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HomeMy Public PortalAbout2nd 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 | Second 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 If you do not get Aon Investments’ monthly email newsletter, but would like to, please ask your consultant. Aon United Operational Diligence: Due for a Change? (Part 1)Link Market View Global Recession is Now Much More Likely 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 Quarterly Outlook Key Themes for Public Funds in Q2 2022 (4-minute video, access code ‘aon!’)Link to Video Public Funds Expected Returns for Public Funds: Three Questions with John Sullivan Link Asset Allocation White Paper: Why Diversify?Link Asset Allocation Inflation-Protecting Assets: 3 Questions with Sheila Noonan Link Strategy Review Private Credit Today: A Diverse Opportunity Set in a Growing Market Link Strategy Review Commodities Forthcoming Strategy Review Private Equity Past and Present: Three Questions with Bruce Ingram Link Strategy Review GP-led Secondaries and Continuation Vehicles: Three Questions with Oliver Graham and Katherine Montague Link Strategy Review Cash Management: Meeting Your Organization’s Needs in a Low Yield Environment Link Strategy Review White Paper: The Benefits of ESG Integration Link Other Negotiating Fees for Investment Management: 3 Questions With Dino Nikolopoulos Link 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. 11.3% 5.2% 2.2%2.2% 0.9%0.5%1.1% 2.1% 10.5% 13.0% 9.4% 5.4% 3.1% 1.5%1.7% 3.2% 4.5% 11.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10 .0% 12 .0% 14 .0% S&P 500 Russell 2000 MSC I EAFE MSC I Emergin g Ma rkets Bloo mberg U.S. Aggregate Bloo mberg U.S. Lo ng G ov't Bloo mberg U.S. Lo ng C re dit Bloo mberg U.S. High Yield NCREIF NFI - ODCE LONG TERM ANNUALIZED RETURNS AS OF 06/30/2022 Fiv e-Year Ten-Year Source:Russell, MSCI, Bloomberg -16.1%-17.2%-14.5% -11.4% -4.7% -11.9%-12.6%-9.8% 4.7% -20.0% -23.4% -19.6%-17.6% -10.3% -21.2%-22.4% -14.2% 12.4% -3 0.0% -2 5.0% -2 0.0% -1 5.0% -1 0.0% -5.0% 0.0% 5.0% 10.0% 15.0% S&P 500 Russell 2000 MSC I EAFE MSCI Emergin g Markets Bloomberg U.S. Aggregate Bloo mberg U.S. Long G ov't Bloo mberg U.S. Lo ng C re dit Bloombe rg U.S. High Yield NCREIF N FI - OD CE SHORT TERM RETURNS AS OF 06/30/2022 Second Quarter 2022 YTD Sourc e:Russell, MSCI, Bloomberg MSCI Indi ces show net total returns throughout thi s report. Al l other indices show gross total retu rns. Page 3 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights Second Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All Country World IMI -15.83%-20.44%-16.52%5.98%6.70%8.71% MSCI All Country World -15.66%-20.18%-15.75%6.21%7.00%8.76% Dow Jones U.S. Total Stock Market -16.84%-21.33%-14.24%9.61%10.48%12.47% Russell 3000 -16.70%-21.10%-13.87%9.77%10.60%12.57% S&P 500 -16.10%-19.96%-10.62%10.60%11.31%12.96% Russell 2000 -17.20%-23.43%-25.20%4.21%5.17%9.35% MSCI All Country World ex-U.S. IMI -14.28%-19.08%-19.86%1.55%2.50%5.01% MSCI All Country World ex-U.S.-13.73%-18.42%-19.42%1.35%2.50%4.83% MSCI EAFE -14.51%-19.57%-17.77%1.07%2.20%5.40% MSCI EAFE (Local Currency)-7.83%-11.27%-6.59%4.37%4.27%8.33% MSCI Emerging Markets -11.45%-17.63%-25.28%0.57%2.18%3.06% Equity Factors MSCI W orld Minimum Volatility (USD)-9.54%-6.01%-6.01%3.58%6.55%9.01% MSCI W orld High Dividend Yield -8.48%-8.06%-3.32%5.61%6.40%8.36% MSCI W orld Quality -16.80%-23.79%-15.83%10.16%11.43%12.01% MSCI W orld Momentum -17.98%-22.60%-17.21%6.97%10.48%11.72% MSCI W orld Enhanced Value -11.97%-12.92%-10.00%3.69%3.72%7.91% MSCI W orld Equal Weighted -15.62%-19.93%-17.78%3.23%4.29%8.11% MSCI W orld Index Growth -21.14%-28.71%-22.22%8.67%10.32%11.42% MSCI USA Minimum Volatility (USD)-9.15%-12.56%-3.21%6.34%9.64%11.65% MSCI USA High Dividend Yield -7.45%-8.84%-0.84%7.16%8.44%11.19% MSCI USA Quality -16.19%-23.60%-15.21%11.05%13.11%13.86% MSCI USA Momentum -18.02%-24.04%-20.02%5.88%10.32%13.44% MSCI USA Enhanced Value -12.85%-16.12%-11.31%6.67%7.14%11.66% MSCI USA Equal Weighted -16.45%-20.57%-15.25%7.72%8.62%11.84% MSCI USA Growth -22.94%-29.88%-21.80%12.43%14.09%14.69% Fixed Income Bloomberg Global Aggregate -8.26%-13.91%-15.25%-3.22%-0.55%0.11% Bloomberg U.S. Aggregate -4.69%-10.35%-10.29%-0.93%0.88%1.54% Bloomberg U.S. Long Gov't -11.89%-21.20%-18.42%-2.94%0.50%1.65% Bloomberg U.S. Long Credit -12.59%-22.40%-21.36%-2.44%1.05%3.17% Bloomberg U.S. Long Gov't/Credit -12.27%-21.88%-20.14%-2.32%1.03%2.63% Bloomberg U.S. TIPS -6.08%-8.92%-5.14%3.04%3.21%1.73% Bloomberg U.S. High Yield -9.83%-14.19%-12.81%0.21%2.10%4.47% Bloomberg Global Treasury ex U.S.-11.44%-17.19%-19.67%-5.89%-2.12%-1.46% JP Morgan EMBI Global (Emerging Markets)-10.55%-18.83%-19.25%-4.33%-1.00%2.05% Commodities Bloomberg Commodity Index -5.66%18.44%24.27%14.34%8.39%-0.82% Goldman Sachs Commodity Index 2.01%35.80%45.05%14.69%11.67%-1.83% Hedge Funds HFRI Fund-Weighted Composite2 -4.94%-5.86%-5.82%6.10%5.05%4.96% HFRI Fund of Funds2 -3.61%-6.28%-5.19%4.05%3.69%3.78% Real Estate NAREIT U.S. Equity REITS -17.00%-20.20%-6.27%4.00%5.30%7.39% NCREIF NFI - ODCE 4.70%12.42%29.50%12.66%10.54%11.16% FTSE Global Core Infrastructure Index -8.64%-5.37%2.88%5.73%7.78%9.06% Private Equity Burgiss Private iQ Global Private Equity3 35.76%25.94%21.26%16.77% 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 December 31, 2021 Returns of the Major Capital Markets Period Ending 06/30/2022 Page 4 (This Page Left Blank Intentionally) Page 5 Total Plan Page 6 Change in Market Value From April 1, 2022 to June 30, 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 $326.4 $0.9 ($34.4) $292.9 1 Quarter Year To Date 1 Year Total Pension Beginning Market Value 326,446,015 350,138,749 342,997,359 + Additions / Withdrawals 857,269 -5,027,277 -8,522,660 + Investment Earnings -34,393,792 -52,201,980 -41,565,207 = Ending Market Value 292,909,493 292,909,493 292,909,493 Total Pension Total Plan Asset Summary As of June 30, 2022 Page 7 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 15 Years Total Pension Policy Benchmark 0.0 10.0 20.0 -10.0 -20.0 -30.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 1/1/93 -9.2 -13.0 -9.8 4.7 5.2 5.9 -10.5 -15.1 -12.5 3.5 4.3 5.3 6.8 Total Pension Benchmark 0.96 1.00 1.04 1.08 1.12 6/07 12/08 6/10 12/11 6/13 12/14 6/16 12/17 6/19 12/20 6/22 0.96 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 6/22 Total Plan Performance Summary As of June 30, 2022Total Pension Page 8 Allocation Market Value ($) %Policy(%) Performance(%) 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Pension 292,909,493 100.0 100.0 -10.5 (46)-15.1 (51)-12.5 (69)3.5 (92)4.3 (95)5.3 (96)6.8 (64)01/01/1993 Policy Benchmark -9.2 (20)-13.0 (22)-9.8 (34)4.7 (68)5.2 (85)5.9 (94) All Public Plans < $1B-Total Fund Median -10.6 -15.1 -11.1 5.3 6.1 7.4 7.2 Total Domestic Equity 102,158,450 34.9 -16.8 (76)-22.2 (81)-15.7 (74)8.6 (52)9.9 (45)10.6 (55)09/01/2013 Russell 3000 Index -16.7 (74)-21.1 (65)-13.9 (54)9.8 (30)10.6 (28)11.5 (21) All Public Plans-US Equity Segment Median -16.1 -20.1 -13.4 8.7 9.5 10.7 IM U.S. Equity (SA+CF) Median -15.4 -19.8 -13.1 8.4 9.2 10.3 Total Large-Cap Equity 71,312,981 24.3 25.0 -16.7 (64)-20.9 (56)-13.0 (48)10.2 (19)11.0 (22)12.2 (29)9.3 (64)06/01/2003 Russell 1000 Index -16.7 (64)-20.9 (56)-13.0 (48)10.2 (19)11.0 (22)12.8 (18)9.7 (51) IM U.S. Equity (SA+CF) Median -15.4 -20.0 -13.8 7.6 8.4 11.1 9.7 BlackRock Russell 1000 Index Fund Non-Lending 71,312,981 24.3 -16.7 (64)-20.9 (56)-13.0 (48)10.2 (19)11.0 (22)10.9 (25)03/01/2017 Russell 1000 Index -16.7 (64)-20.9 (56)-13.0 (48)10.2 (19)11.0 (22)10.9 (25) IM U.S. Equity (SA+CF) Median -15.4 -20.0 -13.8 7.6 8.4 8.4 Total Small-Cap Equity 30,845,469 10.5 10.0 -17.2 (68)-25.2 (71)-21.4 (72)4.8 (81)7.2 (66)10.4 (65)10.1 (36)06/01/2003 Russell 2000 Index -17.2 (68)-23.4 (66)-25.2 (82)4.2 (85)5.2 (86)9.4 (82)8.8 (78) IM U.S. Equity (SA+CF) Median -15.4 -20.0 -13.8 7.6 8.4 11.1 9.7 Kennedy Mid Cap Value 16,026,877 5.5 -14.2 (41)-19.7 (48)-12.5 (46)7.9 (46)7.2 (66)10.4 (65)9.2 (42)02/01/2008 IM U.S. Equity (SA+CF) Median -15.4 -20.0 -13.8 7.6 8.4 11.1 8.9 Russell Midcap Value Index -14.7 (45)-16.2 (33)-10.0 (32)6.7 (61)6.3 (76)10.6 (60)8.3 (66) TimesSquare Small Cap Growth 14,818,592 5.1 -20.9 (86)-31.5 (90)-30.8 (91)0.7 (97)6.5 (82)9.8 (88)9.1 (53)02/01/2002 Russell 2000 Growth Index -19.3 (80)-29.5 (85)-33.4 (94)1.4 (97)4.8 (94)9.3 (93)7.3 (96) IM U.S. Equity (SA+CF) Median -15.4 -19.8 -13.1 8.4 9.2 12.0 9.2 Total International Equity 51,932,189 17.7 18.0 -12.8 (19)-20.2 (59)-23.0 (79)0.0 (97)0.9 (100)2.8 (100)09/01/2013 MSCI AC World ex USA Index (Net)-13.7 (39)-18.4 (27)-19.4 (48)1.4 (79)2.5 (82)3.6 (96) All Public Plans-Intl. Equity Segment Median -14.2 -19.2 -19.6 2.8 3.7 4.8 IM International Equity (MF) Median -12.9 -19.8 -21.3 2.2 2.9 4.7 Morgan Stanley International Equity 34,643,916 11.8 -11.6 (34)-17.4 (38)-19.6 (45)0.4 (67)1.4 (68)4.6 (59)3.8 (72)04/01/2005 MSCI EAFE Index (Net)-14.5 (69)-19.6 (54)-17.8 (34)1.1 (57)2.2 (49)5.4 (40)4.0 (65) IM International Equity (MF) Median -13.1 -19.1 -20.6 1.4 2.2 5.0 4.4 Morgan Stanley Emerging Markets Fund 17,288,272 5.9 -15.9 (90)-26.2 (88)-30.0 (73)-1.5 (79)-0.5 (88)1.9 (72)5.1 (61)04/01/2005 MSCI Emerging Markets Index (Net)-11.4 (47)-17.6 (43)-25.3 (49)0.6 (49)2.2 (46)3.1 (38)6.0 (20) IM Emerging Markets Equity (MF) Median -11.6 -18.8 -25.4 0.5 1.8 2.8 5.5 Asset Allocation & Performance As of June 30, 2022 Page 9 Asset Allocation & Performance As of June 30, 2022 Allocation Market Value ($) %Policy(%) Performance(%) 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Fixed Income 108,517,320 37.0 35.0 -6.1 (79)-10.6 (63)-11.4 (88)-0.7 (91)1.0 (91)1.8 (90)3.6 (88)07/01/2003 Blmbg. Intermed. U.S. Government/Credit -2.4 (11)-6.8 (14)-7.3 (19)-0.2 (65)1.1 (88)1.5 (94)2.9 (95) All Public Plans-US Fixed Income Segment Median -5.3 -10.2 -9.6 0.1 1.7 2.4 4.1 IM U.S. Fixed Income (SA+CF) Median -4.6 -8.8 -8.6 0.3 1.6 2.3 3.7 Income Research 45,322,390 15.5 -2.5 (36)-6.8 (44)-7.3 (45)0.2 (30)1.3 (26)1.7 (37)4.0 (20)07/01/2001 Blmbg. Intermed. U.S. Government/Credit -2.4 (24)-6.8 (44)-7.3 (44)-0.2 (61)1.1 (56)1.5 (61)3.5 (62) IM U.S. Intermediate Duration (SA+CF) Median -2.7 -6.9 -7.5 -0.1 1.2 1.6 3.7 Prudential Core Plus Bond 40,874,760 14.0 -6.5 (73)-12.5 (83)-12.1 (77)-0.8 (69)1.5 (35)2.2 (20)06/01/2015 Blmbg. U.S. Aggregate -4.7 (17)-10.3 (26)-10.3 (24)-0.9 (79)0.9 (81)1.2 (86) IM U.S. Broad Market Core+ Fixed Income (SA+CF) Median -5.6 -11.2 -11.0 -0.5 1.3 1.6 Brandywine Global Opportunistic Fixed Income 22,320,170 7.6 -12.1 (91)-14.3 (61)-17.6 (85)-2.4 (72)-0.7 (81)1.3 (59)3.8 (38)01/01/2005 FTSE World Government Bond Index -8.9 (48)-14.8 (69)-16.8 (76)-4.3 (91)-1.2 (87)-0.7 (96)1.5 (95) IM Global Fixed Income (SA+CF) Median -9.1 -13.9 -13.8 -0.9 1.1 2.0 3.4 Hedge Fund 1,208,456 0.4 0.0 Entrust Capital Diversified Fund**1,208,456 0.4 Real Estate 27,082,716 9.2 12.0 3.8 10.7 22.5 6.7 5.2 6.9 5.5 06/01/2006 Real Estate Performance Benchmark 4.6 12.0 28.4 12.3 10.1 10.3 8.4 UBS Trumbull Property Fund*27,082,716 9.2 3.8 10.7 22.6 6.7 5.2 6.9 5.5 06/01/2006 Real Estate Performance Benchmark 4.6 12.0 28.4 12.3 10.1 10.3 8.4 Cash Account 2,010,362 0.7 0.0 0.2 0.2 0.2 0.6 1.1 0.6 1.3 07/01/2003 ICE BofAML 3 Month U.S. T-Bill 0.1 0.1 0.2 0.6 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 3/31/2022 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 (63)16.2 (90)-4.3 (42)12.3 (90)5.1 (92)-0.7 (66)2.9 (96)10.9 (93)12.1 (47) Policy Benchmark 10.8 (87)12.7 (63)17.4 (82)-4.5 (49)12.2 (91)6.6 (63)-1.4 (78)3.5 (94)12.3 (88)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 (38)31.4 (28)-4.8 (32)20.4 (42)7.9 (73)3.9 (15)10.9 (35)32.0 (71)14.0 (63) Russell 1000 Index 26.5 (40)21.0 (38)31.4 (28)-4.8 (32)21.7 (35)12.1 (52)0.9 (32)13.2 (18)33.1 (63)16.4 (37) BlackRock Russell 1000 Index Fund Non-Lending 26.4 (40)21.1 (37)31.4 (28)-4.8 (32)------ Russell 1000 Index 26.5 (40)21.0 (38)31.4 (28)-4.8 (32)------ Total Small-Cap Equity 19.5 (74)21.8 (36)28.7 (45)-9.5 (61)19.6 (45)15.6 (37)-4.8 (75)7.2 (61)40.3 (23)13.3 (68) Russell 2000 Index 14.8 (84)20.0 (40)25.5 (66)-11.0 (68)14.6 (71)21.3 (18)-4.4 (73)4.9 (75)38.8 (28)16.3 (38) Kennedy Mid Cap Value 31.8 (13)8.4 (67)28.6 (46)-14.5 (85)18.0 (53)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 (75)13.3 (77)20.0 (21)-4.8 (75)14.7 (9)33.5 (60)18.5 (21) TimesSquare Small Cap Growth 7.3 (89)36.3 (17)28.2 (46)-4.2 (28)21.1 (36)8.4 (63)1.0 (31)-2.5 (93)47.7 (5)13.1 (67) Russell 2000 Growth Index 2.8 (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 (52)20.4 (61)-13.8 (36)25.2 (71)-2.0 (84)0.4 (31)-6.1 (74)20.3 (42)19.6 (42) MSCI EAFE Index (Net)11.3 (39)7.8 (66)22.0 (49)-13.8 (37)25.0 (73)1.0 (68)-0.8 (39)-4.9 (63)22.8 (27)17.3 (63) Morgan Stanley Emerging Markets Fund 3.6 (36)14.7 (61)19.5 (51)-17.3 (64)35.0 (58)6.7 (67)-10.3 (27)-4.5 (75)-0.8 (43)20.2 (40) MSCI Emerging Markets Index (Net)-2.5 (66)18.3 (41)18.4 (61)-14.6 (34)37.3 (44)11.2 (39)-14.9 (61)-2.2 (50)-2.6 (56)18.2 (57) Asset Allocation & Performance As of June 30, 2022 Page 11 Asset Allocation & Performance As of June 30, 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 (56)7.5 (19)6.7 (45)0.8 (41)2.0 (76)2.3 (42)0.9 (60)3.3 (51)-0.9 (59)5.9 (24) Blmbg. Intermed. U.S. Government/Credit -1.4 (64)6.4 (52)6.8 (42)0.9 (37)2.1 (65)2.1 (52)1.1 (42)3.1 (60)-0.9 (55)3.9 (75) Prudential Core Plus Bond -0.9 (63)9.2 (34)11.3 (14)-0.4 (37)6.6 (12)5.8 (22)---- Blmbg. U.S. Aggregate -1.5 (91)7.5 (79)8.7 (77)0.0 (17)3.5 (84)2.6 (89)---- Brandywine Global Opportunistic Fixed Income -5.3 (84)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 (95)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%-6.00 %-12.00 %-18.00 % Total Fund Total Fund Benchmark Total Value Added -10.51 % -8.96 % -1.55 % Total Value Added:-1.55 % 0.00%-0.48 %-0.96 %-1.44 %-1.92 % Other Manager Value Added Asset Allocation -0.08 % -1.08 % -0.39 % Total Asset Allocation:-0.39 % Average Active Weight 0.00%3.00%-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 (%) 0.61% -3.05 % 0.38% 0.60% -0.19 % 0.80% 0.84% Asset Allocation Value Added 0.00%0.30%-0.30 %-0.60 % 0.05% -0.37 % 0.03% 0.03% 0.00% -0.07 % -0.07 % Total Manager Value Added:-1.08 % Manager Value Added 0.00%1.00%-1.00 %-2.00 % 0.00% 0.04% 0.00% -1.28 % 0.16% 0.00% 0.00% Total Pension Total Fund Attribution 1 Quarter Ending June 30, 2022 Page 13 Total Fund Performance 0.00%-8.00 %-16.00 %-24.00 % Total Fund Total Fund Benchmark Total Value Added -15.11 % -12.53 % -2.57 % Total Value Added:-2.57 % 0.00%-0.76 %-1.52 %-2.28 %-3.04 % Other Manager Value Added Asset Allocation -0.11 % -1.72 % -0.75 % Total Asset Allocation:-0.75 % Average Active Weight 0.00%3.00%-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 (%) 0.63% -3.25 % 0.37% 0.28% -0.07 % 1.15% 0.89% Asset Allocation Value Added 0.00%0.50%-0.50 %-1.00 % 0.07% -0.63 % 0.05% 0.01% 0.00% -0.15 % -0.09 % Total Manager Value Added:-1.72 % Manager Value Added 0.00%1.00%-1.00 %-2.00 % 0.00% 0.14% 0.00% -1.30 % -0.34 % -0.23 % 0.01% Total Pension Total Fund Attribution Year To Date Ending June 30, 2022 Page 14 Total Fund Performance 0.00%-8.00 %-16.00 %-24.00 % Total Fund Total Fund Benchmark Total Value Added -12.53 % -9.67 % -2.85 % Total Value Added:-2.85 % 0.00%-0.70 %-1.40 %-2.10 %-2.80 % Other Manager Value Added Asset Allocation -0.13 % -1.59 % -1.13 % Total Asset Allocation:-1.13 % Average Active Weight 0.00%3.00%6.00%-3.00 %-6.00 % Cash Account Real Estate Hedge Fund Total Fixed Income Total International Equity Total Small-Cap Equity Total Large-Cap Equity W eight (%) 0.58% -3.38 % 0.36% -0.30 % 0.08% 1.50% 1.15% Asset Allocation Value Added 0.00%0.60%-0.60 %-1.20 %-1.80 % 0.06% -0.92 % 0.04% 0.01% -0.03 % -0.25 % -0.04 % Total Manager Value Added:-1.59 % Manager Value Added 0.00%2.00%-2.00 %-4.00 % 0.00% 0.08% 0.00% -1.48 % -0.73 % 0.53% 0.00% Total Pension Total Fund Attribution 1 Year Ending June 30, 2022 Page 15 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Total Pension -10.5 (46)-15.1 (51)-12.5 (69)3.5 (92)4.3 (95)5.3 (96)10.1 (93)12.8 (63)16.2 (90)¢ Policy Benchmark -9.2 (20)-13.0 (22)-9.8 (34)4.7 (68)5.2 (85)5.9 (94)10.8 (87)12.7 (63)17.4 (82)˜ 5th Percentile -7.0 -9.4 -5.4 7.4 7.6 8.6 17.8 18.1 22.6 1st Quartile -9.6 -13.3 -9.1 6.0 6.8 7.9 15.1 15.8 20.8 Median -10.6 -15.1 -11.1 