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HomeMy Public PortalAbout2021 4th 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 | Fourth 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 COP26 post-mortem and investment implications Link Aon United Health Solutions Survey on Vaccination Trends Link Aon United Operational Diligence: Due for a Change? 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Market Highlights 11.0% 2.1%2.7% -1.3% 0.0%3.0%1.5%0.7% 6.6% 28.7% 14.8% 11.3% -2.5%-1.5%-4.6%-1.2% 5.3% 13.1% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 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 12/31/2021 Fourth Quarter 2021 YTD Source:Russell, MSCI, Bloomberg Barclays, Bloomberg 18.5% 12.0% 9.5%9.9% 3.6% 6.5%7.6% 6.3%7.5% 16.6% 13.2% 8.0% 5.5% 2.9% 4.5% 6.4%6.8% 9.9% 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 LONG TERM ANNUALIZED RETURNS AS OF 12/31/2021 Five-Year Ten-Year Source:Russell, MSCI, Bloomberg Barclays, Bloomberg Note: MSCI Indices show net total returns throughout this report. All other indices show gross total returns. Page 3 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights 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 of June 30, 2021 Returns of the Major Capital Markets Period Ending 12/31/2021 Fourth Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All Country World IMI 6.10%18.22%18.22%20.20%14.12%11.84% MSCI All Country World 6.68%18.54%18.54%20.38%14.40%11.85% Dow Jones U.S. Total Stock Market 9.14%25.66%25.66%25.72%17.92%16.24% Russell 3000 9.28%25.66%25.66%25.79%17.97%16.30% S&P 500 11.03%28.71%28.71%26.07%18.47%16.55% Russell 2000 2.14%14.82%14.82%20.02%12.02%13.23% MSCI All Country World ex-U.S. IMI 1.64%8.53%8.53%13.62%9.83%7.57% MSCI All Country World ex-U.S.1.82%7.82%7.82%13.18%9.61%7.28% MSCI EAFE 2.69%11.26%11.26%13.54%9.55%8.03% MSCI EAFE (Local Currency)3.91%18.70%18.70%13.35%8.36%10.09% MSCI Emerging Markets -1.31%-2.54%-2.54%10.94%9.87%5.49% Equity Factors MSCI World Minimum Volatility (USD)7.00%14.84%14.84%13.70%11.34%11.02% MSCI World High Dividend Yield 7.17%16.81%16.81%13.61%10.27%9.70% MSCI World Quality 10.32%26.10%26.10%28.37%20.53%16.00% MSCI World Momentum 5.84%14.95%14.95%23.80%19.69%15.72% MSCI World Enhanced Value 4.19%20.77%20.77%11.84%8.28%9.66% MSCI World Equal Weighted 3.10%15.40%15.40%16.53%11.58%11.07% MSCI World Index Growth 8.19%21.40%21.40%29.76%21.31%16.06% Fixed Income Bloomberg Barclays Global Aggregate -0.67%-4.71%-4.71%3.59%3.36%1.77% Bloomberg Barclays U.S. Aggregate 0.01%-1.54%-1.54%4.79%3.57%2.90% Bloomberg Barclays U.S. Long Gov't 3.05%-4.57%-4.57%8.78%6.53%4.53% Bloomberg Barclays U.S. Long Credit 1.52%-1.18%-1.18%11.37%7.64%6.42% Bloomberg Barclays U.S. Long Gov't/Credit 2.15%-2.52%-2.52%10.62%7.39%5.72% Bloomberg Barclays U.S. TIPS 2.36%5.96%5.96%8.44%5.34%3.09% Bloomberg Barclays U.S. High Yield 0.71%5.28%5.28%8.83%6.30%6.83% Bloomberg Barclays Global Treasury ex U.S.-1.45%-8.17%-8.17%1.86%2.74%0.44% JP Morgan EMBI Global (Emerging Markets)0.02%-1.51%-1.51%6.06%4.47%4.95% Commodities Bloomberg Commodity Index -1.56%27.11%27.11%9.86%3.66%-2.85% Goldman Sachs Commodity Index 1.51%40.35%40.35%7.99%2.80%-5.50% Hedge Funds HFRI Fund-Weighted Composite2 0.56%10.30%10.30%10.86%7.10%5.79% HFRI Fund of Funds2 0.77%6.53%6.53%8.59%5.78%4.59% Real Estate NAREIT U.S. Equity REITS 16.31%43.24%43.24%18.41%10.75%11.38% NCREIF NFI -ODCE 6.59%13.09%14.59%7.05%7.50%9.92% FTSE Global Core Infrastructure Index 10.03%17.84%17.84%13.91%11.35%10.23% Private Equity Burgiss Private iQ Global Private Equity3 54.98%22.55%20.17%15.22% Page 4 (This Page Left Blank Intentionally) Page 5 Total Plan Page 6 Change in Market Value From October 1, 2021 to December 31, 2021 Summary of Cash Flow $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 Millions ($) Beginning Market Value Net Additions / Withdrawals Investment Earnings Ending Market Value $337.0 $0.2 $12.9 $350.1 1 Quarter 1 Year Total Pension Beginning Market Value 336,966,016 326,557,807 + Additions / Withdrawals 229,199 -8,898,901 + Investment Earnings 12,943,535 32,479,843 = Ending Market Value 350,138,749 350,138,749 Total Pension Total Plan Asset Summary As of December 31, 2021 Page 7 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 15 Years Total Pension Policy Benchmark 0.0 5.0 10.0 15.0 20.0 Retu rn 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 1/1/93 3.7 10.8 13.6 9.5 7.9 3.8 10.1 13.0 9.2 7.5 7.6 Total Pension Benchmark 0.96 1.00 1.04 1.08 1.12 12/06 6/08 12/09 6/11 12/12 6/14 12/15 6/17 12/18 6/20 12/21 1.00 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 Total Plan Performance Summary As of December 31, 2021Total Pension Page 8 Allocation Market Value ($) %Policy(%) Performance(%) 1 Quarter 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Pension 350,138,749 100.0 100.0 3.8 (69)10.1 (91)13.0 (90)9.2 (93)7.5 (95)7.6 (64)01/01/1993 Policy Benchmark 3.7 (71)10.8 (84)13.6 (83)9.5 (89)7.9 (94) All Public Plans < $1B-Total Fund Median 4.3 13.3 15.4 11.1 9.6 7.7 Total Domestic Equity 134,737,983 38.5 8.4 (49)24.3 (52)25.4 (30)17.3 (36)14.7 (47)09/01/2013 Russell 3000 Index 9.3 (35)25.7 (41)25.8 (23)18.0 (23)15.5 (21) All Public Plans-US Equity Segment Median 8.3 24.4 24.7 17.1 14.7 IM U.S. Equity (SA+CF) Median 7.5 26.0 23.5 15.6 13.9 Total Large-Cap Equity 92,380,343 26.4 25.0 9.8 (22)26.5 (40)26.2 (30)18.2 (31)15.7 (35)11.0 (62)06/01/2003 Russell 1000 Index 9.8 (22)26.5 (41)26.2 (30)18.4 (29)16.5 (24)11.4 (50) IM U.S. Equity (SA+CF) Median 7.1 24.9 22.5 14.8 14.4 11.3 BlackRock Russell 1000 Index Fund Non-Lending 92,380,343 26.4 9.8 (22)26.4 (41)26.3 (30)17.7 (29)03/01/2017 Russell 1000 Index 9.8 (22)26.5 (41)26.2 (30)17.7 (29) IM U.S. Equity (SA+CF) Median 7.1 24.9 22.5 14.4 Total Small-Cap Equity 42,357,640 12.1 10.0 5.6 (67)19.5 (74)23.2 (47)15.2 (49)14.3 (52)12.2 (30)06/01/2003 Russell 2000 Index 2.1 (88)14.8 (84)20.0 (66)12.0 (68)13.2 (68)10.6 (71) IM U.S. Equity (SA+CF) Median 7.1 24.9 22.5 14.8 14.4 11.3 Kennedy Mid Cap Value 22,776,231 6.5 8.7 (33)31.8 (13)22.5 (51)13.1 (60)13.7 (61)11.3 (43)02/01/2008 IM U.S. Equity (SA+CF) Median 7.1 24.9 22.5 14.8 14.4 11.0 Russell Midcap Value Index 8.5 (34)28.3 (29)19.6 (68)11.2 (75)13.4 (64)10.0 (70) TimesSquare Small Cap Growth 19,581,409 5.6 2.2 (88)7.3 (95)23.3 (52)16.8 (45)14.5 (60)11.5 (32)02/01/2002 Russell 2000 Growth Index 0.0 (95)2.8 (98)21.2 (65)14.5 (57)14.1 (68)9.4 (85) IM U.S. Equity (SA+CF) Median 7.5 26.0 23.5 15.6 15.4 10.7 Total International Equity 62,608,260 17.9 18.0 1.7 (55)4.0 (100)12.1 (94)9.0 (97)5.7 (100)09/01/2013 MSCI AC World ex USA Index (Net)1.8 (53)7.8 (82)13.2 (87)9.6 (92)6.4 (100) All Public Plans-Intl. Equity Segment Median 1.9 9.7 16.0 11.5 8.2 IM International Equity (MF) Median 1.5 9.7 14.8 11.0 7.9 Morgan Stanley International Equity 41,919,939 12.0 2.3 (37)4.2 (67)11.8 (65)8.6 (69)7.2 (61)5.1 (79)04/01/2005 MSCI EAFE Index (Net)2.7 (34)11.3 (38)13.5 (49)9.5 (55)8.0 (46)5.5 (69) IM International Equity (MF) Median 1.4 9.1 13.4 9.8 7.9 6.4 Morgan Stanley Emerging Markets Fund 20,688,321 5.9 0.5 (26)3.6 (35)12.4 (41)9.7 (49)5.6 (50)7.2 (48)04/01/2005 MSCI Emerging Markets Index (Net)-1.3 (57)-2.5 (66)10.9 (58)9.9 (45)5.5 (51)7.5 (37) IM Emerging Markets Equity (MF) Median -1.0 -0.7 11.5 9.5 5.5 7.1 Asset Allocation & Performance As of December 31, 2021 Page 9 Asset Allocation & Performance As of December 31, 2021 Allocation Market Value ($) %Policy(%) Performance(%) 1 Quarter 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Fixed Income 120,384,097 34.4 35.0 -0.2 (85)-2.1 (95)5.3 (63)4.2 (62)3.4 (66)4.3 (86)07/01/2003 Blmbg. Intermed. U.S. Government/Credit -0.6 (97)-1.4 (93)3.9 (93)2.9 (95)2.4 (94)3.3 (95) All Public Plans-US Fixed Income Segment Median 0.2 -0.1 5.7 4.5 3.8 4.8 IM U.S. Fixed Income (SA+CF) Median 0.1 -0.1 5.4 4.1 3.7 4.3 Income Research 48,526,734 13.9 -0.6 (68)-1.3 (55)4.2 (26)3.1 (30)2.7 (34)4.4 (25)07/01/2001 Blmbg. Intermed. U.S. Government/Credit -0.6 (46)-1.4 (64)3.9 (49)2.9 (50)2.4 (64)3.9 (62) IM U.S. Intermediate Duration (SA+CF) Median -0.6 -1.2 3.8 2.9 2.6 4.2 Prudential Core Plus Bond 45,880,947 13.1 0.4 (6)-0.9 (68)6.4 (34)5.0 (11)4.4 (13)06/01/2015 Blmbg. U.S. Aggregate 0.0 (46)-1.5 (95)4.8 (89)3.6 (90)3.0 (89) IM U.S. Broad Market Core+ Fixed Income (SA+CF) Median 0.0 -0.5 5.9 4.3 3.7 Brandywine Global Opportunistic Fixed Income 25,976,417 7.4 -0.5 (70)-5.3 (86)4.9 (60)4.3 (51)3.4 (59)4.9 (39)01/01/2005 FTSE World Government Bond Index -1.1 (84)-7.0 (95)2.7 (95)2.9 (88)1.0 (94)2.5 (98) IM Global Fixed Income (SA+CF) Median -0.2 -0.1 5.8 4.4 3.9 4.6 Hedge Fund 1,196,890 0.3 0.0 Entrust Capital Diversified Fund 1,196,890 0.3 Real Estate 29,021,383 8.3 12.0 4.8 14.8 2.0 3.4 6.3 5.0 06/01/2006 Real Estate Performance Benchmark 7.7 21.0 9.3 8.3 9.6 7.9 UBS Trumbull Property Fund 29,021,383 8.3 4.8 14.9 2.0 3.4 6.3 5.0 06/01/2006 Real Estate Performance Benchmark 7.7 21.0 9.3 8.3 9.6 7.9 Cash Account 2,190,136 0.6 0.0 0.0 0.0 0.9 1.2 0.6 1.3 07/01/2003 ICE BofAML 3 Month U.S. T-Bill 0.0 0.0 1.0 1.1 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 12/31/2021 and is currently in the process of liquidation. Page 10 Performance(%) 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 Total Pension 10.1 (91)12.8 (64)16.2 (90)-4.3 (42)12.3 (90)5.1 (91)-0.7 (65)2.9 (96)10.9 (93)12.1 (47) Policy Benchmark 10.8 (84)12.7 (64)17.4 (82)-4.5 (49)12.2 (91)6.6 (61)-1.4 (78)3.5 (94)12.3 (88)11.6 (58) Total Domestic Equity 24.3 (52)21.4 (24)30.6 (36)-6.1 (61)20.1 (55)9.6 (94)1.9 (7)10.1 (87)-- Russell 3000 Index 25.7 (41)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 26.5 (40)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) Russell 1000 Index 26.5 (41)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) BlackRock Russell 1000 Index Fund Non-Lending 26.4 (41)21.1 (37)31.4 (28)-4.8 (32)------ Russell 1000 Index 26.5 (41)21.0 (38)31.4 (28)-4.8 (32)------ Total Small-Cap Equity 19.5 (74)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) Russell 2000 Index 14.8 (84)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) Kennedy Mid Cap Value 31.8 (13)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) Russell Midcap Value Index 28.3 (29)5.0 (75)27.1 (56)-12.3 (74)13.3 (77)20.0 (22)-4.8 (74)14.7 (9)33.5 (60)18.5 (22) TimesSquare Small Cap Growth 7.3 (89)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) Russell 2000 Growth Index 2.8 (92)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) Total International Equity 4.0 (100)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)7.8 (82)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 4.2 (67)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) MSCI EAFE Index (Net)11.3 (38)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) Morgan Stanley Emerging Markets Fund 3.6 (35)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) MSCI Emerging Markets Index (Net)-2.5 (66)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) Asset Allocation & Performance As of December 31, 2021 Page 11 Asset Allocation & Performance As of December 31, 2021 Performance(%) 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 Total Fixed Income -2.1 (95)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) Blmbg. Intermed. U.S. Government/Credit -1.4 (93)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) Income Research -1.3 (55)7.5 (17)6.7 (44)0.8 (41)2.0 (75)2.3 (42)0.9 (61)3.3 (52)-0.9 (59)5.9 (25) Blmbg. Intermed. U.S. Government/Credit -1.4 (64)6.4 (51)6.8 (40)0.9 (38)2.1 (64)2.1 (51)1.1 (42)3.1 (61)-0.9 (55)3.9 (76) Prudential Core Plus Bond -0.9 (68)9.2 (33)11.3 (12)-0.4 (39)6.6 (11)5.8 (23)---- Blmbg. U.S. Aggregate -1.5 (95)7.5 (79)8.7 (77)0.0 (18)3.5 (83)2.6 (89)---- Brandywine Global Opportunistic Fixed Income -5.3 (86)11.7 (15)9.3 (49)-5.2 (90)12.8 (3)5.2 (54)-8.4 (90)6.3 (15)-3.5 (75)14.1 (28) FTSE World Government Bond Index -7.0 (95)10.1 (31)5.9 (88)-0.8 (25)7.5 (46)1.6 (89)-3.6 (59)-0.5 (84)-4.0 (83)1.6 (94) Hedge Fund Entrust Capital Diversified Fund Real Estate 14.8 -4.9 -2.9 6.0 5.3 6.0 ---- Real Estate Performance Benchmark 21.0 1.5 6.4 6.7 7.0 8.0 ---- UBS Trumbull Property Fund 14.9 -4.9 -3.0 6.0 5.3 6.0 11.7 10.4 9.2 9.0 Real Estate Performance Benchmark 21.0 1.5 6.4 6.7 7.0 8.0 13.3 11.8 11.0 10.5 Cash Account 0.0 0.5 2.3 2.0 1.0 0.3 0.0 0.0 0.0 0.1 ICE BofAML 3 Month U.S. T-Bill 0.0 0.7 2.3 1.9 0.9 0.3 0.1 0.0 0.1 0.1 Page 12 Total Fund Performance 0.00%2.00%4.00%6.00% Total Fund Total Fund Benchmark Total Value Added 3.81% 3.53% 0.28% Total Value Added:0.28% 0.00%0.40%0.80%-0.40 % Other Manager Value Added Asset Allocation -0.01 % 0.39% -0.10 % Total Asset Allocation:-0.10 % Average Active Weight 0.00%4.00%8.00%-4.00 %-8.00 % Cash Account Real Estate Hedge Fund Total Fixed Income Total International Equity Total Small-Cap Equity Total Large-Cap Equity W eight (%) 0.61% -3.56 % 0.35% -0.51 % -0.12 % 1.94% 1.28% Asset Allocation Value Added 0.00%0.20%-0.20 % -0.02 % -0.10 % -0.01 % 0.01% -0.01 % -0.03 % 0.06% Total Manager Value Added:0.39% Manager Value Added 0.00%0.40%0.80%-0.40 % 0.00% -0.12 % 0.00% 0.12% -0.02 % 0.41% -0.01 % Total Pension Total Fund Attribution 1 Quarter Ending December 31, 2021 Page 13 Total Fund Performance 0.00%8.00%16.00%-8.00 % Total Fund Total Fund Benchmark Total Value Added 10.05% 10.85% -0.79 % Total Value Added:-0.79 % 0.00%-0.40 %-0.80 %-1.20 % Other Manager Value Added Asset Allocation -0.02 % -0.69 % -0.09 % Total Asset Allocation:-0.09 % 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 (%) 0.59% -3.21 % 0.36% -1.24 % 0.42% 1.81% 1.27% Asset Allocation Value Added 0.00%0.30%0.60%-0.30 %-0.60 % -0.07 % -0.29 % -0.03 % 0.13% -0.03 % 0.04% 0.15% Total Manager Value Added:-0.69 % Manager Value Added 0.00%0.80%1.60%-0.80 %-1.60 % 0.00% -0.24 % 0.00% -0.25 % -0.71 % 0.51% 0.01% Total Pension Total Fund Attribution Year To Date Ending December 31, 2021 Page 14 Total Fund Performance 0.00%8.00%16.00%-8.00 % Total Fund Total Fund Benchmark Total Value Added 10.05% 10.85% -0.79 % Total Value Added:-0.79 % 0.00%-0.40 %-0.80 %-1.20 % Other Manager Value Added Asset Allocation -0.02 % -0.69 % -0.09 % Total Asset Allocation:-0.09 % 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 (%) 0.59% -3.21 % 0.36% -1.24 % 0.42% 1.81% 1.27% Asset Allocation Value Added 0.00%0.30%0.60%-0.30 %-0.60 % -0.07 % -0.29 % -0.03 % 0.13% -0.03 % 0.04% 0.15% Total Manager Value Added:-0.69 % Manager Value Added 0.00%0.80%1.60%-0.80 %-1.60 % 0.00% -0.24 % 0.00% -0.25 % -0.71 % 0.51% 0.01% Total Pension Total Fund Attribution 1 Year Ending December 31, 2021 Page 15 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Total Pension 3.8 (69)10.1 (91)13.0 (90)9.2 (93)7.5 (95)12.8 (64)16.2 (90)-4.3 (42)¢ Policy Benchmark 3.7 (71)10.8 (84)13.6 (83)9.5 (89)7.9 (94)12.7 (64)17.4 (82)-4.5 (49)˜ 5th Percentile 5.9 17.2 17.8 12.9 11.0 18.1 22.6 -1.9 1st Quartile 5.0 14.7 16.6 11.8 10.2 15.9 20.8 -3.6 Median 4.3 13.3 15.4 11.1 9.6 14.0 19.7 -4.5 3rd Quartile 3.6 11.8 14.2 10.2 8.8 11.6 18.1 -5.3 95th Percentile 2.4 8.4 11.6 8.6 7.5 8.0 14.7 -6.5 Population 378 374 366 348 282 850 860 786 Plan Sponsor Peer Group Analysis As of December 31, 2021 All Public Plans < $1B-Total Fund Parentheses contain percentile rankings. Page 16 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Total Pension Policy Benchmark FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Total Pension Policy Benchmark 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 12/97 3/00 6/02 9/04 12/06 3/09 6/11 9/13 12/15 3/18 12/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Pension -0.23 1.21 -0.19 0.98 0.91 -0.74 1.05 9.16 8.78 0.99 Policy Benchmark 0.00 0.00 N/A 1.00 1.00 0.00 1.00 9.46 8.26 1.00 FTSE 3 Month T-Bill -8.30 8.31 -1.00 0.04 N/A 1.17 -0.01 1.11 0.26 -0.21 Total Pension Risk Profile As of December 31, 2021Total Pension Page 17 Market Value ($) Current Allocation (%) Target Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Differences (%) Total Pension 350,138,749 100.0 100.0 N/A N/A 0.0 Total Large-Cap Equity 92,380,343 26.4 25.0 20.0 30.0 1.4 Total Small-Cap Equity 42,357,640 12.1 10.0 5.0 15.0 2.1 Total International Equity 62,608,260 17.9 18.0 13.0 23.0 -0.1 Total Fixed Income 120,384,097 34.4 35.0 30.0 40.0 -0.6 Hedge Fund 1,196,890 0.3 0.0 0.0 0.0 0.3 Real Estate 29,021,383 8.3 12.0 7.0 17.0 -3.7 Cash Account 2,190,136 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 $2,190.1K Real Estate $29,021.4K Hedge Fund $1,196.9K Total Fixed Income $120,384.1K Total International Equity $62,608.3K Total Small-Cap Equity $42,357.6K Total Large-Cap Equity $92,380.3K 0.0% 12.0% 0.0% 35.0% 18.0% 10.0% 25.0% 0.6% 8.3% 0.3% 34.4% 17.9% 12.1% 26.4% 0.6% -3.7 % 0.3% -0.6 % -0.1 % 2.1% 1.4% Total Pension Asset Allocation Compliance As of December 31, 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 10.0 20.0 30.0 40.0 Retu rn 1 Quarter 1 Year 3 Years 5 Years Inception 9/1/13 9.3 25.7 25.8 18.0 15.5 8.4 24.3 25.4 17.3 14.7 December 31, 2021 : $135M TimesSquare Small Cap Growth:14.5% Kennedy Mid Cap Value:16.9% BlackRock Russell 1000 Index Fund Non-Lending:68.6% Total Domestic Equity Benchmark 0.96 0.99 1.02 1.05 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 0.97 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 Total Domestic Equity Portfolio Overview As of December 31, 2021Total Domestic Equity Page 21 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 Return 1 Quarter 1 Year 3 Years 5 Years 2020 2019 2018 Total Domestic Equity 8.4 (49)24.3 (52)25.4 (30)17.3 (36)21.4 (24)30.6 (36)-6.1 (61)¢ Russell 3000 Index 9.3 (35)25.7 (41)25.8 (23)18.0 (23)20.9 (27)31.0 (29)-5.2 (38)˜ 5th Percentile 11.7 30.0 26.7 18.6 26.5 32.2 -3.7 1st Quartile 9.8 27.6 25.6 17.9 21.3 31.3 -5.0 Median 8.3 24.4 24.7 17.1 18.9 30.0 -5.8 3rd Quartile 6.7 21.1 22.2 15.4 16.6 27.9 -6.8 95th Percentile 3.6 14.0 18.8 13.6 10.4 24.5 -9.0 Population 56 53 46 43 67 65 66 Plan Sponsor Peer Group Analysis As of December 31, 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 -16.0 -8.0 0.0 8.0 16.0 24.0 32.0 40.0 Return (%) 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 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 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Domestic Equity -0.20 1.69 -0.12 0.99 1.25 -0.94 1.03 25.39 18.80 1.00 Russell 3000 Index 0.00 0.00 N/A 1.00 1.31 0.00 1.00 25.79 18.19 1.00 FTSE 3 Month T-Bill -23.83 18.23 -1.31 0.01 N/A 1.01 0.00 0.96 0.29 -0.12 Total Domestic Equity Risk Profile As of December 31, 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 10.0 20.0 30.0 40.0 Return 1 Quarter 1 Year 3 Years Inception 3/1/17 9.8 26.5 26.2 17.7 9.8 26.4 26.3 17.7 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 % 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 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 12/21 1.00 BlackRock Russell 1000 Index Fund Non-Lending Performance Summary As of December 31, 2021BlackRock Russell 1000 Index Fund Non-Lending Page 24 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 80.0 95.0 Return 1 Quarter 1 Year 3 Years 2020 BlackRock Russell 1000 Index Fund Non-Lending 9.8 (22)26.4 (41)26.3 (30)21.1 (37)¢ Russell 1000 Index 9.8 (22)26.5 (41)26.2 (30)21.0 (38)˜ 5th Percentile 12.0 36.8 34.1 59.9 1st Quartile 9.3 28.8 27.2 30.9 Median 7.1 24.9 22.5 15.1 3rd Quartile 4.5 19.0 18.7 4.7 95th Percentile -1.1 6.1 13.7 -4.3 Population 1,407 1,401 1,350 1,738 BlackRock Russell 1000 Index Fund Non-Lending Peer Group Analysis As of December 31, 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 15.0 30.0 45.0 Retu rn 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 2/1/08 8.5 28.3 19.6 11.2 13.4 10.08.7 31.8 22.5 13.1 13.7 11.3 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 % 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 Kennedy Mid Cap Value Benchmark 0.80 1.00 1.20 1.40 1/08 7/09 1/11 7/12 1/14 7/15 1/17 7/18 1/20 12/21 1.18 Kennedy Mid Cap Value Performance Summary As of December 31, 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 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Kennedy Mid Cap Value 8.7 (33)31.8 (13)22.5 (51)13.1 (60)13.7 (61)8.4 (67)28.6 (45)-14.5 (85)¢ Russell Midcap Value Index 8.5 (34)28.3 (29)19.6 (68)11.2 (75)13.4 (64)5.0 (75)27.1 (56)-12.3 (74)˜ 5th Percentile 12.0 36.8 34.1 26.0 19.5 59.9 39.1 2.8 1st Quartile 9.3 28.8 27.2 19.4 16.5 30.9 31.8 -3.8 Median 7.1 24.9 22.5 14.8 14.4 15.1 27.9 -7.7 3rd Quartile 4.5 19.0 18.7 11.1 12.6 4.7 23.4 -12.5 95th Percentile -1.1 6.1 13.7 7.5 9.8 -4.3 14.2 -18.9 Population 1,407 1,401 1,350 1,267 1,045 1,738 1,851 1,925 Kennedy Mid Cap Value Peer Group Analysis As of December 31, 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 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 12/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Kennedy Mid Cap Value 1.57 3.43 0.46 0.97 0.71 2.20 0.95 13.12 18.19 0.98 Russell Midcap Value Index 0.00 0.00 N/A 1.00 0.60 0.00 1.00 11.22 18.79 1.00 FTSE 3 Month T-Bill -11.39 18.85 -0.60 0.05 N/A 1.15 0.00 1.11 0.26 -0.22 Kennedy Mid Cap Value Risk Profile As of December 31, 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 10.0 20.0 30.0 40.