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Home My Public Portal About1st 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 | First Quarter 2022 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? (Part 1)Link Market View Global Perspectives on Responsible Investing Link Market View Quarterly Market Review and Outlook Video (access code ‘aon!’)Link to Video Market View U.S. Month in Markets Link Market View Quarterly Investment Outlook Link Annual Outlook Key Themes for Public Funds in 2022 (4-minute video, access code ‘aon!’)Link to Video Public Funds Expected Returns for Public Funds: Three Questions with John Sullivan Link Strategy Review Private Credit Today: A Diverse Opportunity Set in a Growing Market Request from Consultant Plan Design Aon Employee Financial Wellbeing and DC Survey Report Link Plan Design GP-led Secondaries and Continuation Vehicles: Three Questions with Oliver Graham and Katherine Montague Link Plan Design Cash Management: Meeting Your Organization’s Needs in a Low Yield Environment Link Plan Design Do China A-Shares Present A Good Investment Opportunity Link Plan Design How Far Could U.S. Yields Rise?Link Plan Design White Paper: The Benefits of ESG Integration Link Plan Design Inflation-Protecting Assets: 3 Questions with Sheila Noonan Link If you do not get Aon Investments’ monthly email newsletter, but would like to, please ask your consultant. Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights Note: MSCI Indices show net total returns throughout this report. All other indices show gross total returns. -4.6%-7.5%-5.9%-7.0%-5.9% -10.6%-11.2% -4.8% 7.4% 15.6% -5.8% 1.2% -11.4% -4.2% -1.5% -4.2% -0.7% 28.5% -15.0% -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 03/31/2022 First Quarter 2022 One-Year Source:Russell, MSCI, Bloomberg Barclays, Bloomberg MSCI Indices show net total returns throughout this report. All other indices show gross total returns. 16.0% 9.7% 6.7%6.0% 2.1% 3.9%4.8%4.7% 9.9% 14.6% 11.0% 6.3% 3.4%2.2% 4.0%5.1%5.7% 10.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg Barclays U.S. Aggregate Bloomberg Barclays U.S. Long Gov't Bloomberg Barclays U.S. Long Credit Bloomberg Barclays U.S. High Yield NCREIF NFI - ODCE LONG TERM ANNUALIZED RETURNS AS OF 03/31/2022 Five-Year Ten-Year Source:Russell, MSCI, Bloomberg Barclays, Bloomberg Page 3 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights Returns of the Major Capital Markets Period Ending 03/31/2022 First Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All Country World IMI -5.47%-5.47%6.30%13.49%11.37%9.95% MSCI All Country World -5.36%-5.36%7.28%13.75%11.64%10.00% Dow Jones U.S. Total Stock Market -5.40%-5.40%11.67%18.12%15.31%14.21% Russell 3000 -5.28%-5.28%11.92%18.24%15.40%14.28% S&P 500 -4.60%-4.60%15.65%18.92%15.99%14.64% Russell 2000 -7.53%-7.53%-5.79%11.74%9.74%11.04% MSCI All Country World ex-U.S. IMI -5.60%-5.60%-1.27%7.87%6.92%5.78% MSCI All Country World ex-U.S.-5.44%-5.44%-1.48%7.51%6.76%5.55% MSCI EAFE -5.91%-5.91%1.16%7.78%6.72%6.27% MSCI EAFE (Local Currency)-3.73%-3.73%6.21%8.23%6.55%8.61% MSCI Emerging Markets -6.97%-6.97%-11.37%4.94%5.98%3.36% Equity Factors MSCI World Minimum Volatility (USD)-2.81%-2.81%10.09%8.85%9.47%10.17% MSCI World High Dividend Yield 0.46%0.46%10.30%10.02%9.06%9.18% MSCI World Quality -8.41%-8.41%12.14%18.70%16.60%13.72% MSCI World Momentum -5.63%-5.63%7.97%16.49%16.41%14.01% MSCI World Enhanced Value -1.07%-1.07%5.09%8.24%7.02%8.28% MSCI World Equal Weighted -5.11%-5.11%3.06%10.35%9.00%9.18% MSCI World Index Growth -9.60%-9.60%9.43%19.79%16.91%13.47% Fixed Income Bloomberg Barclays Global Aggregate -6.16%-6.16%-6.40%0.69%1.70%1.04% Bloomberg Barclays U.S. Aggregate -5.93%-5.93%-4.15%1.69%2.14%2.24% Bloomberg Barclays U.S. Long Gov't -10.57%-10.57%-1.46%3.23%3.88%3.96% Bloomberg Barclays U.S. Long Credit -11.23%-11.23%-4.24%4.37%4.77%5.07% Bloomberg Barclays U.S. Long Gov't/Credit -10.95%-10.95%-3.11%4.23%4.60%4.72% Bloomberg Barclays U.S. TIPS -3.02%-3.02%4.29%6.22%4.43%2.69% Bloomberg Barclays U.S. High Yield -4.84%-4.84%-0.66%4.58%4.69%5.75% Bloomberg Barclays Global Treasury ex U.S.-6.49%-6.49%-8.72%-0.85%0.84%-0.22% JP Morgan EMBI Global (Emerging Markets)-9.26%-9.26%-6.18%0.52%1.68%3.45% Commodities Bloomberg Commodity Index 25.55%25.55%49.25%16.12%9.00%-0.70% Goldman Sachs Commodity Index 33.13%33.13%64.55%13.40%9.98%-3.31% Hedge Funds HFRI Fund-Weighted Composite2 -0.30%-0.30%3.87%8.76%6.48%5.26% HFRI Fund of Funds2 -2.70%-2.70%1.25%5.88%4.64%3.93% Real Estate NAREIT U.S. Equity REITS -3.86%-3.86%26.49%11.12%9.63%9.81% NCREIF NFI -ODCE 7.36%7.36%28.46%11.29%9.88%10.93% FTSE Global Core Infrastructure Index 3.58%3.58%15.77%10.23%10.65%10.32% Private Equity Burgiss Private iQ Global Private Equity3 48.46%23.39%20.59%16.50% MSCI Indices show net total returns throughout this report. All other indices show gross total returns. 1 Periods are annualized. 2 Latest 5 months of HFR data are estimated by HFR and may change in the future. 3 Burgiss Private iQ Global Private Equity data is as at September 30, 2021 Page 4 (This Page Left Blank Intentionally) Page 5 Total Plan Page 6 Change in Market Value From January 1, 2022 to March 31, 2022 Summary of Cash Flow $0.0 $150.0 $300.0 $450.0 $600.0 ($150.0) ($300.0) Millions ($) Beginning Market Value Net Additions / Withdrawals Investment Earnings Ending Market Value $350.1 ($5.9)($17.8) $326.4 1 Quarter 1 Year Total Pension Beginning Market Value 350,138,749 327,037,180 + Additions / Withdrawals -5,884,546 -9,712,002 + Investment Earnings -17,808,188 9,120,837 = Ending Market Value 326,446,015 326,446,015 Total Pension Total Plan Asset Summary As of March 31, 2022 Page 7 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 15 Years Total Pension Policy Benchmark 0.0 8.0 16.0 -8.0 -16.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 1/1/93 -4.1 3.7 9.3 7.8 6.8 -5.1 2.6 8.3 7.3 6.2 7.3 Total Pension Benchmark 0.96 1.00 1.04 1.08 1.12 3/07 9/08 3/10 9/11 3/13 9/14 3/16 9/17 3/19 9/20 3/22 0.98 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Total Plan Performance Summary As of March 31, 2022Total Pension Page 8 Allocation Market Value ($) %Policy(%) Performance(%) 1 Quarter 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Pension 326,446,015 100.0 100.0 -5.1 (57)2.6 (81)8.3 (92)7.3 (93)6.2 (96)7.3 (72)01/01/1993 Policy Benchmark -4.1 (21)3.7 (63)9.3 (82)7.8 (85)6.8 (94) All Public Plans < $1B-Total Fund Median -5.0 4.4 10.5 9.1 8.3 7.6 Total Domestic Equity 122,361,699 37.5 -6.5 (78)8.9 (67)17.2 (39)14.7 (44)13.4 (53)09/01/2013 Russell 3000 Index -5.3 (57)11.9 (36)18.2 (25)15.4 (23)14.3 (20) All Public Plans-US Equity Segment Median -5.1 10.8 16.8 14.4 13.5 IM U.S. Equity (SA+CF) Median -5.2 9.0 16.2 13.5 12.8 Total Large-Cap Equity 86,775,401 26.6 25.0 -5.1 (46)13.3 (23)18.8 (20)15.8 (27)13.7 (30)10.5 (62)06/01/2003 Russell 1000 Index -5.1 (46)13.3 (23)18.7 (21)15.8 (27)14.5 (19)10.9 (51) IM U.S. Equity (SA+CF) Median -5.8 7.7 15.2 12.6 12.4 10.9 BlackRock Russell 1000 Index Fund Non-Lending 86,775,401 26.6 -5.1 (46)13.3 (23)18.8 (20)15.8 (27)15.6 (28)03/01/2017 Russell 1000 Index -5.1 (46)13.3 (23)18.7 (21)15.8 (27)15.6 (28) IM U.S. Equity (SA+CF) Median -5.8 7.7 15.2 12.6 12.3 Total Small-Cap Equity 35,586,299 10.9 10.0 -9.7 (73)-0.5 (80)13.2 (70)11.9 (55)12.0 (60)11.4 (34)06/01/2003 Russell 2000 Index -7.5 (62)-5.8 (90)11.7 (82)9.7 (77)11.0 (76)10.0 (75) IM U.S. Equity (SA+CF) Median -5.8 7.7 15.2 12.6 12.4 10.9 Kennedy