5.3 6.1 7.4 13.5 13.9 19.7 3rd Quartile -11.6 -16.5 -13.1 4.6 5.5 6.8 12.0 11.6 18.1 95th Percentile -13.1 -18.4 -15.5 2.9 4.3 5.6 8.9 7.7 14.9 Population 556 554 552 533 511 414 846 884 900 Plan Sponsor Peer Group Analysis As of June 30, 2022 All Public Plans < $1B-Total Fund Parentheses contain percentile rankings. Page 16 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Total Pension Policy Benchmark FTSE 3 Month T-Bill -1.5 0.0 1.5 3.0 4.5 6.0 7.5 Return (%) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Total Pension Policy Benchmark 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 12/97 3/00 6/02 9/04 12/06 3/09 6/11 9/13 12/15 3/18 6/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Pension -0.80 1.28 -0.62 0.99 0.37 -1.14 1.06 4.34 9.82 0.99 Policy Benchmark 0.00 0.00 N/A 1.00 0.48 0.00 1.00 5.24 9.18 1.00 FTSE 3 Month T-Bill -4.45 9.21 -0.48 0.01 N/A 1.10 0.00 1.09 0.26 -0.09 Total Pension Risk Profile As of June 30, 2022Total Pension Page 17 Market Value ($) Current Allocation (%) Target Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Differences (%) Total Pension 292,909,493 100.0 100.0 N/A N/A 0.0 Total Large-Cap Equity 71,312,981 24.3 25.0 20.0 30.0 -0.7 Total Small-Cap Equity 30,845,469 10.5 10.0 5.0 15.0 0.5 Total International Equity 51,932,189 17.7 18.0 13.0 23.0 -0.3 Total Fixed Income 108,517,320 37.0 35.0 30.0 40.0 2.0 Hedge Fund 1,208,456 0.4 0.0 0.0 0.0 0.4 Real Estate 27,082,716 9.2 12.0 7.0 17.0 -2.8 Cash Account 2,010,362 0.7 0.0 0.0 0.0 0.7 Target Allocation Actual Allocation Allocation Differences 0.0%10.0%20.0%30.0%40.0%50.0%60.0%-10.0 %-20.0 % Cash Account $2,010.4K Real Estate $27,082.7K Hedge Fund $1,208.5K Total Fixed Income $108,517.3K Total International Equity $51,932.2K Total Small-Cap Equity $30,845.5K Total Large-Cap Equity $71,313.0K 0.0% 12.0% 0.0% 35.0% 18.0% 10.0% 25.0% 0.7% 9.2% 0.4% 37.0% 17.7% 10.5% 24.3% 0.7% -2.8 % 0.4% 2.0% -0.3 % 0.5% -0.7 % Total Pension Asset Allocation Compliance As of June 30, 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 -45.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years Inception 9/1/13 -16.7 -21.1 -13.9 9.8 10.6 11.5 -16.8 -22.2 -15.7 8.6 9.9 10.6 June 30, 2022 : $102M TimesSquare Small Cap Growth:14.5% Kennedy Mid Cap Value:15.7% BlackRock Russell 1000 Index Fund Non-Lending:69.8% Total Domestic Equity Benchmark 0.94 0.96 0.98 1.00 1.02 1.04 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 0.97 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 6/22 Total Domestic Equity Portfolio Overview As of June 30, 2022Total Domestic Equity Page 21 -55.0 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 2021 2020 2019 Total Domestic Equity -16.8 (76)-22.2 (81)-15.7 (74)8.6 (52)9.9 (45)24.3 (57)21.4 (24)30.6 (36)¢ Russell 3000 Index -16.7 (74)-21.1 (65)-13.9 (54)9.8 (30)10.6 (28)25.7 (43)20.9 (27)31.0 (29)˜ 5th Percentile -12.3 -14.8 -7.4 10.9 11.6 29.8 26.5 32.2 1st Quartile -15.3 -19.2 -11.0 9.9 10.7 27.7 21.3 31.3 Median -16.1 -20.1 -13.4 8.7 9.5 24.6 18.9 30.0 3rd Quartile -16.8 -21.5 -15.7 7.4 8.3 22.6 16.6 27.9 95th Percentile -18.6 -26.6 -25.1 5.1 7.3 15.2 10.4 24.5 Population 64 64 63 54 49 70 67 65 Plan Sponsor Peer Group Analysis As of June 30, 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 -6.0 -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 %) Total Domestic Equity Russell 3000 Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 6/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Domestic Equity -0.93 1.83 -0.51 0.99 0.48 -1.19 1.02 8.65 19.92 1.00 Russell 3000 Index 0.00 0.00 N/A 1.00 0.55 0.00 1.00 9.77 19.37 1.00 FTSE 3 Month T-Bill -10.60 19.41 -0.55 0.03 N/A 0.63 0.00 0.61 0.23 -0.16 Total Domestic Equity Risk Profile As of June 30, 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 -30.0 -45.0 Return 1 Quarter Year To Date 1 Year 3 Years Inception 3/1/17 -16.7 -20.9 -13.0 10.2 10.9 -16.7 -20.9 -13.0 10.2 10.9 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 % 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 6/22 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 6/22 1.00 BlackRock Russell 1000 Index Fund Non-Lending Performance Summary As of June 30, 2022BlackRock Russell 1000 Index Fund Non-Lending Page 24 -80.0 -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 Return 1 Quarter Year To Date 1 Year 3 Years 2021 BlackRock Russell 1000 Index Fund Non-Lending -16.7 (64)-20.9 (56)-13.0 (48)10.2 (19)26.4 (40)¢ Russell 1000 Index -16.7 (64)-20.9 (56)-13.0 (48)10.2 (19)26.5 (40)˜ 5th Percentile -8.5 -7.4 -1.3 12.5 36.9 1st Quartile -12.1 -14.4 -8.3 9.6 28.7 Median -15.4 -20.0 -13.8 7.6 24.7 3rd Quartile -18.8 -27.2 -22.7 5.4 18.8 95th Percentile -24.5 -36.2 -36.4 1.4 6.0 Population 1,629 1,624 1,618 1,563 1,718 BlackRock Russell 1000 Index Fund Non-Lending Peer Group Analysis As of June 30, 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 15.0 30.0 -15.0 -30.0 -45.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 2/1/08 -14.7 -16.2 -10.0 6.7 6.3 10.6 8.3 -14.2 -19.7 -12.5 7.9 7.2 10.4 9.2 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 % 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 6/22 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 6/22 1.13 Kennedy Mid Cap Value Performance Summary As of June 30, 2022Kennedy Mid Cap Value Page 26 -75.0 -50.0 -25.0 0.0 25.0 50.0 75.0 100.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Kennedy Mid Cap Value -14.2 (41)-19.7 (48)-12.5 (46)7.9 (46)7.2 (66)10.4 (65)31.8 (13)8.4 (67)28.6 (46)¢ Russell Midcap Value Index -14.7 (45)-16.2 (33)-10.0 (32)6.7 (61)6.3 (76)10.6 (60)28.3 (29)5.0 (75)27.1 (56)˜ 5th Percentile -8.5 -7.4 -1.3 12.5 14.0 14.1 36.9 60.0 39.1 1st Quartile -12.1 -14.4 -8.3 9.6 10.7 12.3 28.7 31.2 31.8 Median -15.4 -20.0 -13.8 7.6 8.4 11.1 24.7 15.3 28.0 3rd Quartile -18.8 -27.2 -22.7 5.4 6.3 9.8 18.8 4.9 23.5 95th Percentile -24.5 -36.2 -36.4 1.4 3.4 7.5 6.0 -4.2 14.3 Population 1,629 1,624 1,618 1,563 1,451 1,169 1,718 1,849 1,950 Kennedy Mid Cap Value Peer Group Analysis As of June 30, 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 -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 28.0 Risk (Standard Deviation %) Kennedy Mid Cap Value Russell Midcap Value Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 6/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Kennedy Mid Cap Value 0.74 3.87 0.19 0.96 0.40 1.13 0.95 7.21 19.31 0.98 Russell Midcap Value Index 0.00 0.00 N/A 1.00 0.35 0.00 1.00 6.27 19.90 1.00 FTSE 3 Month T-Bill -7.05 19.95 -0.35 0.03 N/A 1.11 0.00 1.09 0.26 -0.16 Kennedy Mid Cap Value Risk Profile As of June 30, 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 20.0 40.0 -20.0 -40.0 -60.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 2/1/02 -19.3 -29.5 -33.4 1.4 4.8 9.3 7.3 -20.9 -31.5 -30.8 0.7 6.5 9.8 9.1 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 % 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 6/22 TimesSquare Small Cap Growth Benchmark 0.60 0.90 1.20 1.50 1.80 1/02 1/04 1/06 1/08 1/10 1/12 1/14 1/16 1/18 1/20 6/22 1.40 TimesSquare Small Cap Growth Performance Summary As of June 30, 2022TimesSquare Small Cap Growth Page 29 -75.0 -50.0 -25.0 0.0 25.0 50.0 75.0 100.