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HomeMy WebLinkAboutReports - 2024.03.31 - 42224<CBDoc TenantId="2" EntityTypeId="3100" EntityId="2904" DocumentTypeId="1" EffectiveDate="03/31/2024" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending March 31, 2024 Oakland County Employees' Retirement System VEBA Plan Executive Summary Page 1 Asset Allocation Vs. Policy Targets Page 13 Asset Allocation Pie Charts Page 15 Historical Asset Allocation Page 17 Financial Reconciliation Page 19 Performance Review - Trailing Periods Page 22 Comparative Performance IRR Page 26 Total Fund Analysis Page 28 SSgA S&P 500 Page 30 SSgA S&P 500 Equal Weighted Index Page 32 T. Rowe Price Page 34 TimesSquare Page 36 Reinhart Page 38 Leeward Page 40 Loomis Small Cap Page 42 Lazard Page 44 HGK Intl Page 46 Allspring EM Page 47 ABS EM Page 49 CS McKee Page 50 Loomis Fixed Income Page 52 Pimco Div Income Page 54 Morgan Stanley Page 55 Prudential PRISA II Page 57 Benchmark History Multi Report Page 59 Fee Schedule Page 61 Definitions & Disclosure Pages Page 62 Table Of Contents 1Q 2024 EXECUTIVE SUMMARY Market Summary: Investors started the year anticipating numerous rate cuts from the Federal Reserve, potentially starting during the first quarter. However, strong economic data and persistent inflation measures led the Fed to delay any action during the quarter. The continued strength of the US economy and corporate earnings growth propelled the stock market higher. The S&P 500 rose 10.6% in the 1st quarter, out performing mid cap and small cap stocks (Russell Mid Cap = 8.6%; Russell 2000 = 5.2%). International stocks posted solid returns (MSCI ACWI ex US = 4.7%) but lagged the US markets due in part to intensifying geopolitical risks. Interest rates drifted higher throughout the quarter as the timing of the Fed pivot was pushed into the second half of 2024. Fixed income suffered another round of losses this quarter (Bloomberg US Aggregate -0.8%). High yield was the lone bright spot in fixed income, rallying with the equity markets (Bloomberg US Hiigh Yield = 1.5%). Real estate continued to struggle with declining occupancy rates and higher borrowing costs resulting in further write downs. Conclusions/Recommendations: 1.The Total Fund gained 4.02% during the quarter, slightly exceeding the Policy Index and ranking in the third quartile of the public fund universe. The Fund’s results are aided by strong results from the fixed income allocation. 2.The Total Fund returned 11.99% over the past year, narrowly trailing the Policy Index 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.T. Rowe Price out performed the S&P 500 and ranked in the top half of the Large Cap Core universe. The manager benefited from strong stock selection within the Technology sector. Longer-term, T. Rowe Price exceeds performance standards. 4.Lazard out performed the MSCI ACWI –ex US Index and ranked in the top third of the peer group this quarter. The excess performance is partially attributed to strong stock selection within Health Care, Materials, and Consumer Staples. Longer-term, Lazard exceeds performance expectations. 5.Loomis,Sayles exceeded the Bloomberg US Aggregate Index and ranked in the top quartile of the Core Fixed Income universe. The manager benefited from an underweight to Treasuries. Longer-term, Loomis, Sayles exceeds performance expectations. 6.At quarter end the Fund was overweight to domestic equities and underweight to fixed income; all allocations were within policy ranges. 7.Mariner has no recommendations at this time. See the Asset/Manager Summary for additional comments and recommendations. Page 1 1st Quarter 2024 Market Environment Page 2 The Market Environment Executive Summary As of March 31, 2024 The Economy The US Federal Reserve (the Fed) held rates steady during the first quarter. However, domestic equities rallied on the prospect that the Fed could cut rates later in 2024. In its press release for the March meeting, the Fed stated that “In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks.” In addition, the Fed will continue reducing its balance sheet as described in its previously announced plans. 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. The Fed’s published “Dot Plot” shared expectations of three quarter-point rate cuts during the year, which would be the first rate cut since the COVID pandemic in 2020. Growth in the US labor market continued in March, as nonfarm payrolls increased by 303,000 and unemployment held steady at 3.8%. Federal Reserve Chair Jerome Powell stated, “Strong hiring in and of itself would not be a reason to hold off on rate cuts,” adding that the job market is not a primary cause for concern around inflation. Powell added “an unexpected weakening in the labor market could also warrant a policy response.” Equity (Domestic and International) US equities moved broadly higher during the first quarter based on expectations of a more favorable interest rate environment in the coming year. The S&P 500 Index rose 10.6% for the quarter. International stocks experienced robust growth to begin the year, albeit muted by a strengthening US Dollar (USD). USD performance lagged local currency (LCL) performance in most regions for the quarter, though both currency readings were positive. GDP growth across regions remains mixed as many regions are dealing with local headwinds and tailwinds as much of the world continues to navigate sticky inflation with varying degrees of success. Conflicts abroad have dragged on performance, but as we have seen with the Russia-Ukraine conflict, market conditions will typically normalize once the broader impact has been reasonably assessed. Fixed Income While sticky inflation numbers and a robust job market likely prompted the Fed to keep the fed funds rate unchanged during the quarter, this lack of action also tempered expectations for potential rate cuts in 2024. Fixed-income markets fell in March (yield rose) on the belief that rates could be higher for longer. High-yield bonds outperformed investment-grade issues for the quarter, largely due to narrowing credit spreads and 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 edged out the bellwether bond benchmark due to a relatively stable yield curve and the aforementioned narrowing credit spreads. Global bonds lagged the domestic bond market with the US Aggregate Index beating the Global Aggregate ex-US Index by 2.4%. This broke the two indexes’ tie in 2023 and left global bonds 2.4% behind the domestic bond market for the full year. Market Themes 2024 opened with strong results in domestic and international equity markets, continuing what was a robust 2023. Growth sectors continued to outpace value sectors but by a narrower margin than 2023, showcasing increased breadth across many markets. Central banks remained vigilant in their stances to bring inflation under control. While inflation readings remain stubbornly elevated, signs of stable-to-cooling price pressures have shown up in most regions around the world. Policy rates remained relatively stable across most developed markets as central banks continued their tight policy stance. However, there are expectations of looser monetary policy to take hold as 2024 progresses. Ongoing military conflicts coupled with economic uncertainty around the globe continue to act as headwinds in international markets. While global disruptions from the Russia-Ukraine conflict seemed to subside, the proxy war in the Middle East has spread to other countries in the region and unsettled shipping channels globally. Page 3 The Market Environment Major Market Index Performance As of March 31, 2024 Domestic equity markets carried their momentum from late 2023 into the first quarter of 2024.Economic indicators continued to signal improving conditions for growth and softening inflation,resulting in an ongoing tailwind for risk assets.For the period,the S&P 500 large-cap benchmark returned 10.6% versus 8.6%for the Russell Mid Cap Index and 5.2%for the Russell 2000 small-cap index. International developed and emerging market equities also posted solid results.European markets continue to face geopolitical risks related to the conflict in Ukraine,the Middle East is grappling with a proxy war that has spread beyond Israel and Palestine,and Asia is feeling contagion effects from China’s economic uncertainty.Despite the uncertainty,the developed market MSCI EAFE Index returned 5.8%for the quarter,while the MSCI Emerging Markets Index advanced 2.4%. Most broad fixed income indexes fell slightly during the first quarter of 2024. While market participants were generally optimistic about the possibility of a Fed rate cut during the first half of the year,sticky inflation pushed out these expectations and caused markets to re-think the timing of 2024’s potential rate cuts.The Bloomberg (BB)US Aggregate Index returned -0.8%for the quarter while investment-grade corporate bonds were down less,returning -0.4%. US equity markets posted a stellar 29.9%during the trailing one-year period. The weakest relative performance for the year was the Russell 2000 Index, which nonetheless climbed 19.7%over the last 12 months. International markets also showcased a healthy rebound in 2023.Over the trailing one-year period,the MSCI EAFE Index was the best international performer,returning 15.3%while the MSCI Emerging Markets Index added a more modest 8.2%. Bond markets were relatively flat over the previous 12 months.Investment- grade corporate bonds were the best-performing sector,up by 4.4%. Meanwhile,Treasuries have lagged,returning just 0.1%over the previous 12 months.The bellwether fixed-income benchmark,the Bloomberg US Aggregate Index,returned a muted 1.7%for the year. Source: Investment Metrics 1.3% -0.4% -1.0% -0.1% -0.9% -0.8% 2.4% 5.8% 4.7% 5.2% 8.6% 10.3% 10.0% 10.6% -2.1%-0.1%1.9%3.9%5.9%7.9%9.9% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 Quarter Performance 5.3% 4.4% 1.4% 0.5% 0.1% 1.7% 8.2% 15.3% 13.3% 19.7% 22.3% 29.9% 29.3% 29.9% 0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 1-Year Performance Page 4 Source: Investment Metrics The Market Environment Domestic Equity Style Index Performance As of March 31, 2024 Domestic equity benchmarks were positive for the second consecutive quarter and growth style issues continued to outpace value.The best-performing area of the equity market was large-cap growth,with the Russell 1000 Growth index returning 11.4%.The worst performing area of the market was small-cap value,with the Russell 2000 Value index returning just 2.9%for the quarter. From a market capitalization perspective,large-cap stocks led their small-cap counterparts,with the Russell 1000 Index returning 10.3%and the Russell 2000 Index lagging with a lower,but still solid,5.2%. The market continued its growth-led rally as growth stocks outpaced value stocks across the market-capitalization spectrum.While growth led the way during the quarter,value benchmarks largely kept pace,signaling that the rally seen in domestic equities may be broadening to other areas of the market. For the year,within large-cap stocks,the Russell 1000 Growth Index returned an impressive 39.0%,leading the way among style and market capitalization classifications.The weakest performing index for the year was the Russell 2000 Value,which still posted a double-digit return of 18.8%. The dominance of growth sectors is evident in the chart,with all growth benchmarks handily outpacing their core and value index counterparts. However,the strength of the outperformance differs meaningfully between the large cap and small cap segments of the market.The Russell 2000 Growth Index returned 20.3%,outpacing the Russell 2000 Value index return by a narrow margin of just 1.5%.However,this spread widens to 5.9%for the Russell Midcap Growth benchmarks and blows out to a span of 18.7%for the large cap benchmarks. 