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HomeMy Public PortalAbout2021 3rd Quarter ReportVisit the Investments Thought Leadership Site (https://insights-north-america.aon.com/investment); sharing our best thinking. Metropolitan St. Louis Sewer District Pension Plan | Third 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 20 Total International Equity Page 34 Total Fixed Income Page 46 Real Estate Page 60 Market Environment Page 64 Appendix Page 79 Disclaimers and Notes Page 89 Table Of Contents Executive Summary Page 1 Thought Leadership Highlights –Public Funds Aon United Health Solutions Survey on Vaccination Trends Link Aon United Operational Diligence: Due for a Change? (Part 1)Link Market View Prospects for Equities: Fading slowly but surely Link Market View Recent Developments in China: Three Questions with Lucinda Downing Link Market View Quarterly Market Review and Outlook Video (access code ‘aon!’)Link to Video Market View Biden’s Climate Agenda and the Implications for Investments Link Market View A Look at The Biden Infrastructure Proposal Link Market View U.S. Month in Markets Link Market View Quarterly Investment Outlook Link Annual Outlook 6 Key Themes for Public Retirement Plans Link Quarterly Outlook Key Topic for Public Funds in Q4 2021 (3-minute video, access code ‘aon!’)Link to Video Plan Design Expected Return Assumptions for Public Funds: Three Questions with John Sullivan Link Plan Design ESG Engagement: Three Questions with Connie Johnson Link Plan Design White Paper: The Benefits of ESG Integration Link Plan Design Designing, Monitoring and Evaluating Hedge Funds: 3 Questions with Chris Walvoord Link Plan Design White Paper on Pension Obligation Bonds Link Plan Design Inflation-Protecting Assets: 3 Questions with Sheila Noonan Link Plan Design Global Invested Capital Markets –Updated White Paper Link Plan Design Trust the Process --Public Pension Investment Strategy Link Strategy Review Resurgence of SPACs: Three Questions with Bruce Ingram and Peter Dracopoulos 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 (6 minute audio summary, access code ‘aon!’)Link to Article Link to Audio Summary If you do not get Aon Investments’ monthly email newsletter, but would like to, please ask your consultant. Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights 0.6% -4.4% -0.4% -8.1% 0.1%0.5% -0.2% 0.9% 6.6% 15.9% 12.4% 8.3% -1.2%-1.6% -7.4% -2.7% 4.5% 13.1% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg Barclays U.S. Aggregate Bloomberg Barclays U.S. Long Gov't Bloomberg Barclays U.S. Long Credit Bloomberg Barclays U.S. High Yield NCREIF NFI - ODCE SHORT TERM RETURNS AS OF 09/30/2021 Third Quarter 2021 YTD Source:Russell, MSCI, Bloomberg Barclays, Bloomberg MSCI Indices show net total returns throughout this report. All other indices show gross total returns. 16.9% 13.5% 8.8%9.2% 2.9%3.3% 6.1%6.5%7.5% 16.6% 14.6% 8.1% 6.1% 3.0%4.4% 6.6%7.4% 9.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg Barclays U.S. Aggregate Bloomberg Barclays U.S. Long Gov't Bloomberg Barclays U.S. Long Credit Bloomberg Barclays U.S. High Yield NCREIF NFI - ODCE LONG TERM ANNUALIZED RETURNS AS OF 09/30/2021 Five-Year Ten-Year Source:Russell, MSCI, Bloomberg Barclays, Bloomberg Page 3 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights Returns of the Major Capital Markets Period Ending 09/30/2021 Third Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All Country World IMI -1.11%11.42%28.92%12.38%13.06%11.96% MSCI All Country World -1.05%11.12%27.44%12.58%13.20%11.90% Dow Jones U.S. Total Stock Market -0.12%15.13%32.13%15.95%16.82%16.56% Russell 3000 -0.10%14.99%31.88%16.00%16.85%16.60% S&P 500 0.58%15.92%30.00%15.99%16.90%16.63% Russell 2000 -4.36%12.41%47.68%10.54%13.45%14.63% MSCI All Country World ex-U.S. IMI -2.56%6.77%25.16%8.34%9.13%7.74% MSCI All Country World ex-U.S.-2.99%5.90%23.92%8.03%8.94%7.48% MSCI EAFE -0.45%8.35%25.73%7.62%8.81%8.10% MSCI EAFE (Local Currency)1.32%14.23%27.20%7.16%9.01%10.10% MSCI Emerging Markets -8.09%-1.25%18.20%8.58%9.23%6.09% Equity Factors MSCI World Minimum Volatility (USD)-0.09%7.33%13.56%8.46%9.27%10.89% MSCI World High Dividend Yield -1.88%8.99%21.90%7.76%8.72%9.80% MSCI World Quality 0.12%14.31%26.34%18.32%17.92%15.84% MSCI World Momentum 1.07%8.60%20.12%14.97%18.11%15.99% MSCI World Enhanced Value -0.80%15.92%36.99%4.94%8.53%9.82% MSCI World Equal Weighted -0.40%11.94%31.44%9.78%11.12%11.24% MSCI World Index Growth 0.84%12.21%26.34%19.56%19.02%16.01% Fixed Income Bloomberg Barclays Global Aggregate -0.88%-4.06%-0.91%4.24%1.99%1.86% Bloomberg Barclays U.S. Aggregate 0.05%-1.55%-0.90%5.36%2.94%3.01% Bloomberg Barclays U.S. Long Gov't 0.46%-7.40%-10.13%9.17%3.34%4.40% Bloomberg Barclays U.S. Long Credit -0.18%-2.66%2.13%10.20%6.14%6.59% Bloomberg Barclays U.S. Long Gov't/Credit 0.07%-4.57%-2.97%10.12%5.21%5.76% Bloomberg Barclays U.S. TIPS 1.75%3.51%5.19%7.45%4.34%3.12% Bloomberg Barclays U.S. High Yield 0.89%4.53%11.28%6.91%6.52%7.42% Bloomberg Barclays Global Treasury ex U.S.-1.56%-6.81%-2.47%3.01%0.61%0.56% JP Morgan EMBI Global (Emerging Markets)-0.53%-1.53%3.88%5.64%3.57%5.48% Commodities Bloomberg Commodity Index 6.59%29.13%42.29%6.86%4.54%-2.66% Goldman Sachs Commodity Index 5.22%38.27%58.30%-1.49%3.64%-4.83% Hedge Funds HFRI Fund-Weighted Composite2 -0.03%10.09%22.09%8.52%7.31%5.86% HFRI Fund of Funds2 1.37%6.38%15.00%6.72%5.93%4.53% Real Estate NAREIT U.S. Equity REITS 0.98%23.15%37.39%10.01%6.83%11.27% NCREIF NFI -ODCE 6.59%13.09%14.59%7.05%7.50%9.92% FTSE Global Core Infrastructure Index -1.20%7.10%14.84%8.97%8.79%10.17% Private Equity Burgiss Private iQ Global Private Equity3 53.27%20.13%18.26%14.59% 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 March 31, 2021 Page 4 (This Page Left Blank Intentionally) Page 5 Total Plan Page 6 Change in Market Value From July 1, 2021 to September 30, 2021 Summary of Cash Flow $0.0 $150.0 $300.0 $450.0 $600.0 ($150.0) Millions ($) Beginning Market Value Net Additions / Withdrawals Investment Earnings Ending Market Value $343.0 ($3.7)($2.3) $337.0 1 Quarter Year To Date 1 Year Total Pension Beginning Market Value 342,997,359 326,557,807 295,973,586 + Additions / Withdrawals -3,724,582 -9,128,099 -7,751,224 + Investment Earnings -2,306,762 19,536,308 48,743,654 = Ending Market Value 336,966,016 336,966,016 336,966,016 Total Pension Total Plan Asset Summary As of September 30, 2021 Page 7 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 15 Years Total Pension Policy Benchmark 0.0 10.0 20.0 30.0 -10.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 1/1/93 -0.1 6.8 17.3 9.6 8.7 8.1 -0.7 6.0 16.3 9.1 8.2 7.7 7.5 Total Pension Benchmark 0.96 1.00 1.04 1.08 1.12 9/06 3/08 9/09 3/11 9/12 3/14 9/15 3/17 9/18 3/20 9/21 0.99 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 Total Plan Performance Summary As of September 30, 2021Total Pension Page 8 Allocation Market Value ($) %Policy(%) Performance(%) 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Pension 336,966,016 100.0 100.0 -0.7 (91)6.0 (94)16.3 (89)9.1 (86)8.2 (94)7.7 (96)7.5 (63)01/01/1993 Policy Benchmark -0.1 (47)6.8 (88)17.3 (83)9.6 (76)8.7 (92)8.1 (95) All Public Plans < $1B-Total Fund Median -0.2 8.6 19.8 10.6 10.4 9.9 7.7 Total Domestic Equity 127,443,954 37.8 0.0 (36)14.6 (70)33.9 (34)15.6 (34)16.1 (53)14.1 (54)09/01/2013 Russell 3000 Index -0.1 (46)15.0 (60)31.9 (70)16.0 (27)16.9 (34)14.8 (22) All Public Plans-US Equity Segment Median -0.1 15.2 33.1 15.0 16.2 14.1 IM U.S. Equity (SA+CF) Median -0.4 15.9 36.7 13.6 15.2 13.4 Total Large-Cap Equity 87,363,682 25.9 25.0 0.2 (34)15.2 (52)31.0 (64)16.5 (29)16.5 (35)16.0 (38)10.5 (64)06/01/2003 Russell 1000 Index 0.2 (34)15.2 (53)31.0 (64)16.4 (29)17.1 (29)16.8 (27)11.0 (52) IM U.S. Equity (SA+CF) Median -0.5 15.5 35.6 12.7 14.4 15.0 11.0 BlackRock Russell 1000 Index Fund Non-Lending 87,363,682 25.9 0.2 (34)15.2 (53)30.9 (64)16.5 (29)16.4 (31)03/01/2017 Russell 1000 Index 0.2 (34)15.2 (53)31.0 (64)16.4 (29)16.4 (31) IM U.S. Equity (SA+CF) Median -0.5 15.5 35.6 12.7 13.3 Total Small-Cap Equity 40,080,272 11.9 10.0 -0.4 (48)13.1 (67)40.7 (39)13.1 (48)15.0 (46)15.3 (45)12.0 (28)06/01/2003 Russell 2000 Index -4.4 (94)12.4 (72)47.7 (25)10.5 (65)13.5 (57)14.6 (55)10.6 (62) IM U.S. Equity (SA+CF) Median -0.5 15.5 35.6 12.7 14.4 15.0 11.0 Kennedy Mid Cap Value 20,920,900 6.2 0.3 (30)21.3 (17)47.7 (25)12.5 (51)12.8 (62)14.3 (60)10.9 (43)02/01/2008 IM U.S. Equity (SA+CF) Median -0.5 15.5 35.6 12.7 14.4 15.0 10.5 Russell Midcap Value Index -1.0 (59)18.2 (32)42.4 (36)10.3 (68)10.6 (81)13.9 (66)9.5 (71) TimesSquare Small Cap Growth 19,159,372 5.7 -1.2 (64)5.0 (97)33.3 (59)13.2 (53)16.9 (37)16.0 (49)11.5 (27)02/01/2002 Russell 2000 Growth Index -5.7 (98)2.8 (98)33.3 (60)11.7 (63)15.3 (50)15.7 (53)9.6 (73) IM U.S. Equity (SA+CF) Median -0.4 15.9 36.7 13.6 15.2 15.9 10.5 Total International Equity 61,556,475 18.3 18.0 -5.1 (100)2.3 (99)18.1 (98)7.4 (96)7.8 (99)5.7 (100)09/01/2013 MSCI AC World ex USA Index (Net)-3.0 (78)5.9 (82)23.9 (80)8.0 (94)8.9 (93)6.4 (100) All Public Plans-Intl. Equity Segment Median -2.0 7.9 27.2 10.3 10.7 8.1 IM International Equity (MF) Median -2.2 6.8 24.4 9.8 10.0 7.9 Morgan Stanley International Equity 40,961,704 12.2 -5.0 (74)1.9 (75)16.4 (82)6.1 (77)7.6 (73)7.5 (62)5.0 (81)04/01/2005 MSCI EAFE Index (Net)-0.4 (28)8.3 (38)25.7 (43)7.6 (59)8.8 (54)8.1 (50)5.4 (71) IM International Equity (MF) Median -2.2 6.7 24.5 8.3 9.0 8.1 6.4 Morgan Stanley Emerging Markets Fund 20,594,771 6.1 -5.5 (37)3.2 (36)21.2 (46)9.9 (41)7.8 (70)5.9 (57)7.3 (54)04/01/2005 MSCI Emerging Markets Index (Net)-8.1 (64)-1.2 (63)18.2 (64)8.6 (56)9.2 (42)6.1 (50)7.7 (40) IM Emerging Markets Equity (MF) Median -6.9 0.2 20.2 9.1 8.8 6.1 7.3 Asset Allocation & Performance As of September 30, 2021 Page 9 Asset Allocation & Performance As of September 30, 2021 Allocation Market Value ($) %Policy(%) Performance(%) 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Fixed Income 115,644,635 34.3 35.0 -0.8 (99)-1.9 (96)1.7 (51)5.6 (71)3.5 (71)3.6 (70)4.4 (89)07/01/2003 Blmbg. Intermed. U.S. Government/Credit 0.0 (89)-0.9 (79)-0.4 (88)4.6 (93)2.6 (97)2.5 (95)3.4 (97) All Public Plans-US Fixed Income Segment Median 0.2 0.0 1.7 6.1 4.0 4.0 5.0 IM U.S. Fixed Income (SA+CF) Median 0.2 0.1 1.5 5.7 3.8 3.9 4.5 Income Research 46,335,855 13.8 0.0 (36)-0.7 (47)-0.1 (54)5.0 (27)2.8 (39)2.9 (34)4.5 (28)07/01/2001 Blmbg. Intermed. U.S. Government/Credit 0.0 (47)-0.9 (69)-0.4 (73)4.6 (45)2.6 (55)2.5 (70)4.0 (63) IM U.S. Intermediate Duration (SA+CF) Median 0.0 -0.7 0.0 4.6 2.6 2.7 4.3 Prudential Core Plus Bond 43,227,645 12.8 0.0 (73)-1.4 (92)1.2 (59)6.6 (27)4.3 (25)4.5 (16)06/01/2015 Blmbg. U.S. Aggregate 0.1 (66)-1.6 (96)-0.9 (98)5.4 (88)2.9 (91)3.2 (88) IM U.S. Broad Market Core+ Fixed Income (SA+CF) Median 0.1 -0.5 1.4 6.3 3.9 3.9 Brandywine Global Opportunistic Fixed Income 26,081,134 7.7 -3.3 (98)-4.8 (86)5.3 (46)4.7 (65)3.1 (68)3.5 (55)5.0 (39)01/01/2005 FTSE World Government Bond Index -1.2 (77)-5.9 (96)-3.3 (100)3.7 (86)1.4 (95)1.1 (94)2.7 (100) IM Global Fixed Income (SA+CF) Median 0.0 0.1 4.5 5.1 4.1 3.7 4.4 Hedge Fund 1,202,842 0.4 0.0 Entrust Capital Diversified Fund 1,202,842 0.4 Real Estate 29,027,948 8.6 12.0 5.6 9.6 7.3 0.9 2.7 6.0 4.8 06/01/2006 Real Estate Performance Benchmark 6.4 12.4 13.6 7.2 7.1 9.1 7.5 UBS Trumbull Property Fund 29,027,948 8.6 5.6 9.6 7.3 0.9 2.7 6.0 4.8 06/01/2006 Real Estate Performance Benchmark 6.4 12.4 13.6 7.2 7.1 9.1 7.5 Cash Account 2,090,161 0.6 0.0 0.0 0.0 0.0 1.1 1.2 0.6 1.3 07/01/2003 ICE BofAML 3 Month U.S. T-Bill 0.0 0.0 0.1 1.2 1.2 0.6 1.3 *The UBS Trumbull Property is currently in the process of liquidation. **The EnTrust Capital Diversified Fund market value is as of 8/31/2021 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 (64)16.2 (91)-4.3 (41)12.3 (91)5.1 (90)-0.7 (68)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 (92)6.6 (56)-1.4 (82)3.5 (97)12.3 (90)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 (38)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 (32)------- Russell 1000 Index 21.0 (38)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 (23)13.3 (67)0.8 (39) Russell 2000 Index 20.0 (40)25.5 (65)-11.0 (68)14.6 (71)21.3 (18)-4.4 (72)4.9 (75)38.8 (28)16.3 (38)-4.2 (74) Kennedy Mid Cap Value 8.4 (67)28.6 (45)-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 (74)14.7 (9)33.5 (60)18.5 (21)-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 September 30, 2021 Page 11 Asset Allocation & Performance As of September 30, 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. 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 (43)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. Intermed. U.S. Government/Credit 6.4 (51)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 (33)11.3 (11)-0.4 (38)6.6 (11)5.8 (22)----- Blmbg. 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 (14)9.3 (49)-5.2 (90)12.8 (3)5.2 (55)-8.4 (90)6.3 (15)-3.5 (76)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%-0.33 %-0.66 %-0.99 %-1.32 % Total Fund Total Fund Benchmark Total Value Added -0.74 % -0.25 % -0.49 % Total Value Added:-0.49 % 0.00%-0.20 %-0.40 %-0.60 % Other Manager Value Added Asset Allocation -0.01 % -0.17 % -0.30 % Total Asset Allocation:-0.30 % 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 (%) 0.47% -3.45 % 0.35% -1.23 % 0.57% 1.75% 1.54% Asset Allocation Value Added 0.00%0.15%-0.15 %-0.30 % 0.00% -0.20 % 0.00% -0.01 % -0.02 % -0.07 % 0.00% Total Manager Value Added:-0.17 % Manager Value Added 0.00%0.60%1.20%-0.60 %-1.20 % 0.00% 0.03% 0.00% -0.26 % -0.41 % 0.47% 0.00% Total Pension Total Fund Attribution 1 Quarter Ending September 30, 2021 Page 13 Total Fund Performance 0.00%5.00%10.00%-5.00 % Total Fund Total Fund Benchmark Total Value Added 6.01% 7.07% -1.05 % Total Value Added:-1.05 % 0.00%0.80%-0.80 %-1.60 % Other Manager Value Added Asset Allocation 0.00% -1.07 % 0.03% Total Asset Allocation:0.03% 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 (%) 0.58% -3.09 % 0.36% -1.49 % 0.60% 1.77% 1.27% Asset Allocation Value Added 0.00%0.20%0.40%-0.20 %-0.40 % -0.05 % -0.17 % -0.02 % 0.12% -0.02 % 0.07% 0.08% Total Manager Value Added:-1.07 % Manager Value Added 0.00%0.50%-0.50 %-1.00 % 0.00% -0.11 % 0.00% -0.37 % -0.67 % 0.07% 0.01% Total Pension Total Fund Attribution Year To Date Ending September 30, 2021 Page 14 Total Fund Performance 0.00%15.00%30.00%-15.00 % Total Fund Total Fund Benchmark Total Value Added 16.34% 17.52% -1.18 % Total Value Added:-1.18 % 0.00%1.00%-1.00 %-2.00 % Other Manager Value Added Asset Allocation 0.03% -1.34 % 0.13% Total Asset Allocation:0.13% 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 (%) 0.57% -2.74 % 0.37% -1.09 % 0.44% 1.54% 0.91% Asset Allocation Value Added 0.00%0.30%0.60%-0.30 % -0.11 % -0.03 % -0.06 % 0.07% -0.05 % 0.27% 0.06% Total Manager Value Added:-1.34 % Manager Value Added 0.00%2.00%-2.00 % 0.00% -0.49 % 0.00% 0.81% -1.00 % -0.67 % 0.01% Total Pension Total Fund Attribution 1 Year Ending September 30, 2021 Page 15 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Total Pension -0.7 (91)6.0 (94)16.3 (89)9.1 (86)8.2 (94)7.7 (96)12.8 (64)16.2 (91)-4.3 (41)¢ Policy Benchmark -0.1 (47)6.8 (88)17.3 (83)9.6 (76)8.7 (92)8.1 (95)12.7 (65)17.4 (83)-4.5 (49)˜ 5th Percentile 0.6 11.3 24.0 12.4 12.0 11.2 18.1 22.5 -1.9 1st Quartile 0.1 9.5 21.3 11.5 11.2 10.4 16.0 20.9 -3.7 Median -0.2 8.6 19.8 10.6 10.4 9.9 14.1 19.8 -4.6 3rd Quartile -0.5 7.6 17.9 9.6 9.5 9.1 11.6 18.2 -5.3 95th Percentile -0.9 5.1 12.7 8.0 7.8 8.0 8.1 14.8 -6.5 Population 593 590 589 559 532 426 822 822 745 Plan Sponsor Peer Group Analysis As of September 30, 2021 All Public Plans < $1B-Total Fund Parentheses contain percentile rankings. Page 16 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Total Pension Policy Benchmark FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Return (%) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Total Pension Policy Benchmark 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 12/97 3/00 6/02 9/04 12/06 3/09 6/11 9/13 12/15 3/18 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Pension -0.41 1.16 -0.35 0.98 0.82 -0.83 1.05 8.18 8.67 0.99 Policy Benchmark 0.00 0.00 N/A 1.00 0.91 0.00 1.00 8.67 8.20 1.00 FTSE 3 Month T-Bill -7.55 8.25 -0.91 0.03 N/A 1.18 -0.01 1.13 0.25 -0.18 Total Pension Risk Profile As of September 30, 2021Total Pension Page 17 Market Value ($) Current Allocation (%) Target Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Differences (%) Total Pension 336,966,016 100.0 100.0 N/A N/A 0.0 Total Large-Cap Equity 87,363,682 25.9 25.0 20.0 30.0 0.9 Total Small-Cap Equity 40,080,272 11.9 10.0 5.0 15.0 1.9 Total International Equity 61,556,475 18.3 18.0 13.0 23.0 0.3 Total Fixed Income 115,644,635 34.3 35.0 30.0 40.0 -0.7 Hedge Fund 1,202,842 0.4 0.0 0.0 0.0 0.4 Real Estate 29,027,948 8.6 12.0 7.0 17.0 -3.4 Cash Account 2,090,161 0.6 0.0 0.0 0.0 0.6 Target Allocation Actual Allocation Allocation Differences 0.0%10.0%20.0%30.0%40.0%50.0%-10.0 %-20.0 % Cash Account $2,090.2K Real Estate $29,027.9K Hedge Fund $1,202.8K Total Fixed Income $115,644.6K Total International Equity $61,556.5K Total Small-Cap Equity $40,080.3K Total Large-Cap Equity $87,363.7K 0.0% 12.0% 0.0% 35.0% 18.0% 10.0% 25.0% 0.6% 8.6% 0.4% 34.3% 18.3% 11.9% 25.9% 0.6% -3.4 % 0.4% -0.7 % 0.3% 1.9% 0.9% Total Pension Asset Allocation Compliance As of September 30, 2021 Page 18 (This Page Left Blank Intentionally) Page 19 Total Domestic Equity Page 20 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Current Allocation Total Domestic Equity Russell 3000 Index 0.0 15.0 30.0 45.0 60.0 -15.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years Inception 9/1/13 -0.1 15.0 31.9 16.0 16.9 14.8 0.0 14.6 33.9 15.6 16.1 14.1 September 30, 2021 : $127M TimesSquare Small Cap Growth:15.0% Kennedy Mid Cap Value:16.4% BlackRock Russell 1000 Index Fund Non-Lending:68.6% Total Domestic Equity Benchmark 0.96 0.99 1.02 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 0.97 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 Total Domestic Equity Portfolio Overview As of September 30, 2021Total Domestic Equity Page 21 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 2020 2019 2018 Total Domestic Equity 0.0 (36)14.6 (70)33.9 (34)15.6 (34)16.1 (53)21.4 (24)30.6 (36)-6.1 (61)¢ Russell 3000 Index -0.1 (46)15.0 (60)31.9 (70)16.0 (27)16.9 (34)20.9 (27)31.0 (29)-5.2 (38)˜ 5th Percentile 1.0 18.9 38.9 17.5 17.6 26.5 32.2 -3.7 1st Quartile 0.4 16.3 34.5 16.1 17.1 21.3 31.3 -5.0 Median -0.1 15.2 33.1 15.0 16.2 18.9 30.0 -5.8 3rd Quartile -0.5 14.0 31.3 14.1 15.0 16.6 27.9 -6.8 95th Percentile -2.0 10.2 28.2 11.5 12.5 10.4 24.5 -9.0 Population 80 74 72 61 57 67 65 66 Plan Sponsor Peer Group Analysis As of September 30, 2021 All Public Plans-US Equity Segment Parentheses contain percentile rankings. Page 22 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 -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 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Domestic Equity -0.22 1.68 -0.13 0.99 0.76 -0.73 1.03 15.59 20.33 1.00 Russell 3000 Index 0.00 0.00 N/A 1.00 0.80 0.00 1.00 16.00 19.68 1.00 FTSE 3 Month T-Bill -15.70 19.74 -0.80 0.04 N/A 1.20 0.00 1.14 0.30 -0.21 Total Domestic Equity Risk Profile As of September 30, 2021Total Domestic Equity Page 23 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 15.0 30.0 45.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years Inception 3/1/17 0.2 15.2 31.0 16.4 16.4 0.2 15.2 30.9 16.5 16.4 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 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 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 2/21 9/21 1.00 BlackRock Russell 1000 Index Fund Non-Lending Performance Summary As of September 30, 2021BlackRock Russell 1000 Index Fund Non-Lending Page 24 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 Return 1 Quarter Year To Date 1 Year 3 Years 2020 BlackRock Russell 1000 Index Fund Non-Lending 0.2 (34)15.2 (53)30.9 (64)16.5 (29)21.1 (37)¢ Russell 1000 Index 0.2 (34)15.2 (53)31.0 (64)16.4 (29)21.0 (38)˜ 5th Percentile 2.8 27.6 67.9 24.1 59.6 1st Quartile 0.5 19.3 47.2 17.2 30.9 Median -0.5 15.5 35.6 12.7 15.0 3rd Quartile -2.0 11.9 28.2 9.2 4.7 95th Percentile -4.7 5.2 20.3 5.4 -4.4 Population 1,411 1,407 1,398 1,349 1,722 BlackRock Russell 1000 Index Fund Non-Lending Peer Group Analysis As of September 30, 2021 IM U.S. Equity (SA+CF) Parentheses contain percentile rankings. Page 25 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Kennedy Mid Cap Value Russell Midcap Value Index 0.0 25.0 50.0 75.0 -25.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 2/1/08 -1.0 18.2 42.4 10.3 10.6 13.9 9.5 0.3 21.3 47.7 12.5 12.8 14.3 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 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 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 9/21 1.18 Kennedy Mid Cap Value Performance Summary As of September 30, 2021Kennedy Mid Cap Value Page 26 -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Kennedy Mid Cap Value 0.3 (30)21.3 (17)47.7 (25)12.5 (51)12.8 (62)14.3 (60)8.4 (67)28.6 (45)-14.5 (85)¢ Russell Midcap Value Index -1.0 (59)18.2 (32)42.4 (36)10.3 (68)10.6 (81)13.9 (66)5.0 (74)27.1 (56)-12.3 (74)˜ 5th Percentile 2.8 27.6 67.9 24.1 24.6 19.9 59.6 38.9 2.7 1st Quartile 0.5 19.3 47.2 17.2 18.1 17.0 30.9 31.8 -3.8 Median -0.5 15.5 35.6 12.7 14.4 15.0 15.0 27.9 -7.7 3rd Quartile -2.0 11.9 28.2 9.2 11.2 13.3 4.7 23.4 -12.5 95th Percentile -4.7 5.2 20.3 5.4 7.7 10.1 -4.4 14.2 -18.9 Population 1,411 1,407 1,398 1,349 1,264 1,038 1,722 1,836 1,912 Kennedy Mid Cap Value Peer Group Analysis As of September 30, 2021 IM U.S. Equity (SA+CF) Parentheses contain percentile rankings. Page 27 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 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Kennedy Mid Cap Value 1.88 3.44 0.55 0.97 0.70 2.45 0.95 12.82 18.13 0.98 Russell Midcap Value Index 0.00 0.00 N/A 1.00 0.58 0.00 1.00 10.59 18.67 1.00 FTSE 3 Month T-Bill -10.78 18.72 -0.58 0.05 N/A 1.16 0.00 1.13 0.25 -0.21 Kennedy Mid Cap Value Risk Profile As of September 30, 2021Kennedy Mid Cap Value Page 28 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information TimesSquare Small Cap Growth Russell 2000 Growth Index 0.0 20.0 40.0 60.0 -20.0 -40.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 2/1/02 -5.7 2.8 33.3 11.7 15.3 15.7 9.6 -1.2 5.0 33.3 13.2 16.9 16.0 11.5 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% -4.0 % -8.0 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 TimesSquare Small Cap Growth Benchmark 0.80 1.00 1.20 1.40 1.60 1.80 1/02 1/04 1/06 1/08 1/10 1/12 1/14 1/16 1/18 9/21 1.41 TimesSquare Small Cap Growth Performance Summary As of September 30, 2021TimesSquare Small Cap Growth Page 29 -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 TimesSquare Small Cap Growth -1.2 (64)5.0 (97)33.3 (59)13.2 (53)16.9 (37)16.0 (49)36.3 (17)28.2 (53)-4.2 (31)¢ Russell 2000 Growth Index -5.7 (98)2.8 (98)33.3 (60)11.7 (63)15.3 (50)15.7 (53)34.6 (20)28.5 (51)-9.3 (63)˜ 5th Percentile 2.9 28.1 69.2 24.7 25.1 20.7 58.8 39.3 3.2 1st Quartile 0.6 19.8 48.1 17.8 18.6 17.6 29.7 32.5 -3.4 Median -0.4 15.9 36.7 13.6 15.2 15.9 16.3 28.6 -7.0 3rd Quartile -1.8 12.6 29.4 10.2 12.1 14.2 6.2 24.4 -11.6 95th Percentile -4.5 6.0 21.5 6.2 8.6 11.3 -3.4 15.0 -17.8 Population 1,614 1,611 1,604 1,574 1,517 1,331 2,116 2,278 2,473 TimesSquare Small Cap Growth Peer Group Analysis As of September 30, 2021 IM U.S. Equity (SA+CF) Parentheses contain percentile rankings. Page 30 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 -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 %) TimesSquare Small Cap Growth Russell 2000 Growth Index 