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 TimesSquare Small Cap Growth -20.9 (86)-31.5 (90)-30.8 (91)0.7 (97)6.5 (82)9.8 (88)7.3 (95)36.3 (17)28.2 (54)¢ Russell 2000 Growth Index -19.3 (80)-29.5 (85)-33.4 (94)1.4 (97)4.8 (94)9.3 (93)2.8 (98)34.6 (20)28.5 (51)˜ 5th Percentile -8.3 -7.1 -0.4 13.4 14.5 14.9 38.3 59.0 39.4 1st Quartile -12.2 -14.4 -7.8 10.5 11.3 13.1 29.8 29.7 32.4 Median -15.4 -19.8 -13.1 8.4 9.2 12.0 26.1 16.7 28.6 3rd Quartile -18.3 -26.1 -21.3 6.3 7.0 10.7 20.1 6.5 24.5 95th Percentile -23.9 -35.3 -35.4 2.1 4.3 8.6 6.9 -3.1 15.1 Population 1,811 1,810 1,804 1,763 1,714 1,510 1,993 2,202 2,353 TimesSquare Small Cap Growth Peer Group Analysis As of June 30, 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 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 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 6/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation TimesSquare Small Cap Growth 1.70 4.86 0.35 0.96 0.34 1.72 1.00 6.47 23.17 0.98 Russell 2000 Growth Index 0.00 0.00 N/A 1.00 0.27 0.00 1.00 4.80 22.65 1.00 FTSE 3 Month T-Bill -6.19 22.67 -0.27 0.00 N/A 1.09 0.00 1.09 0.26 -0.07 TimesSquare Small Cap Growth Risk Profile As of June 30, 2022TimesSquare Small Cap Growth Page 31 Asset Allocation As of 05/31/2022 0.0%100.0%200.0%-100.0 % Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 0.9% 1.8% 97.3% Fund Characteristics As of 05/31/2022 Total Securities 94 Avg. Market Cap $3,782.21 Million P/E 34.49 P/B 6.00 Div. Yield 1.24% Annual EPS 31.42 5Yr EPS 21.54 3Yr EPS Growth 20.79 Top Ten Securities As of 05/31/2022 EMCOR Group Inc ORD 2.34 % Matador Resources Co ORD 2.30 % Leslie's Inc ORD 2.25 % Onto Innovation Inc ORD 2.21 % Casella Waste Systems Inc ORD 2.08 % WNS (Holdings) Ltd DR 2.03 % SailPoint Technologies Holdings 1.96 % Dreyfus Government Cash Management;Insti 1.95 % BJ's Wholesale Club Holdings Inc 1.87 % Driven Brands Holdings Inc ORD 1.80 % Sector/Quality Allocation As of 05/31/2022 0.0%10.0%20.0%30.0%40.0% Industrials Non Classified Equity Information Technology Financials Health Care Consumer Discretionary Consumer Staples Energy Materials 22.0% 20.3% 14.4% 11.8% 10.7% 9.9% 3.7% 2.9% 1.4% TimesSquare Small Cap Growth Lipper Mutual Fund Attributes As of June 30, 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 15.0 -15.0 -30.0 -45.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years Inception 9/1/13 -13.7 -18.4 -19.4 1.4 2.5 3.6 -12.8 -20.2 -23.0 0.0 0.9 2.8 June 30, 2022 : $52M Morgan Stanley Emerging Markets Fund:33.3% Morgan Stanley International Equity:66.7% Total International Equity Benchmark 0.85 0.90 0.95 1.00 1.05 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 0.93 Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 6/22 Total International Equity Portfolio Overview As of June 30, 2022Total International Equity Page 35 -55.0 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 2021 2020 2019 Total International Equity -12.8 (19)-20.2 (59)-23.0 (79)0.0 (97)0.9 (100)4.0 (96)12.7 (52)20.2 (96)¢ MSCI AC World ex USA Index (Net)-13.7 (39)-18.4 (27)-19.4 (48)1.4 (79)2.5 (82)7.8 (75)10.7 (75)21.5 (86)˜ 5th Percentile -10.5 -12.9 -14.0 4.6 5.7 18.8 28.2 30.6 1st Quartile -13.3 -18.3 -16.3 3.6 4.3 12.3 16.9 25.9 Median -14.2 -19.2 -19.6 2.8 3.7 9.5 12.8 23.7 3rd Quartile -14.8 -21.8 -22.6 1.7 2.9 7.6 10.5 22.4 95th Percentile -17.3 -27.4 -25.8 0.1 1.6 4.2 7.1 20.3 Population 64 63 63 57 55 69 68 65 Plan Sponsor Peer Group Analysis As of June 30, 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 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 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 9/19 3/20 9/20 3/21 9/21 3/22 6/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total International Equity -1.31 3.68 -0.36 0.96 0.05 -1.31 1.00 -0.04 17.93 0.98 MSCI AC World ex USA Index (Net)0.00 0.00 N/A 1.00 0.13 0.00 1.00 1.35 17.47 1.00 FTSE 3 Month T-Bill -2.24 17.51 -0.13 0.04 N/A 0.62 0.00 0.61 0.23 -0.20 Total International Equity Risk Profile As of June 30, 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 15.0 30.0 -15.0 -30.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 -14.5 -19.6 -17.8 1.1 2.2 5.4 4.0 -11.6 -17.4 -19.6 0.4 1.4 4.6 3.8 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 % 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 6/22 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 12/20 6/22 0.96 Morgan Stanley International Equity Performance Summary As of June 30, 2022Morgan Stanley International Equity Page 38 -80.0 -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Morgan Stanley International Equity -11.6 (34)-17.4 (38)-19.6 (45)0.4 (67)1.4 (68)4.6 (59)4.2 (68)11.4 (52)20.4 (61)¢ MSCI EAFE Index (Net)-14.5 (69)-19.6 (54)-17.8 (34)1.1 (57)2.2 (49)5.4 (40)11.3 (39)7.8 (66)22.0 (49)˜ 5th Percentile -2.0 -8.1 -6.7 7.5 6.4 9.0 20.4 42.8 34.3 1st Quartile -10.8 -15.1 -16.1 3.0 3.4 6.1 13.1 20.1 26.5 Median -13.1 -19.1 -20.6 1.4 2.2 5.0 9.3 11.8 21.9 3rd Quartile -15.2 -23.7 -26.5 -0.2 1.0 3.3 0.9 5.0 18.2 95th Percentile -20.2 -32.3 -36.1 -4.6 -2.1 -1.5 -11.9 -6.3 9.6 Population 1,186 1,167 1,130 1,016 818 409 1,102 1,046 980 Morgan Stanley International Equity Peer Group Analysis As of June 30, 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 0.4 0.8 1.2 1.6 2.0 2.4 2.8 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 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 6/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley International Equity -0.88 4.59 -0.19 0.92 0.09 -0.68 0.94 1.35 15.59 0.96 MSCI EAFE Index (Net)0.00 0.00 N/A 1.00 0.15 0.00 1.00 2.20 15.87 1.00 FTSE 3 Month T-Bill -2.34 15.90 -0.15 0.02 N/A 1.09 0.00 1.09 0.26 -0.12 Morgan Stanley International Equity Risk Profile As of June 30, 2022Morgan Stanley International Equity Page 40 Asset Allocation As of 05/31/2022 0.0%50.0%100.0%150.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.1% 0.2% 1.3% 98.5% Fund Characteristics As of 05/31/2022 Total Securities 75 Avg. Market Cap $89,568.14 Million P/E 23.67 P/B 4.26 Div. Yield 2.51% Annual EPS 28.25 5Yr EPS 6.11 3Yr EPS Growth 4.64 Top Ten Securities As of 05/31/2022 Reckitt Benckiser Group PLC ORD 3.58 % Constellation Software Inc ORD 3.15 % Sanofi SA ORD 3.11 % SAP SE ORD 2.98 % Roche Holding AG 2.65 % AIA Group Ltd ORD 2.58 % Taiwan Semiconductor Manufacturing 2.48 % Heineken NV ORD 2.44 % LVMH Moet Hennessy Louis Vuitton 2.42 % Prudential PLC ORD 2.34 % Sector/Quality Allocation As of 05/31/2022 0.0%15.0%30.0%45.0% Consumer Staples Financials Industrials Health Care Information Technology Energy Consumer Discretionary Materials 27.3% 18.0% 16.8% 14.4% 14.1% 3.2% 2.5% 2.2% Morgan Stanley International Equity Lipper Mutual Fund Attributes As of June 30, 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 20.0 -20.0 -40.0 -60.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 -11.4 -17.6 -25.3 0.6 2.2 3.1 6.0 -15.9 -26.2 -30.0 -1.5 -0.5 1.9 5.1Account 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 % 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 6/22 Morgan Stanley Emerging Markets Fund Benchmark 0.60 0.80 1.00 1.20 3/05 12/06 9/08 6/10 3/12 12/13 9/15 6/17 3/19 12/20 6/22 0.86 Morgan Stanley Emerging Markets Fund Performance Summary As of June 30, 2022Morgan Stanley Emerging Markets Fund Page 42 -80.0 -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Morgan Stanley Emerging Markets Fund -15.9 (90)-26.2 (88)-30.0 (73)-1.5 (79)-0.5 (88)1.9 (72)3.6 (36)14.7 (61)19.5 (51)¢ MSCI Emerging Markets Index (Net)-11.4 (47)-17.6 (43)-25.3 (49)0.6 (49)2.2 (46)3.1 (38)-2.5 (66)18.3 (41)18.4 (61)˜ 5th Percentile -6.0 -8.0 -11.6 7.1 5.9 6.4 18.0 41.1 31.3 1st Quartile -10.3 -15.6 -20.7 2.2 2.9 3.8 6.0 23.9 24.5 Median -11.6 -18.8 -25.4 0.5 1.8 2.8 -0.2 17.2 19.7 3rd Quartile -13.4 -22.6 -30.4 -1.4 0.4 1.7 -3.9 10.1 16.2 95th Percentile -18.0 -31.8 -39.6 -5.5 -3.1 -7.3 -13.3 -6.1 8.2 Population 302 297 284 250 199 98 277 259 243 Morgan Stanley Emerging Markets Fund Peer Group Analysis As of June 30, 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 -1.6 -0.8 0.0 0.8 1.6 2.4 3.2 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 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 6/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley Emerging Markets Fund -2.38 4.83 -0.49 0.93 0.01 -2.50 1.04 -0.49 18.39 0.97 MSCI Emerging Markets Index (Net)0.00 0.00 N/A 1.00 0.15 0.00 1.00 2.18 17.09 1.00 FTSE 3 Month T-Bill -2.53 17.12 -0.15 0.01 N/A 1.09 0.00 1.09 0.26 -0.12 Morgan Stanley Emerging Markets Fund Risk Profile As of June 30, 2022Morgan Stanley Emerging Markets Fund Page 44 Asset Allocation As of 05/31/2022 0.0%100.0%200.0%-100.0 % Other Convertibles Fixed Income Cash Equities -0.1 % 0.0% 0.7% 2.2% 97.2% Fund Characteristics As of 05/31/2022 Total Securities 94 Avg. Market Cap $130,380.46 Million P/E 23.53 P/B 4.67 Div. Yield 2.49% Annual EPS 48.37 5Yr EPS 17.79 3Yr EPS Growth 19.91 Top Ten Securities As of 05/31/2022 Samsung Electronics Co Ltd ORD 6.21 % Taiwan Semiconductor Manufacturing 5.36 % Taiwan Semiconductor Manufacturing 3.65 % Tencent Holdings Ltd ORD 3.20 % Anglo American PLC ORD 3.18 % Reliance Industries Ltd ORD 2.96 % Morgan Stanley Inst Liq Govt Port;Instit 2.72 % China Construction Bank Corp ORD 2.29 % Grupo Financiero Banorte SAB de 2.19 % ICICI Bank Ltd ORD 2.19 % Sector/Quality Allocation As of 05/31/2022 0.0%15.0%30.0%45.0% Information Technology Financials Consumer Staples Industrials Materials Consumer Discretionary Energy Non Classified Equity Health Care 29.5% 23.3% 11.3% 10.8% 7.2% 6.9% 5.5% 1.7% 1.1% Morgan Stanley Emerging Markets Fund Lipper Mutual Fund Attributes As of June 30, 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 8.0 16.0 -8.0 -16.0 -24.