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HomeMy Public PortalAbout3rd Quarter ReportVisit the Investments Thought Leadership Site (https://insights-north-america.aon.com/investment); sharing our best thinking. Metropolitan St. Louis Sewer District Pension Plan | Third Quarter 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 Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.1 Thought Leadership Highlights –Public Funds 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 Quarterly Investment Outlook Link Market View The good run in value stocks may be coming to an end Request from Consultant Market View Asset allocation views on the Inflation Reduction Act Request from Consultant Plan Design The Optimal Outsourced Chief Investment Officer Link Quarterly Outlook Key Themes for Public Funds (4-minute video, access code ‘aon!’)Link to Video Public Funds Expected Returns for Public Funds: Three Questions with John Sullivan Link Asset Allocation Client Video: US vs. Non-US Equity (access code ‘aon!’)Link to Video Asset Allocation White Paper: Why Diversify?Link Asset Allocation Inflation-Protecting Assets: 3 Questions with Sheila Noonan Link Strategy Review Conviction in Equity Investing Revisited: Paper and 4 Questions with Sudhakar Link to Paper Link to 4Q’s Strategy Review White Paper: Litigation Finance Link Strategy Review US Inflation: Another Shock, More Market Volatility to Come?Link Strategy Review Private Credit: 3 Questions with Galina Kalcheva Link Strategy Review Private Credit Today: A Diverse Opportunity Set in a Growing Market Link Strategy Review Will Commodities continue to Burn Bright Link 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 Other Negotiating Fees for Investment Management: 3 Questions With Dino Nikolopoulos Link If you do not get Aon Investments’ monthly email newsletter, but would like to, please ask your consultant. 2584944-NRC 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. 9.2% 3.6% -0.8%-1.8% -0.3% -1.6%-1.2% 1.6% 10.5% 11.7% 8.6% 3.7% 1.0%0.9%0.6%1.7% 3.9% 11.2% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg U.S. Aggregate Bloomberg U.S. Long Gov't Bloomberg U.S. Long Credit Bloomberg U.S. High Yield NCREIF NFI - ODCE LONG TERM ANNUALIZED RETURNS AS OF 09/30/2022 Five-Year Ten-Year Source:Russell, MSCI, Bloomberg -4.9%-2.2% -9.4%-11.6% -4.8%-9.6%-8.6% -0.6% 0.5% -23.9%-25.1%-27.1%-27.2% -14.6% -28.8%-29.1% -14.7% 13.1% -35.0% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg U.S. Aggregate Bloomberg U.S. Long Gov't Bloomberg U.S. Long Credit Bloomberg U.S. High Yield NCREIF NFI - ODCE SHORT TERM RETURNS AS OF 09/30/2022 Third Quarter 2022 YTD Source:Russell, MSCI, Bloomberg MSCI Indices show net total returns throughout this report. All other indices show gross total returns. 2571848-NRCPage 3 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights Third Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All Country World IMI -6.64%-25.72%-21.18%3.64%4.16%7.25% MSCI All Country World -6.82%-25.63%-20.66%3.75%4.44%7.28% Dow Jones U.S. Total Stock Market -4.56%-24.92%-18.05%7.51%8.48%11.28% Russell 3000 -4.46%-24.62%-17.63%7.70%8.62%11.39% S&P 500 -4.88%-23.87%-15.47%8.16%9.24%11.70% Russell 2000 -2.19%-25.10%-23.50%4.29%3.55%8.55% MSCI All Country World ex-U.S. IMI -9.69%-26.92%-25.72%-1.27%-0.78%3.19% MSCI All Country World ex-U.S.-9.91%-26.50%-25.17%-1.52%-0.81%3.01% MSCI EAFE -9.36%-27.09%-25.13%-1.83%-0.84%3.67% MSCI EAFE (Local Currency)-3.59%-14.46%-11.11%2.51%2.83%7.44% MSCI Emerging Markets -11.57%-27.16%-28.11%-2.07%-1.81%1.05% Equity Factors MSCI World Minimum Volatility (USD)-6.28%-11.83%17.60%0.26%4.54%7.83% MSCI World High Dividend Yield -8.82%-16.17%-10.16%1.98%3.52%6.67% MSCI World Quality -7.06%-29.17%-21.86%6.92%8.81%10.45% MSCI World Momentum -5.60%-26.94%-22.67%4.82%7.67%10.46% MSCI World Enhanced Value -10.39%-21.97%-18.70%-0.11%0.25%6.19% MSCI World Equal Weighted -7.55%-25.97%-23.68%0.61%1.77%6.64% MSCI World Index Growth -5.01%-32.28%-26.74%6.60%8.08%10.10% MSCI USA Minimum Volatility (USD)-5.41%-17.29%-8.68%2.94%7.70%10.66% MSCI USA High Dividend Yield -7.54%-15.71%-7.28%3.23%5.89%9.80% MSCI USA Quality -7.38%-29.23%-21.40%7.36%10.36%12.34% MSCI USA Momentum -3.03%-26.34%-23.57%4.50%7.97%12.58% MSCI USA Enhanced Value -8.77%-23.48%-16.17%2.82%4.01%10.01% MSCI USA Equal Weighted -4.74%-24.34%-18.75%5.71%6.84%10.70% MSCI USA Growth -3.55%-32.37%-25.59%10.62%12.10%13.50% Fixed Income Bloomberg Global Aggregate -6.94%-19.89%-20.43%-5.74%-2.32%-0.93% Bloomberg U.S. Aggregate -4.75%-14.61%-14.60%-3.26%-0.27%0.89% Bloomberg U.S. Long Gov't -9.60%-28.77%-26.60%-8.48%-1.62%0.60% Bloomberg U.S. Long Credit -8.57%-29.05%-27.98%-7.02%-1.17%1.73% Bloomberg U.S. Long Gov't/Credit -9.03%-28.94%-27.41%-7.35%-1.17%1.35% Bloomberg U.S. TIPS -5.14%-13.61%-11.57%0.79%1.95%0.98% Bloomberg U.S. High Yield -0.65%-14.74%-14.14%-0.45%1.57%3.94% Bloomberg Global Treasury ex U.S.-9.08%-24.71%-25.80%-8.85%-4.36%-2.78% JP Morgan EMBI Global (Emerging Markets)-4.20%-22.24%-22.23%-6.10%-2.31%0.95% Commodities Bloomberg Commodity Index -4.11%13.57%11.80%13.45%6.96%-2.14% Goldman Sachs Commodity Index -10.31%21.80%23.64%12.19%7.75%-3.95% Hedge Funds HFRI Fund-Weighted Composite2 -0.57%-6.18%-5.77%6.18%4.52%4.61% HFRI Fund of Funds2 0.72%-5.92%-5.51%4.52%3.30%3.57% Real Estate NAREIT U.S. Equity REITS -9.94%-28.13%-16.41%-2.05%2.93%6.26% FTSE Global Core Infrastructure Index -8.37%-13.29%-4.60%1.74%5.30%7.86% Private Equity Burgiss Private iQ Global Private Equity3 22.21%23.77%20.18%16.03% MSCI Indices show net total returns throughout this report. All other indices show gross total returns. 1 Periods are annualized. 2 Latest 5 months of HFR data are estimated by HFR and may change in the future. 3 Burgiss Private iQ Global Private Equity data is as at March 31, 2022 Returns of the Major Capital Markets Period Ending 09/30/2022 2571848-NRCPage 4 (This Page Left Blank Intentionally) Page 5 Total Plan Page 6 Change in Market Value From July 1, 2022 to September 30, 2022 Summary of Cash Flow $0.0 $150.0 $300.0 $450.0 ($150.0) Millions ($) Beginning Market Value Net Additions / Withdrawals Investment Earnings Ending Market Value $292.9 ($6.6)($13.6) $272.7 1 Quarter Year To Date 1 Year Total Pension Beginning Market Value 292,904,144 350,138,749 336,966,016 + Additions / Withdrawals -6,575,166 -11,602,443 -11,373,244 + Investment Earnings -13,602,294 -65,809,622 -52,866,088 = Ending Market Value 272,726,684 272,726,684 272,726,684 Total Pension Total Plan Asset Summary As of September 30, 2022 Page 7 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 15 Years Total Pension Policy Benchmark 0.0 15.0 30.0 -15.0 -30.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 1/1/93 -4.4 -16.8 -13.7 3.0 3.7 4.9 -4.8 -19.2 -16.1 1.8 2.8 4.3 6.6 Total Pension Benchmark 0.96 1.00 1.04 1.08 1.12 9/07 3/09 9/10 3/12 9/13 3/15 9/16 3/18 9/19 3/21 9/22 0.95 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 9/22 Total Plan Performance Summary As of September 30, 2022Total Pension Page 8 Allocation Market Value ($) %Policy(%) Performance(%) 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Pension 272,726,684 100.0 100.0 -4.8 (68)-19.2 (54)-16.1 (64)1.8 (91)2.8 (95)4.3 (97)6.6 (68)01/01/1993 Policy Benchmark -4.4 (53)-16.8 (23)-13.7 (33)3.0 (66)3.7 (82)4.9 (94) All Public Plans < $1B-Total Fund Median -4.4 -18.8 -15.0 3.4 4.5 6.4 6.9 Total Domestic Equity 97,417,085 35.7 -3.0 (3)-24.6 (59)-18.2 (56)7.5 (35)8.2 (37)10.0 (47)09/01/2013 Russell 3000 Index -4.5 (37)-24.6 (60)-17.6 (54)7.7 (31)8.6 (26)10.6 (22) All Public Plans-US Equity Segment Median -4.9 -24.2 -17.3 6.9 7.7 9.7 IM U.S. Equity (SA+CF) Median -4.3 -23.5 -16.7 6.8 7.3 9.6 Total Large-Cap Equity 66,294,334 24.3 25.0 -4.6 (56)-24.6 (55)-17.2 (49)8.0 (25)9.0 (23)11.0 (31)8.9 (65)06/01/2003 Russell 1000 Index -4.6 (56)-24.6 (55)-17.2 (49)7.9 (25)9.0 (23)11.6 (19)9.3 (51) IM U.S. Equity (SA+CF) Median -4.4 -23.9 -17.4 6.0 6.6 10.0 9.3 BlackRock Russell 1000 Index Fund Non-Lending 66,294,334 24.3 -4.6 (56)-24.6 (56)-17.2 (49)8.0 (25)9.0 (23)9.5 (27)03/01/2017 Russell 1000 Index -4.6 (56)-24.6 (55)-17.2 (49)7.9 (25)9.0 (23)9.5 (27) IM U.S. Equity (SA+CF) Median -4.4 -23.9 -17.4 6.0 6.6 7.2 Total Small-Cap Equity 31,122,751 11.4 10.0 0.8 (7)-24.6 (56)-20.4 (62)6.2 (47)6.3 (54)9.9 (54)10.1 (27)06/01/2003 Russell 2000 Index -2.2 (20)-25.1 (59)-23.5 (71)4.3 (73)3.6 (83)8.6 (79)8.5 (75) IM U.S. Equity (SA+CF) Median -4.4 -23.9 -17.4 6.0 6.6 10.0 9.3 Kennedy Mid Cap Value 15,790,060 5.8 -1.7 (17)-21.1 (35)-14.2 (33)6.9 (38)5.8 (60)9.8 (56)8.9 (36)02/01/2008 IM U.S. Equity (SA+CF) Median -4.4 -23.9 -17.4 6.0 6.6 10.0 8.4 Russell Midcap Value Index -4.9 (64)-20.4 (32)-13.6 (31)4.5 (71)4.8 (73)9.4 (63)7.8 (66) TimesSquare Small Cap Growth 15,332,691 5.6 3.5 (3)-29.2 (78)-27.6 (84)4.5 (79)6.0 (66)9.4 (79)9.2 (41)02/01/2002 Russell 2000 Growth Index 0.2 (10)-29.3 (79)-29.3 (88)2.9 (91)3.6 (89)8.8 (87)7.3 (93) IM U.S. Equity (SA+CF) Median -4.3 -23.5 -16.7 6.8 7.3 10.9 8.9 Total International Equity 46,323,692 17.0 18.0 -10.8 (96)-28.8 (71)-27.6 (70)-3.2 (100)-2.2 (100)1.4 (100)09/01/2013 MSCI AC World ex USA Index (Net)-9.9 (62)-26.5 (38)-25.2 (47)-1.5 (84)-0.8 (84)2.3 (100) All Public Plans-Intl. Equity Segment Median -9.6 -27.2 -25.8 0.0 0.5 3.7 IM International Equity (MF) Median -10.2 -28.4 -27.3 -0.9 -0.5 3.3 Morgan Stanley International Equity 30,482,252 11.2 -12.0 (78)-27.3 (44)-25.6 (42)-3.2 (75)-1.9 (61)2.6 (59)2.9 (74)04/01/2005 MSCI EAFE Index (Net)-9.4 (32)-27.1 (43)-25.1 (37)-1.8 (53)-0.8 (40)3.7 (36)3.4 (62) IM International Equity (MF) Median -10.3 -27.9 -27.0 -1.7 -1.3 3.1 3.6 Morgan Stanley Emerging Markets Fund 15,841,439 5.8 -8.4 (25)-32.4 (81)-32.1 (76)-3.7 (74)-3.5 (81)0.2 (71)4.5 (57)04/01/2005 MSCI Emerging Markets Index (Net)-11.6 (64)-27.2 (47)-28.1 (48)-2.1 (51)-1.8 (47)1.0 (48)5.2 (25) IM Emerging Markets Equity (MF) Median -10.9 -27.7 -28.4 -1.9 -2.1 1.0 4.9 Asset Allocation & Performance As of September 30, 2022 Page 9 Asset Allocation & Performance As of September 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 99,532,517 36.5 35.0 -4.8 (70)-14.8 (65)-15.0 (71)-2.7 (76)-0.3 (94)0.9 (92)3.3 (87)07/01/2003 Blmbg. Intermed. U.S. Government/Credit -3.1 (16)-9.6 (17)-10.1 (16)-1.6 (41)0.4 (62)1.0 (92)2.7 (94) All Public Plans-US Fixed Income Segment Median -4.2 -14.0 -13.8 -1.8 0.6 1.7 3.6 IM U.S. Fixed Income (SA+CF) Median -2.9 -11.8 -11.6 -1.2 0.9 1.7 3.4 Income Research 40,940,262 15.0 -2.9 (35)-9.5 (33)-10.1 (38)-1.3 (29)0.6 (25)1.1 (34)3.8 (13)07/01/2001 Blmbg. Intermed. U.S. Government/Credit -3.1 (53)-9.6 (41)-10.1 (41)-1.6 (57)0.4 (53)1.0 (59)3.3 (60) IM U.S. Intermediate Duration (SA+CF) Median -3.0 -9.8 -10.4 -1.6 0.4 1.0 3.4 Prudential Core Plus Bond 38,155,280 14.0 -4.5 (59)-16.5 (85)-16.1 (75)-3.2 (81)0.3 (38)1.4 (22)06/01/2015 Blmbg. U.S. Aggregate -4.8 (77)-14.6 (35)-14.6 (35)-3.3 (85)-0.3 (84)0.5 (86) IM U.S. Broad Market Core+ Fixed Income (SA+CF) Median -4.4 -15.0 -15.0 -2.7 0.1 1.0 Brandywine Global Opportunistic Fixed Income 20,436,975 7.5 -8.5 (91)-21.6 (85)-22.0 (83)-4.8 (72)-3.1 (89)-0.1 (59)3.2 (42)01/01/2005 FTSE World Government Bond Index -7.6 (85)-21.3 (81)-22.1 (84)-7.0 (93)-3.1 (89)-1.8 (95)1.1 (96) IM Global Fixed Income (SA+CF) Median -3.6 -16.4 -16.6 -2.7 0.0 1.3 2.9 Hedge Fund 1,199,383 0.4 0.0 Entrust Capital Diversified Fund**1,199,383 0.4 Real Estate 26,110,506 9.6 12.0 -0.2 10.5 15.7 6.4 4.9 6.6 5.4 06/01/2006 Real Estate Performance Benchmark 0.3 12.4 21.1 11.9 9.8 10.1 8.3 UBS Trumbull Property Fund*26,110,506 9.6 -0.2 10.5 15.8 6.4 4.9 6.6 5.4 06/01/2006 Real Estate Performance Benchmark 0.3 12.4 21.1 11.9 9.8 10.1 8.3 Cash Account 2,143,502 0.8 0.0 0.5 0.7 0.7 0.6 1.2 0.7 1.3 07/01/2003 ICE BofAML 3 Month U.S. T-Bill 0.5 0.6 0.6 0.6 1.1 0.7 1.2 *The UBS Trumbull Property is currently in the process of liquidation. **The EnTrust Capital Diversified Fund market value is as of 8/31/2022 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 (92)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 (41)21.0 (37)31.4 (28)-4.8 (32)20.4 (42)7.9 (74)3.9 (15)10.9 (36)32.0 (72)14.0 (63) Russell 1000 Index 26.5 (42)21.0 (37)31.4 (28)-4.8 (32)21.7 (35)12.1 (53)0.9 (33)13.2 (18)33.1 (63)16.4 (37) BlackRock Russell 1000 Index Fund Non-Lending 26.4 (42)21.1 (37)31.4 (28)-4.8 (31)------ Russell 1000 Index 26.5 (42)21.0 (37)31.4 (28)-4.8 (32)------ Total Small-Cap Equity 19.5 (75)21.8 (36)28.7 (45)-9.5 (61)19.6 (46)15.6 (38)-4.8 (76)7.2 (62)40.3 (23)13.3 (68) Russell 2000 Index 14.8 (85)20.0 (40)25.5 (66)-11.0 (69)14.6 (71)21.3 (18)-4.4 (73)4.9 (76)38.8 (28)16.3 (38) Kennedy Mid Cap Value 31.8 (14)8.4 (68)28.6 (46)-14.5 (86)18.0 (53)22.9 (15)-9.9 (93)15.8 (6)33.3 (62)13.6 (66) Russell Midcap Value Index 28.3 (30)5.0 (76)27.1 (56)-12.3 (75)13.3 (78)20.0 (22)-4.8 (76)14.7 (9)33.5 (61)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 September 30, 2022 Page 11 Asset Allocation & Performance As of September 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 (57)7.5 (20)6.7 (45)0.8 (40)2.0 (76)2.3 (41)0.9 (60)3.3 (48)-0.9 (60)5.9 (23) Blmbg. Intermed. U.S. Government/Credit -1.4 (64)6.4 (53)6.8 (41)0.9 (36)2.1 (65)2.1 (51)1.1 (43)3.1 (58)-0.9 (56)3.9 (73) Prudential Core Plus Bond -0.9 (65)9.2 (37)11.3 (14)-0.4 (38)6.6 (13)5.8 (23)---- Blmbg. U.S. Aggregate -1.5 (91)7.5 (80)8.7 (76)0.0 (19)3.5 (85)2.6 (89)---- Brandywine Global Opportunistic Fixed Income -5.3 (84)11.7 (17)9.3 (47)-5.2 (89)12.8 (5)5.2 (53)-8.4 (90)6.3 (15)-3.5 (74)14.1 (28) FTSE World Government Bond Index -7.0 (94)10.1 (35)5.9 (88)-0.8 (27)7.5 (47)1.6 (87)-3.6 (59)-0.5 (83)-4.0 (81)1.6 (93) Hedge Fund Entrust Capital Diversified Fund Real Estate 14.8 -4.9 -2.9 6.0 5.3 6.0 ---- Real Estate Performance Benchmark 21.0 1.5 6.4 6.7 7.0 8.0 ---- UBS Trumbull Property Fund 14.9 -4.9 -3.0 6.0 5.3 6.0 11.7 10.4 9.2 9.0 Real Estate Performance Benchmark 21.0 1.5 6.4 6.7 7.0 8.0 13.3 11.8 11.0 10.5 Cash Account 0.0 0.5 2.3 2.0 1.0 0.3 0.0 0.0 0.0 0.1 ICE BofAML 3 Month U.S. T-Bill 0.0 0.7 2.3 1.9 0.9 0.3 0.1 0.0 0.1 0.1 Page 12 Total Fund Performance 0.00%-3.00 %-6.00 %-9.00 % Total Fund Total Fund Benchmark Total Value Added -4.79 % -4.12 % -0.67 % Total Value Added:-0.67 % 0.00%-0.30 %-0.60 %-0.90 % Other Manager Value Added Asset Allocation -0.03 % -0.48 % -0.16 % Total Asset Allocation:-0.16 % 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 (%) 0.70% -2.90 % 0.40% 1.03% -0.43 % 1.08% 0.11% Asset Allocation Value Added 0.00%0.20%-0.20 %-0.40 % 0.04% -0.13 % 0.02% -0.04 % 0.03% -0.02 % -0.05 % Total Manager Value Added:-0.48 % Manager Value Added 0.00%0.60%1.20%-0.60 %-1.20 % 0.00% -0.02 % 0.00% -0.61 % -0.17 % 0.32% 0.00% Total Pension Total Fund Attribution 1 Quarter Ending September 30, 2022 Page 13 Total Fund Performance 0.00%-10.00 %-20.00 %-30.00 % Total Fund Total Fund Benchmark Total Value Added -19.17 % -16.14 % -3.03 % Total Value Added:-3.03 % 0.00%-0.91 %-1.82 %-2.73 %-3.64 % Other Manager Value Added Asset Allocation -0.13 % -2.06 % -0.85 % Total Asset Allocation:-0.85 % 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 (%) 0.65% -3.13 % 0.38% 0.53% -0.19 % 1.13% 0.63% Asset Allocation Value Added 0.00%0.50%-0.50 %-1.00 %-1.50 % 0.10% -0.72 % 0.06% -0.03 % 0.02% -0.16 % -0.13 % Total Manager Value Added:-2.06 % Manager Value Added 0.00%1.50%-1.50 %-3.00 % 0.00% 0.12% 0.00% -1.77 % -0.47 % 0.06% 0.01% Total Pension Total Fund Attribution Year To Date Ending September 30, 2022 Page 14 Total Fund Performance 0.00%-8.00 %-16.00 %-24.00 % Total Fund Total Fund Benchmark Total Value Added -16.09 % -13.18 % -2.92 % Total Value Added:-2.92 % 0.00%-0.80 %-1.60 %-2.40 %-3.20 % Other Manager Value Added Asset Allocation -0.14 % -1.81 % -0.97 % Total Asset Allocation:-0.97 % Average Active Weight 0.00%3.00%6.00%-3.00 %-6.00 % Cash Account Real Estate Hedge Fund Total