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HomeMy Public PortalAbout4th Quarter ReportQuarterly Investment Review Investment advice and consulting services provided by Aon Investments USA Inc. Nothing in this document should be construed as legal or investment advice. Please consult with your independent professional for any such advice. To protect the confidential and proprietary information included in this material, it may not be disclosed or provided to any third parties without the approval of Aon. Metropolitan St. Louis Sewer District Pension Plan Fourth Quarter 2022 Executive Summary Page 1 Total Plan Page 7 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 78 Disclaimers and Notes Page 91 Table Of Contents Executive Summary Page 1 Public Funds Investment advice and consulting services provided by Aon Investments USA Inc. Thought Leadership Highlights Topic Article Link Aon United Operational Diligence: Due for a Change?Link Aon United SECURE 2.0 Link Market View Federal Reserve Outlook for 2023 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 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 Global Equity Link Asset Allocation Client Video: US vs non US Equity (access code ‘aon!’)Link to Video Asset Allocation The Strength of the U.S. Equity Market and its Impact on Equity Allocations Link Asset Allocation White Paper: Why Diversify?Link Strategy Review Why Securities Lending is Right, Now Link Strategy Review The ‘Case’ for Litigation Finance Link Strategy Review Private Credit: 3 Questions with Galina Kalcheva Link Strategy Review Private Credit 101 (access code ‘aon!’)Link to Video Strategy Review Private Credit Today: A Diverse Opportunity Set in a Growing Market Link Strategy Review Private Equity Past and Present: Three Questions with Bruce Ingram Link Strategy Review Conviction in Equity Investing Revisited Request from Consultant 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. 2689661-NRC Market Highlights Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. 7.6%6.2% 17.3% 9.7% 1.9% -0.6% 5.3%4.2% -18.1%-20.4% -14.5% -20.1% -13.0% -29.2%-25.3% -11.2% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 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 SHORT TERM RETURNS AS OF 12/31/2022 Fourth Quarter 2022 YTD Source:Russell, MSCI, Bloomberg MSCI Indices show net total returns throughout this report. All other indices show gross total returns. Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. 2687156-NRC Page 3 Market Highlights Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. 9.4% 4.1% 1.5% -1.4% 0.0% -2.2% -0.8% 2.3% 12.6% 9.0% 4.7% 1.4%1.1%0.6% 2.1% 4.0% -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 LONG TERM ANNUALIZED RETURNS AS OF 12/31/2022 Five-Year Ten-Year Source:Russell, MSCI, Bloomberg Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. 2687156-NRC Page 4 Market Highlights Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. Fourth Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All Country World IMI 9.84%-18.40%-18.40%3.89%4.96%7.94% MSCI All Country World 9.76%-18.36%-18.36%4.00%5.23%7.98% Dow Jones U.S. Total Stock Market 7.18%-19.53%-19.53%6.89%8.65%12.03% Russell 3000 7.18%-19.21%-19.21%7.07%8.79%12.13% S&P 500 7.56%-18.11%-18.11%7.66%9.42%12.56% Russell 2000 6.23%-20.44%-20.44%3.10%4.13%9.01% MSCI All Country World ex-U.S. IMI 14.15%-16.58%-16.58%0.20%0.85%3.98% MSCI All Country World ex-U.S.14.28%-16.00%-16.00%0.07%0.88%3.80% MSCI EAFE 17.34%-14.45%-14.45%0.87%1.54%4.67% MSCI EAFE (Local Currency)8.72%-7.00%-7.00%3.64%3.81%7.56% MSCI Emerging Markets 9.70%-20.09%-20.09%-2.69%-1.40%1.44% Equity Factors MSCI World Minimum Volatility (USD)10.09%-9.28%-9.28%2.46%5.62%9.05% MSCI World High Dividend Yield 14.60%-3.93%-3.93%4.25%5.62%7.91% MSCI World Quality 10.26%-21.90%-21.90%6.52%9.42%11.73% MSCI World Momentum 13.14%-17.34%-17.34%6.94%8.89%11.98% MSCI World Enhanced Value 16.36%-9.21%-9.21%1.95%1.92%7.10% MSCI World Equal Weighted 12.95%-16.38%-16.38%2.05%3.14%7.43% MSCI World Index Growth 4.77%-29.05%-29.05%4.94%7.73%10.44% MSCI USA Minimum Volatility (USD)9.80%-9.19%-9.19%5.14%8.59%11.88% MSCI USA High Dividend Yield 14.19%-3.75%-3.75%6.07%7.38%11.46% MSCI USA Quality 9.28%-22.67%-22.67%6.65%10.44%13.57% MSCI USA Momentum 12.16%-17.39%-17.39%6.52%8.78%14.07% MSCI USA Enhanced Value 12.40%-13.99%-13.99%3.50%4.71%10.90% MSCI USA Equal Weighted 9.71%-16.99%-16.99%6.35%7.54%11.41% MSCI USA Growth 0.59%-31.97%-31.97%7.10%10.63%13.69% Returns of the Major Capital Markets Period Ending 12/31/2022 Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. 2687156-NRC Fourth Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Fixed Income Bloomberg Global Aggregate 4.55%-16.25%-16.25%-4.48%-1.66%-0.44% Bloomberg U.S. Aggregate 1.87%-13.01%-13.01%-2.71%0.02%1.06% Bloomberg U.S. Long Gov't -0.59%-29.19%-29.19%-7.39%-2.19%0.61% Bloomberg U.S. Long Credit 5.30%-25.29%-25.29%-5.78%-0.77%2.13% Bloomberg U.S. Long Gov't/Credit 2.61%-27.09%-27.09%-6.20%-1.21%1.57% Bloomberg U.S. TIPS 2.04%-11.85%-11.85%1.21%2.11%1.12% Bloomberg U.S. High Yield 4.17%-11.19%-11.19%0.05%2.31%4.03% Bloomberg Global Treasury ex U.S.6.85%-19.55%-19.55%-6.81%-3.37%-1.90% JP Morgan EMBI Global (Emerging Markets)7.44%-16.45%-16.45%-4.49%-1.00%1.35% Commodities Bloomberg Commodity Index 2.22%16.09%16.09%12.65%6.44%-1.28% Goldman Sachs Commodity Index 3.44%25.99%25.99%10.49%6.46%-3.30% Hedge Funds HFRI Fund-Weighted Composite2 2.26%-4.20%-4.20%5.68%4.42%4.68% HFRI Fund of Funds2 1.79%-5.25%-5.25%3.71%3.02%3.51% Real Estate NAREIT U.S. Equity REITS 5.24%-24.37%-24.37%-0.11%3.68%6.53% NCREIF NFI - ODCE -4.96%7.47%7.47%9.93%8.68%10.10% FTSE Global Core Infrastructure Index 8.66%-5.79%-5.79%3.32%6.65%8.54% Private Equity Burgiss Private iQ Global Private Equity3 6.18%21.00%18.52%15.82% 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 June 30, 2022 Returns of the Major Capital Markets Period Ending 12/31/2022 Page 5 (This Page Left Blank Intentionally) Page 6 Total Plan Page 7 $0.0 $100.0 $200.0 $300.0 $400.0 ($100.0) In M illions Beginning Market Value Net Additions / Withdrawals Investment Earnings Ending Market Value $272.7 ($0.5) $16.1 $288.3 Summary of Cash Flows 1 Quarter 1 Year Total Pension Beginning Market Value 272,724,950 350,138,749 + Additions / Withdrawals -494,030 -12,096,472 + Investment Earnings 16,086,923 -49,724,433 = Ending Market Value 288,317,843 288,317,843 Total Plan Asset Summary Total Plan Asset Summary As of December 31, 2022 Page 8 Return Summary Total Pension Policy Benchmark 0.0 10.0 20.0 -10.0 -20.0 -30.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 1/1/93 4.9 -12.7 2.9 4.1 5.35.9 -14.4 2.0 3.4 4.7 6.8 Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% -2.0 % -4.0 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - 15 Years Total Pension Benchmark 0.96 1.00 1.04 1.08 12/07 3/09 6/10 9/11 12/12 3/14 6/15 9/16 12/17 3/19 6/20 9/21 12/22 0.95 Total Plan Performance Summary As of December 31, 2022 Total Pension Page 9 Allocation Market Value $%Policy % Performance % 1 Quarter 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Pension 288,317,843 100.0 100.0 5.9 (48)-14.4 (56)2.0 (89)3.4 (94)4.7 (97)6.8 (70)01/01/1993 Policy Benchmark 4.9 (80)-12.7 (30)2.9 (68)4.1 (80)5.3 (95) All Public Plans < $1B-Total Fund Median 5.8 -14.2 3.5 4.9 6.8 7.4 Total Domestic Equity 104,291,738 36.2 7.0 (74)-19.3 (66)6.8 (49)8.4 (42)10.5 (51)09/01/2013 Russell 3000 Index 7.2 (71)-19.2 (66)7.1 (38)8.8 (28)11.2 (24) All Public Plans-US Equity Segment Median 7.5 -18.1 6.7 8.1 10.5 IM U.S. Equity (SA+CF) Median 8.7 -16.6 7.1 8.1 10.3 Total Large-Cap Equity 71,089,890 24.7 25.0 7.2 (64)-19.1 (61)7.4 (34)9.1 (23)11.8 (30)9.2 (68)06/01/2003 Russell 1000 Index 7.2 (64)-19.1 (61)7.3 (34)9.1 (23)12.4 (18)9.6 (53) IM U.S. Equity (SA+CF) Median 8.5 -17.3 6.1 7.3 10.8 9.6 BlackRock Russell 1000 Index Fund Non-Lending 71,089,890 24.7 7.2 (64)-19.1 (61)7.4 (34)9.2 (23)10.4 (26)03/01/2017 Russell 1000 Index 7.2 (64)-19.1 (61)7.3 (34)9.1 (23)10.4 (26) IM U.S. Equity (SA+CF) Median 8.5 -17.3 6.1 7.3 8.7 Total Small-Cap Equity 33,201,848 11.5 10.0 6.6 (70)-19.7 (63)5.3 (63)6.4 (65)10.4 (59)10.3 (29)06/01/2003 Russell 2000 Index 6.2 (72)-20.4 (65)3.1 (85)4.1 (87)9.0 (82)8.8 (79) IM U.S. Equity (SA+CF) Median 8.5 -17.3 6.1 7.3 10.8 9.6 Kennedy Mid Cap Value 17,079,307 5.9 8.0 (55)-14.8 (42)6.8 (42)6.0 (69)10.4 (59)9.3 (35)02/01/2008 IM U.S. Equity (SA+CF) Median 8.5 -17.3 6.1 7.3 10.8 8.8 Russell Midcap Value Index 10.5 (33)-12.0 (33)5.8 (55)5.7 (73)10.1 (66)8.3 (64) TimesSquare Small Cap Growth 16,122,540 5.6 5.2 (81)-25.5 (79)2.9 (92)6.0 (77)9.8 (84)9.3 (46)02/01/2002 Russell 2000 Growth Index 4.1 (86)-26.4 (81)0.6 (97)3.5 (96)9.2 (91)7.4 (96) IM U.S. Equity (SA+CF) Median 8.7 -16.6 7.1 8.1 11.7 9.2 Total International Equity 54,378,018 18.9 18.0 15.8 (23)-17.6 (60)-1.1 (94)-0.2 (97)3.0 (100)09/01/2013 MSCI AC World ex USA Index (Net)14.3 (62)-16.0 (41)0.1 (76)0.9 (85)3.8 (99) All Public Plans-Intl. Equity Segment Median 14.8 -17.0 1.0 2.3 5.0 IM International Equity (MF) Median 14.6 -18.0 0.9 1.5 4.8 Morgan Stanley International Equity 36,796,398 12.8 18.1 (18)-14.1 (30)-0.1 (53)0.7 (48)3.7 (55)3.9 (73)04/01/2005 MSCI EAFE Index (Net)17.3 (24)-14.5 (33)0.9 (39)1.5 (34)4.7 (34)4.2 (63) IM International Equity (MF) Median 14.2 -17.5 0.1 0.5 4.0 4.5 Asset Allocation & Performance As of December 31, 2022 As of December 