7.6% 5.2% 2.9% 9.5% 8.6% 8.2% 11.4% 10.3% 9.0% 11.2% 10.0% 8.6% 0.0%5.0%10.0%15.0% 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 20.3% 19.7% 18.8% 26.3% 22.3% 20.4% 39.0% 29.9% 20.3% 38.0% 29.3% 20.2% 0.0%10.0%20.0%30.0%40.0% 2000 Growth 2000 Index 2000 Value MidCap Growth MidCap Index MidCap Value 1000 Growth 1000 Index 1000 Value 3000 Growth 3000 Index 3000 Value 1-Year Performance -Russell Style Series Page 5 The Market Environment GICS Sector Performance & (Sector Weight) As of March 31, 2024 Source: Morningstar Direct As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. 2023’s year-end rally continued into the first quarter of 2024 and expanded its breadth across styles and market capitalizations. Ten of the 11 GICS economic sectors in the large-cap Russell 1000 Index moved higher during the first quarter.Five of the 11 sectors outpaced the broad index return of 10.0%.Communication services led the way at 15.2%followed by energy (up 13.5%),financials (12.9%),information technology (12.5%),and industrials (11.4%). For the full year,all 11 economic sectors finished in positive territory with communication services leading the way at 47.5%and information technology following in lock step at 45.9%.Of the 11 sectors,four were up at least 30.0%the past year.Utilities (up 1.5%),consumer staples (8.0%), and real estate (9.4%)were the only three sectors that did not post double-digit results over the trailing year. Seven small-cap economic sectors posted positive results during the quarter with six of those sectors exceeding the 5.2%return of the Russell 2000 Index.The information technology (up 13.5%),energy (12.6%),and industrials (10.3%)sectors led the way as the only three sectors to showcase double-digit performance for the quarter.Utilities (-2.2%),real estate (-1.9%),communication services (-1.8%),and financials (-1.0%) sectors all lost ground during the quarter. Similar to large-cap sector performance,nine of the 11 small cap sectors were positive over the trailing year.Energy posted the strongest sector results (30.4%)with the information technology (30.3%)sector not far behind.Industrials (29.5%),consumer discretionary (21.8%)and financials (20.3%)each also returned more than 20.0%for the period.Six of the 11 economic sectors fell short of the core small-cap benchmark’s return of 19.7%over the trailing year.The two negative sectors for the year were utilities with a return of -11.3%and communication services,which returned -2.1%. 1.5% 9.4% 17.7% 45.9% 30.0% 16.0% 35.7% 18.0% 8.0% 29.7% 47.5% 5.6% -0.7% 8.8% 12.5% 11.4% 8.9% 12.9% 13.5% 8.0% 6.0% 15.2% -5.0%5.0%15.0%25.0%35.0%45.0% Utilities (2.2%) Real Estate (2.7%) Materials (2.3%) Info Technology (29.5%) Industrials (9.1%) Health Care (12.5%) Financials (13.0%) Energy (3.9%) Consumer Staples (5.8%) Consumer Disc (10.7%) Comm Services (8.6%) Russell 1000 Quarter 1-Year -11.3% 11.5% 13.0% 30.3% 29.5% 18.1% 20.3% 30.4% 17.9% 21.8% -2.1% -2.2% -1.9% 5.3% 13.5% 10.3% 7.2% -1.0% 12.6% 4.3% 7.9% -1.8% -20.0%-10.0%0.0%10.0%20.0%30.0% Utilities (2.6%) Real Estate (7.0%) Materials (4.9%) Info Technology (16.5%) Industrials (15.5%) Health Care (15.4%) Financials (14.7%) Energy (6.8%) Consumer Staples (4.1%) Consumer Disc (10.4%) Comm Services (2.0%) Russell 2000 Quarter 1-Year Page 6 The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 As of March 31, 2024 Source: Morningstar Direct Top 10 Weighted StocksTop 10 Weighted Stocks Sector1-Year Return 1-Qtr ReturnWeightRussell 2000Sector1-Year Return 1-Qtr ReturnWeightRussell 1000 Information Technology847.9%255.3%1.9%Super Micro Computer IncInformation Technology47.1%12.1%6.5%Microsoft Corp Information Technology483.1%169.9%0.9%MicroStrategy Inc Class AInformation Technology4.5%-10.8%5.2%Apple Inc Industrials118.7%54.6%0.4%Comfort Systems USA IncInformation Technology225.4%82.5%4.5%NVIDIA Corp Consumer Staples138.0%35.8%0.4%e.l.f. Beauty IncConsumer Discretionary74.6%18.7%3.4%Amazon.com Inc Consumer Discretionary70.0%24.3%0.3%Light & Wonder Inc Ordinary SharesCommunication Services129.4%37.3%2.2%Meta Platforms Inc Class A Consumer Discretionary798.0%66.1%0.3%Carvana Co Class ACommunication Services45.5%8.0%1.9%Alphabet Inc Class A Information Technology106.1%18.4%0.3%Onto Innovation IncFinancials36.2%17.9%1.6%Berkshire Hathaway Inc Class B Industrials88.6%3.8%0.3%Simpson Manufacturing Co IncCommunication Services46.4%8.0%1.6%Alphabet Inc Class C Health Care392.5%340.6%0.3%Viking Therapeutics IncHealth Care128.4%33.7%1.4%Eli Lilly and Co Energy94.5%18.0%0.3%Weatherford International PLC Financials58.1%18.5%1.2%JPMorgan Chase & 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 Care-43.0%473.5%0.0%Ocean Biomedical IncInformation Technology225.4%82.5%4.5%NVIDIA Corp Health Care392.5%340.6%0.3%Viking Therapeutics IncUtilities197.1%81.4%0.1%Vistra Corp Health Care438.7%258.2%0.0%Longboard Pharmaceuticals IncInformation Technology339.5%73.7%0.0%AppLovin Corp Ordinary Shares Information Technology847.9%255.3%1.9%Super Micro Computer IncHealth Care50.2%70.9%0.0%Shockwave Medical Inc Health Care211.2%250.9%0.0%Janux Therapeutics Inc Industrials471.2%70.1%0.1%Vertiv Holdings Co Class A Health Care-9.9%206.8%0.0%Arcutis Biotherapeutics IncConsumer DiscretionaryN/A63.0%0.0%Cava Group Inc Information Technology-9.8%190.6%0.0%Veritone IncIndustrials116.2%62.7%0.0%EMCOR Group Inc Health Care66.3%182.0%0.1%Avidity Biosciences Inc Consumer StaplesN/A58.9%0.0%Maplebear Inc Health Care455.7%180.4%0.1%Vera Therapeutics Inc Class AUtilities138.0%58.5%0.1%Constellation Energy Corp Information Technology113.4%177.8%0.0%SoundHound AI Inc Ordinary Shares Consumer Discretionary167.4%58.0%0.0%Williams-Sonoma 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-90.3%-80.7%0.0%Amylyx Pharmaceuticals IncFinancials-62.3%-68.2%0.0%New York Community Bancorp Inc Financials-73.3%-79.4%0.0%Bakkt Holdings Inc Ordinary SharesMaterials-70.1%-58.7%0.0%SSR Mining Inc Consumer Discretionary-55.1%-78.9%0.0%WW International IncConsumer Discretionary-29.3%-53.3%0.0%Rivian Automotive Inc Class A Consumer Discretionary-79.9%-77.4%0.0%iRobot CorpHealth Care-74.3%-51.4%0.0%Agilon Health Inc Information Technology-77.4%-73.7%0.0%LivePerson IncCommunication Services-91.6%-39.2%0.0%AMC Entertainment Holdings Inc Real Estate-81.1%-72.1%0.0%Office Properties Income TrustCommunication Services-57.2%-36.1%0.0%Iridium Communications Inc Industrials-69.3%-69.6%0.0%Spirit Airlines IncInformation Technology-46.5%-35.3%0.0%Viasat Inc Consumer Discretionary-94.3%-68.3%0.0%2U IncHealth Care-46.2%-35.0%0.0%QuidelOrtho Corp Health Care-94.0%-67.8%0.0%CareMax Inc Ordinary SharesInformation Technology-17.7%-34.7%0.0%Unity Software Inc Ordinary Shares Information Technology-89.0%-67.3%0.0%Presto Automation IncHealth Care-32.7%-32.9%0.0%10x Genomics Inc Ordinary Shares Page 7 Source: MSCI Global Index Monitor (Returns are Net) The Market Environment International and Regional Market Index Performance (Country Count) As of March 31, 2024 Many of the international developed-and emerging-market benchmarks posted positive performance in both USD and LCL terms for the first quarter.A strengthening of the USD during the period was a drag on domestic non-US index performance across all regions.The developed-market MSCI EAFE Index still returned a solid 5.8%in USD and 10.0%in LCL terms for the period. The MSCI Emerging Markets Index rose by 2.4%in USD and 4.5%in LCL terms. Latin America was the only region to post negative performance for the quarter in both USD and LCL terms.The cyclicality of demand for commodity exports in the region has resulted in greater volatility due to continued uncertainty over central bank policies and global demand. The heaviest weighted country in the emerging market index (China,7.0%) continued its drag on broad index returns,returning -2.2%during the quarter. The Chinese economy grew at a rate of 5.2%in 2023,lower than its pre- pandemic rate of 6.0%which was a headwind for performance.Troubles in the commercial property and banking sectors have also created challenges for growth in the region. Much like domestic markets,trailing one-year results for international developed and emerging markets benchmarks were strong.Outside of EM Latin America,the USD showed strength over broad and regional benchmarks for the year,and as a result,LCL returns finished higher than USD performance. MSCI Pacific results led the way in LCL currency terms at 28.8%for the trailing year.USD returns for the region were still strong but returned a more muted 17.5%due to softening currency in the region.Due to demand for commodity exports and rising oil prices,EM Latin America was the only region where the USD weakened relative to LCL returns,resulting in higher USD returns (22.6%vs.19.8%).The EM Asia regional benchmark was the weakest relative-performing region in the emerging market index,with the EM Asia index returning 6.3%in USD and 8.9%in LCL terms. -2.2% 5.5% 3.0% 4.5% 13.2% 8.3% 10.0% 9.6% 8.2% -4.0% 3.4% 1.0% 2.4% 6.7% 5.3% 5.8% 5.6% 4.7% -5.0%0.0%5.0%10.0%15.0% 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 19.8% 8.9% 15.2% 10.6% 28.8% 14.0% 18.8% 18.4% 16.2% 22.6% 6.3% 10.5% 8.2% 17.5% 14.2% 15.3% 15.3% 13.3% 0.0%10.0%20.0%30.0% EM Latin Amer (6) EM Asia (9) EM EMEA (11) Emerging Mkt (26) Pacific (5) Europe & ME (16) EAFE (21) WORLD x US (22) AC World x US (48) 1-Year Performance USD Local Currency Page 8 The Market Environment US Dollar International Index Attribution & Country Detail As of March 31, 2024 Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD) As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. 1-Year ReturnQuarter ReturnSector WeightMSCI -EAFE 6.6%4.1%4.0%Communication Services 15.5%11.1%12.5%Consumer Discretionary -5.9%-3.1%8.6%Consumer Staples 14.6%2.2%4.1%Energy 25.8%8.6%19.3%Financials 8.6%4.7%12.7%Health Care 23.1%7.9%16.8%Industrials 31.1%14.3%9.4%Information Technology 10.2%-1.1%7.2%Materials 13.0%1.5%2.3%Real Estate 2.7%-5.0%3.1%Utilities 15.3%5.8%100.0%Total 1-Year ReturnQuarter ReturnSector WeightMSCI -ACWIxUS -3.0%2.1%5.1%Communication Services 8.6%7.2%11.8%Consumer Discretionary -4.6%-3.2%7.4%Consumer Staples 21.4%5.2%5.5%Energy 21.4%5.9%21.4%Financials 7.5%3.7%9.2%Health Care 19.8%6.9%13.8%Industrials 29.4%11.4%13.4%Information Technology 4.1%-1.6%7.4%Materials 6.8%-0.3%2.0%Real Estate 5.2%-3.0%3.0%Utilities 13.3%4.7%100.0%Total 1-Year ReturnQuarter ReturnSector WeightMSCI -Emerging Mkt -11.5%0.8%8.6%Communication Services -5.3%-0.5%12.4%Consumer Discretionary -2.6%-4.3%5.6%Consumer Staples 36.0%6.9%5.3%Energy 15.0%2.3%22.4%Financials -0.9%-4.5%3.5%Health Care 4.6%1.4%7.0%Industrials 26.7%9.9%23.7%Information Technology -5.4%-4.6%7.2%Materials -11.3%-6.0%1.5%Real Estate 17.9%3.5%2.8%Utilities 8.2%2.4%100.0%Total 1-YearQuarterMSCI-ACWIxUSMSCI-EAFE ReturnReturnWeightWeightCountry 23.5%10.2%15.0%23.3%Japan 6.4%1.9%9.4%14.6%United Kingdom 9.7%5.7%7.8%12.1%France 4.9%-2.1%6.0%9.3%Switzerland 12.0%6.8%5.6%8.7%Germany 8.1%-0.5%4.7%7.3%Australia 22.5%15.4%3.3%5.2%Netherlands 33.0%14.4%2.3%3.6%Denmark 11.6%0.2%2.0%3.1%Sweden 30.6%13.1%1.8%2.8%Italy 19.6%7.7%1.7%2.7%Spain -25.8%-12.2%1.2%1.8%Hong Kong -6.1%-0.1%0.9%1.3%Singapore -12.8%-6.0%0.6%1.0%Finland -0.2%1.7%0.6%0.9%Belgium 22.1%12.2%0.5%0.7%Israel -0.2%-7.9%0.4%0.6%Norway 16.9%14.8%0.2%0.4%Ireland -16.6%-17.9%0.1%0.2%Portugal -8.2%-4.9%0.1%0.2%New Zealand 10.5%0.5%0.1%0.2%Austria 15.3%5.8%64.5%100.0%Total EAFE Countries 12.3%3.4%7.7%Canada 15.3%5.6%71.9%Total Developed Countries -17.1%-2.2%7.0%China 36.8%6.1%5.0%India 27.8%12.4%4.9%Taiwan 14.2%1.6%3.5%Korea 27.0%-7.4%1.4%Brazil 15.8%4.7%1.2%Saudi Arabia -4.9%-6.8%0.8%South Africa 17.7%0.5%0.8%Mexico 3.4%2.1%0.5%Indonesia -16.4%-8.2%0.4%Thailand 3.1%3.0%0.4%Malaysia 9.2%0.4%0.3%United Arab Emirates 55.3%3.5%0.3%Poland -1.4%-3.6%0.2%Qatar 4.1%8.3%0.2%Kuwait 19.3%14.6%0.2%Turkey 7.2%6.1%0.2%Philippines -5.9%-4.5%0.1%Chile 37.4%6.5%0.1%Greece 46.2%15.8%0.1%Peru 47.4%0.5%0.1%Hungary -7.6%-7.7%0.0%Czech Republic 48.3%14.2%0.0%Colombia 3.2%-29.7%0.0%Egypt 8.2%2.4%27.9%Total Emerging Countries 13.3%4.7%100.0%Total ACWIxUS Countries Page 9 Source: Bloomberg The Market Environment Domestic Bond Sector & Broad/Global Bond Market Performance (Duration) As of March 31, 2024 Fixed-income markets pulled back slightly to start the year with many domestic and international bond indexes finishing modestly lower during the quarter. Yields remain elevated due to the Federal Reserve’s decision to maintain rates at their current levels.While market expectations are that the Fed will eventually begin cutting rates in 2024,which will be a jolt to bond holder performance as yield fall,higher yields and coupon rates on bonds also are also offer an attractive stabilizing,lower-risk benefit for bond allocations in diversified portfolios. The Bloomberg US Aggregate Bond Index,the bellwether US investment grade benchmark,returned a mild negative result of -0.8%for the quarter. Performance across the investment grade index’s segments finished the period with similar performance with the Bloomberg US Corporate Investment Grade Index returning -0.4%and the US Mortgage Index sliding by -1.0%. Outside of the Aggregate index's sub-components,high-yield bonds continued to rise with a return of 1.5%as credit spreads narrowed during the quarter.US TIPS fell -0.8%for the quarter.The Bloomberg Global Aggregate ex-US Index return of -3.2%for the quarter lagged all domestic fixed-income indexes as well as the multiverse benchmark’s return of -1.9%. Over the trailing one-year period,the Bloomberg US Aggregate Bond Index climbed 1.7%.The benchmark's sub-components also posted positive performance over the trailing 12 months with the Bloomberg US Corporate Investment Grade Index rising 4.4%and the US Mortgage Index posting a more modest 1.4%return.US TIPS,which are excluded from the aggregate index,rose 0.5%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 posting and equity-like return of 11.2%for the last year. Performance for non-US bonds were negative for the trailing year with the Bloomberg Global Aggregate ex-US Index falling by -0.7%.With foreign central banks largely tracking the Fed’s tight monetary stance,the negative performance of global bonds is largely attributable to USD strength over the last year. 0.9% -0.7% 2.3% 1.7% 5.4% 3.7% 1.3% 1.1% 0.5% 11.2%4.4% 1.4% 0.1% -2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0% Multiverse (6.4) Global Agg x US (7.0) Intermediate Agg (4.4) Aggregate (6.1) Baa (6.8) A (6.9) AA (6.0) AAA (4.2) U.S. TIPS (4.6) U.S. High Yield (3.1) U.S. Corporate IG (6.9) U.S. Mortgage (6.0) U.S. Treasury (6.0) 1-Year Performance -1.9% -3.2% -0.4% -0.8% -0.2% -0.5% -1.0% 0.2% -0.8% 1.5% -0.4% -1.0% -1.0% -4.0%-3.0%-2.0%-1.0%0.0%1.0%2.0% Multiverse (6.4) Global Agg x US (7.0) Intermediate Agg (4.4) Aggregate (6.1) Baa (6.8) A (6.9) AA (6.0) AAA (4.2) U.S. TIPS (4.6) U.S. High Yield (3.1) U.S. Corporate IG (6.9) U.S. Mortgage (6.0) U.S. Treasury (6.0) Quarter Performance Page 10 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis), Federal Reserve of New York The Market Environment Market Rate & Yield Curve Comparison As of March 31, 2024 The gray band across the graph illustrates the range of the current Fed Funds target rate.During the first quarter,the Federal Open Market Committee (FOMC)continued to hold the rates steady in the 5.25%-5.50%target range. The last rate increase in the current cycle occurred at the FOMC’s July 2023 meeting and while their press releases have continued to push economic data- dependent outcomes,subtle press release rewordings since last July have increased the likelihood there will be no additional rate increase in this cycle. With early April’s inflation surprise,the CME FedWatch tool,which forecasts rates based on Fed Fund futures pricing,is predicting two 0.25%rate cuts for 2024,with the first occurring in September.Fed officials and market participants have expressed concern about leaving rates at their current levels for an extended period could tip the US economy into a recession,but inflation remains stubbornly elevated and higher rates are the FOMC’s primary inflation-fighting tool.Additionally,the FOMC continues to remove liquidity from the market by allowing bonds held on its balance sheet to mature without reinvesting maturity proceeds. The yield on the US 10-year Treasury (green line of the top chart)rose modestly,opening at the at 3.88%and finishing the quarter at 4.20%.The 0.32%increase was largely attributable to sticky inflation data released throughout the quarter.The benchmark's rate peaked in October 2023, cresting at just under 5.00%before pulling back in the remainder of the year. The blue line in the top chart illustrates changes in the Option Adjusted Spread (OAS)for BAA-rated 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.During the quarter,the spread narrowed from 1.29%to 1.17%,which is equivalent to falling rates for BAA bonds.The spread measure has continued to narrow over the trailing 12- month period after concerns about the regional banking sector during March 2023 caused credit spreads to spike.High-yield OAS spreads (represented by the yellow line in the top chart)have also continued to narrow from 3.39%at the end of 2023 to 3.15%at the end of March 2024.This narrowing provided an additional boost to high yield performance. The lower graph provides a snapshot of the US Treasury yield curve at the end of each of the last four quarters.If the anticipated rate cuts materialize in 2024,the yield curve will steepen into a positively sloped yield curve,which is the normal shape of the yield.Historically,a persistent inversion of the yield curve,as measured by the spread between 2 and 10-year Treasuries,has been a precursor of an economic recession within six to 24 months.As of quarter-end,the current yield curve inversion has persisted for 21 months. 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 1-Year Trailing Market Rates Fed Funds Rate BAA OAS 10yr Treasury High Yield OAS 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Treasury Yield Curve 6/30/2023 9/30/2023 12/31/2023 3/31/2024 Page 11 Source: US Department of Treasury, FRED (Federal Reserve of St. Louis), Federal Reserve of New York The Market Environment References As of March 31, 2024 Fed Minutes Suggest Rate Hikes Are Over, but Offer No Timetable on Cuts -WSJ Fed meeting today: Live updates on March Fed rate decision (cnbc.com) CME FedWatch Tool -CME Group Effective Federal Funds Rate -FEDERAL RESERVE BANK of NEW YORK (newyorkfed.org) ICE BofA US High Yield Index Option-Adjusted Spread (BAMLH0A0HYM2) | FRED | St. Louis Fed (stlouisfed.org) The quarter in review: what happened in the first three months of 2024? | J.P. Morgan Asset Management (jpmorgan.com) When will the Federal Reserve start cutting interest rates? | J.P. Morgan Asset Management (jpmorgan.com) Resource Center | U.S. Department of the Treasury The S&P 500 Clinches Best Start to Year Since 2019 -WSJ China’s Economy Limps Into 2024 -WSJ Support Site -Global Index Lens: Index Returns -MSCI Q1 2024 CIO Review and Outlook -Matthews Asia -Commentaries -Advisor Perspectives Treasuries Selloff Deepens as Traders Push Back First Rate Cut -Articles -Advisor Perspectives Federal Reserve issues FOMC statement Page 12 Executive Summary Policy Target In Policy Outside Policy 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%60.0% Total Cash Composite (0.5%) Total Private Equity Composite (2.9%) Total Real Assets (9.7%) Total Fixed Income Composite (36.1%) Total International Equity (13.5%) Total Domestic Equity (37.3%) 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 1,553,912,108 100.0 N/A N/A 100.0 --- Total Domestic Equity 579,086,556 37.3 10.0 50.0 35.0 -423,695,345 197,869,498 -35,217,318 Total International Equity 209,100,964 13.5 5.0 20.0 12.0 -131,405,358 101,681,458 -22,631,511 Total Fixed Income Composite 560,419,794 36.1 10.0 45.0 40.0 -405,028,583 138,840,655 61,145,049 Total Real Assets 151,455,580 9.7 0.0 15.0 8.0 -151,455,580 81,631,236 -27,142,611 Total Private Equity Composite 45,561,930 2.9 0.0 20.0 5.0 -45,561,930 265,220,492 32,133,675 Total Cash Composite 7,679,447 0.5 0.0 10.0 0.0 -7,679,447 147,711,764 -7,679,447 Asset Allocation Compliance Oakland County Employees' Retirement System Total Fund Composite As of March 31, 2024 Page 13 Executive Summary Policy Target In Policy Outside Policy 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%60.0% Total Cash Composite (0.5%) Total Private Equity Composite (2.9%) Total Real Assets (9.7%) Total Fixed Income Composite (36.1%) Total International Equity (13.5%) Total Small Cap Equity Composite (6.5%) Total Mid Cap Equity Composite (9.1%) Total Large Cap Equity Composite (21.7%) Asset Allocation Compliance Asset Allocation $ Current Allocation (%) Target Allocation (%) Target Rebal. ($000) Total Fund Composite 1,553,912,108 100.0 100.0 - Total Large Cap Equity Composite 337,197,680 21.7 20.0 -26,415,258 Total Mid Cap Equity Composite 140,668,801 9.1 7.5 -24,125,393 Total Small Cap Equity Composite 101,220,075 6.5 7.5 15,323,333 Total International Equity 209,100,964 13.5 12.0 -22,631,511 Total Fixed Income Composite 560,419,794 36.1 40.0 61,145,049 Total Real Assets 151,455,580 9.7 8.0 -27,142,611 Total Private Equity Composite 45,561,930 2.9 5.0 32,133,675 Total Cash Composite 7,679,447 0.5 0.0 -7,679,447 Asset Allocation Compliance Oakland County Employees' Retirement System Total Fund Composite As of March 31, 2024 Page 14 Asset Allocation By Segment as of December 31, 2023 : $1,501,233,537 Asset Allocation By Segment as of March 31, 2024 : $1,553,912,108 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 27.7¢ Global Fixed Income 42,889,062 2.9¢ Real Estate 171,951,891 11.5¢ Private Equity 106,739,467 7.1¢ Cash Equivalent 44,341,212 3.0¢ Allocation Segments Market Value Allocation Domestic Equity 550,908,010 35.5¢ International Equity 166,359,127 10.7¢ Emerging Equity 39,344,480 2.5¢ Domestic Fixed Income 424,885,922 27.3¢ Global Fixed Income 43,456,586 2.8¢ Real Estate 169,428,408 10.9¢ Private Equity 108,854,650 7.0¢ Cash Equivalent 50,674,925 3.3¢ Asset Allocation Summary Total Fund Composite As of March 31, 2024 NONE Page 15 Mar-2024 : $1,553,912,107.6 Allocation Market Value Allocation SSgA S&P 500 74,885,240 4.8¢ SSgA S&P 500 Equal Weighted Index 85,364,143 5.5¢ T. Rowe Price 176,948,297 11.4¢ Kennedy Mid Cap Value 46,921,665 3.0¢ TimesSquare 48,231,615 3.1¢ Reinhart Partners 45,515,521 2.9¢ Leeward 50,436,791 3.2¢ Loomis Small Cap 50,783,284 3.3¢ Lazard 69,506,483 4.5¢ Hudson Edge HGK International 67,109,984 4.3¢ Allspring EM 33,140,017 2.1¢ ABS Emerging Markets Strat Port 39,344,480 2.5¢ ABS Offshore Global 607,837 0.0¢ CS McKee 260,014,667 16.7¢ Loomis Fixed Income 135,286,501 8.7¢ National Investment Fixed 20,017,435 1.3¢ Boyd Watterson Fixed 20,068,648 1.3¢ Pimco Diversified Income (PDIIX)43,456,586 2.8¢ Churchill Senior Loan Fund 6,398,075 0.4¢ Marathon Distressed Credit Fund LP 22,223,546 1.4¢ H.I.G. Bayside Loan Opportunity VI 17,255,095 1.1¢ BlackRock Direct Lending Feeder IX 17,751,849 1.1¢ Bloomfield Capital Fund V - Series B 14,546,508 0.9¢ Bloomfield Capital Fund V - Series C 800,516 0.1¢ Marathon Distressed Credit Fund II LP 2,600,368 0.2¢ ValStone Opportunity Fund V 2,384,282 0.2¢ Morgan Stanley 79,734,646 5.1¢ Macquarie Fund III Europe 30,121 0.0¢ Prudential PRISA II 51,246,528 3.3¢ Alidade Capital Fund IV 2,453,244 0.2¢ Walton Street Real Estate 4,151,355 0.3¢ AEW Real Estate 2,297,860 0.1¢ Dune Real Estate IV 9,157,544 0.6¢ Hamilton Lane Secondary Fund V LP 13,794,570 0.9¢ Portfolio Adv Secondary Agg IV 17,578,696 1.1¢ Sturbridge Diversified III 8,868,536 0.6¢ Capital Dynamics Global Secondaries VI 5,320,128 0.3¢ Liquidity Account 7,679,447 0.5¢ Asset Allocation by Asset Class Oakland County Employees' Retirement System As of March 31, 2024 Page 16 Asset Allocation Attributes Mar-2024 Dec-2023 Sep-2023 Jun-2023 Mar-2023 ($)%($)%($)%($)%($)% Total Fund Composite 1,553,912,108 100.00 1,501,233,537 100.00 1,407,225,134 100.00 1,457,746,621 100.00 1,439,418,473 100.00 