Fixed Income Total International Equity Total Small-Cap Equity Total Large-Cap Equity W eight (%) 0.64% -3.24 % 0.37% 0.27% -0.17 % 1.33% 0.80% Asset Allocation Value Added 0.00%0.60%-0.60 %-1.20 %-1.80 % 0.09% -0.83 % 0.05% -0.02 % 0.02% -0.19 % -0.08 % Total Manager Value Added:-1.81 % Manager Value Added 0.00%2.00%-2.00 %-4.00 % 0.00% 0.03% 0.00% -1.74 % -0.50 % 0.40% 0.00% Total Pension Total Fund Attribution 1 Year Ending September 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 -4.8 (68)-19.2 (54)-16.1 (64)1.8 (91)2.8 (95)4.3 (97)10.1 (92)12.8 (63)16.2 (90)¢ Policy Benchmark -4.4 (53)-16.8 (23)-13.7 (33)3.0 (66)3.7 (82)4.9 (94)10.8 (87)12.7 (63)17.4 (82)˜ 5th Percentile -2.7 -12.9 -8.6 5.8 6.2 7.7 17.8 18.2 22.6 1st Quartile -3.9 -17.0 -13.1 4.3 5.1 7.0 15.1 15.9 20.8 Median -4.4 -18.8 -15.0 3.4 4.5 6.4 13.5 13.9 19.7 3rd Quartile -4.9 -20.4 -16.9 2.6 3.9 5.8 12.0 11.6 18.1 95th Percentile -5.7 -22.4 -19.3 1.1 2.6 4.5 8.6 7.7 14.8 Population 572 564 561 544 522 426 854 891 905 Plan Sponsor Peer Group Analysis As of September 30, 2022 All Public Plans < $1B-Total Fund Parentheses contain percentile rankings. Page 16 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Total Pension Policy Benchmark FTSE 3 Month T-Bill 0.0 0.8 1.6 2.4 3.2 4.0 4.8 Return (%) 0.0 3.0 6.0 9.0 12.0 15.0 Risk (Standard Deviation %) Total Pension Policy Benchmark 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 12/97 6/00 12/02 6/05 12/07 6/10 12/12 6/15 12/17 6/20 9/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Pension -0.81 1.30 -0.62 0.99 0.20 -1.05 1.06 2.78 10.59 0.99 Policy Benchmark 0.00 0.00 N/A 1.00 0.30 0.00 1.00 3.68 9.93 1.00 FTSE 3 Month T-Bill -2.99 9.97 -0.30 0.02 N/A 1.14 0.00 1.13 0.27 -0.14 Total Pension Risk Profile As of September 30, 2022Total Pension Page 17 Market Value ($) Current Allocation (%) Target Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Differences (%) Total Pension 272,726,684 100.0 100.0 N/A N/A 0.0 Total Large-Cap Equity 66,294,334 24.3 25.0 20.0 30.0 -0.7 Total Small-Cap Equity 31,122,751 11.4 10.0 5.0 15.0 1.4 Total International Equity 46,323,692 17.0 18.0 13.0 23.0 -1.0 Total Fixed Income 99,532,517 36.5 35.0 30.0 40.0 1.5 Hedge Fund 1,199,383 0.4 0.0 0.0 0.0 0.4 Real Estate 26,110,506 9.6 12.0 7.0 17.0 -2.4 Cash Account 2,143,502 0.8 0.0 0.0 0.0 0.8 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 $2,143.5K Real Estate $26,110.5K Hedge Fund $1,199.4K Total Fixed Income $99,532.5K Total International Equity $46,323.7K Total Small-Cap Equity $31,122.8K Total Large-Cap Equity $66,294.3K 0.0% 12.0% 0.0% 35.0% 18.0% 10.0% 25.0% 0.8% 9.6% 0.4% 36.5% 17.0% 11.4% 24.3% 0.8% -2.4 % 0.4% 1.5% -1.0 % 1.4% -0.7 % Total Pension Asset Allocation Compliance As of September 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 20.0 40.0 -20.0 -40.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years Inception 9/1/13 -4.5 -24.6 -17.6 7.7 8.6 10.6 -3.0 -24.6 -18.2 7.5 8.2 10.0 September 30, 2022 : $97M TimesSquare Small Cap Growth:15.7% Kennedy Mid Cap Value:16.2% BlackRock Russell 1000 Index Fund Non-Lending:68.1% Total Domestic Equity Benchmark 0.94 0.96 0.98 1.00 1.02 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 0.98 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 9/22 Total Domestic Equity Portfolio Overview As of September 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 -3.0 (3)-24.6 (59)-18.2 (56)7.5 (35)8.2 (37)24.3 (57)21.4 (24)30.6 (36)¢ Russell 3000 Index -4.5 (37)-24.6 (60)-17.6 (54)7.7 (31)8.6 (26)25.7 (43)20.9 (27)31.0 (29)˜ 5th Percentile -3.7 -18.4 -12.6 8.9 9.5 29.8 26.5 32.2 1st Quartile -4.3 -23.2 -15.4 8.0 8.7 27.7 21.3 31.3 Median -4.9 -24.2 -17.3 6.9 7.7 24.6 18.9 30.0 3rd Quartile -5.5 -25.9 -20.8 5.3 6.7 22.6 16.6 27.9 95th Percentile -7.2 -30.2 -27.4 3.0 5.0 15.2 10.4 24.5 Population 59 58 58 50 47 70 67 65 Plan Sponsor Peer Group Analysis As of September 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 -3.0 0.0 3.0 6.0 9.0 12.0 Return (%) 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Risk (Standard Deviation %) Total Domestic Equity Russell 3000 Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 9/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Domestic Equity -0.07 1.88 -0.04 0.99 0.42 -0.24 1.02 7.52 21.42 1.00 Russell 3000 Index 0.00 0.00 N/A 1.00 0.43 0.00 1.00 7.70 20.96 1.00 FTSE 3 Month T-Bill -9.02 21.01 -0.43 0.07 N/A 0.60 0.00 0.57 0.21 -0.26 Total Domestic Equity Risk Profile As of September 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 -4.6 -24.6 -17.2 7.9 9.5 -4.6 -24.6 -17.2 8.0 9.5 Account Name:BlackRock Russell 1000 Index Fund Non-Lending Inception Date:03/01/2017 Account Structure:Commingled Fund Asset Class:US Equity Benchmark:Russell 1000 Index Peer Group:IM U.S. Equity (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% 0.4% -0.2 % -0.4 % 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 9/22 BlackRock Russell 1000 Index Fund Non-Lending Benchmark 0.99 1.00 1.01 2/17 11/17 8/18 5/19 2/20 11/20 8/21 9/22 1.00 BlackRock Russell 1000 Index Fund Non-Lending Performance Summary As of September 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 -4.6 (56)-24.6 (56)-17.2 (49)8.0 (25)26.4 (42)¢ Russell 1000 Index -4.6 (56)-24.6 (55)-17.2 (49)7.9 (25)26.5 (42)˜ 5th Percentile 1.7 -11.5 -4.6 11.4 37.4 1st Quartile -2.7 -18.6 -12.3 7.9 28.9 Median -4.4 -23.9 -17.4 6.0 25.0 3rd Quartile -5.6 -29.1 -25.2 4.1 19.2 95th Percentile -8.1 -37.3 -36.7 0.8 6.0 Population 1,665 1,657 1,646 1,592 1,882 BlackRock Russell 1000 Index Fund Non-Lending Peer Group Analysis As of September 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 -4.9 -20.4 -13.6 4.5 4.8 9.4 7.8 -1.7 -21.1 -14.2 6.9 5.8 9.8 8.9 Account Name:Kennedy Mid Cap Value Inception Date:01/02/2008 Account Structure:Commingled Fund Asset Class:US Equity Benchmark:Russell Midcap Value Index Peer Group:IM U.S. Equity (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 9/22 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 9/22 1.17 Kennedy Mid Cap Value Performance Summary As of September 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 -1.7 (17)-21.1 (35)-14.2 (33)6.9 (38)5.8 (60)9.8 (56)31.8 (14)8.4 (68)28.6 (46)¢ Russell Midcap Value Index -4.9 (64)-20.4 (32)-13.6 (31)4.5 (71)4.8 (73)9.4 (63)28.3 (30)5.0 (76)27.1 (56)˜ 5th Percentile 1.7 -11.5 -4.6 11.4 11.8 13.0 37.4 58.3 38.7 1st Quartile -2.7 -18.6 -12.3 7.9 8.8 11.3 28.9 30.2 31.8 Median -4.4 -23.9 -17.4 6.0 6.6 10.0 25.0 15.6 28.0 3rd Quartile -5.6 -29.1 -25.2 4.1 4.5 8.7 19.2 5.1 23.6 95th Percentile -8.1 -37.3 -36.7 0.8 1.6 6.4 6.0 -4.0 14.6 Population 1,665 1,657 1,646 1,592 1,501 1,225 1,882 2,004 2,104 Kennedy Mid Cap Value Peer Group Analysis As of September 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 -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 Return (%) 0.0 5.0 10.0 15.0 20.0 25.0 30.0 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 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 9/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Kennedy Mid Cap Value 0.84 4.01 0.21 0.96 0.32 1.10 0.96 5.75 20.38 0.98 Russell Midcap Value Index 0.00 0.00 N/A 1.00 0.28 0.00 1.00 4.76 20.77 1.00 FTSE 3 Month T-Bill -5.74 20.82 -0.28 0.04 N/A 1.14 0.00 1.13 0.27 -0.20 Kennedy Mid Cap Value Risk Profile As of September 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 0.2 -29.3 -29.3 2.9 3.6 8.8 7.33.5 -29.2 -27.6 4.5 6.0 9.4 9.2 Account Name:TimesSquare Small Cap Growth Inception Date:02/01/2002 Account Structure:Commingled Fund Asset Class:US Equity Benchmark:Russell 2000 Growth Index Peer Group:IM U.S. Equity (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 9/22 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 9/22 1.44 TimesSquare Small Cap Growth Performance Summary As of September 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 3.5 (3)-29.2 (78)-27.6 (84)4.5 (79)6.0 (66)9.4 (79)7.3 (95)36.3 (17)28.2 (53)¢ Russell 2000 Growth Index 0.2 (10)-29.3 (79)-29.3 (88)2.9 (91)3.6 (89)8.8 (87)2.8 (98)34.6 (20)28.5 (51)˜ 5th Percentile 2.0 -10.9 -3.7 12.6 12.5 13.8 38.4 59.2 39.4 1st Quartile -2.5 -18.1 -11.6 8.6 9.3 12.0 29.8 29.7 32.4 Median -4.3 -23.5 -16.7 6.8 7.3 10.9 26.1 16.8 28.6 3rd Quartile -5.5 -28.3 -23.7 4.8 5.2 9.6 20.1 6.5 24.5 95th Percentile -7.8 -36.6 -36.0 1.7 2.6 7.5 6.9 -3.1 15.0 Population 1,717 1,714 1,706 1,666 1,625 1,434 2,001 2,199 2,348 TimesSquare Small Cap Growth Peer Group Analysis As of September 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 -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 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 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 9/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation TimesSquare Small Cap Growth 2.43 4.87 0.50 0.96 0.32 2.49 0.99 6.04 23.80 0.98 Russell 2000 Growth Index 0.00 0.00 N/A 1.00 0.22 0.00 1.00 3.60 23.45 1.00 FTSE 3 Month T-Bill -5.17 23.48 -0.22 0.01 N/A 1.13 0.00 1.13 0.27 -0.09 TimesSquare Small Cap Growth Risk Profile As of September 30, 2022TimesSquare Small Cap Growth Page 31 Asset Allocation As of 07/31/2022 0.0%50.0%100.0%150.0% Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 1.2% 2.2% 96.7% Fund Characteristics As of 07/31/2022 Total Securities 92 Avg. Market Cap $4,119.40 Million P/E 34.37 P/B 6.67 Div. Yield 1.21% Annual EPS 28.38 5Yr EPS 21.53 3Yr EPS Growth 20.65 Top Ten Securities As of 07/31/2022 WNS HOLDINGS ADR REP 1 ORD 2.61 % EMCOR Group Inc ORD 2.50 % Matador Resources Co ORD 2.41 % Casella Waste Systems Inc ORD 2.30 % Dreyfus Government Cash Management;Insti 2.18 % BJ's Wholesale Club Holdings Inc 2.08 % Hamilton Lane Inc ORD 1.95 % Exlservice Holdings Inc ORD 1.91 % SailPoint Technologies Holdings 1.76 % RBC Bearings Inc ORD 1.73 % Sector/Quality Allocation As of 07/31/2022 0.0%10.0%20.0%30.0%40.0% Industrials Non Classified Equity Information Technology Health Care Financials Consumer Discretionary Energy Consumer Staples Materials 24.3% 19.4% 12.9% 11.7% 10.8% 9.1% 3.9% 3.1% 1.4% TimesSquare Small Cap Growth Lipper Mutual Fund Attributes As of September 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 -9.9 -26.5 -25.2 -1.5 -0.8 2.3 -10.8 -28.8 -27.6 -3.2 -2.2 1.4 September 30, 2022 : $46M Morgan Stanley Emerging Markets Fund:34.2% Morgan Stanley International Equity:65.8% Total International Equity Benchmark 0.92 0.96 1.00 1.04 1.08 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 0.93 Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 9/22 Total International Equity Portfolio Overview As of September 30, 2022Total International Equity Page 35 -70.0 -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 -10.8 (96)-28.8 (71)-27.6 (70)-3.2 (100)-2.2 (100)4.0 (96)12.7 (52)20.2 (96)¢ MSCI AC World ex USA Index (Net)-9.9 (62)-26.5 (38)-25.2 (47)-1.5 (84)-0.8 (84)7.8 (75)10.7 (75)21.5 (86)˜ 5th Percentile -6.3 -21.8 -19.5 2.1 2.8 18.8 28.2 30.6 1st Quartile -8.6 -25.8 -23.4 0.9 1.1 12.3 16.9 25.9 Median -9.6 -27.2 -25.8 0.0 0.5 9.5 12.8 23.7 3rd Quartile -10.1 -29.1 -28.3 -1.2 -0.4 7.6 10.5 22.4 95th Percentile -10.8 -34.1 -31.6 -2.7 -1.6 4.2 7.1 20.3 Population 62 59 59 54 54 69 68 65 Plan Sponsor Peer Group Analysis As of September 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 -6.0 -4.0 -2.0 0.0 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 12/19 6/20 12/20 6/21 12/21 6/22 9/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total International Equity -1.61 3.72 -0.43 0.96 -0.11 -1.60 1.01 -3.19 19.01 0.98 MSCI AC World ex USA Index (Net)0.00 0.00 N/A 1.00 -0.02 0.00 1.00 -1.52 18.48 1.00 FTSE 3 Month T-Bill 0.41 18.55 0.02 0.10 N/A 0.57 0.00 0.57 0.21 -0.32 Total International Equity Risk Profile As of September 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 -45.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 -9.4 -27.1 -25.1 -1.8 -0.8 3.7 3.4 -12.0 -27.3 -25.6 -3.2 -1.9 2.6 2.9 Account Name:Morgan Stanley International Equity Inception Date:04/01/2005 Account Structure:Mutual Fund Asset Class:International Equity Benchmark:MSCI EAFE Index (Net) Peer Group:IM International Equity (MF) Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 9/22 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 9/22 0.93 Morgan Stanley International Equity Performance Summary As of September 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 -12.0 (78)-27.3 (44)-25.6 (42)-3.2 (75)-1.9 (61)2.6 (59)4.2 (68)11.4 (52)20.4 (61)¢ MSCI EAFE Index (Net)-9.4 (32)-27.1 (43)-25.1 (37)-1.8 (53)-0.8 (40)3.7 (36)11.3 (39)7.8 (66)22.0 (49)˜ 5th Percentile -3.2 -13.5 -11.4 5.4 3.9 7.1 20.4 42.8 34.3 1st Quartile -8.8 -24.3 -23.2 0.1 0.0 4.3 13.1 20.1 26.5 Median -10.3 -27.9 -27.0 -1.7 -1.3 3.1 9.3 11.8 21.9 3rd Quartile -11.8 -32.1 -31.6 -3.2 -2.7 1.5 0.9 5.0 18.2 95th Percentile -17.7 -40.1 -40.6 -7.0 -5.7 -2.4 -11.9 -6.3 9.6 Population 1,191 1,152 1,132 1,014 827 418 1,102 1,046 980 Morgan Stanley International Equity Peer Group Analysis As of September 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 -3.6 -2.7 -1.8 -0.9 0.0 0.9 1.8 2.7 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 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 9/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley International Equity -1.07 4.61 -0.23 0.92 -0.10 -1.04 0.95 -1.87 16.51 0.96 MSCI EAFE Index (Net)0.00 0.00 N/A 1.00 -0.04 0.00 1.00 -0.84 16.65 1.00 FTSE 3 Month T-Bill 0.59 16.70 0.04 0.03 N/A 1.13 0.00 1.13 0.27 -0.17 Morgan Stanley International Equity Risk Profile As of September 30, 2022Morgan Stanley International Equity Page 40 Asset Allocation As of 07/31/2022 0.0%50.0%100.0%150.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.0% 1.2% 1.2% 97.7% Fund Characteristics As of 07/31/2022 Total Securities 70 Avg. Market Cap $82,520.38 Million P/E 22.93 P/B 4.45 Div. Yield 2.44% Annual EPS 29.92 5Yr EPS 6.41 3Yr EPS Growth 4.71 Top Ten Securities As of 07/31/2022 Reckitt Benckiser Group PLC ORD 3.62 % Constellation Software Inc ORD 3.49 % Sanofi SA ORD 2.96 % SAP SE ORD 2.84 % LVMH Moet Hennessy Louis Vuitton 2.67 % Heineken NV ORD 2.46 % Shell PLC ORD 2.45 % TAIWAN SEMICONDUCTOR MNFTG ADR 2.36 % Prudential PLC ORD 2.27 % Deutsche Boerse AG ORD 2.22 % Sector/Quality Allocation As of 07/31/2022 0.0%15.0%30.0%45.0% Consumer Staples Industrials Financials Information Technology Health Care Energy Consumer Discretionary Materials 26.6% 19.0% 18.0% 14.0% 12.1% 3.5% 2.7% 1.8% Morgan Stanley International Equity Lipper Mutual Fund Attributes As of September 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 -11.6 -27.2 -28.1 -2.1 -1.8 1.0 5.2 -8.4 -32.4 -32.1 -3.7 -3.5 0.2 4.5 Account Name:Morgan Stanley Emerging Markets Fund Inception Date:04/01/2005 Account Structure:Mutual Fund Asset Class:International Equity Benchmark:MSCI Emerging Markets Index (Net) Peer Group:IM Emerging Markets Equity (MF) Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % -12.0 % 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 9/22 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 9/22 0.89 Morgan Stanley Emerging Markets Fund Performance Summary As of September 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 -8.4 (25)-32.4 (81)-32.1 (76)-3.7 (74)-3.5 (81)0.2 (71)3.6 (36)14.7 (61)19.5 (51)¢ MSCI Emerging Markets Index (Net)-11.6 (64)-27.2 (47)-28.1 (48)-2.1 (51)-1.8 (47)1.0 (48)-2.5 (66)18.3 (41)18.4 (61)˜ 5th Percentile -4.0 -15.9 -16.2 5.6 2.4 4.5 18.0 41.1 31.3 1st Quartile -8.5 -24.3 -24.2 0.1 -0.5 1.9 6.0 23.9 24.5 Median -10.9 -27.7 -28.4 -1.9 -2.1 1.0 -0.2 17.2 19.7 3rd Quartile -12.1 -31.1 -32.1 -3.8 -3.2 -0.2 -3.9 10.1 16.2 95th Percentile -14.1 -38.1 -40.6 -7.6 -5.9 -8.8 -13.3 -6.1 8.2 Population 303 292 284 250 203 99 277 259 243 Morgan Stanley Emerging Markets Fund Peer Group Analysis As of September 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 -6.0 -4.0 -2.0 0.0 2.0 4.0 Return (%) 