Mid Cap Value 18,639,801 5.7 -6.4 (56)6.9 (55)15.2 (50)10.7 (67)11.5 (69)10.6 (45)02/01/2008 IM U.S. Equity (SA+CF) Median -5.8 7.7 15.2 12.6 12.4 10.4 Russell Midcap Value Index -1.8 (24)11.5 (32)13.7 (65)10.0 (75)12.0 (59)9.7 (66) TimesSquare Small Cap Growth 16,946,497 5.2 -13.5 (91)-8.3 (94)10.4 (94)12.6 (57)12.0 (76)10.5 (44)02/01/2002 Russell 2000 Growth Index -12.6 (89)-14.3 (97)9.9 (95)10.3 (80)11.2 (87)8.6 (93) IM U.S. Equity (SA+CF) Median -5.2 9.0 16.2 13.5 13.4 10.3 Total International Equity 57,985,241 17.8 18.0 -8.4 (78)-5.9 (89)5.5 (98)5.3 (98)4.5 (100)09/01/2013 MSCI AC World ex USA Index (Net)-5.4 (40)-1.5 (53)7.5 (81)6.8 (84)5.5 (96) All Public Plans-Intl. Equity Segment Median -6.7 -1.1 9.3 8.3 7.0 IM International Equity (MF) Median -8.6 -3.5 8.0 7.2 6.5 Morgan Stanley International Equity 39,191,431 12.0 -6.5 (38)-3.1 (51)5.5 (68)5.4 (65)5.3 (61)4.6 (79)04/01/2005 MSCI EAFE Index (Net)-5.9 (33)1.2 (25)7.8 (41)6.7 (41)6.3 (39)5.0 (68) IM International Equity (MF) Median -7.9 -2.9 7.1 6.2 5.8 5.8 Morgan Stanley Emerging Markets Fund 18,793,811 5.8 -12.3 (69)-11.2 (44)5.1 (50)4.6 (68)3.0 (56)6.3 (59)04/01/2005 MSCI Emerging Markets Index (Net)-7.0 (38)-11.4 (44)4.9 (53)6.0 (38)3.4 (45)6.9 (33) IM Emerging Markets Equity (MF) Median -8.8 -12.7 5.1 5.5 3.2 6.5 Asset Allocation & Performance As of March 31, 2022 Page 9 Asset Allocation & Performance As of March 31, 2022 Allocation Market Value ($) %Policy(%) Performance(%) 1 Quarter 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Fixed Income 114,727,475 35.1 35.0 -4.8 (41)-3.6 (94)2.5 (70)2.7 (75)2.5 (87)4.0 (86)07/01/2003 Blmbg. Intermed. U.S. Government/Credit -4.5 (31)-4.1 (97)1.5 (96)1.8 (97)1.8 (96)3.0 (96) All Public Plans-US Fixed Income Segment Median -5.1 -2.6 3.1 3.0 3.1 4.5 IM U.S. Fixed Income (SA+CF) Median -4.5 -3.0 2.5 2.9 3.0 4.0 Income Research 46,442,140 14.2 -4.4 (46)-4.1 (63)1.9 (26)2.0 (32)2.1 (35)4.1 (22)07/01/2001 Blmbg. Intermed. U.S. Government/Credit -4.5 (64)-4.1 (65)1.5 (53)1.8 (57)1.8 (60)3.6 (62) IM U.S. Intermediate Duration (SA+CF) Median -4.4 -3.9 1.5 1.9 2.0 3.9 Prudential Core Plus Bond 42,927,974 13.2 -6.4 (90)-3.0 (20)2.7 (45)3.3 (20)3.3 (18)06/01/2015 Blmbg. U.S. Aggregate -5.9 (56)-4.2 (78)1.7 (88)2.1 (88)2.0 (87) IM U.S. Broad Market Core+ Fixed Income (SA+CF) Median -5.9 -3.6 2.6 2.8 2.7 Brandywine Global Opportunistic Fixed Income 25,357,362 7.8 -2.5 (16)-3.8 (57)3.0 (48)2.8 (54)2.8 (55)4.6 (32)01/01/2005 FTSE World Government Bond Index -6.5 (81)-7.7 (90)-0.1 (95)1.3 (89)0.3 (97)2.1 (96) IM Global Fixed Income (SA+CF) Median -4.6 -3.5 2.9 2.9 3.1 4.2 Hedge Fund 1,208,456 0.4 0.0 Entrust Capital Diversified Fund 1,208,456 0.4 Real Estate 28,215,222 8.6 12.0 6.7 21.2 4.0 4.6 6.7 5.4 06/01/2006 Real Estate Performance Benchmark 7.1 27.3 11.2 9.5 10.1 8.3 UBS Trumbull Property Fund 28,215,222 8.6 6.7 21.3 4.0 4.6 6.7 5.4 06/01/2006 Real Estate Performance Benchmark 7.1 27.3 11.2 9.5 10.1 8.3 Cash Account 1,947,920 0.6 0.0 0.0 0.0 0.7 1.1 0.6 1.3 07/01/2003 ICE BofAML 3 Month U.S. T-Bill 0.0 0.1 0.8 1.1 0.6 1.2 *The UBS Trumbull Property is currently in the process of liquidation. **The EnTrust Capital Diversified Fund market value is as of 2/28/2022 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 (93)12.8 (64)16.2 (90)-4.3 (42)12.3 (90)5.1 (91)-0.7 (65)2.9 (96)10.9 (92)12.1 (47) Policy Benchmark 10.8 (87)12.7 (64)17.4 (82)-4.5 (49)12.2 (91)6.6 (61)-1.4 (78)3.5 (94)12.3 (87)11.6 (58) Total Domestic Equity 24.3 (57)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 (43)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 (36)32.0 (71)14.0 (63) Russell 1000 Index 26.5 (40)21.0 (37)31.4 (28)-4.8 (32)21.7 (35)12.1 (52)0.9 (32)13.2 (18)33.1 (63)16.4 (37) BlackRock Russell 1000 Index Fund Non-Lending 26.4 (40)21.1 (37)31.4 (27)-4.8 (31)------ Russell 1000 Index 26.5 (40)21.0 (37)31.4 (28)-4.8 (32)------ Total Small-Cap Equity 19.5 (74)21.8 (36)28.7 (44)-9.5 (61)19.6 (45)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 (21) TimesSquare Small Cap Growth 7.3 (89)36.3 (17)28.2 (46)-4.2 (27)21.1 (36)8.4 (63)1.0 (30)-2.5 (93)47.7 (5)13.1 (67) Russell 2000 Growth Index 2.8 (93)34.6 (19)28.5 (44)-9.3 (61)22.2 (31)11.3 (51)-1.4 (47)5.6 (70)43.3 (9)14.6 (54) Total International Equity 4.0 (96)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 (75)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 (68)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 March 31, 2022 Page 11 Asset Allocation & Performance As of March 31, 2022 Performance(%) 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 Total Fixed Income -2.1 (97)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 (92)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 (18)6.7 (44)0.8 (41)2.0 (76)2.3 (42)0.9 (60)3.3 (51)-0.9 (58)5.9 (25) Blmbg. Intermed. U.S. Government/Credit -1.4 (63)6.4 (52)6.8 (41)0.9 (38)2.1 (65)2.1 (51)1.1 (42)3.1 (60)-0.9 (55)3.9 (75) Prudential Core Plus Bond -0.9 (66)9.2 (33)11.3 (12)-0.4 (39)6.6 (11)5.8 (23)---- Blmbg. U.S. Aggregate -1.5 (94)7.5 (79)8.7 (77)0.0 (18)3.5 (83)2.6 (89)---- Brandywine Global Opportunistic Fixed Income -5.3 (83)11.7 (16)9.3 (47)-5.2 (88)12.8 (5)5.2 (54)-8.4 (89)6.3 (15)-3.5 (75)14.1 (28) FTSE World Government Bond Index -7.0 (94)10.1 (32)5.9 (88)-0.8 (24)7.5 (47)1.6 (89)-3.6 (57)-0.5 (82)-4.0 (82)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%-3.00 %-6.00 %-9.00 % Total Fund Total Fund Benchmark Total Value Added -5.14 % -3.93 % -1.21 % Total Value Added:-1.21 % 0.00%-0.34 %-0.68 %-1.02 %-1.36 % Other Manager Value Added Asset Allocation -0.04 % -0.77 % -0.41 % Total Asset Allocation:-0.41 % 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 (%) 0.64% -3.44 % 0.36% -0.05 % 0.05% 1.50% 0.95% Asset Allocation Value Added 0.00%0.20%-0.20 %-0.40 %-0.60 % 0.02% -0.31 % 0.02% -0.03 % 0.00% -0.09 % -0.02 % Total Manager Value Added:-0.77 % Manager Value Added 0.00%0.40%-0.40 %-0.80 % 0.00% 0.11% 0.00% -0.09 % -0.54 % -0.25 % 0.01% Total Pension Total Fund Attribution 1 Quarter Ending March 31, 2022 Page 13 Total Fund Performance 0.00%-3.00 %-6.00 %-9.00 % Total Fund Total Fund Benchmark Total Value Added -5.14 % -3.93 % -1.21 % Total Value Added:-1.21 % 0.00%-0.34 %-0.68 %-1.02 %-1.36 % Other Manager Value Added Asset Allocation -0.04 % -0.77 % -0.41 % Total Asset Allocation:-0.41 % 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 (%) 0.64% -3.44 % 0.36% -0.05 % 0.05% 1.50% 0.95% Asset Allocation Value Added 0.00%0.20%-0.20 %-0.40 %-0.60 % 0.02% -0.31 % 0.02% -0.03 % 0.00% -0.09 % -0.02 % Total Manager Value Added:-0.77 % Manager Value Added 0.00%0.40%-0.40 %-0.80 % 0.00% 0.11% 0.00% -0.09 % -0.54 % -0.25 % 0.01% Total Pension Total Fund Attribution Year To Date Ending March 31, 2022 Page 14 Total Fund Performance 0.00%3.00%6.00%-3.00 % Total Fund Total Fund Benchmark Total Value Added 2.63% 3.50% -0.87 % Total Value Added:-0.87 % 0.00%-0.34 %-0.68 %-1.02 %-1.36 % Other Manager Value Added Asset Allocation -0.05 % -0.05 % -0.78 % Total Asset Allocation:-0.78 % 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% -3.39 % 0.35% -0.96 % 0.33% 1.74% 1.34% Asset Allocation Value Added 0.00%0.50%-0.50 %-1.00 % -0.02 % -0.63 % -0.01 % 0.04% -0.03 % -0.21 % 0.09% Total Manager Value Added:-0.05 % Manager Value Added 0.00%0.93%1.86%-0.93 %-1.86 % 0.00% -0.04 % 0.00% 0.15% -0.83 % 0.68% 0.00% Total Pension Total Fund Attribution 1 Year Ending March 31, 2022 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 2021 2020 2019 Total