S. Treasury Bill 11.37 5.30 -6.47 1.90 -0.55 N/A 0.00 0.00 As of December 31, 2023 Performance Review Total Fund Composite 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 11.68 (48)11.68 (48)26.25 (39)1.59 (57)9.93 (49)11.97 (46)15.62 (44) S&P 500 Index 11.69 (46)11.69 (46)26.29 (38)1.69 (54)10.00 (47)12.04 (43)15.69 (41) Median 11.61 11.61 24.70 1.84 9.82 11.76 15.29 -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 2022 2021 2020 2019 2018 SSgA S&P 500 -18.25 (69)28.70 (37)18.34 (47)31.44 (35)-4.41 (42) S&P 500 Index -18.11 (66)28.71 (37)18.40 (46)31.49 (34)-4.38 (40) Median -16.49 27.75 17.65 30.06 -5.05 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 SSgA S&P 500 -3.27 (74)8.74 (31)7.48 (28)7.57 (61)-4.88 (55)-16.11 (69) S&P 500 Index -3.27 (74)8.74 (31)7.50 (26)7.56 (61)-4.88 (55)-16.10 (69) IM U.S. Large Cap Core Equity (SA+CF) Median -2.80 7.90 6.42 7.93 -4.79 -15.06 Performance Review As of December 31, 2023 SSgA S&P 500 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 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 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 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%) 9.80 9.87 9.94 10.01 10.08 R etu r n (% ) 16.90 17.00 17.10 17.20 17.30 17.40 17.50 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 9.93 17.39 S&P 500 Index 10.00 17.29 Median 9.82 16.99¾ 15.20 15.40 15.60 15.80 R etu r n (% ) 18.32 18.34 18.36 18.38 18.40 18.42 18.44 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 15.62 18.43 S&P 500 Index 15.69 18.37 Median 15.29 18.35¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk SSgA S&P 500 0.43 100.45 100.95 -0.11 -0.12 0.51 1.01 11.25 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.52 1.00 11.16 90 Day U.S. Treasury Bill 17.26 4.10 -4.10 2.12 -0.52 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk SSgA S&P 500 0.34 100.23 100.67 -0.10 -0.14 0.78 1.00 11.53 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.79 1.00 11.47 90 Day U.S. Treasury Bill 18.42 3.24 -3.68 1.92 -0.79 N/A 0.00 0.00 Performance Review As of December 31, 2023 SSgA S&P 500 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 SSgA S&P 500 EW Idx 12.22 (32)12.22 (32)14.37 (87)0.70 (72)9.55 (55)10.09 (74)13.83 (73) S&P 500 Eq Wght 11.87 (39)11.87 (39)13.87 (89)0.42 (79)9.34 (58)10.20 (72)13.77 (74) Median 11.61 11.61 24.70 1.84 9.82 11.76 15.29 -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 2022 2021 2020 2019 2018 SSgA S&P 500 EW Idx -11.33 (23)29.65 (29)11.74 (76)30.10 (50)N/A S&P 500 Eq Wght -11.45 (23)29.63 (29)12.83 (72)29.24 (59)-7.64 (83) Median -16.49 27.75 17.65 30.06 -5.05 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 SSgA S&P 500 EW Idx -4.83 (94)3.82 (89)3.15 (84)11.53 (11)-4.70 (47)-14.17 (42) S&P 500 Equal Weighted -4.90 (95)3.99 (88)2.93 (85)11.64 (10)-4.79 (51)-14.36 (43) IM U.S. Large Cap Core Equity (SA+CF) Median -2.80 7.90 6.42 7.93 -4.79 -15.06 Performance Review As of December 31, 2023 SSgA S&P 500 EW Idx 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 Under Performance Earliest Date Latest Date 0.0 6.0 12.0 18.0 24.0 30.0 S S g A S & P 5 0 0 E W I d x (% ) 0.0 6.0 12.0 18.0 24.0 30.0 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 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count SSgA S&P 500 EW Idx 12 2 (17%)2 (17%)8 (67%)0 (0%) S&P 500 Eq Wght 20 3 (15%)1 (5%)10 (50%)6 (30%) 9.20 9.40 9.60 9.80 10.00 R etu r n (% ) 16.74 17.05 17.36 17.67 17.98 18.29 18.60 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 EW Idx 9.55 18.34 S&P 500 Eq Wght 9.34 18.20 Median 9.82 16.99¾ 13.50 14.00 14.50 15.00 15.50 16.00 R etu r n (% ) 17.60 18.15 18.70 19.25 19.80 20.35 20.90 21.45 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 EW Idx 13.83 20.76 S&P 500 Eq Wght 13.77 20.54 Median 15.29 18.35¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk SSgA S&P 500 EW Idx 0.39 100.96 100.42 0.14 0.56 0.47 1.01 11.11 S&P 500 Eq Wght 0.00 100.00 100.00 0.00 N/A 0.47 1.00 11.08 90 Day U.S. Treasury Bill 18.21 3.13 -5.08 2.15 -0.47 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk SSgA S&P 500 EW Idx 0.47 100.73 100.76 -0.05 0.22 0.64 1.01 13.14 S&P 500 Eq Wght 0.00 100.00 100.00 0.00 N/A 0.64 1.00 12.96 90 Day U.S. Treasury Bill 20.63 2.70 -4.06 1.94 -0.64 N/A 0.00 0.00 Performance Review As of December 31, 2023 SSgA S&P 500 EW Idx NONE Page 36 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 12.12 (34)12.12 (34)30.24 (13)2.84 (30)10.75 (32)13.15 (24)16.87 (21) S&P 500 Index 11.69 (46)11.69 (46)26.29 (38)1.69 (54)10.00 (47)12.04 (43)15.69 (41) Median 11.61 11.61 24.70 1.84 9.82 11.76 15.29 -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 2022 2021 2020 2019 2018 T. Rowe Price -18.79 (73)28.46 (42)20.64 (33)33.02 (17)-4.05 (34) S&P 500 Index -18.11 (66)28.71 (37)18.40 (46)31.49 (34)-4.38 (40) Median -16.49 27.75 17.65 30.06 -5.05 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 T. Rowe Price -2.48 (42)10.01 (12)8.27 (15)7.13 (72)-4.50 (38)-16.34 (77) S&P 500 Index -3.27 (74)8.74 (31)7.50 (26)7.56 (61)-4.88 (55)-16.10 (69) IM U.S. Large Cap Core Equity (SA+CF) Median -2.80 7.90 6.42 7.93 -4.79 -15.06 Performance Review As of December 31, 2023 T. Rowe Price NONE Page 37 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 ce (% ) 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 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count T. Rowe Price 20 10 (50%)10 (50%)0 (0%)0 (0%) S&P 500 Index 20 0 (0%)20 (100%)0 (0%)0 (0%) 9.61 9.92 10.23 10.54 10.85 11.16 R etu r n (% ) 17.01 17.10 17.19 17.28 17.37 17.46 Risk (Standard Deviation %) Return Standard Deviation T. Rowe Price 10.75 17.34 S&P 500 Index 10.00 17.29 Median 9.82 16.99¾ 14.56 15.08 15.60 16.12 16.64 17.16 R etu r n (% ) 18.30 18.36 18.42 18.48 18.54 18.60 18.66 Risk (Standard Deviation %) Return Standard Deviation T. Rowe Price 16.87 18.61 S&P 500 Index 15.69 18.37 Median 15.29 18.35¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk T. Rowe Price 1.03 101.83 99.42 0.69 0.68 0.56 1.00 11.09 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.52 1.00 11.16 90 Day U.S. Treasury Bill 17.26 4.10 -4.10 2.12 -0.52 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk T. Rowe Price 1.07 102.66 99.35 0.89 1.01 0.83 1.01 11.53 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.79 1.00 11.47 90 Day U.S. Treasury Bill 18.42 3.24 -3.68 1.92 -0.79 N/A 0.00 0.00 Performance Review As of December 31, 2023 T. Rowe Price NONE Page 38 Peer Group Analysis - IM U.S. Mid Cap Growth Equity (SA+CF) Comparative Performance -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR TimesSquare 13.41 (49)13.41 (49)25.77 (24)-0.64 (13)5.01 (13)11.74 (12)16.66 (5) Russell MCG 14.55 (17)14.55 (17)25.87 (22)-3.96 (29)1.31 (43)8.96 (58)13.81 (60) Median 13.28 13.28 23.42 -5.95 0.76 9.28 14.32 -60.00 -40.00 -20.00 0.00 20.00 40.00 60.00 80.00 100.00 R e tu r n 2022 2021 2020 2019 2018 TimesSquare -21.50 (13)17.29 (28)34.61 (61)38.63 (36)-3.47 (47) Russell MCG -26.72 (43)12.73 (63)35.59 (54)35.47 (59)-4.75 (57) Median -27.38 13.84 38.03 36.20 -4.23 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 TimesSquare -3.82 (12)7.12 (29)7.64 (64)4.34 (69)0.03 (21)-16.94 (13) Russell Midcap Growth Index -5.22 (49)6.23 (57)9.14 (38)6.90 (39)-0.65 (29)-21.07 (53) IM U.S. Mid Cap Growth Equity (SA+CF) Median -5.47 6.49 8.40 6.25 -1.71 -20.82 Performance Review As of December 31, 2023 TimesSquare NONE Page 39 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date -10.0 0.0 10.0 20.0 30.0 40.0 Ti m es S q u a r e (% ) -10.0 0.0 10.0 20.0 30.0 40.0 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 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count TimesSquare 20 8 (40%)7 (35%)5 (25%)0 (0%) Russell MCG 20 0 (0%)2 (10%)17 (85%)1 (5%) 0.00 1.50 3.00 4.50 6.00 R etu r n (% ) 17.02 17.76 18.50 19.24 19.98 20.72 21.46 22.20 Risk (Standard Deviation %) Return Standard Deviation TimesSquare 5.01 17.80 Russell MCG 1.31 21.06 Median 0.76 20.55¾ 13.30 14.25 15.20 16.15 17.10 18.05 R etu r n (% ) 19.22 19.84 20.46 21.08 21.70 22.32 22.94 Risk (Standard Deviation %) Return Standard Deviation TimesSquare 16.66 19.55 Russell MCG 13.81 22.11 Median 14.32 21.74¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk TimesSquare 4.88 95.06 83.71 3.62 0.61 0.25 0.83 11.63 Russell MCG 0.00 100.00 100.00 0.00 N/A 0.07 1.00 14.09 90 Day U.S. Treasury Bill 20.97 3.72 -3.51 2.14 -0.07 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk TimesSquare 4.50 95.43 83.76 4.05 0.44 0.79 0.87 11.80 Russell MCG 0.00 100.00 100.00 0.00 N/A 0.61 1.00 13.46 90 Day U.S. Treasury Bill 22.14 2.78 -3.46 1.90 -0.61 N/A 0.00 0.00 Performance Review As of December 31, 2023 TimesSquare NONE Page 40 Peer Group Analysis - IM U.S. SMID Cap Core Equity (MF) Comparative Performance -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Reinhart Partners 15.82 (1)15.82 (1)24.98 (2)10.60 (1)15.19 (2)12.72 (3)N/A Russell 2500 Index 13.35 (19)13.35 (19)17.42 (20)-2.10 (64)4.24 (89)7.98 (53)11.67 (42) Median 11.54 11.54 15.31 -0.64 7.32 8.05 11.14 -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 2022 2021 2020 2019 2018 Reinhart Partners -2.13 (4)24.96 (57)5.61 (69)N/A N/A Russell 2500 Index -18.37 (85)18.18 (94)19.99 (8)27.77 (20)-10.00 (25) Median -14.65 26.01 8.64 24.76 -12.47 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 Reinhart Partners -2.55 (12)4.84 (37)5.62 (13)16.27 (1)-4.50 (62)-11.25 (11) Russell 2500 Index -4.78 (64)5.22 (20)3.39 (41)7.43 (93)-2.82 (22)-16.98 (94) IM U.S. SMID Cap Core Equity (MF) Median -4.36 4.53 3.02 9.87 -4.04 -15.16 Performance Review As of December 31, 2023 Reinhart Partners NONE Page 41 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 10.0 20.0 30.0 40.0 R e i n h ar t P ar tn e r s (% ) 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 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Reinhart Partners 7 5 (71%)2 (29%)0 (0%)0 (0%) Russell 2500 Index 20 12 (60%)2 (10%)3 (15%)3 (15%) 0.00 4.00 8.00 12.00 16.00 20.00 R etu r n (% ) 18.56 18.88 19.20 19.52 19.84 20.16 20.48 Risk (Standard Deviation %) Return Standard Deviation Reinhart Partners 15.19 18.82 Russell 2500 Index 4.24 20.15 Median 7.32 19.72¾ 11.00 11.20 11.40 11.60 11.80 R etu r n (% ) 22.40 22.60 22.80 23.00 23.20 Risk (Standard Deviation %) Return Standard Deviation Reinhart Partners N/A N/A Russell 2500 Index 11.67 23.04 Median 11.14 22.58¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Reinhart Partners 7.46 102.75 65.96 11.13 1.31 0.74 0.87 9.84 Russell 2500 Index 0.00 100.00 100.00 0.00 N/A 0.20 1.00 12.97 90 Day U.S. Treasury Bill 20.12 2.85 -4.65 2.14 -0.20 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Reinhart Partners N/A N/A N/A N/A N/A N/A N/A N/A Russell 2500 Index 0.00 100.00 100.00 0.00 N/A 0.52 1.00 14.99 90 Day U.S. Treasury Bill 23.11 2.29 -3.91 1.92 -0.52 N/A 0.00 0.00 Performance Review As of December 31, 2023 Reinhart Partners NONE Page 42 Peer Group Analysis - IM U.S. Small Cap Value Equity (SA+CF) Comparative Performance -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Leeward 10.95 (82)10.95 (82)11.10 (91)1.75 (59)10.82 (49)9.14 (62)12.58 (52) Russell 2000 Value 15.26 (13)15.26 (13)14.65 (73)-0.98 (85)7.94 (77)7.10 (88)10.00 (93) Median 12.95 12.95 17.24 2.64 10.77 9.88 12.62 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 R e tu r n 2022 2021 2020 2019 2018 Leeward -6.82 (24)31.47 (44)4.26 (54)27.48 (23)-14.62 (55) Russell 2000 Value -14.48 (80)28.27 (58)4.63 (52)22.39 (73)-12.86 (37) Median -10.61 30.09 5.18 24.99 -14.08 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 Leeward -2.75 (55)2.57 (78)0.38 (81)10.46 (59)-2.52 (16)-10.61 (13) Russell 2000 Value Index -2.96 (58)3.18 (69)-0.66 (91)8.42 (86)-4.61 (51)-15.28 (79) IM U.S. Small Cap Value Equity (SA+CF) Median -2.25 4.09 2.34 11.03 -4.59 -13.32 Performance Review As of December 31, 2023 Leeward NONE Page 43 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -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 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Leeward 20 0 (0%)13 (65%)7 (35%)0 (0%) Russell 2000 Value 20 0 (0%)2 (10%)11 (55%)7 (35%) 6.86 7.84 8.82 9.80 10.78 11.76 R etu r n (% ) 19.22 19.84 20.46 21.08 21.70 22.32 Risk (Standard Deviation %) Return Standard Deviation Leeward 10.82 19.15 Russell 2000 Value 7.94 21.75 Median 10.77 20.73¾ 9.46 10.32 11.18 12.04 12.90 13.76 R etu r n (% ) 22.00 22.55 23.10 23.65 24.20 24.75 25.30 25.85 Risk (Standard Deviation %) Return Standard Deviation Leeward 12.58 22.75 Russell 2000 Value 10.00 25.01 Median 12.62 24.69¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Leeward 6.53 89.58 78.16 3.75 0.32 0.52 0.84 10.74 Russell 2000 Value 0.00 100.00 100.00 0.00 N/A 0.36 1.00 13.29 90 Day U.S. Treasury Bill 21.77 2.45 -4.39 2.16 -0.36 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Leeward 5.81 92.76 83.36 3.27 0.31 0.56 0.89 14.68 Russell 2000 Value 0.00 100.00 100.00 0.00 N/A 0.43 1.00 16.68 90 Day U.S. Treasury Bill 25.10 2.14 -3.39 1.92 -0.43 N/A 0.00 0.00 Performance Review As of December 31, 2023 Leeward NONE Page 44 Peer Group Analysis - IM U.S. Small Cap Growth Equity (SA+CF) Comparative Performance -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Loomis Small Cap 8.24 (90)8.24 (90)12.86 (78)-6.30 (41)-0.99 (48)7.25 (68)11.03 (76) Russell 2000 Growth 12.75 (28)12.75 (28)18.66 (50)-6.52 (44)-3.50 (63)4.88 (90)9.22 (90) Median 10.99 10.99 18.48 -7.24 -1.40 8.26 12.46 -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 2022 2021 2020 2019 2018 Loomis Small Cap -22.20 (17)10.53 (58)36.34 (63)27.55 (60)0.93 (24) Russell 2000 Growth -26.36 (42)2.83 (84)34.63 (66)28.48 (53)-9.31 (81) Median -27.36 12.05 42.40 29.18 -3.83 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 Loomis Small Cap -4.95 (22)4.79 (72)4.69 (79)8.06 (15)0.70 (26)-17.80 (31) Russell 2000 Growth Index -7.32 (68)7.05 (30)6.07 (66)4.13 (57)0.24 (32)-19.25 (47) IM U.S. Small Cap Growth Equity (SA+CF) Median -6.45 5.81 7.27 4.52 -0.83 -20.05 Performance Review As of December 31, 2023 Loomis Small Cap NONE Page 45 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date -10.0 0.0 10.0 20.0 30.0 L o o m i s S m a l l C a p (% ) -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 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Loomis Small Cap 20 0 (0%)9 (45%)9 (45%)2 (10%) Russell 2000 Growth 20 0 (0%)0 (0%)3 (15%)17 (85%) -5.00 -4.00 -3.00 -2.00 -1.00 0.00 1.00 R etu r n (% ) 19.22 19.84 20.46 21.08 21.70 22.32 Risk (Standard Deviation %) Return Standard Deviation Loomis Small Cap -0.99 19.12 Russell 2000 Growth -3.50 21.79 Median -1.40 21.38¾ 8.00 10.00 12.00 14.00 R etu r n (% ) 21.45 22.00 22.55 23.10 23.65 24.20 24.75 Risk (Standard Deviation %) Return Standard Deviation Loomis Small Cap 11.03 21.92 Russell 2000 Growth 9.22 24.20 Median 12.46 23.99¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Small Cap 7.13 86.42 80.42 1.83 0.28 -0.07 0.83 13.21 Russell 2000 Growth 0.00 100.00 100.00 0.00 N/A -0.15 1.00 15.31 90 Day U.S. Treasury Bill 21.71 3.44 -3.59 2.16 0.15 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Small Cap 6.55 91.93 84.22 2.67 0.18 0.50 0.87 14.08 Russell 2000 Growth 0.00 100.00 100.00 0.00 N/A 0.41 1.00 15.51 90 Day U.S. Treasury Bill 24.26 2.35 -3.48 1.90 -0.41 N/A 0.00 0.00 Performance Review As of December 31, 2023 Loomis Small Cap NONE Page 46 Peer Group Analysis - IM International Equity (SA+CF) Comparative Performance -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Lazard 10.00 (54)10.00 (54)19.06 (38)0.02 (45)2.00 (60)3.94 (74)7.22 (78) MSCI ACWI x USA 9.82 (58)9.82 (58)16.21 (61)-0.95 (53)2.04 (60)4.24 (67)7.60 (69) Median 10.16 10.16 17.71 -0.70 3.31 5.17 8.72 -55.00 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 R e tu r n 2022 2021 2020 2019 2018 Lazard -15.98 (49)6.07 (82)9.98 (58)21.41 (68)-10.64 (19) MSCI ACWI x USA -15.57 (46)8.29 (72)11.13 (52)22.13 (60)-13.78 (41) Median -16.25 11.77 11.51 23.56 -14.57 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 Lazard -4.54 (60)4.14 (23)8.89 (33)13.97 (70)-9.59 (54)-12.66 (31) MSCI AC World ex USA -3.68 (47)2.67 (56)7.00 (64)14.37 (67)-9.80 (58)-13.54 (42) IM International Equity (SA+CF) Median -3.85 2.92 7.88 15.53 -9.42 -14.21 Performance Review As of December 31, 2023 Lazard NONE Page 47 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -6.0 0.0 6.0 12.0 18.0 L a z a r d (% ) -6.0 0.0 6.0 12.0 18.0 MSCI AC World ex USA (%) 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 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Lazard 20 0 (0%)8 (40%)7 (35%)5 (25%) MSCI ACWI x USA 20 0 (0%)6 (30%)14 (70%)0 (0%) 1.72 2.15 2.58 3.01 3.44 3.87 R etu r n (% ) 15.60 15.90 16.20 16.50 16.80 17.10 17.40 17.70 Risk (Standard Deviation %) Return Standard Deviation Lazard 2.00 15.95 MSCI ACWI x USA 2.04 16.06 Median 3.31 17.26¾ 6.86 7.35 7.84 8.33 8.82 9.31 R etu r n (% ) 17.28 17.55 17.82 18.09 18.36 18.63 18.90 19.17 Risk (Standard Deviation %) Return Standard Deviation Lazard 7.22 18.16 MSCI ACWI x USA 7.60 17.63 Median 8.72 18.82¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Lazard 4.14 98.17 98.17 0.07 -0.01 0.07 0.96 10.72 MSCI ACWI x USA 0.00 100.00 100.00 0.00 N/A 0.07 1.00 10.70 90 Day U.S. Treasury Bill 15.96 4.80 -4.62 2.13 -0.07 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Lazard 3.81 99.67 100.77 -0.31 -0.07 0.37 1.01 12.08 MSCI ACWI x USA 0.00 100.00 100.00 0.00 N/A 0.40 1.00 11.57 90 Day U.S. Treasury Bill 17.65 3.56 -4.04 1.89 -0.40 N/A 0.00 0.00 Performance Review As of December 31, 2023 Lazard NONE Page 48 Peer Group Analysis - IM International Large Cap Growth Equity (SA+CF) Comparative Performance -22.00 -16.00 -10.00 -4.00 2.00 8.00 14.00 20.00 26.00 32.