[PAGE 1]
Pension Board
February 5, 2026 5pm
City Council Chambers
1140 Dielman Road
Olivette MO 63132
Join Via Zoomlink
1. Roll Call
2. Approval Of Minutes
Documents:
11062025 PENSION BOARD MINUTES.PDF
3. Marquette Financial Update
Review of Marquette Report
Documents:
CITY OF OLIVETTE 02-05-26 MEETING 4Q25 PERFORMANCE AA SHEET BI
CALC COMPLETE UPDATED.PDF
4. Adjournment
AGENDA ITEMS WILL NOT NECESSARILY BE DISCUSSED IN ORDER. IF YOU HAVE ANY
QUESTIONS, PLEASE CALL CITY HALL AT (314) 993-0444
Individuals wishing to speak at the meeting may do so via Zoom. Persons will be called upon to
speak during Hearing from Citizens . Persons may speak or utilize the Chat or Q&A functions of
Zoom.
Public comments may also be emailed to communications@olivettemo.com, no later than 5:00
p.m. on the day of the meeting.
Posted this day, January 30, 2026
Jennifer Yackley, City Manager

[PAGE 2]
Employee Retirement Board of Trustees
November 6, 2025 - 5:00 PM
Olivette City Center
Council Chambers
Meeting was called to order at 5:04 pm.
Roll Call
On roll call, the following persons were present, Ted Isaacs, Mike Vredenburgh, Josephine Ezenwa,
Jennifer Yackley, and Council Liaison Mike Solomonov.
Absent: Alan Robbins, Kent Berkbuegler
Also in attendance: Jonathan Bryant from Marquette Associates, Director of Finance Darren Mann
Approval of Minutes
A motion was made by Mr. Vredenburgh, seconded by Mr. Isaacs to approve the minutes of
August 7, 2025.
Motion passed unanimously.
Discussion of Actuarial Report Dated 1/1/2025
AJ Stoll with Ekon Benefits presented the annual actuarial report and discussion ensued.
Marquette Financial Update
Jonathan Bryant from Marquette Associates presented the financial report.
A motion was made by Mr. Isaacs and seconded by Mr. Vredenburgh to move forward with the
recommended changes on the rebalancing spreadsheet.
Motion passed unanimously.
Discussion of Principal Contract
Ms. Yackley stated that they met with the lawyers and we can’t get out of the contract without buying
the annuities. They want to do a little more research, but there is no legal basis to be able to get out.
Adjournment
A motion was made by Mr. Isaacs and seconded by Mr. Vredenburgh to adjourn at 5:50 p.m.

[PAGE 3]
The City of Olivette
Salaried Employees Pension Plan
4Q25 Performance Report
February 5, 2026

[PAGE 4]
The City of Olivette – Salaried Employees Pension Plan
February 5, 2026
CONTENTS EXHIBIT
I
4Q25 Performance Report
II
Asset Allocation Sheet & Benefit Index Calculation

[PAGE 5]
Marquette Update
1Q 2026
PLEASE JOIN US IN CONGRATULATING OUR NEW 2026 PARTNERS
2026 PROMOTIONS
Eric Gaylord, CFA Jesus Jimenez
ƒ 19 years of experience, with the ƒ 14 years of experience, with the Sam Frymier Anthony Wang Ryan Maher
Vice President Research Associate Assoc. Client Analyst
firm since 2007 firm since 2012
ƒ B.S., Indiana University ƒ B.S. and M.B.A. with distinction, Chad Sheaffer, CFA, CAIA Hakeem Reed Donny Namani
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Assoc. Research Analyst
UPCOMING SPEAKING ENGAGEMENTS
$441 99 40th
B % f Lee Martin and Greg Leonberger speaking at KORIED 2026
Plan Sponsor Educational Institute 1/20–23
assets under advisement client retention rate year in business f Jessica Noviskis speaking at Chicago Finance Exchange 2026
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Mountain States Institutional Forum 3/4–5
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Subscribe to research email alerts Follow us on LinkedIn YouTube Client data as of September 30, 2025; firm data as of January 2026. The client retention rate is calculated as the
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not imply a certain level of skill or training. More information about Marquette including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon
request and on our website.

[PAGE 6]
2026 Market Preview
This presentation is furnished on a confidential basis to the recipient for informational purposes only.
For disclosure information, please refer to the end of this presentation.

[PAGE 7]
Overview

[PAGE 8]
Calendar year returns
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 5yr 10yr
Emerging Broad U.S. Emerging
Large Cap Large Cap Commodities Commodities Large Cap Bank Loans Small Cap Commodities Large Cap
Markets Equities Markets
25.0% 26.3% 26.0% 40.4% 31.5% 1.1% 21.3% 14.7% 14.8%
33.6% 20.9% 37.3%
Broad Intl Broad U.S. Broad U.S. Broad U.S. Broad U.S.
Bank Loans Large Cap Small Cap Core Bond Intl Small Cap High Yield Large Cap
Equities Equities Equities Equities Equities
-1.1% 28.7% 20.0% 0.0% 33.0% 17.1% 14.4%
32.4% 26.0% 26.0% 31.0% 14.3%
Broad U.S. Broad Intl Broad U.S.
Intl Small Cap Mid Cap Intl Large Cap High Yield Large Cap Mid Cap High Yield Mid Cap Mid Cap
Equities Equities Equities
31.8% 15.3% 18.2% -11.2% 18.4% 30.5% -2.1% 13.8% 11.0%
25.7% 27.2% 13.1%
Emerging Broad U.S.
Intl Large Cap Small Cap Mid Cap Core Bond Mid Cap Small Cap Large Cap Intl Large Cap Intl Large Cap Small Cap
Markets Equities
31.2% 11.5% 17.2% -13.0% 22.6% 25.5% -4.4% 25.0% 8.9% 9.6%
18.3% 12.7%
Broad U.S. Broad Intl
Large Cap C ommodities Small Cap Intl Large Cap Small Cap Mid Cap Intl Small Cap Large Cap Large Cap Mid Cap
Equities Equities
17.9% 9.3% 16.9% -14.5% 14.8% 17.1% 25.0% 21.8% 12.0% 8.7%
-5.2% 8.4%
Broad U.S. Broad Intl Broad Intl Broad U.S. Broad Intl Emerging
Bank Loans Intl Large Cap Intl Small Cap Intl Large Cap Mid Cap Commodities
Equities Equities Equities Equities Equities Markets
9.1% 11.3% 12.3% 22.0% -9.1% 11.4%
17.1% 15.6% -16.0% 21.1% 7.9% 8.4%
Broad Intl Broad Intl Emerging
Small Cap High Yield High Yield Mid Cap Intl Small Cap Small Cap Mid Cap Bank Loans Intl Large Cap
Equities Equities Markets
12.8% 8.2% 13.4% -17.3% 10.1% -11.0% 18.5% 6.4% 8.2%
10.7% 21.5% 11.2%
Emerging Broad Intl Emerging
Mid Cap Intl Small Cap Large Cap Intl Large Cap Intl Large Cap Small Cap Bank Loans Small Cap Intl Small Cap
Markets Equities Markets
10.6% 13.2% -18.1% 7.8% -13.8% 14.6% 9.9% 6.1% 7.5%
7.5% 7.8% 18.4%
Broad Intl Broad U.S. Broad Intl
High Yield Bank Loans Bank Loans Core Bond Commodities Commodities High Yield Intl Small Cap High Yield
Equities Equities Equities
8.6% 13.0% 5.4% 7.5% 17.6% -13.8% 7.5% 5.9% 6.5%
5.5% -19.2% 4.5%
Emerging Emerging Broad Intl
Core Bond Intl Large Cap High Yield High Yield High Yield Commodities Core Bond High Yield Commodities
Markets Markets Equities
7.3% 3.8% 5.3% 7.1% 14.3% 5.8% 2.6% 4.5% 6.1%
9.8% -20.1% -14.2%
Emerging Emerging
Commodities Intl Small Cap Core Bond Small Cap Core Bond Bank Loans Core Bond Bank Loans Intl Small Cap Bank Loans
Markets Markets
7.1% 1.8% 5.5% -20.4% -1.5% 2.8% 8.7% 4.2% 2.2% 5.8%
-14.6% 4.2%
Emerging
Bank Loans Core Bond Commodities Intl Small Cap Commodities Bank Loans Intl Small Cap Core Bond Intl Large Cap Core Bond Core Bond
Markets
5.9% 1.3% -4.3% -21.4% -23.7% 8.2% -17.9% 3.5% 1.0% -0.4% 2.0%
-2.5%
Source: Bloomberg as of December 31, 2025. Please see end of document for benchmark information.
Overview 3

[PAGE 9]
Asset class outlook
CHANGE HEADWINDS NEUTRAL TAILWINDS TAKEAWAYS
Core bonds       Fixed Income: Lower rates and continued spread tightening has fueled strong returns for fixed
d e e m Bank loans      i a n b c o o v m e e 4 . . S 3 p % r . e C ad o r v p a o lu ra a t t e io b n a s l r a e n m ce a i s n h r e i e ch ts b a u r t e s s t o a l r i t d in w g i t y h ie d ld e s fa a u r l e ts a m ttr o a d c e ti r v a e t , in w g i t a h n c d o f r o e r e b c o a n s d ts y r i e e v ld is s e d
x iF o c n High yield      downward, but spread valuations warrant caution. Uncertainty remains with an upcoming change
I in Fed leadership, a weaker labor market, geopolitical tensions, and global budget deficits.
EMD     
 U.S.:High valuations and lofty earnings expectations remain an obstacle to select large cap and
Large-cap      growth-oriented stocks. If earnings broaden out, this dynamic may support a sector rotation that
favors the value factor, while small-cap companies may benefit from AI adoption. Heightened
s
e it Mid-cap      geopolitical risks, policy uncertainty, and weaker consumer sentiment warrant caution.
iu q Small-cap       Non-U.S.: While there are opportunities across non-U.S. markets (solid economic growth
E prospects, commitments to bolstering domestic industrial activity), risks to the space remain.
.S Value      After a year of strong returns, multiples of non-U.S. indices have expanded. Given that the asset
.U
class no longer offers a strong relative valuation advantage, robust earnings growth is now priced
Growth      
into stocks and markets may react poorly if near-term company results disappoint.
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o N q E Emerging markets      income-driven returns underpinned by contracted cash flows. Secular drivers such as electricity
demand from AI-linked data center expansion are helping to sustain investor interest across both
s t Core real estate      conventional and renewable infrastructure.
e
s s A Value-add real estate        Hedge Funds: Higher single-stock dispersion may create opportunities for long/short funds,
la
though mean reversion may hamper returns going forward. VRP strategies face slight headwinds
e Infrastructure       due to lower rates and VIX levels that have returned to below long-term average levels.
R
 Private Equity: Global private equity markets may face headwinds due to recent geopolitical
Equity long/short     
es unrest, but U.S. middle-market PE is showing continued signs of strength (deal flow, stable yet
g d d n Credit      high valuations, and more favorable lending conditions). Exit activity has begun to improve, with
e H u F IPO activity showing signs of strength in 3Q25. The outlook remains slightly positive, particularly
VRP      for those operating within or focused on the middle-market segment.
e t a
v
y t iu Buyout       P se r c iv o a n t d e b C u re si d e i s t t : y N e e a w r o is n s u re a c n o c r e d h a a n s d b m ee a n n y lo e w x e p r e t c h t a i n n c e r x e p as e e c d te a d c r t e iv c it e y n i t n ly 2 , 0 b 2 u 6 t . 2 D 0 i 2 r 5 e c s t t i l l e l n ra d n in k g e d y i a e s ld t s h e
ir P q E Venture Capital      remain attractive vs. liquid loans but markets have seen spread compression of late. Credit
e t a t id Direct lending       f T u h n e d r a e m ar e e n t s a o l m s r e e m sig a n in s s t t h a a b t l e d i b st u r t e s re se q d u i o re p p o o ng rt o u i n n i g ti e m s o m n a it y o b ri e n g in , c p r a e r a t s ic in u g la r m ly o i d f e th s e tl y e ; c c o a n p o it m al y s w ol e u a t k io e n n s.
ve
ir P r C Distressed/opportunistic      opportunities may offer attractive entry points with additional upside.
For illustration only, as of December 31, 2025. These views apply to a 6–12-month horizon; arrows in Change column represent change in view since last quarter. This summary of individual asset class
views shows relative direction and strength of conviction but is independent of portfolio construction considerations. These views should not be construed as a recommended portfolio or investment
advice. Past performance does not imply future returns.
Overview 4

[PAGE 10]
GDP and spending expected to show resilience
U.S. GDP is forecasted to grow steadily through 2030; near-term
consumer spending is expected to be strong due to equity gains
10%
8%
6%
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o 4%
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(
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a
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0%
-2%
-4%
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Real GDP Real Consumer Spending
Source: Deloitte as of January 1, 2026. Gray shading indicates forecasts.
Overview 5

[PAGE 11]
Near-term recession fears fell since “Liberation Day”
The implied odds of a recession spiked in April after Trump’s tariff
announcement, but have since retreated and now sit close to 30%
70%
60%
n
i
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o 50%
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M
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e
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l
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m 10%
I
0%
Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25
U.S. Recession Probability Forecast
Source: Bloomberg as of December 31, 2025. Displays the median forecasted probability of recession. Forecasts derived from the latest surveys from Bloomberg and those
submitted by various large banks.
Overview 6

[PAGE 12]
The dollar just notched its worst year in nearly a decade
The U.S. dollar index dropped by nearly 10% in 2025, the worst
showing since 2017, as the Fed pressed ahead with interest rate cuts
15%
10%
e 5%
g
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r
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-5%
r
a
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n
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l
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-15%
-20%
U.S. Dollar Index
Source: Bloomberg as of December 31, 2025
Overview 7

[PAGE 13]
Inflation
CPI rose at an annualized rate of 2.7% in November; core CPI, which
strips out food and energy prices, rose by 2.6%
10%
9%
8%
e
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n 7%
a
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-
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a Fed 2% target inflation
e
Y
2%
1%
0%
2020 2021 2022 2023 2024
Headline CPI Core CPI
Source: Bloomberg, Bureau of Economic Analysis as of November 30, 2025. The most recently available official PCE Price Index level is for September 2025, which reflects
roughly 2.8 % year-over-year inflation. The October and later PCE figures haven’t been released yet due to data delays stemming from the recent federal government shutdown.
Overview 8