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Morgan Stanley Emerging Markets Fund MSCI Emerging Markets Index (Net) 0.0 6.0 12.0 18.0 24.0 30.0 36.0 42.0 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 9/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley Emerging Markets Fund -1.52 5.21 -0.29 0.92 -0.15 -1.50 1.02 -3.51 18.80 0.96 MSCI Emerging Markets Index (Net)0.00 0.00 N/A 1.00 -0.08 0.00 1.00 -1.81 17.68 1.00 FTSE 3 Month T-Bill 1.38 17.73 0.08 0.03 N/A 1.13 0.00 1.13 0.27 -0.16 Morgan Stanley Emerging Markets Fund Risk Profile As of September 30, 2022Morgan Stanley Emerging Markets Fund Page 44 Asset Allocation As of 07/31/2022 0.0%100.0%200.0%-100.0 % Other Convertibles Fixed Income Cash Equities -0.4 % 0.0% 0.5% 2.6% 97.3% Fund Characteristics As of 07/31/2022 Total Securities 94 Avg. Market Cap $113,835.11 Million P/E 25.10 P/B 4.79 Div. Yield 2.96% Annual EPS 44.18 5Yr EPS 17.72 3Yr EPS Growth 19.22 Top Ten Securities As of 07/31/2022 Taiwan Semiconductor Manufacturing 5.22 % Samsung Electronics Co Ltd ORD 4.82 % TAIWAN SEMICONDUCTOR MNFTG ADR 3.64 % Reliance Industries Ltd ORD 3.00 % Tencent Holdings Ltd ORD 2.90 % Morgan Stanley Inst Liq Govt Port;Instit 2.76 % ICICI Bank Ltd ORD 2.54 % Anglo American PLC ORD 2.53 % Delta Electronics Inc ORD 2.39 % China Construction Bank Corp ORD 2.12 % Sector/Quality Allocation As of 07/31/2022 0.0%15.0%30.0%45.0% Information Technology Financials Consumer Staples Industrials Consumer Discretionary Materials Energy Non Classified Equity Health Care 26.9% 23.3% 11.7% 10.8% 8.4% 7.6% 5.7% 1.7% 1.2% Morgan Stanley Emerging Markets Fund Lipper Mutual Fund Attributes As of September 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 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 7/1/03 -3.1 -9.6 -10.1 -1.6 0.4 1.0 2.7 -4.8 -14.8 -15.0 -2.7 -0.3 0.9 3.3 September 30, 2022 : $100M Income Research:41.1% Brandywine Global Opportunistic Fixed Income:20.5% Prudential Core Plus Bond:38.3% Total Fixed Income Benchmark 0.96 1.00 1.04 1.08 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 0.97 Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % -12.0 % 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 9/22 Total Fixed Income Portfolio Overview As of September 30, 2022Total Fixed Income Page 47 -36.0 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Total Fixed Income -4.8 (70)-14.8 (65)-15.0 (71)-2.7 (76)-0.3 (94)0.9 (92)-2.1 (97)9.2 (33)9.1 (53)¢ Blmbg. Intermed. U.S. Government/Credit -3.1 (16)-9.6 (17)-10.1 (16)-1.6 (41)0.4 (62)1.0 (92)-1.4 (92)6.4 (87)6.8 (92)˜ 5th Percentile -0.9 -6.5 -6.4 0.1 1.8 3.2 2.9 12.4 11.9 1st Quartile -3.5 -11.2 -11.2 -1.1 1.0 2.1 0.7 9.6 10.3 Median -4.2 -14.0 -13.8 -1.8 0.6 1.7 -0.1 8.6 9.3 3rd Quartile -4.9 -15.7 -15.2 -2.7 0.1 1.3 -0.7 7.4 8.0 95th Percentile -7.4 -21.7 -19.6 -3.6 -0.6 0.3 -1.7 4.9 6.2 Population 64 64 63 55 54 44 73 74 68 Plan Sponsor Peer Group Analysis As of September 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 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 Return (%) 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 Risk (Standard Deviation %) Total Fixed Income Blmbg. Intermed. U.S. Government/Credit 0.0 2.0 4.0 6.0 8.0 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 9/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Fixed Income -0.59 3.27 -0.18 0.68 -0.24 -0.75 1.37 -0.30 5.40 0.83 Blmbg. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 -0.21 0.00 1.00 0.38 3.27 1.00 FTSE 3 Month T-Bill 0.68 3.21 0.21 0.06 N/A 1.12 0.02 1.13 0.27 0.24 Total Fixed Income Risk Profile As of September 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 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 7/1/01 -3.1 -9.6 -10.1 -1.6 0.4 1.0 3.3 -2.9 -9.5 -10.1 -1.3 0.6 1.1 3.8 Account Name:Income Research Inception Date:07/01/2001 Account Structure:Commingled Fund Asset Class:US Fixed Income Benchmark:Blmbg. Intermed. U.S. Government/Credit Peer Group:IM U.S. Intermediate Duration (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 0.7% 1.4% 2.1% -0.7 % -1.4 % 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 9/22 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 9/22 1.10 Income Research Performance Summary As of September 30, 2022Income Research Page 50 -25.0 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Income Research -2.9 (35)-9.5 (33)-10.1 (38)-1.3 (29)0.6 (25)1.1 (34)-1.3 (57)7.5 (20)6.7 (45)¢ Blmbg. Intermed. U.S. Government/Credit -3.1 (53)-9.6 (41)-10.1 (41)-1.6 (57)0.4 (53)1.0 (59)-1.4 (64)6.4 (53)6.8 (41)˜ 5th Percentile -1.7 -6.2 -6.4 -0.5 1.4 2.5 1.6 8.9 8.5 1st Quartile -2.9 -9.2 -9.7 -1.2 0.6 1.2 -0.9 7.2 7.1 Median -3.0 -9.8 -10.4 -1.6 0.4 1.0 -1.2 6.5 6.6 3rd Quartile -3.3 -10.5 -11.0 -1.9 0.2 0.9 -1.6 5.5 5.9 95th Percentile -4.3 -12.8 -13.4 -2.6 -0.2 0.4 -2.0 3.3 3.9 Population 114 114 114 107 100 91 125 131 125 Income Research Peer Group Analysis As of September 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 0.0 0.3 0.6 0.9 1.2 1.5 Return (%) 0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 Risk (Standard Deviation %) Income Research Blmbg. Intermed. U.S. Government/Credit 0.0 0.9 1.8 2.7 3.6 4.5 5.4 6.36.3 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 9/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Income Research 0.26 0.42 0.61 0.98 -0.13 0.26 1.00 0.64 3.28 0.99 Blmbg. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 -0.21 0.00 1.00 0.38 3.27 1.00 FTSE 3 Month T-Bill 0.68 3.21 0.21 0.06 N/A 1.12 0.02 1.13 0.27 0.24 Income Research Risk Profile As of September 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 10.0 -10.0 -20.0 -30.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years Inception 6/1/15 -4.8 -14.6 -14.6 -3.3 -0.3 0.5 -4.5 -16.5 -16.1 -3.2 0.3 1.4 Account Name:Prudential Core Plus Bond Inception Date:06/01/2015 Account Structure:Commingled Fund Asset Class:US Fixed Income Benchmark:Blmbg. U.S. Aggregate Peer Group:IM U.S. Broad Market Core+ Fixed Income (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 5.0% 10.0% -5.0 % -10.0 % 9/15 6/16 3/17 12/17 9/18 6/19 3/20 12/20 9/21 9/22 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 9/22 1.07 Prudential Core Plus Bond Performance Summary As of September 30, 2022Prudential Core Plus Bond Page 53 -36.0 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 2021 2020 2019 Prudential Core Plus Bond -4.5 (59)-16.5 (85)-16.1 (75)-3.2 (81)0.3 (38)-0.9 (65)9.2 (37)11.3 (14)¢ Blmbg. U.S. Aggregate -4.8 (77)-14.6 (35)-14.6 (35)-3.3 (85)-0.3 (84)-1.5 (91)7.5 (80)8.7 (76)˜ 5th Percentile -1.7 -10.1 -9.4 -0.2 1.4 3.4 14.2 12.9 1st Quartile -4.0 -14.3 -14.3 -2.0 0.5 0.1 9.6 10.6 Median -4.4 -15.0 -15.0 -2.7 0.1 -0.5 8.7 9.6 3rd Quartile -4.7 -16.0 -16.1 -3.1 -0.1 -1.1 7.7 8.8 95th Percentile -5.7 -17.8 -17.8 -3.8 -0.9 -1.7 4.0 6.7 Population 123 123 122 121 117 142 149 153 Prudential Core Plus Bond Peer Group Analysis As of September 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 -6.0 -4.0 -2.0 0.0 2.0 Return (%) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Risk (Standard Deviation %) Prudential Core Plus Bond Blmbg. U.S. Aggregate 0.0 2.0 4.0 6.0 8.0 10.0 12.0 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 9/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Prudential Core Plus Bond 0.22 4.01 0.05 0.73 -0.47 0.84 1.20 -3.18 7.48 0.86 Blmbg. U.S. Aggregate 0.00 0.00 N/A 1.00 -0.69 0.00 1.00 -3.26 5.36 1.00 FTSE 3 Month T-Bill 3.73 5.38 0.69 0.00 N/A 0.56 0.00 0.57 0.21 -0.06 Prudential Core Plus Bond Risk Profile As of September 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 15.0 -15.0 -30.0 -45.