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HomeMy Public PortalAbout1st 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 First Quarter 2023 Executive Summary Page 1 Total Plan Page 6 Total Domestic Equity Page 18 Total International Equity Page 31 Total Fixed Income Page 43 Real Estate Page 56 Market Environment Page 59 Appendix Page 73 Disclaimers and Notes Page 84 Table Of Contents Executive Summary Page 1 Public Funds Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. Thought Leadership Highlights Topic Article 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 Article Link to Video Quarterly Themes Key Themes for Public Funds in 2023 (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 Conviction in Equity Investing Revisited Request from Consultant 2860547-NRC If you do not get Aon Investments’ monthly email newsletter, but would like to, please ask your consultant. Market Highlights Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. 7.5% 2.7% 8.5% 4.0%3.0% 6.2%5.4%3.6% -7.7% -11.6% -1.4% -10.7% -4.8% -15.9% -11.3% -3.3% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 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 03/31/2023 First Quarter 2023 One-Year Source:Russell, MSCI, Bloomberg MSCI Indices show net total returns throughout this report. All other indices show gross total returns. 2850360-NRC 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. Page 3 Market Highlights Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. 11.2% 4.7% 3.5% -0.9% 0.9% -0.4% 1.1% 3.2% 12.2% 8.0% 5.0% 2.0%1.4%1.4% 2.9% 4.1% -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 03/31/2023 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. 2850360-NRC Page 4 Market Highlights Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. 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. First Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Fixed Income Bloomberg Global Aggregate 3.01%3.01%-8.07%-3.43%-1.34%0.07% Bloomberg U.S. Aggregate 2.96%2.96%-4.78%-2.77%0.91%1.36% Bloomberg U.S. Long Gov't 6.16%6.16%-15.94%-11.25%-0.36%1.44% Bloomberg U.S. Long Credit 5.42%5.42%-11.28%-2.57%1.07%2.85% Bloomberg U.S. Long Gov't/Credit 5.76%5.76%-13.40%-6.33%0.63%2.35% Bloomberg U.S. TIPS 3.34%3.34%-6.06%1.75%2.94%1.49% Bloomberg U.S. High Yield 3.57%3.57%-3.34%5.91%3.21%4.10% Bloomberg Global Treasury ex U.S.3.11%3.11%-11.29%-5.37%-3.62%-1.20% JP Morgan EMBI Global (Emerging Markets)2.25%2.25%-5.86%0.31%-0.20%1.81% Commodities Bloomberg Commodity Index -5.36%-5.36%-12.49%20.82%5.36%-1.72% Goldman Sachs Commodity Index -4.94%-4.94%-10.04%30.53%4.93%-3.84% Hedge Funds HFRI Fund-Weighted Composite2 1.18%1.18%-2.06%10.55%4.69%4.44% HFRI Fund of Funds2 1.57%1.57%-1.10%7.47%3.27%3.33% Real Estate NAREIT U.S. Equity REITS 2.68%2.68%-19.22%12.08%6.02%5.97% FTSE Global Core Infrastructure Index -1.05%-1.05%-10.00%9.95%7.25%7.32% 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 03/31/2023 First Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All Country World IMI 6.95%6.95%-7.68%15.64%6.58%7.95% MSCI All Country World 7.31%7.31%-7.44%15.36%6.93%8.06% Dow Jones U.S. Total Stock Market 7.24%7.24%-8.77%18.34%10.32%11.64% Russell 3000 7.18%7.18%-8.58%18.48%10.45%11.73% S&P 500 7.50%7.50%-7.73%18.60%11.19%12.24% Russell 2000 2.74%2.74%-11.61%17.51%4.71%8.04% MSCI All Country World ex-U.S. IMI 6.56%6.56%-5.84%12.20%2.35%4.28% MSCI All Country World ex-U.S.6.87%6.87%-5.07%11.80%2.47%4.17% MSCI EAFE 8.47%8.47%-1.38%12.99%3.52%5.00% MSCI EAFE (Local Currency)7.49%7.49%3.84%14.63%6.25%7.34% MSCI Emerging Markets 3.96%3.96%-10.70%7.83%-0.91%2.00% Equity Factors MSCI World Minimum Volatility (USD)2.30%2.30%-4.52%9.17%6.34%7.97% MSCI World High Dividend Yield 1.93%1.93%-2.52%13.77%6.65%7.21% MSCI World Quality 10.70%10.70%-5.61%16.41%11.63%12.01% MSCI World Momentum -1.16%-1.16%-13.43%12.17%8.01%10.76% MSCI World Enhanced Value 5.79%5.79%-2.91%15.20%3.23%7.04% MSCI World Equal Weighted 6.10%6.10%-6.51%14.95%4.56%7.19% MSCI World Index Growth 15.18%15.18%-9.61%16.18%10.66%11.17% MSCI USA Minimum Volatility (USD)1.30%1.30%-4.42%12.42%9.11%10.62% MSCI USA High Dividend Yield -0.72%-0.72%-2.99%14.60%7.69%10.06% MSCI USA Quality 10.48%10.48%-6.28%16.40%12.38%13.61% MSCI USA Momentum -4.22%-4.22%-14.60%10.80%7.25%12.31% MSCI USA Enhanced Value 2.52%2.52%-8.37%17.09%5.51%9.68% MSCI USA Equal Weighted 4.01%4.01%-9.18%19.37%8.49%10.50% MSCI USA Growth 17.40%17.40%-12.23%18.63%13.75%14.52% Returns of the Major Capital Markets Period Ending 03/31/2023 2850360-NRC Page 5 Total Plan Page 6 $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 $288.3 ($7.0) $13.1 $294.4 Summary of Cash Flows 1 Quarter 1 Year Total Pension Beginning Market Value 288,314,337 326,446,015 + Additions / Withdrawals -7,048,324 -13,260,250 + Investment Earnings 13,117,146 -18,802,606 = Ending Market Value 294,383,159 294,383,159 Total Plan Asset Summary Total Plan Asset Summary As of March 31, 2023 Page 7 Return Summary Total Pension Policy Benchmark 0.0 6.0 12.0 18.0 -6.0 -12.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 1/1/93 4.0 -5.4 8.7 4.9 5.34.6 -5.7 8.5 4.3 4.8 6.9 Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% -2.0 % -4.0 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 Ratio of Cumulative Wealth - 15 Years Total Pension Benchmark 0.96 1.00 1.04 1.08 3/08 6/09 9/10 12/11 3/13 6/14 9/15 12/16 3/18 6/19 9/20 12/21 3/23 0.97 Total Plan Performance Summary As of March 31, 2023 Total Pension Page 8 Allocation Market Value $%Policy % Performance % 1 Quarter 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Pension 294,383,159 100.0 100.0 4.6 (44)-5.7 (51)8.5 (91)4.3 (95)4.8 (97)6.9 (68)01/01/1993 Policy Benchmark 4.0 (71)-5.4 (40)8.7 (90)4.9 (86)5.3 (95) All Public Plans < $1B-Total Fund Median 4.4 -5.7 10.6 6.0 6.7 7.2 Total Domestic Equity 109,533,810 37.2 7.1 -7.5 18.9 10.0 11.0 09/01/2013 Russell 3000 Index 7.2 -8.6 18.5 10.5 11.7 All Public Plans-US Equity Segment Median IM U.S. Equity (SA+CF) Median 4.7 -7.8 18.4 8.4 9.7 Total Large-Cap Equity 74,093,112 25.2 25.0 7.3 (30)-8.5 (58)18.5 (48)10.9 (19)11.8 (23)9.4 (63)06/01/2003 Russell 1000 Index 7.5 (29)-8.4 (57)18.6 (47)10.9 (19)12.0 (19)9.8 (50) IM U.S. Equity (SA+CF) Median 4.7 -7.8 18.4 8.4 10.1 9.8 BlackRock Russell 1000 Index Fund Non-Lending 74,093,112 25.2 7.5 (29)-8.4 (57)18.5 (48)10.9 (18)11.2 (25)03/01/2017 Russell 1000 Index 7.5 (29)-8.4 (57)18.6 (47)10.9 (19)11.2 (25) IM U.S. Equity (SA+CF) Median 4.7 -7.8 18.4 8.4 9.0 Total Small-Cap Equity 35,440,698 12.0 10.0 6.6 (37)-5.2 (29)19.8 (36)7.6 (61)9.7 (58)10.5 (27)06/01/2003 Russell 2000 Index 2.7 (67)-11.6 (78)17.5 (61)4.7 (90)8.0 (84)8.8 (79) IM U.S. Equity (SA+CF) Median 4.7 -7.8 18.4 8.4 10.1 9.8 Kennedy Mid Cap Value 18,104,284 6.1 5.8 (44)-3.6 (18)22.6 (21)7.7 (60)9.6 (59)9.6 (35)02/01/2008 IM U.S. Equity (SA+CF) Median 4.7 -7.8 18.4 8.4 10.1 9.0 Russell Midcap Value Index 1.3 (78)-9.2 (64)20.7 (31)6.5 (73)8.8 (73)8.3 (68) TimesSquare Small Cap Growth 17,336,414 5.9 7.5 (27)-7.5 (46)16.1 (72)6.8 (71)9.2 (67)9.6 (24)02/01/2002 Russell 2000 Growth Index 6.1 (42)-10.6 (71)13.4 (88)4.3 (93)8.5 (78)7.6 (86) IM U.S. Equity (SA+CF) Median 4.7 -7.8 18.4 8.4 10.1 8.7 Total International Equity 54,799,802 18.6 18.0 