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Hudson HGK Intl 13.29 (28)13.29 (28)19.82 (24)N/A N/A N/A N/A MSCI EAFE (N) Idx 10.42 (74)10.42 (74)18.24 (39)0.57 (9)4.02 (13)4.95 (61)8.16 (81) Median 12.08 12.08 16.98 -4.63 0.22 5.44 9.88 -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 2022 2021 2020 2019 2018 Hudson HGK Intl N/A N/A N/A N/A N/A MSCI EAFE (N) Idx -14.45 (12)11.26 (46)7.82 (99)22.01 (92)-13.79 (55) Median -23.02 10.72 23.33 29.60 -13.50 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 Hudson HGK Intl -5.37 (27)1.58 (79)10.02 (45)14.69 (39)N/A N/A MSCI EAFE (Net) Index -4.11 (15)2.95 (49)8.47 (75)17.34 (9)-9.36 (68)-14.51 (32) IM International Large Cap Growth Equity (SA+CF) Median -7.38 2.93 9.65 13.98 -8.87 -16.35 Performance Review As of December 31, 2023 Hudson HGK Intl NONE Page 49 Peer Group Analysis - IM Emerging Markets Equity (SA+CF) Comparative Performance -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Allspring EM 8.89 (37)8.89 (37)9.04 (71)-5.77 (56)-7.82 (81)-0.42 (81)5.02 (62) MSCI Emerging Mkts 7.93 (55)7.93 (55)10.26 (64)-5.92 (56)-4.71 (59)0.67 (67)4.08 (79) Median 8.18 8.18 12.87 -4.84 -3.16 2.13 5.62 -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 2022 2021 2020 2019 2018 Allspring EM -18.56 (44)-11.79 (96)25.55 (30)29.92 (12)-14.36 (40) MSCI Emerging Mkts -19.74 (51)-2.22 (64)18.69 (49)18.90 (59)-14.25 (39) Median -19.54 0.94 18.29 20.15 -15.20 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 Allspring EM -5.69 (91)1.21 (67)4.91 (53)11.03 (42)-9.95 (46)-11.55 (46) MSCI Emerging Markets Index -2.79 (47)1.04 (69)4.02 (70)9.79 (60)-11.42 (66)-11.34 (41) IM Emerging Markets Equity (SA+CF) Median -3.00 2.28 4.97 10.55 -10.34 -11.74 Performance Review As of December 31, 2023 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 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Allspring EM 20 8 (40%)3 (15%)3 (15%)6 (30%) MSCI Emerging Mkts 20 0 (0%)8 (40%)12 (60%)0 (0%) -10.00 -8.00 -6.00 -4.00 -2.00 0.00 R etu r n (% ) 17.00 17.20 17.40 17.60 17.80 Risk (Standard Deviation %) Return Standard Deviation Allspring EM -7.82 17.67 MSCI Emerging Mkts -4.71 17.14 Median -3.16 17.34¾ 3.57 4.08 4.59 5.10 5.61 6.12 R etu r n (% ) 18.75 19.00 19.25 19.50 19.75 20.00 20.25 20.50 Risk (Standard Deviation %) Return Standard Deviation Allspring EM 5.02 20.03 MSCI Emerging Mkts 4.08 19.01 Median 5.62 19.74¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Allspring EM 4.34 97.35 110.79 -3.16 -0.74 -0.50 1.00 13.10 MSCI Emerging Mkts 0.00 100.00 100.00 0.00 N/A -0.32 1.00 11.87 90 Day U.S. Treasury Bill 17.01 4.87 -4.51 2.18 0.32 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Allspring EM 4.42 107.15 104.10 0.95 0.25 0.25 1.03 13.22 MSCI Emerging Mkts 0.00 100.00 100.00 0.00 N/A 0.21 1.00 12.56 90 Day U.S. Treasury Bill 19.03 3.28 -4.08 1.88 -0.21 N/A 0.00 0.00 Performance Review As of December 31, 2023 Allspring EM NONE Page 51 Peer Group Analysis - IM Emerging Markets Equity (SA+CF) Comparative Performance -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR ABS EM 6.49 (79)6.49 (79)12.65 (52)N/A N/A N/A N/A MSCI EM Idx 7.93 (55)7.93 (55)10.26 (64)-5.92 (56)-4.71 (59)0.67 (67)4.08 (79) Median 8.18 8.18 12.87 -4.84 -3.16 2.13 5.62 -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 2022 2021 2020 2019 2018 ABS EM N/A N/A N/A N/A N/A MSCI EM Idx -19.74 (51)-2.22 (64)18.69 (49)18.90 (59)-14.25 (39) Median -19.54 0.94 18.29 20.15 -15.20 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 ABS EM -1.61 (36)3.61 (36)3.77 (75)6.97 (82)-8.53 (35)N/A MSCI Emerging Markets Index -2.79 (47)1.04 (69)4.02 (70)9.79 (60)-11.42 (66)-11.34 (41) IM Emerging Markets Equity (SA+CF) Median -3.00 2.28 4.97 10.55 -10.34 -11.74 Performance Review As of December 31, 2023 ABS EM NONE Page 52 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF) Comparative Performance -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR CS McKee 7.45 (6)7.45 (6)6.39 (29)-3.47 (19)-2.82 (37)-0.28 (62)1.49 (67) Bl. Barclays US Agg 6.82 (52)6.82 (52)5.53 (84)-4.19 (76)-3.31 (80)-0.72 (94)1.10 (96) Median 6.82 6.82 6.05 -3.96 -3.00 -0.20 1.65 -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 2022 2021 2020 2019 2018 CS McKee -12.42 (26)-1.51 (64)7.76 (69)8.86 (66)0.18 (35) Bl. Barclays US Agg -13.01 (53)-1.55 (66)7.51 (86)8.72 (79)0.01 (61) Median -12.95 -1.24 8.36 9.17 0.06 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 CS McKee -3.18 (53)-0.35 (10)2.63 (96)2.20 (14)-4.66 (59)-4.71 (47) Blmbg. U.S. Aggregate Index -3.23 (71)-0.84 (80)2.96 (77)1.87 (43)-4.75 (78)-4.69 (40) IM U.S. Broad Market Core Fixed Income (SA+CF) Median -3.13 -0.72 3.16 1.80 -4.58 -4.73 Performance Review As of December 31, 2023 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 Under 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 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count CS McKee 20 0 (0%)1 (5%)13 (65%)6 (30%) Bl. Barclays US Agg 20 0 (0%)1 (5%)0 (0%)19 (95%) -3.60 -3.40 -3.20 -3.00 -2.80 -2.60 -2.40 R etu r n (% ) 7.05 7.10 7.15 7.20 7.25 7.30 7.35 7.40 7.45 Risk (Standard Deviation %) Return Standard Deviation CS McKee -2.82 7.37 Bl. Barclays US Agg -3.31 7.14 Median -3.00 7.15¾ 1.00 1.20 1.40 1.60 1.80 R etu r n (% ) 6.05 6.10 6.15 6.20 6.25 6.30 6.35 6.40 Risk (Standard Deviation %) Return Standard Deviation CS McKee 1.49 6.35 Bl. Barclays US Agg 1.10 6.11 Median 1.65 6.25¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk CS McKee 0.69 103.61 97.98 0.61 0.76 -0.65 1.03 5.24 Bl. Barclays US Agg 0.00 100.00 100.00 0.00 N/A -0.75 1.00 5.21 90 Day U.S. Treasury Bill 7.01 9.87 -11.71 2.22 0.75 N/A 0.02 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk CS McKee 0.98 105.49 101.06 0.36 0.40 -0.03 1.03 4.19 Bl. Barclays US Agg 0.00 100.00 100.00 0.00 N/A -0.10 1.00 4.07 90 Day U.S. Treasury Bill 6.03 10.26 -13.46 1.86 0.10 N/A 0.02 0.00 Performance Review As of December 31, 2023 CS McKee NONE Page 54 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF) Comparative Performance -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Loomis Fixed Income 7.42 (6)7.42 (6)6.49 (26)-3.38 (17)-2.52 (19)0.86 (8)2.53 (8) Bl. Barclays US Agg 6.82 (52)6.82 (52)5.53 (84)-4.19 (76)-3.31 (80)-0.72 (94)1.10 (96) Median 6.82 6.82 6.05 -3.96 -3.00 -0.20 1.65 -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 R e tu r n 2022 2021 2020 2019 2018 Loomis Fixed Income -12.33 (23)-0.79 (32)11.73 (2)9.48 (34)-0.25 (81) Bl. Barclays US Agg -13.01 (53)-1.55 (66)7.51 (86)8.72 (79)0.01 (61) Median -12.95 -1.24 8.36 9.17 0.06 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 Loomis Fixed Income -3.80 (96)-0.67 (46)3.74 (5)2.24 (11)-4.12 (16)-5.56 (91) Blmbg. U.S. Aggregate Index -3.23 (71)-0.84 (80)2.96 (77)1.87 (43)-4.75 (78)-4.69 (40) IM U.S. Broad Market Core Fixed Income (SA+CF) Median -3.13 -0.72 3.16 1.80 -4.58 -4.73 Performance Review As of December 31, 2023 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 Under 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 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Loomis Fixed Income 20 19 (95%)1 (5%)0 (0%)0 (0%) Bl. Barclays US Agg 20 0 (0%)1 (5%)0 (0%)19 (95%) -3.51 -3.24 -2.97 -2.70 -2.43 -2.16 -1.89 R etu r n (% ) 7.00 7.20 7.40 7.60 7.80 Risk (Standard Deviation %) Return Standard Deviation Loomis Fixed Income -2.52 7.71 Bl. Barclays US Agg -3.31 7.14 Median -3.00 7.15¾ 0.50 1.00 1.50 2.00 2.50 3.00 R etu r n (% ) 6.00 6.20 6.40 6.60 6.80 Risk (Standard Deviation %) Return Standard Deviation Loomis Fixed Income 2.53 6.69 Bl. Barclays US Agg 1.10 6.11 Median 1.65 6.25¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Fixed Income 1.26 109.98 99.65 1.07 0.68 -0.58 1.07 5.34 Bl. Barclays US Agg 0.00 100.00 100.00 0.00 N/A -0.75 1.00 5.21 90 Day U.S. Treasury Bill 7.01 9.87 -11.71 2.22 0.75 N/A 0.02 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Fixed Income 1.52 117.84 101.25 1.36 0.94 0.13 1.07 4.26 Bl. Barclays US Agg 0.00 100.00 100.00 0.00 N/A -0.10 1.00 4.07 90 Day U.S. Treasury Bill 6.03 10.26 -13.46 1.86 0.10 N/A 0.02 0.00 Performance Review As of December 31, 2023 Loomis Fixed Income NONE Page 56 Peer Group Analysis - IM Global Fixed Income (MF) Comparative Performance -13.00 -10.00 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Pimco Div Inc (PDIIX)7.99 (36)7.99 (36)10.77 (4)-1.82 (24)N/A N/A N/A Blmbg. Glbl Cret (Hedged)7.32 (51)7.32 (51)9.36 (9)-2.88 (37)-2.06 (27)0.25 (25)2.51 (11) Median 7.37 7.37 6.74 -3.80 -3.56 -0.98 0.82 -28.00 -22.00 -16.00 -10.00 -4.00 2.00 8.00 14.00 20.00 26.00 R e tu r n 2022 2021 2020 2019 2018 Pimco Div Inc (PDIIX)-12.99 (44)N/A N/A N/A N/A Blmbg. Glbl Cret (Hedged)-13.75 (50)-0.41 (10)7.53 (64)12.08 (8)-0.81 (33) Median -14.66 -2.73 8.29 8.08 -1.78 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 Pimco Div Inc (PDIIX)-0.91 (24)1.09 (9)2.39 (84)5.05 (30)-2.33 (25)-8.92 (77) Blmbg. Global Credit (Hedged)-1.32 (33)0.28 (20)2.97 (52)3.31 (54)-3.84 (49)-6.97 (55) IM Global Fixed Income (MF) Median -2.22 -0.31 2.99 3.73 -4.01 -6.78 Performance Review As of December 31, 2023 Pimco Div Inc (PDIIX) NONE Page 57 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) Comparative Performance -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 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Morgan Stanley -1.89 (28)-1.89 (28)-5.01 (13)0.51 (13)7.48 (17)6.00 (16)6.27 (18) NCREIF Fund Idx-ODCE -4.83 (64)-4.83 (64)-12.02 (55)-2.76 (46)4.92 (53)3.98 (52)4.25 (62) Median -4.10 -4.10 -10.76 -2.77 5.04 4.01 4.63 -16.00 -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 2022 2021 2020 2019 2018 Morgan Stanley 6.35 (56)22.89 (53)1.69 (45)7.38 (38)9.05 (38) NCREIF Fund Idx-ODCE 7.47 (47)22.17 (56)1.19 (61)5.34 (73)8.35 (51) Median 7.14 23.30 1.57 7.01 8.35 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 Morgan Stanley 0.02 (10)-1.98 (50)-1.24 (20)-3.69 (28)-0.06 (64)3.25 (67) NCREIF Fund Index-ODCE (VW)-1.90 (37)-2.68 (69)-3.17 (62)-4.97 (49)0.52 (57)4.77 (35) IM U.S. Open End Private Real Estate (SA+CF) Median -2.66 -1.98 -2.91 -4.97 0.60 4.19 Performance Review As of December 31, 2023 Morgan Stanley NONE Page 58 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 3.0 6.0 9.0 12.0 15.0 Mo r g a n S ta n l e y (% ) 3.0 6.0 9.0 12.0 15.0 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 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Morgan Stanley 20 6 (30%)9 (45%)5 (25%)0 (0%) NCREIF Fund Idx-ODCE 20 0 (0%)1 (5%)19 (95%)0 (0%) 4.25 5.10 5.95 6.80 7.65 8.50 R etu r n (% ) 7.48 7.82 8.16 8.50 8.84 9.18 9.52 9.86 10.20 Risk (Standard Deviation %) Return Standard Deviation Morgan Stanley 7.48 7.91 NCREIF Fund Idx-ODCE 4.92 9.18 Median 5.04 9.68¾ 3.45 4.14 4.83 5.52 6.21 6.90 R etu r n (% ) 5.98 6.24 6.50 6.76 7.02 7.28 7.54 7.80 8.06 Risk (Standard Deviation %) Return Standard Deviation Morgan Stanley 6.27 6.34 NCREIF Fund Idx-ODCE 4.25 7.23 Median 4.63 7.72¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Morgan Stanley 2.65 94.66 50.06 3.26 0.88 0.62 0.83 2.75 NCREIF Fund Idx-ODCE 0.00 100.00 100.00 0.00 N/A 0.31 1.00 4.79 90 Day U.S. Treasury Bill 10.17 1.97 -32.88 2.73 -0.31 N/A -0.11 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Morgan Stanley 2.14 102.09 55.11 2.62 0.88 0.64 0.84 2.27 NCREIF Fund Idx-ODCE 0.00 100.00 100.00 0.00 N/A 0.32 1.00 3.77 90 Day U.S. Treasury Bill 7.95 8.62 -30.32 2.32 -0.32 N/A -0.10 0.00 Performance Review As of December 31, 2023 Morgan Stanley NONE Page 59 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) Comparative Performance -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 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Prudential PRISA II -5.08 (68)-5.08 (68)-11.77 (54)-2.59 (38)5.54 (28)4.45 (30)5.07 (28) NCREIF Property Idx -3.02 (43)-3.02 (43)-7.94 (24)-1.44 (29)4.57 (59)3.82 (58)4.33 (62) Median -4.10 -4.10 -10.76 -2.77 5.04 4.01 4.63 -16.00 -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 2022 2021 2020 2019 2018 Prudential PRISA II 7.54 (46)23.90 (39)1.25 (60)7.60 (36)10.29 (16) NCREIF Property Idx 5.52 (61)17.70 (85)1.60 (47)6.42 (64)6.72 (81) Median 7.14 23.30 1.57 7.01 8.35 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 1 Qtr Ending Dec-2022 1 Qtr Ending Sep-2022 1 Qtr Ending Jun-2022 Prudential PRISA II -3.47 (68)-1.95 (49)-1.79 (25)-6.12 (85)1.30 (34)4.77 (35) NCREIF Property Index -1.37 (19)-1.98 (50)-1.81 (25)-3.50 (25)0.57 (54)3.23 (68) IM U.S. Open End Private Real Estate (SA+CF) Median -2.66 -1.98 -2.91 -4.97 0.60 4.19 Performance Review As of December 31, 2023 Prudential PRISA II NONE Page 60 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date 0.0 4.0 8.0 12.0 16.0 P r u d e n ti al P R I S A I I (% ) 0.0 4.0 8.0 12.0 16.0 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 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Prudential PRISA II 20 7 (35%)13 (65%)0 (0%)0 (0%) NCREIF Property Idx 20 0 (0%)0 (0%)12 (60%)8 (40%) 4.29 4.62 4.95 5.28 5.61 5.94 R etu r n (% ) 5.94 6.60 7.26 7.92 8.58 9.24 9.90 10.56 Risk (Standard Deviation %) Return Standard Deviation Prudential PRISA II 5.54 9.74 NCREIF Property Idx 4.57 6.68 Median 5.04 9.68¾ 4.32 4.59 4.86 5.13 5.40 R etu r n (% ) 4.41 4.90 5.39 5.88 6.37 6.86 7.35 7.84 8.33 Risk (Standard Deviation %) Return Standard Deviation Prudential PRISA II 5.07 7.75 NCREIF Property Idx 4.33 5.28 Median 4.63 7.72¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Prudential PRISA II 3.39 139.88 157.65 -0.85 0.35 0.35 1.43 5.24 NCREIF Property Idx 0.00 100.00 100.00 0.00 N/A 0.33 1.00 3.19 90 Day U.S. Treasury Bill 7.68 2.54 -49.38 2.86 -0.33 N/A -0.15 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Prudential PRISA II 2.75 136.05 164.13 -1.06 0.32 0.40 1.44 4.20 NCREIF Property Idx 0.00 100.00 100.00 0.00 N/A 0.42 1.00 2.51 90 Day U.S. Treasury Bill 6.01 10.26 -45.69 2.47 -0.42 N/A -0.13 0.00 Performance Review As of December 31, 2023 Prudential PRISA II NONE Page 61 Total Policy Historical Hybrid Composition Allocation