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Home My WebLink AboutReports - 2024.09.30 - 42226<CBDoc TenantId="2" EntityTypeId="3100" EntityId="2904" DocumentTypeId="1" EffectiveDate="09/30/2024" Interval="3" Description="Quarterly Report" /> Investment Performance Review Period Ending September 30, 2024 Oakland County Employees' Retirement System VEBA Plan 3Q 2024 EXECUTIVE SUMMARY Market Summary: Entering July, investors anticipated the Federal Reserve would reduce rates by 25 basis points after the election. However, early during the quarter the unemployment rate rose, the US consumer showed signs of weakening, and inflation continued to subside, leading investors to accelerate their expectations for rate cuts from the Fed. Interest rates fell sharply, particularly along the shorter end of the yield curve. Small caps soared in July as market leadership shifted from large growth to small cap and value stocks. As the quarter progressed stocks and bonds continued to rally but at a more modest pace. Small and mid-cap stocks led the markets, returning over 9% for the quarter and handily outperforming the S&P 500 (5.9%). International equity markets also enjoyed strong results. Core fixed income (Bloomberg US Aggregate) and high yield (Bloomberg Corporate High Yield) posted impressive gains of 5.2%, and 5.3%, respectively. Real estate recorded a small gain for the quarter, reversing over a year of losses and intimating better results may be in the future. Conclusions/Recommendations: 1.The Total Fund returned 5.02% during the quarter, trailing the Policy Index by 0.97% and ranking in the bottom half of the public fund universe. The Fund was hindered by relatively weak results from the international equity and private equity allocations. 2.The Total Fund gained 17.82% over the past year, easily exceeding the actuarial assumed rate of return but under performing the Policy Index by 231 basis points and ranking in the fourth quartile of the peer group. Longer-term, the Fund has performed well, generally ranking in the top half of the universe and exceeding the Policy Index. 3.The S&P 500 Equal Weight fund handily out performed the traditional S&P 500 and ranked near the top of the Large Cap Core universe. The strategy benefited from an underweight to large cap tech stocks, which was the cause of the fund’s struggles in prior quarters. Longer-term, the S&P 500 Equal Weight meets performance expectations. 4.Hudson Edge (HGK Trinity Street Intl Equity) struggled this quarter, trailing their benchmark by over 5.5% and ranking near the bottom of their peer group. The under performance is primarily attributed to a handful of stocks that performed poorly during the quarter. Hudson Edge trails performance expectations after two years. 5.Morgan Stanley and PRISA II generated small but positive returns during the quarter; however, a number of the value add real estate managers continued to struggle. Higher interest rates, questionable office usage, and a lack of liquidity have led to losses for the asset class. Longer-term, Morgan Stanley and PRISA II exceed performance expectations (see the Private Investments Report for the other managers). 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 3rd Quarter 2024 Market Environment Page 2 The Market Environment Executive Summary As of September 30,2024 The Economy The US Federal Reserve (the Fed)shifted its policy stance during the quarter and cut the fed funds rate by 0.50%for the first time in four years to a range of 4.75%- 5.00%.Capital markets celebrated the move after struggling to predict the pace and timing of future Fed actions earlier in the year.In its press release for the September meeting,the Fed continued to assert its stance on fighting inflation, while also inserting that the committee is strongly committed to “supporting maximum employment.”Fed Chairman Jerome Powell signaled to the markets that the expectation is for the committee to shift to a more expansionary policy moving forward. The Fed’s September “Dot Plot”showed revised expectations from a single 0.25% rate cut for the remainder of 2024 to a low-end estimate of a 4.25%-4.50%range. The dots also showed the target rate range decreasing below 4.00%in 2025. Growth in the US labor market continued in the third quarter,albeit at a slower pace than previous quarters with growth coming in at 527,000 new jobs.However, the strength of the labor market during the previous year was undermined by the large downward revision (818,000)on the trailing one-year statistic. Equity (Domestic and International) US equity results were sharply higher for the quarter,which also saw a significant broadening of returns across both the style and capitalization spectrum.The S&P 500 Index rose a solid 5.9%for the quarter and the small-cap Russell 2000 Index posted a higher gain of 9.3%.This quarter not only saw a significant rotation from large-cap to small-cap stocks but also from growth stocks to value stocks as value indexes outpaced their growth counterparts. Large-cap equity benchmarks continue to represent top-heavy concentration among a limited number of stocks.As of quarter end,the top 10 stocks in the S&P 500 Index made up nearly 35%of the index. International stocks continued delivering positive results during the third quarter and US Dollar (USD)denominated results were further helped by a weakening USD.USD performance of international stocks surged past local currency (LCL) returns in most regions for the quarter,albeit to varying degrees. Fixed Income Fixed-income markets traded higher during the quarter on the back of the Fed’s policy shift as Treasury yields fell.The inverse relationship between prices and yields resulted in the Bloomberg US Aggregate Bond Index advancing 5.2%.The yield on the bellwether 10-year Treasury declined by 0.55%during the quarter. High-yield bonds slightly outperformed the Bloomberg US Aggregate Bond Index for the quarter,largely due to higher coupons and partly due to narrowing option- adjusted spreads (OAS)for the Bloomberg US High-Yield index. Global bonds outpaced the domestic benchmarks,with the Bloomberg Global Aggregate ex-US returning 8.5%for the quarter in USD terms.Global bond performance was boosted by a weakening USD during the quarter. Market Themes Divergent monetary policies across regions led to increased volatility during the quarter.Most developed markets across the world kept rates at elevated levels as central banks continued their tight monetary stances.However,the Japanese Central Bank chose to raise its policy rates at the end of July,shortly before the Fed cut its policy rate in September.This divergence led to an unwinding of the systematic Yen carry trade,where investors quickly took action to cover short yen positions by taking down positions in various higher growth investments,including US equities.This subsequently led to a sharp decline in equity markets around the world in early August. Ongoing military conflicts in Ukraine and the Middle East,coupled with global economic uncertainty,continue to act as headwinds for international market results but they received a boost from the weakening USD.New escalations to existing conflicts have resulted in anticipated and unanticipated consequences. Domestic Defense companies have tended to trade higher on the news of developing escalations abroad while similarly putting upward pressure on oil prices and downward pressure on energy stocks as a result. Page 3 The Market Environment Major Market Index Performance As of September 30,2024 Performance in the domestic equity markets was broadly positive after markets received a boost from the Fed’s first rate cut in four years.Small-cap stocks outperformed their large-cap counterparts,with the Russell 2000 returning 9.3%versus a gain of 5.9%for the S&P 500.The all-cap Russell 3000,which is heavily weighted in its large-cap names,lagged the Russell 2000 Index by 3.1%,returning 6.2%for the quarter. International developed market equities realized similar results with both the MSCI ACWI ex US and MSCI EAFE indexes gaining during the quarter.The MSCI ACWI ex US Index posted a strong 8.1%for the quarter,while the MSCI EAFE Index returned a slightly lower 7.3%,both in USD terms.International emerging market (EM)equities were the best performing foreign segment, gaining 8.7%in for the quarter and outpacing their developed market counterparts.Much of the solid USD performance for EM can be attributed to the Far East index countries,particularly China,Taiwan,and Singapore. Broad fixed-income indexes added to their year-to-date results during the quarter,thanks in large part to the Fed’s 0.50%rate cut on September 18th. The Bloomberg US Aggregate Index returned a solid 5.2%for the quarter. Investment-grade corporate bonds topped other US fixed-income sectors for the quarter,finishing with a return of 5.8%.The TIPS market,which is not part of the Aggregate Index,was the worst-performing bond benchmark during the quarter with a return of 4.1%,lagging the rest of the domestic fixed-income indexes. Large-cap US equity indexes built on their already massive returns over the trailing one-year period.The S&P 500 Index has gained 36.4%,while the Russell 1000 Index returned 35.7%.The weakest performing capitalization range of domestic equities for the year has been the small-cap Russell 2000 Index,which still posted a double-digit return of 26.8%over the last 12 months. Domestic bond indexes also produced strong,positive results for the year. Investment-grade corporate bonds continued to lead,returning an impressive 14.3%for the trailing one-year.The government bond index lagged for the year,but still returned a solid 9.7%. International markets also showcased healthy performance for the trailing one- year period.The MSCI EM Index was the best international performer, returning 26.1%,while the MSCI EAFE and MSCI ACWI ex US indexes posted returns of 24.8%and 25.4%,respectively. Source:Investment Metrics 1.4% 5.8% 5.5% 4.1% 4.7% 5.2% 8.7% 7.3% 8.1% 9.3% 9.2% 6.1% 6.2% 5.9% 0.0%2.0%4.0%6.0%8.0%10.0% 3-Month T-Bill Bloomberg Corp IG Bloomberg MBS Bloomberg US TIPS Bloomberg US Govt Bloomberg US Agg MSCI Emerg Mkts MSCI EAFE MSCI ACWxUS Russell 2000 Russell MidCap Russell 1000 Russell 3000 S&P 500 Quarter Performance 5.5% 14.3% 12.3% 9.8% 9.7% 11.6% 26.1% 24.8% 25.4% 26.8% 29.3% 35.7% 35.2% 36.4% 0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0% 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 September 30,2024 Domestic equity benchmarks posted strong absolute results across styles and market capitalization ranges.During the third quarter,value stocks outpaced their growth counterparts at each capitalization level for the first time since Q4 2022.The best-performing segment of the equity market was small-cap value, with the Russell 2000 Value Index advancing 10.2%for the quarter. Conversely,the large-cap growth Russell 1000 Growth Index produced the weakest relative equity performance,returning just 3.2%. The growth-oriented rally took a hiatus during the quarter with the broadest disparity visible in large-cap indexes.The Russell 1000 Value Index return of 9.4%surpassed the Russell 1000 Growth Index return by 6.2%.This quarter’s results bucked the trend of large-cap growth stocks being the best-performing segment of the domestic equity market. This quarter’s resurgence by the value indexes was not enough to bring them above growth indexes on a trailing one-year basis.The Russell 1000 Growth Index amassed a staggering 42.2%,leading the way among style and market capitalization classifications.Much of this strong performance has been attributable to the emergence of the “Magnificent 7”stocks (Alphabet,Amazon, Apple,Meta,Microsoft,Nvidia,and Tesla)which have dominated the large-cap core and growth indexes over the past several years.The 10 largest stocks in the Russell 1000 Index have contributed more than 50%of the index’s total performance over the trailing 12-month period.The weakest performing index for the year was the Russell 2000 Value Index,which still posted an impressive 25.9%. The strength of growth sectors is evident in the chart with the broad-cap,large- cap,and small-cap benchmarks outpacing their value counterparts for the trailing one-year period.The gap between the Russell 1000 Growth Index and the Russell 1000 Value Index was in double-digits for the year,while the gaps for mid-and small-cap indexes were much narrower. 