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 2/1/02 0.0 2.8 21.2 14.5 14.1 9.4 2.2 7.3 23.3 16.8 14.5 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 % 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 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 1/20 12/21 1.44 TimesSquare Small Cap Growth Performance Summary As of December 31, 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 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 TimesSquare Small Cap Growth 2.2 (88)7.3 (95)23.3 (52)16.8 (45)14.5 (60)36.3 (17)28.2 (53)-4.2 (31)¢ Russell 2000 Growth Index 0.0 (95)2.8 (98)21.2 (65)14.5 (57)14.1 (68)34.6 (20)28.5 (51)-9.3 (63)˜ 5th Percentile 12.3 37.7 34.9 26.5 20.1 58.8 39.4 3.2 1st Quartile 9.7 29.6 27.8 19.9 17.1 29.7 32.4 -3.4 Median 7.5 26.0 23.5 15.6 15.4 16.4 28.6 -7.0 3rd Quartile 4.8 20.1 19.7 12.0 13.6 6.3 24.5 -11.6 95th Percentile -0.1 6.9 14.6 8.4 11.0 -3.2 15.0 -17.8 Population 1,643 1,639 1,601 1,556 1,379 2,135 2,296 2,486 TimesSquare Small Cap Growth Peer Group Analysis As of December 31, 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 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 12/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation TimesSquare Small Cap Growth 2.10 4.63 0.45 0.95 0.79 2.19 1.00 16.83 21.06 0.98 Russell 2000 Growth Index 0.00 0.00 N/A 1.00 0.71 0.00 1.00 14.53 20.64 1.00 FTSE 3 Month T-Bill -14.66 20.68 -0.71 0.03 N/A 1.15 0.00 1.11 0.26 -0.17 TimesSquare Small Cap Growth Risk Profile As of December 31, 2021TimesSquare Small Cap Growth Page 31 Asset Allocation As of 10/31/2021 0.0%50.0%100.0%150.0% Convertibles Other Fixed Income Cash Equities 0.0% 0.4% 1.7% 2.6% 95.3% Fund Characteristics As of 10/31/2021 Total Securities 109 Avg. Market Cap $4,781.69 Million P/E 40.86 P/B 8.47 Div. Yield 1.06% Annual EPS 7.49 5Yr EPS 23.31 3Yr EPS Growth 20.09 Top Ten Securities As of 10/31/2021 ASGN Inc ORD 2.17 % iShares Russell 2000 Growth ETF 2.03 % Vonage Holdings Corp ORD 1.82 % SailPoint Technologies Holdings 1.82 % WNS (Holdings) Ltd DR 1.76 % National Vision Holdings Inc ORD 1.74 % Blueprint Medicines Corp ORD 1.71 % Azek Company Inc ORD 1.65 % Planet Fitness Inc ORD 1.62 % Synaptics Inc ORD 1.60 % Sector/Quality Allocation As of 10/31/2021 0.0%8.0%16.0%24.0%32.0% Non Classified Equity Industrials Information Technology Health Care Consumer Discretionary Financials Telecommunication Services Consumer Staples Materials Utilities 18.6% 18.6% 16.8% 14.9% 10.9% 10.4% 1.8% 1.4% 1.0% 0.8% TimesSquare Small Cap Growth Mutual Fund Attributes As of December 31, 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 5.0 10.0 15.0 20.0 Return 1 Quarter 1 Year 3 Years 5 Years Inception 9/1/13 1.8 7.8 13.2 9.6 6.4 1.7 4.0 12.1 9.0 5.7 December 31, 2021 : $63M Morgan Stanley Emerging Markets Fund:33.0% Morgan Stanley International Equity:67.0% Total International Equity Benchmark 0.96 1.00 1.04 1.08 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 0.97 Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 Total International Equity Portfolio Overview As of December 31, 2021Total International Equity Page 35 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 Return 1 Quarter 1 Year 3 Years 5 Years 2020 2019 2018 Total International Equity 1.7 (55)4.0 (100)12.1 (94)9.0 (97)12.7 (52)20.2 (96)-14.6 (75)¢ MSCI AC World ex USA Index (Net)1.8 (53)7.8 (82)13.2 (87)9.6 (92)10.7 (75)21.5 (86)-14.2 (61)˜ 5th Percentile 4.3 18.6 18.5 13.0 28.2 30.6 -10.6 1st Quartile 3.0 12.7 17.3 12.4 16.9 25.9 -13.1 Median 1.9 9.7 16.0 11.5 12.8 23.7 -13.6 3rd Quartile 1.1 8.4 14.3 10.6 10.5 22.4 -14.6 95th Percentile 0.1 5.4 11.7 9.2 7.1 20.3 -16.5 Population 54 53 48 48 68 65 68 Plan Sponsor Peer Group Analysis As of December 31, 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 -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 %) 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 3/19 9/19 3/20 9/20 3/21 12/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total International Equity -0.90 3.15 -0.28 0.97 0.69 -0.92 1.00 12.12 17.35 0.98 MSCI AC World ex USA Index (Net)0.00 0.00 N/A 1.00 0.76 0.00 1.00 13.18 17.03 1.00 FTSE 3 Month T-Bill -12.92 17.07 -0.76 0.02 N/A 0.99 0.00 0.96 0.29 -0.13 Total International Equity Risk Profile As of December 31, 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 5.0 10.0 15.0 20.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 2.7 11.3 13.5 9.5 8.0 5.5 2.3 4.2 11.8 8.6 7.2 5.1 Account Name:Morgan Stanley International Equity Inception Date:04/01/2005 Account Structure:Mutual Fund Asset Class:International Equity Benchmark:MSCI EAFE Index (Net) Peer Group:IM International Equity (MF) Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 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 12/21 0.94 Morgan Stanley International Equity Performance Summary As of December 31, 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 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Morgan Stanley International Equity 2.3 (37)4.2 (67)11.8 (65)8.6 (69)7.2 (61)11.4 (53)20.4 (61)-13.8 (31)¢ MSCI EAFE Index (Net)2.7 (34)11.3 (38)13.5 (49)9.5 (55)8.0 (46)7.8 (67)22.0 (48)-13.8 (31)˜ 5th Percentile 6.1 20.9 23.9 16.7 12.9 40.8 33.0 -7.6 1st Quartile 3.2 13.1 17.2 12.3 9.5 20.6 26.2 -12.9 Median 1.4 9.1 13.4 9.8 7.9 12.3 21.8 -15.6 3rd Quartile -1.2 0.8 10.7 8.0 6.0 5.0 18.0 -18.5 95th Percentile -5.6 -12.1 4.2 3.9 1.8 -6.3 8.3 -23.5 Population 736 735 735 735 524 770 831 880 Morgan Stanley International Equity Peer Group Analysis As of December 31, 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 15.0 Return (%) 0.0 4.0 8.0 12.0 16.0 20.0 24.0 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 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 12/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley International Equity -0.84 4.18 -0.20 0.92 0.55 -0.66 0.98 8.59 15.16 0.96 MSCI EAFE Index (Net)0.00 0.00 N/A 1.00 0.61 0.00 1.00 9.55 14.83 1.00 FTSE 3 Month T-Bill -9.13 14.89 -0.61 0.05 N/A 1.15 0.00 1.11 0.26 -0.23 Morgan Stanley International Equity Risk Profile As of December 31, 2021Morgan Stanley International Equity Page 40 Asset Allocation As of 10/31/2021 0.0%50.0%100.0%150.0% Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 1.0% 1.2% 97.8% Fund Characteristics As of 10/31/2021 Total Securities 65 Avg. Market Cap $109,583.67 Million P/E 27.87 P/B 5.32 Div. Yield 2.30% Annual EPS 4.65 5Yr EPS 5.36 3Yr EPS Growth -2.35 Top Ten Securities As of 10/31/2021 SAP SE ORD 3.49 % Constellation Software Inc ORD 3.30 % Reckitt Benckiser Group PLC ORD 3.28 % Relx PLC ORD 3.24 % Henkel AG & Co KGaA 2.99 % Tencent Holdings Ltd ORD 2.83 % Sanofi SA ORD 2.83 % Prudential PLC ORD 2.75 % Roche Holding AG 2.62 % Pernod Ricard SA ORD 2.59 % Sector/Quality Allocation As of 10/31/2021 0.0%15.0%30.0%45.0% Consumer Staples Health Care Financials Information Technology Industrials Consumer Discretionary Materials Energy 28.6% 17.1% 16.3% 15.3% 11.8% 4.1% 3.1% 1.6% Morgan Stanley International Equity Mutual Fund Attributes As of December 31, 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 8.0 16.0 24.0 -8.0 -16.