8.3 -2.5 10.6 1.5 3.7 09/01/2013 MSCI AC World ex USA Index (Net)6.9 -5.1 11.8 2.5 4.4 All Public Plans-Intl. Equity Segment Median IM International Equity (MF) Median 6.9 -5.0 11.6 2.0 4.5 Morgan Stanley International Equity 36,735,965 12.5 11.0 (9)2.0 (11)11.6 (56)3.1 (33)4.2 (53)4.4 (70)04/01/2005 MSCI EAFE Index (Net)8.5 (27)-1.4 (27)13.0 (42)3.5 (27)5.0 (35)4.7 (60) IM International Equity (MF) Median 6.6 -5.1 12.2 2.0 4.4 4.9 Asset Allocation & Performance As of March 31, 2023 As of March 31, 2023 Page 9 Asset Allocation & Performance As of March 31, 2023 As of March 31, 2023 Allocation Market Value $%Policy % Performance % 1 Quarter 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Morgan Stanley Emerging Markets Fund 18,063,836 6.1 2.7 (86)-12.1 (79)7.7 (64)-2.3 (80)1.0 (77)5.1 (61)04/01/2005 MSCI Emerging Markets Index (Net)4.0 (66)-10.7 (66)7.8 (63)-0.9 (55)2.0 (50)5.8 (29) IM Emerging Markets Equity (MF) Median 4.7 -9.4 9.0 -0.8 2.0 5.6 Total Fixed Income 105,605,770 35.9 35.0 3.0 -5.2 -0.2 0.8 1.2 3.5 07/01/2003 Blmbg. Intermed. U.S. Government/Credit 2.3 -1.7 -1.3 1.4 1.3 2.8 All Public Plans-US Fixed Income Segment Median IM U.S. Fixed Income (SA+CF) Median 2.8 -2.9 0.1 1.6 1.8 3.3 Income Research 42,569,935 14.5 2.3 (65)-1.8 (38)-0.7 (48)1.6 (22)1.4 (42)3.8 (19)07/01/2001 Blmbg. Intermed. U.S. Government/Credit 2.3 (51)-1.7 (28)-1.3 (75)1.4 (47)1.3 (61)3.4 (63) IM U.S. Intermediate Duration (SA+CF) Median 2.3 -1.9 -0.8 1.4 1.4 3.6 Prudential Core Plus Bond 40,272,728 13.7 3.2 (47)-5.8 (80)-0.7 (44)1.4 (47)2.1 (22)06/01/2015 Blmbg. U.S. Aggregate 3.0 (67)-4.8 (40)-2.8 (99)0.9 (84)1.1 (90) IM U.S. Broad Market Core+ Fixed Income (SA+CF) Median 3.1 -5.0 -0.8 1.4 1.7 Brandywine Global Opportunistic Fixed Income 22,763,107 7.7 3.9 (13)-10.6 (92)1.3 (52)-1.7 (81)0.6 (58)3.7 (39)01/01/2005 FTSE World Government Bond Index 3.5 (23)-9.6 (82)-5.3 (99)-2.4 (93)-0.6 (93)1.4 (98) IM Global Fixed Income (SA+CF) Median 3.1 -5.8 1.3 1.0 1.4 3.3 Hedge Fund 130,870 0.0 0.0 Entrust Capital Diversified Fund**130,870 0.0 Real Estate 22,131,102 7.5 12.0 -7.3 -9.2 1.8 1.4 4.9 4.4 06/01/2006 Real Estate Performance Benchmark -3.4 -3.9 7.9 7.1 8.6 7.5 UBS Trumbull Property Fund*22,131,102 7.5 -7.3 -9.2 1.9 1.4 4.9 4.4 06/01/2006 Real Estate Performance Benchmark -3.4 -3.9 7.9 7.1 8.6 7.5 Cash Account 2,181,805 0.7 0.0 1.1 2.7 1.0 1.4 0.9 1.4 07/01/2003 ICE BofAML 3 Month U.S. T-Bill 1.1 2.5 0.9 1.4 0.9 1.3 *The UBS Trumbull Property is currently in the process of liquidation. **The EnTrust Capital Diversified Fund market value is as of 1/31/2023 and is currently in the process of liquidation. Page 10 Performance % 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Pension -14.4 (55)10.1 (92)12.8 (62)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 (50)12.2 (91)6.6 (62)-1.4 (78)3.5 (94)12.3 (88) Total Domestic Equity -19.3 (-)24.3 (-)21.4 (-)30.6 (-)-6.1 (-)20.1 (-)9.6 (-)1.9 (-)10.1 (-)- Russell 3000 Index -19.2 (-)25.7 (-)20.9 (-)31.0 (-)-5.2 (-)21.1 (-)12.7 (-)0.5 (-)12.6 (-)- Total Large-Cap Equity -19.1 (61)26.5 (41)21.0 (37)31.4 (28)-4.8 (32)20.4 (42)7.9 (74)3.9 (15)10.9 (37)32.0 (72) 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 (64)19.5 (75)21.8 (36)28.7 (46)-9.5 (61)19.6 (46)15.6 (37)-4.8 (76)7.2 (62)40.3 (23) Russell 2000 Index -20.4 (66)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 (43)31.8 (14)8.4 (68)28.6 (47)-14.5 (86)18.0 (53)22.9 (15)-9.9 (93)15.8 (5)33.3 (62) Russell Midcap Value Index -12.0 (33)28.3 (30)5.0 (76)27.1 (57)-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 (-)4.0 (-)12.7 (-)20.2 (-)-14.6 (-)28.0 (-)0.3 (-)-2.0 (-)-5.5 (-)- MSCI AC World ex USA Index (Net)-16.0 (-)7.8 (-)10.7 (-)21.5 (-)-14.2 (-)27.2 (-)4.5 (-)-5.7 (-)-3.9 (-)- 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 March 31, 2023 As of March 31, 2023 Page 11 Asset Allocation & Performance As of March 31, 2023 As of March 31, 2023 Performance % 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Fixed Income -12.3 (-)-2.1 (-)9.2 (-)9.1 (-)-1.0 (-)6.3 (-)4.2 (-)-2.1 (-)2.4 (-)-1.7 (-) Blmbg. Intermed. U.S. Government/Credit -8.2 (-)-1.4 (-)6.4 (-)6.8 (-)0.9 (-)2.1 (-)2.1 (-)1.1 (-)3.1 (-)-0.9 (-) Income Research -8.1 (36)-1.3 (57)7.5 (19)6.7 (45)0.8 (39)2.0 (75)2.3 (42)0.9 (59)3.3 (49)-0.9 (59) Blmbg. Intermed. U.S. Government/Credit -8.2 (41)-1.4 (65)6.4 (54)6.8 (41)0.9 (35)2.1 (65)2.1 (51)1.1 (42)3.1 (59)-0.9 (55) Prudential Core Plus Bond -14.6 (87)-0.9 (65)9.2 (35)11.3 (15)-0.4 (39)6.6 (13)5.8 (23)--- Blmbg. U.S. Aggregate -13.0 (42)-1.5 (91)7.5 (80)8.7 (76)0.0 (19)3.5 (84)2.6 (89)--- Brandywine Global Opportunistic Fixed Income -16.2 (76)-5.3 (83)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 (89)-7.0 (92)10.1 (33)5.9 (88)-0.8 (28)7.5 (46)1.6 (88)-3.6 (60)-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 6.5 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 6.5 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 12 Total Fund Performance 0.00%2.00%4.00%6.00%8.00% Total Fund Total Fund Benchmark Total Value Added 4.55% 4.02% 0.54% Total Value Added: 0.54% 0.00%0.20%0.40%0.60%-0.20 % Other Manager Value Added Asset Allocation -0.03 % 0.46% 0.10% Total Asset Allocation: 0.10% Average Active Weight 0.00%3.00%6.00%-3.00 %-6.00 % Cash Account Real Estate Hedge Fund Total Fixed Income Total International Equity Total Small-Cap Equity Total Large-Cap Equity W eight % 0.66% -3.84 % 0.17% 0.29% 0.68% 2.01% 0.04% Asset Allocation Value Added 0.00%0.20%0.40%-0.20 % -0.02 % 0.21% -0.02 % -0.01 % 0.01% -0.07 % 0.00% Total Manager Value Added: 0.46% Manager Value Added 0.00%0.50%1.00%-0.50 %-1.00 % 0.00% -0.46 % 0.00% 0.22% 0.27% 0.46% -0.03 % Total Fund Attribution 1 Quarter Ending March 31, 2023 1 Quarter Ending March 31, 2023 Page 13 Total Fund Performance 0.00%-2.00 %-4.00 %-6.00 %-8.00 % Total Fund Total Fund Benchmark Total Value Added -5.69 % -4.43 % -1.26 % Total Value Added: -1.26 % 0.00%-0.25 %-0.50 %-0.75 %-1.00 %-1.25 % Other Manager Value Added Asset Allocation -0.14 % -0.73 % -0.39 % Total Asset Allocation: -0.39 % 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 % 0.68% -3.16 % 0.34% 0.49% 0.05% 1.39% 0.21% Asset Allocation Value Added 0.00%0.20%-0.20 %-0.40 % 0.04% -0.13 % 0.01% -0.08 % 0.09% -0.16 % -0.16 % Total Manager Value Added: -0.73 % Manager Value Added 0.00%2.00%-2.00 % 0.00% -0.61 % 0.00% -1.32 % 0.46% 0.76% -0.03 % Total Fund Attribution 1 Year Ending March 31, 2023 1 Year Ending March 31, 2023 Page 14 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 R eturn 1 Quarter 1 Year 3 Years 5 Years 10 Years Total Pension 4.6 (44)-5.7 (51)8.5 (91)4.3 (95)4.8 (97)¢ Policy Benchmark 4.0 (71)-5.4 (40)8.7 (90)4.9 (86)5.3 (95)˜ 5th Percentile 5.9 -2.8 12.9 7.4 8.0 1st Quartile 5.0 -4.8 11.6 6.5 7.3 Median 4.4 -5.7 10.6 6.0 6.7 3rd Quartile 3.8 -6.5 9.6 5.3 6.2 95th Percentile 2.6 -7.6 7.6 4.1 5.1 Population 543 532 521 504 410 Total Pension Peer Group Analysis As of March 31, 2023 All Public Plans < $1B-Total Fund All Public Plans < $1B-Total Fund Parentheses contain percentile rankings. Page 15 Annualized Return vs. Annualized Standard Deviation 5 Years Total Pension Policy Benchmark 90 Day U.S. Treasury Bill 0.0 1.0 2.0 3.0 4.0 5.0 6.0 R eturn % 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 