8.4% 9.3% 10.2% 6.5% 9.2% 10.1% 3.2% 6.1% 9.4% 3.4% 6.2% 9.5% 0.0%2.0%4.0%6.0%8.0%10.0%12.0% 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 27.7% 26.8% 25.9% 29.3% 29.3% 29.0% 42.2% 35.7% 27.8% 41.5% 35.2% 27.6% 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 September 30,2024 Source:Morningstar Direct As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations,sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector. Economic sector performance was mostly positive during the third quarter, with 10 of the 11 economic sectors moving higher in both the large-cap and small-cap indexes.The quarter continued the previous trend in the domestic equities markets of broader participation in companies outside of the technology sector.Energy was the lone sector to slide during the quarter,posting a return of -2.5%. Third-quarter results for the large-cap benchmark added to already strong trailing one-year numbers,with all but one sector producing a return of greater than 20%.Similar to the quarter’s results,the energy sector was the one to fall short,gaining just 1.0%over the trailing year.Of the 11 sectors,three (communication services,information technology,and utilities)were up by more than 40.0%for the past year.Financials, industrials,and real estate followed closely behind with gains of 39.7%, 36.3%,and 34.9%,respectively.Despite this strong sector performance, only five of the six leading sectors managed to outpace the Russell 1000 Index’s return of 35.7%,which was lifted even higher by the strong results in the most heavily weighted sector,information technology. Small-cap stocks displayed similar strength,with 10 of the 11 small-cap economic sectors gaining value during the quarter.Real estate,financials, and communication services led the way with gains of more than 15%for the quarter.Similar to the large-cap benchmark,energy was the worst- performing sector for the quarter and produced the sole negative sector return,falling -9.1%. Small-cap stocks also had a strong performance for the trailing year.The same 10 small-cap sectors that advanced during the quarter moved higher over the trailing one-year period.Energy remains the weakest performing sector,with the most recent quarterly return dragging the sector’s performance to -7.2%for the trailing year.Financials (up 35.8%), and seven other sectors earned more than 20%. 43.1% 34.9% 24.6% 50.5% 36.3% 21.8% 39.7% 1.0% 24.8% 28.7% 42.4% 20.3% 16.9% 9.2% 2.4% 10.7% 6.2% 10.4% -2.5% 8.7% 8.0% 2.3% -5.0%5.0%15.0%25.0%35.0%45.0%55.0% Utilities (2.3%) Real Estate (2.6%) Materials (2.2%) Info Technology (31.6%) Industrials (8.3%) Health Care (11.8%) Financials (12.9%) Energy (3.7%) Consumer Staples (5.6%) Consumer Disc (10.2%) Comm Services (8.7%) Russell 1000 Quarter 1-Year 16.2% 30.7% 23.8% 26.1% 27.7% 27.9% 35.8% -7.2% 26.8% 26.9% 22.7% 11.2% 16.8% 7.7% 2.0% 8.2% 9.5% 15.8% -9.1% 3.1% 10.7% 15.1% -15.0%-5.0%5.0%15.0%25.0%35.0% Utilities (2.8%) Real Estate (7.1%) Materials (4.6%) Info Technology (15.5%) Industrials (15.6%) Health Care (16.7%) Financials (15.7%) Energy (6.1%) Consumer Staples (3.7%) Consumer Disc (9.8%) 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 September 30,2024 Source:Morningstar Direct Top 10 Weighted Stocks Sector1-Year Return 1-Qtr ReturnWeightRussell1000 Information Technology36.8%10.8%6.4%Apple Inc Information Technology37.3%-3.6%6.1%Microsoft Corp Information Technology179.3%-1.7%5.4%NVIDIA Corp Consumer Discretionary46.6%-3.6%3.3%Amazon.com Inc Communication Services91.3%13.6%2.4%Meta Platforms Inc Class A Communication Services27.1%-8.8%1.8%Alphabet Inc Class A Financials31.4%13.1%1.6%Berkshire Hathaway Inc Class B Communication Services27.1%-8.7%1.6%Alphabet Inc Class C Information Technology110.9%7.8%1.5%Broadcom Inc Consumer Discretionary4.6%32.2%1.4%Tesla Inc Top 10 Weighted Stocks Sector1-Year Return 1-Qtr ReturnWeightRussell2000 Health Care124.1%51.3%0.5%Vaxcyte Inc Ordinary Shares Industrials281.0%29.1%0.5%FTAI Aviation Ltd Health Care189.1%9.0%0.4%Insmed Inc Consumer Staples158.0%32.0%0.4%Sprouts Farmers Market Inc Information Technology41.9%-3.4%0.3%Fabrinet Industrials45.4%15.2%0.3%Applied Industrial Technologies Inc Industrials100.0%30.5%0.3%Mueller Industries Inc Industrials30.0%9.6%0.3%Fluor Corp Health Care55.1%16.3%0.3%Ensign Group Inc Industrials29.6%17.5%0.3%UFP Industries Inc Top 10 Performing Stocks (by Quarter) Sector1-Year Return 1-Qtr ReturnWeightRussell2000 Communication Services400.0%545.5%0.1%Lumen Technologies Inc Ordinary Information Technology81.8%396.7%0.0%CommScope Holding Co Inc Health Care344.7%218.9%0.0%Capricor Therapeutics Inc Health Care1071.1%180.8%0.0%Summit Therapeutics Inc Ordinary Health CareN/A148.6%0.0%Q32 Bio Inc Industrials120.5%143.9%0.0%Intuitive Machines Inc Ordinary -A Health Care98.1%140.8%0.0%IGM Biosciences Inc Ordinary Health Care76.9%138.3%0.0%Cassava Sciences Inc Communication Services588.2%125.2%0.1%AST SpaceMobile Inc Ordinary -A Health Care-26.6%124.4%0.0%Biomea Fusion Inc Bottom 10 Performing Stocks (by Quarter) Sector1-Year Return 1-Qtr ReturnWeightRussell2000 Health Care-98.0%-88.8%0.0%Conduit Pharmaceuticals Inc Health Care-86.9%-87.8%0.0%HilleVax Inc Information TechnologyN/A-81.6%0.0%iLearningEngines Inc IndustrialsN/A-80.8%0.0%SolarMax Technology Inc Health Care-62.7%-80.1%0.0%Verrica Pharmaceuticals Inc Health Care-9.5%-77.8%0.0%Elevation Oncology Inc Health Care-68.2%-74.6%0.0%Actinium Pharmaceuticals Inc Health Care-89.2%-72.4%0.0%Renovaro Inc Financials-86.1%-70.2%0.0%B. Riley Financial Inc Health Care-62.1%-69.8%0.0%ALX Oncology Holdings Inc Ordinary Top 10 Performing Stocks (by Quarter) Sector1-Year Return 1-Qtr ReturnWeightRussell1000 Healthcare-0.1%61.2%0.0%Exact Sciences Corp Healthcare6.4%57.7%0.0%Inspire Medical Systems Inc Information Technology226.7%56.9%0.1%AppLovin Corp Ordinary Shares -A Healthcare105.3%55.8%0.0%Doximity Inc Class A Information Technology55.3%52.7%0.0%Ubiquiti Inc Real Estate75.4%49.9%0.0%Vornado Realty Trust UtilitiesN/A48.7%0.1%GE Vernova Inc Communication Services15.5%48.5%0.0%VF Corp Technology132.5%46.9%0.1%Palantir Technologies Inc Ordinary -A Communication Services139.9%44.7%0.0%SharkNinja Inc Bottom 10 Performing Stocks (by Quarter) Sector1-Year Return 1-Qtr ReturnWeightRussell1000 Utilities-71.7%-58.3%0.0%New Fortress Energy Inc Class A Information Technology-74.5%-57.4%0.0%Wolfspeed Inc Communication ServicesN/A-50.9%0.0%Trump Media & Technology Group Corp Information Technology51.8%-49.2%0.0%Super Micro Computer Inc Consumer Staples-0.7%-48.3%0.0%e.l.f. Beauty Inc Consumer Staples-45.2%-45.1%0.0%Celsius Holdings Inc Health Care-35.3%-43.7%0.1%Moderna Inc Health Care-28.1%-40.9%0.1%DexCom Inc Communication Services-29.1%-38.2%0.0%Advance Auto Parts Inc Consumer Staples-18.6%-35.7%0.0%Dollar General Corp Page 7 Source:MSCI Global Index Monitor (Returns are Net) The Market Environment International and Regional Market Index Performance (Country Count) As of September 30,2024 Results in USD terms among the headline international equity indexes were sharply higher during the quarter,echoing the performance of major domestic equity benchmarks.The weakening USD relative to many major currencies during the quarter was a tailwind for the USD performance of most regional benchmarks’returns.The developed-market MSCI EAFE Index returned a muted 0.8%in LCL terms but rose 7.3%in USD terms.The MSCI Emerging Markets Index was the best-performing broad index,climbing 8.7%in USD and 6.6%in LCL terms for the quarter. Latin America lagged other regions during the quarter in USD terms,posting a return of 3.7%.Weakening currencies in the region put pressure on performance,making it the only region with USD performance that lagged LCL currency performance.The MSCI Pacific benchmark was the only regional benchmark to deliver negative performance in LCL teams (-0.9%), but USD weakness led to an 8.5%positive return in USD terms.Regional LCL currency performance struggles were led by the unwinding of the carry trade in the Japanese equity markets in early August which carried over to neighboring Pacific countries and US markets. China,which is the most heavily weighted country in the emerging market index,continued its rebound during the quarter posting a 23.5%gain in USD terms.Recently announced government stimulus for the Chinese economy helped lift equity markets in the country during the quarter.The Chinese economy has yet to expand at its pre-pandemic rate of roughly 5.0%primarily due to troubles in its commercial property and banking sectors,which have created challenges for growth in the region. Much like domestic markets,trailing one-year results for international developed and emerging markets benchmarks were strongly positive.Higher USD versus LCL returns for most international benchmarks demonstrate the USD’s relative weakness over the trailing one-year period. All broad and regional indexes were positive for the trailing 12 months in both USD and LCL terms.The EM Latin America index,where weakening local currencies dragged the region’s double-digit LCL performance to a muted 2.8%in USD terms.MSCI Asia Index led the way with a return of 27.7%in LCL terms for the trailing year.The relative weakening of the USD during the period further boosted returns in the region to 29.7%in USD terms. 4.5% 7.1% 5.1% 6.6% -0.9% 1.7% 0.8% 1.8% 3.2% 3.7% 9.5% 7.1% 8.7% 8.5% 6.6% 7.3% 7.8% 8.1% -2.0%0.0%2.0%4.0%6.0%8.0%10.0% 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 12.1% 27.7% 16.7% 25.0% 18.0% 17.3% 17.5% 18.5% 20.3% 2.8% 29.7% 19.2% 26.1% 23.7% 25.3% 24.8% 25.0% 25.4% 0.0%5.0%10.0%15.0%20.0%25.0%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 September 30,2024 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 27.1%11.5%4.3%Communication Services 14.4%4.8%11.0%Consumer Discretionary 10.9%10.6%8.7%Consumer Staples -2.1%-5.8%3.6%Energy 36.0%10.4%20.6%Financials 20.4%4.6%13.3%Health Care 33.8%9.4%17.3%Industrials 35.6%-2.4%8.7%Information Technology 24.0%10.7%6.8%Materials 27.6%17.3%2.2%Real Estate 25.4%14.9%3.4%Utilities 24.8%7.3%100.0%Total 1-Year ReturnQuarter ReturnSector WeightMSCI -ACWIxUS 26.3%13.6%5.6%Communication Services 20.4%11.5%11.3%Consumer Discretionary 11.1%10.5%7.4%Consumer Staples 7.2%-1.7%5.0%Energy 33.2%11.4%22.5%Financials 20.4%6.4%9.4%Health Care 30.5%8.7%13.8%Industrials 38.3%-1.6%12.8%Information Technology 18.8%9.4%7.1%Materials 23.5%16.9%1.9%Real Estate 27.7%13.4%3.2%Utilities 25.4%8.1%100.0%Total 1-YearQuarterMSCI-ACWIxUSMSCI-EAFE ReturnReturnWeightWeightCountry 21.6%5.7%14.0%22.3%Japan 23.3%7.9%9.3%14.7%United Kingdom 16.4%7.7%7.1%11.4%France 21.6%8.5%6.2%9.9%Switzerland 32.1%10.7%5.7%9.0%Germany 31.6%11.5%4.9%7.8%Australia 38.7%-4.5%3.0%4.8%Netherlands 24.5%-10.3%2.1%3.4%Denmark 35.8%8.4%2.1%3.4%Sweden 34.4%8.6%1.7%2.7%Italy 35.9%13.7%1.8%2.8%Spain 14.8%24.4%1.3%2.0%Hong Kong 33.9%17.6%0.9%1.5%Singapore 16.5%8.1%0.7%1.0%Finland 25.9%15.3%0.6%1.0%Belgium 32.4%12.4%0.5%0.8%Israel 4.5%2.1%0.4%0.6%Norway 38.6%13.9%0.2%0.3%Ireland 11.3%8.7%0.1%0.2%Portugal 28.3%8.7%0.1%0.2%Austria 20.1%5.6%0.1%0.2%New Zealand 24.8%7.3%62.7%100.0%Total EAFE Countries 26.8%12.0%7.7%Canada 25.0%7.8%70.4%Total Developed Countries 23.9%23.5%8.2%China 40.3%7.3%5.8%India 52.7%0.5%5.2%Taiwan 9.3%-5.6%3.1%Korea 2.6%7.1%1.4%Brazil 11.2%5.3%1.1%Saudi Arabia 36.7%16.1%0.9%South Africa -3.4%-3.4%0.6%Mexico 5.2%15.3%0.5%Indonesia 35.6%20.5%0.4%Malaysia 17.0%28.9%0.4%Thailand 6.4%12.0%0.3%United Arab Emirates 45.7%-3.9%0.3%Poland 