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 1/1/05 -7.6 -21.3 -22.1 -7.0 -3.1 -1.8 1.1 -8.5 -21.6 -22.0 -4.8 -3.1 -0.1 3.2 Account Name:Brandywine Global Opportunistic Fixed Income Inception Date:01/01/2005 Account Structure:Commingled Fund Asset Class:International Fixed Income Benchmark:FTSE World Government Bond Index Peer Group:IM Global Fixed Income (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 10.0% 20.0% -10.0 % -20.0 % -30.0 % 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 9/22 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 9/22 1.46 Brandywine Global Opportunistic Fixed Income Performance Summary As of September 30, 2022Brandywine Global Opportunistic Fixed Income Page 56 -55.0 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Brandywine Global Opportunistic Fixed Income -8.5 (89)-21.6 (85)-22.0 (83)-4.8 (71)-3.1 (89)-0.1 (58)-5.3 (82)11.7 (18)9.3 (47)¢ FTSE World Government Bond Index -7.6 (83)-21.3 (81)-22.1 (84)-7.0 (93)-3.1 (89)-1.8 (94)-7.0 (92)10.1 (35)5.9 (87)˜ 5th Percentile 0.5 -1.7 -2.0 6.2 4.4 4.5 7.3 21.2 15.2 1st Quartile -1.3 -12.7 -12.6 -0.7 1.2 2.5 3.4 10.8 12.9 Median -3.6 -16.4 -16.6 -2.7 0.0 1.3 -0.2 8.0 8.9 3rd Quartile -7.1 -20.7 -21.3 -5.4 -2.2 -0.7 -4.7 5.1 7.4 95th Percentile -9.2 -26.2 -25.8 -7.2 -4.3 -2.1 -7.5 0.8 4.0 Population 165 163 162 156 152 121 177 186 191 Brandywine Global Opportunistic Fixed Income Peer Group Analysis As of September 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 -6.0 -4.0 -2.0 0.0 2.0 4.0 Return (%) 0.0 3.0 6.0 9.0 12.0 15.0 Risk (Standard Deviation %) Brandywine Global Opportunistic Fixed Income FTSE World Government Bond Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 9/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Brandywine Global Opportunistic Fixed Income 0.30 7.01 0.04 0.53 -0.37 0.78 1.16 -3.08 10.13 0.73 FTSE World Government Bond Index 0.00 0.00 N/A 1.00 -0.64 0.00 1.00 -3.07 6.36 1.00 FTSE 3 Month T-Bill 4.03 6.33 0.64 0.02 N/A 1.14 0.01 1.13 0.27 0.13 Brandywine Global Opportunistic Fixed Income Risk Profile As of September 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 -8.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Inception 6/1/06 0.0 8.7 15.4 9.7 8.5 9.4 7.9 -0.2 10.5 15.8 6.4 4.9 6.6 5.4 Account Name:UBS Trumbull Property Fund Inception Date:06/01/2006 Account Structure:Commingled Fund Asset Class:US Private Real Estate Benchmark:NCREIF Property Index Peer Group: Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % -9.0 % 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 9/22 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 9/22 0.68 UBS Trumbull Property Fund Performance Summary As of September 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Return (%) 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 Risk (Standard Deviation %) UBS Trumbull Property Fund NCREIF Property Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 9/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation UBS Trumbull Property Fund -3.49 2.92 -1.20 0.73 0.69 -5.72 1.28 4.87 5.29 0.85 NCREIF Property Index 0.00 0.00 N/A 1.00 1.94 0.00 1.00 8.62 3.53 1.00 FTSE 3 Month T-Bill -7.29 3.76 -1.94 0.20 N/A 1.64 -0.06 1.13 0.47 -0.45 UBS Trumbull Property Fund Risk Profile As of September 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 Q3 2022 capital markets were dominated by geopolitical uncertainty and higher interest rates amidst soaring inflation. Volatility remained elevated throughout the quarter. Yields trended higher with major central banks indicating an aggressive monetary policy stance to control rising inflation. The MSCI All Country World Investable Market Index (ACWI IMI) returned -6.6% for the quarter and was down 25.7% on a year-to-date basis. Across international markets, all the regions were weak over the quarter. UK equities were the worst regional performer with a return of -11.6% in US dollar terms due to sharp sterling depreciation against the dollar. Index heavyweights like Financials and Consumer Staples underperformed. Former UK foreign secretary, Liz Truss, became the new UK prime minister as she beat former chancellor Rishi Sunak by a 57-43 margin in a ballot of Conservative party members. Emerging Markets was the second worst performer at -10.8% with Chinese and Korean equities weighing on the region. U.S.-China tensions escalated after the U.S. House of Representatives Speaker, Nancy Pelosi, visited Taiwan and pledged U.S. commitment to the country. The U.S. Senate committee passed the Taiwan Policy Act (TPA) to provide a $6.5bn fund that would enhance U.S. military support for Taiwan to counter increasing Chinese military activity around the country. -6.6% -9.7% -4.6% -11.6% -7.1%-7.7% -1.9% -10.4%-8.3%-10.8% -25.7%-26.9%-24.9%-23.0%-25.5% -19.1% -25.3% -32.5% -20.0% -26.8% -40% -30% -20% -10% 0% ACWI IMI 39.0% ACWI ex-U.S. IMI 61.0% USA IMI 3.8% UK IMI 5.9% Japan IMI 3.2% Canada IMI 0.3% Israel IMI 11.3% Europe ex-UK IMI 3.3% Pacific ex-Japan IMI 11.3% Emerging Markets IMI GLOBAL MSCI IMI INDEX RETURNS (USD) AS OF 09/30/2022 Third Quarter 2022 YTD Source: MSCI 2571848-NRCPage 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 61.0% UK 3.8% Canada 3.2% Pacific ex -Japan 3.3%Japan 5.9% Europe ex-UK 11.3% Israel 0.3% Latin America 1.0% Asia 8.8% Eastern Europe, Middle East & Africa 1.5% Emerging Markets 11.3% MSCI ALL COUNTRY WORLD IMI INDEX GEOGRAPHIC ALLOCATION AS OF 09/30/2022 Source:MSCI UK 9.7% Canada 8.2% Pacific ex- Japan 8.4% Japan 15.1% Europe ex-UK 28.9% Israel 0.8%Latin America 2.6% Asia 22.5% Eastern Europe, Middle East & Africa 3.9% Emerging Markets 29.0% MSCI ALL COUNTRY WORLD EX-U.S. IMI INDEX GEOGRAPHIC ALLOCATION AS OF 09/30/2022 Source:MSCI 2571848-NRCPage 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 4.9%. The Russell 3000 Index fell 4.5% during the third quarter and was down 24.6% on a year-to-date basis. Performance among sectors was generally negative. Energy and Consumer Discretionary were the best performers while the Telecom and Real Estate sectors were the worst performers. Small cap stocks have outperformed large and medium cap stocks over the quarter. On a style basis, growth outperformed value across market capitalizations over the quarter, however, value outperformed growth on a year-to-date basis. -4.5%-6.0%-4.2%-4.9% -0.7% -4.6% 0.2% -24.6% -16.3% -30.5% -20.4% -31.5% -21.1% -29.3% -35.0% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% Russell 3000 30.7% Large Value 38.7% Large Growth 15.7% Medium Value 8.8% Medium Growth 3.0% Small Value 3.1% Small Growth RUSSELL STYLE RETURNS AS OF 09/30/2022 Third Quarter 2022 YTD Source: Russell Indexes -4.5%-7.6%-4.7% 3.0% -7.0% 4.6% -7.0%-4.5%-2.8%-4.8% -16.7% -10.5% -24.6% -35.2% -15.8% -31.1% -9.3% 33.9% -21.8%-24.8%-20.9% -6.8% -30.0%-28.9% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% Russell 3000 24.9% Technology 14.2% Healthcare 15.0% Cons. Disc 5.6% Cons. Staples 4.9% Energy 2.1% Materials & Processing 12.7% Producer Durables 11.4% Financials 3.3% Utilities 2.4% Telecom. 3.5% Real Estate RUSSELL SECTOR RETURNS AS OF 09/30/2022 Third Quarter 2022 YTD Source: Russell Indexes 2571848-NRCPage 67 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Fixed Income Markets The Bloomberg U.S. Aggregate Bond Index was down 4.8% over the quarter and 14.6% on a year-to-date basis. Across durations, all maturities finished the quarter in negative territory. Within investment-grade bonds, lower-credit quality generally outperformed higher-quality issues, with Baa bonds falling by 4.8%. High-yield bonds fell by 0.6%. -4.8%-4.3%-5.1%-5.3% -1.3% -3.9% -14.6% -12.9% -18.7% -13.7% -5.1% -11.8% -20.0% -18.0% -16.0% -14.0% -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% Bloomberg Agg. Bond 44.0% Govt 24.9% Corp. 28.8% MBS 0.4% ABS 2.0% CMBS BLOOMBERG AGGREGATE RETURNS BY SECTOR AS OF 09/30/2022 Third Quarter 2022 YTDSource: FactSet -1.5%-3.3%-4.7%-5.6% -9.0% -4.6% -9.4% -12.6% -16.6% -28.9% -35.0% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 1-3 Yr.3-5 Yr.5-7 Yr.7-10 Yr.