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Home My Public Portal About2021 1st Quarter ReportsVisit the Investments Thought Leadership Site (https://insights-north-america.aon.com/investment); sharing our best thinking. Metropolitan St. Louis Sewer District Pension Plan | First Quarter 2021 Quarterly Investment Review Visit our new video library with our views on key investment topics for this quarter using access code "aon!" (https://site-494121.bcvp0rtal.com/category/videos/key-topics-by-investor-type) Executive Summary Page 1 Total Plan Page 6 Total Domestic Equity Page 18 Total International Equity Page 32 Total Fixed Income Page 44 Real Estate Page 58 Market Environment Page 62 Appendix Page 76 Disclaimers and Notes Page 86 Table Of Contents Executive Summary Page 1 Thought Leadership Highlights | Public Retirement Plans If you do not get Aon Investments’ monthly email newsletter, but would like to, please ask your consultant. Topic Article Link Aon United COVID-19 Vaccine: Implications of Mandatory Employee Programs Link to 1st Bulletin Link to 2nd Bulletin Governance Memo on Executive Order 13959—Prohibition of Investment in Securities of Chinese Military Companies Request directly from Consultant Market View AA View: How far Could U.S. Yields Rise?Link Market View AA View: Do China A-Shares Present a Good Investment Opportunity?Link Market View AA View: U.S. Dollar Weakness has Further to Run Link Market View U.S. Month in Markets (March 2021)Link Market View Client Video: Value Underperformance (access code ‘aon!’)Link to Video Market View Quarterly Investment Outlook—January 2021 Link Market View Townsend Real Estate Update: COVID-19 and the Impact on Office Space Link Annual Outlook 6-Key Themes for Public Retirement Plans Link Plan Design Global Invested Capital Markets—Updated White Paper Link Plan Design Trust the Process—Public Pension Investment Strategy Link Strategy Review 3 Ways Retirement Plans Are Evolving Link Strategy Review Diverse Manager Investing Survey Report Link Strategy Review Video: Demand Increasing for ESG and Responsible Investment (access code ‘aon!’)Link to video Legal & Compliance Legal & Compliance quarterly update newsletter Link to Article Link to Audio Summary Legal & Compliance 2021 Compliance Calendar Link Page 2 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights 16.3%16.4% 8.8% 12.1% 3.1%3.2% 6.7%8.1% 2.3% 13.9% 11.7% 5.5%3.7%3.4% 6.3%7.2%6.5% -6.3%-10% -5% 0% 5% 10% 15% 20% S&P 500 Russell 2000 MSCI E AFE MSCI Emerging Market s Bloomberg Barcla ys U.S. Aggr egate Bloomberg Barclays U.S. Long Gov't Bloomberg Barclays U.S. Long Credit Bloomberg Barclays U.S. Hig h Yield Bloomberg Commodity Index LONG T ERM ANNUALIZE D RET URNS AS OF 03/31/2021 Five-Year Ten-Year Source:Russell, MSCI, Bloomberg Barclays, Bloomberg 6.2%12.7%3.5%2.3% -3.4%-13.4%-8.4% 0.8%6.9% 56.4% 94.8% 44.6% 58.4% 0.7% -15.6% 8.9% 23.7%35.0% -40% -20% 0% 20% 40% 60% 80% 100% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Market s Bloomberg Barclays U.S. Aggr egate Bloomberg Barclays U.S. Long Gov't Bloomberg Barcla ys U.S. Long Credit Bloomberg Barclays U.S. Hig h Yield Bloomberg Commodity I ndex SHORT TERM RET URNS AS OF 03/31/2021 First Quarter 2021 One-Ye ar So urce:Russell, MSCI, Bloomberg Barclays, Bloomberg (MSCI In dices show net total returns t hroughout this report. All other indices show gross total r eturns.). Page 3 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights First Quarter 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All Cou ntry World IMI 5.14%57.58%11.90%13.21%9.15% MSCI All Cou ntry World 4.57%54.60%12.07%13.21%9.14% Dow Jones U.S. Total Stock Market 6.45%62.68%17.05%16.60%13.75% Russell 3000 6.35%62.53%17.12%16.64%13.79% S&P 500 6.17%56.35%16.78%16.29%13.91% Russell 2000 12.70%94.85%14.76%16.35%11.68% MSCI All Cou ntry World ex-U.S. IMI 3.77%51.94%6.51%9.84%5.11% MSCI All Cou ntry World ex-U.S.3.49%49.41%6.51%9.76%4.93% MSCI EAF E 3.48%44.57%6.02%8.85%5.52% MSCI EAF E (Local Currency)7.59%36.56%7.07%8.82%7.50% MSCI Emerging Markets 2.29%58.39%6.48%12.07%3.65% Fixed Income Bloomberg Barclays Global Aggreg ate -4.46%4.67%2.80%2.66%2.23% Bloomberg Barclays U.S. Aggregate -3.37%0.71%4.65%3.10%3.44% Bloomberg Barclays U.S. Long Gov't -13.39%-15.60%5.84%3.17%6.30% Bloomberg Barclays U.S. Long Credit -8.39%8.87%7.48%6.69%7.23% Bloomberg Barclays U.S. Long Gov't/Credit -10.41%-2.05%7.14%5.47%6.98% Bloomberg Barclays U.S. TIPS -1.47%7.54%5.68%3.86%3.44% Bloomberg Barclays U.S. High Yield 0.85%23.72%6.84%8.06%6.48% Bloomberg Barclays Global Treasury ex U.S.-5.93%4.65%0.89%1.87%1.10% JP Morgan EMBI Global (Emergin g Markets)-4.74%14.29%3.87%4.74%5.35% Commodities Bloomberg Commodity Index 6.92%35.04%-0.20%2.31%-6.28% Goldman Sachs Commodity In dex 13.55%50.22%-4.93%1.18%-8.60% Hedge Funds HFRI Fund-Weig hted Composite2 6.08%34.11%7.68%7.53%4.64% HFRI Fund of Funds2 2.47%24.56%5.64%5.74%3.48% Real Estate NAREIT U.S. Equity REITS 8.87%37.78%9.45%5.33%8.56% FTSE Glob al Core In frastructure In dex 5.43%27.55%10.85%9.81%9.63% Private Equity Burgiss Private iQ Global Private Equity3 6.20%11.83%10.92%12.93% MSCI Indices show net total returns throughout this report. All other indices show gross total returns. 1 Periods are annualized. 2 Latest 5 months of HFR data are estimated by HFR and may change in the future. 3 Burgiss Private iQ Global Private Equity data is as at June 30, 2020 Capital Markets Returns Period Ending 03/31/2021 Page 4 (This Page Left Blank Intentionally) Page 5 Total Plan Page 6 Change in Market Value From January 1, 2021 to March 31, 2021 Summary of Cash Flow $0.0 $150.0 $300.0 $450.0 ($150.0) Millions ($) Beginning Market Value Net Additions / Withdrawals Investment Earnings Ending Market Value $326.6 ($5.1) $5.6 $327.0 1 Quarter 1 Year Total Pension Beginning Market Value 326,557,807 252,993,428 + Additions / Withdrawals -5,071,444 -6,679,856 + Investment Earnings 5,550,818 80,723,607 = Ending Market Value 327,037,180 327,037,180 Total Pension Total Plan Asset Summary As of March 31, 2021 Page 7 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 15 Years Total Pension Policy Benchmark 0.0 15.0 30.0 45.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 1/1/93 2.5 30.8 9.0 8.8 6.8 1.7 31.8 8.4 8.3 6.5 7.5 Total Pension Benchmark 0.96 1.00 1.04 1.08 1.12 3/06 9/07 3/09 9/10 3/12 9/13 3/15 9/16 3/18 9/19 3/21 0.98 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 Total Plan Performance Summary As of March 31, 2021Total Pension Page 8 Allocation Market Value ($) %Policy(%) Performance(%) 1 Quarter 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Pension 327,037,180 100.0 100.0 1.7 (91)31.8 (76)8.4 (89)8.3 (94)6.5 (95)7.5 (66)01/01/1993 Policy Benchmark 2.5 (75)30.8 (82)9.0 (78)8.8 (88)6.8 (93) All Public Plans < $1B-Total Fund Median 3.1 36.0 10.4 10.3 8.1 7.8 Total Domestic Equity 125,386,808 38.3 6.7 (51)66.8 (29)16.9 (31)16.1 (50)14.0 (50)09/01/2013 Russell 3000 Index 6.3 (63)62.5 (57)17.1 (21)16.6 (26)14.6 (21) All Public Plans-US Equity Segment Median 6.8 63.6 16.0 16.1 14.0 IM U.S. Equity (SA+CF) Median 9.3 69.9 15.5 16.0 13.7 Total Large-Cap Equity 87,055,340 26.6 25.0 6.0 (66)60.5 (67)17.3 (33)16.1 (41)13.3 (36)10.3 (68)06/01/2003 Russell 1000 Index 5.9 (66)60.6 (67)17.3 (34)16.7 (36)14.0 (27)10.8 (57) IM U.S. Equity (SA+CF) Median 9.0 68.7 14.5 14.9 12.2 11.0 BlackRock Russell 1000 Index Fund Non-Lending 87,055,340 26.6 5.9 (66)60.5 (67)17.4 (33)16.2 (36)03/01/2017 Russell 1000 Index 5.9 (66)60.6 (67)17.3 (34)16.1 (36) IM U.S. Equity (SA+CF) Median 9.0 68.7 14.5 13.9 Total Small-Cap Equity 38,331,468 11.7 10.0 8.4 (53)82.1 (31)15.2 (46)16.2 (40)12.4 (48)12.1 (26)06/01/2003 Russell 2000 Index 12.7 (32)94.8 (18)14.8 (49)16.4 (38)11.7 (58)11.0 (51) IM U.S. Equity (SA+CF) Median 9.0 68.7 14.5 14.9 12.2 11.0 Kennedy Mid Cap Value 19,824,700 6.1 15.4 (20)78.7 (36)12.0 (66)13.7 (61)11.2 (66)10.9 (43)02/01/2008 IM U.S. Equity (SA+CF) Median 9.0 68.7 14.5 14.9 12.2 10.5 Russell Midcap Value Index 13.1 (30)73.8 (43)10.7 (74)11.6 (79)11.1 (68)9.5 (72) TimesSquare Small Cap Growth 18,506,768 5.7 1.3 (90)84.5 (30)17.8 (34)18.3 (30)13.2 (50)11.6 (27)02/01/2002 Russell 2000 Growth Index 4.9 (75)90.2 (24)17.2 (39)18.6 (28)13.0 (52)9.9 (62) IM U.S. Equity (SA+CF) Median 9.3 69.9 15.5 16.0 13.2 10.4 Total International Equity 60,903,536 18.6 18.0 1.2 (95)47.3 (93)5.6 (93)8.7 (99)5.9 (100)09/01/2013 MSCI AC World ex USA Index (Net)3.5 (73)49.4 (86)6.5 (84)9.8 (93)6.5 (98) All Public Plans-Intl. Equity Segment Median 4.2 54.8 8.2 11.0 8.0 IM International Equity (MF) Median 3.4 56.8 7.5 11.1 8.1 Morgan Stanley International Equity 40,464,899 12.4 0.6 (79)40.8 (90)5.7 (57)7.9 (77)5.7 (47)5.1 (78)04/01/2005 MSCI EAFE Index (Net)3.5 (49)44.6 (82)6.0 (53)8.8 (68)5.5 (49)5.3 (73) IM International Equity (MF) Median 3.4 55.4 6.2 9.9 5.5 6.4 Morgan Stanley Emerging Markets Fund 20,438,638 6.2 2.4 (59)60.3 (56)4.5 (68)9.8 (73)3.5 (51)7.5 (52)04/01/2005 MSCI Emerging Markets Index (Net)2.3 (61)58.4 (64)6.5 (44)12.1 (41)3.7 (46)8.2 (43) IM Emerging Markets Equity (MF) Median 2.8 62.5 5.9 11.5 3.5 7.5 Asset Allocation & Performance As of March 31, 2021 Page 9 Asset Allocation & Performance As of March 31, 2021 Allocation Market Value ($) %Policy(%) Performance(%) 1 Quarter 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Fixed Income 107,501,816 32.9 35.0 -3.2 (69)8.9 (20)4.4 (85)3.9 (58)3.5 (86)4.4 (72)07/01/2003 Blmbg. Barc. Intermed. U.S. Government/Credit -1.9 (29)2.0 (79)4.4 (86)2.8 (97)2.9 (89)3.5 (97) All Public Plans-US Fixed Income Segment Median -2.7 5.8 5.3 4.1 4.1 4.9 IM U.S. Fixed Income (SA+CF) Median -0.9 5.3 5.1 3.9 4.1 4.3 Income Research 42,593,377 13.0 -1.6 (38)3.8 (43)4.8 (18)3.0 (37)3.2 (35)4.6 (20)07/01/2001 Blmbg. Barc. Intermed. U.S. Government/Credit -1.9 (68)2.0 (82)4.4 (46)2.8 (57)2.9 (60)4.0 (55) IM U.S. Intermediate Duration (SA+CF) Median -1.7 3.4 4.3 2.8 3.0 4.2 Prudential Core Plus Bond 38,667,968 11.8 -4.4 (100)7.3 (43)5.4 (46)4.7 (25)4.4 (19)06/01/2015 Blmbg. Barc. U.S. Aggregate -3.4 (92)0.7 (99)4.7 (83)3.1 (92)3.1 (82) IM U.S. Broad Market Core+ Fixed Income (SA+CF) Median -2.8 6.7 5.3 4.1 3.8 Brandywine Global Opportunistic Fixed Income 26,240,470 8.0 -4.0 (77)20.8 (33)2.3 (86)4.0 (62)4.1 (44)5.2 (33)01/01/2005 FTSE World Government Bond Index -5.7 (97)1.8 (97)2.1 (88)2.1 (92)1.7 (90)2.8 (100) IM Global Fixed Income (SA+CF) Median -1.9 13.9 4.3 4.5 3.8 4.7 Hedge Fund 1,215,129 0.4 0.0 Entrust Capital Diversified Fund 1,215,129 0.4 Real Estate 29,815,066 9.1 12.0 1.1 -4.1 -0.9 1.7 5.8 4.4 06/01/2006 Real Estate Performance Benchmark 1.9 2.7 4.9 5.8 8.8 7.1 UBS Trumbull Property Fund 29,815,066 9.1 1.1 -4.1 -0.9 1.6 5.8 4.4 06/01/2006 Real Estate Performance Benchmark 1.9 2.7 4.9 5.8 8.8 7.1 Cash Account 2,214,825 0.7 0.0 0.0 0.2 1.5 1.2 0.6 1.4 07/01/2003 ICE BofAML 3 Month U.S. T-Bill 0.0 0.1 1.5 1.2 0.6 1.3 **The EnTrust Capital Diversified Fund market value is as of 2/28/2021 and is currently in the process of liquidation. Page 10 Performance(%) 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Total Pension 12.8 (65)16.2 (91)-4.3 (42)12.3 (91)5.1 (89)-0.7 (69)2.9 (98)10.9 (95)12.1 (46)1.2 (19) Policy Benchmark 12.7 (65)17.4 (83)-4.5 (49)12.2 (91)6.6 (56)-1.4 (83)3.5 (97)12.3 (91)11.6 (60)1.1 (20) Total Domestic Equity 21.4 (24)30.6 (36)-6.1 (61)20.1 (55)9.6 (94)1.9 (7)10.1 (87)--- Russell 3000 Index 20.9 (27)31.0 (29)-5.2 (38)21.1 (31)12.7 (51)0.5 (44)12.6 (23)--- Total Large-Cap Equity 21.0 (37)31.4 (28)-4.8 (32)20.4 (42)7.9 (73)3.9 (15)10.9 (35)32.0 (71)14.0 (62)2.4 (26) Russell 1000 Index 21.0 (37)31.4 (28)-4.8 (32)21.7 (35)12.1 (52)0.9 (32)13.2 (18)33.1 (63)16.4 (37)1.5 (33) BlackRock Russell 1000 Index Fund Non-Lending 21.1 (37)31.4 (28)-4.8 (31)------- Russell 1000 Index 