[PAGE 14]
Hiring and unemployment
U.S. payrolls rose by just 50,000 in December (less than expected);
the unemployment rate ticked down slightly to 4.4%
1000 7%
6%
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2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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Job Adds/Losses Monthly Breakeven Job Adds (Range) Unemployment Rate
Source: Bloomberg, Bureau of Labor Statistics as of December 31, 2025. Monthly breakeven job adds are economists’ estimates related to how fast payrolls can grow without
tightening the labor market and stoking wage pressures (i.e., neutral payrolls growth).
Overview 9

[PAGE 15]
Oil markets could benefit from Maduro ouster
The Venezuelan oil industry has languished in recent years, but the
removal of Nicolás Maduro could lead to its revitalization
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9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 0 0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2
Venezuelan Oil Exports
Source: Bloomberg, BP, International Energy Agency as of December 31, 2025
Overview 10

[PAGE 16]
Rate expectations
The Fed cut its policy rate in December by 25 basis points; investors
expect rates to remain between 3.0–3.5% throughout most of 2026
6% 6
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#Hikes/Cuts Effective Rate Implied Rate
Source: Bloomberg as of January 1, 2026. Gray shading indicates forecasts.
Overview 11

[PAGE 17]
Fixed Income

[PAGE 18]
Fixed income performance
Falling rates and tighter spreads pushed fixed income returns above
investor expectations in 2025
MTD (%) QTD (%) YTD (%) 1 Yr(%) 3 Yr(%) 5 Yr (%) 10 Yr(%)
Broad Market Index Blm Aggregate -0.1 1.1 7.3 7.3 4.7 -0.4 2.0
Intermediate Index Blm Int. Gov./Credit 0.1 1.2 7.0 7.0 5.1 1.0 2.3
Government Only Indices Blm Long Gov. -1.7 0.0 5.6 5.6 0.6 -7.2 0.0
Blm Int. Gov. 0.0 1.2 6.5 6.5 4.4 0.6 1.8
Blm 1-3 Year Gov. 0.3 1.1 5.2 5.2 4.5 1.8 1.8
Blm U.S. TIPS -0.4 0.1 7.0 7.0 4.2 1.1 3.1
Credit Indices Blm U.S. Long Credit -1.0 0.0 7.8 7.8 5.4 -2.9 3.4
Blm High Yield 0.6 1.3 8.6 8.6 10.1 4.5 6.5
CS Leveraged Loan Index 0.7 1.2 5.9 5.9 9.3 6.4 5.8
Securitized Bond Indices Blm MBS 0.2 1.7 8.6 8.6 4.9 0.1 1.6
Blm ABS 0.3 1.2 5.9 5.9 5.5 2.3 2.6
Blm CMBS 0.1 1.4 7.8 7.8 6.0 1.0 2.9
Non-U.S. Indices Blm Global Aggregate Hedged -0.2 0.8 4.9 4.9 5.1 0.3 2.4
JPM EMBI Global Diversified 0.7 3.3 14.3 14.3 10.6 1.8 4.4
JPM GBI-EM Global Diversified 1.5 3.3 19.3 19.3 9.5 1.1 3.9
Municipal Indices Blm Municipal 5 Year 0.3 0.5 5.0 5.0 3.5 1.0 1.9
Blm HY Municipal -0.2 1.1 2.5 2.5 6.0 2.2 4.3
Source: Bloomberg, JPMorgan, UBS as of December 31, 2025. The local currency GBI index is hedged and denominated in U.S. dollars.
Fixed Income 13

[PAGE 19]
Who is the next Fed Chair?
Kevin Hassett and Kevin Warsh currently have near-equal odds of
being named next Fed Chair; both are expected to be more dovish
90%
80%
r i 70%
a
h
C
60%
d
e
F
50%
t
x
e
N
40%
f
o
s 30%
d
d
O
20%
10%
0%
Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26
Hassett Warsh Waller Rieder Bowman Bessent Shelton
Source: Polymarketas of January 8, 2026; Odds are the Polymarketchance that candidate is appointed as Fed Chair.
Fixed Income 14

[PAGE 20]
Starting yields are a strong indicator of future returns
Starting yields strongly influence forward returns; current yield levels
provide optimistic return scenarios for bond investors
18%
16%
14%
12%
W
10%
T
Y
8%
g
n
i
t 6%
r
a
t
S
4%
2%
0%
-2%
0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18%
7-Year Forward Return
U.S. Aggregate Bond Index
Source: Bloomberg as of December 31, 2025
Fixed Income 15

[PAGE 21]
What is the outlook for defaults?
Default forecasts for 2026 and beyond have been revised downward
as solid fundamentals should create a benign default environment
6.5%
6.0%
5.5%
5.0%
4.5%
e 4.0%
t
a
R 3.5%
t
l u 3.0%
a
f
e 2.5%
D
2.0%
1.5%
1.0%
0.5%
0.0%
2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E
High Yield Leveraged Loans Long-Term Avg. Default Rate
Source: J.P. Morgan as of December 31, 2025
Fixed Income 16

[PAGE 22]
Opportunities and risks in fixed income
Opportunities Risks
Income generation Vigilantes
Bonds are STILL back. Despite a slight reduction in Developed governments continue to run fiscal
starting yields, fixed income still provides attractive deficits. At some point, investors will demand
income accretion potential. This dynamic presents a additional compensation for holding long-dated
scenario that continues to fuel solid total returns bonds, which could put pressure on the long end of
while also providing an income cushion in potential the curve.
economic downside scenarios.
Rich spread valuations
The return of term-premium Credit spreads continue to trade tighter, with IG
The Fed continued its easing cycle in 2025. This Corporate spreads at their tightest levels in 27
easing has been paired with higher long-dated years. Strong technical dynamics and solid
rates, which has created roll opportunities by fundamentals are keeping spreads priced to
moving out on the curve. perfection. A negative catalyst could see spreads
widen significantly and dampen total returns.
The outlook for credit remains strong
Strong corporate balance sheets and solid earnings Multiple wildcards
have kept default forecasts low. The demand for Significant uncertainty related to President Trump’s
credit is high, which has kept spreads at tight levels. economic policies, heightened geopolitical
tensions, a new Fed chair, and the large U.S. fiscal
deficit highlight the importance of diversified fixed
income allocations.
Fixed Income 17

[PAGE 23]
U.S. Equities

[PAGE 24]
U.S. equity performance
Value equities outperformed across market caps in 4Q; most U.S.
equity indices posted double-digit returns for a third consecutive year
MTD (%) QTD (%) YTD (%) 1 Yr (%) 3 Yr (%) 5 Yr (%) 10 Yr (%)
Broad Market Indices Dow Jones 0.9 4.0 14.9 14.9 15.4 11.6 13.1
Wilshire 5000 0.0 2.2 17.2 17.2 22.5 12.8 14.2
Russell 3000 0.0 2.4 17.1 17.1 22.2 13.1 14.3
Large-Cap Market Indices S&P 500 0.1 2.7 17.9 17.9 23.0 14.4 14.8
Russell 1000 0.0 2.4 17.4 17.4 22.7 13.6 14.6
Russell 1000 Value 0.7 3.8 15.9 15.9 13.9 11.3 10.5
Russell 1000 Growth -0.6 1.1 18.6 18.6 31.2 15.3 18.1
Mid-Cap Market Indices Russell Mid-Cap -0.3 0.2 10.6 10.6 14.4 8.7 11.0
Russell Mid-Cap Value 0.1 1.4 11.0 11.0 12.3 9.8 9.8
Russell Mid-Cap Growth -1.3 -3.7 8.7 8.7 18.6 6.6 12.5
Small-Cap Market Indices Russell 2000 -0.6 2.2 12.8 12.8 13.7 6.1 9.6
Russell 2000 Value 0.2 3.3 12.6 12.6 11.7 8.9 9.3
Russell 2000 Growth -1.3 1.2 13.0 13.0 15.6 3.2 9.6
Source: Bloomberg as of December 31, 2025
U.S. Equities 19

[PAGE 25]
S&P 500 sector performance
Health Care led in 4Q fueled by significant gains in biopharma;
growth-oriented sectors (IT and Comms) again drove returns in 2025
40%
35%
30%
25%
20%
n
r u 15%
t
e
R 10%
5%
0%
-5%
-10%
Cons. Disc. Cons. Stap. Energy Financials Health Care Industrials Tech Materials Comm. Real Estate Utilities
Serv.
SECTOR
11% 5% 3% 14% 9% 8% 35% 2% 10% 2% 2%
WEIGHTING
MTD QTD YTD
Source: Bloomberg as of December 31, 2025
U.S. Equities 20

[PAGE 26]
U.S. equity valuations
Less expensive stocks led in 4Q, as quality and profitability drove
investor sentiment amid policy uncertainty and geopolitical tensions
Most Expensive Least Expensive
30%
27.0% 26.8%
25%
19.7%
20%
n
r 15%
u
t
e
R 9.2%
10% 8.4%
6.6%
5% 3.5%
1.8% 1.8%
0.6%
0%
-0.5%-0.1%
-0.9%-1.0% -1.0%
-5%
P/E Quintile 1 P/E Quintile 2 P/E Quintile 3 P/E Quintile 4 P/E Quintile 5
MTD QTD YTD
Source: FactSet as of December 31, 2025. SPY ETF used as a proxy for the S&P 500.
U.S. Equities 21

[PAGE 27]
Equity markets diverge from consumer sentiment
Increasing dispersion between consumer sentiment and equity
performance supports the notion of a “K-shaped” economy
85 20%
80
15%
t
n n
e 75 r
u
m 10% t
i e
t n
e
70 R
e
S 5% v
i
r t
e a
m 65 l u
u m
s n 0% u
o 60 C
C
-5%
55
50 -10%
Consumer Sentiment 20 Year Historical Average S&P 500
Source: University of Michigan, eVestment as of December 31, 2025
U.S. Equities 22

[PAGE 28]
Mega-caps continue to fuel index performance
The top 10 constituents of the S&P 500 Index drove more than 50% of
the return of the benchmark in 2025
9% 70%
8%
n 60%
r
u 7%
t x
e 50% e
R 6% d
o n
t
n
5% 40% I
n
o i
i t 4% 30% t h
u g
b 3% i e
i
r 20% W
t
n 2%
o
C 10%
1%
0% 0%
Contribution to 2025 S&P 500 Index Return (L) Average 2025 S&P 500 Index Weight (R)
Source: FactSet as of December 31, 2025
U.S. Equities 23

[PAGE 29]
Earnings estimates favor market broadening
The Magnificent 7 are expected to continue to drive performance in
the S&P 500 in 2026, but to a lesser degree than in previous years
45%
40%
)
r
a 35%
e
Y
-
r e 30%
v
o
- 25%
r
a
e
Y 20%
(
h
t w 15%
o
r G 10%
s
g 5%
n
i
n
r 0%
a
E
-5%
-10%
2023 2024 2025 Est* 2026 Est*
Mag 7 S&P 493
Source: FactSet as of December 31, 2025. Gray shading indicates forecasts.
U.S. Equities 24

[PAGE 30]
Earnings growth: Large caps vs. small caps
Since the Global Financial Crisis, large-cap companies have grown
earnings at a steadier clip than smaller companies
450
)
0
0
1
400
t
a
d 350
e
x
e
d 300
n
I
(
S 250
P
E
h 200
t
n
o
M 150
-
2
1 100
g
n
i 50
li
a
r
T
0
Russell 1000 EPS Russell 2000 EPS
Source: Bloomberg as of December 31, 2025
U.S. Equities 25

[PAGE 31]
Opportunities and risks in U.S. equities
Opportunities Risks
AI innovation AI “bubble” narrative
The continued pace of investment and development in AI Optimism related to AI adoption has driven substantial
could lead to another “ChatGPT moment” in which new capital flows and equity returns. That said, if earnings fail to
technologies spur a dramatic shift in market dynamics. At meet current lofty expectations or spending outpaces near-
the same time, efficiency gains and product innovation term returns, markets could correct sharply amid historically
related to AI will likely increase as adoption accelerates high valuations. Dislocations in key industries such as
throughout the broader economy. This may benefit software would adversely impact already concentrated
companies across the value chain, including semiconductor market cap-weighted indices, such as the S&P 500 Index.
and industrial companies, as well as smaller caps.
A potential economic slowdown
Broadening market leadership While growth remains the base case for many economic
Heightened valuations and lofty earnings expectations forecasts, recession risk remains a non-trivial downside
among select mega-cap companies, as well as concerns scenario. A slowdown in consumer spending, potential labor
around concentration risk, could be catalysts for sector market fragility, tightening credit conditions, sticky inflation,
rotation and increased diversification. If earnings growth or a decline in consumer sentiment could precipitate
broadens (as is projected), small-cap and under-owned broader equity market weakness.
large-cap sectors may perform well even if mega caps
Geopolitical and political uncertainty
remain strong.
Geopolitical tensions and the current fluid nature of tariff
Favorable policy and strong balance sheets policy are expected to contribute to market volatility, while
Changes in tax policy are expected to lead to higher-than- midterm elections in November will impact economic policy
average tax refunds in early 2026 which, along with a going forward. Additionally, questions of Fed independence
potentially accommodative central bank, may provide the or the inability of the central bank to meet market
stimulus needed to support valuations. Additionally, strong expectations for rate cuts may spur volatility, especially if
corporate balance sheets, a stable labor market, and de- valuations prove too high for the market to support.
regulation may support stock performance.
U.S. Equities 26

[PAGE 32]
Non-U.S. Equities

[PAGE 33]
Global equity performance
December saw gains across all major non-U.S. equity indices; 2025 saw
strong outperformance of U.S. equities by international stocks
MTD QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr
(%) (%) (%) (%) (%) (%) (%)
Global Equity Market Indices MSCI ACWI 1.0 3.3 22.3 22.3 20.7 11.2 11.7
MSCI ACWI ex. U.S. 3.0 5.1 32.4 32.4 17.3 7.9 8.4
Developed Markets Indices MSCI EAFE 3.0 4.9 31.2 31.2 17.2 8.9 8.2
MSCI EAFE Local 2.1 6.1 20.6 20.6 15.9 11.5 8.6
Emerging Markets Indices MSCI Emerging Markets 3.0 4.7 33.6 33.6 16.4 4.2 8.4
MSCI EM Local 2.6 5.6 31.3 31.3 17.7 6.6 9.6
Small-Cap Market Indices MSCI EAFE Small-Cap 2.3 2.7 31.8 31.8 15.0 5.6 7.5
MSCI EM Small-Cap 0.8 1.6 18.6 18.6 15.5 8.4 8.3
Frontier Markets Index MSCI Frontier 4.8 6.6 46.9 46.9 21.5 9.6 7.9
Source: Bloomberg as of December 31, 2025
Non-U.S. Equities 28