>10 Yr. BLOOMBERG AGGREGATE RETURNS BY MATURITY AS OF 09/30/2022 Third Quarter 2022 YTDSource: FactSet -4.7%-4.9%-5.2%-4.8% -0.6% -13.1% -16.6%-17.8%-19.3% -14.7% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% Aaa Aa A Baa High Yield BLOOMBERG AGGREGATE RETURNS BY QUALITY AND HIGH YIELD RETURNS AS OF 09/30/2022 Third Quarter 2022 YTDSource: FactSet 2571848-NRCPage 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 85bps to 3.83%, and the 30-year Treasury yield was up 65bps to 3.79% over the quarter. The U.S. Federal Reserve (Fed) increased its benchmark interest rate by 150bps to a range of 3-3.25% over the quarter. Fed chair Jerome Powell indicated that monetary policy needs to be “more restrictive or restrictive for longer” to contain soaring inflation and also refused to rule out a recession. According to the median estimate on the Fed dot plot, officials expect the interest rate to reach 4.4% by the end of the year, before peaking at 4.6% next year. The central bank downgraded its U.S. annual GDP growth forecast to 0.2% for 2022 and expects core inflation to fall to 3.1% from 4.5% by the end of next year. Inflation slowed down but still remained high historically as food prices continued to accelerate. The U.S. annual consumer price index (CPI) rose 8.3% year on year in August, down from 8.5% recorded in the previous month. The 10-year TIPS yield rose by 103bps over the quarter to 1.68%. -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 0 5 10 15 20 25 30 Maturity (Years) U.S. TREASURY YIELD CURVE 12/31/2021 6/30/2022 9/30/2022 Source:U.S. Department of Treasury -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Sep 12 Sep 14 Sep 16 Sep 18 Sep 20 Sep 22 U.S. 10-YEAR TREASURY AND TIPS YIELDS 10Y TIPS Yield 10Y Treasury Yield Source:U.S. Department of Treasury 2571848-NRCPage 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 were mixed across the Euro Area. The European Central Bank (ECB) raised its benchmark interest rates by 125bps to 0.75% over the quarter, the highest level since 2011, to tackle surging inflation. The ECB president, Christine Lagarde, signaled several interest rate increases in the coming months to bring inflation down to the bank’s target of 2%. German government bund yields rose sharply, up 75bps to 2.13% over the quarter. Eurozone inflation hit an all-time high of 9.1% over the year to August. 0% 2% 4% 6% 8% 10% 12% 14% 2016 2017 2018 2019 2020 2021 2022 EUROZONE PERIPHERAL BOND SPREADS (10-YEAR SPREADS OVER GERMAN BUNDS) Spain Italy Portugal Greece Ireland Source:FactSet 2571848-NRCPage 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 generally widening. MBS and Long Credit spreads widened by 23bps and 12bps respectively while ABS and High Yield spreads narrowed by 22bps and 17bps, respectively. Spread (bps)09/30/2022 06/30/2022 03/31/2022 Quarterly Change (bps)YTD Change (bps) U.S. Aggregate 62 55 36 7 26 Long Gov't 1 -1 0 2 1 Long Credit 196 184 130 12 66 Long Gov't/Credit 107 101 74 6 33 MBS 69 46 31 23 38 CMBS 105 101 68 4 37 ABS 53 75 38 -22 15 Corporate 159 155 92 4 67 High Yield 552 569 283 -17 269 Global Emerging Markets 403 404 285 -1 118 Source: FactSet, Bloomberg 2571848-NRCPage 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 5.4%. Sterling depreciated by 8.8% against the U.S. dollar. The Bank of England (BoE) raised its benchmark interest rate by 100bps to 2.25% over the quarter, its highest level since 2008. The BoE now expects the UK economy to contract by 0.1% in Q3 2022 and inflation to fall back in the short term due to the government’s energy price guarantee. The U.S. dollar appreciated by 6.7% against the Euro. The U.S. dollar appreciated by 6.5% against the yen as the Bank of Japan continued to maintain its ultra-loose monetary policy stance as compared to the current monetary tightening stance of other major central banks. The BoJ sold U.S. dollars for the first time since 1998 after the yen hit a low of ¥145.89 against the dollar. 100 105 110 115 120 125 130 Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 21 Sep 22 TRADE WEIGHTED U.S. DOLLAR INDEX (2006 = 100) Source:Federal Reserve 80 90 100 110 120 130 140 Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 21 Sep 22 U.S. DOLLAR RELATIVE TO EUR, GBP AND JPY REBASED TO 100 AT 09/30/2016 EUR/USD GBP/USD JPY/USD Source: FactSet Stronger Dollar Weaker Dollar 2571848-NRCPage 72 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Commodities Commodity prices fell sharply over the quarter amid growing fears of recession and weak oil demand from China due to Covid-19 lockdowns, with the Bloomberg Commodity Index falling by 4.1% for the quarter. The energy sector fell 5.4% over the quarter but has risen by 49.8% on a year-to-date basis. The price of WTI crude oil was down by 24.8% to U.S.$79/BBL. Precious Metals fell the most over the quarter at -7.6%. Meanwhile, OPEC+ agreed to a 100,000 barrels a day oil production cut from October to lift oil prices. -4.1% -3.4% -5.4% -7.3% -7.6% -0.2% -3.9% 2.0% 2.6% 13.6% -1.5% 49.8% -16.2% -11.7% 12.8% -0.7% 18.4% -1.0% -20.0%-10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0% Bloomberg Commodity Index Ex-Energy Energy Industrial Metals Prec. Metals Agric. Softs Grains Livestock COMMODITY RETURNS AS OF 09/30/2022 Third Quarter 2022 YTD Source:Bloomberg Note: Softs and Grains are part of the wider Agriculture sector 2571848-NRCPage 73 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Factor Indices -6.3%-8.8%-7.1%-5.6% -10.4%-7.5%-5.0%-5.4%-7.5% 17.6% -16.2% -29.2%-26.9% -22.0%-26.0% -32.3% -17.3%-15.7% -35.0% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% MSCI World Minimum Volatility (USD) MSCI World High Dividend Yield MSCI World Quality MSCI World Momentum MSCI World Enhanced Value MSCI World Equal Weighted MSCI World Index Growth MSCI USA Minimum Volatility (USD) MSCI USA High Dividend Yield SHORT TERM RETURNS AS OF 09/30/2022 Third Quarter 2022 YTD Source:MSCI 4.5% 3.5% 8.8% 7.7% 0.3% 1.8% 8.1%7.7% 5.9% 7.8% 6.7% 10.5%10.5% 6.2%6.6% 10.1%10.7% 9.8% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% MSCI World Minimum Volatility (USD) MSCI World High Dividend Yield MSCI World Quality MSCI World Momentum MSCI World Enhanced Value MSCI World Equal Weighted MSCI World Index Growth MSCI USA Minimum Volatility (USD) MSCI USA High Dividend Yield LONG TERM ANNUALIZED RETURNS AS OF 9/30/2022 Five-Year Ten-Year Source:MSCI 2571848-NRCPage 74 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Hedge Fund Markets Overview Hedge fund performance was mixed over the quarter. The HFRI Fund-Weighted Composite and HFRI Fund of Funds Composite Index produced returns of -0.6% and 0.7% over the quarter, respectively. Over the quarter, Global Macro was the best performer with a return of 2.2%. Emerging Markets and Distressed-Restructuring strategies were the worst performers with returns of -5.2% and -2.8% respectively. On a year-to-date basis, Global Macro has outperformed all other strategies. 