21.0 (37)31.4 (28)-4.8 (32)------- Total Small-Cap Equity 21.8 (36)28.7 (44)-9.5 (61)19.6 (46)15.6 (37)-4.8 (74)7.2 (61)40.3 (24)13.3 (67)0.8 (39) Russell 2000 Index 20.0 (39)25.5 (65)-11.0 (68)14.6 (71)21.3 (18)-4.4 (73)4.9 (75)38.8 (29)16.3 (37)-4.2 (74) Kennedy Mid Cap Value 8.4 (66)28.6 (46)-14.5 (85)18.0 (52)22.9 (15)-9.9 (93)15.8 (6)33.3 (62)13.6 (65)-0.8 (51) Russell Midcap Value Index 5.0 (74)27.1 (56)-12.3 (74)13.3 (77)20.0 (22)-4.8 (75)14.7 (9)33.5 (60)18.5 (22)-1.4 (54) TimesSquare Small Cap Growth 36.3 (17)28.2 (46)-4.2 (28)21.1 (36)8.4 (63)1.0 (31)-2.5 (93)47.7 (5)13.1 (67)2.6 (17) Russell 2000 Growth Index 34.6 (19)28.5 (44)-9.3 (61)22.2 (30)11.3 (51)-1.4 (47)5.6 (70)43.3 (9)14.6 (54)-2.9 (56) Total International Equity 12.7 (52)20.2 (96)-14.6 (75)28.0 (65)0.3 (93)-2.0 (41)-5.5 (100)--- MSCI AC World ex USA Index (Net)10.7 (75)21.5 (86)-14.2 (61)27.2 (74)4.5 (39)-5.7 (90)-3.9 (81)--- Morgan Stanley International Equity 11.4 (53)20.4 (61)-13.8 (31)25.2 (73)-2.0 (82)0.4 (31)-6.1 (70)20.3 (40)19.6 (43)-7.6 (10) MSCI EAFE Index (Net)7.8 (67)22.0 (48)-13.8 (31)25.0 (74)1.0 (64)-0.8 (40)-4.9 (59)22.8 (25)17.3 (66)-12.1 (30) Morgan Stanley Emerging Markets Fund 14.7 (61)19.5 (50)-17.3 (62)35.0 (51)6.7 (62)-10.3 (26)-4.5 (71)-0.8 (48)20.2 (42)-18.4 (37) MSCI Emerging Markets Index (Net)18.3 (41)18.4 (58)-14.6 (34)37.3 (38)11.2 (37)-14.9 (59)-2.2 (50)-2.6 (60)18.2 (58)-18.4 (37) Asset Allocation & Performance As of March 31, 2021 Page 11 Asset Allocation & Performance As of March 31, 2021 Performance(%) 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Total Fixed Income 9.2 (33)9.1 (53)-1.0 (77)6.3 (17)4.2 (59)-2.1 (92)2.4 (96)-1.7 (62)10.9 (16)3.8 (100) Blmbg. Barc. Intermed. U.S. Government/Credit 6.4 (87)6.8 (92)0.9 (14)2.1 (96)2.1 (89)1.1 (18)3.1 (94)-0.9 (37)3.9 (100)5.8 (93) Income Research 7.5 (18)6.7 (42)0.8 (41)2.0 (75)2.3 (43)0.9 (60)3.3 (52)-0.9 (59)5.9 (25)5.6 (50) Blmbg. Barc. Intermed. U.S. Government/Credit 6.4 (52)6.8 (39)0.9 (37)2.1 (64)2.1 (51)1.1 (42)3.1 (61)-0.9 (55)3.9 (75)5.8 (39) Prudential Core Plus Bond 9.2 (34)11.3 (11)-0.4 (38)6.6 (11)5.8 (22)----- Blmbg. Barc. U.S. Aggregate 7.5 (79)8.7 (77)0.0 (18)3.5 (83)2.6 (89)----- Brandywine Global Opportunistic Fixed Income 11.7 (13)9.3 (49)-5.2 (91)12.8 (3)5.2 (54)-8.4 (90)6.3 (15)-3.5 (75)14.1 (28)8.0 (10) FTSE World Government Bond Index 10.1 (30)5.9 (88)-0.8 (25)7.5 (46)1.6 (89)-3.6 (60)-0.5 (85)-4.0 (83)1.6 (94)6.4 (23) Hedge Fund Entrust Capital Diversified Fund Real Estate -4.9 -2.9 6.0 5.3 6.0 ----- Real Estate Performance Benchmark 1.5 6.4 6.7 7.0 8.0 ----- UBS Trumbull Property Fund -4.9 -3.0 6.0 5.3 6.0 11.7 10.4 9.2 9.0 12.1 Real Estate Performance Benchmark 1.5 6.4 6.7 7.0 8.0 13.3 11.8 11.0 10.5 14.3 Cash Account 0.5 2.3 2.0 1.0 0.3 0.0 0.0 0.0 0.1 0.0 ICE BofAML 3 Month U.S. T-Bill 0.7 2.3 1.9 0.9 0.3 0.1 0.0 0.1 0.1 0.1 Page 12 Total Fund Performance 0.00%3.00%6.00%-3.00 % Total Fund Total Fund Benchmark Total Value Added 1.72% 2.89% -1.17 % Total Value Added:-1.17 % 0.00%1.00%-1.00 %-2.00 %-3.00 % Other Manager Value Added Asset Allocation 0.00% -1.42 % 0.25% Total Asset Allocation:0.25% Average Active Weight 0.00%3.00%6.00%-3.00 %-6.00 % Cash Account Real Estate Hedge Fund Total Fixed Income Total International Equity Total Small-Cap Equity Total Large-Cap Equity W eight (%) 0.65% -2.70 % 0.37% -1.19 % 0.42% 1.79% 0.68% Asset Allocation Value Added 0.00%0.15%0.30%-0.15 % -0.02 % 0.03% 0.00% 0.06% 0.00% 0.15% 0.02% Total Manager Value Added:-1.42 % Manager Value Added 0.00%0.30%-0.30 %-0.60 %-0.90 % 0.00% -0.06 % 0.00% -0.48 % -0.42 % -0.47 % 0.02% Total Pension Total Fund Attribution 1 Quarter Ending March 31, 2021 Page 13 Total Fund Performance 0.00%15.00%30.00%45.00% Total Fund Total Fund Benchmark Total Value Added 31.83% 31.40% 0.43% Total Value Added:0.43% 0.00%0.60%1.20%-0.60 %-1.20 % Other Manager Value Added Asset Allocation 0.16% 0.66% -0.39 % Total Asset Allocation:-0.39 % Average Active Weight 0.00%2.00%-2.00 %-4.00 % Cash Account Real Estate Hedge Fund Total Fixed Income Total International Equity Total Small-Cap Equity Total Large-Cap Equity W eight (%) 0.60% -1.40 % 0.40% -0.03 % -0.14 % 0.63% -0.07 % Asset Allocation Value Added 0.00%0.40%0.80%-0.40 %-0.80 % -0.21 % 0.19% -0.07 % -0.23 % -0.08 % 0.25% -0.25 % Total Manager Value Added:0.66% Manager Value Added 0.00%3.00%6.00%-3.00 % 0.00% -0.89 % 0.00% 3.03% -0.35 % -1.11 % -0.01 % Total Pension Total Fund Attribution 1 Year Ending March 31, 2021 Page 14 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Total Pension 1.7 (91)31.8 (76)8.4 (89)8.3 (94)6.5 (95)12.8 (65)16.2 (91)-4.3 (42)¢ Policy Benchmark 2.5 (75)30.8 (82)9.0 (78)8.8 (88)6.8 (93)12.7 (65)17.4 (83)-4.5 (49) 5th Percentile 4.9 43.5 12.5 12.0 9.5 18.0 22.5 -1.9 1st Quartile 3.7 39.1 11.4 11.0 8.7 16.0 20.9 -3.7 Median 3.1 36.0 10.4 10.3 8.1 14.1 19.9 -4.6 3rd Quartile 2.5 31.9 9.2 9.4 7.5 11.6 18.2 -5.3 95th Percentile 1.2 19.3 7.5 7.9 6.5 8.1 14.9 -6.5 Population 491 487 455 432 344 810 815 736 Plan Sponsor Peer Group Analysis As of March 31, 2021 All Public Plans < $1B-Total Fund Parentheses contain percentile rankings. Page 15 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Total Pension Policy Benchmark FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Return (%) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Total Pension Policy Benchmark 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 12/97 3/00 6/02 9/04 12/06 3/09 6/11 9/13 12/15 3/18 3/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Pension -0.44 1.11 -0.39 0.98 0.84 -0.82 1.04 8.33 8.52 0.99 Policy Benchmark 0.00 0.00 N/A 1.00 0.94 0.00 1.00 8.84 8.10 1.00 FTSE 3 Month T-Bill -7.68 8.15 -0.94 0.04 N/A 1.21 -0.01 1.15 0.25 -0.20 Total Pension Risk Profile As of March 31, 2021Total Pension Page 16 Market Value ($) Current Allocation (%) Target Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Differences (%) Total Pension 327,037,180 100.0 100.0 N/A N/A 0.0 Total Large-Cap Equity 87,055,340 26.6 25.0 20.0 30.0 1.6 Total Small-Cap Equity 38,331,468 11.7 10.0 5.0 15.0 1.7 Total International Equity 60,903,536 18.6 18.0 13.0 23.0 0.6 Total Fixed Income 107,501,816 32.9 35.0 30.0 40.0 -2.1 Hedge Fund 1,215,129 0.4 0.0 0.0 0.0 0.4 Real Estate 29,815,066 9.1 12.0 7.0 17.0 -2.9 Cash Account 2,214,825 0.7 0.0 0.0 0.0 0.7 Target Allocation Actual Allocation Allocation Differences 0.0%10.0%20.0%30.0%40.0%50.0%-10.0 %-20.0 % Cash Account $2,214.8K Real Estate $29,815.1K Hedge Fund $1,215.1K Total Fixed Income $107,501.8K Total International Equity $60,903.5K Total Small-Cap Equity $38,331.5K Total Large-Cap Equity $87,055.3K 0.0% 12.0% 0.0% 35.0% 18.0% 10.0% 25.0% 0.7% 9.1% 0.4% 32.9% 18.6% 11.7% 26.6% 0.7% -2.9 % 0.4% -2.1 % 0.6% 1.7% 1.6% Total Pension Asset Allocation Compliance As of March 31, 2021 Page 17 Total Domestic Equity Page 18 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Current Allocation Total Domestic Equity Russell 3000 Index 0.0 25.0 50.0 75.0 100.0 Return 1 Quarter 1 Year 3 Years 5 Years Inception 9/1/13 6.3 62.5 17.1 16.6 14.6 6.7 66.8 16.9 16.1 14.0 March 31, 2021 : $125M TimesSquare Small Cap Growth:14.8% Kennedy Mid Cap Value:15.8% BlackRock Russell 1000 Index Fund Non-Lending:69.4% Total Domestic Equity Benchmark 0.93 0.96 0.99 1.02 1.05 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 0.98 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 Total Domestic Equity Portfolio Overview As of March 31, 2021Total Domestic Equity Page 19 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 Return 1 Quarter 1 Year 3 Years 5 Years 2020 2019 2018 Total Domestic Equity 6.7 (51)66.8 (29)16.9 (31)16.1 (50)21.4 (24)30.6 (36)-6.1 (61)¢ Russell 3000 Index 6.3 (63)62.5 (57)17.1 (21)16.6 (26)20.9 (27)31.0 (29)-5.2 (38) 5th Percentile 10.5 72.7 18.7 17.7 26.5 32.2 -3.7 1st Quartile 7.8 67.4 17.0 16.6 21.3 31.3 -5.0 Median 6.8 63.6 16.0 16.1 18.9 30.0 -5.8 3rd Quartile 6.0 59.0 14.9 15.2 16.6 27.9 -6.8 95th Percentile 4.1 53.4 11.9 12.2 10.4 24.5 -9.0 Population 74 66 61 57 67 65 66 Plan Sponsor Peer Group Analysis As of March 31, 2021 All Public Plans-US Equity Segment Parentheses contain percentile rankings. Page 20 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Total Domestic Equity Russell 3000 Index FTSE 3 Month T-Bill -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return (%) 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Risk (Standard Deviation %) Total Domestic Equity Russell 3000 Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Domestic Equity -0.08 1.66 -0.05 0.99 0.81 -0.66 1.03 16.86 20.03 1.00 Russell 3000 Index 0.00 0.00 N/A 1.00 0.84 0.00 1.00 17.12 19.33 1.00 FTSE 3 Month T-Bill -16.30 19.39 -0.84 0.05 N/A 1.51 0.00 1.45 0.27 -0.23 Total Domestic Equity Risk Profile As of March 31, 2021Total Domestic Equity Page 21 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information BlackRock Russell 1000 Index Fund Non-Lending Russell 1000 Index 0.0 25.0 50.0 75.0 100.0 Ret urn 1 Quarter 1 Year 3 Years Inception 3/1/17 5.9 60.6 17.3 16.1 5.9 60.5 17.4 16.2 Account Name:BlackRock Russell 1000 Index Fund Non-Lending Inception Date:03/01/2017 Account Structure:Commingled Fund Asset Class:US Equity Benchmark:Russell 1000 Index Peer Group:IM U.S. Equity (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% 0.4% -0.2 % -0.4 % 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 BlackRock Russell 1000 Index Fund Non-Lending Benchmark 0.99 1.00 1.01 2/17 8/17 2/18 8/18 2/19 8/19 2/20 8/20 3/21 1.00 BlackRock Russell 1000 Index Fund Non-Lending Performance Summary As of March 31, 2021BlackRock Russell 1000 Index Fund Non-Lending Page 22 -50.0 0.0 50.0 100.0 150.0 200.0 Return 1 Quarter 1 Year 3 Years 2020 BlackRock Russell 1000 Index Fund Non-Lending 5.9 (66)60.5 (67)17.4 (33)21.1 (37)¢ Russell 1000 Index 5.9 (66)60.6 (67)17.3 (34)21.0 (37) 5th Percentile 21.8 121.3 26.9 59.4 1st Quartile 14.1 87.8 18.8 30.8 Median 9.0 68.7 14.5 14.8 3rd Quartile 4.0 56.9 10.4 4.6 95th Percentile -1.0 43.3 6.3 -4.4 Population 1,584 1,574 1,506 1,671 BlackRock Russell 1000 Index Fund Non-Lending Peer Group Analysis As of March 31, 2021 IM U.S. Equity (SA+CF) Parentheses contain percentile rankings. Page 23 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Kennedy Mid Cap Value Russell Midcap Value Index 0.0 50.0 100.0 150.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 2/1/08 13.1 73.8 10.7 11.6 11.1 9.515.4 78.7 12.0 13.7 11.2 10.9 Account Name:Kennedy Mid Cap Value Inception Date:01/02/2008 Account Structure:Commingled Fund Asset Class:US Equity Benchmark:Russell Midcap Value Index Peer Group:IM U.S. Equity (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 Kennedy Mid Cap Value Benchmark 0.80 1.00 1.20 1.40 1/08 4/09 7/10 10/11 1/13 4/14 7/15 10/16 1/18 4/19 3/21 1.18 Kennedy Mid Cap Value Performance Summary As of March 31, 2021Kennedy Mid Cap Value Page 24 -100.0 -50.0 0.0 50.0 100.0 150.0 200.