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 -1.3 -2.5 10.9 9.9 5.5 7.5 0.5 3.6 12.4 9.7 5.6 7.2 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 % 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 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 12/21 0.96 Morgan Stanley Emerging Markets Fund Performance Summary As of December 31, 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 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Morgan Stanley Emerging Markets Fund 0.5 (26)3.6 (35)12.4 (41)9.7 (49)5.6 (50)14.7 (61)19.5 (50)-17.3 (62)¢ MSCI Emerging Markets Index (Net)-1.3 (57)-2.5 (66)10.9 (58)9.9 (45)5.5 (51)18.3 (41)18.4 (58)-14.6 (34)˜ 5th Percentile 4.8 19.9 22.7 16.1 9.5 41.3 31.2 -8.6 1st Quartile 0.5 6.5 14.6 11.3 7.0 23.3 24.5 -13.5 Median -1.0 -0.7 11.5 9.5 5.5 17.0 19.4 -16.0 3rd Quartile -2.9 -4.2 9.9 8.4 4.5 10.0 15.2 -18.7 95th Percentile -6.6 -12.2 4.3 3.6 -0.2 -6.8 6.1 -23.1 Population 186 186 186 186 123 198 220 233 Morgan Stanley Emerging Markets Fund Peer Group Analysis As of December 31, 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 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 12/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley Emerging Markets Fund -0.08 3.98 -0.02 0.95 0.56 -0.11 1.00 9.66 17.14 0.97 MSCI Emerging Markets Index (Net)0.00 0.00 N/A 1.00 0.58 0.00 1.00 9.87 16.63 1.00 FTSE 3 Month T-Bill -9.72 16.68 -0.58 0.05 N/A 1.15 0.00 1.11 0.26 -0.21 Morgan Stanley Emerging Markets Fund Risk Profile As of December 31, 2021Morgan Stanley Emerging Markets Fund Page 44 Asset Allocation As of 10/31/2021 0.0%50.0%100.0%150.0% Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 0.5% 1.6% 97.9% Fund Characteristics As of 10/31/2021 Total Securities 90 Avg. Market Cap $156,242.03 Million P/E 30.47 P/B 7.34 Div. Yield 1.97% Annual EPS 18.72 5Yr EPS 13.07 3Yr EPS Growth 8.95 Top Ten Securities As of 10/31/2021 Taiwan Semiconductor Manufacturing 8.38 % Samsung Electronics Co Ltd ORD 4.88 % Tencent Holdings Ltd ORD 4.52 % TCS Group Holding PLC DR 2.71 % ASML Holding NV DR 2.66 % Anglo American PLC ORD 2.35 % Morgan Stanley Inst Liq Govt Port;Instit 2.26 % Sea Ltd DR 2.17 % Globant SA ORD 1.98 % Housing Development Finance Corporation 1.96 % Sector/Quality Allocation As of 10/31/2021 0.0%20.0%40.0%60.0% Information Technology Financials Industrials Consumer Staples Consumer Discretionary Energy Materials Non Classified Equity Health Care Telecommunication Services 37.1% 19.7% 10.4% 9.5% 7.9% 5.4% 4.7% 2.1% 0.8% 0.3% Morgan Stanley Emerging Markets Fund Mutual Fund Attributes As of December 31, 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 -4.0 -8.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 7/1/03 -0.6 -1.4 3.9 2.9 2.4 3.3 -0.2 -2.1 5.3 4.2 3.4 4.3 December 31, 2021 : $120M Income Research:40.3% Brandywine Global Opportunistic Fixed Income:21.6% Prudential Core Plus Bond:38.1% Total Fixed Income Benchmark 0.96 1.00 1.04 1.08 1.12 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 1.06 Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % -12.0 % 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 Total Fixed Income Portfolio Overview As of December 31, 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 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Total Fixed Income -0.2 (85)-2.1 (95)5.3 (63)4.2 (62)3.4 (66)9.2 (33)9.1 (53)-1.0 (77)¢ Blmbg. Intermed. U.S. Government/Credit -0.6 (97)-1.4 (93)3.9 (93)2.9 (95)2.4 (94)6.4 (87)6.8 (92)0.9 (14)˜ 5th Percentile 1.9 2.9 8.1 5.5 5.8 12.4 11.9 1.6 1st Quartile 0.5 0.7 6.5 4.9 4.3 9.6 10.3 0.5 Median 0.2 -0.1 5.7 4.5 3.8 8.6 9.3 -0.2 3rd Quartile -0.1 -0.7 5.0 3.7 3.1 7.4 8.0 -0.9 95th Percentile -0.5 -2.1 3.6 2.8 2.2 4.9 6.2 -3.5 Population 58 57 51 49 40 74 68 72 Plan Sponsor Peer Group Analysis As of December 31, 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 0.9 1.8 2.7 3.6 4.5 5.4 Return (%) 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.65.6 Risk (Standard Deviation %) Total Fixed Income Blmbg. Intermed. U.S. Government/Credit 0.0 2.0 4.0 6.0 8.0 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 12/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Fixed Income 1.28 2.99 0.43 0.49 0.75 0.31 1.33 4.17 4.07 0.70 Blmbg. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 0.86 0.00 1.00 2.91 2.15 1.00 FTSE 3 Month T-Bill -1.79 2.08 -0.86 0.10 N/A 1.00 0.04 1.11 0.26 0.31 Total Fixed Income Risk Profile As of December 31, 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 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 7/1/01 -0.6 -1.4 3.9 2.9 2.4 3.9 -0.6 -1.3 4.2 3.1 2.7 4.4 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 % 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 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 12/21 1.10 Income Research Performance Summary As of December 31, 2021Income Research Page 50 -7.0 -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Income Research -0.6 (68)-1.3 (55)4.2 (26)3.1 (30)2.7 (34)7.5 (17)6.7 (44)0.8 (41)¢ Blmbg. Intermed. U.S. Government/Credit -0.6 (46)-1.4 (64)3.9 (49)2.9 (50)2.4 (64)6.4 (51)6.8 (40)0.9 (38)˜ 5th Percentile 0.0 0.7 5.2 4.4 4.1 8.7 8.8 1.5 1st Quartile -0.5 -0.9 4.2 3.2 2.8 7.1 7.1 1.0 Median -0.6 -1.2 3.8 2.9 2.6 6.4 6.6 0.7 3rd Quartile -0.7 -1.6 3.3 2.6 2.3 5.5 5.9 0.4 95th Percentile -0.8 -2.0 2.7 2.2 1.8 3.4 4.5 -0.5 Population 91 90 86 80 74 113 110 113 Income Research Peer Group Analysis As of December 31, 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 4.2 Return (%) 0.0 0.4 0.8 1.2 1.6 2.0 2.4 2.8 3.23.2 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 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 12/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Income Research 0.18 0.41 0.44 0.96 0.93 0.18 1.00 3.10 2.18 0.98 Blmbg. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 0.86 0.00 1.00 2.91 2.15 1.00 FTSE 3 Month T-Bill -1.79 2.08 -0.86 0.10 N/A 1.00 0.04 1.11 0.26 0.31 Income Research Risk Profile As of December 31, 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 Retu rn 1 Quarter 1 Year 3 Years 5 Years Inception 6/1/15 0.0 -1.5 4.8 3.6 3.0 0.4 -0.9 6.4 5.0 4.4 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 12/21 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 5/21 12/21 1.09 Prudential Core Plus Bond Performance Summary As of December 31, 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 1 Year 3 Years 5 Years 2020 2019 2018 Prudential Core Plus Bond 0.4 (6)-0.9 (68)6.4 (34)5.0 (11)9.2 (33)11.3 (12)-0.4 (39)¢ Blmbg. U.S. Aggregate 0.0 (46)-1.5 (95)4.8 (89)3.6 (90)7.5 (79)8.7 (77)0.0 (18)˜ 5th Percentile 0.4 3.4 8.0 5.6 11.5 13.3 0.9 1st Quartile 0.1 0.2 6.5 4.8 9.5 10.6 -0.2 Median 0.0 -0.5 5.9 4.3 8.5 9.5 -0.8 3rd Quartile -0.1 -1.0 5.3 3.8 7.7 8.8 -1.5 95th Percentile -0.3 -1.6 3.9 2.9 3.6 6.6 -3.6 Population 87 87 85 83 121 125 124 Prudential Core Plus Bond Peer Group Analysis As of December 31, 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 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 12/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Prudential Core Plus Bond 1.65 3.91 0.42 0.62 0.91 -0.22 1.39 6.40 6.00 0.79 Blmbg. U.S. Aggregate 0.00 0.00 N/A 1.00 1.15 0.00 1.00 4.79 3.40 1.00 FTSE 3 Month T-Bill -3.79 3.30 -1.15 0.16 