0.7% 2.2% -2.3% -5.2% -1.1% -2.8% 0.3% -0.6% 0.7% -4.3% 10.9% -13.8% -16.6% -8.4% -6.4% -1.8% -6.2% -5.9% -20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0% Fixed Income/Convertible Arb. Global Macro Equity Hedge Emerging Markets Event-Driven Distressed-Restructuring Relative Value Fund-Weighted Composite Index Fund of Funds Composite Index HEDGE FUND PERFORMANCE AS OF 09/30/2022 Third Quarter 2022 YTD Note: Latest 5 months of HFR data are estimated by HFR and may change in the future. Source:HFR 2571848-NRCPage 75 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Private Equity Market Overview –2Q 2022 Fundraising:During Q2 2022,$278.1 billion was raised by 553 funds,which was down 6.7%by number of funds raised but up 1.5%by capital raised compared to Q1 2022.This represented a decrease of 23.3%on a capital basis compared to Q2 2021.Dry powder stood at $3.0 trillion at the end of the quarter,an increase of 5.5%and 35.2%compared to Q1 2022 and the five-year average,respectively.1 Buyout:Global private equity-backed buyout deals totaled $159.2 billion in Q2 2022,which was a decrease on a capital basis of 9.5%compared to Q1 2022,but an increase of 8.2%compared to the five-year quarterly average.1 During the quarter,the average purchase price multiple for all U.S.LBOs was 11.5x EBITDA,down from Q1 2022’s average of 12.2x but up from the five-year average (11.1x).Large cap purchase price multiples stood at 11.5x during the quarter,up compared to full-year 2021’s level of 11.2x.The LTM average purchase price multiple across European transactions greater than €1B averaged 11.3x EBITDA at the end of Q2 2022,down from 11.6x at year-end 2021.Purchase prices for transactions of €500M million or more averaged 11.2x EBITDA on an LTM basis,lower than the 11.5x seen at the end of 2021.2 Globally,exit value totaled $153.1 billion on 503 deals during the quarter,higher than the $118.5 billion across 586 deals during Q1 2022.1 Venture:During the quarter,an estimated 3,374 venture-backed transactions totaling $62.3 billion were completed,which was a decrease on a capital and deal count basis over the prior quarter’s total of $81.9 billion across 4,467 deals.This was an increase of 30.9%compared to the five-year quarterly average of $47.6 billion.Total U.S.venture-backed exit value totaled approximately $13.1 billion across an estimated 379completedtransactionsinQ22022,down substantially from $267.6 billion across 447 exits in Q2 2021.3 Mezzanine:7 funds closed on $3.8 billion during the quarter.This was a significant decrease from the prior quarter’s total of $11.7 billion raised by 10 funds and a decrease from $7.0 billion raised by 11 funds in Q2 2021.Estimated dry powder was $50.6 billion at the end of Q2 2022,up from $50.0 billion at the end of Q1 2022.1 Source: Preqin LTM Global Private Equity-Backed Buyout Deal Volume 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 1Q14 4Q14 3Q15 2Q16 1Q17 4Q17 3Q18 2Q19 1Q20 4Q20 3Q21 2Q22 # o f D e a l s Va l u e ( $ B i l l i o n s ) Deal Value ($ Billions) Number of Deals 2571848-NRCPage 76 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Private Equity Market Overview –2Q 2022 Distressed Debt:The TTM U.S.high-yield default rate was 0.8%as of May 2022,which was up from 0.5%as of March 2022.Fitch predicted the default rate may rise to 1.0%by August.The high-yield default rate is projected to trend higher through 2022 and into 2023.4 During the quarter,$27.4 billion was raised by 15 funds,up significantly from the $4.4 billion raised by 9 funds during Q1 2022.Dry powder was estimated at $160.3 billion at the end of Q2 2022,which was up 10.3%from Q1 2022.This remained above the five-year annual average level of $130.6 billion.1 Secondaries:18 funds raised $13.8 billion during the quarter,up from the $8.3 billion raised by 14 funds in Q1 2022.This was 26.7%higher than the five-year quarterly average of $10.9 billion.Secondary dry powder was estimated at $131.6 billion at the end of the quarter.1 Infrastructure:$50.2 billion of capital was raised by 15 funds in Q2 2022 compared to $72.4 billion of capital raised by 24 partnerships in Q1 2022.At the end of the quarter,dry powder stood at $319.5 billion,up from year-end 2021’s total of $282.3 billion.Infrastructure managers completed 544 deals for an aggregate deal value of $104.8 billion in Q2 2022 compared to 634 deals totaling $88.4 billion in Q1 2022.1 Natural Resources: Through Q2 2022, an estimated 19 funds closed on $3.4 billion compared to 29 funds totaling $13.0 billion in 2021. Energy and utilities industry managers completed 53 deals totaling $11.6 billion in Q2 2022, compared to $33.0 billion across 55 deals in Q1 2022.1 Sources: 1 Preqin 2 Standard & Poor’s 3 PwC/CB Insights MoneyTree Report 4 PitchBook/NVCA Venture Monitor 5 Fitch Ratings 6 Thomson Reuters 7 UBS Notes: FY=Fiscal year ended 12/31; YTD=Year to date; LTM=Last 12 months (aka trailing 12 months); PPM=Purchase Price Multiples: Total Purchase Price ÷ EBITDA. U.S. LBO Purchase Price Multiples –All Transactions Sizes Source: S&P 9.8x 10.3x 10.0x 10.6x 10.6x 11.5x 11.4x 11.4x 12.1x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 2014 2015 2016 2017 2018 2019 2020 2021 YTD 2022Senior Debt/EBITDA Sub Debt/EBITDA Equity/EBITDA Others 2571848-NRCPage 77 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Commercial Real Estate Markets *Indicates preliminary NFI-ODCE data gross of fees 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 Office Industrial Retail Apartment Sources: RCA, AON 9/30/202 0.5% 22.1% 12.4%10.2%10.9% -9.9% -16.4% -2.0% 2.9%6.3% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% Q3 2022 1-Year 3-Years 5-Years 10-Years PRIVATE VS. PUBLIC REAL ESTATE RETURNS AS OF 09/30/2022 Private (NFI-ODCE Gross)* Public (NAREIT Gross) *Third quarter returns are preliminary Sources: NCREIF, FactSet U.S.Core Real Estate returned 0.5%*in third quarter 2022,equating to a 22.1%total gross return year-over-year.The US real estate markets experienced a robust recovery in 2021,although momentum has begun to moderate through the first half of 2022.During the third quarter 2022,REITs continued to decline driven by increasing volatility in the public market and rising interest rates. Global property markets,as measured by the FTSE EPRA/NAREIT Developed Real Estate Index,returned -11.4%(USD)in aggregate during the third quarter and experienced a cumulative decline of 22.1%over the trailing 1-year period.REIT market underperformance was driven by North America (- 10.2%USD),Asia Pacific (-11.5%USD),and Europe (-21.6%USD).The U.S.REIT markets (FTSE NAREIT Equity REITs Index)returned -9.9%in the third quarter. In the third quarter of 2022,U.S.private real estate transaction volumes declined 21%year-over-year to $172 billion.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. Recent action from the Federal Reserve to tighten monetary policy has led to deterioration in the capital markets.Recent bank stress tests have increased capital requirements for borrowers and caused banks to tighten borrowing terms or pause lending.This has led to reduced liquidity levels and increased financing costs across every property type,though there still remains significantly better demand and liquidity for multifamily and industrial compared to office and retail assets. In the US,rising mortgage rates coupled with elevated costs for labor and materials have resulted in decreased affordability of new homes and a slowdown in new construction.Most would-be buyers continue to be priced out of the housing market which has caused many to remain renters.Durable rent collections and record low vacancy across the US have prompted continued institutional investment in the multifamily sector. 2571848-NRCPage 78 Appendix Page 79 Fee Schedule Market Value As of 09/30/2022 $000 % of Portfolio Estimated Annual Fee $000 Estimated Annual Fee (%) Total Pension 272,727 100.00 1,285 0.47 Total Domestic Equity 97,417 35.72 264 0.27 BlackRock Russell 1000 Index Fund Non-Lending 0.04 % of Assets 66,294 24.31 23 0.04 Kennedy Mid Cap Value 0.75 % of First $25 M 0.70 % of Next $25 M 0.60 % Thereafter 15,790 5.79 118 0.75 TimesSquare Small Cap Growth 0.80 % of Assets 15,333 5.62 123 0.80 Total International Equity 46,324 16.99 428 0.92 Morgan Stanley International Equity 0.91 % of Assets 30,482 11.18 277 0.91 Morgan Stanley Emerging Markets Fund 0.95 % of Assets 15,841 5.81 150 0.95 Total Fixed Income 99,533 36.50 342 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 40,940 15.01 135 0.33 Prudential Core Plus Bond 0.30 % of First $50 M 0.28 % of Next $100 M 0.25 % of Next $100 M 0.20 % Thereafter 38,155 13.99 114 0.30 Brandywine Global Opportunistic Fixed Income 0.45 % of First $50 M 0.40 % of Next $50 M 0.35 % Thereafter 20,437 7.49 92 0.45 Real Estate 26,111 9.57 228 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 26,111 9.57 228 0.87 Cash Account 0.20 % of Assets 2,144 0.79 4 0.20 Total Pension Fee Schedule As of September 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