Pension -5.1 (57)2.6 (81)8.3 (92)7.3 (93)6.2 (96)10.1 (93)12.8 (64)16.2 (90)¢ Policy Benchmark -4.1 (21)3.7 (63)9.3 (82)7.8 (85)6.8 (94)10.8 (87)12.7 (64)17.4 (82) 5th Percentile -3.1 7.9 12.4 10.8 9.6 17.5 18.1 22.5 1st Quartile -4.2 5.8 11.4 9.8 8.8 14.9 15.9 20.8 Median -5.0 4.4 10.5 9.1 8.3 13.4 14.0 19.7 3rd Quartile -5.8 3.0 9.6 8.4 7.7 11.9 11.6 18.1 95th Percentile -6.9 0.7 7.8 6.8 6.6 8.9 8.0 14.8 Population 494 491 482 455 362 805 843 857 Plan Sponsor Peer Group Analysis As of March 31, 2022 All Public Plans < $1B-Total Fund Parentheses contain percentile rankings. Page 16 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Total Pension Policy Benchmark FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Return (%) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Total Pension Policy Benchmark 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 12/97 3/00 6/02 9/04 12/06 3/09 6/11 9/13 12/15 3/18 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Pension -0.47 1.25 -0.38 0.98 0.70 -0.93 1.06 7.27 9.06 0.99 Policy Benchmark 0.00 0.00 N/A 1.00 0.80 0.00 1.00 7.83 8.49 1.00 FTSE 3 Month T-Bill -6.83 8.53 -0.80 0.02 N/A 1.13 0.00 1.09 0.26 -0.14 Total Pension Risk Profile As of March 31, 2022Total Pension Page 17 Market Value ($) Current Allocation (%) Target Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Differences (%) Total Pension 326,446,015 100.0 100.0 N/A N/A 0.0 Total Large-Cap Equity 86,775,401 26.6 25.0 20.0 30.0 1.6 Total Small-Cap Equity 35,586,299 10.9 10.0 5.0 15.0 0.9 Total International Equity 57,985,241 17.8 18.0 13.0 23.0 -0.2 Total Fixed Income 114,727,475 35.1 35.0 30.0 40.0 0.1 Hedge Fund 1,208,456 0.4 0.0 0.0 0.0 0.4 Real Estate 28,215,222 8.6 12.0 7.0 17.0 -3.4 Cash Account 1,947,920 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 $1,947.9K Real Estate $28,215.2K Hedge Fund $1,208.5K Total Fixed Income $114,727.5K Total International Equity $57,985.2K Total Small-Cap Equity $35,586.3K Total Large-Cap Equity $86,775.4K 0.0% 12.0% 0.0% 35.0% 18.0% 10.0% 25.0% 0.6% 8.6% 0.4% 35.1% 17.8% 10.9% 26.6% 0.6% -3.4 % 0.4% 0.1% -0.2 % 0.9% 1.6% Total Pension Asset Allocation Compliance As of March 31, 2022 Page 18 (This Page Left Blank Intentionally) Page 19 Total Domestic Equity Page 20 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Current Allocation Total Domestic Equity Russell 3000 Index 0.0 15.0 30.0 -15.0 -30.0 Return 1 Quarter 1 Year 3 Years 5 Years Inception 9/1/13 -5.3 11.9 18.2 15.4 14.3 -6.5 8.9 17.2 14.7 13.4 March 31, 2022 : $122M TimesSquare Small Cap Growth:13.8% Kennedy Mid Cap Value:15.2% BlackRock Russell 1000 Index Fund Non-Lending:70.9% Total Domestic Equity Benchmark 0.94 0.96 0.98 1.00 1.02 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 0.97 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Total Domestic Equity Portfolio Overview As of March 31, 2022Total 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 2021 2020 2019 Total Domestic Equity -6.5 (78)8.9 (67)17.2 (39)14.7 (44)24.3 (57)21.4 (24)30.6 (36)¢ Russell 3000 Index -5.3 (57)11.9 (36)18.2 (25)15.4 (23)25.7 (43)20.9 (27)31.0 (29) 5th Percentile -3.0 16.2 19.5 16.4 29.8 26.5 32.2 1st Quartile -4.5 13.0 18.2 15.3 27.7 21.3 31.3 Median -5.1 10.8 16.8 14.4 24.6 18.9 30.0 3rd Quartile -6.2 8.2 15.2 13.0 22.6 16.6 27.9 95th Percentile -9.4 -0.5 13.2 11.9 15.2 10.4 24.5 Population 67 65 55 52 70 67 65 Plan Sponsor Peer Group Analysis As of March 31, 2022 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 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 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 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Domestic Equity -0.81 1.80 -0.45 0.99 0.89 -1.32 1.03 17.16 19.08 1.00 Russell 3000 Index 0.00 0.00 N/A 1.00 0.96 0.00 1.00 18.24 18.48 1.00 FTSE 3 Month T-Bill -17.78 18.52 -0.96 0.02 N/A 0.81 0.00 0.76 0.27 -0.15 Total Domestic Equity Risk Profile As of March 31, 2022Total Domestic Equity Page 23 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information BlackRock Russell 1000 Index Fund Non-Lending Russell 1000 Index 0.0 15.0 30.0 -15.0 Return 1 Quarter 1 Year 3 Years Inception 3/1/17 -5.1 13.3 18.7 15.6 -5.1 13.3 18.8 15.6 Account Name:BlackRock Russell 1000 Index Fund Non-Lending Inception Date:03/01/2017 Account Structure:Commingled Fund Asset Class:US Equity Benchmark:Russell 1000 Index Peer Group:IM U.S. Equity (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% 0.4% -0.2 % -0.4 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 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 8/21 3/22 1.00 BlackRock Russell 1000 Index Fund Non-Lending Performance Summary As of March 31, 2022BlackRock Russell 1000 Index Fund Non-Lending Page 24 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 Return 1 Quarter 1 Year 3 Years 2021 BlackRock Russell 1000 Index Fund Non-Lending -5.1 (46)13.3 (23)18.8 (20)26.4 (40)¢ Russell 1000 Index -5.1 (46)13.3 (23)18.7 (21)26.5 (40) 5th Percentile 3.2 18.1 22.6 36.9 1st Quartile -2.1 12.9 18.0 28.7 Median -5.8 7.7 15.2 24.7 3rd Quartile -10.2 0.7 12.6 18.8 95th Percentile -15.9 -13.0 8.6 6.0 Population 1,528 1,525 1,467 1,649 BlackRock Russell 1000 Index Fund Non-Lending Peer Group Analysis As of March 31, 2022 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 10.0 20.0 30.0 -10.0 -20.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 2/1/08 -1.8 11.5 13.7 10.0 12.0 9.7 -6.4 6.9 15.2 10.7 11.5 10.6 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% 4.0% 8.0% -4.0 % -8.0 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 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 3/22 1.13 Kennedy Mid Cap Value Performance Summary As of March 31, 2022Kennedy 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 2021 2020 2019 Kennedy Mid Cap Value -6.4 (56)6.9 (55)15.2 (50)10.7 (67)11.5 (69)31.8 (13)8.4 (67)28.6 (45)¢ Russell Midcap Value Index -1.8 (24)11.5 (32)13.7 (65)10.0 (75)12.0 (59)28.3 (29)5.0 (75)27.1 (56) 5th Percentile 3.2 18.1 22.6 20.5 16.4 36.9 60.0 39.1 1st Quartile -2.1 12.9 18.0 15.9 14.1 28.7 30.9 31.7 Median -5.8 7.7 15.2 12.6 12.4 24.7 15.1 27.9 3rd Quartile -10.2 0.7 12.6 9.9 11.1 18.8 4.7 23.4 95th Percentile -15.9 -13.0 8.6 6.9 8.6 6.0 -4.3 14.2 Population 1,528 1,525 1,467 1,380 1,126 1,649 1,790 1,895 Kennedy Mid Cap Value Peer Group Analysis As of March 31, 2022 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 -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 %) Kennedy Mid Cap Value Russell Midcap Value Index 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Kennedy Mid Cap Value 0.56 3.86 0.14 0.96 0.59 1.12 0.95 10.74 18.41 0.98 Russell Midcap Value Index 0.00 0.00 N/A 1.00 0.54 0.00 1.00 9.99 18.94 1.00 FTSE 3 Month T-Bill -10.32 18.99 -0.54 0.04 N/A 1.13 0.00 1.09 0.26 -0.20 Kennedy Mid Cap Value Risk Profile As of March 31, 2022Kennedy 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 15.0 30.0 -15.0 -30.