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Kennedy Mid Cap Value 15.4 (20)78.7 (36)12.0 (66)13.7 (61)11.2 (66)8.4 (66)28.6 (46)-14.5 (85)¢ Russell Midcap Value Index 13.1 (30)73.8 (43)10.7 (74)11.6 (79)11.1 (68)5.0 (74)27.1 (56)-12.3 (74) 5th Percentile 21.8 121.3 26.9 25.1 17.1 59.4 38.9 2.7 1st Quartile 14.1 87.8 18.8 18.3 14.2 30.8 31.8 -3.8 Median 9.0 68.7 14.5 14.9 12.2 14.8 27.9 -7.8 3rd Quartile 4.0 56.9 10.4 12.0 10.5 4.6 23.4 -12.6 95th Percentile -1.0 43.3 6.3 8.4 7.9 -4.4 14.3 -18.9 Population 1,584 1,574 1,506 1,375 1,133 1,671 1,798 1,881 Kennedy Mid Cap Value Peer Group Analysis As of March 31, 2021 IM U.S. Equity (SA+CF) Parentheses contain percentile rankings. Page 25 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Kennedy Mid Cap Value Russell Midcap Value Index FTSE 3 Month T-Bill -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Return (%) 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Kennedy Mid Cap Value Russell Midcap Value Index 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 3/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Kennedy Mid Cap Value 1.72 3.54 0.49 0.96 0.74 2.38 0.95 13.66 17.91 0.98 Russell Midcap Value Index 0.00 0.00 N/A 1.00 0.63 0.00 1.00 11.60 18.50 1.00 FTSE 3 Month T-Bill -11.64 18.56 -0.63 0.06 N/A 1.19 0.00 1.15 0.25 -0.24 Kennedy Mid Cap Value Risk Profile As of March 31, 2021Kennedy Mid Cap Value Page 26 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information TimesSquare Small Cap Growth Russell 2000 Growth Index 0.0 50.0 100.0 150.0 Ret urn 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 2/1/02 4.9 90.2 17.2 18.6 13.0 9.9 1.3 84.5 17.8 18.3 13.2 11.6 Account Name:TimesSquare Small Cap Growth Inception Date:02/01/2002 Account Structure:Commingled Fund Asset Class:US Equity Benchmark:Russell 2000 Growth Index Peer Group:IM U.S. Equity (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% 12.0% -4.0 % -8.0 % 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 TimesSquare Small Cap Growth Benchmark 0.80 1.00 1.20 1.40 1.60 1.80 1/02 10/03 7/05 4/07 1/09 10/10 7/12 4/14 1/16 10/17 3/21 1.33 TimesSquare Small Cap Growth Performance Summary As of March 31, 2021TimesSquare Small Cap Growth Page 27 -100.0 -50.0 0.0 50.0 100.0 150.0 200.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 TimesSquare Small Cap Growth 1.3 (90)84.5 (30)17.8 (34)18.3 (30)13.2 (50)36.3 (17)28.2 (53)-4.2 (31)¢ Russell 2000 Growth Index 4.9 (75)90.2 (24)17.2 (39)18.6 (28)13.0 (52)34.6 (20)28.5 (51)-9.3 (63) 5th Percentile 21.8 121.2 27.0 25.3 17.6 58.8 39.3 3.2 1st Quartile 14.4 89.3 19.3 18.9 14.9 29.7 32.4 -3.4 Median 9.3 69.9 15.5 16.0 13.2 16.3 28.6 -7.0 3rd Quartile 4.7 58.4 11.6 13.0 11.5 6.0 24.4 -11.6 95th Percentile -0.5 44.9 7.1 9.3 9.1 -3.3 15.0 -17.8 Population 1,924 1,918 1,881 1,816 1,583 2,061 2,248 2,456 TimesSquare Small Cap Growth Peer Group Analysis As of March 31, 2021 IM U.S. Equity (SA+CF) Parentheses contain percentile rankings. Page 28 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics TimesSquare Small Cap Growth Russell 2000 Growth Index FTSE 3 Month T-Bill -6.0 0.0 6.0 12.0 18.0 24.0 30.0 Retu rn (%) 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Risk (Standard Deviation %) TimesSquare Small Cap Growth Russell 2000 Growth Index 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 3/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation TimesSquare Small Cap Growth -0.23 4.66 -0.05 0.95 0.86 0.14 0.98 18.31 20.82 0.97 Russell 2000 Growth Index 0.00 0.00 N/A 1.00 0.88 0.00 1.00 18.61 20.69 1.00 FTSE 3 Month T-Bill -18.18 20.75 -0.88 0.06 N/A 1.21 0.00 1.15 0.25 -0.24 TimesSquare Small Cap Growth Risk Profile As of March 31, 2021TimesSquare Small Cap Growth Page 29 Asset Allocation As of 02/28/2021 0.0%50.0%100.0%150.0% Other Convertibles Cash Fixed Income Equities 0.0% 0.0% 0.1% 0.1% 99.8% Fund Characteristics As of 02/28/2021 Total Securities 112 Avg. Market Cap $4,134.12 Million P/E 40.84 P/B 8.44 Div. Yield 1.11% Annual EPS 2.64 5Yr EPS 16.71 3Yr EPS Growth 19.92 Top Ten Securities As of 02/28/2021 SailPoint Technologies Holdings 1.82 % Q2 Holdings Inc ORD 1.79 % Casella Waste Systems Inc ORD 1.72 % Planet Fitness Inc ORD 1.71 % ASGN Inc ORD 1.66 % Azek Company Inc ORD 1.64 % Onto Innovation Inc ORD 1.64 % ChemoCentryx Inc ORD 1.59 % Acceleron Pharma Inc ORD 1.52 % NIC Inc ORD 1.49 % Sector/Quality Allocation As of 02/28/2021 0.0%10.0%20.0%30.0% Information Technology Industrials Health Care Non Classified Equity Consumer Discretionary Financials Consumer Staples Telecommunication Services Utilities Materials 21.1% 18.8% 18.2% 13.7% 10.3% 9.7% 3.5% 2.1% 1.3% 0.8% TimesSquare Small Cap Growth Mutual Fund Attributes As of March 31, 2021 Page 30 (This Page Left Blank Intentionally) Page 31 Total International Equity Page 32 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Current Allocation Total International Equity MSCI AC World ex USA Index (Net) 0.0 20.0 40.0 60.0 80.0 Ret urn 1 Quarter 1 Year 3 Years 5 Years Inception 9/1/13 3.5 49.4 6.5 9.8 6.5 1.2 47.3 5.6 8.7 5.9 March 31, 2021 : $61M Morgan Stanley Emerging Markets Fund:33.6% Morgan Stanley International Equity:66.4% Total International Equity Benchmark 0.96 1.00 1.04 1.08 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 0.95 Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 Total International Equity Portfolio Overview As of March 31, 2021Total International Equity Page 33 -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 Return 1 Quarter 1 Year 3 Years 5 Years 2020 2019 2018 Total International Equity 1.2 (95)47.3 (93)5.6 (93)8.7 (99)12.7 (52)20.2 (96)-14.6 (75)¢ MSCI AC World ex USA Index (Net)3.5 (73)49.4 (86)6.5 (84)9.8 (93)10.7 (75)21.5 (86)-14.2 (61) 5th Percentile 8.9 66.3 10.8 13.0 28.2 30.6 -10.6 1st Quartile 5.0 58.0 9.3 11.7 16.9 25.9 -13.1 Median 4.2 54.8 8.2 11.0 12.8 23.7 -13.6 3rd Quartile 3.4 51.5 7.1 10.2 10.5 22.4 -14.6 95th Percentile 1.1 46.5 4.4 9.5 7.1 20.3 -16.5 Population 70 66 62 61 68 65 68 Plan Sponsor Peer Group Analysis As of March 31, 2021 All Public Plans-Intl. Equity Segment Parentheses contain percentile rankings. Page 34 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Total International Equity MSCI AC World ex USA Index (Net) FTSE 3 Month T-Bill -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 Retu rn (%) 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Total International Equity MSCI AC World ex USA Index (Net) 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 6/18 12/18 6/19 12/19 6/20 12/20 3/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total International Equity -0.92 3.11 -0.29 0.97 0.31 -0.71 0.97 5.57 17.47 0.98 MSCI AC World ex USA Index (Net)0.00 0.00 N/A 1.00 0.36 0.00 1.00 6.51 17.65 1.00 FTSE 3 Month T-Bill -6.42 17.73 -0.36 0.08 N/A 1.49 0.00 1.45 0.27 -0.28 Total International Equity Risk Profile As of March 31, 2021Total International Equity Page 35 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Morgan Stanley International Equity MSCI EAFE Index (Net) 0.0 20.0 40.0 60.0 80.0 Ret urn 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 3.5 44.6 6.0 8.8 5.5 5.3 0.6 40.8 5.7 7.9 5.7 5.1 Account Name:Morgan Stanley International Equity Inception Date:04/01/2005 Account Structure:Mutual Fund Asset Class:International Equity Benchmark:MSCI EAFE Index (Net) Peer Group:IM International Equity (MF) Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 Morgan Stanley International Equity Benchmark 0.72 0.81 0.90 0.99 1.08 1.17 3/05 9/06 3/08 9/09 3/11 9/12 3/14 9/15 3/17 9/18 3/21 0.97 Morgan Stanley International Equity Performance Summary As of March 31, 2021Morgan Stanley International Equity Page 36 -75.0 -50.0 -25.0 0.0 25.0 50.0 75.0 100.0 125.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Morgan Stanley International Equity 0.6 (79)40.8 (90)5.7 (57)7.9 (77)5.7 (47)11.4 (53)20.4 (61)-13.8 (31)¢ MSCI EAFE Index (Net)3.5 (49)44.6 (82)6.0 (53)8.8 (68)5.5 (49)7.8 (67)22.0 (48)-13.8 (31) 5th Percentile 9.6 81.1 13.8 16.7 10.0 40.8 33.0 -7.6 1st Quartile 5.8 64.7 8.9 12.2 7.0 20.6 26.2 -12.9 Median 3.4 55.4 6.2 9.9 5.5 12.2 21.8 -15.7 3rd Quartile 0.9 46.9 3.9 8.1 3.7 5.0 18.0 -18.5 95th Percentile -3.2 36.0 -2.0 4.6 -0.7 -6.3 8.3 -23.5 Population 756 756 756 756 480 771 832 881 Morgan Stanley International Equity Peer Group Analysis As of March 31, 2021 IM International Equity (MF) Parentheses contain percentile rankings. Page 37 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Morgan Stanley International Equity MSCI EAFE Index (Net) FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 Retu rn (%) 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 Risk (Standard Deviation %) Morgan Stanley International Equity MSCI EAFE Index (Net) 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 3/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley International Equity -0.84 4.24 -0.20 0.92 0.51 -0.42 0.96 7.95 14.70 0.96 MSCI EAFE Index (Net)0.00 0.00 N/A 1.00 0.57 0.00 1.00 8.85 14.74 1.00 FTSE 3 Month T-Bill -8.43 14.79 -0.57 0.05 N/A 1.19 0.00 1.15 0.25 -0.23 Morgan Stanley International Equity Risk Profile As of March 31, 2021Morgan Stanley International Equity Page 38 Asset Allocation As of 02/28/2021 0.0%50.0%100.0%150.0% Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 0.2% 2.1% 97.7% Fund Characteristics As of 02/28/2021 Total Securities 60 Avg. Market Cap $114,149.53 Million P/E 31.29 P/B 4.81 Div. Yield 2.56% Annual EPS 6.59 5Yr EPS 5.80 3Yr EPS Growth 0.23 Top Ten Securities As of 02/28/2021 Reckitt Benckiser Group PLC ORD 3.58 % Henkel AG & Co KGaA 3.48 % SAP SE ORD 3.14 % Tencent Holdings Ltd ORD 2.94 % Constellation Software Inc ORD 2.84 % AIA Group Ltd ORD 2.80 % Prudential PLC ORD 2.80 % SANOFI ORD 2.74 % Relx PLC ORD 2.74 % Novartis AG ORD 2.59 % Sector/Quality Allocation As of 02/28/2021 0.0%15.0%30.0%45.0% Consumer Staples Health Care Information Technology Financials Industrials Materials Consumer Discretionary Energy 30.4% 16.3% 15.7% 15.1% 10.4% 5.6% 3.3% 1.0% Morgan Stanley International Equity Mutual Fund Attributes As of March 31, 2021 Page 39 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Morgan Stanley Emerging Markets Fund MSCI Emerging Markets Index (Net) 0.0 25.0 50.0 75.0 100.0 Ret urn 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 2.3 58.4 6.5 12.1 3.7 8.2 2.4 60.3 4.5 9.8 3.5 7.5 Account Name:Morgan Stanley Emerging Markets Fund Inception Date:04/01/2005 Account Structure:Mutual Fund Asset Class:International Equity Benchmark:MSCI Emerging Markets Index (Net) Peer Group:IM Emerging Markets Equity (MF) Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 Morgan Stanley Emerging Markets Fund Benchmark 0.70 0.80 0.90 1.00 1.10 1.20 3/05 9/06 3/08 9/09 3/11 9/12 3/14 9/15 3/17 9/18 3/21 0.90 Morgan Stanley Emerging Markets Fund Performance Summary As of March 31, 2021Morgan Stanley Emerging Markets Fund Page 40 -75.0 -50.0 -25.0 0.0 25.0 50.0 75.0 100.0 125.