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 7/1/03 -2.4 -6.8 -7.3 -0.2 1.1 1.5 2.9 -6.1 -10.6 -11.4 -0.7 1.0 1.8 3.6 June 30, 2022 : $109M Income Research:41.8% Brandywine Global Opportunistic Fixed Income:20.6% Prudential Core Plus Bond:37.7% Total Fixed Income Benchmark 0.96 1.00 1.04 1.08 1.12 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 0.99 Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % -12.0 % 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 6/22 Total Fixed Income Portfolio Overview As of June 30, 2022Total Fixed Income Page 47 -28.0 -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Total Fixed Income -6.1 (79)-10.6 (63)-11.4 (88)-0.7 (91)1.0 (91)1.8 (90)-2.1 (97)9.2 (33)9.1 (53)¢ Blmbg. Intermed. U.S. Government/Credit -2.4 (11)-6.8 (14)-7.3 (19)-0.2 (65)1.1 (88)1.5 (94)-1.4 (92)6.4 (87)6.8 (92)˜ 5th Percentile 0.2 -2.3 -2.8 2.4 2.7 3.8 2.9 12.4 11.9 1st Quartile -4.2 -8.4 -8.3 0.7 2.0 2.8 0.7 9.6 10.3 Median -5.3 -10.2 -9.6 0.1 1.7 2.4 -0.1 8.6 9.3 3rd Quartile -5.8 -11.3 -10.9 -0.5 1.3 2.0 -0.7 7.4 8.0 95th Percentile -9.4 -14.4 -13.2 -1.2 0.5 1.1 -1.7 4.9 6.2 Population 67 67 66 58 54 46 73 74 68 Plan Sponsor Peer Group Analysis As of June 30, 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 0.9 1.0 1.1 1.2 Return (%) 0.0 0.9 1.8 2.7 3.6 4.5 5.4 6.3 7.27.2 Risk (Standard Deviation %) Total Fixed Income Blmbg. Intermed. U.S. Government/Credit 0.0 2.0 4.0 6.0 8.0 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 6/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Fixed Income -0.08 3.18 -0.02 0.61 0.00 -0.47 1.34 0.98 4.84 0.78 Blmbg. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 0.03 0.00 1.00 1.13 2.82 1.00 FTSE 3 Month T-Bill -0.08 2.72 -0.03 0.15 N/A 1.04 0.04 1.09 0.26 0.39 Total Fixed Income Risk Profile As of June 30, 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 6.0 12.0 -6.0 -12.0 -18.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 7/1/01 -2.4 -6.8 -7.3 -0.2 1.1 1.5 3.5 -2.5 -6.8 -7.3 0.2 1.3 1.7 4.0 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 % 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 6/22 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 6/22 1.10 Income Research Performance Summary As of June 30, 2022Income Research Page 50 -20.0 -16.0 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Income Research -2.5 (36)-6.8 (44)-7.3 (45)0.2 (30)1.3 (26)1.7 (37)-1.3 (56)7.5 (19)6.7 (45)¢ Blmbg. Intermed. U.S. Government/Credit -2.4 (24)-6.8 (44)-7.3 (44)-0.2 (61)1.1 (56)1.5 (61)-1.4 (64)6.4 (52)6.8 (42)˜ 5th Percentile -1.3 -4.7 -5.0 0.8 1.9 2.9 0.7 8.6 8.7 1st Quartile -2.4 -6.4 -6.9 0.3 1.4 1.8 -0.9 7.2 7.1 Median -2.7 -6.9 -7.5 -0.1 1.2 1.6 -1.2 6.5 6.6 3rd Quartile -2.9 -7.3 -7.9 -0.4 1.0 1.3 -1.6 5.5 5.9 95th Percentile -4.4 -9.5 -10.0 -1.0 0.5 1.0 -2.0 3.4 4.5 Population 99 99 99 92 88 81 110 116 112 Income Research Peer Group Analysis As of June 30, 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 0.9 1.0 1.1 1.2 1.3 1.4 1.5 Return (%) 0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 Risk (Standard Deviation %) Income Research Blmbg. Intermed. U.S. Government/Credit 0.0 0.9 1.8 2.7 3.6 4.5 5.4 6.36.3 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 6/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Income Research 0.21 0.42 0.51 0.98 0.11 0.22 0.99 1.35 2.83 0.99 Blmbg. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 0.03 0.00 1.00 1.13 2.82 1.00 FTSE 3 Month T-Bill -0.08 2.72 -0.03 0.15 N/A 1.04 0.04 1.09 0.26 0.39 Income Research Risk Profile As of June 30, 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 8.0 16.0 -8.0 -16.0 -24.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years Inception 6/1/15 -4.7 -10.3 -10.3 -0.9 0.9 1.2 -6.5 -12.5 -12.1 -0.8 1.5 2.2 Account Name:Prudential Core Plus Bond Inception Date:06/01/2015 Account Structure:Commingled Fund Asset Class:US Fixed Income Benchmark:Blmbg. U.S. Aggregate Peer Group:IM U.S. Broad Market Core+ Fixed Income (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 5.0% 10.0% -5.0 % -10.0 % 9/15 6/16 3/17 12/17 9/18 6/19 3/20 12/20 9/21 6/22 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 6/22 1.07 Prudential Core Plus Bond Performance Summary As of June 30, 2022Prudential Core Plus Bond Page 53 -28.0 -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 2021 2020 2019 Prudential Core Plus Bond -6.5 (73)-12.5 (83)-12.1 (77)-0.8 (69)1.5 (35)-0.9 (63)9.2 (34)11.3 (14)¢ Blmbg. U.S. Aggregate -4.7 (17)-10.3 (26)-10.3 (24)-0.9 (79)0.9 (81)-1.5 (91)7.5 (79)8.7 (77)˜ 5th Percentile -3.6 -7.3 -7.8 1.3 2.3 3.2 11.5 13.2 1st Quartile -4.9 -10.3 -10.3 0.0 1.6 0.1 9.5 10.6 Median -5.6 -11.2 -11.0 -0.5 1.3 -0.7 8.7 9.6 3rd Quartile -6.6 -12.0 -12.0 -0.8 1.0 -1.1 7.7 8.8 95th Percentile -7.9 -13.6 -13.4 -1.7 0.2 -1.6 3.7 6.7 Population 105 105 104 103 97 118 126 130 Prudential Core Plus Bond Peer Group Analysis As of June 30, 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 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 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 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 6/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Prudential Core Plus Bond 0.28 3.99 0.07 0.69 -0.17 0.49 1.26 -0.79 6.89 0.83 Blmbg. U.S. Aggregate 0.00 0.00 N/A 1.00 -0.32 0.00 1.00 -0.94 4.56 1.00 FTSE 3 Month T-Bill 1.44 4.49 0.32 0.10 N/A 0.62 0.02 0.61 0.23 0.31 Prudential Core Plus Bond Risk Profile As of June 30, 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 10.0 20.0 -10.0 -20.0 -30.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 1/1/05 -8.9 -14.8 -16.8 -4.3 -1.2 -0.7 1.5 -12.1 -14.3 -17.6 -2.4 -0.7 1.3 3.8 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 % 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 6/22 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 9/20 6/22 1.47 Brandywine Global Opportunistic Fixed Income Performance Summary As of June 30, 2022Brandywine Global Opportunistic Fixed Income Page 56 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Brandywine Global Opportunistic Fixed Income -12.1 (91)-14.3 (61)-17.6 (85)-2.4 (71)-0.7 (80)1.3 (58)-5.3 (82)11.7 (16)9.3 (47)¢ FTSE World Government Bond Index -8.9 (48)-14.8 (69)-16.8 (76)-4.3 (89)-1.2 (86)-0.7 (96)-7.0 (93)10.1 (33)5.9 (86)˜ 5th Percentile -2.7 -1.5 1.8 6.5 5.7 5.2 8.8 22.0 15.1 1st Quartile -6.8 -10.0 -9.9 0.3 1.8 3.7 3.9 10.7 12.7 Median -9.1 -13.9 -13.8 -0.9 1.1 2.0 0.0 7.5 9.0 3rd Quartile -10.4 -15.1 -16.6 -2.9 -0.5 0.5 -4.5 4.5 7.5 95th Percentile -13.3 -19.0 -21.9 -5.4 -2.3 -0.6 -7.4 0.8 4.0 Population 140 140 139 136 130 105 151 161 170 Brandywine Global Opportunistic Fixed Income Peer Group Analysis As of June 30, 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 -2.8 -2.1 -1.4 -0.7 0.0 0.7 1.4 2.1 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 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 6/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Brandywine Global Opportunistic Fixed Income 0.76 6.97 0.11 0.47 -0.14 0.92 1.15 -0.70 9.54 0.69 FTSE World Government Bond Index 0.00 0.00 N/A 1.00 -0.37 0.00 1.00 -1.17 5.71 1.00 FTSE 3 Month T-Bill 2.10 5.65 0.37 0.06 N/A 1.10 0.01 1.09 0.26 0.25 Brandywine Global Opportunistic Fixed Income Risk Profile As of June 30, 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 Year To Date 1 Year 3 Years 5 Years 10 Years Inception 6/1/06 3.2 8.7 21.5 10.2 8.9 9.7 8.1 3.8 10.7 22.6 6.7 5.2 6.9 5.5 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 % 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 6/22 