31, 2022 Page 10 Asset Allocation & Performance As of December 31, 2022 As of December 31, 2022 Allocation Market Value $%Policy % Performance % 1 Quarter 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Morgan Stanley Emerging Markets Fund 17,581,620 6.1 11.0 (32)-25.0 (79)-3.7 (73)-2.5 (75)0.8 (71)5.1 (57)04/01/2005 MSCI Emerging Markets Index (Net)9.7 (57)-20.1 (48)-2.7 (55)-1.4 (50)1.4 (49)5.7 (24) IM Emerging Markets Equity (MF) Median 10.0 -20.5 -2.3 -1.4 1.4 5.4 Total Fixed Income 102,496,527 35.5 35.0 2.9 (5)-12.3 (59)-2.1 (73)0.2 (82)1.0 (93)3.4 (87)07/01/2003 Blmbg. Intermed. U.S. Government/Credit 1.5 (66)-8.2 (23)-1.3 (49)0.7 (57)1.1 (92)2.7 (95) All Public Plans-US Fixed Income Segment Median 1.8 -11.8 -1.3 1.0 1.7 3.8 IM U.S. Fixed Income (SA+CF) Median 2.0 -9.5 -0.6 1.2 1.8 3.5 Income Research 41,592,624 14.4 1.5 (47)-8.1 (38)-0.8 (25)1.0 (23)1.2 (37)3.8 (17)07/01/2001 Blmbg. Intermed. U.S. Government/Credit 1.5 (44)-8.2 (43)-1.3 (60)0.7 (49)1.1 (60)3.3 (62) IM U.S. Intermediate Duration (SA+CF) Median 1.5 -8.3 -1.2 0.7 1.2 3.5 Prudential Core Plus Bond 39,028,527 13.5 2.3 (35)-14.6 (87)-2.6 (75)0.5 (50)1.7 (22)06/01/2015 Blmbg. U.S. Aggregate 1.9 (63)-13.0 (42)-2.7 (80)0.0 (82)0.8 (88) IM U.S. Broad Market Core+ Fixed Income (SA+CF) Median 2.0 -13.3 -2.1 0.5 1.3 Brandywine Global Opportunistic Fixed Income 21,875,375 7.6 6.9 (16)-16.2 (76)-3.9 (77)-1.7 (82)0.2 (59)3.6 (44)01/01/2005 FTSE World Government Bond Index 3.8 (62)-18.3 (90)-5.7 (95)-2.5 (93)-1.2 (97)1.3 (99) IM Global Fixed Income (SA+CF) Median 4.4 -13.1 -2.0 0.5 1.5 3.3 Hedge Fund 1,195,839 0.4 0.0 Entrust Capital Diversified Fund**1,195,839 0.4 Real Estate 24,002,654 8.3 12.0 -5.4 4.5 4.5 3.3 5.9 5.0 06/01/2006 Real Estate Performance Benchmark -5.1 6.6 9.4 8.3 9.2 7.8 UBS Trumbull Property Fund*24,002,654 8.3 -5.4 4.5 4.5 3.3 5.9 5.0 06/01/2006 Real Estate Performance Benchmark -5.1 6.6 9.4 8.3 9.2 7.8 Cash Account 1,953,069 0.7 0.0 0.9 1.6 0.7 1.3 0.8 1.3 07/01/2003 ICE BofAML 3 Month U.S. T-Bill 0.8 1.5 0.7 1.3 0.8 1.3 *The UBS Trumbull Property is currently in the process of liquidation. **The EnTrust Capital Diversified Fund market value is as of 10/31/2022 and is currently in the process of liquidation. Page 11 Performance % 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Pension -14.4 (56)10.1 (92)12.8 (63)16.2 (90)-4.3 (43)12.3 (90)5.1 (91)-0.7 (66)2.9 (96)10.9 (93) Policy Benchmark -12.7 (30)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) Total Domestic Equity -19.3 (66)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 -19.2 (66)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 -19.1 (61)26.5 (41)21.0 (37)31.4 (28)-4.8 (32)20.4 (42)7.9 (73)3.9 (15)10.9 (37)32.0 (71) Russell 1000 Index -19.1 (61)26.5 (42)21.0 (37)31.4 (28)-4.8 (32)21.7 (35)12.1 (53)0.9 (33)13.2 (19)33.1 (63) BlackRock Russell 1000 Index Fund Non-Lending -19.1 (61)26.4 (42)21.1 (37)31.4 (28)-4.8 (32)----- Russell 1000 Index -19.1 (61)26.5 (42)21.0 (37)31.4 (28)-4.8 (32)----- Total Small-Cap Equity -19.7 (63)19.5 (74)21.8 (36)28.7 (45)-9.5 (61)19.6 (46)15.6 (37)-4.8 (76)7.2 (62)40.3 (23) Russell 2000 Index -20.4 (65)14.8 (85)20.0 (40)25.5 (66)-11.0 (69)14.6 (71)21.3 (18)-4.4 (74)4.9 (76)38.8 (28) Kennedy Mid Cap Value -14.8 (42)31.8 (14)8.4 (68)28.6 (47)-14.5 (86)18.0 (53)22.9 (15)-9.9 (93)15.8 (6)33.3 (62) Russell Midcap Value Index -12.0 (33)28.3 (30)5.0 (76)27.1 (56)-12.3 (76)13.3 (78)20.0 (22)-4.8 (76)14.7 (9)33.5 (60) TimesSquare Small Cap Growth -25.5 (73)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) Russell 2000 Growth Index -26.4 (75)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) Total International Equity -17.6 (60)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)-16.0 (41)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 -14.1 (30)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) MSCI EAFE Index (Net)-14.5 (33)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) Morgan Stanley Emerging Markets Fund -25.0 (79)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) MSCI Emerging Markets Index (Net)-20.1 (48)-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) Asset Allocation & Performance As of December 31, 2022 As of December 31, 2022 Page 12 Asset Allocation & Performance As of December 31, 2022 As of December 31, 2022 Performance % 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Fixed Income -12.3 (59)-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) Blmbg. Intermed. U.S. Government/Credit -8.2 (23)-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) Income Research -8.1 (38)-1.3 (58)7.5 (20)6.7 (45)0.8 (39)2.0 (75)2.3 (43)0.9 (59)3.3 (48)-0.9 (59) Blmbg. Intermed. U.S. Government/Credit -8.2 (43)-1.4 (65)6.4 (53)6.8 (41)0.9 (35)2.1 (65)2.1 (52)1.1 (42)3.1 (58)-0.9 (56) Prudential Core Plus Bond -14.6 (87)-0.9 (65)9.2 (36)11.3 (14)-0.4 (38)6.6 (13)5.8 (22)--- Blmbg. U.S. Aggregate -13.0 (42)-1.5 (91)7.5 (81)8.7 (76)0.0 (19)3.5 (84)2.6 (89)--- Brandywine Global Opportunistic Fixed Income -16.2 (76)-5.3 (84)11.7 (17)9.3 (47)-5.2 (89)12.8 (5)5.2 (53)-8.4 (89)6.3 (16)-3.5 (73) FTSE World Government Bond Index -18.3 (90)-7.0 (93)10.1 (34)5.9 (88)-0.8 (28)7.5 (45)1.6 (88)-3.6 (61)-0.5 (83)-4.0 (80) Hedge Fund Entrust Capital Diversified Fund Real Estate 4.5 14.8 -4.9 -2.9 6.0 5.3 6.0 --- Real Estate Performance Benchmark 6.6 21.0 1.5 6.4 6.7 7.0 8.0 --- UBS Trumbull Property Fund 4.5 14.9 -4.9 -3.0 6.0 5.3 6.0 11.7 10.4 9.2 Real Estate Performance Benchmark 6.6 21.0 1.5 6.4 6.7 7.0 8.0 13.3 11.8 11.0 Cash Account 1.6 0.0 0.5 2.3 2.0 1.0 0.3 0.0 0.0 0.0 ICE BofAML 3 Month U.S. T-Bill 1.5 0.0 0.7 2.3 1.9 0.9 0.3 0.1 0.0 0.1 Page 13 Total Fund Performance 0.00%2.00%4.00%6.00%8.00% Total Fund Total Fund Benchmark Total Value Added 5.86% 5.63% 0.23% Total Value Added: 0.23% 0.00%0.10%0.20%0.30%0.40%-0.10 % Other Manager Value Added Asset Allocation 0.00% 0.24% 0.00% Total Asset Allocation: 0.00% Average Active Weight 0.00%2.00%4.00%-2.00 %-4.00 %-6.00 % Cash Account Real Estate Hedge Fund Total Fixed Income Total International Equity Total Small-Cap Equity Total Large-Cap Equity W eight % 0.74% -2.85 % 0.42% 0.04% 0.13% 1.66% -0.13 % Asset Allocation Value Added 0.00%0.10%0.20%-0.10 %-0.20 % -0.04 % 0.13% -0.03 % -0.07 % 0.04% -0.01 % -0.04 % Total Manager Value Added: 0.24% Manager Value Added 0.00%0.50%1.00%-0.50 %-1.00 % 0.00% -0.51 % 0.00% 0.48% 0.25% 0.03% 0.00% Total Fund Attribution 1 Quarter Ending December 31, 2022 1 Quarter Ending December 31, 2022 Page 14 Total Fund Performance 0.00%-5.00 %-10.00 %-15.00 %-20.00 % Total Fund Total Fund Benchmark Total Value Added -14.44 % -11.35 % -3.08 % Total Value Added: -3.08 % 0.00%-0.61 %-1.22 %-1.83 %-2.44 %-3.05 % Other Manager Value Added Asset Allocation -0.13 % -2.03 % -0.92 % Total Asset Allocation: -0.92 % Average Active Weight 0.00%2.00%4.00%-2.00 %-4.00 %-6.00 % Cash Account Real Estate Hedge Fund Total Fixed Income Total International Equity Total Small-Cap Equity Total Large-Cap Equity W eight % 0.67% -3.06 % 0.39% 0.41% -0.11 % 1.26% 0.44% Asset Allocation Value Added 0.00%0.40%-0.40 %-0.80 %-1.20 % 0.08% -0.66 % 0.04% -0.08 % 0.06% -0.18 % -0.17 % Total Manager Value Added: -2.03 % Manager Value Added 0.00%0.80%-0.80 %-1.60 %-2.40 % 0.00% -0.34 % 0.00% -1.48 % -0.29 % 0.08% 0.00% Total Fund Attribution 1 Year Ending December 31, 2022 1 Year Ending December 31, 2022 Page 15 -40.0 -25.0 -10.0 5.0 20.0 35.0 R eturn 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Total Pension 5.9 (48)-14.4 (56)-14.4 (56)2.0 (89)3.4 (94)4.7 (97)10.1 (92)12.8 (63)16.2 (90)¢ Policy Benchmark 4.9 (80)-12.7 (30)-12.7 (30)2.9 (68)4.1 (80)5.3 (95)10.8 (87)12.7 (63)17.4 (82)˜ 5th Percentile 7.5 -8.9 -8.9 5.6 6.3 8.1 17.7 18.2 22.6 1st Quartile 6.5 -12.2 -12.2 4.2 5.5 7.4 15.1 15.9 20.9 Median 5.8 -14.2 -14.2 3.5 4.9 6.8 13.5 13.9 19.7 3rd Quartile 5.1 -15.6 -15.6 2.7 4.3 6.3 12.0 11.6 18.1 95th Percentile 3.5 -17.5 -17.5 1.5 3.2 5.1 8.6 7.6 14.8 Population 469 465 465 454 435 348 864 901 915 Total Pension Peer Group Analysis As of December 31, 2022 All Public Plans < $1B-Total Fund All Public Plans < $1B-Total Fund Parentheses contain percentile rankings. Page 16 Annualized Return vs. Annualized Standard Deviation 5 Years Total Pension Policy Benchmark 90 Day U.S. Treasury Bill 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 R eturn % 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Standard Deviation % Standard Deviation Rolling 5 Years Total Pension Policy Benchmark 2.0 4.0 6.0 8.0 10.0 12.0 14.0 S tandard D eviation % 12/97 9/99 6/01 3/03 12/04 9/06 6/08 3/10 12/11 9/13 6/15 3/17 12/18 9/20 12/22 TRANSPARENT 5 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Pension -0.62 1.40 -0.45 0.99 0.24 -0.93 1.07 3.37 11.03 0.99 Policy Benchmark 0.00 0.00 -1.00 0.32 0.00 1.00 4.10 10.27 1.00 90 Day U.S. Treasury Bill -3.29 10.34 -0.32 0.05 -1.30 -0.01 1.26 0.34 -0.22 Total PensionTotal Pension Risk Profile As of December 31, 2022 Page 17 Market Value $ Current Allocation % Target Allocation % Minimum Allocation % Maximum Allocation % Differences % Total Pension 288,317,843 100.0 100.0 --0.0 Total Large-Cap Equity 71,089,890 24.7 25.0 20.0 30.0 -0.3 Total Small-Cap Equity 33,201,848 11.5 10.0 5.0 15.0 1.5 Total International Equity 54,378,018 18.9 18.0 13.0 23.0 0.9 Total Fixed Income 102,496,527 35.5 35.0 30.0 40.0 0.5 Hedge Fund 1,195,839 0.4 0.0 0.0 0.0 0.4 Real Estate 24,002,654 8.3 12.0 7.0 