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 3/23 TRANSPARENT 5 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Pension -0.53 1.45 -0.36 0.99 0.30 -0.91 1.07 4.29 11.26 0.99 Policy Benchmark 0.00 0.00 -1.00 0.38 0.00 1.00 4.93 10.43 1.00 90 Day U.S. Treasury Bill -3.96 10.50 -0.38 0.02 -1.44 -0.01 1.41 0.39 -0.15 Total PensionTotal Pension Risk Profile As of March 31, 2023 Page 16 Market Value $ Current Allocation % Target Allocation % Minimum Allocation % Maximum Allocation % Differences % Total Pension 294,383,159 100.0 100.0 --0.0 Total Large-Cap Equity 74,093,112 25.2 25.0 20.0 30.0 0.2 Total Small-Cap Equity 35,440,698 12.0 10.0 5.0 15.0 2.0 Total International Equity 54,799,802 18.6 18.0 13.0 23.0 0.6 Total Fixed Income 105,605,770 35.9 35.0 30.0 40.0 0.9 Hedge Fund 130,870 0.0 0.0 0.0 0.0 0.0 Real Estate 22,131,102 7.5 12.0 7.0 17.0 -4.5 Cash Account 2,181,805 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 $2,181.8K Real Estate $22,131.1K Hedge Fund $130.9K Total Fixed Income $105,605.8K Total International Equity $54,799.8K Total Small-Cap Equity $35,440.7K Total Large-Cap Equity $74,093.1K 0.0% 12.0% 0.0% 35.0% 18.0% 10.0% 25.0% 0.7% 7.5% 0.0% 35.9% 18.6% 12.0% 25.2% 0.7% -4.5 % 0.0% 0.9% 0.6% 2.0% 0.2% Asset Allocation Compliance As of March 31, 2023 As of March 31, 2023 Page 17 Total Domestic Equity Page 18 Current Allocation Return Summary March 31, 2023 : $109,533,810 TimesSquare Small Cap Growth 15.8% Kennedy Mid Cap Value 16.5% BlackRock Russell 1000 Index Fund Non-Lending 67.6% Total Domestic Equity Russell 3000 Index 0.0 15.0 30.0 -15.0 -30.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years Inception 9/1/13 7.2 7.2 -8.6 18.5 10.5 11.7 7.1 7.1 -7.5 18.9 10.0 11.0 Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 Ratio of Cumulative Wealth - 5 Years Total Domestic Equity Benchmark 0.9 1.0 1.1 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 1.0 Total Domestic EquityTotal Domestic Equity Portfolio Overview As of March 31, 2023 Page 19 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 R eturn 1 Quarter 1 Year 3 Years 5 Years 10 Years Total Domestic Equity 7.1 (40)-7.5 (32)18.9 (28)10.0 (35)-¢ Russell 3000 Index 7.2 (33)-8.6 (65)18.5 (47)10.5 (22)11.7 (23)˜ 5th Percentile 9.9 -4.5 20.7 11.4 12.3 1st Quartile 7.5 -7.0 19.0 10.3 11.6 Median 6.8 -7.9 18.4 9.5 11.0 3rd Quartile 5.6 -8.9 16.8 8.4 10.0 95th Percentile 4.7 -12.1 14.3 6.7 8.3 Population 64 60 54 53 40 Total Domestic Equity Peer Group Analysis As of March 31, 2023 All Public Plans-US Equity Segment All Public Plans-US Equity Segment Parentheses contain percentile rankings. Page 20 Annualized Return vs. Annualized Standard Deviation 3 Years Total Domestic Equity Russell 3000 Index 90 Day U.S. Treasury Bill -5.0 0.0 5.0 10.0 15.0 20.0 25.0 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 Domestic Equity Russell 3000 Index 4.0 8.0 12.0 16.0 20.0 24.0 28.0 S tandard D eviation % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 0.35 1.94 0.18 0.99 0.93 0.35 1.00 18.87 19.69 1.00 Russell 3000 Index 0.00 0.00 -1.00 0.92 0.00 1.00 18.48 19.59 1.00 90 Day U.S. Treasury Bill -18.04 19.65 -0.92 0.01 -0.94 0.00 0.89 0.43 -0.12 Total Domestic EquityTotal Domestic Equity Risk Profile As of March 31, 2023 Page 21 As of March 31, 2023 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 Year to Date 1 Year 3 Years Inception 3/1/17 7.5 7.5 -8.4 18.6 11.2 7.5 7.5 -8.4 18.5 11.2 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 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 8/22 3/23 1.00 Page 22 IM U.S. Equity (SA+CF) -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 R eturn 1 Quarter 1 Year 3 Years 5 Years 10 Years BlackRock Russell 1000 7.5 (29)-8.4 (57)18.5 (48)10.9 (18)12.0 (19)¢ Russell 1000 Index 7.5 (29)-8.4 (57)18.6 (47)10.9 (19)12.0 (19)¢ 5th Percentile 14.5 0.5 28.4 12.9 13.7 1st Quartile 7.7 -4.7 21.5 10.2 11.6 Median 4.7 -7.8 18.4 8.4 10.1 3rd Quartile 1.6 -11.2 15.7 6.4 8.7 95th Percentile -1.3 -17.5 11.2 3.7 6.6 Population 1,788 1,770 1,711 1,637 1,329 BlackRock Russell 1000 Peer Group Analysis As of March 31, 2023 As of March 31, 2023 IM U.S. Equity (SA+CF) Parentheses contain percentile rankings. Page 23 As of March 31, 2023 Kennedy Mid Cap Value Performance Summary Kennedy Mid Cap Value Return Summary Kennedy Mid Cap Value Russell Midcap Value Index 0.0 15.0 30.0 45.0 -15.0 -30.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years Inception 1/1/08 1.3 1.3 -9.2 20.7 6.5 8.8 7.95.8 5.8 -3.6 22.6 7.7 9.6 9.6 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 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 3/23 1.26 Page 24 IM U.S. Equity (SA+CF) -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 R eturn 1 Quarter 1 Year 3 Years 5 Years 10 Years Kennedy Mid Cap Value 5.8 (44)-3.6 (18)22.6 (21)7.7 (60)9.6 (59)¢ Russell Midcap Value Index 1.3 (78)-9.2 (64)20.7 (31)6.5 (73)8.8 (73)¢ 5th Percentile 14.5 0.5 28.4 12.9 13.7 1st Quartile 7.7 -4.7 21.5 10.2 11.6 Median 4.7 -7.8 18.4 8.4 10.1 3rd Quartile 1.6 -11.2 15.7 6.4 8.7 95th Percentile -1.3 -17.5 11.2 3.7 6.6 Population 1,788 1,770 1,711 1,637 1,329 Kennedy Mid Cap Value Peer Group Analysis As of March 31, 2023 As of March 31, 2023 IM U.S. Equity (SA+CF) Parentheses contain percentile rankings. Page 25 Annualized Return vs. Annualized Standard Deviation 5 Years Kennedy Mid Cap Value Russell Midcap Value 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 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 % 6/13 3/14 12/14 9/15 6/16 3/17 12/17 9/18 6/19 3/20 12/20 9/21 6/22 3/23 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 0.94 4.31 0.22 0.96 0.39 1.26 0.96 7.66 21.30 0.98 Russell Midcap Value Index 0.00 0.00 -1.00 0.34 0.00 1.00 6.54 21.65 1.00 90 Day U.S. Treasury Bill -7.34 21.76 -0.34 0.07 -1.45 0.00 1.41 0.39 -0.27 Kennedy Mid Cap ValueKennedy Mid Cap Value Risk Profile As of March 31, 2023 Page 26 As of March 31, 2023 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 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years Inception 2/1/02 6.1 6.1 -10.6 13.4 4.3 8.5 7.67.5 7.5 -7.5 16.1 6.8 9.2 9.6 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 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 3/23 1.48 Page 27 IM U.S. Equity (SA+CF) -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 R eturn 1 Quarter 1 Year 3 Years 5 Years 10 Years TimesSquare Small Cap Growth 7.5 (27)-7.5 (51)16.1 (81)6.8 (79)9.2 (79)¢ Russell 2000 Growth Index 6.1 (43)-10.6 (76)13.4 (92)4.3 (96)8.5 (89)¢ 5th Percentile 14.4 1.5 30.0 13.6 14.6 1st Quartile 7.7 -4.1 22.4 11.0 12.3 Median 5.0 -7.3 19.0 9.1 10.9 3rd Quartile 2.0 -10.5 16.8 7.2 9.5 95th Percentile -1.2 -16.7 12.2 4.4 7.4 Population 1,804 1,796 1,752 1,710 1,518 TimesSquare Small Cap Growth Peer Group Analysis As of March 31, 2023 As of March 31, 2023 IM U.S. Equity (SA+CF) Parentheses contain percentile rankings. Page 28 Annualized Return vs. Annualized Standard Deviation 5 Years TimesSquare Small Cap Growth Russell 2000 Growth Index 90 Day U.S. Treasury Bill 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 5 Years TimesSquare Small Cap Growth Russell 2000 Growth Index 9.0 12.0 15.0 18.0 21.0 24.0 27.0 30.0 S tandard D eviation % 6/13 3/14 12/14 9/15 6/16 3/17 12/17 9/18 6/19 3/20 12/20 9/21 6/22 3/23 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 4.93 0.50 0.96 0.33 2.57 0.99 6.78 24.50 0.98 Russell 2000 Growth Index 0.00 0.00 -1.00 0.23 0.00 1.00 4.26 24.30 1.00 90 Day U.S. Treasury Bill -5.72 24.38 -0.23 0.03 -1.43 0.00 1.41 0.39 -0.19 TimesSquare Small Cap GrowthTimesSquare Small Cap Growth Risk Profile As of March 31, 2023 Page 29 Asset Allocation As of 01/31/2023 0.0%50.0%100.0%150.0%-50.0 % Other Convertibles Fixed Income Cash Equities -0.3 % 0.0% 1.0% 4.0% 95.3% Fund Characteristics As of 01/31/2023 Total Securities 86 Avg. Market Cap $4,437.31 Million P/E 31.99 P/B 6.54 Div. Yield 1.34% Annual EPS 34.49 5Yr EPS 23.08 3Yr EPS Growth 21.15 Top Ten Securities As of 01/31/2023 Dreyfus Inst Preferred Govt Money 2.89 % WNS HOLDINGS ADR REP 1 ORD 2.58 % ESAB Corp ORD 2.57 % Casella Waste Systems Inc ORD 2.52 % Matador Resources Co ORD 2.12 % Hamilton Lane Inc ORD 2.12 % Driven Brands Holdings Inc ORD 2.01 % Exlservice Holdings Inc ORD 2.01 % Healthequity Inc ORD 1.98 % Dreyfus Government Cash Management;Insti 1.92 % Sector/Quality Allocation As of 01/31/2023 0.0%6.0%12.0%18.0%24.0%30.0% Non Classified Equity Industrials Health Care Information Technology Consumer Discretionary Financials Energy Consumer Staples Materials 21.5% 19.9% 13.3% 10.6% 10.5% 9.9% 4.7% 2.8% 2.2% TimesSquare Small Cap Growth As of March 31, 2023 As of March 31, 2023 Page 30 Total International Equity Page 31 Current Allocation Return Summary March 31, 2023 : $54,799,802 Morgan Stanley Emerging Markets Fund 33.0% Morgan Stanley International Equity 67.0% Total International Equity MSCI AC World ex USA Index (Net) 0.0 8.0 16.0 24.0 -8.0 -16.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years Inception 9/1/13 6.9 6.9 -5.1 11.8 2.5 4.4 8.3 8.3 -2.5 10.6 1.5 3.7 Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 Ratio of Cumulative Wealth - 5 Years Total International Equity Benchmark 0.9 1.0 1.1 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 1.0 Total International EquityTotal International Equity Portfolio Overview As of March 31, 2023 Page 32 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 R eturn 1 Quarter 1 Year 3 Years 5 Years 10 Years Total International Equity 8.3 (31)-2.5 (23)10.6 (92)1.5 (91)-¢ MSCI AC World ex USA Index (Net)6.9 (69)-5.1 (66)11.8 (80)2.5 (86)4.2 (100)˜ 5th Percentile 9.9 0.8 16.0 5.7 6.7 1st Quartile 8.5 -2.6 14.5 4.6 6.1 Median 7.6 -4.6 13.3 3.8 5.6 3rd Quartile 6.5 -6.1 12.2 2.8 5.0 95th Percentile 4.2 -7.8 10.1 1.1 4.5 Population 62 61 56 55 43 Total International Equity Peer Group Analysis As of March 31, 2023 All Public Plans-Intl. Equity Segment All Public Plans-Intl. Equity Segment Parentheses contain percentile rankings. Page 33 Annualized Return vs. Annualized Standard Deviation 3 Years Total International Equity MSCI AC World ex USA Index (Net) 90 Day U.S. Treasury Bill -4.0 0.0 4.0 8.0 12.0 16.0 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) 14.0 16.0 18.0 20.0 22.0 S tandard D eviation % 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 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 -0.83 4.07 -0.20 0.96 0.58 -1.72 1.07 10.57 18.99 0.98 MSCI AC World ex USA Index (Net)0.00 0.00 -1.00 0.68 0.00 1.00 11.80 17.35 1.00 90 Day U.S. Treasury Bill -11.76 17.34 -0.68 0.00 -0.88 0.00 0.89 0.43 0.04 Total International EquityTotal International Equity Risk Profile As of March 31, 2023 Page 34 As of March 31, 2023 Morgan Stanley International Equity Performance Summary Morgan Stanley International Equity Return Summary Morgan Stanley International Equity MSCI EAFE Index (Net) 0.0 6.0 12.0 18.0 -6.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 8.5 8.5 -1.4 13.0 3.5 5.0 4.7 11.0 11.0 2.0 11.6 3.1 4.2 4.4 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 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 3/23 0.96 Page 35 IM International Equity (MF) -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 R eturn 1 Quarter 1 Year 3 Years 5 Years 10 Years Morgan Stanley International Equity 11.0 (9)2.0 (11)11.6 (56)3.1 (33)4.2 (53)¢ MSCI EAFE Index (Net)8.5 (27)-1.4 (27)13.0 (42)3.5 (27)5.0 (35)¢ 5th Percentile 12.4 5.5 19.9 6.9 8.1 1st Quartile 8.6 -1.2 14.7 3.6 5.4 Median 6.6 -5.1 12.2 2.0 4.4 3rd Quartile 4.6 -9.3 8.8 -0.4 2.6 95th Percentile 0.1 -16.6 2.9 -3.7 -1.7 Population 1,168 1,148 1,023 872 439 Morgan Stanley International Equity Peer Group Analysis As of March 31, 2023 As of March 31, 2023 IM International Equity (MF) Parentheses contain percentile rankings. Page 36 Annualized Return vs. Annualized Standard Deviation 5 Years Morgan Stanley International MSCI EAFE Index (Net)90 Day U.S. Treasury Bill 0.6 1.2 1.8 2.4 3.0 3.6 4.2 R eturn % 0.0 4.0 8.0 12.0 16.0 20.0 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 % 6/13 3/14 12/14 9/15 6/16 3/17 12/17 9/18 6/19 3/20 12/20 9/21 6/22 3/23 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 -0.30 4.59 -0.07 0.94 0.18 -0.27 0.99 3.14 18.11 0.97 MSCI EAFE Index (Net)0.00 0.00 -1.00 0.20 0.00 1.00 3.52 17.64 1.00 90 Day U.S. Treasury Bill -3.60 17.67 -0.20 0.01 -1.42 0.00 1.41 0.39 -0.07 Morgan Stanley InternationalMorgan Stanley International Risk Profile As of March 31, 2023 Page 37 Asset Allocation As of 01/31/2023 0.0%50.0%100.0%150.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.1% 0.4% 1.5% 98.0% Fund Characteristics As of 01/31/2023 Total Securities 74 Avg. Market Cap $84,744.44 Million P/E 27.34 P/B 4.45 Div. Yield 2.50% Annual EPS 28.64 5Yr EPS 5.83 3Yr EPS Growth 5.27 Top Ten Securities As of 01/31/2023 SAP SE ORD 3.28 % Shell PLC ORD 2.85 % Constellation Software Inc ORD 2.78 % Prudential PLC ORD 2.64 % Reckitt Benckiser Group PLC ORD 2.58 % Heineken NV ORD 2.54 % TAIWAN SEMICONDUCTOR MNFTG ADR 2.46 % Safran SA ORD 2.37 % Moncler SpA ORD 2.34 % Barrick Gold Corp ORD 2.31 % Sector/Quality Allocation As of 01/31/2023 0.0%8.0%16.0%24.0%32.0% Consumer Staples Industrials Financials Information Technology Health Care Energy Consumer Discretionary Materials 24.4% 21.1% 19.0% 14.5% 10.1% 3.6% 3.1% 2.3% Morgan Stanley International Equity As of March 31, 2023 As of March 31, 2023 Page 38 As of March 31, 2023 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 8.0 16.0 -8.0 -16.0 -24.