N/A 0.79 0.03 0.96 0.29 0.40 Prudential Core Plus Bond Risk Profile As of December 31, 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 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 1/1/05 -1.1 -7.0 2.7 2.9 1.0 2.5 -0.5 -5.3 4.9 4.3 3.4 4.9 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 % 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 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 12/21 1.46 Brandywine Global Opportunistic Fixed Income Performance Summary As of December 31, 2021Brandywine Global Opportunistic Fixed Income Page 56 -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Brandywine Global Opportunistic Fixed Income -0.5 (69)-5.3 (85)4.9 (60)4.3 (52)3.4 (59)11.7 (16)9.3 (48)-5.2 (88)¢ FTSE World Government Bond Index -1.1 (83)-7.0 (94)2.7 (95)2.9 (88)1.0 (94)10.1 (32)5.9 (88)-0.8 (24)˜ 5th Percentile 1.6 7.3 10.2 6.8 7.4 16.7 15.1 1.5 1st Quartile 0.3 3.8 7.9 5.6 5.3 10.7 12.9 -0.9 Median -0.2 -0.1 5.8 4.4 3.9 7.5 9.0 -2.4 3rd Quartile -0.8 -4.4 4.2 3.5 2.0 4.5 7.7 -4.1 95th Percentile -1.9 -7.2 2.6 2.5 0.8 0.8 4.2 -8.3 Population 127 126 121 116 86 157 167 178 Brandywine Global Opportunistic Fixed Income Peer Group Analysis As of December 31, 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 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 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 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 12/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Brandywine Global Opportunistic Fixed Income 1.62 6.80 0.24 0.39 0.41 1.06 1.19 4.34 8.63 0.62 FTSE World Government Bond Index 0.00 0.00 N/A 1.00 0.42 0.00 1.00 2.94 4.53 1.00 FTSE 3 Month T-Bill -1.90 4.51 -0.42 0.01 N/A 1.09 0.01 1.11 0.26 0.11 Brandywine Global Opportunistic Fixed Income Risk Profile As of December 31, 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 8.0 16.0 24.0 32.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 6/1/06 6.2 17.7 8.4 7.8 9.3 7.7 4.8 14.9 2.0 3.4 6.3 5.0 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 % 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 12/21 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 12/21 0.67 UBS Trumbull Property Fund Performance Summary As of December 31, 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 12.0 Return (%) 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 6.46.4 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 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 12/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation UBS Trumbull Property Fund -4.09 2.65 -1.54 0.65 0.52 -5.17 1.16 3.44 4.41 0.81 NCREIF Property Index 0.00 0.00 N/A 1.00 1.99 0.00 1.00 7.75 3.07 1.00 FTSE 3 Month T-Bill -6.47 3.25 -1.99 0.11 N/A 1.49 -0.05 1.11 0.45 -0.33 UBS Trumbull Property Fund Risk Profile As of December 31, 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 In the fourth quarter, renewed fears as to whether the economy would be strained by the latest Covid variant, Omicron, surfaced. Global inflation pressures intensified, beckoning many central banks to pivot toward tighter monetary policy. However, equity markets shrugged off these risks, posting positive gains in Q4 2021. The MSCI All Country World Investable Market Index (ACWI IMI) returned 6.1% for the quarter and was up 18.2% on the year. Across international markets, most regions were strong with only Japanese and Emerging Markets equities down on the quarter. Japanese equities were the worst performer with a return of -4.7%. Emerging Markets returned -1.0% for the fourth quarter Brazil and China weighed on the region. Chinese GDP slowed to an annualized 4.9% in the third quarter, missing economists’ expectations of 5.2%, and down from 7.9% GDP in the second quarter. 6.1% 1.6% 9.2% 4.8% -4.7% 6.7% 10.1% 5.4% 0.6% -1.0% 18.2% 8.5% 25.6% 17.6% 1.0% 25.6%24.7% 15.7% 5.8% -0.3% -10% 0% 10% 20% 30% ACWI IMI 39.7% ACWI ex-U.S. IMI 60.3% USA IMI 3.9% UK IMI 5.9% Japan IMI 2.9% Canada IMI 0.3% Israel IMI 12.5% Europe ex-UK IMI 3.0% Pacific ex-Japan IMI 11.2% Emerging Markets IMI GLOBAL MSCI IMI INDEX RETURNS (USD) AS OF 12/31/2021 Fourth 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. UK 9.7% Canada 7.4%Pacific ex-Japan 7.5% Japan 14.9% Europe ex-UK 31.5% Israel 0.7%Latin America 2.0% Asia 22.3% Eastern Europe, Middle East & Africa 4.0% Emerging Markets 28.3% MSCI ALL COUNTRY WORLD EX-U.S. IMI INDEX GEOGRAPHIC ALLOCATION AS OF 12/31/2021 Source:MSCI USA 60.3% UK 3.9% Canada 2.9% Pacific ex-Japan, 3.0% Japan 5.9% Europe ex-UK 12.5% Israel 0.3% Latin America 0.8% Asia 8.9% Eastern Europe, Middle East & Africa 1.6% Emerging Markets 11.2% MSCI AL L COUNTRY WORLD IMI INDEX GEOGRAPHIC AL LOCATION AS OF 12/31/2021 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 had a strong quarter with the S&P 500 index returning 11.0%. The Russell 3000 Index rose 9.3% during the fourth quarter and was up 25.7% over the trailing one-year period. Performance among sectors was generally positive. Real Estate and Technology were the best performers while the Telecommunication sector was the worst performer at -0.5% Large and medium cap stocks outperformed small caps over the quarter. On a style basis, value outperformed growth within medium and small-cap stocks over the quarter and trailing one-year period. However, large cap growth equities led value for the quarter and trailing one-year period. 9.3%13.9% 7.2%8.2%12.2% 6.5% 12.3% 5.7%5.4% 12.7% -0.5% 14.3% 25.7% 36.4% 18.6%18.2%18.0% 49.8% 25.2% 16.8% 34.6% 18.0% 5.7% 37.1% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% Russell 3000 29.0% Technology 12.8% Healthcare 16.0% Cons. Disc 4.7% Cons. Staples 2.8% Energy 1.7% Materials & Processing 12.9% Producer Durables 10.9% Financials 2.7% Utilities 2.7% Telecom. 3.7% Real Estate RUSSELL SECTOR RETURNS AS OF 12/31/2021 Fourth Quarter 2021 One-Year Source: Russell Indexes 9.3%7.4% 13.7% 8.5% 2.8%4.4% 0.0% 25.7%23.5% 31.2% 28.3% 12.7% 28.3% 2.8% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Russell 3000 28.6% Large Value 40.9% Large Growth 15.6% Medium Value 8.7% Medium Growth 3.1% Small Value 3.1% Small Growth RUSSELL STYLE RETURNS AS OF 12/31/2021 Fourth Quarter 2021 One-Year Source: Russell Indexes 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 was flat over the quarter and down -1.5% over the past year. Across durations, only 10+ years maturity bonds finished the quarter in positive territory while all other maturities were negative. Within investment-grade bonds, lower-credit quality outperformed higher-quality issues on the margin, with Baa bonds rising by 0.3%. High yield bonds rose by 0.7%. 0.0%0.2%0.2% -0.4%-0.6%-0.6% -1.5% -2.3% -1.0%-1.0% -0.3% -1.2% -2.5% -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% Barclays Agg. Bond 42.2% Govt 26.8% Corp. 28.6% MBS 0.3% ABS 2.1% CMBS BLOOMBERG BARCLAYS AG GREGATE RETURNS BY SECTOR AS OF 12/31/2021 Fourth Quarter 2021 One-YearSource: FactSet -0.6%-0.8%-0.6% 0.0% 2.1% -0.5% -1.5% -2.3%-2.6%-2.5%-3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 1-3 Yr.3-5 Yr.5-7 Yr.7-10 Yr.