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Morgan Stanley Emerging Markets Fund 2.4 (59)60.3 (56)4.5 (68)9.8 (73)3.5 (51)14.7 (61)19.5 (50)-17.3 (62)¢ MSCI Emerging Markets Index (Net)2.3 (61)58.4 (64)6.5 (44)12.1 (41)3.7 (46)18.3 (41)18.4 (58)-14.6 (34) 5th Percentile 8.2 84.9 13.6 17.1 7.2 41.3 31.2 -8.6 1st Quartile 4.9 69.9 8.7 13.7 5.0 23.3 24.5 -13.5 Median 2.8 62.5 5.9 11.5 3.5 17.0 19.4 -16.0 3rd Quartile 1.1 55.8 3.6 9.6 2.6 10.0 15.2 -18.7 95th Percentile -2.0 42.3 -4.1 3.1 -1.7 -6.8 6.1 -23.1 Population 194 194 194 194 103 198 220 233 Morgan Stanley Emerging Markets Fund Peer Group Analysis As of March 31, 2021 IM Emerging Markets Equity (MF) Parentheses contain percentile rankings. Page 41 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Morgan Stanley Emerging Markets Fund MSCI Emerging Markets Index (Net) FTSE 3 Month T-Bill -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Retu rn (%) 0.0 4.0 8.0 12.0 16.0 20.0 24.0 Risk (Standard Deviation %) Morgan Stanley Emerging Markets Fund MSCI Emerging Markets Index (Net) 0.0 6.0 12.0 18.0 24.0 30.0 36.0 42.0 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 3/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley Emerging Markets Fund -1.91 3.96 -0.48 0.95 0.57 -1.93 1.00 9.84 16.92 0.97 MSCI Emerging Markets Index (Net)0.00 0.00 N/A 1.00 0.71 0.00 1.00 12.07 16.41 1.00 FTSE 3 Month T-Bill -11.64 16.48 -0.71 0.08 N/A 1.21 0.00 1.15 0.25 -0.28 Morgan Stanley Emerging Markets Fund Risk Profile As of March 31, 2021Morgan Stanley Emerging Markets Fund Page 42 Asset Allocation As of 02/28/2021 0.0%50.0%100.0%150.0% Other Convertibles Cash Fixed Income Equities 0.0% 0.0% 1.2% 1.2% 97.7% Fund Characteristics As of 02/28/2021 Total Securities 96 Avg. Market Cap $229,822.43 Million P/E 38.28 P/B 7.43 Div. Yield 1.49% Annual EPS 17.23 5Yr EPS 16.02 3Yr EPS Growth 17.48 Top Ten Securities As of 02/28/2021 Taiwan Semiconductor Manufacturing 9.66 % Tencent Holdings Ltd ORD 7.71 % Samsung Electronics Co Ltd ORD 5.63 % Alibaba Group Holding Ltd ORD 3.75 % ASML Holding NV DR 2.67 % Kweichow Moutai Co Ltd ORD 2.57 % Anglo American PLC ORD 2.34 % Morgan Stanley Inst Liq Govt Port;Instit 2.05 % China Mengniu Dairy Co Ltd ORD 1.64 % Shenzhou International Group Holdings 1.53 % Sector/Quality Allocation As of 02/28/2021 0.0%20.0%40.0%60.0% Information Technology Financials Consumer Discretionary Consumer Staples Industrials Materials Energy Health Care Non Classified Equity Telecommunication Services 40.1% 11.7% 11.4% 10.4% 8.5% 6.3% 4.7% 2.8% 1.1% 0.7% Morgan Stanley Emerging Markets Fund Mutual Fund Attributes As of March 31, 2021 Page 43 Total Fixed Income Page 44 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Current Allocation Total Fixed Income Blmbg. Barc. Intermed. U.S. Government/Credit 0.0 6.0 12.0 18.0 -6.0 -12.0 Ret urn 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 7/1/03 -1.9 2.0 4.4 2.8 2.9 3.5 -3.2 8.9 4.4 3.9 3.5 4.4 March 31, 2021 : $108M Income Research:39.6% Brandywine Global Opportunistic Fixed Income:24.4% Prudential Core Plus Bond:36.0% Total Fixed Income Benchmark 0.95 1.00 1.05 1.10 1.15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 1.06 Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % -12.0 % 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 Total Fixed Income Portfolio Overview As of March 31, 2021Total Fixed Income Page 45 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Total Fixed Income -3.2 (69)8.9 (20)4.4 (85)3.9 (58)3.5 (86)9.2 (33)9.1 (53)-1.0 (77)¢ Blmbg. Barc. Intermed. U.S. Government/Credit -1.9 (29)2.0 (79)4.4 (86)2.8 (97)2.9 (89)6.4 (87)6.8 (92)0.9 (14) 5th Percentile 0.3 11.2 6.3 5.8 6.5 12.4 11.9 1.6 1st Quartile -1.7 8.1 5.8 5.0 4.8 9.6 10.3 0.5 Median -2.7 5.8 5.3 4.1 4.1 8.6 9.3 -0.2 3rd Quartile -3.3 2.3 4.7 3.5 3.8 7.4 8.0 -0.9 95th Percentile -6.4 0.1 3.8 2.9 2.6 4.9 6.2 -3.5 Population 75 70 65 64 47 74 68 72 Plan Sponsor Peer Group Analysis As of March 31, 2021 All Public Plans-US Fixed Income Segment Parentheses contain percentile rankings. Page 46 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Total Fixed Income Blmbg. Barc. Intermed. U.S. Government/Credit FTSE 3 Month T-Bill -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Retu rn (%) 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 6.4 Risk (Standard Deviation %) Total Fixed Income Blmbg. Barc. Intermed. U.S. Government/Credit 0.0 2.0 4.0 6.0 8.0 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 3/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Fixed Income 1.18 3.10 0.38 0.56 0.63 0.03 1.42 3.89 4.43 0.75 Blmbg. Barc. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 0.70 0.00 1.00 2.75 2.33 1.00 FTSE 3 Month T-Bill -1.60 2.27 -0.70 0.09 N/A 1.06 0.03 1.15 0.25 0.30 Total Fixed Income Risk Profile As of March 31, 2021Total Fixed Income Page 47 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Income Research Blmbg. Barc. Intermed. U.S. Government/Credit 0.0 3.0 6.0 9.0 -3.0 -6.0 Ret urn 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 7/1/01 -1.9 2.0 4.4 2.8 2.9 4.0 -1.6 3.8 4.8 3.0 3.2 4.6 Account Name:Income Research Inception Date:07/01/2001 Account Structure:Commingled Fund Asset Class:US Fixed Income Benchmark:Blmbg. Barc. Intermed. U.S. Government/Credit Peer Group:IM U.S. Intermediate Duration (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 0.7% 1.4% 2.1% -0.7 % -1.4 % 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 Income Research Benchmark 0.96 1.02 1.08 1.14 1.20 6/01 6/03 6/05 6/07 6/09 6/11 6/13 6/15 6/17 6/19 3/21 1.10 Income Research Performance Summary As of March 31, 2021Income Research Page 48 -7.0 -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 17.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Income Research -1.6 (38)3.8 (43)4.8 (18)3.0 (37)3.2 (35)7.5 (18)6.7 (42)0.8 (41)¢ Blmbg. Barc. Intermed. U.S. Government/Credit -1.9 (68)2.0 (82)4.4 (46)2.8 (57)2.9 (60)6.4 (52)6.8 (39)0.9 (37) 5th Percentile 0.5 10.2 5.7 4.0 4.3 9.1 8.5 1.5 1st Quartile -1.5 5.1 4.7 3.2 3.3 7.2 7.0 1.0 Median -1.7 3.4 4.3 2.8 3.0 6.5 6.6 0.7 3rd Quartile -1.9 2.2 3.9 2.5 2.7 5.5 5.9 0.4 95th Percentile -2.5 1.1 3.0 1.8 2.0 3.4 4.5 -0.7 Population 103 101 96 92 83 107 104 108 Income Research Peer Group Analysis As of March 31, 2021 IM U.S. Intermediate Duration (SA+CF) Parentheses contain percentile rankings. Page 49 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Income Research Blmbg. Barc. Intermed. U.S. Government/Credit FTSE 3 Month T-Bill 0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 Retu rn (%) 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Risk (Standard Deviation %) Income Research Blmbg. Barc. Intermed. U.S. Government/Credit 0.0 0.9 1.8 2.7 3.6 4.5 5.4 6.3 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 3/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Income Research 0.27 0.43 0.64 0.97 0.82 0.31 0.99 3.03 2.34 0.98 Blmbg. Barc. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 0.70 0.00 1.00 2.75 2.33 1.00 FTSE 3 Month T-Bill -1.60 2.27 -0.70 0.09 N/A 1.06 0.03 1.15 0.25 0.30 Income Research Risk Profile As of March 31, 2021Income Research Page 50 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Prudential Core Plus Bond Blmbg. Barc. U.S. Aggregate 0.0 6.0 12.0 18.0 -6.0 -12.0 Ret urn 1 Quarter 1 Year 3 Years 5 Years Inception 6/1/15 -3.4 0.7 4.7 3.1 3.1 -4.4 7.3 5.4 4.7 4.4 Account Name:Prudential Core Plus Bond Inception Date:06/01/2015 Account Structure:Commingled Fund Asset Class:US Fixed Income Benchmark:Blmbg. Barc. U.S. Aggregate Peer Group:IM U.S. Broad Market Core+ Fixed Income (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 5.0% 10.0% -5.0 % -10.0 % 9/15 6/16 3/17 12/17 9/18 6/19 3/20 3/21 Prudential Core Plus Bond Benchmark 0.90 0.95 1.00 1.05 1.10 1.15 5/15 2/16 11/16 8/17 5/18 2/19 11/19 8/20 3/21 1.07 Prudential Core Plus Bond Performance Summary As of March 31, 2021Prudential Core Plus Bond Page 51 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 Return 1 Quarter 1 Year 3 Years 5 Years 2020 2019 2018 Prudential Core Plus Bond -4.4 (100)7.3 (43)5.4 (46)4.7 (25)9.2 (34)11.3 (11)-0.4 (38)¢ Blmbg. Barc. U.S. Aggregate -3.4 (92)0.7 (99)4.7 (83)3.1 (92)7.5 (79)8.7 (77)0.0 (18) 5th Percentile 0.9 20.6 6.8 6.5 12.0 13.3 0.9 1st Quartile -2.2 9.4 5.7 4.7 9.5 10.6 -0.2 Median -2.8 6.7 5.3 4.1 8.6 9.5 -0.8 3rd Quartile -3.1 4.8 4.8 3.6 7.7 8.8 -1.5 95th Percentile -3.6 2.1 3.0 2.8 3.5 6.7 -3.6 Population 115 115 111 103 117 122 121 Prudential Core Plus Bond Peer Group Analysis As of March 31, 2021 IM U.S. Broad Market Core+ Fixed Income (SA+CF) Parentheses contain percentile rankings. Page 52 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Prudential Core Plus Bond Blmbg. Barc. U.S. Aggregate FTSE 3 Month T-Bill -1.5 0.0 1.5 3.0 4.5 6.0 7.5 Return (%) 0.0 2.0 4.0 6.0 8.0 10.0 Risk (Standard Deviation %) Prudential Core Plus Bond Blmbg. Barc. U.S. Aggregate 0.0 2.0 4.0 6.0 8.0 10.0 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 3/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Prudential Core Plus Bond 0.87 3.90 0.22 0.62 0.68 -0.64 1.33 5.44 6.02 0.78 Blmbg. Barc. U.S. Aggregate 0.00 0.00 N/A 1.00 0.91 0.00 1.00 4.65 3.56 1.00 FTSE 3 Month T-Bill -3.18 3.48 -0.91 0.11 N/A 1.33 0.03 1.45 0.27 0.34 Prudential Core Plus Bond Risk Profile As of March 31, 2021Prudential Core Plus Bond Page 53 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Brandywine Global Opportunistic Fixed Income FTSE World Government Bond Index 0.0 15.0 30.0 45.0 -15.0 -30.0 Ret urn 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 1/1/05 -5.7 1.8 2.1 2.1 1.7 2.8 -4.0 20.8 2.3 4.0 4.1 5.2 Account Name:Brandywine Global Opportunistic Fixed Income Inception Date:01/01/2005 Account Structure:Commingled Fund Asset Class:International Fixed Income Benchmark:FTSE World Government Bond Index Peer Group:IM Global Fixed Income (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 10.0% 20.0% -10.0 % -20.0 % -30.0 % 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 Brandywine Global Opportunistic Fixed Income Benchmark 0.60 0.90 1.20 1.50 1.80 12/04 6/06 12/07 6/09 12/10 6/12 12/13 6/15 12/16 6/18 3/21 1.46 Brandywine Global Opportunistic Fixed Income Performance Summary As of March 31, 2021Brandywine Global Opportunistic Fixed Income Page 54 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Brandywine Global Opportunistic Fixed Income -4.0 (77)20.8 (34)2.3 (86)4.0 (62)4.1 (44)11.7 (13)9.3 (48)-5.2 (89)¢ FTSE World Government Bond Index -5.7 (97)1.8 (97)2.1 (88)2.1 (92)1.7 (90)10.1 (30)5.9 (88)-0.8 (24) 5th Percentile 3.6 32.9 7.3 8.2 6.6 15.4 15.1 1.5 1st Quartile 1.0 22.5 5.7 6.6 4.9 10.6 12.9 -0.9 Median -1.9 14.0 4.3 4.5 3.8 7.5 9.0 -2.4 3rd Quartile -3.8 8.9 2.8 3.5 2.4 4.5 7.8 -4.1 95th Percentile -5.5 2.6 0.1 1.9 -1.8 0.7 4.1 -7.1 Population 137 137 133 128 86 150 162 174 Brandywine Global Opportunistic Fixed Income Peer Group Analysis As of March 31, 2021 IM Global Fixed Income (SA+CF) Parentheses contain percentile rankings. Page 55 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Brandywine Global Opportunistic Fixed Income FTSE World Government Bond Index FTSE 3 Month T-Bill -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Retu rn (%) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Brandywine Global Opportunistic Fixed Income FTSE World Government Bond Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 3/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Brandywine Global Opportunistic Fixed Income 2.04 6.84 0.30 0.46 0.34 1.68 1.16 3.96 9.25 0.68 FTSE World Government Bond Index 0.00 0.00 N/A 1.00 0.21 0.00 1.00 2.15 5.40 1.00 FTSE 3 Month T-Bill -1.13 5.37 -0.21 0.02 N/A 1.14 0.01 1.15 0.25 0.12 Brandywine Global Opportunistic Fixed Income Risk Profile As of March 31, 2021Brandywine Global Opportunistic Fixed Income Page 56 (This Page Left Blank Intentionally) Page 57 Real Estate Page 58 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information UBS Trumbull Property Fund NCREIF Property Index 0.0 6.0 12.0 18.0 -6.0 -12.0 Ret urn 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 6/1/06 1.7 2.6 4.9 5.8 8.8 7.1 1.1 -4.1 -0.9 1.6 5.8 4.4 Account Name:UBS Trumbull Property Fund Inception Date:06/01/2006 Account Structure:Commingled Fund Asset Class:US Private Real Estate Benchmark:NCREIF Property Index Peer Group: Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% -3.0 % -6.0 % -9.0 % 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 3/21 UBS Trumbull Property Fund Benchmark 0.40 0.60 0.80 1.00 1.20 5/06 11/07 5/09 11/10 5/12 11/13 5/15 11/16 5/18 11/19 3/21 0.68 UBS Trumbull Property Fund Performance Summary As of March 31, 2021UBS Trumbull Property Fund Page 59 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics UBS Trumbull Property Fund NCREIF Property Index FTSE 3 Month T-Bill -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 Return (%) 0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 Risk (Standard Deviation %) UBS Trumbull Property Fund NCREIF Property Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 3/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation UBS Trumbull Property Fund -4.01 2.60 -1.54 0.35 0.17 -6.20 1.41 1.64 3.16 0.59 NCREIF Property Index 0.00 0.00 N/A 1.00 3.41 0.00 1.00 5.81 1.33 1.00 FTSE 3 Month T-Bill -4.55 1.33 -3.41 0.02 N/A 0.88 0.05 1.15 0.43 0.15 UBS Trumbull Property Fund Risk Profile As of March 31, 2021UBS Trumbull Property Fund Page 60 (This Page Left Blank Intentionally) Page 61 Market Environment Page 62 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Global Equity Markets 5.1%3.8%6.2%6.3% 1.9% 9.5% 1.1%3.6%4.5%2.9% 57.6% 51.9% 62.0% 38.3%39.5% 64.7% 44.7% 51.5% 58.2%61.1% 0% 10% 20% 30% 40% 50% 60% 70% ACWI IMI 42.8% ACWI ex-U.S. IMI 57.2% US A IMI 4.0% UK IMI 6.9% Japa n IMI 2.9% Ca na da IMI 0.2% Israel IMI 12.7% Europe ex-UK IMI 3.3% Pacific ex-Ja pa n IMI 12.8% Emergi ng Ma rkets IMI GLOBAL MSCI IMI INDEX RETURNS (US D) AS OF 03/31/2021 Firs t Quarter 2021 One-Year Source: MSCI Global equities ended the quarter higher, backed by further stimulus and positive vaccine developments. The MSCI All Country World Investable Market Index (ACWI IMI) returned 5.1% for the quarter. Non-U.S. equities generated positive returns over the quarter but trailed the U.S., with the ACWI ex-U.S. IMI up 3.8% compared to a 6.2% return in the U.S. Canadian equities were the strongest region for the quarter, as the Canada IMI returned 9.5%. The index was led higher by its two largest sectors, Financials and Energy, which benefited from rising rates and oil prices. The UK also faired well despite facing a rise in COVID-19 cases that prompted stricter lockdowns. Higher global inflation expectations buoyed the index given its large allocation to cyclical sectors such as Financials and Industrials. Page 63 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Global Equity Markets Below is the country/region breakdown of the global and international equity markets as measured by the MSCI All Country World IMI Index and the MSCI All Country World ex-U.S. IMI Index, respectively. USA 57.2% UK 4.0% Canada 2.9% Pacific ex- Japan, 3.3% Japan 6.9% Europe ex-UK 12.7% Israel 0.2%Latin America 1.0% Asia 10.2% Eastern Europe, Middle East & Africa 1.6% Emerging Markets 12.8% MSCI ALL COUNTRY WORLD IMI INDEX GEOGRAPHIC ALLOCATION AS OF 03/31/2021 Source:MSCI [CATEGORY NAME] [PERCENTAGE]Canada 6.7% Pacific ex-Japan 7.7% Japan 16.1% Europe ex-UK 29.7% Israel 0.6% Latin America 2.3% Asia 23.8% Eastern Europe, Middle East & Africa 3.9% Emerging Markets 29.9% MSCI ALL COUNTRY WORLD EX-U.S. IMI INDEX GEOGRAPHIC ALLOCATION AS OF 03/31/2021 Source:MSCI Page 64 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Equity Markets U.S. equities were generally positive for the quarter, boosted by additional fiscal stimulus and strong vaccination rollouts. President Joe Biden signed a $1.9T stimulus package providing more direct payments to Americans and extending the federal emergency unemployment benefits program shortly after being sworn into office. At the end of the quarter, his administration also announced plans for over $2T in infrastructure spending. Meanwhile, U.S. GDP rose 4.0% in Q4 (annualized quarter-over-quarter) a lockdowns eased but remained down 2.5% year-over-year. The Russell 3000 Index returned 6.3% during the first quarter and 62.5% over the one-year period. All sectors generated positive returns over the quarter. Performance was bolstered by strong quarterly returns from the Energy and Financials sectors, which returned 28.% and 16.1% respectively. Healthcare was the largest laggard with a return of 2.1%. Over the one-year period, the Energy sector lead with a return 89.0%. While facing the near-term pressure due to higher interest rates, the Technology sector, the index’s largest weight, was still up 72.0%. Small cap stocks outperformed both large and medium cap stocks over the quarter, almost doubling over the year. Value stocks outperformed growth across all market capitalizations for the first quarter of 2021; mid and small cap value have outpaced their growth counterparts over the trailing one-year period as well. 6.3%10.3% 1.3% 13.1% -0.6% 21.2% 4.9% 62.5% 47.9% 61.4% 73.8%68.6% 97.1%90.2% -10% 10% 30% 50% 70% 90% Russell 3000 30.4% Large Value 37.5% Large Growth 16.8% Medium Va lue 8.4% Medium Growth 3.6% Sm all Value 3.4% Small Growth RUSSELL ST YLE RET URNS AS OF 03/31/2021 First Quarter 2021 One-Year Source: Ru ssell In dexes 6.3%3.2%2.1%4.4%4.2% 28.5% 11.9% 8.5% 16.1% 3.0%4.4%7.8% 62.5% 72.0% 39.9% 86.7% 32.2% 89.0%86.1% 67.6% 73.3% 21.6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Russell 30 00 25 .5% Techno logy 13 .0% Healthcare 16.4% Co ns. Di sc 5.0% Cons. Staples 2.8% Ener gy 2.1% Ma te ria ls & Processi ng 14 .4% Prod uc er Durables 11 .3% Finan ci als 2.8% Utilitie s 3.2% Telecom. 3.4% Re al Estate RUSSELL SECT OR RET URNS AS OF 03/31/2021 First Quarter 2021 One-Year Source: Russell In dexes(Ne w sectors l ike Telecommu nication a nd Real E state O ne-Year chart excl uded d ue to lack of histori cal data) Page 65 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Fixed Income Markets The Bloomberg Barclays U.S. Aggregate Bond Index fell by 3.4% over the quarter. Corporate bonds fared the worst, down 4.6% by quarter-end, followed by Government bonds which fell by 4.1%. Longer duration bonds (10+ year maturities) fell the most at -10.4%. High yield bonds rose by 0.8%, outperforming investment grade credit. Within investment grade bonds, A bonds were the worst performer with a return of -4.9%. -2.9%-4.3%-4.9%-4.3% 0.8% -2.3% 2.3% 5.2% 13.1% 23.7% -10% -5% 0% 5% 10% 15% 20% 25% 30% Aaa Aa A Baa High Yield BLOOMB ERG BAR CLAYS AGGREGATE RETURNS BY QU ALITY AN D HIGH YIELD RETURNS AS OF 03/31/2021 First Qu arter 2021 One-YearSource: FactSet -0.1%-0.9% -2.9% -4.8% -10.4% 1.2%1.5%2.0%2.8% -2.0% -12% -10% -8% -6% -4% -2% 0% 2% 4% 1-3 Yr .3-5 Yr .5-7 Yr .7-10 Yr.>10 Yr . BLOOMBERG BAR CLAYS AGGR EGAT E RETURNS BY MATURITY AS OF 03/31/2021 First Quarter 2021 One-Ye arSource: FactSet -3.4%-4.1%-4.6% -1.1%-0.2% -2.3% 0.7% -4.3% 8.7% -0.1% 4.6%4.4% -6% -4% -2% 0% 2% 4% 6% 8% 10% Ba rclays Agg. Bond 40.7% Govt 27.9% Corp. 28.7% MBS 0.3% AB S 2.3% CMBS BLOOMB ERG B AR CLAYS AGGR EGAT E RETURNS BY SECTOR AS OF 03/31/2021 First Quarter 2021 One-YearSource: FactSet Page 66 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Fixed Income Markets The U.S. nominal yield curve steepened over the quarter with yields rising sharply across medium to longer maturities. Long-dated yields saw the largest quarterly increase due to higher inflation expectations. Short-term maturities were largely unchanged as the US Federal Reserve (Fed) signalled that it would keep its policy rate near zero until at least 2024. The 10-year U.S. treasury yield ended the quarter 81bps higher at 1.74% and the 30-year yield increased by 76bps to 2.41%. The 10-year TIPS yield rose by 43bps over the quarter to -0.63%. -1% 0% 1% 1% 2% 2% 3% 3% 0 5 10 15 20 25 30 Maturi ty (Ye ars) U.S. T REASURY YIELD CURVE 3/31/2020 12/31/20 20 3/31/2021 Source:U.S. Departm ent of Treasury -2% -1% 0% 1% 2% 3% 4% Mar 11 Mar 13 Mar 15 Mar 17 Ma r 19 Mar 21 U.S. 10-YEAR TREASURY AN D TIPS YIELDS 10Y TIPS Yield 10Y Treasury Yi eld Source:U.S. D epartm ent of Treasury Page 67 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. European Fixed Income Markets 0% 2% 4% 6% 8% 10% 12% 14% 2015 2016 2017 2018 2019 2020 2021 EUROZO NE PERIPHERAL BOND SPREADS (10-YEAR SPREADS OVER GERM AN BUNDS ) Spain Italy Portugal Gr eece Irel and Sour ce:FactSet European government bond spreads over 10-year German bunds generally narrowed across the Euro Area. The European Central Bank (ECB) pledged to speed up its bond-buying program under its €1.9tn pandemic emergency purchase program (PEPP) citing rising concerns over the surge in eurozone bond yields. Elsewhere, the ECB raised the eurozone growth forecast for 2021 to 4.0% from 3.9%. German government bund yields rose by 28bps to -0.30% over the quarter. Economic growth in the Eurozone moderated as GDP contracted by 0.7% in Q4 2020 and fell by 6.8% over the year. Germany’s economy grew by 0.1% in Q4 2020 while France contracted by 1.3% over the same period. Italian government bond yields rose by 12bps to 0.66%. Following the failure of negotiations to rebuild a coalition government led by Giuseppe Conte, the former president of the European Central Bank, Mario Draghi, was sworn in as the 30th prime minister after forming a national unity government in Italy supported by most major political parties in Italy’s parliament. Page 68 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Credit Spreads Spre ad (bps)03/31/2021 12/31/2020 03/31/2020 Quarte rl y Change (bps)One-Ye ar Cha nge (b ps) U.S. Aggregat e 31 42 95 -11 -64 Long Gov't 1 1 4 0 -3 Long Credit 126 141 279 -15 -153 Long Gov't/Credit 76 85 151 -9 -75 MBS 12 39 60 -27 -48 CMBS 71 81 188 -10 -117 ABS 35 33 213 2 -178 Corporat e 91 96 272 -5 -181 High Yield 310 360 880 -50 -570 Global Emerging Mark et s 267 268 619 -1 -352 So urc e: F ac tSet , B lo omberg Barclays Credit spreads continued to tighten but more moderately than previous quarter. Credit spreads over U.S. treasuries generally narrowed over the quarter. High Yield credit spreads and MBS spreads narrowed the most in Q1 2021, decreasing by 50bps and 27bps over the quarter. Page 69 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Currency 80 90 100 110 120 130 140 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 U.S. DOLLAR REL AT IVE TO EUR, GBP AND JP Y REBAS ED TO 100 AT 03/31/2015 EUR/USD GBP /U SD JPY /USD Sour ce: FactSet St ronger Do llar We ak er Do llar The U.S. Dollar appreciated against the Euro and Yen but depreciated against the Sterling. The U.S. dollar rose 2.3% on a trade-weighted basis. The Sterling rose by 4.1% on a trade-weighted basis over the quarter. The Bank of England kept the interest rate unchanged at a historic low of 0.1% and downgraded its growth forecasts for 2021 to 5.00% from 7.25%. The Monetary Policy Committee also expects the economy to contract by 4.0% in Q1 2021 and recover rapidly in the second half of the year on the back of vaccination progress, failing which, it may impose negative interest rates. The Sterling appreciated by 0.9% against the U.S. dollar. The Bank of Japan (BOJ) continues to target a zero percent 10-year bond yield but widened its tolerance band to plus/minus 0.25% from 0.20%. The BOJ also removed its pledge to buy Exchange-traded funds (ETFs) linked to Topix and Nikkei at an annual pace of approximately ¥6T. The U.S. dollar appreciated by 4.1% and 7.0% against the Euro and Yen, respectively. 100 105 110 115 120 125 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 TRADE WEI GHTED U.S. DOLLAR INDEX (2006 = 100) Sour ce:Feder al R es er ve Page 70 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Commodities Commodities had a strong quarter as the Bloomberg Commodity Index returned 6.9%. Energy and Industrial Metals were the main beneficiaries of the reflation trade. The Energy sector was the best performing sector as it rose by 17.3% over the quarter and 37.4% over the trailing one-year period. Crude oil prices rose sharply on positive vaccine developments and easing lockdowns. OPEC+ decided to maintain a production rate at 7mb/d, slightly down from the previous quarter’s 7.2 mb/d. The price of Brent crude oil rose by 22.7% to $64/bbl. while WTI crude oil spot prices rose by 21.9% to $59/bbl. 6.9% 3.1% 17.3% 7.5% -9.3% 6.8% -1.5% 8.3% 10.4% 35.0% 34.1% 37.4% 53.3% 15.2% 38.0% 21.9% 39.2% 17.7% -20%-10%0%10%20%30%40%50%60% Bloomberg Co mmodity I ndex Ex-Energy Energy Industrial Metals Prec. Metals Agric. Softs Gr ains Livestock COMMODITY RETUR NS AS OF 03/31/2021 First Quarter 2021 One-Year Source:Bloomberg Note: Softs and Grains are part of the wider Agriculture sector Page 71 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Hedge fund performance was positive across all strategies in the first quarter. HFRI Fund-Weighted Composite Index and the HFRI Fund of Funds Composite Index produced returns of 6.1% and 2.5% respectively. Over the quarter, Distressed-Restructuring and Event-Driven strategies were the best performers, returning 8.8% and 8.2% respectively. 