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation TimesSquare Small Cap Growth 1.42 4.79 0.30 0.95 0.79 1.70 0.98 16.91 21.15 0.97 Russell 2000 Growth Index 0.00 0.00 N/A 1.00 0.73 0.00 1.00 15.34 20.95 1.00 FTSE 3 Month T-Bill -15.42 21.00 -0.73 0.04 N/A 1.17 0.00 1.13 0.25 -0.19 TimesSquare Small Cap Growth Risk Profile As of September 30, 2021TimesSquare Small Cap Growth Page 31 Asset Allocation As of 09/30/2021 0.0%50.0%100.0%150.0% Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 1.7% 2.2% 96.2% Fund Characteristics As of 09/30/2021 Total Securities 115 Avg. Market Cap $4,335.93 Million P/E 40.39 P/B 7.67 Div. Yield 1.04% Annual EPS 8.26 5Yr EPS 25.07 3Yr EPS Growth 22.41 Top Ten Securities As of 09/30/2021 ASGN Inc ORD 2.28 % Zurn Water Solutions Corp ORD 1.92 % Vonage Holdings Corp ORD 1.90 % Azek Company Inc ORD 1.70 % SailPoint Technologies Holdings 1.70 % Planet Fitness Inc ORD 1.68 % National Vision Holdings Inc ORD 1.67 % Blueprint Medicines Corp ORD 1.63 % WNS (Holdings) Ltd DR 1.58 % Synaptics Inc ORD 1.55 % Sector/Quality Allocation As of 09/30/2021 0.0%10.0%20.0%30.0% Industrials Non Classified Equity Information Technology Health Care Consumer Discretionary Financials Consumer Staples Telecommunication Services Materials Utilities 19.7% 17.8% 17.6% 15.0% 10.6% 9.7% 2.2% 1.9% 1.1% 0.6% TimesSquare Small Cap Growth Mutual Fund Attributes As of September 30, 2021 Page 32 (This Page Left Blank Intentionally) Page 33 Total International Equity Page 34 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 15.0 30.0 45.0 -15.0 -30.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years 5 Years Inception 9/1/13 -3.0 5.9 23.9 8.0 8.9 6.4 -5.1 2.3 18.1 7.4 7.8 5.7 September 30, 2021 : $62M Morgan Stanley Emerging Markets Fund:33.5% Morgan Stanley International Equity:66.5% Total International Equity Benchmark 0.93 0.96 0.99 1.02 1.05 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 0.95 Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 Total International Equity Portfolio Overview As of September 30, 2021Total International Equity Page 35 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 2020 2019 2018 Total International Equity -5.1 (100)2.3 (99)18.1 (98)7.4 (96)7.8 (99)12.7 (52)20.2 (96)-14.6 (75)¢ MSCI AC World ex USA Index (Net)-3.0 (78)5.9 (82)23.9 (80)8.0 (94)8.9 (93)10.7 (75)21.5 (86)-14.2 (61)˜ 5th Percentile -0.1 13.9 34.5 13.0 12.2 28.2 30.6 -10.6 1st Quartile -0.9 9.9 29.1 11.2 11.3 16.9 25.9 -13.1 Median -2.0 7.9 27.2 10.3 10.7 12.8 23.7 -13.6 3rd Quartile -2.9 6.2 24.2 9.1 9.8 10.5 22.4 -14.6 95th Percentile -4.0 3.9 19.7 7.5 8.5 7.1 20.3 -16.5 Population 79 74 72 63 62 68 65 68 Plan Sponsor Peer Group Analysis As of September 30, 2021 All Public Plans-Intl. Equity Segment Parentheses contain percentile rankings. Page 36 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Return (%) 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 12/18 6/19 12/19 6/20 12/20 6/21 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total International Equity -0.52 3.13 -0.17 0.97 0.43 -0.43 0.99 7.45 17.84 0.98 MSCI AC World ex USA Index (Net)0.00 0.00 N/A 1.00 0.46 0.00 1.00 8.03 17.73 1.00 FTSE 3 Month T-Bill -8.16 17.80 -0.46 0.05 N/A 1.18 0.00 1.14 0.30 -0.22 Total International Equity Risk Profile As of September 30, 2021Total International Equity Page 37 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Morgan Stanley International Equity MSCI EAFE Index (Net) 0.0 15.0 30.0 45.0 -15.0 -30.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 -0.4 8.3 25.7 7.6 8.8 8.1 5.4 -5.0 1.9 16.4 6.1 7.6 7.5 5.0 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 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 Morgan Stanley International Equity Benchmark 0.72 0.81 0.90 0.99 1.08 1.17 3/05 12/06 9/08 6/10 3/12 12/13 9/15 6/17 3/19 9/21 0.94 Morgan Stanley International Equity Performance Summary As of September 30, 2021Morgan Stanley International Equity Page 38 -55.0 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Morgan Stanley International Equity -5.0 (74)1.9 (75)16.4 (82)6.1 (77)7.6 (73)7.5 (62)11.4 (53)20.4 (61)-13.8 (31)¢ MSCI EAFE Index (Net)-0.4 (28)8.3 (38)25.7 (43)7.6 (59)8.8 (54)8.1 (50)7.8 (67)22.0 (48)-13.8 (31)˜ 5th Percentile 4.4 17.0 41.9 18.2 15.3 12.8 40.8 33.0 -7.6 1st Quartile -0.3 10.4 30.2 11.5 11.0 9.7 20.6 26.2 -12.9 Median -2.2 6.7 24.5 8.3 9.0 8.1 12.3 21.8 -15.6 3rd Quartile -5.4 1.5 18.6 6.3 7.4 6.5 5.0 18.0 -18.5 95th Percentile -12.7 -8.5 8.9 1.6 4.0 2.1 -6.3 8.3 -23.5 Population 741 740 740 740 740 511 770 831 880 Morgan Stanley International Equity Peer Group Analysis As of September 30, 2021 IM International Equity (MF) Parentheses contain percentile rankings. Page 39 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 Return (%) 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 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley International Equity -1.09 4.21 -0.26 0.92 0.49 -0.93 0.98 7.58 14.99 0.96 MSCI EAFE Index (Net)0.00 0.00 N/A 1.00 0.57 0.00 1.00 8.81 14.64 1.00 FTSE 3 Month T-Bill -8.41 14.70 -0.57 0.05 N/A 1.16 0.00 1.13 0.25 -0.22 Morgan Stanley International Equity Risk Profile As of September 30, 2021Morgan Stanley International Equity Page 40 Asset Allocation As of 09/30/2021 0.0%50.0%100.0%150.0% Other Convertibles Cash Fixed Income Equities 0.0% 0.0% 0.3% 1.9% 97.7% Fund Characteristics As of 09/30/2021 Total Securities 66 Avg. Market Cap $104,355.57 Million P/E 27.28 P/B 5.11 Div. Yield 2.39% Annual EPS 5.63 5Yr EPS 5.14 3Yr EPS Growth -2.42 Top Ten Securities As of 09/30/2021 SAP SE ORD 3.33 % Reckitt Benckiser Group PLC ORD 3.26 % Relx PLC ORD 3.25 % Henkel AG & Co KGaA 3.16 % Constellation Software Inc ORD 3.15 % Sanofi SA ORD 2.79 % Tencent Holdings Ltd ORD 2.78 % Prudential PLC ORD 2.67 % Fresenius SE & Co KGaA ORD 2.63 % Pernod Ricard SA ORD 2.55 % Sector/Quality Allocation As of 09/30/2021 0.0%15.0%30.0%45.0% Consumer Staples Health Care Financials Information Technology Industrials Consumer Discretionary Materials Energy Non Classified Equity 28.8% 17.4% 16.1% 15.0% 11.8% 4.0% 3.0% 1.6% 0.1% Morgan Stanley International Equity Mutual Fund Attributes As of September 30, 2021 Page 41 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 15.0 30.0 45.0 -15.0 -30.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 -8.1 -1.2 18.2 8.6 9.2 6.1 7.7 -5.5 3.2 21.2 9.9 7.8 5.9 7.3 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 % -9.0 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 Morgan Stanley Emerging Markets Fund Benchmark 0.70 0.80 0.90 1.00 1.10 1.20 3/05 12/06 9/08 6/10 3/12 12/13 9/15 6/17 3/19 9/21 0.94 Morgan Stanley Emerging Markets Fund Performance Summary As of September 30, 2021Morgan Stanley Emerging Markets Fund Page 42 -55.0 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Morgan Stanley Emerging Markets Fund -5.5 (37)3.2 (36)21.2 (46)9.9 (41)7.8 (70)5.9 (57)14.7 (61)19.5 (50)-17.3 (62)¢ MSCI Emerging Markets Index (Net)-8.1 (64)-1.2 (63)18.2 (64)8.6 (56)9.2 (42)6.1 (50)18.3 (41)18.4 (58)-14.6 (34)˜ 5th Percentile 4.6 20.8 41.7 20.2 15.2 9.9 41.3 31.2 -8.6 1st Quartile -3.6 6.5 28.3 12.4 10.4 7.5 23.3 24.5 -13.5 Median -6.9 0.2 20.2 9.1 8.8 6.1 17.0 19.4 -16.0 3rd Quartile -8.7 -2.8 15.9 7.3 7.5 5.1 10.0 15.2 -18.7 95th Percentile -11.7 -8.2 8.4 2.6 2.9 0.7 -6.8 6.1 -23.1 Population 188 188 188 188 188 114 198 220 233 Morgan Stanley Emerging Markets Fund Peer Group Analysis As of September 30, 2021 IM Emerging Markets Equity (MF) Parentheses contain percentile rankings. Page 43 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 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%) 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 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 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley Emerging Markets Fund -1.22 4.00 -0.31 0.95 0.46 -1.29 1.01 7.78 17.26 0.97 MSCI Emerging Markets Index (Net)0.00 0.00 N/A 1.00 0.55 0.00 1.00 9.23 16.66 1.00 FTSE 3 Month T-Bill -9.12 16.71 -0.55 0.04 N/A 1.16 0.00 1.13 0.25 -0.21 Morgan Stanley Emerging Markets Fund Risk Profile As of September 30, 2021Morgan Stanley Emerging Markets Fund Page 44 Asset Allocation As of 09/30/2021 0.0%50.0%100.0%150.0% Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 0.3% 1.9% 97.8% Fund Characteristics As of 09/30/2021 Total Securities 95 Avg. Market Cap $155,096.21 Million P/E 31.85 P/B 7.26 Div. Yield 1.91% Annual EPS 19.33 5Yr EPS 14.01 3Yr EPS Growth 9.81 Top Ten Securities As of 09/30/2021 Taiwan Semiconductor Manufacturing 8.33 % Samsung Electronics Co Ltd ORD 5.17 % Tencent Holdings Ltd ORD 4.45 % ASML Holding NV DR 2.49 % TCS Group Holding PLC DR 2.46 % Anglo American PLC ORD 2.24 % Sea Ltd DR 2.06 % Housing Development Finance Corporation 1.94 % Novatek PAO DR 1.85 % Delta Electronics Inc ORD 1.85 % Sector/Quality Allocation As of 09/30/2021 0.0%20.0%40.0%60.0% Information Technology Financials Industrials Consumer Discretionary Consumer Staples Energy Materials Non Classified Equity Health Care Telecommunication Services 37.3% 16.9% 10.3% 9.4% 9.0% 6.8% 4.3% 1.9% 1.8% 0.3% Morgan Stanley Emerging Markets Fund Mutual Fund Attributes As of September 30, 2021 Page 45 Total Fixed Income Page 46 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Current Allocation Total Fixed Income Blmbg. Intermed. U.S. Government/Credit 0.0 4.0 8.0 12.0 -4.0 -8.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 7/1/03 0.0 -0.9 -0.4 4.6 2.6 2.5 3.4 -0.8 -1.9 1.7 5.6 3.5 3.6 4.4 September 30, 2021 : $116M Income Research:40.1% Brandywine Global Opportunistic Fixed Income:22.6% Prudential Core Plus Bond:37.4% Total Fixed Income Benchmark 0.96 1.00 1.04 1.08 1.12 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 1.05 Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % -12.0 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 Total Fixed Income Portfolio Overview As of September 30, 2021Total Fixed Income Page 47 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Total Fixed Income -0.8 (99)-1.9 (96)1.7 (51)5.6 (71)3.5 (71)3.6 (70)9.2 (33)9.1 (53)-1.0 (77)¢ Blmbg. Intermed. U.S. Government/Credit 0.0 (89)-0.9 (79)-0.4 (88)4.6 (93)2.6 (97)2.5 (95)6.4 (87)6.8 (92)0.9 (14)˜ 5th Percentile 0.8 2.3 5.0 7.9 5.2 6.7 12.4 11.9 1.6 1st Quartile 0.4 0.4 2.9 6.8 4.5 4.7 9.6 10.3 0.5 Median 0.2 0.0 1.7 6.1 4.0 4.0 8.6 9.3 -0.2 3rd Quartile 0.1 -0.8 0.3 5.4 3.3 3.5 7.4 8.0 -0.9 95th Percentile 0.0 -1.8 -0.9 4.2 2.7 2.5 4.9 6.2 -3.5 Population 79 77 75 65 64 47 74 68 72 Plan Sponsor Peer Group Analysis As of September 30, 2021 All Public Plans-US Fixed Income Segment Parentheses contain percentile rankings. Page 48 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Total Fixed Income Blmbg. Intermed. U.S. Government/Credit FTSE 3 Month T-Bill 0.0 0.8 1.6 2.4 3.2 4.0 4.8 Return (%) 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 6.46.4 Risk (Standard Deviation %) Total Fixed Income Blmbg. Intermed. U.S. Government/Credit 0.0 2.0 4.0 6.0 8.0 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Fixed Income 0.95 3.05 0.31 0.55 0.56 -0.10 1.41 3.51 4.35 0.74 Blmbg. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 0.66 0.00 1.00 2.60 2.31 1.00 FTSE 3 Month T-Bill -1.47 2.24 -0.66 0.10 N/A 1.04 0.04 1.13 0.25 0.32 Total Fixed Income Risk Profile As of September 30, 2021Total Fixed Income Page 49 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Income Research Blmbg. Intermed. U.S. Government/Credit 0.0 3.0 6.0 9.0 -3.0 -6.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 7/1/01 0.0 -0.9 -0.4 4.6 2.6 2.5 4.0 0.0 -0.7 -0.1 5.0 2.8 2.9 4.5 Account Name:Income Research Inception Date:07/01/2001 Account Structure:Commingled Fund Asset Class:US Fixed Income Benchmark:Blmbg. 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 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 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 9/21 1.10 Income Research Performance Summary As of September 30, 2021Income Research Page 50 -7.0 -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Income Research 0.0 (36)-0.7 (47)-0.1 (54)5.0 (27)2.8 (39)2.9 (34)7.5 (18)6.7 (43)0.8 (41)¢ Blmbg. Intermed. U.S. Government/Credit 0.0 (47)-0.9 (69)-0.4 (73)4.6 (45)2.6 (55)2.5 (70)6.4 (51)6.8 (39)0.9 (37)˜ 5th Percentile 0.4 1.0 2.9 6.0 3.9 4.1 9.0 8.9 1.5 1st Quartile 0.1 -0.4 0.8 5.1 3.0 3.1 7.2 7.1 1.0 Median 0.0 -0.7 0.0 4.6 2.6 2.7 6.5 6.6 0.7 3rd Quartile -0.1 -1.0 -0.4 4.2 2.3 2.5 5.5 5.9 0.4 95th Percentile -0.2 -1.5 -1.1 3.2 2.1 2.0 3.4 4.5 -0.7 Population 92 91 89 86 81 72 108 105 108 Income Research Peer Group Analysis As of September 30, 2021 IM U.S. Intermediate Duration (SA+CF) Parentheses contain percentile rankings. Page 51 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Income Research Blmbg. Intermed. U.S. Government/Credit FTSE 3 Month T-Bill 0.0 0.6 1.2 1.8 2.4 3.0 3.6 Return (%) 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Risk (Standard Deviation %) Income Research Blmbg. Intermed. U.S. Government/Credit 0.0 0.9 1.8 2.7 3.6 4.5 5.4 6.36.3 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Income Research 0.22 0.41 0.53 0.97 0.74 0.23 0.99 2.82 2.33 0.98 Blmbg. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 0.66 0.00 1.00 2.60 2.31 1.00 FTSE 3 Month T-Bill -1.47 2.24 -0.66 0.10 N/A 1.04 0.04 1.13 0.25 0.32 Income Research Risk Profile As of September 30, 2021Income Research Page 52 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Prudential Core Plus Bond Blmbg. U.S. Aggregate 0.0 4.0 8.0 12.0 -4.0 -8.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years Inception 6/1/15 0.1 -1.6 -0.9 5.4 2.9 3.2 0.0 -1.4 1.2 6.6 4.3 4.5 Account Name:Prudential Core Plus Bond Inception Date:06/01/2015 Account Structure:Commingled Fund Asset Class:US Fixed Income Benchmark:Blmbg. 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 12/20 9/21 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 9/21 1.09 Prudential Core Plus Bond Performance Summary As of September 30, 2021Prudential Core Plus Bond Page 53 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 2020 2019 2018 Prudential Core Plus Bond 0.0 (73)-1.4 (92)1.2 (59)6.6 (27)4.3 (25)9.2 (33)11.3 (11)-0.4 (38)¢ Blmbg. U.S. Aggregate 0.1 (66)-1.6 (96)-0.9 (98)5.4 (88)2.9 (91)7.5 (79)8.7 (77)0.0 (18)˜ 5th Percentile 0.5 3.1 9.5 7.5 5.7 11.7 13.3 0.9 1st Quartile 0.2 0.1 3.1 6.7 4.3 9.5 10.6 -0.2 Median 0.1 -0.5 1.4 6.3 3.9 8.5 9.5 -0.8 3rd Quartile 0.0 -1.0 0.5 5.6 3.4 7.7 8.8 -1.5 95th Percentile -0.2 -1.5 -0.5 3.9 2.7 3.6 6.7 -3.6 Population 99 99 99 94 92 119 122 121 Prudential Core Plus Bond Peer Group Analysis As of September 30, 2021 IM U.S. Broad Market Core+ Fixed Income (SA+CF) Parentheses contain percentile rankings. Page 54 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Prudential Core Plus Bond Blmbg. U.S. Aggregate FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%) 0.0 2.0 4.0 6.0 8.0 10.0 Risk (Standard Deviation %) Prudential Core Plus Bond Blmbg. U.S. Aggregate 0.0 2.0 4.0 6.0 8.0 10.0 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Prudential Core Plus Bond 1.33 3.92 0.34 0.62 0.91 -0.54 1.35 6.63 6.07 0.79 Blmbg. U.S. Aggregate 0.00 0.00 N/A 1.00 1.21 0.00 1.00 5.35 3.54 1.00 FTSE 3 Month T-Bill -4.15 3.45 -1.21 0.13 N/A 0.98 0.03 1.14 0.30 0.36 Prudential Core Plus Bond Risk Profile As of September 30, 2021Prudential Core Plus Bond Page 55 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 6.0 12.0 -6.0 -12.