6.8%-12.6%0.2%Turkey 11.2%10.6%0.2%Qatar 8.9%3.7%0.2%Kuwait 22.7%21.7%0.2%Philippines 31.3%10.4%0.1%Greece 5.8%5.3%0.1%Chile 57.4%7.9%0.1%Peru 36.4%6.3%0.1%Hungary 7.7%5.1%0.0%Czech Republic 25.4%-0.9%0.0%Colombia -7.3%12.3%0.0%Egypt 26.1%8.7%29.6%Total Emerging Countries 25.4%8.1%100.0%Total ACWIxUS Countries 1-Year ReturnQuarter ReturnSector WeightMSCI -Emerging Mkt 26.2%15.6%9.4%Communication Services 31.9%25.0%14.0%Consumer Discretionary 9.6%11.1%5.2%Consumer Staples 17.4%-0.4%4.8%Energy 26.5%10.4%22.8%Financials 20.5%22.9%3.6%Health Care 19.9%7.0%6.8%Industrials 40.3%-2.6%22.2%Information Technology 5.5%5.5%6.6%Materials 10.8%14.8%1.6%Real Estate 35.5%9.3%2.9%Utilities 26.1%8.7%100.0%Total Page 9 Source:Bloomberg The Market Environment Domestic Bond Sector &Broad/Global Bond Market Performance (Duration) As of September 30,2024 Domestic fixed-income markets advanced during the third quarter.Although the Federal Reserve began to unwind its tight monetary policy stance that began in 2022 during the quarter,yields remained elevated.On September 18,the Fed reduced its target policy rate by 0.50%,a move that was celebrated in a performance boost by equity and bond markets alike. After a muted first half of 2024,which held the Bloomberg US Aggregate Bond Index slightly negative for the year,the index posted its best quarterly performance year-to-date,climbing 5.2%during the third quarter. Performance across the investment-grade index’s segments was more favorable in the credit sectors,with the corporate investment-grade index rising 5.8%,outpacing the government and mortgage-backed-securities sectors.Lower quality issues also performed better,with A and BAA components of the index outpacing higher quality issues during the quarter. High Yield bonds underperformed investment grade issues as interest rates declined primarily due to the high-yield benchmark’s lower duration.Despite their lower duration,below-investment grade issues continued to rise,posting a return of 5.3%for the quarter.The Bloomberg Global Aggregate ex-US Index outperformed all broad-market domestic indexes with a return of 8.5% for the quarter,aided by a weakening USD. Over the trailing one-year period,the Bloomberg US Aggregate Bond Index posted a solid 11.6%return.The benchmark's sub-components also posted positive performance over the trailing 12 months with the Bloomberg US Corporate Investment Grade Index rising a strong 14.3%and the US Mortgage Index returning 12.3%.US TIPS,which are excluded from the Bloomberg US Aggregate Bond Index,returned 9.8%for the trailing year. Among credit qualities,lower-quality issues (both within investment grade and below investment grade)have outperformed higher-quality bonds due to higher yields and credit spread compression over the last year.Higher yields mean larger coupon payments as well as greater sensitivity to changes in credit spreads,which narrowed.High-yield bonds have enjoyed a healthy 15.7%gain for the trailing year. The Bloomberg Global Aggregate ex-US Index moderately outpaced its domestic counterpart,the Bloomberg US Aggregate Bond Index,by 0.7% during the trailing year. 12.2% 12.3% 10.4% 11.6% 14.9% 13.7% 10.7% 9.9% 9.8% 15.7% 14.3% 12.3% 9.7% 0.0%5.0%10.0%15.0%20.0% Multiverse (6.5) Global Agg x US (7.1) Intermediate Agg (4.4) Aggregate (6.2) Baa (7.1) A (7.1) AA (6.0) AAA (4.4) U.S. TIPS (3.8) U.S. High Yield (2.9) U.S. Corporate IG (7.2) U.S. Mortgage (5.7) U.S. Treasury (6.1) 1-Year Performance 7.0% 8.5% 4.6% 5.2% 5.8% 5.8% 5.0% 4.4% 4.1% 5.3% 5.8% 5.5% 4.7% 0.0%2.0%4.0%6.0%8.0%10.0% Multiverse (6.5) Global Agg x US (7.1) Intermediate Agg (4.4) Aggregate (6.2) Baa (7.1) A (7.1) AA (6.0) AAA (4.4) U.S. TIPS (3.8) U.S. High Yield (2.9) U.S. Corporate IG (7.2) U.S. Mortgage (5.7) U.S. Treasury (6.1) Quarter Performance Page 10 Source:US Department of Treasury,FRED (Federal Reserve of St.Louis) The Market Environment Market Rate &Yield Curve Comparison As of September 30,2024 The gray band across the graph illustrates the fed funds target rate range over the last 12 months.During the third quarter,the Federal Open Market Committee (FOMC)cut its policy rates by 0.50%,to a range of 4.75-5.00%. The last rate increase occurred at the FOMC’s July 2023 meeting,and this was the first rate cut since March of 2020.With inflation declining and unemployment remaining largely stable,the Fed appears to be pivoting from a tight monetary policy stance.The most recent FOMC press release continued to emphasize economic data-dependent outcomes while placing renewed emphasis on the second part of the committee’s dual mandate:full employment.The CME FedWatch tool,which forecasts rates based on fed fund futures pricing,showed a greater than 80%probability of a 0.25%rate decrease at the FOMC November meeting at the time of this writing.Fed officials and market participants continue to express concern that leaving rates at their current elevated levels for an extended period could tip the US economy into a recession.However,inflation remains above the FOMC’s long-term 2.0%target level. The yield on the US 10-year Treasury (blue line of the top chart)fell roughly 0.55%during the quarter,attributable to Fed policy decisions and expectations of future rate actions.The bellwether benchmark rate opened the quarter at a yield of 4.36%and finished September at a yield of 3.81%. The 10-year Treasury benchmark's rate peaked in October 2023,cresting at a yield of just under 5.00%before pulling back during the remainder of the year. The red line in the top chart shows the option-adjusted spread (OAS)for BAA- rated corporate bonds.This measure quantifies the additional yield premium investors require to purchase and hold non-US Treasury issues with the lowest investment grade rating.During the quarter,the yield spread was relatively stable,beginning July at 1.18%and finishing September at 1.16%. High-yield OAS spreads (represented by the yellow line in the top chart)have also remained relatively unchanged,despite a sharp spike in early August spurred by an unwinding of the Yen carry trade.The high-yield OAS fell 0.18%over the quarter from 3.21%to 3.03%.The spread measure’s relative stability over the trailing year results from steady economic growth,stable monetary policy,and falling inflation readings. The lower graph provides a snapshot of the US Treasury yield curve at the end of each of the last four quarters.For the first time since July 2022,the quarter-end yield on the 10-year Treasury was higher relative to the two-year Treasury.The yield curve has been inverted for each of the previous three quarter-end readings on the graph and for much of the last two years.This 2- 10-year yield curve inversion is a common heuristic used to foretell a pending recession environment. 2.50 3.00 3.50 4.00 4.50 5.00 5.50 6.00 6.50 7.00 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr Treasury Yield Curve 12/31/2023 3/31/2024 6/30/2024 9/30/2024 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 1-Year Trailing Market Rates Fed Funds Rate BAA OAS 10yr Treasury High Yield OAS Fed Funds Rate 10yr Treasury High Yield OAS BAA OAS 6/30/2024 3/31/2024 9/30/2024 12/31/2023 Page 11 The Market Environment References As of September 30,2024 CME FedWatch Tool -CME Group Effective Federal Funds Rate -FEDERAL RESERVE BANK of NEW YORK (newyorkfed.org) ICE BofA US High Yield Index Option-Adjusted Spread (BAMLH0A0HYM2)| FRED | St.Louis Fed (stlouisfed.org) When will the Federal Reserve start cutting interest rates? |J.P.Morgan Asset Management (jpmorgan.com) U.S.Department of the Treasury China’s Economy Limps Into 2024 –WSJ Support Site -Global Index Lens:Index Returns –MSCI Federal Reserve issues FOMC statement Yen drops to 38-year low,U.S.dollar slumps after weak data (cnbc.com) U.S. job growth revised down by the most since 2009. Why this time is different (cnbc.com) The Fed -Meeting calendars and information (federalreserve.gov) The Federal Reserve’s latest dot plot,explained –and what it says about interest rates |Bankrate Top 25 Stocks in the S&P 500 By Index Weight for July 2024 (investopedia.com) Fed’s Jerome Powell Declares ‘Time Has Come’ for Interest-Rate Cuts –WSJ Why Chinese banks are now vanishing (economist.com) Fed rate cut: Here's what changed in the central bank's statement (cnbc.com) 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity (T10Y2Y) | FRED | St. Louis Fed (stlouisfed.org) 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 (0.9%) Total Private Equity Composite (3.0%) Total Real Assets (8.7%) Total Fixed Income Composite (36.9%) Total International Equity (12.8%) Total Domestic Equity (37.7%) Asset Allocation Compliance Asset Allocation $ Current Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Target Allocation (%) Min. Rebal. ($000) Max. Rebal. ($000) Target Rebal. ($000) Total Fund Composite 1,591,745,869 100.0 N/A N/A 100.0 --- Total Domestic Equity 600,262,033 37.7 10.0 50.0 35.0 -441,087,446 195,610,902 -43,150,979 Total International Equity 203,949,559 12.8 5.0 20.0 12.0 -124,362,266 114,399,614 -12,940,055 Total Fixed Income Composite 587,204,448 36.9 10.0 45.0 40.0 -428,029,861 129,081,193 49,493,899 Total Real Assets 138,529,757 8.7 0.0 15.0 8.0 -138,529,757 100,232,123 -11,190,088 Total Private Equity Composite 47,156,650 3.0 0.0 20.0 5.0 -47,156,650 271,192,523 32,430,643 Total Cash Composite 14,643,421 0.9 0.0 10.0 0.0 -14,643,421 144,531,166 -14,643,421 Asset Allocation Compliance Oakland County Employees' Retirement System Total Fund Composite As of September 30, 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 (0.9%) Total Private Equity Composite (3.0%) Total Real Assets (8.7%) Total Fixed Income Composite (36.9%) Total International Equity (12.8%) Total Small Cap Equity Composite (6.8%) Total Mid Cap Equity Composite (9.2%) Total Large Cap Equity Composite (21.8%) Asset Allocation Compliance Asset Allocation $ Current Allocation (%) Target Allocation (%) Target Rebal. ($000) Total Fund Composite 1,591,745,869 100.0 100.0 - Total Large Cap Equity Composite 346,953,567 21.8 20.0 -28,604,393 Total Mid Cap Equity Composite 145,660,243 9.2 7.5 -26,279,303 Total Small Cap Equity Composite 107,648,223 6.8 7.5 11,732,717 Total International Equity 203,949,559 12.8 12.0 -12,940,055 Total Fixed Income Composite 587,204,448 36.9 40.0 49,493,899 Total Real Assets 138,529,757 8.7 8.0 -11,190,088 Total Private Equity Composite 47,156,650 3.0 5.0 32,430,643 Total Cash Composite 14,643,421 0.9 0.0 -14,643,421 Asset Allocation Compliance Oakland County Employees' Retirement System Total Fund Composite As of September 30, 2024 Page 14 Jun-2024 : $1,541,009,305 Sep-2024 : $1,591,745,869 June 30, 2024 Market Value Domestic Equity 559,763,259¢ International Equity 210,146,536¢ Fixed Income 562,401,410¢ Real Assets 147,893,036¢ Private Equity 44,570,633¢ Cash 16,234,430¢ September 30, 2024 Market Value Domestic Equity 600,262,033¢ International Equity 203,949,559¢ Fixed Income 587,204,448¢ Real Assets 138,529,757¢ Private Equity 47,156,650¢ Cash 14,643,421¢ Asset Allocation by Asset Class Oakland County Employees' Retirement System As of September 30, 2024 Page 15 Sep-2024 : $1,591,745,869 Allocation Market Value Allocation SSgA S&P 500 82,674,228 5.2¢ SSgA S&P 500 Equal Weighted Index 91,028,329 5.7¢ T. Rowe Price 173,251,010 10.9¢ Kennedy Mid Cap Value 47,203,374 3.0¢ TimesSquare 49,111,362 3.1¢ Reinhart Partners 49,345,508 3.1¢ Leeward 53,543,367 3.4¢ Loomis Small Cap 54,104,856 3.4¢ Lazard 64,800,153 4.1¢ Hudson Edge HGK International 67,117,792 4.2¢ Allspring EM 37,071,827 2.3¢ ABS Emerging Markets Strat Port 34,959,787 2.2¢ CS McKee 274,081,274 17.2¢ Loomis Fixed Income 142,209,732 8.9¢ National Investment Fixed 21,014,465 1.3¢ Boyd Watterson Fixed 29,310,759 1.8¢ Pimco Diversified Income (PDIIX)45,906,035 2.9¢ Churchill Senior Loan Fund 4,544,853 0.3¢ Marathon Distressed Credit Fund LP 15,838,344 1.0¢ H.I.G. Bayside Loan Opportunity VI 14,374,593 0.9¢ BlackRock Direct Lending Feeder IX 