[PAGE 34]
Non-U.S. country performance
South Korean stocks rebounded in December, returning 13%; the year
ended with all major countries outperforming the U.S. (except India)
120%
100%
80%
n 60%
r
u
t
e
R 40%
20%
0%
-20%
Korea Spain South Mexico Italy Brazil Taiwan Germany UK China France Japan USA India
Africa
COUNTRY
4% 2% 1% 1% 2% 1% 6% 6% 9% 7% 6% 13% -- 5%
WEIGHTING
MTD QTD YTD
Source: Bloomberg as of December 31, 2025. Returns based on individual MSCI country indices; country weights based on the MSCI ACWI ex-U.S. Index.
Non-U.S. Equities 29

[PAGE 35]
Non-U.S. currency performance
Non-U.S. currencies pulled back in 4Q but finished the year positively
(developed currencies: +10.6% and EM currencies: +2.3% in 2025)
14%
12%
10%
-1.3% in 4Q
n 8%
r
u
t
e 6%
R
e
v 4%
i
t a -0.9% in 4Q
l
u 2%
m
u
C 0%
-2%
-4%
MSCI EAFE Currency MSCI EM Currency
Source: Bloomberg as of December 31, 2025. Currency return calculated by subtracting index return in USD by index return in local terms.
Non-U.S. Equities 30

[PAGE 36]
2026 interest rate projections
Most major economies eased monetary conditions in 2025; policy
rates are expected to stabilize in 2026
6%
5%
4%
e
t
a 3%
R
y
c
i l 2%
o
P
1%
0%
-1%
2 2 2 2 2 2 3 3 3 3 3 3 4 4 4 4 4 4 5 5 5 5 5 5 6 6 6 6 6 6
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
n
a J
r
a M
y
a M
lu
J
p
e S
v
o N
n
a J
r
a M
y
a M
lu
J
p
e S
v
o N
n
a J
r
a M
y
a M
lu
J
p
e S
v
o N
n
a J
r
a M
y
a M
lu
J
p
e S
v
o N
n
a J
r
a M
y
a M
lu
J
p
e S
v
o N
Fed Rate ECB Rate BoE Rate BoJ Rate
Fed Implied Rate ECB Implied Rate BoE Implied Rate BoJ Implied Rate
Source: Bloomberg as of December 31, 2025. Gray shading indicates forecasts.
Non-U.S. Equities 31

[PAGE 37]
Earnings growth estimates
Building off a strong 2025, corporate earnings are expected to
increase in both 2026 and 2027 across all major markets
230
)
0
0
210
1
o
t
d 190
e
x
e 170
d
n
I
(
150
Y
o
Y
h 130
t
w
o 110
r
G
s 90
g
n
i
n
70
r
a
E
50
2019 2020 2021 2022 2023 2024 2025 2026E 2027E
MSCI United States MSCI EAFE Small Cap MSCI Emerging Markets MSCI EAFE
Source: FactSet; estimates as of January 5, 2025. December 2019 = 100. Gray shading indicates forecasts.
Non-U.S. Equities 32

[PAGE 38]
The impact of market concentration on returns
As both domestic and emerging markets become more concentrated,
developed international markets may provide more diversified returns
40% 40%
x
e 35%
d s
n 35% n
I r u
n t 30%
i e
t R
h 30%
g 5
25%
i 2
e
0
W
2
s 25% o 20%
g t
n n
i d o
15%
l o 20% i t u
H
b
0 i r 10%
1 t
n
p 15% o
o C 5%
T
10% 0%
2022 2023 2024 2025 MSCI United MSCI Emerging MSCI EAFE
MSCI United States States Markets
MSCI Emerging Markets
Top 10 Constituents Rest of Index
MSCI EAFE
Source: FactSet as of December 31, 2025. Top 10 Holdings calculated as of December 31 of each calendar year.
Non-U.S. Equities 33

[PAGE 39]
Earnings growth: U.S. vs. non-U.S.
Since the Global Financial Crisis, U.S. companies have grown earnings
at a much faster rate than non-U.S. companies
400
)
0
0
1
350
t
a
d
e 300
x
e
d
n
250
I
(
S
P
E 200
h
t
n
o 150
M
-
2
100
1
g
n
i 50
li
a
r
T
0
MSCI EAFE EPS MSCI EM EPS S&P 500 EPS
Source: Bloomberg as of December 31, 2025.
Non-U.S. Equities 34

[PAGE 40]
Opportunities and risks in non-U.S. equities
Opportunities Risks
European and Japanese industrial growth The impacts of tariffs
In June, European NATO members committed to investing 5% of The economic impacts of tariffs will become more prevalent in
GDP on defense spending, up from the 2006 commitment of 2%. 2026 as companies move beyond temporary cost buffers. This
Beneficiaries of this change include commercial aerospace and raises the risk of renewed inflation pressures, margin compression
defense firms, along with capital intensive sectors like in trade-exposed sectors, and greater dispersion in earnings and
transportation and electronics. Japan is also focused on boosting growth.
domestic industries, especially sectors like nuclear, energy,
Recent multiple expansion
defense, and technology. Both Germany and Japan passed large
While non-U.S. equities are less expensive than the S&P 500
fiscal spending packages to further these initiatives, which may
Index, recent performance has pushed valuations higher. At the
have a stimulative effect on their respective economies.
start of 2025, non-U.S. equity multiples sat near historic averages
A positive earnings outlook but have since increased significantly, particularly for large-cap
Broad non-U.S. equity benchmarks experienced positive earnings stocks. This valuation expansion may remove downside cushion
growth in 2025. For 2026, analysts currently project double-digit should markets experience a bout of volatility. Additionally, this
earnings growth across indices, with emerging markets leading dynamic puts increased pressure on earnings growth to support
the way. Given recent multiple expansion, earnings growth will be positive returns in 2026.
critical for continued performance momentum.
Index concentration within emerging markets
The outlook for Asian technology stocks Several emerging economies have benefitted from the AI boom,
Asia’s technology sector has emerged as a compelling including China, Taiwan, and South Korea. The extreme growth of
destination for investors seeking growth beyond U.S. markets. AI related companies has led to increased concentration in both
Fueled by advancements in AI, semiconductor innovation, and U.S. and EM indices, though concentration levels are higher in the
the rise of regional tech hubs, Asian equities are gaining United States. In 2025, the top ten constituents in both countries
momentum. While the U.S. continues to lead in software and contributed more than 50% of the calendar year return.
platform dominance, Asia presents opportunities. Domestic investors seeking geographic diversification should be
aware of this concentration trend as an unraveling of the recent
AI boom would likely harm both markets.
Non-U.S. Equities 35

[PAGE 41]
Real Estate

[PAGE 42]
Real estate performance
Appreciation remained flat as 3Q real estate performance was
supported by consistent income gains across sectors
QTD (%) YTD (%) 1 Yr (%) 3 Yr (%) 5 Yr (%) 10 Yr (%)
NPI 1.2 3.7 4.7 -2.6 3.8 5.0
Income 1.2 3.6 4.8 4.5 4.4 4.5
Appreciation 0.0 0.2 -0.1 -6.9 -0.6 0.5
NFI-ODCE 1.2 3.7 4.7 -5.4 3.5 5.1
Income 1.2 3.6 4.8 3.9 3.8 4.1
Appreciation 0.0 0.2 -0.1 -9.0 -0.4 1.0
FTSE NAREIT All Eq. REITs 2.7 4.5 -4.0 8.3 7.0 6.8
Property Type
NPI Multifamily 1.5 4.3 5.5 -1.8 4.9 5.3
NPI Industrial 1.0 3.4 4.6 -0.6 11.8 12.2
NPI Office 0.9 2.6 1.9 -9.4 -4.3 0.7
NPI Retail 1.3 5.1 7.1 2.6 3.0 3.0
NPI Hotel 2.1 2.6 3.5 7.6 6.2 2.8
Geographic Sectors
NPI East 1.3 3.9 4.8 -3.2 2.1 3.3
NPI Midwest 1.9 5.0 6.7 -0.6 3.2 3.7
NPI South 1.5 5.1 6.7 0.7 6.6 6.4
NPI West 0.8 2.5 2.9 -4.3 3.7 5.9
Source: NCREIF as of September 30, 2025
Real Estate 37

[PAGE 43]
Current cycle showing stability
Core real estate returns have stabilized through 2024 and into 2025 as
the interest-rate-driven repricing cycle subsides
3%
2%
1%
0%
n
r
u
t -1%
e
R
l a -2%
t
o
T
-3%
-4%
-5%
-6%
3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
NPI ODCE
Source: NCREIF as of September 30, 2025
Real Estate 38

[PAGE 44]
Transaction volumes are recovering
Transaction activity continues to rebound, with volumes returning to
long-term average levels
$250B
$200B
17% above
$150B prior year
e
m
u
l
o
V
$100B
$50B
$0B
3Q10 3Q11 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 3Q18 3Q19 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25
Office Industrial Retail Apartment Other 15-Year Average
Source: MSCI RCA, DWS Research as of September 30, 2025
Real Estate 39

[PAGE 45]
NOI Growth
NOI growth is expected to anchor returns going forward, led by
industrial and retail as in-place leases reprice to market
10%
8.6%
8%
h
t 6%
w
o
r
G 4.1%
3.8%
I O 4% 3.4%
3.2%
N
l a 2.3% 2.1%
1.9%
u
n 2%
n 1.1%
A 0.6%
0%
-0.6%
-1.3%
-2%
Industrial Multifamily Retail Office
2001–2024 2022–2024 2025–2029 2025–2029 (Downside)
Source: Stepstone
Real Estate 40

[PAGE 46]
Cap rates
Despite stability in cap rates as interest rates ease, modest expansion
has persisted across select property types
8.0%
7.4%
7.5%
7.0%
7.0%
6.4%
6.5%
e
t
a
R 6.0%
p
a 5.5%
C
5.5%
5.0%
4.5%
4.0%
7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 1 1 1 1 2 2 2 2 3 3 3 3 4 4 4 4 5 5 5
1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
n
a J
r
p A
lu
J
t
c O
n
a J
r
p A
lu
J
t
c O
n
a J
r
p A
lu
J
t
c O
n
a J
r
p A
lu
J
t
c O
n
a J
r
p A
lu
J
t
c O
n
a J
r
p A
lu
J
t
c O
n
a J
r
p A
lu
J
t
c O
n
a J
r
p A
lu
J
t
c O
n
a J
r
p A
lu
J
Apartment Industrial Office Retail
Source: MSCI RCA, DWS Research as of September 30, 2025
Real Estate 41

[PAGE 47]
Construction starts
With construction levels declining, limited supply is expected to
further drive rent growth (primarily in residential and logistics sectors)
Apartment Industrial
1.4M 250 800M 200M
) . t F ) . t F 700M 180M
. q
1.2M
200 . q 160M
S S
(
s t i n U 1.0M 150
s
t r a t S
(
s t i n U 5
60
00
0M
M 1 14 20 0M M
s
t r a t S
n 0.8M n n n
o i t c u r t s n o 0 0 . . 4 6 M M 100 o i t c u r t s n o o i t c u r t s n o 3 4 0 0 0 0 M M 6 8 1 0 0 0 M M 0M o i t c u r t s n o
C C C 200M C
r
50
r
40M
e 0.2M e
d d 100M
n n 20M
U U
0.0M 0 0M 0M
01346790235689124 02356891245780134
00000001111111222 00000001111112222
QQQQQQQQQQQQQQQQQ QQQQQQQQQQQQQQQQQ
13131313131313131 42424242424242424
Under Construction Construction Starts Under Construction Construction Starts
Source: CoStar, AEW Research as of March 31, 2025
Real Estate 42

[PAGE 48]
Evolving occupancy rates
Stable demand and limited supply support high occupancies, led by
alternative sectors with strong structural tailwinds
100%
95%
e
t
a
R
90%
y
c
n
a
p
u
c 85%
c
O
80%
75%
Single-Family Manuf. Apartment Senior Retail Data Centers Industrial Self Storage Office
Rental Homes Housing
Historical Average 2000–24 Forecast 2025–29
Source: CoStar, PGIM Real Estate as of June 30, 2025
Real Estate 43

[PAGE 49]
Opportunities and risks in real estate
Opportunities Risks
Real estate debt Ongoing office sector struggles
Real estate debt presents a compelling opportunity in the The office sector continues to face headwinds with lease
current cycle, driven by elevated refinancing needs, renewal issues, rent pressures, and declining property values
constrained bank lending, and attractive spread premiums amid the persistence of remote work trends. Although likely
across the capital stack. less severe than previous quarters, this correction is likely to
continue.
Opportunities in distressed environment
Income stability at reset valuations remains a key opportunity. Rising input costs from tariffs and labor constraints
With pricing down roughly 20% from peak levels across most Proposed tariffs on materials (e.g., steel and electronics) and
core sectors, valuations are now more compelling relative to tightening immigration policies are raising construction costs
replacement cost. Investors are focusing on well-leased, and timelines, directly impacting development feasibility. With
income-producing assets that can deliver durable cash flow, roughly 70% of construction inputs classified as goods (and
especially in an environment with limited cap rate about a quarter of those being imported), rising tariffs on
compression and elevated borrowing costs. countries like China, Canada, and Mexico may lead to material
cost inflation.
Sector and market selection
Diversification into alternative sectors offers a compelling A rising 10-Year Treasury rate
opportunity. Asset classes like medical office, data centers, A higher 10-year Treasury rate could present a challenge for
single-family rentals, and self-storage benefit from strong commercial real estate, potentially driving increased
secular demand trends and resilient cash flows. With many borrowing costs and cap rates. This could create pressure on
portfolios still under-allocated to these areas, investors have asset valuations and may temper transaction activity if
the chance to enhance diversification benefits while capturing financing becomes more expensive.
growth in high-demand, less economically sensitive segments
of the market.
Real Estate 44

[PAGE 50]
Private Equity

[PAGE 51]
Private equity performance
Private equity remains an essential asset class for accessing less efficient
markets
3Q25 (%) YTD (%) 1 Yr (%) 3 Yr (%) 5 Yr (%) 10 Yr (%)
Global Private Equity 2.3 8.6 9.6 7.0 12.7 13.8
Global Buyout 1.1 7.3 7.5 8.8 13.8 14.2
Global Expansion 0.8 4.9 8.2 7.0 8.2 7.8
Global Venture Capital 5.3 12.5 15.3 3.2 11.8 14.0
U.S. Private Equity 2.6 7.2 9.6 6.4 14.0 14.7
U.S. Buyout 1.4 4.8 6.6 7.9 14.3 14.6
U.S. Small Buyout 1.5 4.8 6.8 7.9 18.2 16.7
U.S. Expansion 0.7 3.2 5.9 6.5 9.8 9.7
U.S. Venture Capital 5.7 13.5 17.3 3.2 13.4 14.6
MSCI All Country World Index 7.4 17.8 17.8 24.3 14.9 13.0
S&P 500 8.1 14.8 17.6 24.9 16.5 15.3
Russell 3000 8.2 14.4 17.4 24.1 15.7 14.7
Russell 2000 Growth 12.4 11.7 13.6 16.7 8.4 9.9
Source: MSCI Private Capital Pooled Returns, Bloomberg, MSCI, S&P, FTSE Russell as of September 30, 2025; Small Buyout includes funds less than $1 billion in size.
Private Equity 46