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 1/1/05 -1.2 -5.9 -3.3 3.7 1.4 1.1 2.7 -3.3 -4.8 5.3 4.7 3.1 3.5 5.0 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 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 Brandywine Global Opportunistic Fixed Income Benchmark 0.60 0.90 1.20 1.50 1.80 12/04 9/06 6/08 3/10 12/11 9/13 6/15 3/17 12/18 9/21 1.45 Brandywine Global Opportunistic Fixed Income Performance Summary As of September 30, 2021Brandywine Global Opportunistic Fixed Income Page 56 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Brandywine Global Opportunistic Fixed Income -3.3 (98)-4.8 (86)5.3 (46)4.7 (65)3.1 (68)3.5 (55)11.7 (14)9.3 (48)-5.2 (89)¢ FTSE World Government Bond Index -1.2 (77)-5.9 (96)-3.3 (100)3.7 (86)1.4 (95)1.1 (94)10.1 (31)5.9 (88)-0.8 (25)˜ 5th Percentile 1.8 7.6 16.5 8.4 6.8 8.0 15.1 15.1 1.5 1st Quartile 0.7 3.7 10.4 6.4 5.7 5.5 10.7 13.0 -0.9 Median -0.1 0.1 4.5 5.1 4.1 3.7 7.5 9.0 -2.4 3rd Quartile -1.2 -3.8 1.0 4.3 2.9 2.1 4.5 7.8 -4.1 95th Percentile -2.7 -5.9 -2.2 2.6 1.2 0.9 0.8 4.1 -7.0 Population 133 133 132 129 125 87 155 164 176 Brandywine Global Opportunistic Fixed Income Peer Group Analysis As of September 30, 2021 IM Global Fixed Income (SA+CF) Parentheses contain percentile rankings. Page 57 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 0.0 0.8 1.6 2.4 3.2 4.0 Return (%) 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 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Brandywine Global Opportunistic Fixed Income 2.01 6.85 0.29 0.43 0.26 1.85 1.12 3.13 9.03 0.66 FTSE World Government Bond Index 0.00 0.00 N/A 1.00 0.07 0.00 1.00 1.35 5.28 1.00 FTSE 3 Month T-Bill -0.36 5.24 -0.07 0.03 N/A 1.12 0.01 1.13 0.25 0.17 Brandywine Global Opportunistic Fixed Income Risk Profile As of September 30, 2021Brandywine Global Opportunistic Fixed Income Page 58 (This Page Left Blank Intentionally) Page 59 Real Estate Page 60 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information UBS Trumbull Property Fund NCREIF Property Index 0.0 5.0 10.0 15.0 20.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 6/1/06 5.2 10.9 12.2 6.7 6.8 9.0 7.5 5.6 9.6 7.3 0.9 2.7 6.0 4.8 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 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 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 9/21 0.68 UBS Trumbull Property Fund Performance Summary As of September 30, 2021UBS Trumbull Property Fund Page 61 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%) 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.65.6 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 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation UBS Trumbull Property Fund -3.94 2.66 -1.48 0.59 0.40 -5.96 1.32 2.71 4.00 0.77 NCREIF Property Index 0.00 0.00 N/A 1.00 2.27 0.00 1.00 6.84 2.33 1.00 FTSE 3 Month T-Bill -5.57 2.46 -2.27 0.04 N/A 1.40 -0.04 1.13 0.44 -0.21 UBS Trumbull Property Fund Risk Profile As of September 30, 2021UBS Trumbull Property Fund Page 62 (This Page Left Blank Intentionally) Page 63 Market Environment Page 64 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Global Equity Markets The prospect of lower growth expectations and tighter monetary policy weighed on equities, with major markets falling over the month. The MSCI All Country World Investable Market Index (ACWI IMI) returned -1.1% for the quarter. Japanese equities led, returning 4.4%, while most of Europe ended the quarter in negative territory. Emerging Markets fared the worst, returning -7.4% for the third quarter, as poor returns from Brazil and China weighed on the region. In China, equity markets suffered a major setback due to regulatory crackdowns on technology companies, along with looming issues surrounding the country’s indebted property developers. China’s economy recorded an annual growth rate of 7.9% in Q2 2021, nearly cut in half from the previous quarter. -1.1%-2.6%-0.1%-0.2% 4.4% -2.3% 3.3% -1.7%-4.0%-7.4% 28.9%25.2% 31.7%33.0% 20.8% 35.1%38.0% 27.1%26.3% 20.8% -10% 0% 10% 20% 30% 40% 50% ACWI IMI 41.4% ACWI ex-U.S. IMI 58.6% USA IMI 3.9% UK IMI 6.6% Japan IMI 2.9% Canada IMI 0.3% Israel IMI 12.6% Europe ex-UK IMI 3.1% Pacific ex-Japan IMI 11.9% Emerging Markets IMI GLOBAL MSCI IMI INDEX RETURNS (USD) AS OF 09/30/2021 Third Quarter 2021 One-Year Source: MSCI Page 65 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 58.6% UK 3.9% Canada 2.9% Pacific ex-Japan 3.1%Japan 6.6% Europe ex-UK 12.6% Israel 0.3% Latin America 0.9% Asia 9.4% Eastern Europe, Middle East & Africa 1.7% Emerging Markets 11.9% MSCI ALL COUNTRY WORLD IMI INDEX GEOGRAPHIC AL LOCATION AS OF 09/30/2021 Source:MSCI UK 9.5% Canada 7.0% Pacific ex- Japan 7.5% Japan 16.0% Europe ex-UK 30.6% Israel 0.6%Latin America 2.2% Asia 22.6% Eastern Europe, Middle East & Africa 4.1% Emerging Markets 28.9% MSCI AL L COUNTRY WORLD EX-U.S. IMI INDEX GEOGRAPHIC AL LOCATION AS OF 09/30/2021 Source:MSCI Page 66 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Equity Markets U.S. equities were marginally up over the quarter with the S&P 500 index rising by 0.6%, giving up almost all of the quarter’s gains during the final weeks of September. The Russell 3000 Index fell 0.1% during the third quarter but was up 31.9% over the trailing one-year period. Performance among sectors was mixed, with six out of the eleven sectors down for the quarter. Financials and Technology were the best performers while the Materials sector was the worst performer at -4.9%. Large and medium cap stocks outperformed small caps over the quarter, and growth outperformed value within large and medium cap stocks. However, over the trailing one-year period, value has eclipsed growth over all market capitalizations. Page 67 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 rose by 0.1% over the quarter. Risk sentiment waned over the quarter, weighing on credit markets, with most sectors posting muted quarterly returns. Across durations, 7-10 years maturity bonds finished the quarter in negative territory while all other maturities were marginally positive. Within investment grade bonds, higher-credit quality outperformed lower quality issues on the margin, with Aaa bonds rising by 0.1%. High yield bonds rose by 0.9% as spreads widened slightly. 0.1%0.1% 0.0% 0.1%0.1% 0.0% -0.9% -3.2% 1.7% -0.4% 0.6%0.5% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% Barclays Agg. Bond 41.7% Govt 27.3% Corp. 28.6% MBS 0.3% ABS 2.1% CMBS BLOOMBERG BARCLAYS AG GREGATE RETURNS BY SECTOR AS OF 09/30/2021 Third Quarter 2021 One-YearSource: FactSet 0.1%0.1%0.1% -0.2% 0.1%0.3% -0.3% -1.2% -1.8% -3.0% -3.5% -3.0% -2.5% -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1-3 Yr.3-5 Yr.5-7 Yr.7-10 Yr.>10 Yr. BLOOMBERG BARCLAYS AGGREGATE RETURNS BY MAT URITY AS OF 09/30/2021 Third Quarter 2021 One-YearSource: FactSet 0.1%0.0% -0.1% 0.0%0.9% -2.0% -0.1% 0.2% 3.3% 11.3% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Aaa Aa A Baa High Yield BLOOMBERG BARCLAYS AGGREGATE RETURNS BY QUALITY AND HIGH YIELD RETURNS AS OF 09/30/2021 Third Quarter 2021 One-YearSource: FactSet Page 68 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Fixed Income Markets The U.S. Treasury yield curve was largely unchanged, with yields rising across the belly of the curve. The Federal Reserve signaled that tighter monetary policy is on the horizon with plans to announce a formal tapering of monthly asset purchases, currently locked in at $120bn per month, in November. The Fed September meeting also revealed that more policy makers than last quarter are forecasting interest rate hikes starting in 2022. Headline inflation accelerated to 5.3% year-over-year in August. Core CPI, excluding food and energy, increased by 4% over the same period. The 10-year U.S. Treasury yield ended the quarter 7bps higher at 1.52% and the 30-year yield increased by 2bps to 2.08%. The 10-year TIPS yield rose by 2bps over the quarter to -0.85%. -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 0 5 10 15 20 25 30 Maturity (Years) U.S. TREASURY YIELD CURVE 9/30/2020 6/30/2021 9/30/2021 Source:U.S. Department of Treasury -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% Sep 11 Sep 13 Sep 15 Sep 17 Sep 19 Sep 21 U.S. 10-YEAR TREASURY AN D TIPS YIELDS 10Y TIPS Yield 10Y Treasury Yield Source:U.S. Department of Treasury Page 