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 4.0 4.0 -10.7 7.8 -0.9 2.0 5.8 2.7 2.7 -12.1 7.7 -2.3 1.0 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 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 3/23 0.89 Page 39 IM Emerging Markets Equity (MF) -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 R eturn 1 Quarter 1 Year 3 Years 5 Years 10 Years Morgan Stanley Emerging Markets Fund 2.7 (86)-12.1 (79)7.7 (64)-2.3 (80)1.0 (77)¢ MSCI Emerging Markets Index (Net)4.0 (66)-10.7 (66)7.8 (63)-0.9 (55)2.0 (50)¢ 5th Percentile 8.2 -1.9 19.6 3.5 5.0 1st Quartile 5.8 -6.5 12.1 0.6 2.9 Median 4.7 -9.4 9.0 -0.8 2.0 3rd Quartile 3.4 -11.4 7.1 -2.1 1.0 95th Percentile -1.1 -18.9 1.5 -5.8 -6.4 Population 296 290 254 209 106 Morgan Stanley Emerging Markets Fund Peer Group Analysis As of March 31, 2023 As of March 31, 2023 IM Emerging Markets Equity (MF) Parentheses contain percentile rankings. Page 40 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 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 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 S tandard D eviation % 6/13 3/14 12/14 9/15 6/16 3/17 12/17 9/18 6/19 3/20 12/20 9/21 6/22 3/23 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 -1.18 5.56 -0.21 0.92 -0.09 -1.19 1.02 -2.32 20.10 0.96 MSCI Emerging Markets Index (Net)0.00 0.00 -1.00 -0.03 0.00 1.00 -0.91 18.94 1.00 90 Day U.S. Treasury Bill 0.54 18.97 0.03 0.01 -1.41 0.00 1.41 0.39 -0.09 Morgan Stanley Emerging MarketsMorgan Stanley Emerging Markets Risk Profile As of March 31, 2023 Page 41 Asset Allocation As of 01/31/2023 0.0%50.0%100.0%150.0%-50.0 % Other Convertibles Fixed Income Cash Equities -0.1 % 0.0% 0.7% 4.4% 95.0% Fund Characteristics As of 01/31/2023 Total Securities 100 Avg. Market Cap $110,818.38 Million P/E 22.63 P/B 3.78 Div. Yield 3.55% Annual EPS 42.53 5Yr EPS 18.35 3Yr EPS Growth 20.51 Top Ten Securities As of 01/31/2023 Taiwan Semiconductor Manufacturing 5.26 % Samsung Electronics Co Ltd ORD 4.76 % Morgan Stanley Inst Liq Govt Port;Instit 4.37 % Tencent Holdings Ltd ORD 3.23 % Anglo American PLC ORD 2.90 % TAIWAN SEMICONDUCTOR MNFTG ADR 2.72 % China Construction Bank Corp ORD 2.28 % Reliance Industries Ltd ORD 2.24 % Grupo Financiero Banorte SAB de 2.14 % HDFC BANK ADR REP 3 ORD 2.09 % Sector/Quality Allocation As of 01/31/2023 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Consumer Staples Industrials Consumer Discretionary Materials Energy Non Classified Equity Health Care 24.6% 20.9% 11.8% 9.5% 9.3% 9.0% 5.9% 2.6% 1.4% Morgan Stanley Emerging Markets Fund As of March 31, 2023 As of March 31, 2023 Page 42 Total Fixed Income Page 43 Current Allocation Return Summary March 31, 2023 : $105,605,770 Income Research 40.3% Brandywine Global Opportunistic Fixed Income 21.6% Prudential Core Plus Bond 38.1% Total Fixed Income Blmbg. Intermed. U.S. Government/Credit 0.0 4.0 8.0 -4.0 -8.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years Inception 7/1/03 2.3 2.3 -1.7 -1.3 1.4 1.3 2.83.0 3.0 -5.2 -0.2 0.8 1.2 3.5 Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 Ratio of Cumulative Wealth - 5 Years Total Fixed Income Benchmark 0.9 1.0 1.1 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 1.0 Total Fixed IncomeTotal Fixed Income Portfolio Overview As of March 31, 2023 Page 44 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 R eturn 1 Quarter 1 Year 3 Years 5 Years 10 Years Total Fixed Income 3.0 (56)-5.2 (68)-0.2 (42)0.8 (90)1.2 (92)¢ Blmbg. Intermed. U.S. Government/Credit 2.3 (82)-1.7 (20)-1.3 (69)1.4 (68)1.3 (92)˜ 5th Percentile 3.9 -0.3 2.2 2.8 3.5 1st Quartile 3.3 -2.8 0.5 2.1 2.4 Median 3.0 -4.3 -0.7 1.8 2.0 3rd Quartile 2.6 -5.6 -1.7 1.3 1.7 95th Percentile 1.6 -14.7 -3.3 0.0 0.5 Population 66 65 57 55 47 Total Fixed Income Peer Group Analysis As of March 31, 2023 All Public Plans-US Fixed Income Segment All Public Plans-US Fixed Income Segment Parentheses contain percentile rankings. Page 45 Annualized Return vs. Annualized Standard Deviation 5 Years Total Fixed Income Blmbg. Intermed. U.S. Government/Credit 90 Day U.S. Treasury Bill 0.6 0.8 1.0 1.2 1.4 1.6 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 Total Fixed Income Blmbg. Intermed. U.S. Government/Credit 0.0 1.5 3.0 4.5 6.0 7.5 S tandard D eviation % 6/13 3/14 12/14 9/15 6/16 3/17 12/17 9/18 6/19 3/20 12/20 9/21 6/22 3/23 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 -0.47 3.37 -0.14 0.76 -0.07 -1.09 1.43 0.81 6.06 0.87 Blmbg. Intermed. U.S. Government/Credit 0.00 0.00 -1.00 0.02 0.00 1.00 1.40 3.70 1.00 90 Day U.S. Treasury Bill -0.06 3.62 -0.02 0.07 -1.37 0.03 1.41 0.39 0.26 Total Fixed IncomeTotal Fixed Income Risk Profile As of March 31, 2023 Page 46 As of March 31, 2023 Income Research Performance Summary Income Research Return Summary Income Research Blmbg. Intermed. U.S. Government/Credit 0.0 3.0 6.0 -3.0 -6.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years Inception 7/1/01 2.3 2.3 -1.7 -1.3 1.4 1.3 3.4 2.3 2.3 -1.8 -0.7 1.6 1.4 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 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 3/23 1.10 Page 47 IM U.S. Intermediate Duration (SA+CF) -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 R eturn 1 Quarter 1 Year 3 Years 5 Years 10 Years Income Research 2.3 (65)-1.8 (38)-0.7 (48)1.6 (22)1.4 (42)¢ Blmbg. Intermed. U.S. Government/Credit 2.3 (51)-1.7 (28)-1.3 (75)1.4 (47)1.3 (61)¢ 5th Percentile 3.1 -0.3 2.8 2.2 2.7 1st Quartile 2.5 -1.6 -0.2 1.6 1.6 Median 2.3 -1.9 -0.8 1.4 1.4 3rd Quartile 2.1 -2.5 -1.3 1.2 1.2 95th Percentile 1.6 -3.9 -2.2 0.5 0.7 Population 126 120 116 109 98 Income Research Peer Group Analysis As of March 31, 2023 As of March 31, 2023 IM U.S. Intermediate Duration (SA+CF) Parentheses contain percentile rankings. Page 48 Annualized Return vs. Annualized Standard Deviation 5 Years Income Research Blmbg. Intermed. U.S. Government/Credit 90 Day U.S. Treasury Bill 1.3 1.4 1.5 1.6 1.7 1.8 R eturn % 0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 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 % 6/13 3/14 12/14 9/15 6/16 3/17 12/17 9/18 6/19 3/20 12/20 9/21 6/22 3/23 TRANSPARENT 5 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Income Research 0.24 0.43 0.56 0.99 0.08 0.26 0.99 1.64 3.68 0.99 Blmbg. Intermed. U.S. Government/Credit 0.00 0.00 -1.00 0.02 0.00 1.00 1.40 3.70 1.00 90 Day U.S. Treasury Bill -0.06 3.62 -0.02 0.07 -1.37 0.03 1.41 0.39 0.26 Income ResearchIncome Research Risk Profile As of March 31, 2023 Page 49 As of March 31, 2023 Prudential Core Plus Bond Performance Summary Prudential Core Plus Bond Return Summary Prudential Core Plus Bond Blmbg. U.S. Aggregate 0.0 4.0 8.0 -4.0 -8.0 -12.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years Inception 6/1/15 3.0 3.0 -4.8 -2.8 0.9 1.1 3.2 3.2 -5.8 -0.7 1.4 2.1 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 3/23 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 3/23 1.07 Page 50 IM U.S. Broad Market Core+ Fixed Income (SA+CF) -13.0 -10.0 -7.0 -4.0 -1.0 2.0 5.0 8.0 R eturn 1 Quarter 1 Year 3 Years 5 Years 10 Years Prudential Core Plus Bond 3.2 (47)-5.8 (80)-0.7 (44)1.4 (47)2.3 (23)¢ Blmbg. U.S. Aggregate 3.0 (67)-4.8 (40)-2.8 (99)0.9 (84)1.4 (90)¢ 5th Percentile 3.7 -2.4 4.1 2.6 2.9 1st Quartile 3.3 -4.3 0.3 1.7 2.2 Median 3.1 -5.0 -0.8 1.4 1.9 3rd Quartile 2.9 -5.7 -1.7 1.0 1.5 95th Percentile 1.6 -7.4 -2.5 0.3 1.2 Population 137 136 131 126 108 Prudential Core Plus Bond Peer Group Analysis As of March 31, 2023 As of March 31, 2023 IM U.S. Broad Market Core+ Fixed Income (SA+CF) Parentheses contain percentile rankings. Page 51 Annualized Return vs. Annualized Standard Deviation 3 Years Prudential Core Plus Bond Blmbg. U.S. Aggregate 90 Day U.S. Treasury Bill -5.0 -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 % 6/13 3/14 12/14 9/15 6/16 3/17 12/17 9/18 6/19 3/20 12/20 9/21 6/22 3/23 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 2.22 2.19 1.01 0.92 -0.18 2.55 1.12 -0.66 7.32 0.96 Blmbg. U.S. Aggregate 0.00 0.00 -1.00 -0.56 0.00 1.00 -2.77 6.29 1.00 90 Day U.S. Treasury Bill 3.50 6.24 0.56 0.02 -0.91 0.01 0.89 0.43 0.14 Prudential Core Plus BondPrudential Core Plus Bond Risk Profile As of March 31, 2023 Page 52 As of March 31, 2023 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 6.0 12.0 -6.0 -12.0 -18.