Mandate Weight (%) Jun-1998 Oakland County VEBA Historical Policy Data 100.00 Oct-2013 S&P 500 Index 25.00 Russell Midcap Index 7.50 Russell 2000 Index 7.50 MSCI AC World ex USA 15.00 Blmbg. U.S. Aggregate Index 27.50 JPM Global Government Bond Index 7.50 NCREIF Fund Index-ODCE (VW)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 Total Equity Historical Hybrid Composition Allocation Mandate Weight (%) Jan-1979 Russell 3000 Index 90.00 MSCI EAFE Index 10.00 Jan-2018 S&P 500 Index 45.00 Russell Midcap Index 13.75 Russell 2000 Index 13.75 MSCI AC World ex USA 27.50 Total International Equity Historical Hybrid Composition Allocation Mandate Weight (%) Jan-1970 MSCI EAFE Index 100.00 Oct-2012 MSCI AC World ex USA 100.00 Benchmark History Investment Policy Benchmarks As of December 31, 2023 Page 62 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 Jan-2018 Blmbg. U.S. Aggregate Index 80.00 JPM Global Government Bond Index 15.00 Blmbg. U.S. Corp High Yield 5.00 Benchmark History Investment Policy Benchmarks As of December 31, 2023 Page 63 Estimated Annual Fee (%) Market Value ($) Estimated Annual Fee ($) Fee Schedule Total Fund Composite 0.45 1,500,530,751 6,742,960 SSgA S&P 500 0.02 67,743,716 11,774 0.02 % of First $50 M 0.01 % Thereafter SSgA S&P 500 Equal Weighted Index 0.04 79,064,181 31,626 0.04 % of Assets T. Rowe Price 0.25 158,480,885 396,202 0.25 % of Assets TimesSquare 0.80 43,789,989 350,320 0.80 % of First $50 M 0.70 % of Next $50 M 0.60 % Thereafter Reinhart Partners 0.71 42,228,003 299,482 0.75 % of First $25 M 0.65 % of Next $25 M 0.50 % Thereafter Leeward 0.70 48,021,174 336,148 0.70 % of Assets Loomis Small Cap 0.90 47,478,287 427,305 0.90 % of First $50 M 0.75 % of Next $50 M 0.70 % Thereafter Lazard 0.71 65,371,438 464,914 0.75 % of First $40 M 0.65 % of Next $60 M 0.50 % Thereafter Hudson Edge HGK International 1.00 63,463,053 634,631 1.00 % of Assets Allspring EM 0.95 32,770,289 311,318 0.95 % of Assets ABS Emerging Markets Strat Port 0.75 38,567,687 289,258 0.75 % of Assets CS McKee 0.17 260,956,346 456,435 0.22 % of First $50 M 0.18 % of Next $100 M 0.15 % Thereafter Loomis Fixed Income 0.29 135,272,627 388,182 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 42,889,062 321,668 0.75 % of Assets Morgan Stanley 0.84 80,821,282 678,899 0.84 % of Assets Prudential PRISA II 0.74 52,426,268 388,271 0.85 % of First $10 M 0.75 % of Next $15 M 0.70 % of Next $25 M 0.65 % of Next $50 M 0.65 % Thereafter Oakland County Employees' Retirement System VEBA Fee Analysis As of December 31, 2023 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 64 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 65 Disclosures AndCo compiled this report for the sole use of the client for which it was prepared. AndCo is responsible for evaluating the performance results of the Total Fund along with the investment advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. AndCo uses the results from this evaluation to make observations and recommendations to the client. AndCo uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from custodians. AndCo analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides AndCo with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides AndCo with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause AndCo to believe that the information presented is significantly misstated. This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various asset positions. The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management services. Additional information included in this document may contain data provided by from index databases, public economic sources and the managers themselves. This document may contain data provided by Barclays. Barclays Index data provided by way of Barclays Live. This document may contain data provided by Standard and Poor’s. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where S&P Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance provided within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results. This document may contain data provided by MSCI, Inc. Copyright MSCI, 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. 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 AndCo’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 AndCo, nor should it be construed as a current or past endorsement by any of our clients. AndCo 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 66 CHICAGO | CLEVELAND | DALLAS | DETROIT | ORLANDO | PITTSBURGH | RENO Clients first.