17.0 -3.7 Cash Account 1,953,069 0.7 0.0 0.0 0.0 0.7 Target Allocation Actual Allocation Allocation Differences 0.0%8.0%16.0%24.0%32.0%40.0%48.0%-8.0 %-16.0 % Cash Account $1,953.1K Real Estate $24,002.7K Hedge Fund $1,195.8K Total Fixed Income $102,496.5K Total International Equity $54,378.0K Total Small-Cap Equity $33,201.8K Total Large-Cap Equity $71,089.9K 0.0% 12.0% 0.0% 35.0% 18.0% 10.0% 25.0% 0.7% 8.3% 0.4% 35.5% 18.9% 11.5% 24.7% 0.7% -3.7 % 0.4% 0.5% 0.9% 1.5% -0.3 % Asset Allocation Compliance As of December 31, 2022 As of December 31, 2022 Page 18 (This Page Left Blank Intentionally) Page 19 Total Domestic Equity Page 20 Current Allocation Return Summary December 31, 2022 : $104,291,738 TimesSquare Small Cap Growth 15.5% Kennedy Mid Cap Value 16.4% BlackRock Russell 1000 Index Fund Non-Lending 68.2% Total Domestic Equity Russell 3000 Index 0.0 15.0 30.0 -15.0 -30.0 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years Inception 9/1/13 7.2 -19.2 -19.2 7.1 8.8 11.2 7.0 -19.3 -19.3 6.8 8.4 10.5 Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - 5 Years Total Domestic Equity Benchmark 0.9 1.0 1.1 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 1.0 Total Domestic EquityTotal Domestic Equity Portfolio Overview As of December 31, 2022 Page 21 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 R eturn 1 Quarter Year to Date 1 Year 3 Years 5 Years 2021 2020 2019 Total Domestic Equity 7.0 (74)-19.3 (66)-19.3 (66)6.8 (49)8.4 (42)24.3 (57)21.4 (24)30.6 (36)¢ Russell 3000 Index 7.2 (71)-19.2 (66)-19.2 (66)7.1 (38)8.8 (28)25.7 (43)20.9 (27)31.0 (29)˜ 5th Percentile 10.4 -12.9 -12.9 8.3 9.7 29.8 26.5 32.2 1st Quartile 8.7 -16.8 -16.8 7.7 9.0 27.7 21.3 31.3 Median 7.5 -18.1 -18.1 6.7 8.1 24.6 18.9 30.0 3rd Quartile 7.0 -19.7 -19.7 5.4 7.3 22.6 16.6 27.9 95th Percentile 5.9 -24.8 -24.8 3.0 5.4 15.2 10.4 24.5 Population 68 65 65 56 54 70 67 65 Total Domestic Equity Peer Group Analysis As of December 31, 2022 All Public Plans-US Equity Segment All Public Plans-US Equity Segment Parentheses contain percentile rankings. Page 22 Annualized Return vs. Annualized Standard Deviation 3 Years Total Domestic Equity Russell 3000 Index 90 Day U.S. Treasury Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 R eturn % 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 Standard Deviation % Standard Deviation Rolling 3 Years Total Domestic Equity Russell 3000 Index 4.0 8.0 12.0 16.0 20.0 24.0 28.0 S tandard D eviation % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 TRANSPARENT 3 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Domestic Equity -0.14 1.88 -0.08 0.99 0.37 -0.27 1.01 6.82 22.17 1.00 Russell 3000 Index 0.00 0.00 -1.00 0.39 0.00 1.00 7.07 21.79 1.00 90 Day U.S. Treasury Bill -8.45 21.92 -0.39 0.14 -0.78 -0.01 0.72 0.35 -0.37 Total Domestic EquityTotal Domestic Equity Risk Profile As of December 31, 2022 Page 23 As of December 31, 2022 BlackRock Russell 1000 Index Fund Performance Summary BlackRock Russell 1000 Index Fund Return Summary BlackRock Russell 1000 Index Fund Russell 1000 Index 0.0 15.0 30.0 -15.0 -30.0 R eturn % 1 Quarter 2022 1 Year 3 Years Inception 3/1/17 7.2 -19.1 -19.1 7.3 10.4 7.2 -19.1 -19.1 7.4 10.4 Account Information 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 Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% 0.2% -0.1 % -0.2 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - Since Inception BlackRock Russell 1000 Index Fund Benchmark 0.99 1.00 1.01 2/17 8/17 2/18 8/18 2/19 8/19 2/20 8/20 2/21 8/21 2/22 12/22 1.00 Page 24 IM U.S. Equity (SA+CF) -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 R eturn 1 Quarter Year to Date 1 Year 3 Years 2021 BlackRock Russell 1000 7.2 (64)-19.1 (61)-19.1 (61)7.4 (34)26.4 (42)¢ Russell 1000 Index 7.2 (64)-19.1 (61)-19.1 (61)7.3 (34)26.5 (42)¢ 5th Percentile 14.6 -1.0 -1.0 11.5 37.3 1st Quartile 11.5 -9.6 -9.6 8.0 28.9 Median 8.5 -17.3 -17.3 6.1 25.0 3rd Quartile 5.8 -24.6 -24.6 4.3 19.2 95th Percentile 0.5 -36.1 -36.1 0.9 6.0 Population 1,813 1,788 1,788 1,713 1,941 BlackRock Russell 1000 Peer Group Analysis As of December 31, 2022 As of December 31, 2022 IM U.S. Equity (SA+CF) Parentheses contain percentile rankings. Page 25 As of December 31, 2022 Kennedy Mid Cap Value Performance Summary Kennedy Mid Cap Value Return Summary Kennedy Mid Cap Value Russell Midcap Value Index 0.0 10.0 20.0 -10.0 -20.0 -30.0 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years 10 Years Inception 1/1/08 10.5 -12.0 -12.0 5.8 5.7 10.1 8.08.0 -14.8 -14.8 6.8 6.0 10.4 9.3 Account Information Account Name:Kennedy Mid Cap Value Inception Date:01/01/2008 Account Structure:Commingled Fund Asset Class:US Equity Benchmark:Russell Midcap Value Index Peer Group:IM U.S. Equity (SA+CF) Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - Since Inception Kennedy Mid Cap Value Benchmark 0.80 1.00 1.20 1.40 12/07 3/09 6/10 9/11 12/12 3/14 6/15 9/16 12/17 3/19 6/20 9/21 12/22 1.20 Page 26 IM U.S. Equity (SA+CF) -75.0 -50.0 -25.0 0.0 25.0 50.0 75.0 100.0 R eturn 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Kennedy Mid Cap Value 8.0 (55)-14.8 (42)-14.8 (42)6.8 (42)6.0 (69)10.4 (59)31.8 (14)8.4 (68)28.6 (47)¢ Russell Midcap Value Index 10.5 (33)-12.0 (33)-12.0 (33)5.8 (55)5.7 (73)10.1 (66)28.3 (30)5.0 (76)27.1 (56)¢ 5th Percentile 14.6 -1.0 -1.0 11.5 11.4 13.7 37.3 57.9 38.5 1st Quartile 11.5 -9.6 -9.6 8.0 9.0 12.0 28.9 29.7 31.8 Median 8.5 -17.3 -17.3 6.1 7.3 10.8 25.0 15.5 28.0 3rd Quartile 5.8 -24.6 -24.6 4.3 5.4 9.5 19.2 5.3 23.6 95th Percentile 0.5 -36.1 -36.1 0.9 2.7 7.2 6.0 -3.9 14.6 Population 1,813 1,788 1,788 1,713 1,612 1,318 1,941 2,049 2,154 Kennedy Mid Cap Value Peer Group Analysis As of December 31, 2022 As of December 31, 2022 IM U.S. Equity (SA+CF) Parentheses contain percentile rankings. Page 27 Annualized Return vs. Annualized Standard Deviation 5 Years Kennedy Mid Cap Value Russell Midcap Value Index 90 Day U.S. Treasury Bill -1.5 0.0 1.5 3.0 4.5 6.0 7.5 R eturn % 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Standard Deviation % Standard Deviation Rolling 5 Years Kennedy Mid Cap Value Russell Midcap Value Index 4.0 8.0 12.0 16.0 20.0 24.0 28.0 S tandard D eviation % 3/13 12/13 9/14 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 12/22 TRANSPARENT 5 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Kennedy Mid Cap Value 0.11 4.11 0.03 0.96 0.32 0.45 0.96 5.99 20.89 0.98 Russell Midcap Value Index 0.00 0.00 -1.00 0.31 0.00 1.00 5.72 21.42 1.00 90 Day U.S. Treasury Bill -6.66 21.52 -0.31 0.09 -1.30 0.00 1.26 0.34 -0.29 Kennedy Mid Cap ValueKennedy Mid Cap Value Risk Profile As of December 31, 2022 Page 28 As of December 31, 2022 TimesSquare Small Cap Growth Performance Summary TimesSquare Small Cap Growth Return Summary TimesSquare Small Cap Growth Russell 2000 Growth Index 0.0 15.0 30.0 -15.0 -30.0 -45.0 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years 10 Years Inception 2/1/02 4.1 -26.4 -26.4 0.6 3.5 9.2 7.45.2 -25.5 -25.5 2.9 6.0 9.8 9.3 Account Information 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 Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - Since Inception TimesSquare Small Cap Growth Benchmark 0.80 1.00 1.20 1.40 1.60 1.80 1/02 7/03 1/05 7/06 1/08 7/09 1/11 7/12 1/14 7/15 1/17 7/18 1/20 7/21 12/22 1.46 Page 29 IM U.S. Equity (SA+CF) -75.0 -50.0 -25.0 0.0 25.0 50.0 75.0 100.0 R eturn 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 TimesSquare Small Cap Growth 5.2 (81)-25.5 (79)-25.5 (79)2.9 (92)6.0 (77)9.8 (84)7.3 (95)36.3 (17)28.2 (53)¢ Russell 2000 Growth Index 4.1 (86)-26.4 (81)-26.4 (81)0.6 (97)3.5 (96)9.2 (91)2.8 (98)34.6 (20)28.5 (51)¢ 5th Percentile 14.9 0.0 0.0 12.9 12.4 14.4 38.4 59.2 39.3 1st Quartile 11.6 -9.0 -9.0 8.8 9.6 12.7 29.8 29.7 32.4 Median 8.7 -16.6 -16.6 7.1 8.1 11.7 26.1 16.8 28.6 3rd Quartile 6.2 -23.4 -23.4 5.2 6.2 10.4 20.2 6.4 24.5 95th Percentile 0.9 -34.9 -34.9 1.7 3.6 8.3 6.9 -3.1 15.0 Population 1,845 1,838 1,838 1,790 1,748 1,544 2,034 2,210 2,365 TimesSquare Small Cap Growth Peer Group Analysis As of December 31, 2022 As of December 31, 2022 IM U.S. Equity (SA+CF) Parentheses contain percentile rankings. Page 30 Annualized Return vs. Annualized Standard Deviation 5 Years TimesSquare Small Cap Growth Russell 2000 Growth Index 90 Day U.S. Treasury Bill -2.0 0.0 2.0 4.0 6.0 8.0 R eturn % 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 Standard Deviation % Standard Deviation Rolling 5 Years TimesSquare Small Cap Growth Russell 2000 Growth Index 8.0 12.0 16.0 20.0 24.0 28.0 32.0 S tandard D eviation % 3/13 12/13 9/14 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 12/22 TRANSPARENT 5 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation TimesSquare Small Cap Growth 2.45 4.92 0.50 0.96 0.31 2.55 0.99 6.00 24.22 0.98 Russell 2000 Growth Index 0.00 0.00 -1.00 0.21 0.00 1.00 3.51 23.98 1.00 90 Day U.S. Treasury Bill -5.06 24.06 -0.21 0.05 -1.28 0.00 1.26 0.34 -0.23 TimesSquare Small Cap GrowthTimesSquare Small Cap Growth Risk Profile As of December 31, 2022 Page 31 Asset Allocation As of 10/31/2022 0.0%50.0%100.0%150.0%-50.0 % Other Convertibles Fixed Income Cash Equities -0.6 % 0.0% 0.7% 3.2% 96.7% Fund Characteristics As of 10/31/2022 Total Securities 88 Avg. Market Cap $4,130.02 Million P/E 31.82 P/B 6.29 Div. Yield 1.41% Annual EPS 33.89 5Yr EPS 21.76 3Yr EPS Growth 19.81 Top Ten Securities As of 10/31/2022 WNS HOLDINGS ADR REP 1 ORD 2.41 % Exlservice Holdings Inc ORD 2.35 % Matador Resources Co ORD 2.29 % Dreyfus Inst Preferred Govt Money 2.21 % Driven Brands Holdings Inc ORD 2.20 % Healthequity Inc ORD 2.17 % Casella Waste Systems Inc ORD 2.17 % Paycor Hcm Inc ORD 2.14 % EMCOR Group Inc ORD 1.95 % BJ's Wholesale Club Holdings Inc 1.94 % Sector/Quality Allocation As of 10/31/2022 0.0%6.0%12.0%18.0%24.0%30.0% Industrials Non Classified Equity Health Care Financials Consumer Discretionary Information Technology Energy Consumer Staples Materials 23.4% 19.8% 14.6% 10.5% 10.4% 9.5% 4.5% 2.5% 1.5% TimesSquare Small Cap Growth As of December 31, 2022 As of December 31, 2022 Page 32 (This Page Left Blank Intentionally) Page 33 Total International Equity Page 34 Current Allocation Return Summary December 31, 2022 : $54,378,018 Morgan Stanley Emerging Markets Fund 32.3% Morgan Stanley International Equity 67.7% Total International Equity MSCI AC World ex USA Index (Net) 0.0 15.0 30.0 -15.0 -30.0 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years Inception 9/1/13 14.3 -16.0 -16.0 0.1 0.9 3.8 15.8 -17.6 -17.6 -1.1 -0.2 3.0 Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - 5 Years Total International Equity Benchmark 0.9 1.0 1.1 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 0.9 Total International EquityTotal International Equity Portfolio Overview As of December 31, 2022 Page 35 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 R eturn 1 Quarter Year to Date 1 Year 3 Years 5 Years 2021 2020 2019 Total International Equity 15.8 (23)-17.6 (60)-17.6 (60)-1.1 (94)-0.2 (97)4.0 (96)12.7 (52)20.2 (96)¢ MSCI AC World ex USA Index (Net)14.3 (62)-16.0 (41)-16.0 (41)0.1 (76)0.9 (85)7.8 (75)10.7 (75)21.5 (86)˜ 5th Percentile 16.7 -12.3 -12.3 3.9 4.0 18.8 28.2 30.6 1st Quartile 15.6 -14.3 -14.3 2.4 2.9 12.3 16.9 25.9 Median 14.8 -17.0 -17.0 1.0 2.3 9.5 12.8 23.7 3rd Quartile 13.4 -19.0 -19.0 0.1 1.3 7.6 10.5 22.4 95th Percentile 10.7 -23.2 -23.2 -1.5 -0.1 4.2 7.1 20.3 Population 67 65 65 59 58 69 68 65 Total International Equity Peer Group Analysis As of December 31, 2022 All Public Plans-Intl. Equity Segment All Public Plans-Intl. Equity Segment Parentheses contain percentile rankings. Page 36 Annualized Return vs. Annualized Standard Deviation 3 Years Total International Equity MSCI AC World ex USA Index (Net) 90 Day U.S. Treasury Bill -2.4 -1.8 -1.2 -0.6 0.0 0.6 1.2 1.8 R eturn % 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Standard Deviation % Standard Deviation Rolling 3 Years Total International Equity MSCI AC World ex USA Index (Net) 12.0 14.0 16.0 18.0 20.0 22.0 24.0 S tandard D eviation % 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 TRANSPARENT 3 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total International Equity -1.01 4.06 -0.25 0.96 0.01 -1.08 1.03 -1.13 20.60 0.98 MSCI AC World ex USA Index (Net)0.00 0.00 -1.00 0.06 0.00 1.00 0.07 19.53 1.00 90 Day U.S. Treasury Bill -1.22 19.62 -0.06 0.06 -0.73 0.00 0.72 0.35 -0.24 Total International EquityTotal International Equity Risk Profile As of December 31, 2022 Page 37 As of December 31, 2022 Morgan Stanley International Equity Performance Summary Morgan Stanley International Equity Return Summary Morgan Stanley International Equity MSCI EAFE Index (Net) 0.0 15.0 30.0 -15.0 -30.0 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 17.3 -14.5 -14.5 0.9 1.5 4.7 4.2 18.1 -14.1 -14.1 -0.1 0.7 3.7 3.9 Account Information 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 Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - Since Inception Morgan Stanley International Equity Benchmark 0.80 0.88 0.96 1.04 1.12 1.20 3/05 6/06 9/07 12/08 3/10 6/11 9/12 12/13 3/15 6/16 9/17 12/18 3/20 6/21 12/22 0.94 Page 38 IM International Equity (MF) -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 R eturn 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Morgan Stanley International Equity 18.1 (18)-14.1 (30)-14.1 (30)-0.1 (53)0.7 (48)3.7 (55)4.2 (68)11.4 (52)20.4 (61)¢ MSCI EAFE Index (Net)17.3 (24)-14.5 (33)-14.5 (33)0.9 (39)1.5 (34)4.7 (34)11.3 (39)7.8 (66)22.0 (49)¢ 5th Percentile 21.8 -4.4 -4.4 5.9 5.2 8.1 20.4 42.8 34.3 1st Quartile 17.1 -13.1 -13.1 1.8 2.0 5.1 13.1 20.1 26.5 Median 14.2 -17.5 -17.5 0.1 0.5 4.0 9.3 11.8 21.9 3rd Quartile 10.4 -23.3 -23.3 -2.3 -1.3 2.1 0.9 5.0 18.2 95th Percentile 3.9 -32.4 -32.4 -6.4 -4.1 -2.0 -11.9 -6.3 9.6 Population 1,179 1,140 1,140 1,018 853 434 1,102 1,046 980 Morgan Stanley International Equity Peer Group Analysis As of December 31, 2022 As of December 31, 2022 IM International Equity (MF) Parentheses contain percentile rankings. Page 39 Annualized Return vs. Annualized Standard Deviation 5 Years Morgan Stanley International MSCI EAFE Index (Net)90 Day U.S. Treasury Bill 0.3 0.6 0.9 1.2 1.5 1.8 R eturn % 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 Standard Deviation % Standard Deviation Rolling 5 Years Morgan Stanley International MSCI EAFE Index (Net) 4.0 8.0 12.0 16.0 20.0 24.0 28.0 S tandard D eviation % 3/13 12/13 9/14 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 12/22 TRANSPARENT 5 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley International -0.80 4.78 -0.17 0.93 0.06 -0.73 0.98 0.70 17.77 0.96 MSCI EAFE Index (Net)0.00 0.00 -1.00 0.10 0.00 1.00 1.54 17.52 1.00 90 Day U.S. Treasury Bill -1.79 17.57 -0.10 0.02 -1.27 0.00 1.26 0.34 -0.14 Morgan Stanley InternationalMorgan Stanley International Risk Profile As of December 31, 2022 Page 40 Asset Allocation As of 10/31/2022 0.0%50.0%100.0%150.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.0% 0.3% 2.2% 97.4% Fund Characteristics As of 10/31/2022 Total Securities 72 Avg. Market Cap $71,968.70 Million P/E 21.64 P/B 3.96 Div. Yield 2.81% Annual EPS 33.36 5Yr EPS 6.94 3Yr EPS Growth 5.16 Top Ten Securities As of 10/31/2022 SAP SE ORD 3.27 % Shell PLC ORD 2.97 % Reckitt Benckiser Group PLC ORD 2.97 % Constellation Software Inc ORD 2.78 % LVMH Moet Hennessy Louis Vuitton 2.71 % Safran SA ORD 2.49 % Heineken NV ORD 2.32 % Morgan Stanley Inst Liq Treasury 2.23 % Relx PLC ORD 2.23 % Samsung Electronics Co Ltd ORD 2.22 % Sector/Quality Allocation As of 10/31/2022 0.0%8.0%16.0%24.0%32.0% Consumer Staples Industrials Financials Information Technology Health Care Energy Consumer Discretionary Materials 24.6% 21.1% 18.5% 14.1% 10.3% 4.1% 3.0% 1.9% Morgan Stanley International Equity As of December 31, 2022 As of December 31, 2022 Page 41 As of December 31, 2022 Morgan Stanley Emerging Markets Fund Performance Summary Morgan Stanley Emerging Markets Fund Return Summary Morgan Stanley Emerging Markets Fund MSCI Emerging Markets Index (Net) 0.0 15.0 30.0 -15.0 -30.0 -45.0 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 9.7 -20.1 -20.1 -2.7 -1.4 1.4 5.7 11.0 -25.0 -25.0 -3.7 -2.5 0.8 5.1 Account Information 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 Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - Since Inception Morgan Stanley Emerging Markets Fund Benchmark 0.70 0.80 0.90 1.00 1.10 1.20 3/05 6/06 9/07 12/08 3/10 6/11 9/12 12/13 3/15 6/16 9/17 12/18 3/20 6/21 12/22 0.90 Page 42 IM Emerging Markets Equity (MF) -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 R eturn 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Morgan Stanley Emerging Markets Fund 11.0 (32)-25.0 (79)-25.0 (79)-3.7 (73)-2.5 (75)0.8 (71)3.6 (36)14.7 (61)19.5 (51)¢ MSCI Emerging Markets Index (Net)9.7 (57)-20.1 (48)-20.1 (48)-2.7 (55)-1.4 (50)1.4 (49)-2.5 (66)18.3 (41)18.4 (61)¢ 5th Percentile 15.3 -6.0 -6.0 4.6 2.4 4.8 18.0 41.1 31.3 1st Quartile 11.5 -16.4 -16.4 -0.1 0.0 2.3 6.0 23.9 24.5 Median 10.0 -20.5 -20.5 -2.3 -1.4 1.4 -0.2 17.2 19.7 3rd Quartile 8.2 -24.5 -24.5 -3.9 -2.5 0.4 -3.9 10.1 16.2 95th Percentile 1.3 -33.4 -33.4 -7.4 -5.6 -6.3 -13.3 -6.1 8.2 Population 299 288 288 249 204 106 277 259 243 Morgan Stanley Emerging Markets Fund Peer Group Analysis As of December 31, 2022 As of December 31, 2022 IM Emerging Markets Equity (MF) Parentheses contain percentile rankings. Page 43 Annualized Return vs. Annualized Standard Deviation 5 Years Morgan Stanley Emerging Markets MSCI Emerging Markets Index (Net) 90 Day U.S. Treasury Bill -4.0 -2.0 0.0 2.0 4.0 R eturn % 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Standard Deviation % Standard Deviation Rolling 5 Years Morgan Stanley Emerging Markets MSCI Emerging Markets Index (Net) 8.0 12.0 16.0 20.0 24.0 28.0 32.0 36.0 S tandard D eviation % 3/13 12/13 9/14 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 12/22 TRANSPARENT 5 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley Emerging Markets -0.88 5.57 -0.16 0.92 -0.09 -0.88 1.02 -2.49 19.91 0.96 MSCI Emerging Markets Index (Net)0.00 0.00 -1.00 -0.05 0.00 1.00 -1.40 18.83 1.00 90 Day U.S. Treasury Bill 0.91 18.88 0.05 0.02 -1.26 0.00 1.26 0.34 -0.14 Morgan Stanley Emerging MarketsMorgan Stanley Emerging Markets Risk Profile As of December 31, 2022 Page 44 Asset Allocation As of 10/31/2022 0.0%50.0%100.0%150.0%-50.0 % Other Convertibles Fixed Income Cash Equities -0.1 % 0.0% 0.6% 2.6% 96.9% Fund Characteristics As of 10/31/2022 Total Securities 97 Avg. Market Cap $85,791.13 Million P/E 21.34 P/B 3.86 Div. Yield 3.62% Annual EPS 40.78 5Yr EPS 15.95 3Yr EPS Growth 17.72 Top Ten Securities As of 10/31/2022 Samsung Electronics Co Ltd ORD 4.74 % Taiwan Semiconductor Manufacturing 4.11 % Reliance Industries Ltd ORD 3.24 % ICICI Bank Ltd ORD 3.05 % Morgan Stanley Inst Liq Govt Port;Instit 2.96 % Grupo Financiero Banorte SAB de 2.77 % Itau Unibanco Holding SA 2.69 % TAIWAN SEMICONDUCTOR MNFTG ADR 2.68 % Anglo American PLC ORD 2.37 % HDFC BANK ADR REP 3 ORD 2.30 % Sector/Quality Allocation As of 10/31/2022 0.0%8.0%16.0%24.0%32.0%40.0% Financials Information Technology Consumer Discretionary Industrials Consumer Staples Materials Energy Non Classified Equity Health Care 28.0% 19.1% 12.3% 10.4% 9.1% 7.7% 6.5% 2.2% 1.5% Morgan Stanley Emerging Markets Fund As of December 31, 2022 As of December 31, 2022 Page 45 Total Fixed Income Page 46 Current Allocation Return Summary December 31, 2022 : $102,496,527 Income Research 40.6% Brandywine Global Opportunistic Fixed Income 21.3% Prudential Core Plus Bond 38.1% Total Fixed Income Blmbg. Intermed. U.S. Government/Credit 0.0 8.0 16.0 -8.0 -16.0 -24.0 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years 10 Years Inception 7/1/03 1.5 -8.2 -8.2 -1.3 0.7 1.1 2.72.9 -12.3 -12.3 -2.1 0.2 1.0 3.4 Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - 5 Years Total Fixed Income Benchmark 0.9 1.0 1.1 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 1.0 Total Fixed IncomeTotal Fixed Income Portfolio Overview As of December 31, 2022 Page 47 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 R eturn 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Total Fixed Income 2.9 (5)-12.3 (59)-12.3 (59)-2.1 (73)0.2 (82)1.0 (93)-2.1 (97)9.2 (33)9.1 (53)¢ Blmbg. Intermed. U.S. Government/Credit 1.5 (66)-8.2 (23)-8.2 (23)-1.3 (49)0.7 (57)1.1 (92)-1.4 (92)6.4 (87)6.8 (92)˜ 5th Percentile 2.9 -5.0 -5.0 0.7 2.0 3.2 2.9 12.4 11.9 1st Quartile 2.3 -8.8 -8.8 -0.4 1.4 2.1 0.7 9.6 10.3 Median 1.8 -11.8 -11.8 -1.3 1.0 1.7 -0.1 8.6 9.3 3rd Quartile 1.2 -13.8 -13.8 -2.2 0.4 1.4 -0.7 7.4 8.0 95th Percentile -0.9 -21.8 -21.8 -4.5 -0.9 0.3 -1.7 4.9 6.2 Population 72 70 70 60 58 48 73 74 68 Total Fixed Income Peer Group Analysis As of December 31, 2022 All Public Plans-US Fixed Income Segment All Public Plans-US Fixed Income Segment Parentheses contain percentile rankings. Page 48 Annualized Return vs. Annualized Standard Deviation 5 Years Total Fixed Income Blmbg. Intermed. U.S. Government/Credit 90 Day U.S. Treasury Bill -0.3 0.0 0.3 0.6 0.9 1.2 1.5 1.8 R eturn % 0.0 0.9 1.8 2.7 3.6 4.5 5.4 6.3 7.27.2 Standard Deviation % Standard Deviation Rolling 5 Years Total Fixed Income Blmbg. Intermed. U.S. Government/Credit 1.0 2.0 3.0 4.0 5.0 6.0 7.0 S tandard D eviation % 3/13 12/13 9/14 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 12/22 TRANSPARENT 5 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Fixed Income -0.39 3.36 -0.12 0.71 -0.15 -0.71 1.41 0.23 5.69 0.84 Blmbg. Intermed. U.S. Government/Credit 0.00 0.00 -1.00 -0.14 0.00 1.00 0.73 3.41 1.00 90 Day U.S. Treasury Bill 0.47 3.36 0.14 0.04 -1.25 0.02 1.26 0.34 0.21 Total Fixed IncomeTotal Fixed Income Risk Profile As of December 31, 2022 Page 49 As of December 31, 2022 Income Research Performance Summary Income Research Return Summary Income Research Blmbg. Intermed. U.S. Government/Credit 0.0 5.0 10.0 -5.0 -10.0 -15.0 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years 10 Years Inception 7/1/01 1.5 -8.2 -8.2 -1.3 0.7 1.1 3.3 1.5 -8.1 -8.1 -0.8 1.0 1.2 3.8 Account Information 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 Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.6% 1.2% 1.8% -0.6 % -1.2 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - Since Inception Income Research Benchmark 0.96 1.02 1.08 1.14 1.20 6/01 12/02 6/04 12/05 6/07 12/08 6/10 12/11 6/13 12/14 6/16 12/17 6/19 12/20 12/22 1.10 Page 50 IM U.S. Intermediate Duration (SA+CF) -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 R eturn 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Income Research 1.5 (47)-8.1 (38)-8.1 (38)-0.8 (25)1.0 (23)1.2 (37)-1.3 (58)7.5 (20)6.7 (45)¢ Blmbg. Intermed. U.S. Government/Credit 1.5 (44)-8.2 (43)-8.2 (43)-1.3 (60)0.7 (49)1.1 (60)-1.4 (65)6.4 (53)6.8 (41)¢ 5th Percentile 2.2 -4.9 -4.9 0.0 1.7 2.6 1.7 8.9 8.7 1st Quartile 1.7 -7.8 -7.8 -0.8 0.9 1.4 -0.8 7.3 7.1 Median 1.5 -8.3 -8.3 -1.2 0.7 1.2 -1.2 6.5 6.6 3rd Quartile 1.2 -9.1 -9.1 -1.4 0.5 1.0 -1.6 5.5 5.9 95th Percentile 0.7 -10.9 -10.9 -2.2 -0.1 0.5 -2.0 3.2 4.1 Population 127 124 124 119 110 99 133 138 132 Income Research Peer Group Analysis As of December 31, 2022 As of December 31, 2022 IM U.S. Intermediate Duration (SA+CF) Parentheses contain percentile rankings. Page 51 Annualized Return vs. Annualized Standard Deviation 5 Years Income Research Blmbg. Intermed. U.S. Government/Credit 90 Day U.S. Treasury Bill 0.4 0.6 0.8 1.0 1.2 1.4 1.6 R eturn % 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Standard Deviation % Standard Deviation Rolling 5 Years Income Research Blmbg. Intermed. U.S. Government/Credit 0.7 1.4 2.1 2.8 3.5 4.2 4.9 5.6 S tandard D eviation % 3/13 12/13 9/14 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 12/22 TRANSPARENT 5 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Income Research 0.23 0.42 0.55 0.98 -0.07 0.23 1.00 0.96 3.42 0.99 Blmbg. Intermed. U.S. Government/Credit 0.00 0.00 -1.00 -0.14 0.00 1.00 0.73 3.41 1.00 90 Day U.S. Treasury Bill 0.47 3.36 0.14 0.04 -1.25 0.02 1.26 0.34 0.21 Income ResearchIncome Research Risk Profile As of December 31, 2022 Page 52 As of December 31, 2022 Prudential Core Plus Bond Performance Summary Prudential Core Plus Bond Return Summary Prudential Core Plus Bond Blmbg. U.S. Aggregate 0.0 8.0 -8.0 -16.0 -24.0 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years Inception 6/1/15 1.9 -13.0 -13.0 -2.7 0.0 0.82.3 -14.6 -14.6 -2.6 0.5 1.7 Account Information 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 Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 5.0% 10.0% -5.0 % -10.0 % 9/15 6/16 3/17 12/17 9/18 6/19 3/20 12/20 9/21 6/22 12/22 Ratio of Cumulative Wealth - Since Inception Prudential Core Plus Bond Benchmark 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 2/22 12/22 1.07 Page 53 IM U.S. Broad Market Core+ Fixed Income (SA+CF) -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 R eturn 1 Quarter Year to Date 1 Year 3 Years 5 Years 2021 2020 2019 Prudential Core Plus Bond 2.3 (35)-14.6 (87)-14.6 (87)-2.6 (75)0.5 (50)-0.9 (65)9.2 (36)11.3 (14)¢ Blmbg. U.S. Aggregate 1.9 (63)-13.0 (42)-13.0 (42)-2.7 (80)0.0 (82)-1.5 (91)7.5 (81)8.7 (76)¢ 5th Percentile 3.5 -9.0 -9.0 0.6 1.8 3.4 14.1 13.0 1st Quartile 2.5 -12.5 -12.5 -1.6 0.8 0.1 9.6 10.6 Median 2.0 -13.3 -13.3 -2.1 0.5 -0.5 8.7 9.6 3rd Quartile 1.6 -14.0 -14.0 -2.6 0.1 -1.1 7.7 8.8 95th Percentile 1.2 -16.1 -16.1 -3.3 -0.4 -1.7 4.1 6.7 Population 139 138 138 132 124 147 154 158 Prudential Core Plus Bond Peer Group Analysis As of December 31, 2022 As of December 31, 2022 IM U.S. Broad Market Core+ Fixed Income (SA+CF) Parentheses contain percentile rankings. Page 54 Annualized Return vs. Annualized Standard Deviation 3 Years Prudential Core Plus Bond Blmbg. U.S. Aggregate 90 Day U.S. Treasury Bill -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 R eturn % 0.0 2.0 4.0 6.0 8.0 10.0 Standard Deviation % Standard Deviation Rolling 3 Years Prudential Core Plus Bond Blmbg. U.S. Aggregate 0.0 2.0 4.0 6.0 8.0 10.0 S tandard D eviation % 3/13 12/13 9/14 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 12/22 TRANSPARENT 3 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Prudential Core Plus Bond 0.26 4.01 0.07 0.75 -0.38 0.69 1.16 -2.59 7.84 0.87 Blmbg. U.S. Aggregate 0.00 0.00 -1.00 -0.56 0.00 1.00 -2.71 5.85 1.00 90 Day U.S. Treasury Bill 3.30 5.86 0.56 0.00 -0.73 0.00 0.72 0.35 0.02 Prudential Core Plus BondPrudential Core Plus Bond Risk Profile As of December 31, 2022 Page 55 As of December 31, 2022 Brandywine Global Opportunistic Fixed Income Performance Summary Brandywine Global Opportunistic Fixed Income Return Summary Brandywine Global Opportunistic Fixed Income FTSE World Government Bond Index 0.0 10.0 20.0 -10.0 -20.0 -30.0 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years 10 Years Inception 1/1/05 3.8 -18.3 -18.3 -5.7 -2.5 -1.2 1.3 6.9 -16.2 -16.2 -3.9 -1.7 0.2 3.6 Account Information 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 Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 10.0% 20.0% -10.0 % -20.0 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - Since Inception Brandywine Global Opportunistic Fixed Income Benchmark 0.60 0.90 1.20 1.50 1.80 12/04 6/06 12/07 6/09 12/10 6/12 12/13 6/15 12/16 6/18 12/19 6/21 12/22 1.50 Page 56 IM Global Fixed Income (SA+CF) -40.0 -25.0 -10.0 5.0 20.0 35.0 R eturn 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Brandywine Global 6.9 (16)-16.2 (76)-16.2 (76)-3.9 (77)-1.7 (82)0.2 (59)-5.3 (84)11.7 (17)9.3 (47)¢ FTSE World Government Bond Index 3.8 (62)-18.3 (90)-18.3 (90)-5.7 (95)-2.5 (93)-1.2 (97)-7.0 (93)10.1 (34)5.9 (88)¢ 5th Percentile 8.5 -0.9 -0.9 3.2 4.0 4.5 7.0 19.3 15.3 1st Quartile 6.0 -9.5 -9.5 -0.1 1.6 2.7 3.4 10.7 12.9 Median 4.4 -13.1 -13.1 -2.0 0.5 1.5 0.0 7.5 9.0 3rd Quartile 3.1 -16.1 -16.1 -3.8 -1.4 -0.2 -4.5 4.9 7.5 95th Percentile 1.3 -21.1 -21.1 -5.8 -3.1 -1.2 -7.4 0.8 4.0 Population 172 169 169 164 156 125 188 198 203 Brandywine Global Peer Group Analysis As of December 31, 2022 As of December 31, 2022 IM Global Fixed Income (SA+CF) Parentheses contain percentile rankings. Page 57 Annualized Return vs. Annualized Standard Deviation 5 Years Brandywine Global FTSE World Government Bond Index 90 Day U.S. Treasury Bill -4.0 -2.0 0.0 2.0 4.0 R eturn % 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Standard