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years Inception 1/1/05 3.5 3.5 -9.6 -5.3 -2.4 -0.6 1.4 3.9 3.9 -10.6 1.3 -1.7 0.6 3.7 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 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 3/23 1.51 Page 53 IM Global Fixed Income (SA+CF) -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 R eturn 1 Quarter 1 Year 3 Years 5 Years 10 Years Brandywine Global 3.9 (13)-10.6 (92)1.3 (52)-1.7 (81)0.6 (58)¢ FTSE World Government Bond Index 3.5 (23)-9.6 (82)-5.3 (99)-2.4 (93)-0.6 (93)¢ 5th Percentile 4.5 1.0 8.1 4.4 4.6 1st Quartile 3.5 -3.2 5.2 2.2 2.8 Median 3.1 -5.8 1.3 1.0 1.4 3rd Quartile 2.5 -8.9 -1.8 -1.2 0.1 95th Percentile 0.7 -12.7 -4.7 -3.1 -0.9 Population 160 160 156 149 122 Brandywine Global Peer Group Analysis As of March 31, 2023 As of March 31, 2023 IM Global Fixed Income (SA+CF) Parentheses contain percentile rankings. Page 54 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 % 6/13 3/14 12/14 9/15 6/16 3/17 12/17 9/18 6/19 3/20 12/20 9/21 6/22 3/23 TRANSPARENT 5 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Brandywine Global 1.07 7.14 0.15 0.61 -0.22 1.56 1.22 -1.66 11.15 0.78 FTSE World Government Bond Index 0.00 0.00 -1.00 -0.50 0.00 1.00 -2.35 7.12 1.00 90 Day U.S. Treasury Bill 3.52 7.03 0.50 0.06 -1.44 0.01 1.41 0.39 0.24 Brandywine GlobalBrandywine Global Risk Profile As of March 31, 2023 Page 55 Real Estate Page 56 As of March 31, 2023 UBS Trumbull Property Fund Performance Summary UBS Trumbull Property Fund Return Summary UBS Trumbull Property Fund NCREIF Property Index 0.0 8.0 16.0 -8.0 -16.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years Inception 6/1/06 -1.8 -1.8 -1.6 7.2 6.7 8.3 7.4 -7.3 -7.3 -9.2 1.9 1.4 4.9 4.4 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 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 3/23 0.63 Page 57 Annualized Return vs. Annualized Standard Deviation 5 Years UBS Trumbull Property Fund NCREIF Property Index 90 Day U.S. Treasury Bill -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 R eturn % 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 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 % 6/13 3/14 12/14 9/15 6/16 3/17 12/17 9/18 6/19 3/20 12/20 9/21 6/22 3/23 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 -5.02 3.48 -1.44 0.81 0.03 -7.27 1.37 1.40 7.03 0.90 NCREIF Property Index 0.00 0.00 -1.00 1.04 0.00 1.00 6.71 4.63 1.00 90 Day U.S. Treasury Bill -5.25 5.07 -1.04 0.40 -2.01 -0.09 1.41 0.65 -0.64 UBS Trumbull Property FundUBS Trumbull Property Fund Risk Profile As of March 31, 2023 Page 58 Market Environment Page 59 Factor Indices Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. 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. 2.3%1.9% 10.7% -1.2% 5.8%6.1% 15.2% 1.3% -0.7% -4.5%-2.5%-5.6% -13.4% -2.9% -6.5%-9.6% -4.4%-3.0% -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 03/31/2023 First Quarter 2023 One-Year Source:MSCI MSCI Indices show net total returns throughout this report. All other indices show gross total returns.. 6.3%6.7% 11.6% 8.0% 3.2% 4.6% 10.7% 9.1% 7.7%8.0% 7.2% 12.0% 10.8% 7.0%7.2% 11.2%10.6% 10.1% 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 03/31/2023 Five-Year Ten-Year Source:MSCI MSCI Indices show net total returns throughout this report. All other indices show gross total returns.. 2850360-NRC Page 60 Global Equity Markets Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. •In Q1 2023, equity markets rose as high-interest rate concerns abated against the back drop of contagion within the banking sector. Volatility fell throughout the quarter as the CBOE Volatility Index (VIX) fell to 18.7 in March from 21.7 in the previous quarter, falling below its 20 -year average of 19.3. Yields trended lower, with major central banks slowing the pace of monetary tightening. The MSCI All Country World Investable Market Index (ACWI IMI) returned 6.9% for the quarter but was down 7.7% on a one -year 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 11.6% in US dollar terms due to sharp euro appreciation against the dollar. Economically sensitive sectors including industrials and consumer discretionary outperformed. 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. 6.9%6.6%7.2%5.9%5.8%4.5% -2.8% 11.6% 1.8%3.9% -7.7%-5.8%-8.9% -3.3%-4.5% -13.0% -25.7% 0.7% -8.9%-10.7% -30% -20% -10% 0% 10% 20% ACWI IMI 40.5% ACWI ex-U.S. IMI 59.5% USA IMI 3.9% UK IMI 6.0% Japan IMI 3.0% Canada IMI 0.2% Israel IMI 12.9% Europe ex-UK IMI 3.2% Pacific ex-Japan IMI 11.2% Emerging Markets IMI GLOBAL MSCI IMI INDEX RETURNS (USD) AS OF 03/31/2023 First Quarter 2023 One-Year Source: MSCI 2850360-NRC Page 61 Global Equity Markets Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. Below is the country/region breakdown of the global and international equity markets as measured by the MSCI All Country World IMI Index and the MSCI All Country World ex- U.S. IMI Index, respectively. 2850360-NRC Page 62 7.2% 24.9% -3.3% 14.5% -1.2% -4.9% 6.8%4.5% -5.5%-2.2% 7.1% 1.5% -8.6%-9.4%-4.8% -16.9% 1.7% 11.0% -8.2% -3.2% -14.3% -5.1%-9.1% -19.7% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% Russell 3000 27.2% Technology 13.5% Healthcare 14.2% Cons. Disc 5.5% Cons. Staples 4.8% Energy 2.2% Materials & Processing 13.3% Producer Durables 10.5% Financials 3.1% Utilities 2.5% Telecom. 3.2% Real Estate RUSSELL SECTOR RETURNS AS OF 03/31/2023 First Quarter 2023 One-Year U.S. Equity Markets •U.S. equities had a strong quarter with the S&P 500 index rising by 7.5% despite the collapse of Silicon Valley Bank, which had sent jitters throughout the financial system. Rate expectations fell due to the expectation of tighter credit conditions. •The U.S. unveiled fresh sanctions on more than 200 entities throughout Europe, Asia, and the Middle East "that are supporting Russia's war effort", whilst imposing a ban on five Chinese entities from acquiring U.S. technology. U.S.-China trade tensions saw further escalation as Japan and the Netherlands entered into a trilateral agreement with the U.S. that restricts exports of chip manufacturing tools to China. The agreement is designed to hinder the Chinese military's ability to develop advanced weapons. •The U.S. economy expanded by 2.9% year-on-year in Q4 2022, slightly higher than economists' forecasts of 2.6% but lower than the 3.2% recorded in the previous quarter. Increased business inventories, especially across the manufacturing and utilities sectors, combined with steady consumer spending, contributed to the economy's expansion. •The Russell 3000 Index rose 7.2% during the first quarter but was down 8.6% on a one-year basis. Sectoral performance was mixed.Technology (24.9%) and Consumer Discretionary (14.5%) were the best performers while Financials (-5.5%) and Energy (-4.9%) were the worst performers. •Large-cap stocks outperformed in growth and Medium-cap stocks outperformed in value. •On a style basis, growth outperformed value across market capitalizations over the quarter. 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. 