Total Equity Composite 788,795,357 50.76 730,144,048 48.64 698,496,978 49.64 725,943,239 49.80 719,101,254 49.96 Total Domestic Equity 579,086,556 37.27 529,363,744 35.26 504,462,043 35.85 523,285,488 35.90 491,516,178 34.15 Total Large Cap Equity Composite 337,197,680 21.70 305,288,782 20.34 285,854,989 20.31 295,423,394 20.27 273,227,861 18.98 SSgA S&P 500 74,885,240 4.82 67,743,716 4.51 60,663,759 4.31 62,718,657 4.30 57,680,919 4.01 SSgA S&P 500 Equal Weighted Index 85,364,143 5.49 79,064,181 5.27 70,461,251 5.01 74,045,653 5.08 71,329,306 4.96 T. Rowe Price 176,948,297 11.39 158,480,885 10.56 154,729,979 11.00 158,659,085 10.88 144,217,637 10.02 Total Mid Cap Equity Composite 140,668,801 9.05 128,575,501 8.56 113,098,403 8.04 118,108,760 8.10 112,436,356 7.81 TimesSquare 48,231,615 3.10 43,789,989 2.92 34,034,600 2.42 35,386,533 2.43 33,033,724 2.29 Reinhart Partners 45,515,521 2.93 42,228,003 2.81 27,499,375 1.95 28,220,017 1.94 26,916,224 1.87 Total Small Cap Equity Composite 101,220,075 6.51 95,499,461 6.36 105,508,650 7.50 109,753,334 7.53 105,851,961 7.35 Leeward 50,436,791 3.25 48,021,174 3.20 52,378,803 3.72 53,858,811 3.69 52,509,917 3.65 Loomis Small Cap 50,783,284 3.27 47,478,287 3.16 53,129,848 3.78 55,894,522 3.83 53,342,044 3.71 Total International Equity 209,100,964 13.46 200,172,467 13.33 181,878,186 12.92 190,416,074 13.06 205,541,210 14.28 Lazard 69,506,483 4.47 65,371,438 4.35 59,430,989 4.22 62,260,095 4.27 59,786,338 4.15 Hudson Edge HGK International 67,109,984 4.32 63,463,053 4.23 56,136,381 3.99 59,436,238 4.08 58,632,396 4.07 Allspring EM 33,140,017 2.13 32,770,289 2.18 30,095,219 2.14 31,909,933 2.19 31,528,032 2.19 ABS Emerging Markets 39,344,480 2.53 38,567,687 2.57 36,215,597 2.57 36,809,808 2.53 35,528,128 2.47 Total Long/Short Equity Composite 607,837 0.04 607,837 0.04 12,156,750 0.86 12,241,677 0.84 22,043,866 1.53 ABS Offshore Global 607,837 0.04 607,837 0.04 12,156,750 0.86 12,241,677 0.84 22,043,866 1.53 Total Fixed Income Composite 560,419,794 36.07 559,166,904 37.25 493,214,107 35.05 505,116,028 34.65 493,840,419 34.31 Total Core Fixed Income 435,387,250 28.02 436,218,643 29.06 368,798,141 26.21 381,735,768 26.19 373,448,592 25.94 CS McKee 260,014,667 16.73 260,956,346 17.38 242,874,397 17.26 250,839,809 17.21 246,704,639 17.14 Loomis Fixed Income 135,286,501 8.71 135,272,627 9.01 125,923,744 8.95 130,895,959 8.98 126,743,953 8.81 Total Global Fixed 43,456,586 2.80 42,889,062 2.86 44,437,544 3.16 44,928,026 3.08 44,525,674 3.09 Pimco Diversified Income (PDIIX)43,456,586 2.80 42,889,062 2.86 44,437,544 3.16 44,928,026 3.08 44,525,674 3.09 Historical Asset Allocation Total Fund As of March 31, 2024 Page 17 Historical Asset Allocation Total Fund As of March 31, 2024 Mar-2024 Dec-2023 Sep-2023 Jun-2023 Mar-2023 ($)%($)%($)%($)%($)% Private Fixed Income 81,575,957 5.25 80,059,200 5.33 79,978,422 5.68 78,452,234 5.38 75,866,152 5.27 Churchill Senior Loan Fund 6,398,075 0.41 6,807,416 0.45 6,673,591 0.47 6,454,827 0.44 6,199,571 0.43 Marathon Distressed Credit Fund LP 11,966,525 0.77 12,283,880 0.82 12,971,705 0.92 12,806,025 0.88 11,508,390 0.80 H.I.G. Bayside Loan Opportunity VI 9,291,205 0.60 9,388,238 0.63 8,397,864 0.60 8,417,945 0.58 8,419,353 0.58 BlackRock Direct Lending Feeder IX 17,751,849 1.14 17,598,826 1.17 18,295,005 1.30 17,532,175 1.20 17,585,038 1.22 Total Real Assets 151,455,580 9.75 153,627,481 10.23 158,309,094 11.25 160,595,577 11.02 164,167,760 11.41 Total Real Estate (Composite)151,455,580 9.75 153,627,481 10.23 158,309,094 11.25 160,595,577 11.02 164,167,760 11.41 ValStone Opportunity Fund V 2,384,282 0.15 2,384,351 0.16 2,473,323 0.18 2,463,417 0.17 2,611,034 0.18 Morgan Stanley 79,734,646 5.13 80,821,282 5.38 82,643,549 5.87 82,824,452 5.68 84,723,301 5.89 Prudential PRISA II 51,246,528 3.30 52,426,268 3.49 55,399,712 3.94 57,558,312 3.95 58,874,777 4.09 Alidade Capital Fund IV 2,453,244 0.16 2,396,355 0.16 2,428,993 0.17 2,557,698 0.18 2,570,484 0.18 Walton Street Real Estate 4,151,355 0.27 4,424,576 0.29 4,515,241 0.32 4,622,953 0.32 4,926,837 0.34 AEW Real Estate 2,297,860 0.15 2,145,344 0.14 2,458,659 0.17 2,501,255 0.17 2,498,888 0.17 Dune Real Estate IV 9,157,544 0.59 8,991,295 0.60 8,351,784 0.59 8,025,296 0.55 7,920,625 0.55 Total Private Equity Composite 45,561,930 2.93 45,282,772 3.02 46,306,174 3.29 44,734,261 3.07 43,591,709 3.03 Macquarie Fund III Europe 30,121 0.00 38,010 0.00 37,834 0.00 42,193 0.00 41,815 0.00 Hamilton Lane Secondary Fund V LP 13,794,570 0.89 13,794,570 0.92 14,965,304 1.06 15,137,689 1.04 15,135,299 1.05 Portfolio Adv Secondary Agg IV 10,044,970 0.65 9,714,022 0.65 10,193,004 0.72 9,568,679 0.66 9,194,711 0.64 Sturbridge Diversified III 8,868,536 0.57 8,868,536 0.59 9,140,035 0.65 8,812,516 0.60 9,574,843 0.67 Total Cash Composite 7,679,447 0.49 13,012,331 0.87 10,898,780 0.77 21,357,517 1.47 18,717,331 1.30 Liquidity Account 7,679,447 0.49 13,012,331 0.87 10,898,780 0.77 21,357,517 1.47 18,717,331 1.30 Page 18 Financial Reconciliation Market Value 01/01/2024 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 03/31/2024 Total Fund Composite 1,501,233,537 -72,324 -6,701,945 -756,022 -1,011 7,451,083 52,614,141 1,553,912,108 Total Equity Composite 730,144,048 -72,324 --216,482 -981 1,430,047 57,366,400 788,795,357 Total Domestic Equity 529,363,744 ----9,668 -207 1,220,367 48,512,321 579,086,556 Total Large Cap Equity Composite 305,288,782 ----9,668 -18 524,433 31,394,150 337,197,680 SSgA S&P 500 67,743,716 ----3,180 --7,144,703 74,885,240 SSgA S&P 500 Equal Weighted Index 79,064,181 ----6,488 --6,306,451 85,364,143 T. Rowe Price 158,480,885 -----18 524,433 17,942,997 176,948,297 Total Mid Cap Equity Composite 128,575,501 -----106 404,829 11,688,578 140,668,801 TimesSquare 43,789,989 -----106 90,529 4,351,203 48,231,615 Reinhart Partners 42,228,003 -----139,063 3,148,455 45,515,521 Total Small Cap Equity Composite 95,499,461 -----83 291,105 5,429,592 101,220,075 Leeward 48,021,174 -----217,159 2,198,457 50,436,791 Loomis Small Cap 47,478,287 -----83 73,945 3,231,135 50,783,284 Total International Equity 200,172,467 -72,324 --206,813 -774 209,680 8,854,080 209,100,964 Lazard 65,371,438 -----774 161,269 3,974,549 69,506,483 Hudson Edge HGK International 63,463,053 ----134,489 -48,411 3,733,009 67,109,984 Allspring EM 32,770,289 -72,324 --72,324 --369,728 33,140,017 ABS Emerging Markets 38,567,687 ------776,793 39,344,480 Total Long/Short Equity Composite 607,837 -------607,837 ABS Offshore Global 607,837 -------607,837 Total Fixed Income Composite 559,166,904 -1,079,876 ---137,496 -4,847,927 -2,377,664 560,419,794 Total Core Fixed Income 436,218,643 -----4,053,174 -4,884,567 435,387,250 CS McKee 260,956,346 -----2,633,291 -3,574,970 260,014,667 Loomis Fixed Income 135,272,627 -----1,058,744 -1,044,871 135,286,501 Total Global Fixed 42,889,062 ----80,317 -514,463 133,379 43,456,586 Pimco Diversified Income (PDIIX)42,889,062 ----80,317 -514,463 133,379 43,456,586 Financial Reconciliation Total Fund 1 Quarter Ending March 31, 2024 Page 19 Financial Reconciliation Total Fund 1 Quarter Ending March 31, 2024 Market Value 01/01/2024 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 03/31/2024 Private Fixed Income 80,059,200 -1,079,876 ---57,179 -280,290 2,373,524 81,575,957 Churchill Senior Loan Fund 6,807,416 -656,714 -----247,373 6,398,075 Marathon Distressed Credit Fund LP 22,812,920 -1,874,271 -----1,284,897 22,223,546 H.I.G. Bayside Loan Opportunity VI 17,435,300 -870,797 ---57,179 --747,771 17,255,095 BlackRock Direct Lending Feeder IX 17,598,826 ------153,023 17,751,849 Bloomfield Capital Fund V - Series B 15,404,738 -1,075,172 ----278,473 -61,530 14,546,508 Total Real Assets 153,627,481 -316,985 ---402,044 -1,115,996 -2,568,868 151,455,580 Total Real Estate 153,627,481 -316,985 ---402,044 -1,115,996 -2,568,868 151,455,580 ValStone Opportunity Fund V 2,384,351 -------69 2,384,282 Morgan Stanley 80,821,282 ----224,586 -798,533 -1,660,584 79,734,646 Prudential PRISA II 52,426,268 ----150,000 -317,458 -1,347,198 51,246,528 Alidade Capital Fund IV 2,396,355 ------56,889 2,453,244 Walton Street Real Estate 4,424,576 -316,985 ---21,570 --65,334 4,151,355 AEW Real Estate 2,145,344 ------152,516 2,297,860 Dune Real Estate IV 8,991,295 ------166,249 9,157,544 Total Private Equity Composite 45,282,772 307,900 ------28,742 45,561,930 Macquarie Fund III Europe 38,010 ----5,888 -5 -2,006 30,121 Hamilton Lane Secondary Fund V LP 13,794,570 -------13,794,570 Portfolio Adv Secondary Agg IV 16,999,538 633,040 ------53,882 17,578,696 Sturbridge Diversified III 8,868,536 -------8,868,536 Total Cash Composite 13,012,331 1,088,961 --6,701,945 --30 57,114 223,016 7,679,447 Liquidity Account 13,012,331 1,088,961 --6,701,945 --30 57,114 223,016 7,679,447 Page 20 -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 37.27 (41)13.46 (67)2.80 (86)28.02 (71)5.33 (71)12.63 (7)0.49 (73)˜ 5th Percentile 50.64 25.21 29.93 43.11 21.00 13.22 11.38 1st Quartile 41.32 20.26 12.98 37.33 13.89 8.47 3.15 Median 34.34 16.05 6.95 31.88 9.23 5.58 1.36 3rd Quartile 28.69 11.52 3.66 27.38 4.92 4.01 0.44 95th Percentile 18.58 5.56 1.81 18.80 1.23 2.24 0.05 Plan Sponsor TF Asset Allocation Total Fund Composite Vs. All Master Trust - Eq 40-60% FI 25-45% As of March 31, 2024 Page 21 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)1,553,912,108 100.0 4.02 (60)11.99 (76)4.02 (60)11.73 (73)4.24 (25)7.27 (40)7.10 (40)6.76 (34)5.72 (80)06/01/1998 Total Fund Policy Index 3.85 (68)12.53 (69)3.85 (68)11.85 (72)3.32 (54)6.82 (56)6.86 (48)6.60 (41)6.00 (73) Difference 0.17 -0.54 0.17 -0.12 0.92 0.45 0.24 0.16 -0.28 All Master Trust - Eq 40-60% FI 25-45% Median 4.24 13.23 4.24 12.92 3.42 6.93 6.81 6.36 6.37 Total Fund Composite (Net)1,553,912,108 100.0 3.97 11.86 3.97 11.48 4.04 7.06 6.82 6.51 5.62 06/01/1998 Total Fund Policy Index 3.85 12.53 3.85 11.85 3.32 6.82 6.86 6.60 6.00 Difference 0.12 -0.67 0.12 -0.37 0.72 0.24 -0.04 -0.09 -0.38 Total Equity Composite 788,795,357 50.8 8.05 20.50 8.05 22.17 6.77 10.85 10.13 9.22 6.21 04/01/1998 Total Equity Index 7.79 20.29 7.79 22.48 6.68 11.27 10.63 10.10 7.36 Difference 0.26 0.21 0.26 -0.31 0.09 -0.42 -0.50 -0.88 -1.15 Total Fixed Income Composite 560,419,794 36.1 0.44 7.03 0.44 5.12 -0.35 1.44 1.85 2.14 4.45 04/01/1998 Total Fixed Income Index -0.95 5.96 -0.95 1.62 -2.77 0.17 0.96 1.33 3.87 Difference 1.39 1.07 1.39 3.50 2.42 1.27 0.89 0.81 0.58 Total Real Assets 151,455,580 9.7 -0.95 -3.80 -0.95 -6.55 6.27 6.33 7.44 8.55 7.06 07/01/2008 NCREIF Fund Index-ODCE (VW)-2.37 -7.08 -2.37 -11.29 3.37 3.46 4.68 6.76 4.80 Difference 1.42 3.28 1.42 4.74 2.90 2.87 2.76 1.79 2.26 Total Private Equity Composite 45,561,930 2.9 -0.06 0.75 -0.06 1.06 22.18 N/A N/A N/A 29.72 04/01/2020 Russell Microcap Index 4.68 21.50 4.68 17.78 -4.89 6.90 6.43 5.96 17.34 Difference -4.74 -20.75 -4.74 -16.72 27.07 N/A N/A N/A 12.38 Total Cash Composite 7,679,447 0.5 Asset Allocation & Performance Total Fund Composite (Gross) As of March 31, 2024 Page 22 Asset Allocation & Performance Total Fund Composite (Gross) As of March 31, 2024 Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Domestic Equity 579,086,556 37.3 Total Large Cap Equity Composite 337,197,680 21.7 10.46 (54)23.76 (46)10.46 (54)29.49 (52)11.55 (33)15.15 (38)14.08 (46)13.06 (38)11.64 (46)07/01/2008 IM U.S. Large Cap Equity (SA+CF) Median 10.55 23.50 10.55 29.84 10.79 14.74 13.88 12.68 11.59 SSgA S&P 500 (1.5 bps)74,885,240 4.8 10.55 (55)23.45 (60)10.55 (55)29.85 (57)11.41 (47)14.98 (49)14.04 (51)12.93 (51)13.86 (57)10/01/2009 S&P 500 Index 10.56 (54)23.48 (58)10.56 (54)29.88 (56)11.49 (43)15.05 (45)14.09 (47)12.96 (45)13.89 (55) Difference -0.01 -0.03 -0.01 -0.03 -0.08 -0.07 -0.05 -0.03 -0.03 IM U.S. Large Cap Core Equity (SA+CF) Median 10.86 24.08 10.86 30.40 11.22 14.92 14.04 12.93 13.91 SSgA S&P 500 Equal Weighted Index (4 bps)85,364,143 5.5 7.98 (84)21.17 (78)7.98 (84)19.72 (88)8.42 (87)12.41 (82)N/A N/A 10.22 (84)02/01/2018 S&P 500 Equal Weighted 7.91 (84)20.72 (80)7.91 (84)19.38 (89)8.16 (88)12.35 (83)11.50 (85)10.92 (88)10.18 (84) Difference 0.07 0.45 0.07 0.34 0.26 0.06 N/A N/A 0.04 IM U.S. Large Cap Core Equity (SA+CF) Median 10.86 24.08 10.86 30.40 11.22 14.92 14.04 12.93 12.33 T. Rowe Price (25 bps)176,948,297 11.4 11.65 (40)25.18 (34)11.65 (40)34.31 (22)12.82 (23)16.26 (24)15.35 (19)14.04 (15)14.61 (20)10/01/2009 S&P 500 Index 10.56 (54)23.48 (58)10.56 (54)29.88 (56)11.49 (43)15.05 (45)14.09 (47)12.96 (45)13.89 (55) Difference 1.09 1.70 1.09 4.43 1.33 1.21 1.26 1.08 0.72 IM U.S. Large Cap Core Equity (SA+CF) Median 10.86 24.08 10.86 30.40 11.22 14.92 14.04 12.93 13.91 Total Mid Cap Equity Composite 140,668,801 9.1 9.41 (49)24.77 (25)9.41 (49)26.03 (29)8.04 (38)10.49 (77)9.40 (80)8.97 (81)9.57 (88)07/01/2008 IM U.S. Mid Cap Equity (SA+CF) Median 9.32 22.78 9.32 23.32 7.02 11.91 11.50 10.45 10.87 TimesSquare (80 bps)48,231,615 3.1 10.14 (40)24.92 (30)10.14 (40)28.70 (16)8.43 (6)15.29 (6)15.01 (13)12.62 (20)14.74 (30)09/01/2009 Russell Midcap Growth Index 9.50 (45)25.42 (25)9.50 (45)26.28 (31)4.62 (31)11.82 (60)12.87 (64)11.35 (56)13.81 (62) Difference 0.64 -0.50 0.64 2.42 3.81 3.47 2.14 1.27 0.93 IM U.S. Mid Cap Growth Equity (SA+CF) Median 8.85 23.17 8.85 23.85 3.08 12.45 13.29 11.49 14.29 Reinhart Partners (65 bps)45,515,521 2.9 7.79 (49)24.84 (7)7.79 (49)27.55 (4)12.97 (3)N/A N/A N/A 13.76 (3)05/01/2019 Russell 2500 Index 6.92 (65)21.20 (42)6.92 (65)21.43 (45)2.97 (86)9.90 (53)9.45 (29)8.84 (27)9.31 (51) Difference 0.87 3.64 0.87 6.12 10.00 N/A N/A N/A 4.45 IM U.S. SMID Cap Core Equity (MF) Median 7.58 20.76 7.58 20.84 5.42 10.02 8.41 7.92 9.35 Page 23 Asset Allocation & Performance Total Fund Composite (Gross) As of March 31, 2024 Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Small Cap Equity Composite 101,220,075 6.5 5.99 (50)16.14 (82)5.99 (50)15.77 (78)3.88 (51)10.42 (55)9.84 (54)8.77 (68)10.05 (69)07/01/2008 IM U.S. Small Cap Equity (SA+CF) Median 5.90 19.68 5.90 20.08 3.95 10.68 10.03 9.41 10.73 Leeward (70 bps)50,436,791 3.2 5.03 (56)16.53 (81)5.03 (56)16.24 (79)7.03 (40)10.81 (58)8.20 (69)8.91 (47)9.47 (39)09/01/2005 Russell 2000 Value Index 2.90 (91)18.60 (55)2.90 (91)18.75 (64)2.22 (90)8.17 (92)6.55 (95)6.87 (93)7.05 (99) Difference 2.13 -2.07 2.13 -2.51 4.81 2.64 1.65 2.04 2.42 IM U.S. Small Cap Value Equity (SA+CF) Median 5.19 19.03 5.19 21.02 6.40 11.21 8.95 8.80 9.06 Loomis Small Cap (90 bps)50,783,284 3.3 6.96 (55)15.77 (77)6.96 (55)15.31 (64)0.31 (45)9.38 (67)11.58 (64)9.80 (66)12.63 (62)09/01/2012 Russell 2000 Growth Index 7.58 (45)21.30 (40)7.58 (45)20.35 (43)-2.68 (67)7.38 (94)8.40 (96)7.89 (97)10.52 (97) Difference -0.62 -5.53 -0.62 -5.04 2.99 2.00 3.18 1.91 2.11 IM U.S. Small Cap Growth Equity (SA+CF) Median 7.17 20.02 7.17 18.01 -0.21 10.53 12.25 10.48 12.91 Total International Equity 209,100,964 13.5 4.53 (59)15.12 (57)4.53 (59)12.93 (60)-0.08 (79)5.02 (87)5.57 (83)4.50 (85)4.15 (88)07/01/2008 Total International Equity Index 4.81 (56)15.11 (57)4.81 (56)13.83 (52)2.44 (61)6.48 (68)6.38 (68)4.75 (78)3.61 (95) Difference -0.28 0.01 -0.28 -0.90 -2.52 -1.46 -0.81 -0.25 0.54 IM International Equity (SA+CF) Median 5.11 15.95 5.11 14.13 3.65 7.67 7.09 5.66 5.49 Lazard (75 bps)69,506,483 4.5 6.33 (31)16.96 (38)6.33 (31)16.26 (35)3.11 (55)6.35 (70)7.19 (49)5.42 (56)5.83 (44)09/01/2006 MSCI AC World ex USA 4.81 (56)15.11 (57)4.81 (56)13.83 (52)2.44 (61)6.48 (68)6.38 (68)4.75 (78)4.41 (88) Difference 1.52 1.85 1.52 2.43 0.67 -0.13 0.81 0.67 1.42 IM International Equity (SA+CF) Median 5.11 15.95 5.11 14.13 3.65 7.67 7.09 5.66 5.51 HGK International (100 bps)67,109,984 4.3 5.97 (43)20.05 (35)5.97 (43)15.40 (26)N/A N/A N/A N/A 21.44 (14)09/01/2022 MSCI EAFE (Net) Index 5.78 (44)16.81 (63)5.78 (44)15.32 (26)4.78 (15)7.33 (74)6.70 (85)4.80 (93)19.76 (24) Difference 0.19 3.24 0.19 0.08 N/A N/A N/A N/A 1.68 IM International LCG Equity (SA+CF)5.29 18.24 5.29 12.43 1.95 8.46 8.52 6.71 16.82 Allspring EM (95 bps)33,140,017 2.1 1.13 (77)10.12 (64)1.13 (77)5.11 (77)-8.08 (75)2.53 (66)4.26 (61)3.99 (50)3.86 (N/A)11/01/2012 MSCI Emerging Markets Index 2.44 (59)10.56 (58)2.44 (59)8.59 (58)-4.68 (50)2.61 (66)4.11 (64)3.33 (65)3.22 (N/A) Difference -1.31 -0.44 -1.31 -3.48 -3.40 -0.08 0.15 0.66 0.64 IM Emerging Markets Equity (SA+CF+MF) Median 3.13 11.51 3.13 9.76 -4.69 3.70 4.78 3.96 N/A ABS Emerging Markets (75 bps)39,344,480 2.5 2.01 (66)8.64 (78)2.01 (66)10.74 (50)N/A N/A N/A N/A 6.93 (60)07/01/2022 MSCI Emerging Markets Index 2.44 (58)10.56 (62)2.44 (58)8.59 (64)-4.68 (59)2.61 (72)4.11 (74)3.33 (81)5.52 (72) Difference -0.43 -1.92 -0.43 2.15 N/A N/A N/A N/A 1.41 IM Emerging Markets Equity (SA+CF) Median 3.16 11.80 3.16 10.61 -2.90 4.14 5.10 4.52 8.76 Page 24 Asset Allocation & Performance Total Fund Composite (Gross) As of March 31, 2024 Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Core Fixed Income 435,387,250 28.0 -0.19 (21)7.17 (8)-0.19 (21)3.06 (24)-1.71 (16)1.13 (28)1.72 (32)N/A 1.41 (29)09/01/2016 IM U.S. Broad Market Core Fixed Inc (SA+CF)-0.48 6.40 -0.48 2.23 -2.12 0.90 1.56 2.00 1.19 CS McKee (17 bps)260,014,667 16.7 -0.36 (38)7.06 (10)-0.36 (38)3.29 (18)-1.83 (24)0.79 (62)1.44 (65)1.90 (64)2.61 (71)02/01/2010 Blmbg. U.S. Aggregate Index -0.78 (92)5.99 (76)-0.78 (92)1.70 (77)-2.46 (85)0.36 (96)1.06 (97)1.54 (96)2.26 (92) Difference 0.42 1.07 0.42 1.59 0.63 0.43 0.38 0.36 0.35 IM U.S. Broad Market Core Fixed Inc (SA+CF)-0.48 6.40 -0.48 2.23 -2.12 0.90 1.56 2.00 2.81 Loomis Fixed Income (30 bps)135,286,501 8.7 0.01 (12)7.44 (5)0.01 (12)2.67 (30)-1.49 (13)1.83 (9)2.30 (8)2.59 (8)4.11 (4)04/01/2010 Blmbg. U.S. Aggregate Index -0.78 (92)5.99 (76)-0.78 (92)1.70 (77)-2.46 (85)0.36 (96)1.06 (97)1.54 (96)2.26 (92) Difference 0.79 1.45 0.79 0.97 0.97 1.47 1.24 1.05 1.85 IM U.S. Broad Market Core Fixed Inc (SA+CF)-0.48 6.40 -0.48 2.23 -2.12 0.90 1.56 2.00 2.81 Total Global Fixed 43,456,586 2.8 1.51 (29)9.63 (8)1.51 (29)9.82 (32)0.59 (41)-1.41 (94)-0.80 (98)N/A 0.25 (93)12/01/2016 IM Global Fixed Income (SA+CF) Median 0.61 7.17 0.61 6.51 -0.34 2.37 2.82 2.53 3.07 Pimco Diversified Income (PDIIX)43,456,586 2.8 1.51 (6)9.63 (3)1.51 (6)9.82 (3)0.45 (9)N/A N/A N/A 0.24 (9)03/01/2021 Blmbg. Global Credit (Hedged)0.40 (25)7.75 (17)0.40 (25)6.63 (14)-1.05 (26)1.65 (19)2.34 (12)2.89 (8)-1.29 (26) Difference 1.11 1.88 1.11 3.19 1.50 N/A N/A N/A 1.53 IM Global Fixed Income (MF) Median -0.35 6.50 -0.35 3.35 -2.33 0.25 0.92 0.96 -2.46 Total Real Estate (Composite)151,455,580 9.7 -0.95 (27)-3.80 (33)-0.95 (27)-6.55 (20)6.27 (16)5.78 (18)6.82 (15)N/A 7.17 (N/A)12/01/2016 IM U.S. Open End Private RE (SA+CF)-2.08 -6.46 -2.08 -10.23 3.20 3.73 5.14 7.07 N/A Morgan Stanley (84 bps)79,734,646 5.1 -1.07 (29)-2.94 (20)-1.07 (29)-4.84 (15)6.32 (16)5.72 (18)6.68 (16)8.71 (16)6.31 (17)01/01/2008 NCREIF Fund Index-ODCE (VW)-2.37 (65)-7.08 (64)-2.37 (65)-11.29 (56)3.37 (46)3.46 (59)4.68 (61)6.76 (56)4.75 (56) Difference 1.30 4.14 1.30 6.45 2.95 2.26 2.00 1.95 1.56 IM U.S. Open End Private RE (SA+CF)-2.08 -6.46 -2.08 -10.23 3.20 3.73 5.14 7.07 5.01 Prudential PRISA II (85 bps)51,246,528 3.3 -1.96 (47)-6.95 (57)-1.96 (47)-11.93 (62)4.11 (22)4.23 (25)5.74 (20)7.91 (17)9.19 (24)10/01/2011 NCREIF Property Index -0.98 (28)-3.98 (40)-0.98 (28)-7.16 (23)3.63 (36)3.76 (46)4.67 (62)6.41 (71)7.31 (77) Difference -0.98 -2.97 -0.98 -4.77 0.48 0.47 1.07 1.50 1.88 IM U.S. Open End Private RE (SA+CF)-2.08 -6.46 -2.08 -10.23 3.20 3.73 5.14 7.07 8.20 Total Cash Composite 7,679,447 0.5 Page 25 Comparative Performance - IRR QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date ValStone Opportunity Fund V 0.00 -3.60 0.00 -1.43 1.51 3.61 4.96 N/A 5.99 08/27/2014 Macquarie Fund III Europe -20.76 -20.39 -20.76 -27.90 -43.80 15.53 29.13 8.53 8.44 10/17/2008 Alidade Capital Fund IV 2.37 1.00 2.37 -0.37 8.46 10.42 8.82 N/A 8.82 04/20/2017 Walton Street Real Estate 1.01 2.22 1.01 3.23 9.10 9.14 N/A N/A 10.22 05/25/2017 AEW Real Estate 7.11 6.65 7.11 8.04 42.33 22.30 N/A N/A 19.39 09/26/2017 Churchill Senior Loan Fund 3.79 9.16 3.79 22.82 14.78 8.73 N/A N/A 8.49 12/07/2017 Dune Real Estate IV 1.85 0.22 1.85 0.18 14.85 N/A N/A N/A 4.83 08/22/2019 Hamilton Lane Secondary Fund V LP 0.00 2.79 0.00 3.54 14.19 N/A N/A N/A 18.34 04/28/2020 Marathon Distressed Credit Fund LP 5.91 4.61 5.91 10.05 6.54 N/A N/A N/A 9.37 09/10/2020 H.I.G. Bayside Loan Opportunity VI 4.02 6.22 4.02 12.25 9.65 N/A N/A N/A 12.08 09/29/2020 Portfolio Adv Secondary Agg IV -0.32 -0.55 -0.32 2.75 8.68 N/A N/A N/A 9.92 11/02/2020 BlackRock Direct Lending Feeder IX 0.87 4.04 0.87 15.28 8.11 N/A N/A N/A 8.67 01/05/2021 Bloomfield Capital Fund V - Series B 1.44 3.91 1.44 9.20 7.95 N/A N/A N/A 7.95 03/25/2022 Sturbridge Diversified III 0.00 -2.97 0.00 -7.36 N/A N/A N/A N/A 46.14 12/27/2022 Capital Dynamics Global Secondaries VI 0.47 5.00 0.47 0.52 N/A N/A N/A N/A 62.64 02/10/2023 Comparative Performance - IRR Private Investments As of March 31, 2024 Page 26 Page Intentionally Left Blank Page 27 Plan Sponsor Peer Group Analysis - All Master Trust - Eq 40-60% FI 25-45% Comparative Performance -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 R etu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Composite 4.02 (60)11.99 (76)11.73 (73)3.91 (33)4.24 (25)10.82 (38)7.27 (40)˜ Policy Index 3.85 (68)12.53 (69)11.85 (72)2.74 (70)3.32 (54)9.62 (68)6.82 (56)˜ Median 4.24 13.23 12.92 3.41 3.42 10.34 6.93 -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 R etu r n Oct-2022 To Sep-2023 Oct-2021 To Sep-2022 Oct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Oct-2017 To Sep-2018 Composite 9.27 (72)-11.94 (11)20.34 (24)5.47 (82)4.10 (58)6.95 (34)˜ Policy Index 9.28 (72)-14.36 (34)17.55 (65)7.77 (56)5.04 (30)7.00 (33)˜ Median 10.51 -15.79 18.55 8.01 4.29 6.22 1 Qtr Ending Dec-2023 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 Composite 7.66 (70)-2.78 (41)2.62 (68)4.00 (76)5.31 (74)-3.52 (10) Total Fund Policy Index 8.36 (50)-3.32 (70)2.80 (56)4.21 (67)5.52 (68)-4.68 (49) All Master Trust - Eq 40-60% FI 25-45% Median 8.34 -2.92 2.89 4.55 6.06 -4.71 As of March 31, 2024 Performance Review Composite NONE Page 28 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 0.0 5.0 10.0 15.0 20.0 C o m p o s i te (% ) 0.0 5.0 10.0 15.0 20.0 Total Fund Policy Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Composite 20 4 (20%)6 (30%)9 (45%)1 (5%)˜ Policy Index 20 0 (0%)11 (55%)9 (45%)0 (0%)˜ 2.97 3.30 3.63 3.96 4.29 4.62 R etu r n (% ) 9.57 9.90 10.23 10.56 10.89 11.22 11.55 11.88 Risk (Standard Deviation %) Return Standard Deviation Composite 4.24 9.90˜ Policy Index 3.32 11.15˜ Median 3.42 11.54¾ 6.60 6.80 7.00 7.20 7.40 R etu r n (% ) 10.5 10.8 11.1 11.4 11.7 12.0 12.3 Risk (Standard Deviation %) Return Standard Deviation Composite 7.27 10.86˜ Policy Index 6.82 11.17˜ Median 6.93 11.86¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Composite 1.64 93.20 86.05 1.22 0.46 0.21 0.88 6.37 Policy Index 0.00 100.00 100.00 0.00 N/A 0.12 1.00 7.50 90 Day U.S. Treasury Bill 11.07 7.90 -7.72 2.55 -0.12 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Composite 1.67 98.84 94.95 0.67 0.23 0.52 0.96 7.09 Total Fund Policy Index 0.00 100.00 100.00 0.00 N/A 0.47 1.00 7.27 90 Day U.S. Treasury Bill 11.21 5.79 -7.15 2.04 -0.47 N/A 0.00 0.00 As of March 31, 2024 Performance Review Composite NONE Page 29 Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF) Comparative Performance -4.00 2.00 8.00 14.00 20.00 26.00 32.00 38.00 44.00 50.