Deviation % Standard Deviation Rolling 5 Years Brandywine Global FTSE World Government Bond Index 2.0 4.0 6.0 8.0 10.0 12.0 14.0 S tandard D eviation % 3/13 12/13 9/14 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 12/22 TRANSPARENT 5 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Brandywine Global 1.23 7.16 0.17 0.57 -0.22 1.75 1.22 -1.68 10.72 0.76 FTSE World Government Bond Index 0.00 0.00 -1.00 -0.55 0.00 1.00 -2.54 6.67 1.00 90 Day U.S. Treasury Bill 3.61 6.61 0.55 0.03 -1.28 0.01 1.26 0.34 0.19 Brandywine GlobalBrandywine Global Risk Profile As of December 31, 2022 Page 58 (This Page Left Blank Intentionally) Page 59 Real Estate Page 60 As of December 31, 2022 UBS Trumbull Property Fund Performance Summary UBS Trumbull Property Fund Return Summary UBS Trumbull Property Fund NCREIF Property Index 0.0 6.0 12.0 18.0 -6.0 -12.0 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years 10 Years Inception 6/1/06 0.0 9.4 9.4 9.4 8.2 9.2 7.8 -5.4 4.5 4.5 4.5 3.3 5.9 5.0 Account Information 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 Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % -9.0 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - Since Inception UBS Trumbull Property Fund Benchmark 0.40 0.60 0.80 1.00 1.20 5/06 8/07 11/08 2/10 5/11 8/12 11/13 2/15 5/16 8/17 11/18 2/20 5/21 12/22 0.64 Page 61 Annualized Return vs. Annualized Standard Deviation 5 Years UBS Trumbull Property Fund NCREIF Property Index 90 Day U.S. Treasury Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 R eturn % 0.0 0.9 1.8 2.7 3.6 4.5 5.4 6.3 7.2 8.18.1 Standard Deviation % Standard Deviation Rolling 5 Years UBS Trumbull Property Fund NCREIF Property Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 S tandard D eviation % 3/13 12/13 9/14 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 12/22 TRANSPARENT 5 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation UBS Trumbull Property Fund -3.94 2.90 -1.36 0.80 0.34 -5.65 1.25 3.28 6.04 0.90 NCREIF Property Index 0.00 0.00 -1.00 1.31 0.00 1.00 7.46 4.33 1.00 90 Day U.S. Treasury Bill -6.09 4.67 -1.31 0.32 -1.81 -0.07 1.26 0.56 -0.57 UBS Trumbull Property FundUBS Trumbull Property Fund Risk Profile As of December 31, 2022 Page 62 (This Page Left Blank Intentionally) Page 63 Market Environment Page 64 Factor Indices Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. 10.1% 14.6% 10.3% 13.1% 16.4% 13.0% 4.8% 9.8% 14.2% -9.3% -3.9% -21.9% -17.3% -9.2% -16.4% -29.1% -9.2% -3.8% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% MSCI World Minimum Volatility (USD) MSCI World High Dividend Yield MSCI World Quality MSCI World Momentum MSCI World Enhanced Value MSCI World Equal Weighted MSCI World Index Growth MSCI USA Minimum Volatility (USD) MSCI USA High Dividend Yield SHORT TERM RETURNS AS OF 12/31/2022 Fourth Quarter 2022 YTD Source:MSCI MSCI Indices show net total returns throughout this report. All other indices show gross total returns.. 5.6%5.6% 9.4%8.9% 1.9% 3.1% 7.7% 8.6% 7.4% 9.1% 7.9% 11.7%12.0% 7.1%7.4% 10.4% 11.9% 11.5% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% MSCI World Minimum Volatility (USD) MSCI World High Dividend Yield MSCI World Quality MSCI World Momentum MSCI World Enhanced Value MSCI World Equal Weighted MSCI World Index Growth MSCI USA Minimum Volatility (USD) MSCI USA High Dividend Yield LONG TERM ANNUALIZED RETURNS AS OF 12/31/2022 Five-Year Ten-Year Source:MSCI MSCI Indices show net total returns throughout this report. All other indices show gross total returns.. Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. 2687156-NRC Page 65 Global Equity Markets Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •In Q4 2022, equity markets rebounded as high-interest rate concerns abated. Volatility fell throughout the quarter as the CBOE Volatility Index (VIX) fell to 21.7 in December from 31.6 in the previous quarter, staying well above its 20-year average of 19.4. Yields trended higher with major central banks indicating continued support for aggressive monetary policy to control rising inflation. The MSCI All Country World Investable Market Index (ACWI IMI) returned 9.8% for the quarter but was down 18.4% on a year-to-date basis. •Across international markets, generally all the regions were strong over the quarter. All regions apart from Israel posted a positive return. •Europe ex-UK equities were the best regional performer with a return of 20.3% in US dollar terms due to sharp euro appreciation against the dollar. Economically sensitive sectors including energy, financials, industrials, and consumer discretionary outperformed. 9.8% 14.1% 7.1% 17.2% 13.0% 7.8% -2.1% 20.3% 15.2% 9.5% -18.4%-16.6%-19.6% -9.8% -15.8%-12.8% -26.9% -18.8% -7.8% -19.8% -30% -20% -10% 0% 10% 20% 30% ACWI IMI 40.6% ACWI ex-U.S. IMI 59.4% USA IMI 4.0% UK IMI 6.1% Japan IMI 3.1% Canada IMI 0.3% Israel IMI 12.3% Europe ex-UK IMI 3.4% Pacific ex- Japan IMI 11.4% Emerging Markets IMI GLOBAL MSCI IMI INDEX RETURNS (USD) AS OF 12/31/2022 Fourth Quarter 2022 YTD Source : MSCI Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. 2687156-NRC Page 66 Global Equity Markets Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. Below is the country/region breakdown of the global and international equity markets as measured by the MSCI All Country Worl d IMI Index and the MSCI All Country World ex- U.S. IMI Index, respectively. 2687156-NRC Page 67 U.S. Equity Markets Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •U.S. equities had a strong quarter with the S&P 500 index rising by 7.6%. •In the US mid-term elections, the Democrats retained control over the Senate with a 51 seat majority whilst the Republicans won back control of the House of Representatives. The US Congress passed a $1.7tn annual spending bill to fund the US government until September 2023 and avoid a government sh utdown. The bill includes $45bn in new military and economic aid to Ukraine, nearly $773bn in domestic funding, and more than $850bn for the US military •The U.S. economy rebounded in the third quarter after it contracted in the first half of 2022. Annualized gross domestic product rose by 2.9% over Q3 2022, following the 0.6% contraction rate in the previous quarter. A narrowing trade deficit contributed to the U.S. economy’s expansion in the t hird quarter, as softening consumer demand lowered imports while exports rose, particularly in the oil sector. •The Russell 3000 Index rose 7.2% during the fourth quarter but was down 19.2% on a year-to-date basis. Except for Consumer Discretionary (-5.0%), all the sectors generated positive returns. Energy (19.4%) and Materials & Processing (15.8%) were the best performers. •Large-cap stocks outperformed in value and Medium-cap stocks outperformed in growth. •On a style basis, value outperformed growth across market capitalizations over the quarter and on a year -to-date basis. 7.2% 13.4% 1.1% 10.5%6.9%8.4%4.1% -19.2% -5.1% -29.7% -12.0% -26.7% -14.5% -26.4% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% Russell 3000 32.5% Large Value 36.7% Large Growth 16.1% Medium Value 8.6% Medium Growth 3.0% Small Value 3.0% Small Growth RUSSELL STYLE RETURNS AS OF 12/31/2022 Fourth Quarter 2022 YTD Source : Russell Indexes 7.2%0.8% 11.5% -5.0% 13.4%19.4%15.8%15.4%12.2%7.8%12.6% 4.5% -19.2%-34.7% -6.1% -34.6% 2.9% 59.9% -9.4%-13.2%-11.3% 0.4% -21.2% -25.7%-40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% Russell 3000 23.3% Technology 14.9% Healthcare 13.3% Cons. Disc 6.0% Cons. Staples 5.5% Energy 2.2% Materials & Processing 13.7% Producer Durables 11.9% Financials 3.4% Utilities 2.5% Telecom. 3.4% Real Estate RUSSELL SECTOR RETURNS AS OF 12/31/2022 Fourth Quarter 2022 YTD Source: Russell Indexes Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. 2687156-NRC Page 68 U.S. Fixed Income Markets Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •The U.S. Federal Reserve (Fed) increased its benchmark interest rate by 125bps to a range of 4.25%-4.5% over the quarter. Fed chair Jerome Powell reiterated that monetary policy needs to be restrictive enough to bring inflation under control. According to the median estimate on the Fed dot plot, officials expect the policy rate to reach 5.1% by the end of 2023, up from the 4.6% forecasted in September. •The Bloomberg U.S. Aggregate Bond Index was up 1.9% over the quarter but was down 13.0% on a year-to-date basis. •Across durations, all maturities finished the quarter in positive territory. •Within investment-grade bonds, lower-credit quality generally outperformed higher-quality issues, with Baa bonds rising by 4.2%.High-yield bonds also rose by 4.2%. 0.9%1.7%2.1%2.2%2.5% -3.7% -7.8% -10.8% -14.8% -27.1%-30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 1-3 Yr.3-5 Yr.5-7 Yr.7-10 Yr.>10 Yr. BLOOMBERG AGGREGATE RETURNS BY MATURITY AS OF 12/31/2022 Fourth Quarter 2022 YTDSource: FactSet 1.3%2.0%3.2%4.2%4.2% -12.0% -14.9%-15.1%-15.9% -11.2% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% Aaa Aa A Baa High Yield BLOOMBERG AGGREGATE RETURNS BY QUALITY AND HIGH YIELD RETURNS AS OF 12/31/2022 Fourth Quarter 2022 YTDSource: FactSet 1.9%0.7% 3.6%2.1% 0.8%1.0% -13.0%-12.3% -15.8% -11.8% -4.3% -10.9% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% Bloomberg Agg. Bond 43.8% Govt 25.2% Corp. 28.7% MBS 0.5% ABS 1.9% CMBS BLOOMBERG AGGREGATE RETURNS BY SECTOR AS OF 12/31/2022 Fourth Quarter 2022 YTDSource: FactSet Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. 