7.2% 0.8% 15.6% 1.3% 9.1% -0.7% 6.1% -8.6% -4.2% -11.4%-9.2%-8.5% -13.0%-10.6%-15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% Russell 3000 30.6% Large Value 39.7% Large Growth 15.2% Medium Value 8.8% Medium Growth 2.7% Small Value 3.0% Small Growth RUSSELL STYLE RETURNS AS OF 03/31/2023 First Quarter 2023 One-Year Source: Russell Indexes Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. 2850360-NRC Page 63 U.S. Fixed Income Markets Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. •The U.S. Federal Reserve (Fed) increased its benchmark interest rate by 50bps to a range of 4.75%-5% over the quarter, the highest level since 2007. The Federal Open Market Committee (FOMC) dropped its previous warning that "ongoing increases" would be needed to bring soaring inflation under control, instead noting that “some additional policy firming may be appropriate". •The Bloomberg U.S. Aggregate Bond Index was up 3.0% over the quarter but was down 4.8% on a one-year 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 3.6%.High-yield bonds also rose by 3.6%. 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. 1.5%2.2%2.8%2.9% 5.6% 0.2% -1.4% -3.3% -6.1% -13.6%-15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 1-3 Yr.3-5 Yr.5-7 Yr.7-10 Yr.>10 Yr. BLOOMBERG AGGREGATE RETURNS BY MATURITY AS OF 03/31/2023 First Quarter 2023 One-YearSource: FactSet 2.8% 3.4%3.3%3.6%3.6% -4.5% -5.3%-5.5%-5.5% -3.3% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Aaa Aa A Baa High Yield BLOOMBERG AGGREGATE RETURNS BY QUALITY AND HIGH YIELD RETURNS AS OF 03/31/2023 First Quarter 2023 One-YearSource: FactSet 3.0%3.0%3.5% 2.5% 1.9%1.8% -4.8%-4.4% -5.6%-4.9% 0.4% -3.9% -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% Bloomberg Agg. Bond 43.9% Govt 25.5% Corp. 28.3% MBS 0.5% ABS 1.8% CMBS BLOOMBERG AGGREGATE RETURNS BY SECTOR AS OF 03/31/2023 First Quarter 2023 One-YearSource: FactSet 2850360-NRC Page 64 U.S. Fixed Income Markets Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. •U.S. Treasury yields fell significantly across maturities except at the shortest end of the curve. The 10-year Treasury yield was down 40bps to 3.48%, and the 30-year Treasury yield was down 30bps to 3.67% over the quarter. •U.S. CPI inflation declined to 6.0% in February, down from the 6.4% recorded in January, meeting economists' expectations. U.S. core CPI declined to 5.5% from January's 5.6% and was also in-line with economists' expectations. •The 10-year TIPS yield fell by 42bps over the quarter to 1.16%. -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 3/31/2022 12/31/2022 3/31/2023 Source:U.S. Department of Treasury -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Mar 13 Mar 15 Mar 17 Mar 19 Mar 21 Mar 23 U.S. 10-YEAR TREASURY AND TIPS YIELDS 10Y TIPS Yield 10Y Treasury Yield Source:U.S. Department of Treasury 2850360-NRC Page 65 European Fixed Income Markets Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. •European government bond spreads over 10-year German bunds narrowed across the Euro Area. The European Central Bank (ECB) raised its benchmark interest rates by 100bps to 3% over the quarter. •Italian and Portuguese government bond yields fell sharply, down 50bps and 45bps to 4.14% and 3.12% respectively over the quarter. •German bund yields fell by 21bps to 2.33% over the quarter. •Eurozone headline inflation eased slightly, slowing to 8.5% in February from 8.6% in January, although the decline was less than economists' expectations of 8.2%. 0% 2% 4% 6% 8% 10% 12% 2017 2018 2019 2020 2021 2022 2023 EUROZONE PERIPHERAL BOND SPREADS (10 -YEAR SPREADS OVER GERMAN BUNDS) Spain Italy Portugal Greece Ireland Source:FactSet 2850360-NRC Page 66 Credit Spreads Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. •Credit markets rose amid risk-taking sentiment during the quarter, with spreads being mixed. •High Yield and Long Govt/Credit spreads narrowed by 14bps and 1bp respectively while CMBS and Global Emerging Markets spreads widened by 22bps and 20bps, respectively. Spread (bps)3/31/2023 12/31/2022 9/30/2022 Quarterly Change (bps)6M Change (bps) U.S. Aggregate 57 51 41 6 16 Long Gov't 2 2 3 0 -1 Long Credit 159 157 155 2 4 Long Gov't/Credit 86 87 88 -1 -2 MBS 63 51 24 12 39 CMBS 142 120 85 22 57 ABS 85 76 57 9 28 Corporate 138 130 116 8 22 High Yield 455 469 325 -14 130 Global Emerging Markets 352 332 313 20 39 Source: FactSet, Bloomberg 2850360-NRC Page 67 Currency Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. •The U.S. Dollar weakened against all major currencies (except for yen) 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 1.6%. •Sterling appreciated by 2.7% against the U.S. dollar. The Bank of England (BoE) raised its benchmark interest rate by 75bps to 4.25% over the quarter. The BoE noted that the need for further monetary policy tightening would depend on future evidence concerning the persistence of price pressures. •The U.S. dollar depreciated by 1.8% against the Euro but appreciated by 0.9% against the yen. The Bank of Japan’s new governor, Kazuo Ueda, indicated maintaining the central bank’s yield curve control policy for the time being, given the prevailing economic, inflationary, and financial conditions. 100 105 110 115 120 125 130 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 Mar 23 TRADE WEIGHTED U.S. DOLLAR INDEX (2006 = 100) Source:Federal Reserve 80 90 100 110 120 130 140 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 Mar 23 U.S. DOLLAR RELATIVE TO EUR, GBP AND JPY REBASED TO 100 AT 03/31/2017 EUR/USD GBP/USD JPY/USD Source: FactSet Stronger Dollar Weaker Dollar 2850360-NRC Page 68 Commodities Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. •Commodity prices fell over the quarter with the Bloomberg Commodity Index falling by 5.4% for quarter. •The energy sector fell 18.7% over the quarter and 25.1% on a one-year basis. The price of WTI crude oil was down by 5.7% to U.S.$76/BBL. •Precious Metals rose the most over the quarter at 6.3%. •Meanwhile, OPEC+ announced surprise oil production cuts in excess of 1 million barrels a day (b/d), including a 500,000 b/d cut by Saudi Arabia. The timing of the announcement was unusual as it wasn't made during a formal OPEC+ meeting. 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. -5.4% 0.8% -18.7% -2.1% 6.3% 0.0% 9.3% -2.4%-4.3% -12.5% -7.0% -25.1% -22.1% -0.4% -3.6%-2.3% -7.8% -2.8% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% Bloomberg Commodity Index Ex-Energy Energy Industrial Metals Prec. Metals Agric.Softs Grains Livestock COMMODITY RETURNS AS OF 03/31/2023 First Quarter 2023 One-Year Source:Bloomberg Note: Softs and Grains are part of the wider Agriculture sector 2850360-NRC Page 69 Hedge Funds Market Overview Private and Confidential │Investment advice and consulting services provided by Aon Investments 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 1.2% and 1.6% over the quarter, respectively. •Over the quarter, Equity Hedge strategy was the best performer with a return of 3.4%. •Global Macro was the worst performer and the only strategy with a negative return (-3.0%) over the quarter. •On a one-year basis, Fixed Income/Convertible Arbitrage 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. 