16,846,347 1.1¢ Bloomfield Capital Fund V - Series B 12,016,075 0.8¢ Bloomfield Capital Fund V - Series C 3,072,188 0.2¢ Marathon Distressed Credit Fund II LP 7,989,784 0.5¢ ValStone Opportunity Fund V 2,294,715 0.1¢ Morgan Stanley 75,508,254 4.7¢ Macquarie III Europe (Cash)31,168 0.0¢ Prudential PRISA II 43,121,923 2.7¢ Alidade Capital Fund IV 2,307,369 0.1¢ Walton Street Real Estate 4,064,449 0.3¢ AEW Real Estate 1,980,325 0.1¢ Dune Real Estate IV 9,221,554 0.6¢ Hamilton Lane Secondary Fund V LP 12,754,970 0.8¢ Portfolio Adv Secondary Agg IV 17,696,402 1.1¢ Sturbridge Diversified III 10,209,471 0.6¢ Capital Dynamics Global Secondaries VI 6,495,807 0.4¢ Liquidity Account 14,643,421 0.9¢ Asset Allocation by Asset Class Oakland County Employees' Retirement System As of September 30, 2024 Page 16 Asset Allocation Attributes Sep-2024 Jun-2024 Mar-2024 Dec-2023 Sep-2023 ($)%($)%($)%($)%($)% Total Fund Composite 1,591,745,869 100.00 1,541,617,143 100.00 1,553,138,847 100.00 1,501,086,098 100.00 1,407,225,134 100.00 Total Equity Composite 804,211,592 50.52 770,517,633 49.98 788,795,357 50.79 730,144,048 48.64 698,496,978 49.64 Total Domestic Equity 600,262,033 37.71 559,763,259 36.31 579,086,556 37.28 529,363,744 35.27 504,462,043 35.85 Total Large Cap Equity Composite 346,953,567 21.80 326,018,230 21.15 337,197,680 21.71 305,288,782 20.34 285,854,989 20.31 SSgA S&P 500 82,674,228 5.19 78,088,308 5.07 74,885,240 4.82 67,743,716 4.51 60,663,759 4.31 SSgA S&P 500 Equal Weighted Index 91,028,329 5.72 83,099,957 5.39 85,364,143 5.50 79,064,181 5.27 70,461,251 5.01 T. Rowe Price 173,251,010 10.88 164,829,966 10.69 176,948,297 11.39 158,480,885 10.56 154,729,979 11.00 Total Mid Cap Equity Composite 145,660,243 9.15 134,492,157 8.72 140,668,801 9.06 128,575,501 8.57 113,098,403 8.04 Kennedy Mid Cap Value 47,203,374 2.97 42,735,763 2.77 46,921,665 3.02 42,557,508 2.84 -0.00 TimesSquare 49,111,362 3.09 46,783,466 3.03 48,231,615 3.11 43,789,989 2.92 34,034,600 2.42 Reinhart Partners 49,345,508 3.10 44,972,928 2.92 45,515,521 2.93 42,228,003 2.81 27,499,375 1.95 Total Small Cap Equity Composite 107,648,223 6.76 99,252,872 6.44 101,220,075 6.52 95,499,461 6.36 105,508,650 7.50 Leeward 53,543,367 3.36 48,544,089 3.15 50,436,791 3.25 48,021,174 3.20 52,378,803 3.72 Loomis Small Cap 54,104,856 3.40 50,708,783 3.29 50,783,284 3.27 47,478,287 3.16 53,129,848 3.78 Total International Equity 203,949,559 12.81 210,146,536 13.63 209,100,964 13.46 200,172,467 13.34 181,878,186 12.92 Lazard 64,800,153 4.07 68,616,252 4.45 69,506,483 4.48 65,371,438 4.35 59,430,989 4.22 Hudson Edge HGK International 67,117,792 4.22 66,188,243 4.29 67,109,984 4.32 63,463,053 4.23 56,136,381 3.99 Allspring EM 37,071,827 2.33 34,125,037 2.21 33,140,017 2.13 32,770,289 2.18 30,095,219 2.14 ABS Emerging Markets 34,959,787 2.20 41,217,005 2.67 39,344,480 2.53 38,567,687 2.57 36,215,597 2.57 Total Long/Short Equity Composite -0.00 607,837 0.04 607,837 0.04 607,837 0.04 12,156,750 0.86 ABS Offshore Global -0.00 607,837 0.04 607,837 0.04 607,837 0.04 12,156,750 0.86 Total Fixed Income Composite 587,204,448 36.89 562,401,410 36.48 560,409,660 36.08 559,166,904 37.25 493,214,107 35.05 Total Core Fixed Income 466,616,230 29.31 435,954,146 28.28 435,387,250 28.03 436,218,643 29.06 368,798,141 26.21 CS McKee 274,081,274 17.22 260,467,200 16.90 260,014,667 16.74 260,956,346 17.38 242,874,397 17.26 Loomis Fixed Income 142,209,732 8.93 135,073,060 8.76 135,286,501 8.71 135,272,627 9.01 125,923,744 8.95 Total Global Fixed 45,906,035 2.88 43,697,598 2.83 43,456,586 2.80 42,889,062 2.86 44,437,544 3.16 Pimco Diversified Income (PDIIX)45,906,035 2.88 43,697,598 2.83 43,456,586 2.80 42,889,062 2.86 44,437,544 3.16 Historical Asset Allocation Total Fund As of September 30, 2024 Page 17 Historical Asset Allocation Total Fund As of September 30, 2024 Sep-2024 Jun-2024 Mar-2024 Dec-2023 Sep-2023 ($)%($)%($)%($)%($)% Private Fixed Income 74,682,184 4.69 82,749,666 5.37 81,565,823 5.25 80,059,200 5.33 79,978,422 5.68 Churchill Senior Loan Fund 4,544,853 0.29 6,393,634 0.41 6,398,075 0.41 6,807,416 0.45 6,673,591 0.47 Marathon Distressed Credit Fund LP 8,528,339 0.54 11,015,442 0.71 11,966,525 0.77 12,283,880 0.82 12,971,705 0.92 H.I.G. Bayside Loan Opportunity VI 7,740,166 0.49 9,270,660 0.60 9,291,205 0.60 9,388,238 0.63 8,397,864 0.60 BlackRock Direct Lending Feeder IX 16,846,347 1.06 18,166,650 1.18 17,751,849 1.14 17,598,826 1.17 18,295,005 1.30 Bloomfield Capital Fund V - Series B 12,016,075 0.75 12,969,295 0.84 14,546,508 0.94 15,404,738 1.03 15,323,485 1.09 Bloomfield Capital Fund V - Series C 3,072,188 0.19 2,142,106 0.14 800,516 0.05 -0.00 -0.00 Marathon Distressed Credit Fund II LP 7,989,784 0.50 5,403,792 0.35 2,590,234 0.17 -0.00 -0.00 Total Real Estate 138,529,757 8.70 147,893,036 9.59 151,455,580 9.75 153,627,481 10.23 158,309,094 11.25 ValStone Opportunity Fund V 2,294,715 0.14 2,346,727 0.15 2,384,282 0.15 2,384,351 0.16 2,473,323 0.18 Morgan Stanley 75,508,254 4.74 77,573,773 5.03 79,734,646 5.13 80,821,282 5.38 82,643,549 5.87 Prudential PRISA II 43,121,923 2.71 49,761,421 3.23 51,246,528 3.30 52,426,268 3.49 55,399,712 3.94 Alidade Capital Fund IV 2,307,369 0.14 2,499,943 0.16 2,453,244 0.16 2,396,355 0.16 2,428,993 0.17 Walton Street Real Estate 4,064,449 0.26 4,158,389 0.27 4,151,355 0.27 4,424,576 0.29 4,515,241 0.32 AEW Real Estate 1,980,325 0.12 2,189,676 0.14 2,297,860 0.15 2,145,344 0.14 2,458,659 0.17 Dune Real Estate IV 9,221,554 0.58 9,333,192 0.61 9,157,544 0.59 8,991,295 0.60 8,351,784 0.59 Total Private Equity Composite 47,156,650 2.96 44,570,633 2.89 44,798,803 2.88 45,135,333 3.01 46,306,174 3.29 Macquarie III Europe (Cash)31,168 0.00 29,916 0.00 30,121 0.00 38,010 0.00 37,834 0.00 Hamilton Lane Secondary Fund V LP 12,754,970 0.80 13,785,639 0.89 13,719,259 0.88 13,794,570 0.92 14,965,304 1.06 Portfolio Adv Secondary Agg IV 10,112,231 0.64 10,125,998 0.66 10,100,778 0.65 9,714,022 0.65 10,193,004 0.72 Sturbridge Diversified III 10,209,471 0.64 8,343,993 0.54 8,343,993 0.54 8,957,237 0.60 9,140,035 0.65 Total Cash Composite 14,643,421 0.92 16,234,430 1.05 7,679,447 0.49 13,012,331 0.87 10,898,780 0.77 Liquidity Account 14,643,421 0.92 16,234,430 1.05 7,679,447 0.49 13,012,331 0.87 10,898,780 0.77 Page 18 Financial Reconciliation Market Value 07/01/2024 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 09/30/2024 Total Fund Composite 1,541,617,143 30 79,486 -25,956,845 -644,434 -1,612 7,604,122 69,047,981 1,591,745,869 Total Equity Composite 770,517,633 -16,629,780 79,486 --223,186 -1,365 1,421,584 49,047,221 804,211,592 Total Domestic Equity 559,763,259 ----9,195 -153 1,261,537 39,246,584 600,262,033 Total Large Cap Equity Composite 326,018,230 ----9,195 -29 514,081 20,430,479 346,953,567 SSgA S&P 500 78,088,308 ----2,247 --4,588,167 82,674,228 SSgA S&P 500 Equal Weighted Index 83,099,957 ----6,947 --7,935,320 91,028,329 T. Rowe Price 164,829,966 -----29 514,081 7,906,992 173,251,010 Total Mid Cap Equity Composite 134,492,157 -----5 423,700 10,744,391 145,660,243 Kennedy Mid Cap Value 42,735,763 -----169,822 4,297,788 47,203,374 TimesSquare 46,783,466 -----5 98,749 2,229,152 49,111,362 Reinhart Partners 44,972,928 -----155,128 4,217,452 49,345,508 Total Small Cap Equity Composite 99,252,872 -----119 323,756 8,071,713 107,648,223 Leeward 48,544,089 -----256,694 4,742,585 53,543,367 Loomis Small Cap 50,708,783 -----119 67,063 3,329,129 54,104,856 Total International Equity 210,146,536 -16,000,000 79,486 --213,991 -1,213 160,047 9,778,693 203,949,559 Lazard 68,616,252 -8,000,000 ----1,213 160,047 4,025,067 64,800,153 Hudson Edge HGK International 66,188,243 ----134,505 --1,064,054 67,117,792 Allspring EM 34,125,037 -79,486 --79,486 --2,946,790 37,071,827 ABS Emerging Markets 41,217,005 -8,000,000 -----1,742,782 34,959,787 Total Long/Short Equity Composite 607,837 -629,780 -----21,943 - ABS Offshore Global 607,837 -629,780 -----21,943 - Total Fixed Income Composite 562,401,410 -165,938 ---250,173 -7 5,050,287 20,168,869 587,204,448 Total Core Fixed Income 435,954,146 8,000,000 ----7 4,555,779 18,106,311 466,616,230 CS McKee 260,467,200 -----2,849,414 10,764,660 274,081,274 Loomis Fixed Income 135,073,060 -----7 1,128,242 6,008,437 142,209,732 Total Global Fixed 43,697,598 ----83,392 -396,083 1,895,745 45,906,035 Pimco Diversified Income (PDIIX)43,697,598 ----83,392 -396,083 1,895,745 45,906,035 Financial Reconciliation Total Fund 1 Quarter Ending September 30, 2024 Page 19 Financial Reconciliation Total Fund 1 Quarter Ending September 30, 2024 Market Value 07/01/2024 Net Transfers Contributions Distributions Management Fees Other Expenses Income Apprec./ Deprec. Market Value 09/30/2024 Private Fixed Income 82,749,666 -8,165,938 ---166,781 -98,425 166,813 74,682,184 Churchill Senior Loan Fund 6,393,634 -1,984,908 -----136,127 4,544,853 Marathon Distressed Credit Fund LP 20,457,250 -3,710,464 ------908,441 15,838,344 H.I.G. Bayside Loan Opportunity VI 17,216,940 -3,229,375 ---56,204 --443,232 14,374,593 BlackRock Direct Lending Feeder IX 18,166,650 -1,214,958 ---110,577 --5,232 16,846,347 Bloomfield Capital Fund V - Series B 12,969,295 -1,122,574 ----45,819 123,536 12,016,075 Bloomfield Capital Fund V - Series C 2,142,106 844,627 ----52,606 32,848 3,072,188 Marathon Distressed Credit Fund II LP 5,403,792 2,251,714 -----334,278 7,989,784 Total Real Assets 147,893,036 -9,471,874 ---135,638 -1,037,171 -792,938 138,529,757 Total Real Estate 147,893,036 -9,471,874 ---135,638 -1,037,171 -792,938 138,529,757 ValStone Opportunity Fund V 2,346,727 -------52,012 2,294,715 Morgan Stanley 77,573,773 -2,232,544 ----766,202 -599,177 75,508,254 Prudential PRISA II 49,761,421 -7,149,369 ---135,638 -270,961 374,548 43,121,923 Alidade Capital Fund IV 2,499,943 -200,105 -----7,531 2,307,369 Walton Street Real Estate 4,158,389 -------93,940 4,064,449 AEW Real Estate 2,189,676 -180,967 ------28,384 1,980,325 Dune Real Estate IV 9,333,192 291,111 ------402,749 9,221,554 Total Private Equity Composite 44,570,633 2,302,045 ---35,438 --319,410 47,156,650 Macquarie III Europe (Cash)29,916 -----8 1,245 31,168 Hamilton Lane Secondary Fund V LP 13,785,639 -1,030,669 ---35,438 --35,438 12,754,970 Portfolio Adv Secondary Agg IV 17,720,494 -308,064 -----283,972 17,696,402 Sturbridge Diversified III 8,343,993 1,865,478 ------10,209,471 Total Cash Composite 16,234,430 23,965,577 --25,956,845 --240 95,080 305,419 14,643,421 Liquidity Account 16,234,430 23,965,577 --25,956,845 --240 95,080 305,419 14,643,421 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 37.71 (38)12.81 (67)2.88 (80)29.31 (67)4.74 (81)11.61 (6)0.92 (61) 5th Percentile 49.53 25.02 23.76 43.48 21.39 11.83 9.50 1st Quartile 41.13 19.98 10.71 37.53 13.82 7.71 3.04 Median 34.66 15.43 6.10 32.69 9.32 5.31 1.34 3rd Quartile 29.23 11.05 3.54 27.70 5.12 4.04 0.44 95th Percentile 19.10 5.87 1.72 19.66 1.50 1.97 0.04 Plan Sponsor TF Asset Allocation Total Fund Composite Vs. All Master Trust - Eq 40-60% FI 25-45% As of September 30, 2024 Page 21 Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Fund Composite (Gross)1,591,745,869 100.0 5.02 (75)17.82 (87)9.45 (92)17.82 (87)4.27 (50)7.55 (53)6.96 (52)7.10 (36)5.81 (82)06/01/1998 Total Fund Policy Index 5.99 (34)20.13 (60)10.86 (62)20.13 (60)3.98 (59)7.33 (62)6.95 (52)7.02 (40)6.14 (70) Difference -0.97 -2.31 -1.41 -2.31 0.29 0.22 0.01 0.08 -0.33 All Master Trust - Eq 40-60% FI 25-45% Median 5.59 20.70 11.32 20.70 4.26 7.64 6.99 6.78 6.48 Total Fund Composite (Net)1,591,745,869 100.0 4.98 17.57 9.29 17.57 4.07 7.34 6.70 6.84 5.71 06/01/1998 Total Fund Policy Index 5.99 20.13 10.86 20.13 3.98 7.33 6.95 7.02 6.14 Difference -1.01 -2.56 -1.57 -2.56 0.09 0.01 -0.25 -0.18 -0.43 Total Equity Composite 804,211,592 50.5 6.64 28.82 15.51 28.82 7.48 11.51 9.87 9.83 6.36 04/01/1998 Total Equity Index 7.52 31.04 17.43 31.04 7.76 12.37 10.69 10.59 7.57 Difference -0.88 -2.22 -1.92 -2.22 -0.28 -0.86 -0.82 -0.76 -1.21 Total Fixed Income Composite 587,204,448 36.9 4.47 12.27 