2687156-NRC Page 69 U.S. Fixed Income Markets Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •U.S. Treasury yields saw notable increases at shorter maturities, fell marginally at medium maturities but rose slightly at t he longer end of the curve. The 10- year Treasury yield was up 5bps to 3.88%, and the 30-year Treasury yield was up 18bps to 3.97% over the quarter. •Inflation slowed down, driven by a fall in energy prices. The U.S. annual consumer price index (CPI) rose 7.1% year-on-year in November, down from the 7.7% recorded in October and less than economists’ expectations of 7.3%. •The 10-year TIPS yield fell by 10bps over the quarter to 1.58%. -0.5% 0.5% 1.5% 2.5% 3.5% 4.5% 5.5% 0 5 10 15 20 25 30 Maturity (Years) U.S. TREASURY YIELD CURVE 12/31/2021 9/30/2022 12/31/2022 Source:U.S. Department of Treasury -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Dec 12 Dec 14 Dec 16 Dec 18 Dec 20 Dec 22 U.S. 10-YEAR TREASURY AND TIPS YIELDS 10Y TIPS Yield 10Y Treasury Yield Source:U.S. Department of Treasury 2687156-NRC Page 70 European Fixed Income Markets Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •European government bond spreads over 10-year German bunds generally narrowed across the Euro Area. The European Central Bank (E CB) raised its benchmark interest rates by 125bps to 2% over the quarter, the highest level in 14 years. The ECB president, Christine Lagarde, indicated further 0.5% rate increases in the next two meetings as the ECB announced plans to start shrinking the €5tn of bonds it purchased over the last eight years from March 2023. •German and Portuguese government bond yields rose sharply, up 41bps and 40bps to 2.53% and 3.57% respectively over the quarte r. •Greek government bond yields fell by 20bps to 4.59% over the quarter. •Eurozone annual inflation eased more than expected to 10.0% in November. 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 2687156-NRC Page 71 Credit Spreads Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •Credit markets rose amid risk-taking sentiment during the quarter, with spreads generally narrowing. •High Yield and Global Emerging Markets spreads narrowed by 83bps and 71bps respectively while ABS and CMBS spreads widened by 23bps and 15bps, respectively. Spread (bps)12/31/2022 9/30/2022 6/30/2022 Quarterly Change (bps)YTD Change (bps) U.S. Aggregate 51 62 36 -11 15 Long Gov't 2 1 0 1 2 Long Credit 157 196 130 -39 27 Long Gov't/Credit 87 107 74 -20 13 MBS 51 69 31 -18 20 CMBS 120 105 68 15 52 ABS 76 53 38 23 38 Corporate 130 159 92 -29 38 High Yield 469 552 283 -83 186 Global Emerging Markets 332 403 285 -71 47 Source: FactSet, Bloomberg 2687156-NRC Page 72 Currency Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •The U.S. Dollar weakened against all major currencies over the quarter as the combination of weakening US growth and falling inflation led to expectations that the Fed would cut policy rates this year faster than previously anticipated. On a trade-weighted basis, the U.S. dollar depreciated by 4.8%. •Sterling appreciated by 7.2% against the U.S. dollar. The Bank of England (BoE) raised its benchmark interest rate by 125bps to 3.5% over the quarter, its highest level since 2008. The central bank expects inflation could touch 10.9% in Q4 2022. The BoE became the first major central bank to actively start to unwind quantitative easing as it sold £750mn of government bonds. The BoE plans to trim its balance sheet by £80bn over the year. •The U.S. dollar depreciated by 8.2% against the Euro and by 8.8% against the yen. The Bank of Japan (BoJ) unexpectedly changed its yield curve control policy by increasing the acceptable band of its 10-year government bond yields from plus or minus 0.25% to 0.5% around its target rate of zero. The BoJ made a series of government bond purchases to maintain the target band as yields rose across the curve following the announcement. 100 105 110 115 120 125 130 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 TRADE WEIGHTED U.S. DOLLAR INDEX (2006 = 100) Source:Federal Reserve 80 90 100 110 120 130 140 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 U.S. DOLLAR RELATIVE TO EUR, GBP AND JPY REBASED TO 100 AT 12/31/2016 EUR/USD GBP/USD JPY/USD Source : FactSet Stronger Dollar Weaker Dollar 2687156-NRC Page 73 Commodities Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •Commodity prices rose over the quarter with the Bloomberg Commodity Index rising by 2.2% for quarter. •The energy sector fell 9.1% over the quarter but has risen by 36.2% on a year-to-date basis. The price of WTI crude oil was up by 1.0% to U.S.$80/BBL. •Industrial Metals rose the most over the quarter at 16.4%. •Meanwhile, OPEC+ agreed to cut 2m barrels a day in oil production in an attempt to keep oil prices from falling due to weaker global demand. This cut is equivalent to 2% of global supply and threatens to further increase inflationary pressures across the globe. Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. 2687156-NRC Page 74 Hedge Funds Market Overview Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •Hedge fund performance was generally positive over the quarter. •The HFRI Fund-Weighted Composite and HFRI Fund of Funds Composite Index produced returns of 2.3% and 1.8% over the quarter, resp ectively. •Over the quarter, Emerging Markets was the best performer with a return of 5.1%. •Global Macro was the worst performer and the only strategy with a negative return (-1.3%) over the quarter. •On a year-to-date basis, Global Macro has outperformed all other strategies whilst Emerging Markets have performed the worst.Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. 2687156-NRC Page 75 Private Equity Market Overview –3Q 2022 Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. LTM Global Private Equity-Backed Buyout Deal Volume •Fundraising:During 3Q 2022, $231.6 billion was raised by 485 funds, which was down 22.3% by number of funds raised and down by 18.7% by capital raised compared to 2Q 2022. This represented an increase of 6.8% on a capital basis compared to 3Q 2021. Dry powder stood at $3.0 trillion at the end of the quarter, an increase of 1.3% and 43.3% compared to 2Q 2022 and the five-year average, respectively.1 •Buyout:Global private equity-backed buyout deals totaled $93.6 billion in 3Q 2022, which was a decrease on a capital basis of 64.8% compared to 2Q 2022 and a decrease of 31.2% compared to the five-year quarterly average.1 During the quarter, the average purchase price multiple for all U.S. LBOs was 11.7x EBITDA, up slightly from 2Q 2022’s average of 11.5x and up from the five-year average (11.1x). Large-cap purchase price multiples stood at 11.7x 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 10.5x EBITDA at the end of 3Q 2022, down from 11.3x at the end of 2Q 2022. Purchase prices for transactions of €500M million or more averaged 10.2x EBITDA on an LTM basis, lower than the 11.2x seen at the end of 2Q 2022.2 Globally, exit value totaled $67.8 billion on 298 deals during the quarter, lower than the $125.2 billion across 348 deals during 2Q 2022.1 •Venture:During the quarter, an estimated 3,076 U.S. venture-backed transactions totaling $43.0 billion were completed, which was a decrease on a capital value and deal count basis over the prior quarter’s total of $71.9 billion across 4,055 deals. This was also a decrease of 14.2% compared to the five-year quarterly average of $50.2 billion. Total U.S. venture-backed exit value totaled approximately $14.0 billion across an estimated 302 completed transactions in 3Q 2022, down substantially from $192.6 billion across 475 exits in 3Q 2021.3 •Mezzanine:12 funds closed on $28.7 billion during the quarter. This was a significant increase from the prior quarter’s total of $3.8 billion raised by 7 funds and also a significant increase from the $3.8 billion raised by 15 funds in 3Q 2021. Estimated dry powder was $70.5 billion at the end of 3Q 2022, up from $50.6 billion at the end of 2Q 2022.1 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 $1,000 2Q14 1Q15 4Q15 3Q16 2Q17 1Q18 4Q18 3Q19 2Q20 1Q21 4Q21 3Q22 # 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 Source: Preqin Sources: 1 Preqin 2 Standard & Poor’s 3 PitchBook/NVCA Venture Monitor 4 Fitch Ratings Notes: FY=Fiscal year ended 12/31; YTD=Year to date; LTM=Last 12 months (aka trailing 12 months); PPM=Purchase Price Multiple s: Total Purchase Price ÷ EBITDA. 