69 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. European Fixed Income Markets European government bond spreads over 10-year German bunds was mixed across the Euro Area but still remain low. The European Central Bank (ECB) decided to ‘moderately’ slow the pace of its Pandemic Emergency Purchase Programme (PEPP) over the next quarter, citing a strong rebound in Eurozone growth and inflation. The ECB also changed its yearly inflation target to 2% with the flexibility to fluctuate above or below the target for a temporary period. German government bund yields rose by 2bps to -0.19% over the quarter. The preliminary results of the German national elections indicated that the SPD (Social Democratic Party of Germany) secured a narrow victory over the outgoing chancellor Angela Merkel’s CDU (Christian Democratic Union) and its ally CSU (Christian Social Union in Bavaria). However, uncertainty around forming a government continues as it depends on the coalition negotiations between SPD and CDU/CSU with smaller parties like the Greens and FDP (Free Democratic Party). The Eurozone continued to see economic activity rebound in Q2 2021, recording quarter-on-quarter GDP growth of 2.2%. The accelerating vaccination program helped boost consumer and business confidence. 0% 2% 4% 6% 8% 10% 12% 14% 2015 2016 2017 2018 2019 2020 2021 EUROZONE PERIPHERAL BOND SPREADS (10-YEAR SPREADS OVER GERMAN BUNDS) Spain Italy Portugal Greece Ireland Source:FactSet Page 70 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Credit Spreads Credit spreads generally widened during the third quarter but are still narrow compared to historical standards. Global Emerging Markets and High Yield spreads widened the most in Q3 2021, increasing by 30bps and 21bps, respectively, over the quarter. Spread (bps)09/30/2021 06/30/2021 09/30/2020 Quarterly Change (bps)One-Ye ar Change (bps) U.S. Aggregate 33 32 60 1 -27 Long Go v't 0 0 0 0 0 Long Credit 123 118 188 5 -65 Long Go v't/Credit 72 71 111 1 -39 MBS 27 27 61 0 -34 CMBS 61 59 106 2 -45 ABS 29 22 41 7 -12 Corporate 84 80 136 4 -52 Hi gh Yield 289 268 517 21 -228 Global Eme rging Markets 287 257 334 30 -47 Source: FactSet, Bloom berg Barclays Page 71 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Currency The U.S. Dollar appreciated against major currencies over the quarter. The U.S. dollar rose 1.9% on a trade-weighted basis. Sterling fell by 0.9% on a trade-weighted basis over the quarter. The Bank of England (BoE) kept its interest rate unchanged but two members out of the nine-member Monetary Policy Committee voted to end its quantitative easing programme immediately. The Sterling depreciated by 2.5% against the U.S. dollar. The U.S. dollar appreciated by 2.3% against the Euro and by 0.5% against the Yen. 100 105 110 115 120 125 Sep 15 Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 21 TRADE WEIGHTED U.S. DOLLAR INDEX (2006 = 100) Source:Federal Reserve 80 90 100 110 120 130 140 Sep 15 Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 21 U.S. DOLLAR RELATIVE TO EUR, GBP AND JPY REBASED TO 100 AT 09/30/2015 EUR/USD GBP/USD JPY/USD Source: FactSet Stronger Dollar Weaker Dollar Page 72 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Commodities Commodities continued their upward momentum over the quarter with the Bloomberg Commodity Index up 6.6%. Energy prices continued to rise higher demand has exacerbated supply issues, particularly in China and parts of Europe. Energy was the best performing sector, returning 21.0% over the quarter and 78.8% over the trailing one-year period. OPEC+ reached an agreement to increase crude oil production by 400,000 barrels a day each month from August until the end of 2022. OPEC+ also targeted the end of 2022 to start restoring output back to pre-pandemic levels. The price of Brent crude oil rose by 4.5% to $79/bbl. while WTI crude oil spot prices rose by 2.1% to $75/bbl. 6.6% -1.2% 21.0% 2.1% -4.6% -1.0% 16.5% -6.0% -2.0% 42.3% 24.8% 78.8% 37.1% -7.8% 44.7% 55.7% 38.4% 9.3% -20.0%-10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0% Bloomberg Commodity Index Ex-Energy Energy Industrial Metals Prec. Metals Agric. Softs Grains Livestock COMMODITY RETURNS AS OF 09/30/2021 Third Quarter 2021 One-Year Source:Bloomberg Note: Softs and Grains are part of the wider Agriculture sector Page 73 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Factor Indices -0.1% -1.9% 0.1%1.1% -0.8%-0.4% 0.8%0.3% -1.1% 7.3%9.0% 14.3% 8.6% 15.9% 11.9%12.2% 9.6%10.8% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% MSCI World Minimum Volatility (USD) MSCI World High Dividend Yield MSCI World Quality MSCI World Momentum MSCI World Enhanced Value MSCI World Equal Weighted MSCI World Index Growth MSCI USA Minimum Volatility (USD) MSCI USA High Dividend Yield SHORT TERM RETURNS AS OF 09/30/2021 Third Quarter 2021 YTD Source:MSCI 9.3%8.7% 17.9%18.1% 8.5% 11.1% 19.0% 12.4% 10.6%10.9%9.8% 15.8%16.0% 9.8% 11.2% 16.0% 14.2% 13.3% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% MSCI World Minimum Volatility (USD) MSCI World High Dividend Yield MSCI World Quality MSCI World Momentum MSCI World Enhanced Value MSCI World Equal Weighted MSCI World Index Growth MSCI USA Minimum Volatility (USD) MSCI USA High Dividend Yield LONG TERM ANNUALIZED RETURNS AS OF 09/30/2021 Five-Year Ten-Year Source:MSCI Page 74 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Hedge Fund Markets Overview Hedge fund performance was mixed across all strategies in the third quarter. HFRI Fund-Weighted Composite Index remained flat whilst HFRI Fund of Funds Composite Index produced returns of 1.4% over the quarter. Over the quarter, Fixed Income/Convertible Arbitrage and Relative Value strategies were the best performers with returns of 1.5% and 1.2% respectively. Emerging Markets and Event-Driven strategies were the worst performers with a return of -1.8% and -0.5% respectively. 1.5% 0.0% -0.4% -1.8% -0.5% -0.1% 1.2% 0.0% 1.4% 13.2% 13.7% 28.1% 20.2% 24.2% 26.8% 13.6% 22.1% 15.0% -5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0% Fixed Income/Convertible Arb. Global Macro Equity Hedge Emerging Markets Event-Driven Distressed-Restructuring Relative Value Fund-Weighted Composite Index Fund of Funds Composite Index HEDGE FUND PERFORMAN CE AS OF 09/30/2021 Third Quarter 2021 One-Year Note: Latest 5 months of HFR data are estimated by HFR and may change in the future. Source:HFR Page 75 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Private Equity Market Overview | Second Quarter 2021 Slide 1 of 2 Fundraising: In 2Q 2021, $321.0 billion was raised by 750 funds, which was an increase of 34.1% on a capital basis and 26.6% by number of funds over the prior quarter. Dry powder stood at nearly $2.1 trillion at the end of the quarter, an increase compared to year-end 2020’s total of $2.0 trillion.1 Buyout: Global private equity-backed buyout deals totaled $225.9 billion in 2Q 2021, which was up 22.6% on a capital basis and down 9.0% by number of deals from 1Q 2021.1 Through 2Q 2021, the average purchase price multiple for all U.S. LBOs was 11.1x EBITDA, a decrease of 0.3x over 2020’s average but higher than the five-year average (10.8x).2 Large cap purchase price multiples stood at 11.0x through 2Q 2021, down compared to 2020’s level of 11.3x.2 In Europe, the average purchase price multiple across European transactions of greater than €500M averaged 12.6x EBITDA on an LTM basis as of 2Q 2021, equal to the 12.6x multiple seen at the end of 4Q 2020. Purchase prices for transactions of greater than €1.0 billion decreased to 12.9x EBITDA on an LTM basis compared to the 13.1x seen at the end of 2020. Globally, exit value totaled $249.7 billion from 792 deals during the second quarter, up from the $188.2 billion in exits from 748 deals during 1Q 2021. 