>10 Yr. BLOOMBERG BARCLAYS AG GREGATE RETURNS BY MATURITY AS OF 12/31/2021 Fourth Quarter 2021 One-YearSource: FactSet -0.1% 0.2%0.1%0.3%0.7% -1.7%-1.2% -1.8% -0.4% 5.3% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Aaa Aa A Baa High Yield BLOOMBERG BARCLAYS AG GREGATE RETURNS BY QUALITY AN D HIGH YIELD RETURNS AS OF 12/31/2021 Fourth 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 flattened with the short-end of the curve rising and longer duration yields falling. Shorter tenors (i.e., the 2-year and 5-year) began to factor in potential monetary policy changes and saw notable increases. However, the 10-year U.S. Treasury yield ended the quarter flat at 1.52% while the 30-year yield fell by 18bps to 1.90% due to uncertainty surrounding the risks of lower growth and tighter monetary policy. The Federal Reserve indicated that it would accelerate the withdrawal of its monthly asset purchase program, reducing bond purchases by $30bn a month after initially starting with a monthly rate of $15bn. Additionally, consensus interest rate expectations from Fed officials signaled three interest rate hikes in 2022, followed by another three in 2023 and two in 2024. U.S. annual headline inflation rose at its fastest pace since 1982 due to increasing gasoline, shelter, food, and vehicle prices. The consumer price index (CPI) rose by 6.8% in the year to November and core CPI, which excludes food and energy costs, rose by 4.9%. Despite inflationary pressures, the 10-year TIPS yield fell by 19bps over the quarter to -1.04%. -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 12/31/2020 9/30/2021 12/31/2021 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% Dec 11 Dec 13 Dec 15 Dec 17 Dec 19 Dec 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 widened slightly across the Euro Area. The European Central Bank announced the end of its Pandemic Emergency Purchase Program in March 2022 as expected. German government bund yields rose modestly, up 1bp to -0.18% over the quarter. The Eurozone posted quarter-on-quarter growth of 2.2% in Q3, up marginally from 2.1% growth in Q2. 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 markets declined from risk-averse sentiment during the quarter. While spreads are still narrow relative to historical averages, ABS and Corporate bonds spreads widened modestly in the fourth quarter, increasing by 9bps and 8bps, respectively. Spread (bps)12/31/2021 09/30/2021 12/31/2020 Quarterly Change (bps)One-Ye ar Change (bps) U.S. Aggregate 36 33 42 3 -6 Long Gov't 0 0 1 0 -1 Long Credit 130 123 141 7 -11 Long Gov't/Cr edit 74 72 85 2 -11 MBS 31 27 39 4 -8 CMBS 68 61 81 7 -13 ABS 38 29 33 9 5 Corpor ate 92 84 96 8 -4 Hi gh Yi eld 283 289 360 -6 -77 Global Emerging Markets 285 287 268 -2 17 Source: FactSet, Bl oomberg 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 but depreciated relative to the sterling. On a trade-weighted basis, the U.S. dollar rose 0.6%. The Sterling appreciated by 0.5% against the U.S. dollar, as the Bank of England raised its benchmark interest rate by 15bps to 0.25% in an attempt to address higher inflation. The U.S. dollar appreciated by 1.9% against the Euro and by 3.2% against the Yen. 100 105 110 115 120 125 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 TRADE WEIGHTED U.S. DOLLAR INDEX (2006 = 100) Source:Federal Reserve 80 90 100 110 120 130 140 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 U.S. DOLLAR RELATIVE TO EUR, GBP AND JPY REBASED TO 100 AT 12/31/2015 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 Momentum in the commodities market slowed, with the Bloomberg Commodity Index returning -1.6% for the quarter. Energy was the largest detractor, with the sector down 13.0% over the quarter. However, energy closed the year up 52.1%. The price of Brent crude oil fell by 0.9% to $78/bbl. while WTI crude oil spot prices rose by 0.2% to $75/bbl over the quarter. Industrial Metals was the best performing commodity sub-component with a return of 8.6%, while agriculture and other soft commodity prices also rose over the quarter. -1.6% 6.0% -13.0% 8.6% 4.3% 6.3% 5.7% 6.8% 1.9% 27.1% 17.2% 52.1% 30.3% -6.1% 26.7% 44.0% 21.0% 8.6% -20.0%-10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0% Bloomberg Commodity Index Ex-Energy Energy Industrial Metals Prec. Metals Agric. Softs Grains Livestock COMMODITY RETURNS AS OF 12/31/2021 Fourth 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 7.0%7.2% 10.3% 5.8%4.2% 3.1% 8.2% 10.4%10.0% 14.8%16.8% 26.1% 15.0% 20.8% 15.4% 21.4%21.0%21.9% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 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 12/31/2021 Fourth Quarter 2021 YTD Source:MSCI 11.3%10.3% 20.5%19.7% 8.3% 11.6% 21.3% 14.7% 12.1%11.0%9.7% 16.0%15.7% 9.7%11.1% 16.1% 14.2% 13.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 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 12/31/2021 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 generally positive across strategies in the fourth quarter. The HFRI Fund-Weighted Composite and HFRI Fund of Funds Composite Index produced returns of 0.6% and 0.8% over the quarter, respectively. Over the quarter, Fixed Income/Convertible Arbitrage and Event-Driven strategies were the best performers with returns of 1.7% and 1.6% respectively. Global Macro, the only strategy in negative territory for the quarter, was the laggard, down 0.5%. Over the trailing one-year period, all strategies were positive, led by Distressed and Event-Driven funds. 1.7% -0.5% 0.9% 0.2% 1.6% 0.8% 0.2% 0.6% 0.8% 7.8% 7.5% 12.0% 7.6% 13.1% 15.7% 7.6% 10.3% 6.5% -2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0% 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 12/31/2021 Fourth 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 3Q 2021, $175.2 billion was raised by 574 funds, which was a decrease of 43.7% on a capital basis and 28.8% by number of funds over the prior quarter. Dry powder stood at nearly $2.2 trillion at the end of the quarter, an increase compared to year-end 2020’s total of $2.1 trillion.1 Buyout: Global private equity-backed buyout deals totaled $191.9 billion in 3Q 2021, which was down 16.5% on a capital basis and down 8.0% by number of deals from 2Q 2021.1 Through 3Q 2021, the average purchase price multiple for all U.S. LBOs was 11.2x EBITDA, a decrease of 0.2x over 2020’s average but higher than the five-year average (10.8x).2 Large cap purchase price multiples stood at 11.1x through 3Q 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 13.1x EBITDA on an LTM basis as of 3Q 2021, greater than the 12.6x multiple seen at the end of 4Q 2020. Purchase prices for transactions of greater than €1.0 billion increased to 13.2x EBITDA on an LTM basis compared to the 13.1x seen at the end of 2020. Globally, exit value totaled $195.0 billion from 701 deals during the third quarter, down from the $247.6 billion in value from 818 deals during 2Q 2021. 