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 2/1/02 -12.6 -14.3 9.9 10.3 11.2 8.6 -13.5 -8.3 10.4 12.6 12.0 10.5 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 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 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 3/22 1.43 TimesSquare Small Cap Growth Performance Summary As of March 31, 2022TimesSquare 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 2021 2020 2019 TimesSquare Small Cap Growth -13.5 (91)-8.3 (94)10.4 (94)12.6 (57)12.0 (76)7.3 (95)36.3 (17)28.2 (53)¢ Russell 2000 Growth Index -12.6 (89)-14.3 (97)9.9 (95)10.3 (80)11.2 (87)2.8 (98)34.6 (20)28.5 (51) 5th Percentile 3.4 20.2 23.6 21.2 17.1 38.5 58.8 39.4 1st Quartile -1.8 13.8 18.9 16.7 14.8 29.8 29.6 32.4 Median -5.2 9.0 16.2 13.5 13.4 26.0 16.4 28.6 3rd Quartile -9.3 1.9 13.6 10.8 12.0 20.1 6.4 24.5 95th Percentile -15.3 -11.0 9.8 7.8 9.8 6.8 -3.2 15.1 Population 1,799 1,798 1,751 1,703 1,499 1,910 2,168 2,323 TimesSquare Small Cap Growth Peer Group Analysis As of March 31, 2022 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 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Return (%) 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Risk (Standard Deviation %) TimesSquare Small Cap Growth Russell 2000 Growth Index 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation TimesSquare Small Cap Growth 2.18 4.55 0.48 0.96 0.60 2.18 1.00 12.60 22.18 0.98 Russell 2000 Growth Index 0.00 0.00 N/A 1.00 0.51 0.00 1.00 10.33 21.65 1.00 FTSE 3 Month T-Bill -11.13 21.68 -0.51 0.01 N/A 1.11 0.00 1.09 0.26 -0.11 TimesSquare Small Cap Growth Risk Profile As of March 31, 2022TimesSquare Small Cap Growth Page 31 Asset Allocation As of 02/28/2022 0.0%100.0%200.0%-100.0 % Other Convertibles Fixed Income Cash Equities -0.3 % 0.0% 0.4% 0.8% 99.1% Fund Characteristics As of 02/28/2022 Total Securities 101 Avg. Market Cap $4,156.74 Million P/E 39.21 P/B 6.99 Div. Yield 1.14% Annual EPS 24.06 5Yr EPS 17.40 3Yr EPS Growth 22.88 Top Ten Securities As of 02/28/2022 ASGN Inc ORD 2.14 % SailPoint Technologies Holdings 2.02 % Casella Waste Systems Inc ORD 1.96 % Onto Innovation Inc ORD 1.94 % Leslie's Inc ORD 1.76 % WNS (Holdings) Ltd DR 1.74 % EMCOR Group Inc ORD 1.73 % Regal Rexnord Corp ORD 1.71 % Tetra Tech Inc ORD 1.67 % Focus Financial Partners Inc ORD 1.65 % Sector/Quality Allocation As of 02/28/2022 0.0%10.0%20.0%30.0% Industrials Non Classified Equity Information Technology Health Care Financials Consumer Discretionary Consumer Staples Materials Energy Utilities 21.1% 19.1% 16.5% 14.4% 10.8% 10.5% 3.7% 1.4% 1.1% 0.6% TimesSquare Small Cap Growth Lipper Mutual Fund Attributes As of March 31, 2022 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 8.0 16.0 -8.0 -16.0 Return 1 Quarter 1 Year 3 Years 5 Years Inception 9/1/13 -5.4 -1.5 7.5 6.8 5.5 -8.4 -5.9 5.5 5.3 4.5 March 31, 2022 : $58M Morgan Stanley Emerging Markets Fund:32.4% Morgan Stanley International Equity:67.6% Total International Equity Benchmark 0.85 0.90 0.95 1.00 1.05 1.10 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 0.93 Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Total International Equity Portfolio Overview As of March 31, 2022Total International Equity Page 35 -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 2021 2020 2019 Total International Equity -8.4 (78)-5.9 (89)5.5 (98)5.3 (98)4.0 (96)12.7 (52)20.2 (96)¢ MSCI AC World ex USA Index (Net)-5.4 (40)-1.5 (53)7.5 (81)6.8 (84)7.8 (75)10.7 (75)21.5 (86) 5th Percentile -3.6 5.3 12.0 10.1 18.8 28.2 30.6 1st Quartile -5.0 2.9 10.5 9.0 12.3 16.9 25.9 Median -6.7 -1.1 9.3 8.3 9.5 12.8 23.7 3rd Quartile -8.3 -4.3 8.0 7.4 7.6 10.5 22.4 95th Percentile -12.5 -7.2 6.0 5.9 4.2 7.1 20.3 Population 65 65 57 57 69 68 65 Plan Sponsor Peer Group Analysis As of March 31, 2022 All Public Plans-Intl. Equity Segment Parentheses contain percentile rankings. Page 36 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Total International Equity MSCI AC World ex USA Index (Net) FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Return (%) 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Total International Equity MSCI AC World ex USA Index (Net) 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 6/19 12/19 6/20 12/20 6/21 12/21 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total International Equity -1.80 3.63 -0.50 0.96 0.35 -1.91 1.01 5.49 17.49 0.98 MSCI AC World ex USA Index (Net)0.00 0.00 N/A 1.00 0.47 0.00 1.00 7.51 16.88 1.00 FTSE 3 Month T-Bill -7.91 16.93 -0.47 0.03 N/A 0.79 0.00 0.76 0.27 -0.17 Total International Equity Risk Profile As of March 31, 2022Total 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 8.0 16.0 -8.0 -16.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 -5.9 1.2 7.8 6.7 6.3 5.0 -6.5 -3.1 5.5 5.4 5.3 4.6 Account Name:Morgan Stanley International Equity Inception Date:04/01/2005 Account Structure:Mutual Fund Asset Class:International Equity Benchmark:MSCI EAFE Index (Net) Peer Group:IM International Equity (MF) Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 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 3/22 0.93 Morgan Stanley International Equity Performance Summary As of March 31, 2022Morgan 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 2021 2020 2019 Morgan Stanley International Equity -6.5 (38)-3.1 (51)5.5 (68)5.4 (65)5.3 (61)4.2 (68)11.4 (53)20.4 (61)¢ MSCI EAFE Index (Net)-5.9 (33)1.2 (25)7.8 (41)6.7 (41)6.3 (39)11.3 (38)7.8 (67)22.0 (48) 5th Percentile 4.0 13.2 13.4 11.1 9.9 20.9 40.8 33.0 1st Quartile -4.7 1.2 9.2 7.8 7.0 13.1 20.6 26.2 Median -7.9 -2.9 7.1 6.2 5.8 9.1 12.2 21.8 3rd Quartile -12.5 -10.7 4.8 4.7 4.0 0.8 5.0 18.0 95th Percentile -18.7 -25.0 -0.9 1.6 0.0 -12.1 -6.3 8.3 Population 735 735 735 735 550 736 771 832 Morgan Stanley International Equity Peer Group Analysis As of March 31, 2022 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 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 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley International Equity -1.20 4.59 -0.26 0.91 0.35 -0.95 0.97 5.42 15.24 0.95 MSCI EAFE Index (Net)0.00 0.00 N/A 1.00 0.43 0.00 1.00 6.72 15.03 1.00 FTSE 3 Month T-Bill -6.54 15.07 -0.43 0.03 N/A 1.12 0.00 1.09 0.26 -0.17 Morgan Stanley International Equity Risk Profile As of March 31, 2022Morgan Stanley International Equity Page 40 Asset Allocation As of 02/28/2022 0.0%50.0%100.0%150.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.0% 0.4% 2.1% 97.5% Fund Characteristics As of 02/28/2022 Total Securities 68 Avg. Market Cap $96,419.01 Million P/E 26.13 P/B 4.66 Div. Yield 2.40% Annual EPS 10.78 5Yr EPS 4.79 3Yr EPS Growth -0.78 Top Ten Securities As of 02/28/2022 Reckitt Benckiser Group PLC ORD 3.61 % Relx PLC ORD 3.35 % Constellation Software Inc ORD 3.17 % Sanofi SA ORD 3.11 % SAP SE ORD 2.87 % Henkel AG & Co KGaA 2.79 % Barrick Gold Corp ORD 2.72 % Roche Holding AG 2.72 % AIA Group Ltd ORD 2.63 % Tencent Holdings Ltd ORD 2.58 % Sector/Quality Allocation As of 02/28/2022 0.0%15.0%30.0%45.0% Consumer Staples Financials Health Care Information Technology Industrials Consumer Discretionary Materials Energy Non Classified Equity 29.2% 17.0% 15.9% 14.5% 13.5% 4.0% 2.7% 0.6% 0.1% Morgan Stanley International Equity Lipper Mutual Fund Attributes As of March 31, 2022 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 10.0 20.0 -10.0 -20.0 -30.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 -7.0 -11.4 4.9 6.0 3.4 6.9 -12.3 -11.2 5.1 4.6 3.0 6.3 Account Name:Morgan Stanley Emerging Markets Fund Inception Date:04/01/2005 Account Structure:Mutual Fund Asset Class:International Equity Benchmark:MSCI Emerging Markets Index (Net) Peer Group:IM Emerging Markets Equity (MF) Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % -12.0 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 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 3/22 0.90 Morgan Stanley Emerging Markets Fund Performance Summary As of March 31, 2022Morgan Stanley Emerging Markets Fund Page 42 -55.0 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 80.