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 6/22 0.68 UBS Trumbull Property Fund Performance Summary As of June 30, 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 -3.0 0.0 3.0 6.0 9.0 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 9/12 9/13 9/14 9/15 9/16 9/17 9/18 9/19 9/20 6/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation UBS Trumbull Property Fund -3.43 2.93 -1.17 0.73 0.76 -5.81 1.29 5.18 5.24 0.85 NCREIF Property Index 0.00 0.00 N/A 1.00 2.05 0.00 1.00 8.86 3.46 1.00 FTSE 3 Month T-Bill -7.55 3.68 -2.05 0.19 N/A 1.59 -0.06 1.09 0.46 -0.43 UBS Trumbull Property Fund Risk Profile As of June 30, 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 In Q2 2022 capital markets were dominated by geopolitical uncertainty and higher interest rates amidst soaring inflation. Volatility remained elevated throughout the quarter. U.S. equities were sharply down over the quarter with major equity indices entering correction territory. The MSCI All Country World Investable Market Index (ACWI IMI) returned -15.8% for the quarter and was down 20.4% on a year-to-date basis. Across international markets, all the regions were weak over the quarter, with almost all major equity regions posting double-digit losses. Europe ex-UK equities were the second worst regional performer with a return of -16.3% due to Europe’s proximity and exposure to the fallout from the Russia-Ukraine conflict. Emerging Markets returned -12.1% for the second quarter with Brazilian and Korean equities weighing on the region. The Biden administration has put five Chinese companies on an export blacklist for supporting Russian military and defence companies. Meanwhile, the US cabinet has not reached a consensus on the issue of removing Trump-era tariffs on Chinese imports. -15.8%-14.3% -16.9% -11.9%-14.0% -16.3% -20.5% -16.3%-15.2% -12.1% -20.4%-19.1% -21.3% -12.9% -19.8% -12.3% -23.9%-24.7% -12.7% -17.9% -3 0% -2 0% -1 0% 0% ACWI IMI 40.4% ACWI ex-U.S. IMI 59.6% USA IMI 4.1% UK IMI 5.9% Japan IMI 3.2% Canada IMI 0.3% Israel IMI 11.7% Europe ex-UK IMI 3.4% Pacific ex-Japan IMI 11.8% Emerging Markets IMI GLOBAL MSCI IMI INDEX RETURNS (USD) AS OF 06/30/2022 Second Quarter 2022 YTD 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 59.6% UK 4.1% Canada 3.2% Pacific ex-Japan 3.4%Japan 5.9% Europe ex -UK 11.7% Israel 0.3% Latin America 0.9% Asia 9.4% Eastern Europe, Middle East & Africa 1.5% Emerging Markets 11.8% MSCI ALL COUNTRY W ORLD IMI INDEX GEOGRAPHIC ALLOCATION AS OF 06/30/2022 Sourc e:MSCI UK 10.1% Canada 8.0% Pacific ex- Japan 8.3% Japan 14.7% Europe ex -UK 29.0% Israel 0.7% Latin America 2.3% Asia 23.2% Eastern Europe, Middle East & Africa 3.7% Emerging Markets 29.2% MSCI ALL COUNTRY W ORLD EX-U.S. IMI INDEX GEOGRAPHIC ALLOCATION AS OF 06/30/2022 Source:MSCI Page 66 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Equity Markets U.S. equities had a weak quarter with the S&P 500 index falling by 16.1%. The Russell 3000 Index fell 16.7% during the second quarter and was down 21.1% on a year-to-date basis. Performance among sectors was negative. Consumer Staples and Utilities were the best performers while the Consumer Discretionary and Technology sectors were the worst performers. Large cap stocks have outperformed medium cap stocks over the quarter. On a style basis, value outperformed growth across market capitalizations over the quarter and on a year-to-date basis. -16.7% -10.9% -20.9% -14.7% -21.1% -15.3% -19.3%-21.1% -11.0% -27.4% -16.2% -31.0% -17.3% -29.5% -35.0% -30.0% -25.0% -20.0% -15.0% -10.0% -5 .0% 0.0% Russell 30 00 31 .2% La rg e Valu e 38 .5% La rg e Gr owth 15.9% Medium Valu e 8.5% Me dium Grow th 3.0% Small Value 3.0% Small Grow th RUSSELL STYLE RETURNS AS OF 06/30/2022 Second Quarter 2022 YTD Source: Russell Indexes -16.7%-22.1% -7.4% -25.8% -2.4%-6.5% -20.2%-16.0%-16.8% -5.4%-9.5%-15.3% -21.1%-29.8% -11.6% -33.1% -2.4% 28.1% -15.9%-21.3%-18.6% -2.1% -16.0% -20.6% -4 0.0% -3 0.0% -2 0.0% -1 0.0% 0.0% 10 .0% 20 .0% 30 .0% 40 .0% 50 .0% 60 .0% 70 .0% 80 .0% 90 .0% Russell 3000 25 .7% Technology 14 .2% Health ca re 13.8% Cons. Dis c 5.8% Cons. Staples 4.6% Energy 2.1% Ma te rials & Processing 12.7% Producer Dura bles 11 .3% Financials 3.3% Utilities 2.7% Te lecom. 3.7% Real Estate RUSSELL SECTOR RETURNS AS OF 06/30/2022 Second Quarter 2022 YTD 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 4.7% over the quarter and 10.3% on a year- to-date basis. 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 9.8%. -4.7%-3.7% -7.3% -4.0% -0.9% -2.9% -10.3% -9.0% -14.4% -8.8% -3.8% -8.3% -16.0% -14.0% -12.0% -10.0% -8 .0% -6 .0% -4 .0% -2 .0% 0.0% Barclays Agg. Bond 43.6% Govt 25.0% Corp. 29.0% MBS 0.4% ABS 2.0% CMBS BLOOMBERG BARCLAYS AGGREGATE RETURNS BY SECTOR AS OF 06/30/2022 Second Quarter 2022 YTDSource: FactSet -0.6%-1.9%-3.3% -5.4% -12.2% -3.1% -6.3% -8.3% -11.7% -21.8% -2 5.0% -2 0.0% -1 5.0% -1 0.0% -5.0% 0.0% 1-3 Yr.3-5 Yr.5-7 Yr.7-10 Yr.>10 Yr. BLOOMBERG BARCLAYS AGGREGATE RETURNS BY MATURITY AS OF 06/30/2022 Second Quarter 2022 YTDSource: FactSet -3.8% -5.6%-6.5% -7.9% -9.8%-8.9% -12.3% -13.3% -15.2%-14.2%-16.0% -14.0% -12.0% -10.0% -8 .0% -6 .0% -4 .0% -2 .0% 0.0% Aaa Aa A Baa High Yield BLOOMBERG BARCLAYS AGGREGATE RETURNS BY QUALITY AND HIGH YIELD RETURNS AS OF 06/30/2022 Second Quarter 2022 YTDSource: 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 across the maturities which moved the yield curve upwards over the quarter. The 10-year Treasury yield was up 66bps to 2.98%, and the 30-year Treasury yield was up 70bps to 3.14% over the quarter. As expected, the U.S. Federal Reserve (Fed) increased its benchmark interest rate by 75bps to a range of 1.50- 1.75%, the largest rate increase since 1994. Fed chair Jay Powell indicated that a rate hike of 50bps or 75bps is also imminent at the July meeting. According to the median estimate on the Fed dot plot, officials expect the interest rate to reach 3.4% by the end of the year. The Fed announced its plans to shrink its $9 trillion balance sheet in a phased manner by stopping the reinvestment of proceeds from maturing securities from June. The Fed will allow $30 billion of Treasuries and $17.5 billion of mortgage-backed securities (MBS) to mature every month from June. After three months, this pace will increase to $60 billion in Treasuries and $35 billion in MBS. Inflation remained elevated as energy and food prices accelerated sharply due to supply-chain disruptions, which have been exacerbated by Russia’s invasion of Ukraine. The U.S. annual consumer price index (CPI) remained at a 40-year high as it rose 8.6% year on year in May. The 10-year TIPS yield rose by 117bps over the quarter to 0.65%. -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 0 5 10 15 20 25 30 Maturity (Years) U.S. TREASURY YIELD CURVE 12/31/2021 3/31/2022 6/30/2022 Source:U.S. Department of Treas ury -1 .5% -1 .0% -0 .5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% Jun 12 Jun 14 Jun 16 Jun 18 Jun 20 Jun 22 U.S. 10-YEAR TREASURY AND TIPS YIELDS 10 Y TIPS Yield 10 Y Trea sury 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) president Christine Lagarde signaled that the central bank might raise rates by 50bps in September "if the inflation outlook persists or deteriorates", in addition to a planned 25bps hike in July. However, later in the quarter, the ECB held an emergency meeting to tackle the issue of widening spreads between the bond yields of core and peripheral Eurozone countries after the yields of countries like Italy and Spain touched their highest level in eight years. The ECB indicated that it would flexibly invest the proceeds from its €1.7tn asset purchase program to support peripheral countries with wider spreads. German government bund yields rose sharply, up 83bps to 1.38% over the quarter. Eurozone inflation hit an all-time high of 8.6% over the year to June. 0% 2% 4% 6% 8% 10 % 12 % 14 % 20 16 20 17 20 18 20 19 20 20 2021 2022 EUROZONE PERIPHERAL BOND SPREADS (10-YEAR SPREADS OVER GERMAN BUNDS) Spain Italy Portugal Gr ee ce 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. High Yield and Global Emerging Markets spreads increased by 244bps and 91bps, respectively. Spread (bps)06/30/2022 03/31/2022 12/31/2021 Quarterly Change (bps)YTD Change (bps) U.S. Aggregate 55 41 36 14 19 Long Gov't -1 3 0 -4 -1 Long Credit 184 155 130 29 54 Long Gov't/Credit 101 88 74 13 27 MBS 46 24 31 22 15 CMBS 101 85 68 16 33 ABS 75 57 38 18 37 Corporate 155 116 92 39 63 High Yield 569 325 283 244 286 Global Emerging Markets 404 313 285 91 119 Source: FactSet, Bloom berg Barclays Page 71 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Currency The U.S. Dollar strengthened against all major currencies over the quarter. On a trade-weighted basis, the U.S. dollar appreciated by 4.9%. The Sterling depreciated by 8.4% against the U.S. dollar. The Bank of England increased its benchmark interest rate for the second time this quarter, with the policy rate sitting at 1.25%, its highest level in 13 years. The U.S. dollar appreciated by 6.4% against the Euro. The US dollar appreciated by 11.9% against the yen as the Bank of Japan is still maintaining its ultra-loose monetary policy stance as compared to the current monetary tightening stance of other major central banks. 