5.36 12.27 0.30 1.61 2.29 2.40 4.55 04/01/1998 Total Fixed Income Index 5.51 11.60 4.32 11.60 -1.61 0.19 1.34 1.68 4.00 Difference -1.04 0.67 1.04 0.67 1.91 1.42 0.95 0.72 0.55 Total Real Assets 138,529,757 8.7 0.17 -4.56 -1.73 -4.56 2.03 5.36 6.40 7.89 6.79 07/01/2008 NCREIF Fund Index-ODCE (VW)0.25 -7.27 -2.56 -7.27 -0.18 2.94 4.12 6.10 4.63 Difference -0.08 2.71 0.83 2.71 2.21 2.42 2.28 1.79 2.16 Total Private Equity Composite 47,156,650 3.0 0.71 0.79 0.49 0.79 11.46 N/A N/A N/A 26.04 04/01/2020 Russell Microcap Index 8.29 24.63 7.38 24.63 -3.74 8.45 5.27 7.29 15.93 Difference -7.58 -23.84 -6.89 -23.84 15.20 N/A N/A N/A 10.11 Total Cash Composite 14,643,421 0.9 Asset Allocation & Performance Total Fund Composite (Gross) As of September 30, 2024 Page 22 Asset Allocation & Performance Total Fund Composite (Gross) As of September 30, 2024 Allocation Market Value $ % Performance(%) QTR FYTD YTD 1 YR 3 YR 5 YR 7 YR 10 YR Inception Inception Date Total Domestic Equity 600,262,033 37.7 Total Large Cap Equity Composite 346,953,567 21.8 6.42 (40)35.39 (47)20.84 (46)35.39 (47)11.83 (35)15.92 (42)14.23 (46)13.39 (40)11.88 (49)07/01/2008 IM U.S. Large Cap Equity (SA+CF) Median 5.97 35.05 20.31 35.05 10.86 15.37 13.96 13.06 11.84 SSgA S&P 500 (1.5 bps)82,674,228 5.2 5.88 (50)36.30 (42)22.05 (41)36.30 (42)11.83 (45)15.91 (46)14.44 (45)13.35 (49)14.12 (52)10/01/2009 S&P 500 Index 5.89 (50)36.35 (40)22.08 (41)36.35 (40)11.91 (43)15.98 (42)14.50 (40)13.38 (44)14.15 (50) Difference -0.01 -0.05 -0.03 -0.05 -0.08 -0.07 -0.06 -0.03 -0.03 IM U.S. Large Cap Core Equity (SA+CF) Median 5.87 35.30 21.10 35.30 11.29 15.71 14.22 13.33 14.14 SSgA S&P 500 Equal Weighted Index (4 bps)91,028,329 5.7 9.55 (3)29.23 (76)15.16 (83)29.23 (76)8.45 (86)12.75 (82)N/A N/A 10.48 (84)02/01/2018 S&P 500 Equal Weighted 9.60 (3)28.83 (77)15.16 (83)28.83 (77)8.18 (89)12.82 (81)11.58 (85)11.13 (88)10.46 (84) Difference -0.05 0.40 0.00 0.40 0.27 -0.07 N/A N/A 0.02 IM U.S. Large Cap Core Equity (SA+CF) Median 5.87 35.30 21.10 35.30 11.29 15.71 14.22 13.33 12.97 T. Rowe Price (25 bps)173,251,010 10.9 5.11 (69)38.21 (28)23.27 (26)38.21 (28)13.05 (26)17.18 (24)15.54 (20)14.48 (16)14.85 (22)10/01/2009 S&P 500 Index 5.89 (50)36.35 (40)22.08 (41)36.35 (40)11.91 (43)15.98 (42)14.50 (40)13.38 (44)14.15 (50) Difference -0.78 1.86 1.19 1.86 1.14 1.20 1.04 1.10 0.70 IM U.S. Large Cap Core Equity (SA+CF) Median 5.87 35.30 21.10 35.30 11.29 15.71 14.22 13.33 14.14 Total Mid Cap Equity Composite 145,660,243 9.2 8.30 (42)29.20 (30)13.29 (51)29.20 (30)7.58 (40)10.18 (76)9.05 (84)9.14 (87)9.50 (90)07/01/2008 IM U.S. Mid Cap Equity (SA+CF) Median 7.71 26.78 13.30 26.78 6.97 11.74 10.97 10.75 10.85 Kennedy Mid Cap Value (50 bps)47,203,374 3.0 10.45 (12)N/A 10.92 (75)N/A N/A N/A N/A N/A 10.92 (75)01/01/2024 Russell Midcap Value Index 10.08 (23)29.01 (20)15.08 (28)29.01 (20)7.39 (72)10.33 (68)8.82 (57)8.93 (54)15.08 (28) Difference 0.37 N/A -4.16 N/A N/A N/A N/A N/A -4.16 IM U.S. Mid Cap Value Equity (SA+CF) Median 9.03 25.98 13.51 25.98 8.79 11.49 9.06 9.04 13.51 TimesSquare (80 bps)49,111,362 3.1 4.98 (62)27.19 (40)12.15 (43)27.19 (40)5.28 (11)13.62 (11)13.88 (15)12.73 (17)14.35 (28)09/01/2009 Russell Midcap Growth Index 6.54 (34)29.33 (27)12.91 (35)29.33 (27)2.32 (31)11.48 (50)11.88 (52)11.30 (61)13.55 (65) Difference -1.56 -2.14 -0.76 -2.14 2.96 2.14 2.00 1.43 0.80 IM U.S. Mid Cap Growth Equity (SA+CF) Median 5.89 24.49 11.33 24.49 0.47 11.45 11.93 11.69 13.76 Reinhart Partners (65 bps)49,345,508 3.1 9.72 (15)35.35 (6)16.85 (18)35.35 (6)14.38 (1)14.74 (3)N/A N/A 14.11 (2)05/01/2019 Russell 2500 Index 8.75 (33)26.17 (62)11.30 (84)26.17 (62)3.47 (85)10.43 (69)9.02 (65)9.50 (50)9.22 (76) Difference 0.97 9.18 5.55 9.18 10.91 4.31 N/A N/A 4.89 Mid-Cap Blend Median 8.04 26.75 13.34 26.75 6.59 11.13 9.49 9.47 10.08 Page 23 Asset Allocation & Performance Total Fund Composite (Gross) As of September 30, 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 107,648,223 6.8 8.46 (51)23.52 (72)12.72 (42)23.52 (72)4.82 (50)11.43 (50)9.71 (47)10.16 (57)10.14 (70)07/01/2008 IM U.S. Small Cap Equity (SA+CF) Median 8.57 26.37 11.66 26.37 4.79 11.36 9.56 10.41 10.79 Leeward (70 bps)53,543,367 3.4 10.30 (22)23.71 (68)11.50 (44)23.71 (68)7.42 (48)11.50 (52)8.54 (59)9.99 (43)9.55 (37)09/01/2005 Russell 2000 Value Index 10.15 (25)25.88 (42)9.22 (65)25.88 (42)3.77 (88)9.29 (88)6.60 (93)8.22 (93)7.19 (99) Difference 0.15 -2.17 2.28 -2.17 3.65 2.21 1.94 1.77 2.36 IM U.S. Small Cap Value Equity (SA+CF) Median 8.56 25.20 10.95 25.20 7.29 11.57 8.84 9.77 9.23 Loomis Small Cap (90 bps)54,104,856 3.4 6.70 (63)23.34 (63)13.96 (46)23.34 (63)1.84 (35)10.68 (62)10.69 (60)11.41 (57)12.67 (59)09/01/2012 Russell 2000 Growth Index 8.41 (39)27.66 (50)13.22 (54)27.66 (50)-0.35 (55)8.82 (86)7.59 (96)8.95 (97)10.53 (97) Difference -1.71 -4.32 0.74 -4.32 2.19 1.86 3.10 2.46 2.14 IM U.S. Small Cap Growth Equity (SA+CF) Median 7.65 27.49 13.47 27.49 0.21 11.41 11.33 11.66 12.93 Total International Equity 203,949,559 12.8 4.98 (89)21.53 (81)10.35 (82)21.53 (81)1.58 (74)5.86 (92)4.49 (88)5.31 (90)4.36 (90)07/01/2008 Total International Equity Index 8.17 (42)25.96 (41)14.70 (38)25.96 (41)4.67 (50)8.10 (66)5.95 (63)5.72 (81)4.07 (94) Difference -3.19 -4.43 -4.35 -4.43 -3.09 -2.24 -1.46 -0.41 0.29 IM International Equity (SA+CF) Median 7.80 25.20 13.56 25.20 4.58 8.76 6.39 6.64 5.80 Lazard (75 bps)64,800,153 4.1 6.88 (67)23.41 (69)12.19 (67)23.41 (69)3.96 (59)7.27 (79)6.12 (58)5.99 (73)5.98 (47)09/01/2006 MSCI AC World ex USA 8.17 (42)25.96 (41)14.70 (38)25.96 (41)4.67 (50)8.10 (66)5.95 (63)5.72 (81)4.80 (84) Difference -1.29 -2.55 -2.51 -2.55 -0.71 -0.83 0.17 0.27 1.18 IM International Equity (SA+CF) Median 7.80 25.20 13.56 25.20 4.58 8.76 6.39 6.64 5.77 HGK International (100 bps)67,117,792 4.2 1.61 (96)20.54 (94)6.40 (98)20.54 (94)N/A N/A N/A N/A 16.14 (51)09/01/2022 MSCI EAFE (Net) Index 7.26 (42)24.77 (63)12.99 (49)24.77 (63)5.48 (14)8.20 (61)6.00 (81)5.71 (95)18.37 (23) Difference -5.65 -4.23 -6.59 -4.23 N/A N/A N/A N/A -2.23 IM International LCG Equity (SA+CF)6.67 25.98 12.86 25.98 2.07 8.74 7.42 7.49 16.18 Allspring EM (95 bps)37,071,827 2.3 8.64 (32)23.18 (68)13.13 (72)23.18 (68)-1.66 (73)4.66 (80)3.71 (71)4.89 (60)4.68 (71)11/01/2012 MSCI Emerging Markets Index 8.88 (29)26.54 (41)17.24 (40)26.54 (41)0.82 (52)6.15 (61)4.04 (64)4.41 (75)4.26 (80) Difference -0.24 -3.36 -4.11 -3.36 -2.48 -1.49 -0.33 0.48 0.42 IM Emerging Markets Equity (SA+CF) Median 7.30 25.13 16.19 25.13 1.01 7.27 4.82 5.28 5.34 ABS Emerging Markets (75 bps)34,959,787 2.2 5.23 (74)19.76 (81)12.45 (78)19.76 (81)N/A N/A N/A N/A 10.01 (69)07/01/2022 MSCI Emerging Markets Index 8.88 (29)26.54 (41)17.24 (40)26.54 (41)0.82 (52)6.15 (61)4.04 (64)4.41 (75)10.71 (62) Difference -3.65 -6.78 -4.79 -6.78 N/A N/A N/A N/A -0.70 IM Emerging Markets Equity (SA+CF) Median 7.30 25.13 16.19 25.13 1.01 7.27 4.82 5.28 12.21 Page 24 Asset Allocation & Performance Total Fund Composite (Gross) As of September 30, 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 466,616,230 29.3 5.13 (81)12.81 (23)5.06 (45)12.81 (23)-0.73 (22)1.13 (28)2.12 (34)N/A 1.97 (35)09/01/2016 IM U.S. Broad Market Core Fixed Inc (SA+CF)5.24 12.30 4.96 12.30 -0.98 0.89 1.99 2.32 1.83 CS McKee (17 bps)274,081,274 17.2 5.23 (55)12.85 (22)5.03 (46)12.85 (22)-0.74 (24)0.82 (62)1.89 (64)2.23 (63)2.89 (73)02/01/2010 Blmbg. U.S. Aggregate Index 5.20 (68)11.57 (89)4.45 (95)11.57 (89)-1.39 (89)0.33 (98)1.47 (98)1.84 (98)2.54 (95) Difference 0.03 1.28 0.58 1.28 0.65 0.49 0.42 0.39 0.35 IM U.S. Broad Market Core Fixed Inc (SA+CF)5.24 12.30 4.96 12.30 -0.98 0.89 1.99 2.32 3.13 Loomis Fixed Income (30 bps)142,209,732 8.9 5.28 (42)12.93 (18)5.13 (44)12.93 (18)-0.64 (17)1.81 (9)2.62 (9)2.76 (11)4.32 (4)04/01/2010 Blmbg. U.S. Aggregate Index 5.20 (68)11.57 (89)4.45 (95)11.57 (89)-1.39 (89)0.33 (98)1.47 (98)1.84 (98)2.55 (95) Difference 0.08 1.36 0.68 1.36 0.75 1.48 1.15 0.92 1.77 IM U.S. Broad Market Core Fixed Inc (SA+CF)5.24 12.30 4.96 12.30 -0.98 0.89 1.99 2.32 3.12 Total Global Fixed 45,906,035 2.9 5.25 (44)16.24 (16)7.63 (24)16.24 (16)1.39 (47)0.00 (83)0.15 (93)N/A 0.98 (95)12/01/2016 IM Global Fixed Income (SA+CF) Median 4.98 13.38 5.81 13.38 0.67 2.74 3.03 2.84 3.61 Pimco Diversified Income (PDIIX)45,906,035 2.9 5.25 (74)16.24 (1)7.63 (1)16.24 (1)1.34 (8)N/A N/A N/A 1.86 (5)03/01/2021 Blmbg. Global Credit (Hedged)4.93 (75)13.42 (20)5.68 (10)13.42 (20)-0.11 (23)1.50 (15)2.62 (5)3.13 (3)0.32 (19) Difference 0.32 2.82 1.95 2.82 1.45 N/A N/A N/A 1.54 Global Bond Median 6.83 11.97 3.73 11.97 -2.13 -0.72 0.11 0.47 -2.46 Total Real Estate (Composite)138,529,757 8.7 0.17 (63)-4.56 (36)-1.73 (34)-4.56 (36)2.03 (22)4.83 (19)5.96 (19)N/A 6.59 (N/A)12/01/2016 IM U.S. Open End Private RE (SA+CF)0.26 -6.61 -2.47 -6.61 0.19 3.03 4.46 6.57 N/A Morgan Stanley (84 bps)75,508,254 4.7 0.22 (57)-2.62 (25)-0.74 (28)-2.62 (25)3.26 (14)4.99 (18)5.98 (18)7.97 (18)6.14 (17)01/01/2008 NCREIF Fund Index-ODCE (VW)0.25 (53)-7.27 (55)-2.56 (53)-7.27 (55)-0.18 (54)2.94 (52)4.12 (62)6.10 (63)4.60 (53) Difference -0.03 4.65 1.82 4.65 3.44 2.05 1.86 1.87 1.54 IM U.S. Open End Private RE (SA+CF)0.26 -6.61 -2.47 -6.61 0.19 3.03 4.46 6.57 4.82 Prudential PRISA II (85 bps)43,121,923 2.7 1.37 (17)-8.13 (64)-3.21 (65)-8.13 (64)-0.64 (56)3.31 (41)4.94 (33)7.05 (21)8.71 (27)10/01/2011 NCREIF Property Index 0.78 (39)-3.47 (29)-0.46 (27)-3.47 (29)0.87 (27)3.26 (42)4.23 (61)5.88 (66)7.06 (74) Difference 0.59 -4.66 -2.75 -4.66 -1.51 0.05 0.71 1.17 1.65 IM U.S. Open End Private RE (SA+CF)0.26 -6.61 -2.47 -6.61 0.19 3.03 4.46 6.57 7.99 Total Liquidity Account 14,643,421 0.9 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 -2.22 -7.20 -3.76 -7.20 -0.83 2.73 4.15 5.66 5.50 08/27/2014 Alidade Capital Fund IV 0.32 3.26 4.71 3.26 4.68 10.19 8.70 N/A 8.61 04/20/2017 Walton Street Real Estate -2.26 0.25 -1.03 0.25 3.46 8.33 8.98 N/A 9.62 05/25/2017 AEW Real Estate -1.34 8.39 8.87 8.39 19.26 22.47 19.02 N/A 19.01 09/26/2017 Churchill Senior Loan Fund 2.76 15.67 9.77 15.67 16.23 9.14 N/A N/A 8.56 12/07/2017 Dune Real Estate IV -4.30 -7.36 -5.74 -7.36 3.92 2.03 N/A N/A 1.24 08/22/2019 Hamilton Lane Secondary Fund V LP 0.00 2.83 -0.07 2.83 6.10 N/A N/A N/A 15.83 04/28/2020 Marathon Distressed Credit Fund LP -5.06 1.43 2.73 1.43 1.51 N/A N/A N/A 6.86 09/10/2020 H.I.G. Bayside Loan Opportunity VI 2.43 11.22 9.01 11.22 9.01 N/A N/A N/A 11.63 09/29/2020 Portfolio Adv Secondary Agg IV 1.61 3.65 3.91 3.65 6.65 N/A N/A N/A 9.68 11/02/2020 BlackRock Direct Lending Feeder IX -0.60 5.41 2.15 5.41 7.22 N/A N/A N/A 7.77 01/05/2021 Bloomfield Capital Fund V - Series B 1.41 5.79 3.16 5.79 N/A N/A N/A N/A 6.98 03/25/2022 Sturbridge Diversified III 0.00 -8.66 -6.81 -8.66 N/A N/A N/A N/A 26.66 12/27/2022 Capital Dynamics Global Secondaries VI 0.00 0.46 0.84 0.46 N/A N/A N/A N/A 30.98 02/10/2023 Marathon Distressed Credit Fund II LP 4.97 N/A N/A N/A N/A N/A N/A N/A 10.40 02/06/2024 Comparative Performance - IRR Private Investments As of September 30, 2024 Page 26 Plan Sponsor Peer Group Analysis - All Master Trust - Eq 40-60% FI 25-45% Comparative Performance -4.