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR SSgA S&P 500 10.55 (55)23.45 (60)29.85 (57)9.45 (61)11.41 (47)21.26 (53)14.98 (49)˜ S&P 500 Index 10.56 (54)23.48 (58)29.88 (56)9.47 (59)11.49 (43)21.33 (51)15.05 (45)˜ Median 10.86 24.08 30.40 9.98 11.22 21.33 14.92 -40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 R e tu r n 2023 2022 2021 2020 2019 SSgA S&P 500 26.25 (38)-18.25 (69)28.70 (37)18.34 (47)31.44 (35)˜ S&P 500 Index 26.29 (37)-18.11 (67)28.71 (37)18.40 (46)31.49 (34)˜ Median 24.67 -16.49 27.71 17.69 30.08 1 Qtr Ending Dec-2023 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 SSgA S&P 500 11.68 (48)-3.27 (74)8.74 (31)7.48 (27)7.57 (61)-4.88 (56) S&P 500 Index 11.69 (46)-3.27 (74)8.74 (30)7.50 (26)7.56 (62)-4.88 (56) IM U.S. Large Cap Core Equity (SA+CF) Median 11.62 -2.80 7.91 6.40 7.94 -4.79 Performance Review As of March 31, 2024 SSgA S&P 500 NONE Page 30 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 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count SSgA S&P 500 20 0 (0%)19 (95%)1 (5%)0 (0%)˜ S&P 500 Index 20 0 (0%)20 (100%)0 (0%)0 (0%)˜ 11.16 11.25 11.34 11.43 11.52 11.61 R etu r n (% ) 16.90 17.00 17.10 17.20 17.30 17.40 17.50 17.60 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 11.41 17.44˜ S&P 500 Index 11.49 17.35˜ Median 11.22 17.02¾ 14.90 14.95 15.00 15.05 15.10 R etu r n (% ) 18.18 18.20 18.22 18.24 18.26 18.28 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 14.98 18.27˜ S&P 500 Index 15.05 18.21˜ Median 14.92 18.21¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk SSgA S&P 500 0.43 100.42 100.96 -0.12 -0.13 0.57 1.01 11.24 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.57 1.00 11.14 90 Day U.S. Treasury Bill 17.27 5.27 -4.16 2.52 -0.57 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk SSgA S&P 500 0.34 100.23 100.67 -0.10 -0.15 0.75 1.00 11.53 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.75 1.00 11.47 90 Day U.S. Treasury Bill 18.25 3.68 -3.68 2.04 -0.75 N/A 0.00 0.00 Performance Review As of March 31, 2024 SSgA S&P 500 NONE Page 31 Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF) Comparative Performance -4.00 2.00 8.00 14.00 20.00 26.00 32.00 38.00 44.00 50.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR SSgA S&P 500 EW Idx 7.98 (84)21.17 (78)19.72 (88)6.14 (91)8.42 (87)21.52 (46)12.41 (82)˜ S&P 500 Eq Wght 7.91 (84)20.72 (80)19.38 (89)5.76 (94)8.16 (88)21.39 (48)12.35 (83)˜ Median 10.86 24.08 30.40 9.98 11.22 21.33 14.92 -40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 R e tu r n 2023 2022 2021 2020 2019 SSgA S&P 500 EW Idx 14.37 (87)-11.33 (23)29.65 (29)11.74 (76)30.10 (50)˜ S&P 500 Eq Wght 13.87 (89)-11.45 (23)29.63 (29)12.83 (73)29.24 (60)˜ Median 24.67 -16.49 27.71 17.69 30.08 1 Qtr Ending Dec-2023 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 SSgA S&P 500 EW Idx 12.22 (32)-4.83 (93)3.82 (89)3.15 (83)11.53 (11)-4.70 (48) S&P 500 Equal Weighted 11.87 (39)-4.90 (94)3.99 (88)2.93 (85)11.64 (10)-4.79 (51) IM U.S. Large Cap Core Equity (SA+CF) Median 11.62 -2.80 7.91 6.40 7.94 -4.79 Performance Review As of March 31, 2024 SSgA S&P 500 EW Idx NONE Page 32 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 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count SSgA S&P 500 EW Idx 13 2 (15%)2 (15%)8 (62%)1 (8%)˜ S&P 500 Eq Wght 20 3 (15%)1 (5%)9 (45%)7 (35%)˜ 7.00 8.00 9.00 10.00 11.00 12.00 R etu r n (% ) 16.75 17.00 17.25 17.50 17.75 18.00 18.25 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 EW Idx 8.42 18.07˜ S&P 500 Eq Wght 8.16 17.93˜ Median 11.22 17.02¾ 11.76 12.60 13.44 14.28 15.12 15.96 R etu r n (% ) 17.68 18.20 18.72 19.24 19.76 20.28 20.80 21.32 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 EW Idx 12.41 20.47˜ S&P 500 Eq Wght 12.35 20.26˜ Median 14.92 18.21¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk SSgA S&P 500 EW Idx 0.37 101.07 100.32 0.19 0.72 0.40 1.01 11.11 S&P 500 Eq Wght 0.00 100.00 100.00 0.00 N/A 0.39 1.00 11.08 90 Day U.S. Treasury Bill 17.89 4.14 -5.71 2.56 -0.39 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 0.48 100.68 100.65 -0.04 0.21 0.58 1.01 13.14 S&P 500 Eq Wght 0.00 100.00 100.00 0.00 N/A 0.58 1.00 12.96 90 Day U.S. Treasury Bill 20.34 2.94 -4.42 2.07 -0.58 N/A 0.00 0.00 Performance Review As of March 31, 2024 SSgA S&P 500 EW Idx NONE Page 33 Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF) Comparative Performance -4.00 2.00 8.00 14.00 20.00 26.00 32.00 38.00 44.00 50.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR T. Rowe Price 11.65 (40)25.18 (34)34.31 (22)11.57 (29)12.82 (23)22.85 (26)16.26 (24)˜ S&P 500 Index 10.56 (54)23.48 (58)29.88 (56)9.47 (59)11.49 (43)21.33 (51)15.05 (45)˜ Median 10.86 24.08 30.40 9.98 11.22 21.33 14.92 -40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 R e tu r n 2023 2022 2021 2020 2019 T. Rowe Price 30.24 (13)-18.79 (74)28.46 (42)20.64 (32)33.02 (16)˜ S&P 500 Index 26.29 (37)-18.11 (67)28.71 (37)18.40 (46)31.49 (34)˜ Median 24.67 -16.49 27.71 17.69 30.08 1 Qtr Ending Dec-2023 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 T. Rowe Price 12.12 (35)-2.48 (42)10.01 (12)8.27 (14)7.13 (72)-4.50 (38) S&P 500 Index 11.69 (46)-3.27 (74)8.74 (30)7.50 (26)7.56 (62)-4.88 (56) IM U.S. Large Cap Core Equity (SA+CF) Median 11.62 -2.80 7.91 6.40 7.94 -4.79 Performance Review As of March 31, 2024 T. Rowe Price NONE Page 34 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 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24 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%)˜ 10.92 11.44 11.96 12.48 13.00 13.52 R etu r n (% ) 17.01 17.10 17.19 17.28 17.37 17.46 17.55 Risk (Standard Deviation %) Return Standard Deviation T. Rowe Price 12.82 17.41˜ S&P 500 Index 11.49 17.35˜ Median 11.22 17.02¾ 14.52 14.96 15.40 15.84 16.28 16.72 R etu r n (% ) 18.12 18.18 18.24 18.30 18.36 18.42 18.48 Risk (Standard Deviation %) Return Standard Deviation T. Rowe Price 16.26 18.43˜ S&P 500 Index 15.05 18.21˜ Median 14.92 18.21¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk T. Rowe Price 1.03 102.74 98.47 1.19 1.16 0.64 1.00 11.06 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.57 1.00 11.14 90 Day U.S. Treasury Bill 17.27 5.27 -4.16 2.52 -0.57 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk T. Rowe Price 1.06 102.78 99.35 0.95 1.04 0.81 1.01 11.53 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.75 1.00 11.47 90 Day U.S. Treasury Bill 18.25 3.68 -3.68 2.04 -0.75 N/A 0.00 0.00 Performance Review As of March 31, 2024 T. Rowe Price NONE Page 35 Peer Group Analysis - IM U.S. Mid Cap Growth Equity (SA+CF) Comparative Performance -16.00 -10.00 -4.00 2.00 8.00 14.00 20.00 26.00 32.00 38.00 44.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR TimesSquare 10.14 (40)24.92 (30)28.70 (16)9.59 (6)8.43 (6)20.63 (9)15.29 (6)˜ Russell MCG 9.50 (45)25.42 (25)26.28 (31)7.48 (23)4.62 (31)17.87 (45)11.82 (60)˜ Median 8.85 23.17 23.85 5.05 3.08 17.57 12.45 -60.00 -40.00 -20.00 0.00 20.00 40.00 60.00 80.00 100.00 R e tu r n 2023 2022 2021 2020 2019 TimesSquare 25.77 (24)-21.50 (13)17.29 (27)34.61 (61)38.63 (36)˜ Russell MCG 25.87 (21)-26.72 (42)12.73 (62)35.59 (54)35.47 (59)˜ Median 23.41 -27.43 13.70 38.03 36.20 1 Qtr Ending Dec-2023 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 TimesSquare 13.41 (48)-3.82 (13)7.12 (29)7.64 (65)4.34 (70)0.03 (21) Russell Midcap Growth Index 14.55 (17)-5.22 (50)6.23 (56)9.14 (37)6.90 (38)-0.65 (28) IM U.S. Mid Cap Growth Equity (SA+CF) Median 13.21 -5.33 6.45 8.53 6.25 -1.75 Performance Review As of March 31, 2024 TimesSquare NONE Page 36 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 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count TimesSquare 20 9 (45%)7 (35%)4 (20%)0 (0%)˜ Russell MCG 20 0 (0%)3 (15%)16 (80%)1 (5%)˜ 2.00 4.00 6.00 8.00 10.00 R etu r n (% ) 18.17 18.96 19.75 20.54 21.33 22.12 Risk (Standard Deviation %) Return Standard Deviation TimesSquare 8.43 18.05˜ Russell MCG 4.62 21.43˜ Median 3.08 20.80¾ 10.00 12.00 14.00 16.00 R etu r n (% ) 18.29 18.88 19.47 20.06 20.65 21.24 21.83 22.42 Risk (Standard Deviation %) Return Standard Deviation TimesSquare 15.29 19.24˜ Russell MCG 11.82 21.73˜ Median 12.45 21.30¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk TimesSquare 4.63 93.56 81.11 4.16 0.63 0.40 0.83 11.54 Russell MCG 0.00 100.00 100.00 0.00 N/A 0.20 1.00 14.05 90 Day U.S. Treasury Bill 21.32 4.26 -4.09 2.54 -0.20 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk TimesSquare 4.43 96.35 83.01 4.42 0.58 0.73 0.87 11.80 Russell MCG 0.00 100.00 100.00 0.00 N/A 0.53 1.00 13.46 90 Day U.S. Treasury Bill 21.75 3.06 -3.81 2.03 -0.53 N/A 0.00 0.00 Performance Review As of March 31, 2024 TimesSquare NONE Page 37 Peer Group Analysis - IM U.S. SMID Cap Core Equity (MF) Comparative Performance -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 7.79 (49)24.84 (7)27.55 (4)15.22 (2)12.97 (3)27.33 (4)N/A˜ Russell 2500 Index 6.92 (65)21.20 (42)21.43 (45)4.31 (70)2.97 (86)19.92 (64)9.90 (53)˜ Median 7.58 20.76 20.84 5.71 5.42 21.01 10.02 -40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 R e tu r n 2023 2022 2021 2020 2019 Reinhart Partners 24.98 (2)-2.13 (4)24.96 (57)5.61 (69)N/A˜ Russell 2500 Index 17.42 (20)-18.37 (85)18.18 (94)19.99 (8)27.77 (20)˜ Median 15.31 -14.65 26.01 8.64 24.76 1 Qtr Ending Dec-2023 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 Reinhart Partners 15.82 (1)-2.55 (12)4.84 (37)5.62 (13)16.27 (1)-4.50 (62) Russell 2500 Index 13.35 (19)-4.78 (64)5.22 (20)3.39 (41)7.43 (93)-2.82 (22) IM U.S. SMID Cap Core Equity (MF) Median 11.54 -4.36 4.53 3.02 9.87 -4.04 Performance Review As of March 31, 2024 Reinhart Partners NONE Page 38 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date -10.0 0.0 10.0 20.0 30.0 40.0 R e i n h ar t P ar tn e r s (% ) -10.0 0.0 10.0 20.0 30.0 40.0 Russell 2500 Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Reinhart Partners 8 6 (75%)2 (25%)0 (0%)0 (0%)˜ Russell 2500 Index 20 11 (55%)2 (10%)3 (15%)4 (20%)˜ 0.00 4.00 8.00 12.00 16.00 R etu r n (% ) 17.60 18.04 18.48 18.92 19.36 19.80 20.24 20.68 Risk (Standard Deviation %) Return Standard Deviation Reinhart Partners 12.97 18.40˜ Russell 2500 Index 2.97 20.19˜ Median 5.42 19.63¾ 9.85 9.90 9.95 10.00 10.05 R etu r n (% ) 22.24 22.32 22.40 22.48 22.56 22.64 22.72 Risk (Standard Deviation %) Return Standard Deviation Reinhart Partners N/A N/A˜ Russell 2500 Index 9.90 22.67˜ Median 10.02 22.33¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Reinhart Partners 7.16 99.41 66.11 10.13 1.25 0.62 0.85 9.90 Russell 2500 Index 0.00 100.00 100.00 0.00 N/A 0.12 1.00 13.06 90 Day U.S. Treasury Bill 20.11 3.75 -5.03 2.56 -0.12 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 0.44 1.00 15.03 90 Day U.S. Treasury Bill 22.74 2.63 -4.01 2.05 -0.44 N/A 0.00 0.00 Performance Review As of March 31, 2024 Reinhart Partners NONE Page 39 Peer Group Analysis - IM U.S. Small Cap Value 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 Leeward 5.03 (56)16.53 (81)16.24 (79)5.98 (58)7.03 (40)22.37 (65)10.81 (58)˜ Russell 2000 Value 2.90 (91)18.60 (55)18.75 (64)1.67 (92)2.22 (90)20.44 (81)8.17 (92)˜ Median 5.19 19.03 21.02 6.84 6.40 23.58 11.21 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 R e tu r n 2023 2022 2021 2020 2019 Leeward 11.10 (90)-6.82 (24)31.47 (44)4.26 (54)27.48 (23)˜ Russell 2000 Value 14.65 (73)-14.48 (80)28.27 (58)4.63 (52)22.39 (73)˜ Median 17.24 -10.59 30.09 5.18 24.99 1 Qtr Ending Dec-2023 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 Leeward 10.95 (82)-2.75 (55)2.57 (78)0.38 (80)10.46 (59)-2.52 (16) Russell 2000 Value Index 15.26 (14)-2.96 (59)3.18 (69)-0.66 (90)8.42 (86)-4.61 (51) IM U.S. Small Cap Value Equity (SA+CF) Median 12.95 -2.18 4.08 2.32 11.05 -4.61 Performance Review As of March 31, 2024 Leeward NONE Page 40 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -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 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Leeward 20 0 (0%)14 (70%)6 (30%)0 (0%)˜ Russell 2000 Value 20 0 (0%)1 (5%)11 (55%)8 (40%)˜ 0.00 2.00 4.00 6.00 8.00 R etu r n (% ) 17.64 18.27 18.90 19.53 20.16 20.79 21.42 22.05 Risk (Standard Deviation %) Return Standard Deviation Leeward 7.03 18.49˜ Russell 2000 Value 2.22 21.19˜ Median 6.40 19.99¾ 7.00 8.00 9.00 10.00 11.00 12.00 R etu r n (% ) 21.66 22.23 22.80 23.37 23.94 24.51 25.08 25.65 Risk (Standard Deviation %) Return Standard Deviation Leeward 10.81 22.40˜ Russell 2000 Value 8.17 24.70˜ Median 11.21 24.28¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Leeward 5.73 92.97 77.92 4.87 0.71 0.32 0.84 10.91 Russell 2000 Value 0.00 100.00 100.00 0.00 N/A 0.09 1.00 13.55 90 Day U.S. Treasury Bill 21.15 3.57 -4.65 2.57 -0.09 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 92.40 83.12 3.20 0.32 0.48 0.88 14.72 Russell 2000 Value 0.00 100.00 100.00 0.00 N/A 0.36 1.00 16.75 90 Day U.S. Treasury Bill 24.80 2.46 -3.49 2.06 -0.36 N/A 0.00 0.00 Performance Review As of March 31, 2024 Leeward NONE Page 41 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 52.