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Morgan Stanley Emerging Markets Fund -12.3 (69)-11.2 (44)5.1 (50)4.6 (68)3.0 (56)3.6 (35)14.7 (61)19.5 (50)¢ MSCI Emerging Markets Index (Net)-7.0 (38)-11.4 (44)4.9 (53)6.0 (38)3.4 (45)-2.5 (66)18.3 (41)18.4 (58) 5th Percentile 5.6 14.3 13.0 10.5 6.7 19.9 41.3 31.2 1st Quartile -5.0 -3.4 7.5 6.7 4.4 6.5 23.4 24.5 Median -8.8 -12.7 5.1 5.5 3.2 -0.7 17.0 19.4 3rd Quartile -13.5 -18.1 3.0 4.1 2.1 -4.2 10.0 15.2 95th Percentile -20.5 -28.8 -2.0 -0.5 -6.2 -12.2 -6.8 6.1 Population 186 186 186 186 129 186 198 220 Morgan Stanley Emerging Markets Fund Peer Group Analysis As of March 31, 2022 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 -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 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 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley Emerging Markets Fund -1.17 4.48 -0.26 0.93 0.28 -1.28 1.02 4.57 17.48 0.97 MSCI Emerging Markets Index (Net)0.00 0.00 N/A 1.00 0.37 0.00 1.00 5.98 16.62 1.00 FTSE 3 Month T-Bill -6.10 16.66 -0.37 0.02 N/A 1.11 0.00 1.09 0.26 -0.15 Morgan Stanley Emerging Markets Fund Risk Profile As of March 31, 2022Morgan Stanley Emerging Markets Fund Page 44 Asset Allocation As of 02/28/2022 0.0%100.0%200.0%-100.0 % Other Convertibles Fixed Income Cash Equities -1.3 % 0.0% 0.6% 2.1% 98.6% Fund Characteristics As of 02/28/2022 Total Securities 91 Avg. Market Cap $157,317.02 Million P/E 26.93 P/B 5.52 Div. Yield 2.18% Annual EPS 35.45 5Yr EPS 13.74 3Yr EPS Growth 11.38 Top Ten Securities As of 02/28/2022 Taiwan Semiconductor Manufacturing 10.69 % Samsung Electronics Co Ltd ORD 6.21 % Tencent Holdings Ltd ORD 4.52 % Anglo American PLC ORD 3.01 % Morgan Stanley Inst Liq Govt Port;Instit 2.92 % China Merchants Bank Co Ltd ORD 2.15 % China Construction Bank Corp ORD 2.11 % Grupo Financiero Banorte SAB de 2.09 % Delta Electronics Inc ORD 2.07 % Reliance Industries Ltd ORD 2.04 % Sector/Quality Allocation As of 02/28/2022 0.0%15.0%30.0%45.0%60.0% Information Technology Financials Industrials Consumer Staples Consumer Discretionary Materials Energy Non Classified Equity Health Care 34.1% 23.5% 10.8% 10.1% 7.8% 7.2% 3.4% 1.3% 0.5% Morgan Stanley Emerging Markets Fund Lipper Mutual Fund Attributes As of March 31, 2022 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 -12.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 7/1/03 -4.5 -4.1 1.5 1.8 1.8 3.0 -4.8 -3.6 2.5 2.7 2.5 4.0 March 31, 2022 : $115M Income Research:40.5% Brandywine Global Opportunistic Fixed Income:22.1% Prudential Core Plus Bond:37.4% Total Fixed Income Benchmark 0.96 1.00 1.04 1.08 1.12 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 1.05 Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % -12.0 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Total Fixed Income Portfolio Overview As of March 31, 2022Total Fixed Income Page 47 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Total Fixed Income -4.8 (41)-3.6 (94)2.5 (70)2.7 (75)2.5 (87)-2.1 (97)9.2 (33)9.1 (53)¢ Blmbg. Intermed. U.S. Government/Credit -4.5 (31)-4.1 (97)1.5 (96)1.8 (97)1.8 (96)-1.4 (92)6.4 (87)6.8 (92) 5th Percentile -2.4 1.5 4.6 4.0 4.6 2.9 12.4 11.9 1st Quartile -4.3 -1.5 3.4 3.5 3.8 0.7 9.6 10.3 Median -5.1 -2.6 3.1 3.0 3.1 -0.1 8.6 9.3 3rd Quartile -5.8 -3.1 2.3 2.7 2.7 -0.7 7.4 8.0 95th Percentile -6.5 -3.8 1.6 2.1 1.9 -1.7 4.9 6.2 Population 70 69 59 57 46 73 74 68 Plan Sponsor Peer Group Analysis As of March 31, 2022 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 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Return (%) 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 6.46.4 Risk (Standard Deviation %) Total Fixed Income Blmbg. Intermed. U.S. Government/Credit 0.0 2.0 4.0 6.0 8.0 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Fixed Income 0.95 2.99 0.32 0.54 0.39 0.53 1.23 2.72 4.33 0.74 Blmbg. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 0.29 0.00 1.00 1.81 2.59 1.00 FTSE 3 Month T-Bill -0.74 2.50 -0.29 0.14 N/A 1.02 0.04 1.09 0.26 0.38 Total Fixed Income Risk Profile As of March 31, 2022Total 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 4.0 8.0 -4.0 -8.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 7/1/01 -4.5 -4.1 1.5 1.8 1.8 3.6 -4.4 -4.1 1.9 2.0 2.1 4.1 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 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Income Research Benchmark 0.96 1.02 1.08 1.14 1.20 6/01 6/03 6/05 6/07 6/09 6/11 6/13 6/15 6/17 6/19 3/22 1.10 Income Research Performance Summary As of March 31, 2022Income Research Page 50 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Income Research -4.4 (46)-4.1 (63)1.9 (26)2.0 (32)2.1 (35)-1.3 (55)7.5 (18)6.7 (44)¢ Blmbg. Intermed. U.S. Government/Credit -4.5 (64)-4.1 (65)1.5 (53)1.8 (57)1.8 (60)-1.4 (63)6.4 (52)6.8 (41) 5th Percentile -3.0 -2.4 2.8 3.0 3.4 0.8 8.6 8.7 1st Quartile -4.1 -3.6 1.9 2.1 2.2 -0.9 7.2 7.1 Median -4.4 -3.9 1.5 1.9 2.0 -1.2 6.5 6.6 3rd Quartile -4.6 -4.3 1.3 1.6 1.7 -1.6 5.5 5.9 95th Percentile -5.4 -4.8 0.9 1.2 1.3 -2.0 3.4 4.5 Population 99 98 91 85 78 108 115 111 Income Research Peer Group Analysis As of March 31, 2022 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 0.6 0.9 1.2 1.5 1.8 2.1 2.4 Return (%) 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 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 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Income Research 0.23 0.41 0.56 0.97 0.38 0.25 0.99 2.04 2.60 0.99 Blmbg. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 0.29 0.00 1.00 1.81 2.59 1.00 FTSE 3 Month T-Bill -0.74 2.50 -0.29 0.14 N/A 1.02 0.04 1.09 0.26 0.38 Income Research Risk Profile As of March 31, 2022Income 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 5.0 10.0 -5.0 -10.0 -15.0 Return 1 Quarter 1 Year 3 Years 5 Years Inception 6/1/15 -5.9 -4.2 1.7 2.1 2.0 -6.4 -3.0 2.7 3.3 3.3 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 3/22 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 3/22 1.09 Prudential Core Plus Bond Performance Summary As of March 31, 2022Prudential Core Plus Bond Page 53 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return 1 Quarter 1 Year 3 Years 5 Years 2021 2020 2019 Prudential Core Plus Bond -6.4 (90)-3.0 (20)2.7 (45)3.3 (20)-0.9 (66)9.2 (33)11.3 (12)¢ Blmbg. U.S. Aggregate -5.9 (56)-4.2 (78)1.7 (88)2.1 (88)-1.5 (94)7.5 (79)8.7 (77) 5th Percentile -3.1 -1.4 4.4 4.2 3.3 11.5 13.3 1st Quartile -5.3 -3.1 3.1 3.2 0.1 9.5 10.6 Median -5.9 -3.6 2.6 2.8 -0.5 8.5 9.5 3rd Quartile -6.2 -4.1 2.1 2.4 -1.1 7.7 8.8 95th Percentile -6.6 -4.9 1.2 1.7 -1.6 3.6 6.6 Population 100 99 97 95 111 122 126 Prudential Core Plus Bond Peer Group Analysis As of March 31, 2022 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 0.0 0.6 1.2 1.8 2.4 3.0 3.6 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 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Prudential Core Plus Bond 1.10 3.92 0.28 0.66 0.33 0.59 1.29 2.69 6.42 0.81 Blmbg. U.S. Aggregate 0.00 0.00 N/A 1.00 0.25 0.00 1.00 1.69 4.03 1.00 FTSE 3 Month T-Bill -0.99 3.93 -0.25 0.16 N/A 0.72 0.03 0.76 0.27 0.40 Prudential Core Plus Bond Risk Profile As of March 31, 2022Prudential 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 -18.0 Return 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 1/1/05 -6.5 -7.7 -0.1 1.3 0.3 2.1 -2.5 -3.8 3.0 2.8 2.8 4.6 Account Name:Brandywine Global Opportunistic Fixed Income Inception Date:01/01/2005 Account Structure:Commingled Fund Asset Class:International Fixed