4.8% 3.8% 7.4% 3.2% 8.2% 8.8% 3.9% 6.1% 2.5% 25.9% 11.2% 48.2% 37.3% 39.0% 37.7% 19.7% 34.1% 24.6% 0%10%20%30%40%50%60% Fixed Income/Convertible Arb. Global Macro Equi ty Hedge Emerging Markets Event-Driven Distressed-Re structurin g Relative Value Fund-Weighted Composite Index Fund of Fu nds Composite Index HEDG E FUND PERFORMAN CE AS OF 03/31/2021 First Quarter 2021 One-Year Note: Latest 5 months of HFR data are estimated by HFR and may change in the future. Source:HFR Hedge Fund Markets Overview Page 72 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Private Equity Market Overview | Fourth Quarter 2020 Slide 1 of 2 Fundraising:In 2020,$839.8 billion was raised by 1,954 funds,which was a decrease of 8.4%on a capital basis and a decrease of 15.7%by number of funds from the prior year.Dry powder stood at $2.0 trillion at the end of the year,an increase of 9.4%and 23.4%compared to year- end 2019 and the five-year average,respectively.1 Buyout:Global private equity-backed buyout deals totaled $447.9 billion in 2020,which was down 5.4%and 3.9%from 2019 and the five- year average,respectively.1 At the end of 2020,the average purchase price multiple for all U.S.LBOs was 11.4x EBITDA,down slightly from year-end 2019’s average of 11.5x and up from the five-year average (10.8x).2 Large cap purchase price multiples stood at 11.3x,down compared to the full-year 2019 level of 11.4x.2 The average purchase price multiple across European transactions greater than €1B averaged 13.1x EBITDA for year-end 2020,up significantly from the 11.2x multiple seen at year-end 2019.Purchase prices for transactions of €500M million or more increased from 11.1x in 2019 to 11.6x in 2020.Globally,exit value totaled $497.5 billion on 1,900 deals during the year,higher than the $465.9 billion in exits from 2,161 deals during 2019. Venture:During the year,6,022 venture-backed transactions totaling $129.7 billion were completed,which was an increase on a capital basis over the prior year’s total of $113.4 billion across 6,599 deals.This was 26.2%higher than the five-year average of $102.7 billion and marked a new annual record.3 Total U.S.venture-backed exit activity totaled approximately $290.1 billion across 928 completed transactions in 2020, up from $257.4 billion across 1,121 exits in 2019.4 Mezzanine:41 funds closed on $27.6 billion during the year.This was a significant increase from the prior year’s total of $9.0 billion raised by 37 funds and represented an increase of 25.2%from the five-year average of $22.0 billion.Estimated dry powder was $51.8 billion at the end of 2020,down by $52.9 billion from the prior year. Source: Preqin LTM Global Private Equity-Backed Buyout Deal Volume 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 $0 $100 $200 $300 $400 $500 $600 3Q12 2Q13 1Q14 4Q14 3Q15 2Q16 1Q17 4Q17 3Q18 2Q19 1Q20 4Q20 # of Deals Value ($ Billions) Deal Value ($ Bil lio ns) Number of Dea ls Page 73 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Private Equity Market Overview | Fourth Quarter 2020 Slide 2 of 2 Distressed Debt:The LTM U.S.high-yield default rate was 5.2%as of December 2020,which was up from December 2019’s LTM rate of 3.3%.5 The high-yield default rate is projected to trend lower through 2021.During the year,$58.4 billion was raised by 70 funds,higher than the $50.8 billion raised by 89 funds during 2019.1 Dry powder was estimated at $135.1 billion at the end of 2020,which was up 12.5%from year-end 2019.This remained above the five-year annual average level of $115.0 billion.1 Secondaries:57 funds raised $87.8 billion during the year,up significantly from the $25.6 billion raised by 34 funds in 2019.This was the most raised during a one-year period by secondaries funds in history.1 The average discount rate for all private equity sectors finished the year at 11.8%,greater than the 8.1%discount at the end of 2019.6 Infrastructure:$97.9 billion of capital was raised by 122 funds in 2020 compared to $112.0 billion of capital raised by 136 partnerships in 2019. At the end of the year,dry powder stood at $233.8 billion,up from last year’s record of $224.9 billion.Infrastructure managers completed 2,226 deals for an aggregate deal value of $282.3 billion in 2020 compared to 2,710 deals totaling $508.6 billion in 2019.1 Natural Resources:During 2020,21 funds closed on $8.6 billion compared to 37 funds totaling $13.7 billion in 2019.Energy and utilities industry managers completed 157 deals totaling $16.3 billion in 2020,compared to $17.0 billion across 156 deals in 2019.1 Source: S&P Sources: 1 Preqin 2 Standard & Poor’s 3 PwC/CB Insights MoneyTree Report 4 PitchBook/NVCA Venture Monitor 5 Fitch Ratings 6 Thomson Reuters 7 UBS Notes: FY=Fiscal year ended 12/31; YTD=Year to date; LTM=Last 12 months (aka trailing 12 months); PPM=Purchase Price Multiples: Total Purchase Price ÷ EBITDA. U.S. LBO Purchase Price Multiples –All Transactions Sizes 8.7x 8.8x 9.8x 10.3x 10.0x 10.6x 10.6x 11.5x 11.4x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x Senior Debt/EBITDA Sub Debt/EBITDA Equity/EBITDA Others Page 74 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Commercial Real Estate Markets Sources: RCA, AON 12/31/2018 U.S.Core Real Estate returned 2.1%*in the first quarter,equating to a 2.3%total gross return year-over-year,including a 3.8%income return.Shelter in place orders and social distancing practices have most severely impacted operating cash flows in the retail and hotel property sectors.Property valuations have begun to price in the loss of cash flow as a result of COVID-19,but price discovery continues to be impaired.Through February 2021,transaction volume contracted -40%YoY,with the hotel,retail,and office property sectors experiencing the largest decline in transactions. Global property markets,as measured by the FTSE EPRA/NAREIT Developed Real Estate Index,returned 6.1%(USD)in aggregate during the first quarter and experienced a cumulative increase of 35.9%over the trailing 1-year period.REIT market performance was driven by Asia Pacific (6.3%USD),North America (9.7%USD),and Europe (1.5%USD).The U.S.REIT markets (FTSE NAREIT Equity REITs Index)returned 8.9%in the first quarter.The U.S. 10-year treasury bond yields increased 81 bps to 1.74%during the quarter. The coronavirus fueled market volatility in the stock and bond markets has created a situation of uncertainty for private real estate pricing.Amid exceptional uncertainty,the global economy is projected to grow 5.5%in 2021 and 4.2%in 2022,reflecting expectations of a strong rebound fueled by an accelerated vaccine roll out and fiscal and monetary stimulus.The strength of the recovery is projected to vary significantly across countries,depending on access to medical interventions,effectiveness of policy support,exposure to cross-country spillovers,and structural characteristics entering the crisis. We are proactively evolving our investment strategy.COVID-19 forced everyone to adapt due to acute circumstances,and measures to moderate the spread of the disease were fairly consistent on a global basis.Looking forward,investors need to assess what changes to our routines/habits will stick,what regions will be most impacted,and how those impact property sector specific demand drivers. Blind pool funds offer a potential to have capital readily available when the new opportunity set presents itself.Those strategies need careful review in light of the changing market dynamics.Strategies that worked previously in a growth-oriented market may not be appropriate for more opportunistic style investing. Regions,countries,and property types all need to be re-evaluated. *Indicates preliminary NFI-ODCE data gross of fees 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 Office Industrial Retail Apartment 2.1%2.3%4.9%6.2%9.7%8.9% 37.8% 9.5% 5.3%8.6% 0.0% 10.0% 20.0% 30.0% 40.0% Q1 2021 1-Year 3-Year s 5-Year s 10-Year s PRIVATE VS. PUBLIC REAL ES TATE RET URNS AS OF 3/31/2021 Private (NF I-ODCE Gr oss)*Public (NA REIT Gr oss) *First q uarter r eturns a re p relimi nary Sources: NCREIF, FactSet CAP RATES BY SECTOR Page 75 Appendix Page 76 Fee Schedule Market Value As of 03/31/2021 $000 % of Portfolio Estimated Annual Fee $000 Estimated Annual Fee (%) Total Pension 327,037 100.00 1,544 0.47 Total Domestic Equity 125,387 38.34 327 0.26 BlackRock Russell 1000 Index Fund Non-Lending 0.04 % of Assets 87,055 26.62 30 0.04 Kennedy Mid Cap Value 0.75 % of First $25 M 0.70 % of Next $25 M 0.60 % Thereafter 19,825 6.06 149 0.75 TimesSquare Small Cap Growth 0.80 % of Assets 18,507 5.66 148 0.80 Total International Equity 60,904 18.62 562 0.92 Morgan Stanley International Equity 0.91 % of Assets 40,465 12.37 368 0.91 Morgan Stanley Emerging Markets Fund 0.95 % of Assets 20,439 6.25 194 0.95 Total Fixed Income 107,502 32.87 373 0.35 Income Research 0.45 % of First $10 M 0.35 % of Next $10 M 0.30 % of Next $10 M 0.23 % of Next $20 M 0.23 % of Next $50 M 0.20 % Thereafter 42,593 13.02 139 0.33 Prudential Core Plus Bond 0.30 % of First $50 M 0.28 % of Next $100 M 0.25 % of Next $100 M 0.20 % Thereafter 38,668 11.82 116 0.30 Brandywine Global Opportunistic Fixed Income 0.45 % of First $50 M 0.40 % of Next $50 M 0.35 % Thereafter 26,240 8.02 118 0.45 Real Estate 29,815 9.12 258 0.87 UBS Trumbull Property Fund 0.96 % of First $10 M 0.83 % of Next $15 M 0.81 % of Next $25 M 0.79 % of Next $50 M 0.67 % of Next $150 M 0.60 % of Next $150 M 0.56 % of Next $200 M 0.52 % Thereafter 29,815 9.12 258 0.87 Cash Account 0.20 % of Assets 2,215 0.68 4 0.20 Total Pension Fee Schedule As of March 31, 2021 Page 77 Benchmark Descriptions Policy Benchmark As of June 1, 2020, the Policy Index consists of 25% Russell 1000 Index, 10% Russell 2000 Index, 12% MSCI EAFE Index (net), 6 % MSCI EM Index (net), 14% Bloomberg Barclays Int. Gov/Credit Index, 8% FTSE World Government Bond Index, 13% Bloomberg Barclays U.S. Aggregate Index, a nd 12% NCREIF ODCE Index. As of October 1, 2018, the Policy Index consists of 25% Russell 1000 Index, 10% Russell 2000 Index, 12% MSCI EAFE Index (net), 6 % MSCI EM Index (net), 14% BC Int. Gov/Credit Index, 8% Citi WG Bond Index, 13% Barclays U.S. Aggregate Index, and 12% NCREIF Property Index. From January 1, 2017 to October 1, 2018, The Policy Benchmark consists of 20% Russell 1000 Index, 6% Russell 2000 Index, 10% MSCI EAFE Index, 4% MSCI Emerging Markets Index, 12% BC Aggregate Index, 14% BC Intermediate Gov/Credit Index, 9% Citigroup World Government Bond Inde x, 15% HFRI Fund of Funds Composite Index, 10% NCREIF Property Index. From August 1, 2015 to January 1, 2017, The Policy Benchmark consists of 20% Russell 1000 Index, 6% Russell 2000 Index, 10% M SCI EAFE Index, 4% MSCI Emerging Markets Index, 12% BC Aggregate Index, 14% BC Intermediate Gov/Credit Index, 9% Citigroup World Government Bond Inde x, 15% HFRI Fund of Funds Composite Index, 5% Wellington DIH Multi-Asset Inflation Index and 5% NCREIF Property Index. From March 1, 2015 to August 1, 2015, The Policy Benchmark consists of 21% Russell 1000 Index, 6% Russell 2000 Index, 11% MSC I EAFE Index, 3% MSCI Emerging Markets Index, 10% 65% MSCI World/35% BC Aggregate Blend Index, 2% 50% BC Credit/25% S&P LSTA/25% BC High Yield Blen d Index,14% BC Intermediate Gov/Credit Index, 9% Citigroup World Government Bond Index, 5% BofA Merrill Lynch US High Yield Cash Pay Index, 4% HFRI Equity Hedge (Total) Index, 5% JPMorgan GBI-EM Diversified and 5% NCREIF Fund Index-OEDCE. From April 1, 2014 to March 1, 2015, The Policy Benchmark consists of 21% Russell 1000 Index, 6% Russell 2000 Index, 11% MSCI EAFE Index, 3% MSCI Emerging Markets Index, 10% 65% MSCI World/35% BC Aggregate Blend Index, 2% 50% BC