10 0 10 5 11 0 11 5 12 0 12 5 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 TRADE WEIGHTED U.S. DOLLAR INDEX (2006 = 100) Sourc e:Federal Reserve 80 90 10 0 11 0 12 0 13 0 14 0 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 U.S. DOLLAR RELATIVE TO EUR, GBP AND JPY REBASED TO 100 AT 06/30/2016 EUR/USD GBP/USD JPY/U SD Source: FactSet Stronge r Dolla r Weaker Dollar Page 72 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Commodities Commodity prices were pegged back later in the quarter, after rising for two consecutive months, with the Bloomberg Commodity Index falling by 5.7% for the quarter. Energy continued to have outsized gains, with the sector up 7.0% over the quarter and 58.3% on a year-to-date basis. The price of Brent crude oil rose by 6.4% to $115/bbl while WTI crude oil spot prices rose by 5.5% to $106/bbl over the quarter. Industrial Metals fell the most over the quarter at -26.4%. Meanwhile, OPEC+ agreed to a larger than expected oil production increase due to surging energy prices. The group decided to increase production by 648,000 barrels per day for July and August. -5.7% -12.0% 7.0% -26.4% -10.5% -5.7% -4.3% -7.1% -8.7% 18.4% 2.0% 58.3% -9.6% -4.4% 13.0% 3.3% 16.1% -3.4% -4 0.0%-30.0%-2 0.0%-1 0.0%0.0%10 .0%20 .0%30.0%40.0%50 .0%60 .0%70 .0% Bloo mberg Commodity Index Ex-Energy Energy Industrial Metals Prec. Metals Agric. Softs Gr ains Livestock COMMODITY RETURNS AS OF 06/30/2022 Second Quarter 2022 YTD 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 -9.5%-8.5% -16.8%-18.0% -12.0%-15.6% -21.1% -9.1%-7.4% -12.1% -8.1% -23.8%-22.6% -12.9% -19.9% -28.7% -12.6% -8.8% -3 5.0% -3 0.0% -2 5.0% -2 0.0% -1 5.0% -1 0.0% -5 .0% 0.0% MSC I World Minim um Volatility (USD ) MSC I World High Dividend Yield MSC I World Qu ality MSC I World Mo mentum MSC I World Enhanced Value MSC I World Eq ua l Weighted MSCI World In de x Gr owth MSCI USA Minim um Volatility (U SD) MSCI USA High Dividend Yie ld SHORT TERM RETURNS AS OF 06/30/2022 Second Quarter 2022 YTD Source:MSCI 6.6%6.4% 11.4% 10.5% 3.7%4.3% 10.3%9.6% 8.4%9.0%8.4% 12.0%11.7% 7.9%8.1% 11.4%11.7% 11.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% MSCI World Minim um Volatility (USD ) MSC I World High Dividend Yie ld MSCI World Qu ality MSCI World Mo mentum MSC I World Enhanced Value MSCI World Eq ua l Weighted MSC I World In dex Gr owth MSC I USA Minim um Volatility (U SD) MSC I USA High Dividend Yie ld LONG TERM ANNUALIZED RETURNS AS OF 6/30/2022 Five-Year Te n-Year Sourc e:MSCI Page 74 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Hedge Fund Markets Overview Hedge fund performance was generally negative over the quarter, with only the Global Macro strategy outperforming. The HFRI Fund-Weighted Composite and HFRI Fund of Funds Composite Index produced returns of -4.9% and -3.6% over the quarter, respectively. Over the quarter, Global Macro was the only one to generate positive returns with returns of 2.1%. Equity Hedge and Emerging Markets strategies were the worst performers with returns of -8.3% and -8.0% respectively. On a year-to-date basis, all strategies, except for Global Macro, were negative. -4.1% 2.1% -8.3% -8.0% -6.7% -3.1% -2.9% -4.9% -3.6% -4.7% 9.0% -12.3% -14.2% -8.0% -1.9% -2.2% -5.9% -6.3% -2 0.0%-1 5.0%-10.0%-5 .0%0.0%5.0%10 .0%15.0% Fixed Income/Co nver tible Arb. Global Macro Equity Hedge Emergin g Markets Event-Drive n Distre ssed-Restructuring Relative Value Fund-We ighted C ompo site Ind ex Fund of Fun ds Compo site Index HEDGE FUND PERFORMANCE AS OF 06/30/2022 Second Quarter 2022 YTD 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.. Fundraising:During Q1 2022,$270.1 billion was raised by 482 funds,which was roughly equal to capital raised in Q4 2021 but 8.8%lower than capital raised in Q1 2021.Dry powder stood at $2.8 trillion at the end of the quarter,an increase of 0.9%and 28.5%compared to year-end 2021 and the five-year average,respectively. Buyout:Global private equity-backed buyout deals totaled $191.6 billion in Q1 2022,which was a decrease on a capital basis of 11.3% compared to Q4 2021,but an increase of 33.9%compared to the five-year quarterly average.At the end of Q1 2022,the average purchase price multiple for all U.S.LBOs was 12.2x EBITDA,up from year-end 2021’s average of 11.4x and up from the five-year average (11.1x).Large cap purchase price multiples stood at 12.2x,up compared to Q4 2021 level‘s of 11.2x.The average purchase price multiple across European transactions greater than €1B averaged 11.6x EBITDA at the end of Q1 2022,equal to the multiple seen at year-end 2021.Purchase prices for transactions of €500M million or more remained stable at 11.5x EBITDA,equal to that seen at the end of 2021.Globally,exit value totaled $110.4 billion on 570 deals during the quarter,significantly lower than the $254.3 billion across 839 deals during Q4 2021. Venture:During the quarter,an estimated 3,723 venture-backed transactions totaling $70.7 billion were completed,which was a decrease on a capital and deal count basis over the prior quarter’s total of $95.4 billion across 4,098 deals.This was an increase of 59.6%compared to the five-year quarterly average of $44.3 billion.Total U.S.venture-backed exit value totaled approximately $33.6 billion across an estimated 430 completed transactions in Q1 2022,down substantially from $192.5 billion across 537 exits in Q4 2021. Mezzanine:6 funds closed on $10.7 billion during the quarter.This was a significant increase from the prior quarter’s total of $1.6 billion raised by 7 funds and represented 80.6%of capital raised in full year 2021.Estimated dry powder was $50.0 billion at the end of Q1 2022,up from $48.3 billion at the end of 2021. Source: Preqin LTM Global Private Equity-Backed Buyout Deal Volume 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10 ,000 $0 $1 00 $2 00 $3 00 $4 00 $5 00 $6 00 $7 00 $8 00 $9 00 4Q13 3Q 14 2Q 15 1Q 16 4Q 16 3Q 17 2Q 18 1Q 19 4Q 19 3Q 20 2Q 21 1Q 22 # of Deals Value ($ Billions) Deal Value ($ Billions) Number of Deals Private Equity Market Overview –1Q 2022 Page 76 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Private Equity Market Overview –1Q 2022 Distressed Debt:The LTM U.S.high-yield default rate was 0.5%as of March 2022,which was in line with December 2021’s LTM rate of 0.5%.4 The high-yield default rate is projected to trend higher through 2022.During the quarter,$3.9 billion was raised by 7 funds,down significantly from the $13.2 billion raised by 30 funds during Q4 2021.Dry powder was estimated at $145.3 billion at the end of Q1 2022,which was down 8.3%from year-end 2021.This remained above the five-year annual average level of $130.5 billion. Secondaries:14 funds raised $5.3 billion during the quarter,down slightly from the $5.8 billion raised by 14 funds in Q4 2021.This was 50.1% lower than the five-year quarterly average of 10.6 billion. Infrastructure:$69.7 billion of capital was raised by 20 funds in Q1 2022 compared to $36.7 billion of capital raised by 24 partnerships in Q4 2021.At the end of the