Income Benchmark:FTSE World Government Bond Index Peer Group:IM Global Fixed Income (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 10.0% 20.0% -10.0 % -20.0 % -30.0 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 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 3/22 1.53 Brandywine Global Opportunistic Fixed Income Performance Summary As of March 31, 2022Brandywine Global Opportunistic Fixed Income Page 56 -28.0 -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 2021 2020 2019 Brandywine Global Opportunistic Fixed Income -2.5 (16)-3.8 (57)3.0 (48)2.8 (55)2.8 (54)-5.3 (81)11.7 (16)9.3 (47)¢ FTSE World Government Bond Index -6.5 (80)-7.7 (89)-0.1 (95)1.3 (89)0.3 (97)-7.0 (92)10.1 (33)5.9 (86) 5th Percentile 0.8 4.0 7.2 5.9 6.1 9.4 22.1 15.1 1st Quartile -3.1 -0.7 4.2 4.2 4.6 3.9 10.7 12.8 Median -4.6 -3.5 2.9 3.0 3.0 -0.1 7.5 9.0 3rd Quartile -6.2 -6.1 1.3 2.2 1.4 -4.7 4.5 7.5 95th Percentile -8.0 -9.8 -0.2 0.8 0.5 -7.4 0.8 4.0 Population 136 135 132 126 95 144 159 169 Brandywine Global Opportunistic Fixed Income Peer Group Analysis As of March 31, 2022 IM Global Fixed Income (SA+CF) Parentheses contain percentile rankings. Page 57 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Brandywine Global Opportunistic Fixed Income FTSE World Government Bond Index FTSE 3 Month T-Bill 0.0 0.6 1.2 1.8 2.4 3.0 3.6 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 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Brandywine Global Opportunistic Fixed Income 1.73 6.89 0.25 0.36 0.23 1.68 1.05 2.77 8.61 0.60 FTSE World Government Bond Index 0.00 0.00 N/A 1.00 0.06 0.00 1.00 1.27 4.94 1.00 FTSE 3 Month T-Bill -0.29 4.89 -0.06 0.04 N/A 1.08 0.01 1.09 0.26 0.20 Brandywine Global Opportunistic Fixed Income Risk Profile As of March 31, 2022Brandywine 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 5.3 21.9 9.6 8.5 9.6 8.06.7 21.3 4.0 4.6 6.7 5.4 Account Name:UBS Trumbull Property Fund Inception Date:06/01/2006 Account Structure:Commingled Fund Asset Class:US Private Real Estate Benchmark:NCREIF Property Index Peer Group: Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % -9.0 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 UBS Trumbull Property Fund Benchmark 0.40 0.60 0.80 1.00 1.20 5/06 11/07 5/09 11/10 5/12 11/13 5/15 11/16 5/18 11/19 3/22 0.68 UBS Trumbull Property Fund Performance Summary As of March 31, 2022UBS 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 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 Risk (Standard Deviation %) UBS Trumbull Property Fund NCREIF Property Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation UBS Trumbull Property Fund -3.70 2.85 -1.30 0.72 0.67 -5.80 1.27 4.59 5.12 0.85 NCREIF Property Index 0.00 0.00 N/A 1.00 1.99 0.00 1.00 8.54 3.43 1.00 FTSE 3 Month T-Bill -7.25 3.64 -1.99 0.17 N/A 1.56 -0.06 1.09 0.46 -0.41 UBS Trumbull Property Fund Risk Profile As of March 31, 2022UBS 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 ▪Equities were challenged during the first quarter and volatility remained elevated. Global equity markets fell over the quarter, with the U.S. weighing on the index in January, while Europe and Emerging Markets were weaker during the latter part of the quarter. The MSCI All Country World Investable Market Index (ACWI IMI) returned -5.5% for the quarter but was up 6.3% over the past year. ▪Across international markets, except for Canada and Pacific ex-Japan, all the regions were weak over the quarter. Canadian equities were the best performer led by Energy and Materials sectors. ▪Europe ex-UK equities were the worst regional performer with a return of -10.0%. This was due to a combination of the highly infectious sub-variant of Omicron, BA.2, spreading across Europe, and Europe’s proximity and exposure to the fall out from the Russia-Ukraine conflict. ▪Emerging Markets returned -6.6% for the first quarter with Chinese and Korean equities weighing on the region. China re-imposed strict lockdowns in major cities like Shanghai and Shenzhen as the country now faces its most significant surge in Covid-19 cases since the pandemic began. -5.5%-5.6%-5.4% -1.2% -6.7% 4.8% -4.3% -10.0% 3.0% -6.6% 6.3% -1.3% 11.9% 9.3% -7.5% 20.1%18.0% 0.4% 4.3% -9.5% -20% -10% 0% 10% 20% 30% ACWI IMI 39.7% ACWI ex-U.S. IMI 60.3% USA IMI 3.9% UK IMI 5.8% Japan IMI 3.2% Canada IMI 0.3% Israel IMI 11.9% Europe ex-UK IMI 3.3% Pacific ex-Japan IMI 11.2% Emerging Markets IMI GLOBAL MSCI IMI INDEX RETURNS (USD) AS OF 03/31/2022 First Quarter 2022 One-Year Source: MSCI Page 65 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Global Equity Markets Below is the country/region breakdown of the global and international equity markets as measured by the MSCI All Country World IMI Index and the MSCI All Country World ex-U.S. IMI Index, respectively. USA 60.3% UK 3.9% Canada 3.2% Pacific ex-Japan 3.3%Japan 5.8% Europe ex-UK 11.9% Israel 0.3% Latin America 1.0% Asia 8.7% Eastern Europe, Middle East & Africa 1.5% Emerging Markets 11.2% MSCI ALL COUNTRY WORLD IMI INDEX GEOGRAPHIC ALLOCATION AS OF 03/31/2022 Source:MSCI UK 9.9% Canada 8.2% Pacific ex- Japan 8.4% Japan 14.7% Europe ex-UK 30.1% Israel 0.7%Latin America 2.6% Asia 21.8% Eastern Europe, Middle East & Africa 3.7% Emerging Markets 28.1% MSCI ALL COUNTRY WORLD EX-U.S. IMI INDEX GEOGRAPHIC ALLOCATION AS OF 03/31/2022 Source:MSCI Page 66 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Equity Markets -5.3%-9.8%-4.6%-9.8% -0.1% 37.0% 5.4% -6.3%-2.2% 3.5% -7.1%-6.2% 11.9%19.2% 10.8% 2.0% 13.1% 59.6% 17.9% 0.9% 13.4% 18.7% -5.9% 19.4% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% Russell 3000 27.7% Technology 12.9% Healthcare 15.3% Cons. Disc 5.0% Cons. Staples 4.0% Energy 1.8% Materials & Processing 12.7% Producer Durables 11.3% Financials 3.0% Utilities 2.6% Telecom. 3.6% Real Estate RUSSELL SECTOR RETURNS AS OF 03/31/2022 First Quarter 2022 One-Year Source: Russell Indexes ▪U.S. equities had a weak quarter with the S&P 500 index falling by 4.6%. ▪The Russell 3000 Index fell 5.3% during the first quarter but was up 11.9% over the trailing one-year period. Performance among sectors was generally negative. Energy and Materials & Processing were the best performers while the Technology and Consumer Discretionary sectors were the worst performers at -9.8%. ▪Large and medium cap stocks outperformed small caps over the quarter. On a style basis, value outperformed growth across market capitalizations over the quarter. Over a trailing one-year period, except for large-cap stocks, value has outperformed growth. -5.3% -0.1% -8.3% -1.8% -12.6% -2.4% -12.6% 11.9%11.8% 18.8% 11.5% -0.9% 3.3% -14.3%-20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Russell 3000 30.1% Large Value 39.8% Large Growth 16.0% Medium Value 8.0% Medium Growth 3.2% Small Value 2.9% Small Growth RUSSELL STYLE RETURNS AS OF 03/31/2022 First Quarter 2022 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 down -5.9% over the quarter and -4.2% over the past year. ▪Across durations, all maturities finished the quarter in negative territory. ▪Within investment-grade bonds, lower-credit quality underperformed higher-quality issues, with Baa bonds falling by 7.9%. High-yield bonds fell by 4.8%. -5.9%-5.5% -7.7% -5.0% -2.9% -5.6% -4.2%-3.7%-4.2% -4.9% -3.1% -4.5% -9.0% -8.0% -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% Barclays Agg. Bond 42.6% Govt 26.2% Corp. 28.9% MBS 0.3% ABS 2.1% CMBS BLOOMBERG BARCLAYS AGGREGATE RETURNS BY SECTOR AS OF 03/31/2022 First Quarter 2022 One-YearSource: FactSet -2.5% -4.5%-5.2% -6.6% -11.0% -2.9% -5.0%-4.6%-4.4% -3.1% -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 1-3 Yr.3-5 Yr.5-7 Yr.7-10 Yr.