3Q 2021’s totals were also lower than 3Q 2020’s total of $197.7 billion in value across 510 deals.1 Venture: During the third quarter, an estimated 3,518 venture-backed transactions totaling $82.8 billion were completed in the U.S., which was higher than the prior quarter on a capital basis but a decrease compared to the 3,787 completed deals. Q3’s transaction value was 126.3% higher than the five-year quarterly average of $36.6 billion and marked the strongest quarter on record.3 Total U.S. venture-backed exit activity totaled approximately $187.2 billion across an estimated 504 completed transactions in 3Q 2021, down from the $259.7 billion across 457 exits in 2Q 2021. Through 3Q 2021, U.S. exit activity represented 201.6% of 2020’s total.3 Mezzanine: Seven funds closed on $3.3 billion during the third quarter. This was down significantly from the prior quarter’s total of $7.0 billion raised by 11 funds, but up from 3Q 2020’s total of $1.2 billion raised by 8 funds. Estimated dry powder was $50.9 billion at the end of 3Q 2021, down slightly from the $51.9 billion seen at the end of 2Q 2021.1 Source: Preqin LTM Global Private Equity-Backed Buyout Deal Volume 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 $0 $100 $200 $300 $400 $500 $600 2Q13 1Q14 4Q14 3Q15 2Q16 1Q17 4Q17 3Q18 2Q19 1Q20 4Q20 3Q21 # of Deals Value ($ Billions) Deal Value ($ Billions) Number of Deals 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 fell to 1.0% at the end of the third quarter, which was a decrease from the 4.5% seen at year-end 2020.4 During the quarter, $25.4 billion was raised by 12 funds, an increase from the $15.3 billion raised by 18 funds in 2Q 2021. Distressed funds have raised 78.5% of 2020’s total through 3Q 2021.1 Dry powder was estimated at $140.8 billion at the end of 3Q 2021, which was down from the $153.4 billion seen at the end of 2Q 2021. However, this was 16.5% higher than the five-year annual average level of $120.9 billion.1 Secondaries:14 funds raised $5.5 billion during the quarter, down significantly from the $12.3 billion raised by 18 funds in 2Q 2021. However, this was up 22.3% from 3Q 2020.1 At the end of 3Q 2021, there were an estimated 112 secondary and direct secondary funds in market targeting roughly $43.2 billion.1 Infrastructure: $18.3 billion of capital was raised by 17 funds in 3Q 2021 compared to $38.0 billion of capital raised by 39 partnerships in 2Q 2021. Through 3Q 2021, infrastructure funds have raised 73.0% of 2020’s total.At the end of the quarter, dry powder stood at an estimated $284.7 billion, up from 2Q 2021’s total of $270.6 billion.Infrastructure managers completed 462 deals with an estimated aggregate deal value of $68.3 billion in 3Q 2021 compared to 482 deals totaling $112.9 billion a quarter ago.1 Natural Resources: During 3Q 2021, three funds closed on $3.6 billion compared to eight funds totaling $2.7 billion in 2Q 2021. Energy and utilities industry managers completed approximately 123 deals totaling an estimated $21.8 billion through 3Q 2021, which represented 133.9% 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 8.8x 9.8x 10.3x 10.0x 10.6x 10.6x 11.5x 11.4x 11.2x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 2013 2014 2015 2016 2017 2018 2019 2020 YTD 2021 Senior Debt/EBITDA Sub Debt/EBITDA Equity/EBITDA Others 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 8.0%*in the fourth quarter,equating to an 22.2%total gross return year-over-year.Townsend has witnessed a robust recovery across the US economy and US real estate markets through the entirety 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.Capital raising has exceeded pre- pandemic levels and smashed through historical highs,resulting in a surplus of dry powder in the market. Global property markets,as measured by the FTSE EPRA/NAREIT Developed Real Estate Index,returned 10.4%(USD)in aggregate during the fourth quarter and experienced a cumulative increase of 27.2%over the trailing 1-year period.REIT market performance was driven by Asia Pacific (0.6%USD), North America (16.0%USD),and Europe (8.5%USD).The U.S.REIT markets (FTSE NAREIT Equity REITs Index)returned 16.3%in the fourth quarter. The U.S.10-year treasury bond yields ended the quarter flat at 1.2%. In 2021,industrial deal volumes realigned with the growth trend we observed pre-pandemic.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 13%of retail sales and is forecasted to grow at close to 10%per annum between 2022-2025. 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. The residential sector was the largest,most liquid portion of the US market in 2021;transaction activity in the smaller US markets continues to increase as remote work seems to have a grasp on our future to some extent.Property prices are appreciating across almost every major economy.Labor costs and supply chain issues continue to drag on the sector.Greater return-to-office,the continued recovery of jobs,and easing of regulatory pressures should drive healthy market rent growth 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 CAP RATES BY SECTOR 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 12/31/2021 8.0% 22.2% 9.2%8.7%10.5% 16.3% 43.2% 18.4% 10.8%11.4% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Q4 2021 1-Year 3-Years 5-Years 10-Years PRIVATE VS. PUBLIC REAL ESTAT E RETURNS AS OF 12/31/2021 Private (NFI-ODCE Gross)* Public (NAREIT Gross) *Fourth quarter returns are preliminary Sources: NCREIF, FactSet Page 78 Appendix Page 79 Fee Schedule Market Value As of 12/31/2021 $000 % of Portfolio Estimated Annual Fee $000 Estimated Annual Fee (%) Total Pension 350,139 100.00 1,620 0.46 Total Domestic Equity 134,738 38.48 360 0.27 BlackRock Russell 1000 Index Fund Non-Lending 0.04 % of Assets 92,380 26.38 32 0.04 Kennedy Mid Cap Value 0.75 % of First $25 M 0.70 % of Next $25 M 0.60 % Thereafter 22,776 6.50 171 0.75 TimesSquare Small Cap Growth 0.80 % of Assets 19,581 5.59 157 0.80 Total International Equity 62,608 17.88 578 0.92 Morgan Stanley International Equity 0.91 % of Assets 41,920 11.97 381 0.91 Morgan Stanley Emerging Markets Fund 0.95 % of Assets 20,688 5.91 197 0.95 Total Fixed Income 120,384 34.38 407 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 48,527 13.86 153 0.31 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 45,881 13.10 138 0.30 Brandywine Global Opportunistic Fixed Income 0.45 % of First $50 M 0.40 % of Next $50 M 0.35 % Thereafter 25,976 7.42 117 0.45 Real Estate 29,021 8.29 252 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 29,021 8.29 252 0.87 Cash Account 0.20 % of Assets 2,190 0.63 4 0.20 Total Pension Fee Schedule As of December 31, 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. The data contained in these reports is compiled from statements provided by custodian(s),record-keeper(s),and/or other third-party data provider(s).This document is not intended to provide,and shall not be relied upon for,accounting and legal or tax advice.Aon Investments has not conducted additional audits and cannot warrant its accuracy or completeness.We urge you to carefully review all custodial statements and notify Aon Investments with any issues or questions you may have with respect to investment performance or any other matter set forth herein. 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