[PAGE 52]
Private equity deal activity
U.S. PE activity was strong in 3Q, with deal value up 38% (YoY);
momentum may continue as sponsors transact amid increased clarity
$1,400B 12,000
$1,200B
e 10,000 t
u n
l u
a o
V
C
$1,000B
l
a e 8,000 l a
D e
D
y $800B
t y
i t
u i
q 6,000 u
q
E
E
$600B
e
t e
a t
v i 4,000 a v
r P $400B i r
P
.
S .
. S
U 2,000 . U
$200B
$0B 0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025*
Deal Value Deal Count
Source: PitchBook U.S. PE Breakdown as of September 30, 2025
Private Equity 47

[PAGE 53]
Private equity valuations
U.S. PE middle market EV/EBITDA multiples held at 13.5x, with strong
valuations likely in 2026 as conditions and sentiment improve
16x
t
u 14x
o 14.3x
y
u 13.8x 13.4x 13.5x
B 13.0x
12x
t
es
ke 11.6x
rl
ap 11.1x
Mi t 10x
l u 10.2x
eM
9.6x
l
d d A 8x 8.8x 8.9x
i MD
T
EI
B
PE 6x
./
SV
. UE
n 4x
a
i
d
e
M 2x
0x
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM
Source: PitchBook U.S. PE Middle Market Report. as of September 30, 2025
Private Equity 48

[PAGE 54]
Private equity exit activity
U.S. PE exits rose 22% (YoY) in 3Q but are still below pre-pandemic
levels; a gradual recovery is expected in 2026 as sentiment improves
$900B 2,500
$800B
2,000
$700B
e $600B t n
u u
l a V 1,390 1,251 1,500 o C
t
$500B
t
i x i x
E E
E $400B E
P 1,000 P
. S $300B . S
. U . U
$200B
500
$100B
$0B 0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Exit Value Exit Count
Source: PitchBook U.S. PE Breakdown as of September 30, 2025
Private Equity 49

[PAGE 55]
Holding periods
Median hold times for U.S. PE-backed companies are elevated relative
to pre-pandemic levels
8
7
7.0
6 6.4
6.0
s
r
a 5
e
Y
4
3.8
3.4
3
3.1
2
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Median Years to Exit (Annual) Median Existing Hold Times (Cumulative)
Source: PitchBook U.S. PE Breakdown as of September 30, 2025
Private Equity 50

[PAGE 56]
Opportunities and risks in private equity
Opportunities Risks
Increasingimportance of secondaries market Continuation funds to remain a key exit strategy
The secondaries market is expanding and maturing Exit activity may continue to rise, with continuation
quickly, with transaction volumes on track to exceed fund exits supported by strong secondary capital. If
$200billion in 2025 as more investors rely on it both inflation rises, it could slow traditional exits,
for liquidity and for routine portfolio management.1 prompting more sponsors to roll assets into
continuation funds as LPs seek distributions.
Rising opportunities in growth equity
Late-stage venture and growth equity now provide High valuations will demand robust value creation
essential access to innovative private companies, Exits are improving but valuations remain high,
especially AI-native and other high-growth sectors. As requiring some sellers to take discounts. With limited
firms stay private for longer, growth equity has multiple expansion, returns depend on earnings
rebounded, offering investors a mix of resilience and growth, strategic asset selection, and strong value
upside between early-stage venture and traditional creation where manager skill is increasingly critical.
buyouts.
Geopolitical uncertainty
Improving exit environment Ongoing trade disputes and geopolitical uncertainty
Stabilizing interest rates and improving market are creating cost pressures and operational volatility
sentiment are setting the stage for a rebound, with for PE-backed companies, making growth less
IPO volumes up 89% year over year from 3Q24 to predictable. The resulting uncertainty is also weighing
3Q25, signaling renewed public-market receptivity on deal activity, exit opportunities, and LP appetite
and improved conditions for private equity exits.2 for U.S.-focused funds.
12026 BlackRock Private Markets Outlook; 2Coller Capital
Private Equity 51

[PAGE 57]
Vision
Be a trusted partner to our clients
Purpose:
through effective investment programs
Empower our
Mission
clients to meet their
Provide independent and thoughtful
investment guidance
investment
Why Marquette?
✔ Our people
objectives
✔ Independent expertise
✔ Focused client service
✔ Careful research

[PAGE 58]
PREPAREDBYMARQUETTEASSOCIATES
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CHICAGOBALTIMOREMILWAUKEEPHILADELPHIAST.LOUIS WEBMarquetteAssociates.com
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from various sources, including but not limited to third party investment managers, the client's custodian(s) accounting statements, commercially available databases, and other
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maydiffermaterially.Indiceshavebeenselectedforcomparisonpurposesonly.Clientaccountholdingsmaydiffersignificantlyfromthesecuritiesintheindicesandthevolatilityofthe
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pleasevisitwww.MarquetteAssociates.com.

[PAGE 59]
EXHIBIT I

[PAGE 60]
The City of Olivette
Pension
Quarterly
Executive Summary
December 31, 2025

[PAGE 61]
City of Olivette Pension Quarterly Manager Status
Investment Manager Asset Class Status Reason
Principal Core Fixed Income Core Fixed Income In Compliance --
Principal Core Plus Bond Core Plus Fixed Income In Compliance --
Baird Core Plus Core Plus Fixed Income In Compliance --
Principal High Yield High Yield Fixed Income In Compliance --
Aristotle Pacific Senior Secured Loans In Compliance --
Vanguard 500 Index Large-Cap Core In Compliance --
Vanguard Mid Cap Index Fund Mid-Cap Core In Compliance --
Ishares Core S&P Small Cap Small-Cap Core In Compliance --
Vanguard Total International Stock Non-U.S. Large-Cap Core In Compliance --
Vanguard FTSE All World ex-US Small-Cap Fund Non-U.S. Small-Cap Core In Compliance --
Vanguard Emerging Markets Emerging Markets In Compliance --
Principal US Property Core Real Estate In Compliance --
Partners Group PE II, LLC Global Divers. PE FoF In Compliance --
1

[PAGE 62]
Manager Status
Investment Manager Evaluation Terminology
The following terminology has been developed by Marquette Associates to facilitate efficient communication among the Investment Manager, Investment
Consultant, and the Plan Sponsor. Each term signifies a particular status with the Fund and any conditions that may require improvement. In each case,
communication is made only after consultation with the Trustees and/or the Investment Committee of the Plan.
In Compliance – Marquette has not been notified of any issues or changes to the investment manager that would materially impede upon its ability to execute
the investment strategy or adhere to any applicable investment guidelines.
Alert – The investment manager has experienced a problem in performance (usually relative to a benchmark), a change in investment characteristics, an
alteration in management style, ownership, or key investment professionals, and/or any other irregularities that may impede upon its ability to execute the
investment strategy or adhere to any applicable investment guidelines.
On Notice – The investment manager has experienced continued concern with one or more Alert issues. Failure to improve upon stated issues within a certain
time frame may justify termination.
Termination – The investment manager has been terminated and transition plans are in place.
2

[PAGE 63]
20.0
15.0
10.0
5.0
0.0
Total Fund Composite Total Fund Composite Custom Benchmark
)%(
n
ruteR
City of Olivette Pension Quarterly Performance Summary
As of December 31, 2025
14.1 14.2
11.9 12.0
9.2 9.3
8.3 8.3
6.7 6.6
1.7 1.8
1 1 3 5 7 10
Quarter Year Years Years Years Years
Total Fund Composite vs. Target Allocation Summary of Cash Flows
1 3 5
30.0%
Fixed Income Composite 31.1% Year ($) Years ($) Years ($)
1.1%
39.5% Total Fund Composite
US Equity Composite 39.0%
-0.5 %
18.0% Beginning Market Value 23,016,105 21,643,504 24,050,083
Non-US Equity Composite 18.1%
0.1%
5.0%
Real Estate Composite 4.8% Net Cash Flow -1,219,755 -4,337,299 -6,514,968
-0.2 %
7.5%
Private Equity Composite 6.8%
-0.7 % Gain/Loss 3,108,699 7,598,845 7,369,934
0.0%
Cash Composite 0.1%
0.1%
Ending Market Value 24,905,049 24,905,049 24,905,049
-20.0 % 0.0% 20.0% 40.0% 60.0%
Target Actual Difference
3

[PAGE 64]
City of Olivette Pension Quarterly Portfolio Allocation
Quarter Ending December 31, 2025
Net Cash % of 3 Mo
Asset Class Beginning MV ($) Ending MV ($) Policy (%)
Flow ($) Portfolio (%)
Total Fund Composite 24,565,829 -74,766 24,905,049 100.0 100.0 1.7
Fixed Income Composite 6,969,058 701,751 7,744,532 31.1 30.0 1.1
Principal Core Fixed Income Core Fixed Income 2,319,549 604,776 2,944,917 11.8 11.0 0.9
Principal Core Plus Bond Core Plus Fixed Income 1,277,793 96,975 1,386,118 5.6 5.0 1.0
Baird Core Plus Core Plus Fixed Income 1,218,845 - 1,232,313 4.9 5.0 1.1
Principal High Yield High Yield Fixed Income 1,076,210 - 1,086,539 4.4 4.5 1.0
Aristotle Pacific Senior Secured Loans 1,076,661 - 1,094,646 4.4 4.5 1.7
US Equity Composite 9,970,186 -417,251 9,723,657 39.0 39.5 1.8
Vanguard 500 Index Large-Cap Core 6,447,484 -350,000 6,261,486 25.1 25.5 2.6
Vanguard Mid Cap Index Fund Mid-Cap Core 1,978,626 - 1,962,325 7.9 8.0 -0.8
Ishares Core S&P Small Cap Small-Cap Core 1,544,077 -67,251 1,499,846 6.0 6.0 1.6
Non-US Equity Composite 4,721,563 -365,000 4,513,563 18.1 18.0 3.5
Vanguard Total International Stock Non-U.S. Large-Cap Core 2,862,986 -210,000 2,776,185 11.1 11.0 4.5
Vanguard FTSE All World ex-US Small-Cap Fund Non-U.S. Small-Cap Core 925,257 -65,000 881,556 3.5 3.5 2.6
Vanguard Emerging Markets Emerging Markets 933,321 -90,000 855,822 3.4 3.5 1.4
4

[PAGE 65]
City of Olivette Pension Quarterly Portfolio Allocation
Quarter Ending December 31, 2025
Net Cash % of 3 Mo
Asset Class Beginning MV ($) Ending MV ($) Policy (%)
Flow ($) Portfolio (%)
Real Estate Composite 1,178,449 - 1,191,060 4.8 5.0 1.1
Principal US Property Core Real Estate 1,178,449 - 1,191,060 4.8 5.0 1.1
Private Equity Composite 1,704,716 455 1,704,886 6.8 7.5 0.0
Partners Group PE II, LLC Global Divers. PE FoF 1,704,716 455 1,704,886 6.8 7.5 0.0
Cash Composite 21,857 5,279 27,352 0.1 0.0 1.0
Regions Cash Cash & Equivalents 21,857 5,279 27,352 0.1 0.0 1.0
Partners Group is as of 11/30/2025.
5

[PAGE 66]
80.0
65.0
50.0
35.0
20.0
5.0
-10.0
)%(n
oitacollA
City of Olivette Pension Asset Allocation
vs. All Public DB Plans As of December 31, 2025
US Equity Global ex-US Equity US Fixed Private Equity Total Real Estate Cash & Equivalents
¢£ Total Fund Composite 39.0 (59) 18.1 (28) 31.1 (29) 6.8 (49) 4.8 (64) 0.1 (94)
5th Percentile 62.2 25.6 42.4 21.1 10.9 7.4
1st Quartile 50.1 19.2 32.2 11.5 7.6 2.7
Median 42.1 15.3 24.9 6.6 5.6 1.4
3rd Quartile 31.8 11.3 20.3 3.1 4.4 0.7
95th Percentile 19.9 6.2 12.8 0.8 1.9 0.1
Population 409 383 412 160 301 393
6

[PAGE 67]
90.0
75.0
60.0
45.0
30.0
15.0
0.0
Fixed Income U.S. Equity Non-U.S. Equity Real Estate
Private Equity Cash Unclassified
)%(
n
oitacollA
City of Olivette Pension Quarterly Historical Asset Allocation
5 Years Ending December 31, 2025
12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 6/25 12/25
7

[PAGE 68]
Market Value History
30.0
27.0
24.0
21.0
18.0
15.0
Market Value
)$(
sn
oilliM
City of Olivette Pension Quarterly As of December 31, 2025
26.3M
24.9M
18.6M
12/15 9/16 6/17 3/18 12/18 9/19 6/20 3/21 12/21 9/22 6/23 3/24 12/24 12/25
Beginning Ending Income % of
Contributions Distributions Gain/Loss Income
Periods Ending Market Value Market Value %Return Unit Value Beginning
$ $ $ $
$ $ Market Value
Summary of Cash Flows
Dec-2015 - - - - 18,593,649.20 - 100.0 - 0.0
1 1 3 5 7 10
Jan-2016 18,593,649.20 Q3u0a7r,t5e3r4 (.$4)4 -143Y,e0a9r9 .(3$6) -693,95Y8e.a6r3s ($)18,064,125.6Y5ears ($)-3.7 9Y6e.a3rs ($) - Years0 (.$0)
FTotal Feund Cbompos-ite2016 18,064,125.65 2,181,426.22 -2,289,071.55 -32,452.11 17,924,028.21 -0.2 96.1 - 0.0
Beginning Market Value 24,565,829 23,016,105 21,643,504 24,050,083 19,907,200 18,593,649
Mar-2016 17,924,028.21 19,586.74 -120,562.01 915,600.60 18,738,653.54 5.1 101.1 - 0.0
Net Cash Flow -74,766 -1,219,755 -4,337,299 -6,514,968 -8,760,412 -10,925,362
Apr-2016 18,738,653.54 13,432.35 -121,587.08 176,993.72 18,807,492.53 1.0 102.0 - 0.0
Net Investment Change 413,986 3,108,699 7,598,845 7,369,934 13,758,261 17,236,762
May-2016 18,807,492.53 12,637.64 -123,083.22 153,858.93 18,850,905.88 0.8 102.9 - 0.0
Ending Market Value 24,905,049 24,905,049 24,905,049 24,905,049 24,905,049 24,905,049
Jun-2016 18,850,905.88 237,904.41 -121,744.10 142,737.83 19,109,804.02 0.8 103.6 - 0.0
8