>10 Yr. BLOOMBERG BARCLAYS AGGREGATE RETURNS BY MATURITY AS OF 03/31/2022 First Quarter 2022 One-YearSource: FactSet -5.3% -7.0%-7.3% -7.9% -4.8%-4.2%-4.1%-4.3%-4.1% -0.7% -9.0% -8.0% -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% Aaa Aa A Baa High Yield BLOOMBERG BARCLAYS AGGREGATE RETURNS BY QUALITY AND HIGH YIELD RETURNS AS OF 03/31/2022 First Quarter 2022 One-YearSource: FactSet Page 68 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Fixed Income Markets ▪U.S. treasury yields saw notable increases, particularly in the front end, with the 2 -year yield briefly trading above the 10-year yield, “inverting” the curve in the final days of the quarter. The 2 -year yield had the largest move over the quarter, rising 155 bps, followed by the 5-year yield up 116 bps. The longer end of the curve also rose, but at a slower pace, with the 10-year Treasury yield up 80bps to 2.32%, and the 30-year Treasury yield up 54bps to 2.44% over the quarter. ▪As expected, the Federal Reserve (Fed) increased its benchmark interest rate by 25bps in March and formally ended quantitative easing. Chair Powell indicated that the FOMC will look to reduce the size of the balance sheet, potential starting in May. Regarding rate hikes, the FOMC consensus forecast shows the federal funds rate at approximately 1.9% by year-end, 2.8% by the end of 2023, and 2.4% through 2024. ▪Inflation remained elevated, with U.S. CPI up 7.9% year-over-year in February and core CPI, which excludes food and energy prices, up by 6.4%. ▪Despite inflationary pressures, the 10-year TIPS yield rose by 52bps over the quarter to -0.52%. -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 0 5 10 15 20 25 30 Maturity (Years) U.S. TREASURY YIELD CURVE 3/31/2021 12/31/2021 3/31/2022 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% Mar 12 Mar 14 Mar 16 Mar 18 Mar 20 Mar 22 U.S. 10-YEAR TREASURY AND 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 across the Euro Area. The European Central Bank (ECB) ended its emergency quantitative easing program in March and announced that it would accelerate the winddown of its legacy QE program and potentially stop net purchases in the third quarter if economic data supported the move. ▪German government bund yields rose sharply, up 73bps to 0.55% over the quarter. ▪The Eurozone posted quarter-on-quarter growth of 0.3% in Q4, lower than 2.3% growth in Q3. 0% 2% 4% 6% 8% 10% 12% 14% 2016 2017 2018 2019 2020 2021 2022 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, with spreads widening. ▪While spreads are still narrow relative to historical averages, High Yield and Global Emerging Markets spreads increased by 42bps and 28bps, respectively. Spread (bps)03/31/2022 12/31/2021 03/31/2021 Quarterly Change (bps)One-Year Change (bps) U.S. Aggregate 41 36 31 5 10 Long Gov't 3 0 1 3 2 Long Credit 155 130 126 25 29 Long Gov't/Credit 88 74 76 14 12 MBS 24 31 12 -7 12 CMBS 85 68 71 17 14 ABS 57 38 35 19 22 Corporate 116 92 91 24 25 High Yield 325 283 310 42 15 Global Emerging Markets 313 285 267 28 46 Source: FactSet, Bloomberg Barclays Page 71 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Currency ▪The U.S. Dollar strengthened against most safe -haven currencies but depreciated against commodity-sensitive currencies such as the Canadian dollar. On a trade-weighted basis, the U.S. dollar was relatively flat. ▪The Sterling depreciated by 2.9% against the U.S. dollar. The Bank of England increased its benchmark interest rate for the third time since December 2021, with the policy rate sitting at 0.75%. ▪The U.S. dollar appreciated by 2.2% against the Euro and by 5.4% against the Yen. 100 105 110 115 120 125 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 TRADE WEIGHTED U.S. DOLLAR INDEX (2006 = 100) Source:Federal Reserve 80 90 100 110 120 130 140 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 U.S. DOLLAR RELATIVE TO EUR, GBP AND JPY REBASED TO 100 AT 03/31/2016 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 ▪Commodity prices soared on concerns over geopolitical tensions further exacerbating supply-chain issues, with the Bloomberg Commodity Index returning 25.5% for the quarter. ▪Energy continued to have outsized gains, with the sector up 47.9% over the quarter and 91.8% over the trailing one - year period. The price of Brent crude oil rose by 38.7% to $108/bbl while WTI crude oil spot prices rose by 33.3% to $100/bbl over the quarter. ▪Rising yields slowed the momentum in Precious Metals gains over the quarter, with the subcomponent returning 6.9% and underperforming Industrial Metals, which were up 22.7% for the quarter. 25.5% 15.9% 47.9% 22.7% 6.9% 19.9% 7.9% 24.9% 5.8% 49.3% 31.7% 91.8% 48.8% 10.6% 42.2% 57.7% 39.6% 4.0% 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0% Bloomberg Commodity Index Ex-Energy Energy Industrial Metals Prec. Metals Agric. Softs Grains Livestock COMMODITY RETURNS AS OF 03/31/2022 First Quarter 2022 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 -2.8% 0.5% -8.4% -5.6% -1.1% -5.1% -9.6% -3.8% -1.5% 10.1%10.3%12.1% 8.0% 5.1% 3.1% 9.4% 13.8% 11.4% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 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 03/31/2022 First Quarter 2022 One-Year Source:MSCI 9.5%9.1% 16.6%16.4% 7.0%9.0% 16.9% 12.5% 10.6%10.2%9.2% 13.7%14.0% 8.3%9.2% 13.5%13.0% 12.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 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 3/31/2022 Five-Year Ten-Year Source:MSCI Page 74 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Hedge Fund Markets Overview ▪Hedge fund performance was mixed over the quarter, with equity-sensitive strategies struggling. ▪The HFRI Fund-Weighted Composite and HFRI Fund of Funds Composite Index produced returns of -0.3% and -2.7% over the quarter, respectively. ▪Over the quarter, Global Macro and Distressed-Restructuring strategies were the best performers with returns of 7.7% and 1.1% respectively. ▪Emerging Markets and Equity Hedge strategies were the worst performers with returns of -5.3% and -3.9% respectively. ▪Over the trailing one-year period, all strategies, except for Emerging Markets, were positive, led by Global Macro and Distressed-Restructuring funds. -1.1% 7.7% -3.9% -5.3% -1.2% 1.1% 0.5% -0.3% -2.7% 2.7% 11.4% 0.5% -2.0% 3.3% 7.4% 4.3% 3.9% 1.3% -8.0%-6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0% 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 PERFORMANCE AS OF 03/31/2022 First Quarter 2022 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 | Fourth Quarter 2021 Slide 1 of 2 ▪Fundraising:In 2021,$1.1 trillion was raised by 2,990 funds,which was an increase of 13.9%on a capital basis and 15.8%by number of funds from the prior year.Dry powder stood at $2.8 trillion at the end of the year,an increase of 10.4%and 28.0%compared to year-end 2020 and the five-year average,respectively.1 ▪Buyout:Global private equity-backed buyout deals totaled $833.2 billion in 2021,which was an increase on a capital basis of 71.9%and 46.5%from 2020 and the five-year average,respectively.1 At the end of 2021,the average purchase price multiple for all U.S.LBOs was 12.1x EBITDA,up from year-end 2020’s average of 11.4x and up from the five-year average (11.2x).Large cap purchase price multiples stood at 11.8x,up compared