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Loomis Small Cap 6.96 (55)15.77 (77)15.31 (64)3.91 (47)0.31 (45)16.73 (64)9.38 (67)˜ Russell 2000 Growth 7.58 (45)21.30 (40)20.35 (43)3.73 (48)-2.68 (67)15.07 (79)7.38 (94)˜ Median 7.17 20.02 18.01 3.54 -0.21 17.77 10.53 -80.00 -60.00 -40.00 -20.00 0.00 20.00 40.00 60.00 80.00 100.00 120.00 R e tu r n 2023 2022 2021 2020 2019 Loomis Small Cap 12.86 (78)-22.20 (17)10.53 (58)36.34 (63)27.55 (60)˜ Russell 2000 Growth 18.66 (50)-26.36 (42)2.83 (84)34.63 (67)28.48 (53)˜ Median 18.48 -27.36 12.05 42.86 29.36 1 Qtr Ending Dec-2023 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 Loomis Small Cap 8.24 (88)-4.95 (22)4.79 (71)4.69 (79)8.06 (15)0.70 (26) Russell 2000 Growth Index 12.75 (28)-7.32 (67)7.05 (29)6.07 (67)4.13 (57)0.24 (31) IM U.S. Small Cap Growth Equity (SA+CF) Median 10.91 -6.49 5.75 7.27 4.52 -0.92 Performance Review As of March 31, 2024 Loomis Small Cap NONE Page 42 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance 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 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24 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%)4 (20%)16 (80%)˜ -4.50 -3.00 -1.50 0.00 1.50 R etu r n (% ) 18.56 19.20 19.84 20.48 21.12 21.76 22.40 23.04 Risk (Standard Deviation %) Return Standard Deviation Loomis Small Cap 0.31 19.38˜ Russell 2000 Growth -2.68 22.09˜ Median -0.21 21.66¾ 6.00 8.00 10.00 12.00 R etu r n (% ) 21.20 21.73 22.26 22.79 23.32 23.85 24.38 Risk (Standard Deviation %) Return Standard Deviation Loomis Small Cap 9.38 21.69˜ Russell 2000 Growth 7.38 23.88˜ Median 10.53 23.25¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Small Cap 6.88 86.94 79.10 2.44 0.36 -0.02 0.84 13.13 Russell 2000 Growth 0.00 100.00 100.00 0.00 N/A -0.13 1.00 15.32 90 Day U.S. Treasury Bill 21.97 4.26 -4.04 2.59 0.13 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Small Cap 6.54 91.91 84.02 2.65 0.21 0.43 0.87 14.11 Russell 2000 Growth 0.00 100.00 100.00 0.00 N/A 0.33 1.00 15.56 90 Day U.S. Treasury Bill 23.93 2.69 -3.59 2.04 -0.33 N/A 0.00 0.00 Performance Review As of March 31, 2024 Loomis Small Cap NONE Page 43 Peer Group Analysis - IM International Equity (SA+CF) Comparative Performance -16.00 -10.00 -4.00 2.00 8.00 14.00 20.00 26.00 32.00 38.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Lazard 6.33 (31)16.96 (38)16.26 (35)6.74 (38)3.11 (55)13.19 (59)6.35 (70)˜ MSCI ACWI x USA 4.81 (56)15.11 (57)13.83 (52)4.23 (61)2.44 (61)12.69 (66)6.48 (68)˜ Median 5.11 15.95 14.13 5.21 3.65 13.92 7.67 -55.00 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 R e tu r n 2023 2022 2021 2020 2019 Lazard 19.06 (39)-15.98 (48)6.07 (82)9.98 (58)21.41 (68)˜ MSCI ACWI x USA 16.21 (62)-15.57 (45)8.29 (72)11.13 (53)22.13 (61)˜ Median 17.72 -16.31 11.76 11.59 23.56 1 Qtr Ending Dec-2023 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 Lazard 10.00 (54)-4.54 (59)4.14 (23)8.89 (34)13.97 (71)-9.59 (54) MSCI AC World ex USA 9.82 (59)-3.68 (46)2.67 (56)7.00 (64)14.37 (67)-9.80 (58) IM International Equity (SA+CF) Median 10.18 -3.86 2.92 7.87 15.52 -9.41 Performance Review As of March 31, 2024 Lazard NONE Page 44 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance 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 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Lazard 20 0 (0%)7 (35%)8 (40%)5 (25%)˜ MSCI ACWI x USA 20 0 (0%)5 (25%)15 (75%)0 (0%)˜ 2.00 2.40 2.80 3.20 3.60 4.00 R etu r n (% ) 15.66 15.95 16.24 16.53 16.82 17.11 17.40 17.69 Risk (Standard Deviation %) Return Standard Deviation Lazard 3.11 16.00˜ MSCI ACWI x USA 2.44 16.18˜ Median 3.65 17.29¾ 5.72 6.16 6.60 7.04 7.48 7.92 R etu r n (% ) 17.08 17.36 17.64 17.92 18.20 18.48 18.76 19.04 Risk (Standard Deviation %) Return Standard Deviation Lazard 6.35 18.01˜ MSCI ACWI x USA 6.48 17.42˜ Median 7.67 18.66¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Lazard 3.88 101.01 98.24 0.78 0.16 0.11 0.96 10.63 MSCI ACWI x USA 0.00 100.00 100.00 0.00 N/A 0.07 1.00 10.71 90 Day U.S. Treasury Bill 16.05 5.77 -5.22 2.55 -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 3.91 100.54 100.79 -0.08 0.00 0.32 1.01 12.08 MSCI ACWI x USA 0.00 100.00 100.00 0.00 N/A 0.33 1.00 11.58 90 Day U.S. Treasury Bill 17.44 3.85 -4.42 2.02 -0.33 N/A 0.00 0.00 Performance Review As of March 31, 2024 Lazard NONE Page 45 Peer Group Analysis - IM International Large Cap Growth Equity (SA+CF) Comparative Performance -16.00 -10.00 -4.00 2.00 8.00 14.00 20.00 26.00 32.00 38.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Hudson HGK Intl 5.97 (43)20.05 (35)15.40 (26)N/A N/A N/A N/A˜ MSCI EAFE (N) Idx 5.78 (44)16.81 (63)15.32 (26)6.64 (18)4.78 (15)13.56 (33)7.33 (74)˜ Median 5.29 18.24 12.43 4.23 1.95 12.55 8.46 -55.00 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 80.00 R e tu r n 2023 2022 2021 2020 2019 Hudson HGK Intl 19.82 (25)N/A N/A N/A N/A˜ MSCI EAFE (N) Idx 18.24 (41)-14.45 (12)11.26 (47)7.82 (99)22.01 (92)˜ Median 17.08 -22.09 10.93 22.83 29.59 1 Qtr Ending Dec-2023 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 Hudson HGK Intl 13.29 (29)-5.37 (26)1.58 (80)10.02 (46)14.69 (38)N/A MSCI EAFE (Net) Index 10.42 (75)-4.11 (14)2.95 (49)8.47 (76)17.34 (9)-9.36 (69) IM International Large Cap Growth Equity (SA+CF) Median 12.18 -7.40 2.93 9.67 14.02 -8.82 Performance Review As of March 31, 2024 Hudson HGK Intl NONE Page 46 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 1.13 (79)10.12 (67)5.11 (79)-1.25 (66)-8.08 (85)6.52 (83)2.53 (73)˜ MSCI Emerging Mkts 2.44 (58)10.56 (62)8.59 (64)-1.31 (67)-4.68 (59)8.32 (68)2.61 (72)˜ Median 3.15 11.77 10.62 0.99 -2.85 10.49 4.18 -55.00 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 80.00 R e tu r n 2023 2022 2021 2020 2019 Allspring EM 9.04 (72)-18.56 (44)-11.79 (96)25.55 (30)29.92 (12)˜ MSCI Emerging Mkts 10.26 (64)-19.74 (51)-2.22 (64)18.69 (49)18.90 (59)˜ Median 12.87 -19.54 0.94 18.29 20.15 1 Qtr Ending Dec-2023 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 Allspring EM 8.89 (36)-5.69 (91)1.21 (67)4.91 (53)11.03 (43)-9.95 (46) MSCI Emerging Markets Index 7.93 (55)-2.79 (47)1.04 (69)4.02 (70)9.79 (61)-11.42 (66) IM Emerging Markets Equity (SA+CF) Median 8.13 -3.01 2.28 4.97 10.59 -10.35 Performance Review As of March 31, 2024 Allspring EM 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 -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 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Allspring EM 20 7 (35%)3 (15%)3 (15%)7 (35%)˜ MSCI Emerging Mkts 20 0 (0%)7 (35%)13 (65%)0 (0%)˜ -10.00 -8.00 -6.00 -4.00 -2.00 0.00 R etu r n (% ) 17.40 17.60 17.80 18.00 18.20 Risk (Standard Deviation %) Return Standard Deviation Allspring EM -8.08 18.01˜ MSCI Emerging Mkts -4.68 17.51˜ Median -2.85 17.58¾ 2.16 2.70 3.24 3.78 4.32 4.86 R etu r n (% ) 18.60 18.80 19.00 19.20 19.40 19.60 19.80 20.00 Risk (Standard Deviation %) Return Standard Deviation Allspring EM 2.53 19.75˜ MSCI Emerging Mkts 2.61 18.90˜ Median 4.18 19.58¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Allspring EM 4.18 95.65 109.99 -3.46 -0.84 -0.52 1.00 13.39 MSCI Emerging Mkts 0.00 100.00 100.00 0.00 N/A -0.34 1.00 12.14 90 Day U.S. Treasury Bill 17.36 5.88 -4.87 2.61 0.34 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Allspring EM 4.26 104.26 104.66 0.00 0.02 0.12 1.02 13.44 MSCI Emerging Mkts 0.00 100.00 100.00 0.00 N/A 0.13 1.00 12.73 90 Day U.S. Treasury Bill 18.92 3.53 -4.28 2.02 -0.13 N/A 0.00 0.00 Performance Review As of March 31, 2024 Allspring EM NONE Page 48 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 2.01 (66)8.64 (79)10.74 (50)N/A N/A N/A N/A˜ MSCI EM Idx 2.44 (58)10.56 (62)8.59 (64)-1.31 (67)-4.68 (59)8.32 (68)2.61 (72)˜ Median 3.15 11.77 10.62 0.99 -2.85 10.49 4.18 -55.00 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 80.00 R e tu r n 2023 2022 2021 2020 2019 ABS EM 12.65 (52)N/A N/A N/A N/A˜ MSCI EM Idx 10.26 (64)-19.74 (51)-2.22 (64)18.69 (49)18.90 (59)˜ Median 12.87 -19.54 0.94 18.29 20.15 1 Qtr Ending Dec-2023 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 ABS EM 6.49 (79)-1.61 (36)3.61 (36)3.77 (75)6.97 (81)-8.53 (35) MSCI Emerging Markets Index 7.93 (55)-2.79 (47)1.04 (69)4.02 (70)9.79 (61)-11.42 (66) IM Emerging Markets Equity (SA+CF) Median 8.13 -3.01 2.28 4.97 10.59 -10.35 Performance Review As of March 31, 2024 ABS EM NONE Page 49 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF) Comparative Performance -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR CS McKee -0.36 (38)7.06 (10)3.29 (18)-0.79 (19)-1.83 (24)-0.69 (46)0.79 (62)˜ Bl. Barclays US Agg -0.78 (92)5.99 (76)1.70 (77)-1.60 (79)-2.46 (85)-1.67 (93)0.36 (96)˜ Median -0.48 6.40 2.23 -1.25 -2.12 -0.79 0.90 -20.00 -16.00 -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 R e tu r n 2023 2022 2021 2020 2019 CS McKee 6.39 (28)-12.42 (26)-1.51 (64)7.76 (69)8.86 (66)˜ Bl. Barclays US Agg 5.53 (84)-13.01 (54)-1.55 (66)7.51 (86)8.72 (79)˜ Median 5.99 -12.95 -1.24 8.36 9.17 1 Qtr Ending Dec-2023 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 CS McKee 7.45 (6)-3.18 (54)-0.35 (9)2.63 (97)2.20 (14)-4.66 (60) Blmbg. U.S. Aggregate Index 6.82 (53)-3.23 (71)-0.84 (80)2.96 (78)1.87 (43)-4.75 (79) IM U.S. Broad Market Core Fixed Income (SA+CF) Median 6.82 -3.13 -0.72 3.15 1.82 -4.58 Performance Review As of March 31, 2024 CS McKee 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 -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 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count CS McKee 20 1 (5%)1 (5%)12 (60%)6 (30%)˜ Bl. Barclays US Agg 20 0 (0%)1 (5%)0 (0%)19 (95%)˜ -2.70 -2.40 -2.10 -1.80 -1.50 -1.20 R etu r n (% ) 7.05 7.10 7.15 7.20 7.25 7.30 7.35 7.40 Risk (Standard Deviation %) Return Standard Deviation CS McKee -1.83 7.35˜ Bl. Barclays US Agg -2.46 7.14˜ Median -2.12 7.15¾ 0.20 0.40 0.60 0.80 1.00 R etu r n (% ) 6.00 6.05 6.10 6.15 6.20 6.25 6.30 6.35 6.40 Risk (Standard Deviation %) Return Standard Deviation CS McKee 0.79 6.33˜ Bl. Barclays US Agg 0.36 6.08˜ Median 0.90 6.22¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk CS McKee 0.68 103.93 97.01 0.72 0.97 -0.57 1.03 5.15 Bl. Barclays US Agg 0.00 100.00 100.00 0.00 N/A -0.68 1.00 5.14 90 Day U.S. Treasury Bill 7.03 11.27 -14.87 2.63 0.68 N/A 0.02 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk CS McKee 0.98 105.94 100.58 0.43 0.45 -0.16 1.03 4.22 Bl. Barclays US Agg 0.00 100.00 100.00 0.00 N/A -0.24 1.00 4.12 90 Day U.S. Treasury Bill 6.03 10.85 -14.61 2.01 0.24 N/A 0.01 0.00 Performance Review As of March 31, 2024 CS McKee NONE Page 51 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF) Comparative Performance -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Loomis Fixed Income 0.01 (12)7.44 (5)2.67 (30)-0.71 (16)-1.49 (13)0.47 (10)1.83 (9)˜ Bl. Barclays US Agg -0.78 (92)5.99 (76)1.70 (77)-1.60 (79)-2.46 (85)-1.67 (93)0.36 (96)˜ Median -0.48 6.40 2.23 -1.25 -2.12 -0.79 0.90 -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 R e tu r n 2023 2022 2021 2020 2019 Loomis Fixed Income 6.49 (25)-12.33 (23)-0.79 (32)11.73 (2)9.48 (34)˜ Bl. Barclays US Agg 5.53 (84)-13.01 (54)-1.55 (66)7.51 (86)8.72 (79)˜ Median 5.99 -12.95 -1.24 8.36 9.17 1 Qtr Ending Dec-2023 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 Loomis Fixed Income 7.42 (6)-3.80 (96)-0.67 (46)3.74 (5)2.24 (11)-4.12 (16) Blmbg. U.S. Aggregate Index 6.82 (53)-3.23 (71)-0.84 (80)2.96 (78)1.87 (43)-4.75 (79) IM U.S. Broad Market Core Fixed Income (SA+CF) Median 6.82 -3.13 -0.72 3.15 1.82 -4.58 Performance Review As of March 31, 2024 Loomis Fixed Income NONE Page 52 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 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24 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%)˜ -2.88 -2.56 -2.24 -1.92 -1.60 -1.28 -0.96 