[PAGE 69]
City of Olivette Pension Quarterly Annualized Performance (Net of Fees)
As of December 31, 2025
Market % of 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs SI Inception
Value ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) Date
Total Fund Composite 24,905,049 100.0 0.4 1.7 14.1 11.9 6.7 9.2 8.3 6.5 Jan 03
Total Fund Composite Custom Benchmark 0.5 1.8 14.2 12.0 6.6 9.3 8.3 7.2
All Public DB Plans Rank 54 74 43 69 65 64 57 98
Fixed Income Composite 7,744,532 31.1 0.1 1.1 7.1 6.3 0.9 3.1 3.2 3.3 Jan 03
Blmbg. U.S. Aggregate Index -0.1 1.1 7.3 4.7 -0.4 2.0 2.0 3.3
All Public DB Plans-Fixed Income Rank 22 67 71 25 43 34 36 -
US Equity Composite 9,723,657 39.0 0.0 1.8 14.8 19.1 11.5 15.1 12.8 13.2 Aug 12
Russell 3000 Index 0.0 2.4 17.1 22.2 13.1 16.6 14.3 14.4
All Public DB Plans-US Equity Rank 79 84 64 63 70 62 57 32
Non-US Equity Composite 4,513,563 18.1 2.3 3.5 30.4 16.2 6.8 9.6 8.3 5.8 Mar 12
MSCI EAFE + Emerging Markets Index (Net) 3.0 4.8 32.0 17.0 7.4 9.8 8.1 6.6
All Public DB Plans-Intl Equity Rank 72 75 59 56 56 61 35 93
Real Estate Composite 1,191,060 4.8 0.3 1.1 3.9 -3.3 2.8 2.9 4.4 5.9 Jan 03
NFI-ODCE 0.2 0.7 2.9 -4.3 2.5 2.5 3.9 5.8
Private Equity Composite 1,704,886 6.8 0.0 0.0 7.5 7.6 - - - 6.9 Feb 22
MSCI Private Capital Global All Private Equity 0.0 0.0 9.5 7.0 9.5 13.8 13.8 3.0
Cash Composite 27,352 0.1 0.4 1.0 4.3 4.5 3.4 2.8 2.1 1.7 Aug 13
ICE BofA 3 Month U.S. T-Bill 0.3 1.0 4.2 4.8 3.2 2.7 2.2 1.8
eV US Cash Management Rank 12 25 49 100 7 23 63 68
9

[PAGE 70]
20.0
16.0
12.0
8.0
4.0
0.0
-4.0
)%(
n
ruteR
City of Olivette Pension Annualized Performance (Net of Fees)
vs. All Public DB Plans As of December 31, 2025
1 1 3 5 10
Quarter Year Years Years Years
¢£ Total Fund Composite 1.7 (74) 14.1 (43) 11.9 (69) 6.7 (65) 8.3 (57)
¢£ Total Fund Composite Custom Benchmark 1.8 (69) 14.2 (40) 12.0 (66) 6.6 (67) 8.3 (57)
5th Percentile 2.7 16.4 15.9 8.6 9.7
1st Quartile 2.2 14.9 13.6 7.8 8.9
Median 2.0 13.7 12.7 7.1 8.4
3rd Quartile 1.7 12.6 11.5 6.4 7.8
95th Percentile 1.0 10.1 9.4 5.2 6.9
Population 386 384 364 352 314
10

[PAGE 71]
City of Olivette Pension Quarterly Calendar Performance (Net of Fees)
As of December 31, 2025
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Total Fund Composite 9.9 11.7 -13.1 13.5 12.6 19.5 -5.3 15.6 8.8 0.4 7.8
Total Fund Composite Custom Benchmark 10.0 12.0 -13.5 13.2 13.1 19.8 -5.2 14.9 8.7 0.2 8.4
All Public DB Plans Rank 66 73 41 59 55 52 75 41 14 35 16
Fixed Income Composite 3.7 8.1 -12.3 -0.8 7.6 10.0 -0.7 5.1 5.8 -1.0 4.7
Blmbg. U.S. Aggregate Index 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 2.6 0.5 6.0
All Public DB Plans-Fixed Income Rank 38 23 63 54 57 16 61 60 43 56 52
US Equity Composite 20.8 21.9 -18.3 24.5 19.3 30.3 -6.8 20.0 11.3 0.9 11.3
Russell 3000 Index 23.8 26.0 -19.2 25.7 20.9 31.0 -5.2 21.1 12.7 0.5 12.6
All Public DB Plans-US Equity Rank 55 71 58 71 33 41 62 65 75 16 34
Non-US Equity Composite 5.7 13.9 -17.7 7.7 12.8 21.2 -15.4 28.8 6.8 -9.5 -2.2
MSCI EAFE + Emerging Markets Index (Net) 5.0 15.6 -16.3 6.6 11.0 21.1 -14.0 28.0 3.2 -4.2 -4.3
All Public DB Plans-Intl Equity Rank 36 84 49 56 52 72 67 48 11 99 19
Real Estate Composite -2.3 -11.1 3.9 22.3 0.4 5.8 7.9 7.9 8.8 13.4 12.6
NFI-ODCE -2.3 -12.7 6.5 21.1 0.3 4.4 7.4 6.7 7.8 14.0 11.5
Private Equity Composite 5.9 9.5 - - - - - - - - -
MSCI Private Capital Global All Private Equity 5.7 5.9 -8.5 40.3 33.4 17.5 12.0 20.5 9.0 9.8 12.5
Cash Composite 5.6 3.5 3.8 0.0 0.3 1.9 1.4 0.5 0.1 0.0 0.0
ICE BofA 3 Month U.S. T-Bill 5.3 5.0 1.5 0.0 0.7 2.3 1.9 0.9 0.3 0.1 0.0
eV US Cash Management Rank 4 100 1 60 90 91 97 94 92 85 80
11

[PAGE 72]
City of Olivette Pension Quarterly Annualized Performance (Net of Fees)
As of December 31, 2025
1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs SI Inception
(%) (%) (%) (%) (%) (%) (%) (%) Date
Total Fund Composite 0.4 1.7 14.1 11.9 6.7 9.2 8.3 6.5 Jan 03
Total Fund Composite Custom Benchmark 0.5 1.8 14.2 12.0 6.6 9.3 8.3 7.2
All Public DB Plans Rank 54 74 43 69 65 64 57 98
Fixed Income Composite 0.1 1.1 7.1 6.3 0.9 3.1 3.2 3.3 Jan 03
Blmbg. U.S. Aggregate Index -0.1 1.1 7.3 4.7 -0.4 2.0 2.0 3.3
All Public DB Plans-Fixed Income Rank 22 67 71 25 43 34 36 -
Principal Core Fixed Income -0.3 0.9 7.5 4.8 -0.3 2.1 2.5 2.1 Dec 14
Blmbg. U.S. Aggregate Index -0.1 1.1 7.3 4.7 -0.4 2.0 2.0 1.9
eV US Core Fixed Inc Rank 76 88 35 70 71 76 29 62
Principal Core Plus Bond -0.1 1.0 7.3 4.3 0.0 2.7 2.5 3.6 Jan 03
Blmbg. U.S. Aggregate Index -0.1 1.1 7.3 4.7 -0.4 2.0 2.0 3.3
Blmbg. U.S. Mortgage Backed Securities 0.2 1.7 8.6 4.9 0.1 1.5 1.6 3.1
eV US Core Plus Fixed Inc Rank 39 78 79 99 78 70 81 97
Baird Core Plus -0.1 1.1 - - - - - 2.2 Sep 25
Blmbg. U.S. Aggregate Index -0.1 1.1 7.3 4.7 -0.4 2.0 2.0 2.2
Intermediate Core-Plus Bond Rank 25 39 - - - - - 36
Principal High Yield 0.8 1.0 - - - - - 4.9 Mar 25
Blmbg. U.S. Corp: High Yield Index 0.6 1.3 8.6 10.1 4.5 6.2 6.5 6.4
High Yield Bond Rank 23 85 - - - - - 88
Aristotle Pacific 0.7 1.7 6.6 9.6 - - - 8.6 Sep 22
S&P UBS Leveraged Loan Index 0.7 1.2 5.9 9.3 6.4 6.1 5.8 8.4
Bank Loan Rank 29 13 19 10 - - - 16
12

[PAGE 73]
City of Olivette Pension Quarterly Annualized Performance (Net of Fees)
As of December 31, 2025
1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs SI Inception
(%) (%) (%) (%) (%) (%) (%) (%) Date
US Equity Composite 0.0 1.8 14.8 19.1 11.5 15.1 12.8 13.2 Aug 12
Russell 3000 Index 0.0 2.4 17.1 22.2 13.1 16.6 14.3 14.4
All Public DB Plans-US Equity Rank 79 84 64 63 70 62 57 32
Vanguard 500 Index 0.1 2.6 17.8 23.0 14.4 17.2 14.8 14.0 Jul 15
S&P 500 Index 0.1 2.7 17.9 23.0 14.4 17.3 14.8 14.1
Large Blend Rank 45 34 25 25 21 19 15 10
Vanguard Mid Cap Index Fund -0.3 -0.8 11.7 - - - - 10.6 Apr 24
CRSP U.S. Mid Cap Index -0.3 -0.8 11.7 14.3 8.6 12.9 10.9 10.6
Mid-Cap Blend Rank 69 82 27 - - - - 21
Ishares Core S&P Small Cap -0.1 1.6 5.9 - - - - 6.9 Apr 24
S&P SmallCap 600 Index -0.1 1.7 6.0 10.2 7.3 10.0 9.8 6.9
Small Blend Rank 53 56 66 - - - - 57
13

[PAGE 74]
City of Olivette Pension Quarterly Annualized Performance (Net of Fees)
As of December 31, 2025
1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs SI Inception
(%) (%) (%) (%) (%) (%) (%) (%) Date
Non-US Equity Composite 2.3 3.5 30.4 16.2 6.8 9.6 8.3 5.8 Mar 12
MSCI EAFE + Emerging Markets Index (Net) 3.0 4.8 32.0 17.0 7.4 9.8 8.1 6.6
All Public DB Plans-Intl Equity Rank 72 75 59 56 56 61 35 93
Vanguard Total International Stock 2.7 4.5 32.2 17.1 7.9 10.2 8.5 7.7 Aug 12
FTSE Global ex USA All Cap Index 2.9 4.9 32.4 17.6 8.4 10.7 8.9 8.1
Foreign Large Blend Rank 53 50 38 51 60 57 41 62
Vanguard FTSE All World ex-US Small-Cap Fund 2.1 2.6 29.9 15.3 6.4 9.2 - 6.4 Jul 17
FTSE Global ex U.S. Small Cap Index 2.2 2.6 29.9 15.9 6.8 9.6 7.7 6.8
Foreign Small/Mid Blend Rank 51 58 63 55 66 73 - 77
Vanguard Emerging Markets 1.2 1.4 24.7 14.8 4.6 8.2 8.0 4.3 Mar 12
Vanguard EM Spliced Index 1.6 1.6 24.5 15.0 4.9 8.5 8.1 4.4
Diversified Emerging Mkts Rank 86 90 80 69 48 54 52 56
Real Estate Composite 0.3 1.1 3.9 -3.3 2.8 2.9 4.4 5.9 Jan 03
NFI-ODCE 0.2 0.7 2.9 -4.3 2.5 2.5 3.9 5.8
Principal US Property 0.3 1.1 3.9 -3.3 2.8 2.9 4.4 5.9 Jan 03
NFI-ODCE 0.2 0.7 2.9 -4.3 2.5 2.5 3.9 5.8
Private Equity Composite 0.0 0.0 7.5 7.6 - - - 6.9 Feb 22
MSCI Private Capital Global All Private Equity 0.0 0.0 9.5 7.0 9.5 13.8 13.8 3.0
Partners Group PE II, LLC 0.0 0.0 7.5 7.6 - - - 6.9 Feb 22
MSCI Private Capital Global All Private Equity 0.0 0.0 9.5 7.0 9.5 13.8 13.8 3.0
Cash Composite 0.4 1.0 4.3 4.5 3.4 2.8 2.1 1.7 Aug 13
ICE BofA 3 Month U.S. T-Bill 0.3 1.0 4.2 4.8 3.2 2.7 2.2 1.8
eV US Cash Management Rank 12 25 49 100 7 23 63 68
14

[PAGE 75]
City of Olivette Pension Quarterly Calendar Performance (Net of Fees)
As of December 31, 2025
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Total Fund Composite 9.9 11.7 -13.1 13.5 12.6 19.5 -5.3 15.6 8.8 0.4 7.8
Total Fund Composite Custom Benchmark 10.0 12.0 -13.5 13.2 13.1 19.8 -5.2 14.9 8.7 0.2 8.4
All Public DB Plans Rank 66 73 41 59 55 52 75 41 14 35 16
Fixed Income Composite 3.7 8.1 -12.3 -0.8 7.6 10.0 -0.7 5.1 5.8 -1.0 4.7
Blmbg. U.S. Aggregate Index 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 2.6 0.5 6.0
All Public DB Plans-Fixed Income Rank 38 23 63 54 57 16 61 60 43 56 52
Principal Core Fixed Income 1.6 5.4 -12.8 -1.9 8.1 8.9 0.0 4.5 5.3 -1.2 -
Blmbg. U.S. Aggregate Index 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 2.6 0.5 6.0
eV US Core Fixed Inc Rank 57 79 36 81 58 59 30 14 3 99 -
Principal Core Plus Bond 0.4 5.2 -14.1 2.5 9.3 10.2 -2.5 4.5 5.0 -1.0 5.1
Blmbg. U.S. Aggregate Index 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 2.6 0.5 6.0
Blmbg. U.S. Mortgage Backed Securities 1.2 5.0 -11.8 -1.0 3.9 6.4 1.0 2.5 1.7 1.5 6.1
eV US Core Plus Fixed Inc Rank 97 98 74 4 31 39 99 57 33 84 73
Baird Core Plus - - - - - - - - - - -
Blmbg. U.S. Aggregate Index 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 2.6 0.5 6.0
Intermediate Core-Plus Bond Rank - - - - - - - - - - -
Principal High Yield - - - - - - - - - - -
Blmbg. U.S. Corp: High Yield Index 8.2 13.4 -11.2 5.3 7.1 14.3 -2.1 7.5 17.1 -4.5 2.5
High Yield Bond Rank - - - - - - - - - - -
Aristotle Pacific 8.3 13.9 - - - - - - - - -
S&P UBS Leveraged Loan Index 9.1 13.0 -1.1 5.4 2.8 8.2 1.1 4.2 9.9 -0.4 2.1
Bank Loan Rank 62 11 - - - - - - - - -
15