Credit/25% S&P LSTA/25% BC High Yield Blend Index,1 4% BC Intermediate Gov/Credit Index, 9% Citigroup World Government Bond Index, 5% BofA Merrill Lynch US High Yield Cash Pay Index, 4% CPI+5%, 5% Wellington DIH Benchmark, 5% JPMorgan GBI-EM Diversified and 5% NCREIF Fund Index-OEDCE. Prior to April 1, 2014, the Policy Benchmark is comprised of 20% Russell 1000 Index, 5% Russell 2000 Index, 10% MSCI EAFE Ind ex,3% MSCI Emerging Markets Index, 10% 65% MSCI World/35% BC Aggregate Blend Index, 2% 50% BC Credit/25% S&P LSTA/25% BC High Yield Blend Index, 13% BC I ntermediate Gov/Credit Index, , 8% Citigroup World Government Bond Index, 5% BofA Merrill Lynch US High Yield, Cash Pay Index, 5% 3 Month T-Bills + 3%, 4% CPI + 5%, 5% Wellington DIH Multi-Asset Inflation Index, 5% JPM GBI-EM Global Diversified Index, and 5% NCREIF Fund Index-OEDCE Note: Wellington DIH Multi-Asset Inflation Index consists of 50% MSCI ACW Commodity Producers Index, 25% DJ AIG Commodity Total Return Index and 25% BC US Treasury Inflation Notes: 1-10 Year Page 78 Benchmark Descriptions Bloomberg Barclays Corporate High Yield Bond Index -An index that covers the U.S.D-dominated, non-investment grade, fixed rate, taxable corporate bond market. Debt issues from emerging market countries are excluded. Securities are classified as high-yield if the middle rating is Ba1/BB+ or below. Bloomberg Barclays Emerging Markets Index -An unmanaged index that tracks total returns for external-currency-denominated debt instruments of the emerging markets. Bloomberg Barclays Global Aggregate -Provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and U.S.D investment grade 144A securities. Bloomberg Barclays Global Treasury Ex-U.S. -The Barclays Global Treasury ex U.S. Index is a subset of the flagship Global Treasury Index that does not have any exposure to U.S. debt. This multi-currency benchmark includes investment grade, fixed-rate bonds issued by governments in their native currencies. Bloomberg Barclays Inflation Index -Measures the performance of the U.S. Treasury Inflation Protected Securities ("TIPS") market. Bloomberg Barclays Universal Index -A market value-weighted index which is the union of the U.S. Aggregate Index, U.S. High Yield Corporate Index, Eurodollar Index, U.S. Emerging Markets Index and the CMBS High Yield Index. The Index is appropriate for core plus fixed income mandates. Bloomberg Barclays U.S. Aggregate Bond Index -A market value-weighted index consisting of government bonds, SEC-registered corporate bonds and mortgage-related and asset-backed securities with at least one year to maturity and an outstanding par value of $250 M or greater. This index is a broad measure of the performance of the investment grade U.S. fixed income market. Bloomberg Barclays U.S. Government/Credit Index -A subcomponent of the Barclays Capital Aggregate Index, this benchmark includes treasury securities, government related issues, and high quality corporate bonds with an outstanding par value of $250 M or greater and at least one year of maturity remaining. Bloomberg Barclays U.S. Government Index -A market value weighted index of U.S. government and government agency securities (other than mortgage securities) with maturities of one year or more. Bloomberg Barclays U.S. High Yield Index -An index composed of non-investment grade corporate debt denominated in U.S. dollars. The issues have to have an outstanding par value of $150 M or greater and at least one year of maturity remaining. Bloomberg Barclays U.S. Intermediate Aggregate Bond Index -A market value-weighted index consisting of U.S. Treasury securities, corporate bonds and mortgage-related and asset-backed securities with one to ten years to maturity and an outstanding par value of $250 M or greater. Bloomberg Barclays U.S. Intermediate Government Bond Index -An unmanaged index considered representative of intermediate-term fixed-income obligations issued by the U.S. Treasury, government agencies and quasi-federal corporations. Bloomberg Barclays U.S. Intermediate Government/Credit Index -A market-value weighted index consisting of U.S. government bonds and SEC-registered corporate bonds with one to ten years to maturity and an outstanding par value of $150 M or greater. Bloomberg Barclays U.S. Intermediate Treasury -An unmanaged index considered representative of intermediate-term fixed-income obligations issued by the U.S. Treasury. Bloomberg Barclays U.S. Long Credit Bond Index -An unmanaged index considered representative of long-term fixed-income obligations issued by U.S. corporate, specified foreign debentures, and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered. Page 79 Benchmark Descriptions Bloomberg Barclays U.S. Long Gov’t/Credit Index -The Barclays Capital U.S. Government/ Credit Bond Index measures performance of U.S. dollar denominated U.S. treasuries, government-related, and investment grade U.S. corporate securities that have a remaining maturity of greater than or equal to 1 year. In addition, the securities have $250 M or more of outstanding face value, and must be fixed rate and non-convertible. Bloomberg Barclays U.S. Long Government Bond Index -An unmanaged index considered representative of long-term fixed-income obligations issued by the U.S. Treasury, government agencies and quasi-federal corporations. Bloomberg Barclays U.S. TIPS -A market value-weighted index consisting of U.S. Treasury Inflation Protected Securities with one or more years remaining until maturity with total outstanding issue size of $500m or more. Bloomberg Barclays U.S. Treasury 20-30 Year STRIPS Index -A subcomponent of the Barclays Aggregate Index, this benchmark includes long-term treasury STRIPS. Bloomberg Commodity Index -Consists of 22 exchange-traded futures on physical commodities, which are weighted to account for economic significance and market liquidity. Performance is calculated on an excess return basis and reflects commodity future price movements. BofA Merrill Lynch 3 Month Treasury Bill -An index that measures the average return of the last three-month U.S. Treasury Bill issues. BofA Merrill Lynch High Yield Master -A market-capitalization weighted index that tracks the performance of U.S. dollar-denominated, below investment grade corporate debt publicly issued in the U.S. domestic market. Citigroup 90-Day T-Bill Index -An index that measures the average return of the last three-month U.S. Treasury Bill issues. Credit Suisse Leveraged Loan Index -Designed to mirror the investable universe of the U.S. dollar denominated leveraged loan market. CRSP U.S. Large Cap Index -an index comprised of nearly 640 U.S. large cap companies and includes securities traded on NYSE, NYSE Market, NASDAQ, or ARCA, representing nearly 85% of the U.S. investable equity market. The index is reconstituted quarterly after the market close on the third Fridays of March, June, September, and December. CRSP U.S. Total Market Index -an index comprised of nearly 4,000 constituents across mega, large, small, and micro capitalizations and includes securities traded on NYSE, NYSE Market, NASDAQ, or ARCA, representing nearly 100% of the U.S. investable equity market. The index is reconstituted quarterly after the market close on the third Fridays of March, June, September, and December. DJ U.S. Completion Total Stock Market Index -A capitalization-weighted index that consists of the stocks in the Dow Jones U.S. Total Stock Market Index less the stocks in the S&P 500 Stock Index. DJ U.S. Total Stock Market Index -A capitalization-weighted stock index representing all domestic common stocks traded regularly on the organized exchanges. The index is the broadest measure of the aggregate domestic stock market and includes approximately 5,000 stocks. FTSE 4Good U.S. Select Index -a socially responsible investment (SRI) index of U.S. stocks that excludes companies with certain business activities such as weapons, tobacco, gambling, alcohol, nuclear power, and adult entertainment. FTSE All-World ex-U.S. Index -A capitalization-weighted stock index representing 46 developed market countries and emerging market countries excluding the U.S. Page 80 Benchmark Descriptions FTSE EPRA NAREIT Global ex-U.S. Index -Designed to represent general trends in eligible real estate equities worldwide. Relevant real estate activities are defined as the ownership, disposure and development of income-producing real estate. FTSE Global All Cap ex U.S. Index -a market-capitalization weighted index representing the performance of roughly 5350 large, mid and small cap companies in 46 Developed and Emerging markets worldwide, excluding the USA. FTSE Global Core Infrastructure Index -Represents the performance of infrastructure and infrastructure-related securities companies in a set of industries that FTSE defines as being involved in infrastructure. The series is based on the FTSE Global Equity Index Series and both developed and emerging markets are included. FTSE NAREIT U.S. Equity REITS -Free float adjusted, market capitalization weighted index of U.S. based equity real estate investment trusts (REITs). Goldman Sachs Commodity Index -A composite index of commodity sector returns which represents a broadly diversified, unleveraged, long-only position in commodity futures. HFRI Fund-of-Fund Index -This index is equal-weighted including 800 constituents. It includes both domestic and offshore accounts and is valued in U.S.dollars. Only fund-of- fund products are included in the index that have at least $50 M under managements and have been actively trading for at least one year. All funds report net monthly returns. HFRI Fund Weighted Composite Index -The HFRI Fund Weighted Composite Index is a global, equal-weighted index of over 2,000 single-manager funds that report to HFR Database. Constituent funds report monthly net of all fees performance in U.S. Dollar and have a minimum of $50 M under management or a twelve (12) month track record of active performance. The HFRI Fund Weighted Composite Index does not include Funds of Hedge Funds. Hueler Stable Value Index -The Hueler Analytics Stable Value Pooled Fund Comparative Universe represents investment strategies of $96 billion in stable value assets, across 24 pooled funds, invested in contracts universe across a universe of 16 general account issuers and 14 synthetic wrap providers.The allocation of pooled fund assets is dominated by synthetic contracts issued by insurance companies and banks. iMoneyNet All Taxable Money Funds Index -An index made up of the entire universe of money market mutual funds. The index currently represents over 1,300 funds, or approximately 99 percent of all money fund assets. iMoneyNet Money Fund Average -An index made up of the entire universe of money market mutual funds. The index currently represents over 1,300 funds, or approximately 99 percent of all money fund assets. J.P. Morgan EMBI Global Diversified -Comprised of dollar-denominated Brady bonds, traded loans and Eurobonds issued by emerging market sovereign and quasi-sovereign entities. The Diversified version limits the weights of the index countries by only including a specified portion of those countries' eligible current face amounts of debt outstanding, providing for a more even distribution of weights within the countries in the index. MSCI All Country World ex-U.S. Index -A capitalization-weighted index of stocks representing 44 stock markets in Europe, Australia, the Far East, the Middle East, Latin America and North America. Index consists of 23 developed and 21 emerging countries, but excludes the U.S. MSCI All Country World ex-U.S. Index IMI-A capitalization-weighted index of large, mid and small cap stocks representing 22 developed (excluding the United States) and 