2687156-NRC Page 76 Private Equity Market Overview –3Q 2022 Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •Distressed Debt: The YTD U.S. high-yield default rate was 1.2% as of October 2022. Fitch predicted the TTM default rate may rise to 1.5%-1.75% by year-end 2022. The high-yield default rate is projected to trend higher through 2023.4 During the quarter, $16.6 billion was raised by 15 funds, down significantly from the $29.4 billion raised by 17 funds during 2Q 2022.Dry powder was estimated at $153.3 billion at the end of 3Q 2022, which was down 4.4% from 2Q 2022. This remained above the five-year annual average level of $129.4 billion.1 •Secondaries:5 funds raised $5.5 billion during the quarter, down from the $13.8 billion raised by 17 funds in 2Q 2022. This was 50.6% lower than the five-year quarterly average of $11.2 billion. Secondary dry powder was estimated at $127.8 billion at the end of the quarter.1 •Infrastructure: $33.8 billion of capital was raised by 34 funds in 3Q 2022 compared to $40.1 billion of capital raised by 59 partnerships in 2Q 2022. At the end of the quarter, dry powder stood at $298.8 billion, down from 2Q 2022’s total of $319.5 billion. Infrastructure managers completed 1999 deals for an aggregate deal value of $304.4 billion through 3Q 2022 compared to 2,489 deals totaling $530.6 billion in 2021.1 •Natural Resources: Through 3Q 2022, an estimated 19 funds closed on $3.8 billion compared to 29 funds totaling $13.0 billion in 2021. Energy and utilities industry managers completed 59 deals totaling $12.3 billion in 3Q 2022, compared to $11.6 billion across 53 deals in 2Q 2022.1 U.S. LBO Purchase Price Multiples –All Transactions Sizes 9.8x 10.3x 10.0x 10.6x 10.6x 11.5x 11.4x 11.4x 11.7x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x Senior Debt/EBITDA Sub Debt/EBITDA Sources: 1 Preqin 2 Standard & Poor’s 3 PitchBook/NVCA Venture Monitor 4 Fitch Ratings 2687156-NRC Page 77 Appendix Page 78 Fee Schedule Market Value $000 % of Portfolio Estimated Annual Fee $000 Estimated Annual Fee % Total Pension 288,318 100.00 1,370 0.48 Total Domestic Equity 104,292 36.17 282 0.27 BlackRock Russell 1000 Index Fund Non-Lending 0.04 % of Assets 71,090 24.66 25 0.03 Kennedy Mid Cap Value 0.75 % of First $25 M 0.70 % of Next $25 M 0.60 % Thereafter 17,079 5.92 128 0.75 TimesSquare Small Cap Growth 0.80 % of Assets 16,123 5.59 129 0.80 Total International Equity 54,378 18.86 502 0.92 Morgan Stanley International Equity 0.91 % of Assets 36,796 12.76 335 0.91 Morgan Stanley Emerging Markets Fund 0.95 % of Assets 17,582 6.10 167 0.95 Total Fixed Income 102,497 35.55 352 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 41,593 14.43 137 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 39,029 13.54 117 0.30 Brandywine Global Opportunistic Fixed Income 0.45 % of First $50 M 0.40 % of Next $50 M 0.35 % Thereafter 21,875 7.59 98 0.45 Real Estate 24,003 8.33 211 0.88 Fee Schedule As of December 31, 2022 As of December 31, 2022 Page 79 Fee Schedule As of December 31, 2022 As of December 31, 2022 Fee Schedule Market Value $000 % of Portfolio Estimated Annual Fee $000 Estimated Annual Fee % 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 24,003 8.33 211 0.88 Cash Account 0.20 % of Assets 1,953 0.68 4 0.20 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, and 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% M SCI Emerging Markets Index, 12% BC Aggregate Index, 14% BC Intermediate Gov/Credit Index, 9% Citigroup World Government Bond Index, 15% HFRI Fund of Funds Compo site 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% MSCI EAFE Index, 4% M SCI Emerging Markets Index, 12% BC Aggregate Index, 14% BC Intermediate Gov/Credit Index, 9% Citigroup World Government Bond Index, 15% HFRI Fund of Funds Compo site 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 Blend 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,14% 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 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, 13% BC Intermediate Gov/Cred it 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 Retu rn Index and 25% BC US Treasury Inflation Notes: 1- 10 Year Index Definitions Name Description Bloomberg U.S. Corporate High Yield Bond Index An index that covers the USD-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 Emerging Markets Index An unmanaged index that tracks total returns for external-currency-denominated debt instruments of the emerging markets. Bloomberg 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 USD investment grade 144A securities. Bloomberg Global Treasury Ex-US The Global Treasury ex US Index is a subset of the flagship Global Treasury Index that does not have any exposure to US debt. This multi-currency benchmark includes investment grade, fixed-rate bonds issued by governments in their native currencies. Bloomberg 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 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 U.S. Government/Credit Index A subcomponent of the Capital Aggregate Index, this benchmark includes treasury securities, government related issues, and high-quality corporate bonds with an outstanding par value of $250 million or greater and at least one year of maturity remaining. Bloomberg 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 million or greater and at least one year of maturity remaining. Bloomberg U.S. Inflation Index Measures the performance of the U.S. Treasury Inflation Protected Securities ("TIPS") market. Bloomberg 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 million or greater Page 82 Index Definitions Name Description Bloomberg U.S. Intermediate Government/Credit Index A market-value weighted index consisting of government bonds and SEC-registered corporate bonds with one to ten years to maturity and an outstanding par value of $150 million or greater. Bloomberg 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 U.S. Intermediate Treasury An unmanaged index considered representative of intermediate-term fixed-income obligations issued by the U.S. treasury. Bloomberg 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 million or greater. This index is a broad measure of the performance of the investment grade U.S. fixed income market. Bloomberg 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. Bloomberg U.S. Long Government/Credit Index The 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 million or more of outstanding face value, and must be fixed rate and non-convertible. Bloomberg U.S. Long-Term 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 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 U.S. Treasury 20-30 Year STRIPS Index A subcomponent of the 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. Page 83 Index Definitions Name Description 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 CRSP US Large Growth Cap Index An index comprised of nearly 330 US large cap growth companies and includes securities traded on NYSE, NYSEMarket, NASDAQ, or ARCA, representing nearly 45% 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 classifies growth securities using the following factors: future long-term growth in earnings per share (EPS), future short-term growth in EPS, 3-year historical growth in EPS, 3-year historical growth in sales per share, current investment-to-assets ratio, and return on assets. CRSP US 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. Credit Suisse Leveraged Loan Index Designed to mirror the investable universe of the U.S. dollar denominated leveraged loan market. 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 US 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 84 Index Definitions Name Description 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 US 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 US 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. HFR Fund-of-Fund Index.This index is equity-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 million under managements and have been actively trading for at least one year. All funds report net returns on a monthly basis. 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 US Dollar and have a minimum of $50 Million 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. 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. Page 85 Index Definitions Name Description 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. 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-US stock market, covering approximately 99% of the global equity investment opportunity set outside of the United States. 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 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 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 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 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. Page 86 Index Definitions Name Description MSCI Emerging Markets Index A capitalization-weighted index of stocks representing 22 emerging country markets. 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 invest ability 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 NCREIF Property Index -A capitalization-weighted index of privately owned investment grade income-producing properties representing approximately $269 billion in assets. NFI ODCE Index 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. 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. Page 87 Index Definitions Name Description 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 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 88 Index Definitions Name Description 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 GSCI®Both the first major investable commodity index and one of the most widely recognized benchmarks, the S&P GSCI® is broad-based, production weighted, and meant to be representative of the global commodity market beta. 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 million 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@aonhewitt.com for more index information. Page 89 (This Page Left Blank Intentionally) Page 90 Disclaimers and Notes Page 91 §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 92 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 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 Disclaimer