[PAGE 76]
City of Olivette Pension Quarterly Calendar Performance (Net of Fees)
As of December 31, 2025
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
US Equity Composite 20.8 21.9 -18.3 24.5 19.3 30.3 -6.8 20.0 11.3 0.9 11.3
Russell 3000 Index 23.8 26.0 -19.2 25.7 20.9 31.0 -5.2 21.1 12.7 0.5 12.6
All Public DB Plans-US Equity Rank 55 71 58 71 33 41 62 65 75 16 34
Vanguard 500 Index 25.0 26.2 -18.1 28.7 18.4 31.5 -4.4 21.8 11.9 - -
S&P 500 Index 25.0 26.3 -18.1 28.7 18.4 31.5 -4.4 21.8 12.0 1.4 13.7
Large Blend Rank 25 29 49 24 45 29 30 37 30 - -
Vanguard Mid Cap Index Fund - - - - - - - - - - -
CRSP U.S. Mid Cap Index 15.3 16.0 -18.7 24.5 18.2 31.1 -9.2 19.3 11.2 -1.3 13.8
Mid-Cap Blend Rank - - - - - - - - - - -
Ishares Core S&P Small Cap - - - - - - - - - - -
S&P SmallCap 600 Index 8.7 16.1 -16.1 26.8 11.3 22.8 -8.5 13.2 26.6 -2.0 5.8
Small Blend Rank - - - - - - - - - - -
16

[PAGE 77]
City of Olivette Pension Quarterly Calendar Performance (Net of Fees)
As of December 31, 2025
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Non-US Equity Composite 5.7 13.9 -17.7 7.7 12.8 21.2 -15.4 28.8 6.8 -9.5 -2.2
MSCI EAFE + Emerging Markets Index (Net) 5.0 15.6 -16.3 6.6 11.0 21.1 -14.0 28.0 3.2 -4.2 -4.3
All Public DB Plans-Intl Equity Rank 36 84 49 56 52 72 67 48 11 99 19
Vanguard Total International Stock 5.2 15.5 -16.0 8.6 11.3 21.5 -14.4 27.4 4.7 -4.4 -4.2
FTSE Global ex USA All Cap Index 5.9 16.2 -15.8 9.1 11.5 22.2 -14.4 27.8 5.0 -4.0 -3.1
Foreign Large Blend Rank 40 70 56 70 36 62 57 31 17 85 38
Vanguard FTSE All World ex-US Small-Cap Fund 2.6 15.1 -21.3 12.7 11.9 21.7 -18.5 - - - -
FTSE Global ex U.S. Small Cap Index 3.3 15.9 -21.2 13.4 11.8 22.1 -18.6 30.3 4.3 -0.2 -4.0
Foreign Small/Mid Blend Rank 53 36 80 53 30 66 46 - - - -
Vanguard Emerging Markets 11.0 9.2 -17.8 0.9 15.2 20.2 -14.7 31.2 11.6 -15.5 0.4
Vanguard EM Spliced Index 11.6 9.5 -17.6 1.4 15.5 20.4 -14.8 31.0 10.3 -14.4 1.6
Diversified Emerging Mkts Rank 16 70 31 44 63 47 36 73 32 73 26
Real Estate Composite -2.3 -11.1 3.9 22.3 0.4 5.8 7.9 7.9 8.8 13.4 12.6
NFI-ODCE -2.3 -12.7 6.5 21.1 0.3 4.4 7.4 6.7 7.8 14.0 11.5
Principal US Property -2.3 -11.1 3.9 22.3 0.4 5.8 7.9 7.9 8.8 13.4 12.6
NFI-ODCE -2.3 -12.7 6.5 21.1 0.3 4.4 7.4 6.7 7.8 14.0 11.5
Private Equity Composite 5.9 9.5 - - - - - - - - -
MSCI Private Capital Global All Private Equity 5.7 5.9 -8.5 40.3 33.4 17.5 12.0 20.5 9.0 9.8 12.5
Partners Group PE II, LLC 5.9 9.5 - - - - - - - - -
MSCI Private Capital Global All Private Equity 5.7 5.9 -8.5 40.3 33.4 17.5 12.0 20.5 9.0 9.8 12.5
Cash Composite 5.6 3.5 3.8 0.0 0.3 1.9 1.4 0.5 0.1 0.0 0.0
ICE BofA 3 Month U.S. T-Bill 5.3 5.0 1.5 0.0 0.7 2.3 1.9 0.9 0.3 0.1 0.0
eV US Cash Management Rank 4 100 1 60 90 91 97 94 92 85 80
17

[PAGE 78]
City of Olivette Pension Quarterly Statistics Summary
3 Years Ending December 31, 2025
Sharpe Tracking Information Standard Up Down
Alpha Beta R-Squared
Ratio Error Ratio Deviation Capture Capture
Total Fund Composite 0.9 0.5 0.0 1.0 1.0 -0.3 7.8 98.7 99.0
Total Fund Composite Custom Benchmark 0.9 0.0 0.0 1.0 1.0 - 7.9 100.0 100.0
Fixed Income Composite 0.3 2.0 2.6 0.8 0.9 0.7 4.8 85.1 49.1
Blmbg. U.S. Aggregate Index 0.0 0.0 0.0 1.0 1.0 - 6.0 100.0 100.0
Principal Core Fixed Income 0.0 0.7 0.3 1.0 1.0 0.2 5.9 98.0 94.2
Blmbg. U.S. Aggregate Index 0.0 0.0 0.0 1.0 1.0 - 6.0 100.0 100.0
Principal Core Plus Bond -0.1 0.7 -0.7 1.1 1.0 -0.5 6.4 101.2 108.0
Blmbg. U.S. Aggregate Index 0.0 0.0 0.0 1.0 1.0 - 6.0 100.0 100.0
Principal High Yield - - - - - - - - -
Blmbg. U.S. Corp: High Yield Index 1.1 0.0 0.0 1.0 1.0 - 4.7 100.0 100.0
Principal Preferred Securities - - - - - - - - -
ICE BofA U.S. Preferred Stock, Fixed Rate 0.3 0.0 0.0 1.0 1.0 - 8.6 100.0 100.0
Aristotle Pacific 2.2 0.6 0.7 0.9 0.9 0.4 2.0 101.2 28.9
S&P UBS Leveraged Loan Index 2.1 0.0 0.0 1.0 1.0 - 2.1 100.0 100.0
US Equity Composite 1.0 2.4 -3.6 1.1 1.0 -1.0 13.2 96.2 114.5
Russell 3000 Index 1.3 0.0 0.0 1.0 1.0 - 12.4 100.0 100.0
Vanguard 500 Index 1.4 0.0 0.0 1.0 1.0 -10.2 11.8 99.9 100.1
S&P 500 Index 1.4 0.0 0.0 1.0 1.0 - 11.8 100.0 100.0
Vanguard Mid Cap Value - - - - - - - - -
CRSP U.S. Mid Cap Value Index 0.5 0.0 0.0 1.0 1.0 - 14.4 100.0 100.0
Vanguard Mid Cap Growth - - - - - - - - -
CRSP U.S. Mid Cap Growth Index 0.7 0.0 0.0 1.0 1.0 - 16.6 100.0 100.0
Vanguard Small Cap Value - - - - - - - - -
CRSP U.S. Small Cap Value Index 0.5 0.0 0.0 1.0 1.0 - 17.4 100.0 100.0
Vanguard Small Cap Growth - - - - - - - - -
CRSP U.S. Small Cap Growth Index 0.6 0.0 0.0 1.0 1.0 - 19.0 100.0 100.0
18

[PAGE 79]
City of Olivette Pension Quarterly Statistics Summary
3 Years Ending December 31, 2025
Sharpe Tracking Information Standard Up Down
Alpha Beta R-Squared
Ratio Error Ratio Deviation Capture Capture
Non-US Equity Composite 1.0 2.4 -0.5 1.0 1.0 -0.3 11.6 97.2 99.5
MSCI EAFE + Emerging Markets Index (Net) 1.0 0.0 0.0 1.0 1.0 - 11.5 100.0 100.0
Vanguard Total International Stock 1.0 1.7 -0.7 1.0 1.0 -0.3 11.7 102.1 110.3
FTSE Global ex USA All Cap Index 1.1 0.0 0.0 1.0 1.0 - 11.4 100.0 100.0
Vanguard FTSE All World ex-US Small-Cap Fund 0.8 1.5 -0.5 1.0 1.0 -0.3 12.5 100.1 104.7
FTSE Global ex U.S. Small Cap Index 0.9 0.0 0.0 1.0 1.0 - 12.4 100.0 100.0
Vanguard Emerging Markets 0.8 2.0 -0.3 1.0 1.0 -0.5 11.8 92.9 92.1
FTSE Emerging Index 0.9 0.0 0.0 1.0 1.0 - 12.2 100.0 100.0
Real Estate Composite -2.5 2.6 0.0 0.8 0.3 0.4 3.1 120.3 87.0
NFI-ODCE -3.8 0.0 0.0 1.0 1.0 - 2.3 100.0 100.0
Principal US Property -2.5 2.6 0.0 0.8 0.3 0.4 3.1 120.3 87.0
NFI-ODCE -3.8 0.0 0.0 1.0 1.0 - 2.3 100.0 100.0
19

[PAGE 80]
12
10
8
6
4
2
)%(
nr
uteR
City of Olivette Pension Annualized Risk vs. Return
vs. All Public DB Plans 5 Years Ending December 31, 2025
4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.0 9.5 10.0 10.5 11.0 11.5 12.0 12.5 13.0
Standard Deviation (%)
Standard
Return
Deviation
¢£ Total Fund Composite 6.7 9.2
¯¿ Total Fund Composite Custom Benchmark 6.6 9.4
¾Median 7.1 9.9
Population 352 352
20

[PAGE 81]
The City of Olivette Pension Quarterly Fee Schedule
As of December 31, 2025
¹ Expense Ratio & Estimated Annual Fee are Based on Market Value at Quarter End.
² Source: Marquette Associates Investment Management Fee Study.
21

[PAGE 82]
City of Olivette Pension Quarterly Benchmark Composition
As of December 31, 2025
Total Fund Composite Custom Benchmark Weight (%) Total Fund Composite Custom Benchmark Weight (%)
Jan-1979 Jan-2009
Russell 2000 Index 5.00 Russell 2000 Index 5.00
S&P 500 Index 35.00 Russell 3000 Index 10.00
Blmbg. U.S. Aggregate Index 45.00 Russell Midcap Index 5.00
MSCI EAFE (Net) 8.00 S&P 500 Index 25.00
NFI-ODCE 7.00 Blmbg. U.S. Aggregate Index 43.00
MSCI EAFE (Net) 5.00
Nov-2006
NFI-ODCE 7.00
Russell 2000 Index 10.00
Russell Midcap Index 10.00 Apr-2010
S&P 500 Index 25.00 Russell 2000 Index 5.00
Blmbg. U.S. Aggregate Index 30.00 Russell 3000 Index 10.00
MSCI EAFE (Net) 15.00 Russell Midcap Index 5.00
NFI-ODCE 10.00 S&P 500 Index 20.00
Blmbg. U.S. Aggregate Index 43.00
Jan-2007
MSCI EAFE (Net) 5.00
Russell 2000 Index 10.00
MSCI Emerging Markets (Net) 5.00
Russell Midcap Index 10.00
NFI-ODCE 7.00
S&P 500 Index 25.00
Blmbg. U.S. Aggregate Index 25.00
MSCI EAFE (Net) 20.00
NFI-ODCE 10.00
22

[PAGE 83]
City of Olivette Pension Quarterly Benchmark Composition
As of December 31, 2025
Total Fund Composite Custom Benchmark Weight (%) Total Fund Composite Custom Benchmark Weight (%)
Jan-2013 Jan-2016
Russell 2000 Index 7.50 Russell 2000 Index 10.00
Russell 3000 Index 12.00 Russell Midcap Index 10.00
Russell Midcap Index 7.50 S&P 500 Index 20.00
S&P 500 Index 23.00 Blmbg. U.S. Aggregate Index 27.50
Blmbg. U.S. Aggregate Index 30.00 Blmbg. U.S. Corp: High Yield Index 2.50
Blmbg. U.S. Corp: High Yield Index 2.50 MSCI EAFE (Net) 15.00
MSCI EAFE (Net) 5.00 Vanguard EM Spliced Index 5.00
MSCI Emerging Markets (Net) 5.00 NFI-ODCE 10.00
NFI-ODCE 7.50
Jun-2017
Sep-2015 S&P 500 Index 20.00
Russell 2000 Index 11.50 Blmbg. U.S. Aggregate Index 25.00
Russell 3000 Index 8.00 Blmbg. U.S. Corp: High Yield Index 2.50
Russell Midcap Index 8.00 ICE BofA U.S. Preferred Stock, Fixed Rate 2.50
S&P 500 Index 22.50 FTSE Global ex U.S. Small Cap Index 5.00
Blmbg. U.S. Aggregate Index 27.50 Vanguard EM Spliced Index 5.00
Blmbg. U.S. Corp: High Yield Index 2.50 FTSE Global ex USA All Cap Index 10.00
MSCI EAFE (Net) 5.00 CRSP U.S. Mid Cap Index 10.00
MSCI Emerging Markets (Net) 5.00 CRSP U.S. Small Cap Index 10.00
NFI-ODCE 10.00 NFI-ODCE 10.00
23