quarter,dry powder stood at $330.9 billion,up from last year’s record of $313.0 billion.Infrastructure managers completed 566 deals for an aggregate deal value of $72.5 billion in Q1 2022 compared to 733 deals totaling $181.0 billion in Q4 2021. Natural Resources:During Q1 2022,an estimated 5 funds closed on $0.4 billion compared to 28 funds totaling $14.4 billion in 2021.Energy and utilities industry managers completed 55 deals totaling $33.0 billion in Q1 2022,compared to $34.7 billion across 223 deals in 2021. Sources: 1 Preqin 2 Standard & Poor’s 3 PwC/CB Insights MoneyTree Report 4 PitchBook/NVCA Venture Monitor 5 Fitch Ratings 6 Thomson Reuters 7 UBS Notes: FY=Fiscal year ended 12/31; YTD=Year to date; LTM=Last 12 months (aka trailing 12 months); PPM=Purchase Price Multiples: Total Purchase Price ÷ EBITDA. U.S. LBO Purchase Price Multiples –All Transactions Sizes Source: S&P 9.8x 10.3x 10.0x 10.6x 10.6x 11.5x 11.4x 12.1x 12.2x 0.0x 2.0x 4.0x 6.0x 8.0x 10 .0x 12 .0x Senior Debt/EBITDA Sub Debt/EBITDA Equity/EBITDA Others Page 77 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Commercial Real Estate Markets U.S.Core Real Estate returned 4.7%*in second quarter 2022,equating to a 29.5%total gross return year-over-year.Townsend witnessed a robust recovery across US real estate markets in 2021 and momentum has carried but begun to moderate thus far in 2022.During second quarter 2022,REITs plummeted as volatility rocked the public market and interest rates quickly rose. Global property markets,as measured by the FTSE EPRA/NAREIT Developed Real Estate Index,returned -17.2%(USD)in aggregate during the second quarter and experienced a cumulative decline of 12.8%over the trailing 1-year period.REIT market performance was driven by Asia Pacific (-9.3%USD), North America (-17.2%USD),and Europe (-28.3%USD).The U.S.REIT markets (FTSE NAREIT Equity REITs Index)returned -17.0%in the second quarter. In the second quarter of 2022,U.S.private real estate transaction volumes remained strong but moderated from a record high in the fourth quarter of 2021.The office sector transaction volumes in the U.S.have notably not recovered to pre pandemic levels.While office sector fundamentals signaled mild improvement,the sector faces significant headwinds in the capital markets,driven by a dramatic increase in the cost of debt.In addition,the return-to- office trend is far from consistent across markets,and most anticipate a divergence in office asset performance with newer,modern,and well-located properties anticipated to capture the vast majority of leasing activity. In the United States,Federal Reserve officials continue to stress the need to tame inflation and are poised to raise interest rates as necessary.During its June session,the Federal Reserve approved a 75-bps hike and committed to a plan to reduce the central bank’s $9 trillion balance sheet consisting mostly of mortgage-backed securities and Treasuries.Entering the summer,total mortgage application volume fell 6.5%,month-over-month,as demand reached its lowest level in 22 years.The residential homebuying markets have suffered from persistently low housing inventory and,combined with increased borrowing costs over the past two months,has accelerated declining affordability. Townsend has identified high conviction investment themes that are predicated on secular growth trends and strong underlying real estate market fundamentals.These investment themes have commonalities such as anticipated tenant demand growth,natural barriers to supply,and operating complexity that are anticipated to persist medium to long-term. *Indicates preliminary NFI-ODCE data gross of fees 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 Office Industrial Retail Apartment Sources: RCA, AON 6/30/2022 CAP RATES BY SECTOR 4.7% 29.5% 12.7%10.5%11.2% -17.0% -6.3% 4.0%5.3%7.4% -2 0.0% -1 0.0% 0.0% 10 .0% 20 .0% 30 .0% 40 .0% Q2 202 2 1-Year 3-Years 5-Years 10-Years PRIVATE VS. PUBLIC REAL ESTATE RETURNS AS OF 06/30/2022 Private (NFI-ODCE Gr oss)* Public (NAREIT Gr oss) *Second quarter returns are preliminary Sources: NCREIF, FactSet Page 78 Appendix Page 79 Fee Schedule Market Value As of 06/30/2022 $000 % of Portfolio Estimated Annual Fee $000 Estimated Annual Fee (%) Total Pension 292,909 100.00 1,371 0.47 Total Domestic Equity 102,158 34.88 264 0.26 BlackRock Russell 1000 Index Fund Non-Lending 0.04 % of Assets 71,313 24.35 25 0.03 Kennedy Mid Cap Value 0.75 % of First $25 M 0.70 % of Next $25 M 0.60 % Thereafter 16,027 5.47 120 0.75 TimesSquare Small Cap Growth 0.80 % of Assets 14,819 5.06 119 0.80 Total International Equity 51,932 17.73 479 0.92 Morgan Stanley International Equity 0.91 % of Assets 34,644 11.83 315 0.91 Morgan Stanley Emerging Markets Fund 0.95 % of Assets 17,288 5.90 164 0.95 Total Fixed Income 108,517 37.05 368 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 45,322 15.47 145 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 40,875 13.95 123 0.30 Brandywine Global Opportunistic Fixed Income 0.45 % of First $50 M 0.40 % of Next $50 M 0.35 % Thereafter 22,320 7.62 100 0.45 Real Estate 27,083 9.25 236 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 27,083 9.25 236 0.87 Cash Account 0.20 % of Assets 2,010 0.69 4 0.20 Total Pension Fee Schedule As of June 30, 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. The information contained herein is confidential and proprietary and provided for informational purposes only.It is not complete and does not contain certain material information about making investments in securities including important disclosures and risk factors.All securities transactions involve substantial risk of loss.Under no circumstances does the information in this report represent a recommendation to buy or sell stocks, limited partnership interests, or other investment instruments. The data contained in these reports is compiled from statements provided by custodian(s),record-keeper(s),and/or other third-party data provider(s).This document is not intended to provide,and shall not be relied upon for,accounting and legal or tax advice.Aon Investments has not conducted additional audits and cannot warrant its accuracy or completeness.We urge you to carefully review all custodial statements and notify Aon Investments with any issues or questions you may have with respect to investment performance or any other matter set forth herein. The mutual fund information found in this report is provided by Thomson Reuters Lipper and Aon Investments cannot warrant its accuracy or timeliness.Thomson Reuters Lipper Global Data Feed provides comprehensive coverage of mutual fund information directly to Investment Metrics,Aon Investments’performance reporting vendor,via the PARis performance reporting platform.Thomson Reuters Lipper is the data provider chosen by Investment Metrics,and as such,Aon Investments has no direct relationship with Thomson Reuters Lipper. Refer to Hedge Fund Research, Inc.www.hedgefundresearch.com for information on HFR indices. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” and “FTSE4Good®” are trademarks of the London Stock Exchange Group companies and are used by FTSE International Limited under license. The FTSE indices are calculated by FTSE International Limited in conjunction with Indonesia Stock Exchange, Bursa Malaysia Berhad, The Philippine Stock Exchange, Inc., Singapore Exchange Securities Trading Limited and the Stock Exchange of Thailand (the "Exchanges"). All intellectual property rights in the FTSE/ASEAN Index vest in FTSE and the Exchanges. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Aon Investments USA Inc. (“Aon Investments”) is a federally registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”). Aon Investments is also registered with the Commodity Futures Trade Commission as a commodity pool operator and a commodity trading advisor, and is a member of the National Futures Association. The Aon Investments ADV Form Part 2A disclosure statement is available upon written request to: Aon Investments USA Inc. 200 East Randolph Street Suite 700 Chicago, IL 60601 ATTN: Aon Investments Compliance Officer Disclaimer