2Q 2021’s totals were significantly higher than Q2 2020’s total of $40.7 billion in value across 339 deals.1 Venture: During the second quarter, an estimated 3,296 venture-backed transactions totaling $75.0 billion were completed in the U.S., which was equal to the prior quarter on a capital basis but a decrease compared to the 3,762 completed deals. Q2’s transaction value was 122.6% higher than the five-year quarterly average of $33.7 billion and marked the strongest quarter on record.3 Total U.S. venture-backed exit activity totaled approximately $241.3 billion across an estimated 448 completed transactions in 2Q 2021, up from the $130.9 billion across 435 exits in 1Q 2021. Through 2Q 2021, U.S. exit activity represented 129.5% of 2020’s total.3 Mezzanine: 11 funds closed on $6.9 billion during the second quarter. This was up significantly from the prior quarter’s total of $510 million raised by three funds and up from 2Q 2020’s total of $3.7 billion raised by seven funds. Estimated dry powder was $51.9 billion at the end of 2Q 2021, up slightly from the $51.3 billion seen at the end of 1Q 2021.1 Source: Preqin LTM Global Private Equity-Backed Buyout Deal Volume Page 76 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Private Equity Market Overview | Second Quarter 2021 Slide 2 of 2 Distressed Debt: The TTM U.S. high-yield default rate was expected to be 2.0% at the end of June 2021, which was a decrease from the 4.5% seen at year-end 2020.4 During the quarter, $14.9 billion was raised by 16 funds, a slight decrease from the $15.9 billion raised by 20 funds in 1Q 2021. Distressed funds have raised 41.7% of 2020’s total through 2Q 2021.1 Dry powder was estimated at $152.4 billion at the end of 2Q 2021, which was up from the $143.6 billion seen at the end of 1Q 2021. This was 32.7% higher than the five-year annual average level of $114.8 billion.1 Secondaries:16 funds raised $12.6 billion during the quarter, down from the $20.6 billion raised by 18 funds in 1Q 2021. This was also down 46.7% from 2Q 2020.1 At the end of 2Q 2021, there were an estimated 101 secondary and direct secondary funds in market targeting roughly $40.3 billion.1 The average discount rate for all private equity sectors finished the quarter at 8.2%, continuing the rebound from the 9.1% discount at the end of 1Q 2021 and from the 11.8% discount at the end of 4Q 2020.5 Infrastructure: $37.8 billion of capital was raised by 39 funds in 2Q 2021 compared to $23.8 billion of capital raised by 32 partnerships in 1Q 2021. Through 2Q 2021, infrastructure funds have raised 56.5% of 2020’s total.At the end of the quarter, dry powder stood at an estimated $270.6 billion, up from 1Q 2021’s total of $262.2 billion.Infrastructure managers completed 443 deals with an estimated aggregate deal value of $97.9 billion in 2Q 2021 compared to 560 deals totaling $81.4 billion a quarter ago.1 Natural Resources: During 2Q 2021, seven funds closed on $2.4 billion compared to five funds totaling $1.4 billion in 1Q 2021. Energy and utilities industry managers completed approximately 83 deals totaling an estimated $17.0 billion through 2Q 2021, which represented 104.4% of energy and utilities deal value during all of 2020.1 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 Source: S&P Page 77 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Commercial Real Estate Markets U.S.Core Real Estate returned 6.6%*in the third quarter,equating to an 14.6%total gross return year-over-year,including a 4.0%income return.Limited distressed sales have been witnessed thus far,although plenty of capital has been raised to capitalize on any potential opportunities coming out of COVID- 19.Townsend has witnessed a robust recovery across the US economy and US real estate markets through the first half of 2021.Despite lingering uncertainty,real estate capital markets are highly liquid and competitive for in vogue sectors but have also been surprisingly strong for less favored sectors. Global property markets,as measured by the FTSE EPRA/NAREIT Developed Real Estate Index,returned -0.7%(USD)in aggregate during the third quarter and experienced a cumulative increase of 30.8%over the trailing 1-year period.REIT market performance was driven by Asia Pacific (-2.7%USD), North America (0.7%USD),and Europe (-1.4%USD).The U.S.REIT markets (FTSE NAREIT Equity REITs Index)returned 1.0%in the third quarter.The U.S.10-year treasury bond yields were flat at 1.49%during the quarter. The demand for modern logistics networks has outpaced development and now low-single-digit vacancy rates are common across major markets in the US.A mismatch of supply and demand is driving strong rent growth in the sector,as e-commerce still only accounts for 18%of retail sales and is forecasted to grow at more than 10%per annum between 2021-2024.Significant demand combined with an undersupply of modern assets continues to support the development modern logistics properties and the retrofit or refurbishment of well-located older product. Residential property prices are appreciating across almost every major economy.Development hurdles,rising costs,and increasing regulatory risks are negatively impacting economic incentives to develop residential homes.Residential demand is anticipated to further recover and grow alongside the economy creating attractive investment opportunities across the residential market,including multifamily and single family-for-rent. Townsend has identified high conviction investment themes that are predicated on secular growth trends and strong underlying real estate market fundamentals.These investment themes have commonalities such as anticipated tenant demand growth,natural barriers to supply,and operating complexity that are anticipated to persist medium to long-term. *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 Sources: RCA, AON 09/30/2021 6.6% 14.6% 7.1%7.5%9.9% 1.0% 37.4% 10.0%6.8%11.3% 0.0% 10.0% 20.0% 30.0% 40.0% Q3 2021 1-Year 3-Years 5-Years 10-Years PRIVATE VS. PUBLIC REAL ESTAT E RETURNS AS OF 9/30/2021 Private (NFI-ODCE Gross)* Public (NAREIT Gross) *Third quarter returns are preliminary Sources: NCREIF, FactSet CAP RATES BY SECTOR Page 78 Appendix Page 79 Fee Schedule Market Value As of 09/30/2021 $000 % of Portfolio Estimated Annual Fee $000 Estimated Annual Fee (%) Total Pension 336,966 100.00 1,579 0.47 Total Domestic Equity 127,444 37.82 341 0.27 BlackRock Russell 1000 Index Fund Non-Lending 0.04 % of Assets 87,364 25.93 31 0.04 Kennedy Mid Cap Value 0.75 % of First $25 M 0.70 % of Next $25 M 0.60 % Thereafter 20,921 6.21 157 0.75 TimesSquare Small Cap Growth 0.80 % of Assets 19,159 5.69 153 0.80 Total International Equity 61,556 18.27 568 0.92 Morgan Stanley International Equity 0.91 % of Assets 40,962 12.16 373 0.91 Morgan Stanley Emerging Markets Fund 0.95 % of Assets 20,595 6.11 196 0.95 Total Fixed Income 115,645 34.32 395 0.34 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 46,336 13.75 148 0.32 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 43,228 12.83 130 0.30 Brandywine Global Opportunistic Fixed Income 0.45 % of First $50 M 0.40 % of Next $50 M 0.35 % Thereafter 26,081 7.74 117 0.45 Real Estate 29,028 8.61 252 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 29,028 8.61 252 0.87 Cash Account 0.20 % of Assets 2,090 0.62 4 0.20 Total Pension Fee Schedule As of September 30, 2021 Page 80 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 81 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 82 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 83 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 84 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 85 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 86 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 87 (This Page Left Blank Intentionally) Page 88 Disclaimers and Notes Page 89 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 90 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. 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