[PAGE 84]
City of Olivette Pension Quarterly Benchmark Composition
As of December 31, 2025
Total Fund Composite Custom Benchmark Weight (%) Total Fund Composite Custom Benchmark Weight (%)
Feb-2022 Jan-2023
S&P 500 Index 19.00 S&P 500 Index 19.00
Blmbg. U.S. Aggregate Index 22.00 Blmbg. U.S. Aggregate Index 18.00
Blmbg. U.S. Corp: High Yield Index 4.00 Blmbg. U.S. Corp: High Yield Index 4.00
ICE BofA U.S. Preferred Stock, Fixed Rate 4.00 ICE BofA U.S. Preferred Stock, Fixed Rate 4.00
FTSE Global ex U.S. Small Cap Index 4.50 FTSE Global ex U.S. Small Cap Index 4.50
Vanguard EM Spliced Index 4.50 Vanguard EM Spliced Index 4.50
FTSE Global ex USA All Cap Index 9.00 FTSE Global ex USA All Cap Index 9.00
CRSP U.S. Mid Cap Index 9.00 CRSP U.S. Mid Cap Index 9.00
CRSP U.S. Small Cap Index 9.00 CRSP U.S. Small Cap Index 9.00
NFI-ODCE 10.00 S&P UBS Leveraged Loan Index 4.00
Cambridge Associates All PE 5.00 MSCI Private Capital Global All Private Equity 5.00
NFI-ODCE 10.00
Sep-2022
S&P 500 Index 19.00 Apr-2024
Blmbg. U.S. Aggregate Index 18.00 S&P 500 Index 23.00
Blmbg. U.S. Corp: High Yield Index 4.00 Blmbg. U.S. Aggregate Index 21.00
ICE BofA U.S. Preferred Stock, Fixed Rate 4.00 Blmbg. U.S. Corp: High Yield Index 4.50
FTSE Global ex U.S. Small Cap Index 4.50 FTSE Global ex U.S. Small Cap Index 3.50
Vanguard EM Spliced Index 4.50 Vanguard EM Spliced Index 3.50
FTSE Global ex USA All Cap Index 9.00 FTSE Global ex USA All Cap Index 11.00
CRSP U.S. Mid Cap Index 9.00 S&P UBS Leveraged Loan Index 4.50
CRSP U.S. Small Cap Index 9.00 MSCI Private Capital Global All Private Equity 5.00
S&P UBS Leveraged Loan Index 4.00 NFI-ODCE 10.00
NFI-ODCE 10.00 CRSP U.S. Mid Cap Index 8.00
Cambridge Associates All PE 5.00 S&P SmallCap 600 Index 6.00
24

[PAGE 85]
City of Olivette Pension Quarterly Benchmark Composition
As of December 31, 2025
Total Fund Composite Custom Benchmark Weight (%)
Mar-2025
S&P 500 Index 25.50
Blmbg. U.S. Aggregate Index 21.00
Blmbg. U.S. Corp: High Yield Index 4.50
FTSE Global ex U.S. Small Cap Index 3.50
Vanguard EM Spliced Index 3.50
FTSE Global ex USA All Cap Index 11.00
S&P UBS Leveraged Loan Index 4.50
MSCI Private Capital Global All Private Equity 7.50
NFI-ODCE 5.00
CRSP U.S. Mid Cap Index 8.00
S&P SmallCap 600 Index 6.00
25

[PAGE 86]
Market 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs SI Inception
Value $ (%) (%) (%) (%) (%) (%) (%) Date
US Equity Composite 9,723,657 0.0 1.8 14.8 19.1 11.5 12.8 13.2 Aug 12
Russell 3000 Index 0.0 2.4 17.1 22.2 13.1 14.3 14.4
US Equity Composite Rank 79 84 64 63 70 57 32
Portfolio Characteristics Portfolio Russell 3000 Index Risk vs. Return - 5 Years
16.0
14.0
12.0
10.0
8.0
6.0
Portfolio Benchmark
nruteR
US Equity Composite Portfolio Characteristics
As of December 31, 2025
Wtd. Avg. Mkt. Cap $M $917,417 $1,241,454
Median Mkt. Cap $M $6,099 $2,333
Price/Earnings ratio 25.2 27.4
Price/Book ratio 4.0 4.8
5 Yr. EPS Growth Rate (%) 22.9 25.2
Current Yield (%) 1.3 1.2
Beta (5 Years, Monthly) 1.0 1.0
Number of Stocks 1,162 2,966
13.3 14.0 14.7 15.4 16.1 16.8 17.5 18.2
Standard Deviation
Distribution of Market Capitalization (%) Sector Weights (%)
Energy
>100 Bil
Materials
75 Bil - 100 Bil Industrials
Consumer Discretionary
25 Bil - 75 Bil Consumer Staples
Health Care
15 Bil - 25 Bil
Financials
2 Bil - 15 Bil Information Technology
Communication Services
0 - 2 Bil Utilities
Real Estate
Cash
Cash
0.0 15.0 30.0 45.0 60.0 75.0 0.0 6.0 12.0 18.0 24.0 30.0 36.0
26

[PAGE 87]
US Equity Composite Correlation Matrix
3 Years Ending December 31, 2025
A B C D
A 1.00
B 0.96 1.00
C - - -
D - - - -
A = US Equity Composite
B = Vanguard 500 Index
C = Vanguard Mid Cap Index Fund
D = Ishares Core S&P Small Cap
27

[PAGE 88]
Market 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs SI Inception
Value $ (%) (%) (%) (%) (%) (%) (%) Date
Vanguard 500 Index 6,261,486 0.1 2.6 17.8 23.0 14.4 14.8 14.0 Jul 15
S&P 500 Index 0.1 2.7 17.9 23.0 14.4 14.8 14.1
Vanguard 500 Index Rank 45 34 25 25 21 15 10
Portfolio Characteristics Portfolio S&P 500 Index Risk vs. Return - 5 Years
25.0
20.0
15.0
10.0
5.0
0.0
Portfolio Benchmark
nruteR
Vanguard 500 Index Portfolio Characteristics
As of December 31, 2025
Wtd. Avg. Mkt. Cap $M $1,407,934 $1,409,228
Median Mkt. Cap $M $38,743 $38,743
Price/Earnings ratio 28.4 28.3
Price/Book ratio 5.2 5.2
5 Yr. EPS Growth Rate (%) 25.7 25.7
Current Yield (%) 1.2 1.2
Beta (5 Years, Monthly) 1.0 1.0
Number of Stocks 516 503
10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0
Standard Deviation
Distribution of Market Capitalization (%) Sector Weights (%)
Energy
>100 Bil
Materials
Industrials
75 Bil - 100 Bil
Consumer Discretionary
Consumer Staples
25 Bil - 75 Bil
Health Care
Financials
15 Bil - 25 Bil
Information Technology
Communication Services
2 Bil - 15 Bil
Utilities
Real Estate
Cash
Cash
0.0 15.0 30.0 45.0 60.0 75.0 90.0 0.0 8.0 16.0 24.0 32.0 40.0
28

[PAGE 89]
Market 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs SI Inception
Value $ (%) (%) (%) (%) (%) (%) (%) Date
Vanguard Mid Cap Index Fund 1,962,325 -0.3 -0.8 11.7 - - - 10.6 Apr 24
CRSP U.S. Mid Cap Index -0.3 -0.8 11.7 14.3 8.6 10.9 10.6
Vanguard Mid Cap Index Fund Rank 69 82 27 - - - 21
Portfolio Characteristics Portfolio CRSP U.S. Mid Cap Index Risk vs. Return - 1 Year
45.0
30.0
15.0
0.0
-15.0
Portfolio Benchmark
nruteR
Vanguard Mid Cap Index Fund Portfolio Characteristics
As of December 31, 2025
Wtd. Avg. Mkt. Cap $M $45,057 $45,202
Median Mkt. Cap $M $33,303 $33,303
Price/Earnings ratio 23.1 23.0
Price/Book ratio 3.2 3.2
5 Yr. EPS Growth Rate (%) 17.4 17.4
Current Yield (%) 1.6 1.6
Beta - 1.0
Number of Stocks 297 288
4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0
Standard Deviation
Distribution of Market Capitalization (%) Sector Weights (%)
Energy
>100 Bil
Materials
Industrials
75 Bil - 100 Bil
Consumer Discretionary
Consumer Staples
25 Bil - 75 Bil
Health Care
Financials
15 Bil - 25 Bil
Information Technology
Communication Services
2 Bil - 15 Bil
Utilities
Real Estate
Cash
Cash
0.0 15.0 30.0 45.0 60.0 75.0 90.0 0.0 4.0 8.0 12.0 16.0 20.0
29

[PAGE 90]
Market 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs SI Inception
Value $ (%) (%) (%) (%) (%) (%) (%) Date
Ishares Core S&P Small Cap 1,499,846 -0.1 1.6 5.9 - - - 6.9 Apr 24
S&P SmallCap 600 Index -0.1 1.7 6.0 10.2 7.3 9.8 6.9
Ishares Core S&P Small Cap Rank 53 56 66 - - - 57
Portfolio Characteristics Portfolio S&P SmallCap 600 Index Risk vs. Return - 1 Year
45.0
30.0
15.0
0.0
-15.0
Portfolio Benchmark
nruteR
Ishares Core S&P Small Cap Portfolio Characteristics
As of December 31, 2025
Wtd. Avg. Mkt. Cap $M $3,851 $3,853
Median Mkt. Cap $M $2,146 $2,146
Price/Earnings ratio 17.8 17.8
Price/Book ratio 2.2 2.2
5 Yr. EPS Growth Rate (%) 14.8 14.8
Current Yield (%) 1.7 1.7
Beta - 1.0
Number of Stocks 607 603
3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 27.0 30.0
Standard Deviation
Distribution of Market Capitalization (%) Sector Weights (%)
Energy
Materials
2 Bil - 15 Bil
Industrials
Consumer Discretionary
Consumer Staples
Health Care
0 - 2 Bil
Financials
Information Technology
Communication Services
Utilities
Cash
Real Estate
Cash
0.0 15.0 30.0 45.0 60.0 75.0 90.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0
30

[PAGE 91]
Market 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs SI Inception
Value $ (%) (%) (%) (%) (%) (%) (%) Date
Non-US Equity Composite 4,513,563 2.3 3.5 30.4 16.2 6.8 8.3 5.8 Mar 12
MSCI EAFE + Emerging Markets Index (Net) 3.0 4.8 32.0 17.0 7.4 8.1 6.6
Non-US Equity Composite Rank 72 75 59 56 56 35 93
Portfolio Characteristics Portfolio MSCI EAFE + Emerging Risk vs. Return - 5 Years
Markets Index (Net)
12
9
6
3
0
Portfolio Benchmark
nruteR
Non-US Equity Composite Portfolio Characteristics
As of December 31, 2025
Wtd. Avg. Mkt. Cap $M $122,677 $160,448
Median Mkt. Cap $M $2,052 $12,881
Price/Earnings ratio 15.1 16.8
Price/Book ratio 2.7 2.7
5 Yr. EPS Growth Rate (%) 18.1 19.6
Current Yield (%) 2.7 2.7
Beta (5 Years, Monthly) 1.0 1.0
Number of Stocks 8,879 1,890
9.9 10.8 11.7 12.6 13.5 14.4 15.3 16.2 17.1 18.0 18.9
Standard Deviation
Distribution of Market Capitalization (%) Region (%) Sector Weights (%)
Portfolio Benchmark
Energy
>100 Bil Canada 6.5 0.0
Materials
United States 0.5 0.2
75 Bil - 100 Bil Industrials
Europe 28.8 44.7
Consumer Discretionary
Asia Pacific 17.8 22.1
25 Bil - 75 Bil Consumer Staples
Developed Markets 53.7 67.1 Health Care
15 Bil - 25 Bil Americas 2.8 2.4 Financials
Europe 1.2 0.8 Information Technology
2 Bil - 15 Bil Asia Pacific 34.2 25.9 Communication Services
Emerging Markets 38.2 29.1 Utilities
0 - 2 Bil Cash 3.0 0.0 Real Estate
Other 5.1 3.9 Other
Cash
Cash
Total 100.0 100.0
0 8 16 24 32 40 48 0 6 12 18 24 30
31

[PAGE 92]
Non-US Equity Composite Correlation Matrix
3 Years Ending December 31, 2025
A B C D
A 1.00
B 0.99 1.00
C 0.97 0.96 1.00
D 0.90 0.85 0.82 1.00
A = Non-US Equity Composite
B = Vanguard Total International Stock
C = Vanguard FTSE All World ex-US Small-Cap Fund
D = Vanguard Emerging Markets
32

[PAGE 93]
Market 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs SI Inception
Value $ (%) (%) (%) (%) (%) (%) (%) Date
Vanguard Total International Stock 2,776,185 2.7 4.5 32.2 17.1 7.9 8.5 7.7 Aug 12
FTSE Global ex USA All Cap Index 2.9 4.9 32.4 17.6 8.4 8.9 8.1
Vanguard Total International Stock Rank 53 50 38 51 60 41 62
Portfolio Characteristics Portfolio FTSE Global ex USA All Cap Risk vs. Return - 5 Years
Index
16
12
8
4
0
Portfolio Benchmark
nruteR
Vanguard Total International Stock Portfolio Characteristics
As of December 31, 2025
Wtd. Avg. Mkt. Cap $M $130,244 $132,258
Median Mkt. Cap $M $2,122 $2,110
Price/Earnings ratio 15.4 16.8
Price/Book ratio 2.7 2.6
5 Yr. EPS Growth Rate (%) 18.0 18.9
Current Yield (%) 2.7 2.7
Beta (5 Years, Monthly) 1.0 1.0
Number of Stocks 8,610 8,487
8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0
Standard Deviation
Distribution of Market Capitalization (%) Region (%) Sector Weights (%)
Portfolio Benchmark
Energy
>100 Bil Canada 7.9 8.2
Materials
United States 0.5 0.2
75 Bil - 100 Bil Industrials
Europe 37.0 38.2
Consumer Discretionary
Asia Pacific 21.8 22.0
25 Bil - 75 Bil Consumer Staples
Developed Markets 67.1 68.6 Health Care
15 Bil - 25 Bil Americas 2.0 2.0 Financials
Europe 0.9 0.9 Information Technology
2 Bil - 15 Bil Asia Pacific 24.2 24.7 Communication Services
Emerging Markets 27.0 27.6 Utilities
0 - 2 Bil Cash 2.2 0.0 Real Estate
Other 3.7 3.8 Other
Cash
Cash
Total 100.0 100.0
0 6 12 18 24 30 36 0 5 10 15 20 25 30
33