R etu r n (% ) 7.00 7.20 7.40 7.60 7.80 Risk (Standard Deviation %) Return Standard Deviation Loomis Fixed Income -1.49 7.71˜ Bl. Barclays US Agg -2.46 7.14˜ Median -2.12 7.15¾ 0.00 1.00 2.00 3.00 R etu r n (% ) 5.80 6.00 6.20 6.40 6.60 6.80 Risk (Standard Deviation %) Return Standard Deviation Loomis Fixed Income 1.83 6.68˜ Bl. Barclays US Agg 0.36 6.08˜ Median 0.90 6.22¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Fixed Income 1.25 110.58 98.85 1.18 0.82 -0.50 1.07 5.26 Bl. Barclays US Agg 0.00 100.00 100.00 0.00 N/A -0.68 1.00 5.14 90 Day U.S. Treasury Bill 7.03 11.27 -14.87 2.63 0.68 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 1.50 118.58 100.40 1.46 0.99 0.00 1.07 4.29 Bl. Barclays US Agg 0.00 100.00 100.00 0.00 N/A -0.24 1.00 4.12 90 Day U.S. Treasury Bill 6.03 10.85 -14.61 2.01 0.24 N/A 0.01 0.00 Performance Review As of March 31, 2024 Loomis Fixed Income NONE Page 53 Peer Group Analysis - IM Global Fixed Income (MF) Comparative Performance -10.00 -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Pimco Div Inc (PDIIX)1.51 (6)9.63 (3)9.82 (3)2.51 (6)0.45 (9)N/A N/A˜ Blmbg. Glbl Cret (Hedged)0.40 (25)7.75 (17)6.63 (14)0.73 (27)-1.05 (26)1.63 (21)1.65 (19)˜ Median -0.35 6.50 3.35 -0.90 -2.33 0.09 0.25 -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 2023 2022 2021 2020 2019 Pimco Div Inc (PDIIX)10.77 (4)-12.99 (44)N/A N/A N/A˜ Blmbg. Glbl Cret (Hedged)9.36 (9)-13.75 (50)-0.41 (10)7.53 (64)12.08 (8)˜ Median 6.74 -14.66 -2.73 8.29 8.08 1 Qtr Ending Dec-2023 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 Pimco Div Inc (PDIIX)7.99 (43)-0.91 (24)1.09 (9)2.39 (84)5.05 (30)-2.33 (25) Blmbg. Global Credit (Hedged)7.32 (55)-1.32 (33)0.28 (20)2.97 (52)3.31 (54)-3.84 (49) IM Global Fixed Income (MF) Median 7.52 -2.22 -0.31 2.99 3.73 -4.01 Performance Review As of March 31, 2024 Pimco Div Inc (PDIIX) NONE Page 54 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 -1.07 (29)-2.94 (20)-4.84 (15)-3.35 (19)6.32 (16)5.53 (18)5.72 (18)˜ NCREIF Fund Idx-ODCE -2.37 (65)-7.08 (64)-11.29 (56)-7.28 (51)3.37 (46)3.11 (51)3.46 (59)˜ Median -2.08 -6.46 -10.23 -7.23 3.20 3.16 3.73 -40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 R e tu r n 2023 2022 2021 2020 2019 Morgan Stanley -5.01 (13)6.35 (56)22.89 (53)1.69 (45)7.38 (38)˜ NCREIF Fund Idx-ODCE -12.02 (55)7.47 (47)22.17 (56)1.19 (61)5.34 (73)˜ Median -10.76 7.14 23.30 1.57 7.01 1 Qtr Ending Dec-2023 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 Morgan Stanley -1.89 (28)0.02 (10)-1.98 (50)-1.24 (20)-3.69 (28)-0.06 (64) NCREIF Fund Index-ODCE (VW)-4.83 (64)-1.90 (37)-2.68 (69)-3.17 (62)-4.97 (49)0.52 (57) IM U.S. Open End Private Real Estate (SA+CF) Median -4.10 -2.66 -1.98 -2.91 -4.97 0.60 Performance Review As of March 31, 2024 Morgan Stanley NONE Page 55 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 0.0 4.0 8.0 12.0 16.0 Mo r g a n S ta n l e y (% ) 0.0 4.0 8.0 12.0 16.0 NCREIF Fund Index-ODCE (VW) (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24 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%)2 (10%)18 (90%)0 (0%)˜ 2.00 4.00 6.00 8.00 R etu r n (% ) 7.38 7.79 8.20 8.61 9.02 9.43 9.84 10.25 10.66 Risk (Standard Deviation %) Return Standard Deviation Morgan Stanley 6.32 8.07˜ NCREIF Fund Idx-ODCE 3.37 9.38˜ Median 3.20 10.03¾ 2.37 3.16 3.95 4.74 5.53 6.32 R etu r n (% ) 6.09 6.38 6.67 6.96 7.25 7.54 7.83 8.12 8.41 Risk (Standard Deviation %) Return Standard Deviation Morgan Stanley 5.72 6.44˜ NCREIF Fund Idx-ODCE 3.46 7.38˜ Median 3.73 7.95¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Morgan Stanley 2.66 94.02 49.47 3.41 1.03 0.44 0.83 2.82 NCREIF Fund Idx-ODCE 0.00 100.00 100.00 0.00 N/A 0.11 1.00 4.98 90 Day U.S. Treasury Bill 10.42 2.02 -35.46 3.01 -0.11 N/A -0.11 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Morgan Stanley 2.16 101.80 54.00 2.74 0.98 0.53 0.84 2.32 NCREIF Fund Idx-ODCE 0.00 100.00 100.00 0.00 N/A 0.20 1.00 3.92 90 Day U.S. Treasury Bill 8.17 7.43 -32.99 2.41 -0.20 N/A -0.10 0.00 Performance Review As of March 31, 2024 Morgan Stanley NONE Page 56 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 -1.96 (47)-6.95 (57)-11.93 (62)-7.17 (50)4.11 (22)3.62 (40)4.23 (25)˜ NCREIF Property Idx -0.98 (28)-3.98 (40)-7.16 (23)-4.43 (22)3.63 (36)3.38 (42)3.76 (46)˜ Median -2.08 -6.46 -10.23 -7.23 3.20 3.16 3.73 -40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 R e tu r n 2023 2022 2021 2020 2019 Prudential PRISA II -11.77 (54)7.54 (46)23.90 (39)1.25 (60)7.60 (36)˜ NCREIF Property Idx -7.94 (24)5.52 (61)17.70 (85)1.60 (47)6.42 (64)˜ Median -10.76 7.14 23.30 1.57 7.01 1 Qtr Ending Dec-2023 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 Prudential PRISA II -5.08 (68)-3.47 (68)-1.95 (49)-1.79 (25)-6.12 (85)1.30 (34) NCREIF Property Index -3.02 (43)-1.37 (19)-1.98 (50)-1.81 (25)-3.50 (25)0.57 (54) IM U.S. Open End Private Real Estate (SA+CF) Median -4.10 -2.66 -1.98 -2.91 -4.97 0.60 Performance Review As of March 31, 2024 Prudential PRISA II NONE Page 57 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Earliest Date Latest Date 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 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 3/24 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%)1 (5%)12 (60%)7 (35%)˜ 3.00 3.30 3.60 3.90 4.20 4.50 R etu r n (% ) 6.03 6.70 7.37 8.04 8.71 9.38 10.05 10.72 Risk (Standard Deviation %) Return Standard Deviation Prudential PRISA II 4.11 9.90˜ NCREIF Property Idx 3.63 6.78˜ Median 3.20 10.03¾ 3.60 3.80 4.00 4.20 4.40 R etu r n (% ) 5.39 5.88 6.37 6.86 7.35 7.84 8.33 8.82 Risk (Standard Deviation %) Return Standard Deviation Prudential PRISA II 4.23 7.87˜ NCREIF Property Idx 3.76 5.35˜ Median 3.73 7.95¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Prudential PRISA II 3.46 140.98 160.90 -0.94 0.21 0.18 1.44 5.36 NCREIF Property Idx 0.00 100.00 100.00 0.00 N/A 0.16 1.00 3.24 90 Day U.S. Treasury Bill 7.81 2.62 -55.74 3.18 -0.16 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 2.80 137.19 166.68 -1.09 0.22 0.28 1.45 4.29 NCREIF Property Idx 0.00 100.00 100.00 0.00 N/A 0.30 1.00 2.55 90 Day U.S. Treasury Bill 6.14 9.00 -51.85 2.57 -0.30 N/A -0.14 0.00 Performance Review As of March 31, 2024 Prudential PRISA II NONE Page 58 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 March 31, 2024 Page 59 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 March 31, 2024 Page 60 Estimated Annual Fee (%) Market Value ($) Estimated Annual Fee ($) Fee Schedule Total Fund Composite 0.45 1,553,912,108 6,986,251 SSgA S&P 500 0.02 74,885,240 12,489 0.02 % of First $50 M 0.01 % Thereafter SSgA S&P 500 Equal Weighted Index 0.04 85,364,143 34,146 0.04 % of Assets T. Rowe Price 0.25 176,948,297 442,371 0.25 % of Assets TimesSquare 0.80 48,231,615 385,853 0.80 % of First $50 M 0.70 % of Next $50 M 0.60 % Thereafter Reinhart Partners 0.70 45,515,521 320,851 0.75 % of First $25 M 0.65 % of Next $25 M 0.50 % Thereafter Leeward 0.70 50,436,791 353,058 0.70 % of Assets Loomis Small Cap 0.90 50,783,284 455,875 0.90 % of First $50 M 0.75 % of Next $50 M 0.70 % Thereafter Lazard 0.71 69,506,483 491,792 0.75 % of First $40 M 0.65 % of Next $60 M 0.50 % Thereafter Hudson Edge HGK International 1.00 67,109,984 671,100 1.00 % of Assets Allspring EM 0.95 33,140,017 314,830 0.95 % of Assets ABS Emerging Markets Strat Port 0.75 39,344,480 295,084 0.75 % of Assets CS McKee 0.17 260,014,667 455,022 0.22 % of First $50 M 0.18 % of Next $100 M 0.15 % Thereafter Loomis Fixed Income 0.29 135,286,501 388,216 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 43,456,586 325,924 0.75 % of Assets Morgan Stanley 0.84 79,734,646 669,771 0.84 % of Assets Prudential PRISA II 0.74 51,246,528 380,602 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 March 31, 2024 Does not include incentive fees. Fee information on this page is an illustrative estimate of management fees based on current reported portfolio values. Fee estimates do not reflect actual calculation methodologies or applicable carried interest. Page 61 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 62 Disclosures Mariner Institutional compiled this report for the sole use of the client for which it was prepared. Mariner Institutional is responsible for evaluating the performance results of the Total Fund along with the investment advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. Mariner Institutional uses the results from this evaluation to make observations and recommendations to the client. Mariner Institutional uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from custodians. Mariner Institutional analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides Mariner Institutional with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides Mariner Institutional with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause Mariner Institutional to believe that the information presented is significantly misstated. This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various asset positions. The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management services. Additional information included in this document may contain data provided by index databases, public economic sources, and the managers themselves. This document may contain data provided by Bloomberg. This document may contain data provided by Standard and Poor’s. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where S&P Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance provided within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results. This document may contain data provided by MSCI, Inc. Copyright MSCI, 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or disseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of this information assumes the entire risk of any use it may make or permit to be made of this information. Neither MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information makes any express or implied warranties or representations with respect to such information or the results to be obtained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warranties (including, without limitation, all warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punitive, consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages. This document may contain data provided by Russell Investment Group. Russell Investment Group is the source owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a user presentation of the data. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in presentation thereof. This document may contain data provided by Morningstar. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is not guarantee of future results. *IMPORTANT DISCLOSURE INFORMATION RE GREENWICH QUALITY LEADER AWARD These ratings are not indicative of Mariner Institutional’s future performance. These awards or any other rankings and/or recognition by unaffiliated rating services and/or publications should not be construed as a guarantee that a client will experience a certain level of results or satisfaction if they invest with Mariner Institutional, nor should it be construed as a current or past endorsement by any of our clients. Mariner Institutional did not pay a fee to participate in this award survey. Methodology for this Award: For the 2022 Greenwich Quality Award for Overall U.S. Investment Consulting – Midsize Consultants – Between February and November 2022, Coalition Greenwich conducted interviews with 727 individuals from 590 of the largest tax-exempt funds in the United States. These U.S.-based institutional investors are corporate and union funds, public funds, and endowment and foundation funds, with either pension or investment pool assets greater than $150 million. Study participants were asked to provide quantitative and qualitative evaluations of their asset management and investment consulting providers, including qualitative assessments of those firms soliciting their business and detailed information on important market trends. Page 63 Access to a wealth of knowledge and solutions.