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 28.00 R etu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Composite 5.02 (75)17.82 (87)17.82 (87)13.46 (85)4.27 (50)8.07 (38)7.55 (53) Policy Index 5.99 (34)20.13 (60)20.13 (60)14.58 (69)3.98 (59)7.22 (65)7.33 (62) Median 5.59 20.70 20.70 15.57 4.26 7.73 7.64 -28.00 -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 R etu r n Oct-2023 To Sep-2024 Oct-2022 To Sep-2023 Oct-2021 To Sep-2022 Oct-2020 To Sep-2021 Oct-2019 To Sep-2020 Oct-2018 To Sep-2019 Composite 17.82 (87)9.27 (74)-11.94 (11)20.34 (23)5.47 (82)4.10 (54) Policy Index 20.13 (60)9.28 (74)-14.36 (34)17.55 (64)7.77 (50)5.04 (28) Median 20.70 10.68 -15.76 18.56 7.75 4.23 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 Composite 0.23 (88)3.98 (64)7.64 (69)-2.78 (46)2.62 (68)4.00 (76) Total Fund Policy Index 0.72 (70)3.85 (71)8.36 (48)-3.32 (73)2.80 (56)4.21 (66) All Master Trust - Eq 40-60% FI 25-45% Median 1.05 4.27 8.30 -2.86 2.90 4.53 As of September 30, 2024 Performance Review Composite NONE Page 27 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -5.0 0.0 5.0 10.0 15.0 20.0 C o m p o s i te (% ) -5.0 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 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Composite 20 2 (10%)9 (45%)9 (45%)0 (0%) Policy Index 20 0 (0%)9 (45%)11 (55%)0 (0%) 3.90 4.00 4.10 4.20 4.30 4.40 R etu r n (% ) 9.57 9.86 10.15 10.44 10.73 11.02 11.31 11.60 11.89 Risk (Standard Deviation %) Return Standard Deviation Composite 4.27 10.05 Policy Index 3.98 11.38 Median 4.26 11.27¾ 7.20 7.40 7.60 7.80 R etu r n (% ) 10.4 10.6 10.8 11.0 11.2 11.4 11.6 11.8 Risk (Standard Deviation %) Return Standard Deviation Composite 7.55 10.74 Policy Index 7.33 11.15 Median 7.64 11.55¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Composite 1.67 90.87 87.14 0.69 0.08 0.13 0.88 6.53 Policy Index 0.00 100.00 100.00 0.00 N/A 0.10 1.00 7.63 90 Day U.S. Treasury Bill 11.25 11.30 -8.45 3.44 -0.10 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Composite 1.68 96.56 93.04 0.53 0.10 0.52 0.95 7.06 Total Fund Policy Index 0.00 100.00 100.00 0.00 N/A 0.48 1.00 7.30 90 Day U.S. Treasury Bill 11.18 7.15 -7.15 2.33 -0.48 N/A 0.00 0.00 As of September 30, 2024 Performance Review Composite NONE Page 28 Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF) Comparative Performance -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 52.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR SSgA S&P 500 5.88 (50)36.30 (42)36.30 (42)28.74 (41)11.83 (45)16.12 (49)15.91 (46) S&P 500 Index 5.89 (50)36.35 (40)36.35 (40)28.77 (40)11.91 (43)16.19 (46)15.98 (42) Median 5.87 35.30 35.30 27.79 11.29 16.10 15.71 -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 (39)-18.25 (70)28.70 (38)18.34 (47)31.44 (36) S&P 500 Index 26.29 (38)-18.11 (67)28.71 (38)18.40 (46)31.49 (35) Median 24.70 -16.49 27.77 17.72 30.13 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 SSgA S&P 500 4.28 (31)10.55 (55)11.68 (49)-3.27 (74)8.74 (31)7.48 (28) S&P 500 Index 4.28 (31)10.56 (54)11.69 (47)-3.27 (74)8.74 (30)7.50 (26) IM U.S. Large Cap Core Equity (SA+CF) Median 3.18 10.82 11.63 -2.78 7.91 6.45 Performance Review As of September 30, 2024 SSgA S&P 500 NONE Page 29 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years 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 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count SSgA S&P 500 20 0 (0%)18 (90%)2 (10%)0 (0%) S&P 500 Index 20 0 (0%)20 (100%)0 (0%)0 (0%) 11.10 11.40 11.70 12.00 12.30 R etu r n (% ) 17.01 17.10 17.19 17.28 17.37 17.46 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 11.83 17.38 S&P 500 Index 11.91 17.28 Median 11.29 17.00¾ 15.66 15.75 15.84 15.93 16.02 R etu r n (% ) 17.79 17.82 17.85 17.88 17.91 17.94 17.97 18.00 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 15.91 17.95 S&P 500 Index 15.98 17.89 Median 15.71 17.82¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk SSgA S&P 500 0.43 100.42 100.98 -0.12 -0.13 0.54 1.01 11.16 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.55 1.00 11.07 90 Day U.S. Treasury Bill 17.17 7.52 -4.90 3.40 -0.55 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 0.34 100.22 100.66 -0.10 -0.13 0.79 1.00 11.30 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.79 1.00 11.24 90 Day U.S. Treasury Bill 17.92 4.53 -3.83 2.34 -0.79 N/A 0.00 0.00 Performance Review As of September 30, 2024 SSgA S&P 500 NONE Page 30 Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF) Comparative Performance -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 52.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR SSgA S&P 500 EW Idx 9.55 (3)29.23 (76)29.23 (76)21.20 (86)8.45 (86)15.77 (56)12.75 (82) S&P 500 Eq Wght 9.60 (3)28.83 (77)28.83 (77)21.00 (87)8.18 (89)15.56 (58)12.82 (81) Median 5.87 35.30 35.30 27.79 11.29 16.10 15.71 -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 (24)29.65 (29)11.74 (76)30.10 (51) S&P 500 Eq Wght 13.87 (89)-11.45 (24)29.63 (30)12.83 (73)29.24 (60) Median 24.70 -16.49 27.77 17.72 30.13 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 SSgA S&P 500 EW Idx -2.64 (96)7.98 (84)12.22 (33)-4.83 (93)3.82 (89)3.15 (84) S&P 500 Equal Weighted -2.63 (96)7.91 (84)11.87 (41)-4.90 (94)3.99 (87)2.93 (85) IM U.S. Large Cap Core Equity (SA+CF) Median 3.18 10.82 11.63 -2.78 7.91 6.45 Performance Review As of September 30, 2024 SSgA S&P 500 EW Idx NONE Page 31 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date 0.0 8.0 16.0 24.0 32.0 S S g A S & P 5 0 0 E W I d x (% ) 0.0 8.0 16.0 24.0 32.0 S&P 500 Equal Weighted (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count SSgA S&P 500 EW Idx 15 2 (13%)2 (13%)8 (53%)3 (20%) S&P 500 Eq Wght 20 2 (10%)2 (10%)8 (40%)8 (40%) 6.00 8.00 10.00 12.00 R etu r n (% ) 16.80 17.08 17.36 17.64 17.92 18.20 18.48 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 EW Idx 8.45 18.22 S&P 500 Eq Wght 8.18 18.08 Median 11.29 17.00¾ 12.61 13.58 14.55 15.52 16.49 R etu r n (% ) 17.16 17.68 18.20 18.72 19.24 19.76 20.28 20.80 Risk (Standard Deviation %) Return Standard Deviation SSgA S&P 500 EW Idx 12.75 20.09 S&P 500 Eq Wght 12.82 19.87 Median 15.71 17.82¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk SSgA S&P 500 EW Idx 0.37 101.10 100.31 0.21 0.78 0.35 1.01 11.26 S&P 500 Eq Wght 0.00 100.00 100.00 0.00 N/A 0.34 1.00 11.23 90 Day U.S. Treasury Bill 18.01 5.97 -6.81 3.46 -0.34 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 0.46 100.43 100.77 -0.16 -0.02 0.59 1.01 12.90 S&P 500 Eq Wght 0.00 100.00 100.00 0.00 N/A 0.59 1.00 12.70 90 Day U.S. Treasury Bill 19.95 3.60 -5.01 2.37 -0.59 N/A 0.00 0.00 Performance Review As of September 30, 2024 SSgA S&P 500 EW Idx NONE Page 32 Peer Group Analysis - IM U.S. Large Cap Core Equity (SA+CF) Comparative Performance -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 52.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR T. Rowe Price 5.11 (69)38.21 (28)38.21 (28)31.15 (13)13.05 (26)17.42 (25)17.18 (24) S&P 500 Index 5.89 (50)36.35 (40)36.35 (40)28.77 (40)11.91 (43)16.19 (46)15.98 (42) Median 5.87 35.30 35.30 27.79 11.29 16.10 15.71 -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 (14)-18.79 (74)28.46 (43)20.64 (33)33.02 (17) S&P 500 Index 26.29 (38)-18.11 (67)28.71 (38)18.40 (46)31.49 (35) Median 24.70 -16.49 27.77 17.72 30.13 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 T. Rowe Price 5.04 (13)11.65 (39)12.12 (35)-2.48 (43)10.01 (13)8.27 (15) S&P 500 Index 4.28 (31)10.56 (54)11.69 (47)-3.27 (74)8.74 (30)7.50 (26) IM U.S. Large Cap Core Equity (SA+CF) Median 3.18 10.82 11.63 -2.78 7.91 6.45 Performance Review As of September 30, 2024 T. Rowe Price NONE Page 33 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years 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 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count T. Rowe Price 20 7 (35%)13 (65%)0 (0%)0 (0%) S&P 500 Index 20 0 (0%)20 (100%)0 (0%)0 (0%) 11.02 11.60 12.18 12.76 13.34 R etu r n (% ) 16.96 17.04 17.12 17.20 17.28 17.36 17.44 Risk (Standard Deviation %) Return Standard Deviation T. Rowe Price 13.05 17.34 S&P 500 Index 11.91 17.28 Median 11.29 17.00¾ 15.36 15.84 16.32 16.80 17.28 17.76 R etu r n (% ) 17.78 17.85 17.92 17.99 18.06 18.13 18.20 Risk (Standard Deviation %) Return Standard Deviation T. Rowe Price 17.18 18.12 S&P 500 Index 15.98 17.89 Median 15.71 17.82¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk T. Rowe Price 1.09 102.21 98.46 1.02 0.95 0.60 1.00 10.98 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.55 1.00 11.07 90 Day U.S. Treasury Bill 17.17 7.52 -4.90 3.40 -0.55 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk T. Rowe Price 1.11 102.71 99.24 0.91 0.98 0.84 1.01 11.30 S&P 500 Index 0.00 100.00 100.00 0.00 N/A 0.79 1.00 11.24 90 Day U.S. Treasury Bill 17.92 4.53 -3.83 2.34 -0.79 N/A 0.00 0.00 Performance Review As of September 30, 2024 T. Rowe Price NONE Page 34 Peer Group Analysis - IM U.S. Mid Cap Value Equity (SA+CF) Comparative Performance -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Kennedy MCV 10.45 (12)N/A N/A N/A N/A N/A N/A Russell MCV 10.08 (23)29.01 (20)29.01 (20)19.69 (49)7.39 (72)15.24 (69)10.33 (68) Median 9.03 25.98 25.98 19.58 8.79 17.23 11.49 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 R e tu r n 2023 2022 2021 2020 2019 Kennedy MCV N/A N/A N/A N/A N/A Russell MCV 12.71 (51)-12.03 (75)28.34 (59)4.96 (44)27.06 (67) Median 12.72 -8.12 29.21 4.62 28.52 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 Kennedy MCV -8.92 (100)10.25 (12)N/A N/A N/A N/A Russell Midcap Value Index -3.40 (32)8.23 (61)12.11 (29)-4.46 (69)3.86 (61)1.32 (54) IM U.S. Mid Cap Value Equity (SA+CF) Median -4.18 9.00 11.33 -3.99 4.24 1.37 Performance Review As of September 30, 2024 Kennedy MCV NONE Page 35 Peer Group Analysis - IM U.S. Mid Cap Growth Equity (SA+CF) Comparative Performance -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 52.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR TimesSquare 4.98 (62)27.19 (40)27.19 (40)21.32 (33)5.28 (11)11.28 (11)13.62 (11) Russell MCG 6.54 (34)29.33 (27)29.33 (27)23.26 (14)2.32 (31)8.72 (38)11.48 (50) Median 5.89 24.49 24.49 20.31 0.47 7.89 11.45 -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 (23)-21.50 (12)17.29 (27)34.61 (61)38.63 (36) Russell MCG 25.87 (21)-26.72 (42)12.73 (61)35.59 (55)35.47 (60) Median 23.41 -27.47 13.67 38.57 36.32 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 TimesSquare -3.00 (32)10.14 (42)13.41 (48)-3.82 (14)7.12 (30)7.64 (64) Russell Midcap Growth Index -3.21 (36)9.50 (46)14.55 (18)-5.22 (50)6.23 (56)9.14 (36) IM U.S. Mid Cap Growth Equity (SA+CF) Median -3.74 9.06 13.21 -5.33 6.45 8.39 Performance Review As of September 30, 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 -15.0 0.0 15.0 30.0 45.0 Ti m es S q u a r e (% ) -15.0 0.0 15.0 30.0 45.0 Russell Midcap Growth Index (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count TimesSquare 20 11 (55%)6 (30%)3 (15%)0 (0%) Russell MCG 20 0 (0%)5 (25%)14 (70%)1 (5%) -2.00 0.00 2.00 4.00 6.00 R etu r n (% ) 16.94 17.71 18.48 19.25 20.02 20.79 21.56 22.33 Risk (Standard Deviation %) Return Standard Deviation TimesSquare 5.28 17.78 Russell MCG 2.32 21.02 Median 0.47 20.68¾ 10.50 11.25 12.00 12.75 13.50 14.25 R etu r n (% ) 18.70 19.25 19.80 20.35 20.90 21.45 22.00 Risk (Standard Deviation %) Return Standard Deviation TimesSquare 13.62 19.12 Russell MCG 11.48 21.48 Median 11.45 21.16¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk TimesSquare 4.62 92.12 82.51 3.02 0.48 0.19 0.83 11.79 Russell MCG 0.00 100.00 100.00 0.00 N/A 0.05 1.00 14.14 90 Day U.S. Treasury Bill 20.86 6.98 -4.64 3.46 -0.05 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk TimesSquare 4.47 95.08 85.74 3.16 0.33 0.65 0.87 11.99 Russell MCG 0.00 100.00 100.00 0.00 N/A 0.51 1.00 13.43 90 Day U.S. Treasury Bill 21.51 4.07 -3.75 2.33 -0.51 N/A 0.00 0.00 Performance Review As of September 30, 2024 TimesSquare NONE Page 37 Peer Group Analysis - Mid-Cap Blend 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 Reinhart Partners 9.72 (15)35.35 (6)35.35 (6)30.31 (2)14.38 (1)23.47 (1)14.74 (3) Russell 2500 Index 8.75 (33)26.17 (62)26.17 (62)18.49 (71)3.47 (85)12.58 (69)10.43 (69) Median 8.04 26.75 26.75 20.43 6.59 13.91 11.13 -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 (10)-2.13 (1)24.96 (37)5.61 (92)N/A Russell 2500 Index 17.42 (27)-18.37 (78)18.18 (85)19.99 (16)27.77 (44) Median 15.89 -14.74 24.13 13.07 26.78 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 Reinhart Partners -1.19 (7)7.79 (78)15.82 (3)-2.55 (15)4.84 (40)5.62 (17) Russell 2500 Index -4.27 (70)6.92 (87)13.35 (14)-4.78 (73)5.22 (30)3.39 (63) Mid-Cap Blend Median -3.59 9.29 11.59 -4.31 4.73 3.73 Performance Review As of September 30, 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 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Reinhart Partners 10 8 (80%)2 (20%)0 (0%)0 (0%) Russell 2500 Index 20 1 (5%)9 (45%)6 (30%)4 (20%) 0.00 4.00 8.00 12.00 16.00 20.00 R etu r n (% ) 18.72 19.11 19.50 19.89 20.28 20.67 21.06 21.45 Risk (Standard Deviation %) Return Standard Deviation Reinhart Partners 14.38 19.27 Russell 2500 Index 3.47 20.88 Median 6.59 19.28¾ 8.00 10.00 12.00 14.00 16.00 R etu r n (% ) 20.25 20.70 21.15 21.60 22.05 22.50 22.95 Risk (Standard Deviation %) Return Standard Deviation Reinhart Partners 14.74 22.47 Russell 2500 Index 10.43 22.60 Median 11.13 20.62¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Reinhart Partners 7.03 102.35 68.22 11.00 1.39 0.62 0.87 10.28 Russell 2500 Index 0.00 100.00 100.00 0.00 N/A 0.10 1.00 13.49 90 Day U.S. Treasury Bill 20.79 4.89 -6.36 3.47 -0.10 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Reinhart Partners 6.89 97.54 80.80 4.60 0.56 0.63 0.95 14.34 Russell 2500 Index 0.00 100.00 100.00 0.00 N/A 0.45 1.00 14.90 90 Day U.S. Treasury Bill 22.67 2.95 -4.81 2.36 -0.45 N/A 0.00 0.00 Performance Review As of September 30, 2024 Reinhart Partners NONE Page 39 Peer Group Analysis - IM U.S. Small Cap Value Equity (SA+CF) Comparative Performance -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Leeward 10.30 (22)23.71 (68)23.71 (68)16.97 (82)7.42 (48)18.46 (51)11.50 (52) Russell 2000 Value 10.15 (25)25.88 (42)25.88 (42)16.51 (86)3.77 (88)16.34 (74)9.29 (88) Median 8.56 25.20 25.20 20.60 7.29 18.46 11.57 -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 Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 Leeward -3.75 (59)5.03 (56)10.95 (82)-2.75 (56)2.57 (78)0.38 (80) Russell 2000 Value Index -3.64 (56)2.90 (91)15.26 (15)-2.96 (59)3.18 (68)-0.66 (90) IM U.S. Small Cap Value Equity (SA+CF) Median -3.36 5.20 12.95 -2.18 4.05 2.32 Performance Review As of September 30, 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 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Leeward 20 0 (0%)15 (75%)5 (25%)0 (0%) Russell 2000 Value 20 0 (0%)1 (5%)9 (45%)10 (50%) 2.00 4.00 6.00 8.00 10.00 R etu r n (% ) 18.50 19.24 19.98 20.72 21.46 22.20 22.94 23.68 Risk (Standard Deviation %) Return Standard Deviation Leeward 7.42 19.35 Russell 2000 Value 3.77 22.52 Median 7.29 20.92¾ 9.48 10.27 11.06 11.85 12.64 R etu r n (% ) 21.70 22.32 22.94 23.56 24.18 24.80 25.42 Risk (Standard Deviation %) Return Standard Deviation Leeward 11.50 22.24 Russell 2000 Value 9.29 24.82 Median 11.57 24.13¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Leeward 5.74 89.72 78.37 3.89 0.49 0.29 0.84 11.35 Russell 2000 Value 0.00 100.00 100.00 0.00 N/A 0.12 1.00 13.91 90 Day U.S. Treasury Bill 22.47 4.51 -5.89 3.48 -0.12 N/A 0.00 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Leeward 5.96 90.62 81.71 2.97 0.23 0.50 0.87 14.40 Russell 2000 Value 0.00 100.00 100.00 0.00 N/A 0.39 1.00 16.44 90 Day U.S. Treasury Bill 24.90 2.73 -4.21 2.36 -0.39 N/A 0.00 0.00 Performance Review As of September 30, 2024 Leeward NONE Page 41 Peer Group Analysis - IM U.S. Small Cap Growth Equity (SA+CF) Comparative Performance -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 60.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Loomis Small Cap 6.70 (63)23.34 (63)23.34 (63)17.89 (56)1.84 (35)8.52 (57)10.68 (62) Russell 2000 Growth 8.41 (39)27.66 (50)27.66 (50)18.28 (54)-0.35 (55)7.16 (64)8.82 (86) Median 7.65 27.49 27.49 18.78 0.21 9.00 11.41 -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 (79)-22.20 (17)10.53 (58)36.34 (63)27.55 (60) Russell 2000 Growth 18.66 (52)-26.36 (43)2.83 (85)34.63 (67)28.48 (53) Median 19.07 -27.32 12.12 43.32 29.54 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 Loomis Small Cap -0.15 (24)6.96 (56)8.24 (88)-4.95 (24)4.79 (72)4.69 (80) Russell 2000 Growth Index -2.92 (56)7.58 (46)12.75 (27)-7.32 (68)7.05 (29)6.07 (68) IM U.S. Small Cap Growth Equity (SA+CF) Median -2.53 7.26 11.12 -6.41 5.73 7.28 Performance Review As of September 30, 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 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 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%)6 (30%)14 (70%) -0.80 0.00 0.80 1.60 2.40 R etu r n (% ) 19.17 19.88 20.59 21.30 22.01 22.72 23.43 Risk (Standard Deviation %) Return Standard Deviation Loomis Small Cap 1.84 19.73 Russell 2000 Growth -0.35 22.77 Median 0.21 21.98¾ 7.65 8.50 9.35 10.20 11.05 11.90 R etu r n (% ) 20.90 21.45 22.00 22.55 23.10 23.65 24.20 24.75 Risk (Standard Deviation %) Return Standard Deviation Loomis Small Cap 10.68 21.52 Russell 2000 Growth 8.82 23.89 Median 11.41 23.24¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Small Cap 6.24 86.73 80.74 1.91 0.24 0.02 0.84 13.24 Russell 2000 Growth 0.00 100.00 100.00 0.00 N/A -0.05 1.00 15.58 90 Day U.S. Treasury Bill 22.64 5.37 -5.53 3.48 0.05 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 6.55 90.05 81.44 2.72 0.18 0.47 0.87 13.99 Russell 2000 Growth 0.00 100.00 100.00 0.00 N/A 0.38 1.00 15.47 90 Day U.S. Treasury Bill 23.94 3.05 -4.21 2.34 -0.38 N/A 0.00 0.00 Performance Review As of September 30, 2024 Loomis Small Cap NONE Page 43 Peer Group Analysis - IM International Equity (SA+CF) Comparative Performance -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Lazard 6.88 (67)23.41 (69)23.41 (69)23.38 (57)3.96 (59)9.03 (56)7.27 (79) MSCI ACWI x USA 8.17 (42)25.96 (41)25.96 (41)23.47 (56)4.67 (50)9.29 (54)8.10 (66) Median 7.80 25.20 25.20 24.13 4.58 9.77 8.76 -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 (38)-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 (60) Median 17.72 -16.32 11.77 11.60 23.55 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 Lazard -1.28 (80)6.33 (31)10.00 (55)-4.54 (59)4.14 (23)8.89 (33) MSCI AC World ex USA 1.17 (31)4.81 (55)9.82 (59)-3.68 (47)2.67 (56)7.00 (63) IM International Equity (SA+CF) Median 0.35 5.08 10.21 -3.85 2.94 7.81 Performance Review As of September 30, 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 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Lazard 20 0 (0%)5 (25%)10 (50%)5 (25%) MSCI ACWI x USA 20 0 (0%)4 (20%)16 (80%)0 (0%) 3.60 3.90 4.20 4.50 4.80 R etu r n (% ) 15.30 15.64 15.98 16.32 16.66 17.00 17.34 17.68 Risk (Standard Deviation %) Return Standard Deviation Lazard 3.96 15.84 MSCI ACWI x USA 4.67 16.10 Median 4.58 17.32¾ 6.86 7.35 7.84 8.33 8.82 9.31 R etu r n (% ) 17.10 17.40 17.70 18.00 18.30 18.60 Risk (Standard Deviation %) Return Standard Deviation Lazard 7.27 17.81 MSCI ACWI x USA 8.10 17.04 Median 8.76 18.35¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Lazard 3.82 97.71 100.60 -0.46 -0.19 0.11 0.96 10.50 MSCI ACWI x USA 0.00 100.00 100.00 0.00 N/A 0.15 1.00 10.56 90 Day U.S. Treasury Bill 15.93 7.91 -6.91 3.43 -0.15 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Lazard 4.00 100.68 104.35 -0.81 -0.16 0.36 1.02 11.94 MSCI ACWI x USA 0.00 100.00 100.00 0.00 N/A 0.41 1.00 11.27 90 Day U.S. Treasury Bill 17.04 4.75 -5.01 2.32 -0.41 N/A 0.00 0.00 Performance Review As of September 30, 2024 Lazard NONE Page 45 Peer Group Analysis - IM International Large Cap Growth Equity (SA+CF) Comparative Performance -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 52.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Hudson HGK Intl 1.61 (96)20.54 (94)20.54 (94)20.92 (73)N/A N/A N/A MSCI EAFE (N) Idx 7.26 (42)24.77 (63)24.77 (63)25.21 (26)5.48 (14)10.22 (11)8.20 (61) Median 6.67 25.98 25.98 22.85 2.07 6.79 8.74 -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 17.03 -22.55 10.86 23.21 29.60 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 Hudson HGK Intl -1.18 (65)5.97 (42)13.29 (29)-5.37 (26)1.58 (80)10.02 (45) MSCI EAFE (Net) Index -0.42 (49)5.78 (43)10.42 (75)-4.11 (14)2.95 (50)8.47 (76) IM International Large Cap Growth Equity (SA+CF) Median -0.52 5.24 12.20 -7.42 2.94 9.66 Performance Review As of September 30, 2024 Hudson HGK Intl NONE Page 46 Peer Group Analysis - IM Emerging Markets Equity (SA+CF) Comparative Performance -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Allspring EM 8.64 (32)23.18 (67)23.18 (67)17.03 (72)-1.66 (74)2.03 (81)4.66 (79) MSCI Emerging Mkts 8.88 (28)26.54 (40)26.54 (40)19.13 (54)0.82 (52)4.99 (56)6.15 (61) Median 7.28 25.05 25.05 19.54 1.02 6.30 7.36 -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 (65)-19.74 (51)-2.22 (65)18.69 (49)18.90 (59) Median 12.91 -19.54 1.13 18.28 20.15 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 Allspring EM 2.97 (68)1.13 (78)8.89 (37)-5.69 (91)1.21 (68)4.91 (54) MSCI Emerging Markets Index 5.12 (43)2.44 (57)7.93 (56)-2.79 (46)1.04 (70)4.02 (71) IM Emerging Markets Equity (SA+CF) Median 4.68 3.14 8.20 -3.06 2.33 4.98 Performance Review As of September 30, 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 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Allspring EM 20 7 (35%)1 (5%)4 (20%)8 (40%) MSCI Emerging Mkts 20 0 (0%)5 (25%)15 (75%)0 (0%) -2.64 -1.76 -0.88 0.00 0.88 1.76 R etu r n (% ) 17.16 17.22 17.28 17.34 17.40 17.46 17.52 Risk (Standard Deviation %) Return Standard Deviation Allspring EM -1.66 17.18 MSCI Emerging Mkts 0.82 17.38 Median 1.02 17.42¾ 3.52 4.40 5.28 6.16 7.04 7.92 R etu r n (% ) 18.43 18.62 18.81 19.00 19.19 19.38 19.57 Risk (Standard Deviation %) Return Standard Deviation Allspring EM 4.66 19.28 MSCI Emerging Mkts 6.15 18.48 Median 7.36 19.29¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Allspring EM 3.56 92.87 103.58 -2.42 -0.71 -0.22 0.97 11.60 MSCI Emerging Mkts 0.00 100.00 100.00 0.00 N/A -0.07 1.00 11.28 90 Day U.S. Treasury Bill 17.19 9.06 -5.63 3.47 0.07 N/A 0.01 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Allspring EM 4.17 101.21 107.66 -1.40 -0.30 0.21 1.02 12.91 MSCI Emerging Mkts 0.00 100.00 100.00 0.00 N/A 0.29 1.00 12.11 90 Day U.S. Treasury Bill 18.48 4.90 -4.23 2.31 -0.29 N/A 0.00 0.00 Performance Review As of September 30, 2024 Allspring EM NONE Page 48 Peer Group Analysis - IM Emerging Markets Equity (SA+CF) Comparative Performance -20.00 -12.00 -4.00 4.00 12.00 20.00 28.00 36.00 44.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR ABS EM 5.23 (74)19.76 (81)19.76 (81)16.41 (75)N/A N/A N/A MSCI EM Idx 8.88 (28)26.54 (40)26.54 (40)19.13 (54)0.82 (52)4.99 (56)6.15 (61) Median 7.28 25.05 25.05 19.54 1.02 6.30 7.36 -55.00 -40.00 -25.00 -10.00 5.00 20.00 35.00 50.00 65.00 80.00 R e tu r n 2023 2022 2021 2020 2019 ABS EM 12.65 (53)N/A N/A N/A N/A MSCI EM Idx 10.26 (65)-19.74 (51)-2.22 (65)18.69 (49)18.90 (59) Median 12.91 -19.54 1.13 18.28 20.15 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 ABS EM 4.76 (49)2.01 (66)6.49 (79)-1.61 (35)3.61 (36)3.77 (75) MSCI Emerging Markets Index 5.12 (43)2.44 (57)7.93 (56)-2.79 (46)1.04 (70)4.02 (71) IM Emerging Markets Equity (SA+CF) Median 4.68 3.14 8.20 -3.06 2.33 4.98 Performance Review As of September 30, 2024 ABS EM NONE Page 49 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF) Comparative Performance -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR CS McKee 5.23 (55)12.85 (22)12.85 (22)6.87 (25)-0.74 (24)-0.73 (47)0.82 (62) Bl. Barclays US Agg 5.20 (68)11.57 (89)11.57 (89)5.97 (87)-1.39 (89)-1.27 (94)0.33 (98) Median 5.24 12.30 12.30 6.52 -0.98 -0.75 0.89 -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 (85)-13.01 (54)-1.55 (66)7.51 (86)8.72 (79) Median 5.98 -12.95 -1.24 8.34 9.17 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 CS McKee 0.17 (68)-0.36 (37)7.45 (6)-3.18 (53)-0.35 (9)2.63 (97) Blmbg. U.S. Aggregate Index 0.07 (94)-0.78 (92)6.82 (53)-3.23 (71)-0.84 (80)2.96 (77) IM U.S. Broad Market Core Fixed Income (SA+CF) Median 0.26 -0.48 6.82 -3.14 -0.72 3.15 Performance Review As of September 30, 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 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count CS McKee 20 3 (15%)1 (5%)10 (50%)6 (30%) Bl. Barclays US Agg 20 0 (0%)1 (5%)0 (0%)19 (95%) -1.80 -1.50 -1.20 -0.90 -0.60 -0.30 0.00 R etu r n (% ) 7.45 7.50 7.55 7.60 7.65 7.70 7.75 7.80 Risk (Standard Deviation %) Return Standard Deviation CS McKee -0.74 7.75 Bl. Barclays US Agg -1.39 7.53 Median -0.98 7.53¾ 0.20 0.40 0.60 0.80 1.00 R etu r n (% ) 6.12 6.18 6.24 6.30 6.36 6.42 6.48 6.54 Risk (Standard Deviation %) Return Standard Deviation CS McKee 0.82 6.48 Bl. Barclays US Agg 0.33 6.21 Median 0.89 6.35¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk CS McKee 0.67 104.09 97.74 0.70 0.99 -0.51 1.03 5.35 Bl. Barclays US Agg 0.00 100.00 100.00 0.00 N/A -0.62 1.00 5.32 90 Day U.S. Treasury Bill 7.34 16.88 -15.46 3.53 0.62 N/A 0.03 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk CS McKee 0.98 106.37 100.59 0.48 0.51 -0.20 1.03 4.37 Bl. Barclays US Agg 0.00 100.00 100.00 0.00 N/A -0.29 1.00 4.27 90 Day U.S. Treasury Bill 6.12 13.23 -14.52 2.31 0.29 N/A 0.02 0.00 Performance Review As of September 30, 2024 CS McKee NONE Page 51 Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF) Comparative Performance -7.00 -4.00 -1.00 2.00 5.00 8.00 11.00 14.00 17.00 20.