[PAGE 94]
Market 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs SI Inception
Value $ (%) (%) (%) (%) (%) (%) (%) Date
Vanguard FTSE All World ex-US Small-Cap Fund 881,556 2.1 2.6 29.9 15.3 6.4 - 6.4 Jul 17
MSCI EAFE Small Cap (Net) 2.3 2.7 31.8 15.0 5.6 7.5 6.6
Vanguard FTSE All World ex-US Small-Cap Fund Rank 51 58 63 55 66 - 77
Portfolio Characteristics Portfolio MSCI EAFE Small Cap (Net) Risk vs. Return - 5 Years
16
12
8
4
0
Portfolio Benchmark
nruteR
Vanguard FTSE All World ex-US Small-Cap Fund Portfolio Characteristics
As of December 31, 2025
Wtd. Avg. Mkt. Cap $M $2,738 $4,051
Median Mkt. Cap $M $1,143 $1,773
Price/Earnings ratio 16.7 15.8
Price/Book ratio 2.4 2.1
5 Yr. EPS Growth Rate (%) 17.5 17.0
Current Yield (%) 2.8 3.0
Beta (5 Years, Monthly) 0.9 1.0
Number of Stocks 4,806 1,997
10.4 11.2 12.0 12.8 13.6 14.4 15.2 16.0 16.8 17.6 18.4
Standard Deviation
Distribution of Market Capitalization (%) Region (%) Sector Weights (%)
Portfolio Benchmark
Energy
Canada 8.6 0.0
25 Bil - 75 Bil Materials
United States 0.8 0.3
Industrials
Europe 30.3 43.2
Consumer Discretionary
Asia Pacific 20.9 50.8
Consumer Staples
2 Bil - 15 Bil
Developed Markets 60.5 94.3 Health Care
Americas 1.6 0.0 Financials
Europe 1.4 0.2 Information Technology
0 - 2 Bil
Asia Pacific 26.8 0.1 Communication Services
Emerging Markets 29.9 0.2 Utilities
Cash 5.3 0.0 Real Estate
Cash Other 4.3 5.5 Other
Cash
Total 100.0 100.0
0 15 30 45 60 75 90 0 5 10 15 20 25
34

[PAGE 95]
Market 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs SI Inception
Value $ (%) (%) (%) (%) (%) (%) (%) Date
Vanguard Emerging Markets 855,822 1.2 1.4 24.7 14.8 4.6 8.0 4.3 Mar 12
FTSE Emerging Index 1.6 1.9 26.5 15.9 5.3 9.0 5.0
Vanguard Emerging Markets Rank 86 90 80 69 48 52 56
Portfolio Characteristics Portfolio FTSE Emerging Index Risk vs. Return - 5 Years
18
12
6
0
-6
-12
Portfolio Benchmark
nruteR
Vanguard Emerging Markets Portfolio Characteristics
As of December 31, 2025
Wtd. Avg. Mkt. Cap $M $221,566 $249,285
Median Mkt. Cap $M $2,029 $4,745
Price/Earnings ratio 13.2 15.6
Price/Book ratio 3.0 3.0
5 Yr. EPS Growth Rate (%) 18.8 18.8
Current Yield (%) 2.6 2.6
Beta (5 Years, Monthly) 1.0 1.0
Number of Stocks 4,963 2,274
8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0 32.0
Standard Deviation
Distribution of Market Capitalization (%) Region (%) Sector Weights (%)
Portfolio Benchmark
Energy
>100 Bil Canada 0.0 0.0
Materials
United States 0.4 0.5
75 Bil - 100 Bil Industrials
Europe 1.1 1.3
Consumer Discretionary
Asia Pacific 1.8 1.9
25 Bil - 75 Bil Consumer Staples
Developed Markets 3.4 3.6 Health Care
15 Bil - 25 Bil Americas 7.0 7.4 Financials
Europe 2.0 2.1 Information Technology
2 Bil - 15 Bil Asia Pacific 74.0 76.0 Communication Services
Emerging Markets 82.9 85.5 Utilities
0 - 2 Bil Cash 3.5 0.0 Real Estate
Other 10.2 10.8 Other
Cash
Cash
Total 100.0 100.0
0 6 12 18 24 30 36 0 5 10 15 20 25 30
35

[PAGE 96]
Principal U.S. Property Trust Portfolio Characteristics
36

[PAGE 97]
Partners Group Private Equity II TEI Portfolio Characteristics
37

[PAGE 98]
DISCLOSURES
Marquette Associates, Inc. (“Marquette”) has prepared this document for the exclusive use by the client or third party for which it was prepared. The information
herein was obtained from various sources, including but not limited to third party investment managers, the client's custodian(s) accounting statements,
commercially available databases, and other economic and financial market data sources.
The sources of information used in this document are believed to be reliable. Marquette has not independently verified all of the information in this document
and its accuracy cannot be guaranteed. Marquette accepts no liability for any direct or consequential losses arising from its use. The information provided herein
is as of the date appearing in this material only and is subject to change without prior notice. Thus, all such information is subject to independent verification, and
we urge clients to compare the information set forth in this statement with the statements you receive directly from the custodian in order to ensure accuracy of
all account information. Past performance does not guarantee future results and investing involves risk of loss. No graph, chart, or formula can, in and of itself,
be used to determine which securities or investments to buy or sell.
Account and Composite characteristics data is derived from underlying holdings uploaded to the Investment Metrics Platform (“Platform”); the Platform then
uses data for the noted time period from Standard & Poor’s (equity holdings) and ICE (fixed income holdings) to populate the reporting templates. Some
securities, including cash equivalents, may not be accurately classified during this population process due to missing identifiers or unavailable data. As a result,
characteristics in this report may differ from other data sources. For example, Bloomberg indices may include additional rating information which may differ from
the S&P rating used by the Platform.
Forward‐looking statements, including without limitation any statement or prediction about a future event contained in this presentation, are based on a variety
of estimates and assumptions by Marquette, including, but not limited to, estimates of future operating results, the value of assets and market conditions. These
estimates and assumptions, including the risk assessments and projections referenced, are inherently uncertain and are subject to numerous business, industry,
market, regulatory, geo‐political, competitive, and financial risks that are outside of Marquette’s control. There can be no assurance that the assumptions made
in connection with any forward‐looking statement will prove accurate, and actual results may differ materially.
The inclusion of any forward‐looking statement herein should not be regarded as an indication that Marquette considers forward‐looking statements to be a
reliable prediction of future events. The views contained herein are those of Marquette and should not be taken as financial advice or a recommendation to buy
or sell any security. Any forecasts, figures, opinions or investment techniques and strategies described are intended for informational purposes only. They are
based on certain assumptions and current market conditions, and although accurate at the time of writing, are subject to change without prior notice. Opinions,
estimates, projections, and comments on financial market trends constitute our judgment and are subject to change without notice. Marquette expressly disclaims
all liability in respect to actions taken based on any or all of the information included or referenced in this document. The information is being provided based
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Marquette is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level
of skill or training. More information about Marquette including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available
upon request or on our website.
38

[PAGE 99]
EXHIBIT II

[PAGE 100]
City of Olivette
31-Jan-26
Current Current Target Suggested Notes/Timing New New Target
Manager Total Mix Mix +/- Changes Total Mix Mix
Vanguard S&P 500 (VFIAX) $ 6,352,062.44 25.3% 25.5% $ 50,922.30 $ 5 0,000.00 $ 6,402,062.44 25.5% Large Core 25.5% Large Cap
Vanguard Mid Cap (VIMAX) $ 2,003,333.99 8.0% 8.0% $ 5,445.54 $ 2,003,333.99 8.0% Mid Core 8.0% Mid Cap
iShares Core S&P Small Cap (IJR) $ 1,601,808.00 6.4% 6.0% $ (95,223.35) $ (80,000.00) $ 1,521,808.00 6.1% Small Core 6.0% Small Cap
Vanguard Total International (VTIAX) $ 2,935,783.01 11.7% 11.0% $ (173,711.16) $ (160,000.00) $ 2,775,783.01 11.1% Intl
Vanguard Emerging Markets (VEMAX) $ 898,603.29 3.6% 3.5% $ (19,762.25) $ 898,603.29 3.6% Intl Emerging
Vanguard International Small Cap (VFSAX) $ 936,840.03 3.7% 3.5% $ (57,998.99) $ 936,840.03 3.7% Intl Small 18.0% International
Total Equity $ 14,728,430.76 58.7% 57.5% $ (290,327.91) $ (190,000.00) $ 14,538,430.76 57.9% 57.5% Equity Total
Principal Core Fixed Income $ 2,817,466.12 11.2% 11.0% $ (55,394.27) $ 5 0,000.00 $ 2,867,466.12 11.4% Core Fixed Inc 11.0%
Principal High Yield $ 1,092,363.30 4.4% 4.50% $ 37,575.18 $ 5 0,000.00 $ 1,142,363.30 4.5% High Yield 4.50%
Baird Core Plus $ 1,234,923.12 4.9% 7.00% $ 522,758.97 $ 4 50,000.00 Shift more Core+ to Baird $ 1,684,923.12 6.7% High Yield 7.00%
Principal Core Plus Fixed Income $ 1,226,076.39 4.9% 3.00% $ (472,784.07) $ (400,000.00) Reduce Principal Core+ $ 826,076.39 3.3%Core Plus Fixed 3.0% Fixed
Pacific Bank Loans $ 1,088,835.40 4.3% 4.5% $ 41,103.08 $ 4 0,000.00 $ 1,128,835.40 4.5% 4.5%
Total Fixed $ 7,459,664.33 29.7% 30.0% $ 73,258.90 $ 190,000.00 $ 7,649,664.33 30.5% 30.0% Fixed Total
Principal US Property $ 1,194,898.09 4.8% 5.0% $ 60,589.11 $ 1,194,898.09 4.8% Real Estate 5.0% Real Estate
$ -
Total Real Estate $ 1,194,898.09 4.8% 5.0% $ 60,589.11 $ - $ 1,194,898.09 4.8% 5.0% Real Estate Total
Partners Group1 $1,699,866.27 6.8% 7.5% $ 183,364.54 $ 1,699,866.27 6.8% PE
Total Private Equity $ 1,699,866.27 6.8% 7.5% $ 183,364.54 $ - $ 1,699,866.27 6.8% Private Eq 7.5% Private Equity Total
Fidelity Cash $ 26,884.64 0.1% 0.0% $ (26,884.64) $ 26,884.64 0.1% 0.0% Maintain a balance of $6,000
Principal Liquid Assets Sep Acct - R6 $ - 0.0% 0.0% $ - $ - 0.0% Cash 0.0% Cash
Total Cash $ 26,884.64 0.1% 0.0% $ (26,884.64) $ - $ 26,884.64 0.1% 0.0% Cash Total
Total Plan $ 25,109,744.09 100.0% 100.0% $ (0.00) $ - $ 25,109,744.09 100.00% 100.0%
Principal Assets $ 6,330,803.90 25.2%
Regions Assets $ 17,079,073.92 68.0%
Other Assets $1,699,866.27 6.8%
$ 25,109,744.09 100.0%

[PAGE 101]
City of Olivette
Annuity Contract Number 316701
12/31/2025
.
(A) Benefit Value: $3,680,320.27 x 1.1 = $ 4,048,352 (1)
(B) Adjusted Fund Value Factor: (2)
(a) (b) (c) (a) (b) (c)
Liquidity/ Liquidity/
Investment Volatility Investment Volatility
Accounts Value (3) Factor (a) x (b) Accounts Value (3) Factor (a) x (b)
Guaranteed Interest 1.00 Principal Medium Company Blend 0.75 0.00
Principal/Core Fixed Income 2,944,917.27 0.95 2,797,671.41 Principal Medium Company Growth 0.75 0.00
Principal Inflation Protection 0.95 0.00 Principal Partners Mid Cap Growth III 0.75 0.00
Principal Government & High Quality Bond 0.95 0.00 Principal Partners Mid Cap Growth I 0.00 0.75 0.00
Principal High Quality Short Term Bond 0.95 0.00 Principal Partners Mid Cap Growth II 0.75 0.00
Principal High Quality Long Term Bond 0.95 0.00 Principal Total Market Stock Index 0.00 0.75 0.00
Principal Core Plus Bond Fixed 1,386,090.88 0.95 1,316,786.34 Principal Small Cap Stock Index 0.65 0.00
Principal Money Market 0.00 0.95 0.00 Principal Small Company Value 0.65 0.00
Principal Bond Emphasis Balanced 0.80 0.00 Principal Partners Small Cap Value 0.65 0.00
Principal Stock Emphasis Balanced 0.80 0.00 Principal Partners Small Cap Value I 0.65 0.00
Principal Preferred Securities 0.00 0.75 0.00 Principal Partners Small Cap Value II 0.00 0.65 0.00
Principal High Yield I 1,086,538.79 0.75 814,904.09 Principal Small Company Blend 0.65 0.00
Principal LargeCap S&P 500 Index 0.00 0.75 0.00 Principal Partners Small Cap Blend 0.65 0.00
Principal Large Company Value 0.75 0.00 Principal Small Company Growth 0.65 0.00
Principal Partners Large Cap Value III 0.75 0.00 Principal Partners Small Cap Growth I 0.00 0.65 0.00
Principal Partners Large Cap Value I 0.00 0.75 0.00 Principal Partners Small Cap Growth II 0.65 0.00
Principal Partners Large Cap Value II 0.75 0.00 Principal Partners Small Cap Growth III 0.65 0.00
Principal Disciplined Large Cap Blend 0.75 0.00 Principal Real Estate Securities 0.65 0.00
Principal Partners Large Cap Blend I 0.75 0.00 Principal U.S. Property 1,191,022.16 0.65 774,164.40
Principal Partners Large Cap Blend 0.75 0.00 Principal Diversified International 0.60 0.00
Principal Large Company Growth 0.75 0.00 Principal International Growth 0.60 0.00
Principal Partners Large Cap Growth 0.75 0.00 Principal Partners International I 0.60 0.00
Principal Partners Large Cap Growth I 0.75 0.00 Principal Partners Global Equity 0.60 0.00
Principal Partners Large Cap Growth II 0.75 0.00 Principal International Small Company 0.50 0.00
Principal Mid Cap Stock Index 0.75 0.00 Principal International Emerging Markets 0.50 0.00
Principal Medium Company Value 0.75 0.00 Principal Liquid Assets Sep Acct-R6 0.00
Principal Partners Mid Cap Value III 0.00 0.75 0.00
Fidelity Management & Research 0.75 0.00
0.75 0.00 Total 6,608,569.10 5,703,526.24
Adjusted Fund Value Factor 6,493,078.57 ÷ 5,703,526.24 = 1.13843231
(C) Benefit Index: $ 4,048,352 x 1.1384 = 4,608,775.00 Cushion 1,884,303.57 Takes into account benefits taken out on First of the month
$4,655,645.63 1,837,432.94
(D)
0.64
(1) Benefit Value: 110% of the cost to purchase these retirees on FPI nonparticipating rates which reflect current market conditions.
(2) The Adjusted Fund Value Factor reflects the liquidity and volatility of the accounts in which plan funds are invested.
This is an estimate. Principal is responsible for the exact calculations through their proprietary system.