1.6% -3.0% 3.4% 2.2% 1.4%1.2%1.4%1.2%1.6%1.2% -0.9% -2.9% -4.7% -2.2% -4.3% 0.0% -2.1% -1.1% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% Fixed Income/Convertible Arb. Global Macro Equity Hedge Emerging Markets Event-Driven Distressed-Restructuring Relative Value Fund-Weighted Composite Index Fund of Funds Composite Index HEDGE FUND PERFORMANCE AS OF 03/31/2023 First Quarter 2023 One-Year Source:HFR Note: Latest 5 months of HFR data are estimated by HFR and may change in the future. 2850360-NRC Page 70 Private Equity Overview –4Q 2022 Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. •Fundraising: In 2022, $1.0 trillion was raised by 2,518 funds, which was a decrease of 10.7% on a capital basis and 38.9% by number of funds from the prior year. Dry powder stood at $3.1 trillion at the end of the year, an increase of 18.6% and 42.9% compared to year-end 2021 and the five-year average, respectively.1 •Buyout: Global private equity-backed buyout deals totaled $738.8 billion in 2022, which was a decrease on a capital basis of 19.2% compared to 2021 and an increase of 27.4% compared to the five-year average.1 At the end of 2022, the average purchase price multiple for all U.S. LBOs was 11.9x EBITDA, up from year-end 2021’s average of 11.4x and up from the five-year average (11.1x). Large cap purchase price multiples stood at 11.8x, up compared to the full-year 2021 level of 11.2x. The average purchase price multiple across European transactions greater than €1B averaged 11.1x EBITDA at year-end 2022, down from the 11.6x multiple seen at year-end 2021. Purchase prices for transactions of €500M or greater decreased from 11.5x in 2021 to 10.7x in 2022.2 Globally, buyout exit value totaled $390.1 billion across 1,431 deals during the year, lower than the $666.6 billion in value from 2,588 deals during 2021.1 •Venture: During the year, 17,990 venture-backed transactions totaling $238.3 billion were completed, which was a decrease on both a capital and deal count basis over the prior year’s total of $344.7 billion across 18,521 deals. However, this was an increase of 32.1% compared to the five-year average of $180.4 billion. Total U.S. venture-backed exit value totaled approximately $71.4 billion across an estimated 1,391 completed transactions in 2022, down substantially from $753.2 billion across 1,925 exits in 2021.3 LTM Global Private Equity-Backed Buyout Deal Volume 0 2,000 4,000 6,000 8,000 10,000 12,000 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 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. 2850360-NRC Page 71 Private Equity Overview (cont.) Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. •Mezzanine: 39 funds closed on $25.7 billion during the year. This was an increase from the prior year’s total of $17.8 billion raised by 38 funds and represented an increase of 33.1% from the five-year average of $19.3 billion. Estimated dry powder was $66.6 billion at the end of 2022, up from $43.7 billion during the prior year.1 •Distressed Debt: The TTM U.S. high-yield default rate was 1.3% as of December 2022, which up from December 2021’s TTM rate of 0.5%. Fitch expects the high-yield default rate to trend higher through 2023.4 During the year, $65.9 billion was raised by 59 funds, down from the $78.1 billion raised by 111 funds during 2021. Dry powder was estimated at $146.8 billion at the end of 2022, which was down 9.5% from year-end 2021. This remained above the five-year annual average level of $130.4 billion.1 •Secondaries: 59 funds raised $32.7 billion during the year, down from the $44.2 billion raised by 85 funds in 2021. This was 26.4% lower than the five-year average of $44.5 billion.1 The average discount rate for LP buyout and venture capital portfolios finished the year at 13.0% and 32.0%, respectively, an increase from the 3.0% and 12.0% discounts, respectively, at the end of 2021.4 •Infrastructure: $162.2 billion of capital was raised by 90 funds in 2022 compared to $132.9 billion of capital raised by 152 partnerships in 2021. At the end of the year, dry powder stood at $346.2 billion, up from last year’s total of $297.7 billion. Infrastructure managers completed 2,521 deals for an aggregate deal value of $381.4 billion in 2022 compared to 2,503 deals totaling $526.1 billion in 2021.1 •Natural Resources: During 2022, 23 funds closed on $4.2 billion compared to 29 funds totaling $13.0 billion in 2021. Energy and utilities industry managers completed 237 deals totaling $36.7 billion in 2022, an increase compared to 223 deals totaling $34.7 billion in 2021.1 9.8x 10.3x 10.0x 10.6x 10.6x 11.5x 11.4x 11.4x 11.9x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 2014 2015 2016 2017 2018 2019 2020 2021 2022 U.S. LBO Purchase Price Multiples –All Transactions Sizes Senior Debt/EBITDA Sub Debt/EBITDA Equity/EBITDA Others Sources: 1 Preqin 2 Standard & Poor’s 3 PitchBook/NVCA Venture Monitor 4 Fitch Ratings 2850360-NRC Page 72 Appendix Page 73 Fee Schedule Market Value $000 % of Portfolio Estimated Annual Fee $000 Estimated Annual Fee % Total Pension 294,383 100.00 1,370 0.47 Total Domestic Equity 109,534 37.21 300 0.27 BlackRock Russell 1000 Index Fund Non-Lending 0.04 % of Assets 74,093 25.17 26 0.04 Kennedy Mid Cap Value 0.75 % of First $25 M 0.70 % of Next $25 M 0.60 % Thereafter 18,104 6.15 136 0.75 TimesSquare Small Cap Growth 0.80 % of Assets 17,336 5.89 139 0.80 Total International Equity 54,800 18.62 506 0.92 Morgan Stanley International Equity 0.91 % of Assets 36,736 12.48 334 0.91 Morgan Stanley Emerging Markets Fund 0.95 % of Assets 18,064 6.14 172 0.95 Total Fixed Income 105,606 35.87 362 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 42,570 14.46 139 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 40,273 13.68 121 0.30 Brandywine Global Opportunistic Fixed Income 0.45 % of First $50 M 0.40 % of Next $50 M 0.35 % Thereafter 22,763 7.73 102 0.45 Real Estate 22,131 7.52 196 0.88 Fee Schedule As of March 31, 2023 As of March 31, 2023 Page 74 Fee Schedule As of March 31, 2023 As of March 31, 2023 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 22,131 7.52 196 0.88 Cash Account 0.20 % of Assets 2,182 0.74 4 0.20 Page 75 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 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. Page 77 Index Definitions Name Description 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. 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. Page 78 Index Definitions Name Description 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. 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. Page 79 Index Definitions Name Description 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. 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. Page 80 Index Definitions Name Description 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. 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. Page 81 Index Definitions Name Description 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. 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. Page 82 Index Definitions Name Description 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. 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 83 Disclaimers and Notes Page 84 §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 85 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