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Loomis Fixed Income 5.28 (42)12.93 (18)12.93 (18)6.99 (21)-0.64 (17)-0.10 (14)1.81 (9) Bl. Barclays US Agg 5.20 (68)11.57 (89)11.57 (89)5.97 (87)-1.39 (89)-1.27 (94)0.33 (98) Median 5.24 12.30 12.30 6.52 -0.98 -0.75 0.89 -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 (85)-13.01 (54)-1.55 (66)7.51 (86)8.72 (79) Median 5.98 -12.95 -1.24 8.34 9.17 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 Loomis Fixed Income -0.16 (100)0.01 (12)7.42 (6)-3.80 (96)-0.67 (46)3.74 (5) Blmbg. U.S. Aggregate Index 0.07 (94)-0.78 (92)6.82 (53)-3.23 (71)-0.84 (80)2.96 (77) IM U.S. Broad Market Core Fixed Income (SA+CF) Median 0.26 -0.48 6.82 -3.14 -0.72 3.15 Performance Review As of September 30, 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 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 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%) -1.80 -1.50 -1.20 -0.90 -0.60 -0.30 0.00 R etu r n (% ) 7.40 7.60 7.80 8.00 8.20 8.40 Risk (Standard Deviation %) Return Standard Deviation Loomis Fixed Income -0.64 8.12 Bl. Barclays US Agg -1.39 7.53 Median -0.98 7.53¾ 0.00 1.00 2.00 3.00 R etu r n (% ) 6.00 6.20 6.40 6.60 6.80 7.00 7.20 Risk (Standard Deviation %) Return Standard Deviation Loomis Fixed Income 1.81 6.86 Bl. Barclays US Agg 0.33 6.21 Median 0.89 6.35¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Fixed Income 1.25 109.22 101.17 0.88 0.64 -0.47 1.07 5.50 Bl. Barclays US Agg 0.00 100.00 100.00 0.00 N/A -0.62 1.00 5.32 90 Day U.S. Treasury Bill 7.34 16.88 -15.46 3.53 0.62 N/A 0.03 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Loomis Fixed Income 1.49 118.04 100.53 1.47 1.01 -0.04 1.08 4.47 Bl. Barclays US Agg 0.00 100.00 100.00 0.00 N/A -0.29 1.00 4.27 90 Day U.S. Treasury Bill 6.12 13.23 -14.52 2.31 0.29 N/A 0.02 0.00 Performance Review As of September 30, 2024 Loomis Fixed Income NONE Page 53 Peer Group Analysis - Global Bond Comparative Performance -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 24.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Pimco Div Inc (PDIIX)5.25 (74)16.24 (1)16.24 (1)11.92 (6)1.34 (8)N/A N/A Blmbg. Glbl Cret (Hedged)4.93 (75)13.42 (20)13.42 (20)9.27 (16)-0.11 (23)0.59 (21)1.50 (15) Median 6.83 11.97 11.97 7.44 -2.13 -1.95 -0.72 -34.00 -28.00 -22.00 -16.00 -10.00 -4.00 2.00 8.00 14.00 20.00 R e tu r n 2023 2022 2021 2020 2019 Pimco Div Inc (PDIIX)10.77 (3)-12.99 (39)N/A N/A N/A Blmbg. Glbl Cret (Hedged)9.36 (5)-13.75 (41)-0.41 (6)7.53 (70)12.08 (2) Median 6.17 -15.56 -4.93 9.09 6.92 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 Pimco Div Inc (PDIIX)0.74 (6)1.51 (3)7.99 (61)-0.91 (16)1.09 (10)2.39 (75) Blmbg. Global Credit (Hedged)0.32 (14)0.40 (8)7.32 (67)-1.32 (20)0.28 (21)2.97 (42) Global Bond Median -0.76 -1.34 8.31 -3.18 -1.19 2.76 Performance Review As of September 30, 2024 Pimco Div Inc (PDIIX) NONE Page 54 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 -4.0 -2.0 0.0 2.0 P i m c o D i v I n c (P D I I X ) (% ) -4.0 -2.0 0.0 2.0 Blmbg. Global Credit (Hedged) (%) Over Performance Under Performance 0.0 25.0 50.0 75.0 100.0R e tu r n P e r c e n ti l e R a n k 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Pimco Div Inc (PDIIX)3 3 (100%)0 (0%)0 (0%)0 (0%) Blmbg. Glbl Cret (Hedged)20 17 (85%)3 (15%)0 (0%)0 (0%) -4.00 -2.00 0.00 2.00 R etu r n (% ) 7.03 7.40 7.77 8.14 8.51 8.88 9.25 9.62 9.99 Risk (Standard Deviation %) Return Standard Deviation Pimco Div Inc (PDIIX)1.34 8.55 Blmbg. Glbl Cret (Hedged)-0.11 7.54 Median -2.13 9.49¾ -1.46 -0.73 0.00 0.73 1.46 2.19 R etu r n (% ) 7.02 7.28 7.54 7.80 8.06 8.32 8.58 8.84 Risk (Standard Deviation %) Return Standard Deviation Pimco Div Inc (PDIIX)N/A N/A Blmbg. Glbl Cret (Hedged)1.50 7.27 Median -0.72 8.62¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Pimco Div Inc (PDIIX)1.99 118.33 103.62 1.52 0.77 -0.21 1.11 5.82 Blmbg. Glbl Cret (Hedged)0.00 100.00 100.00 0.00 N/A -0.45 1.00 5.19 90 Day U.S. Treasury Bill 7.30 19.30 -14.28 3.49 0.45 N/A 0.03 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Pimco Div Inc (PDIIX)N/A N/A N/A N/A N/A N/A N/A N/A Blmbg. Glbl Cret (Hedged)0.00 100.00 100.00 0.00 N/A -0.07 1.00 5.20 90 Day U.S. Treasury Bill 7.22 13.43 -11.24 2.30 0.07 N/A 0.01 0.00 Performance Review As of September 30, 2024 Pimco Div Inc (PDIIX) NONE Page 55 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) Comparative Performance -25.00 -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Morgan Stanley 0.22 (57)-2.62 (25)-2.62 (25)-4.71 (19)3.26 (14)5.75 (18)4.99 (18) NCREIF Fund Idx-ODCE 0.25 (53)-7.27 (55)-7.27 (55)-9.74 (56)-0.18 (54)3.33 (48)2.94 (52) Median 0.26 -6.61 -6.61 -9.40 0.19 3.32 3.03 -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 (18)6.35 (54)22.89 (48)1.69 (45)7.38 (35) NCREIF Fund Idx-ODCE -12.02 (56)7.47 (45)22.17 (51)1.19 (61)5.34 (70) Median -10.49 7.13 22.30 1.57 6.93 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 Morgan Stanley 0.12 (25)-1.07 (29)-1.89 (30)0.02 (14)-1.98 (52)-1.24 (26) NCREIF Fund Index-ODCE (VW)-0.45 (43)-2.37 (65)-4.83 (65)-1.90 (42)-2.68 (70)-3.17 (63) IM U.S. Open End Private Real Estate (SA+CF) Median -0.69 -2.09 -4.00 -2.37 -1.94 -2.77 Performance Review As of September 30, 2024 Morgan Stanley NONE Page 56 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -5.0 0.0 5.0 10.0 15.0 20.0 Mo r g a n S ta n l e y (% ) -5.0 0.0 5.0 10.0 15.0 20.0 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 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Morgan Stanley 20 6 (30%)10 (50%)4 (20%)0 (0%) NCREIF Fund Idx-ODCE 20 0 (0%)3 (15%)17 (85%)0 (0%) -1.50 0.00 1.50 3.00 4.50 R etu r n (% ) 7.28 7.56 7.84 8.12 8.40 8.68 8.96 9.24 Risk (Standard Deviation %) Return Standard Deviation Morgan Stanley 3.26 7.54 NCREIF Fund Idx-ODCE -0.18 8.48 Median 0.19 8.99¾ 2.07 2.76 3.45 4.14 4.83 5.52 R etu r n (% ) 6.16 6.44 6.72 7.00 7.28 7.56 7.84 8.12 8.40 Risk (Standard Deviation %) Return Standard Deviation Morgan Stanley 4.99 6.48 NCREIF Fund Idx-ODCE 2.94 7.41 Median 3.03 7.97¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Morgan Stanley 2.45 96.88 47.82 3.39 1.36 0.01 0.85 2.82 NCREIF Fund Idx-ODCE 0.00 100.00 100.00 0.00 N/A -0.35 1.00 4.99 90 Day U.S. Treasury Bill 9.38 9.50 -41.18 3.52 0.35 N/A -0.10 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Morgan Stanley 2.16 97.76 52.37 2.45 0.89 0.39 0.84 2.32 NCREIF Fund Idx-ODCE 0.00 100.00 100.00 0.00 N/A 0.11 1.00 3.92 90 Day U.S. Treasury Bill 8.25 8.27 -38.35 2.68 -0.11 N/A -0.11 0.00 Performance Review As of September 30, 2024 Morgan Stanley NONE Page 57 Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF) Comparative Performance -25.00 -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 R e tu r n QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR Prudential PRISA II 1.37 (17)-8.13 (64)-8.13 (64)-10.46 (60)-0.64 (56)3.73 (42)3.31 (41) NCREIF Property Idx 0.78 (39)-3.47 (29)-3.47 (29)-5.97 (26)0.87 (27)3.58 (44)3.26 (42) Median 0.26 -6.61 -6.61 -9.40 0.19 3.32 3.03 -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 (56)7.54 (45)23.90 (34)1.25 (60)7.60 (32) NCREIF Property Idx -7.94 (29)5.52 (59)17.70 (78)1.60 (47)6.42 (60) Median -10.49 7.13 22.30 1.57 6.93 1 Qtr Ending Jun-2024 1 Qtr Ending Mar-2024 1 Qtr Ending Dec-2023 1 Qtr Ending Sep-2023 1 Qtr Ending Jun-2023 1 Qtr Ending Mar-2023 Prudential PRISA II -2.61 (96)-1.96 (47)-5.08 (69)-3.47 (72)-1.95 (51)-1.79 (30) NCREIF Property Index -0.26 (34)-0.98 (28)-3.02 (45)-1.37 (25)-1.98 (52)-1.81 (31) IM U.S. Open End Private Real Estate (SA+CF) Median -0.69 -2.09 -4.00 -2.37 -1.94 -2.77 Performance Review As of September 30, 2024 Prudential PRISA II NONE Page 58 Peer Group Scattergram - 3 Years 3 Yr Rolling Under/Over Performance - 5 Years Peer Group Scattergram - 5 Years 3 Yr Rolling Percentile Ranking - 5 Years Historical Statistics - 3 Years Historical Statistics - 5 Years Over Performance Under Performance Earliest Date Latest Date -5.0 0.0 5.0 10.0 15.0 20.0 P r u d e n ti al P R I S A I I (% ) -5.0 0.0 5.0 10.0 15.0 20.0 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 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 9/24 Total Period 5-25 Count 25-Median Count Median-75 Count 75-95 Count Prudential PRISA II 20 7 (35%)12 (60%)1 (5%)0 (0%) NCREIF Property Idx 20 0 (0%)3 (15%)14 (70%)3 (15%) -1.20 -0.60 0.00 0.60 1.20 R etu r n (% ) 5.13 5.70 6.27 6.84 7.41 7.98 8.55 9.12 9.69 Risk (Standard Deviation %) Return Standard Deviation Prudential PRISA II -0.64 8.73 NCREIF Property Idx 0.87 6.01 Median 0.19 8.99¾ 2.90 3.00 3.10 3.20 3.30 3.40 R etu r n (% ) 4.77 5.30 5.83 6.36 6.89 7.42 7.95 8.48 9.01 Risk (Standard Deviation %) Return Standard Deviation Prudential PRISA II 3.31 8.03 NCREIF Property Idx 3.26 5.36 Median 3.03 7.97¾ Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Prudential PRISA II 3.23 138.24 177.92 -1.73 -0.41 -0.39 1.41 5.57 NCREIF Property Idx 0.00 100.00 100.00 0.00 N/A -0.35 1.00 3.24 90 Day U.S. Treasury Bill 6.90 12.34 -64.87 3.65 0.35 N/A -0.14 0.00 Tracking Error Up Market Capture Down Market Capture Alpha Information Ratio Sharpe Ratio Beta Downside Risk Prudential PRISA II 3.01 140.96 182.38 -1.33 0.08 0.15 1.46 4.44 NCREIF Property Idx 0.00 100.00 100.00 0.00 N/A 0.17 1.00 2.55 90 Day U.S. Treasury Bill 6.21 10.17 -60.40 2.83 -0.17 N/A -0.15 0.00 Performance Review As of September 30, 2024 Prudential PRISA II NONE Page 59 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 September 30, 2024 Page 60 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 September 30, 2024 Page 61 Estimated Annual Fee (%) Market Value ($) Estimated Annual Fee ($) Fee Schedule Total Fund Composite 0.44 1,591,745,869 7,034,255 SSgA S&P 500 0.02 82,674,228 13,267 0.02 % of First $50 M 0.01 % Thereafter SSgA S&P 500 Equal Weighted Index 0.04 91,028,329 36,411 0.04 % of Assets T. Rowe Price 0.25 173,251,010 433,128 0.25 % of Assets Kennedy Mid Cap Value 0.50 47,203,374 236,017 0.50 % of Assets TimesSquare 0.80 49,111,362 392,891 0.80 % of First $50 M 0.70 % of Next $50 M 0.60 % Thereafter Reinhart Partners 0.70 49,345,508 345,746 0.75 % of First $25 M 0.65 % of Next $25 M 0.50 % Thereafter Leeward 0.70 53,543,367 374,804 0.70 % of Assets Loomis Small Cap 0.89 54,104,856 480,786 0.90 % of First $50 M 0.75 % of Next $50 M 0.70 % Thereafter Lazard 0.71 64,800,153 461,201 0.75 % of First $40 M 0.65 % of Next $60 M 0.50 % Thereafter Hudson Edge HGK International 1.00 67,117,792 671,178 1.00 % of Assets Allspring EM 0.95 37,071,827 352,182 0.95 % of Assets ABS Emerging Markets Strat Port 0.75 34,959,787 262,198 0.75 % of Assets CS McKee 0.17 274,081,274 476,122 0.22 % of First $50 M 0.18 % of Next $100 M 0.15 % Thereafter Loomis Fixed Income 0.29 142,209,732 405,524 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 45,906,035 344,295 0.75 % of Assets Morgan Stanley 0.84 75,508,254 634,269 0.84 % of Assets Prudential PRISA II 0.75 43,121,923 324,353 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 September 30, 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 62 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 63 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 64 Access to a wealth of knowledge and solutions.