to the full-year 2020 level of 11.3x.The average purchase price multiple across European transactions greater than €1B averaged 11.6x EBITDA for year-end 2021,down significantly from the 13.1x multiple seen at year-end 2020.Purchase prices for transactions of €500M million or more decreased from 12.6x in 2020 to 11.5x in 2021.2 Globally,exit value totaled $894.7 billion on 3,186 deals during the year,higher than the $482.7 billion in exits from 2,095 deals during 2020.1 ▪Venture:During the year,15,500 venture-backed transactions totaling $329.6 billion were completed,which was an increase on a capital basis over the prior year’s total of $166.6 billion across 12,173 deals.This was an increase of 88.7%compared to the five-year average of $174.7 billion and marked a new annual record.Total U.S.venture-backed exit value totaled approximately $774.1 billion across an estimated 1,875 completed transactions in 2021,up substantially from $288.9 billion across 1,123 exits in 2020.3 ▪Mezzanine:29 funds closed on $12.6 billion during the year.This was a significant decrease from the prior year’s total of $29.8 billion raised by 44 funds and represented a decrease of 32.3%from the five-year average of $18.6 billion.Estimated dry powder was $48.3 billion at the end of 2021,down from $52.0 billion during the prior year.1 Source: Preqin 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 3Q13 2Q14 1Q15 4Q15 3Q16 2Q17 1Q18 4Q18 3Q19 2Q20 1Q21 4Q21 # o f D e a l s Va l u e ( $ B i l l i o n s ) Deal Value ($ Billions) Number of Deals LTM Global Private Equity-Backed Buyout Deal Volume Page 76 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Private Equity Market Overview | Fourth Quarter 2021 Slide 2 of 2 ▪Distressed Debt:The LTM U.S.high-yield default rate was 0.5%as of December 2021,which was down substantially from December 2020’s LTM rate of 5.2%.4 The high-yield default rate is projected to trend lower through early Q1 2022.During the year,$72.4 billion was raised by 77 funds,down from the $74.6 billion raised by 90 funds during 2020.Dry powder was estimated at $158.4 billion at the end of 2021,which was down 3.9%from year-end 2020.This remained above the five-year annual average level of $130.5 billion.1 ▪Secondaries:64 funds raised $44.4 billion during the year,down significantly from the $84.9 billion raised by 63 funds in 2020.This was 4.5% lower than the five-year average of $46.5 billion.1 The average discount rate for all private equity sectors finished the year at 6.7%,an improvement from the 11.8%discount at the end of 2020.5 ▪Infrastructure:$124.3 billion of capital was raised by 130 funds in 2021 compared to $111.5 billion of capital raised by 145 partnerships in 2020.At the end of the year,dry powder stood at $313.0 billion,up from last year’s record of $290.1 billion.Infrastructure managers completed 2,432 deals for an aggregate deal value of $561.6 billion in 2021 compared to 2,432 deals totaling $296.0 billion in 2020.1 ▪Natural Resources:During 2021,28 funds closed on $14.4 billion compared to 30 funds totaling $10.5 billion in 2020.Energy and utilities industry managers completed 223 deals totaling $34.7 billion in 2021,compared to $16.3 billion across 157 deals in 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 Multiple s: 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 12.1x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 2013 2014 2015 2016 2017 2018 2019 2020 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 *Indicates preliminary NFI-ODCE data gross of fees 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 Office Industrial Retail Apartment 7.4% 28.5% 11.3%9.9%10.9% -3.9% 26.5% 11.1%9.6%9.8% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% Q1 2022 1-Year 3-Years 5-Years 10-Years PRIVATE VS. PUBLIC REAL ESTATE RETURNS AS OF 03/31/2022 Private (NFI-ODCE Gross)* Public (NAREIT Gross) *First quarter returns are preliminary Sources: NCREIF, FactSet CAP RATES BY SECTOR Sources: RCA, AON 3/31/2022 ▪U.S.Core Real Estate returned 7.4%*in first quarter 2022,equating to a 28.5%total gross return year-over-year.Townsend witnessed a robust recovery across the US economy and US real estate markets in 2021,with a continuation through the first quarter of 2022.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 even exceeded historical highs,resulting in a continued build up of dry powder in the market. ▪Global property markets,as measured by the FTSE EPRA/NAREIT Developed Real Estate Index,returned -3.8%(USD)in aggregate during the first quarter and experienced a cumulative increase of 15.4%over the trailing 1-year period.REIT market performance was driven by Asia Pacific (-0.8%USD), North America (-3.9%USD),and Europe (-7.1%USD).The U.S.REIT markets (FTSE NAREIT Equity REITs Index)returned -3.9%in the first quarter.The U.S.10-year treasury bond yields steepened to 2.3%during the quarter,an increase of 80 basis points over year-end 2021. ▪In first quarter 2022,deal volumes across all sectors moderated from a historic high in fourth quarter 2021.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 industrial sector,as e-commerce still only accounts for approximately 15%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 refurbishment of well-located older product. ▪The strong global economic rebound has stoked inflation beyond economists’expectations and persistent supply chain disruption has been slow to resolve.Commercial real estate construction has been particularly impacted by supply chain disruption and witnessed material prices increases well beyond CPI.Key materials inputs for commercial and residential construction have seen substantial price increases,including Lumber,Copper,and Steel. Real estate provides an inflationary hedge,and the trend is already prevalent in industrial,apartment,and life sciences in terms of rising rent growth. However,not all sectors will benefit from hedge.Office fundamentals likely to remain weak in the near-term ▪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. Page 78 Appendix Page 79 Fee Schedule Market Value As of 03/31/2022 $000 % of Portfolio Estimated Annual Fee $000 Estimated Annual Fee (%) Total Pension 326,446 100.00 1,500 0.46 Total Domestic Equity 122,362 37.48 306 0.25 BlackRock Russell 1000 Index Fund Non-Lending 0.04 % of Assets 86,775 26.58 30 0.03 Kennedy Mid Cap Value 0.75 % of First $25 M 0.70 % of Next $25 M 0.60 % Thereafter 18,640 5.71 140 0.75 TimesSquare Small Cap Growth 0.80 % of Assets 16,946 5.19 136 0.80 Total International Equity 57,985 17.76 535 0.92 Morgan Stanley International Equity 0.91 % of Assets 39,191 12.01 357 0.91 Morgan Stanley Emerging Markets Fund 0.95 % of Assets 18,794 5.76 179 0.95 Total Fixed Income 114,727 35.14 391 0.34 Income Research 0.45 % of First $10 M 0.35 % of Next $10 M 0.30 % of Next $10 M 0.23 % of Next $20 M 0.23 % of Next $50 M 0.20 % Thereafter 46,442 14.23 148 0.32 Prudential Core Plus Bond 0.30 % of First $50 M 0.28 % of Next $100 M 0.25 % of Next $100 M 0.20 % Thereafter 42,928 13.15 129 0.30 Brandywine Global Opportunistic Fixed Income 0.45 % of First $50 M 0.40 % of Next $50 M 0.35 % Thereafter 25,357 7.77 114 0.45 Real Estate 28,215 8.64 245 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 28,215 8.64 245 0.87 Cash Account 0.20 % of Assets 1,948 0.60 4 0.20 Total Pension Fee Schedule As of March 31, 2022 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. 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