24 emerging market countries. The index is the broadest measure of the aggregate non-U.S. stock market, covering approximately 99% of the global equity investment opportunity set outside of the United States. Page 81 Benchmark Descriptions MSCI All Country World ex-U.S. Small Cap Index -Covers all investable small cap securities with a market capitalization below that of the companies in the MSCI Standard Indices (excluding U.S.), and target approximately 14% of each market’s free-float adjusted market capitalization. MSCI All Country World Index -A capitalization-weighted index of stocks representing 46 stock markets in Europe, Australia, the Far East, the Middle East, Latin America and North America. MSCI All Country World Index IMI -A capitalization-weighted index of large, mid and small cap stocks representing 23 developed and 24 emerging market countries. The index is the broadest measure of the aggregate global stock market, covering approximately 99% of the global equity investment opportunity set. MSCI EAFE Growth Index -A capitalization-weighted index of 21 stock markets in Europe, Australia, Asia and the Far East designed to capture the growth-oriented companies. MSCI EAFE Index -A capitalization-weighted index of stocks representing 22 developed countries in Europe, Australia, Asia, and the Far East. MSCI EAFE Small Cap Index -A capitalization-weighted index of small cap stocks representing 23 developed country markets in Europe, Australia, Asia, and the Far East. MSCI EAFE Value Index -A capitalization-weighted index of 21 stock markets in Europe, Australia, Asia and the Far East designed to capture the value-oriented companies. MSCI Emerging Markets Index -A capitalization-weighted index of stocks representing 22 emerging country markets. MSCI Emerging Markets Value Index -A capitalization-weighted index considered representative of value stocks across 46 stock markets in Europe, Australia, the Far East, the Middle East, Latin America and North America. MSCI U.S. Broad Market Index -A capitalization-weighted stock index that aggregates the MSCI U.S. Large Cap 300, Mid Cap 450, Small Cap 1,750 and Micro Cap Indices. This index represents approximately 99.5% of the capitalization of the U.S. Equity market and includes approximately 3,562 companies. MSCI U.S. REIT Index -A broad index that fairly represents the equity REIT opportunity set with proper investability screens to ensure that the index is investable and replicable. The index represents approximately 85% of the U.S. REIT universe. MSCI World Index -A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, representing 24 developed market country indices. NCREIF Property Index -A capitalization-weighted index of privately owned investment grade income-producing properties representing approximately $269 billion in assets. NFI ODCE Index -A capitalization weighted index comprised of open-end, Core funds investing in commercial real estate properties. The funds that constitute the index are subject to certain geographic and property type diversification requirements as well as leverage restrictions. The index reflects the impact of leverage on investment results. The returns shown in this report are net of management fees of the respective funds included in the index. Rolling 3-year Constant Maturity Treasury Index -An index published by the Federal Reserve Board based on the monthly average yield of a range of Treasury securities, all adjusted to the equivalent of a three-year maturity. Russell 1000 Growth Index -An index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher I/B/E/S growth forecasts. Russell 1000 Index -A capitalization-weighted index of the 1,000 largest publicly traded U.S. stocks by capitalization. Page 82 Benchmark Descriptions Russell 1000 Value Index -An index that measures the performance of those stocks included in the Russell 1000 Index with lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. Russell 2000 Growth Index -A capitalization-weighted index of those stocks in the Russell 2000 Index with higher price-to-book ratios and higher I/B/E/S earnings growth forecasts. Russell 2000 Index -A capitalization-weighted index of the smallest 2,000 stocks in the Russell 3000 Index. The index excludes the largest-and smallest-capitalization issues in the domestic stock market. Russell 2000 Value Index -An index that measures the performance of those stocks included in the Russell 2000 Index with lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. Russell 2500 Growth Index -A capitalization-weighted index representing those companies within the Russell 2500 Index with higher price-to-book ratios and higher I/B/E/S earnings growth forecasts. Russell 2500 Index -The Index is constructed by first identifying the 3,000 largest-capitalization U.S. stocks and ranking them by market capitalizations, choosing the bottom 2,500 names on the list. Russell 2500 Value Index -An index that measures the performance of those stocks included in the Russell 2500 Index with lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. Russell 3000 Growth Index -A capitalization-weighted index consisting of those Russell 3000 Index stocks that have higher price-to-book ratios and higher I/B/E/S earnings growth forecasts. Russell 3000 Index -A capitalization-weighted index consisting of the 3,000 largest publicly traded U.S. stocks by capitalization. This index is a broad measure of the performance of the aggregate domestic equity market. Russell 3000 Value Index -A capitalization-weighted index consisting of those Russell 3000 Index stocks that have lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. Russell Mid Cap Growth Index -A capitalization-weighted index representing those stocks in the Russell MidCap Index with higher price-to-book ratios and higher I/B/E/S earnings growth forecasts. Russell Mid Cap Index -A capitalization-weighted index of the 800 smallest stocks in the Russell 1000 Index. This index is a broad measure of mid-capitalization stocks. Russell Mid Cap Value Index -A capitalization-weighted index consisting of those Russell MidCap Index stocks that have lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. S&P 500 Index -A capitalization-weighted index representing stocks chosen by Standard & Poor's, Inc. for their size, liquidity, stability and industry group representation. The companies in the S&P 500 Index are generally among the largest in their industries. Page 83 Benchmark Descriptions S&P Completion Index -The S&P Completion Index is a sub-index of the S&P Total Market Index, including all stocks eligible for the S&P TMI and excluding all current constituents of the S&P 500. The index covers approximately 4,000 constituents, offering investors broad exposure to mid, small,and micro cap companies. S&P Leverage Loan Index -A daily total return index that uses LSTA/LPC Mark-to-Market Pricing to calculate market value change. S&P MidCap 400 Index -A market-capitalization-weighted index of stocks in all major industries in the mid-range of the U.S. stock market. Wilshire REIT -A measure of the types of U.S. real estate securities that represent the ownership and operation of commercial or residential real estate. To be included in the index, a company must have a market capitalization of $200 M and have at least 75% of the total revenue derived from the ownership and operation of the real estate assets. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect our fees or expenses. Past performance is no guarantee of future results. Please feel free to contact us at retirement@aon.com for more index information. Page 84 (This Page Left Blank Intentionally) Page 85 Disclaimers and Notes Page 86 Notes: §The rates of return contained in this report are shown on an after-fees basis unless otherwise noted. They are geometric and time weighted. §Universe percentiles are based upon an ordering system in which 1 is the best ranking and 100 is the worst ranking. §Due to rounding throughout the report,percentage totals displayed may not sum up to 100.0%.Additionally,individual fund totals in dollar terms may not sum up to the plan totals. §All information presented in this report should be considered preliminary.Finalized data will be available on next Quarterly Investment Report after the close of the quarter. Notes Page 87 Past performance is not necessarily indicative of future results. Unless otherwise noted,performance returns presented reflect the respective fund’s performance as indicated.Returns may be presented on a before-fees basis (gross)or after- fees basis (net).After-fee performance is net of each respective sub-advisors’investment management fees and include the reinvestment of dividends and interest as indicated on the notes page within this report or on the asset allocation and performance summary pages.Actual returns may be reduced by Aon Investments’investment advisory fees or other trust payable expenses you may incur as a client.Aon Investments’advisory fees are described in Form ADV Part 2A.Portfolio performance,characteristics and volatility also may differ from the benchmark(s) shown. The information contained herein is confidential and proprietary and provided for informational purposes only.It is not complete and does not contain certain material information about making investments in securities including important disclosures and risk factors.All securities transactions involve substantial risk of loss.Under no circumstances does the information in this report represent a recommendation to buy or sell stocks, limited partnership interests, or other investment instruments. The data contained in these reports is compiled from statements provided by custodian(s),record-keeper(s),and/or other third-party data provider(s).This document is not intended to provide,and shall not be relied upon for,accounting and legal or tax advice.Aon Investments has not conducted additional audits and cannot warrant its accuracy or completeness.We urge you to carefully review all custodial statements and notify Aon Investments with any issues or questions you may have with respect to investment performance or any other matter set forth herein. The mutual fund information found in this report is provided by Thomson Reuters Lipper and Aon Investments cannot warrant its accuracy or timeliness.Thomson Reuters Lipper Global Data Feed provides comprehensive coverage of mutual fund information directly to Investment Metrics,Aon Investments’performance reporting vendor,via the PARis performance reporting platform.Thomson Reuters Lipper is the data provider chosen by Investment Metrics,and as such,Aon Investments has no direct relationship with Thomson Reuters Lipper. Refer to Hedge Fund Research, Inc.www.hedgefundresearch.com for information on HFR indices. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” and “FTSE4Good®” are trademarks of the London Stock Exchange Group companies and are used by FTSE International Limited under license. The FTSE indices are calculated by FTSE International Limited in conjunction with Indonesia Stock Exchange, Bursa Malaysia Berhad, The Philippine Stock Exchange, Inc., Singapore Exchange Securities Trading Limited and the Stock Exchange of Thailand (the "Exchanges"). All intellectual property rights in the FTSE/ASEAN Index vest in FTSE and the Exchanges. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Aon Investments USA Inc. (“Aon Investments”) is a federally registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”). Aon Investments is also registered with the Commodity Futures Trade Commission as a commodity pool operator and a commodity trading advisor, and is a member of the National Futures Association. 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